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    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
    "unit": "iso4217:EUR"
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   "decimals": -3,
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    "unit": "iso4217:EUR"
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  },
  "fact-713": {
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   "decimals": -3,
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   "decimals": -3,
   "dimensions": {
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    "entity": "scheme:8156004B244AA70DE787",
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    "unit": "iso4217:EUR"
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  },
  "fact-715": {
   "value": "0.0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities",
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    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
    "unit": "iso4217:EUR"
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    "entity": "scheme:8156004B244AA70DE787",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
    "unit": "iso4217:EUR"
   }
  },
  "fact-717": {
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   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
    "unit": "iso4217:EUR"
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  "fact-718": {
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   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
    "unit": "iso4217:EUR"
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  "fact-719": {
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   "decimals": -3,
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    "concept": "ce:OtherInflowsOutflowsFromIssuePurchaseOfTreasuryShares",
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    "concept": "ce:OtherInflowsOutflowsFromIssuePurchaseOfTreasuryShares",
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    "unit": "iso4217:EUR"
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  "fact-722": {
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    "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
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    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
    "unit": "iso4217:EUR"
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  "fact-723": {
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    "unit": "iso4217:EUR"
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    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
    "unit": "iso4217:EUR"
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   "decimals": -3,
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    "entity": "scheme:8156004B244AA70DE787",
    "period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
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    "period": "2024-01-01T00:00:00",
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  "fact-728": {
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    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
    "unit": "iso4217:EUR"
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   "value": "2968900000.0",
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  },
  "fact-731": {
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    "entity": "scheme:8156004B244AA70DE787",
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    "unit": "iso4217:EUR"
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  "fact-732": {
   "value": "6326610000.0",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00",
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  "fact-738": {
   "value": "Sezione <span class=\"_ _1\"></span>1 - Dichi<span class=\"_ _1\"></span>araz<span class=\"_ _3a1\"> </span>ione di con<span class=\"_ _1\"></span>formit\u00e0<span class=\"_ _1\"></span> ai princ<span class=\"_ _1\"></span>ipi contabi<span class=\"_ _1\"></span>li intern<span class=\"_ _1\"></span>aziona<span class=\"_ _1\"></span>li Il <span class=\"_ _3f\"> </span>bilancio <span class=\"_ _3f\"> </span>consolidato <span class=\"_ _3a\"> </span>\u00e8 <span class=\"_ _3f\"> </span>stato <span class=\"_ _3f\"> </span>r<span class=\"_ _1\"></span>edatto <span class=\"_ _3f\"> </span>nella <span class=\"_ _3f\"> </span>piena <span class=\"_ _3f\"> </span>conformit\u00e0 <span class=\"_ _3a\"> </span>di <span class=\"_ _3f\"> </span>tutti <span class=\"_ _3f\"> </span>i <span class=\"_ _3a\"> </span>Principi <span class=\"_ _3f\"> </span>Contabili Internazionali  (<span class=\"_ _2\"></span>IAS/IFRS) <span class=\"_ _35\"> </span>emana<span class=\"_ _1\"></span>ti  dall<span class=\"_ _2\"></span>\u2019Internat<span class=\"_ _1\"></span>ional <span class=\"_ _35\"> </span>Accounting  S<span class=\"_ _2\"></span>tandard  Board <span class=\"_ _35\"> </span>e  delle <span class=\"_ _35\"> </span>relative interpretazioni <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>ll\u2019International <span class=\"_ _0\"></span>Financial <span class=\"_ _0\"></span>Reporting <span class=\"_ _35\"> </span>Interpretation <span class=\"_ _0\"></span>Committee, <span class=\"_ _0\"></span>vigenti <span class=\"_ _0\"></span>alla <span class=\"_ _35\"> </span>data del <span class=\"_ _1\"></span>31 <span class=\"_ _1\"></span>dicembre <span class=\"_ _1\"></span>2024<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>omologati <span class=\"_ _1\"></span>dalla <span class=\"_ _1\"></span>Commissione <span class=\"_ _38\"></span>Europea <span class=\"_ _1\"></span>secondo <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>proce<span class=\"_ _1\"></span>dura <span class=\"_ _1\"></span>prevista <span class=\"_ _1\"></span>dal regolamento <span class=\"_ _1\"></span>UE <span class=\"_ _1\"></span>n. <span class=\"_ _1\"></span>1606/2002 <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>19 <span class=\"_ _1\"></span>luglio <span class=\"_ _1\"></span>2002, <span class=\"_ _1\"></span>nonch\u00e9 <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>provvedimenti <span class=\"_ _1\"></span>emanati <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>attuazione dell\u2019art.9 del D.Lgs. n.38/2005 e dell\u2019art.43 del D. Lgs.18 <span class=\"_ _1\"></span>agosto 2015, n.136. Si <span class=\"_ _38\"></span>fa <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>sente <span class=\"_ _38\"></span>inoltre <span class=\"_ _0\"></span>che <span class=\"_ _1\"></span>la <span class=\"_ _0\"></span>Banca <span class=\"_ _1\"></span>d\u2019Italia, <span class=\"_ _38\"></span>aven<span class=\"_ _1\"></span>do <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>pot<span class=\"_ _1\"></span>eri <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>materia <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>definiz<span class=\"_ _2\"></span>ione <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>prospetti contabili <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>definizione <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>Nota <span class=\"_ _38\"></span>Integrativa <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>Bilancio, <span class=\"_ _1\"></span>ha <span class=\"_ _38\"></span>emanato <span class=\"_ _1\"></span>l\u20198\u00b0 <span class=\"_ _38\"></span>aggiornamento <span class=\"_ _38\"></span>della Circolare n. 262/2005 \u201cIl bilancio bancario: schemi e regole di compilazione\u201d il 1<span class=\"_ _1\"></span>7 novembre 2022.   I principi cont<span class=\"_ _1\"></span>abili adott<span class=\"_ _1\"></span>ati pe<span class=\"_ _1\"></span>r la <span class=\"_ _1\"></span>predisposizione de<span class=\"_ _1\"></span>l presente <span class=\"_ _1\"></span>bilancio, con <span class=\"_ _1\"></span>riferimento <span class=\"_ _1\"></span>alle fas<span class=\"_ _1\"></span>i di classificazione, <span class=\"_ _0\"></span>iscr<span class=\"_ _1\"></span>izione, <span class=\"_ _0\"> </span>valut<span class=\"_ _1\"></span>azione <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>cancellazione <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _35\"> </span>finanziarie, <span class=\"_ _0\"></span>cos\u00ec come  pe<span class=\"_ _2\"></span>r <span class=\"_ _35\"> </span>le  modali<span class=\"_ _2\"></span>t\u00e0  di <span class=\"_ _35\"> </span>riconoscimento <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>ricavi  e <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>costi, <span class=\"_ _35\"> </span>ris<span class=\"_ _1\"></span>ultano <span class=\"_ _35\"> </span>invariati <span class=\"_ _35\"> </span>rispetto  al <span class=\"_ _35\"> </span>31 dicembre 2023 ad eccezione di quanto riport<span class=\"_ _1\"></span>ato nella seguente",
   "dimensions": {
    "concept": "ifrs-full:StatementOfIFRSCompliance",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-798": {
   "value": "Sezione <span class=\"_ _1\"></span>2 - Princip<span class=\"_ _1\"></span>i generali<span class=\"_ _1\"></span> di redazi<span class=\"_ _1\"></span>one Il bilancio <span class=\"_ _1\"></span>cons<span class=\"_ _1\"></span>olidato <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>stato <span class=\"_ _1\"></span>predisposto s<span class=\"_ _1\"></span>ulla base <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>\u201cIstruzioni <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>redazione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>bilancio dell\u2019impresa  e <span class=\"_ _35\"> </span>del  bilan<span class=\"_ _2\"></span>cio  con<span class=\"_ _2\"></span>solidato  delle <span class=\"_ _35\"> </span>banche  e <span class=\"_ _35\"> </span>delle  societ\u00e0 <span class=\"_ _35\"> </span>finanziarie  capogruppo <span class=\"_ _35\"> </span>di gruppi <span class=\"_ _3d\"> </span>bancari\u201d <span class=\"_ _37\"> </span>emanate <span class=\"_ _37\"> </span>dalla <span class=\"_ _3d\"> </span>Banca <span class=\"_ _37\"> </span>d\u2019Italia <span class=\"_ _3d\"> </span>con <span class=\"_ _37\"> </span>il <span class=\"_ _3d\"> </span>Provvediment<span class=\"_ _1\"></span>o <span class=\"_ _3d\"> </span>del <span class=\"_ _37\"> </span>22 <span class=\"_ _3d\"> </span>dicembre <span class=\"_ _37\"> </span>2005 <span class=\"_ _3d\"> </span>e successivi aggiornamenti. Il bi<span class=\"_ _1\"></span>lancio cons<span class=\"_ _1\"></span>olidato <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>cost<span class=\"_ _1\"></span>ituito dallo <span class=\"_ _1\"></span>Stat<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>patrimoniale, <span class=\"_ _1\"></span>Conto <span class=\"_ _1\"></span>economico, <span class=\"_ _1\"></span>dal <span class=\"_ _1\"></span>Prospetto <span class=\"_ _38\"></span>della redditivit\u00e0 <span class=\"_ _39\"> </span>compless<span class=\"_ _1\"></span>iva, <span class=\"_ _39\"> </span>dal <span class=\"_ _39\"> </span>Pr<span class=\"_ _1\"></span>ospetto <span class=\"_ _3f\"> </span>delle <span class=\"_ _39\"> </span>variazioni <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>pa<span class=\"_ _1\"></span>trimonio <span class=\"_ _3f\"> </span>netto, <span class=\"_ _39\"> </span>dal <span class=\"_ _39\"> </span>Rendiconto finanziario <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>dalla <span class=\"_ _1\"></span>No<span class=\"_ _1\"></span>ta <span class=\"_ _38\"></span>integrativa <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>dalle <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lative <span class=\"_ _38\"></span>informazioni <span class=\"_ _1\"></span>comparat<span class=\"_ _1\"></span>ive <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>31 <span class=\"_ _38\"></span>dicembre <span class=\"_ _38\"></span>2023 ed <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>inoltre <span class=\"_ _0\"></span>corredato <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>una <span class=\"_ _0\"></span>Relazione <span class=\"_ _38\"></span>sulla <span class=\"_ _0\"></span>gestione, <span class=\"_ _0\"></span>sui <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>isultati <span class=\"_ _38\"></span>econo<span class=\"_ _1\"></span>mici <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span>seguiti <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>sulla situazione patrimoniale e finanziaria del Gruppo Cre<span class=\"_ _1\"></span>dem. Il <span class=\"_ _38\"></span>bilancio <span class=\"_ _38\"></span>consolidato <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>redatto<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>l\u2019applicazione <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>princip<span class=\"_ _2\"></span>i <span class=\"_ _38\"></span>gener<span class=\"_ _1\"></span>ali <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>visti <span class=\"_ _38\"></span>dallo <span class=\"_ _38\"></span>IAS <span class=\"_ _38\"></span>1 <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>egli specifici <span class=\"_ _0\"></span>princi<span class=\"_ _2\"></span>pi <span class=\"_ _0\"></span>contabili <span class=\"_ _0\"></span>omologati <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>alla <span class=\"_ _0\"></span>Commissione <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>uropea <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>illustrati <span class=\"_ _0\"></span>nella <span class=\"_ _38\"></span>Parte <span class=\"_ _0\"></span>A.2 <span class=\"_ _0\"></span>dell<span class=\"_ _2\"></span>a presente <span class=\"_ _35\"> </span>Nota  i<span class=\"_ _2\"></span>ntegrativa, <span class=\"_ _35\"> </span>nonch\u00e9 <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>adere<span class=\"_ _1\"></span>nza <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>assunzioni <span class=\"_ _35\"> </span>generali  p<span class=\"_ _2\"></span>reviste <span class=\"_ _35\"> </span>dal <span class=\"_ _35\"> </span>Quadro Sistematico per la preparazione e prese<span class=\"_ _1\"></span>ntazione del bilancio elaborato dallo IASB. Non sono state effettuate deroghe all\u2019applicazione dei principi contabili IAS/IFRS. In conformit\u00e0 <span class=\"_ _1\"></span>a quanto disposto dall\u2019art. <span class=\"_ _1\"></span>5, comma <span class=\"_ _1\"></span>2, del Decreto Legislativo <span class=\"_ _1\"></span>n. 38 del 28 <span class=\"_ _1\"></span>febbraio 2005, il bilancio \u00e8 redatto utilizzando l\u2019euro come mo<span class=\"_ _1\"></span>neta di conto, e si fonda sull\u2019applicazione dei seguenti principi generali di redazione dettat<span class=\"_ _1\"></span>i dallo IAS 1: <span class=\"_ _42\"> </span><span class=\"ff4\">Continuit\u00e0 <span class=\"_ _38\"></span>aziendale. <span class=\"_ _38\"></span>Gli <span class=\"_ _0\"></span>amministratori <span class=\"_ _38\"></span>hanno <span class=\"_ _38\"></span>considerato <span class=\"_ _38\"></span>appropriato <span class=\"_ _0\"></span>il <span class=\"_ _1\"></span>presupposto <span class=\"_ _38\"></span>della </span>continuit\u00e0 <span class=\"_ _1\"></span>aziendale <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>quanto <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>giudizio <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>emerse <span class=\"_ _1\"></span>incertezze <span class=\"_ _1\"></span>legate <span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>eventi <span class=\"_ _1\"></span>o circostante <span class=\"_ _35\"> </span>che, <span class=\"_ _35\"> </span>considerati <span class=\"_ _35\"> </span>singolarmente <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>nel <span class=\"_ _35\"> </span>loro <span class=\"_ _35\"> </span>insieme,<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>possano <span class=\"_ _35\"> </span>far <span class=\"_ _35\"> </span>sorgere <span class=\"_ _35\"> </span>dubbi riguardo  alla  continuit\u00e0  azie<span class=\"_ _1\"></span>ndale.  Conseguentemente  le <span class=\"_ _3d\"> </span>attivit\u00e0,  passivit\u00e0  ed  operazioni \u201cfuori <span class=\"_ _1\"></span>bilancio\u201d <span class=\"_ _38\"></span>sono <span class=\"_ _1\"></span>valutate <span class=\"_ _1\"></span>secondo <span class=\"_ _1\"></span>valori <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>funzionamento, <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>quanto <span class=\"_ _1\"></span>destinate <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>durare nel tempo. <span class=\"_ _42\"> </span><span class=\"ff4\">Competenza <span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>nomica. <span class=\"_ _1\"></span>Costi <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ricavi <span class=\"_ _38\"></span>vengono <span class=\"_ _1\"></span>rilevat<span class=\"_ _1\"></span>i, <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>scindere <span class=\"_ _1\"></span>dal <span class=\"_ _38\"></span>momento <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>loro </span>regolamento <span class=\"_ _3d\"> </span>mo<span class=\"_ _1\"></span>netario, <span class=\"_ _3d\"> </span>per <span class=\"_ _37\"> </span>periodo <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>maturazione <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>conomica <span class=\"_ _3d\"> </span>e <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>econdo <span class=\"_ _3d\"> </span>il <span class=\"_ _37\"> </span>criterio <span class=\"_ _37\"> </span>di correlazione. <span class=\"_ _42\"> </span><span class=\"ff4\">Coerenza <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>present<span class=\"_ _1\"></span>azione. <span class=\"_ _1\"></span>La <span class=\"_ _38\"></span>presentazione <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>classificazione <span class=\"_ _38\"></span>delle <span class=\"_ _1\"></span>voci <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>antenute </span>costanti nel <span class=\"_ _3b\"></span>tempo allo <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>copo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>garantire la <span class=\"_ _2\"></span>comparabilit\u00e0 <span class=\"_ _3b\"></span>delle<span class=\"_ _1\"></span> i<span class=\"_ _3b\"></span>nfor<span class=\"_ _1\"></span>mazioni, <span class=\"_ _2\"></span>salvo che <span class=\"_ _3b\"></span>la loro variazione  sia <span class=\"_ _35\"> </span>richiesta <span class=\"_ _35\"> </span>da  un <span class=\"_ _35\"> </span>Principio <span class=\"_ _35\"> </span>Contabile  Internazionale <span class=\"_ _35\"> </span>o  da <span class=\"_ _35\"> </span>una <span class=\"_ _35\"> </span>Inter<span class=\"_ _1\"></span>pretazione oppure re<span class=\"_ _1\"></span>nda pi\u00f9 appropriat<span class=\"_ _1\"></span>a, in termini <span class=\"_ _1\"></span>di significativit\u00e0 e<span class=\"_ _1\"></span> di <span class=\"_ _1\"></span>affidabilit\u00e0, la r<span class=\"_ _1\"></span>appresentazione dei <span class=\"_ _1\"></span>valori. <span class=\"_ _1\"></span>Se <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>criterio <span class=\"_ _1\"></span>di presentazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>o di <span class=\"_ _1\"></span>classificazione <span class=\"_ _1\"></span>viene <span class=\"_ _1\"></span>cam<span class=\"_ _1\"></span>biato, <span class=\"_ _1\"></span>quello nuovo <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i applica \u2013<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ove <span class=\"_ _1\"></span>possibile <span class=\"_ _1\"></span>\u2013 <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>modo <span class=\"_ _1\"></span>retroattivo; <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>tal <span class=\"_ _1\"></span>caso <span class=\"_ _1\"></span>vengono <span class=\"_ _1\"></span>anche <span class=\"_ _1\"></span>indicati <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>natura <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>il motivo d<span class=\"_ _2\"></span>ella <span class=\"_ _2\"></span>variazione, <span class=\"_ _3b\"></span>nonch\u00e9 le <span class=\"_ _3b\"></span>voci interessate. <span class=\"_ _3b\"></span>Nella <span class=\"_ _2\"></span>presentazione e <span class=\"_ _3b\"></span>nella <span class=\"_ _2\"></span>classificazione delle <span class=\"_ _38\"></span>voci <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _38\"></span>adottati <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>schemi <span class=\"_ _38\"></span>predisposti <span class=\"_ _38\"></span>dalla <span class=\"_ _38\"></span>Banca <span class=\"_ _38\"></span>d\u2019Italia <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>bilanci <span class=\"_ _1\"></span>delle<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>banche, contenuti <span class=\"_ _36\"> </span>nella <span class=\"_ _39\"> </span>circolare <span class=\"_ _36\"> </span>n. <span class=\"_ _36\"> </span>262 <span class=\"_ _36\"> </span>del <span class=\"_ _39\"> </span>22 <span class=\"_ _36\"> </span>dicembre <span class=\"_ _36\"> </span>2005 <span class=\"_ _39\"> </span>e <span class=\"_ _36\"> </span>successivi <span class=\"_ _36\"> </span>aggiornamenti <span class=\"_ _39\"> </span>ed integrazioni.<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">Aggregazione <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>rilevanza. <span class=\"_ _38\"></span>Tutti <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>raggruppamenti <span class=\"_ _0\"></span>signific<span class=\"_ _2\"></span>ativi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>voci <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>natura <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>funzione </span>simil<span class=\"_ _3a1\"> </span>i <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>ono <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>iportati <span class=\"_ _35\"> </span>separatam<span class=\"_ _2\"></span>ente. <span class=\"_ _35\"> </span>Gli <span class=\"_ _0\"></span>elementi <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>natura <span class=\"_ _0\"> </span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>f<span class=\"_ _3b\"></span>unzione <span class=\"_ _35\"> </span>diversa, <span class=\"_ _35\"> </span>se <span class=\"_ _0\"></span>rilevanti, vengono presentati in modo distinto. <span class=\"_ _42\"> </span><span class=\"ff4\">Divieto di compensazione. At<span class=\"_ _2\"></span>tivit\u00e0 e passivit\u00e0, <span class=\"_ _2\"></span>costi e <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>icavi non v<span class=\"_ _2\"></span>engono compensati tra lo<span class=\"_ _2\"></span>ro, </span>salvo <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>ci\u00f2 <span class=\"_ _38\"></span>non <span class=\"_ _1\"></span>sia <span class=\"_ _1\"></span>richiesto <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>permesso <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>Principio <span class=\"_ _1\"></span>Conta<span class=\"_ _1\"></span>bile <span class=\"_ _1\"></span>Internazionale <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>una Interpretazione oppure dagli <span class=\"_ _2\"></span>schemi predisposti dal<span class=\"_ _2\"></span>la Banca d<span class=\"_ _2\"></span>\u2019Italia per i <span class=\"_ _3b\"></span>bilanci delle banche. <span class=\"_ _42\"> </span><span class=\"ff4\">Informativa <span class=\"_ _3a\"> </span>comparativa. <span class=\"_ _3a\"> </span>Le <span class=\"_ _3a\"> </span>informazioni <span class=\"_ _3a\"> </span>comparative <span class=\"_ _3a\"> </span>de<span class=\"_ _1\"></span>ll\u2019esercizio <span class=\"_ _3a\"> </span>precedente <span class=\"_ _3a\"> </span>sono<span class=\"_ _3a1\"> </span></span>riportate <span class=\"_ _35\"> </span>pe<span class=\"_ _2\"></span>r <span class=\"_ _0\"></span>tutt<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>i <span class=\"_ _0\"> </span>dat<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>contenuti <span class=\"_ _0\"></span>nei <span class=\"_ _35\"> </span>prospetti <span class=\"_ _0\"></span>contabili <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>confront<span class=\"_ _1\"></span>o. <span class=\"_ _0\"></span>Le <span class=\"_ _35\"> </span>modi<span class=\"_ _2\"></span>fiche <span class=\"_ _0\"></span>ai <span class=\"_ _35\"> </span>dati<span class=\"_ _3a1\"> </span>comparativi sono effettuate solo quando rite<span class=\"_ _1\"></span>nute di importo significativo. Si <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>tenuto <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>documenti <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>tipo <span class=\"_ _0\"></span>interpretativo <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>supporto <span class=\"_ _0\"></span>all\u2019appli<span class=\"_ _2\"></span>cazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>principi contabili, em<span class=\"_ _1\"></span>anati <span class=\"_ _1\"></span>dagli <span class=\"_ _1\"></span>organis<span class=\"_ _1\"></span>mi <span class=\"_ _1\"></span>regolament<span class=\"_ _1\"></span>ari e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di vigilanza <span class=\"_ _0\"></span>europei <span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>dag<span class=\"_ _2\"></span>li <span class=\"_ _38\"></span>standard <span class=\"_ _0\"></span>sett<span class=\"_ _2\"></span>er, <span class=\"_ _38\"></span>in particolare  l<span class=\"_ _3b\"></span>a <span class=\"_ _35\"> </span>com<span class=\"_ _3b\"></span>unic<span class=\"_ _2\"></span>azio<span class=\"_ _3b\"></span>ne <span class=\"_ _35\"> </span>de<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>\u2019ESM<span class=\"_ _3b\"></span>A <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>24 <span class=\"_ _35\"> </span>ot<span class=\"_ _2\"></span>tob<span class=\"_ _2\"></span>re <span class=\"_ _35\"> </span>2<span class=\"_ _3b\"></span>024 \u201cE<span class=\"_ _3b\"></span>uropea<span class=\"_ _3b\"></span>ncom<span class=\"_ _2\"></span>mon<span class=\"_ _3a1\"> </span>enf<span class=\"_ _2\"></span>orc<span class=\"_ _3b\"></span>ement<span class=\"_ _3a1\"> </span>pri<span class=\"_ _3b\"></span>oriti<span class=\"_ _3b\"></span>es<span class=\"_ _3a1\"> </span>fo<span class=\"_ _2\"></span>r<span class=\"_ _3a1\"> </span>20<span class=\"_ _2\"></span>24<span class=\"_ _3a1\"> </span>annual<span class=\"_ _3a1\"> </span>co<span class=\"_ _2\"></span>rpora<span class=\"_ _3b\"></span>te <span class=\"_ _37\"> </span>repor<span class=\"_ _3b\"></span>ting\u201d,  <span class=\"fs2\">dove  s<span class=\"_ _1\"></span>i  evidenziano <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>priorit\u00e0 <span class=\"_ _3d\"> </span>relative <span class=\"_ _3d\"> </span>alla </span>disclosure sui<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>rendiconti <span class=\"_ _2\"></span>annuali, nonch\u00e9 delle linee <span class=\"_ _1\"></span>guida EBA \u201cGuidelines on the<span class=\"_ _1\"></span> management of environmental, <span class=\"_ _38\"></span>social <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>governance <span class=\"_ _38\"></span>(ESG) <span class=\"_ _1\"></span>risks\u201d,<span class=\"fs22\"> <span class=\"_ _1\"></span></span>che <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>abiliscono <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>requisiti <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>istituzioni <span class=\"_ _1\"></span>in materia di identificazione, misurazione, ges<span class=\"_ _1\"></span>tione e monitoraggio dei rischi ESG. Princ<span class=\"_ _3b\"></span>ipi co<span class=\"_ _2\"></span>ntabil<span class=\"_ _3b\"></span>i PRINCIPI <span class=\"_ _0\"></span>CONTABILI, <span class=\"_ _0\"></span>EMENDAMENTI <span class=\"_ _0\"></span>ED <span class=\"_ _0\"></span>INTERPRETAZIONI <span class=\"_ _0\"></span>IFRS <span class=\"_ _0\"></span>ACCOUNTING <span class=\"_ _0\"></span>APP<span class=\"_ _1\"></span>LICATI <span class=\"_ _0\"></span>DAL <span class=\"_ _38\"></span>1\u00b0 GENNAI<span class=\"_ _3a1\"> </span>O 2024  I seguenti principi contabili, emendamenti e<span class=\"_ _1\"></span> interpretazioni IFRS Accounting Standards sono stati applicati per la prima volta dal Gruppo a partire dal 1\u00b0 gennaio 2024:  <span class=\"_ _42\"> </span><span class=\"ff4\">In data<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>23 <span class=\"_ _1\"></span>gennaio 2020 <span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>IASB ha <span class=\"_ _38\"></span>pubblicato un <span class=\"_ _1\"></span>emendament<span class=\"_ _1\"></span>o deno<span class=\"_ _1\"></span>minato </span>\u201cAmendments to <span class=\"_ _38\"></span>IAS <span class=\"_ _1\"></span>1 <span class=\"_ _38\"></span>Present<span class=\"_ _1\"></span>ation <span class=\"_ _1\"></span>of <span class=\"_ _38\"></span>Financial <span class=\"_ _38\"></span>Stateme<span class=\"_ _1\"></span>nts: <span class=\"_ _1\"></span>Classificat<span class=\"_ _1\"></span>ion <span class=\"_ _1\"></span>of <span class=\"_ _38\"></span>Liabilities<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Curre<span class=\"_ _1\"></span>nt <span class=\"_ _1\"></span>or <span class=\"_ _38\"></span>Non-<span class=\"_ _3a1\"> </span>current\u201d <span class=\"_ _48\"> </span>ed <span class=\"_ _48\"> </span>in <span class=\"_ _17e\"> </span>data <span class=\"_ _48\"> </span>31 <span class=\"_ _17e\"> </span>ottobre <span class=\"_ _48\"> </span>2022 <span class=\"_ _48\"> </span>ha <span class=\"_ _17e\"> </span>pubblicato <span class=\"_ _48\"> </span>un <span class=\"_ _48\"> </span>emendame<span class=\"_ _1\"></span>nto <span class=\"_ _48\"> </span>denominato<span class=\"_ _3a1\"> </span>\u201cAmendments <span class=\"_ _45\"> </span>to <span class=\"_ _35\"> </span>IAS <span class=\"_ _35\"> </span>1 <span class=\"_ _35\"> </span>Presentation  of <span class=\"_ _35\"> </span>Financial <span class=\"_ _35\"> </span>Statements: <span class=\"_ _35\"> </span>No<span class=\"_ _1\"></span>n-Current <span class=\"_ _45\"> </span>Liabili<span class=\"_ _2\"></span>ties  wi<span class=\"_ _2\"></span>th Covenants\u201d<span class=\"_ _3a1\"> </span>. <span class=\"_ _0\"></span>Tali <span class=\"_ _0\"></span>modifiche <span class=\"_ _0\"></span>hanno <span class=\"_ _35\"> </span>l\u2019ob<span class=\"_ _2\"></span>iettivo <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>chiarire <span class=\"_ _0\"></span>come <span class=\"_ _0\"></span>classificare <span class=\"_ _35\"> </span>i<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>debiti <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>altre passivit\u00e0 <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>breve <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>lungo <span class=\"_ _1\"></span>term<span class=\"_ _1\"></span>ine. <span class=\"_ _1\"></span>Inoltre, <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>modifiche <span class=\"_ _1\"></span>migliorano <span class=\"_ _1\"></span>altres\u00ec <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>informazioni <span class=\"_ _1\"></span>che un\u2019entit\u00e0 deve fornire <span class=\"_ _1\"></span>quando il suo diritto <span class=\"_ _1\"></span>di differire l\u2019estinzione di una passivit\u00e0 per <span class=\"_ _1\"></span>almeno dodici mesi <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>soggetto <span class=\"_ _1\"></span>al rispetto di <span class=\"_ _1\"></span>determinati <span class=\"_ _1\"></span>parametri <span class=\"_ _1\"></span>(i.e. covenants<span class=\"_ _1\"></span>). L\u2019adozione di <span class=\"_ _1\"></span>tali emendamenti non ha comportato effetti sul bilancio consolidato del Gr<span class=\"_ _1\"></span>uppo. <span class=\"_ _42\"> </span><span class=\"ff4\">In <span class=\"_ _17e\"> </span>data <span class=\"_ _44\"> </span>22 <span class=\"_ _44\"> </span>settembre <span class=\"_ _44\"> </span>2022 <span class=\"_ _17e\"> </span>lo <span class=\"_ _44\"> </span>IASB <span class=\"_ _17e\"> </span>ha <span class=\"_ _44\"> </span>pubblicato <span class=\"_ _44\"> </span>un <span class=\"_ _17e\"> </span>e<span class=\"_ _1\"></span>mendamento <span class=\"_ _17e\"> </span>denom<span class=\"_ _1\"></span>inato </span>\u201cAmendments <span class=\"_ _35\"> </span>to  I<span class=\"_ _2\"></span>FRS <span class=\"_ _35\"> </span>16 <span class=\"_ _35\"> </span>Leases:  L<span class=\"_ _2\"></span>ease <span class=\"_ _35\"> </span>Liability <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>Sale  and<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>Leaseback\u201d.  I<span class=\"_ _2\"></span>l <span class=\"_ _35\"> </span>documento<span class=\"_ _3a1\"> </span>richiede <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>venditore-lessee <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valutare<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>passivit\u00e0 <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>lease <span class=\"_ _1\"></span>riveniente <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ansazione di <span class=\"_ _38\"></span>sale<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>&amp; <span class=\"_ _38\"></span>leaseback <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>modo <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>rilevare <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>provento <span class=\"_ _0\"></span>o <span class=\"_ _38\"></span>una <span class=\"_ _0\"></span>perdita <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>si <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iferiscano <span class=\"_ _0\"></span>al diritto <span class=\"_ _3d\"> </span>d\u2019uso  trattenuto. <span class=\"_ _3d\"> </span>L\u2019adozione <span class=\"_ _3d\"> </span>di  tale <span class=\"_ _3d\"> </span>emendamento <span class=\"_ _3d\"> </span>non  ha <span class=\"_ _3d\"> </span>comportato <span class=\"_ _3d\"> </span>effetti  s<span class=\"_ _1\"></span>ul bilancio consolidato del Gruppo. <span class=\"_ _42\"> </span><span class=\"ff4\">In <span class=\"_ _1\"></span>data <span class=\"_ _38\"></span>25 <span class=\"_ _1\"></span>maggio <span class=\"_ _38\"></span>2023 <span class=\"_ _1\"></span>lo <span class=\"_ _38\"></span>IASB <span class=\"_ _38\"></span>ha <span class=\"_ _1\"></span>pubblicato<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>mendamento <span class=\"_ _38\"></span>denominato <span class=\"_ _38\"></span>\u201cAmendments </span>to <span class=\"_ _35\"> </span>IAS <span class=\"_ _0\"></span>7 <span class=\"_ _35\"> </span>St<span class=\"_ _2\"></span>atement <span class=\"_ _35\"> </span>of <span class=\"_ _0\"></span>Cash <span class=\"_ _0\"></span>Flows <span class=\"_ _35\"> </span>and <span class=\"_ _0\"></span>IFRS <span class=\"_ _35\"> </span>7 <span class=\"_ _0\"></span>Financial <span class=\"_ _35\"> </span>In<span class=\"_ _2\"></span>struments: <span class=\"_ _35\"> </span>Disclosures: <span class=\"_ _0\"></span>Supplier<span class=\"_ _3a1\"> </span>Finance Arrangements\u201d. Il docu<span class=\"_ _2\"></span>mento richiede ad un\u2019<span class=\"_ _2\"></span>entit\u00e0 di fornire informazioni <span class=\"_ _2\"></span>aggiuntive<span class=\"_ _3a1\"> </span>sugli <span class=\"_ _2\"></span>accordi d<span class=\"_ _2\"></span>i reverse <span class=\"_ _2\"></span>factoring <span class=\"_ _3b\"></span>che permettano <span class=\"_ _3b\"></span>agli utilizzatori <span class=\"_ _3b\"></span>del bilancio <span class=\"_ _3b\"></span>di valutare in<span class=\"_ _2\"></span> che modo <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>accor<span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>finanziari <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>fornitori <span class=\"_ _38\"></span>possano <span class=\"_ _38\"></span>influenzare <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>flussi <span class=\"_ _38\"></span>finanziari dell\u2019entit\u00e0 <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>com<span class=\"_ _1\"></span>prendere <span class=\"_ _0\"></span>l'effetto <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>ali <span class=\"_ _0\"></span>accordi <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>ull\u2019esposizione <span class=\"_ _0\"></span>dell\u2019entit\u00e0 <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di liquidit\u00e0. <span class=\"_ _38\"></span>L\u2019adozione <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>tali <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>mendamenti <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>ha <span class=\"_ _1\"></span>comportat<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>effetti <span class=\"_ _38\"></span>sul <span class=\"_ _38\"></span>bilancio <span class=\"_ _38\"></span>conso<span class=\"_ _1\"></span>lidato<span class=\"_ _3a1\"> </span>del Gruppo. PRINCIPI <span class=\"_ _17e\"> </span>CONTABILI, <span class=\"_ _17e\"> </span>EMENDAMENTI <span class=\"_ _17e\"> </span>ED <span class=\"_ _17e\"> </span>INTERPRETAZ<span class=\"_ _1\"></span>IONI <span class=\"_ _48\"> </span>IFRS <span class=\"_ _17e\"> </span>AC<span class=\"_ _3a1\"> </span>COUNTING <span class=\"_ _17e\"> </span>STANDARS OMOLOGATI  DALL\u2019UNIONE  EUROPEA,  NON<span class=\"_ _2\"></span>  ANCORA <span class=\"_ _35\"> </span>OBBLIGATORIA<span class=\"_ _1\"></span>MENTE  APPLICABILI <span class=\"_ _35\"> </span>E  NON ADOTTATI IN VIA <span class=\"_ _1\"></span>ANTICIPATA DAL GRUPP<span class=\"_ _1\"></span>O AL 31 DICEMBRE 2024 A<span class=\"_ _3a1\"> </span>lla data di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iferimento del presente docu<span class=\"_ _2\"></span>mento, gli organi c<span class=\"_ _2\"></span>ompetenti dell\u2019Unione Europea hanno concluso <span class=\"_ _1\"></span>il pro<span class=\"_ _1\"></span>cesso di <span class=\"_ _1\"></span>omo<span class=\"_ _1\"></span>logazione necessario <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>l\u2019adozione degli <span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>endamenti e <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>i principi sotto <span class=\"_ _35\"> </span>descritti, <span class=\"_ _0\"></span>ma <span class=\"_ _35\"> </span>tali <span class=\"_ _0\"></span>principi <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>sono <span class=\"_ _0\"></span>ancor<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>obbligatoriament<span class=\"_ _1\"></span>e <span class=\"_ _0\"> </span>applicabili <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>sono <span class=\"_ _0\"> </span>stati adottati in via anticipata dal Gruppo al 31 dicembre<span class=\"_ _1\"></span> 2024:<span class=\"_ _3a1\"> </span><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs5c\"><span class=\"_ _42\"> </span><span class=\"ff4\">In data 15 agosto 2023 <span class=\"_ _2\"></span>lo IASB h<span class=\"_ _2\"></span>a pubblicato un <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>mendamento denominato </span></div><div class=\"t m1 h4 ff4 fs1 fc1 sc2 ls0 ws0 gs5d\">\u201cAmendments to </div><div class=\"t m1 h4 ff4 fs1 fc1 sc2 ls0 ws0 gs5e\">IAS <span class=\"_ _3d\"> </span>21 <span class=\"_ _36\"> </span>The <span class=\"_ _3d\"> </span>Ef<span class=\"_ _1\"></span>fects <span class=\"_ _37\"> </span>of <span class=\"_ _37\"> </span>Changes <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>Foreign <span class=\"_ _37\"> </span>Exchange <span class=\"_ _37\"> </span>Rate<span class=\"_ _1\"></span>s: <span class=\"_ _3d\"> </span>L<span class=\"_ _3a1\"> </span></div><div class=\"t m1 h4 ff4 fs1 fc1 sc2 ls0 ws0 gs5f\">ack <span class=\"_ _37\"> </span>of <span class=\"_ _37\"> </span>Exchangeabi<span class=\"_ _1\"></span>lity\u201d</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs60\">. <span class=\"_ _3d\"> </span>Il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs61\">documento <span class=\"_ _37\"> </span>richiede <span class=\"_ _3d\"> </span>ad <span class=\"_ _37\"> </span>un\u2019entit\u00e0 <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>applicare <span class=\"_ _3d\"> </span>una <span class=\"_ _37\"> </span>metodologia <span class=\"_ _3d\"> </span>da <span class=\"_ _37\"> </span>applicare <span class=\"_ _3d\"> </span>in <span class=\"_ _37\"> </span>maniera </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs62\">coerente al fine di verificare<span class=\"_ _1\"></span> se una valuta pu\u00f2 essere convertit<span class=\"_ _1\"></span>a in un\u2019altra e, quando ci\u00f2 non </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs63\">\u00e8 possibile, c<span class=\"_ _2\"></span>ome determinare il <span class=\"_ _3b\"></span>tas<span class=\"_ _1\"></span>so di c<span class=\"_ _2\"></span>ambio da <span class=\"_ _2\"></span>utilizzare e <span class=\"_ _2\"></span>l\u2019informativa da f<span class=\"_ _3b\"></span>or<span class=\"_ _1\"></span>nire in <span class=\"_ _3b\"></span>no<span class=\"_ _1\"></span>ta </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs64\">integrativa. <span class=\"_ _0\"></span>La <span class=\"_ _0\"></span>mod<span class=\"_ _2\"></span>ifica <span class=\"_ _0\"></span>si <span class=\"_ _38\"></span>applicher<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _0\"></span>dal <span class=\"_ _38\"></span>1<span class=\"_ _1\"></span>\u00b0 <span class=\"_ _38\"></span>ge<span class=\"_ _1\"></span>nnaio <span class=\"_ _0\"></span>2025, <span class=\"_ _38\"></span>ma <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>consentita <span class=\"_ _38\"></span>un\u2019applicazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs65\">anticipata. <span class=\"_ _3b\"></span>Gli amministratori no<span class=\"_ _2\"></span>n <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>at<span class=\"_ _1\"></span>tendono <span class=\"_ _2\"></span>un <span class=\"_ _3b\"></span>effe<span class=\"_ _1\"></span>tto <span class=\"_ _2\"></span>significativo <span class=\"_ _2\"></span>sul <span class=\"_ _3b\"></span>bilancio consolidato </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs66\">del Gruppo dall\u2019adozione di tale eme<span class=\"_ _1\"></span>ndamento. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs67\">PRINCIPI <span class=\"_ _0\"></span>CONTABILI, <span class=\"_ _0\"></span>EMENDAMENTI <span class=\"_ _0\"></span>ED <span class=\"_ _0\"></span>INTERPRETAZIONI <span class=\"_ _0\"></span>IFRS <span class=\"_ _0\"></span>AC</div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs68\">COUNTING <span class=\"_ _0\"></span>STANDARDS <span class=\"_ _0\"></span>NON </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs69\">ANCORA OMOLOGATI D<span class=\"_ _1\"></span>ALL\u2019UNIONE EUROPEA </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6a\">Alla <span class=\"_ _38\"></span>da<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6b\">ta <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>rifer<span class=\"_ _1\"></span>imento <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>pres<span class=\"_ _2\"></span>ente <span class=\"_ _0\"></span>documento, <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>organi <span class=\"_ _0\"></span>comp<span class=\"_ _2\"></span>etent<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>dell\u2019Unione <span class=\"_ _0\"></span>Eu<span class=\"_ _2\"></span>ropea <span class=\"_ _0\"></span>non </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6c\">hanno ancora concl<span class=\"_ _2\"></span>uso il proc<span class=\"_ _2\"></span>esso di omologazione<span class=\"_ _2\"></span> necessario per <span class=\"_ _3b\"></span>l\u2019adozione degli emendamenti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6d\">e dei principi sotto descritti. </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs6e\"><span class=\"_ _42\"> </span><span class=\"ff4\">In <span class=\"_ _3f\"> </span>data <span class=\"_ _3f\"> </span>30 <span class=\"_ _3a\"> </span>maggio <span class=\"_ _3f\"> </span>2024 <span class=\"_ _3a\"> </span>lo <span class=\"_ _3f\"> </span>IASB <span class=\"_ _3f\"> </span>ha <span class=\"_ _3f\"> </span>pubblicato <span class=\"_ _3f\"> </span>il <span class=\"_ _3f\"> </span>docume<span class=\"_ _1\"></span>nto <span class=\"_ _3f\"> </span>\u201c<span class=\"_ _1\"></span>Amendments <span class=\"_ _3f\"> </span>to <span class=\"_ _3f\"> </span>the </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6f\">Classification <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>Measurement <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>Financial <span class=\"_ _1\"></span>Instruments<span class=\"_ _1\"></span>\u2014Amendments to <span class=\"_ _1\"></span>IFRS <span class=\"_ _1\"></span>9 <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>IFRS </div><div class=\"t m2 h23 ff4 fs2 fc1 sc0 ls0 ws0 gs70\">7<span class=\"ff16\">\u2033</span>. <span class=\"_ _3d\"> </span>Il <span class=\"_ _3d\"> </span>documento <span class=\"_ _3d\"> </span>chiarisce <span class=\"_ _3d\"> </span>alcuni  a<span class=\"_ _1\"></span>spetti <span class=\"_ _3d\"> </span>problematici <span class=\"_ _3d\"> </span>emersi <span class=\"_ _3d\"> </span>dalla <span class=\"_ _3d\"> </span>post-implementation </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs71\">review <span class=\"_ _35\"> </span>dell\u2019<span class=\"_ _2\"></span>IFRS <span class=\"_ _0\"></span>9, <span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>ra <span class=\"_ _0\"></span>cui <span class=\"_ _35\"> </span>il<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>attamento <span class=\"_ _35\"> </span>contabil<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>cui <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>endimenti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs72\">variano <span class=\"_ _3b\"></span>al <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>aggiungimento <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>obiettivi <span class=\"_ _3b\"></span>ESG <span class=\"_ _2\"></span>(i.e. <span class=\"_ _3b\"></span>gre<span class=\"_ _1\"></span>en <span class=\"_ _3b\"></span>bonds). <span class=\"_ _3b\"></span>In particolare, <span class=\"_ _3b\"></span>le <span class=\"_ _3b\"></span>mo<span class=\"_ _1\"></span>difiche <span class=\"_ _3b\"></span>hanno </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs73\">l\u2019obiettivo di: </div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs74\">o<span class=\"_ _115\"> </span><span class=\"ff4\">chiarire <span class=\"_ _35\"> </span>la  cl<span class=\"_ _2\"></span>assificazione <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _35\"> </span>finanziarie <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>re<span class=\"_ _1\"></span>ndimenti <span class=\"_ _35\"> </span>variabili <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>legati <span class=\"_ _35\"> </span>ad </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs75\">obiettivi <span class=\"_ _38\"></span>ambientali, <span class=\"_ _38\"></span>sociali <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>governance <span class=\"_ _0\"></span>aziendal<span class=\"_ _2\"></span>e <span class=\"_ _38\"></span>(ESG) <span class=\"_ _38\"></span>ed <span class=\"_ _0\"></span>i<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>criteri <span class=\"_ _1\"></span>da <span class=\"_ _0\"></span>utili<span class=\"_ _2\"></span>zzare <span class=\"_ _38\"></span>per </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs76\">l\u2019assessment del SPPI test; </div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs77\">o<span class=\"_ _115\"> </span><span class=\"ff4\">determinare <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>data <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>egolamento <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _35\"> </span>tramite <span class=\"_ _0\"></span>sistemi <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>pagamento </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs78\">elettronici \u00e8 quella in cui la passivit\u00e0 r<span class=\"_ _1\"></span>isulta estinta. Tuttavia, \u00e8 <span class=\"_ _1\"></span>consentito ad un\u2019entit\u00e0 di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs79\">adottare <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>politica <span class=\"_ _38\"></span>contabile <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>conse<span class=\"_ _1\"></span>ntire <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>eliminare <span class=\"_ _38\"></span>contabilmente <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>passivit\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7a\">finanziaria <span class=\"_ _39\"> </span>prima <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>consegnare <span class=\"_ _3f\"> </span>liqu<span class=\"_ _2\"></span>idit\u00e0 <span class=\"_ _39\"> </span>alla <span class=\"_ _39\"> </span>data <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>regolamento <span class=\"_ _3f\"> </span>in <span class=\"_ _36\"> </span>presenza <span class=\"_ _39\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7b\">determinate condizioni specifiche. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7c\">Con queste<span class=\"_ _1\"></span> modifiche, lo <span class=\"_ _1\"></span>IASB h<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>inoltre <span class=\"_ _1\"></span>introdotto ulteriori <span class=\"_ _1\"></span>requisiti di informa<span class=\"_ _1\"></span>tiva riguardo <span class=\"_ _1\"></span>in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7d\">particolare ad investimenti in strumenti di capitale des<span class=\"_ _1\"></span>ignati a FVOCI. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7e\">Le modifiche si ap<span class=\"_ _2\"></span>plicheranno a partire dai <span class=\"_ _2\"></span>bilanci degli <span class=\"_ _2\"></span>eser<span class=\"_ _1\"></span>cizi che hann<span class=\"_ _2\"></span>o inizio dal <span class=\"_ _3b\"></span>1<span class=\"_ _1\"></span>\u00b0 gennaio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7f\">2026. <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>li <span class=\"_ _1\"></span>amm<span class=\"_ _1\"></span>inistratori <span class=\"_ _38\"></span>non <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>attendono <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>effett<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>significativo <span class=\"_ _38\"></span>sul <span class=\"_ _38\"></span>bilancio <span class=\"_ _38\"></span>consolidato <span class=\"_ _38\"></span>del </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs80\">Gruppo dall\u2019adozione di tali emendamenti.  </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs81\"><span class=\"_ _42\"> </span><span class=\"ff4\">In <span class=\"_ _3b\"></span>data <span class=\"_ _3b\"></span>18<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>luglio <span class=\"_ _3b\"></span>20<span class=\"_ _1\"></span>24 <span class=\"_ _3b\"></span>lo <span class=\"_ _2\"></span>IASB <span class=\"_ _3b\"></span>ha <span class=\"_ _3b\"></span>p<span class=\"_ _1\"></span>ubblicato <span class=\"_ _3b\"></span>un <span class=\"_ _3b\"></span>doc<span class=\"_ _1\"></span>umento <span class=\"_ _2\"></span>denominato <span class=\"_ _3b\"></span>\u201c<span class=\"_ _1\"></span>Annual <span class=\"_ _3b\"></span>Improvements </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs82\">Volume <span class=\"_ _1\"></span>11\u201d. <span class=\"_ _1\"></span>Il documento <span class=\"_ _1\"></span>include <span class=\"_ _1\"></span>chiarimenti, se<span class=\"_ _1\"></span>mplificazioni, cor<span class=\"_ _1\"></span>rezioni e <span class=\"_ _1\"></span>cambiamenti <span class=\"_ _1\"></span>volti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs83\">a migliorare la coerenza di diversi IFRS Accounting Standards. I principi modificati sono: </div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs84\">o<span class=\"_ _115\"> </span><span class=\"ff4\">IFRS 1 First-time Adoption of <span class=\"_ _1\"></span>International Financial Reporting Standards; </span></div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs85\">o<span class=\"_ _115\"> </span><span class=\"ff4\">IFRS <span class=\"_ _38\"></span>7 <span class=\"_ _0\"></span>Financi<span class=\"_ _2\"></span>al <span class=\"_ _38\"></span>Instrume<span class=\"_ _1\"></span>nts: <span class=\"_ _38\"></span>Disclosures <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _1\"></span>relative <span class=\"_ _0\"></span>li<span class=\"_ _2\"></span>nee <span class=\"_ _0\"></span>gu<span class=\"_ _2\"></span>ida <span class=\"_ _38\"></span>sull'implementazione </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs86\">dell'IFRS 7; </div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs87\">o<span class=\"_ _115\"> </span><span class=\"ff4\">IFRS 9 Financial Instruments; </span></div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs88\">o<span class=\"_ _115\"> </span><span class=\"ff4\">IFRS 10 Consolidate<span class=\"_ _1\"></span>d Financial Statements; e </span></div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs89\">o<span class=\"_ _115\"> </span><span class=\"ff4\">IAS 7 Statement of Cash Flows. </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8a\">Le modific<span class=\"_ _2\"></span>he si <span class=\"_ _3b\"></span>applicheranno dal <span class=\"_ _3b\"></span>1\u00b0 gennaio 2<span class=\"_ _3b\"></span>0<span class=\"_ _1\"></span>26, <span class=\"_ _2\"></span>ma <span class=\"_ _2\"></span>\u00e8 consent<span class=\"_ _2\"></span>ita un\u2019<span class=\"_ _2\"></span>applicazione anticip<span class=\"_ _2\"></span>ata. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8b\">Gli amministratori non si attendono un <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffetto significativo sul bilancio consolid<span class=\"_ _2\"></span>ato del Gruppo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8c\">dall\u2019adozione di tali emendamenti.  </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs8d\"><span class=\"_ _42\"> </span><span class=\"ff4\">In <span class=\"_ _0\"></span>data <span class=\"_ _35\"> </span>18 <span class=\"_ _0\"></span>dicembre <span class=\"_ _0\"></span>2024 <span class=\"_ _0\"></span>lo <span class=\"_ _0\"></span>IASB <span class=\"_ _0\"> </span>ha <span class=\"_ _35\"> </span>pubb<span class=\"_ _2\"></span>licato <span class=\"_ _0\"></span>un <span class=\"_ _35\"> </span>emendamento <span class=\"_ _0\"></span>denominato <span class=\"_ _0\"></span>\u201cContracts </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8e\">Referencing Nat<span class=\"_ _1\"></span>ure-dependent Electricity \u2013 <span class=\"_ _1\"></span>Amendment <span class=\"_ _1\"></span>to IFRS 9 <span class=\"_ _1\"></span>and IFRS 7\u201d. <span class=\"_ _1\"></span>Il documento </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8f\">ha  l\u2019obi<span class=\"_ _2\"></span>ettivo  di  supp<span class=\"_ _2\"></span>ortare<span class=\"_ _1\"></span>  le <span class=\"_ _35\"> </span>entit\u00e0  nel  rendicontare  gl<span class=\"_ _2\"></span>i  effetti  fi<span class=\"_ _2\"></span>nanziari  dei <span class=\"_ _35\"> </span>contra<span class=\"_ _1\"></span>tti  di<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs90\">acquisto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>lettricit\u00e0 <span class=\"_ _38\"></span>prodotta <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>fonti <span class=\"_ _38\"></span>rinnovabili <span class=\"_ _1\"></span>(spesso <span class=\"_ _38\"></span>strutturati <span class=\"_ _1\"></span>come <span class=\"_ _38\"></span>Power <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>urchase </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs91\">Agreements). <span class=\"_ _1\"></span>Sulla <span class=\"_ _1\"></span>base <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>tali <span class=\"_ _1\"></span>contratti, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>quantit\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>elettricit\u00e0 <span class=\"_ _1\"></span>generata <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>acquistata <span class=\"_ _1\"></span>pu\u00f2 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs92\">variare <span class=\"_ _3b\"></span>in base <span class=\"_ _3b\"></span>a fa<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tori <span class=\"_ _2\"></span>incontrollab<span class=\"_ _2\"></span>ili <span class=\"_ _3b\"></span>quali le <span class=\"_ _3b\"></span>condizioni <span class=\"_ _3b\"></span>me<span class=\"_ _1\"></span>teorologiche. <span class=\"_ _3b\"></span>Lo IASB <span class=\"_ _3b\"></span>ha <span class=\"_ _3b\"></span>apport<span class=\"_ _1\"></span>ato </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs93\">emendamenti mirati ai principi IFRS 9 e <span class=\"_ _1\"></span>IFRS 7. Gli emendamenti includono: </div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs94\">o<span class=\"_ _115\"> </span><span class=\"ff4\">un <span class=\"_ _38\"></span>chiarimento <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iguardo <span class=\"_ _38\"></span>all\u2019applicazione <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>quisiti <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>\u201cown <span class=\"_ _0\"></span>us<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>\u201d <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>q<span class=\"_ _2\"></span>uesta <span class=\"_ _38\"></span>tipologia <span class=\"_ _38\"></span>di </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs95\">contratti; </div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs96\">o<span class=\"_ _115\"> </span><span class=\"ff4\">dei <span class=\"_ _39\"> </span>crite<span class=\"_ _1\"></span>ri <span class=\"_ _39\"> </span>per <span class=\"_ _3f\"> </span>consentire <span class=\"_ _39\"> </span>la <span class=\"_ _3f\"> </span>contabili<span class=\"_ _2\"></span>zzazione <span class=\"_ _39\"> </span>di <span class=\"_ _3f\"> </span>tali <span class=\"_ _39\"> </span>contratti <span class=\"_ _3f\"> </span>come <span class=\"_ _39\"> </span>strume<span class=\"_ _1\"></span>nti <span class=\"_ _39\"> </span>di </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs97\">copertura; e,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs99\">o<span class=\"_ _115\"> </span><span class=\"ff4\">dei <span class=\"_ _48\"> </span>nuovi <span class=\"_ _3a\"> </span>re<span class=\"_ _1\"></span>quisiti <span class=\"_ _48\"> </span>di <span class=\"_ _3a\"> </span>informativa <span class=\"_ _48\"> </span>per <span class=\"_ _48\"> </span>consentire <span class=\"_ _3a\"> </span>agli <span class=\"_ _48\"> </span>utilizzatori <span class=\"_ _48\"> </span>del <span class=\"_ _3a\"> </span>bilancio <span class=\"_ _48\"> </span>di </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9a\">compr<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9b\">endere  l'effetto <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>questi  contratti <span class=\"_ _35\"> </span>sulle  performance <span class=\"_ _35\"> </span>finanziarie  e <span class=\"_ _35\"> </span>sui  fl<span class=\"_ _2\"></span>ussi  d<span class=\"_ _2\"></span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9c\">cassa di un\u2019entit\u00e0. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9d\">La modifica s<span class=\"_ _1\"></span>i applicher\u00e0 <span class=\"_ _1\"></span>dal 1\u00b0 <span class=\"_ _1\"></span>gennaio 2026, ma \u00e8 <span class=\"_ _1\"></span>consentita un\u2019applicazione anticipata. <span class=\"_ _1\"></span>Gli </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9e\">amministratori <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>si<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>attendono <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>eff<span class=\"_ _2\"></span>etto <span class=\"_ _38\"></span>significativo <span class=\"_ _38\"></span>nel <span class=\"_ _0\"></span>bi<span class=\"_ _2\"></span>lancio <span class=\"_ _38\"></span>cons<span class=\"_ _1\"></span>olidato <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>Gruppo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9f\">dall\u2019adozione di tale principio. </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsa0\"><span class=\"_ _42\"> </span><span class=\"ff4\">In <span class=\"_ _35\"> </span>data  9 <span class=\"_ _35\"> </span>aprile  2024 <span class=\"_ _35\"> </span>lo  I<span class=\"_ _2\"></span>ASB  ha <span class=\"_ _35\"> </span>pubblicato <span class=\"_ _35\"> </span>un  nuovo <span class=\"_ _35\"> </span>principi<span class=\"_ _1\"></span>o  I<span class=\"_ _2\"></span>FRS <span class=\"_ _35\"> </span>18<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>Present<span class=\"_ _1\"></span>ation  and<span class=\"_ _3b\"></span> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa1\">Disclosure <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>Financial <span class=\"_ _0\"></span>Statements <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>sostituir\u00e0 <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>princip<span class=\"_ _2\"></span>io <span class=\"_ _0\"></span>IAS <span class=\"_ _38\"></span>1 <span class=\"_ _0\"></span>Presentation <span class=\"_ _0\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>Financial </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa2\">Statements. <span class=\"_ _1\"></span>Il <span class=\"_ _38\"></span>nuovo <span class=\"_ _1\"></span>principio <span class=\"_ _38\"></span>si <span class=\"_ _38\"></span>pone <span class=\"_ _1\"></span>l\u2019obiett<span class=\"_ _1\"></span>ivo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>migliorar<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>prese<span class=\"_ _1\"></span>ntazione <span class=\"_ _1\"></span>degli <span class=\"_ _1\"></span>sche<span class=\"_ _1\"></span>mi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa3\">di <span class=\"_ _35\"> </span>bil<span class=\"_ _2\"></span>ancio, <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>particolare <span class=\"_ _0\"></span>riferiment<span class=\"_ _1\"></span>o <span class=\"_ _35\"> </span>allo <span class=\"_ _0\"></span>schema <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>conto <span class=\"_ _0\"></span>economico. <span class=\"_ _35\"> </span>In <span class=\"_ _35\"> </span>pa<span class=\"_ _2\"></span>rticolare, <span class=\"_ _35\"> </span>il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa4\">nuovo principio richiede di: </div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gsa5\">o<span class=\"_ _115\"> </span><span class=\"ff4\">Classificare <span class=\"_ _3f\"> </span>i <span class=\"_ _3f\"> </span>ricavi <span class=\"_ _3f\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>i <span class=\"_ _3f\"> </span>costi <span class=\"_ _3a\"> </span>in <span class=\"_ _3f\"> </span>tre <span class=\"_ _3f\"> </span>nuove <span class=\"_ _3a\"> </span>categorie <span class=\"_ _3f\"> </span>(sezione <span class=\"_ _3f\"> </span>operativa, <span class=\"_ _3f\"> </span>sezione </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa6\">investimento <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>se<span class=\"_ _1\"></span>zione <span class=\"_ _0\"></span>finanziaria), <span class=\"_ _35\"> </span>oltre <span class=\"_ _0\"></span>alle <span class=\"_ _35\"> </span>categorie<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>imposte <span class=\"_ _0\"></span>e <span class=\"_ _0\"> </span>a<span class=\"_ _1\"></span>ttivit\u00e0 <span class=\"_ _0\"></span>cessate <span class=\"_ _35\"> </span>gi\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa7\">presenti nello schema di conto economico; </div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gsa8\">o<span class=\"_ _115\"> </span><span class=\"ff4\">Presentare <span class=\"_ _1\"></span>due <span class=\"_ _1\"></span>nuovi s<span class=\"_ _1\"></span>ub-totali, <span class=\"_ _1\"></span>il r<span class=\"_ _1\"></span>isultato <span class=\"_ _1\"></span>operativo e <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>risultato <span class=\"_ _1\"></span>prima <span class=\"_ _1\"></span>degli <span class=\"_ _1\"></span>interessi <span class=\"_ _1\"></span>e </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa9\">tasse (i.e. EBIT). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsaa\">Il nuovo principio inoltre: </div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gsab\">o<span class=\"_ _115\"> </span><span class=\"ff4\">richiede maggiori informazioni sugli indicatori di perfo<span class=\"_ _1\"></span>rmance definiti dal management; </span></div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gsac\">o<span class=\"_ _115\"> </span><span class=\"ff4\">introduce nuovi criter<span class=\"_ _1\"></span>i per l'aggregazione e la disaggregazione delle informazioni; e, </span></div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gsad\">o<span class=\"_ _115\"> </span><span class=\"ff4\">introduce <span class=\"_ _1\"></span>alcune <span class=\"_ _1\"></span>modifiche <span class=\"_ _1\"></span>allo <span class=\"_ _1\"></span>schema <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>rendiconto <span class=\"_ _1\"></span>finanziario, <span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>richiesta <span class=\"_ _1\"></span>di </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsae\">utilizzare <span class=\"_ _3f\"> </span>il <span class=\"_ _39\"> </span>risultato <span class=\"_ _3f\"> </span>operativo <span class=\"_ _3f\"> </span>come <span class=\"_ _39\"> </span>punto <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>partenza <span class=\"_ _39\"> </span>per <span class=\"_ _3f\"> </span>la <span class=\"_ _39\"> </span>pre<span class=\"_ _1\"></span>sentazione <span class=\"_ _3f\"> </span>del<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsaf\">rendiconto  finanziario  predisposto  con  il  m<span class=\"_ _2\"></span>etodo  indiretto  e  l\u2019<span class=\"_ _2\"></span>eliminazione  di  alcune </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb0\">opzioni <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>classificazione d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>alcune<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>voci <span class=\"_ _3b\"></span>at<span class=\"_ _1\"></span>tualmente <span class=\"_ _3b\"></span>esistenti (<span class=\"_ _2\"></span>come <span class=\"_ _3b\"></span>ad <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>sempio <span class=\"_ _3b\"></span>interessi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb1\">pagati, interessi incassati, dividendi pagati e dividendi incassati). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb2\">Il  nuovo <span class=\"_ _3d\"> </span>principio <span class=\"_ _3d\"> </span>entr<span class=\"_ _1\"></span>er\u00e0  in <span class=\"_ _3d\"> </span>vigore<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>dal  1\u00b0 <span class=\"_ _3d\"> </span>gennaio <span class=\"_ _3d\"> </span>2027, <span class=\"_ _3d\"> </span>ma <span class=\"_ _3d\"> </span>\u00e8 <span class=\"_ _3d\"> </span>consentita <span class=\"_ _3d\"> </span>un\u2019applicazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb3\">anticipata. <span class=\"_ _1\"></span>Gli <span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>ministratori <span class=\"_ _1\"></span>stanno <span class=\"_ _1\"></span>valutando <span class=\"_ _1\"></span>un <span class=\"_ _38\"></span>effetto <span class=\"_ _1\"></span>significativo <span class=\"_ _1\"></span>nel <span class=\"_ _38\"></span>bilancio <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Gruppo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb4\">dall\u2019adozione di tale emendamento.  </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsb5\"><span class=\"_ _42\"> </span><span class=\"ff4\">In <span class=\"_ _1\"></span>data <span class=\"_ _38\"></span>9 <span class=\"_ _1\"></span>maggio <span class=\"_ _1\"></span>2024 <span class=\"_ _1\"></span>lo <span class=\"_ _38\"></span>IASB <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>pubblicato <span class=\"_ _1\"></span>un <span class=\"_ _38\"></span>nuovo <span class=\"_ _1\"></span>principio <span class=\"_ _1\"></span>IFRS <span class=\"_ _1\"></span>19 <span class=\"_ _38\"></span>Subsidiaries <span class=\"_ _1\"></span>without </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb6\">Public <span class=\"_ _35\"> </span>Accountability:  Disclosures. <span class=\"_ _35\"> </span>Il <span class=\"_ _35\"> </span>nuovo  princi<span class=\"_ _2\"></span>pio <span class=\"_ _35\"> </span>intro<span class=\"_ _1\"></span>duce <span class=\"_ _35\"> </span>alcune <span class=\"_ _35\"> </span>semplificazioni  c<span class=\"_ _2\"></span>on </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb7\">riferimento all\u2019<span class=\"_ _2\"></span>informativa richiesta <span class=\"_ _3b\"></span>dagli IFRS <span class=\"_ _3b\"></span>Accounting Standard <span class=\"_ _2\"></span>nel bilan<span class=\"_ _2\"></span>cio di<span class=\"_ _2\"></span> esercizio <span class=\"_ _2\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb8\">una societ\u00e0 controllata, che rispetta i <span class=\"_ _1\"></span>seguenti requisiti: </div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gsb9\">o<span class=\"_ _115\"> </span><span class=\"ff4\">non <span class=\"_ _1\"></span>ha e<span class=\"_ _1\"></span>messo strume<span class=\"_ _1\"></span>nti di <span class=\"_ _1\"></span>capitale <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>di debito <span class=\"_ _1\"></span>quotati <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>un mercato <span class=\"_ _1\"></span>regolamentato <span class=\"_ _1\"></span>e </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsba\">non \u00e8 in procinto di emetterli; </div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gsbb\">o<span class=\"_ _115\"> </span><span class=\"ff4\">la <span class=\"_ _0\"></span>propria <span class=\"_ _35\"> </span>societ\u00e0 <span class=\"_ _0\"></span>controllante<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>predispone <span class=\"_ _35\"> </span>un<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>bilancio <span class=\"_ _35\"> </span>consolidato <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>conformit\u00e0 <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>i </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbc\">principi IFRS. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbd\">Il  nu<span class=\"_ _2\"></span>ovo  princip<span class=\"_ _2\"></span>io  entrer\u00e0  in<span class=\"_ _3b\"></span>  vigore  dal <span class=\"_ _35\"> </span>1\u00b0  gennaio <span class=\"_ _35\"> </span>2027,  ma<span class=\"_ _2\"></span>  \u00e8 <span class=\"_ _35\"> </span>consentita  un<span class=\"_ _2\"></span>\u2019applicazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbe\">anticipata. Tale modifica non ha impatti s<span class=\"_ _1\"></span>ul bilancio consolidato del Gruppo. </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsbf\"><span class=\"_ _42\"> </span><span class=\"ff4\">In  data  30  gennaio  2014  lo  IASB  ha  pu<span class=\"_ _2\"></span>bblicato  il  principio </span></div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gsc0\">IFRS  14  \u2013  Regulatory  Deferral </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gsc1\">Accounts </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc2\">che conse<span class=\"_ _1\"></span>nte solo <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>coloro <span class=\"_ _1\"></span>che adottano <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>IFRS <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>la prima <span class=\"_ _1\"></span>volta <span class=\"_ _1\"></span>di cont<span class=\"_ _1\"></span>inuare a </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc3\">rilevare  g<span class=\"_ _2\"></span>li <span class=\"_ _35\"> </span>importi  relativi <span class=\"_ _35\"> </span>alle <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _35\"> </span>soggette  a <span class=\"_ _35\"> </span>tariffe <span class=\"_ _35\"> </span>regolamentate  (<span class=\"_ _2\"></span>\u201cRate  Regul<span class=\"_ _2\"></span>ation </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc4\">Activities\u201d) <span class=\"_ _0\"></span>secondo <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>precedenti <span class=\"_ _0\"></span>princip<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>contabili <span class=\"_ _38\"></span>adott<span class=\"_ _1\"></span>ati. <span class=\"_ _0\"></span>No<span class=\"_ _3b\"></span>n <span class=\"_ _0\"></span>essendo <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>G<span class=\"_ _2\"></span>ruppo <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>first-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc5\">time adopter, tale principio non risulta applicabile.<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gsc6\">Conten<span class=\"_ _1\"></span>uto dei Pro<span class=\"_ _1\"></span>spetti <span class=\"_ _1\"></span>Contabili </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsc7\">Stato patr<span class=\"_ _1\"></span>imoniale consolidato, conto <span class=\"_ _1\"></span>economico consolidato <span class=\"_ _1\"></span>e prospetto della r<span class=\"_ _1\"></span>edditivit\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsc8\">consol<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsc9\">idata complessiva </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsca\">Gli schemi dello st<span class=\"_ _1\"></span>ato patrimoniale consolidato e <span class=\"_ _1\"></span>del conto economico consolidato s<span class=\"_ _1\"></span>ono costituiti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscb\">da <span class=\"_ _0\"></span>voci, <span class=\"_ _35\"> </span>sottovoci <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>da <span class=\"_ _35\"> </span>ulteriori <span class=\"_ _0\"></span>dettagli <span class=\"_ _35\"> </span>inf<span class=\"_ _2\"></span>ormativi <span class=\"_ _35\"> </span>(i <span class=\"_ _0\"></span>\u201cdi <span class=\"_ _35\"> </span>cui\u201d <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>voci <span class=\"_ _0\"></span>e <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>ottovoci). <span class=\"_ _0\"></span>N<span class=\"_ _1\"></span>el <span class=\"_ _35\"> </span>c<span class=\"_ _2\"></span>onto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscc\">economico con<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>olidato <span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>ricavi <span class=\"_ _2\"></span>sono <span class=\"_ _3b\"></span>indicati s<span class=\"_ _2\"></span>enza <span class=\"_ _3b\"></span>se<span class=\"_ _1\"></span>gno, <span class=\"_ _3b\"></span>mentre i<span class=\"_ _3b\"></span> costi <span class=\"_ _3b\"></span>sono <span class=\"_ _3b\"></span>indicati fra<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>parentesi. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscd\">Allo stesso <span class=\"_ _1\"></span>modo so<span class=\"_ _1\"></span>no esposte le <span class=\"_ _1\"></span>componenti reddituali posit<span class=\"_ _1\"></span>ive e <span class=\"_ _1\"></span>negative incluse <span class=\"_ _1\"></span>nel prospetto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsce\">della redditivit\u00e0 consolidata complessiva. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscf\">Gli schemi riportano i corrispondenti dati di r<span class=\"_ _1\"></span>affronto relativi all\u2019esercizio precedente.<span class=\"_ _3a1\"> </span></div>Prospetto delle <span class=\"_ _1\"></span>variazioni del patrimonio <span class=\"_ _1\"></span>netto consolidato Il <span class=\"_ _0\"></span>pro<span class=\"_ _3a1\"> </span>spetto <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>variazioni <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>patrimonio <span class=\"_ _0\"></span>netto <span class=\"_ _0\"></span>consolidato <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>ello <span class=\"_ _0\"></span>previsto <span class=\"_ _0\"> </span>dalla <span class=\"_ _0\"></span>Circolare <span class=\"_ _0\"></span>n. 262/2005, <span class=\"_ _37\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>successivi <span class=\"_ _36\"> </span>aggiornamenti, <span class=\"_ _37\"> </span>della <span class=\"_ _36\"> </span>Banca <span class=\"_ _37\"> </span>d\u2019Italia. <span class=\"_ _37\"> </span>N<span class=\"_ _1\"></span>el <span class=\"_ _37\"> </span>prospetto<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>viene <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>iportata <span class=\"_ _36\"> </span>la<span class=\"_ _3b\"></span> composizione <span class=\"_ _3f\"> </span>e <span class=\"_ _3f\"> </span>la <span class=\"_ _39\"> </span>mo<span class=\"_ _1\"></span>vimentazione <span class=\"_ _3f\"> </span>dei <span class=\"_ _3f\"> </span>conti <span class=\"_ _39\"> </span>di <span class=\"_ _3f\"> </span>patrimonio <span class=\"_ _3f\"> </span>netto <span class=\"_ _3f\"> </span>consolidato <span class=\"_ _3f\"> </span>intervenuta nell\u2019esercizio <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>riferimento <span class=\"_ _1\"></span>ed <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>quello <span class=\"_ _1\"></span>dell\u2019es<span class=\"_ _1\"></span>ercizio <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>cedente, <span class=\"_ _1\"></span>suddivisi <span class=\"_ _1\"></span>tra <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>capitale <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ciale, le  riserve  di  capitale, <span class=\"_ _3d\"> </span>di  utili  e  da <span class=\"_ _3d\"> </span>valutazione  di  att<span class=\"_ _1\"></span>ivit\u00e0  o  passivit\u00e0  di  bilancio  ed <span class=\"_ _3d\"> </span>il  risultato economico. Le azioni proprie<span class=\"_ _1\"></span> in portafoglio sono<span class=\"_ _1\"></span> portate in diminuzione del patrimonio net<span class=\"_ _1\"></span>to. Non sono stati emessi strumenti di capitale diversi dalle <span class=\"_ _1\"></span>azioni ordinarie. Rendiconto fina<span class=\"_ _1\"></span>nziario consolidato Il  Rendiconto  Finanziario  consolid<span class=\"_ _2\"></span>ato  fornisce  informazioni  che  pe<span class=\"_ _2\"></span>rmettono  agli  utilizzatori <span class=\"_ _35\"> </span>di valutare <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>variazioni  nell\u2019attivo <span class=\"_ _3d\"> </span>net<span class=\"_ _1\"></span>to  della <span class=\"_ _3d\"> </span>societ<span class=\"_ _1\"></span>\u00e0,  la <span class=\"_ _3d\"> </span>sua <span class=\"_ _3d\"> </span>struttura <span class=\"_ _3d\"> </span>finanziaria  (compre<span class=\"_ _1\"></span>sa <span class=\"_ _3d\"> </span>la liquidit\u00e0 <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>solvibi<span class=\"_ _2\"></span>lit\u00e0) <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>sua <span class=\"_ _0\"></span>capacit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>influire <span class=\"_ _35\"> </span>sulla <span class=\"_ _35\"> </span>dimensione <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>sulla <span class=\"_ _35\"> </span>tempistica <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>flussi finanziari allo scopo di adeguarsi alle circos<span class=\"_ _1\"></span>tanze e alle opportunit\u00e0.  Lo <span class=\"_ _1\"></span>IAS 7<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>stabilisce <span class=\"_ _1\"></span>che il <span class=\"_ _1\"></span>rendiconto <span class=\"_ _1\"></span>finanziario <span class=\"_ _1\"></span>pu\u00f2 <span class=\"_ _1\"></span>essere <span class=\"_ _1\"></span>redatto <span class=\"_ _1\"></span>seguendo, <span class=\"_ _1\"></span>alternativamente, il<span class=\"_ _1\"></span> \u201cmetodo diretto\u201d o quello \u201cindiretto\u201d. La Banca <span class=\"_ _1\"></span>d'Italia, cos\u00ec <span class=\"_ _1\"></span>come <span class=\"_ _1\"></span>previsto dalle <span class=\"_ _1\"></span>istruzioni della <span class=\"_ _1\"></span>Circolare<span class=\"_ _1\"></span> n.262/05, <span class=\"_ _1\"></span>propone quindi i <span class=\"_ _1\"></span>due alternativi <span class=\"_ _0\"></span>schemi <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>Rendiconto <span class=\"_ _0\"></span>Finanziario <span class=\"_ _35\"> </span>nei <span class=\"_ _0\"></span>quali <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>flussi <span class=\"_ _35\"> </span>correlati <span class=\"_ _0\"></span>all'attivit\u00e0 <span class=\"_ _0\"></span>oper<span class=\"_ _1\"></span>ativa <span class=\"_ _0\"></span>sono esposti con il<span class=\"_ _2\"></span> metodo di<span class=\"_ _2\"></span>retto e <span class=\"_ _2\"></span>il metodo i<span class=\"_ _2\"></span>ndiretto, senza p<span class=\"_ _2\"></span>rivilegiarne uno <span class=\"_ _2\"></span>in particolare, <span class=\"_ _2\"></span>lasciando discrezionalit\u00e0 all'estensore del bilancio. Il <span class=\"_ _35\"> </span>prospet<span class=\"_ _1\"></span>to <span class=\"_ _35\"> </span>dei  flussi <span class=\"_ _35\"> </span>finanziari  i<span class=\"_ _2\"></span>ntervenuti  nel <span class=\"_ _35\"> </span>periodo  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>rife<span class=\"_ _1\"></span>rimento  del <span class=\"_ _35\"> </span>bilancio <span class=\"_ _35\"> </span>ed  i<span class=\"_ _2\"></span>n <span class=\"_ _35\"> </span>quello dell\u2019esercizio precedente \u00e8 <span class=\"_ _3b\"></span>st<span class=\"_ _1\"></span>ato p<span class=\"_ _2\"></span>redisposto seguendo il<span class=\"_ _2\"></span> metodo ind<span class=\"_ _2\"></span>iretto, in base <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>l q<span class=\"_ _2\"></span>uale i <span class=\"_ _2\"></span>flussi derivanti <span class=\"_ _2\"></span>dall\u2019attivit\u00e0 <span class=\"_ _3b\"></span>oper<span class=\"_ _1\"></span>ativa <span class=\"_ _3b\"></span>sono rappr<span class=\"_ _2\"></span>esentati d<span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>isultato <span class=\"_ _3b\"></span>dell\u2019esercizio rettificato <span class=\"_ _3b\"></span>degli <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffetti delle operazioni di natura non monetaria. I flussi fi<span class=\"_ _2\"></span>nanziari sono suddiv<span class=\"_ _2\"></span>isi tra quelli derivanti d<span class=\"_ _2\"></span>all\u2019attivit\u00e0 operativa, qu<span class=\"_ _2\"></span>elli generati dall\u2019attivit\u00e0 di investimento e quelli prodotti dall\u2019attivit\u00e0 di provvista. Nel <span class=\"_ _0\"></span>pro<span class=\"_ _1\"></span>spetto <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>flu<span class=\"_ _2\"></span>ssi <span class=\"_ _0\"></span>gene<span class=\"_ _1\"></span>ratisi <span class=\"_ _0\"></span>nel <span class=\"_ _35\"> </span>corso <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>periodo <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>indicati <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>enza <span class=\"_ _0\"></span>se<span class=\"_ _1\"></span>gno, <span class=\"_ _0\"></span>mentre <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>elli assorbiti sono indicati fra parentesi. Contenuto della No<span class=\"_ _1\"></span>ta integrativa consoli<span class=\"_ _1\"></span>data La <span class=\"_ _1\"></span>Nota <span class=\"_ _1\"></span>integrativa <span class=\"_ _1\"></span>consolidata compre<span class=\"_ _1\"></span>nde <span class=\"_ _1\"></span>le infor<span class=\"_ _1\"></span>mazioni previste dalla <span class=\"_ _1\"></span>Circolare <span class=\"_ _1\"></span>n. <span class=\"_ _1\"></span>262/2005, <span class=\"_ _1\"></span>e successive <span class=\"_ _0\"></span>modifiche <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>integrazioni, <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>Banca <span class=\"_ _0\"></span>d\u2019Italia <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>ulteriori <span class=\"_ _0\"></span>informazioni <span class=\"_ _0\"></span>previste <span class=\"_ _0\"></span>dai principi contabili internazionali.  In conformit\u00e0 a quanto disposto dall\u2019art. 5 del D.Lgs n. 38 del 28 febbraio 2005, il bilancio e la nota integrativa sono redatti in migliaia di euro. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-765": {
   "value": "Sezione <span class=\"_ _1\"></span>2 - Princip<span class=\"_ _1\"></span>i generali<span class=\"_ _1\"></span> di redazi<span class=\"_ _1\"></span>one Il bilancio <span class=\"_ _1\"></span>cons<span class=\"_ _1\"></span>olidato <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>stato <span class=\"_ _1\"></span>predisposto s<span class=\"_ _1\"></span>ulla base <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>\u201cIstruzioni <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>redazione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>bilancio dell\u2019impresa  e <span class=\"_ _35\"> </span>del  bilan<span class=\"_ _2\"></span>cio  con<span class=\"_ _2\"></span>solidato  delle <span class=\"_ _35\"> </span>banche  e <span class=\"_ _35\"> </span>delle  societ\u00e0 <span class=\"_ _35\"> </span>finanziarie  capogruppo <span class=\"_ _35\"> </span>di gruppi <span class=\"_ _3d\"> </span>bancari\u201d <span class=\"_ _37\"> </span>emanate <span class=\"_ _37\"> </span>dalla <span class=\"_ _3d\"> </span>Banca <span class=\"_ _37\"> </span>d\u2019Italia <span class=\"_ _3d\"> </span>con <span class=\"_ _37\"> </span>il <span class=\"_ _3d\"> </span>Provvediment<span class=\"_ _1\"></span>o <span class=\"_ _3d\"> </span>del <span class=\"_ _37\"> </span>22 <span class=\"_ _3d\"> </span>dicembre <span class=\"_ _37\"> </span>2005 <span class=\"_ _3d\"> </span>e successivi aggiornamenti. Il bi<span class=\"_ _1\"></span>lancio cons<span class=\"_ _1\"></span>olidato <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>cost<span class=\"_ _1\"></span>ituito dallo <span class=\"_ _1\"></span>Stat<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>patrimoniale, <span class=\"_ _1\"></span>Conto <span class=\"_ _1\"></span>economico, <span class=\"_ _1\"></span>dal <span class=\"_ _1\"></span>Prospetto <span class=\"_ _38\"></span>della redditivit\u00e0 <span class=\"_ _39\"> </span>compless<span class=\"_ _1\"></span>iva, <span class=\"_ _39\"> </span>dal <span class=\"_ _39\"> </span>Pr<span class=\"_ _1\"></span>ospetto <span class=\"_ _3f\"> </span>delle <span class=\"_ _39\"> </span>variazioni <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>pa<span class=\"_ _1\"></span>trimonio <span class=\"_ _3f\"> </span>netto, <span class=\"_ _39\"> </span>dal <span class=\"_ _39\"> </span>Rendiconto finanziario <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>dalla <span class=\"_ _1\"></span>No<span class=\"_ _1\"></span>ta <span class=\"_ _38\"></span>integrativa <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>dalle <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lative <span class=\"_ _38\"></span>informazioni <span class=\"_ _1\"></span>comparat<span class=\"_ _1\"></span>ive <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>31 <span class=\"_ _38\"></span>dicembre <span class=\"_ _38\"></span>2023 ed <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>inoltre <span class=\"_ _0\"></span>corredato <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>una <span class=\"_ _0\"></span>Relazione <span class=\"_ _38\"></span>sulla <span class=\"_ _0\"></span>gestione, <span class=\"_ _0\"></span>sui <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>isultati <span class=\"_ _38\"></span>econo<span class=\"_ _1\"></span>mici <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span>seguiti <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>sulla situazione patrimoniale e finanziaria del Gruppo Cre<span class=\"_ _1\"></span>dem. Il <span class=\"_ _38\"></span>bilancio <span class=\"_ _38\"></span>consolidato <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>redatto<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>l\u2019applicazione <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>princip<span class=\"_ _2\"></span>i <span class=\"_ _38\"></span>gener<span class=\"_ _1\"></span>ali <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>visti <span class=\"_ _38\"></span>dallo <span class=\"_ _38\"></span>IAS <span class=\"_ _38\"></span>1 <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>egli specifici <span class=\"_ _0\"></span>princi<span class=\"_ _2\"></span>pi <span class=\"_ _0\"></span>contabili <span class=\"_ _0\"></span>omologati <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>alla <span class=\"_ _0\"></span>Commissione <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>uropea <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>illustrati <span class=\"_ _0\"></span>nella <span class=\"_ _38\"></span>Parte <span class=\"_ _0\"></span>A.2 <span class=\"_ _0\"></span>dell<span class=\"_ _2\"></span>a presente <span class=\"_ _35\"> </span>Nota  i<span class=\"_ _2\"></span>ntegrativa, <span class=\"_ _35\"> </span>nonch\u00e9 <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>adere<span class=\"_ _1\"></span>nza <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>assunzioni <span class=\"_ _35\"> </span>generali  p<span class=\"_ _2\"></span>reviste <span class=\"_ _35\"> </span>dal <span class=\"_ _35\"> </span>Quadro Sistematico per la preparazione e prese<span class=\"_ _1\"></span>ntazione del bilancio elaborato dallo IASB. Non sono state effettuate deroghe all\u2019applicazione dei principi contabili IAS/IFRS. In conformit\u00e0 <span class=\"_ _1\"></span>a quanto disposto dall\u2019art. <span class=\"_ _1\"></span>5, comma <span class=\"_ _1\"></span>2, del Decreto Legislativo <span class=\"_ _1\"></span>n. 38 del 28 <span class=\"_ _1\"></span>febbraio 2005, il bilancio \u00e8 redatto utilizzando l\u2019euro come mo<span class=\"_ _1\"></span>neta di conto, e si fonda sull\u2019applicazione dei seguenti principi generali di redazione dettat<span class=\"_ _1\"></span>i dallo IAS 1: <span class=\"_ _42\"> </span><span class=\"ff4\">Continuit\u00e0 <span class=\"_ _38\"></span>aziendale. <span class=\"_ _38\"></span>Gli <span class=\"_ _0\"></span>amministratori <span class=\"_ _38\"></span>hanno <span class=\"_ _38\"></span>considerato <span class=\"_ _38\"></span>appropriato <span class=\"_ _0\"></span>il <span class=\"_ _1\"></span>presupposto <span class=\"_ _38\"></span>della </span>continuit\u00e0 <span class=\"_ _1\"></span>aziendale <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>quanto <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>giudizio <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>emerse <span class=\"_ _1\"></span>incertezze <span class=\"_ _1\"></span>legate <span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>eventi <span class=\"_ _1\"></span>o circostante <span class=\"_ _35\"> </span>che, <span class=\"_ _35\"> </span>considerati <span class=\"_ _35\"> </span>singolarmente <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>nel <span class=\"_ _35\"> </span>loro <span class=\"_ _35\"> </span>insieme,<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>possano <span class=\"_ _35\"> </span>far <span class=\"_ _35\"> </span>sorgere <span class=\"_ _35\"> </span>dubbi riguardo  alla  continuit\u00e0  azie<span class=\"_ _1\"></span>ndale.  Conseguentemente  le <span class=\"_ _3d\"> </span>attivit\u00e0,  passivit\u00e0  ed  operazioni \u201cfuori <span class=\"_ _1\"></span>bilancio\u201d <span class=\"_ _38\"></span>sono <span class=\"_ _1\"></span>valutate <span class=\"_ _1\"></span>secondo <span class=\"_ _1\"></span>valori <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>funzionamento, <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>quanto <span class=\"_ _1\"></span>destinate <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>durare nel tempo. <span class=\"_ _42\"> </span><span class=\"ff4\">Competenza <span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>nomica. <span class=\"_ _1\"></span>Costi <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ricavi <span class=\"_ _38\"></span>vengono <span class=\"_ _1\"></span>rilevat<span class=\"_ _1\"></span>i, <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>scindere <span class=\"_ _1\"></span>dal <span class=\"_ _38\"></span>momento <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>loro </span>regolamento <span class=\"_ _3d\"> </span>mo<span class=\"_ _1\"></span>netario, <span class=\"_ _3d\"> </span>per <span class=\"_ _37\"> </span>periodo <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>maturazione <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>conomica <span class=\"_ _3d\"> </span>e <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>econdo <span class=\"_ _3d\"> </span>il <span class=\"_ _37\"> </span>criterio <span class=\"_ _37\"> </span>di correlazione. <span class=\"_ _42\"> </span><span class=\"ff4\">Coerenza <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>present<span class=\"_ _1\"></span>azione. <span class=\"_ _1\"></span>La <span class=\"_ _38\"></span>presentazione <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>classificazione <span class=\"_ _38\"></span>delle <span class=\"_ _1\"></span>voci <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>antenute </span>costanti nel <span class=\"_ _3b\"></span>tempo allo <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>copo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>garantire la <span class=\"_ _2\"></span>comparabilit\u00e0 <span class=\"_ _3b\"></span>delle<span class=\"_ _1\"></span> i<span class=\"_ _3b\"></span>nfor<span class=\"_ _1\"></span>mazioni, <span class=\"_ _2\"></span>salvo che <span class=\"_ _3b\"></span>la loro variazione  sia <span class=\"_ _35\"> </span>richiesta <span class=\"_ _35\"> </span>da  un <span class=\"_ _35\"> </span>Principio <span class=\"_ _35\"> </span>Contabile  Internazionale <span class=\"_ _35\"> </span>o  da <span class=\"_ _35\"> </span>una <span class=\"_ _35\"> </span>Inter<span class=\"_ _1\"></span>pretazione oppure re<span class=\"_ _1\"></span>nda pi\u00f9 appropriat<span class=\"_ _1\"></span>a, in termini <span class=\"_ _1\"></span>di significativit\u00e0 e<span class=\"_ _1\"></span> di <span class=\"_ _1\"></span>affidabilit\u00e0, la r<span class=\"_ _1\"></span>appresentazione dei <span class=\"_ _1\"></span>valori. <span class=\"_ _1\"></span>Se <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>criterio <span class=\"_ _1\"></span>di presentazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>o di <span class=\"_ _1\"></span>classificazione <span class=\"_ _1\"></span>viene <span class=\"_ _1\"></span>cam<span class=\"_ _1\"></span>biato, <span class=\"_ _1\"></span>quello nuovo <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i applica \u2013<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ove <span class=\"_ _1\"></span>possibile <span class=\"_ _1\"></span>\u2013 <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>modo <span class=\"_ _1\"></span>retroattivo; <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>tal <span class=\"_ _1\"></span>caso <span class=\"_ _1\"></span>vengono <span class=\"_ _1\"></span>anche <span class=\"_ _1\"></span>indicati <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>natura <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>il motivo d<span class=\"_ _2\"></span>ella <span class=\"_ _2\"></span>variazione, <span class=\"_ _3b\"></span>nonch\u00e9 le <span class=\"_ _3b\"></span>voci interessate. <span class=\"_ _3b\"></span>Nella <span class=\"_ _2\"></span>presentazione e <span class=\"_ _3b\"></span>nella <span class=\"_ _2\"></span>classificazione delle <span class=\"_ _38\"></span>voci <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _38\"></span>adottati <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>schemi <span class=\"_ _38\"></span>predisposti <span class=\"_ _38\"></span>dalla <span class=\"_ _38\"></span>Banca <span class=\"_ _38\"></span>d\u2019Italia <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>bilanci <span class=\"_ _1\"></span>delle<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>banche, contenuti <span class=\"_ _36\"> </span>nella <span class=\"_ _39\"> </span>circolare <span class=\"_ _36\"> </span>n. <span class=\"_ _36\"> </span>262 <span class=\"_ _36\"> </span>del <span class=\"_ _39\"> </span>22 <span class=\"_ _36\"> </span>dicembre <span class=\"_ _36\"> </span>2005 <span class=\"_ _39\"> </span>e <span class=\"_ _36\"> </span>successivi <span class=\"_ _36\"> </span>aggiornamenti <span class=\"_ _39\"> </span>ed integrazioni.<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">Aggregazione <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>rilevanza. <span class=\"_ _38\"></span>Tutti <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>raggruppamenti <span class=\"_ _0\"></span>signific<span class=\"_ _2\"></span>ativi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>voci <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>natura <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>funzione </span>simil<span class=\"_ _3a1\"> </span>i <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>ono <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>iportati <span class=\"_ _35\"> </span>separatam<span class=\"_ _2\"></span>ente. <span class=\"_ _35\"> </span>Gli <span class=\"_ _0\"></span>elementi <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>natura <span class=\"_ _0\"> </span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>f<span class=\"_ _3b\"></span>unzione <span class=\"_ _35\"> </span>diversa, <span class=\"_ _35\"> </span>se <span class=\"_ _0\"></span>rilevanti, vengono presentati in modo distinto. <span class=\"_ _42\"> </span><span class=\"ff4\">Divieto di compensazione. At<span class=\"_ _2\"></span>tivit\u00e0 e passivit\u00e0, <span class=\"_ _2\"></span>costi e <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>icavi non v<span class=\"_ _2\"></span>engono compensati tra lo<span class=\"_ _2\"></span>ro, </span>salvo <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>ci\u00f2 <span class=\"_ _38\"></span>non <span class=\"_ _1\"></span>sia <span class=\"_ _1\"></span>richiesto <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>permesso <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>Principio <span class=\"_ _1\"></span>Conta<span class=\"_ _1\"></span>bile <span class=\"_ _1\"></span>Internazionale <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>una Interpretazione oppure dagli <span class=\"_ _2\"></span>schemi predisposti dal<span class=\"_ _2\"></span>la Banca d<span class=\"_ _2\"></span>\u2019Italia per i <span class=\"_ _3b\"></span>bilanci delle banche. <span class=\"_ _42\"> </span><span class=\"ff4\">Informativa <span class=\"_ _3a\"> </span>comparativa. <span class=\"_ _3a\"> </span>Le <span class=\"_ _3a\"> </span>informazioni <span class=\"_ _3a\"> </span>comparative <span class=\"_ _3a\"> </span>de<span class=\"_ _1\"></span>ll\u2019esercizio <span class=\"_ _3a\"> </span>precedente <span class=\"_ _3a\"> </span>sono<span class=\"_ _3a1\"> </span></span>riportate <span class=\"_ _35\"> </span>pe<span class=\"_ _2\"></span>r <span class=\"_ _0\"></span>tutt<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>i <span class=\"_ _0\"> </span>dat<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>contenuti <span class=\"_ _0\"></span>nei <span class=\"_ _35\"> </span>prospetti <span class=\"_ _0\"></span>contabili <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>confront<span class=\"_ _1\"></span>o. <span class=\"_ _0\"></span>Le <span class=\"_ _35\"> </span>modi<span class=\"_ _2\"></span>fiche <span class=\"_ _0\"></span>ai <span class=\"_ _35\"> </span>dati<span class=\"_ _3a1\"> </span>comparativi sono effettuate solo quando rite<span class=\"_ _1\"></span>nute di importo significativo. Si <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>tenuto <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>documenti <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>tipo <span class=\"_ _0\"></span>interpretativo <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>supporto <span class=\"_ _0\"></span>all\u2019appli<span class=\"_ _2\"></span>cazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>principi contabili, em<span class=\"_ _1\"></span>anati <span class=\"_ _1\"></span>dagli <span class=\"_ _1\"></span>organis<span class=\"_ _1\"></span>mi <span class=\"_ _1\"></span>regolament<span class=\"_ _1\"></span>ari e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di vigilanza <span class=\"_ _0\"></span>europei <span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>dag<span class=\"_ _2\"></span>li <span class=\"_ _38\"></span>standard <span class=\"_ _0\"></span>sett<span class=\"_ _2\"></span>er, <span class=\"_ _38\"></span>in particolare  l<span class=\"_ _3b\"></span>a <span class=\"_ _35\"> </span>com<span class=\"_ _3b\"></span>unic<span class=\"_ _2\"></span>azio<span class=\"_ _3b\"></span>ne <span class=\"_ _35\"> </span>de<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>\u2019ESM<span class=\"_ _3b\"></span>A <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>24 <span class=\"_ _35\"> </span>ot<span class=\"_ _2\"></span>tob<span class=\"_ _2\"></span>re <span class=\"_ _35\"> </span>2<span class=\"_ _3b\"></span>024 \u201cE<span class=\"_ _3b\"></span>uropea<span class=\"_ _3b\"></span>ncom<span class=\"_ _2\"></span>mon<span class=\"_ _3a1\"> </span>enf<span class=\"_ _2\"></span>orc<span class=\"_ _3b\"></span>ement<span class=\"_ _3a1\"> </span>pri<span class=\"_ _3b\"></span>oriti<span class=\"_ _3b\"></span>es<span class=\"_ _3a1\"> </span>fo<span class=\"_ _2\"></span>r<span class=\"_ _3a1\"> </span>20<span class=\"_ _2\"></span>24<span class=\"_ _3a1\"> </span>annual<span class=\"_ _3a1\"> </span>co<span class=\"_ _2\"></span>rpora<span class=\"_ _3b\"></span>te <span class=\"_ _37\"> </span>repor<span class=\"_ _3b\"></span>ting\u201d,  <span class=\"fs2\">dove  s<span class=\"_ _1\"></span>i  evidenziano <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>priorit\u00e0 <span class=\"_ _3d\"> </span>relative <span class=\"_ _3d\"> </span>alla </span>disclosure sui<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>rendiconti <span class=\"_ _2\"></span>annuali, nonch\u00e9 delle linee <span class=\"_ _1\"></span>guida EBA \u201cGuidelines on the<span class=\"_ _1\"></span> management of environmental, <span class=\"_ _38\"></span>social <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>governance <span class=\"_ _38\"></span>(ESG) <span class=\"_ _1\"></span>risks\u201d,<span class=\"fs22\"> <span class=\"_ _1\"></span></span>che <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>abiliscono <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>requisiti <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>istituzioni <span class=\"_ _1\"></span>in materia di identificazione, misurazione, ges<span class=\"_ _1\"></span>tione e monitoraggio dei rischi ESG. Princ<span class=\"_ _3b\"></span>ipi co<span class=\"_ _2\"></span>ntabil<span class=\"_ _3b\"></span>i PRINCIPI <span class=\"_ _0\"></span>CONTABILI, <span class=\"_ _0\"></span>EMENDAMENTI <span class=\"_ _0\"></span>ED <span class=\"_ _0\"></span>INTERPRETAZIONI <span class=\"_ _0\"></span>IFRS <span class=\"_ _0\"></span>ACCOUNTING <span class=\"_ _0\"></span>APP<span class=\"_ _1\"></span>LICATI <span class=\"_ _0\"></span>DAL <span class=\"_ _38\"></span>1\u00b0 GENNAI<span class=\"_ _3a1\"> </span>O 2024  I seguenti principi contabili, emendamenti e<span class=\"_ _1\"></span> interpretazioni IFRS Accounting Standards sono stati applicati per la prima volta dal Gruppo a partire dal 1\u00b0 gennaio 2024:  <span class=\"_ _42\"> </span><span class=\"ff4\">In data<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>23 <span class=\"_ _1\"></span>gennaio 2020 <span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>IASB ha <span class=\"_ _38\"></span>pubblicato un <span class=\"_ _1\"></span>emendament<span class=\"_ _1\"></span>o deno<span class=\"_ _1\"></span>minato </span>\u201cAmendments to <span class=\"_ _38\"></span>IAS <span class=\"_ _1\"></span>1 <span class=\"_ _38\"></span>Present<span class=\"_ _1\"></span>ation <span class=\"_ _1\"></span>of <span class=\"_ _38\"></span>Financial <span class=\"_ _38\"></span>Stateme<span class=\"_ _1\"></span>nts: <span class=\"_ _1\"></span>Classificat<span class=\"_ _1\"></span>ion <span class=\"_ _1\"></span>of <span class=\"_ _38\"></span>Liabilities<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Curre<span class=\"_ _1\"></span>nt <span class=\"_ _1\"></span>or <span class=\"_ _38\"></span>Non-<span class=\"_ _3a1\"> </span>current\u201d <span class=\"_ _48\"> </span>ed <span class=\"_ _48\"> </span>in <span class=\"_ _17e\"> </span>data <span class=\"_ _48\"> </span>31 <span class=\"_ _17e\"> </span>ottobre <span class=\"_ _48\"> </span>2022 <span class=\"_ _48\"> </span>ha <span class=\"_ _17e\"> </span>pubblicato <span class=\"_ _48\"> </span>un <span class=\"_ _48\"> </span>emendame<span class=\"_ _1\"></span>nto <span class=\"_ _48\"> </span>denominato<span class=\"_ _3a1\"> </span>\u201cAmendments <span class=\"_ _45\"> </span>to <span class=\"_ _35\"> </span>IAS <span class=\"_ _35\"> </span>1 <span class=\"_ _35\"> </span>Presentation  of <span class=\"_ _35\"> </span>Financial <span class=\"_ _35\"> </span>Statements: <span class=\"_ _35\"> </span>No<span class=\"_ _1\"></span>n-Current <span class=\"_ _45\"> </span>Liabili<span class=\"_ _2\"></span>ties  wi<span class=\"_ _2\"></span>th Covenants\u201d<span class=\"_ _3a1\"> </span>. <span class=\"_ _0\"></span>Tali <span class=\"_ _0\"></span>modifiche <span class=\"_ _0\"></span>hanno <span class=\"_ _35\"> </span>l\u2019ob<span class=\"_ _2\"></span>iettivo <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>chiarire <span class=\"_ _0\"></span>come <span class=\"_ _0\"></span>classificare <span class=\"_ _35\"> </span>i<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>debiti <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>altre passivit\u00e0 <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>breve <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>lungo <span class=\"_ _1\"></span>term<span class=\"_ _1\"></span>ine. <span class=\"_ _1\"></span>Inoltre, <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>modifiche <span class=\"_ _1\"></span>migliorano <span class=\"_ _1\"></span>altres\u00ec <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>informazioni <span class=\"_ _1\"></span>che un\u2019entit\u00e0 deve fornire <span class=\"_ _1\"></span>quando il suo diritto <span class=\"_ _1\"></span>di differire l\u2019estinzione di una passivit\u00e0 per <span class=\"_ _1\"></span>almeno dodici mesi <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>soggetto <span class=\"_ _1\"></span>al rispetto di <span class=\"_ _1\"></span>determinati <span class=\"_ _1\"></span>parametri <span class=\"_ _1\"></span>(i.e. covenants<span class=\"_ _1\"></span>). L\u2019adozione di <span class=\"_ _1\"></span>tali emendamenti non ha comportato effetti sul bilancio consolidato del Gr<span class=\"_ _1\"></span>uppo. <span class=\"_ _42\"> </span><span class=\"ff4\">In <span class=\"_ _17e\"> </span>data <span class=\"_ _44\"> </span>22 <span class=\"_ _44\"> </span>settembre <span class=\"_ _44\"> </span>2022 <span class=\"_ _17e\"> </span>lo <span class=\"_ _44\"> </span>IASB <span class=\"_ _17e\"> </span>ha <span class=\"_ _44\"> </span>pubblicato <span class=\"_ _44\"> </span>un <span class=\"_ _17e\"> </span>e<span class=\"_ _1\"></span>mendamento <span class=\"_ _17e\"> </span>denom<span class=\"_ _1\"></span>inato </span>\u201cAmendments <span class=\"_ _35\"> </span>to  I<span class=\"_ _2\"></span>FRS <span class=\"_ _35\"> </span>16 <span class=\"_ _35\"> </span>Leases:  L<span class=\"_ _2\"></span>ease <span class=\"_ _35\"> </span>Liability <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>Sale  and<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>Leaseback\u201d.  I<span class=\"_ _2\"></span>l <span class=\"_ _35\"> </span>documento<span class=\"_ _3a1\"> </span>richiede <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>venditore-lessee <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valutare<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>passivit\u00e0 <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>lease <span class=\"_ _1\"></span>riveniente <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ansazione di <span class=\"_ _38\"></span>sale<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>&amp; <span class=\"_ _38\"></span>leaseback <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>modo <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>rilevare <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>provento <span class=\"_ _0\"></span>o <span class=\"_ _38\"></span>una <span class=\"_ _0\"></span>perdita <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>si <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iferiscano <span class=\"_ _0\"></span>al diritto <span class=\"_ _3d\"> </span>d\u2019uso  trattenuto. <span class=\"_ _3d\"> </span>L\u2019adozione <span class=\"_ _3d\"> </span>di  tale <span class=\"_ _3d\"> </span>emendamento <span class=\"_ _3d\"> </span>non  ha <span class=\"_ _3d\"> </span>comportato <span class=\"_ _3d\"> </span>effetti  s<span class=\"_ _1\"></span>ul bilancio consolidato del Gruppo. <span class=\"_ _42\"> </span><span class=\"ff4\">In <span class=\"_ _1\"></span>data <span class=\"_ _38\"></span>25 <span class=\"_ _1\"></span>maggio <span class=\"_ _38\"></span>2023 <span class=\"_ _1\"></span>lo <span class=\"_ _38\"></span>IASB <span class=\"_ _38\"></span>ha <span class=\"_ _1\"></span>pubblicato<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>mendamento <span class=\"_ _38\"></span>denominato <span class=\"_ _38\"></span>\u201cAmendments </span>to <span class=\"_ _35\"> </span>IAS <span class=\"_ _0\"></span>7 <span class=\"_ _35\"> </span>St<span class=\"_ _2\"></span>atement <span class=\"_ _35\"> </span>of <span class=\"_ _0\"></span>Cash <span class=\"_ _0\"></span>Flows <span class=\"_ _35\"> </span>and <span class=\"_ _0\"></span>IFRS <span class=\"_ _35\"> </span>7 <span class=\"_ _0\"></span>Financial <span class=\"_ _35\"> </span>In<span class=\"_ _2\"></span>struments: <span class=\"_ _35\"> </span>Disclosures: <span class=\"_ _0\"></span>Supplier<span class=\"_ _3a1\"> </span>Finance Arrangements\u201d. Il docu<span class=\"_ _2\"></span>mento richiede ad un\u2019<span class=\"_ _2\"></span>entit\u00e0 di fornire informazioni <span class=\"_ _2\"></span>aggiuntive<span class=\"_ _3a1\"> </span>sugli <span class=\"_ _2\"></span>accordi d<span class=\"_ _2\"></span>i reverse <span class=\"_ _2\"></span>factoring <span class=\"_ _3b\"></span>che permettano <span class=\"_ _3b\"></span>agli utilizzatori <span class=\"_ _3b\"></span>del bilancio <span class=\"_ _3b\"></span>di valutare in<span class=\"_ _2\"></span> che modo <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>accor<span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>finanziari <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>fornitori <span class=\"_ _38\"></span>possano <span class=\"_ _38\"></span>influenzare <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>flussi <span class=\"_ _38\"></span>finanziari dell\u2019entit\u00e0 <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>com<span class=\"_ _1\"></span>prendere <span class=\"_ _0\"></span>l'effetto <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>ali <span class=\"_ _0\"></span>accordi <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>ull\u2019esposizione <span class=\"_ _0\"></span>dell\u2019entit\u00e0 <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di liquidit\u00e0. <span class=\"_ _38\"></span>L\u2019adozione <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>tali <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>mendamenti <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>ha <span class=\"_ _1\"></span>comportat<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>effetti <span class=\"_ _38\"></span>sul <span class=\"_ _38\"></span>bilancio <span class=\"_ _38\"></span>conso<span class=\"_ _1\"></span>lidato<span class=\"_ _3a1\"> </span>del Gruppo. PRINCIPI <span class=\"_ _17e\"> </span>CONTABILI, <span class=\"_ _17e\"> </span>EMENDAMENTI <span class=\"_ _17e\"> </span>ED <span class=\"_ _17e\"> </span>INTERPRETAZ<span class=\"_ _1\"></span>IONI <span class=\"_ _48\"> </span>IFRS <span class=\"_ _17e\"> </span>AC<span class=\"_ _3a1\"> </span>COUNTING <span class=\"_ _17e\"> </span>STANDARS OMOLOGATI  DALL\u2019UNIONE  EUROPEA,  NON<span class=\"_ _2\"></span>  ANCORA <span class=\"_ _35\"> </span>OBBLIGATORIA<span class=\"_ _1\"></span>MENTE  APPLICABILI <span class=\"_ _35\"> </span>E  NON ADOTTATI IN VIA <span class=\"_ _1\"></span>ANTICIPATA DAL GRUPP<span class=\"_ _1\"></span>O AL 31 DICEMBRE 2024 A<span class=\"_ _3a1\"> </span>lla data di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iferimento del presente docu<span class=\"_ _2\"></span>mento, gli organi c<span class=\"_ _2\"></span>ompetenti dell\u2019Unione Europea hanno concluso <span class=\"_ _1\"></span>il pro<span class=\"_ _1\"></span>cesso di <span class=\"_ _1\"></span>omo<span class=\"_ _1\"></span>logazione necessario <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>l\u2019adozione degli <span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>endamenti e <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>i principi sotto <span class=\"_ _35\"> </span>descritti, <span class=\"_ _0\"></span>ma <span class=\"_ _35\"> </span>tali <span class=\"_ _0\"></span>principi <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>sono <span class=\"_ _0\"></span>ancor<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>obbligatoriament<span class=\"_ _1\"></span>e <span class=\"_ _0\"> </span>applicabili <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>sono <span class=\"_ _0\"> </span>stati adottati in via anticipata dal Gruppo al 31 dicembre<span class=\"_ _1\"></span> 2024:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">In data 15 agosto 2023 <span class=\"_ _2\"></span>lo IASB h<span class=\"_ _2\"></span>a pubblicato un <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>mendamento denominato </span>\u201cAmendments to IAS <span class=\"_ _3d\"> </span>21 <span class=\"_ _36\"> </span>The <span class=\"_ _3d\"> </span>Ef<span class=\"_ _1\"></span>fects <span class=\"_ _37\"> </span>of <span class=\"_ _37\"> </span>Changes <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>Foreign <span class=\"_ _37\"> </span>Exchange <span class=\"_ _37\"> </span>Rate<span class=\"_ _1\"></span>s: <span class=\"_ _3d\"> </span>L<span class=\"_ _3a1\"> </span>ack <span class=\"_ _37\"> </span>of <span class=\"_ _37\"> </span>Exchangeabi<span class=\"_ _1\"></span>lity\u201d. <span class=\"_ _3d\"> </span>Il documento <span class=\"_ _37\"> </span>richiede <span class=\"_ _3d\"> </span>ad <span class=\"_ _37\"> </span>un\u2019entit\u00e0 <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>applicare <span class=\"_ _3d\"> </span>una <span class=\"_ _37\"> </span>metodologia <span class=\"_ _3d\"> </span>da <span class=\"_ _37\"> </span>applicare <span class=\"_ _3d\"> </span>in <span class=\"_ _37\"> </span>maniera coerente al fine di verificare<span class=\"_ _1\"></span> se una valuta pu\u00f2 essere convertit<span class=\"_ _1\"></span>a in un\u2019altra e, quando ci\u00f2 non \u00e8 possibile, c<span class=\"_ _2\"></span>ome determinare il <span class=\"_ _3b\"></span>tas<span class=\"_ _1\"></span>so di c<span class=\"_ _2\"></span>ambio da <span class=\"_ _2\"></span>utilizzare e <span class=\"_ _2\"></span>l\u2019informativa da f<span class=\"_ _3b\"></span>or<span class=\"_ _1\"></span>nire in <span class=\"_ _3b\"></span>no<span class=\"_ _1\"></span>ta integrativa. <span class=\"_ _0\"></span>La <span class=\"_ _0\"></span>mod<span class=\"_ _2\"></span>ifica <span class=\"_ _0\"></span>si <span class=\"_ _38\"></span>applicher<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _0\"></span>dal <span class=\"_ _38\"></span>1<span class=\"_ _1\"></span>\u00b0 <span class=\"_ _38\"></span>ge<span class=\"_ _1\"></span>nnaio <span class=\"_ _0\"></span>2025, <span class=\"_ _38\"></span>ma <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>consentita <span class=\"_ _38\"></span>un\u2019applicazione anticipata. <span class=\"_ _3b\"></span>Gli amministratori no<span class=\"_ _2\"></span>n <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>at<span class=\"_ _1\"></span>tendono <span class=\"_ _2\"></span>un <span class=\"_ _3b\"></span>effe<span class=\"_ _1\"></span>tto <span class=\"_ _2\"></span>significativo <span class=\"_ _2\"></span>sul <span class=\"_ _3b\"></span>bilancio consolidato del Gruppo dall\u2019adozione di tale eme<span class=\"_ _1\"></span>ndamento. PRINCIPI <span class=\"_ _0\"></span>CONTABILI, <span class=\"_ _0\"></span>EMENDAMENTI <span class=\"_ _0\"></span>ED <span class=\"_ _0\"></span>INTERPRETAZIONI <span class=\"_ _0\"></span>IFRS <span class=\"_ _0\"></span>ACCOUNTING <span class=\"_ _0\"></span>STANDARDS <span class=\"_ _0\"></span>NON ANCORA OMOLOGATI D<span class=\"_ _1\"></span>ALL\u2019UNIONE EUROPEA Alla <span class=\"_ _38\"></span>da<span class=\"_ _3a1\"> </span>ta <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>rifer<span class=\"_ _1\"></span>imento <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>pres<span class=\"_ _2\"></span>ente <span class=\"_ _0\"></span>documento, <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>organi <span class=\"_ _0\"></span>comp<span class=\"_ _2\"></span>etent<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>dell\u2019Unione <span class=\"_ _0\"></span>Eu<span class=\"_ _2\"></span>ropea <span class=\"_ _0\"></span>non hanno ancora concl<span class=\"_ _2\"></span>uso il proc<span class=\"_ _2\"></span>esso di omologazione<span class=\"_ _2\"></span> necessario per <span class=\"_ _3b\"></span>l\u2019adozione degli emendamenti e dei principi sotto descritti. <span class=\"_ _42\"> </span><span class=\"ff4\">In <span class=\"_ _3f\"> </span>data <span class=\"_ _3f\"> </span>30 <span class=\"_ _3a\"> </span>maggio <span class=\"_ _3f\"> </span>2024 <span class=\"_ _3a\"> </span>lo <span class=\"_ _3f\"> </span>IASB <span class=\"_ _3f\"> </span>ha <span class=\"_ _3f\"> </span>pubblicato <span class=\"_ _3f\"> </span>il <span class=\"_ _3f\"> </span>docume<span class=\"_ _1\"></span>nto <span class=\"_ _3f\"> </span>\u201c<span class=\"_ _1\"></span>Amendments <span class=\"_ _3f\"> </span>to <span class=\"_ _3f\"> </span>the </span>Classification <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>Measurement <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>Financial <span class=\"_ _1\"></span>Instruments<span class=\"_ _1\"></span>\u2014Amendments to <span class=\"_ _1\"></span>IFRS <span class=\"_ _1\"></span>9 <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>IFRS 7<span class=\"ff16\">\u2033</span>. <span class=\"_ _3d\"> </span>Il <span class=\"_ _3d\"> </span>documento <span class=\"_ _3d\"> </span>chiarisce <span class=\"_ _3d\"> </span>alcuni  a<span class=\"_ _1\"></span>spetti <span class=\"_ _3d\"> </span>problematici <span class=\"_ _3d\"> </span>emersi <span class=\"_ _3d\"> </span>dalla <span class=\"_ _3d\"> </span>post-implementation review <span class=\"_ _35\"> </span>dell\u2019<span class=\"_ _2\"></span>IFRS <span class=\"_ _0\"></span>9, <span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>ra <span class=\"_ _0\"></span>cui <span class=\"_ _35\"> </span>il<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>attamento <span class=\"_ _35\"> </span>contabil<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>cui <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>endimenti variano <span class=\"_ _3b\"></span>al <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>aggiungimento <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>obiettivi <span class=\"_ _3b\"></span>ESG <span class=\"_ _2\"></span>(i.e. <span class=\"_ _3b\"></span>gre<span class=\"_ _1\"></span>en <span class=\"_ _3b\"></span>bonds). <span class=\"_ _3b\"></span>In particolare, <span class=\"_ _3b\"></span>le <span class=\"_ _3b\"></span>mo<span class=\"_ _1\"></span>difiche <span class=\"_ _3b\"></span>hanno l\u2019obiettivo di: o<span class=\"_ _115\"> </span><span class=\"ff4\">chiarire <span class=\"_ _35\"> </span>la  cl<span class=\"_ _2\"></span>assificazione <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _35\"> </span>finanziarie <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>re<span class=\"_ _1\"></span>ndimenti <span class=\"_ _35\"> </span>variabili <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>legati <span class=\"_ _35\"> </span>ad </span>obiettivi <span class=\"_ _38\"></span>ambientali, <span class=\"_ _38\"></span>sociali <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>governance <span class=\"_ _0\"></span>aziendal<span class=\"_ _2\"></span>e <span class=\"_ _38\"></span>(ESG) <span class=\"_ _38\"></span>ed <span class=\"_ _0\"></span>i<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>criteri <span class=\"_ _1\"></span>da <span class=\"_ _0\"></span>utili<span class=\"_ _2\"></span>zzare <span class=\"_ _38\"></span>per l\u2019assessment del SPPI test; o<span class=\"_ _115\"> </span><span class=\"ff4\">determinare <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>data <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>egolamento <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _35\"> </span>tramite <span class=\"_ _0\"></span>sistemi <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>pagamento </span>elettronici \u00e8 quella in cui la passivit\u00e0 r<span class=\"_ _1\"></span>isulta estinta. Tuttavia, \u00e8 <span class=\"_ _1\"></span>consentito ad un\u2019entit\u00e0 di adottare <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>politica <span class=\"_ _38\"></span>contabile <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>conse<span class=\"_ _1\"></span>ntire <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>eliminare <span class=\"_ _38\"></span>contabilmente <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>passivit\u00e0 finanziaria <span class=\"_ _39\"> </span>prima <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>consegnare <span class=\"_ _3f\"> </span>liqu<span class=\"_ _2\"></span>idit\u00e0 <span class=\"_ _39\"> </span>alla <span class=\"_ _39\"> </span>data <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>regolamento <span class=\"_ _3f\"> </span>in <span class=\"_ _36\"> </span>presenza <span class=\"_ _39\"> </span>di determinate condizioni specifiche. Con queste<span class=\"_ _1\"></span> modifiche, lo <span class=\"_ _1\"></span>IASB h<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>inoltre <span class=\"_ _1\"></span>introdotto ulteriori <span class=\"_ _1\"></span>requisiti di informa<span class=\"_ _1\"></span>tiva riguardo <span class=\"_ _1\"></span>in particolare ad investimenti in strumenti di capitale des<span class=\"_ _1\"></span>ignati a FVOCI. Le modifiche si ap<span class=\"_ _2\"></span>plicheranno a partire dai <span class=\"_ _2\"></span>bilanci degli <span class=\"_ _2\"></span>eser<span class=\"_ _1\"></span>cizi che hann<span class=\"_ _2\"></span>o inizio dal <span class=\"_ _3b\"></span>1<span class=\"_ _1\"></span>\u00b0 gennaio 2026. <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>li <span class=\"_ _1\"></span>amm<span class=\"_ _1\"></span>inistratori <span class=\"_ _38\"></span>non <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>attendono <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>effett<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>significativo <span class=\"_ _38\"></span>sul <span class=\"_ _38\"></span>bilancio <span class=\"_ _38\"></span>consolidato <span class=\"_ _38\"></span>del Gruppo dall\u2019adozione di tali emendamenti.  <span class=\"_ _42\"> </span><span class=\"ff4\">In <span class=\"_ _3b\"></span>data <span class=\"_ _3b\"></span>18<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>luglio <span class=\"_ _3b\"></span>20<span class=\"_ _1\"></span>24 <span class=\"_ _3b\"></span>lo <span class=\"_ _2\"></span>IASB <span class=\"_ _3b\"></span>ha <span class=\"_ _3b\"></span>p<span class=\"_ _1\"></span>ubblicato <span class=\"_ _3b\"></span>un <span class=\"_ _3b\"></span>doc<span class=\"_ _1\"></span>umento <span class=\"_ _2\"></span>denominato <span class=\"_ _3b\"></span>\u201c<span class=\"_ _1\"></span>Annual <span class=\"_ _3b\"></span>Improvements </span>Volume <span class=\"_ _1\"></span>11\u201d. <span class=\"_ _1\"></span>Il documento <span class=\"_ _1\"></span>include <span class=\"_ _1\"></span>chiarimenti, se<span class=\"_ _1\"></span>mplificazioni, cor<span class=\"_ _1\"></span>rezioni e <span class=\"_ _1\"></span>cambiamenti <span class=\"_ _1\"></span>volti a migliorare la coerenza di diversi IFRS Accounting Standards. I principi modificati sono: o<span class=\"_ _115\"> </span><span class=\"ff4\">IFRS 1 First-time Adoption of <span class=\"_ _1\"></span>International Financial Reporting Standards; </span>o<span class=\"_ _115\"> </span><span class=\"ff4\">IFRS <span class=\"_ _38\"></span>7 <span class=\"_ _0\"></span>Financi<span class=\"_ _2\"></span>al <span class=\"_ _38\"></span>Instrume<span class=\"_ _1\"></span>nts: <span class=\"_ _38\"></span>Disclosures <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _1\"></span>relative <span class=\"_ _0\"></span>li<span class=\"_ _2\"></span>nee <span class=\"_ _0\"></span>gu<span class=\"_ _2\"></span>ida <span class=\"_ _38\"></span>sull'implementazione </span>dell'IFRS 7; o<span class=\"_ _115\"> </span><span class=\"ff4\">IFRS 9 Financial Instruments; </span>o<span class=\"_ _115\"> </span><span class=\"ff4\">IFRS 10 Consolidate<span class=\"_ _1\"></span>d Financial Statements; e </span>o<span class=\"_ _115\"> </span><span class=\"ff4\">IAS 7 Statement of Cash Flows. </span>Le modific<span class=\"_ _2\"></span>he si <span class=\"_ _3b\"></span>applicheranno dal <span class=\"_ _3b\"></span>1\u00b0 gennaio 2<span class=\"_ _3b\"></span>0<span class=\"_ _1\"></span>26, <span class=\"_ _2\"></span>ma <span class=\"_ _2\"></span>\u00e8 consent<span class=\"_ _2\"></span>ita un\u2019<span class=\"_ _2\"></span>applicazione anticip<span class=\"_ _2\"></span>ata. Gli amministratori non si attendono un <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffetto significativo sul bilancio consolid<span class=\"_ _2\"></span>ato del Gruppo dall\u2019adozione di tali emendamenti.  <span class=\"_ _42\"> </span><span class=\"ff4\">In <span class=\"_ _0\"></span>data <span class=\"_ _35\"> </span>18 <span class=\"_ _0\"></span>dicembre <span class=\"_ _0\"></span>2024 <span class=\"_ _0\"></span>lo <span class=\"_ _0\"></span>IASB <span class=\"_ _0\"> </span>ha <span class=\"_ _35\"> </span>pubb<span class=\"_ _2\"></span>licato <span class=\"_ _0\"></span>un <span class=\"_ _35\"> </span>emendamento <span class=\"_ _0\"></span>denominato <span class=\"_ _0\"></span>\u201cContracts </span>Referencing Nat<span class=\"_ _1\"></span>ure-dependent Electricity \u2013 <span class=\"_ _1\"></span>Amendment <span class=\"_ _1\"></span>to IFRS 9 <span class=\"_ _1\"></span>and IFRS 7\u201d. <span class=\"_ _1\"></span>Il documento ha  l\u2019obi<span class=\"_ _2\"></span>ettivo  di  supp<span class=\"_ _2\"></span>ortare<span class=\"_ _1\"></span>  le <span class=\"_ _35\"> </span>entit\u00e0  nel  rendicontare  gl<span class=\"_ _2\"></span>i  effetti  fi<span class=\"_ _2\"></span>nanziari  dei <span class=\"_ _35\"> </span>contra<span class=\"_ _1\"></span>tti  di<span class=\"_ _2\"></span> acquisto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>lettricit\u00e0 <span class=\"_ _38\"></span>prodotta <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>fonti <span class=\"_ _38\"></span>rinnovabili <span class=\"_ _1\"></span>(spesso <span class=\"_ _38\"></span>strutturati <span class=\"_ _1\"></span>come <span class=\"_ _38\"></span>Power <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>urchase Agreements). <span class=\"_ _1\"></span>Sulla <span class=\"_ _1\"></span>base <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>tali <span class=\"_ _1\"></span>contratti, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>quantit\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>elettricit\u00e0 <span class=\"_ _1\"></span>generata <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>acquistata <span class=\"_ _1\"></span>pu\u00f2 variare <span class=\"_ _3b\"></span>in base <span class=\"_ _3b\"></span>a fa<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tori <span class=\"_ _2\"></span>incontrollab<span class=\"_ _2\"></span>ili <span class=\"_ _3b\"></span>quali le <span class=\"_ _3b\"></span>condizioni <span class=\"_ _3b\"></span>me<span class=\"_ _1\"></span>teorologiche. <span class=\"_ _3b\"></span>Lo IASB <span class=\"_ _3b\"></span>ha <span class=\"_ _3b\"></span>apport<span class=\"_ _1\"></span>ato emendamenti mirati ai principi IFRS 9 e <span class=\"_ _1\"></span>IFRS 7. Gli emendamenti includono: o<span class=\"_ _115\"> </span><span class=\"ff4\">un <span class=\"_ _38\"></span>chiarimento <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iguardo <span class=\"_ _38\"></span>all\u2019applicazione <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>quisiti <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>\u201cown <span class=\"_ _0\"></span>us<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>\u201d <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>q<span class=\"_ _2\"></span>uesta <span class=\"_ _38\"></span>tipologia <span class=\"_ _38\"></span>di </span>contratti; o<span class=\"_ _115\"> </span><span class=\"ff4\">dei <span class=\"_ _39\"> </span>crite<span class=\"_ _1\"></span>ri <span class=\"_ _39\"> </span>per <span class=\"_ _3f\"> </span>consentire <span class=\"_ _39\"> </span>la <span class=\"_ _3f\"> </span>contabili<span class=\"_ _2\"></span>zzazione <span class=\"_ _39\"> </span>di <span class=\"_ _3f\"> </span>tali <span class=\"_ _39\"> </span>contratti <span class=\"_ _3f\"> </span>come <span class=\"_ _39\"> </span>strume<span class=\"_ _1\"></span>nti <span class=\"_ _39\"> </span>di </span>copertura; e,<span class=\"_ _3a1\"> </span>o<span class=\"_ _115\"> </span><span class=\"ff4\">dei <span class=\"_ _48\"> </span>nuovi <span class=\"_ _3a\"> </span>re<span class=\"_ _1\"></span>quisiti <span class=\"_ _48\"> </span>di <span class=\"_ _3a\"> </span>informativa <span class=\"_ _48\"> </span>per <span class=\"_ _48\"> </span>consentire <span class=\"_ _3a\"> </span>agli <span class=\"_ _48\"> </span>utilizzatori <span class=\"_ _48\"> </span>del <span class=\"_ _3a\"> </span>bilancio <span class=\"_ _48\"> </span>di </span>compr<span class=\"_ _3a1\"> </span>endere  l'effetto <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>questi  contratti <span class=\"_ _35\"> </span>sulle  performance <span class=\"_ _35\"> </span>finanziarie  e <span class=\"_ _35\"> </span>sui  fl<span class=\"_ _2\"></span>ussi  d<span class=\"_ _2\"></span>i cassa di un\u2019entit\u00e0. La modifica s<span class=\"_ _1\"></span>i applicher\u00e0 <span class=\"_ _1\"></span>dal 1\u00b0 <span class=\"_ _1\"></span>gennaio 2026, ma \u00e8 <span class=\"_ _1\"></span>consentita un\u2019applicazione anticipata. <span class=\"_ _1\"></span>Gli amministratori <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>si<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>attendono <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>eff<span class=\"_ _2\"></span>etto <span class=\"_ _38\"></span>significativo <span class=\"_ _38\"></span>nel <span class=\"_ _0\"></span>bi<span class=\"_ _2\"></span>lancio <span class=\"_ _38\"></span>cons<span class=\"_ _1\"></span>olidato <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>Gruppo dall\u2019adozione di tale principio. <span class=\"_ _42\"> </span><span class=\"ff4\">In <span class=\"_ _35\"> </span>data  9 <span class=\"_ _35\"> </span>aprile  2024 <span class=\"_ _35\"> </span>lo  I<span class=\"_ _2\"></span>ASB  ha <span class=\"_ _35\"> </span>pubblicato <span class=\"_ _35\"> </span>un  nuovo <span class=\"_ _35\"> </span>principi<span class=\"_ _1\"></span>o  I<span class=\"_ _2\"></span>FRS <span class=\"_ _35\"> </span>18<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>Present<span class=\"_ _1\"></span>ation  and<span class=\"_ _3b\"></span> </span>Disclosure <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>Financial <span class=\"_ _0\"></span>Statements <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>sostituir\u00e0 <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>princip<span class=\"_ _2\"></span>io <span class=\"_ _0\"></span>IAS <span class=\"_ _38\"></span>1 <span class=\"_ _0\"></span>Presentation <span class=\"_ _0\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>Financial Statements. <span class=\"_ _1\"></span>Il <span class=\"_ _38\"></span>nuovo <span class=\"_ _1\"></span>principio <span class=\"_ _38\"></span>si <span class=\"_ _38\"></span>pone <span class=\"_ _1\"></span>l\u2019obiett<span class=\"_ _1\"></span>ivo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>migliorar<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>prese<span class=\"_ _1\"></span>ntazione <span class=\"_ _1\"></span>degli <span class=\"_ _1\"></span>sche<span class=\"_ _1\"></span>mi di <span class=\"_ _35\"> </span>bil<span class=\"_ _2\"></span>ancio, <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>particolare <span class=\"_ _0\"></span>riferiment<span class=\"_ _1\"></span>o <span class=\"_ _35\"> </span>allo <span class=\"_ _0\"></span>schema <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>conto <span class=\"_ _0\"></span>economico. <span class=\"_ _35\"> </span>In <span class=\"_ _35\"> </span>pa<span class=\"_ _2\"></span>rticolare, <span class=\"_ _35\"> </span>il nuovo principio richiede di: o<span class=\"_ _115\"> </span><span class=\"ff4\">Classificare <span class=\"_ _3f\"> </span>i <span class=\"_ _3f\"> </span>ricavi <span class=\"_ _3f\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>i <span class=\"_ _3f\"> </span>costi <span class=\"_ _3a\"> </span>in <span class=\"_ _3f\"> </span>tre <span class=\"_ _3f\"> </span>nuove <span class=\"_ _3a\"> </span>categorie <span class=\"_ _3f\"> </span>(sezione <span class=\"_ _3f\"> </span>operativa, <span class=\"_ _3f\"> </span>sezione </span>investimento <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>se<span class=\"_ _1\"></span>zione <span class=\"_ _0\"></span>finanziaria), <span class=\"_ _35\"> </span>oltre <span class=\"_ _0\"></span>alle <span class=\"_ _35\"> </span>categorie<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>imposte <span class=\"_ _0\"></span>e <span class=\"_ _0\"> </span>a<span class=\"_ _1\"></span>ttivit\u00e0 <span class=\"_ _0\"></span>cessate <span class=\"_ _35\"> </span>gi\u00e0 presenti nello schema di conto economico; o<span class=\"_ _115\"> </span><span class=\"ff4\">Presentare <span class=\"_ _1\"></span>due <span class=\"_ _1\"></span>nuovi s<span class=\"_ _1\"></span>ub-totali, <span class=\"_ _1\"></span>il r<span class=\"_ _1\"></span>isultato <span class=\"_ _1\"></span>operativo e <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>risultato <span class=\"_ _1\"></span>prima <span class=\"_ _1\"></span>degli <span class=\"_ _1\"></span>interessi <span class=\"_ _1\"></span>e </span>tasse (i.e. EBIT). Il nuovo principio inoltre: o<span class=\"_ _115\"> </span><span class=\"ff4\">richiede maggiori informazioni sugli indicatori di perfo<span class=\"_ _1\"></span>rmance definiti dal management; </span>o<span class=\"_ _115\"> </span><span class=\"ff4\">introduce nuovi criter<span class=\"_ _1\"></span>i per l'aggregazione e la disaggregazione delle informazioni; e, </span>o<span class=\"_ _115\"> </span><span class=\"ff4\">introduce <span class=\"_ _1\"></span>alcune <span class=\"_ _1\"></span>modifiche <span class=\"_ _1\"></span>allo <span class=\"_ _1\"></span>schema <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>rendiconto <span class=\"_ _1\"></span>finanziario, <span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>richiesta <span class=\"_ _1\"></span>di </span>utilizzare <span class=\"_ _3f\"> </span>il <span class=\"_ _39\"> </span>risultato <span class=\"_ _3f\"> </span>operativo <span class=\"_ _3f\"> </span>come <span class=\"_ _39\"> </span>punto <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>partenza <span class=\"_ _39\"> </span>per <span class=\"_ _3f\"> </span>la <span class=\"_ _39\"> </span>pre<span class=\"_ _1\"></span>sentazione <span class=\"_ _3f\"> </span>del<span class=\"_ _2\"></span> rendiconto  finanziario  predisposto  con  il  m<span class=\"_ _2\"></span>etodo  indiretto  e  l\u2019<span class=\"_ _2\"></span>eliminazione  di  alcune opzioni <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>classificazione d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>alcune<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>voci <span class=\"_ _3b\"></span>at<span class=\"_ _1\"></span>tualmente <span class=\"_ _3b\"></span>esistenti (<span class=\"_ _2\"></span>come <span class=\"_ _3b\"></span>ad <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>sempio <span class=\"_ _3b\"></span>interessi pagati, interessi incassati, dividendi pagati e dividendi incassati). Il  nuovo <span class=\"_ _3d\"> </span>principio <span class=\"_ _3d\"> </span>entr<span class=\"_ _1\"></span>er\u00e0  in <span class=\"_ _3d\"> </span>vigore<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>dal  1\u00b0 <span class=\"_ _3d\"> </span>gennaio <span class=\"_ _3d\"> </span>2027, <span class=\"_ _3d\"> </span>ma <span class=\"_ _3d\"> </span>\u00e8 <span class=\"_ _3d\"> </span>consentita <span class=\"_ _3d\"> </span>un\u2019applicazione anticipata. <span class=\"_ _1\"></span>Gli <span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>ministratori <span class=\"_ _1\"></span>stanno <span class=\"_ _1\"></span>valutando <span class=\"_ _1\"></span>un <span class=\"_ _38\"></span>effetto <span class=\"_ _1\"></span>significativo <span class=\"_ _1\"></span>nel <span class=\"_ _38\"></span>bilancio <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Gruppo dall\u2019adozione di tale emendamento.  <span class=\"_ _42\"> </span><span class=\"ff4\">In <span class=\"_ _1\"></span>data <span class=\"_ _38\"></span>9 <span class=\"_ _1\"></span>maggio <span class=\"_ _1\"></span>2024 <span class=\"_ _1\"></span>lo <span class=\"_ _38\"></span>IASB <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>pubblicato <span class=\"_ _1\"></span>un <span class=\"_ _38\"></span>nuovo <span class=\"_ _1\"></span>principio <span class=\"_ _1\"></span>IFRS <span class=\"_ _1\"></span>19 <span class=\"_ _38\"></span>Subsidiaries <span class=\"_ _1\"></span>without </span>Public <span class=\"_ _35\"> </span>Accountability:  Disclosures. <span class=\"_ _35\"> </span>Il <span class=\"_ _35\"> </span>nuovo  princi<span class=\"_ _2\"></span>pio <span class=\"_ _35\"> </span>intro<span class=\"_ _1\"></span>duce <span class=\"_ _35\"> </span>alcune <span class=\"_ _35\"> </span>semplificazioni  c<span class=\"_ _2\"></span>on riferimento all\u2019<span class=\"_ _2\"></span>informativa richiesta <span class=\"_ _3b\"></span>dagli IFRS <span class=\"_ _3b\"></span>Accounting Standard <span class=\"_ _2\"></span>nel bilan<span class=\"_ _2\"></span>cio di<span class=\"_ _2\"></span> esercizio <span class=\"_ _2\"></span>di una societ\u00e0 controllata, che rispetta i <span class=\"_ _1\"></span>seguenti requisiti: o<span class=\"_ _115\"> </span><span class=\"ff4\">non <span class=\"_ _1\"></span>ha e<span class=\"_ _1\"></span>messo strume<span class=\"_ _1\"></span>nti di <span class=\"_ _1\"></span>capitale <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>di debito <span class=\"_ _1\"></span>quotati <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>un mercato <span class=\"_ _1\"></span>regolamentato <span class=\"_ _1\"></span>e </span>non \u00e8 in procinto di emetterli; o<span class=\"_ _115\"> </span><span class=\"ff4\">la <span class=\"_ _0\"></span>propria <span class=\"_ _35\"> </span>societ\u00e0 <span class=\"_ _0\"></span>controllante<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>predispone <span class=\"_ _35\"> </span>un<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>bilancio <span class=\"_ _35\"> </span>consolidato <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>conformit\u00e0 <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>i </span>principi IFRS. Il  nu<span class=\"_ _2\"></span>ovo  princip<span class=\"_ _2\"></span>io  entrer\u00e0  in<span class=\"_ _3b\"></span>  vigore  dal <span class=\"_ _35\"> </span>1\u00b0  gennaio <span class=\"_ _35\"> </span>2027,  ma<span class=\"_ _2\"></span>  \u00e8 <span class=\"_ _35\"> </span>consentita  un<span class=\"_ _2\"></span>\u2019applicazione anticipata. Tale modifica non ha impatti s<span class=\"_ _1\"></span>ul bilancio consolidato del Gruppo. <span class=\"_ _42\"> </span><span class=\"ff4\">In  data  30  gennaio  2014  lo  IASB  ha  pu<span class=\"_ _2\"></span>bblicato  il  principio </span>IFRS  14  \u2013  Regulatory  Deferral Accounts che conse<span class=\"_ _1\"></span>nte solo <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>coloro <span class=\"_ _1\"></span>che adottano <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>IFRS <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>la prima <span class=\"_ _1\"></span>volta <span class=\"_ _1\"></span>di cont<span class=\"_ _1\"></span>inuare a rilevare  g<span class=\"_ _2\"></span>li <span class=\"_ _35\"> </span>importi  relativi <span class=\"_ _35\"> </span>alle <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _35\"> </span>soggette  a <span class=\"_ _35\"> </span>tariffe <span class=\"_ _35\"> </span>regolamentate  (<span class=\"_ _2\"></span>\u201cRate  Regul<span class=\"_ _2\"></span>ation Activities\u201d) <span class=\"_ _0\"></span>secondo <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>precedenti <span class=\"_ _0\"></span>princip<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>contabili <span class=\"_ _38\"></span>adott<span class=\"_ _1\"></span>ati. <span class=\"_ _0\"></span>No<span class=\"_ _3b\"></span>n <span class=\"_ _0\"></span>essendo <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>G<span class=\"_ _2\"></span>ruppo <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>first-<span class=\"_ _3a1\"> </span>time adopter, tale principio non risulta applicabile.<span class=\"_ _3a1\"> </span>Conten<span class=\"_ _1\"></span>uto dei Pro<span class=\"_ _1\"></span>spetti <span class=\"_ _1\"></span>Contabili Stato patr<span class=\"_ _1\"></span>imoniale consolidato, conto <span class=\"_ _1\"></span>economico consolidato <span class=\"_ _1\"></span>e prospetto della r<span class=\"_ _1\"></span>edditivit\u00e0 consol<span class=\"_ _3a1\"> </span>idata complessiva Gli schemi dello st<span class=\"_ _1\"></span>ato patrimoniale consolidato e <span class=\"_ _1\"></span>del conto economico consolidato s<span class=\"_ _1\"></span>ono costituiti da <span class=\"_ _0\"></span>voci, <span class=\"_ _35\"> </span>sottovoci <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>da <span class=\"_ _35\"> </span>ulteriori <span class=\"_ _0\"></span>dettagli <span class=\"_ _35\"> </span>inf<span class=\"_ _2\"></span>ormativi <span class=\"_ _35\"> </span>(i <span class=\"_ _0\"></span>\u201cdi <span class=\"_ _35\"> </span>cui\u201d <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>voci <span class=\"_ _0\"></span>e <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>ottovoci). <span class=\"_ _0\"></span>N<span class=\"_ _1\"></span>el <span class=\"_ _35\"> </span>c<span class=\"_ _2\"></span>onto economico con<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>olidato <span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>ricavi <span class=\"_ _2\"></span>sono <span class=\"_ _3b\"></span>indicati s<span class=\"_ _2\"></span>enza <span class=\"_ _3b\"></span>se<span class=\"_ _1\"></span>gno, <span class=\"_ _3b\"></span>mentre i<span class=\"_ _3b\"></span> costi <span class=\"_ _3b\"></span>sono <span class=\"_ _3b\"></span>indicati fra<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>parentesi. Allo stesso <span class=\"_ _1\"></span>modo so<span class=\"_ _1\"></span>no esposte le <span class=\"_ _1\"></span>componenti reddituali posit<span class=\"_ _1\"></span>ive e <span class=\"_ _1\"></span>negative incluse <span class=\"_ _1\"></span>nel prospetto della redditivit\u00e0 consolidata complessiva. Gli schemi riportano i corrispondenti dati di r<span class=\"_ _1\"></span>affronto relativi all\u2019esercizio precedente.<span class=\"_ _3a1\"> </span>Prospetto delle <span class=\"_ _1\"></span>variazioni del patrimonio <span class=\"_ _1\"></span>netto consolidato Il <span class=\"_ _0\"></span>pro<span class=\"_ _3a1\"> </span>spetto <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>variazioni <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>patrimonio <span class=\"_ _0\"></span>netto <span class=\"_ _0\"></span>consolidato <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>ello <span class=\"_ _0\"></span>previsto <span class=\"_ _0\"> </span>dalla <span class=\"_ _0\"></span>Circolare <span class=\"_ _0\"></span>n. 262/2005, <span class=\"_ _37\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>successivi <span class=\"_ _36\"> </span>aggiornamenti, <span class=\"_ _37\"> </span>della <span class=\"_ _36\"> </span>Banca <span class=\"_ _37\"> </span>d\u2019Italia. <span class=\"_ _37\"> </span>N<span class=\"_ _1\"></span>el <span class=\"_ _37\"> </span>prospetto<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>viene <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>iportata <span class=\"_ _36\"> </span>la<span class=\"_ _3b\"></span> composizione <span class=\"_ _3f\"> </span>e <span class=\"_ _3f\"> </span>la <span class=\"_ _39\"> </span>mo<span class=\"_ _1\"></span>vimentazione <span class=\"_ _3f\"> </span>dei <span class=\"_ _3f\"> </span>conti <span class=\"_ _39\"> </span>di <span class=\"_ _3f\"> </span>patrimonio <span class=\"_ _3f\"> </span>netto <span class=\"_ _3f\"> </span>consolidato <span class=\"_ _3f\"> </span>intervenuta nell\u2019esercizio <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>riferimento <span class=\"_ _1\"></span>ed <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>quello <span class=\"_ _1\"></span>dell\u2019es<span class=\"_ _1\"></span>ercizio <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>cedente, <span class=\"_ _1\"></span>suddivisi <span class=\"_ _1\"></span>tra <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>capitale <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ciale, le  riserve  di  capitale, <span class=\"_ _3d\"> </span>di  utili  e  da <span class=\"_ _3d\"> </span>valutazione  di  att<span class=\"_ _1\"></span>ivit\u00e0  o  passivit\u00e0  di  bilancio  ed <span class=\"_ _3d\"> </span>il  risultato economico. Le azioni proprie<span class=\"_ _1\"></span> in portafoglio sono<span class=\"_ _1\"></span> portate in diminuzione del patrimonio net<span class=\"_ _1\"></span>to. Non sono stati emessi strumenti di capitale diversi dalle <span class=\"_ _1\"></span>azioni ordinarie. Rendiconto fina<span class=\"_ _1\"></span>nziario consolidato Il  Rendiconto  Finanziario  consolid<span class=\"_ _2\"></span>ato  fornisce  informazioni  che  pe<span class=\"_ _2\"></span>rmettono  agli  utilizzatori <span class=\"_ _35\"> </span>di valutare <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>variazioni  nell\u2019attivo <span class=\"_ _3d\"> </span>net<span class=\"_ _1\"></span>to  della <span class=\"_ _3d\"> </span>societ<span class=\"_ _1\"></span>\u00e0,  la <span class=\"_ _3d\"> </span>sua <span class=\"_ _3d\"> </span>struttura <span class=\"_ _3d\"> </span>finanziaria  (compre<span class=\"_ _1\"></span>sa <span class=\"_ _3d\"> </span>la liquidit\u00e0 <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>solvibi<span class=\"_ _2\"></span>lit\u00e0) <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>sua <span class=\"_ _0\"></span>capacit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>influire <span class=\"_ _35\"> </span>sulla <span class=\"_ _35\"> </span>dimensione <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>sulla <span class=\"_ _35\"> </span>tempistica <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>flussi finanziari allo scopo di adeguarsi alle circos<span class=\"_ _1\"></span>tanze e alle opportunit\u00e0.  Lo <span class=\"_ _1\"></span>IAS 7<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>stabilisce <span class=\"_ _1\"></span>che il <span class=\"_ _1\"></span>rendiconto <span class=\"_ _1\"></span>finanziario <span class=\"_ _1\"></span>pu\u00f2 <span class=\"_ _1\"></span>essere <span class=\"_ _1\"></span>redatto <span class=\"_ _1\"></span>seguendo, <span class=\"_ _1\"></span>alternativamente, il<span class=\"_ _1\"></span> \u201cmetodo diretto\u201d o quello \u201cindiretto\u201d. La Banca <span class=\"_ _1\"></span>d'Italia, cos\u00ec <span class=\"_ _1\"></span>come <span class=\"_ _1\"></span>previsto dalle <span class=\"_ _1\"></span>istruzioni della <span class=\"_ _1\"></span>Circolare<span class=\"_ _1\"></span> n.262/05, <span class=\"_ _1\"></span>propone quindi i <span class=\"_ _1\"></span>due alternativi <span class=\"_ _0\"></span>schemi <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>Rendiconto <span class=\"_ _0\"></span>Finanziario <span class=\"_ _35\"> </span>nei <span class=\"_ _0\"></span>quali <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>flussi <span class=\"_ _35\"> </span>correlati <span class=\"_ _0\"></span>all'attivit\u00e0 <span class=\"_ _0\"></span>oper<span class=\"_ _1\"></span>ativa <span class=\"_ _0\"></span>sono esposti con il<span class=\"_ _2\"></span> metodo di<span class=\"_ _2\"></span>retto e <span class=\"_ _2\"></span>il metodo i<span class=\"_ _2\"></span>ndiretto, senza p<span class=\"_ _2\"></span>rivilegiarne uno <span class=\"_ _2\"></span>in particolare, <span class=\"_ _2\"></span>lasciando discrezionalit\u00e0 all'estensore del bilancio. Il <span class=\"_ _35\"> </span>prospet<span class=\"_ _1\"></span>to <span class=\"_ _35\"> </span>dei  flussi <span class=\"_ _35\"> </span>finanziari  i<span class=\"_ _2\"></span>ntervenuti  nel <span class=\"_ _35\"> </span>periodo  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>rife<span class=\"_ _1\"></span>rimento  del <span class=\"_ _35\"> </span>bilancio <span class=\"_ _35\"> </span>ed  i<span class=\"_ _2\"></span>n <span class=\"_ _35\"> </span>quello dell\u2019esercizio precedente \u00e8 <span class=\"_ _3b\"></span>st<span class=\"_ _1\"></span>ato p<span class=\"_ _2\"></span>redisposto seguendo il<span class=\"_ _2\"></span> metodo ind<span class=\"_ _2\"></span>iretto, in base <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>l q<span class=\"_ _2\"></span>uale i <span class=\"_ _2\"></span>flussi derivanti <span class=\"_ _2\"></span>dall\u2019attivit\u00e0 <span class=\"_ _3b\"></span>oper<span class=\"_ _1\"></span>ativa <span class=\"_ _3b\"></span>sono rappr<span class=\"_ _2\"></span>esentati d<span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>isultato <span class=\"_ _3b\"></span>dell\u2019esercizio rettificato <span class=\"_ _3b\"></span>degli <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffetti delle operazioni di natura non monetaria. I flussi fi<span class=\"_ _2\"></span>nanziari sono suddiv<span class=\"_ _2\"></span>isi tra quelli derivanti d<span class=\"_ _2\"></span>all\u2019attivit\u00e0 operativa, qu<span class=\"_ _2\"></span>elli generati dall\u2019attivit\u00e0 di investimento e quelli prodotti dall\u2019attivit\u00e0 di provvista. Nel <span class=\"_ _0\"></span>pro<span class=\"_ _1\"></span>spetto <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>flu<span class=\"_ _2\"></span>ssi <span class=\"_ _0\"></span>gene<span class=\"_ _1\"></span>ratisi <span class=\"_ _0\"></span>nel <span class=\"_ _35\"> </span>corso <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>periodo <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>indicati <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>enza <span class=\"_ _0\"></span>se<span class=\"_ _1\"></span>gno, <span class=\"_ _0\"></span>mentre <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>elli assorbiti sono indicati fra parentesi. Contenuto della No<span class=\"_ _1\"></span>ta integrativa consoli<span class=\"_ _1\"></span>data La <span class=\"_ _1\"></span>Nota <span class=\"_ _1\"></span>integrativa <span class=\"_ _1\"></span>consolidata compre<span class=\"_ _1\"></span>nde <span class=\"_ _1\"></span>le infor<span class=\"_ _1\"></span>mazioni previste dalla <span class=\"_ _1\"></span>Circolare <span class=\"_ _1\"></span>n. <span class=\"_ _1\"></span>262/2005, <span class=\"_ _1\"></span>e successive <span class=\"_ _0\"></span>modifiche <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>integrazioni, <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>Banca <span class=\"_ _0\"></span>d\u2019Italia <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>ulteriori <span class=\"_ _0\"></span>informazioni <span class=\"_ _0\"></span>previste <span class=\"_ _0\"></span>dai principi contabili internazionali.  In conformit\u00e0 a quanto disposto dall\u2019art. 5 del D.Lgs n. 38 del 28 febbraio 2005, il bilancio e la nota integrativa sono redatti in migliaia di euro.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-739": {
   "value": "Sezione <span class=\"_ _1\"></span>2 - Princip<span class=\"_ _1\"></span>i generali<span class=\"_ _1\"></span> di redazi<span class=\"_ _1\"></span>one Il bilancio <span class=\"_ _1\"></span>cons<span class=\"_ _1\"></span>olidato <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>stato <span class=\"_ _1\"></span>predisposto s<span class=\"_ _1\"></span>ulla base <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>\u201cIstruzioni <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>redazione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>bilancio dell\u2019impresa  e <span class=\"_ _35\"> </span>del  bilan<span class=\"_ _2\"></span>cio  con<span class=\"_ _2\"></span>solidato  delle <span class=\"_ _35\"> </span>banche  e <span class=\"_ _35\"> </span>delle  societ\u00e0 <span class=\"_ _35\"> </span>finanziarie  capogruppo <span class=\"_ _35\"> </span>di gruppi <span class=\"_ _3d\"> </span>bancari\u201d <span class=\"_ _37\"> </span>emanate <span class=\"_ _37\"> </span>dalla <span class=\"_ _3d\"> </span>Banca <span class=\"_ _37\"> </span>d\u2019Italia <span class=\"_ _3d\"> </span>con <span class=\"_ _37\"> </span>il <span class=\"_ _3d\"> </span>Provvediment<span class=\"_ _1\"></span>o <span class=\"_ _3d\"> </span>del <span class=\"_ _37\"> </span>22 <span class=\"_ _3d\"> </span>dicembre <span class=\"_ _37\"> </span>2005 <span class=\"_ _3d\"> </span>e successivi aggiornamenti. Il bi<span class=\"_ _1\"></span>lancio cons<span class=\"_ _1\"></span>olidato <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>cost<span class=\"_ _1\"></span>ituito dallo <span class=\"_ _1\"></span>Stat<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>patrimoniale, <span class=\"_ _1\"></span>Conto <span class=\"_ _1\"></span>economico, <span class=\"_ _1\"></span>dal <span class=\"_ _1\"></span>Prospetto <span class=\"_ _38\"></span>della redditivit\u00e0 <span class=\"_ _39\"> </span>compless<span class=\"_ _1\"></span>iva, <span class=\"_ _39\"> </span>dal <span class=\"_ _39\"> </span>Pr<span class=\"_ _1\"></span>ospetto <span class=\"_ _3f\"> </span>delle <span class=\"_ _39\"> </span>variazioni <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>pa<span class=\"_ _1\"></span>trimonio <span class=\"_ _3f\"> </span>netto, <span class=\"_ _39\"> </span>dal <span class=\"_ _39\"> </span>Rendiconto finanziario <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>dalla <span class=\"_ _1\"></span>No<span class=\"_ _1\"></span>ta <span class=\"_ _38\"></span>integrativa <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>dalle <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lative <span class=\"_ _38\"></span>informazioni <span class=\"_ _1\"></span>comparat<span class=\"_ _1\"></span>ive <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>31 <span class=\"_ _38\"></span>dicembre <span class=\"_ _38\"></span>2023 ed <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>inoltre <span class=\"_ _0\"></span>corredato <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>una <span class=\"_ _0\"></span>Relazione <span class=\"_ _38\"></span>sulla <span class=\"_ _0\"></span>gestione, <span class=\"_ _0\"></span>sui <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>isultati <span class=\"_ _38\"></span>econo<span class=\"_ _1\"></span>mici <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span>seguiti <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>sulla situazione patrimoniale e finanziaria del Gruppo Cre<span class=\"_ _1\"></span>dem. Il <span class=\"_ _38\"></span>bilancio <span class=\"_ _38\"></span>consolidato <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>redatto<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>l\u2019applicazione <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>princip<span class=\"_ _2\"></span>i <span class=\"_ _38\"></span>gener<span class=\"_ _1\"></span>ali <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>visti <span class=\"_ _38\"></span>dallo <span class=\"_ _38\"></span>IAS <span class=\"_ _38\"></span>1 <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>egli specifici <span class=\"_ _0\"></span>princi<span class=\"_ _2\"></span>pi <span class=\"_ _0\"></span>contabili <span class=\"_ _0\"></span>omologati <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>alla <span class=\"_ _0\"></span>Commissione <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>uropea <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>illustrati <span class=\"_ _0\"></span>nella <span class=\"_ _38\"></span>Parte <span class=\"_ _0\"></span>A.2 <span class=\"_ _0\"></span>dell<span class=\"_ _2\"></span>a presente <span class=\"_ _35\"> </span>Nota  i<span class=\"_ _2\"></span>ntegrativa, <span class=\"_ _35\"> </span>nonch\u00e9 <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>adere<span class=\"_ _1\"></span>nza <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>assunzioni <span class=\"_ _35\"> </span>generali  p<span class=\"_ _2\"></span>reviste <span class=\"_ _35\"> </span>dal <span class=\"_ _35\"> </span>Quadro Sistematico per la preparazione e prese<span class=\"_ _1\"></span>ntazione del bilancio elaborato dallo IASB. Non sono state effettuate deroghe all\u2019applicazione dei principi contabili IAS/IFRS. In conformit\u00e0 <span class=\"_ _1\"></span>a quanto disposto dall\u2019art. <span class=\"_ _1\"></span>5, comma <span class=\"_ _1\"></span>2, del Decreto Legislativo <span class=\"_ _1\"></span>n. 38 del 28 <span class=\"_ _1\"></span>febbraio 2005, il bilancio \u00e8 redatto utilizzando l\u2019euro come mo<span class=\"_ _1\"></span>neta di conto, e si fonda sull\u2019applicazione dei seguenti principi generali di redazione dettat<span class=\"_ _1\"></span>i dallo IAS 1: <span class=\"_ _42\"> </span><span class=\"ff4\">Continuit\u00e0 <span class=\"_ _38\"></span>aziendale. <span class=\"_ _38\"></span>Gli <span class=\"_ _0\"></span>amministratori <span class=\"_ _38\"></span>hanno <span class=\"_ _38\"></span>considerato <span class=\"_ _38\"></span>appropriato <span class=\"_ _0\"></span>il <span class=\"_ _1\"></span>presupposto <span class=\"_ _38\"></span>della </span>continuit\u00e0 <span class=\"_ _1\"></span>aziendale <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>quanto <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>giudizio <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>emerse <span class=\"_ _1\"></span>incertezze <span class=\"_ _1\"></span>legate <span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>eventi <span class=\"_ _1\"></span>o circostante <span class=\"_ _35\"> </span>che, <span class=\"_ _35\"> </span>considerati <span class=\"_ _35\"> </span>singolarmente <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>nel <span class=\"_ _35\"> </span>loro <span class=\"_ _35\"> </span>insieme,<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>possano <span class=\"_ _35\"> </span>far <span class=\"_ _35\"> </span>sorgere <span class=\"_ _35\"> </span>dubbi riguardo  alla  continuit\u00e0  azie<span class=\"_ _1\"></span>ndale.  Conseguentemente  le <span class=\"_ _3d\"> </span>attivit\u00e0,  passivit\u00e0  ed  operazioni \u201cfuori <span class=\"_ _1\"></span>bilancio\u201d <span class=\"_ _38\"></span>sono <span class=\"_ _1\"></span>valutate <span class=\"_ _1\"></span>secondo <span class=\"_ _1\"></span>valori <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>funzionamento, <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>quanto <span class=\"_ _1\"></span>destinate <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>durare nel tempo. <span class=\"_ _42\"> </span><span class=\"ff4\">Competenza <span class=\"_ _1\"></span>eco<span class=\"_ _1\"></span>nomica. <span class=\"_ _1\"></span>Costi <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ricavi <span class=\"_ _38\"></span>vengono <span class=\"_ _1\"></span>rilevat<span class=\"_ _1\"></span>i, <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>scindere <span class=\"_ _1\"></span>dal <span class=\"_ _38\"></span>momento <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>loro </span>regolamento <span class=\"_ _3d\"> </span>mo<span class=\"_ _1\"></span>netario, <span class=\"_ _3d\"> </span>per <span class=\"_ _37\"> </span>periodo <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>maturazione <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>conomica <span class=\"_ _3d\"> </span>e <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>econdo <span class=\"_ _3d\"> </span>il <span class=\"_ _37\"> </span>criterio <span class=\"_ _37\"> </span>di correlazione. <span class=\"_ _42\"> </span><span class=\"ff4\">Coerenza <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>present<span class=\"_ _1\"></span>azione. <span class=\"_ _1\"></span>La <span class=\"_ _38\"></span>presentazione <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>classificazione <span class=\"_ _38\"></span>delle <span class=\"_ _1\"></span>voci <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>antenute </span>costanti nel <span class=\"_ _3b\"></span>tempo allo <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>copo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>garantire la <span class=\"_ _2\"></span>comparabilit\u00e0 <span class=\"_ _3b\"></span>delle<span class=\"_ _1\"></span> i<span class=\"_ _3b\"></span>nfor<span class=\"_ _1\"></span>mazioni, <span class=\"_ _2\"></span>salvo che <span class=\"_ _3b\"></span>la loro variazione  sia <span class=\"_ _35\"> </span>richiesta <span class=\"_ _35\"> </span>da  un <span class=\"_ _35\"> </span>Principio <span class=\"_ _35\"> </span>Contabile  Internazionale <span class=\"_ _35\"> </span>o  da <span class=\"_ _35\"> </span>una <span class=\"_ _35\"> </span>Inter<span class=\"_ _1\"></span>pretazione oppure re<span class=\"_ _1\"></span>nda pi\u00f9 appropriat<span class=\"_ _1\"></span>a, in termini <span class=\"_ _1\"></span>di significativit\u00e0 e<span class=\"_ _1\"></span> di <span class=\"_ _1\"></span>affidabilit\u00e0, la r<span class=\"_ _1\"></span>appresentazione dei <span class=\"_ _1\"></span>valori. <span class=\"_ _1\"></span>Se <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>criterio <span class=\"_ _1\"></span>di presentazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>o di <span class=\"_ _1\"></span>classificazione <span class=\"_ _1\"></span>viene <span class=\"_ _1\"></span>cam<span class=\"_ _1\"></span>biato, <span class=\"_ _1\"></span>quello nuovo <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i applica \u2013<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ove <span class=\"_ _1\"></span>possibile <span class=\"_ _1\"></span>\u2013 <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>modo <span class=\"_ _1\"></span>retroattivo; <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>tal <span class=\"_ _1\"></span>caso <span class=\"_ _1\"></span>vengono <span class=\"_ _1\"></span>anche <span class=\"_ _1\"></span>indicati <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>natura <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>il motivo d<span class=\"_ _2\"></span>ella <span class=\"_ _2\"></span>variazione, <span class=\"_ _3b\"></span>nonch\u00e9 le <span class=\"_ _3b\"></span>voci interessate. <span class=\"_ _3b\"></span>Nella <span class=\"_ _2\"></span>presentazione e <span class=\"_ _3b\"></span>nella <span class=\"_ _2\"></span>classificazione delle <span class=\"_ _38\"></span>voci <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _38\"></span>adottati <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>schemi <span class=\"_ _38\"></span>predisposti <span class=\"_ _38\"></span>dalla <span class=\"_ _38\"></span>Banca <span class=\"_ _38\"></span>d\u2019Italia <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>bilanci <span class=\"_ _1\"></span>delle<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>banche, contenuti <span class=\"_ _36\"> </span>nella <span class=\"_ _39\"> </span>circolare <span class=\"_ _36\"> </span>n. <span class=\"_ _36\"> </span>262 <span class=\"_ _36\"> </span>del <span class=\"_ _39\"> </span>22 <span class=\"_ _36\"> </span>dicembre <span class=\"_ _36\"> </span>2005 <span class=\"_ _39\"> </span>e <span class=\"_ _36\"> </span>successivi <span class=\"_ _36\"> </span>aggiornamenti <span class=\"_ _39\"> </span>ed integrazioni.<span class=\"_ _3a1\"> </span> <div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs15\"><span class=\"_ _42\"> </span><span class=\"ff4\">Aggregazione <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>rilevanza. <span class=\"_ _38\"></span>Tutti <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>raggruppamenti <span class=\"_ _0\"></span>signific<span class=\"_ _2\"></span>ativi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>voci <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>natura <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>funzione </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16\">simil<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17\">i <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>ono <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>iportati <span class=\"_ _35\"> </span>separatam<span class=\"_ _2\"></span>ente. <span class=\"_ _35\"> </span>Gli <span class=\"_ _0\"></span>elementi <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>natura <span class=\"_ _0\"> </span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>f<span class=\"_ _3b\"></span>unzione <span class=\"_ _35\"> </span>diversa, <span class=\"_ _35\"> </span>se <span class=\"_ _0\"></span>rilevanti, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18\">vengono presentati in modo distinto. </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs19\"><span class=\"_ _42\"> </span><span class=\"ff4\">Divieto di compensazione. At<span class=\"_ _2\"></span>tivit\u00e0 e passivit\u00e0, <span class=\"_ _2\"></span>costi e <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>icavi non v<span class=\"_ _2\"></span>engono compensati tra lo<span class=\"_ _2\"></span>ro, </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a\">salvo <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>ci\u00f2 <span class=\"_ _38\"></span>non <span class=\"_ _1\"></span>sia <span class=\"_ _1\"></span>richiesto <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>permesso <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>Principio <span class=\"_ _1\"></span>Conta<span class=\"_ _1\"></span>bile <span class=\"_ _1\"></span>Internazionale <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>una </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b\">Interpretazione oppure dagli <span class=\"_ _2\"></span>schemi predisposti dal<span class=\"_ _2\"></span>la Banca d<span class=\"_ _2\"></span>\u2019Italia per i <span class=\"_ _3b\"></span>bilanci delle banche. </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1c\"><span class=\"_ _42\"> </span><span class=\"ff4\">Informativa <span class=\"_ _3a\"> </span>comparativa. <span class=\"_ _3a\"> </span>Le <span class=\"_ _3a\"> </span>informazioni <span class=\"_ _3a\"> </span>comparative <span class=\"_ _3a\"> </span>de<span class=\"_ _1\"></span>ll\u2019esercizio <span class=\"_ _3a\"> </span>precedente <span class=\"_ _3a\"> </span>sono<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d\">riportate <span class=\"_ _35\"> </span>pe<span class=\"_ _2\"></span>r <span class=\"_ _0\"></span>tutt<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>i <span class=\"_ _0\"> </span>dat<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>contenuti <span class=\"_ _0\"></span>nei <span class=\"_ _35\"> </span>prospetti <span class=\"_ _0\"></span>contabili <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>confront<span class=\"_ _1\"></span>o. <span class=\"_ _0\"></span>Le <span class=\"_ _35\"> </span>modi<span class=\"_ _2\"></span>fiche <span class=\"_ _0\"></span>ai <span class=\"_ _35\"> </span>dati<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e\">comparativi sono effettuate solo quando rite<span class=\"_ _1\"></span>nute di importo significativo. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f\">Si <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>tenuto <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>documenti <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>tipo <span class=\"_ _0\"></span>interpretativo <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>supporto <span class=\"_ _0\"></span>all\u2019appli<span class=\"_ _2\"></span>cazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>principi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs20\">contabili, em<span class=\"_ _1\"></span>anati <span class=\"_ _1\"></span>dagli <span class=\"_ _1\"></span>organis<span class=\"_ _1\"></span>mi <span class=\"_ _1\"></span>regolament<span class=\"_ _1\"></span>ari e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di vigilanza <span class=\"_ _0\"></span>europei <span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>dag<span class=\"_ _2\"></span>li <span class=\"_ _38\"></span>standard <span class=\"_ _0\"></span>sett<span class=\"_ _2\"></span>er, <span class=\"_ _38\"></span>in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs21\">particolare  l<span class=\"_ _3b\"></span>a <span class=\"_ _35\"> </span>com<span class=\"_ _3b\"></span>unic<span class=\"_ _2\"></span>azio<span class=\"_ _3b\"></span>ne <span class=\"_ _35\"> </span>de<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>\u2019ESM<span class=\"_ _3b\"></span>A <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>24 <span class=\"_ _35\"> </span>ot<span class=\"_ _2\"></span>tob<span class=\"_ _2\"></span>re <span class=\"_ _35\"> </span>2<span class=\"_ _3b\"></span>024 </div><div class=\"t m5 h8b ff4 fs21 fc1 sc0 ls0 ws0 gs22\">\u201cE<span class=\"_ _3b\"></span>uropea<span class=\"_ _3b\"></span>n</div><div class=\"t m5 h8b ff4 fs21 fc1 sc0 ls0 ws0 gs23\">com<span class=\"_ _2\"></span>mon<span class=\"_ _3a1\"> </span></div><div class=\"t m5 h8b ff4 fs21 fc1 sc0 ls0 ws0 gs24\">enf<span class=\"_ _2\"></span>orc<span class=\"_ _3b\"></span>ement<span class=\"_ _3a1\"> </span></div><div class=\"t m5 h8b ff4 fs21 fc1 sc0 ls0 ws0 gs25\">pri<span class=\"_ _3b\"></span>oriti<span class=\"_ _3b\"></span>es<span class=\"_ _3a1\"> </span></div><div class=\"t m5 h8b ff4 fs21 fc1 sc0 ls0 ws0 gs26\">fo<span class=\"_ _2\"></span>r<span class=\"_ _3a1\"> </span></div><div class=\"t m5 h8b ff4 fs21 fc1 sc0 ls0 ws0 gs27\">20<span class=\"_ _2\"></span>24<span class=\"_ _3a1\"> </span></div><div class=\"t m5 h8b ff4 fs21 fc1 sc0 ls0 ws0 gs28\">annual<span class=\"_ _3a1\"> </span></div><div class=\"t m5 h8b ff4 fs21 fc1 sc0 ls0 ws0 gs29\">co<span class=\"_ _2\"></span>rpora<span class=\"_ _3b\"></span>te <span class=\"_ _37\"> </span>repor<span class=\"_ _3b\"></span>ting\u201d,</div><div class=\"t m2 h8c ff4 fs22 fc1 sc0 ls0 ws0 gs2a\">  <span class=\"fs2\">dove  s<span class=\"_ _1\"></span>i  evidenziano <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>priorit\u00e0 <span class=\"_ _3d\"> </span>relative <span class=\"_ _3d\"> </span>alla </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2b\">disclosure sui<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>rendiconti <span class=\"_ _2\"></span>annuali, nonch\u00e9 delle linee <span class=\"_ _1\"></span>guida EBA </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs2c\">\u201cGuidelines on the<span class=\"_ _1\"></span> management of </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs2d\">environmental, <span class=\"_ _38\"></span>social <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>governance <span class=\"_ _38\"></span>(ESG) <span class=\"_ _1\"></span>risks\u201d</div><div class=\"t m2 h8c ff4 fs2 fc1 sc0 ls0 ws0 gs2e\">,<span class=\"fs22\"> <span class=\"_ _1\"></span></span>che <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>abiliscono <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>requisiti <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>istituzioni <span class=\"_ _1\"></span>in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2f\">materia di identificazione, misurazione, ges<span class=\"_ _1\"></span>tione e monitoraggio dei rischi ESG. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs30\">Princ<span class=\"_ _3b\"></span>ipi co<span class=\"_ _2\"></span>ntabil<span class=\"_ _3b\"></span>i </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs31\">PRINCIPI <span class=\"_ _0\"></span>CONTABILI, <span class=\"_ _0\"></span>EMENDAMENTI <span class=\"_ _0\"></span>ED <span class=\"_ _0\"></span>INTERPRETAZIONI <span class=\"_ _0\"></span>IFRS <span class=\"_ _0\"></span>ACCOUNTING <span class=\"_ _0\"></span>APP<span class=\"_ _1\"></span>LICATI <span class=\"_ _0\"></span>DAL <span class=\"_ _38\"></span>1\u00b0 </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs32\">GENNAI<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs33\">O 2024  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs34\">I seguenti principi contabili, emendamenti e<span class=\"_ _1\"></span> interpretazio</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs35\">ni IFRS Accounting Standards sono stati </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs36\">applicati per la prima volta dal Gruppo a partire dal 1\u00b0 gennaio 2024:  </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs37\"><span class=\"_ _42\"> </span><span class=\"ff4\">In data<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>23 <span class=\"_ _1\"></span>gennaio 2020 <span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>IASB ha <span class=\"_ _38\"></span>pubblicato un <span class=\"_ _1\"></span>emendament<span class=\"_ _1\"></span>o deno<span class=\"_ _1\"></span>minato </span></div><div class=\"t m1 h4 ff4 fs1 fc1 sc2 ls0 ws0 gs38\">\u201cAmendments </div><div class=\"t m1 h4 ff4 fs1 fc1 sc2 ls0 ws0 gs39\">to <span class=\"_ _38\"></span>IAS <span class=\"_ _1\"></span>1 <span class=\"_ _38\"></span>Present<span class=\"_ _1\"></span>ation <span class=\"_ _1\"></span>of <span class=\"_ _38\"></span>Financial <span class=\"_ _38\"></span>Stateme<span class=\"_ _1\"></span>nts: <span class=\"_ _1\"></span>Classificat<span class=\"_ _1\"></span>ion</div><div class=\"t m1 h4 ff4 fs1 fc1 sc2 ls0 ws0 gs3a\"> <span class=\"_ _1\"></span>of <span class=\"_ _38\"></span>Liabilities<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Curre<span class=\"_ _1\"></span>nt <span class=\"_ _1\"></span>or <span class=\"_ _38\"></span>Non-<span class=\"_ _3a1\"> </span></div><div class=\"t m1 h4 ff4 fs1 fc1 sc2 ls0 ws0 gs3b\">current\u201d</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3c\"> <span class=\"_ _48\"> </span>ed <span class=\"_ _48\"> </span>in <span class=\"_ _17e\"> </span>data <span class=\"_ _48\"> </span>31 <span class=\"_ _17e\"> </span>ottobre <span class=\"_ _48\"> </span>2022 <span class=\"_ _48\"> </span>ha <span class=\"_ _17e\"> </span>pubblicato <span class=\"_ _48\"> </span>un <span class=\"_ _48\"> </span>emendame<span class=\"_ _1\"></span>nto <span class=\"_ _48\"> </span>denominato<span class=\"_ _3a1\"> </span></div><div class=\"t m1 h4 ff4 fs1 fc1 sc2 ls0 ws0 gs3d\">\u201cAmendments <span class=\"_ _45\"> </span>to <span class=\"_ _35\"> </span>IAS <span class=\"_ _35\"> </span>1 <span class=\"_ _35\"> </span>Presentation  of <span class=\"_ _35\"> </span>Financial <span class=\"_ _35\"> </span>Statements: <span class=\"_ _35\"> </span>No<span class=\"_ _1\"></span>n-Current <span class=\"_ _45\"> </span>Liabili<span class=\"_ _2\"></span>ties  wi<span class=\"_ _2\"></span>th </div><div class=\"t m1 h4 ff4 fs1 fc1 sc2 ls0 ws0 gs3e\">Covenants\u201d<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3f\">. <span class=\"_ _0\"></span>Tali <span class=\"_ _0\"></span>modifiche <span class=\"_ _0\"></span>hanno <span class=\"_ _35\"> </span>l\u2019ob<span class=\"_ _2\"></span>iettivo <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>chiarire <span class=\"_ _0\"></span>come <span class=\"_ _0\"></span>classificare <span class=\"_ _35\"> </span>i<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>debiti <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>altre </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs40\">passivit\u00e0 <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>breve <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>lungo <span class=\"_ _1\"></span>term<span class=\"_ _1\"></span>ine. <span class=\"_ _1\"></span>Inoltre, <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>modifiche <span class=\"_ _1\"></span>migliorano <span class=\"_ _1\"></span>altres\u00ec <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>informazioni <span class=\"_ _1\"></span>che </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs41\">un\u2019entit\u00e0 deve fornire <span class=\"_ _1\"></span>quando il suo diritto <span class=\"_ _1\"></span>di differire l\u2019estinzione di una passivit\u00e0 per <span class=\"_ _1\"></span>almeno </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs42\">dodici mesi <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>soggetto <span class=\"_ _1\"></span>al rispetto di <span class=\"_ _1\"></span>determinati <span class=\"_ _1\"></span>parametri <span class=\"_ _1\"></span>(i.e. covenants<span class=\"_ _1\"></span>). L\u2019adozione di <span class=\"_ _1\"></span>tali </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs43\">emendamenti non ha comportato effetti sul bilancio consolidato del Gr<span class=\"_ _1\"></span>uppo. </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs44\"><span class=\"_ _42\"> </span><span class=\"ff4\">In <span class=\"_ _17e\"> </span>data <span class=\"_ _44\"> </span>22 <span class=\"_ _44\"> </span>settembre <span class=\"_ _44\"> </span>2022 <span class=\"_ _17e\"> </span>lo <span class=\"_ _44\"> </span>IASB <span class=\"_ _17e\"> </span>ha <span class=\"_ _44\"> </span>pubblicato <span class=\"_ _44\"> </span>un <span class=\"_ _17e\"> </span>e<span class=\"_ _1\"></span>mendamento <span class=\"_ _17e\"> </span>denom<span class=\"_ _1\"></span>inato </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs45\">\u201cAmendments <span class=\"_ _35\"> </span>to  I<span class=\"_ _2\"></span>FRS <span class=\"_ _35\"> </span>16 <span class=\"_ _35\"> </span>Leases:  L<span class=\"_ _2\"></span>ease <span class=\"_ _35\"> </span>Liability <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>Sale  and<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>Leaseback\u201d.  I<span class=\"_ _2\"></span>l <span class=\"_ _35\"> </span>documento<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs46\">richiede <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>venditore-lessee <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valutare<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>passivit\u00e0 <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>lease <span class=\"_ _1\"></span>riveniente <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>ansazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs47\">di <span class=\"_ _38\"></span>sale<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>&amp; <span class=\"_ _38\"></span>leaseback <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>modo <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>rilevare <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>provento <span class=\"_ _0\"></span>o <span class=\"_ _38\"></span>una <span class=\"_ _0\"></span>perdita <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>si <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iferiscano <span class=\"_ _0\"></span>al </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs48\">diritto <span class=\"_ _3d\"> </span>d\u2019uso  trattenuto. <span class=\"_ _3d\"> </span>L\u2019adozione <span class=\"_ _3d\"> </span>di  tale <span class=\"_ _3d\"> </span>emendamento <span class=\"_ _3d\"> </span>non  ha <span class=\"_ _3d\"> </span>comportato <span class=\"_ _3d\"> </span>effetti  s<span class=\"_ _1\"></span>ul </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs49\">bilancio consolidato del Gruppo. </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs4a\"><span class=\"_ _42\"> </span><span class=\"ff4\">In <span class=\"_ _1\"></span>data <span class=\"_ _38\"></span>25 <span class=\"_ _1\"></span>maggio <span class=\"_ _38\"></span>2023 <span class=\"_ _1\"></span>lo <span class=\"_ _38\"></span>IASB <span class=\"_ _38\"></span>ha <span class=\"_ _1\"></span>pubblicato<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>mendamento <span class=\"_ _38\"></span>denominato <span class=\"_ _38\"></span>\u201cAmendments </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4b\">to <span class=\"_ _35\"> </span>IAS <span class=\"_ _0\"></span>7 <span class=\"_ _35\"> </span>St<span class=\"_ _2\"></span>atement <span class=\"_ _35\"> </span>of <span class=\"_ _0\"></span>Cash <span class=\"_ _0\"></span>Flows <span class=\"_ _35\"> </span>and <span class=\"_ _0\"></span>IFRS <span class=\"_ _35\"> </span>7 <span class=\"_ _0\"></span>Financial <span class=\"_ _35\"> </span>In<span class=\"_ _2\"></span>struments: <span class=\"_ _35\"> </span>Disclosures: <span class=\"_ _0\"></span>Supplier<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4c\">Finance Arrangements\u201d. Il docu<span class=\"_ _2\"></span>mento richiede ad un\u2019<span class=\"_ _2\"></span>entit\u00e0 di fornire informazioni <span class=\"_ _2\"></span>aggiuntive<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4d\">sugli <span class=\"_ _2\"></span>accordi d<span class=\"_ _2\"></span>i reverse <span class=\"_ _2\"></span>factoring <span class=\"_ _3b\"></span>che permettano <span class=\"_ _3b\"></span>agli utilizzatori <span class=\"_ _3b\"></span>del bilancio <span class=\"_ _3b\"></span>di valutare in<span class=\"_ _2\"></span> che </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4e\">modo <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>accor<span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>finanziari <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>fornitori <span class=\"_ _38\"></span>possano <span class=\"_ _38\"></span>influenzare <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>flussi <span class=\"_ _38\"></span>finanziari </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4f\">dell\u2019entit\u00e0 <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>com<span class=\"_ _1\"></span>prendere <span class=\"_ _0\"></span>l'effetto <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>ali <span class=\"_ _0\"></span>accordi <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>ull\u2019esposizione <span class=\"_ _0\"></span>dell\u2019entit\u00e0 <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs50\">liquidit\u00e0. <span class=\"_ _38\"></span>L\u2019adozione <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>tali <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>mendamenti <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>ha <span class=\"_ _1\"></span>comportat<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>effetti <span class=\"_ _38\"></span>sul <span class=\"_ _38\"></span>bilancio <span class=\"_ _38\"></span>conso<span class=\"_ _1\"></span>lidato<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs51\">del Gruppo. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs52\">PRINCIPI <span class=\"_ _17e\"> </span>CONTABILI, <span class=\"_ _17e\"> </span>EMENDAMENTI <span class=\"_ _17e\"> </span>ED <span class=\"_ _17e\"> </span>INTERPRETAZ<span class=\"_ _1\"></span>IONI <span class=\"_ _48\"> </span>IFRS <span class=\"_ _17e\"> </span>AC<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs53\">COUNTING <span class=\"_ _17e\"> </span>STANDARS </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs54\">OMOLOGATI  DALL\u2019UNIONE  EUROPEA,  NON<span class=\"_ _2\"></span>  ANCORA <span class=\"_ _35\"> </span>OBBLIGATORIA<span class=\"_ _1\"></span>MENTE  APPLICABILI <span class=\"_ _35\"> </span>E  NON </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs55\">ADOTTATI IN VIA <span class=\"_ _1\"></span>ANTICIPATA DAL GRUPP<span class=\"_ _1\"></span>O AL 31 DICEMBRE 2024 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs56\">A<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs57\">lla data di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iferimento del presente docu<span class=\"_ _2\"></span>mento, gli organi c<span class=\"_ _2\"></span>ompetenti dell\u2019Unione Europea hanno </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs58\">concluso <span class=\"_ _1\"></span>il pro<span class=\"_ _1\"></span>cesso di <span class=\"_ _1\"></span>omo<span class=\"_ _1\"></span>logazione necessario <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>l\u2019adozione degli <span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>endamenti e <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>i principi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs59\">sotto <span class=\"_ _35\"> </span>descritti, <span class=\"_ _0\"></span>ma <span class=\"_ _35\"> </span>tali <span class=\"_ _0\"></span>principi <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>sono <span class=\"_ _0\"></span>ancor<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>obbligatoriament<span class=\"_ _1\"></span>e <span class=\"_ _0\"> </span>applicabili <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>sono <span class=\"_ _0\"> </span>stati </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5a\">adottati in via anticipata dal Gruppo al 31 dicembre<span class=\"_ _1\"></span> 2024:<span class=\"_ _3a1\"> </span> </div><span class=\"_ _42\"> </span><span class=\"ff4\">In data 15 agosto 2023 <span class=\"_ _2\"></span>lo IASB h<span class=\"_ _2\"></span>a pubblicato un <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>mendamento denominato </span>\u201cAmendments to IAS <span class=\"_ _3d\"> </span>21 <span class=\"_ _36\"> </span>The <span class=\"_ _3d\"> </span>Ef<span class=\"_ _1\"></span>fects <span class=\"_ _37\"> </span>of <span class=\"_ _37\"> </span>Changes <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>Foreign <span class=\"_ _37\"> </span>Exchange <span class=\"_ _37\"> </span>Rate<span class=\"_ _1\"></span>s: <span class=\"_ _3d\"> </span>L<span class=\"_ _3a1\"> </span>ack <span class=\"_ _37\"> </span>of <span class=\"_ _37\"> </span>Exchangeabi<span class=\"_ _1\"></span>lity\u201d. <span class=\"_ _3d\"> </span>Il documento <span class=\"_ _37\"> </span>richiede <span class=\"_ _3d\"> </span>ad <span class=\"_ _37\"> </span>un\u2019entit\u00e0 <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>applicare <span class=\"_ _3d\"> </span>una <span class=\"_ _37\"> </span>metodologia <span class=\"_ _3d\"> </span>da <span class=\"_ _37\"> </span>applicare <span class=\"_ _3d\"> </span>in <span class=\"_ _37\"> </span>maniera coerente al fine di verificare<span class=\"_ _1\"></span> se una valuta pu\u00f2 essere convertit<span class=\"_ _1\"></span>a in un\u2019altra e, quando ci\u00f2 non \u00e8 possibile, c<span class=\"_ _2\"></span>ome determinare il <span class=\"_ _3b\"></span>tas<span class=\"_ _1\"></span>so di c<span class=\"_ _2\"></span>ambio da <span class=\"_ _2\"></span>utilizzare e <span class=\"_ _2\"></span>l\u2019informativa da f<span class=\"_ _3b\"></span>or<span class=\"_ _1\"></span>nire in <span class=\"_ _3b\"></span>no<span class=\"_ _1\"></span>ta integrativa. <span class=\"_ _0\"></span>La <span class=\"_ _0\"></span>mod<span class=\"_ _2\"></span>ifica <span class=\"_ _0\"></span>si <span class=\"_ _38\"></span>applicher<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _0\"></span>dal <span class=\"_ _38\"></span>1<span class=\"_ _1\"></span>\u00b0 <span class=\"_ _38\"></span>ge<span class=\"_ _1\"></span>nnaio <span class=\"_ _0\"></span>2025, <span class=\"_ _38\"></span>ma <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>consentita <span class=\"_ _38\"></span>un\u2019applicazione anticipata. <span class=\"_ _3b\"></span>Gli amministratori no<span class=\"_ _2\"></span>n <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>at<span class=\"_ _1\"></span>tendono <span class=\"_ _2\"></span>un <span class=\"_ _3b\"></span>effe<span class=\"_ _1\"></span>tto <span class=\"_ _2\"></span>significativo <span class=\"_ _2\"></span>sul <span class=\"_ _3b\"></span>bilancio consolidato del Gruppo dall\u2019adozione di tale eme<span class=\"_ _1\"></span>ndamento. PRINCIPI <span class=\"_ _0\"></span>CONTABILI, <span class=\"_ _0\"></span>EMENDAMENTI <span class=\"_ _0\"></span>ED <span class=\"_ _0\"></span>INTERPRETAZIONI <span class=\"_ _0\"></span>IFRS <span class=\"_ _0\"></span>ACCOUNTING <span class=\"_ _0\"></span>STANDARDS <span class=\"_ _0\"></span>NON ANCORA OMOLOGATI D<span class=\"_ _1\"></span>ALL\u2019UNIONE EUROPEA Alla <span class=\"_ _38\"></span>da<span class=\"_ _3a1\"> </span>ta <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>rifer<span class=\"_ _1\"></span>imento <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>pres<span class=\"_ _2\"></span>ente <span class=\"_ _0\"></span>documento, <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>organi <span class=\"_ _0\"></span>comp<span class=\"_ _2\"></span>etent<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>dell\u2019Unione <span class=\"_ _0\"></span>Eu<span class=\"_ _2\"></span>ropea <span class=\"_ _0\"></span>non hanno ancora concl<span class=\"_ _2\"></span>uso il proc<span class=\"_ _2\"></span>esso di omologazione<span class=\"_ _2\"></span> necessario per <span class=\"_ _3b\"></span>l\u2019adozione degli emendamenti e dei principi sotto descritti. <span class=\"_ _42\"> </span><span class=\"ff4\">In <span class=\"_ _3f\"> </span>data <span class=\"_ _3f\"> </span>30 <span class=\"_ _3a\"> </span>maggio <span class=\"_ _3f\"> </span>2024 <span class=\"_ _3a\"> </span>lo <span class=\"_ _3f\"> </span>IASB <span class=\"_ _3f\"> </span>ha <span class=\"_ _3f\"> </span>pubblicato <span class=\"_ _3f\"> </span>il <span class=\"_ _3f\"> </span>docume<span class=\"_ _1\"></span>nto <span class=\"_ _3f\"> </span>\u201c<span class=\"_ _1\"></span>Amendments <span class=\"_ _3f\"> </span>to <span class=\"_ _3f\"> </span>the </span>Classification <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>Measurement <span class=\"_ _1\"></span>of <span class=\"_ _1\"></span>Financial <span class=\"_ _1\"></span>Instruments<span class=\"_ _1\"></span>\u2014Amendments to <span class=\"_ _1\"></span>IFRS <span class=\"_ _1\"></span>9 <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>IFRS 7<span class=\"ff16\">\u2033</span>. <span class=\"_ _3d\"> </span>Il <span class=\"_ _3d\"> </span>documento <span class=\"_ _3d\"> </span>chiarisce <span class=\"_ _3d\"> </span>alcuni  a<span class=\"_ _1\"></span>spetti <span class=\"_ _3d\"> </span>problematici <span class=\"_ _3d\"> </span>emersi <span class=\"_ _3d\"> </span>dalla <span class=\"_ _3d\"> </span>post-implementation review <span class=\"_ _35\"> </span>dell\u2019<span class=\"_ _2\"></span>IFRS <span class=\"_ _0\"></span>9, <span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>ra <span class=\"_ _0\"></span>cui <span class=\"_ _35\"> </span>il<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>attamento <span class=\"_ _35\"> </span>contabil<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>cui <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>endimenti variano <span class=\"_ _3b\"></span>al <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>aggiungimento <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>obiettivi <span class=\"_ _3b\"></span>ESG <span class=\"_ _2\"></span>(i.e. <span class=\"_ _3b\"></span>gre<span class=\"_ _1\"></span>en <span class=\"_ _3b\"></span>bonds). <span class=\"_ _3b\"></span>In particolare, <span class=\"_ _3b\"></span>le <span class=\"_ _3b\"></span>mo<span class=\"_ _1\"></span>difiche <span class=\"_ _3b\"></span>hanno l\u2019obiettivo di: o<span class=\"_ _115\"> </span><span class=\"ff4\">chiarire <span class=\"_ _35\"> </span>la  cl<span class=\"_ _2\"></span>assificazione <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _35\"> </span>finanziarie <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>re<span class=\"_ _1\"></span>ndimenti <span class=\"_ _35\"> </span>variabili <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>legati <span class=\"_ _35\"> </span>ad </span>obiettivi <span class=\"_ _38\"></span>ambientali, <span class=\"_ _38\"></span>sociali <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>governance <span class=\"_ _0\"></span>aziendal<span class=\"_ _2\"></span>e <span class=\"_ _38\"></span>(ESG) <span class=\"_ _38\"></span>ed <span class=\"_ _0\"></span>i<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>criteri <span class=\"_ _1\"></span>da <span class=\"_ _0\"></span>utili<span class=\"_ _2\"></span>zzare <span class=\"_ _38\"></span>per l\u2019assessment del SPPI test; o<span class=\"_ _115\"> </span><span class=\"ff4\">determinare <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>data <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>egolamento <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _35\"> </span>tramite <span class=\"_ _0\"></span>sistemi <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>pagamento </span>elettronici \u00e8 quella in cui la passivit\u00e0 r<span class=\"_ _1\"></span>isulta estinta. Tuttavia, \u00e8 <span class=\"_ _1\"></span>consentito ad un\u2019entit\u00e0 di adottare <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>politica <span class=\"_ _38\"></span>contabile <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>conse<span class=\"_ _1\"></span>ntire <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>eliminare <span class=\"_ _38\"></span>contabilmente <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>passivit\u00e0 finanziaria <span class=\"_ _39\"> </span>prima <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>consegnare <span class=\"_ _3f\"> </span>liqu<span class=\"_ _2\"></span>idit\u00e0 <span class=\"_ _39\"> </span>alla <span class=\"_ _39\"> </span>data <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>regolamento <span class=\"_ _3f\"> </span>in <span class=\"_ _36\"> </span>presenza <span class=\"_ _39\"> </span>di determinate condizioni specifiche. Con queste<span class=\"_ _1\"></span> modifiche, lo <span class=\"_ _1\"></span>IASB h<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>inoltre <span class=\"_ _1\"></span>introdotto ulteriori <span class=\"_ _1\"></span>requisiti di informa<span class=\"_ _1\"></span>tiva riguardo <span class=\"_ _1\"></span>in particolare ad investimenti in strumenti di capitale des<span class=\"_ _1\"></span>ignati a FVOCI. Le modifiche si ap<span class=\"_ _2\"></span>plicheranno a partire dai <span class=\"_ _2\"></span>bilanci degli <span class=\"_ _2\"></span>eser<span class=\"_ _1\"></span>cizi che hann<span class=\"_ _2\"></span>o inizio dal <span class=\"_ _3b\"></span>1<span class=\"_ _1\"></span>\u00b0 gennaio 2026. <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>li <span class=\"_ _1\"></span>amm<span class=\"_ _1\"></span>inistratori <span class=\"_ _38\"></span>non <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>attendono <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>effett<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>significativo <span class=\"_ _38\"></span>sul <span class=\"_ _38\"></span>bilancio <span class=\"_ _38\"></span>consolidato <span class=\"_ _38\"></span>del Gruppo dall\u2019adozione di tali emendamenti.  <span class=\"_ _42\"> </span><span class=\"ff4\">In <span class=\"_ _3b\"></span>data <span class=\"_ _3b\"></span>18<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>luglio <span class=\"_ _3b\"></span>20<span class=\"_ _1\"></span>24 <span class=\"_ _3b\"></span>lo <span class=\"_ _2\"></span>IASB <span class=\"_ _3b\"></span>ha <span class=\"_ _3b\"></span>p<span class=\"_ _1\"></span>ubblicato <span class=\"_ _3b\"></span>un <span class=\"_ _3b\"></span>doc<span class=\"_ _1\"></span>umento <span class=\"_ _2\"></span>denominato <span class=\"_ _3b\"></span>\u201c<span class=\"_ _1\"></span>Annual <span class=\"_ _3b\"></span>Improvements </span>Volume <span class=\"_ _1\"></span>11\u201d. <span class=\"_ _1\"></span>Il documento <span class=\"_ _1\"></span>include <span class=\"_ _1\"></span>chiarimenti, se<span class=\"_ _1\"></span>mplificazioni, cor<span class=\"_ _1\"></span>rezioni e <span class=\"_ _1\"></span>cambiamenti <span class=\"_ _1\"></span>volti a migliorare la coerenza di diversi IFRS Accounting Standards. I principi modificati sono: o<span class=\"_ _115\"> </span><span class=\"ff4\">IFRS 1 First-time Adoption of <span class=\"_ _1\"></span>International Financial Reporting Standards; </span>o<span class=\"_ _115\"> </span><span class=\"ff4\">IFRS <span class=\"_ _38\"></span>7 <span class=\"_ _0\"></span>Financi<span class=\"_ _2\"></span>al <span class=\"_ _38\"></span>Instrume<span class=\"_ _1\"></span>nts: <span class=\"_ _38\"></span>Disclosures <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _1\"></span>relative <span class=\"_ _0\"></span>li<span class=\"_ _2\"></span>nee <span class=\"_ _0\"></span>gu<span class=\"_ _2\"></span>ida <span class=\"_ _38\"></span>sull'implementazione </span>dell'IFRS 7; o<span class=\"_ _115\"> </span><span class=\"ff4\">IFRS 9 Financial Instruments; </span>o<span class=\"_ _115\"> </span><span class=\"ff4\">IFRS 10 Consolidate<span class=\"_ _1\"></span>d Financial Statements; e </span>o<span class=\"_ _115\"> </span><span class=\"ff4\">IAS 7 Statement of Cash Flows. </span>Le modific<span class=\"_ _2\"></span>he si <span class=\"_ _3b\"></span>applicheranno dal <span class=\"_ _3b\"></span>1\u00b0 gennaio 2<span class=\"_ _3b\"></span>0<span class=\"_ _1\"></span>26, <span class=\"_ _2\"></span>ma <span class=\"_ _2\"></span>\u00e8 consent<span class=\"_ _2\"></span>ita un\u2019<span class=\"_ _2\"></span>applicazione anticip<span class=\"_ _2\"></span>ata. Gli amministratori non si attendono un <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffetto significativo sul bilancio consolid<span class=\"_ _2\"></span>ato del Gruppo dall\u2019adozione di tali emendamenti.  <span class=\"_ _42\"> </span><span class=\"ff4\">In <span class=\"_ _0\"></span>data <span class=\"_ _35\"> </span>18 <span class=\"_ _0\"></span>dicembre <span class=\"_ _0\"></span>2024 <span class=\"_ _0\"></span>lo <span class=\"_ _0\"></span>IASB <span class=\"_ _0\"> </span>ha <span class=\"_ _35\"> </span>pubb<span class=\"_ _2\"></span>licato <span class=\"_ _0\"></span>un <span class=\"_ _35\"> </span>emendamento <span class=\"_ _0\"></span>denominato <span class=\"_ _0\"></span>\u201cContracts </span>Referencing Nat<span class=\"_ _1\"></span>ure-dependent Electricity \u2013 <span class=\"_ _1\"></span>Amendment <span class=\"_ _1\"></span>to IFRS 9 <span class=\"_ _1\"></span>and IFRS 7\u201d. <span class=\"_ _1\"></span>Il documento ha  l\u2019obi<span class=\"_ _2\"></span>ettivo  di  supp<span class=\"_ _2\"></span>ortare<span class=\"_ _1\"></span>  le <span class=\"_ _35\"> </span>entit\u00e0  nel  rendicontare  gl<span class=\"_ _2\"></span>i  effetti  fi<span class=\"_ _2\"></span>nanziari  dei <span class=\"_ _35\"> </span>contra<span class=\"_ _1\"></span>tti  di<span class=\"_ _2\"></span> acquisto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>lettricit\u00e0 <span class=\"_ _38\"></span>prodotta <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>fonti <span class=\"_ _38\"></span>rinnovabili <span class=\"_ _1\"></span>(spesso <span class=\"_ _38\"></span>strutturati <span class=\"_ _1\"></span>come <span class=\"_ _38\"></span>Power <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>urchase Agreements). <span class=\"_ _1\"></span>Sulla <span class=\"_ _1\"></span>base <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>tali <span class=\"_ _1\"></span>contratti, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>quantit\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>elettricit\u00e0 <span class=\"_ _1\"></span>generata <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>acquistata <span class=\"_ _1\"></span>pu\u00f2 variare <span class=\"_ _3b\"></span>in base <span class=\"_ _3b\"></span>a fa<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tori <span class=\"_ _2\"></span>incontrollab<span class=\"_ _2\"></span>ili <span class=\"_ _3b\"></span>quali le <span class=\"_ _3b\"></span>condizioni <span class=\"_ _3b\"></span>me<span class=\"_ _1\"></span>teorologiche. <span class=\"_ _3b\"></span>Lo IASB <span class=\"_ _3b\"></span>ha <span class=\"_ _3b\"></span>apport<span class=\"_ _1\"></span>ato emendamenti mirati ai principi IFRS 9 e <span class=\"_ _1\"></span>IFRS 7. Gli emendamenti includono: o<span class=\"_ _115\"> </span><span class=\"ff4\">un <span class=\"_ _38\"></span>chiarimento <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iguardo <span class=\"_ _38\"></span>all\u2019applicazione <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>quisiti <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>\u201cown <span class=\"_ _0\"></span>us<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>\u201d <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>q<span class=\"_ _2\"></span>uesta <span class=\"_ _38\"></span>tipologia <span class=\"_ _38\"></span>di </span>contratti; o<span class=\"_ _115\"> </span><span class=\"ff4\">dei <span class=\"_ _39\"> </span>crite<span class=\"_ _1\"></span>ri <span class=\"_ _39\"> </span>per <span class=\"_ _3f\"> </span>consentire <span class=\"_ _39\"> </span>la <span class=\"_ _3f\"> </span>contabili<span class=\"_ _2\"></span>zzazione <span class=\"_ _39\"> </span>di <span class=\"_ _3f\"> </span>tali <span class=\"_ _39\"> </span>contratti <span class=\"_ _3f\"> </span>come <span class=\"_ _39\"> </span>strume<span class=\"_ _1\"></span>nti <span class=\"_ _39\"> </span>di </span>copertura; e,<span class=\"_ _3a1\"> </span> o<span class=\"_ _115\"> </span><span class=\"ff4\">dei <span class=\"_ _48\"> </span>nuovi <span class=\"_ _3a\"> </span>re<span class=\"_ _1\"></span>quisiti <span class=\"_ _48\"> </span>di <span class=\"_ _3a\"> </span>informativa <span class=\"_ _48\"> </span>per <span class=\"_ _48\"> </span>consentire <span class=\"_ _3a\"> </span>agli <span class=\"_ _48\"> </span>utilizzatori <span class=\"_ _48\"> </span>del <span class=\"_ _3a\"> </span>bilancio <span class=\"_ _48\"> </span>di </span>compr<span class=\"_ _3a1\"> </span>endere  l'effetto <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>questi  contratti <span class=\"_ _35\"> </span>sulle  performance <span class=\"_ _35\"> </span>finanziarie  e <span class=\"_ _35\"> </span>sui  fl<span class=\"_ _2\"></span>ussi  d<span class=\"_ _2\"></span>i cassa di un\u2019entit\u00e0. La modifica s<span class=\"_ _1\"></span>i applicher\u00e0 <span class=\"_ _1\"></span>dal 1\u00b0 <span class=\"_ _1\"></span>gennaio 2026, ma \u00e8 <span class=\"_ _1\"></span>consentita un\u2019applicazione anticipata. <span class=\"_ _1\"></span>Gli amministratori <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>si<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>attendono <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>eff<span class=\"_ _2\"></span>etto <span class=\"_ _38\"></span>significativo <span class=\"_ _38\"></span>nel <span class=\"_ _0\"></span>bi<span class=\"_ _2\"></span>lancio <span class=\"_ _38\"></span>cons<span class=\"_ _1\"></span>olidato <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>Gruppo dall\u2019adozione di tale principio. <span class=\"_ _42\"> </span><span class=\"ff4\">In <span class=\"_ _35\"> </span>data  9 <span class=\"_ _35\"> </span>aprile  2024 <span class=\"_ _35\"> </span>lo  I<span class=\"_ _2\"></span>ASB  ha <span class=\"_ _35\"> </span>pubblicato <span class=\"_ _35\"> </span>un  nuovo <span class=\"_ _35\"> </span>principi<span class=\"_ _1\"></span>o  I<span class=\"_ _2\"></span>FRS <span class=\"_ _35\"> </span>18<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>Present<span class=\"_ _1\"></span>ation  and<span class=\"_ _3b\"></span> </span>Disclosure <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>Financial <span class=\"_ _0\"></span>Statements <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>sostituir\u00e0 <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>princip<span class=\"_ _2\"></span>io <span class=\"_ _0\"></span>IAS <span class=\"_ _38\"></span>1 <span class=\"_ _0\"></span>Presentation <span class=\"_ _0\"></span>of<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>Financial Statements. <span class=\"_ _1\"></span>Il <span class=\"_ _38\"></span>nuovo <span class=\"_ _1\"></span>principio <span class=\"_ _38\"></span>si <span class=\"_ _38\"></span>pone <span class=\"_ _1\"></span>l\u2019obiett<span class=\"_ _1\"></span>ivo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>migliorar<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>prese<span class=\"_ _1\"></span>ntazione <span class=\"_ _1\"></span>degli <span class=\"_ _1\"></span>sche<span class=\"_ _1\"></span>mi di <span class=\"_ _35\"> </span>bil<span class=\"_ _2\"></span>ancio, <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>particolare <span class=\"_ _0\"></span>riferiment<span class=\"_ _1\"></span>o <span class=\"_ _35\"> </span>allo <span class=\"_ _0\"></span>schema <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>conto <span class=\"_ _0\"></span>economico. <span class=\"_ _35\"> </span>In <span class=\"_ _35\"> </span>pa<span class=\"_ _2\"></span>rticolare, <span class=\"_ _35\"> </span>il nuovo principio richiede di: o<span class=\"_ _115\"> </span><span class=\"ff4\">Classificare <span class=\"_ _3f\"> </span>i <span class=\"_ _3f\"> </span>ricavi <span class=\"_ _3f\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>i <span class=\"_ _3f\"> </span>costi <span class=\"_ _3a\"> </span>in <span class=\"_ _3f\"> </span>tre <span class=\"_ _3f\"> </span>nuove <span class=\"_ _3a\"> </span>categorie <span class=\"_ _3f\"> </span>(sezione <span class=\"_ _3f\"> </span>operativa, <span class=\"_ _3f\"> </span>sezione </span>investimento <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>se<span class=\"_ _1\"></span>zione <span class=\"_ _0\"></span>finanziaria), <span class=\"_ _35\"> </span>oltre <span class=\"_ _0\"></span>alle <span class=\"_ _35\"> </span>categorie<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>imposte <span class=\"_ _0\"></span>e <span class=\"_ _0\"> </span>a<span class=\"_ _1\"></span>ttivit\u00e0 <span class=\"_ _0\"></span>cessate <span class=\"_ _35\"> </span>gi\u00e0 presenti nello schema di conto economico; o<span class=\"_ _115\"> </span><span class=\"ff4\">Presentare <span class=\"_ _1\"></span>due <span class=\"_ _1\"></span>nuovi s<span class=\"_ _1\"></span>ub-totali, <span class=\"_ _1\"></span>il r<span class=\"_ _1\"></span>isultato <span class=\"_ _1\"></span>operativo e <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>risultato <span class=\"_ _1\"></span>prima <span class=\"_ _1\"></span>degli <span class=\"_ _1\"></span>interessi <span class=\"_ _1\"></span>e </span>tasse (i.e. EBIT). Il nuovo principio inoltre: o<span class=\"_ _115\"> </span><span class=\"ff4\">richiede maggiori informazioni sugli indicatori di perfo<span class=\"_ _1\"></span>rmance definiti dal management; </span>o<span class=\"_ _115\"> </span><span class=\"ff4\">introduce nuovi criter<span class=\"_ _1\"></span>i per l'aggregazione e la disaggregazione delle informazioni; e, </span>o<span class=\"_ _115\"> </span><span class=\"ff4\">introduce <span class=\"_ _1\"></span>alcune <span class=\"_ _1\"></span>modifiche <span class=\"_ _1\"></span>allo <span class=\"_ _1\"></span>schema <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>rendiconto <span class=\"_ _1\"></span>finanziario, <span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>richiesta <span class=\"_ _1\"></span>di </span>utilizzare <span class=\"_ _3f\"> </span>il <span class=\"_ _39\"> </span>risultato <span class=\"_ _3f\"> </span>operativo <span class=\"_ _3f\"> </span>come <span class=\"_ _39\"> </span>punto <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>partenza <span class=\"_ _39\"> </span>per <span class=\"_ _3f\"> </span>la <span class=\"_ _39\"> </span>pre<span class=\"_ _1\"></span>sentazione <span class=\"_ _3f\"> </span>del<span class=\"_ _2\"></span> rendiconto  finanziario  predisposto  con  il  m<span class=\"_ _2\"></span>etodo  indiretto  e  l\u2019<span class=\"_ _2\"></span>eliminazione  di  alcune opzioni <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>classificazione d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>alcune<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>voci <span class=\"_ _3b\"></span>at<span class=\"_ _1\"></span>tualmente <span class=\"_ _3b\"></span>esistenti (<span class=\"_ _2\"></span>come <span class=\"_ _3b\"></span>ad <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>sempio <span class=\"_ _3b\"></span>interessi pagati, interessi incassati, dividendi pagati e dividendi incassati). Il  nuovo <span class=\"_ _3d\"> </span>principio <span class=\"_ _3d\"> </span>entr<span class=\"_ _1\"></span>er\u00e0  in <span class=\"_ _3d\"> </span>vigore<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>dal  1\u00b0 <span class=\"_ _3d\"> </span>gennaio <span class=\"_ _3d\"> </span>2027, <span class=\"_ _3d\"> </span>ma <span class=\"_ _3d\"> </span>\u00e8 <span class=\"_ _3d\"> </span>consentita <span class=\"_ _3d\"> </span>un\u2019applicazione anticipata. <span class=\"_ _1\"></span>Gli <span class=\"_ _1\"></span>am<span class=\"_ _1\"></span>ministratori <span class=\"_ _1\"></span>stanno <span class=\"_ _1\"></span>valutando <span class=\"_ _1\"></span>un <span class=\"_ _38\"></span>effetto <span class=\"_ _1\"></span>significativo <span class=\"_ _1\"></span>nel <span class=\"_ _38\"></span>bilancio <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Gruppo dall\u2019adozione di tale emendamento.  <span class=\"_ _42\"> </span><span class=\"ff4\">In <span class=\"_ _1\"></span>data <span class=\"_ _38\"></span>9 <span class=\"_ _1\"></span>maggio <span class=\"_ _1\"></span>2024 <span class=\"_ _1\"></span>lo <span class=\"_ _38\"></span>IASB <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>pubblicato <span class=\"_ _1\"></span>un <span class=\"_ _38\"></span>nuovo <span class=\"_ _1\"></span>principio <span class=\"_ _1\"></span>IFRS <span class=\"_ _1\"></span>19 <span class=\"_ _38\"></span>Subsidiaries <span class=\"_ _1\"></span>without </span>Public <span class=\"_ _35\"> </span>Accountability:  Disclosures. <span class=\"_ _35\"> </span>Il <span class=\"_ _35\"> </span>nuovo  princi<span class=\"_ _2\"></span>pio <span class=\"_ _35\"> </span>intro<span class=\"_ _1\"></span>duce <span class=\"_ _35\"> </span>alcune <span class=\"_ _35\"> </span>semplificazioni  c<span class=\"_ _2\"></span>on riferimento all\u2019<span class=\"_ _2\"></span>informativa richiesta <span class=\"_ _3b\"></span>dagli IFRS <span class=\"_ _3b\"></span>Accounting Standard <span class=\"_ _2\"></span>nel bilan<span class=\"_ _2\"></span>cio di<span class=\"_ _2\"></span> esercizio <span class=\"_ _2\"></span>di una societ\u00e0 controllata, che rispetta i <span class=\"_ _1\"></span>seguenti requisiti: o<span class=\"_ _115\"> </span><span class=\"ff4\">non <span class=\"_ _1\"></span>ha e<span class=\"_ _1\"></span>messo strume<span class=\"_ _1\"></span>nti di <span class=\"_ _1\"></span>capitale <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>di debito <span class=\"_ _1\"></span>quotati <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>un mercato <span class=\"_ _1\"></span>regolamentato <span class=\"_ _1\"></span>e </span>non \u00e8 in procinto di emetterli; o<span class=\"_ _115\"> </span><span class=\"ff4\">la <span class=\"_ _0\"></span>propria <span class=\"_ _35\"> </span>societ\u00e0 <span class=\"_ _0\"></span>controllante<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>predispone <span class=\"_ _35\"> </span>un<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>bilancio <span class=\"_ _35\"> </span>consolidato <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>conformit\u00e0 <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>i </span>principi IFRS. Il  nu<span class=\"_ _2\"></span>ovo  princip<span class=\"_ _2\"></span>io  entrer\u00e0  in<span class=\"_ _3b\"></span>  vigore  dal <span class=\"_ _35\"> </span>1\u00b0  gennaio <span class=\"_ _35\"> </span>2027,  ma<span class=\"_ _2\"></span>  \u00e8 <span class=\"_ _35\"> </span>consentita  un<span class=\"_ _2\"></span>\u2019applicazione anticipata. Tale modifica non ha impatti s<span class=\"_ _1\"></span>ul bilancio consolidato del Gruppo. <span class=\"_ _42\"> </span><span class=\"ff4\">In  data  30  gennaio  2014  lo  IASB  ha  pu<span class=\"_ _2\"></span>bblicato  il  principio </span>IFRS  14  \u2013  Regulatory  Deferral Accounts che conse<span class=\"_ _1\"></span>nte solo <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>coloro <span class=\"_ _1\"></span>che adottano <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>IFRS <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>la prima <span class=\"_ _1\"></span>volta <span class=\"_ _1\"></span>di cont<span class=\"_ _1\"></span>inuare a rilevare  g<span class=\"_ _2\"></span>li <span class=\"_ _35\"> </span>importi  relativi <span class=\"_ _35\"> </span>alle <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _35\"> </span>soggette  a <span class=\"_ _35\"> </span>tariffe <span class=\"_ _35\"> </span>regolamentate  (<span class=\"_ _2\"></span>\u201cRate  Regul<span class=\"_ _2\"></span>ation Activities\u201d) <span class=\"_ _0\"></span>secondo <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>precedenti <span class=\"_ _0\"></span>princip<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>contabili <span class=\"_ _38\"></span>adott<span class=\"_ _1\"></span>ati. <span class=\"_ _0\"></span>No<span class=\"_ _3b\"></span>n <span class=\"_ _0\"></span>essendo <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>G<span class=\"_ _2\"></span>ruppo <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>first-<span class=\"_ _3a1\"> </span>time adopter, tale principio non risulta applicabile.<span class=\"_ _3a1\"> </span>Prospetto delle <span class=\"_ _1\"></span>variazioni del patrimonio <span class=\"_ _1\"></span>netto consolidato Il <span class=\"_ _0\"></span>pro<span class=\"_ _3a1\"> </span>spetto <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>variazioni <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>patrimonio <span class=\"_ _0\"></span>netto <span class=\"_ _0\"></span>consolidato <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>ello <span class=\"_ _0\"></span>previsto <span class=\"_ _0\"> </span>dalla <span class=\"_ _0\"></span>Circolare <span class=\"_ _0\"></span>n. 262/2005, <span class=\"_ _37\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>successivi <span class=\"_ _36\"> </span>aggiornamenti, <span class=\"_ _37\"> </span>della <span class=\"_ _36\"> </span>Banca <span class=\"_ _37\"> </span>d\u2019Italia. <span class=\"_ _37\"> </span>N<span class=\"_ _1\"></span>el <span class=\"_ _37\"> </span>prospetto<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>viene <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>iportata <span class=\"_ _36\"> </span>la<span class=\"_ _3b\"></span> composizione <span class=\"_ _3f\"> </span>e <span class=\"_ _3f\"> </span>la <span class=\"_ _39\"> </span>mo<span class=\"_ _1\"></span>vimentazione <span class=\"_ _3f\"> </span>dei <span class=\"_ _3f\"> </span>conti <span class=\"_ _39\"> </span>di <span class=\"_ _3f\"> </span>patrimonio <span class=\"_ _3f\"> </span>netto <span class=\"_ _3f\"> </span>consolidato <span class=\"_ _3f\"> </span>intervenuta nell\u2019esercizio <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>riferimento <span class=\"_ _1\"></span>ed <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>quello <span class=\"_ _1\"></span>dell\u2019es<span class=\"_ _1\"></span>ercizio <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>cedente, <span class=\"_ _1\"></span>suddivisi <span class=\"_ _1\"></span>tra <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>capitale <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ciale, le  riserve  di  capitale, <span class=\"_ _3d\"> </span>di  utili  e  da <span class=\"_ _3d\"> </span>valutazione  di  att<span class=\"_ _1\"></span>ivit\u00e0  o  passivit\u00e0  di  bilancio  ed <span class=\"_ _3d\"> </span>il  risultato economico. Le azioni proprie<span class=\"_ _1\"></span> in portafoglio sono<span class=\"_ _1\"></span> portate in diminuzione del patrimonio net<span class=\"_ _1\"></span>to. Non sono stati emessi strumenti di capitale diversi dalle <span class=\"_ _1\"></span>azioni ordinarie. Rendiconto fina<span class=\"_ _1\"></span>nziario consolidato Il  Rendiconto  Finanziario  consolid<span class=\"_ _2\"></span>ato  fornisce  informazioni  che  pe<span class=\"_ _2\"></span>rmettono  agli  utilizzatori <span class=\"_ _35\"> </span>di valutare <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>variazioni  nell\u2019attivo <span class=\"_ _3d\"> </span>net<span class=\"_ _1\"></span>to  della <span class=\"_ _3d\"> </span>societ<span class=\"_ _1\"></span>\u00e0,  la <span class=\"_ _3d\"> </span>sua <span class=\"_ _3d\"> </span>struttura <span class=\"_ _3d\"> </span>finanziaria  (compre<span class=\"_ _1\"></span>sa <span class=\"_ _3d\"> </span>la liquidit\u00e0 <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>solvibi<span class=\"_ _2\"></span>lit\u00e0) <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>sua <span class=\"_ _0\"></span>capacit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>influire <span class=\"_ _35\"> </span>sulla <span class=\"_ _35\"> </span>dimensione <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>sulla <span class=\"_ _35\"> </span>tempistica <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>flussi finanziari allo scopo di adeguarsi alle circos<span class=\"_ _1\"></span>tanze e alle opportunit\u00e0.  Lo <span class=\"_ _1\"></span>IAS 7<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>stabilisce <span class=\"_ _1\"></span>che il <span class=\"_ _1\"></span>rendiconto <span class=\"_ _1\"></span>finanziario <span class=\"_ _1\"></span>pu\u00f2 <span class=\"_ _1\"></span>essere <span class=\"_ _1\"></span>redatto <span class=\"_ _1\"></span>seguendo, <span class=\"_ _1\"></span>alternativamente, il<span class=\"_ _1\"></span> \u201cmetodo diretto\u201d o quello \u201cindiretto\u201d. La Banca <span class=\"_ _1\"></span>d'Italia, cos\u00ec <span class=\"_ _1\"></span>come <span class=\"_ _1\"></span>previsto dalle <span class=\"_ _1\"></span>istruzioni della <span class=\"_ _1\"></span>Circolare<span class=\"_ _1\"></span> n.262/05, <span class=\"_ _1\"></span>propone quindi i <span class=\"_ _1\"></span>due alternativi <span class=\"_ _0\"></span>schemi <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>Rendiconto <span class=\"_ _0\"></span>Finanziario <span class=\"_ _35\"> </span>nei <span class=\"_ _0\"></span>quali <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>flussi <span class=\"_ _35\"> </span>correlati <span class=\"_ _0\"></span>all'attivit\u00e0 <span class=\"_ _0\"></span>oper<span class=\"_ _1\"></span>ativa <span class=\"_ _0\"></span>sono esposti con il<span class=\"_ _2\"></span> metodo di<span class=\"_ _2\"></span>retto e <span class=\"_ _2\"></span>il metodo i<span class=\"_ _2\"></span>ndiretto, senza p<span class=\"_ _2\"></span>rivilegiarne uno <span class=\"_ _2\"></span>in particolare, <span class=\"_ _2\"></span>lasciando discrezionalit\u00e0 all'estensore del bilancio. Il <span class=\"_ _35\"> </span>prospet<span class=\"_ _1\"></span>to <span class=\"_ _35\"> </span>dei  flussi <span class=\"_ _35\"> </span>finanziari  i<span class=\"_ _2\"></span>ntervenuti  nel <span class=\"_ _35\"> </span>periodo  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>rife<span class=\"_ _1\"></span>rimento  del <span class=\"_ _35\"> </span>bilancio <span class=\"_ _35\"> </span>ed  i<span class=\"_ _2\"></span>n <span class=\"_ _35\"> </span>quello dell\u2019esercizio precedente \u00e8 <span class=\"_ _3b\"></span>st<span class=\"_ _1\"></span>ato p<span class=\"_ _2\"></span>redisposto seguendo il<span class=\"_ _2\"></span> metodo ind<span class=\"_ _2\"></span>iretto, in base <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>l q<span class=\"_ _2\"></span>uale i <span class=\"_ _2\"></span>flussi derivanti <span class=\"_ _2\"></span>dall\u2019attivit\u00e0 <span class=\"_ _3b\"></span>oper<span class=\"_ _1\"></span>ativa <span class=\"_ _3b\"></span>sono rappr<span class=\"_ _2\"></span>esentati d<span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>isultato <span class=\"_ _3b\"></span>dell\u2019esercizio rettificato <span class=\"_ _3b\"></span>degli <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffetti delle operazioni di natura non monetaria. I flussi fi<span class=\"_ _2\"></span>nanziari sono suddiv<span class=\"_ _2\"></span>isi tra quelli derivanti d<span class=\"_ _2\"></span>all\u2019attivit\u00e0 operativa, qu<span class=\"_ _2\"></span>elli generati dall\u2019attivit\u00e0 di investimento e quelli prodotti dall\u2019attivit\u00e0 di provvista. Nel <span class=\"_ _0\"></span>pro<span class=\"_ _1\"></span>spetto <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>flu<span class=\"_ _2\"></span>ssi <span class=\"_ _0\"></span>gene<span class=\"_ _1\"></span>ratisi <span class=\"_ _0\"></span>nel <span class=\"_ _35\"> </span>corso <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>periodo <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>indicati <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>enza <span class=\"_ _0\"></span>se<span class=\"_ _1\"></span>gno, <span class=\"_ _0\"></span>mentre <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>elli assorbiti sono indicati fra parentesi. Contenuto della No<span class=\"_ _1\"></span>ta integrativa consoli<span class=\"_ _1\"></span>data La <span class=\"_ _1\"></span>Nota <span class=\"_ _1\"></span>integrativa <span class=\"_ _1\"></span>consolidata compre<span class=\"_ _1\"></span>nde <span class=\"_ _1\"></span>le infor<span class=\"_ _1\"></span>mazioni previste dalla <span class=\"_ _1\"></span>Circolare <span class=\"_ _1\"></span>n. <span class=\"_ _1\"></span>262/2005, <span class=\"_ _1\"></span>e successive <span class=\"_ _0\"></span>modifiche <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>integrazioni, <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>Banca <span class=\"_ _0\"></span>d\u2019Italia <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>ulteriori <span class=\"_ _0\"></span>informazioni <span class=\"_ _0\"></span>previste <span class=\"_ _0\"></span>dai principi contabili internazionali.  In conformit\u00e0 a quanto disposto dall\u2019art. 5 del D.Lgs n. 38 del 28 febbraio 2005, il bilancio e la nota integrativa sono redatti in migliaia di euro.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-826": {
   "value": "<div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gse\"><span class=\"_ _42\"> </span><span class=\"ff4\">Continuit\u00e0 <span class=\"_ _38\"></span>aziendale. <span class=\"_ _38\"></span>Gli <span class=\"_ _0\"></span>amministratori <span class=\"_ _38\"></span>hanno <span class=\"_ _38\"></span>considerato <span class=\"_ _38\"></span>appropriato <span class=\"_ _0\"></span>il <span class=\"_ _1\"></span>presupposto <span class=\"_ _38\"></span>della </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf\">continuit\u00e0 <span class=\"_ _1\"></span>aziendale <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>quanto <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>giudizio <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>emerse <span class=\"_ _1\"></span>incertezze <span class=\"_ _1\"></span>legate <span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>eventi <span class=\"_ _1\"></span>o </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10\">circostante <span class=\"_ _35\"> </span>che, <span class=\"_ _35\"> </span>considerati <span class=\"_ _35\"> </span>singolarmente <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>nel <span class=\"_ _35\"> </span>loro <span class=\"_ _35\"> </span>insieme,<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>possano <span class=\"_ _35\"> </span>far <span class=\"_ _35\"> </span>sorgere <span class=\"_ _35\"> </span>dubbi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11\">riguardo  alla  continuit\u00e0  azie<span class=\"_ _1\"></span>ndale.  Conseguentemente  le <span class=\"_ _3d\"> </span>attivit\u00e0,  passivit\u00e0  ed  operazioni </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12\">\u201cfuori <span class=\"_ _1\"></span>bilancio\u201d <span class=\"_ _38\"></span>sono <span class=\"_ _1\"></span>valutate <span class=\"_ _1\"></span>secondo <span class=\"_ _1\"></span>valori <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>funzionamento, <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>quanto <span class=\"_ _1\"></span>destinate <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>durare </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13\">nel tempo. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-827": {
   "value": "<div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsd1\">Rendiconto fina<span class=\"_ _1\"></span>nziario consolidato </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd2\">Il  Rendiconto  Finanziario  consolid<span class=\"_ _2\"></span>ato  fornisce  informazion</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd3\">i  che  pe<span class=\"_ _2\"></span>rmettono  agli  utilizzatori <span class=\"_ _35\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd4\">valutare <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>variazioni  nell\u2019attivo <span class=\"_ _3d\"> </span>net<span class=\"_ _1\"></span>to  della <span class=\"_ _3d\"> </span>societ<span class=\"_ _1\"></span>\u00e0,  la <span class=\"_ _3d\"> </span>sua <span class=\"_ _3d\"> </span>struttura <span class=\"_ _3d\"> </span>finanziaria  (compre<span class=\"_ _1\"></span>sa <span class=\"_ _3d\"> </span>la </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd5\">liquidit\u00e0 <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>solvibi<span class=\"_ _2\"></span>lit\u00e0) <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>sua <span class=\"_ _0\"></span>capacit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>influire <span class=\"_ _35\"> </span>sulla <span class=\"_ _35\"> </span>dimensione <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>sulla <span class=\"_ _35\"> </span>tempistica <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>flussi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd6\">finanziari allo scopo di adeguarsi alle circos<span class=\"_ _1\"></span>tanze e alle opportunit\u00e0.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd7\">Lo <span class=\"_ _1\"></span>IAS 7<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>stabilisce <span class=\"_ _1\"></span>che il <span class=\"_ _1\"></span>rendiconto <span class=\"_ _1\"></span>finanziario <span class=\"_ _1\"></span>pu\u00f2 <span class=\"_ _1\"></span>essere <span class=\"_ _1\"></span>redatto <span class=\"_ _1\"></span>seguendo, <span class=\"_ _1\"></span>alternativamente, il<span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd8\">\u201cmetodo diretto\u201d o quello \u201cindiretto\u201d. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd9\">La Banca <span class=\"_ _1\"></span>d'Italia, cos\u00ec <span class=\"_ _1\"></span>come <span class=\"_ _1\"></span>previsto dalle <span class=\"_ _1\"></span>istruzioni della <span class=\"_ _1\"></span>Circolare<span class=\"_ _1\"></span> n.262/05, <span class=\"_ _1\"></span>propone quindi i <span class=\"_ _1\"></span>due </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsda\">alternativi <span class=\"_ _0\"></span>schemi <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>Rendiconto <span class=\"_ _0\"></span>Finanziario <span class=\"_ _35\"> </span>nei <span class=\"_ _0\"></span>quali <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>flussi <span class=\"_ _35\"> </span>correlati <span class=\"_ _0\"></span>all'attivit\u00e0 <span class=\"_ _0\"></span>oper<span class=\"_ _1\"></span>ativa <span class=\"_ _0\"></span>sono </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdb\">esposti con il<span class=\"_ _2\"></span> metodo di<span class=\"_ _2\"></span>retto e <span class=\"_ _2\"></span>il metodo i<span class=\"_ _2\"></span>ndiretto, senza p<span class=\"_ _2\"></span>rivilegiarne uno <span class=\"_ _2\"></span>in particolare, <span class=\"_ _2\"></span>lasciando </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdc\">discrezionalit\u00e0 all'estensore del bilancio. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdd\">Il <span class=\"_ _35\"> </span>prospet<span class=\"_ _1\"></span>to <span class=\"_ _35\"> </span>dei  flussi <span class=\"_ _35\"> </span>finanziari  i<span class=\"_ _2\"></span>ntervenuti  nel <span class=\"_ _35\"> </span>periodo  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>rife<span class=\"_ _1\"></span>rimento  del <span class=\"_ _35\"> </span>bilancio <span class=\"_ _35\"> </span>ed  i<span class=\"_ _2\"></span>n <span class=\"_ _35\"> </span>quello </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsde\">dell\u2019esercizio precedente \u00e8 <span class=\"_ _3b\"></span>st<span class=\"_ _1\"></span>ato p<span class=\"_ _2\"></span>redisposto seguendo il<span class=\"_ _2\"></span> metodo ind<span class=\"_ _2\"></span>iretto, in base <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>l q<span class=\"_ _2\"></span>uale i <span class=\"_ _2\"></span>flussi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdf\">derivanti <span class=\"_ _2\"></span>dall\u2019attivit\u00e0 <span class=\"_ _3b\"></span>oper<span class=\"_ _1\"></span>ativa <span class=\"_ _3b\"></span>sono rappr<span class=\"_ _2\"></span>esentati d<span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>isultato <span class=\"_ _3b\"></span>dell\u2019esercizio rettificato <span class=\"_ _3b\"></span>degli <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffetti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse0\">delle operazioni di natura non monetaria. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse1\">I flussi fi<span class=\"_ _2\"></span>nanziari sono suddiv<span class=\"_ _2\"></span>isi tra quelli derivanti d<span class=\"_ _2\"></span>all\u2019attivit\u00e0 operativa, qu<span class=\"_ _2\"></span>elli generati dall\u2019attivit\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse2\">di investimento e quelli prodotti dall\u2019attivit\u00e0 di provvista. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse3\">Nel <span class=\"_ _0\"></span>pro<span class=\"_ _1\"></span>spetto <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>flu<span class=\"_ _2\"></span>ssi <span class=\"_ _0\"></span>gene<span class=\"_ _1\"></span>ratisi <span class=\"_ _0\"></span>nel <span class=\"_ _35\"> </span>corso <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>periodo <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>indicati <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>enza <span class=\"_ _0\"></span>se<span class=\"_ _1\"></span>gno, <span class=\"_ _0\"></span>mentre <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>elli </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse4\">assorbiti sono indicati fra parentesi. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gse5\">Contenuto della No<span class=\"_ _1\"></span>ta integrativa consoli<span class=\"_ _1\"></span>data </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse6\">La <span class=\"_ _1\"></span>Nota <span class=\"_ _1\"></span>integrativa <span class=\"_ _1\"></span>consolidata compre<span class=\"_ _1\"></span>nde <span class=\"_ _1\"></span>le infor<span class=\"_ _1\"></span>mazioni </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse7\">previste dalla <span class=\"_ _1\"></span>Circolare <span class=\"_ _1\"></span>n. <span class=\"_ _1\"></span>262/2005, <span class=\"_ _1\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse8\">successive <span class=\"_ _0\"></span>modifiche <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>integrazioni, <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>Banca <span class=\"_ _0\"></span>d\u2019Italia <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>ulteriori <span class=\"_ _0\"></span>informazioni <span class=\"_ _0\"></span>previste <span class=\"_ _0\"></span>dai </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse9\">principi contabili internazionali.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsea\">In conformit\u00e0 a quanto disposto dall\u2019art. 5 del D.Lgs n. 38 del 28 febbraio 2005, il bilancio e la nota </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gseb\">integrativa sono redatti in migliaia di euro. </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-873": {
   "value": "<div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gsed\">Sezione <span class=\"_ _1\"></span>3 - Area e<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gsee\">metodi d<span class=\"_ _1\"></span>i conso<span class=\"_ _1\"></span>lidamen<span class=\"_ _1\"></span>to<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsef\">Il <span class=\"_ _0\"></span>bilancio <span class=\"_ _0\"></span>consolidato <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Gruppo <span class=\"_ _0\"></span>Credem <span class=\"_ _0\"></span>comprende <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>bilancio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Credito <span class=\"_ _0\"></span>Emili<span class=\"_ _2\"></span>ano <span class=\"_ _0\"></span>spa <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>delle<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf0\">societ\u00e0 <span class=\"_ _3d\"> </span>da <span class=\"_ _3d\"> </span>questa  cont<span class=\"_ _1\"></span>rollate,  includendo <span class=\"_ _3d\"> </span>nel  pe<span class=\"_ _1\"></span>rimetro <span class=\"_ _3d\"> </span>di  co<span class=\"_ _1\"></span>nsolidamento <span class=\"_ _3d\"> </span>anche <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>societ\u00e0<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf1\">operanti in settor<span class=\"_ _1\"></span>i di attivit\u00e0 dissimili da quello di ap<span class=\"_ _1\"></span>partenenza della Capogruppo. Analogame<span class=\"_ _1\"></span>nte,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf2\">sono <span class=\"_ _37\"> </span>incluse <span class=\"_ _37\"> </span>anche <span class=\"_ _3d\"> </span>le <span class=\"_ _37\"> </span>societ\u00e0 <span class=\"_ _37\"> </span>veicolo <span class=\"_ _37\"> </span>(SPE/SPV) <span class=\"_ _37\"> </span>quando <span class=\"_ _37\"> </span>ne <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>icorrano <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>requisiti <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>ffettivo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf3\">controllo, anche indipendentemente dall\u2019esistenza di una quota part<span class=\"_ _1\"></span>ecipativa.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf4\">Un\u2019impresa <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>grado <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>esercitare <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>controllo <span class=\"_ _0\"></span>se <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>esposta <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>ha <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>ritto <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>rendimenti <span class=\"_ _35\"> </span>variabili,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf5\">derivanti <span class=\"_ _1\"></span>dal <span class=\"_ _1\"></span>proprio <span class=\"_ _1\"></span>rapporto <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>l\u2019entit\u00e0 <span class=\"_ _1\"></span>oggetto <span class=\"_ _1\"></span>d\u2019investimento <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>, ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>frattempo, <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>capacit\u00e0<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf6\">di incidere su tali rendimenti esercitando il proprio potere su ta<span class=\"_ _1\"></span>le entit\u00e0.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf7\">Specificatamente, un\u2019impresa \u00e8 in grado di eser<span class=\"_ _1\"></span>citare il controllo se, e solo se, ha:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsf8\"><span class=\"_ _42\"> </span><span class=\"ff4\">il potere sull<span class=\"_ _2\"></span>\u2019entit\u00e0 oggetto d\u2019investimento (<span class=\"_ _2\"></span>ovvero detiene valid<span class=\"_ _2\"></span>i diritti che gli<span class=\"_ _2\"></span> conferiscono la<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf9\">capacit\u00e0 attuale di dirigere le attivit\u00e0 rilevanti dell\u2019entit\u00e0 <span class=\"_ _1\"></span>oggetto d\u2019investimento);<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsfa\"><span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019esposizione <span class=\"_ _37\"> </span>o <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>diritti <span class=\"_ _3d\"> </span>a <span class=\"_ _37\"> </span>rendimenti <span class=\"_ _37\"> </span>variabili <span class=\"_ _3d\"> </span>derivanti <span class=\"_ _37\"> </span>dal <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>apporto <span class=\"_ _37\"> </span>con <span class=\"_ _3d\"> </span>l\u2019ent<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _3d\"> </span>oggetto<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsfb\">d\u2019investimento;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsfc\"><span class=\"_ _42\"> </span><span class=\"ff4\">la <span class=\"_ _35\"> </span>capacit\u00e0  di <span class=\"_ _35\"> </span>esercitare  il <span class=\"_ _35\"> </span>proprio <span class=\"_ _35\"> </span>pote<span class=\"_ _1\"></span>re  sul<span class=\"_ _2\"></span>l\u2019entit\u00e0 <span class=\"_ _35\"> </span>oggetto  di <span class=\"_ _35\"> </span>investimento  per <span class=\"_ _35\"> </span>incidere<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsfd\">sull\u2019ammontare dei suoi rendimenti.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsfe\">Sono <span class=\"_ _38\"></span>normalmente <span class=\"_ _38\"></span>considerate <span class=\"_ _38\"></span>controllate <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>imprese <span class=\"_ _38\"></span>nelle <span class=\"_ _38\"></span>quali <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>Capogruppo, <span class=\"_ _38\"></span>diret<span class=\"_ _1\"></span>tamente <span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsff\">indirettamente, <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>iede <span class=\"_ _1\"></span>pi\u00f9 <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>met\u00e0 <span class=\"_ _38\"></span>dei <span class=\"_ _1\"></span>diritti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>voto <span class=\"_ _38\"></span>o <span class=\"_ _1\"></span>quando, <span class=\"_ _1\"></span>pur <span class=\"_ _1\"></span>con <span class=\"_ _38\"></span>una <span class=\"_ _1\"></span>quota <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>diritti <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs100\">voto <span class=\"_ _38\"></span>infer<span class=\"_ _1\"></span>iore, <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>Capogruppo <span class=\"_ _38\"></span>h<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>potere <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>no<span class=\"_ _1\"></span>minare <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>maggioranza <span class=\"_ _38\"></span>degli <span class=\"_ _38\"></span>amministrat<span class=\"_ _1\"></span>ori <span class=\"_ _38\"></span>della<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs101\">partecipata o d<span class=\"_ _2\"></span>i determinare le<span class=\"_ _2\"></span> politiche finanz<span class=\"_ _2\"></span>iarie ed operative <span class=\"_ _3b\"></span>della stessa. Nella valu<span class=\"_ _2\"></span>tazione dei<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs102\">diritti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>voto <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>tiene <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>anche <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>diritti <span class=\"_ _38\"></span>\u201cpotenziali\u201d <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>siano <span class=\"_ _0\"></span>corre<span class=\"_ _1\"></span>ntemente <span class=\"_ _0\"></span>esercitabili <span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs103\">convertibili in diritti di voto effettivi in qualsiasi moment<span class=\"_ _1\"></span>o.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs105\">Sono <span class=\"_ _38\"></span>considerate <span class=\"_ _38\"></span>controllate <span class=\"_ _1\"></span>congiuntamente <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>imprese <span class=\"_ _1\"></span>nelle <span class=\"_ _38\"></span>quali <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>diritti <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>voto <span class=\"_ _1\"></span>ed <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>controllo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs106\">dell\u2019a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs107\">ttivit\u00e0 <span class=\"_ _48\"> </span>e<span class=\"_ _1\"></span>conomica <span class=\"_ _48\"> </span>della <span class=\"_ _17e\"> </span>partecipata <span class=\"_ _17e\"> </span>sono <span class=\"_ _17e\"> </span>condivisi <span class=\"_ _48\"> </span>in <span class=\"_ _48\"> </span>mo<span class=\"_ _1\"></span>do <span class=\"_ _48\"> </span>parite<span class=\"_ _1\"></span>tico <span class=\"_ _48\"> </span>da <span class=\"_ _17e\"> </span>Credem,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs108\">direttamente o indirettamente, e da un altro soggetto. In<span class=\"_ _2\"></span>oltre viene qualificato come sottoposto a<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs109\">controllo congiunto <span class=\"_ _3b\"></span>un investimento pa<span class=\"_ _2\"></span>rtecipativo nel <span class=\"_ _3b\"></span>quale, pur <span class=\"_ _3b\"></span>in assenza di <span class=\"_ _3b\"></span>una quota p<span class=\"_ _2\"></span>aritetica<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10a\">di <span class=\"_ _0\"></span>diritti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>voto, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>controllo <span class=\"_ _0\"></span>sull\u2019attivit\u00e0 <span class=\"_ _0\"></span>economica <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sugli <span class=\"_ _0\"></span>indirizzi <span class=\"_ _0\"></span>strategici <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>partecipata <span class=\"_ _0\"></span>\u00e8<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10b\">condiviso con altri soggetti in virt\u00f9 di accordi contr<span class=\"_ _1\"></span>attuali.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10c\">Sono <span class=\"_ _3d\"> </span>considerate <span class=\"_ _37\"> </span>collegate, <span class=\"_ _3d\"> </span>cio\u00e8 <span class=\"_ _3d\"> </span>sottoposte <span class=\"_ _37\"> </span>ad <span class=\"_ _3d\"> </span>influenza <span class=\"_ _3d\"> </span>notevole, <span class=\"_ _3d\"> </span>le <span class=\"_ _37\"> </span>imprese <span class=\"_ _3d\"> </span>nelle <span class=\"_ _3d\"> </span>quali <span class=\"_ _3d\"> </span>la<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10d\">capogruppo, <span class=\"_ _1\"></span>direttamente <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>indirettamente, <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>iede <span class=\"_ _1\"></span>almeno <span class=\"_ _1\"></span>il 20% <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>diritt<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>di vot<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>(ivi inc<span class=\"_ _1\"></span>lusi <span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10e\">diritti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>vot<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>\u201cpotenziali\u201d <span class=\"_ _38\"></span>come <span class=\"_ _0\"></span>sopra <span class=\"_ _0\"></span>definiti) <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>nelle <span class=\"_ _0\"></span>quali <span class=\"_ _38\"></span>\u2013<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>pu<span class=\"_ _2\"></span>r <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>iritti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>voto<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10f\">inferiore <span class=\"_ _3b\"></span>\u2013<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>ha <span class=\"_ _3b\"></span>il <span class=\"_ _3b\"></span>potere<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>partecipare<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>alla <span class=\"_ _3b\"></span>determinazione <span class=\"_ _2\"></span>delle <span class=\"_ _3b\"></span>politiche <span class=\"_ _3b\"></span>finanziarie <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>gestionali <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lla<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs110\">partecipata in virt\u00f9 di particolari legami giuridici quali la parte<span class=\"_ _1\"></span>cipazione a patti di sindacato.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs111\">Le <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>ntrollate son<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>consolidate con <span class=\"_ _3b\"></span>il <span class=\"_ _3b\"></span>me<span class=\"_ _1\"></span>todo int<span class=\"_ _2\"></span>egrale, <span class=\"_ _3b\"></span>m<span class=\"_ _1\"></span>entre le <span class=\"_ _3b\"></span>interessenze no<span class=\"_ _3b\"></span>n<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs112\">di controllo e di joint venture sono consolidate in base <span class=\"_ _1\"></span>al metodo del patrimonio netto.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs113\">Criteri e principi d<span class=\"_ _1\"></span>i consolidamento<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs114\">I criteri adottati per la redazione del bilancio consolida<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs115\">to sono <span class=\"_ _1\"></span>i seguenti:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs116\"><span class=\"_ _42\"> </span><span class=\"ff4\">i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> oc<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> de<span class=\"_ _38\"></span>l p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>,<span class=\"_ _38\"></span> il<span class=\"_ _1\"></span> va<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> ca<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> so<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs117\">c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>\u00e8<span class=\"_ _38\"></span> <span class=\"_ _37\"> </span>a<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>a<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>f<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _36\"> </span>de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs118\">s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>.<span class=\"_ _1\"></span>  La<span class=\"_ _1\"></span>  co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>zz<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>  a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>  s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>a<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>v<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  in<span class=\"_ _1\"></span>  ba<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  al<span class=\"_ _1\"></span>  \u201cm<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs119\">d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>\u201d<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>co<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>de<span class=\"_ _38\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>it<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>IF<span class=\"_ _38\"></span>R<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>3<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>o<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>co<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>le<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>di<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>at<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _38\"></span>, <span class=\"_ _35\"> </span>pa<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>e<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11a\">p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>po<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>ia<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>ac<span class=\"_ _1\"></span>q<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>f<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>da<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>\u00e8<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11b\">d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>in<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>cu<span class=\"_ _38\"></span>i <span class=\"_ _35\"> </span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>ie<span class=\"_ _38\"></span>ne<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>l<span class=\"_ _1\"></span>\u2019e<span class=\"_ _38\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>co<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>P<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>i<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11c\">r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> u<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> ne<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span> co<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span> pe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> di<span class=\"_ _1\"></span> r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> so<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11d\">i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>us<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>b<span class=\"_ _1\"></span>il<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>co<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>da<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>da<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>la<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>la<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>s<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ac<span class=\"_ _38\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>Pa<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>im<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11e\">r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ec<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>un<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>so<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>bi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>f<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11f\">a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>\u00e8<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>;<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs120\"><span class=\"_ _42\"> </span><span class=\"ff4\">l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>e<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>i  e<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>ze<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>  fa<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>  va<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>ue<span class=\"_ _38\"></span>  de<span class=\"_ _1\"></span>l  pr<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>  pa<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>  ri<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>  al<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  co<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs121\">f<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>pa<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>io<span class=\"_ _38\"></span> <span class=\"_ _36\"> </span>ne<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>ua<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>co<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>f<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>ue<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>le<span class=\"_ _38\"></span> <span class=\"_ _37\"> </span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>o<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs122\">p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>po<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>, <span class=\"_ _0\"></span>se<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>po<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>ve<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>qu<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>av<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>vo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs123\">\u201c<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>\u201d<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>;<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs124\"><span class=\"_ _42\"> </span><span class=\"ff4\">p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span> e<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>\u2019a<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs125\">c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>, <span class=\"_ _3f\"> </span>d<span class=\"_ _1\"></span>is<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>pl<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>s<span class=\"_ _1\"></span>pe<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>f<span class=\"_ _38\"></span>ic<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>da<span class=\"_ _38\"></span>l <span class=\"_ _3f\"> </span>pr<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>I<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>7<span class=\"_ _38\"></span>, <span class=\"_ _3f\"> </span>le<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>e<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs126\">d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _3d\"> </span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>o<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>ve<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>  s<span class=\"_ _38\"></span>o<span class=\"_ _38\"></span>pr<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _3d\"> </span>de<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>c<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>ve<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>a<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _3d\"> </span>a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs127\">s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>im<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>;<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs128\"><span class=\"_ _42\"> </span><span class=\"ff4\">a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>(<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>ch<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>vi<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>si<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>e<span class=\"_ _1\"></span>vi<span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>di<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>va<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>)<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>v<span class=\"_ _1\"></span>ie<span class=\"_ _38\"></span>ne<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs129\">v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>if<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>  va<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>  de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>v<span class=\"_ _38\"></span>ia<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>  (<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>  im<span class=\"_ _1\"></span>p<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>  te<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>)<span class=\"_ _38\"></span>.  A<span class=\"_ _1\"></span>  ta<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>  fi<span class=\"_ _38\"></span>ne<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12a\">v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>i<span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>f<span class=\"_ _38\"></span>ic<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _38\"></span>un<span class=\"_ _38\"></span>it<span class=\"_ _38\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>ge<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>di<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>f<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>us<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>nz<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>c<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>l<span class=\"_ _1\"></span>\u2019a<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>.<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12b\">L<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _3a\"> </span>d<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>v<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>\u00e8 <span class=\"_ _48\"> </span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>da<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>\u2019e<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>di<span class=\"_ _1\"></span>f<span class=\"_ _38\"></span>fe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12c\">n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>t<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>il<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>va<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>di<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>is<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>io<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>vi<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>e<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>i<span class=\"_ _38\"></span>l <span class=\"_ _3f\"> </span>s<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>va<span class=\"_ _38\"></span>lo<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>pe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>le<span class=\"_ _38\"></span>,<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12d\">d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>fa<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>at<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>ce<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>f<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>,<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12e\">a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>  n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>  d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>  e<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>co<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>  d<span class=\"_ _38\"></span>i <span class=\"_ _3d\"> </span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>  e<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>  r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>  v<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  d<span class=\"_ _38\"></span>\u2019<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>  L<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>  c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12f\">r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>if<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>co<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>;<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs130\"><span class=\"_ _42\"> </span><span class=\"ff4\">g<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span> <span class=\"_ _3d\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>no<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>v<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>gr<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _3d\"> </span>a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>is<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs131\">\u201c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>\u201d<span class=\"_ _38\"></span>;<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs132\"><span class=\"_ _42\"> </span><span class=\"ff4\">l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>ie<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>nc<span class=\"_ _38\"></span>h<span class=\"_ _1\"></span>\u00e9<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>ne<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs133\">e<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> i p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> e l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> pe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> or<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>in<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> tr<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> so<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs134\">i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>;<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs135\"><span class=\"_ _42\"> </span><span class=\"ff4\">l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>q<span class=\"_ _1\"></span>uo<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>io<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>le<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>di<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>ne<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>\u201c<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>\u201d<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs136\">s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>\u00e0<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> i<span class=\"_ _38\"></span>nc<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>p<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>pe<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>va<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>, <span class=\"_ _1\"></span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs137\">p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>l <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>no<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>;<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs138\"><span class=\"_ _42\"> </span><span class=\"ff4\">p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>co<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>so<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>do<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>so<span class=\"_ _38\"></span>no<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>bi<span class=\"_ _38\"></span>la<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs139\">p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>a<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>pr<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>so<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>ie<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>e<span class=\"_ _38\"></span>ve<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>ua<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"> </span>r<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _38\"></span>i <span class=\"_ _35\"> </span>pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13a\">c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>na<span class=\"_ _38\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>li<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>it<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>pr<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>po<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>;<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs13b\"><span class=\"_ _42\"> </span><span class=\"ff4\">i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>  va<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  d<span class=\"_ _1\"></span>i  l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>  de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>ip<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>r<span class=\"_ _38\"></span>il<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>  de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>ut<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>  dal<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  ca<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>,  o  da<span class=\"_ _1\"></span>  al<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13c\">s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>at<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>\u00e8<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13d\">r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _3f\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>pe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>q<span class=\"_ _1\"></span>uo<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>io<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>pa<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>pa<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>.<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>L<span class=\"_ _1\"></span>\u2019e<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13e\">e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>pr<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>ga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _3f\"> </span>r<span class=\"_ _1\"></span>is<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>d<span class=\"_ _1\"></span>i <span class=\"_ _3f\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13f\">a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>l\u2019<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>f<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>va<span class=\"_ _38\"></span>lu<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>ll<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _38\"></span>, <span class=\"_ _35\"> </span>pa<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>pa<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _38\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>po<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"> </span>\u2013<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>\u00e8<span class=\"_ _3a1\"> </span></div>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>us<span class=\"_ _38\"></span>a <span class=\"_ _3d\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>va<span class=\"_ _38\"></span>lo<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  d<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>  L<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>va<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>i <span class=\"_ _3d\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _45\"> </span>v<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>lo<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>ni<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>v<span class=\"_ _3a1\"> </span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>ne<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>li<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>su<span class=\"_ _38\"></span>cc<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _38\"></span>i <span class=\"_ _35\"> </span>a<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>qu<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>di<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>pr<span class=\"_ _38\"></span>im<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>so<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>is<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>vo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> 2<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> co<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> (<span class=\"_ _1\"></span>\u201c<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> (<span class=\"_ _1\"></span>pe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>)<span class=\"_ _38\"></span> de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>le<span class=\"_ _38\"></span> p<span class=\"_ _1\"></span>ar<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>i\u201d<span class=\"_ _38\"></span>)<span class=\"_ _1\"></span> ne<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>a i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>va<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>io<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>it<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>;<span class=\"_ _1\"></span> <span class=\"_ _42\"> </span><span class=\"ff4\">s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> e<span class=\"_ _38\"></span>vi<span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> u<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> pa<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> u<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>uz<span class=\"_ _38\"></span>io<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>  si<span class=\"_ _1\"></span>  pr<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>  a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  st<span class=\"_ _38\"></span>im<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>  de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>  va<span class=\"_ _38\"></span>lo<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  re<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>pe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>le<span class=\"_ _38\"></span>  de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>ci<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>ne<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>,<span class=\"_ _3a1\"> </span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>f<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>ne<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>\u00e0<span class=\"_ _3a1\"> </span>g<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>v<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>ne<span class=\"_ _38\"></span>  f<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>Q<span class=\"_ _38\"></span>ua<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>v<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>b<span class=\"_ _38\"></span>il<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>  v<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>\u00e8<span class=\"_ _1\"></span>  r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>va<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>  n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _3a1\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>no<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>ci<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>le<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>ut<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>iz<span class=\"_ _38\"></span>za<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>ve<span class=\"_ _3a1\"> </span></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>po<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>ge<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>bi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>C<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>;<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _3a1\"> </span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>nc<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>no<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>de<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>b<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>(<span class=\"_ _38\"></span>ge<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>ll<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>20<span class=\"_ _38\"></span>2<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>)<span class=\"_ _1\"></span>.<span class=\"_ _3a1\"> </span>Partecipazioni <span class=\"_ _1\"></span>in societ\u00e0 controllate in via e<span class=\"_ _1\"></span>sclusiva e collegat<span class=\"_ _1\"></span>e (consolidate con <span class=\"_ _1\"></span>il metodo del patrimonio <span class=\"_ _1\"></span>netto) <table class=\"s w618 h1e9\" id=\"_59cc5b73-f713-48d3-9c90-6b115e284138\"><tr><td class=\"c n x5ed y546a w619 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Denominazioni impre<span class=\"_ _2\"></span>se<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5ee y546a w61a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Sede<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x5ef h12 y546b ff4 fs7 fc1 sc0 ls0 ws0\">Tipo di </td><td></td><td class=\"t m2 x5f0 h12 y546c ff4 fs7 fc1 sc0 ls0 ws0\">Rapporto di partecip<span class=\"_ _2\"></span>azione </td><td class=\"t m2 x5f1 h8e y546d ff4 fs18 fc1 sc0 ls0 ws0\">Disponibilit\u00e0 </td></tr><tr><td></td><td></td><td class=\"t m2 x5f2 h12 y546e ff4 fs7 fc1 sc0 ls0 ws0\">rapporto<span class=\"_ _3a1\"> </span></td><td class=\"c n x5f3 y546f w61b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Impresa partecipante<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5f4 y546f w61c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Quota %</div></td><td class=\"t m2 x5f5 h8e y5470 ff4 fs18 fc1 sc0 ls0 ws0\">voti % </td></tr><tr><td class=\"t m2 x5f6 h12 y5471 ff4 fs7 fc1 sc0 ls0 ws0\">A. Imprese </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x5f6 h12 y5472 ff4 fs7 fc1 sc0 ls0 ws0\">A. 1 Consolidate integ<span class=\"_ _2\"></span>ralmente </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x5f7 y5473 w61d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Credemleasing spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5f8 y5473 w61e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5f9 y5473 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5fa y5473 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5fb y5473 w621 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">99,90%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x5fc h12 y5474 ff4 fs7 fc1 sc0 ls0 ws0\">Magazzini Generali  </td><td class=\"t m2 x5fd h12 y5475 ff4 fs7 fc1 sc0 ls0 ws0\">0,10% </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x5fe h12 y5476 ff4 fs7 fc1 sc0 ls0 ws0\" colspan=\"2\">delle Tagliate </td><td></td></tr><tr><td class=\"c n x5f7 y5477 w622 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Credemfactor spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5ff y5477 w623 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x600 y5477 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x601 y5477 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x602 y5477 w624 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">99,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c n x603 y5478 w625 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credemleasing<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x604 y5478 w626 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5479 w627 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Credem Private Equi<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>y SGR spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x605 y5479 w628 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">R<span class=\"_ _1\"></span>eggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x606 y5479 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x607 y5479 w629 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x608 y5479 w62a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">87,50%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x609 h12 y547a ff4 fs7 fc1 sc0 ls0 ws0\">Credem Euromobil<span class=\"_ _2\"></span>iare </td><td class=\"t m2 x60a h12 y547b ff4 fs7 fc1 sc0 ls0 ws0\">12,50% </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x60b h12 y547c ff4 fs7 fc1 sc0 ls0 ws0\" colspan=\"2\">Private Banking<span class=\"_ _2\"></span> </td><td></td></tr><tr><td class=\"t m2 x60c h12 y547d ff4 fs7 fc1 sc0 ls0 ws0\">4. Euromobiliare Asse<span class=\"_ _2\"></span>t Management SGR<span class=\"_ _2\"></span> spa<span class=\"_ _3a1\"> </span></td><td class=\"c n x60d y547e w62b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x60e y547e w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x60f y547e w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x610 y547e w62c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y547f w62d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Euromobiliare Adv<span class=\"_ _2\"></span>isory SIM spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x611 y547f w62b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x612 y547f w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x613 y547f w62e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x614 y547f w62f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5480 w630 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6. Credemtel spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x615 y5480 w623 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x616 y5480 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x60f y5480 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x617 y5480 w62f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5481 w631 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7. Avvera spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x618 y5481 w623 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x619 y5481 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61a y5481 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61b y5481 w62f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5482 w632 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8. Magazzini Generali de<span class=\"_ _3b\"></span>l<span class=\"_ _1\"></span>le Tagliate s<span class=\"_ _2\"></span>pa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61c y5482 w61e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61d y5482 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61e y5482 w62e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61f y5482 w62f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5483 w633 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9.Credem Euromob<span class=\"_ _2\"></span>iliare Private Bank<span class=\"_ _2\"></span>ing spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x620 y5483 w62b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x621 y5483 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x622 y5483 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x623 y5483 w62f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5484 w634 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10. Euromobiliare Fiduc<span class=\"_ _2\"></span>iaria spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x624 y5484 w635 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x625 y5484 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x626 y5484 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x627 y5484 w62c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5485 w636 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11. Credemvita spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x628 y5485 w623 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x629 y5485 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x62a y5485 w629 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x62b y5485 w62c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5486 w637 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12. Credem CB srl<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x62c y5486 w638 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Conegliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x619 y5486 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61a y5486 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x62d y5486 w639 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">70,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x5f6 h12 y5487 ff4 fs7 fc1 sc0 ls0 ws0\">A. 2 Consolidate con <span class=\"_ _2\"></span>il metodo del p<span class=\"_ _2\"></span>atrimonio netto </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x5f7 y5488 w63a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.Credemassicurazio<span class=\"_ _2\"></span>ni spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x62e y5488 w623 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x62f h12 y5489 ff4 fs7 fc1 sc0 ls0 ws0\">4 </td><td class=\"c n x630 y5488 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x631 y5488 w63b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">50,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y548a w63c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. SBC Fin<span class=\"_ _2\"></span>tech Milan 2224 s.r.l.<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x632 y548a w62b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x633 y548a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x634 y548a w63e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C<span class=\"_ _1\"></span>redemtel<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x635 y548a w63f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">40,69%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x636 y548b w640 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Andx<span class=\"_ _2\"></span>or srl<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x637 y548b w641 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Cinisello Balsam<span class=\"_ _3b\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x638 y548b w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x639 y548b w642 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x63a y548b w643 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">40,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y548c w644 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Mynet sr<span class=\"_ _2\"></span>l<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5f8 y548c w645 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Udine<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x63b y548c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x63c y548c w63e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Cr<span class=\"_ _1\"></span>edemtel<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x63d y548c w646 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12,99%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x636 y539f w647 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Flairbit <span class=\"_ _2\"></span>srl<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x63e y539f w648 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Geno<span class=\"_ _1\"></span>va<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x63f y539f w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x640 y539f w63e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C<span class=\"_ _1\"></span>redemtel<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x641 y539f w64a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr></table>Legenda Tipo di rapporto:<span class=\"_ _2\"></span> 1 = mag<span class=\"_ _3a1\"> </span>gioranza de<span class=\"_ _2\"></span>i diritti di voto nell\u2019assemb<span class=\"_ _3b\"></span>l<span class=\"_ _1\"></span>ea ordinaria 4 = altre forme di c<span class=\"_ _2\"></span>ontrollo<span class=\"_ _3a1\"> </span>5 \u2013 Par<span class=\"_ _1\"></span>tecipazion<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>Crite<span class=\"_ _3a1\"> </span>ri di iscrizione Le <span class=\"_ _37\"> </span>par<span class=\"_ _3a1\"> </span>tecipazioni <span class=\"_ _37\"> </span>sono <span class=\"_ _36\"> </span>iscritte <span class=\"_ _37\"> </span>alla <span class=\"_ _37\"> </span>dat<span class=\"_ _1\"></span>a <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>regolamento. <span class=\"_ _37\"> </span>All\u2019atto <span class=\"_ _37\"> </span>della <span class=\"_ _36\"> </span>rilevazione <span class=\"_ _36\"> </span>iniziale <span class=\"_ _37\"> </span>le<span class=\"_ _3a1\"> </span>interessenze <span class=\"_ _3f\"> </span>partecipative <span class=\"_ _39\"> </span>sono <span class=\"_ _3f\"> </span>contabilizz<span class=\"_ _2\"></span>ate <span class=\"_ _3f\"> </span>al <span class=\"_ _39\"> </span>costo, <span class=\"_ _3f\"> </span>comprensivo <span class=\"_ _39\"> </span>dei <span class=\"_ _3f\"> </span>costi <span class=\"_ _39\"> </span>o <span class=\"_ _3f\"> </span>proven<span class=\"_ _2\"></span>ti<span class=\"_ _3a1\"> </span>direttamente attribuibili alla transazione.<span class=\"_ _3a1\"> </span>Criteri di classifi<span class=\"_ _1\"></span>cazione<span class=\"_ _3a1\"> </span>La voce include le interessenze detenute in societ\u00e0 <span class=\"_ _1\"></span>controllate congiuntamente e collegate.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _38\"></span>considerate <span class=\"_ _38\"></span>controllate <span class=\"_ _1\"></span>congiuntamente <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>imprese <span class=\"_ _1\"></span>nelle <span class=\"_ _38\"></span>quali <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>diritti <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>voto <span class=\"_ _1\"></span>ed <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>controllo<span class=\"_ _3a1\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _48\"> </span>econom<span class=\"_ _1\"></span>ica <span class=\"_ _48\"> </span>della <span class=\"_ _48\"> </span>part<span class=\"_ _1\"></span>ecipata <span class=\"_ _48\"> </span>s<span class=\"_ _1\"></span>ono <span class=\"_ _48\"> </span>condivisi <span class=\"_ _48\"> </span>in <span class=\"_ _17e\"> </span>modo <span class=\"_ _17e\"> </span>paritetico <span class=\"_ _17e\"> </span>da <span class=\"_ _48\"> </span>Cr<span class=\"_ _1\"></span>edem,<span class=\"_ _3a1\"> </span>direttamente o indirettamente, e da un altro soggetto. In<span class=\"_ _2\"></span>oltre viene qualificato come sottoposto a<span class=\"_ _3a1\"> </span>controllo congiunto <span class=\"_ _3b\"></span>un investimento pa<span class=\"_ _2\"></span>rtecipativo nel <span class=\"_ _3b\"></span>quale, pur <span class=\"_ _3b\"></span>in assenza di <span class=\"_ _3b\"></span>una quota p<span class=\"_ _2\"></span>aritetica<span class=\"_ _3a1\"> </span>di <span class=\"_ _0\"></span>diritti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>voto, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>controllo <span class=\"_ _0\"></span>sull\u2019attivit\u00e0 <span class=\"_ _0\"></span>economica <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sugli <span class=\"_ _0\"></span>indirizzi <span class=\"_ _0\"></span>strategici <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>partecipata <span class=\"_ _0\"></span>\u00e8<span class=\"_ _3a1\"> </span>condiviso con altri soggetti in virt\u00f9 di accordi contr<span class=\"_ _1\"></span>attuali.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _3d\"> </span>considerate <span class=\"_ _37\"> </span>collegate, <span class=\"_ _3d\"> </span>cio\u00e8 <span class=\"_ _3d\"> </span>sottoposte <span class=\"_ _37\"> </span>ad <span class=\"_ _3d\"> </span>influenza <span class=\"_ _3d\"> </span>notevole, <span class=\"_ _3d\"> </span>le <span class=\"_ _37\"> </span>imprese <span class=\"_ _3d\"> </span>nelle <span class=\"_ _3d\"> </span>quali <span class=\"_ _3d\"> </span>la<span class=\"_ _3a1\"> </span>capogruppo, <span class=\"_ _1\"></span>direttamente <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>indirettamente, <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>iede <span class=\"_ _1\"></span>almeno <span class=\"_ _1\"></span>il 20% <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>diritt<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>di vot<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>(ivi inc<span class=\"_ _1\"></span>lusi <span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>diritti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>voto <span class=\"_ _1\"></span>\u201cpotenziali\u201d) <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>nelle <span class=\"_ _1\"></span>quali <span class=\"_ _1\"></span>\u2013 <span class=\"_ _1\"></span>pur <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>dirit<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>voto <span class=\"_ _1\"></span>inferiore <span class=\"_ _1\"></span>\u2013 <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>potere<span class=\"_ _3a1\"> </span>di <span class=\"_ _1\"></span>partecipare<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>determinazione <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>politiche <span class=\"_ _1\"></span>finanziarie <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>gestionali <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>partecipata <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>virt\u00f9<span class=\"_ _3a1\"> </span>di particolari legami giuridici quali la parte<span class=\"_ _1\"></span>cipazione a patti di sindacato.<span class=\"_ _3a1\"> </span>Non <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>considerate <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ottoposte <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>d <span class=\"_ _3b\"></span>influenza n<span class=\"_ _2\"></span>otevole alc<span class=\"_ _2\"></span>une <span class=\"_ _2\"></span>interessenze <span class=\"_ _2\"></span>superiori <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>20%, nell<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span>quali, <span class=\"_ _1\"></span>dirett<span class=\"_ _1\"></span>amente <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>indirettamente, <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>Gruppo <span class=\"_ _1\"></span>detiene <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>sclusivamente <span class=\"_ _1\"></span>diritt<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>patrimoniali <span class=\"_ _1\"></span>su <span class=\"_ _38\"></span>una<span class=\"_ _3a1\"> </span>porzione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>frutti <span class=\"_ _38\"></span>degli <span class=\"_ _0\"></span>investimenti, <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>ha <span class=\"_ _38\"></span>accesso <span class=\"_ _0\"></span>alle <span class=\"_ _0\"></span>politic<span class=\"_ _2\"></span>he <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>pu\u00f2 <span class=\"_ _0\"></span>esercitare<span class=\"_ _3a1\"> </span>diritti di governance limitati alla tutela degli interessi patrimoniali.<span class=\"_ _3a1\"> </span>Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span>Le <span class=\"_ _38\"></span>partecipazioni <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>societ\u00e0 <span class=\"_ _38\"></span>collegate<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>rollate <span class=\"_ _38\"></span>congi<span class=\"_ _3a1\"> </span>untamente <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>valutate<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>meto<span class=\"_ _1\"></span>do<span class=\"_ _3a1\"> </span>del patrimonio netto.<span class=\"_ _3a1\"> </span>Se  esistono  evidenze  che  il  valore  di  una  p<span class=\"_ _2\"></span>artecipazione  possa  aver  subito  una  riduzione,  si<span class=\"_ _3a1\"> </span>procede <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>tima <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>valore <span class=\"_ _38\"></span>recuperabile <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>par<span class=\"_ _1\"></span>tecipazione <span class=\"_ _38\"></span>stessa, <span class=\"_ _38\"></span>tene<span class=\"_ _1\"></span>ndo <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>valore<span class=\"_ _3a1\"> </span>attuale <span class=\"_ _36\"> </span>dei <span class=\"_ _36\"> </span>flussi <span class=\"_ _36\"> </span>finanziari <span class=\"_ _37\"> </span>futuri <span class=\"_ _36\"> </span>che <span class=\"_ _36\"> </span>la <span class=\"_ _36\"> </span>partecipazione <span class=\"_ _36\"> </span>potr\u00e0 <span class=\"_ _36\"> </span>generare, <span class=\"_ _36\"> </span>incluso <span class=\"_ _36\"> </span>il <span class=\"_ _36\"> </span>valore <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span>dismissione finale dell\u2019investimento.<span class=\"_ _3a1\"> </span>Qualora <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>recupero<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>risulti <span class=\"_ _0\"></span>inf<span class=\"_ _2\"></span>eriore<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>contabile, <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>relativa <span class=\"_ _38\"></span>differenza <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>rilevat<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>a<span class=\"_ _3a1\"> </span>conto e<span class=\"_ _3a1\"> </span>conomico.<span class=\"_ _3a1\"> </span>Qualora <span class=\"_ _3f\"> </span>i <span class=\"_ _39\"> </span>motivi <span class=\"_ _3f\"> </span>della <span class=\"_ _39\"> </span>perdita <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>valore <span class=\"_ _39\"> </span>s<span class=\"_ _1\"></span>iano <span class=\"_ _39\"> </span>rimossi <span class=\"_ _3f\"> </span>a <span class=\"_ _3f\"> </span>segu<span class=\"_ _2\"></span>ito <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>un <span class=\"_ _3f\"> </span>evento <span class=\"_ _3f\"> </span>verificatosi<span class=\"_ _3a1\"> </span>successivamente alla <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevazione della <span class=\"_ _3b\"></span>riduzione di <span class=\"_ _3b\"></span>valore<span class=\"_ _1\"></span>, vengono <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffettuate riprese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore co<span class=\"_ _2\"></span>n<span class=\"_ _3a1\"> </span>imputazione <span class=\"_ _36\"> </span>a <span class=\"_ _36\"> </span>cont<span class=\"_ _1\"></span>o <span class=\"_ _36\"> </span>econom<span class=\"_ _1\"></span>ico <span class=\"_ _36\"> </span>che <span class=\"_ _36\"> </span>non <span class=\"_ _36\"> </span>poss<span class=\"_ _1\"></span>ono <span class=\"_ _36\"> </span>eccedere <span class=\"_ _39\"> </span>l\u2019ammontare <span class=\"_ _36\"> </span>delle <span class=\"_ _36\"> </span>perdite<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>da<span class=\"_ _3a1\"> </span>impairment in precedenza registrate.<span class=\"_ _3a1\"> </span>Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span>Le  partecipazioni<span class=\"_ _2\"></span>  vengono  can<span class=\"_ _2\"></span>cellate  quando <span class=\"_ _35\"> </span>scadono  i  d<span class=\"_ _2\"></span>irit<span class=\"_ _3a1\"> </span>ti  c<span class=\"_ _2\"></span>ontrattuali  sui  f<span class=\"_ _2\"></span>lussi  finanziar<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span>derivati <span class=\"_ _49\"> </span>dalle <span class=\"_ _43\"> </span>attivit\u00e0 <span class=\"_ _49\"> </span>stesse <span class=\"_ _43\"> </span>o <span class=\"_ _49\"> </span>quando <span class=\"_ _43\"> </span>l\u2019attivit\u00e0 <span class=\"_ _49\"> </span>finanziaria <span class=\"_ _49\"> </span>viene <span class=\"_ _43\"> </span>ce<span class=\"_ _1\"></span>duta <span class=\"_ _43\"> </span>trasferendo<span class=\"_ _3a1\"> </span>Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"_ _3a1\"> </span>Le dif<span class=\"_ _2\"></span>ferenze negative <span class=\"_ _3b\"></span>di prima i<span class=\"_ _3b\"></span>scr<span class=\"_ _1\"></span>izione, gl<span class=\"_ _2\"></span>i util<span class=\"_ _2\"></span>i e <span class=\"_ _2\"></span>le<span class=\"_ _3a1\"> </span> perdite <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lle par<span class=\"_ _2\"></span>tecipate realizzate, <span class=\"_ _3b\"></span>le perdite<span class=\"_ _3a1\"> </span> da i<span class=\"_ _2\"></span>mpairment e le <span class=\"_ _3b\"></span>riprese di v<span class=\"_ _2\"></span>alore<span class=\"_ _1\"></span> vengono <span class=\"_ _3b\"></span>allocate nella v<span class=\"_ _2\"></span>oce d<span class=\"_ _2\"></span>i conto <span class=\"_ _2\"></span>economico \u201cUtili <span class=\"_ _2\"></span>(Perdite)<span class=\"_ _3a1\"> </span> delle partecipazioni\u201d, mentre i <span class=\"_ _2\"></span>divi<span class=\"_ _2\"></span>dendi incassati vengono allocati <span class=\"_ _2\"></span>nella voce \u201c<span class=\"_ _2\"></span>Dividendi e proventi<span class=\"_ _3a1\"> </span> simili\u201d nel momento in cui sorge il diritto a riceverne <span class=\"_ _1\"></span>il pagamento.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-846": {
   "value": "Sezione <span class=\"_ _1\"></span>3 - Area e<span class=\"_ _3a1\"> </span>metodi d<span class=\"_ _1\"></span>i conso<span class=\"_ _1\"></span>lidamen<span class=\"_ _1\"></span>to<span class=\"_ _3a1\"> </span>Il <span class=\"_ _0\"></span>bilancio <span class=\"_ _0\"></span>consolidato <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Gruppo <span class=\"_ _0\"></span>Credem <span class=\"_ _0\"></span>comprende <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>bilancio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Credito <span class=\"_ _0\"></span>Emili<span class=\"_ _2\"></span>ano <span class=\"_ _0\"></span>spa <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>delle<span class=\"_ _3a1\"> </span>societ\u00e0 <span class=\"_ _3d\"> </span>da <span class=\"_ _3d\"> </span>questa  cont<span class=\"_ _1\"></span>rollate,  includendo <span class=\"_ _3d\"> </span>nel  pe<span class=\"_ _1\"></span>rimetro <span class=\"_ _3d\"> </span>di  co<span class=\"_ _1\"></span>nsolidamento <span class=\"_ _3d\"> </span>anche <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>societ\u00e0<span class=\"_ _3a1\"> </span>operanti in settor<span class=\"_ _1\"></span>i di attivit\u00e0 dissimili da quello di ap<span class=\"_ _1\"></span>partenenza della Capogruppo. Analogame<span class=\"_ _1\"></span>nte,<span class=\"_ _3a1\"> </span>sono <span class=\"_ _37\"> </span>incluse <span class=\"_ _37\"> </span>anche <span class=\"_ _3d\"> </span>le <span class=\"_ _37\"> </span>societ\u00e0 <span class=\"_ _37\"> </span>veicolo <span class=\"_ _37\"> </span>(SPE/SPV) <span class=\"_ _37\"> </span>quando <span class=\"_ _37\"> </span>ne <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>icorrano <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>requisiti <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>ffettivo<span class=\"_ _3a1\"> </span>controllo, anche indipendentemente dall\u2019esistenza di una quota part<span class=\"_ _1\"></span>ecipativa.<span class=\"_ _3a1\"> </span>Un\u2019impresa <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>grado <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>esercitare <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>controllo <span class=\"_ _0\"></span>se <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>esposta <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>ha <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>ritto <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>rendimenti <span class=\"_ _35\"> </span>variabili,<span class=\"_ _3a1\"> </span>derivanti <span class=\"_ _1\"></span>dal <span class=\"_ _1\"></span>proprio <span class=\"_ _1\"></span>rapporto <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>l\u2019entit\u00e0 <span class=\"_ _1\"></span>oggetto <span class=\"_ _1\"></span>d\u2019investimento <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>, ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>frattempo, <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>capacit\u00e0<span class=\"_ _3a1\"> </span>di incidere su tali rendimenti esercitando il proprio potere su ta<span class=\"_ _1\"></span>le entit\u00e0.<span class=\"_ _3a1\"> </span>Specificatamente, un\u2019impresa \u00e8 in grado di eser<span class=\"_ _1\"></span>citare il controllo se, e solo se, ha:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">il potere sull<span class=\"_ _2\"></span>\u2019entit\u00e0 oggetto d\u2019investimento (<span class=\"_ _2\"></span>ovvero detiene valid<span class=\"_ _2\"></span>i diritti che gli<span class=\"_ _2\"></span> conferiscono la<span class=\"_ _3a1\"> </span></span>capacit\u00e0 attuale di dirigere le attivit\u00e0 rilevanti dell\u2019entit\u00e0 <span class=\"_ _1\"></span>oggetto d\u2019investimento);<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019esposizione <span class=\"_ _37\"> </span>o <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>diritti <span class=\"_ _3d\"> </span>a <span class=\"_ _37\"> </span>rendimenti <span class=\"_ _37\"> </span>variabili <span class=\"_ _3d\"> </span>derivanti <span class=\"_ _37\"> </span>dal <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>apporto <span class=\"_ _37\"> </span>con <span class=\"_ _3d\"> </span>l\u2019ent<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _3d\"> </span>oggetto<span class=\"_ _3a1\"> </span></span>d\u2019investimento;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">la <span class=\"_ _35\"> </span>capacit\u00e0  di <span class=\"_ _35\"> </span>esercitare  il <span class=\"_ _35\"> </span>proprio <span class=\"_ _35\"> </span>pote<span class=\"_ _1\"></span>re  sul<span class=\"_ _2\"></span>l\u2019entit\u00e0 <span class=\"_ _35\"> </span>oggetto  di <span class=\"_ _35\"> </span>investimento  per <span class=\"_ _35\"> </span>incidere<span class=\"_ _3a1\"> </span></span>sull\u2019ammontare dei suoi rendimenti.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _38\"></span>normalmente <span class=\"_ _38\"></span>considerate <span class=\"_ _38\"></span>controllate <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>imprese <span class=\"_ _38\"></span>nelle <span class=\"_ _38\"></span>quali <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>Capogruppo, <span class=\"_ _38\"></span>diret<span class=\"_ _1\"></span>tamente <span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span>indirettamente, <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>iede <span class=\"_ _1\"></span>pi\u00f9 <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>met\u00e0 <span class=\"_ _38\"></span>dei <span class=\"_ _1\"></span>diritti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>voto <span class=\"_ _38\"></span>o <span class=\"_ _1\"></span>quando, <span class=\"_ _1\"></span>pur <span class=\"_ _1\"></span>con <span class=\"_ _38\"></span>una <span class=\"_ _1\"></span>quota <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>diritti <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span>voto <span class=\"_ _38\"></span>infer<span class=\"_ _1\"></span>iore, <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>Capogruppo <span class=\"_ _38\"></span>h<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>potere <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>no<span class=\"_ _1\"></span>minare <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>maggioranza <span class=\"_ _38\"></span>degli <span class=\"_ _38\"></span>amministrat<span class=\"_ _1\"></span>ori <span class=\"_ _38\"></span>della<span class=\"_ _3a1\"> </span>partecipata o d<span class=\"_ _2\"></span>i determinare le<span class=\"_ _2\"></span> politiche finanz<span class=\"_ _2\"></span>iarie ed operative <span class=\"_ _3b\"></span>della stessa. Nella valu<span class=\"_ _2\"></span>tazione dei<span class=\"_ _3a1\"> </span>diritti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>voto <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>tiene <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>anche <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>diritti <span class=\"_ _38\"></span>\u201cpotenziali\u201d <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>siano <span class=\"_ _0\"></span>corre<span class=\"_ _1\"></span>ntemente <span class=\"_ _0\"></span>esercitabili <span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span>convertibili in diritti di voto effettivi in qualsiasi moment<span class=\"_ _1\"></span>o.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _38\"></span>considerate <span class=\"_ _38\"></span>controllate <span class=\"_ _1\"></span>congiuntamente <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>imprese <span class=\"_ _1\"></span>nelle <span class=\"_ _38\"></span>quali <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>diritti <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>voto <span class=\"_ _1\"></span>ed <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>controllo<span class=\"_ _3a1\"> </span>dell\u2019a<span class=\"_ _3a1\"> </span>ttivit\u00e0 <span class=\"_ _48\"> </span>e<span class=\"_ _1\"></span>conomica <span class=\"_ _48\"> </span>della <span class=\"_ _17e\"> </span>partecipata <span class=\"_ _17e\"> </span>sono <span class=\"_ _17e\"> </span>condivisi <span class=\"_ _48\"> </span>in <span class=\"_ _48\"> </span>mo<span class=\"_ _1\"></span>do <span class=\"_ _48\"> </span>parite<span class=\"_ _1\"></span>tico <span class=\"_ _48\"> </span>da <span class=\"_ _17e\"> </span>Credem,<span class=\"_ _3a1\"> </span>direttamente o indirettamente, e da un altro soggetto. In<span class=\"_ _2\"></span>oltre viene qualificato come sottoposto a<span class=\"_ _3a1\"> </span>controllo congiunto <span class=\"_ _3b\"></span>un investimento pa<span class=\"_ _2\"></span>rtecipativo nel <span class=\"_ _3b\"></span>quale, pur <span class=\"_ _3b\"></span>in assenza di <span class=\"_ _3b\"></span>una quota p<span class=\"_ _2\"></span>aritetica<span class=\"_ _3a1\"> </span>di <span class=\"_ _0\"></span>diritti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>voto, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>controllo <span class=\"_ _0\"></span>sull\u2019attivit\u00e0 <span class=\"_ _0\"></span>economica <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sugli <span class=\"_ _0\"></span>indirizzi <span class=\"_ _0\"></span>strategici <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>partecipata <span class=\"_ _0\"></span>\u00e8<span class=\"_ _3a1\"> </span>condiviso con altri soggetti in virt\u00f9 di accordi contr<span class=\"_ _1\"></span>attuali.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _3d\"> </span>considerate <span class=\"_ _37\"> </span>collegate, <span class=\"_ _3d\"> </span>cio\u00e8 <span class=\"_ _3d\"> </span>sottoposte <span class=\"_ _37\"> </span>ad <span class=\"_ _3d\"> </span>influenza <span class=\"_ _3d\"> </span>notevole, <span class=\"_ _3d\"> </span>le <span class=\"_ _37\"> </span>imprese <span class=\"_ _3d\"> </span>nelle <span class=\"_ _3d\"> </span>quali <span class=\"_ _3d\"> </span>la<span class=\"_ _3a1\"> </span>capogruppo, <span class=\"_ _1\"></span>direttamente <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>indirettamente, <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>iede <span class=\"_ _1\"></span>almeno <span class=\"_ _1\"></span>il 20% <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>diritt<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>di vot<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>(ivi inc<span class=\"_ _1\"></span>lusi <span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>diritti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>vot<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>\u201cpotenziali\u201d <span class=\"_ _38\"></span>come <span class=\"_ _0\"></span>sopra <span class=\"_ _0\"></span>definiti) <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>nelle <span class=\"_ _0\"></span>quali <span class=\"_ _38\"></span>\u2013<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>pu<span class=\"_ _2\"></span>r <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>iritti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>voto<span class=\"_ _3a1\"> </span>inferiore <span class=\"_ _3b\"></span>\u2013<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>ha <span class=\"_ _3b\"></span>il <span class=\"_ _3b\"></span>potere<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>partecipare<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>alla <span class=\"_ _3b\"></span>determinazione <span class=\"_ _2\"></span>delle <span class=\"_ _3b\"></span>politiche <span class=\"_ _3b\"></span>finanziarie <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>gestionali <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lla<span class=\"_ _3a1\"> </span>partecipata in virt\u00f9 di particolari legami giuridici quali la parte<span class=\"_ _1\"></span>cipazione a patti di sindacato. Le <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>ntrollate son<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>consolidate con <span class=\"_ _3b\"></span>il <span class=\"_ _3b\"></span>me<span class=\"_ _1\"></span>todo int<span class=\"_ _2\"></span>egrale, <span class=\"_ _3b\"></span>m<span class=\"_ _1\"></span>entre le <span class=\"_ _3b\"></span>interessenze no<span class=\"_ _3b\"></span>n<span class=\"_ _3a1\"> </span>di controllo e di joint venture sono consolidate in base <span class=\"_ _1\"></span>al metodo del patrimonio netto.<span class=\"_ _3a1\"> </span>Criteri e principi d<span class=\"_ _1\"></span>i consolidamento<span class=\"_ _3a1\"> </span>I criteri adottati per la redazione del bilancio consolida<span class=\"_ _3a1\"> </span>to sono <span class=\"_ _1\"></span>i seguenti:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> oc<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> de<span class=\"_ _38\"></span>l p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>,<span class=\"_ _38\"></span> il<span class=\"_ _1\"></span> va<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> ca<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> so<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _3a1\"> </span></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>\u00e8<span class=\"_ _38\"></span> <span class=\"_ _37\"> </span>a<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>a<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>f<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _36\"> </span>de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _3a1\"> </span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>.<span class=\"_ _1\"></span>  La<span class=\"_ _1\"></span>  co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>zz<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>  a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>  s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>a<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>v<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  in<span class=\"_ _1\"></span>  ba<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  al<span class=\"_ _1\"></span>  \u201cm<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>\u201d<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>co<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>de<span class=\"_ _38\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>it<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>IF<span class=\"_ _38\"></span>R<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>3<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>o<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>co<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>le<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>di<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>at<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _38\"></span>, <span class=\"_ _35\"> </span>pa<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>e<span class=\"_ _3a1\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>po<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>ia<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>ac<span class=\"_ _1\"></span>q<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>f<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>da<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>\u00e8<span class=\"_ _3a1\"> </span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>in<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>cu<span class=\"_ _38\"></span>i <span class=\"_ _35\"> </span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>ie<span class=\"_ _38\"></span>ne<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>l<span class=\"_ _1\"></span>\u2019e<span class=\"_ _38\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>co<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>P<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>i<span class=\"_ _3a1\"> </span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> u<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> ne<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span> co<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span> pe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> di<span class=\"_ _1\"></span> r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> so<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>us<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>b<span class=\"_ _1\"></span>il<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>co<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>da<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>da<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>la<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>la<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>s<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ac<span class=\"_ _38\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>Pa<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>im<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _3a1\"> </span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ec<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>un<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>so<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>bi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>f<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>\u00e8<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>e<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>i  e<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>ze<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>  fa<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>  va<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>ue<span class=\"_ _38\"></span>  de<span class=\"_ _1\"></span>l  pr<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>  pa<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>  ri<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>  al<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  co<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></span>f<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>pa<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>io<span class=\"_ _38\"></span> <span class=\"_ _36\"> </span>ne<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>ua<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>co<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>f<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>ue<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>le<span class=\"_ _38\"></span> <span class=\"_ _37\"> </span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>o<span class=\"_ _3a1\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>po<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>, <span class=\"_ _0\"></span>se<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>po<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>ve<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>qu<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>av<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>vo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span>\u201c<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>\u201d<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span> e<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>\u2019a<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _3a1\"> </span></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>, <span class=\"_ _3f\"> </span>d<span class=\"_ _1\"></span>is<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>pl<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>s<span class=\"_ _1\"></span>pe<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>f<span class=\"_ _38\"></span>ic<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>da<span class=\"_ _38\"></span>l <span class=\"_ _3f\"> </span>pr<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>I<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>7<span class=\"_ _38\"></span>, <span class=\"_ _3f\"> </span>le<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>e<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _3d\"> </span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>o<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>ve<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>  s<span class=\"_ _38\"></span>o<span class=\"_ _38\"></span>pr<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _3d\"> </span>de<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>c<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>ve<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>a<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _3d\"> </span>a<span class=\"_ _3a1\"> </span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>im<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>(<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>ch<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>vi<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>si<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>e<span class=\"_ _1\"></span>vi<span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>di<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>va<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>)<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>v<span class=\"_ _1\"></span>ie<span class=\"_ _38\"></span>ne<span class=\"_ _3a1\"> </span></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>if<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>  va<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>  de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>v<span class=\"_ _38\"></span>ia<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>  (<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>  im<span class=\"_ _1\"></span>p<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>  te<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>)<span class=\"_ _38\"></span>.  A<span class=\"_ _1\"></span>  ta<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>  fi<span class=\"_ _38\"></span>ne<span class=\"_ _3a1\"> </span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>i<span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>f<span class=\"_ _38\"></span>ic<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _38\"></span>un<span class=\"_ _38\"></span>it<span class=\"_ _38\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>ge<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>di<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>f<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>us<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>nz<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>c<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>l<span class=\"_ _1\"></span>\u2019a<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>.<span class=\"_ _3a1\"> </span>L<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _3a\"> </span>d<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>v<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>\u00e8 <span class=\"_ _48\"> </span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>da<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>\u2019e<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>di<span class=\"_ _1\"></span>f<span class=\"_ _38\"></span>fe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>a<span class=\"_ _3a1\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>t<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>il<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>va<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>di<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>is<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>io<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>vi<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>e<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>i<span class=\"_ _38\"></span>l <span class=\"_ _3f\"> </span>s<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>va<span class=\"_ _38\"></span>lo<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>pe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>le<span class=\"_ _38\"></span>,<span class=\"_ _3a1\"> </span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>fa<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>at<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>ce<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>f<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>,<span class=\"_ _3a1\"> </span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>  n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>  d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>  e<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>co<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>  d<span class=\"_ _38\"></span>i <span class=\"_ _3d\"> </span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>  e<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>  r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>  v<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  d<span class=\"_ _38\"></span>\u2019<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>  L<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>  c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _3a1\"> </span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>if<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>co<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">g<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span> <span class=\"_ _3d\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>no<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>v<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>gr<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _3d\"> </span>a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>is<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></span>\u201c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>\u201d<span class=\"_ _38\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>ie<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>nc<span class=\"_ _38\"></span>h<span class=\"_ _1\"></span>\u00e9<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>ne<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></span>e<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> i p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> e l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> pe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> or<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>in<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> tr<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> so<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>q<span class=\"_ _1\"></span>uo<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>io<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>le<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>di<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>ne<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>\u201c<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>\u201d<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>\u00e0<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> i<span class=\"_ _38\"></span>nc<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>p<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>pe<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>va<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>, <span class=\"_ _1\"></span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>l <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>no<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>co<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>so<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>do<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>so<span class=\"_ _38\"></span>no<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>bi<span class=\"_ _38\"></span>la<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></span>p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>a<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>pr<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>so<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>ie<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>e<span class=\"_ _38\"></span>ve<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>ua<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"> </span>r<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _38\"></span>i <span class=\"_ _35\"> </span>pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>na<span class=\"_ _38\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>li<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>it<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>pr<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>po<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>  va<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  d<span class=\"_ _1\"></span>i  l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>  de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>ip<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>r<span class=\"_ _38\"></span>il<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>  de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>ut<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>  dal<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  ca<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>,  o  da<span class=\"_ _1\"></span>  al<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>at<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>\u00e8<span class=\"_ _3a1\"> </span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _3f\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>pe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>q<span class=\"_ _1\"></span>uo<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>io<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>pa<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>pa<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>.<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>L<span class=\"_ _1\"></span>\u2019e<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span>e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>pr<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>ga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _3f\"> </span>r<span class=\"_ _1\"></span>is<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>d<span class=\"_ _1\"></span>i <span class=\"_ _3f\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span>a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>l\u2019<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>f<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>va<span class=\"_ _38\"></span>lu<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>ll<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _38\"></span>, <span class=\"_ _35\"> </span>pa<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>pa<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _38\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>po<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"> </span>\u2013<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>\u00e8<span class=\"_ _3a1\"> </span><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs141\">i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>us<span class=\"_ _38\"></span>a <span class=\"_ _3d\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>va<span class=\"_ _38\"></span>lo<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  d<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>  L<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>va<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>i <span class=\"_ _3d\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _45\"> </span>v<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>lo<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>ni<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs142\">i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>v<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs143\">e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>ne<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>li<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>su<span class=\"_ _38\"></span>cc<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _38\"></span>i <span class=\"_ _35\"> </span>a<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>qu<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>di<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>pr<span class=\"_ _38\"></span>im<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>so<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>is<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>vo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs144\">2<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> co<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> (<span class=\"_ _1\"></span>\u201c<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> (<span class=\"_ _1\"></span>pe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>)<span class=\"_ _38\"></span> de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>le<span class=\"_ _38\"></span> p<span class=\"_ _1\"></span>ar<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>i\u201d<span class=\"_ _38\"></span>)<span class=\"_ _1\"></span> ne<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>a </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs145\">i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>va<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>io<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>it<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>;<span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs146\"><span class=\"_ _42\"> </span><span class=\"ff4\">s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> e<span class=\"_ _38\"></span>vi<span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> u<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> pa<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> u<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs147\">r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>uz<span class=\"_ _38\"></span>io<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>  si<span class=\"_ _1\"></span>  pr<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>  a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  st<span class=\"_ _38\"></span>im<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>  de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>  va<span class=\"_ _38\"></span>lo<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  re<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>pe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>le<span class=\"_ _38\"></span>  de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>ci<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>ne<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>,<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs148\">t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>f<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>ne<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>\u00e0<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs149\">g<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>v<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>ne<span class=\"_ _38\"></span>  f<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>Q<span class=\"_ _38\"></span>ua<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>v<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14a\">r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>b<span class=\"_ _38\"></span>il<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>  v<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>\u00e8<span class=\"_ _1\"></span>  r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>va<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>  n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14b\">c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>no<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>;<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs14c\"><span class=\"_ _42\"> </span><span class=\"ff4\">p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>ci<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>le<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>ut<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>iz<span class=\"_ _38\"></span>za<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>ve<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14d\">d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>po<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>ge<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>bi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>C<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>;<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14e\">l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>nc<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>no<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>de<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>b<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>(<span class=\"_ _38\"></span>ge<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14f\">q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>ll<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>20<span class=\"_ _38\"></span>2<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>)<span class=\"_ _1\"></span>.<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs150\">Partecipazioni <span class=\"_ _1\"></span>in societ\u00e0 controllate in via e<span class=\"_ _1\"></span>sclusiva e collegat<span class=\"_ _1\"></span>e (consolidate con <span class=\"_ _1\"></span>il metodo del patrimonio <span class=\"_ _1\"></span>netto) </div><div class=\"gs151\"><table class=\"s w618 h1e9\" id=\"_59cc5b73-f713-48d3-9c90-6b115e284138\"><tr><td class=\"c n x5ed y546a w619 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Denominazioni impre<span class=\"_ _2\"></span>se<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5ee y546a w61a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Sede<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x5ef h12 y546b ff4 fs7 fc1 sc0 ls0 ws0\">Tipo di </td><td></td><td class=\"t m2 x5f0 h12 y546c ff4 fs7 fc1 sc0 ls0 ws0\">Rapporto di partecip<span class=\"_ _2\"></span>azione </td><td class=\"t m2 x5f1 h8e y546d ff4 fs18 fc1 sc0 ls0 ws0\">Disponibilit\u00e0 </td></tr><tr><td></td><td></td><td class=\"t m2 x5f2 h12 y546e ff4 fs7 fc1 sc0 ls0 ws0\">rapporto<span class=\"_ _3a1\"> </span></td><td class=\"c n x5f3 y546f w61b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Impresa partecipante<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5f4 y546f w61c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Quota %</div></td><td class=\"t m2 x5f5 h8e y5470 ff4 fs18 fc1 sc0 ls0 ws0\">voti % </td></tr><tr><td class=\"t m2 x5f6 h12 y5471 ff4 fs7 fc1 sc0 ls0 ws0\">A. Imprese </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x5f6 h12 y5472 ff4 fs7 fc1 sc0 ls0 ws0\">A. 1 Consolidate integ<span class=\"_ _2\"></span>ralmente </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x5f7 y5473 w61d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Credemleasing spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5f8 y5473 w61e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5f9 y5473 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5fa y5473 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5fb y5473 w621 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">99,90%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x5fc h12 y5474 ff4 fs7 fc1 sc0 ls0 ws0\">Magazzini Generali  </td><td class=\"t m2 x5fd h12 y5475 ff4 fs7 fc1 sc0 ls0 ws0\">0,10% </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x5fe h12 y5476 ff4 fs7 fc1 sc0 ls0 ws0\" colspan=\"2\">delle Tagliate </td><td></td></tr><tr><td class=\"c n x5f7 y5477 w622 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Credemfactor spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5ff y5477 w623 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x600 y5477 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x601 y5477 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x602 y5477 w624 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">99,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c n x603 y5478 w625 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credemleasing<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x604 y5478 w626 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5479 w627 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Credem Private Equi<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>y SGR spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x605 y5479 w628 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">R<span class=\"_ _1\"></span>eggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x606 y5479 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x607 y5479 w629 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x608 y5479 w62a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">87,50%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x609 h12 y547a ff4 fs7 fc1 sc0 ls0 ws0\">Credem Euromobil<span class=\"_ _2\"></span>iare </td><td class=\"t m2 x60a h12 y547b ff4 fs7 fc1 sc0 ls0 ws0\">12,50% </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x60b h12 y547c ff4 fs7 fc1 sc0 ls0 ws0\" colspan=\"2\">Private Banking<span class=\"_ _2\"></span> </td><td></td></tr><tr><td class=\"t m2 x60c h12 y547d ff4 fs7 fc1 sc0 ls0 ws0\">4. Euromobiliare Asse<span class=\"_ _2\"></span>t Management SGR<span class=\"_ _2\"></span> spa<span class=\"_ _3a1\"> </span></td><td class=\"c n x60d y547e w62b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x60e y547e w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x60f y547e w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x610 y547e w62c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y547f w62d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Euromobiliare Adv<span class=\"_ _2\"></span>isory SIM spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x611 y547f w62b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x612 y547f w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x613 y547f w62e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x614 y547f w62f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5480 w630 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6. Credemtel spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x615 y5480 w623 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x616 y5480 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x60f y5480 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x617 y5480 w62f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5481 w631 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7. Avvera spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x618 y5481 w623 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x619 y5481 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61a y5481 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61b y5481 w62f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5482 w632 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8. Magazzini Generali de<span class=\"_ _3b\"></span>l<span class=\"_ _1\"></span>le Tagliate s<span class=\"_ _2\"></span>pa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61c y5482 w61e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61d y5482 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61e y5482 w62e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61f y5482 w62f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5483 w633 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9.Credem Euromob<span class=\"_ _2\"></span>iliare Private Bank<span class=\"_ _2\"></span>ing spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x620 y5483 w62b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x621 y5483 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x622 y5483 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x623 y5483 w62f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5484 w634 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10. Euromobiliare Fiduc<span class=\"_ _2\"></span>iaria spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x624 y5484 w635 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x625 y5484 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x626 y5484 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x627 y5484 w62c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5485 w636 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11. Credemvita spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x628 y5485 w623 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x629 y5485 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x62a y5485 w629 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x62b y5485 w62c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5486 w637 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12. Credem CB srl<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x62c y5486 w638 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Conegliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x619 y5486 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61a y5486 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x62d y5486 w639 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">70,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x5f6 h12 y5487 ff4 fs7 fc1 sc0 ls0 ws0\">A. 2 Consolidate con <span class=\"_ _2\"></span>il metodo del p<span class=\"_ _2\"></span>atrimonio netto </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x5f7 y5488 w63a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.Credemassicurazio<span class=\"_ _2\"></span>ni spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x62e y5488 w623 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x62f h12 y5489 ff4 fs7 fc1 sc0 ls0 ws0\">4 </td><td class=\"c n x630 y5488 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x631 y5488 w63b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">50,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y548a w63c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. SBC Fin<span class=\"_ _2\"></span>tech Milan 2224 s.r.l.<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x632 y548a w62b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x633 y548a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x634 y548a w63e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C<span class=\"_ _1\"></span>redemtel<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x635 y548a w63f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">40,69%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x636 y548b w640 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Andx<span class=\"_ _2\"></span>or srl<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x637 y548b w641 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Cinisello Balsam<span class=\"_ _3b\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x638 y548b w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x639 y548b w642 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x63a y548b w643 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">40,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y548c w644 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Mynet sr<span class=\"_ _2\"></span>l<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5f8 y548c w645 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Udine<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x63b y548c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x63c y548c w63e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Cr<span class=\"_ _1\"></span>edemtel<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x63d y548c w646 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12,99%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x636 y539f w647 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Flairbit <span class=\"_ _2\"></span>srl<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x63e y539f w648 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Geno<span class=\"_ _1\"></span>va<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x63f y539f w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x640 y539f w63e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C<span class=\"_ _1\"></span>redemtel<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x641 y539f w64a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr></table></div><div class=\"t m2 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs152\">Legenda </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gs153\">Tipo di rapporto:<span class=\"_ _2\"></span> </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gs154\">1 = mag<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gs155\">gioranza de<span class=\"_ _2\"></span>i diritti di voto nell\u2019assemb<span class=\"_ _3b\"></span>l<span class=\"_ _1\"></span>ea ordinaria </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gs156\">4 = altre forme di c<span class=\"_ _2\"></span>ontrollo<span class=\"_ _3a1\"> </span></div>1 - A<span class=\"_ _3a1\"> </span>ttivit\u00e0 finan<span class=\"_ _1\"></span>ziarie v<span class=\"_ _1\"></span>alutate <span class=\"_ _1\"></span>al fair valu<span class=\"_ _1\"></span>e con impa<span class=\"_ _1\"></span>tto a<span class=\"_ _1\"></span> conto ec<span class=\"_ _1\"></span>onom<span class=\"_ _3a1\"> </span>ico Criteri di iscrizione L\u2019iscrizione <span class=\"_ _1\"></span>iniziale <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0 finanziarie <span class=\"_ _38\"></span>avviene <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>regolamento <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>debito e<span class=\"_ _1\"></span> per i <span class=\"_ _1\"></span>titoli di <span class=\"_ _1\"></span>capitale, alla <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>di erogazione <span class=\"_ _1\"></span>per i <span class=\"_ _1\"></span>finanziamenti ed <span class=\"_ _1\"></span>alla data <span class=\"_ _1\"></span>di sott<span class=\"_ _1\"></span>oscrizione per <span class=\"_ _1\"></span>i contratti <span class=\"_ _184\"></span>d<span class=\"_ _3b\"></span>er<span class=\"_ _1\"></span>ivati. All\u2019atto <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>rilevazione <span class=\"_ _35\"> </span>iniz<span class=\"_ _2\"></span>iale <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>fin<span class=\"_ _2\"></span>anziarie <span class=\"_ _35\"> </span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _0\"> </span>fair<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>val<span class=\"_ _2\"></span>ue <span class=\"_ _35\"> </span>con<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>impatto <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>cont<span class=\"_ _2\"></span>o economico  vengono  rilevate <span class=\"_ _35\"> </span>al  fair <span class=\"_ _35\"> </span>value,  senza  considerare  i <span class=\"_ _35\"> </span>costi  o  proventi <span class=\"_ _35\"> </span>di  transazione direttamente attribuibili allo strumento stesso. Criteri di classificazione Sono <span class=\"_ _35\"> </span>classificate  i<span class=\"_ _2\"></span>n <span class=\"_ _35\"> </span>questa <span class=\"_ _35\"> </span>categoria <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _35\"> </span>finanziarie <span class=\"_ _35\"> </span>diverse  d<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>quelle <span class=\"_ _35\"> </span>classificate <span class=\"_ _35\"> </span>tra <span class=\"_ _35\"> </span>le Attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _0\"></span>valu<span class=\"_ _2\"></span>tate <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _1\"></span>con <span class=\"_ _0\"></span>impatto <span class=\"_ _1\"></span>sulla <span class=\"_ _38\"></span>redditivit\u00e0 <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>mplessiva <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>tra <span class=\"_ _0\"></span>le <span class=\"_ _1\"></span>Attivit\u00e0 finanziare valutate al costo ammort<span class=\"_ _1\"></span>izzato. La voce, in particolare, include: <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>detenute <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>negoziazione, <span class=\"_ _1\"></span>essenzialmente <span class=\"_ _1\"></span>rappresentate <span class=\"_ _38\"></span>da titoli <span class=\"_ _1\"></span>di </span>debito <span class=\"_ _36\"> </span>e <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>capitale <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>dal <span class=\"_ _36\"> </span>valore <span class=\"_ _36\"> </span>positivo <span class=\"_ _36\"> </span>dei <span class=\"_ _36\"> </span>contratti <span class=\"_ _36\"> </span>derivati <span class=\"_ _37\"> </span>det<span class=\"_ _1\"></span>enuti <span class=\"_ _36\"> </span>con <span class=\"_ _36\"> </span>finalit\u00e0 <span class=\"_ _36\"> </span>di negoziazione; <span class=\"_ _42\"> </span><span class=\"ff4\">le  attivit\u00e0  finanz<span class=\"_ _2\"></span>iarie  obbligatoriamente  valutate  al <span class=\"_ _35\"> </span>fair  value,  rappresentate  dalle <span class=\"_ _35\"> </span>attivit\u00e0 </span>finanziarie <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>soddisfano <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>requisiti <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>valu<span class=\"_ _2\"></span>tazione <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>costo <span class=\"_ _0\"></span>ammortizzato <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>al<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>fair value <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>impatt<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>ulla <span class=\"_ _0\"></span>redditivit\u00e0 <span class=\"_ _0\"></span>comples<span class=\"_ _1\"></span>siva. <span class=\"_ _0\"></span>Si <span class=\"_ _0\"></span>tratta <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>termini contrattuali <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>prevedono <span class=\"_ _38\"></span>esclusivamente <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>imborsi <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>capitale <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>pagamenti <span class=\"_ _38\"></span>dell\u2019interesse sull\u2019importo <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>capitale <span class=\"_ _35\"> </span>d<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>restituire <span class=\"_ _35\"> </span>(cd. <span class=\"_ _0\"></span>\u201cSPPI <span class=\"_ _35\"> </span>test\u201d <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>uperato) <span class=\"_ _0\"> </span>o<span class=\"_ _1\"></span>ppure <span class=\"_ _0\"></span>che <span class=\"_ _35\"> </span>non<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>sono detenute n<span class=\"_ _3b\"></span>el quadro<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>un modell<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>business il<span class=\"_ _3b\"></span> cui<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>obiettivo <span class=\"_ _3b\"></span>\u00e8 il<span class=\"_ _3b\"></span> possesso <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3b\"></span>finalizzato alla <span class=\"_ _3d\"> </span>raccolta <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>flussi <span class=\"_ _3d\"> </span>finanziari <span class=\"_ _3d\"> </span>contrattuali <span class=\"_ _3d\"> </span>(Business <span class=\"_ _3d\"> </span>mo<span class=\"_ _1\"></span>del  \u201c<span class=\"_ _1\"></span>Hold  to <span class=\"_ _3d\"> </span>Collect<span class=\"_ _1\"></span>\u201d)  o <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>cui obiettivo \u00e8 <span class=\"_ _1\"></span>conseguito <span class=\"_ _1\"></span>sia mediante la <span class=\"_ _1\"></span>raccolta dei <span class=\"_ _1\"></span>flussi finanziari <span class=\"_ _1\"></span>contrattuali che <span class=\"_ _1\"></span>mediante la vendita di attivit\u00e0 finanziarie (Business model \u201cHold to Collect and Sell\u201d); <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _3d\"> </span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _37\"> </span>finanziarie <span class=\"_ _3d\"> </span>designate <span class=\"_ _3d\"> </span>al <span class=\"_ _37\"> </span>fair <span class=\"_ _37\"> </span>value, <span class=\"_ _3d\"> </span>os<span class=\"_ _1\"></span>sia <span class=\"_ _3d\"> </span>le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _37\"> </span>finanziarie <span class=\"_ _37\"> </span>cos\u00ec <span class=\"_ _3d\"> </span>definite<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>al </span>momento  della  rilevazione  iniziale  e  ove  ne  sussistano  i  presupposti.  In<span class=\"_ _2\"></span>  relazione  a  tale fattispecie, <span class=\"_ _36\"> </span>un\u2019entit\u00e0 <span class=\"_ _36\"> </span>pu\u00f2 <span class=\"_ _36\"> </span>designare <span class=\"_ _36\"> </span>irrevocabilmente <span class=\"_ _36\"> </span>all\u2019iscrizione <span class=\"_ _36\"> </span>un\u2019attivit\u00e0 <span class=\"_ _36\"> </span>finanziaria<span class=\"_ _3a1\"> </span>come valutata al fair valu<span class=\"_ _2\"></span>e con imp<span class=\"_ _2\"></span>atto a conto economico se, e<span class=\"_ _2\"></span> solo se, cos\u00ec fac<span class=\"_ _2\"></span>endo elimina o riduce significativamente un\u2019incoerenza valutativa. Trovano, quindi, evidenza in questa voce<span class=\"_ _1\"></span>: <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>itoli <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>debito e <span class=\"_ _3b\"></span>i <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _3b\"></span>che sono <span class=\"_ _3b\"></span>inclusi <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>business <span class=\"_ _3b\"></span>model Tradin<span class=\"_ _2\"></span>g <span class=\"_ _3b\"></span>(non riconducibili </span>quindi ai <span class=\"_ _1\"></span>business <span class=\"_ _38\"></span>model \u201c<span class=\"_ _1\"></span>Hold to <span class=\"_ _1\"></span>Collect\u201d <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>\u201cHold t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>Collect and <span class=\"_ _1\"></span>Sell\u201d) <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>superano <span class=\"_ _1\"></span>il test SPPI; <span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>rumenti <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>capitale <span class=\"_ _38\"></span>- <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>qualificabili <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>controllo, <span class=\"_ _38\"></span>collegament<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>rollo <span class=\"_ _38\"></span>congiunto <span class=\"_ _38\"></span>- </span>detenuti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>finalit\u00e0 di <span class=\"_ _1\"></span>negoziazione <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>sia o<span class=\"_ _1\"></span>ptato, <span class=\"_ _1\"></span>in sede <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rilevazione <span class=\"_ _1\"></span>iniziale, per la designazione al fair value con impatto sulla re<span class=\"_ _1\"></span>dditivit\u00e0 complessiva; <span class=\"_ _42\"> </span><span class=\"ff4\">le quote di OICR. </span>La voce accoglie, <span class=\"_ _1\"></span>inoltre, i contratti <span class=\"_ _1\"></span>derivati, contabilizzati tr<span class=\"_ _1\"></span>a le attivit\u00e0 <span class=\"_ _1\"></span>finanziarie detenute per la negoziazione, che sono rappresent<span class=\"_ _1\"></span>ati come attivit\u00e0 se il fair value \u00e8<span class=\"_ _1\"></span> positivo e come passivit\u00e0 se il fair  value <span class=\"_ _35\"> </span>\u00e8  negativo.  E\u2019 <span class=\"_ _35\"> </span>possibile  compensare  i  v<span class=\"_ _2\"></span>alori  correnti <span class=\"_ _35\"> </span>positivi  e  negativi <span class=\"_ _35\"> </span>derivanti  da operazioni <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ssere <span class=\"_ _3b\"></span>con l<span class=\"_ _2\"></span>a <span class=\"_ _3b\"></span>medesima <span class=\"_ _3b\"></span>cont<span class=\"_ _1\"></span>roparte <span class=\"_ _3b\"></span>soltanto <span class=\"_ _3b\"></span>qualora si <span class=\"_ _184\"></span>abbia <span class=\"_ _3b\"></span>cor<span class=\"_ _1\"></span>rentemente <span class=\"_ _3b\"></span>il <span class=\"_ _2\"></span>diritto legale <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>mpensare <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>importi <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ilevati <span class=\"_ _38\"></span>contabilmente <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>si <span class=\"_ _38\"></span>inte<span class=\"_ _1\"></span>nda <span class=\"_ _1\"></span>procedere <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>regolamento <span class=\"_ _38\"></span>su base netta delle posizioni oggetto di compensazione. Fra  i <span class=\"_ _3d\"> </span>derivati <span class=\"_ _3d\"> </span>sono  inclusi <span class=\"_ _3d\"> </span>anche  quelli <span class=\"_ _3d\"> </span>incorporati <span class=\"_ _3d\"> </span>in  contratti  finanziari <span class=\"_ _3d\"> </span>complessi <span class=\"_ _3d\"> </span>-  in  cui <span class=\"_ _3d\"> </span>il contratto <span class=\"_ _0\"></span>primario <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>una <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _0\"></span>finanziaria <span class=\"_ _38\"></span>- <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>so<span class=\"_ _1\"></span>no <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>tati <span class=\"_ _0\"></span>oggetto <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>rilevazione <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>eparata <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n quanto:<span class=\"_ _3a1\"> </span>5 \u2013 Par<span class=\"_ _1\"></span>tecipazion<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>Crite<span class=\"_ _3a1\"> </span>ri di iscrizione Le <span class=\"_ _37\"> </span>par<span class=\"_ _3a1\"> </span>tecipazioni <span class=\"_ _37\"> </span>sono <span class=\"_ _36\"> </span>iscritte <span class=\"_ _37\"> </span>alla <span class=\"_ _37\"> </span>dat<span class=\"_ _1\"></span>a <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>regolamento. <span class=\"_ _37\"> </span>All\u2019atto <span class=\"_ _37\"> </span>della <span class=\"_ _36\"> </span>rilevazione <span class=\"_ _36\"> </span>iniziale <span class=\"_ _37\"> </span>le<span class=\"_ _3a1\"> </span>interessenze <span class=\"_ _3f\"> </span>partecipative <span class=\"_ _39\"> </span>sono <span class=\"_ _3f\"> </span>contabilizz<span class=\"_ _2\"></span>ate <span class=\"_ _3f\"> </span>al <span class=\"_ _39\"> </span>costo, <span class=\"_ _3f\"> </span>comprensivo <span class=\"_ _39\"> </span>dei <span class=\"_ _3f\"> </span>costi <span class=\"_ _39\"> </span>o <span class=\"_ _3f\"> </span>proven<span class=\"_ _2\"></span>ti<span class=\"_ _3a1\"> </span>direttamente attribuibili alla transazione.<span class=\"_ _3a1\"> </span>Criteri di classifi<span class=\"_ _1\"></span>cazione<span class=\"_ _3a1\"> </span>La voce include le interessenze detenute in societ\u00e0 <span class=\"_ _1\"></span>controllate congiuntamente e collegate.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _38\"></span>considerate <span class=\"_ _38\"></span>controllate <span class=\"_ _1\"></span>congiuntamente <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>imprese <span class=\"_ _1\"></span>nelle <span class=\"_ _38\"></span>quali <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>diritti <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>voto <span class=\"_ _1\"></span>ed <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>controllo<span class=\"_ _3a1\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _48\"> </span>econom<span class=\"_ _1\"></span>ica <span class=\"_ _48\"> </span>della <span class=\"_ _48\"> </span>part<span class=\"_ _1\"></span>ecipata <span class=\"_ _48\"> </span>s<span class=\"_ _1\"></span>ono <span class=\"_ _48\"> </span>condivisi <span class=\"_ _48\"> </span>in <span class=\"_ _17e\"> </span>modo <span class=\"_ _17e\"> </span>paritetico <span class=\"_ _17e\"> </span>da <span class=\"_ _48\"> </span>Cr<span class=\"_ _1\"></span>edem,<span class=\"_ _3a1\"> </span>direttamente o indirettamente, e da un altro soggetto. In<span class=\"_ _2\"></span>oltre viene qualificato come sottoposto a<span class=\"_ _3a1\"> </span>controllo congiunto <span class=\"_ _3b\"></span>un investimento pa<span class=\"_ _2\"></span>rtecipativo nel <span class=\"_ _3b\"></span>quale, pur <span class=\"_ _3b\"></span>in assenza di <span class=\"_ _3b\"></span>una quota p<span class=\"_ _2\"></span>aritetica<span class=\"_ _3a1\"> </span>di <span class=\"_ _0\"></span>diritti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>voto, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>controllo <span class=\"_ _0\"></span>sull\u2019attivit\u00e0 <span class=\"_ _0\"></span>economica <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sugli <span class=\"_ _0\"></span>indirizzi <span class=\"_ _0\"></span>strategici <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>partecipata <span class=\"_ _0\"></span>\u00e8<span class=\"_ _3a1\"> </span>condiviso con altri soggetti in virt\u00f9 di accordi contr<span class=\"_ _1\"></span>attuali.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _3d\"> </span>considerate <span class=\"_ _37\"> </span>collegate, <span class=\"_ _3d\"> </span>cio\u00e8 <span class=\"_ _3d\"> </span>sottoposte <span class=\"_ _37\"> </span>ad <span class=\"_ _3d\"> </span>influenza <span class=\"_ _3d\"> </span>notevole, <span class=\"_ _3d\"> </span>le <span class=\"_ _37\"> </span>imprese <span class=\"_ _3d\"> </span>nelle <span class=\"_ _3d\"> </span>quali <span class=\"_ _3d\"> </span>la<span class=\"_ _3a1\"> </span>capogruppo, <span class=\"_ _1\"></span>direttamente <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>indirettamente, <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>iede <span class=\"_ _1\"></span>almeno <span class=\"_ _1\"></span>il 20% <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>diritt<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>di vot<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>(ivi inc<span class=\"_ _1\"></span>lusi <span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>diritti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>voto <span class=\"_ _1\"></span>\u201cpotenziali\u201d) <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>nelle <span class=\"_ _1\"></span>quali <span class=\"_ _1\"></span>\u2013 <span class=\"_ _1\"></span>pur <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>dirit<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>voto <span class=\"_ _1\"></span>inferiore <span class=\"_ _1\"></span>\u2013 <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>potere<span class=\"_ _3a1\"> </span>di <span class=\"_ _1\"></span>partecipare<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>determinazione <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>politiche <span class=\"_ _1\"></span>finanziarie <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>gestionali <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>partecipata <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>virt\u00f9<span class=\"_ _3a1\"> </span>di particolari legami giuridici quali la parte<span class=\"_ _1\"></span>cipazione a patti di sindacato.<span class=\"_ _3a1\"> </span>Non <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>considerate <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ottoposte <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>d <span class=\"_ _3b\"></span>influenza n<span class=\"_ _2\"></span>otevole alc<span class=\"_ _2\"></span>une <span class=\"_ _2\"></span>interessenze <span class=\"_ _2\"></span>superiori <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>20%, nell<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span>quali, <span class=\"_ _1\"></span>dirett<span class=\"_ _1\"></span>amente <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>indirettamente, <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>Gruppo <span class=\"_ _1\"></span>detiene <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>sclusivamente <span class=\"_ _1\"></span>diritt<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>patrimoniali <span class=\"_ _1\"></span>su <span class=\"_ _38\"></span>una<span class=\"_ _3a1\"> </span>porzione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>frutti <span class=\"_ _38\"></span>degli <span class=\"_ _0\"></span>investimenti, <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>ha <span class=\"_ _38\"></span>accesso <span class=\"_ _0\"></span>alle <span class=\"_ _0\"></span>politic<span class=\"_ _2\"></span>he <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>pu\u00f2 <span class=\"_ _0\"></span>esercitare<span class=\"_ _3a1\"> </span>diritti di governance limitati alla tutela degli interessi patrimoniali.<span class=\"_ _3a1\"> </span>Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span>Le <span class=\"_ _38\"></span>partecipazioni <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>societ\u00e0 <span class=\"_ _38\"></span>collegate<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>rollate <span class=\"_ _38\"></span>congi<span class=\"_ _3a1\"> </span>untamente <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>valutate<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>meto<span class=\"_ _1\"></span>do<span class=\"_ _3a1\"> </span>del patrimonio netto.<span class=\"_ _3a1\"> </span>Se  esistono  evidenze  che  il  valore  di  una  p<span class=\"_ _2\"></span>artecipazione  possa  aver  subito  una  riduzione,  si<span class=\"_ _3a1\"> </span>procede <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>tima <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>valore <span class=\"_ _38\"></span>recuperabile <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>par<span class=\"_ _1\"></span>tecipazione <span class=\"_ _38\"></span>stessa, <span class=\"_ _38\"></span>tene<span class=\"_ _1\"></span>ndo <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>valore<span class=\"_ _3a1\"> </span>attuale <span class=\"_ _36\"> </span>dei <span class=\"_ _36\"> </span>flussi <span class=\"_ _36\"> </span>finanziari <span class=\"_ _37\"> </span>futuri <span class=\"_ _36\"> </span>che <span class=\"_ _36\"> </span>la <span class=\"_ _36\"> </span>partecipazione <span class=\"_ _36\"> </span>potr\u00e0 <span class=\"_ _36\"> </span>generare, <span class=\"_ _36\"> </span>incluso <span class=\"_ _36\"> </span>il <span class=\"_ _36\"> </span>valore <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span>dismissione finale dell\u2019investimento.<span class=\"_ _3a1\"> </span>Qualora <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>recupero<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>risulti <span class=\"_ _0\"></span>inf<span class=\"_ _2\"></span>eriore<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>contabile, <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>relativa <span class=\"_ _38\"></span>differenza <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>rilevat<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>a<span class=\"_ _3a1\"> </span>conto e<span class=\"_ _3a1\"> </span>conomico.<span class=\"_ _3a1\"> </span>Qualora <span class=\"_ _3f\"> </span>i <span class=\"_ _39\"> </span>motivi <span class=\"_ _3f\"> </span>della <span class=\"_ _39\"> </span>perdita <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>valore <span class=\"_ _39\"> </span>s<span class=\"_ _1\"></span>iano <span class=\"_ _39\"> </span>rimossi <span class=\"_ _3f\"> </span>a <span class=\"_ _3f\"> </span>segu<span class=\"_ _2\"></span>ito <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>un <span class=\"_ _3f\"> </span>evento <span class=\"_ _3f\"> </span>verificatosi<span class=\"_ _3a1\"> </span>successivamente alla <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevazione della <span class=\"_ _3b\"></span>riduzione di <span class=\"_ _3b\"></span>valore<span class=\"_ _1\"></span>, vengono <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffettuate riprese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore co<span class=\"_ _2\"></span>n<span class=\"_ _3a1\"> </span>imputazione <span class=\"_ _36\"> </span>a <span class=\"_ _36\"> </span>cont<span class=\"_ _1\"></span>o <span class=\"_ _36\"> </span>econom<span class=\"_ _1\"></span>ico <span class=\"_ _36\"> </span>che <span class=\"_ _36\"> </span>non <span class=\"_ _36\"> </span>poss<span class=\"_ _1\"></span>ono <span class=\"_ _36\"> </span>eccedere <span class=\"_ _39\"> </span>l\u2019ammontare <span class=\"_ _36\"> </span>delle <span class=\"_ _36\"> </span>perdite<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>da<span class=\"_ _3a1\"> </span>impairment in precedenza registrate.<span class=\"_ _3a1\"> </span>Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span>Le  partecipazioni<span class=\"_ _2\"></span>  vengono  can<span class=\"_ _2\"></span>cellate  quando <span class=\"_ _35\"> </span>scadono  i  d<span class=\"_ _2\"></span>irit<span class=\"_ _3a1\"> </span>ti  c<span class=\"_ _2\"></span>ontrattuali  sui  f<span class=\"_ _2\"></span>lussi  finanziar<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span>derivati <span class=\"_ _49\"> </span>dalle <span class=\"_ _43\"> </span>attivit\u00e0 <span class=\"_ _49\"> </span>stesse <span class=\"_ _43\"> </span>o <span class=\"_ _49\"> </span>quando <span class=\"_ _43\"> </span>l\u2019attivit\u00e0 <span class=\"_ _49\"> </span>finanziaria <span class=\"_ _49\"> </span>viene <span class=\"_ _43\"> </span>ce<span class=\"_ _1\"></span>duta <span class=\"_ _43\"> </span>trasferendo<span class=\"_ _3a1\"> </span>sostanzialmente tutti i rischi e benefici ad essa connessi.<span class=\"_ _3a1\"> </span>Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"_ _3a1\"> </span>Le dif<span class=\"_ _2\"></span>ferenze negative <span class=\"_ _3b\"></span>di prima i<span class=\"_ _3b\"></span>scr<span class=\"_ _1\"></span>izione, gl<span class=\"_ _2\"></span>i util<span class=\"_ _2\"></span>i e <span class=\"_ _2\"></span>le<span class=\"_ _3a1\"> </span>perdite <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lle par<span class=\"_ _2\"></span>tecipate realizzate, <span class=\"_ _3b\"></span>le perdite<span class=\"_ _3a1\"> </span>da i<span class=\"_ _2\"></span>mpairment e le <span class=\"_ _3b\"></span>riprese di v<span class=\"_ _2\"></span>alore<span class=\"_ _1\"></span> vengono <span class=\"_ _3b\"></span>allocate nella v<span class=\"_ _2\"></span>oce d<span class=\"_ _2\"></span>i conto <span class=\"_ _2\"></span>economico \u201cUtili <span class=\"_ _2\"></span>(Perdite)<span class=\"_ _3a1\"> </span>delle partecipazioni\u201d, mentre i <span class=\"_ _2\"></span>divi<span class=\"_ _2\"></span>dendi incassati vengono allocati <span class=\"_ _2\"></span>nella voce \u201c<span class=\"_ _2\"></span>Dividendi e proventi<span class=\"_ _3a1\"> </span>simili\u201d nel momento in cui sorge il diritto a riceverne <span class=\"_ _1\"></span>il pagamento.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-883": {
   "value": "Sezione <span class=\"_ _1\"></span>3 - Area e<span class=\"_ _3a1\"> </span>metodi d<span class=\"_ _1\"></span>i conso<span class=\"_ _1\"></span>lidamen<span class=\"_ _1\"></span>to<span class=\"_ _3a1\"> </span>Il <span class=\"_ _0\"></span>bilancio <span class=\"_ _0\"></span>consolidato <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Gruppo <span class=\"_ _0\"></span>Credem <span class=\"_ _0\"></span>comprende <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>bilancio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Credito <span class=\"_ _0\"></span>Emili<span class=\"_ _2\"></span>ano <span class=\"_ _0\"></span>spa <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>delle<span class=\"_ _3a1\"> </span>societ\u00e0 <span class=\"_ _3d\"> </span>da <span class=\"_ _3d\"> </span>questa  cont<span class=\"_ _1\"></span>rollate,  includendo <span class=\"_ _3d\"> </span>nel  pe<span class=\"_ _1\"></span>rimetro <span class=\"_ _3d\"> </span>di  co<span class=\"_ _1\"></span>nsolidamento <span class=\"_ _3d\"> </span>anche <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>societ\u00e0<span class=\"_ _3a1\"> </span>operanti in settor<span class=\"_ _1\"></span>i di attivit\u00e0 dissimili da quello di ap<span class=\"_ _1\"></span>partenenza della Capogruppo. Analogame<span class=\"_ _1\"></span>nte,<span class=\"_ _3a1\"> </span>sono <span class=\"_ _37\"> </span>incluse <span class=\"_ _37\"> </span>anche <span class=\"_ _3d\"> </span>le <span class=\"_ _37\"> </span>societ\u00e0 <span class=\"_ _37\"> </span>veicolo <span class=\"_ _37\"> </span>(SPE/SPV) <span class=\"_ _37\"> </span>quando <span class=\"_ _37\"> </span>ne <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>icorrano <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>requisiti <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>ffettivo<span class=\"_ _3a1\"> </span>controllo, anche indipendentemente dall\u2019esistenza di una quota part<span class=\"_ _1\"></span>ecipativa.<span class=\"_ _3a1\"> </span>Un\u2019impresa <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>grado <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>esercitare <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>controllo <span class=\"_ _0\"></span>se <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>esposta <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>ha <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>ritto <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>rendimenti <span class=\"_ _35\"> </span>variabili,<span class=\"_ _3a1\"> </span>derivanti <span class=\"_ _1\"></span>dal <span class=\"_ _1\"></span>proprio <span class=\"_ _1\"></span>rapporto <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>l\u2019entit\u00e0 <span class=\"_ _1\"></span>oggetto <span class=\"_ _1\"></span>d\u2019investimento <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>, ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>frattempo, <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>capacit\u00e0<span class=\"_ _3a1\"> </span>di incidere su tali rendimenti esercitando il proprio potere su ta<span class=\"_ _1\"></span>le entit\u00e0.<span class=\"_ _3a1\"> </span>Specificatamente, un\u2019impresa \u00e8 in grado di eser<span class=\"_ _1\"></span>citare il controllo se, e solo se, ha:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">il potere sull<span class=\"_ _2\"></span>\u2019entit\u00e0 oggetto d\u2019investimento (<span class=\"_ _2\"></span>ovvero detiene valid<span class=\"_ _2\"></span>i diritti che gli<span class=\"_ _2\"></span> conferiscono la<span class=\"_ _3a1\"> </span></span>capacit\u00e0 attuale di dirigere le attivit\u00e0 rilevanti dell\u2019entit\u00e0 <span class=\"_ _1\"></span>oggetto d\u2019investimento);<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019esposizione <span class=\"_ _37\"> </span>o <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>diritti <span class=\"_ _3d\"> </span>a <span class=\"_ _37\"> </span>rendimenti <span class=\"_ _37\"> </span>variabili <span class=\"_ _3d\"> </span>derivanti <span class=\"_ _37\"> </span>dal <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>apporto <span class=\"_ _37\"> </span>con <span class=\"_ _3d\"> </span>l\u2019ent<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _3d\"> </span>oggetto<span class=\"_ _3a1\"> </span></span>d\u2019investimento;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">la <span class=\"_ _35\"> </span>capacit\u00e0  di <span class=\"_ _35\"> </span>esercitare  il <span class=\"_ _35\"> </span>proprio <span class=\"_ _35\"> </span>pote<span class=\"_ _1\"></span>re  sul<span class=\"_ _2\"></span>l\u2019entit\u00e0 <span class=\"_ _35\"> </span>oggetto  di <span class=\"_ _35\"> </span>investimento  per <span class=\"_ _35\"> </span>incidere<span class=\"_ _3a1\"> </span></span>sull\u2019ammontare dei suoi rendimenti.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _38\"></span>normalmente <span class=\"_ _38\"></span>considerate <span class=\"_ _38\"></span>controllate <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>imprese <span class=\"_ _38\"></span>nelle <span class=\"_ _38\"></span>quali <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>Capogruppo, <span class=\"_ _38\"></span>diret<span class=\"_ _1\"></span>tamente <span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span>indirettamente, <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>iede <span class=\"_ _1\"></span>pi\u00f9 <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>met\u00e0 <span class=\"_ _38\"></span>dei <span class=\"_ _1\"></span>diritti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>voto <span class=\"_ _38\"></span>o <span class=\"_ _1\"></span>quando, <span class=\"_ _1\"></span>pur <span class=\"_ _1\"></span>con <span class=\"_ _38\"></span>una <span class=\"_ _1\"></span>quota <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>diritti <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span>voto <span class=\"_ _38\"></span>infer<span class=\"_ _1\"></span>iore, <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>Capogruppo <span class=\"_ _38\"></span>h<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>potere <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>no<span class=\"_ _1\"></span>minare <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>maggioranza <span class=\"_ _38\"></span>degli <span class=\"_ _38\"></span>amministrat<span class=\"_ _1\"></span>ori <span class=\"_ _38\"></span>della<span class=\"_ _3a1\"> </span>partecipata o d<span class=\"_ _2\"></span>i determinare le<span class=\"_ _2\"></span> politiche finanz<span class=\"_ _2\"></span>iarie ed operative <span class=\"_ _3b\"></span>della stessa. Nella valu<span class=\"_ _2\"></span>tazione dei<span class=\"_ _3a1\"> </span>diritti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>voto <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>tiene <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>anche <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>diritti <span class=\"_ _38\"></span>\u201cpotenziali\u201d <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>siano <span class=\"_ _0\"></span>corre<span class=\"_ _1\"></span>ntemente <span class=\"_ _0\"></span>esercitabili <span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span>convertibili in diritti di voto effettivi in qualsiasi moment<span class=\"_ _1\"></span>o.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _38\"></span>considerate <span class=\"_ _38\"></span>controllate <span class=\"_ _1\"></span>congiuntamente <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>imprese <span class=\"_ _1\"></span>nelle <span class=\"_ _38\"></span>quali <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>diritti <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>voto <span class=\"_ _1\"></span>ed <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>controllo<span class=\"_ _3a1\"> </span>dell\u2019a<span class=\"_ _3a1\"> </span>ttivit\u00e0 <span class=\"_ _48\"> </span>e<span class=\"_ _1\"></span>conomica <span class=\"_ _48\"> </span>della <span class=\"_ _17e\"> </span>partecipata <span class=\"_ _17e\"> </span>sono <span class=\"_ _17e\"> </span>condivisi <span class=\"_ _48\"> </span>in <span class=\"_ _48\"> </span>mo<span class=\"_ _1\"></span>do <span class=\"_ _48\"> </span>parite<span class=\"_ _1\"></span>tico <span class=\"_ _48\"> </span>da <span class=\"_ _17e\"> </span>Credem,<span class=\"_ _3a1\"> </span>direttamente o indirettamente, e da un altro soggetto. In<span class=\"_ _2\"></span>oltre viene qualificato come sottoposto a<span class=\"_ _3a1\"> </span>controllo congiunto <span class=\"_ _3b\"></span>un investimento pa<span class=\"_ _2\"></span>rtecipativo nel <span class=\"_ _3b\"></span>quale, pur <span class=\"_ _3b\"></span>in assenza di <span class=\"_ _3b\"></span>una quota p<span class=\"_ _2\"></span>aritetica<span class=\"_ _3a1\"> </span>di <span class=\"_ _0\"></span>diritti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>voto, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>controllo <span class=\"_ _0\"></span>sull\u2019attivit\u00e0 <span class=\"_ _0\"></span>economica <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sugli <span class=\"_ _0\"></span>indirizzi <span class=\"_ _0\"></span>strategici <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>partecipata <span class=\"_ _0\"></span>\u00e8<span class=\"_ _3a1\"> </span>condiviso con altri soggetti in virt\u00f9 di accordi contr<span class=\"_ _1\"></span>attuali.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _3d\"> </span>considerate <span class=\"_ _37\"> </span>collegate, <span class=\"_ _3d\"> </span>cio\u00e8 <span class=\"_ _3d\"> </span>sottoposte <span class=\"_ _37\"> </span>ad <span class=\"_ _3d\"> </span>influenza <span class=\"_ _3d\"> </span>notevole, <span class=\"_ _3d\"> </span>le <span class=\"_ _37\"> </span>imprese <span class=\"_ _3d\"> </span>nelle <span class=\"_ _3d\"> </span>quali <span class=\"_ _3d\"> </span>la<span class=\"_ _3a1\"> </span>capogruppo, <span class=\"_ _1\"></span>direttamente <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>indirettamente, <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>iede <span class=\"_ _1\"></span>almeno <span class=\"_ _1\"></span>il 20% <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>diritt<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>di vot<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>(ivi inc<span class=\"_ _1\"></span>lusi <span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>diritti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>vot<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>\u201cpotenziali\u201d <span class=\"_ _38\"></span>come <span class=\"_ _0\"></span>sopra <span class=\"_ _0\"></span>definiti) <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>nelle <span class=\"_ _0\"></span>quali <span class=\"_ _38\"></span>\u2013<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>pu<span class=\"_ _2\"></span>r <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>iritti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>voto<span class=\"_ _3a1\"> </span>inferiore <span class=\"_ _3b\"></span>\u2013<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>ha <span class=\"_ _3b\"></span>il <span class=\"_ _3b\"></span>potere<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>partecipare<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>alla <span class=\"_ _3b\"></span>determinazione <span class=\"_ _2\"></span>delle <span class=\"_ _3b\"></span>politiche <span class=\"_ _3b\"></span>finanziarie <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>gestionali <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lla<span class=\"_ _3a1\"> </span>partecipata in virt\u00f9 di particolari legami giuridici quali la parte<span class=\"_ _1\"></span>cipazione a patti di sindacato. Le <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>ntrollate son<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>consolidate con <span class=\"_ _3b\"></span>il <span class=\"_ _3b\"></span>me<span class=\"_ _1\"></span>todo int<span class=\"_ _2\"></span>egrale, <span class=\"_ _3b\"></span>m<span class=\"_ _1\"></span>entre le <span class=\"_ _3b\"></span>interessenze no<span class=\"_ _3b\"></span>n<span class=\"_ _3a1\"> </span>di controllo e di joint venture sono consolidate in base <span class=\"_ _1\"></span>al metodo del patrimonio netto.<span class=\"_ _3a1\"> </span>Criteri e principi d<span class=\"_ _1\"></span>i consolidamento<span class=\"_ _3a1\"> </span>I criteri adottati per la redazione del bilancio consolida<span class=\"_ _3a1\"> </span>to sono <span class=\"_ _1\"></span>i seguenti:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> oc<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> de<span class=\"_ _38\"></span>l p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>,<span class=\"_ _38\"></span> il<span class=\"_ _1\"></span> va<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> ca<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> so<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _3a1\"> </span></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>\u00e8<span class=\"_ _38\"></span> <span class=\"_ _37\"> </span>a<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>a<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>f<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _36\"> </span>de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _3a1\"> </span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>.<span class=\"_ _1\"></span>  La<span class=\"_ _1\"></span>  co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>zz<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>  a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>  s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>a<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>v<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  in<span class=\"_ _1\"></span>  ba<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  al<span class=\"_ _1\"></span>  \u201cm<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>\u201d<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>co<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>de<span class=\"_ _38\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>it<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>IF<span class=\"_ _38\"></span>R<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>3<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>o<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>co<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>le<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>di<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>at<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _38\"></span>, <span class=\"_ _35\"> </span>pa<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>e<span class=\"_ _3a1\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>po<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>ia<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>ac<span class=\"_ _1\"></span>q<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>f<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>da<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>\u00e8<span class=\"_ _3a1\"> </span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>in<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>cu<span class=\"_ _38\"></span>i <span class=\"_ _35\"> </span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>ie<span class=\"_ _38\"></span>ne<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>l<span class=\"_ _1\"></span>\u2019e<span class=\"_ _38\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>co<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>P<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>i<span class=\"_ _3a1\"> </span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> u<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> ne<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span> co<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span> pe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> di<span class=\"_ _1\"></span> r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> so<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>us<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>b<span class=\"_ _1\"></span>il<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>co<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>da<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>da<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>la<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>la<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>s<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ac<span class=\"_ _38\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>Pa<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>im<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _3a1\"> </span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ec<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>un<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>so<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>bi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>f<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>\u00e8<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>e<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>i  e<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>ze<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>  fa<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>  va<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>ue<span class=\"_ _38\"></span>  de<span class=\"_ _1\"></span>l  pr<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>  pa<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>  ri<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>  al<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  co<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></span>f<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>pa<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>io<span class=\"_ _38\"></span> <span class=\"_ _36\"> </span>ne<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>ua<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>co<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>f<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>ue<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>le<span class=\"_ _38\"></span> <span class=\"_ _37\"> </span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>o<span class=\"_ _3a1\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>po<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>, <span class=\"_ _0\"></span>se<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>po<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>ve<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>qu<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>av<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>vo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span>\u201c<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>\u201d<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span> e<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>\u2019a<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _3a1\"> </span></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>, <span class=\"_ _3f\"> </span>d<span class=\"_ _1\"></span>is<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>pl<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>s<span class=\"_ _1\"></span>pe<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>f<span class=\"_ _38\"></span>ic<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>da<span class=\"_ _38\"></span>l <span class=\"_ _3f\"> </span>pr<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>I<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>7<span class=\"_ _38\"></span>, <span class=\"_ _3f\"> </span>le<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>e<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _3d\"> </span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>o<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>ve<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>  s<span class=\"_ _38\"></span>o<span class=\"_ _38\"></span>pr<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _3d\"> </span>de<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>c<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>ve<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>a<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _3d\"> </span>a<span class=\"_ _3a1\"> </span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>im<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>(<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>ch<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>vi<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>si<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>e<span class=\"_ _1\"></span>vi<span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>di<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>va<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>)<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>v<span class=\"_ _1\"></span>ie<span class=\"_ _38\"></span>ne<span class=\"_ _3a1\"> </span></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>if<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>  va<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>  de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>v<span class=\"_ _38\"></span>ia<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>  (<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>  im<span class=\"_ _1\"></span>p<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>  te<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>)<span class=\"_ _38\"></span>.  A<span class=\"_ _1\"></span>  ta<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>  fi<span class=\"_ _38\"></span>ne<span class=\"_ _3a1\"> </span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>i<span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>f<span class=\"_ _38\"></span>ic<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _38\"></span>un<span class=\"_ _38\"></span>it<span class=\"_ _38\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>ge<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>di<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>f<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>us<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>nz<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>c<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>l<span class=\"_ _1\"></span>\u2019a<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>.<span class=\"_ _3a1\"> </span>L<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _3a\"> </span>d<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>v<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>\u00e8 <span class=\"_ _48\"> </span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>da<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>\u2019e<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>di<span class=\"_ _1\"></span>f<span class=\"_ _38\"></span>fe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>a<span class=\"_ _3a1\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>t<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>il<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>va<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>di<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>is<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>io<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>vi<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>e<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>i<span class=\"_ _38\"></span>l <span class=\"_ _3f\"> </span>s<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>va<span class=\"_ _38\"></span>lo<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>pe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>le<span class=\"_ _38\"></span>,<span class=\"_ _3a1\"> </span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>fa<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>at<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>ce<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>f<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>,<span class=\"_ _3a1\"> </span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>  n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>  d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>  e<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>co<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>  d<span class=\"_ _38\"></span>i <span class=\"_ _3d\"> </span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>  e<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>  r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>  v<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  d<span class=\"_ _38\"></span>\u2019<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>  L<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>  c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _3a1\"> </span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>if<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>co<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">g<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span> <span class=\"_ _3d\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>no<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>v<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>gr<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _3d\"> </span>a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>is<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></span>\u201c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>\u201d<span class=\"_ _38\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>ie<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>nc<span class=\"_ _38\"></span>h<span class=\"_ _1\"></span>\u00e9<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>ne<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></span>e<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> i p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> e l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> pe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> or<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>in<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> tr<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> so<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>q<span class=\"_ _1\"></span>uo<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>io<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>le<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>di<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>ne<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>\u201c<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>\u201d<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>\u00e0<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> i<span class=\"_ _38\"></span>nc<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>p<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>pe<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>va<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>, <span class=\"_ _1\"></span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>l <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>no<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>co<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>so<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>do<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>so<span class=\"_ _38\"></span>no<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>bi<span class=\"_ _38\"></span>la<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></span>p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>a<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>pr<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>so<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>ie<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>e<span class=\"_ _38\"></span>ve<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>ua<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"> </span>r<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _38\"></span>i <span class=\"_ _35\"> </span>pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>na<span class=\"_ _38\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>li<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>it<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>pr<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>po<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>  va<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  d<span class=\"_ _1\"></span>i  l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>  de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>ip<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>r<span class=\"_ _38\"></span>il<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>  de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>ut<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>  dal<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  ca<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>,  o  da<span class=\"_ _1\"></span>  al<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>at<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>\u00e8<span class=\"_ _3a1\"> </span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _3f\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>pe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>q<span class=\"_ _1\"></span>uo<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>io<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>pa<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>pa<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>.<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>L<span class=\"_ _1\"></span>\u2019e<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span>e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>pr<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>ga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _3f\"> </span>r<span class=\"_ _1\"></span>is<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>d<span class=\"_ _1\"></span>i <span class=\"_ _3f\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span>a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>l\u2019<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>f<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>va<span class=\"_ _38\"></span>lu<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>ll<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _38\"></span>, <span class=\"_ _35\"> </span>pa<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>pa<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _38\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>po<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"> </span>\u2013<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>\u00e8<span class=\"_ _3a1\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>us<span class=\"_ _38\"></span>a <span class=\"_ _3d\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>va<span class=\"_ _38\"></span>lo<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  d<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>  L<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>va<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>i <span class=\"_ _3d\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _45\"> </span>v<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>lo<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>ni<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>v<span class=\"_ _3a1\"> </span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>ne<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>li<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>su<span class=\"_ _38\"></span>cc<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _38\"></span>i <span class=\"_ _35\"> </span>a<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>qu<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>di<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>pr<span class=\"_ _38\"></span>im<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>so<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>is<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>vo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> 2<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> co<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> (<span class=\"_ _1\"></span>\u201c<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> (<span class=\"_ _1\"></span>pe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>)<span class=\"_ _38\"></span> de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>le<span class=\"_ _38\"></span> p<span class=\"_ _1\"></span>ar<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>i\u201d<span class=\"_ _38\"></span>)<span class=\"_ _1\"></span> ne<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>a i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>va<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>io<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>it<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>;<span class=\"_ _1\"></span> <span class=\"_ _42\"> </span><span class=\"ff4\">s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> e<span class=\"_ _38\"></span>vi<span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> u<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> pa<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> u<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>uz<span class=\"_ _38\"></span>io<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>  si<span class=\"_ _1\"></span>  pr<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>  a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  st<span class=\"_ _38\"></span>im<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>  de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>  va<span class=\"_ _38\"></span>lo<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  re<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>pe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>le<span class=\"_ _38\"></span>  de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>ci<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>ne<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>,<span class=\"_ _3a1\"> </span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>f<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>ne<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>\u00e0<span class=\"_ _3a1\"> </span>g<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>v<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>ne<span class=\"_ _38\"></span>  f<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>Q<span class=\"_ _38\"></span>ua<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>v<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>b<span class=\"_ _38\"></span>il<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>  v<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>\u00e8<span class=\"_ _1\"></span>  r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>va<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>  n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _3a1\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>no<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>ci<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>le<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>ut<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>iz<span class=\"_ _38\"></span>za<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>ve<span class=\"_ _3a1\"> </span></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>po<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>ge<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>bi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>C<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>;<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _3a1\"> </span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>nc<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>no<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>de<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>b<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>(<span class=\"_ _38\"></span>ge<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>ll<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>20<span class=\"_ _38\"></span>2<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>)<span class=\"_ _1\"></span>.<span class=\"_ _3a1\"> </span>Partecipazioni <span class=\"_ _1\"></span>in societ\u00e0 controllate in via e<span class=\"_ _1\"></span>sclusiva e collegat<span class=\"_ _1\"></span>e (consolidate con <span class=\"_ _1\"></span>il metodo del patrimonio <span class=\"_ _1\"></span>netto) <table class=\"s w618 h1e9\" id=\"_59cc5b73-f713-48d3-9c90-6b115e284138\"><tr><td class=\"c n x5ed y546a w619 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Denominazioni impre<span class=\"_ _2\"></span>se<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5ee y546a w61a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Sede<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x5ef h12 y546b ff4 fs7 fc1 sc0 ls0 ws0\">Tipo di </td><td></td><td class=\"t m2 x5f0 h12 y546c ff4 fs7 fc1 sc0 ls0 ws0\">Rapporto di partecip<span class=\"_ _2\"></span>azione </td><td class=\"t m2 x5f1 h8e y546d ff4 fs18 fc1 sc0 ls0 ws0\">Disponibilit\u00e0 </td></tr><tr><td></td><td></td><td class=\"t m2 x5f2 h12 y546e ff4 fs7 fc1 sc0 ls0 ws0\">rapporto<span class=\"_ _3a1\"> </span></td><td class=\"c n x5f3 y546f w61b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Impresa partecipante<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5f4 y546f w61c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Quota %</div></td><td class=\"t m2 x5f5 h8e y5470 ff4 fs18 fc1 sc0 ls0 ws0\">voti % </td></tr><tr><td class=\"t m2 x5f6 h12 y5471 ff4 fs7 fc1 sc0 ls0 ws0\">A. Imprese </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x5f6 h12 y5472 ff4 fs7 fc1 sc0 ls0 ws0\">A. 1 Consolidate integ<span class=\"_ _2\"></span>ralmente </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x5f7 y5473 w61d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Credemleasing spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5f8 y5473 w61e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5f9 y5473 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5fa y5473 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5fb y5473 w621 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">99,90%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x5fc h12 y5474 ff4 fs7 fc1 sc0 ls0 ws0\">Magazzini Generali  </td><td class=\"t m2 x5fd h12 y5475 ff4 fs7 fc1 sc0 ls0 ws0\">0,10% </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x5fe h12 y5476 ff4 fs7 fc1 sc0 ls0 ws0\" colspan=\"2\">delle Tagliate </td><td></td></tr><tr><td class=\"c n x5f7 y5477 w622 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Credemfactor spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5ff y5477 w623 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x600 y5477 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x601 y5477 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x602 y5477 w624 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">99,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c n x603 y5478 w625 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credemleasing<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x604 y5478 w626 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5479 w627 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Credem Private Equi<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>y SGR spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x605 y5479 w628 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">R<span class=\"_ _1\"></span>eggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x606 y5479 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x607 y5479 w629 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x608 y5479 w62a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">87,50%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x609 h12 y547a ff4 fs7 fc1 sc0 ls0 ws0\">Credem Euromobil<span class=\"_ _2\"></span>iare </td><td class=\"t m2 x60a h12 y547b ff4 fs7 fc1 sc0 ls0 ws0\">12,50% </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x60b h12 y547c ff4 fs7 fc1 sc0 ls0 ws0\" colspan=\"2\">Private Banking<span class=\"_ _2\"></span> </td><td></td></tr><tr><td class=\"t m2 x60c h12 y547d ff4 fs7 fc1 sc0 ls0 ws0\">4. Euromobiliare Asse<span class=\"_ _2\"></span>t Management SGR<span class=\"_ _2\"></span> spa<span class=\"_ _3a1\"> </span></td><td class=\"c n x60d y547e w62b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x60e y547e w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x60f y547e w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x610 y547e w62c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y547f w62d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Euromobiliare Adv<span class=\"_ _2\"></span>isory SIM spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x611 y547f w62b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x612 y547f w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x613 y547f w62e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x614 y547f w62f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5480 w630 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6. Credemtel spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x615 y5480 w623 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x616 y5480 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x60f y5480 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x617 y5480 w62f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5481 w631 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7. Avvera spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x618 y5481 w623 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x619 y5481 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61a y5481 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61b y5481 w62f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5482 w632 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8. Magazzini Generali de<span class=\"_ _3b\"></span>l<span class=\"_ _1\"></span>le Tagliate s<span class=\"_ _2\"></span>pa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61c y5482 w61e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61d y5482 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61e y5482 w62e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61f y5482 w62f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5483 w633 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9.Credem Euromob<span class=\"_ _2\"></span>iliare Private Bank<span class=\"_ _2\"></span>ing spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x620 y5483 w62b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x621 y5483 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x622 y5483 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x623 y5483 w62f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5484 w634 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10. Euromobiliare Fiduc<span class=\"_ _2\"></span>iaria spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x624 y5484 w635 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x625 y5484 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x626 y5484 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x627 y5484 w62c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5485 w636 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11. Credemvita spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x628 y5485 w623 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x629 y5485 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x62a y5485 w629 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x62b y5485 w62c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5486 w637 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12. Credem CB srl<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x62c y5486 w638 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Conegliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x619 y5486 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61a y5486 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x62d y5486 w639 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">70,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x5f6 h12 y5487 ff4 fs7 fc1 sc0 ls0 ws0\">A. 2 Consolidate con <span class=\"_ _2\"></span>il metodo del p<span class=\"_ _2\"></span>atrimonio netto </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x5f7 y5488 w63a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.Credemassicurazio<span class=\"_ _2\"></span>ni spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x62e y5488 w623 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x62f h12 y5489 ff4 fs7 fc1 sc0 ls0 ws0\">4 </td><td class=\"c n x630 y5488 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x631 y5488 w63b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">50,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y548a w63c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. SBC Fin<span class=\"_ _2\"></span>tech Milan 2224 s.r.l.<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x632 y548a w62b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x633 y548a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x634 y548a w63e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C<span class=\"_ _1\"></span>redemtel<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x635 y548a w63f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">40,69%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x636 y548b w640 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Andx<span class=\"_ _2\"></span>or srl<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x637 y548b w641 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Cinisello Balsam<span class=\"_ _3b\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x638 y548b w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x639 y548b w642 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x63a y548b w643 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">40,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y548c w644 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Mynet sr<span class=\"_ _2\"></span>l<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5f8 y548c w645 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Udine<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x63b y548c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x63c y548c w63e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Cr<span class=\"_ _1\"></span>edemtel<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x63d y548c w646 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12,99%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x636 y539f w647 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Flairbit <span class=\"_ _2\"></span>srl<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x63e y539f w648 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Geno<span class=\"_ _1\"></span>va<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x63f y539f w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x640 y539f w63e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C<span class=\"_ _1\"></span>redemtel<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x641 y539f w64a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr></table>Legenda Tipo di rapporto:<span class=\"_ _2\"></span> 1 = mag<span class=\"_ _3a1\"> </span>gioranza de<span class=\"_ _2\"></span>i diritti di voto nell\u2019assemb<span class=\"_ _3b\"></span>l<span class=\"_ _1\"></span>ea ordinaria 4 = altre forme di c<span class=\"_ _2\"></span>ontrollo<span class=\"_ _3a1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-887": {
   "value": "Sezione <span class=\"_ _1\"></span>3 - Area e<span class=\"_ _3a1\"> </span>metodi d<span class=\"_ _1\"></span>i conso<span class=\"_ _1\"></span>lidamen<span class=\"_ _1\"></span>to<span class=\"_ _3a1\"> </span>Il <span class=\"_ _0\"></span>bilancio <span class=\"_ _0\"></span>consolidato <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Gruppo <span class=\"_ _0\"></span>Credem <span class=\"_ _0\"></span>comprende <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>bilancio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Credito <span class=\"_ _0\"></span>Emili<span class=\"_ _2\"></span>ano <span class=\"_ _0\"></span>spa <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>delle<span class=\"_ _3a1\"> </span>societ\u00e0 <span class=\"_ _3d\"> </span>da <span class=\"_ _3d\"> </span>questa  cont<span class=\"_ _1\"></span>rollate,  includendo <span class=\"_ _3d\"> </span>nel  pe<span class=\"_ _1\"></span>rimetro <span class=\"_ _3d\"> </span>di  co<span class=\"_ _1\"></span>nsolidamento <span class=\"_ _3d\"> </span>anche <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>societ\u00e0<span class=\"_ _3a1\"> </span>operanti in settor<span class=\"_ _1\"></span>i di attivit\u00e0 dissimili da quello di ap<span class=\"_ _1\"></span>partenenza della Capogruppo. Analogame<span class=\"_ _1\"></span>nte,<span class=\"_ _3a1\"> </span>sono <span class=\"_ _37\"> </span>incluse <span class=\"_ _37\"> </span>anche <span class=\"_ _3d\"> </span>le <span class=\"_ _37\"> </span>societ\u00e0 <span class=\"_ _37\"> </span>veicolo <span class=\"_ _37\"> </span>(SPE/SPV) <span class=\"_ _37\"> </span>quando <span class=\"_ _37\"> </span>ne <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>icorrano <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>requisiti <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>ffettivo<span class=\"_ _3a1\"> </span>controllo, anche indipendentemente dall\u2019esistenza di una quota part<span class=\"_ _1\"></span>ecipativa.<span class=\"_ _3a1\"> </span>Un\u2019impresa <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>grado <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>esercitare <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>controllo <span class=\"_ _0\"></span>se <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>esposta <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>ha <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>ritto <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>rendimenti <span class=\"_ _35\"> </span>variabili,<span class=\"_ _3a1\"> </span>derivanti <span class=\"_ _1\"></span>dal <span class=\"_ _1\"></span>proprio <span class=\"_ _1\"></span>rapporto <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>l\u2019entit\u00e0 <span class=\"_ _1\"></span>oggetto <span class=\"_ _1\"></span>d\u2019investimento <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>, ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>frattempo, <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>capacit\u00e0<span class=\"_ _3a1\"> </span>di incidere su tali rendimenti esercitando il proprio potere su ta<span class=\"_ _1\"></span>le entit\u00e0.<span class=\"_ _3a1\"> </span>Specificatamente, un\u2019impresa \u00e8 in grado di eser<span class=\"_ _1\"></span>citare il controllo se, e solo se, ha:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">il potere sull<span class=\"_ _2\"></span>\u2019entit\u00e0 oggetto d\u2019investimento (<span class=\"_ _2\"></span>ovvero detiene valid<span class=\"_ _2\"></span>i diritti che gli<span class=\"_ _2\"></span> conferiscono la<span class=\"_ _3a1\"> </span></span>capacit\u00e0 attuale di dirigere le attivit\u00e0 rilevanti dell\u2019entit\u00e0 <span class=\"_ _1\"></span>oggetto d\u2019investimento);<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019esposizione <span class=\"_ _37\"> </span>o <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>diritti <span class=\"_ _3d\"> </span>a <span class=\"_ _37\"> </span>rendimenti <span class=\"_ _37\"> </span>variabili <span class=\"_ _3d\"> </span>derivanti <span class=\"_ _37\"> </span>dal <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>apporto <span class=\"_ _37\"> </span>con <span class=\"_ _3d\"> </span>l\u2019ent<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _3d\"> </span>oggetto<span class=\"_ _3a1\"> </span></span>d\u2019investimento;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">la <span class=\"_ _35\"> </span>capacit\u00e0  di <span class=\"_ _35\"> </span>esercitare  il <span class=\"_ _35\"> </span>proprio <span class=\"_ _35\"> </span>pote<span class=\"_ _1\"></span>re  sul<span class=\"_ _2\"></span>l\u2019entit\u00e0 <span class=\"_ _35\"> </span>oggetto  di <span class=\"_ _35\"> </span>investimento  per <span class=\"_ _35\"> </span>incidere<span class=\"_ _3a1\"> </span></span>sull\u2019ammontare dei suoi rendimenti.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _38\"></span>normalmente <span class=\"_ _38\"></span>considerate <span class=\"_ _38\"></span>controllate <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>imprese <span class=\"_ _38\"></span>nelle <span class=\"_ _38\"></span>quali <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>Capogruppo, <span class=\"_ _38\"></span>diret<span class=\"_ _1\"></span>tamente <span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span>indirettamente, <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>iede <span class=\"_ _1\"></span>pi\u00f9 <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>met\u00e0 <span class=\"_ _38\"></span>dei <span class=\"_ _1\"></span>diritti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>voto <span class=\"_ _38\"></span>o <span class=\"_ _1\"></span>quando, <span class=\"_ _1\"></span>pur <span class=\"_ _1\"></span>con <span class=\"_ _38\"></span>una <span class=\"_ _1\"></span>quota <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>diritti <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span>voto <span class=\"_ _38\"></span>infer<span class=\"_ _1\"></span>iore, <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>Capogruppo <span class=\"_ _38\"></span>h<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>potere <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>no<span class=\"_ _1\"></span>minare <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>maggioranza <span class=\"_ _38\"></span>degli <span class=\"_ _38\"></span>amministrat<span class=\"_ _1\"></span>ori <span class=\"_ _38\"></span>della<span class=\"_ _3a1\"> </span>partecipata o d<span class=\"_ _2\"></span>i determinare le<span class=\"_ _2\"></span> politiche finanz<span class=\"_ _2\"></span>iarie ed operative <span class=\"_ _3b\"></span>della stessa. Nella valu<span class=\"_ _2\"></span>tazione dei<span class=\"_ _3a1\"> </span>diritti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>voto <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>tiene <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>anche <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>diritti <span class=\"_ _38\"></span>\u201cpotenziali\u201d <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>siano <span class=\"_ _0\"></span>corre<span class=\"_ _1\"></span>ntemente <span class=\"_ _0\"></span>esercitabili <span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span>convertibili in diritti di voto effettivi in qualsiasi moment<span class=\"_ _1\"></span>o.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _38\"></span>considerate <span class=\"_ _38\"></span>controllate <span class=\"_ _1\"></span>congiuntamente <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>imprese <span class=\"_ _1\"></span>nelle <span class=\"_ _38\"></span>quali <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>diritti <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>voto <span class=\"_ _1\"></span>ed <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>controllo<span class=\"_ _3a1\"> </span>dell\u2019a<span class=\"_ _3a1\"> </span>ttivit\u00e0 <span class=\"_ _48\"> </span>e<span class=\"_ _1\"></span>conomica <span class=\"_ _48\"> </span>della <span class=\"_ _17e\"> </span>partecipata <span class=\"_ _17e\"> </span>sono <span class=\"_ _17e\"> </span>condivisi <span class=\"_ _48\"> </span>in <span class=\"_ _48\"> </span>mo<span class=\"_ _1\"></span>do <span class=\"_ _48\"> </span>parite<span class=\"_ _1\"></span>tico <span class=\"_ _48\"> </span>da <span class=\"_ _17e\"> </span>Credem,<span class=\"_ _3a1\"> </span>direttamente o indirettamente, e da un altro soggetto. In<span class=\"_ _2\"></span>oltre viene qualificato come sottoposto a<span class=\"_ _3a1\"> </span>controllo congiunto <span class=\"_ _3b\"></span>un investimento pa<span class=\"_ _2\"></span>rtecipativo nel <span class=\"_ _3b\"></span>quale, pur <span class=\"_ _3b\"></span>in assenza di <span class=\"_ _3b\"></span>una quota p<span class=\"_ _2\"></span>aritetica<span class=\"_ _3a1\"> </span>di <span class=\"_ _0\"></span>diritti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>voto, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>controllo <span class=\"_ _0\"></span>sull\u2019attivit\u00e0 <span class=\"_ _0\"></span>economica <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sugli <span class=\"_ _0\"></span>indirizzi <span class=\"_ _0\"></span>strategici <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>partecipata <span class=\"_ _0\"></span>\u00e8<span class=\"_ _3a1\"> </span>condiviso con altri soggetti in virt\u00f9 di accordi contr<span class=\"_ _1\"></span>attuali.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _3d\"> </span>considerate <span class=\"_ _37\"> </span>collegate, <span class=\"_ _3d\"> </span>cio\u00e8 <span class=\"_ _3d\"> </span>sottoposte <span class=\"_ _37\"> </span>ad <span class=\"_ _3d\"> </span>influenza <span class=\"_ _3d\"> </span>notevole, <span class=\"_ _3d\"> </span>le <span class=\"_ _37\"> </span>imprese <span class=\"_ _3d\"> </span>nelle <span class=\"_ _3d\"> </span>quali <span class=\"_ _3d\"> </span>la<span class=\"_ _3a1\"> </span>capogruppo, <span class=\"_ _1\"></span>direttamente <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>indirettamente, <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>iede <span class=\"_ _1\"></span>almeno <span class=\"_ _1\"></span>il 20% <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>diritt<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>di vot<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>(ivi inc<span class=\"_ _1\"></span>lusi <span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>diritti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>vot<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>\u201cpotenziali\u201d <span class=\"_ _38\"></span>come <span class=\"_ _0\"></span>sopra <span class=\"_ _0\"></span>definiti) <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>nelle <span class=\"_ _0\"></span>quali <span class=\"_ _38\"></span>\u2013<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>pu<span class=\"_ _2\"></span>r <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>iritti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>voto<span class=\"_ _3a1\"> </span>inferiore <span class=\"_ _3b\"></span>\u2013<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>ha <span class=\"_ _3b\"></span>il <span class=\"_ _3b\"></span>potere<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>partecipare<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>alla <span class=\"_ _3b\"></span>determinazione <span class=\"_ _2\"></span>delle <span class=\"_ _3b\"></span>politiche <span class=\"_ _3b\"></span>finanziarie <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>gestionali <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lla<span class=\"_ _3a1\"> </span>partecipata in virt\u00f9 di particolari legami giuridici quali la parte<span class=\"_ _1\"></span>cipazione a patti di sindacato. Le <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>ntrollate son<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>consolidate con <span class=\"_ _3b\"></span>il <span class=\"_ _3b\"></span>me<span class=\"_ _1\"></span>todo int<span class=\"_ _2\"></span>egrale, <span class=\"_ _3b\"></span>m<span class=\"_ _1\"></span>entre le <span class=\"_ _3b\"></span>interessenze no<span class=\"_ _3b\"></span>n<span class=\"_ _3a1\"> </span>di controllo e di joint venture sono consolidate in base <span class=\"_ _1\"></span>al metodo del patrimonio netto.<span class=\"_ _3a1\"> </span>Criteri e principi d<span class=\"_ _1\"></span>i consolidamento<span class=\"_ _3a1\"> </span>I criteri adottati per la redazione del bilancio consolida<span class=\"_ _3a1\"> </span>to sono <span class=\"_ _1\"></span>i seguenti:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> oc<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> de<span class=\"_ _38\"></span>l p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>,<span class=\"_ _38\"></span> il<span class=\"_ _1\"></span> va<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> ca<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> so<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _3a1\"> </span></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>\u00e8<span class=\"_ _38\"></span> <span class=\"_ _37\"> </span>a<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>a<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>f<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _36\"> </span>de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _3a1\"> </span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>.<span class=\"_ _1\"></span>  La<span class=\"_ _1\"></span>  co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>zz<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>  a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>  s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>a<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>v<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  in<span class=\"_ _1\"></span>  ba<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  al<span class=\"_ _1\"></span>  \u201cm<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>\u201d<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>co<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>de<span class=\"_ _38\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>it<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>IF<span class=\"_ _38\"></span>R<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>3<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>o<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>co<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>le<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>di<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>at<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _38\"></span>, <span class=\"_ _35\"> </span>pa<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>e<span class=\"_ _3a1\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>po<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>ia<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>ac<span class=\"_ _1\"></span>q<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>f<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>da<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>\u00e8<span class=\"_ _3a1\"> </span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>in<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>cu<span class=\"_ _38\"></span>i <span class=\"_ _35\"> </span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>ie<span class=\"_ _38\"></span>ne<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>l<span class=\"_ _1\"></span>\u2019e<span class=\"_ _38\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>co<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>P<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>i<span class=\"_ _3a1\"> </span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> u<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> ne<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span> co<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span> pe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> di<span class=\"_ _1\"></span> r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> so<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>us<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>b<span class=\"_ _1\"></span>il<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>co<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>da<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>da<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>la<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>la<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>s<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ac<span class=\"_ _38\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>Pa<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>im<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _3a1\"> </span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ec<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>un<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>so<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>bi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>f<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>\u00e8<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>e<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>i  e<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>ze<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>  fa<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>  va<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>ue<span class=\"_ _38\"></span>  de<span class=\"_ _1\"></span>l  pr<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>  pa<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>  ri<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>  al<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  co<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></span>f<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>pa<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>io<span class=\"_ _38\"></span> <span class=\"_ _36\"> </span>ne<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>ua<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>co<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>f<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>ue<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>le<span class=\"_ _38\"></span> <span class=\"_ _37\"> </span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>o<span class=\"_ _3a1\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>po<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>, <span class=\"_ _0\"></span>se<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>po<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>ve<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>qu<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>av<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>vo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span>\u201c<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>\u201d<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span> e<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>\u2019a<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _3a1\"> </span></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>, <span class=\"_ _3f\"> </span>d<span class=\"_ _1\"></span>is<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>pl<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>s<span class=\"_ _1\"></span>pe<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>f<span class=\"_ _38\"></span>ic<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>da<span class=\"_ _38\"></span>l <span class=\"_ _3f\"> </span>pr<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>I<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>7<span class=\"_ _38\"></span>, <span class=\"_ _3f\"> </span>le<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>e<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _3d\"> </span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>o<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>ve<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>  s<span class=\"_ _38\"></span>o<span class=\"_ _38\"></span>pr<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _3d\"> </span>de<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>c<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>ve<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>a<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _3d\"> </span>a<span class=\"_ _3a1\"> </span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>im<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>(<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>ch<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>vi<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>si<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>e<span class=\"_ _1\"></span>vi<span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>di<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>va<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>)<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>v<span class=\"_ _1\"></span>ie<span class=\"_ _38\"></span>ne<span class=\"_ _3a1\"> </span></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>if<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>  va<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>  de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>v<span class=\"_ _38\"></span>ia<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>  (<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>  im<span class=\"_ _1\"></span>p<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>  te<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>)<span class=\"_ _38\"></span>.  A<span class=\"_ _1\"></span>  ta<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>  fi<span class=\"_ _38\"></span>ne<span class=\"_ _3a1\"> </span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>i<span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>f<span class=\"_ _38\"></span>ic<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _38\"></span>un<span class=\"_ _38\"></span>it<span class=\"_ _38\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>ge<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>di<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>f<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>us<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>nz<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>c<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>l<span class=\"_ _1\"></span>\u2019a<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>.<span class=\"_ _3a1\"> </span>L<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _3a\"> </span>d<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>v<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>\u00e8 <span class=\"_ _48\"> </span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>da<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>\u2019e<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>di<span class=\"_ _1\"></span>f<span class=\"_ _38\"></span>fe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>a<span class=\"_ _3a1\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>t<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>il<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>va<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>di<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>is<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>io<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>vi<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>e<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>i<span class=\"_ _38\"></span>l <span class=\"_ _3f\"> </span>s<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>va<span class=\"_ _38\"></span>lo<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>pe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>le<span class=\"_ _38\"></span>,<span class=\"_ _3a1\"> </span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>fa<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>at<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>ce<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>f<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>,<span class=\"_ _3a1\"> </span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>  n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>  d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>  e<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>co<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>  d<span class=\"_ _38\"></span>i <span class=\"_ _3d\"> </span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>  e<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>  r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>  v<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  d<span class=\"_ _38\"></span>\u2019<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>  L<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>  c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _3a1\"> </span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>if<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>co<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">g<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span> <span class=\"_ _3d\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>no<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>v<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>gr<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _3d\"> </span>a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>is<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></span>\u201c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>\u201d<span class=\"_ _38\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>ie<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>nc<span class=\"_ _38\"></span>h<span class=\"_ _1\"></span>\u00e9<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>ne<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></span>e<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> i p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> e l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> pe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> or<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>in<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> tr<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> so<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>q<span class=\"_ _1\"></span>uo<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>io<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>le<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>di<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>ne<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>\u201c<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>\u201d<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>\u00e0<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> i<span class=\"_ _38\"></span>nc<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>p<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>pe<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>va<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>, <span class=\"_ _1\"></span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>l <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>no<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>co<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>so<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>do<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>so<span class=\"_ _38\"></span>no<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>bi<span class=\"_ _38\"></span>la<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></span>p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>a<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>pr<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>so<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>ie<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>e<span class=\"_ _38\"></span>ve<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>ua<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"> </span>r<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _38\"></span>i <span class=\"_ _35\"> </span>pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>na<span class=\"_ _38\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>li<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>it<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>pr<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>po<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>  va<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  d<span class=\"_ _1\"></span>i  l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>  de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>ip<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>r<span class=\"_ _38\"></span>il<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>  de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>ut<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>  dal<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  ca<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>,  o  da<span class=\"_ _1\"></span>  al<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>at<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>\u00e8<span class=\"_ _3a1\"> </span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _3f\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>pe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>q<span class=\"_ _1\"></span>uo<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>io<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>pa<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>pa<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>.<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>L<span class=\"_ _1\"></span>\u2019e<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span>e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>pr<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>ga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _3f\"> </span>r<span class=\"_ _1\"></span>is<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>d<span class=\"_ _1\"></span>i <span class=\"_ _3f\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span>a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>l\u2019<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>f<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>va<span class=\"_ _38\"></span>lu<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>ll<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _38\"></span>, <span class=\"_ _35\"> </span>pa<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>pa<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _38\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>po<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"> </span>\u2013<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>\u00e8<span class=\"_ _3a1\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>us<span class=\"_ _38\"></span>a <span class=\"_ _3d\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>va<span class=\"_ _38\"></span>lo<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  d<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>  L<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>va<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>i <span class=\"_ _3d\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _45\"> </span>v<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>lo<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>ni<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>v<span class=\"_ _3a1\"> </span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>ne<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>li<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>su<span class=\"_ _38\"></span>cc<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _38\"></span>i <span class=\"_ _35\"> </span>a<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>qu<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>di<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>pr<span class=\"_ _38\"></span>im<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>so<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>is<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>vo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> 2<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> co<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> (<span class=\"_ _1\"></span>\u201c<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> (<span class=\"_ _1\"></span>pe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>)<span class=\"_ _38\"></span> de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>le<span class=\"_ _38\"></span> p<span class=\"_ _1\"></span>ar<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>i\u201d<span class=\"_ _38\"></span>)<span class=\"_ _1\"></span> ne<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>a i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>va<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>io<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>it<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>;<span class=\"_ _1\"></span> <span class=\"_ _42\"> </span><span class=\"ff4\">s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> e<span class=\"_ _38\"></span>vi<span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> u<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> pa<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> u<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>uz<span class=\"_ _38\"></span>io<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>  si<span class=\"_ _1\"></span>  pr<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>  a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  st<span class=\"_ _38\"></span>im<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>  de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>  va<span class=\"_ _38\"></span>lo<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  re<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>pe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>le<span class=\"_ _38\"></span>  de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>ci<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>ne<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>,<span class=\"_ _3a1\"> </span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>f<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>ne<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>\u00e0<span class=\"_ _3a1\"> </span>g<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>v<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>ne<span class=\"_ _38\"></span>  f<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>Q<span class=\"_ _38\"></span>ua<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>v<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>b<span class=\"_ _38\"></span>il<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>  v<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>\u00e8<span class=\"_ _1\"></span>  r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>va<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>  n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _3a1\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>no<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>ci<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>le<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>ut<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>iz<span class=\"_ _38\"></span>za<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>ve<span class=\"_ _3a1\"> </span></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>po<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>ge<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>bi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>C<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>;<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _3a1\"> </span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>nc<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>no<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>de<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>b<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>(<span class=\"_ _38\"></span>ge<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>ll<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>20<span class=\"_ _38\"></span>2<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>)<span class=\"_ _1\"></span>.<span class=\"_ _3a1\"> </span>Partecipazioni <span class=\"_ _1\"></span>in societ\u00e0 controllate in via e<span class=\"_ _1\"></span>sclusiva e collegat<span class=\"_ _1\"></span>e (consolidate con <span class=\"_ _1\"></span>il metodo del patrimonio <span class=\"_ _1\"></span>netto) <table class=\"s w618 h1e9\" id=\"_59cc5b73-f713-48d3-9c90-6b115e284138\"><tr><td class=\"c n x5ed y546a w619 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Denominazioni impre<span class=\"_ _2\"></span>se<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5ee y546a w61a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Sede<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x5ef h12 y546b ff4 fs7 fc1 sc0 ls0 ws0\">Tipo di </td><td></td><td class=\"t m2 x5f0 h12 y546c ff4 fs7 fc1 sc0 ls0 ws0\">Rapporto di partecip<span class=\"_ _2\"></span>azione </td><td class=\"t m2 x5f1 h8e y546d ff4 fs18 fc1 sc0 ls0 ws0\">Disponibilit\u00e0 </td></tr><tr><td></td><td></td><td class=\"t m2 x5f2 h12 y546e ff4 fs7 fc1 sc0 ls0 ws0\">rapporto<span class=\"_ _3a1\"> </span></td><td class=\"c n x5f3 y546f w61b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Impresa partecipante<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5f4 y546f w61c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Quota %</div></td><td class=\"t m2 x5f5 h8e y5470 ff4 fs18 fc1 sc0 ls0 ws0\">voti % </td></tr><tr><td class=\"t m2 x5f6 h12 y5471 ff4 fs7 fc1 sc0 ls0 ws0\">A. Imprese </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x5f6 h12 y5472 ff4 fs7 fc1 sc0 ls0 ws0\">A. 1 Consolidate integ<span class=\"_ _2\"></span>ralmente </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x5f7 y5473 w61d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Credemleasing spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5f8 y5473 w61e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5f9 y5473 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5fa y5473 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5fb y5473 w621 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">99,90%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x5fc h12 y5474 ff4 fs7 fc1 sc0 ls0 ws0\">Magazzini Generali  </td><td class=\"t m2 x5fd h12 y5475 ff4 fs7 fc1 sc0 ls0 ws0\">0,10% </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x5fe h12 y5476 ff4 fs7 fc1 sc0 ls0 ws0\" colspan=\"2\">delle Tagliate </td><td></td></tr><tr><td class=\"c n x5f7 y5477 w622 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Credemfactor spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5ff y5477 w623 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x600 y5477 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x601 y5477 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x602 y5477 w624 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">99,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c n x603 y5478 w625 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credemleasing<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x604 y5478 w626 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5479 w627 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Credem Private Equi<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>y SGR spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x605 y5479 w628 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">R<span class=\"_ _1\"></span>eggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x606 y5479 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x607 y5479 w629 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x608 y5479 w62a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">87,50%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x609 h12 y547a ff4 fs7 fc1 sc0 ls0 ws0\">Credem Euromobil<span class=\"_ _2\"></span>iare </td><td class=\"t m2 x60a h12 y547b ff4 fs7 fc1 sc0 ls0 ws0\">12,50% </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x60b h12 y547c ff4 fs7 fc1 sc0 ls0 ws0\" colspan=\"2\">Private Banking<span class=\"_ _2\"></span> </td><td></td></tr><tr><td class=\"t m2 x60c h12 y547d ff4 fs7 fc1 sc0 ls0 ws0\">4. Euromobiliare Asse<span class=\"_ _2\"></span>t Management SGR<span class=\"_ _2\"></span> spa<span class=\"_ _3a1\"> </span></td><td class=\"c n x60d y547e w62b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x60e y547e w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x60f y547e w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x610 y547e w62c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y547f w62d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Euromobiliare Adv<span class=\"_ _2\"></span>isory SIM spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x611 y547f w62b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x612 y547f w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x613 y547f w62e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x614 y547f w62f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5480 w630 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6. Credemtel spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x615 y5480 w623 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x616 y5480 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x60f y5480 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x617 y5480 w62f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5481 w631 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7. Avvera spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x618 y5481 w623 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x619 y5481 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61a y5481 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61b y5481 w62f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5482 w632 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8. Magazzini Generali de<span class=\"_ _3b\"></span>l<span class=\"_ _1\"></span>le Tagliate s<span class=\"_ _2\"></span>pa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61c y5482 w61e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61d y5482 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61e y5482 w62e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61f y5482 w62f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5483 w633 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9.Credem Euromob<span class=\"_ _2\"></span>iliare Private Bank<span class=\"_ _2\"></span>ing spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x620 y5483 w62b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x621 y5483 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x622 y5483 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x623 y5483 w62f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5484 w634 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10. Euromobiliare Fiduc<span class=\"_ _2\"></span>iaria spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x624 y5484 w635 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x625 y5484 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x626 y5484 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x627 y5484 w62c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5485 w636 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11. Credemvita spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x628 y5485 w623 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x629 y5485 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x62a y5485 w629 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x62b y5485 w62c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5486 w637 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12. Credem CB srl<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x62c y5486 w638 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Conegliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x619 y5486 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61a y5486 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x62d y5486 w639 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">70,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x5f6 h12 y5487 ff4 fs7 fc1 sc0 ls0 ws0\">A. 2 Consolidate con <span class=\"_ _2\"></span>il metodo del p<span class=\"_ _2\"></span>atrimonio netto </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x5f7 y5488 w63a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.Credemassicurazio<span class=\"_ _2\"></span>ni spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x62e y5488 w623 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x62f h12 y5489 ff4 fs7 fc1 sc0 ls0 ws0\">4 </td><td class=\"c n x630 y5488 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x631 y5488 w63b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">50,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y548a w63c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. SBC Fin<span class=\"_ _2\"></span>tech Milan 2224 s.r.l.<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x632 y548a w62b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x633 y548a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x634 y548a w63e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C<span class=\"_ _1\"></span>redemtel<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x635 y548a w63f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">40,69%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x636 y548b w640 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Andx<span class=\"_ _2\"></span>or srl<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x637 y548b w641 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Cinisello Balsam<span class=\"_ _3b\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x638 y548b w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x639 y548b w642 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x63a y548b w643 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">40,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y548c w644 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Mynet sr<span class=\"_ _2\"></span>l<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5f8 y548c w645 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Udine<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x63b y548c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x63c y548c w63e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Cr<span class=\"_ _1\"></span>edemtel<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x63d y548c w646 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12,99%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x636 y539f w647 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Flairbit <span class=\"_ _2\"></span>srl<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x63e y539f w648 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Geno<span class=\"_ _1\"></span>va<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x63f y539f w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x640 y539f w63e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C<span class=\"_ _1\"></span>redemtel<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x641 y539f w64a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr></table>Legenda Tipo di rapporto:<span class=\"_ _2\"></span> 1 = mag<span class=\"_ _3a1\"> </span>gioranza de<span class=\"_ _2\"></span>i diritti di voto nell\u2019assemb<span class=\"_ _3b\"></span>l<span class=\"_ _1\"></span>ea ordinaria 4 = altre forme di c<span class=\"_ _2\"></span>ontrollo<span class=\"_ _3a1\"> </span>Sezione <span class=\"_ _1\"></span>7 - Le pa<span class=\"_ _1\"></span>rtecipazion<span class=\"_ _1\"></span>i - Vo<span class=\"_ _1\"></span>ce 70<span class=\"_ _3a1\"> </span> Il valore di bilancio della voce \u201cPartecipazioni\u201d ammonta <span class=\"_ _1\"></span>a 59,9 milioni di<span class=\"_ _2\"></span> euro.<span class=\"_ _3a1\"> </span>7.1 Partecipazioni: i<span class=\"_ _1\"></span>nformazioni sui r<span class=\"_ _1\"></span>apporti partecipativi <table class=\"s w7c5 h20b\" id=\"_c559ecb7-6c66-48e7-b519-4c3521b64516\"><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x691 h12 y56db ff4 fs7 fc7 sc6 ls0 ws0\">Rapporto di partecipazione </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 xa02 h12 y56dc ff4 fs7 fc7 sc6 ls0 ws0\">Denominazioni  <span class=\"_ _2c\"> </span>Sede legale </td><td class=\"t m2 x6df h12 y56dd ff4 fs7 fc7 sc6 ls0 ws0\">Tipo di </td><td></td><td></td><td></td><td></td><td class=\"t m2 x6b1 h12 y56dd ff4 fs7 fc7 sc6 ls0 ws0\">Disponibilit\u00e0 </td></tr><tr><td></td><td></td><td class=\"t m2 x6ed h12 y56de ff4 fs7 fc7 sc6 ls0 ws0\">rapporto </td><td class=\"t m2 x7af h12 y56df ff4 fs7 fc7 sc6 ls0 ws0\">Impresa </td><td class=\"t m2 x6b9 h12 y56df ff4 fs7 fc7 sc6 ls0 ws0\">Quota </td><td></td><td></td><td class=\"t m2 x6a3 h12 y56de ff4 fs7 fc7 sc6 ls0 ws0\">voti % </td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 xa03 h12 y56e0 ff4 fs7 fc7 sc6 ls0 ws0\" colspan=\"2\">partecipante </td><td class=\"t m2 x987 h12 y56e0 ff4 fs7 fc7 sc6 ls0 ws0\">% </td><td></td></tr><tr><td class=\"t m2 x677 h12 y56e1 ff4 fs7 fc1 sc2 ls0 ws0\">A.  Imprese controllate in modo </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y56e2 ff4 fs7 fc1 sc2 ls0 ws0\">congiunto </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y56e3 w7c6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Credemassicurazi<span class=\"_ _2\"></span>oni spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa04 y56e3 w7c7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio <span class=\"_ _2\"></span>Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa05 y56e3 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa06 y56e3 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa07 y56e3 w63b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">50,00%<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y56e4 ff4 fs7 fc1 sc2 ls0 ws0\">B.  Imprese sottoposte a influenza </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y56e5 ff4 fs7 fc1 sc2 ls0 ws0\">notevole </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y56e6 w7c8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. SBC Fintech 2224 M<span class=\"_ _2\"></span>ilan srl<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa08 y56e6 w62b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa09 y56e6 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xa0a y56e6 w63f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">40,69%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa0b y56e6 w7c9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c n x734 y56e7 w7ca h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Andxor srl<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa0c y56e7 w7cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Cinis<span class=\"_ _1\"></span>ello Balsam<span class=\"_ _3b\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa0d y56e7 w7cc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xa0e y56e7 w643 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">40,00%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa0f y56e7 w642 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c n x734 y56e8 w7cd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Mynet srl<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa10 y56e8 w7ce h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Udine<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa11 y56e8 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xa12 y56e8 w7cf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12,99%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa13 y56e8 w7c9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c n x734 y539f w7d0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Flairbit srl<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa14 y539f w7d1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Genova<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa15 y539f w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xa16 y539f w7d2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10,00%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa17 y539f w642 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr></table>Legenda<span class=\"_ _3a1\"> </span> Tipo di rapporto:<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> 1 \u2013 partecipazione al c<span class=\"_ _2\"></span>apitale sociale <span class=\"_ _2\"></span> 7.2 Partecipazion<span class=\"_ _1\"></span>i significative: valore<span class=\"_ _1\"></span> di bilancio, fair val<span class=\"_ _1\"></span>u<span class=\"_ _3a1\"> </span>e e dividendi perce<span class=\"_ _1\"></span>piti <table class=\"s w7d3 h20c\" id=\"_e750b11b-4385-4497-869b-c2a53885c7d3\"><tr><td class=\"c n xa19 y56e9 w7d4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Denominazioni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c xa1b y56e9 w7d5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Valore<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xa1a h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">di bilancio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa1c y56e9 w7d6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Fair value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa1d y56e9 w7d7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Di<span class=\"_ _1\"></span>videndi percepiti<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xa1e h12 y56ea ff4 fs7 fc1 sc2 ls0 ws0\">A. Imprese controllate in modo cong<span class=\"_ _2\"></span>iunto </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xa1f y56eb w7d8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.<span class=\"_ _3e\"> </span>Credemassicurazioni spa<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xa20 y56eb w7d9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">57.364<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa21 h12 y56ec ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa22 h12 y56ec ff4 fs7 fc1 sc0 ls0 ws0\">3.005<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xa1e h12 y56ed ff4 fs7 fc1 sc2 ls0 ws0\">B. Imprese sottoposte ad influenza notevole<span class=\"_ _2\"></span> </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xa23 y56ee w7da h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.<span class=\"_ _c\"> </span>SBC Fintech 2224 Milan srl<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xa24 y56ee w7db h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">316<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa21 h12 y56ef ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa25 h12 y56ef ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xa23 y56f0 w7dc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.<span class=\"_ _1a0\"> </span>Andxor srl<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xa26 y56f0 w7dd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.402<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa21 h12 y56f1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa27 h12 y56f1 ff4 fs7 fc1 sc0 ls0 ws0\">140<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xa23 y56f2 w7de h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.<span class=\"_ _1a0\"> </span>Mynet srl<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xa28 y56f2 w7df h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">335<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa21 h12 y56f3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa25 h12 y56f3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xa23 y56f4 w7e0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.<span class=\"_ _1a3\"> </span>F<span class=\"_ _1\"></span>lairbit srl<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xa29 y56f4 w7e1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">519<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa21 h12 y56f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa25 h12 y56f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 xa2a h12 y56f6 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa2b h12 y56f6 ff4 fs7 fc1 sc2 ls0 ws0\">59.936<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa21 h12 y56f6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa2c h12 y56f6 ff4 fs7 fc1 sc2 ls0 ws0\">3.145<span class=\"_ _3a1\"> </span></td></tr></table>La colonna fair value non \u00e8 avvalorata perch\u00e9 non sono presenti societ\u00e0 quotate classificate tra le<span class=\"_ _3a1\"> </span> partecipazioni significative.<span class=\"_ _3a1\"> </span>7.3 Partecipazioni signif<span class=\"_ _1\"></span>icative: informazioni contabili <table class=\"s w7e2 h20d\" id=\"_3388cfae-b2eb-4d25-a9b2-9266ae1f24da\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 xa2d h12 y56f7 ff4 fs7 fc4 sc3 ls0 ws0\">Utile </td><td class=\"c n xa2e y56f8 w7e3 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Utile<span class=\"_ _3a1\"> </span></div></td><td class=\"t m9 xa2f h12 y56f9 ff4 fs7 fc4 sc3 ls0 ws0\">Utile </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=\"t m9 xa30 h12 y56fa ff4 fs7 fc4 sc3 ls0 ws0\">(Perdita) </td><td class=\"c n xa31 y56fb w7e4 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">(Perdita)</div></td><td class=\"t m9 xa32 h12 y56fc ff4 fs7 fc4 sc3 ls0 ws0\">(Perdita) </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 class=\"t m9 xa33 h12 y56fd ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche e </td><td class=\"t m9 xa34 h12 y56fe ff4 fs7 fc4 sc3 ls0 ws0\">della </td><td class=\"c n xa35 y56ff w7e5 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">della</div></td><td class=\"t m9 xa36 h12 y56fd ff4 fs7 fc4 sc3 ls0 ws0\">dei gruppi </td><td class=\"t m9 xa37 h12 y56fe ff4 fs7 fc4 sc3 ls0 ws0\">Utile </td><td class=\"t m9 xa38 h12 y56fd ff4 fs7 fc4 sc3 ls0 ws0\">Altre </td><td></td></tr><tr><td></td><td class=\"t m9 xa39 h12 y5700 ff4 fs7 fc4 sc3 ls0 ws0\">Cassa e </td><td class=\"t m9 xa3a h12 y5701 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0 </td><td class=\"t m9 xa3b h12 y5702 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0 </td><td class=\"t m9 xa3c h12 y5701 ff4 fs7 fc4 sc3 ls0 ws0\">Passivit\u00e0 </td><td class=\"t m9 xa3d h12 y5702 ff4 fs7 fc4 sc3 ls0 ws0\">Passivit\u00e0 </td><td class=\"t m9 xa3e h12 y5701 ff4 fs7 fc4 sc3 ls0 ws0\">Ricavi </td><td class=\"t m9 xa3f h12 y5702 ff4 fs7 fc4 sc3 ls0 ws0\">Margine </td><td class=\"t m9 xa40 h12 y5702 ff4 fs7 fc4 sc3 ls0 ws0\">riprese di valore </td><td class=\"c xa42 y5703 w7e6 h1d9\" colspan=\"2\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">operativit\u00e0<span class=\"_ _3a1\"> </span></div><div class=\"t m9 xa41 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">operativit\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"t m9 xa43 h12 y5702 ff4 fs7 fc4 sc3 ls0 ws0\">di attivit\u00e0 in </td><td class=\"t m9 xa44 h12 y5701 ff4 fs7 fc4 sc3 ls0 ws0\">(Perdita) </td><td class=\"c xa46 y5705 w7e7 h20e\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">componenti<span class=\"_ _3a1\"> </span></div><div class=\"t m9 xa45 h12 y5704 ff4 fs7 fc4 sc3 ls0 ws0\">Redditivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c xa48 y5706 w7e8 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Denom<span class=\"_ _3a1\"> </span></div><div class=\"t m9 xa47 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">inazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c xa49 y5707 w180 h25\"><div class=\"t m9 x0 h12 y2616 ff4 fs7 fc4 sc3 ls0 ws0\">disponibilit\u00e0 </div></td><td class=\"t m9 xa4a h12 y5708 ff4 fs7 fc4 sc3 ls0 ws0\">finanziarie<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa4b h12 y5709 ff4 fs7 fc4 sc3 ls0 ws0\">non </td><td class=\"t m9 xa4c h12 y5708 ff4 fs7 fc4 sc3 ls0 ws0\">finanziarie<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa4d h12 y5709 ff4 fs7 fc4 sc3 ls0 ws0\">non </td><td class=\"t m9 xa4e h12 y5708 ff4 fs7 fc4 sc3 ls0 ws0\">totali </td><td class=\"t m9 xa4f h12 y5709 ff4 fs7 fc4 sc3 ls0 ws0\">di </td><td class=\"t m9 xa22 h12 y5709 ff4 fs7 fc4 sc3 ls0 ws0\">su attivit\u00e0 </td><td class=\"c n xa50 y5649 w7e9 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">corrente</div></td><td class=\"t m9 xa51 h12 y5708 ff4 fs7 fc4 sc3 ls0 ws0\">corrente </td><td class=\"t m9 xa52 h12 y5709 ff4 fs7 fc4 sc3 ls0 ws0\">via di </td><td class=\"c xa53 y570a w183 h25\"><div class=\"t m9 x0 h12 y2616 ff4 fs7 fc4 sc3 ls0 ws0\">d'esercizio </div></td><td class=\"c xa46 y5706 w7ea h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">reddituali al<span class=\"_ _3a1\"> </span></div><div class=\"t m9 xa54 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">complessiva<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m9 xa55 h12 y570b ff4 fs7 fc4 sc3 ls0 ws0\">liquide </td><td></td><td class=\"t m9 xa56 h12 y570b ff4 fs7 fc4 sc3 ls0 ws0\">finanziarie<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 xa57 h12 y570b ff4 fs7 fc4 sc3 ls0 ws0\">finanziarie<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 xa58 h12 y570b ff4 fs7 fc4 sc3 ls0 ws0\">interesse<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa59 h12 y570b ff4 fs7 fc4 sc3 ls0 ws0\">materiali e </td><td class=\"c n xa5a y5481 w7eb h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">al lordo</div></td><td class=\"t m9 xa5b h12 y570c ff4 fs7 fc4 sc3 ls0 ws0\">al netto </td><td class=\"c xa5c y570d w182 h25\"><div class=\"t m9 x0 h12 y2616 ff4 fs7 fc4 sc3 ls0 ws0\">dismissione </div></td><td class=\"t m9 xa5d h12 y570c ff4 fs7 fc4 sc3 ls0 ws0\">(1) </td><td class=\"c n xa5e y570e w7ec h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">netto delle</div></td><td class=\"t m9 xa5f h12 y570b ff4 fs7 fc4 sc3 ls0 ws0\">(3) = (1) + (2)<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 xa33 h12 y570f ff4 fs7 fc4 sc3 ls0 ws0\">immateriali </td><td class=\"c n xa60 y5710 w7ed h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">delle</div></td><td class=\"t m9 xa61 h12 y5711 ff4 fs7 fc4 sc3 ls0 ws0\">delle </td><td class=\"t m9 xa62 h12 y570f ff4 fs7 fc4 sc3 ls0 ws0\">al netto </td><td></td><td class=\"c n xa46 y5712 w7ee h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">imposte (2)<span class=\"_ _3a1\"> </span></div></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 xa50 y5713 w7ef h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">imposte</div></td><td class=\"t m9 xa51 h12 y5714 ff4 fs7 fc4 sc3 ls0 ws0\">imposte </td><td class=\"t m9 xa52 h12 y5715 ff4 fs7 fc4 sc3 ls0 ws0\">delle </td><td></td><td></td><td></td></tr><tr><td class=\"t m9 xa1e h12 y5716 ff4 fs7 fc1 sc2 ls0 ws0\">1.<span class=\"_ _182\"> </span>Imprese controllate in modo </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 xa62 h12 y5717 ff4 fs7 fc4 sc3 ls0 ws0\">imposte </td><td></td><td></td><td></td></tr><tr><td class=\"t m9 xa63 h12 y5718 ff4 fs7 fc1 sc2 ls0 ws0\">congiunto </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><td></td><td></td></tr><tr><td class=\"c n xa64 y56f0 w7f0 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credemassicuraz<span class=\"_ _2\"></span>ioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa65 y56f0 w7f1 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>.419</div></td><td class=\"t m9 xa66 h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">183.409<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa67 h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">21.193<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa68 h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">538<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa69 h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">113.401<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa6a h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">41.930<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa4f h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">4.200<span class=\"_ _3a1\"> </span></td><td class=\"c xa6c y571b w7f2 h20e\"><div class=\"t m9 x2b3 h12 y571a ff4 fs7 fc1 sc0 ls0 ws0\">(1.738<span class=\"_ _3a1\"> </span></div><div class=\"t m9 xa6b h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">)</div></td><td class=\"t m9 xa6d h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">21.717<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa6e h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">15.020<span class=\"_ _3a1\"> </span></td><td class=\"c n xa6f y56f0 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa70 y56f0 w7f4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">15.020<span class=\"_ _3a1\"> </span></div></td><td class=\"t m9 xa71 h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">350<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa72 h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">15.371<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 xa1e h12 y571c ff4 fs7 fc1 sc2 ls0 ws0\">2.<span class=\"_ _161\"> </span>Imprese sottoposte ad </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><td></td><td></td></tr><tr><td class=\"t m9 xa63 h12 y571d ff4 fs7 fc1 sc2 ls0 ws0\">influenza notevole </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><td></td><td></td></tr><tr><td class=\"c n xa73 y571e w7f5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">SBC Fintech 2224<span class=\"_ _3b\"></span> Milan<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa74 y571e w7f6 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">261<span class=\"_ _3a1\"> </span></div></td><td class=\"t m9 xa75 h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">534<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa76 h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa77 h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">12<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa78 h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa79 h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7a h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7b h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7c h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7d h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7e h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7f h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa80 h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa81 h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xa73 y5720 w7f7 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Andxor<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa82 y5720 w7f8 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _1\"></span>45<span class=\"_ _3a1\"> </span></div></td><td class=\"t m9 xa75 h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">209<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa83 h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">12<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa84 h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">253<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa85 h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">63<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa86 h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">1.647<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa87 h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa88 h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">(6)<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa89 h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">624<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa8a h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">440<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7e h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa8b h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">440<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa80 h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa8c h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">440<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xa73 y5595 w7f9 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Mynet<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa8d y5595 w7fa h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">88<span class=\"_ _3a1\"> </span></div></td><td class=\"t m9 xa8e h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">517<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa8f h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">724<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa68 h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">220<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa90 h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">200<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa86 h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">1.020<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7a h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa91 h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">(187)<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa92 h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">131<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa93 h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">123<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7e h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa94 h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">123<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa80 h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa95 h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">123<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xa73 y539f w7fb h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Flairbit<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa96 y539f w7fc h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">404<span class=\"_ _3a1\"> </span></div></td><td class=\"t m9 xa75 h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">847<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa97 h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">22<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa98 h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">83<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa85 h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa86 h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">1.099<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa87 h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa88 h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">(4)<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa99 h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">477<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa8a h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">405<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7e h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa8b h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">405<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa80 h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa9a h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">405<span class=\"_ _3a1\"> </span></td></tr></table>Nella tabella sono riportati i dati dei progetti di bilanc<span class=\"_ _2\"></span>io al 31 dicembre 2024 approvati dal Consiglio di Amministrazione e fo<span class=\"_ _2\"></span>rnito dalle societ\u00e0 o, qualora non disponib<span class=\"_ _2\"></span>ili, dalle pi\u00f9 recenti situazioni patrimoniali riferite al totale delle partecipate e non alla percentuale detenuta dal Gruppo<span class=\"_ _3a1\"> </span>Riconciliazione <span class=\"_ _1\"></span>tra le informazioni di natura <span class=\"_ _1\"></span>contabile ed il valor<span class=\"_ _1\"></span>e contabile delle par<span class=\"_ _1\"></span>tecipazioni <table class=\"s w7fd h20f\" id=\"_5791c46c-8177-4134-b4b9-ca704629331e\"><tr><td></td><td></td><td class=\"t m2 xa9c h12 y5724 ff4 fs7 fc4 sc3 ls0 ws0\">Patrimonio </td><td class=\"t m2 xa9d h12 y5724 ff4 fs7 fc4 sc3 ls0 ws0\">Percentuale di </td><td class=\"t m2 xa9e h12 y5725 ff4 fs7 fc4 sc3 ls0 ws0\">Patrimonio </td><td></td><td class=\"t m2 xa9f h12 y5724 ff4 fs7 fc4 sc3 ls0 ws0\">Altre </td><td></td><td class=\"t m2 xaa0 h12 y5724 ff4 fs7 fc4 sc3 ls0 ws0\">Valore di </td></tr><tr><td class=\"t m2 xaa1 h12 y5726 ff4 fs7 fc4 sc3 ls0 ws0\">Denominazioni </td><td></td><td class=\"t m2 xaa2 h12 y5727 ff4 fs7 fc4 sc3 ls0 ws0\">netto  </td><td class=\"t m2 xaa3 h12 y5727 ff4 fs7 fc4 sc3 ls0 ws0\">interessenza </td><td class=\"t m2 xaa4 h12 y5726 ff4 fs7 fc4 sc3 ls0 ws0\">netto di </td><td class=\"t m2 xaa5 h12 y5726 ff4 fs7 fc4 sc3 ls0 ws0\">Avviamento </td><td class=\"t m2 xaa6 h12 y5727 ff4 fs7 fc4 sc3 ls0 ws0\">poste </td><td></td><td class=\"t m2 xaa7 h12 y5727 ff4 fs7 fc4 sc3 ls0 ws0\">bilancio </td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 xa9e h12 y5728 ff4 fs7 fc4 sc3 ls0 ws0\">pertinenza  </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xaa8 h12 y5729 ff4 fs7 fc1 sc2 ls0 ws0\">A. Imprese controllate in modo cong<span class=\"_ _2\"></span>iunto </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xaa9 h12 y572a ff4 fs7 fc1 sc0 ls0 ws0\">Credemassicuraz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>oni </td><td></td><td class=\"t m2 xaaa h12 y572b ff4 fs7 fc1 sc0 ls0 ws0\">94.082<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xaab h12 y572b ff4 fs7 fc1 sc0 ls0 ws0\">50,00%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xaac h12 y572b ff4 fs7 fc1 sc0 ls0 ws0\">47.041</td><td class=\"t m2 xaad h12 y572b ff4 fs7 fc1 sc0 ls0 ws0\">  10.324<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xaae h12 y572b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xaaf h12 y572b ff4 fs7 fc1 sc0 ls0 ws0\">57.364<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xab0 h12 y572c ff4 fs7 fc1 sc0 ls0 ws0\">SBC Fintech 2224 Mil<span class=\"_ _2\"></span>an </td><td></td><td class=\"t m2 xab1 h12 y572d ff4 fs7 fc1 sc0 ls0 ws0\">778<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xaab h12 y572d ff4 fs7 fc1 sc0 ls0 ws0\">40,69%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xab2 h12 y572d ff4 fs7 fc1 sc0 ls0 ws0\">316<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xab3 h12 y572d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xaae h12 y572d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xab4 h12 y572d ff4 fs7 fc1 sc0 ls0 ws0\">316<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xab0 h12 y572e ff4 fs7 fc1 sc0 ls0 ws0\">Andxor </td><td></td><td class=\"t m2 xab5 h12 y572f ff4 fs7 fc1 sc0 ls0 ws0\">850<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xaab h12 y572f ff4 fs7 fc1 sc0 ls0 ws0\">40,00%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xab6 h12 y572f ff4 fs7 fc1 sc0 ls0 ws0\">340<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xab7 h12 y572f ff4 fs7 fc1 sc0 ls0 ws0\">1.062<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xaae h12 y572f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xab8 h12 y572f ff4 fs7 fc1 sc0 ls0 ws0\">1.402<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xab0 h12 y5730 ff4 fs7 fc1 sc0 ls0 ws0\">Mynet </td><td></td><td class=\"t m2 xab1 h12 y5731 ff4 fs7 fc1 sc0 ls0 ws0\">907<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xab9 h12 y5731 ff4 fs7 fc1 sc0 ls0 ws0\">12,99%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xaba h12 y5731 ff4 fs7 fc1 sc0 ls0 ws0\">118<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xabb h12 y5731 ff4 fs7 fc1 sc0 ls0 ws0\">217<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xabc h12 y5731 ff4 fs7 fc1 sc0 ls0 ws0\">335<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xab0 h12 y5732 ff4 fs7 fc1 sc0 ls0 ws0\">Flairbit </td><td></td><td class=\"t m2 xabd h12 y5733 ff4 fs7 fc1 sc0 ls0 ws0\">1.166<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xabe h12 y5733 ff4 fs7 fc1 sc0 ls0 ws0\">10,00%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xabf h12 y5733 ff4 fs7 fc1 sc0 ls0 ws0\">117<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xac0 h12 y5733 ff4 fs7 fc1 sc0 ls0 ws0\">402<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xab4 h12 y5733 ff4 fs7 fc1 sc0 ls0 ws0\">519<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 xac1 h12 y5734 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xac2 h12 y5734 ff4 fs7 fc1 sc2 ls0 ws0\">97.783<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xac3 h12 y5734 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xac4 h12 y5734 ff4 fs7 fc1 sc2 ls0 ws0\">47.932<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xac5 h12 y5734 ff4 fs7 fc1 sc2 ls0 ws0\">12.005<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xaae h12 y5734 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xaaf h12 y5734 ff4 fs7 fc1 sc2 ls0 ws0\">59.936<span class=\"_ _3a1\"> </span></td></tr></table>7.5 Parte<span class=\"_ _1\"></span>cipazioni: variazioni ann<span class=\"_ _1\"></span>ue <table class=\"s w7fe h210\" id=\"_dff7dbd6-372a-45bd-8913-5b845e267fe9\"><tr><td></td><td></td><td class=\"t m2 xa03 h12 y5735 ff4 fs7 fc4 sc3 ls0 ws0\">Totale <span class=\"_ _1be\"> </span>Totale </td><td></td></tr><tr><td></td><td class=\"c n xac6 y5736 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xac7 y5736 w685 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x677 h12 y5737 ff4 fs7 fc1 sc2 ls0 ws0\">A. Esistenze inziali </td><td class=\"t m2 x70f h12 y5738 ff4 fs7 fc1 sc2 ls0 ws0\">54.955<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x67a h12 y5738 ff4 fs7 fc1 sc2 ls0 ws0\">51.862<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5739 ff4 fs7 fc1 sc2 ls0 ws0\">B. Aumenti </td><td class=\"t m2 xac8 h12 y573a ff4 fs7 fc1 sc2 ls0 ws0\">8.233<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x738 h12 y573a ff4 fs7 fc1 sc2 ls0 ws0\">6.316<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y573b ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Acquisti </td><td class=\"t m2 x7a1 h12 y573c ff4 fs7 fc1 sc0 ls0 ws0\">315<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7b1 h12 y573c ff4 fs7 fc1 sc0 ls0 ws0\">1.012<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y573d ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione a<span class=\"_ _2\"></span>ziendale </td><td class=\"t m2 x69a h12 y573e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x671 h12 y573e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y573f ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Riprese di val<span class=\"_ _2\"></span>ore </td><td class=\"t m2 x69a h12 y5740 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x671 h12 y5740 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5741 ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Rivalutazioni<span class=\"_ _2\"></span> </td><td class=\"t m2 x69a h12 y5742 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x671 h12 y5742 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5743 ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Altre variazioni<span class=\"_ _2\"></span> </td><td class=\"t m2 x99a h12 y5744 ff4 fs7 fc1 sc0 ls0 ws0\">7.918<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6e5 h12 y5744 ff4 fs7 fc1 sc0 ls0 ws0\">5.304<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5745 ff4 fs7 fc1 sc2 ls0 ws0\">C. Diminuzioni </td><td class=\"t m2 x684 h12 y5746 ff4 fs7 fc1 sc2 ls0 ws0\">3.252<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6e5 h12 y5746 ff4 fs7 fc1 sc2 ls0 ws0\">3.223<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5747 ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Vendite </td><td class=\"t m2 x69a h12 y5748 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x671 h12 y5748 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y5749 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione a<span class=\"_ _2\"></span>ziendale </td><td class=\"t m2 x69a h12 y574a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x671 h12 y574a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y574b ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Rettifiche di valore<span class=\"_ _3b\"></span> </td><td class=\"t m2 x69a h12 y574c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x671 h12 y574c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y574d ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Svalutazioni </td><td class=\"t m2 x7a1 h12 y574e ff4 fs7 fc1 sc0 ls0 ws0\">106<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x788 h12 y574e ff4 fs7 fc1 sc0 ls0 ws0\">336<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y574f ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Altre variazioni<span class=\"_ _2\"></span> </td><td class=\"t m2 x99a h12 y5750 ff4 fs7 fc1 sc0 ls0 ws0\">3.146<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6e5 h12 y5750 ff4 fs7 fc1 sc0 ls0 ws0\">2.887<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54af ff4 fs7 fc1 sc2 ls0 ws0\">D. Rimanenze finali </td><td class=\"t m2 x70f h12 y5751 ff4 fs7 fc1 sc2 ls0 ws0\">59.936<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x676 h12 y5751 ff4 fs7 fc1 sc2 ls0 ws0\">54.955<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5752 ff4 fs7 fc1 sc2 ls0 ws0\">E. Rivalutazioni totali </td><td class=\"t m2 x69a h12 y5753 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x671 h12 y5753 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5754 ff4 fs7 fc1 sc2 ls0 ws0\">F. Rettifiche totali </td><td class=\"t m2 x69a h12 y5755 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x671 h12 y5755 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table>Le variazioni relative al compar<span class=\"_ _2\"></span>to delle partecipazioni<span class=\"_ _2\"></span> recepiscono gli utili <span class=\"_ _2\"></span>e le perdite delle societ\u00e0 consolidate al patrimonio netto, i dividendi distribuiti, gli acquisti effettuat<span class=\"_ _1\"></span>i. Credemtel <span class=\"_ _3f\"> </span>ha <span class=\"_ _39\"> </span>aumentato <span class=\"_ _3f\"> </span>nel <span class=\"_ _39\"> </span>corso <span class=\"_ _3f\"> </span>dell\u2019anno <span class=\"_ _39\"> </span>l\u2019investime<span class=\"_ _1\"></span>nto <span class=\"_ _39\"> </span>in <span class=\"_ _3f\"> </span>\u201cSBC <span class=\"_ _3f\"> </span>Fintech <span class=\"_ _39\"> </span>Milan <span class=\"_ _3f\"> </span>2224\", incrementando  ult<span class=\"_ _2\"></span>eriormente  la <span class=\"_ _35\"> </span>quota <span class=\"_ _35\"> </span>di  p<span class=\"_ _2\"></span>artecipazione  al <span class=\"_ _35\"> </span>40,69%, <span class=\"_ _35\"> </span>operazione  che <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>colloca all\u2019interno <span class=\"_ _36\"> </span>dell\u2019iniziativa <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>Corporate <span class=\"_ _36\"> </span>Venture <span class=\"_ _37\"> </span>Capital <span class=\"_ _36\"> </span>(CVC) <span class=\"_ _37\"> </span>avviata <span class=\"_ _36\"> </span>dal <span class=\"_ _36\"> </span>Gruppo <span class=\"_ _36\"> </span>Credem <span class=\"_ _37\"> </span>per l\u2019acquisizione e la gestione di partecipazioni in start<span class=\"_ _1\"></span>up innovative e ad alto potenziale di crescita. 7.6 Valutazioni e<span class=\"_ _1\"></span> assunzioni signi<span class=\"_ _1\"></span>ficative per stabilire<span class=\"_ _1\"></span> l<span class=\"_ _3a1\"> </span>\u2019esistenza di controllo <span class=\"_ _1\"></span>congiunto o influenza note<span class=\"_ _1\"></span>vole<span class=\"_ _3a1\"> </span>Credito  Emiliano  S<span class=\"_ _2\"></span>.p.A. <span class=\"_ _35\"> </span>detie<span class=\"_ _1\"></span>ne  il<span class=\"_ _2\"></span>  50% <span class=\"_ _35\"> </span>di  Credemassicurazioni  S.<span class=\"_ _2\"></span>p.A.,  la <span class=\"_ _35\"> </span>cui  restante  qu<span class=\"_ _2\"></span>ota  di<span class=\"_ _3b\"></span> capitale sociale (50%) \u00e8 invece detenuta da Re<span class=\"_ _1\"></span>ale Mutua Assicurazioni. In tale contesto: <span class=\"_ _3e\"> </span><span class=\"ff4\">Credito <span class=\"_ _3f\"> </span>Emiliano <span class=\"_ _39\"> </span>non <span class=\"_ _39\"> </span>detiene <span class=\"_ _39\"> </span>la <span class=\"_ _3f\"> </span>maggioranza <span class=\"_ _36\"> </span>dei <span class=\"_ _3f\"> </span>diritti <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>voto, <span class=\"_ _39\"> </span>non <span class=\"_ _39\"> </span>potendo <span class=\"_ _39\"> </span>da <span class=\"_ _3f\"> </span>solo<span class=\"_ _2\"></span> </span>determinare le scelte <span class=\"_ _2\"></span>societarie, non <span class=\"_ _2\"></span>avendo la capaci<span class=\"_ _2\"></span>t\u00e0 pratica di <span class=\"_ _2\"></span>condurre unilateralmente le attivit\u00e0 rilevanti della p<span class=\"_ _2\"></span>artecipata, per le qu<span class=\"_ _2\"></span>ali \u00e8 sempre nece<span class=\"_ _2\"></span>ssario anche il <span class=\"_ _2\"></span>consenso dell\u2019altro socio; <span class=\"_ _3e\"> </span><span class=\"ff4\">Credito Emiliano ha il potere di <span class=\"_ _2\"></span>veto sulle scelte dell\u2019al<span class=\"_ _2\"></span>tro socio, nel senso che in <span class=\"_ _2\"></span>mancanza del </span>voto favorevole di Credito Emiliano anche l\u2019altr<span class=\"_ _1\"></span>o socio detentore del restante 50% del capitale sociale non \u00e8 in grado di incidere sulla societ\u00e0. In relazione a Credemassicurazioni la posizione di Credito Emiliano \u00e8 <span class=\"_ _1\"></span>pertanto quella:<span class=\"_ _3a1\"> </span><span class=\"_ _3e\"> </span><span class=\"ff4\">di <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>soggetto  che<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>esposto <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>rendimenti <span class=\"_ _35\"> </span>variabili <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>detiene <span class=\"_ _35\"> </span>comunque <span class=\"_ _35\"> </span>diritti <span class=\"_ _35\"> </span>su <span class=\"_ _35\"> </span>tali </span>possi<span class=\"_ _3a1\"> </span>bili rendimenti; <span class=\"_ _3e\"> </span><span class=\"ff4\">che <span class=\"_ _0\"></span>ha <span class=\"_ _1\"></span>una <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ropria <span class=\"_ _0\"></span>cap<span class=\"_ _2\"></span>acit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>incidere<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>su <span class=\"_ _0\"></span>tali <span class=\"_ _1\"></span>rendimenti <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>olo <span class=\"_ _38\"></span>esercitando <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>potere <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>veto </span>sulle scelte dell\u2019altro socio. Gli accordi in essere tra i soci detentori rispettivamente il 50% del capitale <span class=\"_ _1\"></span>sociale prevedono: <span class=\"_ _3e\"> </span><span class=\"ff4\">diritto <span class=\"_ _39\"> </span>contemplato <span class=\"_ _39\"> </span>nell\u2019atto <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>compr<span class=\"_ _1\"></span>avendita <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>azioni, <span class=\"_ _36\"> </span>circoscritto <span class=\"_ _39\"> </span>entro <span class=\"_ _39\"> </span>precisi <span class=\"_ _36\"> </span>limiti </span>temporali (ogni 5 anni), ad esercitare o<span class=\"_ _1\"></span>pzioni call e put sulle rispettive azioni; <span class=\"_ _3e\"> </span><span class=\"ff4\">diritto contemplato i<span class=\"_ _2\"></span>n app<span class=\"_ _2\"></span>osito p<span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>tto parasociale <span class=\"_ _3b\"></span>di ottenere <span class=\"_ _3b\"></span>esponent<span class=\"_ _1\"></span>i azi<span class=\"_ _2\"></span>endali (<span class=\"_ _2\"></span>la m<span class=\"_ _2\"></span>et\u00e0 degli<span class=\"_ _3b\"></span> </span>amministratori <span class=\"_ _3b\"></span>e, a <span class=\"_ _184\"></span>rinnovi <span class=\"_ _3b\"></span>alter<span class=\"_ _1\"></span>nati <span class=\"_ _3b\"></span>del <span class=\"_ _3b\"></span>Consiglio <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>Amministrazione, <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>Presidente <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>Consiglio di <span class=\"_ _3d\"> </span>Amministrazione<span class=\"_ _1\"></span>, <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>Sindaci <span class=\"_ _37\"> </span>e, <span class=\"_ _37\"> </span>a <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>innovi <span class=\"_ _3d\"> </span>alter<span class=\"_ _1\"></span>nati, <span class=\"_ _3d\"> </span>il <span class=\"_ _37\"> </span>Presidente <span class=\"_ _37\"> </span>del <span class=\"_ _3d\"> </span>Collegio <span class=\"_ _37\"> </span>Sindacale). Siccome <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>vi <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>nell\u2019ambito <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>Credemassicurazioni <span class=\"_ _1\"></span>vot<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>consiglieri <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>prevalgano <span class=\"_ _1\"></span>su quelli <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>altri <span class=\"_ _38\"></span>Consiglieri <span class=\"_ _1\"></span>(ad <span class=\"_ _1\"></span>esempio <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _1\"></span>contemplata <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>prevalenza <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>voto <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Presidente del <span class=\"_ _35\"> </span>Consiglio <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>Amministrazione), <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>designazione <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>esponenti <span class=\"_ _35\"> </span>aziendali <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>att<span class=\"_ _1\"></span>ribuisce <span class=\"_ _35\"> </span>a nessun socio una prevalenza sulle scelte societarie; <span class=\"_ _3e\"> </span><span class=\"ff4\">obbligo a non tr<span class=\"_ _1\"></span>asferire le azioni a terzi per la durata del patto parasociale. </span>In <span class=\"_ _43\"> </span>tale <span class=\"_ _43\"> </span>contesto, <span class=\"_ _43\"> </span>i <span class=\"_ _43\"> </span>diritti <span class=\"_ _43\"> </span>di <span class=\"_ _43\"> </span>Credito<span class=\"_ _1\"></span> <span class=\"_ _43\"> </span>Emiliano <span class=\"_ _43\"> </span>sono <span class=\"_ _43\"> </span>circoscritti <span class=\"_ _43\"> </span>alle <span class=\"_ _43\"> </span>attivit\u00e0 <span class=\"_ _43\"> </span>nette <span class=\"_ _43\"> </span>di Credemassicurazioni. Alla luce di quanto riportato, si determina la presenza di un controllo congiunto. Credito <span class=\"_ _0\"></span>Emil<span class=\"_ _2\"></span>iano <span class=\"_ _38\"></span>S.p.A. <span class=\"_ _38\"></span>detiene <span class=\"_ _0\"></span>il <span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>00% <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>Cred<span class=\"_ _2\"></span>emtel <span class=\"_ _38\"></span>S.p.A., <span class=\"_ _38\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>sua <span class=\"_ _1\"></span>volta <span class=\"_ _0\"></span>detiene <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>40,69 <span class=\"_ _38\"></span>% <span class=\"_ _0\"></span>di<span class=\"_ _3b\"></span> SBC. In tale contesto: <span class=\"_ _3e\"> </span><span class=\"ff4\">Credemte<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>detiene <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>maggiora<span class=\"_ _1\"></span>nza <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>dirit<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>vot<span class=\"_ _1\"></span>o, <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>potendo <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>solo <span class=\"_ _1\"></span>determinare <span class=\"_ _38\"></span>le </span>scelte s<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>cietarie, <span class=\"_ _2\"></span>non <span class=\"_ _3b\"></span>avendo la<span class=\"_ _3b\"></span> cap<span class=\"_ _2\"></span>acit\u00e0 <span class=\"_ _2\"></span>pratica d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>condurre unil<span class=\"_ _2\"></span>ateralmente l<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _3b\"></span>rilevanti della partecipata, per le quali \u00e8 sempre necessario anche <span class=\"_ _1\"></span>il consenso degli altri soci; <span class=\"_ _3e\"> </span><span class=\"ff4\">Credemte<span class=\"_ _1\"></span>l p<span class=\"_ _2\"></span>er\u00f2 ha il<span class=\"_ _2\"></span> potere i<span class=\"_ _2\"></span>l veto, <span class=\"_ _2\"></span>su specifici<span class=\"_ _2\"></span> argomenti, sul<span class=\"_ _2\"></span>le scelte degli <span class=\"_ _2\"></span>altri soci, <span class=\"_ _2\"></span>nel s<span class=\"_ _2\"></span>enso </span>che <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>mancanza <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>voto <span class=\"_ _0\"></span>favorevole <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>Credemtel <span class=\"_ _0\"></span>anche <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>altri <span class=\"_ _35\"> </span>soci <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>grado <span class=\"_ _35\"> </span>di<span class=\"_ _3b\"></span> incidere sulla societ\u00e0. In relazione a SBC la posizione di Credemtel \u00e8 pertanto quella: <span class=\"_ _3e\"> </span><span class=\"ff4\">di <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>soggetto  che<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>esposto <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>rendimenti <span class=\"_ _35\"> </span>variabili <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>detiene <span class=\"_ _35\"> </span>comunque <span class=\"_ _35\"> </span>diritti <span class=\"_ _35\"> </span>su <span class=\"_ _35\"> </span>tali </span>possibili rendimenti; <span class=\"_ _3e\"> </span><span class=\"ff4\">che <span class=\"_ _0\"></span>ha <span class=\"_ _1\"></span>una <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ropria <span class=\"_ _0\"></span>cap<span class=\"_ _2\"></span>acit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>incidere<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>su <span class=\"_ _0\"></span>tali <span class=\"_ _1\"></span>rendimenti <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>olo <span class=\"_ _38\"></span>esercitando <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>potere <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>veto </span>sulle scelte degli altri soci. Gli <span class=\"_ _0\"></span>accordi <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>soci <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>SBC <span class=\"_ _0\"></span>prevedono, <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>favor<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Cr<span class=\"_ _2\"></span>edemtel <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>diritto <span class=\"_ _0\"></span>contemplato <span class=\"_ _38\"></span>in apposito <span class=\"_ _0\"></span>patto <span class=\"_ _35\"> </span>parasociale <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>ottenere <span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>ponenti <span class=\"_ _0\"></span>aziendali <span class=\"_ _0\"></span>(un <span class=\"_ _35\"> </span>consigl<span class=\"_ _2\"></span>iere <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>amministrazione). Siccome <span class=\"_ _3b\"></span>non <span class=\"_ _2\"></span>vi <span class=\"_ _3b\"></span>sono <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>SBC <span class=\"_ _2\"></span>voti <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>cons<span class=\"_ _1\"></span>iglieri <span class=\"_ _3b\"></span>che prevalgano <span class=\"_ _184\"></span>s<span class=\"_ _1\"></span>u <span class=\"_ _3b\"></span>quelli <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>alt<span class=\"_ _1\"></span>ri <span class=\"_ _3b\"></span>consiglieri<span class=\"_ _1\"></span>, la <span class=\"_ _1\"></span>designazione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>esponenti <span class=\"_ _1\"></span>aziendali <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>att<span class=\"_ _1\"></span>ribuisce <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>nessun <span class=\"_ _1\"></span>socio <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>prevalenza <span class=\"_ _1\"></span>sulle <span class=\"_ _1\"></span>sce<span class=\"_ _1\"></span>lte societarie. Alla luce di quanto riportato, si determina la presenza di un collegamento<span class=\"_ _1\"></span>. Credito <span class=\"_ _35\"> </span>Emiliano  S.p<span class=\"_ _2\"></span>.A. <span class=\"_ _35\"> </span>detiene  il <span class=\"_ _35\"> </span>100% <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>Credemtel  S.p.<span class=\"_ _2\"></span>A., <span class=\"_ _35\"> </span>che  a <span class=\"_ _35\"> </span>sua <span class=\"_ _35\"> </span>volta <span class=\"_ _35\"> </span>detiene  il<span class=\"_ _3b\"></span>  40% <span class=\"_ _35\"> </span>di ANDXOR SOLUZIONI INFORMATICHE S.R.L. \u201cANDX<span class=\"_ _1\"></span>OR\u201d. In tale contesto, per ANDXOR: <span class=\"_ _3e\"> </span><span class=\"ff4\">Credemte<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>detiene <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>maggiora<span class=\"_ _1\"></span>nza <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>dirit<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>vot<span class=\"_ _1\"></span>o, <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>potendo <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>solo <span class=\"_ _1\"></span>determinare <span class=\"_ _38\"></span>le </span>scelte s<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>cietarie, <span class=\"_ _2\"></span>non <span class=\"_ _3b\"></span>avendo la<span class=\"_ _3b\"></span> cap<span class=\"_ _2\"></span>acit\u00e0 <span class=\"_ _2\"></span>pratica d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>condurre unil<span class=\"_ _2\"></span>ateralmente l<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _3b\"></span>rilevanti della partecipata, per le quali \u00e8 sempre necessario anche <span class=\"_ _1\"></span>il consenso degli altri soci; <span class=\"_ _3e\"> </span><span class=\"ff4\">Credemte<span class=\"_ _1\"></span>l ha <span class=\"_ _2\"></span>il potere di<span class=\"_ _2\"></span> veto, <span class=\"_ _2\"></span>su specifici<span class=\"_ _2\"></span> argomenti, sulle scelt<span class=\"_ _2\"></span>e degli altri <span class=\"_ _2\"></span>soci, nel s<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>nso che </span>in <span class=\"_ _38\"></span>mancanza <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>voto <span class=\"_ _1\"></span>favorevole <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Credemte<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>anche <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>altri <span class=\"_ _38\"></span>soci <span class=\"_ _38\"></span>det<span class=\"_ _1\"></span>entori <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>restante <span class=\"_ _38\"></span>60% del capitale sociale non sono in grado di incidere sulla societ\u00e0. In relazione a ANDXOR la posizione di Credemtel \u00e8 pertanto quella: <span class=\"_ _3e\"> </span><span class=\"ff4\">di <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>soggetto  che<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>esposto <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>rendimenti <span class=\"_ _35\"> </span>variabili <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>detiene <span class=\"_ _35\"> </span>comunque <span class=\"_ _35\"> </span>diritti <span class=\"_ _35\"> </span>su <span class=\"_ _35\"> </span>tali </span>possibili rendimenti; <span class=\"_ _3e\"> </span><span class=\"ff4\">che <span class=\"_ _0\"></span>ha <span class=\"_ _1\"></span>una <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ropria <span class=\"_ _0\"></span>cap<span class=\"_ _2\"></span>acit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>incidere<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>su <span class=\"_ _0\"></span>tali <span class=\"_ _1\"></span>rendimenti <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>olo <span class=\"_ _38\"></span>esercitando <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>potere <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>veto </span>sulle scelte degli altri soci. Gli accordi in essere tra i soci di ANDXOR co<span class=\"_ _1\"></span>ntemplano, a favore di Credemtel: <span class=\"_ _3e\"> </span><span class=\"ff4\">diritto <span class=\"_ _3a\"> </span>contemplato <span class=\"_ _3f\"> </span>in <span class=\"_ _3a\"> </span>apposito <span class=\"_ _3f\"> </span>patto <span class=\"_ _3a\"> </span>parasociale <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>otte<span class=\"_ _1\"></span>nere <span class=\"_ _3f\"> </span>esponenti <span class=\"_ _3f\"> </span>aziendali <span class=\"_ _3a\"> </span>(un </span>consigliere <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>amministrazione <span class=\"_ _3b\"></span>ed <span class=\"_ _3b\"></span>il <span class=\"_ _2\"></span>sindaco <span class=\"_ _3b\"></span>unico). <span class=\"_ _3b\"></span>S<span class=\"_ _1\"></span>iccome <span class=\"_ _3b\"></span>non <span class=\"_ _2\"></span>vi <span class=\"_ _3b\"></span>sono <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>AND<span class=\"_ _1\"></span>XOR voti <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>consiglieri <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>prevalgano <span class=\"_ _35\"> </span>su <span class=\"_ _35\"> </span>quelli <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>altri <span class=\"_ _35\"> </span>Consiglieri, <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>designazione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>es<span class=\"_ _1\"></span>ponenti aziendali non attribuisce a nessun socio una pre<span class=\"_ _1\"></span>valenza sulle scelte societarie;<span class=\"_ _3a1\"> </span><span class=\"_ _3e\"> </span><span class=\"ff4\">diritto <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>co-vendita <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>favore <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>Credemtel <span class=\"_ _38\"></span>qualora <span class=\"_ _1\"></span>venga <span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>asferita <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>atto <span class=\"_ _1\"></span>tra <span class=\"_ _38\"></span>vivi una <span class=\"_ _38\"></span>quota </span>di <span class=\"_ _35\"> </span>al<span class=\"_ _3a1\"> </span>meno  il <span class=\"_ _35\"> </span>50% <span class=\"_ _35\"> </span>del  cap<span class=\"_ _2\"></span>itale <span class=\"_ _35\"> </span>sociale  di <span class=\"_ _35\"> </span>ANDXOR  p<span class=\"_ _2\"></span>er <span class=\"_ _35\"> </span>tutta  la <span class=\"_ _35\"> </span>durata <span class=\"_ _35\"> </span>del  pat<span class=\"_ _2\"></span>to  parasociale<span class=\"_ _2\"></span> attualmente in essere. Alla luce di quanto riportato, si determina la presenza di un collegamento<span class=\"_ _1\"></span>. Credito <span class=\"_ _0\"></span>Emiliano <span class=\"_ _0\"></span>S.p.A. <span class=\"_ _0\"></span>detiene <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>100% <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Cr<span class=\"_ _2\"></span>edemtel <span class=\"_ _0\"></span>S.p.A., <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>sua <span class=\"_ _0\"></span>volta <span class=\"_ _0\"></span>detiene <span class=\"_ _0\"></span>il<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>12,99% <span class=\"_ _0\"></span>di<span class=\"_ _3b\"></span> MYNET.  In tale contesto: <span class=\"_ _3e\"> </span><span class=\"ff4\">Credemte<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>detiene <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>maggiora<span class=\"_ _1\"></span>nza <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>dirit<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>vot<span class=\"_ _1\"></span>o, <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>potendo <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>solo <span class=\"_ _1\"></span>determinare <span class=\"_ _38\"></span>le </span>scelte s<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>cietarie, <span class=\"_ _2\"></span>non <span class=\"_ _3b\"></span>avendo la<span class=\"_ _3b\"></span> cap<span class=\"_ _2\"></span>acit\u00e0 <span class=\"_ _2\"></span>pratica d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>condurre unil<span class=\"_ _2\"></span>ateralmente l<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _3b\"></span>rilevanti della partecipata, per le quali \u00e8 sempre necessario anche <span class=\"_ _1\"></span>il consenso degli altri soci; <span class=\"_ _3e\"> </span><span class=\"ff4\">Credemte<span class=\"_ _1\"></span>l p<span class=\"_ _2\"></span>er\u00f2 ha il<span class=\"_ _2\"></span> potere i<span class=\"_ _2\"></span>l veto, <span class=\"_ _2\"></span>su specifici<span class=\"_ _2\"></span> argomenti, sul<span class=\"_ _2\"></span>le scelte degli <span class=\"_ _2\"></span>altri soci, <span class=\"_ _2\"></span>nel s<span class=\"_ _2\"></span>enso </span>che <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>mancanza <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>voto <span class=\"_ _0\"></span>favorevole <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>Credemtel <span class=\"_ _0\"></span>anche <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>altri <span class=\"_ _35\"> </span>soci <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>grado <span class=\"_ _35\"> </span>di<span class=\"_ _3b\"></span> incidere sulla societ\u00e0. In <span class=\"_ _2\"></span>rela<span class=\"_ _3b\"></span>zion<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>MY<span class=\"_ _2\"></span>NET <span class=\"_ _3b\"></span>la p<span class=\"_ _2\"></span>osi<span class=\"_ _2\"></span>zion<span class=\"_ _3b\"></span>e di<span class=\"_ _2\"></span> Cred<span class=\"_ _3b\"></span>emtel <span class=\"_ _3b\"></span>\u00e8 p<span class=\"_ _3b\"></span>ertant<span class=\"_ _3b\"></span>o qu<span class=\"_ _3b\"></span>ella: <span class=\"_ _3e\"> </span><span class=\"ff4\">di <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>soggetto  che<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>esposto <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>rendimenti <span class=\"_ _35\"> </span>variabili <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>detiene <span class=\"_ _35\"> </span>comunque <span class=\"_ _35\"> </span>diritti <span class=\"_ _35\"> </span>su <span class=\"_ _35\"> </span>tali </span>possibili rendimenti; <span class=\"_ _3e\"> </span><span class=\"ff4\">che <span class=\"_ _0\"></span>ha <span class=\"_ _1\"></span>una <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ropria <span class=\"_ _0\"></span>cap<span class=\"_ _2\"></span>acit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>incidere<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>su <span class=\"_ _0\"></span>tali <span class=\"_ _1\"></span>rendimenti <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>olo <span class=\"_ _38\"></span>esercitando <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>potere <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>veto </span>sulle scelte degli altri soci. Gli <span class=\"_ _1\"></span>accordi <span class=\"_ _1\"></span>in essere <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>soci <span class=\"_ _1\"></span>di MYNET <span class=\"_ _1\"></span>prevedono, <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>favore <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Credemtel il <span class=\"_ _1\"></span>diritto <span class=\"_ _1\"></span>contemplato <span class=\"_ _1\"></span>in apposito <span class=\"_ _35\"> </span>patto <span class=\"_ _35\"> </span>parasociale <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>ottenere <span class=\"_ _35\"> </span>esponenti <span class=\"_ _0\"> </span>a<span class=\"_ _1\"></span>ziendali <span class=\"_ _35\"> </span>(u<span class=\"_ _2\"></span>n <span class=\"_ _35\"> </span>consigliere <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>amministrazione<span class=\"_ _2\"></span>) oltre <span class=\"_ _38\"></span>alla <span class=\"_ _0\"></span>designazione <span class=\"_ _1\"></span>di <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>sindaco <span class=\"_ _0\"></span>effettivo <span class=\"_ _1\"></span>(con <span class=\"_ _0\"></span>ruolo <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>presidente <span class=\"_ _0\"></span>del <span class=\"_ _1\"></span>collegio <span class=\"_ _0\"></span>sindacale) <span class=\"_ _1\"></span>ed uno <span class=\"_ _0\"></span>supplente. <span class=\"_ _0\"></span>Siccome <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>vi <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>nell\u2019ambito <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>MYNET <span class=\"_ _0\"></span>voti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>consigl<span class=\"_ _2\"></span>ieri <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>prevalgano <span class=\"_ _0\"></span>su quelli di altri <span class=\"_ _1\"></span>consiglieri, la <span class=\"_ _1\"></span>designazione di <span class=\"_ _1\"></span>esponenti azie<span class=\"_ _1\"></span>ndali non attr<span class=\"_ _1\"></span>ibuisce a nessun <span class=\"_ _1\"></span>socio una prevalenza sulle scelte societarie. Alla luce di quanto riportato, si determina la presenza di un collegamento<span class=\"_ _1\"></span>. Credito <span class=\"_ _0\"></span>Emiliano <span class=\"_ _0\"></span>S.p<span class=\"_ _2\"></span>.A. <span class=\"_ _0\"></span>detiene <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>1<span class=\"_ _1\"></span>00% <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Credemtel <span class=\"_ _0\"></span>S.p.<span class=\"_ _2\"></span>A., <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>sua <span class=\"_ _38\"></span>volta <span class=\"_ _0\"></span>detiene <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>10,00% <span class=\"_ _0\"></span>di<span class=\"_ _3b\"></span> FLAIRBIT. In tale contesto: <span class=\"_ _3e\"> </span><span class=\"ff4\">Credemte<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>detiene <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>maggiora<span class=\"_ _1\"></span>nza <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>dirit<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>vot<span class=\"_ _1\"></span>o, <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>potendo <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>solo <span class=\"_ _1\"></span>determinare <span class=\"_ _38\"></span>le </span>scelte s<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>cietarie, <span class=\"_ _2\"></span>non <span class=\"_ _3b\"></span>avendo la<span class=\"_ _3b\"></span> cap<span class=\"_ _2\"></span>acit\u00e0 <span class=\"_ _2\"></span>pratica d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>condurre unil<span class=\"_ _2\"></span>ateralmente l<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _3b\"></span>rilevanti della partecipata, per le quali \u00e8 sempre necessario anche <span class=\"_ _1\"></span>il consenso degli altri soci; <span class=\"_ _3e\"> </span><span class=\"ff4\">Credemte<span class=\"_ _1\"></span>l p<span class=\"_ _2\"></span>er\u00f2 ha il<span class=\"_ _2\"></span> potere i<span class=\"_ _2\"></span>l veto, <span class=\"_ _2\"></span>su specifici<span class=\"_ _2\"></span> argomenti, sul<span class=\"_ _2\"></span>le scelte degli <span class=\"_ _2\"></span>altri soci, <span class=\"_ _2\"></span>nel s<span class=\"_ _2\"></span>enso </span>che <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>mancanza <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>voto <span class=\"_ _0\"></span>favorevole <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>Credemtel <span class=\"_ _0\"></span>anche <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>altri <span class=\"_ _35\"> </span>soci <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>grado <span class=\"_ _35\"> </span>di<span class=\"_ _3b\"></span> incidere sulla societ\u00e0. In<span class=\"_ _3b\"></span> rela<span class=\"_ _3b\"></span>zion<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span> FLAIRBIT la<span class=\"_ _2\"></span> p<span class=\"_ _3b\"></span>osizi<span class=\"_ _2\"></span>one <span class=\"_ _3b\"></span>di Cr<span class=\"_ _2\"></span>edem<span class=\"_ _3b\"></span>tel \u00e8<span class=\"_ _3b\"></span> pe<span class=\"_ _2\"></span>rtan<span class=\"_ _3b\"></span>to q<span class=\"_ _2\"></span>uel<span class=\"_ _3b\"></span>la: <span class=\"_ _3e\"> </span><span class=\"ff4\">di <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>soggetto  che<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>esposto <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>rendimenti <span class=\"_ _35\"> </span>variabili <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>detiene <span class=\"_ _35\"> </span>comunque <span class=\"_ _35\"> </span>diritti <span class=\"_ _35\"> </span>su <span class=\"_ _35\"> </span>tali </span>possibili rendimenti; <span class=\"_ _3e\"> </span><span class=\"ff4\">che <span class=\"_ _0\"></span>ha <span class=\"_ _1\"></span>una <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ropria <span class=\"_ _0\"></span>cap<span class=\"_ _2\"></span>acit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>incidere<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>su <span class=\"_ _0\"></span>tali <span class=\"_ _1\"></span>rendimenti <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>olo <span class=\"_ _38\"></span>esercitando <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>potere <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>veto </span>sulle scelte degli altri soci. Gli <span class=\"_ _1\"></span>accordi <span class=\"_ _1\"></span>in e<span class=\"_ _1\"></span>ssere <span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>i soci <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>FLAIRBIT <span class=\"_ _1\"></span>prevedono, <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>favor<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Credemtel <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>diritto<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>contemplato in apposit<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>patto para<span class=\"_ _1\"></span>sociale di <span class=\"_ _1\"></span>ottenere <span class=\"_ _1\"></span>esponenti <span class=\"_ _1\"></span>aziendali <span class=\"_ _1\"></span>(un <span class=\"_ _1\"></span>consigliere <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>amministrazione).<span class=\"_ _2\"></span> Siccome <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>vi <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>nell\u2019ambito<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>F<span class=\"_ _1\"></span>LAIRBIT <span class=\"_ _0\"></span>voti <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>consig<span class=\"_ _1\"></span>lieri <span class=\"_ _0\"></span>che <span class=\"_ _35\"> </span>prevalgano <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>quelli <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>altri consiglieri, <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>des<span class=\"_ _1\"></span>ignazione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>esponenti <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ziendali <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>attribuisce <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>nessun <span class=\"_ _38\"></span>socio <span class=\"_ _38\"></span>una <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>valenza sulle scelte societarie. Alla luce di quanto riportato, si determina la presenza di un collegamento<span class=\"_ _1\"></span>. 7.7 Impegni rife<span class=\"_ _1\"></span>riti a partecipazioni in s<span class=\"_ _1\"></span>ociet\u00e0 con<span class=\"_ _3a1\"> </span>trolla<span class=\"_ _3a1\"> </span>te in modo congiunto<span class=\"_ _3a1\"> </span>A <span class=\"_ _3b\"></span>luglio <span class=\"_ _3b\"></span>200<span class=\"_ _1\"></span>8 <span class=\"_ _3b\"></span>Cre<span class=\"_ _1\"></span>dito <span class=\"_ _3b\"></span>Emiliano <span class=\"_ _3b\"></span>ha sottoscritto <span class=\"_ _3b\"></span>con <span class=\"_ _3b\"></span>Re<span class=\"_ _1\"></span>ale <span class=\"_ _3b\"></span>Mutua <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>Assicurazioni <span class=\"_ _3b\"></span>accordi <span class=\"_ _3b\"></span>cont<span class=\"_ _1\"></span>rattuali volti a disciplinare pi\u00f9 compiutamente la partnership in Cre<span class=\"_ _1\"></span>demassicurazioni.  In <span class=\"_ _1\"></span>tale <span class=\"_ _1\"></span>contes<span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>clausole <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>contratto <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>compravendita <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>azioni <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>uo <span class=\"_ _1\"></span>tempo <span class=\"_ _1\"></span>perfezionato tra <span class=\"_ _1\"></span>Credito <span class=\"_ _1\"></span>Emiliano <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>Reale <span class=\"_ _1\"></span>Mutua <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>As<span class=\"_ _1\"></span>sicurazioni <span class=\"_ _1\"></span>hanno <span class=\"_ _1\"></span>espressame<span class=\"_ _1\"></span>nte <span class=\"_ _1\"></span>convenuto <span class=\"_ _1\"></span>un\u2019opzione put <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>capo <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>Reale <span class=\"_ _35\"> </span>Mutua <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>Assicurazioni <span class=\"_ _35\"> </span>e<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>un\u2019opzione <span class=\"_ _35\"> </span>call<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>capo <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>Credito <span class=\"_ _35\"> </span>Emiliano <span class=\"_ _35\"> </span>S.p<span class=\"_ _2\"></span>.A. riguardante il<span class=\"_ _2\"></span> 50% <span class=\"_ _3b\"></span>della pa<span class=\"_ _2\"></span>rtecipazione di <span class=\"_ _3b\"></span>Reale M<span class=\"_ _2\"></span>utua nel<span class=\"_ _2\"></span> capi<span class=\"_ _2\"></span>tale sociale <span class=\"_ _3b\"></span>di Credemassicurazioni.<span class=\"_ _2\"></span> Entrambe <span class=\"_ _3f\"> </span>le <span class=\"_ _39\"> </span>opzioni <span class=\"_ _39\"> </span>sono <span class=\"_ _39\"> </span>esercita<span class=\"_ _1\"></span>bili <span class=\"_ _39\"> </span>allo <span class=\"_ _39\"> </span>scadere <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>ogni <span class=\"_ _39\"> </span>quinquennio <span class=\"_ _39\"> </span>dall\u2019acquisto <span class=\"_ _3f\"> </span>della partecipazione in Credemassicurazioni da parte di Reale <span class=\"_ _1\"></span>Mutua.  A novembre <span class=\"_ _1\"></span>2023, il <span class=\"_ _1\"></span>Credito Emiliano e<span class=\"_ _1\"></span> la Societ<span class=\"_ _1\"></span>\u00e0 Reale Mutua <span class=\"_ _1\"></span>di Assicurazioni hanno <span class=\"_ _1\"></span>rinnovato <span class=\"_ _1\"></span>la loro <span class=\"_ _1\"></span>partnership <span class=\"_ _38\"></span>paritetica <span class=\"_ _1\"></span>nella <span class=\"_ _1\"></span>societ<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>rassegna. <span class=\"_ _1\"></span>Il <span class=\"_ _38\"></span>rinnovo <span class=\"_ _1\"></span>dell\u2019accordo <span class=\"_ _1\"></span>permetter\u00e0 <span class=\"_ _38\"></span>al <span class=\"_ _1\"></span>gruppo<span class=\"_ _3a1\"> </span>di <span class=\"_ _0\"></span>svilup<span class=\"_ _1\"></span>pare <span class=\"_ _35\"> </span>l\u2019offerta <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>prodotti <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>rami <span class=\"_ _35\"> </span>danni <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>accre<span class=\"_ _1\"></span>scere <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>livello <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>se<span class=\"_ _1\"></span>rvizio <span class=\"_ _35\"> </span>offerto <span class=\"_ _0\"></span>alla propri<span class=\"_ _3a1\"> </span>a cli<span class=\"_ _2\"></span>entela, grazie al <span class=\"_ _3b\"></span>supporto di u<span class=\"_ _2\"></span>n primario <span class=\"_ _2\"></span>player speciali<span class=\"_ _2\"></span>zzato nel <span class=\"_ _2\"></span>settore della <span class=\"_ _3b\"></span>prote<span class=\"_ _1\"></span>ction.<span class=\"_ _2\"></span>  Le parti hanno poi perfezionato un patto par<span class=\"_ _1\"></span>asociale le cui clausole contemplano: <span class=\"_ _3e\"> </span><span class=\"ff4\">Il <span class=\"_ _37\"> </span>divieto <span class=\"_ _36\"> </span>di <span class=\"_ _3d\"> </span>t<span class=\"_ _1\"></span>rasferimento <span class=\"_ _36\"> </span>delle <span class=\"_ _3d\"> </span>azioni <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>dei <span class=\"_ _37\"> </span>diritti <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>opzione <span class=\"_ _36\"> </span>a <span class=\"_ _37\"> </span>terzi, <span class=\"_ _37\"> </span>diversi <span class=\"_ _37\"> </span>da <span class=\"_ _37\"> </span>societ<span class=\"_ _1\"></span>\u00e0 </span>controllate, per tutta la durata del patto parasociale attualmente in essere; <span class=\"_ _3e\"> </span><span class=\"ff4\">Il <span class=\"_ _38\"></span>diritto<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ciascuna <span class=\"_ _38\"></span>par<span class=\"_ _1\"></span>te <span class=\"_ _0\"></span>ottenere <span class=\"_ _1\"></span>la <span class=\"_ _0\"></span>nomina <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ottenere <span class=\"_ _0\"></span>la <span class=\"_ _1\"></span>nomina <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>esponenti <span class=\"_ _38\"></span>aziendali <span class=\"_ _38\"></span>di </span>propria <span class=\"_ _3d\"> </span>des<span class=\"_ _1\"></span>ignazione <span class=\"_ _3d\"> </span>(la <span class=\"_ _37\"> </span>met\u00e0 <span class=\"_ _3d\"> </span>degli <span class=\"_ _37\"> </span>amministratori <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>, <span class=\"_ _3d\"> </span>a <span class=\"_ _37\"> </span>rinnovi <span class=\"_ _3d\"> </span>alte<span class=\"_ _1\"></span>rnati <span class=\"_ _3d\"> </span>del <span class=\"_ _37\"> </span>Consiglio <span class=\"_ _3d\"> </span>di Amministrazione, il Presidente <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>l Consiglio d<span class=\"_ _2\"></span>i Amministrazione, <span class=\"_ _2\"></span>i Sindaci<span class=\"_ _2\"></span> e, a rinn<span class=\"_ _2\"></span>ovi alternati, il Presidente del Collegio Sindacale); <span class=\"_ _3e\"> </span><span class=\"ff4\">La <span class=\"_ _35\"> </span>neces<span class=\"_ _1\"></span>sit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>quorum <span class=\"_ _35\"> </span>qualificato <span class=\"_ _35\"> </span>per  l<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>deliberazioni <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>componenti  d<span class=\"_ _2\"></span>el <span class=\"_ _35\"> </span>Consiglio <span class=\"_ _35\"> </span>di </span>Amministrazione <span class=\"_ _38\"></span>riguardanti <span class=\"_ _38\"></span>particolari <span class=\"_ _38\"></span>tematiche <span class=\"_ _38\"></span>(come, <span class=\"_ _38\"></span>tra <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>alt<span class=\"_ _1\"></span>re, <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>nom<span class=\"_ _1\"></span>ina <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>D<span class=\"_ _1\"></span>irettore Generale,  del  Responsabile  Sinistr<span class=\"_ _1\"></span>i,  del  Direttore  Commerciale,  della  funzione  di  auditing, l\u2019approvazione di operazioni di finanzia straordinaria, di accordi distr<span class=\"_ _1\"></span>ibutivi, ecc). 7.8 Impegni rife<span class=\"_ _1\"></span>riti a partecipazioni i<span class=\"_ _1\"></span>n societ\u00e0 sotto<span class=\"_ _1\"></span>poste ad influenza note<span class=\"_ _1\"></span>vole Credemtel <span class=\"_ _3a\"> </span>ha <span class=\"_ _3f\"> </span>sottos<span class=\"_ _1\"></span>critto <span class=\"_ _3f\"> </span>con <span class=\"_ _3a\"> </span>i <span class=\"_ _3f\"> </span>soci <span class=\"_ _3a\"> </span>di <span class=\"_ _3f\"> </span>SBC <span class=\"_ _3a\"> </span>accordi <span class=\"_ _3a\"> </span>contra<span class=\"_ _3a1\"> </span>ttuali <span class=\"_ _3f\"> </span>volti <span class=\"_ _3a\"> </span>a <span class=\"_ _3f\"> </span>disciplinare<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>pi\u00f9 compiutamente la partnership nella societ\u00e0. Le  p<span class=\"_ _2\"></span>arti  hanno <span class=\"_ _35\"> </span>poi <span class=\"_ _35\"> </span>perfezionato <span class=\"_ _35\"> </span>a  gennaio <span class=\"_ _35\"> </span>2022 <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>patt<span class=\"_ _1\"></span>o <span class=\"_ _35\"> </span>parasociale  le<span class=\"_ _2\"></span>  c<span class=\"_ _2\"></span>ui <span class=\"_ _35\"> </span>clausole contemplano: <span class=\"_ _3e\"> </span><span class=\"ff4\">il <span class=\"_ _1\"></span>diritto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Cre<span class=\"_ _1\"></span>demtel <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>ottenere <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>nomina <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>esponenti <span class=\"_ _1\"></span>azie<span class=\"_ _1\"></span>ndali di <span class=\"_ _1\"></span>propria <span class=\"_ _1\"></span>designazione <span class=\"_ _1\"></span>(<span class=\"_ _1\"></span>un </span>consigliere di amministrazione); <span class=\"_ _3e\"> </span><span class=\"ff4\">la  necessit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>quorum  quali<span class=\"_ _2\"></span>ficato  per <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>deliberazioni <span class=\"_ _35\"> </span>riguardanti  particolari <span class=\"_ _35\"> </span>tematiche </span>(come <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>modificazioni dello <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>atuto, <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>trasferimento <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>partecipazioni <span class=\"_ _1\"></span>sociali, <span class=\"_ _1\"></span>acquisizioni e<span class=\"_ _1\"></span>/o dismissioni, <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>quals<span class=\"_ _1\"></span>iasi <span class=\"_ _1\"></span>forma <span class=\"_ _38\"></span>effettuate, <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>beni <span class=\"_ _1\"></span>imm<span class=\"_ _1\"></span>obili <span class=\"_ _1\"></span>e/o <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>beni <span class=\"_ _38\"></span>mobili <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valor<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>unitario superiore <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Euro <span class=\"_ _1\"></span>20.000,00 <span class=\"_ _1\"></span>e/o beni <span class=\"_ _1\"></span>mobili <span class=\"_ _1\"></span>regist<span class=\"_ _1\"></span>rati, <span class=\"_ _1\"></span>l\u2019assunzione <span class=\"_ _1\"></span>di dipendenti, <span class=\"_ _1\"></span>l\u2019assunzione di indebitamento finanziario e concessione di finanziamenti e<span class=\"_ _1\"></span> garanzie). Credemtel <span class=\"_ _37\"> </span>ha <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>ottoscritto <span class=\"_ _37\"> </span>con <span class=\"_ _3d\"> </span>i <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>oci <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>ANDXOR <span class=\"_ _37\"> </span>accordi <span class=\"_ _3d\"> </span>co<span class=\"_ _1\"></span>ntrattuali <span class=\"_ _37\"> </span>volti <span class=\"_ _3d\"> </span>a <span class=\"_ _37\"> </span>disciplinar<span class=\"_ _1\"></span>e <span class=\"_ _37\"> </span>pi\u00f9 compiutamente la partnership nella societ\u00e0. Le parti hanno poi perfezionato un patto par<span class=\"_ _1\"></span>asociale le cui clausole contemplano:<span class=\"_ _3a1\"> </span><span class=\"_ _3e\"> </span><span class=\"ff4\">il <span class=\"_ _1\"></span>diritto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Cre<span class=\"_ _1\"></span>demtel <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>ottenere <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>nomina <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ponenti <span class=\"_ _1\"></span>aziendali <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>propria <span class=\"_ _1\"></span>designazione (un<span class=\"_ _3a1\"> </span></span>consigliere di amministrazione ed il sindaco unico); <span class=\"_ _3e\"> </span><span class=\"ff4\">il diritto <span class=\"_ _1\"></span>di co-vendita a favore di Credemtel qualora venga trasferita per atto tra viv<span class=\"_ _2\"></span>i una quota </span>di <span class=\"_ _44\"> </span>almeno <span class=\"_ _69\"> </span>il <span class=\"_ _69\"> </span>50% <span class=\"_ _69\"> </span>del <span class=\"_ _44\"> </span>capitale<span class=\"_ _1\"></span> <span class=\"_ _44\"> </span>s<span class=\"_ _1\"></span>ociale <span class=\"_ _44\"> </span>di <span class=\"_ _69\"> </span>ANDXOR <span class=\"_ _69\"> </span>per <span class=\"_ _44\"> </span>tut<span class=\"_ _1\"></span>ta <span class=\"_ _44\"> </span>la <span class=\"_ _69\"> </span>durata <span class=\"_ _69\"> </span>del <span class=\"_ _44\"> </span>patto parasociale attualmente in essere; <span class=\"_ _3e\"> </span><span class=\"ff4\">la  necessit\u00e0  d<span class=\"_ _2\"></span>i  un <span class=\"_ _35\"> </span>quorum  qualif<span class=\"_ _2\"></span>icato  per  l<span class=\"_ _2\"></span>e  deliberazioni  d<span class=\"_ _3b\"></span>ei  componenti  del <span class=\"_ _35\"> </span>Consiglio  di </span>Amministrazione riguardanti particolari tematiche (come l<span class=\"_ _2\"></span>e modificazioni<span class=\"_ _2\"></span> dell\u2019atto costitutivo, la <span class=\"_ _35\"> </span>modificazione <span class=\"_ _35\"> </span>dell\u2019oggetto<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>sociale, <span class=\"_ _35\"> </span>l\u2019assunzione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>finanzia<span class=\"_ _1\"></span>menti <span class=\"_ _35\"> </span>oltre  i <span class=\"_ _35\"> </span>150.000 <span class=\"_ _35\"> </span>euro, <span class=\"_ _35\"> </span>la compravendita di diritti reali immobiliari, emissione di titoli di debito, distribuzione di riser<span class=\"_ _1\"></span>ve). Credemtel <span class=\"_ _36\"> </span>ha <span class=\"_ _36\"> </span>s<span class=\"_ _1\"></span>ottoscritto <span class=\"_ _36\"> </span>con <span class=\"_ _36\"> </span>i <span class=\"_ _36\"> </span>soci <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>MYNET <span class=\"_ _36\"> </span>accor<span class=\"_ _1\"></span>di <span class=\"_ _36\"> </span>contrattuali <span class=\"_ _36\"> </span>volti <span class=\"_ _36\"> </span>a <span class=\"_ _39\"> </span>disciplin<span class=\"_ _2\"></span>are <span class=\"_ _39\"> </span>pi\u00f9 compiutamente la partnership nella societ\u00e0. Le parti hanno poi perfezionato un patto par<span class=\"_ _1\"></span>asociale le cui clausole contemplano: <span class=\"_ _3e\"> </span><span class=\"ff4\">il <span class=\"_ _1\"></span>diritto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Cre<span class=\"_ _1\"></span>demtel <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>ottenere <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>nomina <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>esponenti <span class=\"_ _1\"></span>azie<span class=\"_ _1\"></span>ndali di <span class=\"_ _1\"></span>propria <span class=\"_ _1\"></span>designazione <span class=\"_ _1\"></span>(<span class=\"_ _1\"></span>un </span>consigliere <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>amministrazione, <span class=\"_ _3d\"> </span>un <span class=\"_ _37\"> </span>sindaco <span class=\"_ _3d\"> </span>effettivo <span class=\"_ _37\"> </span>con <span class=\"_ _3d\"> </span>ruolo <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>presidente <span class=\"_ _3d\"> </span>del <span class=\"_ _37\"> </span>collegio sindacale ed un sindaco supplente); <span class=\"_ _3e\"> </span><span class=\"ff4\">la  necessit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>quorum  quali<span class=\"_ _2\"></span>ficato  per <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>deliberazioni <span class=\"_ _35\"> </span>riguardanti  particolari <span class=\"_ _35\"> </span>tematiche </span>(come le modifi<span class=\"_ _2\"></span>cazioni dell\u2019atto costitutivo, la modifi<span class=\"_ _2\"></span>cazione dell\u2019oggetto sociale, l\u2019assunzione<span class=\"_ _2\"></span> di <span class=\"_ _39\"> </span>finanziame<span class=\"_ _1\"></span>nti <span class=\"_ _3f\"> </span>oltre <span class=\"_ _3f\"> </span>i <span class=\"_ _39\"> </span>1.500.000 <span class=\"_ _3f\"> </span>euro, <span class=\"_ _3f\"> </span>l\u2019emissione <span class=\"_ _39\"> </span>di <span class=\"_ _3f\"> </span>titoli <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>debito, <span class=\"_ _3f\"> </span>l\u2019acquisizione <span class=\"_ _3f\"> </span>o dismissione di beni mobili o immobili di valore s<span class=\"_ _1\"></span>uperiore a 1.000.000 euro). Credemtel <span class=\"_ _3d\"> </span>ha <span class=\"_ _3d\"> </span>sottoscritto <span class=\"_ _37\"> </span>con  i <span class=\"_ _37\"> </span>soci <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>FLAIRBIT <span class=\"_ _3d\"> </span>accordi <span class=\"_ _3d\"> </span>contr<span class=\"_ _1\"></span>attuali  volt<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>disciplinare <span class=\"_ _3d\"> </span>pi\u00f9 compiu<span class=\"_ _3a1\"> </span>tamente<span class=\"_ _1\"></span> la partnership nella societ\u00e0. Le parti hanno poi perfezionato un patto par<span class=\"_ _1\"></span>asociale le cui clausole contemplano: <span class=\"_ _3e\"> </span><span class=\"ff4\">il <span class=\"_ _1\"></span>diritto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Cre<span class=\"_ _1\"></span>demtel <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>ottenere <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>nomina <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>esponenti <span class=\"_ _1\"></span>azie<span class=\"_ _1\"></span>ndali di <span class=\"_ _1\"></span>propria <span class=\"_ _1\"></span>designazione <span class=\"_ _1\"></span>(<span class=\"_ _1\"></span>un </span>consigliere di amministrazione); <span class=\"_ _3e\"> </span><span class=\"ff4\">la  necessit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>quorum  quali<span class=\"_ _2\"></span>ficato  per <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>deliberazioni <span class=\"_ _35\"> </span>riguardanti  particolari <span class=\"_ _35\"> </span>tematiche </span>(come  le  modificazioni <span class=\"_ _35\"> </span>dello  St<span class=\"_ _1\"></span>atuto  afferenti  all\u2019oggetto  sociale,  la  stipula  d<span class=\"_ _2\"></span>i  contratti  di<span class=\"_ _3a1\"> </span>qualsiasi <span class=\"_ _0\"></span>natura <span class=\"_ _0\"></span>con<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>alcuna <span class=\"_ _0\"></span>parte <span class=\"_ _0\"></span>correlata <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>FLAIRBIT, <span class=\"_ _38\"></span>l\u2019assun<span class=\"_ _1\"></span>zione <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>finanziamenti <span class=\"_ _0\"></span>oltre <span class=\"_ _0\"></span>i<span class=\"_ _3b\"></span> 500.00<span class=\"_ _3a1\"> </span>0 <span class=\"_ _38\"></span>euro, <span class=\"_ _0\"></span>l\u2019assunzi<span class=\"_ _2\"></span>one <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>personale <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>trattamento <span class=\"_ _0\"></span>ec<span class=\"_ _2\"></span>onomico <span class=\"_ _0\"></span>(retrib<span class=\"_ _2\"></span>uzione <span class=\"_ _0\"></span>annu<span class=\"_ _2\"></span>a lorda) pari o superiore ad Euro 100.000,00 (centomila) annui). 7.10 Altre inform<span class=\"_ _1\"></span>azioni<span class=\"_ _3a1\"> </span>Credemassicurazioni, And<span class=\"_ _2\"></span>xor, Flairbit e <span class=\"_ _3b\"></span>Mynet, partecipazioni p<span class=\"_ _2\"></span>er le qu<span class=\"_ _2\"></span>ali i<span class=\"_ _2\"></span>l valore di<span class=\"_ _2\"></span> bil<span class=\"_ _2\"></span>ancio risulta essere <span class=\"_ _35\"> </span>superiore <span class=\"_ _35\"> </span>alla  q<span class=\"_ _2\"></span>uota <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>pertinenza  di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>patrimonio  ne<span class=\"_ _2\"></span>tto, <span class=\"_ _35\"> </span>sono  s<span class=\"_ _2\"></span>tate <span class=\"_ _35\"> </span>assoggettate  a <span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>est d\u2019impairment <span class=\"_ _0\"></span>dal<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>quale <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>emerso <span class=\"_ _1\"></span>un <span class=\"_ _38\"></span>valor<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>recuperabile <span class=\"_ _0\"></span>supe<span class=\"_ _2\"></span>riore <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>valore <span class=\"_ _1\"></span>di <span class=\"_ _0\"></span>carico. <span class=\"_ _1\"></span>Si <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>quindi ritenuto <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>differ<span class=\"_ _1\"></span>enza <span class=\"_ _0\"></span>negativ<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>fra <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>valore<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>car<span class=\"_ _1\"></span>ico <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>quota <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>pertinenza <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>patr<span class=\"_ _1\"></span>imonio netto <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>tali <span class=\"_ _0\"></span>pa<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>tecipate<span class=\"fc8\"> <span class=\"_ _0\"></span></span>non<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>ascrivibile <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>perdita <span class=\"_ _38\"></span>durevole <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>e, <span class=\"_ _38\"></span>pertanto, <span class=\"_ _0\"></span>non<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>stati rettificati i valori di iscrizione. Per  C<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>edemassicurazioni  l<span class=\"_ _2\"></span>a  d<span class=\"_ _2\"></span>ifferenza <span class=\"_ _35\"> </span>negativa  \u00e8<span class=\"_ _2\"></span>  asc<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ivibile <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>quota  di <span class=\"_ _35\"> </span>avviamento <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>10,3 milioni di euro, mentre per Andxor, Flairbit e <span class=\"_ _1\"></span>Mynet la differenza negativa \u00e8 ascrivibile alla quota di avviamento rispettivamente per 1.062 mila di e<span class=\"_ _1\"></span>uro, per 402 mila euro e per 217 mila euro.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-891": {
   "value": "Sezione <span class=\"_ _1\"></span>3 - Area e<span class=\"_ _3a1\"> </span>metodi d<span class=\"_ _1\"></span>i conso<span class=\"_ _1\"></span>lidamen<span class=\"_ _1\"></span>to<span class=\"_ _3a1\"> </span>Il <span class=\"_ _0\"></span>bilancio <span class=\"_ _0\"></span>consolidato <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Gruppo <span class=\"_ _0\"></span>Credem <span class=\"_ _0\"></span>comprende <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>bilancio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Credito <span class=\"_ _0\"></span>Emili<span class=\"_ _2\"></span>ano <span class=\"_ _0\"></span>spa <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>delle<span class=\"_ _3a1\"> </span>societ\u00e0 <span class=\"_ _3d\"> </span>da <span class=\"_ _3d\"> </span>questa  cont<span class=\"_ _1\"></span>rollate,  includendo <span class=\"_ _3d\"> </span>nel  pe<span class=\"_ _1\"></span>rimetro <span class=\"_ _3d\"> </span>di  co<span class=\"_ _1\"></span>nsolidamento <span class=\"_ _3d\"> </span>anche <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>societ\u00e0<span class=\"_ _3a1\"> </span>operanti in settor<span class=\"_ _1\"></span>i di attivit\u00e0 dissimili da quello di ap<span class=\"_ _1\"></span>partenenza della Capogruppo. Analogame<span class=\"_ _1\"></span>nte,<span class=\"_ _3a1\"> </span>sono <span class=\"_ _37\"> </span>incluse <span class=\"_ _37\"> </span>anche <span class=\"_ _3d\"> </span>le <span class=\"_ _37\"> </span>societ\u00e0 <span class=\"_ _37\"> </span>veicolo <span class=\"_ _37\"> </span>(SPE/SPV) <span class=\"_ _37\"> </span>quando <span class=\"_ _37\"> </span>ne <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>icorrano <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>requisiti <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>ffettivo<span class=\"_ _3a1\"> </span>controllo, anche indipendentemente dall\u2019esistenza di una quota part<span class=\"_ _1\"></span>ecipativa.<span class=\"_ _3a1\"> </span>Un\u2019impresa <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>grado <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>esercitare <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>controllo <span class=\"_ _0\"></span>se <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>esposta <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>ha <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>ritto <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>rendimenti <span class=\"_ _35\"> </span>variabili,<span class=\"_ _3a1\"> </span>derivanti <span class=\"_ _1\"></span>dal <span class=\"_ _1\"></span>proprio <span class=\"_ _1\"></span>rapporto <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>l\u2019entit\u00e0 <span class=\"_ _1\"></span>oggetto <span class=\"_ _1\"></span>d\u2019investimento <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>, ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>frattempo, <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>capacit\u00e0<span class=\"_ _3a1\"> </span>di incidere su tali rendimenti esercitando il proprio potere su ta<span class=\"_ _1\"></span>le entit\u00e0.<span class=\"_ _3a1\"> </span>Specificatamente, un\u2019impresa \u00e8 in grado di eser<span class=\"_ _1\"></span>citare il controllo se, e solo se, ha:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">il potere sull<span class=\"_ _2\"></span>\u2019entit\u00e0 oggetto d\u2019investimento (<span class=\"_ _2\"></span>ovvero detiene valid<span class=\"_ _2\"></span>i diritti che gli<span class=\"_ _2\"></span> conferiscono la<span class=\"_ _3a1\"> </span></span>capacit\u00e0 attuale di dirigere le attivit\u00e0 rilevanti dell\u2019entit\u00e0 <span class=\"_ _1\"></span>oggetto d\u2019investimento);<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019esposizione <span class=\"_ _37\"> </span>o <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>diritti <span class=\"_ _3d\"> </span>a <span class=\"_ _37\"> </span>rendimenti <span class=\"_ _37\"> </span>variabili <span class=\"_ _3d\"> </span>derivanti <span class=\"_ _37\"> </span>dal <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>apporto <span class=\"_ _37\"> </span>con <span class=\"_ _3d\"> </span>l\u2019ent<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _3d\"> </span>oggetto<span class=\"_ _3a1\"> </span></span>d\u2019investimento;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">la <span class=\"_ _35\"> </span>capacit\u00e0  di <span class=\"_ _35\"> </span>esercitare  il <span class=\"_ _35\"> </span>proprio <span class=\"_ _35\"> </span>pote<span class=\"_ _1\"></span>re  sul<span class=\"_ _2\"></span>l\u2019entit\u00e0 <span class=\"_ _35\"> </span>oggetto  di <span class=\"_ _35\"> </span>investimento  per <span class=\"_ _35\"> </span>incidere<span class=\"_ _3a1\"> </span></span>sull\u2019ammontare dei suoi rendimenti.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _38\"></span>normalmente <span class=\"_ _38\"></span>considerate <span class=\"_ _38\"></span>controllate <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>imprese <span class=\"_ _38\"></span>nelle <span class=\"_ _38\"></span>quali <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>Capogruppo, <span class=\"_ _38\"></span>diret<span class=\"_ _1\"></span>tamente <span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span>indirettamente, <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>iede <span class=\"_ _1\"></span>pi\u00f9 <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>met\u00e0 <span class=\"_ _38\"></span>dei <span class=\"_ _1\"></span>diritti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>voto <span class=\"_ _38\"></span>o <span class=\"_ _1\"></span>quando, <span class=\"_ _1\"></span>pur <span class=\"_ _1\"></span>con <span class=\"_ _38\"></span>una <span class=\"_ _1\"></span>quota <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>diritti <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span>voto <span class=\"_ _38\"></span>infer<span class=\"_ _1\"></span>iore, <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>Capogruppo <span class=\"_ _38\"></span>h<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>potere <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>no<span class=\"_ _1\"></span>minare <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>maggioranza <span class=\"_ _38\"></span>degli <span class=\"_ _38\"></span>amministrat<span class=\"_ _1\"></span>ori <span class=\"_ _38\"></span>della<span class=\"_ _3a1\"> </span>partecipata o d<span class=\"_ _2\"></span>i determinare le<span class=\"_ _2\"></span> politiche finanz<span class=\"_ _2\"></span>iarie ed operative <span class=\"_ _3b\"></span>della stessa. Nella valu<span class=\"_ _2\"></span>tazione dei<span class=\"_ _3a1\"> </span>diritti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>voto <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>tiene <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>anche <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>diritti <span class=\"_ _38\"></span>\u201cpotenziali\u201d <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>siano <span class=\"_ _0\"></span>corre<span class=\"_ _1\"></span>ntemente <span class=\"_ _0\"></span>esercitabili <span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span>convertibili in diritti di voto effettivi in qualsiasi moment<span class=\"_ _1\"></span>o.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _38\"></span>considerate <span class=\"_ _38\"></span>controllate <span class=\"_ _1\"></span>congiuntamente <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>imprese <span class=\"_ _1\"></span>nelle <span class=\"_ _38\"></span>quali <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>diritti <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>voto <span class=\"_ _1\"></span>ed <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>controllo<span class=\"_ _3a1\"> </span>dell\u2019a<span class=\"_ _3a1\"> </span>ttivit\u00e0 <span class=\"_ _48\"> </span>e<span class=\"_ _1\"></span>conomica <span class=\"_ _48\"> </span>della <span class=\"_ _17e\"> </span>partecipata <span class=\"_ _17e\"> </span>sono <span class=\"_ _17e\"> </span>condivisi <span class=\"_ _48\"> </span>in <span class=\"_ _48\"> </span>mo<span class=\"_ _1\"></span>do <span class=\"_ _48\"> </span>parite<span class=\"_ _1\"></span>tico <span class=\"_ _48\"> </span>da <span class=\"_ _17e\"> </span>Credem,<span class=\"_ _3a1\"> </span>direttamente o indirettamente, e da un altro soggetto. In<span class=\"_ _2\"></span>oltre viene qualificato come sottoposto a<span class=\"_ _3a1\"> </span>controllo congiunto <span class=\"_ _3b\"></span>un investimento pa<span class=\"_ _2\"></span>rtecipativo nel <span class=\"_ _3b\"></span>quale, pur <span class=\"_ _3b\"></span>in assenza di <span class=\"_ _3b\"></span>una quota p<span class=\"_ _2\"></span>aritetica<span class=\"_ _3a1\"> </span>di <span class=\"_ _0\"></span>diritti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>voto, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>controllo <span class=\"_ _0\"></span>sull\u2019attivit\u00e0 <span class=\"_ _0\"></span>economica <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sugli <span class=\"_ _0\"></span>indirizzi <span class=\"_ _0\"></span>strategici <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>partecipata <span class=\"_ _0\"></span>\u00e8<span class=\"_ _3a1\"> </span>condiviso con altri soggetti in virt\u00f9 di accordi contr<span class=\"_ _1\"></span>attuali.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _3d\"> </span>considerate <span class=\"_ _37\"> </span>collegate, <span class=\"_ _3d\"> </span>cio\u00e8 <span class=\"_ _3d\"> </span>sottoposte <span class=\"_ _37\"> </span>ad <span class=\"_ _3d\"> </span>influenza <span class=\"_ _3d\"> </span>notevole, <span class=\"_ _3d\"> </span>le <span class=\"_ _37\"> </span>imprese <span class=\"_ _3d\"> </span>nelle <span class=\"_ _3d\"> </span>quali <span class=\"_ _3d\"> </span>la<span class=\"_ _3a1\"> </span>capogruppo, <span class=\"_ _1\"></span>direttamente <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>indirettamente, <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>iede <span class=\"_ _1\"></span>almeno <span class=\"_ _1\"></span>il 20% <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>diritt<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>di vot<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>(ivi inc<span class=\"_ _1\"></span>lusi <span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>diritti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>vot<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>\u201cpotenziali\u201d <span class=\"_ _38\"></span>come <span class=\"_ _0\"></span>sopra <span class=\"_ _0\"></span>definiti) <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>nelle <span class=\"_ _0\"></span>quali <span class=\"_ _38\"></span>\u2013<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>pu<span class=\"_ _2\"></span>r <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>iritti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>voto<span class=\"_ _3a1\"> </span>inferiore <span class=\"_ _3b\"></span>\u2013<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>ha <span class=\"_ _3b\"></span>il <span class=\"_ _3b\"></span>potere<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>partecipare<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>alla <span class=\"_ _3b\"></span>determinazione <span class=\"_ _2\"></span>delle <span class=\"_ _3b\"></span>politiche <span class=\"_ _3b\"></span>finanziarie <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>gestionali <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lla<span class=\"_ _3a1\"> </span>partecipata in virt\u00f9 di particolari legami giuridici quali la parte<span class=\"_ _1\"></span>cipazione a patti di sindacato. Le <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>ntrollate son<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>consolidate con <span class=\"_ _3b\"></span>il <span class=\"_ _3b\"></span>me<span class=\"_ _1\"></span>todo int<span class=\"_ _2\"></span>egrale, <span class=\"_ _3b\"></span>m<span class=\"_ _1\"></span>entre le <span class=\"_ _3b\"></span>interessenze no<span class=\"_ _3b\"></span>n<span class=\"_ _3a1\"> </span>di controllo e di joint venture sono consolidate in base <span class=\"_ _1\"></span>al metodo del patrimonio netto.<span class=\"_ _3a1\"> </span>Criteri e principi d<span class=\"_ _1\"></span>i consolidamento<span class=\"_ _3a1\"> </span>I criteri adottati per la redazione del bilancio consolida<span class=\"_ _3a1\"> </span>to sono <span class=\"_ _1\"></span>i seguenti:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> oc<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> de<span class=\"_ _38\"></span>l p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>,<span class=\"_ _38\"></span> il<span class=\"_ _1\"></span> va<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> ca<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> so<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _3a1\"> </span></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>\u00e8<span class=\"_ _38\"></span> <span class=\"_ _37\"> </span>a<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>a<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>f<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _36\"> </span>de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _3a1\"> </span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>.<span class=\"_ _1\"></span>  La<span class=\"_ _1\"></span>  co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>zz<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>  a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>  s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>a<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>v<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  in<span class=\"_ _1\"></span>  ba<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  al<span class=\"_ _1\"></span>  \u201cm<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>\u201d<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>co<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>de<span class=\"_ _38\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>it<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>IF<span class=\"_ _38\"></span>R<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>3<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>o<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>co<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>le<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>di<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>at<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _38\"></span>, <span class=\"_ _35\"> </span>pa<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>e<span class=\"_ _3a1\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>po<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>ia<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>ac<span class=\"_ _1\"></span>q<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>f<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>da<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>\u00e8<span class=\"_ _3a1\"> </span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>in<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>cu<span class=\"_ _38\"></span>i <span class=\"_ _35\"> </span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>ie<span class=\"_ _38\"></span>ne<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>l<span class=\"_ _1\"></span>\u2019e<span class=\"_ _38\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>co<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>P<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>i<span class=\"_ _3a1\"> </span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> u<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> ne<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span> co<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span> pe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> di<span class=\"_ _1\"></span> r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> so<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>us<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>b<span class=\"_ _1\"></span>il<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>co<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>da<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>da<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>la<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>la<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>s<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ac<span class=\"_ _38\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>Pa<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>im<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _3a1\"> </span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ec<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>un<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>so<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>bi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>f<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>\u00e8<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>e<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>i  e<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>ze<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>  fa<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>  va<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>ue<span class=\"_ _38\"></span>  de<span class=\"_ _1\"></span>l  pr<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>  pa<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>  ri<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>  al<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  co<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></span>f<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>pa<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>io<span class=\"_ _38\"></span> <span class=\"_ _36\"> </span>ne<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>ua<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>co<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>f<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>ue<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>le<span class=\"_ _38\"></span> <span class=\"_ _37\"> </span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>o<span class=\"_ _3a1\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>po<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>, <span class=\"_ _0\"></span>se<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>po<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>ve<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>qu<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>av<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>vo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span>\u201c<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>\u201d<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span> e<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>\u2019a<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _3a1\"> </span></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>, <span class=\"_ _3f\"> </span>d<span class=\"_ _1\"></span>is<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>pl<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>s<span class=\"_ _1\"></span>pe<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>f<span class=\"_ _38\"></span>ic<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>da<span class=\"_ _38\"></span>l <span class=\"_ _3f\"> </span>pr<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>I<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>7<span class=\"_ _38\"></span>, <span class=\"_ _3f\"> </span>le<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>e<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _3d\"> </span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>o<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>ve<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>  s<span class=\"_ _38\"></span>o<span class=\"_ _38\"></span>pr<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _3d\"> </span>de<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>c<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>ve<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>a<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _3d\"> </span>a<span class=\"_ _3a1\"> </span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>im<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>(<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>ch<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>vi<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>si<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>e<span class=\"_ _1\"></span>vi<span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>di<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>va<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>)<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>v<span class=\"_ _1\"></span>ie<span class=\"_ _38\"></span>ne<span class=\"_ _3a1\"> </span></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>if<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>  va<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>  de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>v<span class=\"_ _38\"></span>ia<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>  (<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>  im<span class=\"_ _1\"></span>p<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>  te<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>)<span class=\"_ _38\"></span>.  A<span class=\"_ _1\"></span>  ta<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>  fi<span class=\"_ _38\"></span>ne<span class=\"_ _3a1\"> </span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>i<span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>f<span class=\"_ _38\"></span>ic<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _38\"></span>un<span class=\"_ _38\"></span>it<span class=\"_ _38\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>ge<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>di<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>f<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>us<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>nz<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>c<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>l<span class=\"_ _1\"></span>\u2019a<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>.<span class=\"_ _3a1\"> </span>L<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _3a\"> </span>d<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>v<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>\u00e8 <span class=\"_ _48\"> </span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>da<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>\u2019e<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>di<span class=\"_ _1\"></span>f<span class=\"_ _38\"></span>fe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>a<span class=\"_ _3a1\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>t<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>il<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>va<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>di<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>is<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>io<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>vi<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>e<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>i<span class=\"_ _38\"></span>l <span class=\"_ _3f\"> </span>s<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>va<span class=\"_ _38\"></span>lo<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>pe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>le<span class=\"_ _38\"></span>,<span class=\"_ _3a1\"> </span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>fa<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>at<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>ce<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>f<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>,<span class=\"_ _3a1\"> </span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>  n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>  d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>  e<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>co<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>  d<span class=\"_ _38\"></span>i <span class=\"_ _3d\"> </span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>  e<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>  r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>  v<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  d<span class=\"_ _38\"></span>\u2019<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>  L<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>  c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _3a1\"> </span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>if<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>co<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">g<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span> <span class=\"_ _3d\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>no<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>v<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>gr<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _3d\"> </span>a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>is<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></span>\u201c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>\u201d<span class=\"_ _38\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>ie<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>nc<span class=\"_ _38\"></span>h<span class=\"_ _1\"></span>\u00e9<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>ne<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></span>e<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> i p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> e l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> pe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> or<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>in<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> tr<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> so<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>q<span class=\"_ _1\"></span>uo<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>io<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>le<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>di<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>ne<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>\u201c<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>\u201d<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>\u00e0<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> i<span class=\"_ _38\"></span>nc<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>p<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>pe<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>va<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>, <span class=\"_ _1\"></span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>l <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>no<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>co<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>so<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>do<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>so<span class=\"_ _38\"></span>no<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>bi<span class=\"_ _38\"></span>la<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></span>p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>a<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>pr<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>so<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>ie<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>e<span class=\"_ _38\"></span>ve<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>ua<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"> </span>r<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _38\"></span>i <span class=\"_ _35\"> </span>pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>na<span class=\"_ _38\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>li<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>it<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>pr<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>po<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>  va<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  d<span class=\"_ _1\"></span>i  l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>  de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>ip<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>r<span class=\"_ _38\"></span>il<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>  de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>ut<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>  dal<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  ca<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>,  o  da<span class=\"_ _1\"></span>  al<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>at<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>\u00e8<span class=\"_ _3a1\"> </span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _3f\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>pe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>q<span class=\"_ _1\"></span>uo<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>io<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>pa<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>pa<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>.<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>L<span class=\"_ _1\"></span>\u2019e<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span>e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>pr<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>ga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _3f\"> </span>r<span class=\"_ _1\"></span>is<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>d<span class=\"_ _1\"></span>i <span class=\"_ _3f\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span>a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>l\u2019<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>f<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>va<span class=\"_ _38\"></span>lu<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>ll<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _38\"></span>, <span class=\"_ _35\"> </span>pa<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>pa<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _38\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>po<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"> </span>\u2013<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>\u00e8<span class=\"_ _3a1\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>us<span class=\"_ _38\"></span>a <span class=\"_ _3d\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>va<span class=\"_ _38\"></span>lo<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  d<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>  L<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>va<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>i <span class=\"_ _3d\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _45\"> </span>v<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>lo<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>ni<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>v<span class=\"_ _3a1\"> </span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>ne<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>li<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>su<span class=\"_ _38\"></span>cc<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _38\"></span>i <span class=\"_ _35\"> </span>a<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>qu<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>di<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>pr<span class=\"_ _38\"></span>im<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>so<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>is<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>vo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> 2<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> co<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> (<span class=\"_ _1\"></span>\u201c<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> (<span class=\"_ _1\"></span>pe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>)<span class=\"_ _38\"></span> de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>le<span class=\"_ _38\"></span> p<span class=\"_ _1\"></span>ar<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>i\u201d<span class=\"_ _38\"></span>)<span class=\"_ _1\"></span> ne<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>a i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>va<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>io<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>it<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>;<span class=\"_ _1\"></span> <span class=\"_ _42\"> </span><span class=\"ff4\">s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> e<span class=\"_ _38\"></span>vi<span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> u<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> pa<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> u<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>uz<span class=\"_ _38\"></span>io<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>  si<span class=\"_ _1\"></span>  pr<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>  a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  st<span class=\"_ _38\"></span>im<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>  de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>  va<span class=\"_ _38\"></span>lo<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  re<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>pe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>le<span class=\"_ _38\"></span>  de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>ci<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>ne<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>,<span class=\"_ _3a1\"> </span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>f<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>ne<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>\u00e0<span class=\"_ _3a1\"> </span>g<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>v<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>ne<span class=\"_ _38\"></span>  f<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>Q<span class=\"_ _38\"></span>ua<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>v<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>b<span class=\"_ _38\"></span>il<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>  v<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>\u00e8<span class=\"_ _1\"></span>  r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>va<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>  n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _3a1\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>no<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>ci<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>le<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>ut<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>iz<span class=\"_ _38\"></span>za<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>ve<span class=\"_ _3a1\"> </span></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>po<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>ge<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>bi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>C<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>;<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _3a1\"> </span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>nc<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>no<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>de<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>b<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>(<span class=\"_ _38\"></span>ge<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>ll<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>20<span class=\"_ _38\"></span>2<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>)<span class=\"_ _1\"></span>.<span class=\"_ _3a1\"> </span>Partecipazioni <span class=\"_ _1\"></span>in societ\u00e0 controllate in via e<span class=\"_ _1\"></span>sclusiva e collegat<span class=\"_ _1\"></span>e (consolidate con <span class=\"_ _1\"></span>il metodo del patrimonio <span class=\"_ _1\"></span>netto) <table class=\"s w618 h1e9\" id=\"_59cc5b73-f713-48d3-9c90-6b115e284138\"><tr><td class=\"c n x5ed y546a w619 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Denominazioni impre<span class=\"_ _2\"></span>se<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5ee y546a w61a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Sede<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x5ef h12 y546b ff4 fs7 fc1 sc0 ls0 ws0\">Tipo di </td><td></td><td class=\"t m2 x5f0 h12 y546c ff4 fs7 fc1 sc0 ls0 ws0\">Rapporto di partecip<span class=\"_ _2\"></span>azione </td><td class=\"t m2 x5f1 h8e y546d ff4 fs18 fc1 sc0 ls0 ws0\">Disponibilit\u00e0 </td></tr><tr><td></td><td></td><td class=\"t m2 x5f2 h12 y546e ff4 fs7 fc1 sc0 ls0 ws0\">rapporto<span class=\"_ _3a1\"> </span></td><td class=\"c n x5f3 y546f w61b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Impresa partecipante<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5f4 y546f w61c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Quota %</div></td><td class=\"t m2 x5f5 h8e y5470 ff4 fs18 fc1 sc0 ls0 ws0\">voti % </td></tr><tr><td class=\"t m2 x5f6 h12 y5471 ff4 fs7 fc1 sc0 ls0 ws0\">A. Imprese </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x5f6 h12 y5472 ff4 fs7 fc1 sc0 ls0 ws0\">A. 1 Consolidate integ<span class=\"_ _2\"></span>ralmente </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x5f7 y5473 w61d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Credemleasing spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5f8 y5473 w61e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5f9 y5473 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5fa y5473 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5fb y5473 w621 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">99,90%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x5fc h12 y5474 ff4 fs7 fc1 sc0 ls0 ws0\">Magazzini Generali  </td><td class=\"t m2 x5fd h12 y5475 ff4 fs7 fc1 sc0 ls0 ws0\">0,10% </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x5fe h12 y5476 ff4 fs7 fc1 sc0 ls0 ws0\" colspan=\"2\">delle Tagliate </td><td></td></tr><tr><td class=\"c n x5f7 y5477 w622 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Credemfactor spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5ff y5477 w623 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x600 y5477 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x601 y5477 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x602 y5477 w624 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">99,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c n x603 y5478 w625 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credemleasing<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x604 y5478 w626 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5479 w627 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Credem Private Equi<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>y SGR spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x605 y5479 w628 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">R<span class=\"_ _1\"></span>eggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x606 y5479 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x607 y5479 w629 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x608 y5479 w62a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">87,50%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x609 h12 y547a ff4 fs7 fc1 sc0 ls0 ws0\">Credem Euromobil<span class=\"_ _2\"></span>iare </td><td class=\"t m2 x60a h12 y547b ff4 fs7 fc1 sc0 ls0 ws0\">12,50% </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x60b h12 y547c ff4 fs7 fc1 sc0 ls0 ws0\" colspan=\"2\">Private Banking<span class=\"_ _2\"></span> </td><td></td></tr><tr><td class=\"t m2 x60c h12 y547d ff4 fs7 fc1 sc0 ls0 ws0\">4. Euromobiliare Asse<span class=\"_ _2\"></span>t Management SGR<span class=\"_ _2\"></span> spa<span class=\"_ _3a1\"> </span></td><td class=\"c n x60d y547e w62b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x60e y547e w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x60f y547e w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x610 y547e w62c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y547f w62d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Euromobiliare Adv<span class=\"_ _2\"></span>isory SIM spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x611 y547f w62b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x612 y547f w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x613 y547f w62e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x614 y547f w62f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5480 w630 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6. Credemtel spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x615 y5480 w623 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x616 y5480 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x60f y5480 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x617 y5480 w62f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5481 w631 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7. Avvera spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x618 y5481 w623 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x619 y5481 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61a y5481 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61b y5481 w62f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5482 w632 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8. Magazzini Generali de<span class=\"_ _3b\"></span>l<span class=\"_ _1\"></span>le Tagliate s<span class=\"_ _2\"></span>pa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61c y5482 w61e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61d y5482 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61e y5482 w62e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61f y5482 w62f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5483 w633 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9.Credem Euromob<span class=\"_ _2\"></span>iliare Private Bank<span class=\"_ _2\"></span>ing spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x620 y5483 w62b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x621 y5483 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x622 y5483 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x623 y5483 w62f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5484 w634 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10. Euromobiliare Fiduc<span class=\"_ _2\"></span>iaria spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x624 y5484 w635 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x625 y5484 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x626 y5484 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x627 y5484 w62c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5485 w636 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11. Credemvita spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x628 y5485 w623 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x629 y5485 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x62a y5485 w629 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x62b y5485 w62c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5486 w637 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12. Credem CB srl<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x62c y5486 w638 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Conegliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x619 y5486 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61a y5486 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x62d y5486 w639 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">70,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x5f6 h12 y5487 ff4 fs7 fc1 sc0 ls0 ws0\">A. 2 Consolidate con <span class=\"_ _2\"></span>il metodo del p<span class=\"_ _2\"></span>atrimonio netto </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x5f7 y5488 w63a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.Credemassicurazio<span class=\"_ _2\"></span>ni spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x62e y5488 w623 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x62f h12 y5489 ff4 fs7 fc1 sc0 ls0 ws0\">4 </td><td class=\"c n x630 y5488 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x631 y5488 w63b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">50,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y548a w63c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. SBC Fin<span class=\"_ _2\"></span>tech Milan 2224 s.r.l.<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x632 y548a w62b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x633 y548a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x634 y548a w63e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C<span class=\"_ _1\"></span>redemtel<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x635 y548a w63f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">40,69%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x636 y548b w640 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Andx<span class=\"_ _2\"></span>or srl<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x637 y548b w641 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Cinisello Balsam<span class=\"_ _3b\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x638 y548b w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x639 y548b w642 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x63a y548b w643 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">40,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y548c w644 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Mynet sr<span class=\"_ _2\"></span>l<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5f8 y548c w645 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Udine<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x63b y548c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x63c y548c w63e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Cr<span class=\"_ _1\"></span>edemtel<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x63d y548c w646 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12,99%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x636 y539f w647 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Flairbit <span class=\"_ _2\"></span>srl<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x63e y539f w648 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Geno<span class=\"_ _1\"></span>va<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x63f y539f w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x640 y539f w63e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C<span class=\"_ _1\"></span>redemtel<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x641 y539f w64a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr></table>Legenda Tipo di rapporto:<span class=\"_ _2\"></span> 1 = mag<span class=\"_ _3a1\"> </span>gioranza de<span class=\"_ _2\"></span>i diritti di voto nell\u2019assemb<span class=\"_ _3b\"></span>l<span class=\"_ _1\"></span>ea ordinaria 4 = altre forme di c<span class=\"_ _2\"></span>ontrollo<span class=\"_ _3a1\"> </span>B.<span class=\"_ _3a1\"> </span>Informativa sulle entit\u00e0 strutturate (diverse dalle societ\u00e0 per la cartolarizzazione)<span class=\"_ _3a1\"> </span>Un\u2019entit\u00e0 <span class=\"_ _38\"></span>strutturat<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>un\u2019entit<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _38\"></span>configurata <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>odo <span class=\"_ _38\"></span>tale<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>diritti <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>voto <span class=\"_ _0\"></span>o <span class=\"_ _38\"></span>diritti <span class=\"_ _38\"></span>similari <span class=\"_ _0\"></span>no<span class=\"_ _3b\"></span>n sono ritenuti rilevanti p<span class=\"_ _2\"></span>er stabilire il <span class=\"_ _2\"></span>controllo, come nel caso<span class=\"_ _2\"></span> in cui<span class=\"_ _2\"></span> i diritti di<span class=\"_ _2\"></span> voto facciano soltanto riferimento  ad  attivit\u00e0 <span class=\"_ _3d\"> </span>amministrative  e  le  attivit\u00e0  rilevanti  siano  condotte <span class=\"_ _3d\"> </span>attraverso  accordi contrattuali.  Per i v<span class=\"_ _2\"></span>eicoli a destinazione <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>pecifica e fondi <span class=\"_ _3b\"></span>di investimento, il co<span class=\"_ _2\"></span>ntrollo \u00e8 ritenuto<span class=\"_ _2\"></span> esistere laddove<span class=\"_ _2\"></span> il <span class=\"_ _1\"></span>Gruppo <span class=\"_ _1\"></span>dispone <span class=\"_ _38\"></span>dei <span class=\"_ _1\"></span>diritti <span class=\"_ _38\"></span>contrattuali pe<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>gestire <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _1\"></span>rilevanti <span class=\"_ _1\"></span>dell\u2019entit\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>risulta <span class=\"_ _1\"></span>esposto ai rendimenti variabili delle stesse. B.1 Enti<span class=\"_ _1\"></span>t\u00e0 strut<span class=\"_ _1\"></span>turate con<span class=\"_ _1\"></span>solidate<span class=\"_ _3a1\"> </span>Non sono presenti nel Gruppo entit\u00e0 strutturate <span class=\"_ _1\"></span>consolidate. B.2 Enti<span class=\"_ _1\"></span>t\u00e0 strut<span class=\"_ _1\"></span>turate non<span class=\"_ _1\"></span> consolid<span class=\"_ _1\"></span>ate con<span class=\"_ _1\"></span>tabilmente<span class=\"_ _3a1\"> </span>Non sono presenti nel Gruppo entit\u00e0 strutturate non consolidate contabilmente. B.2.1 En<span class=\"_ _1\"></span>tit\u00e0 strut<span class=\"_ _1\"></span>turate n<span class=\"_ _1\"></span>on consolid<span class=\"_ _1\"></span>ate ai fini <span class=\"_ _1\"></span>vigilanz<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span>Non sono presenti nel Gruppo entit\u00e0 strutturate <span class=\"_ _1\"></span>non consolidate ai fini vigil<span class=\"_ _2\"></span>anza. B.2.2 Al<span class=\"_ _1\"></span>tre entit\u00e0<span class=\"_ _1\"></span> struttur<span class=\"_ _1\"></span>ate<span class=\"_ _3a1\"> </span>Non sono presenti nel Gruppo altre e<span class=\"_ _1\"></span>ntit\u00e0 strutturate<span class=\"_ _3a1\"> </span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-894": {
   "value": "Sezione <span class=\"_ _1\"></span>3 - Area e<span class=\"_ _3a1\"> </span>metodi d<span class=\"_ _1\"></span>i conso<span class=\"_ _1\"></span>lidamen<span class=\"_ _1\"></span>to<span class=\"_ _3a1\"> </span>Il <span class=\"_ _0\"></span>bilancio <span class=\"_ _0\"></span>consolidato <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Gruppo <span class=\"_ _0\"></span>Credem <span class=\"_ _0\"></span>comprende <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>bilancio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Credito <span class=\"_ _0\"></span>Emili<span class=\"_ _2\"></span>ano <span class=\"_ _0\"></span>spa <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>delle<span class=\"_ _3a1\"> </span>societ\u00e0 <span class=\"_ _3d\"> </span>da <span class=\"_ _3d\"> </span>questa  cont<span class=\"_ _1\"></span>rollate,  includendo <span class=\"_ _3d\"> </span>nel  pe<span class=\"_ _1\"></span>rimetro <span class=\"_ _3d\"> </span>di  co<span class=\"_ _1\"></span>nsolidamento <span class=\"_ _3d\"> </span>anche <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>societ\u00e0<span class=\"_ _3a1\"> </span>operanti in settor<span class=\"_ _1\"></span>i di attivit\u00e0 dissimili da quello di ap<span class=\"_ _1\"></span>partenenza della Capogruppo. Analogame<span class=\"_ _1\"></span>nte,<span class=\"_ _3a1\"> </span>sono <span class=\"_ _37\"> </span>incluse <span class=\"_ _37\"> </span>anche <span class=\"_ _3d\"> </span>le <span class=\"_ _37\"> </span>societ\u00e0 <span class=\"_ _37\"> </span>veicolo <span class=\"_ _37\"> </span>(SPE/SPV) <span class=\"_ _37\"> </span>quando <span class=\"_ _37\"> </span>ne <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>icorrano <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>requisiti <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>ffettivo<span class=\"_ _3a1\"> </span>controllo, anche indipendentemente dall\u2019esistenza di una quota part<span class=\"_ _1\"></span>ecipativa.<span class=\"_ _3a1\"> </span>Un\u2019impresa <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>grado <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>esercitare <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>controllo <span class=\"_ _0\"></span>se <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>esposta <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>ha <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>ritto <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>rendimenti <span class=\"_ _35\"> </span>variabili,<span class=\"_ _3a1\"> </span>derivanti <span class=\"_ _1\"></span>dal <span class=\"_ _1\"></span>proprio <span class=\"_ _1\"></span>rapporto <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>l\u2019entit\u00e0 <span class=\"_ _1\"></span>oggetto <span class=\"_ _1\"></span>d\u2019investimento <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>, ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>frattempo, <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>capacit\u00e0<span class=\"_ _3a1\"> </span>di incidere su tali rendimenti esercitando il proprio potere su ta<span class=\"_ _1\"></span>le entit\u00e0.<span class=\"_ _3a1\"> </span>Specificatamente, un\u2019impresa \u00e8 in grado di eser<span class=\"_ _1\"></span>citare il controllo se, e solo se, ha:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">il potere sull<span class=\"_ _2\"></span>\u2019entit\u00e0 oggetto d\u2019investimento (<span class=\"_ _2\"></span>ovvero detiene valid<span class=\"_ _2\"></span>i diritti che gli<span class=\"_ _2\"></span> conferiscono la<span class=\"_ _3a1\"> </span></span>capacit\u00e0 attuale di dirigere le attivit\u00e0 rilevanti dell\u2019entit\u00e0 <span class=\"_ _1\"></span>oggetto d\u2019investimento);<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019esposizione <span class=\"_ _37\"> </span>o <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>diritti <span class=\"_ _3d\"> </span>a <span class=\"_ _37\"> </span>rendimenti <span class=\"_ _37\"> </span>variabili <span class=\"_ _3d\"> </span>derivanti <span class=\"_ _37\"> </span>dal <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>apporto <span class=\"_ _37\"> </span>con <span class=\"_ _3d\"> </span>l\u2019ent<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _3d\"> </span>oggetto<span class=\"_ _3a1\"> </span></span>d\u2019investimento;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">la <span class=\"_ _35\"> </span>capacit\u00e0  di <span class=\"_ _35\"> </span>esercitare  il <span class=\"_ _35\"> </span>proprio <span class=\"_ _35\"> </span>pote<span class=\"_ _1\"></span>re  sul<span class=\"_ _2\"></span>l\u2019entit\u00e0 <span class=\"_ _35\"> </span>oggetto  di <span class=\"_ _35\"> </span>investimento  per <span class=\"_ _35\"> </span>incidere<span class=\"_ _3a1\"> </span></span>sull\u2019ammontare dei suoi rendimenti.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _38\"></span>normalmente <span class=\"_ _38\"></span>considerate <span class=\"_ _38\"></span>controllate <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>imprese <span class=\"_ _38\"></span>nelle <span class=\"_ _38\"></span>quali <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>Capogruppo, <span class=\"_ _38\"></span>diret<span class=\"_ _1\"></span>tamente <span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span>indirettamente, <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>iede <span class=\"_ _1\"></span>pi\u00f9 <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>met\u00e0 <span class=\"_ _38\"></span>dei <span class=\"_ _1\"></span>diritti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>voto <span class=\"_ _38\"></span>o <span class=\"_ _1\"></span>quando, <span class=\"_ _1\"></span>pur <span class=\"_ _1\"></span>con <span class=\"_ _38\"></span>una <span class=\"_ _1\"></span>quota <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>diritti <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span>voto <span class=\"_ _38\"></span>infer<span class=\"_ _1\"></span>iore, <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>Capogruppo <span class=\"_ _38\"></span>h<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>potere <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>no<span class=\"_ _1\"></span>minare <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>maggioranza <span class=\"_ _38\"></span>degli <span class=\"_ _38\"></span>amministrat<span class=\"_ _1\"></span>ori <span class=\"_ _38\"></span>della<span class=\"_ _3a1\"> </span>partecipata o d<span class=\"_ _2\"></span>i determinare le<span class=\"_ _2\"></span> politiche finanz<span class=\"_ _2\"></span>iarie ed operative <span class=\"_ _3b\"></span>della stessa. Nella valu<span class=\"_ _2\"></span>tazione dei<span class=\"_ _3a1\"> </span>diritti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>voto <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>tiene <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>anche <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>diritti <span class=\"_ _38\"></span>\u201cpotenziali\u201d <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>siano <span class=\"_ _0\"></span>corre<span class=\"_ _1\"></span>ntemente <span class=\"_ _0\"></span>esercitabili <span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span>convertibili in diritti di voto effettivi in qualsiasi moment<span class=\"_ _1\"></span>o.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _38\"></span>considerate <span class=\"_ _38\"></span>controllate <span class=\"_ _1\"></span>congiuntamente <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>imprese <span class=\"_ _1\"></span>nelle <span class=\"_ _38\"></span>quali <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>diritti <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>voto <span class=\"_ _1\"></span>ed <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>controllo<span class=\"_ _3a1\"> </span>dell\u2019a<span class=\"_ _3a1\"> </span>ttivit\u00e0 <span class=\"_ _48\"> </span>e<span class=\"_ _1\"></span>conomica <span class=\"_ _48\"> </span>della <span class=\"_ _17e\"> </span>partecipata <span class=\"_ _17e\"> </span>sono <span class=\"_ _17e\"> </span>condivisi <span class=\"_ _48\"> </span>in <span class=\"_ _48\"> </span>mo<span class=\"_ _1\"></span>do <span class=\"_ _48\"> </span>parite<span class=\"_ _1\"></span>tico <span class=\"_ _48\"> </span>da <span class=\"_ _17e\"> </span>Credem,<span class=\"_ _3a1\"> </span>direttamente o indirettamente, e da un altro soggetto. In<span class=\"_ _2\"></span>oltre viene qualificato come sottoposto a<span class=\"_ _3a1\"> </span>controllo congiunto <span class=\"_ _3b\"></span>un investimento pa<span class=\"_ _2\"></span>rtecipativo nel <span class=\"_ _3b\"></span>quale, pur <span class=\"_ _3b\"></span>in assenza di <span class=\"_ _3b\"></span>una quota p<span class=\"_ _2\"></span>aritetica<span class=\"_ _3a1\"> </span>di <span class=\"_ _0\"></span>diritti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>voto, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>controllo <span class=\"_ _0\"></span>sull\u2019attivit\u00e0 <span class=\"_ _0\"></span>economica <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sugli <span class=\"_ _0\"></span>indirizzi <span class=\"_ _0\"></span>strategici <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>partecipata <span class=\"_ _0\"></span>\u00e8<span class=\"_ _3a1\"> </span>condiviso con altri soggetti in virt\u00f9 di accordi contr<span class=\"_ _1\"></span>attuali.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _3d\"> </span>considerate <span class=\"_ _37\"> </span>collegate, <span class=\"_ _3d\"> </span>cio\u00e8 <span class=\"_ _3d\"> </span>sottoposte <span class=\"_ _37\"> </span>ad <span class=\"_ _3d\"> </span>influenza <span class=\"_ _3d\"> </span>notevole, <span class=\"_ _3d\"> </span>le <span class=\"_ _37\"> </span>imprese <span class=\"_ _3d\"> </span>nelle <span class=\"_ _3d\"> </span>quali <span class=\"_ _3d\"> </span>la<span class=\"_ _3a1\"> </span>capogruppo, <span class=\"_ _1\"></span>direttamente <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>indirettamente, <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>iede <span class=\"_ _1\"></span>almeno <span class=\"_ _1\"></span>il 20% <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>diritt<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>di vot<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>(ivi inc<span class=\"_ _1\"></span>lusi <span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>diritti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>vot<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>\u201cpotenziali\u201d <span class=\"_ _38\"></span>come <span class=\"_ _0\"></span>sopra <span class=\"_ _0\"></span>definiti) <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>nelle <span class=\"_ _0\"></span>quali <span class=\"_ _38\"></span>\u2013<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>pu<span class=\"_ _2\"></span>r <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>iritti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>voto<span class=\"_ _3a1\"> </span>inferiore <span class=\"_ _3b\"></span>\u2013<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>ha <span class=\"_ _3b\"></span>il <span class=\"_ _3b\"></span>potere<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>partecipare<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>alla <span class=\"_ _3b\"></span>determinazione <span class=\"_ _2\"></span>delle <span class=\"_ _3b\"></span>politiche <span class=\"_ _3b\"></span>finanziarie <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>gestionali <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lla<span class=\"_ _3a1\"> </span>partecipata in virt\u00f9 di particolari legami giuridici quali la parte<span class=\"_ _1\"></span>cipazione a patti di sindacato. Le <span class=\"_ _2\"></span>partecipazioni <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>ntrollate son<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>consolidate con <span class=\"_ _3b\"></span>il <span class=\"_ _3b\"></span>me<span class=\"_ _1\"></span>todo int<span class=\"_ _2\"></span>egrale, <span class=\"_ _3b\"></span>m<span class=\"_ _1\"></span>entre le <span class=\"_ _3b\"></span>interessenze no<span class=\"_ _3b\"></span>n<span class=\"_ _3a1\"> </span>di controllo e di joint venture sono consolidate in base <span class=\"_ _1\"></span>al metodo del patrimonio netto.<span class=\"_ _3a1\"> </span>Criteri e principi d<span class=\"_ _1\"></span>i consolidamento<span class=\"_ _3a1\"> </span>I criteri adottati per la redazione del bilancio consolida<span class=\"_ _3a1\"> </span>to sono <span class=\"_ _1\"></span>i seguenti:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> oc<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> de<span class=\"_ _38\"></span>l p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>,<span class=\"_ _38\"></span> il<span class=\"_ _1\"></span> va<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> ca<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> so<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _3a1\"> </span></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>\u00e8<span class=\"_ _38\"></span> <span class=\"_ _37\"> </span>a<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>a<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>f<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _36\"> </span>de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _3a1\"> </span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>.<span class=\"_ _1\"></span>  La<span class=\"_ _1\"></span>  co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>zz<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>  a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>  s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>a<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>v<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  in<span class=\"_ _1\"></span>  ba<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  al<span class=\"_ _1\"></span>  \u201cm<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>\u201d<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>co<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>de<span class=\"_ _38\"></span>f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>it<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>IF<span class=\"_ _38\"></span>R<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>3<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>o<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>co<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>le<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>di<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>at<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _38\"></span>, <span class=\"_ _35\"> </span>pa<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>e<span class=\"_ _3a1\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>po<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>ia<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>im<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>ac<span class=\"_ _1\"></span>q<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>f<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>da<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>\u00e8<span class=\"_ _3a1\"> </span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>in<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>cu<span class=\"_ _38\"></span>i <span class=\"_ _35\"> </span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>ie<span class=\"_ _38\"></span>ne<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>l<span class=\"_ _1\"></span>\u2019e<span class=\"_ _38\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>co<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>P<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>i<span class=\"_ _3a1\"> </span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> u<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> ne<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span> co<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span> pe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> di<span class=\"_ _1\"></span> r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> so<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>us<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>b<span class=\"_ _1\"></span>il<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>co<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>da<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>da<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>la<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>la<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>s<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ac<span class=\"_ _38\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>Pa<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>im<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _3a1\"> </span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ec<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>un<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>la<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>so<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>in<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>bi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>f<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>\u00e8<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>e<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>i  e<span class=\"_ _1\"></span>cc<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>ze<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>  fa<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>  va<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>ue<span class=\"_ _38\"></span>  de<span class=\"_ _1\"></span>l  pr<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>  pa<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>  ri<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>  al<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  co<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></span>f<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>pa<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>io<span class=\"_ _38\"></span> <span class=\"_ _36\"> </span>ne<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>ua<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>co<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>f<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>ue<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>le<span class=\"_ _38\"></span> <span class=\"_ _37\"> </span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>o<span class=\"_ _3a1\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>po<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>, <span class=\"_ _0\"></span>se<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>po<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>ve<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>qu<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>av<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>vo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span>\u201c<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>\u201d<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span> e<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>\u2019a<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _3a1\"> </span></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>, <span class=\"_ _3f\"> </span>d<span class=\"_ _1\"></span>is<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>pl<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>s<span class=\"_ _1\"></span>pe<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>f<span class=\"_ _38\"></span>ic<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>da<span class=\"_ _38\"></span>l <span class=\"_ _3f\"> </span>pr<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>I<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>7<span class=\"_ _38\"></span>, <span class=\"_ _3f\"> </span>le<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>e<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _3d\"> </span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>o<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>ve<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>  s<span class=\"_ _38\"></span>o<span class=\"_ _38\"></span>pr<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _3d\"> </span>de<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>c<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>ve<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>a<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _3d\"> </span>a<span class=\"_ _3a1\"> </span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>im<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>(<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>ch<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>vi<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>si<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>e<span class=\"_ _1\"></span>vi<span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>di<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>va<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>)<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>v<span class=\"_ _1\"></span>ie<span class=\"_ _38\"></span>ne<span class=\"_ _3a1\"> </span></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>if<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>  va<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>  de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>v<span class=\"_ _38\"></span>ia<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>  (<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>  im<span class=\"_ _1\"></span>p<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>  te<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>)<span class=\"_ _38\"></span>.  A<span class=\"_ _1\"></span>  ta<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>  fi<span class=\"_ _38\"></span>ne<span class=\"_ _3a1\"> </span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>i<span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>f<span class=\"_ _38\"></span>ic<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _38\"></span>un<span class=\"_ _38\"></span>it<span class=\"_ _38\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>ge<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>di<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>f<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>us<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>f<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>nz<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>c<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>l<span class=\"_ _1\"></span>\u2019a<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>.<span class=\"_ _3a1\"> </span>L<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _3a\"> </span>d<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>v<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>\u00e8 <span class=\"_ _48\"> </span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>da<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>\u2019e<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>di<span class=\"_ _1\"></span>f<span class=\"_ _38\"></span>fe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>a<span class=\"_ _3a1\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>t<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>il<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>va<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>di<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>is<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>io<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>vi<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>e<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>i<span class=\"_ _38\"></span>l <span class=\"_ _3f\"> </span>s<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>va<span class=\"_ _38\"></span>lo<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>pe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>le<span class=\"_ _38\"></span>,<span class=\"_ _3a1\"> </span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>fa<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>at<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>ce<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>f<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>fi<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>,<span class=\"_ _3a1\"> </span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>  n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>  d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>  e<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>co<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>  d<span class=\"_ _38\"></span>i <span class=\"_ _3d\"> </span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>  e<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>  r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>  v<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  d<span class=\"_ _38\"></span>\u2019<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>  L<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>  c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _3a1\"> </span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>if<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>co<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">g<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span> <span class=\"_ _3d\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>no<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>v<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>gr<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _3d\"> </span>a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>is<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></span>\u201c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>\u201d<span class=\"_ _38\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>ie<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>nc<span class=\"_ _38\"></span>h<span class=\"_ _1\"></span>\u00e9<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>ne<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></span>e<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span> i p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>fi<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> e l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> pe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> tr<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> or<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>in<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> tr<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> so<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>q<span class=\"_ _1\"></span>uo<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>io<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>le<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>di<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>ne<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>\u201c<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>\u201d<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>\u00e0<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> i<span class=\"_ _38\"></span>nc<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>p<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>pe<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>va<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>, <span class=\"_ _1\"></span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>l <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>no<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>co<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>so<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>do<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>in<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>so<span class=\"_ _38\"></span>no<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>st<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>bi<span class=\"_ _38\"></span>la<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></span>p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>a<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>pr<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>so<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>ie<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>e<span class=\"_ _38\"></span>ve<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>ua<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"> </span>r<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _38\"></span>i <span class=\"_ _35\"> </span>pr<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>na<span class=\"_ _38\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>li<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>it<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>pr<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>po<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>  va<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  d<span class=\"_ _1\"></span>i  l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>  de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>ip<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>r<span class=\"_ _38\"></span>il<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>  de<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>ut<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>  dal<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  ca<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>,  o  da<span class=\"_ _1\"></span>  al<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>at<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>\u00e8<span class=\"_ _3a1\"> </span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _3f\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>pe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>q<span class=\"_ _1\"></span>uo<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>io<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>pa<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>pa<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>.<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>L<span class=\"_ _1\"></span>\u2019e<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span>e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>pr<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>ga<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _3f\"> </span>r<span class=\"_ _1\"></span>is<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>d<span class=\"_ _1\"></span>i <span class=\"_ _3f\"> </span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span>a<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>co<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>l\u2019<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>f<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>va<span class=\"_ _38\"></span>lu<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>ll<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _38\"></span>, <span class=\"_ _35\"> </span>pa<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>pa<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>it<span class=\"_ _38\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>po<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"> </span>\u2013<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>\u00e8<span class=\"_ _3a1\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>us<span class=\"_ _38\"></span>a <span class=\"_ _3d\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>va<span class=\"_ _38\"></span>lo<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  d<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>  L<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>va<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>io<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>i <span class=\"_ _3d\"> </span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _45\"> </span>v<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>lo<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>ni<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>v<span class=\"_ _3a1\"> </span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>ne<span class=\"_ _1\"></span>g<span class=\"_ _38\"></span>li<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>su<span class=\"_ _38\"></span>cc<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _38\"></span>i <span class=\"_ _35\"> </span>a<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>qu<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>di<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>pr<span class=\"_ _38\"></span>im<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>so<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>is<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>vo<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> 2<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> co<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> (<span class=\"_ _1\"></span>\u201c<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> (<span class=\"_ _1\"></span>pe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>)<span class=\"_ _38\"></span> de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>le<span class=\"_ _38\"></span> p<span class=\"_ _1\"></span>ar<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>i\u201d<span class=\"_ _38\"></span>)<span class=\"_ _1\"></span> ne<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> m<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>a i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>va<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>io<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>it<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>;<span class=\"_ _1\"></span> <span class=\"_ _42\"> </span><span class=\"ff4\">s<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> e<span class=\"_ _38\"></span>vi<span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ch<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> u<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> pa<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>nt<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> u<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>uz<span class=\"_ _38\"></span>io<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>  si<span class=\"_ _1\"></span>  pr<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>  a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  st<span class=\"_ _38\"></span>im<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>  de<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>  va<span class=\"_ _38\"></span>lo<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  re<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>pe<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>le<span class=\"_ _38\"></span>  de<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  pa<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>ci<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>ne<span class=\"_ _38\"></span> <span class=\"_ _35\"> </span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>,<span class=\"_ _3a1\"> </span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>f<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>f<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>f<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>ne<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>\u00e0<span class=\"_ _3a1\"> </span>g<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>v<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>ne<span class=\"_ _38\"></span>  f<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>\u2019<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>Q<span class=\"_ _38\"></span>ua<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>v<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>b<span class=\"_ _38\"></span>il<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>  a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>  v<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>  r<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>\u00e8<span class=\"_ _1\"></span>  r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>va<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>  n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _3a1\"> </span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>no<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>de<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>ci<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>le<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>ut<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>iz<span class=\"_ _38\"></span>za<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>ve<span class=\"_ _3a1\"> </span></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>po<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>ge<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>bi<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>C<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>;<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _3a1\"> </span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>nc<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>no<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>de<span class=\"_ _38\"></span>g<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>b<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>(<span class=\"_ _38\"></span>ge<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span>q<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>ll<span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>b<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>20<span class=\"_ _38\"></span>2<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>)<span class=\"_ _1\"></span>.<span class=\"_ _3a1\"> </span>Partecipazioni <span class=\"_ _1\"></span>in societ\u00e0 controllate in via e<span class=\"_ _1\"></span>sclusiva e collegat<span class=\"_ _1\"></span>e (consolidate con <span class=\"_ _1\"></span>il metodo del patrimonio <span class=\"_ _1\"></span>netto) <table class=\"s w618 h1e9\" id=\"_59cc5b73-f713-48d3-9c90-6b115e284138\"><tr><td class=\"c n x5ed y546a w619 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Denominazioni impre<span class=\"_ _2\"></span>se<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5ee y546a w61a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Sede<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x5ef h12 y546b ff4 fs7 fc1 sc0 ls0 ws0\">Tipo di </td><td></td><td class=\"t m2 x5f0 h12 y546c ff4 fs7 fc1 sc0 ls0 ws0\">Rapporto di partecip<span class=\"_ _2\"></span>azione </td><td class=\"t m2 x5f1 h8e y546d ff4 fs18 fc1 sc0 ls0 ws0\">Disponibilit\u00e0 </td></tr><tr><td></td><td></td><td class=\"t m2 x5f2 h12 y546e ff4 fs7 fc1 sc0 ls0 ws0\">rapporto<span class=\"_ _3a1\"> </span></td><td class=\"c n x5f3 y546f w61b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Impresa partecipante<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5f4 y546f w61c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Quota %</div></td><td class=\"t m2 x5f5 h8e y5470 ff4 fs18 fc1 sc0 ls0 ws0\">voti % </td></tr><tr><td class=\"t m2 x5f6 h12 y5471 ff4 fs7 fc1 sc0 ls0 ws0\">A. Imprese </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x5f6 h12 y5472 ff4 fs7 fc1 sc0 ls0 ws0\">A. 1 Consolidate integ<span class=\"_ _2\"></span>ralmente </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x5f7 y5473 w61d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Credemleasing spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5f8 y5473 w61e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5f9 y5473 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5fa y5473 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5fb y5473 w621 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">99,90%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x5fc h12 y5474 ff4 fs7 fc1 sc0 ls0 ws0\">Magazzini Generali  </td><td class=\"t m2 x5fd h12 y5475 ff4 fs7 fc1 sc0 ls0 ws0\">0,10% </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x5fe h12 y5476 ff4 fs7 fc1 sc0 ls0 ws0\" colspan=\"2\">delle Tagliate </td><td></td></tr><tr><td class=\"c n x5f7 y5477 w622 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Credemfactor spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5ff y5477 w623 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x600 y5477 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x601 y5477 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x602 y5477 w624 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">99,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c n x603 y5478 w625 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credemleasing<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x604 y5478 w626 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5479 w627 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Credem Private Equi<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>y SGR spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x605 y5479 w628 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">R<span class=\"_ _1\"></span>eggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x606 y5479 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x607 y5479 w629 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x608 y5479 w62a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">87,50%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x609 h12 y547a ff4 fs7 fc1 sc0 ls0 ws0\">Credem Euromobil<span class=\"_ _2\"></span>iare </td><td class=\"t m2 x60a h12 y547b ff4 fs7 fc1 sc0 ls0 ws0\">12,50% </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x60b h12 y547c ff4 fs7 fc1 sc0 ls0 ws0\" colspan=\"2\">Private Banking<span class=\"_ _2\"></span> </td><td></td></tr><tr><td class=\"t m2 x60c h12 y547d ff4 fs7 fc1 sc0 ls0 ws0\">4. Euromobiliare Asse<span class=\"_ _2\"></span>t Management SGR<span class=\"_ _2\"></span> spa<span class=\"_ _3a1\"> </span></td><td class=\"c n x60d y547e w62b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x60e y547e w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x60f y547e w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x610 y547e w62c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y547f w62d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Euromobiliare Adv<span class=\"_ _2\"></span>isory SIM spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x611 y547f w62b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x612 y547f w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x613 y547f w62e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x614 y547f w62f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5480 w630 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6. Credemtel spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x615 y5480 w623 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x616 y5480 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x60f y5480 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x617 y5480 w62f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5481 w631 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7. Avvera spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x618 y5481 w623 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x619 y5481 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61a y5481 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61b y5481 w62f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5482 w632 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8. Magazzini Generali de<span class=\"_ _3b\"></span>l<span class=\"_ _1\"></span>le Tagliate s<span class=\"_ _2\"></span>pa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61c y5482 w61e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61d y5482 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61e y5482 w62e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61f y5482 w62f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5483 w633 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9.Credem Euromob<span class=\"_ _2\"></span>iliare Private Bank<span class=\"_ _2\"></span>ing spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x620 y5483 w62b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x621 y5483 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x622 y5483 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x623 y5483 w62f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5484 w634 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10. Euromobiliare Fiduc<span class=\"_ _2\"></span>iaria spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x624 y5484 w635 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x625 y5484 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x626 y5484 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x627 y5484 w62c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5485 w636 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11. Credemvita spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x628 y5485 w623 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x629 y5485 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x62a y5485 w629 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emilian<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x62b y5485 w62c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y5486 w637 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12. Credem CB srl<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x62c y5486 w638 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Conegliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x619 y5486 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x61a y5486 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x62d y5486 w639 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">70,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x5f6 h12 y5487 ff4 fs7 fc1 sc0 ls0 ws0\">A. 2 Consolidate con <span class=\"_ _2\"></span>il metodo del p<span class=\"_ _2\"></span>atrimonio netto </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x5f7 y5488 w63a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.Credemassicurazio<span class=\"_ _2\"></span>ni spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x62e y5488 w623 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x62f h12 y5489 ff4 fs7 fc1 sc0 ls0 ws0\">4 </td><td class=\"c n x630 y5488 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x631 y5488 w63b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">50,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y548a w63c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. SBC Fin<span class=\"_ _2\"></span>tech Milan 2224 s.r.l.<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x632 y548a w62b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x633 y548a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x634 y548a w63e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C<span class=\"_ _1\"></span>redemtel<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x635 y548a w63f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">40,69%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x636 y548b w640 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Andx<span class=\"_ _2\"></span>or srl<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x637 y548b w641 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Cinisello Balsam<span class=\"_ _3b\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x638 y548b w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x639 y548b w642 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x63a y548b w643 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">40,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x5f7 y548c w644 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Mynet sr<span class=\"_ _2\"></span>l<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x5f8 y548c w645 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Udine<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x63b y548c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x63c y548c w63e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Cr<span class=\"_ _1\"></span>edemtel<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x63d y548c w646 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12,99%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x636 y539f w647 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Flairbit <span class=\"_ _2\"></span>srl<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x63e y539f w648 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Geno<span class=\"_ _1\"></span>va<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x63f y539f w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x640 y539f w63e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C<span class=\"_ _1\"></span>redemtel<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x641 y539f w64a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10,00%<span class=\"_ _3a1\"> </span></div></td><td></td></tr></table>Legenda Tipo di rapporto:<span class=\"_ _2\"></span> 1 = mag<span class=\"_ _3a1\"> </span>gioranza de<span class=\"_ _2\"></span>i diritti di voto nell\u2019assemb<span class=\"_ _3b\"></span>l<span class=\"_ _1\"></span>ea ordinaria 4 = altre forme di c<span class=\"_ _2\"></span>ontrollo<span class=\"_ _3a1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-740": {
   "value": "<div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs158\">Sezione 4<span class=\"_ _1\"></span> - Even<span class=\"_ _1\"></span>ti succes<span class=\"_ _1\"></span>sivi alla d<span class=\"_ _1\"></span>ata di rif<span class=\"_ _1\"></span>erimento<span class=\"_ _1\"></span> del bilanc<span class=\"_ _1\"></span>io </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs159\">Nel <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ese <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>gennaio <span class=\"_ _38\"></span>2025 <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>nclusa <span class=\"_ _1\"></span>l\u2019operazione <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>conferime<span class=\"_ _1\"></span>nto <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>ramo <span class=\"_ _1\"></span>d\u2019azienda <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>lativo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15a\">all\u2019at<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15b\">tivit\u00e0 di <span class=\"_ _1\"></span>merchant acquiring e s<span class=\"_ _1\"></span>uccessiva cessione <span class=\"_ _1\"></span>della partecipazione societaria <span class=\"_ _1\"></span>a favore di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15c\">Wordline, <span class=\"_ _3d\"> </span>come <span class=\"_ _3d\"> </span>meglio <span class=\"_ _3d\"> </span>descritta <span class=\"_ _3d\"> </span>nella <span class=\"_ _3d\"> </span>relazione <span class=\"_ _3d\"> </span>sulla <span class=\"_ _3d\"> </span>gestione <span class=\"_ _37\"> </span>nel <span class=\"_ _3d\"> </span>capitolo  \u201c<span class=\"_ _1\"></span>Principali  eventi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15d\">Gruppo Credem\u201d. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15e\">Si <span class=\"_ _3b\"></span>re<span class=\"_ _1\"></span>nde <span class=\"_ _2\"></span>noto <span class=\"_ _2\"></span>che, <span class=\"_ _3b\"></span>ai sensi <span class=\"_ _3b\"></span>dello I<span class=\"_ _3b\"></span>AS 10, <span class=\"_ _3b\"></span>la data <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _3b\"></span>il b<span class=\"_ _2\"></span>ilancio <span class=\"_ _2\"></span>\u00e8 stato <span class=\"_ _3b\"></span>autorizzato alla <span class=\"_ _3b\"></span>pubblicazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15f\">dal consiglio di amministrazione della banca \u00e8 <span class=\"_ _1\"></span>il 13 marzo 2025. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-897": {
   "value": "<div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs161\">Sezione 5<span class=\"_ _1\"></span> - Altri <span class=\"_ _1\"></span>asp<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs162\">etti </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs163\">Ponderazione de<span class=\"_ _1\"></span>gli scenari macroe<span class=\"_ _1\"></span>conomici </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs164\">Gli <span class=\"_ _19c\"> </span>sce<span class=\"_ _1\"></span>nari <span class=\"_ _19c\"> </span>m<span class=\"_ _1\"></span>acroeconomici <span class=\"_ _19c\"> </span>per <span class=\"_ _3e\"> </span>il <span class=\"_ _19c\"> </span>calcolo <span class=\"_ _3e\"> </span>delle <span class=\"_ _19c\"> </span>pe<span class=\"_ _1\"></span>rdite <span class=\"_ _3e\"> </span>attese <span class=\"_ _19c\"> </span>(ECL) <span class=\"_ _3e\"> </span>sono </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs165\">forniti <span class=\"_ _3d\"> </span>da  un <span class=\"_ _3d\"> </span>provider <span class=\"_ _3d\"> </span>esterno.  N<span class=\"_ _1\"></span>el  dett<span class=\"_ _1\"></span>aglio,  vengono <span class=\"_ _3d\"> </span>individuati <span class=\"_ _3d\"> </span>tre <span class=\"_ _3d\"> </span>Scenari: <span class=\"_ _3d\"> </span>Baseline <span class=\"_ _3d\"> </span>(come </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs166\">indicato <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>fornitore), <span class=\"_ _3d\"> </span>Bad <span class=\"_ _3d\"> </span>e  Goo<span class=\"_ _1\"></span>d <span class=\"_ _3d\"> </span>(rispettivamente <span class=\"_ _3d\"> </span>individuati <span class=\"_ _3d\"> </span>come <span class=\"_ _3d\"> </span>gli <span class=\"_ _3d\"> </span>Scenari  S3 <span class=\"_ _3d\"> </span>e <span class=\"_ _3d\"> </span>S1 <span class=\"_ _3d\"> </span>del </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs167\">medesimo <span class=\"_ _3f\"> </span>fornitore). <span class=\"_ _39\"> </span>Per<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>t<span class=\"_ _1\"></span>ali <span class=\"_ _39\"> </span>divers<span class=\"_ _1\"></span>i <span class=\"_ _39\"> </span>s<span class=\"_ _1\"></span>cenari, <span class=\"_ _3f\"> </span>sono <span class=\"_ _39\"> </span>fornite <span class=\"_ _3f\"> </span>inoltre <span class=\"_ _3f\"> </span>le <span class=\"_ _39\"> </span>relative <span class=\"_ _3f\"> </span>probabilit\u00e0 <span class=\"_ _39\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs168\">accadimento, <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>vengono <span class=\"_ _0\"></span>utili<span class=\"_ _3b\"></span>zzat<span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>ponderare <span class=\"_ _0\"></span>le<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>iverse <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>time <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>ECL <span class=\"_ _38\"></span>derivanti <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>pervenire </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs169\">alla <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>tima <span class=\"_ _35\"> </span>complessiva. <span class=\"_ _0\"></span>A <span class=\"_ _35\"> </span>seguito <span class=\"_ _0\"></span>dell\u2019emergenza <span class=\"_ _35\"> </span>sanitaria <span class=\"_ _35\"> </span>leg<span class=\"_ _2\"></span>ata <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>pandemia <span class=\"_ _35\"> </span>Covid-19 <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>del </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16a\">conflitto t<span class=\"_ _1\"></span>ra <span class=\"_ _1\"></span>Russia e <span class=\"_ _1\"></span>Ucraina <span class=\"_ _1\"></span>gli Ist<span class=\"_ _1\"></span>ituti s<span class=\"_ _1\"></span>ono stat<span class=\"_ _1\"></span>i chiamati <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>istituire <span class=\"_ _1\"></span>meccanismi <span class=\"_ _1\"></span>di mo<span class=\"_ _1\"></span>nitoraggio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16b\">degli <span class=\"_ _38\"></span>Scenari <span class=\"_ _0\"></span>sottostanti <span class=\"_ _0\"></span>ai <span class=\"_ _38\"></span>modelli <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>relativa <span class=\"_ _0\"></span>sensitivi<span class=\"_ _2\"></span>ty <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>conte<span class=\"_ _1\"></span>sti <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>forte <span class=\"_ _38\"></span>volat<span class=\"_ _1\"></span>ilit\u00e0. <span class=\"_ _38\"></span>In <span class=\"_ _0\"></span>tale </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16c\">contesto, <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>Gr<span class=\"_ _1\"></span>uppo <span class=\"_ _0\"></span>ha<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>confer<span class=\"_ _1\"></span>mato <span class=\"_ _0\"></span>l\u2019<span class=\"_ _2\"></span>utilizzo <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>provider <span class=\"_ _0\"></span>gi\u00e0 <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>uso <span class=\"_ _0\"></span>valutando <span class=\"_ _0\"></span>tuttavia <span class=\"_ _38\"></span>tempo <span class=\"_ _0\"></span>per </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16d\">tempo la ponderazione <span class=\"_ _2\"></span>da attribu<span class=\"_ _2\"></span>ire ai tre <span class=\"_ _2\"></span>scenari macroeconomici d<span class=\"_ _2\"></span>isponibili. A dicembre 202<span class=\"_ _2\"></span>4, in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16e\">coerenza <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>quanto <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>tabilito <span class=\"_ _2\"></span>nell'aggiornamento d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ettembre 2<span class=\"_ _3b\"></span>0<span class=\"_ _1\"></span>23, <span class=\"_ _3b\"></span>la ponderazione <span class=\"_ _3b\"></span>degli scenari </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16f\">\u00e8 <span class=\"_ _38\"></span>pi\u00f9 <span class=\"_ _38\"></span>se<span class=\"_ _1\"></span>vera <span class=\"_ _38\"></span>rispetto <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>quella <span class=\"_ _38\"></span>standard <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>pari <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>10% <span class=\"_ _0\"></span>go<span class=\"_ _2\"></span>od, <span class=\"_ _38\"></span>30% <span class=\"_ _38\"></span>bad, <span class=\"_ _38\"></span>60% <span class=\"_ _0\"></span>baseline, <span class=\"_ _38\"></span>considerando </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs170\">comunque un conte<span class=\"_ _1\"></span>sto m<span class=\"_ _1\"></span>acroeconomico progressivamente <span class=\"_ _1\"></span>meno volatile <span class=\"_ _1\"></span>rispetto <span class=\"_ _1\"></span>agli ultimi anni </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs171\">e u<span class=\"_ _2\"></span>n <span class=\"_ _3b\"></span>gr<span class=\"_ _1\"></span>aduale <span class=\"_ _3b\"></span>rit<span class=\"_ _1\"></span>orno <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>pes<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>standard: 10% <span class=\"_ _3b\"></span>good, 10% <span class=\"_ _3b\"></span>bad, <span class=\"_ _3b\"></span>80<span class=\"_ _1\"></span>% <span class=\"_ _3b\"></span>b<span class=\"_ _1\"></span>aseline. L\u2019<span class=\"_ _2\"></span>utilizzo <span class=\"_ _3b\"></span>d<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ale <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _3b\"></span>se<span class=\"_ _1\"></span>vera </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs172\">ponderazione ri<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>petto <span class=\"_ _3b\"></span>a quella <span class=\"_ _3b\"></span>standard <span class=\"_ _3b\"></span>ha p<span class=\"_ _2\"></span>ortato ad<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>una <span class=\"_ _3b\"></span>maggiore qu<span class=\"_ _2\"></span>antificazione <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>rettifiche </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs173\">di valore per 3,53 milioni di euro. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs174\">Rischi climatici am<span class=\"_ _1\"></span>bientali<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs175\">Con <span class=\"_ _3f\"> </span>rig<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs176\">uardo <span class=\"_ _3f\"> </span>ai <span class=\"_ _39\"> </span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _3f\"> </span>climatici,<span class=\"_ _2\"></span> <span class=\"_ _3f\"> </span>nell\u2019ambito <span class=\"_ _3f\"> </span>del <span class=\"_ _3f\"> </span>percorso <span class=\"_ _3f\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _3f\"> </span>progressivo <span class=\"_ _3f\"> </span>allineamento <span class=\"_ _3f\"> </span>alle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs177\">aspettative <span class=\"_ _0\"></span>della <span class=\"_ _1\"></span>Banca <span class=\"_ _0\"></span>Central<span class=\"_ _2\"></span>e <span class=\"_ _38\"></span>Euro<span class=\"_ _1\"></span>pea <span class=\"_ _38\"></span>(BCE) <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>materia <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>inclusione <span class=\"_ _0\"></span>delle <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ematiche <span class=\"_ _38\"></span>ESG <span class=\"_ _0\"></span>nel </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs178\">Framework  di  Risk <span class=\"_ _3d\"> </span>Management,  il  Gruppo  ha <span class=\"_ _3d\"> </span>avviato  una  progettualit\u00e0 <span class=\"_ _3d\"> </span>che  ha  l\u2019obiettivo  di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs179\">introdurre <span class=\"_ _37\"> </span>i <span class=\"_ _3d\"> </span>principali <span class=\"_ _3d\"> </span>fattor<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>rischio <span class=\"_ _37\"> </span>climatici <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>ambientali <span class=\"_ _3d\"> </span>nei <span class=\"_ _37\"> </span>modelli <span class=\"_ _3d\"> </span>contabili <span class=\"_ _37\"> </span>IFRS <span class=\"_ _3d\"> </span>9. <span class=\"_ _37\"> </span>In </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17a\">particolare saranno gestiti i seguenti fattori <span class=\"_ _1\"></span>di rischio: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs17b\"><span class=\"_ _42\"> </span><span class=\"ff4\">\u00abRischio Fisico\u00bb sul portafoglio Mutui e Leasing immobiliari: es<span class=\"_ _1\"></span>presso tramite la riduzione del </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17c\">valore <span class=\"_ _3b\"></span>delle garanzie <span class=\"_ _3b\"></span>immobiliari, <span class=\"_ _3b\"></span>al <span class=\"_ _3b\"></span>fine <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>rappresent<span class=\"_ _1\"></span>are <span class=\"_ _3b\"></span>l\u2019ipotetico <span class=\"_ _3b\"></span>danno <span class=\"_ _2\"></span>apportato <span class=\"_ _2\"></span>da <span class=\"_ _3b\"></span>eventi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17d\">climatici <span class=\"_ _2\"></span>(alluvioni e <span class=\"_ _3b\"></span>fr<span class=\"_ _1\"></span>ane), <span class=\"_ _3b\"></span>in relazione alla <span class=\"_ _3b\"></span>rischiosit<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>erritorio i<span class=\"_ _2\"></span>n cui<span class=\"_ _2\"></span> \u00e8 <span class=\"_ _2\"></span>ubicato l<span class=\"_ _2\"></span>\u2019immobile. </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs17e\"><span class=\"_ _42\"> </span><span class=\"ff4\">\u00abRischio di <span class=\"_ _2\"></span>Transizione\u00bb sul p<span class=\"_ _2\"></span>ortafoglio Imprese: v<span class=\"_ _2\"></span>olto a <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>appresentare l<span class=\"_ _2\"></span>a minore <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>edditivit\u00e0 in </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17f\">cui <span class=\"_ _3f\"> </span>le <span class=\"_ _3f\"> </span>Imprese <span class=\"_ _3f\"> </span>potrebber<span class=\"_ _1\"></span>o <span class=\"_ _3f\"> </span>incorrere <span class=\"_ _3f\"> </span>nell\u2019ambito <span class=\"_ _3f\"> </span>del <span class=\"_ _3f\"> </span>pr<span class=\"_ _1\"></span>ocesso <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>adeguamento <span class=\"_ _3f\"> </span>verso </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs180\">un\u2019economia pi\u00f9 sostenibile. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs181\">Le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>progettuali <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ealizzazione <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>modello <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>corso, <span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>rambe <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>volutive <span class=\"_ _1\"></span>des<span class=\"_ _1\"></span>critte </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs182\">comporteranno <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>aumento <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>rettifiche <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valore <span class=\"_ _38\"></span>e s<span class=\"_ _1\"></span>aranno <span class=\"_ _1\"></span>quantificate <span class=\"_ _1\"></span>considerando <span class=\"_ _1\"></span>diversi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs183\">scenari <span class=\"_ _1\"></span>climatici ad inte<span class=\"_ _1\"></span>grazione degli scenar<span class=\"_ _1\"></span>i macro-economici gi\u00e0 <span class=\"_ _1\"></span>previsti <span class=\"_ _1\"></span>dall\u2019attuale impianto. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs184\">Inoltre, <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>fronte <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>gettualit\u00e0 <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>corso<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>relativa <span class=\"_ _38\"></span>alla <span class=\"_ _1\"></span>gestione <span class=\"_ _38\"></span>dei <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _1\"></span>ESG <span class=\"_ _38\"></span>nella <span class=\"_ _1\"></span>modellistica </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs185\">IFRS9, \u00e8 <span class=\"_ _1\"></span>stata introdotta una <span class=\"_ _1\"></span>copertura aggiuntiva a <span class=\"_ _1\"></span>partire da giugno 2024<span class=\"_ _1\"></span> quale <span class=\"_ _1\"></span>anticipazione di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs186\">tali <span class=\"_ _0\"></span>effe<span class=\"_ _1\"></span>tti <span class=\"_ _0\"></span>sul <span class=\"_ _0\"></span>por<span class=\"_ _1\"></span>tafoglio <span class=\"_ _0\"></span>cre<span class=\"_ _1\"></span>diti <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>ess<span class=\"_ _1\"></span>ere <span class=\"_ _0\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>un <span class=\"_ _35\"> </span>imp<span class=\"_ _2\"></span>orto <span class=\"_ _35\"> </span>pari <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>9,22 <span class=\"_ _0\"></span>milioni <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>euro <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>livello <span class=\"_ _0\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs187\">Gruppo.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs188\">Come gi\u00e0 riportato all\u2019interno della relazione sulla gestione, tenuto conto che il Gruppo comincer\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs189\">ad a<span class=\"_ _1\"></span>cquistare <span class=\"_ _1\"></span>crediti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>carbonio <span class=\"_ _1\"></span>certificati <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>compensare <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>emissioni <span class=\"_ _1\"></span>scope <span class=\"_ _1\"></span>1 <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>2 <span class=\"_ _1\"></span>dal <span class=\"_ _1\"></span>2025, <span class=\"_ _1\"></span>per </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18a\">l\u2019esercizio in corso non si rilevano impatt<span class=\"_ _1\"></span>i sulle valutazioni di bilancio. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs18b\">Conflitto in Ucr<span class=\"_ _1\"></span>aina e Medio Oriente<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18c\">I <span class=\"_ _35\"> </span>conflitti <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>Ucraina <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>Medio <span class=\"_ _35\"> </span>oriente <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>stanno<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18d\">a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18e\">v</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18f\">e</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs190\">n<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs191\">d<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs192\">o <span class=\"_ _35\"> </span>ripercussioni <span class=\"_ _35\"> </span>dirette <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>ul <span class=\"_ _35\"> </span>Gruppo, <span class=\"_ _0\"></span>in<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs193\">quanto non <span class=\"_ _3b\"></span>si evidenziano <span class=\"_ _2\"></span>esposizioni rilevanti <span class=\"_ _3b\"></span>vers<span class=\"_ _1\"></span>o i <span class=\"_ _3b\"></span>paesi coinvolti <span class=\"_ _3b\"></span>ne<span class=\"_ _1\"></span>l confl<span class=\"_ _2\"></span>itto, tuttavia <span class=\"_ _3b\"></span>tens<span class=\"_ _1\"></span>ioni<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs194\">improvvise <span class=\"_ _1\"></span>sia <span class=\"_ _1\"></span>sui <span class=\"_ _1\"></span>prezzi <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>erie <span class=\"_ _1\"></span>prime, <span class=\"_ _1\"></span>sia <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ui mercat<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>finanziari pot<span class=\"_ _1\"></span>rebbero <span class=\"_ _1\"></span>avere<span class=\"_ _1\"></span> river<span class=\"_ _1\"></span>beri<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs195\">sulla <span class=\"_ _0\"></span>clientela. <span class=\"_ _35\"> </span>Il<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>Gr<span class=\"_ _1\"></span>uppo <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>inn<span class=\"_ _1\"></span>alzato <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>presidio <span class=\"_ _0\"></span>attraverso <span class=\"_ _35\"> </span>mecc<span class=\"_ _2\"></span>anismi <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>egmentazione <span class=\"_ _35\"> </span>della<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs196\">clientela <span class=\"_ _36\"> </span>e <span class=\"_ _39\"> </span>dei <span class=\"_ _36\"> </span>relat<span class=\"_ _1\"></span>ivi <span class=\"_ _36\"> </span>livelli <span class=\"_ _36\"> </span>di<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>ischiosit\u00e0 <span class=\"_ _36\"> </span>in <span class=\"_ _39\"> </span>relazione <span class=\"_ _36\"> </span>alla <span class=\"_ _36\"> </span>m<span class=\"_ _1\"></span>aggior <span class=\"_ _36\"> </span>espos<span class=\"_ _1\"></span>izione <span class=\"_ _36\"> </span>nei <span class=\"_ _36\"> </span>s<span class=\"_ _1\"></span>ettori<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs197\">direttamente pi\u00f9 <span class=\"_ _3b\"></span>colpiti o p<span class=\"_ _2\"></span>i\u00f9 <span class=\"_ _2\"></span>esposti a <span class=\"_ _3b\"></span>rischi geopolitici <span class=\"_ _3b\"></span>o impattati <span class=\"_ _3b\"></span>dall\u2019increment<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>dei pr<span class=\"_ _2\"></span>ezzi delle<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs198\">materie <span class=\"_ _2\"></span>prime. <span class=\"_ _3b\"></span>Le <span class=\"_ _3b\"></span>riper<span class=\"_ _1\"></span>cussioni <span class=\"_ _3b\"></span>dello <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>cenario <span class=\"_ _3b\"></span>sulle <span class=\"_ _3b\"></span>pr<span class=\"_ _1\"></span>incipali <span class=\"_ _3b\"></span>grandezze economiche <span class=\"_ _3b\"></span>e <span class=\"_ _3b\"></span>patrimoniali </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs199\">sono revisionate trimestralmente per tener conto di eventuali deterior<span class=\"_ _1\"></span>amenti o anomalie. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19a\">Dal <span class=\"_ _3d\"> </span>punto <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>v<span class=\"_ _1\"></span>ista <span class=\"_ _37\"> </span>operat<span class=\"_ _1\"></span>ivo, <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>se<span class=\"_ _1\"></span>guito <span class=\"_ _3d\"> </span>degli <span class=\"_ _37\"> </span>sviluppi <span class=\"_ _37\"> </span>del <span class=\"_ _3d\"> </span>qua<span class=\"_ _1\"></span>dro <span class=\"_ _37\"> </span>sanzionatorio, il <span class=\"_ _37\"> </span>Gruppo <span class=\"_ _3d\"> </span>ha </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19b\">mantenuto <span class=\"_ _1a6\"> </span>un <span class=\"_ _199\"> </span>approccio <span class=\"_ _1a6\"> </span>restrittivo <span class=\"_ _199\"> </span>nei <span class=\"_ _1a6\"> </span>confronti <span class=\"_ _1a6\"> </span>dell\u2019operativit\u00e0 <span class=\"_ _199\"> </span>che <span class=\"_ _1a6\"> </span>coinvolge </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19c\">Russia, Bielorussia e Ucraina,  prevedendo: <span class=\"_ _35\"> </span>blocchi <span class=\"_ _35\"> </span>sulle  transazioni <span class=\"_ _35\"> </span>e  sull\u2019acqui<span class=\"_ _2\"></span>sizione  di <span class=\"_ _35\"> </span>nuovi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19d\">clienti, restrizioni di tipo geografico, mer<span class=\"_ _1\"></span>ceologico e finanziario con soglie di rilevanza stringenti.<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs19f\">Implementazione <span class=\"_ _44\"> </span>della <span class=\"_ _48\"> </span>nor<span class=\"_ _1\"></span>mativa <span class=\"_ _17e\"> </span>sull\u2019imposi<span class=\"_ _1\"></span>zio<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1a0\">ne <span class=\"_ _17e\"> </span>minima <span class=\"_ _17e\"> </span>globale <span class=\"_ _17e\"> </span>prevista <span class=\"_ _17e\"> </span>pe<span class=\"_ _1\"></span>r <span class=\"_ _17e\"> </span>i <span class=\"_ _17e\"> </span>gruppi </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1a1\">multinazionali <span class=\"_ _1\"></span>e nazionali <span class=\"_ _1\"></span>nell\u2019ambito del <span class=\"_ _1\"></span>c.d. Pillar <span class=\"_ _1\"></span>2 e cor<span class=\"_ _1\"></span>relate mo<span class=\"_ _1\"></span>difiche allo IAS <span class=\"_ _1\"></span>12 in <span class=\"_ _1\"></span>materia di </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1a2\">imposte sul red<span class=\"_ _1\"></span>dito </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a3\">Si <span class=\"_ _1\"></span>segnalano <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>modifiche <span class=\"_ _1\"></span>apport<span class=\"_ _1\"></span>ate <span class=\"_ _1\"></span>dallo <span class=\"_ _38\"></span>IASB <span class=\"_ _1\"></span>allo <span class=\"_ _38\"></span>IAS <span class=\"_ _1\"></span>12 <span class=\"_ _1\"></span>Imposte <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>materia <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>International <span class=\"_ _38\"></span>Tax<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a4\">Reform \u2013 Pillar Two Model. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a5\">Tra quasi <span class=\"_ _1\"></span>140 <span class=\"_ _1\"></span>Paesi <span class=\"_ _1\"></span>a livello <span class=\"_ _1\"></span>globale, attrave<span class=\"_ _1\"></span>rso la <span class=\"_ _1\"></span>Direttiva e<span class=\"_ _1\"></span>uropea 2022/2053 l\u2019Unione <span class=\"_ _1\"></span>Europea \u00e8 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a6\">stata tra le<span class=\"_ _2\"></span> prime giurisdizioni <span class=\"_ _2\"></span>che ha <span class=\"_ _2\"></span>raggiunto un <span class=\"_ _2\"></span>accordo sulla <span class=\"_ _3b\"></span>riforma fiscale internazionale c<span class=\"_ _2\"></span>he </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a7\">introduce <span class=\"_ _3a\"> </span>un'imposta <span class=\"_ _48\"> </span>mini<span class=\"_ _2\"></span>ma <span class=\"_ _3a\"> </span>globale <span class=\"_ _48\"> </span>(c<span class=\"_ _2\"></span>.d. <span class=\"_ _3a\"> </span>Global <span class=\"_ _3a\"> </span>Minimum<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>Tax\u201d) <span class=\"_ _48\"> </span>pe<span class=\"_ _2\"></span>r <span class=\"_ _3a\"> </span>le <span class=\"_ _48\"> </span>grandi<span class=\"_ _2\"></span> <span class=\"_ _3a\"> </span>imprese </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a8\">multinazionali. <span class=\"_ _0\"></span>Nel <span class=\"_ _0\"></span>de<span class=\"_ _2\"></span>ttaglio, <span class=\"_ _0\"></span>questi <span class=\"_ _0\"></span>Paesi, <span class=\"_ _38\"></span>inclusa <span class=\"_ _0\"></span>l\u2019Italia, <span class=\"_ _38\"></span>hanno <span class=\"_ _0\"></span>aderito <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>docu<span class=\"_ _2\"></span>mento <span class=\"_ _0\"></span>dell'OCSE<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a9\">Inclusive <span class=\"_ _1\"></span>Fram<span class=\"_ _1\"></span>ework <span class=\"_ _1\"></span>on <span class=\"_ _38\"></span>Base <span class=\"_ _38\"></span>Erosion <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>Profit<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Shifting, <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>introduce <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>modello <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>due <span class=\"_ _38\"></span>pilastri </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1aa\">(c.d. P<span class=\"_ _1\"></span>illar) pe<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>affrontare <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>problematiche <span class=\"_ _1\"></span>fiscali <span class=\"_ _1\"></span>derivanti <span class=\"_ _1\"></span>dalla <span class=\"_ _1\"></span>digitalizzazione <span class=\"_ _1\"></span>dell'economia. <span class=\"_ _1\"></span>In </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ab\">Europa, <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>Dirett<span class=\"_ _1\"></span>iva <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>attuare <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>componente<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>imposta <span class=\"_ _35\"> </span>minima <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>riforma  OCSE <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>stata </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ac\">approvata <span class=\"_ _0\"></span>dalla <span class=\"_ _0\"></span>Commissione <span class=\"_ _0\"></span>europea <span class=\"_ _0\"></span>lo <span class=\"_ _0\"></span>scorso <span class=\"_ _0\"></span>12 <span class=\"_ _0\"></span>dicembre <span class=\"_ _0\"></span>2022. <span class=\"_ _0\"></span>A <span class=\"_ _0\"></span>seguito <span class=\"_ _0\"></span>del <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>uperamento<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ad\">delle <span class=\"_ _1\"></span>riserve <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>parte <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>alcuni <span class=\"_ _1\"></span>Paesi <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>embri, \u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>stato <span class=\"_ _1\"></span>raggiunto <span class=\"_ _1\"></span>l\u2019accordo <span class=\"_ _1\"></span>unanime <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>sede <span class=\"_ _1\"></span>UE <span class=\"_ _1\"></span>per </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ae\">l\u2019adozione della proposta di Direttiva comunitaria volta a realizzare un livello minimo di tassazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1af\">effettiva del<span class=\"_ _2\"></span> 15%<span class=\"_ _2\"></span> dei <span class=\"_ _3b\"></span>gruppi <span class=\"_ _2\"></span>multinazionali che <span class=\"_ _3b\"></span>prese<span class=\"_ _1\"></span>ntano <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>icavi <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>mplessivi sup<span class=\"_ _2\"></span>eriori a <span class=\"_ _3b\"></span>750 milion<span class=\"_ _3b\"></span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b0\">l\u2019anno. La Direttiva n. 2523/2022 \u00e8 stata pubblicata nella Gazzetta Ufficiale UE il 22 dicembre 20<span class=\"_ _1\"></span>22 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b1\">ed <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>stata <span class=\"_ _0\"></span>recepita <span class=\"_ _0\"></span>nella <span class=\"_ _38\"></span>legislazione <span class=\"_ _38\"></span>nazionale <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>decreto <span class=\"_ _0\"></span>legislativo <span class=\"_ _38\"></span>n. <span class=\"_ _0\"></span>209 <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>27 <span class=\"_ _38\"></span>dicembre </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b2\">2023. <span class=\"_ _38\"></span> <span class=\"_ _38\"></span>Figurano <span class=\"_ _38\"></span>fra <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>soggetti <span class=\"_ _38\"></span>passivi <span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>imprese <span class=\"_ _1\"></span>localizzate <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>Italia <span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>fanno <span class=\"_ _38\"></span>parte <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>gruppo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b3\">multinazionale <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>nazionale <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>ricavi <span class=\"_ _1\"></span>annui <span class=\"_ _1\"></span>pari <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>superiori <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>750 <span class=\"_ _38\"></span>milioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>euro, <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>presi <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>ricavi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b4\">delle e<span class=\"_ _1\"></span>ntit\u00e0 escluse <span class=\"_ _1\"></span>(quali entit<span class=\"_ _1\"></span>\u00e0 st<span class=\"_ _1\"></span>atali, or<span class=\"_ _1\"></span>ganizzazioni internazionali, or<span class=\"_ _1\"></span>ganizzazioni senza <span class=\"_ _1\"></span>scopo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b5\">di <span class=\"_ _2\"></span>lucro, fond<span class=\"_ _2\"></span>i pensione, <span class=\"_ _3b\"></span>fondi di <span class=\"_ _3b\"></span>investimento), risultanti <span class=\"_ _3b\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _3b\"></span>bilancio consolidato d<span class=\"_ _2\"></span>ella controllant<span class=\"_ _2\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b6\">capogruppo <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>almeno <span class=\"_ _0\"></span>due <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>quattro <span class=\"_ _0\"></span>esercizi <span class=\"_ _0\"></span>immediatamente <span class=\"_ _0\"></span>precedenti. <span class=\"_ _0\"></span>L\u2019imposta <span class=\"_ _0\"></span>minima<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b7\">nazionale <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>arebbe <span class=\"_ _38\"></span>dovuta <span class=\"_ _0\"></span>qualora <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>imprese <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>g<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>uppo <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>operano<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>Italia <span class=\"_ _38\"></span>si <span class=\"_ _0\"></span>determin<span class=\"_ _2\"></span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b8\">una situazione tale p<span class=\"_ _2\"></span>er cui l<span class=\"_ _2\"></span>\u2019Etr si <span class=\"_ _2\"></span>attesti al d<span class=\"_ _2\"></span>i sotto del 1<span class=\"_ _3b\"></span>5<span class=\"_ _1\"></span>% come <span class=\"_ _2\"></span>tassazione minima. \u00c8<span class=\"_ _2\"></span> una facolt\u00e0<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b9\">prevista  dalla  direttiva  (e  applicata  dall\u2019Italia)  per  cui  gli  Stati  possono  introdurre  un\u2019imposta </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ba\">minima <span class=\"_ _35\"> </span>nazionale.   <span class=\"_ _35\"> </span>Sono <span class=\"_ _35\"> </span>previsti  specifi<span class=\"_ _2\"></span>ci <span class=\"_ _35\"> </span>requisiti  di<span class=\"_ _2\"></span>  d<span class=\"_ _2\"></span>isclosure  per <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>societ\u00e0  i<span class=\"_ _2\"></span>mpattate, <span class=\"_ _35\"> </span>con </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bb\">differenti <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>bblighi<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>informat<span class=\"_ _1\"></span>ivi <span class=\"_ _38\"></span>da <span class=\"_ _0\"></span>soddisfare <span class=\"_ _38\"></span>nei <span class=\"_ _38\"></span>periodi <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>cu<span class=\"_ _2\"></span>i <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>normativa <span class=\"_ _38\"></span>Pillar <span class=\"_ _38\"></span>Two <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>entra<span class=\"_ _2\"></span>ta <span class=\"_ _38\"></span>in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bc\">vigore. <span class=\"_ _0\"></span>Tali <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>equisiti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>disclosur<span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>applic<span class=\"_ _2\"></span>abili <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>partire <span class=\"_ _0\"></span>dai <span class=\"_ _38\"></span>bilanci <span class=\"_ _0\"></span>annuali <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>iniziano <span class=\"_ _0\"></span>dal<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>1\u00b0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bd\">gennaio <span class=\"_ _1\"></span>2023 <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>non <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>obbligatori <span class=\"_ _1\"></span>nei <span class=\"_ _1\"></span>reso<span class=\"_ _1\"></span>conti <span class=\"_ _1\"></span>intermedi <span class=\"_ _1\"></span>redat<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>prima <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>31 <span class=\"_ _38\"></span>dicembre <span class=\"_ _38\"></span>2023.<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1be\">In <span class=\"_ _39\"> </span>particolare, <span class=\"_ _3f\"> </span>le <span class=\"_ _39\"> </span>modifiche <span class=\"_ _39\"> </span>apportat<span class=\"_ _1\"></span>e <span class=\"_ _39\"> </span>al <span class=\"_ _39\"> </span>principio <span class=\"_ _39\"> </span>intr<span class=\"_ _1\"></span>oducono <span class=\"_ _39\"> </span>una <span class=\"_ _39\"> </span>e<span class=\"_ _1\"></span>ccezione <span class=\"_ _39\"> </span>temporanea </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bf\">obbligatoria che prevede di non rilevare<span class=\"_ _1\"></span> la fiscalit\u00e0 differita che deriverebbe dall\u2019implementazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c0\">del Pillar Two Framework. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c1\">Il <span class=\"_ _38\"></span>Gruppo <span class=\"_ _38\"></span>Cre<span class=\"_ _1\"></span>dem, <span class=\"_ _38\"></span>pur <span class=\"_ _38\"></span>configurandosi <span class=\"_ _38\"></span>come <span class=\"_ _0\"></span>soggetto <span class=\"_ _1\"></span>passivo <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>livello <span class=\"_ _38\"></span>nazionale, <span class=\"_ _0\"></span>risulta <span class=\"_ _1\"></span>fuor<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>dal </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c2\">perimetro di applicazione della normat<span class=\"_ _1\"></span>iva per mancanza del requisito di tassazione sotto la soglia </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c3\">minima prevista. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1c4\">Altre informazioni </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1c5\">Aggregazione azie<span class=\"_ _1\"></span>ndale </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c6\">Le <span class=\"_ _0\"></span>operazioni <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>aggregazione <span class=\"_ _0\"></span>aziendale <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>discipl</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c7\">inate </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c8\">dal <span class=\"_ _0\"></span>Principio <span class=\"_ _0\"></span>contabile <span class=\"_ _0\"></span>internazionale </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c9\">IFRS 3 \u201cBusiness combination\u201d. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ca\">Il <span class=\"_ _38\"></span>trasferime<span class=\"_ _1\"></span>nto <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>controllo <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>un\u2019impre<span class=\"_ _1\"></span>sa <span class=\"_ _38\"></span>(o <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>un <span class=\"_ _38\"></span>gr<span class=\"_ _1\"></span>uppo <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>ttivit\u00e0 <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>beni <span class=\"_ _38\"></span>integrati, <span class=\"_ _38\"></span>condott<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cb\">gestiti unitariamente) configura un\u2019operazione di aggre<span class=\"_ _1\"></span>gazione aziendale.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cc\">A tal <span class=\"_ _1\"></span>fine <span class=\"_ _1\"></span>il contro<span class=\"_ _1\"></span>llo si <span class=\"_ _1\"></span>considera t<span class=\"_ _1\"></span>rasferito quando <span class=\"_ _1\"></span>l\u2019investitore <span class=\"_ _1\"></span>\u00e8 esposto <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>rendimenti var<span class=\"_ _1\"></span>iabili, o </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cd\">detiene <span class=\"_ _1\"></span>diritti <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>tali <span class=\"_ _1\"></span>rendimenti, <span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>ivanti dal <span class=\"_ _1\"></span>propr<span class=\"_ _1\"></span>io <span class=\"_ _1\"></span>rapporto <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>parte<span class=\"_ _1\"></span>cipata <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>contempo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ce\">ha la capacit\u00e0 di incidere sui rendimenti e<span class=\"_ _1\"></span>sercitando il proprio potere su tale entit\u00e0.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cf\">L\u2019IFRS <span class=\"_ _0\"> </span>3<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>richiede <span class=\"_ _0\"> </span>che <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>tutte <span class=\"_ _0\"></span>le <span class=\"_ _35\"> </span>operazioni <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>aggregazione <span class=\"_ _35\"> </span>venga <span class=\"_ _35\"> </span>indiv<span class=\"_ _2\"></span>iduato <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>acqui<span class=\"_ _2\"></span>rente. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d0\">Quest\u2019ultimo <span class=\"_ _35\"> </span>deve <span class=\"_ _35\"> </span>essere <span class=\"_ _35\"> </span>identificato <span class=\"_ _35\"> </span>nel <span class=\"_ _35\"> </span>soggetto <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>ottie<span class=\"_ _1\"></span>ne <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>controllo <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>u <span class=\"_ _35\"> </span>un\u2019altra <span class=\"_ _35\"> </span>entit\u00e0 <span class=\"_ _35\"> </span>o </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d1\">gruppo di attivit\u00e0.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d2\">L\u2019acquisizione <span class=\"_ _0\"></span>deve <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>contabilizzata <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>data <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>cui<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>l\u2019acquirente <span class=\"_ _0\"></span>ottiene <span class=\"_ _0\"></span>effettivamente <span class=\"_ _0\"></span>il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d3\">controllo <span class=\"_ _48\"> </span>sull\u2019impresa <span class=\"_ _48\"> </span>o <span class=\"_ _48\"> </span>attivit\u00e0 <span class=\"_ _48\"> </span>acqui<span class=\"_ _2\"></span>site. <span class=\"_ _48\"> </span>Quando <span class=\"_ _48\"> </span>l\u2019operazione <span class=\"_ _48\"> </span>avviene <span class=\"_ _48\"> </span>tramite <span class=\"_ _48\"> </span>un<span class=\"_ _2\"></span>\u2019unica </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d4\">operazione <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>cambio, <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>data <span class=\"_ _1\"></span>dello <span class=\"_ _0\"></span>scambio <span class=\"_ _38\"></span>normalmente <span class=\"_ _38\"></span>coincide <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>n <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>data <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _38\"></span>acquisizione. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d5\">Tuttavia, <span class=\"_ _1\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>sempre <span class=\"_ _38\"></span>necessario <span class=\"_ _38\"></span>verificare <span class=\"_ _38\"></span>l\u2019eventuale <span class=\"_ _38\"></span>presenza <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>accor<span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra <span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>parti <span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>possano </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d6\">comportare un trasferimento del controllo <span class=\"_ _1\"></span>prima della data dello scambio.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d7\">Il <span class=\"_ _0\"></span>corrispettivo <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>rasferito <span class=\"_ _0\"></span>nell\u2019ambi<span class=\"_ _2\"></span>to <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>un\u2019op<span class=\"_ _2\"></span>erazione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>aggreg<span class=\"_ _2\"></span>azione <span class=\"_ _0\"></span>deve <span class=\"_ _0\"></span>essere <span class=\"_ _38\"></span>determinato </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d8\">come  sommatoria <span class=\"_ _35\"> </span>del  fair <span class=\"_ _35\"> </span>value,  alla <span class=\"_ _35\"> </span>data  dello<span class=\"_ _2\"></span>  scambio, <span class=\"_ _35\"> </span>delle  attivit\u00e0 <span class=\"_ _35\"> </span>cedute,  delle<span class=\"_ _2\"></span>  passivit\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d9\">sostenute o assunte e degli strumenti di capitale emessi dall\u2019acquirente in cambio del <span class=\"_ _1\"></span>controllo.<span class=\"_ _3a1\"> </span>  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1db\">Nelle <span class=\"_ _3d\"> </span>oper<span class=\"_ _1\"></span>azioni <span class=\"_ _3d\"> </span>che <span class=\"_ _37\"> </span>prevedono <span class=\"_ _3d\"> </span>il <span class=\"_ _37\"> </span>pagamento <span class=\"_ _3d\"> </span>in <span class=\"_ _37\"> </span>denaro <span class=\"_ _37\"> </span>(o  quando <span class=\"_ _37\"> </span>\u00e8 <span class=\"_ _37\"> </span>previsto <span class=\"_ _3d\"> </span>il <span class=\"_ _37\"> </span>pagamento </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dc\">median<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dd\">te <span class=\"_ _3a\"> </span>strumenti <span class=\"_ _3f\"> </span>finanziari <span class=\"_ _3a\"> </span>assimilabili <span class=\"_ _3f\"> </span>alla <span class=\"_ _3a\"> </span>cassa) <span class=\"_ _3a\"> </span>il <span class=\"_ _3f\"> </span>prezzo <span class=\"_ _3a\"> </span>\u00e8 <span class=\"_ _3a\"> </span>il <span class=\"_ _3f\"> </span>corrispettivo <span class=\"_ _3a\"> </span>pattuito, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1de\">eventualmente <span class=\"_ _38\"></span>attualizzato <span class=\"_ _38\"></span>nel <span class=\"_ _1\"></span>caso <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>cui <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>previsto <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>pagamento <span class=\"_ _38\"></span>rateale <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>riferimento <span class=\"_ _1\"></span>ad </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1df\">un <span class=\"_ _2\"></span>periodo sup<span class=\"_ _2\"></span>eriore al <span class=\"_ _3b\"></span>breve <span class=\"_ _2\"></span>termine; nel<span class=\"_ _3b\"></span> caso in <span class=\"_ _3b\"></span>cui il<span class=\"_ _3b\"></span> pagamento av<span class=\"_ _2\"></span>venga <span class=\"_ _2\"></span>tramite uno<span class=\"_ _3b\"></span> strumento </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e0\">diverso dalla <span class=\"_ _1\"></span>cassa, <span class=\"_ _1\"></span>quindi mediant<span class=\"_ _1\"></span>e l\u2019em<span class=\"_ _1\"></span>issione di s<span class=\"_ _1\"></span>trumenti rappresent<span class=\"_ _1\"></span>ativi di capitale, <span class=\"_ _1\"></span>il pre<span class=\"_ _1\"></span>zzo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e1\">\u00e8 pari<span class=\"_ _2\"></span> al<span class=\"_ _2\"></span> fair<span class=\"_ _2\"></span> valu<span class=\"_ _2\"></span>e del<span class=\"_ _2\"></span> mezzo <span class=\"_ _3b\"></span>di p<span class=\"_ _2\"></span>agamento al <span class=\"_ _3b\"></span>netto dei<span class=\"_ _2\"></span> costi <span class=\"_ _3b\"></span>direttamente attribuib<span class=\"_ _2\"></span>ili <span class=\"_ _2\"></span>all\u2019operazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e2\">di emissione di capitale. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e3\">Le <span class=\"_ _40\"> </span>operazioni <span class=\"_ _40\"> </span>di <span class=\"_ _193\"> </span>aggre<span class=\"_ _1\"></span>gazione <span class=\"_ _40\"> </span>aziendale <span class=\"_ _193\"> </span>s<span class=\"_ _1\"></span>ono <span class=\"_ _40\"> </span>contabil<span class=\"_ _2\"></span>izzate <span class=\"_ _40\"> </span>secondo <span class=\"_ _40\"> </span>il <span class=\"_ _40\"> </span>\u201cmetodo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e4\">dell\u2019acquisizione\u201d, <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>base <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>quale <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>identificabili <span class=\"_ _38\"></span>ac<span class=\"_ _1\"></span>quisite <span class=\"_ _0\"></span>(comprese <span class=\"_ _0\"></span>eventuali <span class=\"_ _0\"></span>attivit\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e5\">immateriali <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>precede<span class=\"_ _1\"></span>nza <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>rilevate <span class=\"_ _38\"></span>dall\u2019impresa <span class=\"_ _1\"></span>acquisita) <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>pass<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _1\"></span>identificabili <span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>unte </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e6\">(comprese quelle potenziali) devono essere rilevate ai rispettivi fair value alla data di acqui<span class=\"_ _2\"></span>sizione.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e7\">L\u2019eccedenza tra i<span class=\"_ _2\"></span>l corrispettivo <span class=\"_ _2\"></span>trasferito (rappresentato <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>fair valu<span class=\"_ _2\"></span>e delle <span class=\"_ _2\"></span>attivit\u00e0 trasferite, delle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e8\">passivit\u00e0 <span class=\"_ _2\"></span>sostenute o<span class=\"_ _3b\"></span> degli <span class=\"_ _3b\"></span>strumenti di <span class=\"_ _3b\"></span>capitale <span class=\"_ _3b\"></span>emess<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>dall\u2019acquirente<span class=\"_ _1\"></span>) <span class=\"_ _3b\"></span>ed il <span class=\"_ _3b\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3b\"></span>delle attivit\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e9\">e <span class=\"_ _3d\"> </span>passivit\u00e0 <span class=\"_ _3d\"> </span>acquisite  deve <span class=\"_ _3d\"> </span>essere <span class=\"_ _3d\"> </span>rilevata  come <span class=\"_ _3d\"> </span>avviamento; <span class=\"_ _3d\"> </span>qualora  quest<span class=\"_ _1\"></span>e  ultime <span class=\"_ _3d\"> </span>risultino, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ea\">invece, <span class=\"_ _1\"></span>superior<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ommatoria <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>corrispettivo, <span class=\"_ _38\"></span>delle <span class=\"_ _1\"></span>quote <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>minor<span class=\"_ _1\"></span>anza <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _1\"></span>delle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1eb\">quote gi\u00e0 possedute, la differenza deve essere imputata a conto economico. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ec\">La <span class=\"_ _1\"></span>contabilizzazione <span class=\"_ _1\"></span>dell\u2019operazione <span class=\"_ _38\"></span>di aggre<span class=\"_ _1\"></span>gazione <span class=\"_ _1\"></span>pu\u00f2 <span class=\"_ _1\"></span>avvenire <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ovvisoriamente <span class=\"_ _1\"></span>entro <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>fine </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ed\">dell\u2019esercizio <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>cui <span class=\"_ _1\"></span>l\u2019aggregazione <span class=\"_ _38\"></span>viene<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>alizzata <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>ve <span class=\"_ _1\"></span>essere <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span>fezionata <span class=\"_ _1\"></span>entro <span class=\"_ _38\"></span>dodici <span class=\"_ _38\"></span>mesi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ee\">dalla data di acquisizione. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ef\">Le <span class=\"_ _0\"></span>fu<span class=\"_ _2\"></span>sioni <span class=\"_ _0\"></span>rientrano <span class=\"_ _38\"></span>tra <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>operazioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>concentrazione <span class=\"_ _0\"></span>tra <span class=\"_ _38\"></span>imprese, <span class=\"_ _0\"></span>rappresentando <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>forma <span class=\"_ _38\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f0\">aggregazione <span class=\"_ _37\"> </span>aziendale <span class=\"_ _3d\"> </span>pi\u00f9 <span class=\"_ _37\"> </span>completa, <span class=\"_ _3d\"> </span>in <span class=\"_ _37\"> </span>quanto <span class=\"_ _37\"> </span>comportano <span class=\"_ _37\"> </span>l\u2019unificazione <span class=\"_ _3d\"> </span>sia <span class=\"_ _37\"> </span>giuridica <span class=\"_ _3d\"> </span>ch<span class=\"_ _1\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f1\">economica dei soggetti che vi partecipano. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f2\">Le fusioni, <span class=\"_ _1\"></span>siano esse pr<span class=\"_ _1\"></span>oprie, cio\u00e8 <span class=\"_ _1\"></span>con la costit<span class=\"_ _1\"></span>uzione di un nuovo <span class=\"_ _1\"></span>soggetto giuridico o<span class=\"_ _1\"></span>ppure \u201cper </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f3\">incorporazione\u201d <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>conflu<span class=\"_ _2\"></span>enza <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>un\u2019impresa <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>un\u2019altra <span class=\"_ _0\"></span>imp<span class=\"_ _3b\"></span>re<span class=\"_ _1\"></span>sa <span class=\"_ _38\"></span>gi\u00e0 <span class=\"_ _0\"></span>esistente, <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>trattate </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f4\">secondo i criteri precedentemente <span class=\"_ _1\"></span>illustrati, in particolare:  </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1f5\"><span class=\"_ _42\"> </span><span class=\"ff4\">se <span class=\"_ _35\"> </span>l\u2019operazione <span class=\"_ _35\"> </span>comporta <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>trasferimento <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>controllo  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>un\u2019impresa, <span class=\"_ _35\"> </span>essa <span class=\"_ _35\"> </span>viene <span class=\"_ _35\"> </span>trattata </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f6\">come un\u2019operazione di aggregazione ai sensi dell\u2019IFRS 3; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1f7\"><span class=\"_ _42\"> </span><span class=\"ff4\">se <span class=\"_ _36\"> </span>l\u2019oper<span class=\"_ _1\"></span>azione <span class=\"_ _36\"> </span>non <span class=\"_ _39\"> </span>comporta <span class=\"_ _36\"> </span>il <span class=\"_ _39\"> </span>trasferimento <span class=\"_ _36\"> </span>del <span class=\"_ _39\"> </span>controllo, <span class=\"_ _39\"> </span>essa <span class=\"_ _36\"> </span>viene <span class=\"_ _39\"> </span>contabilizzata </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f8\">privilegiando <span class=\"_ _39\"> </span>la <span class=\"_ _39\"> </span>continuit\u00e0 <span class=\"_ _39\"> </span>dei <span class=\"_ _39\"> </span>valori <span class=\"_ _39\"> </span>della <span class=\"_ _39\"> </span>societ\u00e0 <span class=\"_ _39\"> </span>incorporata. <span class=\"_ _39\"> </span>Difatti, <span class=\"_ _39\"> </span>le <span class=\"_ _39\"> </span>operazioni <span class=\"_ _39\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f9\">aggregazione <span class=\"_ _36\"> </span>aziendale <span class=\"_ _39\"> </span>fra <span class=\"_ _36\"> </span>entit\u00e0 <span class=\"_ _39\"> </span>under <span class=\"_ _36\"> </span>common <span class=\"_ _36\"> </span>contro<span class=\"_ _1\"></span>l <span class=\"_ _36\"> </span>non <span class=\"_ _36\"> </span>rientrano <span class=\"_ _39\"> </span>nell\u2019ambito <span class=\"_ _36\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fa\">applicazione <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>rincipio <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>abile <span class=\"_ _38\"></span>inter<span class=\"_ _1\"></span>nazionale <span class=\"_ _38\"></span>IFRS <span class=\"_ _1\"></span>3, <span class=\"_ _38\"></span>n\u00e9 <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _38\"></span>disciplinate <span class=\"_ _38\"></span>da <span class=\"_ _38\"></span>altri <span class=\"_ _38\"></span>IFRS; </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fb\">vengono <span class=\"_ _48\"> </span>q<span class=\"_ _2\"></span>uindi <span class=\"_ _3a\"> </span>definite<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>face<span class=\"_ _2\"></span>ndo <span class=\"_ _3a\"> </span>r<span class=\"_ _1\"></span>iferimento <span class=\"_ _48\"> </span>all<span class=\"_ _2\"></span>e <span class=\"_ _3a\"> </span>disposizioni <span class=\"_ _48\"> </span>contenute <span class=\"_ _3a\"> </span>nello <span class=\"_ _48\"> </span>IAS <span class=\"_ _3a\"> </span>8 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fc\">Accounting Policies, Changes in Accounting Estimate<span class=\"_ _1\"></span>s and Errors. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fd\">Per <span class=\"_ _38\"></span>maggior <span class=\"_ _38\"></span>informazioni <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>mer<span class=\"_ _1\"></span>ito <span class=\"_ _38\"></span>alle <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>perazioni <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>aggregazione <span class=\"_ _38\"></span>aziendale <span class=\"_ _38\"></span>avvenute <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>corso </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fe\">dell\u2019esercizio si rimanda alla Parte G della presente Nota Integrativa Consolidata. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1ff\">Revisione cont<span class=\"_ _1\"></span>abile </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs200\">Il <span class=\"_ _0\"></span>bilancio <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>sottoposto <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>revisione <span class=\"_ _0\"></span>contabil<span class=\"_ _2\"></span>e, <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>s<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs201\">ensi <span class=\"_ _0\"></span>d<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs202\">el <span class=\"_ _0\"></span>D.Lgs. <span class=\"_ _0\"></span>39/2010 <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Regolamento <span class=\"_ _0\"></span>UE </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs203\">537/2014, <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>parte <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>societ\u00e0 <span class=\"_ _35\"> </span>Deloitte <span class=\"_ _35\"> </span>&amp; <span class=\"_ _35\"> </span>Touche <span class=\"_ _35\"> </span>S.p.A., <span class=\"_ _35\"> </span>cu<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>tale  i<span class=\"_ _2\"></span>ncarico <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>stato <span class=\"_ _35\"> </span>affidato, <span class=\"_ _35\"> </span>in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs204\">attuazione della Delibera assembleare <span class=\"_ _1\"></span>del 28 aprile 2022, fino all\u2019esercizio chiuso al 2031. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs205\">Utilizzo di st<span class=\"_ _1\"></span>ime ed assunzioni nella predis<span class=\"_ _1\"></span>posizione del </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs206\">bilancio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs207\">In <span class=\"_ _35\"> </span>conformit\u00e0 <span class=\"_ _35\"> </span>agli <span class=\"_ _35\"> </span>IFRS,  l<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>direzione  azi<span class=\"_ _2\"></span>endale <span class=\"_ _35\"> </span>deve  formulare <span class=\"_ _35\"> </span>valu<span class=\"_ _2\"></span>tazioni, <span class=\"_ _35\"> </span>st<span class=\"_ _1\"></span>ime <span class=\"_ _35\"> </span>e  ip<span class=\"_ _2\"></span>otesi <span class=\"_ _35\"> </span>che </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs208\">influenzano l<span class=\"_ _1\"></span>\u2019applicazione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>principi <span class=\"_ _1\"></span>contabili <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>import<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>attivit\u00e0, <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>pass<span class=\"_ _1\"></span>ivit\u00e0, dei <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>sti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs209\">e <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>ricavi <span class=\"_ _1\"></span>rilevati <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>bilancio, no<span class=\"_ _1\"></span>nch\u00e9 <span class=\"_ _1\"></span>sull\u2019informativa <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>lativa a<span class=\"_ _1\"></span>d at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>passivit\u00e0 <span class=\"_ _1\"></span>potenziali. L<span class=\"_ _1\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs20a\">stime <span class=\"_ _3d\"> </span>e <span class=\"_ _3d\"> </span>le  relative <span class=\"_ _3d\"> </span>ipotesi  s<span class=\"_ _1\"></span>i  basano <span class=\"_ _3d\"> </span>sulle  es<span class=\"_ _1\"></span>perienze  pregresse <span class=\"_ _3d\"> </span>e  s<span class=\"_ _1\"></span>u  altri <span class=\"_ _3d\"> </span>fattori <span class=\"_ _3d\"> </span>considerati </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs20b\">ragionevoli <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>fattispecie <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ate <span class=\"_ _0\"></span>adottate <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>timare <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>valore<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>contabile <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _0\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs20c\">delle passivit\u00e0 che non \u00e8 facilmente <span class=\"_ _1\"></span>desumibile da altre fonti. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs20d\">In <span class=\"_ _2\"></span>particolare sono s<span class=\"_ _2\"></span>tati adottati <span class=\"_ _3b\"></span>process<span class=\"_ _1\"></span>i d<span class=\"_ _2\"></span>i s<span class=\"_ _2\"></span>tima a <span class=\"_ _3b\"></span>supporto<span class=\"_ _1\"></span> del <span class=\"_ _3b\"></span>valore di <span class=\"_ _3b\"></span>iscr<span class=\"_ _1\"></span>izione di<span class=\"_ _2\"></span> alcu<span class=\"_ _2\"></span>ne delle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs20e\">pi\u00f9 <span class=\"_ _35\"> </span>rilevanti  poste <span class=\"_ _35\"> </span>valutative  isc<span class=\"_ _2\"></span>ritte  nel <span class=\"_ _35\"> </span>Bilancio <span class=\"_ _35\"> </span>al  31 <span class=\"_ _35\"> </span>dicembre  202<span class=\"_ _2\"></span>4,  cos\u00ec <span class=\"_ _35\"> </span>come <span class=\"_ _35\"> </span>previsto  d<span class=\"_ _2\"></span>ai </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs20f\">principi c<span class=\"_ _2\"></span>ontabili e <span class=\"_ _3b\"></span>dalle normative di<span class=\"_ _2\"></span> riferimento <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>opra d<span class=\"_ _2\"></span>escritti. Detti <span class=\"_ _3b\"></span>pro<span class=\"_ _1\"></span>cessi <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ono b<span class=\"_ _2\"></span>asati in<span class=\"_ _2\"></span> larg<span class=\"_ _2\"></span>a </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs210\">misura su stime di recuperabilit\u00e0 <span class=\"_ _2\"></span>futura dei valori iscritti in <span class=\"_ _2\"></span>bilancio secondo le regole dettate dalle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs211\">norme <span class=\"_ _0\"></span>vigenti <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>son<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>stati <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>ffettuati <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>un\u2019<span class=\"_ _2\"></span>ottica <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>continuit\u00e0 <span class=\"_ _38\"></span>azie<span class=\"_ _1\"></span>ndale, <span class=\"_ _0\"></span>ossia <span class=\"_ _0\"></span>prescind<span class=\"_ _2\"></span>endo <span class=\"_ _0\"></span>da </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs212\">ipotesi di liquidazione forzata delle poste oggetto di valutazione. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs213\">I <span class=\"_ _0\"></span>processi <span class=\"_ _0\"></span>adottati <span class=\"_ _0\"></span>confortano <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>valori <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>iscrizione <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>31 <span class=\"_ _0\"></span>dicembre <span class=\"_ _0\"> </span>20<span class=\"_ _1\"></span>24. <span class=\"_ _0\"></span>Il <span class=\"_ _0\"></span>processo <span class=\"_ _0\"></span>valutativo <span class=\"_ _0\"></span>\u00e8 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs214\">risultato <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>icolarmente <span class=\"_ _38\"></span>complesso <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>cons<span class=\"_ _1\"></span>iderazione <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>persistente <span class=\"_ _0\"></span>ince<span class=\"_ _2\"></span>rtezza <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iscontrabile </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs215\">nel <span class=\"_ _35\"> </span>contes<span class=\"_ _2\"></span>to <span class=\"_ _35\"> </span>macroeconomico <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>m<span class=\"_ _2\"></span>ercato, <span class=\"_ _0\"> </span>car<span class=\"_ _1\"></span>atterizzato, <span class=\"_ _0\"></span>sia <span class=\"_ _35\"> </span>da <span class=\"_ _0\"></span>importanti <span class=\"_ _35\"> </span>liv<span class=\"_ _2\"></span>elli <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>volatilit\u00e0<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs217\">riscontrabili  nei  parametr<span class=\"_ _1\"></span>i  finanziari  determinanti  ai  fini  della  valutazione,  sia <span class=\"_ _3d\"> </span>da  indicatori  di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs218\">deteri</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs219\">oramento prospettico della qualit\u00e0 del credito ancora ele<span class=\"_ _1\"></span>vati. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs21a\">I  parametri  e  le  informazioni  utilizzati  per  la  verifica  dei  valori  prima  menzionati  sono  quindi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs21b\">significativamente <span class=\"_ _1\"></span>influenzati <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>detti <span class=\"_ _1\"></span>fattori <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>potrebbero <span class=\"_ _1\"></span>registrare <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>apidi <span class=\"_ _1\"></span>mutamenti <span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>oggi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs21c\">non prevedibili, <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>alch\u00e9 non si <span class=\"_ _2\"></span>possono escludere cons<span class=\"_ _2\"></span>eguenti effetti sui f<span class=\"_ _2\"></span>uturi valori d<span class=\"_ _2\"></span>i bilanci<span class=\"_ _2\"></span>o. Per </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs21d\">loro natura l<span class=\"_ _2\"></span>e stime <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> le <span class=\"_ _3b\"></span>assunzioni utilizzate possono <span class=\"_ _2\"></span>variare di <span class=\"_ _3b\"></span>periodo in p<span class=\"_ _2\"></span>eriodo e, p<span class=\"_ _2\"></span>ertanto, non </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs21e\">\u00e8 da <span class=\"_ _3b\"></span>escludere che <span class=\"_ _3b\"></span>nei periodi <span class=\"_ _3b\"></span>successivi gli <span class=\"_ _3b\"></span>at<span class=\"_ _1\"></span>tuali v<span class=\"_ _2\"></span>alori i<span class=\"_ _2\"></span>scritti in<span class=\"_ _3b\"></span> bilancio <span class=\"_ _2\"></span>possano differire, <span class=\"_ _3b\"></span>anche </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs21f\">in maniera significativa, a seguito del mutamento delle valutazioni soggettive <span class=\"_ _1\"></span>utilizzate. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs220\">Le <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ime <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>ipotesi <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iviste <span class=\"_ _1\"></span>regolarmente. <span class=\"_ _38\"></span>Le <span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>ntuali variazioni <span class=\"_ _38\"></span>conseguenti <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>li <span class=\"_ _1\"></span>revisioni </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs221\">sono <span class=\"_ _0\"></span>rilevate <span class=\"_ _0\"></span>nel<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>periodo <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>cui <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>revisione <span class=\"_ _0\"></span>viene <span class=\"_ _0\"></span>effettuata <span class=\"_ _38\"></span>qualora <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>stessa <span class=\"_ _0\"></span>int<span class=\"_ _2\"></span>eressi <span class=\"_ _0\"></span>solo <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>el </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs222\">periodo. <span class=\"_ _38\"></span>Nel <span class=\"_ _38\"></span>caso <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>cui <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>revisione <span class=\"_ _38\"></span>interess<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>riodi <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>correnti <span class=\"_ _1\"></span>sia <span class=\"_ _38\"></span>futuri, <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>variazione <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ilevata </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs223\">nel periodo in cui la revisione viene effett<span class=\"_ _1\"></span>uata e nei relativi periodi futuri. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs224\">Le <span class=\"_ _38\"></span>principali <span class=\"_ _38\"></span>fattispecie <span class=\"_ _0\"></span>per <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>quali <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>maggiormente <span class=\"_ _1\"></span>richiest<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>l\u2019impiego <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>valutazioni <span class=\"_ _38\"></span>soggett<span class=\"_ _1\"></span>ive </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs225\">da parte della Direzione sono: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs226\"><span class=\"_ _42\"> </span><span class=\"ff4\">la <span class=\"_ _3b\"></span>quantificazione d<span class=\"_ _2\"></span>elle p<span class=\"_ _2\"></span>erdite <span class=\"_ _3b\"></span>per riduzione <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>valore d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>crediti <span class=\"_ _3b\"></span>e, <span class=\"_ _3b\"></span>in genere, <span class=\"_ _3b\"></span>delle <span class=\"_ _3b\"></span>altre a<span class=\"_ _2\"></span>ttivit\u00e0 </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs227\">finanziarie e delle partecipazioni; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs228\"><span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019utilizzo <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>modelli <span class=\"_ _35\"> </span>valutativi <span class=\"_ _0\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>rilevazione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>fair <span class=\"_ _0\"></span>value <span class=\"_ _35\"> </span>degli <span class=\"_ _0\"></span>strume<span class=\"_ _1\"></span>nti <span class=\"_ _35\"> </span>fin<span class=\"_ _2\"></span>anziari <span class=\"_ _35\"> </span>non<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs229\">quotati in mercati attivi; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs22a\"><span class=\"_ _42\"> </span><span class=\"ff4\">la stima del valore recuperabile dell\u2019avviamento; </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs22b\"><span class=\"_ _42\"> </span><span class=\"ff4\">la quantificazione del TFR, dei fondi del personale e de<span class=\"_ _1\"></span>i fondi per rischi e oneri; </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs22c\"><span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _0\"></span>stime <span class=\"_ _38\"></span>effettuate <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>valutazi<span class=\"_ _2\"></span>one <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _0\"></span>assicurative; <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>processo <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>formazione </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs22d\">delle  Passiv<span class=\"_ _2\"></span>it\u00e0  Assicurative <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>basa  su <span class=\"_ _35\"> </span>complessi  p<span class=\"_ _3b\"></span>rocess<span class=\"_ _1\"></span>i <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>stima  e <span class=\"_ _35\"> </span>richiede <span class=\"_ _35\"> </span>l\u2019utilizzo <span class=\"_ _35\"> </span>d<span class=\"_ _1\"></span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs22e\">assunzioni <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ip<span class=\"_ _2\"></span>otesi <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>natura <span class=\"_ _38\"></span>tecnica, <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>emografica, <span class=\"_ _0\"></span>attuariale <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>finanziaria <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>riguardano, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs22f\">tra <span class=\"_ _3d\"> </span>l\u2019altro,  la <span class=\"_ _3d\"> </span>previsione <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>futuri  flussi <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>cassa <span class=\"_ _3d\"> </span>collegati <span class=\"_ _3d\"> </span>all\u2019adempimento <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>contratti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs230\">rientranti <span class=\"_ _35\"> </span>nell\u2019ambito <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>appli<span class=\"_ _2\"></span>cazione <span class=\"_ _35\"> </span>dell\u2019IFRS17, <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>determinazione <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>tasso <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>sconto <span class=\"_ _35\"> </span>da </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs231\">applicare <span class=\"_ _1\"></span>nell\u2019attualizzazione degli ste<span class=\"_ _1\"></span>ssi, la var<span class=\"_ _1\"></span>iazione dell\u2019importo <span class=\"_ _1\"></span>della quota <span class=\"_ _1\"></span>di pertinenza </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs232\">del <span class=\"_ _44\"> </span>Gruppo <span class=\"_ _44\"> </span>del <span class=\"_ _69\"> </span>fair <span class=\"_ _44\"> </span>value <span class=\"_ _44\"> </span>degli <span class=\"_ _44\"> </span>e<span class=\"_ _1\"></span>lementi <span class=\"_ _44\"> </span>sottostanti <span class=\"_ _44\"> </span>e <span class=\"_ _44\"> </span>della <span class=\"_ _69\"> </span>componente <span class=\"_ _44\"> </span>r<span class=\"_ _1\"></span>elativa </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs233\">all\u2019aggiustamento per rischi non finanz<span class=\"_ _2\"></span>iari, nonch\u00e9 la quantificazione della quota d<span class=\"_ _2\"></span>el margine </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs234\">sui servizi contrattuali da rilasciare <span class=\"_ _1\"></span>nel conto economico. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs235\">Tali  v<span class=\"_ _2\"></span>alutazioni  sono  prevalentemente <span class=\"_ _35\"> </span>legate  sia <span class=\"_ _35\"> </span>all\u2019evoluzione  del  con<span class=\"_ _2\"></span>testo  socio-economico </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs236\">nazionale <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>int<span class=\"_ _2\"></span>ernazionale, <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ia <span class=\"_ _0\"></span>a<span class=\"_ _3b\"></span>ll\u2019andamento <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>m<span class=\"_ _2\"></span>ercati <span class=\"_ _0\"></span>fin<span class=\"_ _2\"></span>anziari, <span class=\"_ _38\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>pr<span class=\"_ _1\"></span>ovocano <span class=\"_ _38\"></span>conseguent<span class=\"_ _1\"></span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs237\">riflessi sull\u2019andamento dei ta<span class=\"_ _2\"></span>ssi, sulla <span class=\"_ _2\"></span>fluttuazione dei prezzi, sul<span class=\"_ _2\"></span>le basi attuariali e, <span class=\"_ _2\"></span>pi\u00f9 in <span class=\"_ _2\"></span>generale, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs238\">sul merito creditizio delle controparti. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs239\">L\u2019evoluzione <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>t<span class=\"_ _1\"></span>ali <span class=\"_ _37\"> </span>fattori <span class=\"_ _37\"> </span>potrebbe <span class=\"_ _37\"> </span>deter<span class=\"_ _1\"></span>minare <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>necessit\u00e0, <span class=\"_ _3d\"> </span>nei <span class=\"_ _36\"> </span>futuri <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>sercizi, <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>ulteriori </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs23a\">classificazioni <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>esposizioni <span class=\"_ _35\"> </span>creditizie <span class=\"_ _0\"></span>fra <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>espos<span class=\"_ _1\"></span>izioni <span class=\"_ _0\"></span>deteriorate, <span class=\"_ _35\"> </span>determinando <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>indi <span class=\"_ _0\"></span>la<span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs23b\">rilevazione di <span class=\"_ _1\"></span>ulteriori rettifiche <span class=\"_ _1\"></span>di valore<span class=\"_ _1\"></span> inerenti <span class=\"_ _1\"></span>anche <span class=\"_ _1\"></span>alle esposizioni cre<span class=\"_ _1\"></span>ditizie non <span class=\"_ _1\"></span>deteriorate, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs23c\">per <span class=\"_ _1\"></span>effetto <span class=\"_ _1\"></span>dell\u2019aggiornamento <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>parametri <span class=\"_ _1\"></span>creditizi. <span class=\"_ _1\"></span>In <span class=\"_ _1\"></span>aggiunta, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>necessit\u00e0<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di pr<span class=\"_ _1\"></span>ocedere <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>un </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs23d\">adeguamento <span class=\"_ _3a\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _3a\"> </span>rettifiche <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>valore <span class=\"_ _48\"> </span>p<span class=\"_ _2\"></span>otrebbe <span class=\"_ _3a\"> </span>derivare <span class=\"_ _3a\"> </span>dall\u2019affermars<span class=\"_ _1\"></span>i <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>uno <span class=\"_ _48\"> </span>sc<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>nario </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs23e\">macroeconomico diverso da quello assunto nella stima <span class=\"_ _1\"></span>dei parametri creditizi. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs23f\">L\u2019evoluzione <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>mercat<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>immo<span class=\"_ _2\"></span>biliare <span class=\"_ _0\"></span>d\u2019altra <span class=\"_ _0\"></span>pa<span class=\"_ _2\"></span>rte, <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>termini <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>corr<span class=\"_ _1\"></span>ezione <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>ribasso <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>pr<span class=\"_ _1\"></span>ezzi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs240\">degli <span class=\"_ _1\"></span>immobili, <span class=\"_ _38\"></span>potrebbe <span class=\"_ _38\"></span>influenzare <span class=\"_ _38\"></span>(i) <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>valor<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>degli <span class=\"_ _38\"></span>immobili <span class=\"_ _1\"></span>rice<span class=\"_ _1\"></span>vuti <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>garanzia <span class=\"_ _38\"></span>richiedendo <span class=\"_ _38\"></span>un </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs241\">adeguamento <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>rettifiche <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>valore<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>o <span class=\"_ _1\"></span>(ii) <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>capacit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>alc<span class=\"_ _1\"></span>une <span class=\"_ _38\"></span>controparti <span class=\"_ _38\"></span>operanti <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>settore </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs242\">immobiliare di onorare il proprio <span class=\"_ _2\"></span>debito. Con riferimento ai cambiamenti avv<span class=\"_ _2\"></span>ersi dei rischi cli<span class=\"_ _2\"></span>matici </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs243\">si <span class=\"_ _38\"></span>rimanda <span class=\"_ _0\"></span>a <span class=\"_ _1\"></span>quanto <span class=\"_ _0\"></span>gi\u00e0 <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iportato <span class=\"_ _38\"></span>nella <span class=\"_ _38\"></span>prese<span class=\"_ _1\"></span>nta <span class=\"_ _38\"></span>Nota <span class=\"_ _38\"></span>integrativa, <span class=\"_ _38\"></span>Pa<span class=\"_ _1\"></span>rte <span class=\"_ _38\"></span>E, <span class=\"_ _0\"></span>Sezion<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>2 <span class=\"_ _0\"></span>\u2013 <span class=\"_ _1\"></span>Rischi <span class=\"_ _38\"></span>del </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs244\">consolidato prudenziale. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs245\">Con <span class=\"_ _1\"></span>riferimento <span class=\"_ _1\"></span>alle <span class=\"_ _1\"></span>restanti <span class=\"_ _1\"></span>poste <span class=\"_ _1\"></span>per le <span class=\"_ _1\"></span>quali <span class=\"_ _1\"></span>vengono <span class=\"_ _1\"></span>utilizzate <span class=\"_ _1\"></span>valutazioni <span class=\"_ _1\"></span>soggettive, <span class=\"_ _1\"></span>sebbene </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs246\">le <span class=\"_ _38\"></span>valutazioni <span class=\"_ _1\"></span>siano <span class=\"_ _38\"></span>state <span class=\"_ _38\"></span>effettuate <span class=\"_ _38\"></span>sulla <span class=\"_ _38\"></span>base <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>informa<span class=\"_ _1\"></span>zioni <span class=\"_ _1\"></span>ritenute <span class=\"_ _38\"></span>ragionevoli <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>soste<span class=\"_ _1\"></span>nibili <span class=\"_ _1\"></span>al </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs247\">31 dicembre<span class=\"_ _1\"></span> 2024<span class=\"_ _1\"></span>, le ste<span class=\"_ _1\"></span>sse potranno <span class=\"_ _1\"></span>subire cambiament<span class=\"_ _1\"></span>i al <span class=\"_ _1\"></span>momento <span class=\"_ _1\"></span>non prevedibili per <span class=\"_ _1\"></span>effetto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs248\">delle evoluzioni nei parametri alla base delle rispettive valutazioni: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs249\"><span class=\"_ _42\"> </span><span class=\"ff4\">condizioni economiche<span class=\"_ _2\"></span> ed <span class=\"_ _3b\"></span>industr<span class=\"_ _1\"></span>iali <span class=\"_ _2\"></span>generali d<span class=\"_ _2\"></span>elle a<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ee in<span class=\"_ _3b\"></span> cui l<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>opera o <span class=\"_ _3b\"></span>ha in<span class=\"_ _2\"></span>vestimenti </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs24a\">significativi; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs24b\"><span class=\"_ _42\"> </span><span class=\"ff4\">esposizione ai vari rischi di mercato (es. rischio cambio); </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs24c\"><span class=\"_ _42\"> </span><span class=\"ff4\">cambiamenti <span class=\"_ _43\"> </span>legislativi, <span class=\"_ _69\"> </span>nor<span class=\"_ _1\"></span>mativi, <span class=\"_ _69\"> </span>fiscali, <span class=\"_ _43\"> </span>inclusi <span class=\"_ _43\"> </span>i <span class=\"_ _69\"> </span>re<span class=\"_ _1\"></span>quisiti <span class=\"_ _43\"> </span>in <span class=\"_ _69\"> </span>m<span class=\"_ _1\"></span>ateria <span class=\"_ _43\"> </span>di <span class=\"_ _69\"> </span>capitale </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs24d\">regolamentare e di liquidit\u00e0, anche tenuto conto della maggiore regolamentazione in risposta </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs24e\">alla crisi finanziaria; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs24f\"><span class=\"_ _42\"> </span><span class=\"ff4\">cambiamenti <span class=\"_ _38\"></span>climatici <span class=\"_ _1\"></span>avver<span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>potre<span class=\"_ _1\"></span>bbero <span class=\"_ _1\"></span>influenzare <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>valore <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>detenute <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>/o </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs250\">la capacit\u00e0 dei clienti di onorare il proprio debito<span class=\"_ _1\"></span>. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs251\">Altri <span class=\"_ _38\"></span>fattori <span class=\"_ _38\"></span>sconosciuti <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>imprevedibili <span class=\"_ _1\"></span>potre<span class=\"_ _1\"></span>bbero <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>terminare <span class=\"_ _1\"></span>degli <span class=\"_ _38\"></span>scostamenti <span class=\"_ _38\"></span>materiali <span class=\"_ _1\"></span>tra <span class=\"_ _38\"></span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs252\">risultati effettivi e quelli previsti.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc11 scb ls0 ws0 gs254\">Cambiamenti di st<span class=\"_ _1\"></span>ime </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs255\">Nel <span class=\"_ _3d\"> </span>co<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs256\">rso <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>2024 <span class=\"_ _3d\"> </span>gli <span class=\"_ _3d\"> </span>aggiornamenti  e<span class=\"_ _1\"></span>d <span class=\"_ _3d\"> </span>affinamenti <span class=\"_ _3d\"> </span>della  \u201c<span class=\"_ _1\"></span>Policy <span class=\"_ _3d\"> </span>Svalutazione <span class=\"_ _3d\"> </span>Crediti\u201d, <span class=\"_ _3d\"> </span>con </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs257\">riferimento <span class=\"_ _2\"></span>ai <span class=\"_ _3b\"></span>crediti <span class=\"_ _3b\"></span>deter<span class=\"_ _1\"></span>iorati, <span class=\"_ _3b\"></span>hanno <span class=\"_ _3b\"></span>generato <span class=\"_ _2\"></span>un <span class=\"_ _3b\"></span>impatto d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>maggiori <span class=\"_ _3b\"></span>svalutazioni <span class=\"_ _3b\"></span>per 11,3 <span class=\"_ _3b\"></span>milioni </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs258\">di euro. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs259\">Per <span class=\"_ _1\"></span>maggiori <span class=\"_ _1\"></span>dettagli s<span class=\"_ _1\"></span>i rimanda <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>quanto <span class=\"_ _1\"></span>riportato <span class=\"_ _1\"></span>nella <span class=\"_ _1\"></span>parte <span class=\"_ _1\"></span>E <span class=\"_ _1\"></span>\u2013 P<span class=\"_ _1\"></span>olitiche <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>gestione <span class=\"_ _1\"></span>del cre<span class=\"_ _1\"></span>dito<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs25a\">\u2013 Sezione 2.3 della presente Nota Integr<span class=\"_ _1\"></span>ativa<span class=\"_ _3a1\"> </span>.<span class=\"_ _3a1\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-766": {
   "value": "Sezione 5 - Altri asp etti Ponderazione degli scenari macroeconomici Gli  scenari  macroeconomici  per  il  calcolo  delle  perdite  attese  (ECL)  sono forniti  da  un  provider  esterno.  Nel  dettaglio,  vengono  individuati  tre  Scenari:  Baseline  (come indicato  dal  fornitore),  Bad  e  Good  (rispettivamente  individuati  come  gli  Scenari  S3  e  S1  del medesimo  fornitore).  Per  tali  diversi  scenari,  sono  fornite  inoltre  le  relative  probabilit\u00e0  di accadimento, che vengono utilizzate per ponderare le diverse stime di ECL derivanti e pervenire alla stima  complessiva. A  seguito dell\u2019emergenza  sanitaria  legata  alla pandemia  Covid-19 e  del conflitto tra Russia e Ucraina gli Istituti sono stati chiamati a istituire meccanismi di monitoraggio degli Scenari sottostanti ai modelli e della relativa sensitivity in contesti di forte volatilit\u00e0. In tale contesto, il Gruppo ha confermato l\u2019utilizzo del provider gi\u00e0 in uso valutando tuttavia tempo per tempo la ponderazione da attribuire ai tre scenari macroeconomici disponibili. A dicembre 2024, in coerenza con quanto stabilito nell'aggiornamento di settembre 2023, la ponderazione degli scenari \u00e8 pi\u00f9 severa rispetto a quella standard e pari a 10% good, 30% bad, 60% baseline, considerando comunque un contesto macroeconomico progressivamente meno volatile rispetto agli ultimi anni e un graduale ritorno ai pesi standard: 10% good, 10% bad, 80% baseline. L\u2019utilizzo di tale pi\u00f9 severa ponderazione rispetto a quella standard ha portato ad una maggiore quantificazione delle rettifiche di valore per 3,53 milioni di euro. Rischi climatici ambientali Con  rig uardo  ai  rischi  climatici,  nell\u2019ambito  del  percorso  di  progressivo  allineamento  alle aspettative della Banca Centrale Europea (BCE) in materia di inclusione delle tematiche ESG nel Framework  di  Risk  Management,  il  Gruppo  ha  avviato  una  progettualit\u00e0  che  ha  l\u2019obiettivo  di introdurre  i  principali  fattori  di  rischio  climatici  e  ambientali  nei  modelli  contabili  IFRS  9.  In particolare saranno gestiti i seguenti fattori di rischio:  \u00abRischio Fisico\u00bb sul portafoglio Mutui e Leasing immobiliari: espresso tramite la riduzione del valore delle garanzie immobiliari, al fine di rappresentare l\u2019ipotetico danno apportato da eventi climatici (alluvioni e frane), in relazione alla rischiosit\u00e0 del territorio in cui \u00e8 ubicato l\u2019immobile.  \u00abRischio di Transizione\u00bb sul portafoglio Imprese: volto a rappresentare la minore redditivit\u00e0 in cui  le  Imprese  potrebbero  incorrere  nell\u2019ambito  del  processo  di  adeguamento  verso un\u2019economia pi\u00f9 sostenibile. Le attivit\u00e0 progettuali di realizzazione del modello sono in corso, entrambe le evolutive descritte comporteranno un aumento delle rettifiche di valore e saranno quantificate considerando diversi scenari climatici ad integrazione degli scenari macro-economici gi\u00e0 previsti dall\u2019attuale impianto. Inoltre, a fronte della progettualit\u00e0 in corso relativa alla gestione dei rischi ESG nella modellistica IFRS9, \u00e8 stata introdotta una copertura aggiuntiva a partire da giugno 2024 quale anticipazione di tali effetti sul portafoglio crediti in essere per un  importo  pari a 9,22 milioni  di euro  a livello di Gruppo.  Come gi\u00e0 riportato all\u2019interno della relazione sulla gestione, tenuto conto che il Gruppo comincer\u00e0 ad acquistare crediti di carbonio certificati per compensare le emissioni scope 1 e 2 dal 2025, per l\u2019esercizio in corso non si rilevano impatti sulle valutazioni di bilancio. Conflitto in Ucraina e Medio Oriente  I  conflitti  in Ucraina  e  in  Medio  oriente  non  stanno a ven d o  ripercussioni  dirette  sul  Gruppo, in  quanto non si evidenziano esposizioni rilevanti verso i paesi coinvolti nel conflitto, tuttavia tensioni  improvvise sia sui prezzi delle materie prime, sia sui mercati finanziari potrebbero avere riverberi  sulla clientela.  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. Dal  punto  di  vista  operativo,  a  seguito  degli  sviluppi  del  quadro  sanzionatorio, il  Gruppo  ha mantenuto  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. ",
   "dimensions": {
    "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-828": {
   "value": "Conflitto in Ucr<span class=\"_ _1\"></span>aina e Medio Oriente<span class=\"_ _3a1\"> </span>I <span class=\"_ _35\"> </span>conflitti <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>Ucraina <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>Medio <span class=\"_ _35\"> </span>oriente <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>stanno<span class=\"_ _3a1\"> </span>a<span class=\"_ _3a1\"> </span>ven<span class=\"_ _3a1\"> </span>d<span class=\"_ _3a1\"> </span>o <span class=\"_ _35\"> </span>ripercussioni <span class=\"_ _35\"> </span>dirette <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>ul <span class=\"_ _35\"> </span>Gruppo, <span class=\"_ _0\"></span>in<span class=\"_ _3a1\"> </span>quanto non <span class=\"_ _3b\"></span>si evidenziano <span class=\"_ _2\"></span>esposizioni rilevanti <span class=\"_ _3b\"></span>vers<span class=\"_ _1\"></span>o i <span class=\"_ _3b\"></span>paesi coinvolti <span class=\"_ _3b\"></span>ne<span class=\"_ _1\"></span>l confl<span class=\"_ _2\"></span>itto, tuttavia <span class=\"_ _3b\"></span>tens<span class=\"_ _1\"></span>ioni<span class=\"_ _3a1\"> </span>improvvise <span class=\"_ _1\"></span>sia <span class=\"_ _1\"></span>sui <span class=\"_ _1\"></span>prezzi <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>mat<span class=\"_ _1\"></span>erie <span class=\"_ _1\"></span>prime, <span class=\"_ _1\"></span>sia <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ui mercat<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>finanziari pot<span class=\"_ _1\"></span>rebbero <span class=\"_ _1\"></span>avere<span class=\"_ _1\"></span> river<span class=\"_ _1\"></span>beri<span class=\"_ _3a1\"> </span>sulla <span class=\"_ _0\"></span>clientela. <span class=\"_ _35\"> </span>Il<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>Gr<span class=\"_ _1\"></span>uppo <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>inn<span class=\"_ _1\"></span>alzato <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>presidio <span class=\"_ _0\"></span>attraverso <span class=\"_ _35\"> </span>mecc<span class=\"_ _2\"></span>anismi <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>egmentazione <span class=\"_ _35\"> </span>della<span class=\"_ _3a1\"> </span>clientela <span class=\"_ _36\"> </span>e <span class=\"_ _39\"> </span>dei <span class=\"_ _36\"> </span>relat<span class=\"_ _1\"></span>ivi <span class=\"_ _36\"> </span>livelli <span class=\"_ _36\"> </span>di<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>ischiosit\u00e0 <span class=\"_ _36\"> </span>in <span class=\"_ _39\"> </span>relazione <span class=\"_ _36\"> </span>alla <span class=\"_ _36\"> </span>m<span class=\"_ _1\"></span>aggior <span class=\"_ _36\"> </span>espos<span class=\"_ _1\"></span>izione <span class=\"_ _36\"> </span>nei <span class=\"_ _36\"> </span>s<span class=\"_ _1\"></span>ettori<span class=\"_ _3a1\"> </span>direttamente pi\u00f9 <span class=\"_ _3b\"></span>colpiti o p<span class=\"_ _2\"></span>i\u00f9 <span class=\"_ _2\"></span>esposti a <span class=\"_ _3b\"></span>rischi geopolitici <span class=\"_ _3b\"></span>o impattati <span class=\"_ _3b\"></span>dall\u2019increment<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>dei pr<span class=\"_ _2\"></span>ezzi delle<span class=\"_ _3a1\"> </span>materie <span class=\"_ _2\"></span>prime. <span class=\"_ _3b\"></span>Le <span class=\"_ _3b\"></span>riper<span class=\"_ _1\"></span>cussioni <span class=\"_ _3b\"></span>dello <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>cenario <span class=\"_ _3b\"></span>sulle <span class=\"_ _3b\"></span>pr<span class=\"_ _1\"></span>incipali <span class=\"_ _3b\"></span>grandezze economiche <span class=\"_ _3b\"></span>e <span class=\"_ _3b\"></span>patrimoniali",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-861": {
   "value": "Aggregazione azie<span class=\"_ _1\"></span>ndale Le <span class=\"_ _0\"></span>operazioni <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>aggregazione <span class=\"_ _0\"></span>aziendale <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>disciplinate dal <span class=\"_ _0\"></span>Principio <span class=\"_ _0\"></span>contabile <span class=\"_ _0\"></span>internazionale IFRS 3 \u201cBusiness combination\u201d. Il <span class=\"_ _38\"></span>trasferime<span class=\"_ _1\"></span>nto <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>controllo <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>un\u2019impre<span class=\"_ _1\"></span>sa <span class=\"_ _38\"></span>(o <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>un <span class=\"_ _38\"></span>gr<span class=\"_ _1\"></span>uppo <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>ttivit\u00e0 <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>beni <span class=\"_ _38\"></span>integrati, <span class=\"_ _38\"></span>condott<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>e gestiti unitariamente) configura un\u2019operazione di aggre<span class=\"_ _1\"></span>gazione aziendale.  A tal <span class=\"_ _1\"></span>fine <span class=\"_ _1\"></span>il contro<span class=\"_ _1\"></span>llo si <span class=\"_ _1\"></span>considera t<span class=\"_ _1\"></span>rasferito quando <span class=\"_ _1\"></span>l\u2019investitore <span class=\"_ _1\"></span>\u00e8 esposto <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>rendimenti var<span class=\"_ _1\"></span>iabili, o detiene <span class=\"_ _1\"></span>diritti <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>tali <span class=\"_ _1\"></span>rendimenti, <span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>ivanti dal <span class=\"_ _1\"></span>propr<span class=\"_ _1\"></span>io <span class=\"_ _1\"></span>rapporto <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>parte<span class=\"_ _1\"></span>cipata <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>contempo ha la capacit\u00e0 di incidere sui rendimenti e<span class=\"_ _1\"></span>sercitando il proprio potere su tale entit\u00e0.  L\u2019IFRS <span class=\"_ _0\"> </span>3<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>richiede <span class=\"_ _0\"> </span>che <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>tutte <span class=\"_ _0\"></span>le <span class=\"_ _35\"> </span>operazioni <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>aggregazione <span class=\"_ _35\"> </span>venga <span class=\"_ _35\"> </span>indiv<span class=\"_ _2\"></span>iduato <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>acqui<span class=\"_ _2\"></span>rente. Quest\u2019ultimo <span class=\"_ _35\"> </span>deve <span class=\"_ _35\"> </span>essere <span class=\"_ _35\"> </span>identificato <span class=\"_ _35\"> </span>nel <span class=\"_ _35\"> </span>soggetto <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>ottie<span class=\"_ _1\"></span>ne <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>controllo <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>u <span class=\"_ _35\"> </span>un\u2019altra <span class=\"_ _35\"> </span>entit\u00e0 <span class=\"_ _35\"> </span>o gruppo di attivit\u00e0.  L\u2019acquisizione <span class=\"_ _0\"></span>deve <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>contabilizzata <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>data <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>cui<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>l\u2019acquirente <span class=\"_ _0\"></span>ottiene <span class=\"_ _0\"></span>effettivamente <span class=\"_ _0\"></span>il controllo <span class=\"_ _48\"> </span>sull\u2019impresa <span class=\"_ _48\"> </span>o <span class=\"_ _48\"> </span>attivit\u00e0 <span class=\"_ _48\"> </span>acqui<span class=\"_ _2\"></span>site. <span class=\"_ _48\"> </span>Quando <span class=\"_ _48\"> </span>l\u2019operazione <span class=\"_ _48\"> </span>avviene <span class=\"_ _48\"> </span>tramite <span class=\"_ _48\"> </span>un<span class=\"_ _2\"></span>\u2019unica operazione <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>cambio, <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>data <span class=\"_ _1\"></span>dello <span class=\"_ _0\"></span>scambio <span class=\"_ _38\"></span>normalmente <span class=\"_ _38\"></span>coincide <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>n <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>data <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _38\"></span>acquisizione. Tuttavia, <span class=\"_ _1\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>sempre <span class=\"_ _38\"></span>necessario <span class=\"_ _38\"></span>verificare <span class=\"_ _38\"></span>l\u2019eventuale <span class=\"_ _38\"></span>presenza <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>accor<span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra <span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>parti <span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>possano comportare un trasferimento del controllo <span class=\"_ _1\"></span>prima della data dello scambio.  Il <span class=\"_ _0\"></span>corrispettivo <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>rasferito <span class=\"_ _0\"></span>nell\u2019ambi<span class=\"_ _2\"></span>to <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>un\u2019op<span class=\"_ _2\"></span>erazione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>aggreg<span class=\"_ _2\"></span>azione <span class=\"_ _0\"></span>deve <span class=\"_ _0\"></span>essere <span class=\"_ _38\"></span>determinato come  sommatoria <span class=\"_ _35\"> </span>del  fair <span class=\"_ _35\"> </span>value,  alla <span class=\"_ _35\"> </span>data  dello<span class=\"_ _2\"></span>  scambio, <span class=\"_ _35\"> </span>delle  attivit\u00e0 <span class=\"_ _35\"> </span>cedute,  delle<span class=\"_ _2\"></span>  passivit\u00e0 sostenute o assunte e degli strumenti di capitale emessi dall\u2019acquirente in cambio del <span class=\"_ _1\"></span>controllo.<span class=\"_ _3a1\"> </span>Nelle <span class=\"_ _3d\"> </span>oper<span class=\"_ _1\"></span>azioni <span class=\"_ _3d\"> </span>che <span class=\"_ _37\"> </span>prevedono <span class=\"_ _3d\"> </span>il <span class=\"_ _37\"> </span>pagamento <span class=\"_ _3d\"> </span>in <span class=\"_ _37\"> </span>denaro <span class=\"_ _37\"> </span>(o  quando <span class=\"_ _37\"> </span>\u00e8 <span class=\"_ _37\"> </span>previsto <span class=\"_ _3d\"> </span>il <span class=\"_ _37\"> </span>pagamento median<span class=\"_ _3a1\"> </span>te <span class=\"_ _3a\"> </span>strumenti <span class=\"_ _3f\"> </span>finanziari <span class=\"_ _3a\"> </span>assimilabili <span class=\"_ _3f\"> </span>alla <span class=\"_ _3a\"> </span>cassa) <span class=\"_ _3a\"> </span>il <span class=\"_ _3f\"> </span>prezzo <span class=\"_ _3a\"> </span>\u00e8 <span class=\"_ _3a\"> </span>il <span class=\"_ _3f\"> </span>corrispettivo <span class=\"_ _3a\"> </span>pattuito, eventualmente <span class=\"_ _38\"></span>attualizzato <span class=\"_ _38\"></span>nel <span class=\"_ _1\"></span>caso <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>cui <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>previsto <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>pagamento <span class=\"_ _38\"></span>rateale <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>riferimento <span class=\"_ _1\"></span>ad un <span class=\"_ _2\"></span>periodo sup<span class=\"_ _2\"></span>eriore al <span class=\"_ _3b\"></span>breve <span class=\"_ _2\"></span>termine; nel<span class=\"_ _3b\"></span> caso in <span class=\"_ _3b\"></span>cui il<span class=\"_ _3b\"></span> pagamento av<span class=\"_ _2\"></span>venga <span class=\"_ _2\"></span>tramite uno<span class=\"_ _3b\"></span> strumento diverso dalla <span class=\"_ _1\"></span>cassa, <span class=\"_ _1\"></span>quindi mediant<span class=\"_ _1\"></span>e l\u2019em<span class=\"_ _1\"></span>issione di s<span class=\"_ _1\"></span>trumenti rappresent<span class=\"_ _1\"></span>ativi di capitale, <span class=\"_ _1\"></span>il pre<span class=\"_ _1\"></span>zzo \u00e8 pari<span class=\"_ _2\"></span> al<span class=\"_ _2\"></span> fair<span class=\"_ _2\"></span> valu<span class=\"_ _2\"></span>e del<span class=\"_ _2\"></span> mezzo <span class=\"_ _3b\"></span>di p<span class=\"_ _2\"></span>agamento al <span class=\"_ _3b\"></span>netto dei<span class=\"_ _2\"></span> costi <span class=\"_ _3b\"></span>direttamente attribuib<span class=\"_ _2\"></span>ili <span class=\"_ _2\"></span>all\u2019operazione di emissione di capitale. Le <span class=\"_ _40\"> </span>operazioni <span class=\"_ _40\"> </span>di <span class=\"_ _193\"> </span>aggre<span class=\"_ _1\"></span>gazione <span class=\"_ _40\"> </span>aziendale <span class=\"_ _193\"> </span>s<span class=\"_ _1\"></span>ono <span class=\"_ _40\"> </span>contabil<span class=\"_ _2\"></span>izzate <span class=\"_ _40\"> </span>secondo <span class=\"_ _40\"> </span>il <span class=\"_ _40\"> </span>\u201cmetodo dell\u2019acquisizione\u201d, <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>base <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>quale <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>identificabili <span class=\"_ _38\"></span>ac<span class=\"_ _1\"></span>quisite <span class=\"_ _0\"></span>(comprese <span class=\"_ _0\"></span>eventuali <span class=\"_ _0\"></span>attivit\u00e0 immateriali <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>precede<span class=\"_ _1\"></span>nza <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>rilevate <span class=\"_ _38\"></span>dall\u2019impresa <span class=\"_ _1\"></span>acquisita) <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>pass<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _1\"></span>identificabili <span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>unte (comprese quelle potenziali) devono essere rilevate ai rispettivi fair value alla data di acqui<span class=\"_ _2\"></span>sizione.  L\u2019eccedenza tra i<span class=\"_ _2\"></span>l corrispettivo <span class=\"_ _2\"></span>trasferito (rappresentato <span class=\"_ _2\"></span>dal <span class=\"_ _2\"></span>fair valu<span class=\"_ _2\"></span>e delle <span class=\"_ _2\"></span>attivit\u00e0 trasferite, delle passivit\u00e0 <span class=\"_ _2\"></span>sostenute o<span class=\"_ _3b\"></span> degli <span class=\"_ _3b\"></span>strumenti di <span class=\"_ _3b\"></span>capitale <span class=\"_ _3b\"></span>emess<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>dall\u2019acquirente<span class=\"_ _1\"></span>) <span class=\"_ _3b\"></span>ed il <span class=\"_ _3b\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3b\"></span>delle attivit\u00e0 e <span class=\"_ _3d\"> </span>passivit\u00e0 <span class=\"_ _3d\"> </span>acquisite  deve <span class=\"_ _3d\"> </span>essere <span class=\"_ _3d\"> </span>rilevata  come <span class=\"_ _3d\"> </span>avviamento; <span class=\"_ _3d\"> </span>qualora  quest<span class=\"_ _1\"></span>e  ultime <span class=\"_ _3d\"> </span>risultino, invece, <span class=\"_ _1\"></span>superior<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ommatoria <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>corrispettivo, <span class=\"_ _38\"></span>delle <span class=\"_ _1\"></span>quote <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>minor<span class=\"_ _1\"></span>anza <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _1\"></span>delle quote gi\u00e0 possedute, la differenza deve essere imputata a conto economico. La <span class=\"_ _1\"></span>contabilizzazione <span class=\"_ _1\"></span>dell\u2019operazione <span class=\"_ _38\"></span>di aggre<span class=\"_ _1\"></span>gazione <span class=\"_ _1\"></span>pu\u00f2 <span class=\"_ _1\"></span>avvenire <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ovvisoriamente <span class=\"_ _1\"></span>entro <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>fine dell\u2019esercizio <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>cui <span class=\"_ _1\"></span>l\u2019aggregazione <span class=\"_ _38\"></span>viene<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>alizzata <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>ve <span class=\"_ _1\"></span>essere <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span>fezionata <span class=\"_ _1\"></span>entro <span class=\"_ _38\"></span>dodici <span class=\"_ _38\"></span>mesi dalla data di acquisizione. Le <span class=\"_ _0\"></span>fu<span class=\"_ _2\"></span>sioni <span class=\"_ _0\"></span>rientrano <span class=\"_ _38\"></span>tra <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>operazioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>concentrazione <span class=\"_ _0\"></span>tra <span class=\"_ _38\"></span>imprese, <span class=\"_ _0\"></span>rappresentando <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>forma <span class=\"_ _38\"></span>di aggregazione <span class=\"_ _37\"> </span>aziendale <span class=\"_ _3d\"> </span>pi\u00f9 <span class=\"_ _37\"> </span>completa, <span class=\"_ _3d\"> </span>in <span class=\"_ _37\"> </span>quanto <span class=\"_ _37\"> </span>comportano <span class=\"_ _37\"> </span>l\u2019unificazione <span class=\"_ _3d\"> </span>sia <span class=\"_ _37\"> </span>giuridica <span class=\"_ _3d\"> </span>ch<span class=\"_ _1\"></span>e economica dei soggetti che vi partecipano. Le fusioni, <span class=\"_ _1\"></span>siano esse pr<span class=\"_ _1\"></span>oprie, cio\u00e8 <span class=\"_ _1\"></span>con la costit<span class=\"_ _1\"></span>uzione di un nuovo <span class=\"_ _1\"></span>soggetto giuridico o<span class=\"_ _1\"></span>ppure \u201cper incorporazione\u201d <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>conflu<span class=\"_ _2\"></span>enza <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>un\u2019impresa <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>un\u2019altra <span class=\"_ _0\"></span>imp<span class=\"_ _3b\"></span>re<span class=\"_ _1\"></span>sa <span class=\"_ _38\"></span>gi\u00e0 <span class=\"_ _0\"></span>esistente, <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>trattate secondo i criteri precedentemente <span class=\"_ _1\"></span>illustrati, in particolare:  <span class=\"_ _42\"> </span><span class=\"ff4\">se <span class=\"_ _35\"> </span>l\u2019operazione <span class=\"_ _35\"> </span>comporta <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>trasferimento <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>controllo  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>un\u2019impresa, <span class=\"_ _35\"> </span>essa <span class=\"_ _35\"> </span>viene <span class=\"_ _35\"> </span>trattata </span>come un\u2019operazione di aggregazione ai sensi dell\u2019IFRS 3; <span class=\"_ _42\"> </span><span class=\"ff4\">se <span class=\"_ _36\"> </span>l\u2019oper<span class=\"_ _1\"></span>azione <span class=\"_ _36\"> </span>non <span class=\"_ _39\"> </span>comporta <span class=\"_ _36\"> </span>il <span class=\"_ _39\"> </span>trasferimento <span class=\"_ _36\"> </span>del <span class=\"_ _39\"> </span>controllo, <span class=\"_ _39\"> </span>essa <span class=\"_ _36\"> </span>viene <span class=\"_ _39\"> </span>contabilizzata </span>privilegiando <span class=\"_ _39\"> </span>la <span class=\"_ _39\"> </span>continuit\u00e0 <span class=\"_ _39\"> </span>dei <span class=\"_ _39\"> </span>valori <span class=\"_ _39\"> </span>della <span class=\"_ _39\"> </span>societ\u00e0 <span class=\"_ _39\"> </span>incorporata. <span class=\"_ _39\"> </span>Difatti, <span class=\"_ _39\"> </span>le <span class=\"_ _39\"> </span>operazioni <span class=\"_ _39\"> </span>di aggregazione <span class=\"_ _36\"> </span>aziendale <span class=\"_ _39\"> </span>fra <span class=\"_ _36\"> </span>entit\u00e0 <span class=\"_ _39\"> </span>under <span class=\"_ _36\"> </span>common <span class=\"_ _36\"> </span>contro<span class=\"_ _1\"></span>l <span class=\"_ _36\"> </span>non <span class=\"_ _36\"> </span>rientrano <span class=\"_ _39\"> </span>nell\u2019ambito <span class=\"_ _36\"> </span>di applicazione <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>rincipio <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>abile <span class=\"_ _38\"></span>inter<span class=\"_ _1\"></span>nazionale <span class=\"_ _38\"></span>IFRS <span class=\"_ _1\"></span>3, <span class=\"_ _38\"></span>n\u00e9 <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _38\"></span>disciplinate <span class=\"_ _38\"></span>da <span class=\"_ _38\"></span>altri <span class=\"_ _38\"></span>IFRS; vengono <span class=\"_ _48\"> </span>q<span class=\"_ _2\"></span>uindi <span class=\"_ _3a\"> </span>definite<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>face<span class=\"_ _2\"></span>ndo <span class=\"_ _3a\"> </span>r<span class=\"_ _1\"></span>iferimento <span class=\"_ _48\"> </span>all<span class=\"_ _2\"></span>e <span class=\"_ _3a\"> </span>disposizioni <span class=\"_ _48\"> </span>contenute <span class=\"_ _3a\"> </span>nello <span class=\"_ _48\"> </span>IAS <span class=\"_ _3a\"> </span>8 Accounting Policies, Changes in Accounting Estimate<span class=\"_ _1\"></span>s and Errors. Per <span class=\"_ _38\"></span>maggior <span class=\"_ _38\"></span>informazioni <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>mer<span class=\"_ _1\"></span>ito <span class=\"_ _38\"></span>alle <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>perazioni <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>aggregazione <span class=\"_ _38\"></span>aziendale <span class=\"_ _38\"></span>avvenute <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>corso dell\u2019esercizio si rimanda alla Parte G della presente Nota Integrativa Consolidata. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-829": {
   "value": "Utilizzo di st<span class=\"_ _1\"></span>ime ed assunzioni nella predis<span class=\"_ _1\"></span>posizione del bilancio In <span class=\"_ _35\"> </span>conformit\u00e0 <span class=\"_ _35\"> </span>agli <span class=\"_ _35\"> </span>IFRS,  l<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>direzione  azi<span class=\"_ _2\"></span>endale <span class=\"_ _35\"> </span>deve  formulare <span class=\"_ _35\"> </span>valu<span class=\"_ _2\"></span>tazioni, <span class=\"_ _35\"> </span>st<span class=\"_ _1\"></span>ime <span class=\"_ _35\"> </span>e  ip<span class=\"_ _2\"></span>otesi <span class=\"_ _35\"> </span>che influenzano l<span class=\"_ _1\"></span>\u2019applicazione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>principi <span class=\"_ _1\"></span>contabili <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>import<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>attivit\u00e0, <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>pass<span class=\"_ _1\"></span>ivit\u00e0, dei <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>sti e <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>ricavi <span class=\"_ _1\"></span>rilevati <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>bilancio, no<span class=\"_ _1\"></span>nch\u00e9 <span class=\"_ _1\"></span>sull\u2019informativa <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>lativa a<span class=\"_ _1\"></span>d at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>passivit\u00e0 <span class=\"_ _1\"></span>potenziali. L<span class=\"_ _1\"></span>e stime <span class=\"_ _3d\"> </span>e <span class=\"_ _3d\"> </span>le  relative <span class=\"_ _3d\"> </span>ipotesi  s<span class=\"_ _1\"></span>i  basano <span class=\"_ _3d\"> </span>sulle  es<span class=\"_ _1\"></span>perienze  pregresse <span class=\"_ _3d\"> </span>e  s<span class=\"_ _1\"></span>u  altri <span class=\"_ _3d\"> </span>fattori <span class=\"_ _3d\"> </span>considerati ragionevoli <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>fattispecie <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ate <span class=\"_ _0\"></span>adottate <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>timare <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>valore<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>contabile <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _0\"></span>e delle passivit\u00e0 che non \u00e8 facilmente <span class=\"_ _1\"></span>desumibile da altre fonti. In <span class=\"_ _2\"></span>particolare sono s<span class=\"_ _2\"></span>tati adottati <span class=\"_ _3b\"></span>process<span class=\"_ _1\"></span>i d<span class=\"_ _2\"></span>i s<span class=\"_ _2\"></span>tima a <span class=\"_ _3b\"></span>supporto<span class=\"_ _1\"></span> del <span class=\"_ _3b\"></span>valore di <span class=\"_ _3b\"></span>iscr<span class=\"_ _1\"></span>izione di<span class=\"_ _2\"></span> alcu<span class=\"_ _2\"></span>ne delle pi\u00f9 <span class=\"_ _35\"> </span>rilevanti  poste <span class=\"_ _35\"> </span>valutative  isc<span class=\"_ _2\"></span>ritte  nel <span class=\"_ _35\"> </span>Bilancio <span class=\"_ _35\"> </span>al  31 <span class=\"_ _35\"> </span>dicembre  202<span class=\"_ _2\"></span>4,  cos\u00ec <span class=\"_ _35\"> </span>come <span class=\"_ _35\"> </span>previsto  d<span class=\"_ _2\"></span>ai principi c<span class=\"_ _2\"></span>ontabili e <span class=\"_ _3b\"></span>dalle normative di<span class=\"_ _2\"></span> riferimento <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>opra d<span class=\"_ _2\"></span>escritti. Detti <span class=\"_ _3b\"></span>pro<span class=\"_ _1\"></span>cessi <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ono b<span class=\"_ _2\"></span>asati in<span class=\"_ _2\"></span> larg<span class=\"_ _2\"></span>a misura su stime di recuperabilit\u00e0 <span class=\"_ _2\"></span>futura dei valori iscritti in <span class=\"_ _2\"></span>bilancio secondo le regole dettate dalle norme <span class=\"_ _0\"></span>vigenti <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>son<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>stati <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>ffettuati <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>un\u2019<span class=\"_ _2\"></span>ottica <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>continuit\u00e0 <span class=\"_ _38\"></span>azie<span class=\"_ _1\"></span>ndale, <span class=\"_ _0\"></span>ossia <span class=\"_ _0\"></span>prescind<span class=\"_ _2\"></span>endo <span class=\"_ _0\"></span>da ipotesi di liquidazione forzata delle poste oggetto di valutazione. I <span class=\"_ _0\"></span>processi <span class=\"_ _0\"></span>adottati <span class=\"_ _0\"></span>confortano <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>valori <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>iscrizione <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>31 <span class=\"_ _0\"></span>dicembre <span class=\"_ _0\"> </span>20<span class=\"_ _1\"></span>24. <span class=\"_ _0\"></span>Il <span class=\"_ _0\"></span>processo <span class=\"_ _0\"></span>valutativo <span class=\"_ _0\"></span>\u00e8 risultato <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>icolarmente <span class=\"_ _38\"></span>complesso <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>cons<span class=\"_ _1\"></span>iderazione <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>persistente <span class=\"_ _0\"></span>ince<span class=\"_ _2\"></span>rtezza <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iscontrabile nel <span class=\"_ _35\"> </span>contes<span class=\"_ _2\"></span>to <span class=\"_ _35\"> </span>macroeconomico <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>m<span class=\"_ _2\"></span>ercato, <span class=\"_ _0\"> </span>car<span class=\"_ _1\"></span>atterizzato, <span class=\"_ _0\"></span>sia <span class=\"_ _35\"> </span>da <span class=\"_ _0\"></span>importanti <span class=\"_ _35\"> </span>liv<span class=\"_ _2\"></span>elli <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>volatilit\u00e0<span class=\"_ _3a1\"> </span>riscontrabili  nei  parametr<span class=\"_ _1\"></span>i  finanziari  determinanti  ai  fini  della  valutazione,  sia <span class=\"_ _3d\"> </span>da  indicatori  di deterioramento prospettico della qualit\u00e0 del credito ancora ele<span class=\"_ _1\"></span>vati. I  parametri  e  le  informazioni  utilizzati  per  la  verifica  dei  valori  prima  menzionati  sono  quindi significativamente <span class=\"_ _1\"></span>influenzati <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>detti <span class=\"_ _1\"></span>fattori <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>potrebbero <span class=\"_ _1\"></span>registrare <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>apidi <span class=\"_ _1\"></span>mutamenti <span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>oggi non prevedibili, <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>alch\u00e9 non si <span class=\"_ _2\"></span>possono escludere cons<span class=\"_ _2\"></span>eguenti effetti sui f<span class=\"_ _2\"></span>uturi valori d<span class=\"_ _2\"></span>i bilanci<span class=\"_ _2\"></span>o. Per loro natura l<span class=\"_ _2\"></span>e stime <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> le <span class=\"_ _3b\"></span>assunzioni utilizzate possono <span class=\"_ _2\"></span>variare di <span class=\"_ _3b\"></span>periodo in p<span class=\"_ _2\"></span>eriodo e, p<span class=\"_ _2\"></span>ertanto, non \u00e8 da <span class=\"_ _3b\"></span>escludere che <span class=\"_ _3b\"></span>nei periodi <span class=\"_ _3b\"></span>successivi gli <span class=\"_ _3b\"></span>at<span class=\"_ _1\"></span>tuali v<span class=\"_ _2\"></span>alori i<span class=\"_ _2\"></span>scritti in<span class=\"_ _3b\"></span> bilancio <span class=\"_ _2\"></span>possano differire, <span class=\"_ _3b\"></span>anche in maniera significativa, a seguito del mutamento delle valutazioni soggettive <span class=\"_ _1\"></span>utilizzate. Le <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ime <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>ipotesi <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iviste <span class=\"_ _1\"></span>regolarmente. <span class=\"_ _38\"></span>Le <span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>ntuali variazioni <span class=\"_ _38\"></span>conseguenti <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>li <span class=\"_ _1\"></span>revisioni sono <span class=\"_ _0\"></span>rilevate <span class=\"_ _0\"></span>nel<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>periodo <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>cui <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>revisione <span class=\"_ _0\"></span>viene <span class=\"_ _0\"></span>effettuata <span class=\"_ _38\"></span>qualora <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>stessa <span class=\"_ _0\"></span>int<span class=\"_ _2\"></span>eressi <span class=\"_ _0\"></span>solo <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>el periodo. <span class=\"_ _38\"></span>Nel <span class=\"_ _38\"></span>caso <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>cui <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>revisione <span class=\"_ _38\"></span>interess<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>riodi <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>correnti <span class=\"_ _1\"></span>sia <span class=\"_ _38\"></span>futuri, <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>variazione <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ilevata nel periodo in cui la revisione viene effett<span class=\"_ _1\"></span>uata e nei relativi periodi futuri. Le <span class=\"_ _38\"></span>principali <span class=\"_ _38\"></span>fattispecie <span class=\"_ _0\"></span>per <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>quali <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>maggiormente <span class=\"_ _1\"></span>richiest<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>l\u2019impiego <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>valutazioni <span class=\"_ _38\"></span>soggett<span class=\"_ _1\"></span>ive da parte della Direzione sono: <span class=\"_ _42\"> </span><span class=\"ff4\">la <span class=\"_ _3b\"></span>quantificazione d<span class=\"_ _2\"></span>elle p<span class=\"_ _2\"></span>erdite <span class=\"_ _3b\"></span>per riduzione <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>valore d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>crediti <span class=\"_ _3b\"></span>e, <span class=\"_ _3b\"></span>in genere, <span class=\"_ _3b\"></span>delle <span class=\"_ _3b\"></span>altre a<span class=\"_ _2\"></span>ttivit\u00e0 </span>finanziarie e delle partecipazioni; <span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019utilizzo <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>modelli <span class=\"_ _35\"> </span>valutativi <span class=\"_ _0\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>rilevazione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>fair <span class=\"_ _0\"></span>value <span class=\"_ _35\"> </span>degli <span class=\"_ _0\"></span>strume<span class=\"_ _1\"></span>nti <span class=\"_ _35\"> </span>fin<span class=\"_ _2\"></span>anziari <span class=\"_ _35\"> </span>non<span class=\"_ _3a1\"> </span></span>quotati in mercati attivi; <span class=\"_ _42\"> </span><span class=\"ff4\">la stima del valore recuperabile dell\u2019avviamento; </span><span class=\"_ _42\"> </span><span class=\"ff4\">la quantificazione del TFR, dei fondi del personale e de<span class=\"_ _1\"></span>i fondi per rischi e oneri; </span><span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _0\"></span>stime <span class=\"_ _38\"></span>effettuate <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>valutazi<span class=\"_ _2\"></span>one <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _0\"></span>assicurative; <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>processo <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>formazione </span>delle  Passiv<span class=\"_ _2\"></span>it\u00e0  Assicurative <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>basa  su <span class=\"_ _35\"> </span>complessi  p<span class=\"_ _3b\"></span>rocess<span class=\"_ _1\"></span>i <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>stima  e <span class=\"_ _35\"> </span>richiede <span class=\"_ _35\"> </span>l\u2019utilizzo <span class=\"_ _35\"> </span>d<span class=\"_ _1\"></span>i assunzioni <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ip<span class=\"_ _2\"></span>otesi <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>natura <span class=\"_ _38\"></span>tecnica, <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>emografica, <span class=\"_ _0\"></span>attuariale <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>finanziaria <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>riguardano, tra <span class=\"_ _3d\"> </span>l\u2019altro,  la <span class=\"_ _3d\"> </span>previsione <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>futuri  flussi <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>cassa <span class=\"_ _3d\"> </span>collegati <span class=\"_ _3d\"> </span>all\u2019adempimento <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>contratti rientranti <span class=\"_ _35\"> </span>nell\u2019ambito <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>appli<span class=\"_ _2\"></span>cazione <span class=\"_ _35\"> </span>dell\u2019IFRS17, <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>determinazione <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>tasso <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>sconto <span class=\"_ _35\"> </span>da applicare <span class=\"_ _1\"></span>nell\u2019attualizzazione degli ste<span class=\"_ _1\"></span>ssi, la var<span class=\"_ _1\"></span>iazione dell\u2019importo <span class=\"_ _1\"></span>della quota <span class=\"_ _1\"></span>di pertinenza del <span class=\"_ _44\"> </span>Gruppo <span class=\"_ _44\"> </span>del <span class=\"_ _69\"> </span>fair <span class=\"_ _44\"> </span>value <span class=\"_ _44\"> </span>degli <span class=\"_ _44\"> </span>e<span class=\"_ _1\"></span>lementi <span class=\"_ _44\"> </span>sottostanti <span class=\"_ _44\"> </span>e <span class=\"_ _44\"> </span>della <span class=\"_ _69\"> </span>componente <span class=\"_ _44\"> </span>r<span class=\"_ _1\"></span>elativa all\u2019aggiustamento per rischi non finanz<span class=\"_ _2\"></span>iari, nonch\u00e9 la quantificazione della quota d<span class=\"_ _2\"></span>el margine sui servizi contrattuali da rilasciare <span class=\"_ _1\"></span>nel conto economico. Tali  v<span class=\"_ _2\"></span>alutazioni  sono  prevalentemente <span class=\"_ _35\"> </span>legate  sia <span class=\"_ _35\"> </span>all\u2019evoluzione  del  con<span class=\"_ _2\"></span>testo  socio-economico nazionale <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>int<span class=\"_ _2\"></span>ernazionale, <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ia <span class=\"_ _0\"></span>a<span class=\"_ _3b\"></span>ll\u2019andamento <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>m<span class=\"_ _2\"></span>ercati <span class=\"_ _0\"></span>fin<span class=\"_ _2\"></span>anziari, <span class=\"_ _38\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>pr<span class=\"_ _1\"></span>ovocano <span class=\"_ _38\"></span>conseguent<span class=\"_ _1\"></span>i riflessi sull\u2019andamento dei ta<span class=\"_ _2\"></span>ssi, sulla <span class=\"_ _2\"></span>fluttuazione dei prezzi, sul<span class=\"_ _2\"></span>le basi attuariali e, <span class=\"_ _2\"></span>pi\u00f9 in <span class=\"_ _2\"></span>generale, sul merito creditizio delle controparti. L\u2019evoluzione <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>t<span class=\"_ _1\"></span>ali <span class=\"_ _37\"> </span>fattori <span class=\"_ _37\"> </span>potrebbe <span class=\"_ _37\"> </span>deter<span class=\"_ _1\"></span>minare <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>necessit\u00e0, <span class=\"_ _3d\"> </span>nei <span class=\"_ _36\"> </span>futuri <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>sercizi, <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>ulteriori classificazioni <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>esposizioni <span class=\"_ _35\"> </span>creditizie <span class=\"_ _0\"></span>fra <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>espos<span class=\"_ _1\"></span>izioni <span class=\"_ _0\"></span>deteriorate, <span class=\"_ _35\"> </span>determinando <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>indi <span class=\"_ _0\"></span>la<span class=\"_ _1\"></span> rilevazione di <span class=\"_ _1\"></span>ulteriori rettifiche <span class=\"_ _1\"></span>di valore<span class=\"_ _1\"></span> inerenti <span class=\"_ _1\"></span>anche <span class=\"_ _1\"></span>alle esposizioni cre<span class=\"_ _1\"></span>ditizie non <span class=\"_ _1\"></span>deteriorate, per <span class=\"_ _1\"></span>effetto <span class=\"_ _1\"></span>dell\u2019aggiornamento <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>parametri <span class=\"_ _1\"></span>creditizi. <span class=\"_ _1\"></span>In <span class=\"_ _1\"></span>aggiunta, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>necessit\u00e0<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di pr<span class=\"_ _1\"></span>ocedere <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>un adeguamento <span class=\"_ _3a\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _3a\"> </span>rettifiche <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>valore <span class=\"_ _48\"> </span>p<span class=\"_ _2\"></span>otrebbe <span class=\"_ _3a\"> </span>derivare <span class=\"_ _3a\"> </span>dall\u2019affermars<span class=\"_ _1\"></span>i <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>uno <span class=\"_ _48\"> </span>sc<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>nario macroeconomico diverso da quello assunto nella stima <span class=\"_ _1\"></span>dei parametri creditizi. L\u2019evoluzione <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>mercat<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>immo<span class=\"_ _2\"></span>biliare <span class=\"_ _0\"></span>d\u2019altra <span class=\"_ _0\"></span>pa<span class=\"_ _2\"></span>rte, <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>termini <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>corr<span class=\"_ _1\"></span>ezione <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>ribasso <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>pr<span class=\"_ _1\"></span>ezzi degli <span class=\"_ _1\"></span>immobili, <span class=\"_ _38\"></span>potrebbe <span class=\"_ _38\"></span>influenzare <span class=\"_ _38\"></span>(i) <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>valor<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>degli <span class=\"_ _38\"></span>immobili <span class=\"_ _1\"></span>rice<span class=\"_ _1\"></span>vuti <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>garanzia <span class=\"_ _38\"></span>richiedendo <span class=\"_ _38\"></span>un adeguamento <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>rettifiche <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>valore<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>o <span class=\"_ _1\"></span>(ii) <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>capacit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>alc<span class=\"_ _1\"></span>une <span class=\"_ _38\"></span>controparti <span class=\"_ _38\"></span>operanti <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>settore immobiliare di onorare il proprio <span class=\"_ _2\"></span>debito. Con riferimento ai cambiamenti avv<span class=\"_ _2\"></span>ersi dei rischi cli<span class=\"_ _2\"></span>matici si <span class=\"_ _38\"></span>rimanda <span class=\"_ _0\"></span>a <span class=\"_ _1\"></span>quanto <span class=\"_ _0\"></span>gi\u00e0 <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iportato <span class=\"_ _38\"></span>nella <span class=\"_ _38\"></span>prese<span class=\"_ _1\"></span>nta <span class=\"_ _38\"></span>Nota <span class=\"_ _38\"></span>integrativa, <span class=\"_ _38\"></span>Pa<span class=\"_ _1\"></span>rte <span class=\"_ _38\"></span>E, <span class=\"_ _0\"></span>Sezion<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>2 <span class=\"_ _0\"></span>\u2013 <span class=\"_ _1\"></span>Rischi <span class=\"_ _38\"></span>del consolidato prudenziale. Con <span class=\"_ _1\"></span>riferimento <span class=\"_ _1\"></span>alle <span class=\"_ _1\"></span>restanti <span class=\"_ _1\"></span>poste <span class=\"_ _1\"></span>per le <span class=\"_ _1\"></span>quali <span class=\"_ _1\"></span>vengono <span class=\"_ _1\"></span>utilizzate <span class=\"_ _1\"></span>valutazioni <span class=\"_ _1\"></span>soggettive, <span class=\"_ _1\"></span>sebbene le <span class=\"_ _38\"></span>valutazioni <span class=\"_ _1\"></span>siano <span class=\"_ _38\"></span>state <span class=\"_ _38\"></span>effettuate <span class=\"_ _38\"></span>sulla <span class=\"_ _38\"></span>base <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>informa<span class=\"_ _1\"></span>zioni <span class=\"_ _1\"></span>ritenute <span class=\"_ _38\"></span>ragionevoli <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>soste<span class=\"_ _1\"></span>nibili <span class=\"_ _1\"></span>al 31 dicembre<span class=\"_ _1\"></span> 2024<span class=\"_ _1\"></span>, le ste<span class=\"_ _1\"></span>sse potranno <span class=\"_ _1\"></span>subire cambiament<span class=\"_ _1\"></span>i al <span class=\"_ _1\"></span>momento <span class=\"_ _1\"></span>non prevedibili per <span class=\"_ _1\"></span>effetto delle evoluzioni nei parametri alla base delle rispettive valutazioni: <span class=\"_ _42\"> </span><span class=\"ff4\">condizioni economiche<span class=\"_ _2\"></span> ed <span class=\"_ _3b\"></span>industr<span class=\"_ _1\"></span>iali <span class=\"_ _2\"></span>generali d<span class=\"_ _2\"></span>elle a<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ee in<span class=\"_ _3b\"></span> cui l<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>opera o <span class=\"_ _3b\"></span>ha in<span class=\"_ _2\"></span>vestimenti </span>significativi; <span class=\"_ _42\"> </span><span class=\"ff4\">esposizione ai vari rischi di mercato (es. rischio cambio); </span><span class=\"_ _42\"> </span><span class=\"ff4\">cambiamenti <span class=\"_ _43\"> </span>legislativi, <span class=\"_ _69\"> </span>nor<span class=\"_ _1\"></span>mativi, <span class=\"_ _69\"> </span>fiscali, <span class=\"_ _43\"> </span>inclusi <span class=\"_ _43\"> </span>i <span class=\"_ _69\"> </span>re<span class=\"_ _1\"></span>quisiti <span class=\"_ _43\"> </span>in <span class=\"_ _69\"> </span>m<span class=\"_ _1\"></span>ateria <span class=\"_ _43\"> </span>di <span class=\"_ _69\"> </span>capitale </span>regolamentare e di liquidit\u00e0, anche tenuto conto della maggiore regolamentazione in risposta alla crisi finanziaria; <span class=\"_ _42\"> </span><span class=\"ff4\">cambiamenti <span class=\"_ _38\"></span>climatici <span class=\"_ _1\"></span>avver<span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>potre<span class=\"_ _1\"></span>bbero <span class=\"_ _1\"></span>influenzare <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>valore <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>detenute <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>/o </span>la capacit\u00e0 dei clienti di onorare il proprio debito<span class=\"_ _1\"></span>. Altri <span class=\"_ _38\"></span>fattori <span class=\"_ _38\"></span>sconosciuti <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>imprevedibili <span class=\"_ _1\"></span>potre<span class=\"_ _1\"></span>bbero <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>terminare <span class=\"_ _1\"></span>degli <span class=\"_ _38\"></span>scostamenti <span class=\"_ _38\"></span>materiali <span class=\"_ _1\"></span>tra <span class=\"_ _38\"></span>i risultati effettivi e quelli previsti.<span class=\"_ _3a1\"> </span> Cambiamenti di st<span class=\"_ _1\"></span>ime Nel <span class=\"_ _3d\"> </span>co<span class=\"_ _3a1\"> </span>rso <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>2024 <span class=\"_ _3d\"> </span>gli <span class=\"_ _3d\"> </span>aggiornamenti  e<span class=\"_ _1\"></span>d <span class=\"_ _3d\"> </span>affinamenti <span class=\"_ _3d\"> </span>della  \u201c<span class=\"_ _1\"></span>Policy <span class=\"_ _3d\"> </span>Svalutazione <span class=\"_ _3d\"> </span>Crediti\u201d, <span class=\"_ _3d\"> </span>con riferimento <span class=\"_ _2\"></span>ai <span class=\"_ _3b\"></span>crediti <span class=\"_ _3b\"></span>deter<span class=\"_ _1\"></span>iorati, <span class=\"_ _3b\"></span>hanno <span class=\"_ _3b\"></span>generato <span class=\"_ _2\"></span>un <span class=\"_ _3b\"></span>impatto d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>maggiori <span class=\"_ _3b\"></span>svalutazioni <span class=\"_ _3b\"></span>per 11,3 <span class=\"_ _3b\"></span>milioni di euro. Per <span class=\"_ _1\"></span>maggiori <span class=\"_ _1\"></span>dettagli s<span class=\"_ _1\"></span>i rimanda <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>quanto <span class=\"_ _1\"></span>riportato <span class=\"_ _1\"></span>nella <span class=\"_ _1\"></span>parte <span class=\"_ _1\"></span>E <span class=\"_ _1\"></span>\u2013 P<span class=\"_ _1\"></span>olitiche <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>gestione <span class=\"_ _1\"></span>del cre<span class=\"_ _1\"></span>dito<span class=\"_ _3b\"></span> \u2013 Sezione 2.3 della presente Nota Integr<span class=\"_ _1\"></span>ativa<span class=\"_ _3a1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-799": {
   "value": "Utilizzo di st<span class=\"_ _1\"></span>ime ed assunzioni nella predis<span class=\"_ _1\"></span>posizione del bilancio In <span class=\"_ _35\"> </span>conformit\u00e0 <span class=\"_ _35\"> </span>agli <span class=\"_ _35\"> </span>IFRS,  l<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>direzione  azi<span class=\"_ _2\"></span>endale <span class=\"_ _35\"> </span>deve  formulare <span class=\"_ _35\"> </span>valu<span class=\"_ _2\"></span>tazioni, <span class=\"_ _35\"> </span>st<span class=\"_ _1\"></span>ime <span class=\"_ _35\"> </span>e  ip<span class=\"_ _2\"></span>otesi <span class=\"_ _35\"> </span>che influenzano l<span class=\"_ _1\"></span>\u2019applicazione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>principi <span class=\"_ _1\"></span>contabili <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>import<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>attivit\u00e0, <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>pass<span class=\"_ _1\"></span>ivit\u00e0, dei <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>sti e <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>ricavi <span class=\"_ _1\"></span>rilevati <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>bilancio, no<span class=\"_ _1\"></span>nch\u00e9 <span class=\"_ _1\"></span>sull\u2019informativa <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>lativa a<span class=\"_ _1\"></span>d at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>passivit\u00e0 <span class=\"_ _1\"></span>potenziali. L<span class=\"_ _1\"></span>e stime <span class=\"_ _3d\"> </span>e <span class=\"_ _3d\"> </span>le  relative <span class=\"_ _3d\"> </span>ipotesi  s<span class=\"_ _1\"></span>i  basano <span class=\"_ _3d\"> </span>sulle  es<span class=\"_ _1\"></span>perienze  pregresse <span class=\"_ _3d\"> </span>e  s<span class=\"_ _1\"></span>u  altri <span class=\"_ _3d\"> </span>fattori <span class=\"_ _3d\"> </span>considerati ragionevoli <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>fattispecie <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ate <span class=\"_ _0\"></span>adottate <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>timare <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>valore<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>contabile <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _0\"></span>e delle passivit\u00e0 che non \u00e8 facilmente <span class=\"_ _1\"></span>desumibile da altre fonti. In <span class=\"_ _2\"></span>particolare sono s<span class=\"_ _2\"></span>tati adottati <span class=\"_ _3b\"></span>process<span class=\"_ _1\"></span>i d<span class=\"_ _2\"></span>i s<span class=\"_ _2\"></span>tima a <span class=\"_ _3b\"></span>supporto<span class=\"_ _1\"></span> del <span class=\"_ _3b\"></span>valore di <span class=\"_ _3b\"></span>iscr<span class=\"_ _1\"></span>izione di<span class=\"_ _2\"></span> alcu<span class=\"_ _2\"></span>ne delle pi\u00f9 <span class=\"_ _35\"> </span>rilevanti  poste <span class=\"_ _35\"> </span>valutative  isc<span class=\"_ _2\"></span>ritte  nel <span class=\"_ _35\"> </span>Bilancio <span class=\"_ _35\"> </span>al  31 <span class=\"_ _35\"> </span>dicembre  202<span class=\"_ _2\"></span>4,  cos\u00ec <span class=\"_ _35\"> </span>come <span class=\"_ _35\"> </span>previsto  d<span class=\"_ _2\"></span>ai principi c<span class=\"_ _2\"></span>ontabili e <span class=\"_ _3b\"></span>dalle normative di<span class=\"_ _2\"></span> riferimento <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>opra d<span class=\"_ _2\"></span>escritti. Detti <span class=\"_ _3b\"></span>pro<span class=\"_ _1\"></span>cessi <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ono b<span class=\"_ _2\"></span>asati in<span class=\"_ _2\"></span> larg<span class=\"_ _2\"></span>a misura su stime di recuperabilit\u00e0 <span class=\"_ _2\"></span>futura dei valori iscritti in <span class=\"_ _2\"></span>bilancio secondo le regole dettate dalle norme <span class=\"_ _0\"></span>vigenti <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>son<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>stati <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>ffettuati <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>un\u2019<span class=\"_ _2\"></span>ottica <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>continuit\u00e0 <span class=\"_ _38\"></span>azie<span class=\"_ _1\"></span>ndale, <span class=\"_ _0\"></span>ossia <span class=\"_ _0\"></span>prescind<span class=\"_ _2\"></span>endo <span class=\"_ _0\"></span>da ipotesi di liquidazione forzata delle poste oggetto di valutazione. I <span class=\"_ _0\"></span>processi <span class=\"_ _0\"></span>adottati <span class=\"_ _0\"></span>confortano <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>valori <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>iscrizione <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>31 <span class=\"_ _0\"></span>dicembre <span class=\"_ _0\"> </span>20<span class=\"_ _1\"></span>24. <span class=\"_ _0\"></span>Il <span class=\"_ _0\"></span>processo <span class=\"_ _0\"></span>valutativo <span class=\"_ _0\"></span>\u00e8 risultato <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>icolarmente <span class=\"_ _38\"></span>complesso <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>cons<span class=\"_ _1\"></span>iderazione <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>persistente <span class=\"_ _0\"></span>ince<span class=\"_ _2\"></span>rtezza <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iscontrabile nel <span class=\"_ _35\"> </span>contes<span class=\"_ _2\"></span>to <span class=\"_ _35\"> </span>macroeconomico <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>m<span class=\"_ _2\"></span>ercato, <span class=\"_ _0\"> </span>car<span class=\"_ _1\"></span>atterizzato, <span class=\"_ _0\"></span>sia <span class=\"_ _35\"> </span>da <span class=\"_ _0\"></span>importanti <span class=\"_ _35\"> </span>liv<span class=\"_ _2\"></span>elli <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>volatilit\u00e0<span class=\"_ _3a1\"> </span>riscontrabili  nei  parametr<span class=\"_ _1\"></span>i  finanziari  determinanti  ai  fini  della  valutazione,  sia <span class=\"_ _3d\"> </span>da  indicatori  di deterioramento prospettico della qualit\u00e0 del credito ancora ele<span class=\"_ _1\"></span>vati. I  parametri  e  le  informazioni  utilizzati  per  la  verifica  dei  valori  prima  menzionati  sono  quindi significativamente <span class=\"_ _1\"></span>influenzati <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>detti <span class=\"_ _1\"></span>fattori <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>potrebbero <span class=\"_ _1\"></span>registrare <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>apidi <span class=\"_ _1\"></span>mutamenti <span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>oggi non prevedibili, <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>alch\u00e9 non si <span class=\"_ _2\"></span>possono escludere cons<span class=\"_ _2\"></span>eguenti effetti sui f<span class=\"_ _2\"></span>uturi valori d<span class=\"_ _2\"></span>i bilanci<span class=\"_ _2\"></span>o. Per loro natura l<span class=\"_ _2\"></span>e stime <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> le <span class=\"_ _3b\"></span>assunzioni utilizzate possono <span class=\"_ _2\"></span>variare di <span class=\"_ _3b\"></span>periodo in p<span class=\"_ _2\"></span>eriodo e, p<span class=\"_ _2\"></span>ertanto, non \u00e8 da <span class=\"_ _3b\"></span>escludere che <span class=\"_ _3b\"></span>nei periodi <span class=\"_ _3b\"></span>successivi gli <span class=\"_ _3b\"></span>at<span class=\"_ _1\"></span>tuali v<span class=\"_ _2\"></span>alori i<span class=\"_ _2\"></span>scritti in<span class=\"_ _3b\"></span> bilancio <span class=\"_ _2\"></span>possano differire, <span class=\"_ _3b\"></span>anche in maniera significativa, a seguito del mutamento delle valutazioni soggettive <span class=\"_ _1\"></span>utilizzate. Le <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ime <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>ipotesi <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iviste <span class=\"_ _1\"></span>regolarmente. <span class=\"_ _38\"></span>Le <span class=\"_ _1\"></span>eve<span class=\"_ _1\"></span>ntuali variazioni <span class=\"_ _38\"></span>conseguenti <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>li <span class=\"_ _1\"></span>revisioni sono <span class=\"_ _0\"></span>rilevate <span class=\"_ _0\"></span>nel<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>periodo <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>cui <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>revisione <span class=\"_ _0\"></span>viene <span class=\"_ _0\"></span>effettuata <span class=\"_ _38\"></span>qualora <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>stessa <span class=\"_ _0\"></span>int<span class=\"_ _2\"></span>eressi <span class=\"_ _0\"></span>solo <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>el periodo. <span class=\"_ _38\"></span>Nel <span class=\"_ _38\"></span>caso <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>cui <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>revisione <span class=\"_ _38\"></span>interess<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>riodi <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>correnti <span class=\"_ _1\"></span>sia <span class=\"_ _38\"></span>futuri, <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>variazione <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ilevata nel periodo in cui la revisione viene effett<span class=\"_ _1\"></span>uata e nei relativi periodi futuri. Le <span class=\"_ _38\"></span>principali <span class=\"_ _38\"></span>fattispecie <span class=\"_ _0\"></span>per <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>quali <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>maggiormente <span class=\"_ _1\"></span>richiest<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>l\u2019impiego <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>valutazioni <span class=\"_ _38\"></span>soggett<span class=\"_ _1\"></span>ive da parte della Direzione sono: <span class=\"_ _42\"> </span><span class=\"ff4\">la <span class=\"_ _3b\"></span>quantificazione d<span class=\"_ _2\"></span>elle p<span class=\"_ _2\"></span>erdite <span class=\"_ _3b\"></span>per riduzione <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>valore d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>crediti <span class=\"_ _3b\"></span>e, <span class=\"_ _3b\"></span>in genere, <span class=\"_ _3b\"></span>delle <span class=\"_ _3b\"></span>altre a<span class=\"_ _2\"></span>ttivit\u00e0 </span>finanziarie e delle partecipazioni; <span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019utilizzo <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>modelli <span class=\"_ _35\"> </span>valutativi <span class=\"_ _0\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>rilevazione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>fair <span class=\"_ _0\"></span>value <span class=\"_ _35\"> </span>degli <span class=\"_ _0\"></span>strume<span class=\"_ _1\"></span>nti <span class=\"_ _35\"> </span>fin<span class=\"_ _2\"></span>anziari <span class=\"_ _35\"> </span>non<span class=\"_ _3a1\"> </span></span>quotati in mercati attivi; <span class=\"_ _42\"> </span><span class=\"ff4\">la stima del valore recuperabile dell\u2019avviamento; </span><span class=\"_ _42\"> </span><span class=\"ff4\">la quantificazione del TFR, dei fondi del personale e de<span class=\"_ _1\"></span>i fondi per rischi e oneri; </span><span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _0\"></span>stime <span class=\"_ _38\"></span>effettuate <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>valutazi<span class=\"_ _2\"></span>one <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _0\"></span>assicurative; <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>processo <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>formazione </span>delle  Passiv<span class=\"_ _2\"></span>it\u00e0  Assicurative <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>basa  su <span class=\"_ _35\"> </span>complessi  p<span class=\"_ _3b\"></span>rocess<span class=\"_ _1\"></span>i <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>stima  e <span class=\"_ _35\"> </span>richiede <span class=\"_ _35\"> </span>l\u2019utilizzo <span class=\"_ _35\"> </span>d<span class=\"_ _1\"></span>i assunzioni <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ip<span class=\"_ _2\"></span>otesi <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>natura <span class=\"_ _38\"></span>tecnica, <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>emografica, <span class=\"_ _0\"></span>attuariale <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>finanziaria <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>riguardano, tra <span class=\"_ _3d\"> </span>l\u2019altro,  la <span class=\"_ _3d\"> </span>previsione <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>futuri  flussi <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>cassa <span class=\"_ _3d\"> </span>collegati <span class=\"_ _3d\"> </span>all\u2019adempimento <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>contratti rientranti <span class=\"_ _35\"> </span>nell\u2019ambito <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>appli<span class=\"_ _2\"></span>cazione <span class=\"_ _35\"> </span>dell\u2019IFRS17, <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>determinazione <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>tasso <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>sconto <span class=\"_ _35\"> </span>da applicare <span class=\"_ _1\"></span>nell\u2019attualizzazione degli ste<span class=\"_ _1\"></span>ssi, la var<span class=\"_ _1\"></span>iazione dell\u2019importo <span class=\"_ _1\"></span>della quota <span class=\"_ _1\"></span>di pertinenza del <span class=\"_ _44\"> </span>Gruppo <span class=\"_ _44\"> </span>del <span class=\"_ _69\"> </span>fair <span class=\"_ _44\"> </span>value <span class=\"_ _44\"> </span>degli <span class=\"_ _44\"> </span>e<span class=\"_ _1\"></span>lementi <span class=\"_ _44\"> </span>sottostanti <span class=\"_ _44\"> </span>e <span class=\"_ _44\"> </span>della <span class=\"_ _69\"> </span>componente <span class=\"_ _44\"> </span>r<span class=\"_ _1\"></span>elativa all\u2019aggiustamento per rischi non finanz<span class=\"_ _2\"></span>iari, nonch\u00e9 la quantificazione della quota d<span class=\"_ _2\"></span>el margine sui servizi contrattuali da rilasciare <span class=\"_ _1\"></span>nel conto economico. Tali  v<span class=\"_ _2\"></span>alutazioni  sono  prevalentemente <span class=\"_ _35\"> </span>legate  sia <span class=\"_ _35\"> </span>all\u2019evoluzione  del  con<span class=\"_ _2\"></span>testo  socio-economico nazionale <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>int<span class=\"_ _2\"></span>ernazionale, <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ia <span class=\"_ _0\"></span>a<span class=\"_ _3b\"></span>ll\u2019andamento <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>m<span class=\"_ _2\"></span>ercati <span class=\"_ _0\"></span>fin<span class=\"_ _2\"></span>anziari, <span class=\"_ _38\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>pr<span class=\"_ _1\"></span>ovocano <span class=\"_ _38\"></span>conseguent<span class=\"_ _1\"></span>i riflessi sull\u2019andamento dei ta<span class=\"_ _2\"></span>ssi, sulla <span class=\"_ _2\"></span>fluttuazione dei prezzi, sul<span class=\"_ _2\"></span>le basi attuariali e, <span class=\"_ _2\"></span>pi\u00f9 in <span class=\"_ _2\"></span>generale, sul merito creditizio delle controparti. L\u2019evoluzione <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>t<span class=\"_ _1\"></span>ali <span class=\"_ _37\"> </span>fattori <span class=\"_ _37\"> </span>potrebbe <span class=\"_ _37\"> </span>deter<span class=\"_ _1\"></span>minare <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>necessit\u00e0, <span class=\"_ _3d\"> </span>nei <span class=\"_ _36\"> </span>futuri <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>sercizi, <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>ulteriori classificazioni <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>esposizioni <span class=\"_ _35\"> </span>creditizie <span class=\"_ _0\"></span>fra <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>espos<span class=\"_ _1\"></span>izioni <span class=\"_ _0\"></span>deteriorate, <span class=\"_ _35\"> </span>determinando <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>indi <span class=\"_ _0\"></span>la<span class=\"_ _1\"></span> rilevazione di <span class=\"_ _1\"></span>ulteriori rettifiche <span class=\"_ _1\"></span>di valore<span class=\"_ _1\"></span> inerenti <span class=\"_ _1\"></span>anche <span class=\"_ _1\"></span>alle esposizioni cre<span class=\"_ _1\"></span>ditizie non <span class=\"_ _1\"></span>deteriorate, per <span class=\"_ _1\"></span>effetto <span class=\"_ _1\"></span>dell\u2019aggiornamento <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>parametri <span class=\"_ _1\"></span>creditizi. <span class=\"_ _1\"></span>In <span class=\"_ _1\"></span>aggiunta, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>necessit\u00e0<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di pr<span class=\"_ _1\"></span>ocedere <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>un adeguamento <span class=\"_ _3a\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _3a\"> </span>rettifiche <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>valore <span class=\"_ _48\"> </span>p<span class=\"_ _2\"></span>otrebbe <span class=\"_ _3a\"> </span>derivare <span class=\"_ _3a\"> </span>dall\u2019affermars<span class=\"_ _1\"></span>i <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>uno <span class=\"_ _48\"> </span>sc<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>nario macroeconomico diverso da quello assunto nella stima <span class=\"_ _1\"></span>dei parametri creditizi. L\u2019evoluzione <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>mercat<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>immo<span class=\"_ _2\"></span>biliare <span class=\"_ _0\"></span>d\u2019altra <span class=\"_ _0\"></span>pa<span class=\"_ _2\"></span>rte, <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>termini <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>corr<span class=\"_ _1\"></span>ezione <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>ribasso <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>pr<span class=\"_ _1\"></span>ezzi degli <span class=\"_ _1\"></span>immobili, <span class=\"_ _38\"></span>potrebbe <span class=\"_ _38\"></span>influenzare <span class=\"_ _38\"></span>(i) <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>valor<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>degli <span class=\"_ _38\"></span>immobili <span class=\"_ _1\"></span>rice<span class=\"_ _1\"></span>vuti <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>garanzia <span class=\"_ _38\"></span>richiedendo <span class=\"_ _38\"></span>un adeguamento <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>rettifiche <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>valore<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>o <span class=\"_ _1\"></span>(ii) <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>capacit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>alc<span class=\"_ _1\"></span>une <span class=\"_ _38\"></span>controparti <span class=\"_ _38\"></span>operanti <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>settore immobiliare di onorare il proprio <span class=\"_ _2\"></span>debito. Con riferimento ai cambiamenti avv<span class=\"_ _2\"></span>ersi dei rischi cli<span class=\"_ _2\"></span>matici si <span class=\"_ _38\"></span>rimanda <span class=\"_ _0\"></span>a <span class=\"_ _1\"></span>quanto <span class=\"_ _0\"></span>gi\u00e0 <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iportato <span class=\"_ _38\"></span>nella <span class=\"_ _38\"></span>prese<span class=\"_ _1\"></span>nta <span class=\"_ _38\"></span>Nota <span class=\"_ _38\"></span>integrativa, <span class=\"_ _38\"></span>Pa<span class=\"_ _1\"></span>rte <span class=\"_ _38\"></span>E, <span class=\"_ _0\"></span>Sezion<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>2 <span class=\"_ _0\"></span>\u2013 <span class=\"_ _1\"></span>Rischi <span class=\"_ _38\"></span>del consolidato prudenziale. Con <span class=\"_ _1\"></span>riferimento <span class=\"_ _1\"></span>alle <span class=\"_ _1\"></span>restanti <span class=\"_ _1\"></span>poste <span class=\"_ _1\"></span>per le <span class=\"_ _1\"></span>quali <span class=\"_ _1\"></span>vengono <span class=\"_ _1\"></span>utilizzate <span class=\"_ _1\"></span>valutazioni <span class=\"_ _1\"></span>soggettive, <span class=\"_ _1\"></span>sebbene le <span class=\"_ _38\"></span>valutazioni <span class=\"_ _1\"></span>siano <span class=\"_ _38\"></span>state <span class=\"_ _38\"></span>effettuate <span class=\"_ _38\"></span>sulla <span class=\"_ _38\"></span>base <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>informa<span class=\"_ _1\"></span>zioni <span class=\"_ _1\"></span>ritenute <span class=\"_ _38\"></span>ragionevoli <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>soste<span class=\"_ _1\"></span>nibili <span class=\"_ _1\"></span>al 31 dicembre<span class=\"_ _1\"></span> 2024<span class=\"_ _1\"></span>, le ste<span class=\"_ _1\"></span>sse potranno <span class=\"_ _1\"></span>subire cambiament<span class=\"_ _1\"></span>i al <span class=\"_ _1\"></span>momento <span class=\"_ _1\"></span>non prevedibili per <span class=\"_ _1\"></span>effetto delle evoluzioni nei parametri alla base delle rispettive valutazioni: <span class=\"_ _42\"> </span><span class=\"ff4\">condizioni economiche<span class=\"_ _2\"></span> ed <span class=\"_ _3b\"></span>industr<span class=\"_ _1\"></span>iali <span class=\"_ _2\"></span>generali d<span class=\"_ _2\"></span>elle a<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ee in<span class=\"_ _3b\"></span> cui l<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>opera o <span class=\"_ _3b\"></span>ha in<span class=\"_ _2\"></span>vestimenti </span>significativi; <span class=\"_ _42\"> </span><span class=\"ff4\">esposizione ai vari rischi di mercato (es. rischio cambio); </span><span class=\"_ _42\"> </span><span class=\"ff4\">cambiamenti <span class=\"_ _43\"> </span>legislativi, <span class=\"_ _69\"> </span>nor<span class=\"_ _1\"></span>mativi, <span class=\"_ _69\"> </span>fiscali, <span class=\"_ _43\"> </span>inclusi <span class=\"_ _43\"> </span>i <span class=\"_ _69\"> </span>re<span class=\"_ _1\"></span>quisiti <span class=\"_ _43\"> </span>in <span class=\"_ _69\"> </span>m<span class=\"_ _1\"></span>ateria <span class=\"_ _43\"> </span>di <span class=\"_ _69\"> </span>capitale </span>regolamentare e di liquidit\u00e0, anche tenuto conto della maggiore regolamentazione in risposta alla crisi finanziaria; <span class=\"_ _42\"> </span><span class=\"ff4\">cambiamenti <span class=\"_ _38\"></span>climatici <span class=\"_ _1\"></span>avver<span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>potre<span class=\"_ _1\"></span>bbero <span class=\"_ _1\"></span>influenzare <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>valore <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>detenute <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>/o </span>la capacit\u00e0 dei clienti di onorare il proprio debito<span class=\"_ _1\"></span>. Altri <span class=\"_ _38\"></span>fattori <span class=\"_ _38\"></span>sconosciuti <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>imprevedibili <span class=\"_ _1\"></span>potre<span class=\"_ _1\"></span>bbero <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>terminare <span class=\"_ _1\"></span>degli <span class=\"_ _38\"></span>scostamenti <span class=\"_ _38\"></span>materiali <span class=\"_ _1\"></span>tra <span class=\"_ _38\"></span>i risultati effettivi e quelli previsti.<span class=\"_ _3a1\"> </span>Cambiamenti di st<span class=\"_ _1\"></span>ime Nel <span class=\"_ _3d\"> </span>co<span class=\"_ _3a1\"> </span>rso <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>2024 <span class=\"_ _3d\"> </span>gli <span class=\"_ _3d\"> </span>aggiornamenti  e<span class=\"_ _1\"></span>d <span class=\"_ _3d\"> </span>affinamenti <span class=\"_ _3d\"> </span>della  \u201c<span class=\"_ _1\"></span>Policy <span class=\"_ _3d\"> </span>Svalutazione <span class=\"_ _3d\"> </span>Crediti\u201d, <span class=\"_ _3d\"> </span>con riferimento <span class=\"_ _2\"></span>ai <span class=\"_ _3b\"></span>crediti <span class=\"_ _3b\"></span>deter<span class=\"_ _1\"></span>iorati, <span class=\"_ _3b\"></span>hanno <span class=\"_ _3b\"></span>generato <span class=\"_ _2\"></span>un <span class=\"_ _3b\"></span>impatto d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>maggiori <span class=\"_ _3b\"></span>svalutazioni <span class=\"_ _3b\"></span>per 11,3 <span class=\"_ _3b\"></span>milioni di euro. Per <span class=\"_ _1\"></span>maggiori <span class=\"_ _1\"></span>dettagli s<span class=\"_ _1\"></span>i rimanda <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>quanto <span class=\"_ _1\"></span>riportato <span class=\"_ _1\"></span>nella <span class=\"_ _1\"></span>parte <span class=\"_ _1\"></span>E <span class=\"_ _1\"></span>\u2013 P<span class=\"_ _1\"></span>olitiche <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>gestione <span class=\"_ _1\"></span>del cre<span class=\"_ _1\"></span>dito<span class=\"_ _3b\"></span> \u2013 Sezione 2.3 della presente Nota Integr<span class=\"_ _1\"></span>ativa<span class=\"_ _3a1\"> </span>.<span class=\"_ _3a1\"> </span>1 - A<span class=\"_ _3a1\"> </span>ttivit\u00e0 finan<span class=\"_ _1\"></span>ziarie v<span class=\"_ _1\"></span>alutate <span class=\"_ _1\"></span>al fair valu<span class=\"_ _1\"></span>e con impa<span class=\"_ _1\"></span>tto a<span class=\"_ _1\"></span> conto ec<span class=\"_ _1\"></span>onom<span class=\"_ _3a1\"> </span>ico Criteri di iscrizione L\u2019iscrizione <span class=\"_ _1\"></span>iniziale <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0 finanziarie <span class=\"_ _38\"></span>avviene <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>regolamento <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>debito e<span class=\"_ _1\"></span> per i <span class=\"_ _1\"></span>titoli di <span class=\"_ _1\"></span>capitale, alla <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>di erogazione <span class=\"_ _1\"></span>per i <span class=\"_ _1\"></span>finanziamenti ed <span class=\"_ _1\"></span>alla data <span class=\"_ _1\"></span>di sott<span class=\"_ _1\"></span>oscrizione per <span class=\"_ _1\"></span>i contratti <span class=\"_ _184\"></span>d<span class=\"_ _3b\"></span>er<span class=\"_ _1\"></span>ivati. All\u2019atto <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>rilevazione <span class=\"_ _35\"> </span>iniz<span class=\"_ _2\"></span>iale <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>fin<span class=\"_ _2\"></span>anziarie <span class=\"_ _35\"> </span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _0\"> </span>fair<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>val<span class=\"_ _2\"></span>ue <span class=\"_ _35\"> </span>con<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>impatto <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>cont<span class=\"_ _2\"></span>o economico  vengono  rilevate <span class=\"_ _35\"> </span>al  fair <span class=\"_ _35\"> </span>value,  senza  considerare  i <span class=\"_ _35\"> </span>costi  o  proventi <span class=\"_ _35\"> </span>di  transazione direttamente attribuibili allo strumento stesso. Criteri di classificazione Sono <span class=\"_ _35\"> </span>classificate  i<span class=\"_ _2\"></span>n <span class=\"_ _35\"> </span>questa <span class=\"_ _35\"> </span>categoria <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _35\"> </span>finanziarie <span class=\"_ _35\"> </span>diverse  d<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>quelle <span class=\"_ _35\"> </span>classificate <span class=\"_ _35\"> </span>tra <span class=\"_ _35\"> </span>le Attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _0\"></span>valu<span class=\"_ _2\"></span>tate <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _1\"></span>con <span class=\"_ _0\"></span>impatto <span class=\"_ _1\"></span>sulla <span class=\"_ _38\"></span>redditivit\u00e0 <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>mplessiva <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>tra <span class=\"_ _0\"></span>le <span class=\"_ _1\"></span>Attivit\u00e0 finanziare valutate al costo ammort<span class=\"_ _1\"></span>izzato. La voce, in particolare, include: <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>detenute <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>negoziazione, <span class=\"_ _1\"></span>essenzialmente <span class=\"_ _1\"></span>rappresentate <span class=\"_ _38\"></span>da titoli <span class=\"_ _1\"></span>di </span>debito <span class=\"_ _36\"> </span>e <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>capitale <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>dal <span class=\"_ _36\"> </span>valore <span class=\"_ _36\"> </span>positivo <span class=\"_ _36\"> </span>dei <span class=\"_ _36\"> </span>contratti <span class=\"_ _36\"> </span>derivati <span class=\"_ _37\"> </span>det<span class=\"_ _1\"></span>enuti <span class=\"_ _36\"> </span>con <span class=\"_ _36\"> </span>finalit\u00e0 <span class=\"_ _36\"> </span>di negoziazione; <span class=\"_ _42\"> </span><span class=\"ff4\">le  attivit\u00e0  finanz<span class=\"_ _2\"></span>iarie  obbligatoriamente  valutate  al <span class=\"_ _35\"> </span>fair  value,  rappresentate  dalle <span class=\"_ _35\"> </span>attivit\u00e0 </span>finanziarie <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>soddisfano <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>requisiti <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>valu<span class=\"_ _2\"></span>tazione <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>costo <span class=\"_ _0\"></span>ammortizzato <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>al<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>fair value <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>impatt<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>ulla <span class=\"_ _0\"></span>redditivit\u00e0 <span class=\"_ _0\"></span>comples<span class=\"_ _1\"></span>siva. <span class=\"_ _0\"></span>Si <span class=\"_ _0\"></span>tratta <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>termini contrattuali <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>prevedono <span class=\"_ _38\"></span>esclusivamente <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>imborsi <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>capitale <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>pagamenti <span class=\"_ _38\"></span>dell\u2019interesse sull\u2019importo <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>capitale <span class=\"_ _35\"> </span>d<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>restituire <span class=\"_ _35\"> </span>(cd. <span class=\"_ _0\"></span>\u201cSPPI <span class=\"_ _35\"> </span>test\u201d <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>uperato) <span class=\"_ _0\"> </span>o<span class=\"_ _1\"></span>ppure <span class=\"_ _0\"></span>che <span class=\"_ _35\"> </span>non<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>sono detenute n<span class=\"_ _3b\"></span>el quadro<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>un modell<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>business il<span class=\"_ _3b\"></span> cui<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>obiettivo <span class=\"_ _3b\"></span>\u00e8 il<span class=\"_ _3b\"></span> possesso <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3b\"></span>finalizzato alla <span class=\"_ _3d\"> </span>raccolta <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>flussi <span class=\"_ _3d\"> </span>finanziari <span class=\"_ _3d\"> </span>contrattuali <span class=\"_ _3d\"> </span>(Business <span class=\"_ _3d\"> </span>mo<span class=\"_ _1\"></span>del  \u201c<span class=\"_ _1\"></span>Hold  to <span class=\"_ _3d\"> </span>Collect<span class=\"_ _1\"></span>\u201d)  o <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>cui obiettivo \u00e8 <span class=\"_ _1\"></span>conseguito <span class=\"_ _1\"></span>sia mediante la <span class=\"_ _1\"></span>raccolta dei <span class=\"_ _1\"></span>flussi finanziari <span class=\"_ _1\"></span>contrattuali che <span class=\"_ _1\"></span>mediante la vendita di attivit\u00e0 finanziarie (Business model \u201cHold to Collect and Sell\u201d); <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _3d\"> </span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _37\"> </span>finanziarie <span class=\"_ _3d\"> </span>designate <span class=\"_ _3d\"> </span>al <span class=\"_ _37\"> </span>fair <span class=\"_ _37\"> </span>value, <span class=\"_ _3d\"> </span>os<span class=\"_ _1\"></span>sia <span class=\"_ _3d\"> </span>le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _37\"> </span>finanziarie <span class=\"_ _37\"> </span>cos\u00ec <span class=\"_ _3d\"> </span>definite<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>al </span>momento  della  rilevazione  iniziale  e  ove  ne  sussistano  i  presupposti.  In<span class=\"_ _2\"></span>  relazione  a  tale fattispecie, <span class=\"_ _36\"> </span>un\u2019entit\u00e0 <span class=\"_ _36\"> </span>pu\u00f2 <span class=\"_ _36\"> </span>designare <span class=\"_ _36\"> </span>irrevocabilmente <span class=\"_ _36\"> </span>all\u2019iscrizione <span class=\"_ _36\"> </span>un\u2019attivit\u00e0 <span class=\"_ _36\"> </span>finanziaria<span class=\"_ _3a1\"> </span>come valutata al fair valu<span class=\"_ _2\"></span>e con imp<span class=\"_ _2\"></span>atto a conto economico se, e<span class=\"_ _2\"></span> solo se, cos\u00ec fac<span class=\"_ _2\"></span>endo elimina o riduce significativamente un\u2019incoerenza valutativa. Trovano, quindi, evidenza in questa voce<span class=\"_ _1\"></span>: <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>itoli <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>debito e <span class=\"_ _3b\"></span>i <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _3b\"></span>che sono <span class=\"_ _3b\"></span>inclusi <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>business <span class=\"_ _3b\"></span>model Tradin<span class=\"_ _2\"></span>g <span class=\"_ _3b\"></span>(non riconducibili </span>quindi ai <span class=\"_ _1\"></span>business <span class=\"_ _38\"></span>model \u201c<span class=\"_ _1\"></span>Hold to <span class=\"_ _1\"></span>Collect\u201d <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>\u201cHold t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>Collect and <span class=\"_ _1\"></span>Sell\u201d) <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>superano <span class=\"_ _1\"></span>il test SPPI; <span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>rumenti <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>capitale <span class=\"_ _38\"></span>- <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>qualificabili <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>controllo, <span class=\"_ _38\"></span>collegament<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>rollo <span class=\"_ _38\"></span>congiunto <span class=\"_ _38\"></span>- </span>detenuti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>finalit\u00e0 di <span class=\"_ _1\"></span>negoziazione <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>sia o<span class=\"_ _1\"></span>ptato, <span class=\"_ _1\"></span>in sede <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rilevazione <span class=\"_ _1\"></span>iniziale, per la designazione al fair value con impatto sulla re<span class=\"_ _1\"></span>dditivit\u00e0 complessiva; <span class=\"_ _42\"> </span><span class=\"ff4\">le quote di OICR. </span>La voce accoglie, <span class=\"_ _1\"></span>inoltre, i contratti <span class=\"_ _1\"></span>derivati, contabilizzati tr<span class=\"_ _1\"></span>a le attivit\u00e0 <span class=\"_ _1\"></span>finanziarie detenute per la negoziazione, che sono rappresent<span class=\"_ _1\"></span>ati come attivit\u00e0 se il fair value \u00e8<span class=\"_ _1\"></span> positivo e come passivit\u00e0 se il fair  value <span class=\"_ _35\"> </span>\u00e8  negativo.  E\u2019 <span class=\"_ _35\"> </span>possibile  compensare  i  v<span class=\"_ _2\"></span>alori  correnti <span class=\"_ _35\"> </span>positivi  e  negativi <span class=\"_ _35\"> </span>derivanti  da operazioni <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ssere <span class=\"_ _3b\"></span>con l<span class=\"_ _2\"></span>a <span class=\"_ _3b\"></span>medesima <span class=\"_ _3b\"></span>cont<span class=\"_ _1\"></span>roparte <span class=\"_ _3b\"></span>soltanto <span class=\"_ _3b\"></span>qualora si <span class=\"_ _184\"></span>abbia <span class=\"_ _3b\"></span>cor<span class=\"_ _1\"></span>rentemente <span class=\"_ _3b\"></span>il <span class=\"_ _2\"></span>diritto legale <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>mpensare <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>importi <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ilevati <span class=\"_ _38\"></span>contabilmente <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>si <span class=\"_ _38\"></span>inte<span class=\"_ _1\"></span>nda <span class=\"_ _1\"></span>procedere <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>regolamento <span class=\"_ _38\"></span>su base netta delle posizioni oggetto di compensazione. Fra  i <span class=\"_ _3d\"> </span>derivati <span class=\"_ _3d\"> </span>sono  inclusi <span class=\"_ _3d\"> </span>anche  quelli <span class=\"_ _3d\"> </span>incorporati <span class=\"_ _3d\"> </span>in  contratti  finanziari <span class=\"_ _3d\"> </span>complessi <span class=\"_ _3d\"> </span>-  in  cui <span class=\"_ _3d\"> </span>il contratto <span class=\"_ _0\"></span>primario <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>una <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _0\"></span>finanziaria <span class=\"_ _38\"></span>- <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>so<span class=\"_ _1\"></span>no <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>tati <span class=\"_ _0\"></span>oggetto <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>rilevazione <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>eparata <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n quanto:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _48\"> </span>loro <span class=\"_ _3a\"> </span>caratteristiche <span class=\"_ _48\"> </span>economiche <span class=\"_ _48\"> </span>ed<span class=\"_ _2\"></span> <span class=\"_ _48\"> </span>i <span class=\"_ _3a\"> </span>rischi <span class=\"_ _48\"> </span>non <span class=\"_ _48\"> </span>sono<span class=\"_ _2\"></span> <span class=\"_ _48\"> </span>strettamente <span class=\"_ _3a\"> </span>correlati <span class=\"_ _48\"> </span>alle<span class=\"_ _3a1\"> </span></span>caratteristiche del contratto sottostante;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">gli strumenti incorporati, anche se separati, soddisfano la definizione di der<span class=\"_ _1\"></span>ivato;<span class=\"_ _3a1\"> </span></span><span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _38\"></span>strument<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>ibridi <span class=\"_ _38\"></span>cui <span class=\"_ _38\"></span>appartengono <span class=\"_ _0\"></span>non <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no <span class=\"_ _38\"></span>valutati <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>fair <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>ue <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>le <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>lative <span class=\"_ _38\"></span>variazioni<span class=\"_ _3a1\"> </span></span>rilevate a Conto Economico.<span class=\"_ _3a1\"> </span>Riclassifiche<span class=\"_ _3a1\"> </span>Secondo <span class=\"_ _36\"> </span>le <span class=\"_ _39\"> </span>regole <span class=\"_ _36\"> </span>generali <span class=\"_ _39\"> </span>previste <span class=\"_ _36\"> </span>dall\u2019IFRS <span class=\"_ _36\"> </span>9 <span class=\"_ _36\"> </span>in <span class=\"_ _39\"> </span>materia <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>riclassificazione <span class=\"_ _39\"> </span>delle <span class=\"_ _36\"> </span>attivit\u00e0<span class=\"_ _3a1\"> </span>finanziarie (ad <span class=\"_ _2\"></span>eccezione dei titol<span class=\"_ _2\"></span>i di cap<span class=\"_ _2\"></span>itale, per cui <span class=\"_ _3b\"></span>no<span class=\"_ _1\"></span>n \u00e8<span class=\"_ _2\"></span> ammessa <span class=\"_ _2\"></span>alcuna riclassifica), <span class=\"_ _3b\"></span>no<span class=\"_ _1\"></span>n sono<span class=\"_ _3a1\"> </span>ammesse <span class=\"_ _3d\"> </span>riclassifiche  ve<span class=\"_ _1\"></span>rso  alt<span class=\"_ _1\"></span>re  categor<span class=\"_ _1\"></span>ie <span class=\"_ _3d\"> </span>di  attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _3d\"> </span>salvo <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>caso <span class=\"_ _3d\"> </span>in  cui <span class=\"_ _3d\"> </span>l\u2019entit\u00e0<span class=\"_ _3a1\"> </span>modifichi <span class=\"_ _35\"> </span>il  proprio  modello  di <span class=\"_ _35\"> </span>business  per  la  g<span class=\"_ _3b\"></span>estione<span class=\"_ _1\"></span>  delle <span class=\"_ _35\"> </span>attivit\u00e0  finanziarie   <span class=\"_ _35\"> </span>a  seguito  d<span class=\"_ _3b\"></span>i<span class=\"_ _3a1\"> </span>cambiamenti <span class=\"_ _38\"></span>esterni <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>inter<span class=\"_ _1\"></span>ni <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>quali <span class=\"_ _38\"></span>siano <span class=\"_ _38\"></span>rilevanti <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>oper<span class=\"_ _1\"></span>azioni <span class=\"_ _1\"></span>dell'entit<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>dimostrabili <span class=\"_ _38\"></span>alle<span class=\"_ _3a1\"> </span>parti  esterne.  In <span class=\"_ _35\"> </span>tali  casi,  c<span class=\"_ _2\"></span>he  ci <span class=\"_ _35\"> </span>si  attende  siano  altamente  infrequenti, <span class=\"_ _35\"> </span>le  attivit\u00e0  finanziarie<span class=\"_ _3a1\"> </span>potranno essere riclassificate d<span class=\"_ _2\"></span>alla categoria <span class=\"_ _2\"></span>valutata al fai<span class=\"_ _2\"></span>r value c<span class=\"_ _2\"></span>on impatto a <span class=\"_ _2\"></span>conto economico<span class=\"_ _3a1\"> </span>in <span class=\"_ _39\"> </span>una <span class=\"_ _39\"> </span>delle <span class=\"_ _3f\"> </span>altre <span class=\"_ _36\"> </span>due <span class=\"_ _3f\"> </span>categorie <span class=\"_ _39\"> </span>previste <span class=\"_ _39\"> </span>dall\u2019IFRS <span class=\"_ _39\"> </span>9 <span class=\"_ _39\"> </span>(Attivit\u00e0 <span class=\"_ _3f\"> </span>finanzi<span class=\"_ _2\"></span>arie <span class=\"_ _3f\"> </span>valu<span class=\"_ _2\"></span>tate <span class=\"_ _39\"> </span>al <span class=\"_ _3f\"> </span>costo<span class=\"_ _3a1\"> </span>ammortizzato o At<span class=\"_ _2\"></span>tivit\u00e0 finanziarie <span class=\"_ _2\"></span>valutate al <span class=\"_ _3b\"></span>fair<span class=\"_ _1\"></span> value <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>n impa<span class=\"_ _2\"></span>tto sulla <span class=\"_ _2\"></span>redditivit\u00e0 complessiva).<span class=\"_ _3a1\"> </span>Il <span class=\"_ _0\"></span>valore <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>trasferimento <span class=\"_ _0\"> </span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>rappresentato <span class=\"_ _0\"></span>dal <span class=\"_ _35\"> </span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>mo<span class=\"_ _1\"></span>mento <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>riclassificazione <span class=\"_ _0\"></span>e <span class=\"_ _0\"> </span>gli<span class=\"_ _3a1\"> </span>effetti <span class=\"_ _3b\"></span>della <span class=\"_ _2\"></span>riclassificazione <span class=\"_ _3b\"></span>oper<span class=\"_ _1\"></span>ano <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>ma<span class=\"_ _1\"></span>niera <span class=\"_ _3b\"></span>pros<span class=\"_ _1\"></span>pettica <span class=\"_ _3b\"></span>a <span class=\"_ _3b\"></span>partire d<span class=\"_ _2\"></span>alla <span class=\"_ _3b\"></span>data <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>riclassificazione<span class=\"_ _1\"></span>.<span class=\"_ _3a1\"> </span>In questo <span class=\"_ _1\"></span>caso, <span class=\"_ _1\"></span>il tas<span class=\"_ _1\"></span>so di int<span class=\"_ _1\"></span>eresse effett<span class=\"_ _1\"></span>ivo dell\u2019attivit\u00e0 <span class=\"_ _1\"></span>finanziaria r<span class=\"_ _1\"></span>iclassificata \u00e8<span class=\"_ _1\"></span> determinato in<span class=\"_ _3a1\"> </span>base <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>suo <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>valu<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>data <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>riclassificazione <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>tale <span class=\"_ _35\"> </span>data <span class=\"_ _0\"></span>viene <span class=\"_ _35\"> </span>considera<span class=\"_ _1\"></span>ta <span class=\"_ _35\"> </span>come <span class=\"_ _35\"> </span>data <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>rilevazione <span class=\"_ _1\"></span>iniziale <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>l\u2019allocazione <span class=\"_ _38\"></span>nei <span class=\"_ _1\"></span>diversi <span class=\"_ _1\"></span>stadi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>creditizio <span class=\"_ _38\"></span>(stage <span class=\"_ _1\"></span>assignment) <span class=\"_ _38\"></span>ai <span class=\"_ _1\"></span>fini<span class=\"_ _3a1\"> </span>dell\u2019impairment.<span class=\"_ _3a1\"> </span>Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span>Successivamente <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>rilevazione <span class=\"_ _1\"></span>iniziale, le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate al <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>impatto a<span class=\"_ _3a1\"> </span>conto <span class=\"_ _3d\"> </span>economico  s<span class=\"_ _1\"></span>ono  valorizzate <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>fair <span class=\"_ _3d\"> </span>value.  Gli <span class=\"_ _3d\"> </span>effetti <span class=\"_ _3d\"> </span>dell\u2019applicazione  di <span class=\"_ _3d\"> </span>tale <span class=\"_ _3d\"> </span>criterio <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span>valutazione sono imputati nel Conto Economico.<span class=\"_ _3a1\"> </span>Per l<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>determinazione del <span class=\"_ _3b\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3b\"></span>degli strumenti <span class=\"_ _2\"></span>finanziari <span class=\"_ _3b\"></span>quot<span class=\"_ _1\"></span>ati i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>un <span class=\"_ _3b\"></span>me<span class=\"_ _1\"></span>rcato <span class=\"_ _2\"></span>attivo, <span class=\"_ _3b\"></span>vengon<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span>utilizzate <span class=\"_ _2\"></span>quotazioni <span class=\"_ _3b\"></span>di mercato. <span class=\"_ _3b\"></span>In <span class=\"_ _2\"></span>assenza di <span class=\"_ _3b\"></span>un <span class=\"_ _3b\"></span>me<span class=\"_ _1\"></span>rcato <span class=\"_ _2\"></span>attivo, <span class=\"_ _3b\"></span>vengono u<span class=\"_ _2\"></span>tilizzati <span class=\"_ _3b\"></span>me<span class=\"_ _1\"></span>todi d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>tima<span class=\"_ _3a1\"> </span>e <span class=\"_ _38\"></span>modelli <span class=\"_ _38\"></span>valutativi <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>unemente <span class=\"_ _38\"></span>adottati, <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>tengono <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>tutti <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>fattori <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>corre<span class=\"_ _1\"></span>lati<span class=\"_ _3a1\"> </span>agli <span class=\"_ _3b\"></span>st<span class=\"_ _1\"></span>rumenti e <span class=\"_ _3b\"></span>che <span class=\"_ _2\"></span>sono b<span class=\"_ _2\"></span>asati <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>u <span class=\"_ _3b\"></span>dati rilevabili <span class=\"_ _3b\"></span>sul mercato <span class=\"_ _2\"></span>quali: <span class=\"_ _3b\"></span>valutazione di <span class=\"_ _3b\"></span>strument<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>quotati<span class=\"_ _3a1\"> </span>che <span class=\"_ _48\"> </span>present<span class=\"_ _1\"></span>ano <span class=\"_ _48\"> </span>analoghe <span class=\"_ _17e\"> </span>caratteristiche, <span class=\"_ _48\"> </span>calcoli <span class=\"_ _17e\"> </span>di <span class=\"_ _48\"> </span>flussi<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>di <span class=\"_ _48\"> </span>cass<span class=\"_ _1\"></span>a <span class=\"_ _48\"> </span>scont<span class=\"_ _1\"></span>ati, <span class=\"_ _48\"> </span>modelli <span class=\"_ _17e\"> </span>di<span class=\"_ _3a1\"> </span>determinazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>prezzo <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>opzioni, <span class=\"_ _38\"></span>va<span class=\"_ _1\"></span>lori <span class=\"_ _0\"></span>rilevati <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>rece<span class=\"_ _1\"></span>nti <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ransazioni <span class=\"_ _0\"></span>comparabili, <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>cc. <span class=\"_ _0\"></span>Per <span class=\"_ _38\"></span>i<span class=\"_ _3a1\"> </span>titoli <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>capitale <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>strumenti <span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>ivati <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>hanno <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>oggetto <span class=\"_ _1\"></span>tito<span class=\"_ _1\"></span>li <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>capitale, <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>quotati <span class=\"_ _1\"></span>in<span class=\"_ _3a1\"> </span>un mercato at<span class=\"_ _2\"></span>tivo, il cri<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>erio del c<span class=\"_ _3b\"></span>os<span class=\"_ _1\"></span>to \u00e8 u<span class=\"_ _3b\"></span>tilizzato quale stima d<span class=\"_ _2\"></span>el fair valu<span class=\"_ _2\"></span>e soltanto in<span class=\"_ _2\"></span> via r<span class=\"_ _2\"></span>esiduale<span class=\"_ _3a1\"> </span>e <span class=\"_ _37\"> </span>limitatamente <span class=\"_ _37\"> </span>a <span class=\"_ _37\"> </span>poche <span class=\"_ _37\"> </span>circostanze, <span class=\"_ _37\"> </span>ossia <span class=\"_ _36\"> </span>in <span class=\"_ _3d\"> </span>cas<span class=\"_ _1\"></span>o <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>non <span class=\"_ _37\"> </span>applicabilit\u00e0 <span class=\"_ _36\"> </span>di <span class=\"_ _3d\"> </span>t<span class=\"_ _1\"></span>utti <span class=\"_ _37\"> </span>i <span class=\"_ _37\"> </span>metodi <span class=\"_ _37\"> </span>di<span class=\"_ _3a1\"> </span>valutazione  pre<span class=\"_ _1\"></span>cedentemente  richiamati,  ovver<span class=\"_ _1\"></span>o <span class=\"_ _3d\"> </span>in  presenza  di  un\u2019ampia <span class=\"_ _3d\"> </span>gamma  di <span class=\"_ _3d\"> </span>possibili<span class=\"_ _3a1\"> </span>valutazioni del fair value, nel cui ambito il cos<span class=\"_ _1\"></span>to rappresenta la stima pi\u00f9 significativa.<span class=\"_ _3a1\"> </span>Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span>Le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>ve<span class=\"_ _1\"></span>ngono <span class=\"_ _38\"></span>cancellate <span class=\"_ _1\"></span>dal <span class=\"_ _0\"></span>bil<span class=\"_ _2\"></span>ancio <span class=\"_ _38\"></span>so<span class=\"_ _3a1\"> </span>lamente <span class=\"_ _38\"></span>se <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>cessione <span class=\"_ _38\"></span>ha <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>mportato <span class=\"_ _38\"></span>il<span class=\"_ _3a1\"> </span>sostanziale <span class=\"_ _2\"></span>trasferimento di <span class=\"_ _3b\"></span>tutti i<span class=\"_ _2\"></span> rischi <span class=\"_ _3b\"></span>e benefici <span class=\"_ _3b\"></span>connessi all<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 st<span class=\"_ _2\"></span>esse. P<span class=\"_ _2\"></span>er contro,<span class=\"_ _2\"></span> qu<span class=\"_ _2\"></span>alora<span class=\"_ _3a1\"> </span>sia <span class=\"_ _38\"></span>stata <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>antenuta <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>rilevante <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>benefici <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span>cedute, qu<span class=\"_ _2\"></span>este<span class=\"_ _1\"></span> con<span class=\"_ _2\"></span>tinuano ad<span class=\"_ _2\"></span> essere iscritte <span class=\"_ _3b\"></span>in bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 giuridicamente la <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>itolarit\u00e0 delle<span class=\"_ _3a1\"> </span>attivit\u00e0 stesse sia stata effettivamente trasferita.<span class=\"_ _3a1\"> </span>Nel <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>possibile <span class=\"_ _35\"> </span>accertare <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>sostanziale <span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>asferimento <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>benefici, <span class=\"_ _0\"> </span>le<span class=\"_ _3a1\"> </span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>vengono <span class=\"_ _38\"></span>cancellate <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>bilancio <span class=\"_ _1\"></span>qualora <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ato <span class=\"_ _1\"></span>mante<span class=\"_ _1\"></span>nuto <span class=\"_ _1\"></span>alcun <span class=\"_ _38\"></span>tipo <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span>controllo <span class=\"_ _37\"> </span>sulle <span class=\"_ _37\"> </span>stesse. <span class=\"_ _37\"> </span>In <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>contrario, <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>conservazione, <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>parte, <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>tale <span class=\"_ _37\"> </span>controllo<span class=\"_ _3a1\"> </span>comporta  il <span class=\"_ _3d\"> </span>mantenimento  in  bilancio  de<span class=\"_ _1\"></span>lle  attivit\u00e0 <span class=\"_ _3d\"> </span>in  misura  pari <span class=\"_ _3d\"> </span>al  coinvolgimento<span class=\"_ _1\"></span>  residuo,<span class=\"_ _3a1\"> </span>misurato dall\u2019esposizione <span class=\"_ _1\"></span>ai cambiamenti di valore delle attivit\u00e0 cedute <span class=\"_ _1\"></span>ed alle variazioni dei flussi<span class=\"_ _3a1\"> </span>finanziari delle stesse.<span class=\"_ _3a1\"> </span>Infine,  le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _37\"> </span>cedute <span class=\"_ _3d\"> </span>vengono <span class=\"_ _37\"> </span>cancellate <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>bilancio <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>caso <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>cui <span class=\"_ _3d\"> </span>vi <span class=\"_ _3d\"> </span>sia <span class=\"_ _3d\"> </span>l<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span>conservazione <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>diritti <span class=\"_ _37\"> </span>contrattuali <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>ricevere <span class=\"_ _37\"> </span>i <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>cassa, <span class=\"_ _37\"> </span>con <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>contestuale<span class=\"_ _3a1\"> </span>assunzione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un\u2019obbligazione <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>pagare <span class=\"_ _38\"></span>detti <span class=\"_ _1\"></span>flussi, <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>solo <span class=\"_ _38\"></span>essi, <span class=\"_ _1\"></span>senza <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>ritardo <span class=\"_ _38\"></span>rilevante <span class=\"_ _1\"></span>ad <span class=\"_ _38\"></span>altri<span class=\"_ _3a1\"> </span>soggetti terzi.<span class=\"_ _3a1\"> </span>Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"_ _3a1\"> </span>Gli in<span class=\"_ _3a1\"> </span>teressi attivi sui titoli di debito ed i differenziali ed i margini dei contratti derivati classificati in<span class=\"_ _3a1\"> </span>tale <span class=\"_ _1\"></span>categoria, <span class=\"_ _1\"></span>ma ge<span class=\"_ _1\"></span>stionalmente collegat<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>attivit\u00e0 o <span class=\"_ _1\"></span>passivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value<span class=\"_ _3a1\"> </span>sono iscritti per competenza nelle voci di conto economico relat<span class=\"_ _1\"></span>ivi agli<span class=\"_ _2\"></span> intere<span class=\"_ _1\"></span>ssi. I <span class=\"_ _0\"></span>differe<span class=\"_ _1\"></span>nziali <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>margini <span class=\"_ _0\"></span>degli <span class=\"_ _35\"> </span>altri <span class=\"_ _0\"></span>contratti <span class=\"_ _35\"> </span>vengono <span class=\"_ _0\"></span>rilevati <span class=\"_ _35\"> </span>nel <span class=\"_ _0\"></span>\u201cRisultato <span class=\"_ _35\"> </span>netto <span class=\"_ _0\"></span>dell\u2019attivit\u00e0 <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span>negoziazione\u201d.<span class=\"_ _3a1\"> </span>I dividendi <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ono rilevati per c<span class=\"_ _2\"></span>ompetenza economica rife<span class=\"_ _2\"></span>rita alla da<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>a di a<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>sunzione della delib<span class=\"_ _2\"></span>era di<span class=\"_ _3a1\"> </span>distribuzione da parte dell\u2019assemblea e sono es<span class=\"_ _1\"></span>posti nella voce \u201cDividendi e proventi simili\u201d.<span class=\"_ _3a1\"> </span>Gli <span class=\"_ _35\"> </span>utili <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>le  p<span class=\"_ _2\"></span>erdite  r<span class=\"_ _2\"></span>ealizzati <span class=\"_ _35\"> </span>dalla <span class=\"_ _35\"> </span>cessione  o <span class=\"_ _35\"> </span>rimborso <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>plus/minusvalenze <span class=\"_ _35\"> </span>derivanti <span class=\"_ _35\"> </span>dalle<span class=\"_ _3a1\"> </span>variazioni <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>iscritti <span class=\"_ _0\"></span>nel <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>del<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>periodo <span class=\"_ _0\"></span>nel <span class=\"_ _0\"></span>quale <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>manifestano <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span>classificati <span class=\"_ _35\"> </span>nella <span class=\"_ _0\"></span>voce <span class=\"_ _35\"> </span>\u201cRisultato <span class=\"_ _0\"></span>netto <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>negozia<span class=\"_ _2\"></span>zione\u201d, <span class=\"_ _35\"> </span>ad <span class=\"_ _0\"></span>eccezione <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>ota<span class=\"_ _3a1\"> </span>relativa <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>contratti <span class=\"_ _38\"></span>der<span class=\"_ _1\"></span>ivati <span class=\"_ _0\"></span>gestionalmente <span class=\"_ _38\"></span>collegat<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>ad <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>fair <span class=\"_ _0\"></span>value<span class=\"_ _3a1\"> </span>rilevata nel \u201cRisultato netto delle attivit\u00e0 e passivit\u00e0 finanziarie valutate<span class=\"_ _1\"></span> al fair value\u201d.<span class=\"_ _3a1\"> </span>2.1 - A<span class=\"_ _1\"></span>ttivit\u00e0 fin<span class=\"_ _1\"></span>anziarie v<span class=\"_ _1\"></span>alutate al<span class=\"_ _1\"></span> fair value<span class=\"_ _1\"></span> con imp<span class=\"_ _1\"></span>atto sull<span class=\"_ _1\"></span>a reddi<span class=\"_ _1\"></span>t<span class=\"_ _3a1\"> </span>ivit\u00e0 comp<span class=\"_ _1\"></span>lessiva<span class=\"_ _1\"></span> (FVOCI<span class=\"_ _1\"></span> con<span class=\"_ _3a1\"> </span>riciclo)<span class=\"_ _3a1\"> </span>Criteri di iscrizione<span class=\"_ _3a1\"> </span>L\u2019iscrizione iniziale delle attivit\u00e0 finanziarie avviene alla data di regolamento <span class=\"_ _1\"></span>per i titoli di debito ed<span class=\"_ _3a1\"> </span>alla <span class=\"_ _37\"> </span>data <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>erogazione <span class=\"_ _36\"> </span>per <span class=\"_ _3d\"> </span>i <span class=\"_ _36\"> </span>finan<span class=\"_ _2\"></span>ziamenti. <span class=\"_ _37\"> </span>All\u2019atto <span class=\"_ _37\"> </span>della <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>ilevazione <span class=\"_ _3d\"> </span>iniziale <span class=\"_ _37\"> </span>le <span class=\"_ _37\"> </span>a<span class=\"_ _1\"></span>ttivit\u00e0 <span class=\"_ _37\"> </span>sono<span class=\"_ _3a1\"> </span>contabilizzate <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>fair val<span class=\"_ _2\"></span>ue, <span class=\"_ _2\"></span>comprensivo <span class=\"_ _3b\"></span>dei c<span class=\"_ _2\"></span>osti <span class=\"_ _3b\"></span>o p<span class=\"_ _2\"></span>roventi <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>transazione di<span class=\"_ _2\"></span>rettamente <span class=\"_ _3b\"></span>attr<span class=\"_ _1\"></span>ibuibili<span class=\"_ _3a1\"> </span>allo strumento <span class=\"_ _184\"></span>stesso.<span class=\"_ _3a1\"> </span>Criteri di classificazione<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _38\"></span>incluse <span class=\"_ _38\"></span>nella <span class=\"_ _1\"></span>presente <span class=\"_ _38\"></span>categoria <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanzia<span class=\"_ _3a1\"> </span>rie <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>soddisfano <span class=\"_ _38\"></span>entram<span class=\"_ _1\"></span>be <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>seguenti<span class=\"_ _3a1\"> </span>condizioni:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019attivit\u00e0 finanziaria <span class=\"_ _1\"></span>\u00e8 posseduta se<span class=\"_ _1\"></span>condo un <span class=\"_ _1\"></span>modello di business <span class=\"_ _1\"></span>il cui obiet<span class=\"_ _1\"></span>tivo \u00e8 conse<span class=\"_ _1\"></span>guito<span class=\"_ _3a1\"> </span></span>sia <span class=\"_ _1\"></span>mediante <span class=\"_ _1\"></span>l\u2019incasso <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>flussi finanziari pre<span class=\"_ _1\"></span>visti <span class=\"_ _1\"></span>contrattualmente <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>mediante la <span class=\"_ _1\"></span>vendita<span class=\"_ _3a1\"> </span>(Business model \u201cHold to Collect and Sell \u2013 \u201cHTCS\u201d\u201d<span class=\"_ _1\"></span>), e<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>ermini <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>rattuali <span class=\"_ _38\"></span>dell\u2019att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _38\"></span>finanziaria <span class=\"_ _0\"></span>prevedono, <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>determin<span class=\"_ _2\"></span>ate <span class=\"_ _0\"></span>date, <span class=\"_ _38\"></span>flussi <span class=\"_ _0\"></span>finanziari<span class=\"_ _3a1\"> </span></span>rappresentati unicamente da pagamenti del capitale e dell\u2019interesse sul<span class=\"_ _2\"></span>l\u2019importo del capitale<span class=\"_ _3a1\"> </span>da restituire (cd. \u201cSPPI test\u201d superato).<span class=\"_ _3a1\"> </span>In particolare, vengono inclusi in questa <span class=\"_ _1\"></span>voce:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>debito <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iconducibili <span class=\"_ _38\"></span>ad <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>business <span class=\"_ _0\"></span>model <span class=\"_ _0\"></span>Hold<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>Collect <span class=\"_ _0\"></span>and <span class=\"_ _38\"></span>Sell <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>che<span class=\"_ _3a1\"> </span></span>hanno superato il test SPPI;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _0\"></span>finanziamenti <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>riconducibili <span class=\"_ _0\"></span>ad <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>busine<span class=\"_ _1\"></span>ss <span class=\"_ _0\"></span>model <span class=\"_ _0\"></span>Hold <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>Collect <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>Sell <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>che<span class=\"_ _3a1\"> </span></span>hanno superato il test SPPI.<span class=\"_ _3a1\"> </span>Riclassifiche<span class=\"_ _3a1\"> </span>Secondo <span class=\"_ _36\"> </span>le <span class=\"_ _39\"> </span>regole <span class=\"_ _36\"> </span>generali <span class=\"_ _39\"> </span>previste <span class=\"_ _36\"> </span>dall\u2019IFRS <span class=\"_ _36\"> </span>9 <span class=\"_ _36\"> </span>in <span class=\"_ _39\"> </span>materia <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>riclassificazione <span class=\"_ _39\"> </span>delle <span class=\"_ _36\"> </span>attivit\u00e0<span class=\"_ _3a1\"> </span>finanziarie (ad <span class=\"_ _2\"></span>eccezione dei titol<span class=\"_ _2\"></span>i di cap<span class=\"_ _2\"></span>itale, per cui <span class=\"_ _3b\"></span>no<span class=\"_ _1\"></span>n \u00e8<span class=\"_ _2\"></span> ammessa <span class=\"_ _2\"></span>alcuna riclassifica), <span class=\"_ _3b\"></span>no<span class=\"_ _1\"></span>n sono<span class=\"_ _3a1\"> </span>ammesse <span class=\"_ _3d\"> </span>riclassifiche <span class=\"_ _3d\"> </span>verso <span class=\"_ _3d\"> </span>altre <span class=\"_ _3d\"> </span>categor<span class=\"_ _1\"></span>ie <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie  salvo  il  cas<span class=\"_ _1\"></span>o <span class=\"_ _3d\"> </span>in  cui  l\u2019entit\u00e0<span class=\"_ _3a1\"> </span>modifichi  il  proprio <span class=\"_ _3d\"> </span>modello  di  business  per  la  gestione <span class=\"_ _3d\"> </span>delle  attivit\u00e0  finanziarie <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>seguito <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span>cambiamenti <span class=\"_ _38\"></span>esterni <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>inter<span class=\"_ _1\"></span>ni <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>quali <span class=\"_ _38\"></span>siano <span class=\"_ _38\"></span>rilevanti <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>oper<span class=\"_ _1\"></span>azioni <span class=\"_ _1\"></span>dell'entit<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>dimostrabili <span class=\"_ _38\"></span>alle<span class=\"_ _3a1\"> </span>parti esterne.<span class=\"_ _3a1\"> </span>In <span class=\"_ _0\"></span>tali <span class=\"_ _0\"></span>casi, <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>ci <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>attende <span class=\"_ _0\"></span>siano <span class=\"_ _0\"></span>altamente <span class=\"_ _0\"></span>infr<span class=\"_ _2\"></span>equenti, <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>arie <span class=\"_ _0\"></span>potranno <span class=\"_ _0\"></span>essere<span class=\"_ _3a1\"> </span>riclassificate <span class=\"_ _1\"></span>dalla <span class=\"_ _1\"></span>categoria <span class=\"_ _1\"></span>valutata <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value co<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>impatto sulla <span class=\"_ _1\"></span>redditivit\u00e0 <span class=\"_ _1\"></span>complessiva <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>una<span class=\"_ _3a1\"> </span>delle <span class=\"_ _1\"></span>altre <span class=\"_ _1\"></span>due <span class=\"_ _1\"></span>categorie <span class=\"_ _1\"></span>previste dall\u2019IFRS <span class=\"_ _1\"></span>9 <span class=\"_ _1\"></span>(Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate <span class=\"_ _1\"></span>al co<span class=\"_ _1\"></span>sto <span class=\"_ _1\"></span>ammortizzato o<span class=\"_ _3a1\"> </span>Attivit\u00e0 finanziarie valutate <span class=\"_ _1\"></span>al fair value con impatto a conto economico). Il valore <span class=\"_ _1\"></span>di trasferimento<span class=\"_ _3a1\"> </span>\u00e8 r<span class=\"_ _1\"></span>appresentato dal fair<span class=\"_ _1\"></span> value <span class=\"_ _1\"></span>al mome<span class=\"_ _1\"></span>nto della <span class=\"_ _1\"></span>riclassificazione e<span class=\"_ _1\"></span> gli <span class=\"_ _1\"></span>effetti <span class=\"_ _1\"></span>della riclassificazione<span class=\"_ _3a1\"> </span>operano in manie<span class=\"_ _2\"></span>ra prospettica <span class=\"_ _3b\"></span>a part<span class=\"_ _1\"></span>ire d<span class=\"_ _2\"></span>alla data <span class=\"_ _2\"></span>di riclassificaz<span class=\"_ _2\"></span>ione. Nel caso <span class=\"_ _2\"></span>di ricl<span class=\"_ _2\"></span>assifica dalla<span class=\"_ _3a1\"> </span>categoria  in  oggetto  a <span class=\"_ _35\"> </span>quella  del  costo  ammortizzato, <span class=\"_ _35\"> </span>l\u2019utile  (perdita)  cumulato  rilevato  nel<span class=\"_ _2\"></span>la<span class=\"_ _3a1\"> </span>riserva  d<span class=\"_ _2\"></span>a  v<span class=\"_ _2\"></span>alutazione  \u00e8<span class=\"_ _2\"></span>  p<span class=\"_ _2\"></span>ortato  a <span class=\"_ _35\"> </span>rettifica <span class=\"_ _35\"> </span>del  fai<span class=\"_ _2\"></span>r <span class=\"_ _35\"> </span>value  dell\u2019<span class=\"_ _2\"></span>attivit\u00e0  finanzi<span class=\"_ _2\"></span>aria  alla <span class=\"_ _35\"> </span>data <span class=\"_ _35\"> </span>della<span class=\"_ _3a1\"> </span>riclassificazione. <span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>el <span class=\"_ _38\"></span>caso <span class=\"_ _38\"></span>invece <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>riclassifica <span class=\"_ _38\"></span>nella <span class=\"_ _38\"></span>categor<span class=\"_ _1\"></span>ia <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>impatto <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>conto<span class=\"_ _3a1\"> </span>economico,  l'utile  (perdita)  cumulato  rilevato  precedentemente  nella  riserva  da  v<span class=\"_ _2\"></span>alutazione  \u00e8<span class=\"_ _3a1\"> </span>riclassificato dal patrimonio netto all'utile (perdita) d'esercizio.<span class=\"_ _3a1\"> </span>Criteri di valuta<span class=\"_ _1\"></span>zione Succes<span class=\"_ _3a1\"> </span>sivamente  all<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>rilevazione  i<span class=\"_ _2\"></span>niziale, <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>Attivit\u00e0  c<span class=\"_ _2\"></span>lassificate<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value <span class=\"_ _35\"> </span>con  i<span class=\"_ _2\"></span>mpatto  sul<span class=\"_ _3b\"></span>la redditivit\u00e0 <span class=\"_ _35\"> </span>complessiva <span class=\"_ _35\"> </span>sono <span class=\"_ _35\"> </span>va<span class=\"_ _3b\"></span>lutat<span class=\"_ _1\"></span>e <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>fair <span class=\"_ _0\"></span>value, <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>ilevazione <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>Conto <span class=\"_ _35\"> </span>Economico <span class=\"_ _35\"> </span>degli impatti <span class=\"_ _3a\"> </span>derivanti <span class=\"_ _3f\"> </span>dall\u2019applicazione<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _3f\"> </span>costo <span class=\"_ _3a\"> </span>ammortizzato, <span class=\"_ _3a\"> </span>degli <span class=\"_ _3f\"> </span>effet<span class=\"_ _1\"></span>ti <span class=\"_ _3a\"> </span>dell\u2019impairment <span class=\"_ _3f\"> </span>e dell\u2019eventuale effetto cambio, mentre gli<span class=\"_ _2\"></span> altri utili o p<span class=\"_ _2\"></span>erdite derivan<span class=\"_ _2\"></span>ti da una v<span class=\"_ _2\"></span>ariazione di fair val<span class=\"_ _2\"></span>ue vengono <span class=\"_ _38\"></span>rilevati <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>una <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>pecifica <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iserva <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>patr<span class=\"_ _1\"></span>imonio <span class=\"_ _38\"></span>netto <span class=\"_ _38\"></span>finch\u00e9 <span class=\"_ _38\"></span>l\u2019attivit\u00e0 <span class=\"_ _38\"></span>finanziaria <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>viene cancellata. <span class=\"_ _3b\"></span>Al momento <span class=\"_ _3b\"></span>della dis<span class=\"_ _2\"></span>missione, t<span class=\"_ _2\"></span>otale <span class=\"_ _2\"></span>o p<span class=\"_ _2\"></span>arziale, <span class=\"_ _3b\"></span>l\u2019utile o <span class=\"_ _3b\"></span>la <span class=\"_ _2\"></span>perdita <span class=\"_ _3b\"></span>cumulati nella <span class=\"_ _3b\"></span>riserva da valutazione vengono riversati, in tutto o in parte<span class=\"_ _1\"></span>, a Conto Economico. Il fair value v<span class=\"_ _2\"></span>iene determinato sulla base dei criteri g<span class=\"_ _2\"></span>i\u00e0 illustrati per le At<span class=\"_ _2\"></span>tivit\u00e0 finanziarie valu<span class=\"_ _2\"></span>tate al fair value con impatto a conto economico. Le <span class=\"_ _0\"></span>Attivit\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>al<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>impatto <span class=\"_ _0\"></span>sulla <span class=\"_ _0\"></span>re<span class=\"_ _2\"></span>dditivit\u00e0 <span class=\"_ _0\"></span>complessiva <span class=\"_ _0\"></span>\u2013 <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>sotto forma <span class=\"_ _1\"></span>di titoli di <span class=\"_ _1\"></span>debito che<span class=\"_ _1\"></span> di <span class=\"_ _1\"></span>crediti \u2013<span class=\"_ _1\"></span> sono <span class=\"_ _1\"></span>soggette <span class=\"_ _1\"></span>alla verifica dell\u2019increme<span class=\"_ _1\"></span>nto significativo de<span class=\"_ _1\"></span>l rischio creditizio (impairment) previ<span class=\"_ _2\"></span>sta dall\u2019IFRS 9, <span class=\"_ _2\"></span>al pari delle Attivit\u00e0 al<span class=\"_ _2\"></span> costo ammortizzato, con conseguente <span class=\"_ _35\"> </span>rilevazione <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>una <span class=\"_ _35\"> </span>rettifica <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>valore <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>copertura <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>perdite attese. <span class=\"_ _0\"></span>Pi\u00f9 <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>particolare, <span class=\"_ _0\"></span>sugli <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>classificati <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>stage <span class=\"_ _0\"></span>1 <span class=\"_ _0\"></span>(ossia <span class=\"_ _0\"></span>sulle <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _0\"></span>al momento <span class=\"_ _35\"> </span>dell\u2019origination, <span class=\"_ _35\"> </span>ove <span class=\"_ _35\"> </span>non <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>teriorate, <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>sugli <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>trumenti <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>verificato <span class=\"_ _35\"> </span>un significativo <span class=\"_ _37\"> </span>increme<span class=\"_ _1\"></span>nto <span class=\"_ _36\"> </span>del <span class=\"_ _37\"> </span>rischio <span class=\"_ _36\"> </span>cre<span class=\"_ _1\"></span>ditizio <span class=\"_ _37\"> </span>rispetto <span class=\"_ _36\"> </span>alla <span class=\"_ _36\"> </span>data <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>rilevazione <span class=\"_ _36\"> </span>iniziale) <span class=\"_ _37\"> </span>viene<span class=\"_ _1\"></span> contabilizzata, <span class=\"_ _1\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>rilevazione <span class=\"_ _38\"></span>iniziale <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>ogni <span class=\"_ _38\"></span>data <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>reporting <span class=\"_ _38\"></span>successiva, <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>perdita attesa ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>anno. In<span class=\"_ _2\"></span>vece, per g<span class=\"_ _2\"></span>li strumenti classificati <span class=\"_ _3b\"></span>in stage 2 <span class=\"_ _3b\"></span>(bonis per <span class=\"_ _2\"></span>i q<span class=\"_ _2\"></span>uali si <span class=\"_ _3b\"></span>\u00e8<span class=\"_ _1\"></span> verificato <span class=\"_ _2\"></span>un incremento <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ignificativo <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>rischio <span class=\"_ _38\"></span>creditizio <span class=\"_ _38\"></span>rispetto <span class=\"_ _38\"></span>alla <span class=\"_ _1\"></span>data <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rilevazione <span class=\"_ _38\"></span>iniziale) <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tage <span class=\"_ _38\"></span>3 (esposizioni  deteriorate)  vi<span class=\"_ _2\"></span>ene  contabilizzata <span class=\"_ _35\"> </span>una  perdita  attesa  per  l\u2019<span class=\"_ _2\"></span>intera  vita <span class=\"_ _35\"> </span>residua  dello strumento <span class=\"_ _25a\"></span>finanziario. Criteri di cancel<span class=\"_ _1\"></span>lazione Le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>ve<span class=\"_ _1\"></span>ngono <span class=\"_ _38\"></span>cancellate <span class=\"_ _1\"></span>dal <span class=\"_ _0\"></span>bil<span class=\"_ _2\"></span>ancio <span class=\"_ _38\"></span>so<span class=\"_ _3a1\"> </span>lamente <span class=\"_ _38\"></span>se <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>cessione <span class=\"_ _38\"></span>ha <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>mportato <span class=\"_ _38\"></span>il sostanziale <span class=\"_ _2\"></span>trasferimento di <span class=\"_ _3b\"></span>tutti i<span class=\"_ _2\"></span> rischi <span class=\"_ _3b\"></span>e benefici <span class=\"_ _3b\"></span>connessi all<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 st<span class=\"_ _2\"></span>esse. P<span class=\"_ _2\"></span>er contro,<span class=\"_ _2\"></span> qu<span class=\"_ _2\"></span>alora sia <span class=\"_ _38\"></span>stata <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>antenuta <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>rilevante <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>benefici <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>arie cedute, qu<span class=\"_ _2\"></span>este<span class=\"_ _1\"></span> con<span class=\"_ _2\"></span>tinuano ad<span class=\"_ _2\"></span> essere iscritte <span class=\"_ _3b\"></span>in bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 giuridicamente la <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>itolarit\u00e0 delle<span class=\"_ _2\"></span> attivit\u00e0 stesse sia stata effettivamente trasferita. Nel <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>possibile <span class=\"_ _35\"> </span>accertare <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>sostanziale <span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>asferimento <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>benefici, <span class=\"_ _0\"> </span>le attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>vengono <span class=\"_ _38\"></span>cancellate <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>bilancio <span class=\"_ _1\"></span>qualora <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ato <span class=\"_ _1\"></span>mante<span class=\"_ _1\"></span>nuto <span class=\"_ _1\"></span>alcun <span class=\"_ _38\"></span>tipo <span class=\"_ _38\"></span>di controllo <span class=\"_ _37\"> </span>sulle <span class=\"_ _37\"> </span>stesse. <span class=\"_ _37\"> </span>In <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>contrario, <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>conservazione, <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>parte, <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>tale <span class=\"_ _37\"> </span>controllo comporta  il <span class=\"_ _3d\"> </span>mantenimento  in  bilancio  de<span class=\"_ _1\"></span>lle  attivit\u00e0 <span class=\"_ _3d\"> </span>in  misura  pari <span class=\"_ _3d\"> </span>al  coinvolgimento<span class=\"_ _1\"></span>  residuo, misurato dall\u2019esposizione <span class=\"_ _1\"></span>ai cambiamenti di valore delle attivit\u00e0 cedute <span class=\"_ _1\"></span>ed alle variazioni dei flussi finanziari delle stesse. Infine,  le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _37\"> </span>cedute <span class=\"_ _3d\"> </span>vengono <span class=\"_ _37\"> </span>cancellate <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>bilancio <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>caso <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>cui <span class=\"_ _3d\"> </span>vi <span class=\"_ _3d\"> </span>sia <span class=\"_ _3d\"> </span>l<span class=\"_ _1\"></span>a conservazione <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>diritti <span class=\"_ _37\"> </span>contrattuali <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>ricevere <span class=\"_ _37\"> </span>i <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>cassa, <span class=\"_ _37\"> </span>con <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>contestuale assunzione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un\u2019obbligazione <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>pagare <span class=\"_ _38\"></span>detti <span class=\"_ _1\"></span>flussi, <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>solo <span class=\"_ _38\"></span>essi, <span class=\"_ _1\"></span>senza <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>ritardo <span class=\"_ _38\"></span>rilevante <span class=\"_ _1\"></span>ad <span class=\"_ _38\"></span>altri soggetti terzi. Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali Gli <span class=\"_ _36\"> </span>inte<span class=\"_ _1\"></span>ressi <span class=\"_ _39\"> </span>attivi, <span class=\"_ _36\"> </span>calcolati <span class=\"_ _39\"> </span>in <span class=\"_ _39\"> </span>base <span class=\"_ _39\"> </span>alla <span class=\"_ _36\"> </span>me<span class=\"_ _1\"></span>todologia <span class=\"_ _39\"> </span>d<span class=\"_ _3a1\"> </span>el <span class=\"_ _39\"> </span>T.I.R., <span class=\"_ _36\"> </span>vengono <span class=\"_ _39\"> </span>contabilizzati <span class=\"_ _36\"> </span>pe<span class=\"_ _1\"></span>r competenza <span class=\"_ _1\"></span>nelle <span class=\"_ _38\"></span>voci <span class=\"_ _1\"></span>\u201cInteressi <span class=\"_ _1\"></span>att<span class=\"_ _1\"></span>ivi e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>proventi <span class=\"_ _38\"></span>assimilati\u201d, <span class=\"_ _1\"></span>mentre <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>utili <span class=\"_ _38\"></span>o <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>perdite <span class=\"_ _1\"></span>derivanti da <span class=\"_ _1\"></span>una <span class=\"_ _38\"></span>variazione <span class=\"_ _38\"></span>di fair <span class=\"_ _38\"></span>value vengono <span class=\"_ _38\"></span>rilevati <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>specifica <span class=\"_ _38\"></span>riserva <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>patrimonio <span class=\"_ _38\"></span>netto <span class=\"_ _38\"></span>sino <span class=\"_ _1\"></span>a che l\u2019attivit\u00e0 finanziaria <span class=\"_ _2\"></span>non viene cancellata o non viene rileva<span class=\"_ _2\"></span>ta una p<span class=\"_ _2\"></span>erdita di valore. Per i titoli di debito, al <span class=\"_ _1\"></span>momento della dismissione o<span class=\"_ _1\"></span> della r<span class=\"_ _1\"></span>ilevazione di una perdita di <span class=\"_ _1\"></span>valore, l\u2019utile <span class=\"_ _1\"></span>o la perdita cumulati vengono riversati a conto economico. Qualora <span class=\"_ _3f\"> </span>i <span class=\"_ _39\"> </span>motivi <span class=\"_ _3f\"> </span>della <span class=\"_ _39\"> </span>perdita <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>valore <span class=\"_ _39\"> </span>s<span class=\"_ _1\"></span>iano <span class=\"_ _39\"> </span>rimossi <span class=\"_ _3f\"> </span>a <span class=\"_ _3f\"> </span>segu<span class=\"_ _2\"></span>ito <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>un <span class=\"_ _3f\"> </span>evento <span class=\"_ _3f\"> </span>verificatosi successivamente alla <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevazione della <span class=\"_ _3b\"></span>riduzione di <span class=\"_ _3b\"></span>valore<span class=\"_ _1\"></span>, vengono <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffettuate riprese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore co<span class=\"_ _2\"></span>n imputazione a conto economico, <span class=\"_ _2\"></span>nel caso dei titoli d<span class=\"_ _2\"></span>i debito. L\u2019ammontare della ripresa non <span class=\"_ _2\"></span>pu\u00f2 i<span class=\"_ _2\"></span>n ogni cas<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>superare <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>differenza <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>contabile <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>costo <span class=\"_ _1\"></span>ammortizzato <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>strumento avrebbe avuto in assenza di precedenti rettifiche.<span class=\"_ _3a1\"> </span>2.2 Atti<span class=\"_ _1\"></span>vit\u00e0 finan<span class=\"_ _1\"></span>ziarie v<span class=\"_ _1\"></span>alutate <span class=\"_ _1\"></span>al fair value<span class=\"_ _1\"></span> con impa<span class=\"_ _1\"></span>tto <span class=\"_ _1\"></span>sulla reddi<span class=\"_ _1\"></span>tivit\u00e0 comp<span class=\"_ _1\"></span>lessiva<span class=\"_ _1\"></span> (FVOCI <span class=\"_ _1\"></span>senza<span class=\"_ _3a1\"> </span> riciclo)<span class=\"_ _3a1\"> </span> C<span class=\"_ _3a1\"> </span>riteri di iscr<span class=\"_ _1\"></span>izione<span class=\"_ _3a1\"> </span> L\u2019iscrizione <span class=\"_ _1\"></span>iniziale delle <span class=\"_ _38\"></span>attivit\u00e0 finanziarie <span class=\"_ _1\"></span>avviene <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>regolamento <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>i t<span class=\"_ _1\"></span>itoli <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>capitale.<span class=\"_ _3a1\"> </span> All\u2019atto della rilevazione iniz<span class=\"_ _2\"></span>iale le attivit\u00e0 sono contabilizz<span class=\"_ _2\"></span>ate al fair value, comprensivo dei <span class=\"_ _2\"></span>costi o<span class=\"_ _3a1\"> </span> proventi di transazione direttamente attribuibili allo strumento <span class=\"_ _25a\"></span>stesso.<span class=\"_ _3a1\"> </span> Criteri di classifi<span class=\"_ _1\"></span>cazione<span class=\"_ _3a1\"> </span> Sono incl<span class=\"_ _2\"></span>usi nella <span class=\"_ _3b\"></span>voce gli <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>trumenti di <span class=\"_ _3b\"></span>capitale, non d<span class=\"_ _2\"></span>et<span class=\"_ _3a1\"> </span>enuti pe<span class=\"_ _2\"></span>r fi<span class=\"_ _2\"></span>nalit\u00e0 di<span class=\"_ _2\"></span> negoziazione, <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span> i <span class=\"_ _3b\"></span>quali<span class=\"_ _3a1\"> </span> al <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>omento <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>rilevazione <span class=\"_ _38\"></span>iniziale <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>stata <span class=\"_ _38\"></span>esercitata <span class=\"_ _38\"></span>l\u2019opzione <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>designazione <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value<span class=\"_ _3a1\"> </span> con impatto sulla redditivit\u00e0 complessiva.<span class=\"_ _3a1\"> </span> In <span class=\"_ _37\"> </span>particolare<span class=\"_ _1\"></span>, <span class=\"_ _37\"> </span>vengono <span class=\"_ _37\"> </span>inclusi <span class=\"_ _37\"> </span>in <span class=\"_ _36\"> </span>questa <span class=\"_ _37\"> </span>voce <span class=\"_ _37\"> </span>le<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>interessenze <span class=\"_ _36\"> </span>azionarie, <span class=\"_ _37\"> </span>non <span class=\"_ _37\"> </span>qualificabili <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span> controllo, collegamento <span class=\"_ _3b\"></span>e controllo <span class=\"_ _2\"></span>congiunto, <span class=\"_ _2\"></span>che non <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ono d<span class=\"_ _2\"></span>etenute con <span class=\"_ _3b\"></span>finalit\u00e0 di <span class=\"_ _3b\"></span>nego<span class=\"_ _1\"></span>ziazione,<span class=\"_ _3a1\"> </span> per  cu<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>si  \u00e8 <span class=\"_ _35\"> </span>esercitata  l\u2019opzi<span class=\"_ _2\"></span>one  per <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>designazione  al <span class=\"_ _35\"> </span>fair  va<span class=\"_ _3b\"></span>lue  con <span class=\"_ _35\"> </span>impatto  sulla <span class=\"_ _35\"> </span>redditivit\u00e0<span class=\"_ _3a1\"> </span> complessiva.<span class=\"_ _3a1\"> </span> Riclassifiche<span class=\"_ _3a1\"> </span> Secondo <span class=\"_ _36\"> </span>le <span class=\"_ _39\"> </span>regole <span class=\"_ _36\"> </span>generali <span class=\"_ _39\"> </span>previste <span class=\"_ _36\"> </span>dall\u2019IFRS <span class=\"_ _36\"> </span>9 <span class=\"_ _36\"> </span>in <span class=\"_ _39\"> </span>materia <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>riclassificazione <span class=\"_ _39\"> </span>delle <span class=\"_ _36\"> </span>attivit\u00e0<span class=\"_ _3a1\"> </span> finanziarie per i titoli di capitale non \u00e8 ammessa <span class=\"_ _1\"></span>alcuna riclassifica.<span class=\"_ _3a1\"> </span>Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span> Successivamente <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>rilevazione <span class=\"_ _35\"> </span>iniziale, <span class=\"_ _35\"> </span>gli <span class=\"_ _35\"> </span>strumenti <span class=\"_ _35\"> </span>d<span class=\"_ _3a1\"> </span>i <span class=\"_ _35\"> </span>capitale <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>cui <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>stata <span class=\"_ _35\"> </span>effettuata <span class=\"_ _35\"> </span>l<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span> scelta per <span class=\"_ _1\"></span>la classificazione <span class=\"_ _1\"></span>nella presente cat<span class=\"_ _1\"></span>egoria sono valutati <span class=\"_ _1\"></span>al fair <span class=\"_ _1\"></span>value e <span class=\"_ _1\"></span>gli importi r<span class=\"_ _1\"></span>ilevati<span class=\"_ _3a1\"> </span> in contro<span class=\"_ _1\"></span>partita del <span class=\"_ _1\"></span>patrimonio <span class=\"_ _1\"></span>netto (Prospett<span class=\"_ _1\"></span>o della r<span class=\"_ _1\"></span>edditivit\u00e0 compless<span class=\"_ _1\"></span>iva) non devono <span class=\"_ _1\"></span>ess<span class=\"_ _1\"></span>ere<span class=\"_ _3a1\"> </span> successivamente tr<span class=\"_ _1\"></span>asferiti a conto e<span class=\"_ _1\"></span>conomico, neanche <span class=\"_ _1\"></span>in caso di cessione<span class=\"_ _1\"></span>. La sola <span class=\"_ _1\"></span>componente<span class=\"_ _3a1\"> </span> riferibile <span class=\"_ _37\"> </span>ai <span class=\"_ _3d\"> </span>titoli <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>capitale <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>questione <span class=\"_ _37\"> </span>che <span class=\"_ _3d\"> </span>\u00e8 <span class=\"_ _37\"> </span>oggetto <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>rilevazione <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>cont<span class=\"_ _1\"></span>o <span class=\"_ _3d\"> </span>economico <span class=\"_ _3d\"> </span>\u00e8<span class=\"_ _3a1\"> </span> rappresentata dai relativi dividendi.<span class=\"_ _3a1\"> </span> Il fair value v<span class=\"_ _2\"></span>iene determinato sulla base dei criteri g<span class=\"_ _2\"></span>i\u00e0 illustrati per le At<span class=\"_ _2\"></span>tivit\u00e0 finanziarie valu<span class=\"_ _2\"></span>tate al<span class=\"_ _3a1\"> </span> fair value con impatto a conto economico.<span class=\"_ _3a1\"> </span> Per <span class=\"_ _3b\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _3b\"></span>inclusi <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>que<span class=\"_ _1\"></span>sta <span class=\"_ _3b\"></span>categoria, <span class=\"_ _3b\"></span>non q<span class=\"_ _2\"></span>uotati <span class=\"_ _3b\"></span>in u<span class=\"_ _2\"></span>n <span class=\"_ _3b\"></span>m<span class=\"_ _1\"></span>ercato <span class=\"_ _3b\"></span>attivo, <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>criter<span class=\"_ _1\"></span>io <span class=\"_ _3b\"></span>del <span class=\"_ _3b\"></span>costo<span class=\"_ _3a1\"> </span> \u00e8 utilizzato q<span class=\"_ _2\"></span>uale stima d<span class=\"_ _2\"></span>el fair v<span class=\"_ _3b\"></span>alue soltanto in via <span class=\"_ _3b\"></span>residuale e li<span class=\"_ _2\"></span>mitatamente a poche<span class=\"_ _2\"></span> circostanze,<span class=\"_ _3a1\"> </span> ossia  in <span class=\"_ _35\"> </span>caso  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>non  appli<span class=\"_ _2\"></span>cabilit\u00e0  di <span class=\"_ _35\"> </span>tutti  i <span class=\"_ _35\"> </span>metodi <span class=\"_ _35\"> </span>di  val<span class=\"_ _2\"></span>utazione  precedentemente <span class=\"_ _35\"> </span>richiamati,<span class=\"_ _3a1\"> </span> ovvero in presenza di un\u2019ampia <span class=\"_ _2\"></span>gamma di possibili valutazioni del fair value, nel cui<span class=\"_ _2\"></span> ambito il costo<span class=\"_ _3a1\"> </span> rappresenta la stima pi\u00f9 <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ignificativa.<span class=\"_ _3a1\"> </span> Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span> Le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>ve<span class=\"_ _1\"></span>ngono <span class=\"_ _38\"></span>cancellate <span class=\"_ _1\"></span>dal <span class=\"_ _0\"></span>bil<span class=\"_ _2\"></span>ancio <span class=\"_ _38\"></span>so<span class=\"_ _3a1\"> </span>lamente <span class=\"_ _38\"></span>se <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>cessione <span class=\"_ _38\"></span>ha <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>mportato <span class=\"_ _38\"></span>il<span class=\"_ _3a1\"> </span> sostanziale <span class=\"_ _2\"></span>trasferimento di <span class=\"_ _3b\"></span>tutti i<span class=\"_ _2\"></span> rischi <span class=\"_ _3b\"></span>e benefici <span class=\"_ _3b\"></span>connessi all<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 st<span class=\"_ _2\"></span>esse. P<span class=\"_ _2\"></span>er contro,<span class=\"_ _2\"></span> qu<span class=\"_ _2\"></span>alora<span class=\"_ _3a1\"> </span> sia <span class=\"_ _38\"></span>stata <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>antenuta <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>rilevante <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>benefici <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span> cedute, qu<span class=\"_ _2\"></span>este<span class=\"_ _1\"></span> con<span class=\"_ _2\"></span>tinuano ad<span class=\"_ _2\"></span> essere iscritte <span class=\"_ _3b\"></span>in bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 giuridicamente la <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>itolarit\u00e0 delle<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> attivit\u00e0 stesse sia stata effettivamente trasferita.<span class=\"_ _3a1\"> </span> Nel <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>possibile <span class=\"_ _35\"> </span>accertare <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>sostanziale <span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>asferimento <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>benefici, <span class=\"_ _0\"> </span>le<span class=\"_ _3a1\"> </span> attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>vengono <span class=\"_ _38\"></span>cancellate <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>bilancio <span class=\"_ _1\"></span>qualora <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ato <span class=\"_ _1\"></span>mante<span class=\"_ _1\"></span>nuto <span class=\"_ _1\"></span>alcun <span class=\"_ _38\"></span>tipo <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> controllo <span class=\"_ _37\"> </span>sulle <span class=\"_ _37\"> </span>stesse. <span class=\"_ _37\"> </span>In <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>contrario, <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>conservazione, <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>parte, <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>tale <span class=\"_ _37\"> </span>controllo<span class=\"_ _3a1\"> </span> comporta  il <span class=\"_ _3d\"> </span>mantenimento  in  bilancio  de<span class=\"_ _1\"></span>lle  attivit\u00e0 <span class=\"_ _3d\"> </span>in  misura  pari <span class=\"_ _3d\"> </span>al  coinvolgimento<span class=\"_ _1\"></span>  residuo,<span class=\"_ _3a1\"> </span> misurato dall\u2019esposizione <span class=\"_ _1\"></span>ai cambiamenti di valore delle attivit\u00e0 cedute <span class=\"_ _1\"></span>ed alle variazioni dei flussi<span class=\"_ _3a1\"> </span> finanziari delle stesse.<span class=\"_ _3a1\"> </span> Infine,  le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _37\"> </span>cedute <span class=\"_ _3d\"> </span>vengono <span class=\"_ _37\"> </span>cancellate <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>bilancio <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>caso <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>cui <span class=\"_ _3d\"> </span>vi <span class=\"_ _3d\"> </span>sia <span class=\"_ _3d\"> </span>l<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span> conservazione <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>diritti <span class=\"_ _37\"> </span>contrattuali <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>ricevere <span class=\"_ _37\"> </span>i <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>cassa, <span class=\"_ _37\"> </span>con <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>contestuale<span class=\"_ _3a1\"> </span> assunzione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un\u2019obbligazione <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>pagare <span class=\"_ _38\"></span>detti <span class=\"_ _1\"></span>flussi, <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>solo <span class=\"_ _38\"></span>essi, <span class=\"_ _1\"></span>senza <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>ritardo <span class=\"_ _38\"></span>rilevante <span class=\"_ _1\"></span>ad <span class=\"_ _38\"></span>altri<span class=\"_ _3a1\"> </span> soggetti terzi.<span class=\"_ _3a1\"> </span> Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"_ _3a1\"> </span> I dividendi <span class=\"_ _3b\"></span>ve<span class=\"_ _1\"></span>ngono contabilizzati alla voce \u201cDividendi <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> proventi simil<span class=\"_ _2\"></span>i\u201d nel momento in cui<span class=\"_ _2\"></span> sorge il<span class=\"_ _3a1\"> </span> diritto a riceverne il pagamento, mentre gli utili o<span class=\"_ _2\"></span> le perdite derivanti da una variazione di<span class=\"_ _3a1\"> </span> fair value<span class=\"_ _3a1\"> </span>dei <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>itoli <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>capitale <span class=\"_ _38\"></span>vengono <span class=\"_ _0\"></span>rilev<span class=\"_ _2\"></span>ati <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>pecifica <span class=\"_ _38\"></span>riserva <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>patrimonio <span class=\"_ _38\"></span>netto <span class=\"_ _0\"></span>e <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ale <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>viene<span class=\"_ _3a1\"> </span> riversato a conto economico nel caso di cessione e cancellazione del titolo <span class=\"_ _1\"></span>di capitale. <div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs326\">3 - Attivi<span class=\"_ _1\"></span>t\u00e0 finan<span class=\"_ _1\"></span>ziarie va<span class=\"_ _1\"></span>lutate <span class=\"_ _1\"></span>al costo<span class=\"_ _1\"></span> ammortizza<span class=\"_ _1\"></span>to<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs327\">Crite<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs328\">ri di iscrizione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs329\">L\u2019iscrizione <span class=\"_ _1\"></span>iniziale <span class=\"_ _1\"></span>dell\u2019attivit\u00e0 <span class=\"_ _1\"></span>finanziaria <span class=\"_ _1\"></span>avviene<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>regolament<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>debito <span class=\"_ _38\"></span>ed<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs32a\">alla <span class=\"_ _37\"> </span>data <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>ero<span class=\"_ _1\"></span>gazione <span class=\"_ _37\"> </span>nel <span class=\"_ _36\"> </span>caso <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>crediti. <span class=\"_ _37\"> </span>All\u2019atto <span class=\"_ _36\"> </span>della <span class=\"_ _37\"> </span>rilevazione <span class=\"_ _37\"> </span>iniziale <span class=\"_ _36\"> </span>le <span class=\"_ _37\"> </span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _37\"> </span>sono<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs32b\">contabilizzate <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>fair val<span class=\"_ _2\"></span>ue, <span class=\"_ _2\"></span>comprensivo <span class=\"_ _3b\"></span>dei c<span class=\"_ _2\"></span>osti <span class=\"_ _3b\"></span>o p<span class=\"_ _2\"></span>roventi <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>transazione di<span class=\"_ _2\"></span>rettamente <span class=\"_ _3b\"></span>attr<span class=\"_ _1\"></span>ibuibili<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs32c\">allo strumento stesso.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs32d\">In <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>icolare, <span class=\"_ _38\"></span>per <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>el <span class=\"_ _0\"></span>che<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>attie<span class=\"_ _2\"></span>ne <span class=\"_ _0\"></span>ai<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>cr<span class=\"_ _2\"></span>editi, <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>data <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ero<span class=\"_ _1\"></span>gazione <span class=\"_ _38\"></span>normalmente <span class=\"_ _0\"></span>coincid<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>l<span class=\"_ _3b\"></span>a<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs32e\">data <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>sottoscrizione <span class=\"_ _36\"> </span>del <span class=\"_ _36\"> </span>cont<span class=\"_ _1\"></span>ratto. <span class=\"_ _36\"> </span>Qualora <span class=\"_ _36\"> </span>tale <span class=\"_ _36\"> </span>coincidenza <span class=\"_ _36\"> </span>non <span class=\"_ _36\"> </span>si <span class=\"_ _39\"> </span>manifesti, <span class=\"_ _36\"> </span>in <span class=\"_ _36\"> </span>sede <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs32f\">sottoscrizione <span class=\"_ _0\"></span>del<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>ratto <span class=\"_ _0\"></span>si<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>rovvede <span class=\"_ _0\"></span>ad <span class=\"_ _38\"></span>iscrivere <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>impegno <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>rogare <span class=\"_ _38\"></span>fo<span class=\"_ _1\"></span>ndi <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>si<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>chi<span class=\"_ _2\"></span>ude<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs330\">alla dat<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>erogazione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>finanziamento. <span class=\"_ _1\"></span>L\u2019iscrizione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>credito <span class=\"_ _1\"></span>avviene <span class=\"_ _1\"></span>sulla <span class=\"_ _1\"></span>base <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs331\">dello <span class=\"_ _17e\"> </span>ste<span class=\"_ _1\"></span>sso, <span class=\"_ _17e\"> </span>pari <span class=\"_ _44\"> </span>all\u2019ammontare <span class=\"_ _44\"> </span>erogato, <span class=\"_ _17e\"> </span>o <span class=\"_ _44\"> </span>prezzo <span class=\"_ _17e\"> </span>di <span class=\"_ _44\"> </span>sottoscrizione, <span class=\"_ _44\"> </span>comprensivo <span class=\"_ _44\"> </span>dei<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs332\">costi/proventi <span class=\"_ _3a\"> </span>direttamente <span class=\"_ _3a\"> </span>riconducibili <span class=\"_ _3a\"> </span>al <span class=\"_ _3a\"> </span>singolo <span class=\"_ _3a\"> </span>credito <span class=\"_ _3a\"> </span>e <span class=\"_ _3a\"> </span>determinabili <span class=\"_ _3f\"> </span>s<span class=\"_ _1\"></span>in <span class=\"_ _3a\"> </span>dall\u2019origine<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs333\">dell\u2019operazione, ancorch\u00e9 <span class=\"_ _3b\"></span>liquidati in <span class=\"_ _3b\"></span>un momento <span class=\"_ _3b\"></span>success<span class=\"_ _1\"></span>ivo. <span class=\"_ _2\"></span>Sono <span class=\"_ _3b\"></span>es<span class=\"_ _1\"></span>clusi <span class=\"_ _2\"></span>i co<span class=\"_ _2\"></span>sti ch<span class=\"_ _2\"></span>e, pur<span class=\"_ _2\"></span> avendo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs334\">le <span class=\"_ _1\"></span>caratter<span class=\"_ _1\"></span>istiche <span class=\"_ _1\"></span>suddette, <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ggetto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rimborso <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>parte <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>controparte <span class=\"_ _1\"></span>debitr<span class=\"_ _1\"></span>ice <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>sono<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs335\">inquadrabili tra i normali costi interni di carattere <span class=\"_ _3b\"></span>amm<span class=\"_ _1\"></span>inistrativo.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs336\">Criteri di classificazione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs337\">Sono <span class=\"_ _38\"></span>incluse <span class=\"_ _38\"></span>nella <span class=\"_ _1\"></span>presente <span class=\"_ _38\"></span>categoria <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanzia<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs338\">rie <span class=\"_ _1\"></span>(in <span class=\"_ _38\"></span>particolare <span class=\"_ _38\"></span>finanziamenti <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>tit<span class=\"_ _1\"></span>oli <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs339\">debito) che soddisfano entrambe le se<span class=\"_ _1\"></span>guenti condizioni:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs33a\"><span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019attivit\u00e0 finanziaria <span class=\"_ _1\"></span>\u00e8 posseduta se<span class=\"_ _1\"></span>condo un <span class=\"_ _1\"></span>modello di business <span class=\"_ _1\"></span>il cui obiet<span class=\"_ _1\"></span>tivo \u00e8 conse<span class=\"_ _1\"></span>guito<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs33b\">mediante <span class=\"_ _0\"></span>l\u2019incasso <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>previsti <span class=\"_ _0\"></span>contrattualmente <span class=\"_ _0\"></span>(Business <span class=\"_ _0\"></span>model <span class=\"_ _0\"></span>\u201cHold <span class=\"_ _0\"></span>to<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs33c\">Collect\u201d \u2013 \u201cHTC\u201d), e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs33d\"><span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>ermini <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>rattuali <span class=\"_ _38\"></span>dell\u2019att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _38\"></span>finanziaria <span class=\"_ _0\"></span>prevedono, <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>determin<span class=\"_ _2\"></span>ate <span class=\"_ _0\"></span>date, <span class=\"_ _38\"></span>flussi <span class=\"_ _0\"></span>finanziari<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs33e\">rappresentati unicamente da pagamenti del capitale e dell\u2019interesse sul<span class=\"_ _2\"></span>l\u2019importo del capitale<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs33f\">da restituire (cd. \u201cSPPI test\u201d superato).<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs340\">Pi\u00f9 in particolare, formano oggetto di rilevazione in quest<span class=\"_ _1\"></span>a voce:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs341\"><span class=\"_ _42\"> </span><span class=\"ff4\">gli  i<span class=\"_ _2\"></span>mpieghi  con <span class=\"_ _35\"> </span>banche  nelle <span class=\"_ _35\"> </span>diverse  forme  tecniche <span class=\"_ _35\"> </span>che  presentano  i<span class=\"_ _3b\"></span>  requisiti  di<span class=\"_ _2\"></span>  cui <span class=\"_ _35\"> </span>al<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs342\">paragrafo precedente;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs343\"><span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _35\"> </span>impieghi <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>clientela <span class=\"_ _35\"> </span>nelle <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>verse <span class=\"_ _35\"> </span>forme <span class=\"_ _35\"> </span>tecniche <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>presentano <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>requisiti <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>cui <span class=\"_ _35\"> </span>al<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs344\">paragrafo precedente;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs345\"><span class=\"_ _42\"> </span><span class=\"ff4\">i titoli di debito che presentano i requisiti di cui al paragrafo <span class=\"_ _1\"></span>precedente.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs346\">Sono <span class=\"_ _35\"> </span>inoltre <span class=\"_ _35\"> </span>inclusi <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>tale <span class=\"_ _35\"> </span>categoria <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>crediti <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>funzionamento <span class=\"_ _35\"> </span>connessi <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>pre<span class=\"_ _1\"></span>stazione <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs347\">attivit\u00e0 <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>servizi <span class=\"_ _38\"></span>finanziari <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>definiti <span class=\"_ _38\"></span>dal <span class=\"_ _1\"></span>T.U.B. <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>T.U.F. <span class=\"_ _1\"></span>(ad <span class=\"_ _38\"></span>es<span class=\"_ _1\"></span>empio <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>distribuzione <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs348\">prodotti finanziari ed attivit\u00e0 di <span class=\"_ _210\"></span>servicing).<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs349\">Riclassifiche<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs34a\">Secondo <span class=\"_ _36\"> </span>le <span class=\"_ _39\"> </span>regole <span class=\"_ _36\"> </span>generali <span class=\"_ _39\"> </span>previste <span class=\"_ _36\"> </span>dall\u2019IFRS <span class=\"_ _36\"> </span>9 <span class=\"_ _36\"> </span>in <span class=\"_ _39\"> </span>materia</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs34b\"> <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>riclassificazione <span class=\"_ _39\"> </span>delle <span class=\"_ _36\"> </span>attivit\u00e0<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs34c\">finanziarie, <span class=\"_ _2\"></span>non sono <span class=\"_ _3b\"></span>ammesse riclassifich<span class=\"_ _2\"></span>e verso al<span class=\"_ _2\"></span>tre cat<span class=\"_ _2\"></span>egorie d<span class=\"_ _2\"></span>i attivit\u00e0 <span class=\"_ _3b\"></span>finanziarie salvo <span class=\"_ _2\"></span>il c<span class=\"_ _2\"></span>aso<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs34d\">in <span class=\"_ _0\"></span>cui <span class=\"_ _0\"></span>l\u2019entit\u00e0 <span class=\"_ _35\"> </span>modifichi <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>proprio <span class=\"_ _35\"> </span>modello <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>business <span class=\"_ _35\"> </span>per <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"> </span>attivit\u00e0 <span class=\"_ _35\"> </span>finanziarie <span class=\"_ _0\"></span>a<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs34e\">seguito <span class=\"_ _3d\"> </span>di  cambiament<span class=\"_ _1\"></span>i  esterni <span class=\"_ _3d\"> </span>o <span class=\"_ _3d\"> </span>interni <span class=\"_ _3d\"> </span>i  quali <span class=\"_ _3d\"> </span>siano <span class=\"_ _3d\"> </span>rilevanti <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>le  oper<span class=\"_ _1\"></span>azioni  dell'entit\u00e0 <span class=\"_ _3d\"> </span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs34f\">dimostrabili <span class=\"_ _1\"></span>alle <span class=\"_ _1\"></span>parti <span class=\"_ _1\"></span>esterne. <span class=\"_ _1\"></span>In <span class=\"_ _1\"></span>tali <span class=\"_ _1\"></span>casi, <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>ci <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>atte<span class=\"_ _1\"></span>nde <span class=\"_ _1\"></span>siano <span class=\"_ _1\"></span>altamente <span class=\"_ _1\"></span>infrequenti, <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs350\">finanziarie <span class=\"_ _0\"></span>potranno <span class=\"_ _35\"> </span>essere <span class=\"_ _0\"></span>riclassificate <span class=\"_ _0\"></span>dalla <span class=\"_ _35\"> </span>cat<span class=\"_ _2\"></span>egoria <span class=\"_ _0\"></span>valutata <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>costo <span class=\"_ _0\"></span>ammortizzato <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>un<span class=\"_ _3b\"></span>a<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs351\">delle <span class=\"_ _1\"></span>altre <span class=\"_ _1\"></span>due <span class=\"_ _1\"></span>categor<span class=\"_ _1\"></span>ie pr<span class=\"_ _1\"></span>eviste <span class=\"_ _1\"></span>dall\u2019IFRS 9 <span class=\"_ _38\"></span>(Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>impatto<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs352\">sulla <span class=\"_ _3d\"> </span>redditivit\u00e0 <span class=\"_ _3d\"> </span>complessiva <span class=\"_ _3d\"> </span>o <span class=\"_ _3d\"> </span>At<span class=\"_ _1\"></span>tivit\u00e0  finanziarie <span class=\"_ _37\"> </span>valutate <span class=\"_ _3d\"> </span>al  fair<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>value <span class=\"_ _3d\"> </span>con <span class=\"_ _3d\"> </span>impatto <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>conto<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs353\">economico). <span class=\"_ _3a\"> </span>Il <span class=\"_ _3a\"> </span>valore<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>t<span class=\"_ _1\"></span>rasferimento <span class=\"_ _3a\"> </span>\u00e8 <span class=\"_ _48\"> </span>rappresentato <span class=\"_ _3a\"> </span>dal <span class=\"_ _3a\"> </span>fair <span class=\"_ _3a\"> </span>value <span class=\"_ _48\"> </span>al <span class=\"_ _3a\"> </span>momento <span class=\"_ _3a\"> </span>della<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs354\">riclassificazione <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>gli <span class=\"_ _1\"></span>effe<span class=\"_ _1\"></span>tti <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iclassificazione <span class=\"_ _38\"></span>operano <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>maniera <span class=\"_ _0\"></span>prospettica <span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>partire <span class=\"_ _38\"></span>dalla<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs355\">data <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>riclassificazione. <span class=\"_ _0\"></span>Gli <span class=\"_ _0\"></span>utili <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>perdite <span class=\"_ _0\"></span>risultanti <span class=\"_ _0\"></span>dalla <span class=\"_ _0\"></span>differenza <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>cos<span class=\"_ _2\"></span>to <span class=\"_ _0\"></span>ammortizzato<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs356\">dell'attivit\u00e0 finanziaria e il relativo fair value sono rilevati a conto economico nel caso di <span class=\"_ _2\"></span>riclassifica<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs357\">tra le At<span class=\"_ _2\"></span>tivit\u00e0 finanziarie <span class=\"_ _2\"></span>valutate al fai<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span> value <span class=\"_ _2\"></span>con impatto <span class=\"_ _2\"></span>a conto <span class=\"_ _2\"></span>economico e<span class=\"_ _2\"></span> a Patrimonio<span class=\"_ _2\"></span> netto,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs358\">nell\u2019apposita <span class=\"_ _1\"></span>riserva <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valutazione, <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>caso <span class=\"_ _38\"></span>di r<span class=\"_ _1\"></span>iclassifica tra <span class=\"_ _38\"></span>le Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fair<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs359\">value con impatto sulla redditivit\u00e0 complessiva.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs35a\">Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs35b\">Successivamente <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>rilevazione <span class=\"_ _0\"></span>iniziale, <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>fin<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs35c\">anziarie <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>esame <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>valutate <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>costo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs35d\">ammortizzato, <span class=\"_ _38\"></span>utilizzando <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>met<span class=\"_ _1\"></span>odo <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>tasso <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>interesse <span class=\"_ _0\"></span>effettivo. <span class=\"_ _1\"></span>In <span class=\"_ _38\"></span>q<span class=\"_ _1\"></span>uesti <span class=\"_ _0\"></span>termini, <span class=\"_ _1\"></span>l\u2019attivit\u00e0 <span class=\"_ _0\"></span>\u00e8<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs35e\">riconosciuta <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>bilancio per<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>ammontare <span class=\"_ _1\"></span>pari al <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>prima <span class=\"_ _1\"></span>iscrizione <span class=\"_ _1\"></span>diminuito <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>rimborsi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs35f\">di <span class=\"_ _38\"></span>capitale, <span class=\"_ _38\"></span>pi\u00f9 <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>meno<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>l\u2019ammortame<span class=\"_ _1\"></span>nto <span class=\"_ _1\"></span>cumulato <span class=\"_ _0\"></span>(calc<span class=\"_ _2\"></span>olato <span class=\"_ _38\"></span>col <span class=\"_ _38\"></span>richiamato <span class=\"_ _0\"></span>m<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>todo <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>tasso <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs360\">interesse effettivo) <span class=\"_ _3b\"></span>della differenza <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ra tale <span class=\"_ _3b\"></span>importo iniziale <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> l\u2019imp<span class=\"_ _2\"></span>orto alla <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>cadenza (<span class=\"_ _2\"></span>riconducibile<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs217\">tipicamente ai <span class=\"_ _3b\"></span>costi/provent<span class=\"_ _1\"></span>i im<span class=\"_ _3b\"></span>putati direttamente alla <span class=\"_ _3b\"></span>singola attivit\u00e0) <span class=\"_ _3b\"></span>e rettificato dell\u2019<span class=\"_ _2\"></span>eventuale </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs218\">fondo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs362\">a <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _0\"></span>perdite <span class=\"_ _0\"></span>attese. <span class=\"_ _0\"></span>Il <span class=\"_ _0\"></span>tasso <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>interesse <span class=\"_ _0\"></span>effettivo <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>individuato <span class=\"_ _0\"></span>calcolando <span class=\"_ _0\"></span>il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs21a\">tasso <span class=\"_ _36\"> </span>che <span class=\"_ _36\"> </span>e<span class=\"_ _1\"></span>guaglia <span class=\"_ _36\"> </span>il <span class=\"_ _36\"> </span>valore <span class=\"_ _36\"> </span>at<span class=\"_ _1\"></span>tuale <span class=\"_ _36\"> </span>dei <span class=\"_ _36\"> </span>flussi <span class=\"_ _39\"> </span>futuri <span class=\"_ _36\"> </span>dell\u2019attivit\u00e0, <span class=\"_ _36\"> </span>per <span class=\"_ _36\"> </span>capitale <span class=\"_ _39\"> </span>ed <span class=\"_ _36\"> </span>interesse, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs21b\">all\u2019ammontare <span class=\"_ _3b\"></span>er<span class=\"_ _1\"></span>ogato <span class=\"_ _3b\"></span>inclusivo <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>costi/pro<span class=\"_ _1\"></span>venti <span class=\"_ _3b\"></span>ricondotti <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>ll\u2019attivit\u00e0 <span class=\"_ _3b\"></span>finanziaria <span class=\"_ _3b\"></span>mede<span class=\"_ _1\"></span>sima. <span class=\"_ _3b\"></span>Tale </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs21c\">modalit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>contabilizzazione, <span class=\"_ _0\"></span>utilizzando <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>logica <span class=\"_ _0\"></span>finanziaria, <span class=\"_ _0\"></span>consente <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>distribuire <span class=\"_ _0\"></span>l\u2019effetto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs21d\">economico <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>costi/proventi <span class=\"_ _0\"></span>direttamente <span class=\"_ _0\"></span>attribuibili <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span>\u2019attivit\u00e0 <span class=\"_ _0\"></span>finanziaria <span class=\"_ _0\"></span>lungo <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>sua <span class=\"_ _0\"></span>vita </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs21e\">residua attesa. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs21f\">Il metodo del <span class=\"_ _2\"></span>costo ammortizzato non <span class=\"_ _2\"></span>viene utilizz<span class=\"_ _2\"></span>ato per le attiv<span class=\"_ _2\"></span>it\u00e0 \u2013 valorizzate al<span class=\"_ _2\"></span> costo s<span class=\"_ _2\"></span>torico \u2013 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs220\">la <span class=\"_ _29\"> </span>cui <span class=\"_ _193\"> </span>breve <span class=\"_ _193\"> </span>durata <span class=\"_ _193\"> </span>fa <span class=\"_ _29\"> </span>ritenere <span class=\"_ _193\"> </span>trascurabile <span class=\"_ _193\"> </span>l\u2019effetto <span class=\"_ _29\"> </span>dell\u2019applicazione <span class=\"_ _193\"> </span>della <span class=\"_ _29\"> </span>logica<span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs221\">dell\u2019attualizzazione, per quelle senza una scadenza definita e per i crediti a re<span class=\"_ _1\"></span>voca. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs222\">I <span class=\"_ _37\"> </span>criteri <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>valutazione <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>elativi <span class=\"_ _37\"> </span>agli <span class=\"_ _37\"> </span>accantonamenti <span class=\"_ _37\"> </span>per<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>le <span class=\"_ _37\"> </span>perdite <span class=\"_ _37\"> </span>attese<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>sono <span class=\"_ _37\"> </span>strettamente </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs223\">connessi <span class=\"_ _0\"></span>all\u2019in<span class=\"_ _2\"></span>clusione <span class=\"_ _0\"></span>degli<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>same <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>uno <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>tre <span class=\"_ _0\"></span>stages <span class=\"_ _38\"></span>(stadi <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _0\"></span>creditizio) </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs224\">previsti <span class=\"_ _35\"> </span>dall\u2019IFRS <span class=\"_ _0\"></span>9, <span class=\"_ _35\"> </span>l\u2019ultimo <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>qual<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>(Stage <span class=\"_ _35\"> </span>3) <span class=\"_ _0\"> </span>co<span class=\"_ _1\"></span>mprende <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>finanziarie <span class=\"_ _35\"> </span>deteriorate <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs225\">restanti (Stage 1 e 2) le attivit\u00e0 finanziarie in bonis. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs226\">Con riferimento alla rapp<span class=\"_ _2\"></span>resentazione contabile dei suddetti effe<span class=\"_ _2\"></span>tti valutativi, le rettifi<span class=\"_ _2\"></span>che di valore </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs363\">riferite a questa tipologia di attivit\u00e0 sono rilevate nel Conto Economico: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs228\"><span class=\"_ _42\"> </span><span class=\"ff4\">all\u2019atto dell\u2019iscrizione iniziale, per un ammo<span class=\"_ _1\"></span>ntare pari alla perdita attesa a dodici mesi; </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs364\"><span class=\"_ _42\"> </span><span class=\"ff4\">all\u2019atto  della  valutazione  successiva  dell\u2019attivit\u00e0,  ove  il  rischio  creditizio  non  sia  risultato<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs365\">significativamente <span class=\"_ _3d\"> </span>incrementato <span class=\"_ _3d\"> </span>rispetto <span class=\"_ _3d\"> </span>all\u2019iscrizione <span class=\"_ _3d\"> </span>iniziale, <span class=\"_ _3d\"> </span>in  r<span class=\"_ _1\"></span>elazione <span class=\"_ _3d\"> </span>alle <span class=\"_ _3d\"> </span>variazioni<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs366\">dell\u2019ammontare delle rettifiche di valore per per<span class=\"_ _1\"></span>dite attese nei dodici mesi successivi; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs367\"><span class=\"_ _42\"> </span><span class=\"ff4\">all\u2019atto <span class=\"_ _3a\"> </span>della <span class=\"_ _3f\"> </span>valutazione <span class=\"_ _3a\"> </span>success<span class=\"_ _1\"></span>iva <span class=\"_ _3f\"> </span>dell\u2019attivit\u00e0, <span class=\"_ _3a\"> </span>ove <span class=\"_ _3a\"> </span>il <span class=\"_ _3f\"> </span>rischio <span class=\"_ _3a\"> </span>creditizio <span class=\"_ _3a\"> </span>sia <span class=\"_ _3f\"> </span>r<span class=\"_ _1\"></span>isultato </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs368\">significativamente <span class=\"_ _1\"></span>incre<span class=\"_ _1\"></span>mentato <span class=\"_ _1\"></span>rispetto<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>all\u2019iscrizione <span class=\"_ _38\"></span>iniziale, <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>relazione <span class=\"_ _38\"></span>alla <span class=\"_ _1\"></span>rilevazione <span class=\"_ _38\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs369\">rettifiche di valore per perdite attese riferibili all\u2019<span class=\"_ _2\"></span>intera vita residua prevista contrattualmente </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs36a\">per l\u2019attivit\u00e0; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs36b\"><span class=\"_ _42\"> </span><span class=\"ff4\">all\u2019atto della valutazione successiva dell\u2019attivit\u00e0, ove <span class=\"_ _1\"></span>\u2013 dopo che si \u00e8 verificato un incremento </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs36c\">significativo <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>credito<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>rispetto <span class=\"_ _35\"> </span>all\u2019iscrizione <span class=\"_ _35\"> </span>iniziale <span class=\"_ _35\"> </span>\u2013  la <span class=\"_ _35\"> </span>\u201c<span class=\"_ _2\"></span>significativit\u00e0\u201d <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>tale </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs36d\">incremento <span class=\"_ _3d\"> </span>sia <span class=\"_ _37\"> </span>poi <span class=\"_ _3d\"> </span>venuta <span class=\"_ _3d\"> </span>meno, <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>relazione <span class=\"_ _3d\"> </span>all\u2019adeguamento <span class=\"_ _37\"> </span>delle <span class=\"_ _3d\"> </span>rettifiche <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>valore </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs36e\">cumulate per tener conto del passaggio da una perdita attesa lungo l\u2019intera vita residua dello </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs36f\">strumento (\u201clifetime\u201d) ad una a dodici mesi. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs370\">Le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>finanziarie in <span class=\"_ _1\"></span>esame, <span class=\"_ _1\"></span>ove r<span class=\"_ _1\"></span>isultino <span class=\"_ _1\"></span>in bonis, <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>sottoposte <span class=\"_ _1\"></span>ad una <span class=\"_ _1\"></span>valutazione, <span class=\"_ _1\"></span>volta a </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs371\">definire  le  rettifiche  di  valore  da <span class=\"_ _35\"> </span>rilevar<span class=\"_ _1\"></span>e  in  bilancio,  a  l<span class=\"_ _2\"></span>ivello  di  singolo  rapporto  creditizio  (o </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs372\">\u201ctranche\u201d di titolo), <span class=\"_ _2\"></span>in funzione d<span class=\"_ _2\"></span>ei parametri di <span class=\"_ _2\"></span>rischio rappresentati da probabili<span class=\"_ _2\"></span>ty of default (PD)<span class=\"_ _2\"></span>, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs373\">loss given default (LGD) ed e<span class=\"_ _1\"></span>xposure a<span class=\"_ _1\"></span>t default (EAD), derivati dai modelli AIRB<span class=\"_ _1\"></span> e opport<span class=\"_ _1\"></span>unamente </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs374\">corretti per tener conto delle previsioni del principio contabile IFRS 9. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs375\">Se,  oltre  ad  un  i<span class=\"_ _2\"></span>ncremento  signific<span class=\"_ _2\"></span>ativo  del  rischio  di  credito, <span class=\"_ _35\"> </span>si  riscontrano  anche  oggettive </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs376\">evidenze <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>una pe<span class=\"_ _2\"></span>rdita <span class=\"_ _3b\"></span>di v<span class=\"_ _2\"></span>alore, <span class=\"_ _3b\"></span>l\u2019importo della<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>perdita <span class=\"_ _3b\"></span>viene mis<span class=\"_ _2\"></span>urato <span class=\"_ _2\"></span>come <span class=\"_ _3b\"></span>differenza <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>valore </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs377\">contabile dell\u2019attivit\u00e0 \u2013 classificata come \u201cdeteriorat<span class=\"_ _1\"></span>a\u201d, al pari di tutti gli altri rapporti intercorrenti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs378\">con <span class=\"_ _3b\"></span>la medesima <span class=\"_ _3b\"></span>controparte \u2013 <span class=\"_ _3b\"></span>e <span class=\"_ _3b\"></span>il v<span class=\"_ _2\"></span>alore attuale <span class=\"_ _3b\"></span>dei fu<span class=\"_ _2\"></span>turi <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>finanzi<span class=\"_ _2\"></span>ari stimati, <span class=\"_ _3b\"></span>scontati al <span class=\"_ _184\"></span>t<span class=\"_ _1\"></span>asso </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs379\">di interesse <span class=\"_ _1\"></span>effettivo originario. <span class=\"_ _1\"></span>In tale <span class=\"_ _1\"></span>contesto, \u00e8 <span class=\"_ _1\"></span>stata sviluppata <span class=\"_ _1\"></span>una specifica <span class=\"_ _1\"></span>metodologia per </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs37a\">il  trattamento  contabile  da<span class=\"_ _3b\"></span>  applicare  ad  un  portafoglio  d<span class=\"_ _2\"></span>i  posizioni  a <span class=\"_ _35\"> </span>sofferenza  che,  avendo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs37b\">maturato u<span class=\"_ _2\"></span>n <span class=\"_ _3b\"></span>vintage signi<span class=\"_ _2\"></span>ficativo, <span class=\"_ _3b\"></span>vengono valutate<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>un\u2019ottica <span class=\"_ _3b\"></span>di cessione <span class=\"_ _3b\"></span>(c.d.\u201dPortafoglio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs37c\">sotto \u2013 <span class=\"_ _3b\"></span>modello <span class=\"_ _2\"></span>Stage 3\u201d). <span class=\"_ _3b\"></span>Tale <span class=\"_ _3b\"></span>met<span class=\"_ _1\"></span>odologia <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>nsidera d<span class=\"_ _2\"></span>iversi <span class=\"_ _3b\"></span>scenari e <span class=\"_ _3b\"></span>stima il <span class=\"_ _3b\"></span>valore recup<span class=\"_ _2\"></span>erabile </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs37d\">delle <span class=\"_ _38\"></span>esposizioni <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>base <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>combinazione <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>probabilit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>accadimento <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ali <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>cenari, <span class=\"_ _38\"></span>oltre </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs37e\">che <span class=\"_ _38\"></span>ai <span class=\"_ _38\"></span>relativi <span class=\"_ _38\"></span>flussi <span class=\"_ _0\"></span>di<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>cassa <span class=\"_ _1\"></span>stimati. <span class=\"_ _38\"></span>Rientrano <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>ll\u2019ambito <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>deteriorate <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>str<span class=\"_ _1\"></span>umenti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs37f\">finanziari <span class=\"_ _39\"> </span>ai <span class=\"_ _3f\"> </span>quali <span class=\"_ _3f\"> </span>\u00e8 <span class=\"_ _39\"> </span>st<span class=\"_ _1\"></span>ato <span class=\"_ _3f\"> </span>attribu<span class=\"_ _2\"></span>ito <span class=\"_ _3f\"> </span>lo <span class=\"_ _39\"> </span>s<span class=\"_ _1\"></span>tatus <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>sofferenza, <span class=\"_ _3f\"> </span>inadempienza <span class=\"_ _39\"> </span>probabile <span class=\"_ _3f\"> </span>o <span class=\"_ _39\"> </span>d<span class=\"_ _1\"></span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs380\">scaduto/sconfinante <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>oltre <span class=\"_ _0\"></span>nov<span class=\"_ _2\"></span>anta <span class=\"_ _0\"></span>giorni <span class=\"_ _0\"></span>secondo <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>regole <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>Banca <span class=\"_ _0\"></span>d\u2019Italia, <span class=\"_ _38\"></span>coe<span class=\"_ _1\"></span>renti <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>la </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs381\">normativa IAS/IFRS e di Vigilanza europe<span class=\"_ _1\"></span>a. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs382\">I <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>cassa <span class=\"_ _0\"></span>previsti <span class=\"_ _0\"></span>te<span class=\"_ _1\"></span>ngono <span class=\"_ _0\"></span>conto <span class=\"_ _35\"> </span>d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>tempi <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>recupero <span class=\"_ _0\"></span>attesi <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>presumibile <span class=\"_ _0\"></span>valore <span class=\"_ _0\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs383\">realizzo delle eventuali garanzie. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs384\">Il <span class=\"_ _2\"></span>tasso effettivo <span class=\"_ _3b\"></span>or<span class=\"_ _1\"></span>iginario di<span class=\"_ _2\"></span> ciascun<span class=\"_ _2\"></span>a attivit\u00e0 riman<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> inv<span class=\"_ _2\"></span>ariato nel <span class=\"_ _3b\"></span>te<span class=\"_ _1\"></span>mpo ancorch<span class=\"_ _2\"></span>\u00e9 sia <span class=\"_ _2\"></span>intervenuta </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs385\">una <span class=\"_ _0\"></span>ristr<span class=\"_ _1\"></span>utturazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>ra<span class=\"_ _1\"></span>pporto <span class=\"_ _0\"></span>che <span class=\"_ _35\"> </span>abb<span class=\"_ _2\"></span>ia <span class=\"_ _0\"></span>comport<span class=\"_ _1\"></span>ato <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>va<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iazione <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>tasso <span class=\"_ _0\"></span>contrattuale <span class=\"_ _0\"></span>ed </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs386\">anche qualora il rapporto divenga, nella pratica, infruttifero <span class=\"_ _1\"></span>di interessi contrattuali. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs387\">Qualora <span class=\"_ _3f\"> </span>i <span class=\"_ _39\"> </span>motivi <span class=\"_ _3f\"> </span>della <span class=\"_ _39\"> </span>perdita <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>valore <span class=\"_ _39\"> </span>s<span class=\"_ _1\"></span>iano <span class=\"_ _39\"> </span>rimossi <span class=\"_ _3f\"> </span>a <span class=\"_ _3f\"> </span>segu<span class=\"_ _2\"></span>ito <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>un <span class=\"_ _3f\"> </span>evento <span class=\"_ _3f\"> </span>verificatosi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs388\">successivamente alla <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevazione della <span class=\"_ _3b\"></span>riduzione di <span class=\"_ _3b\"></span>valore<span class=\"_ _1\"></span>, vengono <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffettuate riprese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore co<span class=\"_ _2\"></span>n </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs389\">imputazione a Conto Economico. La ripresa di valo<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>e non pu\u00f2 eccedere il costo ammortizzato ch<span class=\"_ _2\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs38a\">lo <span class=\"_ _35\"> </span>strumento <span class=\"_ _35\"> </span>finanziario <span class=\"_ _35\"> </span>avrebbe <span class=\"_ _35\"> </span>avuto <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>assenza <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>precedenti <span class=\"_ _35\"> </span>rettifiche. <span class=\"_ _35\"> </span>I <span class=\"_ _35\"> </span>ripristini <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>valore </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs38b\">connessi con il trascorrere del tempo sono a<span class=\"_ _1\"></span>ppostati nel margine di interesse. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs38c\">In <span class=\"_ _35\"> </span>alcuni <span class=\"_ _35\"> </span>casi, <span class=\"_ _35\"> </span>durante <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>vita <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _35\"> </span>finanziarie <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>esame <span class=\"_ _35\"> </span>e, <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>particolare, <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>crediti, <span class=\"_ _35\"> </span>le </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs38d\">condizioni <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>rattuali <span class=\"_ _38\"></span>originarie <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>oggetto <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>success<span class=\"_ _1\"></span>iva <span class=\"_ _38\"></span>modifica <span class=\"_ _38\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _0\"></span>volont\u00e0 <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>parti <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>el<span class=\"_ _3a1\"> </span></div>contratto. <span class=\"_ _38\"></span>Quando, <span class=\"_ _1\"></span>nel <span class=\"_ _38\"></span>corso <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>vita <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>trumento, <span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>clausole <span class=\"_ _38\"></span>contrattuali <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>oggetto <span class=\"_ _38\"></span>di modifi<span class=\"_ _3a1\"> </span>ca <span class=\"_ _38\"></span>occorre <span class=\"_ _38\"></span>ver<span class=\"_ _1\"></span>ificare <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>l\u2019attivit\u00e0 <span class=\"_ _38\"></span>originaria <span class=\"_ _38\"></span>deve <span class=\"_ _38\"></span>continuare <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>essere<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>rilevata<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>bilancio <span class=\"_ _38\"></span>o se, <span class=\"_ _39\"> </span>al <span class=\"_ _36\"> </span>contrario, <span class=\"_ _39\"> </span>lo <span class=\"_ _36\"> </span>strumento <span class=\"_ _39\"> </span>originario <span class=\"_ _36\"> </span>deve <span class=\"_ _36\"> </span>e<span class=\"_ _1\"></span>ssere <span class=\"_ _36\"> </span>oggetto<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>cancellazione <span class=\"_ _39\"> </span>dal <span class=\"_ _36\"> </span>bilancio (derecognition) e debba essere rilevato un nuovo strumento finanziario. In <span class=\"_ _0\"></span>generale<span class=\"_ _1\"></span>, <span class=\"_ _0\"></span>le <span class=\"_ _35\"> </span>m<span class=\"_ _2\"></span>odifiche <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>un\u2019<span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>finanz<span class=\"_ _2\"></span>iaria <span class=\"_ _0\"></span>conducono <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>cancellazione <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>stessa <span class=\"_ _0\"></span>ed all\u2019iscrizione d<span class=\"_ _2\"></span>i u<span class=\"_ _2\"></span>na nuov<span class=\"_ _2\"></span>a attivit\u00e0 <span class=\"_ _3b\"></span>quando sono <span class=\"_ _3b\"></span>\u201csostanziali\u201d. La <span class=\"_ _3b\"></span>valutazione circa <span class=\"_ _2\"></span>la <span class=\"_ _3b\"></span>\u201cso<span class=\"_ _1\"></span>stanzialit\u00e0\u201d della <span class=\"_ _3a\"> </span>modifica <span class=\"_ _3a\"> </span>deve <span class=\"_ _48\"> </span>essere <span class=\"_ _3a\"> </span>effettuata <span class=\"_ _3a\"> </span>considerando <span class=\"_ _3a\"> </span>sia <span class=\"_ _48\"> </span>elementi <span class=\"_ _3a\"> </span>qualitativi <span class=\"_ _3a\"> </span>sia <span class=\"_ _3a\"> </span>elementi quantitativi. In <span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>cuni casi<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>infatti, <span class=\"_ _1\"></span>potr\u00e0 <span class=\"_ _1\"></span>risultare <span class=\"_ _1\"></span>chiaro, <span class=\"_ _1\"></span>senza <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>ricorso <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>complesse <span class=\"_ _1\"></span>analisi, che <span class=\"_ _1\"></span>i cambiamenti <span class=\"_ _0\"></span>introdotti <span class=\"_ _0\"></span>modificano <span class=\"_ _0\"></span>sostanzialmente <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>caratteristiche <span class=\"_ _0\"></span>e/o <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>flu<span class=\"_ _2\"></span>ssi <span class=\"_ _0\"></span>contrattuali <span class=\"_ _0\"></span>di una determinata attivit\u00e0 mentre, in altri casi, dovranno essere svolte ulteriori analisi (anche di tipo quantitativo) <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>apprezzare <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>effetti <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>stesse <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>verificare <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>necess<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>procedere <span class=\"_ _38\"></span>o <span class=\"_ _38\"></span>meno alla cancellazione dell\u2019attivit\u00e0 ed alla iscrizione <span class=\"_ _1\"></span>di un nuovo strumento finanziario. Le <span class=\"_ _39\"> </span>analisi <span class=\"_ _36\"> </span>(quali-quantitative) <span class=\"_ _36\"> </span>volte<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>a <span class=\"_ _36\"> </span>definire <span class=\"_ _36\"> </span>la <span class=\"_ _39\"> </span>\u201csostanzialit\u00e0\u201d <span class=\"_ _36\"> </span>delle <span class=\"_ _39\"> </span>modifiche <span class=\"_ _36\"> </span>contr<span class=\"_ _1\"></span>attuali apportate ad un\u2019attivit\u00e0 finanziaria, dovranno pertanto considerare<span class=\"_ _1\"></span>: <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _0\"></span>finalit\u00e0 <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>cui <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>modifiche <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>state <span class=\"_ _0\"></span>effettuate: <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>esempio, <span class=\"_ _0\"></span>rinegoziazioni <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>motivi </span>commerciali e concessioni per difficolt\u00e0 finanziarie della contro<span class=\"_ _1\"></span>parte: <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _0\"></span>prime, <span class=\"_ _0\"></span>volte <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>\u201ctrattenere\u201d <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>cliente, <span class=\"_ _0\"></span>vedono <span class=\"_ _35\"> </span>coinv<span class=\"_ _2\"></span>olto <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>debitore <span class=\"_ _35\"> </span>che<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>versa <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>una </span>situazione  di  difficolt\u00e0  finan<span class=\"_ _2\"></span>ziar<span class=\"_ _1\"></span>ia.  In  questa  casistica  sono  inc<span class=\"_ _2\"></span>luse  tutte  le  operazioni  di rinegoziazione <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>volte <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>adeguare <span class=\"_ _38\"></span>l\u2019onerosit\u00e0 <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>debito <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>condizioni <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rcato. Tali <span class=\"_ _48\"> </span>operazioni <span class=\"_ _48\"> </span>comportano <span class=\"_ _48\"> </span>una <span class=\"_ _48\"> </span>variazione <span class=\"_ _48\"> </span>delle <span class=\"_ _48\"> </span>condizi<span class=\"_ _2\"></span>oni <span class=\"_ _48\"> </span>or<span class=\"_ _1\"></span>iginarie <span class=\"_ _48\"> </span>del <span class=\"_ _48\"> </span>contratto, solitamente <span class=\"_ _38\"></span>richieste <span class=\"_ _38\"></span>dal <span class=\"_ _1\"></span>debitore<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>attiene <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>aspetti <span class=\"_ _38\"></span>connessi <span class=\"_ _38\"></span>alla <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nerosit\u00e0 <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>debito, con <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>conseguente <span class=\"_ _0\"></span>beneficio <span class=\"_ _38\"></span>economico <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>il<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>debito<span class=\"_ _2\"></span>re <span class=\"_ _0\"></span>stess<span class=\"_ _2\"></span>o. <span class=\"_ _0\"></span>In<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>lin<span class=\"_ _2\"></span>ea <span class=\"_ _0\"></span>generale <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>itiene che, <span class=\"_ _38\"></span>ogniqualvolta <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>banca <span class=\"_ _38\"></span>effe<span class=\"_ _1\"></span>ttui <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>rinegoziazione <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>fine <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>evitare <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>perdere <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>prio cliente, <span class=\"_ _0\"></span>tale <span class=\"_ _38\"></span>rinegoziazione <span class=\"_ _0\"></span>debba <span class=\"_ _38\"></span>ess<span class=\"_ _1\"></span>ere <span class=\"_ _38\"></span>consider<span class=\"_ _1\"></span>ata <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>me <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ostanziale <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>anto, <span class=\"_ _0\"></span>ove <span class=\"_ _38\"></span>non fosse  effett<span class=\"_ _1\"></span>uata,  il  cliente <span class=\"_ _3d\"> </span>potrebbe  finanziarsi  press<span class=\"_ _1\"></span>o  un  altro <span class=\"_ _3d\"> </span>intermediario  e<span class=\"_ _1\"></span>  la  banca subirebbe un decremento dei ricavi futuri previsti; <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _36\"> </span>seconde, <span class=\"_ _36\"> </span>effettuate <span class=\"_ _39\"> </span>per <span class=\"_ _37\"> </span>\u201cragioni <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>rischio <span class=\"_ _39\"> </span>creditizio\u201d <span class=\"_ _36\"> </span>(misure <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>forbearance), <span class=\"_ _36\"> </span>sono </span>riconducibili <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>tentat<span class=\"_ _1\"></span>ivo <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>banca <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>massimizzare <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>reco<span class=\"_ _1\"></span>very <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>cash <span class=\"_ _35\"> </span>flow <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>credito originario. I <span class=\"_ _3b\"></span>rischi e <span class=\"_ _3b\"></span>i benefici <span class=\"_ _3b\"></span>sottostant<span class=\"_ _1\"></span>i, <span class=\"_ _3b\"></span>succes<span class=\"_ _1\"></span>sivamente <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>modifiche, <span class=\"_ _3b\"></span>di norma, non <span class=\"_ _3b\"></span>sono sostanzialmente  trasferiti  e,  co<span class=\"_ _2\"></span>nseguentemente,  la  rappresentazione  contabile<span class=\"_ _2\"></span>  che  offre informazioni <span class=\"_ _38\"></span>pi\u00f9 <span class=\"_ _38\"></span>rilevanti <span class=\"_ _0\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>lettore <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>bil<span class=\"_ _2\"></span>ancio <span class=\"_ _38\"></span>(salvo <span class=\"_ _38\"></span>quanto <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>dir\u00e0 <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>se<span class=\"_ _1\"></span>guito <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ema <span class=\"_ _38\"></span>di elementi <span class=\"_ _0\"></span>oggettivi)<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>quella <span class=\"_ _0\"></span>effettuata <span class=\"_ _38\"></span>tramite <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>\u201cmodification <span class=\"_ _0\"></span>accounting\u201d <span class=\"_ _38\"></span>- <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>implica <span class=\"_ _38\"></span>la<span class=\"_ _3a1\"> </span>rilevazione <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>conto <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>conomico de<span class=\"_ _1\"></span>lla differe<span class=\"_ _1\"></span>nza <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>abile e <span class=\"_ _1\"></span>valore<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>attuale <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>flussi di cassa modificati scontati al tasso di interesse originario - e non tr<span class=\"_ _1\"></span>amite la derecognition; <span class=\"_ _42\"> </span><span class=\"ff4\">la presenza di <span class=\"_ _2\"></span>specifici elementi oggettivi (\u201ctrigger\u201d) che i<span class=\"_ _2\"></span>ncidono sulle caratteristiche e<span class=\"_ _2\"></span>/o sui </span>flussi <span class=\"_ _1\"></span>contrattuali <span class=\"_ _1\"></span>dello <span class=\"_ _1\"></span>strumento <span class=\"_ _1\"></span>finanziario <span class=\"_ _1\"></span>(quali, a <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>titolo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>esempio, <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>cambiamento di divisa o la modifica della tipologia di rischio a cui si \u00e8 e<span class=\"_ _1\"></span>sposti, ove la si correli a parametri di equity <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>commodity), <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>itiene <span class=\"_ _0\"></span>comportino <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>derecognition <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>considerazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>loro impatto (atteso come significativo) sui flussi contra<span class=\"_ _1\"></span>ttuali originari. Criteri di cancel<span class=\"_ _1\"></span>lazione Le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>ve<span class=\"_ _1\"></span>ngono <span class=\"_ _38\"></span>cancellate <span class=\"_ _1\"></span>dal <span class=\"_ _0\"></span>bil<span class=\"_ _2\"></span>an<span class=\"_ _3a1\"> </span>cio <span class=\"_ _38\"></span>so<span class=\"_ _3a1\"> </span>lamente <span class=\"_ _38\"></span>se <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>cessione <span class=\"_ _38\"></span>ha <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>mportato <span class=\"_ _38\"></span>il sostanziale <span class=\"_ _2\"></span>trasferimento di <span class=\"_ _3b\"></span>tutti i<span class=\"_ _2\"></span> rischi <span class=\"_ _3b\"></span>e benefici <span class=\"_ _3b\"></span>connessi all<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 st<span class=\"_ _2\"></span>esse. P<span class=\"_ _2\"></span>er contro,<span class=\"_ _2\"></span> qu<span class=\"_ _2\"></span>alora sia <span class=\"_ _38\"></span>stata <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>antenuta <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>rilevante <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>benefici <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>arie cedute, qu<span class=\"_ _2\"></span>este<span class=\"_ _1\"></span> con<span class=\"_ _2\"></span>tinuano ad<span class=\"_ _2\"></span> essere iscritte <span class=\"_ _3b\"></span>in bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 giuridicamente la <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>itolarit\u00e0 delle<span class=\"_ _2\"></span> attivit\u00e0 stesse sia stata effettivamente trasferita. Nel <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>possibile <span class=\"_ _35\"> </span>accertare <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>sostanziale <span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>asferimento <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>benefici, <span class=\"_ _0\"> </span>le attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>vengono <span class=\"_ _38\"></span>cancellate <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>bilancio <span class=\"_ _1\"></span>qualora <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ato <span class=\"_ _1\"></span>mante<span class=\"_ _1\"></span>nuto <span class=\"_ _1\"></span>alcun <span class=\"_ _38\"></span>tipo <span class=\"_ _38\"></span>di controllo <span class=\"_ _37\"> </span>sulle <span class=\"_ _37\"> </span>stesse. <span class=\"_ _37\"> </span>In <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>contrario, <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>conservazione, <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>parte, <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>tale <span class=\"_ _37\"> </span>controllo comporta  il <span class=\"_ _3d\"> </span>mantenimento  in  bilancio  de<span class=\"_ _1\"></span>lle  attivit\u00e0 <span class=\"_ _3d\"> </span>in  misura  pari <span class=\"_ _3d\"> </span>al  coinvolgimento<span class=\"_ _1\"></span>  residuo, misurato dall\u2019esposizione <span class=\"_ _1\"></span>ai cambiamenti di valore delle attivit\u00e0 cedute <span class=\"_ _1\"></span>ed alle variazioni dei flussi finanziari delle stesse. Infine,  le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _37\"> </span>cedute <span class=\"_ _3d\"> </span>vengono <span class=\"_ _37\"> </span>cancellate <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>bilancio <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>caso <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>cui <span class=\"_ _3d\"> </span>vi <span class=\"_ _3d\"> </span>sia <span class=\"_ _3d\"> </span>l<span class=\"_ _1\"></span>a conservazione <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>diritti <span class=\"_ _37\"> </span>contrattuali <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>ricevere <span class=\"_ _37\"> </span>i <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>cassa, <span class=\"_ _37\"> </span>con <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>contestuale assunzione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un\u2019obbligazione <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>pagare <span class=\"_ _38\"></span>detti <span class=\"_ _1\"></span>flussi, <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>solo <span class=\"_ _38\"></span>essi, <span class=\"_ _1\"></span>senza <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>ritardo <span class=\"_ _38\"></span>rilevante <span class=\"_ _1\"></span>ad <span class=\"_ _38\"></span>altri soggetti terzi.<span class=\"_ _3a1\"> </span><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs3a2\">Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3a3\">L\u2019allo<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3a4\">cazione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>componenti <span class=\"_ _0\"></span>reddituali <span class=\"_ _0\"></span>nelle <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span>tinenti <span class=\"_ _0\"></span>voci <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>avv<span class=\"_ _2\"></span>iene <span class=\"_ _0\"></span>sulla </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3a5\">base di quanto riportato di seguito: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs3a6\"><span class=\"_ _42\"> </span><span class=\"ff4\">Gli <span class=\"_ _1\"></span>interessi <span class=\"_ _1\"></span>attivi <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>crediti <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>vengono <span class=\"_ _1\"></span>allocati <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>lla voce<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>\u201cInteressi <span class=\"_ _1\"></span>attivi <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>provent<span class=\"_ _1\"></span>i </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3a7\">assimilati\u201d per competenza sulla base de<span class=\"_ _1\"></span>l tasso di interesse effettivo; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs3a8\"><span class=\"_ _42\"> </span><span class=\"ff4\">Gli <span class=\"_ _1\"></span>utili <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>perdite <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>cessione <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>crediti <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>dei <span class=\"_ _1\"></span>titoli <span class=\"_ _38\"></span>vengono <span class=\"_ _1\"></span>allocati <span class=\"_ _1\"></span>nella <span class=\"_ _38\"></span>voce <span class=\"_ _1\"></span>\u201cUtili <span class=\"_ _38\"></span>(perdite) </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3a9\">da cessione o riacquisto di attivit\u00e0 finanziarie valutate al costo ammortizzato\u201d; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs3aa\"><span class=\"_ _42\"> </span><span class=\"ff4\">Le <span class=\"_ _1\"></span>rettifiche <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>impairment, <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>dite <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>cancellazioni <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>riprese <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>crediti <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>dei </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3ab\">titoli  vengono <span class=\"_ _35\"> </span>allocate  nella <span class=\"_ _35\"> </span>voce <span class=\"_ _35\"> </span>\u201cRettifiche/riprese  di <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>nette  per <span class=\"_ _35\"> </span>rischio  di <span class=\"_ _35\"> </span>credito </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3ac\">relativo ad attivit\u00e0 finanziarie valutate al costo ammortizzato\u201d<span class=\"_ _1\"></span>. </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs3ad\"><span class=\"_ _42\"> </span><span class=\"ff4\">Gli <span class=\"_ _38\"></span>interess<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>dovuti <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>trascorrere <span class=\"_ _1\"></span>del <span class=\"_ _0\"></span>tempo <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>ntabilizz<span class=\"_ _2\"></span>ati <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>lla <span class=\"_ _38\"></span>voce <span class=\"_ _38\"></span>\u201c<span class=\"_ _1\"></span>Interessi <span class=\"_ _38\"></span>attivi <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3ae\">proventi assimilati\u201d<span class=\"_ _3a1\"> </span>. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs3af\">4 - Ope<span class=\"_ _1\"></span>razioni di<span class=\"_ _1\"></span> copertura<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3b0\">Il <span class=\"_ _35\"> </span>Gr<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3b1\">uppo <span class=\"_ _35\"> </span>si  avv<span class=\"_ _2\"></span>ale  della <span class=\"_ _35\"> </span>facolt\u00e0, <span class=\"_ _35\"> </span>prevista <span class=\"_ _35\"> </span>in  sede <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>introduzione  d<span class=\"_ _2\"></span>ell\u2019IFRS <span class=\"_ _35\"> </span>9,  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>continuare<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>ad<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3b2\">applicare <span class=\"_ _1\"></span>integralmente <span class=\"_ _1\"></span>le previsioni <span class=\"_ _1\"></span>del principio <span class=\"_ _1\"></span>contabile <span class=\"_ _1\"></span>IAS <span class=\"_ _1\"></span>39 in <span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>a di <span class=\"_ _1\"></span>\u201chedge <span class=\"_ _1\"></span>accounting\u201d<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3b3\">(nella ver<span class=\"_ _1\"></span>sione <span class=\"_ _1\"></span>carved o<span class=\"_ _1\"></span>ut omo<span class=\"_ _1\"></span>logata dalla <span class=\"_ _1\"></span>Commissione <span class=\"_ _1\"></span>Europea) <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>ogni <span class=\"_ _1\"></span>tipologia <span class=\"_ _1\"></span>di copertura<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3b4\">(sia per le coperture specifiche che per le macro coperture<span class=\"_ _1\"></span>).<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs3b5\">Criteri di iscrizione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3b6\">Gli <span class=\"_ _3f\"> </span>strume<span class=\"_ _1\"></span>nti <span class=\"_ _3a\"> </span>derivati <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>copert<span class=\"_ _1\"></span>ura, <span class=\"_ _3f\"> </span>al <span class=\"_ _3a\"> </span>pari <span class=\"_ _3f\"> </span>di <span class=\"_ _3a\"> </span>tutti <span class=\"_ _3f\"> </span>i <span class=\"_ _3a\"> </span>de<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3b7\">rivati, <span class=\"_ _3f\"> </span>s<span class=\"_ _1\"></span>ono <span class=\"_ _3f\"> </span>inizialmente <span class=\"_ _3a\"> </span>iscritti <span class=\"_ _3f\"> </span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3b8\">successivamente misurati al fair value.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs3b9\">Criteri di classifi<span class=\"_ _1\"></span>cazione: tipologia di <span class=\"_ _1\"></span>coperture<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3ba\">Le <span class=\"_ _0\"></span>operazioni <span class=\"_ _0\"> </span>di <span class=\"_ _35\"> </span>copertura <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>sono <span class=\"_ _35\"> </span>finaliz<span class=\"_ _2\"></span>zate <span class=\"_ _35\"> </span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>neutr<span class=\"_ _1\"></span>alizzare <span class=\"_ _0\"></span>potenziali <span class=\"_ _0\"></span>variazioni <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>fair<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3bb\">value <span class=\"_ _37\"> </span>o <span class=\"_ _37\"> </span>variazioni <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>cassa, <span class=\"_ _37\"> </span>attr<span class=\"_ _1\"></span>ibuibili <span class=\"_ _3d\"> </span>ad <span class=\"_ _37\"> </span>un <span class=\"_ _37\"> </span>dete<span class=\"_ _1\"></span>rminato <span class=\"_ _37\"> </span>rischio <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>rilevabili <span class=\"_ _37\"> </span>su <span class=\"_ _37\"> </span>un<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3bc\">determinato  elemento  o  gruppo  di  elementi,  nel  caso  in  cu<span class=\"_ _2\"></span>i  quel  particolare  rischio  dovesse<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3bd\">effettivamente manifestarsi.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3be\">Le tipologie di coperture utilizzate sono le seguenti:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs3bf\"><span class=\"_ _42\"> </span><span class=\"ff4\">copertura  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>fair  value: <span class=\"_ _35\"> </span>ha <span class=\"_ _35\"> </span>l\u2019obiettivo  di<span class=\"_ _2\"></span>  cop<span class=\"_ _2\"></span>rire  l\u2019esposizione <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>variazione  del <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3c0\">(attribuibile alle <span class=\"_ _1\"></span>diverse tipologie <span class=\"_ _1\"></span>di r<span class=\"_ _1\"></span>ischio) di at<span class=\"_ _1\"></span>tivit\u00e0 e <span class=\"_ _1\"></span>passivit\u00e0 iscritte <span class=\"_ _1\"></span>in bilancio o<span class=\"_ _1\"></span> porzioni<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3c1\">di  es<span class=\"_ _1\"></span>se,  di <span class=\"_ _3d\"> </span>gruppi  di  att<span class=\"_ _1\"></span>ivit\u00e0/passivit\u00e0,  di  impegni <span class=\"_ _3d\"> </span>irrevocabili  e <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>portafogli  di <span class=\"_ _3d\"> </span>attivit\u00e0  e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3c2\">passivit\u00e0 <span class=\"_ _0\"></span>finanziarie, <span class=\"_ _0\"></span>inclusi <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>core <span class=\"_ _0\"></span>deposits, <span class=\"_ _0\"></span>come <span class=\"_ _0\"></span>consentito <span class=\"_ _0\"></span>dallo <span class=\"_ _0\"></span>IAS <span class=\"_ _0\"></span>39 <span class=\"_ _0\"></span>omologato<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>dalla<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3c3\">Commissione Europea. <span class=\"_ _3b\"></span>Le cope<span class=\"_ _2\"></span>rture gen<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>riche d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3b\"></span>(\u201cmacr<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>hedge\u201d) <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>l\u2019obiettivo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3c4\">di <span class=\"_ _38\"></span>ridurre <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>scillazioni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value, <span class=\"_ _38\"></span>imputabili <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>tasso <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>int<span class=\"_ _2\"></span>eresse, <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _38\"></span>importo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3c5\">monetario,  riveniente <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>un  po<span class=\"_ _2\"></span>rtafoglio  di<span class=\"_ _2\"></span>  at<span class=\"_ _2\"></span>tivit\u00e0  o <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>passivit\u00e0 <span class=\"_ _35\"> </span>finanziarie.  Non <span class=\"_ _35\"> </span>possono<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3c6\">essere <span class=\"_ _3d\"> </span>oggetto<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>copertura <span class=\"_ _3d\"> </span>generica <span class=\"_ _3d\"> </span>importi <span class=\"_ _37\"> </span>netti <span class=\"_ _3d\"> </span>derivanti <span class=\"_ _3d\"> </span>dallo <span class=\"_ _3d\"> </span>sbilancio <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _3d\"> </span>e<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3c7\">passivit\u00e0;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs3c8\"><span class=\"_ _42\"> </span><span class=\"ff4\">copertura <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>finanziari: <span class=\"_ _0\"></span>ha <span class=\"_ _35\"> </span>l\u2019obi<span class=\"_ _2\"></span>ettivo <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>coprire <span class=\"_ _0\"></span>l\u2019es<span class=\"_ _1\"></span>posizione <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>variazioni <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3c9\">cassa  futuri  a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tribuibili <span class=\"_ _35\"> </span>a  particolari  rischi  a<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>sociati  a <span class=\"_ _35\"> </span>poste  del <span class=\"_ _35\"> </span>bilancio.  Tale <span class=\"_ _35\"> </span>tipologia  di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3ca\">copertura <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>utilizzata <span class=\"_ _35\"> </span>essenzialmente <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>stabilizzare <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>flusso <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>interessi <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>raccolta <span class=\"_ _35\"> </span>a<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3cb\">tasso  variabile  nella  misura  in<span class=\"_ _3b\"></span>  cui  quest\u2019ultima  finanzia  impi<span class=\"_ _2\"></span>eghi  a  tasso  fisso.  In  talune<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3cc\">circostanze, <span class=\"_ _0\"></span>analoghe <span class=\"_ _38\"></span>operazioni <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>poste <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>ssere <span class=\"_ _38\"></span>relat<span class=\"_ _1\"></span>ivamente <span class=\"_ _0\"></span>ad <span class=\"_ _38\"></span>alcune <span class=\"_ _38\"></span>tipologie <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3cd\">impieghi a tasso variabile.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3ce\">Solo <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>rumenti <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>coinvolgono <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>controparte<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>terna <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>Gruppo <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>ono <span class=\"_ _38\"></span>essere <span class=\"_ _38\"></span>designati<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3cf\">come <span class=\"_ _35\"> </span>strumenti <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>copertura. <span class=\"_ _35\"> </span>Data <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>scelta <span class=\"_ _35\"> </span>esercitata <span class=\"_ _35\"> </span>dal <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>avvalersi <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>facolt\u00e0 <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3d0\">continuare <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>appl<span class=\"_ _2\"></span>icare <span class=\"_ _0\"></span>integralmente <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>regole <span class=\"_ _38\"></span>dello <span class=\"_ _0\"></span>IAS <span class=\"_ _0\"></span>39 <span class=\"_ _0\"></span>pe<span class=\"_ _2\"></span>r <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>relazioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>copertura, <span class=\"_ _0\"></span>non <span class=\"_ _38\"></span>\u00e8<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3d1\">possibile <span class=\"_ _1\"></span>designare <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>capitale <span class=\"_ _1\"></span>classificati <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>con<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3d2\">impatto <span class=\"_ _35\"> </span>sulla <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>edditivit\u00e0 <span class=\"_ _35\"> </span>complessiva <span class=\"_ _35\"> </span>(FVOCI)<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>come <span class=\"_ _35\"> </span>oggetti <span class=\"_ _35\"> </span>co<span class=\"_ _3b\"></span>pe<span class=\"_ _1\"></span>rti <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>il<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>prezzo <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3d3\">cambio, <span class=\"_ _38\"></span>dato <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>tali<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>strument<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>impatt<span class=\"_ _1\"></span>ano <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>economico, <span class=\"_ _38\"></span>nem<span class=\"_ _1\"></span>meno <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>caso <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>vendita<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3d4\">(se non per i dividendi che sono rilevati a conto economico).<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs3d5\">Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3d6\">I derivati di copertura sono valutati al fair<span class=\"_ _1\"></span> value.</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3d7\"> In pa</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3d8\">rticolare:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs3d9\"><span class=\"_ _42\"> </span><span class=\"ff4\">nel <span class=\"_ _35\"> </span>caso  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>copertura <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value, <span class=\"_ _35\"> </span>si  c<span class=\"_ _2\"></span>ompensa  l<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>variazione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value <span class=\"_ _35\"> </span>dell\u2019eleme<span class=\"_ _1\"></span>nto<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3da\">coperto <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>variazione <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _38\"></span>dello <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>trumento <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>copert<span class=\"_ _1\"></span>ura. <span class=\"_ _1\"></span>Tale<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>compensazione <span class=\"_ _1\"></span>\u00e8<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3db\">riconosciuta attraverso <span class=\"_ _1\"></span>la rilevazione <span class=\"_ _1\"></span>a Conto Economico <span class=\"_ _1\"></span>delle variazioni di valor<span class=\"_ _1\"></span>e, riferite sia<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3dd\">all\u2019elemento <span class=\"_ _39\"> </span>coperto <span class=\"_ _39\"> </span>(per <span class=\"_ _39\"> </span>quanto <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>iguarda <span class=\"_ _39\"> </span>le <span class=\"_ _39\"> </span>variazioni <span class=\"_ _39\"> </span>prodotte <span class=\"_ _39\"> </span>dal <span class=\"_ _36\"> </span>fatto<span class=\"_ _1\"></span>re <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>ischio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3de\">sottos</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3df\">tante),  sia  allo  strumento <span class=\"_ _3d\"> </span>di  copertura.  L\u2019eventuale  differenza,  che  rappre<span class=\"_ _1\"></span>senta  la </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3e0\">parziale inefficacia della copertura, ne <span class=\"_ _1\"></span>costituisce di conseguenza l\u2019effetto economico netto. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3e1\">Nel cas<span class=\"_ _1\"></span>o di oper<span class=\"_ _1\"></span>azioni di co<span class=\"_ _1\"></span>pertura generica <span class=\"_ _1\"></span>di fair <span class=\"_ _1\"></span>value di <span class=\"_ _1\"></span>un port<span class=\"_ _1\"></span>afoglio (\u201cmacro <span class=\"_ _1\"></span>hedge\u201d) le </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3e2\">variazioni di <span class=\"_ _2\"></span>fair value con riferimento al <span class=\"_ _2\"></span>rischio coperto delle attiv<span class=\"_ _2\"></span>it\u00e0 e delle passivit\u00e0 ogg<span class=\"_ _2\"></span>etto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3e3\">di <span class=\"_ _3f\"> </span>copertura <span class=\"_ _3f\"> </span>so<span class=\"_ _1\"></span>no <span class=\"_ _3f\"> </span>imputate <span class=\"_ _3f\"> </span>nello <span class=\"_ _3f\"> </span>stato <span class=\"_ _3f\"> </span>patrimo<span class=\"_ _1\"></span>niale, <span class=\"_ _3f\"> </span>rispettivamente, <span class=\"_ _3f\"> </span>nella <span class=\"_ _3f\"> </span>voce <span class=\"_ _3f\"> </span>60<span class=\"_ _1\"></span>. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3e4\">\u201cAdeguamento <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _0\"></span>oggetto <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>copertura <span class=\"_ _0\"></span>generica\u201d <span class=\"_ _38\"></span>oppure <span class=\"_ _38\"></span>5<span class=\"_ _1\"></span>0. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3e5\">\u201cAdeguamento di valore delle passivit\u00e0 finanziarie oggett<span class=\"_ _1\"></span>o di copertura generica\u201d; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs3e6\"><span class=\"_ _42\"> </span><span class=\"ff4\">nel <span class=\"_ _1\"></span>caso <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>copertura <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>flussi <span class=\"_ _38\"></span>finanziari, <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>variazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fa<span class=\"_ _1\"></span>ir <span class=\"_ _1\"></span>value <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>derivato <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>imputate </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3e7\">nella <span class=\"_ _0\"></span>redditivit\u00e0 <span class=\"_ _0\"></span>complessiva, <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>ota <span class=\"_ _0\"></span>efficace <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>copertura, <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>rilevate <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>Conto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3e8\">Economico <span class=\"_ _0\"></span>solo <span class=\"_ _35\"> </span>quando, <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>posta <span class=\"_ _0\"></span>coperta, <span class=\"_ _35\"> </span>si<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>manifest<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>va<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iazione <span class=\"_ _0\"></span>dei </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3e9\">flussi di cassa da compensare o se <span class=\"_ _1\"></span>la copertura risulta inefficace; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs3ea\"><span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _0\"></span>coperture <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>investimento <span class=\"_ _0\"></span>netto <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>valuta <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>contabilizzate <span class=\"_ _35\"> </span>allo <span class=\"_ _0\"></span>stesso <span class=\"_ _0\"></span>modo <span class=\"_ _0\"></span>delle </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3eb\">coperture di flussi finanziari. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3ec\">Lo <span class=\"_ _1\"></span>strumento <span class=\"_ _1\"></span>derivato \u00e8 <span class=\"_ _1\"></span>des<span class=\"_ _1\"></span>ignato di <span class=\"_ _1\"></span>copertura <span class=\"_ _1\"></span>se es<span class=\"_ _1\"></span>iste una <span class=\"_ _1\"></span>documentazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>formalizzata della </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3ed\">relazione <span class=\"_ _1\"></span>tra lo <span class=\"_ _1\"></span>strumento <span class=\"_ _1\"></span>coperto e<span class=\"_ _1\"></span> lo s<span class=\"_ _1\"></span>trumento di <span class=\"_ _1\"></span>copertura e<span class=\"_ _1\"></span> se <span class=\"_ _1\"></span>\u00e8 e<span class=\"_ _1\"></span>fficace nel <span class=\"_ _1\"></span>momento in <span class=\"_ _1\"></span>cui </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3ee\">la copertura ha inizio e, prospetticamente, durante tutta la vita <span class=\"_ _1\"></span>della stessa. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3ef\">L'efficacia <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>copertura <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>pende <span class=\"_ _0\"></span>dalla <span class=\"_ _35\"> </span>misura<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>cu<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>variazioni <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>fair <span class=\"_ _35\"> </span>valu<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>dello <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>trumento </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3f0\">coperto <span class=\"_ _35\"> </span>o  d<span class=\"_ _2\"></span>ei <span class=\"_ _35\"> </span>relativi <span class=\"_ _35\"> </span>flussi <span class=\"_ _35\"> </span>finanziari <span class=\"_ _35\"> </span>at<span class=\"_ _1\"></span>tesi <span class=\"_ _35\"> </span>risultano  c<span class=\"_ _2\"></span>ompensati <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>quelle <span class=\"_ _35\"> </span>dello <span class=\"_ _35\"> </span>st<span class=\"_ _1\"></span>rumento  d<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3f1\">copertura. <span class=\"_ _1\"></span>Pertanto, <span class=\"_ _1\"></span>l'efficacia <span class=\"_ _1\"></span>\u00e8 appre<span class=\"_ _1\"></span>zzata dal <span class=\"_ _1\"></span>confro<span class=\"_ _1\"></span>nto delle <span class=\"_ _1\"></span>suddette <span class=\"_ _1\"></span>variazioni, <span class=\"_ _1\"></span>tenuto <span class=\"_ _1\"></span>conto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3f2\">dell'intento <span class=\"_ _1\"></span>perseguito <span class=\"_ _1\"></span>dall'impresa ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>momento <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>cui la <span class=\"_ _1\"></span>copertura <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>stata <span class=\"_ _1\"></span>posta <span class=\"_ _1\"></span>in ess<span class=\"_ _1\"></span>ere. Si <span class=\"_ _1\"></span>ha </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3f3\">efficacia <span class=\"_ _35\"> </span>quando <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>variazioni  di <span class=\"_ _0\"></span>fair <span class=\"_ _35\"> </span>value <span class=\"_ _35\"> </span>(o <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>flussi <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>cass<span class=\"_ _1\"></span>a) <span class=\"_ _35\"> </span>dello <span class=\"_ _35\"> </span>strumento <span class=\"_ _35\"> </span>finanziario <span class=\"_ _0\"> </span>di<span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3f4\">copertura  neutralizzano  quasi  integralmente,  cio\u00e8<span class=\"_ _2\"></span>  nei  limiti  stabi<span class=\"_ _2\"></span>liti  dall\u2019intervallo  80-125%,  le </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3f5\">variazioni di fair value dello strumento coperto, per l\u2019ele<span class=\"_ _1\"></span>mento di rischio oggetto di copertura. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3f6\">La <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>dell'efficacia <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>ef<span class=\"_ _2\"></span>fettuata <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>ogni <span class=\"_ _0\"></span>chiusura <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>bilanci<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>situazione <span class=\"_ _0\"></span>infrannuale </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3f7\">utilizzando: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs3f8\"><span class=\"_ _42\"> </span><span class=\"ff4\">test prospettici, che gi<span class=\"_ _2\"></span>ustificano l'applicazione della c<span class=\"_ _2\"></span>ontabilizzazione di copertura, in qu<span class=\"_ _2\"></span>anto </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3f9\">dimostrano la sua efficacia attesa; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs3fa\"><span class=\"_ _42\"> </span><span class=\"ff4\">test <span class=\"_ _38\"></span>retrospettivi, <span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>evidenziano <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>grado <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>efficacia <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>copertura <span class=\"_ _38\"></span>raggiunto <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>periodo </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3fb\">cui <span class=\"_ _3b\"></span>si riferiscono, <span class=\"_ _3b\"></span>ovvero, <span class=\"_ _2\"></span>misurano <span class=\"_ _3b\"></span>quanto i <span class=\"_ _3b\"></span>risultati <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffettivi <span class=\"_ _3b\"></span>si sia<span class=\"_ _3b\"></span>no discostati <span class=\"_ _3b\"></span>dalla c<span class=\"_ _2\"></span>opertura </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3fc\">perfetta. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3fd\">Solo  gli  strumenti <span class=\"_ _3d\"> </span>che  coinvolgono  una  controparte  esterna  posso<span class=\"_ _1\"></span>no  essere  designati  come </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3fe\">strumenti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>copertura. <span class=\"_ _0\"></span>Pertanto, <span class=\"_ _0\"></span>ogni <span class=\"_ _38\"></span>risultato <span class=\"_ _0\"></span>riconducibil<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>transazioni <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>terne <span class=\"_ _0\"></span>effettuate <span class=\"_ _38\"></span>tra </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3ff\">diverse entit\u00e0 del Gruppo \u00e8 eliminato dal bilancio consolidato. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs400\">Cessazione pro<span class=\"_ _1\"></span>spettica della contabili<span class=\"_ _1\"></span>zzazione di co<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs401\">pertur<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs402\">a </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs403\">Se <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>verifiche <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>confermano <span class=\"_ _1\"></span>l\u2019efficacia <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>coper<span class=\"_ _1\"></span>tura</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs404\">, <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>quel <span class=\"_ _38\"></span>momento <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>contabilizzazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs405\">delle <span class=\"_ _3d\"> </span>operazioni <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>coper<span class=\"_ _1\"></span>tura,  se<span class=\"_ _1\"></span>condo <span class=\"_ _3d\"> </span>quanto <span class=\"_ _3d\"> </span>sopra <span class=\"_ _3d\"> </span>esposto, <span class=\"_ _3d\"> </span>viene<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>interrotta <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>il <span class=\"_ _3d\"> </span>contratto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs406\">derivato <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>copertura <span class=\"_ _1\"></span>viene <span class=\"_ _1\"></span>riclassificato <span class=\"_ _1\"></span>tra <span class=\"_ _38\"></span>gli strume<span class=\"_ _1\"></span>nti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>negoziazione. Inoltre<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>operazioni <span class=\"_ _1\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs407\">copertura <span class=\"_ _38\"></span>cessano <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>momento <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>cui <span class=\"_ _1\"></span>lo <span class=\"_ _0\"></span>strumento <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>copertura <span class=\"_ _38\"></span>giunge <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>scadenza, <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>venduto, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs408\">cessato o esercitato, oppure viene revocata <span class=\"_ _1\"></span>la designazione. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs409\">Per <span class=\"_ _1\"></span>le re<span class=\"_ _1\"></span>lazioni di <span class=\"_ _1\"></span>copertura<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di fair <span class=\"_ _1\"></span>value, <span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>strumento <span class=\"_ _1\"></span>finanziario <span class=\"_ _1\"></span>coperto <span class=\"_ _1\"></span>non \u00e8 <span class=\"_ _38\"></span>pi\u00f9 rettificato <span class=\"_ _1\"></span>per </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs40a\">le <span class=\"_ _2\"></span>variazioni <span class=\"_ _3b\"></span>di fair <span class=\"_ _3b\"></span>value <span class=\"_ _3b\"></span>e qualsia<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>rettifica al <span class=\"_ _3b\"></span>valore <span class=\"_ _2\"></span>contabile <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>uno <span class=\"_ _3b\"></span>str<span class=\"_ _1\"></span>umento <span class=\"_ _2\"></span>finanziario <span class=\"_ _3b\"></span>coperto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs40b\">per  il  qual<span class=\"_ _2\"></span>e  \u00e8  utilizzato  il <span class=\"_ _35\"> </span>criterio  dell'interesse  effettivo  d<span class=\"_ _2\"></span>eve  essere  ammortizzata  n<span class=\"_ _2\"></span>el  conto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs40c\">economico. <span class=\"_ _37\"> </span>Nel <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>interruzione <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>una <span class=\"_ _37\"> </span>relazione <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>cop<span class=\"_ _1\"></span>ertura <span class=\"_ _37\"> </span>generica <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>fair <span class=\"_ _37\"> </span>value, <span class=\"_ _37\"> </span>le </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs40d\">rivalutazioni/svalutazioni <span class=\"_ _35\"> </span>cu<span class=\"_ _2\"></span>mulat<span class=\"_ _1\"></span>e <span class=\"_ _35\"> </span>iscritte <span class=\"_ _0\"></span>nella <span class=\"_ _35\"> </span>voce <span class=\"_ _0\"></span>60. <span class=\"_ _35\"> </span>\u201cAdeguamento <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>attivit\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs40e\">finanziarie  oggetto <span class=\"_ _35\"> </span>di  copertura <span class=\"_ _35\"> </span>generica\u201d  oppu<span class=\"_ _2\"></span>re  50. <span class=\"_ _35\"> </span>\u201cAdeguamento  di <span class=\"_ _35\"> </span>valore  delle<span class=\"_ _2\"></span>  passivit\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs40f\">finanziarie oggetto di copertura generica\u201d sono rilevate a conto <span class=\"_ _2\"></span>economico tra gli interessi attivi o </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs410\">passivi l<span class=\"_ _2\"></span>ungo la <span class=\"_ _3b\"></span>d<span class=\"_ _1\"></span>urata residua <span class=\"_ _3b\"></span>d<span class=\"_ _1\"></span>elle originarie <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>elazioni di<span class=\"_ _2\"></span> copertura, <span class=\"_ _3b\"></span>fe<span class=\"_ _1\"></span>rma restando <span class=\"_ _3b\"></span>la verifica che </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs411\">ne sussistano i presupposti.<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs412\">Per <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>relazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>copertura <span class=\"_ _38\"></span>dei <span class=\"_ _1\"></span>flussi <span class=\"_ _1\"></span>finanziari, <span class=\"_ _1\"></span>l'uti<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs413\">le <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>perdita <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>plessiva <span class=\"_ _1\"></span>dello <span class=\"_ _1\"></span>strume<span class=\"_ _1\"></span>nto di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs414\">copertura <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>stato <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ilevato <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>elle <span class=\"_ _0\"></span>altre <span class=\"_ _38\"></span>componenti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>conto <span class=\"_ _0\"></span>ec<span class=\"_ _2\"></span>onomico <span class=\"_ _0\"></span>complessivo <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>partire </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs415\">dall'esercizio <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _3b\"></span>la <span class=\"_ _3b\"></span>copert<span class=\"_ _1\"></span>ura <span class=\"_ _3b\"></span>era efficac<span class=\"_ _2\"></span>e, <span class=\"_ _3b\"></span>deve r<span class=\"_ _2\"></span>estare <span class=\"_ _3b\"></span>separatamente <span class=\"_ _2\"></span>nel <span class=\"_ _3b\"></span>patrimonio <span class=\"_ _3b\"></span>ne<span class=\"_ _1\"></span>tto <span class=\"_ _3b\"></span>sino </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs416\">a <span class=\"_ _0\"></span>quando <span class=\"_ _38\"></span>l'oper<span class=\"_ _1\"></span>azione <span class=\"_ _0\"></span>prog<span class=\"_ _2\"></span>rammata <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>ve<span class=\"_ _2\"></span>rifica. <span class=\"_ _0\"></span>Qualora <span class=\"_ _38\"></span>l'operazione <span class=\"_ _0\"></span>programmata <span class=\"_ _0\"></span>ci <span class=\"_ _38\"></span>si <span class=\"_ _0\"></span>attende </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs417\">non <span class=\"_ _3d\"> </span>debba <span class=\"_ _3d\"> </span>pi\u00f9 <span class=\"_ _3d\"> </span>accader<span class=\"_ _1\"></span>e, <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>qual <span class=\"_ _3d\"> </span>caso <span class=\"_ _3d\"> </span>quals<span class=\"_ _1\"></span>iasi <span class=\"_ _3d\"> </span>corre<span class=\"_ _1\"></span>lato <span class=\"_ _3d\"> </span>utile <span class=\"_ _3d\"> </span>o <span class=\"_ _3d\"> </span>per<span class=\"_ _1\"></span>dita <span class=\"_ _3d\"> </span>complessivo <span class=\"_ _3d\"> </span>sullo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs418\">strumento <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>copertura <span class=\"_ _36\"> </span>che <span class=\"_ _37\"> </span>\u00e8 <span class=\"_ _36\"> </span>stato <span class=\"_ _36\"> </span>rilevato <span class=\"_ _36\"> </span>nel <span class=\"_ _37\"> </span>prospetto <span class=\"_ _37\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _37\"> </span>altr<span class=\"_ _1\"></span>e <span class=\"_ _37\"> </span>componenti <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>conto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs419\">economico complessivo d<span class=\"_ _2\"></span>all'esercizio <span class=\"_ _2\"></span>in cui <span class=\"_ _3b\"></span>la copertura era effic<span class=\"_ _2\"></span>ace deve es<span class=\"_ _2\"></span>sere riclassificato <span class=\"_ _2\"></span>dal </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs41a\">patrimonio <span class=\"_ _3f\"> </span>netto <span class=\"_ _3f\"> </span>all\u2019utile <span class=\"_ _3f\"> </span>(perdita) <span class=\"_ _3f\"> </span>d\u2019eser<span class=\"_ _1\"></span>cizio <span class=\"_ _3f\"> </span>come <span class=\"_ _3f\"> </span>rettifica <span class=\"_ _3f\"> </span>da <span class=\"_ _3f\"> </span>riclassificazione. <span class=\"_ _3f\"> </span>Tuttavia,<span class=\"_ _3a1\"> </span></div>un\u2019operazione pro<span class=\"_ _1\"></span>grammata che <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>pi\u00f9 altamente <span class=\"_ _1\"></span>probabile, ci <span class=\"_ _1\"></span>si pu\u00f2 <span class=\"_ _1\"></span>ancora <span class=\"_ _1\"></span>attendere <span class=\"_ _1\"></span>che si<span class=\"_ _3a1\"> </span> verifichi.<span class=\"_ _3a1\"> </span> Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"_ _3a1\"> </span> L\u2019allocazione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>componenti <span class=\"_ _0\"></span>reddituali <span class=\"_ _38\"></span>nelle <span class=\"_ _0\"></span>pert<span class=\"_ _1\"></span>inenti <span class=\"_ _0\"></span>voci <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>avviene <span class=\"_ _0\"></span>sull<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span> base di quanto riportato di seguito:<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _0\"></span>differenziali <span class=\"_ _38\"></span>mat<span class=\"_ _1\"></span>urati <span class=\"_ _0\"></span>sugli <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>derivati <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>copert<span class=\"_ _1\"></span>ura <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>teresse<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>(oltre agli interessi delle posizioni<span class=\"_ _2\"></span> oggetto di copertura) vengono allocati <span class=\"_ _2\"></span>nella voce \u201cInteressi<span class=\"_ _3a1\"> </span> attivi e proventi assimilati\u201d o \u201cInteress<span class=\"_ _1\"></span>i passivi e oneri assimilati\u201d;<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">le plu<span class=\"_ _2\"></span>svalenze e mi<span class=\"_ _2\"></span>nusvalenze derivanti d<span class=\"_ _2\"></span>alla valutazione <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>strument<span class=\"_ _1\"></span>i derivati <span class=\"_ _3b\"></span>di copertura<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>e <span class=\"_ _37\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _37\"> </span>posizioni <span class=\"_ _37\"> </span>oggetto <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>copertura <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>fair <span class=\"_ _36\"> </span>value <span class=\"_ _37\"> </span>hedge <span class=\"_ _37\"> </span>vengono <span class=\"_ _36\"> </span>allocate <span class=\"_ _37\"> </span>nella <span class=\"_ _37\"> </span>voce<span class=\"_ _3a1\"> </span> \u201cRisultato netto dell\u2019attivit\u00e0 di copertur<span class=\"_ _1\"></span>a\u201d;<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _36\"> </span>plusvalenze <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>le <span class=\"_ _36\"> </span>minusvalenze <span class=\"_ _37\"> </span>derivanti <span class=\"_ _36\"> </span>dalla <span class=\"_ _36\"> </span>valutazione <span class=\"_ _36\"> </span>degli <span class=\"_ _37\"> </span>strumenti <span class=\"_ _36\"> </span>derivati <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>copertura di <span class=\"_ _1\"></span>cash flow <span class=\"_ _1\"></span>hedge <span class=\"_ _1\"></span>(per <span class=\"_ _1\"></span>la parte e<span class=\"_ _1\"></span>fficace) vengono <span class=\"_ _1\"></span>allocate <span class=\"_ _1\"></span>in una <span class=\"_ _1\"></span>specifica riserva<span class=\"_ _3a1\"> </span> di valutazione di patrimonio netto \u201c<span class=\"_ _1\"></span>Copertura dei flussi finanziari\u201d, al netto dell\u2019effetto fiscale<span class=\"_ _3a1\"> </span> differito. <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>parte <span class=\"_ _38\"></span>inefficace <span class=\"_ _1\"></span>tali <span class=\"_ _1\"></span>plus <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>minus <span class=\"_ _1\"></span>vengono <span class=\"_ _38\"></span>contabilizzate<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>economico<span class=\"_ _3a1\"> </span> nella <span class=\"_ _38\"></span>voce<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>\u201cRisulta<span class=\"_ _2\"></span>to <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>etto <span class=\"_ _0\"></span>dell\u2019<span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>copertura\u201d. <span class=\"_ _0\"></span>Se<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>lo <span class=\"_ _38\"></span>strumento <span class=\"_ _38\"></span>cope<span class=\"_ _1\"></span>rto <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>cancellato,<span class=\"_ _3a1\"> </span> scade <span class=\"_ _39\"> </span>o <span class=\"_ _36\"> </span>si <span class=\"_ _36\"> </span>e<span class=\"_ _1\"></span>stingue <span class=\"_ _36\"> </span>allora <span class=\"_ _39\"> </span>la <span class=\"_ _36\"> </span>riserva <span class=\"_ _39\"> </span>\u00e8 <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>iversata <span class=\"_ _36\"> </span>immediatamente <span class=\"_ _39\"> </span>a <span class=\"_ _36\"> </span>conto <span class=\"_ _39\"> </span>economico<span class=\"_ _3a1\"> </span> contestualmente alla cancellazione dell\u2019elemento coperto.<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">nel <span class=\"_ _1\"></span>caso <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>copertura <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>flussi <span class=\"_ _38\"></span>finanziari, <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>variazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fa<span class=\"_ _1\"></span>ir <span class=\"_ _1\"></span>value <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>derivato <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>imputate<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>nella <span class=\"_ _0\"></span>redditivit\u00e0 <span class=\"_ _0\"></span>complessiva, <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>ota <span class=\"_ _0\"></span>efficace <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>copertura, <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>rilevate <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>Conto<span class=\"_ _3a1\"> </span> Economico <span class=\"_ _0\"></span>solo <span class=\"_ _35\"> </span>quando, <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>posta <span class=\"_ _0\"></span>coperta, <span class=\"_ _35\"> </span>si<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>manifest<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>va<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iazione <span class=\"_ _0\"></span>dei<span class=\"_ _3a1\"> </span> flussi di cassa da compensare o se <span class=\"_ _1\"></span>la copertura risulta inefficace",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-733": {
   "value": "<div class=\"t m2 h10 ff4 fs3 fc4 sc3 ls0 ws0 gs25c\">A.2 \u2013 PARTE RELAT<span class=\"_ _1\"></span>IVA ALLE PRINCIPALI V<span class=\"_ _1\"></span>OCI DI BILANC<span class=\"_ _1\"></span>IO<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs25d\">1 - A<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs25e\">ttivit\u00e0 finan<span class=\"_ _1\"></span>ziarie v<span class=\"_ _1\"></span>alutate <span class=\"_ _1\"></span>al fair valu<span class=\"_ _1\"></span>e con impa<span class=\"_ _1\"></span>tto a<span class=\"_ _1\"></span> conto ec<span class=\"_ _1\"></span>onom<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs25f\">ico </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs260\">Criteri di iscrizione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs261\">L\u2019iscrizione <span class=\"_ _1\"></span>iniziale <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0 finanziarie <span class=\"_ _38\"></span>avviene <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>regolamento <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>debito e<span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs262\">per i <span class=\"_ _1\"></span>titoli di <span class=\"_ _1\"></span>capitale, alla <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>di erogazione <span class=\"_ _1\"></span>per i <span class=\"_ _1\"></span>finanziamenti ed <span class=\"_ _1\"></span>alla data <span class=\"_ _1\"></span>di sott<span class=\"_ _1\"></span>oscrizione per <span class=\"_ _1\"></span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs263\">contratti <span class=\"_ _184\"></span>d<span class=\"_ _3b\"></span>er<span class=\"_ _1\"></span>ivati. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs264\">All\u2019atto <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>rilevazione <span class=\"_ _35\"> </span>iniz<span class=\"_ _2\"></span>iale <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>fin<span class=\"_ _2\"></span>anziarie <span class=\"_ _35\"> </span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _0\"> </span>fair<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>val<span class=\"_ _2\"></span>ue <span class=\"_ _35\"> </span>con<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>impatto <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>cont<span class=\"_ _2\"></span>o </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs265\">economico  vengono  rilevate <span class=\"_ _35\"> </span>al  fair <span class=\"_ _35\"> </span>value,  senza  considerare  i <span class=\"_ _35\"> </span>costi  o  proventi <span class=\"_ _35\"> </span>di  transazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs266\">direttamente attribuibili allo strumento stesso. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs267\">Criteri di classificazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs268\">Sono <span class=\"_ _35\"> </span>classificate  i<span class=\"_ _2\"></span>n <span class=\"_ _35\"> </span>questa <span class=\"_ _35\"> </span>categoria <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _35\"> </span>finanzia</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs269\">rie <span class=\"_ _35\"> </span>diverse  d<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>quelle <span class=\"_ _35\"> </span>classificate <span class=\"_ _35\"> </span>tra <span class=\"_ _35\"> </span>le </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs26a\">Attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _0\"></span>valu<span class=\"_ _2\"></span>tate <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _1\"></span>con <span class=\"_ _0\"></span>impatto <span class=\"_ _1\"></span>sulla <span class=\"_ _38\"></span>redditivit\u00e0 <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>mplessiva <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>tra <span class=\"_ _0\"></span>le <span class=\"_ _1\"></span>Attivit\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs26b\">finanziare valutate al costo ammort<span class=\"_ _1\"></span>izzato. La voce, in particolare, include: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs26c\"><span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>detenute <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>negoziazione, <span class=\"_ _1\"></span>essenzialmente <span class=\"_ _1\"></span>rappresentate <span class=\"_ _38\"></span>da titoli <span class=\"_ _1\"></span>di </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs26d\">debito <span class=\"_ _36\"> </span>e <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>capitale <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>dal <span class=\"_ _36\"> </span>valore <span class=\"_ _36\"> </span>positivo <span class=\"_ _36\"> </span>dei <span class=\"_ _36\"> </span>contratti <span class=\"_ _36\"> </span>derivati <span class=\"_ _37\"> </span>det<span class=\"_ _1\"></span>enuti <span class=\"_ _36\"> </span>con <span class=\"_ _36\"> </span>finalit\u00e0 <span class=\"_ _36\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs26e\">negoziazione; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs26f\"><span class=\"_ _42\"> </span><span class=\"ff4\">le  attivit\u00e0  finanz<span class=\"_ _2\"></span>iarie  obbligatoriamente  valutate  al <span class=\"_ _35\"> </span>fair  value,  rappresentate  dalle <span class=\"_ _35\"> </span>attivit\u00e0 </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs270\">finanziarie <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>soddisfano <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>requisiti <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>valu<span class=\"_ _2\"></span>tazione <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>costo <span class=\"_ _0\"></span>ammortizzato <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>al<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>fair </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs271\">value <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>impatt<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>ulla <span class=\"_ _0\"></span>redditivit\u00e0 <span class=\"_ _0\"></span>comples<span class=\"_ _1\"></span>siva. <span class=\"_ _0\"></span>Si <span class=\"_ _0\"></span>tratta <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>termini </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs272\">contrattuali <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>prevedono <span class=\"_ _38\"></span>esclusivamente <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>imborsi <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>capitale <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>pagamenti <span class=\"_ _38\"></span>dell\u2019interesse </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs273\">sull\u2019importo <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>capitale <span class=\"_ _35\"> </span>d<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>restituire <span class=\"_ _35\"> </span>(cd. <span class=\"_ _0\"></span>\u201cSPPI <span class=\"_ _35\"> </span>test\u201d <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>uperato) <span class=\"_ _0\"> </span>o<span class=\"_ _1\"></span>ppure <span class=\"_ _0\"></span>che <span class=\"_ _35\"> </span>non<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>sono </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs274\">detenute n<span class=\"_ _3b\"></span>el quadro<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>un modell<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>business il<span class=\"_ _3b\"></span> cui<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>obiettivo <span class=\"_ _3b\"></span>\u00e8 il<span class=\"_ _3b\"></span> possesso <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3b\"></span>finalizzato </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs275\">alla <span class=\"_ _3d\"> </span>raccolta <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>flussi <span class=\"_ _3d\"> </span>finanziari <span class=\"_ _3d\"> </span>contrattuali <span class=\"_ _3d\"> </span>(Business <span class=\"_ _3d\"> </span>mo<span class=\"_ _1\"></span>del  \u201c<span class=\"_ _1\"></span>Hold  to <span class=\"_ _3d\"> </span>Collect<span class=\"_ _1\"></span>\u201d)  o <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>cui </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs276\">obiettivo \u00e8 <span class=\"_ _1\"></span>conseguito <span class=\"_ _1\"></span>sia mediante la <span class=\"_ _1\"></span>raccolta dei <span class=\"_ _1\"></span>flussi finanziari <span class=\"_ _1\"></span>contrattuali che <span class=\"_ _1\"></span>mediante </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs277\">la vendita di attivit\u00e0 finanziarie (Business model \u201cHold to Collect and Sell\u201d); </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs278\"><span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _3d\"> </span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _37\"> </span>finanziarie <span class=\"_ _3d\"> </span>designate <span class=\"_ _3d\"> </span>al <span class=\"_ _37\"> </span>fair <span class=\"_ _37\"> </span>value, <span class=\"_ _3d\"> </span>os<span class=\"_ _1\"></span>sia <span class=\"_ _3d\"> </span>le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _37\"> </span>finanziarie <span class=\"_ _37\"> </span>cos\u00ec <span class=\"_ _3d\"> </span>definite<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>al </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs279\">momento  della  rilevazione  iniziale  e  ove  ne  sussistano  i  presupposti.  In<span class=\"_ _2\"></span>  relazione  a  tale </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs27a\">fattispecie, <span class=\"_ _36\"> </span>un\u2019entit\u00e0 <span class=\"_ _36\"> </span>pu\u00f2 <span class=\"_ _36\"> </span>designare <span class=\"_ _36\"> </span>irrevocabilmente <span class=\"_ _36\"> </span>all\u2019iscrizione <span class=\"_ _36\"> </span>un\u2019attivit\u00e0 <span class=\"_ _36\"> </span>finanziaria<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs27b\">come valutata al fair valu<span class=\"_ _2\"></span>e con imp<span class=\"_ _2\"></span>atto a conto economico se, e<span class=\"_ _2\"></span> solo se, cos\u00ec fac<span class=\"_ _2\"></span>endo elimina </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs27c\">o riduce significativamente un\u2019incoerenza valutativa. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs27d\">Trovano, quindi, evidenza in questa voce<span class=\"_ _1\"></span>: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs27e\"><span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>itoli <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>debito e <span class=\"_ _3b\"></span>i <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _3b\"></span>che sono <span class=\"_ _3b\"></span>inclusi <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>business <span class=\"_ _3b\"></span>model Tradin<span class=\"_ _2\"></span>g <span class=\"_ _3b\"></span>(non riconducibili </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs27f\">quindi ai <span class=\"_ _1\"></span>business <span class=\"_ _38\"></span>model \u201c<span class=\"_ _1\"></span>Hold to <span class=\"_ _1\"></span>Collect\u201d <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>\u201cHold t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>Collect and <span class=\"_ _1\"></span>Sell\u201d) <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>superano <span class=\"_ _1\"></span>il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs280\">test SPPI; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs281\"><span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>rumenti <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>capitale <span class=\"_ _38\"></span>- <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>qualificabili <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>controllo, <span class=\"_ _38\"></span>collegament<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>rollo <span class=\"_ _38\"></span>congiunto <span class=\"_ _38\"></span>- </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs282\">detenuti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>finalit\u00e0 di <span class=\"_ _1\"></span>negoziazione <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>sia o<span class=\"_ _1\"></span>ptato, <span class=\"_ _1\"></span>in sede <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rilevazione <span class=\"_ _1\"></span>iniziale, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs283\">per la designazione al fair value con impatto sulla re<span class=\"_ _1\"></span>dditivit\u00e0 complessiva; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs284\"><span class=\"_ _42\"> </span><span class=\"ff4\">le quote di OICR. </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs285\">La voce accoglie, <span class=\"_ _1\"></span>inoltre, i contratti <span class=\"_ _1\"></span>derivati, contabilizzati tr<span class=\"_ _1\"></span>a le attivit\u00e0 <span class=\"_ _1\"></span>finanziarie detenute per la </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs286\">negoziazione, che sono rappresent<span class=\"_ _1\"></span>ati come attivit\u00e0 se il fair value \u00e8<span class=\"_ _1\"></span> positivo e come passivit\u00e0 se il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs287\">fair  value <span class=\"_ _35\"> </span>\u00e8  negativo.  E\u2019 <span class=\"_ _35\"> </span>possibile  compensare  i  v<span class=\"_ _2\"></span>alori  correnti <span class=\"_ _35\"> </span>positivi  e  negativi <span class=\"_ _35\"> </span>derivanti  da </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs288\">operazioni <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ssere <span class=\"_ _3b\"></span>con l<span class=\"_ _2\"></span>a <span class=\"_ _3b\"></span>medesima <span class=\"_ _3b\"></span>cont<span class=\"_ _1\"></span>roparte <span class=\"_ _3b\"></span>soltanto <span class=\"_ _3b\"></span>qualora si <span class=\"_ _184\"></span>abbia <span class=\"_ _3b\"></span>cor<span class=\"_ _1\"></span>rentemente <span class=\"_ _3b\"></span>il <span class=\"_ _2\"></span>diritto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs289\">legale <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>mpensare <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>importi <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ilevati <span class=\"_ _38\"></span>contabilmente <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>si <span class=\"_ _38\"></span>inte<span class=\"_ _1\"></span>nda <span class=\"_ _1\"></span>procedere <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>regolamento <span class=\"_ _38\"></span>su </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs28a\">base netta delle posizioni oggetto di compensazione. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs28b\">Fra  i <span class=\"_ _3d\"> </span>derivati <span class=\"_ _3d\"> </span>sono  inclusi <span class=\"_ _3d\"> </span>anche  quelli <span class=\"_ _3d\"> </span>incorporati <span class=\"_ _3d\"> </span>in  contratti  finanziari <span class=\"_ _3d\"> </span>complessi <span class=\"_ _3d\"> </span>-  in  cui <span class=\"_ _3d\"> </span>il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs28c\">contratto <span class=\"_ _0\"></span>primario <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>una <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _0\"></span>finanziaria <span class=\"_ _38\"></span>- <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>so<span class=\"_ _1\"></span>no <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>tati <span class=\"_ _0\"></span>oggetto <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>rilevazione <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>eparata <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs28d\">quanto:<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs28f\"><span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _48\"> </span>loro <span class=\"_ _3a\"> </span>caratteristiche <span class=\"_ _48\"> </span>economiche <span class=\"_ _48\"> </span>ed<span class=\"_ _2\"></span> <span class=\"_ _48\"> </span>i <span class=\"_ _3a\"> </span>rischi <span class=\"_ _48\"> </span>non <span class=\"_ _48\"> </span>sono<span class=\"_ _2\"></span> <span class=\"_ _48\"> </span>strettamente <span class=\"_ _3a\"> </span>correlati <span class=\"_ _48\"> </span>alle<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs290\">carat</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs291\">teristiche del contratto sottostante;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs292\"><span class=\"_ _42\"> </span><span class=\"ff4\">gli strumenti incorporati, anche se separati, soddisfano la definizione di der<span class=\"_ _1\"></span>ivato;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs293\"><span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _38\"></span>strument<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>ibridi <span class=\"_ _38\"></span>cui <span class=\"_ _38\"></span>appartengono <span class=\"_ _0\"></span>non <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no <span class=\"_ _38\"></span>valutati <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>fair <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>ue <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>le <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>lative <span class=\"_ _38\"></span>variazioni<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs294\">rilevate a Conto Economico.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs295\">Riclassifiche<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs296\">Secondo <span class=\"_ _36\"> </span>le <span class=\"_ _39\"> </span>regole <span class=\"_ _36\"> </span>generali <span class=\"_ _39\"> </span>previste <span class=\"_ _36\"> </span>dall\u2019IFRS <span class=\"_ _36\"> </span>9 <span class=\"_ _36\"> </span>in <span class=\"_ _39\"> </span>materia</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs297\"> <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>riclassificazione <span class=\"_ _39\"> </span>delle <span class=\"_ _36\"> </span>attivit\u00e0<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs298\">finanziarie (ad <span class=\"_ _2\"></span>eccezione dei titol<span class=\"_ _2\"></span>i di cap<span class=\"_ _2\"></span>itale, per cui <span class=\"_ _3b\"></span>no<span class=\"_ _1\"></span>n \u00e8<span class=\"_ _2\"></span> ammessa <span class=\"_ _2\"></span>alcuna riclassifica), <span class=\"_ _3b\"></span>no<span class=\"_ _1\"></span>n sono<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs299\">ammesse <span class=\"_ _3d\"> </span>riclassifiche  ve<span class=\"_ _1\"></span>rso  alt<span class=\"_ _1\"></span>re  categor<span class=\"_ _1\"></span>ie <span class=\"_ _3d\"> </span>di  attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _3d\"> </span>salvo <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>caso <span class=\"_ _3d\"> </span>in  cui <span class=\"_ _3d\"> </span>l\u2019entit\u00e0<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs29a\">modifichi <span class=\"_ _35\"> </span>il  proprio  modello  di <span class=\"_ _35\"> </span>business  per  la  g<span class=\"_ _3b\"></span>estione<span class=\"_ _1\"></span>  delle <span class=\"_ _35\"> </span>attivit\u00e0  finanziarie   <span class=\"_ _35\"> </span>a  seguito  d<span class=\"_ _3b\"></span>i<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs29b\">cambiamenti <span class=\"_ _38\"></span>esterni <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>inter<span class=\"_ _1\"></span>ni <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>quali <span class=\"_ _38\"></span>siano <span class=\"_ _38\"></span>rilevanti <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>oper<span class=\"_ _1\"></span>azioni <span class=\"_ _1\"></span>dell'entit<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>dimostrabili <span class=\"_ _38\"></span>alle<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs29c\">parti  esterne.  In <span class=\"_ _35\"> </span>tali  casi,  c<span class=\"_ _2\"></span>he  ci <span class=\"_ _35\"> </span>si  attende  siano  altamente  infrequenti, <span class=\"_ _35\"> </span>le  attivit\u00e0  finanziarie<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs29d\">potranno essere riclassificate d<span class=\"_ _2\"></span>alla categoria <span class=\"_ _2\"></span>valutata al fai<span class=\"_ _2\"></span>r value c<span class=\"_ _2\"></span>on impatto a <span class=\"_ _2\"></span>conto economico<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs29e\">in <span class=\"_ _39\"> </span>una <span class=\"_ _39\"> </span>delle <span class=\"_ _3f\"> </span>altre <span class=\"_ _36\"> </span>due <span class=\"_ _3f\"> </span>categorie <span class=\"_ _39\"> </span>previste <span class=\"_ _39\"> </span>dall\u2019IFRS <span class=\"_ _39\"> </span>9 <span class=\"_ _39\"> </span>(Attivit\u00e0 <span class=\"_ _3f\"> </span>finanzi<span class=\"_ _2\"></span>arie <span class=\"_ _3f\"> </span>valu<span class=\"_ _2\"></span>tate <span class=\"_ _39\"> </span>al <span class=\"_ _3f\"> </span>costo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs29f\">ammortizzato o At<span class=\"_ _2\"></span>tivit\u00e0 finanziarie <span class=\"_ _2\"></span>valutate al <span class=\"_ _3b\"></span>fair<span class=\"_ _1\"></span> value <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>n impa<span class=\"_ _2\"></span>tto sulla <span class=\"_ _2\"></span>redditivit\u00e0 complessiva).<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2a0\">Il <span class=\"_ _0\"></span>valore <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>trasferimento <span class=\"_ _0\"> </span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>rappresentato <span class=\"_ _0\"></span>dal <span class=\"_ _35\"> </span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>mo<span class=\"_ _1\"></span>mento <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>riclassificazione <span class=\"_ _0\"></span>e <span class=\"_ _0\"> </span>gli<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2a1\">effetti <span class=\"_ _3b\"></span>della <span class=\"_ _2\"></span>riclassificazione <span class=\"_ _3b\"></span>oper<span class=\"_ _1\"></span>ano <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>ma<span class=\"_ _1\"></span>niera <span class=\"_ _3b\"></span>pros<span class=\"_ _1\"></span>pettica <span class=\"_ _3b\"></span>a <span class=\"_ _3b\"></span>partire d<span class=\"_ _2\"></span>alla <span class=\"_ _3b\"></span>data <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>riclassificazione<span class=\"_ _1\"></span>.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2a2\">In questo <span class=\"_ _1\"></span>caso, <span class=\"_ _1\"></span>il tas<span class=\"_ _1\"></span>so di int<span class=\"_ _1\"></span>eresse effett<span class=\"_ _1\"></span>ivo dell\u2019attivit\u00e0 <span class=\"_ _1\"></span>finanziaria r<span class=\"_ _1\"></span>iclassificata \u00e8<span class=\"_ _1\"></span> determinato in<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2a3\">base <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>suo <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>valu<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>data <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>riclassificazione <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>tale <span class=\"_ _35\"> </span>data <span class=\"_ _0\"></span>viene <span class=\"_ _35\"> </span>considera<span class=\"_ _1\"></span>ta <span class=\"_ _35\"> </span>come <span class=\"_ _35\"> </span>data <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2a4\">rilevazione <span class=\"_ _1\"></span>iniziale <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>l\u2019allocazione <span class=\"_ _38\"></span>nei <span class=\"_ _1\"></span>diversi <span class=\"_ _1\"></span>stadi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>creditizio <span class=\"_ _38\"></span>(stage <span class=\"_ _1\"></span>assignment) <span class=\"_ _38\"></span>ai <span class=\"_ _1\"></span>fini<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2a5\">dell\u2019impairment.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs2a6\">Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2a7\">Successivamente <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>rilevazione <span class=\"_ _1\"></span>iniziale, le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>fin</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2a8\">anziarie <span class=\"_ _1\"></span>valutate al <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>impatto a<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2a9\">conto <span class=\"_ _3d\"> </span>economico  s<span class=\"_ _1\"></span>ono  valorizzate <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>fair <span class=\"_ _3d\"> </span>value.  Gli <span class=\"_ _3d\"> </span>effetti <span class=\"_ _3d\"> </span>dell\u2019applicazione  di <span class=\"_ _3d\"> </span>tale <span class=\"_ _3d\"> </span>criterio <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2aa\">valutazione sono imputati nel Conto Economico.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2ab\">Per l<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>determinazione del <span class=\"_ _3b\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3b\"></span>degli strumenti <span class=\"_ _2\"></span>finanziari <span class=\"_ _3b\"></span>quot<span class=\"_ _1\"></span>ati i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>un <span class=\"_ _3b\"></span>me<span class=\"_ _1\"></span>rcato <span class=\"_ _2\"></span>attivo, <span class=\"_ _3b\"></span>vengon<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2ac\">utilizzate <span class=\"_ _2\"></span>quotazioni <span class=\"_ _3b\"></span>di mercato. <span class=\"_ _3b\"></span>In <span class=\"_ _2\"></span>assenza di <span class=\"_ _3b\"></span>un <span class=\"_ _3b\"></span>me<span class=\"_ _1\"></span>rcato <span class=\"_ _2\"></span>attivo, <span class=\"_ _3b\"></span>vengono u<span class=\"_ _2\"></span>tilizzati <span class=\"_ _3b\"></span>me<span class=\"_ _1\"></span>todi d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>tima<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2ad\">e <span class=\"_ _38\"></span>modelli <span class=\"_ _38\"></span>valutativi <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>unemente <span class=\"_ _38\"></span>adottati, <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>tengono <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>tutti <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>fattori <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>corre<span class=\"_ _1\"></span>lati<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2ae\">agli <span class=\"_ _3b\"></span>st<span class=\"_ _1\"></span>rumenti e <span class=\"_ _3b\"></span>che <span class=\"_ _2\"></span>sono b<span class=\"_ _2\"></span>asati <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>u <span class=\"_ _3b\"></span>dati rilevabili <span class=\"_ _3b\"></span>sul mercato <span class=\"_ _2\"></span>quali: <span class=\"_ _3b\"></span>valutazione di <span class=\"_ _3b\"></span>strument<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>quotati<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2af\">che <span class=\"_ _48\"> </span>present<span class=\"_ _1\"></span>ano <span class=\"_ _48\"> </span>analoghe <span class=\"_ _17e\"> </span>caratteristiche, <span class=\"_ _48\"> </span>calcoli <span class=\"_ _17e\"> </span>di <span class=\"_ _48\"> </span>flussi<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>di <span class=\"_ _48\"> </span>cass<span class=\"_ _1\"></span>a <span class=\"_ _48\"> </span>scont<span class=\"_ _1\"></span>ati, <span class=\"_ _48\"> </span>modelli <span class=\"_ _17e\"> </span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2b0\">determinazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>prezzo <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>opzioni, <span class=\"_ _38\"></span>va<span class=\"_ _1\"></span>lori <span class=\"_ _0\"></span>rilevati <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>rece<span class=\"_ _1\"></span>nti <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ransazioni <span class=\"_ _0\"></span>comparabili, <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>cc. <span class=\"_ _0\"></span>Per <span class=\"_ _38\"></span>i<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2b1\">titoli <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>capitale <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>strumenti <span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>ivati <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>hanno <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>oggetto <span class=\"_ _1\"></span>tito<span class=\"_ _1\"></span>li <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>capitale, <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>quotati <span class=\"_ _1\"></span>in<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2b2\">un mercato at<span class=\"_ _2\"></span>tivo, il cri<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>erio del c<span class=\"_ _3b\"></span>os<span class=\"_ _1\"></span>to \u00e8 u<span class=\"_ _3b\"></span>tilizzato quale stima d<span class=\"_ _2\"></span>el fair valu<span class=\"_ _2\"></span>e soltanto in<span class=\"_ _2\"></span> via r<span class=\"_ _2\"></span>esiduale<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2b3\">e <span class=\"_ _37\"> </span>limitatamente <span class=\"_ _37\"> </span>a <span class=\"_ _37\"> </span>poche <span class=\"_ _37\"> </span>circostanze, <span class=\"_ _37\"> </span>ossia <span class=\"_ _36\"> </span>in <span class=\"_ _3d\"> </span>cas<span class=\"_ _1\"></span>o <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>non <span class=\"_ _37\"> </span>applicabilit\u00e0 <span class=\"_ _36\"> </span>di <span class=\"_ _3d\"> </span>t<span class=\"_ _1\"></span>utti <span class=\"_ _37\"> </span>i <span class=\"_ _37\"> </span>metodi <span class=\"_ _37\"> </span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2b4\">valutazione  pre<span class=\"_ _1\"></span>cedentemente  richiamati,  ovver<span class=\"_ _1\"></span>o <span class=\"_ _3d\"> </span>in  presenza  di  un\u2019ampia <span class=\"_ _3d\"> </span>gamma  di <span class=\"_ _3d\"> </span>possibili<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2b5\">valutazioni del fair value, nel cui ambito il cos<span class=\"_ _1\"></span>to rappresenta la stima pi\u00f9 significativa.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs2b6\">Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2b7\">Le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>ve<span class=\"_ _1\"></span>ngono <span class=\"_ _38\"></span>cancellate <span class=\"_ _1\"></span>dal <span class=\"_ _0\"></span>bil<span class=\"_ _2\"></span>ancio <span class=\"_ _38\"></span>so<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2b8\">lamente <span class=\"_ _38\"></span>se <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>cessione <span class=\"_ _38\"></span>ha <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>mportato <span class=\"_ _38\"></span>il<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2b9\">sostanziale <span class=\"_ _2\"></span>trasferimento di <span class=\"_ _3b\"></span>tutti i<span class=\"_ _2\"></span> rischi <span class=\"_ _3b\"></span>e benefici <span class=\"_ _3b\"></span>connessi all<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 st<span class=\"_ _2\"></span>esse. P<span class=\"_ _2\"></span>er contro,<span class=\"_ _2\"></span> qu<span class=\"_ _2\"></span>alora<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2ba\">sia <span class=\"_ _38\"></span>stata <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>antenuta <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>rilevante <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>benefici <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2bb\">cedute, qu<span class=\"_ _2\"></span>este<span class=\"_ _1\"></span> con<span class=\"_ _2\"></span>tinuano ad<span class=\"_ _2\"></span> essere iscritte <span class=\"_ _3b\"></span>in bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 giuridicamente la <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>itolarit\u00e0 delle<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2bc\">attivit\u00e0 stesse sia stata effettivamente trasferita.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2bd\">Nel <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>possibile <span class=\"_ _35\"> </span>accertare <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>sostanziale <span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>asferimento <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>benefici, <span class=\"_ _0\"> </span>le<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2be\">attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>vengono <span class=\"_ _38\"></span>cancellate <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>bilancio <span class=\"_ _1\"></span>qualora <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ato <span class=\"_ _1\"></span>mante<span class=\"_ _1\"></span>nuto <span class=\"_ _1\"></span>alcun <span class=\"_ _38\"></span>tipo <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2bf\">controllo <span class=\"_ _37\"> </span>sulle <span class=\"_ _37\"> </span>stesse. <span class=\"_ _37\"> </span>In <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>contrario, <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>conservazione, <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>parte, <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>tale <span class=\"_ _37\"> </span>controllo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2c0\">comporta  il <span class=\"_ _3d\"> </span>mantenimento  in  bilancio  de<span class=\"_ _1\"></span>lle  attivit\u00e0 <span class=\"_ _3d\"> </span>in  misura  pari <span class=\"_ _3d\"> </span>al  coinvolgimento<span class=\"_ _1\"></span>  residuo,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2c1\">misurato dall\u2019esposizione <span class=\"_ _1\"></span>ai cambiamenti di valore delle attivit\u00e0 cedute <span class=\"_ _1\"></span>ed alle variazioni dei flussi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2c2\">finanziari delle stesse.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2c3\">Infine,  le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _37\"> </span>cedute <span class=\"_ _3d\"> </span>vengono <span class=\"_ _37\"> </span>cancellate <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>bilancio <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>caso <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>cui <span class=\"_ _3d\"> </span>vi <span class=\"_ _3d\"> </span>sia <span class=\"_ _3d\"> </span>l<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2c4\">conservazione <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>diritti <span class=\"_ _37\"> </span>contrattuali <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>ricevere <span class=\"_ _37\"> </span>i <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>cassa, <span class=\"_ _37\"> </span>con <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>contestuale<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2c5\">assunzione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un\u2019obbligazione <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>pagare <span class=\"_ _38\"></span>detti <span class=\"_ _1\"></span>flussi, <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>solo <span class=\"_ _38\"></span>essi, <span class=\"_ _1\"></span>senza <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>ritardo <span class=\"_ _38\"></span>rilevante <span class=\"_ _1\"></span>ad <span class=\"_ _38\"></span>altri<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2c6\">soggetti terzi.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs2c8\">Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2c9\">Gli in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2ca\">teressi attivi sui titoli di debito ed i differenziali ed i margini dei contratti derivati classificati in<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2cb\">tale <span class=\"_ _1\"></span>categoria, <span class=\"_ _1\"></span>ma ge<span class=\"_ _1\"></span>stionalmente collegat<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>attivit\u00e0 o <span class=\"_ _1\"></span>passivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2cc\">sono iscritti per competenza nelle voci di conto economico relat<span class=\"_ _1\"></span>ivi agli<span class=\"_ _2\"></span> intere<span class=\"_ _1\"></span>ssi.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2cd\">I <span class=\"_ _0\"></span>differe<span class=\"_ _1\"></span>nziali <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>margini <span class=\"_ _0\"></span>degli <span class=\"_ _35\"> </span>altri <span class=\"_ _0\"></span>contratti <span class=\"_ _35\"> </span>vengono <span class=\"_ _0\"></span>rilevati <span class=\"_ _35\"> </span>nel <span class=\"_ _0\"></span>\u201cRisultato <span class=\"_ _35\"> </span>netto <span class=\"_ _0\"></span>dell\u2019attivit\u00e0 <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2ce\">negoziazione\u201d.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2cf\">I dividendi <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ono rilevati per c<span class=\"_ _2\"></span>ompetenza economica rife<span class=\"_ _2\"></span>rita alla da<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>a di a<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>sunzione della delib<span class=\"_ _2\"></span>era di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2d0\">distribuzione da parte dell\u2019assemblea e sono es<span class=\"_ _1\"></span>posti nella voce \u201cDividendi e proventi simili\u201d.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2d1\">Gli <span class=\"_ _35\"> </span>utili <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>le  p<span class=\"_ _2\"></span>erdite  r<span class=\"_ _2\"></span>ealizzati <span class=\"_ _35\"> </span>dalla <span class=\"_ _35\"> </span>cessione  o <span class=\"_ _35\"> </span>rimborso <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>plus/minusvalenze <span class=\"_ _35\"> </span>derivanti <span class=\"_ _35\"> </span>dalle<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2d2\">variazioni <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>iscritti <span class=\"_ _0\"></span>nel <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>del<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>periodo <span class=\"_ _0\"></span>nel <span class=\"_ _0\"></span>quale <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>manifestano <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2d3\">classificati <span class=\"_ _35\"> </span>nella <span class=\"_ _0\"></span>voce <span class=\"_ _35\"> </span>\u201cRisultato <span class=\"_ _0\"></span>netto <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>negozia<span class=\"_ _2\"></span>zione\u201d, <span class=\"_ _35\"> </span>ad <span class=\"_ _0\"></span>eccezione <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>ota<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2d4\">relativa <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>contratti <span class=\"_ _38\"></span>der<span class=\"_ _1\"></span>ivati <span class=\"_ _0\"></span>gestionalmente <span class=\"_ _38\"></span>collegat<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>ad <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>fair <span class=\"_ _0\"></span>value<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2d5\">rilevata nel \u201cRisultato netto delle attivit\u00e0 e passivit\u00e0 finanziarie valutate<span class=\"_ _1\"></span> al fair value\u201d.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs2d6\">2.1 - A<span class=\"_ _1\"></span>ttivit\u00e0 fin<span class=\"_ _1\"></span>anziarie v<span class=\"_ _1\"></span>alutate al<span class=\"_ _1\"></span> fair value<span class=\"_ _1\"></span> con imp<span class=\"_ _1\"></span>atto sull<span class=\"_ _1\"></span>a reddi<span class=\"_ _1\"></span>t<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs2d7\">ivit\u00e0 comp<span class=\"_ _1\"></span>lessiva<span class=\"_ _1\"></span> (FVOCI<span class=\"_ _1\"></span> con<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs2d8\">riciclo)<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs2d9\">Criteri di iscrizione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2da\">L\u2019iscr</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2db\">izione iniziale delle attivit\u00e0 finanziarie avviene alla data di regolamento <span class=\"_ _1\"></span>per i titoli di debito ed<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2dc\">alla <span class=\"_ _37\"> </span>data <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>erogazione <span class=\"_ _36\"> </span>per <span class=\"_ _3d\"> </span>i <span class=\"_ _36\"> </span>finan<span class=\"_ _2\"></span>ziamenti. <span class=\"_ _37\"> </span>All\u2019atto <span class=\"_ _37\"> </span>della <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>ilevazione <span class=\"_ _3d\"> </span>iniziale <span class=\"_ _37\"> </span>le <span class=\"_ _37\"> </span>a<span class=\"_ _1\"></span>ttivit\u00e0 <span class=\"_ _37\"> </span>sono<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2dd\">contabilizzate <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>fair val<span class=\"_ _2\"></span>ue, <span class=\"_ _2\"></span>comprensivo <span class=\"_ _3b\"></span>dei c<span class=\"_ _2\"></span>osti <span class=\"_ _3b\"></span>o p<span class=\"_ _2\"></span>roventi <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>transazione di<span class=\"_ _2\"></span>rettamente <span class=\"_ _3b\"></span>attr<span class=\"_ _1\"></span>ibuibili<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2de\">allo strumento <span class=\"_ _184\"></span>stesso.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs2df\">Criteri di classificazione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2e0\">Sono <span class=\"_ _38\"></span>incluse <span class=\"_ _38\"></span>nella <span class=\"_ _1\"></span>presente <span class=\"_ _38\"></span>categoria <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanzia<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2e1\">rie <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>soddisfano <span class=\"_ _38\"></span>entram<span class=\"_ _1\"></span>be <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>seguenti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2e2\">condizioni:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs2e3\"><span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019attivit\u00e0 finanziaria <span class=\"_ _1\"></span>\u00e8 posseduta se<span class=\"_ _1\"></span>condo un <span class=\"_ _1\"></span>modello di business <span class=\"_ _1\"></span>il cui obiet<span class=\"_ _1\"></span>tivo \u00e8 conse<span class=\"_ _1\"></span>guito<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2e4\">sia <span class=\"_ _1\"></span>mediante <span class=\"_ _1\"></span>l\u2019incasso <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>flussi finanziari pre<span class=\"_ _1\"></span>visti <span class=\"_ _1\"></span>contrattualmente <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>mediante la <span class=\"_ _1\"></span>vendita<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2e5\">(Business model \u201cHold to Collect and Sell \u2013 \u201cHTCS\u201d\u201d<span class=\"_ _1\"></span>), e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs2e6\"><span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>ermini <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>rattuali <span class=\"_ _38\"></span>dell\u2019att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _38\"></span>finanziaria <span class=\"_ _0\"></span>prevedono, <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>determin<span class=\"_ _2\"></span>ate <span class=\"_ _0\"></span>date, <span class=\"_ _38\"></span>flussi <span class=\"_ _0\"></span>finanziari<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2e7\">rappresentati unicamente da pagamenti del capitale e dell\u2019interesse sul<span class=\"_ _2\"></span>l\u2019importo del capitale<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2e8\">da restituire (cd. \u201cSPPI test\u201d superato).<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2e9\">In particolare, vengono inclusi in questa <span class=\"_ _1\"></span>voce:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs2ea\"><span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>debito <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iconducibili <span class=\"_ _38\"></span>ad <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>business <span class=\"_ _0\"></span>model <span class=\"_ _0\"></span>Hold<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>Collect <span class=\"_ _0\"></span>and <span class=\"_ _38\"></span>Sell <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>che<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2eb\">hanno superato il test SPPI;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs2ec\"><span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _0\"></span>finanziamenti <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>riconducibili <span class=\"_ _0\"></span>ad <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>busine<span class=\"_ _1\"></span>ss <span class=\"_ _0\"></span>model <span class=\"_ _0\"></span>Hold <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>Collect <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>Sell <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>che<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2ed\">hanno superato il test SPPI.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs2ee\">Riclassifiche<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2ef\">Secondo <span class=\"_ _36\"> </span>le <span class=\"_ _39\"> </span>regole <span class=\"_ _36\"> </span>generali <span class=\"_ _39\"> </span>previste <span class=\"_ _36\"> </span>dall\u2019IFRS <span class=\"_ _36\"> </span>9 <span class=\"_ _36\"> </span>in <span class=\"_ _39\"> </span>materia</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2f0\"> <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>riclassificazione <span class=\"_ _39\"> </span>delle <span class=\"_ _36\"> </span>attivit\u00e0<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2f1\">finanziarie (ad <span class=\"_ _2\"></span>eccezione dei titol<span class=\"_ _2\"></span>i di cap<span class=\"_ _2\"></span>itale, per cui <span class=\"_ _3b\"></span>no<span class=\"_ _1\"></span>n \u00e8<span class=\"_ _2\"></span> ammessa <span class=\"_ _2\"></span>alcuna riclassifica), <span class=\"_ _3b\"></span>no<span class=\"_ _1\"></span>n sono<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2f2\">ammesse <span class=\"_ _3d\"> </span>riclassifiche <span class=\"_ _3d\"> </span>verso <span class=\"_ _3d\"> </span>altre <span class=\"_ _3d\"> </span>categor<span class=\"_ _1\"></span>ie <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie  salvo  il  cas<span class=\"_ _1\"></span>o <span class=\"_ _3d\"> </span>in  cui  l\u2019entit\u00e0<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2f3\">modifichi  il  proprio <span class=\"_ _3d\"> </span>modello  di  business  per  la  gestione <span class=\"_ _3d\"> </span>delle  attivit\u00e0  finanziarie <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>seguito <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2f4\">cambiamenti <span class=\"_ _38\"></span>esterni <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>inter<span class=\"_ _1\"></span>ni <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>quali <span class=\"_ _38\"></span>siano <span class=\"_ _38\"></span>rilevanti <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>oper<span class=\"_ _1\"></span>azioni <span class=\"_ _1\"></span>dell'entit<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>dimostrabili <span class=\"_ _38\"></span>alle<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2f5\">parti esterne.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2f6\">In <span class=\"_ _0\"></span>tali <span class=\"_ _0\"></span>casi, <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>ci <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>attende <span class=\"_ _0\"></span>siano <span class=\"_ _0\"></span>altamente <span class=\"_ _0\"></span>infr<span class=\"_ _2\"></span>equenti, <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>arie <span class=\"_ _0\"></span>potranno <span class=\"_ _0\"></span>essere<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2f7\">riclassificate <span class=\"_ _1\"></span>dalla <span class=\"_ _1\"></span>categoria <span class=\"_ _1\"></span>valutata <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value co<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>impatto sulla <span class=\"_ _1\"></span>redditivit\u00e0 <span class=\"_ _1\"></span>complessiva <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>una<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2f8\">delle <span class=\"_ _1\"></span>altre <span class=\"_ _1\"></span>due <span class=\"_ _1\"></span>categorie <span class=\"_ _1\"></span>previste dall\u2019IFRS <span class=\"_ _1\"></span>9 <span class=\"_ _1\"></span>(Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate <span class=\"_ _1\"></span>al co<span class=\"_ _1\"></span>sto <span class=\"_ _1\"></span>ammortizzato o<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2f9\">Attivit\u00e0 finanziarie valutate <span class=\"_ _1\"></span>al fair value con impatto a conto economico). Il valore <span class=\"_ _1\"></span>di trasferimento<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2fa\">\u00e8 r<span class=\"_ _1\"></span>appresentato dal fair<span class=\"_ _1\"></span> value <span class=\"_ _1\"></span>al mome<span class=\"_ _1\"></span>nto della <span class=\"_ _1\"></span>riclassificazione e<span class=\"_ _1\"></span> gli <span class=\"_ _1\"></span>effetti <span class=\"_ _1\"></span>della riclassificazione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2fb\">operano in manie<span class=\"_ _2\"></span>ra prospettica <span class=\"_ _3b\"></span>a part<span class=\"_ _1\"></span>ire d<span class=\"_ _2\"></span>alla data <span class=\"_ _2\"></span>di riclassificaz<span class=\"_ _2\"></span>ione. Nel caso <span class=\"_ _2\"></span>di ricl<span class=\"_ _2\"></span>assifica dalla<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2fc\">categoria  in  oggetto  a <span class=\"_ _35\"> </span>quella  del  costo  ammortizzato, <span class=\"_ _35\"> </span>l\u2019utile  (perdita)  cumulato  rilevato  nel<span class=\"_ _2\"></span>la<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2fd\">riserva  d<span class=\"_ _2\"></span>a  v<span class=\"_ _2\"></span>alutazione  \u00e8<span class=\"_ _2\"></span>  p<span class=\"_ _2\"></span>ortato  a <span class=\"_ _35\"> </span>rettifica <span class=\"_ _35\"> </span>del  fai<span class=\"_ _2\"></span>r <span class=\"_ _35\"> </span>value  dell\u2019<span class=\"_ _2\"></span>attivit\u00e0  finanzi<span class=\"_ _2\"></span>aria  alla <span class=\"_ _35\"> </span>data <span class=\"_ _35\"> </span>della<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2fe\">riclassificazione. <span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>el <span class=\"_ _38\"></span>caso <span class=\"_ _38\"></span>invece <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>riclassifica <span class=\"_ _38\"></span>nella <span class=\"_ _38\"></span>categor<span class=\"_ _1\"></span>ia <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>impatto <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>conto<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2ff\">economico,  l'utile  (perdita)  cumulato  rilevato  precedentemente  nella  riserva  da  v<span class=\"_ _2\"></span>alutazione  \u00e8<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs300\">riclassificato dal patrimonio netto all'utile (perdita) d'esercizio.<span class=\"_ _3a1\"> </span> </div>Criteri di valuta<span class=\"_ _1\"></span>zione Succes<span class=\"_ _3a1\"> </span>sivamente  all<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>rilevazione  i<span class=\"_ _2\"></span>niziale, <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>Attivit\u00e0  c<span class=\"_ _2\"></span>lassificate<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value <span class=\"_ _35\"> </span>con  i<span class=\"_ _2\"></span>mpatto  sul<span class=\"_ _3b\"></span>la redditivit\u00e0 <span class=\"_ _35\"> </span>complessiva <span class=\"_ _35\"> </span>sono <span class=\"_ _35\"> </span>va<span class=\"_ _3b\"></span>lutat<span class=\"_ _1\"></span>e <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>fair <span class=\"_ _0\"></span>value, <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>ilevazione <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>Conto <span class=\"_ _35\"> </span>Economico <span class=\"_ _35\"> </span>degli impatti <span class=\"_ _3a\"> </span>derivanti <span class=\"_ _3f\"> </span>dall\u2019applicazione<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _3f\"> </span>costo <span class=\"_ _3a\"> </span>ammortizzato, <span class=\"_ _3a\"> </span>degli <span class=\"_ _3f\"> </span>effet<span class=\"_ _1\"></span>ti <span class=\"_ _3a\"> </span>dell\u2019impairment <span class=\"_ _3f\"> </span>e dell\u2019eventuale effetto cambio, mentre gli<span class=\"_ _2\"></span> altri utili o p<span class=\"_ _2\"></span>erdite derivan<span class=\"_ _2\"></span>ti da una v<span class=\"_ _2\"></span>ariazione di fair val<span class=\"_ _2\"></span>ue vengono <span class=\"_ _38\"></span>rilevati <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>una <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>pecifica <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iserva <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>patr<span class=\"_ _1\"></span>imonio <span class=\"_ _38\"></span>netto <span class=\"_ _38\"></span>finch\u00e9 <span class=\"_ _38\"></span>l\u2019attivit\u00e0 <span class=\"_ _38\"></span>finanziaria <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>viene cancellata. <span class=\"_ _3b\"></span>Al momento <span class=\"_ _3b\"></span>della dis<span class=\"_ _2\"></span>missione, t<span class=\"_ _2\"></span>otale <span class=\"_ _2\"></span>o p<span class=\"_ _2\"></span>arziale, <span class=\"_ _3b\"></span>l\u2019utile o <span class=\"_ _3b\"></span>la <span class=\"_ _2\"></span>perdita <span class=\"_ _3b\"></span>cumulati nella <span class=\"_ _3b\"></span>riserva da valutazione vengono riversati, in tutto o in parte<span class=\"_ _1\"></span>, a Conto Economico. Il fair value v<span class=\"_ _2\"></span>iene determinato sulla base dei criteri g<span class=\"_ _2\"></span>i\u00e0 illustrati per le At<span class=\"_ _2\"></span>tivit\u00e0 finanziarie valu<span class=\"_ _2\"></span>tate al fair value con impatto a conto economico. Le <span class=\"_ _0\"></span>Attivit\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>al<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>impatto <span class=\"_ _0\"></span>sulla <span class=\"_ _0\"></span>re<span class=\"_ _2\"></span>dditivit\u00e0 <span class=\"_ _0\"></span>complessiva <span class=\"_ _0\"></span>\u2013 <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>sotto forma <span class=\"_ _1\"></span>di titoli di <span class=\"_ _1\"></span>debito che<span class=\"_ _1\"></span> di <span class=\"_ _1\"></span>crediti \u2013<span class=\"_ _1\"></span> sono <span class=\"_ _1\"></span>soggette <span class=\"_ _1\"></span>alla verifica dell\u2019increme<span class=\"_ _1\"></span>nto significativo de<span class=\"_ _1\"></span>l rischio creditizio (impairment) previ<span class=\"_ _2\"></span>sta dall\u2019IFRS 9, <span class=\"_ _2\"></span>al pari delle Attivit\u00e0 al<span class=\"_ _2\"></span> costo ammortizzato, con conseguente <span class=\"_ _35\"> </span>rilevazione <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>una <span class=\"_ _35\"> </span>rettifica <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>valore <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>copertura <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>perdite attese. <span class=\"_ _0\"></span>Pi\u00f9 <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>particolare, <span class=\"_ _0\"></span>sugli <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>classificati <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>stage <span class=\"_ _0\"></span>1 <span class=\"_ _0\"></span>(ossia <span class=\"_ _0\"></span>sulle <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _0\"></span>al momento <span class=\"_ _35\"> </span>dell\u2019origination, <span class=\"_ _35\"> </span>ove <span class=\"_ _35\"> </span>non <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>teriorate, <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>sugli <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>trumenti <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>verificato <span class=\"_ _35\"> </span>un significativo <span class=\"_ _37\"> </span>increme<span class=\"_ _1\"></span>nto <span class=\"_ _36\"> </span>del <span class=\"_ _37\"> </span>rischio <span class=\"_ _36\"> </span>cre<span class=\"_ _1\"></span>ditizio <span class=\"_ _37\"> </span>rispetto <span class=\"_ _36\"> </span>alla <span class=\"_ _36\"> </span>data <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>rilevazione <span class=\"_ _36\"> </span>iniziale) <span class=\"_ _37\"> </span>viene<span class=\"_ _1\"></span> contabilizzata, <span class=\"_ _1\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>rilevazione <span class=\"_ _38\"></span>iniziale <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>ogni <span class=\"_ _38\"></span>data <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>reporting <span class=\"_ _38\"></span>successiva, <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>perdita attesa ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>anno. In<span class=\"_ _2\"></span>vece, per g<span class=\"_ _2\"></span>li strumenti classificati <span class=\"_ _3b\"></span>in stage 2 <span class=\"_ _3b\"></span>(bonis per <span class=\"_ _2\"></span>i q<span class=\"_ _2\"></span>uali si <span class=\"_ _3b\"></span>\u00e8<span class=\"_ _1\"></span> verificato <span class=\"_ _2\"></span>un incremento <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ignificativo <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>rischio <span class=\"_ _38\"></span>creditizio <span class=\"_ _38\"></span>rispetto <span class=\"_ _38\"></span>alla <span class=\"_ _1\"></span>data <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rilevazione <span class=\"_ _38\"></span>iniziale) <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tage <span class=\"_ _38\"></span>3 (esposizioni  deteriorate)  vi<span class=\"_ _2\"></span>ene  contabilizzata <span class=\"_ _35\"> </span>una  perdita  attesa  per  l\u2019<span class=\"_ _2\"></span>intera  vita <span class=\"_ _35\"> </span>residua  dello strumento <span class=\"_ _25a\"></span>finanziario. Criteri di cancel<span class=\"_ _1\"></span>lazione Le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>ve<span class=\"_ _1\"></span>ngono <span class=\"_ _38\"></span>cancellate <span class=\"_ _1\"></span>dal <span class=\"_ _0\"></span>bil<span class=\"_ _2\"></span>ancio <span class=\"_ _38\"></span>so<span class=\"_ _3a1\"> </span>lamente <span class=\"_ _38\"></span>se <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>cessione <span class=\"_ _38\"></span>ha <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>mportato <span class=\"_ _38\"></span>il sostanziale <span class=\"_ _2\"></span>trasferimento di <span class=\"_ _3b\"></span>tutti i<span class=\"_ _2\"></span> rischi <span class=\"_ _3b\"></span>e benefici <span class=\"_ _3b\"></span>connessi all<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 st<span class=\"_ _2\"></span>esse. P<span class=\"_ _2\"></span>er contro,<span class=\"_ _2\"></span> qu<span class=\"_ _2\"></span>alora sia <span class=\"_ _38\"></span>stata <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>antenuta <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>rilevante <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>benefici <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>arie cedute, qu<span class=\"_ _2\"></span>este<span class=\"_ _1\"></span> con<span class=\"_ _2\"></span>tinuano ad<span class=\"_ _2\"></span> essere iscritte <span class=\"_ _3b\"></span>in bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 giuridicamente la <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>itolarit\u00e0 delle<span class=\"_ _2\"></span> attivit\u00e0 stesse sia stata effettivamente trasferita. Nel <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>possibile <span class=\"_ _35\"> </span>accertare <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>sostanziale <span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>asferimento <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>benefici, <span class=\"_ _0\"> </span>le attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>vengono <span class=\"_ _38\"></span>cancellate <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>bilancio <span class=\"_ _1\"></span>qualora <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ato <span class=\"_ _1\"></span>mante<span class=\"_ _1\"></span>nuto <span class=\"_ _1\"></span>alcun <span class=\"_ _38\"></span>tipo <span class=\"_ _38\"></span>di controllo <span class=\"_ _37\"> </span>sulle <span class=\"_ _37\"> </span>stesse. <span class=\"_ _37\"> </span>In <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>contrario, <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>conservazione, <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>parte, <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>tale <span class=\"_ _37\"> </span>controllo comporta  il <span class=\"_ _3d\"> </span>mantenimento  in  bilancio  de<span class=\"_ _1\"></span>lle  attivit\u00e0 <span class=\"_ _3d\"> </span>in  misura  pari <span class=\"_ _3d\"> </span>al  coinvolgimento<span class=\"_ _1\"></span>  residuo, misurato dall\u2019esposizione <span class=\"_ _1\"></span>ai cambiamenti di valore delle attivit\u00e0 cedute <span class=\"_ _1\"></span>ed alle variazioni dei flussi finanziari delle stesse. Infine,  le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _37\"> </span>cedute <span class=\"_ _3d\"> </span>vengono <span class=\"_ _37\"> </span>cancellate <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>bilancio <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>caso <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>cui <span class=\"_ _3d\"> </span>vi <span class=\"_ _3d\"> </span>sia <span class=\"_ _3d\"> </span>l<span class=\"_ _1\"></span>a conservazione <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>diritti <span class=\"_ _37\"> </span>contrattuali <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>ricevere <span class=\"_ _37\"> </span>i <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>cassa, <span class=\"_ _37\"> </span>con <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>contestuale assunzione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un\u2019obbligazione <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>pagare <span class=\"_ _38\"></span>detti <span class=\"_ _1\"></span>flussi, <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>solo <span class=\"_ _38\"></span>essi, <span class=\"_ _1\"></span>senza <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>ritardo <span class=\"_ _38\"></span>rilevante <span class=\"_ _1\"></span>ad <span class=\"_ _38\"></span>altri soggetti terzi. Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali Gli <span class=\"_ _36\"> </span>inte<span class=\"_ _1\"></span>ressi <span class=\"_ _39\"> </span>attivi, <span class=\"_ _36\"> </span>calcolati <span class=\"_ _39\"> </span>in <span class=\"_ _39\"> </span>base <span class=\"_ _39\"> </span>alla <span class=\"_ _36\"> </span>me<span class=\"_ _1\"></span>todologia <span class=\"_ _39\"> </span>d<span class=\"_ _3a1\"> </span>el <span class=\"_ _39\"> </span>T.I.R., <span class=\"_ _36\"> </span>vengono <span class=\"_ _39\"> </span>contabilizzati <span class=\"_ _36\"> </span>pe<span class=\"_ _1\"></span>r competenza <span class=\"_ _1\"></span>nelle <span class=\"_ _38\"></span>voci <span class=\"_ _1\"></span>\u201cInteressi <span class=\"_ _1\"></span>att<span class=\"_ _1\"></span>ivi e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>proventi <span class=\"_ _38\"></span>assimilati\u201d, <span class=\"_ _1\"></span>mentre <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>utili <span class=\"_ _38\"></span>o <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>perdite <span class=\"_ _1\"></span>derivanti da <span class=\"_ _1\"></span>una <span class=\"_ _38\"></span>variazione <span class=\"_ _38\"></span>di fair <span class=\"_ _38\"></span>value vengono <span class=\"_ _38\"></span>rilevati <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>specifica <span class=\"_ _38\"></span>riserva <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>patrimonio <span class=\"_ _38\"></span>netto <span class=\"_ _38\"></span>sino <span class=\"_ _1\"></span>a che l\u2019attivit\u00e0 finanziaria <span class=\"_ _2\"></span>non viene cancellata o non viene rileva<span class=\"_ _2\"></span>ta una p<span class=\"_ _2\"></span>erdita di valore. Per i titoli di debito, al <span class=\"_ _1\"></span>momento della dismissione o<span class=\"_ _1\"></span> della r<span class=\"_ _1\"></span>ilevazione di una perdita di <span class=\"_ _1\"></span>valore, l\u2019utile <span class=\"_ _1\"></span>o la perdita cumulati vengono riversati a conto economico. Qualora <span class=\"_ _3f\"> </span>i <span class=\"_ _39\"> </span>motivi <span class=\"_ _3f\"> </span>della <span class=\"_ _39\"> </span>perdita <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>valore <span class=\"_ _39\"> </span>s<span class=\"_ _1\"></span>iano <span class=\"_ _39\"> </span>rimossi <span class=\"_ _3f\"> </span>a <span class=\"_ _3f\"> </span>segu<span class=\"_ _2\"></span>ito <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>un <span class=\"_ _3f\"> </span>evento <span class=\"_ _3f\"> </span>verificatosi successivamente alla <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevazione della <span class=\"_ _3b\"></span>riduzione di <span class=\"_ _3b\"></span>valore<span class=\"_ _1\"></span>, vengono <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffettuate riprese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore co<span class=\"_ _2\"></span>n imputazione a conto economico, <span class=\"_ _2\"></span>nel caso dei titoli d<span class=\"_ _2\"></span>i debito. L\u2019ammontare della ripresa non <span class=\"_ _2\"></span>pu\u00f2 i<span class=\"_ _2\"></span>n ogni cas<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>superare <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>differenza <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>contabile <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>costo <span class=\"_ _1\"></span>ammortizzato <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>strumento avrebbe avuto in assenza di precedenti rettifiche.<span class=\"_ _3a1\"> </span>2.2 Atti<span class=\"_ _1\"></span>vit\u00e0 finan<span class=\"_ _1\"></span>ziarie v<span class=\"_ _1\"></span>alutate <span class=\"_ _1\"></span>al fair value<span class=\"_ _1\"></span> con impa<span class=\"_ _1\"></span>tto <span class=\"_ _1\"></span>sulla reddi<span class=\"_ _1\"></span>tivit\u00e0 comp<span class=\"_ _1\"></span>lessiva<span class=\"_ _1\"></span> (FVOCI <span class=\"_ _1\"></span>senza<span class=\"_ _3a1\"> </span> riciclo)<span class=\"_ _3a1\"> </span> C<span class=\"_ _3a1\"> </span>riteri di iscr<span class=\"_ _1\"></span>izione<span class=\"_ _3a1\"> </span> L\u2019iscrizione <span class=\"_ _1\"></span>iniziale delle <span class=\"_ _38\"></span>attivit\u00e0 finanziarie <span class=\"_ _1\"></span>avviene <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>regolamento <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>i t<span class=\"_ _1\"></span>itoli <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>capitale.<span class=\"_ _3a1\"> </span> All\u2019atto della rilevazione iniz<span class=\"_ _2\"></span>iale le attivit\u00e0 sono contabilizz<span class=\"_ _2\"></span>ate al fair value, comprensivo dei <span class=\"_ _2\"></span>costi o<span class=\"_ _3a1\"> </span> proventi di transazione direttamente attribuibili allo strumento <span class=\"_ _25a\"></span>stesso.<span class=\"_ _3a1\"> </span> Criteri di classifi<span class=\"_ _1\"></span>cazione<span class=\"_ _3a1\"> </span> Sono incl<span class=\"_ _2\"></span>usi nella <span class=\"_ _3b\"></span>voce gli <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>trumenti di <span class=\"_ _3b\"></span>capitale, non d<span class=\"_ _2\"></span>et<span class=\"_ _3a1\"> </span>enuti pe<span class=\"_ _2\"></span>r fi<span class=\"_ _2\"></span>nalit\u00e0 di<span class=\"_ _2\"></span> negoziazione, <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span> i <span class=\"_ _3b\"></span>quali<span class=\"_ _3a1\"> </span> al <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>omento <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>rilevazione <span class=\"_ _38\"></span>iniziale <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>stata <span class=\"_ _38\"></span>esercitata <span class=\"_ _38\"></span>l\u2019opzione <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>designazione <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value<span class=\"_ _3a1\"> </span> con impatto sulla redditivit\u00e0 complessiva.<span class=\"_ _3a1\"> </span> In <span class=\"_ _37\"> </span>particolare<span class=\"_ _1\"></span>, <span class=\"_ _37\"> </span>vengono <span class=\"_ _37\"> </span>inclusi <span class=\"_ _37\"> </span>in <span class=\"_ _36\"> </span>questa <span class=\"_ _37\"> </span>voce <span class=\"_ _37\"> </span>le<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>interessenze <span class=\"_ _36\"> </span>azionarie, <span class=\"_ _37\"> </span>non <span class=\"_ _37\"> </span>qualificabili <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span> controllo, collegamento <span class=\"_ _3b\"></span>e controllo <span class=\"_ _2\"></span>congiunto, <span class=\"_ _2\"></span>che non <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ono d<span class=\"_ _2\"></span>etenute con <span class=\"_ _3b\"></span>finalit\u00e0 di <span class=\"_ _3b\"></span>nego<span class=\"_ _1\"></span>ziazione,<span class=\"_ _3a1\"> </span> per  cu<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>si  \u00e8 <span class=\"_ _35\"> </span>esercitata  l\u2019opzi<span class=\"_ _2\"></span>one  per <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>designazione  al <span class=\"_ _35\"> </span>fair  va<span class=\"_ _3b\"></span>lue  con <span class=\"_ _35\"> </span>impatto  sulla <span class=\"_ _35\"> </span>redditivit\u00e0<span class=\"_ _3a1\"> </span> complessiva.<span class=\"_ _3a1\"> </span> Riclassifiche<span class=\"_ _3a1\"> </span> Secondo <span class=\"_ _36\"> </span>le <span class=\"_ _39\"> </span>regole <span class=\"_ _36\"> </span>generali <span class=\"_ _39\"> </span>previste <span class=\"_ _36\"> </span>dall\u2019IFRS <span class=\"_ _36\"> </span>9 <span class=\"_ _36\"> </span>in <span class=\"_ _39\"> </span>materia <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>riclassificazione <span class=\"_ _39\"> </span>delle <span class=\"_ _36\"> </span>attivit\u00e0<span class=\"_ _3a1\"> </span> finanziarie per i titoli di capitale non \u00e8 ammessa <span class=\"_ _1\"></span>alcuna riclassifica.<span class=\"_ _3a1\"> </span>Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span> Successivamente <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>rilevazione <span class=\"_ _35\"> </span>iniziale, <span class=\"_ _35\"> </span>gli <span class=\"_ _35\"> </span>strumenti <span class=\"_ _35\"> </span>d<span class=\"_ _3a1\"> </span>i <span class=\"_ _35\"> </span>capitale <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>cui <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>stata <span class=\"_ _35\"> </span>effettuata <span class=\"_ _35\"> </span>l<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span> scelta per <span class=\"_ _1\"></span>la classificazione <span class=\"_ _1\"></span>nella presente cat<span class=\"_ _1\"></span>egoria sono valutati <span class=\"_ _1\"></span>al fair <span class=\"_ _1\"></span>value e <span class=\"_ _1\"></span>gli importi r<span class=\"_ _1\"></span>ilevati<span class=\"_ _3a1\"> </span> in contro<span class=\"_ _1\"></span>partita del <span class=\"_ _1\"></span>patrimonio <span class=\"_ _1\"></span>netto (Prospett<span class=\"_ _1\"></span>o della r<span class=\"_ _1\"></span>edditivit\u00e0 compless<span class=\"_ _1\"></span>iva) non devono <span class=\"_ _1\"></span>ess<span class=\"_ _1\"></span>ere<span class=\"_ _3a1\"> </span> successivamente tr<span class=\"_ _1\"></span>asferiti a conto e<span class=\"_ _1\"></span>conomico, neanche <span class=\"_ _1\"></span>in caso di cessione<span class=\"_ _1\"></span>. La sola <span class=\"_ _1\"></span>componente<span class=\"_ _3a1\"> </span> riferibile <span class=\"_ _37\"> </span>ai <span class=\"_ _3d\"> </span>titoli <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>capitale <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>questione <span class=\"_ _37\"> </span>che <span class=\"_ _3d\"> </span>\u00e8 <span class=\"_ _37\"> </span>oggetto <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>rilevazione <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>cont<span class=\"_ _1\"></span>o <span class=\"_ _3d\"> </span>economico <span class=\"_ _3d\"> </span>\u00e8<span class=\"_ _3a1\"> </span> rappresentata dai relativi dividendi.<span class=\"_ _3a1\"> </span> Il fair value v<span class=\"_ _2\"></span>iene determinato sulla base dei criteri g<span class=\"_ _2\"></span>i\u00e0 illustrati per le At<span class=\"_ _2\"></span>tivit\u00e0 finanziarie valu<span class=\"_ _2\"></span>tate al<span class=\"_ _3a1\"> </span> fair value con impatto a conto economico.<span class=\"_ _3a1\"> </span> Per <span class=\"_ _3b\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _3b\"></span>inclusi <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>que<span class=\"_ _1\"></span>sta <span class=\"_ _3b\"></span>categoria, <span class=\"_ _3b\"></span>non q<span class=\"_ _2\"></span>uotati <span class=\"_ _3b\"></span>in u<span class=\"_ _2\"></span>n <span class=\"_ _3b\"></span>m<span class=\"_ _1\"></span>ercato <span class=\"_ _3b\"></span>attivo, <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>criter<span class=\"_ _1\"></span>io <span class=\"_ _3b\"></span>del <span class=\"_ _3b\"></span>costo<span class=\"_ _3a1\"> </span> \u00e8 utilizzato q<span class=\"_ _2\"></span>uale stima d<span class=\"_ _2\"></span>el fair v<span class=\"_ _3b\"></span>alue soltanto in via <span class=\"_ _3b\"></span>residuale e li<span class=\"_ _2\"></span>mitatamente a poche<span class=\"_ _2\"></span> circostanze,<span class=\"_ _3a1\"> </span> ossia  in <span class=\"_ _35\"> </span>caso  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>non  appli<span class=\"_ _2\"></span>cabilit\u00e0  di <span class=\"_ _35\"> </span>tutti  i <span class=\"_ _35\"> </span>metodi <span class=\"_ _35\"> </span>di  val<span class=\"_ _2\"></span>utazione  precedentemente <span class=\"_ _35\"> </span>richiamati,<span class=\"_ _3a1\"> </span> ovvero in presenza di un\u2019ampia <span class=\"_ _2\"></span>gamma di possibili valutazioni del fair value, nel cui<span class=\"_ _2\"></span> ambito il costo<span class=\"_ _3a1\"> </span> rappresenta la stima pi\u00f9 <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ignificativa.<span class=\"_ _3a1\"> </span> Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span> Le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>ve<span class=\"_ _1\"></span>ngono <span class=\"_ _38\"></span>cancellate <span class=\"_ _1\"></span>dal <span class=\"_ _0\"></span>bil<span class=\"_ _2\"></span>ancio <span class=\"_ _38\"></span>so<span class=\"_ _3a1\"> </span>lamente <span class=\"_ _38\"></span>se <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>cessione <span class=\"_ _38\"></span>ha <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>mportato <span class=\"_ _38\"></span>il<span class=\"_ _3a1\"> </span> sostanziale <span class=\"_ _2\"></span>trasferimento di <span class=\"_ _3b\"></span>tutti i<span class=\"_ _2\"></span> rischi <span class=\"_ _3b\"></span>e benefici <span class=\"_ _3b\"></span>connessi all<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 st<span class=\"_ _2\"></span>esse. P<span class=\"_ _2\"></span>er contro,<span class=\"_ _2\"></span> qu<span class=\"_ _2\"></span>alora<span class=\"_ _3a1\"> </span> sia <span class=\"_ _38\"></span>stata <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>antenuta <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>rilevante <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>benefici <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span> cedute, qu<span class=\"_ _2\"></span>este<span class=\"_ _1\"></span> con<span class=\"_ _2\"></span>tinuano ad<span class=\"_ _2\"></span> essere iscritte <span class=\"_ _3b\"></span>in bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 giuridicamente la <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>itolarit\u00e0 delle<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> attivit\u00e0 stesse sia stata effettivamente trasferita.<span class=\"_ _3a1\"> </span> Nel <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>possibile <span class=\"_ _35\"> </span>accertare <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>sostanziale <span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>asferimento <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>benefici, <span class=\"_ _0\"> </span>le<span class=\"_ _3a1\"> </span> attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>vengono <span class=\"_ _38\"></span>cancellate <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>bilancio <span class=\"_ _1\"></span>qualora <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ato <span class=\"_ _1\"></span>mante<span class=\"_ _1\"></span>nuto <span class=\"_ _1\"></span>alcun <span class=\"_ _38\"></span>tipo <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> controllo <span class=\"_ _37\"> </span>sulle <span class=\"_ _37\"> </span>stesse. <span class=\"_ _37\"> </span>In <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>contrario, <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>conservazione, <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>parte, <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>tale <span class=\"_ _37\"> </span>controllo<span class=\"_ _3a1\"> </span> comporta  il <span class=\"_ _3d\"> </span>mantenimento  in  bilancio  de<span class=\"_ _1\"></span>lle  attivit\u00e0 <span class=\"_ _3d\"> </span>in  misura  pari <span class=\"_ _3d\"> </span>al  coinvolgimento<span class=\"_ _1\"></span>  residuo,<span class=\"_ _3a1\"> </span> misurato dall\u2019esposizione <span class=\"_ _1\"></span>ai cambiamenti di valore delle attivit\u00e0 cedute <span class=\"_ _1\"></span>ed alle variazioni dei flussi<span class=\"_ _3a1\"> </span> finanziari delle stesse.<span class=\"_ _3a1\"> </span> Infine,  le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _37\"> </span>cedute <span class=\"_ _3d\"> </span>vengono <span class=\"_ _37\"> </span>cancellate <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>bilancio <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>caso <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>cui <span class=\"_ _3d\"> </span>vi <span class=\"_ _3d\"> </span>sia <span class=\"_ _3d\"> </span>l<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span> conservazione <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>diritti <span class=\"_ _37\"> </span>contrattuali <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>ricevere <span class=\"_ _37\"> </span>i <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>cassa, <span class=\"_ _37\"> </span>con <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>contestuale<span class=\"_ _3a1\"> </span> assunzione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un\u2019obbligazione <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>pagare <span class=\"_ _38\"></span>detti <span class=\"_ _1\"></span>flussi, <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>solo <span class=\"_ _38\"></span>essi, <span class=\"_ _1\"></span>senza <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>ritardo <span class=\"_ _38\"></span>rilevante <span class=\"_ _1\"></span>ad <span class=\"_ _38\"></span>altri<span class=\"_ _3a1\"> </span> soggetti terzi.<span class=\"_ _3a1\"> </span> Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"_ _3a1\"> </span> I dividendi <span class=\"_ _3b\"></span>ve<span class=\"_ _1\"></span>ngono contabilizzati alla voce \u201cDividendi <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> proventi simil<span class=\"_ _2\"></span>i\u201d nel momento in cui<span class=\"_ _2\"></span> sorge il<span class=\"_ _3a1\"> </span> diritto a riceverne il pagamento, mentre gli utili o<span class=\"_ _2\"></span> le perdite derivanti da una variazione di<span class=\"_ _3a1\"> </span> fair value<span class=\"_ _3a1\"> </span>dei <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>itoli <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>capitale <span class=\"_ _38\"></span>vengono <span class=\"_ _0\"></span>rilev<span class=\"_ _2\"></span>ati <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>pecifica <span class=\"_ _38\"></span>riserva <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>patrimonio <span class=\"_ _38\"></span>netto <span class=\"_ _0\"></span>e <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ale <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>viene<span class=\"_ _3a1\"> </span> riversato a conto economico nel caso di cessione e cancellazione del titolo <span class=\"_ _1\"></span>di capitale. 3 - Attivi<span class=\"_ _1\"></span>t\u00e0 finan<span class=\"_ _1\"></span>ziarie va<span class=\"_ _1\"></span>lutate <span class=\"_ _1\"></span>al costo<span class=\"_ _1\"></span> ammortizza<span class=\"_ _1\"></span>to<span class=\"_ _3a1\"> </span> Crite<span class=\"_ _3a1\"> </span>ri di iscrizione<span class=\"_ _3a1\"> </span> L\u2019iscrizione <span class=\"_ _1\"></span>iniziale <span class=\"_ _1\"></span>dell\u2019attivit\u00e0 <span class=\"_ _1\"></span>finanziaria <span class=\"_ _1\"></span>avviene<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>regolament<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>debito <span class=\"_ _38\"></span>ed<span class=\"_ _3a1\"> </span> alla <span class=\"_ _37\"> </span>data <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>ero<span class=\"_ _1\"></span>gazione <span class=\"_ _37\"> </span>nel <span class=\"_ _36\"> </span>caso <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>crediti. <span class=\"_ _37\"> </span>All\u2019atto <span class=\"_ _36\"> </span>della <span class=\"_ _37\"> </span>rilevazione <span class=\"_ _37\"> </span>iniziale <span class=\"_ _36\"> </span>le <span class=\"_ _37\"> </span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _37\"> </span>sono<span class=\"_ _3a1\"> </span> contabilizzate <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>fair val<span class=\"_ _2\"></span>ue, <span class=\"_ _2\"></span>comprensivo <span class=\"_ _3b\"></span>dei c<span class=\"_ _2\"></span>osti <span class=\"_ _3b\"></span>o p<span class=\"_ _2\"></span>roventi <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>transazione di<span class=\"_ _2\"></span>rettamente <span class=\"_ _3b\"></span>attr<span class=\"_ _1\"></span>ibuibili<span class=\"_ _3a1\"> </span> allo strumento stesso.<span class=\"_ _3a1\"> </span> In <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>icolare, <span class=\"_ _38\"></span>per <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>el <span class=\"_ _0\"></span>che<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>attie<span class=\"_ _2\"></span>ne <span class=\"_ _0\"></span>ai<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>cr<span class=\"_ _2\"></span>editi, <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>data <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ero<span class=\"_ _1\"></span>gazione <span class=\"_ _38\"></span>normalmente <span class=\"_ _0\"></span>coincid<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>l<span class=\"_ _3b\"></span>a<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> data <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>sottoscrizione <span class=\"_ _36\"> </span>del <span class=\"_ _36\"> </span>cont<span class=\"_ _1\"></span>ratto. <span class=\"_ _36\"> </span>Qualora <span class=\"_ _36\"> </span>tale <span class=\"_ _36\"> </span>coincidenza <span class=\"_ _36\"> </span>non <span class=\"_ _36\"> </span>si <span class=\"_ _39\"> </span>manifesti, <span class=\"_ _36\"> </span>in <span class=\"_ _36\"> </span>sede <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span> sottoscrizione <span class=\"_ _0\"></span>del<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>ratto <span class=\"_ _0\"></span>si<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>rovvede <span class=\"_ _0\"></span>ad <span class=\"_ _38\"></span>iscrivere <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>impegno <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>rogare <span class=\"_ _38\"></span>fo<span class=\"_ _1\"></span>ndi <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>si<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>chi<span class=\"_ _2\"></span>ude<span class=\"_ _3a1\"> </span> alla dat<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>erogazione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>finanziamento. <span class=\"_ _1\"></span>L\u2019iscrizione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>credito <span class=\"_ _1\"></span>avviene <span class=\"_ _1\"></span>sulla <span class=\"_ _1\"></span>base <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value<span class=\"_ _3a1\"> </span> dello <span class=\"_ _17e\"> </span>ste<span class=\"_ _1\"></span>sso, <span class=\"_ _17e\"> </span>pari <span class=\"_ _44\"> </span>all\u2019ammontare <span class=\"_ _44\"> </span>erogato, <span class=\"_ _17e\"> </span>o <span class=\"_ _44\"> </span>prezzo <span class=\"_ _17e\"> </span>di <span class=\"_ _44\"> </span>sottoscrizione, <span class=\"_ _44\"> </span>comprensivo <span class=\"_ _44\"> </span>dei<span class=\"_ _3a1\"> </span> costi/proventi <span class=\"_ _3a\"> </span>direttamente <span class=\"_ _3a\"> </span>riconducibili <span class=\"_ _3a\"> </span>al <span class=\"_ _3a\"> </span>singolo <span class=\"_ _3a\"> </span>credito <span class=\"_ _3a\"> </span>e <span class=\"_ _3a\"> </span>determinabili <span class=\"_ _3f\"> </span>s<span class=\"_ _1\"></span>in <span class=\"_ _3a\"> </span>dall\u2019origine<span class=\"_ _3a1\"> </span> dell\u2019operazione, ancorch\u00e9 <span class=\"_ _3b\"></span>liquidati in <span class=\"_ _3b\"></span>un momento <span class=\"_ _3b\"></span>success<span class=\"_ _1\"></span>ivo. <span class=\"_ _2\"></span>Sono <span class=\"_ _3b\"></span>es<span class=\"_ _1\"></span>clusi <span class=\"_ _2\"></span>i co<span class=\"_ _2\"></span>sti ch<span class=\"_ _2\"></span>e, pur<span class=\"_ _2\"></span> avendo<span class=\"_ _3a1\"> </span> le <span class=\"_ _1\"></span>caratter<span class=\"_ _1\"></span>istiche <span class=\"_ _1\"></span>suddette, <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ggetto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rimborso <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>parte <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>controparte <span class=\"_ _1\"></span>debitr<span class=\"_ _1\"></span>ice <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>sono<span class=\"_ _3a1\"> </span> inquadrabili tra i normali costi interni di carattere <span class=\"_ _3b\"></span>amm<span class=\"_ _1\"></span>inistrativo.<span class=\"_ _3a1\"> </span> Criteri di classificazione<span class=\"_ _3a1\"> </span> Sono <span class=\"_ _38\"></span>incluse <span class=\"_ _38\"></span>nella <span class=\"_ _1\"></span>presente <span class=\"_ _38\"></span>categoria <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanzia<span class=\"_ _3a1\"> </span>rie <span class=\"_ _1\"></span>(in <span class=\"_ _38\"></span>particolare <span class=\"_ _38\"></span>finanziamenti <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>tit<span class=\"_ _1\"></span>oli <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span> debito) che soddisfano entrambe le se<span class=\"_ _1\"></span>guenti condizioni:<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019attivit\u00e0 finanziaria <span class=\"_ _1\"></span>\u00e8 posseduta se<span class=\"_ _1\"></span>condo un <span class=\"_ _1\"></span>modello di business <span class=\"_ _1\"></span>il cui obiet<span class=\"_ _1\"></span>tivo \u00e8 conse<span class=\"_ _1\"></span>guito<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>mediante <span class=\"_ _0\"></span>l\u2019incasso <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>previsti <span class=\"_ _0\"></span>contrattualmente <span class=\"_ _0\"></span>(Business <span class=\"_ _0\"></span>model <span class=\"_ _0\"></span>\u201cHold <span class=\"_ _0\"></span>to<span class=\"_ _3a1\"> </span> Collect\u201d \u2013 \u201cHTC\u201d), e<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>ermini <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>rattuali <span class=\"_ _38\"></span>dell\u2019att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _38\"></span>finanziaria <span class=\"_ _0\"></span>prevedono, <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>determin<span class=\"_ _2\"></span>ate <span class=\"_ _0\"></span>date, <span class=\"_ _38\"></span>flussi <span class=\"_ _0\"></span>finanziari<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>rappresentati unicamente da pagamenti del capitale e dell\u2019interesse sul<span class=\"_ _2\"></span>l\u2019importo del capitale<span class=\"_ _3a1\"> </span> da restituire (cd. \u201cSPPI test\u201d superato).<span class=\"_ _3a1\"> </span> Pi\u00f9 in particolare, formano oggetto di rilevazione in quest<span class=\"_ _1\"></span>a voce:<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">gli  i<span class=\"_ _2\"></span>mpieghi  con <span class=\"_ _35\"> </span>banche  nelle <span class=\"_ _35\"> </span>diverse  forme  tecniche <span class=\"_ _35\"> </span>che  presentano  i<span class=\"_ _3b\"></span>  requisiti  di<span class=\"_ _2\"></span>  cui <span class=\"_ _35\"> </span>al<span class=\"_ _3a1\"> </span></span>paragrafo precedente;<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _35\"> </span>impieghi <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>clientela <span class=\"_ _35\"> </span>nelle <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>verse <span class=\"_ _35\"> </span>forme <span class=\"_ _35\"> </span>tecniche <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>presentano <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>requisiti <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>cui <span class=\"_ _35\"> </span>al<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>paragrafo precedente;<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">i titoli di debito che presentano i requisiti di cui al paragrafo <span class=\"_ _1\"></span>precedente.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>Sono <span class=\"_ _35\"> </span>inoltre <span class=\"_ _35\"> </span>inclusi <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>tale <span class=\"_ _35\"> </span>categoria <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>crediti <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>funzionamento <span class=\"_ _35\"> </span>connessi <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>pre<span class=\"_ _1\"></span>stazione <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span> attivit\u00e0 <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>servizi <span class=\"_ _38\"></span>finanziari <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>definiti <span class=\"_ _38\"></span>dal <span class=\"_ _1\"></span>T.U.B. <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>T.U.F. <span class=\"_ _1\"></span>(ad <span class=\"_ _38\"></span>es<span class=\"_ _1\"></span>empio <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>distribuzione <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> prodotti finanziari ed attivit\u00e0 di <span class=\"_ _210\"></span>servicing).<span class=\"_ _3a1\"> </span> Riclassifiche<span class=\"_ _3a1\"> </span> Secondo <span class=\"_ _36\"> </span>le <span class=\"_ _39\"> </span>regole <span class=\"_ _36\"> </span>generali <span class=\"_ _39\"> </span>previste <span class=\"_ _36\"> </span>dall\u2019IFRS <span class=\"_ _36\"> </span>9 <span class=\"_ _36\"> </span>in <span class=\"_ _39\"> </span>materia <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>riclassificazione <span class=\"_ _39\"> </span>delle <span class=\"_ _36\"> </span>attivit\u00e0<span class=\"_ _3a1\"> </span> finanziarie, <span class=\"_ _2\"></span>non sono <span class=\"_ _3b\"></span>ammesse riclassifich<span class=\"_ _2\"></span>e verso al<span class=\"_ _2\"></span>tre cat<span class=\"_ _2\"></span>egorie d<span class=\"_ _2\"></span>i attivit\u00e0 <span class=\"_ _3b\"></span>finanziarie salvo <span class=\"_ _2\"></span>il c<span class=\"_ _2\"></span>aso<span class=\"_ _3a1\"> </span> in <span class=\"_ _0\"></span>cui <span class=\"_ _0\"></span>l\u2019entit\u00e0 <span class=\"_ _35\"> </span>modifichi <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>proprio <span class=\"_ _35\"> </span>modello <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>business <span class=\"_ _35\"> </span>per <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"> </span>attivit\u00e0 <span class=\"_ _35\"> </span>finanziarie <span class=\"_ _0\"></span>a<span class=\"_ _3a1\"> </span> seguito <span class=\"_ _3d\"> </span>di  cambiament<span class=\"_ _1\"></span>i  esterni <span class=\"_ _3d\"> </span>o <span class=\"_ _3d\"> </span>interni <span class=\"_ _3d\"> </span>i  quali <span class=\"_ _3d\"> </span>siano <span class=\"_ _3d\"> </span>rilevanti <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>le  oper<span class=\"_ _1\"></span>azioni  dell'entit\u00e0 <span class=\"_ _3d\"> </span>e<span class=\"_ _3a1\"> </span> dimostrabili <span class=\"_ _1\"></span>alle <span class=\"_ _1\"></span>parti <span class=\"_ _1\"></span>esterne. <span class=\"_ _1\"></span>In <span class=\"_ _1\"></span>tali <span class=\"_ _1\"></span>casi, <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>ci <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>atte<span class=\"_ _1\"></span>nde <span class=\"_ _1\"></span>siano <span class=\"_ _1\"></span>altamente <span class=\"_ _1\"></span>infrequenti, <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _3a1\"> </span> finanziarie <span class=\"_ _0\"></span>potranno <span class=\"_ _35\"> </span>essere <span class=\"_ _0\"></span>riclassificate <span class=\"_ _0\"></span>dalla <span class=\"_ _35\"> </span>cat<span class=\"_ _2\"></span>egoria <span class=\"_ _0\"></span>valutata <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>costo <span class=\"_ _0\"></span>ammortizzato <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>un<span class=\"_ _3b\"></span>a<span class=\"_ _3a1\"> </span> delle <span class=\"_ _1\"></span>altre <span class=\"_ _1\"></span>due <span class=\"_ _1\"></span>categor<span class=\"_ _1\"></span>ie pr<span class=\"_ _1\"></span>eviste <span class=\"_ _1\"></span>dall\u2019IFRS 9 <span class=\"_ _38\"></span>(Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>impatto<span class=\"_ _3a1\"> </span> sulla <span class=\"_ _3d\"> </span>redditivit\u00e0 <span class=\"_ _3d\"> </span>complessiva <span class=\"_ _3d\"> </span>o <span class=\"_ _3d\"> </span>At<span class=\"_ _1\"></span>tivit\u00e0  finanziarie <span class=\"_ _37\"> </span>valutate <span class=\"_ _3d\"> </span>al  fair<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>value <span class=\"_ _3d\"> </span>con <span class=\"_ _3d\"> </span>impatto <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>conto<span class=\"_ _3a1\"> </span> economico). <span class=\"_ _3a\"> </span>Il <span class=\"_ _3a\"> </span>valore<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>t<span class=\"_ _1\"></span>rasferimento <span class=\"_ _3a\"> </span>\u00e8 <span class=\"_ _48\"> </span>rappresentato <span class=\"_ _3a\"> </span>dal <span class=\"_ _3a\"> </span>fair <span class=\"_ _3a\"> </span>value <span class=\"_ _48\"> </span>al <span class=\"_ _3a\"> </span>momento <span class=\"_ _3a\"> </span>della<span class=\"_ _3a1\"> </span> riclassificazione <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>gli <span class=\"_ _1\"></span>effe<span class=\"_ _1\"></span>tti <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iclassificazione <span class=\"_ _38\"></span>operano <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>maniera <span class=\"_ _0\"></span>prospettica <span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>partire <span class=\"_ _38\"></span>dalla<span class=\"_ _3a1\"> </span> data <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>riclassificazione. <span class=\"_ _0\"></span>Gli <span class=\"_ _0\"></span>utili <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>perdite <span class=\"_ _0\"></span>risultanti <span class=\"_ _0\"></span>dalla <span class=\"_ _0\"></span>differenza <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>cos<span class=\"_ _2\"></span>to <span class=\"_ _0\"></span>ammortizzato<span class=\"_ _3a1\"> </span> dell'attivit\u00e0 finanziaria e il relativo fair value sono rilevati a conto economico nel caso di <span class=\"_ _2\"></span>riclassifica<span class=\"_ _3a1\"> </span> tra le At<span class=\"_ _2\"></span>tivit\u00e0 finanziarie <span class=\"_ _2\"></span>valutate al fai<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span> value <span class=\"_ _2\"></span>con impatto <span class=\"_ _2\"></span>a conto <span class=\"_ _2\"></span>economico e<span class=\"_ _2\"></span> a Patrimonio<span class=\"_ _2\"></span> netto,<span class=\"_ _3a1\"> </span> nell\u2019apposita <span class=\"_ _1\"></span>riserva <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valutazione, <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>caso <span class=\"_ _38\"></span>di r<span class=\"_ _1\"></span>iclassifica tra <span class=\"_ _38\"></span>le Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fair<span class=\"_ _3a1\"> </span> value con impatto sulla redditivit\u00e0 complessiva.<span class=\"_ _3a1\"> </span> Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span> Successivamente <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>rilevazione <span class=\"_ _0\"></span>iniziale, <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>fin<span class=\"_ _3a1\"> </span>anziarie <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>esame <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>valutate <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>costo<span class=\"_ _3a1\"> </span> ammortizzato, <span class=\"_ _38\"></span>utilizzando <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>met<span class=\"_ _1\"></span>odo <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>tasso <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>interesse <span class=\"_ _0\"></span>effettivo. <span class=\"_ _1\"></span>In <span class=\"_ _38\"></span>q<span class=\"_ _1\"></span>uesti <span class=\"_ _0\"></span>termini, <span class=\"_ _1\"></span>l\u2019attivit\u00e0 <span class=\"_ _0\"></span>\u00e8<span class=\"_ _3a1\"> </span> riconosciuta <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>bilancio per<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>ammontare <span class=\"_ _1\"></span>pari al <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>prima <span class=\"_ _1\"></span>iscrizione <span class=\"_ _1\"></span>diminuito <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>rimborsi<span class=\"_ _3a1\"> </span> di <span class=\"_ _38\"></span>capitale, <span class=\"_ _38\"></span>pi\u00f9 <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>meno<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>l\u2019ammortame<span class=\"_ _1\"></span>nto <span class=\"_ _1\"></span>cumulato <span class=\"_ _0\"></span>(calc<span class=\"_ _2\"></span>olato <span class=\"_ _38\"></span>col <span class=\"_ _38\"></span>richiamato <span class=\"_ _0\"></span>m<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>todo <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>tasso <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> interesse effettivo) <span class=\"_ _3b\"></span>della differenza <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ra tale <span class=\"_ _3b\"></span>importo iniziale <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> l\u2019imp<span class=\"_ _2\"></span>orto alla <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>cadenza (<span class=\"_ _2\"></span>riconducibile<span class=\"_ _3a1\"> </span>tipicamente ai <span class=\"_ _3b\"></span>costi/provent<span class=\"_ _1\"></span>i im<span class=\"_ _3b\"></span>putati direttamente alla <span class=\"_ _3b\"></span>singola attivit\u00e0) <span class=\"_ _3b\"></span>e rettificato dell\u2019<span class=\"_ _2\"></span>eventuale fondo a <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _0\"></span>perdite <span class=\"_ _0\"></span>attese. <span class=\"_ _0\"></span>Il <span class=\"_ _0\"></span>tasso <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>interesse <span class=\"_ _0\"></span>effettivo <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>individuato <span class=\"_ _0\"></span>calcolando <span class=\"_ _0\"></span>il tasso <span class=\"_ _36\"> </span>che <span class=\"_ _36\"> </span>e<span class=\"_ _1\"></span>guaglia <span class=\"_ _36\"> </span>il <span class=\"_ _36\"> </span>valore <span class=\"_ _36\"> </span>at<span class=\"_ _1\"></span>tuale <span class=\"_ _36\"> </span>dei <span class=\"_ _36\"> </span>flussi <span class=\"_ _39\"> </span>futuri <span class=\"_ _36\"> </span>dell\u2019attivit\u00e0, <span class=\"_ _36\"> </span>per <span class=\"_ _36\"> </span>capitale <span class=\"_ _39\"> </span>ed <span class=\"_ _36\"> </span>interesse, all\u2019ammontare <span class=\"_ _3b\"></span>er<span class=\"_ _1\"></span>ogato <span class=\"_ _3b\"></span>inclusivo <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>costi/pro<span class=\"_ _1\"></span>venti <span class=\"_ _3b\"></span>ricondotti <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>ll\u2019attivit\u00e0 <span class=\"_ _3b\"></span>finanziaria <span class=\"_ _3b\"></span>mede<span class=\"_ _1\"></span>sima. <span class=\"_ _3b\"></span>Tale modalit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>contabilizzazione, <span class=\"_ _0\"></span>utilizzando <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>logica <span class=\"_ _0\"></span>finanziaria, <span class=\"_ _0\"></span>consente <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>distribuire <span class=\"_ _0\"></span>l\u2019effetto economico <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>costi/proventi <span class=\"_ _0\"></span>direttamente <span class=\"_ _0\"></span>attribuibili <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span>\u2019attivit\u00e0 <span class=\"_ _0\"></span>finanziaria <span class=\"_ _0\"></span>lungo <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>sua <span class=\"_ _0\"></span>vita residua attesa. Il metodo del <span class=\"_ _2\"></span>costo ammortizzato non <span class=\"_ _2\"></span>viene utilizz<span class=\"_ _2\"></span>ato per le attiv<span class=\"_ _2\"></span>it\u00e0 \u2013 valorizzate al<span class=\"_ _2\"></span> costo s<span class=\"_ _2\"></span>torico \u2013 la <span class=\"_ _29\"> </span>cui <span class=\"_ _193\"> </span>breve <span class=\"_ _193\"> </span>durata <span class=\"_ _193\"> </span>fa <span class=\"_ _29\"> </span>ritenere <span class=\"_ _193\"> </span>trascurabile <span class=\"_ _193\"> </span>l\u2019effetto <span class=\"_ _29\"> </span>dell\u2019applicazione <span class=\"_ _193\"> </span>della <span class=\"_ _29\"> </span>logica<span class=\"_ _1\"></span> dell\u2019attualizzazione, per quelle senza una scadenza definita e per i crediti a re<span class=\"_ _1\"></span>voca. I <span class=\"_ _37\"> </span>criteri <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>valutazione <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>elativi <span class=\"_ _37\"> </span>agli <span class=\"_ _37\"> </span>accantonamenti <span class=\"_ _37\"> </span>per<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>le <span class=\"_ _37\"> </span>perdite <span class=\"_ _37\"> </span>attese<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>sono <span class=\"_ _37\"> </span>strettamente connessi <span class=\"_ _0\"></span>all\u2019in<span class=\"_ _2\"></span>clusione <span class=\"_ _0\"></span>degli<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>same <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>uno <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>tre <span class=\"_ _0\"></span>stages <span class=\"_ _38\"></span>(stadi <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _0\"></span>creditizio) previsti <span class=\"_ _35\"> </span>dall\u2019IFRS <span class=\"_ _0\"></span>9, <span class=\"_ _35\"> </span>l\u2019ultimo <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>qual<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>(Stage <span class=\"_ _35\"> </span>3) <span class=\"_ _0\"> </span>co<span class=\"_ _1\"></span>mprende <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>finanziarie <span class=\"_ _35\"> </span>deteriorate <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>i restanti (Stage 1 e 2) le attivit\u00e0 finanziarie in bonis. Con riferimento alla rapp<span class=\"_ _2\"></span>resentazione contabile dei suddetti effe<span class=\"_ _2\"></span>tti valutativi, le rettifi<span class=\"_ _2\"></span>che di valore riferite a questa tipologia di attivit\u00e0 sono rilevate nel Conto Economico: <span class=\"_ _42\"> </span><span class=\"ff4\">all\u2019atto dell\u2019iscrizione iniziale, per un ammo<span class=\"_ _1\"></span>ntare pari alla perdita attesa a dodici mesi; </span><span class=\"_ _42\"> </span><span class=\"ff4\">all\u2019atto  della  valutazione  successiva  dell\u2019attivit\u00e0,  ove  il  rischio  creditizio  non  sia  risultato<span class=\"_ _3a1\"> </span></span>significativamente <span class=\"_ _3d\"> </span>incrementato <span class=\"_ _3d\"> </span>rispetto <span class=\"_ _3d\"> </span>all\u2019iscrizione <span class=\"_ _3d\"> </span>iniziale, <span class=\"_ _3d\"> </span>in  r<span class=\"_ _1\"></span>elazione <span class=\"_ _3d\"> </span>alle <span class=\"_ _3d\"> </span>variazioni<span class=\"_ _3a1\"> </span>dell\u2019ammontare delle rettifiche di valore per per<span class=\"_ _1\"></span>dite attese nei dodici mesi successivi; <span class=\"_ _42\"> </span><span class=\"ff4\">all\u2019atto <span class=\"_ _3a\"> </span>della <span class=\"_ _3f\"> </span>valutazione <span class=\"_ _3a\"> </span>success<span class=\"_ _1\"></span>iva <span class=\"_ _3f\"> </span>dell\u2019attivit\u00e0, <span class=\"_ _3a\"> </span>ove <span class=\"_ _3a\"> </span>il <span class=\"_ _3f\"> </span>rischio <span class=\"_ _3a\"> </span>creditizio <span class=\"_ _3a\"> </span>sia <span class=\"_ _3f\"> </span>r<span class=\"_ _1\"></span>isultato </span>significativamente <span class=\"_ _1\"></span>incre<span class=\"_ _1\"></span>mentato <span class=\"_ _1\"></span>rispetto<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>all\u2019iscrizione <span class=\"_ _38\"></span>iniziale, <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>relazione <span class=\"_ _38\"></span>alla <span class=\"_ _1\"></span>rilevazione <span class=\"_ _38\"></span>di rettifiche di valore per perdite attese riferibili all\u2019<span class=\"_ _2\"></span>intera vita residua prevista contrattualmente per l\u2019attivit\u00e0; <span class=\"_ _42\"> </span><span class=\"ff4\">all\u2019atto della valutazione successiva dell\u2019attivit\u00e0, ove <span class=\"_ _1\"></span>\u2013 dopo che si \u00e8 verificato un incremento </span>significativo <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>credito<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>rispetto <span class=\"_ _35\"> </span>all\u2019iscrizione <span class=\"_ _35\"> </span>iniziale <span class=\"_ _35\"> </span>\u2013  la <span class=\"_ _35\"> </span>\u201c<span class=\"_ _2\"></span>significativit\u00e0\u201d <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>tale incremento <span class=\"_ _3d\"> </span>sia <span class=\"_ _37\"> </span>poi <span class=\"_ _3d\"> </span>venuta <span class=\"_ _3d\"> </span>meno, <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>relazione <span class=\"_ _3d\"> </span>all\u2019adeguamento <span class=\"_ _37\"> </span>delle <span class=\"_ _3d\"> </span>rettifiche <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>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 <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>finanziarie in <span class=\"_ _1\"></span>esame, <span class=\"_ _1\"></span>ove r<span class=\"_ _1\"></span>isultino <span class=\"_ _1\"></span>in bonis, <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>sottoposte <span class=\"_ _1\"></span>ad una <span class=\"_ _1\"></span>valutazione, <span class=\"_ _1\"></span>volta a definire  le  rettifiche  di  valore  da <span class=\"_ _35\"> </span>rilevar<span class=\"_ _1\"></span>e  in  bilancio,  a  l<span class=\"_ _2\"></span>ivello  di  singolo  rapporto  creditizio  (o \u201ctranche\u201d di titolo), <span class=\"_ _2\"></span>in funzione d<span class=\"_ _2\"></span>ei parametri di <span class=\"_ _2\"></span>rischio rappresentati da probabili<span class=\"_ _2\"></span>ty of default (PD)<span class=\"_ _2\"></span>, loss given default (LGD) ed e<span class=\"_ _1\"></span>xposure a<span class=\"_ _1\"></span>t default (EAD), derivati dai modelli AIRB<span class=\"_ _1\"></span> e opport<span class=\"_ _1\"></span>unamente corretti per tener conto delle previsioni del principio contabile IFRS 9. Se,  oltre  ad  un  i<span class=\"_ _2\"></span>ncremento  signific<span class=\"_ _2\"></span>ativo  del  rischio  di  credito, <span class=\"_ _35\"> </span>si  riscontrano  anche  oggettive evidenze <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>una pe<span class=\"_ _2\"></span>rdita <span class=\"_ _3b\"></span>di v<span class=\"_ _2\"></span>alore, <span class=\"_ _3b\"></span>l\u2019importo della<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>perdita <span class=\"_ _3b\"></span>viene mis<span class=\"_ _2\"></span>urato <span class=\"_ _2\"></span>come <span class=\"_ _3b\"></span>differenza <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>valore contabile dell\u2019attivit\u00e0 \u2013 classificata come \u201cdeteriorat<span class=\"_ _1\"></span>a\u201d, al pari di tutti gli altri rapporti intercorrenti con <span class=\"_ _3b\"></span>la medesima <span class=\"_ _3b\"></span>controparte \u2013 <span class=\"_ _3b\"></span>e <span class=\"_ _3b\"></span>il v<span class=\"_ _2\"></span>alore attuale <span class=\"_ _3b\"></span>dei fu<span class=\"_ _2\"></span>turi <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>finanzi<span class=\"_ _2\"></span>ari stimati, <span class=\"_ _3b\"></span>scontati al <span class=\"_ _184\"></span>t<span class=\"_ _1\"></span>asso di interesse <span class=\"_ _1\"></span>effettivo originario. <span class=\"_ _1\"></span>In tale <span class=\"_ _1\"></span>contesto, \u00e8 <span class=\"_ _1\"></span>stata sviluppata <span class=\"_ _1\"></span>una specifica <span class=\"_ _1\"></span>metodologia per il  trattamento  contabile  da<span class=\"_ _3b\"></span>  applicare  ad  un  portafoglio  d<span class=\"_ _2\"></span>i  posizioni  a <span class=\"_ _35\"> </span>sofferenza  che,  avendo maturato u<span class=\"_ _2\"></span>n <span class=\"_ _3b\"></span>vintage signi<span class=\"_ _2\"></span>ficativo, <span class=\"_ _3b\"></span>vengono valutate<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>un\u2019ottica <span class=\"_ _3b\"></span>di cessione <span class=\"_ _3b\"></span>(c.d.\u201dPortafoglio sotto \u2013 <span class=\"_ _3b\"></span>modello <span class=\"_ _2\"></span>Stage 3\u201d). <span class=\"_ _3b\"></span>Tale <span class=\"_ _3b\"></span>met<span class=\"_ _1\"></span>odologia <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>nsidera d<span class=\"_ _2\"></span>iversi <span class=\"_ _3b\"></span>scenari e <span class=\"_ _3b\"></span>stima il <span class=\"_ _3b\"></span>valore recup<span class=\"_ _2\"></span>erabile delle <span class=\"_ _38\"></span>esposizioni <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>base <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>combinazione <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>probabilit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>accadimento <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ali <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>cenari, <span class=\"_ _38\"></span>oltre che <span class=\"_ _38\"></span>ai <span class=\"_ _38\"></span>relativi <span class=\"_ _38\"></span>flussi <span class=\"_ _0\"></span>di<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>cassa <span class=\"_ _1\"></span>stimati. <span class=\"_ _38\"></span>Rientrano <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>ll\u2019ambito <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>deteriorate <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>str<span class=\"_ _1\"></span>umenti finanziari <span class=\"_ _39\"> </span>ai <span class=\"_ _3f\"> </span>quali <span class=\"_ _3f\"> </span>\u00e8 <span class=\"_ _39\"> </span>st<span class=\"_ _1\"></span>ato <span class=\"_ _3f\"> </span>attribu<span class=\"_ _2\"></span>ito <span class=\"_ _3f\"> </span>lo <span class=\"_ _39\"> </span>s<span class=\"_ _1\"></span>tatus <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>sofferenza, <span class=\"_ _3f\"> </span>inadempienza <span class=\"_ _39\"> </span>probabile <span class=\"_ _3f\"> </span>o <span class=\"_ _39\"> </span>d<span class=\"_ _1\"></span>i scaduto/sconfinante <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>oltre <span class=\"_ _0\"></span>nov<span class=\"_ _2\"></span>anta <span class=\"_ _0\"></span>giorni <span class=\"_ _0\"></span>secondo <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>regole <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>Banca <span class=\"_ _0\"></span>d\u2019Italia, <span class=\"_ _38\"></span>coe<span class=\"_ _1\"></span>renti <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>la normativa IAS/IFRS e di Vigilanza europe<span class=\"_ _1\"></span>a. I <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>cassa <span class=\"_ _0\"></span>previsti <span class=\"_ _0\"></span>te<span class=\"_ _1\"></span>ngono <span class=\"_ _0\"></span>conto <span class=\"_ _35\"> </span>d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>tempi <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>recupero <span class=\"_ _0\"></span>attesi <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>presumibile <span class=\"_ _0\"></span>valore <span class=\"_ _0\"></span>di realizzo delle eventuali garanzie. Il <span class=\"_ _2\"></span>tasso effettivo <span class=\"_ _3b\"></span>or<span class=\"_ _1\"></span>iginario di<span class=\"_ _2\"></span> ciascun<span class=\"_ _2\"></span>a attivit\u00e0 riman<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> inv<span class=\"_ _2\"></span>ariato nel <span class=\"_ _3b\"></span>te<span class=\"_ _1\"></span>mpo ancorch<span class=\"_ _2\"></span>\u00e9 sia <span class=\"_ _2\"></span>intervenuta una <span class=\"_ _0\"></span>ristr<span class=\"_ _1\"></span>utturazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>ra<span class=\"_ _1\"></span>pporto <span class=\"_ _0\"></span>che <span class=\"_ _35\"> </span>abb<span class=\"_ _2\"></span>ia <span class=\"_ _0\"></span>comport<span class=\"_ _1\"></span>ato <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>va<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iazione <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>tasso <span class=\"_ _0\"></span>contrattuale <span class=\"_ _0\"></span>ed anche qualora il rapporto divenga, nella pratica, infruttifero <span class=\"_ _1\"></span>di interessi contrattuali. Qualora <span class=\"_ _3f\"> </span>i <span class=\"_ _39\"> </span>motivi <span class=\"_ _3f\"> </span>della <span class=\"_ _39\"> </span>perdita <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>valore <span class=\"_ _39\"> </span>s<span class=\"_ _1\"></span>iano <span class=\"_ _39\"> </span>rimossi <span class=\"_ _3f\"> </span>a <span class=\"_ _3f\"> </span>segu<span class=\"_ _2\"></span>ito <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>un <span class=\"_ _3f\"> </span>evento <span class=\"_ _3f\"> </span>verificatosi successivamente alla <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevazione della <span class=\"_ _3b\"></span>riduzione di <span class=\"_ _3b\"></span>valore<span class=\"_ _1\"></span>, vengono <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffettuate riprese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore co<span class=\"_ _2\"></span>n imputazione a Conto Economico. La ripresa di valo<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>e non pu\u00f2 eccedere il costo ammortizzato ch<span class=\"_ _2\"></span>e lo <span class=\"_ _35\"> </span>strumento <span class=\"_ _35\"> </span>finanziario <span class=\"_ _35\"> </span>avrebbe <span class=\"_ _35\"> </span>avuto <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>assenza <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>precedenti <span class=\"_ _35\"> </span>rettifiche. <span class=\"_ _35\"> </span>I <span class=\"_ _35\"> </span>ripristini <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>valore connessi con il trascorrere del tempo sono a<span class=\"_ _1\"></span>ppostati nel margine di interesse. In <span class=\"_ _35\"> </span>alcuni <span class=\"_ _35\"> </span>casi, <span class=\"_ _35\"> </span>durante <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>vita <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _35\"> </span>finanziarie <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>esame <span class=\"_ _35\"> </span>e, <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>particolare, <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>crediti, <span class=\"_ _35\"> </span>le condizioni <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>rattuali <span class=\"_ _38\"></span>originarie <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>oggetto <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>success<span class=\"_ _1\"></span>iva <span class=\"_ _38\"></span>modifica <span class=\"_ _38\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _0\"></span>volont\u00e0 <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>parti <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>el<span class=\"_ _3a1\"> </span>contratto. <span class=\"_ _38\"></span>Quando, <span class=\"_ _1\"></span>nel <span class=\"_ _38\"></span>corso <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>vita <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>trumento, <span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>clausole <span class=\"_ _38\"></span>contrattuali <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>oggetto <span class=\"_ _38\"></span>di modifi<span class=\"_ _3a1\"> </span>ca <span class=\"_ _38\"></span>occorre <span class=\"_ _38\"></span>ver<span class=\"_ _1\"></span>ificare <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>l\u2019attivit\u00e0 <span class=\"_ _38\"></span>originaria <span class=\"_ _38\"></span>deve <span class=\"_ _38\"></span>continuare <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>essere<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>rilevata<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>bilancio <span class=\"_ _38\"></span>o se, <span class=\"_ _39\"> </span>al <span class=\"_ _36\"> </span>contrario, <span class=\"_ _39\"> </span>lo <span class=\"_ _36\"> </span>strumento <span class=\"_ _39\"> </span>originario <span class=\"_ _36\"> </span>deve <span class=\"_ _36\"> </span>e<span class=\"_ _1\"></span>ssere <span class=\"_ _36\"> </span>oggetto<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>cancellazione <span class=\"_ _39\"> </span>dal <span class=\"_ _36\"> </span>bilancio (derecognition) e debba essere rilevato un nuovo strumento finanziario. In <span class=\"_ _0\"></span>generale<span class=\"_ _1\"></span>, <span class=\"_ _0\"></span>le <span class=\"_ _35\"> </span>m<span class=\"_ _2\"></span>odifiche <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>un\u2019<span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>finanz<span class=\"_ _2\"></span>iaria <span class=\"_ _0\"></span>conducono <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>cancellazione <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>stessa <span class=\"_ _0\"></span>ed all\u2019iscrizione d<span class=\"_ _2\"></span>i u<span class=\"_ _2\"></span>na nuov<span class=\"_ _2\"></span>a attivit\u00e0 <span class=\"_ _3b\"></span>quando sono <span class=\"_ _3b\"></span>\u201csostanziali\u201d. La <span class=\"_ _3b\"></span>valutazione circa <span class=\"_ _2\"></span>la <span class=\"_ _3b\"></span>\u201cso<span class=\"_ _1\"></span>stanzialit\u00e0\u201d della <span class=\"_ _3a\"> </span>modifica <span class=\"_ _3a\"> </span>deve <span class=\"_ _48\"> </span>essere <span class=\"_ _3a\"> </span>effettuata <span class=\"_ _3a\"> </span>considerando <span class=\"_ _3a\"> </span>sia <span class=\"_ _48\"> </span>elementi <span class=\"_ _3a\"> </span>qualitativi <span class=\"_ _3a\"> </span>sia <span class=\"_ _3a\"> </span>elementi quantitativi. In <span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>cuni casi<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>infatti, <span class=\"_ _1\"></span>potr\u00e0 <span class=\"_ _1\"></span>risultare <span class=\"_ _1\"></span>chiaro, <span class=\"_ _1\"></span>senza <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>ricorso <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>complesse <span class=\"_ _1\"></span>analisi, che <span class=\"_ _1\"></span>i cambiamenti <span class=\"_ _0\"></span>introdotti <span class=\"_ _0\"></span>modificano <span class=\"_ _0\"></span>sostanzialmente <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>caratteristiche <span class=\"_ _0\"></span>e/o <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>flu<span class=\"_ _2\"></span>ssi <span class=\"_ _0\"></span>contrattuali <span class=\"_ _0\"></span>di una determinata attivit\u00e0 mentre, in altri casi, dovranno essere svolte ulteriori analisi (anche di tipo quantitativo) <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>apprezzare <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>effetti <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>stesse <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>verificare <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>necess<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>procedere <span class=\"_ _38\"></span>o <span class=\"_ _38\"></span>meno alla cancellazione dell\u2019attivit\u00e0 ed alla iscrizione <span class=\"_ _1\"></span>di un nuovo strumento finanziario. Le <span class=\"_ _39\"> </span>analisi <span class=\"_ _36\"> </span>(quali-quantitative) <span class=\"_ _36\"> </span>volte<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>a <span class=\"_ _36\"> </span>definire <span class=\"_ _36\"> </span>la <span class=\"_ _39\"> </span>\u201csostanzialit\u00e0\u201d <span class=\"_ _36\"> </span>delle <span class=\"_ _39\"> </span>modifiche <span class=\"_ _36\"> </span>contr<span class=\"_ _1\"></span>attuali apportate ad un\u2019attivit\u00e0 finanziaria, dovranno pertanto considerare<span class=\"_ _1\"></span>: <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _0\"></span>finalit\u00e0 <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>cui <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>modifiche <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>state <span class=\"_ _0\"></span>effettuate: <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>esempio, <span class=\"_ _0\"></span>rinegoziazioni <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>motivi </span>commerciali e concessioni per difficolt\u00e0 finanziarie della contro<span class=\"_ _1\"></span>parte: <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _0\"></span>prime, <span class=\"_ _0\"></span>volte <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>\u201ctrattenere\u201d <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>cliente, <span class=\"_ _0\"></span>vedono <span class=\"_ _35\"> </span>coinv<span class=\"_ _2\"></span>olto <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>debitore <span class=\"_ _35\"> </span>che<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>versa <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>una </span>situazione  di  difficolt\u00e0  finan<span class=\"_ _2\"></span>ziar<span class=\"_ _1\"></span>ia.  In  questa  casistica  sono  inc<span class=\"_ _2\"></span>luse  tutte  le  operazioni  di rinegoziazione <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>volte <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>adeguare <span class=\"_ _38\"></span>l\u2019onerosit\u00e0 <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>debito <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>condizioni <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rcato. Tali <span class=\"_ _48\"> </span>operazioni <span class=\"_ _48\"> </span>comportano <span class=\"_ _48\"> </span>una <span class=\"_ _48\"> </span>variazione <span class=\"_ _48\"> </span>delle <span class=\"_ _48\"> </span>condizi<span class=\"_ _2\"></span>oni <span class=\"_ _48\"> </span>or<span class=\"_ _1\"></span>iginarie <span class=\"_ _48\"> </span>del <span class=\"_ _48\"> </span>contratto, solitamente <span class=\"_ _38\"></span>richieste <span class=\"_ _38\"></span>dal <span class=\"_ _1\"></span>debitore<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>attiene <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>aspetti <span class=\"_ _38\"></span>connessi <span class=\"_ _38\"></span>alla <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nerosit\u00e0 <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>debito, con <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>conseguente <span class=\"_ _0\"></span>beneficio <span class=\"_ _38\"></span>economico <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>il<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>debito<span class=\"_ _2\"></span>re <span class=\"_ _0\"></span>stess<span class=\"_ _2\"></span>o. <span class=\"_ _0\"></span>In<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>lin<span class=\"_ _2\"></span>ea <span class=\"_ _0\"></span>generale <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>itiene che, <span class=\"_ _38\"></span>ogniqualvolta <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>banca <span class=\"_ _38\"></span>effe<span class=\"_ _1\"></span>ttui <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>rinegoziazione <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>fine <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>evitare <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>perdere <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>prio cliente, <span class=\"_ _0\"></span>tale <span class=\"_ _38\"></span>rinegoziazione <span class=\"_ _0\"></span>debba <span class=\"_ _38\"></span>ess<span class=\"_ _1\"></span>ere <span class=\"_ _38\"></span>consider<span class=\"_ _1\"></span>ata <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>me <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ostanziale <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>anto, <span class=\"_ _0\"></span>ove <span class=\"_ _38\"></span>non fosse  effett<span class=\"_ _1\"></span>uata,  il  cliente <span class=\"_ _3d\"> </span>potrebbe  finanziarsi  press<span class=\"_ _1\"></span>o  un  altro <span class=\"_ _3d\"> </span>intermediario  e<span class=\"_ _1\"></span>  la  banca subirebbe un decremento dei ricavi futuri previsti; <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _36\"> </span>seconde, <span class=\"_ _36\"> </span>effettuate <span class=\"_ _39\"> </span>per <span class=\"_ _37\"> </span>\u201cragioni <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>rischio <span class=\"_ _39\"> </span>creditizio\u201d <span class=\"_ _36\"> </span>(misure <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>forbearance), <span class=\"_ _36\"> </span>sono </span>riconducibili <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>tentat<span class=\"_ _1\"></span>ivo <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>banca <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>massimizzare <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>reco<span class=\"_ _1\"></span>very <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>cash <span class=\"_ _35\"> </span>flow <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>credito originario. I <span class=\"_ _3b\"></span>rischi e <span class=\"_ _3b\"></span>i benefici <span class=\"_ _3b\"></span>sottostant<span class=\"_ _1\"></span>i, <span class=\"_ _3b\"></span>succes<span class=\"_ _1\"></span>sivamente <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>modifiche, <span class=\"_ _3b\"></span>di norma, non <span class=\"_ _3b\"></span>sono sostanzialmente  trasferiti  e,  co<span class=\"_ _2\"></span>nseguentemente,  la  rappresentazione  contabile<span class=\"_ _2\"></span>  che  offre informazioni <span class=\"_ _38\"></span>pi\u00f9 <span class=\"_ _38\"></span>rilevanti <span class=\"_ _0\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>lettore <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>bil<span class=\"_ _2\"></span>ancio <span class=\"_ _38\"></span>(salvo <span class=\"_ _38\"></span>quanto <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>dir\u00e0 <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>se<span class=\"_ _1\"></span>guito <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ema <span class=\"_ _38\"></span>di elementi <span class=\"_ _0\"></span>oggettivi)<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>quella <span class=\"_ _0\"></span>effettuata <span class=\"_ _38\"></span>tramite <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>\u201cmodification <span class=\"_ _0\"></span>accounting\u201d <span class=\"_ _38\"></span>- <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>implica <span class=\"_ _38\"></span>la<span class=\"_ _3a1\"> </span>rilevazione <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>conto <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>conomico de<span class=\"_ _1\"></span>lla differe<span class=\"_ _1\"></span>nza <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>abile e <span class=\"_ _1\"></span>valore<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>attuale <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>flussi di cassa modificati scontati al tasso di interesse originario - e non tr<span class=\"_ _1\"></span>amite la derecognition; <span class=\"_ _42\"> </span><span class=\"ff4\">la presenza di <span class=\"_ _2\"></span>specifici elementi oggettivi (\u201ctrigger\u201d) che i<span class=\"_ _2\"></span>ncidono sulle caratteristiche e<span class=\"_ _2\"></span>/o sui </span>flussi <span class=\"_ _1\"></span>contrattuali <span class=\"_ _1\"></span>dello <span class=\"_ _1\"></span>strumento <span class=\"_ _1\"></span>finanziario <span class=\"_ _1\"></span>(quali, a <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>titolo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>esempio, <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>cambiamento di divisa o la modifica della tipologia di rischio a cui si \u00e8 e<span class=\"_ _1\"></span>sposti, ove la si correli a parametri di equity <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>commodity), <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>itiene <span class=\"_ _0\"></span>comportino <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>derecognition <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>considerazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>loro impatto (atteso come significativo) sui flussi contra<span class=\"_ _1\"></span>ttuali originari. Criteri di cancel<span class=\"_ _1\"></span>lazione Le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>ve<span class=\"_ _1\"></span>ngono <span class=\"_ _38\"></span>cancellate <span class=\"_ _1\"></span>dal <span class=\"_ _0\"></span>bil<span class=\"_ _2\"></span>an<span class=\"_ _3a1\"> </span>cio <span class=\"_ _38\"></span>so<span class=\"_ _3a1\"> </span>lamente <span class=\"_ _38\"></span>se <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>cessione <span class=\"_ _38\"></span>ha <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>mportato <span class=\"_ _38\"></span>il sostanziale <span class=\"_ _2\"></span>trasferimento di <span class=\"_ _3b\"></span>tutti i<span class=\"_ _2\"></span> rischi <span class=\"_ _3b\"></span>e benefici <span class=\"_ _3b\"></span>connessi all<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 st<span class=\"_ _2\"></span>esse. P<span class=\"_ _2\"></span>er contro,<span class=\"_ _2\"></span> qu<span class=\"_ _2\"></span>alora sia <span class=\"_ _38\"></span>stata <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>antenuta <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>rilevante <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>benefici <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>arie cedute, qu<span class=\"_ _2\"></span>este<span class=\"_ _1\"></span> con<span class=\"_ _2\"></span>tinuano ad<span class=\"_ _2\"></span> essere iscritte <span class=\"_ _3b\"></span>in bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 giuridicamente la <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>itolarit\u00e0 delle<span class=\"_ _2\"></span> attivit\u00e0 stesse sia stata effettivamente trasferita. Nel <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>possibile <span class=\"_ _35\"> </span>accertare <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>sostanziale <span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>asferimento <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>benefici, <span class=\"_ _0\"> </span>le attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>vengono <span class=\"_ _38\"></span>cancellate <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>bilancio <span class=\"_ _1\"></span>qualora <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ato <span class=\"_ _1\"></span>mante<span class=\"_ _1\"></span>nuto <span class=\"_ _1\"></span>alcun <span class=\"_ _38\"></span>tipo <span class=\"_ _38\"></span>di controllo <span class=\"_ _37\"> </span>sulle <span class=\"_ _37\"> </span>stesse. <span class=\"_ _37\"> </span>In <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>contrario, <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>conservazione, <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>parte, <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>tale <span class=\"_ _37\"> </span>controllo comporta  il <span class=\"_ _3d\"> </span>mantenimento  in  bilancio  de<span class=\"_ _1\"></span>lle  attivit\u00e0 <span class=\"_ _3d\"> </span>in  misura  pari <span class=\"_ _3d\"> </span>al  coinvolgimento<span class=\"_ _1\"></span>  residuo, misurato dall\u2019esposizione <span class=\"_ _1\"></span>ai cambiamenti di valore delle attivit\u00e0 cedute <span class=\"_ _1\"></span>ed alle variazioni dei flussi finanziari delle stesse. Infine,  le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _37\"> </span>cedute <span class=\"_ _3d\"> </span>vengono <span class=\"_ _37\"> </span>cancellate <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>bilancio <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>caso <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>cui <span class=\"_ _3d\"> </span>vi <span class=\"_ _3d\"> </span>sia <span class=\"_ _3d\"> </span>l<span class=\"_ _1\"></span>a conservazione <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>diritti <span class=\"_ _37\"> </span>contrattuali <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>ricevere <span class=\"_ _37\"> </span>i <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>cassa, <span class=\"_ _37\"> </span>con <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>contestuale assunzione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un\u2019obbligazione <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>pagare <span class=\"_ _38\"></span>detti <span class=\"_ _1\"></span>flussi, <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>solo <span class=\"_ _38\"></span>essi, <span class=\"_ _1\"></span>senza <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>ritardo <span class=\"_ _38\"></span>rilevante <span class=\"_ _1\"></span>ad <span class=\"_ _38\"></span>altri soggetti terzi.<span class=\"_ _3a1\"> </span> Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali L\u2019allo<span class=\"_ _3a1\"> </span>cazione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>componenti <span class=\"_ _0\"></span>reddituali <span class=\"_ _0\"></span>nelle <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span>tinenti <span class=\"_ _0\"></span>voci <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>avv<span class=\"_ _2\"></span>iene <span class=\"_ _0\"></span>sulla base di quanto riportato di seguito: <span class=\"_ _42\"> </span><span class=\"ff4\">Gli <span class=\"_ _1\"></span>interessi <span class=\"_ _1\"></span>attivi <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>crediti <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>vengono <span class=\"_ _1\"></span>allocati <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>lla voce<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>\u201cInteressi <span class=\"_ _1\"></span>attivi <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>provent<span class=\"_ _1\"></span>i </span>assimilati\u201d per competenza sulla base de<span class=\"_ _1\"></span>l tasso di interesse effettivo; <span class=\"_ _42\"> </span><span class=\"ff4\">Gli <span class=\"_ _1\"></span>utili <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>perdite <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>cessione <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>crediti <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>dei <span class=\"_ _1\"></span>titoli <span class=\"_ _38\"></span>vengono <span class=\"_ _1\"></span>allocati <span class=\"_ _1\"></span>nella <span class=\"_ _38\"></span>voce <span class=\"_ _1\"></span>\u201cUtili <span class=\"_ _38\"></span>(perdite) </span>da cessione o riacquisto di attivit\u00e0 finanziarie valutate al costo ammortizzato\u201d; <span class=\"_ _42\"> </span><span class=\"ff4\">Le <span class=\"_ _1\"></span>rettifiche <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>impairment, <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>dite <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>cancellazioni <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>riprese <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>crediti <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>dei </span>titoli  vengono <span class=\"_ _35\"> </span>allocate  nella <span class=\"_ _35\"> </span>voce <span class=\"_ _35\"> </span>\u201cRettifiche/riprese  di <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>nette  per <span class=\"_ _35\"> </span>rischio  di <span class=\"_ _35\"> </span>credito relativo ad attivit\u00e0 finanziarie valutate al costo ammortizzato\u201d<span class=\"_ _1\"></span>. <span class=\"_ _42\"> </span><span class=\"ff4\">Gli <span class=\"_ _38\"></span>interess<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>dovuti <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>trascorrere <span class=\"_ _1\"></span>del <span class=\"_ _0\"></span>tempo <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>ntabilizz<span class=\"_ _2\"></span>ati <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>lla <span class=\"_ _38\"></span>voce <span class=\"_ _38\"></span>\u201c<span class=\"_ _1\"></span>Interessi <span class=\"_ _38\"></span>attivi <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span></span>proventi assimilati\u201d<span class=\"_ _3a1\"> </span>. 4 - Ope<span class=\"_ _1\"></span>razioni di<span class=\"_ _1\"></span> copertura<span class=\"_ _3a1\"> </span> Il <span class=\"_ _35\"> </span>Gr<span class=\"_ _3a1\"> </span>uppo <span class=\"_ _35\"> </span>si  avv<span class=\"_ _2\"></span>ale  della <span class=\"_ _35\"> </span>facolt\u00e0, <span class=\"_ _35\"> </span>prevista <span class=\"_ _35\"> </span>in  sede <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>introduzione  d<span class=\"_ _2\"></span>ell\u2019IFRS <span class=\"_ _35\"> </span>9,  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>continuare<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>ad<span class=\"_ _3a1\"> </span> applicare <span class=\"_ _1\"></span>integralmente <span class=\"_ _1\"></span>le previsioni <span class=\"_ _1\"></span>del principio <span class=\"_ _1\"></span>contabile <span class=\"_ _1\"></span>IAS <span class=\"_ _1\"></span>39 in <span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>a di <span class=\"_ _1\"></span>\u201chedge <span class=\"_ _1\"></span>accounting\u201d<span class=\"_ _3a1\"> </span> (nella ver<span class=\"_ _1\"></span>sione <span class=\"_ _1\"></span>carved o<span class=\"_ _1\"></span>ut omo<span class=\"_ _1\"></span>logata dalla <span class=\"_ _1\"></span>Commissione <span class=\"_ _1\"></span>Europea) <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>ogni <span class=\"_ _1\"></span>tipologia <span class=\"_ _1\"></span>di copertura<span class=\"_ _3a1\"> </span> (sia per le coperture specifiche che per le macro coperture<span class=\"_ _1\"></span>).<span class=\"_ _3a1\"> </span> Criteri di iscrizione<span class=\"_ _3a1\"> </span> Gli <span class=\"_ _3f\"> </span>strume<span class=\"_ _1\"></span>nti <span class=\"_ _3a\"> </span>derivati <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>copert<span class=\"_ _1\"></span>ura, <span class=\"_ _3f\"> </span>al <span class=\"_ _3a\"> </span>pari <span class=\"_ _3f\"> </span>di <span class=\"_ _3a\"> </span>tutti <span class=\"_ _3f\"> </span>i <span class=\"_ _3a\"> </span>de<span class=\"_ _3a1\"> </span>rivati, <span class=\"_ _3f\"> </span>s<span class=\"_ _1\"></span>ono <span class=\"_ _3f\"> </span>inizialmente <span class=\"_ _3a\"> </span>iscritti <span class=\"_ _3f\"> </span>e<span class=\"_ _3a1\"> </span> successivamente misurati al fair value.<span class=\"_ _3a1\"> </span> Criteri di classifi<span class=\"_ _1\"></span>cazione: tipologia di <span class=\"_ _1\"></span>coperture<span class=\"_ _3a1\"> </span> Le <span class=\"_ _0\"></span>operazioni <span class=\"_ _0\"> </span>di <span class=\"_ _35\"> </span>copertura <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>sono <span class=\"_ _35\"> </span>finaliz<span class=\"_ _2\"></span>zate <span class=\"_ _35\"> </span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>neutr<span class=\"_ _1\"></span>alizzare <span class=\"_ _0\"></span>potenziali <span class=\"_ _0\"></span>variazioni <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>fair<span class=\"_ _3a1\"> </span> value <span class=\"_ _37\"> </span>o <span class=\"_ _37\"> </span>variazioni <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>cassa, <span class=\"_ _37\"> </span>attr<span class=\"_ _1\"></span>ibuibili <span class=\"_ _3d\"> </span>ad <span class=\"_ _37\"> </span>un <span class=\"_ _37\"> </span>dete<span class=\"_ _1\"></span>rminato <span class=\"_ _37\"> </span>rischio <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>rilevabili <span class=\"_ _37\"> </span>su <span class=\"_ _37\"> </span>un<span class=\"_ _3a1\"> </span> determinato  elemento  o  gruppo  di  elementi,  nel  caso  in  cu<span class=\"_ _2\"></span>i  quel  particolare  rischio  dovesse<span class=\"_ _3a1\"> </span> effettivamente manifestarsi.<span class=\"_ _3a1\"> </span> Le tipologie di coperture utilizzate sono le seguenti:<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">copertura  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>fair  value: <span class=\"_ _35\"> </span>ha <span class=\"_ _35\"> </span>l\u2019obiettivo  di<span class=\"_ _2\"></span>  cop<span class=\"_ _2\"></span>rire  l\u2019esposizione <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>variazione  del <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>(attribuibile alle <span class=\"_ _1\"></span>diverse tipologie <span class=\"_ _1\"></span>di r<span class=\"_ _1\"></span>ischio) di at<span class=\"_ _1\"></span>tivit\u00e0 e <span class=\"_ _1\"></span>passivit\u00e0 iscritte <span class=\"_ _1\"></span>in bilancio o<span class=\"_ _1\"></span> porzioni<span class=\"_ _3a1\"> </span> di  es<span class=\"_ _1\"></span>se,  di <span class=\"_ _3d\"> </span>gruppi  di  att<span class=\"_ _1\"></span>ivit\u00e0/passivit\u00e0,  di  impegni <span class=\"_ _3d\"> </span>irrevocabili  e <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>portafogli  di <span class=\"_ _3d\"> </span>attivit\u00e0  e<span class=\"_ _3a1\"> </span> passivit\u00e0 <span class=\"_ _0\"></span>finanziarie, <span class=\"_ _0\"></span>inclusi <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>core <span class=\"_ _0\"></span>deposits, <span class=\"_ _0\"></span>come <span class=\"_ _0\"></span>consentito <span class=\"_ _0\"></span>dallo <span class=\"_ _0\"></span>IAS <span class=\"_ _0\"></span>39 <span class=\"_ _0\"></span>omologato<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>dalla<span class=\"_ _3a1\"> </span> Commissione Europea. <span class=\"_ _3b\"></span>Le cope<span class=\"_ _2\"></span>rture gen<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>riche d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3b\"></span>(\u201cmacr<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>hedge\u201d) <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>l\u2019obiettivo<span class=\"_ _3a1\"> </span> di <span class=\"_ _38\"></span>ridurre <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>scillazioni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value, <span class=\"_ _38\"></span>imputabili <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>tasso <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>int<span class=\"_ _2\"></span>eresse, <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _38\"></span>importo<span class=\"_ _3a1\"> </span> monetario,  riveniente <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>un  po<span class=\"_ _2\"></span>rtafoglio  di<span class=\"_ _2\"></span>  at<span class=\"_ _2\"></span>tivit\u00e0  o <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>passivit\u00e0 <span class=\"_ _35\"> </span>finanziarie.  Non <span class=\"_ _35\"> </span>possono<span class=\"_ _3a1\"> </span> essere <span class=\"_ _3d\"> </span>oggetto<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>copertura <span class=\"_ _3d\"> </span>generica <span class=\"_ _3d\"> </span>importi <span class=\"_ _37\"> </span>netti <span class=\"_ _3d\"> </span>derivanti <span class=\"_ _3d\"> </span>dallo <span class=\"_ _3d\"> </span>sbilancio <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _3d\"> </span>e<span class=\"_ _3a1\"> </span>passivit\u00e0;<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">copertura <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>finanziari: <span class=\"_ _0\"></span>ha <span class=\"_ _35\"> </span>l\u2019obi<span class=\"_ _2\"></span>ettivo <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>coprire <span class=\"_ _0\"></span>l\u2019es<span class=\"_ _1\"></span>posizione <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>variazioni <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>cassa  futuri  a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tribuibili <span class=\"_ _35\"> </span>a  particolari  rischi  a<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>sociati  a <span class=\"_ _35\"> </span>poste  del <span class=\"_ _35\"> </span>bilancio.  Tale <span class=\"_ _35\"> </span>tipologia  di<span class=\"_ _3a1\"> </span> copertura <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>utilizzata <span class=\"_ _35\"> </span>essenzialmente <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>stabilizzare <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>flusso <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>interessi <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>raccolta <span class=\"_ _35\"> </span>a<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> tasso  variabile  nella  misura  in<span class=\"_ _3b\"></span>  cui  quest\u2019ultima  finanzia  impi<span class=\"_ _2\"></span>eghi  a  tasso  fisso.  In  talune<span class=\"_ _3a1\"> </span> circostanze, <span class=\"_ _0\"></span>analoghe <span class=\"_ _38\"></span>operazioni <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>poste <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>ssere <span class=\"_ _38\"></span>relat<span class=\"_ _1\"></span>ivamente <span class=\"_ _0\"></span>ad <span class=\"_ _38\"></span>alcune <span class=\"_ _38\"></span>tipologie <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> impieghi a tasso variabile.<span class=\"_ _3a1\"> </span> Solo <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>rumenti <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>coinvolgono <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>controparte<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>terna <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>Gruppo <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>ono <span class=\"_ _38\"></span>essere <span class=\"_ _38\"></span>designati<span class=\"_ _3a1\"> </span> come <span class=\"_ _35\"> </span>strumenti <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>copertura. <span class=\"_ _35\"> </span>Data <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>scelta <span class=\"_ _35\"> </span>esercitata <span class=\"_ _35\"> </span>dal <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>avvalersi <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>facolt\u00e0 <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span> continuare <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>appl<span class=\"_ _2\"></span>icare <span class=\"_ _0\"></span>integralmente <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>regole <span class=\"_ _38\"></span>dello <span class=\"_ _0\"></span>IAS <span class=\"_ _0\"></span>39 <span class=\"_ _0\"></span>pe<span class=\"_ _2\"></span>r <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>relazioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>copertura, <span class=\"_ _0\"></span>non <span class=\"_ _38\"></span>\u00e8<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> possibile <span class=\"_ _1\"></span>designare <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>capitale <span class=\"_ _1\"></span>classificati <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>con<span class=\"_ _3a1\"> </span> impatto <span class=\"_ _35\"> </span>sulla <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>edditivit\u00e0 <span class=\"_ _35\"> </span>complessiva <span class=\"_ _35\"> </span>(FVOCI)<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>come <span class=\"_ _35\"> </span>oggetti <span class=\"_ _35\"> </span>co<span class=\"_ _3b\"></span>pe<span class=\"_ _1\"></span>rti <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>il<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>prezzo <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> cambio, <span class=\"_ _38\"></span>dato <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>tali<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>strument<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>impatt<span class=\"_ _1\"></span>ano <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>economico, <span class=\"_ _38\"></span>nem<span class=\"_ _1\"></span>meno <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>caso <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>vendita<span class=\"_ _3a1\"> </span> (se non per i dividendi che sono rilevati a conto economico).<span class=\"_ _3a1\"> </span> Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span> I derivati di copertura sono valutati al fair<span class=\"_ _1\"></span> value. In particolare:<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">nel <span class=\"_ _35\"> </span>caso  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>copertura <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value, <span class=\"_ _35\"> </span>si  c<span class=\"_ _2\"></span>ompensa  l<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>variazione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value <span class=\"_ _35\"> </span>dell\u2019eleme<span class=\"_ _1\"></span>nto<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>coperto <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>variazione <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _38\"></span>dello <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>trumento <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>copert<span class=\"_ _1\"></span>ura. <span class=\"_ _1\"></span>Tale<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>compensazione <span class=\"_ _1\"></span>\u00e8<span class=\"_ _3a1\"> </span> riconosciuta attraverso <span class=\"_ _1\"></span>la rilevazione <span class=\"_ _1\"></span>a Conto Economico <span class=\"_ _1\"></span>delle variazioni di valor<span class=\"_ _1\"></span>e, riferite sia<span class=\"_ _3a1\"> </span>all\u2019elemento <span class=\"_ _39\"> </span>coperto <span class=\"_ _39\"> </span>(per <span class=\"_ _39\"> </span>quanto <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>iguarda <span class=\"_ _39\"> </span>le <span class=\"_ _39\"> </span>variazioni <span class=\"_ _39\"> </span>prodotte <span class=\"_ _39\"> </span>dal <span class=\"_ _36\"> </span>fatto<span class=\"_ _1\"></span>re <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>ischio sottostante),  sia  allo  strumento <span class=\"_ _3d\"> </span>di  copertura.  L\u2019eventuale  differenza,  che  rappre<span class=\"_ _1\"></span>senta  la parziale inefficacia della copertura, ne <span class=\"_ _1\"></span>costituisce di conseguenza l\u2019effetto economico netto. Nel cas<span class=\"_ _1\"></span>o di oper<span class=\"_ _1\"></span>azioni di co<span class=\"_ _1\"></span>pertura generica <span class=\"_ _1\"></span>di fair <span class=\"_ _1\"></span>value di <span class=\"_ _1\"></span>un port<span class=\"_ _1\"></span>afoglio (\u201cmacro <span class=\"_ _1\"></span>hedge\u201d) le variazioni di <span class=\"_ _2\"></span>fair value con riferimento al <span class=\"_ _2\"></span>rischio coperto delle attiv<span class=\"_ _2\"></span>it\u00e0 e delle passivit\u00e0 ogg<span class=\"_ _2\"></span>etto di <span class=\"_ _3f\"> </span>copertura <span class=\"_ _3f\"> </span>so<span class=\"_ _1\"></span>no <span class=\"_ _3f\"> </span>imputate <span class=\"_ _3f\"> </span>nello <span class=\"_ _3f\"> </span>stato <span class=\"_ _3f\"> </span>patrimo<span class=\"_ _1\"></span>niale, <span class=\"_ _3f\"> </span>rispettivamente, <span class=\"_ _3f\"> </span>nella <span class=\"_ _3f\"> </span>voce <span class=\"_ _3f\"> </span>60<span class=\"_ _1\"></span>. \u201cAdeguamento <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _0\"></span>oggetto <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>copertura <span class=\"_ _0\"></span>generica\u201d <span class=\"_ _38\"></span>oppure <span class=\"_ _38\"></span>5<span class=\"_ _1\"></span>0. \u201cAdeguamento di valore delle passivit\u00e0 finanziarie oggett<span class=\"_ _1\"></span>o di copertura generica\u201d; <span class=\"_ _42\"> </span><span class=\"ff4\">nel <span class=\"_ _1\"></span>caso <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>copertura <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>flussi <span class=\"_ _38\"></span>finanziari, <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>variazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fa<span class=\"_ _1\"></span>ir <span class=\"_ _1\"></span>value <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>derivato <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>imputate </span>nella <span class=\"_ _0\"></span>redditivit\u00e0 <span class=\"_ _0\"></span>complessiva, <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>ota <span class=\"_ _0\"></span>efficace <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>copertura, <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>rilevate <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>Conto Economico <span class=\"_ _0\"></span>solo <span class=\"_ _35\"> </span>quando, <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>posta <span class=\"_ _0\"></span>coperta, <span class=\"_ _35\"> </span>si<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>manifest<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>va<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iazione <span class=\"_ _0\"></span>dei flussi di cassa da compensare o se <span class=\"_ _1\"></span>la copertura risulta inefficace; <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _0\"></span>coperture <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>investimento <span class=\"_ _0\"></span>netto <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>valuta <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>contabilizzate <span class=\"_ _35\"> </span>allo <span class=\"_ _0\"></span>stesso <span class=\"_ _0\"></span>modo <span class=\"_ _0\"></span>delle </span>coperture di flussi finanziari. Lo <span class=\"_ _1\"></span>strumento <span class=\"_ _1\"></span>derivato \u00e8 <span class=\"_ _1\"></span>des<span class=\"_ _1\"></span>ignato di <span class=\"_ _1\"></span>copertura <span class=\"_ _1\"></span>se es<span class=\"_ _1\"></span>iste una <span class=\"_ _1\"></span>documentazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>formalizzata della relazione <span class=\"_ _1\"></span>tra lo <span class=\"_ _1\"></span>strumento <span class=\"_ _1\"></span>coperto e<span class=\"_ _1\"></span> lo s<span class=\"_ _1\"></span>trumento di <span class=\"_ _1\"></span>copertura e<span class=\"_ _1\"></span> se <span class=\"_ _1\"></span>\u00e8 e<span class=\"_ _1\"></span>fficace nel <span class=\"_ _1\"></span>momento in <span class=\"_ _1\"></span>cui la copertura ha inizio e, prospetticamente, durante tutta la vita <span class=\"_ _1\"></span>della stessa. L'efficacia <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>copertura <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>pende <span class=\"_ _0\"></span>dalla <span class=\"_ _35\"> </span>misura<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>cu<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>variazioni <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>fair <span class=\"_ _35\"> </span>valu<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>dello <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>trumento coperto <span class=\"_ _35\"> </span>o  d<span class=\"_ _2\"></span>ei <span class=\"_ _35\"> </span>relativi <span class=\"_ _35\"> </span>flussi <span class=\"_ _35\"> </span>finanziari <span class=\"_ _35\"> </span>at<span class=\"_ _1\"></span>tesi <span class=\"_ _35\"> </span>risultano  c<span class=\"_ _2\"></span>ompensati <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>quelle <span class=\"_ _35\"> </span>dello <span class=\"_ _35\"> </span>st<span class=\"_ _1\"></span>rumento  d<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span> copertura. <span class=\"_ _1\"></span>Pertanto, <span class=\"_ _1\"></span>l'efficacia <span class=\"_ _1\"></span>\u00e8 appre<span class=\"_ _1\"></span>zzata dal <span class=\"_ _1\"></span>confro<span class=\"_ _1\"></span>nto delle <span class=\"_ _1\"></span>suddette <span class=\"_ _1\"></span>variazioni, <span class=\"_ _1\"></span>tenuto <span class=\"_ _1\"></span>conto dell'intento <span class=\"_ _1\"></span>perseguito <span class=\"_ _1\"></span>dall'impresa ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>momento <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>cui la <span class=\"_ _1\"></span>copertura <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>stata <span class=\"_ _1\"></span>posta <span class=\"_ _1\"></span>in ess<span class=\"_ _1\"></span>ere. Si <span class=\"_ _1\"></span>ha efficacia <span class=\"_ _35\"> </span>quando <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>variazioni  di <span class=\"_ _0\"></span>fair <span class=\"_ _35\"> </span>value <span class=\"_ _35\"> </span>(o <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>flussi <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>cass<span class=\"_ _1\"></span>a) <span class=\"_ _35\"> </span>dello <span class=\"_ _35\"> </span>strumento <span class=\"_ _35\"> </span>finanziario <span class=\"_ _0\"> </span>di<span class=\"_ _1\"></span> copertura  neutralizzano  quasi  integralmente,  cio\u00e8<span class=\"_ _2\"></span>  nei  limiti  stabi<span class=\"_ _2\"></span>liti  dall\u2019intervallo  80-125%,  le variazioni di fair value dello strumento coperto, per l\u2019ele<span class=\"_ _1\"></span>mento di rischio oggetto di copertura. La <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>dell'efficacia <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>ef<span class=\"_ _2\"></span>fettuata <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>ogni <span class=\"_ _0\"></span>chiusura <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>bilanci<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>situazione <span class=\"_ _0\"></span>infrannuale utilizzando: <span class=\"_ _42\"> </span><span class=\"ff4\">test prospettici, che gi<span class=\"_ _2\"></span>ustificano l'applicazione della c<span class=\"_ _2\"></span>ontabilizzazione di copertura, in qu<span class=\"_ _2\"></span>anto </span>dimostrano la sua efficacia attesa; <span class=\"_ _42\"> </span><span class=\"ff4\">test <span class=\"_ _38\"></span>retrospettivi, <span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>evidenziano <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>grado <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>efficacia <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>copertura <span class=\"_ _38\"></span>raggiunto <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>periodo </span>cui <span class=\"_ _3b\"></span>si riferiscono, <span class=\"_ _3b\"></span>ovvero, <span class=\"_ _2\"></span>misurano <span class=\"_ _3b\"></span>quanto i <span class=\"_ _3b\"></span>risultati <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffettivi <span class=\"_ _3b\"></span>si sia<span class=\"_ _3b\"></span>no discostati <span class=\"_ _3b\"></span>dalla c<span class=\"_ _2\"></span>opertura perfetta. Solo  gli  strumenti <span class=\"_ _3d\"> </span>che  coinvolgono  una  controparte  esterna  posso<span class=\"_ _1\"></span>no  essere  designati  come strumenti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>copertura. <span class=\"_ _0\"></span>Pertanto, <span class=\"_ _0\"></span>ogni <span class=\"_ _38\"></span>risultato <span class=\"_ _0\"></span>riconducibil<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>transazioni <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>terne <span class=\"_ _0\"></span>effettuate <span class=\"_ _38\"></span>tra diverse entit\u00e0 del Gruppo \u00e8 eliminato dal bilancio consolidato. Cessazione pro<span class=\"_ _1\"></span>spettica della contabili<span class=\"_ _1\"></span>zzazione di co<span class=\"_ _3a1\"> </span>pertur<span class=\"_ _3a1\"> </span>a Se <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>verifiche <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>confermano <span class=\"_ _1\"></span>l\u2019efficacia <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>coper<span class=\"_ _1\"></span>tura, <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>quel <span class=\"_ _38\"></span>momento <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>contabilizzazione delle <span class=\"_ _3d\"> </span>operazioni <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>coper<span class=\"_ _1\"></span>tura,  se<span class=\"_ _1\"></span>condo <span class=\"_ _3d\"> </span>quanto <span class=\"_ _3d\"> </span>sopra <span class=\"_ _3d\"> </span>esposto, <span class=\"_ _3d\"> </span>viene<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>interrotta <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>il <span class=\"_ _3d\"> </span>contratto derivato <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>copertura <span class=\"_ _1\"></span>viene <span class=\"_ _1\"></span>riclassificato <span class=\"_ _1\"></span>tra <span class=\"_ _38\"></span>gli strume<span class=\"_ _1\"></span>nti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>negoziazione. Inoltre<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>operazioni <span class=\"_ _1\"></span>di copertura <span class=\"_ _38\"></span>cessano <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>momento <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>cui <span class=\"_ _1\"></span>lo <span class=\"_ _0\"></span>strumento <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>copertura <span class=\"_ _38\"></span>giunge <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>scadenza, <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>venduto, cessato o esercitato, oppure viene revocata <span class=\"_ _1\"></span>la designazione. Per <span class=\"_ _1\"></span>le re<span class=\"_ _1\"></span>lazioni di <span class=\"_ _1\"></span>copertura<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di fair <span class=\"_ _1\"></span>value, <span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>strumento <span class=\"_ _1\"></span>finanziario <span class=\"_ _1\"></span>coperto <span class=\"_ _1\"></span>non \u00e8 <span class=\"_ _38\"></span>pi\u00f9 rettificato <span class=\"_ _1\"></span>per le <span class=\"_ _2\"></span>variazioni <span class=\"_ _3b\"></span>di fair <span class=\"_ _3b\"></span>value <span class=\"_ _3b\"></span>e qualsia<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>rettifica al <span class=\"_ _3b\"></span>valore <span class=\"_ _2\"></span>contabile <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>uno <span class=\"_ _3b\"></span>str<span class=\"_ _1\"></span>umento <span class=\"_ _2\"></span>finanziario <span class=\"_ _3b\"></span>coperto per  il  qual<span class=\"_ _2\"></span>e  \u00e8  utilizzato  il <span class=\"_ _35\"> </span>criterio  dell'interesse  effettivo  d<span class=\"_ _2\"></span>eve  essere  ammortizzata  n<span class=\"_ _2\"></span>el  conto economico. <span class=\"_ _37\"> </span>Nel <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>interruzione <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>una <span class=\"_ _37\"> </span>relazione <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>cop<span class=\"_ _1\"></span>ertura <span class=\"_ _37\"> </span>generica <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>fair <span class=\"_ _37\"> </span>value, <span class=\"_ _37\"> </span>le rivalutazioni/svalutazioni <span class=\"_ _35\"> </span>cu<span class=\"_ _2\"></span>mulat<span class=\"_ _1\"></span>e <span class=\"_ _35\"> </span>iscritte <span class=\"_ _0\"></span>nella <span class=\"_ _35\"> </span>voce <span class=\"_ _0\"></span>60. <span class=\"_ _35\"> </span>\u201cAdeguamento <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>attivit\u00e0 finanziarie  oggetto <span class=\"_ _35\"> </span>di  copertura <span class=\"_ _35\"> </span>generica\u201d  oppu<span class=\"_ _2\"></span>re  50. <span class=\"_ _35\"> </span>\u201cAdeguamento  di <span class=\"_ _35\"> </span>valore  delle<span class=\"_ _2\"></span>  passivit\u00e0 finanziarie oggetto di copertura generica\u201d sono rilevate a conto <span class=\"_ _2\"></span>economico tra gli interessi attivi o passivi l<span class=\"_ _2\"></span>ungo la <span class=\"_ _3b\"></span>d<span class=\"_ _1\"></span>urata residua <span class=\"_ _3b\"></span>d<span class=\"_ _1\"></span>elle originarie <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>elazioni di<span class=\"_ _2\"></span> copertura, <span class=\"_ _3b\"></span>fe<span class=\"_ _1\"></span>rma restando <span class=\"_ _3b\"></span>la verifica che ne sussistano i presupposti.<span class=\"_ _3a1\"> </span>Per <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>relazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>copertura <span class=\"_ _38\"></span>dei <span class=\"_ _1\"></span>flussi <span class=\"_ _1\"></span>finanziari, <span class=\"_ _1\"></span>l'uti<span class=\"_ _3a1\"> </span>le <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>perdita <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>plessiva <span class=\"_ _1\"></span>dello <span class=\"_ _1\"></span>strume<span class=\"_ _1\"></span>nto di copertura <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>stato <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ilevato <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>elle <span class=\"_ _0\"></span>altre <span class=\"_ _38\"></span>componenti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>conto <span class=\"_ _0\"></span>ec<span class=\"_ _2\"></span>onomico <span class=\"_ _0\"></span>complessivo <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>partire dall'esercizio <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _3b\"></span>la <span class=\"_ _3b\"></span>copert<span class=\"_ _1\"></span>ura <span class=\"_ _3b\"></span>era efficac<span class=\"_ _2\"></span>e, <span class=\"_ _3b\"></span>deve r<span class=\"_ _2\"></span>estare <span class=\"_ _3b\"></span>separatamente <span class=\"_ _2\"></span>nel <span class=\"_ _3b\"></span>patrimonio <span class=\"_ _3b\"></span>ne<span class=\"_ _1\"></span>tto <span class=\"_ _3b\"></span>sino a <span class=\"_ _0\"></span>quando <span class=\"_ _38\"></span>l'oper<span class=\"_ _1\"></span>azione <span class=\"_ _0\"></span>prog<span class=\"_ _2\"></span>rammata <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>ve<span class=\"_ _2\"></span>rifica. <span class=\"_ _0\"></span>Qualora <span class=\"_ _38\"></span>l'operazione <span class=\"_ _0\"></span>programmata <span class=\"_ _0\"></span>ci <span class=\"_ _38\"></span>si <span class=\"_ _0\"></span>attende non <span class=\"_ _3d\"> </span>debba <span class=\"_ _3d\"> </span>pi\u00f9 <span class=\"_ _3d\"> </span>accader<span class=\"_ _1\"></span>e, <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>qual <span class=\"_ _3d\"> </span>caso <span class=\"_ _3d\"> </span>quals<span class=\"_ _1\"></span>iasi <span class=\"_ _3d\"> </span>corre<span class=\"_ _1\"></span>lato <span class=\"_ _3d\"> </span>utile <span class=\"_ _3d\"> </span>o <span class=\"_ _3d\"> </span>per<span class=\"_ _1\"></span>dita <span class=\"_ _3d\"> </span>complessivo <span class=\"_ _3d\"> </span>sullo strumento <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>copertura <span class=\"_ _36\"> </span>che <span class=\"_ _37\"> </span>\u00e8 <span class=\"_ _36\"> </span>stato <span class=\"_ _36\"> </span>rilevato <span class=\"_ _36\"> </span>nel <span class=\"_ _37\"> </span>prospetto <span class=\"_ _37\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _37\"> </span>altr<span class=\"_ _1\"></span>e <span class=\"_ _37\"> </span>componenti <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>conto economico complessivo d<span class=\"_ _2\"></span>all'esercizio <span class=\"_ _2\"></span>in cui <span class=\"_ _3b\"></span>la copertura era effic<span class=\"_ _2\"></span>ace deve es<span class=\"_ _2\"></span>sere riclassificato <span class=\"_ _2\"></span>dal patrimonio <span class=\"_ _3f\"> </span>netto <span class=\"_ _3f\"> </span>all\u2019utile <span class=\"_ _3f\"> </span>(perdita) <span class=\"_ _3f\"> </span>d\u2019eser<span class=\"_ _1\"></span>cizio <span class=\"_ _3f\"> </span>come <span class=\"_ _3f\"> </span>rettifica <span class=\"_ _3f\"> </span>da <span class=\"_ _3f\"> </span>riclassificazione. <span class=\"_ _3f\"> </span>Tuttavia,<span class=\"_ _3a1\"> </span>un\u2019operazione pro<span class=\"_ _1\"></span>grammata che <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>pi\u00f9 altamente <span class=\"_ _1\"></span>probabile, ci <span class=\"_ _1\"></span>si pu\u00f2 <span class=\"_ _1\"></span>ancora <span class=\"_ _1\"></span>attendere <span class=\"_ _1\"></span>che si<span class=\"_ _3a1\"> </span> verifichi.<span class=\"_ _3a1\"> </span> Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"_ _3a1\"> </span> L\u2019allocazione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>componenti <span class=\"_ _0\"></span>reddituali <span class=\"_ _38\"></span>nelle <span class=\"_ _0\"></span>pert<span class=\"_ _1\"></span>inenti <span class=\"_ _0\"></span>voci <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>avviene <span class=\"_ _0\"></span>sull<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span> base di quanto riportato di seguito:<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _0\"></span>differenziali <span class=\"_ _38\"></span>mat<span class=\"_ _1\"></span>urati <span class=\"_ _0\"></span>sugli <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>derivati <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>copert<span class=\"_ _1\"></span>ura <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>teresse<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>(oltre agli interessi delle posizioni<span class=\"_ _2\"></span> oggetto di copertura) vengono allocati <span class=\"_ _2\"></span>nella voce \u201cInteressi<span class=\"_ _3a1\"> </span> attivi e proventi assimilati\u201d o \u201cInteress<span class=\"_ _1\"></span>i passivi e oneri assimilati\u201d;<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">le plu<span class=\"_ _2\"></span>svalenze e mi<span class=\"_ _2\"></span>nusvalenze derivanti d<span class=\"_ _2\"></span>alla valutazione <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>strument<span class=\"_ _1\"></span>i derivati <span class=\"_ _3b\"></span>di copertura<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>e <span class=\"_ _37\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _37\"> </span>posizioni <span class=\"_ _37\"> </span>oggetto <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>copertura <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>fair <span class=\"_ _36\"> </span>value <span class=\"_ _37\"> </span>hedge <span class=\"_ _37\"> </span>vengono <span class=\"_ _36\"> </span>allocate <span class=\"_ _37\"> </span>nella <span class=\"_ _37\"> </span>voce<span class=\"_ _3a1\"> </span> \u201cRisultato netto dell\u2019attivit\u00e0 di copertur<span class=\"_ _1\"></span>a\u201d;<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _36\"> </span>plusvalenze <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>le <span class=\"_ _36\"> </span>minusvalenze <span class=\"_ _37\"> </span>derivanti <span class=\"_ _36\"> </span>dalla <span class=\"_ _36\"> </span>valutazione <span class=\"_ _36\"> </span>degli <span class=\"_ _37\"> </span>strumenti <span class=\"_ _36\"> </span>derivati <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>copertura di <span class=\"_ _1\"></span>cash flow <span class=\"_ _1\"></span>hedge <span class=\"_ _1\"></span>(per <span class=\"_ _1\"></span>la parte e<span class=\"_ _1\"></span>fficace) vengono <span class=\"_ _1\"></span>allocate <span class=\"_ _1\"></span>in una <span class=\"_ _1\"></span>specifica riserva<span class=\"_ _3a1\"> </span> di valutazione di patrimonio netto \u201c<span class=\"_ _1\"></span>Copertura dei flussi finanziari\u201d, al netto dell\u2019effetto fiscale<span class=\"_ _3a1\"> </span> differito. <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>parte <span class=\"_ _38\"></span>inefficace <span class=\"_ _1\"></span>tali <span class=\"_ _1\"></span>plus <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>minus <span class=\"_ _1\"></span>vengono <span class=\"_ _38\"></span>contabilizzate<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>economico<span class=\"_ _3a1\"> </span> nella <span class=\"_ _38\"></span>voce<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>\u201cRisulta<span class=\"_ _2\"></span>to <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>etto <span class=\"_ _0\"></span>dell\u2019<span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>copertura\u201d. <span class=\"_ _0\"></span>Se<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>lo <span class=\"_ _38\"></span>strumento <span class=\"_ _38\"></span>cope<span class=\"_ _1\"></span>rto <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>cancellato,<span class=\"_ _3a1\"> </span> scade <span class=\"_ _39\"> </span>o <span class=\"_ _36\"> </span>si <span class=\"_ _36\"> </span>e<span class=\"_ _1\"></span>stingue <span class=\"_ _36\"> </span>allora <span class=\"_ _39\"> </span>la <span class=\"_ _36\"> </span>riserva <span class=\"_ _39\"> </span>\u00e8 <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>iversata <span class=\"_ _36\"> </span>immediatamente <span class=\"_ _39\"> </span>a <span class=\"_ _36\"> </span>conto <span class=\"_ _39\"> </span>economico<span class=\"_ _3a1\"> </span> contestualmente alla cancellazione dell\u2019elemento coperto.<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">nel <span class=\"_ _1\"></span>caso <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>copertura <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>flussi <span class=\"_ _38\"></span>finanziari, <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>variazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fa<span class=\"_ _1\"></span>ir <span class=\"_ _1\"></span>value <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>derivato <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>imputate<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>nella <span class=\"_ _0\"></span>redditivit\u00e0 <span class=\"_ _0\"></span>complessiva, <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>ota <span class=\"_ _0\"></span>efficace <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>copertura, <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>rilevate <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>Conto<span class=\"_ _3a1\"> </span> Economico <span class=\"_ _0\"></span>solo <span class=\"_ _35\"> </span>quando, <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>posta <span class=\"_ _0\"></span>coperta, <span class=\"_ _35\"> </span>si<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>manifest<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>va<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iazione <span class=\"_ _0\"></span>dei<span class=\"_ _3a1\"> </span> flussi di cassa da compensare o se <span class=\"_ _1\"></span>la copertura risulta inefficace.<span class=\"_ _3a1\"> </span>5 \u2013 Par<span class=\"_ _1\"></span>tecipazion<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span> Crite<span class=\"_ _3a1\"> </span>ri di iscrizione  Le <span class=\"_ _37\"> </span>par<span class=\"_ _3a1\"> </span>tecipazioni <span class=\"_ _37\"> </span>sono <span class=\"_ _36\"> </span>iscritte <span class=\"_ _37\"> </span>alla <span class=\"_ _37\"> </span>dat<span class=\"_ _1\"></span>a <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>regolamento. <span class=\"_ _37\"> </span>All\u2019atto <span class=\"_ _37\"> </span>della <span class=\"_ _36\"> </span>rilevazione <span class=\"_ _36\"> </span>iniziale <span class=\"_ _37\"> </span>le<span class=\"_ _3a1\"> </span> interessenze <span class=\"_ _3f\"> </span>partecipative <span class=\"_ _39\"> </span>sono <span class=\"_ _3f\"> </span>contabilizz<span class=\"_ _2\"></span>ate <span class=\"_ _3f\"> </span>al <span class=\"_ _39\"> </span>costo, <span class=\"_ _3f\"> </span>comprensivo <span class=\"_ _39\"> </span>dei <span class=\"_ _3f\"> </span>costi <span class=\"_ _39\"> </span>o <span class=\"_ _3f\"> </span>proven<span class=\"_ _2\"></span>ti<span class=\"_ _3a1\"> </span> direttamente attribuibili alla transazione.<span class=\"_ _3a1\"> </span> Criteri di classifi<span class=\"_ _1\"></span>cazione<span class=\"_ _3a1\"> </span> La voce include le interessenze detenute in societ\u00e0 <span class=\"_ _1\"></span>controllate congiuntamente e collegate.<span class=\"_ _3a1\"> </span> Sono <span class=\"_ _38\"></span>considerate <span class=\"_ _38\"></span>controllate <span class=\"_ _1\"></span>congiuntamente <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>imprese <span class=\"_ _1\"></span>nelle <span class=\"_ _38\"></span>quali <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>diritti <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>voto <span class=\"_ _1\"></span>ed <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>controllo<span class=\"_ _3a1\"> </span> dell\u2019attivit\u00e0 <span class=\"_ _48\"> </span>econom<span class=\"_ _1\"></span>ica <span class=\"_ _48\"> </span>della <span class=\"_ _48\"> </span>part<span class=\"_ _1\"></span>ecipata <span class=\"_ _48\"> </span>s<span class=\"_ _1\"></span>ono <span class=\"_ _48\"> </span>condivisi <span class=\"_ _48\"> </span>in <span class=\"_ _17e\"> </span>modo <span class=\"_ _17e\"> </span>paritetico <span class=\"_ _17e\"> </span>da <span class=\"_ _48\"> </span>Cr<span class=\"_ _1\"></span>edem,<span class=\"_ _3a1\"> </span> direttamente o indirettamente, e da un altro soggetto. In<span class=\"_ _2\"></span>oltre viene qualificato come sottoposto a<span class=\"_ _3a1\"> </span> controllo congiunto <span class=\"_ _3b\"></span>un investimento pa<span class=\"_ _2\"></span>rtecipativo nel <span class=\"_ _3b\"></span>quale, pur <span class=\"_ _3b\"></span>in assenza di <span class=\"_ _3b\"></span>una quota p<span class=\"_ _2\"></span>aritetica<span class=\"_ _3a1\"> </span> di <span class=\"_ _0\"></span>diritti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>voto, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>controllo <span class=\"_ _0\"></span>sull\u2019attivit\u00e0 <span class=\"_ _0\"></span>economica <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sugli <span class=\"_ _0\"></span>indirizzi <span class=\"_ _0\"></span>strategici <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>partecipata <span class=\"_ _0\"></span>\u00e8<span class=\"_ _3a1\"> </span> condiviso con altri soggetti in virt\u00f9 di accordi contr<span class=\"_ _1\"></span>attuali.<span class=\"_ _3a1\"> </span> Sono <span class=\"_ _3d\"> </span>considerate <span class=\"_ _37\"> </span>collegate, <span class=\"_ _3d\"> </span>cio\u00e8 <span class=\"_ _3d\"> </span>sottoposte <span class=\"_ _37\"> </span>ad <span class=\"_ _3d\"> </span>influenza <span class=\"_ _3d\"> </span>notevole, <span class=\"_ _3d\"> </span>le <span class=\"_ _37\"> </span>imprese <span class=\"_ _3d\"> </span>nelle <span class=\"_ _3d\"> </span>quali <span class=\"_ _3d\"> </span>la<span class=\"_ _3a1\"> </span> capogruppo, <span class=\"_ _1\"></span>direttamente <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>indirettamente, <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>iede <span class=\"_ _1\"></span>almeno <span class=\"_ _1\"></span>il 20% <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>diritt<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>di vot<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>(ivi inc<span class=\"_ _1\"></span>lusi <span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span> diritti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>voto <span class=\"_ _1\"></span>\u201cpotenziali\u201d) <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>nelle <span class=\"_ _1\"></span>quali <span class=\"_ _1\"></span>\u2013 <span class=\"_ _1\"></span>pur <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>dirit<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>voto <span class=\"_ _1\"></span>inferiore <span class=\"_ _1\"></span>\u2013 <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>potere<span class=\"_ _3a1\"> </span> di <span class=\"_ _1\"></span>partecipare<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>determinazione <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>politiche <span class=\"_ _1\"></span>finanziarie <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>gestionali <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>partecipata <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>virt\u00f9<span class=\"_ _3a1\"> </span> di particolari legami giuridici quali la parte<span class=\"_ _1\"></span>cipazione a patti di sindacato.<span class=\"_ _3a1\"> </span> Non <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>considerate <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ottoposte <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>d <span class=\"_ _3b\"></span>influenza n<span class=\"_ _2\"></span>otevole alc<span class=\"_ _2\"></span>une <span class=\"_ _2\"></span>interessenze <span class=\"_ _2\"></span>superiori <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>20%, nell<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span> quali, <span class=\"_ _1\"></span>dirett<span class=\"_ _1\"></span>amente <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>indirettamente, <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>Gruppo <span class=\"_ _1\"></span>detiene <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>sclusivamente <span class=\"_ _1\"></span>diritt<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>patrimoniali <span class=\"_ _1\"></span>su <span class=\"_ _38\"></span>una<span class=\"_ _3a1\"> </span> porzione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>frutti <span class=\"_ _38\"></span>degli <span class=\"_ _0\"></span>investimenti, <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>ha <span class=\"_ _38\"></span>accesso <span class=\"_ _0\"></span>alle <span class=\"_ _0\"></span>politic<span class=\"_ _2\"></span>he <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>pu\u00f2 <span class=\"_ _0\"></span>esercitare<span class=\"_ _3a1\"> </span> diritti di governance limitati alla tutela degli interessi patrimoniali.<span class=\"_ _3a1\"> </span> Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span> Le <span class=\"_ _38\"></span>partecipazioni <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>societ\u00e0 <span class=\"_ _38\"></span>collegate<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>rollate <span class=\"_ _38\"></span>congi<span class=\"_ _3a1\"> </span>untamente <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>valutate<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>meto<span class=\"_ _1\"></span>do<span class=\"_ _3a1\"> </span> del patrimonio netto.<span class=\"_ _3a1\"> </span> Se  esistono  evidenze  che  il  valore  di  una  p<span class=\"_ _2\"></span>artecipazione  possa  aver  subito  una  riduzione,  si<span class=\"_ _3a1\"> </span> procede <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>tima <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>valore <span class=\"_ _38\"></span>recuperabile <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>par<span class=\"_ _1\"></span>tecipazione <span class=\"_ _38\"></span>stessa, <span class=\"_ _38\"></span>tene<span class=\"_ _1\"></span>ndo <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>valore<span class=\"_ _3a1\"> </span> attuale <span class=\"_ _36\"> </span>dei <span class=\"_ _36\"> </span>flussi <span class=\"_ _36\"> </span>finanziari <span class=\"_ _37\"> </span>futuri <span class=\"_ _36\"> </span>che <span class=\"_ _36\"> </span>la <span class=\"_ _36\"> </span>partecipazione <span class=\"_ _36\"> </span>potr\u00e0 <span class=\"_ _36\"> </span>generare, <span class=\"_ _36\"> </span>incluso <span class=\"_ _36\"> </span>il <span class=\"_ _36\"> </span>valore <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span> dismissione finale dell\u2019investimento.<span class=\"_ _3a1\"> </span> Qualora <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>recupero<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>risulti <span class=\"_ _0\"></span>inf<span class=\"_ _2\"></span>eriore<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>contabile, <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>relativa <span class=\"_ _38\"></span>differenza <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>rilevat<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>a<span class=\"_ _3a1\"> </span> conto e<span class=\"_ _3a1\"> </span>conomico.<span class=\"_ _3a1\"> </span> Qualora <span class=\"_ _3f\"> </span>i <span class=\"_ _39\"> </span>motivi <span class=\"_ _3f\"> </span>della <span class=\"_ _39\"> </span>perdita <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>valore <span class=\"_ _39\"> </span>s<span class=\"_ _1\"></span>iano <span class=\"_ _39\"> </span>rimossi <span class=\"_ _3f\"> </span>a <span class=\"_ _3f\"> </span>segu<span class=\"_ _2\"></span>ito <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>un <span class=\"_ _3f\"> </span>evento <span class=\"_ _3f\"> </span>verificatosi<span class=\"_ _3a1\"> </span> successivamente alla <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevazione della <span class=\"_ _3b\"></span>riduzione di <span class=\"_ _3b\"></span>valore<span class=\"_ _1\"></span>, vengono <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffettuate riprese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore co<span class=\"_ _2\"></span>n<span class=\"_ _3a1\"> </span> imputazione <span class=\"_ _36\"> </span>a <span class=\"_ _36\"> </span>cont<span class=\"_ _1\"></span>o <span class=\"_ _36\"> </span>econom<span class=\"_ _1\"></span>ico <span class=\"_ _36\"> </span>che <span class=\"_ _36\"> </span>non <span class=\"_ _36\"> </span>poss<span class=\"_ _1\"></span>ono <span class=\"_ _36\"> </span>eccedere <span class=\"_ _39\"> </span>l\u2019ammontare <span class=\"_ _36\"> </span>delle <span class=\"_ _36\"> </span>perdite<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>da<span class=\"_ _3a1\"> </span> impairment in precedenza registrate.<span class=\"_ _3a1\"> </span> Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span> Le  partecipazioni<span class=\"_ _2\"></span>  vengono  can<span class=\"_ _2\"></span>cellate  quando <span class=\"_ _35\"> </span>scadono  i  d<span class=\"_ _2\"></span>irit<span class=\"_ _3a1\"> </span>ti  c<span class=\"_ _2\"></span>ontrattuali  sui  f<span class=\"_ _2\"></span>lussi  finanziar<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span> derivati <span class=\"_ _49\"> </span>dalle <span class=\"_ _43\"> </span>attivit\u00e0 <span class=\"_ _49\"> </span>stesse <span class=\"_ _43\"> </span>o <span class=\"_ _49\"> </span>quando <span class=\"_ _43\"> </span>l\u2019attivit\u00e0 <span class=\"_ _49\"> </span>finanziaria <span class=\"_ _49\"> </span>viene <span class=\"_ _43\"> </span>ce<span class=\"_ _1\"></span>duta <span class=\"_ _43\"> </span>trasferendo<span class=\"_ _3a1\"> </span> sostanzialmente tutti i rischi e benefici ad essa connessi.<span class=\"_ _3a1\"> </span> Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"_ _3a1\"> </span>Le dif<span class=\"_ _2\"></span>ferenze negative <span class=\"_ _3b\"></span>di prima i<span class=\"_ _3b\"></span>scr<span class=\"_ _1\"></span>izione, gl<span class=\"_ _2\"></span>i util<span class=\"_ _2\"></span>i e <span class=\"_ _2\"></span>le<span class=\"_ _3a1\"> </span> perdite <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lle par<span class=\"_ _2\"></span>tecipate realizzate, <span class=\"_ _3b\"></span>le perdite<span class=\"_ _3a1\"> </span> da i<span class=\"_ _2\"></span>mpairment e le <span class=\"_ _3b\"></span>riprese di v<span class=\"_ _2\"></span>alore<span class=\"_ _1\"></span> vengono <span class=\"_ _3b\"></span>allocate nella v<span class=\"_ _2\"></span>oce d<span class=\"_ _2\"></span>i conto <span class=\"_ _2\"></span>economico \u201cUtili <span class=\"_ _2\"></span>(Perdite)<span class=\"_ _3a1\"> </span> delle partecipazioni\u201d, mentre i <span class=\"_ _2\"></span>divi<span class=\"_ _2\"></span>dendi incassati vengono allocati <span class=\"_ _2\"></span>nella voce \u201c<span class=\"_ _2\"></span>Dividendi e proventi<span class=\"_ _3a1\"> </span> simili\u201d nel momento in cui sorge il diritto a riceverne <span class=\"_ _1\"></span>il pagamento.6 - Atti<span class=\"_ _1\"></span>vit\u00e0 mate<span class=\"_ _1\"></span>riali<span class=\"_ _3a1\"> </span> Criteri di iscrizione<span class=\"_ _3a1\"> </span> Le att<span class=\"_ _3a1\"> </span>ivit\u00e0 materiali so<span class=\"_ _1\"></span>no inizialmente <span class=\"_ _1\"></span>iscritte al costo <span class=\"_ _1\"></span>che comprende, <span class=\"_ _1\"></span>oltre al <span class=\"_ _1\"></span>prezzo di <span class=\"_ _1\"></span>acquisto,<span class=\"_ _3a1\"> </span> tutti <span class=\"_ _1\"></span>gli e<span class=\"_ _1\"></span>ventuali <span class=\"_ _1\"></span>oneri <span class=\"_ _1\"></span>accessori direttame<span class=\"_ _1\"></span>nte imputabili <span class=\"_ _1\"></span>all\u2019acquisto <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>messa <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>funzione <span class=\"_ _1\"></span>del<span class=\"_ _3a1\"> </span> bene.<span class=\"_ _3a1\"> </span> Le <span class=\"_ _0\"></span>spese <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>manute<span class=\"_ _1\"></span>nzione <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>traordinaria <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>comportano <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>incremento <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>benefici <span class=\"_ _38\"></span>econom<span class=\"_ _1\"></span>ici<span class=\"_ _3a1\"> </span> futuri <span class=\"_ _3b\"></span>vengono imputate <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>d <span class=\"_ _3b\"></span>increment<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>valore d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>cespiti, <span class=\"_ _2\"></span>mentre <span class=\"_ _2\"></span>gli <span class=\"_ _3b\"></span>altr<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>costi di <span class=\"_ _3b\"></span>manutenzione<span class=\"_ _3a1\"> </span> ordinaria sono rilevati a Conto Economico.<span class=\"_ _3a1\"> </span> I <span class=\"_ _1\"></span>contratti <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>leasing <span class=\"_ _1\"></span>(in <span class=\"_ _1\"></span>qualit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>locatario) <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _1\"></span>contabilizzati <span class=\"_ _1\"></span>applicando <span class=\"_ _1\"></span>l\u2019IFRS <span class=\"_ _1\"></span>16 <span class=\"_ _38\"></span>sulla <span class=\"_ _1\"></span>base <span class=\"_ _38\"></span>del<span class=\"_ _3a1\"> </span> cosiddetto <span class=\"_ _2\"></span>modello <span class=\"_ _3b\"></span>del <span class=\"_ _2\"></span>diritto <span class=\"_ _2\"></span>d\u2019uso <span class=\"_ _3b\"></span>(\u201cright of<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>use\u201d). Alla <span class=\"_ _3b\"></span>data <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevazione <span class=\"_ _3b\"></span>iniziale <span class=\"_ _2\"></span>pertanto <span class=\"_ _3b\"></span>il <span class=\"_ _2\"></span>valore<span class=\"_ _3a1\"> </span> del <span class=\"_ _3b\"></span>diritt<span class=\"_ _1\"></span>o d<span class=\"_ _2\"></span>\u2019uso <span class=\"_ _3b\"></span>\u00e8 determinato <span class=\"_ _3b\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>valor<span class=\"_ _1\"></span>e <span class=\"_ _3b\"></span>di iscrizione <span class=\"_ _3b\"></span>iniziale <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lla <span class=\"_ _3b\"></span>P<span class=\"_ _1\"></span>assivit\u00e0 <span class=\"_ _3b\"></span>per leasing, <span class=\"_ _3b\"></span>corretto<span class=\"_ _3a1\"> </span> per le seguenti componenti:<span class=\"_ _3a1\"> </span> \u2022 i <span class=\"_ _3b\"></span>pagamenti dovuti per <span class=\"_ _2\"></span>il l<span class=\"_ _2\"></span>easing effettuati alla <span class=\"_ _3b\"></span>data o prima <span class=\"_ _2\"></span>della d<span class=\"_ _2\"></span>ata di <span class=\"_ _3b\"></span>decor<span class=\"_ _1\"></span>renza al <span class=\"_ _2\"></span>netto degl<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span>incentivi al leasing ricevuti;<span class=\"_ _3a1\"> </span> \u2022 i costi iniziali diretti sostenuti dal locatar<span class=\"_ _1\"></span>io;<span class=\"_ _3a1\"> </span> \u2022<span class=\"_ _48\"> </span>la <span class=\"_ _37\"> </span>stima <span class=\"_ _37\"> </span>dei <span class=\"_ _37\"> </span>costi <span class=\"_ _37\"> </span>che <span class=\"_ _37\"> </span>il <span class=\"_ _37\"> </span>locatario <span class=\"_ _3d\"> </span>dovr\u00e0 <span class=\"_ _37\"> </span>soste<span class=\"_ _1\"></span>nere <span class=\"_ _37\"> </span>per <span class=\"_ _3d\"> </span>lo <span class=\"_ _37\"> </span>smante<span class=\"_ _1\"></span>llamento <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>rimozione<span class=\"_ _3a1\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _35\"> </span>sottostante <span class=\"_ _35\"> </span>e  p<span class=\"_ _2\"></span>er <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>ripristino <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>sito <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>ubicata <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>ripristino <span class=\"_ _35\"> </span>dell'attivit\u00e0<span class=\"_ _3a1\"> </span> sottostante nelle condizioni previste dai termini e <span class=\"_ _1\"></span>dalle condizioni del leasing.<span class=\"_ _3a1\"> </span> Nell\u2019identificazione <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>diritti <span class=\"_ _3d\"> </span>d\u2019uso, <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>Gruppo <span class=\"_ _3d\"> </span>Credem <span class=\"_ _3d\"> </span>applica <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>\u201csemplificazioni\u201d <span class=\"_ _3d\"> </span>consent<span class=\"_ _1\"></span>ite<span class=\"_ _3a1\"> </span> dall\u2019IFRS 16 e quindi non sono considerati i contratti ave<span class=\"_ _1\"></span>nti caratteristiche:<span class=\"_ _3a1\"> </span> \u2022<span class=\"_ _3d\"> </span>Leasing <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>breve <span class=\"_ _1\"></span>durata, ovvero <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>leasing <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>breve <span class=\"_ _1\"></span>durata \u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>un leas<span class=\"_ _1\"></span>ing che, <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>iniziale, <span class=\"_ _1\"></span>ha<span class=\"_ _3a1\"> </span>una durata uguale o inferiore ai 12 mesi;<span class=\"_ _3a1\"> </span> \u2022 Leasing <span class=\"_ _3b\"></span>\u201clow-value\u201d, ovvero Leasing <span class=\"_ _3b\"></span>il cui asset presenta <span class=\"_ _3b\"></span>un valore pari o <span class=\"_ _3b\"></span>inferiore ad <span class=\"_ _3b\"></span>Euro<span class=\"_ _1\"></span> 5.000.<span class=\"_ _3a1\"> </span> Criteri di <span class=\"_ _184\"></span>class<span class=\"_ _1\"></span>ificazione<span class=\"_ _3a1\"> </span> Le at<span class=\"_ _1\"></span>tivit\u00e0 materiali <span class=\"_ _1\"></span>comprendono i <span class=\"_ _1\"></span>terreni, gli imm<span class=\"_ _1\"></span>obili strumentali, <span class=\"_ _1\"></span>gli invest<span class=\"_ _1\"></span>imenti immobiliari, il<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> patrimonio <span class=\"_ _0\"> </span>artis<span class=\"_ _1\"></span>tico <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>pregio, <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>impianti <span class=\"_ _0\"></span>tecnici, <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>mobili <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>gli <span class=\"_ _0\"></span>arredi <span class=\"_ _0\"> </span>nonch\u00e9<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>le <span class=\"_ _35\"> </span>attrezzature <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> qualsiasi <span class=\"_ _0\"></span>tipo <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>ritiene <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>utilizzare <span class=\"_ _0\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>periodo. <span class=\"_ _0\"></span>Le <span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _0\"></span>materiali <span class=\"_ _0\"></span>detenute <span class=\"_ _0\"></span>per<span class=\"_ _3a1\"> </span> essere utilizzate nella produzione o nella fornitura di <span class=\"_ _3b\"></span>be<span class=\"_ _1\"></span>ni e servizi <span class=\"_ _2\"></span>sono classificate come \u201cattivit\u00e0<span class=\"_ _3a1\"> </span> ad <span class=\"_ _35\"> </span>uso  funzional<span class=\"_ _2\"></span>e\u201d  secondo <span class=\"_ _35\"> </span>lo <span class=\"_ _35\"> </span>IAS <span class=\"_ _35\"> </span>16.  Gli <span class=\"_ _35\"> </span>immobili <span class=\"_ _35\"> </span>posseduti <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>finalit\u00e0  di <span class=\"_ _35\"> </span>investimento <span class=\"_ _35\"> </span>(per<span class=\"_ _3a1\"> </span> conseguire <span class=\"_ _3b\"></span>canoni di <span class=\"_ _3b\"></span>locazione <span class=\"_ _3b\"></span>o <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>l\u2019apprezzamento <span class=\"_ _3b\"></span>del cap<span class=\"_ _2\"></span>itale <span class=\"_ _3b\"></span>invest<span class=\"_ _1\"></span>ito) <span class=\"_ _3b\"></span>sono <span class=\"_ _2\"></span>classificati <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>me<span class=\"_ _3a1\"> </span> \u201cattivit\u00e0 detenute a scopo di invest<span class=\"_ _1\"></span>imento\u201d in base allo IAS 40.<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> La  voce <span class=\"_ _3d\"> </span>accoglie <span class=\"_ _3d\"> </span>anche  attivit\u00e0 <span class=\"_ _3d\"> </span>materiali <span class=\"_ _3d\"> </span>classificate <span class=\"_ _3d\"> </span>in  base  allo <span class=\"_ _3d\"> </span>IAS <span class=\"_ _3d\"> </span>2  - <span class=\"_ _3d\"> </span>Rimanenze, <span class=\"_ _3d\"> </span>che  si<span class=\"_ _3a1\"> </span> riferiscono <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>beni <span class=\"_ _0\"></span>derivanti <span class=\"_ _0\"></span>dall\u2019attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>escussione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>garanzie <span class=\"_ _0\"> </span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>dall\u2019acquisto <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>asta <span class=\"_ _0\"></span>che<span class=\"_ _3a1\"> </span> l\u2019impresa <span class=\"_ _37\"> </span>ha <span class=\"_ _36\"> </span>intenzione <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>vendere <span class=\"_ _36\"> </span>nel <span class=\"_ _37\"> </span>prossimo <span class=\"_ _36\"> </span>futuro, <span class=\"_ _37\"> </span>senza <span class=\"_ _37\"> </span>effe<span class=\"_ _1\"></span>ttuare <span class=\"_ _37\"> </span>rilevanti <span class=\"_ _36\"> </span>opere <span class=\"_ _37\"> </span>di<span class=\"_ _3a1\"> </span> ristrutturazione, <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>hanno <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>esupposti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>essere <span class=\"_ _1\"></span>classificati <span class=\"_ _1\"></span>nelle <span class=\"_ _1\"></span>cat<span class=\"_ _1\"></span>egorie <span class=\"_ _1\"></span>precedenti,<span class=\"_ _3a1\"> </span> sia al portafoglio immobiliare delle Societ\u00e0 immobiliari del Gruppo, compr<span class=\"_ _2\"></span>ensivo di aree edificabili,<span class=\"_ _3a1\"> </span> immobili in <span class=\"_ _2\"></span>costruzione, immobili u<span class=\"_ _2\"></span>ltimati in vendita<span class=\"_ _2\"></span> e iniz<span class=\"_ _2\"></span>iative di <span class=\"_ _2\"></span>sviluppo immobiliare, acqu<span class=\"_ _2\"></span>istato<span class=\"_ _3a1\"> </span> e detenuto in un\u2019ottica di dismissione.<span class=\"_ _3a1\"> </span><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs493\">Sono, <span class=\"_ _3d\"> </span>infine, <span class=\"_ _37\"> </span>iscritt<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>nelle <span class=\"_ _37\"> </span>attivit\u00e0 <span class=\"_ _37\"> </span>materiali <span class=\"_ _37\"> </span>i <span class=\"_ _3d\"> </span>beni <span class=\"_ _37\"> </span>utilizzati <span class=\"_ _3d\"> </span>ne<span class=\"_ _1\"></span>ll\u2019ambito <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>contr<span class=\"_ _1\"></span>atti <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>leas<span class=\"_ _1\"></span>ing </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs494\">finanzi<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs495\">ario, ancorch\u00e9 la t<span class=\"_ _1\"></span>itolarit\u00e0 giuridica degli stessi rimanga alla societ\u00e0 locatrice. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs496\">Criteri di valuta<span class=\"_ _1\"></span>zione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs497\">Le attivit\u00e0 materiali sono valutate al costo, <span class=\"_ _1\"></span>dedotti eventuali ammortamenti e perdite di valore. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs498\">Le <span class=\"_ _44\"> </span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _44\"> </span>materiali <span class=\"_ _44\"> </span>sono <span class=\"_ _44\"> </span>sist<span class=\"_ _1\"></span>ematicamente <span class=\"_ _44\"> </span>ammortizzate, <span class=\"_ _44\"> </span>adot<span class=\"_ _1\"></span>tando <span class=\"_ _44\"> </span>come <span class=\"_ _44\"> </span>cr<span class=\"_ _1\"></span>iterio <span class=\"_ _44\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs499\">ammortamento  il <span class=\"_ _35\"> </span>metodo <span class=\"_ _35\"> </span>a  qu<span class=\"_ _2\"></span>ote  cos<span class=\"_ _2\"></span>tanti,  lu<span class=\"_ _2\"></span>ngo  l<span class=\"_ _2\"></span>a  l<span class=\"_ _2\"></span>oro  vita <span class=\"_ _35\"> </span>utile. <span class=\"_ _35\"> </span>Il  v<span class=\"_ _2\"></span>alore  ammortizzabile <span class=\"_ _35\"> </span>\u00e8 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs49a\">rappresentato <span class=\"_ _3f\"> </span>dal <span class=\"_ _3f\"> </span>costo <span class=\"_ _3f\"> </span>dei <span class=\"_ _39\"> </span>beni <span class=\"_ _3f\"> </span>al <span class=\"_ _3f\"> </span>netto <span class=\"_ _3f\"> </span>del <span class=\"_ _39\"> </span>valore <span class=\"_ _3f\"> </span>residuo <span class=\"_ _3f\"> </span>al <span class=\"_ _39\"> </span>t<span class=\"_ _1\"></span>ermine <span class=\"_ _3f\"> </span>del <span class=\"_ _3f\"> </span>processo <span class=\"_ _39\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs49b\">ammortamento, <span class=\"_ _36\"> </span>se <span class=\"_ _37\"> </span>significativo. <span class=\"_ _37\"> </span>Gli <span class=\"_ _36\"> </span>immobili <span class=\"_ _37\"> </span>vengono <span class=\"_ _37\"> </span>am<span class=\"_ _1\"></span>mortizzati <span class=\"_ _37\"> </span>per <span class=\"_ _36\"> </span>una <span class=\"_ _37\"> </span>quota <span class=\"_ _37\"> </span>ritenuta </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs49c\">congrua <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>rappresent<span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>deperimento <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>cespiti <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>tempo <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>seguito <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>utilizzo, te<span class=\"_ _1\"></span>nuto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs49d\">conto delle spese di manutenzione di carattere straordinario, ch<span class=\"_ _2\"></span>e vengono portate ad incremento </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs49e\">del valore dei cespiti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs49f\">Non vengono invece ammortizzati: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs4a0\"><span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _35\"> </span>terreni, <span class=\"_ _35\"> </span>siano <span class=\"_ _35\"> </span>essi <span class=\"_ _35\"> </span>stati <span class=\"_ _35\"> </span>acquisiti <span class=\"_ _35\"> </span>singolarmente <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>incorporati <span class=\"_ _35\"> </span>nel <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>fabbricati, <span class=\"_ _35\"> </span>in<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4a1\">quanto hanno vita utile indefinita; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs4a2\"><span class=\"_ _42\"> </span><span class=\"ff4\">il patr<span class=\"_ _1\"></span>imonio <span class=\"_ _1\"></span>artistico <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>pregio, <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>altri <span class=\"_ _1\"></span>beni <span class=\"_ _1\"></span>stor<span class=\"_ _1\"></span>ico <span class=\"_ _1\"></span>artistici e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>decorativi <span class=\"_ _1\"></span>in quanto <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>vita </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4a3\">utile <span class=\"_ _35\"> </span>non <span class=\"_ _0\"></span>pu\u00f2 <span class=\"_ _35\"> </span>essere <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>timata <span class=\"_ _0\"></span>ed <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>loro <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>normalmente <span class=\"_ _35\"> </span>destinato <span class=\"_ _35\"> </span>ad <span class=\"_ _0\"></span>aumentare <span class=\"_ _35\"> </span>nel </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4a4\">tempo. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4a5\">Se <span class=\"_ _38\"></span>esiste <span class=\"_ _1\"></span>qualche <span class=\"_ _38\"></span>indicazione <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>dimostri <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>un\u2019att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _1\"></span>materiale <span class=\"_ _38\"></span>valutata <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>costo <span class=\"_ _1\"></span>possa <span class=\"_ _38\"></span>aver </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4a6\">subito un<span class=\"_ _2\"></span>a perdita <span class=\"_ _2\"></span>di v<span class=\"_ _2\"></span>alore, si <span class=\"_ _3b\"></span>procede al c<span class=\"_ _2\"></span>onfronto t<span class=\"_ _2\"></span>ra il <span class=\"_ _3b\"></span>valore di <span class=\"_ _3b\"></span>carico del c<span class=\"_ _3b\"></span>es<span class=\"_ _1\"></span>pite ed <span class=\"_ _3b\"></span>il suo <span class=\"_ _3b\"></span>valore </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4a7\">di recupero. Le eventuali rettifiche vengono rilevate a <span class=\"_ _1\"></span>Conto Econ<span class=\"_ _2\"></span>omico. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4a8\">Qualora vengano meno<span class=\"_ _1\"></span> i motivi che hanno portato alla r<span class=\"_ _1\"></span>ilevazione della perdita, si d\u00e0 luogo a<span class=\"_ _1\"></span>d una </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4a9\">ripresa <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>valore, <span class=\"_ _3d\"> </span>che<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>non <span class=\"_ _3d\"> </span>pu\u00f2 <span class=\"_ _3d\"> </span>superare <span class=\"_ _37\"> </span>il <span class=\"_ _3d\"> </span>valore <span class=\"_ _3d\"> </span>che <span class=\"_ _3d\"> </span>l\u2019att<span class=\"_ _1\"></span>ivit\u00e0  avre<span class=\"_ _1\"></span>bbe <span class=\"_ _3d\"> </span>avuto, <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>netto <span class=\"_ _37\"> </span>degli </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4aa\">ammortamenti calcolati, in assenza di precedenti perdite di valore. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4ab\">Per <span class=\"_ _0\"></span>quel <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>attiene <span class=\"_ _0\"></span>alle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>mat<span class=\"_ _1\"></span>eriali <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ilevate <span class=\"_ _0\"></span>ai <span class=\"_ _38\"></span>sensi <span class=\"_ _0\"></span>dello <span class=\"_ _38\"></span>IAS <span class=\"_ _0\"></span>2, <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>stesse <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>valutate<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>al<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4ac\">minore <span class=\"_ _35\"> </span>tra <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>costo  ed <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>valor<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>netto <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>realizzo, <span class=\"_ _35\"> </span>fermo<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>restando <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>procede <span class=\"_ _35\"> </span>comunque <span class=\"_ _35\"> </span>al </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4ad\">confronto <span class=\"_ _3d\"> </span>tra <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>valore <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>car<span class=\"_ _1\"></span>ico  del <span class=\"_ _37\"> </span>cespite  e<span class=\"_ _1\"></span>d <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>suo <span class=\"_ _3d\"> </span>valore <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>recupero <span class=\"_ _3d\"> </span>ove <span class=\"_ _3d\"> </span>esista <span class=\"_ _37\"> </span>qualche </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4ae\">indicazione che dimostri che il bene possa aver<span class=\"_ _2\"></span> subito una perdita di valore. Le eventuali rettific<span class=\"_ _2\"></span>he </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4af\">vengono rilevate a conto economico. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs4b0\">Criteri di cancel<span class=\"_ _1\"></span>lazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4b1\">Un'attivit\u00e0 <span class=\"_ _1\"></span>materiale <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>liminata dallo <span class=\"_ _38\"></span>Stato <span class=\"_ _1\"></span>Patrim</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4b2\">oniale </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4b3\">al <span class=\"_ _1\"></span>momento <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>dismissione <span class=\"_ _38\"></span>o <span class=\"_ _1\"></span>quando </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4b4\">il  b<span class=\"_ _2\"></span>ene  \u00e8  permanentemente  ritirato  dall<span class=\"_ _2\"></span>\u2019uso  e  dal<span class=\"_ _2\"></span>la  sua <span class=\"_ _35\"> </span>dismi<span class=\"_ _1\"></span>ssione  non  sono <span class=\"_ _35\"> </span>attesi  benefici </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4b5\">economici futuri. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs4b6\">Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4b7\">L\u2019allocazione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>componenti <span class=\"_ _0\"></span>reddituali <span class=\"_ _38\"></span>nelle <span class=\"_ _0\"></span>pert<span class=\"_ _1\"></span>inenti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4b8\">voci <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>nto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>avviene <span class=\"_ _0\"></span>sulla </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4b9\">base di quanto riportato di seguito: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs4ba\"><span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _3b\"></span>ammor<span class=\"_ _1\"></span>tamenti p<span class=\"_ _2\"></span>eriodici, <span class=\"_ _3b\"></span>le perdite <span class=\"_ _3b\"></span>durature di <span class=\"_ _3b\"></span>valore <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>le <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iprese <span class=\"_ _3b\"></span>di v<span class=\"_ _2\"></span>alore vengono <span class=\"_ _3b\"></span>allocate<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4bb\">nella voce \u201cRettifiche/riprese di valore nette su attivit\u00e0 mater<span class=\"_ _1\"></span>iali\u201d; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs4bc\"><span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _0\"></span>profitti <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>perdite <span class=\"_ _38\"></span>derivanti <span class=\"_ _0\"></span>dalle <span class=\"_ _0\"></span>ope<span class=\"_ _2\"></span>razioni <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>cess<span class=\"_ _1\"></span>ione <span class=\"_ _0\"></span>veng<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>no <span class=\"_ _0\"></span>allocati <span class=\"_ _38\"></span>nella <span class=\"_ _0\"></span>voce <span class=\"_ _38\"></span>\u201c<span class=\"_ _1\"></span>Utili </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4bd\">(Perdite) da cessione di investimenti\u201d. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs4be\">7 - Atti<span class=\"_ _1\"></span>vit\u00e0 immate<span class=\"_ _1\"></span>riali<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs4bf\">Criter</div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs4c0\">i di iscrizione  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4c1\">Le at<span class=\"_ _1\"></span>tivit\u00e0 immateriali s<span class=\"_ _1\"></span>ono <span class=\"_ _1\"></span>iscritte come <span class=\"_ _1\"></span>tali se<span class=\"_ _1\"></span> sono <span class=\"_ _1\"></span>ide<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4c2\">ntificabili e t<span class=\"_ _1\"></span>rovano origine <span class=\"_ _1\"></span>in diritt<span class=\"_ _1\"></span>i legali<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4c3\">o contrattuali.<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4c4\">Le <span class=\"_ _37\"> </span>pre<span class=\"_ _1\"></span>dette <span class=\"_ _37\"> </span>attivit\u00e0 <span class=\"_ _37\"> </span>sono <span class=\"_ _36\"> </span>iscritte <span class=\"_ _37\"> </span>ai <span class=\"_ _37\"> </span>costi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>acquisto, <span class=\"_ _37\"> </span>comprensivi <span class=\"_ _37\"> </span>degli <span class=\"_ _36\"> </span>oneri <span class=\"_ _37\"> </span>accessori <span class=\"_ _37\"> </span>ed<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4c5\">aumentati <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>pese <span class=\"_ _0\"></span>success<span class=\"_ _1\"></span>ive <span class=\"_ _0\"></span>soste<span class=\"_ _1\"></span>nute <span class=\"_ _35\"> </span>p<span class=\"_ _2\"></span>er <span class=\"_ _35\"> </span>accrescerne <span class=\"_ _35\"> </span>i<span class=\"_ _3b\"></span>l <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>capacit\u00e0 <span class=\"_ _0\"> </span>pro<span class=\"_ _1\"></span>duttiva<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4c6\">iniziale. <span class=\"_ _35\"> </span>Gli  avviamenti  sono  pari  al<span class=\"_ _2\"></span>la  diff<span class=\"_ _2\"></span>erenza  positiva  tra  gl<span class=\"_ _2\"></span>i  oneri  sostenuti <span class=\"_ _35\"> </span>per  acquisire  i<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4c7\">complessi <span class=\"_ _0\"></span>aziendali <span class=\"_ _38\"></span>sottostanti <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>pertinenti <span class=\"_ _0\"></span>quote <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>fai<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>val<span class=\"_ _3b\"></span>ue <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0, <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4c8\">delle passivit\u00e0 potenziali acq<span class=\"_ _2\"></span>uisite. Qualora tale differenza risulti <span class=\"_ _3b\"></span>negativa (badwill) o nell\u2019ipotesi in<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4c9\">cui <span class=\"_ _37\"> </span>il <span class=\"_ _36\"> </span>goodwill <span class=\"_ _36\"> </span>non <span class=\"_ _36\"> </span>trovi <span class=\"_ _36\"> </span>giustificazione <span class=\"_ _37\"> </span>ne<span class=\"_ _1\"></span>lle <span class=\"_ _36\"> </span>capacit\u00e0 <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>ddituali <span class=\"_ _37\"> </span>future <span class=\"_ _36\"> </span>della <span class=\"_ _36\"> </span>partecipata, <span class=\"_ _36\"> </span>la<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4ca\">differenza stessa viene iscritta direttame<span class=\"_ _1\"></span>nte a conto economico.<span class=\"_ _3a1\"> </span></div>Criteri di classifi<span class=\"_ _1\"></span>cazione<span class=\"_ _3a1\"> </span> Il por<span class=\"_ _3a1\"> </span>tafoglio delle a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 immateriali in<span class=\"_ _2\"></span>clude i fat<span class=\"_ _2\"></span>tori intangibili<span class=\"_ _2\"></span> di produzione ad <span class=\"_ _2\"></span>utilit\u00e0 pl<span class=\"_ _2\"></span>uriennale<span class=\"_ _3a1\"> </span> rappresentati <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>particolare  da <span class=\"_ _3d\"> </span>software, <span class=\"_ _3d\"> </span>benefici  legat<span class=\"_ _1\"></span>i  alla <span class=\"_ _3d\"> </span>relazione <span class=\"_ _3d\"> </span>con <span class=\"_ _3d\"> </span>la  cliente<span class=\"_ _1\"></span>la  (client<span class=\"_ _3a1\"> </span> relationship) e avviamenti.<span class=\"_ _3a1\"> </span> Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span> Le <span class=\"_ _0\"></span>attiv<span class=\"_ _2\"></span>it\u00e0 <span class=\"_ _0\"></span>immateriali <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>durata <span class=\"_ _38\"></span>limitat<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>vengono<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>alutat<span class=\"_ _3a1\"> </span>e <span class=\"_ _38\"></span>secondo <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>principio <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>costo <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>netto<span class=\"_ _3a1\"> </span> degli <span class=\"_ _1\"></span>ammo<span class=\"_ _1\"></span>rtamenti <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>perdite <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>riduzioni <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>valore. <span class=\"_ _38\"></span>Gli <span class=\"_ _38\"></span>ammortame<span class=\"_ _1\"></span>nti <span class=\"_ _1\"></span>sono<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>durata <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ari<span class=\"_ _3a1\"> </span> alla <span class=\"_ _38\"></span>vita <span class=\"_ _0\"></span>utile <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>beni <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>ammo<span class=\"_ _1\"></span>rtizzare <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>basati <span class=\"_ _38\"></span>sul <span class=\"_ _0\"></span>metodo <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>ote <span class=\"_ _0\"></span>costanti. <span class=\"_ _38\"></span>Se<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>rico<span class=\"_ _2\"></span>rrono<span class=\"_ _3a1\"> </span> evidenze <span class=\"_ _39\"> </span>sintomatiche <span class=\"_ _3f\"> </span>dell\u2019esi<span class=\"_ _2\"></span>stenza <span class=\"_ _39\"> </span>di <span class=\"_ _3f\"> </span>perdite, <span class=\"_ _39\"> </span>le <span class=\"_ _39\"> </span>attivit\u00e0 <span class=\"_ _39\"> </span>immateriali <span class=\"_ _39\"> </span>sono <span class=\"_ _39\"> </span>sottoposte <span class=\"_ _3f\"> </span>ad<span class=\"_ _3a1\"> </span> impairment <span class=\"_ _3d\"> </span>test, <span class=\"_ _3d\"> </span>registrando <span class=\"_ _37\"> </span>le <span class=\"_ _3d\"> </span>eventuali <span class=\"_ _3d\"> </span>perdite <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>valore; <span class=\"_ _3d\"> </span>successive <span class=\"_ _3d\"> </span>riprese<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>valore <span class=\"_ _3d\"> </span>non<span class=\"_ _3a1\"> </span> possono eccedere l\u2019ammontare delle perdite da impairme<span class=\"_ _1\"></span>nt in precedenza registrate.<span class=\"_ _3a1\"> </span> Gli avviamenti <span class=\"_ _1\"></span>non so<span class=\"_ _1\"></span>no assoggettati <span class=\"_ _1\"></span>ad ammortamento, ma <span class=\"_ _1\"></span>vengono per<span class=\"_ _1\"></span>iodicamente sottoposti<span class=\"_ _3a1\"> </span> ad <span class=\"_ _0\"></span>impairme<span class=\"_ _1\"></span>nt <span class=\"_ _0\"></span>test. <span class=\"_ _35\"> </span>L\u2019eventuale <span class=\"_ _0\"></span>differenza <span class=\"_ _35\"> </span>negativa <span class=\"_ _0\"></span>tra <span class=\"_ _0\"> </span>il <span class=\"_ _35\"> </span>valore <span class=\"_ _0\"></span>recuperabile <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>ciascuna <span class=\"_ _35\"> </span>un<span class=\"_ _2\"></span>it\u00e0<span class=\"_ _3a1\"> </span> generatrice <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>(CGU) <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>quale <span class=\"_ _0\"></span>appartiene<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>det<span class=\"_ _1\"></span>erminato <span class=\"_ _35\"> </span>avv<span class=\"_ _2\"></span>iamento <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>valore<span class=\"_ _3a1\"> </span> contabile <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>medesima <span class=\"_ _38\"></span>costituisce <span class=\"_ _0\"></span>perdita <span class=\"_ _38\"></span>da <span class=\"_ _0\"></span>impai<span class=\"_ _2\"></span>rment. <span class=\"_ _38\"></span>Il <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>ore <span class=\"_ _0\"></span>recuperabile <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>na <span class=\"_ _0\"></span>CGU<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>\u2013<span class=\"_ _3a1\"> </span> che ne <span class=\"_ _1\"></span>rappresent<span class=\"_ _1\"></span>a una <span class=\"_ _1\"></span>stima <span class=\"_ _1\"></span>del valore <span class=\"_ _1\"></span>economico \u2013<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>i ragguaglia al <span class=\"_ _1\"></span>maggiore<span class=\"_ _1\"></span> tra <span class=\"_ _1\"></span>il valore<span class=\"_ _1\"></span> d\u2019uso<span class=\"_ _3a1\"> </span> (valore <span class=\"_ _0\"></span>attuale <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>flussi<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>cassa <span class=\"_ _0\"></span>attesi) <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>cambio <span class=\"_ _38\"></span>(pre<span class=\"_ _1\"></span>sumibile <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>cess<span class=\"_ _1\"></span>ione <span class=\"_ _38\"></span>al<span class=\"_ _3a1\"> </span> netto <span class=\"_ _36\"> </span>dei <span class=\"_ _36\"> </span>costi <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>t<span class=\"_ _1\"></span>ransazione). <span class=\"_ _37\"> </span>Event<span class=\"_ _1\"></span>uali <span class=\"_ _37\"> </span>success<span class=\"_ _1\"></span>ive <span class=\"_ _36\"> </span>riprese <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>valore<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>non <span class=\"_ _36\"> </span>possono <span class=\"_ _37\"> </span>es<span class=\"_ _1\"></span>sere<span class=\"_ _3a1\"> </span> registrate.<span class=\"_ _3a1\"> </span> Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span> Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3b\"></span>immateriali v<span class=\"_ _2\"></span>engono <span class=\"_ _3b\"></span>cancellate<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>dal <span class=\"_ _3b\"></span>bilancio <span class=\"_ _3b\"></span>qu<span class=\"_ _3a1\"> </span>ando <span class=\"_ _3b\"></span>ha<span class=\"_ _1\"></span>nno <span class=\"_ _2\"></span>esaurito <span class=\"_ _3b\"></span>inte<span class=\"_ _1\"></span>gralmente <span class=\"_ _3b\"></span>le <span class=\"_ _2\"></span>loro<span class=\"_ _3a1\"> </span> funzionalit\u00e0 <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>conomiche, <span class=\"_ _3b\"></span>ovvero nel <span class=\"_ _3b\"></span>momento <span class=\"_ _3b\"></span>della dismissione <span class=\"_ _3b\"></span>o <span class=\"_ _3b\"></span>qualora non <span class=\"_ _3b\"></span>sono <span class=\"_ _3b\"></span>attesi b<span class=\"_ _2\"></span>enefici<span class=\"_ _3a1\"> </span> economici futuri.<span class=\"_ _3a1\"> </span> Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"_ _3a1\"> </span> L\u2019allocazione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>componenti <span class=\"_ _0\"></span>reddituali <span class=\"_ _38\"></span>nelle <span class=\"_ _0\"></span>pert<span class=\"_ _1\"></span>inenti <span class=\"_ _0\"></span>voci <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>avviene <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ulla<span class=\"_ _3a1\"> </span> base di quanto riportato di seguito:<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _3b\"></span>ammor<span class=\"_ _1\"></span>tamenti p<span class=\"_ _2\"></span>eriodici, <span class=\"_ _3b\"></span>le perdite <span class=\"_ _3b\"></span>durature di <span class=\"_ _3b\"></span>valore <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>le <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iprese <span class=\"_ _3b\"></span>di v<span class=\"_ _2\"></span>alore vengono <span class=\"_ _3b\"></span>allocate<span class=\"_ _3a1\"> </span></span>nella voce \u201cRettifiche/riprese di valore nette su attivit\u00e0 immater<span class=\"_ _1\"></span>iali\u201d.<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">le perdite <span class=\"_ _1\"></span>durature di valore <span class=\"_ _1\"></span>dell\u2019avviamento vengono allocate <span class=\"_ _1\"></span>nella voce <span class=\"_ _1\"></span>\u201cRettifiche di valore<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>dell\u2019avviamento\u201d.  Non  \u00e8  ammessa  la  contabilizzazione  di <span class=\"_ _35\"> </span>e<span class=\"_ _1\"></span>ventuali  successive  riprese  di<span class=\"_ _3a1\"> </span> valore. 8 - Attivi<span class=\"_ _1\"></span>t\u00e0 non<span class=\"_ _1\"></span> correnti<span class=\"_ _1\"></span> e gruppi<span class=\"_ _1\"></span> di attivit<span class=\"_ _1\"></span>\u00e0 in via di di<span class=\"_ _1\"></span>smissione<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> Vengo<span class=\"_ _3a1\"> </span>no  class<span class=\"_ _1\"></span>ificate <span class=\"_ _3d\"> </span>nella  voce <span class=\"_ _3d\"> </span>dell\u2019att<span class=\"_ _1\"></span>ivo  \u201cAttivit\u00e0 <span class=\"_ _3d\"> </span>non <span class=\"_ _3d\"> </span>correnti  e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>gruppi<span class=\"_ _2\"></span> <span class=\"_ _3d\"> </span>di  att<span class=\"_ _1\"></span>ivit\u00e0  in <span class=\"_ _3d\"> </span>via <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span> dismissione\u201d <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>quella <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>passivo <span class=\"_ _38\"></span>\u201cP<span class=\"_ _1\"></span>assivit\u00e0 <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sociate <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>via <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>dismissione<span class=\"_ _1\"></span>\u201d <span class=\"_ _38\"></span>attivit\u00e0<span class=\"_ _3a1\"> </span> non correnti o gruppi di attivit\u00e0/passivit\u00e0 per i quali \u00e8 stato avviato un processo di dismissione e la<span class=\"_ _3a1\"> </span> loro <span class=\"_ _35\"> </span>vendita <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>ri<span class=\"_ _2\"></span>tenuta <span class=\"_ _35\"> </span>altamen<span class=\"_ _2\"></span>te <span class=\"_ _35\"> </span>probabi<span class=\"_ _2\"></span>le. <span class=\"_ _35\"> </span>Tali <span class=\"_ _0\"></span>attivit\u00e0/passivit\u00e0 <span class=\"_ _35\"> </span>sono <span class=\"_ _0\"></span>valutate <span class=\"_ _35\"> </span>al<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>minore <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>il<span class=\"_ _3a1\"> </span> valore di carico ed i<span class=\"_ _2\"></span>l loro fair v<span class=\"_ _2\"></span>alue al netto d<span class=\"_ _2\"></span>ei costi di cessione, a<span class=\"_ _3b\"></span>d eccezione di alcune tipologie di<span class=\"_ _3a1\"> </span> attivit\u00e0 <span class=\"_ _0\"> </span>(e<span class=\"_ _1\"></span>s. <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>fin<span class=\"_ _2\"></span>anziarie <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>ientranti <span class=\"_ _35\"> </span>nell\u2019ambito <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>applicazione <span class=\"_ _35\"> </span>dell\u2019IFRS<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>) <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>l\u2019IFRS <span class=\"_ _35\"> </span>5<span class=\"_ _3a1\"> </span> prevede specificatamente che <span class=\"_ _3b\"></span>debbano essere ap<span class=\"_ _2\"></span>plicati <span class=\"_ _2\"></span>i criteri v<span class=\"_ _2\"></span>alutativi d<span class=\"_ _2\"></span>el principio <span class=\"_ _3b\"></span>cont<span class=\"_ _1\"></span>abile di<span class=\"_ _3a1\"> </span> pertinenza.<span class=\"_ _3a1\"> </span> I pr<span class=\"_ _1\"></span>oventi <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>oner<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>(al ne<span class=\"_ _1\"></span>tto <span class=\"_ _1\"></span>dell\u2019effetto <span class=\"_ _1\"></span>fiscale), <span class=\"_ _1\"></span>riconducibili <span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _1\"></span>operative <span class=\"_ _1\"></span>cessate <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>via <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span> dismissione o r<span class=\"_ _1\"></span>ilevati come tali nel cor<span class=\"_ _1\"></span>so dell\u2019esercizio, sono es<span class=\"_ _1\"></span>posti nel conto economico in voce<span class=\"_ _3a1\"> </span> separata. 9 - Fisc<span class=\"_ _1\"></span>alit\u00e0 cor<span class=\"_ _1\"></span>rente e differit<span class=\"_ _1\"></span>a Crite<span class=\"_ _3a1\"> </span>ri di iscrizione, di val<span class=\"_ _1\"></span>utazione e di cancellazione<span class=\"_ _1\"></span>  Le imp<span class=\"_ _3a1\"> </span>oste sul reddito, cal<span class=\"_ _2\"></span>colate nel rispetto delle<span class=\"_ _2\"></span> legislazioni fiscali<span class=\"_ _2\"></span> nazionali, sono contabilizzate come <span class=\"_ _0\"></span>costo <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>base <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>cr<span class=\"_ _1\"></span>iterio <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>competenza <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>conomica, <span class=\"_ _0\"></span>coerentemente <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>modalit\u00e0 <span class=\"_ _0\"></span>di rilevazione <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>bilancio dei <span class=\"_ _3b\"></span>costi e <span class=\"_ _3b\"></span>ricavi <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>generate. Es<span class=\"_ _2\"></span>se <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>appresentano <span class=\"_ _2\"></span>pertanto <span class=\"_ _3b\"></span>il saldo della <span class=\"_ _36\"> </span>fiscalit\u00e0 <span class=\"_ _36\"> </span>corrente <span class=\"_ _36\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>differita <span class=\"_ _36\"> </span>relativa <span class=\"_ _36\"> </span>al <span class=\"_ _36\"> </span>reddito <span class=\"_ _39\"> </span>dell\u2019esercizio. <span class=\"_ _36\"> </span>In <span class=\"_ _36\"> </span>particolare, <span class=\"_ _36\"> </span>tali <span class=\"_ _39\"> </span>poste accolgono <span class=\"_ _35\"> </span>il <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>aldo <span class=\"_ _35\"> </span>netto <span class=\"_ _35\"> </span>tra <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _35\"> </span>fiscali <span class=\"_ _35\"> </span>correnti <span class=\"_ _35\"> </span>dell\u2019esercizio, <span class=\"_ _0\"></span>calcolate<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>base <span class=\"_ _0\"></span>ad <span class=\"_ _35\"> </span>una prudenziale previsione <span class=\"_ _1\"></span>dell\u2019onere tributario dovuto <span class=\"_ _1\"></span>per l\u2019esercizio, de<span class=\"_ _1\"></span>terminato in base <span class=\"_ _1\"></span>alle norme<span class=\"_ _3a1\"> </span><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs509\">tributarie  in <span class=\"_ _35\"> </span>vigore, <span class=\"_ _35\"> </span>e  l<span class=\"_ _2\"></span>e  a<span class=\"_ _2\"></span>ttivit\u00e0 <span class=\"_ _35\"> </span>fiscali  correnti <span class=\"_ _35\"> </span>rappresentate <span class=\"_ _35\"> </span>dagli  acc<span class=\"_ _2\"></span>onti  e <span class=\"_ _35\"> </span>dagli <span class=\"_ _35\"> </span>altri  crediti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs50a\">d\u2019impo</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs50b\">sta <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>ritenute <span class=\"_ _1\"></span>d\u2019acconto subite <span class=\"_ _1\"></span>od <span class=\"_ _1\"></span>altri <span class=\"_ _1\"></span>crediti d\u2019imposta <span class=\"_ _38\"></span>di esercizi <span class=\"_ _1\"></span>precedenti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>i quali </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs50c\">le societ\u00e0 del Gruppo hanno richiest<span class=\"_ _1\"></span>o la compensazione con imposte di esercizi successivi. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs50d\">Le <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _3b\"></span>fiscali co<span class=\"_ _2\"></span>rrenti <span class=\"_ _3b\"></span>accolgono altres\u00ec <span class=\"_ _3b\"></span>i <span class=\"_ _3b\"></span>crediti d<span class=\"_ _2\"></span>\u2019imposta <span class=\"_ _3b\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>quali \u00e8<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>stato richies<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>rimborso </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs50e\">alle autorit\u00e0 fi<span class=\"_ _2\"></span>scali competenti; <span class=\"_ _3b\"></span>le somme versate a <span class=\"_ _3b\"></span>titolo provvisorio nel <span class=\"_ _3b\"></span>corso di u<span class=\"_ _2\"></span>n p<span class=\"_ _2\"></span>rocedimento </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs50f\">contenzioso con l\u2019Amministrazione finanziaria <span class=\"_ _2\"></span>vengono valutate secondo le <span class=\"_ _2\"></span>logiche dello IAS<span class=\"_ _2\"></span> 37 in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs510\">relazione alle probabilit\u00e0 di impiego di ris<span class=\"_ _1\"></span>orse economiche per il loro adempimento. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs511\">La <span class=\"_ _0\"></span>fiscalit\u00e0 <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>fferita <span class=\"_ _35\"> </span>viene <span class=\"_ _0\"></span>determinata <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>base <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>criterio <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>cosiddetto <span class=\"_ _0\"> </span>\u201c<span class=\"_ _1\"></span>balance <span class=\"_ _0\"></span>sheet <span class=\"_ _35\"> </span>liabili<span class=\"_ _2\"></span>ty </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs512\">method\u201d, <span class=\"_ _3d\"> </span>tenuto <span class=\"_ _37\"> </span>conto <span class=\"_ _3d\"> </span>dell\u2019effetto <span class=\"_ _3d\"> </span>fiscale <span class=\"_ _37\"> </span>connesso <span class=\"_ _3d\"> </span>alle <span class=\"_ _3d\"> </span>differenze <span class=\"_ _37\"> </span>temporanee <span class=\"_ _3d\"> </span>tra <span class=\"_ _37\"> </span>il <span class=\"_ _3d\"> </span>valore </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs513\">contabile <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>attivit\u00e0 e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>passivit\u00e0 <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>valore fiscale <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>determineranno <span class=\"_ _1\"></span>importi <span class=\"_ _1\"></span>imponibili <span class=\"_ _1\"></span>o </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs514\">deducibili n<span class=\"_ _2\"></span>ei futuri <span class=\"_ _3b\"></span>periodi. A <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ali <span class=\"_ _3b\"></span>fini, si <span class=\"_ _2\"></span>intendono <span class=\"_ _2\"></span>\u201cdifferenze temporanee <span class=\"_ _3b\"></span>tass<span class=\"_ _1\"></span>abili\u201d <span class=\"_ _2\"></span>quelle che<span class=\"_ _2\"></span> n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs515\">periodi <span class=\"_ _38\"></span>futuri <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>termineranno <span class=\"_ _38\"></span>importi <span class=\"_ _38\"></span>imponibili <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>\u201cdifferenze <span class=\"_ _38\"></span>temporanee <span class=\"_ _0\"></span>dedu<span class=\"_ _2\"></span>cibili\u201d <span class=\"_ _38\"></span>quelle <span class=\"_ _38\"></span>che </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs516\">negli esercizi futuri determineranno importi deducibili. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs517\">Le imposte <span class=\"_ _3b\"></span>ant<span class=\"_ _1\"></span>icipate <span class=\"_ _2\"></span>sono rilevate <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>fronte di <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>utte l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> dif<span class=\"_ _2\"></span>ferenze temporanee <span class=\"_ _2\"></span>deducibili, <span class=\"_ _3b\"></span>dei crediti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs518\">e <span class=\"_ _35\"> </span>delle  p<span class=\"_ _2\"></span>erdite <span class=\"_ _35\"> </span>fiscali <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>utilizzate <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>riportabili <span class=\"_ _35\"> </span>a  n<span class=\"_ _2\"></span>uovo, <span class=\"_ _35\"> </span>nella <span class=\"_ _35\"> </span>misura <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _35\"> </span>sia  p<span class=\"_ _2\"></span>robabile <span class=\"_ _35\"> </span>che </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs519\">saranno <span class=\"_ _37\"> </span>disponibili <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>ufficienti <span class=\"_ _37\"> </span>imponibili <span class=\"_ _37\"> </span>fiscali <span class=\"_ _37\"> </span>futuri, <span class=\"_ _37\"> </span>che <span class=\"_ _37\"> </span>possano <span class=\"_ _37\"> </span>consentire <span class=\"_ _37\"> </span>l\u2019utilizzo <span class=\"_ _37\"> </span>delle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs51a\">differenze temporanee deducibili e dei <span class=\"_ _2\"></span>crediti e delle perdite fisc<span class=\"_ _2\"></span>ali riportati a nuovo, eccetto i <span class=\"_ _2\"></span>casi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs51b\">in cui: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs51c\"><span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019imposta <span class=\"_ _3a\"> </span>differita <span class=\"_ _48\"> </span>attiva <span class=\"_ _3a\"> </span>collegata <span class=\"_ _3a\"> </span>alle <span class=\"_ _48\"> </span>di<span class=\"_ _2\"></span>fferenze <span class=\"_ _48\"> </span>temporanee <span class=\"_ _3a\"> </span>deducibili <span class=\"_ _3a\"> </span>deriva <span class=\"_ _3a\"> </span>da<span class=\"_ _1\"></span>lla<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs51d\">rilevazione <span class=\"_ _3f\"> </span>iniziale <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>un\u2019attivit\u00e0 <span class=\"_ _3f\"> </span>o <span class=\"_ _3f\"> </span>passivit\u00e0 <span class=\"_ _3f\"> </span>in <span class=\"_ _3f\"> </span>una <span class=\"_ _3f\"> </span>transazione <span class=\"_ _3f\"> </span>che <span class=\"_ _3f\"> </span>non <span class=\"_ _3f\"> </span>rappresenta<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs51e\">un\u2019aggregazione aziendale e, al te<span class=\"_ _1\"></span>mpo della transazione stessa, non influisce n\u00e9 <span class=\"_ _1\"></span>sul risultato<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs51f\">di bilancio, n\u00e9 sul risultato fiscale; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs520\"><span class=\"_ _42\"> </span><span class=\"ff4\">nel caso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>differenze temporanee dedu<span class=\"_ _2\"></span>cibili <span class=\"_ _3b\"></span>as<span class=\"_ _1\"></span>sociate a p<span class=\"_ _2\"></span>artecipazioni i<span class=\"_ _2\"></span>n societ\u00e0 controllate,<span class=\"_ _2\"></span> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs521\">collegate <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>joint <span class=\"_ _1\"></span>venture, <span class=\"_ _0\"></span>le <span class=\"_ _1\"></span>imposte <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>ifferite <span class=\"_ _38\"></span>attive <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _38\"></span>rilevate <span class=\"_ _38\"></span>solo <span class=\"_ _0\"></span>nella <span class=\"_ _1\"></span>mis<span class=\"_ _1\"></span>ura <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>cui <span class=\"_ _38\"></span>sia </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs522\">probabile c<span class=\"_ _2\"></span>he esse <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>i riverseran<span class=\"_ _2\"></span>no nel <span class=\"_ _3b\"></span>futuro<span class=\"_ _1\"></span> pr<span class=\"_ _2\"></span>evedibile e <span class=\"_ _3b\"></span>che vi <span class=\"_ _3b\"></span>sar<span class=\"_ _1\"></span>anno suffici<span class=\"_ _2\"></span>enti imponibi<span class=\"_ _2\"></span>li </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs523\">fiscali che consentano il recupero di tali differenze temporanee. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs524\">Le  imposte  differite  passive  so<span class=\"_ _2\"></span>no  rilevate  su  tutte  le  di<span class=\"_ _2\"></span>fferenze  temporanee  tassabili, <span class=\"_ _35\"> </span>con  le </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs525\">seguenti eccezioni: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs526\"><span class=\"_ _42\"> </span><span class=\"ff4\">le imposte di<span class=\"_ _2\"></span>fferite passive deriv<span class=\"_ _2\"></span>ano dalla rilevazione ini<span class=\"_ _2\"></span>ziale dell\u2019avvi<span class=\"_ _2\"></span>amento o di un\u2019<span class=\"_ _2\"></span>attivit\u00e0 o </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs527\">passivit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>una transazione <span class=\"_ _3b\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>non <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>appresenta un<span class=\"_ _2\"></span>\u2019aggregazione azi<span class=\"_ _2\"></span>endale <span class=\"_ _2\"></span>e, al<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>tempo della </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs528\">transazione stessa, non influenza n\u00e9 il risultato di bilancio n\u00e9 il risultat<span class=\"_ _1\"></span>o fiscale; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs529\"><span class=\"_ _42\"> </span><span class=\"ff4\">il <span class=\"_ _1\"></span>riversa<span class=\"_ _1\"></span>mento <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>differenze <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>emporanee <span class=\"_ _38\"></span>imponibili, as<span class=\"_ _1\"></span>sociate <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>partecipazioni <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>societ\u00e0 </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs52a\">controllate, <span class=\"_ _38\"></span>collegate <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>joint <span class=\"_ _38\"></span>venture, <span class=\"_ _38\"></span>pu\u00f2 <span class=\"_ _38\"></span>essere <span class=\"_ _38\"></span>controllato, <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>probabile <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>sso <span class=\"_ _38\"></span>non <span class=\"_ _1\"></span>si </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs52b\">verifichi nel prevedibile futuro. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs52c\">La fi<span class=\"_ _2\"></span>scalit\u00e0 differita <span class=\"_ _3b\"></span>viene calcolata <span class=\"_ _2\"></span>applicando <span class=\"_ _3b\"></span>le aliquote di <span class=\"_ _3b\"></span>imposizione s<span class=\"_ _2\"></span>tabilite dalle <span class=\"_ _3b\"></span>disposizioni </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs52d\">di <span class=\"_ _38\"></span>legge <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>vig<span class=\"_ _2\"></span>ore <span class=\"_ _0\"></span>alle <span class=\"_ _1\"></span>differenze <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>emporanee <span class=\"_ _38\"></span>tassabili <span class=\"_ _38\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _38\"></span>cui <span class=\"_ _38\"></span>esist<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>pro<span class=\"_ _1\"></span>babilit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>effettivo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs52e\">sostenimento <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>imposte <span class=\"_ _38\"></span>ed <span class=\"_ _0\"></span>alle <span class=\"_ _0\"></span>diff<span class=\"_ _2\"></span>erenze <span class=\"_ _0\"></span>temporanee <span class=\"_ _0\"></span>deducib<span class=\"_ _2\"></span>ili <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>cui <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>itiene <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>vi <span class=\"_ _0\"></span>siano </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs52f\">ammontari <span class=\"_ _0\"></span>imponibili<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>futuri <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>momento <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>cui <span class=\"_ _0\"></span>si <span class=\"_ _38\"></span>manifeste<span class=\"_ _1\"></span>r\u00e0 <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>relativa <span class=\"_ _38\"></span>deducibilit\u00e0 <span class=\"_ _0\"></span>fiscale <span class=\"_ _38\"></span>(c.d. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs530\">probability test).  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs531\">Qualora <span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Attivit\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>assivit\u00e0 <span class=\"_ _1\"></span>fiscali <span class=\"_ _1\"></span>differite<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iferiscano <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>componenti <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>hanno <span class=\"_ _1\"></span>interess<span class=\"_ _1\"></span>ato <span class=\"_ _1\"></span>il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs532\">conto economico, la contropartita \u00e8 r<span class=\"_ _1\"></span>appresentata dalle imposte sul reddito. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs533\">Nei  casi <span class=\"_ _3d\"> </span>in  cui  le  imposte <span class=\"_ _3d\"> </span>anticipate  e  differ<span class=\"_ _1\"></span>ite  riguardino  transazioni  che  hanno <span class=\"_ _3d\"> </span>interessato </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs534\">direttamente <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>patr<span class=\"_ _1\"></span>imonio <span class=\"_ _0\"></span>netto <span class=\"_ _38\"></span>senza <span class=\"_ _0\"></span>influenzare <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _38\"></span>(quali <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>valutazioni <span class=\"_ _38\"></span>degli </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs535\">strumenti <span class=\"_ _0\"></span>finanziari <span class=\"_ _38\"></span>rilevati <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>fair<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>value <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>impatt<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>sulla <span class=\"_ _38\"></span>redditivit\u00e0 <span class=\"_ _0\"></span>complessiva <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>contr<span class=\"_ _1\"></span>atti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs536\">derivati <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>copert<span class=\"_ _1\"></span>ura <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>flussi <span class=\"_ _0\"></span>finan<span class=\"_ _2\"></span>ziari), <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>tesse <span class=\"_ _38\"></span>vengono <span class=\"_ _38\"></span>iscr<span class=\"_ _1\"></span>itte <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>contropartita <span class=\"_ _0\"></span>al<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>patrimonio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs537\">netto, interessando le specifiche riserve quando previsto (es<span class=\"_ _1\"></span>. riserve da valutazione). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs538\">La <span class=\"_ _0\"> </span>fiscalit\u00e0 <span class=\"_ _35\"> </span>latente<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>sull<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>poste <span class=\"_ _0\"></span>patrimoniali <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>sos<span class=\"_ _1\"></span>pensione <span class=\"_ _35\"> </span>d\u2019imposta <span class=\"_ _0\"></span>\u201ctassabili <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>ogni <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs539\">utilizzo\u201d \u00e8 iscritta in <span class=\"_ _2\"></span>bilancio in <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iduzione del p<span class=\"_ _2\"></span>atrimonio netto. La fiscalit\u00e0 l<span class=\"_ _2\"></span>atente riferita alle p<span class=\"_ _2\"></span>oste </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs53a\">patrimoniali <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>sospensione <span class=\"_ _35\"> </span>d\u2019imposta <span class=\"_ _35\"> </span>\u201ctassabili<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>soltanto <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>ipotesi <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>distr<span class=\"_ _1\"></span>ibuzione\u201d <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>vi<span class=\"_ _2\"></span>ene </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs53b\">iscritta <span class=\"_ _1\"></span>in bilancio, in <span class=\"_ _1\"></span>quanto <span class=\"_ _1\"></span>la consistenza <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>riserve <span class=\"_ _1\"></span>disponibili gi\u00e0 as<span class=\"_ _1\"></span>soggettate <span class=\"_ _1\"></span>a t<span class=\"_ _1\"></span>assazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs53c\">consente di ritenere che non saranno effett<span class=\"_ _1\"></span>uate operazioni che ne comportino la tassazione. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs53d\">Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs53e\">Attivit\u00e0 <span class=\"_ _3f\"> </span>e <span class=\"_ _39\"> </span>passivit\u00e0 <span class=\"_ _3f\"> </span>fiscali <span class=\"_ _39\"> </span>s<span class=\"_ _1\"></span>ono <span class=\"_ _39\"> </span>imputate<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>al <span class=\"_ _39\"> </span>conto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs53f\">economico <span class=\"_ _39\"> </span>(voce <span class=\"_ _3f\"> </span>\u201cImposte <span class=\"_ _3f\"> </span>sul <span class=\"_ _39\"> </span>re<span class=\"_ _1\"></span>ddito </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs540\">dell\u2019esercizio  dell\u2019<span class=\"_ _2\"></span>operativit\u00e0  corrente\u201d), <span class=\"_ _35\"> </span>salvo  q<span class=\"_ _2\"></span>uando <span class=\"_ _35\"> </span>ess<span class=\"_ _1\"></span>e  de<span class=\"_ _2\"></span>rivino <span class=\"_ _35\"> </span>da  operazioni <span class=\"_ _35\"> </span>i  c<span class=\"_ _2\"></span>ui <span class=\"_ _35\"> </span>effet<span class=\"_ _1\"></span>ti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs541\">vanno attribuiti <span class=\"_ _2\"></span>direttamente al p<span class=\"_ _2\"></span>atrimonio netto (nel <span class=\"_ _2\"></span>qual caso <span class=\"_ _2\"></span>vengono imputate al<span class=\"_ _2\"></span> patrimonio) <span class=\"_ _3b\"></span>o<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs543\">da <span class=\"_ _37\"> </span>operazioni <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>aggregazione <span class=\"_ _36\"> </span>societaria <span class=\"_ _37\"> </span>(nel <span class=\"_ _37\"> </span>qual <span class=\"_ _36\"> </span>caso <span class=\"_ _37\"> </span>entrano <span class=\"_ _36\"> </span>nel <span class=\"_ _37\"> </span>computo <span class=\"_ _37\"> </span>del <span class=\"_ _36\"> </span>valore <span class=\"_ _37\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs544\">avviame</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs545\">nto).</div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs546\">10 - Fon<span class=\"_ _1\"></span>di per ri<span class=\"_ _1\"></span>schi ed oneri </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs547\">Criteri di iscrizione, <span class=\"_ _1\"></span>classificazione <span class=\"_ _1\"></span>e di cancellazione  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs548\">I f<span class=\"_ _2\"></span>ondi</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs549\"> per <span class=\"_ _2\"></span>rischi <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>d oneri <span class=\"_ _3b\"></span>sono passivit\u00e0 <span class=\"_ _3b\"></span>d\u2019ammontare<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>scadenza incerti <span class=\"_ _3b\"></span>rilevati in b<span class=\"_ _2\"></span>ilancio <span class=\"_ _2\"></span>quando </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs54a\">ricorrono le seguenti contestuali condizioni: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs54b\"><span class=\"_ _42\"> </span><span class=\"ff4\">esiste <span class=\"_ _0\"></span>un\u2019obbl<span class=\"_ _2\"></span>igazione <span class=\"_ _0\"></span>attuale <span class=\"_ _0\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>riferimento <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>bilancio, <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>deriva <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>evento </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs54c\">passato; <span class=\"_ _1\"></span>l\u2019obbligazione <span class=\"_ _1\"></span>deve <span class=\"_ _1\"></span>essere <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>tipo <span class=\"_ _1\"></span>legale <span class=\"_ _38\"></span>(trova origine <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>contr<span class=\"_ _1\"></span>atto, <span class=\"_ _1\"></span>normativa <span class=\"_ _1\"></span>o </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs54d\">altra <span class=\"_ _3d\"> </span>disposizione <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>legge) <span class=\"_ _3d\"> </span>o <span class=\"_ _3d\"> </span>implicita  (nasce <span class=\"_ _37\"> </span>nel  m<span class=\"_ _1\"></span>omento  in <span class=\"_ _3d\"> </span>cui <span class=\"_ _3d\"> </span>l\u2019impresa <span class=\"_ _3d\"> </span>genera <span class=\"_ _3d\"> </span>nei </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs54e\">confronti <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>terzi <span class=\"_ _0\"></span>l\u2019aspettativa <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>solver\u00e0 <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>pr<span class=\"_ _2\"></span>opri <span class=\"_ _0\"></span>impegni <span class=\"_ _35\"> </span>anch<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>se <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>rientranti <span class=\"_ _35\"> </span>n<span class=\"_ _2\"></span>ella </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs54f\">casistica delle obbligazioni legali); </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs550\"><span class=\"_ _42\"> </span><span class=\"ff4\">\u00e8 <span class=\"_ _3f\"> </span>probabile <span class=\"_ _39\"> </span>che <span class=\"_ _3f\"> </span>si <span class=\"_ _3f\"> </span>verifichi<span class=\"_ _2\"></span> <span class=\"_ _3f\"> </span>un\u2019uscita <span class=\"_ _39\"> </span>finanziar<span class=\"_ _1\"></span>ia <span class=\"_ _39\"> </span>pe<span class=\"_ _1\"></span>r <span class=\"_ _3f\"> </span>produrre <span class=\"_ _39\"> </span>benefici <span class=\"_ _3f\"> </span>economici <span class=\"_ _39\"> </span>per<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs551\">adempiere l\u2019obbligazione; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs552\"><span class=\"_ _42\"> </span><span class=\"ff4\">\u00e8 possibile effettuare una stima attendibile dell\u2019ammontare <span class=\"_ _1\"></span>dell\u2019obbligazione.<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs553\">Nella <span class=\"_ _1\"></span>voce <span class=\"_ _38\"></span>\u201cFondi <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>rischi <span class=\"_ _38\"></span>ed <span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>ri\u201d <span class=\"_ _38\"></span>sono <span class=\"_ _1\"></span>inclusi <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>ndi <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>pres<span class=\"_ _1\"></span>tazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>lungo <span class=\"_ _38\"></span>termine, <span class=\"_ _38\"></span>a </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs554\">prestazioni successive alla cessazione del <span class=\"_ _2\"></span>rapporto di lavoro trattati dall<span class=\"_ _2\"></span>o IAS 19 e i<span class=\"_ _2\"></span> fondi per rischi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs555\">ed oneri trattati dallo IAS 37. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs556\">Criteri di valuta<span class=\"_ _1\"></span>zione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs557\">Gli <span class=\"_ _48\"> </span>accanto<span class=\"_ _1\"></span>namenti <span class=\"_ _17e\"> </span>vengono <span class=\"_ _17e\"> </span>attualizzati, <span class=\"_ _17e\"> </span>laddove <span class=\"_ _48\"> </span>l\u2019elem<span class=\"_ _1\"></span>ento</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs558\"> <span class=\"_ _17e\"> </span>temporale <span class=\"_ _17e\"> </span>sia <span class=\"_ _48\"> </span>significativo, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs559\">utilizzando i tassi <span class=\"_ _2\"></span>correnti di mer<span class=\"_ _3b\"></span>cat<span class=\"_ _1\"></span>o \u201cfree risk\u201d. L<span class=\"_ _2\"></span>\u2019accantonamento \u00e8 rilevato a<span class=\"_ _3b\"></span> conto economico. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs55a\">Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"fc5 sc4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs55b\">Gli <span class=\"_ _0\"> </span>accant<span class=\"_ _1\"></span>onamenti/recuperi <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>fronte <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>fondi <span class=\"_ _35\"> </span>pe<span class=\"_ _2\"></span>r <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _0\"> </span>e</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs55c\"> <span class=\"_ _0\"></span>oneri <span class=\"_ _35\"> </span>nonch\u00e9 <span class=\"_ _0\"></span>l\u2019effetto <span class=\"_ _35\"> </span>derivante <span class=\"_ _0\"> </span>dal </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs55d\">passaggio del <span class=\"_ _3b\"></span>tempo vengono <span class=\"_ _3b\"></span>allocati nella <span class=\"_ _3b\"></span>voce \u201cAccantonamenti <span class=\"_ _2\"></span>netti <span class=\"_ _2\"></span>ai fondi<span class=\"_ _2\"></span> pe<span class=\"_ _2\"></span>r rischi <span class=\"_ _3b\"></span>e oneri\u201d. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs55e\">Fondi di quiescenza <span class=\"_ _1\"></span>e per obblighi s<span class=\"_ _1\"></span>imili </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs55f\">I Fondi di quiescenza sono costituiti in attuazione di acco<span class=\"_ _2\"></span>rdi aziendali e si qualifi<span class=\"_ _2\"></span>cano come piani a </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs560\">benefici de<span class=\"_ _1\"></span>finiti. La <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _1\"></span>relativa <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>tali <span class=\"_ _1\"></span>piani <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>relat<span class=\"_ _1\"></span>ivo co<span class=\"_ _1\"></span>sto <span class=\"_ _1\"></span>previdenziale delle <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>estazioni </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs561\">di  l<span class=\"_ _2\"></span>avoro  corrente  sono  d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>terminati  sulla <span class=\"_ _35\"> </span>base  di  ip<span class=\"_ _2\"></span>otesi  attuariali <span class=\"_ _35\"> </span>applicando  il  metodo  dell<span class=\"_ _2\"></span>a </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs562\">\u201cProiezione Unitaria del <span class=\"_ _2\"></span>Credito\u201d, che prev<span class=\"_ _2\"></span>ede la proiezione <span class=\"_ _2\"></span>degli esborsi futuri sul<span class=\"_ _2\"></span>la base di<span class=\"_ _2\"></span> analisi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs563\">storiche statistiche e della curva demografica e l\u2019attualizzazione finanziaria di tali flussi sulla base </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs564\">di un ta<span class=\"_ _1\"></span>sso di interesse di <span class=\"_ _1\"></span>mercato. I contributi versat<span class=\"_ _1\"></span>i in ciascun esercizio s<span class=\"_ _1\"></span>ono considerati <span class=\"_ _1\"></span>come </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs565\">unit\u00e0 <span class=\"_ _35\"> </span>se<span class=\"_ _1\"></span>parate, <span class=\"_ _35\"> </span>rilevate  e <span class=\"_ _35\"> </span>valutate <span class=\"_ _35\"> </span>singolarme<span class=\"_ _1\"></span>nte  ai<span class=\"_ _2\"></span>  fi<span class=\"_ _2\"></span>ni <span class=\"_ _35\"> </span>della  determinazione  dell'obb<span class=\"_ _2\"></span>ligazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs566\">finale. <span class=\"_ _3b\"></span>Il tasso <span class=\"_ _3b\"></span>utilizzato per <span class=\"_ _3b\"></span>l\u2019attualizzazione <span class=\"_ _3b\"></span>\u00e8 determinato <span class=\"_ _3b\"></span>in bas<span class=\"_ _2\"></span>e ai <span class=\"_ _3b\"></span>rendimenti <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>mercato rilevati </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs567\">alle  date <span class=\"_ _35\"> </span>di  valutazione <span class=\"_ _35\"> </span>di  obbligazioni<span class=\"_ _2\"></span>  di <span class=\"_ _35\"> </span>aziende  primarie  tenendo <span class=\"_ _35\"> </span>conto  della  d<span class=\"_ _2\"></span>urata  media </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs568\">residua <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>passivit\u00e0. <span class=\"_ _35\"> </span>Il <span class=\"_ _35\"> </span>valore  attuale <span class=\"_ _35\"> </span>dell'obblig<span class=\"_ _2\"></span>azione  all<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>data <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>rifer<span class=\"_ _1\"></span>imento <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>bilancio <span class=\"_ _35\"> </span>\u00e8 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs569\">inoltre rettificato del fair value delle eventuali att<span class=\"_ _1\"></span>ivit\u00e0 a servizio del piano. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs56a\">Gli utili <span class=\"_ _2\"></span>e le perdite attuariali (ovvero le variazioni <span class=\"_ _2\"></span>nel valore attuale dell\u2019obbl<span class=\"_ _2\"></span>igazione derivanti dalle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs56b\">modifiche alle ipotesi at<span class=\"_ _1\"></span>tuariali e dalle rettifiche basat<span class=\"_ _1\"></span>e sull\u2019esperienza passata) sono riconos<span class=\"_ _1\"></span>ciuti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs56c\">nel prospetto della redditivit\u00e0 complessiva. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs56d\">Fondi per rischi <span class=\"_ _3b\"></span>ed oneri a <span class=\"_ _2\"></span>fronte di <span class=\"_ _2\"></span>impegni e g<span class=\"_ _2\"></span>aranzie rilasciate </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs56e\">La <span class=\"_ _1\"></span>sottovoce<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>fondi <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi e<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>oneri <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>esame <span class=\"_ _1\"></span>accogli</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs56f\">e <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>fondi <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>credito <span class=\"_ _38\"></span>rilevati <span class=\"_ _1\"></span>a </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs570\">fronte <span class=\"_ _35\"> </span>degli <span class=\"_ _0\"></span>impegni <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>ogare <span class=\"_ _0\"></span>fondi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _0\"></span>alle <span class=\"_ _35\"> </span>garanzie <span class=\"_ _0\"></span>rilasciate <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>rientrano <span class=\"_ _0\"></span>nel <span class=\"_ _35\"> </span>perimetro <span class=\"_ _0\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs571\">applicazione <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>regole <span class=\"_ _1\"></span>sull\u2019impairment ai <span class=\"_ _1\"></span>sensi <span class=\"_ _1\"></span>dell\u2019IFRS <span class=\"_ _1\"></span>9. <span class=\"_ _1\"></span>Per t<span class=\"_ _1\"></span>ali fattispe<span class=\"_ _1\"></span>cie so<span class=\"_ _1\"></span>no adottate, <span class=\"_ _1\"></span>in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs572\">linea di p<span class=\"_ _2\"></span>rincipio, le medesime modalit\u00e0 di <span class=\"_ _2\"></span>allocazione tra i tre stag<span class=\"_ _2\"></span>e (stadi di rischio c<span class=\"_ _2\"></span>reditizio) e di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs573\">calcolo  della  perdita <span class=\"_ _3d\"> </span>attes<span class=\"_ _1\"></span>a  esposte <span class=\"_ _3d\"> </span>con  riferimento  alle <span class=\"_ _3d\"> </span>attivit\u00e0  finanziarie  valutate<span class=\"_ _1\"></span>  al  costo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs574\">ammortizzato o al fair value con impatto sulla redditivit\u00e0 <span class=\"_ _3b\"></span>complessiva. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs575\">L\u2019aggregato <span class=\"_ _1\"></span>accoglie, <span class=\"_ _1\"></span>peraltro<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>anche i <span class=\"_ _1\"></span>fondi <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>rischi <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>oneri <span class=\"_ _1\"></span>cos<span class=\"_ _1\"></span>tituti <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>fronte <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>altre <span class=\"_ _1\"></span>tipologie </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs576\">di <span class=\"_ _3b\"></span>impegni e <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>gar<span class=\"_ _1\"></span>anzie <span class=\"_ _3b\"></span>rilasciate che,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>virt\u00f9 delle <span class=\"_ _3b\"></span>proprie <span class=\"_ _3b\"></span>pe<span class=\"_ _1\"></span>culiarit\u00e0, <span class=\"_ _3b\"></span>non <span class=\"_ _2\"></span>rientrano <span class=\"_ _2\"></span>nel <span class=\"_ _3b\"></span>richiamato </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs577\">perimetro di applicazione dell\u2019impairment <span class=\"_ _1\"></span>ai sensi dell\u2019IFRS 9. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs578\">Altri fondi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs579\">Gli <span class=\"_ _35\"> </span>altri <span class=\"_ _35\"> </span>fondi <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>rischi <span class=\"_ _35\"> </span>ed <span class=\"_ _35\"> </span>oneri <span class=\"_ _35\"> </span>accolgono  g<span class=\"_ _2\"></span>li <span class=\"_ _35\"> </span>accantona<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs57a\">menti <span class=\"_ _35\"> </span>relativi <span class=\"_ _35\"> </span>ad <span class=\"_ _35\"> </span>obbligazioni <span class=\"_ _35\"> </span>legali <span class=\"_ _35\"> </span>o </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs57b\">connessi a <span class=\"_ _3b\"></span>rapporti di<span class=\"_ _2\"></span> lavoro <span class=\"_ _3b\"></span>oppure a <span class=\"_ _3b\"></span>contenziosi, anche <span class=\"_ _3b\"></span>fiscali, originati <span class=\"_ _3b\"></span>da un <span class=\"_ _3b\"></span>evento passato <span class=\"_ _3b\"></span>per<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs57d\">i <span class=\"_ _1\"></span>quali sia <span class=\"_ _1\"></span>probabile <span class=\"_ _1\"></span>l\u2019esborso <span class=\"_ _38\"></span>di risorse <span class=\"_ _1\"></span>economiche <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>l\u2019adempimento <span class=\"_ _1\"></span>delle obbligazioni <span class=\"_ _1\"></span>stesse, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs57e\">sempre</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs57f\"> che possa essere effettuata una stima attendibile del relativo ammontare. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs580\">Conseguentemente, la rilevazione di un accantonament<span class=\"_ _1\"></span>o avviene se e solo se: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs581\"><span class=\"_ _42\"> </span><span class=\"ff4\">vi \u00e8 un\u2019obbligazione in corso (legale o implicita) quale risultato di un event<span class=\"_ _1\"></span>o passato; </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs582\"><span class=\"_ _42\"> </span><span class=\"ff4\">\u00e8 probabile che per adempiere all\u2019obbligazione si render<span class=\"_ _1\"></span>\u00e0 necessario l\u2019impiego di risorse atte </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs583\">a produrre benefici economici; e </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs584\"><span class=\"_ _42\"> </span><span class=\"ff4\">pu\u00f2 <span class=\"_ _3a\"> </span>essere <span class=\"_ _3a\"> </span>effettuata <span class=\"_ _3a\"> </span>una <span class=\"_ _3a\"> </span>stima <span class=\"_ _3a\"> </span>attendibile <span class=\"_ _3f\"> </span>dell\u2019importo<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>derivante <span class=\"_ _3a\"> </span>dall\u2019adempimento<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs585\">dell\u2019obbligazione. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs586\">L\u2019importo <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ilevato <span class=\"_ _1\"></span>come <span class=\"_ _1\"></span>accantonament<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>rappresenta <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>migliore <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ima <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>sa <span class=\"_ _1\"></span>richiesta <span class=\"_ _38\"></span>per </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs587\">adempiere <span class=\"_ _37\"> </span>all\u2019obbligazione <span class=\"_ _37\"> </span>esiste<span class=\"_ _1\"></span>nte <span class=\"_ _37\"> </span>alla <span class=\"_ _37\"> </span>data <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>rifer<span class=\"_ _1\"></span>imento <span class=\"_ _3d\"> </span>del <span class=\"_ _37\"> </span>bilancio <span class=\"_ _36\"> </span>e <span class=\"_ _37\"> </span>riflette <span class=\"_ _37\"> </span>rischi <span class=\"_ _37\"> </span>ed </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs588\">incertezze <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>inevitabilmente <span class=\"_ _1\"></span>caratterizzano <span class=\"_ _1\"></span>una <span class=\"_ _38\"></span>pluralit\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fatti <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>circostanze. <span class=\"_ _1\"></span>Per <span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ner <span class=\"_ _1\"></span>conto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs589\">dell\u2019elemento <span class=\"_ _35\"> </span>temporale <span class=\"_ _35\"> </span>gli <span class=\"_ _35\"> </span>accantonamenti <span class=\"_ _35\"> </span>vengono <span class=\"_ _35\"> </span>attualizzati <span class=\"_ _0\"></span>utilizzando <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>tassi <span class=\"_ _35\"> </span>correnti <span class=\"_ _35\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs58a\">mercato. <span class=\"_ _35\"> </span>L\u2019accantonamento <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>gli <span class=\"_ _35\"> </span>increme<span class=\"_ _1\"></span>nti <span class=\"_ _35\"> </span>dovuti <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>fattore <span class=\"_ _35\"> </span>temporale  s<span class=\"_ _2\"></span>ono <span class=\"_ _35\"> </span>rilevati <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>Conto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs58b\">Economico. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs58c\">L\u2019accantonamento <span class=\"_ _1\"></span>viene stornato quando diviene impro<span class=\"_ _1\"></span>babile l\u2019impiego di <span class=\"_ _1\"></span>risorse atte a <span class=\"_ _1\"></span>produrre </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs58d\">benefici economici per adempiere<span class=\"_ _1\"></span> l\u2019obbligazione oppure quando si estingue l\u2019obbligazione. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs58e\">Nella <span class=\"_ _37\"> </span>voce <span class=\"_ _3d\"> </span>sono <span class=\"_ _37\"> </span>inclusi <span class=\"_ _3d\"> </span>anche <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>benefici <span class=\"_ _37\"> </span>a <span class=\"_ _3d\"> </span>lungo <span class=\"_ _3d\"> </span>t<span class=\"_ _1\"></span>ermine <span class=\"_ _3d\"> </span>ai <span class=\"_ _37\"> </span>dipendenti, <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>cui <span class=\"_ _3d\"> </span>oner<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>vengono </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs58f\">determinati <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>medesimi <span class=\"_ _1\"></span>criteri <span class=\"_ _1\"></span>attuariali <span class=\"_ _1\"></span>des<span class=\"_ _1\"></span>critti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>fondi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>quiescenza. <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>li <span class=\"_ _1\"></span>utili <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>le per<span class=\"_ _1\"></span>dite </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs590\">attuariali vengono rilevati tutti immediatamente nel conto economico.<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs591\">11 - Pa<span class=\"_ _1\"></span>ssivit\u00e0 finan<span class=\"_ _1\"></span>ziarie <span class=\"_ _1\"></span>valutate al<span class=\"_ _1\"></span> costo amm<span class=\"_ _1\"></span>ortizza<span class=\"_ _1\"></span>to<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs592\">Crite<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs593\">ri di iscrizione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs594\">La pri<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs595\">ma iscrizione di tali <span class=\"_ _2\"></span>passivit\u00e0 finanziarie avviene alla d<span class=\"_ _2\"></span>ata di sottoscrizione del contratto, che<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs596\">normalmente coincide con il mom<span class=\"_ _1\"></span>ento della r<span class=\"_ _1\"></span>icezione delle somme raccolte <span class=\"_ _1\"></span>o della emissione dei<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs597\">titoli di <span class=\"_ _184\"></span>debito.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs598\">La <span class=\"_ _37\"> </span>prima <span class=\"_ _36\"> </span>iscrizione <span class=\"_ _37\"> </span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>effettuata <span class=\"_ _36\"> </span>sulla <span class=\"_ _37\"> </span>base <span class=\"_ _36\"> </span>del <span class=\"_ _37\"> </span>fair <span class=\"_ _37\"> </span>value <span class=\"_ _36\"> </span>delle <span class=\"_ _37\"> </span>pass<span class=\"_ _1\"></span>ivit\u00e0, <span class=\"_ _37\"> </span>normalmente <span class=\"_ _36\"> </span>pari<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs599\">all\u2019ammontare <span class=\"_ _37\"> </span>incassato <span class=\"_ _37\"> </span>o <span class=\"_ _37\"> </span>al <span class=\"_ _37\"> </span>prezzo <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>emissione, <span class=\"_ _37\"> </span>aumentato <span class=\"_ _37\"> </span>degli <span class=\"_ _37\"> </span>eventuali <span class=\"_ _37\"> </span>costi/proventi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs59a\">aggiuntivi <span class=\"_ _2\"></span>direttamente attribuibili <span class=\"_ _3b\"></span>alla singola op<span class=\"_ _2\"></span>erazione di <span class=\"_ _2\"></span>provvista o <span class=\"_ _3b\"></span>di emissione. <span class=\"_ _3b\"></span>Sono esclusi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs59b\">i costi interni di carattere amministrativo.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs59c\">In <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>elazione <span class=\"_ _35\"> </span>ai<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>debiti <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>leasing<span class=\"_ _2\"></span>, <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>data <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>decorrenza <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>locatario <span class=\"_ _35\"> </span>deve <span class=\"_ _0\"></span>valutare <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>debito <span class=\"_ _35\"> </span>per<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs59d\">leasing al valore attuale dei pagament<span class=\"_ _1\"></span>i dovuti per il leasing non gi\u00e0 versati a tale data. I pagamenti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h5 ff4 fs2 fc1 sc0 ls0 ws0 gs59e\">dovuti per il <span class=\"_ _2\"></span>leasing sono attualizzati utilizzando il <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>asso di interesse implicito del l<span class=\"_ _2\"></span>easing<span class=\"ff5 fs3\"> </span>o, se tale<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs59f\">tasso<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5a0\">non pu\u00f2 essere prontamente determinato, al tasso di debito incrementale del locatario.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5a1\">In particolare<span class=\"_ _1\"></span>, la passivit\u00e0 deve essere <span class=\"_ _1\"></span>misurata utilizzando un <span class=\"_ _1\"></span>modello analogo <span class=\"_ _1\"></span>a quello <span class=\"_ _1\"></span>del costo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5a2\">ammortizzato, dal momento che deve:  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5a3\">\u2022 Aumentare<span class=\"_ _1\"></span> per <span class=\"_ _1\"></span>gli interessi <span class=\"_ _1\"></span>maturati nel <span class=\"_ _1\"></span>corso de<span class=\"_ _1\"></span>l periodo. Il <span class=\"_ _1\"></span>calcolo degli <span class=\"_ _1\"></span>interessi <span class=\"_ _1\"></span>avviene sulla<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5a4\">base del medesimo tasso utilizzato per l\u2019attualizzazione;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5a5\">\u2022 Ridursi per i pagamenti dovuti per il leasing effett<span class=\"_ _1\"></span>uati dal locatario.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5a6\">Inoltre, <span class=\"_ _0\"></span>l\u2019imp<span class=\"_ _2\"></span>orto <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>lla <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _38\"></span>deve<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>essere <span class=\"_ _0\"></span>rivalutato <span class=\"_ _38\"></span>periodicamente, <span class=\"_ _0\"></span>al<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>fine <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _38\"></span>considerare <span class=\"_ _0\"></span>un<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5a7\">eventuale cambiamento:  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5a8\">\u2022 Nella durata del leasing e/o in altre condizioni;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5a9\">\u2022 Nella valutazione dell\u2019opzione di acquisto del bene sottostante;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5aa\">\u2022 Nell\u2019importo atteso da pagare a tit<span class=\"_ _1\"></span>olo di garanzia del valore residuo;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5ab\">\u2022<span class=\"_ _3d\"> </span>Nei <span class=\"_ _1\"></span>futuri <span class=\"_ _1\"></span>pagamenti <span class=\"_ _1\"></span>dovuti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>leasing <span class=\"_ _1\"></span>come <span class=\"_ _1\"></span>risultato <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>variazione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>asso <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>dell\u2019indice<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5ac\">utilizzato per definire l\u2019importo dei pagamenti.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs5ad\">Criteri di classificazione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5ae\">I Debiti vers<span class=\"_ _1\"></span>o banche, i Debiti verso <span class=\"_ _1\"></span>clientela e <span class=\"_ _1\"></span>i Titoli</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5af\"> in circolazione ricompre<span class=\"_ _1\"></span>ndono le varie forme<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5b0\">di <span class=\"_ _0\"></span>provvista <span class=\"_ _35\"> </span>interbancaria <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>cliente<span class=\"_ _1\"></span>la, <span class=\"_ _0\"></span>le <span class=\"_ _35\"> </span>operazioni <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>pronti <span class=\"_ _0\"></span>contro <span class=\"_ _0\"> </span>te<span class=\"_ _1\"></span>rmine <span class=\"_ _0\"> </span>con <span class=\"_ _35\"> </span>obbligo <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5b1\">riacquisto <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>termine <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>raccolta <span class=\"_ _1\"></span>effe<span class=\"_ _1\"></span>ttuata <span class=\"_ _1\"></span>attraverso <span class=\"_ _38\"></span>certificati <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>deposito<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>tito<span class=\"_ _1\"></span>li <span class=\"_ _1\"></span>obbligazionari<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5b2\">ed altri strumenti di raccolta in circolazione, al netto <span class=\"_ _1\"></span>degli eventuali ammontari riacquistati.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5b3\">Sono <span class=\"_ _0\"></span>inoltre <span class=\"_ _38\"></span>inclusi <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>debiti <span class=\"_ _38\"></span>iscritti <span class=\"_ _0\"></span>dall\u2019impresa <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>qualit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>loca<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ario <span class=\"_ _0\"></span>nell\u2019ambito <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>operazioni <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5b4\">leasing.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs5b6\">Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5b7\">Dopo <span class=\"_ _0\"></span>l<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5b8\">a <span class=\"_ _0\"></span>rilevazione <span class=\"_ _35\"> </span>inizial<span class=\"_ _2\"></span>e, <span class=\"_ _0\"></span>le <span class=\"_ _35\"> </span>passivit\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _0\"></span>vengono <span class=\"_ _35\"> </span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>co<span class=\"_ _2\"></span>sto <span class=\"_ _0\"></span>ammort<span class=\"_ _1\"></span>izzato <span class=\"_ _0\"></span>col<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5b9\">metodo del tasso di interesse effett<span class=\"_ _1\"></span>ivo.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5ba\">Fanno <span class=\"_ _1\"></span>eccezione <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>passivit\u00e0 a <span class=\"_ _38\"></span>breve termine, <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>quali il <span class=\"_ _1\"></span>fattore <span class=\"_ _1\"></span>temporale <span class=\"_ _1\"></span>risulta t<span class=\"_ _1\"></span>rascurabile,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5bb\">che rimangono iscritte per il valore incassato.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5bc\">Alla <span class=\"_ _35\"> </span>data <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>decorrenza, <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>pagamenti <span class=\"_ _35\"> </span>dovuti <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>asing, <span class=\"_ _35\"> </span>inclusi <span class=\"_ _35\"> </span>nella <span class=\"_ _35\"> </span>valutazione <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>Lease<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5bd\">Liability, comprendono:  </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs5be\"><span class=\"_ _42\"> </span><span class=\"ff4\">I pagamenti fissi, al netto di eventuali incentivi al leasing da ricever<span class=\"_ _1\"></span>e;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs5bf\"><span class=\"_ _42\"> </span><span class=\"ff4\">I <span class=\"_ _1\"></span>pagamenti <span class=\"_ _38\"></span>variabili <span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>vuti <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>leasing, <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>dipendono <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>indice <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>tas<span class=\"_ _1\"></span>so, <span class=\"_ _1\"></span>valutati<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5c0\">inizialmente utilizzando un indice o un tasso alla dat<span class=\"_ _1\"></span>a di decorrenza;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs5c1\"><span class=\"_ _42\"> </span><span class=\"ff4\">Gli importi che si prevede che il locatar<span class=\"_ _1\"></span>io dovr\u00e0 pagare a titolo di garanzia del valore residuo;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs5c2\"><span class=\"_ _42\"> </span><span class=\"ff4\">Il <span class=\"_ _35\"> </span>prezzo <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>esercizio <span class=\"_ _35\"> </span>dell'opzione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>acquisto, <span class=\"_ _35\"> </span>se <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>locatario <span class=\"_ _35\"> </span>h<span class=\"_ _3b\"></span>a  la <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>agionevole <span class=\"_ _35\"> </span>certezza <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5c3\">esercitare tale opzione;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs5c4\"><span class=\"_ _42\"> </span><span class=\"ff4\">I <span class=\"_ _37\"> </span>pagamenti <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>penalit\u00e0 <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>risoluzione <span class=\"_ _37\"> </span>del <span class=\"_ _37\"> </span>lea<span class=\"_ _1\"></span>sing, <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>e <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>durata <span class=\"_ _36\"> </span>del <span class=\"_ _37\"> </span>leasing <span class=\"_ _37\"> </span>tiene <span class=\"_ _37\"> </span>conto<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5c5\">dell'esercizio, da parte del locatario, dell'opzione di r<span class=\"_ _1\"></span>isoluzione del leasing.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5c6\">Devono <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>inclusi <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>Leas<span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>Liability <span class=\"_ _0\"></span>solo <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>pagamenti <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>risultano <span class=\"_ _0\"></span>non<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5c7\">versati <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>decorre<span class=\"_ _1\"></span>nza <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>contratto. <span class=\"_ _1\"></span>La <span class=\"_ _1\"></span>Lease <span class=\"_ _38\"></span>Liability d<span class=\"_ _1\"></span>eve <span class=\"_ _1\"></span>essere <span class=\"_ _1\"></span>rivalutata <span class=\"_ _1\"></span>quando <span class=\"_ _1\"></span>vi <span class=\"_ _1\"></span>\u00e8<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5c8\">una <span class=\"_ _43\"> </span>lease <span class=\"_ _43\"> </span>modification <span class=\"_ _43\"> </span>(e.g. <span class=\"_ _43\"> </span>una <span class=\"_ _43\"> </span>modifica <span class=\"_ _43\"> </span>del <span class=\"_ _43\"> </span>perimetro <span class=\"_ _43\"> </span>del <span class=\"_ _43\"> </span>contratto), <span class=\"_ _43\"> </span>che <span class=\"_ _43\"> </span>non <span class=\"_ _69\"> </span>\u00e8<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5c9\">contabilizzata/considerata come contratto<span class=\"_ _1\"></span> separato (IFRS 16.36 c).<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5ca\">Il <span class=\"_ _35\"> </span>locatario <span class=\"_ _35\"> </span>deve <span class=\"_ _35\"> </span>rivalutare <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>pagamenti <span class=\"_ _35\"> </span>dovuti <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>leasing <span class=\"_ _35\"> </span>(e<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>quindi <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>Lease <span class=\"_ _35\"> </span>Liability), <span class=\"_ _35\"> </span>anche<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5cb\">qualora intervenga una delle seguenti variazioni:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs5cc\"><span class=\"_ _42\"> </span><span class=\"ff4\">La durata del contratto di leasing;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs5cd\"><span class=\"_ _42\"> </span><span class=\"ff4\">La valutazione ci<span class=\"_ _2\"></span>rca la ragionevol<span class=\"_ _2\"></span>e certezza di <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>sercizio, da p<span class=\"_ _2\"></span>arte d<span class=\"_ _2\"></span>el locatario, dell\u2019opzi<span class=\"_ _2\"></span>one di<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5ce\">acquisto del bene sottostante;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs5cf\"><span class=\"_ _42\"> </span><span class=\"ff4\">Gli importi che si prevede il locatario dovr\u00e0 <span class=\"_ _1\"></span>pagare a titolo di garanzie del valore residuo;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs5d0\"><span class=\"_ _42\"> </span><span class=\"ff4\">I futuri pagamenti dovuti per il leasing dipendenti da una variazione<span class=\"_ _1\"></span> dell\u2019indice o del tasso.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs5d1\"><span class=\"_ _42\"> </span><span class=\"ff4\">In-substance fixed lease payments.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs5d2\">Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5d3\">Le <span class=\"_ _37\"> </span>passivit\u00e0 <span class=\"_ _37\"> </span>finanziarie<span class=\"_ _3a1\"> </span> <span class=\"_ _37\"> </span>sono <span class=\"_ _37\"> </span>cancellate <span class=\"_ _37\"> </span>dal <span class=\"_ _37\"> </span>bilanci</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5d4\">o<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5d5\">q</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5d6\">u<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5d7\">a</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5d8\">n<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5d9\">do <span class=\"_ _37\"> </span>risultano <span class=\"_ _37\"> </span>scadute <span class=\"_ _37\"> </span>o <span class=\"_ _37\"> </span>estinte. <span class=\"_ _37\"> </span>La<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5da\">cancellazione <span class=\"_ _0\"> </span>a<span class=\"_ _1\"></span>vviene <span class=\"_ _35\"> </span>anche <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>presenza <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>riacquisto <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>tito<span class=\"_ _1\"></span>li <span class=\"_ _0\"></span>obbligazionari <span class=\"_ _35\"> </span>precedentemente<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5db\">emessi. L<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>differenza <span class=\"_ _3b\"></span>tra v<span class=\"_ _2\"></span>alore <span class=\"_ _2\"></span>contabile <span class=\"_ _3b\"></span>della p<span class=\"_ _2\"></span>assivit\u00e0 <span class=\"_ _3b\"></span>e l\u2019ammon<span class=\"_ _2\"></span>tare co<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>risposto <span class=\"_ _2\"></span>per <span class=\"_ _3b\"></span>acquistarla<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5dc\">viene registrata a Conto Economico.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5dd\">Il <span class=\"_ _3b\"></span>ricollocament<span class=\"_ _1\"></span>o su<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>mercato di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>titoli <span class=\"_ _3b\"></span>propri successivamente <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>loro riacquisto <span class=\"_ _3b\"></span>\u00e8 considerato <span class=\"_ _3b\"></span>come<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5de\">una nuova emissione con iscrizione al nuovo prezzo di collocame<span class=\"_ _1\"></span>nto. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs5df\">12 - Pa<span class=\"_ _1\"></span>ssivit\u00e0 fin<span class=\"_ _1\"></span>anziarie di<span class=\"_ _1\"></span> negoziaz<span class=\"_ _1\"></span>ione </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs5e0\">Crite<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs5e1\">ri di iscrizione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5e2\">Gli <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>trumenti <span class=\"_ _1\"></span>finanziari <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>oggetto <span class=\"_ _38\"></span>sono <span class=\"_ _1\"></span>iscritti <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>sottoscrizione <span class=\"_ _38\"></span>o <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>emissione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5e3\">ad <span class=\"_ _35\"> </span>un <span class=\"_ _0\"></span>valore <span class=\"_ _35\"> </span>pari <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>fair<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>value <span class=\"_ _35\"> </span>d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>llo <span class=\"_ _35\"> </span>strumento, <span class=\"_ _0\"></span>se<span class=\"_ _1\"></span>nza <span class=\"_ _35\"> </span>considerare <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>ventuali <span class=\"_ _0\"></span>cos<span class=\"_ _1\"></span>ti <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>proventi <span class=\"_ _35\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5e4\">transazione direttamente attribuibili agli strumenti stess<span class=\"_ _1\"></span>i. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5e5\">In tale categoria di passivit\u00e0 <span class=\"_ _1\"></span>sono, in particolare<span class=\"_ _1\"></span>, inclusi i contratti der<span class=\"_ _1\"></span>ivati di trading con fair valu<span class=\"_ _1\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5e6\">negativo, nonch\u00e9 i derivati impliciti con fair valu<span class=\"_ _2\"></span>e negativo presenti in contratti complessi - in cui<span class=\"_ _2\"></span> il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5e7\">contratto <span class=\"_ _38\"></span>primario <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _38\"></span>finanziaria <span class=\"_ _38\"></span>- <span class=\"_ _38\"></span>ma <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>rettamente <span class=\"_ _38\"></span>correlati <span class=\"_ _38\"></span>agli <span class=\"_ _38\"></span>stessi. <span class=\"_ _1\"></span>Inoltr<span class=\"_ _1\"></span>e, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5e8\">sono <span class=\"_ _1\"></span>incluse <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>passivit\u00e0 <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>originano <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>scoperti <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ecnici <span class=\"_ _1\"></span>generati <span class=\"_ _1\"></span>dall\u2019attivit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>negoziazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5e9\">di titoli. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs5ea\">Criteri di valuta<span class=\"_ _1\"></span>zione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5eb\">Tutte <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>negoziazione <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>fair <span class=\"_ _38\"></span>v<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5ec\">alue <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>imp<span class=\"_ _2\"></span>utazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>risultato <span class=\"_ _0\"></span>della </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5ed\">valutazione nel Conto Economico. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs5ee\">Criteri di cancel<span class=\"_ _1\"></span>lazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5ef\">Le <span class=\"_ _36\"> </span>Passivit\u00e0 <span class=\"_ _36\"> </span>finanziarie <span class=\"_ _36\"> </span>detenute <span class=\"_ _39\"> </span>per <span class=\"_ _36\"> </span>negoziazione <span class=\"_ _36\"> </span>vengono</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5f0\"> <span class=\"_ _36\"> </span>cancellate <span class=\"_ _36\"> </span>dal <span class=\"_ _36\"> </span>bilancio <span class=\"_ _36\"> </span>quando </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5f1\">scadono <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>diritti <span class=\"_ _38\"></span>contrattuali <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ui <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>elativi <span class=\"_ _38\"></span>flussi <span class=\"_ _38\"></span>finanziari <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>quando <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>pass<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _1\"></span>finanziaria <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>ce<span class=\"_ _1\"></span>duta </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5f2\">con trasferimento sostanziale di tutti i rischi ed i benefici derivanti dalla proprie<span class=\"_ _1\"></span>t\u00e0 della s<span class=\"_ _2\"></span>tessa.<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs161\">13 - Pas<span class=\"_ _1\"></span>sivit\u00e0 fin<span class=\"_ _1\"></span>anziarie d<span class=\"_ _1\"></span>esignate<span class=\"_ _1\"></span> al fair<span class=\"_ _1\"></span> value<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs5f4\">Crite<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs5f5\">ri di iscrizione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5f6\">L\u2019iscrizione di t<span class=\"_ _1\"></span>ali passivit\u00e0 avviene <span class=\"_ _1\"></span>alla dat<span class=\"_ _1\"></span>a di emissione <span class=\"_ _1\"></span>in misura par<span class=\"_ _1\"></span>i al loro fair <span class=\"_ _1\"></span>value, incluso il<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5f7\">valore dell\u2019eventuale derivato embedded e al netto de<span class=\"_ _1\"></span>lle commissioni di collocamento pagate.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs5f8\">Criteri di classificazione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5f9\">Formano <span class=\"_ _1\"></span>oggetto <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rilevazione <span class=\"_ _1\"></span>nella <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>sente <span class=\"_ _1\"></span>voce <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>pass<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5fa\">ivit\u00e0 finanziarie <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>signate <span class=\"_ _1\"></span>al <span class=\"_ _38\"></span>fair <span class=\"_ _1\"></span>value<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5fb\">con contropartita in Conto <span class=\"_ _1\"></span>Economico, sulla base della facolt\u00e0 riconosciuta alle imprese <span class=\"_ _1\"></span>(c.d. \u201cfair<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5fc\">value option\u201d) dall\u2019IFRS 9 e nel rispetto delle casistiche previste dalla normat<span class=\"_ _1\"></span>iva di riferimento.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs5fd\">Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5fe\">Tali <span class=\"_ _1\"></span>passivit\u00e0 <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _1\"></span>valutate <span class=\"_ _38\"></span>al <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _38\"></span>con <span class=\"_ _1\"></span>imputazione</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5ff\"> <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>risultat<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>secondo <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>seguenti <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>gole<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs600\">previste dall\u2019IFRS 9:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs601\"><span class=\"_ _42\"> </span><span class=\"ff4\">le  variazioni <span class=\"_ _35\"> </span>di  fair <span class=\"_ _35\"> </span>value  che <span class=\"_ _35\"> </span>sono  attribu<span class=\"_ _2\"></span>ibili  alla <span class=\"_ _35\"> </span>variazione  del  proprio<span class=\"_ _2\"></span>  merito <span class=\"_ _35\"> </span>creditizio<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs602\">devono essere rilevate nel Prospetto della redditivit\u00e0 compless<span class=\"_ _1\"></span>iva (Patrimonio netto);<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs603\"><span class=\"_ _42\"> </span><span class=\"ff4\">le restanti variazioni di fair value devono essere rilevate ne<span class=\"_ _1\"></span>l Conto Economico.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs604\">Gli <span class=\"_ _35\"> </span>importi  rilevati <span class=\"_ _35\"> </span>nel  P<span class=\"_ _2\"></span>rospetto  della <span class=\"_ _35\"> </span>redditivit\u00e0  c<span class=\"_ _2\"></span>omplessiva <span class=\"_ _35\"> </span>non  rigirano <span class=\"_ _35\"> </span>successivamente <span class=\"_ _35\"> </span>a<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs605\">conto <span class=\"_ _36\"> </span>economico. <span class=\"_ _36\"> </span>Tale <span class=\"_ _36\"> </span>modalit\u00e0 <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>contabilizzazione <span class=\"_ _36\"> </span>non <span class=\"_ _39\"> </span>deve <span class=\"_ _37\"> </span>es<span class=\"_ _1\"></span>sere <span class=\"_ _36\"> </span>applicata <span class=\"_ _36\"> </span>qualora <span class=\"_ _36\"> </span>la<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs606\">rilevazione <span class=\"_ _0\"></span>degli <span class=\"_ _38\"></span>effetti <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>proprio <span class=\"_ _38\"></span>merito <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>credito <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>Patrimonio <span class=\"_ _38\"></span>netto <span class=\"_ _0\"></span>determini <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>accentui <span class=\"_ _38\"></span>un<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs607\">accounting mismatch <span class=\"_ _1\"></span>a co<span class=\"_ _1\"></span>nto economico. <span class=\"_ _1\"></span>In quest<span class=\"_ _1\"></span>o caso<span class=\"_ _1\"></span> gli <span class=\"_ _1\"></span>utili o <span class=\"_ _1\"></span>le per<span class=\"_ _1\"></span>dite legate <span class=\"_ _1\"></span>alla pass<span class=\"_ _1\"></span>ivit\u00e0,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs608\">incluse  qu<span class=\"_ _2\"></span>elle  che  si <span class=\"_ _35\"> </span>dete<span class=\"_ _1\"></span>rminano  come  effetto  d<span class=\"_ _2\"></span>ella  variazione  d<span class=\"_ _2\"></span>el  proprio  merito  c<span class=\"_ _3b\"></span>re<span class=\"_ _1\"></span>ditizio,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs609\">devono essere rilevate a conto economico.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs60a\">Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs60b\">Le <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _35\"> </span>finanzi<span class=\"_ _2\"></span>arie <span class=\"_ _35\"> </span>valu<span class=\"_ _2\"></span>tate <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _35\"> </span>vengono <span class=\"_ _0\"></span>ca<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs60c\">ncellate <span class=\"_ _35\"> </span>dal <span class=\"_ _0\"></span>bilancio <span class=\"_ _0\"></span>quando <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>cadono <span class=\"_ _35\"> </span>i<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs60d\">diritti <span class=\"_ _35\"> </span>contrattuali <span class=\"_ _35\"> </span>sui <span class=\"_ _0\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _35\"> </span>flussi <span class=\"_ _0\"> </span>finanziari <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>quando <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>esta <span class=\"_ _35\"> </span>viene <span class=\"_ _35\"> </span>estinta, <span class=\"_ _35\"> </span>ovverosia <span class=\"_ _35\"> </span>quand<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs60e\">l'obbligazione specificata nel contratto \u00e8 <span class=\"_ _1\"></span>adempiuta o cancellata o scaduta. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs60f\">1<span class=\"_ _3a1\"> </span>4 - Ope<span class=\"_ _1\"></span>razioni in<span class=\"_ _1\"></span> valuta </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs610\">Crite<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs611\">ri di iscrizione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs612\">Le <span class=\"_ _0\"></span>operazioni <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>valuta <span class=\"_ _0\"></span>ester<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>registrate, <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>momento <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>rilevazione <span class=\"_ _0\"></span>iniziale, <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>divisa <span class=\"_ _0\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs613\">conto, applicando all\u2019importo in valuta estera il tasso di cambio in vigore alla data dell\u2019operazione. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs614\">Criteri di classifi<span class=\"_ _1\"></span>cazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs615\">Le <span class=\"_ _2\"></span>operazioni i<span class=\"_ _2\"></span>n <span class=\"_ _3b\"></span>valuta sono <span class=\"_ _3b\"></span>costituite da <span class=\"_ _3b\"></span>tutte le <span class=\"_ _3b\"></span>attivi<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs616\">t\u00e0 <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _3b\"></span>denominate<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>valute diverse </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs617\">dall\u2019euro.  </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs618\">Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"fc5 sc4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs619\">Si applicano i criteri indicati per le voci di bilancio co<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs61a\">rrispondenti.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs61b\">Il tasso di cambio utilizzato \u00e8 quello alla data <span class=\"_ _1\"></span>di estinzione.<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs61c\">Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"fc5 sc4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs61d\">Ad <span class=\"_ _3b\"></span>ogni chiusura <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>bilancio <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>situazione infrannuale, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs61e\">le <span class=\"_ _2\"></span>poste <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>bilancio in <span class=\"_ _3b\"></span>valuta <span class=\"_ _2\"></span>estera vengono </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs193\">valorizzate come segue: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs194\"><span class=\"_ _42\"> </span><span class=\"ff4\">le poste monetarie sono convertite al tasso di cambio alla data <span class=\"_ _1\"></span>di chiu<span class=\"_ _2\"></span>sura;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs195\"><span class=\"_ _42\"> </span><span class=\"ff4\">le poste <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>monetarie valutate <span class=\"_ _1\"></span>al cost<span class=\"_ _1\"></span>o storico so<span class=\"_ _1\"></span>no convertite al <span class=\"_ _1\"></span>tasso <span class=\"_ _1\"></span>di cambio <span class=\"_ _1\"></span>in es<span class=\"_ _1\"></span>sere </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs61f\">alla data dell\u2019operazione; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs197\"><span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _38\"></span>poste <span class=\"_ _0\"></span>non<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>monetar<span class=\"_ _1\"></span>ie <span class=\"_ _38\"></span>valutate <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _38\"></span>convertite <span class=\"_ _0\"></span>util<span class=\"_ _3b\"></span>izzando <span class=\"_ _0\"></span>i <span class=\"_ _1\"></span>tas<span class=\"_ _1\"></span>si <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>cambio <span class=\"_ _0\"></span>in </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs620\">essere alla data di chiusura. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs199\">Le differenze di cambio che <span class=\"_ _1\"></span>derivano dal regolame<span class=\"_ _1\"></span>nto di eleme<span class=\"_ _1\"></span>nti monetari o dalla conversione<span class=\"_ _1\"></span> di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19a\">elementi <span class=\"_ _35\"> </span>monetari <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>tassi <span class=\"_ _35\"> </span>diversi <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>elli <span class=\"_ _35\"> </span>di <span class=\"_ _0\"> </span>co<span class=\"_ _1\"></span>nversione <span class=\"_ _35\"> </span>iniziali, <span class=\"_ _0\"> </span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>conv<span class=\"_ _2\"></span>ersione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>bilancio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19b\">precedente, sono rilevate nel conto e<span class=\"_ _1\"></span>conomico del periodo in cui sorgono. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19c\">Quando <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>utile <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>perdita <span class=\"_ _0\"></span>relativi <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _0\"></span>elemento <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>monetario <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>rilevati <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>patr<span class=\"_ _1\"></span>imonio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19d\">netto, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>differenza <span class=\"_ _1\"></span>cambio relativa <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>tale e<span class=\"_ _1\"></span>lemento <span class=\"_ _1\"></span>\u00e8 rilevata <span class=\"_ _1\"></span>anch\u2019essa <span class=\"_ _38\"></span>a patrimonio. <span class=\"_ _1\"></span>Per <span class=\"_ _1\"></span>contro,<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs622\">quando <span class=\"_ _3b\"></span>un utile <span class=\"_ _3b\"></span>o una <span class=\"_ _3b\"></span>perdita so<span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>rilevati a <span class=\"_ _3b\"></span>conto <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>conomico, <span class=\"_ _3b\"></span>\u00e8 rilevata <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>conto economico <span class=\"_ _3b\"></span>anche </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs623\">la rel<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs624\">ativa differenza cambio. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs625\">Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs626\">Le differenze di cambio che <span class=\"_ _1\"></span>derivano dal regolame<span class=\"_ _1\"></span>nto di eleme<span class=\"_ _1\"></span>nti monetari o dalla conversione<span class=\"_ _1\"></span> di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs627\">elementi <span class=\"_ _35\"> </span>monetari <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>tassi <span class=\"_ _35\"> </span>diversi <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>elli <span class=\"_ _35\"> </span>di <span class=\"_ _0\"> </span>co<span class=\"_ _1\"></span>nversione <span class=\"_ _35\"> </span>iniziali, <span class=\"_ _0\"> </span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>conv<span class=\"_ _2\"></span>ersione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>bilancio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs628\">precedente, <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>rilevate <span class=\"_ _0\"></span>nel <span class=\"_ _38\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>periodo <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>cui <span class=\"_ _0\"></span>sorgono <span class=\"_ _0\"></span>nella <span class=\"_ _38\"></span>voce<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>\u201cRisultato </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs629\">netto dell\u2019attivit\u00e0 di negoziazione\u201d. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs62a\">Quando <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>utile <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>perdita <span class=\"_ _0\"></span>relativi <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _0\"></span>elemento <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>monetario <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>rilevati <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>patr<span class=\"_ _1\"></span>imonio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs62b\">netto, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>differenza <span class=\"_ _1\"></span>cambio relativa <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>tale e<span class=\"_ _1\"></span>lemento <span class=\"_ _1\"></span>\u00e8 rilevata <span class=\"_ _1\"></span>anch\u2019essa <span class=\"_ _38\"></span>a patrimonio. <span class=\"_ _1\"></span>Per <span class=\"_ _1\"></span>contro, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs62c\">quando <span class=\"_ _3b\"></span>un utile <span class=\"_ _3b\"></span>o una <span class=\"_ _3b\"></span>perdita so<span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>rilevati a <span class=\"_ _3b\"></span>conto <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>conomico, <span class=\"_ _3b\"></span>\u00e8 rilevata <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>conto economico <span class=\"_ _3b\"></span>anche </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs62d\">la relativa differenza cambio. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs62e\">15 \u2013 Atti<span class=\"_ _1\"></span>vit\u00e0 e p<span class=\"_ _1\"></span>assivit\u00e0<span class=\"_ _1\"></span> assicurati<span class=\"_ _1\"></span>ve </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs62f\">Le di<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs630\">sposizioni norma<span class=\"_ _1\"></span>tive del Principio IFRS 17 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs631\">Si rip</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs632\">ortano le principali previsioni del Principio IFRS 17 che determinano le modalit\u00e0 di valutazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs633\">delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3b\"></span>e <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>assicurative <span class=\"_ _3b\"></span>e i<span class=\"_ _3b\"></span> relativi <span class=\"_ _3b\"></span>effetti <span class=\"_ _3b\"></span>di con<span class=\"_ _2\"></span>to <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>conomico <span class=\"_ _3b\"></span>per i<span class=\"_ _3b\"></span> contratti <span class=\"_ _3b\"></span>assicurativi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs634\">soggetti a tale logica contabile: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs635\"><span class=\"_ _42\"> </span><span class=\"ff4\"> l\u2019iscrizione iniziale della passivit\u00e0 assicurativa: al momento della sottoscrizione del cont<span class=\"_ _2\"></span>ratto </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs636\">con <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>oggetto <span class=\"_ _0\"></span>assicu<span class=\"_ _2\"></span>rato, <span class=\"_ _0\"></span>l\u2019impresa <span class=\"_ _0\"></span>riconosce <span class=\"_ _0\"></span>una <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>cu<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>ammontare <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>dato <span class=\"_ _0\"></span>dalla </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs637\">somma <span class=\"_ _3d\"> </span>algebrica <span class=\"_ _37\"> </span>del <span class=\"_ _3d\"> </span>valore <span class=\"_ _3d\"> </span>attuale <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>flussi <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>cassa <span class=\"_ _37\"> </span>attesi  co<span class=\"_ _1\"></span>ntrattuali <span class=\"_ _3d\"> </span>necessari <span class=\"_ _37\"> </span>per </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs638\">adempiere <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>contratto <span class=\"_ _0\"></span>(Present <span class=\"_ _0\"> </span>value <span class=\"_ _35\"> </span>future <span class=\"_ _0\"></span>cash <span class=\"_ _35\"> </span>flow <span class=\"_ _0\"></span>\u2013 <span class=\"_ _0\"></span>\u201cPVFCF\u201d) <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>inclusiv<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>an<span class=\"_ _1\"></span>che <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>u<span class=\"_ _1\"></span>n </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs639\">opportuno <span class=\"_ _0\"></span>Risk <span class=\"_ _38\"></span>adjustment <span class=\"_ _38\"></span>(\u201cRA\u201d) <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>presidio <span class=\"_ _0\"></span>dei<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>rischi <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>tipo <span class=\"_ _0\"></span>non <span class=\"_ _38\"></span>finanziario <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>margine </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs63a\">economico <span class=\"_ _35\"> </span>atteso <span class=\"_ _0\"></span>(Contractual <span class=\"_ _35\"> </span>Service <span class=\"_ _0\"></span>Margin <span class=\"_ _35\"> </span>\u2013 <span class=\"_ _0\"></span>\u201cCSM\u201d), <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>rapprese<span class=\"_ _1\"></span>nta <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>valore <span class=\"_ _0\"></span>attuale </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs63b\">degli utili futuri sui contratti assicurativi; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs63c\"><span class=\"_ _42\"> </span><span class=\"ff4\"> i <span class=\"_ _48\"> </span>raggrupp<span class=\"_ _2\"></span>amenti <span class=\"_ _48\"> </span>di <span class=\"_ _3a\"> </span>contratti: <span class=\"_ _48\"> </span>l\u2019<span class=\"_ _2\"></span>applicazione <span class=\"_ _48\"> </span>dell\u2019IFRS <span class=\"_ _3a\"> </span>17 <span class=\"_ _48\"> </span>prevede <span class=\"_ _3a\"> </span>l\u2019identificazione <span class=\"_ _48\"> </span>di </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs63d\">\u201cportafogli\u201d di contratti assicurativi (ovvero di gruppi di contratti che condividono rischi simili </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs63e\">e g<span class=\"_ _2\"></span>estiti u<span class=\"_ _2\"></span>nitariamente). <span class=\"_ _2\"></span>Ciascun p<span class=\"_ _2\"></span>ortafoglio vi<span class=\"_ _2\"></span>ene ulteriormente <span class=\"_ _3b\"></span>suddiviso i<span class=\"_ _2\"></span>n <span class=\"_ _3b\"></span>gr<span class=\"_ _1\"></span>uppi <span class=\"_ _3b\"></span>compos<span class=\"_ _1\"></span>ti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs63f\">da <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>ratti <span class=\"_ _1\"></span>con <span class=\"_ _38\"></span>caratteristiche <span class=\"_ _38\"></span>simili <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>term<span class=\"_ _1\"></span>ini <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>profittabilit\u00e0 <span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>tesa, <span class=\"_ _38\"></span>prevedendo <span class=\"_ _1\"></span>pertanto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs640\">la <span class=\"_ _0\"></span>distinzione <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>contratti <span class=\"_ _0\"></span>profittevoli <span class=\"_ _0\"></span>(con <span class=\"_ _0\"></span>margine <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>atteso <span class=\"_ _0\"></span>positivo) <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>onerosi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs641\">(con margine economico atteso negativo); </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs642\"><span class=\"_ _42\"> </span><span class=\"ff4\">i  modelli  di  misurazione <span class=\"_ _3d\"> </span>previsti  dal  principio:  il  principio  IFRS  17  preve<span class=\"_ _1\"></span>de  un  modello  di </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs643\">misurazione <span class=\"_ _36\"> </span>denominato <span class=\"_ _3d\"> </span>G<span class=\"_ _1\"></span>eneral <span class=\"_ _37\"> </span>Model <span class=\"_ _37\"> </span>(\u201cGM\u201d) <span class=\"_ _36\"> </span>applicabi<span class=\"_ _2\"></span>le <span class=\"_ _37\"> </span>in <span class=\"_ _36\"> </span>linea <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>princip<span class=\"_ _2\"></span>io <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>tutti <span class=\"_ _37\"> </span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs644\">contratti, ad eccezione di quelli con part<span class=\"_ _1\"></span>ecipazione diretta agli utili finanziari, per i quali viene </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs645\">applicato  il <span class=\"_ _35\"> </span>Variable  Fee <span class=\"_ _35\"> </span>Approach  (\u201cVFA\u201d), <span class=\"_ _35\"> </span>qualora  siano <span class=\"_ _35\"> </span>ris<span class=\"_ _1\"></span>pettati  i<span class=\"_ _3b\"></span>  criteri  di <span class=\"_ _35\"> </span>eleggibilit\u00e0<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs646\">dipendenti <span class=\"_ _0\"></span>dalla <span class=\"_ _35\"> </span>natura <span class=\"_ _35\"> </span>stessa <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>part<span class=\"_ _1\"></span>ecipazione <span class=\"_ _35\"> </span>agli <span class=\"_ _0\"></span>utili. <span class=\"_ _0\"></span>\u00c8<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>previsto <span class=\"_ _0\"></span>inoltre <span class=\"_ _35\"> </span>un <span class=\"_ _0\"></span>modello </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs647\">semplificato <span class=\"_ _37\"> </span>opzionale <span class=\"_ _37\"> </span>(Premium <span class=\"_ _37\"> </span>Allocation <span class=\"_ _37\"> </span>Approach <span class=\"_ _3d\"> </span>\u2013<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>\u201c<span class=\"_ _1\"></span>PAA\u201d) <span class=\"_ _37\"> </span>per <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>valutazione <span class=\"_ _3d\"> </span>della </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs648\">passivit\u00e0 <span class=\"_ _3f\"> </span>per <span class=\"_ _3f\"> </span>copertura <span class=\"_ _3f\"> </span>res<span class=\"_ _1\"></span>idua <span class=\"_ _3f\"> </span>denominata <span class=\"_ _3f\"> </span>Liability <span class=\"_ _3f\"> </span>for <span class=\"_ _3f\"> </span>Remaining <span class=\"_ _3f\"> </span>Coverage <span class=\"_ _3a\"> </span>(\u201cLRC\u201d, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs649\">assimilabile <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>Riserva <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>frazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>prem<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>riporto <span class=\"_ _1\"></span>prem<span class=\"_ _1\"></span>i) per <span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>contratti <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>periodo <span class=\"_ _38\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs64a\">copertura uguale o i<span class=\"_ _2\"></span>nferiore all'anno e per <span class=\"_ _2\"></span>tutti i contratti n<span class=\"_ _2\"></span>el caso in <span class=\"_ _2\"></span>cui la v<span class=\"_ _2\"></span>alutazione non sia </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs64b\">materialmente differente da quella risultante dall'applicazione del General Model; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs64c\"><span class=\"_ _42\"> </span><span class=\"ff4\"> la <span class=\"_ _0\"></span>misurazione <span class=\"_ _38\"></span>successiva <span class=\"_ _0\"></span>della<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>pas<span class=\"_ _1\"></span>sivit\u00e0 <span class=\"_ _0\"></span>as<span class=\"_ _2\"></span>sicurativa: <span class=\"_ _38\"></span>l\u2019IFRS <span class=\"_ _0\"></span>17 <span class=\"_ _38\"></span>richiede <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>aggiornamento </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs64d\">della <span class=\"_ _38\"></span>misurazione <span class=\"_ _38\"></span>ad <span class=\"_ _0\"></span>ogni<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>reporting <span class=\"_ _1\"></span>period <span class=\"_ _38\"></span>degli <span class=\"_ _0\"></span>elementi <span class=\"_ _1\"></span>sopra <span class=\"_ _38\"></span>indicati <span class=\"_ _38\"></span>(i <span class=\"_ _38\"></span>flussi <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>cassa <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs64e\">margine <span class=\"_ _35\"> </span>economico <span class=\"_ _0\"> </span>atteso<span class=\"_ _1\"></span>), <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>verificare <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>congruit\u00e0 <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>stime <span class=\"_ _35\"> </span>rispetto <span class=\"_ _35\"> </span>alle <span class=\"_ _0\"></span>condizioni </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs64f\">correnti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>mercato. <span class=\"_ _0\"></span>Gli <span class=\"_ _38\"></span>effetti <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>eventuali <span class=\"_ _38\"></span>aggiorname<span class=\"_ _1\"></span>nti <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>recepiti <span class=\"_ _0\"></span>alla <span class=\"_ _38\"></span>prima <span class=\"_ _38\"></span>report<span class=\"_ _1\"></span>ing </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs650\">date  di<span class=\"_ _3b\"></span>  consuntivazione: <span class=\"_ _35\"> </span>a  con<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _35\"> </span>economico  qu<span class=\"_ _2\"></span>alora  i<span class=\"_ _3b\"></span>  cambiamenti <span class=\"_ _35\"> </span>siano <span class=\"_ _35\"> </span>riferiti  a <span class=\"_ _35\"> </span>eventi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs651\">correnti <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>gi\u00e0 <span class=\"_ _35\"> </span>avvenuti <span class=\"_ _0\"></span>oppure <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>riduzione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>margine <span class=\"_ _35\"> </span>economico <span class=\"_ _0\"> </span>a<span class=\"_ _1\"></span>tteso <span class=\"_ _35\"> </span>(CSM) <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>alora <span class=\"_ _35\"> </span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs652\">cambiamenti <span class=\"_ _35\"> </span>siano <span class=\"_ _0\"></span>riferiti <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>eventi <span class=\"_ _0\"></span>futuri. <span class=\"_ _0\"></span>Con <span class=\"_ _35\"> </span>riferimento <span class=\"_ _0\"></span>alle <span class=\"_ _0\"> </span>var<span class=\"_ _1\"></span>iazioni <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>sole <span class=\"_ _0\"></span>variabili </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs653\">finanziarie <span class=\"_ _37\"> </span>(e <span class=\"_ _37\"> </span>non <span class=\"_ _37\"> </span>delle <span class=\"_ _37\"> </span>restanti, <span class=\"_ _37\"> </span>quindi <span class=\"_ _37\"> </span>principalmente <span class=\"_ _37\"> </span>relat<span class=\"_ _1\"></span>ive <span class=\"_ _3d\"> </span>al <span class=\"_ _37\"> </span>com<span class=\"_ _1\"></span>portamento <span class=\"_ _37\"> </span>degli </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs654\">assicurati), <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>rimessa <span class=\"_ _35\"> </span>scelta <span class=\"_ _35\"> </span>alle <span class=\"_ _35\"> </span>imprese <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>ind<span class=\"_ _2\"></span>ividuare <span class=\"_ _35\"> </span>\u2013 <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>ciascun <span class=\"_ _35\"> </span>raggruppamento <span class=\"_ _35\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs655\">contratti <span class=\"_ _1\"></span>\u2013 <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>rappresentare <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>effetti <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>modifiche <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>conto eco<span class=\"_ _1\"></span>nomico <span class=\"_ _1\"></span>o ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>patrimonio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs656\">netto (c.d. Opzione OCI); </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs657\"><span class=\"_ _42\"> </span><span class=\"ff4\">la misurazione <span class=\"_ _1\"></span>del ricavo assicurativo: l\u2019IFRS 1<span class=\"_ _1\"></span>7 prevede <span class=\"_ _1\"></span>un\u2019esposizione nel <span class=\"_ _1\"></span>conto economico </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs658\">della  redditivit\u00e0  \u201cper  margini\u201d  conseguiti  nel  corso  della  vita  delle  poliz<span class=\"_ _2\"></span>ze,  ossia  quando<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs659\">l\u2019impresa eroga i servizi <span class=\"_ _3b\"></span>agli assicurati, non prevedendo pertanto la rilevazione di<span class=\"_ _2\"></span> alcun ricav<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs65a\">al <span class=\"_ _36\"> </span>mo<span class=\"_ _1\"></span>mento <span class=\"_ _39\"> </span>della <span class=\"_ _39\"> </span>sottoscrizione <span class=\"_ _36\"> </span>del <span class=\"_ _39\"> </span>contratto. <span class=\"_ _39\"> </span>In <span class=\"_ _36\"> </span>merit<span class=\"_ _1\"></span>o <span class=\"_ _39\"> </span>a <span class=\"_ _36\"> </span>tale <span class=\"_ _39\"> </span>aspetto <span class=\"_ _39\"> </span>il <span class=\"_ _36\"> </span>principio <span class=\"_ _39\"> </span>\u00e8 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs65b\">asimmetrico in quanto in caso<span class=\"_ _1\"></span> di gruppi di contratt<span class=\"_ _1\"></span>i onerosi prevede la rilevazione immediata </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs65c\">delle perdite a conto economico; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs65e\"><span class=\"_ _42\"> </span><span class=\"ff4\">la <span class=\"_ _0\"></span>misurazione <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>performance: <span class=\"_ _0\"></span>nell\u2019ottica <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>un\u2019i<span class=\"_ _2\"></span>nformativa <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>garantisca <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>migliore </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs65f\">compar<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs660\">abilit\u00e0 <span class=\"_ _38\"></span>degli <span class=\"_ _38\"></span>andamenti <span class=\"_ _0\"></span>delle <span class=\"_ _1\"></span>Co<span class=\"_ _1\"></span>mpagnie, <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>revista <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>rapprese<span class=\"_ _1\"></span>ntazione <span class=\"_ _38\"></span>distinta <span class=\"_ _38\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs661\">separata delle due componenti <span class=\"_ _2\"></span>principali che tipicamente concorrono a formare la <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>edditivit\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs662\">delle <span class=\"_ _39\"> </span>imprese <span class=\"_ _3f\"> </span>assicuratrici: <span class=\"_ _39\"> </span>la <span class=\"_ _39\"> </span>prima, <span class=\"_ _3f\"> </span>che <span class=\"_ _39\"> </span>rappresenta <span class=\"_ _3f\"> </span>il <span class=\"_ _39\"> </span>profitto <span class=\"_ _3f\"> </span>deriv<span class=\"_ _2\"></span>ante <span class=\"_ _3f\"> </span>dall\u2019attivit\u00e0<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs663\">assicurativa <span class=\"_ _0\"></span>prestata <span class=\"_ _38\"></span>(il <span class=\"_ _0\"></span>c.d. <span class=\"_ _38\"></span>\u201cmargine <span class=\"_ _0\"></span>tecnico\u201d) <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>econda <span class=\"_ _0\"></span>c<span class=\"_ _3b\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>raggrupp<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>inv<span class=\"_ _2\"></span>ece <span class=\"_ _0\"></span>tutte <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs664\">componenti <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>caratt<span class=\"_ _1\"></span>ere <span class=\"_ _0\"></span>\u201c<span class=\"_ _1\"></span>finanziario\u201d <span class=\"_ _35\"> </span>(i<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>risultati <span class=\"_ _0\"></span>degli <span class=\"_ _35\"> </span>investimenti, <span class=\"_ _35\"> </span>gli <span class=\"_ _0\"></span>effetti <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>variabil<span class=\"_ _2\"></span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs665\">finanziarie <span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ilizzate <span class=\"_ _38\"></span>nelle <span class=\"_ _1\"></span>valutazioni <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>contratti, <span class=\"_ _38\"></span>ecc.). <span class=\"_ _1\"></span>I <span class=\"_ _38\"></span>cambiament<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>nelle <span class=\"_ _38\"></span>stime <span class=\"_ _38\"></span>future <span class=\"_ _1\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs666\">premi <span class=\"_ _0\"></span>collegat<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>contratti <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>re<span class=\"_ _1\"></span>porting <span class=\"_ _0\"></span>(flussi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>cass<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>rice<span class=\"_ _1\"></span>vere) <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs667\">pagamenti <span class=\"_ _0\"></span>(fl<span class=\"_ _2\"></span>ussi <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>cassa <span class=\"_ _38\"></span>da <span class=\"_ _0\"></span>riconoscere) <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>rilevati <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>conomico <span class=\"_ _0\"></span>lun<span class=\"_ _2\"></span>go <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>durata </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs668\">residua contrattuale delle polizze di riferime<span class=\"_ _1\"></span>nto. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs669\">Scelte metodologi<span class=\"_ _1\"></span>che del Gruppo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs66a\">Nell\u2019ambito <span class=\"_ _39\"> </span>delle <span class=\"_ _3f\"> </span>Compagnie <span class=\"_ _36\"> </span>ass<span class=\"_ _1\"></span>icurative <span class=\"_ _39\"> </span>il <span class=\"_ _39\"> </span>principio <span class=\"_ _39\"> </span>IFRS </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs66b\">17 <span class=\"_ _39\"> </span>risulta <span class=\"_ _39\"> </span>applicabile <span class=\"_ _39\"> </span>ai <span class=\"_ _3f\"> </span>prodotti<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs66c\">assicurativi <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>prodotti <span class=\"_ _38\"></span>finanziari <span class=\"_ _38\"></span>con <span class=\"_ _1\"></span>eleme<span class=\"_ _1\"></span>nti <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>partecipazione <span class=\"_ _38\"></span>discrezionale <span class=\"_ _38\"></span>agli <span class=\"_ _1\"></span>utili <span class=\"_ _38\"></span>mentre <span class=\"_ _1\"></span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs66d\">prodotti <span class=\"_ _3d\"> </span>a  prevalente <span class=\"_ _3d\"> </span>contenuto  finanziario <span class=\"_ _3d\"> </span>sono <span class=\"_ _3d\"> </span>classificati  sotto <span class=\"_ _3d\"> </span>IFRS9. <span class=\"_ _3d\"> </span>Le  principali  scelt<span class=\"_ _1\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs66e\">metodologiche <span class=\"_ _0\"></span>affrontate <span class=\"_ _0\"></span>hanno <span class=\"_ _0\"></span>riguardato <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>quantificazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>cash <span class=\"_ _38\"></span>flow <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>ottica <span class=\"_ _0\"></span>IFRS <span class=\"_ _0\"></span>17, <span class=\"_ _38\"></span>la </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs66f\">definizione della curva di sconto per la loro attualizzazione, nonch\u00e9 la quantificazione del CSM per </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs670\">il bilancio co<span class=\"_ _1\"></span>nsolidato <span class=\"_ _1\"></span>del G<span class=\"_ _1\"></span>ruppo, al <span class=\"_ _1\"></span>fine <span class=\"_ _1\"></span>di cons<span class=\"_ _1\"></span>iderare <span class=\"_ _1\"></span>gli effettivi cos<span class=\"_ _1\"></span>ti di <span class=\"_ _1\"></span>distribuzione/ges<span class=\"_ _1\"></span>tione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs671\">nei flussi <span class=\"_ _1\"></span>prospettici <span class=\"_ _1\"></span>delle passivit\u00e0 a<span class=\"_ _1\"></span>ssicurative in <span class=\"_ _1\"></span>luogo delle provvigioni r<span class=\"_ _1\"></span>egolate tra <span class=\"_ _1\"></span>Credemvita </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs672\">e <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>societ\u00e0 <span class=\"_ _0\"></span>distributrici <span class=\"_ _0\"></span>del<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>Gruppo. <span class=\"_ _38\"></span>Di <span class=\"_ _0\"></span>seguito <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>riportate <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>princi<span class=\"_ _2\"></span>pali <span class=\"_ _0\"></span>scelte <span class=\"_ _38\"></span>metodologiche </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs673\">assunte dal Gruppo: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs674\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Livello di aggregazione e opzione \u201c<span class=\"_ _1\"></span>carve out\u201d sulle coorti: il livello di aggregazione permette di </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs675\">definire <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>granularit\u00e0 <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>viene <span class=\"_ _38\"></span>valutata <span class=\"_ _1\"></span>la r<span class=\"_ _1\"></span>edditivit\u00e0 <span class=\"_ _1\"></span>di un <span class=\"_ _38\"></span>gruppo di <span class=\"_ _1\"></span>contr<span class=\"_ _1\"></span>atti, <span class=\"_ _1\"></span>andando <span class=\"_ _1\"></span>a </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs676\">raggruppare nel medesimo portafoglio quelli che: </div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs677\">o<span class=\"_ _3e\"> </span><span class=\"ff4\">prese<span class=\"_ _1\"></span>ntano rischi simili e sono gestiti unitariamente; </span></div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs678\">o<span class=\"_ _3e\"> </span><span class=\"ff4\">hanno profittabilit\u00e0 attesa <span class=\"_ _1\"></span>simile all\u2019emissione (c.d. bucket di profittabilit\u00e0); </span></div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs679\">o<span class=\"_ _3e\"> </span><span class=\"ff4\">appartengono alla stessa generazione (c.d. coorte annuale). </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs67a\">Per <span class=\"_ _1\"></span>Credemvita <span class=\"_ _1\"></span>l\u2019aggregazione <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>gruppi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>contrat<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>definita <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>rimast<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>invariata <span class=\"_ _1\"></span>dal <span class=\"_ _1\"></span>punto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>vista </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs67b\">metodologico <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>2024 <span class=\"_ _1\"></span>rispetto <span class=\"_ _38\"></span>all\u2019anno <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>cedente, <span class=\"_ _38\"></span>ma <span class=\"_ _1\"></span>integra <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>nuovi <span class=\"_ _1\"></span>portafo<span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>identificati <span class=\"_ _38\"></span>per </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs67c\">la <span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>stione <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>nuove <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>ipologie <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>prodot<span class=\"_ _1\"></span>ti <span class=\"_ _38\"></span>entrati <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>collocamento <span class=\"_ _38\"></span>durante<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>l\u2019anno. <span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>el <span class=\"_ _38\"></span>dettaglio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs67d\">Pi\u00f9 in dettaglio: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs67e\"><span class=\"_ _3e\"> </span><span class=\"ff4\">rimane <span class=\"_ _38\"></span>invariata <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>definizione <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>due <span class=\"_ _38\"></span>macro <span class=\"_ _38\"></span>portafogli <span class=\"_ _38\"></span>riconducibili <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>IFRS9 <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>ui <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>imetro <span class=\"_ _38\"></span>\u00e8 </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs67f\">rappresentato <span class=\"_ _37\"> </span>dalle <span class=\"_ _3d\"> </span>polizze <span class=\"_ _37\"> </span>Unit <span class=\"_ _37\"> </span>Linked <span class=\"_ _3d\"> </span>st<span class=\"_ _1\"></span>and <span class=\"_ _3d\"> </span>alone <span class=\"_ _37\"> </span>(portafoglio <span class=\"_ _37\"> </span>1) <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>dai <span class=\"_ _3d\"> </span>prodott<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>Fo<span class=\"_ _1\"></span>ndo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs680\">Pensione e PIP (portafoglio 2 Risparmio Gest<span class=\"_ _1\"></span>ito) </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs681\"><span class=\"_ _3e\"> </span><span class=\"ff4\">i <span class=\"_ _3b\"></span>macr<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>portafogli <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iconducibili <span class=\"_ _3b\"></span>a IFRS17 <span class=\"_ _3b\"></span>pre<span class=\"_ _1\"></span>vedono <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>separazione <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>i principi<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>aggregazione<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs682\">di cui sopra tra prodotti relativi a Gestione Separate, Puro Rischio e <span class=\"_ _1\"></span>Multiramo: </div><div class=\"t m2 h23 ff15 fs2 fc1 sc0 ls0 ws0 gs683\">o<span class=\"ff16\"> <span class=\"_ _184\"></span><span class=\"ff4\">Per i prodotti <span class=\"_ _2\"></span>relativi a Gestione<span class=\"_ _2\"></span> Separate non<span class=\"_ _2\"></span> si evid<span class=\"_ _2\"></span>enziano integrazioni rispetto <span class=\"_ _2\"></span>al 2023 p<span class=\"_ _2\"></span>er </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs684\">un <span class=\"_ _0\"></span>totale<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>4 <span class=\"_ _35\"> </span>macro <span class=\"_ _0\"></span>portafogli <span class=\"_ _0\"></span>relativi <span class=\"_ _35\"> </span>rispettivamente <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>Gestione <span class=\"_ _35\"> </span>Separata <span class=\"_ _0\"></span>1, <span class=\"_ _0\"></span>Gestione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs685\">Separata 2, <span class=\"_ _3b\"></span>le<span class=\"_ _1\"></span> Specifi<span class=\"_ _2\"></span>che Provviste <span class=\"_ _2\"></span>collocate du<span class=\"_ _2\"></span>rante il 2<span class=\"_ _2\"></span>023 e <span class=\"_ _3b\"></span>al prodotto Risparmio <span class=\"_ _3b\"></span>Pr<span class=\"_ _1\"></span>otetto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs686\">che ha come sottostante sia la Gestione Separata 1 che la Gestione <span class=\"_ _1\"></span>Separata 3; </div><div class=\"t m2 h23 ff15 fs2 fc1 sc0 ls0 ws0 gs687\">o<span class=\"ff16\"> <span class=\"_ _184\"></span><span class=\"ff4\">Per <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>prodotti <span class=\"_ _38\"></span>Multiramo <span class=\"_ _0\"></span>sia <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>componente <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>Ramo <span class=\"_ _0\"></span>I <span class=\"_ _0\"></span>che<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>componente <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Ramo<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>III <span class=\"_ _38\"></span>sono </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs688\">soggette <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>valutazione <span class=\"_ _35\"> </span>IFRS17. <span class=\"_ _0\"></span>D<span class=\"_ _1\"></span>urante <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>2024 <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>Compagnia <span class=\"_ _35\"> </span>ha <span class=\"_ _0\"></span>finalizzato <span class=\"_ _35\"> </span>e <span class=\"_ _0\"> </span>collocat<span class=\"_ _1\"></span>o </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs689\">tramite <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>rete <span class=\"_ _38\"></span>d\u2019intermediazione <span class=\"_ _38\"></span>nuovi <span class=\"_ _38\"></span>prodotti <span class=\"_ _38\"></span>Multiramo <span class=\"_ _38\"></span>legati <span class=\"_ _38\"></span>alla <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>estione <span class=\"_ _38\"></span>Separata <span class=\"_ _38\"></span>1 <span class=\"_ _1\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs68a\">alla nuova <span class=\"_ _1\"></span>Ge<span class=\"_ _1\"></span>stione <span class=\"_ _1\"></span>separata <span class=\"_ _1\"></span>3. <span class=\"_ _1\"></span>Perta<span class=\"_ _1\"></span>nto r<span class=\"_ _1\"></span>ispetto <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>2023, <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>stati <span class=\"_ _1\"></span>individuati, <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>aggiunta </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs68b\">rispetto <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>pre-esistente <span class=\"_ _35\"> </span>macro <span class=\"_ _35\"> </span>portafo<span class=\"_ _1\"></span>glio <span class=\"_ _35\"> </span>IFRS17 <span class=\"_ _35\"> </span>relativo <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>Mul<span class=\"_ _2\"></span>tiramo  GS2, <span class=\"_ _35\"> </span>du<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>nuovi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs68c\">macro <span class=\"_ _38\"></span>portafogli <span class=\"_ _0\"></span>IFRS <span class=\"_ _1\"></span>17 <span class=\"_ _0\"></span>relativi <span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>Multiramo <span class=\"_ _38\"></span>GS1 <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>Mu<span class=\"_ _2\"></span>ltiramo <span class=\"_ _0\"></span>G<span class=\"_ _2\"></span>S3 <span class=\"_ _38\"></span>per <span class=\"_ _0\"></span>un <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>otale <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>3 <span class=\"_ _0\"></span>macro </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs68d\">portafogli; </div><div class=\"t m2 h23 ff15 fs2 fc1 sc0 ls0 ws0 gs68e\">o<span class=\"ff16\"> <span class=\"_ _184\"></span><span class=\"ff4\">Per <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>rodotti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Puro <span class=\"_ _0\"></span>Rischio <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>si <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>videnziano <span class=\"_ _0\"></span>integrazioni <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>2023 <span class=\"_ _0\"></span>rimanendo <span class=\"_ _0\"></span>i </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs68f\">prodotti in oggetto classificati all\u2019interno di 1 m<span class=\"_ _1\"></span>acro portafoglio. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs690\">Per  qu<span class=\"_ _2\"></span>anto <span class=\"_ _35\"> </span>riguarda  i <span class=\"_ _35\"> </span>contratti <span class=\"_ _35\"> </span>apparte<span class=\"_ _1\"></span>nenti <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>prodotti  Multiramo <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>collegati  ad <span class=\"_ _35\"> </span>una <span class=\"_ _35\"> </span>Gestione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs691\">Separata,  il <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _35\"> </span>ha <span class=\"_ _35\"> </span>deciso  di<span class=\"_ _2\"></span>  esercitare <span class=\"_ _35\"> </span>l\u2019opzione  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>non  ap<span class=\"_ _2\"></span>plicare  il <span class=\"_ _35\"> </span>requisito <span class=\"_ _35\"> </span>della  Coort<span class=\"_ _3b\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs692\">Annuale <span class=\"_ _38\"></span>(\u201cCarve <span class=\"_ _0\"></span>Ou<span class=\"_ _2\"></span>t\u201d) <span class=\"_ _38\"></span>cos\u00ec <span class=\"_ _38\"></span>come <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>revisto <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>Regolamento <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>omologazione <span class=\"_ _0\"></span>dell\u2019<span class=\"_ _2\"></span>IFRS <span class=\"_ _38\"></span>17 <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>livello </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs693\">europeo <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>quind<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>aggregare <span class=\"_ _0\"></span>queste <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>ipologie <span class=\"_ _0\"></span>contrattuali <span class=\"_ _0\"></span>solo <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>riguardo <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>concetto <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>rischi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs694\">simili e gestione unitaria e all\u2019appartenenza allo stesso <span class=\"_ _1\"></span>bucket di profittabilit\u00e0.  </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs695\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Curva <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>sconto: <span class=\"_ _35\"> </span>Credemvita <span class=\"_ _35\"> </span>ha <span class=\"_ _35\"> </span>deciso  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>utilizzare <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>approccio <span class=\"_ _35\"> </span>Bottom-Up, <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>prevede </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs696\">l\u2019utilizzo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>ssi <span class=\"_ _1\"></span>privi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _38\"></span>con <span class=\"_ _1\"></span>l\u2019aggiunta <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>mio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>liquidit\u00e0. <span class=\"_ _1\"></span>Tale <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>mio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>liquidit\u00e0<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs697\">viene stimato sulla base del rischio insito all\u2019interno del portafoglio titoli, calcolato: </div><div class=\"t m2 h23 ff15 fs2 fc1 sc0 ls0 ws0 gs699\">o<span class=\"ff16\"> <span class=\"_ _184\"></span><span class=\"ff4\">per <span class=\"_ _37\"> </span>singola <span class=\"_ _3d\"> </span>Gestione <span class=\"_ _37\"> </span>Separata <span class=\"_ _3d\"> </span>quale <span class=\"_ _3d\"> </span>base <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>dete<span class=\"_ _1\"></span>rminazione <span class=\"_ _3d\"> </span>della <span class=\"_ _3d\"> </span>curva <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>conto <span class=\"_ _3d\"> </span>dei </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs69a\">porta<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs69b\">fogli IFRS 17 legati a prodotti di Ramo I e Multiramo; </div><div class=\"t m2 h23 ff15 fs2 fc1 sc0 ls0 ws0 gs69c\">o<span class=\"ff16\"> <span class=\"_ _184\"></span><span class=\"ff4\">per <span class=\"_ _38\"></span>portafoglio libero <span class=\"_ _1\"></span>quale <span class=\"_ _1\"></span>sottostante <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>determinazione <span class=\"_ _1\"></span>della curva <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>sconto <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>prodotti </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs69d\">di puro rischio. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs69e\">Di <span class=\"_ _1\"></span>seguito <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iepilogano <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>tassi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>conto, <span class=\"_ _1\"></span>suddivisi <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>tipologia <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>dello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valutazione <span class=\"_ _1\"></span>IFRS <span class=\"_ _38\"></span>17, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs69f\">sottostanti <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>valutazioni <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>31 <span class=\"_ _38\"></span>dicembre<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>2024. <span class=\"_ _38\"></span>Si <span class=\"_ _38\"></span>evidenzia <span class=\"_ _38\"></span>come <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>caso <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>prodotti <span class=\"_ _38\"></span>valutati <span class=\"_ _38\"></span>al </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6a0\">VFA, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>curva <span class=\"_ _38\"></span>riportata <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>dalla <span class=\"_ _38\"></span>media <span class=\"_ _1\"></span>ponderata <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>curve <span class=\"_ _1\"></span>sottostanti <span class=\"_ _1\"></span>ogni <span class=\"_ _38\"></span>portafoglio <span class=\"_ _1\"></span>IFRS </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6a1\">17. </div><div class=\"gs6a2\"><table class=\"s w64b h1ea\" id=\"_8a528480-d0bf-4c88-ae81-71f3a6dfde57\"><tr><td class=\"t m2 x643 h8 y548d ff4 fs2 fc1 sc0 ls0 ws0\">Classificazione portafogli </td><td></td><td></td><td class=\"t m2 x644 h8 y548e ff4 fs2 fc1 sc0 ls0 ws0\">Curva la 31.12.2024 </td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x645 h8 y548f ff4 fs2 fc1 sc0 ls0 ws0\">IFRS 17 </td><td class=\"c n x646 y5491 w64c h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">1 anno<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x647 y5491 w64d h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">5 anni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x648 y5491 w64e h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">10<span class=\"_ _1\"></span> anni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x649 y5491 w64f h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">15 <span class=\"_ _1\"></span>anni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x64a y5491 w650 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">20 anni</div></td><td class=\"t m2 x64b h8 y5492 ff4 fs2 fc1 sc0 ls0 ws0\">30 anni </td></tr><tr><td class=\"t m2 x64c h8 y5493 ff4 fs2 fc1 sc0 ls0 ws0\">Variable Fee Approach \u2013 </td><td class=\"c n x646 y5494 w651 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,80%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x64d y5494 w652 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,70%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x64e y5494 w653 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,83%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x64f y5494 w654 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,90%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x650 y5494 w655 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,82%</div></td><td class=\"t m2 x651 h8 y5493 ff4 fs2 fc1 sc0 ls0 ws0\">2,95% </td></tr><tr><td class=\"t m2 x64c h8 y5495 ff4 fs2 fc1 sc0 ls0 ws0\">VFA </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y539f w656 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">General Model - GM<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x652 y539f w657 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,71%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x653 y539f w658 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,62%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x654 y539f w659 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,74%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x655 y539f w65a h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,81%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x656 y539f w65b h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,73%</div></td><td class=\"t m2 x651 h8 y5496 ff4 fs2 fc1 sc0 ls0 ws0\">2,86% </td></tr></table></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs6a3\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Risk <span class=\"_ _3b\"></span>adjust<span class=\"_ _1\"></span>ment: vi<span class=\"_ _2\"></span>ene de<span class=\"_ _2\"></span>terminato utilizz<span class=\"_ _2\"></span>ando <span class=\"_ _3b\"></span>una metodologia <span class=\"_ _3b\"></span>di tipo <span class=\"_ _3b\"></span>Value at <span class=\"_ _3b\"></span>Risk (<span class=\"_ _2\"></span>VaR) <span class=\"_ _3b\"></span>c<span class=\"_ _1\"></span>he </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6a4\">stima <span class=\"_ _0\"></span>l\u2019incertezza <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>ari <span class=\"_ _0\"></span>sulla <span class=\"_ _38\"></span>base <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>80\u00b0 <span class=\"_ _0\"></span>percentile <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span>stribuzione <span class=\"_ _0\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6a5\">probabilit\u00e0 aggregata dei rischi tecnici insiti nel port<span class=\"_ _1\"></span>afoglio. </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs6a6\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Variable <span class=\"_ _0\"></span>Fee <span class=\"_ _38\"></span>Approach <span class=\"_ _0\"></span>(VFA): <span class=\"_ _0\"></span>come <span class=\"_ _38\"></span>evidenziato <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>precedenza, <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>VFA <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>modello <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>visto </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6a7\">dallo  Standard  obblig<span class=\"_ _2\"></span>atorio  per  i  contratti  ch<span class=\"_ _2\"></span>e  prevedono  una  signi<span class=\"_ _2\"></span>ficativa  partecipazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6a8\">discrezionale a<span class=\"_ _1\"></span>gli utili finanziari <span class=\"_ _1\"></span>da part<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>dell\u2019assicurato. Per de<span class=\"_ _1\"></span>terminare se <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>partecipazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6a9\">discrezionale  agli  utili  \u00e8<span class=\"_ _1\"></span>  significativa,  viene <span class=\"_ _3d\"> </span>eseguito <span class=\"_ _3d\"> </span>un  test  sia  di  natura <span class=\"_ _3d\"> </span>qualitativa  che </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6aa\">quantitativa <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ve<span class=\"_ _2\"></span>rificare <span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>requisiti <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>visti. <span class=\"_ _38\"></span>Nell\u2019ambito <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>prodotti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>Credemvita <span class=\"_ _0\"></span>vengono<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6ab\">misurati <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>il <span class=\"_ _1\"></span>Variable <span class=\"_ _38\"></span>Fee <span class=\"_ _0\"></span>Approach <span class=\"_ _38\"></span>tutti <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>contratti <span class=\"_ _0\"></span>collega<span class=\"_ _2\"></span>ti <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>Ge<span class=\"_ _1\"></span>stione <span class=\"_ _38\"></span>Separata, <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ia </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6ac\">individuali che di tipo Multiramo. </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs6ad\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Coverage Unit: <span class=\"_ _3b\"></span>le Coverage <span class=\"_ _3b\"></span>Unit rappresentano i<span class=\"_ _2\"></span>l driv<span class=\"_ _2\"></span>er con <span class=\"_ _3b\"></span>il quale <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>determinato il <span class=\"_ _3b\"></span>rilascio<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6ae\">del <span class=\"_ _35\"> </span>CSM<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>conto <span class=\"_ _35\"> </span>economico, <span class=\"_ _35\"> </span>te<span class=\"_ _2\"></span>nendo <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>considerazione <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>antit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>servizi <span class=\"_ _35\"> </span>assicurativi <span class=\"_ _0\"></span>e<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6af\">finanziari. </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs6b0\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Contract <span class=\"_ _36\"> </span>Boundaries: <span class=\"_ _36\"> </span>si <span class=\"_ _37\"> </span>inte<span class=\"_ _1\"></span>nde <span class=\"_ _37\"> </span>l\u2019insieme <span class=\"_ _36\"> </span>delle <span class=\"_ _36\"> </span>regole <span class=\"_ _37\"> </span>che <span class=\"_ _36\"> </span>definisce <span class=\"_ _36\"> </span>in <span class=\"_ _36\"> </span>che <span class=\"_ _37\"> </span>misura <span class=\"_ _36\"> </span>una </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6b1\">determinata  opzione  rientri  a<span class=\"_ _1\"></span>ll\u2019interno  della  proiezione  dei  flussi  di  cassa <span class=\"_ _3d\"> </span>di  un  contratto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6b2\">assicurativo. Il <span class=\"_ _35\"> </span>paragrafo <span class=\"_ _35\"> </span>34 <span class=\"_ _35\"> </span>dello <span class=\"_ _35\"> </span>Standard, <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>tal  p<span class=\"_ _2\"></span>roposito, <span class=\"_ _35\"> </span>stabilisce <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>flussi <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>cassa </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6b3\">rientrano all\u2019interno del \u201cContract B<span class=\"_ _1\"></span>oundary\u201d di un contratto assicurativo se derivano da diritti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6b4\">ed obblighi<span class=\"_ _2\"></span> che esistono <span class=\"_ _2\"></span>durante il p<span class=\"_ _2\"></span>eriodo di<span class=\"_ _2\"></span> reporting in <span class=\"_ _3b\"></span>cui la Co<span class=\"_ _2\"></span>mpagnia ha d<span class=\"_ _2\"></span>iritto a <span class=\"_ _2\"></span>ricevere </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6b5\">dall\u2019assicurato <span class=\"_ _3f\"> </span>i <span class=\"_ _39\"> </span>premi <span class=\"_ _3f\"> </span>o <span class=\"_ _3f\"> </span>ha <span class=\"_ _39\"> </span>l\u2019obbligo <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>fornire <span class=\"_ _3f\"> </span>servizi <span class=\"_ _3f\"> </span>legati <span class=\"_ _39\"> </span>al <span class=\"_ _3f\"> </span>contratto <span class=\"_ _3f\"> </span>assicurativo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6b6\">stesso. L\u2019obbligo <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>fornire <span class=\"_ _39\"> </span>servizi <span class=\"_ _39\"> </span>legati <span class=\"_ _39\"> </span>al <span class=\"_ _39\"> </span>contratt<span class=\"_ _1\"></span>o <span class=\"_ _39\"> </span>assicurativo <span class=\"_ _39\"> </span>termina <span class=\"_ _39\"> </span>per<span class=\"_ _1\"></span>tanto <span class=\"_ _39\"> </span>nel </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6b7\">momento <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>Compagnia s<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>trova <span class=\"_ _1\"></span>nelle <span class=\"_ _38\"></span>condizioni di <span class=\"_ _1\"></span>definire <span class=\"_ _38\"></span>nuovamente <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>prezzo <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6b8\">rischi coperti dal cont<span class=\"_ _1\"></span>ratto assicurativo e/o ridefinire le<span class=\"_ _1\"></span> coperture tali da riflettere<span class=\"_ _1\"></span> pienamente </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6b9\">i rischi. </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs6ba\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Quantificazione  del <span class=\"_ _3d\"> </span>CSM <span class=\"_ _3d\"> </span>IFRS <span class=\"_ _3d\"> </span>17 <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>Bilancio <span class=\"_ _3d\"> </span>Consolidato: <span class=\"_ _3d\"> </span>la  ges<span class=\"_ _1\"></span>tione  delle <span class=\"_ _3d\"> </span>transazioni </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6bb\">infragruppo <span class=\"_ _38\"></span>comport<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>nec<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ssit\u00e0, <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>q<span class=\"_ _2\"></span>uantificazione <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>flussi <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>cassa,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>\u201csostituire\u201d <span class=\"_ _38\"></span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6bc\">costi infrag<span class=\"_ _2\"></span>ruppo proiettati <span class=\"_ _3b\"></span>da Cr<span class=\"_ _2\"></span>edemvita nella <span class=\"_ _3b\"></span>stima della <span class=\"_ _3b\"></span>propria situazione <span class=\"_ _3b\"></span>cont<span class=\"_ _1\"></span>abile <span class=\"_ _3b\"></span>\u201c<span class=\"_ _1\"></span>stand </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6bd\">alone\u201d <span class=\"_ _3d\"> </span>(tipicamente <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>provvigioni <span class=\"_ _3d\"> </span>pagate <span class=\"_ _37\"> </span>alla  rete <span class=\"_ _37\"> </span>distributiva <span class=\"_ _3d\"> </span>bancaria) <span class=\"_ _3d\"> </span>con <span class=\"_ _3d\"> </span>i <span class=\"_ _3d\"> </span>costi <span class=\"_ _3d\"> </span>reali </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6be\">sostenuti <span class=\"_ _35\"> </span>dal <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _35\"> </span>v<span class=\"_ _2\"></span>erso <span class=\"_ _35\"> </span>economie <span class=\"_ _35\"> </span>terze. <span class=\"_ _35\"> </span>Tal<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>operazione <span class=\"_ _35\"> </span>comporta <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>ilevazione <span class=\"_ _35\"> </span>di <span class=\"_ _0\"> </span>un </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6bf\">profitto atteso (C<span class=\"_ _2\"></span>SM) <span class=\"_ _2\"></span>differente tra Credemvita <span class=\"_ _3b\"></span>\u201c<span class=\"_ _1\"></span>stand al<span class=\"_ _2\"></span>one\u201d e il <span class=\"_ _3b\"></span>Gruppo nel <span class=\"_ _3b\"></span>suo insieme per la<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6c0\">misura <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>tale <span class=\"_ _38\"></span>delta <span class=\"_ _1\"></span>costi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>sopra. <span class=\"_ _38\"></span>La <span class=\"_ _1\"></span>stes<span class=\"_ _1\"></span>sa <span class=\"_ _1\"></span>ESMA <span class=\"_ _1\"></span>gi\u00e0 <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>lla <span class=\"_ _1\"></span>comunicazione <span class=\"_ _38\"></span>annuale <span class=\"_ _1\"></span>2023<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6c1\">sulle priorit\u00e0 dei bilanc<span class=\"_ _2\"></span>i ha evidenziato l\u2019importanza di <span class=\"_ _2\"></span>applicare in modo consistente i <span class=\"_ _2\"></span>requisiti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6c2\">di conso<span class=\"_ _1\"></span>lidamento <span class=\"_ _1\"></span>ai <span class=\"_ _1\"></span>sens<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>dell\u2019IFRS 10 <span class=\"_ _38\"></span>al <span class=\"_ _1\"></span>fine <span class=\"_ _1\"></span>di gar<span class=\"_ _1\"></span>antire <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>corretta <span class=\"_ _1\"></span>applicazione <span class=\"_ _1\"></span>dell\u2019IFRS <span class=\"_ _1\"></span>17<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6c3\">nel bi<span class=\"_ _2\"></span>lancio consolid<span class=\"_ _2\"></span>ato. Nello <span class=\"_ _3b\"></span>specifico, <span class=\"_ _2\"></span>ESMA <span class=\"_ _2\"></span>segnala che <span class=\"_ _3b\"></span>nel ca<span class=\"_ _2\"></span>so in<span class=\"_ _2\"></span> cui<span class=\"_ _2\"></span> le <span class=\"_ _3b\"></span>banche d<span class=\"_ _2\"></span>el gruppo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6c4\">distribuiscano <span class=\"_ _35\"> </span>i  prodotti <span class=\"_ _35\"> </span>assicurativi, <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>CSM  a <span class=\"_ _35\"> </span>livello <span class=\"_ _35\"> </span>consolidato  spesso <span class=\"_ _35\"> </span>differir\u00e0 <span class=\"_ _35\"> </span>da  qu<span class=\"_ _2\"></span>ello </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6c5\">assicurativo </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs6c6\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Transition:  si <span class=\"_ _3d\"> </span>ricordano  infine  razionali  e <span class=\"_ _3d\"> </span>scelte  di  t<span class=\"_ _1\"></span>ransizione  effettuate <span class=\"_ _3d\"> </span>in  fase <span class=\"_ _3d\"> </span>di  prima </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6c7\">applicazione del Principio: </div><div class=\"t m2 h23 ff15 fs2 fc1 sc0 ls0 ws0 gs6c8\">o<span class=\"ff16\"> <span class=\"_ _184\"></span><span class=\"ff4\">Alla <span class=\"_ _38\"></span>luce <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>risultati <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>dell\u2019assessment <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ulla <span class=\"_ _1\"></span>disponibilit\u00e0 <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>dati <span class=\"_ _38\"></span>storici <span class=\"_ _38\"></span>condotta <span class=\"_ _38\"></span>su <span class=\"_ _38\"></span>tutti <span class=\"_ _38\"></span>i </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6c9\">contratti <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>vita <span class=\"_ _3d\"> </span>alla <span class=\"_ _37\"> </span>data <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>transizione <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>sulla <span class=\"_ _3d\"> </span>base <span class=\"_ _37\"> </span>delle <span class=\"_ _3d\"> </span>caratteristiche <span class=\"_ _3d\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _3d\"> </span>business </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6ca\">sottostante, <span class=\"_ _37\"> </span>\u00e8 <span class=\"_ _37\"> </span>e<span class=\"_ _1\"></span>merso <span class=\"_ _37\"> </span>che <span class=\"_ _36\"> </span>l'approccio <span class=\"_ _3d\"> </span>F<span class=\"_ _1\"></span>air <span class=\"_ _37\"> </span>Value <span class=\"_ _37\"> </span>Approach <span class=\"_ _37\"> </span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>risultato <span class=\"_ _36\"> </span>l\u2019unico <span class=\"_ _37\"> </span>sempre </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6cb\">applicabile, <span class=\"_ _38\"></span>ha <span class=\"_ _0\"></span>garantito <span class=\"_ _38\"></span>una <span class=\"_ _0\"></span>robusta <span class=\"_ _38\"></span>stima <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>CSM <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>u <span class=\"_ _38\"></span>tutti <span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>portafogli <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>riferimento <span class=\"_ _38\"></span>ed <span class=\"_ _38\"></span>\u00e8 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6cc\">risultato <span class=\"_ _0\"></span>conforme<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>alla <span class=\"_ _38\"></span>metodologia <span class=\"_ _38\"></span>definita <span class=\"_ _0\"></span>dal <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>rincipio. <span class=\"_ _38\"></span>Inoltre, <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>metodologia <span class=\"_ _0\"></span>adotta<span class=\"_ _2\"></span>ta, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6cd\">che <span class=\"_ _37\"> </span>ha <span class=\"_ _37\"> </span>sposato <span class=\"_ _37\"> </span>logiche <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>market <span class=\"_ _37\"> </span>partecipant <span class=\"_ _37\"> </span>view <span class=\"_ _37\"> </span>ha <span class=\"_ _36\"> </span>fatto <span class=\"_ _3d\"> </span>leva <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>ulla <span class=\"_ _3d\"> </span>calibrazione <span class=\"_ _37\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6ce\">parametri che sono gi\u00e0 consolidati nel framework della Com<span class=\"_ _1\"></span>pagnia; </div><div class=\"t m2 h23 ff15 fs2 fc1 sc0 ls0 ws0 gs6cf\">o<span class=\"ff16\"> <span class=\"_ _184\"></span><span class=\"ff4\">Con  r<span class=\"_ _1\"></span>iferimento  al  VFA <span class=\"_ _3d\"> </span>il  carve  out  delle  coorti  annuali  per  le  G<span class=\"_ _1\"></span>estioni  Separate,  di  cui </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6d0\">Credemvita <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>inteso <span class=\"_ _1\"></span>avvalersi, <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>eliminato <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>raggruppamento <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>coort<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>annuali, pert<span class=\"_ _1\"></span>anto<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div>si <span class=\"_ _43\"> </span>\u00e8 <span class=\"_ _43\"> </span>ritenuto <span class=\"_ _43\"> </span>necessario <span class=\"_ _69\"> </span>applicare <span class=\"_ _43\"> </span>un <span class=\"_ _69\"> </span>s<span class=\"_ _1\"></span>ingolo <span class=\"_ _43\"> </span>approccio <span class=\"_ _43\"> </span>di <span class=\"_ _69\"> </span>Transition <span class=\"_ _43\"> </span>per <span class=\"_ _43\"> </span>ogni raggru<span class=\"_ _3a1\"> </span>ppamento che <span class=\"_ _2\"></span>si config<span class=\"_ _2\"></span>ura come u<span class=\"_ _2\"></span>n bu<span class=\"_ _2\"></span>cket di <span class=\"_ _3b\"></span>profitt<span class=\"_ _1\"></span>abilit\u00e0 d<span class=\"_ _2\"></span>irettamente applicato <span class=\"_ _2\"></span>sul portafoglio di GS o Multiramo nel suo complesso. Principali diffe<span class=\"_ _1\"></span>renze tra il framewor<span class=\"_ _1\"></span>k IFRS 17 e Solvency <span class=\"_ _1\"></span>II Le <span class=\"_ _35\"> </span>principali <span class=\"_ _35\"> </span>differenze <span class=\"_ _35\"> </span>tra <span class=\"_ _35\"> </span>lo <span class=\"_ _35\"> </span>Standard <span class=\"_ _35\"> </span>IFRS <span class=\"_ _35\"> </span>17 <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>Solvenc<span class=\"_ _3a1\"> </span>y <span class=\"_ _35\"> </span>II<span class=\"_ _3a1\"> </span>in <span class=\"_ _35\"> </span>relazione <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>valutazione <span class=\"_ _35\"> </span>delle passivit\u00e0 <span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>icurative so<span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>primariamente <span class=\"_ _1\"></span>legate <span class=\"_ _38\"></span>all\u2019identificazione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>Contract <span class=\"_ _1\"></span>Boundaries, <span class=\"_ _38\"></span>alla determinazione <span class=\"_ _3f\"> </span>della <span class=\"_ _39\"> </span>curva <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>sconto <span class=\"_ _39\"> </span>e <span class=\"_ _3f\"> </span>alla <span class=\"_ _3f\"> </span>modalit\u00e0 <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>calcolo <span class=\"_ _3f\"> </span>del <span class=\"_ _39\"> </span>Margine <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>Prudenza (rispettivamente Risk Adjustment o Risk Margin).  In particolare: <span class=\"_ _3e\"> </span><span class=\"ff4\"> per <span class=\"_ _0\"></span>q<span class=\"_ _2\"></span>uanto <span class=\"_ _38\"></span>riguarda <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>Contract <span class=\"_ _1\"></span>Boundaries, <span class=\"_ _0\"></span>l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>principali <span class=\"_ _38\"></span>differenze <span class=\"_ _38\"></span>riguardano <span class=\"_ _38\"></span>sia <span class=\"_ _0\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>logica <span class=\"_ _38\"></span>di </span>determinazione <span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>periodicit\u00e0 <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>valutazione. <span class=\"_ _38\"></span>In <span class=\"_ _1\"></span>Solvency <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>I <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>Contract <span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>oundaries <span class=\"_ _1\"></span>sono basati <span class=\"_ _3d\"> </span>su <span class=\"_ _3d\"> </span>una <span class=\"_ _3d\"> </span>logica <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>rischio <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>la <span class=\"_ _37\"> </span>compagnia <span class=\"_ _3d\"> </span>e <span class=\"_ _3d\"> </span>sono <span class=\"_ _3d\"> </span>determinati <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>ciascuna <span class=\"_ _3d\"> </span>data <span class=\"_ _3d\"> </span>di valutazione; <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>IFRS <span class=\"_ _0\"></span>17 <span class=\"_ _0\"></span>invece <span class=\"_ _0\"></span>sul<span class=\"_ _2\"></span>la <span class=\"_ _0\"></span>possibilit\u00e0 <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>re-pricing <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>parte <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>compagnia <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>son<span class=\"_ _3b\"></span>o determinati all\u2019emissione dei contratti; <span class=\"_ _3e\"> </span><span class=\"ff4\"> con <span class=\"_ _39\"> </span>riferimento <span class=\"_ _36\"> </span>alle <span class=\"_ _36\"> </span>curve <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>sconto, <span class=\"_ _39\"> </span>la <span class=\"_ _36\"> </span>principale <span class=\"_ _36\"> </span>differenza <span class=\"_ _36\"> </span>riguarda <span class=\"_ _36\"> </span>la <span class=\"_ _39\"> </span>modalit\u00e0 <span class=\"_ _36\"> </span>e <span class=\"_ _36\"> </span>la </span>granularit\u00e0 <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>cui <span class=\"_ _3b\"></span>la stessa <span class=\"_ _3b\"></span>viene calcolata; <span class=\"_ _3b\"></span>in p<span class=\"_ _2\"></span>articolare<span class=\"_ _1\"></span>, <span class=\"_ _3b\"></span>per So<span class=\"_ _2\"></span>lvency <span class=\"_ _2\"></span>II <span class=\"_ _3b\"></span>es<span class=\"_ _1\"></span>iste un'un<span class=\"_ _2\"></span>ica <span class=\"_ _3b\"></span>curva di <span class=\"_ _35\"> </span>sconto <span class=\"_ _35\"> </span>composta <span class=\"_ _0\"></span>da <span class=\"_ _35\"> </span>una <span class=\"_ _35\"> </span>curva <span class=\"_ _35\"> </span>base <span class=\"_ _0\"></span>priva <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>pi\u00f9<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>premio <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>liquidit\u00e0 <span class=\"_ _35\"> </span>(Volatility Adjustment),  definito <span class=\"_ _35\"> </span>dall\u2019Autorit<span class=\"_ _1\"></span>\u00e0  europea  delle <span class=\"_ _35\"> </span>assicurazioni  e  delle <span class=\"_ _35\"> </span>pensioni  aziendali  o professionali <span class=\"_ _36\"> </span>(EIOPA) <span class=\"_ _36\"> </span>sulla <span class=\"_ _36\"> </span>base <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>un <span class=\"_ _36\"> </span>portafoglio <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>riferimento <span class=\"_ _36\"> </span>medio <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>mercato. <span class=\"_ _36\"> </span>Nel Framework <span class=\"_ _37\"> </span>IFRS <span class=\"_ _37\"> </span>17 <span class=\"_ _36\"> </span>invece <span class=\"_ _37\"> </span>\u00e8 <span class=\"_ _37\"> </span>possibile <span class=\"_ _37\"> </span>calcolare <span class=\"_ _37\"> </span>le <span class=\"_ _36\"> </span>curve <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>sconto <span class=\"_ _36\"> </span>per <span class=\"_ _37\"> </span>ogni <span class=\"_ _37\"> </span>portafoglio identificato sulla base degli specifici pool di attivi di riferiment<span class=\"_ _1\"></span>o detenuti dalla Compagnia; <span class=\"_ _3e\"> </span><span class=\"ff4\">per <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>Margine <span class=\"_ _1\"></span>di P<span class=\"_ _1\"></span>rudenza la <span class=\"_ _1\"></span>differenza <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>Risk <span class=\"_ _1\"></span>Margin e <span class=\"_ _1\"></span>Risk <span class=\"_ _1\"></span>Adjustment <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>dovuta sia <span class=\"_ _38\"></span>ad una </span>differente <span class=\"_ _3b\"></span>meto<span class=\"_ _1\"></span>dologia <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>calcolo <span class=\"_ _3b\"></span>che ad<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>un <span class=\"_ _3b\"></span>diverso<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>perimetro <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>rischi <span class=\"_ _3b\"></span>ident<span class=\"_ _1\"></span>ificati. <span class=\"_ _3b\"></span>Il <span class=\"_ _3b\"></span>Risk <span class=\"_ _2\"></span>Margin Solvency <span class=\"_ _38\"></span>II <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _0\"></span>cal<span class=\"_ _2\"></span>colato <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>meto<span class=\"_ _1\"></span>dologia <span class=\"_ _1\"></span>Cost <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>f <span class=\"_ _38\"></span>Capital, <span class=\"_ _1\"></span>applicata <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>requisito <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Capitale della Compagnia val<span class=\"_ _1\"></span>utato <span class=\"_ _1\"></span>con un <span class=\"_ _1\"></span>percentile a<span class=\"_ _1\"></span>l 99,5%, cons<span class=\"_ _1\"></span>iderando i r<span class=\"_ _1\"></span>ischi te<span class=\"_ _1\"></span>cnici, il rischio <span class=\"_ _1\"></span>di credito  e  il  rischio  operat<span class=\"_ _1\"></span>ivo;  per  il  Risk  Adjustment  IFRS  17  il  Principio  non  prevede  una metodologia <span class=\"_ _36\"> </span>standard <span class=\"_ _39\"> </span>ma <span class=\"_ _36\"> </span>esclusivamente <span class=\"_ _39\"> </span>la <span class=\"_ _36\"> </span>determinazione <span class=\"_ _36\"> </span>dello <span class=\"_ _36\"> </span>st<span class=\"_ _1\"></span>esso <span class=\"_ _36\"> </span>sulla <span class=\"_ _36\"> </span>base <span class=\"_ _39\"> </span>di specifici  rischi  non  finanziari,  valutando <span class=\"_ _3d\"> </span>il  rischio  ad <span class=\"_ _3d\"> </span>un  determinato  grado  di  confidenza prefissato dalla Compagnia. Si precisa che l\u2019introduzione dell\u2019IFRS 17 non <span class=\"_ _1\"></span>comporta impatti sull\u2019indicatore di sintesi Solvency II per la Compagnia Credemvita, n\u00e9 per il Margine di conglomerato. IFRS 9 Strume<span class=\"_ _1\"></span>nti finanziari Le Compagnie assicurative gi\u00e0 in<span class=\"_ _2\"></span> sede di transition a<span class=\"_ _3a1\"> </span>l<span class=\"_ _3a1\"> </span>nuo<span class=\"_ _3a1\"> </span>vo Principio hanno <span class=\"_ _2\"></span>condotto<span class=\"_ _1\"></span> un p<span class=\"_ _2\"></span>rogetto implementativo <span class=\"_ _3f\"> </span>volto <span class=\"_ _39\"> </span>ad <span class=\"_ _39\"> </span>approfondire <span class=\"_ _39\"> </span>le <span class=\"_ _39\"> </span>diverse <span class=\"_ _3f\"> </span>aree <span class=\"_ _36\"> </span>di <span class=\"_ _3f\"> </span>influenza <span class=\"_ _39\"> </span>del <span class=\"_ _39\"> </span>principio <span class=\"_ _39\"> </span>IFRS <span class=\"_ _39\"> </span>9 <span class=\"_ _3f\"> </span>in concomitanza con quello <span class=\"_ _2\"></span>IFRS17 al f<span class=\"_ _2\"></span>ine di definire <span class=\"_ _3b\"></span>i suoi impatti qualitativi <span class=\"_ _2\"></span>e quantitativi, nonch\u00e9 ad<span class=\"_ _3b\"></span> individuare ed implementare gli interventi applic<span class=\"_ _2\"></span>ativi ed organizzativi necessari. In particolare, si <span class=\"_ _2\"></span>\u00e8 tenuto <span class=\"_ _35\"> </span>conto <span class=\"_ _35\"> </span>dell\u2019obiettivo <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>per<span class=\"_ _1\"></span>seguire <span class=\"_ _35\"> </span>un\u2019adozione <span class=\"_ _35\"> </span>omogenea <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>principio <span class=\"_ _35\"> </span>contabile, <span class=\"_ _35\"> </span>pur <span class=\"_ _35\"> </span>in presenza <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>oper<span class=\"_ _1\"></span>ativit\u00e0 ass<span class=\"_ _1\"></span>icurativa legata <span class=\"_ _38\"></span>in par<span class=\"_ _1\"></span>ticolare <span class=\"_ _1\"></span>alle <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>pecificit\u00e0 di <span class=\"_ _1\"></span>prodot<span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>Gest<span class=\"_ _1\"></span>ioni Separate. Relativamente al percorso di adeguamento delle Compagnie al principio contabile IFRS9, le scelte metodologiche <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>appli<span class=\"_ _2\"></span>cative <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>state <span class=\"_ _1\"></span>definite <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>coerenza <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>quanto <span class=\"_ _0\"></span>previsto <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ll\u2019ambito <span class=\"_ _38\"></span>del framework gi\u00e0 in uso nel Gruppo. Classificazione <span class=\"_ _1\"></span>e Misurazione Per <span class=\"_ _35\"> </span>poter <span class=\"_ _35\"> </span>rispettare <span class=\"_ _35\"> </span>il<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>dettato <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>ll\u2019IFRS <span class=\"_ _0\"></span>9 <span class=\"_ _35\"> </span>\u2013 <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>cui <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>classificazione <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _0\"> </span>finanziarie <span class=\"_ _35\"> </span>\u00e8 guidata, da <span class=\"_ _2\"></span>un lato, dalle caratteristiche contrattuali <span class=\"_ _2\"></span>dei flussi di <span class=\"_ _3b\"></span>cas<span class=\"_ _1\"></span>sa degli strumenti e, <span class=\"_ _2\"></span>dall\u2019altro, dall\u2019intento <span class=\"_ _2\"></span>gestionale <span class=\"_ _3b\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>quale <span class=\"_ _2\"></span>sono <span class=\"_ _3b\"></span>detenuti \u2013 <span class=\"_ _184\"></span>sono <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>tate <span class=\"_ _3b\"></span>declinate <span class=\"_ _2\"></span>le <span class=\"_ _3b\"></span>modalit\u00e0 d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>effettuazione del test <span class=\"_ _3b\"></span>sulle caratteristiche <span class=\"_ _3b\"></span>contrattuali dei <span class=\"_ _2\"></span>cash <span class=\"_ _2\"></span>flow (c<span class=\"_ _2\"></span>osiddetto SPPI <span class=\"_ _3b\"></span>Test), ed <span class=\"_ _3b\"></span>\u00e8 stata <span class=\"_ _2\"></span>finalizzata la definizione dei business model a tendere.  Si pre<span class=\"_ _1\"></span>mette <span class=\"_ _1\"></span>che, <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>la com<span class=\"_ _1\"></span>posizione del <span class=\"_ _1\"></span>portafoglio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>pertinenza <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>compagnia <span class=\"_ _1\"></span>assicurativa e <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>modalit\u00e0 <span class=\"_ _35\"> </span>con <span class=\"_ _0\"></span>cui <span class=\"_ _35\"> </span>lo <span class=\"_ _0\"></span>stesso <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>gestito, <span class=\"_ _35\"> </span>l\u2019introduzione <span class=\"_ _0\"></span>dell\u2019IFRS <span class=\"_ _35\"> </span>9 <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>ha <span class=\"_ _35\"> </span>comportato <span class=\"_ _0\"></span>impatti rilevanti in termini<span class=\"_ _2\"></span> di misurazione <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ispetto al <span class=\"_ _2\"></span>Principio contabile I<span class=\"_ _3b\"></span>AS 39 precedentemente in vi<span class=\"_ _2\"></span>gore, confermando come metodo principale quello del fair value. Per quanto rigu<span class=\"_ _2\"></span>arda le passivit\u00e0<span class=\"_ _2\"></span> finanz<span class=\"_ _2\"></span>iarie si specifica <span class=\"_ _2\"></span>che il <span class=\"_ _2\"></span>Gruppo si \u00e8<span class=\"_ _2\"></span> avvalso della <span class=\"_ _2\"></span>possibilit\u00e0 di<span class=\"_ _2\"></span> designare com<span class=\"_ _2\"></span>e p<span class=\"_ _2\"></span>assivit\u00e0 <span class=\"_ _3b\"></span>al fair <span class=\"_ _3b\"></span>value <span class=\"_ _3b\"></span>i prodotti <span class=\"_ _3b\"></span>di natura <span class=\"_ _3b\"></span>finanziaria <span class=\"_ _2\"></span>emessi <span class=\"_ _2\"></span>da <span class=\"_ _3b\"></span>Cr<span class=\"_ _1\"></span>edemvita <span class=\"_ _3b\"></span>che non<div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs713\">rientrano  nell\u2019ambito  di<span class=\"_ _2\"></span>  applicazione  dell\u2019I<span class=\"_ _2\"></span>FRS  17. <span class=\"_ _35\"> </span>C<span class=\"_ _1\"></span>i\u00f2  al <span class=\"_ _35\"> </span>fine<span class=\"_ _1\"></span>  di  elimin<span class=\"_ _2\"></span>are  o  ridurre  le  p<span class=\"_ _2\"></span>ossibili </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs714\">\u201casimm</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs715\">etrie <span class=\"_ _0\"></span>contabili\u201d <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"></span>agli <span class=\"_ _0\"></span>attivi <span class=\"_ _0\"></span>collegati <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>valutati <span class=\"_ _0\"></span>anch\u2019essi <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value. <span class=\"_ _0\"></span>Si <span class=\"_ _0\"></span>evidenzia </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs716\">tuttavia, <span class=\"_ _0\"></span>come <span class=\"_ _35\"> </span>megli<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>dettagliato <span class=\"_ _35\"> </span>nel <span class=\"_ _0\"></span>paragrafo <span class=\"_ _0\"></span>sull\u2019IFRS <span class=\"_ _0\"></span>17, <span class=\"_ _0\"></span>che <span class=\"_ _35\"> </span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>seguito <span class=\"_ _35\"> </span>dell\u2019i<span class=\"_ _2\"></span>ntroduzione <span class=\"_ _0\"> </span>del </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs717\">nuovo principio, una parte dei prodotti multiramo, precedentemente classificata ai sensi dell\u2019IFRS </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs718\">4/IAS 39 come strumenti finanziari, viene ora attratta in ambito di applicazione dell\u2019IFRS 17. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs719\">Impairment </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs71a\">Per quel che riguarda l\u2019Impairment \u00e8 stata definita dalla </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs71b\">Capogruppo una metodologia comune ed </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs71c\">un processo accentrato presso la struttura Risk Management pe<span class=\"_ _2\"></span>r la quantificazione dell\u2019Expected </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs71d\">credit <span class=\"_ _0\"></span>loss <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>tutte <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ociet\u00e0 <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>Gr<span class=\"_ _1\"></span>uppo. <span class=\"_ _38\"></span>P<span class=\"_ _1\"></span>ertanto, <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>na <span class=\"_ _0\"></span>completa <span class=\"_ _0\"></span>ill<span class=\"_ _2\"></span>ustrazione <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>celte </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs71e\">adottate <span class=\"_ _35\"> </span>dal <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>merito <span class=\"_ _35\"> </span>all\u2019<span class=\"_ _2\"></span>applicazione <span class=\"_ _35\"> </span>dell\u2019impairment <span class=\"_ _35\"> </span>ai <span class=\"_ _35\"> </span>sensi <span class=\"_ _35\"> </span>dell\u2019I<span class=\"_ _2\"></span>FRS <span class=\"_ _35\"> </span>9 <span class=\"_ _35\"> </span>si <span class=\"_ _0\"></span>rinvia <span class=\"_ _35\"> </span>alle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs71f\">Politiche contabili e all\u2019i<span class=\"_ _2\"></span>llustrazione riportata nella Parte E <span class=\"_ _2\"></span>della N<span class=\"_ _2\"></span>ota integrativa relativa al p<span class=\"_ _2\"></span>residio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs720\">dei rischi del Bilancio Consolidato. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs721\">Si <span class=\"_ _37\"> </span>segnala, <span class=\"_ _36\"> </span>per <span class=\"_ _37\"> </span>completezza, <span class=\"_ _37\"> </span>che <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>isulta <span class=\"_ _37\"> </span>applicabile <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>alla <span class=\"_ _37\"> </span>Compagnia <span class=\"_ _36\"> </span>il <span class=\"_ _37\"> </span>documento <span class=\"_ _37\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs722\">\u201cImpairment <span class=\"_ _39\"> </span>Policy\u201d <span class=\"_ _36\"> </span>con <span class=\"_ _39\"> </span>riferimento <span class=\"_ _36\"> </span>alle <span class=\"_ _39\"> </span>linee <span class=\"_ _39\"> </span>guida <span class=\"_ _36\"> </span>metodologiche <span class=\"_ _36\"> </span>de<span class=\"_ _1\"></span>finite <span class=\"_ _39\"> </span>dal <span class=\"_ _36\"> </span>Gruppo <span class=\"_ _39\"> </span>in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs723\">applicazione dell\u2019IFRS 9 e approvate dai compete<span class=\"_ _1\"></span>nti livelli di governance. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs724\">In questa sede si evidenzia che per Credemvita <span class=\"_ _1\"></span>l\u2019applicaz<span class=\"_ _2\"></span>ione de<span class=\"_ _1\"></span>l modello Expected Credit Losses </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs725\">rileva <span class=\"_ _0\"></span>princ<span class=\"_ _2\"></span>ipalmente <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>riferimento <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>portafoglio <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>titoli <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>debito <span class=\"_ _0\"></span>classificati <span class=\"_ _38\"></span>nella <span class=\"_ _0\"></span>categoria </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs726\">Fair  val<span class=\"_ _2\"></span>ue  con <span class=\"_ _35\"> </span>imputazione <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>patr<span class=\"_ _1\"></span>imonio <span class=\"_ _35\"> </span>netto.  L\u2019ap<span class=\"_ _2\"></span>plicazione  d<span class=\"_ _2\"></span>el  modello <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>impairment  no<span class=\"_ _2\"></span>n </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs727\">comporta  q<span class=\"_ _2\"></span>uindi <span class=\"_ _35\"> </span>una <span class=\"_ _35\"> </span>diversa <span class=\"_ _35\"> </span>misurazione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>tale  por<span class=\"_ _2\"></span>tafoglio <span class=\"_ _35\"> </span>(essendo  g<span class=\"_ _2\"></span>i\u00e0 <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value) <span class=\"_ _35\"> </span>e, <span class=\"_ _35\"> </span>con </div><div class=\"t m2 h10 ff4 fs2 fc1 sc0 ls0 ws0 gs728\">riferimento <span class=\"_ _0\"></span>alla <span class=\"_ _1\"></span>prima <span class=\"_ _0\"></span>appl<span class=\"_ _2\"></span>icazione, <span class=\"_ _0\"></span>comporta <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>giro <span class=\"_ _0\"></span>tra <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>riserva <span class=\"_ _0\"></span>da <span class=\"_ _1\"></span>valutazione<span class=\"fs3\"> <span class=\"_ _0\"></span></span>e <span class=\"_ _0\"></span>la <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>erva <span class=\"_ _38\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs729\">utili.</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs72a\"> <span class=\"_ _48\"> </span>Non <span class=\"_ _48\"> </span>risulta <span class=\"_ _48\"> </span>essere <span class=\"_ _48\"> </span>inv<span class=\"_ _2\"></span>ece <span class=\"_ _48\"> </span>significativa <span class=\"_ _3a\"> </span>per<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>quanto <span class=\"_ _48\"> </span>rigu<span class=\"_ _2\"></span>arda <span class=\"_ _48\"> </span>i <span class=\"_ _48\"> </span>crediti, <span class=\"_ _3a\"> </span>r<span class=\"_ _1\"></span>appresentati </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs72b\">principalmente da conti correnti e <span class=\"_ _1\"></span>altre forme tecniche a breve termine. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs72c\"> I principali elementi alla base della metodologia possono essere<span class=\"_ _1\"></span> considerati i seguenti: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs72d\"><span class=\"_ _42\"> </span><span class=\"ff4\">modalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>tr<span class=\"_ _1\"></span>acking <span class=\"_ _3b\"></span>della q<span class=\"_ _2\"></span>ualit\u00e0 <span class=\"_ _3b\"></span>cr<span class=\"_ _1\"></span>editizia <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>por<span class=\"_ _1\"></span>tafogli <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3b\"></span>finanziarie valutate <span class=\"_ _3b\"></span>al <span class=\"_ _2\"></span>costo<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs72e\">ammortizzato ed al fair value con contro<span class=\"_ _1\"></span>partita il patrimonio netto; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs72f\"><span class=\"_ _42\"> </span><span class=\"ff4\">definizione dei p<span class=\"_ _2\"></span>aramet<span class=\"_ _1\"></span>ri per la d<span class=\"_ _2\"></span>eterminazione del significativo deterioramento del rischio di<span class=\"_ _2\"></span> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs730\">credito, ai fini <span class=\"_ _2\"></span>della corretta allocazione delle esposizioni in<span class=\"_ _2\"></span> bonis nello stage 1 <span class=\"_ _2\"></span>o nello stage 2, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs731\">basata sulla variazione delle <span class=\"_ _1\"></span>probabilit\u00e0 di default lifetime rispetto al m<span class=\"_ _1\"></span>omento dell\u2019iscrizione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs732\">iniziale in bilancio dello strumento finanziario. Cre<span class=\"_ _1\"></span>demvita non ha esposizioni impaired; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs733\"><span class=\"_ _42\"> </span><span class=\"ff4\">definizione <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>mo<span class=\"_ _1\"></span>delli <span class=\"_ _37\"> </span>per <span class=\"_ _36\"> </span>lo <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>taging <span class=\"_ _37\"> </span>(re<span class=\"_ _1\"></span>lativamente <span class=\"_ _36\"> </span>all\u2019utilizzo <span class=\"_ _37\"> </span>della <span class=\"_ _36\"> </span>PD <span class=\"_ _36\"> </span>lifetime <span class=\"_ _37\"> </span>come </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs734\">indicatore <span class=\"_ _0\"></span>relat<span class=\"_ _1\"></span>ivo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>deterioramento<span class=\"_ _1\"></span>) <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>calcolo <span class=\"_ _0\"></span>dell\u2019expected <span class=\"_ _0\"></span>credit <span class=\"_ _0\"></span>loss <span class=\"_ _35\"> </span>(EC<span class=\"_ _2\"></span>L) <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>un </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs735\">anno (da a<span class=\"_ _1\"></span>pplicare alle esposizioni <span class=\"_ _1\"></span>in stage 1) e<span class=\"_ _1\"></span> lifetime <span class=\"_ _1\"></span>(da applicare alle <span class=\"_ _1\"></span>esposizioni in stage </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs736\">2 e stage 3). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs737\">Con <span class=\"_ _35\"> </span>riferimento  allo <span class=\"_ _35\"> </span>\u201cstaging\u201d <span class=\"_ _0\"></span>dei  titoli, <span class=\"_ _35\"> </span>bisogna <span class=\"_ _35\"> </span>considerare <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>oper<span class=\"_ _1\"></span>azioni <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>compravendita </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs738\">successive <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>primo <span class=\"_ _35\"> </span>acquisto  (<span class=\"_ _2\"></span>effettuate <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>riferime<span class=\"_ _1\"></span>nto <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>medesimo <span class=\"_ _35\"> </span>ISIN) <span class=\"_ _35\"> </span>possono <span class=\"_ _35\"> </span>rientrare </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs739\">abitualmente <span class=\"_ _3d\"> </span>nell\u2019ordinaria <span class=\"_ _3d\"> </span>attivit\u00e0  di <span class=\"_ _3d\"> </span>gestione<span class=\"_ _1\"></span>  delle <span class=\"_ _3d\"> </span>posizioni  (con <span class=\"_ _3d\"> </span>conseguente<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>necessit\u00e0  di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs73a\">individuare <span class=\"_ _0\"></span>una <span class=\"_ _35\"> </span>metodologia <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>adot<span class=\"_ _1\"></span>tare <span class=\"_ _0\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>l\u2019identificazione <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _0\"></span>vendite <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>rimborsi <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>fine <span class=\"_ _0\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs73b\">determinare le qu<span class=\"_ _2\"></span>antit\u00e0 residue <span class=\"_ _2\"></span>delle singole transazioni <span class=\"_ _2\"></span>cui a<span class=\"_ _2\"></span>ssociare una q<span class=\"_ _2\"></span>ualit\u00e0 creditizia/rating </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs73c\">all\u2019origination da c<span class=\"_ _2\"></span>omparare con quella della <span class=\"_ _2\"></span>data di reporting). In<span class=\"_ _2\"></span> questo contesto, in analogi<span class=\"_ _2\"></span>a alla </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs73d\">scelta adottata a par<span class=\"_ _1\"></span>tire dal 2018 dal Gruppo, anche le Compagn<span class=\"_ _1\"></span>ie adottano <span class=\"_ _1\"></span>la metodologia \u201cfirst-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs73e\">in-first-out\u201d o \u201cFIFO\u201d <span class=\"_ _3b\"></span>(per<span class=\"_ _1\"></span> il <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iversamento a conto <span class=\"_ _3b\"></span>economico dell\u2019ECL registrata, in c<span class=\"_ _2\"></span>aso di v<span class=\"_ _2\"></span>endite </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs73f\">e <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>imborsi) <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>contr<span class=\"_ _1\"></span>ibuisce <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>ge<span class=\"_ _1\"></span>stione <span class=\"_ _0\"></span>pi\u00f9<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>tr<span class=\"_ _1\"></span>asparente <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>porta<span class=\"_ _1\"></span>foglio, <span class=\"_ _38\"></span>anche <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>unto <span class=\"_ _38\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs740\">vista <span class=\"_ _0\"></span>degli<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>operatori <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>fron<span class=\"_ _2\"></span>t <span class=\"_ _0\"></span>offi<span class=\"_ _2\"></span>ce, <span class=\"_ _0\"></span>consentendo, <span class=\"_ _38\"></span>contestualmente, <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>continuo <span class=\"_ _38\"></span>aggiornamento </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs741\">della valutazione del merito creditizio sulla base dei nuovi acquisti. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs742\">Infine, <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>rifer<span class=\"_ _1\"></span>imento <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>solo <span class=\"_ _1\"></span>momento <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>prima <span class=\"_ _0\"></span>app<span class=\"_ _2\"></span>licazione <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>principio <span class=\"_ _38\"></span>- <span class=\"_ _38\"></span>ovver<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>1<span class=\"_ _1\"></span>\u00b0 <span class=\"_ _38\"></span>gennaio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs743\">2022- per la ricostruzione degli strati e il re<span class=\"_ _1\"></span>lativo calcolo dell\u2019ECL in FTA, si \u00e8 scelto di: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs744\"><span class=\"_ _42\"> </span><span class=\"ff4\">applicare la Low Credit Risk Exemption per i titoli che al 31.12.21 p<span class=\"_ _2\"></span>rese<span class=\"_ _1\"></span>ntano un liv<span class=\"_ _2\"></span>ello di rating </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs745\">investment <span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>ade, <span class=\"_ _1\"></span>classificando <span class=\"_ _1\"></span>l\u2019inter<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>posizione <span class=\"_ _1\"></span>(port<span class=\"_ _1\"></span>afoglio/titolo/destinazione <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>abile) </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs746\">in <span class=\"_ _35\"> </span>unico <span class=\"_ _0\"></span>st<span class=\"_ _1\"></span>rato <span class=\"_ _35\"> </span>cui <span class=\"_ _35\"> </span>vi<span class=\"_ _2\"></span>ene <span class=\"_ _35\"> </span>assegnato <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>rating <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>31.12.21. <span class=\"_ _35\"> </span>Gli <span class=\"_ _35\"> </span>strati <span class=\"_ _0\"></span>sono <span class=\"_ _35\"> </span>stati <span class=\"_ _35\"> </span>classificati <span class=\"_ _35\"> </span>in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs747\">Stage1; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs748\"><span class=\"_ _42\"> </span><span class=\"ff4\">ricostruire <span class=\"_ _0\"></span>lo<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ti <span class=\"_ _38\"></span>(ab <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>rigine) <span class=\"_ _38\"></span>per <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _38\"></span>posizioni <span class=\"_ _0\"></span>(<span class=\"_ _2\"></span>portafoglio/tito<span class=\"_ _1\"></span>lo/destinazione <span class=\"_ _38\"></span>contabile) <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>al </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs749\">31.12.21 presentano un rating sub investment grade, sem<span class=\"_ _1\"></span>pre classificandoli in<span class=\"_ _2\"></span> Stage 1<span class=\"_ _1\"></span>. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs74a\">Quest\u2019approccio <span class=\"_ _35\"> </span>\u00e8  stato <span class=\"_ _35\"> </span>supportato <span class=\"_ _35\"> </span>da  anal<span class=\"_ _2\"></span>isi <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>significativit\u00e0  che <span class=\"_ _35\"> </span>hanno <span class=\"_ _35\"> </span>dimostrato, <span class=\"_ _35\"> </span>vista  l<span class=\"_ _3b\"></span>a </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs74b\">stabilit\u00e0  d<span class=\"_ _2\"></span>ei <span class=\"_ _35\"> </span>rating  dei <span class=\"_ _35\"> </span>titoli <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>portafoglio,  una <span class=\"_ _35\"> </span>sostanziale <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>materialit\u00e0  tra <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>ricostruzione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs74c\">puntuale dei lotti e l\u2019applicazione de<span class=\"_ _1\"></span>lla LCR Exemption. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs74e\">Hedge accountin<span class=\"_ _1\"></span>g  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs74f\">Per <span class=\"_ _3d\"> </span>qu<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs750\">anto <span class=\"_ _3d\"> </span>riguarda <span class=\"_ _3d\"> </span>l\u2019Hedge <span class=\"_ _37\"> </span>Accounting,<span class=\"_ _2\"></span> <span class=\"_ _3d\"> </span>l\u2019IFRS <span class=\"_ _3d\"> </span>9 <span class=\"_ _3d\"> </span>intr<span class=\"_ _1\"></span>oduce <span class=\"_ _3d\"> </span>modifiche <span class=\"_ _3d\"> </span>esclusivamente<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs751\">General <span class=\"_ _35\"> </span>H<span class=\"_ _2\"></span>edge <span class=\"_ _0\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>so<span class=\"_ _1\"></span>no <span class=\"_ _0\"></span>strettamente <span class=\"_ _35\"> </span>legate <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>celta <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>avvalersi <span class=\"_ _0\"></span>dell\u2019opzione <span class=\"_ _0\"></span>opt<span class=\"_ _1\"></span>-in <span class=\"_ _0\"></span>/ <span class=\"_ _35\"> </span>opt-out </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs752\">(ossia <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>ibilit\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>implementare <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>nuovo <span class=\"_ _1\"></span>standard <span class=\"_ _38\"></span>IFRS <span class=\"_ _38\"></span>9 <span class=\"_ _38\"></span>piuttosto <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>mantenere <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>vecchio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs753\">principio <span class=\"_ _37\"> </span>IAS <span class=\"_ _37\"> </span>39). <span class=\"_ _3d\"> </span>I<span class=\"_ _1\"></span>l <span class=\"_ _37\"> </span>Gruppo, <span class=\"_ _37\"> </span>sulla <span class=\"_ _37\"> </span>base <span class=\"_ _37\"> </span>degli <span class=\"_ _37\"> </span>approfondiment<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>effettuati <span class=\"_ _37\"> </span>sulla <span class=\"_ _37\"> </span>gestione <span class=\"_ _37\"> </span>delle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs754\">operazioni  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>coper<span class=\"_ _1\"></span>tura,  ha<span class=\"_ _3b\"></span>  deciso <span class=\"_ _35\"> </span>l\u2019esercizio, <span class=\"_ _35\"> </span>in  fase <span class=\"_ _35\"> </span>di  FTA <span class=\"_ _35\"> </span>dell\u2019I<span class=\"_ _2\"></span>FRS <span class=\"_ _35\"> </span>9,  dell\u2019opzione <span class=\"_ _35\"> </span>opt-out, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs755\">confermando  t<span class=\"_ _1\"></span>ale  scelta  fino <span class=\"_ _3d\"> </span>ad  o<span class=\"_ _1\"></span>ggi.  Alla  luce <span class=\"_ _3d\"> </span>di  tale <span class=\"_ _3d\"> </span>indicazione, <span class=\"_ _3d\"> </span>anche <span class=\"_ _3d\"> </span>per  le  Compagnie </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs756\">assicurative <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>operazioni <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>copertura <span class=\"_ _35\"> </span>continueranno <span class=\"_ _35\"> </span>ad <span class=\"_ _35\"> </span>essere <span class=\"_ _35\"> </span>gestite <span class=\"_ _35\"> </span>nel <span class=\"_ _35\"> </span>rispetto <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>quanto<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs757\">previsto dal Gruppo. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs758\">Interazione t<span class=\"_ _1\"></span>ra IFRS 17 e IFRS 9 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs759\">In <span class=\"_ _35\"> </span>alcuni <span class=\"_ _0\"></span>cas<span class=\"_ _1\"></span>i, <span class=\"_ _35\"> </span>l'interazione <span class=\"_ _35\"> </span>tra <span class=\"_ _35\"> </span>l'IFRS<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>17 <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>l'IFRS <span class=\"_ _0\"></span>9 <span class=\"_ _35\"> </span>pot<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs75a\">rebbe <span class=\"_ _35\"> </span>generare <span class=\"_ _35\"> </span>mismatch <span class=\"_ _0\"> </span>cont<span class=\"_ _1\"></span>abili <span class=\"_ _35\"> </span>tra <span class=\"_ _35\"> </span>l<span class=\"_ _2\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs75b\">modalit\u00e0  di  contabilizzazione  dei  contratti  di  assicu<span class=\"_ _2\"></span>razione  e  delle  attivit\u00e0  finanziarie  ad  essi<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs75c\">correlate.  Per <span class=\"_ _35\"> </span>ridurre<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>tali  mismatch,  l\u2019I<span class=\"_ _2\"></span>FRS  17  consente <span class=\"_ _35\"> </span>di  effettuare  una <span class=\"_ _35\"> </span>disaggregazione  dei<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs75d\">proventi <span class=\"_ _35\"> </span>ed  oneri<span class=\"_ _2\"></span>  fi<span class=\"_ _2\"></span>nanziari <span class=\"_ _35\"> </span>derivanti  d<span class=\"_ _2\"></span>a  cont<span class=\"_ _2\"></span>ratti  a<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>sicurativi <span class=\"_ _35\"> </span>tra  il<span class=\"_ _3b\"></span>  conto <span class=\"_ _35\"> </span>economico <span class=\"_ _35\"> </span>(risultato </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs75e\">finanziario) <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>l\u2019Othe<span class=\"_ _1\"></span>r <span class=\"_ _0\"></span>Comprehensive <span class=\"_ _0\"></span>In<span class=\"_ _2\"></span>come <span class=\"_ _0\"></span>(OCI) <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>Pat<span class=\"_ _1\"></span>rimonio <span class=\"_ _0\"></span>Netto. <span class=\"_ _38\"></span>La <span class=\"_ _0\"></span>scelta <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>effettuare <span class=\"_ _38\"></span>la </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs75f\">disaggregazione <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>fa<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ta <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>livello <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>por<span class=\"_ _2\"></span>tafoglio <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>contratti <span class=\"_ _0\"></span>as<span class=\"_ _2\"></span>sicurativi <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>deve <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>presa <span class=\"_ _38\"></span>in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs760\">coerenza con il metodo di valutazione degli attivi. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs761\">In particolare: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs762\"><span class=\"_ _42\"> </span><span class=\"ff4\">per <span class=\"_ _0\"></span>quanto <span class=\"_ _0\"></span>riguarda <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>contratti <span class=\"_ _0\"></span>valutati <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>General <span class=\"_ _0\"></span>Model, <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>rivalutazione <span class=\"_ _0\"></span>finanziaria <span class=\"_ _0\"></span>dei </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs763\">flussi <span class=\"_ _1\"></span>di cass<span class=\"_ _1\"></span>a futuri <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>del r<span class=\"_ _1\"></span>isk <span class=\"_ _1\"></span>adjustment a <span class=\"_ _1\"></span>tassi <span class=\"_ _1\"></span>storici <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>contabil<span class=\"_ _2\"></span>izzata <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>conto e<span class=\"_ _1\"></span>conomico, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs764\">mentre la diff<span class=\"_ _2\"></span>erenza tra la <span class=\"_ _2\"></span>rivalutazione a tassi <span class=\"_ _2\"></span>storici e qu<span class=\"_ _2\"></span>elli correnti <span class=\"_ _2\"></span>\u00e8 contabilizzata a <span class=\"_ _3b\"></span>Ot<span class=\"_ _1\"></span>her </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs765\">Comprehensive Income; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs766\"><span class=\"_ _42\"> </span><span class=\"ff4\">per <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>contratti <span class=\"_ _1\"></span>valutati <span class=\"_ _0\"></span>al <span class=\"_ _1\"></span>Variable <span class=\"_ _0\"></span>Fee <span class=\"_ _38\"></span>Approach, <span class=\"_ _38\"></span>l\u2019IFRS <span class=\"_ _38\"></span>17 <span class=\"_ _0\"></span>prevede <span class=\"_ _1\"></span>che <span class=\"_ _0\"></span>il <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>isultato <span class=\"_ _38\"></span>finanziario </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs767\">dei <span class=\"_ _3d\"> </span>contratti <span class=\"_ _3d\"> </span>assicurativi <span class=\"_ _3d\"> </span>sia <span class=\"_ _37\"> </span>disaggregato <span class=\"_ _3d\"> </span>tra <span class=\"_ _3d\"> </span>conto <span class=\"_ _3d\"> </span>economico <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>Other <span class=\"_ _3d\"> </span>Comprehensive </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs768\">Income: <span class=\"_ _0\"></span>in <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>ostanza <span class=\"_ _0\"></span>viene <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>iclassificata <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>O<span class=\"_ _2\"></span>ther <span class=\"_ _0\"></span>Com<span class=\"_ _1\"></span>prehensive <span class=\"_ _0\"></span>Income <span class=\"_ _35\"> </span>la<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>differe<span class=\"_ _1\"></span>nza <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs769\">risultato <span class=\"_ _3d\"> </span>finanziario  dei  contratti  ass<span class=\"_ _1\"></span>icurativi  e  il  r<span class=\"_ _1\"></span>isultato  finanziario  a  conto  e<span class=\"_ _1\"></span>conomico </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs76a\">derivante dag<span class=\"_ _2\"></span>li <span class=\"_ _3b\"></span>str<span class=\"_ _1\"></span>umenti <span class=\"_ _3b\"></span>finanziari s<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>ttostanti, <span class=\"_ _2\"></span>compresa <span class=\"_ _3b\"></span>la <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>expected credi<span class=\"_ _2\"></span>t lo<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>s </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs76b\">rilevata nel periodo (c.d. Mirroring). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs76c\">Ai sens<span class=\"_ _1\"></span>i dell\u2019IFRS 9, <span class=\"_ _1\"></span>Credemvita ha <span class=\"_ _1\"></span>adottato <span class=\"_ _1\"></span>il business <span class=\"_ _1\"></span>model <span class=\"_ _1\"></span>Hold To Collect <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>Sell per <span class=\"_ _1\"></span>tutti gli </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs76d\">strumenti  finanziari <span class=\"_ _35\"> </span>afferenti  i <span class=\"_ _35\"> </span>portafogli  delle  g<span class=\"_ _2\"></span>estioni  separate <span class=\"_ _35\"> </span>mentre  per  q<span class=\"_ _2\"></span>uelli  coll<span class=\"_ _2\"></span>egati  ai </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs76e\">prodotti <span class=\"_ _1\"></span>linked <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>ai <span class=\"_ _1\"></span>fondi <span class=\"_ _1\"></span>pensione <span class=\"_ _1\"></span>aperti <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>adottato <span class=\"_ _1\"></span>il Busines<span class=\"_ _1\"></span>s Model <span class=\"_ _1\"></span>Ot<span class=\"_ _1\"></span>her <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>conseguente </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs76f\">valutazione <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>impatto<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>conto <span class=\"_ _35\"> </span>economico. <span class=\"_ _35\"> </span>Limitatamente  a <span class=\"_ _35\"> </span>una <span class=\"_ _35\"> </span>par<span class=\"_ _2\"></span>te <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>titoli </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs770\">presenti nel portafoglio di propriet\u00e0 <span class=\"_ _1\"></span>Credemvita ha adottato il modello Hold To Collect. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs771\">Si  evidenzia, <span class=\"_ _3d\"> </span>inoltre,  che <span class=\"_ _3d\"> </span>l\u2019introduzione  dell\u2019IFRS  17<span class=\"_ _1\"></span>  determina <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>venir  meno  de<span class=\"_ _1\"></span>l  trattamento, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs772\">denominato <span class=\"_ _0\"></span>Shadow <span class=\"_ _38\"></span>Accounting, <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>visto <span class=\"_ _0\"></span>dall<span class=\"_ _2\"></span>\u2019IFRS <span class=\"_ _38\"></span>4, <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>app<span class=\"_ _2\"></span>rossimava <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>correlazione <span class=\"_ _0\"></span>tra <span class=\"_ _38\"></span>due </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs773\">valori <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>omogenei: <span class=\"_ _0\"></span>1) <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>valore <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>lla <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>iserva <span class=\"_ _35\"> </span>tecnica <span class=\"_ _0\"></span>relativa <span class=\"_ _35\"> </span>ai <span class=\"_ _35\"> </span>contratti <span class=\"_ _0\"></span>valutati <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>costo <span class=\"_ _35\"> </span>(c<span class=\"_ _3b\"></span>on </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs774\">partecipazione discrezionale agli utili) e 2) il valore dei re<span class=\"_ _1\"></span>lativi attivi val<span class=\"_ _2\"></span>utati al fair value. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs775\">Il <span class=\"_ _3f\"> </span>principio <span class=\"_ _3f\"> </span>IFRS <span class=\"_ _39\"> </span>17<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>ha <span class=\"_ _3f\"> </span>introdotto <span class=\"_ _3f\"> </span>maggiore <span class=\"_ _39\"> </span>correlazione <span class=\"_ _3f\"> </span>tra <span class=\"_ _3f\"> </span>la <span class=\"_ _3f\"> </span>valutazione <span class=\"_ _3f\"> </span>delle <span class=\"_ _3f\"> </span>passivit<span class=\"_ _2\"></span>\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs776\">assicurative <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>gli <span class=\"_ _37\"> </span>investimenti <span class=\"_ _3d\"> </span>sottostant<span class=\"_ _1\"></span>i, <span class=\"_ _3d\"> </span>sia <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>periodi <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>aumento<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>dei <span class=\"_ _37\"> </span>valori <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>Fair <span class=\"_ _37\"> </span>Value </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs777\">(riduzione dei <span class=\"_ _1\"></span>tass<span class=\"_ _1\"></span>i di me<span class=\"_ _1\"></span>rcato) sia <span class=\"_ _1\"></span>in periodi <span class=\"_ _1\"></span>di riduzione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>valori <span class=\"_ _1\"></span>di fair <span class=\"_ _1\"></span>value (aumento <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>tassi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs778\">di mercato). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs779\">A parit\u00e0 d<span class=\"_ _2\"></span>i valore degli <span class=\"_ _3b\"></span>attivi, misurati in <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ntrambi i p<span class=\"_ _2\"></span>rincipi contab<span class=\"_ _2\"></span>ili al fai<span class=\"_ _2\"></span>r value, l\u2019IFRS<span class=\"_ _2\"></span> 17 introduce </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs77a\">infatti <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>logica <span class=\"_ _38\"></span>forward <span class=\"_ _0\"></span>looking <span class=\"_ _38\"></span>anche <span class=\"_ _0\"></span>sui <span class=\"_ _38\"></span>passivi, <span class=\"_ _38\"></span>garantendo <span class=\"_ _0\"></span>pertanto <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>confron<span class=\"_ _2\"></span>to <span class=\"_ _0\"></span>omogene<span class=\"_ _2\"></span>o </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs77b\">con <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>variazioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>degli <span class=\"_ _38\"></span>att<span class=\"_ _1\"></span>ivi, <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span>tanto <span class=\"_ _0\"></span>maggiormente <span class=\"_ _0\"></span>efficace <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>passato. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs77c\">Inoltre, <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>modello <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>misuraz<span class=\"_ _2\"></span>ione <span class=\"_ _0\"></span>VFA, <span class=\"_ _0\"></span>l\u2019ad<span class=\"_ _2\"></span>ozione <span class=\"_ _0\"></span>dell\u2019opzione <span class=\"_ _0\"></span>OCI <span class=\"_ _38\"></span>(c.d. <span class=\"_ _0\"></span>Mirroring), <span class=\"_ _0\"></span>comporta </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs77d\">che <span class=\"_ _37\"> </span>t<span class=\"_ _1\"></span>ale <span class=\"_ _37\"> </span>maggiore <span class=\"_ _36\"> </span>correlazione <span class=\"_ _37\"> </span>ris<span class=\"_ _1\"></span>petto <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>quanto <span class=\"_ _37\"> </span>previsto <span class=\"_ _37\"> </span>dall\u2019IFRS <span class=\"_ _36\"> </span>4, <span class=\"_ _37\"> </span>venga <span class=\"_ _36\"> </span>contribuita <span class=\"_ _37\"> </span>al </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs77e\">patrimonio netto. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs77f\">16 - Alt<span class=\"_ _1\"></span>re info<span class=\"_ _1\"></span>rmazioni </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs780\">Tratt<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs781\">amento <span class=\"_ _35\"> </span>contabile <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>operazioni <span class=\"_ _0\"></span>con <span class=\"_ _35\"> </span>riferimento <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>Crediti <span class=\"_ _35\"> </span>d\u2019imposta <span class=\"_ _35\"> </span>ai <span class=\"_ _0\"></span>sensi <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>D.L. <span class=\"_ _35\"> </span>n. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs782\">18/202<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs783\">0 (\u201cCura Italia\u201d) e <span class=\"_ _1\"></span>D.L n. 34/2020 (\u201cRilancio\u201d) </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs784\">Il  DL <span class=\"_ _35\"> </span>n.  18/2020<span class=\"_ _2\"></span>  (c.d<span class=\"_ _2\"></span>.  \u201cCura <span class=\"_ _35\"> </span>Italia\u201d)  e <span class=\"_ _35\"> </span>il  DL <span class=\"_ _35\"> </span>n.  34/2020<span class=\"_ _2\"></span>  (c.d<span class=\"_ _2\"></span>.  \u201cRilanci<span class=\"_ _2\"></span>o\u201d)  convertiti  in<span class=\"_ _2\"></span>  legge, <span class=\"_ _35\"> </span>con </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs785\">modificazioni, rispet<span class=\"_ _1\"></span>tivamente dalla <span class=\"_ _1\"></span>Legge n. <span class=\"_ _1\"></span>27 <span class=\"_ _1\"></span>del 24 <span class=\"_ _1\"></span>aprile <span class=\"_ _1\"></span>2020 <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>dalla Legge <span class=\"_ _1\"></span>n. <span class=\"_ _1\"></span>77 <span class=\"_ _1\"></span>del 17 <span class=\"_ _1\"></span>luglio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs786\">2020 hanno in<span class=\"_ _2\"></span>trodotto misure fiscali<span class=\"_ _2\"></span> di inc<span class=\"_ _2\"></span>entivazione per le <span class=\"_ _2\"></span>spese sostenute p<span class=\"_ _2\"></span>er investimenti (e<span class=\"_ _2\"></span>s. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs787\">eco <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>sism<span class=\"_ _1\"></span>abonus): <span class=\"_ _38\"></span>detti <span class=\"_ _38\"></span>incentivi <span class=\"_ _38\"></span>fiscali <span class=\"_ _38\"></span>si <span class=\"_ _0\"></span>app<span class=\"_ _2\"></span>licano <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>famiglie <span class=\"_ _38\"></span>ed <span class=\"_ _0\"></span>imprese, <span class=\"_ _1\"></span>sono <span class=\"_ _0\"></span>commi<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>urati <span class=\"_ _1\"></span>a </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs789\">una  perce<span class=\"_ _1\"></span>ntuale <span class=\"_ _3d\"> </span>della  spesa <span class=\"_ _3d\"> </span>sostenuta <span class=\"_ _3d\"> </span>e  sono <span class=\"_ _3d\"> </span>erogati  s<span class=\"_ _1\"></span>otto  for<span class=\"_ _1\"></span>ma  di <span class=\"_ _3d\"> </span>crediti <span class=\"_ _3d\"> </span>d\u2019imposta  o<span class=\"_ _1\"></span>  di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs78a\">detraz<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs78b\">ioni d\u2019imposta (trasformabili su opzione in crediti d\u2019imposta).  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs78c\">Nell\u2019ambito di tali opera<span class=\"_ _1\"></span>zioni, esiste la possibilit\u00e0 per il beneficiario, di cedere <span class=\"_ _1\"></span>a terzi detti incentivi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs78d\">ad <span class=\"_ _3d\"> </span>acquirenti <span class=\"_ _3d\"> </span>che <span class=\"_ _37\"> </span>potranno <span class=\"_ _3d\"> </span>utilizzarli <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>compe<span class=\"_ _1\"></span>nsazione <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>impos<span class=\"_ _1\"></span>te <span class=\"_ _3d\"> </span>e <span class=\"_ _3d\"> </span>co<span class=\"_ _1\"></span>ntributi,  se<span class=\"_ _1\"></span>condo <span class=\"_ _3d\"> </span>le </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs78e\">medesime <span class=\"_ _38\"></span>regole <span class=\"_ _0\"></span>pr<span class=\"_ _2\"></span>eviste <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>bene<span class=\"_ _1\"></span>ficiario <span class=\"_ _38\"></span>originario, <span class=\"_ _38\"></span>oppure <span class=\"_ _38\"></span>possono <span class=\"_ _38\"></span>ulter<span class=\"_ _1\"></span>iormente <span class=\"_ _38\"></span>cederli <span class=\"_ _38\"></span>(in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs78f\">tutto <span class=\"_ _37\"> </span>o <span class=\"_ _36\"> </span>in <span class=\"_ _37\"> </span>parte) <span class=\"_ _36\"> </span>a <span class=\"_ _3d\"> </span>terzi. <span class=\"_ _36\"> </span>Nessuno <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>crediti <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>esame <span class=\"_ _37\"> </span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>rimborsabile <span class=\"_ _37\"> </span>(in <span class=\"_ _36\"> </span>tutto <span class=\"_ _37\"> </span>o <span class=\"_ _37\"> </span>in <span class=\"_ _36\"> </span>parte) </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs790\">direttamente <span class=\"_ _0\"></span>dallo <span class=\"_ _38\"></span>Stato <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>non <span class=\"_ _1\"></span>vi <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>la<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>possibilit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>riportare <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>uovo, <span class=\"_ _38\"></span>n\u00e9<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>chi<span class=\"_ _2\"></span>edere <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>rimborso, <span class=\"_ _0\"></span>la </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs791\">quota parte non compensata nell\u2019anno di riferimento per mot<span class=\"_ _1\"></span>ivi di incapienza. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs792\">Come previsto dal <span class=\"_ _3b\"></span>Docume<span class=\"_ _1\"></span>nto B<span class=\"_ _2\"></span>anca d'Italia/Consob/Ivass n. 9<span class=\"_ _3b\"></span> del gennaio <span class=\"_ _2\"></span>2021, le cara<span class=\"_ _2\"></span>tteristiche </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs793\">principali dei crediti d\u2019imposta intro<span class=\"_ _1\"></span>dotti dai Decreti sono: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs794\"><span class=\"_ _42\"> </span><span class=\"ff4\">la possibilit\u00e0 di utilizzo in compensazione in un arco di tempo <span class=\"_ _1\"></span>limitato; </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs795\"><span class=\"_ _42\"> </span><span class=\"ff4\">la cedibilit\u00e0 a terzi acquirenti </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs796\"><span class=\"_ _42\"> </span><span class=\"ff4\">la non rimborsabilit\u00e0 (da parte dell\u2019Erario). </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs797\">Secondo tale <span class=\"_ _2\"></span>Documento, per <span class=\"_ _3b\"></span>il soggetto beneficiario, <span class=\"_ _3b\"></span>una volta acq<span class=\"_ _2\"></span>uistati da <span class=\"_ _3b\"></span>un soggetto terzo, l<span class=\"_ _2\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs798\">peculiarit\u00e0 dei crediti non per<span class=\"_ _1\"></span>mettono una lor<span class=\"_ _1\"></span>o immediata riconducibilit\u00e0 a uno specifico <span class=\"_ _1\"></span>principio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs799\">contabile internazionale. In <span class=\"_ _3b\"></span>tal senso, la Banca <span class=\"_ _3b\"></span>ha definito una </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs79a\">accounting <span class=\"_ _2\"></span>policy</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs79b\"> per il <span class=\"_ _3b\"></span>tratt<span class=\"_ _1\"></span>amento </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs79c\">contabile <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>ali <span class=\"_ _0\"></span>tipologie <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>crediti <span class=\"_ _0\"></span>d\u2019imposta <span class=\"_ _35\"> </span>ai <span class=\"_ _0\"></span>sensi <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>paragrafi <span class=\"_ _0\"></span>10 <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>11 <span class=\"_ _35\"> </span>dello <span class=\"_ _0\"></span>IAS <span class=\"_ _0\"></span>8, <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>fine <span class=\"_ _0\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs79d\">definire <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>modalit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>rilevazione <span class=\"_ _35\"> </span>iniziale, <span class=\"_ _35\"> </span>misurazione <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>conseguente <span class=\"_ _35\"> </span>classificazione, <span class=\"_ _35\"> </span>tenendo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs79e\">conto <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>costo <span class=\"_ _0\"></span>sostenuto <span class=\"_ _0\"></span>dal <span class=\"_ _0\"></span>cessionario <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>l\u2019acqu<span class=\"_ _2\"></span>isto <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>crediti, <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>loro <span class=\"_ _0\"></span>caratteristiche <span class=\"_ _0\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs79f\">utilizzabilit\u00e0 e dell\u2019esigenza di rilevare<span class=\"_ _1\"></span>, in base alla competenza economica, il provento ottenuto. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7a0\">Come previsto dal Documento Banc<span class=\"_ _2\"></span>a d'Italia/Consob/Ivass n. 9 di gennaio 2021, <span class=\"_ _2\"></span>al fine di defini<span class=\"_ _2\"></span>re il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7a1\">trattamento <span class=\"_ _35\"> </span>contabile <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>adottare <span class=\"_ _35\"> </span>ai <span class=\"_ _35\"> </span>cr<span class=\"_ _2\"></span>editi <span class=\"_ _35\"> </span>d\u2019imposta <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>esame, <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>i <span class=\"_ _35\"> </span>far\u00e0 <span class=\"_ _35\"> </span>riferimento <span class=\"_ _0\"></span>ad <span class=\"_ _35\"> </span>alcune </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7a2\">disposizioni contenute nel principio contabile IFRS 9 per gli strumenti finanziari. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs7a3\">Criteri di iscrizione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7a4\">La <span class=\"_ _35\"> </span>prima <span class=\"_ _35\"> </span>iscrizione  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>credito <span class=\"_ _35\"> </span>d\u2019imposta <span class=\"_ _35\"> </span>ai <span class=\"_ _35\"> </span>sensi <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>D<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7a5\">.L. <span class=\"_ _35\"> </span>n. <span class=\"_ _35\"> </span>18/2020 <span class=\"_ _35\"> </span>(\u201cCura <span class=\"_ _35\"> </span>Italia\u201d) <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>D.L <span class=\"_ _35\"> </span>n. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7a6\">34/2020 <span class=\"_ _1\"></span>(\u201cRilancio\u201d) avviene <span class=\"_ _1\"></span>alla data <span class=\"_ _1\"></span>di accet<span class=\"_ _1\"></span>tazione <span class=\"_ _1\"></span>del credito s<span class=\"_ _1\"></span>ul cassett<span class=\"_ _1\"></span>o fiscale <span class=\"_ _1\"></span>della Banca. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7a7\">L\u2019iscrizione avviene al prezzo dell\u2019operazione di acquisizione dal beneficiario e <span class=\"_ _1\"></span>dovr\u00e0 scontare: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs7a8\"><span class=\"_ _42\"> </span><span class=\"ff4\">a) il valore temporale del denaro e<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs7a9\"><span class=\"_ _42\"> </span><span class=\"ff4\">b) la capacit\u00e0 di utilizzarlo entro la relat<span class=\"_ _1\"></span>iva scadenza temporale. </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7aa\">Tale <span class=\"_ _2\"></span>prezzo s<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>ddisfa <span class=\"_ _3b\"></span>la condi<span class=\"_ _2\"></span>zione dell\u2019IFRS<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>9 <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>econdo c<span class=\"_ _2\"></span>ui <span class=\"_ _3b\"></span>le attivit\u00e0 <span class=\"_ _3b\"></span>e le <span class=\"_ _3b\"></span>passivit\u00e0 <span class=\"_ _2\"></span>finanziarie <span class=\"_ _2\"></span>vanno </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7ab\">inizialmente rilevate al <span class=\"_ _3b\"></span>fair valu<span class=\"_ _2\"></span>e che <span class=\"_ _2\"></span>dovr\u00e0 essere a<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>similato, nell<span class=\"_ _2\"></span>a gerarchia <span class=\"_ _2\"></span>del fair <span class=\"_ _3b\"></span>value prevista </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7ac\">dall\u2019IFRS 13, ad un fair value di livello 3. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7ad\">Sono  ogg<span class=\"_ _2\"></span>etto  di <span class=\"_ _35\"> </span>potenziale <span class=\"_ _35\"> </span>inclusione  n<span class=\"_ _2\"></span>el  calc<span class=\"_ _2\"></span>olo  del <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value  i <span class=\"_ _35\"> </span>costi <span class=\"_ _35\"> </span>marginali <span class=\"_ _35\"> </span>dirett<span class=\"_ _1\"></span>amente </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7ae\">attribuibili <span class=\"_ _1\"></span>all'acquisizione<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>credito <span class=\"_ _38\"></span>d\u2019imposta, <span class=\"_ _38\"></span>considerando <span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>cos<span class=\"_ _1\"></span>to <span class=\"_ _38\"></span>marginale <span class=\"_ _1\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>cos<span class=\"_ _1\"></span>to </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7af\">che <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>sarebbe <span class=\"_ _38\"></span>stato <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ostenuto <span class=\"_ _1\"></span>se <span class=\"_ _38\"></span>l'entit\u00e0 <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>avesse <span class=\"_ _1\"></span>acquistato<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>edito <span class=\"_ _1\"></span>d\u2019imposta<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>(quale <span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7b0\">esempio <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>commissione <span class=\"_ _1\"></span>pagata<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>age<span class=\"_ _1\"></span>nti, <span class=\"_ _38\"></span>consulenti <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>mediatori, <span class=\"_ _38\"></span>ai <span class=\"_ _38\"></span>sensi <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>paragrafo <span class=\"_ _38\"></span>B5.4.8 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7b1\">del IFRS9). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7b2\">Sono esclusi i co<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ti che, p<span class=\"_ _2\"></span>ur avendo l<span class=\"_ _2\"></span>e caratteristiche suddette, sono ogge<span class=\"_ _2\"></span>tto di rimborso <span class=\"_ _2\"></span>da parte </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7b3\">della <span class=\"_ _48\"> </span>cont<span class=\"_ _1\"></span>roparte <span class=\"_ _17e\"> </span>debitrice <span class=\"_ _17e\"> </span>o <span class=\"_ _17e\"> </span>sono <span class=\"_ _17e\"> </span>inquadrabili <span class=\"_ _17e\"> </span>tra <span class=\"_ _17e\"> </span>i <span class=\"_ _17e\"> </span>nor<span class=\"_ _1\"></span>mali <span class=\"_ _17e\"> </span>costi <span class=\"_ _17e\"> </span>interni <span class=\"_ _17e\"> </span>di <span class=\"_ _17e\"> </span>carattere </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7b4\">amministrativo. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs7b5\">Criteri di classifi<span class=\"_ _1\"></span>cazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7b6\">Come <span class=\"_ _1\"></span>previsto dal <span class=\"_ _1\"></span>Documento <span class=\"_ _1\"></span>Banca d'Italia/Consob/Ivass <span class=\"_ _1\"></span>n.</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7b7\"> 9 <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>gennaio 2021, <span class=\"_ _1\"></span>tenuto <span class=\"_ _1\"></span>conto <span class=\"_ _1\"></span>che </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7b8\">tali <span class=\"_ _0\"></span>crediti <span class=\"_ _0\"></span>d\u2019imposta <span class=\"_ _0\"></span>acquistati <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>rappresentano, <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>sens<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>princip<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>contabili <span class=\"_ _0\"></span>internazionali, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7b9\">attivit\u00e0 <span class=\"_ _0\"></span>fiscali, <span class=\"_ _0\"></span>contributi <span class=\"_ _0\"></span>pubblici, <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>immat<span class=\"_ _1\"></span>eriali <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanziarie, <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>classificazione <span class=\"_ _0\"></span>pi\u00f9<span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7ba\">appropriata,  ai<span class=\"_ _2\"></span>  fi<span class=\"_ _2\"></span>ni <span class=\"_ _35\"> </span>della  presentazione <span class=\"_ _35\"> </span>in  bil<span class=\"_ _2\"></span>ancio, <span class=\"_ _35\"> </span>\u00e8  quella <span class=\"_ _35\"> </span>residuale <span class=\"_ _35\"> </span>alla  voce <span class=\"_ _35\"> </span>120  dello <span class=\"_ _35\"> </span>stato </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7bb\">patrimoniale <span class=\"_ _0\"></span> <span class=\"_ _0\"></span>\u201cAltre <span class=\"_ _38\"></span>Attivit\u00e0\u201d <span class=\"_ _0\"></span>dello <span class=\"_ _0\"></span>stato <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>atrimoniale, <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>li<span class=\"_ _2\"></span>nea <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>paragrafi <span class=\"_ _0\"></span>54 <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>55 <span class=\"_ _0\"></span>dello <span class=\"_ _0\"></span>IAS <span class=\"_ _38\"></span>1 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7bc\">\u201cPresentazione del bilancio\u201d. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs7bd\">Criteri di valuta<span class=\"_ _1\"></span>zione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7be\">Successivamente <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>rilevazione <span class=\"_ _35\"> </span>iniziale, <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>crediti <span class=\"_ _0\"></span>d\u2019imp<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7bf\">osta <span class=\"_ _35\"> </span>ai <span class=\"_ _0\"></span>sensi <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>D.L. <span class=\"_ _35\"> </span>n. <span class=\"_ _0\"></span>18/20<span class=\"_ _1\"></span>20 <span class=\"_ _35\"> </span>(\u201cCura<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7c0\">Italia\u201d) <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>D.L <span class=\"_ _38\"></span>n. <span class=\"_ _0\"></span>34/2020 <span class=\"_ _38\"></span>(\u201cRilancio\u201d) <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>detenuti <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>essere <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>tilizzati <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>compensazione <span class=\"_ _38\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7c1\">imposte <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>contr<span class=\"_ _1\"></span>ibuti <span class=\"_ _0\"></span>(se<span class=\"_ _1\"></span>condo <span class=\"_ _0\"> </span>le<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>medesime <span class=\"_ _0\"></span>regole <span class=\"_ _35\"> </span>previste <span class=\"_ _0\"> </span>per <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>bene<span class=\"_ _1\"></span>ficiario <span class=\"_ _35\"> </span>originario), <span class=\"_ _0\"></span>sono </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7c2\">valutati al costo ammortizzato, utilizzando il metodo <span class=\"_ _1\"></span>del tasso di interesse effettivo.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7c3\">Come previsto dal D<span class=\"_ _1\"></span>ocumento Banca d'Italia/Consob/Ivass n. 9 di <span class=\"_ _1\"></span>gennaio 2021, per la <span class=\"_ _1\"></span>valutazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7c4\">successiva  dei  cr<span class=\"_ _1\"></span>editi  d\u2019imposta  ai <span class=\"_ _3d\"> </span>sensi  de<span class=\"_ _1\"></span>l  D.L.  n.  18/<span class=\"_ _1\"></span>2020  (\u201cCura <span class=\"_ _3d\"> </span>Italia\u201d)  e  D<span class=\"_ _1\"></span>.L  n.  34/20<span class=\"_ _1\"></span>20 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7c5\">(\u201cRilancio\u201d) al costo ammortizzato, viene <span class=\"_ _1\"></span>considerato: </div><span class=\"_ _42\"> </span><span class=\"ff4\">il valore temporale del denaro; </span><span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019uti<span class=\"_ _3a1\"> </span></span>lizzo di un tasso d\u2019interesse effettivo, <span class=\"_ _2\"></span>determinato all\u2019origine in mani<span class=\"_ _2\"></span>era tale che i flussi d<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span>cassa <span class=\"_ _3d\"> </span>attualizzati  connes<span class=\"_ _1\"></span>si  con <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>compensazioni <span class=\"_ _3d\"> </span>attese <span class=\"_ _3d\"> </span>future  stimate <span class=\"_ _3d\"> </span>lungo <span class=\"_ _3d\"> </span>la  durata<span class=\"_ _3a1\"> </span>prevista del credito d\u2019imposta eguaglino il prezzo d\u2019acquisto dei crediti d\u2019imposta<span class=\"_ _1\"></span>. <span class=\"_ _42\"> </span><span class=\"ff4\">i flussi di utilizzo del credito d\u2019imposta tram<span class=\"_ _1\"></span>ite le compensazioni. </span>Per <span class=\"_ _35\"> </span>calcolare  il <span class=\"_ _35\"> </span>tasso <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>interesse <span class=\"_ _35\"> </span>effettivo <span class=\"_ _35\"> </span>vengono, <span class=\"_ _35\"> </span>quindi, <span class=\"_ _35\"> </span>stimat<span class=\"_ _1\"></span>e <span class=\"_ _35\"> </span>le  compen<span class=\"_ _2\"></span>sazioni <span class=\"_ _35\"> </span>attese, tenendo  c<span class=\"_ _2\"></span>onto <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>tutti  i<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>termini <span class=\"_ _35\"> </span>relativi <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>cre<span class=\"_ _1\"></span>dito <span class=\"_ _35\"> </span>d\u2019imposta, <span class=\"_ _35\"> </span>compreso <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>fatto <span class=\"_ _35\"> </span>che,  d<span class=\"_ _2\"></span>opo <span class=\"_ _35\"> </span>aver valutato la possibilit\u00e0 e <span class=\"_ _1\"></span>gli eventuali impatti a conto<span class=\"_ _1\"></span> economico di una nuova cessione<span class=\"_ _1\"></span> degli stessi ad un <span class=\"_ _2\"></span>terzo so<span class=\"_ _1\"></span>ggetto, il<span class=\"_ _2\"></span> credito d\u2019imposta non utilizzato in<span class=\"_ _2\"></span> ciascun periodo di c<span class=\"_ _2\"></span>ompensazione sar\u00e0 perso. Tale <span class=\"_ _37\"> </span>modalit\u00e0 <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>co<span class=\"_ _1\"></span>ntabilizzazione, <span class=\"_ _37\"> </span>utilizzando <span class=\"_ _3d\"> </span>una <span class=\"_ _37\"> </span>logica <span class=\"_ _37\"> </span>finanziaria, <span class=\"_ _37\"> </span>consente <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>distribuire l\u2019effetto economico dei costi/proventi lungo la vita residua atte<span class=\"_ _1\"></span>sa del credito. Utilizzando il metodo del costo ammortizzato, con riferimento al calc<span class=\"_ _2\"></span>olo del valore contabile lordo del <span class=\"_ _38\"></span>credito <span class=\"_ _38\"></span>d\u2019imposta<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>procede <span class=\"_ _38\"></span>periodicamente <span class=\"_ _0\"></span>alla <span class=\"_ _1\"></span>revisione <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>time <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>fl<span class=\"_ _2\"></span>ussi <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>cassa <span class=\"_ _38\"></span>ed alla  rettifica  del  valore <span class=\"_ _35\"> </span>contabile  lordo  per  riflettere  i  flu<span class=\"_ _2\"></span>ssi  finanziari  effettivi  e<span class=\"_ _2\"></span>  rideterminati: nell\u2019effettuare <span class=\"_ _0\"></span>tali <span class=\"_ _35\"> </span>rettifich<span class=\"_ _2\"></span>e, <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>procede <span class=\"_ _0\"></span>scontando <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>nuovi <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>all\u2019originario <span class=\"_ _35\"> </span>tasso <span class=\"_ _0\"></span>di interesse <span class=\"_ _39\"> </span>effettivo. <span class=\"_ _39\"> </span>Tale <span class=\"_ _39\"> </span>contabilizzazione <span class=\"_ _39\"> </span>consentir\u00e0 <span class=\"_ _39\"> </span>quindi <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>rilevare <span class=\"_ _39\"> </span>\u201cpro<span class=\"_ _1\"></span>-rata\u201d <span class=\"_ _36\"> </span>te<span class=\"_ _1\"></span>mporis durante la vita di tale credito d\u2019imposta i proventi, nonch\u00e9 di rilev<span class=\"_ _2\"></span>are immediatame<span class=\"_ _1\"></span>nte le eventuali perdite dell\u2019operazione. Ne <span class=\"_ _38\"></span>consegue <span class=\"_ _1\"></span>che, <span class=\"_ _38\"></span>qualora <span class=\"_ _1\"></span>dalla <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>visione <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>stime <span class=\"_ _1\"></span>circa <span class=\"_ _38\"></span>l\u2019utilizzo <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>edito <span class=\"_ _1\"></span>d\u2019imposta <span class=\"_ _38\"></span>tramite compensazione <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>merga <span class=\"_ _2\"></span>la <span class=\"_ _3b\"></span>necessit\u00e0 di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>rettificare <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>valore c<span class=\"_ _2\"></span>ontabile <span class=\"_ _3b\"></span>lor<span class=\"_ _1\"></span>do <span class=\"_ _3b\"></span>del credito <span class=\"_ _3b\"></span>d\u2019imposta <span class=\"_ _2\"></span>per riflettere <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>utiliz<span class=\"_ _2\"></span>zi <span class=\"_ _0\"></span>stimati, <span class=\"_ _0\"></span>effettivi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>rideterminati, <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>proceder\u00e0 <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>icalcolare <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>valore <span class=\"_ _0\"></span>contabile<span class=\"_ _2\"></span> lordo  del  credito  d\u2019imposta <span class=\"_ _3d\"> </span>come  il  valore  attuale  delle  nuove <span class=\"_ _3d\"> </span>stime  degli  utilizzi  del  credito d\u2019imposta <span class=\"_ _35\"> </span>tramite  compensazi<span class=\"_ _2\"></span>one <span class=\"_ _35\"> </span>attualizzati <span class=\"_ _35\"> </span>all\u2019originario <span class=\"_ _35\"> </span>tass<span class=\"_ _1\"></span>o <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>interesse <span class=\"_ _35\"> </span>effettivo.  I<span class=\"_ _2\"></span>n <span class=\"_ _35\"> </span>tale rideterminazione, <span class=\"_ _3b\"></span>tenuto conto <span class=\"_ _184\"></span>dell\u2019asse<span class=\"_ _1\"></span>nza <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>rimbor<span class=\"_ _1\"></span>sabilit\u00e0 <span class=\"_ _3b\"></span>da <span class=\"_ _3b\"></span>parte d<span class=\"_ _2\"></span>ella <span class=\"_ _3b\"></span>controparte (<span class=\"_ _2\"></span>vale <span class=\"_ _3b\"></span>a <span class=\"_ _2\"></span>dire dell\u2019Erario), <span class=\"_ _38\"></span>sar<span class=\"_ _1\"></span>ebbe <span class=\"_ _0\"></span>inclu<span class=\"_ _2\"></span>sa <span class=\"_ _0\"></span>quindi<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>una <span class=\"_ _38\"></span>svalutazione <span class=\"_ _0\"></span>derivante <span class=\"_ _38\"></span>da <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>eventuale <span class=\"_ _0\"></span>mancato <span class=\"_ _38\"></span>utilizzo dei crediti d\u2019imposta acquistati. Criteri di cancel<span class=\"_ _1\"></span>lazione I crediti d\u2019imposta <span class=\"_ _1\"></span>vengono cancellati quando <span class=\"_ _1\"></span>scadono<span class=\"_ _3a1\"> </span>i<span class=\"_ _3a1\"> </span>di<span class=\"_ _3a1\"> </span>ritti di <span class=\"_ _1\"></span>compensazione dei crediti stessi o quando i crediti d\u2019imposta vengono ceduti trasfere<span class=\"_ _1\"></span>ndo sostanzialmente tutti i rischi e benefici. Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali Come <span class=\"_ _49\"> </span>previsto <span class=\"_ _43\"> </span>dal <span class=\"_ _43\"> </span>Documento <span class=\"_ _43\"> </span>Banca <span class=\"_ _43\"> </span>d'Italia/Consob/Ivass <span class=\"_ _49\"> </span>n. <span class=\"_ _43\"> </span>9 <span class=\"_ _43\"> </span>di <span class=\"_ _43\"> </span>ge<span class=\"_ _1\"></span>nnaio <span class=\"_ _43\"> </span>2021, <span class=\"_ _43\"> </span>la rappresentazione dei proventi <span class=\"_ _3b\"></span>e degli oneri d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>rivanti dall\u2019acqu<span class=\"_ _2\"></span>isto e utilizzo d<span class=\"_ _2\"></span>ei crediti <span class=\"_ _2\"></span>d\u2019imposta ai sensi <span class=\"_ _1\"></span>del D.L. n. <span class=\"_ _1\"></span>18/2020 (\u201cCura <span class=\"_ _1\"></span>Italia\u201d) <span class=\"_ _1\"></span>e D.L <span class=\"_ _1\"></span>n. 34/<span class=\"_ _1\"></span>2020 (\u201cRilancio\u201d) <span class=\"_ _1\"></span>riflette la <span class=\"_ _1\"></span>modalit\u00e0 <span class=\"_ _1\"></span>di gestione adottata. Nel <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>crediti <span class=\"_ _37\"> </span>d\u2019imposta <span class=\"_ _37\"> </span>detenuti <span class=\"_ _37\"> </span>per <span class=\"_ _37\"> </span>e<span class=\"_ _1\"></span>ssere <span class=\"_ _37\"> </span>utilizzati <span class=\"_ _37\"> </span>in <span class=\"_ _36\"> </span>compensazione <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>imposte <span class=\"_ _3d\"> </span>e contributi <span class=\"_ _3f\"> </span>valutati <span class=\"_ _3f\"> </span>al <span class=\"_ _3f\"> </span>costo <span class=\"_ _39\"> </span>ammortizzato, <span class=\"_ _3f\"> </span>la <span class=\"_ _3f\"> </span>rilevazione <span class=\"_ _3f\"> </span>della <span class=\"_ _3f\"> </span>componente <span class=\"_ _3f\"> </span>interessi <span class=\"_ _39\"> </span>viene effettuata <span class=\"_ _0\"></span>nella <span class=\"_ _38\"></span>voce <span class=\"_ _0\"></span>10 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>nto <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>conomico <span class=\"_ _38\"></span>\u201cInteress<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>Attivi\u201d <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>vengono <span class=\"_ _0\"></span>rilevate <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra <span class=\"_ _38\"></span>gli <span class=\"_ _0\"></span>interessi attivi <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>passiv<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>anche <span class=\"_ _0\"></span>le<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>variazioni<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>valor<span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>dovute <span class=\"_ _38\"></span>ai <span class=\"_ _0\"></span>cambiamenti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>stima <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>tempistiche <span class=\"_ _38\"></span>di<span class=\"_ _1\"></span> compensazione dei flussi di cassa attesi, ai sensi de<span class=\"_ _1\"></span>l paragrafo B5.4.6 dell\u2019IFRS 9. Eventuali rettifiche conseguenti <span class=\"_ _3b\"></span>il non integrale recupero t<span class=\"_ _2\"></span>ramite compensazione dei c<span class=\"_ _2\"></span>rediti, dopo aver <span class=\"_ _38\"></span>valutato <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>possibilit\u00e0 <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>event<span class=\"_ _1\"></span>uali <span class=\"_ _1\"></span>impatt<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>economico <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>nuova <span class=\"_ _38\"></span>cessione <span class=\"_ _38\"></span>degli stessi ad un terzo soggetto, sono rilevate nella voce 130 di conto economico \u201cRettifiche/riprese di valore nette per rischio di credito di: a) attivit\u00e0 <span class=\"_ _1\"></span>finanziarie valutate al costo ammortizzato\u201d.  In <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>ces<span class=\"_ _1\"></span>sione <span class=\"_ _35\"> </span>degli <span class=\"_ _35\"> </span>stessi <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>erzi <span class=\"_ _35\"> </span>soggetti, <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>eventuali <span class=\"_ _0\"></span>plus/minusvalenze <span class=\"_ _35\"> </span>tra <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>di cessione e<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>il valore <span class=\"_ _1\"></span>netto <span class=\"_ _1\"></span>contabile <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>crediti <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>data di <span class=\"_ _1\"></span>cessione <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>rilevati ne<span class=\"_ _1\"></span>lla <span class=\"_ _1\"></span>voce 100 <span class=\"_ _1\"></span>di conto economico \u201cUtili (perdite) da cessione o riacquisto di:<span class=\"_ _2\"></span> a) attivit\u00e0 finanziarie valutate al costo ammortizzato\u201d.  Azioni proprie Le <span class=\"_ _3b\"></span>event<span class=\"_ _1\"></span>uali <span class=\"_ _3b\"></span>azioni p<span class=\"_ _2\"></span>roprie <span class=\"_ _2\"></span>detenute <span class=\"_ _3b\"></span>sono p<span class=\"_ _2\"></span>ortate <span class=\"_ _3b\"></span>in riduz<span class=\"_ _3a1\"> </span>ione <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>patrimonio n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>tto. <span class=\"_ _2\"></span>Analogamente, il <span class=\"_ _0\"></span>costo <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>riginario <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>stesse <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>gli<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>utili <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span>dite <span class=\"_ _0\"></span>de<span class=\"_ _2\"></span>rivanti <span class=\"_ _0\"></span>dalla <span class=\"_ _38\"></span>lor<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>successiva <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>endita <span class=\"_ _0\"></span>sono rilevati come movimenti del patrimonio netto<span class=\"_ _1\"></span>.<span class=\"_ _3a1\"> </span>Ratei e riscont<span class=\"_ _1\"></span>i I rate<span class=\"_ _3a1\"> </span>i ed i risconti che accolgono oneri e proventi di competenza del periodo maturati su attivit\u00e0 e passivit\u00e0 sono iscritti in bilancio a rettifica delle attivit\u00e0 e <span class=\"_ _1\"></span>passivit\u00e0 a cui si riferiscono. Spese per <span class=\"_ _1\"></span>migliorie su beni di terzi I <span class=\"_ _1\"></span>cos<span class=\"_ _1\"></span>ti <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ristrutturazione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>immobili <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>propriet\u00e0 <span class=\"_ _38\"></span>v<span class=\"_ _3a1\"> </span>engono <span class=\"_ _38\"></span>capitalizzati <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>considerazione <span class=\"_ _38\"></span>del fatto <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>durata <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>contratto <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>affitto <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>societ<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _1\"></span>utilizzatrice <span class=\"_ _38\"></span>ha <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>controllo <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>beni <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>pu\u00f2 trarre  da  essi <span class=\"_ _35\"> </span>benefici  economici  futuri.  I <span class=\"_ _35\"> </span>suddett<span class=\"_ _1\"></span>i  co<span class=\"_ _2\"></span>sti,  classific<span class=\"_ _2\"></span>ati  tra  le  Altre  a<span class=\"_ _2\"></span>ttivit\u00e0  come previsto <span class=\"_ _38\"></span>dalle <span class=\"_ _38\"></span>Istruzioni <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _38\"></span>Banca <span class=\"_ _38\"></span>d\u2019Italia, <span class=\"_ _38\"></span>vengono <span class=\"_ _38\"></span>am<span class=\"_ _1\"></span>mortizzati <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>periodo <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>superiore alla durata del contratto di affitto. Trattame<span class=\"_ _1\"></span>nto di fine rapporto de<span class=\"_ _1\"></span>l personale<span class=\"_ _3a1\"> </span> Il <span class=\"_ _38\"></span>trattame<span class=\"_ _1\"></span>nto <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>fine <span class=\"_ _38\"></span>rapport<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>si <span class=\"_ _38\"></span>configura <span class=\"_ _38\"></span>come<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>\u201c<span class=\"_ _1\"></span>bene<span class=\"_ _3a1\"> </span>ficio <span class=\"_ _1\"></span>succes<span class=\"_ _1\"></span>sivo <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>apporto <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>lavoro\u201d<span class=\"_ _3a1\"> </span> classificato come:<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">\u201cpiano <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>contribuzione <span class=\"_ _0\"></span>definita\u201d <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>quote <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>rattamento <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>fine <span class=\"_ _0\"></span>rapporto <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>personale<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>maturande <span class=\"_ _36\"> </span>a <span class=\"_ _37\"> </span>partire <span class=\"_ _36\"> </span>dal <span class=\"_ _37\"> </span>1\u00b0 <span class=\"_ _36\"> </span>gennaio <span class=\"_ _37\"> </span>2007 <span class=\"_ _36\"> </span>(data <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>entrata <span class=\"_ _36\"> </span>in <span class=\"_ _37\"> </span>vigore <span class=\"_ _37\"> </span>della <span class=\"_ _36\"> </span>riforma <span class=\"_ _36\"> </span>della<span class=\"_ _3a1\"> </span> previdenza compleme<span class=\"_ _1\"></span>ntare di cui al <span class=\"_ _1\"></span>Decreto <span class=\"_ _1\"></span>Legislativo 5 dicembre <span class=\"_ _1\"></span>2005 n. 252) <span class=\"_ _1\"></span>sia nel <span class=\"_ _1\"></span>caso<span class=\"_ _3a1\"> </span> di <span class=\"_ _37\"> </span>opzione <span class=\"_ _36\"> </span>da <span class=\"_ _37\"> </span>parte <span class=\"_ _36\"> </span>del <span class=\"_ _37\"> </span>dipendente <span class=\"_ _36\"> </span>per <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>pre<span class=\"_ _1\"></span>videnza <span class=\"_ _37\"> </span>complementare<span class=\"_ _1\"></span>, <span class=\"_ _37\"> </span>sia <span class=\"_ _37\"> </span>ne<span class=\"_ _1\"></span>l <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>di<span class=\"_ _3a1\"> </span> destinazione <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>fondo <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Tesoreria <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>sso <span class=\"_ _38\"></span>l\u2019INPS. <span class=\"_ _38\"></span>Pe<span class=\"_ _1\"></span>r <span class=\"_ _38\"></span>tali <span class=\"_ _38\"></span>quote<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>l\u2019importo <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>abilizzato <span class=\"_ _38\"></span>tra <span class=\"_ _38\"></span>i<span class=\"_ _3a1\"> </span> costi  del<span class=\"_ _3b\"></span>  personale <span class=\"_ _35\"> </span>\u00e8  d<span class=\"_ _2\"></span>eterminato <span class=\"_ _35\"> </span>sulla  base <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>contributi  d<span class=\"_ _2\"></span>ovuti <span class=\"_ _35\"> </span>se<span class=\"_ _1\"></span>nza <span class=\"_ _35\"> </span>l\u2019applicazione <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span> metodologie di calcolo attuariali;<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">\u201cpiano a <span class=\"_ _3b\"></span>benefici definiti\u201d e <span class=\"_ _3b\"></span>pertanto \u00e8 isc<span class=\"_ _2\"></span>ritto sulla <span class=\"_ _3b\"></span>base<span class=\"_ _1\"></span> del <span class=\"_ _3b\"></span>suo valore a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tuariale determinato<span class=\"_ _3a1\"> </span></span>utilizzando <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>me<span class=\"_ _1\"></span>todo <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>lla <span class=\"_ _1\"></span>\u201cProiezione <span class=\"_ _38\"></span>Unitaria <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>Credito\u201d, <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>cui <span class=\"_ _1\"></span>dett<span class=\"_ _1\"></span>agli <span class=\"_ _1\"></span>si <span class=\"_ _38\"></span>rimanda <span class=\"_ _38\"></span>alla<span class=\"_ _3a1\"> </span>Sezione 9 della parte B di Nota Integr<span class=\"_ _1\"></span>ativa.<span class=\"_ _3a1\"> </span> Tali <span class=\"_ _35\"> </span>quote  riferite <span class=\"_ _35\"> </span>al  p<span class=\"_ _2\"></span>iano <span class=\"_ _35\"> </span>a  be<span class=\"_ _2\"></span>nefici <span class=\"_ _35\"> </span>definiti  sono <span class=\"_ _35\"> </span>iscritte  sul<span class=\"_ _2\"></span>la  b<span class=\"_ _2\"></span>ase <span class=\"_ _35\"> </span>del  loro <span class=\"_ _35\"> </span>valore  a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tuariale<span class=\"_ _3a1\"> </span> determinato <span class=\"_ _0\"></span>utili<span class=\"_ _2\"></span>zzando <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>me<span class=\"_ _1\"></span>todo <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>\u201cP<span class=\"_ _1\"></span>roiezione <span class=\"_ _38\"></span>Unitaria <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _38\"></span>Credito\u201d, <span class=\"_ _38\"></span>senza <span class=\"_ _0\"></span>appl<span class=\"_ _2\"></span>icazione <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _3a1\"> </span> pro-rata <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>servizio <span class=\"_ _38\"></span>prestato <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>quanto <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>costo <span class=\"_ _0\"></span>previdenziale <span class=\"_ _38\"></span>(\u201ccurr<span class=\"_ _1\"></span>ent <span class=\"_ _0\"></span>service <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>st\u201d) <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>TFR <span class=\"_ _38\"></span>\u00e8<span class=\"_ _3a1\"> </span> quasi <span class=\"_ _1\"></span>interamente <span class=\"_ _38\"></span>maturato <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>rivalutazione <span class=\"_ _1\"></span>dello <span class=\"_ _1\"></span>stesso<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>anni <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>venire, <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>si <span class=\"_ _1\"></span>ritiene <span class=\"_ _1\"></span>dia<span class=\"_ _3a1\"> </span> luogo a significativi benefici per i dip<span class=\"_ _2\"></span>endenti.<span class=\"_ _3a1\"> </span> Ai <span class=\"_ _3d\"> </span>fini <span class=\"_ _3d\"> </span>dell'attualizzazione, <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>tasso<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>utilizzato <span class=\"_ _3d\"> </span>\u00e8 <span class=\"_ _3d\"> </span>determinato <span class=\"_ _3d\"> </span>con <span class=\"_ _3d\"> </span>riferimento <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>re<span class=\"_ _1\"></span>ndimento  di<span class=\"_ _3a1\"> </span> mercato <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>obbligazioni <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>aziende <span class=\"_ _3d\"> </span>pr<span class=\"_ _1\"></span>imarie <span class=\"_ _3d\"> </span>tenendo <span class=\"_ _3d\"> </span>conto <span class=\"_ _3d\"> </span>della <span class=\"_ _3d\"> </span>durata <span class=\"_ _3d\"> </span>media <span class=\"_ _3d\"> </span>residua <span class=\"_ _3d\"> </span>della<span class=\"_ _3a1\"> </span> passivit\u00e0, <span class=\"_ _3d\"> </span>ponderat<span class=\"_ _1\"></span>a <span class=\"_ _3d\"> </span>in <span class=\"_ _37\"> </span>base <span class=\"_ _3d\"> </span>alla <span class=\"_ _3d\"> </span>percentuale <span class=\"_ _37\"> </span>dell'importo <span class=\"_ _3d\"> </span>pagato <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>anticipato, <span class=\"_ _3d\"> </span>per <span class=\"_ _37\"> </span>ciascuna<span class=\"_ _3a1\"> </span> scadenza, rispetto <span class=\"_ _3b\"></span>al <span class=\"_ _2\"></span>totale da<span class=\"_ _2\"></span> p<span class=\"_ _3b\"></span>agar<span class=\"_ _1\"></span>e e<span class=\"_ _2\"></span> anticip<span class=\"_ _2\"></span>are fino<span class=\"_ _2\"></span> all'estinzione <span class=\"_ _3b\"></span>finale dell\u2019i<span class=\"_ _2\"></span>ntera obblig<span class=\"_ _2\"></span>azione.<span class=\"_ _3a1\"> </span> I <span class=\"_ _3b\"></span>cos<span class=\"_ _1\"></span>ti <span class=\"_ _2\"></span>per <span class=\"_ _3b\"></span>il <span class=\"_ _2\"></span>servizio <span class=\"_ _3b\"></span>del piano <span class=\"_ _3b\"></span>sono <span class=\"_ _3b\"></span>contabilizzati tra <span class=\"_ _3b\"></span>i <span class=\"_ _3b\"></span>costi d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>personale, <span class=\"_ _3b\"></span>mentre g<span class=\"_ _2\"></span>li <span class=\"_ _3b\"></span>utili e <span class=\"_ _3b\"></span>le <span class=\"_ _2\"></span>perdite<span class=\"_ _3a1\"> </span> attuariali sono rilevati nel prospetto della redditivit\u00e0 complessiva. Pagamenti basat<span class=\"_ _1\"></span>i su azioni I <span class=\"_ _0\"></span>piani <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>remuner<span class=\"_ _1\"></span>azione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>personale <span class=\"_ _0\"></span>basati <span class=\"_ _0\"></span>su <span class=\"_ _38\"></span>azio<span class=\"_ _3a1\"> </span>ni<span class=\"_ _3a1\"> </span>,<span class=\"_ _3a1\"> </span>c<span class=\"_ _3a1\"> </span>he <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>regolate <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>azioni <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>per cassa, <span class=\"_ _0\"></span>vengono<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>rilevati <span class=\"_ _38\"></span>nel <span class=\"_ _0\"></span>con<span class=\"_ _3b\"></span>to <span class=\"_ _0\"></span>economico, <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>corrispondente <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>cremento <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>patrimonio netto, <span class=\"_ _3d\"> </span>sulla  base <span class=\"_ _3d\"> </span>del  fair <span class=\"_ _3d\"> </span>value  degli <span class=\"_ _3d\"> </span>strumenti  finanziari <span class=\"_ _3d\"> </span>attribuiti  alla <span class=\"_ _3d\"> </span>data <span class=\"_ _3d\"> </span>di  assegnazione, suddividendo l\u2019onere lungo il periodo previsto dal piano. In <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>senza <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>opzioni, <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _38\"></span>delle <span class=\"_ _1\"></span>stesse <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>calcolato <span class=\"_ _38\"></span>utilizzando <span class=\"_ _1\"></span>un <span class=\"_ _38\"></span>modello <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>considera, oltre ad informazioni qu<span class=\"_ _2\"></span>ali il prezzo di esercizio e la vita d<span class=\"_ _2\"></span>ell\u2019opzione, il <span class=\"_ _2\"></span>prezzo corrente delle azioni e <span class=\"_ _1\"></span>la lor<span class=\"_ _1\"></span>o volat<span class=\"_ _1\"></span>ilit\u00e0 <span class=\"_ _1\"></span>attesa, i <span class=\"_ _1\"></span>dividendi at<span class=\"_ _1\"></span>tesi e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>il tas<span class=\"_ _1\"></span>so <span class=\"_ _1\"></span>di interesse <span class=\"_ _1\"></span>risk-free, <span class=\"_ _1\"></span>anche <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>caratteristiche specifiche  del <span class=\"_ _3d\"> </span>piano <span class=\"_ _3d\"> </span>in  e<span class=\"_ _1\"></span>ssere.  N<span class=\"_ _1\"></span>el <span class=\"_ _3d\"> </span>modello  di <span class=\"_ _3d\"> </span>valorizzazione  sono <span class=\"_ _3d\"> </span>valutate <span class=\"_ _3d\"> </span>in  m<span class=\"_ _1\"></span>odo  distinto l\u2019opzione <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>probabi<span class=\"_ _2\"></span>lit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>rea<span class=\"_ _1\"></span>lizzazi<span class=\"_ _2\"></span>one <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>condi<span class=\"_ _2\"></span>zioni <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>base<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>alle <span class=\"_ _0\"></span>quali <span class=\"_ _0\"></span>le<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>opzioni <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _0\"></span>state assegnate. La combinazione dei due valori fornisce <span class=\"_ _1\"></span>il fair value dello strumento assegnato. L\u2019eventuale <span class=\"_ _3f\"> </span>riduzione <span class=\"_ _3f\"> </span>del <span class=\"_ _39\"> </span>numer<span class=\"_ _1\"></span>o <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>strument<span class=\"_ _1\"></span>i <span class=\"_ _39\"> </span>finanziari <span class=\"_ _3f\"> </span>asse<span class=\"_ _1\"></span>gnati <span class=\"_ _3f\"> </span>\u00e8 <span class=\"_ _39\"> </span>contabilizzata <span class=\"_ _3f\"> </span>come cancellazione di una parte degli stessi. Benefici ai dipen<span class=\"_ _1\"></span>denti Si <span class=\"_ _0\"></span>definiscono <span class=\"_ _0\"></span>benefici <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>dipendenti <span class=\"_ _0\"></span>tut<span class=\"_ _1\"></span>ti <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>tipi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>remu<span class=\"_ _3a1\"> </span>nerazione <span class=\"_ _0\"></span>erogati <span class=\"_ _0\"></span>dall\u2019azienda <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>cambio<span class=\"_ _1\"></span> dell\u2019attivit\u00e0 lavorativa svolta dai dipendenti. I benefici ai dipendenti s<span class=\"_ _1\"></span>i suddividono tra: <span class=\"_ _42\"> </span><span class=\"ff4\">benefici  a <span class=\"_ _3d\"> </span>breve  termine <span class=\"_ _3d\"> </span>(diversi  dai <span class=\"_ _3d\"> </span>benefici  dovuti <span class=\"_ _3d\"> </span>ai  dipendenti <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>la  cessazione <span class=\"_ _3d\"> </span>del </span>rapporto <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>lavor<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>dai <span class=\"_ _0\"></span>benefici <span class=\"_ _38\"></span>retributivi <span class=\"_ _0\"></span>sotto <span class=\"_ _0\"></span>forma <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>partecipazione <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>capitale) <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>si prevede  di  liquidare  interam<span class=\"_ _1\"></span>ente  entro  dodici  mesi  dal <span class=\"_ _3d\"> </span>termine  dell\u2019esercizio  nel <span class=\"_ _3d\"> </span>quale  i dipendenti <span class=\"_ _0\"></span>hanno <span class=\"_ _0\"></span>pre<span class=\"_ _1\"></span>stato <span class=\"_ _35\"> </span>l\u2019atti<span class=\"_ _2\"></span>vit\u00e0 <span class=\"_ _0\"></span>lavorat<span class=\"_ _1\"></span>iva <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>rilevati <span class=\"_ _0\"></span>interamente <span class=\"_ _35\"> </span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>conto <span class=\"_ _35\"> </span>economico <span class=\"_ _0\"></span>al<div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7eb\">momento <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>maturazione <span class=\"_ _1\"></span>(rientrano <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ale categor<span class=\"_ _1\"></span>ia, <span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>esempio, i <span class=\"_ _1\"></span>salar<span class=\"_ _1\"></span>i, gli <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ipendi e <span class=\"_ _38\"></span>le </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7ec\">presta</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7ed\">zioni \u201cstraordinarie\u201d); </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs7ee\"><span class=\"_ _42\"> </span><span class=\"ff4\">benefici successivi al rapporto di lavoro <span class=\"_ _1\"></span>dovuti dopo la conclusione del rapporto di lavoro che </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7ef\">obbligano <span class=\"_ _3b\"></span>l\u2019impres<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>ad <span class=\"_ _3b\"></span>un\u2019ero<span class=\"_ _1\"></span>gazione <span class=\"_ _3b\"></span>futura nei<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>confronti <span class=\"_ _3b\"></span>dei dipendenti. <span class=\"_ _3b\"></span>Tra q<span class=\"_ _2\"></span>uesti, <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ientrano </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7f0\">il <span class=\"_ _0\"></span>trattamento <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>fine <span class=\"_ _0\"></span>rapporto <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>fondi <span class=\"_ _0\"></span>pensione <span class=\"_ _0\"></span>che, <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>loro <span class=\"_ _0\"></span>volta <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>suddividono <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>pi<span class=\"_ _2\"></span>ani <span class=\"_ _0\"></span>a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7f1\">contribuzione definita e piani a benefici definiti o fondi di quiescenza aziendale; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs7f2\"><span class=\"_ _42\"> </span><span class=\"ff4\">benefici a <span class=\"_ _1\"></span>lungo termine, diversi dai <span class=\"_ _1\"></span>precedenti, che <span class=\"_ _1\"></span>non si prevede <span class=\"_ _1\"></span>siano estinti interamente </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7f3\">entro i<span class=\"_ _3b\"></span> dodic<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>mesi <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>uccessivi <span class=\"_ _3b\"></span>al t<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>mine d<span class=\"_ _2\"></span>ell\u2019esercizio <span class=\"_ _3b\"></span>in cu<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>i dipendenti <span class=\"_ _3b\"></span>hanno <span class=\"_ _2\"></span>svolto <span class=\"_ _2\"></span>le <span class=\"_ _3b\"></span>proprie </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7f4\">prestazioni <span class=\"_ _37\"> </span>lavorative. <span class=\"_ _37\"> </span>Il <span class=\"_ _37\"> </span>costo <span class=\"_ _37\"> </span>\u00e8 <span class=\"_ _37\"> </span>allocato <span class=\"_ _37\"> </span>sul <span class=\"_ _37\"> </span>periodo <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>servizio <span class=\"_ _3d\"> </span>lavorat<span class=\"_ _1\"></span>ivo <span class=\"_ _37\"> </span>prestato <span class=\"_ _37\"> </span>dal </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7f5\">beneficiario <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>b<span class=\"_ _2\"></span>ase <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>valore <span class=\"_ _0\"></span>attuariale <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>terminato <span class=\"_ _0\"></span>utilizzand<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>metodo <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _0\"></span>\u201cProiezione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7f6\">Unitaria del Credito\u201d. Gli utili e perdite attuar<span class=\"_ _1\"></span>iali sono rilevate a conto economico. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs7f7\">Procedura di Im<span class=\"_ _1\"></span>pairment test sugli av<span class=\"_ _1\"></span>viamenti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7f8\">L\u2019avviamento <span class=\"_ _1\"></span>iscritto a seguito di acquisizioni viene <span class=\"_ _1\"></span>asso<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7f9\">ggettato ad impairment t<span class=\"_ _1\"></span>est almeno una </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7fa\">volta <span class=\"_ _0\"></span>all\u2019anno <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>comunque <span class=\"_ _0\"></span>quando <span class=\"_ _0\"></span>vi <span class=\"_ _0\"></span>siano <span class=\"_ _0\"></span>segnali <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>deterioramento. <span class=\"_ _0\"></span>Ai <span class=\"_ _0\"></span>fini <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>test, <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>volta </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7fb\">allocato <span class=\"_ _35\"> </span>l\u2019avv<span class=\"_ _2\"></span>iamento <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>unit\u00e0 <span class=\"_ _35\"> </span>generatrici <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>flussi <span class=\"_ _35\"> </span>fin<span class=\"_ _2\"></span>anziari <span class=\"_ _35\"> </span>(CGU) <span class=\"_ _0\"></span>si <span class=\"_ _35\"> </span>pone <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>confronto <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>valore </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7fc\">contabile ed il valore re<span class=\"_ _1\"></span>cuperabile di tali unit\u00e0, rappresentato dal maggiore fra il fair value, al ne<span class=\"_ _1\"></span>tto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7fd\">di <span class=\"_ _1\"></span>eventuali <span class=\"_ _1\"></span>costi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>vendita, <span class=\"_ _1\"></span>ed <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>d\u2019uso. <span class=\"_ _1\"></span>L\u2019apposita <span class=\"_ _38\"></span>informativa <span class=\"_ _1\"></span>presentata <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>lla s<span class=\"_ _1\"></span>ezione <span class=\"_ _1\"></span>10 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7fe\">dell\u2019attivo della nota integrativa fornisce <span class=\"_ _1\"></span>maggiori informazioni. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs7ff\">Riconoscimento <span class=\"_ _1\"></span>dei ricavi e dei costi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs800\">Il Gruppo rileva <span class=\"_ _2\"></span>i ricavi per un importo che riflette il <span class=\"_ _3b\"></span>c<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs801\">orrispettivo a cui <span class=\"_ _2\"></span>l\u2019entit\u00e0 ritie<span class=\"_ _1\"></span>ne di <span class=\"_ _2\"></span>avere diritto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs802\">in cambio del trasferimento di merci o servizi al cliente. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs803\">L\u2019IFRS <span class=\"_ _35\"> </span>15  -Ric<span class=\"_ _2\"></span>avi <span class=\"_ _35\"> </span>da  contratti <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>clienti,  ha <span class=\"_ _35\"> </span>sostituito <span class=\"_ _35\"> </span>lo  I<span class=\"_ _2\"></span>AS <span class=\"_ _35\"> </span>18  \u2013 <span class=\"_ _35\"> </span>Ricavi, <span class=\"_ _35\"> </span>lo <span class=\"_ _35\"> </span>IAS  11 <span class=\"_ _35\"> </span>\u2013 <span class=\"_ _35\"> </span>Lavori <span class=\"_ _35\"> </span>su </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs804\">ordinazione, nonch\u00e9 le interpretazioni Sic 31, IFRIC 13 e <span class=\"_ _1\"></span>IFRIC 15. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs805\">Il <span class=\"_ _2\"></span>principio stabilisce <span class=\"_ _3b\"></span>un modello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riconoscimento dei <span class=\"_ _2\"></span>ricavi, <span class=\"_ _2\"></span>si a<span class=\"_ _2\"></span>pplica a <span class=\"_ _3b\"></span>tutt<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span>i contrat<span class=\"_ _2\"></span>ti con <span class=\"_ _3b\"></span>clienti, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs806\">eccezion <span class=\"_ _38\"></span>fatta <span class=\"_ _0\"></span>pe<span class=\"_ _2\"></span>r <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span>tratti <span class=\"_ _0\"></span>ch<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>rientrano <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>ll\u2019ambito <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>applicazione <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>IFRS <span class=\"_ _38\"></span>4<span class=\"_ _1\"></span>, <span class=\"_ _38\"></span>IFRS <span class=\"_ _38\"></span>9, <span class=\"_ _0\"></span>IFRS<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>16, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs807\">quindi <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>contratti <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>ssicurativi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>p<span class=\"_ _3b\"></span>er <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>strumenti <span class=\"_ _38\"></span>finanziari <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>ratti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>lea<span class=\"_ _2\"></span>sing. <span class=\"_ _0\"></span>Il <span class=\"_ _38\"></span>principio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs808\">introduce un m<span class=\"_ _2\"></span>odello in <span class=\"_ _2\"></span>cinque f<span class=\"_ _2\"></span>asi che si<span class=\"_ _3b\"></span> applica nella fase<span class=\"_ _2\"></span> di co<span class=\"_ _3b\"></span>nt<span class=\"_ _1\"></span>abilizzazione dei <span class=\"_ _2\"></span>ricavi derivanti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs809\">da contratti con i clienti:  </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs80a\"><span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019identificazione del contratto con il cliente; </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs80b\"><span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019identificazione delle performance obligation del contratto; </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs80c\"><span class=\"_ _42\"> </span><span class=\"ff4\">la determinazione del prezzo; </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs80d\"><span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019allocazione del prezzo alle performance obligation del contratto; </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs80e\"><span class=\"_ _42\"> </span><span class=\"ff4\">i criteri di iscrizione del ricavo quando l\u2019entit\u00e0 soddisfa ciascuna perform<span class=\"_ _1\"></span>ance obligation. </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs80f\">Il <span class=\"_ _1\"></span>principio <span class=\"_ _1\"></span>compor<span class=\"_ _1\"></span>ta <span class=\"_ _1\"></span>l\u2019es<span class=\"_ _1\"></span>ercizio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>un <span class=\"_ _38\"></span>giudizio <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>parte<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>entit\u00e0, <span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>prenda <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>considera<span class=\"_ _1\"></span>zione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs810\">tutti i<span class=\"_ _3b\"></span> fatti <span class=\"_ _3b\"></span>e <span class=\"_ _3b\"></span>le c<span class=\"_ _2\"></span>ircostanze <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevanti <span class=\"_ _3b\"></span>ne<span class=\"_ _1\"></span>ll\u2019applicazione <span class=\"_ _3b\"></span>di ogn<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>fase del <span class=\"_ _3b\"></span>modello <span class=\"_ _3b\"></span>ai con<span class=\"_ _2\"></span>tratti <span class=\"_ _2\"></span>con <span class=\"_ _3b\"></span>i p<span class=\"_ _2\"></span>ropri </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs811\">clienti. I<span class=\"_ _2\"></span>l p<span class=\"_ _2\"></span>rincipio specifica <span class=\"_ _3b\"></span>inoltr<span class=\"_ _1\"></span>e la <span class=\"_ _3b\"></span>cont<span class=\"_ _1\"></span>abilizzazione <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>i c<span class=\"_ _2\"></span>osti incrementali <span class=\"_ _3b\"></span>legat<span class=\"_ _1\"></span>i all<span class=\"_ _2\"></span>\u2019ottenimento </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs812\">di <span class=\"_ _2\"></span>un contratto e <span class=\"_ _2\"></span>dei costi <span class=\"_ _3b\"></span>direttamente<span class=\"_ _1\"></span> l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>gati al <span class=\"_ _3b\"></span>complet<span class=\"_ _1\"></span>amento d<span class=\"_ _2\"></span>i u<span class=\"_ _2\"></span>n contratto. Il <span class=\"_ _3b\"></span>Gruppo esercita </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs813\">un <span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>udizio <span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>prende <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>consider<span class=\"_ _1\"></span>azione <span class=\"_ _38\"></span>tutti <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>fatti <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>circostanze <span class=\"_ _38\"></span>rilevanti <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>ll\u2019applicazione <span class=\"_ _38\"></span>ai </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs814\">contratti con i propri clienti di ogni fase del modello a <span class=\"_ _1\"></span>cinque fasi introdotto dall\u2019IFRS 15. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs815\">I ricavi possono essere riconosciuti: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs816\"><span class=\"_ _42\"> </span><span class=\"ff4\">in <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>momento <span class=\"_ _38\"></span>preciso, <span class=\"_ _1\"></span>quando <span class=\"_ _1\"></span>l\u2019entit\u00e0 <span class=\"_ _38\"></span>adempie <span class=\"_ _1\"></span>l\u2019obbligazione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fare <span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>asferendo <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>cliente </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs817\">il bene o servizio promesso, o </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs818\"><span class=\"_ _42\"> </span><span class=\"ff4\">nel <span class=\"_ _1\"></span>corso <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>empo, <span class=\"_ _1\"></span>mano <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>mano <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>l\u2019entit<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _1\"></span>adempie <span class=\"_ _1\"></span>l\u2019obbligazione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>fare <span class=\"_ _1\"></span>trasferendo <span class=\"_ _1\"></span>al </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs819\">cliente il bene o servizio promesso. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs81a\">Il bene \u00e8 trasferito quando, o nel corso del <span class=\"_ _1\"></span>periodo in cui, il cliente ne acquisisce il controllo. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs81b\">In particolare: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs81c\"><span class=\"_ _42\"> </span><span class=\"ff4\">per gli strumenti finanzi<span class=\"_ _2\"></span>ari classificati HTC e HT<span class=\"_ _2\"></span>CS, gli interessi corrispettivi sono riconosciuti </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs81d\">pro <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ata t<span class=\"_ _1\"></span>emporis <span class=\"_ _1\"></span>sulla <span class=\"_ _1\"></span>base<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>tas<span class=\"_ _1\"></span>so <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>interesse <span class=\"_ _38\"></span>contrattuale <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>quello <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ffettivo <span class=\"_ _1\"></span>nel <span class=\"_ _38\"></span>caso </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs81e\">di <span class=\"_ _35\"> </span>applicazione  del <span class=\"_ _35\"> </span>costo  amm<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>rtizzato.  La <span class=\"_ _35\"> </span>voce <span class=\"_ _35\"> </span>interessi  a<span class=\"_ _2\"></span>ttivi <span class=\"_ _35\"> </span>(ovvero  interessi <span class=\"_ _35\"> </span>passivi) </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs81f\">comprende <span class=\"_ _35\"> </span>anche <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>differenziali <span class=\"_ _0\"></span>o <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>margini, <span class=\"_ _0\"> </span>pos<span class=\"_ _1\"></span>itivi <span class=\"_ _0\"></span>(o <span class=\"_ _35\"> </span>negativi), <span class=\"_ _35\"> </span>maturati <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>ino <span class=\"_ _0\"></span>alla <span class=\"_ _35\"> </span>data <span class=\"_ _0\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs820\">riferimento del bilancio, relativi a contr<span class=\"_ _1\"></span>atti derivati finanziari: </div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs821\">o <span class=\"ff4\">di copertura di attivit\u00e0 e passivit\u00e0 che generano <span class=\"_ _3b\"></span>inter<span class=\"_ _1\"></span>essi; </span></div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs822\">o <span class=\"ff4\">classificati <span class=\"_ _35\"> </span>nello <span class=\"_ _0\"></span>Stato <span class=\"_ _35\"> </span>Patrimoniale <span class=\"_ _0\"></span>nel <span class=\"_ _35\"> </span>portafoglio <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>negoziazione, <span class=\"_ _35\"> </span>ma <span class=\"_ _0\"></span>gest<span class=\"_ _1\"></span>ionalmente </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs823\">collegati ad attivit\u00e0 e/o passivit\u00e0 finanziarie valutate <span class=\"_ _1\"></span>al fair value (fair valu<span class=\"_ _2\"></span>e option); </div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs824\">o <span class=\"ff4\">connessi <span class=\"_ _43\"> </span>gestionalmente <span class=\"_ _69\"> </span>con <span class=\"_ _69\"> </span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _69\"> </span>e <span class=\"_ _43\"> </span>passivit\u00e0 <span class=\"_ _69\"> </span>class<span class=\"_ _1\"></span>ificate <span class=\"_ _69\"> </span>nel <span class=\"_ _43\"> </span>portafoglio <span class=\"_ _69\"> </span>di </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs825\">negoziazione e che prevedono la liquidazione di differenziali o di mar<span class=\"_ _1\"></span>gini a pi\u00f9 <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>cadenze; </div><span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _38\"></span>interes<span class=\"_ _1\"></span>si <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>mo<span class=\"_ _1\"></span>ra, <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>ventualmente <span class=\"_ _38\"></span>previsti <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>via <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>rattuale, <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>contabilizzati <span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>Conto<span class=\"_ _3a1\"> </span></span>Economico solo al momento del loro effettivo incasso; <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _1\"></span>dividendi <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>rilevati <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Co<span class=\"_ _1\"></span>nto Econom<span class=\"_ _1\"></span>ico <span class=\"_ _1\"></span>nel <span class=\"_ _38\"></span>corso <span class=\"_ _1\"></span>dell\u2019esercizio <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>viene <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>liberata<span class=\"_ _3a1\"> </span></span>la distribuzione; <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _39\"> </span>commissioni <span class=\"_ _36\"> </span>per <span class=\"_ _39\"> </span>ricavi <span class=\"_ _39\"> </span>da <span class=\"_ _36\"> </span>ser<span class=\"_ _1\"></span>vizi <span class=\"_ _36\"> </span>sono <span class=\"_ _39\"> </span>iscritte, <span class=\"_ _39\"> </span>sulla <span class=\"_ _36\"> </span>base <span class=\"_ _39\"> </span>dell\u2019esistenza <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>accordi </span>contrattuali, nel <span class=\"_ _1\"></span>periodo in <span class=\"_ _1\"></span>cui i ser<span class=\"_ _1\"></span>vizi stessi sono <span class=\"_ _1\"></span>stati prest<span class=\"_ _1\"></span>ati. Le commissioni <span class=\"_ _1\"></span>considerate nel <span class=\"_ _35\"> </span>costo <span class=\"_ _35\"> </span>ammortizzato <span class=\"_ _35\"> </span>ai <span class=\"_ _35\"> </span>fini <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>determinazione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>tasso <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>interesse <span class=\"_ _35\"> </span>effettivo, <span class=\"_ _35\"> </span>sono rilevate tra gli interessi; <span class=\"_ _42\"> </span><span class=\"ff4\">gli utili<span class=\"_ _2\"></span> e perdite d<span class=\"_ _2\"></span>erivanti dalla n<span class=\"_ _2\"></span>egoziazione di strumenti f<span class=\"_ _2\"></span>inanziari sono <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iconosciuti al Con<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>o </span>Economico <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>mo<span class=\"_ _1\"></span>mento <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>perfezionamento <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>vendita, <span class=\"_ _1\"></span>sulla <span class=\"_ _0\"></span>base <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>differenza <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra <span class=\"_ _38\"></span>il corrispettivo pagato o incassato ed il valore di iscr<span class=\"_ _1\"></span>izione degli strumenti stessi; <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>icavi <span class=\"_ _36\"> </span>derivanti <span class=\"_ _39\"> </span>dalla <span class=\"_ _36\"> </span>vendita <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>attivit\u00e0 <span class=\"_ _39\"> </span>non <span class=\"_ _39\"> </span>finanziarie <span class=\"_ _36\"> </span>sono <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>ilevati <span class=\"_ _36\"> </span>al <span class=\"_ _39\"> </span>momento <span class=\"_ _36\"> </span>de<span class=\"_ _1\"></span>l </span>perfezionamento <span class=\"_ _3f\"> </span>della <span class=\"_ _39\"> </span>vendita, <span class=\"_ _39\"> </span>ovvero <span class=\"_ _39\"> </span>quando <span class=\"_ _39\"> </span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>adempiuta <span class=\"_ _39\"> </span>l\u2019obbligazione <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>fare <span class=\"_ _39\"> </span>ne<span class=\"_ _1\"></span>i confronti del cliente.Costi soste<span class=\"_ _1\"></span>nuti per l\u2019ottenimento del <span class=\"_ _1\"></span>contratto I <span class=\"_ _0\"></span>costi <span class=\"_ _38\"></span>sostenuti <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>l'ottenimento <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>contratto <span class=\"_ _0\"></span>sono<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>c<span class=\"_ _3a1\"> </span>osti <span class=\"_ _0\"></span>ch<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>l'entit\u00e0 <span class=\"_ _38\"></span>sostie<span class=\"_ _1\"></span>ne <span class=\"_ _0\"></span>pe<span class=\"_ _2\"></span>r <span class=\"_ _0\"></span>ottenere <span class=\"_ _38\"></span>il contratto con il cliente e che no<span class=\"_ _2\"></span>n avrebbe sostenuto se non avesse ottenuto il con<span class=\"_ _2\"></span>tratto. Il Gruppo rileva <span class=\"_ _2\"></span>come at<span class=\"_ _2\"></span>tivit\u00e0 i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>costi sostenu<span class=\"_ _2\"></span>ti <span class=\"_ _2\"></span>per l'adempimento <span class=\"_ _3b\"></span>del contra<span class=\"_ _2\"></span>tto soltanto <span class=\"_ _3b\"></span>se questi <span class=\"_ _3b\"></span>soddisfano tutte le condizioni seguenti: sono <span class=\"_ _0\"></span>incrementali <span class=\"_ _0\"></span>\u2013 <span class=\"_ _38\"></span>Il <span class=\"_ _0\"></span>Gruppo <span class=\"_ _0\"></span>li <span class=\"_ _38\"></span>sos<span class=\"_ _1\"></span>tiene <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>ottenere <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>contrat<span class=\"_ _2\"></span>to <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>cliente <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>non <span class=\"_ _38\"></span>li <span class=\"_ _0\"></span>avrebbe sostenuti se non avesse ottenuto il contr<span class=\"_ _1\"></span>atto; si prevede di recuperarli. I  costi <span class=\"_ _35\"> </span>sono  rilevati <span class=\"_ _35\"> </span>a  Conto  Ec<span class=\"_ _3b\"></span>ono<span class=\"_ _1\"></span>mico  secondo <span class=\"_ _35\"> </span>il  principi<span class=\"_ _2\"></span>o  della <span class=\"_ _35\"> </span>competenza;  i  co<span class=\"_ _2\"></span>sti  relativi all\u2019ottenimento e l\u2019adempimento dei contr<span class=\"_ _1\"></span>atti con la clientela sono rilevati <span class=\"_ _1\"></span>a Conto Economico nei periodi nei quali sono contabilizzati i relativi ricavi. Attivit\u00e0 finanz<span class=\"_ _1\"></span>iarie deteriorate acquisit<span class=\"_ _1\"></span>e o originate<span class=\"fs6\"> </span>Secon<span class=\"_ _3a1\"> </span>do <span class=\"_ _35\"> </span>quanto <span class=\"_ _35\"> </span>previsto <span class=\"_ _35\"> </span>dal <span class=\"_ _0\"></span>principio <span class=\"_ _35\"> </span>contabile <span class=\"_ _35\"> </span>IFRS <span class=\"_ _35\"> </span>9, <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>cre<span class=\"_ _1\"></span>diti <span class=\"_ _35\"> </span>considerati <span class=\"_ _35\"> </span>deteriorati <span class=\"_ _35\"> </span>gi\u00e0 <span class=\"_ _0\"></span>dal momento <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>rilevazione <span class=\"_ _38\"></span>iniziale <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>bilancio, <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>ragione <span class=\"_ _38\"></span>dell\u2019elevato <span class=\"_ _0\"></span>rischio <span class=\"_ _1\"></span>di <span class=\"_ _0\"></span>credito <span class=\"_ _1\"></span>associato, vengono <span class=\"_ _37\"> </span>definiti <span class=\"_ _36\"> </span>Purchased <span class=\"_ _37\"> </span>or <span class=\"_ _37\"> </span>Originated <span class=\"_ _36\"> </span>Credit <span class=\"_ _37\"> </span>Impaired <span class=\"_ _37\"> </span>Asset <span class=\"_ _36\"> </span>(POCI). <span class=\"_ _37\"> </span>Conseguentemente, qualora  all\u2019atto<span class=\"_ _1\"></span>  de<span class=\"_ _1\"></span>ll\u2019iscrizione  iniziale <span class=\"_ _3d\"> </span>un\u2019esposizione <span class=\"_ _3d\"> </span>creditizia <span class=\"_ _3d\"> </span>iscritta<span class=\"_ _1\"></span>  nella <span class=\"_ _3d\"> </span>voce <span class=\"_ _3d\"> </span>30  \u201cAttivit\u00e0 finanziarie valutate al fair value c<span class=\"_ _2\"></span>on impatto sulla redditivit\u00e0 complessiva\u201d o nella <span class=\"_ _2\"></span>voce 40 \u201cAttivit\u00e0 finanziarie valutate al costo ammortizzato\u201d, risulti essere deteriorata, la stessa \u00e8 qu<span class=\"_ _2\"></span>alificata quale \u201cAttivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>deteriorate <span class=\"_ _38\"></span>acquisite <span class=\"_ _38\"></span>o <span class=\"_ _38\"></span>originate\u201d <span class=\"_ _38\"></span>(Purchased <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>r <span class=\"_ _38\"></span>Originated <span class=\"_ _38\"></span>Credit <span class=\"_ _38\"></span>Impaired <span class=\"_ _1\"></span>\u2013<span class=\"_ _1\"></span> POCI). Ai <span class=\"_ _0\"></span>fini <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>calcolo <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>intere<span class=\"_ _1\"></span>ssi <span class=\"_ _0\"></span>attivi, <span class=\"_ _0\"></span>dalla <span class=\"_ _0\"></span>rilevazione <span class=\"_ _0\"></span>iniziale <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>lungo <span class=\"_ _0\"></span>tutta<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>vita <span class=\"_ _0\"></span>attesa <span class=\"_ _0\"></span>dello strumento,  s<span class=\"_ _1\"></span>i  applica  il <span class=\"_ _3d\"> </span>tasso  di  inte<span class=\"_ _1\"></span>resse  effettivo <span class=\"_ _3d\"> </span>corretto  per <span class=\"_ _3d\"> </span>il  rischio  di <span class=\"_ _3d\"> </span>credito  al <span class=\"_ _3d\"> </span>costo ammortizzato  dell'attivit\u00e0  finanziaria  (c<span class=\"_ _2\"></span>.d.  \u201cCredit  Adjusted  Eff<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ctive  Interest  Rate\u201d <span class=\"_ _35\"> </span>o  \u201cCEIR\u201d), anche <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>ipotesi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>miglioramento <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>credito <span class=\"_ _0\"></span>dell\u2019attivit\u00e0 <span class=\"_ _0\"></span>finanziaria <span class=\"_ _0\"></span>(cfr. <span class=\"_ _0\"></span>IFRS <span class=\"_ _0\"></span>9, <span class=\"_ _0\"></span>parr. 5.4.1-5.4.2). <span class=\"_ _1\"></span>L'EIR <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ttificato <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>credito<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>tasso <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>interesse <span class=\"_ _38\"></span>che, <span class=\"_ _1\"></span>al <span class=\"_ _38\"></span>momento <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>rilevazione iniziale, <span class=\"_ _3b\"></span>attualizza i <span class=\"_ _3b\"></span>flussi di <span class=\"_ _3b\"></span>cass<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>futuri <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>timati (<span class=\"_ _2\"></span>incluse <span class=\"_ _3b\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>pe<span class=\"_ _1\"></span>rdite <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>u <span class=\"_ _3b\"></span>cr<span class=\"_ _1\"></span>editi) <span class=\"_ _3b\"></span>al costo <span class=\"_ _2\"></span>ammortizzato dell'attivit\u00e0 <span class=\"_ _35\"> </span>finanziaria <span class=\"_ _35\"> </span>POCI. <span class=\"_ _0\"></span>Ai  fi<span class=\"_ _2\"></span>ni <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>calcolo <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>CEIR <span class=\"_ _35\"> </span>occorre <span class=\"_ _35\"> </span>st<span class=\"_ _1\"></span>imare <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>flussi <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>cassa <span class=\"_ _35\"> </span>attesi considerando: <span class=\"_ _42\"> </span><span class=\"ff4\">tutti <span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>mini <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>ntrattuali <span class=\"_ _1\"></span>dell\u2019attivit\u00e0 <span class=\"_ _38\"></span>finanziaria <span class=\"_ _1\"></span>(ad <span class=\"_ _38\"></span>esempio, <span class=\"_ _38\"></span>rimborsi <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>capitale <span class=\"_ _38\"></span>anticipati, </span>estensioni <span class=\"_ _0\"></span>ecc.), <span class=\"_ _38\"></span>tutte <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>commissioni <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>punti <span class=\"_ _0\"></span>base <span class=\"_ _0\"></span>pag<span class=\"_ _2\"></span>ati <span class=\"_ _0\"></span>o <span class=\"_ _38\"></span>ricevuti <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>con<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>roparti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>un contratto <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>sono <span class=\"_ _1\"></span>parte <span class=\"_ _38\"></span>integrante <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>tasso <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>interesse <span class=\"_ _1\"></span>effettivo, <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>costi <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>ll\u2019operazione <span class=\"_ _1\"></span>e tutti gli altri premi o sconti; <span class=\"_ _42\"> </span><span class=\"ff4\">le perdite attese lifetime. </span>Alla <span class=\"_ _38\"></span>data <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>riferimento <span class=\"_ _1\"></span>del <span class=\"_ _0\"></span>bilanc<span class=\"_ _2\"></span>io, <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>Gr<span class=\"_ _1\"></span>uppo, <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>linea <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>disposizioni <span class=\"_ _38\"></span>dell\u2019IFRS <span class=\"_ _38\"></span>9 <span class=\"_ _0\"></span>parr. <span class=\"_ _38\"></span>5.5.13-<span class=\"_ _3a1\"> </span>5.5.14, rileva <span class=\"_ _2\"></span>a conto <span class=\"_ _3b\"></span>economico, in <span class=\"_ _3b\"></span>cont<span class=\"_ _1\"></span>ropartita all\u2019attivit\u00e0 <span class=\"_ _2\"></span>finanziaria, <span class=\"_ _2\"></span>le variazioni <span class=\"_ _3b\"></span>cumulate<span class=\"_ _1\"></span> delle perdite attese <span class=\"_ _3b\"></span>derivanti dal <span class=\"_ _3b\"></span>cambiamento delle <span class=\"_ _2\"></span>stime d<span class=\"_ _2\"></span>ei flussi<span class=\"_ _2\"></span> fin<span class=\"_ _2\"></span>anziari futuri <span class=\"_ _3b\"></span>come utile <span class=\"_ _3b\"></span>o perdita per <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iduzione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valor<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>lungo <span class=\"_ _38\"></span>tutta <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>vita <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>edito <span class=\"_ _1\"></span>dal <span class=\"_ _38\"></span>momento <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>rilevazione <span class=\"_ _38\"></span>iniziale. <span class=\"_ _1\"></span>Ai <span class=\"_ _38\"></span>fini dell\u2019attualizzazione della perdita attesa<span class=\"_ _1\"></span>, si utilizza il CEIR come fattore di sconto. Tale <span class=\"_ _0\"></span>circostanza <span class=\"_ _0\"></span>implica <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>un\u2019attivit\u00e0 <span class=\"_ _38\"></span>P<span class=\"_ _1\"></span>OCI <span class=\"_ _0\"></span>sar\u00e0 <span class=\"_ _0\"></span>sempre <span class=\"_ _0\"></span>valutata <span class=\"_ _0\"></span>secondo <span class=\"_ _0\"></span>il<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>modello <span class=\"_ _0\"></span>\u201clifetime expected credit loss\u201d. La <span class=\"_ _2\"></span>conseguenza diretta \u00e8 che un<span class=\"_ _2\"></span>a volta che v<span class=\"_ _2\"></span>iene attribuita la <span class=\"_ _2\"></span>qualifica POCI ad <span class=\"_ _1\"></span>un\u2019attivit\u00e0 <span class=\"_ _1\"></span>finanziaria <span class=\"_ _38\"></span>essa <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>potr\u00e0 <span class=\"_ _1\"></span>mai <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ssere r<span class=\"_ _1\"></span>iclassificata <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>Stage <span class=\"_ _1\"></span>diversi <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>POCI <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>dovr\u00e0 sempre  essere  assoggettata  al<span class=\"_ _2\"></span>  modello  di  impairment  \u201clifeti<span class=\"_ _2\"></span>me\u201d.  La  variazione  positiva  d<span class=\"_ _2\"></span>elle perdite <span class=\"_ _1\"></span>attese <span class=\"_ _1\"></span>lungo tutta <span class=\"_ _1\"></span>la vita <span class=\"_ _1\"></span>del cr<span class=\"_ _1\"></span>edito de<span class=\"_ _1\"></span>ve essere <span class=\"_ _1\"></span>contabilizzata a <span class=\"_ _1\"></span>conto <span class=\"_ _1\"></span>economico <span class=\"_ _1\"></span>anche <div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs844\">se <span class=\"_ _38\"></span>l\u2019ammo<span class=\"_ _1\"></span>ntare <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>tali <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>erdite <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>inferior<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>rispetto <span class=\"_ _0\"></span>a <span class=\"_ _1\"></span>quello <span class=\"_ _0\"></span>consi<span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>rato <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>determinazione <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>el </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs845\">tasso </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs846\">interno di rendimento per il calcolo del costo ammortizzato, alla data di prima rilevazione. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs847\">Per quanto concer<span class=\"_ _1\"></span>ne la contabilizzazione degli interessi attivi, essi continuano ad essere <span class=\"_ _1\"></span>calcolati </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs848\">sul <span class=\"_ _1\"></span>cos<span class=\"_ _1\"></span>to <span class=\"_ _38\"></span>ammortizzato <span class=\"_ _38\"></span>(al <span class=\"_ _38\"></span>netto <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>rettifiche <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>valor<span class=\"_ _1\"></span>e), <span class=\"_ _38\"></span>applicando <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>esso <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>CEIR <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>iscritt<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs849\">contropartita all\u2019attivit\u00e0 finanziaria. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs84a\">I crediti POCI iscritti nel bilanc<span class=\"_ _2\"></span>io del Gruppo, coerentemente alle disposizioni del Principio IFRS9, si </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs84b\">distinguono due fattispecie di:   </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs84c\"><span class=\"_ _42\"> </span><span class=\"ff4\">Attivit\u00e0 f<span class=\"_ _2\"></span>inanziarie <span class=\"_ _2\"></span>acquistate <span class=\"_ _3b\"></span>deteriorate <span class=\"_ _2\"></span>(di <span class=\"_ _3b\"></span>se<span class=\"_ _1\"></span>guito, <span class=\"_ _3b\"></span>anche <span class=\"_ _3b\"></span>\u201cP<span class=\"_ _1\"></span>CI\u201d), <span class=\"_ _3b\"></span>le e<span class=\"_ _2\"></span>sposizioni <span class=\"_ _2\"></span>creditizie <span class=\"_ _3b\"></span>gi\u00e0 </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs84d\">deteriorate <span class=\"_ _36\"> </span>al <span class=\"_ _36\"> </span>m<span class=\"_ _1\"></span>omento <span class=\"_ _36\"> </span>dell\u2019acquisto, <span class=\"_ _36\"> </span>anche <span class=\"_ _36\"> </span>nell\u2019ambito <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>operazioni <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>aggregazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs84e\">aziendale; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs84f\"><span class=\"_ _42\"> </span><span class=\"ff4\">Attivit\u00e0 <span class=\"_ _35\"> </span>finanziarie <span class=\"_ _35\"> </span>originate<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>deteriorate <span class=\"_ _35\"> </span>(di <span class=\"_ _35\"> </span>seguito, <span class=\"_ _35\"> </span>anche <span class=\"_ _35\"> </span>\u201cOCI\u201d), <span class=\"_ _35\"> </span>le  esposizioni <span class=\"_ _35\"> </span>creditizie </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs850\">originate <span class=\"_ _36\"> </span>in <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>operazioni <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>ristrutturazione <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>esposizioni <span class=\"_ _37\"> </span>de<span class=\"_ _1\"></span>teriorate <span class=\"_ _36\"> </span>che <span class=\"_ _37\"> </span>hanno </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs851\">determinato <span class=\"_ _36\"> </span>l\u2019erogazione <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>nuova <span class=\"_ _36\"> </span>finanza, <span class=\"_ _37\"> </span>ovvero <span class=\"_ _36\"> </span>introdotto <span class=\"_ _36\"> </span>modifiche <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>ostanziali <span class=\"_ _37\"> </span>alle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs852\">condizioni originarie contrattuali. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs853\">Per  il  Gruppo  CREDEM  la  fattisp<span class=\"_ _2\"></span>ecie  riconducibile  ai  PCI  \u00e8  quella  derivante  dall\u2019operazione  di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs854\">aggregazione <span class=\"_ _3b\"></span>aziendale d<span class=\"_ _2\"></span>ella <span class=\"_ _3b\"></span>Cassa di<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>Risparmio d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>Cento, mentr<span class=\"_ _2\"></span>e <span class=\"_ _3b\"></span>i <span class=\"_ _2\"></span>crediti <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ientranti <span class=\"_ _3b\"></span>nella <span class=\"_ _3b\"></span>cate<span class=\"_ _1\"></span>goria </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs855\">OCI,  presenti  nell\u2019attivo  di  Bilancio  della  Societ\u00e0  Avvera,  sono  tutti ascrivibili  ad<span class=\"_ _2\"></span>  oper<span class=\"_ _1\"></span>azioni  di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs856\">Cessione <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>Quinto <span class=\"_ _35\"> </span>ed <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>parti<span class=\"_ _2\"></span>colare <span class=\"_ _35\"> </span>relativi<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>ad <span class=\"_ _0\"></span>operazioni <span class=\"_ _35\"> </span>con <span class=\"_ _0\"></span>contestuale <span class=\"_ _35\"> </span>consolidamento <span class=\"_ _0\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs857\">esposizioni <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>Credito <span class=\"_ _38\"></span>Emiliano <span class=\"_ _0\"></span>afferenti <span class=\"_ _0\"></span>clientela <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>presenta <span class=\"_ _0\"></span>elementi <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>difficolt\u00e0 <span class=\"_ _0\"></span>finanziaria </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs858\">(scaduti o rating non positivi o prece<span class=\"_ _1\"></span>denti concessioni) o gi\u00e0 classificata a default. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs859\">Con <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>iferimento <span class=\"_ _39\"> </span>ai <span class=\"_ _36\"> </span>crediti <span class=\"_ _39\"> </span>deteriorati <span class=\"_ _39\"> </span>acquistati <span class=\"_ _39\"> </span>nell\u2019ambito <span class=\"_ _36\"> </span>dell\u2019operazione <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>aggregazione<span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs85a\">aziendale si precisa c<span class=\"_ _2\"></span>he il <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ispetto del <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>rattamento contabile s<span class=\"_ _2\"></span>opra illu<span class=\"_ _2\"></span>strato \u00e8 stato o<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tenuto sotto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs85b\">il <span class=\"_ _37\"> </span>profilo <span class=\"_ _36\"> </span>sostanziale <span class=\"_ _36\"> </span>attraverso <span class=\"_ _37\"> </span>la <span class=\"_ _36\"> </span>contabilizzazione <span class=\"_ _37\"> </span>ne<span class=\"_ _1\"></span>gli <span class=\"_ _37\"> </span>interess<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>attivi, <span class=\"_ _37\"> </span>pro-r<span class=\"_ _1\"></span>ata <span class=\"_ _37\"> </span>tem<span class=\"_ _1\"></span>poris, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs85c\">dell\u2019effetto  re<span class=\"_ _1\"></span>versal  dei  minori  valori <span class=\"_ _3d\"> </span>attribuiti  ai <span class=\"_ _3d\"> </span>crediti  deteriorati <span class=\"_ _3d\"> </span>in  sede  di  P<span class=\"_ _1\"></span>urchase  Price </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs85d\">Allocation. <span class=\"_ _37\"> </span>Tale<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>approccio <span class=\"_ _36\"> </span>\u00e8 <span class=\"_ _36\"> </span>rite<span class=\"_ _1\"></span>nuto <span class=\"_ _36\"> </span>una <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>agionevole <span class=\"_ _36\"> </span>approssimazione <span class=\"_ _36\"> </span>del <span class=\"_ _36\"> </span>\u201ccredit-adjusted </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs85e\">effective interest <span class=\"_ _3b\"></span>rate\u201d, in<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>quanto <span class=\"_ _3b\"></span>il tasso d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>interesse contrattuale <span class=\"_ _3b\"></span>\u00e8, di <span class=\"_ _3b\"></span>fatto, int<span class=\"_ _2\"></span>egrato d<span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>maggior </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs85f\">rendimento derivante dal minor valore <span class=\"_ _1\"></span>attribuito ai crediti acquisiti. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs860\">Modali<span class=\"_ _1\"></span>t\u00e0 di dete<span class=\"_ _1\"></span>rminazione<span class=\"_ _1\"></span> del fair<span class=\"_ _1\"></span> value de<span class=\"_ _1\"></span>lle attivit\u00e0<span class=\"_ _1\"></span> e passivit<span class=\"_ _1\"></span>\u00e0 </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs861\">A</div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs862\">s<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs863\">p<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs864\">e</div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs865\">t</div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs866\">t<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs867\">i generali<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs868\">Gli <span class=\"_ _1\"></span>strumenti <span class=\"_ _1\"></span>finanziari <span class=\"_ _1\"></span>valutati <span class=\"_ _1\"></span>al fair <span class=\"_ _38\"></span>value includono <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>passivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>detenute </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs869\">per la</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs86a\"> negoziazione, <span class=\"_ _3b\"></span>gli strumenti fi<span class=\"_ _2\"></span>nanziari designati al<span class=\"_ _2\"></span> fair <span class=\"_ _3b\"></span>val<span class=\"_ _1\"></span>ue, gl<span class=\"_ _2\"></span>i strumenti derivati <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>, inf<span class=\"_ _2\"></span>ine, gli<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs86b\">strumenti classificati come valutati al <span class=\"_ _1\"></span>fair value con impatto sulla redditivit\u00e0 complessiva. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs86c\">Il  principio  IFRS13  defini<span class=\"_ _2\"></span>sce  il </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs86d\">fair  valu<span class=\"_ _2\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs86e\">come  il  prezzo  che<span class=\"_ _2\"></span>  si  percepirebbe  per  la<span class=\"_ _3b\"></span>  vendita  di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs86f\">un\u2019attivit\u00e0 <span class=\"_ _36\"> </span>ovver<span class=\"_ _1\"></span>o <span class=\"_ _36\"> </span>che <span class=\"_ _39\"> </span>si <span class=\"_ _36\"> </span>pagherebbe <span class=\"_ _39\"> </span>per <span class=\"_ _36\"> </span>il <span class=\"_ _36\"> </span>trasferime<span class=\"_ _1\"></span>nto <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>una <span class=\"_ _39\"> </span>passivit\u00e0 <span class=\"_ _36\"> </span>in <span class=\"_ _39\"> </span>una <span class=\"_ _36\"> </span>regolare </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs870\">operazione <span class=\"_ _37\"> </span>nel <span class=\"_ _3d\"> </span>mercato <span class=\"_ _37\"> </span>principale <span class=\"_ _3d\"> </span>(o <span class=\"_ _37\"> </span>pi\u00f9 <span class=\"_ _3d\"> </span>vantaggioso) <span class=\"_ _37\"> </span>alla <span class=\"_ _37\"> </span>data <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>valutazione, <span class=\"_ _37\"> </span>alle <span class=\"_ _3d\"> </span>cor<span class=\"_ _1\"></span>renti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs871\">condizioni di me<span class=\"_ _1\"></span>rcato <span class=\"_ _1\"></span>(ossia <span class=\"_ _1\"></span>un prezzo <span class=\"_ _1\"></span>di chi<span class=\"_ _1\"></span>usura), indipendent<span class=\"_ _1\"></span>emente <span class=\"_ _1\"></span>dal fatt<span class=\"_ _1\"></span>o che<span class=\"_ _1\"></span> quel <span class=\"_ _1\"></span>prezzo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs872\">sia osservabile direttamente o che venga stimato utilizzando un\u2019altra te<span class=\"_ _1\"></span>cnica di valutazione. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs873\">Le <span class=\"_ _3f\"> </span>funzioni <span class=\"_ _3f\"> </span>coinvolte <span class=\"_ _3a\"> </span>nei <span class=\"_ _3f\"> </span>proces<span class=\"_ _1\"></span>si <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>determ<span class=\"_ _1\"></span>inazione <span class=\"_ _3f\"> </span>del <span class=\"_ _3f\"> </span>fair <span class=\"_ _3a\"> </span>value <span class=\"_ _3f\"> </span>includono <span class=\"_ _3f\"> </span>le <span class=\"_ _3f\"> </span>funz<span class=\"_ _1\"></span>ioni </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs874\">amministrative, le funzioni di front office <span class=\"_ _1\"></span>Finanza e le funzioni di Risk Management. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs875\">Gli  uffici  amministrativi,  direttamente  responsabili  della  redazione  dell\u2019informativa  finanziaria, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs876\">sono <span class=\"_ _1\"></span>chiamati a presidiare<span class=\"_ _1\"></span> le regole <span class=\"_ _1\"></span>utilizzate <span class=\"_ _1\"></span>per la <span class=\"_ _1\"></span>determinazione del <span class=\"_ _1\"></span>Fair Value <span class=\"_ _1\"></span>nel rispetto <span class=\"_ _1\"></span>dei </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs877\">principi contabili di riferimento. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs878\">Gli <span class=\"_ _3d\"> </span>uffici <span class=\"_ _3d\"> </span>Finanza, <span class=\"_ _3d\"> </span>a <span class=\"_ _37\"> </span>loro <span class=\"_ _3d\"> </span>volta, <span class=\"_ _3d\"> </span>de<span class=\"_ _1\"></span>tengono <span class=\"_ _3d\"> </span>le <span class=\"_ _37\"> </span>conoscenze <span class=\"_ _3d\"> </span>legate <span class=\"_ _3d\"> </span>alle <span class=\"_ _3d\"> </span>te<span class=\"_ _1\"></span>cniche <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>valutazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs879\">applicate e presiedono i sistemi informativi utilizzati nei proce<span class=\"_ _1\"></span>ssi di determinazione del fair value. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs87a\">Infine gli uf<span class=\"_ _2\"></span>fici della funzione Risk Management sono chiamati a v<span class=\"_ _2\"></span>alidare le tecniche di valutazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs87b\">utilizzate, in<span class=\"_ _2\"></span>clusi i<span class=\"_ _2\"></span> relativi <span class=\"_ _3b\"></span>m<span class=\"_ _1\"></span>odelli e<span class=\"_ _2\"></span> i <span class=\"_ _3b\"></span>parametri utilizzati. <span class=\"_ _3b\"></span>Tali uffici<span class=\"_ _2\"></span> verificano <span class=\"_ _3b\"></span>la potenziale p<span class=\"_ _2\"></span>resenza </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs87c\">di <span class=\"_ _2\"></span>un mercato attiv<span class=\"_ _2\"></span>o e <span class=\"_ _2\"></span>analizzano l<span class=\"_ _2\"></span>e possibili <span class=\"_ _3b\"></span>fonti disponibili. I<span class=\"_ _2\"></span>n generale, i<span class=\"_ _2\"></span>l Gruppo <span class=\"_ _3b\"></span>dete<span class=\"_ _1\"></span>rmina i<span class=\"_ _2\"></span>l fair<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs87d\">value <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>passivit\u00e0<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>finanziarie <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>econdo <span class=\"_ _38\"></span>tecniche <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>valutazione <span class=\"_ _0\"></span>scelte <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>bas<span class=\"_ _3b\"></span>e <span class=\"_ _0\"></span>alla <span class=\"_ _1\"></span>natura </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs87e\">degli strumenti detenuti ed in base alle informazioni disponibili al mome<span class=\"_ _1\"></span>nto della valutazione. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs87f\">Sulla <span class=\"_ _3b\"></span>base<span class=\"_ _1\"></span> delle <span class=\"_ _3b\"></span>infor<span class=\"_ _1\"></span>mazioni d<span class=\"_ _2\"></span>isponibili <span class=\"_ _2\"></span>al momento della <span class=\"_ _3b\"></span>valutazione, gli <span class=\"_ _3b\"></span>st<span class=\"_ _1\"></span>rumenti finanziari <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ono </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs880\">suddivisi tra q<span class=\"_ _2\"></span>uelli il c<span class=\"_ _2\"></span>ui prezzo <span class=\"_ _3b\"></span>\u00e8 quotato in <span class=\"_ _2\"></span>un mercato <span class=\"_ _3b\"></span>att<span class=\"_ _1\"></span>ivo da<span class=\"_ _2\"></span> qu<span class=\"_ _2\"></span>elli per i <span class=\"_ _2\"></span>quali u<span class=\"_ _2\"></span>n mercato a<span class=\"_ _2\"></span>ttivo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs881\">al momento della valutazione non esiste<span class=\"_ _1\"></span>. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs882\">La <span class=\"_ _3b\"></span>gerar<span class=\"_ _1\"></span>chia <span class=\"_ _3b\"></span>del <span class=\"_ _3b\"></span>fair v<span class=\"_ _2\"></span>alue <span class=\"_ _3b\"></span>attribuisce la <span class=\"_ _184\"></span>mas<span class=\"_ _1\"></span>sima <span class=\"_ _3b\"></span>priorit\u00e0 ai<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>prezzi <span class=\"_ _3b\"></span>quotati (<span class=\"_ _2\"></span>non <span class=\"_ _3b\"></span>re<span class=\"_ _1\"></span>ttificati) <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>mercati </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs883\">attivi per attivit\u00e0 <span class=\"_ _2\"></span>o passivit\u00e0 identiche (<span class=\"_ _2\"></span>dati di l<span class=\"_ _2\"></span>ivello 1) e la <span class=\"_ _2\"></span>priorit\u00e0 minima <span class=\"_ _2\"></span>agli input non osservabil<span class=\"_ _2\"></span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs884\">(dati di Livello 3). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs886\">Gli <span class=\"_ _0\"> </span>input <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>Livello <span class=\"_ _35\"> </span>1 <span class=\"_ _0\"></span>so<span class=\"_ _1\"></span>no <span class=\"_ _35\"> </span>pr<span class=\"_ _2\"></span>ezzi <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>otati <span class=\"_ _35\"> </span>(non <span class=\"_ _0\"></span>rettificati) <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>mercati <span class=\"_ _35\"> </span>attivi<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>per <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>passivit\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs887\">identi<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs888\">che <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>cui <span class=\"_ _0\"></span>l\u2019entit\u00e0 <span class=\"_ _0\"></span>pu\u00f2 <span class=\"_ _0\"></span>accedere <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>valutazione. <span class=\"_ _0\"></span>Un <span class=\"_ _0\"></span>prezzo <span class=\"_ _0\"></span>quotat<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>mercato </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs889\">attivo <span class=\"_ _38\"></span>fornisce <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>pro<span class=\"_ _1\"></span>va <span class=\"_ _1\"></span>pi\u00f9 <span class=\"_ _38\"></span>attendibile <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>e, <span class=\"_ _38\"></span>quando <span class=\"_ _38\"></span>disponibile, <span class=\"_ _38\"></span>deve <span class=\"_ _38\"></span>essere<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>utilizzato </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs88a\">senza alcuna rettifica per valutare <span class=\"_ _1\"></span>il fair value. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs88b\">Gli i<span class=\"_ _2\"></span>nput d<span class=\"_ _2\"></span>i Li<span class=\"_ _2\"></span>vello 2 <span class=\"_ _3b\"></span>sono input <span class=\"_ _3b\"></span>diversi dai<span class=\"_ _2\"></span> prezzi <span class=\"_ _3b\"></span>quotati inclusi <span class=\"_ _3b\"></span>nel Liv<span class=\"_ _2\"></span>ello 1 <span class=\"_ _3b\"></span>osservabili di<span class=\"_ _2\"></span>rett<span class=\"_ _1\"></span>amente </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs88c\">o indirettamente per l\u2019attivit\u00e0 o per la passivit\u00e0. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs88d\">Allo s<span class=\"_ _1\"></span>tesso <span class=\"_ _1\"></span>modo, <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>quanto <span class=\"_ _1\"></span>concerne<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>il Livello <span class=\"_ _1\"></span>3, <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _1\"></span>considerate <span class=\"_ _1\"></span>osservabili <span class=\"_ _1\"></span>tutte<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>le a<span class=\"_ _1\"></span>ltre </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs88e\">variabili impiegate nelle tecniche valutative che n<span class=\"_ _2\"></span>on possono essere corroborate sulla b<span class=\"_ _2\"></span>ase di dati </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs88f\">osservabili di mercato (Livello 3). </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs890\">La presenza di me<span class=\"_ _1\"></span>rcati attivi e l\u2019uti<span class=\"_ _1\"></span>lizzo di prezzi quota<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs891\">ti (Mark to Market) </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs892\">In <span class=\"_ _38\"></span>linea <span class=\"_ _0\"></span>generale, <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>processo <span class=\"_ _38\"></span>per <span class=\"_ _0\"></span>l\u2019ap<span class=\"_ _2\"></span>plicazione <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>Mark <span class=\"_ _38\"></span>to <span class=\"_ _0\"></span>Mar<span class=\"_ _2\"></span>ket <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>largamente <span class=\"_ _38\"></span>autom<span class=\"_ _1\"></span>atizzato. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs893\">Tutti <span class=\"_ _0\"></span>gl<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>fi<span class=\"_ _2\"></span>nanziari <span class=\"_ _38\"></span>qu<span class=\"_ _1\"></span>otati <span class=\"_ _0\"></span>detenuti <span class=\"_ _38\"></span>(azioni, <span class=\"_ _0\"></span>obbligazioni <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>strumenti <span class=\"_ _38\"></span>finanziari <span class=\"_ _0\"></span>derivati)<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs894\">sono <span class=\"_ _1\"></span>valutati, <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>presenza <span class=\"_ _1\"></span>di m<span class=\"_ _1\"></span>ercati <span class=\"_ _1\"></span>attivi, me<span class=\"_ _1\"></span>diante i <span class=\"_ _1\"></span>rispettivi <span class=\"_ _1\"></span>prezzi <span class=\"_ _1\"></span>quotati <span class=\"_ _1\"></span>(valutazioni <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>Mark </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs895\">to Market) per la determinazione del P&amp;L giornaliero. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs896\">Relativamente ai principali Information Providers, si distingue tra: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs897\"><span class=\"_ _42\"> </span><span class=\"ff4\">Market <span class=\"_ _37\"> </span>parameters <span class=\"_ _37\"> </span>a <span class=\"_ _37\"> </span>cui <span class=\"_ _3d\"> </span>\u00e8 <span class=\"_ _37\"> </span>agganciato <span class=\"_ _37\"> </span>un <span class=\"_ _37\"> </span>RIC <span class=\"_ _37\"> </span>Refinitiv: <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>questo <span class=\"_ _3d\"> </span>caso <span class=\"_ _37\"> </span>il <span class=\"_ _37\"> </span>prezzo <span class=\"_ _37\"> </span>viene </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs898\">recuperato real time da Refinitiv attraverso <span class=\"_ _1\"></span>la piattaforma ATS; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs899\"><span class=\"_ _42\"> </span><span class=\"ff4\">Strumenti <span class=\"_ _1\"></span>ai <span class=\"_ _38\"></span>quali <span class=\"_ _1\"></span>pu\u00f2 <span class=\"_ _1\"></span>essere <span class=\"_ _38\"></span>agganciata <span class=\"_ _1\"></span>sia <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>contribuzione <span class=\"_ _1\"></span>Refinitiv <span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Bloomberg. <span class=\"_ _1\"></span>Ne<span class=\"_ _1\"></span>l </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs89a\">dettaglio <span class=\"_ _43\"> </span>all\u2019interno <span class=\"_ _43\"> </span>dell\u2019ATS <span class=\"_ _43\"> </span>sono <span class=\"_ _43\"> </span>state <span class=\"_ _43\"> </span>implementate <span class=\"_ _69\"> </span>r<span class=\"_ _1\"></span>egole <span class=\"_ _43\"> </span>che <span class=\"_ _43\"> </span>consentono <span class=\"_ _43\"> </span>la </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs89b\">comparazione <span class=\"_ _48\"> </span>tra <span class=\"_ _48\"> </span>le <span class=\"_ _48\"> </span>fon<span class=\"_ _2\"></span>ti <span class=\"_ _48\"> </span>e <span class=\"_ _48\"> </span>seleziona <span class=\"_ _48\"> </span>qu<span class=\"_ _2\"></span>ella <span class=\"_ _48\"> </span>ritenuta <span class=\"_ _48\"> </span>valid<span class=\"_ _2\"></span>a <span class=\"_ _48\"> </span>in <span class=\"_ _3a\"> </span>t<span class=\"_ _1\"></span>ermini <span class=\"_ _48\"> </span>di <span class=\"_ _48\"> </span>liquidit\u00e0, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs89c\">aggiornamento <span class=\"_ _0\"></span>giornaliero <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>delta <span class=\"_ _0\"></span>spread. <span class=\"_ _0\"></span>Il <span class=\"_ _0\"></span>modulo <span class=\"_ _0\"></span>ATS <span class=\"_ _0\"></span>considera <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>fonte <span class=\"_ _0\"></span>primaria <span class=\"_ _0\"></span>per </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs89d\">ogni categoria di strumento, e attribuisce il livello di fair value associato <span class=\"_ _1\"></span>ad ogni parametro; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs89e\"><span class=\"_ _42\"> </span><span class=\"ff4\">Parametri <span class=\"_ _1\"></span>EOD: market par<span class=\"_ _1\"></span>ameters aggiornati <span class=\"_ _1\"></span>una volta <span class=\"_ _1\"></span>al giorno (e<span class=\"_ _1\"></span>s volatilit\u00e0 <span class=\"_ _1\"></span>cap and F<span class=\"_ _1\"></span>loor) </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs89f\">disponibili dal provider The ICE. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8a0\">Qualora <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>informazioni <span class=\"_ _0\"></span>Refinitiv <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>Bloomberg <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>siano <span class=\"_ _0\"></span>disponi<span class=\"_ _2\"></span>bili <span class=\"_ _38\"></span>si <span class=\"_ _0\"></span>utilizzano <span class=\"_ _38\"></span>altr<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>In<span class=\"_ _2\"></span>formation </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8a1\">Providers indipendenti. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8a2\">Se <span class=\"_ _2\"></span>un\u2019attivit\u00e0 <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>valutata <span class=\"_ _2\"></span>al </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs8a3\">fair <span class=\"_ _3b\"></span>value </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8a4\">ha <span class=\"_ _3b\"></span>u<span class=\"_ _1\"></span>n <span class=\"_ _2\"></span>prezzo d<span class=\"_ _2\"></span>enaro e <span class=\"_ _3b\"></span>un p<span class=\"_ _2\"></span>rezzo lettera <span class=\"_ _3b\"></span>(per esempi<span class=\"_ _2\"></span>o </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8a5\">un <span class=\"_ _3b\"></span>dato proveniente d<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>un <span class=\"_ _3b\"></span>mercato a <span class=\"_ _3b\"></span>scambi <span class=\"_ _3b\"></span>dire<span class=\"_ _1\"></span>tti <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>assistiti), <span class=\"_ _3b\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _2\"></span>valutare <span class=\"_ _3b\"></span>il </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs8a6\">fair <span class=\"_ _3b\"></span>value </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8a7\">deve <span class=\"_ _2\"></span>essere </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8a8\">utilizzato <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>zzo <span class=\"_ _1\"></span>rientrante <span class=\"_ _1\"></span>nello <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>carto <span class=\"_ _1\"></span>denaro-lettera <span class=\"_ _1\"></span>(<span class=\"_ _3a1\"> </span></div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs8a9\">bid-ask <span class=\"_ _1\"></span>spre<span class=\"_ _1\"></span>ad</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8aa\">) <span class=\"_ _1\"></span>pi\u00f9 <span class=\"_ _1\"></span>rappresentativo <span class=\"_ _1\"></span>del </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs8ab\">fair <span class=\"_ _0\"></span>value </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8ac\">in <span class=\"_ _0\"></span>quelle <span class=\"_ _0\"></span>circostanze <span class=\"_ _0\"></span>specifiche, <span class=\"_ _0\"></span>indipendentem<span class=\"_ _1\"></span>ente <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>come <span class=\"_ _0\"></span>tale <span class=\"_ _0\"></span>dato <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>classificato </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8ad\">nella <span class=\"_ _1\"></span>gerar<span class=\"_ _1\"></span>chia <span class=\"_ _1\"></span>del </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs8ae\">fair <span class=\"_ _1\"></span>value </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8af\">(Livello <span class=\"_ _1\"></span>1, <span class=\"_ _38\"></span>2 <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>3). <span class=\"_ _1\"></span>\u00c8 <span class=\"_ _38\"></span>consentito <span class=\"_ _38\"></span>l\u2019utilizzo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>zzi <span class=\"_ _1\"></span>denaro <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>posizioni </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8b0\">attive e di prezzi lettera per posizioni passive, ma non \u00e8 obbligatorio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8b1\">Il <span class=\"_ _1\"></span>Gr<span class=\"_ _1\"></span>uppo <span class=\"_ _1\"></span>utilizza <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>proprie <span class=\"_ _1\"></span>posizioni <span class=\"_ _38\"></span>attive <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>passive <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>prezzi <span class=\"_ _38\"></span>Mid, <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>cui <span class=\"_ _38\"></span>calcoli </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8b2\">vengono <span class=\"_ _39\"> </span>considera<span class=\"_ _1\"></span>ti <span class=\"_ _39\"> </span>i <span class=\"_ _3f\"> </span>prezzi <span class=\"_ _39\"> </span>rientranti <span class=\"_ _3f\"> </span>nello <span class=\"_ _39\"> </span>scarto <span class=\"_ _3f\"> </span>denaro<span class=\"_ _2\"></span> <span class=\"_ _39\"> </span>\u2013 <span class=\"_ _3f\"> </span>lettera <span class=\"_ _39\"> </span>(Bid/Ask <span class=\"_ _3f\"> </span>spread) <span class=\"_ _39\"> </span>pi\u00f9 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8b3\">rappresentativi. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8b4\">Generalmente  l\u2019acq<span class=\"_ _2\"></span>uisizione  dei <span class=\"_ _35\"> </span>prezzi  quotati  av<span class=\"_ _2\"></span>viene  in <span class=\"_ _35\"> </span>via <span class=\"_ _35\"> </span>automatica,  su <span class=\"_ _35\"> </span>base  giornaliera,<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8b5\">attraverso lo scarico delle informazioni da primari Informat<span class=\"_ _1\"></span>ion Provider indipendenti. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs8b6\">L\u2019utilizzo di t<span class=\"_ _1\"></span>ecniche di valutazione (Mar<span class=\"_ _1\"></span>k to Model) </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8b7\">Nel <span class=\"_ _38\"></span>de<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8b8\">terminare <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>fai<span class=\"_ _2\"></span>r <span class=\"_ _38\"></span>value <span class=\"_ _0\"></span>degli <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>rumenti <span class=\"_ _38\"></span>finanziari <span class=\"_ _38\"></span>s<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8b9\">i <span class=\"_ _38\"></span>ricorre <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>Mark <span class=\"_ _0\"></span>to <span class=\"_ _38\"></span>Model <span class=\"_ _38\"></span>qualora <span class=\"_ _0\"></span>l\u2019anal<span class=\"_ _2\"></span>isi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8ba\">evidenzi <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>trumenti <span class=\"_ _38\"></span>detenuti <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>esistano <span class=\"_ _38\"></span>prezzi <span class=\"_ _38\"></span>quotati <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>mercato <span class=\"_ _38\"></span>pr<span class=\"_ _1\"></span>incipale <span class=\"_ _38\"></span>(o <span class=\"_ _38\"></span>pi\u00f9 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8bb\">vantaggioso). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8bc\">Le tecnic<span class=\"_ _2\"></span>he di <span class=\"_ _3b\"></span>valutazione utiliz<span class=\"_ _2\"></span>zate per <span class=\"_ _2\"></span>valutare il<span class=\"_ _3b\"></span> </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs8bd\">fair val<span class=\"_ _2\"></span>ue </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8be\">devono <span class=\"_ _2\"></span>massimizzare l<span class=\"_ _2\"></span>\u2019utilizzo <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>input </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8bf\">osservabili rilevanti e ridurre al minimo l\u2019utilizzo di input non osser<span class=\"_ _1\"></span>vabili.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8c0\">Gli i<span class=\"_ _2\"></span>nput d<span class=\"_ _2\"></span>i Li<span class=\"_ _2\"></span>vello 2 <span class=\"_ _3b\"></span>sono input <span class=\"_ _3b\"></span>diversi dai<span class=\"_ _2\"></span> prezzi <span class=\"_ _3b\"></span>quotati inclusi <span class=\"_ _3b\"></span>nel Liv<span class=\"_ _2\"></span>ello 1 <span class=\"_ _3b\"></span>osservabili di<span class=\"_ _2\"></span>rett<span class=\"_ _1\"></span>amente </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8c1\">o indirettamente per l\u2019attivit\u00e0 o per la passivit\u00e0. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8c2\">Gli input di livello 2 comprendono: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs8c3\"><span class=\"_ _42\"> </span><span class=\"ff4\">prezzi quotati per attivit\u00e0 o passivit\u00e0 similari in mercati attivi; </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs8c4\"><span class=\"_ _42\"> </span><span class=\"ff4\">prezzi quotati per attivit\u00e0 o passivit\u00e0 identiche o similari in mercati non attivi; </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs8c5\"><span class=\"_ _42\"> </span><span class=\"ff4\">dati <span class=\"_ _3d\"> </span>diversi <span class=\"_ _37\"> </span>dai <span class=\"_ _3d\"> </span>prezzi <span class=\"_ _3d\"> </span>quotat<span class=\"_ _1\"></span>i  os<span class=\"_ _1\"></span>servabili <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>l\u2019at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _3d\"> </span>o <span class=\"_ _3d\"> </span>passivit\u00e0 <span class=\"_ _37\"> </span>(per <span class=\"_ _3d\"> </span>esempio <span class=\"_ _3d\"> </span>t<span class=\"_ _1\"></span>assi <span class=\"_ _3d\"> </span>di </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8c6\">interesse <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>curve <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>rendimenti <span class=\"_ _37\"> </span>osservabili <span class=\"_ _3d\"> </span>a <span class=\"_ _37\"> </span>intervalli <span class=\"_ _3d\"> </span>comunemente <span class=\"_ _37\"> </span>quotati, <span class=\"_ _3d\"> </span>volatilit\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8c7\">implicite e spread creditizi); </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs8c8\"><span class=\"_ _42\"> </span><span class=\"ff4\">input corroborati dal mercato. </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8c9\">Gli <span class=\"_ _1\"></span>input non <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>sservabili, <span class=\"_ _1\"></span>Livello <span class=\"_ _1\"></span>3, <span class=\"_ _1\"></span>devono <span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sere <span class=\"_ _1\"></span>utilizzati per<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>valutare <span class=\"_ _1\"></span>il </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs8ca\">fair <span class=\"_ _1\"></span>value </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8cb\">nella <span class=\"_ _1\"></span>misura <span class=\"_ _1\"></span>in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8cc\">cui <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>in<span class=\"_ _1\"></span>put <span class=\"_ _38\"></span>osse<span class=\"_ _1\"></span>rvabili <span class=\"_ _38\"></span>rilevanti <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>siano <span class=\"_ _38\"></span>disponibili, <span class=\"_ _38\"></span>consentendo <span class=\"_ _0\"></span>pertanto <span class=\"_ _38\"></span>situazioni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>carsa </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8cd\">attivit\u00e0  del <span class=\"_ _35\"> </span>mercato  per <span class=\"_ _35\"> </span>l\u2019attivit\u00e0  o <span class=\"_ _35\"> </span>passivit\u00e0  alla <span class=\"_ _35\"> </span>data  di <span class=\"_ _35\"> </span>valutazione.  Tuttavia, <span class=\"_ _35\"> </span>la  finalit\u00e0 <span class=\"_ _35\"> </span>della </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8ce\">valutazione <span class=\"_ _38\"></span>del </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs8cf\">fair <span class=\"_ _38\"></span>value </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8d0\">resta <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>stessa, <span class=\"_ _0\"></span>ossia <span class=\"_ _1\"></span>un <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>zzo <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>chiusura <span class=\"_ _38\"></span>alla <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>ata <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _38\"></span>valutazione <span class=\"_ _38\"></span>dal </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8d1\">punto <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>vista <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>operat<span class=\"_ _1\"></span>ore <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>mercato <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>possiede <span class=\"_ _38\"></span>l\u2019attivit\u00e0 <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>passivit\u00e0. <span class=\"_ _38\"></span>Pertanto, <span class=\"_ _1\"></span>gli <span class=\"_ _38\"></span>input </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8d3\">non <span class=\"_ _35\"> </span>osservabili <span class=\"_ _35\"> </span>devono <span class=\"_ _35\"> </span>riflettere <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>assunzioni <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>gli <span class=\"_ _35\"> </span>operatori <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>mercato <span class=\"_ _35\"> </span>utilizzerebbero <span class=\"_ _35\"> </span>nel </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8d4\">determ</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8d5\">inare il prezzo dell\u2019attivit\u00e0 o passivit\u00e0, incluse le assunzioni circa il rischio. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8d6\">Le <span class=\"_ _35\"> </span>rettifiche <span class=\"_ _35\"> </span>agli <span class=\"_ _35\"> </span>inp<span class=\"_ _2\"></span>ut <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>Livello <span class=\"_ _35\"> </span>2 <span class=\"_ _35\"> </span>varieranno <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>funz<span class=\"_ _2\"></span>ione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>fattori <span class=\"_ _35\"> </span>specifici <span class=\"_ _35\"> </span>dell\u2019<span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>della </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8d7\">passivit\u00e0. Tali fattori comprendono i seguenti element<span class=\"_ _1\"></span>i:  </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs8d8\"><span class=\"_ _42\"> </span><span class=\"ff4\">la condizione o l\u2019ubicazione dell\u2019attivit\u00e0; </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs8d9\"><span class=\"_ _42\"> </span><span class=\"ff4\">la misura in cui gli input fanno riferimento a elementi comparabili all\u2019attivit\u00e0 o alla passivit\u00e0; e </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs8da\"><span class=\"_ _42\"> </span><span class=\"ff4\">il volume o il livello di attivit\u00e0 nei mer<span class=\"_ _1\"></span>cati in cui gli input sono osservati. </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8db\">L\u2019utilizzo <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>input <span class=\"_ _36\"> </span>non <span class=\"_ _36\"> </span>osservabili <span class=\"_ _36\"> </span>significativi <span class=\"_ _36\"> </span>o <span class=\"_ _36\"> </span>e<span class=\"_ _1\"></span>ventuali <span class=\"_ _36\"> </span>rettifiche <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>un <span class=\"_ _36\"> </span>input <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>Livello <span class=\"_ _36\"> </span>2 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8dc\">significativo <span class=\"_ _3b\"></span>per l<span class=\"_ _2\"></span>\u2019intera <span class=\"_ _2\"></span>valutazione <span class=\"_ _3b\"></span>dello <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>trumento, <span class=\"_ _3b\"></span>possono co<span class=\"_ _3b\"></span>m<span class=\"_ _1\"></span>portare <span class=\"_ _3b\"></span>ne<span class=\"_ _1\"></span>lla <span class=\"_ _3b\"></span>valutazione <span class=\"_ _3b\"></span>del </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs8dd\">fair </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs8de\">value </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8df\">una classificazione a Livello 3 ne<span class=\"_ _1\"></span>lla gerarchia del </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs8e0\">fair value</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8e1\">. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8e2\">L\u2019utilizzo <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>ecnica <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>valu<span class=\"_ _2\"></span>tazione <span class=\"_ _0\"></span>ha <span class=\"_ _38\"></span>l\u2019obiettivo <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>timare <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>prezzo <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>cui <span class=\"_ _38\"></span>avrebbe <span class=\"_ _38\"></span>luogo <span class=\"_ _0\"></span>una<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8e3\">regolare <span class=\"_ _0\"></span>operazione <span class=\"_ _0\"></span>di<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>vendita <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>una <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>o <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>trasferimento <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>una <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _38\"></span>tra <span class=\"_ _0\"></span>operatori <span class=\"_ _38\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8e4\">mercato <span class=\"_ _0\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>utazione, <span class=\"_ _0\"></span>alle <span class=\"_ _38\"></span>condizioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>rrenti. <span class=\"_ _38\"></span>Tre <span class=\"_ _0\"></span>tecniche <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>valu<span class=\"_ _2\"></span>tazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8e5\">ampiamente utilizzate <span class=\"_ _1\"></span>sono il metodo basato <span class=\"_ _1\"></span>sulla valutazione di mer<span class=\"_ _1\"></span>cato, il </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs8e6\">metodo del costo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8e7\">e il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8e8\">metodo <span class=\"_ _35\"> </span>reddituale. <span class=\"_ _35\"> </span>Un\u2019entit\u00e0 <span class=\"_ _35\"> </span>deve  utili<span class=\"_ _2\"></span>zzare <span class=\"_ _35\"> </span>tecniche  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>valutazione <span class=\"_ _35\"> </span>coerenti  c<span class=\"_ _3b\"></span>on  un<span class=\"_ _2\"></span>o <span class=\"_ _35\"> </span>o  p<span class=\"_ _2\"></span>i\u00f9 <span class=\"_ _35\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8e9\">questi metodi per valutare il </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs8ea\">fair value</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8eb\">. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8ec\">Esempi <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>principali <span class=\"_ _1\"></span>parametri <span class=\"_ _38\"></span>osservabili <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ercato <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>cui <span class=\"_ _1\"></span>si <span class=\"_ _38\"></span>servono <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>pi\u00f9 <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>uni <span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>cniche <span class=\"_ _38\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8ed\">valutazione applicate sono i seguenti: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs8ee\"><span class=\"_ _42\"> </span><span class=\"ff4\">curva <span class=\"_ _3b\"></span>dei tassi <span class=\"_ _3b\"></span>Risk Fr<span class=\"_ _2\"></span>ee. Su<span class=\"_ _2\"></span>lla <span class=\"_ _3b\"></span>base<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>delle <span class=\"_ _3b\"></span>rilevazioni s<span class=\"_ _2\"></span>toricizzate n<span class=\"_ _2\"></span>ell\u2019applicativo <span class=\"_ _3b\"></span>di Front <span class=\"_ _3b\"></span>Office </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8ef\">(Murex) <span class=\"_ _0\"></span>viene <span class=\"_ _0\"></span>ricavata <span class=\"_ _38\"></span>una <span class=\"_ _0\"></span>curva <span class=\"_ _0\"></span>tassi <span class=\"_ _0\"></span>Euro <span class=\"_ _0\"></span>c.<span class=\"_ _2\"></span>d. <span class=\"_ _0\"></span>Risk-Free, <span class=\"_ _0\"></span>attr<span class=\"_ _2\"></span>averso <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>b<span class=\"_ _2\"></span>ootstrapping <span class=\"_ _0\"></span>dei </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8f0\">tassi impliciti in depositi, swap e Forward Rate Agreement; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs8f1\"><span class=\"_ _42\"> </span><span class=\"ff4\">tassi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>cambio. <span class=\"_ _38\"></span>Il <span class=\"_ _0\"></span>sistema <span class=\"_ _0\"></span>Murex <span class=\"_ _0\"></span>acqui<span class=\"_ _2\"></span>sisce <span class=\"_ _0\"></span>giornalmente, <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>utomatico, <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>tassi <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>cambio<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8f2\">spot fixing BCE dall\u2019infoprovider Reuters; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs8f3\"><span class=\"_ _42\"> </span><span class=\"ff4\">curve <span class=\"_ _3f\"> </span>di <span class=\"_ _3a\"> </span>volatilit\u00e0. <span class=\"_ _3f\"> </span>Ve<span class=\"_ _1\"></span>ngono <span class=\"_ _3f\"> </span>ma<span class=\"_ _1\"></span>ppate <span class=\"_ _3a\"> </span>le <span class=\"_ _3f\"> </span>curve <span class=\"_ _3a\"> </span>di <span class=\"_ _3f\"> </span>volatilit\u00e0 <span class=\"_ _3a\"> </span>rilevate <span class=\"_ _3a\"> </span>da <span class=\"_ _3f\"> </span>fonte <span class=\"_ _3a\"> </span>esterna </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8f4\">precedentemente <span class=\"_ _0\"></span>individuata <span class=\"_ _38\"></span>(I<span class=\"_ _1\"></span>CE), <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>toricizzate <span class=\"_ _0\"></span>nell\u2019app<span class=\"_ _2\"></span>licativo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>front <span class=\"_ _38\"></span>office <span class=\"_ _0\"></span>(Murex); <span class=\"_ _0\"></span>va </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8f5\">sottolineato <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>l\u2019operativit\u00e0 <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>Gruppo <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>proprio <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span>centra <span class=\"_ _0\"></span>prevalentemente <span class=\"_ _0\"></span>su </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8f6\">strumenti di tasso. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8f7\">Diversamente, <span class=\"_ _35\"> </span>qualora <span class=\"_ _35\"> </span>le  tecnic<span class=\"_ _2\"></span>he <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>valutazione <span class=\"_ _35\"> </span>si  b<span class=\"_ _2\"></span>asino <span class=\"_ _35\"> </span>in  v<span class=\"_ _2\"></span>ia <span class=\"_ _35\"> </span>prevalente  su <span class=\"_ _35\"> </span>parametri <span class=\"_ _35\"> </span>non<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8f8\">osservabili sul mercato, <span class=\"_ _1\"></span>vengono svolti processi di st<span class=\"_ _1\"></span>ima interni. Ci\u00f2 avviene limitatame<span class=\"_ _1\"></span>nte ai casi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8f9\">in cui i relativi dati di mercato non siano disponibili o non siano r<span class=\"_ _1\"></span>itenuti affidabili. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8fa\">L\u2019utilizzo delle tecniche di valutazione che fanno uso di dati<span class=\"_ _2\"></span> osservabili di mercato o di dati stimati<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8fb\">internamente, impli<span class=\"_ _2\"></span>cano <span class=\"_ _2\"></span>l\u2019utilizzo d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>m<span class=\"_ _1\"></span>odelli <span class=\"_ _3b\"></span>val<span class=\"_ _1\"></span>utativi <span class=\"_ _3b\"></span>all<span class=\"_ _1\"></span>\u2019interno <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>quali sono <span class=\"_ _3b\"></span>calati tali <span class=\"_ _3b\"></span>parame<span class=\"_ _1\"></span>tri. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8fc\">Il <span class=\"_ _0\"></span>metodo <span class=\"_ _0\"></span>reddituale <span class=\"_ _38\"></span>conver<span class=\"_ _1\"></span>te <span class=\"_ _0\"></span>importi <span class=\"_ _0\"></span>futuri <span class=\"_ _38\"></span>(per<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>esempio, <span class=\"_ _0\"></span>flu<span class=\"_ _2\"></span>ssi <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>o <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>icavi <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>cos<span class=\"_ _1\"></span>ti) <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>un </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8fd\">unico import<span class=\"_ _1\"></span>o corr<span class=\"_ _1\"></span>ente (ossia <span class=\"_ _1\"></span>attualizzato). Q<span class=\"_ _1\"></span>uando s<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>utilizza il <span class=\"_ _1\"></span>metodo r<span class=\"_ _1\"></span>eddituale, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>valutazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs8fe\">del </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs8ff\">fair value </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs900\">riflette le attuali aspettative del mercato su tali import<span class=\"_ _1\"></span>i futuri.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs901\">A titolo esemplificativo, tali tecniche di valutazione compre<span class=\"_ _1\"></span>ndono:  </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs902\"><span class=\"_ _42\"> </span><span class=\"ff4\">tecniche del valore attuale; </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs903\"><span class=\"_ _42\"> </span><span class=\"ff4\">modelli di m<span class=\"_ _1\"></span>isurazione del <span class=\"_ _1\"></span>prezzo delle opzioni, quali <span class=\"_ _1\"></span>la formula <span class=\"_ _1\"></span>di Black-Scholes-Mert<span class=\"_ _1\"></span>on che </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs904\">incorpora tecniche di calcolo del valore <span class=\"_ _1\"></span>attuale e riflettono sia il valore temporale, sia il valore </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs905\">intrinseco di un\u2019opzione. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs906\">Qualora <span class=\"_ _35\"> </span>per\u00f2 <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>faccia <span class=\"_ _35\"> </span>ricorso <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>modelli <span class=\"_ _0\"></span>valutativi <span class=\"_ _0\"> </span>propriet<span class=\"_ _1\"></span>ari, <span class=\"_ _0\"></span>l\u2019affidabilit\u00e0 <span class=\"_ _0\"></span>degli <span class=\"_ _35\"> </span>stessi <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>testata<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs907\">confrontando, per <span class=\"_ _2\"></span>strumenti sim<span class=\"_ _2\"></span>ili quotati, <span class=\"_ _3b\"></span>le<span class=\"_ _1\"></span> val<span class=\"_ _2\"></span>utazioni fornite d<span class=\"_ _2\"></span>a tali <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ecniche con <span class=\"_ _3b\"></span>i relativi <span class=\"_ _2\"></span>prezzi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs908\">quotati <span class=\"_ _0\"></span>(back <span class=\"_ _38\"></span>test<span class=\"_ _1\"></span>ing). <span class=\"_ _38\"></span>Inoltre, <span class=\"_ _0\"></span>l\u2019affidabilit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>tali <span class=\"_ _0\"></span>tecniche <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>verificata, <span class=\"_ _38\"></span>ex <span class=\"_ _0\"></span>post, <span class=\"_ _0\"></span>monitorando <span class=\"_ _38\"></span>nel </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs909\">tempo i risultati ottenuti. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs90a\">La <span class=\"_ _3b\"></span>gerar<span class=\"_ _1\"></span>chia <span class=\"_ _3b\"></span>del <span class=\"_ _3b\"></span>fair v<span class=\"_ _2\"></span>alue <span class=\"_ _3b\"></span>attribuisce la <span class=\"_ _184\"></span>mas<span class=\"_ _1\"></span>sima <span class=\"_ _3b\"></span>priorit\u00e0 ai<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>prezzi <span class=\"_ _3b\"></span>quotati (<span class=\"_ _2\"></span>non <span class=\"_ _3b\"></span>re<span class=\"_ _1\"></span>ttificati) <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>mercati </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs90b\">attivi per attivit\u00e0 <span class=\"_ _2\"></span>o passivit\u00e0 identiche (<span class=\"_ _2\"></span>dati di l<span class=\"_ _2\"></span>ivello 1) e la <span class=\"_ _2\"></span>priorit\u00e0 minima <span class=\"_ _2\"></span>agli input non osservabil<span class=\"_ _2\"></span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs90c\">(dati di livello 3). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs90d\">L\u2019attivit\u00e0  di <span class=\"_ _3d\"> </span>attr<span class=\"_ _1\"></span>ibuzione  dei <span class=\"_ _3d\"> </span>live<span class=\"_ _1\"></span>lli  di <span class=\"_ _3d\"> </span>fair <span class=\"_ _3d\"> </span>value <span class=\"_ _3d\"> </span>avviene <span class=\"_ _3d\"> </span>trimest<span class=\"_ _1\"></span>ralmente  alle <span class=\"_ _3d\"> </span>date<span class=\"_ _1\"></span>  cont<span class=\"_ _1\"></span>abili  di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs90e\">riferimento <span class=\"_ _35\"> </span>basandosi <span class=\"_ _35\"> </span>sulla <span class=\"_ _0\"></span>ver<span class=\"_ _1\"></span>ifica <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>pre<span class=\"_ _1\"></span>senza <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>un <span class=\"_ _0\"></span>m<span class=\"_ _1\"></span>ercato <span class=\"_ _35\"> </span>principale <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>pi<span class=\"_ _2\"></span>\u00f9 <span class=\"_ _35\"> </span>vantaggioso </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs90f\">nell\u2019intervallo temporale antecedente<span class=\"_ _1\"></span> la data contabile di riferimento. L\u2019att<span class=\"_ _1\"></span>ivit\u00e0 prevede la verifica </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs910\">di <span class=\"_ _0\"></span>alcu<span class=\"_ _2\"></span>ni <span class=\"_ _0\"></span>principi <span class=\"_ _38\"></span>nece<span class=\"_ _1\"></span>ssari <span class=\"_ _0\"></span>alla <span class=\"_ _38\"></span>definizione <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>senza <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>mercato <span class=\"_ _38\"></span>attivo <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>ogni <span class=\"_ _0\"></span>strumento </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs911\">finanziario identificati dalla disponibilit\u00e0 di valorizzazioni ese<span class=\"_ _1\"></span>guibili, continue e con s<span class=\"_ _1\"></span>carto denaro-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs912\">lettera (bid-ask spread) contenuti. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs913\">Il rispetto <span class=\"_ _1\"></span>di tali <span class=\"_ _1\"></span>condizioni determina il livello <span class=\"_ _1\"></span>di fair <span class=\"_ _1\"></span>value dello strument<span class=\"_ _1\"></span>o analizzato. Qualora <span class=\"_ _1\"></span>non </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs914\">siano <span class=\"_ _1\"></span>prese<span class=\"_ _1\"></span>nti <span class=\"_ _1\"></span>quotazioni <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>mercato, <span class=\"_ _1\"></span>l\u2019utilizzo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ecniche <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>valutazione <span class=\"_ _1\"></span>viene<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>effettuata <span class=\"_ _38\"></span>ad <span class=\"_ _1\"></span>ogni </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs915\">data <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>massimizzando <span class=\"_ _3b\"></span>l\u2019utilizzo <span class=\"_ _3b\"></span>di input <span class=\"_ _3b\"></span>osser<span class=\"_ _1\"></span>vabili <span class=\"_ _3b\"></span>rilevanti e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>riducendo <span class=\"_ _3b\"></span>al minimo <span class=\"_ _3b\"></span>l\u2019utilizzo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs916\">di <span class=\"_ _3b\"></span>input n<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>osservabili. <span class=\"_ _3b\"></span>La verifica <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ali <span class=\"_ _3b\"></span>parametri d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>input in <span class=\"_ _3b\"></span>funzione <span class=\"_ _3b\"></span>della <span class=\"_ _2\"></span>disponibilit\u00e0 <span class=\"_ _3b\"></span>deter<span class=\"_ _1\"></span>mina </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs917\">il livello di fair value dello strumento. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs919\">Ad  ogni<span class=\"_ _2\"></span>  data  contabil<span class=\"_ _2\"></span>e  viene  inoltre  effettuata  una <span class=\"_ _35\"> </span>analisi  comp<span class=\"_ _2\"></span>arativa  dei  li<span class=\"_ _2\"></span>velli  di <span class=\"_ _35\"> </span>fair  value </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs91a\">rispet<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs91b\">to <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>trime<span class=\"_ _1\"></span>stre <span class=\"_ _3d\"> </span>precedente <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>l\u2019inizio  dell\u2019ese<span class=\"_ _1\"></span>rcizio <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>rifer<span class=\"_ _1\"></span>imento <span class=\"_ _3d\"> </span>al <span class=\"_ _37\"> </span>fine <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>individuare <span class=\"_ _3d\"> </span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs91c\">trasferimenti <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>livelli <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>fair<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>value <span class=\"_ _38\"></span>avvenuti <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>corso <span class=\"_ _38\"></span>dell\u2019esercizio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>riferimento <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>circostanze </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs91d\">che hanno determinato tale trasferimento. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs91e\">Fondi immobiliari ch<span class=\"_ _1\"></span>iusi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs91f\">Al fine <span class=\"_ _1\"></span>di tene<span class=\"_ _1\"></span>re <span class=\"_ _1\"></span>in consider<span class=\"_ _1\"></span>azione l\u2019indisponibilit\u00e0 di <span class=\"_ _1\"></span>v</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs920\">alutazioni <span class=\"_ _1\"></span>continuative de<span class=\"_ _1\"></span>i fondi <span class=\"_ _1\"></span>immobiliari </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs921\">chiusi <span class=\"_ _36\"> </span>non <span class=\"_ _3f\"> </span>quotati, <span class=\"_ _36\"> </span>dovute <span class=\"_ _39\"> </span>a <span class=\"_ _39\"> </span>illiquidit\u00e0, <span class=\"_ _36\"> </span>as<span class=\"_ _1\"></span>senza <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>un<span class=\"_ _2\"></span> <span class=\"_ _39\"> </span>mercato <span class=\"_ _39\"> </span>liquid<span class=\"_ _2\"></span>o <span class=\"_ _39\"> </span>e <span class=\"_ _39\"> </span>la <span class=\"_ _39\"> </span>specificit\u00e0 <span class=\"_ _39\"> </span>del </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs922\">sottostante, <span class=\"_ _3b\"></span>la <span class=\"_ _2\"></span>metodologia <span class=\"_ _3b\"></span>alla <span class=\"_ _3b\"></span>base<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>dell\u2019individuazione <span class=\"_ _3b\"></span>del <span class=\"_ _2\"></span>fair <span class=\"_ _3b\"></span>value <span class=\"_ _3b\"></span>at<span class=\"_ _1\"></span>tribuibile <span class=\"_ _3b\"></span>al <span class=\"_ _3b\"></span>capitale sociale </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs923\">della societ\u00e0 avviene considerando v<span class=\"_ _2\"></span>alore del NAV pi\u00f9 aggi<span class=\"_ _2\"></span>ornato disponibile (di <span class=\"_ _2\"></span>norma riferito alla </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs924\">chiusura <span class=\"_ _37\"> </span>del <span class=\"_ _36\"> </span>semestre <span class=\"_ _36\"> </span>precedente) opportunamente <span class=\"_ _36\"> </span>rettificato <span class=\"_ _37\"> </span>al <span class=\"_ _36\"> </span>fine <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>riflettere <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>scarsa </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs925\">liquidit\u00e0 dell\u2019asset. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs926\">Passivit\u00e0 di propria e<span class=\"_ _1\"></span>missione<span class=\"fc5 sc4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs927\">Per <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>determinazione <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>pr<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs928\">opria <span class=\"_ _0\"></span>emissione <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>valu<span class=\"_ _2\"></span>e, <span class=\"_ _0\"></span>si<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs929\">tiene conto anche del proprio rischio emitte<span class=\"_ _1\"></span>nte. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs92a\">La <span class=\"_ _1\"></span>costruzione <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>pi\u00f9 <span class=\"_ _1\"></span>curve <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>credit <span class=\"_ _1\"></span>spread <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>nde <span class=\"_ _1\"></span>necessaria, <span class=\"_ _1\"></span>nell\u2019ambito <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs92b\">option, <span class=\"_ _1\"></span>al <span class=\"_ _38\"></span>fine <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>valorizzare <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>umenti <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>goziati <span class=\"_ _1\"></span>su <span class=\"_ _38\"></span>mercati <span class=\"_ _38\"></span>attivi</div><div class=\"t m2 h44 ff4 fs11 fc1 sc0 ls0 ws0 gs92c\">30</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs92d\"> <span class=\"_ _1\"></span>con <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>full <span class=\"_ _1\"></span>fair<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>value. <span class=\"_ _38\"></span>Il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs92e\">concetto di <span class=\"_ _3b\"></span>full fair <span class=\"_ _3b\"></span>value comprende, <span class=\"_ _3b\"></span>ris<span class=\"_ _1\"></span>petto <span class=\"_ _2\"></span>alla s<span class=\"_ _2\"></span>emplice attualiz<span class=\"_ _2\"></span>zazione sulla <span class=\"_ _3b\"></span>curva risk f<span class=\"_ _2\"></span>ree dei<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs92f\">cash  flows  g<span class=\"_ _2\"></span>enerati  dall<span class=\"_ _2\"></span>o  strumento,  un <span class=\"_ _35\"> </span>ulteriore  aggiustamento  ch<span class=\"_ _2\"></span>e  tenga  c<span class=\"_ _2\"></span>onto  del <span class=\"_ _35\"> </span>rischio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs930\">emittente: <span class=\"_ _1\"></span>l\u2019aggiustament<span class=\"_ _1\"></span>o, <span class=\"_ _1\"></span>ovvero <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>credit s<span class=\"_ _1\"></span>pread, <span class=\"_ _1\"></span>assume <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>forma <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>uno <span class=\"_ _38\"></span>spread <span class=\"_ _1\"></span>additivo <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ulla </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs931\">curva <span class=\"_ _1\"></span>risk <span class=\"_ _38\"></span>free <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>entit\u00e0 <span class=\"_ _38\"></span>diversa <span class=\"_ _1\"></span>sulle <span class=\"_ _38\"></span>diverse <span class=\"_ _1\"></span>scadenze<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>temporali. <span class=\"_ _1\"></span>Il <span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>edit <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>pread <span class=\"_ _1\"></span>relativo <span class=\"_ _38\"></span>ad </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs932\">un <span class=\"_ _37\"> </span>e<span class=\"_ _1\"></span>mittente, <span class=\"_ _36\"> </span>inoltre, <span class=\"_ _36\"> </span>esprimendo <span class=\"_ _37\"> </span>un\u2019indicazione <span class=\"_ _36\"> </span>sulla <span class=\"_ _36\"> </span>probabilit\u00e0 <span class=\"_ _36\"> </span>e <span class=\"_ _36\"> </span>sull\u2019entit\u00e0 <span class=\"_ _36\"> </span>del <span class=\"_ _36\"> </span>rimborso </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs933\">dell\u2019emissione, <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>diverso <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>base <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>seniority <span class=\"_ _38\"></span>dell\u2019emissione: <span class=\"_ _38\"></span>un\u2019emissione <span class=\"_ _38\"></span>senior <span class=\"_ _38\"></span>avr\u00e0 <span class=\"_ _1\"></span>un <span class=\"_ _38\"></span>cre<span class=\"_ _1\"></span>dit<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs934\">spread inferiore rispetto ad un\u2019emissione subordinata. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs935\">L\u2019applicazione <span class=\"_ _37\"> </span>della <span class=\"_ _37\"> </span>Fair <span class=\"_ _37\"> </span>Value <span class=\"_ _37\"> </span>Option <span class=\"_ _37\"> </span>alle <span class=\"_ _36\"> </span>passivit\u00e0 <span class=\"_ _37\"> </span>finanziarie <span class=\"_ _37\"> </span>pre<span class=\"_ _1\"></span>vede <span class=\"_ _37\"> </span>che <span class=\"_ _37\"> </span>si <span class=\"_ _37\"> </span>dia <span class=\"_ _37\"> </span>evidenza </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs936\">dell\u2019ammontare <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>variazioni <span class=\"_ _1\"></span>di </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs937\">fair <span class=\"_ _1\"></span>value</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs938\"> <span class=\"_ _1\"></span>attribuibili <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>variazioni <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>solo <span class=\"_ _1\"></span>rischio <span class=\"_ _38\"></span>creditizio <span class=\"_ _1\"></span>dello </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs939\">strumento. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs93a\">I <span class=\"_ _35\"> </span>fattori <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>rischi<span class=\"_ _2\"></span>o <span class=\"_ _35\"> </span>dovuti <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>me<span class=\"_ _1\"></span>rito <span class=\"_ _35\"> </span>creditizio <span class=\"_ _35\"> </span>vengono <span class=\"_ _0\"></span>incorporati <span class=\"_ _35\"> </span>nella <span class=\"_ _35\"> </span>curva <span class=\"_ _35\"> </span>di <span class=\"_ _0\"> </span>a<span class=\"_ _1\"></span>ttualizzazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs93b\">(usata <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>calcolo <span class=\"_ _1\"></span>del Fair <span class=\"_ _1\"></span>Value) <span class=\"_ _1\"></span>applicando alla <span class=\"_ _1\"></span>curva <span class=\"_ _1\"></span>risk <span class=\"_ _1\"></span>free <span class=\"_ _1\"></span>uno <span class=\"_ _1\"></span>spread <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>renda <span class=\"_ _1\"></span>conto <span class=\"_ _1\"></span>del </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs93c\">rischio emittente. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs93d\">Con <span class=\"_ _0\"></span>tale <span class=\"_ _35\"> </span>metodo <span class=\"_ _0\"></span>valutativo <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>possibile <span class=\"_ _0\"> </span>separ<span class=\"_ _1\"></span>are <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>versi <span class=\"_ _0\"></span>component<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>ris<span class=\"_ _1\"></span>chio, <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs93e\">rischio credito.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs93f\">Le <span class=\"_ _0\"></span>curve <span class=\"_ _0\"></span>rettificate <span class=\"_ _35\"> </span>per <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>merito <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>credito <span class=\"_ _0\"></span>dell\u2019emittente <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>otte<span class=\"_ _1\"></span>ngono <span class=\"_ _0\"></span>sommando <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>assi <span class=\"_ _0\"></span>zero </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs940\">coupon <span class=\"_ _38\"></span>(o <span class=\"_ _38\"></span>tassi <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>isk <span class=\"_ _1\"></span>free<span class=\"_ _1\"></span>) <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>credit <span class=\"_ _38\"></span>spread <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>esprime <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>merito <span class=\"_ _0\"></span>cr<span class=\"_ _2\"></span>editizio <span class=\"_ _38\"></span>dell\u2019emittente <span class=\"_ _38\"></span>stesso<span class=\"_ _1\"></span>.<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs941\">Tali curve sono utilizzate per la valutazione di obbligazioni non quotat<span class=\"_ _1\"></span>e sui mercati attivi. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs942\">Con <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>valutazione <span class=\"_ _1\"></span>al </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs943\">Fair <span class=\"_ _1\"></span>Value</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs944\"> <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>tutti <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>strume<span class=\"_ _1\"></span>nti <span class=\"_ _1\"></span>relativi <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>singolo <span class=\"_ _38\"></span>emittente <span class=\"_ _38\"></span>(e <span class=\"_ _1\"></span>anche <span class=\"_ _1\"></span>per </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs945\">quelli emessi dal Gruppo), si possono costr<span class=\"_ _1\"></span>uire quattro curve: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs946\"><span class=\"_ _42\"> </span><span class=\"ff4\">una curva senior preferred; </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs947\"><span class=\"_ _42\"> </span><span class=\"ff4\">una curva senior non preferred; </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs948\"><span class=\"_ _42\"> </span><span class=\"ff4\">una curva subordinata;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs949\"><span class=\"_ _42\"> </span><span class=\"ff4\">una curva covered. </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs94a\">Per <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>determinazione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>cu<span class=\"_ _2\"></span>rve <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>credit <span class=\"_ _0\"></span>spread, <span class=\"_ _0\"></span>Credem <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>av<span class=\"_ _2\"></span>vale <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>se<span class=\"_ _1\"></span>rvizio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>fornitura </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs94b\">esterna di curve bancarie da parte <span class=\"_ _1\"></span>del provider Confluence/UBS. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs94c\">La  metodologia <span class=\"_ _35\"> </span>alla  base  della<span class=\"_ _2\"></span>  costruzione  d<span class=\"_ _2\"></span>elle  credit  c<span class=\"_ _2\"></span>urves  \u00e8 <span class=\"_ _35\"> </span>basata  sul <span class=\"_ _35\"> </span>principio  che  p<span class=\"_ _2\"></span>er </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs94d\">costruire <span class=\"_ _37\"> </span>una <span class=\"_ _37\"> </span>credit <span class=\"_ _36\"> </span>curve <span class=\"_ _3d\"> </span>su <span class=\"_ _37\"> </span>varie <span class=\"_ _37\"> </span>scade<span class=\"_ _1\"></span>nze <span class=\"_ _37\"> </span>corrette, <span class=\"_ _37\"> </span>sarebbe <span class=\"_ _37\"> </span>necessario <span class=\"_ _36\"> </span>avere <span class=\"_ _3d\"> </span>molt<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>dati </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs94e\">disponibili di mercato e <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>trumenti con di<span class=\"_ _2\"></span>verse scadenze, in quanto b<span class=\"_ _2\"></span>asterebbe eseguire il <span class=\"_ _2\"></span>classico </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs94f\">boot-strapping <span class=\"_ _0\"></span>me<span class=\"_ _1\"></span>thod <span class=\"_ _35\"> </span>per <span class=\"_ _0\"></span>costr<span class=\"_ _1\"></span>uire <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>curva. <span class=\"_ _35\"> </span>In <span class=\"_ _0\"></span>molti <span class=\"_ _35\"> </span>casi <span class=\"_ _0\"></span>per\u00f2, <span class=\"_ _35\"> </span>come <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>Credem, <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>c\u2019<span class=\"_ _2\"></span>\u00e8 <span class=\"_ _35\"> </span>un<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs950\">numero sufficiente di <span class=\"_ _2\"></span>osservazioni per poter <span class=\"_ _2\"></span>applicare tale metod<span class=\"_ _2\"></span>ologia. Confluence, p<span class=\"_ _2\"></span>er ovviare a<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs951\">questo <span class=\"_ _1\"></span>problema, <span class=\"_ _1\"></span>utilizza <span class=\"_ _1\"></span>una curva <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>comparables <span class=\"_ _1\"></span>scelti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>settore <span class=\"_ _1\"></span>per costr<span class=\"_ _1\"></span>uire la <span class=\"_ _1\"></span>shape <span class=\"_ _1\"></span>della </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs952\">curva, <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>successivamente <span class=\"_ _37\"> </span>valuta <span class=\"_ _36\"> </span>gli <span class=\"_ _37\"> </span>spread <span class=\"_ _37\"> </span>delle <span class=\"_ _36\"> </span>emissioni <span class=\"_ _37\"> </span>outstanding <span class=\"_ _37\"> </span>per <span class=\"_ _36\"> </span>determinare <span class=\"_ _37\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs953\">conseguenza lo spread delle curve. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs954\">Criteri <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>determinazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>fair <span class=\"_ _35\"> </span>value <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>pas<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs955\">sivit\u00e0 <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>misurat<span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>al <span class=\"_ _0\"> </span>fair <span class=\"_ _35\"> </span>valu<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>u <span class=\"_ _0\"></span>base<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs956\">ricorrente  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs957\">Di seguito si riportano le informazioni richieste dall\u2019IFR</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs958\">S 13.  </div>Per <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>rapporti <span class=\"_ _0\"> </span>cr<span class=\"_ _1\"></span>editizi <span class=\"_ _35\"> </span>a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivi <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>passivi <span class=\"_ _0\"> </span>non <span class=\"_ _35\"> </span>misurati <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _35\"> </span>su <span class=\"_ _0\"> </span>base <span class=\"_ _35\"> </span>ricorrente, <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>fair <span class=\"_ _0\"></span>value,<span class=\"_ _3a1\"> </span> riport<span class=\"_ _3a1\"> </span>ato nelle tabelle presenti nelle note illustrative, \u00e8 stato determinato con i seguenti criteri:<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">per <span class=\"_ _3f\"> </span>le <span class=\"_ _39\"> </span>a<span class=\"_ _1\"></span>ttivit\u00e0 <span class=\"_ _39\"> </span>e <span class=\"_ _3f\"> </span>passivit\u00e0 <span class=\"_ _3f\"> </span>a <span class=\"_ _3f\"> </span>vista, <span class=\"_ _3f\"> </span>con <span class=\"_ _39\"> </span>scadenza <span class=\"_ _3f\"> </span>a <span class=\"_ _3f\"> </span>breve <span class=\"_ _39\"> </span>term<span class=\"_ _1\"></span>ine <span class=\"_ _3f\"> </span>(entro <span class=\"_ _39\"> </span>12 <span class=\"_ _3f\"> </span>mesi) <span class=\"_ _3f\"> </span>o<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>indeterminata, <span class=\"_ _0\"></span>il <span class=\"_ _1\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>iscr<span class=\"_ _1\"></span>izione; <span class=\"_ _38\"></span>stess<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>impostazione <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ata <span class=\"_ _1\"></span>utilizzata <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>cre<span class=\"_ _1\"></span>diti <span class=\"_ _38\"></span>non<span class=\"_ _3a1\"> </span> performing;<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">per i <span class=\"_ _1\"></span>tito<span class=\"_ _1\"></span>li emessi a<span class=\"_ _1\"></span> tasso <span class=\"_ _1\"></span>variabile <span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r quelli <span class=\"_ _1\"></span>a t<span class=\"_ _1\"></span>asso fisso<span class=\"_ _1\"></span> a breve <span class=\"_ _1\"></span>termine <span class=\"_ _1\"></span>(entro <span class=\"_ _1\"></span>12 mes<span class=\"_ _1\"></span>i)  <span class=\"_ _1\"></span>il<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>valore contabile \u00e8 stato assunto come approssimazione de<span class=\"_ _1\"></span>l fair valu<span class=\"_ _2\"></span>e;<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">per l<span class=\"_ _3b\"></span>e attivit\u00e0 <span class=\"_ _3b\"></span>e <span class=\"_ _3b\"></span>pass<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _3b\"></span>a m<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>dio <span class=\"_ _3b\"></span>a lu<span class=\"_ _2\"></span>ngo <span class=\"_ _2\"></span>termine, <span class=\"_ _3b\"></span>la valu<span class=\"_ _2\"></span>tazione <span class=\"_ _3b\"></span>\u00e8 stata <span class=\"_ _3b\"></span>determinata <span class=\"_ _3b\"></span>me<span class=\"_ _1\"></span>diante<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>l\u2019attualizzazione <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>flussi <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>cassa <span class=\"_ _0\"></span>futuri. <span class=\"_ _1\"></span>Tale <span class=\"_ _0\"></span>operazi<span class=\"_ _2\"></span>one <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>st<span class=\"_ _2\"></span>ata <span class=\"_ _38\"></span>ese<span class=\"_ _1\"></span>guita <span class=\"_ _38\"></span>utilizzando <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>assi<span class=\"_ _3a1\"> </span> privi <span class=\"_ _35\"> </span>di  rischio <span class=\"_ _35\"> </span>e,  per <span class=\"_ _35\"> </span>le  attivit\u00e0, <span class=\"_ _35\"> </span>correggendo  i <span class=\"_ _35\"> </span>flussi <span class=\"_ _35\"> </span>di  cassa <span class=\"_ _35\"> </span>futuri, <span class=\"_ _35\"> </span>te<span class=\"_ _1\"></span>nendo  conto <span class=\"_ _35\"> </span>della<span class=\"_ _3a1\"> </span> rischiosit\u00e0 <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>controparte <span class=\"_ _1\"></span>mediante <span class=\"_ _1\"></span>parametr<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>di PD <span class=\"_ _1\"></span>(P<span class=\"_ _1\"></span>robability <span class=\"_ _1\"></span>of D<span class=\"_ _1\"></span>efault) <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>LGD <span class=\"_ _1\"></span>(Loss<span class=\"_ _3a1\"> </span> Given Default);<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">per <span class=\"_ _3d\"> </span>i  titoli <span class=\"_ _3d\"> </span>emessi  a  tas<span class=\"_ _1\"></span>so  fisso <span class=\"_ _3d\"> </span>a  medio <span class=\"_ _3d\"> </span>lungo  temine <span class=\"_ _3d\"> </span>la  valutazione <span class=\"_ _3d\"> </span>\u00e8  st<span class=\"_ _1\"></span>ata  effettuata<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>mediante l\u2019attualizzazione dei flussi <span class=\"_ _2\"></span>di cassa futuri, corretta per i<span class=\"_ _3b\"></span>l rischio emittente associato<span class=\"_ _3a1\"> </span> a Credem.<span class=\"_ _3a1\"> </span> Per <span class=\"_ _38\"></span>tali <span class=\"_ _38\"></span>strumenti, <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>determ<span class=\"_ _1\"></span>inazione <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _38\"></span>si <span class=\"_ _38\"></span>basa <span class=\"_ _38\"></span>anche<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>sull\u2019utilizzo <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>parametri <span class=\"_ _38\"></span>inter<span class=\"_ _1\"></span>ni<span class=\"_ _3a1\"> </span> non <span class=\"_ _38\"></span>direttamente <span class=\"_ _38\"></span>osservabili <span class=\"_ _1\"></span>sul <span class=\"_ _38\"></span>mercato <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _1\"></span>calcolato <span class=\"_ _38\"></span>solo <span class=\"_ _38\"></span>ai <span class=\"_ _38\"></span>fini <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>mpiere <span class=\"_ _38\"></span>alle <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ichieste <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span> informativa e non ha alcun impatto sullo stato patr<span class=\"_ _1\"></span>imoniale e sul conto economico",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-892": {
   "value": "1 - A<span class=\"_ _3a1\"> </span>ttivit\u00e0 finan<span class=\"_ _1\"></span>ziarie v<span class=\"_ _1\"></span>alutate <span class=\"_ _1\"></span>al fair valu<span class=\"_ _1\"></span>e con impa<span class=\"_ _1\"></span>tto a<span class=\"_ _1\"></span> conto ec<span class=\"_ _1\"></span>onom<span class=\"_ _3a1\"> </span>ico Criteri di iscrizione L\u2019iscrizione <span class=\"_ _1\"></span>iniziale <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0 finanziarie <span class=\"_ _38\"></span>avviene <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>regolamento <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>debito e<span class=\"_ _1\"></span> per i <span class=\"_ _1\"></span>titoli di <span class=\"_ _1\"></span>capitale, alla <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>di erogazione <span class=\"_ _1\"></span>per i <span class=\"_ _1\"></span>finanziamenti ed <span class=\"_ _1\"></span>alla data <span class=\"_ _1\"></span>di sott<span class=\"_ _1\"></span>oscrizione per <span class=\"_ _1\"></span>i contratti <span class=\"_ _184\"></span>d<span class=\"_ _3b\"></span>er<span class=\"_ _1\"></span>ivati. All\u2019atto <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>rilevazione <span class=\"_ _35\"> </span>iniz<span class=\"_ _2\"></span>iale <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>fin<span class=\"_ _2\"></span>anziarie <span class=\"_ _35\"> </span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _0\"> </span>fair<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>val<span class=\"_ _2\"></span>ue <span class=\"_ _35\"> </span>con<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>impatto <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>cont<span class=\"_ _2\"></span>o economico  vengono  rilevate <span class=\"_ _35\"> </span>al  fair <span class=\"_ _35\"> </span>value,  senza  considerare  i <span class=\"_ _35\"> </span>costi  o  proventi <span class=\"_ _35\"> </span>di  transazione direttamente attribuibili allo strumento stesso. Criteri di classificazione Sono <span class=\"_ _35\"> </span>classificate  i<span class=\"_ _2\"></span>n <span class=\"_ _35\"> </span>questa <span class=\"_ _35\"> </span>categoria <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _35\"> </span>finanziarie <span class=\"_ _35\"> </span>diverse  d<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>quelle <span class=\"_ _35\"> </span>classificate <span class=\"_ _35\"> </span>tra <span class=\"_ _35\"> </span>le Attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _0\"></span>valu<span class=\"_ _2\"></span>tate <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _1\"></span>con <span class=\"_ _0\"></span>impatto <span class=\"_ _1\"></span>sulla <span class=\"_ _38\"></span>redditivit\u00e0 <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>mplessiva <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>tra <span class=\"_ _0\"></span>le <span class=\"_ _1\"></span>Attivit\u00e0 finanziare valutate al costo ammort<span class=\"_ _1\"></span>izzato. La voce, in particolare, include: <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>detenute <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>negoziazione, <span class=\"_ _1\"></span>essenzialmente <span class=\"_ _1\"></span>rappresentate <span class=\"_ _38\"></span>da titoli <span class=\"_ _1\"></span>di </span>debito <span class=\"_ _36\"> </span>e <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>capitale <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>dal <span class=\"_ _36\"> </span>valore <span class=\"_ _36\"> </span>positivo <span class=\"_ _36\"> </span>dei <span class=\"_ _36\"> </span>contratti <span class=\"_ _36\"> </span>derivati <span class=\"_ _37\"> </span>det<span class=\"_ _1\"></span>enuti <span class=\"_ _36\"> </span>con <span class=\"_ _36\"> </span>finalit\u00e0 <span class=\"_ _36\"> </span>di negoziazione; <span class=\"_ _42\"> </span><span class=\"ff4\">le  attivit\u00e0  finanz<span class=\"_ _2\"></span>iarie  obbligatoriamente  valutate  al <span class=\"_ _35\"> </span>fair  value,  rappresentate  dalle <span class=\"_ _35\"> </span>attivit\u00e0 </span>finanziarie <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>soddisfano <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>requisiti <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>valu<span class=\"_ _2\"></span>tazione <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>costo <span class=\"_ _0\"></span>ammortizzato <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>al<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>fair value <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>impatt<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>ulla <span class=\"_ _0\"></span>redditivit\u00e0 <span class=\"_ _0\"></span>comples<span class=\"_ _1\"></span>siva. <span class=\"_ _0\"></span>Si <span class=\"_ _0\"></span>tratta <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>termini contrattuali <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>prevedono <span class=\"_ _38\"></span>esclusivamente <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>imborsi <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>capitale <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>pagamenti <span class=\"_ _38\"></span>dell\u2019interesse sull\u2019importo <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>capitale <span class=\"_ _35\"> </span>d<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>restituire <span class=\"_ _35\"> </span>(cd. <span class=\"_ _0\"></span>\u201cSPPI <span class=\"_ _35\"> </span>test\u201d <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>uperato) <span class=\"_ _0\"> </span>o<span class=\"_ _1\"></span>ppure <span class=\"_ _0\"></span>che <span class=\"_ _35\"> </span>non<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>sono detenute n<span class=\"_ _3b\"></span>el quadro<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>un modell<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>business il<span class=\"_ _3b\"></span> cui<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>obiettivo <span class=\"_ _3b\"></span>\u00e8 il<span class=\"_ _3b\"></span> possesso <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3b\"></span>finalizzato alla <span class=\"_ _3d\"> </span>raccolta <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>flussi <span class=\"_ _3d\"> </span>finanziari <span class=\"_ _3d\"> </span>contrattuali <span class=\"_ _3d\"> </span>(Business <span class=\"_ _3d\"> </span>mo<span class=\"_ _1\"></span>del  \u201c<span class=\"_ _1\"></span>Hold  to <span class=\"_ _3d\"> </span>Collect<span class=\"_ _1\"></span>\u201d)  o <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>cui obiettivo \u00e8 <span class=\"_ _1\"></span>conseguito <span class=\"_ _1\"></span>sia mediante la <span class=\"_ _1\"></span>raccolta dei <span class=\"_ _1\"></span>flussi finanziari <span class=\"_ _1\"></span>contrattuali che <span class=\"_ _1\"></span>mediante la vendita di attivit\u00e0 finanziarie (Business model \u201cHold to Collect and Sell\u201d); <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _3d\"> </span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _37\"> </span>finanziarie <span class=\"_ _3d\"> </span>designate <span class=\"_ _3d\"> </span>al <span class=\"_ _37\"> </span>fair <span class=\"_ _37\"> </span>value, <span class=\"_ _3d\"> </span>os<span class=\"_ _1\"></span>sia <span class=\"_ _3d\"> </span>le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _37\"> </span>finanziarie <span class=\"_ _37\"> </span>cos\u00ec <span class=\"_ _3d\"> </span>definite<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>al </span>momento  della  rilevazione  iniziale  e  ove  ne  sussistano  i  presupposti.  In<span class=\"_ _2\"></span>  relazione  a  tale fattispecie, <span class=\"_ _36\"> </span>un\u2019entit\u00e0 <span class=\"_ _36\"> </span>pu\u00f2 <span class=\"_ _36\"> </span>designare <span class=\"_ _36\"> </span>irrevocabilmente <span class=\"_ _36\"> </span>all\u2019iscrizione <span class=\"_ _36\"> </span>un\u2019attivit\u00e0 <span class=\"_ _36\"> </span>finanziaria<span class=\"_ _3a1\"> </span>come valutata al fair valu<span class=\"_ _2\"></span>e con imp<span class=\"_ _2\"></span>atto a conto economico se, e<span class=\"_ _2\"></span> solo se, cos\u00ec fac<span class=\"_ _2\"></span>endo elimina o riduce significativamente un\u2019incoerenza valutativa. Trovano, quindi, evidenza in questa voce<span class=\"_ _1\"></span>: <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>itoli <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>debito e <span class=\"_ _3b\"></span>i <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _3b\"></span>che sono <span class=\"_ _3b\"></span>inclusi <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>business <span class=\"_ _3b\"></span>model Tradin<span class=\"_ _2\"></span>g <span class=\"_ _3b\"></span>(non riconducibili </span>quindi ai <span class=\"_ _1\"></span>business <span class=\"_ _38\"></span>model \u201c<span class=\"_ _1\"></span>Hold to <span class=\"_ _1\"></span>Collect\u201d <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>\u201cHold t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>Collect and <span class=\"_ _1\"></span>Sell\u201d) <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>superano <span class=\"_ _1\"></span>il test SPPI; <span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>rumenti <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>capitale <span class=\"_ _38\"></span>- <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>qualificabili <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>controllo, <span class=\"_ _38\"></span>collegament<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>rollo <span class=\"_ _38\"></span>congiunto <span class=\"_ _38\"></span>- </span>detenuti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>finalit\u00e0 di <span class=\"_ _1\"></span>negoziazione <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>sia o<span class=\"_ _1\"></span>ptato, <span class=\"_ _1\"></span>in sede <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rilevazione <span class=\"_ _1\"></span>iniziale, per la designazione al fair value con impatto sulla re<span class=\"_ _1\"></span>dditivit\u00e0 complessiva; <span class=\"_ _42\"> </span><span class=\"ff4\">le quote di OICR. </span>La voce accoglie, <span class=\"_ _1\"></span>inoltre, i contratti <span class=\"_ _1\"></span>derivati, contabilizzati tr<span class=\"_ _1\"></span>a le attivit\u00e0 <span class=\"_ _1\"></span>finanziarie detenute per la negoziazione, che sono rappresent<span class=\"_ _1\"></span>ati come attivit\u00e0 se il fair value \u00e8<span class=\"_ _1\"></span> positivo e come passivit\u00e0 se il fair  value <span class=\"_ _35\"> </span>\u00e8  negativo.  E\u2019 <span class=\"_ _35\"> </span>possibile  compensare  i  v<span class=\"_ _2\"></span>alori  correnti <span class=\"_ _35\"> </span>positivi  e  negativi <span class=\"_ _35\"> </span>derivanti  da operazioni <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ssere <span class=\"_ _3b\"></span>con l<span class=\"_ _2\"></span>a <span class=\"_ _3b\"></span>medesima <span class=\"_ _3b\"></span>cont<span class=\"_ _1\"></span>roparte <span class=\"_ _3b\"></span>soltanto <span class=\"_ _3b\"></span>qualora si <span class=\"_ _184\"></span>abbia <span class=\"_ _3b\"></span>cor<span class=\"_ _1\"></span>rentemente <span class=\"_ _3b\"></span>il <span class=\"_ _2\"></span>diritto legale <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>mpensare <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>importi <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ilevati <span class=\"_ _38\"></span>contabilmente <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>si <span class=\"_ _38\"></span>inte<span class=\"_ _1\"></span>nda <span class=\"_ _1\"></span>procedere <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>regolamento <span class=\"_ _38\"></span>su base netta delle posizioni oggetto di compensazione. Fra  i <span class=\"_ _3d\"> </span>derivati <span class=\"_ _3d\"> </span>sono  inclusi <span class=\"_ _3d\"> </span>anche  quelli <span class=\"_ _3d\"> </span>incorporati <span class=\"_ _3d\"> </span>in  contratti  finanziari <span class=\"_ _3d\"> </span>complessi <span class=\"_ _3d\"> </span>-  in  cui <span class=\"_ _3d\"> </span>il contratto <span class=\"_ _0\"></span>primario <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>una <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _0\"></span>finanziaria <span class=\"_ _38\"></span>- <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>so<span class=\"_ _1\"></span>no <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>tati <span class=\"_ _0\"></span>oggetto <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>rilevazione <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>eparata <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n quanto:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _48\"> </span>loro <span class=\"_ _3a\"> </span>caratteristiche <span class=\"_ _48\"> </span>economiche <span class=\"_ _48\"> </span>ed<span class=\"_ _2\"></span> <span class=\"_ _48\"> </span>i <span class=\"_ _3a\"> </span>rischi <span class=\"_ _48\"> </span>non <span class=\"_ _48\"> </span>sono<span class=\"_ _2\"></span> <span class=\"_ _48\"> </span>strettamente <span class=\"_ _3a\"> </span>correlati <span class=\"_ _48\"> </span>alle<span class=\"_ _3a1\"> </span></span>caratteristiche del contratto sottostante;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">gli strumenti incorporati, anche se separati, soddisfano la definizione di der<span class=\"_ _1\"></span>ivato;<span class=\"_ _3a1\"> </span></span><span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _38\"></span>strument<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>ibridi <span class=\"_ _38\"></span>cui <span class=\"_ _38\"></span>appartengono <span class=\"_ _0\"></span>non <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no <span class=\"_ _38\"></span>valutati <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>fair <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>ue <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>le <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>lative <span class=\"_ _38\"></span>variazioni<span class=\"_ _3a1\"> </span></span>rilevate a Conto Economico.<span class=\"_ _3a1\"> </span>Riclassifiche<span class=\"_ _3a1\"> </span>Secondo <span class=\"_ _36\"> </span>le <span class=\"_ _39\"> </span>regole <span class=\"_ _36\"> </span>generali <span class=\"_ _39\"> </span>previste <span class=\"_ _36\"> </span>dall\u2019IFRS <span class=\"_ _36\"> </span>9 <span class=\"_ _36\"> </span>in <span class=\"_ _39\"> </span>materia <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>riclassificazione <span class=\"_ _39\"> </span>delle <span class=\"_ _36\"> </span>attivit\u00e0<span class=\"_ _3a1\"> </span>finanziarie (ad <span class=\"_ _2\"></span>eccezione dei titol<span class=\"_ _2\"></span>i di cap<span class=\"_ _2\"></span>itale, per cui <span class=\"_ _3b\"></span>no<span class=\"_ _1\"></span>n \u00e8<span class=\"_ _2\"></span> ammessa <span class=\"_ _2\"></span>alcuna riclassifica), <span class=\"_ _3b\"></span>no<span class=\"_ _1\"></span>n sono<span class=\"_ _3a1\"> </span>ammesse <span class=\"_ _3d\"> </span>riclassifiche  ve<span class=\"_ _1\"></span>rso  alt<span class=\"_ _1\"></span>re  categor<span class=\"_ _1\"></span>ie <span class=\"_ _3d\"> </span>di  attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _3d\"> </span>salvo <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>caso <span class=\"_ _3d\"> </span>in  cui <span class=\"_ _3d\"> </span>l\u2019entit\u00e0<span class=\"_ _3a1\"> </span>modifichi <span class=\"_ _35\"> </span>il  proprio  modello  di <span class=\"_ _35\"> </span>business  per  la  g<span class=\"_ _3b\"></span>estione<span class=\"_ _1\"></span>  delle <span class=\"_ _35\"> </span>attivit\u00e0  finanziarie   <span class=\"_ _35\"> </span>a  seguito  d<span class=\"_ _3b\"></span>i<span class=\"_ _3a1\"> </span>cambiamenti <span class=\"_ _38\"></span>esterni <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>inter<span class=\"_ _1\"></span>ni <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>quali <span class=\"_ _38\"></span>siano <span class=\"_ _38\"></span>rilevanti <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>oper<span class=\"_ _1\"></span>azioni <span class=\"_ _1\"></span>dell'entit<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>dimostrabili <span class=\"_ _38\"></span>alle<span class=\"_ _3a1\"> </span>parti  esterne.  In <span class=\"_ _35\"> </span>tali  casi,  c<span class=\"_ _2\"></span>he  ci <span class=\"_ _35\"> </span>si  attende  siano  altamente  infrequenti, <span class=\"_ _35\"> </span>le  attivit\u00e0  finanziarie<span class=\"_ _3a1\"> </span>potranno essere riclassificate d<span class=\"_ _2\"></span>alla categoria <span class=\"_ _2\"></span>valutata al fai<span class=\"_ _2\"></span>r value c<span class=\"_ _2\"></span>on impatto a <span class=\"_ _2\"></span>conto economico<span class=\"_ _3a1\"> </span>in <span class=\"_ _39\"> </span>una <span class=\"_ _39\"> </span>delle <span class=\"_ _3f\"> </span>altre <span class=\"_ _36\"> </span>due <span class=\"_ _3f\"> </span>categorie <span class=\"_ _39\"> </span>previste <span class=\"_ _39\"> </span>dall\u2019IFRS <span class=\"_ _39\"> </span>9 <span class=\"_ _39\"> </span>(Attivit\u00e0 <span class=\"_ _3f\"> </span>finanzi<span class=\"_ _2\"></span>arie <span class=\"_ _3f\"> </span>valu<span class=\"_ _2\"></span>tate <span class=\"_ _39\"> </span>al <span class=\"_ _3f\"> </span>costo<span class=\"_ _3a1\"> </span>ammortizzato o At<span class=\"_ _2\"></span>tivit\u00e0 finanziarie <span class=\"_ _2\"></span>valutate al <span class=\"_ _3b\"></span>fair<span class=\"_ _1\"></span> value <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>n impa<span class=\"_ _2\"></span>tto sulla <span class=\"_ _2\"></span>redditivit\u00e0 complessiva).<span class=\"_ _3a1\"> </span>Il <span class=\"_ _0\"></span>valore <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>trasferimento <span class=\"_ _0\"> </span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>rappresentato <span class=\"_ _0\"></span>dal <span class=\"_ _35\"> </span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>mo<span class=\"_ _1\"></span>mento <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>riclassificazione <span class=\"_ _0\"></span>e <span class=\"_ _0\"> </span>gli<span class=\"_ _3a1\"> </span>effetti <span class=\"_ _3b\"></span>della <span class=\"_ _2\"></span>riclassificazione <span class=\"_ _3b\"></span>oper<span class=\"_ _1\"></span>ano <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>ma<span class=\"_ _1\"></span>niera <span class=\"_ _3b\"></span>pros<span class=\"_ _1\"></span>pettica <span class=\"_ _3b\"></span>a <span class=\"_ _3b\"></span>partire d<span class=\"_ _2\"></span>alla <span class=\"_ _3b\"></span>data <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>riclassificazione<span class=\"_ _1\"></span>.<span class=\"_ _3a1\"> </span>In questo <span class=\"_ _1\"></span>caso, <span class=\"_ _1\"></span>il tas<span class=\"_ _1\"></span>so di int<span class=\"_ _1\"></span>eresse effett<span class=\"_ _1\"></span>ivo dell\u2019attivit\u00e0 <span class=\"_ _1\"></span>finanziaria r<span class=\"_ _1\"></span>iclassificata \u00e8<span class=\"_ _1\"></span> determinato in<span class=\"_ _3a1\"> </span>base <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>suo <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>valu<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>data <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>riclassificazione <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>tale <span class=\"_ _35\"> </span>data <span class=\"_ _0\"></span>viene <span class=\"_ _35\"> </span>considera<span class=\"_ _1\"></span>ta <span class=\"_ _35\"> </span>come <span class=\"_ _35\"> </span>data <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>rilevazione <span class=\"_ _1\"></span>iniziale <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>l\u2019allocazione <span class=\"_ _38\"></span>nei <span class=\"_ _1\"></span>diversi <span class=\"_ _1\"></span>stadi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>creditizio <span class=\"_ _38\"></span>(stage <span class=\"_ _1\"></span>assignment) <span class=\"_ _38\"></span>ai <span class=\"_ _1\"></span>fini<span class=\"_ _3a1\"> </span>dell\u2019impairment.<span class=\"_ _3a1\"> </span>Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span>Successivamente <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>rilevazione <span class=\"_ _1\"></span>iniziale, le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate al <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>impatto a<span class=\"_ _3a1\"> </span>conto <span class=\"_ _3d\"> </span>economico  s<span class=\"_ _1\"></span>ono  valorizzate <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>fair <span class=\"_ _3d\"> </span>value.  Gli <span class=\"_ _3d\"> </span>effetti <span class=\"_ _3d\"> </span>dell\u2019applicazione  di <span class=\"_ _3d\"> </span>tale <span class=\"_ _3d\"> </span>criterio <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span>valutazione sono imputati nel Conto Economico.<span class=\"_ _3a1\"> </span>Per l<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>determinazione del <span class=\"_ _3b\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3b\"></span>degli strumenti <span class=\"_ _2\"></span>finanziari <span class=\"_ _3b\"></span>quot<span class=\"_ _1\"></span>ati i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>un <span class=\"_ _3b\"></span>me<span class=\"_ _1\"></span>rcato <span class=\"_ _2\"></span>attivo, <span class=\"_ _3b\"></span>vengon<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span>utilizzate <span class=\"_ _2\"></span>quotazioni <span class=\"_ _3b\"></span>di mercato. <span class=\"_ _3b\"></span>In <span class=\"_ _2\"></span>assenza di <span class=\"_ _3b\"></span>un <span class=\"_ _3b\"></span>me<span class=\"_ _1\"></span>rcato <span class=\"_ _2\"></span>attivo, <span class=\"_ _3b\"></span>vengono u<span class=\"_ _2\"></span>tilizzati <span class=\"_ _3b\"></span>me<span class=\"_ _1\"></span>todi d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>tima<span class=\"_ _3a1\"> </span>e <span class=\"_ _38\"></span>modelli <span class=\"_ _38\"></span>valutativi <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>unemente <span class=\"_ _38\"></span>adottati, <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>tengono <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>tutti <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>fattori <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>corre<span class=\"_ _1\"></span>lati<span class=\"_ _3a1\"> </span>agli <span class=\"_ _3b\"></span>st<span class=\"_ _1\"></span>rumenti e <span class=\"_ _3b\"></span>che <span class=\"_ _2\"></span>sono b<span class=\"_ _2\"></span>asati <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>u <span class=\"_ _3b\"></span>dati rilevabili <span class=\"_ _3b\"></span>sul mercato <span class=\"_ _2\"></span>quali: <span class=\"_ _3b\"></span>valutazione di <span class=\"_ _3b\"></span>strument<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>quotati<span class=\"_ _3a1\"> </span>che <span class=\"_ _48\"> </span>present<span class=\"_ _1\"></span>ano <span class=\"_ _48\"> </span>analoghe <span class=\"_ _17e\"> </span>caratteristiche, <span class=\"_ _48\"> </span>calcoli <span class=\"_ _17e\"> </span>di <span class=\"_ _48\"> </span>flussi<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>di <span class=\"_ _48\"> </span>cass<span class=\"_ _1\"></span>a <span class=\"_ _48\"> </span>scont<span class=\"_ _1\"></span>ati, <span class=\"_ _48\"> </span>modelli <span class=\"_ _17e\"> </span>di<span class=\"_ _3a1\"> </span>determinazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>prezzo <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>opzioni, <span class=\"_ _38\"></span>va<span class=\"_ _1\"></span>lori <span class=\"_ _0\"></span>rilevati <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>rece<span class=\"_ _1\"></span>nti <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ransazioni <span class=\"_ _0\"></span>comparabili, <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>cc. <span class=\"_ _0\"></span>Per <span class=\"_ _38\"></span>i<span class=\"_ _3a1\"> </span>titoli <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>capitale <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>strumenti <span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>ivati <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>hanno <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>oggetto <span class=\"_ _1\"></span>tito<span class=\"_ _1\"></span>li <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>capitale, <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>quotati <span class=\"_ _1\"></span>in<span class=\"_ _3a1\"> </span>un mercato at<span class=\"_ _2\"></span>tivo, il cri<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>erio del c<span class=\"_ _3b\"></span>os<span class=\"_ _1\"></span>to \u00e8 u<span class=\"_ _3b\"></span>tilizzato quale stima d<span class=\"_ _2\"></span>el fair valu<span class=\"_ _2\"></span>e soltanto in<span class=\"_ _2\"></span> via r<span class=\"_ _2\"></span>esiduale<span class=\"_ _3a1\"> </span>e <span class=\"_ _37\"> </span>limitatamente <span class=\"_ _37\"> </span>a <span class=\"_ _37\"> </span>poche <span class=\"_ _37\"> </span>circostanze, <span class=\"_ _37\"> </span>ossia <span class=\"_ _36\"> </span>in <span class=\"_ _3d\"> </span>cas<span class=\"_ _1\"></span>o <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>non <span class=\"_ _37\"> </span>applicabilit\u00e0 <span class=\"_ _36\"> </span>di <span class=\"_ _3d\"> </span>t<span class=\"_ _1\"></span>utti <span class=\"_ _37\"> </span>i <span class=\"_ _37\"> </span>metodi <span class=\"_ _37\"> </span>di<span class=\"_ _3a1\"> </span>valutazione  pre<span class=\"_ _1\"></span>cedentemente  richiamati,  ovver<span class=\"_ _1\"></span>o <span class=\"_ _3d\"> </span>in  presenza  di  un\u2019ampia <span class=\"_ _3d\"> </span>gamma  di <span class=\"_ _3d\"> </span>possibili<span class=\"_ _3a1\"> </span>valutazioni del fair value, nel cui ambito il cos<span class=\"_ _1\"></span>to rappresenta la stima pi\u00f9 significativa.<span class=\"_ _3a1\"> </span>Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span>Le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>ve<span class=\"_ _1\"></span>ngono <span class=\"_ _38\"></span>cancellate <span class=\"_ _1\"></span>dal <span class=\"_ _0\"></span>bil<span class=\"_ _2\"></span>ancio <span class=\"_ _38\"></span>so<span class=\"_ _3a1\"> </span>lamente <span class=\"_ _38\"></span>se <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>cessione <span class=\"_ _38\"></span>ha <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>mportato <span class=\"_ _38\"></span>il<span class=\"_ _3a1\"> </span>sostanziale <span class=\"_ _2\"></span>trasferimento di <span class=\"_ _3b\"></span>tutti i<span class=\"_ _2\"></span> rischi <span class=\"_ _3b\"></span>e benefici <span class=\"_ _3b\"></span>connessi all<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 st<span class=\"_ _2\"></span>esse. P<span class=\"_ _2\"></span>er contro,<span class=\"_ _2\"></span> qu<span class=\"_ _2\"></span>alora<span class=\"_ _3a1\"> </span>sia <span class=\"_ _38\"></span>stata <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>antenuta <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>rilevante <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>benefici <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span>cedute, qu<span class=\"_ _2\"></span>este<span class=\"_ _1\"></span> con<span class=\"_ _2\"></span>tinuano ad<span class=\"_ _2\"></span> essere iscritte <span class=\"_ _3b\"></span>in bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 giuridicamente la <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>itolarit\u00e0 delle<span class=\"_ _3a1\"> </span>attivit\u00e0 stesse sia stata effettivamente trasferita.<span class=\"_ _3a1\"> </span>Nel <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>possibile <span class=\"_ _35\"> </span>accertare <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>sostanziale <span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>asferimento <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>benefici, <span class=\"_ _0\"> </span>le<span class=\"_ _3a1\"> </span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>vengono <span class=\"_ _38\"></span>cancellate <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>bilancio <span class=\"_ _1\"></span>qualora <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ato <span class=\"_ _1\"></span>mante<span class=\"_ _1\"></span>nuto <span class=\"_ _1\"></span>alcun <span class=\"_ _38\"></span>tipo <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span>controllo <span class=\"_ _37\"> </span>sulle <span class=\"_ _37\"> </span>stesse. <span class=\"_ _37\"> </span>In <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>contrario, <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>conservazione, <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>parte, <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>tale <span class=\"_ _37\"> </span>controllo<span class=\"_ _3a1\"> </span>comporta  il <span class=\"_ _3d\"> </span>mantenimento  in  bilancio  de<span class=\"_ _1\"></span>lle  attivit\u00e0 <span class=\"_ _3d\"> </span>in  misura  pari <span class=\"_ _3d\"> </span>al  coinvolgimento<span class=\"_ _1\"></span>  residuo,<span class=\"_ _3a1\"> </span>misurato dall\u2019esposizione <span class=\"_ _1\"></span>ai cambiamenti di valore delle attivit\u00e0 cedute <span class=\"_ _1\"></span>ed alle variazioni dei flussi<span class=\"_ _3a1\"> </span>finanziari delle stesse.<span class=\"_ _3a1\"> </span>Infine,  le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _37\"> </span>cedute <span class=\"_ _3d\"> </span>vengono <span class=\"_ _37\"> </span>cancellate <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>bilancio <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>caso <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>cui <span class=\"_ _3d\"> </span>vi <span class=\"_ _3d\"> </span>sia <span class=\"_ _3d\"> </span>l<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span>conservazione <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>diritti <span class=\"_ _37\"> </span>contrattuali <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>ricevere <span class=\"_ _37\"> </span>i <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>cassa, <span class=\"_ _37\"> </span>con <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>contestuale<span class=\"_ _3a1\"> </span>assunzione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un\u2019obbligazione <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>pagare <span class=\"_ _38\"></span>detti <span class=\"_ _1\"></span>flussi, <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>solo <span class=\"_ _38\"></span>essi, <span class=\"_ _1\"></span>senza <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>ritardo <span class=\"_ _38\"></span>rilevante <span class=\"_ _1\"></span>ad <span class=\"_ _38\"></span>altri<span class=\"_ _3a1\"> </span>soggetti terzi.<span class=\"_ _3a1\"> </span>Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"_ _3a1\"> </span>Gli in<span class=\"_ _3a1\"> </span>teressi attivi sui titoli di debito ed i differenziali ed i margini dei contratti derivati classificati in<span class=\"_ _3a1\"> </span>tale <span class=\"_ _1\"></span>categoria, <span class=\"_ _1\"></span>ma ge<span class=\"_ _1\"></span>stionalmente collegat<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>attivit\u00e0 o <span class=\"_ _1\"></span>passivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value<span class=\"_ _3a1\"> </span>sono iscritti per competenza nelle voci di conto economico relat<span class=\"_ _1\"></span>ivi agli<span class=\"_ _2\"></span> intere<span class=\"_ _1\"></span>ssi. I <span class=\"_ _0\"></span>differe<span class=\"_ _1\"></span>nziali <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>margini <span class=\"_ _0\"></span>degli <span class=\"_ _35\"> </span>altri <span class=\"_ _0\"></span>contratti <span class=\"_ _35\"> </span>vengono <span class=\"_ _0\"></span>rilevati <span class=\"_ _35\"> </span>nel <span class=\"_ _0\"></span>\u201cRisultato <span class=\"_ _35\"> </span>netto <span class=\"_ _0\"></span>dell\u2019attivit\u00e0 <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span>negoziazione\u201d.<span class=\"_ _3a1\"> </span>I dividendi <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ono rilevati per c<span class=\"_ _2\"></span>ompetenza economica rife<span class=\"_ _2\"></span>rita alla da<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>a di a<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>sunzione della delib<span class=\"_ _2\"></span>era di<span class=\"_ _3a1\"> </span>distribuzione da parte dell\u2019assemblea e sono es<span class=\"_ _1\"></span>posti nella voce \u201cDividendi e proventi simili\u201d.<span class=\"_ _3a1\"> </span>Gli <span class=\"_ _35\"> </span>utili <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>le  p<span class=\"_ _2\"></span>erdite  r<span class=\"_ _2\"></span>ealizzati <span class=\"_ _35\"> </span>dalla <span class=\"_ _35\"> </span>cessione  o <span class=\"_ _35\"> </span>rimborso <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>plus/minusvalenze <span class=\"_ _35\"> </span>derivanti <span class=\"_ _35\"> </span>dalle<span class=\"_ _3a1\"> </span>variazioni <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>iscritti <span class=\"_ _0\"></span>nel <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>del<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>periodo <span class=\"_ _0\"></span>nel <span class=\"_ _0\"></span>quale <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>manifestano <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span>classificati <span class=\"_ _35\"> </span>nella <span class=\"_ _0\"></span>voce <span class=\"_ _35\"> </span>\u201cRisultato <span class=\"_ _0\"></span>netto <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>negozia<span class=\"_ _2\"></span>zione\u201d, <span class=\"_ _35\"> </span>ad <span class=\"_ _0\"></span>eccezione <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>ota<span class=\"_ _3a1\"> </span>relativa <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>contratti <span class=\"_ _38\"></span>der<span class=\"_ _1\"></span>ivati <span class=\"_ _0\"></span>gestionalmente <span class=\"_ _38\"></span>collegat<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>ad <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>fair <span class=\"_ _0\"></span>value<span class=\"_ _3a1\"> </span>rilevata nel \u201cRisultato netto delle attivit\u00e0 e passivit\u00e0 finanziarie valutate<span class=\"_ _1\"></span> al fair value\u201d.<span class=\"_ _3a1\"> </span>Il <span class=\"_ _35\"> </span>Gr<span class=\"_ _3a1\"> </span>uppo <span class=\"_ _35\"> </span>si  avv<span class=\"_ _2\"></span>ale  della <span class=\"_ _35\"> </span>facolt\u00e0, <span class=\"_ _35\"> </span>prevista <span class=\"_ _35\"> </span>in  sede <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>introduzione  d<span class=\"_ _2\"></span>ell\u2019IFRS <span class=\"_ _35\"> </span>9,  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>continuare<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>ad<span class=\"_ _3a1\"> </span> applicare <span class=\"_ _1\"></span>integralmente <span class=\"_ _1\"></span>le previsioni <span class=\"_ _1\"></span>del principio <span class=\"_ _1\"></span>contabile <span class=\"_ _1\"></span>IAS <span class=\"_ _1\"></span>39 in <span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>a di <span class=\"_ _1\"></span>\u201chedge <span class=\"_ _1\"></span>accounting\u201d<span class=\"_ _3a1\"> </span> (nella ver<span class=\"_ _1\"></span>sione <span class=\"_ _1\"></span>carved o<span class=\"_ _1\"></span>ut omo<span class=\"_ _1\"></span>logata dalla <span class=\"_ _1\"></span>Commissione <span class=\"_ _1\"></span>Europea) <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>ogni <span class=\"_ _1\"></span>tipologia <span class=\"_ _1\"></span>di copertura<span class=\"_ _3a1\"> </span> (sia per le coperture specifiche che per le macro coperture<span class=\"_ _1\"></span>).<span class=\"_ _3a1\"> </span> Criteri di iscrizione<span class=\"_ _3a1\"> </span> Gli <span class=\"_ _3f\"> </span>strume<span class=\"_ _1\"></span>nti <span class=\"_ _3a\"> </span>derivati <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>copert<span class=\"_ _1\"></span>ura, <span class=\"_ _3f\"> </span>al <span class=\"_ _3a\"> </span>pari <span class=\"_ _3f\"> </span>di <span class=\"_ _3a\"> </span>tutti <span class=\"_ _3f\"> </span>i <span class=\"_ _3a\"> </span>de<span class=\"_ _3a1\"> </span>rivati, <span class=\"_ _3f\"> </span>s<span class=\"_ _1\"></span>ono <span class=\"_ _3f\"> </span>inizialmente <span class=\"_ _3a\"> </span>iscritti <span class=\"_ _3f\"> </span>e<span class=\"_ _3a1\"> </span> successivamente misurati al fair value.<span class=\"_ _3a1\"> </span> Criteri di classifi<span class=\"_ _1\"></span>cazione: tipologia di <span class=\"_ _1\"></span>coperture<span class=\"_ _3a1\"> </span> Le <span class=\"_ _0\"></span>operazioni <span class=\"_ _0\"> </span>di <span class=\"_ _35\"> </span>copertura <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>sono <span class=\"_ _35\"> </span>finaliz<span class=\"_ _2\"></span>zate <span class=\"_ _35\"> </span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>neutr<span class=\"_ _1\"></span>alizzare <span class=\"_ _0\"></span>potenziali <span class=\"_ _0\"></span>variazioni <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>fair<span class=\"_ _3a1\"> </span> value <span class=\"_ _37\"> </span>o <span class=\"_ _37\"> </span>variazioni <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>cassa, <span class=\"_ _37\"> </span>attr<span class=\"_ _1\"></span>ibuibili <span class=\"_ _3d\"> </span>ad <span class=\"_ _37\"> </span>un <span class=\"_ _37\"> </span>dete<span class=\"_ _1\"></span>rminato <span class=\"_ _37\"> </span>rischio <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>rilevabili <span class=\"_ _37\"> </span>su <span class=\"_ _37\"> </span>un<span class=\"_ _3a1\"> </span> determinato  elemento  o  gruppo  di  elementi,  nel  caso  in  cu<span class=\"_ _2\"></span>i  quel  particolare  rischio  dovesse<span class=\"_ _3a1\"> </span> effettivamente manifestarsi.<span class=\"_ _3a1\"> </span> Le tipologie di coperture utilizzate sono le seguenti:<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">copertura  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>fair  value: <span class=\"_ _35\"> </span>ha <span class=\"_ _35\"> </span>l\u2019obiettivo  di<span class=\"_ _2\"></span>  cop<span class=\"_ _2\"></span>rire  l\u2019esposizione <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>variazione  del <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>(attribuibile alle <span class=\"_ _1\"></span>diverse tipologie <span class=\"_ _1\"></span>di r<span class=\"_ _1\"></span>ischio) di at<span class=\"_ _1\"></span>tivit\u00e0 e <span class=\"_ _1\"></span>passivit\u00e0 iscritte <span class=\"_ _1\"></span>in bilancio o<span class=\"_ _1\"></span> porzioni<span class=\"_ _3a1\"> </span> di  es<span class=\"_ _1\"></span>se,  di <span class=\"_ _3d\"> </span>gruppi  di  att<span class=\"_ _1\"></span>ivit\u00e0/passivit\u00e0,  di  impegni <span class=\"_ _3d\"> </span>irrevocabili  e <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>portafogli  di <span class=\"_ _3d\"> </span>attivit\u00e0  e<span class=\"_ _3a1\"> </span> passivit\u00e0 <span class=\"_ _0\"></span>finanziarie, <span class=\"_ _0\"></span>inclusi <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>core <span class=\"_ _0\"></span>deposits, <span class=\"_ _0\"></span>come <span class=\"_ _0\"></span>consentito <span class=\"_ _0\"></span>dallo <span class=\"_ _0\"></span>IAS <span class=\"_ _0\"></span>39 <span class=\"_ _0\"></span>omologato<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>dalla<span class=\"_ _3a1\"> </span> Commissione Europea. <span class=\"_ _3b\"></span>Le cope<span class=\"_ _2\"></span>rture gen<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>riche d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3b\"></span>(\u201cmacr<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>hedge\u201d) <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>l\u2019obiettivo<span class=\"_ _3a1\"> </span> di <span class=\"_ _38\"></span>ridurre <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>scillazioni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value, <span class=\"_ _38\"></span>imputabili <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>tasso <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>int<span class=\"_ _2\"></span>eresse, <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _38\"></span>importo<span class=\"_ _3a1\"> </span> monetario,  riveniente <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>un  po<span class=\"_ _2\"></span>rtafoglio  di<span class=\"_ _2\"></span>  at<span class=\"_ _2\"></span>tivit\u00e0  o <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>passivit\u00e0 <span class=\"_ _35\"> </span>finanziarie.  Non <span class=\"_ _35\"> </span>possono<span class=\"_ _3a1\"> </span> essere <span class=\"_ _3d\"> </span>oggetto<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>copertura <span class=\"_ _3d\"> </span>generica <span class=\"_ _3d\"> </span>importi <span class=\"_ _37\"> </span>netti <span class=\"_ _3d\"> </span>derivanti <span class=\"_ _3d\"> </span>dallo <span class=\"_ _3d\"> </span>sbilancio <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _3d\"> </span>e<span class=\"_ _3a1\"> </span>passivit\u00e0;<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">copertura <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>finanziari: <span class=\"_ _0\"></span>ha <span class=\"_ _35\"> </span>l\u2019obi<span class=\"_ _2\"></span>ettivo <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>coprire <span class=\"_ _0\"></span>l\u2019es<span class=\"_ _1\"></span>posizione <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>variazioni <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>cassa  futuri  a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tribuibili <span class=\"_ _35\"> </span>a  particolari  rischi  a<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>sociati  a <span class=\"_ _35\"> </span>poste  del <span class=\"_ _35\"> </span>bilancio.  Tale <span class=\"_ _35\"> </span>tipologia  di<span class=\"_ _3a1\"> </span> copertura <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>utilizzata <span class=\"_ _35\"> </span>essenzialmente <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>stabilizzare <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>flusso <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>interessi <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>raccolta <span class=\"_ _35\"> </span>a<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> tasso  variabile  nella  misura  in<span class=\"_ _3b\"></span>  cui  quest\u2019ultima  finanzia  impi<span class=\"_ _2\"></span>eghi  a  tasso  fisso.  In  talune<span class=\"_ _3a1\"> </span> circostanze, <span class=\"_ _0\"></span>analoghe <span class=\"_ _38\"></span>operazioni <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>poste <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>ssere <span class=\"_ _38\"></span>relat<span class=\"_ _1\"></span>ivamente <span class=\"_ _0\"></span>ad <span class=\"_ _38\"></span>alcune <span class=\"_ _38\"></span>tipologie <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> impieghi a tasso variabile.<span class=\"_ _3a1\"> </span> Solo <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>rumenti <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>coinvolgono <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>controparte<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>terna <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>Gruppo <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>ono <span class=\"_ _38\"></span>essere <span class=\"_ _38\"></span>designati<span class=\"_ _3a1\"> </span> come <span class=\"_ _35\"> </span>strumenti <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>copertura. <span class=\"_ _35\"> </span>Data <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>scelta <span class=\"_ _35\"> </span>esercitata <span class=\"_ _35\"> </span>dal <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>avvalersi <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>facolt\u00e0 <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span> continuare <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>appl<span class=\"_ _2\"></span>icare <span class=\"_ _0\"></span>integralmente <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>regole <span class=\"_ _38\"></span>dello <span class=\"_ _0\"></span>IAS <span class=\"_ _0\"></span>39 <span class=\"_ _0\"></span>pe<span class=\"_ _2\"></span>r <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>relazioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>copertura, <span class=\"_ _0\"></span>non <span class=\"_ _38\"></span>\u00e8<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> possibile <span class=\"_ _1\"></span>designare <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>capitale <span class=\"_ _1\"></span>classificati <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>con<span class=\"_ _3a1\"> </span> impatto <span class=\"_ _35\"> </span>sulla <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>edditivit\u00e0 <span class=\"_ _35\"> </span>complessiva <span class=\"_ _35\"> </span>(FVOCI)<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>come <span class=\"_ _35\"> </span>oggetti <span class=\"_ _35\"> </span>co<span class=\"_ _3b\"></span>pe<span class=\"_ _1\"></span>rti <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>il<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>prezzo <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> cambio, <span class=\"_ _38\"></span>dato <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>tali<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>strument<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>impatt<span class=\"_ _1\"></span>ano <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>economico, <span class=\"_ _38\"></span>nem<span class=\"_ _1\"></span>meno <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>caso <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>vendita<span class=\"_ _3a1\"> </span> (se non per i dividendi che sono rilevati a conto economico).<span class=\"_ _3a1\"> </span> Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span> I derivati di copertura sono valutati al fair<span class=\"_ _1\"></span> value. In particolare:<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">nel <span class=\"_ _35\"> </span>caso  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>copertura <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value, <span class=\"_ _35\"> </span>si  c<span class=\"_ _2\"></span>ompensa  l<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>variazione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value <span class=\"_ _35\"> </span>dell\u2019eleme<span class=\"_ _1\"></span>nto<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>coperto <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>variazione <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _38\"></span>dello <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>trumento <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>copert<span class=\"_ _1\"></span>ura. <span class=\"_ _1\"></span>Tale<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>compensazione <span class=\"_ _1\"></span>\u00e8<span class=\"_ _3a1\"> </span> riconosciuta attraverso <span class=\"_ _1\"></span>la rilevazione <span class=\"_ _1\"></span>a Conto Economico <span class=\"_ _1\"></span>delle variazioni di valor<span class=\"_ _1\"></span>e, riferite sia<span class=\"_ _3a1\"> </span>all\u2019elemento <span class=\"_ _39\"> </span>coperto <span class=\"_ _39\"> </span>(per <span class=\"_ _39\"> </span>quanto <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>iguarda <span class=\"_ _39\"> </span>le <span class=\"_ _39\"> </span>variazioni <span class=\"_ _39\"> </span>prodotte <span class=\"_ _39\"> </span>dal <span class=\"_ _36\"> </span>fatto<span class=\"_ _1\"></span>re <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>ischio sottostante),  sia  allo  strumento <span class=\"_ _3d\"> </span>di  copertura.  L\u2019eventuale  differenza,  che  rappre<span class=\"_ _1\"></span>senta  la parziale inefficacia della copertura, ne <span class=\"_ _1\"></span>costituisce di conseguenza l\u2019effetto economico netto. Nel cas<span class=\"_ _1\"></span>o di oper<span class=\"_ _1\"></span>azioni di co<span class=\"_ _1\"></span>pertura generica <span class=\"_ _1\"></span>di fair <span class=\"_ _1\"></span>value di <span class=\"_ _1\"></span>un port<span class=\"_ _1\"></span>afoglio (\u201cmacro <span class=\"_ _1\"></span>hedge\u201d) le variazioni di <span class=\"_ _2\"></span>fair value con riferimento al <span class=\"_ _2\"></span>rischio coperto delle attiv<span class=\"_ _2\"></span>it\u00e0 e delle passivit\u00e0 ogg<span class=\"_ _2\"></span>etto di <span class=\"_ _3f\"> </span>copertura <span class=\"_ _3f\"> </span>so<span class=\"_ _1\"></span>no <span class=\"_ _3f\"> </span>imputate <span class=\"_ _3f\"> </span>nello <span class=\"_ _3f\"> </span>stato <span class=\"_ _3f\"> </span>patrimo<span class=\"_ _1\"></span>niale, <span class=\"_ _3f\"> </span>rispettivamente, <span class=\"_ _3f\"> </span>nella <span class=\"_ _3f\"> </span>voce <span class=\"_ _3f\"> </span>60<span class=\"_ _1\"></span>. \u201cAdeguamento <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _0\"></span>oggetto <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>copertura <span class=\"_ _0\"></span>generica\u201d <span class=\"_ _38\"></span>oppure <span class=\"_ _38\"></span>5<span class=\"_ _1\"></span>0. \u201cAdeguamento di valore delle passivit\u00e0 finanziarie oggett<span class=\"_ _1\"></span>o di copertura generica\u201d; <span class=\"_ _42\"> </span><span class=\"ff4\">nel <span class=\"_ _1\"></span>caso <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>copertura <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>flussi <span class=\"_ _38\"></span>finanziari, <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>variazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fa<span class=\"_ _1\"></span>ir <span class=\"_ _1\"></span>value <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>derivato <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>imputate </span>nella <span class=\"_ _0\"></span>redditivit\u00e0 <span class=\"_ _0\"></span>complessiva, <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>ota <span class=\"_ _0\"></span>efficace <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>copertura, <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>rilevate <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>Conto Economico <span class=\"_ _0\"></span>solo <span class=\"_ _35\"> </span>quando, <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>posta <span class=\"_ _0\"></span>coperta, <span class=\"_ _35\"> </span>si<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>manifest<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>va<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iazione <span class=\"_ _0\"></span>dei flussi di cassa da compensare o se <span class=\"_ _1\"></span>la copertura risulta inefficace; <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _0\"></span>coperture <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>investimento <span class=\"_ _0\"></span>netto <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>valuta <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>contabilizzate <span class=\"_ _35\"> </span>allo <span class=\"_ _0\"></span>stesso <span class=\"_ _0\"></span>modo <span class=\"_ _0\"></span>delle </span>coperture di flussi finanziari. Lo <span class=\"_ _1\"></span>strumento <span class=\"_ _1\"></span>derivato \u00e8 <span class=\"_ _1\"></span>des<span class=\"_ _1\"></span>ignato di <span class=\"_ _1\"></span>copertura <span class=\"_ _1\"></span>se es<span class=\"_ _1\"></span>iste una <span class=\"_ _1\"></span>documentazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>formalizzata della relazione <span class=\"_ _1\"></span>tra lo <span class=\"_ _1\"></span>strumento <span class=\"_ _1\"></span>coperto e<span class=\"_ _1\"></span> lo s<span class=\"_ _1\"></span>trumento di <span class=\"_ _1\"></span>copertura e<span class=\"_ _1\"></span> se <span class=\"_ _1\"></span>\u00e8 e<span class=\"_ _1\"></span>fficace nel <span class=\"_ _1\"></span>momento in <span class=\"_ _1\"></span>cui la copertura ha inizio e, prospetticamente, durante tutta la vita <span class=\"_ _1\"></span>della stessa. L'efficacia <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>copertura <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>pende <span class=\"_ _0\"></span>dalla <span class=\"_ _35\"> </span>misura<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>cu<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>variazioni <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>fair <span class=\"_ _35\"> </span>valu<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>dello <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>trumento coperto <span class=\"_ _35\"> </span>o  d<span class=\"_ _2\"></span>ei <span class=\"_ _35\"> </span>relativi <span class=\"_ _35\"> </span>flussi <span class=\"_ _35\"> </span>finanziari <span class=\"_ _35\"> </span>at<span class=\"_ _1\"></span>tesi <span class=\"_ _35\"> </span>risultano  c<span class=\"_ _2\"></span>ompensati <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>quelle <span class=\"_ _35\"> </span>dello <span class=\"_ _35\"> </span>st<span class=\"_ _1\"></span>rumento  d<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span> copertura. <span class=\"_ _1\"></span>Pertanto, <span class=\"_ _1\"></span>l'efficacia <span class=\"_ _1\"></span>\u00e8 appre<span class=\"_ _1\"></span>zzata dal <span class=\"_ _1\"></span>confro<span class=\"_ _1\"></span>nto delle <span class=\"_ _1\"></span>suddette <span class=\"_ _1\"></span>variazioni, <span class=\"_ _1\"></span>tenuto <span class=\"_ _1\"></span>conto dell'intento <span class=\"_ _1\"></span>perseguito <span class=\"_ _1\"></span>dall'impresa ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>momento <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>cui la <span class=\"_ _1\"></span>copertura <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>stata <span class=\"_ _1\"></span>posta <span class=\"_ _1\"></span>in ess<span class=\"_ _1\"></span>ere. Si <span class=\"_ _1\"></span>ha efficacia <span class=\"_ _35\"> </span>quando <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>variazioni  di <span class=\"_ _0\"></span>fair <span class=\"_ _35\"> </span>value <span class=\"_ _35\"> </span>(o <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>flussi <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>cass<span class=\"_ _1\"></span>a) <span class=\"_ _35\"> </span>dello <span class=\"_ _35\"> </span>strumento <span class=\"_ _35\"> </span>finanziario <span class=\"_ _0\"> </span>di<span class=\"_ _1\"></span> copertura  neutralizzano  quasi  integralmente,  cio\u00e8<span class=\"_ _2\"></span>  nei  limiti  stabi<span class=\"_ _2\"></span>liti  dall\u2019intervallo  80-125%,  le variazioni di fair value dello strumento coperto, per l\u2019ele<span class=\"_ _1\"></span>mento di rischio oggetto di copertura. La <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>dell'efficacia <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>ef<span class=\"_ _2\"></span>fettuata <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>ogni <span class=\"_ _0\"></span>chiusura <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>bilanci<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>situazione <span class=\"_ _0\"></span>infrannuale utilizzando: <span class=\"_ _42\"> </span><span class=\"ff4\">test prospettici, che gi<span class=\"_ _2\"></span>ustificano l'applicazione della c<span class=\"_ _2\"></span>ontabilizzazione di copertura, in qu<span class=\"_ _2\"></span>anto </span>dimostrano la sua efficacia attesa; <span class=\"_ _42\"> </span><span class=\"ff4\">test <span class=\"_ _38\"></span>retrospettivi, <span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>evidenziano <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>grado <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>efficacia <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>copertura <span class=\"_ _38\"></span>raggiunto <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>periodo </span>cui <span class=\"_ _3b\"></span>si riferiscono, <span class=\"_ _3b\"></span>ovvero, <span class=\"_ _2\"></span>misurano <span class=\"_ _3b\"></span>quanto i <span class=\"_ _3b\"></span>risultati <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffettivi <span class=\"_ _3b\"></span>si sia<span class=\"_ _3b\"></span>no discostati <span class=\"_ _3b\"></span>dalla c<span class=\"_ _2\"></span>opertura perfetta. Solo  gli  strumenti <span class=\"_ _3d\"> </span>che  coinvolgono  una  controparte  esterna  posso<span class=\"_ _1\"></span>no  essere  designati  come strumenti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>copertura. <span class=\"_ _0\"></span>Pertanto, <span class=\"_ _0\"></span>ogni <span class=\"_ _38\"></span>risultato <span class=\"_ _0\"></span>riconducibil<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>transazioni <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>terne <span class=\"_ _0\"></span>effettuate <span class=\"_ _38\"></span>tra diverse entit\u00e0 del Gruppo \u00e8 eliminato dal bilancio consolidato. Cessazione pro<span class=\"_ _1\"></span>spettica della contabili<span class=\"_ _1\"></span>zzazione di co<span class=\"_ _3a1\"> </span>pertur<span class=\"_ _3a1\"> </span>a Se <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>verifiche <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>confermano <span class=\"_ _1\"></span>l\u2019efficacia <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>coper<span class=\"_ _1\"></span>tura, <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>quel <span class=\"_ _38\"></span>momento <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>contabilizzazione delle <span class=\"_ _3d\"> </span>operazioni <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>coper<span class=\"_ _1\"></span>tura,  se<span class=\"_ _1\"></span>condo <span class=\"_ _3d\"> </span>quanto <span class=\"_ _3d\"> </span>sopra <span class=\"_ _3d\"> </span>esposto, <span class=\"_ _3d\"> </span>viene<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>interrotta <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>il <span class=\"_ _3d\"> </span>contratto derivato <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>copertura <span class=\"_ _1\"></span>viene <span class=\"_ _1\"></span>riclassificato <span class=\"_ _1\"></span>tra <span class=\"_ _38\"></span>gli strume<span class=\"_ _1\"></span>nti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>negoziazione. Inoltre<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>operazioni <span class=\"_ _1\"></span>di copertura <span class=\"_ _38\"></span>cessano <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>momento <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>cui <span class=\"_ _1\"></span>lo <span class=\"_ _0\"></span>strumento <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>copertura <span class=\"_ _38\"></span>giunge <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>scadenza, <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>venduto, cessato o esercitato, oppure viene revocata <span class=\"_ _1\"></span>la designazione. Per <span class=\"_ _1\"></span>le re<span class=\"_ _1\"></span>lazioni di <span class=\"_ _1\"></span>copertura<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di fair <span class=\"_ _1\"></span>value, <span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>strumento <span class=\"_ _1\"></span>finanziario <span class=\"_ _1\"></span>coperto <span class=\"_ _1\"></span>non \u00e8 <span class=\"_ _38\"></span>pi\u00f9 rettificato <span class=\"_ _1\"></span>per le <span class=\"_ _2\"></span>variazioni <span class=\"_ _3b\"></span>di fair <span class=\"_ _3b\"></span>value <span class=\"_ _3b\"></span>e qualsia<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>rettifica al <span class=\"_ _3b\"></span>valore <span class=\"_ _2\"></span>contabile <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>uno <span class=\"_ _3b\"></span>str<span class=\"_ _1\"></span>umento <span class=\"_ _2\"></span>finanziario <span class=\"_ _3b\"></span>coperto per  il  qual<span class=\"_ _2\"></span>e  \u00e8  utilizzato  il <span class=\"_ _35\"> </span>criterio  dell'interesse  effettivo  d<span class=\"_ _2\"></span>eve  essere  ammortizzata  n<span class=\"_ _2\"></span>el  conto economico. <span class=\"_ _37\"> </span>Nel <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>interruzione <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>una <span class=\"_ _37\"> </span>relazione <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>cop<span class=\"_ _1\"></span>ertura <span class=\"_ _37\"> </span>generica <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>fair <span class=\"_ _37\"> </span>value, <span class=\"_ _37\"> </span>le rivalutazioni/svalutazioni <span class=\"_ _35\"> </span>cu<span class=\"_ _2\"></span>mulat<span class=\"_ _1\"></span>e <span class=\"_ _35\"> </span>iscritte <span class=\"_ _0\"></span>nella <span class=\"_ _35\"> </span>voce <span class=\"_ _0\"></span>60. <span class=\"_ _35\"> </span>\u201cAdeguamento <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>attivit\u00e0 finanziarie  oggetto <span class=\"_ _35\"> </span>di  copertura <span class=\"_ _35\"> </span>generica\u201d  oppu<span class=\"_ _2\"></span>re  50. <span class=\"_ _35\"> </span>\u201cAdeguamento  di <span class=\"_ _35\"> </span>valore  delle<span class=\"_ _2\"></span>  passivit\u00e0 finanziarie oggetto di copertura generica\u201d sono rilevate a conto <span class=\"_ _2\"></span>economico tra gli interessi attivi o passivi l<span class=\"_ _2\"></span>ungo la <span class=\"_ _3b\"></span>d<span class=\"_ _1\"></span>urata residua <span class=\"_ _3b\"></span>d<span class=\"_ _1\"></span>elle originarie <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>elazioni di<span class=\"_ _2\"></span> copertura, <span class=\"_ _3b\"></span>fe<span class=\"_ _1\"></span>rma restando <span class=\"_ _3b\"></span>la verifica che ne sussistano i presupposti.<span class=\"_ _3a1\"> </span>Per <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>relazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>copertura <span class=\"_ _38\"></span>dei <span class=\"_ _1\"></span>flussi <span class=\"_ _1\"></span>finanziari, <span class=\"_ _1\"></span>l'uti<span class=\"_ _3a1\"> </span>le <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>perdita <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>plessiva <span class=\"_ _1\"></span>dello <span class=\"_ _1\"></span>strume<span class=\"_ _1\"></span>nto di copertura <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>stato <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ilevato <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>elle <span class=\"_ _0\"></span>altre <span class=\"_ _38\"></span>componenti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>conto <span class=\"_ _0\"></span>ec<span class=\"_ _2\"></span>onomico <span class=\"_ _0\"></span>complessivo <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>partire dall'esercizio <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _3b\"></span>la <span class=\"_ _3b\"></span>copert<span class=\"_ _1\"></span>ura <span class=\"_ _3b\"></span>era efficac<span class=\"_ _2\"></span>e, <span class=\"_ _3b\"></span>deve r<span class=\"_ _2\"></span>estare <span class=\"_ _3b\"></span>separatamente <span class=\"_ _2\"></span>nel <span class=\"_ _3b\"></span>patrimonio <span class=\"_ _3b\"></span>ne<span class=\"_ _1\"></span>tto <span class=\"_ _3b\"></span>sino a <span class=\"_ _0\"></span>quando <span class=\"_ _38\"></span>l'oper<span class=\"_ _1\"></span>azione <span class=\"_ _0\"></span>prog<span class=\"_ _2\"></span>rammata <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>ve<span class=\"_ _2\"></span>rifica. <span class=\"_ _0\"></span>Qualora <span class=\"_ _38\"></span>l'operazione <span class=\"_ _0\"></span>programmata <span class=\"_ _0\"></span>ci <span class=\"_ _38\"></span>si <span class=\"_ _0\"></span>attende non <span class=\"_ _3d\"> </span>debba <span class=\"_ _3d\"> </span>pi\u00f9 <span class=\"_ _3d\"> </span>accader<span class=\"_ _1\"></span>e, <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>qual <span class=\"_ _3d\"> </span>caso <span class=\"_ _3d\"> </span>quals<span class=\"_ _1\"></span>iasi <span class=\"_ _3d\"> </span>corre<span class=\"_ _1\"></span>lato <span class=\"_ _3d\"> </span>utile <span class=\"_ _3d\"> </span>o <span class=\"_ _3d\"> </span>per<span class=\"_ _1\"></span>dita <span class=\"_ _3d\"> </span>complessivo <span class=\"_ _3d\"> </span>sullo strumento <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>copertura <span class=\"_ _36\"> </span>che <span class=\"_ _37\"> </span>\u00e8 <span class=\"_ _36\"> </span>stato <span class=\"_ _36\"> </span>rilevato <span class=\"_ _36\"> </span>nel <span class=\"_ _37\"> </span>prospetto <span class=\"_ _37\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _37\"> </span>altr<span class=\"_ _1\"></span>e <span class=\"_ _37\"> </span>componenti <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>conto economico complessivo d<span class=\"_ _2\"></span>all'esercizio <span class=\"_ _2\"></span>in cui <span class=\"_ _3b\"></span>la copertura era effic<span class=\"_ _2\"></span>ace deve es<span class=\"_ _2\"></span>sere riclassificato <span class=\"_ _2\"></span>dal patrimonio <span class=\"_ _3f\"> </span>netto <span class=\"_ _3f\"> </span>all\u2019utile <span class=\"_ _3f\"> </span>(perdita) <span class=\"_ _3f\"> </span>d\u2019eser<span class=\"_ _1\"></span>cizio <span class=\"_ _3f\"> </span>come <span class=\"_ _3f\"> </span>rettifica <span class=\"_ _3f\"> </span>da <span class=\"_ _3f\"> </span>riclassificazione. <span class=\"_ _3f\"> </span>Tuttavia,<span class=\"_ _3a1\"> </span>un\u2019operazione pro<span class=\"_ _1\"></span>grammata che <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>pi\u00f9 altamente <span class=\"_ _1\"></span>probabile, ci <span class=\"_ _1\"></span>si pu\u00f2 <span class=\"_ _1\"></span>ancora <span class=\"_ _1\"></span>attendere <span class=\"_ _1\"></span>che si<span class=\"_ _3a1\"> </span> verifichi.<span class=\"_ _3a1\"> </span> Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"_ _3a1\"> </span> L\u2019allocazione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>componenti <span class=\"_ _0\"></span>reddituali <span class=\"_ _38\"></span>nelle <span class=\"_ _0\"></span>pert<span class=\"_ _1\"></span>inenti <span class=\"_ _0\"></span>voci <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>avviene <span class=\"_ _0\"></span>sull<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span> base di quanto riportato di seguito:<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _0\"></span>differenziali <span class=\"_ _38\"></span>mat<span class=\"_ _1\"></span>urati <span class=\"_ _0\"></span>sugli <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>derivati <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>copert<span class=\"_ _1\"></span>ura <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>teresse<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>(oltre agli interessi delle posizioni<span class=\"_ _2\"></span> oggetto di copertura) vengono allocati <span class=\"_ _2\"></span>nella voce \u201cInteressi<span class=\"_ _3a1\"> </span> attivi e proventi assimilati\u201d o \u201cInteress<span class=\"_ _1\"></span>i passivi e oneri assimilati\u201d;<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">le plu<span class=\"_ _2\"></span>svalenze e mi<span class=\"_ _2\"></span>nusvalenze derivanti d<span class=\"_ _2\"></span>alla valutazione <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>strument<span class=\"_ _1\"></span>i derivati <span class=\"_ _3b\"></span>di copertura<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>e <span class=\"_ _37\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _37\"> </span>posizioni <span class=\"_ _37\"> </span>oggetto <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>copertura <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>fair <span class=\"_ _36\"> </span>value <span class=\"_ _37\"> </span>hedge <span class=\"_ _37\"> </span>vengono <span class=\"_ _36\"> </span>allocate <span class=\"_ _37\"> </span>nella <span class=\"_ _37\"> </span>voce<span class=\"_ _3a1\"> </span> \u201cRisultato netto dell\u2019attivit\u00e0 di copertur<span class=\"_ _1\"></span>a\u201d;<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _36\"> </span>plusvalenze <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>le <span class=\"_ _36\"> </span>minusvalenze <span class=\"_ _37\"> </span>derivanti <span class=\"_ _36\"> </span>dalla <span class=\"_ _36\"> </span>valutazione <span class=\"_ _36\"> </span>degli <span class=\"_ _37\"> </span>strumenti <span class=\"_ _36\"> </span>derivati <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>copertura di <span class=\"_ _1\"></span>cash flow <span class=\"_ _1\"></span>hedge <span class=\"_ _1\"></span>(per <span class=\"_ _1\"></span>la parte e<span class=\"_ _1\"></span>fficace) vengono <span class=\"_ _1\"></span>allocate <span class=\"_ _1\"></span>in una <span class=\"_ _1\"></span>specifica riserva<span class=\"_ _3a1\"> </span> di valutazione di patrimonio netto \u201c<span class=\"_ _1\"></span>Copertura dei flussi finanziari\u201d, al netto dell\u2019effetto fiscale<span class=\"_ _3a1\"> </span> differito. <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>parte <span class=\"_ _38\"></span>inefficace <span class=\"_ _1\"></span>tali <span class=\"_ _1\"></span>plus <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>minus <span class=\"_ _1\"></span>vengono <span class=\"_ _38\"></span>contabilizzate<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>economico<span class=\"_ _3a1\"> </span> nella <span class=\"_ _38\"></span>voce<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>\u201cRisulta<span class=\"_ _2\"></span>to <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>etto <span class=\"_ _0\"></span>dell\u2019<span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>copertura\u201d. <span class=\"_ _0\"></span>Se<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>lo <span class=\"_ _38\"></span>strumento <span class=\"_ _38\"></span>cope<span class=\"_ _1\"></span>rto <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>cancellato,<span class=\"_ _3a1\"> </span> scade <span class=\"_ _39\"> </span>o <span class=\"_ _36\"> </span>si <span class=\"_ _36\"> </span>e<span class=\"_ _1\"></span>stingue <span class=\"_ _36\"> </span>allora <span class=\"_ _39\"> </span>la <span class=\"_ _36\"> </span>riserva <span class=\"_ _39\"> </span>\u00e8 <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>iversata <span class=\"_ _36\"> </span>immediatamente <span class=\"_ _39\"> </span>a <span class=\"_ _36\"> </span>conto <span class=\"_ _39\"> </span>economico<span class=\"_ _3a1\"> </span> contestualmente alla cancellazione dell\u2019elemento coperto.<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">nel <span class=\"_ _1\"></span>caso <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>copertura <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>flussi <span class=\"_ _38\"></span>finanziari, <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>variazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fa<span class=\"_ _1\"></span>ir <span class=\"_ _1\"></span>value <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>derivato <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>imputate<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>nella <span class=\"_ _0\"></span>redditivit\u00e0 <span class=\"_ _0\"></span>complessiva, <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>ota <span class=\"_ _0\"></span>efficace <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>copertura, <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>rilevate <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>Conto<span class=\"_ _3a1\"> </span> Economico <span class=\"_ _0\"></span>solo <span class=\"_ _35\"> </span>quando, <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>posta <span class=\"_ _0\"></span>coperta, <span class=\"_ _35\"> </span>si<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>manifest<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>va<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iazione <span class=\"_ _0\"></span>dei<span class=\"_ _3a1\"> </span> flussi di cassa da compensare o se <span class=\"_ _1\"></span>la copertura risulta inefficace.<span class=\"_ _3a1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-888": {
   "value": "1 - A<span class=\"_ _3a1\"> </span>ttivit\u00e0 finan<span class=\"_ _1\"></span>ziarie v<span class=\"_ _1\"></span>alutate <span class=\"_ _1\"></span>al fair valu<span class=\"_ _1\"></span>e con impa<span class=\"_ _1\"></span>tto a<span class=\"_ _1\"></span> conto ec<span class=\"_ _1\"></span>onom<span class=\"_ _3a1\"> </span>ico Criteri di iscrizione L\u2019iscrizione <span class=\"_ _1\"></span>iniziale <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0 finanziarie <span class=\"_ _38\"></span>avviene <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>regolamento <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>debito e<span class=\"_ _1\"></span> per i <span class=\"_ _1\"></span>titoli di <span class=\"_ _1\"></span>capitale, alla <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>di erogazione <span class=\"_ _1\"></span>per i <span class=\"_ _1\"></span>finanziamenti ed <span class=\"_ _1\"></span>alla data <span class=\"_ _1\"></span>di sott<span class=\"_ _1\"></span>oscrizione per <span class=\"_ _1\"></span>i contratti <span class=\"_ _184\"></span>d<span class=\"_ _3b\"></span>er<span class=\"_ _1\"></span>ivati. All\u2019atto <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>rilevazione <span class=\"_ _35\"> </span>iniz<span class=\"_ _2\"></span>iale <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>fin<span class=\"_ _2\"></span>anziarie <span class=\"_ _35\"> </span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _0\"> </span>fair<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>val<span class=\"_ _2\"></span>ue <span class=\"_ _35\"> </span>con<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>impatto <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>cont<span class=\"_ _2\"></span>o economico  vengono  rilevate <span class=\"_ _35\"> </span>al  fair <span class=\"_ _35\"> </span>value,  senza  considerare  i <span class=\"_ _35\"> </span>costi  o  proventi <span class=\"_ _35\"> </span>di  transazione direttamente attribuibili allo strumento stesso. Criteri di classificazione Sono <span class=\"_ _35\"> </span>classificate  i<span class=\"_ _2\"></span>n <span class=\"_ _35\"> </span>questa <span class=\"_ _35\"> </span>categoria <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _35\"> </span>finanziarie <span class=\"_ _35\"> </span>diverse  d<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>quelle <span class=\"_ _35\"> </span>classificate <span class=\"_ _35\"> </span>tra <span class=\"_ _35\"> </span>le Attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _0\"></span>valu<span class=\"_ _2\"></span>tate <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _1\"></span>con <span class=\"_ _0\"></span>impatto <span class=\"_ _1\"></span>sulla <span class=\"_ _38\"></span>redditivit\u00e0 <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>mplessiva <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>tra <span class=\"_ _0\"></span>le <span class=\"_ _1\"></span>Attivit\u00e0 finanziare valutate al costo ammort<span class=\"_ _1\"></span>izzato. La voce, in particolare, include: <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>detenute <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>negoziazione, <span class=\"_ _1\"></span>essenzialmente <span class=\"_ _1\"></span>rappresentate <span class=\"_ _38\"></span>da titoli <span class=\"_ _1\"></span>di </span>debito <span class=\"_ _36\"> </span>e <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>capitale <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>dal <span class=\"_ _36\"> </span>valore <span class=\"_ _36\"> </span>positivo <span class=\"_ _36\"> </span>dei <span class=\"_ _36\"> </span>contratti <span class=\"_ _36\"> </span>derivati <span class=\"_ _37\"> </span>det<span class=\"_ _1\"></span>enuti <span class=\"_ _36\"> </span>con <span class=\"_ _36\"> </span>finalit\u00e0 <span class=\"_ _36\"> </span>di negoziazione; <span class=\"_ _42\"> </span><span class=\"ff4\">le  attivit\u00e0  finanz<span class=\"_ _2\"></span>iarie  obbligatoriamente  valutate  al <span class=\"_ _35\"> </span>fair  value,  rappresentate  dalle <span class=\"_ _35\"> </span>attivit\u00e0 </span>finanziarie <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>soddisfano <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>requisiti <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>valu<span class=\"_ _2\"></span>tazione <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>costo <span class=\"_ _0\"></span>ammortizzato <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>al<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>fair value <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>impatt<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>ulla <span class=\"_ _0\"></span>redditivit\u00e0 <span class=\"_ _0\"></span>comples<span class=\"_ _1\"></span>siva. <span class=\"_ _0\"></span>Si <span class=\"_ _0\"></span>tratta <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>termini contrattuali <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>prevedono <span class=\"_ _38\"></span>esclusivamente <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>imborsi <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>capitale <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>pagamenti <span class=\"_ _38\"></span>dell\u2019interesse sull\u2019importo <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>capitale <span class=\"_ _35\"> </span>d<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>restituire <span class=\"_ _35\"> </span>(cd. <span class=\"_ _0\"></span>\u201cSPPI <span class=\"_ _35\"> </span>test\u201d <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>uperato) <span class=\"_ _0\"> </span>o<span class=\"_ _1\"></span>ppure <span class=\"_ _0\"></span>che <span class=\"_ _35\"> </span>non<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>sono detenute n<span class=\"_ _3b\"></span>el quadro<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>un modell<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>business il<span class=\"_ _3b\"></span> cui<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>obiettivo <span class=\"_ _3b\"></span>\u00e8 il<span class=\"_ _3b\"></span> possesso <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3b\"></span>finalizzato alla <span class=\"_ _3d\"> </span>raccolta <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>flussi <span class=\"_ _3d\"> </span>finanziari <span class=\"_ _3d\"> </span>contrattuali <span class=\"_ _3d\"> </span>(Business <span class=\"_ _3d\"> </span>mo<span class=\"_ _1\"></span>del  \u201c<span class=\"_ _1\"></span>Hold  to <span class=\"_ _3d\"> </span>Collect<span class=\"_ _1\"></span>\u201d)  o <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>cui obiettivo \u00e8 <span class=\"_ _1\"></span>conseguito <span class=\"_ _1\"></span>sia mediante la <span class=\"_ _1\"></span>raccolta dei <span class=\"_ _1\"></span>flussi finanziari <span class=\"_ _1\"></span>contrattuali che <span class=\"_ _1\"></span>mediante la vendita di attivit\u00e0 finanziarie (Business model \u201cHold to Collect and Sell\u201d); <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _3d\"> </span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _37\"> </span>finanziarie <span class=\"_ _3d\"> </span>designate <span class=\"_ _3d\"> </span>al <span class=\"_ _37\"> </span>fair <span class=\"_ _37\"> </span>value, <span class=\"_ _3d\"> </span>os<span class=\"_ _1\"></span>sia <span class=\"_ _3d\"> </span>le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _37\"> </span>finanziarie <span class=\"_ _37\"> </span>cos\u00ec <span class=\"_ _3d\"> </span>definite<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>al </span>momento  della  rilevazione  iniziale  e  ove  ne  sussistano  i  presupposti.  In<span class=\"_ _2\"></span>  relazione  a  tale fattispecie, <span class=\"_ _36\"> </span>un\u2019entit\u00e0 <span class=\"_ _36\"> </span>pu\u00f2 <span class=\"_ _36\"> </span>designare <span class=\"_ _36\"> </span>irrevocabilmente <span class=\"_ _36\"> </span>all\u2019iscrizione <span class=\"_ _36\"> </span>un\u2019attivit\u00e0 <span class=\"_ _36\"> </span>finanziaria<span class=\"_ _3a1\"> </span>come valutata al fair valu<span class=\"_ _2\"></span>e con imp<span class=\"_ _2\"></span>atto a conto economico se, e<span class=\"_ _2\"></span> solo se, cos\u00ec fac<span class=\"_ _2\"></span>endo elimina o riduce significativamente un\u2019incoerenza valutativa. Trovano, quindi, evidenza in questa voce<span class=\"_ _1\"></span>: <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>itoli <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>debito e <span class=\"_ _3b\"></span>i <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _3b\"></span>che sono <span class=\"_ _3b\"></span>inclusi <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>business <span class=\"_ _3b\"></span>model Tradin<span class=\"_ _2\"></span>g <span class=\"_ _3b\"></span>(non riconducibili </span>quindi ai <span class=\"_ _1\"></span>business <span class=\"_ _38\"></span>model \u201c<span class=\"_ _1\"></span>Hold to <span class=\"_ _1\"></span>Collect\u201d <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>\u201cHold t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>Collect and <span class=\"_ _1\"></span>Sell\u201d) <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>superano <span class=\"_ _1\"></span>il test SPPI; <span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>rumenti <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>capitale <span class=\"_ _38\"></span>- <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>qualificabili <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>controllo, <span class=\"_ _38\"></span>collegament<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>rollo <span class=\"_ _38\"></span>congiunto <span class=\"_ _38\"></span>- </span>detenuti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>finalit\u00e0 di <span class=\"_ _1\"></span>negoziazione <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>sia o<span class=\"_ _1\"></span>ptato, <span class=\"_ _1\"></span>in sede <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rilevazione <span class=\"_ _1\"></span>iniziale, per la designazione al fair value con impatto sulla re<span class=\"_ _1\"></span>dditivit\u00e0 complessiva; <span class=\"_ _42\"> </span><span class=\"ff4\">le quote di OICR. </span>La voce accoglie, <span class=\"_ _1\"></span>inoltre, i contratti <span class=\"_ _1\"></span>derivati, contabilizzati tr<span class=\"_ _1\"></span>a le attivit\u00e0 <span class=\"_ _1\"></span>finanziarie detenute per la negoziazione, che sono rappresent<span class=\"_ _1\"></span>ati come attivit\u00e0 se il fair value \u00e8<span class=\"_ _1\"></span> positivo e come passivit\u00e0 se il fair  value <span class=\"_ _35\"> </span>\u00e8  negativo.  E\u2019 <span class=\"_ _35\"> </span>possibile  compensare  i  v<span class=\"_ _2\"></span>alori  correnti <span class=\"_ _35\"> </span>positivi  e  negativi <span class=\"_ _35\"> </span>derivanti  da operazioni <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ssere <span class=\"_ _3b\"></span>con l<span class=\"_ _2\"></span>a <span class=\"_ _3b\"></span>medesima <span class=\"_ _3b\"></span>cont<span class=\"_ _1\"></span>roparte <span class=\"_ _3b\"></span>soltanto <span class=\"_ _3b\"></span>qualora si <span class=\"_ _184\"></span>abbia <span class=\"_ _3b\"></span>cor<span class=\"_ _1\"></span>rentemente <span class=\"_ _3b\"></span>il <span class=\"_ _2\"></span>diritto legale <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>mpensare <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>importi <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ilevati <span class=\"_ _38\"></span>contabilmente <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>si <span class=\"_ _38\"></span>inte<span class=\"_ _1\"></span>nda <span class=\"_ _1\"></span>procedere <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>regolamento <span class=\"_ _38\"></span>su base netta delle posizioni oggetto di compensazione. Fra  i <span class=\"_ _3d\"> </span>derivati <span class=\"_ _3d\"> </span>sono  inclusi <span class=\"_ _3d\"> </span>anche  quelli <span class=\"_ _3d\"> </span>incorporati <span class=\"_ _3d\"> </span>in  contratti  finanziari <span class=\"_ _3d\"> </span>complessi <span class=\"_ _3d\"> </span>-  in  cui <span class=\"_ _3d\"> </span>il contratto <span class=\"_ _0\"></span>primario <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>una <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _0\"></span>finanziaria <span class=\"_ _38\"></span>- <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>so<span class=\"_ _1\"></span>no <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>tati <span class=\"_ _0\"></span>oggetto <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>rilevazione <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>eparata <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n quanto:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _48\"> </span>loro <span class=\"_ _3a\"> </span>caratteristiche <span class=\"_ _48\"> </span>economiche <span class=\"_ _48\"> </span>ed<span class=\"_ _2\"></span> <span class=\"_ _48\"> </span>i <span class=\"_ _3a\"> </span>rischi <span class=\"_ _48\"> </span>non <span class=\"_ _48\"> </span>sono<span class=\"_ _2\"></span> <span class=\"_ _48\"> </span>strettamente <span class=\"_ _3a\"> </span>correlati <span class=\"_ _48\"> </span>alle<span class=\"_ _3a1\"> </span></span>caratteristiche del contratto sottostante;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">gli strumenti incorporati, anche se separati, soddisfano la definizione di der<span class=\"_ _1\"></span>ivato;<span class=\"_ _3a1\"> </span></span><span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _38\"></span>strument<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>ibridi <span class=\"_ _38\"></span>cui <span class=\"_ _38\"></span>appartengono <span class=\"_ _0\"></span>non <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no <span class=\"_ _38\"></span>valutati <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>fair <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>ue <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>le <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>lative <span class=\"_ _38\"></span>variazioni<span class=\"_ _3a1\"> </span></span>rilevate a Conto Economico.<span class=\"_ _3a1\"> </span>Riclassifiche<span class=\"_ _3a1\"> </span>Secondo <span class=\"_ _36\"> </span>le <span class=\"_ _39\"> </span>regole <span class=\"_ _36\"> </span>generali <span class=\"_ _39\"> </span>previste <span class=\"_ _36\"> </span>dall\u2019IFRS <span class=\"_ _36\"> </span>9 <span class=\"_ _36\"> </span>in <span class=\"_ _39\"> </span>materia <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>riclassificazione <span class=\"_ _39\"> </span>delle <span class=\"_ _36\"> </span>attivit\u00e0<span class=\"_ _3a1\"> </span>finanziarie (ad <span class=\"_ _2\"></span>eccezione dei titol<span class=\"_ _2\"></span>i di cap<span class=\"_ _2\"></span>itale, per cui <span class=\"_ _3b\"></span>no<span class=\"_ _1\"></span>n \u00e8<span class=\"_ _2\"></span> ammessa <span class=\"_ _2\"></span>alcuna riclassifica), <span class=\"_ _3b\"></span>no<span class=\"_ _1\"></span>n sono<span class=\"_ _3a1\"> </span>ammesse <span class=\"_ _3d\"> </span>riclassifiche  ve<span class=\"_ _1\"></span>rso  alt<span class=\"_ _1\"></span>re  categor<span class=\"_ _1\"></span>ie <span class=\"_ _3d\"> </span>di  attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _3d\"> </span>salvo <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>caso <span class=\"_ _3d\"> </span>in  cui <span class=\"_ _3d\"> </span>l\u2019entit\u00e0<span class=\"_ _3a1\"> </span>modifichi <span class=\"_ _35\"> </span>il  proprio  modello  di <span class=\"_ _35\"> </span>business  per  la  g<span class=\"_ _3b\"></span>estione<span class=\"_ _1\"></span>  delle <span class=\"_ _35\"> </span>attivit\u00e0  finanziarie   <span class=\"_ _35\"> </span>a  seguito  d<span class=\"_ _3b\"></span>i<span class=\"_ _3a1\"> </span>cambiamenti <span class=\"_ _38\"></span>esterni <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>inter<span class=\"_ _1\"></span>ni <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>quali <span class=\"_ _38\"></span>siano <span class=\"_ _38\"></span>rilevanti <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>oper<span class=\"_ _1\"></span>azioni <span class=\"_ _1\"></span>dell'entit<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>dimostrabili <span class=\"_ _38\"></span>alle<span class=\"_ _3a1\"> </span>parti  esterne.  In <span class=\"_ _35\"> </span>tali  casi,  c<span class=\"_ _2\"></span>he  ci <span class=\"_ _35\"> </span>si  attende  siano  altamente  infrequenti, <span class=\"_ _35\"> </span>le  attivit\u00e0  finanziarie<span class=\"_ _3a1\"> </span>potranno essere riclassificate d<span class=\"_ _2\"></span>alla categoria <span class=\"_ _2\"></span>valutata al fai<span class=\"_ _2\"></span>r value c<span class=\"_ _2\"></span>on impatto a <span class=\"_ _2\"></span>conto economico<span class=\"_ _3a1\"> </span>in <span class=\"_ _39\"> </span>una <span class=\"_ _39\"> </span>delle <span class=\"_ _3f\"> </span>altre <span class=\"_ _36\"> </span>due <span class=\"_ _3f\"> </span>categorie <span class=\"_ _39\"> </span>previste <span class=\"_ _39\"> </span>dall\u2019IFRS <span class=\"_ _39\"> </span>9 <span class=\"_ _39\"> </span>(Attivit\u00e0 <span class=\"_ _3f\"> </span>finanzi<span class=\"_ _2\"></span>arie <span class=\"_ _3f\"> </span>valu<span class=\"_ _2\"></span>tate <span class=\"_ _39\"> </span>al <span class=\"_ _3f\"> </span>costo<span class=\"_ _3a1\"> </span>ammortizzato o At<span class=\"_ _2\"></span>tivit\u00e0 finanziarie <span class=\"_ _2\"></span>valutate al <span class=\"_ _3b\"></span>fair<span class=\"_ _1\"></span> value <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>n impa<span class=\"_ _2\"></span>tto sulla <span class=\"_ _2\"></span>redditivit\u00e0 complessiva).<span class=\"_ _3a1\"> </span>Il <span class=\"_ _0\"></span>valore <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>trasferimento <span class=\"_ _0\"> </span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>rappresentato <span class=\"_ _0\"></span>dal <span class=\"_ _35\"> </span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>mo<span class=\"_ _1\"></span>mento <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>riclassificazione <span class=\"_ _0\"></span>e <span class=\"_ _0\"> </span>gli<span class=\"_ _3a1\"> </span>effetti <span class=\"_ _3b\"></span>della <span class=\"_ _2\"></span>riclassificazione <span class=\"_ _3b\"></span>oper<span class=\"_ _1\"></span>ano <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>ma<span class=\"_ _1\"></span>niera <span class=\"_ _3b\"></span>pros<span class=\"_ _1\"></span>pettica <span class=\"_ _3b\"></span>a <span class=\"_ _3b\"></span>partire d<span class=\"_ _2\"></span>alla <span class=\"_ _3b\"></span>data <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>riclassificazione<span class=\"_ _1\"></span>.<span class=\"_ _3a1\"> </span>In questo <span class=\"_ _1\"></span>caso, <span class=\"_ _1\"></span>il tas<span class=\"_ _1\"></span>so di int<span class=\"_ _1\"></span>eresse effett<span class=\"_ _1\"></span>ivo dell\u2019attivit\u00e0 <span class=\"_ _1\"></span>finanziaria r<span class=\"_ _1\"></span>iclassificata \u00e8<span class=\"_ _1\"></span> determinato in<span class=\"_ _3a1\"> </span>base <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>suo <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>valu<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>data <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>riclassificazione <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>tale <span class=\"_ _35\"> </span>data <span class=\"_ _0\"></span>viene <span class=\"_ _35\"> </span>considera<span class=\"_ _1\"></span>ta <span class=\"_ _35\"> </span>come <span class=\"_ _35\"> </span>data <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>rilevazione <span class=\"_ _1\"></span>iniziale <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>l\u2019allocazione <span class=\"_ _38\"></span>nei <span class=\"_ _1\"></span>diversi <span class=\"_ _1\"></span>stadi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>creditizio <span class=\"_ _38\"></span>(stage <span class=\"_ _1\"></span>assignment) <span class=\"_ _38\"></span>ai <span class=\"_ _1\"></span>fini<span class=\"_ _3a1\"> </span>dell\u2019impairment.<span class=\"_ _3a1\"> </span>Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span>Successivamente <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>rilevazione <span class=\"_ _1\"></span>iniziale, le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate al <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>impatto a<span class=\"_ _3a1\"> </span>conto <span class=\"_ _3d\"> </span>economico  s<span class=\"_ _1\"></span>ono  valorizzate <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>fair <span class=\"_ _3d\"> </span>value.  Gli <span class=\"_ _3d\"> </span>effetti <span class=\"_ _3d\"> </span>dell\u2019applicazione  di <span class=\"_ _3d\"> </span>tale <span class=\"_ _3d\"> </span>criterio <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span>valutazione sono imputati nel Conto Economico.<span class=\"_ _3a1\"> </span>Per l<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>determinazione del <span class=\"_ _3b\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3b\"></span>degli strumenti <span class=\"_ _2\"></span>finanziari <span class=\"_ _3b\"></span>quot<span class=\"_ _1\"></span>ati i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>un <span class=\"_ _3b\"></span>me<span class=\"_ _1\"></span>rcato <span class=\"_ _2\"></span>attivo, <span class=\"_ _3b\"></span>vengon<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span>utilizzate <span class=\"_ _2\"></span>quotazioni <span class=\"_ _3b\"></span>di mercato. <span class=\"_ _3b\"></span>In <span class=\"_ _2\"></span>assenza di <span class=\"_ _3b\"></span>un <span class=\"_ _3b\"></span>me<span class=\"_ _1\"></span>rcato <span class=\"_ _2\"></span>attivo, <span class=\"_ _3b\"></span>vengono u<span class=\"_ _2\"></span>tilizzati <span class=\"_ _3b\"></span>me<span class=\"_ _1\"></span>todi d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>tima<span class=\"_ _3a1\"> </span>e <span class=\"_ _38\"></span>modelli <span class=\"_ _38\"></span>valutativi <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>unemente <span class=\"_ _38\"></span>adottati, <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>tengono <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>tutti <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>fattori <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>corre<span class=\"_ _1\"></span>lati<span class=\"_ _3a1\"> </span>agli <span class=\"_ _3b\"></span>st<span class=\"_ _1\"></span>rumenti e <span class=\"_ _3b\"></span>che <span class=\"_ _2\"></span>sono b<span class=\"_ _2\"></span>asati <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>u <span class=\"_ _3b\"></span>dati rilevabili <span class=\"_ _3b\"></span>sul mercato <span class=\"_ _2\"></span>quali: <span class=\"_ _3b\"></span>valutazione di <span class=\"_ _3b\"></span>strument<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>quotati<span class=\"_ _3a1\"> </span>che <span class=\"_ _48\"> </span>present<span class=\"_ _1\"></span>ano <span class=\"_ _48\"> </span>analoghe <span class=\"_ _17e\"> </span>caratteristiche, <span class=\"_ _48\"> </span>calcoli <span class=\"_ _17e\"> </span>di <span class=\"_ _48\"> </span>flussi<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>di <span class=\"_ _48\"> </span>cass<span class=\"_ _1\"></span>a <span class=\"_ _48\"> </span>scont<span class=\"_ _1\"></span>ati, <span class=\"_ _48\"> </span>modelli <span class=\"_ _17e\"> </span>di<span class=\"_ _3a1\"> </span>determinazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>prezzo <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>opzioni, <span class=\"_ _38\"></span>va<span class=\"_ _1\"></span>lori <span class=\"_ _0\"></span>rilevati <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>rece<span class=\"_ _1\"></span>nti <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ransazioni <span class=\"_ _0\"></span>comparabili, <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>cc. <span class=\"_ _0\"></span>Per <span class=\"_ _38\"></span>i<span class=\"_ _3a1\"> </span>titoli <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>capitale <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>strumenti <span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>ivati <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>hanno <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>oggetto <span class=\"_ _1\"></span>tito<span class=\"_ _1\"></span>li <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>capitale, <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>quotati <span class=\"_ _1\"></span>in<span class=\"_ _3a1\"> </span>un mercato at<span class=\"_ _2\"></span>tivo, il cri<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>erio del c<span class=\"_ _3b\"></span>os<span class=\"_ _1\"></span>to \u00e8 u<span class=\"_ _3b\"></span>tilizzato quale stima d<span class=\"_ _2\"></span>el fair valu<span class=\"_ _2\"></span>e soltanto in<span class=\"_ _2\"></span> via r<span class=\"_ _2\"></span>esiduale<span class=\"_ _3a1\"> </span>e <span class=\"_ _37\"> </span>limitatamente <span class=\"_ _37\"> </span>a <span class=\"_ _37\"> </span>poche <span class=\"_ _37\"> </span>circostanze, <span class=\"_ _37\"> </span>ossia <span class=\"_ _36\"> </span>in <span class=\"_ _3d\"> </span>cas<span class=\"_ _1\"></span>o <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>non <span class=\"_ _37\"> </span>applicabilit\u00e0 <span class=\"_ _36\"> </span>di <span class=\"_ _3d\"> </span>t<span class=\"_ _1\"></span>utti <span class=\"_ _37\"> </span>i <span class=\"_ _37\"> </span>metodi <span class=\"_ _37\"> </span>di<span class=\"_ _3a1\"> </span>valutazione  pre<span class=\"_ _1\"></span>cedentemente  richiamati,  ovver<span class=\"_ _1\"></span>o <span class=\"_ _3d\"> </span>in  presenza  di  un\u2019ampia <span class=\"_ _3d\"> </span>gamma  di <span class=\"_ _3d\"> </span>possibili<span class=\"_ _3a1\"> </span>valutazioni del fair value, nel cui ambito il cos<span class=\"_ _1\"></span>to rappresenta la stima pi\u00f9 significativa.<span class=\"_ _3a1\"> </span>Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span>Le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>ve<span class=\"_ _1\"></span>ngono <span class=\"_ _38\"></span>cancellate <span class=\"_ _1\"></span>dal <span class=\"_ _0\"></span>bil<span class=\"_ _2\"></span>ancio <span class=\"_ _38\"></span>so<span class=\"_ _3a1\"> </span>lamente <span class=\"_ _38\"></span>se <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>cessione <span class=\"_ _38\"></span>ha <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>mportato <span class=\"_ _38\"></span>il<span class=\"_ _3a1\"> </span>sostanziale <span class=\"_ _2\"></span>trasferimento di <span class=\"_ _3b\"></span>tutti i<span class=\"_ _2\"></span> rischi <span class=\"_ _3b\"></span>e benefici <span class=\"_ _3b\"></span>connessi all<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 st<span class=\"_ _2\"></span>esse. P<span class=\"_ _2\"></span>er contro,<span class=\"_ _2\"></span> qu<span class=\"_ _2\"></span>alora<span class=\"_ _3a1\"> </span>sia <span class=\"_ _38\"></span>stata <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>antenuta <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>rilevante <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>benefici <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span>cedute, qu<span class=\"_ _2\"></span>este<span class=\"_ _1\"></span> con<span class=\"_ _2\"></span>tinuano ad<span class=\"_ _2\"></span> essere iscritte <span class=\"_ _3b\"></span>in bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 giuridicamente la <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>itolarit\u00e0 delle<span class=\"_ _3a1\"> </span>attivit\u00e0 stesse sia stata effettivamente trasferita.<span class=\"_ _3a1\"> </span>Nel <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>possibile <span class=\"_ _35\"> </span>accertare <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>sostanziale <span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>asferimento <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>benefici, <span class=\"_ _0\"> </span>le<span class=\"_ _3a1\"> </span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>vengono <span class=\"_ _38\"></span>cancellate <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>bilancio <span class=\"_ _1\"></span>qualora <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ato <span class=\"_ _1\"></span>mante<span class=\"_ _1\"></span>nuto <span class=\"_ _1\"></span>alcun <span class=\"_ _38\"></span>tipo <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span>controllo <span class=\"_ _37\"> </span>sulle <span class=\"_ _37\"> </span>stesse. <span class=\"_ _37\"> </span>In <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>contrario, <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>conservazione, <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>parte, <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>tale <span class=\"_ _37\"> </span>controllo<span class=\"_ _3a1\"> </span>comporta  il <span class=\"_ _3d\"> </span>mantenimento  in  bilancio  de<span class=\"_ _1\"></span>lle  attivit\u00e0 <span class=\"_ _3d\"> </span>in  misura  pari <span class=\"_ _3d\"> </span>al  coinvolgimento<span class=\"_ _1\"></span>  residuo,<span class=\"_ _3a1\"> </span>misurato dall\u2019esposizione <span class=\"_ _1\"></span>ai cambiamenti di valore delle attivit\u00e0 cedute <span class=\"_ _1\"></span>ed alle variazioni dei flussi<span class=\"_ _3a1\"> </span>finanziari delle stesse.<span class=\"_ _3a1\"> </span>Infine,  le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _37\"> </span>cedute <span class=\"_ _3d\"> </span>vengono <span class=\"_ _37\"> </span>cancellate <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>bilancio <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>caso <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>cui <span class=\"_ _3d\"> </span>vi <span class=\"_ _3d\"> </span>sia <span class=\"_ _3d\"> </span>l<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span>conservazione <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>diritti <span class=\"_ _37\"> </span>contrattuali <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>ricevere <span class=\"_ _37\"> </span>i <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>cassa, <span class=\"_ _37\"> </span>con <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>contestuale<span class=\"_ _3a1\"> </span>assunzione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un\u2019obbligazione <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>pagare <span class=\"_ _38\"></span>detti <span class=\"_ _1\"></span>flussi, <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>solo <span class=\"_ _38\"></span>essi, <span class=\"_ _1\"></span>senza <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>ritardo <span class=\"_ _38\"></span>rilevante <span class=\"_ _1\"></span>ad <span class=\"_ _38\"></span>altri<span class=\"_ _3a1\"> </span>soggetti terzi.<span class=\"_ _3a1\"> </span>Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"_ _3a1\"> </span>Gli in<span class=\"_ _3a1\"> </span>teressi attivi sui titoli di debito ed i differenziali ed i margini dei contratti derivati classificati in<span class=\"_ _3a1\"> </span>tale <span class=\"_ _1\"></span>categoria, <span class=\"_ _1\"></span>ma ge<span class=\"_ _1\"></span>stionalmente collegat<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>attivit\u00e0 o <span class=\"_ _1\"></span>passivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value<span class=\"_ _3a1\"> </span>sono iscritti per competenza nelle voci di conto economico relat<span class=\"_ _1\"></span>ivi agli<span class=\"_ _2\"></span> intere<span class=\"_ _1\"></span>ssi. I <span class=\"_ _0\"></span>differe<span class=\"_ _1\"></span>nziali <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>margini <span class=\"_ _0\"></span>degli <span class=\"_ _35\"> </span>altri <span class=\"_ _0\"></span>contratti <span class=\"_ _35\"> </span>vengono <span class=\"_ _0\"></span>rilevati <span class=\"_ _35\"> </span>nel <span class=\"_ _0\"></span>\u201cRisultato <span class=\"_ _35\"> </span>netto <span class=\"_ _0\"></span>dell\u2019attivit\u00e0 <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span>negoziazione\u201d.<span class=\"_ _3a1\"> </span>I dividendi <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ono rilevati per c<span class=\"_ _2\"></span>ompetenza economica rife<span class=\"_ _2\"></span>rita alla da<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>a di a<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>sunzione della delib<span class=\"_ _2\"></span>era di<span class=\"_ _3a1\"> </span>distribuzione da parte dell\u2019assemblea e sono es<span class=\"_ _1\"></span>posti nella voce \u201cDividendi e proventi simili\u201d.<span class=\"_ _3a1\"> </span>Gli <span class=\"_ _35\"> </span>utili <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>le  p<span class=\"_ _2\"></span>erdite  r<span class=\"_ _2\"></span>ealizzati <span class=\"_ _35\"> </span>dalla <span class=\"_ _35\"> </span>cessione  o <span class=\"_ _35\"> </span>rimborso <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>plus/minusvalenze <span class=\"_ _35\"> </span>derivanti <span class=\"_ _35\"> </span>dalle<span class=\"_ _3a1\"> </span>variazioni <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>iscritti <span class=\"_ _0\"></span>nel <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>del<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>periodo <span class=\"_ _0\"></span>nel <span class=\"_ _0\"></span>quale <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>manifestano <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span>classificati <span class=\"_ _35\"> </span>nella <span class=\"_ _0\"></span>voce <span class=\"_ _35\"> </span>\u201cRisultato <span class=\"_ _0\"></span>netto <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>negozia<span class=\"_ _2\"></span>zione\u201d, <span class=\"_ _35\"> </span>ad <span class=\"_ _0\"></span>eccezione <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>ota<span class=\"_ _3a1\"> </span>relativa <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>contratti <span class=\"_ _38\"></span>der<span class=\"_ _1\"></span>ivati <span class=\"_ _0\"></span>gestionalmente <span class=\"_ _38\"></span>collegat<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>ad <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>fair <span class=\"_ _0\"></span>value<span class=\"_ _3a1\"> </span>rilevata nel \u201cRisultato netto delle attivit\u00e0 e passivit\u00e0 finanziarie valutate<span class=\"_ _1\"></span> al fair value\u201d.<span class=\"_ _3a1\"> </span>Il <span class=\"_ _35\"> </span>Gr<span class=\"_ _3a1\"> </span>uppo <span class=\"_ _35\"> </span>si  avv<span class=\"_ _2\"></span>ale  della <span class=\"_ _35\"> </span>facolt\u00e0, <span class=\"_ _35\"> </span>prevista <span class=\"_ _35\"> </span>in  sede <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>introduzione  d<span class=\"_ _2\"></span>ell\u2019IFRS <span class=\"_ _35\"> </span>9,  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>continuare<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>ad<span class=\"_ _3a1\"> </span>applicare <span class=\"_ _1\"></span>integralmente <span class=\"_ _1\"></span>le previsioni <span class=\"_ _1\"></span>del principio <span class=\"_ _1\"></span>contabile <span class=\"_ _1\"></span>IAS <span class=\"_ _1\"></span>39 in <span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>a di <span class=\"_ _1\"></span>\u201chedge <span class=\"_ _1\"></span>accounting\u201d<span class=\"_ _3a1\"> </span>(nella ver<span class=\"_ _1\"></span>sione <span class=\"_ _1\"></span>carved o<span class=\"_ _1\"></span>ut omo<span class=\"_ _1\"></span>logata dalla <span class=\"_ _1\"></span>Commissione <span class=\"_ _1\"></span>Europea) <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>ogni <span class=\"_ _1\"></span>tipologia <span class=\"_ _1\"></span>di copertura<span class=\"_ _3a1\"> </span>(sia per le coperture specifiche che per le macro coperture<span class=\"_ _1\"></span>).<span class=\"_ _3a1\"> </span>Criteri di iscrizione<span class=\"_ _3a1\"> </span>Gli <span class=\"_ _3f\"> </span>strume<span class=\"_ _1\"></span>nti <span class=\"_ _3a\"> </span>derivati <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>copert<span class=\"_ _1\"></span>ura, <span class=\"_ _3f\"> </span>al <span class=\"_ _3a\"> </span>pari <span class=\"_ _3f\"> </span>di <span class=\"_ _3a\"> </span>tutti <span class=\"_ _3f\"> </span>i <span class=\"_ _3a\"> </span>de<span class=\"_ _3a1\"> </span>rivati, <span class=\"_ _3f\"> </span>s<span class=\"_ _1\"></span>ono <span class=\"_ _3f\"> </span>inizialmente <span class=\"_ _3a\"> </span>iscritti <span class=\"_ _3f\"> </span>e<span class=\"_ _3a1\"> </span>successivamente misurati al fair value.<span class=\"_ _3a1\"> </span>Criteri di classifi<span class=\"_ _1\"></span>cazione: tipologia di <span class=\"_ _1\"></span>coperture<span class=\"_ _3a1\"> </span>Le <span class=\"_ _0\"></span>operazioni <span class=\"_ _0\"> </span>di <span class=\"_ _35\"> </span>copertura <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>sono <span class=\"_ _35\"> </span>finaliz<span class=\"_ _2\"></span>zate <span class=\"_ _35\"> </span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>neutr<span class=\"_ _1\"></span>alizzare <span class=\"_ _0\"></span>potenziali <span class=\"_ _0\"></span>variazioni <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>fair<span class=\"_ _3a1\"> </span>value <span class=\"_ _37\"> </span>o <span class=\"_ _37\"> </span>variazioni <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>cassa, <span class=\"_ _37\"> </span>attr<span class=\"_ _1\"></span>ibuibili <span class=\"_ _3d\"> </span>ad <span class=\"_ _37\"> </span>un <span class=\"_ _37\"> </span>dete<span class=\"_ _1\"></span>rminato <span class=\"_ _37\"> </span>rischio <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>rilevabili <span class=\"_ _37\"> </span>su <span class=\"_ _37\"> </span>un<span class=\"_ _3a1\"> </span>determinato  elemento  o  gruppo  di  elementi,  nel  caso  in  cu<span class=\"_ _2\"></span>i  quel  particolare  rischio  dovesse<span class=\"_ _3a1\"> </span>effettivamente manifestarsi.<span class=\"_ _3a1\"> </span>Le tipologie di coperture utilizzate sono le seguenti:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">copertura  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>fair  value: <span class=\"_ _35\"> </span>ha <span class=\"_ _35\"> </span>l\u2019obiettivo  di<span class=\"_ _2\"></span>  cop<span class=\"_ _2\"></span>rire  l\u2019esposizione <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>variazione  del <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value<span class=\"_ _3a1\"> </span></span>(attribuibile alle <span class=\"_ _1\"></span>diverse tipologie <span class=\"_ _1\"></span>di r<span class=\"_ _1\"></span>ischio) di at<span class=\"_ _1\"></span>tivit\u00e0 e <span class=\"_ _1\"></span>passivit\u00e0 iscritte <span class=\"_ _1\"></span>in bilancio o<span class=\"_ _1\"></span> porzioni<span class=\"_ _3a1\"> </span>di  es<span class=\"_ _1\"></span>se,  di <span class=\"_ _3d\"> </span>gruppi  di  att<span class=\"_ _1\"></span>ivit\u00e0/passivit\u00e0,  di  impegni <span class=\"_ _3d\"> </span>irrevocabili  e <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>portafogli  di <span class=\"_ _3d\"> </span>attivit\u00e0  e<span class=\"_ _3a1\"> </span>passivit\u00e0 <span class=\"_ _0\"></span>finanziarie, <span class=\"_ _0\"></span>inclusi <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>core <span class=\"_ _0\"></span>deposits, <span class=\"_ _0\"></span>come <span class=\"_ _0\"></span>consentito <span class=\"_ _0\"></span>dallo <span class=\"_ _0\"></span>IAS <span class=\"_ _0\"></span>39 <span class=\"_ _0\"></span>omologato<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>dalla<span class=\"_ _3a1\"> </span>Commissione Europea. <span class=\"_ _3b\"></span>Le cope<span class=\"_ _2\"></span>rture gen<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>riche d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3b\"></span>(\u201cmacr<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>hedge\u201d) <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>l\u2019obiettivo<span class=\"_ _3a1\"> </span>di <span class=\"_ _38\"></span>ridurre <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>scillazioni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value, <span class=\"_ _38\"></span>imputabili <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>tasso <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>int<span class=\"_ _2\"></span>eresse, <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _38\"></span>importo<span class=\"_ _3a1\"> </span>monetario,  riveniente <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>un  po<span class=\"_ _2\"></span>rtafoglio  di<span class=\"_ _2\"></span>  at<span class=\"_ _2\"></span>tivit\u00e0  o <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>passivit\u00e0 <span class=\"_ _35\"> </span>finanziarie.  Non <span class=\"_ _35\"> </span>possono<span class=\"_ _3a1\"> </span>essere <span class=\"_ _3d\"> </span>oggetto<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>copertura <span class=\"_ _3d\"> </span>generica <span class=\"_ _3d\"> </span>importi <span class=\"_ _37\"> </span>netti <span class=\"_ _3d\"> </span>derivanti <span class=\"_ _3d\"> </span>dallo <span class=\"_ _3d\"> </span>sbilancio <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _3d\"> </span>e<span class=\"_ _3a1\"> </span>passivit\u00e0;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">copertura <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>finanziari: <span class=\"_ _0\"></span>ha <span class=\"_ _35\"> </span>l\u2019obi<span class=\"_ _2\"></span>ettivo <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>coprire <span class=\"_ _0\"></span>l\u2019es<span class=\"_ _1\"></span>posizione <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>variazioni <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span></span>cassa  futuri  a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tribuibili <span class=\"_ _35\"> </span>a  particolari  rischi  a<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>sociati  a <span class=\"_ _35\"> </span>poste  del <span class=\"_ _35\"> </span>bilancio.  Tale <span class=\"_ _35\"> </span>tipologia  di<span class=\"_ _3a1\"> </span>copertura <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>utilizzata <span class=\"_ _35\"> </span>essenzialmente <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>stabilizzare <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>flusso <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>interessi <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>raccolta <span class=\"_ _35\"> </span>a<span class=\"_ _3a1\"> </span>tasso  variabile  nella  misura  in<span class=\"_ _3b\"></span>  cui  quest\u2019ultima  finanzia  impi<span class=\"_ _2\"></span>eghi  a  tasso  fisso.  In  talune<span class=\"_ _3a1\"> </span>circostanze, <span class=\"_ _0\"></span>analoghe <span class=\"_ _38\"></span>operazioni <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>poste <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>ssere <span class=\"_ _38\"></span>relat<span class=\"_ _1\"></span>ivamente <span class=\"_ _0\"></span>ad <span class=\"_ _38\"></span>alcune <span class=\"_ _38\"></span>tipologie <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>impieghi a tasso variabile.<span class=\"_ _3a1\"> </span>Solo <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>rumenti <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>coinvolgono <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>controparte<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>terna <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>Gruppo <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>ono <span class=\"_ _38\"></span>essere <span class=\"_ _38\"></span>designati<span class=\"_ _3a1\"> </span>come <span class=\"_ _35\"> </span>strumenti <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>copertura. <span class=\"_ _35\"> </span>Data <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>scelta <span class=\"_ _35\"> </span>esercitata <span class=\"_ _35\"> </span>dal <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>avvalersi <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>facolt\u00e0 <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span>continuare <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>appl<span class=\"_ _2\"></span>icare <span class=\"_ _0\"></span>integralmente <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>regole <span class=\"_ _38\"></span>dello <span class=\"_ _0\"></span>IAS <span class=\"_ _0\"></span>39 <span class=\"_ _0\"></span>pe<span class=\"_ _2\"></span>r <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>relazioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>copertura, <span class=\"_ _0\"></span>non <span class=\"_ _38\"></span>\u00e8<span class=\"_ _3a1\"> </span>possibile <span class=\"_ _1\"></span>designare <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>capitale <span class=\"_ _1\"></span>classificati <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>con<span class=\"_ _3a1\"> </span>impatto <span class=\"_ _35\"> </span>sulla <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>edditivit\u00e0 <span class=\"_ _35\"> </span>complessiva <span class=\"_ _35\"> </span>(FVOCI)<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>come <span class=\"_ _35\"> </span>oggetti <span class=\"_ _35\"> </span>co<span class=\"_ _3b\"></span>pe<span class=\"_ _1\"></span>rti <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>il<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>prezzo <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>cambio, <span class=\"_ _38\"></span>dato <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>tali<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>strument<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>impatt<span class=\"_ _1\"></span>ano <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>economico, <span class=\"_ _38\"></span>nem<span class=\"_ _1\"></span>meno <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>caso <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>vendita<span class=\"_ _3a1\"> </span>(se non per i dividendi che sono rilevati a conto economico).<span class=\"_ _3a1\"> </span>Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span>I derivati di copertura sono valutati al fair<span class=\"_ _1\"></span> value. In particolare:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">nel <span class=\"_ _35\"> </span>caso  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>copertura <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value, <span class=\"_ _35\"> </span>si  c<span class=\"_ _2\"></span>ompensa  l<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>variazione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value <span class=\"_ _35\"> </span>dell\u2019eleme<span class=\"_ _1\"></span>nto<span class=\"_ _3a1\"> </span></span>coperto <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>variazione <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _38\"></span>dello <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>trumento <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>copert<span class=\"_ _1\"></span>ura. <span class=\"_ _1\"></span>Tale<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>compensazione <span class=\"_ _1\"></span>\u00e8<span class=\"_ _3a1\"> </span>riconosciuta attraverso <span class=\"_ _1\"></span>la rilevazione <span class=\"_ _1\"></span>a Conto Economico <span class=\"_ _1\"></span>delle variazioni di valor<span class=\"_ _1\"></span>e, riferite sia<span class=\"_ _3a1\"> </span>all\u2019elemento <span class=\"_ _39\"> </span>coperto <span class=\"_ _39\"> </span>(per <span class=\"_ _39\"> </span>quanto <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>iguarda <span class=\"_ _39\"> </span>le <span class=\"_ _39\"> </span>variazioni <span class=\"_ _39\"> </span>prodotte <span class=\"_ _39\"> </span>dal <span class=\"_ _36\"> </span>fatto<span class=\"_ _1\"></span>re <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>ischio sottostante),  sia  allo  strumento <span class=\"_ _3d\"> </span>di  copertura.  L\u2019eventuale  differenza,  che  rappre<span class=\"_ _1\"></span>senta  la parziale inefficacia della copertura, ne <span class=\"_ _1\"></span>costituisce di conseguenza l\u2019effetto economico netto. Nel cas<span class=\"_ _1\"></span>o di oper<span class=\"_ _1\"></span>azioni di co<span class=\"_ _1\"></span>pertura generica <span class=\"_ _1\"></span>di fair <span class=\"_ _1\"></span>value di <span class=\"_ _1\"></span>un port<span class=\"_ _1\"></span>afoglio (\u201cmacro <span class=\"_ _1\"></span>hedge\u201d) le variazioni di <span class=\"_ _2\"></span>fair value con riferimento al <span class=\"_ _2\"></span>rischio coperto delle attiv<span class=\"_ _2\"></span>it\u00e0 e delle passivit\u00e0 ogg<span class=\"_ _2\"></span>etto di <span class=\"_ _3f\"> </span>copertura <span class=\"_ _3f\"> </span>so<span class=\"_ _1\"></span>no <span class=\"_ _3f\"> </span>imputate <span class=\"_ _3f\"> </span>nello <span class=\"_ _3f\"> </span>stato <span class=\"_ _3f\"> </span>patrimo<span class=\"_ _1\"></span>niale, <span class=\"_ _3f\"> </span>rispettivamente, <span class=\"_ _3f\"> </span>nella <span class=\"_ _3f\"> </span>voce <span class=\"_ _3f\"> </span>60<span class=\"_ _1\"></span>. \u201cAdeguamento <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _0\"></span>oggetto <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>copertura <span class=\"_ _0\"></span>generica\u201d <span class=\"_ _38\"></span>oppure <span class=\"_ _38\"></span>5<span class=\"_ _1\"></span>0. \u201cAdeguamento di valore delle passivit\u00e0 finanziarie oggett<span class=\"_ _1\"></span>o di copertura generica\u201d; <span class=\"_ _42\"> </span><span class=\"ff4\">nel <span class=\"_ _1\"></span>caso <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>copertura <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>flussi <span class=\"_ _38\"></span>finanziari, <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>variazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fa<span class=\"_ _1\"></span>ir <span class=\"_ _1\"></span>value <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>derivato <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>imputate </span>nella <span class=\"_ _0\"></span>redditivit\u00e0 <span class=\"_ _0\"></span>complessiva, <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>ota <span class=\"_ _0\"></span>efficace <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>copertura, <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>rilevate <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>Conto Economico <span class=\"_ _0\"></span>solo <span class=\"_ _35\"> </span>quando, <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>posta <span class=\"_ _0\"></span>coperta, <span class=\"_ _35\"> </span>si<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>manifest<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>va<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iazione <span class=\"_ _0\"></span>dei flussi di cassa da compensare o se <span class=\"_ _1\"></span>la copertura risulta inefficace; <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _0\"></span>coperture <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>investimento <span class=\"_ _0\"></span>netto <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>valuta <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>contabilizzate <span class=\"_ _35\"> </span>allo <span class=\"_ _0\"></span>stesso <span class=\"_ _0\"></span>modo <span class=\"_ _0\"></span>delle </span>coperture di flussi finanziari. Lo <span class=\"_ _1\"></span>strumento <span class=\"_ _1\"></span>derivato \u00e8 <span class=\"_ _1\"></span>des<span class=\"_ _1\"></span>ignato di <span class=\"_ _1\"></span>copertura <span class=\"_ _1\"></span>se es<span class=\"_ _1\"></span>iste una <span class=\"_ _1\"></span>documentazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>formalizzata della relazione <span class=\"_ _1\"></span>tra lo <span class=\"_ _1\"></span>strumento <span class=\"_ _1\"></span>coperto e<span class=\"_ _1\"></span> lo s<span class=\"_ _1\"></span>trumento di <span class=\"_ _1\"></span>copertura e<span class=\"_ _1\"></span> se <span class=\"_ _1\"></span>\u00e8 e<span class=\"_ _1\"></span>fficace nel <span class=\"_ _1\"></span>momento in <span class=\"_ _1\"></span>cui la copertura ha inizio e, prospetticamente, durante tutta la vita <span class=\"_ _1\"></span>della stessa. L'efficacia <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>copertura <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>pende <span class=\"_ _0\"></span>dalla <span class=\"_ _35\"> </span>misura<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>cu<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>variazioni <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>fair <span class=\"_ _35\"> </span>valu<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>dello <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>trumento coperto <span class=\"_ _35\"> </span>o  d<span class=\"_ _2\"></span>ei <span class=\"_ _35\"> </span>relativi <span class=\"_ _35\"> </span>flussi <span class=\"_ _35\"> </span>finanziari <span class=\"_ _35\"> </span>at<span class=\"_ _1\"></span>tesi <span class=\"_ _35\"> </span>risultano  c<span class=\"_ _2\"></span>ompensati <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>quelle <span class=\"_ _35\"> </span>dello <span class=\"_ _35\"> </span>st<span class=\"_ _1\"></span>rumento  d<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span> copertura. <span class=\"_ _1\"></span>Pertanto, <span class=\"_ _1\"></span>l'efficacia <span class=\"_ _1\"></span>\u00e8 appre<span class=\"_ _1\"></span>zzata dal <span class=\"_ _1\"></span>confro<span class=\"_ _1\"></span>nto delle <span class=\"_ _1\"></span>suddette <span class=\"_ _1\"></span>variazioni, <span class=\"_ _1\"></span>tenuto <span class=\"_ _1\"></span>conto dell'intento <span class=\"_ _1\"></span>perseguito <span class=\"_ _1\"></span>dall'impresa ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>momento <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>cui la <span class=\"_ _1\"></span>copertura <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>stata <span class=\"_ _1\"></span>posta <span class=\"_ _1\"></span>in ess<span class=\"_ _1\"></span>ere. Si <span class=\"_ _1\"></span>ha efficacia <span class=\"_ _35\"> </span>quando <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>variazioni  di <span class=\"_ _0\"></span>fair <span class=\"_ _35\"> </span>value <span class=\"_ _35\"> </span>(o <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>flussi <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>cass<span class=\"_ _1\"></span>a) <span class=\"_ _35\"> </span>dello <span class=\"_ _35\"> </span>strumento <span class=\"_ _35\"> </span>finanziario <span class=\"_ _0\"> </span>di<span class=\"_ _1\"></span> copertura  neutralizzano  quasi  integralmente,  cio\u00e8<span class=\"_ _2\"></span>  nei  limiti  stabi<span class=\"_ _2\"></span>liti  dall\u2019intervallo  80-125%,  le variazioni di fair value dello strumento coperto, per l\u2019ele<span class=\"_ _1\"></span>mento di rischio oggetto di copertura. La <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>dell'efficacia <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>ef<span class=\"_ _2\"></span>fettuata <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>ogni <span class=\"_ _0\"></span>chiusura <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>bilanci<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>situazione <span class=\"_ _0\"></span>infrannuale utilizzando: <span class=\"_ _42\"> </span><span class=\"ff4\">test prospettici, che gi<span class=\"_ _2\"></span>ustificano l'applicazione della c<span class=\"_ _2\"></span>ontabilizzazione di copertura, in qu<span class=\"_ _2\"></span>anto </span>dimostrano la sua efficacia attesa; <span class=\"_ _42\"> </span><span class=\"ff4\">test <span class=\"_ _38\"></span>retrospettivi, <span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>evidenziano <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>grado <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>efficacia <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>copertura <span class=\"_ _38\"></span>raggiunto <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>periodo </span>cui <span class=\"_ _3b\"></span>si riferiscono, <span class=\"_ _3b\"></span>ovvero, <span class=\"_ _2\"></span>misurano <span class=\"_ _3b\"></span>quanto i <span class=\"_ _3b\"></span>risultati <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffettivi <span class=\"_ _3b\"></span>si sia<span class=\"_ _3b\"></span>no discostati <span class=\"_ _3b\"></span>dalla c<span class=\"_ _2\"></span>opertura perfetta. Solo  gli  strumenti <span class=\"_ _3d\"> </span>che  coinvolgono  una  controparte  esterna  posso<span class=\"_ _1\"></span>no  essere  designati  come strumenti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>copertura. <span class=\"_ _0\"></span>Pertanto, <span class=\"_ _0\"></span>ogni <span class=\"_ _38\"></span>risultato <span class=\"_ _0\"></span>riconducibil<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>transazioni <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>terne <span class=\"_ _0\"></span>effettuate <span class=\"_ _38\"></span>tra diverse entit\u00e0 del Gruppo \u00e8 eliminato dal bilancio consolidato. Cessazione pro<span class=\"_ _1\"></span>spettica della contabili<span class=\"_ _1\"></span>zzazione di co<span class=\"_ _3a1\"> </span>pertur<span class=\"_ _3a1\"> </span>a Se <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>verifiche <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>confermano <span class=\"_ _1\"></span>l\u2019efficacia <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>coper<span class=\"_ _1\"></span>tura, <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>quel <span class=\"_ _38\"></span>momento <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>contabilizzazione delle <span class=\"_ _3d\"> </span>operazioni <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>coper<span class=\"_ _1\"></span>tura,  se<span class=\"_ _1\"></span>condo <span class=\"_ _3d\"> </span>quanto <span class=\"_ _3d\"> </span>sopra <span class=\"_ _3d\"> </span>esposto, <span class=\"_ _3d\"> </span>viene<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>interrotta <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>il <span class=\"_ _3d\"> </span>contratto derivato <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>copertura <span class=\"_ _1\"></span>viene <span class=\"_ _1\"></span>riclassificato <span class=\"_ _1\"></span>tra <span class=\"_ _38\"></span>gli strume<span class=\"_ _1\"></span>nti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>negoziazione. Inoltre<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>operazioni <span class=\"_ _1\"></span>di copertura <span class=\"_ _38\"></span>cessano <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>momento <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>cui <span class=\"_ _1\"></span>lo <span class=\"_ _0\"></span>strumento <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>copertura <span class=\"_ _38\"></span>giunge <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>scadenza, <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>venduto, cessato o esercitato, oppure viene revocata <span class=\"_ _1\"></span>la designazione. Per <span class=\"_ _1\"></span>le re<span class=\"_ _1\"></span>lazioni di <span class=\"_ _1\"></span>copertura<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di fair <span class=\"_ _1\"></span>value, <span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>strumento <span class=\"_ _1\"></span>finanziario <span class=\"_ _1\"></span>coperto <span class=\"_ _1\"></span>non \u00e8 <span class=\"_ _38\"></span>pi\u00f9 rettificato <span class=\"_ _1\"></span>per le <span class=\"_ _2\"></span>variazioni <span class=\"_ _3b\"></span>di fair <span class=\"_ _3b\"></span>value <span class=\"_ _3b\"></span>e qualsia<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>rettifica al <span class=\"_ _3b\"></span>valore <span class=\"_ _2\"></span>contabile <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>uno <span class=\"_ _3b\"></span>str<span class=\"_ _1\"></span>umento <span class=\"_ _2\"></span>finanziario <span class=\"_ _3b\"></span>coperto per  il  qual<span class=\"_ _2\"></span>e  \u00e8  utilizzato  il <span class=\"_ _35\"> </span>criterio  dell'interesse  effettivo  d<span class=\"_ _2\"></span>eve  essere  ammortizzata  n<span class=\"_ _2\"></span>el  conto economico. <span class=\"_ _37\"> </span>Nel <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>interruzione <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>una <span class=\"_ _37\"> </span>relazione <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>cop<span class=\"_ _1\"></span>ertura <span class=\"_ _37\"> </span>generica <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>fair <span class=\"_ _37\"> </span>value, <span class=\"_ _37\"> </span>le rivalutazioni/svalutazioni <span class=\"_ _35\"> </span>cu<span class=\"_ _2\"></span>mulat<span class=\"_ _1\"></span>e <span class=\"_ _35\"> </span>iscritte <span class=\"_ _0\"></span>nella <span class=\"_ _35\"> </span>voce <span class=\"_ _0\"></span>60. <span class=\"_ _35\"> </span>\u201cAdeguamento <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>attivit\u00e0 finanziarie  oggetto <span class=\"_ _35\"> </span>di  copertura <span class=\"_ _35\"> </span>generica\u201d  oppu<span class=\"_ _2\"></span>re  50. <span class=\"_ _35\"> </span>\u201cAdeguamento  di <span class=\"_ _35\"> </span>valore  delle<span class=\"_ _2\"></span>  passivit\u00e0 finanziarie oggetto di copertura generica\u201d sono rilevate a conto <span class=\"_ _2\"></span>economico tra gli interessi attivi o passivi l<span class=\"_ _2\"></span>ungo la <span class=\"_ _3b\"></span>d<span class=\"_ _1\"></span>urata residua <span class=\"_ _3b\"></span>d<span class=\"_ _1\"></span>elle originarie <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>elazioni di<span class=\"_ _2\"></span> copertura, <span class=\"_ _3b\"></span>fe<span class=\"_ _1\"></span>rma restando <span class=\"_ _3b\"></span>la verifica che ne sussistano i presupposti.<span class=\"_ _3a1\"> </span>Per <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>relazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>copertura <span class=\"_ _38\"></span>dei <span class=\"_ _1\"></span>flussi <span class=\"_ _1\"></span>finanziari, <span class=\"_ _1\"></span>l'uti<span class=\"_ _3a1\"> </span>le <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>perdita <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>plessiva <span class=\"_ _1\"></span>dello <span class=\"_ _1\"></span>strume<span class=\"_ _1\"></span>nto di copertura <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>stato <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ilevato <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>elle <span class=\"_ _0\"></span>altre <span class=\"_ _38\"></span>componenti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>conto <span class=\"_ _0\"></span>ec<span class=\"_ _2\"></span>onomico <span class=\"_ _0\"></span>complessivo <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>partire dall'esercizio <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _3b\"></span>la <span class=\"_ _3b\"></span>copert<span class=\"_ _1\"></span>ura <span class=\"_ _3b\"></span>era efficac<span class=\"_ _2\"></span>e, <span class=\"_ _3b\"></span>deve r<span class=\"_ _2\"></span>estare <span class=\"_ _3b\"></span>separatamente <span class=\"_ _2\"></span>nel <span class=\"_ _3b\"></span>patrimonio <span class=\"_ _3b\"></span>ne<span class=\"_ _1\"></span>tto <span class=\"_ _3b\"></span>sino a <span class=\"_ _0\"></span>quando <span class=\"_ _38\"></span>l'oper<span class=\"_ _1\"></span>azione <span class=\"_ _0\"></span>prog<span class=\"_ _2\"></span>rammata <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>ve<span class=\"_ _2\"></span>rifica. <span class=\"_ _0\"></span>Qualora <span class=\"_ _38\"></span>l'operazione <span class=\"_ _0\"></span>programmata <span class=\"_ _0\"></span>ci <span class=\"_ _38\"></span>si <span class=\"_ _0\"></span>attende non <span class=\"_ _3d\"> </span>debba <span class=\"_ _3d\"> </span>pi\u00f9 <span class=\"_ _3d\"> </span>accader<span class=\"_ _1\"></span>e, <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>qual <span class=\"_ _3d\"> </span>caso <span class=\"_ _3d\"> </span>quals<span class=\"_ _1\"></span>iasi <span class=\"_ _3d\"> </span>corre<span class=\"_ _1\"></span>lato <span class=\"_ _3d\"> </span>utile <span class=\"_ _3d\"> </span>o <span class=\"_ _3d\"> </span>per<span class=\"_ _1\"></span>dita <span class=\"_ _3d\"> </span>complessivo <span class=\"_ _3d\"> </span>sullo strumento <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>copertura <span class=\"_ _36\"> </span>che <span class=\"_ _37\"> </span>\u00e8 <span class=\"_ _36\"> </span>stato <span class=\"_ _36\"> </span>rilevato <span class=\"_ _36\"> </span>nel <span class=\"_ _37\"> </span>prospetto <span class=\"_ _37\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _37\"> </span>altr<span class=\"_ _1\"></span>e <span class=\"_ _37\"> </span>componenti <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>conto economico complessivo d<span class=\"_ _2\"></span>all'esercizio <span class=\"_ _2\"></span>in cui <span class=\"_ _3b\"></span>la copertura era effic<span class=\"_ _2\"></span>ace deve es<span class=\"_ _2\"></span>sere riclassificato <span class=\"_ _2\"></span>dal patrimonio <span class=\"_ _3f\"> </span>netto <span class=\"_ _3f\"> </span>all\u2019utile <span class=\"_ _3f\"> </span>(perdita) <span class=\"_ _3f\"> </span>d\u2019eser<span class=\"_ _1\"></span>cizio <span class=\"_ _3f\"> </span>come <span class=\"_ _3f\"> </span>rettifica <span class=\"_ _3f\"> </span>da <span class=\"_ _3f\"> </span>riclassificazione. <span class=\"_ _3f\"> </span>Tuttavia,<span class=\"_ _3a1\"> </span>un\u2019operazione pro<span class=\"_ _1\"></span>grammata che <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>pi\u00f9 altamente <span class=\"_ _1\"></span>probabile, ci <span class=\"_ _1\"></span>si pu\u00f2 <span class=\"_ _1\"></span>ancora <span class=\"_ _1\"></span>attendere <span class=\"_ _1\"></span>che si<span class=\"_ _3a1\"> </span> verifichi.<span class=\"_ _3a1\"> </span> Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"_ _3a1\"> </span> L\u2019allocazione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>componenti <span class=\"_ _0\"></span>reddituali <span class=\"_ _38\"></span>nelle <span class=\"_ _0\"></span>pert<span class=\"_ _1\"></span>inenti <span class=\"_ _0\"></span>voci <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>avviene <span class=\"_ _0\"></span>sull<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span> base di quanto riportato di seguito:<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _0\"></span>differenziali <span class=\"_ _38\"></span>mat<span class=\"_ _1\"></span>urati <span class=\"_ _0\"></span>sugli <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>derivati <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>copert<span class=\"_ _1\"></span>ura <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>teresse<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>(oltre agli interessi delle posizioni<span class=\"_ _2\"></span> oggetto di copertura) vengono allocati <span class=\"_ _2\"></span>nella voce \u201cInteressi<span class=\"_ _3a1\"> </span> attivi e proventi assimilati\u201d o \u201cInteress<span class=\"_ _1\"></span>i passivi e oneri assimilati\u201d;<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">le plu<span class=\"_ _2\"></span>svalenze e mi<span class=\"_ _2\"></span>nusvalenze derivanti d<span class=\"_ _2\"></span>alla valutazione <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>strument<span class=\"_ _1\"></span>i derivati <span class=\"_ _3b\"></span>di copertura<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>e <span class=\"_ _37\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _37\"> </span>posizioni <span class=\"_ _37\"> </span>oggetto <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>copertura <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>fair <span class=\"_ _36\"> </span>value <span class=\"_ _37\"> </span>hedge <span class=\"_ _37\"> </span>vengono <span class=\"_ _36\"> </span>allocate <span class=\"_ _37\"> </span>nella <span class=\"_ _37\"> </span>voce<span class=\"_ _3a1\"> </span> \u201cRisultato netto dell\u2019attivit\u00e0 di copertur<span class=\"_ _1\"></span>a\u201d;<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _36\"> </span>plusvalenze <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>le <span class=\"_ _36\"> </span>minusvalenze <span class=\"_ _37\"> </span>derivanti <span class=\"_ _36\"> </span>dalla <span class=\"_ _36\"> </span>valutazione <span class=\"_ _36\"> </span>degli <span class=\"_ _37\"> </span>strumenti <span class=\"_ _36\"> </span>derivati <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>copertura di <span class=\"_ _1\"></span>cash flow <span class=\"_ _1\"></span>hedge <span class=\"_ _1\"></span>(per <span class=\"_ _1\"></span>la parte e<span class=\"_ _1\"></span>fficace) vengono <span class=\"_ _1\"></span>allocate <span class=\"_ _1\"></span>in una <span class=\"_ _1\"></span>specifica riserva<span class=\"_ _3a1\"> </span> di valutazione di patrimonio netto \u201c<span class=\"_ _1\"></span>Copertura dei flussi finanziari\u201d, al netto dell\u2019effetto fiscale<span class=\"_ _3a1\"> </span> differito. <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>parte <span class=\"_ _38\"></span>inefficace <span class=\"_ _1\"></span>tali <span class=\"_ _1\"></span>plus <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>minus <span class=\"_ _1\"></span>vengono <span class=\"_ _38\"></span>contabilizzate<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>economico<span class=\"_ _3a1\"> </span> nella <span class=\"_ _38\"></span>voce<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>\u201cRisulta<span class=\"_ _2\"></span>to <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>etto <span class=\"_ _0\"></span>dell\u2019<span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>copertura\u201d. <span class=\"_ _0\"></span>Se<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>lo <span class=\"_ _38\"></span>strumento <span class=\"_ _38\"></span>cope<span class=\"_ _1\"></span>rto <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>cancellato,<span class=\"_ _3a1\"> </span> scade <span class=\"_ _39\"> </span>o <span class=\"_ _36\"> </span>si <span class=\"_ _36\"> </span>e<span class=\"_ _1\"></span>stingue <span class=\"_ _36\"> </span>allora <span class=\"_ _39\"> </span>la <span class=\"_ _36\"> </span>riserva <span class=\"_ _39\"> </span>\u00e8 <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>iversata <span class=\"_ _36\"> </span>immediatamente <span class=\"_ _39\"> </span>a <span class=\"_ _36\"> </span>conto <span class=\"_ _39\"> </span>economico<span class=\"_ _3a1\"> </span> contestualmente alla cancellazione dell\u2019elemento coperto.<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">nel <span class=\"_ _1\"></span>caso <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>copertura <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>flussi <span class=\"_ _38\"></span>finanziari, <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>variazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fa<span class=\"_ _1\"></span>ir <span class=\"_ _1\"></span>value <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>derivato <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>imputate<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>nella <span class=\"_ _0\"></span>redditivit\u00e0 <span class=\"_ _0\"></span>complessiva, <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>ota <span class=\"_ _0\"></span>efficace <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>copertura, <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>rilevate <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>Conto<span class=\"_ _3a1\"> </span> Economico <span class=\"_ _0\"></span>solo <span class=\"_ _35\"> </span>quando, <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>posta <span class=\"_ _0\"></span>coperta, <span class=\"_ _35\"> </span>si<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>manifest<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>va<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iazione <span class=\"_ _0\"></span>dei<span class=\"_ _3a1\"> </span> flussi di cassa da compensare o se <span class=\"_ _1\"></span>la copertura risulta inefficace.<span class=\"_ _3a1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-830": {
   "value": "1 - A<span class=\"_ _3a1\"> </span>ttivit\u00e0 finan<span class=\"_ _1\"></span>ziarie v<span class=\"_ _1\"></span>alutate <span class=\"_ _1\"></span>al fair valu<span class=\"_ _1\"></span>e con impa<span class=\"_ _1\"></span>tto a<span class=\"_ _1\"></span> conto ec<span class=\"_ _1\"></span>onom<span class=\"_ _3a1\"> </span>ico Criteri di iscrizione L\u2019iscrizione <span class=\"_ _1\"></span>iniziale <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0 finanziarie <span class=\"_ _38\"></span>avviene <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>regolamento <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>debito e<span class=\"_ _1\"></span> per i <span class=\"_ _1\"></span>titoli di <span class=\"_ _1\"></span>capitale, alla <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>di erogazione <span class=\"_ _1\"></span>per i <span class=\"_ _1\"></span>finanziamenti ed <span class=\"_ _1\"></span>alla data <span class=\"_ _1\"></span>di sott<span class=\"_ _1\"></span>oscrizione per <span class=\"_ _1\"></span>i contratti <span class=\"_ _184\"></span>d<span class=\"_ _3b\"></span>er<span class=\"_ _1\"></span>ivati. All\u2019atto <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>rilevazione <span class=\"_ _35\"> </span>iniz<span class=\"_ _2\"></span>iale <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>fin<span class=\"_ _2\"></span>anziarie <span class=\"_ _35\"> </span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _0\"> </span>fair<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>val<span class=\"_ _2\"></span>ue <span class=\"_ _35\"> </span>con<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>impatto <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>cont<span class=\"_ _2\"></span>o economico  vengono  rilevate <span class=\"_ _35\"> </span>al  fair <span class=\"_ _35\"> </span>value,  senza  considerare  i <span class=\"_ _35\"> </span>costi  o  proventi <span class=\"_ _35\"> </span>di  transazione direttamente attribuibili allo strumento stesso. Criteri di classificazione Sono <span class=\"_ _35\"> </span>classificate  i<span class=\"_ _2\"></span>n <span class=\"_ _35\"> </span>questa <span class=\"_ _35\"> </span>categoria <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _35\"> </span>finanziarie <span class=\"_ _35\"> </span>diverse  d<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>quelle <span class=\"_ _35\"> </span>classificate <span class=\"_ _35\"> </span>tra <span class=\"_ _35\"> </span>le Attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _0\"></span>valu<span class=\"_ _2\"></span>tate <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _1\"></span>con <span class=\"_ _0\"></span>impatto <span class=\"_ _1\"></span>sulla <span class=\"_ _38\"></span>redditivit\u00e0 <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>mplessiva <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>tra <span class=\"_ _0\"></span>le <span class=\"_ _1\"></span>Attivit\u00e0 finanziare valutate al costo ammort<span class=\"_ _1\"></span>izzato. La voce, in particolare, include: <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>detenute <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>negoziazione, <span class=\"_ _1\"></span>essenzialmente <span class=\"_ _1\"></span>rappresentate <span class=\"_ _38\"></span>da titoli <span class=\"_ _1\"></span>di </span>debito <span class=\"_ _36\"> </span>e <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>capitale <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>dal <span class=\"_ _36\"> </span>valore <span class=\"_ _36\"> </span>positivo <span class=\"_ _36\"> </span>dei <span class=\"_ _36\"> </span>contratti <span class=\"_ _36\"> </span>derivati <span class=\"_ _37\"> </span>det<span class=\"_ _1\"></span>enuti <span class=\"_ _36\"> </span>con <span class=\"_ _36\"> </span>finalit\u00e0 <span class=\"_ _36\"> </span>di negoziazione; <span class=\"_ _42\"> </span><span class=\"ff4\">le  attivit\u00e0  finanz<span class=\"_ _2\"></span>iarie  obbligatoriamente  valutate  al <span class=\"_ _35\"> </span>fair  value,  rappresentate  dalle <span class=\"_ _35\"> </span>attivit\u00e0 </span>finanziarie <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>soddisfano <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>requisiti <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>valu<span class=\"_ _2\"></span>tazione <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>costo <span class=\"_ _0\"></span>ammortizzato <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>al<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>fair value <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>impatt<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>ulla <span class=\"_ _0\"></span>redditivit\u00e0 <span class=\"_ _0\"></span>comples<span class=\"_ _1\"></span>siva. <span class=\"_ _0\"></span>Si <span class=\"_ _0\"></span>tratta <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>termini contrattuali <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>prevedono <span class=\"_ _38\"></span>esclusivamente <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>imborsi <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>capitale <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>pagamenti <span class=\"_ _38\"></span>dell\u2019interesse sull\u2019importo <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>capitale <span class=\"_ _35\"> </span>d<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>restituire <span class=\"_ _35\"> </span>(cd. <span class=\"_ _0\"></span>\u201cSPPI <span class=\"_ _35\"> </span>test\u201d <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>uperato) <span class=\"_ _0\"> </span>o<span class=\"_ _1\"></span>ppure <span class=\"_ _0\"></span>che <span class=\"_ _35\"> </span>non<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>sono detenute n<span class=\"_ _3b\"></span>el quadro<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>un modell<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>business il<span class=\"_ _3b\"></span> cui<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>obiettivo <span class=\"_ _3b\"></span>\u00e8 il<span class=\"_ _3b\"></span> possesso <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3b\"></span>finalizzato alla <span class=\"_ _3d\"> </span>raccolta <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>flussi <span class=\"_ _3d\"> </span>finanziari <span class=\"_ _3d\"> </span>contrattuali <span class=\"_ _3d\"> </span>(Business <span class=\"_ _3d\"> </span>mo<span class=\"_ _1\"></span>del  \u201c<span class=\"_ _1\"></span>Hold  to <span class=\"_ _3d\"> </span>Collect<span class=\"_ _1\"></span>\u201d)  o <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>cui obiettivo \u00e8 <span class=\"_ _1\"></span>conseguito <span class=\"_ _1\"></span>sia mediante la <span class=\"_ _1\"></span>raccolta dei <span class=\"_ _1\"></span>flussi finanziari <span class=\"_ _1\"></span>contrattuali che <span class=\"_ _1\"></span>mediante la vendita di attivit\u00e0 finanziarie (Business model \u201cHold to Collect and Sell\u201d); <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _3d\"> </span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _37\"> </span>finanziarie <span class=\"_ _3d\"> </span>designate <span class=\"_ _3d\"> </span>al <span class=\"_ _37\"> </span>fair <span class=\"_ _37\"> </span>value, <span class=\"_ _3d\"> </span>os<span class=\"_ _1\"></span>sia <span class=\"_ _3d\"> </span>le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _37\"> </span>finanziarie <span class=\"_ _37\"> </span>cos\u00ec <span class=\"_ _3d\"> </span>definite<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>al </span>momento  della  rilevazione  iniziale  e  ove  ne  sussistano  i  presupposti.  In<span class=\"_ _2\"></span>  relazione  a  tale fattispecie, <span class=\"_ _36\"> </span>un\u2019entit\u00e0 <span class=\"_ _36\"> </span>pu\u00f2 <span class=\"_ _36\"> </span>designare <span class=\"_ _36\"> </span>irrevocabilmente <span class=\"_ _36\"> </span>all\u2019iscrizione <span class=\"_ _36\"> </span>un\u2019attivit\u00e0 <span class=\"_ _36\"> </span>finanziaria<span class=\"_ _3a1\"> </span>come valutata al fair valu<span class=\"_ _2\"></span>e con imp<span class=\"_ _2\"></span>atto a conto economico se, e<span class=\"_ _2\"></span> solo se, cos\u00ec fac<span class=\"_ _2\"></span>endo elimina o riduce significativamente un\u2019incoerenza valutativa. Trovano, quindi, evidenza in questa voce<span class=\"_ _1\"></span>: <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>itoli <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>debito e <span class=\"_ _3b\"></span>i <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _3b\"></span>che sono <span class=\"_ _3b\"></span>inclusi <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>business <span class=\"_ _3b\"></span>model Tradin<span class=\"_ _2\"></span>g <span class=\"_ _3b\"></span>(non riconducibili </span>quindi ai <span class=\"_ _1\"></span>business <span class=\"_ _38\"></span>model \u201c<span class=\"_ _1\"></span>Hold to <span class=\"_ _1\"></span>Collect\u201d <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>\u201cHold t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>Collect and <span class=\"_ _1\"></span>Sell\u201d) <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>superano <span class=\"_ _1\"></span>il test SPPI; <span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>rumenti <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>capitale <span class=\"_ _38\"></span>- <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>qualificabili <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>controllo, <span class=\"_ _38\"></span>collegament<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>rollo <span class=\"_ _38\"></span>congiunto <span class=\"_ _38\"></span>- </span>detenuti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>finalit\u00e0 di <span class=\"_ _1\"></span>negoziazione <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>sia o<span class=\"_ _1\"></span>ptato, <span class=\"_ _1\"></span>in sede <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rilevazione <span class=\"_ _1\"></span>iniziale, per la designazione al fair value con impatto sulla re<span class=\"_ _1\"></span>dditivit\u00e0 complessiva; <span class=\"_ _42\"> </span><span class=\"ff4\">le quote di OICR. </span>La voce accoglie, <span class=\"_ _1\"></span>inoltre, i contratti <span class=\"_ _1\"></span>derivati, contabilizzati tr<span class=\"_ _1\"></span>a le attivit\u00e0 <span class=\"_ _1\"></span>finanziarie detenute per la negoziazione, che sono rappresent<span class=\"_ _1\"></span>ati come attivit\u00e0 se il fair value \u00e8<span class=\"_ _1\"></span> positivo e come passivit\u00e0 se il fair  value <span class=\"_ _35\"> </span>\u00e8  negativo.  E\u2019 <span class=\"_ _35\"> </span>possibile  compensare  i  v<span class=\"_ _2\"></span>alori  correnti <span class=\"_ _35\"> </span>positivi  e  negativi <span class=\"_ _35\"> </span>derivanti  da operazioni <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ssere <span class=\"_ _3b\"></span>con l<span class=\"_ _2\"></span>a <span class=\"_ _3b\"></span>medesima <span class=\"_ _3b\"></span>cont<span class=\"_ _1\"></span>roparte <span class=\"_ _3b\"></span>soltanto <span class=\"_ _3b\"></span>qualora si <span class=\"_ _184\"></span>abbia <span class=\"_ _3b\"></span>cor<span class=\"_ _1\"></span>rentemente <span class=\"_ _3b\"></span>il <span class=\"_ _2\"></span>diritto legale <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>mpensare <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>importi <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ilevati <span class=\"_ _38\"></span>contabilmente <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>si <span class=\"_ _38\"></span>inte<span class=\"_ _1\"></span>nda <span class=\"_ _1\"></span>procedere <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>regolamento <span class=\"_ _38\"></span>su base netta delle posizioni oggetto di compensazione. Fra  i <span class=\"_ _3d\"> </span>derivati <span class=\"_ _3d\"> </span>sono  inclusi <span class=\"_ _3d\"> </span>anche  quelli <span class=\"_ _3d\"> </span>incorporati <span class=\"_ _3d\"> </span>in  contratti  finanziari <span class=\"_ _3d\"> </span>complessi <span class=\"_ _3d\"> </span>-  in  cui <span class=\"_ _3d\"> </span>il contratto <span class=\"_ _0\"></span>primario <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>una <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _0\"></span>finanziaria <span class=\"_ _38\"></span>- <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>so<span class=\"_ _1\"></span>no <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>tati <span class=\"_ _0\"></span>oggetto <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>rilevazione <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>eparata <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n quanto:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _48\"> </span>loro <span class=\"_ _3a\"> </span>caratteristiche <span class=\"_ _48\"> </span>economiche <span class=\"_ _48\"> </span>ed<span class=\"_ _2\"></span> <span class=\"_ _48\"> </span>i <span class=\"_ _3a\"> </span>rischi <span class=\"_ _48\"> </span>non <span class=\"_ _48\"> </span>sono<span class=\"_ _2\"></span> <span class=\"_ _48\"> </span>strettamente <span class=\"_ _3a\"> </span>correlati <span class=\"_ _48\"> </span>alle<span class=\"_ _3a1\"> </span></span>caratteristiche del contratto sottostante;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">gli strumenti incorporati, anche se separati, soddisfano la definizione di der<span class=\"_ _1\"></span>ivato;<span class=\"_ _3a1\"> </span></span><span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _38\"></span>strument<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>ibridi <span class=\"_ _38\"></span>cui <span class=\"_ _38\"></span>appartengono <span class=\"_ _0\"></span>non <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no <span class=\"_ _38\"></span>valutati <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>fair <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>ue <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>le <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>lative <span class=\"_ _38\"></span>variazioni<span class=\"_ _3a1\"> </span></span>rilevate a Conto Economico.<span class=\"_ _3a1\"> </span>Riclassifiche<span class=\"_ _3a1\"> </span>Secondo <span class=\"_ _36\"> </span>le <span class=\"_ _39\"> </span>regole <span class=\"_ _36\"> </span>generali <span class=\"_ _39\"> </span>previste <span class=\"_ _36\"> </span>dall\u2019IFRS <span class=\"_ _36\"> </span>9 <span class=\"_ _36\"> </span>in <span class=\"_ _39\"> </span>materia <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>riclassificazione <span class=\"_ _39\"> </span>delle <span class=\"_ _36\"> </span>attivit\u00e0<span class=\"_ _3a1\"> </span>finanziarie (ad <span class=\"_ _2\"></span>eccezione dei titol<span class=\"_ _2\"></span>i di cap<span class=\"_ _2\"></span>itale, per cui <span class=\"_ _3b\"></span>no<span class=\"_ _1\"></span>n \u00e8<span class=\"_ _2\"></span> ammessa <span class=\"_ _2\"></span>alcuna riclassifica), <span class=\"_ _3b\"></span>no<span class=\"_ _1\"></span>n sono<span class=\"_ _3a1\"> </span>ammesse <span class=\"_ _3d\"> </span>riclassifiche  ve<span class=\"_ _1\"></span>rso  alt<span class=\"_ _1\"></span>re  categor<span class=\"_ _1\"></span>ie <span class=\"_ _3d\"> </span>di  attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _3d\"> </span>salvo <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>caso <span class=\"_ _3d\"> </span>in  cui <span class=\"_ _3d\"> </span>l\u2019entit\u00e0<span class=\"_ _3a1\"> </span>modifichi <span class=\"_ _35\"> </span>il  proprio  modello  di <span class=\"_ _35\"> </span>business  per  la  g<span class=\"_ _3b\"></span>estione<span class=\"_ _1\"></span>  delle <span class=\"_ _35\"> </span>attivit\u00e0  finanziarie   <span class=\"_ _35\"> </span>a  seguito  d<span class=\"_ _3b\"></span>i<span class=\"_ _3a1\"> </span>cambiamenti <span class=\"_ _38\"></span>esterni <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>inter<span class=\"_ _1\"></span>ni <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>quali <span class=\"_ _38\"></span>siano <span class=\"_ _38\"></span>rilevanti <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>oper<span class=\"_ _1\"></span>azioni <span class=\"_ _1\"></span>dell'entit<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>dimostrabili <span class=\"_ _38\"></span>alle<span class=\"_ _3a1\"> </span>parti  esterne.  In <span class=\"_ _35\"> </span>tali  casi,  c<span class=\"_ _2\"></span>he  ci <span class=\"_ _35\"> </span>si  attende  siano  altamente  infrequenti, <span class=\"_ _35\"> </span>le  attivit\u00e0  finanziarie<span class=\"_ _3a1\"> </span>potranno essere riclassificate d<span class=\"_ _2\"></span>alla categoria <span class=\"_ _2\"></span>valutata al fai<span class=\"_ _2\"></span>r value c<span class=\"_ _2\"></span>on impatto a <span class=\"_ _2\"></span>conto economico<span class=\"_ _3a1\"> </span>in <span class=\"_ _39\"> </span>una <span class=\"_ _39\"> </span>delle <span class=\"_ _3f\"> </span>altre <span class=\"_ _36\"> </span>due <span class=\"_ _3f\"> </span>categorie <span class=\"_ _39\"> </span>previste <span class=\"_ _39\"> </span>dall\u2019IFRS <span class=\"_ _39\"> </span>9 <span class=\"_ _39\"> </span>(Attivit\u00e0 <span class=\"_ _3f\"> </span>finanzi<span class=\"_ _2\"></span>arie <span class=\"_ _3f\"> </span>valu<span class=\"_ _2\"></span>tate <span class=\"_ _39\"> </span>al <span class=\"_ _3f\"> </span>costo<span class=\"_ _3a1\"> </span>ammortizzato o At<span class=\"_ _2\"></span>tivit\u00e0 finanziarie <span class=\"_ _2\"></span>valutate al <span class=\"_ _3b\"></span>fair<span class=\"_ _1\"></span> value <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>n impa<span class=\"_ _2\"></span>tto sulla <span class=\"_ _2\"></span>redditivit\u00e0 complessiva).<span class=\"_ _3a1\"> </span>Il <span class=\"_ _0\"></span>valore <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>trasferimento <span class=\"_ _0\"> </span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>rappresentato <span class=\"_ _0\"></span>dal <span class=\"_ _35\"> </span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>mo<span class=\"_ _1\"></span>mento <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>riclassificazione <span class=\"_ _0\"></span>e <span class=\"_ _0\"> </span>gli<span class=\"_ _3a1\"> </span>effetti <span class=\"_ _3b\"></span>della <span class=\"_ _2\"></span>riclassificazione <span class=\"_ _3b\"></span>oper<span class=\"_ _1\"></span>ano <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>ma<span class=\"_ _1\"></span>niera <span class=\"_ _3b\"></span>pros<span class=\"_ _1\"></span>pettica <span class=\"_ _3b\"></span>a <span class=\"_ _3b\"></span>partire d<span class=\"_ _2\"></span>alla <span class=\"_ _3b\"></span>data <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>riclassificazione<span class=\"_ _1\"></span>.<span class=\"_ _3a1\"> </span>In questo <span class=\"_ _1\"></span>caso, <span class=\"_ _1\"></span>il tas<span class=\"_ _1\"></span>so di int<span class=\"_ _1\"></span>eresse effett<span class=\"_ _1\"></span>ivo dell\u2019attivit\u00e0 <span class=\"_ _1\"></span>finanziaria r<span class=\"_ _1\"></span>iclassificata \u00e8<span class=\"_ _1\"></span> determinato in<span class=\"_ _3a1\"> </span>base <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>suo <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>valu<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>data <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>riclassificazione <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>tale <span class=\"_ _35\"> </span>data <span class=\"_ _0\"></span>viene <span class=\"_ _35\"> </span>considera<span class=\"_ _1\"></span>ta <span class=\"_ _35\"> </span>come <span class=\"_ _35\"> </span>data <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>rilevazione <span class=\"_ _1\"></span>iniziale <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>l\u2019allocazione <span class=\"_ _38\"></span>nei <span class=\"_ _1\"></span>diversi <span class=\"_ _1\"></span>stadi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>creditizio <span class=\"_ _38\"></span>(stage <span class=\"_ _1\"></span>assignment) <span class=\"_ _38\"></span>ai <span class=\"_ _1\"></span>fini<span class=\"_ _3a1\"> </span>dell\u2019impairment.<span class=\"_ _3a1\"> </span>Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span>Successivamente <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>rilevazione <span class=\"_ _1\"></span>iniziale, le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate al <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>impatto a<span class=\"_ _3a1\"> </span>conto <span class=\"_ _3d\"> </span>economico  s<span class=\"_ _1\"></span>ono  valorizzate <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>fair <span class=\"_ _3d\"> </span>value.  Gli <span class=\"_ _3d\"> </span>effetti <span class=\"_ _3d\"> </span>dell\u2019applicazione  di <span class=\"_ _3d\"> </span>tale <span class=\"_ _3d\"> </span>criterio <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span>valutazione sono imputati nel Conto Economico.<span class=\"_ _3a1\"> </span>Per l<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>determinazione del <span class=\"_ _3b\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3b\"></span>degli strumenti <span class=\"_ _2\"></span>finanziari <span class=\"_ _3b\"></span>quot<span class=\"_ _1\"></span>ati i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>un <span class=\"_ _3b\"></span>me<span class=\"_ _1\"></span>rcato <span class=\"_ _2\"></span>attivo, <span class=\"_ _3b\"></span>vengon<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span>utilizzate <span class=\"_ _2\"></span>quotazioni <span class=\"_ _3b\"></span>di mercato. <span class=\"_ _3b\"></span>In <span class=\"_ _2\"></span>assenza di <span class=\"_ _3b\"></span>un <span class=\"_ _3b\"></span>me<span class=\"_ _1\"></span>rcato <span class=\"_ _2\"></span>attivo, <span class=\"_ _3b\"></span>vengono u<span class=\"_ _2\"></span>tilizzati <span class=\"_ _3b\"></span>me<span class=\"_ _1\"></span>todi d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>tima<span class=\"_ _3a1\"> </span>e <span class=\"_ _38\"></span>modelli <span class=\"_ _38\"></span>valutativi <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>unemente <span class=\"_ _38\"></span>adottati, <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>tengono <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>tutti <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>fattori <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>corre<span class=\"_ _1\"></span>lati<span class=\"_ _3a1\"> </span>agli <span class=\"_ _3b\"></span>st<span class=\"_ _1\"></span>rumenti e <span class=\"_ _3b\"></span>che <span class=\"_ _2\"></span>sono b<span class=\"_ _2\"></span>asati <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>u <span class=\"_ _3b\"></span>dati rilevabili <span class=\"_ _3b\"></span>sul mercato <span class=\"_ _2\"></span>quali: <span class=\"_ _3b\"></span>valutazione di <span class=\"_ _3b\"></span>strument<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>quotati<span class=\"_ _3a1\"> </span>che <span class=\"_ _48\"> </span>present<span class=\"_ _1\"></span>ano <span class=\"_ _48\"> </span>analoghe <span class=\"_ _17e\"> </span>caratteristiche, <span class=\"_ _48\"> </span>calcoli <span class=\"_ _17e\"> </span>di <span class=\"_ _48\"> </span>flussi<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>di <span class=\"_ _48\"> </span>cass<span class=\"_ _1\"></span>a <span class=\"_ _48\"> </span>scont<span class=\"_ _1\"></span>ati, <span class=\"_ _48\"> </span>modelli <span class=\"_ _17e\"> </span>di<span class=\"_ _3a1\"> </span>determinazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>prezzo <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>opzioni, <span class=\"_ _38\"></span>va<span class=\"_ _1\"></span>lori <span class=\"_ _0\"></span>rilevati <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>rece<span class=\"_ _1\"></span>nti <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ransazioni <span class=\"_ _0\"></span>comparabili, <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>cc. <span class=\"_ _0\"></span>Per <span class=\"_ _38\"></span>i<span class=\"_ _3a1\"> </span>titoli <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>capitale <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>strumenti <span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>ivati <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>hanno <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>oggetto <span class=\"_ _1\"></span>tito<span class=\"_ _1\"></span>li <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>capitale, <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>quotati <span class=\"_ _1\"></span>in<span class=\"_ _3a1\"> </span>un mercato at<span class=\"_ _2\"></span>tivo, il cri<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>erio del c<span class=\"_ _3b\"></span>os<span class=\"_ _1\"></span>to \u00e8 u<span class=\"_ _3b\"></span>tilizzato quale stima d<span class=\"_ _2\"></span>el fair valu<span class=\"_ _2\"></span>e soltanto in<span class=\"_ _2\"></span> via r<span class=\"_ _2\"></span>esiduale<span class=\"_ _3a1\"> </span>e <span class=\"_ _37\"> </span>limitatamente <span class=\"_ _37\"> </span>a <span class=\"_ _37\"> </span>poche <span class=\"_ _37\"> </span>circostanze, <span class=\"_ _37\"> </span>ossia <span class=\"_ _36\"> </span>in <span class=\"_ _3d\"> </span>cas<span class=\"_ _1\"></span>o <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>non <span class=\"_ _37\"> </span>applicabilit\u00e0 <span class=\"_ _36\"> </span>di <span class=\"_ _3d\"> </span>t<span class=\"_ _1\"></span>utti <span class=\"_ _37\"> </span>i <span class=\"_ _37\"> </span>metodi <span class=\"_ _37\"> </span>di<span class=\"_ _3a1\"> </span>valutazione  pre<span class=\"_ _1\"></span>cedentemente  richiamati,  ovver<span class=\"_ _1\"></span>o <span class=\"_ _3d\"> </span>in  presenza  di  un\u2019ampia <span class=\"_ _3d\"> </span>gamma  di <span class=\"_ _3d\"> </span>possibili<span class=\"_ _3a1\"> </span>valutazioni del fair value, nel cui ambito il cos<span class=\"_ _1\"></span>to rappresenta la stima pi\u00f9 significativa.<span class=\"_ _3a1\"> </span>Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span>Le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>ve<span class=\"_ _1\"></span>ngono <span class=\"_ _38\"></span>cancellate <span class=\"_ _1\"></span>dal <span class=\"_ _0\"></span>bil<span class=\"_ _2\"></span>ancio <span class=\"_ _38\"></span>so<span class=\"_ _3a1\"> </span>lamente <span class=\"_ _38\"></span>se <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>cessione <span class=\"_ _38\"></span>ha <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>mportato <span class=\"_ _38\"></span>il<span class=\"_ _3a1\"> </span>sostanziale <span class=\"_ _2\"></span>trasferimento di <span class=\"_ _3b\"></span>tutti i<span class=\"_ _2\"></span> rischi <span class=\"_ _3b\"></span>e benefici <span class=\"_ _3b\"></span>connessi all<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 st<span class=\"_ _2\"></span>esse. P<span class=\"_ _2\"></span>er contro,<span class=\"_ _2\"></span> qu<span class=\"_ _2\"></span>alora<span class=\"_ _3a1\"> </span>sia <span class=\"_ _38\"></span>stata <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>antenuta <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>rilevante <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>benefici <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span>cedute, qu<span class=\"_ _2\"></span>este<span class=\"_ _1\"></span> con<span class=\"_ _2\"></span>tinuano ad<span class=\"_ _2\"></span> essere iscritte <span class=\"_ _3b\"></span>in bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 giuridicamente la <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>itolarit\u00e0 delle<span class=\"_ _3a1\"> </span>attivit\u00e0 stesse sia stata effettivamente trasferita.<span class=\"_ _3a1\"> </span>Nel <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>possibile <span class=\"_ _35\"> </span>accertare <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>sostanziale <span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>asferimento <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>benefici, <span class=\"_ _0\"> </span>le<span class=\"_ _3a1\"> </span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>vengono <span class=\"_ _38\"></span>cancellate <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>bilancio <span class=\"_ _1\"></span>qualora <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ato <span class=\"_ _1\"></span>mante<span class=\"_ _1\"></span>nuto <span class=\"_ _1\"></span>alcun <span class=\"_ _38\"></span>tipo <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span>controllo <span class=\"_ _37\"> </span>sulle <span class=\"_ _37\"> </span>stesse. <span class=\"_ _37\"> </span>In <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>contrario, <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>conservazione, <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>parte, <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>tale <span class=\"_ _37\"> </span>controllo<span class=\"_ _3a1\"> </span>comporta  il <span class=\"_ _3d\"> </span>mantenimento  in  bilancio  de<span class=\"_ _1\"></span>lle  attivit\u00e0 <span class=\"_ _3d\"> </span>in  misura  pari <span class=\"_ _3d\"> </span>al  coinvolgimento<span class=\"_ _1\"></span>  residuo,<span class=\"_ _3a1\"> </span>misurato dall\u2019esposizione <span class=\"_ _1\"></span>ai cambiamenti di valore delle attivit\u00e0 cedute <span class=\"_ _1\"></span>ed alle variazioni dei flussi<span class=\"_ _3a1\"> </span>finanziari delle stesse.<span class=\"_ _3a1\"> </span>Infine,  le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _37\"> </span>cedute <span class=\"_ _3d\"> </span>vengono <span class=\"_ _37\"> </span>cancellate <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>bilancio <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>caso <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>cui <span class=\"_ _3d\"> </span>vi <span class=\"_ _3d\"> </span>sia <span class=\"_ _3d\"> </span>l<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span>conservazione <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>diritti <span class=\"_ _37\"> </span>contrattuali <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>ricevere <span class=\"_ _37\"> </span>i <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>cassa, <span class=\"_ _37\"> </span>con <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>contestuale<span class=\"_ _3a1\"> </span>assunzione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un\u2019obbligazione <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>pagare <span class=\"_ _38\"></span>detti <span class=\"_ _1\"></span>flussi, <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>solo <span class=\"_ _38\"></span>essi, <span class=\"_ _1\"></span>senza <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>ritardo <span class=\"_ _38\"></span>rilevante <span class=\"_ _1\"></span>ad <span class=\"_ _38\"></span>altri<span class=\"_ _3a1\"> </span>soggetti terzi.<span class=\"_ _3a1\"> </span>Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"_ _3a1\"> </span>Gli in<span class=\"_ _3a1\"> </span>teressi attivi sui titoli di debito ed i differenziali ed i margini dei contratti derivati classificati in<span class=\"_ _3a1\"> </span>tale <span class=\"_ _1\"></span>categoria, <span class=\"_ _1\"></span>ma ge<span class=\"_ _1\"></span>stionalmente collegat<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>attivit\u00e0 o <span class=\"_ _1\"></span>passivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value<span class=\"_ _3a1\"> </span>sono iscritti per competenza nelle voci di conto economico relat<span class=\"_ _1\"></span>ivi agli<span class=\"_ _2\"></span> intere<span class=\"_ _1\"></span>ssi. I <span class=\"_ _0\"></span>differe<span class=\"_ _1\"></span>nziali <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>margini <span class=\"_ _0\"></span>degli <span class=\"_ _35\"> </span>altri <span class=\"_ _0\"></span>contratti <span class=\"_ _35\"> </span>vengono <span class=\"_ _0\"></span>rilevati <span class=\"_ _35\"> </span>nel <span class=\"_ _0\"></span>\u201cRisultato <span class=\"_ _35\"> </span>netto <span class=\"_ _0\"></span>dell\u2019attivit\u00e0 <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span>negoziazione\u201d.<span class=\"_ _3a1\"> </span>I dividendi <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ono rilevati per c<span class=\"_ _2\"></span>ompetenza economica rife<span class=\"_ _2\"></span>rita alla da<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>a di a<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>sunzione della delib<span class=\"_ _2\"></span>era di<span class=\"_ _3a1\"> </span>distribuzione da parte dell\u2019assemblea e sono es<span class=\"_ _1\"></span>posti nella voce \u201cDividendi e proventi simili\u201d.<span class=\"_ _3a1\"> </span>Gli <span class=\"_ _35\"> </span>utili <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>le  p<span class=\"_ _2\"></span>erdite  r<span class=\"_ _2\"></span>ealizzati <span class=\"_ _35\"> </span>dalla <span class=\"_ _35\"> </span>cessione  o <span class=\"_ _35\"> </span>rimborso <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>plus/minusvalenze <span class=\"_ _35\"> </span>derivanti <span class=\"_ _35\"> </span>dalle<span class=\"_ _3a1\"> </span>variazioni <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>iscritti <span class=\"_ _0\"></span>nel <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>del<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>periodo <span class=\"_ _0\"></span>nel <span class=\"_ _0\"></span>quale <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>manifestano <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span>classificati <span class=\"_ _35\"> </span>nella <span class=\"_ _0\"></span>voce <span class=\"_ _35\"> </span>\u201cRisultato <span class=\"_ _0\"></span>netto <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>negozia<span class=\"_ _2\"></span>zione\u201d, <span class=\"_ _35\"> </span>ad <span class=\"_ _0\"></span>eccezione <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>ota<span class=\"_ _3a1\"> </span>relativa <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>contratti <span class=\"_ _38\"></span>der<span class=\"_ _1\"></span>ivati <span class=\"_ _0\"></span>gestionalmente <span class=\"_ _38\"></span>collegat<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>ad <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>fair <span class=\"_ _0\"></span>value<span class=\"_ _3a1\"> </span>rilevata nel \u201cRisultato netto delle attivit\u00e0 e passivit\u00e0 finanziarie valutate<span class=\"_ _1\"></span> al fair value\u201d.<span class=\"_ _3a1\"> </span>2.1 - A<span class=\"_ _1\"></span>ttivit\u00e0 fin<span class=\"_ _1\"></span>anziarie v<span class=\"_ _1\"></span>alutate al<span class=\"_ _1\"></span> fair value<span class=\"_ _1\"></span> con imp<span class=\"_ _1\"></span>atto sull<span class=\"_ _1\"></span>a reddi<span class=\"_ _1\"></span>t<span class=\"_ _3a1\"> </span>ivit\u00e0 comp<span class=\"_ _1\"></span>lessiva<span class=\"_ _1\"></span> (FVOCI<span class=\"_ _1\"></span> con<span class=\"_ _3a1\"> </span>riciclo)<span class=\"_ _3a1\"> </span>Criteri di iscrizione<span class=\"_ _3a1\"> </span>L\u2019iscrizione iniziale delle attivit\u00e0 finanziarie avviene alla data di regolamento <span class=\"_ _1\"></span>per i titoli di debito ed<span class=\"_ _3a1\"> </span>alla <span class=\"_ _37\"> </span>data <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>erogazione <span class=\"_ _36\"> </span>per <span class=\"_ _3d\"> </span>i <span class=\"_ _36\"> </span>finan<span class=\"_ _2\"></span>ziamenti. <span class=\"_ _37\"> </span>All\u2019atto <span class=\"_ _37\"> </span>della <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>ilevazione <span class=\"_ _3d\"> </span>iniziale <span class=\"_ _37\"> </span>le <span class=\"_ _37\"> </span>a<span class=\"_ _1\"></span>ttivit\u00e0 <span class=\"_ _37\"> </span>sono<span class=\"_ _3a1\"> </span>contabilizzate <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>fair val<span class=\"_ _2\"></span>ue, <span class=\"_ _2\"></span>comprensivo <span class=\"_ _3b\"></span>dei c<span class=\"_ _2\"></span>osti <span class=\"_ _3b\"></span>o p<span class=\"_ _2\"></span>roventi <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>transazione di<span class=\"_ _2\"></span>rettamente <span class=\"_ _3b\"></span>attr<span class=\"_ _1\"></span>ibuibili<span class=\"_ _3a1\"> </span>allo strumento <span class=\"_ _184\"></span>stesso.<span class=\"_ _3a1\"> </span>Criteri di classificazione<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _38\"></span>incluse <span class=\"_ _38\"></span>nella <span class=\"_ _1\"></span>presente <span class=\"_ _38\"></span>categoria <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanzia<span class=\"_ _3a1\"> </span>rie <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>soddisfano <span class=\"_ _38\"></span>entram<span class=\"_ _1\"></span>be <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>seguenti<span class=\"_ _3a1\"> </span>condizioni:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019attivit\u00e0 finanziaria <span class=\"_ _1\"></span>\u00e8 posseduta se<span class=\"_ _1\"></span>condo un <span class=\"_ _1\"></span>modello di business <span class=\"_ _1\"></span>il cui obiet<span class=\"_ _1\"></span>tivo \u00e8 conse<span class=\"_ _1\"></span>guito<span class=\"_ _3a1\"> </span></span>sia <span class=\"_ _1\"></span>mediante <span class=\"_ _1\"></span>l\u2019incasso <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>flussi finanziari pre<span class=\"_ _1\"></span>visti <span class=\"_ _1\"></span>contrattualmente <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>mediante la <span class=\"_ _1\"></span>vendita<span class=\"_ _3a1\"> </span>(Business model \u201cHold to Collect and Sell \u2013 \u201cHTCS\u201d\u201d<span class=\"_ _1\"></span>), e<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>ermini <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>rattuali <span class=\"_ _38\"></span>dell\u2019att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _38\"></span>finanziaria <span class=\"_ _0\"></span>prevedono, <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>determin<span class=\"_ _2\"></span>ate <span class=\"_ _0\"></span>date, <span class=\"_ _38\"></span>flussi <span class=\"_ _0\"></span>finanziari<span class=\"_ _3a1\"> </span></span>rappresentati unicamente da pagamenti del capitale e dell\u2019interesse sul<span class=\"_ _2\"></span>l\u2019importo del capitale<span class=\"_ _3a1\"> </span>da restituire (cd. \u201cSPPI test\u201d superato).<span class=\"_ _3a1\"> </span>In particolare, vengono inclusi in questa <span class=\"_ _1\"></span>voce:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>debito <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iconducibili <span class=\"_ _38\"></span>ad <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>business <span class=\"_ _0\"></span>model <span class=\"_ _0\"></span>Hold<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>Collect <span class=\"_ _0\"></span>and <span class=\"_ _38\"></span>Sell <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>che<span class=\"_ _3a1\"> </span></span>hanno superato il test SPPI;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _0\"></span>finanziamenti <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>riconducibili <span class=\"_ _0\"></span>ad <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>busine<span class=\"_ _1\"></span>ss <span class=\"_ _0\"></span>model <span class=\"_ _0\"></span>Hold <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>Collect <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>Sell <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>che<span class=\"_ _3a1\"> </span></span>hanno superato il test SPPI.<span class=\"_ _3a1\"> </span>Riclassifiche<span class=\"_ _3a1\"> </span>Secondo <span class=\"_ _36\"> </span>le <span class=\"_ _39\"> </span>regole <span class=\"_ _36\"> </span>generali <span class=\"_ _39\"> </span>previste <span class=\"_ _36\"> </span>dall\u2019IFRS <span class=\"_ _36\"> </span>9 <span class=\"_ _36\"> </span>in <span class=\"_ _39\"> </span>materia <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>riclassificazione <span class=\"_ _39\"> </span>delle <span class=\"_ _36\"> </span>attivit\u00e0<span class=\"_ _3a1\"> </span>finanziarie (ad <span class=\"_ _2\"></span>eccezione dei titol<span class=\"_ _2\"></span>i di cap<span class=\"_ _2\"></span>itale, per cui <span class=\"_ _3b\"></span>no<span class=\"_ _1\"></span>n \u00e8<span class=\"_ _2\"></span> ammessa <span class=\"_ _2\"></span>alcuna riclassifica), <span class=\"_ _3b\"></span>no<span class=\"_ _1\"></span>n sono<span class=\"_ _3a1\"> </span>ammesse <span class=\"_ _3d\"> </span>riclassifiche <span class=\"_ _3d\"> </span>verso <span class=\"_ _3d\"> </span>altre <span class=\"_ _3d\"> </span>categor<span class=\"_ _1\"></span>ie <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie  salvo  il  cas<span class=\"_ _1\"></span>o <span class=\"_ _3d\"> </span>in  cui  l\u2019entit\u00e0<span class=\"_ _3a1\"> </span>modifichi  il  proprio <span class=\"_ _3d\"> </span>modello  di  business  per  la  gestione <span class=\"_ _3d\"> </span>delle  attivit\u00e0  finanziarie <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>seguito <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span>cambiamenti <span class=\"_ _38\"></span>esterni <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>inter<span class=\"_ _1\"></span>ni <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>quali <span class=\"_ _38\"></span>siano <span class=\"_ _38\"></span>rilevanti <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>oper<span class=\"_ _1\"></span>azioni <span class=\"_ _1\"></span>dell'entit<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>dimostrabili <span class=\"_ _38\"></span>alle<span class=\"_ _3a1\"> </span>parti esterne.<span class=\"_ _3a1\"> </span>In <span class=\"_ _0\"></span>tali <span class=\"_ _0\"></span>casi, <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>ci <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>attende <span class=\"_ _0\"></span>siano <span class=\"_ _0\"></span>altamente <span class=\"_ _0\"></span>infr<span class=\"_ _2\"></span>equenti, <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>arie <span class=\"_ _0\"></span>potranno <span class=\"_ _0\"></span>essere<span class=\"_ _3a1\"> </span>riclassificate <span class=\"_ _1\"></span>dalla <span class=\"_ _1\"></span>categoria <span class=\"_ _1\"></span>valutata <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value co<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>impatto sulla <span class=\"_ _1\"></span>redditivit\u00e0 <span class=\"_ _1\"></span>complessiva <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>una<span class=\"_ _3a1\"> </span>delle <span class=\"_ _1\"></span>altre <span class=\"_ _1\"></span>due <span class=\"_ _1\"></span>categorie <span class=\"_ _1\"></span>previste dall\u2019IFRS <span class=\"_ _1\"></span>9 <span class=\"_ _1\"></span>(Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate <span class=\"_ _1\"></span>al co<span class=\"_ _1\"></span>sto <span class=\"_ _1\"></span>ammortizzato o<span class=\"_ _3a1\"> </span>Attivit\u00e0 finanziarie valutate <span class=\"_ _1\"></span>al fair value con impatto a conto economico). Il valore <span class=\"_ _1\"></span>di trasferimento<span class=\"_ _3a1\"> </span>\u00e8 r<span class=\"_ _1\"></span>appresentato dal fair<span class=\"_ _1\"></span> value <span class=\"_ _1\"></span>al mome<span class=\"_ _1\"></span>nto della <span class=\"_ _1\"></span>riclassificazione e<span class=\"_ _1\"></span> gli <span class=\"_ _1\"></span>effetti <span class=\"_ _1\"></span>della riclassificazione<span class=\"_ _3a1\"> </span>operano in manie<span class=\"_ _2\"></span>ra prospettica <span class=\"_ _3b\"></span>a part<span class=\"_ _1\"></span>ire d<span class=\"_ _2\"></span>alla data <span class=\"_ _2\"></span>di riclassificaz<span class=\"_ _2\"></span>ione. Nel caso <span class=\"_ _2\"></span>di ricl<span class=\"_ _2\"></span>assifica dalla<span class=\"_ _3a1\"> </span>categoria  in  oggetto  a <span class=\"_ _35\"> </span>quella  del  costo  ammortizzato, <span class=\"_ _35\"> </span>l\u2019utile  (perdita)  cumulato  rilevato  nel<span class=\"_ _2\"></span>la<span class=\"_ _3a1\"> </span>riserva  d<span class=\"_ _2\"></span>a  v<span class=\"_ _2\"></span>alutazione  \u00e8<span class=\"_ _2\"></span>  p<span class=\"_ _2\"></span>ortato  a <span class=\"_ _35\"> </span>rettifica <span class=\"_ _35\"> </span>del  fai<span class=\"_ _2\"></span>r <span class=\"_ _35\"> </span>value  dell\u2019<span class=\"_ _2\"></span>attivit\u00e0  finanzi<span class=\"_ _2\"></span>aria  alla <span class=\"_ _35\"> </span>data <span class=\"_ _35\"> </span>della<span class=\"_ _3a1\"> </span>riclassificazione. <span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>el <span class=\"_ _38\"></span>caso <span class=\"_ _38\"></span>invece <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>riclassifica <span class=\"_ _38\"></span>nella <span class=\"_ _38\"></span>categor<span class=\"_ _1\"></span>ia <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>impatto <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>conto<span class=\"_ _3a1\"> </span>economico,  l'utile  (perdita)  cumulato  rilevato  precedentemente  nella  riserva  da  v<span class=\"_ _2\"></span>alutazione  \u00e8<span class=\"_ _3a1\"> </span>riclassificato dal patrimonio netto all'utile (perdita) d'esercizio.<span class=\"_ _3a1\"> </span>Criteri di valuta<span class=\"_ _1\"></span>zione Succes<span class=\"_ _3a1\"> </span>sivamente  all<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>rilevazione  i<span class=\"_ _2\"></span>niziale, <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>Attivit\u00e0  c<span class=\"_ _2\"></span>lassificate<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value <span class=\"_ _35\"> </span>con  i<span class=\"_ _2\"></span>mpatto  sul<span class=\"_ _3b\"></span>la redditivit\u00e0 <span class=\"_ _35\"> </span>complessiva <span class=\"_ _35\"> </span>sono <span class=\"_ _35\"> </span>va<span class=\"_ _3b\"></span>lutat<span class=\"_ _1\"></span>e <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>fair <span class=\"_ _0\"></span>value, <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>ilevazione <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>Conto <span class=\"_ _35\"> </span>Economico <span class=\"_ _35\"> </span>degli impatti <span class=\"_ _3a\"> </span>derivanti <span class=\"_ _3f\"> </span>dall\u2019applicazione<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _3f\"> </span>costo <span class=\"_ _3a\"> </span>ammortizzato, <span class=\"_ _3a\"> </span>degli <span class=\"_ _3f\"> </span>effet<span class=\"_ _1\"></span>ti <span class=\"_ _3a\"> </span>dell\u2019impairment <span class=\"_ _3f\"> </span>e dell\u2019eventuale effetto cambio, mentre gli<span class=\"_ _2\"></span> altri utili o p<span class=\"_ _2\"></span>erdite derivan<span class=\"_ _2\"></span>ti da una v<span class=\"_ _2\"></span>ariazione di fair val<span class=\"_ _2\"></span>ue vengono <span class=\"_ _38\"></span>rilevati <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>una <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>pecifica <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iserva <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>patr<span class=\"_ _1\"></span>imonio <span class=\"_ _38\"></span>netto <span class=\"_ _38\"></span>finch\u00e9 <span class=\"_ _38\"></span>l\u2019attivit\u00e0 <span class=\"_ _38\"></span>finanziaria <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>viene cancellata. <span class=\"_ _3b\"></span>Al momento <span class=\"_ _3b\"></span>della dis<span class=\"_ _2\"></span>missione, t<span class=\"_ _2\"></span>otale <span class=\"_ _2\"></span>o p<span class=\"_ _2\"></span>arziale, <span class=\"_ _3b\"></span>l\u2019utile o <span class=\"_ _3b\"></span>la <span class=\"_ _2\"></span>perdita <span class=\"_ _3b\"></span>cumulati nella <span class=\"_ _3b\"></span>riserva da valutazione vengono riversati, in tutto o in parte<span class=\"_ _1\"></span>, a Conto Economico. Il fair value v<span class=\"_ _2\"></span>iene determinato sulla base dei criteri g<span class=\"_ _2\"></span>i\u00e0 illustrati per le At<span class=\"_ _2\"></span>tivit\u00e0 finanziarie valu<span class=\"_ _2\"></span>tate al fair value con impatto a conto economico. Le <span class=\"_ _0\"></span>Attivit\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>al<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>impatto <span class=\"_ _0\"></span>sulla <span class=\"_ _0\"></span>re<span class=\"_ _2\"></span>dditivit\u00e0 <span class=\"_ _0\"></span>complessiva <span class=\"_ _0\"></span>\u2013 <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>sotto forma <span class=\"_ _1\"></span>di titoli di <span class=\"_ _1\"></span>debito che<span class=\"_ _1\"></span> di <span class=\"_ _1\"></span>crediti \u2013<span class=\"_ _1\"></span> sono <span class=\"_ _1\"></span>soggette <span class=\"_ _1\"></span>alla verifica dell\u2019increme<span class=\"_ _1\"></span>nto significativo de<span class=\"_ _1\"></span>l rischio creditizio (impairment) previ<span class=\"_ _2\"></span>sta dall\u2019IFRS 9, <span class=\"_ _2\"></span>al pari delle Attivit\u00e0 al<span class=\"_ _2\"></span> costo ammortizzato, con conseguente <span class=\"_ _35\"> </span>rilevazione <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>una <span class=\"_ _35\"> </span>rettifica <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>valore <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>copertura <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>perdite attese. <span class=\"_ _0\"></span>Pi\u00f9 <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>particolare, <span class=\"_ _0\"></span>sugli <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>classificati <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>stage <span class=\"_ _0\"></span>1 <span class=\"_ _0\"></span>(ossia <span class=\"_ _0\"></span>sulle <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _0\"></span>al momento <span class=\"_ _35\"> </span>dell\u2019origination, <span class=\"_ _35\"> </span>ove <span class=\"_ _35\"> </span>non <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>teriorate, <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>sugli <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>trumenti <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>verificato <span class=\"_ _35\"> </span>un significativo <span class=\"_ _37\"> </span>increme<span class=\"_ _1\"></span>nto <span class=\"_ _36\"> </span>del <span class=\"_ _37\"> </span>rischio <span class=\"_ _36\"> </span>cre<span class=\"_ _1\"></span>ditizio <span class=\"_ _37\"> </span>rispetto <span class=\"_ _36\"> </span>alla <span class=\"_ _36\"> </span>data <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>rilevazione <span class=\"_ _36\"> </span>iniziale) <span class=\"_ _37\"> </span>viene<span class=\"_ _1\"></span> contabilizzata, <span class=\"_ _1\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>rilevazione <span class=\"_ _38\"></span>iniziale <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>ogni <span class=\"_ _38\"></span>data <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>reporting <span class=\"_ _38\"></span>successiva, <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>perdita attesa ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>anno. In<span class=\"_ _2\"></span>vece, per g<span class=\"_ _2\"></span>li strumenti classificati <span class=\"_ _3b\"></span>in stage 2 <span class=\"_ _3b\"></span>(bonis per <span class=\"_ _2\"></span>i q<span class=\"_ _2\"></span>uali si <span class=\"_ _3b\"></span>\u00e8<span class=\"_ _1\"></span> verificato <span class=\"_ _2\"></span>un incremento <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ignificativo <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>rischio <span class=\"_ _38\"></span>creditizio <span class=\"_ _38\"></span>rispetto <span class=\"_ _38\"></span>alla <span class=\"_ _1\"></span>data <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rilevazione <span class=\"_ _38\"></span>iniziale) <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tage <span class=\"_ _38\"></span>3 (esposizioni  deteriorate)  vi<span class=\"_ _2\"></span>ene  contabilizzata <span class=\"_ _35\"> </span>una  perdita  attesa  per  l\u2019<span class=\"_ _2\"></span>intera  vita <span class=\"_ _35\"> </span>residua  dello strumento <span class=\"_ _25a\"></span>finanziario. Criteri di cancel<span class=\"_ _1\"></span>lazione Le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>ve<span class=\"_ _1\"></span>ngono <span class=\"_ _38\"></span>cancellate <span class=\"_ _1\"></span>dal <span class=\"_ _0\"></span>bil<span class=\"_ _2\"></span>ancio <span class=\"_ _38\"></span>so<span class=\"_ _3a1\"> </span>lamente <span class=\"_ _38\"></span>se <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>cessione <span class=\"_ _38\"></span>ha <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>mportato <span class=\"_ _38\"></span>il sostanziale <span class=\"_ _2\"></span>trasferimento di <span class=\"_ _3b\"></span>tutti i<span class=\"_ _2\"></span> rischi <span class=\"_ _3b\"></span>e benefici <span class=\"_ _3b\"></span>connessi all<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 st<span class=\"_ _2\"></span>esse. P<span class=\"_ _2\"></span>er contro,<span class=\"_ _2\"></span> qu<span class=\"_ _2\"></span>alora sia <span class=\"_ _38\"></span>stata <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>antenuta <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>rilevante <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>benefici <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>arie cedute, qu<span class=\"_ _2\"></span>este<span class=\"_ _1\"></span> con<span class=\"_ _2\"></span>tinuano ad<span class=\"_ _2\"></span> essere iscritte <span class=\"_ _3b\"></span>in bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 giuridicamente la <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>itolarit\u00e0 delle<span class=\"_ _2\"></span> attivit\u00e0 stesse sia stata effettivamente trasferita. Nel <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>possibile <span class=\"_ _35\"> </span>accertare <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>sostanziale <span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>asferimento <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>benefici, <span class=\"_ _0\"> </span>le attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>vengono <span class=\"_ _38\"></span>cancellate <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>bilancio <span class=\"_ _1\"></span>qualora <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ato <span class=\"_ _1\"></span>mante<span class=\"_ _1\"></span>nuto <span class=\"_ _1\"></span>alcun <span class=\"_ _38\"></span>tipo <span class=\"_ _38\"></span>di controllo <span class=\"_ _37\"> </span>sulle <span class=\"_ _37\"> </span>stesse. <span class=\"_ _37\"> </span>In <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>contrario, <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>conservazione, <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>parte, <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>tale <span class=\"_ _37\"> </span>controllo comporta  il <span class=\"_ _3d\"> </span>mantenimento  in  bilancio  de<span class=\"_ _1\"></span>lle  attivit\u00e0 <span class=\"_ _3d\"> </span>in  misura  pari <span class=\"_ _3d\"> </span>al  coinvolgimento<span class=\"_ _1\"></span>  residuo, misurato dall\u2019esposizione <span class=\"_ _1\"></span>ai cambiamenti di valore delle attivit\u00e0 cedute <span class=\"_ _1\"></span>ed alle variazioni dei flussi finanziari delle stesse. Infine,  le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _37\"> </span>cedute <span class=\"_ _3d\"> </span>vengono <span class=\"_ _37\"> </span>cancellate <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>bilancio <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>caso <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>cui <span class=\"_ _3d\"> </span>vi <span class=\"_ _3d\"> </span>sia <span class=\"_ _3d\"> </span>l<span class=\"_ _1\"></span>a conservazione <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>diritti <span class=\"_ _37\"> </span>contrattuali <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>ricevere <span class=\"_ _37\"> </span>i <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>cassa, <span class=\"_ _37\"> </span>con <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>contestuale assunzione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un\u2019obbligazione <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>pagare <span class=\"_ _38\"></span>detti <span class=\"_ _1\"></span>flussi, <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>solo <span class=\"_ _38\"></span>essi, <span class=\"_ _1\"></span>senza <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>ritardo <span class=\"_ _38\"></span>rilevante <span class=\"_ _1\"></span>ad <span class=\"_ _38\"></span>altri soggetti terzi. Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali Gli <span class=\"_ _36\"> </span>inte<span class=\"_ _1\"></span>ressi <span class=\"_ _39\"> </span>attivi, <span class=\"_ _36\"> </span>calcolati <span class=\"_ _39\"> </span>in <span class=\"_ _39\"> </span>base <span class=\"_ _39\"> </span>alla <span class=\"_ _36\"> </span>me<span class=\"_ _1\"></span>todologia <span class=\"_ _39\"> </span>d<span class=\"_ _3a1\"> </span>el <span class=\"_ _39\"> </span>T.I.R., <span class=\"_ _36\"> </span>vengono <span class=\"_ _39\"> </span>contabilizzati <span class=\"_ _36\"> </span>pe<span class=\"_ _1\"></span>r competenza <span class=\"_ _1\"></span>nelle <span class=\"_ _38\"></span>voci <span class=\"_ _1\"></span>\u201cInteressi <span class=\"_ _1\"></span>att<span class=\"_ _1\"></span>ivi e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>proventi <span class=\"_ _38\"></span>assimilati\u201d, <span class=\"_ _1\"></span>mentre <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>utili <span class=\"_ _38\"></span>o <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>perdite <span class=\"_ _1\"></span>derivanti da <span class=\"_ _1\"></span>una <span class=\"_ _38\"></span>variazione <span class=\"_ _38\"></span>di fair <span class=\"_ _38\"></span>value vengono <span class=\"_ _38\"></span>rilevati <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>specifica <span class=\"_ _38\"></span>riserva <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>patrimonio <span class=\"_ _38\"></span>netto <span class=\"_ _38\"></span>sino <span class=\"_ _1\"></span>a che l\u2019attivit\u00e0 finanziaria <span class=\"_ _2\"></span>non viene cancellata o non viene rileva<span class=\"_ _2\"></span>ta una p<span class=\"_ _2\"></span>erdita di valore. Per i titoli di debito, al <span class=\"_ _1\"></span>momento della dismissione o<span class=\"_ _1\"></span> della r<span class=\"_ _1\"></span>ilevazione di una perdita di <span class=\"_ _1\"></span>valore, l\u2019utile <span class=\"_ _1\"></span>o la perdita cumulati vengono riversati a conto economico. Qualora <span class=\"_ _3f\"> </span>i <span class=\"_ _39\"> </span>motivi <span class=\"_ _3f\"> </span>della <span class=\"_ _39\"> </span>perdita <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>valore <span class=\"_ _39\"> </span>s<span class=\"_ _1\"></span>iano <span class=\"_ _39\"> </span>rimossi <span class=\"_ _3f\"> </span>a <span class=\"_ _3f\"> </span>segu<span class=\"_ _2\"></span>ito <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>un <span class=\"_ _3f\"> </span>evento <span class=\"_ _3f\"> </span>verificatosi successivamente alla <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevazione della <span class=\"_ _3b\"></span>riduzione di <span class=\"_ _3b\"></span>valore<span class=\"_ _1\"></span>, vengono <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffettuate riprese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore co<span class=\"_ _2\"></span>n imputazione a conto economico, <span class=\"_ _2\"></span>nel caso dei titoli d<span class=\"_ _2\"></span>i debito. L\u2019ammontare della ripresa non <span class=\"_ _2\"></span>pu\u00f2 i<span class=\"_ _2\"></span>n ogni cas<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>superare <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>differenza <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>contabile <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>costo <span class=\"_ _1\"></span>ammortizzato <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>strumento avrebbe avuto in assenza di precedenti rettifiche.<span class=\"_ _3a1\"> </span>2.2 Atti<span class=\"_ _1\"></span>vit\u00e0 finan<span class=\"_ _1\"></span>ziarie v<span class=\"_ _1\"></span>alutate <span class=\"_ _1\"></span>al fair value<span class=\"_ _1\"></span> con impa<span class=\"_ _1\"></span>tto <span class=\"_ _1\"></span>sulla reddi<span class=\"_ _1\"></span>tivit\u00e0 comp<span class=\"_ _1\"></span>lessiva<span class=\"_ _1\"></span> (FVOCI <span class=\"_ _1\"></span>senza<span class=\"_ _3a1\"> </span> riciclo)<span class=\"_ _3a1\"> </span> C<span class=\"_ _3a1\"> </span>riteri di iscr<span class=\"_ _1\"></span>izione<span class=\"_ _3a1\"> </span> L\u2019iscrizione <span class=\"_ _1\"></span>iniziale delle <span class=\"_ _38\"></span>attivit\u00e0 finanziarie <span class=\"_ _1\"></span>avviene <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>regolamento <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>i t<span class=\"_ _1\"></span>itoli <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>capitale.<span class=\"_ _3a1\"> </span> All\u2019atto della rilevazione iniz<span class=\"_ _2\"></span>iale le attivit\u00e0 sono contabilizz<span class=\"_ _2\"></span>ate al fair value, comprensivo dei <span class=\"_ _2\"></span>costi o<span class=\"_ _3a1\"> </span> proventi di transazione direttamente attribuibili allo strumento <span class=\"_ _25a\"></span>stesso.<span class=\"_ _3a1\"> </span> Criteri di classifi<span class=\"_ _1\"></span>cazione<span class=\"_ _3a1\"> </span> Sono incl<span class=\"_ _2\"></span>usi nella <span class=\"_ _3b\"></span>voce gli <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>trumenti di <span class=\"_ _3b\"></span>capitale, non d<span class=\"_ _2\"></span>et<span class=\"_ _3a1\"> </span>enuti pe<span class=\"_ _2\"></span>r fi<span class=\"_ _2\"></span>nalit\u00e0 di<span class=\"_ _2\"></span> negoziazione, <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span> i <span class=\"_ _3b\"></span>quali<span class=\"_ _3a1\"> </span> al <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>omento <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>rilevazione <span class=\"_ _38\"></span>iniziale <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>stata <span class=\"_ _38\"></span>esercitata <span class=\"_ _38\"></span>l\u2019opzione <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>designazione <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value<span class=\"_ _3a1\"> </span> con impatto sulla redditivit\u00e0 complessiva.<span class=\"_ _3a1\"> </span> In <span class=\"_ _37\"> </span>particolare<span class=\"_ _1\"></span>, <span class=\"_ _37\"> </span>vengono <span class=\"_ _37\"> </span>inclusi <span class=\"_ _37\"> </span>in <span class=\"_ _36\"> </span>questa <span class=\"_ _37\"> </span>voce <span class=\"_ _37\"> </span>le<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>interessenze <span class=\"_ _36\"> </span>azionarie, <span class=\"_ _37\"> </span>non <span class=\"_ _37\"> </span>qualificabili <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span> controllo, collegamento <span class=\"_ _3b\"></span>e controllo <span class=\"_ _2\"></span>congiunto, <span class=\"_ _2\"></span>che non <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ono d<span class=\"_ _2\"></span>etenute con <span class=\"_ _3b\"></span>finalit\u00e0 di <span class=\"_ _3b\"></span>nego<span class=\"_ _1\"></span>ziazione,<span class=\"_ _3a1\"> </span> per  cu<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>si  \u00e8 <span class=\"_ _35\"> </span>esercitata  l\u2019opzi<span class=\"_ _2\"></span>one  per <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>designazione  al <span class=\"_ _35\"> </span>fair  va<span class=\"_ _3b\"></span>lue  con <span class=\"_ _35\"> </span>impatto  sulla <span class=\"_ _35\"> </span>redditivit\u00e0<span class=\"_ _3a1\"> </span> complessiva.<span class=\"_ _3a1\"> </span> Riclassifiche<span class=\"_ _3a1\"> </span> Secondo <span class=\"_ _36\"> </span>le <span class=\"_ _39\"> </span>regole <span class=\"_ _36\"> </span>generali <span class=\"_ _39\"> </span>previste <span class=\"_ _36\"> </span>dall\u2019IFRS <span class=\"_ _36\"> </span>9 <span class=\"_ _36\"> </span>in <span class=\"_ _39\"> </span>materia <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>riclassificazione <span class=\"_ _39\"> </span>delle <span class=\"_ _36\"> </span>attivit\u00e0<span class=\"_ _3a1\"> </span> finanziarie per i titoli di capitale non \u00e8 ammessa <span class=\"_ _1\"></span>alcuna riclassifica.<span class=\"_ _3a1\"> </span>Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span> Successivamente <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>rilevazione <span class=\"_ _35\"> </span>iniziale, <span class=\"_ _35\"> </span>gli <span class=\"_ _35\"> </span>strumenti <span class=\"_ _35\"> </span>d<span class=\"_ _3a1\"> </span>i <span class=\"_ _35\"> </span>capitale <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>cui <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>stata <span class=\"_ _35\"> </span>effettuata <span class=\"_ _35\"> </span>l<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span> scelta per <span class=\"_ _1\"></span>la classificazione <span class=\"_ _1\"></span>nella presente cat<span class=\"_ _1\"></span>egoria sono valutati <span class=\"_ _1\"></span>al fair <span class=\"_ _1\"></span>value e <span class=\"_ _1\"></span>gli importi r<span class=\"_ _1\"></span>ilevati<span class=\"_ _3a1\"> </span> in contro<span class=\"_ _1\"></span>partita del <span class=\"_ _1\"></span>patrimonio <span class=\"_ _1\"></span>netto (Prospett<span class=\"_ _1\"></span>o della r<span class=\"_ _1\"></span>edditivit\u00e0 compless<span class=\"_ _1\"></span>iva) non devono <span class=\"_ _1\"></span>ess<span class=\"_ _1\"></span>ere<span class=\"_ _3a1\"> </span> successivamente tr<span class=\"_ _1\"></span>asferiti a conto e<span class=\"_ _1\"></span>conomico, neanche <span class=\"_ _1\"></span>in caso di cessione<span class=\"_ _1\"></span>. La sola <span class=\"_ _1\"></span>componente<span class=\"_ _3a1\"> </span> riferibile <span class=\"_ _37\"> </span>ai <span class=\"_ _3d\"> </span>titoli <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>capitale <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>questione <span class=\"_ _37\"> </span>che <span class=\"_ _3d\"> </span>\u00e8 <span class=\"_ _37\"> </span>oggetto <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>rilevazione <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>cont<span class=\"_ _1\"></span>o <span class=\"_ _3d\"> </span>economico <span class=\"_ _3d\"> </span>\u00e8<span class=\"_ _3a1\"> </span> rappresentata dai relativi dividendi.<span class=\"_ _3a1\"> </span> Il fair value v<span class=\"_ _2\"></span>iene determinato sulla base dei criteri g<span class=\"_ _2\"></span>i\u00e0 illustrati per le At<span class=\"_ _2\"></span>tivit\u00e0 finanziarie valu<span class=\"_ _2\"></span>tate al<span class=\"_ _3a1\"> </span> fair value con impatto a conto economico.<span class=\"_ _3a1\"> </span> Per <span class=\"_ _3b\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _3b\"></span>inclusi <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>que<span class=\"_ _1\"></span>sta <span class=\"_ _3b\"></span>categoria, <span class=\"_ _3b\"></span>non q<span class=\"_ _2\"></span>uotati <span class=\"_ _3b\"></span>in u<span class=\"_ _2\"></span>n <span class=\"_ _3b\"></span>m<span class=\"_ _1\"></span>ercato <span class=\"_ _3b\"></span>attivo, <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>criter<span class=\"_ _1\"></span>io <span class=\"_ _3b\"></span>del <span class=\"_ _3b\"></span>costo<span class=\"_ _3a1\"> </span> \u00e8 utilizzato q<span class=\"_ _2\"></span>uale stima d<span class=\"_ _2\"></span>el fair v<span class=\"_ _3b\"></span>alue soltanto in via <span class=\"_ _3b\"></span>residuale e li<span class=\"_ _2\"></span>mitatamente a poche<span class=\"_ _2\"></span> circostanze,<span class=\"_ _3a1\"> </span> ossia  in <span class=\"_ _35\"> </span>caso  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>non  appli<span class=\"_ _2\"></span>cabilit\u00e0  di <span class=\"_ _35\"> </span>tutti  i <span class=\"_ _35\"> </span>metodi <span class=\"_ _35\"> </span>di  val<span class=\"_ _2\"></span>utazione  precedentemente <span class=\"_ _35\"> </span>richiamati,<span class=\"_ _3a1\"> </span> ovvero in presenza di un\u2019ampia <span class=\"_ _2\"></span>gamma di possibili valutazioni del fair value, nel cui<span class=\"_ _2\"></span> ambito il costo<span class=\"_ _3a1\"> </span> rappresenta la stima pi\u00f9 <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ignificativa.<span class=\"_ _3a1\"> </span> Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span> Le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>ve<span class=\"_ _1\"></span>ngono <span class=\"_ _38\"></span>cancellate <span class=\"_ _1\"></span>dal <span class=\"_ _0\"></span>bil<span class=\"_ _2\"></span>ancio <span class=\"_ _38\"></span>so<span class=\"_ _3a1\"> </span>lamente <span class=\"_ _38\"></span>se <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>cessione <span class=\"_ _38\"></span>ha <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>mportato <span class=\"_ _38\"></span>il<span class=\"_ _3a1\"> </span> sostanziale <span class=\"_ _2\"></span>trasferimento di <span class=\"_ _3b\"></span>tutti i<span class=\"_ _2\"></span> rischi <span class=\"_ _3b\"></span>e benefici <span class=\"_ _3b\"></span>connessi all<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 st<span class=\"_ _2\"></span>esse. P<span class=\"_ _2\"></span>er contro,<span class=\"_ _2\"></span> qu<span class=\"_ _2\"></span>alora<span class=\"_ _3a1\"> </span> sia <span class=\"_ _38\"></span>stata <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>antenuta <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>rilevante <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>benefici <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span> cedute, qu<span class=\"_ _2\"></span>este<span class=\"_ _1\"></span> con<span class=\"_ _2\"></span>tinuano ad<span class=\"_ _2\"></span> essere iscritte <span class=\"_ _3b\"></span>in bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 giuridicamente la <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>itolarit\u00e0 delle<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> attivit\u00e0 stesse sia stata effettivamente trasferita.<span class=\"_ _3a1\"> </span> Nel <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>possibile <span class=\"_ _35\"> </span>accertare <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>sostanziale <span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>asferimento <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>benefici, <span class=\"_ _0\"> </span>le<span class=\"_ _3a1\"> </span> attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>vengono <span class=\"_ _38\"></span>cancellate <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>bilancio <span class=\"_ _1\"></span>qualora <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ato <span class=\"_ _1\"></span>mante<span class=\"_ _1\"></span>nuto <span class=\"_ _1\"></span>alcun <span class=\"_ _38\"></span>tipo <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> controllo <span class=\"_ _37\"> </span>sulle <span class=\"_ _37\"> </span>stesse. <span class=\"_ _37\"> </span>In <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>contrario, <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>conservazione, <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>parte, <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>tale <span class=\"_ _37\"> </span>controllo<span class=\"_ _3a1\"> </span> comporta  il <span class=\"_ _3d\"> </span>mantenimento  in  bilancio  de<span class=\"_ _1\"></span>lle  attivit\u00e0 <span class=\"_ _3d\"> </span>in  misura  pari <span class=\"_ _3d\"> </span>al  coinvolgimento<span class=\"_ _1\"></span>  residuo,<span class=\"_ _3a1\"> </span> misurato dall\u2019esposizione <span class=\"_ _1\"></span>ai cambiamenti di valore delle attivit\u00e0 cedute <span class=\"_ _1\"></span>ed alle variazioni dei flussi<span class=\"_ _3a1\"> </span> finanziari delle stesse.<span class=\"_ _3a1\"> </span> Infine,  le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _37\"> </span>cedute <span class=\"_ _3d\"> </span>vengono <span class=\"_ _37\"> </span>cancellate <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>bilancio <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>caso <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>cui <span class=\"_ _3d\"> </span>vi <span class=\"_ _3d\"> </span>sia <span class=\"_ _3d\"> </span>l<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span> conservazione <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>diritti <span class=\"_ _37\"> </span>contrattuali <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>ricevere <span class=\"_ _37\"> </span>i <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>cassa, <span class=\"_ _37\"> </span>con <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>contestuale<span class=\"_ _3a1\"> </span> assunzione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un\u2019obbligazione <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>pagare <span class=\"_ _38\"></span>detti <span class=\"_ _1\"></span>flussi, <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>solo <span class=\"_ _38\"></span>essi, <span class=\"_ _1\"></span>senza <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>ritardo <span class=\"_ _38\"></span>rilevante <span class=\"_ _1\"></span>ad <span class=\"_ _38\"></span>altri<span class=\"_ _3a1\"> </span> soggetti terzi.<span class=\"_ _3a1\"> </span> Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"_ _3a1\"> </span> I dividendi <span class=\"_ _3b\"></span>ve<span class=\"_ _1\"></span>ngono contabilizzati alla voce \u201cDividendi <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> proventi simil<span class=\"_ _2\"></span>i\u201d nel momento in cui<span class=\"_ _2\"></span> sorge il<span class=\"_ _3a1\"> </span> diritto a riceverne il pagamento, mentre gli utili o<span class=\"_ _2\"></span> le perdite derivanti da una variazione di<span class=\"_ _3a1\"> </span> fair value<span class=\"_ _3a1\"> </span>dei <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>itoli <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>capitale <span class=\"_ _38\"></span>vengono <span class=\"_ _0\"></span>rilev<span class=\"_ _2\"></span>ati <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>pecifica <span class=\"_ _38\"></span>riserva <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>patrimonio <span class=\"_ _38\"></span>netto <span class=\"_ _0\"></span>e <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ale <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>viene<span class=\"_ _3a1\"> </span> riversato a conto economico nel caso di cessione e cancellazione del titolo <span class=\"_ _1\"></span>di capitale. 3 - Attivi<span class=\"_ _1\"></span>t\u00e0 finan<span class=\"_ _1\"></span>ziarie va<span class=\"_ _1\"></span>lutate <span class=\"_ _1\"></span>al costo<span class=\"_ _1\"></span> ammortizza<span class=\"_ _1\"></span>to<span class=\"_ _3a1\"> </span> Crite<span class=\"_ _3a1\"> </span>ri di iscrizione<span class=\"_ _3a1\"> </span> L\u2019iscrizione <span class=\"_ _1\"></span>iniziale <span class=\"_ _1\"></span>dell\u2019attivit\u00e0 <span class=\"_ _1\"></span>finanziaria <span class=\"_ _1\"></span>avviene<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>regolament<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>debito <span class=\"_ _38\"></span>ed<span class=\"_ _3a1\"> </span> alla <span class=\"_ _37\"> </span>data <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>ero<span class=\"_ _1\"></span>gazione <span class=\"_ _37\"> </span>nel <span class=\"_ _36\"> </span>caso <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>crediti. <span class=\"_ _37\"> </span>All\u2019atto <span class=\"_ _36\"> </span>della <span class=\"_ _37\"> </span>rilevazione <span class=\"_ _37\"> </span>iniziale <span class=\"_ _36\"> </span>le <span class=\"_ _37\"> </span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _37\"> </span>sono<span class=\"_ _3a1\"> </span> contabilizzate <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>fair val<span class=\"_ _2\"></span>ue, <span class=\"_ _2\"></span>comprensivo <span class=\"_ _3b\"></span>dei c<span class=\"_ _2\"></span>osti <span class=\"_ _3b\"></span>o p<span class=\"_ _2\"></span>roventi <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>transazione di<span class=\"_ _2\"></span>rettamente <span class=\"_ _3b\"></span>attr<span class=\"_ _1\"></span>ibuibili<span class=\"_ _3a1\"> </span> allo strumento stesso.<span class=\"_ _3a1\"> </span> In <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>icolare, <span class=\"_ _38\"></span>per <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>el <span class=\"_ _0\"></span>che<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>attie<span class=\"_ _2\"></span>ne <span class=\"_ _0\"></span>ai<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>cr<span class=\"_ _2\"></span>editi, <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>data <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ero<span class=\"_ _1\"></span>gazione <span class=\"_ _38\"></span>normalmente <span class=\"_ _0\"></span>coincid<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>l<span class=\"_ _3b\"></span>a<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> data <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>sottoscrizione <span class=\"_ _36\"> </span>del <span class=\"_ _36\"> </span>cont<span class=\"_ _1\"></span>ratto. <span class=\"_ _36\"> </span>Qualora <span class=\"_ _36\"> </span>tale <span class=\"_ _36\"> </span>coincidenza <span class=\"_ _36\"> </span>non <span class=\"_ _36\"> </span>si <span class=\"_ _39\"> </span>manifesti, <span class=\"_ _36\"> </span>in <span class=\"_ _36\"> </span>sede <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span> sottoscrizione <span class=\"_ _0\"></span>del<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>ratto <span class=\"_ _0\"></span>si<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>rovvede <span class=\"_ _0\"></span>ad <span class=\"_ _38\"></span>iscrivere <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>impegno <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>rogare <span class=\"_ _38\"></span>fo<span class=\"_ _1\"></span>ndi <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>si<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>chi<span class=\"_ _2\"></span>ude<span class=\"_ _3a1\"> </span> alla dat<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>erogazione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>finanziamento. <span class=\"_ _1\"></span>L\u2019iscrizione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>credito <span class=\"_ _1\"></span>avviene <span class=\"_ _1\"></span>sulla <span class=\"_ _1\"></span>base <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value<span class=\"_ _3a1\"> </span> dello <span class=\"_ _17e\"> </span>ste<span class=\"_ _1\"></span>sso, <span class=\"_ _17e\"> </span>pari <span class=\"_ _44\"> </span>all\u2019ammontare <span class=\"_ _44\"> </span>erogato, <span class=\"_ _17e\"> </span>o <span class=\"_ _44\"> </span>prezzo <span class=\"_ _17e\"> </span>di <span class=\"_ _44\"> </span>sottoscrizione, <span class=\"_ _44\"> </span>comprensivo <span class=\"_ _44\"> </span>dei<span class=\"_ _3a1\"> </span> costi/proventi <span class=\"_ _3a\"> </span>direttamente <span class=\"_ _3a\"> </span>riconducibili <span class=\"_ _3a\"> </span>al <span class=\"_ _3a\"> </span>singolo <span class=\"_ _3a\"> </span>credito <span class=\"_ _3a\"> </span>e <span class=\"_ _3a\"> </span>determinabili <span class=\"_ _3f\"> </span>s<span class=\"_ _1\"></span>in <span class=\"_ _3a\"> </span>dall\u2019origine<span class=\"_ _3a1\"> </span> dell\u2019operazione, ancorch\u00e9 <span class=\"_ _3b\"></span>liquidati in <span class=\"_ _3b\"></span>un momento <span class=\"_ _3b\"></span>success<span class=\"_ _1\"></span>ivo. <span class=\"_ _2\"></span>Sono <span class=\"_ _3b\"></span>es<span class=\"_ _1\"></span>clusi <span class=\"_ _2\"></span>i co<span class=\"_ _2\"></span>sti ch<span class=\"_ _2\"></span>e, pur<span class=\"_ _2\"></span> avendo<span class=\"_ _3a1\"> </span> le <span class=\"_ _1\"></span>caratter<span class=\"_ _1\"></span>istiche <span class=\"_ _1\"></span>suddette, <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ggetto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rimborso <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>parte <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>controparte <span class=\"_ _1\"></span>debitr<span class=\"_ _1\"></span>ice <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>sono<span class=\"_ _3a1\"> </span> inquadrabili tra i normali costi interni di carattere <span class=\"_ _3b\"></span>amm<span class=\"_ _1\"></span>inistrativo.<span class=\"_ _3a1\"> </span> Criteri di classificazione<span class=\"_ _3a1\"> </span> Sono <span class=\"_ _38\"></span>incluse <span class=\"_ _38\"></span>nella <span class=\"_ _1\"></span>presente <span class=\"_ _38\"></span>categoria <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanzia<span class=\"_ _3a1\"> </span>rie <span class=\"_ _1\"></span>(in <span class=\"_ _38\"></span>particolare <span class=\"_ _38\"></span>finanziamenti <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>tit<span class=\"_ _1\"></span>oli <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span> debito) che soddisfano entrambe le se<span class=\"_ _1\"></span>guenti condizioni:<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019attivit\u00e0 finanziaria <span class=\"_ _1\"></span>\u00e8 posseduta se<span class=\"_ _1\"></span>condo un <span class=\"_ _1\"></span>modello di business <span class=\"_ _1\"></span>il cui obiet<span class=\"_ _1\"></span>tivo \u00e8 conse<span class=\"_ _1\"></span>guito<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>mediante <span class=\"_ _0\"></span>l\u2019incasso <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>previsti <span class=\"_ _0\"></span>contrattualmente <span class=\"_ _0\"></span>(Business <span class=\"_ _0\"></span>model <span class=\"_ _0\"></span>\u201cHold <span class=\"_ _0\"></span>to<span class=\"_ _3a1\"> </span> Collect\u201d \u2013 \u201cHTC\u201d), e<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>ermini <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>rattuali <span class=\"_ _38\"></span>dell\u2019att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _38\"></span>finanziaria <span class=\"_ _0\"></span>prevedono, <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>determin<span class=\"_ _2\"></span>ate <span class=\"_ _0\"></span>date, <span class=\"_ _38\"></span>flussi <span class=\"_ _0\"></span>finanziari<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>rappresentati unicamente da pagamenti del capitale e dell\u2019interesse sul<span class=\"_ _2\"></span>l\u2019importo del capitale<span class=\"_ _3a1\"> </span> da restituire (cd. \u201cSPPI test\u201d superato).<span class=\"_ _3a1\"> </span> Pi\u00f9 in particolare, formano oggetto di rilevazione in quest<span class=\"_ _1\"></span>a voce:<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">gli  i<span class=\"_ _2\"></span>mpieghi  con <span class=\"_ _35\"> </span>banche  nelle <span class=\"_ _35\"> </span>diverse  forme  tecniche <span class=\"_ _35\"> </span>che  presentano  i<span class=\"_ _3b\"></span>  requisiti  di<span class=\"_ _2\"></span>  cui <span class=\"_ _35\"> </span>al<span class=\"_ _3a1\"> </span></span>paragrafo precedente;<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _35\"> </span>impieghi <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>clientela <span class=\"_ _35\"> </span>nelle <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>verse <span class=\"_ _35\"> </span>forme <span class=\"_ _35\"> </span>tecniche <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>presentano <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>requisiti <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>cui <span class=\"_ _35\"> </span>al<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>paragrafo precedente;<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">i titoli di debito che presentano i requisiti di cui al paragrafo <span class=\"_ _1\"></span>precedente.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>Sono <span class=\"_ _35\"> </span>inoltre <span class=\"_ _35\"> </span>inclusi <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>tale <span class=\"_ _35\"> </span>categoria <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>crediti <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>funzionamento <span class=\"_ _35\"> </span>connessi <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>pre<span class=\"_ _1\"></span>stazione <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span> attivit\u00e0 <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>servizi <span class=\"_ _38\"></span>finanziari <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>definiti <span class=\"_ _38\"></span>dal <span class=\"_ _1\"></span>T.U.B. <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>T.U.F. <span class=\"_ _1\"></span>(ad <span class=\"_ _38\"></span>es<span class=\"_ _1\"></span>empio <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>distribuzione <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> prodotti finanziari ed attivit\u00e0 di <span class=\"_ _210\"></span>servicing).<span class=\"_ _3a1\"> </span> Riclassifiche<span class=\"_ _3a1\"> </span> Secondo <span class=\"_ _36\"> </span>le <span class=\"_ _39\"> </span>regole <span class=\"_ _36\"> </span>generali <span class=\"_ _39\"> </span>previste <span class=\"_ _36\"> </span>dall\u2019IFRS <span class=\"_ _36\"> </span>9 <span class=\"_ _36\"> </span>in <span class=\"_ _39\"> </span>materia <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>riclassificazione <span class=\"_ _39\"> </span>delle <span class=\"_ _36\"> </span>attivit\u00e0<span class=\"_ _3a1\"> </span> finanziarie, <span class=\"_ _2\"></span>non sono <span class=\"_ _3b\"></span>ammesse riclassifich<span class=\"_ _2\"></span>e verso al<span class=\"_ _2\"></span>tre cat<span class=\"_ _2\"></span>egorie d<span class=\"_ _2\"></span>i attivit\u00e0 <span class=\"_ _3b\"></span>finanziarie salvo <span class=\"_ _2\"></span>il c<span class=\"_ _2\"></span>aso<span class=\"_ _3a1\"> </span> in <span class=\"_ _0\"></span>cui <span class=\"_ _0\"></span>l\u2019entit\u00e0 <span class=\"_ _35\"> </span>modifichi <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>proprio <span class=\"_ _35\"> </span>modello <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>business <span class=\"_ _35\"> </span>per <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"> </span>attivit\u00e0 <span class=\"_ _35\"> </span>finanziarie <span class=\"_ _0\"></span>a<span class=\"_ _3a1\"> </span> seguito <span class=\"_ _3d\"> </span>di  cambiament<span class=\"_ _1\"></span>i  esterni <span class=\"_ _3d\"> </span>o <span class=\"_ _3d\"> </span>interni <span class=\"_ _3d\"> </span>i  quali <span class=\"_ _3d\"> </span>siano <span class=\"_ _3d\"> </span>rilevanti <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>le  oper<span class=\"_ _1\"></span>azioni  dell'entit\u00e0 <span class=\"_ _3d\"> </span>e<span class=\"_ _3a1\"> </span> dimostrabili <span class=\"_ _1\"></span>alle <span class=\"_ _1\"></span>parti <span class=\"_ _1\"></span>esterne. <span class=\"_ _1\"></span>In <span class=\"_ _1\"></span>tali <span class=\"_ _1\"></span>casi, <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>ci <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>atte<span class=\"_ _1\"></span>nde <span class=\"_ _1\"></span>siano <span class=\"_ _1\"></span>altamente <span class=\"_ _1\"></span>infrequenti, <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _3a1\"> </span> finanziarie <span class=\"_ _0\"></span>potranno <span class=\"_ _35\"> </span>essere <span class=\"_ _0\"></span>riclassificate <span class=\"_ _0\"></span>dalla <span class=\"_ _35\"> </span>cat<span class=\"_ _2\"></span>egoria <span class=\"_ _0\"></span>valutata <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>costo <span class=\"_ _0\"></span>ammortizzato <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>un<span class=\"_ _3b\"></span>a<span class=\"_ _3a1\"> </span> delle <span class=\"_ _1\"></span>altre <span class=\"_ _1\"></span>due <span class=\"_ _1\"></span>categor<span class=\"_ _1\"></span>ie pr<span class=\"_ _1\"></span>eviste <span class=\"_ _1\"></span>dall\u2019IFRS 9 <span class=\"_ _38\"></span>(Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>impatto<span class=\"_ _3a1\"> </span> sulla <span class=\"_ _3d\"> </span>redditivit\u00e0 <span class=\"_ _3d\"> </span>complessiva <span class=\"_ _3d\"> </span>o <span class=\"_ _3d\"> </span>At<span class=\"_ _1\"></span>tivit\u00e0  finanziarie <span class=\"_ _37\"> </span>valutate <span class=\"_ _3d\"> </span>al  fair<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>value <span class=\"_ _3d\"> </span>con <span class=\"_ _3d\"> </span>impatto <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>conto<span class=\"_ _3a1\"> </span> economico). <span class=\"_ _3a\"> </span>Il <span class=\"_ _3a\"> </span>valore<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>t<span class=\"_ _1\"></span>rasferimento <span class=\"_ _3a\"> </span>\u00e8 <span class=\"_ _48\"> </span>rappresentato <span class=\"_ _3a\"> </span>dal <span class=\"_ _3a\"> </span>fair <span class=\"_ _3a\"> </span>value <span class=\"_ _48\"> </span>al <span class=\"_ _3a\"> </span>momento <span class=\"_ _3a\"> </span>della<span class=\"_ _3a1\"> </span> riclassificazione <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>gli <span class=\"_ _1\"></span>effe<span class=\"_ _1\"></span>tti <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iclassificazione <span class=\"_ _38\"></span>operano <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>maniera <span class=\"_ _0\"></span>prospettica <span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>partire <span class=\"_ _38\"></span>dalla<span class=\"_ _3a1\"> </span> data <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>riclassificazione. <span class=\"_ _0\"></span>Gli <span class=\"_ _0\"></span>utili <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>perdite <span class=\"_ _0\"></span>risultanti <span class=\"_ _0\"></span>dalla <span class=\"_ _0\"></span>differenza <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>cos<span class=\"_ _2\"></span>to <span class=\"_ _0\"></span>ammortizzato<span class=\"_ _3a1\"> </span> dell'attivit\u00e0 finanziaria e il relativo fair value sono rilevati a conto economico nel caso di <span class=\"_ _2\"></span>riclassifica<span class=\"_ _3a1\"> </span> tra le At<span class=\"_ _2\"></span>tivit\u00e0 finanziarie <span class=\"_ _2\"></span>valutate al fai<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span> value <span class=\"_ _2\"></span>con impatto <span class=\"_ _2\"></span>a conto <span class=\"_ _2\"></span>economico e<span class=\"_ _2\"></span> a Patrimonio<span class=\"_ _2\"></span> netto,<span class=\"_ _3a1\"> </span> nell\u2019apposita <span class=\"_ _1\"></span>riserva <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valutazione, <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>caso <span class=\"_ _38\"></span>di r<span class=\"_ _1\"></span>iclassifica tra <span class=\"_ _38\"></span>le Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fair<span class=\"_ _3a1\"> </span> value con impatto sulla redditivit\u00e0 complessiva.<span class=\"_ _3a1\"> </span> Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span> Successivamente <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>rilevazione <span class=\"_ _0\"></span>iniziale, <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>fin<span class=\"_ _3a1\"> </span>anziarie <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>esame <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>valutate <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>costo<span class=\"_ _3a1\"> </span> ammortizzato, <span class=\"_ _38\"></span>utilizzando <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>met<span class=\"_ _1\"></span>odo <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>tasso <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>interesse <span class=\"_ _0\"></span>effettivo. <span class=\"_ _1\"></span>In <span class=\"_ _38\"></span>q<span class=\"_ _1\"></span>uesti <span class=\"_ _0\"></span>termini, <span class=\"_ _1\"></span>l\u2019attivit\u00e0 <span class=\"_ _0\"></span>\u00e8<span class=\"_ _3a1\"> </span> riconosciuta <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>bilancio per<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>ammontare <span class=\"_ _1\"></span>pari al <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>prima <span class=\"_ _1\"></span>iscrizione <span class=\"_ _1\"></span>diminuito <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>rimborsi<span class=\"_ _3a1\"> </span> di <span class=\"_ _38\"></span>capitale, <span class=\"_ _38\"></span>pi\u00f9 <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>meno<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>l\u2019ammortame<span class=\"_ _1\"></span>nto <span class=\"_ _1\"></span>cumulato <span class=\"_ _0\"></span>(calc<span class=\"_ _2\"></span>olato <span class=\"_ _38\"></span>col <span class=\"_ _38\"></span>richiamato <span class=\"_ _0\"></span>m<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>todo <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>tasso <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> interesse effettivo) <span class=\"_ _3b\"></span>della differenza <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ra tale <span class=\"_ _3b\"></span>importo iniziale <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> l\u2019imp<span class=\"_ _2\"></span>orto alla <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>cadenza (<span class=\"_ _2\"></span>riconducibile<span class=\"_ _3a1\"> </span>tipicamente ai <span class=\"_ _3b\"></span>costi/provent<span class=\"_ _1\"></span>i im<span class=\"_ _3b\"></span>putati direttamente alla <span class=\"_ _3b\"></span>singola attivit\u00e0) <span class=\"_ _3b\"></span>e rettificato dell\u2019<span class=\"_ _2\"></span>eventuale fondo a <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _0\"></span>perdite <span class=\"_ _0\"></span>attese. <span class=\"_ _0\"></span>Il <span class=\"_ _0\"></span>tasso <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>interesse <span class=\"_ _0\"></span>effettivo <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>individuato <span class=\"_ _0\"></span>calcolando <span class=\"_ _0\"></span>il tasso <span class=\"_ _36\"> </span>che <span class=\"_ _36\"> </span>e<span class=\"_ _1\"></span>guaglia <span class=\"_ _36\"> </span>il <span class=\"_ _36\"> </span>valore <span class=\"_ _36\"> </span>at<span class=\"_ _1\"></span>tuale <span class=\"_ _36\"> </span>dei <span class=\"_ _36\"> </span>flussi <span class=\"_ _39\"> </span>futuri <span class=\"_ _36\"> </span>dell\u2019attivit\u00e0, <span class=\"_ _36\"> </span>per <span class=\"_ _36\"> </span>capitale <span class=\"_ _39\"> </span>ed <span class=\"_ _36\"> </span>interesse, all\u2019ammontare <span class=\"_ _3b\"></span>er<span class=\"_ _1\"></span>ogato <span class=\"_ _3b\"></span>inclusivo <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>costi/pro<span class=\"_ _1\"></span>venti <span class=\"_ _3b\"></span>ricondotti <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>ll\u2019attivit\u00e0 <span class=\"_ _3b\"></span>finanziaria <span class=\"_ _3b\"></span>mede<span class=\"_ _1\"></span>sima. <span class=\"_ _3b\"></span>Tale modalit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>contabilizzazione, <span class=\"_ _0\"></span>utilizzando <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>logica <span class=\"_ _0\"></span>finanziaria, <span class=\"_ _0\"></span>consente <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>distribuire <span class=\"_ _0\"></span>l\u2019effetto economico <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>costi/proventi <span class=\"_ _0\"></span>direttamente <span class=\"_ _0\"></span>attribuibili <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span>\u2019attivit\u00e0 <span class=\"_ _0\"></span>finanziaria <span class=\"_ _0\"></span>lungo <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>sua <span class=\"_ _0\"></span>vita residua attesa. Il metodo del <span class=\"_ _2\"></span>costo ammortizzato non <span class=\"_ _2\"></span>viene utilizz<span class=\"_ _2\"></span>ato per le attiv<span class=\"_ _2\"></span>it\u00e0 \u2013 valorizzate al<span class=\"_ _2\"></span> costo s<span class=\"_ _2\"></span>torico \u2013 la <span class=\"_ _29\"> </span>cui <span class=\"_ _193\"> </span>breve <span class=\"_ _193\"> </span>durata <span class=\"_ _193\"> </span>fa <span class=\"_ _29\"> </span>ritenere <span class=\"_ _193\"> </span>trascurabile <span class=\"_ _193\"> </span>l\u2019effetto <span class=\"_ _29\"> </span>dell\u2019applicazione <span class=\"_ _193\"> </span>della <span class=\"_ _29\"> </span>logica<span class=\"_ _1\"></span> dell\u2019attualizzazione, per quelle senza una scadenza definita e per i crediti a re<span class=\"_ _1\"></span>voca. I <span class=\"_ _37\"> </span>criteri <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>valutazione <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>elativi <span class=\"_ _37\"> </span>agli <span class=\"_ _37\"> </span>accantonamenti <span class=\"_ _37\"> </span>per<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>le <span class=\"_ _37\"> </span>perdite <span class=\"_ _37\"> </span>attese<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>sono <span class=\"_ _37\"> </span>strettamente connessi <span class=\"_ _0\"></span>all\u2019in<span class=\"_ _2\"></span>clusione <span class=\"_ _0\"></span>degli<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>same <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>uno <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>tre <span class=\"_ _0\"></span>stages <span class=\"_ _38\"></span>(stadi <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _0\"></span>creditizio) previsti <span class=\"_ _35\"> </span>dall\u2019IFRS <span class=\"_ _0\"></span>9, <span class=\"_ _35\"> </span>l\u2019ultimo <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>qual<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>(Stage <span class=\"_ _35\"> </span>3) <span class=\"_ _0\"> </span>co<span class=\"_ _1\"></span>mprende <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>finanziarie <span class=\"_ _35\"> </span>deteriorate <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>i restanti (Stage 1 e 2) le attivit\u00e0 finanziarie in bonis. Con riferimento alla rapp<span class=\"_ _2\"></span>resentazione contabile dei suddetti effe<span class=\"_ _2\"></span>tti valutativi, le rettifi<span class=\"_ _2\"></span>che di valore riferite a questa tipologia di attivit\u00e0 sono rilevate nel Conto Economico: <span class=\"_ _42\"> </span><span class=\"ff4\">all\u2019atto dell\u2019iscrizione iniziale, per un ammo<span class=\"_ _1\"></span>ntare pari alla perdita attesa a dodici mesi; </span><span class=\"_ _42\"> </span><span class=\"ff4\">all\u2019atto  della  valutazione  successiva  dell\u2019attivit\u00e0,  ove  il  rischio  creditizio  non  sia  risultato<span class=\"_ _3a1\"> </span></span>significativamente <span class=\"_ _3d\"> </span>incrementato <span class=\"_ _3d\"> </span>rispetto <span class=\"_ _3d\"> </span>all\u2019iscrizione <span class=\"_ _3d\"> </span>iniziale, <span class=\"_ _3d\"> </span>in  r<span class=\"_ _1\"></span>elazione <span class=\"_ _3d\"> </span>alle <span class=\"_ _3d\"> </span>variazioni<span class=\"_ _3a1\"> </span>dell\u2019ammontare delle rettifiche di valore per per<span class=\"_ _1\"></span>dite attese nei dodici mesi successivi; <span class=\"_ _42\"> </span><span class=\"ff4\">all\u2019atto <span class=\"_ _3a\"> </span>della <span class=\"_ _3f\"> </span>valutazione <span class=\"_ _3a\"> </span>success<span class=\"_ _1\"></span>iva <span class=\"_ _3f\"> </span>dell\u2019attivit\u00e0, <span class=\"_ _3a\"> </span>ove <span class=\"_ _3a\"> </span>il <span class=\"_ _3f\"> </span>rischio <span class=\"_ _3a\"> </span>creditizio <span class=\"_ _3a\"> </span>sia <span class=\"_ _3f\"> </span>r<span class=\"_ _1\"></span>isultato </span>significativamente <span class=\"_ _1\"></span>incre<span class=\"_ _1\"></span>mentato <span class=\"_ _1\"></span>rispetto<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>all\u2019iscrizione <span class=\"_ _38\"></span>iniziale, <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>relazione <span class=\"_ _38\"></span>alla <span class=\"_ _1\"></span>rilevazione <span class=\"_ _38\"></span>di rettifiche di valore per perdite attese riferibili all\u2019<span class=\"_ _2\"></span>intera vita residua prevista contrattualmente per l\u2019attivit\u00e0; <span class=\"_ _42\"> </span><span class=\"ff4\">all\u2019atto della valutazione successiva dell\u2019attivit\u00e0, ove <span class=\"_ _1\"></span>\u2013 dopo che si \u00e8 verificato un incremento </span>significativo <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>credito<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>rispetto <span class=\"_ _35\"> </span>all\u2019iscrizione <span class=\"_ _35\"> </span>iniziale <span class=\"_ _35\"> </span>\u2013  la <span class=\"_ _35\"> </span>\u201c<span class=\"_ _2\"></span>significativit\u00e0\u201d <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>tale incremento <span class=\"_ _3d\"> </span>sia <span class=\"_ _37\"> </span>poi <span class=\"_ _3d\"> </span>venuta <span class=\"_ _3d\"> </span>meno, <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>relazione <span class=\"_ _3d\"> </span>all\u2019adeguamento <span class=\"_ _37\"> </span>delle <span class=\"_ _3d\"> </span>rettifiche <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>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 <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>finanziarie in <span class=\"_ _1\"></span>esame, <span class=\"_ _1\"></span>ove r<span class=\"_ _1\"></span>isultino <span class=\"_ _1\"></span>in bonis, <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>sottoposte <span class=\"_ _1\"></span>ad una <span class=\"_ _1\"></span>valutazione, <span class=\"_ _1\"></span>volta a definire  le  rettifiche  di  valore  da <span class=\"_ _35\"> </span>rilevar<span class=\"_ _1\"></span>e  in  bilancio,  a  l<span class=\"_ _2\"></span>ivello  di  singolo  rapporto  creditizio  (o \u201ctranche\u201d di titolo), <span class=\"_ _2\"></span>in funzione d<span class=\"_ _2\"></span>ei parametri di <span class=\"_ _2\"></span>rischio rappresentati da probabili<span class=\"_ _2\"></span>ty of default (PD)<span class=\"_ _2\"></span>, loss given default (LGD) ed e<span class=\"_ _1\"></span>xposure a<span class=\"_ _1\"></span>t default (EAD), derivati dai modelli AIRB<span class=\"_ _1\"></span> e opport<span class=\"_ _1\"></span>unamente corretti per tener conto delle previsioni del principio contabile IFRS 9. Se,  oltre  ad  un  i<span class=\"_ _2\"></span>ncremento  signific<span class=\"_ _2\"></span>ativo  del  rischio  di  credito, <span class=\"_ _35\"> </span>si  riscontrano  anche  oggettive evidenze <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>una pe<span class=\"_ _2\"></span>rdita <span class=\"_ _3b\"></span>di v<span class=\"_ _2\"></span>alore, <span class=\"_ _3b\"></span>l\u2019importo della<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>perdita <span class=\"_ _3b\"></span>viene mis<span class=\"_ _2\"></span>urato <span class=\"_ _2\"></span>come <span class=\"_ _3b\"></span>differenza <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>valore contabile dell\u2019attivit\u00e0 \u2013 classificata come \u201cdeteriorat<span class=\"_ _1\"></span>a\u201d, al pari di tutti gli altri rapporti intercorrenti con <span class=\"_ _3b\"></span>la medesima <span class=\"_ _3b\"></span>controparte \u2013 <span class=\"_ _3b\"></span>e <span class=\"_ _3b\"></span>il v<span class=\"_ _2\"></span>alore attuale <span class=\"_ _3b\"></span>dei fu<span class=\"_ _2\"></span>turi <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>finanzi<span class=\"_ _2\"></span>ari stimati, <span class=\"_ _3b\"></span>scontati al <span class=\"_ _184\"></span>t<span class=\"_ _1\"></span>asso di interesse <span class=\"_ _1\"></span>effettivo originario. <span class=\"_ _1\"></span>In tale <span class=\"_ _1\"></span>contesto, \u00e8 <span class=\"_ _1\"></span>stata sviluppata <span class=\"_ _1\"></span>una specifica <span class=\"_ _1\"></span>metodologia per il  trattamento  contabile  da<span class=\"_ _3b\"></span>  applicare  ad  un  portafoglio  d<span class=\"_ _2\"></span>i  posizioni  a <span class=\"_ _35\"> </span>sofferenza  che,  avendo maturato u<span class=\"_ _2\"></span>n <span class=\"_ _3b\"></span>vintage signi<span class=\"_ _2\"></span>ficativo, <span class=\"_ _3b\"></span>vengono valutate<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>un\u2019ottica <span class=\"_ _3b\"></span>di cessione <span class=\"_ _3b\"></span>(c.d.\u201dPortafoglio sotto \u2013 <span class=\"_ _3b\"></span>modello <span class=\"_ _2\"></span>Stage 3\u201d). <span class=\"_ _3b\"></span>Tale <span class=\"_ _3b\"></span>met<span class=\"_ _1\"></span>odologia <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>nsidera d<span class=\"_ _2\"></span>iversi <span class=\"_ _3b\"></span>scenari e <span class=\"_ _3b\"></span>stima il <span class=\"_ _3b\"></span>valore recup<span class=\"_ _2\"></span>erabile delle <span class=\"_ _38\"></span>esposizioni <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>base <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>combinazione <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>probabilit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>accadimento <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ali <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>cenari, <span class=\"_ _38\"></span>oltre che <span class=\"_ _38\"></span>ai <span class=\"_ _38\"></span>relativi <span class=\"_ _38\"></span>flussi <span class=\"_ _0\"></span>di<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>cassa <span class=\"_ _1\"></span>stimati. <span class=\"_ _38\"></span>Rientrano <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>ll\u2019ambito <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>deteriorate <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>str<span class=\"_ _1\"></span>umenti finanziari <span class=\"_ _39\"> </span>ai <span class=\"_ _3f\"> </span>quali <span class=\"_ _3f\"> </span>\u00e8 <span class=\"_ _39\"> </span>st<span class=\"_ _1\"></span>ato <span class=\"_ _3f\"> </span>attribu<span class=\"_ _2\"></span>ito <span class=\"_ _3f\"> </span>lo <span class=\"_ _39\"> </span>s<span class=\"_ _1\"></span>tatus <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>sofferenza, <span class=\"_ _3f\"> </span>inadempienza <span class=\"_ _39\"> </span>probabile <span class=\"_ _3f\"> </span>o <span class=\"_ _39\"> </span>d<span class=\"_ _1\"></span>i scaduto/sconfinante <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>oltre <span class=\"_ _0\"></span>nov<span class=\"_ _2\"></span>anta <span class=\"_ _0\"></span>giorni <span class=\"_ _0\"></span>secondo <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>regole <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>Banca <span class=\"_ _0\"></span>d\u2019Italia, <span class=\"_ _38\"></span>coe<span class=\"_ _1\"></span>renti <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>la normativa IAS/IFRS e di Vigilanza europe<span class=\"_ _1\"></span>a. I <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>cassa <span class=\"_ _0\"></span>previsti <span class=\"_ _0\"></span>te<span class=\"_ _1\"></span>ngono <span class=\"_ _0\"></span>conto <span class=\"_ _35\"> </span>d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>tempi <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>recupero <span class=\"_ _0\"></span>attesi <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>presumibile <span class=\"_ _0\"></span>valore <span class=\"_ _0\"></span>di realizzo delle eventuali garanzie. Il <span class=\"_ _2\"></span>tasso effettivo <span class=\"_ _3b\"></span>or<span class=\"_ _1\"></span>iginario di<span class=\"_ _2\"></span> ciascun<span class=\"_ _2\"></span>a attivit\u00e0 riman<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> inv<span class=\"_ _2\"></span>ariato nel <span class=\"_ _3b\"></span>te<span class=\"_ _1\"></span>mpo ancorch<span class=\"_ _2\"></span>\u00e9 sia <span class=\"_ _2\"></span>intervenuta una <span class=\"_ _0\"></span>ristr<span class=\"_ _1\"></span>utturazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>ra<span class=\"_ _1\"></span>pporto <span class=\"_ _0\"></span>che <span class=\"_ _35\"> </span>abb<span class=\"_ _2\"></span>ia <span class=\"_ _0\"></span>comport<span class=\"_ _1\"></span>ato <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>va<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iazione <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>tasso <span class=\"_ _0\"></span>contrattuale <span class=\"_ _0\"></span>ed anche qualora il rapporto divenga, nella pratica, infruttifero <span class=\"_ _1\"></span>di interessi contrattuali. Qualora <span class=\"_ _3f\"> </span>i <span class=\"_ _39\"> </span>motivi <span class=\"_ _3f\"> </span>della <span class=\"_ _39\"> </span>perdita <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>valore <span class=\"_ _39\"> </span>s<span class=\"_ _1\"></span>iano <span class=\"_ _39\"> </span>rimossi <span class=\"_ _3f\"> </span>a <span class=\"_ _3f\"> </span>segu<span class=\"_ _2\"></span>ito <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>un <span class=\"_ _3f\"> </span>evento <span class=\"_ _3f\"> </span>verificatosi successivamente alla <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevazione della <span class=\"_ _3b\"></span>riduzione di <span class=\"_ _3b\"></span>valore<span class=\"_ _1\"></span>, vengono <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffettuate riprese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore co<span class=\"_ _2\"></span>n imputazione a Conto Economico. La ripresa di valo<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>e non pu\u00f2 eccedere il costo ammortizzato ch<span class=\"_ _2\"></span>e lo <span class=\"_ _35\"> </span>strumento <span class=\"_ _35\"> </span>finanziario <span class=\"_ _35\"> </span>avrebbe <span class=\"_ _35\"> </span>avuto <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>assenza <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>precedenti <span class=\"_ _35\"> </span>rettifiche. <span class=\"_ _35\"> </span>I <span class=\"_ _35\"> </span>ripristini <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>valore connessi con il trascorrere del tempo sono a<span class=\"_ _1\"></span>ppostati nel margine di interesse. In <span class=\"_ _35\"> </span>alcuni <span class=\"_ _35\"> </span>casi, <span class=\"_ _35\"> </span>durante <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>vita <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _35\"> </span>finanziarie <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>esame <span class=\"_ _35\"> </span>e, <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>particolare, <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>crediti, <span class=\"_ _35\"> </span>le condizioni <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>rattuali <span class=\"_ _38\"></span>originarie <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>oggetto <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>success<span class=\"_ _1\"></span>iva <span class=\"_ _38\"></span>modifica <span class=\"_ _38\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _0\"></span>volont\u00e0 <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>parti <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>el<span class=\"_ _3a1\"> </span>contratto. <span class=\"_ _38\"></span>Quando, <span class=\"_ _1\"></span>nel <span class=\"_ _38\"></span>corso <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>vita <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>trumento, <span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>clausole <span class=\"_ _38\"></span>contrattuali <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>oggetto <span class=\"_ _38\"></span>di modifi<span class=\"_ _3a1\"> </span>ca <span class=\"_ _38\"></span>occorre <span class=\"_ _38\"></span>ver<span class=\"_ _1\"></span>ificare <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>l\u2019attivit\u00e0 <span class=\"_ _38\"></span>originaria <span class=\"_ _38\"></span>deve <span class=\"_ _38\"></span>continuare <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>essere<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>rilevata<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>bilancio <span class=\"_ _38\"></span>o se, <span class=\"_ _39\"> </span>al <span class=\"_ _36\"> </span>contrario, <span class=\"_ _39\"> </span>lo <span class=\"_ _36\"> </span>strumento <span class=\"_ _39\"> </span>originario <span class=\"_ _36\"> </span>deve <span class=\"_ _36\"> </span>e<span class=\"_ _1\"></span>ssere <span class=\"_ _36\"> </span>oggetto<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>cancellazione <span class=\"_ _39\"> </span>dal <span class=\"_ _36\"> </span>bilancio (derecognition) e debba essere rilevato un nuovo strumento finanziario. In <span class=\"_ _0\"></span>generale<span class=\"_ _1\"></span>, <span class=\"_ _0\"></span>le <span class=\"_ _35\"> </span>m<span class=\"_ _2\"></span>odifiche <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>un\u2019<span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>finanz<span class=\"_ _2\"></span>iaria <span class=\"_ _0\"></span>conducono <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>cancellazione <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>stessa <span class=\"_ _0\"></span>ed all\u2019iscrizione d<span class=\"_ _2\"></span>i u<span class=\"_ _2\"></span>na nuov<span class=\"_ _2\"></span>a attivit\u00e0 <span class=\"_ _3b\"></span>quando sono <span class=\"_ _3b\"></span>\u201csostanziali\u201d. La <span class=\"_ _3b\"></span>valutazione circa <span class=\"_ _2\"></span>la <span class=\"_ _3b\"></span>\u201cso<span class=\"_ _1\"></span>stanzialit\u00e0\u201d della <span class=\"_ _3a\"> </span>modifica <span class=\"_ _3a\"> </span>deve <span class=\"_ _48\"> </span>essere <span class=\"_ _3a\"> </span>effettuata <span class=\"_ _3a\"> </span>considerando <span class=\"_ _3a\"> </span>sia <span class=\"_ _48\"> </span>elementi <span class=\"_ _3a\"> </span>qualitativi <span class=\"_ _3a\"> </span>sia <span class=\"_ _3a\"> </span>elementi quantitativi. In <span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>cuni casi<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>infatti, <span class=\"_ _1\"></span>potr\u00e0 <span class=\"_ _1\"></span>risultare <span class=\"_ _1\"></span>chiaro, <span class=\"_ _1\"></span>senza <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>ricorso <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>complesse <span class=\"_ _1\"></span>analisi, che <span class=\"_ _1\"></span>i cambiamenti <span class=\"_ _0\"></span>introdotti <span class=\"_ _0\"></span>modificano <span class=\"_ _0\"></span>sostanzialmente <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>caratteristiche <span class=\"_ _0\"></span>e/o <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>flu<span class=\"_ _2\"></span>ssi <span class=\"_ _0\"></span>contrattuali <span class=\"_ _0\"></span>di una determinata attivit\u00e0 mentre, in altri casi, dovranno essere svolte ulteriori analisi (anche di tipo quantitativo) <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>apprezzare <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>effetti <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>stesse <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>verificare <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>necess<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>procedere <span class=\"_ _38\"></span>o <span class=\"_ _38\"></span>meno alla cancellazione dell\u2019attivit\u00e0 ed alla iscrizione <span class=\"_ _1\"></span>di un nuovo strumento finanziario. Le <span class=\"_ _39\"> </span>analisi <span class=\"_ _36\"> </span>(quali-quantitative) <span class=\"_ _36\"> </span>volte<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>a <span class=\"_ _36\"> </span>definire <span class=\"_ _36\"> </span>la <span class=\"_ _39\"> </span>\u201csostanzialit\u00e0\u201d <span class=\"_ _36\"> </span>delle <span class=\"_ _39\"> </span>modifiche <span class=\"_ _36\"> </span>contr<span class=\"_ _1\"></span>attuali apportate ad un\u2019attivit\u00e0 finanziaria, dovranno pertanto considerare<span class=\"_ _1\"></span>: <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _0\"></span>finalit\u00e0 <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>cui <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>modifiche <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>state <span class=\"_ _0\"></span>effettuate: <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>esempio, <span class=\"_ _0\"></span>rinegoziazioni <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>motivi </span>commerciali e concessioni per difficolt\u00e0 finanziarie della contro<span class=\"_ _1\"></span>parte: <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _0\"></span>prime, <span class=\"_ _0\"></span>volte <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>\u201ctrattenere\u201d <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>cliente, <span class=\"_ _0\"></span>vedono <span class=\"_ _35\"> </span>coinv<span class=\"_ _2\"></span>olto <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>debitore <span class=\"_ _35\"> </span>che<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>versa <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>una </span>situazione  di  difficolt\u00e0  finan<span class=\"_ _2\"></span>ziar<span class=\"_ _1\"></span>ia.  In  questa  casistica  sono  inc<span class=\"_ _2\"></span>luse  tutte  le  operazioni  di rinegoziazione <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>volte <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>adeguare <span class=\"_ _38\"></span>l\u2019onerosit\u00e0 <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>debito <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>condizioni <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rcato. Tali <span class=\"_ _48\"> </span>operazioni <span class=\"_ _48\"> </span>comportano <span class=\"_ _48\"> </span>una <span class=\"_ _48\"> </span>variazione <span class=\"_ _48\"> </span>delle <span class=\"_ _48\"> </span>condizi<span class=\"_ _2\"></span>oni <span class=\"_ _48\"> </span>or<span class=\"_ _1\"></span>iginarie <span class=\"_ _48\"> </span>del <span class=\"_ _48\"> </span>contratto, solitamente <span class=\"_ _38\"></span>richieste <span class=\"_ _38\"></span>dal <span class=\"_ _1\"></span>debitore<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>attiene <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>aspetti <span class=\"_ _38\"></span>connessi <span class=\"_ _38\"></span>alla <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nerosit\u00e0 <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>debito, con <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>conseguente <span class=\"_ _0\"></span>beneficio <span class=\"_ _38\"></span>economico <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>il<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>debito<span class=\"_ _2\"></span>re <span class=\"_ _0\"></span>stess<span class=\"_ _2\"></span>o. <span class=\"_ _0\"></span>In<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>lin<span class=\"_ _2\"></span>ea <span class=\"_ _0\"></span>generale <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>itiene che, <span class=\"_ _38\"></span>ogniqualvolta <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>banca <span class=\"_ _38\"></span>effe<span class=\"_ _1\"></span>ttui <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>rinegoziazione <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>fine <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>evitare <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>perdere <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>prio cliente, <span class=\"_ _0\"></span>tale <span class=\"_ _38\"></span>rinegoziazione <span class=\"_ _0\"></span>debba <span class=\"_ _38\"></span>ess<span class=\"_ _1\"></span>ere <span class=\"_ _38\"></span>consider<span class=\"_ _1\"></span>ata <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>me <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ostanziale <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>anto, <span class=\"_ _0\"></span>ove <span class=\"_ _38\"></span>non fosse  effett<span class=\"_ _1\"></span>uata,  il  cliente <span class=\"_ _3d\"> </span>potrebbe  finanziarsi  press<span class=\"_ _1\"></span>o  un  altro <span class=\"_ _3d\"> </span>intermediario  e<span class=\"_ _1\"></span>  la  banca subirebbe un decremento dei ricavi futuri previsti; <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _36\"> </span>seconde, <span class=\"_ _36\"> </span>effettuate <span class=\"_ _39\"> </span>per <span class=\"_ _37\"> </span>\u201cragioni <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>rischio <span class=\"_ _39\"> </span>creditizio\u201d <span class=\"_ _36\"> </span>(misure <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>forbearance), <span class=\"_ _36\"> </span>sono </span>riconducibili <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>tentat<span class=\"_ _1\"></span>ivo <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>banca <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>massimizzare <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>reco<span class=\"_ _1\"></span>very <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>cash <span class=\"_ _35\"> </span>flow <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>credito originario. I <span class=\"_ _3b\"></span>rischi e <span class=\"_ _3b\"></span>i benefici <span class=\"_ _3b\"></span>sottostant<span class=\"_ _1\"></span>i, <span class=\"_ _3b\"></span>succes<span class=\"_ _1\"></span>sivamente <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>modifiche, <span class=\"_ _3b\"></span>di norma, non <span class=\"_ _3b\"></span>sono sostanzialmente  trasferiti  e,  co<span class=\"_ _2\"></span>nseguentemente,  la  rappresentazione  contabile<span class=\"_ _2\"></span>  che  offre informazioni <span class=\"_ _38\"></span>pi\u00f9 <span class=\"_ _38\"></span>rilevanti <span class=\"_ _0\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>lettore <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>bil<span class=\"_ _2\"></span>ancio <span class=\"_ _38\"></span>(salvo <span class=\"_ _38\"></span>quanto <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>dir\u00e0 <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>se<span class=\"_ _1\"></span>guito <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ema <span class=\"_ _38\"></span>di elementi <span class=\"_ _0\"></span>oggettivi)<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>quella <span class=\"_ _0\"></span>effettuata <span class=\"_ _38\"></span>tramite <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>\u201cmodification <span class=\"_ _0\"></span>accounting\u201d <span class=\"_ _38\"></span>- <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>implica <span class=\"_ _38\"></span>la<span class=\"_ _3a1\"> </span>rilevazione <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>conto <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>conomico de<span class=\"_ _1\"></span>lla differe<span class=\"_ _1\"></span>nza <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>abile e <span class=\"_ _1\"></span>valore<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>attuale <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>flussi di cassa modificati scontati al tasso di interesse originario - e non tr<span class=\"_ _1\"></span>amite la derecognition; <span class=\"_ _42\"> </span><span class=\"ff4\">la presenza di <span class=\"_ _2\"></span>specifici elementi oggettivi (\u201ctrigger\u201d) che i<span class=\"_ _2\"></span>ncidono sulle caratteristiche e<span class=\"_ _2\"></span>/o sui </span>flussi <span class=\"_ _1\"></span>contrattuali <span class=\"_ _1\"></span>dello <span class=\"_ _1\"></span>strumento <span class=\"_ _1\"></span>finanziario <span class=\"_ _1\"></span>(quali, a <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>titolo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>esempio, <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>cambiamento di divisa o la modifica della tipologia di rischio a cui si \u00e8 e<span class=\"_ _1\"></span>sposti, ove la si correli a parametri di equity <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>commodity), <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>itiene <span class=\"_ _0\"></span>comportino <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>derecognition <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>considerazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>loro impatto (atteso come significativo) sui flussi contra<span class=\"_ _1\"></span>ttuali originari. Criteri di cancel<span class=\"_ _1\"></span>lazione Le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>ve<span class=\"_ _1\"></span>ngono <span class=\"_ _38\"></span>cancellate <span class=\"_ _1\"></span>dal <span class=\"_ _0\"></span>bil<span class=\"_ _2\"></span>an<span class=\"_ _3a1\"> </span>cio <span class=\"_ _38\"></span>so<span class=\"_ _3a1\"> </span>lamente <span class=\"_ _38\"></span>se <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>cessione <span class=\"_ _38\"></span>ha <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>mportato <span class=\"_ _38\"></span>il sostanziale <span class=\"_ _2\"></span>trasferimento di <span class=\"_ _3b\"></span>tutti i<span class=\"_ _2\"></span> rischi <span class=\"_ _3b\"></span>e benefici <span class=\"_ _3b\"></span>connessi all<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 st<span class=\"_ _2\"></span>esse. P<span class=\"_ _2\"></span>er contro,<span class=\"_ _2\"></span> qu<span class=\"_ _2\"></span>alora sia <span class=\"_ _38\"></span>stata <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>antenuta <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>rilevante <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>benefici <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>arie cedute, qu<span class=\"_ _2\"></span>este<span class=\"_ _1\"></span> con<span class=\"_ _2\"></span>tinuano ad<span class=\"_ _2\"></span> essere iscritte <span class=\"_ _3b\"></span>in bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 giuridicamente la <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>itolarit\u00e0 delle<span class=\"_ _2\"></span> attivit\u00e0 stesse sia stata effettivamente trasferita. Nel <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>possibile <span class=\"_ _35\"> </span>accertare <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>sostanziale <span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>asferimento <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>benefici, <span class=\"_ _0\"> </span>le attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>vengono <span class=\"_ _38\"></span>cancellate <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>bilancio <span class=\"_ _1\"></span>qualora <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ato <span class=\"_ _1\"></span>mante<span class=\"_ _1\"></span>nuto <span class=\"_ _1\"></span>alcun <span class=\"_ _38\"></span>tipo <span class=\"_ _38\"></span>di controllo <span class=\"_ _37\"> </span>sulle <span class=\"_ _37\"> </span>stesse. <span class=\"_ _37\"> </span>In <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>contrario, <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>conservazione, <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>parte, <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>tale <span class=\"_ _37\"> </span>controllo comporta  il <span class=\"_ _3d\"> </span>mantenimento  in  bilancio  de<span class=\"_ _1\"></span>lle  attivit\u00e0 <span class=\"_ _3d\"> </span>in  misura  pari <span class=\"_ _3d\"> </span>al  coinvolgimento<span class=\"_ _1\"></span>  residuo, misurato dall\u2019esposizione <span class=\"_ _1\"></span>ai cambiamenti di valore delle attivit\u00e0 cedute <span class=\"_ _1\"></span>ed alle variazioni dei flussi finanziari delle stesse. Infine,  le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _37\"> </span>cedute <span class=\"_ _3d\"> </span>vengono <span class=\"_ _37\"> </span>cancellate <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>bilancio <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>caso <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>cui <span class=\"_ _3d\"> </span>vi <span class=\"_ _3d\"> </span>sia <span class=\"_ _3d\"> </span>l<span class=\"_ _1\"></span>a conservazione <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>diritti <span class=\"_ _37\"> </span>contrattuali <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>ricevere <span class=\"_ _37\"> </span>i <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>cassa, <span class=\"_ _37\"> </span>con <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>contestuale assunzione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un\u2019obbligazione <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>pagare <span class=\"_ _38\"></span>detti <span class=\"_ _1\"></span>flussi, <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>solo <span class=\"_ _38\"></span>essi, <span class=\"_ _1\"></span>senza <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>ritardo <span class=\"_ _38\"></span>rilevante <span class=\"_ _1\"></span>ad <span class=\"_ _38\"></span>altri soggetti terzi.<span class=\"_ _3a1\"> </span>Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali L\u2019allo<span class=\"_ _3a1\"> </span>cazione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>componenti <span class=\"_ _0\"></span>reddituali <span class=\"_ _0\"></span>nelle <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span>tinenti <span class=\"_ _0\"></span>voci <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>avv<span class=\"_ _2\"></span>iene <span class=\"_ _0\"></span>sulla base di quanto riportato di seguito: <span class=\"_ _42\"> </span><span class=\"ff4\">Gli <span class=\"_ _1\"></span>interessi <span class=\"_ _1\"></span>attivi <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>crediti <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>vengono <span class=\"_ _1\"></span>allocati <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>lla voce<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>\u201cInteressi <span class=\"_ _1\"></span>attivi <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>provent<span class=\"_ _1\"></span>i </span>assimilati\u201d per competenza sulla base de<span class=\"_ _1\"></span>l tasso di interesse effettivo; <span class=\"_ _42\"> </span><span class=\"ff4\">Gli <span class=\"_ _1\"></span>utili <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>perdite <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>cessione <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>crediti <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>dei <span class=\"_ _1\"></span>titoli <span class=\"_ _38\"></span>vengono <span class=\"_ _1\"></span>allocati <span class=\"_ _1\"></span>nella <span class=\"_ _38\"></span>voce <span class=\"_ _1\"></span>\u201cUtili <span class=\"_ _38\"></span>(perdite) </span>da cessione o riacquisto di attivit\u00e0 finanziarie valutate al costo ammortizzato\u201d; <span class=\"_ _42\"> </span><span class=\"ff4\">Le <span class=\"_ _1\"></span>rettifiche <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>impairment, <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>dite <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>cancellazioni <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>riprese <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>crediti <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>dei </span>titoli  vengono <span class=\"_ _35\"> </span>allocate  nella <span class=\"_ _35\"> </span>voce <span class=\"_ _35\"> </span>\u201cRettifiche/riprese  di <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>nette  per <span class=\"_ _35\"> </span>rischio  di <span class=\"_ _35\"> </span>credito relativo ad attivit\u00e0 finanziarie valutate al costo ammortizzato\u201d<span class=\"_ _1\"></span>. <span class=\"_ _42\"> </span><span class=\"ff4\">Gli <span class=\"_ _38\"></span>interess<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>dovuti <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>trascorrere <span class=\"_ _1\"></span>del <span class=\"_ _0\"></span>tempo <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>ntabilizz<span class=\"_ _2\"></span>ati <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>lla <span class=\"_ _38\"></span>voce <span class=\"_ _38\"></span>\u201c<span class=\"_ _1\"></span>Interessi <span class=\"_ _38\"></span>attivi <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span></span>proventi assimilati\u201d<span class=\"_ _3a1\"> </span>. 4 - Ope<span class=\"_ _1\"></span>razioni di<span class=\"_ _1\"></span> copertura<span class=\"_ _3a1\"> </span> Il <span class=\"_ _35\"> </span>Gr<span class=\"_ _3a1\"> </span>uppo <span class=\"_ _35\"> </span>si  avv<span class=\"_ _2\"></span>ale  della <span class=\"_ _35\"> </span>facolt\u00e0, <span class=\"_ _35\"> </span>prevista <span class=\"_ _35\"> </span>in  sede <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>introduzione  d<span class=\"_ _2\"></span>ell\u2019IFRS <span class=\"_ _35\"> </span>9,  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>continuare<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>ad<span class=\"_ _3a1\"> </span> applicare <span class=\"_ _1\"></span>integralmente <span class=\"_ _1\"></span>le previsioni <span class=\"_ _1\"></span>del principio <span class=\"_ _1\"></span>contabile <span class=\"_ _1\"></span>IAS <span class=\"_ _1\"></span>39 in <span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>a di <span class=\"_ _1\"></span>\u201chedge <span class=\"_ _1\"></span>accounting\u201d<span class=\"_ _3a1\"> </span> (nella ver<span class=\"_ _1\"></span>sione <span class=\"_ _1\"></span>carved o<span class=\"_ _1\"></span>ut omo<span class=\"_ _1\"></span>logata dalla <span class=\"_ _1\"></span>Commissione <span class=\"_ _1\"></span>Europea) <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>ogni <span class=\"_ _1\"></span>tipologia <span class=\"_ _1\"></span>di copertura<span class=\"_ _3a1\"> </span> (sia per le coperture specifiche che per le macro coperture<span class=\"_ _1\"></span>).<span class=\"_ _3a1\"> </span> Criteri di iscrizione<span class=\"_ _3a1\"> </span> Gli <span class=\"_ _3f\"> </span>strume<span class=\"_ _1\"></span>nti <span class=\"_ _3a\"> </span>derivati <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>copert<span class=\"_ _1\"></span>ura, <span class=\"_ _3f\"> </span>al <span class=\"_ _3a\"> </span>pari <span class=\"_ _3f\"> </span>di <span class=\"_ _3a\"> </span>tutti <span class=\"_ _3f\"> </span>i <span class=\"_ _3a\"> </span>de<span class=\"_ _3a1\"> </span>rivati, <span class=\"_ _3f\"> </span>s<span class=\"_ _1\"></span>ono <span class=\"_ _3f\"> </span>inizialmente <span class=\"_ _3a\"> </span>iscritti <span class=\"_ _3f\"> </span>e<span class=\"_ _3a1\"> </span> successivamente misurati al fair value.<span class=\"_ _3a1\"> </span> Criteri di classifi<span class=\"_ _1\"></span>cazione: tipologia di <span class=\"_ _1\"></span>coperture<span class=\"_ _3a1\"> </span> Le <span class=\"_ _0\"></span>operazioni <span class=\"_ _0\"> </span>di <span class=\"_ _35\"> </span>copertura <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>sono <span class=\"_ _35\"> </span>finaliz<span class=\"_ _2\"></span>zate <span class=\"_ _35\"> </span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>neutr<span class=\"_ _1\"></span>alizzare <span class=\"_ _0\"></span>potenziali <span class=\"_ _0\"></span>variazioni <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>fair<span class=\"_ _3a1\"> </span> value <span class=\"_ _37\"> </span>o <span class=\"_ _37\"> </span>variazioni <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>cassa, <span class=\"_ _37\"> </span>attr<span class=\"_ _1\"></span>ibuibili <span class=\"_ _3d\"> </span>ad <span class=\"_ _37\"> </span>un <span class=\"_ _37\"> </span>dete<span class=\"_ _1\"></span>rminato <span class=\"_ _37\"> </span>rischio <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>rilevabili <span class=\"_ _37\"> </span>su <span class=\"_ _37\"> </span>un<span class=\"_ _3a1\"> </span> determinato  elemento  o  gruppo  di  elementi,  nel  caso  in  cu<span class=\"_ _2\"></span>i  quel  particolare  rischio  dovesse<span class=\"_ _3a1\"> </span> effettivamente manifestarsi.<span class=\"_ _3a1\"> </span> Le tipologie di coperture utilizzate sono le seguenti:<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">copertura  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>fair  value: <span class=\"_ _35\"> </span>ha <span class=\"_ _35\"> </span>l\u2019obiettivo  di<span class=\"_ _2\"></span>  cop<span class=\"_ _2\"></span>rire  l\u2019esposizione <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>variazione  del <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>(attribuibile alle <span class=\"_ _1\"></span>diverse tipologie <span class=\"_ _1\"></span>di r<span class=\"_ _1\"></span>ischio) di at<span class=\"_ _1\"></span>tivit\u00e0 e <span class=\"_ _1\"></span>passivit\u00e0 iscritte <span class=\"_ _1\"></span>in bilancio o<span class=\"_ _1\"></span> porzioni<span class=\"_ _3a1\"> </span> di  es<span class=\"_ _1\"></span>se,  di <span class=\"_ _3d\"> </span>gruppi  di  att<span class=\"_ _1\"></span>ivit\u00e0/passivit\u00e0,  di  impegni <span class=\"_ _3d\"> </span>irrevocabili  e <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>portafogli  di <span class=\"_ _3d\"> </span>attivit\u00e0  e<span class=\"_ _3a1\"> </span> passivit\u00e0 <span class=\"_ _0\"></span>finanziarie, <span class=\"_ _0\"></span>inclusi <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>core <span class=\"_ _0\"></span>deposits, <span class=\"_ _0\"></span>come <span class=\"_ _0\"></span>consentito <span class=\"_ _0\"></span>dallo <span class=\"_ _0\"></span>IAS <span class=\"_ _0\"></span>39 <span class=\"_ _0\"></span>omologato<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>dalla<span class=\"_ _3a1\"> </span> Commissione Europea. <span class=\"_ _3b\"></span>Le cope<span class=\"_ _2\"></span>rture gen<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>riche d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3b\"></span>(\u201cmacr<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>hedge\u201d) <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>l\u2019obiettivo<span class=\"_ _3a1\"> </span> di <span class=\"_ _38\"></span>ridurre <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>scillazioni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value, <span class=\"_ _38\"></span>imputabili <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>tasso <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>int<span class=\"_ _2\"></span>eresse, <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _38\"></span>importo<span class=\"_ _3a1\"> </span> monetario,  riveniente <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>un  po<span class=\"_ _2\"></span>rtafoglio  di<span class=\"_ _2\"></span>  at<span class=\"_ _2\"></span>tivit\u00e0  o <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>passivit\u00e0 <span class=\"_ _35\"> </span>finanziarie.  Non <span class=\"_ _35\"> </span>possono<span class=\"_ _3a1\"> </span> essere <span class=\"_ _3d\"> </span>oggetto<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>copertura <span class=\"_ _3d\"> </span>generica <span class=\"_ _3d\"> </span>importi <span class=\"_ _37\"> </span>netti <span class=\"_ _3d\"> </span>derivanti <span class=\"_ _3d\"> </span>dallo <span class=\"_ _3d\"> </span>sbilancio <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _3d\"> </span>e<span class=\"_ _3a1\"> </span>passivit\u00e0;<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">copertura <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>finanziari: <span class=\"_ _0\"></span>ha <span class=\"_ _35\"> </span>l\u2019obi<span class=\"_ _2\"></span>ettivo <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>coprire <span class=\"_ _0\"></span>l\u2019es<span class=\"_ _1\"></span>posizione <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>variazioni <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>cassa  futuri  a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tribuibili <span class=\"_ _35\"> </span>a  particolari  rischi  a<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>sociati  a <span class=\"_ _35\"> </span>poste  del <span class=\"_ _35\"> </span>bilancio.  Tale <span class=\"_ _35\"> </span>tipologia  di<span class=\"_ _3a1\"> </span> copertura <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>utilizzata <span class=\"_ _35\"> </span>essenzialmente <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>stabilizzare <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>flusso <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>interessi <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>raccolta <span class=\"_ _35\"> </span>a<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> tasso  variabile  nella  misura  in<span class=\"_ _3b\"></span>  cui  quest\u2019ultima  finanzia  impi<span class=\"_ _2\"></span>eghi  a  tasso  fisso.  In  talune<span class=\"_ _3a1\"> </span> circostanze, <span class=\"_ _0\"></span>analoghe <span class=\"_ _38\"></span>operazioni <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>poste <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>ssere <span class=\"_ _38\"></span>relat<span class=\"_ _1\"></span>ivamente <span class=\"_ _0\"></span>ad <span class=\"_ _38\"></span>alcune <span class=\"_ _38\"></span>tipologie <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> impieghi a tasso variabile.<span class=\"_ _3a1\"> </span> Solo <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>rumenti <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>coinvolgono <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>controparte<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>terna <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>Gruppo <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>ono <span class=\"_ _38\"></span>essere <span class=\"_ _38\"></span>designati<span class=\"_ _3a1\"> </span> come <span class=\"_ _35\"> </span>strumenti <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>copertura. <span class=\"_ _35\"> </span>Data <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>scelta <span class=\"_ _35\"> </span>esercitata <span class=\"_ _35\"> </span>dal <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>avvalersi <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>facolt\u00e0 <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span> continuare <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>appl<span class=\"_ _2\"></span>icare <span class=\"_ _0\"></span>integralmente <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>regole <span class=\"_ _38\"></span>dello <span class=\"_ _0\"></span>IAS <span class=\"_ _0\"></span>39 <span class=\"_ _0\"></span>pe<span class=\"_ _2\"></span>r <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>relazioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>copertura, <span class=\"_ _0\"></span>non <span class=\"_ _38\"></span>\u00e8<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> possibile <span class=\"_ _1\"></span>designare <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>capitale <span class=\"_ _1\"></span>classificati <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>con<span class=\"_ _3a1\"> </span> impatto <span class=\"_ _35\"> </span>sulla <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>edditivit\u00e0 <span class=\"_ _35\"> </span>complessiva <span class=\"_ _35\"> </span>(FVOCI)<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>come <span class=\"_ _35\"> </span>oggetti <span class=\"_ _35\"> </span>co<span class=\"_ _3b\"></span>pe<span class=\"_ _1\"></span>rti <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>il<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>prezzo <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> cambio, <span class=\"_ _38\"></span>dato <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>tali<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>strument<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>impatt<span class=\"_ _1\"></span>ano <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>economico, <span class=\"_ _38\"></span>nem<span class=\"_ _1\"></span>meno <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>caso <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>vendita<span class=\"_ _3a1\"> </span> (se non per i dividendi che sono rilevati a conto economico).<span class=\"_ _3a1\"> </span> Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span> I derivati di copertura sono valutati al fair<span class=\"_ _1\"></span> value. In particolare:<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">nel <span class=\"_ _35\"> </span>caso  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>copertura <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value, <span class=\"_ _35\"> </span>si  c<span class=\"_ _2\"></span>ompensa  l<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>variazione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value <span class=\"_ _35\"> </span>dell\u2019eleme<span class=\"_ _1\"></span>nto<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>coperto <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>variazione <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _38\"></span>dello <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>trumento <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>copert<span class=\"_ _1\"></span>ura. <span class=\"_ _1\"></span>Tale<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>compensazione <span class=\"_ _1\"></span>\u00e8<span class=\"_ _3a1\"> </span> riconosciuta attraverso <span class=\"_ _1\"></span>la rilevazione <span class=\"_ _1\"></span>a Conto Economico <span class=\"_ _1\"></span>delle variazioni di valor<span class=\"_ _1\"></span>e, riferite sia<span class=\"_ _3a1\"> </span>all\u2019elemento <span class=\"_ _39\"> </span>coperto <span class=\"_ _39\"> </span>(per <span class=\"_ _39\"> </span>quanto <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>iguarda <span class=\"_ _39\"> </span>le <span class=\"_ _39\"> </span>variazioni <span class=\"_ _39\"> </span>prodotte <span class=\"_ _39\"> </span>dal <span class=\"_ _36\"> </span>fatto<span class=\"_ _1\"></span>re <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>ischio sottostante),  sia  allo  strumento <span class=\"_ _3d\"> </span>di  copertura.  L\u2019eventuale  differenza,  che  rappre<span class=\"_ _1\"></span>senta  la parziale inefficacia della copertura, ne <span class=\"_ _1\"></span>costituisce di conseguenza l\u2019effetto economico netto. Nel cas<span class=\"_ _1\"></span>o di oper<span class=\"_ _1\"></span>azioni di co<span class=\"_ _1\"></span>pertura generica <span class=\"_ _1\"></span>di fair <span class=\"_ _1\"></span>value di <span class=\"_ _1\"></span>un port<span class=\"_ _1\"></span>afoglio (\u201cmacro <span class=\"_ _1\"></span>hedge\u201d) le variazioni di <span class=\"_ _2\"></span>fair value con riferimento al <span class=\"_ _2\"></span>rischio coperto delle attiv<span class=\"_ _2\"></span>it\u00e0 e delle passivit\u00e0 ogg<span class=\"_ _2\"></span>etto di <span class=\"_ _3f\"> </span>copertura <span class=\"_ _3f\"> </span>so<span class=\"_ _1\"></span>no <span class=\"_ _3f\"> </span>imputate <span class=\"_ _3f\"> </span>nello <span class=\"_ _3f\"> </span>stato <span class=\"_ _3f\"> </span>patrimo<span class=\"_ _1\"></span>niale, <span class=\"_ _3f\"> </span>rispettivamente, <span class=\"_ _3f\"> </span>nella <span class=\"_ _3f\"> </span>voce <span class=\"_ _3f\"> </span>60<span class=\"_ _1\"></span>. \u201cAdeguamento <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _0\"></span>oggetto <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>copertura <span class=\"_ _0\"></span>generica\u201d <span class=\"_ _38\"></span>oppure <span class=\"_ _38\"></span>5<span class=\"_ _1\"></span>0. \u201cAdeguamento di valore delle passivit\u00e0 finanziarie oggett<span class=\"_ _1\"></span>o di copertura generica\u201d; <span class=\"_ _42\"> </span><span class=\"ff4\">nel <span class=\"_ _1\"></span>caso <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>copertura <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>flussi <span class=\"_ _38\"></span>finanziari, <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>variazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fa<span class=\"_ _1\"></span>ir <span class=\"_ _1\"></span>value <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>derivato <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>imputate </span>nella <span class=\"_ _0\"></span>redditivit\u00e0 <span class=\"_ _0\"></span>complessiva, <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>ota <span class=\"_ _0\"></span>efficace <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>copertura, <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>rilevate <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>Conto Economico <span class=\"_ _0\"></span>solo <span class=\"_ _35\"> </span>quando, <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>posta <span class=\"_ _0\"></span>coperta, <span class=\"_ _35\"> </span>si<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>manifest<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>va<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iazione <span class=\"_ _0\"></span>dei flussi di cassa da compensare o se <span class=\"_ _1\"></span>la copertura risulta inefficace; <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _0\"></span>coperture <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>investimento <span class=\"_ _0\"></span>netto <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>valuta <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>contabilizzate <span class=\"_ _35\"> </span>allo <span class=\"_ _0\"></span>stesso <span class=\"_ _0\"></span>modo <span class=\"_ _0\"></span>delle </span>coperture di flussi finanziari. Lo <span class=\"_ _1\"></span>strumento <span class=\"_ _1\"></span>derivato \u00e8 <span class=\"_ _1\"></span>des<span class=\"_ _1\"></span>ignato di <span class=\"_ _1\"></span>copertura <span class=\"_ _1\"></span>se es<span class=\"_ _1\"></span>iste una <span class=\"_ _1\"></span>documentazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>formalizzata della relazione <span class=\"_ _1\"></span>tra lo <span class=\"_ _1\"></span>strumento <span class=\"_ _1\"></span>coperto e<span class=\"_ _1\"></span> lo s<span class=\"_ _1\"></span>trumento di <span class=\"_ _1\"></span>copertura e<span class=\"_ _1\"></span> se <span class=\"_ _1\"></span>\u00e8 e<span class=\"_ _1\"></span>fficace nel <span class=\"_ _1\"></span>momento in <span class=\"_ _1\"></span>cui la copertura ha inizio e, prospetticamente, durante tutta la vita <span class=\"_ _1\"></span>della stessa. L'efficacia <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>copertura <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>pende <span class=\"_ _0\"></span>dalla <span class=\"_ _35\"> </span>misura<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>cu<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>variazioni <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>fair <span class=\"_ _35\"> </span>valu<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>dello <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>trumento coperto <span class=\"_ _35\"> </span>o  d<span class=\"_ _2\"></span>ei <span class=\"_ _35\"> </span>relativi <span class=\"_ _35\"> </span>flussi <span class=\"_ _35\"> </span>finanziari <span class=\"_ _35\"> </span>at<span class=\"_ _1\"></span>tesi <span class=\"_ _35\"> </span>risultano  c<span class=\"_ _2\"></span>ompensati <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>quelle <span class=\"_ _35\"> </span>dello <span class=\"_ _35\"> </span>st<span class=\"_ _1\"></span>rumento  d<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span> copertura. <span class=\"_ _1\"></span>Pertanto, <span class=\"_ _1\"></span>l'efficacia <span class=\"_ _1\"></span>\u00e8 appre<span class=\"_ _1\"></span>zzata dal <span class=\"_ _1\"></span>confro<span class=\"_ _1\"></span>nto delle <span class=\"_ _1\"></span>suddette <span class=\"_ _1\"></span>variazioni, <span class=\"_ _1\"></span>tenuto <span class=\"_ _1\"></span>conto dell'intento <span class=\"_ _1\"></span>perseguito <span class=\"_ _1\"></span>dall'impresa ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>momento <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>cui la <span class=\"_ _1\"></span>copertura <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>stata <span class=\"_ _1\"></span>posta <span class=\"_ _1\"></span>in ess<span class=\"_ _1\"></span>ere. Si <span class=\"_ _1\"></span>ha efficacia <span class=\"_ _35\"> </span>quando <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>variazioni  di <span class=\"_ _0\"></span>fair <span class=\"_ _35\"> </span>value <span class=\"_ _35\"> </span>(o <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>flussi <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>cass<span class=\"_ _1\"></span>a) <span class=\"_ _35\"> </span>dello <span class=\"_ _35\"> </span>strumento <span class=\"_ _35\"> </span>finanziario <span class=\"_ _0\"> </span>di<span class=\"_ _1\"></span> copertura  neutralizzano  quasi  integralmente,  cio\u00e8<span class=\"_ _2\"></span>  nei  limiti  stabi<span class=\"_ _2\"></span>liti  dall\u2019intervallo  80-125%,  le variazioni di fair value dello strumento coperto, per l\u2019ele<span class=\"_ _1\"></span>mento di rischio oggetto di copertura. La <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>dell'efficacia <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>ef<span class=\"_ _2\"></span>fettuata <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>ogni <span class=\"_ _0\"></span>chiusura <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>bilanci<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>situazione <span class=\"_ _0\"></span>infrannuale utilizzando: <span class=\"_ _42\"> </span><span class=\"ff4\">test prospettici, che gi<span class=\"_ _2\"></span>ustificano l'applicazione della c<span class=\"_ _2\"></span>ontabilizzazione di copertura, in qu<span class=\"_ _2\"></span>anto </span>dimostrano la sua efficacia attesa; <span class=\"_ _42\"> </span><span class=\"ff4\">test <span class=\"_ _38\"></span>retrospettivi, <span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>evidenziano <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>grado <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>efficacia <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>copertura <span class=\"_ _38\"></span>raggiunto <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>periodo </span>cui <span class=\"_ _3b\"></span>si riferiscono, <span class=\"_ _3b\"></span>ovvero, <span class=\"_ _2\"></span>misurano <span class=\"_ _3b\"></span>quanto i <span class=\"_ _3b\"></span>risultati <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffettivi <span class=\"_ _3b\"></span>si sia<span class=\"_ _3b\"></span>no discostati <span class=\"_ _3b\"></span>dalla c<span class=\"_ _2\"></span>opertura perfetta. Solo  gli  strumenti <span class=\"_ _3d\"> </span>che  coinvolgono  una  controparte  esterna  posso<span class=\"_ _1\"></span>no  essere  designati  come strumenti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>copertura. <span class=\"_ _0\"></span>Pertanto, <span class=\"_ _0\"></span>ogni <span class=\"_ _38\"></span>risultato <span class=\"_ _0\"></span>riconducibil<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>transazioni <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>terne <span class=\"_ _0\"></span>effettuate <span class=\"_ _38\"></span>tra diverse entit\u00e0 del Gruppo \u00e8 eliminato dal bilancio consolidato. Cessazione pro<span class=\"_ _1\"></span>spettica della contabili<span class=\"_ _1\"></span>zzazione di co<span class=\"_ _3a1\"> </span>pertur<span class=\"_ _3a1\"> </span>a Se <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>verifiche <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>confermano <span class=\"_ _1\"></span>l\u2019efficacia <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>coper<span class=\"_ _1\"></span>tura, <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>quel <span class=\"_ _38\"></span>momento <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>contabilizzazione delle <span class=\"_ _3d\"> </span>operazioni <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>coper<span class=\"_ _1\"></span>tura,  se<span class=\"_ _1\"></span>condo <span class=\"_ _3d\"> </span>quanto <span class=\"_ _3d\"> </span>sopra <span class=\"_ _3d\"> </span>esposto, <span class=\"_ _3d\"> </span>viene<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>interrotta <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>il <span class=\"_ _3d\"> </span>contratto derivato <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>copertura <span class=\"_ _1\"></span>viene <span class=\"_ _1\"></span>riclassificato <span class=\"_ _1\"></span>tra <span class=\"_ _38\"></span>gli strume<span class=\"_ _1\"></span>nti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>negoziazione. Inoltre<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>operazioni <span class=\"_ _1\"></span>di copertura <span class=\"_ _38\"></span>cessano <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>momento <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>cui <span class=\"_ _1\"></span>lo <span class=\"_ _0\"></span>strumento <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>copertura <span class=\"_ _38\"></span>giunge <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>scadenza, <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>venduto, cessato o esercitato, oppure viene revocata <span class=\"_ _1\"></span>la designazione. Per <span class=\"_ _1\"></span>le re<span class=\"_ _1\"></span>lazioni di <span class=\"_ _1\"></span>copertura<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di fair <span class=\"_ _1\"></span>value, <span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>strumento <span class=\"_ _1\"></span>finanziario <span class=\"_ _1\"></span>coperto <span class=\"_ _1\"></span>non \u00e8 <span class=\"_ _38\"></span>pi\u00f9 rettificato <span class=\"_ _1\"></span>per le <span class=\"_ _2\"></span>variazioni <span class=\"_ _3b\"></span>di fair <span class=\"_ _3b\"></span>value <span class=\"_ _3b\"></span>e qualsia<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>rettifica al <span class=\"_ _3b\"></span>valore <span class=\"_ _2\"></span>contabile <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>uno <span class=\"_ _3b\"></span>str<span class=\"_ _1\"></span>umento <span class=\"_ _2\"></span>finanziario <span class=\"_ _3b\"></span>coperto per  il  qual<span class=\"_ _2\"></span>e  \u00e8  utilizzato  il <span class=\"_ _35\"> </span>criterio  dell'interesse  effettivo  d<span class=\"_ _2\"></span>eve  essere  ammortizzata  n<span class=\"_ _2\"></span>el  conto economico. <span class=\"_ _37\"> </span>Nel <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>interruzione <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>una <span class=\"_ _37\"> </span>relazione <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>cop<span class=\"_ _1\"></span>ertura <span class=\"_ _37\"> </span>generica <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>fair <span class=\"_ _37\"> </span>value, <span class=\"_ _37\"> </span>le rivalutazioni/svalutazioni <span class=\"_ _35\"> </span>cu<span class=\"_ _2\"></span>mulat<span class=\"_ _1\"></span>e <span class=\"_ _35\"> </span>iscritte <span class=\"_ _0\"></span>nella <span class=\"_ _35\"> </span>voce <span class=\"_ _0\"></span>60. <span class=\"_ _35\"> </span>\u201cAdeguamento <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>attivit\u00e0 finanziarie  oggetto <span class=\"_ _35\"> </span>di  copertura <span class=\"_ _35\"> </span>generica\u201d  oppu<span class=\"_ _2\"></span>re  50. <span class=\"_ _35\"> </span>\u201cAdeguamento  di <span class=\"_ _35\"> </span>valore  delle<span class=\"_ _2\"></span>  passivit\u00e0 finanziarie oggetto di copertura generica\u201d sono rilevate a conto <span class=\"_ _2\"></span>economico tra gli interessi attivi o passivi l<span class=\"_ _2\"></span>ungo la <span class=\"_ _3b\"></span>d<span class=\"_ _1\"></span>urata residua <span class=\"_ _3b\"></span>d<span class=\"_ _1\"></span>elle originarie <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>elazioni di<span class=\"_ _2\"></span> copertura, <span class=\"_ _3b\"></span>fe<span class=\"_ _1\"></span>rma restando <span class=\"_ _3b\"></span>la verifica che ne sussistano i presupposti.<span class=\"_ _3a1\"> </span>Per <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>relazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>copertura <span class=\"_ _38\"></span>dei <span class=\"_ _1\"></span>flussi <span class=\"_ _1\"></span>finanziari, <span class=\"_ _1\"></span>l'uti<span class=\"_ _3a1\"> </span>le <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>perdita <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>plessiva <span class=\"_ _1\"></span>dello <span class=\"_ _1\"></span>strume<span class=\"_ _1\"></span>nto di copertura <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>stato <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ilevato <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>elle <span class=\"_ _0\"></span>altre <span class=\"_ _38\"></span>componenti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>conto <span class=\"_ _0\"></span>ec<span class=\"_ _2\"></span>onomico <span class=\"_ _0\"></span>complessivo <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>partire dall'esercizio <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _3b\"></span>la <span class=\"_ _3b\"></span>copert<span class=\"_ _1\"></span>ura <span class=\"_ _3b\"></span>era efficac<span class=\"_ _2\"></span>e, <span class=\"_ _3b\"></span>deve r<span class=\"_ _2\"></span>estare <span class=\"_ _3b\"></span>separatamente <span class=\"_ _2\"></span>nel <span class=\"_ _3b\"></span>patrimonio <span class=\"_ _3b\"></span>ne<span class=\"_ _1\"></span>tto <span class=\"_ _3b\"></span>sino a <span class=\"_ _0\"></span>quando <span class=\"_ _38\"></span>l'oper<span class=\"_ _1\"></span>azione <span class=\"_ _0\"></span>prog<span class=\"_ _2\"></span>rammata <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>ve<span class=\"_ _2\"></span>rifica. <span class=\"_ _0\"></span>Qualora <span class=\"_ _38\"></span>l'operazione <span class=\"_ _0\"></span>programmata <span class=\"_ _0\"></span>ci <span class=\"_ _38\"></span>si <span class=\"_ _0\"></span>attende non <span class=\"_ _3d\"> </span>debba <span class=\"_ _3d\"> </span>pi\u00f9 <span class=\"_ _3d\"> </span>accader<span class=\"_ _1\"></span>e, <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>qual <span class=\"_ _3d\"> </span>caso <span class=\"_ _3d\"> </span>quals<span class=\"_ _1\"></span>iasi <span class=\"_ _3d\"> </span>corre<span class=\"_ _1\"></span>lato <span class=\"_ _3d\"> </span>utile <span class=\"_ _3d\"> </span>o <span class=\"_ _3d\"> </span>per<span class=\"_ _1\"></span>dita <span class=\"_ _3d\"> </span>complessivo <span class=\"_ _3d\"> </span>sullo strumento <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>copertura <span class=\"_ _36\"> </span>che <span class=\"_ _37\"> </span>\u00e8 <span class=\"_ _36\"> </span>stato <span class=\"_ _36\"> </span>rilevato <span class=\"_ _36\"> </span>nel <span class=\"_ _37\"> </span>prospetto <span class=\"_ _37\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _37\"> </span>altr<span class=\"_ _1\"></span>e <span class=\"_ _37\"> </span>componenti <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>conto economico complessivo d<span class=\"_ _2\"></span>all'esercizio <span class=\"_ _2\"></span>in cui <span class=\"_ _3b\"></span>la copertura era effic<span class=\"_ _2\"></span>ace deve es<span class=\"_ _2\"></span>sere riclassificato <span class=\"_ _2\"></span>dal patrimonio <span class=\"_ _3f\"> </span>netto <span class=\"_ _3f\"> </span>all\u2019utile <span class=\"_ _3f\"> </span>(perdita) <span class=\"_ _3f\"> </span>d\u2019eser<span class=\"_ _1\"></span>cizio <span class=\"_ _3f\"> </span>come <span class=\"_ _3f\"> </span>rettifica <span class=\"_ _3f\"> </span>da <span class=\"_ _3f\"> </span>riclassificazione. <span class=\"_ _3f\"> </span>Tuttavia,<span class=\"_ _3a1\"> </span><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs41c\">un\u2019operazione pro<span class=\"_ _1\"></span>grammata che <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>pi\u00f9 altamente <span class=\"_ _1\"></span>probabile, ci <span class=\"_ _1\"></span>si pu\u00f2 <span class=\"_ _1\"></span>ancora <span class=\"_ _1\"></span>attendere <span class=\"_ _1\"></span>che si<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs41d\">verifi</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs41e\">chi.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs41f\">Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs420\">L\u2019allocazione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>componenti <span class=\"_ _0\"></span>reddituali <span class=\"_ _38\"></span>nelle <span class=\"_ _0\"></span>pert<span class=\"_ _1\"></span>inenti <span class=\"_ _0\"></span>voci <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>avviene <span class=\"_ _0\"></span>sull<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs421\">base di quanto riportato di seguito:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs422\"><span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _0\"></span>differenziali <span class=\"_ _38\"></span>mat<span class=\"_ _1\"></span>urati <span class=\"_ _0\"></span>sugli <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>derivati <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>copert<span class=\"_ _1\"></span>ura <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>teresse<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs423\">(oltre agli interessi delle posizioni<span class=\"_ _2\"></span> oggetto di copertura) vengono allocati <span class=\"_ _2\"></span>nella voce \u201cInteressi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs424\">attivi e proventi assimilati\u201d o \u201cInteress<span class=\"_ _1\"></span>i passivi e oneri assimilati\u201d;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs425\"><span class=\"_ _42\"> </span><span class=\"ff4\">le plu<span class=\"_ _2\"></span>svalenze e mi<span class=\"_ _2\"></span>nusvalenze derivanti d<span class=\"_ _2\"></span>alla valutazione <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>strument<span class=\"_ _1\"></span>i derivati <span class=\"_ _3b\"></span>di copertura<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs426\">e <span class=\"_ _37\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _37\"> </span>posizioni <span class=\"_ _37\"> </span>oggetto <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>copertura <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>fair <span class=\"_ _36\"> </span>value <span class=\"_ _37\"> </span>hedge <span class=\"_ _37\"> </span>vengono <span class=\"_ _36\"> </span>allocate <span class=\"_ _37\"> </span>nella <span class=\"_ _37\"> </span>voce<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs427\">\u201cRisultato netto dell\u2019attivit\u00e0 di copertur<span class=\"_ _1\"></span>a\u201d;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs428\"><span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _36\"> </span>plusvalenze <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>le <span class=\"_ _36\"> </span>minusvalenze <span class=\"_ _37\"> </span>derivanti <span class=\"_ _36\"> </span>dalla <span class=\"_ _36\"> </span>valutazione <span class=\"_ _36\"> </span>degli <span class=\"_ _37\"> </span>strumenti <span class=\"_ _36\"> </span>derivati <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs429\">copertura di <span class=\"_ _1\"></span>cash flow <span class=\"_ _1\"></span>hedge <span class=\"_ _1\"></span>(per <span class=\"_ _1\"></span>la parte e<span class=\"_ _1\"></span>fficace) vengono <span class=\"_ _1\"></span>allocate <span class=\"_ _1\"></span>in una <span class=\"_ _1\"></span>specifica riserva<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs42a\">di valutazione di patrimonio netto \u201c<span class=\"_ _1\"></span>Copertura dei flussi finanziari\u201d, al netto dell\u2019effetto fiscale<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs42b\">differito. <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>parte <span class=\"_ _38\"></span>inefficace <span class=\"_ _1\"></span>tali <span class=\"_ _1\"></span>plus <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>minus <span class=\"_ _1\"></span>vengono <span class=\"_ _38\"></span>contabilizzate<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>economico<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs42c\">nella <span class=\"_ _38\"></span>voce<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>\u201cRisulta<span class=\"_ _2\"></span>to <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>etto <span class=\"_ _0\"></span>dell\u2019<span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>copertura\u201d. <span class=\"_ _0\"></span>Se<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>lo <span class=\"_ _38\"></span>strumento <span class=\"_ _38\"></span>cope<span class=\"_ _1\"></span>rto <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>cancellato,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs42d\">scade <span class=\"_ _39\"> </span>o <span class=\"_ _36\"> </span>si <span class=\"_ _36\"> </span>e<span class=\"_ _1\"></span>stingue <span class=\"_ _36\"> </span>allora <span class=\"_ _39\"> </span>la <span class=\"_ _36\"> </span>riserva <span class=\"_ _39\"> </span>\u00e8 <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>iversata <span class=\"_ _36\"> </span>immediatamente <span class=\"_ _39\"> </span>a <span class=\"_ _36\"> </span>conto <span class=\"_ _39\"> </span>economico<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs42e\">contestualmente alla cancellazione dell\u2019elemento coperto.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs42f\"><span class=\"_ _42\"> </span><span class=\"ff4\">nel <span class=\"_ _1\"></span>caso <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>copertura <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>flussi <span class=\"_ _38\"></span>finanziari, <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>variazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fa<span class=\"_ _1\"></span>ir <span class=\"_ _1\"></span>value <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>derivato <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>imputate<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs430\">nella <span class=\"_ _0\"></span>redditivit\u00e0 <span class=\"_ _0\"></span>complessiva, <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>ota <span class=\"_ _0\"></span>efficace <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>copertura, <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>rilevate <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>Conto<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs431\">Economico <span class=\"_ _0\"></span>solo <span class=\"_ _35\"> </span>quando, <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>posta <span class=\"_ _0\"></span>coperta, <span class=\"_ _35\"> </span>si<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>manifest<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>va<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iazione <span class=\"_ _0\"></span>dei<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs432\">flussi di cassa da compensare o se <span class=\"_ _1\"></span>la copertura risulta inefficace.<span class=\"_ _3a1\"> </span></div>11 - Pa<span class=\"_ _1\"></span>ssivit\u00e0 finan<span class=\"_ _1\"></span>ziarie <span class=\"_ _1\"></span>valutate al<span class=\"_ _1\"></span> costo amm<span class=\"_ _1\"></span>ortizza<span class=\"_ _1\"></span>to<span class=\"_ _3a1\"> </span>Crite<span class=\"_ _3a1\"> </span>ri di iscrizione<span class=\"_ _3a1\"> </span>La pri<span class=\"_ _3a1\"> </span>ma iscrizione di tali <span class=\"_ _2\"></span>passivit\u00e0 finanziarie avviene alla d<span class=\"_ _2\"></span>ata di sottoscrizione del contratto, che<span class=\"_ _3a1\"> </span>normalmente coincide con il mom<span class=\"_ _1\"></span>ento della r<span class=\"_ _1\"></span>icezione delle somme raccolte <span class=\"_ _1\"></span>o della emissione dei<span class=\"_ _3a1\"> </span>titoli di <span class=\"_ _184\"></span>debito.<span class=\"_ _3a1\"> </span>La <span class=\"_ _37\"> </span>prima <span class=\"_ _36\"> </span>iscrizione <span class=\"_ _37\"> </span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>effettuata <span class=\"_ _36\"> </span>sulla <span class=\"_ _37\"> </span>base <span class=\"_ _36\"> </span>del <span class=\"_ _37\"> </span>fair <span class=\"_ _37\"> </span>value <span class=\"_ _36\"> </span>delle <span class=\"_ _37\"> </span>pass<span class=\"_ _1\"></span>ivit\u00e0, <span class=\"_ _37\"> </span>normalmente <span class=\"_ _36\"> </span>pari<span class=\"_ _3a1\"> </span>all\u2019ammontare <span class=\"_ _37\"> </span>incassato <span class=\"_ _37\"> </span>o <span class=\"_ _37\"> </span>al <span class=\"_ _37\"> </span>prezzo <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>emissione, <span class=\"_ _37\"> </span>aumentato <span class=\"_ _37\"> </span>degli <span class=\"_ _37\"> </span>eventuali <span class=\"_ _37\"> </span>costi/proventi<span class=\"_ _3a1\"> </span>aggiuntivi <span class=\"_ _2\"></span>direttamente attribuibili <span class=\"_ _3b\"></span>alla singola op<span class=\"_ _2\"></span>erazione di <span class=\"_ _2\"></span>provvista o <span class=\"_ _3b\"></span>di emissione. <span class=\"_ _3b\"></span>Sono esclusi<span class=\"_ _3a1\"> </span>i costi interni di carattere amministrativo.<span class=\"_ _3a1\"> </span>In <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>elazione <span class=\"_ _35\"> </span>ai<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>debiti <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>leasing<span class=\"_ _2\"></span>, <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>data <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>decorrenza <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>locatario <span class=\"_ _35\"> </span>deve <span class=\"_ _0\"></span>valutare <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>debito <span class=\"_ _35\"> </span>per<span class=\"_ _3a1\"> </span>leasing al valore attuale dei pagament<span class=\"_ _1\"></span>i dovuti per il leasing non gi\u00e0 versati a tale data. I pagamenti<span class=\"_ _3a1\"> </span>dovuti per il <span class=\"_ _2\"></span>leasing sono attualizzati utilizzando il <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>asso di interesse implicito del l<span class=\"_ _2\"></span>easing<span class=\"ff5 fs3\"> </span>o, se tale<span class=\"_ _3a1\"> </span>tasso<span class=\"_ _3a1\"> </span>non pu\u00f2 essere prontamente determinato, al tasso di debito incrementale del locatario.<span class=\"_ _3a1\"> </span>In particolare<span class=\"_ _1\"></span>, la passivit\u00e0 deve essere <span class=\"_ _1\"></span>misurata utilizzando un <span class=\"_ _1\"></span>modello analogo <span class=\"_ _1\"></span>a quello <span class=\"_ _1\"></span>del costo<span class=\"_ _3a1\"> </span>ammortizzato, dal momento che deve: \u2022 Aumentare<span class=\"_ _1\"></span> per <span class=\"_ _1\"></span>gli interessi <span class=\"_ _1\"></span>maturati nel <span class=\"_ _1\"></span>corso de<span class=\"_ _1\"></span>l periodo. Il <span class=\"_ _1\"></span>calcolo degli <span class=\"_ _1\"></span>interessi <span class=\"_ _1\"></span>avviene sulla<span class=\"_ _3a1\"> </span>base del medesimo tasso utilizzato per l\u2019attualizzazione;<span class=\"_ _3a1\"> </span>\u2022 Ridursi per i pagamenti dovuti per il leasing effett<span class=\"_ _1\"></span>uati dal locatario.<span class=\"_ _3a1\"> </span>Inoltre, <span class=\"_ _0\"></span>l\u2019imp<span class=\"_ _2\"></span>orto <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>lla <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _38\"></span>deve<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>essere <span class=\"_ _0\"></span>rivalutato <span class=\"_ _38\"></span>periodicamente, <span class=\"_ _0\"></span>al<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>fine <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _38\"></span>considerare <span class=\"_ _0\"></span>un<span class=\"_ _3a1\"> </span>eventuale cambiamento: \u2022 Nella durata del leasing e/o in altre condizioni;<span class=\"_ _3a1\"> </span>\u2022 Nella valutazione dell\u2019opzione di acquisto del bene sottostante;<span class=\"_ _3a1\"> </span>\u2022 Nell\u2019importo atteso da pagare a tit<span class=\"_ _1\"></span>olo di garanzia del valore residuo;<span class=\"_ _3a1\"> </span>\u2022<span class=\"_ _3d\"> </span>Nei <span class=\"_ _1\"></span>futuri <span class=\"_ _1\"></span>pagamenti <span class=\"_ _1\"></span>dovuti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>leasing <span class=\"_ _1\"></span>come <span class=\"_ _1\"></span>risultato <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>variazione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>asso <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>dell\u2019indice<span class=\"_ _3a1\"> </span>utilizzato per definire l\u2019importo dei pagamenti.<span class=\"_ _3a1\"> </span>Criteri di classificazione<span class=\"_ _3a1\"> </span>I Debiti vers<span class=\"_ _1\"></span>o banche, i Debiti verso <span class=\"_ _1\"></span>clientela e <span class=\"_ _1\"></span>i Titoli in circolazione ricompre<span class=\"_ _1\"></span>ndono le varie forme<span class=\"_ _3a1\"> </span>di <span class=\"_ _0\"></span>provvista <span class=\"_ _35\"> </span>interbancaria <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>cliente<span class=\"_ _1\"></span>la, <span class=\"_ _0\"></span>le <span class=\"_ _35\"> </span>operazioni <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>pronti <span class=\"_ _0\"></span>contro <span class=\"_ _0\"> </span>te<span class=\"_ _1\"></span>rmine <span class=\"_ _0\"> </span>con <span class=\"_ _35\"> </span>obbligo <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>riacquisto <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>termine <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>raccolta <span class=\"_ _1\"></span>effe<span class=\"_ _1\"></span>ttuata <span class=\"_ _1\"></span>attraverso <span class=\"_ _38\"></span>certificati <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>deposito<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>tito<span class=\"_ _1\"></span>li <span class=\"_ _1\"></span>obbligazionari<span class=\"_ _3a1\"> </span>ed altri strumenti di raccolta in circolazione, al netto <span class=\"_ _1\"></span>degli eventuali ammontari riacquistati.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _0\"></span>inoltre <span class=\"_ _38\"></span>inclusi <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>debiti <span class=\"_ _38\"></span>iscritti <span class=\"_ _0\"></span>dall\u2019impresa <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>qualit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>loca<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ario <span class=\"_ _0\"></span>nell\u2019ambito <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>operazioni <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span>leasing.<span class=\"_ _3a1\"> </span>Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span> Dopo <span class=\"_ _0\"></span>l<span class=\"_ _3a1\"> </span>a <span class=\"_ _0\"></span>rilevazione <span class=\"_ _35\"> </span>inizial<span class=\"_ _2\"></span>e, <span class=\"_ _0\"></span>le <span class=\"_ _35\"> </span>passivit\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _0\"></span>vengono <span class=\"_ _35\"> </span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>co<span class=\"_ _2\"></span>sto <span class=\"_ _0\"></span>ammort<span class=\"_ _1\"></span>izzato <span class=\"_ _0\"></span>col<span class=\"_ _3a1\"> </span> metodo del tasso di interesse effett<span class=\"_ _1\"></span>ivo.<span class=\"_ _3a1\"> </span> Fanno <span class=\"_ _1\"></span>eccezione <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>passivit\u00e0 a <span class=\"_ _38\"></span>breve termine, <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>quali il <span class=\"_ _1\"></span>fattore <span class=\"_ _1\"></span>temporale <span class=\"_ _1\"></span>risulta t<span class=\"_ _1\"></span>rascurabile,<span class=\"_ _3a1\"> </span> che rimangono iscritte per il valore incassato.<span class=\"_ _3a1\"> </span> Alla <span class=\"_ _35\"> </span>data <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>decorrenza, <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>pagamenti <span class=\"_ _35\"> </span>dovuti <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>asing, <span class=\"_ _35\"> </span>inclusi <span class=\"_ _35\"> </span>nella <span class=\"_ _35\"> </span>valutazione <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>Lease<span class=\"_ _3a1\"> </span> Liability, comprendono:  <span class=\"_ _42\"> </span><span class=\"ff4\">I pagamenti fissi, al netto di eventuali incentivi al leasing da ricever<span class=\"_ _1\"></span>e;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">I <span class=\"_ _1\"></span>pagamenti <span class=\"_ _38\"></span>variabili <span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>vuti <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>leasing, <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>dipendono <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>indice <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>tas<span class=\"_ _1\"></span>so, <span class=\"_ _1\"></span>valutati<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>inizialmente utilizzando un indice o un tasso alla dat<span class=\"_ _1\"></span>a di decorrenza;<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">Gli importi che si prevede che il locatar<span class=\"_ _1\"></span>io dovr\u00e0 pagare a titolo di garanzia del valore residuo;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">Il <span class=\"_ _35\"> </span>prezzo <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>esercizio <span class=\"_ _35\"> </span>dell'opzione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>acquisto, <span class=\"_ _35\"> </span>se <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>locatario <span class=\"_ _35\"> </span>h<span class=\"_ _3b\"></span>a  la <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>agionevole <span class=\"_ _35\"> </span>certezza <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>esercitare tale opzione;<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">I <span class=\"_ _37\"> </span>pagamenti <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>penalit\u00e0 <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>risoluzione <span class=\"_ _37\"> </span>del <span class=\"_ _37\"> </span>lea<span class=\"_ _1\"></span>sing, <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>e <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>durata <span class=\"_ _36\"> </span>del <span class=\"_ _37\"> </span>leasing <span class=\"_ _37\"> </span>tiene <span class=\"_ _37\"> </span>conto<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>dell'esercizio, da parte del locatario, dell'opzione di r<span class=\"_ _1\"></span>isoluzione del leasing.<span class=\"_ _3a1\"> </span> Devono <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>inclusi <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>Leas<span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>Liability <span class=\"_ _0\"></span>solo <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>pagamenti <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>risultano <span class=\"_ _0\"></span>non<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> versati <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>decorre<span class=\"_ _1\"></span>nza <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>contratto. <span class=\"_ _1\"></span>La <span class=\"_ _1\"></span>Lease <span class=\"_ _38\"></span>Liability d<span class=\"_ _1\"></span>eve <span class=\"_ _1\"></span>essere <span class=\"_ _1\"></span>rivalutata <span class=\"_ _1\"></span>quando <span class=\"_ _1\"></span>vi <span class=\"_ _1\"></span>\u00e8<span class=\"_ _3a1\"> </span> una <span class=\"_ _43\"> </span>lease <span class=\"_ _43\"> </span>modification <span class=\"_ _43\"> </span>(e.g. <span class=\"_ _43\"> </span>una <span class=\"_ _43\"> </span>modifica <span class=\"_ _43\"> </span>del <span class=\"_ _43\"> </span>perimetro <span class=\"_ _43\"> </span>del <span class=\"_ _43\"> </span>contratto), <span class=\"_ _43\"> </span>che <span class=\"_ _43\"> </span>non <span class=\"_ _69\"> </span>\u00e8<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> contabilizzata/considerata come contratto<span class=\"_ _1\"></span> separato (IFRS 16.36 c).<span class=\"_ _3a1\"> </span> Il <span class=\"_ _35\"> </span>locatario <span class=\"_ _35\"> </span>deve <span class=\"_ _35\"> </span>rivalutare <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>pagamenti <span class=\"_ _35\"> </span>dovuti <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>leasing <span class=\"_ _35\"> </span>(e<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>quindi <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>Lease <span class=\"_ _35\"> </span>Liability), <span class=\"_ _35\"> </span>anche<span class=\"_ _3a1\"> </span> qualora intervenga una delle seguenti variazioni:<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">La durata del contratto di leasing;<span class=\"_ _3a1\"> </span></span><span class=\"_ _42\"> </span><span class=\"ff4\">La valutazione ci<span class=\"_ _2\"></span>rca la ragionevol<span class=\"_ _2\"></span>e certezza di <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>sercizio, da p<span class=\"_ _2\"></span>arte d<span class=\"_ _2\"></span>el locatario, dell\u2019opzi<span class=\"_ _2\"></span>one di<span class=\"_ _3a1\"> </span></span>acquisto del bene sottostante;<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">Gli importi che si prevede il locatario dovr\u00e0 <span class=\"_ _1\"></span>pagare a titolo di garanzie del valore residuo;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">I futuri pagamenti dovuti per il leasing dipendenti da una variazione<span class=\"_ _1\"></span> dell\u2019indice o del tasso.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">In-substance fixed lease payments.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span> Le <span class=\"_ _37\"> </span>passivit\u00e0 <span class=\"_ _37\"> </span>finanziarie<span class=\"_ _3a1\"> </span> <span class=\"_ _37\"> </span>sono <span class=\"_ _37\"> </span>cancellate <span class=\"_ _37\"> </span>dal <span class=\"_ _37\"> </span>bilancio<span class=\"_ _3a1\"> </span>qu<span class=\"_ _3a1\"> </span>an<span class=\"_ _3a1\"> </span>do <span class=\"_ _37\"> </span>risultano <span class=\"_ _37\"> </span>scadute <span class=\"_ _37\"> </span>o <span class=\"_ _37\"> </span>estinte. <span class=\"_ _37\"> </span>La<span class=\"_ _3a1\"> </span> cancellazione <span class=\"_ _0\"> </span>a<span class=\"_ _1\"></span>vviene <span class=\"_ _35\"> </span>anche <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>presenza <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>riacquisto <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>tito<span class=\"_ _1\"></span>li <span class=\"_ _0\"></span>obbligazionari <span class=\"_ _35\"> </span>precedentemente<span class=\"_ _3a1\"> </span> emessi. L<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>differenza <span class=\"_ _3b\"></span>tra v<span class=\"_ _2\"></span>alore <span class=\"_ _2\"></span>contabile <span class=\"_ _3b\"></span>della p<span class=\"_ _2\"></span>assivit\u00e0 <span class=\"_ _3b\"></span>e l\u2019ammon<span class=\"_ _2\"></span>tare co<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>risposto <span class=\"_ _2\"></span>per <span class=\"_ _3b\"></span>acquistarla<span class=\"_ _3a1\"> </span> viene registrata a Conto Economico.<span class=\"_ _3a1\"> </span> Il <span class=\"_ _3b\"></span>ricollocament<span class=\"_ _1\"></span>o su<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>mercato di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>titoli <span class=\"_ _3b\"></span>propri successivamente <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>loro riacquisto <span class=\"_ _3b\"></span>\u00e8 considerato <span class=\"_ _3b\"></span>come<span class=\"_ _3a1\"> </span> una nuova emissione con iscrizione al nuovo prezzo di collocame<span class=\"_ _1\"></span>nto. 12 - Pa<span class=\"_ _1\"></span>ssivit\u00e0 fin<span class=\"_ _1\"></span>anziarie di<span class=\"_ _1\"></span> negoziaz<span class=\"_ _1\"></span>ione Crite<span class=\"_ _3a1\"> </span>ri di iscrizione Gli <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>trumenti <span class=\"_ _1\"></span>finanziari <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>oggetto <span class=\"_ _38\"></span>sono <span class=\"_ _1\"></span>iscritti <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>sottoscrizione <span class=\"_ _38\"></span>o <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>emissione ad <span class=\"_ _35\"> </span>un <span class=\"_ _0\"></span>valore <span class=\"_ _35\"> </span>pari <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>fair<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>value <span class=\"_ _35\"> </span>d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>llo <span class=\"_ _35\"> </span>strumento, <span class=\"_ _0\"></span>se<span class=\"_ _1\"></span>nza <span class=\"_ _35\"> </span>considerare <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>ventuali <span class=\"_ _0\"></span>cos<span class=\"_ _1\"></span>ti <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>proventi <span class=\"_ _35\"> </span>di transazione direttamente attribuibili agli strumenti stess<span class=\"_ _1\"></span>i. In tale categoria di passivit\u00e0 <span class=\"_ _1\"></span>sono, in particolare<span class=\"_ _1\"></span>, inclusi i contratti der<span class=\"_ _1\"></span>ivati di trading con fair valu<span class=\"_ _1\"></span>e negativo, nonch\u00e9 i derivati impliciti con fair valu<span class=\"_ _2\"></span>e negativo presenti in contratti complessi - in cui<span class=\"_ _2\"></span> il contratto <span class=\"_ _38\"></span>primario <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _38\"></span>finanziaria <span class=\"_ _38\"></span>- <span class=\"_ _38\"></span>ma <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>rettamente <span class=\"_ _38\"></span>correlati <span class=\"_ _38\"></span>agli <span class=\"_ _38\"></span>stessi. <span class=\"_ _1\"></span>Inoltr<span class=\"_ _1\"></span>e, sono <span class=\"_ _1\"></span>incluse <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>passivit\u00e0 <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>originano <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>scoperti <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ecnici <span class=\"_ _1\"></span>generati <span class=\"_ _1\"></span>dall\u2019attivit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>negoziazione di titoli. Criteri di valuta<span class=\"_ _1\"></span>zione Tutte <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>negoziazione <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>fair <span class=\"_ _38\"></span>v<span class=\"_ _3a1\"> </span>alue <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>imp<span class=\"_ _2\"></span>utazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>risultato <span class=\"_ _0\"></span>della valutazione nel Conto Economico. Criteri di cancel<span class=\"_ _1\"></span>lazione Le <span class=\"_ _36\"> </span>Passivit\u00e0 <span class=\"_ _36\"> </span>finanziarie <span class=\"_ _36\"> </span>detenute <span class=\"_ _39\"> </span>per <span class=\"_ _36\"> </span>negoziazione <span class=\"_ _36\"> </span>vengono <span class=\"_ _36\"> </span>cancellate <span class=\"_ _36\"> </span>dal <span class=\"_ _36\"> </span>bilancio <span class=\"_ _36\"> </span>quando scadono <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>diritti <span class=\"_ _38\"></span>contrattuali <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ui <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>elativi <span class=\"_ _38\"></span>flussi <span class=\"_ _38\"></span>finanziari <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>quando <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>pass<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _1\"></span>finanziaria <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>ce<span class=\"_ _1\"></span>duta con trasferimento sostanziale di tutti i rischi ed i benefici derivanti dalla proprie<span class=\"_ _1\"></span>t\u00e0 della s<span class=\"_ _2\"></span>tessa.<span class=\"_ _3a1\"> </span>13 - Pas<span class=\"_ _1\"></span>sivit\u00e0 fin<span class=\"_ _1\"></span>anziarie d<span class=\"_ _1\"></span>esignate<span class=\"_ _1\"></span> al fair<span class=\"_ _1\"></span> value<span class=\"_ _3a1\"> </span> Crite<span class=\"_ _3a1\"> </span>ri di iscrizione<span class=\"_ _3a1\"> </span> L\u2019iscrizione di t<span class=\"_ _1\"></span>ali passivit\u00e0 avviene <span class=\"_ _1\"></span>alla dat<span class=\"_ _1\"></span>a di emissione <span class=\"_ _1\"></span>in misura par<span class=\"_ _1\"></span>i al loro fair <span class=\"_ _1\"></span>value, incluso il<span class=\"_ _3a1\"> </span> valore dell\u2019eventuale derivato embedded e al netto de<span class=\"_ _1\"></span>lle commissioni di collocamento pagate.<span class=\"_ _3a1\"> </span> Criteri di classificazione<span class=\"_ _3a1\"> </span> Formano <span class=\"_ _1\"></span>oggetto <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rilevazione <span class=\"_ _1\"></span>nella <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>sente <span class=\"_ _1\"></span>voce <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>pass<span class=\"_ _3a1\"> </span>ivit\u00e0 finanziarie <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>signate <span class=\"_ _1\"></span>al <span class=\"_ _38\"></span>fair <span class=\"_ _1\"></span>value<span class=\"_ _3a1\"> </span> con contropartita in Conto <span class=\"_ _1\"></span>Economico, sulla base della facolt\u00e0 riconosciuta alle imprese <span class=\"_ _1\"></span>(c.d. \u201cfair<span class=\"_ _3a1\"> </span> value option\u201d) dall\u2019IFRS 9 e nel rispetto delle casistiche previste dalla normat<span class=\"_ _1\"></span>iva di riferimento.<span class=\"_ _3a1\"> </span> Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span> Tali <span class=\"_ _1\"></span>passivit\u00e0 <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _1\"></span>valutate <span class=\"_ _38\"></span>al <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _38\"></span>con <span class=\"_ _1\"></span>imputazione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>risultat<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>secondo <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>seguenti <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>gole<span class=\"_ _3a1\"> </span> previste dall\u2019IFRS 9:<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">le  variazioni <span class=\"_ _35\"> </span>di  fair <span class=\"_ _35\"> </span>value  che <span class=\"_ _35\"> </span>sono  attribu<span class=\"_ _2\"></span>ibili  alla <span class=\"_ _35\"> </span>variazione  del  proprio<span class=\"_ _2\"></span>  merito <span class=\"_ _35\"> </span>creditizio<span class=\"_ _3a1\"> </span></span>devono essere rilevate nel Prospetto della redditivit\u00e0 compless<span class=\"_ _1\"></span>iva (Patrimonio netto);<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">le restanti variazioni di fair value devono essere rilevate ne<span class=\"_ _1\"></span>l Conto Economico.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>Gli <span class=\"_ _35\"> </span>importi  rilevati <span class=\"_ _35\"> </span>nel  P<span class=\"_ _2\"></span>rospetto  della <span class=\"_ _35\"> </span>redditivit\u00e0  c<span class=\"_ _2\"></span>omplessiva <span class=\"_ _35\"> </span>non  rigirano <span class=\"_ _35\"> </span>successivamente <span class=\"_ _35\"> </span>a<span class=\"_ _3a1\"> </span> conto <span class=\"_ _36\"> </span>economico. <span class=\"_ _36\"> </span>Tale <span class=\"_ _36\"> </span>modalit\u00e0 <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>contabilizzazione <span class=\"_ _36\"> </span>non <span class=\"_ _39\"> </span>deve <span class=\"_ _37\"> </span>es<span class=\"_ _1\"></span>sere <span class=\"_ _36\"> </span>applicata <span class=\"_ _36\"> </span>qualora <span class=\"_ _36\"> </span>la<span class=\"_ _3a1\"> </span> rilevazione <span class=\"_ _0\"></span>degli <span class=\"_ _38\"></span>effetti <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>proprio <span class=\"_ _38\"></span>merito <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>credito <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>Patrimonio <span class=\"_ _38\"></span>netto <span class=\"_ _0\"></span>determini <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>accentui <span class=\"_ _38\"></span>un<span class=\"_ _3a1\"> </span> accounting mismatch <span class=\"_ _1\"></span>a co<span class=\"_ _1\"></span>nto economico. <span class=\"_ _1\"></span>In quest<span class=\"_ _1\"></span>o caso<span class=\"_ _1\"></span> gli <span class=\"_ _1\"></span>utili o <span class=\"_ _1\"></span>le per<span class=\"_ _1\"></span>dite legate <span class=\"_ _1\"></span>alla pass<span class=\"_ _1\"></span>ivit\u00e0,<span class=\"_ _3a1\"> </span> incluse  qu<span class=\"_ _2\"></span>elle  che  si <span class=\"_ _35\"> </span>dete<span class=\"_ _1\"></span>rminano  come  effetto  d<span class=\"_ _2\"></span>ella  variazione  d<span class=\"_ _2\"></span>el  proprio  merito  c<span class=\"_ _3b\"></span>re<span class=\"_ _1\"></span>ditizio,<span class=\"_ _3a1\"> </span> devono essere rilevate a conto economico.<span class=\"_ _3a1\"> </span> Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span> Le <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _35\"> </span>finanzi<span class=\"_ _2\"></span>arie <span class=\"_ _35\"> </span>valu<span class=\"_ _2\"></span>tate <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _35\"> </span>vengono <span class=\"_ _0\"></span>ca<span class=\"_ _3a1\"> </span>ncellate <span class=\"_ _35\"> </span>dal <span class=\"_ _0\"></span>bilancio <span class=\"_ _0\"></span>quando <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>cadono <span class=\"_ _35\"> </span>i<span class=\"_ _3a1\"> </span> diritti <span class=\"_ _35\"> </span>contrattuali <span class=\"_ _35\"> </span>sui <span class=\"_ _0\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _35\"> </span>flussi <span class=\"_ _0\"> </span>finanziari <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>quando <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>esta <span class=\"_ _35\"> </span>viene <span class=\"_ _35\"> </span>estinta, <span class=\"_ _35\"> </span>ovverosia <span class=\"_ _35\"> </span>quand<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span> l'obbligazione specificata nel contratto \u00e8 <span class=\"_ _1\"></span>adempiuta o cancellata o scaduta. 1<span class=\"_ _3a1\"> </span>4 - Ope<span class=\"_ _1\"></span>razioni in<span class=\"_ _1\"></span> valuta Crite<span class=\"_ _3a1\"> </span>ri di iscrizione Le <span class=\"_ _0\"></span>operazioni <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>valuta <span class=\"_ _0\"></span>ester<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>registrate, <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>momento <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>rilevazione <span class=\"_ _0\"></span>iniziale, <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>divisa <span class=\"_ _0\"></span>di conto, applicando all\u2019importo in valuta estera il tasso di cambio in vigore alla data dell\u2019operazione. Criteri di classifi<span class=\"_ _1\"></span>cazione Le <span class=\"_ _2\"></span>operazioni i<span class=\"_ _2\"></span>n <span class=\"_ _3b\"></span>valuta sono <span class=\"_ _3b\"></span>costituite da <span class=\"_ _3b\"></span>tutte le <span class=\"_ _3b\"></span>attivi<span class=\"_ _3a1\"> </span>t\u00e0 <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _3b\"></span>denominate<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>valute diverse dall\u2019euro.  Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"fc5 sc4\"> </span>Si applicano i criteri indicati per le voci di bilancio co<span class=\"_ _3a1\"> </span>rrispondenti.  Il tasso di cambio utilizzato \u00e8 quello alla data <span class=\"_ _1\"></span>di estinzione.<span class=\"_ _3a1\"> </span>Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"fc5 sc4\"> </span>Ad <span class=\"_ _3b\"></span>ogni chiusura <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>bilancio <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>situazione infrannuale, le <span class=\"_ _2\"></span>poste <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>bilancio in <span class=\"_ _3b\"></span>valuta <span class=\"_ _2\"></span>estera vengono valorizzate come segue: <span class=\"_ _42\"> </span><span class=\"ff4\">le poste monetarie sono convertite al tasso di cambio alla data <span class=\"_ _1\"></span>di chiu<span class=\"_ _2\"></span>sura;<span class=\"_ _3a1\"> </span></span><span class=\"_ _42\"> </span><span class=\"ff4\">le poste <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>monetarie valutate <span class=\"_ _1\"></span>al cost<span class=\"_ _1\"></span>o storico so<span class=\"_ _1\"></span>no convertite al <span class=\"_ _1\"></span>tasso <span class=\"_ _1\"></span>di cambio <span class=\"_ _1\"></span>in es<span class=\"_ _1\"></span>sere </span>alla data dell\u2019operazione; <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _38\"></span>poste <span class=\"_ _0\"></span>non<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>monetar<span class=\"_ _1\"></span>ie <span class=\"_ _38\"></span>valutate <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _38\"></span>convertite <span class=\"_ _0\"></span>util<span class=\"_ _3b\"></span>izzando <span class=\"_ _0\"></span>i <span class=\"_ _1\"></span>tas<span class=\"_ _1\"></span>si <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>cambio <span class=\"_ _0\"></span>in </span>essere alla data di chiusura. Le differenze di cambio che <span class=\"_ _1\"></span>derivano dal regolame<span class=\"_ _1\"></span>nto di eleme<span class=\"_ _1\"></span>nti monetari o dalla conversione<span class=\"_ _1\"></span> di elementi <span class=\"_ _35\"> </span>monetari <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>tassi <span class=\"_ _35\"> </span>diversi <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>elli <span class=\"_ _35\"> </span>di <span class=\"_ _0\"> </span>co<span class=\"_ _1\"></span>nversione <span class=\"_ _35\"> </span>iniziali, <span class=\"_ _0\"> </span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>conv<span class=\"_ _2\"></span>ersione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>bilancio precedente, sono rilevate nel conto e<span class=\"_ _1\"></span>conomico del periodo in cui sorgono. Quando <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>utile <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>perdita <span class=\"_ _0\"></span>relativi <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _0\"></span>elemento <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>monetario <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>rilevati <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>patr<span class=\"_ _1\"></span>imonio netto, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>differenza <span class=\"_ _1\"></span>cambio relativa <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>tale e<span class=\"_ _1\"></span>lemento <span class=\"_ _1\"></span>\u00e8 rilevata <span class=\"_ _1\"></span>anch\u2019essa <span class=\"_ _38\"></span>a patrimonio. <span class=\"_ _1\"></span>Per <span class=\"_ _1\"></span>contro,<span class=\"_ _3a1\"> </span>quando <span class=\"_ _3b\"></span>un utile <span class=\"_ _3b\"></span>o una <span class=\"_ _3b\"></span>perdita so<span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>rilevati a <span class=\"_ _3b\"></span>conto <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>conomico, <span class=\"_ _3b\"></span>\u00e8 rilevata <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>conto economico <span class=\"_ _3b\"></span>anche la rel<span class=\"_ _3a1\"> </span>ativa differenza cambio. Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali Le differenze di cambio che <span class=\"_ _1\"></span>derivano dal regolame<span class=\"_ _1\"></span>nto di eleme<span class=\"_ _1\"></span>nti monetari o dalla conversione<span class=\"_ _1\"></span> di elementi <span class=\"_ _35\"> </span>monetari <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>tassi <span class=\"_ _35\"> </span>diversi <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>elli <span class=\"_ _35\"> </span>di <span class=\"_ _0\"> </span>co<span class=\"_ _1\"></span>nversione <span class=\"_ _35\"> </span>iniziali, <span class=\"_ _0\"> </span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>conv<span class=\"_ _2\"></span>ersione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>bilancio precedente, <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>rilevate <span class=\"_ _0\"></span>nel <span class=\"_ _38\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>periodo <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>cui <span class=\"_ _0\"></span>sorgono <span class=\"_ _0\"></span>nella <span class=\"_ _38\"></span>voce<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>\u201cRisultato netto dell\u2019attivit\u00e0 di negoziazione\u201d. Quando <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>utile <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>perdita <span class=\"_ _0\"></span>relativi <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _0\"></span>elemento <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>monetario <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>rilevati <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>patr<span class=\"_ _1\"></span>imonio netto, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>differenza <span class=\"_ _1\"></span>cambio relativa <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>tale e<span class=\"_ _1\"></span>lemento <span class=\"_ _1\"></span>\u00e8 rilevata <span class=\"_ _1\"></span>anch\u2019essa <span class=\"_ _38\"></span>a patrimonio. <span class=\"_ _1\"></span>Per <span class=\"_ _1\"></span>contro, quando <span class=\"_ _3b\"></span>un utile <span class=\"_ _3b\"></span>o una <span class=\"_ _3b\"></span>perdita so<span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>rilevati a <span class=\"_ _3b\"></span>conto <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>conomico, <span class=\"_ _3b\"></span>\u00e8 rilevata <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>conto economico <span class=\"_ _3b\"></span>anche la relativa differenza cambio. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-767": {
   "value": "1 - A<span class=\"_ _3a1\"> </span>ttivit\u00e0 finan<span class=\"_ _1\"></span>ziarie v<span class=\"_ _1\"></span>alutate <span class=\"_ _1\"></span>al fair valu<span class=\"_ _1\"></span>e con impa<span class=\"_ _1\"></span>tto a<span class=\"_ _1\"></span> conto ec<span class=\"_ _1\"></span>onom<span class=\"_ _3a1\"> </span>ico Criteri di iscrizione L\u2019iscrizione <span class=\"_ _1\"></span>iniziale <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0 finanziarie <span class=\"_ _38\"></span>avviene <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>regolamento <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>debito e<span class=\"_ _1\"></span> per i <span class=\"_ _1\"></span>titoli di <span class=\"_ _1\"></span>capitale, alla <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>di erogazione <span class=\"_ _1\"></span>per i <span class=\"_ _1\"></span>finanziamenti ed <span class=\"_ _1\"></span>alla data <span class=\"_ _1\"></span>di sott<span class=\"_ _1\"></span>oscrizione per <span class=\"_ _1\"></span>i contratti <span class=\"_ _184\"></span>d<span class=\"_ _3b\"></span>er<span class=\"_ _1\"></span>ivati. All\u2019atto <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>rilevazione <span class=\"_ _35\"> </span>iniz<span class=\"_ _2\"></span>iale <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>fin<span class=\"_ _2\"></span>anziarie <span class=\"_ _35\"> </span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _0\"> </span>fair<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>val<span class=\"_ _2\"></span>ue <span class=\"_ _35\"> </span>con<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>impatto <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>cont<span class=\"_ _2\"></span>o economico  vengono  rilevate <span class=\"_ _35\"> </span>al  fair <span class=\"_ _35\"> </span>value,  senza  considerare  i <span class=\"_ _35\"> </span>costi  o  proventi <span class=\"_ _35\"> </span>di  transazione direttamente attribuibili allo strumento stesso. Criteri di classificazione Sono <span class=\"_ _35\"> </span>classificate  i<span class=\"_ _2\"></span>n <span class=\"_ _35\"> </span>questa <span class=\"_ _35\"> </span>categoria <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _35\"> </span>finanziarie <span class=\"_ _35\"> </span>diverse  d<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>quelle <span class=\"_ _35\"> </span>classificate <span class=\"_ _35\"> </span>tra <span class=\"_ _35\"> </span>le Attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _0\"></span>valu<span class=\"_ _2\"></span>tate <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _1\"></span>con <span class=\"_ _0\"></span>impatto <span class=\"_ _1\"></span>sulla <span class=\"_ _38\"></span>redditivit\u00e0 <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>mplessiva <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>tra <span class=\"_ _0\"></span>le <span class=\"_ _1\"></span>Attivit\u00e0 finanziare valutate al costo ammort<span class=\"_ _1\"></span>izzato. La voce, in particolare, include: <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>detenute <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>negoziazione, <span class=\"_ _1\"></span>essenzialmente <span class=\"_ _1\"></span>rappresentate <span class=\"_ _38\"></span>da titoli <span class=\"_ _1\"></span>di </span>debito <span class=\"_ _36\"> </span>e <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>capitale <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>dal <span class=\"_ _36\"> </span>valore <span class=\"_ _36\"> </span>positivo <span class=\"_ _36\"> </span>dei <span class=\"_ _36\"> </span>contratti <span class=\"_ _36\"> </span>derivati <span class=\"_ _37\"> </span>det<span class=\"_ _1\"></span>enuti <span class=\"_ _36\"> </span>con <span class=\"_ _36\"> </span>finalit\u00e0 <span class=\"_ _36\"> </span>di negoziazione; <span class=\"_ _42\"> </span><span class=\"ff4\">le  attivit\u00e0  finanz<span class=\"_ _2\"></span>iarie  obbligatoriamente  valutate  al <span class=\"_ _35\"> </span>fair  value,  rappresentate  dalle <span class=\"_ _35\"> </span>attivit\u00e0 </span>finanziarie <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>soddisfano <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>requisiti <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>valu<span class=\"_ _2\"></span>tazione <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>costo <span class=\"_ _0\"></span>ammortizzato <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>al<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>fair value <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>impatt<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>ulla <span class=\"_ _0\"></span>redditivit\u00e0 <span class=\"_ _0\"></span>comples<span class=\"_ _1\"></span>siva. <span class=\"_ _0\"></span>Si <span class=\"_ _0\"></span>tratta <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>termini contrattuali <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>prevedono <span class=\"_ _38\"></span>esclusivamente <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>imborsi <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>capitale <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>pagamenti <span class=\"_ _38\"></span>dell\u2019interesse sull\u2019importo <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>capitale <span class=\"_ _35\"> </span>d<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>restituire <span class=\"_ _35\"> </span>(cd. <span class=\"_ _0\"></span>\u201cSPPI <span class=\"_ _35\"> </span>test\u201d <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>uperato) <span class=\"_ _0\"> </span>o<span class=\"_ _1\"></span>ppure <span class=\"_ _0\"></span>che <span class=\"_ _35\"> </span>non<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>sono detenute n<span class=\"_ _3b\"></span>el quadro<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>un modell<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>business il<span class=\"_ _3b\"></span> cui<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>obiettivo <span class=\"_ _3b\"></span>\u00e8 il<span class=\"_ _3b\"></span> possesso <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3b\"></span>finalizzato alla <span class=\"_ _3d\"> </span>raccolta <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>flussi <span class=\"_ _3d\"> </span>finanziari <span class=\"_ _3d\"> </span>contrattuali <span class=\"_ _3d\"> </span>(Business <span class=\"_ _3d\"> </span>mo<span class=\"_ _1\"></span>del  \u201c<span class=\"_ _1\"></span>Hold  to <span class=\"_ _3d\"> </span>Collect<span class=\"_ _1\"></span>\u201d)  o <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>cui obiettivo \u00e8 <span class=\"_ _1\"></span>conseguito <span class=\"_ _1\"></span>sia mediante la <span class=\"_ _1\"></span>raccolta dei <span class=\"_ _1\"></span>flussi finanziari <span class=\"_ _1\"></span>contrattuali che <span class=\"_ _1\"></span>mediante la vendita di attivit\u00e0 finanziarie (Business model \u201cHold to Collect and Sell\u201d); <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _3d\"> </span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _37\"> </span>finanziarie <span class=\"_ _3d\"> </span>designate <span class=\"_ _3d\"> </span>al <span class=\"_ _37\"> </span>fair <span class=\"_ _37\"> </span>value, <span class=\"_ _3d\"> </span>os<span class=\"_ _1\"></span>sia <span class=\"_ _3d\"> </span>le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _37\"> </span>finanziarie <span class=\"_ _37\"> </span>cos\u00ec <span class=\"_ _3d\"> </span>definite<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>al </span>momento  della  rilevazione  iniziale  e  ove  ne  sussistano  i  presupposti.  In<span class=\"_ _2\"></span>  relazione  a  tale fattispecie, <span class=\"_ _36\"> </span>un\u2019entit\u00e0 <span class=\"_ _36\"> </span>pu\u00f2 <span class=\"_ _36\"> </span>designare <span class=\"_ _36\"> </span>irrevocabilmente <span class=\"_ _36\"> </span>all\u2019iscrizione <span class=\"_ _36\"> </span>un\u2019attivit\u00e0 <span class=\"_ _36\"> </span>finanziaria<span class=\"_ _3a1\"> </span>come valutata al fair valu<span class=\"_ _2\"></span>e con imp<span class=\"_ _2\"></span>atto a conto economico se, e<span class=\"_ _2\"></span> solo se, cos\u00ec fac<span class=\"_ _2\"></span>endo elimina o riduce significativamente un\u2019incoerenza valutativa. Trovano, quindi, evidenza in questa voce<span class=\"_ _1\"></span>: <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>itoli <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>debito e <span class=\"_ _3b\"></span>i <span class=\"_ _2\"></span>finanziamenti <span class=\"_ _3b\"></span>che sono <span class=\"_ _3b\"></span>inclusi <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>business <span class=\"_ _3b\"></span>model Tradin<span class=\"_ _2\"></span>g <span class=\"_ _3b\"></span>(non riconducibili </span>quindi ai <span class=\"_ _1\"></span>business <span class=\"_ _38\"></span>model \u201c<span class=\"_ _1\"></span>Hold to <span class=\"_ _1\"></span>Collect\u201d <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>\u201cHold t<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>Collect and <span class=\"_ _1\"></span>Sell\u201d) <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>superano <span class=\"_ _1\"></span>il test SPPI; <span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>rumenti <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>capitale <span class=\"_ _38\"></span>- <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>qualificabili <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>controllo, <span class=\"_ _38\"></span>collegament<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>rollo <span class=\"_ _38\"></span>congiunto <span class=\"_ _38\"></span>- </span>detenuti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>finalit\u00e0 di <span class=\"_ _1\"></span>negoziazione <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>sia o<span class=\"_ _1\"></span>ptato, <span class=\"_ _1\"></span>in sede <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rilevazione <span class=\"_ _1\"></span>iniziale, per la designazione al fair value con impatto sulla re<span class=\"_ _1\"></span>dditivit\u00e0 complessiva; <span class=\"_ _42\"> </span><span class=\"ff4\">le quote di OICR. </span>La voce accoglie, <span class=\"_ _1\"></span>inoltre, i contratti <span class=\"_ _1\"></span>derivati, contabilizzati tr<span class=\"_ _1\"></span>a le attivit\u00e0 <span class=\"_ _1\"></span>finanziarie detenute per la negoziazione, che sono rappresent<span class=\"_ _1\"></span>ati come attivit\u00e0 se il fair value \u00e8<span class=\"_ _1\"></span> positivo e come passivit\u00e0 se il fair  value <span class=\"_ _35\"> </span>\u00e8  negativo.  E\u2019 <span class=\"_ _35\"> </span>possibile  compensare  i  v<span class=\"_ _2\"></span>alori  correnti <span class=\"_ _35\"> </span>positivi  e  negativi <span class=\"_ _35\"> </span>derivanti  da operazioni <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ssere <span class=\"_ _3b\"></span>con l<span class=\"_ _2\"></span>a <span class=\"_ _3b\"></span>medesima <span class=\"_ _3b\"></span>cont<span class=\"_ _1\"></span>roparte <span class=\"_ _3b\"></span>soltanto <span class=\"_ _3b\"></span>qualora si <span class=\"_ _184\"></span>abbia <span class=\"_ _3b\"></span>cor<span class=\"_ _1\"></span>rentemente <span class=\"_ _3b\"></span>il <span class=\"_ _2\"></span>diritto legale <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>mpensare <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>importi <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ilevati <span class=\"_ _38\"></span>contabilmente <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>si <span class=\"_ _38\"></span>inte<span class=\"_ _1\"></span>nda <span class=\"_ _1\"></span>procedere <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>regolamento <span class=\"_ _38\"></span>su base netta delle posizioni oggetto di compensazione. Fra  i <span class=\"_ _3d\"> </span>derivati <span class=\"_ _3d\"> </span>sono  inclusi <span class=\"_ _3d\"> </span>anche  quelli <span class=\"_ _3d\"> </span>incorporati <span class=\"_ _3d\"> </span>in  contratti  finanziari <span class=\"_ _3d\"> </span>complessi <span class=\"_ _3d\"> </span>-  in  cui <span class=\"_ _3d\"> </span>il contratto <span class=\"_ _0\"></span>primario <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>una <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _0\"></span>finanziaria <span class=\"_ _38\"></span>- <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>so<span class=\"_ _1\"></span>no <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>tati <span class=\"_ _0\"></span>oggetto <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>rilevazione <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>eparata <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>n quanto:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _48\"> </span>loro <span class=\"_ _3a\"> </span>caratteristiche <span class=\"_ _48\"> </span>economiche <span class=\"_ _48\"> </span>ed<span class=\"_ _2\"></span> <span class=\"_ _48\"> </span>i <span class=\"_ _3a\"> </span>rischi <span class=\"_ _48\"> </span>non <span class=\"_ _48\"> </span>sono<span class=\"_ _2\"></span> <span class=\"_ _48\"> </span>strettamente <span class=\"_ _3a\"> </span>correlati <span class=\"_ _48\"> </span>alle<span class=\"_ _3a1\"> </span></span>caratteristiche del contratto sottostante;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">gli strumenti incorporati, anche se separati, soddisfano la definizione di der<span class=\"_ _1\"></span>ivato;<span class=\"_ _3a1\"> </span></span><span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _38\"></span>strument<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>ibridi <span class=\"_ _38\"></span>cui <span class=\"_ _38\"></span>appartengono <span class=\"_ _0\"></span>non <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no <span class=\"_ _38\"></span>valutati <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>fair <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>ue <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>le <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>lative <span class=\"_ _38\"></span>variazioni<span class=\"_ _3a1\"> </span></span>rilevate a Conto Economico.<span class=\"_ _3a1\"> </span>Riclassifiche<span class=\"_ _3a1\"> </span>Secondo <span class=\"_ _36\"> </span>le <span class=\"_ _39\"> </span>regole <span class=\"_ _36\"> </span>generali <span class=\"_ _39\"> </span>previste <span class=\"_ _36\"> </span>dall\u2019IFRS <span class=\"_ _36\"> </span>9 <span class=\"_ _36\"> </span>in <span class=\"_ _39\"> </span>materia <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>riclassificazione <span class=\"_ _39\"> </span>delle <span class=\"_ _36\"> </span>attivit\u00e0<span class=\"_ _3a1\"> </span>finanziarie (ad <span class=\"_ _2\"></span>eccezione dei titol<span class=\"_ _2\"></span>i di cap<span class=\"_ _2\"></span>itale, per cui <span class=\"_ _3b\"></span>no<span class=\"_ _1\"></span>n \u00e8<span class=\"_ _2\"></span> ammessa <span class=\"_ _2\"></span>alcuna riclassifica), <span class=\"_ _3b\"></span>no<span class=\"_ _1\"></span>n sono<span class=\"_ _3a1\"> </span>ammesse <span class=\"_ _3d\"> </span>riclassifiche  ve<span class=\"_ _1\"></span>rso  alt<span class=\"_ _1\"></span>re  categor<span class=\"_ _1\"></span>ie <span class=\"_ _3d\"> </span>di  attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _3d\"> </span>salvo <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>caso <span class=\"_ _3d\"> </span>in  cui <span class=\"_ _3d\"> </span>l\u2019entit\u00e0<span class=\"_ _3a1\"> </span>modifichi <span class=\"_ _35\"> </span>il  proprio  modello  di <span class=\"_ _35\"> </span>business  per  la  g<span class=\"_ _3b\"></span>estione<span class=\"_ _1\"></span>  delle <span class=\"_ _35\"> </span>attivit\u00e0  finanziarie   <span class=\"_ _35\"> </span>a  seguito  d<span class=\"_ _3b\"></span>i<span class=\"_ _3a1\"> </span>cambiamenti <span class=\"_ _38\"></span>esterni <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>inter<span class=\"_ _1\"></span>ni <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>quali <span class=\"_ _38\"></span>siano <span class=\"_ _38\"></span>rilevanti <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>oper<span class=\"_ _1\"></span>azioni <span class=\"_ _1\"></span>dell'entit<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>dimostrabili <span class=\"_ _38\"></span>alle<span class=\"_ _3a1\"> </span>parti  esterne.  In <span class=\"_ _35\"> </span>tali  casi,  c<span class=\"_ _2\"></span>he  ci <span class=\"_ _35\"> </span>si  attende  siano  altamente  infrequenti, <span class=\"_ _35\"> </span>le  attivit\u00e0  finanziarie<span class=\"_ _3a1\"> </span>potranno essere riclassificate d<span class=\"_ _2\"></span>alla categoria <span class=\"_ _2\"></span>valutata al fai<span class=\"_ _2\"></span>r value c<span class=\"_ _2\"></span>on impatto a <span class=\"_ _2\"></span>conto economico<span class=\"_ _3a1\"> </span>in <span class=\"_ _39\"> </span>una <span class=\"_ _39\"> </span>delle <span class=\"_ _3f\"> </span>altre <span class=\"_ _36\"> </span>due <span class=\"_ _3f\"> </span>categorie <span class=\"_ _39\"> </span>previste <span class=\"_ _39\"> </span>dall\u2019IFRS <span class=\"_ _39\"> </span>9 <span class=\"_ _39\"> </span>(Attivit\u00e0 <span class=\"_ _3f\"> </span>finanzi<span class=\"_ _2\"></span>arie <span class=\"_ _3f\"> </span>valu<span class=\"_ _2\"></span>tate <span class=\"_ _39\"> </span>al <span class=\"_ _3f\"> </span>costo<span class=\"_ _3a1\"> </span>ammortizzato o At<span class=\"_ _2\"></span>tivit\u00e0 finanziarie <span class=\"_ _2\"></span>valutate al <span class=\"_ _3b\"></span>fair<span class=\"_ _1\"></span> value <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>n impa<span class=\"_ _2\"></span>tto sulla <span class=\"_ _2\"></span>redditivit\u00e0 complessiva).<span class=\"_ _3a1\"> </span>Il <span class=\"_ _0\"></span>valore <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>trasferimento <span class=\"_ _0\"> </span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>rappresentato <span class=\"_ _0\"></span>dal <span class=\"_ _35\"> </span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>mo<span class=\"_ _1\"></span>mento <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>riclassificazione <span class=\"_ _0\"></span>e <span class=\"_ _0\"> </span>gli<span class=\"_ _3a1\"> </span>effetti <span class=\"_ _3b\"></span>della <span class=\"_ _2\"></span>riclassificazione <span class=\"_ _3b\"></span>oper<span class=\"_ _1\"></span>ano <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>ma<span class=\"_ _1\"></span>niera <span class=\"_ _3b\"></span>pros<span class=\"_ _1\"></span>pettica <span class=\"_ _3b\"></span>a <span class=\"_ _3b\"></span>partire d<span class=\"_ _2\"></span>alla <span class=\"_ _3b\"></span>data <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>riclassificazione<span class=\"_ _1\"></span>.<span class=\"_ _3a1\"> </span>In questo <span class=\"_ _1\"></span>caso, <span class=\"_ _1\"></span>il tas<span class=\"_ _1\"></span>so di int<span class=\"_ _1\"></span>eresse effett<span class=\"_ _1\"></span>ivo dell\u2019attivit\u00e0 <span class=\"_ _1\"></span>finanziaria r<span class=\"_ _1\"></span>iclassificata \u00e8<span class=\"_ _1\"></span> determinato in<span class=\"_ _3a1\"> </span>base <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>suo <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>valu<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>data <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>riclassificazione <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>tale <span class=\"_ _35\"> </span>data <span class=\"_ _0\"></span>viene <span class=\"_ _35\"> </span>considera<span class=\"_ _1\"></span>ta <span class=\"_ _35\"> </span>come <span class=\"_ _35\"> </span>data <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>rilevazione <span class=\"_ _1\"></span>iniziale <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>l\u2019allocazione <span class=\"_ _38\"></span>nei <span class=\"_ _1\"></span>diversi <span class=\"_ _1\"></span>stadi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>creditizio <span class=\"_ _38\"></span>(stage <span class=\"_ _1\"></span>assignment) <span class=\"_ _38\"></span>ai <span class=\"_ _1\"></span>fini<span class=\"_ _3a1\"> </span>dell\u2019impairment.<span class=\"_ _3a1\"> </span>Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span>Successivamente <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>rilevazione <span class=\"_ _1\"></span>iniziale, le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate al <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>impatto a<span class=\"_ _3a1\"> </span>conto <span class=\"_ _3d\"> </span>economico  s<span class=\"_ _1\"></span>ono  valorizzate <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>fair <span class=\"_ _3d\"> </span>value.  Gli <span class=\"_ _3d\"> </span>effetti <span class=\"_ _3d\"> </span>dell\u2019applicazione  di <span class=\"_ _3d\"> </span>tale <span class=\"_ _3d\"> </span>criterio <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span>valutazione sono imputati nel Conto Economico.<span class=\"_ _3a1\"> </span>Per l<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>determinazione del <span class=\"_ _3b\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3b\"></span>degli strumenti <span class=\"_ _2\"></span>finanziari <span class=\"_ _3b\"></span>quot<span class=\"_ _1\"></span>ati i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>un <span class=\"_ _3b\"></span>me<span class=\"_ _1\"></span>rcato <span class=\"_ _2\"></span>attivo, <span class=\"_ _3b\"></span>vengon<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span>utilizzate <span class=\"_ _2\"></span>quotazioni <span class=\"_ _3b\"></span>di mercato. <span class=\"_ _3b\"></span>In <span class=\"_ _2\"></span>assenza di <span class=\"_ _3b\"></span>un <span class=\"_ _3b\"></span>me<span class=\"_ _1\"></span>rcato <span class=\"_ _2\"></span>attivo, <span class=\"_ _3b\"></span>vengono u<span class=\"_ _2\"></span>tilizzati <span class=\"_ _3b\"></span>me<span class=\"_ _1\"></span>todi d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>tima<span class=\"_ _3a1\"> </span>e <span class=\"_ _38\"></span>modelli <span class=\"_ _38\"></span>valutativi <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>unemente <span class=\"_ _38\"></span>adottati, <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>tengono <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>tutti <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>fattori <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>corre<span class=\"_ _1\"></span>lati<span class=\"_ _3a1\"> </span>agli <span class=\"_ _3b\"></span>st<span class=\"_ _1\"></span>rumenti e <span class=\"_ _3b\"></span>che <span class=\"_ _2\"></span>sono b<span class=\"_ _2\"></span>asati <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>u <span class=\"_ _3b\"></span>dati rilevabili <span class=\"_ _3b\"></span>sul mercato <span class=\"_ _2\"></span>quali: <span class=\"_ _3b\"></span>valutazione di <span class=\"_ _3b\"></span>strument<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>quotati<span class=\"_ _3a1\"> </span>che <span class=\"_ _48\"> </span>present<span class=\"_ _1\"></span>ano <span class=\"_ _48\"> </span>analoghe <span class=\"_ _17e\"> </span>caratteristiche, <span class=\"_ _48\"> </span>calcoli <span class=\"_ _17e\"> </span>di <span class=\"_ _48\"> </span>flussi<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>di <span class=\"_ _48\"> </span>cass<span class=\"_ _1\"></span>a <span class=\"_ _48\"> </span>scont<span class=\"_ _1\"></span>ati, <span class=\"_ _48\"> </span>modelli <span class=\"_ _17e\"> </span>di<span class=\"_ _3a1\"> </span>determinazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>prezzo <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>opzioni, <span class=\"_ _38\"></span>va<span class=\"_ _1\"></span>lori <span class=\"_ _0\"></span>rilevati <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>rece<span class=\"_ _1\"></span>nti <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ransazioni <span class=\"_ _0\"></span>comparabili, <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>cc. <span class=\"_ _0\"></span>Per <span class=\"_ _38\"></span>i<span class=\"_ _3a1\"> </span>titoli <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>capitale <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>strumenti <span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>ivati <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>hanno <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>oggetto <span class=\"_ _1\"></span>tito<span class=\"_ _1\"></span>li <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>capitale, <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>quotati <span class=\"_ _1\"></span>in<span class=\"_ _3a1\"> </span>un mercato at<span class=\"_ _2\"></span>tivo, il cri<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>erio del c<span class=\"_ _3b\"></span>os<span class=\"_ _1\"></span>to \u00e8 u<span class=\"_ _3b\"></span>tilizzato quale stima d<span class=\"_ _2\"></span>el fair valu<span class=\"_ _2\"></span>e soltanto in<span class=\"_ _2\"></span> via r<span class=\"_ _2\"></span>esiduale<span class=\"_ _3a1\"> </span>e <span class=\"_ _37\"> </span>limitatamente <span class=\"_ _37\"> </span>a <span class=\"_ _37\"> </span>poche <span class=\"_ _37\"> </span>circostanze, <span class=\"_ _37\"> </span>ossia <span class=\"_ _36\"> </span>in <span class=\"_ _3d\"> </span>cas<span class=\"_ _1\"></span>o <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>non <span class=\"_ _37\"> </span>applicabilit\u00e0 <span class=\"_ _36\"> </span>di <span class=\"_ _3d\"> </span>t<span class=\"_ _1\"></span>utti <span class=\"_ _37\"> </span>i <span class=\"_ _37\"> </span>metodi <span class=\"_ _37\"> </span>di<span class=\"_ _3a1\"> </span>valutazione  pre<span class=\"_ _1\"></span>cedentemente  richiamati,  ovver<span class=\"_ _1\"></span>o <span class=\"_ _3d\"> </span>in  presenza  di  un\u2019ampia <span class=\"_ _3d\"> </span>gamma  di <span class=\"_ _3d\"> </span>possibili<span class=\"_ _3a1\"> </span>valutazioni del fair value, nel cui ambito il cos<span class=\"_ _1\"></span>to rappresenta la stima pi\u00f9 significativa.<span class=\"_ _3a1\"> </span>Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span>Le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>ve<span class=\"_ _1\"></span>ngono <span class=\"_ _38\"></span>cancellate <span class=\"_ _1\"></span>dal <span class=\"_ _0\"></span>bil<span class=\"_ _2\"></span>ancio <span class=\"_ _38\"></span>so<span class=\"_ _3a1\"> </span>lamente <span class=\"_ _38\"></span>se <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>cessione <span class=\"_ _38\"></span>ha <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>mportato <span class=\"_ _38\"></span>il<span class=\"_ _3a1\"> </span>sostanziale <span class=\"_ _2\"></span>trasferimento di <span class=\"_ _3b\"></span>tutti i<span class=\"_ _2\"></span> rischi <span class=\"_ _3b\"></span>e benefici <span class=\"_ _3b\"></span>connessi all<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 st<span class=\"_ _2\"></span>esse. P<span class=\"_ _2\"></span>er contro,<span class=\"_ _2\"></span> qu<span class=\"_ _2\"></span>alora<span class=\"_ _3a1\"> </span>sia <span class=\"_ _38\"></span>stata <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>antenuta <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>rilevante <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>benefici <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span>cedute, qu<span class=\"_ _2\"></span>este<span class=\"_ _1\"></span> con<span class=\"_ _2\"></span>tinuano ad<span class=\"_ _2\"></span> essere iscritte <span class=\"_ _3b\"></span>in bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 giuridicamente la <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>itolarit\u00e0 delle<span class=\"_ _3a1\"> </span>attivit\u00e0 stesse sia stata effettivamente trasferita.<span class=\"_ _3a1\"> </span>Nel <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>possibile <span class=\"_ _35\"> </span>accertare <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>sostanziale <span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>asferimento <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>benefici, <span class=\"_ _0\"> </span>le<span class=\"_ _3a1\"> </span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>vengono <span class=\"_ _38\"></span>cancellate <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>bilancio <span class=\"_ _1\"></span>qualora <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ato <span class=\"_ _1\"></span>mante<span class=\"_ _1\"></span>nuto <span class=\"_ _1\"></span>alcun <span class=\"_ _38\"></span>tipo <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span>controllo <span class=\"_ _37\"> </span>sulle <span class=\"_ _37\"> </span>stesse. <span class=\"_ _37\"> </span>In <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>contrario, <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>conservazione, <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>parte, <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>tale <span class=\"_ _37\"> </span>controllo<span class=\"_ _3a1\"> </span>comporta  il <span class=\"_ _3d\"> </span>mantenimento  in  bilancio  de<span class=\"_ _1\"></span>lle  attivit\u00e0 <span class=\"_ _3d\"> </span>in  misura  pari <span class=\"_ _3d\"> </span>al  coinvolgimento<span class=\"_ _1\"></span>  residuo,<span class=\"_ _3a1\"> </span>misurato dall\u2019esposizione <span class=\"_ _1\"></span>ai cambiamenti di valore delle attivit\u00e0 cedute <span class=\"_ _1\"></span>ed alle variazioni dei flussi<span class=\"_ _3a1\"> </span>finanziari delle stesse.<span class=\"_ _3a1\"> </span>Infine,  le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _37\"> </span>cedute <span class=\"_ _3d\"> </span>vengono <span class=\"_ _37\"> </span>cancellate <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>bilancio <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>caso <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>cui <span class=\"_ _3d\"> </span>vi <span class=\"_ _3d\"> </span>sia <span class=\"_ _3d\"> </span>l<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span>conservazione <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>diritti <span class=\"_ _37\"> </span>contrattuali <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>ricevere <span class=\"_ _37\"> </span>i <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>cassa, <span class=\"_ _37\"> </span>con <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>contestuale<span class=\"_ _3a1\"> </span>assunzione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un\u2019obbligazione <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>pagare <span class=\"_ _38\"></span>detti <span class=\"_ _1\"></span>flussi, <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>solo <span class=\"_ _38\"></span>essi, <span class=\"_ _1\"></span>senza <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>ritardo <span class=\"_ _38\"></span>rilevante <span class=\"_ _1\"></span>ad <span class=\"_ _38\"></span>altri<span class=\"_ _3a1\"> </span>soggetti terzi.<span class=\"_ _3a1\"> </span>Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"_ _3a1\"> </span>Gli in<span class=\"_ _3a1\"> </span>teressi attivi sui titoli di debito ed i differenziali ed i margini dei contratti derivati classificati in<span class=\"_ _3a1\"> </span>tale <span class=\"_ _1\"></span>categoria, <span class=\"_ _1\"></span>ma ge<span class=\"_ _1\"></span>stionalmente collegat<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>attivit\u00e0 o <span class=\"_ _1\"></span>passivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value<span class=\"_ _3a1\"> </span>sono iscritti per competenza nelle voci di conto economico relat<span class=\"_ _1\"></span>ivi agli<span class=\"_ _2\"></span> intere<span class=\"_ _1\"></span>ssi. I <span class=\"_ _0\"></span>differe<span class=\"_ _1\"></span>nziali <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>margini <span class=\"_ _0\"></span>degli <span class=\"_ _35\"> </span>altri <span class=\"_ _0\"></span>contratti <span class=\"_ _35\"> </span>vengono <span class=\"_ _0\"></span>rilevati <span class=\"_ _35\"> </span>nel <span class=\"_ _0\"></span>\u201cRisultato <span class=\"_ _35\"> </span>netto <span class=\"_ _0\"></span>dell\u2019attivit\u00e0 <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span>negoziazione\u201d.<span class=\"_ _3a1\"> </span>I dividendi <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ono rilevati per c<span class=\"_ _2\"></span>ompetenza economica rife<span class=\"_ _2\"></span>rita alla da<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>a di a<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>sunzione della delib<span class=\"_ _2\"></span>era di<span class=\"_ _3a1\"> </span>distribuzione da parte dell\u2019assemblea e sono es<span class=\"_ _1\"></span>posti nella voce \u201cDividendi e proventi simili\u201d.<span class=\"_ _3a1\"> </span>Gli <span class=\"_ _35\"> </span>utili <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>le  p<span class=\"_ _2\"></span>erdite  r<span class=\"_ _2\"></span>ealizzati <span class=\"_ _35\"> </span>dalla <span class=\"_ _35\"> </span>cessione  o <span class=\"_ _35\"> </span>rimborso <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>plus/minusvalenze <span class=\"_ _35\"> </span>derivanti <span class=\"_ _35\"> </span>dalle<span class=\"_ _3a1\"> </span>variazioni <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>iscritti <span class=\"_ _0\"></span>nel <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>del<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>periodo <span class=\"_ _0\"></span>nel <span class=\"_ _0\"></span>quale <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>manifestano <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span>classificati <span class=\"_ _35\"> </span>nella <span class=\"_ _0\"></span>voce <span class=\"_ _35\"> </span>\u201cRisultato <span class=\"_ _0\"></span>netto <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>negozia<span class=\"_ _2\"></span>zione\u201d, <span class=\"_ _35\"> </span>ad <span class=\"_ _0\"></span>eccezione <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>ota<span class=\"_ _3a1\"> </span>relativa <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>contratti <span class=\"_ _38\"></span>der<span class=\"_ _1\"></span>ivati <span class=\"_ _0\"></span>gestionalmente <span class=\"_ _38\"></span>collegat<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>ad <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>fair <span class=\"_ _0\"></span>value<span class=\"_ _3a1\"> </span>rilevata nel \u201cRisultato netto delle attivit\u00e0 e passivit\u00e0 finanziarie valutate<span class=\"_ _1\"></span> al fair value\u201d.<span class=\"_ _3a1\"> </span>Riconoscimento <span class=\"_ _1\"></span>dei ricavi e dei costi Il Gruppo rileva <span class=\"_ _2\"></span>i ricavi per un importo che riflette il <span class=\"_ _3b\"></span>c<span class=\"_ _3a1\"> </span>orrispettivo a cui <span class=\"_ _2\"></span>l\u2019entit\u00e0 ritie<span class=\"_ _1\"></span>ne di <span class=\"_ _2\"></span>avere diritto in cambio del trasferimento di merci o servizi al cliente. L\u2019IFRS <span class=\"_ _35\"> </span>15  -Ric<span class=\"_ _2\"></span>avi <span class=\"_ _35\"> </span>da  contratti <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>clienti,  ha <span class=\"_ _35\"> </span>sostituito <span class=\"_ _35\"> </span>lo  I<span class=\"_ _2\"></span>AS <span class=\"_ _35\"> </span>18  \u2013 <span class=\"_ _35\"> </span>Ricavi, <span class=\"_ _35\"> </span>lo <span class=\"_ _35\"> </span>IAS  11 <span class=\"_ _35\"> </span>\u2013 <span class=\"_ _35\"> </span>Lavori <span class=\"_ _35\"> </span>su ordinazione, nonch\u00e9 le interpretazioni Sic 31, IFRIC 13 e <span class=\"_ _1\"></span>IFRIC 15. Il <span class=\"_ _2\"></span>principio stabilisce <span class=\"_ _3b\"></span>un modello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riconoscimento dei <span class=\"_ _2\"></span>ricavi, <span class=\"_ _2\"></span>si a<span class=\"_ _2\"></span>pplica a <span class=\"_ _3b\"></span>tutt<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span>i contrat<span class=\"_ _2\"></span>ti con <span class=\"_ _3b\"></span>clienti, eccezion <span class=\"_ _38\"></span>fatta <span class=\"_ _0\"></span>pe<span class=\"_ _2\"></span>r <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span>tratti <span class=\"_ _0\"></span>ch<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>rientrano <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>ll\u2019ambito <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>applicazione <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>IFRS <span class=\"_ _38\"></span>4<span class=\"_ _1\"></span>, <span class=\"_ _38\"></span>IFRS <span class=\"_ _38\"></span>9, <span class=\"_ _0\"></span>IFRS<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>16, quindi <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>contratti <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>ssicurativi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>p<span class=\"_ _3b\"></span>er <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>strumenti <span class=\"_ _38\"></span>finanziari <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>ratti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>lea<span class=\"_ _2\"></span>sing. <span class=\"_ _0\"></span>Il <span class=\"_ _38\"></span>principio introduce un m<span class=\"_ _2\"></span>odello in <span class=\"_ _2\"></span>cinque f<span class=\"_ _2\"></span>asi che si<span class=\"_ _3b\"></span> applica nella fase<span class=\"_ _2\"></span> di co<span class=\"_ _3b\"></span>nt<span class=\"_ _1\"></span>abilizzazione dei <span class=\"_ _2\"></span>ricavi derivanti da contratti con i clienti:  <span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019identificazione del contratto con il cliente; </span><span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019identificazione delle performance obligation del contratto; </span><span class=\"_ _42\"> </span><span class=\"ff4\">la determinazione del prezzo; </span><span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019allocazione del prezzo alle performance obligation del contratto; </span><span class=\"_ _42\"> </span><span class=\"ff4\">i criteri di iscrizione del ricavo quando l\u2019entit\u00e0 soddisfa ciascuna perform<span class=\"_ _1\"></span>ance obligation. </span>Il <span class=\"_ _1\"></span>principio <span class=\"_ _1\"></span>compor<span class=\"_ _1\"></span>ta <span class=\"_ _1\"></span>l\u2019es<span class=\"_ _1\"></span>ercizio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>un <span class=\"_ _38\"></span>giudizio <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>parte<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>entit\u00e0, <span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>prenda <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>considera<span class=\"_ _1\"></span>zione tutti i<span class=\"_ _3b\"></span> fatti <span class=\"_ _3b\"></span>e <span class=\"_ _3b\"></span>le c<span class=\"_ _2\"></span>ircostanze <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevanti <span class=\"_ _3b\"></span>ne<span class=\"_ _1\"></span>ll\u2019applicazione <span class=\"_ _3b\"></span>di ogn<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>fase del <span class=\"_ _3b\"></span>modello <span class=\"_ _3b\"></span>ai con<span class=\"_ _2\"></span>tratti <span class=\"_ _2\"></span>con <span class=\"_ _3b\"></span>i p<span class=\"_ _2\"></span>ropri clienti. I<span class=\"_ _2\"></span>l p<span class=\"_ _2\"></span>rincipio specifica <span class=\"_ _3b\"></span>inoltr<span class=\"_ _1\"></span>e la <span class=\"_ _3b\"></span>cont<span class=\"_ _1\"></span>abilizzazione <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>i c<span class=\"_ _2\"></span>osti incrementali <span class=\"_ _3b\"></span>legat<span class=\"_ _1\"></span>i all<span class=\"_ _2\"></span>\u2019ottenimento di <span class=\"_ _2\"></span>un contratto e <span class=\"_ _2\"></span>dei costi <span class=\"_ _3b\"></span>direttamente<span class=\"_ _1\"></span> l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>gati al <span class=\"_ _3b\"></span>complet<span class=\"_ _1\"></span>amento d<span class=\"_ _2\"></span>i u<span class=\"_ _2\"></span>n contratto. Il <span class=\"_ _3b\"></span>Gruppo esercita un <span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>udizio <span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>prende <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>consider<span class=\"_ _1\"></span>azione <span class=\"_ _38\"></span>tutti <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>fatti <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>circostanze <span class=\"_ _38\"></span>rilevanti <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>ll\u2019applicazione <span class=\"_ _38\"></span>ai contratti con i propri clienti di ogni fase del modello a <span class=\"_ _1\"></span>cinque fasi introdotto dall\u2019IFRS 15. I ricavi possono essere riconosciuti: <span class=\"_ _42\"> </span><span class=\"ff4\">in <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>momento <span class=\"_ _38\"></span>preciso, <span class=\"_ _1\"></span>quando <span class=\"_ _1\"></span>l\u2019entit\u00e0 <span class=\"_ _38\"></span>adempie <span class=\"_ _1\"></span>l\u2019obbligazione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fare <span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>asferendo <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>cliente </span>il bene o servizio promesso, o <span class=\"_ _42\"> </span><span class=\"ff4\">nel <span class=\"_ _1\"></span>corso <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>empo, <span class=\"_ _1\"></span>mano <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>mano <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>l\u2019entit<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _1\"></span>adempie <span class=\"_ _1\"></span>l\u2019obbligazione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>fare <span class=\"_ _1\"></span>trasferendo <span class=\"_ _1\"></span>al </span>cliente il bene o servizio promesso. Il bene \u00e8 trasferito quando, o nel corso del <span class=\"_ _1\"></span>periodo in cui, il cliente ne acquisisce il controllo. In particolare: <span class=\"_ _42\"> </span><span class=\"ff4\">per gli strumenti finanzi<span class=\"_ _2\"></span>ari classificati HTC e HT<span class=\"_ _2\"></span>CS, gli interessi corrispettivi sono riconosciuti </span>pro <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ata t<span class=\"_ _1\"></span>emporis <span class=\"_ _1\"></span>sulla <span class=\"_ _1\"></span>base<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>tas<span class=\"_ _1\"></span>so <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>interesse <span class=\"_ _38\"></span>contrattuale <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>quello <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ffettivo <span class=\"_ _1\"></span>nel <span class=\"_ _38\"></span>caso di <span class=\"_ _35\"> </span>applicazione  del <span class=\"_ _35\"> </span>costo  amm<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>rtizzato.  La <span class=\"_ _35\"> </span>voce <span class=\"_ _35\"> </span>interessi  a<span class=\"_ _2\"></span>ttivi <span class=\"_ _35\"> </span>(ovvero  interessi <span class=\"_ _35\"> </span>passivi) comprende <span class=\"_ _35\"> </span>anche <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>differenziali <span class=\"_ _0\"></span>o <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>margini, <span class=\"_ _0\"> </span>pos<span class=\"_ _1\"></span>itivi <span class=\"_ _0\"></span>(o <span class=\"_ _35\"> </span>negativi), <span class=\"_ _35\"> </span>maturati <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>ino <span class=\"_ _0\"></span>alla <span class=\"_ _35\"> </span>data <span class=\"_ _0\"></span>di riferimento del bilancio, relativi a contr<span class=\"_ _1\"></span>atti derivati finanziari: o <span class=\"ff4\">di copertura di attivit\u00e0 e passivit\u00e0 che generano <span class=\"_ _3b\"></span>inter<span class=\"_ _1\"></span>essi; </span>o <span class=\"ff4\">classificati <span class=\"_ _35\"> </span>nello <span class=\"_ _0\"></span>Stato <span class=\"_ _35\"> </span>Patrimoniale <span class=\"_ _0\"></span>nel <span class=\"_ _35\"> </span>portafoglio <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>negoziazione, <span class=\"_ _35\"> </span>ma <span class=\"_ _0\"></span>gest<span class=\"_ _1\"></span>ionalmente </span>collegati ad attivit\u00e0 e/o passivit\u00e0 finanziarie valutate <span class=\"_ _1\"></span>al fair value (fair valu<span class=\"_ _2\"></span>e option); o <span class=\"ff4\">connessi <span class=\"_ _43\"> </span>gestionalmente <span class=\"_ _69\"> </span>con <span class=\"_ _69\"> </span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _69\"> </span>e <span class=\"_ _43\"> </span>passivit\u00e0 <span class=\"_ _69\"> </span>class<span class=\"_ _1\"></span>ificate <span class=\"_ _69\"> </span>nel <span class=\"_ _43\"> </span>portafoglio <span class=\"_ _69\"> </span>di </span>negoziazione e che prevedono la liquidazione di differenziali o di mar<span class=\"_ _1\"></span>gini a pi\u00f9 <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>cadenze; <span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _38\"></span>interes<span class=\"_ _1\"></span>si <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>mo<span class=\"_ _1\"></span>ra, <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>ventualmente <span class=\"_ _38\"></span>previsti <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>via <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>rattuale, <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>contabilizzati <span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>Conto<span class=\"_ _3a1\"> </span></span>Economico solo al momento del loro effettivo incasso; <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _1\"></span>dividendi <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>rilevati <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Co<span class=\"_ _1\"></span>nto Econom<span class=\"_ _1\"></span>ico <span class=\"_ _1\"></span>nel <span class=\"_ _38\"></span>corso <span class=\"_ _1\"></span>dell\u2019esercizio <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>viene <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>liberata<span class=\"_ _3a1\"> </span></span>la distribuzione; <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _39\"> </span>commissioni <span class=\"_ _36\"> </span>per <span class=\"_ _39\"> </span>ricavi <span class=\"_ _39\"> </span>da <span class=\"_ _36\"> </span>ser<span class=\"_ _1\"></span>vizi <span class=\"_ _36\"> </span>sono <span class=\"_ _39\"> </span>iscritte, <span class=\"_ _39\"> </span>sulla <span class=\"_ _36\"> </span>base <span class=\"_ _39\"> </span>dell\u2019esistenza <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>accordi </span>contrattuali, nel <span class=\"_ _1\"></span>periodo in <span class=\"_ _1\"></span>cui i ser<span class=\"_ _1\"></span>vizi stessi sono <span class=\"_ _1\"></span>stati prest<span class=\"_ _1\"></span>ati. Le commissioni <span class=\"_ _1\"></span>considerate nel <span class=\"_ _35\"> </span>costo <span class=\"_ _35\"> </span>ammortizzato <span class=\"_ _35\"> </span>ai <span class=\"_ _35\"> </span>fini <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>determinazione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>tasso <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>interesse <span class=\"_ _35\"> </span>effettivo, <span class=\"_ _35\"> </span>sono rilevate tra gli interessi; <span class=\"_ _42\"> </span><span class=\"ff4\">gli utili<span class=\"_ _2\"></span> e perdite d<span class=\"_ _2\"></span>erivanti dalla n<span class=\"_ _2\"></span>egoziazione di strumenti f<span class=\"_ _2\"></span>inanziari sono <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iconosciuti al Con<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>o </span>Economico <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>mo<span class=\"_ _1\"></span>mento <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>perfezionamento <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>vendita, <span class=\"_ _1\"></span>sulla <span class=\"_ _0\"></span>base <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>differenza <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra <span class=\"_ _38\"></span>il corrispettivo pagato o incassato ed il valore di iscr<span class=\"_ _1\"></span>izione degli strumenti stessi; <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>icavi <span class=\"_ _36\"> </span>derivanti <span class=\"_ _39\"> </span>dalla <span class=\"_ _36\"> </span>vendita <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>attivit\u00e0 <span class=\"_ _39\"> </span>non <span class=\"_ _39\"> </span>finanziarie <span class=\"_ _36\"> </span>sono <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>ilevati <span class=\"_ _36\"> </span>al <span class=\"_ _39\"> </span>momento <span class=\"_ _36\"> </span>de<span class=\"_ _1\"></span>l </span>perfezionamento <span class=\"_ _3f\"> </span>della <span class=\"_ _39\"> </span>vendita, <span class=\"_ _39\"> </span>ovvero <span class=\"_ _39\"> </span>quando <span class=\"_ _39\"> </span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>adempiuta <span class=\"_ _39\"> </span>l\u2019obbligazione <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>fare <span class=\"_ _39\"> </span>ne<span class=\"_ _1\"></span>i confronti del cliente.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradingIncomeAndExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-847": {
   "value": "<span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _48\"> </span>loro <span class=\"_ _3a\"> </span>caratteristiche <span class=\"_ _48\"> </span>economiche <span class=\"_ _48\"> </span>ed<span class=\"_ _2\"></span> <span class=\"_ _48\"> </span>i <span class=\"_ _3a\"> </span>rischi <span class=\"_ _48\"> </span>non <span class=\"_ _48\"> </span>sono<span class=\"_ _2\"></span> <span class=\"_ _48\"> </span>strettamente <span class=\"_ _3a\"> </span>correlati <span class=\"_ _48\"> </span>alle<span class=\"_ _3a1\"> </span></span>caratteristiche del contratto sottostante;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">gli strumenti incorporati, anche se separati, soddisfano la definizione di der<span class=\"_ _1\"></span>ivato;<span class=\"_ _3a1\"> </span></span><span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _38\"></span>strument<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>ibridi <span class=\"_ _38\"></span>cui <span class=\"_ _38\"></span>appartengono <span class=\"_ _0\"></span>non <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no <span class=\"_ _38\"></span>valutati <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>fair <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>ue <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>le <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>lative <span class=\"_ _38\"></span>variazioni<span class=\"_ _3a1\"> </span></span>rilevate a Conto Economico.<span class=\"_ _3a1\"> </span>Riclassifiche<span class=\"_ _3a1\"> </span>Secondo <span class=\"_ _36\"> </span>le <span class=\"_ _39\"> </span>regole <span class=\"_ _36\"> </span>generali <span class=\"_ _39\"> </span>previste <span class=\"_ _36\"> </span>dall\u2019IFRS <span class=\"_ _36\"> </span>9 <span class=\"_ _36\"> </span>in <span class=\"_ _39\"> </span>materia <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>riclassificazione <span class=\"_ _39\"> </span>delle <span class=\"_ _36\"> </span>attivit\u00e0<span class=\"_ _3a1\"> </span>finanziarie (ad <span class=\"_ _2\"></span>eccezione dei titol<span class=\"_ _2\"></span>i di cap<span class=\"_ _2\"></span>itale, per cui <span class=\"_ _3b\"></span>no<span class=\"_ _1\"></span>n \u00e8<span class=\"_ _2\"></span> ammessa <span class=\"_ _2\"></span>alcuna riclassifica), <span class=\"_ _3b\"></span>no<span class=\"_ _1\"></span>n sono<span class=\"_ _3a1\"> </span>ammesse <span class=\"_ _3d\"> </span>riclassifiche  ve<span class=\"_ _1\"></span>rso  alt<span class=\"_ _1\"></span>re  categor<span class=\"_ _1\"></span>ie <span class=\"_ _3d\"> </span>di  attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _3d\"> </span>salvo <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>caso <span class=\"_ _3d\"> </span>in  cui <span class=\"_ _3d\"> </span>l\u2019entit\u00e0<span class=\"_ _3a1\"> </span>modifichi <span class=\"_ _35\"> </span>il  proprio  modello  di <span class=\"_ _35\"> </span>business  per  la  g<span class=\"_ _3b\"></span>estione<span class=\"_ _1\"></span>  delle <span class=\"_ _35\"> </span>attivit\u00e0  finanziarie   <span class=\"_ _35\"> </span>a  seguito  d<span class=\"_ _3b\"></span>i<span class=\"_ _3a1\"> </span>cambiamenti <span class=\"_ _38\"></span>esterni <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>inter<span class=\"_ _1\"></span>ni <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>quali <span class=\"_ _38\"></span>siano <span class=\"_ _38\"></span>rilevanti <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>oper<span class=\"_ _1\"></span>azioni <span class=\"_ _1\"></span>dell'entit<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>dimostrabili <span class=\"_ _38\"></span>alle<span class=\"_ _3a1\"> </span>parti  esterne.  In <span class=\"_ _35\"> </span>tali  casi,  c<span class=\"_ _2\"></span>he  ci <span class=\"_ _35\"> </span>si  attende  siano  altamente  infrequenti, <span class=\"_ _35\"> </span>le  attivit\u00e0  finanziarie<span class=\"_ _3a1\"> </span>potranno essere riclassificate d<span class=\"_ _2\"></span>alla categoria <span class=\"_ _2\"></span>valutata al fai<span class=\"_ _2\"></span>r value c<span class=\"_ _2\"></span>on impatto a <span class=\"_ _2\"></span>conto economico<span class=\"_ _3a1\"> </span>in <span class=\"_ _39\"> </span>una <span class=\"_ _39\"> </span>delle <span class=\"_ _3f\"> </span>altre <span class=\"_ _36\"> </span>due <span class=\"_ _3f\"> </span>categorie <span class=\"_ _39\"> </span>previste <span class=\"_ _39\"> </span>dall\u2019IFRS <span class=\"_ _39\"> </span>9 <span class=\"_ _39\"> </span>(Attivit\u00e0 <span class=\"_ _3f\"> </span>finanzi<span class=\"_ _2\"></span>arie <span class=\"_ _3f\"> </span>valu<span class=\"_ _2\"></span>tate <span class=\"_ _39\"> </span>al <span class=\"_ _3f\"> </span>costo<span class=\"_ _3a1\"> </span>ammortizzato o At<span class=\"_ _2\"></span>tivit\u00e0 finanziarie <span class=\"_ _2\"></span>valutate al <span class=\"_ _3b\"></span>fair<span class=\"_ _1\"></span> value <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>n impa<span class=\"_ _2\"></span>tto sulla <span class=\"_ _2\"></span>redditivit\u00e0 complessiva).<span class=\"_ _3a1\"> </span>Il <span class=\"_ _0\"></span>valore <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>trasferimento <span class=\"_ _0\"> </span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>rappresentato <span class=\"_ _0\"></span>dal <span class=\"_ _35\"> </span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>mo<span class=\"_ _1\"></span>mento <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>riclassificazione <span class=\"_ _0\"></span>e <span class=\"_ _0\"> </span>gli<span class=\"_ _3a1\"> </span>effetti <span class=\"_ _3b\"></span>della <span class=\"_ _2\"></span>riclassificazione <span class=\"_ _3b\"></span>oper<span class=\"_ _1\"></span>ano <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>ma<span class=\"_ _1\"></span>niera <span class=\"_ _3b\"></span>pros<span class=\"_ _1\"></span>pettica <span class=\"_ _3b\"></span>a <span class=\"_ _3b\"></span>partire d<span class=\"_ _2\"></span>alla <span class=\"_ _3b\"></span>data <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>riclassificazione<span class=\"_ _1\"></span>.<span class=\"_ _3a1\"> </span>In questo <span class=\"_ _1\"></span>caso, <span class=\"_ _1\"></span>il tas<span class=\"_ _1\"></span>so di int<span class=\"_ _1\"></span>eresse effett<span class=\"_ _1\"></span>ivo dell\u2019attivit\u00e0 <span class=\"_ _1\"></span>finanziaria r<span class=\"_ _1\"></span>iclassificata \u00e8<span class=\"_ _1\"></span> determinato in<span class=\"_ _3a1\"> </span>base <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>suo <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>valu<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>data <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>riclassificazione <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>tale <span class=\"_ _35\"> </span>data <span class=\"_ _0\"></span>viene <span class=\"_ _35\"> </span>considera<span class=\"_ _1\"></span>ta <span class=\"_ _35\"> </span>come <span class=\"_ _35\"> </span>data <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>rilevazione <span class=\"_ _1\"></span>iniziale <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>l\u2019allocazione <span class=\"_ _38\"></span>nei <span class=\"_ _1\"></span>diversi <span class=\"_ _1\"></span>stadi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>creditizio <span class=\"_ _38\"></span>(stage <span class=\"_ _1\"></span>assignment) <span class=\"_ _38\"></span>ai <span class=\"_ _1\"></span>fini<span class=\"_ _3a1\"> </span>dell\u2019impairment.<span class=\"_ _3a1\"> </span>Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span>Successivamente <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>rilevazione <span class=\"_ _1\"></span>iniziale, le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate al <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>impatto a<span class=\"_ _3a1\"> </span>conto <span class=\"_ _3d\"> </span>economico  s<span class=\"_ _1\"></span>ono  valorizzate <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>fair <span class=\"_ _3d\"> </span>value.  Gli <span class=\"_ _3d\"> </span>effetti <span class=\"_ _3d\"> </span>dell\u2019applicazione  di <span class=\"_ _3d\"> </span>tale <span class=\"_ _3d\"> </span>criterio <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span>valutazione sono imputati nel Conto Economico.<span class=\"_ _3a1\"> </span>Per l<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>determinazione del <span class=\"_ _3b\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3b\"></span>degli strumenti <span class=\"_ _2\"></span>finanziari <span class=\"_ _3b\"></span>quot<span class=\"_ _1\"></span>ati i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>un <span class=\"_ _3b\"></span>me<span class=\"_ _1\"></span>rcato <span class=\"_ _2\"></span>attivo, <span class=\"_ _3b\"></span>vengon<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span>utilizzate <span class=\"_ _2\"></span>quotazioni <span class=\"_ _3b\"></span>di mercato. <span class=\"_ _3b\"></span>In <span class=\"_ _2\"></span>assenza di <span class=\"_ _3b\"></span>un <span class=\"_ _3b\"></span>me<span class=\"_ _1\"></span>rcato <span class=\"_ _2\"></span>attivo, <span class=\"_ _3b\"></span>vengono u<span class=\"_ _2\"></span>tilizzati <span class=\"_ _3b\"></span>me<span class=\"_ _1\"></span>todi d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>tima<span class=\"_ _3a1\"> </span>e <span class=\"_ _38\"></span>modelli <span class=\"_ _38\"></span>valutativi <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>unemente <span class=\"_ _38\"></span>adottati, <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>tengono <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>tutti <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>fattori <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>corre<span class=\"_ _1\"></span>lati<span class=\"_ _3a1\"> </span>agli <span class=\"_ _3b\"></span>st<span class=\"_ _1\"></span>rumenti e <span class=\"_ _3b\"></span>che <span class=\"_ _2\"></span>sono b<span class=\"_ _2\"></span>asati <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>u <span class=\"_ _3b\"></span>dati rilevabili <span class=\"_ _3b\"></span>sul mercato <span class=\"_ _2\"></span>quali: <span class=\"_ _3b\"></span>valutazione di <span class=\"_ _3b\"></span>strument<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>quotati<span class=\"_ _3a1\"> </span>che <span class=\"_ _48\"> </span>present<span class=\"_ _1\"></span>ano <span class=\"_ _48\"> </span>analoghe <span class=\"_ _17e\"> </span>caratteristiche, <span class=\"_ _48\"> </span>calcoli <span class=\"_ _17e\"> </span>di <span class=\"_ _48\"> </span>flussi<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>di <span class=\"_ _48\"> </span>cass<span class=\"_ _1\"></span>a <span class=\"_ _48\"> </span>scont<span class=\"_ _1\"></span>ati, <span class=\"_ _48\"> </span>modelli <span class=\"_ _17e\"> </span>di<span class=\"_ _3a1\"> </span>determinazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>prezzo <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>opzioni, <span class=\"_ _38\"></span>va<span class=\"_ _1\"></span>lori <span class=\"_ _0\"></span>rilevati <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>rece<span class=\"_ _1\"></span>nti <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ransazioni <span class=\"_ _0\"></span>comparabili, <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>cc. <span class=\"_ _0\"></span>Per <span class=\"_ _38\"></span>i<span class=\"_ _3a1\"> </span>titoli <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>capitale <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>strumenti <span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>ivati <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>hanno <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>oggetto <span class=\"_ _1\"></span>tito<span class=\"_ _1\"></span>li <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>capitale, <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>quotati <span class=\"_ _1\"></span>in<span class=\"_ _3a1\"> </span>un mercato at<span class=\"_ _2\"></span>tivo, il cri<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>erio del c<span class=\"_ _3b\"></span>os<span class=\"_ _1\"></span>to \u00e8 u<span class=\"_ _3b\"></span>tilizzato quale stima d<span class=\"_ _2\"></span>el fair valu<span class=\"_ _2\"></span>e soltanto in<span class=\"_ _2\"></span> via r<span class=\"_ _2\"></span>esiduale<span class=\"_ _3a1\"> </span>e <span class=\"_ _37\"> </span>limitatamente <span class=\"_ _37\"> </span>a <span class=\"_ _37\"> </span>poche <span class=\"_ _37\"> </span>circostanze, <span class=\"_ _37\"> </span>ossia <span class=\"_ _36\"> </span>in <span class=\"_ _3d\"> </span>cas<span class=\"_ _1\"></span>o <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>non <span class=\"_ _37\"> </span>applicabilit\u00e0 <span class=\"_ _36\"> </span>di <span class=\"_ _3d\"> </span>t<span class=\"_ _1\"></span>utti <span class=\"_ _37\"> </span>i <span class=\"_ _37\"> </span>metodi <span class=\"_ _37\"> </span>di<span class=\"_ _3a1\"> </span>valutazione  pre<span class=\"_ _1\"></span>cedentemente  richiamati,  ovver<span class=\"_ _1\"></span>o <span class=\"_ _3d\"> </span>in  presenza  di  un\u2019ampia <span class=\"_ _3d\"> </span>gamma  di <span class=\"_ _3d\"> </span>possibili<span class=\"_ _3a1\"> </span>valutazioni del fair value, nel cui ambito il cos<span class=\"_ _1\"></span>to rappresenta la stima pi\u00f9 significativa.<span class=\"_ _3a1\"> </span>Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span>Le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>ve<span class=\"_ _1\"></span>ngono <span class=\"_ _38\"></span>cancellate <span class=\"_ _1\"></span>dal <span class=\"_ _0\"></span>bil<span class=\"_ _2\"></span>ancio <span class=\"_ _38\"></span>so<span class=\"_ _3a1\"> </span>lamente <span class=\"_ _38\"></span>se <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>cessione <span class=\"_ _38\"></span>ha <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>mportato <span class=\"_ _38\"></span>il<span class=\"_ _3a1\"> </span>sostanziale <span class=\"_ _2\"></span>trasferimento di <span class=\"_ _3b\"></span>tutti i<span class=\"_ _2\"></span> rischi <span class=\"_ _3b\"></span>e benefici <span class=\"_ _3b\"></span>connessi all<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 st<span class=\"_ _2\"></span>esse. P<span class=\"_ _2\"></span>er contro,<span class=\"_ _2\"></span> qu<span class=\"_ _2\"></span>alora<span class=\"_ _3a1\"> </span>sia <span class=\"_ _38\"></span>stata <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>antenuta <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>rilevante <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>benefici <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span>cedute, qu<span class=\"_ _2\"></span>este<span class=\"_ _1\"></span> con<span class=\"_ _2\"></span>tinuano ad<span class=\"_ _2\"></span> essere iscritte <span class=\"_ _3b\"></span>in bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 giuridicamente la <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>itolarit\u00e0 delle<span class=\"_ _3a1\"> </span>attivit\u00e0 stesse sia stata effettivamente trasferita.<span class=\"_ _3a1\"> </span>Nel <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>possibile <span class=\"_ _35\"> </span>accertare <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>sostanziale <span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>asferimento <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>benefici, <span class=\"_ _0\"> </span>le<span class=\"_ _3a1\"> </span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>vengono <span class=\"_ _38\"></span>cancellate <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>bilancio <span class=\"_ _1\"></span>qualora <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ato <span class=\"_ _1\"></span>mante<span class=\"_ _1\"></span>nuto <span class=\"_ _1\"></span>alcun <span class=\"_ _38\"></span>tipo <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span>controllo <span class=\"_ _37\"> </span>sulle <span class=\"_ _37\"> </span>stesse. <span class=\"_ _37\"> </span>In <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>contrario, <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>conservazione, <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>parte, <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>tale <span class=\"_ _37\"> </span>controllo<span class=\"_ _3a1\"> </span>comporta  il <span class=\"_ _3d\"> </span>mantenimento  in  bilancio  de<span class=\"_ _1\"></span>lle  attivit\u00e0 <span class=\"_ _3d\"> </span>in  misura  pari <span class=\"_ _3d\"> </span>al  coinvolgimento<span class=\"_ _1\"></span>  residuo,<span class=\"_ _3a1\"> </span>misurato dall\u2019esposizione <span class=\"_ _1\"></span>ai cambiamenti di valore delle attivit\u00e0 cedute <span class=\"_ _1\"></span>ed alle variazioni dei flussi<span class=\"_ _3a1\"> </span>finanziari delle stesse.<span class=\"_ _3a1\"> </span>Infine,  le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _37\"> </span>cedute <span class=\"_ _3d\"> </span>vengono <span class=\"_ _37\"> </span>cancellate <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>bilancio <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>caso <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>cui <span class=\"_ _3d\"> </span>vi <span class=\"_ _3d\"> </span>sia <span class=\"_ _3d\"> </span>l<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span>conservazione <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>diritti <span class=\"_ _37\"> </span>contrattuali <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>ricevere <span class=\"_ _37\"> </span>i <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>cassa, <span class=\"_ _37\"> </span>con <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>contestuale<span class=\"_ _3a1\"> </span>assunzione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un\u2019obbligazione <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>pagare <span class=\"_ _38\"></span>detti <span class=\"_ _1\"></span>flussi, <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>solo <span class=\"_ _38\"></span>essi, <span class=\"_ _1\"></span>senza <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>ritardo <span class=\"_ _38\"></span>rilevante <span class=\"_ _1\"></span>ad <span class=\"_ _38\"></span>altri<span class=\"_ _3a1\"> </span>soggetti terzi.<span class=\"_ _3a1\"> </span>Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"_ _3a1\"> </span>Gli in<span class=\"_ _3a1\"> </span>teressi attivi sui titoli di debito ed i differenziali ed i margini dei contratti derivati classificati in<span class=\"_ _3a1\"> </span>tale <span class=\"_ _1\"></span>categoria, <span class=\"_ _1\"></span>ma ge<span class=\"_ _1\"></span>stionalmente collegat<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>attivit\u00e0 o <span class=\"_ _1\"></span>passivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value<span class=\"_ _3a1\"> </span>sono iscritti per competenza nelle voci di conto economico relat<span class=\"_ _1\"></span>ivi agli<span class=\"_ _2\"></span> intere<span class=\"_ _1\"></span>ssi. I <span class=\"_ _0\"></span>differe<span class=\"_ _1\"></span>nziali <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>margini <span class=\"_ _0\"></span>degli <span class=\"_ _35\"> </span>altri <span class=\"_ _0\"></span>contratti <span class=\"_ _35\"> </span>vengono <span class=\"_ _0\"></span>rilevati <span class=\"_ _35\"> </span>nel <span class=\"_ _0\"></span>\u201cRisultato <span class=\"_ _35\"> </span>netto <span class=\"_ _0\"></span>dell\u2019attivit\u00e0 <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span>negoziazione\u201d.<span class=\"_ _3a1\"> </span>I dividendi <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ono rilevati per c<span class=\"_ _2\"></span>ompetenza economica rife<span class=\"_ _2\"></span>rita alla da<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>a di a<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>sunzione della delib<span class=\"_ _2\"></span>era di<span class=\"_ _3a1\"> </span>distribuzione da parte dell\u2019assemblea e sono es<span class=\"_ _1\"></span>posti nella voce \u201cDividendi e proventi simili\u201d.<span class=\"_ _3a1\"> </span>Gli <span class=\"_ _35\"> </span>utili <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>le  p<span class=\"_ _2\"></span>erdite  r<span class=\"_ _2\"></span>ealizzati <span class=\"_ _35\"> </span>dalla <span class=\"_ _35\"> </span>cessione  o <span class=\"_ _35\"> </span>rimborso <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>plus/minusvalenze <span class=\"_ _35\"> </span>derivanti <span class=\"_ _35\"> </span>dalle<span class=\"_ _3a1\"> </span>variazioni <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>iscritti <span class=\"_ _0\"></span>nel <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>del<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>periodo <span class=\"_ _0\"></span>nel <span class=\"_ _0\"></span>quale <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>manifestano <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span>classificati <span class=\"_ _35\"> </span>nella <span class=\"_ _0\"></span>voce <span class=\"_ _35\"> </span>\u201cRisultato <span class=\"_ _0\"></span>netto <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>negozia<span class=\"_ _2\"></span>zione\u201d, <span class=\"_ _35\"> </span>ad <span class=\"_ _0\"></span>eccezione <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>ota<span class=\"_ _3a1\"> </span>relativa <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>contratti <span class=\"_ _38\"></span>der<span class=\"_ _1\"></span>ivati <span class=\"_ _0\"></span>gestionalmente <span class=\"_ _38\"></span>collegat<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>ad <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>fair <span class=\"_ _0\"></span>value<span class=\"_ _3a1\"> </span>rilevata nel \u201cRisultato netto delle attivit\u00e0 e passivit\u00e0 finanziarie valutate<span class=\"_ _1\"></span> al fair value\u201d.<span class=\"_ _3a1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-896": {
   "value": "Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span> Le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>ve<span class=\"_ _1\"></span>ngono <span class=\"_ _38\"></span>cancellate <span class=\"_ _1\"></span>dal <span class=\"_ _0\"></span>bil<span class=\"_ _2\"></span>ancio <span class=\"_ _38\"></span>so<span class=\"_ _3a1\"> </span>lamente <span class=\"_ _38\"></span>se <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>cessione <span class=\"_ _38\"></span>ha <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>mportato <span class=\"_ _38\"></span>il<span class=\"_ _3a1\"> </span> sostanziale <span class=\"_ _2\"></span>trasferimento di <span class=\"_ _3b\"></span>tutti i<span class=\"_ _2\"></span> rischi <span class=\"_ _3b\"></span>e benefici <span class=\"_ _3b\"></span>connessi all<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 st<span class=\"_ _2\"></span>esse. P<span class=\"_ _2\"></span>er contro,<span class=\"_ _2\"></span> qu<span class=\"_ _2\"></span>alora<span class=\"_ _3a1\"> </span> sia <span class=\"_ _38\"></span>stata <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>antenuta <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>rilevante <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>benefici <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span> cedute, qu<span class=\"_ _2\"></span>este<span class=\"_ _1\"></span> con<span class=\"_ _2\"></span>tinuano ad<span class=\"_ _2\"></span> essere iscritte <span class=\"_ _3b\"></span>in bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 giuridicamente la <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>itolarit\u00e0 delle<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> attivit\u00e0 stesse sia stata effettivamente trasferita.<span class=\"_ _3a1\"> </span> Nel <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>possibile <span class=\"_ _35\"> </span>accertare <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>sostanziale <span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>asferimento <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>benefici, <span class=\"_ _0\"> </span>le<span class=\"_ _3a1\"> </span> attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>vengono <span class=\"_ _38\"></span>cancellate <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>bilancio <span class=\"_ _1\"></span>qualora <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ato <span class=\"_ _1\"></span>mante<span class=\"_ _1\"></span>nuto <span class=\"_ _1\"></span>alcun <span class=\"_ _38\"></span>tipo <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> controllo <span class=\"_ _37\"> </span>sulle <span class=\"_ _37\"> </span>stesse. <span class=\"_ _37\"> </span>In <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>contrario, <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>conservazione, <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>parte, <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>tale <span class=\"_ _37\"> </span>controllo<span class=\"_ _3a1\"> </span> comporta  il <span class=\"_ _3d\"> </span>mantenimento  in  bilancio  de<span class=\"_ _1\"></span>lle  attivit\u00e0 <span class=\"_ _3d\"> </span>in  misura  pari <span class=\"_ _3d\"> </span>al  coinvolgimento<span class=\"_ _1\"></span>  residuo,<span class=\"_ _3a1\"> </span> misurato dall\u2019esposizione <span class=\"_ _1\"></span>ai cambiamenti di valore delle attivit\u00e0 cedute <span class=\"_ _1\"></span>ed alle variazioni dei flussi<span class=\"_ _3a1\"> </span> finanziari delle stesse.<span class=\"_ _3a1\"> </span> Infine,  le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _37\"> </span>cedute <span class=\"_ _3d\"> </span>vengono <span class=\"_ _37\"> </span>cancellate <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>bilancio <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>caso <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>cui <span class=\"_ _3d\"> </span>vi <span class=\"_ _3d\"> </span>sia <span class=\"_ _3d\"> </span>l<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span> conservazione <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>diritti <span class=\"_ _37\"> </span>contrattuali <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>ricevere <span class=\"_ _37\"> </span>i <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>cassa, <span class=\"_ _37\"> </span>con <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>contestuale<span class=\"_ _3a1\"> </span> assunzione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un\u2019obbligazione <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>pagare <span class=\"_ _38\"></span>detti <span class=\"_ _1\"></span>flussi, <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>solo <span class=\"_ _38\"></span>essi, <span class=\"_ _1\"></span>senza <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>ritardo <span class=\"_ _38\"></span>rilevante <span class=\"_ _1\"></span>ad <span class=\"_ _38\"></span>altri<span class=\"_ _3a1\"> </span> soggetti terzi.<span class=\"_ _3a1\"> </span><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs302\">Criteri di cancel<span class=\"_ _1\"></span>lazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs303\">Le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>ve<span class=\"_ _1\"></span>ngono <span class=\"_ _38\"></span>cancellate <span class=\"_ _1\"></span>dal <span class=\"_ _0\"></span>bil<span class=\"_ _2\"></span>ancio <span class=\"_ _38\"></span>so<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs304\">lamente <span class=\"_ _38\"></span>se <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>cessione <span class=\"_ _38\"></span>ha <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>mportato <span class=\"_ _38\"></span>il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs305\">sostanziale <span class=\"_ _2\"></span>trasferimento di <span class=\"_ _3b\"></span>tutti i<span class=\"_ _2\"></span> rischi <span class=\"_ _3b\"></span>e benefici <span class=\"_ _3b\"></span>connessi all<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 st<span class=\"_ _2\"></span>esse. P<span class=\"_ _2\"></span>er contro,<span class=\"_ _2\"></span> qu<span class=\"_ _2\"></span>alora </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs306\">sia <span class=\"_ _38\"></span>stata <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>antenuta <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>rilevante <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>benefici <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>arie </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs307\">cedute, qu<span class=\"_ _2\"></span>este<span class=\"_ _1\"></span> con<span class=\"_ _2\"></span>tinuano ad<span class=\"_ _2\"></span> essere iscritte <span class=\"_ _3b\"></span>in bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 giuridicamente la <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>itolarit\u00e0 delle<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs308\">attivit\u00e0 stesse sia stata effettivamente trasferita. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs309\">Nel <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>possibile <span class=\"_ _35\"> </span>accertare <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>sostanziale <span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>asferimento <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>benefici, <span class=\"_ _0\"> </span>le </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs30a\">attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>vengono <span class=\"_ _38\"></span>cancellate <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>bilancio <span class=\"_ _1\"></span>qualora <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ato <span class=\"_ _1\"></span>mante<span class=\"_ _1\"></span>nuto <span class=\"_ _1\"></span>alcun <span class=\"_ _38\"></span>tipo <span class=\"_ _38\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs30b\">controllo <span class=\"_ _37\"> </span>sulle <span class=\"_ _37\"> </span>stesse. <span class=\"_ _37\"> </span>In <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>contrario, <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>conservazione, <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>parte, <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>tale <span class=\"_ _37\"> </span>controllo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs30c\">comporta  il <span class=\"_ _3d\"> </span>mantenimento  in  bilancio  de<span class=\"_ _1\"></span>lle  attivit\u00e0 <span class=\"_ _3d\"> </span>in  misura  pari <span class=\"_ _3d\"> </span>al  coinvolgimento<span class=\"_ _1\"></span>  residuo, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs30d\">misurato dall\u2019esposizione <span class=\"_ _1\"></span>ai cambiamenti di valore delle attivit\u00e0 cedute <span class=\"_ _1\"></span>ed alle variazioni dei flussi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs30e\">finanziari delle stesse. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs30f\">Infine,  le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _37\"> </span>cedute <span class=\"_ _3d\"> </span>vengono <span class=\"_ _37\"> </span>cancellate <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>bilancio <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>caso <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>cui <span class=\"_ _3d\"> </span>vi <span class=\"_ _3d\"> </span>sia <span class=\"_ _3d\"> </span>l<span class=\"_ _1\"></span>a </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs310\">conservazione <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>diritti <span class=\"_ _37\"> </span>contrattuali <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>ricevere <span class=\"_ _37\"> </span>i <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>cassa, <span class=\"_ _37\"> </span>con <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>contestuale </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs311\">assunzione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un\u2019obbligazione <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>pagare <span class=\"_ _38\"></span>detti <span class=\"_ _1\"></span>flussi, <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>solo <span class=\"_ _38\"></span>essi, <span class=\"_ _1\"></span>senza <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>ritardo <span class=\"_ _38\"></span>rilevante <span class=\"_ _1\"></span>ad <span class=\"_ _38\"></span>altri </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs312\">soggetti terzi. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs314\">Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs315\">Le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>ve<span class=\"_ _1\"></span>ngono <span class=\"_ _38\"></span>cancellate <span class=\"_ _1\"></span>dal <span class=\"_ _0\"></span>bil<span class=\"_ _2\"></span>ancio <span class=\"_ _38\"></span>so<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs316\">lamente <span class=\"_ _38\"></span>se <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>cessione <span class=\"_ _38\"></span>ha <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>mportato <span class=\"_ _38\"></span>il<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs317\">sostanziale <span class=\"_ _2\"></span>trasferimento di <span class=\"_ _3b\"></span>tutti i<span class=\"_ _2\"></span> rischi <span class=\"_ _3b\"></span>e benefici <span class=\"_ _3b\"></span>connessi all<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 st<span class=\"_ _2\"></span>esse. P<span class=\"_ _2\"></span>er contro,<span class=\"_ _2\"></span> qu<span class=\"_ _2\"></span>alora<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs318\">sia <span class=\"_ _38\"></span>stata <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>antenuta <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>rilevante <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>benefici <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs319\">cedute, qu<span class=\"_ _2\"></span>este<span class=\"_ _1\"></span> con<span class=\"_ _2\"></span>tinuano ad<span class=\"_ _2\"></span> essere iscritte <span class=\"_ _3b\"></span>in bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 giuridicamente la <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>itolarit\u00e0 delle<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs31a\">attivit\u00e0 stesse sia stata effettivamente trasferita.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs31b\">Nel <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>possibile <span class=\"_ _35\"> </span>accertare <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>sostanziale <span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>asferimento <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>benefici, <span class=\"_ _0\"> </span>le<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs31c\">attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>vengono <span class=\"_ _38\"></span>cancellate <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>bilancio <span class=\"_ _1\"></span>qualora <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ato <span class=\"_ _1\"></span>mante<span class=\"_ _1\"></span>nuto <span class=\"_ _1\"></span>alcun <span class=\"_ _38\"></span>tipo <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs31d\">controllo <span class=\"_ _37\"> </span>sulle <span class=\"_ _37\"> </span>stesse. <span class=\"_ _37\"> </span>In <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>contrario, <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>conservazione, <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>parte, <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>tale <span class=\"_ _37\"> </span>controllo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs31e\">comporta  il <span class=\"_ _3d\"> </span>mantenimento  in  bilancio  de<span class=\"_ _1\"></span>lle  attivit\u00e0 <span class=\"_ _3d\"> </span>in  misura  pari <span class=\"_ _3d\"> </span>al  coinvolgimento<span class=\"_ _1\"></span>  residuo,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs31f\">misurato dall\u2019esposizione <span class=\"_ _1\"></span>ai cambiamenti di valore delle attivit\u00e0 cedute <span class=\"_ _1\"></span>ed alle variazioni dei flussi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs320\">finanziari delle stesse.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs321\">Infine,  le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _37\"> </span>cedute <span class=\"_ _3d\"> </span>vengono <span class=\"_ _37\"> </span>cancellate <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>bilancio <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>caso <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>cui <span class=\"_ _3d\"> </span>vi <span class=\"_ _3d\"> </span>sia <span class=\"_ _3d\"> </span>l<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs322\">conservazione <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>diritti <span class=\"_ _37\"> </span>contrattuali <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>ricevere <span class=\"_ _37\"> </span>i <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>cassa, <span class=\"_ _37\"> </span>con <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>contestuale<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs323\">assunzione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un\u2019obbligazione <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>pagare <span class=\"_ _38\"></span>detti <span class=\"_ _1\"></span>flussi, <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>solo <span class=\"_ _38\"></span>essi, <span class=\"_ _1\"></span>senza <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>ritardo <span class=\"_ _38\"></span>rilevante <span class=\"_ _1\"></span>ad <span class=\"_ _38\"></span>altri<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs324\">soggetti terzi.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs38f\">Criteri di cancel<span class=\"_ _1\"></span>lazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs390\">Le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>ve<span class=\"_ _1\"></span>ngono <span class=\"_ _38\"></span>cancellate <span class=\"_ _1\"></span>dal <span class=\"_ _0\"></span>bil<span class=\"_ _2\"></span>an<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs391\">cio <span class=\"_ _38\"></span>so<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs392\">lamente <span class=\"_ _38\"></span>se <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>cessione <span class=\"_ _38\"></span>ha <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>mportato <span class=\"_ _38\"></span>il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs393\">sostanziale <span class=\"_ _2\"></span>trasferimento di <span class=\"_ _3b\"></span>tutti i<span class=\"_ _2\"></span> rischi <span class=\"_ _3b\"></span>e benefici <span class=\"_ _3b\"></span>connessi all<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 st<span class=\"_ _2\"></span>esse. P<span class=\"_ _2\"></span>er contro,<span class=\"_ _2\"></span> qu<span class=\"_ _2\"></span>alora </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs394\">sia <span class=\"_ _38\"></span>stata <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>antenuta <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>rilevante <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>benefici <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>arie </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs395\">cedute, qu<span class=\"_ _2\"></span>este<span class=\"_ _1\"></span> con<span class=\"_ _2\"></span>tinuano ad<span class=\"_ _2\"></span> essere iscritte <span class=\"_ _3b\"></span>in bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 giuridicamente la <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>itolarit\u00e0 delle<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs396\">attivit\u00e0 stesse sia stata effettivamente trasferita. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs397\">Nel <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>possibile <span class=\"_ _35\"> </span>accertare <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>sostanziale <span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>asferimento <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>benefici, <span class=\"_ _0\"> </span>le </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs398\">attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>vengono <span class=\"_ _38\"></span>cancellate <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>bilancio <span class=\"_ _1\"></span>qualora <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ato <span class=\"_ _1\"></span>mante<span class=\"_ _1\"></span>nuto <span class=\"_ _1\"></span>alcun <span class=\"_ _38\"></span>tipo <span class=\"_ _38\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs399\">controllo <span class=\"_ _37\"> </span>sulle <span class=\"_ _37\"> </span>stesse. <span class=\"_ _37\"> </span>In <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>contrario, <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>conservazione, <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>parte, <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>tale <span class=\"_ _37\"> </span>controllo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs39a\">comporta  il <span class=\"_ _3d\"> </span>mantenimento  in  bilancio  de<span class=\"_ _1\"></span>lle  attivit\u00e0 <span class=\"_ _3d\"> </span>in  misura  pari <span class=\"_ _3d\"> </span>al  coinvolgimento<span class=\"_ _1\"></span>  residuo, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs39b\">misurato dall\u2019esposizione <span class=\"_ _1\"></span>ai cambiamenti di valore delle attivit\u00e0 cedute <span class=\"_ _1\"></span>ed alle variazioni dei flussi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs39c\">finanziari delle stesse. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs39d\">Infine,  le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _37\"> </span>cedute <span class=\"_ _3d\"> </span>vengono <span class=\"_ _37\"> </span>cancellate <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>bilancio <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>caso <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>cui <span class=\"_ _3d\"> </span>vi <span class=\"_ _3d\"> </span>sia <span class=\"_ _3d\"> </span>l<span class=\"_ _1\"></span>a </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs39e\">conservazione <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>diritti <span class=\"_ _37\"> </span>contrattuali <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>ricevere <span class=\"_ _37\"> </span>i <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>cassa, <span class=\"_ _37\"> </span>con <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>contestuale </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs39f\">assunzione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un\u2019obbligazione <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>pagare <span class=\"_ _38\"></span>detti <span class=\"_ _1\"></span>flussi, <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>solo <span class=\"_ _38\"></span>essi, <span class=\"_ _1\"></span>senza <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>ritardo <span class=\"_ _38\"></span>rilevante <span class=\"_ _1\"></span>ad <span class=\"_ _38\"></span>altri </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs3a0\">soggetti terzi.<span class=\"_ _3a1\"> </span> </div>Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span> Le <span class=\"_ _37\"> </span>passivit\u00e0 <span class=\"_ _37\"> </span>finanziarie<span class=\"_ _3a1\"> </span>Criteri di cancel<span class=\"_ _1\"></span>lazione Le <span class=\"_ _36\"> </span>Passivit\u00e0 <span class=\"_ _36\"> </span>finanziarie <span class=\"_ _36\"> </span>detenute <span class=\"_ _39\"> </span>per <span class=\"_ _36\"> </span>negoziazione <span class=\"_ _36\"> </span>vengono <span class=\"_ _36\"> </span>cancellate <span class=\"_ _36\"> </span>dal <span class=\"_ _36\"> </span>bilancio <span class=\"_ _36\"> </span>quando scadono <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>diritti <span class=\"_ _38\"></span>contrattuali <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ui <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>elativi <span class=\"_ _38\"></span>flussi <span class=\"_ _38\"></span>finanziari <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>quando <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>pass<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _1\"></span>finanziaria <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>ce<span class=\"_ _1\"></span>duta con trasferimento sostanziale di tutti i rischi ed i benefici derivanti dalla proprie<span class=\"_ _1\"></span>t\u00e0 della s<span class=\"_ _2\"></span>tessa.<span class=\"_ _3a1\"> </span>valu<span class=\"_ _2\"></span>tate <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _35\"> </span>vengono <span class=\"_ _0\"></span>ca<span class=\"_ _3a1\"> </span>ncellate <span class=\"_ _35\"> </span>dal <span class=\"_ _0\"></span>bilancio <span class=\"_ _0\"></span>quando <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>cadono <span class=\"_ _35\"> </span>i<span class=\"_ _3a1\"> </span> diritti <span class=\"_ _35\"> </span>contrattuali <span class=\"_ _35\"> </span>sui <span class=\"_ _0\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _35\"> </span>flussi <span class=\"_ _0\"> </span>finanziari <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>quando <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>esta <span class=\"_ _35\"> </span>viene <span class=\"_ _35\"> </span>estinta, <span class=\"_ _35\"> </span>ovverosia <span class=\"_ _35\"> </span>quand<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span> l'obbligazione specificata nel contratto \u00e8 <span class=\"_ _1\"></span>adempiuta o cancellata o scaduta.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-898": {
   "value": "2.1 - A<span class=\"_ _1\"></span>ttivit\u00e0 fin<span class=\"_ _1\"></span>anziarie v<span class=\"_ _1\"></span>alutate al<span class=\"_ _1\"></span> fair value<span class=\"_ _1\"></span> con imp<span class=\"_ _1\"></span>atto sull<span class=\"_ _1\"></span>a reddi<span class=\"_ _1\"></span>t<span class=\"_ _3a1\"> </span>ivit\u00e0 comp<span class=\"_ _1\"></span>lessiva<span class=\"_ _1\"></span> (FVOCI<span class=\"_ _1\"></span> con<span class=\"_ _3a1\"> </span> riciclo)<span class=\"_ _3a1\"> </span> Criteri di iscrizione<span class=\"_ _3a1\"> </span> L\u2019iscrizione iniziale delle attivit\u00e0 finanziarie avviene alla data di regolamento <span class=\"_ _1\"></span>per i titoli di debito ed<span class=\"_ _3a1\"> </span> alla <span class=\"_ _37\"> </span>data <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>erogazione <span class=\"_ _36\"> </span>per <span class=\"_ _3d\"> </span>i <span class=\"_ _36\"> </span>finan<span class=\"_ _2\"></span>ziamenti. <span class=\"_ _37\"> </span>All\u2019atto <span class=\"_ _37\"> </span>della <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>ilevazione <span class=\"_ _3d\"> </span>iniziale <span class=\"_ _37\"> </span>le <span class=\"_ _37\"> </span>a<span class=\"_ _1\"></span>ttivit\u00e0 <span class=\"_ _37\"> </span>sono<span class=\"_ _3a1\"> </span> contabilizzate <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>fair val<span class=\"_ _2\"></span>ue, <span class=\"_ _2\"></span>comprensivo <span class=\"_ _3b\"></span>dei c<span class=\"_ _2\"></span>osti <span class=\"_ _3b\"></span>o p<span class=\"_ _2\"></span>roventi <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>transazione di<span class=\"_ _2\"></span>rettamente <span class=\"_ _3b\"></span>attr<span class=\"_ _1\"></span>ibuibili<span class=\"_ _3a1\"> </span> allo strumento <span class=\"_ _184\"></span>stesso.<span class=\"_ _3a1\"> </span> Criteri di classificazione<span class=\"_ _3a1\"> </span> Sono <span class=\"_ _38\"></span>incluse <span class=\"_ _38\"></span>nella <span class=\"_ _1\"></span>presente <span class=\"_ _38\"></span>categoria <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanzia<span class=\"_ _3a1\"> </span>rie <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>soddisfano <span class=\"_ _38\"></span>entram<span class=\"_ _1\"></span>be <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>seguenti<span class=\"_ _3a1\"> </span> condizioni:<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019attivit\u00e0 finanziaria <span class=\"_ _1\"></span>\u00e8 posseduta se<span class=\"_ _1\"></span>condo un <span class=\"_ _1\"></span>modello di business <span class=\"_ _1\"></span>il cui obiet<span class=\"_ _1\"></span>tivo \u00e8 conse<span class=\"_ _1\"></span>guito<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>sia <span class=\"_ _1\"></span>mediante <span class=\"_ _1\"></span>l\u2019incasso <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>flussi finanziari pre<span class=\"_ _1\"></span>visti <span class=\"_ _1\"></span>contrattualmente <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>mediante la <span class=\"_ _1\"></span>vendita<span class=\"_ _3a1\"> </span> (Business model \u201cHold to Collect and Sell \u2013 \u201cHTCS\u201d\u201d<span class=\"_ _1\"></span>), e<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>ermini <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>rattuali <span class=\"_ _38\"></span>dell\u2019att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _38\"></span>finanziaria <span class=\"_ _0\"></span>prevedono, <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>determin<span class=\"_ _2\"></span>ate <span class=\"_ _0\"></span>date, <span class=\"_ _38\"></span>flussi <span class=\"_ _0\"></span>finanziari<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>rappresentati unicamente da pagamenti del capitale e dell\u2019interesse sul<span class=\"_ _2\"></span>l\u2019importo del capitale<span class=\"_ _3a1\"> </span> da restituire (cd. \u201cSPPI test\u201d superato).<span class=\"_ _3a1\"> </span> In particolare, vengono inclusi in questa <span class=\"_ _1\"></span>voce:<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>debito <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iconducibili <span class=\"_ _38\"></span>ad <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>business <span class=\"_ _0\"></span>model <span class=\"_ _0\"></span>Hold<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>Collect <span class=\"_ _0\"></span>and <span class=\"_ _38\"></span>Sell <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>che<span class=\"_ _3a1\"> </span></span>hanno superato il test SPPI;<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _0\"></span>finanziamenti <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>riconducibili <span class=\"_ _0\"></span>ad <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>busine<span class=\"_ _1\"></span>ss <span class=\"_ _0\"></span>model <span class=\"_ _0\"></span>Hold <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>Collect <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>Sell <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>che<span class=\"_ _3a1\"> </span></span>hanno superato il test SPPI.<span class=\"_ _3a1\"> </span> Riclassifiche<span class=\"_ _3a1\"> </span> Secondo <span class=\"_ _36\"> </span>le <span class=\"_ _39\"> </span>regole <span class=\"_ _36\"> </span>generali <span class=\"_ _39\"> </span>previste <span class=\"_ _36\"> </span>dall\u2019IFRS <span class=\"_ _36\"> </span>9 <span class=\"_ _36\"> </span>in <span class=\"_ _39\"> </span>materia <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>riclassificazione <span class=\"_ _39\"> </span>delle <span class=\"_ _36\"> </span>attivit\u00e0<span class=\"_ _3a1\"> </span> finanziarie (ad <span class=\"_ _2\"></span>eccezione dei titol<span class=\"_ _2\"></span>i di cap<span class=\"_ _2\"></span>itale, per cui <span class=\"_ _3b\"></span>no<span class=\"_ _1\"></span>n \u00e8<span class=\"_ _2\"></span> ammessa <span class=\"_ _2\"></span>alcuna riclassifica), <span class=\"_ _3b\"></span>no<span class=\"_ _1\"></span>n sono<span class=\"_ _3a1\"> </span> ammesse <span class=\"_ _3d\"> </span>riclassifiche <span class=\"_ _3d\"> </span>verso <span class=\"_ _3d\"> </span>altre <span class=\"_ _3d\"> </span>categor<span class=\"_ _1\"></span>ie <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie  salvo  il  cas<span class=\"_ _1\"></span>o <span class=\"_ _3d\"> </span>in  cui  l\u2019entit\u00e0<span class=\"_ _3a1\"> </span> modifichi  il  proprio <span class=\"_ _3d\"> </span>modello  di  business  per  la  gestione <span class=\"_ _3d\"> </span>delle  attivit\u00e0  finanziarie <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>seguito <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span> cambiamenti <span class=\"_ _38\"></span>esterni <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>inter<span class=\"_ _1\"></span>ni <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>quali <span class=\"_ _38\"></span>siano <span class=\"_ _38\"></span>rilevanti <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>oper<span class=\"_ _1\"></span>azioni <span class=\"_ _1\"></span>dell'entit<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>dimostrabili <span class=\"_ _38\"></span>alle<span class=\"_ _3a1\"> </span> parti esterne.<span class=\"_ _3a1\"> </span> In <span class=\"_ _0\"></span>tali <span class=\"_ _0\"></span>casi, <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>ci <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>attende <span class=\"_ _0\"></span>siano <span class=\"_ _0\"></span>altamente <span class=\"_ _0\"></span>infr<span class=\"_ _2\"></span>equenti, <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>arie <span class=\"_ _0\"></span>potranno <span class=\"_ _0\"></span>essere<span class=\"_ _3a1\"> </span> riclassificate <span class=\"_ _1\"></span>dalla <span class=\"_ _1\"></span>categoria <span class=\"_ _1\"></span>valutata <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value co<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>impatto sulla <span class=\"_ _1\"></span>redditivit\u00e0 <span class=\"_ _1\"></span>complessiva <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>una<span class=\"_ _3a1\"> </span> delle <span class=\"_ _1\"></span>altre <span class=\"_ _1\"></span>due <span class=\"_ _1\"></span>categorie <span class=\"_ _1\"></span>previste dall\u2019IFRS <span class=\"_ _1\"></span>9 <span class=\"_ _1\"></span>(Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate <span class=\"_ _1\"></span>al co<span class=\"_ _1\"></span>sto <span class=\"_ _1\"></span>ammortizzato o<span class=\"_ _3a1\"> </span> Attivit\u00e0 finanziarie valutate <span class=\"_ _1\"></span>al fair value con impatto a conto economico). Il valore <span class=\"_ _1\"></span>di trasferimento<span class=\"_ _3a1\"> </span> \u00e8 r<span class=\"_ _1\"></span>appresentato dal fair<span class=\"_ _1\"></span> value <span class=\"_ _1\"></span>al mome<span class=\"_ _1\"></span>nto della <span class=\"_ _1\"></span>riclassificazione e<span class=\"_ _1\"></span> gli <span class=\"_ _1\"></span>effetti <span class=\"_ _1\"></span>della riclassificazione<span class=\"_ _3a1\"> </span> operano in manie<span class=\"_ _2\"></span>ra prospettica <span class=\"_ _3b\"></span>a part<span class=\"_ _1\"></span>ire d<span class=\"_ _2\"></span>alla data <span class=\"_ _2\"></span>di riclassificaz<span class=\"_ _2\"></span>ione. Nel caso <span class=\"_ _2\"></span>di ricl<span class=\"_ _2\"></span>assifica dalla<span class=\"_ _3a1\"> </span> categoria  in  oggetto  a <span class=\"_ _35\"> </span>quella  del  costo  ammortizzato, <span class=\"_ _35\"> </span>l\u2019utile  (perdita)  cumulato  rilevato  nel<span class=\"_ _2\"></span>la<span class=\"_ _3a1\"> </span> riserva  d<span class=\"_ _2\"></span>a  v<span class=\"_ _2\"></span>alutazione  \u00e8<span class=\"_ _2\"></span>  p<span class=\"_ _2\"></span>ortato  a <span class=\"_ _35\"> </span>rettifica <span class=\"_ _35\"> </span>del  fai<span class=\"_ _2\"></span>r <span class=\"_ _35\"> </span>value  dell\u2019<span class=\"_ _2\"></span>attivit\u00e0  finanzi<span class=\"_ _2\"></span>aria  alla <span class=\"_ _35\"> </span>data <span class=\"_ _35\"> </span>della<span class=\"_ _3a1\"> </span> riclassificazione. <span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>el <span class=\"_ _38\"></span>caso <span class=\"_ _38\"></span>invece <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>riclassifica <span class=\"_ _38\"></span>nella <span class=\"_ _38\"></span>categor<span class=\"_ _1\"></span>ia <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>impatto <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>conto<span class=\"_ _3a1\"> </span> economico,  l'utile  (perdita)  cumulato  rilevato  precedentemente  nella  riserva  da  v<span class=\"_ _2\"></span>alutazione  \u00e8<span class=\"_ _3a1\"> </span> riclassificato dal patrimonio netto all'utile (perdita) d'esercizio.<span class=\"_ _3a1\"> </span>Criteri di valuta<span class=\"_ _1\"></span>zione Succes<span class=\"_ _3a1\"> </span>sivamente  all<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>rilevazione  i<span class=\"_ _2\"></span>niziale, <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>Attivit\u00e0  c<span class=\"_ _2\"></span>lassificate<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value <span class=\"_ _35\"> </span>con  i<span class=\"_ _2\"></span>mpatto  sul<span class=\"_ _3b\"></span>la redditivit\u00e0 <span class=\"_ _35\"> </span>complessiva <span class=\"_ _35\"> </span>sono <span class=\"_ _35\"> </span>va<span class=\"_ _3b\"></span>lutat<span class=\"_ _1\"></span>e <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>fair <span class=\"_ _0\"></span>value, <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>ilevazione <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>Conto <span class=\"_ _35\"> </span>Economico <span class=\"_ _35\"> </span>degli impatti <span class=\"_ _3a\"> </span>derivanti <span class=\"_ _3f\"> </span>dall\u2019applicazione<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _3f\"> </span>costo <span class=\"_ _3a\"> </span>ammortizzato, <span class=\"_ _3a\"> </span>degli <span class=\"_ _3f\"> </span>effet<span class=\"_ _1\"></span>ti <span class=\"_ _3a\"> </span>dell\u2019impairment <span class=\"_ _3f\"> </span>e dell\u2019eventuale effetto cambio, mentre gli<span class=\"_ _2\"></span> altri utili o p<span class=\"_ _2\"></span>erdite derivan<span class=\"_ _2\"></span>ti da una v<span class=\"_ _2\"></span>ariazione di fair val<span class=\"_ _2\"></span>ue vengono <span class=\"_ _38\"></span>rilevati <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>una <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>pecifica <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iserva <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>patr<span class=\"_ _1\"></span>imonio <span class=\"_ _38\"></span>netto <span class=\"_ _38\"></span>finch\u00e9 <span class=\"_ _38\"></span>l\u2019attivit\u00e0 <span class=\"_ _38\"></span>finanziaria <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>viene cancellata. <span class=\"_ _3b\"></span>Al momento <span class=\"_ _3b\"></span>della dis<span class=\"_ _2\"></span>missione, t<span class=\"_ _2\"></span>otale <span class=\"_ _2\"></span>o p<span class=\"_ _2\"></span>arziale, <span class=\"_ _3b\"></span>l\u2019utile o <span class=\"_ _3b\"></span>la <span class=\"_ _2\"></span>perdita <span class=\"_ _3b\"></span>cumulati nella <span class=\"_ _3b\"></span>riserva da valutazione vengono riversati, in tutto o in parte<span class=\"_ _1\"></span>, a Conto Economico. Il fair value v<span class=\"_ _2\"></span>iene determinato sulla base dei criteri g<span class=\"_ _2\"></span>i\u00e0 illustrati per le At<span class=\"_ _2\"></span>tivit\u00e0 finanziarie valu<span class=\"_ _2\"></span>tate al fair value con impatto a conto economico. Le <span class=\"_ _0\"></span>Attivit\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>al<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>impatto <span class=\"_ _0\"></span>sulla <span class=\"_ _0\"></span>re<span class=\"_ _2\"></span>dditivit\u00e0 <span class=\"_ _0\"></span>complessiva <span class=\"_ _0\"></span>\u2013 <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>sotto forma <span class=\"_ _1\"></span>di titoli di <span class=\"_ _1\"></span>debito che<span class=\"_ _1\"></span> di <span class=\"_ _1\"></span>crediti \u2013<span class=\"_ _1\"></span> sono <span class=\"_ _1\"></span>soggette <span class=\"_ _1\"></span>alla verifica dell\u2019increme<span class=\"_ _1\"></span>nto significativo de<span class=\"_ _1\"></span>l rischio creditizio (impairment) previ<span class=\"_ _2\"></span>sta dall\u2019IFRS 9, <span class=\"_ _2\"></span>al pari delle Attivit\u00e0 al<span class=\"_ _2\"></span> costo ammortizzato, con conseguente <span class=\"_ _35\"> </span>rilevazione <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>una <span class=\"_ _35\"> </span>rettifica <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>valore <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>copertura <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>perdite attese. <span class=\"_ _0\"></span>Pi\u00f9 <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>particolare, <span class=\"_ _0\"></span>sugli <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>classificati <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>stage <span class=\"_ _0\"></span>1 <span class=\"_ _0\"></span>(ossia <span class=\"_ _0\"></span>sulle <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _0\"></span>al momento <span class=\"_ _35\"> </span>dell\u2019origination, <span class=\"_ _35\"> </span>ove <span class=\"_ _35\"> </span>non <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>teriorate, <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>sugli <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>trumenti <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>verificato <span class=\"_ _35\"> </span>un significativo <span class=\"_ _37\"> </span>increme<span class=\"_ _1\"></span>nto <span class=\"_ _36\"> </span>del <span class=\"_ _37\"> </span>rischio <span class=\"_ _36\"> </span>cre<span class=\"_ _1\"></span>ditizio <span class=\"_ _37\"> </span>rispetto <span class=\"_ _36\"> </span>alla <span class=\"_ _36\"> </span>data <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>rilevazione <span class=\"_ _36\"> </span>iniziale) <span class=\"_ _37\"> </span>viene<span class=\"_ _1\"></span> contabilizzata, <span class=\"_ _1\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>rilevazione <span class=\"_ _38\"></span>iniziale <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>ogni <span class=\"_ _38\"></span>data <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>reporting <span class=\"_ _38\"></span>successiva, <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>perdita attesa ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>anno. In<span class=\"_ _2\"></span>vece, per g<span class=\"_ _2\"></span>li strumenti classificati <span class=\"_ _3b\"></span>in stage 2 <span class=\"_ _3b\"></span>(bonis per <span class=\"_ _2\"></span>i q<span class=\"_ _2\"></span>uali si <span class=\"_ _3b\"></span>\u00e8<span class=\"_ _1\"></span> verificato <span class=\"_ _2\"></span>un incremento <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ignificativo <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>rischio <span class=\"_ _38\"></span>creditizio <span class=\"_ _38\"></span>rispetto <span class=\"_ _38\"></span>alla <span class=\"_ _1\"></span>data <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rilevazione <span class=\"_ _38\"></span>iniziale) <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tage <span class=\"_ _38\"></span>3 (esposizioni  deteriorate)  vi<span class=\"_ _2\"></span>ene  contabilizzata <span class=\"_ _35\"> </span>una  perdita  attesa  per  l\u2019<span class=\"_ _2\"></span>intera  vita <span class=\"_ _35\"> </span>residua  dello strumento <span class=\"_ _25a\"></span>finanziario. Criteri di cancel<span class=\"_ _1\"></span>lazione Le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>ve<span class=\"_ _1\"></span>ngono <span class=\"_ _38\"></span>cancellate <span class=\"_ _1\"></span>dal <span class=\"_ _0\"></span>bil<span class=\"_ _2\"></span>ancio <span class=\"_ _38\"></span>so<span class=\"_ _3a1\"> </span>lamente <span class=\"_ _38\"></span>se <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>cessione <span class=\"_ _38\"></span>ha <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>mportato <span class=\"_ _38\"></span>il sostanziale <span class=\"_ _2\"></span>trasferimento di <span class=\"_ _3b\"></span>tutti i<span class=\"_ _2\"></span> rischi <span class=\"_ _3b\"></span>e benefici <span class=\"_ _3b\"></span>connessi all<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 st<span class=\"_ _2\"></span>esse. P<span class=\"_ _2\"></span>er contro,<span class=\"_ _2\"></span> qu<span class=\"_ _2\"></span>alora sia <span class=\"_ _38\"></span>stata <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>antenuta <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>rilevante <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>benefici <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>arie cedute, qu<span class=\"_ _2\"></span>este<span class=\"_ _1\"></span> con<span class=\"_ _2\"></span>tinuano ad<span class=\"_ _2\"></span> essere iscritte <span class=\"_ _3b\"></span>in bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 giuridicamente la <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>itolarit\u00e0 delle<span class=\"_ _2\"></span> attivit\u00e0 stesse sia stata effettivamente trasferita. Nel <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>possibile <span class=\"_ _35\"> </span>accertare <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>sostanziale <span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>asferimento <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>benefici, <span class=\"_ _0\"> </span>le attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>vengono <span class=\"_ _38\"></span>cancellate <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>bilancio <span class=\"_ _1\"></span>qualora <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ato <span class=\"_ _1\"></span>mante<span class=\"_ _1\"></span>nuto <span class=\"_ _1\"></span>alcun <span class=\"_ _38\"></span>tipo <span class=\"_ _38\"></span>di controllo <span class=\"_ _37\"> </span>sulle <span class=\"_ _37\"> </span>stesse. <span class=\"_ _37\"> </span>In <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>contrario, <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>conservazione, <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>parte, <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>tale <span class=\"_ _37\"> </span>controllo comporta  il <span class=\"_ _3d\"> </span>mantenimento  in  bilancio  de<span class=\"_ _1\"></span>lle  attivit\u00e0 <span class=\"_ _3d\"> </span>in  misura  pari <span class=\"_ _3d\"> </span>al  coinvolgimento<span class=\"_ _1\"></span>  residuo, misurato dall\u2019esposizione <span class=\"_ _1\"></span>ai cambiamenti di valore delle attivit\u00e0 cedute <span class=\"_ _1\"></span>ed alle variazioni dei flussi finanziari delle stesse. Infine,  le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _37\"> </span>cedute <span class=\"_ _3d\"> </span>vengono <span class=\"_ _37\"> </span>cancellate <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>bilancio <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>caso <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>cui <span class=\"_ _3d\"> </span>vi <span class=\"_ _3d\"> </span>sia <span class=\"_ _3d\"> </span>l<span class=\"_ _1\"></span>a conservazione <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>diritti <span class=\"_ _37\"> </span>contrattuali <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>ricevere <span class=\"_ _37\"> </span>i <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>cassa, <span class=\"_ _37\"> </span>con <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>contestuale assunzione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un\u2019obbligazione <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>pagare <span class=\"_ _38\"></span>detti <span class=\"_ _1\"></span>flussi, <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>solo <span class=\"_ _38\"></span>essi, <span class=\"_ _1\"></span>senza <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>ritardo <span class=\"_ _38\"></span>rilevante <span class=\"_ _1\"></span>ad <span class=\"_ _38\"></span>altri soggetti terzi. Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali Gli <span class=\"_ _36\"> </span>inte<span class=\"_ _1\"></span>ressi <span class=\"_ _39\"> </span>attivi, <span class=\"_ _36\"> </span>calcolati <span class=\"_ _39\"> </span>in <span class=\"_ _39\"> </span>base <span class=\"_ _39\"> </span>alla <span class=\"_ _36\"> </span>me<span class=\"_ _1\"></span>todologia <span class=\"_ _39\"> </span>d<span class=\"_ _3a1\"> </span>el <span class=\"_ _39\"> </span>T.I.R., <span class=\"_ _36\"> </span>vengono <span class=\"_ _39\"> </span>contabilizzati <span class=\"_ _36\"> </span>pe<span class=\"_ _1\"></span>r competenza <span class=\"_ _1\"></span>nelle <span class=\"_ _38\"></span>voci <span class=\"_ _1\"></span>\u201cInteressi <span class=\"_ _1\"></span>att<span class=\"_ _1\"></span>ivi e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>proventi <span class=\"_ _38\"></span>assimilati\u201d, <span class=\"_ _1\"></span>mentre <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>utili <span class=\"_ _38\"></span>o <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>perdite <span class=\"_ _1\"></span>derivanti da <span class=\"_ _1\"></span>una <span class=\"_ _38\"></span>variazione <span class=\"_ _38\"></span>di fair <span class=\"_ _38\"></span>value vengono <span class=\"_ _38\"></span>rilevati <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>specifica <span class=\"_ _38\"></span>riserva <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>patrimonio <span class=\"_ _38\"></span>netto <span class=\"_ _38\"></span>sino <span class=\"_ _1\"></span>a che l\u2019attivit\u00e0 finanziaria <span class=\"_ _2\"></span>non viene cancellata o non viene rileva<span class=\"_ _2\"></span>ta una p<span class=\"_ _2\"></span>erdita di valore. Per i titoli di debito, al <span class=\"_ _1\"></span>momento della dismissione o<span class=\"_ _1\"></span> della r<span class=\"_ _1\"></span>ilevazione di una perdita di <span class=\"_ _1\"></span>valore, l\u2019utile <span class=\"_ _1\"></span>o la perdita cumulati vengono riversati a conto economico. Qualora <span class=\"_ _3f\"> </span>i <span class=\"_ _39\"> </span>motivi <span class=\"_ _3f\"> </span>della <span class=\"_ _39\"> </span>perdita <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>valore <span class=\"_ _39\"> </span>s<span class=\"_ _1\"></span>iano <span class=\"_ _39\"> </span>rimossi <span class=\"_ _3f\"> </span>a <span class=\"_ _3f\"> </span>segu<span class=\"_ _2\"></span>ito <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>un <span class=\"_ _3f\"> </span>evento <span class=\"_ _3f\"> </span>verificatosi successivamente alla <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevazione della <span class=\"_ _3b\"></span>riduzione di <span class=\"_ _3b\"></span>valore<span class=\"_ _1\"></span>, vengono <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffettuate riprese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore co<span class=\"_ _2\"></span>n imputazione a conto economico, <span class=\"_ _2\"></span>nel caso dei titoli d<span class=\"_ _2\"></span>i debito. L\u2019ammontare della ripresa non <span class=\"_ _2\"></span>pu\u00f2 i<span class=\"_ _2\"></span>n ogni cas<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>superare <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>differenza <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>contabile <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>costo <span class=\"_ _1\"></span>ammortizzato <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>strumento avrebbe avuto in assenza di precedenti rettifiche.<span class=\"_ _3a1\"> </span>2.2 Atti<span class=\"_ _1\"></span>vit\u00e0 finan<span class=\"_ _1\"></span>ziarie v<span class=\"_ _1\"></span>alutate <span class=\"_ _1\"></span>al fair value<span class=\"_ _1\"></span> con impa<span class=\"_ _1\"></span>tto <span class=\"_ _1\"></span>sulla reddi<span class=\"_ _1\"></span>tivit\u00e0 comp<span class=\"_ _1\"></span>lessiva<span class=\"_ _1\"></span> (FVOCI <span class=\"_ _1\"></span>senza<span class=\"_ _3a1\"> </span> riciclo)<span class=\"_ _3a1\"> </span> C<span class=\"_ _3a1\"> </span>riteri di iscr<span class=\"_ _1\"></span>izione<span class=\"_ _3a1\"> </span> L\u2019iscrizione <span class=\"_ _1\"></span>iniziale delle <span class=\"_ _38\"></span>attivit\u00e0 finanziarie <span class=\"_ _1\"></span>avviene <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>regolamento <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>i t<span class=\"_ _1\"></span>itoli <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>capitale.<span class=\"_ _3a1\"> </span> All\u2019atto della rilevazione iniz<span class=\"_ _2\"></span>iale le attivit\u00e0 sono contabilizz<span class=\"_ _2\"></span>ate al fair value, comprensivo dei <span class=\"_ _2\"></span>costi o<span class=\"_ _3a1\"> </span> proventi di transazione direttamente attribuibili allo strumento <span class=\"_ _25a\"></span>stesso.<span class=\"_ _3a1\"> </span> Criteri di classifi<span class=\"_ _1\"></span>cazione<span class=\"_ _3a1\"> </span> Sono incl<span class=\"_ _2\"></span>usi nella <span class=\"_ _3b\"></span>voce gli <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>trumenti di <span class=\"_ _3b\"></span>capitale, non d<span class=\"_ _2\"></span>et<span class=\"_ _3a1\"> </span>enuti pe<span class=\"_ _2\"></span>r fi<span class=\"_ _2\"></span>nalit\u00e0 di<span class=\"_ _2\"></span> negoziazione, <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span> i <span class=\"_ _3b\"></span>quali<span class=\"_ _3a1\"> </span> al <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>omento <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>rilevazione <span class=\"_ _38\"></span>iniziale <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>stata <span class=\"_ _38\"></span>esercitata <span class=\"_ _38\"></span>l\u2019opzione <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>designazione <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value<span class=\"_ _3a1\"> </span> con impatto sulla redditivit\u00e0 complessiva.<span class=\"_ _3a1\"> </span> In <span class=\"_ _37\"> </span>particolare<span class=\"_ _1\"></span>, <span class=\"_ _37\"> </span>vengono <span class=\"_ _37\"> </span>inclusi <span class=\"_ _37\"> </span>in <span class=\"_ _36\"> </span>questa <span class=\"_ _37\"> </span>voce <span class=\"_ _37\"> </span>le<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>interessenze <span class=\"_ _36\"> </span>azionarie, <span class=\"_ _37\"> </span>non <span class=\"_ _37\"> </span>qualificabili <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span> controllo, collegamento <span class=\"_ _3b\"></span>e controllo <span class=\"_ _2\"></span>congiunto, <span class=\"_ _2\"></span>che non <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ono d<span class=\"_ _2\"></span>etenute con <span class=\"_ _3b\"></span>finalit\u00e0 di <span class=\"_ _3b\"></span>nego<span class=\"_ _1\"></span>ziazione,<span class=\"_ _3a1\"> </span> per  cu<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>si  \u00e8 <span class=\"_ _35\"> </span>esercitata  l\u2019opzi<span class=\"_ _2\"></span>one  per <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>designazione  al <span class=\"_ _35\"> </span>fair  va<span class=\"_ _3b\"></span>lue  con <span class=\"_ _35\"> </span>impatto  sulla <span class=\"_ _35\"> </span>redditivit\u00e0<span class=\"_ _3a1\"> </span> complessiva.<span class=\"_ _3a1\"> </span> Riclassifiche<span class=\"_ _3a1\"> </span> Secondo <span class=\"_ _36\"> </span>le <span class=\"_ _39\"> </span>regole <span class=\"_ _36\"> </span>generali <span class=\"_ _39\"> </span>previste <span class=\"_ _36\"> </span>dall\u2019IFRS <span class=\"_ _36\"> </span>9 <span class=\"_ _36\"> </span>in <span class=\"_ _39\"> </span>materia <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>riclassificazione <span class=\"_ _39\"> </span>delle <span class=\"_ _36\"> </span>attivit\u00e0<span class=\"_ _3a1\"> </span> finanziarie per i titoli di capitale non \u00e8 ammessa <span class=\"_ _1\"></span>alcuna riclassifica.<span class=\"_ _3a1\"> </span>Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span> Successivamente <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>rilevazione <span class=\"_ _35\"> </span>iniziale, <span class=\"_ _35\"> </span>gli <span class=\"_ _35\"> </span>strumenti <span class=\"_ _35\"> </span>d<span class=\"_ _3a1\"> </span>i <span class=\"_ _35\"> </span>capitale <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>cui <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>stata <span class=\"_ _35\"> </span>effettuata <span class=\"_ _35\"> </span>l<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span> scelta per <span class=\"_ _1\"></span>la classificazione <span class=\"_ _1\"></span>nella presente cat<span class=\"_ _1\"></span>egoria sono valutati <span class=\"_ _1\"></span>al fair <span class=\"_ _1\"></span>value e <span class=\"_ _1\"></span>gli importi r<span class=\"_ _1\"></span>ilevati<span class=\"_ _3a1\"> </span> in contro<span class=\"_ _1\"></span>partita del <span class=\"_ _1\"></span>patrimonio <span class=\"_ _1\"></span>netto (Prospett<span class=\"_ _1\"></span>o della r<span class=\"_ _1\"></span>edditivit\u00e0 compless<span class=\"_ _1\"></span>iva) non devono <span class=\"_ _1\"></span>ess<span class=\"_ _1\"></span>ere<span class=\"_ _3a1\"> </span> successivamente tr<span class=\"_ _1\"></span>asferiti a conto e<span class=\"_ _1\"></span>conomico, neanche <span class=\"_ _1\"></span>in caso di cessione<span class=\"_ _1\"></span>. La sola <span class=\"_ _1\"></span>componente<span class=\"_ _3a1\"> </span> riferibile <span class=\"_ _37\"> </span>ai <span class=\"_ _3d\"> </span>titoli <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>capitale <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>questione <span class=\"_ _37\"> </span>che <span class=\"_ _3d\"> </span>\u00e8 <span class=\"_ _37\"> </span>oggetto <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>rilevazione <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>cont<span class=\"_ _1\"></span>o <span class=\"_ _3d\"> </span>economico <span class=\"_ _3d\"> </span>\u00e8<span class=\"_ _3a1\"> </span> rappresentata dai relativi dividendi.<span class=\"_ _3a1\"> </span> Il fair value v<span class=\"_ _2\"></span>iene determinato sulla base dei criteri g<span class=\"_ _2\"></span>i\u00e0 illustrati per le At<span class=\"_ _2\"></span>tivit\u00e0 finanziarie valu<span class=\"_ _2\"></span>tate al<span class=\"_ _3a1\"> </span> fair value con impatto a conto economico.<span class=\"_ _3a1\"> </span> Per <span class=\"_ _3b\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _3b\"></span>inclusi <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>que<span class=\"_ _1\"></span>sta <span class=\"_ _3b\"></span>categoria, <span class=\"_ _3b\"></span>non q<span class=\"_ _2\"></span>uotati <span class=\"_ _3b\"></span>in u<span class=\"_ _2\"></span>n <span class=\"_ _3b\"></span>m<span class=\"_ _1\"></span>ercato <span class=\"_ _3b\"></span>attivo, <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>criter<span class=\"_ _1\"></span>io <span class=\"_ _3b\"></span>del <span class=\"_ _3b\"></span>costo<span class=\"_ _3a1\"> </span> \u00e8 utilizzato q<span class=\"_ _2\"></span>uale stima d<span class=\"_ _2\"></span>el fair v<span class=\"_ _3b\"></span>alue soltanto in via <span class=\"_ _3b\"></span>residuale e li<span class=\"_ _2\"></span>mitatamente a poche<span class=\"_ _2\"></span> circostanze,<span class=\"_ _3a1\"> </span> ossia  in <span class=\"_ _35\"> </span>caso  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>non  appli<span class=\"_ _2\"></span>cabilit\u00e0  di <span class=\"_ _35\"> </span>tutti  i <span class=\"_ _35\"> </span>metodi <span class=\"_ _35\"> </span>di  val<span class=\"_ _2\"></span>utazione  precedentemente <span class=\"_ _35\"> </span>richiamati,<span class=\"_ _3a1\"> </span> ovvero in presenza di un\u2019ampia <span class=\"_ _2\"></span>gamma di possibili valutazioni del fair value, nel cui<span class=\"_ _2\"></span> ambito il costo<span class=\"_ _3a1\"> </span> rappresenta la stima pi\u00f9 <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ignificativa.<span class=\"_ _3a1\"> </span> Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span> Le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>ve<span class=\"_ _1\"></span>ngono <span class=\"_ _38\"></span>cancellate <span class=\"_ _1\"></span>dal <span class=\"_ _0\"></span>bil<span class=\"_ _2\"></span>ancio <span class=\"_ _38\"></span>so<span class=\"_ _3a1\"> </span>lamente <span class=\"_ _38\"></span>se <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>cessione <span class=\"_ _38\"></span>ha <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>mportato <span class=\"_ _38\"></span>il<span class=\"_ _3a1\"> </span> sostanziale <span class=\"_ _2\"></span>trasferimento di <span class=\"_ _3b\"></span>tutti i<span class=\"_ _2\"></span> rischi <span class=\"_ _3b\"></span>e benefici <span class=\"_ _3b\"></span>connessi all<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 st<span class=\"_ _2\"></span>esse. P<span class=\"_ _2\"></span>er contro,<span class=\"_ _2\"></span> qu<span class=\"_ _2\"></span>alora<span class=\"_ _3a1\"> </span> sia <span class=\"_ _38\"></span>stata <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>antenuta <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>rilevante <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>benefici <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span> cedute, qu<span class=\"_ _2\"></span>este<span class=\"_ _1\"></span> con<span class=\"_ _2\"></span>tinuano ad<span class=\"_ _2\"></span> essere iscritte <span class=\"_ _3b\"></span>in bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 giuridicamente la <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>itolarit\u00e0 delle<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> attivit\u00e0 stesse sia stata effettivamente trasferita.<span class=\"_ _3a1\"> </span> Nel <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>possibile <span class=\"_ _35\"> </span>accertare <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>sostanziale <span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>asferimento <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>benefici, <span class=\"_ _0\"> </span>le<span class=\"_ _3a1\"> </span> attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>vengono <span class=\"_ _38\"></span>cancellate <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>bilancio <span class=\"_ _1\"></span>qualora <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ato <span class=\"_ _1\"></span>mante<span class=\"_ _1\"></span>nuto <span class=\"_ _1\"></span>alcun <span class=\"_ _38\"></span>tipo <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> controllo <span class=\"_ _37\"> </span>sulle <span class=\"_ _37\"> </span>stesse. <span class=\"_ _37\"> </span>In <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>contrario, <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>conservazione, <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>parte, <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>tale <span class=\"_ _37\"> </span>controllo<span class=\"_ _3a1\"> </span> comporta  il <span class=\"_ _3d\"> </span>mantenimento  in  bilancio  de<span class=\"_ _1\"></span>lle  attivit\u00e0 <span class=\"_ _3d\"> </span>in  misura  pari <span class=\"_ _3d\"> </span>al  coinvolgimento<span class=\"_ _1\"></span>  residuo,<span class=\"_ _3a1\"> </span> misurato dall\u2019esposizione <span class=\"_ _1\"></span>ai cambiamenti di valore delle attivit\u00e0 cedute <span class=\"_ _1\"></span>ed alle variazioni dei flussi<span class=\"_ _3a1\"> </span> finanziari delle stesse.<span class=\"_ _3a1\"> </span> Infine,  le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _37\"> </span>cedute <span class=\"_ _3d\"> </span>vengono <span class=\"_ _37\"> </span>cancellate <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>bilancio <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>caso <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>cui <span class=\"_ _3d\"> </span>vi <span class=\"_ _3d\"> </span>sia <span class=\"_ _3d\"> </span>l<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span> conservazione <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>diritti <span class=\"_ _37\"> </span>contrattuali <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>ricevere <span class=\"_ _37\"> </span>i <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>cassa, <span class=\"_ _37\"> </span>con <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>contestuale<span class=\"_ _3a1\"> </span> assunzione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un\u2019obbligazione <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>pagare <span class=\"_ _38\"></span>detti <span class=\"_ _1\"></span>flussi, <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>solo <span class=\"_ _38\"></span>essi, <span class=\"_ _1\"></span>senza <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>ritardo <span class=\"_ _38\"></span>rilevante <span class=\"_ _1\"></span>ad <span class=\"_ _38\"></span>altri<span class=\"_ _3a1\"> </span> soggetti terzi.<span class=\"_ _3a1\"> </span> Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"_ _3a1\"> </span> I dividendi <span class=\"_ _3b\"></span>ve<span class=\"_ _1\"></span>ngono contabilizzati alla voce \u201cDividendi <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> proventi simil<span class=\"_ _2\"></span>i\u201d nel momento in cui<span class=\"_ _2\"></span> sorge il<span class=\"_ _3a1\"> </span> diritto a riceverne il pagamento, mentre gli utili o<span class=\"_ _2\"></span> le perdite derivanti da una variazione di<span class=\"_ _3a1\"> </span> fair value<span class=\"_ _3a1\"> </span>dei <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>itoli <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>capitale <span class=\"_ _38\"></span>vengono <span class=\"_ _0\"></span>rilev<span class=\"_ _2\"></span>ati <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>pecifica <span class=\"_ _38\"></span>riserva <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>patrimonio <span class=\"_ _38\"></span>netto <span class=\"_ _0\"></span>e <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ale <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>viene<span class=\"_ _3a1\"> </span> riversato a conto economico nel caso di cessione e cancellazione del titolo <span class=\"_ _1\"></span>di capitale. 3 - Attivi<span class=\"_ _1\"></span>t\u00e0 finan<span class=\"_ _1\"></span>ziarie va<span class=\"_ _1\"></span>lutate <span class=\"_ _1\"></span>al costo<span class=\"_ _1\"></span> ammortizza<span class=\"_ _1\"></span>to<span class=\"_ _3a1\"> </span> Crite<span class=\"_ _3a1\"> </span>ri di iscrizione<span class=\"_ _3a1\"> </span> L\u2019iscrizione <span class=\"_ _1\"></span>iniziale <span class=\"_ _1\"></span>dell\u2019attivit\u00e0 <span class=\"_ _1\"></span>finanziaria <span class=\"_ _1\"></span>avviene<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>regolament<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>debito <span class=\"_ _38\"></span>ed<span class=\"_ _3a1\"> </span> alla <span class=\"_ _37\"> </span>data <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>ero<span class=\"_ _1\"></span>gazione <span class=\"_ _37\"> </span>nel <span class=\"_ _36\"> </span>caso <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>crediti. <span class=\"_ _37\"> </span>All\u2019atto <span class=\"_ _36\"> </span>della <span class=\"_ _37\"> </span>rilevazione <span class=\"_ _37\"> </span>iniziale <span class=\"_ _36\"> </span>le <span class=\"_ _37\"> </span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _37\"> </span>sono<span class=\"_ _3a1\"> </span> contabilizzate <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>fair val<span class=\"_ _2\"></span>ue, <span class=\"_ _2\"></span>comprensivo <span class=\"_ _3b\"></span>dei c<span class=\"_ _2\"></span>osti <span class=\"_ _3b\"></span>o p<span class=\"_ _2\"></span>roventi <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>transazione di<span class=\"_ _2\"></span>rettamente <span class=\"_ _3b\"></span>attr<span class=\"_ _1\"></span>ibuibili<span class=\"_ _3a1\"> </span> allo strumento stesso.<span class=\"_ _3a1\"> </span> In <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>icolare, <span class=\"_ _38\"></span>per <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>el <span class=\"_ _0\"></span>che<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>attie<span class=\"_ _2\"></span>ne <span class=\"_ _0\"></span>ai<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>cr<span class=\"_ _2\"></span>editi, <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>data <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ero<span class=\"_ _1\"></span>gazione <span class=\"_ _38\"></span>normalmente <span class=\"_ _0\"></span>coincid<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>l<span class=\"_ _3b\"></span>a<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> data <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>sottoscrizione <span class=\"_ _36\"> </span>del <span class=\"_ _36\"> </span>cont<span class=\"_ _1\"></span>ratto. <span class=\"_ _36\"> </span>Qualora <span class=\"_ _36\"> </span>tale <span class=\"_ _36\"> </span>coincidenza <span class=\"_ _36\"> </span>non <span class=\"_ _36\"> </span>si <span class=\"_ _39\"> </span>manifesti, <span class=\"_ _36\"> </span>in <span class=\"_ _36\"> </span>sede <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span> sottoscrizione <span class=\"_ _0\"></span>del<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>ratto <span class=\"_ _0\"></span>si<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>rovvede <span class=\"_ _0\"></span>ad <span class=\"_ _38\"></span>iscrivere <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>impegno <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>rogare <span class=\"_ _38\"></span>fo<span class=\"_ _1\"></span>ndi <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>si<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>chi<span class=\"_ _2\"></span>ude<span class=\"_ _3a1\"> </span> alla dat<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>erogazione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>finanziamento. <span class=\"_ _1\"></span>L\u2019iscrizione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>credito <span class=\"_ _1\"></span>avviene <span class=\"_ _1\"></span>sulla <span class=\"_ _1\"></span>base <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value<span class=\"_ _3a1\"> </span> dello <span class=\"_ _17e\"> </span>ste<span class=\"_ _1\"></span>sso, <span class=\"_ _17e\"> </span>pari <span class=\"_ _44\"> </span>all\u2019ammontare <span class=\"_ _44\"> </span>erogato, <span class=\"_ _17e\"> </span>o <span class=\"_ _44\"> </span>prezzo <span class=\"_ _17e\"> </span>di <span class=\"_ _44\"> </span>sottoscrizione, <span class=\"_ _44\"> </span>comprensivo <span class=\"_ _44\"> </span>dei<span class=\"_ _3a1\"> </span> costi/proventi <span class=\"_ _3a\"> </span>direttamente <span class=\"_ _3a\"> </span>riconducibili <span class=\"_ _3a\"> </span>al <span class=\"_ _3a\"> </span>singolo <span class=\"_ _3a\"> </span>credito <span class=\"_ _3a\"> </span>e <span class=\"_ _3a\"> </span>determinabili <span class=\"_ _3f\"> </span>s<span class=\"_ _1\"></span>in <span class=\"_ _3a\"> </span>dall\u2019origine<span class=\"_ _3a1\"> </span> dell\u2019operazione, ancorch\u00e9 <span class=\"_ _3b\"></span>liquidati in <span class=\"_ _3b\"></span>un momento <span class=\"_ _3b\"></span>success<span class=\"_ _1\"></span>ivo. <span class=\"_ _2\"></span>Sono <span class=\"_ _3b\"></span>es<span class=\"_ _1\"></span>clusi <span class=\"_ _2\"></span>i co<span class=\"_ _2\"></span>sti ch<span class=\"_ _2\"></span>e, pur<span class=\"_ _2\"></span> avendo<span class=\"_ _3a1\"> </span> le <span class=\"_ _1\"></span>caratter<span class=\"_ _1\"></span>istiche <span class=\"_ _1\"></span>suddette, <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ggetto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rimborso <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>parte <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>controparte <span class=\"_ _1\"></span>debitr<span class=\"_ _1\"></span>ice <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>sono<span class=\"_ _3a1\"> </span> inquadrabili tra i normali costi interni di carattere <span class=\"_ _3b\"></span>amm<span class=\"_ _1\"></span>inistrativo.<span class=\"_ _3a1\"> </span> Criteri di classificazione<span class=\"_ _3a1\"> </span> Sono <span class=\"_ _38\"></span>incluse <span class=\"_ _38\"></span>nella <span class=\"_ _1\"></span>presente <span class=\"_ _38\"></span>categoria <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanzia<span class=\"_ _3a1\"> </span>rie <span class=\"_ _1\"></span>(in <span class=\"_ _38\"></span>particolare <span class=\"_ _38\"></span>finanziamenti <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>tit<span class=\"_ _1\"></span>oli <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span> debito) che soddisfano entrambe le se<span class=\"_ _1\"></span>guenti condizioni:<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019attivit\u00e0 finanziaria <span class=\"_ _1\"></span>\u00e8 posseduta se<span class=\"_ _1\"></span>condo un <span class=\"_ _1\"></span>modello di business <span class=\"_ _1\"></span>il cui obiet<span class=\"_ _1\"></span>tivo \u00e8 conse<span class=\"_ _1\"></span>guito<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>mediante <span class=\"_ _0\"></span>l\u2019incasso <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>previsti <span class=\"_ _0\"></span>contrattualmente <span class=\"_ _0\"></span>(Business <span class=\"_ _0\"></span>model <span class=\"_ _0\"></span>\u201cHold <span class=\"_ _0\"></span>to<span class=\"_ _3a1\"> </span> Collect\u201d \u2013 \u201cHTC\u201d), e<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>ermini <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>rattuali <span class=\"_ _38\"></span>dell\u2019att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _38\"></span>finanziaria <span class=\"_ _0\"></span>prevedono, <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>determin<span class=\"_ _2\"></span>ate <span class=\"_ _0\"></span>date, <span class=\"_ _38\"></span>flussi <span class=\"_ _0\"></span>finanziari<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>rappresentati unicamente da pagamenti del capitale e dell\u2019interesse sul<span class=\"_ _2\"></span>l\u2019importo del capitale<span class=\"_ _3a1\"> </span> da restituire (cd. \u201cSPPI test\u201d superato).<span class=\"_ _3a1\"> </span> Pi\u00f9 in particolare, formano oggetto di rilevazione in quest<span class=\"_ _1\"></span>a voce:<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">gli  i<span class=\"_ _2\"></span>mpieghi  con <span class=\"_ _35\"> </span>banche  nelle <span class=\"_ _35\"> </span>diverse  forme  tecniche <span class=\"_ _35\"> </span>che  presentano  i<span class=\"_ _3b\"></span>  requisiti  di<span class=\"_ _2\"></span>  cui <span class=\"_ _35\"> </span>al<span class=\"_ _3a1\"> </span></span>paragrafo precedente;<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _35\"> </span>impieghi <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>clientela <span class=\"_ _35\"> </span>nelle <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>verse <span class=\"_ _35\"> </span>forme <span class=\"_ _35\"> </span>tecniche <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>presentano <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>requisiti <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>cui <span class=\"_ _35\"> </span>al<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>paragrafo precedente;<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">i titoli di debito che presentano i requisiti di cui al paragrafo <span class=\"_ _1\"></span>precedente.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>Sono <span class=\"_ _35\"> </span>inoltre <span class=\"_ _35\"> </span>inclusi <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>tale <span class=\"_ _35\"> </span>categoria <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>crediti <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>funzionamento <span class=\"_ _35\"> </span>connessi <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>pre<span class=\"_ _1\"></span>stazione <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span> attivit\u00e0 <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>servizi <span class=\"_ _38\"></span>finanziari <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>definiti <span class=\"_ _38\"></span>dal <span class=\"_ _1\"></span>T.U.B. <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>T.U.F. <span class=\"_ _1\"></span>(ad <span class=\"_ _38\"></span>es<span class=\"_ _1\"></span>empio <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>distribuzione <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> prodotti finanziari ed attivit\u00e0 di <span class=\"_ _210\"></span>servicing).<span class=\"_ _3a1\"> </span> Riclassifiche<span class=\"_ _3a1\"> </span> Secondo <span class=\"_ _36\"> </span>le <span class=\"_ _39\"> </span>regole <span class=\"_ _36\"> </span>generali <span class=\"_ _39\"> </span>previste <span class=\"_ _36\"> </span>dall\u2019IFRS <span class=\"_ _36\"> </span>9 <span class=\"_ _36\"> </span>in <span class=\"_ _39\"> </span>materia <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>riclassificazione <span class=\"_ _39\"> </span>delle <span class=\"_ _36\"> </span>attivit\u00e0<span class=\"_ _3a1\"> </span> finanziarie, <span class=\"_ _2\"></span>non sono <span class=\"_ _3b\"></span>ammesse riclassifich<span class=\"_ _2\"></span>e verso al<span class=\"_ _2\"></span>tre cat<span class=\"_ _2\"></span>egorie d<span class=\"_ _2\"></span>i attivit\u00e0 <span class=\"_ _3b\"></span>finanziarie salvo <span class=\"_ _2\"></span>il c<span class=\"_ _2\"></span>aso<span class=\"_ _3a1\"> </span> in <span class=\"_ _0\"></span>cui <span class=\"_ _0\"></span>l\u2019entit\u00e0 <span class=\"_ _35\"> </span>modifichi <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>proprio <span class=\"_ _35\"> </span>modello <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>business <span class=\"_ _35\"> </span>per <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"> </span>attivit\u00e0 <span class=\"_ _35\"> </span>finanziarie <span class=\"_ _0\"></span>a<span class=\"_ _3a1\"> </span> seguito <span class=\"_ _3d\"> </span>di  cambiament<span class=\"_ _1\"></span>i  esterni <span class=\"_ _3d\"> </span>o <span class=\"_ _3d\"> </span>interni <span class=\"_ _3d\"> </span>i  quali <span class=\"_ _3d\"> </span>siano <span class=\"_ _3d\"> </span>rilevanti <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>le  oper<span class=\"_ _1\"></span>azioni  dell'entit\u00e0 <span class=\"_ _3d\"> </span>e<span class=\"_ _3a1\"> </span> dimostrabili <span class=\"_ _1\"></span>alle <span class=\"_ _1\"></span>parti <span class=\"_ _1\"></span>esterne. <span class=\"_ _1\"></span>In <span class=\"_ _1\"></span>tali <span class=\"_ _1\"></span>casi, <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>ci <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>atte<span class=\"_ _1\"></span>nde <span class=\"_ _1\"></span>siano <span class=\"_ _1\"></span>altamente <span class=\"_ _1\"></span>infrequenti, <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _3a1\"> </span> finanziarie <span class=\"_ _0\"></span>potranno <span class=\"_ _35\"> </span>essere <span class=\"_ _0\"></span>riclassificate <span class=\"_ _0\"></span>dalla <span class=\"_ _35\"> </span>cat<span class=\"_ _2\"></span>egoria <span class=\"_ _0\"></span>valutata <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>costo <span class=\"_ _0\"></span>ammortizzato <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>un<span class=\"_ _3b\"></span>a<span class=\"_ _3a1\"> </span> delle <span class=\"_ _1\"></span>altre <span class=\"_ _1\"></span>due <span class=\"_ _1\"></span>categor<span class=\"_ _1\"></span>ie pr<span class=\"_ _1\"></span>eviste <span class=\"_ _1\"></span>dall\u2019IFRS 9 <span class=\"_ _38\"></span>(Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>impatto<span class=\"_ _3a1\"> </span> sulla <span class=\"_ _3d\"> </span>redditivit\u00e0 <span class=\"_ _3d\"> </span>complessiva <span class=\"_ _3d\"> </span>o <span class=\"_ _3d\"> </span>At<span class=\"_ _1\"></span>tivit\u00e0  finanziarie <span class=\"_ _37\"> </span>valutate <span class=\"_ _3d\"> </span>al  fair<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>value <span class=\"_ _3d\"> </span>con <span class=\"_ _3d\"> </span>impatto <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>conto<span class=\"_ _3a1\"> </span> economico). <span class=\"_ _3a\"> </span>Il <span class=\"_ _3a\"> </span>valore<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>t<span class=\"_ _1\"></span>rasferimento <span class=\"_ _3a\"> </span>\u00e8 <span class=\"_ _48\"> </span>rappresentato <span class=\"_ _3a\"> </span>dal <span class=\"_ _3a\"> </span>fair <span class=\"_ _3a\"> </span>value <span class=\"_ _48\"> </span>al <span class=\"_ _3a\"> </span>momento <span class=\"_ _3a\"> </span>della<span class=\"_ _3a1\"> </span> riclassificazione <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>gli <span class=\"_ _1\"></span>effe<span class=\"_ _1\"></span>tti <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iclassificazione <span class=\"_ _38\"></span>operano <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>maniera <span class=\"_ _0\"></span>prospettica <span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>partire <span class=\"_ _38\"></span>dalla<span class=\"_ _3a1\"> </span> data <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>riclassificazione. <span class=\"_ _0\"></span>Gli <span class=\"_ _0\"></span>utili <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>perdite <span class=\"_ _0\"></span>risultanti <span class=\"_ _0\"></span>dalla <span class=\"_ _0\"></span>differenza <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>cos<span class=\"_ _2\"></span>to <span class=\"_ _0\"></span>ammortizzato<span class=\"_ _3a1\"> </span> dell'attivit\u00e0 finanziaria e il relativo fair value sono rilevati a conto economico nel caso di <span class=\"_ _2\"></span>riclassifica<span class=\"_ _3a1\"> </span> tra le At<span class=\"_ _2\"></span>tivit\u00e0 finanziarie <span class=\"_ _2\"></span>valutate al fai<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span> value <span class=\"_ _2\"></span>con impatto <span class=\"_ _2\"></span>a conto <span class=\"_ _2\"></span>economico e<span class=\"_ _2\"></span> a Patrimonio<span class=\"_ _2\"></span> netto,<span class=\"_ _3a1\"> </span> nell\u2019apposita <span class=\"_ _1\"></span>riserva <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valutazione, <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>caso <span class=\"_ _38\"></span>di r<span class=\"_ _1\"></span>iclassifica tra <span class=\"_ _38\"></span>le Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fair<span class=\"_ _3a1\"> </span> value con impatto sulla redditivit\u00e0 complessiva.<span class=\"_ _3a1\"> </span> Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span> Successivamente <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>rilevazione <span class=\"_ _0\"></span>iniziale, <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>fin<span class=\"_ _3a1\"> </span>anziarie <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>esame <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>valutate <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>costo<span class=\"_ _3a1\"> </span> ammortizzato, <span class=\"_ _38\"></span>utilizzando <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>met<span class=\"_ _1\"></span>odo <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>tasso <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>interesse <span class=\"_ _0\"></span>effettivo. <span class=\"_ _1\"></span>In <span class=\"_ _38\"></span>q<span class=\"_ _1\"></span>uesti <span class=\"_ _0\"></span>termini, <span class=\"_ _1\"></span>l\u2019attivit\u00e0 <span class=\"_ _0\"></span>\u00e8<span class=\"_ _3a1\"> </span> riconosciuta <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>bilancio per<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>ammontare <span class=\"_ _1\"></span>pari al <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>prima <span class=\"_ _1\"></span>iscrizione <span class=\"_ _1\"></span>diminuito <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>rimborsi<span class=\"_ _3a1\"> </span> di <span class=\"_ _38\"></span>capitale, <span class=\"_ _38\"></span>pi\u00f9 <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>meno<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>l\u2019ammortame<span class=\"_ _1\"></span>nto <span class=\"_ _1\"></span>cumulato <span class=\"_ _0\"></span>(calc<span class=\"_ _2\"></span>olato <span class=\"_ _38\"></span>col <span class=\"_ _38\"></span>richiamato <span class=\"_ _0\"></span>m<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>todo <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>tasso <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> interesse effettivo) <span class=\"_ _3b\"></span>della differenza <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ra tale <span class=\"_ _3b\"></span>importo iniziale <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> l\u2019imp<span class=\"_ _2\"></span>orto alla <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>cadenza (<span class=\"_ _2\"></span>riconducibile<span class=\"_ _3a1\"> </span>tipicamente ai <span class=\"_ _3b\"></span>costi/provent<span class=\"_ _1\"></span>i im<span class=\"_ _3b\"></span>putati direttamente alla <span class=\"_ _3b\"></span>singola attivit\u00e0) <span class=\"_ _3b\"></span>e rettificato dell\u2019<span class=\"_ _2\"></span>eventuale fondo a <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _0\"></span>perdite <span class=\"_ _0\"></span>attese. <span class=\"_ _0\"></span>Il <span class=\"_ _0\"></span>tasso <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>interesse <span class=\"_ _0\"></span>effettivo <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>individuato <span class=\"_ _0\"></span>calcolando <span class=\"_ _0\"></span>il tasso <span class=\"_ _36\"> </span>che <span class=\"_ _36\"> </span>e<span class=\"_ _1\"></span>guaglia <span class=\"_ _36\"> </span>il <span class=\"_ _36\"> </span>valore <span class=\"_ _36\"> </span>at<span class=\"_ _1\"></span>tuale <span class=\"_ _36\"> </span>dei <span class=\"_ _36\"> </span>flussi <span class=\"_ _39\"> </span>futuri <span class=\"_ _36\"> </span>dell\u2019attivit\u00e0, <span class=\"_ _36\"> </span>per <span class=\"_ _36\"> </span>capitale <span class=\"_ _39\"> </span>ed <span class=\"_ _36\"> </span>interesse, all\u2019ammontare <span class=\"_ _3b\"></span>er<span class=\"_ _1\"></span>ogato <span class=\"_ _3b\"></span>inclusivo <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>costi/pro<span class=\"_ _1\"></span>venti <span class=\"_ _3b\"></span>ricondotti <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>ll\u2019attivit\u00e0 <span class=\"_ _3b\"></span>finanziaria <span class=\"_ _3b\"></span>mede<span class=\"_ _1\"></span>sima. <span class=\"_ _3b\"></span>Tale modalit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>contabilizzazione, <span class=\"_ _0\"></span>utilizzando <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>logica <span class=\"_ _0\"></span>finanziaria, <span class=\"_ _0\"></span>consente <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>distribuire <span class=\"_ _0\"></span>l\u2019effetto economico <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>costi/proventi <span class=\"_ _0\"></span>direttamente <span class=\"_ _0\"></span>attribuibili <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span>\u2019attivit\u00e0 <span class=\"_ _0\"></span>finanziaria <span class=\"_ _0\"></span>lungo <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>sua <span class=\"_ _0\"></span>vita residua attesa. Il metodo del <span class=\"_ _2\"></span>costo ammortizzato non <span class=\"_ _2\"></span>viene utilizz<span class=\"_ _2\"></span>ato per le attiv<span class=\"_ _2\"></span>it\u00e0 \u2013 valorizzate al<span class=\"_ _2\"></span> costo s<span class=\"_ _2\"></span>torico \u2013 la <span class=\"_ _29\"> </span>cui <span class=\"_ _193\"> </span>breve <span class=\"_ _193\"> </span>durata <span class=\"_ _193\"> </span>fa <span class=\"_ _29\"> </span>ritenere <span class=\"_ _193\"> </span>trascurabile <span class=\"_ _193\"> </span>l\u2019effetto <span class=\"_ _29\"> </span>dell\u2019applicazione <span class=\"_ _193\"> </span>della <span class=\"_ _29\"> </span>logica<span class=\"_ _1\"></span> dell\u2019attualizzazione, per quelle senza una scadenza definita e per i crediti a re<span class=\"_ _1\"></span>voca. I <span class=\"_ _37\"> </span>criteri <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>valutazione <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>elativi <span class=\"_ _37\"> </span>agli <span class=\"_ _37\"> </span>accantonamenti <span class=\"_ _37\"> </span>per<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>le <span class=\"_ _37\"> </span>perdite <span class=\"_ _37\"> </span>attese<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>sono <span class=\"_ _37\"> </span>strettamente connessi <span class=\"_ _0\"></span>all\u2019in<span class=\"_ _2\"></span>clusione <span class=\"_ _0\"></span>degli<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>same <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>uno <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>tre <span class=\"_ _0\"></span>stages <span class=\"_ _38\"></span>(stadi <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _0\"></span>creditizio) previsti <span class=\"_ _35\"> </span>dall\u2019IFRS <span class=\"_ _0\"></span>9, <span class=\"_ _35\"> </span>l\u2019ultimo <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>qual<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>(Stage <span class=\"_ _35\"> </span>3) <span class=\"_ _0\"> </span>co<span class=\"_ _1\"></span>mprende <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>finanziarie <span class=\"_ _35\"> </span>deteriorate <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>i restanti (Stage 1 e 2) le attivit\u00e0 finanziarie in bonis. Con riferimento alla rapp<span class=\"_ _2\"></span>resentazione contabile dei suddetti effe<span class=\"_ _2\"></span>tti valutativi, le rettifi<span class=\"_ _2\"></span>che di valore riferite a questa tipologia di attivit\u00e0 sono rilevate nel Conto Economico: <span class=\"_ _42\"> </span><span class=\"ff4\">all\u2019atto dell\u2019iscrizione iniziale, per un ammo<span class=\"_ _1\"></span>ntare pari alla perdita attesa a dodici mesi; </span><span class=\"_ _42\"> </span><span class=\"ff4\">all\u2019atto  della  valutazione  successiva  dell\u2019attivit\u00e0,  ove  il  rischio  creditizio  non  sia  risultato<span class=\"_ _3a1\"> </span></span>significativamente <span class=\"_ _3d\"> </span>incrementato <span class=\"_ _3d\"> </span>rispetto <span class=\"_ _3d\"> </span>all\u2019iscrizione <span class=\"_ _3d\"> </span>iniziale, <span class=\"_ _3d\"> </span>in  r<span class=\"_ _1\"></span>elazione <span class=\"_ _3d\"> </span>alle <span class=\"_ _3d\"> </span>variazioni<span class=\"_ _3a1\"> </span>dell\u2019ammontare delle rettifiche di valore per per<span class=\"_ _1\"></span>dite attese nei dodici mesi successivi; <span class=\"_ _42\"> </span><span class=\"ff4\">all\u2019atto <span class=\"_ _3a\"> </span>della <span class=\"_ _3f\"> </span>valutazione <span class=\"_ _3a\"> </span>success<span class=\"_ _1\"></span>iva <span class=\"_ _3f\"> </span>dell\u2019attivit\u00e0, <span class=\"_ _3a\"> </span>ove <span class=\"_ _3a\"> </span>il <span class=\"_ _3f\"> </span>rischio <span class=\"_ _3a\"> </span>creditizio <span class=\"_ _3a\"> </span>sia <span class=\"_ _3f\"> </span>r<span class=\"_ _1\"></span>isultato </span>significativamente <span class=\"_ _1\"></span>incre<span class=\"_ _1\"></span>mentato <span class=\"_ _1\"></span>rispetto<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>all\u2019iscrizione <span class=\"_ _38\"></span>iniziale, <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>relazione <span class=\"_ _38\"></span>alla <span class=\"_ _1\"></span>rilevazione <span class=\"_ _38\"></span>di rettifiche di valore per perdite attese riferibili all\u2019<span class=\"_ _2\"></span>intera vita residua prevista contrattualmente per l\u2019attivit\u00e0; <span class=\"_ _42\"> </span><span class=\"ff4\">all\u2019atto della valutazione successiva dell\u2019attivit\u00e0, ove <span class=\"_ _1\"></span>\u2013 dopo che si \u00e8 verificato un incremento </span>significativo <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>credito<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>rispetto <span class=\"_ _35\"> </span>all\u2019iscrizione <span class=\"_ _35\"> </span>iniziale <span class=\"_ _35\"> </span>\u2013  la <span class=\"_ _35\"> </span>\u201c<span class=\"_ _2\"></span>significativit\u00e0\u201d <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>tale incremento <span class=\"_ _3d\"> </span>sia <span class=\"_ _37\"> </span>poi <span class=\"_ _3d\"> </span>venuta <span class=\"_ _3d\"> </span>meno, <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>relazione <span class=\"_ _3d\"> </span>all\u2019adeguamento <span class=\"_ _37\"> </span>delle <span class=\"_ _3d\"> </span>rettifiche <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>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 <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>finanziarie in <span class=\"_ _1\"></span>esame, <span class=\"_ _1\"></span>ove r<span class=\"_ _1\"></span>isultino <span class=\"_ _1\"></span>in bonis, <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>sottoposte <span class=\"_ _1\"></span>ad una <span class=\"_ _1\"></span>valutazione, <span class=\"_ _1\"></span>volta a definire  le  rettifiche  di  valore  da <span class=\"_ _35\"> </span>rilevar<span class=\"_ _1\"></span>e  in  bilancio,  a  l<span class=\"_ _2\"></span>ivello  di  singolo  rapporto  creditizio  (o \u201ctranche\u201d di titolo), <span class=\"_ _2\"></span>in funzione d<span class=\"_ _2\"></span>ei parametri di <span class=\"_ _2\"></span>rischio rappresentati da probabili<span class=\"_ _2\"></span>ty of default (PD)<span class=\"_ _2\"></span>, loss given default (LGD) ed e<span class=\"_ _1\"></span>xposure a<span class=\"_ _1\"></span>t default (EAD), derivati dai modelli AIRB<span class=\"_ _1\"></span> e opport<span class=\"_ _1\"></span>unamente corretti per tener conto delle previsioni del principio contabile IFRS 9. Se,  oltre  ad  un  i<span class=\"_ _2\"></span>ncremento  signific<span class=\"_ _2\"></span>ativo  del  rischio  di  credito, <span class=\"_ _35\"> </span>si  riscontrano  anche  oggettive evidenze <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>una pe<span class=\"_ _2\"></span>rdita <span class=\"_ _3b\"></span>di v<span class=\"_ _2\"></span>alore, <span class=\"_ _3b\"></span>l\u2019importo della<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>perdita <span class=\"_ _3b\"></span>viene mis<span class=\"_ _2\"></span>urato <span class=\"_ _2\"></span>come <span class=\"_ _3b\"></span>differenza <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>valore contabile dell\u2019attivit\u00e0 \u2013 classificata come \u201cdeteriorat<span class=\"_ _1\"></span>a\u201d, al pari di tutti gli altri rapporti intercorrenti con <span class=\"_ _3b\"></span>la medesima <span class=\"_ _3b\"></span>controparte \u2013 <span class=\"_ _3b\"></span>e <span class=\"_ _3b\"></span>il v<span class=\"_ _2\"></span>alore attuale <span class=\"_ _3b\"></span>dei fu<span class=\"_ _2\"></span>turi <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>finanzi<span class=\"_ _2\"></span>ari stimati, <span class=\"_ _3b\"></span>scontati al <span class=\"_ _184\"></span>t<span class=\"_ _1\"></span>asso di interesse <span class=\"_ _1\"></span>effettivo originario. <span class=\"_ _1\"></span>In tale <span class=\"_ _1\"></span>contesto, \u00e8 <span class=\"_ _1\"></span>stata sviluppata <span class=\"_ _1\"></span>una specifica <span class=\"_ _1\"></span>metodologia per il  trattamento  contabile  da<span class=\"_ _3b\"></span>  applicare  ad  un  portafoglio  d<span class=\"_ _2\"></span>i  posizioni  a <span class=\"_ _35\"> </span>sofferenza  che,  avendo maturato u<span class=\"_ _2\"></span>n <span class=\"_ _3b\"></span>vintage signi<span class=\"_ _2\"></span>ficativo, <span class=\"_ _3b\"></span>vengono valutate<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>un\u2019ottica <span class=\"_ _3b\"></span>di cessione <span class=\"_ _3b\"></span>(c.d.\u201dPortafoglio sotto \u2013 <span class=\"_ _3b\"></span>modello <span class=\"_ _2\"></span>Stage 3\u201d). <span class=\"_ _3b\"></span>Tale <span class=\"_ _3b\"></span>met<span class=\"_ _1\"></span>odologia <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>nsidera d<span class=\"_ _2\"></span>iversi <span class=\"_ _3b\"></span>scenari e <span class=\"_ _3b\"></span>stima il <span class=\"_ _3b\"></span>valore recup<span class=\"_ _2\"></span>erabile delle <span class=\"_ _38\"></span>esposizioni <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>base <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>combinazione <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>probabilit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>accadimento <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ali <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>cenari, <span class=\"_ _38\"></span>oltre che <span class=\"_ _38\"></span>ai <span class=\"_ _38\"></span>relativi <span class=\"_ _38\"></span>flussi <span class=\"_ _0\"></span>di<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>cassa <span class=\"_ _1\"></span>stimati. <span class=\"_ _38\"></span>Rientrano <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>ll\u2019ambito <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>deteriorate <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>str<span class=\"_ _1\"></span>umenti finanziari <span class=\"_ _39\"> </span>ai <span class=\"_ _3f\"> </span>quali <span class=\"_ _3f\"> </span>\u00e8 <span class=\"_ _39\"> </span>st<span class=\"_ _1\"></span>ato <span class=\"_ _3f\"> </span>attribu<span class=\"_ _2\"></span>ito <span class=\"_ _3f\"> </span>lo <span class=\"_ _39\"> </span>s<span class=\"_ _1\"></span>tatus <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>sofferenza, <span class=\"_ _3f\"> </span>inadempienza <span class=\"_ _39\"> </span>probabile <span class=\"_ _3f\"> </span>o <span class=\"_ _39\"> </span>d<span class=\"_ _1\"></span>i scaduto/sconfinante <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>oltre <span class=\"_ _0\"></span>nov<span class=\"_ _2\"></span>anta <span class=\"_ _0\"></span>giorni <span class=\"_ _0\"></span>secondo <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>regole <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>Banca <span class=\"_ _0\"></span>d\u2019Italia, <span class=\"_ _38\"></span>coe<span class=\"_ _1\"></span>renti <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>la normativa IAS/IFRS e di Vigilanza europe<span class=\"_ _1\"></span>a. I <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>cassa <span class=\"_ _0\"></span>previsti <span class=\"_ _0\"></span>te<span class=\"_ _1\"></span>ngono <span class=\"_ _0\"></span>conto <span class=\"_ _35\"> </span>d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>tempi <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>recupero <span class=\"_ _0\"></span>attesi <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>presumibile <span class=\"_ _0\"></span>valore <span class=\"_ _0\"></span>di realizzo delle eventuali garanzie. Il <span class=\"_ _2\"></span>tasso effettivo <span class=\"_ _3b\"></span>or<span class=\"_ _1\"></span>iginario di<span class=\"_ _2\"></span> ciascun<span class=\"_ _2\"></span>a attivit\u00e0 riman<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> inv<span class=\"_ _2\"></span>ariato nel <span class=\"_ _3b\"></span>te<span class=\"_ _1\"></span>mpo ancorch<span class=\"_ _2\"></span>\u00e9 sia <span class=\"_ _2\"></span>intervenuta una <span class=\"_ _0\"></span>ristr<span class=\"_ _1\"></span>utturazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>ra<span class=\"_ _1\"></span>pporto <span class=\"_ _0\"></span>che <span class=\"_ _35\"> </span>abb<span class=\"_ _2\"></span>ia <span class=\"_ _0\"></span>comport<span class=\"_ _1\"></span>ato <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>va<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iazione <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>tasso <span class=\"_ _0\"></span>contrattuale <span class=\"_ _0\"></span>ed anche qualora il rapporto divenga, nella pratica, infruttifero <span class=\"_ _1\"></span>di interessi contrattuali. Qualora <span class=\"_ _3f\"> </span>i <span class=\"_ _39\"> </span>motivi <span class=\"_ _3f\"> </span>della <span class=\"_ _39\"> </span>perdita <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>valore <span class=\"_ _39\"> </span>s<span class=\"_ _1\"></span>iano <span class=\"_ _39\"> </span>rimossi <span class=\"_ _3f\"> </span>a <span class=\"_ _3f\"> </span>segu<span class=\"_ _2\"></span>ito <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>un <span class=\"_ _3f\"> </span>evento <span class=\"_ _3f\"> </span>verificatosi successivamente alla <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevazione della <span class=\"_ _3b\"></span>riduzione di <span class=\"_ _3b\"></span>valore<span class=\"_ _1\"></span>, vengono <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffettuate riprese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore co<span class=\"_ _2\"></span>n imputazione a Conto Economico. La ripresa di valo<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>e non pu\u00f2 eccedere il costo ammortizzato ch<span class=\"_ _2\"></span>e lo <span class=\"_ _35\"> </span>strumento <span class=\"_ _35\"> </span>finanziario <span class=\"_ _35\"> </span>avrebbe <span class=\"_ _35\"> </span>avuto <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>assenza <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>precedenti <span class=\"_ _35\"> </span>rettifiche. <span class=\"_ _35\"> </span>I <span class=\"_ _35\"> </span>ripristini <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>valore connessi con il trascorrere del tempo sono a<span class=\"_ _1\"></span>ppostati nel margine di interesse. In <span class=\"_ _35\"> </span>alcuni <span class=\"_ _35\"> </span>casi, <span class=\"_ _35\"> </span>durante <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>vita <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _35\"> </span>finanziarie <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>esame <span class=\"_ _35\"> </span>e, <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>particolare, <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>crediti, <span class=\"_ _35\"> </span>le condizioni <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>rattuali <span class=\"_ _38\"></span>originarie <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>oggetto <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>success<span class=\"_ _1\"></span>iva <span class=\"_ _38\"></span>modifica <span class=\"_ _38\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _0\"></span>volont\u00e0 <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>parti <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>el<span class=\"_ _3a1\"> </span>contratto. <span class=\"_ _38\"></span>Quando, <span class=\"_ _1\"></span>nel <span class=\"_ _38\"></span>corso <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>vita <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>trumento, <span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>clausole <span class=\"_ _38\"></span>contrattuali <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>oggetto <span class=\"_ _38\"></span>di modifi<span class=\"_ _3a1\"> </span>ca <span class=\"_ _38\"></span>occorre <span class=\"_ _38\"></span>ver<span class=\"_ _1\"></span>ificare <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>l\u2019attivit\u00e0 <span class=\"_ _38\"></span>originaria <span class=\"_ _38\"></span>deve <span class=\"_ _38\"></span>continuare <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>essere<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>rilevata<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>bilancio <span class=\"_ _38\"></span>o se, <span class=\"_ _39\"> </span>al <span class=\"_ _36\"> </span>contrario, <span class=\"_ _39\"> </span>lo <span class=\"_ _36\"> </span>strumento <span class=\"_ _39\"> </span>originario <span class=\"_ _36\"> </span>deve <span class=\"_ _36\"> </span>e<span class=\"_ _1\"></span>ssere <span class=\"_ _36\"> </span>oggetto<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>cancellazione <span class=\"_ _39\"> </span>dal <span class=\"_ _36\"> </span>bilancio (derecognition) e debba essere rilevato un nuovo strumento finanziario. In <span class=\"_ _0\"></span>generale<span class=\"_ _1\"></span>, <span class=\"_ _0\"></span>le <span class=\"_ _35\"> </span>m<span class=\"_ _2\"></span>odifiche <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>un\u2019<span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>finanz<span class=\"_ _2\"></span>iaria <span class=\"_ _0\"></span>conducono <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>cancellazione <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>stessa <span class=\"_ _0\"></span>ed all\u2019iscrizione d<span class=\"_ _2\"></span>i u<span class=\"_ _2\"></span>na nuov<span class=\"_ _2\"></span>a attivit\u00e0 <span class=\"_ _3b\"></span>quando sono <span class=\"_ _3b\"></span>\u201csostanziali\u201d. La <span class=\"_ _3b\"></span>valutazione circa <span class=\"_ _2\"></span>la <span class=\"_ _3b\"></span>\u201cso<span class=\"_ _1\"></span>stanzialit\u00e0\u201d della <span class=\"_ _3a\"> </span>modifica <span class=\"_ _3a\"> </span>deve <span class=\"_ _48\"> </span>essere <span class=\"_ _3a\"> </span>effettuata <span class=\"_ _3a\"> </span>considerando <span class=\"_ _3a\"> </span>sia <span class=\"_ _48\"> </span>elementi <span class=\"_ _3a\"> </span>qualitativi <span class=\"_ _3a\"> </span>sia <span class=\"_ _3a\"> </span>elementi quantitativi. In <span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>cuni casi<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>infatti, <span class=\"_ _1\"></span>potr\u00e0 <span class=\"_ _1\"></span>risultare <span class=\"_ _1\"></span>chiaro, <span class=\"_ _1\"></span>senza <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>ricorso <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>complesse <span class=\"_ _1\"></span>analisi, che <span class=\"_ _1\"></span>i cambiamenti <span class=\"_ _0\"></span>introdotti <span class=\"_ _0\"></span>modificano <span class=\"_ _0\"></span>sostanzialmente <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>caratteristiche <span class=\"_ _0\"></span>e/o <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>flu<span class=\"_ _2\"></span>ssi <span class=\"_ _0\"></span>contrattuali <span class=\"_ _0\"></span>di una determinata attivit\u00e0 mentre, in altri casi, dovranno essere svolte ulteriori analisi (anche di tipo quantitativo) <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>apprezzare <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>effetti <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>stesse <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>verificare <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>necess<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>procedere <span class=\"_ _38\"></span>o <span class=\"_ _38\"></span>meno alla cancellazione dell\u2019attivit\u00e0 ed alla iscrizione <span class=\"_ _1\"></span>di un nuovo strumento finanziario. Le <span class=\"_ _39\"> </span>analisi <span class=\"_ _36\"> </span>(quali-quantitative) <span class=\"_ _36\"> </span>volte<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>a <span class=\"_ _36\"> </span>definire <span class=\"_ _36\"> </span>la <span class=\"_ _39\"> </span>\u201csostanzialit\u00e0\u201d <span class=\"_ _36\"> </span>delle <span class=\"_ _39\"> </span>modifiche <span class=\"_ _36\"> </span>contr<span class=\"_ _1\"></span>attuali apportate ad un\u2019attivit\u00e0 finanziaria, dovranno pertanto considerare<span class=\"_ _1\"></span>: <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _0\"></span>finalit\u00e0 <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>cui <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>modifiche <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>state <span class=\"_ _0\"></span>effettuate: <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>esempio, <span class=\"_ _0\"></span>rinegoziazioni <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>motivi </span>commerciali e concessioni per difficolt\u00e0 finanziarie della contro<span class=\"_ _1\"></span>parte: <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _0\"></span>prime, <span class=\"_ _0\"></span>volte <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>\u201ctrattenere\u201d <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>cliente, <span class=\"_ _0\"></span>vedono <span class=\"_ _35\"> </span>coinv<span class=\"_ _2\"></span>olto <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>debitore <span class=\"_ _35\"> </span>che<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>versa <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>una </span>situazione  di  difficolt\u00e0  finan<span class=\"_ _2\"></span>ziar<span class=\"_ _1\"></span>ia.  In  questa  casistica  sono  inc<span class=\"_ _2\"></span>luse  tutte  le  operazioni  di rinegoziazione <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>volte <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>adeguare <span class=\"_ _38\"></span>l\u2019onerosit\u00e0 <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>debito <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>condizioni <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rcato. Tali <span class=\"_ _48\"> </span>operazioni <span class=\"_ _48\"> </span>comportano <span class=\"_ _48\"> </span>una <span class=\"_ _48\"> </span>variazione <span class=\"_ _48\"> </span>delle <span class=\"_ _48\"> </span>condizi<span class=\"_ _2\"></span>oni <span class=\"_ _48\"> </span>or<span class=\"_ _1\"></span>iginarie <span class=\"_ _48\"> </span>del <span class=\"_ _48\"> </span>contratto, solitamente <span class=\"_ _38\"></span>richieste <span class=\"_ _38\"></span>dal <span class=\"_ _1\"></span>debitore<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>attiene <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>aspetti <span class=\"_ _38\"></span>connessi <span class=\"_ _38\"></span>alla <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nerosit\u00e0 <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>debito, con <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>conseguente <span class=\"_ _0\"></span>beneficio <span class=\"_ _38\"></span>economico <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>il<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>debito<span class=\"_ _2\"></span>re <span class=\"_ _0\"></span>stess<span class=\"_ _2\"></span>o. <span class=\"_ _0\"></span>In<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>lin<span class=\"_ _2\"></span>ea <span class=\"_ _0\"></span>generale <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>itiene che, <span class=\"_ _38\"></span>ogniqualvolta <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>banca <span class=\"_ _38\"></span>effe<span class=\"_ _1\"></span>ttui <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>rinegoziazione <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>fine <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>evitare <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>perdere <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>prio cliente, <span class=\"_ _0\"></span>tale <span class=\"_ _38\"></span>rinegoziazione <span class=\"_ _0\"></span>debba <span class=\"_ _38\"></span>ess<span class=\"_ _1\"></span>ere <span class=\"_ _38\"></span>consider<span class=\"_ _1\"></span>ata <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>me <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ostanziale <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>anto, <span class=\"_ _0\"></span>ove <span class=\"_ _38\"></span>non fosse  effett<span class=\"_ _1\"></span>uata,  il  cliente <span class=\"_ _3d\"> </span>potrebbe  finanziarsi  press<span class=\"_ _1\"></span>o  un  altro <span class=\"_ _3d\"> </span>intermediario  e<span class=\"_ _1\"></span>  la  banca subirebbe un decremento dei ricavi futuri previsti; <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _36\"> </span>seconde, <span class=\"_ _36\"> </span>effettuate <span class=\"_ _39\"> </span>per <span class=\"_ _37\"> </span>\u201cragioni <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>rischio <span class=\"_ _39\"> </span>creditizio\u201d <span class=\"_ _36\"> </span>(misure <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>forbearance), <span class=\"_ _36\"> </span>sono </span>riconducibili <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>tentat<span class=\"_ _1\"></span>ivo <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>banca <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>massimizzare <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>reco<span class=\"_ _1\"></span>very <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>cash <span class=\"_ _35\"> </span>flow <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>credito originario. I <span class=\"_ _3b\"></span>rischi e <span class=\"_ _3b\"></span>i benefici <span class=\"_ _3b\"></span>sottostant<span class=\"_ _1\"></span>i, <span class=\"_ _3b\"></span>succes<span class=\"_ _1\"></span>sivamente <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>modifiche, <span class=\"_ _3b\"></span>di norma, non <span class=\"_ _3b\"></span>sono sostanzialmente  trasferiti  e,  co<span class=\"_ _2\"></span>nseguentemente,  la  rappresentazione  contabile<span class=\"_ _2\"></span>  che  offre informazioni <span class=\"_ _38\"></span>pi\u00f9 <span class=\"_ _38\"></span>rilevanti <span class=\"_ _0\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>lettore <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>bil<span class=\"_ _2\"></span>ancio <span class=\"_ _38\"></span>(salvo <span class=\"_ _38\"></span>quanto <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>dir\u00e0 <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>se<span class=\"_ _1\"></span>guito <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ema <span class=\"_ _38\"></span>di elementi <span class=\"_ _0\"></span>oggettivi)<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>quella <span class=\"_ _0\"></span>effettuata <span class=\"_ _38\"></span>tramite <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>\u201cmodification <span class=\"_ _0\"></span>accounting\u201d <span class=\"_ _38\"></span>- <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>implica <span class=\"_ _38\"></span>la<span class=\"_ _3a1\"> </span>rilevazione <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>conto <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>conomico de<span class=\"_ _1\"></span>lla differe<span class=\"_ _1\"></span>nza <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>abile e <span class=\"_ _1\"></span>valore<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>attuale <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>flussi di cassa modificati scontati al tasso di interesse originario - e non tr<span class=\"_ _1\"></span>amite la derecognition; <span class=\"_ _42\"> </span><span class=\"ff4\">la presenza di <span class=\"_ _2\"></span>specifici elementi oggettivi (\u201ctrigger\u201d) che i<span class=\"_ _2\"></span>ncidono sulle caratteristiche e<span class=\"_ _2\"></span>/o sui </span>flussi <span class=\"_ _1\"></span>contrattuali <span class=\"_ _1\"></span>dello <span class=\"_ _1\"></span>strumento <span class=\"_ _1\"></span>finanziario <span class=\"_ _1\"></span>(quali, a <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>titolo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>esempio, <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>cambiamento di divisa o la modifica della tipologia di rischio a cui si \u00e8 e<span class=\"_ _1\"></span>sposti, ove la si correli a parametri di equity <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>commodity), <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>itiene <span class=\"_ _0\"></span>comportino <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>derecognition <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>considerazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>loro impatto (atteso come significativo) sui flussi contra<span class=\"_ _1\"></span>ttuali originari. Criteri di cancel<span class=\"_ _1\"></span>lazione Le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>ve<span class=\"_ _1\"></span>ngono <span class=\"_ _38\"></span>cancellate <span class=\"_ _1\"></span>dal <span class=\"_ _0\"></span>bil<span class=\"_ _2\"></span>an<span class=\"_ _3a1\"> </span>cio <span class=\"_ _38\"></span>so<span class=\"_ _3a1\"> </span>lamente <span class=\"_ _38\"></span>se <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>cessione <span class=\"_ _38\"></span>ha <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>mportato <span class=\"_ _38\"></span>il sostanziale <span class=\"_ _2\"></span>trasferimento di <span class=\"_ _3b\"></span>tutti i<span class=\"_ _2\"></span> rischi <span class=\"_ _3b\"></span>e benefici <span class=\"_ _3b\"></span>connessi all<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 st<span class=\"_ _2\"></span>esse. P<span class=\"_ _2\"></span>er contro,<span class=\"_ _2\"></span> qu<span class=\"_ _2\"></span>alora sia <span class=\"_ _38\"></span>stata <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>antenuta <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>rilevante <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>benefici <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>arie cedute, qu<span class=\"_ _2\"></span>este<span class=\"_ _1\"></span> con<span class=\"_ _2\"></span>tinuano ad<span class=\"_ _2\"></span> essere iscritte <span class=\"_ _3b\"></span>in bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 giuridicamente la <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>itolarit\u00e0 delle<span class=\"_ _2\"></span> attivit\u00e0 stesse sia stata effettivamente trasferita. Nel <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>possibile <span class=\"_ _35\"> </span>accertare <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>sostanziale <span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>asferimento <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>benefici, <span class=\"_ _0\"> </span>le attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>vengono <span class=\"_ _38\"></span>cancellate <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>bilancio <span class=\"_ _1\"></span>qualora <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ato <span class=\"_ _1\"></span>mante<span class=\"_ _1\"></span>nuto <span class=\"_ _1\"></span>alcun <span class=\"_ _38\"></span>tipo <span class=\"_ _38\"></span>di controllo <span class=\"_ _37\"> </span>sulle <span class=\"_ _37\"> </span>stesse. <span class=\"_ _37\"> </span>In <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>contrario, <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>conservazione, <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>parte, <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>tale <span class=\"_ _37\"> </span>controllo comporta  il <span class=\"_ _3d\"> </span>mantenimento  in  bilancio  de<span class=\"_ _1\"></span>lle  attivit\u00e0 <span class=\"_ _3d\"> </span>in  misura  pari <span class=\"_ _3d\"> </span>al  coinvolgimento<span class=\"_ _1\"></span>  residuo, misurato dall\u2019esposizione <span class=\"_ _1\"></span>ai cambiamenti di valore delle attivit\u00e0 cedute <span class=\"_ _1\"></span>ed alle variazioni dei flussi finanziari delle stesse. Infine,  le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _37\"> </span>cedute <span class=\"_ _3d\"> </span>vengono <span class=\"_ _37\"> </span>cancellate <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>bilancio <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>caso <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>cui <span class=\"_ _3d\"> </span>vi <span class=\"_ _3d\"> </span>sia <span class=\"_ _3d\"> </span>l<span class=\"_ _1\"></span>a conservazione <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>diritti <span class=\"_ _37\"> </span>contrattuali <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>ricevere <span class=\"_ _37\"> </span>i <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>cassa, <span class=\"_ _37\"> </span>con <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>contestuale assunzione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un\u2019obbligazione <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>pagare <span class=\"_ _38\"></span>detti <span class=\"_ _1\"></span>flussi, <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>solo <span class=\"_ _38\"></span>essi, <span class=\"_ _1\"></span>senza <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>ritardo <span class=\"_ _38\"></span>rilevante <span class=\"_ _1\"></span>ad <span class=\"_ _38\"></span>altri soggetti terzi.<span class=\"_ _3a1\"> </span> Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali L\u2019allo<span class=\"_ _3a1\"> </span>cazione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>componenti <span class=\"_ _0\"></span>reddituali <span class=\"_ _0\"></span>nelle <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span>tinenti <span class=\"_ _0\"></span>voci <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>avv<span class=\"_ _2\"></span>iene <span class=\"_ _0\"></span>sulla base di quanto riportato di seguito: <span class=\"_ _42\"> </span><span class=\"ff4\">Gli <span class=\"_ _1\"></span>interessi <span class=\"_ _1\"></span>attivi <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>crediti <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>vengono <span class=\"_ _1\"></span>allocati <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>lla voce<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>\u201cInteressi <span class=\"_ _1\"></span>attivi <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>provent<span class=\"_ _1\"></span>i </span>assimilati\u201d per competenza sulla base de<span class=\"_ _1\"></span>l tasso di interesse effettivo; <span class=\"_ _42\"> </span><span class=\"ff4\">Gli <span class=\"_ _1\"></span>utili <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>perdite <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>cessione <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>crediti <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>dei <span class=\"_ _1\"></span>titoli <span class=\"_ _38\"></span>vengono <span class=\"_ _1\"></span>allocati <span class=\"_ _1\"></span>nella <span class=\"_ _38\"></span>voce <span class=\"_ _1\"></span>\u201cUtili <span class=\"_ _38\"></span>(perdite) </span>da cessione o riacquisto di attivit\u00e0 finanziarie valutate al costo ammortizzato\u201d; <span class=\"_ _42\"> </span><span class=\"ff4\">Le <span class=\"_ _1\"></span>rettifiche <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>impairment, <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>dite <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>cancellazioni <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>riprese <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>crediti <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>dei </span>titoli  vengono <span class=\"_ _35\"> </span>allocate  nella <span class=\"_ _35\"> </span>voce <span class=\"_ _35\"> </span>\u201cRettifiche/riprese  di <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>nette  per <span class=\"_ _35\"> </span>rischio  di <span class=\"_ _35\"> </span>credito relativo ad attivit\u00e0 finanziarie valutate al costo ammortizzato\u201d<span class=\"_ _1\"></span>. <span class=\"_ _42\"> </span><span class=\"ff4\">Gli <span class=\"_ _38\"></span>interess<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>dovuti <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>trascorrere <span class=\"_ _1\"></span>del <span class=\"_ _0\"></span>tempo <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>ntabilizz<span class=\"_ _2\"></span>ati <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>lla <span class=\"_ _38\"></span>voce <span class=\"_ _38\"></span>\u201c<span class=\"_ _1\"></span>Interessi <span class=\"_ _38\"></span>attivi <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span></span>proventi assimilati\u201d<span class=\"_ _3a1\"> </span>. 4 - Ope<span class=\"_ _1\"></span>razioni di<span class=\"_ _1\"></span> copertura<span class=\"_ _3a1\"> </span> Il <span class=\"_ _35\"> </span>Gr<span class=\"_ _3a1\"> </span>uppo <span class=\"_ _35\"> </span>si  avv<span class=\"_ _2\"></span>ale  della <span class=\"_ _35\"> </span>facolt\u00e0, <span class=\"_ _35\"> </span>prevista <span class=\"_ _35\"> </span>in  sede <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>introduzione  d<span class=\"_ _2\"></span>ell\u2019IFRS <span class=\"_ _35\"> </span>9,  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>continuare<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>ad<span class=\"_ _3a1\"> </span> applicare <span class=\"_ _1\"></span>integralmente <span class=\"_ _1\"></span>le previsioni <span class=\"_ _1\"></span>del principio <span class=\"_ _1\"></span>contabile <span class=\"_ _1\"></span>IAS <span class=\"_ _1\"></span>39 in <span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>a di <span class=\"_ _1\"></span>\u201chedge <span class=\"_ _1\"></span>accounting\u201d<span class=\"_ _3a1\"> </span> (nella ver<span class=\"_ _1\"></span>sione <span class=\"_ _1\"></span>carved o<span class=\"_ _1\"></span>ut omo<span class=\"_ _1\"></span>logata dalla <span class=\"_ _1\"></span>Commissione <span class=\"_ _1\"></span>Europea) <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>ogni <span class=\"_ _1\"></span>tipologia <span class=\"_ _1\"></span>di copertura<span class=\"_ _3a1\"> </span> (sia per le coperture specifiche che per le macro coperture<span class=\"_ _1\"></span>).<span class=\"_ _3a1\"> </span> Criteri di iscrizione<span class=\"_ _3a1\"> </span> Gli <span class=\"_ _3f\"> </span>strume<span class=\"_ _1\"></span>nti <span class=\"_ _3a\"> </span>derivati <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>copert<span class=\"_ _1\"></span>ura, <span class=\"_ _3f\"> </span>al <span class=\"_ _3a\"> </span>pari <span class=\"_ _3f\"> </span>di <span class=\"_ _3a\"> </span>tutti <span class=\"_ _3f\"> </span>i <span class=\"_ _3a\"> </span>de<span class=\"_ _3a1\"> </span>rivati, <span class=\"_ _3f\"> </span>s<span class=\"_ _1\"></span>ono <span class=\"_ _3f\"> </span>inizialmente <span class=\"_ _3a\"> </span>iscritti <span class=\"_ _3f\"> </span>e<span class=\"_ _3a1\"> </span> successivamente misurati al fair value.<span class=\"_ _3a1\"> </span> Criteri di classifi<span class=\"_ _1\"></span>cazione: tipologia di <span class=\"_ _1\"></span>coperture<span class=\"_ _3a1\"> </span> Le <span class=\"_ _0\"></span>operazioni <span class=\"_ _0\"> </span>di <span class=\"_ _35\"> </span>copertura <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>sono <span class=\"_ _35\"> </span>finaliz<span class=\"_ _2\"></span>zate <span class=\"_ _35\"> </span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>neutr<span class=\"_ _1\"></span>alizzare <span class=\"_ _0\"></span>potenziali <span class=\"_ _0\"></span>variazioni <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>fair<span class=\"_ _3a1\"> </span> value <span class=\"_ _37\"> </span>o <span class=\"_ _37\"> </span>variazioni <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>cassa, <span class=\"_ _37\"> </span>attr<span class=\"_ _1\"></span>ibuibili <span class=\"_ _3d\"> </span>ad <span class=\"_ _37\"> </span>un <span class=\"_ _37\"> </span>dete<span class=\"_ _1\"></span>rminato <span class=\"_ _37\"> </span>rischio <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>rilevabili <span class=\"_ _37\"> </span>su <span class=\"_ _37\"> </span>un<span class=\"_ _3a1\"> </span> determinato  elemento  o  gruppo  di  elementi,  nel  caso  in  cu<span class=\"_ _2\"></span>i  quel  particolare  rischio  dovesse<span class=\"_ _3a1\"> </span> effettivamente manifestarsi.<span class=\"_ _3a1\"> </span> Le tipologie di coperture utilizzate sono le seguenti:<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">copertura  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>fair  value: <span class=\"_ _35\"> </span>ha <span class=\"_ _35\"> </span>l\u2019obiettivo  di<span class=\"_ _2\"></span>  cop<span class=\"_ _2\"></span>rire  l\u2019esposizione <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>variazione  del <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>(attribuibile alle <span class=\"_ _1\"></span>diverse tipologie <span class=\"_ _1\"></span>di r<span class=\"_ _1\"></span>ischio) di at<span class=\"_ _1\"></span>tivit\u00e0 e <span class=\"_ _1\"></span>passivit\u00e0 iscritte <span class=\"_ _1\"></span>in bilancio o<span class=\"_ _1\"></span> porzioni<span class=\"_ _3a1\"> </span> di  es<span class=\"_ _1\"></span>se,  di <span class=\"_ _3d\"> </span>gruppi  di  att<span class=\"_ _1\"></span>ivit\u00e0/passivit\u00e0,  di  impegni <span class=\"_ _3d\"> </span>irrevocabili  e <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>portafogli  di <span class=\"_ _3d\"> </span>attivit\u00e0  e<span class=\"_ _3a1\"> </span> passivit\u00e0 <span class=\"_ _0\"></span>finanziarie, <span class=\"_ _0\"></span>inclusi <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>core <span class=\"_ _0\"></span>deposits, <span class=\"_ _0\"></span>come <span class=\"_ _0\"></span>consentito <span class=\"_ _0\"></span>dallo <span class=\"_ _0\"></span>IAS <span class=\"_ _0\"></span>39 <span class=\"_ _0\"></span>omologato<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>dalla<span class=\"_ _3a1\"> </span> Commissione Europea. <span class=\"_ _3b\"></span>Le cope<span class=\"_ _2\"></span>rture gen<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>riche d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3b\"></span>(\u201cmacr<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>hedge\u201d) <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>l\u2019obiettivo<span class=\"_ _3a1\"> </span> di <span class=\"_ _38\"></span>ridurre <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>scillazioni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value, <span class=\"_ _38\"></span>imputabili <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>tasso <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>int<span class=\"_ _2\"></span>eresse, <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _38\"></span>importo<span class=\"_ _3a1\"> </span> monetario,  riveniente <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>un  po<span class=\"_ _2\"></span>rtafoglio  di<span class=\"_ _2\"></span>  at<span class=\"_ _2\"></span>tivit\u00e0  o <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>passivit\u00e0 <span class=\"_ _35\"> </span>finanziarie.  Non <span class=\"_ _35\"> </span>possono<span class=\"_ _3a1\"> </span> essere <span class=\"_ _3d\"> </span>oggetto<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>copertura <span class=\"_ _3d\"> </span>generica <span class=\"_ _3d\"> </span>importi <span class=\"_ _37\"> </span>netti <span class=\"_ _3d\"> </span>derivanti <span class=\"_ _3d\"> </span>dallo <span class=\"_ _3d\"> </span>sbilancio <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _3d\"> </span>e<span class=\"_ _3a1\"> </span>passivit\u00e0;<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">copertura <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>finanziari: <span class=\"_ _0\"></span>ha <span class=\"_ _35\"> </span>l\u2019obi<span class=\"_ _2\"></span>ettivo <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>coprire <span class=\"_ _0\"></span>l\u2019es<span class=\"_ _1\"></span>posizione <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>variazioni <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>cassa  futuri  a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tribuibili <span class=\"_ _35\"> </span>a  particolari  rischi  a<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>sociati  a <span class=\"_ _35\"> </span>poste  del <span class=\"_ _35\"> </span>bilancio.  Tale <span class=\"_ _35\"> </span>tipologia  di<span class=\"_ _3a1\"> </span> copertura <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>utilizzata <span class=\"_ _35\"> </span>essenzialmente <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>stabilizzare <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>flusso <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>interessi <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>raccolta <span class=\"_ _35\"> </span>a<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> tasso  variabile  nella  misura  in<span class=\"_ _3b\"></span>  cui  quest\u2019ultima  finanzia  impi<span class=\"_ _2\"></span>eghi  a  tasso  fisso.  In  talune<span class=\"_ _3a1\"> </span> circostanze, <span class=\"_ _0\"></span>analoghe <span class=\"_ _38\"></span>operazioni <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>poste <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>ssere <span class=\"_ _38\"></span>relat<span class=\"_ _1\"></span>ivamente <span class=\"_ _0\"></span>ad <span class=\"_ _38\"></span>alcune <span class=\"_ _38\"></span>tipologie <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> impieghi a tasso variabile.<span class=\"_ _3a1\"> </span> Solo <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>rumenti <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>coinvolgono <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>controparte<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>terna <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>Gruppo <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>ono <span class=\"_ _38\"></span>essere <span class=\"_ _38\"></span>designati<span class=\"_ _3a1\"> </span> come <span class=\"_ _35\"> </span>strumenti <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>copertura. <span class=\"_ _35\"> </span>Data <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>scelta <span class=\"_ _35\"> </span>esercitata <span class=\"_ _35\"> </span>dal <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>avvalersi <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>facolt\u00e0 <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span> continuare <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>appl<span class=\"_ _2\"></span>icare <span class=\"_ _0\"></span>integralmente <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>regole <span class=\"_ _38\"></span>dello <span class=\"_ _0\"></span>IAS <span class=\"_ _0\"></span>39 <span class=\"_ _0\"></span>pe<span class=\"_ _2\"></span>r <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>relazioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>copertura, <span class=\"_ _0\"></span>non <span class=\"_ _38\"></span>\u00e8<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> possibile <span class=\"_ _1\"></span>designare <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>capitale <span class=\"_ _1\"></span>classificati <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>con<span class=\"_ _3a1\"> </span> impatto <span class=\"_ _35\"> </span>sulla <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>edditivit\u00e0 <span class=\"_ _35\"> </span>complessiva <span class=\"_ _35\"> </span>(FVOCI)<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>come <span class=\"_ _35\"> </span>oggetti <span class=\"_ _35\"> </span>co<span class=\"_ _3b\"></span>pe<span class=\"_ _1\"></span>rti <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>il<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>prezzo <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> cambio, <span class=\"_ _38\"></span>dato <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>tali<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>strument<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>impatt<span class=\"_ _1\"></span>ano <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>economico, <span class=\"_ _38\"></span>nem<span class=\"_ _1\"></span>meno <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>caso <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>vendita<span class=\"_ _3a1\"> </span> (se non per i dividendi che sono rilevati a conto economico).<span class=\"_ _3a1\"> </span> Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span> I derivati di copertura sono valutati al fair<span class=\"_ _1\"></span> value. In particolare:<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">nel <span class=\"_ _35\"> </span>caso  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>copertura <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value, <span class=\"_ _35\"> </span>si  c<span class=\"_ _2\"></span>ompensa  l<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>variazione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value <span class=\"_ _35\"> </span>dell\u2019eleme<span class=\"_ _1\"></span>nto<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>coperto <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>variazione <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _38\"></span>dello <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>trumento <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>copert<span class=\"_ _1\"></span>ura. <span class=\"_ _1\"></span>Tale<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>compensazione <span class=\"_ _1\"></span>\u00e8<span class=\"_ _3a1\"> </span> riconosciuta attraverso <span class=\"_ _1\"></span>la rilevazione <span class=\"_ _1\"></span>a Conto Economico <span class=\"_ _1\"></span>delle variazioni di valor<span class=\"_ _1\"></span>e, riferite sia<span class=\"_ _3a1\"> </span>all\u2019elemento <span class=\"_ _39\"> </span>coperto <span class=\"_ _39\"> </span>(per <span class=\"_ _39\"> </span>quanto <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>iguarda <span class=\"_ _39\"> </span>le <span class=\"_ _39\"> </span>variazioni <span class=\"_ _39\"> </span>prodotte <span class=\"_ _39\"> </span>dal <span class=\"_ _36\"> </span>fatto<span class=\"_ _1\"></span>re <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>ischio sottostante),  sia  allo  strumento <span class=\"_ _3d\"> </span>di  copertura.  L\u2019eventuale  differenza,  che  rappre<span class=\"_ _1\"></span>senta  la parziale inefficacia della copertura, ne <span class=\"_ _1\"></span>costituisce di conseguenza l\u2019effetto economico netto. Nel cas<span class=\"_ _1\"></span>o di oper<span class=\"_ _1\"></span>azioni di co<span class=\"_ _1\"></span>pertura generica <span class=\"_ _1\"></span>di fair <span class=\"_ _1\"></span>value di <span class=\"_ _1\"></span>un port<span class=\"_ _1\"></span>afoglio (\u201cmacro <span class=\"_ _1\"></span>hedge\u201d) le variazioni di <span class=\"_ _2\"></span>fair value con riferimento al <span class=\"_ _2\"></span>rischio coperto delle attiv<span class=\"_ _2\"></span>it\u00e0 e delle passivit\u00e0 ogg<span class=\"_ _2\"></span>etto di <span class=\"_ _3f\"> </span>copertura <span class=\"_ _3f\"> </span>so<span class=\"_ _1\"></span>no <span class=\"_ _3f\"> </span>imputate <span class=\"_ _3f\"> </span>nello <span class=\"_ _3f\"> </span>stato <span class=\"_ _3f\"> </span>patrimo<span class=\"_ _1\"></span>niale, <span class=\"_ _3f\"> </span>rispettivamente, <span class=\"_ _3f\"> </span>nella <span class=\"_ _3f\"> </span>voce <span class=\"_ _3f\"> </span>60<span class=\"_ _1\"></span>. \u201cAdeguamento <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _0\"></span>oggetto <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>copertura <span class=\"_ _0\"></span>generica\u201d <span class=\"_ _38\"></span>oppure <span class=\"_ _38\"></span>5<span class=\"_ _1\"></span>0. \u201cAdeguamento di valore delle passivit\u00e0 finanziarie oggett<span class=\"_ _1\"></span>o di copertura generica\u201d; <span class=\"_ _42\"> </span><span class=\"ff4\">nel <span class=\"_ _1\"></span>caso <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>copertura <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>flussi <span class=\"_ _38\"></span>finanziari, <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>variazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fa<span class=\"_ _1\"></span>ir <span class=\"_ _1\"></span>value <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>derivato <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>imputate </span>nella <span class=\"_ _0\"></span>redditivit\u00e0 <span class=\"_ _0\"></span>complessiva, <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>ota <span class=\"_ _0\"></span>efficace <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>copertura, <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>rilevate <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>Conto Economico <span class=\"_ _0\"></span>solo <span class=\"_ _35\"> </span>quando, <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>posta <span class=\"_ _0\"></span>coperta, <span class=\"_ _35\"> </span>si<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>manifest<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>va<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iazione <span class=\"_ _0\"></span>dei flussi di cassa da compensare o se <span class=\"_ _1\"></span>la copertura risulta inefficace; <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _0\"></span>coperture <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>investimento <span class=\"_ _0\"></span>netto <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>valuta <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>contabilizzate <span class=\"_ _35\"> </span>allo <span class=\"_ _0\"></span>stesso <span class=\"_ _0\"></span>modo <span class=\"_ _0\"></span>delle </span>coperture di flussi finanziari. Lo <span class=\"_ _1\"></span>strumento <span class=\"_ _1\"></span>derivato \u00e8 <span class=\"_ _1\"></span>des<span class=\"_ _1\"></span>ignato di <span class=\"_ _1\"></span>copertura <span class=\"_ _1\"></span>se es<span class=\"_ _1\"></span>iste una <span class=\"_ _1\"></span>documentazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>formalizzata della relazione <span class=\"_ _1\"></span>tra lo <span class=\"_ _1\"></span>strumento <span class=\"_ _1\"></span>coperto e<span class=\"_ _1\"></span> lo s<span class=\"_ _1\"></span>trumento di <span class=\"_ _1\"></span>copertura e<span class=\"_ _1\"></span> se <span class=\"_ _1\"></span>\u00e8 e<span class=\"_ _1\"></span>fficace nel <span class=\"_ _1\"></span>momento in <span class=\"_ _1\"></span>cui la copertura ha inizio e, prospetticamente, durante tutta la vita <span class=\"_ _1\"></span>della stessa. L'efficacia <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>copertura <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>pende <span class=\"_ _0\"></span>dalla <span class=\"_ _35\"> </span>misura<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>cu<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>variazioni <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>fair <span class=\"_ _35\"> </span>valu<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>dello <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>trumento coperto <span class=\"_ _35\"> </span>o  d<span class=\"_ _2\"></span>ei <span class=\"_ _35\"> </span>relativi <span class=\"_ _35\"> </span>flussi <span class=\"_ _35\"> </span>finanziari <span class=\"_ _35\"> </span>at<span class=\"_ _1\"></span>tesi <span class=\"_ _35\"> </span>risultano  c<span class=\"_ _2\"></span>ompensati <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>quelle <span class=\"_ _35\"> </span>dello <span class=\"_ _35\"> </span>st<span class=\"_ _1\"></span>rumento  d<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span> copertura. <span class=\"_ _1\"></span>Pertanto, <span class=\"_ _1\"></span>l'efficacia <span class=\"_ _1\"></span>\u00e8 appre<span class=\"_ _1\"></span>zzata dal <span class=\"_ _1\"></span>confro<span class=\"_ _1\"></span>nto delle <span class=\"_ _1\"></span>suddette <span class=\"_ _1\"></span>variazioni, <span class=\"_ _1\"></span>tenuto <span class=\"_ _1\"></span>conto dell'intento <span class=\"_ _1\"></span>perseguito <span class=\"_ _1\"></span>dall'impresa ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>momento <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>cui la <span class=\"_ _1\"></span>copertura <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>stata <span class=\"_ _1\"></span>posta <span class=\"_ _1\"></span>in ess<span class=\"_ _1\"></span>ere. Si <span class=\"_ _1\"></span>ha efficacia <span class=\"_ _35\"> </span>quando <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>variazioni  di <span class=\"_ _0\"></span>fair <span class=\"_ _35\"> </span>value <span class=\"_ _35\"> </span>(o <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>flussi <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>cass<span class=\"_ _1\"></span>a) <span class=\"_ _35\"> </span>dello <span class=\"_ _35\"> </span>strumento <span class=\"_ _35\"> </span>finanziario <span class=\"_ _0\"> </span>di<span class=\"_ _1\"></span> copertura  neutralizzano  quasi  integralmente,  cio\u00e8<span class=\"_ _2\"></span>  nei  limiti  stabi<span class=\"_ _2\"></span>liti  dall\u2019intervallo  80-125%,  le variazioni di fair value dello strumento coperto, per l\u2019ele<span class=\"_ _1\"></span>mento di rischio oggetto di copertura. La <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>dell'efficacia <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>ef<span class=\"_ _2\"></span>fettuata <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>ogni <span class=\"_ _0\"></span>chiusura <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>bilanci<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>situazione <span class=\"_ _0\"></span>infrannuale utilizzando: <span class=\"_ _42\"> </span><span class=\"ff4\">test prospettici, che gi<span class=\"_ _2\"></span>ustificano l'applicazione della c<span class=\"_ _2\"></span>ontabilizzazione di copertura, in qu<span class=\"_ _2\"></span>anto </span>dimostrano la sua efficacia attesa; <span class=\"_ _42\"> </span><span class=\"ff4\">test <span class=\"_ _38\"></span>retrospettivi, <span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>evidenziano <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>grado <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>efficacia <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>copertura <span class=\"_ _38\"></span>raggiunto <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>periodo </span>cui <span class=\"_ _3b\"></span>si riferiscono, <span class=\"_ _3b\"></span>ovvero, <span class=\"_ _2\"></span>misurano <span class=\"_ _3b\"></span>quanto i <span class=\"_ _3b\"></span>risultati <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffettivi <span class=\"_ _3b\"></span>si sia<span class=\"_ _3b\"></span>no discostati <span class=\"_ _3b\"></span>dalla c<span class=\"_ _2\"></span>opertura perfetta. Solo  gli  strumenti <span class=\"_ _3d\"> </span>che  coinvolgono  una  controparte  esterna  posso<span class=\"_ _1\"></span>no  essere  designati  come strumenti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>copertura. <span class=\"_ _0\"></span>Pertanto, <span class=\"_ _0\"></span>ogni <span class=\"_ _38\"></span>risultato <span class=\"_ _0\"></span>riconducibil<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>transazioni <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>terne <span class=\"_ _0\"></span>effettuate <span class=\"_ _38\"></span>tra diverse entit\u00e0 del Gruppo \u00e8 eliminato dal bilancio consolidato. Cessazione pro<span class=\"_ _1\"></span>spettica della contabili<span class=\"_ _1\"></span>zzazione di co<span class=\"_ _3a1\"> </span>pertur<span class=\"_ _3a1\"> </span>a Se <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>verifiche <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>confermano <span class=\"_ _1\"></span>l\u2019efficacia <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>coper<span class=\"_ _1\"></span>tura, <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>quel <span class=\"_ _38\"></span>momento <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>contabilizzazione delle <span class=\"_ _3d\"> </span>operazioni <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>coper<span class=\"_ _1\"></span>tura,  se<span class=\"_ _1\"></span>condo <span class=\"_ _3d\"> </span>quanto <span class=\"_ _3d\"> </span>sopra <span class=\"_ _3d\"> </span>esposto, <span class=\"_ _3d\"> </span>viene<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>interrotta <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>il <span class=\"_ _3d\"> </span>contratto derivato <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>copertura <span class=\"_ _1\"></span>viene <span class=\"_ _1\"></span>riclassificato <span class=\"_ _1\"></span>tra <span class=\"_ _38\"></span>gli strume<span class=\"_ _1\"></span>nti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>negoziazione. Inoltre<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>operazioni <span class=\"_ _1\"></span>di copertura <span class=\"_ _38\"></span>cessano <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>momento <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>cui <span class=\"_ _1\"></span>lo <span class=\"_ _0\"></span>strumento <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>copertura <span class=\"_ _38\"></span>giunge <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>scadenza, <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>venduto, cessato o esercitato, oppure viene revocata <span class=\"_ _1\"></span>la designazione. Per <span class=\"_ _1\"></span>le re<span class=\"_ _1\"></span>lazioni di <span class=\"_ _1\"></span>copertura<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di fair <span class=\"_ _1\"></span>value, <span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>strumento <span class=\"_ _1\"></span>finanziario <span class=\"_ _1\"></span>coperto <span class=\"_ _1\"></span>non \u00e8 <span class=\"_ _38\"></span>pi\u00f9 rettificato <span class=\"_ _1\"></span>per le <span class=\"_ _2\"></span>variazioni <span class=\"_ _3b\"></span>di fair <span class=\"_ _3b\"></span>value <span class=\"_ _3b\"></span>e qualsia<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>rettifica al <span class=\"_ _3b\"></span>valore <span class=\"_ _2\"></span>contabile <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>uno <span class=\"_ _3b\"></span>str<span class=\"_ _1\"></span>umento <span class=\"_ _2\"></span>finanziario <span class=\"_ _3b\"></span>coperto per  il  qual<span class=\"_ _2\"></span>e  \u00e8  utilizzato  il <span class=\"_ _35\"> </span>criterio  dell'interesse  effettivo  d<span class=\"_ _2\"></span>eve  essere  ammortizzata  n<span class=\"_ _2\"></span>el  conto economico. <span class=\"_ _37\"> </span>Nel <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>interruzione <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>una <span class=\"_ _37\"> </span>relazione <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>cop<span class=\"_ _1\"></span>ertura <span class=\"_ _37\"> </span>generica <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>fair <span class=\"_ _37\"> </span>value, <span class=\"_ _37\"> </span>le rivalutazioni/svalutazioni <span class=\"_ _35\"> </span>cu<span class=\"_ _2\"></span>mulat<span class=\"_ _1\"></span>e <span class=\"_ _35\"> </span>iscritte <span class=\"_ _0\"></span>nella <span class=\"_ _35\"> </span>voce <span class=\"_ _0\"></span>60. <span class=\"_ _35\"> </span>\u201cAdeguamento <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>attivit\u00e0 finanziarie  oggetto <span class=\"_ _35\"> </span>di  copertura <span class=\"_ _35\"> </span>generica\u201d  oppu<span class=\"_ _2\"></span>re  50. <span class=\"_ _35\"> </span>\u201cAdeguamento  di <span class=\"_ _35\"> </span>valore  delle<span class=\"_ _2\"></span>  passivit\u00e0 finanziarie oggetto di copertura generica\u201d sono rilevate a conto <span class=\"_ _2\"></span>economico tra gli interessi attivi o passivi l<span class=\"_ _2\"></span>ungo la <span class=\"_ _3b\"></span>d<span class=\"_ _1\"></span>urata residua <span class=\"_ _3b\"></span>d<span class=\"_ _1\"></span>elle originarie <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>elazioni di<span class=\"_ _2\"></span> copertura, <span class=\"_ _3b\"></span>fe<span class=\"_ _1\"></span>rma restando <span class=\"_ _3b\"></span>la verifica che ne sussistano i presupposti.<span class=\"_ _3a1\"> </span>Per <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>relazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>copertura <span class=\"_ _38\"></span>dei <span class=\"_ _1\"></span>flussi <span class=\"_ _1\"></span>finanziari, <span class=\"_ _1\"></span>l'uti<span class=\"_ _3a1\"> </span>le <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>perdita <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>plessiva <span class=\"_ _1\"></span>dello <span class=\"_ _1\"></span>strume<span class=\"_ _1\"></span>nto di copertura <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>stato <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ilevato <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>elle <span class=\"_ _0\"></span>altre <span class=\"_ _38\"></span>componenti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>conto <span class=\"_ _0\"></span>ec<span class=\"_ _2\"></span>onomico <span class=\"_ _0\"></span>complessivo <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>partire dall'esercizio <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _3b\"></span>la <span class=\"_ _3b\"></span>copert<span class=\"_ _1\"></span>ura <span class=\"_ _3b\"></span>era efficac<span class=\"_ _2\"></span>e, <span class=\"_ _3b\"></span>deve r<span class=\"_ _2\"></span>estare <span class=\"_ _3b\"></span>separatamente <span class=\"_ _2\"></span>nel <span class=\"_ _3b\"></span>patrimonio <span class=\"_ _3b\"></span>ne<span class=\"_ _1\"></span>tto <span class=\"_ _3b\"></span>sino a <span class=\"_ _0\"></span>quando <span class=\"_ _38\"></span>l'oper<span class=\"_ _1\"></span>azione <span class=\"_ _0\"></span>prog<span class=\"_ _2\"></span>rammata <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>ve<span class=\"_ _2\"></span>rifica. <span class=\"_ _0\"></span>Qualora <span class=\"_ _38\"></span>l'operazione <span class=\"_ _0\"></span>programmata <span class=\"_ _0\"></span>ci <span class=\"_ _38\"></span>si <span class=\"_ _0\"></span>attende non <span class=\"_ _3d\"> </span>debba <span class=\"_ _3d\"> </span>pi\u00f9 <span class=\"_ _3d\"> </span>accader<span class=\"_ _1\"></span>e, <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>qual <span class=\"_ _3d\"> </span>caso <span class=\"_ _3d\"> </span>quals<span class=\"_ _1\"></span>iasi <span class=\"_ _3d\"> </span>corre<span class=\"_ _1\"></span>lato <span class=\"_ _3d\"> </span>utile <span class=\"_ _3d\"> </span>o <span class=\"_ _3d\"> </span>per<span class=\"_ _1\"></span>dita <span class=\"_ _3d\"> </span>complessivo <span class=\"_ _3d\"> </span>sullo strumento <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>copertura <span class=\"_ _36\"> </span>che <span class=\"_ _37\"> </span>\u00e8 <span class=\"_ _36\"> </span>stato <span class=\"_ _36\"> </span>rilevato <span class=\"_ _36\"> </span>nel <span class=\"_ _37\"> </span>prospetto <span class=\"_ _37\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _37\"> </span>altr<span class=\"_ _1\"></span>e <span class=\"_ _37\"> </span>componenti <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>conto economico complessivo d<span class=\"_ _2\"></span>all'esercizio <span class=\"_ _2\"></span>in cui <span class=\"_ _3b\"></span>la copertura era effic<span class=\"_ _2\"></span>ace deve es<span class=\"_ _2\"></span>sere riclassificato <span class=\"_ _2\"></span>dal patrimonio <span class=\"_ _3f\"> </span>netto <span class=\"_ _3f\"> </span>all\u2019utile <span class=\"_ _3f\"> </span>(perdita) <span class=\"_ _3f\"> </span>d\u2019eser<span class=\"_ _1\"></span>cizio <span class=\"_ _3f\"> </span>come <span class=\"_ _3f\"> </span>rettifica <span class=\"_ _3f\"> </span>da <span class=\"_ _3f\"> </span>riclassificazione. <span class=\"_ _3f\"> </span>Tuttavia,<span class=\"_ _3a1\"> </span>un\u2019operazione pro<span class=\"_ _1\"></span>grammata che <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>pi\u00f9 altamente <span class=\"_ _1\"></span>probabile, ci <span class=\"_ _1\"></span>si pu\u00f2 <span class=\"_ _1\"></span>ancora <span class=\"_ _1\"></span>attendere <span class=\"_ _1\"></span>che si<span class=\"_ _3a1\"> </span>verifichi.<span class=\"_ _3a1\"> </span>Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"_ _3a1\"> </span>L\u2019allocazione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>componenti <span class=\"_ _0\"></span>reddituali <span class=\"_ _38\"></span>nelle <span class=\"_ _0\"></span>pert<span class=\"_ _1\"></span>inenti <span class=\"_ _0\"></span>voci <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>avviene <span class=\"_ _0\"></span>sull<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span>base di quanto riportato di seguito:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _0\"></span>differenziali <span class=\"_ _38\"></span>mat<span class=\"_ _1\"></span>urati <span class=\"_ _0\"></span>sugli <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>derivati <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>copert<span class=\"_ _1\"></span>ura <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>teresse<span class=\"_ _3a1\"> </span></span>(oltre agli interessi delle posizioni<span class=\"_ _2\"></span> oggetto di copertura) vengono allocati <span class=\"_ _2\"></span>nella voce \u201cInteressi<span class=\"_ _3a1\"> </span>attivi e proventi assimilati\u201d o \u201cInteress<span class=\"_ _1\"></span>i passivi e oneri assimilati\u201d;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">le plu<span class=\"_ _2\"></span>svalenze e mi<span class=\"_ _2\"></span>nusvalenze derivanti d<span class=\"_ _2\"></span>alla valutazione <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>strument<span class=\"_ _1\"></span>i derivati <span class=\"_ _3b\"></span>di copertura<span class=\"_ _3a1\"> </span></span>e <span class=\"_ _37\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _37\"> </span>posizioni <span class=\"_ _37\"> </span>oggetto <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>copertura <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>fair <span class=\"_ _36\"> </span>value <span class=\"_ _37\"> </span>hedge <span class=\"_ _37\"> </span>vengono <span class=\"_ _36\"> </span>allocate <span class=\"_ _37\"> </span>nella <span class=\"_ _37\"> </span>voce<span class=\"_ _3a1\"> </span>\u201cRisultato netto dell\u2019attivit\u00e0 di copertur<span class=\"_ _1\"></span>a\u201d;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _36\"> </span>plusvalenze <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>le <span class=\"_ _36\"> </span>minusvalenze <span class=\"_ _37\"> </span>derivanti <span class=\"_ _36\"> </span>dalla <span class=\"_ _36\"> </span>valutazione <span class=\"_ _36\"> </span>degli <span class=\"_ _37\"> </span>strumenti <span class=\"_ _36\"> </span>derivati <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span></span>copertura di <span class=\"_ _1\"></span>cash flow <span class=\"_ _1\"></span>hedge <span class=\"_ _1\"></span>(per <span class=\"_ _1\"></span>la parte e<span class=\"_ _1\"></span>fficace) vengono <span class=\"_ _1\"></span>allocate <span class=\"_ _1\"></span>in una <span class=\"_ _1\"></span>specifica riserva<span class=\"_ _3a1\"> </span>di valutazione di patrimonio netto \u201c<span class=\"_ _1\"></span>Copertura dei flussi finanziari\u201d, al netto dell\u2019effetto fiscale<span class=\"_ _3a1\"> </span>differito. <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>parte <span class=\"_ _38\"></span>inefficace <span class=\"_ _1\"></span>tali <span class=\"_ _1\"></span>plus <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>minus <span class=\"_ _1\"></span>vengono <span class=\"_ _38\"></span>contabilizzate<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>economico<span class=\"_ _3a1\"> </span>nella <span class=\"_ _38\"></span>voce<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>\u201cRisulta<span class=\"_ _2\"></span>to <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>etto <span class=\"_ _0\"></span>dell\u2019<span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>copertura\u201d. <span class=\"_ _0\"></span>Se<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>lo <span class=\"_ _38\"></span>strumento <span class=\"_ _38\"></span>cope<span class=\"_ _1\"></span>rto <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>cancellato,<span class=\"_ _3a1\"> </span>scade <span class=\"_ _39\"> </span>o <span class=\"_ _36\"> </span>si <span class=\"_ _36\"> </span>e<span class=\"_ _1\"></span>stingue <span class=\"_ _36\"> </span>allora <span class=\"_ _39\"> </span>la <span class=\"_ _36\"> </span>riserva <span class=\"_ _39\"> </span>\u00e8 <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>iversata <span class=\"_ _36\"> </span>immediatamente <span class=\"_ _39\"> </span>a <span class=\"_ _36\"> </span>conto <span class=\"_ _39\"> </span>economico<span class=\"_ _3a1\"> </span>contestualmente alla cancellazione dell\u2019elemento coperto.<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">nel <span class=\"_ _1\"></span>caso <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>copertura <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>flussi <span class=\"_ _38\"></span>finanziari, <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>variazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fa<span class=\"_ _1\"></span>ir <span class=\"_ _1\"></span>value <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>derivato <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>imputate<span class=\"_ _3a1\"> </span></span>nella <span class=\"_ _0\"></span>redditivit\u00e0 <span class=\"_ _0\"></span>complessiva, <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>ota <span class=\"_ _0\"></span>efficace <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>copertura, <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>rilevate <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>Conto<span class=\"_ _3a1\"> </span>Economico <span class=\"_ _0\"></span>solo <span class=\"_ _35\"> </span>quando, <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>posta <span class=\"_ _0\"></span>coperta, <span class=\"_ _35\"> </span>si<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>manifest<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>va<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iazione <span class=\"_ _0\"></span>dei<span class=\"_ _3a1\"> </span>flussi di cassa da compensare o se <span class=\"_ _1\"></span>la copertura risulta inefficace.<span class=\"_ _3a1\"> </span>5 \u2013 Par<span class=\"_ _1\"></span>tecipazion<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>Crite<span class=\"_ _3a1\"> </span>ri di iscrizione Le <span class=\"_ _37\"> </span>par<span class=\"_ _3a1\"> </span>tecipazioni <span class=\"_ _37\"> </span>sono <span class=\"_ _36\"> </span>iscritte <span class=\"_ _37\"> </span>alla <span class=\"_ _37\"> </span>dat<span class=\"_ _1\"></span>a <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>regolamento. <span class=\"_ _37\"> </span>All\u2019atto <span class=\"_ _37\"> </span>della <span class=\"_ _36\"> </span>rilevazione <span class=\"_ _36\"> </span>iniziale <span class=\"_ _37\"> </span>le<span class=\"_ _3a1\"> </span>interessenze <span class=\"_ _3f\"> </span>partecipative <span class=\"_ _39\"> </span>sono <span class=\"_ _3f\"> </span>contabilizz<span class=\"_ _2\"></span>ate <span class=\"_ _3f\"> </span>al <span class=\"_ _39\"> </span>costo, <span class=\"_ _3f\"> </span>comprensivo <span class=\"_ _39\"> </span>dei <span class=\"_ _3f\"> </span>costi <span class=\"_ _39\"> </span>o <span class=\"_ _3f\"> </span>proven<span class=\"_ _2\"></span>ti<span class=\"_ _3a1\"> </span>direttamente attribuibili alla transazione.<span class=\"_ _3a1\"> </span>Criteri di classifi<span class=\"_ _1\"></span>cazione<span class=\"_ _3a1\"> </span>La voce include le interessenze detenute in societ\u00e0 <span class=\"_ _1\"></span>controllate congiuntamente e collegate.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _38\"></span>considerate <span class=\"_ _38\"></span>controllate <span class=\"_ _1\"></span>congiuntamente <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>imprese <span class=\"_ _1\"></span>nelle <span class=\"_ _38\"></span>quali <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>diritti <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>voto <span class=\"_ _1\"></span>ed <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>controllo<span class=\"_ _3a1\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _48\"> </span>econom<span class=\"_ _1\"></span>ica <span class=\"_ _48\"> </span>della <span class=\"_ _48\"> </span>part<span class=\"_ _1\"></span>ecipata <span class=\"_ _48\"> </span>s<span class=\"_ _1\"></span>ono <span class=\"_ _48\"> </span>condivisi <span class=\"_ _48\"> </span>in <span class=\"_ _17e\"> </span>modo <span class=\"_ _17e\"> </span>paritetico <span class=\"_ _17e\"> </span>da <span class=\"_ _48\"> </span>Cr<span class=\"_ _1\"></span>edem,<span class=\"_ _3a1\"> </span>direttamente o indirettamente, e da un altro soggetto. In<span class=\"_ _2\"></span>oltre viene qualificato come sottoposto a<span class=\"_ _3a1\"> </span>controllo congiunto <span class=\"_ _3b\"></span>un investimento pa<span class=\"_ _2\"></span>rtecipativo nel <span class=\"_ _3b\"></span>quale, pur <span class=\"_ _3b\"></span>in assenza di <span class=\"_ _3b\"></span>una quota p<span class=\"_ _2\"></span>aritetica<span class=\"_ _3a1\"> </span>di <span class=\"_ _0\"></span>diritti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>voto, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>controllo <span class=\"_ _0\"></span>sull\u2019attivit\u00e0 <span class=\"_ _0\"></span>economica <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sugli <span class=\"_ _0\"></span>indirizzi <span class=\"_ _0\"></span>strategici <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>partecipata <span class=\"_ _0\"></span>\u00e8<span class=\"_ _3a1\"> </span>condiviso con altri soggetti in virt\u00f9 di accordi contr<span class=\"_ _1\"></span>attuali.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _3d\"> </span>considerate <span class=\"_ _37\"> </span>collegate, <span class=\"_ _3d\"> </span>cio\u00e8 <span class=\"_ _3d\"> </span>sottoposte <span class=\"_ _37\"> </span>ad <span class=\"_ _3d\"> </span>influenza <span class=\"_ _3d\"> </span>notevole, <span class=\"_ _3d\"> </span>le <span class=\"_ _37\"> </span>imprese <span class=\"_ _3d\"> </span>nelle <span class=\"_ _3d\"> </span>quali <span class=\"_ _3d\"> </span>la<span class=\"_ _3a1\"> </span>capogruppo, <span class=\"_ _1\"></span>direttamente <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>indirettamente, <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>iede <span class=\"_ _1\"></span>almeno <span class=\"_ _1\"></span>il 20% <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>diritt<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>di vot<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>(ivi inc<span class=\"_ _1\"></span>lusi <span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>diritti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>voto <span class=\"_ _1\"></span>\u201cpotenziali\u201d) <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>nelle <span class=\"_ _1\"></span>quali <span class=\"_ _1\"></span>\u2013 <span class=\"_ _1\"></span>pur <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>dirit<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>voto <span class=\"_ _1\"></span>inferiore <span class=\"_ _1\"></span>\u2013 <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>potere<span class=\"_ _3a1\"> </span>di <span class=\"_ _1\"></span>partecipare<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>determinazione <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>politiche <span class=\"_ _1\"></span>finanziarie <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>gestionali <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>partecipata <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>virt\u00f9<span class=\"_ _3a1\"> </span>di particolari legami giuridici quali la parte<span class=\"_ _1\"></span>cipazione a patti di sindacato.<span class=\"_ _3a1\"> </span>Non <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>considerate <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ottoposte <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>d <span class=\"_ _3b\"></span>influenza n<span class=\"_ _2\"></span>otevole alc<span class=\"_ _2\"></span>une <span class=\"_ _2\"></span>interessenze <span class=\"_ _2\"></span>superiori <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>20%, nell<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span>quali, <span class=\"_ _1\"></span>dirett<span class=\"_ _1\"></span>amente <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>indirettamente, <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>Gruppo <span class=\"_ _1\"></span>detiene <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>sclusivamente <span class=\"_ _1\"></span>diritt<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>patrimoniali <span class=\"_ _1\"></span>su <span class=\"_ _38\"></span>una<span class=\"_ _3a1\"> </span>porzione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>frutti <span class=\"_ _38\"></span>degli <span class=\"_ _0\"></span>investimenti, <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>ha <span class=\"_ _38\"></span>accesso <span class=\"_ _0\"></span>alle <span class=\"_ _0\"></span>politic<span class=\"_ _2\"></span>he <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>pu\u00f2 <span class=\"_ _0\"></span>esercitare<span class=\"_ _3a1\"> </span>diritti di governance limitati alla tutela degli interessi patrimoniali.<span class=\"_ _3a1\"> </span>Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span>Le <span class=\"_ _38\"></span>partecipazioni <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>societ\u00e0 <span class=\"_ _38\"></span>collegate<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>rollate <span class=\"_ _38\"></span>congi<span class=\"_ _3a1\"> </span>untamente <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>valutate<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>meto<span class=\"_ _1\"></span>do<span class=\"_ _3a1\"> </span>del patrimonio netto.<span class=\"_ _3a1\"> </span>Se  esistono  evidenze  che  il  valore  di  una  p<span class=\"_ _2\"></span>artecipazione  possa  aver  subito  una  riduzione,  si<span class=\"_ _3a1\"> </span>procede <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>tima <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>valore <span class=\"_ _38\"></span>recuperabile <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>par<span class=\"_ _1\"></span>tecipazione <span class=\"_ _38\"></span>stessa, <span class=\"_ _38\"></span>tene<span class=\"_ _1\"></span>ndo <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>valore<span class=\"_ _3a1\"> </span>attuale <span class=\"_ _36\"> </span>dei <span class=\"_ _36\"> </span>flussi <span class=\"_ _36\"> </span>finanziari <span class=\"_ _37\"> </span>futuri <span class=\"_ _36\"> </span>che <span class=\"_ _36\"> </span>la <span class=\"_ _36\"> </span>partecipazione <span class=\"_ _36\"> </span>potr\u00e0 <span class=\"_ _36\"> </span>generare, <span class=\"_ _36\"> </span>incluso <span class=\"_ _36\"> </span>il <span class=\"_ _36\"> </span>valore <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span>dismissione finale dell\u2019investimento.<span class=\"_ _3a1\"> </span>Qualora <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>recupero<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>risulti <span class=\"_ _0\"></span>inf<span class=\"_ _2\"></span>eriore<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>contabile, <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>relativa <span class=\"_ _38\"></span>differenza <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>rilevat<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>a<span class=\"_ _3a1\"> </span>conto e<span class=\"_ _3a1\"> </span>conomico.<span class=\"_ _3a1\"> </span>Qualora <span class=\"_ _3f\"> </span>i <span class=\"_ _39\"> </span>motivi <span class=\"_ _3f\"> </span>della <span class=\"_ _39\"> </span>perdita <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>valore <span class=\"_ _39\"> </span>s<span class=\"_ _1\"></span>iano <span class=\"_ _39\"> </span>rimossi <span class=\"_ _3f\"> </span>a <span class=\"_ _3f\"> </span>segu<span class=\"_ _2\"></span>ito <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>un <span class=\"_ _3f\"> </span>evento <span class=\"_ _3f\"> </span>verificatosi<span class=\"_ _3a1\"> </span>successivamente alla <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevazione della <span class=\"_ _3b\"></span>riduzione di <span class=\"_ _3b\"></span>valore<span class=\"_ _1\"></span>, vengono <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffettuate riprese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore co<span class=\"_ _2\"></span>n<span class=\"_ _3a1\"> </span>imputazione <span class=\"_ _36\"> </span>a <span class=\"_ _36\"> </span>cont<span class=\"_ _1\"></span>o <span class=\"_ _36\"> </span>econom<span class=\"_ _1\"></span>ico <span class=\"_ _36\"> </span>che <span class=\"_ _36\"> </span>non <span class=\"_ _36\"> </span>poss<span class=\"_ _1\"></span>ono <span class=\"_ _36\"> </span>eccedere <span class=\"_ _39\"> </span>l\u2019ammontare <span class=\"_ _36\"> </span>delle <span class=\"_ _36\"> </span>perdite<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>da<span class=\"_ _3a1\"> </span>impairment in precedenza registrate.<span class=\"_ _3a1\"> </span>Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span>Le  partecipazioni<span class=\"_ _2\"></span>  vengono  can<span class=\"_ _2\"></span>cellate  quando <span class=\"_ _35\"> </span>scadono  i  d<span class=\"_ _2\"></span>irit<span class=\"_ _3a1\"> </span>ti  c<span class=\"_ _2\"></span>ontrattuali  sui  f<span class=\"_ _2\"></span>lussi  finanziar<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span>derivati <span class=\"_ _49\"> </span>dalle <span class=\"_ _43\"> </span>attivit\u00e0 <span class=\"_ _49\"> </span>stesse <span class=\"_ _43\"> </span>o <span class=\"_ _49\"> </span>quando <span class=\"_ _43\"> </span>l\u2019attivit\u00e0 <span class=\"_ _49\"> </span>finanziaria <span class=\"_ _49\"> </span>viene <span class=\"_ _43\"> </span>ce<span class=\"_ _1\"></span>duta <span class=\"_ _43\"> </span>trasferendo<span class=\"_ _3a1\"> </span>sostanzialmente tutti i rischi e benefici ad essa connessi.<span class=\"_ _3a1\"> </span>Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"_ _3a1\"> </span>Le dif<span class=\"_ _2\"></span>ferenze negative <span class=\"_ _3b\"></span>di prima i<span class=\"_ _3b\"></span>scr<span class=\"_ _1\"></span>izione, gl<span class=\"_ _2\"></span>i util<span class=\"_ _2\"></span>i e <span class=\"_ _2\"></span>le<span class=\"_ _3a1\"> </span>perdite <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lle par<span class=\"_ _2\"></span>tecipate realizzate, <span class=\"_ _3b\"></span>le perdite<span class=\"_ _3a1\"> </span>da i<span class=\"_ _2\"></span>mpairment e le <span class=\"_ _3b\"></span>riprese di v<span class=\"_ _2\"></span>alore<span class=\"_ _1\"></span> vengono <span class=\"_ _3b\"></span>allocate nella v<span class=\"_ _2\"></span>oce d<span class=\"_ _2\"></span>i conto <span class=\"_ _2\"></span>economico \u201cUtili <span class=\"_ _2\"></span>(Perdite)<span class=\"_ _3a1\"> </span>delle partecipazioni\u201d, mentre i <span class=\"_ _2\"></span>divi<span class=\"_ _2\"></span>dendi incassati vengono allocati <span class=\"_ _2\"></span>nella voce \u201c<span class=\"_ _2\"></span>Dividendi e proventi<span class=\"_ _3a1\"> </span>simili\u201d nel momento in cui sorge il diritto a riceverne <span class=\"_ _1\"></span>il pagamento.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-862": {
   "value": "2.1 - A<span class=\"_ _1\"></span>ttivit\u00e0 fin<span class=\"_ _1\"></span>anziarie v<span class=\"_ _1\"></span>alutate al<span class=\"_ _1\"></span> fair value<span class=\"_ _1\"></span> con imp<span class=\"_ _1\"></span>atto sull<span class=\"_ _1\"></span>a reddi<span class=\"_ _1\"></span>t<span class=\"_ _3a1\"> </span>ivit\u00e0 comp<span class=\"_ _1\"></span>lessiva<span class=\"_ _1\"></span> (FVOCI<span class=\"_ _1\"></span> con<span class=\"_ _3a1\"> </span> riciclo)<span class=\"_ _3a1\"> </span> Criteri di iscrizione<span class=\"_ _3a1\"> </span> L\u2019iscrizione iniziale delle attivit\u00e0 finanziarie avviene alla data di regolamento <span class=\"_ _1\"></span>per i titoli di debito ed<span class=\"_ _3a1\"> </span> alla <span class=\"_ _37\"> </span>data <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>erogazione <span class=\"_ _36\"> </span>per <span class=\"_ _3d\"> </span>i <span class=\"_ _36\"> </span>finan<span class=\"_ _2\"></span>ziamenti. <span class=\"_ _37\"> </span>All\u2019atto <span class=\"_ _37\"> </span>della <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>ilevazione <span class=\"_ _3d\"> </span>iniziale <span class=\"_ _37\"> </span>le <span class=\"_ _37\"> </span>a<span class=\"_ _1\"></span>ttivit\u00e0 <span class=\"_ _37\"> </span>sono<span class=\"_ _3a1\"> </span> contabilizzate <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>fair val<span class=\"_ _2\"></span>ue, <span class=\"_ _2\"></span>comprensivo <span class=\"_ _3b\"></span>dei c<span class=\"_ _2\"></span>osti <span class=\"_ _3b\"></span>o p<span class=\"_ _2\"></span>roventi <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>transazione di<span class=\"_ _2\"></span>rettamente <span class=\"_ _3b\"></span>attr<span class=\"_ _1\"></span>ibuibili<span class=\"_ _3a1\"> </span> allo strumento <span class=\"_ _184\"></span>stesso.<span class=\"_ _3a1\"> </span> Criteri di classificazione<span class=\"_ _3a1\"> </span> Sono <span class=\"_ _38\"></span>incluse <span class=\"_ _38\"></span>nella <span class=\"_ _1\"></span>presente <span class=\"_ _38\"></span>categoria <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanzia<span class=\"_ _3a1\"> </span>rie <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>soddisfano <span class=\"_ _38\"></span>entram<span class=\"_ _1\"></span>be <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>seguenti<span class=\"_ _3a1\"> </span> condizioni:<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019attivit\u00e0 finanziaria <span class=\"_ _1\"></span>\u00e8 posseduta se<span class=\"_ _1\"></span>condo un <span class=\"_ _1\"></span>modello di business <span class=\"_ _1\"></span>il cui obiet<span class=\"_ _1\"></span>tivo \u00e8 conse<span class=\"_ _1\"></span>guito<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>sia <span class=\"_ _1\"></span>mediante <span class=\"_ _1\"></span>l\u2019incasso <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>flussi finanziari pre<span class=\"_ _1\"></span>visti <span class=\"_ _1\"></span>contrattualmente <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>mediante la <span class=\"_ _1\"></span>vendita<span class=\"_ _3a1\"> </span> (Business model \u201cHold to Collect and Sell \u2013 \u201cHTCS\u201d\u201d<span class=\"_ _1\"></span>), e<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>ermini <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>rattuali <span class=\"_ _38\"></span>dell\u2019att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _38\"></span>finanziaria <span class=\"_ _0\"></span>prevedono, <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>determin<span class=\"_ _2\"></span>ate <span class=\"_ _0\"></span>date, <span class=\"_ _38\"></span>flussi <span class=\"_ _0\"></span>finanziari<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>rappresentati unicamente da pagamenti del capitale e dell\u2019interesse sul<span class=\"_ _2\"></span>l\u2019importo del capitale<span class=\"_ _3a1\"> </span> da restituire (cd. \u201cSPPI test\u201d superato).<span class=\"_ _3a1\"> </span> In particolare, vengono inclusi in questa <span class=\"_ _1\"></span>voce:<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>debito <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iconducibili <span class=\"_ _38\"></span>ad <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>business <span class=\"_ _0\"></span>model <span class=\"_ _0\"></span>Hold<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>Collect <span class=\"_ _0\"></span>and <span class=\"_ _38\"></span>Sell <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>che<span class=\"_ _3a1\"> </span></span>hanno superato il test SPPI;<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _0\"></span>finanziamenti <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>riconducibili <span class=\"_ _0\"></span>ad <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>busine<span class=\"_ _1\"></span>ss <span class=\"_ _0\"></span>model <span class=\"_ _0\"></span>Hold <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>Collect <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>Sell <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>che<span class=\"_ _3a1\"> </span></span>hanno superato il test SPPI.<span class=\"_ _3a1\"> </span> Riclassifiche<span class=\"_ _3a1\"> </span> Secondo <span class=\"_ _36\"> </span>le <span class=\"_ _39\"> </span>regole <span class=\"_ _36\"> </span>generali <span class=\"_ _39\"> </span>previste <span class=\"_ _36\"> </span>dall\u2019IFRS <span class=\"_ _36\"> </span>9 <span class=\"_ _36\"> </span>in <span class=\"_ _39\"> </span>materia <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>riclassificazione <span class=\"_ _39\"> </span>delle <span class=\"_ _36\"> </span>attivit\u00e0<span class=\"_ _3a1\"> </span> finanziarie (ad <span class=\"_ _2\"></span>eccezione dei titol<span class=\"_ _2\"></span>i di cap<span class=\"_ _2\"></span>itale, per cui <span class=\"_ _3b\"></span>no<span class=\"_ _1\"></span>n \u00e8<span class=\"_ _2\"></span> ammessa <span class=\"_ _2\"></span>alcuna riclassifica), <span class=\"_ _3b\"></span>no<span class=\"_ _1\"></span>n sono<span class=\"_ _3a1\"> </span> ammesse <span class=\"_ _3d\"> </span>riclassifiche <span class=\"_ _3d\"> </span>verso <span class=\"_ _3d\"> </span>altre <span class=\"_ _3d\"> </span>categor<span class=\"_ _1\"></span>ie <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie  salvo  il  cas<span class=\"_ _1\"></span>o <span class=\"_ _3d\"> </span>in  cui  l\u2019entit\u00e0<span class=\"_ _3a1\"> </span> modifichi  il  proprio <span class=\"_ _3d\"> </span>modello  di  business  per  la  gestione <span class=\"_ _3d\"> </span>delle  attivit\u00e0  finanziarie <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>seguito <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span> cambiamenti <span class=\"_ _38\"></span>esterni <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>inter<span class=\"_ _1\"></span>ni <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>quali <span class=\"_ _38\"></span>siano <span class=\"_ _38\"></span>rilevanti <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>oper<span class=\"_ _1\"></span>azioni <span class=\"_ _1\"></span>dell'entit<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>dimostrabili <span class=\"_ _38\"></span>alle<span class=\"_ _3a1\"> </span> parti esterne.<span class=\"_ _3a1\"> </span> In <span class=\"_ _0\"></span>tali <span class=\"_ _0\"></span>casi, <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>ci <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>attende <span class=\"_ _0\"></span>siano <span class=\"_ _0\"></span>altamente <span class=\"_ _0\"></span>infr<span class=\"_ _2\"></span>equenti, <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>arie <span class=\"_ _0\"></span>potranno <span class=\"_ _0\"></span>essere<span class=\"_ _3a1\"> </span> riclassificate <span class=\"_ _1\"></span>dalla <span class=\"_ _1\"></span>categoria <span class=\"_ _1\"></span>valutata <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value co<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>impatto sulla <span class=\"_ _1\"></span>redditivit\u00e0 <span class=\"_ _1\"></span>complessiva <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>una<span class=\"_ _3a1\"> </span> delle <span class=\"_ _1\"></span>altre <span class=\"_ _1\"></span>due <span class=\"_ _1\"></span>categorie <span class=\"_ _1\"></span>previste dall\u2019IFRS <span class=\"_ _1\"></span>9 <span class=\"_ _1\"></span>(Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate <span class=\"_ _1\"></span>al co<span class=\"_ _1\"></span>sto <span class=\"_ _1\"></span>ammortizzato o<span class=\"_ _3a1\"> </span> Attivit\u00e0 finanziarie valutate <span class=\"_ _1\"></span>al fair value con impatto a conto economico). Il valore <span class=\"_ _1\"></span>di trasferimento<span class=\"_ _3a1\"> </span> \u00e8 r<span class=\"_ _1\"></span>appresentato dal fair<span class=\"_ _1\"></span> value <span class=\"_ _1\"></span>al mome<span class=\"_ _1\"></span>nto della <span class=\"_ _1\"></span>riclassificazione e<span class=\"_ _1\"></span> gli <span class=\"_ _1\"></span>effetti <span class=\"_ _1\"></span>della riclassificazione<span class=\"_ _3a1\"> </span> operano in manie<span class=\"_ _2\"></span>ra prospettica <span class=\"_ _3b\"></span>a part<span class=\"_ _1\"></span>ire d<span class=\"_ _2\"></span>alla data <span class=\"_ _2\"></span>di riclassificaz<span class=\"_ _2\"></span>ione. Nel caso <span class=\"_ _2\"></span>di ricl<span class=\"_ _2\"></span>assifica dalla<span class=\"_ _3a1\"> </span> categoria  in  oggetto  a <span class=\"_ _35\"> </span>quella  del  costo  ammortizzato, <span class=\"_ _35\"> </span>l\u2019utile  (perdita)  cumulato  rilevato  nel<span class=\"_ _2\"></span>la<span class=\"_ _3a1\"> </span> riserva  d<span class=\"_ _2\"></span>a  v<span class=\"_ _2\"></span>alutazione  \u00e8<span class=\"_ _2\"></span>  p<span class=\"_ _2\"></span>ortato  a <span class=\"_ _35\"> </span>rettifica <span class=\"_ _35\"> </span>del  fai<span class=\"_ _2\"></span>r <span class=\"_ _35\"> </span>value  dell\u2019<span class=\"_ _2\"></span>attivit\u00e0  finanzi<span class=\"_ _2\"></span>aria  alla <span class=\"_ _35\"> </span>data <span class=\"_ _35\"> </span>della<span class=\"_ _3a1\"> </span> riclassificazione. <span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>el <span class=\"_ _38\"></span>caso <span class=\"_ _38\"></span>invece <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>riclassifica <span class=\"_ _38\"></span>nella <span class=\"_ _38\"></span>categor<span class=\"_ _1\"></span>ia <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>impatto <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>conto<span class=\"_ _3a1\"> </span> economico,  l'utile  (perdita)  cumulato  rilevato  precedentemente  nella  riserva  da  v<span class=\"_ _2\"></span>alutazione  \u00e8<span class=\"_ _3a1\"> </span> riclassificato dal patrimonio netto all'utile (perdita) d'esercizio.<span class=\"_ _3a1\"> </span>Criteri di valuta<span class=\"_ _1\"></span>zione Succes<span class=\"_ _3a1\"> </span>sivamente  all<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>rilevazione  i<span class=\"_ _2\"></span>niziale, <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>Attivit\u00e0  c<span class=\"_ _2\"></span>lassificate<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value <span class=\"_ _35\"> </span>con  i<span class=\"_ _2\"></span>mpatto  sul<span class=\"_ _3b\"></span>la redditivit\u00e0 <span class=\"_ _35\"> </span>complessiva <span class=\"_ _35\"> </span>sono <span class=\"_ _35\"> </span>va<span class=\"_ _3b\"></span>lutat<span class=\"_ _1\"></span>e <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>fair <span class=\"_ _0\"></span>value, <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>ilevazione <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>Conto <span class=\"_ _35\"> </span>Economico <span class=\"_ _35\"> </span>degli impatti <span class=\"_ _3a\"> </span>derivanti <span class=\"_ _3f\"> </span>dall\u2019applicazione<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _3f\"> </span>costo <span class=\"_ _3a\"> </span>ammortizzato, <span class=\"_ _3a\"> </span>degli <span class=\"_ _3f\"> </span>effet<span class=\"_ _1\"></span>ti <span class=\"_ _3a\"> </span>dell\u2019impairment <span class=\"_ _3f\"> </span>e dell\u2019eventuale effetto cambio, mentre gli<span class=\"_ _2\"></span> altri utili o p<span class=\"_ _2\"></span>erdite derivan<span class=\"_ _2\"></span>ti da una v<span class=\"_ _2\"></span>ariazione di fair val<span class=\"_ _2\"></span>ue vengono <span class=\"_ _38\"></span>rilevati <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>una <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>pecifica <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iserva <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>patr<span class=\"_ _1\"></span>imonio <span class=\"_ _38\"></span>netto <span class=\"_ _38\"></span>finch\u00e9 <span class=\"_ _38\"></span>l\u2019attivit\u00e0 <span class=\"_ _38\"></span>finanziaria <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>viene cancellata. <span class=\"_ _3b\"></span>Al momento <span class=\"_ _3b\"></span>della dis<span class=\"_ _2\"></span>missione, t<span class=\"_ _2\"></span>otale <span class=\"_ _2\"></span>o p<span class=\"_ _2\"></span>arziale, <span class=\"_ _3b\"></span>l\u2019utile o <span class=\"_ _3b\"></span>la <span class=\"_ _2\"></span>perdita <span class=\"_ _3b\"></span>cumulati nella <span class=\"_ _3b\"></span>riserva da valutazione vengono riversati, in tutto o in parte<span class=\"_ _1\"></span>, a Conto Economico. Il fair value v<span class=\"_ _2\"></span>iene determinato sulla base dei criteri g<span class=\"_ _2\"></span>i\u00e0 illustrati per le At<span class=\"_ _2\"></span>tivit\u00e0 finanziarie valu<span class=\"_ _2\"></span>tate al fair value con impatto a conto economico. Le <span class=\"_ _0\"></span>Attivit\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>al<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>impatto <span class=\"_ _0\"></span>sulla <span class=\"_ _0\"></span>re<span class=\"_ _2\"></span>dditivit\u00e0 <span class=\"_ _0\"></span>complessiva <span class=\"_ _0\"></span>\u2013 <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>sotto forma <span class=\"_ _1\"></span>di titoli di <span class=\"_ _1\"></span>debito che<span class=\"_ _1\"></span> di <span class=\"_ _1\"></span>crediti \u2013<span class=\"_ _1\"></span> sono <span class=\"_ _1\"></span>soggette <span class=\"_ _1\"></span>alla verifica dell\u2019increme<span class=\"_ _1\"></span>nto significativo de<span class=\"_ _1\"></span>l rischio creditizio (impairment) previ<span class=\"_ _2\"></span>sta dall\u2019IFRS 9, <span class=\"_ _2\"></span>al pari delle Attivit\u00e0 al<span class=\"_ _2\"></span> costo ammortizzato, con conseguente <span class=\"_ _35\"> </span>rilevazione <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>una <span class=\"_ _35\"> </span>rettifica <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>valore <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>copertura <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>perdite attese. <span class=\"_ _0\"></span>Pi\u00f9 <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>particolare, <span class=\"_ _0\"></span>sugli <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>classificati <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>stage <span class=\"_ _0\"></span>1 <span class=\"_ _0\"></span>(ossia <span class=\"_ _0\"></span>sulle <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _0\"></span>al momento <span class=\"_ _35\"> </span>dell\u2019origination, <span class=\"_ _35\"> </span>ove <span class=\"_ _35\"> </span>non <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>teriorate, <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>sugli <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>trumenti <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>verificato <span class=\"_ _35\"> </span>un significativo <span class=\"_ _37\"> </span>increme<span class=\"_ _1\"></span>nto <span class=\"_ _36\"> </span>del <span class=\"_ _37\"> </span>rischio <span class=\"_ _36\"> </span>cre<span class=\"_ _1\"></span>ditizio <span class=\"_ _37\"> </span>rispetto <span class=\"_ _36\"> </span>alla <span class=\"_ _36\"> </span>data <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>rilevazione <span class=\"_ _36\"> </span>iniziale) <span class=\"_ _37\"> </span>viene<span class=\"_ _1\"></span> contabilizzata, <span class=\"_ _1\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>rilevazione <span class=\"_ _38\"></span>iniziale <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>ogni <span class=\"_ _38\"></span>data <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>reporting <span class=\"_ _38\"></span>successiva, <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>perdita attesa ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>anno. In<span class=\"_ _2\"></span>vece, per g<span class=\"_ _2\"></span>li strumenti classificati <span class=\"_ _3b\"></span>in stage 2 <span class=\"_ _3b\"></span>(bonis per <span class=\"_ _2\"></span>i q<span class=\"_ _2\"></span>uali si <span class=\"_ _3b\"></span>\u00e8<span class=\"_ _1\"></span> verificato <span class=\"_ _2\"></span>un incremento <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ignificativo <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>rischio <span class=\"_ _38\"></span>creditizio <span class=\"_ _38\"></span>rispetto <span class=\"_ _38\"></span>alla <span class=\"_ _1\"></span>data <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rilevazione <span class=\"_ _38\"></span>iniziale) <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tage <span class=\"_ _38\"></span>3 (esposizioni  deteriorate)  vi<span class=\"_ _2\"></span>ene  contabilizzata <span class=\"_ _35\"> </span>una  perdita  attesa  per  l\u2019<span class=\"_ _2\"></span>intera  vita <span class=\"_ _35\"> </span>residua  dello strumento <span class=\"_ _25a\"></span>finanziario. Criteri di cancel<span class=\"_ _1\"></span>lazione Le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>ve<span class=\"_ _1\"></span>ngono <span class=\"_ _38\"></span>cancellate <span class=\"_ _1\"></span>dal <span class=\"_ _0\"></span>bil<span class=\"_ _2\"></span>ancio <span class=\"_ _38\"></span>so<span class=\"_ _3a1\"> </span>lamente <span class=\"_ _38\"></span>se <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>cessione <span class=\"_ _38\"></span>ha <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>mportato <span class=\"_ _38\"></span>il sostanziale <span class=\"_ _2\"></span>trasferimento di <span class=\"_ _3b\"></span>tutti i<span class=\"_ _2\"></span> rischi <span class=\"_ _3b\"></span>e benefici <span class=\"_ _3b\"></span>connessi all<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 st<span class=\"_ _2\"></span>esse. P<span class=\"_ _2\"></span>er contro,<span class=\"_ _2\"></span> qu<span class=\"_ _2\"></span>alora sia <span class=\"_ _38\"></span>stata <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>antenuta <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>rilevante <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>benefici <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>arie cedute, qu<span class=\"_ _2\"></span>este<span class=\"_ _1\"></span> con<span class=\"_ _2\"></span>tinuano ad<span class=\"_ _2\"></span> essere iscritte <span class=\"_ _3b\"></span>in bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 giuridicamente la <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>itolarit\u00e0 delle<span class=\"_ _2\"></span> attivit\u00e0 stesse sia stata effettivamente trasferita. Nel <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>possibile <span class=\"_ _35\"> </span>accertare <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>sostanziale <span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>asferimento <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>benefici, <span class=\"_ _0\"> </span>le attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>vengono <span class=\"_ _38\"></span>cancellate <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>bilancio <span class=\"_ _1\"></span>qualora <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ato <span class=\"_ _1\"></span>mante<span class=\"_ _1\"></span>nuto <span class=\"_ _1\"></span>alcun <span class=\"_ _38\"></span>tipo <span class=\"_ _38\"></span>di controllo <span class=\"_ _37\"> </span>sulle <span class=\"_ _37\"> </span>stesse. <span class=\"_ _37\"> </span>In <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>contrario, <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>conservazione, <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>parte, <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>tale <span class=\"_ _37\"> </span>controllo comporta  il <span class=\"_ _3d\"> </span>mantenimento  in  bilancio  de<span class=\"_ _1\"></span>lle  attivit\u00e0 <span class=\"_ _3d\"> </span>in  misura  pari <span class=\"_ _3d\"> </span>al  coinvolgimento<span class=\"_ _1\"></span>  residuo, misurato dall\u2019esposizione <span class=\"_ _1\"></span>ai cambiamenti di valore delle attivit\u00e0 cedute <span class=\"_ _1\"></span>ed alle variazioni dei flussi finanziari delle stesse. Infine,  le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _37\"> </span>cedute <span class=\"_ _3d\"> </span>vengono <span class=\"_ _37\"> </span>cancellate <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>bilancio <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>caso <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>cui <span class=\"_ _3d\"> </span>vi <span class=\"_ _3d\"> </span>sia <span class=\"_ _3d\"> </span>l<span class=\"_ _1\"></span>a conservazione <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>diritti <span class=\"_ _37\"> </span>contrattuali <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>ricevere <span class=\"_ _37\"> </span>i <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>cassa, <span class=\"_ _37\"> </span>con <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>contestuale assunzione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un\u2019obbligazione <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>pagare <span class=\"_ _38\"></span>detti <span class=\"_ _1\"></span>flussi, <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>solo <span class=\"_ _38\"></span>essi, <span class=\"_ _1\"></span>senza <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>ritardo <span class=\"_ _38\"></span>rilevante <span class=\"_ _1\"></span>ad <span class=\"_ _38\"></span>altri soggetti terzi. Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali Gli <span class=\"_ _36\"> </span>inte<span class=\"_ _1\"></span>ressi <span class=\"_ _39\"> </span>attivi, <span class=\"_ _36\"> </span>calcolati <span class=\"_ _39\"> </span>in <span class=\"_ _39\"> </span>base <span class=\"_ _39\"> </span>alla <span class=\"_ _36\"> </span>me<span class=\"_ _1\"></span>todologia <span class=\"_ _39\"> </span>d<span class=\"_ _3a1\"> </span>el <span class=\"_ _39\"> </span>T.I.R., <span class=\"_ _36\"> </span>vengono <span class=\"_ _39\"> </span>contabilizzati <span class=\"_ _36\"> </span>pe<span class=\"_ _1\"></span>r competenza <span class=\"_ _1\"></span>nelle <span class=\"_ _38\"></span>voci <span class=\"_ _1\"></span>\u201cInteressi <span class=\"_ _1\"></span>att<span class=\"_ _1\"></span>ivi e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>proventi <span class=\"_ _38\"></span>assimilati\u201d, <span class=\"_ _1\"></span>mentre <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>utili <span class=\"_ _38\"></span>o <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>perdite <span class=\"_ _1\"></span>derivanti da <span class=\"_ _1\"></span>una <span class=\"_ _38\"></span>variazione <span class=\"_ _38\"></span>di fair <span class=\"_ _38\"></span>value vengono <span class=\"_ _38\"></span>rilevati <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>specifica <span class=\"_ _38\"></span>riserva <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>patrimonio <span class=\"_ _38\"></span>netto <span class=\"_ _38\"></span>sino <span class=\"_ _1\"></span>a che l\u2019attivit\u00e0 finanziaria <span class=\"_ _2\"></span>non viene cancellata o non viene rileva<span class=\"_ _2\"></span>ta una p<span class=\"_ _2\"></span>erdita di valore. Per i titoli di debito, al <span class=\"_ _1\"></span>momento della dismissione o<span class=\"_ _1\"></span> della r<span class=\"_ _1\"></span>ilevazione di una perdita di <span class=\"_ _1\"></span>valore, l\u2019utile <span class=\"_ _1\"></span>o la perdita cumulati vengono riversati a conto economico. Qualora <span class=\"_ _3f\"> </span>i <span class=\"_ _39\"> </span>motivi <span class=\"_ _3f\"> </span>della <span class=\"_ _39\"> </span>perdita <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>valore <span class=\"_ _39\"> </span>s<span class=\"_ _1\"></span>iano <span class=\"_ _39\"> </span>rimossi <span class=\"_ _3f\"> </span>a <span class=\"_ _3f\"> </span>segu<span class=\"_ _2\"></span>ito <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>un <span class=\"_ _3f\"> </span>evento <span class=\"_ _3f\"> </span>verificatosi successivamente alla <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevazione della <span class=\"_ _3b\"></span>riduzione di <span class=\"_ _3b\"></span>valore<span class=\"_ _1\"></span>, vengono <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffettuate riprese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore co<span class=\"_ _2\"></span>n imputazione a conto economico, <span class=\"_ _2\"></span>nel caso dei titoli d<span class=\"_ _2\"></span>i debito. L\u2019ammontare della ripresa non <span class=\"_ _2\"></span>pu\u00f2 i<span class=\"_ _2\"></span>n ogni cas<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>superare <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>differenza <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>contabile <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>costo <span class=\"_ _1\"></span>ammortizzato <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>strumento avrebbe avuto in assenza di precedenti rettifiche.<span class=\"_ _3a1\"> </span>2.2 Atti<span class=\"_ _1\"></span>vit\u00e0 finan<span class=\"_ _1\"></span>ziarie v<span class=\"_ _1\"></span>alutate <span class=\"_ _1\"></span>al fair value<span class=\"_ _1\"></span> con impa<span class=\"_ _1\"></span>tto <span class=\"_ _1\"></span>sulla reddi<span class=\"_ _1\"></span>tivit\u00e0 comp<span class=\"_ _1\"></span>lessiva<span class=\"_ _1\"></span> (FVOCI <span class=\"_ _1\"></span>senza<span class=\"_ _3a1\"> </span> riciclo)<span class=\"_ _3a1\"> </span> C<span class=\"_ _3a1\"> </span>riteri di iscr<span class=\"_ _1\"></span>izione<span class=\"_ _3a1\"> </span> L\u2019iscrizione <span class=\"_ _1\"></span>iniziale delle <span class=\"_ _38\"></span>attivit\u00e0 finanziarie <span class=\"_ _1\"></span>avviene <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>regolamento <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>i t<span class=\"_ _1\"></span>itoli <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>capitale.<span class=\"_ _3a1\"> </span> All\u2019atto della rilevazione iniz<span class=\"_ _2\"></span>iale le attivit\u00e0 sono contabilizz<span class=\"_ _2\"></span>ate al fair value, comprensivo dei <span class=\"_ _2\"></span>costi o<span class=\"_ _3a1\"> </span> proventi di transazione direttamente attribuibili allo strumento <span class=\"_ _25a\"></span>stesso.<span class=\"_ _3a1\"> </span> Criteri di classifi<span class=\"_ _1\"></span>cazione<span class=\"_ _3a1\"> </span> Sono incl<span class=\"_ _2\"></span>usi nella <span class=\"_ _3b\"></span>voce gli <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>trumenti di <span class=\"_ _3b\"></span>capitale, non d<span class=\"_ _2\"></span>et<span class=\"_ _3a1\"> </span>enuti pe<span class=\"_ _2\"></span>r fi<span class=\"_ _2\"></span>nalit\u00e0 di<span class=\"_ _2\"></span> negoziazione, <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span> i <span class=\"_ _3b\"></span>quali<span class=\"_ _3a1\"> </span> al <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>omento <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>rilevazione <span class=\"_ _38\"></span>iniziale <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>stata <span class=\"_ _38\"></span>esercitata <span class=\"_ _38\"></span>l\u2019opzione <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>designazione <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value<span class=\"_ _3a1\"> </span> con impatto sulla redditivit\u00e0 complessiva.<span class=\"_ _3a1\"> </span> In <span class=\"_ _37\"> </span>particolare<span class=\"_ _1\"></span>, <span class=\"_ _37\"> </span>vengono <span class=\"_ _37\"> </span>inclusi <span class=\"_ _37\"> </span>in <span class=\"_ _36\"> </span>questa <span class=\"_ _37\"> </span>voce <span class=\"_ _37\"> </span>le<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>interessenze <span class=\"_ _36\"> </span>azionarie, <span class=\"_ _37\"> </span>non <span class=\"_ _37\"> </span>qualificabili <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span> controllo, collegamento <span class=\"_ _3b\"></span>e controllo <span class=\"_ _2\"></span>congiunto, <span class=\"_ _2\"></span>che non <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ono d<span class=\"_ _2\"></span>etenute con <span class=\"_ _3b\"></span>finalit\u00e0 di <span class=\"_ _3b\"></span>nego<span class=\"_ _1\"></span>ziazione,<span class=\"_ _3a1\"> </span> per  cu<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>si  \u00e8 <span class=\"_ _35\"> </span>esercitata  l\u2019opzi<span class=\"_ _2\"></span>one  per <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>designazione  al <span class=\"_ _35\"> </span>fair  va<span class=\"_ _3b\"></span>lue  con <span class=\"_ _35\"> </span>impatto  sulla <span class=\"_ _35\"> </span>redditivit\u00e0<span class=\"_ _3a1\"> </span> complessiva.<span class=\"_ _3a1\"> </span> Riclassifiche<span class=\"_ _3a1\"> </span> Secondo <span class=\"_ _36\"> </span>le <span class=\"_ _39\"> </span>regole <span class=\"_ _36\"> </span>generali <span class=\"_ _39\"> </span>previste <span class=\"_ _36\"> </span>dall\u2019IFRS <span class=\"_ _36\"> </span>9 <span class=\"_ _36\"> </span>in <span class=\"_ _39\"> </span>materia <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>riclassificazione <span class=\"_ _39\"> </span>delle <span class=\"_ _36\"> </span>attivit\u00e0<span class=\"_ _3a1\"> </span> finanziarie per i titoli di capitale non \u00e8 ammessa <span class=\"_ _1\"></span>alcuna riclassifica.<span class=\"_ _3a1\"> </span>Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span> Successivamente <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>rilevazione <span class=\"_ _35\"> </span>iniziale, <span class=\"_ _35\"> </span>gli <span class=\"_ _35\"> </span>strumenti <span class=\"_ _35\"> </span>d<span class=\"_ _3a1\"> </span>i <span class=\"_ _35\"> </span>capitale <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>cui <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>stata <span class=\"_ _35\"> </span>effettuata <span class=\"_ _35\"> </span>l<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span> scelta per <span class=\"_ _1\"></span>la classificazione <span class=\"_ _1\"></span>nella presente cat<span class=\"_ _1\"></span>egoria sono valutati <span class=\"_ _1\"></span>al fair <span class=\"_ _1\"></span>value e <span class=\"_ _1\"></span>gli importi r<span class=\"_ _1\"></span>ilevati<span class=\"_ _3a1\"> </span> in contro<span class=\"_ _1\"></span>partita del <span class=\"_ _1\"></span>patrimonio <span class=\"_ _1\"></span>netto (Prospett<span class=\"_ _1\"></span>o della r<span class=\"_ _1\"></span>edditivit\u00e0 compless<span class=\"_ _1\"></span>iva) non devono <span class=\"_ _1\"></span>ess<span class=\"_ _1\"></span>ere<span class=\"_ _3a1\"> </span> successivamente tr<span class=\"_ _1\"></span>asferiti a conto e<span class=\"_ _1\"></span>conomico, neanche <span class=\"_ _1\"></span>in caso di cessione<span class=\"_ _1\"></span>. La sola <span class=\"_ _1\"></span>componente<span class=\"_ _3a1\"> </span> riferibile <span class=\"_ _37\"> </span>ai <span class=\"_ _3d\"> </span>titoli <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>capitale <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>questione <span class=\"_ _37\"> </span>che <span class=\"_ _3d\"> </span>\u00e8 <span class=\"_ _37\"> </span>oggetto <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>rilevazione <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>cont<span class=\"_ _1\"></span>o <span class=\"_ _3d\"> </span>economico <span class=\"_ _3d\"> </span>\u00e8<span class=\"_ _3a1\"> </span> rappresentata dai relativi dividendi.<span class=\"_ _3a1\"> </span> Il fair value v<span class=\"_ _2\"></span>iene determinato sulla base dei criteri g<span class=\"_ _2\"></span>i\u00e0 illustrati per le At<span class=\"_ _2\"></span>tivit\u00e0 finanziarie valu<span class=\"_ _2\"></span>tate al<span class=\"_ _3a1\"> </span> fair value con impatto a conto economico.<span class=\"_ _3a1\"> </span> Per <span class=\"_ _3b\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _3b\"></span>inclusi <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>que<span class=\"_ _1\"></span>sta <span class=\"_ _3b\"></span>categoria, <span class=\"_ _3b\"></span>non q<span class=\"_ _2\"></span>uotati <span class=\"_ _3b\"></span>in u<span class=\"_ _2\"></span>n <span class=\"_ _3b\"></span>m<span class=\"_ _1\"></span>ercato <span class=\"_ _3b\"></span>attivo, <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>criter<span class=\"_ _1\"></span>io <span class=\"_ _3b\"></span>del <span class=\"_ _3b\"></span>costo<span class=\"_ _3a1\"> </span> \u00e8 utilizzato q<span class=\"_ _2\"></span>uale stima d<span class=\"_ _2\"></span>el fair v<span class=\"_ _3b\"></span>alue soltanto in via <span class=\"_ _3b\"></span>residuale e li<span class=\"_ _2\"></span>mitatamente a poche<span class=\"_ _2\"></span> circostanze,<span class=\"_ _3a1\"> </span> ossia  in <span class=\"_ _35\"> </span>caso  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>non  appli<span class=\"_ _2\"></span>cabilit\u00e0  di <span class=\"_ _35\"> </span>tutti  i <span class=\"_ _35\"> </span>metodi <span class=\"_ _35\"> </span>di  val<span class=\"_ _2\"></span>utazione  precedentemente <span class=\"_ _35\"> </span>richiamati,<span class=\"_ _3a1\"> </span> ovvero in presenza di un\u2019ampia <span class=\"_ _2\"></span>gamma di possibili valutazioni del fair value, nel cui<span class=\"_ _2\"></span> ambito il costo<span class=\"_ _3a1\"> </span> rappresenta la stima pi\u00f9 <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ignificativa.<span class=\"_ _3a1\"> </span> Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span> Le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>ve<span class=\"_ _1\"></span>ngono <span class=\"_ _38\"></span>cancellate <span class=\"_ _1\"></span>dal <span class=\"_ _0\"></span>bil<span class=\"_ _2\"></span>ancio <span class=\"_ _38\"></span>so<span class=\"_ _3a1\"> </span>lamente <span class=\"_ _38\"></span>se <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>cessione <span class=\"_ _38\"></span>ha <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>mportato <span class=\"_ _38\"></span>il<span class=\"_ _3a1\"> </span> sostanziale <span class=\"_ _2\"></span>trasferimento di <span class=\"_ _3b\"></span>tutti i<span class=\"_ _2\"></span> rischi <span class=\"_ _3b\"></span>e benefici <span class=\"_ _3b\"></span>connessi all<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 st<span class=\"_ _2\"></span>esse. P<span class=\"_ _2\"></span>er contro,<span class=\"_ _2\"></span> qu<span class=\"_ _2\"></span>alora<span class=\"_ _3a1\"> </span> sia <span class=\"_ _38\"></span>stata <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>antenuta <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>rilevante <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>benefici <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span> cedute, qu<span class=\"_ _2\"></span>este<span class=\"_ _1\"></span> con<span class=\"_ _2\"></span>tinuano ad<span class=\"_ _2\"></span> essere iscritte <span class=\"_ _3b\"></span>in bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 giuridicamente la <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>itolarit\u00e0 delle<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> attivit\u00e0 stesse sia stata effettivamente trasferita.<span class=\"_ _3a1\"> </span> Nel <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>possibile <span class=\"_ _35\"> </span>accertare <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>sostanziale <span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>asferimento <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>benefici, <span class=\"_ _0\"> </span>le<span class=\"_ _3a1\"> </span> attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>vengono <span class=\"_ _38\"></span>cancellate <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>bilancio <span class=\"_ _1\"></span>qualora <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ato <span class=\"_ _1\"></span>mante<span class=\"_ _1\"></span>nuto <span class=\"_ _1\"></span>alcun <span class=\"_ _38\"></span>tipo <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> controllo <span class=\"_ _37\"> </span>sulle <span class=\"_ _37\"> </span>stesse. <span class=\"_ _37\"> </span>In <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>contrario, <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>conservazione, <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>parte, <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>tale <span class=\"_ _37\"> </span>controllo<span class=\"_ _3a1\"> </span> comporta  il <span class=\"_ _3d\"> </span>mantenimento  in  bilancio  de<span class=\"_ _1\"></span>lle  attivit\u00e0 <span class=\"_ _3d\"> </span>in  misura  pari <span class=\"_ _3d\"> </span>al  coinvolgimento<span class=\"_ _1\"></span>  residuo,<span class=\"_ _3a1\"> </span> misurato dall\u2019esposizione <span class=\"_ _1\"></span>ai cambiamenti di valore delle attivit\u00e0 cedute <span class=\"_ _1\"></span>ed alle variazioni dei flussi<span class=\"_ _3a1\"> </span> finanziari delle stesse.<span class=\"_ _3a1\"> </span> Infine,  le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _37\"> </span>cedute <span class=\"_ _3d\"> </span>vengono <span class=\"_ _37\"> </span>cancellate <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>bilancio <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>caso <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>cui <span class=\"_ _3d\"> </span>vi <span class=\"_ _3d\"> </span>sia <span class=\"_ _3d\"> </span>l<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span> conservazione <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>diritti <span class=\"_ _37\"> </span>contrattuali <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>ricevere <span class=\"_ _37\"> </span>i <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>cassa, <span class=\"_ _37\"> </span>con <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>contestuale<span class=\"_ _3a1\"> </span> assunzione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un\u2019obbligazione <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>pagare <span class=\"_ _38\"></span>detti <span class=\"_ _1\"></span>flussi, <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>solo <span class=\"_ _38\"></span>essi, <span class=\"_ _1\"></span>senza <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>ritardo <span class=\"_ _38\"></span>rilevante <span class=\"_ _1\"></span>ad <span class=\"_ _38\"></span>altri<span class=\"_ _3a1\"> </span> soggetti terzi.<span class=\"_ _3a1\"> </span> Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"_ _3a1\"> </span> I dividendi <span class=\"_ _3b\"></span>ve<span class=\"_ _1\"></span>ngono contabilizzati alla voce \u201cDividendi <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> proventi simil<span class=\"_ _2\"></span>i\u201d nel momento in cui<span class=\"_ _2\"></span> sorge il<span class=\"_ _3a1\"> </span> diritto a riceverne il pagamento, mentre gli utili o<span class=\"_ _2\"></span> le perdite derivanti da una variazione di<span class=\"_ _3a1\"> </span> fair value<span class=\"_ _3a1\"> </span>dei <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>itoli <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>capitale <span class=\"_ _38\"></span>vengono <span class=\"_ _0\"></span>rilev<span class=\"_ _2\"></span>ati <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>pecifica <span class=\"_ _38\"></span>riserva <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>patrimonio <span class=\"_ _38\"></span>netto <span class=\"_ _0\"></span>e <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ale <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>viene<span class=\"_ _3a1\"> </span> riversato a conto economico nel caso di cessione e cancellazione del titolo <span class=\"_ _1\"></span>di capitale. 3 - Attivi<span class=\"_ _1\"></span>t\u00e0 finan<span class=\"_ _1\"></span>ziarie va<span class=\"_ _1\"></span>lutate <span class=\"_ _1\"></span>al costo<span class=\"_ _1\"></span> ammortizza<span class=\"_ _1\"></span>to<span class=\"_ _3a1\"> </span> Crite<span class=\"_ _3a1\"> </span>ri di iscrizione<span class=\"_ _3a1\"> </span> L\u2019iscrizione <span class=\"_ _1\"></span>iniziale <span class=\"_ _1\"></span>dell\u2019attivit\u00e0 <span class=\"_ _1\"></span>finanziaria <span class=\"_ _1\"></span>avviene<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>regolament<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>debito <span class=\"_ _38\"></span>ed<span class=\"_ _3a1\"> </span> alla <span class=\"_ _37\"> </span>data <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>ero<span class=\"_ _1\"></span>gazione <span class=\"_ _37\"> </span>nel <span class=\"_ _36\"> </span>caso <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>crediti. <span class=\"_ _37\"> </span>All\u2019atto <span class=\"_ _36\"> </span>della <span class=\"_ _37\"> </span>rilevazione <span class=\"_ _37\"> </span>iniziale <span class=\"_ _36\"> </span>le <span class=\"_ _37\"> </span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _37\"> </span>sono<span class=\"_ _3a1\"> </span> contabilizzate <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>fair val<span class=\"_ _2\"></span>ue, <span class=\"_ _2\"></span>comprensivo <span class=\"_ _3b\"></span>dei c<span class=\"_ _2\"></span>osti <span class=\"_ _3b\"></span>o p<span class=\"_ _2\"></span>roventi <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>transazione di<span class=\"_ _2\"></span>rettamente <span class=\"_ _3b\"></span>attr<span class=\"_ _1\"></span>ibuibili<span class=\"_ _3a1\"> </span> allo strumento stesso.<span class=\"_ _3a1\"> </span> In <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>icolare, <span class=\"_ _38\"></span>per <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>el <span class=\"_ _0\"></span>che<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>attie<span class=\"_ _2\"></span>ne <span class=\"_ _0\"></span>ai<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>cr<span class=\"_ _2\"></span>editi, <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>data <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ero<span class=\"_ _1\"></span>gazione <span class=\"_ _38\"></span>normalmente <span class=\"_ _0\"></span>coincid<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>l<span class=\"_ _3b\"></span>a<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> data <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>sottoscrizione <span class=\"_ _36\"> </span>del <span class=\"_ _36\"> </span>cont<span class=\"_ _1\"></span>ratto. <span class=\"_ _36\"> </span>Qualora <span class=\"_ _36\"> </span>tale <span class=\"_ _36\"> </span>coincidenza <span class=\"_ _36\"> </span>non <span class=\"_ _36\"> </span>si <span class=\"_ _39\"> </span>manifesti, <span class=\"_ _36\"> </span>in <span class=\"_ _36\"> </span>sede <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span> sottoscrizione <span class=\"_ _0\"></span>del<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>ratto <span class=\"_ _0\"></span>si<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>rovvede <span class=\"_ _0\"></span>ad <span class=\"_ _38\"></span>iscrivere <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>impegno <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>rogare <span class=\"_ _38\"></span>fo<span class=\"_ _1\"></span>ndi <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>si<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>chi<span class=\"_ _2\"></span>ude<span class=\"_ _3a1\"> </span> alla dat<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>erogazione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>finanziamento. <span class=\"_ _1\"></span>L\u2019iscrizione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>credito <span class=\"_ _1\"></span>avviene <span class=\"_ _1\"></span>sulla <span class=\"_ _1\"></span>base <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value<span class=\"_ _3a1\"> </span> dello <span class=\"_ _17e\"> </span>ste<span class=\"_ _1\"></span>sso, <span class=\"_ _17e\"> </span>pari <span class=\"_ _44\"> </span>all\u2019ammontare <span class=\"_ _44\"> </span>erogato, <span class=\"_ _17e\"> </span>o <span class=\"_ _44\"> </span>prezzo <span class=\"_ _17e\"> </span>di <span class=\"_ _44\"> </span>sottoscrizione, <span class=\"_ _44\"> </span>comprensivo <span class=\"_ _44\"> </span>dei<span class=\"_ _3a1\"> </span> costi/proventi <span class=\"_ _3a\"> </span>direttamente <span class=\"_ _3a\"> </span>riconducibili <span class=\"_ _3a\"> </span>al <span class=\"_ _3a\"> </span>singolo <span class=\"_ _3a\"> </span>credito <span class=\"_ _3a\"> </span>e <span class=\"_ _3a\"> </span>determinabili <span class=\"_ _3f\"> </span>s<span class=\"_ _1\"></span>in <span class=\"_ _3a\"> </span>dall\u2019origine<span class=\"_ _3a1\"> </span> dell\u2019operazione, ancorch\u00e9 <span class=\"_ _3b\"></span>liquidati in <span class=\"_ _3b\"></span>un momento <span class=\"_ _3b\"></span>success<span class=\"_ _1\"></span>ivo. <span class=\"_ _2\"></span>Sono <span class=\"_ _3b\"></span>es<span class=\"_ _1\"></span>clusi <span class=\"_ _2\"></span>i co<span class=\"_ _2\"></span>sti ch<span class=\"_ _2\"></span>e, pur<span class=\"_ _2\"></span> avendo<span class=\"_ _3a1\"> </span> le <span class=\"_ _1\"></span>caratter<span class=\"_ _1\"></span>istiche <span class=\"_ _1\"></span>suddette, <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ggetto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rimborso <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>parte <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>controparte <span class=\"_ _1\"></span>debitr<span class=\"_ _1\"></span>ice <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>sono<span class=\"_ _3a1\"> </span> inquadrabili tra i normali costi interni di carattere <span class=\"_ _3b\"></span>amm<span class=\"_ _1\"></span>inistrativo.<span class=\"_ _3a1\"> </span> Criteri di classificazione<span class=\"_ _3a1\"> </span> Sono <span class=\"_ _38\"></span>incluse <span class=\"_ _38\"></span>nella <span class=\"_ _1\"></span>presente <span class=\"_ _38\"></span>categoria <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanzia<span class=\"_ _3a1\"> </span>rie <span class=\"_ _1\"></span>(in <span class=\"_ _38\"></span>particolare <span class=\"_ _38\"></span>finanziamenti <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>tit<span class=\"_ _1\"></span>oli <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span> debito) che soddisfano entrambe le se<span class=\"_ _1\"></span>guenti condizioni:<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019attivit\u00e0 finanziaria <span class=\"_ _1\"></span>\u00e8 posseduta se<span class=\"_ _1\"></span>condo un <span class=\"_ _1\"></span>modello di business <span class=\"_ _1\"></span>il cui obiet<span class=\"_ _1\"></span>tivo \u00e8 conse<span class=\"_ _1\"></span>guito<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>mediante <span class=\"_ _0\"></span>l\u2019incasso <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>previsti <span class=\"_ _0\"></span>contrattualmente <span class=\"_ _0\"></span>(Business <span class=\"_ _0\"></span>model <span class=\"_ _0\"></span>\u201cHold <span class=\"_ _0\"></span>to<span class=\"_ _3a1\"> </span> Collect\u201d \u2013 \u201cHTC\u201d), e<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>ermini <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>rattuali <span class=\"_ _38\"></span>dell\u2019att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _38\"></span>finanziaria <span class=\"_ _0\"></span>prevedono, <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>determin<span class=\"_ _2\"></span>ate <span class=\"_ _0\"></span>date, <span class=\"_ _38\"></span>flussi <span class=\"_ _0\"></span>finanziari<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>rappresentati unicamente da pagamenti del capitale e dell\u2019interesse sul<span class=\"_ _2\"></span>l\u2019importo del capitale<span class=\"_ _3a1\"> </span> da restituire (cd. \u201cSPPI test\u201d superato).<span class=\"_ _3a1\"> </span> Pi\u00f9 in particolare, formano oggetto di rilevazione in quest<span class=\"_ _1\"></span>a voce:<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">gli  i<span class=\"_ _2\"></span>mpieghi  con <span class=\"_ _35\"> </span>banche  nelle <span class=\"_ _35\"> </span>diverse  forme  tecniche <span class=\"_ _35\"> </span>che  presentano  i<span class=\"_ _3b\"></span>  requisiti  di<span class=\"_ _2\"></span>  cui <span class=\"_ _35\"> </span>al<span class=\"_ _3a1\"> </span></span>paragrafo precedente;<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _35\"> </span>impieghi <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>clientela <span class=\"_ _35\"> </span>nelle <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>verse <span class=\"_ _35\"> </span>forme <span class=\"_ _35\"> </span>tecniche <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>presentano <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>requisiti <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>cui <span class=\"_ _35\"> </span>al<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>paragrafo precedente;<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">i titoli di debito che presentano i requisiti di cui al paragrafo <span class=\"_ _1\"></span>precedente.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>Sono <span class=\"_ _35\"> </span>inoltre <span class=\"_ _35\"> </span>inclusi <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>tale <span class=\"_ _35\"> </span>categoria <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>crediti <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>funzionamento <span class=\"_ _35\"> </span>connessi <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>pre<span class=\"_ _1\"></span>stazione <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span> attivit\u00e0 <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>servizi <span class=\"_ _38\"></span>finanziari <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>definiti <span class=\"_ _38\"></span>dal <span class=\"_ _1\"></span>T.U.B. <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>T.U.F. <span class=\"_ _1\"></span>(ad <span class=\"_ _38\"></span>es<span class=\"_ _1\"></span>empio <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>distribuzione <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> prodotti finanziari ed attivit\u00e0 di <span class=\"_ _210\"></span>servicing).<span class=\"_ _3a1\"> </span> Riclassifiche<span class=\"_ _3a1\"> </span> Secondo <span class=\"_ _36\"> </span>le <span class=\"_ _39\"> </span>regole <span class=\"_ _36\"> </span>generali <span class=\"_ _39\"> </span>previste <span class=\"_ _36\"> </span>dall\u2019IFRS <span class=\"_ _36\"> </span>9 <span class=\"_ _36\"> </span>in <span class=\"_ _39\"> </span>materia <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>riclassificazione <span class=\"_ _39\"> </span>delle <span class=\"_ _36\"> </span>attivit\u00e0<span class=\"_ _3a1\"> </span> finanziarie, <span class=\"_ _2\"></span>non sono <span class=\"_ _3b\"></span>ammesse riclassifich<span class=\"_ _2\"></span>e verso al<span class=\"_ _2\"></span>tre cat<span class=\"_ _2\"></span>egorie d<span class=\"_ _2\"></span>i attivit\u00e0 <span class=\"_ _3b\"></span>finanziarie salvo <span class=\"_ _2\"></span>il c<span class=\"_ _2\"></span>aso<span class=\"_ _3a1\"> </span> in <span class=\"_ _0\"></span>cui <span class=\"_ _0\"></span>l\u2019entit\u00e0 <span class=\"_ _35\"> </span>modifichi <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>proprio <span class=\"_ _35\"> </span>modello <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>business <span class=\"_ _35\"> </span>per <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"> </span>attivit\u00e0 <span class=\"_ _35\"> </span>finanziarie <span class=\"_ _0\"></span>a<span class=\"_ _3a1\"> </span> seguito <span class=\"_ _3d\"> </span>di  cambiament<span class=\"_ _1\"></span>i  esterni <span class=\"_ _3d\"> </span>o <span class=\"_ _3d\"> </span>interni <span class=\"_ _3d\"> </span>i  quali <span class=\"_ _3d\"> </span>siano <span class=\"_ _3d\"> </span>rilevanti <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>le  oper<span class=\"_ _1\"></span>azioni  dell'entit\u00e0 <span class=\"_ _3d\"> </span>e<span class=\"_ _3a1\"> </span> dimostrabili <span class=\"_ _1\"></span>alle <span class=\"_ _1\"></span>parti <span class=\"_ _1\"></span>esterne. <span class=\"_ _1\"></span>In <span class=\"_ _1\"></span>tali <span class=\"_ _1\"></span>casi, <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>ci <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>atte<span class=\"_ _1\"></span>nde <span class=\"_ _1\"></span>siano <span class=\"_ _1\"></span>altamente <span class=\"_ _1\"></span>infrequenti, <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _3a1\"> </span> finanziarie <span class=\"_ _0\"></span>potranno <span class=\"_ _35\"> </span>essere <span class=\"_ _0\"></span>riclassificate <span class=\"_ _0\"></span>dalla <span class=\"_ _35\"> </span>cat<span class=\"_ _2\"></span>egoria <span class=\"_ _0\"></span>valutata <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>costo <span class=\"_ _0\"></span>ammortizzato <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>un<span class=\"_ _3b\"></span>a<span class=\"_ _3a1\"> </span> delle <span class=\"_ _1\"></span>altre <span class=\"_ _1\"></span>due <span class=\"_ _1\"></span>categor<span class=\"_ _1\"></span>ie pr<span class=\"_ _1\"></span>eviste <span class=\"_ _1\"></span>dall\u2019IFRS 9 <span class=\"_ _38\"></span>(Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>impatto<span class=\"_ _3a1\"> </span> sulla <span class=\"_ _3d\"> </span>redditivit\u00e0 <span class=\"_ _3d\"> </span>complessiva <span class=\"_ _3d\"> </span>o <span class=\"_ _3d\"> </span>At<span class=\"_ _1\"></span>tivit\u00e0  finanziarie <span class=\"_ _37\"> </span>valutate <span class=\"_ _3d\"> </span>al  fair<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>value <span class=\"_ _3d\"> </span>con <span class=\"_ _3d\"> </span>impatto <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>conto<span class=\"_ _3a1\"> </span> economico). <span class=\"_ _3a\"> </span>Il <span class=\"_ _3a\"> </span>valore<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>t<span class=\"_ _1\"></span>rasferimento <span class=\"_ _3a\"> </span>\u00e8 <span class=\"_ _48\"> </span>rappresentato <span class=\"_ _3a\"> </span>dal <span class=\"_ _3a\"> </span>fair <span class=\"_ _3a\"> </span>value <span class=\"_ _48\"> </span>al <span class=\"_ _3a\"> </span>momento <span class=\"_ _3a\"> </span>della<span class=\"_ _3a1\"> </span> riclassificazione <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>gli <span class=\"_ _1\"></span>effe<span class=\"_ _1\"></span>tti <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iclassificazione <span class=\"_ _38\"></span>operano <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>maniera <span class=\"_ _0\"></span>prospettica <span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>partire <span class=\"_ _38\"></span>dalla<span class=\"_ _3a1\"> </span> data <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>riclassificazione. <span class=\"_ _0\"></span>Gli <span class=\"_ _0\"></span>utili <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>perdite <span class=\"_ _0\"></span>risultanti <span class=\"_ _0\"></span>dalla <span class=\"_ _0\"></span>differenza <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>cos<span class=\"_ _2\"></span>to <span class=\"_ _0\"></span>ammortizzato<span class=\"_ _3a1\"> </span> dell'attivit\u00e0 finanziaria e il relativo fair value sono rilevati a conto economico nel caso di <span class=\"_ _2\"></span>riclassifica<span class=\"_ _3a1\"> </span> tra le At<span class=\"_ _2\"></span>tivit\u00e0 finanziarie <span class=\"_ _2\"></span>valutate al fai<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span> value <span class=\"_ _2\"></span>con impatto <span class=\"_ _2\"></span>a conto <span class=\"_ _2\"></span>economico e<span class=\"_ _2\"></span> a Patrimonio<span class=\"_ _2\"></span> netto,<span class=\"_ _3a1\"> </span> nell\u2019apposita <span class=\"_ _1\"></span>riserva <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valutazione, <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>caso <span class=\"_ _38\"></span>di r<span class=\"_ _1\"></span>iclassifica tra <span class=\"_ _38\"></span>le Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fair<span class=\"_ _3a1\"> </span> value con impatto sulla redditivit\u00e0 complessiva.<span class=\"_ _3a1\"> </span> Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span> Successivamente <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>rilevazione <span class=\"_ _0\"></span>iniziale, <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>fin<span class=\"_ _3a1\"> </span>anziarie <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>esame <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>valutate <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>costo<span class=\"_ _3a1\"> </span> ammortizzato, <span class=\"_ _38\"></span>utilizzando <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>met<span class=\"_ _1\"></span>odo <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>tasso <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>interesse <span class=\"_ _0\"></span>effettivo. <span class=\"_ _1\"></span>In <span class=\"_ _38\"></span>q<span class=\"_ _1\"></span>uesti <span class=\"_ _0\"></span>termini, <span class=\"_ _1\"></span>l\u2019attivit\u00e0 <span class=\"_ _0\"></span>\u00e8<span class=\"_ _3a1\"> </span> riconosciuta <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>bilancio per<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>ammontare <span class=\"_ _1\"></span>pari al <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>prima <span class=\"_ _1\"></span>iscrizione <span class=\"_ _1\"></span>diminuito <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>rimborsi<span class=\"_ _3a1\"> </span> di <span class=\"_ _38\"></span>capitale, <span class=\"_ _38\"></span>pi\u00f9 <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>meno<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>l\u2019ammortame<span class=\"_ _1\"></span>nto <span class=\"_ _1\"></span>cumulato <span class=\"_ _0\"></span>(calc<span class=\"_ _2\"></span>olato <span class=\"_ _38\"></span>col <span class=\"_ _38\"></span>richiamato <span class=\"_ _0\"></span>m<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>todo <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>tasso <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> interesse effettivo) <span class=\"_ _3b\"></span>della differenza <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ra tale <span class=\"_ _3b\"></span>importo iniziale <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> l\u2019imp<span class=\"_ _2\"></span>orto alla <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>cadenza (<span class=\"_ _2\"></span>riconducibile<span class=\"_ _3a1\"> </span>tipicamente ai <span class=\"_ _3b\"></span>costi/provent<span class=\"_ _1\"></span>i im<span class=\"_ _3b\"></span>putati direttamente alla <span class=\"_ _3b\"></span>singola attivit\u00e0) <span class=\"_ _3b\"></span>e rettificato dell\u2019<span class=\"_ _2\"></span>eventuale fondo a <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _0\"></span>perdite <span class=\"_ _0\"></span>attese. <span class=\"_ _0\"></span>Il <span class=\"_ _0\"></span>tasso <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>interesse <span class=\"_ _0\"></span>effettivo <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>individuato <span class=\"_ _0\"></span>calcolando <span class=\"_ _0\"></span>il tasso <span class=\"_ _36\"> </span>che <span class=\"_ _36\"> </span>e<span class=\"_ _1\"></span>guaglia <span class=\"_ _36\"> </span>il <span class=\"_ _36\"> </span>valore <span class=\"_ _36\"> </span>at<span class=\"_ _1\"></span>tuale <span class=\"_ _36\"> </span>dei <span class=\"_ _36\"> </span>flussi <span class=\"_ _39\"> </span>futuri <span class=\"_ _36\"> </span>dell\u2019attivit\u00e0, <span class=\"_ _36\"> </span>per <span class=\"_ _36\"> </span>capitale <span class=\"_ _39\"> </span>ed <span class=\"_ _36\"> </span>interesse, all\u2019ammontare <span class=\"_ _3b\"></span>er<span class=\"_ _1\"></span>ogato <span class=\"_ _3b\"></span>inclusivo <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>costi/pro<span class=\"_ _1\"></span>venti <span class=\"_ _3b\"></span>ricondotti <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>ll\u2019attivit\u00e0 <span class=\"_ _3b\"></span>finanziaria <span class=\"_ _3b\"></span>mede<span class=\"_ _1\"></span>sima. <span class=\"_ _3b\"></span>Tale modalit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>contabilizzazione, <span class=\"_ _0\"></span>utilizzando <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>logica <span class=\"_ _0\"></span>finanziaria, <span class=\"_ _0\"></span>consente <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>distribuire <span class=\"_ _0\"></span>l\u2019effetto economico <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>costi/proventi <span class=\"_ _0\"></span>direttamente <span class=\"_ _0\"></span>attribuibili <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span>\u2019attivit\u00e0 <span class=\"_ _0\"></span>finanziaria <span class=\"_ _0\"></span>lungo <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>sua <span class=\"_ _0\"></span>vita residua attesa. Il metodo del <span class=\"_ _2\"></span>costo ammortizzato non <span class=\"_ _2\"></span>viene utilizz<span class=\"_ _2\"></span>ato per le attiv<span class=\"_ _2\"></span>it\u00e0 \u2013 valorizzate al<span class=\"_ _2\"></span> costo s<span class=\"_ _2\"></span>torico \u2013 la <span class=\"_ _29\"> </span>cui <span class=\"_ _193\"> </span>breve <span class=\"_ _193\"> </span>durata <span class=\"_ _193\"> </span>fa <span class=\"_ _29\"> </span>ritenere <span class=\"_ _193\"> </span>trascurabile <span class=\"_ _193\"> </span>l\u2019effetto <span class=\"_ _29\"> </span>dell\u2019applicazione <span class=\"_ _193\"> </span>della <span class=\"_ _29\"> </span>logica<span class=\"_ _1\"></span> dell\u2019attualizzazione, per quelle senza una scadenza definita e per i crediti a re<span class=\"_ _1\"></span>voca. I <span class=\"_ _37\"> </span>criteri <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>valutazione <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>elativi <span class=\"_ _37\"> </span>agli <span class=\"_ _37\"> </span>accantonamenti <span class=\"_ _37\"> </span>per<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>le <span class=\"_ _37\"> </span>perdite <span class=\"_ _37\"> </span>attese<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>sono <span class=\"_ _37\"> </span>strettamente connessi <span class=\"_ _0\"></span>all\u2019in<span class=\"_ _2\"></span>clusione <span class=\"_ _0\"></span>degli<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>same <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>uno <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>tre <span class=\"_ _0\"></span>stages <span class=\"_ _38\"></span>(stadi <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _0\"></span>creditizio) previsti <span class=\"_ _35\"> </span>dall\u2019IFRS <span class=\"_ _0\"></span>9, <span class=\"_ _35\"> </span>l\u2019ultimo <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>qual<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>(Stage <span class=\"_ _35\"> </span>3) <span class=\"_ _0\"> </span>co<span class=\"_ _1\"></span>mprende <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>finanziarie <span class=\"_ _35\"> </span>deteriorate <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>i restanti (Stage 1 e 2) le attivit\u00e0 finanziarie in bonis. Con riferimento alla rapp<span class=\"_ _2\"></span>resentazione contabile dei suddetti effe<span class=\"_ _2\"></span>tti valutativi, le rettifi<span class=\"_ _2\"></span>che di valore riferite a questa tipologia di attivit\u00e0 sono rilevate nel Conto Economico: <span class=\"_ _42\"> </span><span class=\"ff4\">all\u2019atto dell\u2019iscrizione iniziale, per un ammo<span class=\"_ _1\"></span>ntare pari alla perdita attesa a dodici mesi; </span><span class=\"_ _42\"> </span><span class=\"ff4\">all\u2019atto  della  valutazione  successiva  dell\u2019attivit\u00e0,  ove  il  rischio  creditizio  non  sia  risultato<span class=\"_ _3a1\"> </span></span>significativamente <span class=\"_ _3d\"> </span>incrementato <span class=\"_ _3d\"> </span>rispetto <span class=\"_ _3d\"> </span>all\u2019iscrizione <span class=\"_ _3d\"> </span>iniziale, <span class=\"_ _3d\"> </span>in  r<span class=\"_ _1\"></span>elazione <span class=\"_ _3d\"> </span>alle <span class=\"_ _3d\"> </span>variazioni<span class=\"_ _3a1\"> </span>dell\u2019ammontare delle rettifiche di valore per per<span class=\"_ _1\"></span>dite attese nei dodici mesi successivi; <span class=\"_ _42\"> </span><span class=\"ff4\">all\u2019atto <span class=\"_ _3a\"> </span>della <span class=\"_ _3f\"> </span>valutazione <span class=\"_ _3a\"> </span>success<span class=\"_ _1\"></span>iva <span class=\"_ _3f\"> </span>dell\u2019attivit\u00e0, <span class=\"_ _3a\"> </span>ove <span class=\"_ _3a\"> </span>il <span class=\"_ _3f\"> </span>rischio <span class=\"_ _3a\"> </span>creditizio <span class=\"_ _3a\"> </span>sia <span class=\"_ _3f\"> </span>r<span class=\"_ _1\"></span>isultato </span>significativamente <span class=\"_ _1\"></span>incre<span class=\"_ _1\"></span>mentato <span class=\"_ _1\"></span>rispetto<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>all\u2019iscrizione <span class=\"_ _38\"></span>iniziale, <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>relazione <span class=\"_ _38\"></span>alla <span class=\"_ _1\"></span>rilevazione <span class=\"_ _38\"></span>di rettifiche di valore per perdite attese riferibili all\u2019<span class=\"_ _2\"></span>intera vita residua prevista contrattualmente per l\u2019attivit\u00e0; <span class=\"_ _42\"> </span><span class=\"ff4\">all\u2019atto della valutazione successiva dell\u2019attivit\u00e0, ove <span class=\"_ _1\"></span>\u2013 dopo che si \u00e8 verificato un incremento </span>significativo <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>credito<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>rispetto <span class=\"_ _35\"> </span>all\u2019iscrizione <span class=\"_ _35\"> </span>iniziale <span class=\"_ _35\"> </span>\u2013  la <span class=\"_ _35\"> </span>\u201c<span class=\"_ _2\"></span>significativit\u00e0\u201d <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>tale incremento <span class=\"_ _3d\"> </span>sia <span class=\"_ _37\"> </span>poi <span class=\"_ _3d\"> </span>venuta <span class=\"_ _3d\"> </span>meno, <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>relazione <span class=\"_ _3d\"> </span>all\u2019adeguamento <span class=\"_ _37\"> </span>delle <span class=\"_ _3d\"> </span>rettifiche <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>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 <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>finanziarie in <span class=\"_ _1\"></span>esame, <span class=\"_ _1\"></span>ove r<span class=\"_ _1\"></span>isultino <span class=\"_ _1\"></span>in bonis, <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>sottoposte <span class=\"_ _1\"></span>ad una <span class=\"_ _1\"></span>valutazione, <span class=\"_ _1\"></span>volta a definire  le  rettifiche  di  valore  da <span class=\"_ _35\"> </span>rilevar<span class=\"_ _1\"></span>e  in  bilancio,  a  l<span class=\"_ _2\"></span>ivello  di  singolo  rapporto  creditizio  (o \u201ctranche\u201d di titolo), <span class=\"_ _2\"></span>in funzione d<span class=\"_ _2\"></span>ei parametri di <span class=\"_ _2\"></span>rischio rappresentati da probabili<span class=\"_ _2\"></span>ty of default (PD)<span class=\"_ _2\"></span>, loss given default (LGD) ed e<span class=\"_ _1\"></span>xposure a<span class=\"_ _1\"></span>t default (EAD), derivati dai modelli AIRB<span class=\"_ _1\"></span> e opport<span class=\"_ _1\"></span>unamente corretti per tener conto delle previsioni del principio contabile IFRS 9. Se,  oltre  ad  un  i<span class=\"_ _2\"></span>ncremento  signific<span class=\"_ _2\"></span>ativo  del  rischio  di  credito, <span class=\"_ _35\"> </span>si  riscontrano  anche  oggettive evidenze <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>una pe<span class=\"_ _2\"></span>rdita <span class=\"_ _3b\"></span>di v<span class=\"_ _2\"></span>alore, <span class=\"_ _3b\"></span>l\u2019importo della<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>perdita <span class=\"_ _3b\"></span>viene mis<span class=\"_ _2\"></span>urato <span class=\"_ _2\"></span>come <span class=\"_ _3b\"></span>differenza <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>valore contabile dell\u2019attivit\u00e0 \u2013 classificata come \u201cdeteriorat<span class=\"_ _1\"></span>a\u201d, al pari di tutti gli altri rapporti intercorrenti con <span class=\"_ _3b\"></span>la medesima <span class=\"_ _3b\"></span>controparte \u2013 <span class=\"_ _3b\"></span>e <span class=\"_ _3b\"></span>il v<span class=\"_ _2\"></span>alore attuale <span class=\"_ _3b\"></span>dei fu<span class=\"_ _2\"></span>turi <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>finanzi<span class=\"_ _2\"></span>ari stimati, <span class=\"_ _3b\"></span>scontati al <span class=\"_ _184\"></span>t<span class=\"_ _1\"></span>asso di interesse <span class=\"_ _1\"></span>effettivo originario. <span class=\"_ _1\"></span>In tale <span class=\"_ _1\"></span>contesto, \u00e8 <span class=\"_ _1\"></span>stata sviluppata <span class=\"_ _1\"></span>una specifica <span class=\"_ _1\"></span>metodologia per il  trattamento  contabile  da<span class=\"_ _3b\"></span>  applicare  ad  un  portafoglio  d<span class=\"_ _2\"></span>i  posizioni  a <span class=\"_ _35\"> </span>sofferenza  che,  avendo maturato u<span class=\"_ _2\"></span>n <span class=\"_ _3b\"></span>vintage signi<span class=\"_ _2\"></span>ficativo, <span class=\"_ _3b\"></span>vengono valutate<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>un\u2019ottica <span class=\"_ _3b\"></span>di cessione <span class=\"_ _3b\"></span>(c.d.\u201dPortafoglio sotto \u2013 <span class=\"_ _3b\"></span>modello <span class=\"_ _2\"></span>Stage 3\u201d). <span class=\"_ _3b\"></span>Tale <span class=\"_ _3b\"></span>met<span class=\"_ _1\"></span>odologia <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>nsidera d<span class=\"_ _2\"></span>iversi <span class=\"_ _3b\"></span>scenari e <span class=\"_ _3b\"></span>stima il <span class=\"_ _3b\"></span>valore recup<span class=\"_ _2\"></span>erabile delle <span class=\"_ _38\"></span>esposizioni <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>base <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>combinazione <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>probabilit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>accadimento <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ali <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>cenari, <span class=\"_ _38\"></span>oltre che <span class=\"_ _38\"></span>ai <span class=\"_ _38\"></span>relativi <span class=\"_ _38\"></span>flussi <span class=\"_ _0\"></span>di<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>cassa <span class=\"_ _1\"></span>stimati. <span class=\"_ _38\"></span>Rientrano <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>ll\u2019ambito <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>deteriorate <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>str<span class=\"_ _1\"></span>umenti finanziari <span class=\"_ _39\"> </span>ai <span class=\"_ _3f\"> </span>quali <span class=\"_ _3f\"> </span>\u00e8 <span class=\"_ _39\"> </span>st<span class=\"_ _1\"></span>ato <span class=\"_ _3f\"> </span>attribu<span class=\"_ _2\"></span>ito <span class=\"_ _3f\"> </span>lo <span class=\"_ _39\"> </span>s<span class=\"_ _1\"></span>tatus <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>sofferenza, <span class=\"_ _3f\"> </span>inadempienza <span class=\"_ _39\"> </span>probabile <span class=\"_ _3f\"> </span>o <span class=\"_ _39\"> </span>d<span class=\"_ _1\"></span>i scaduto/sconfinante <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>oltre <span class=\"_ _0\"></span>nov<span class=\"_ _2\"></span>anta <span class=\"_ _0\"></span>giorni <span class=\"_ _0\"></span>secondo <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>regole <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>Banca <span class=\"_ _0\"></span>d\u2019Italia, <span class=\"_ _38\"></span>coe<span class=\"_ _1\"></span>renti <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>la normativa IAS/IFRS e di Vigilanza europe<span class=\"_ _1\"></span>a. I <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>cassa <span class=\"_ _0\"></span>previsti <span class=\"_ _0\"></span>te<span class=\"_ _1\"></span>ngono <span class=\"_ _0\"></span>conto <span class=\"_ _35\"> </span>d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>tempi <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>recupero <span class=\"_ _0\"></span>attesi <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>presumibile <span class=\"_ _0\"></span>valore <span class=\"_ _0\"></span>di realizzo delle eventuali garanzie. Il <span class=\"_ _2\"></span>tasso effettivo <span class=\"_ _3b\"></span>or<span class=\"_ _1\"></span>iginario di<span class=\"_ _2\"></span> ciascun<span class=\"_ _2\"></span>a attivit\u00e0 riman<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> inv<span class=\"_ _2\"></span>ariato nel <span class=\"_ _3b\"></span>te<span class=\"_ _1\"></span>mpo ancorch<span class=\"_ _2\"></span>\u00e9 sia <span class=\"_ _2\"></span>intervenuta una <span class=\"_ _0\"></span>ristr<span class=\"_ _1\"></span>utturazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>ra<span class=\"_ _1\"></span>pporto <span class=\"_ _0\"></span>che <span class=\"_ _35\"> </span>abb<span class=\"_ _2\"></span>ia <span class=\"_ _0\"></span>comport<span class=\"_ _1\"></span>ato <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>va<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iazione <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>tasso <span class=\"_ _0\"></span>contrattuale <span class=\"_ _0\"></span>ed anche qualora il rapporto divenga, nella pratica, infruttifero <span class=\"_ _1\"></span>di interessi contrattuali. Qualora <span class=\"_ _3f\"> </span>i <span class=\"_ _39\"> </span>motivi <span class=\"_ _3f\"> </span>della <span class=\"_ _39\"> </span>perdita <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>valore <span class=\"_ _39\"> </span>s<span class=\"_ _1\"></span>iano <span class=\"_ _39\"> </span>rimossi <span class=\"_ _3f\"> </span>a <span class=\"_ _3f\"> </span>segu<span class=\"_ _2\"></span>ito <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>un <span class=\"_ _3f\"> </span>evento <span class=\"_ _3f\"> </span>verificatosi successivamente alla <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevazione della <span class=\"_ _3b\"></span>riduzione di <span class=\"_ _3b\"></span>valore<span class=\"_ _1\"></span>, vengono <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffettuate riprese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore co<span class=\"_ _2\"></span>n imputazione a Conto Economico. La ripresa di valo<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>e non pu\u00f2 eccedere il costo ammortizzato ch<span class=\"_ _2\"></span>e lo <span class=\"_ _35\"> </span>strumento <span class=\"_ _35\"> </span>finanziario <span class=\"_ _35\"> </span>avrebbe <span class=\"_ _35\"> </span>avuto <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>assenza <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>precedenti <span class=\"_ _35\"> </span>rettifiche. <span class=\"_ _35\"> </span>I <span class=\"_ _35\"> </span>ripristini <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>valore connessi con il trascorrere del tempo sono a<span class=\"_ _1\"></span>ppostati nel margine di interesse. In <span class=\"_ _35\"> </span>alcuni <span class=\"_ _35\"> </span>casi, <span class=\"_ _35\"> </span>durante <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>vita <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _35\"> </span>finanziarie <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>esame <span class=\"_ _35\"> </span>e, <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>particolare, <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>crediti, <span class=\"_ _35\"> </span>le condizioni <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>rattuali <span class=\"_ _38\"></span>originarie <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>oggetto <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>success<span class=\"_ _1\"></span>iva <span class=\"_ _38\"></span>modifica <span class=\"_ _38\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _0\"></span>volont\u00e0 <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>parti <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>el<span class=\"_ _3a1\"> </span>contratto. <span class=\"_ _38\"></span>Quando, <span class=\"_ _1\"></span>nel <span class=\"_ _38\"></span>corso <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>vita <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>trumento, <span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>clausole <span class=\"_ _38\"></span>contrattuali <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>oggetto <span class=\"_ _38\"></span>di modifi<span class=\"_ _3a1\"> </span>ca <span class=\"_ _38\"></span>occorre <span class=\"_ _38\"></span>ver<span class=\"_ _1\"></span>ificare <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>l\u2019attivit\u00e0 <span class=\"_ _38\"></span>originaria <span class=\"_ _38\"></span>deve <span class=\"_ _38\"></span>continuare <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>essere<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>rilevata<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>bilancio <span class=\"_ _38\"></span>o se, <span class=\"_ _39\"> </span>al <span class=\"_ _36\"> </span>contrario, <span class=\"_ _39\"> </span>lo <span class=\"_ _36\"> </span>strumento <span class=\"_ _39\"> </span>originario <span class=\"_ _36\"> </span>deve <span class=\"_ _36\"> </span>e<span class=\"_ _1\"></span>ssere <span class=\"_ _36\"> </span>oggetto<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>cancellazione <span class=\"_ _39\"> </span>dal <span class=\"_ _36\"> </span>bilancio (derecognition) e debba essere rilevato un nuovo strumento finanziario. In <span class=\"_ _0\"></span>generale<span class=\"_ _1\"></span>, <span class=\"_ _0\"></span>le <span class=\"_ _35\"> </span>m<span class=\"_ _2\"></span>odifiche <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>un\u2019<span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>finanz<span class=\"_ _2\"></span>iaria <span class=\"_ _0\"></span>conducono <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>cancellazione <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>stessa <span class=\"_ _0\"></span>ed all\u2019iscrizione d<span class=\"_ _2\"></span>i u<span class=\"_ _2\"></span>na nuov<span class=\"_ _2\"></span>a attivit\u00e0 <span class=\"_ _3b\"></span>quando sono <span class=\"_ _3b\"></span>\u201csostanziali\u201d. La <span class=\"_ _3b\"></span>valutazione circa <span class=\"_ _2\"></span>la <span class=\"_ _3b\"></span>\u201cso<span class=\"_ _1\"></span>stanzialit\u00e0\u201d della <span class=\"_ _3a\"> </span>modifica <span class=\"_ _3a\"> </span>deve <span class=\"_ _48\"> </span>essere <span class=\"_ _3a\"> </span>effettuata <span class=\"_ _3a\"> </span>considerando <span class=\"_ _3a\"> </span>sia <span class=\"_ _48\"> </span>elementi <span class=\"_ _3a\"> </span>qualitativi <span class=\"_ _3a\"> </span>sia <span class=\"_ _3a\"> </span>elementi quantitativi. In <span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>cuni casi<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>infatti, <span class=\"_ _1\"></span>potr\u00e0 <span class=\"_ _1\"></span>risultare <span class=\"_ _1\"></span>chiaro, <span class=\"_ _1\"></span>senza <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>ricorso <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>complesse <span class=\"_ _1\"></span>analisi, che <span class=\"_ _1\"></span>i cambiamenti <span class=\"_ _0\"></span>introdotti <span class=\"_ _0\"></span>modificano <span class=\"_ _0\"></span>sostanzialmente <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>caratteristiche <span class=\"_ _0\"></span>e/o <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>flu<span class=\"_ _2\"></span>ssi <span class=\"_ _0\"></span>contrattuali <span class=\"_ _0\"></span>di una determinata attivit\u00e0 mentre, in altri casi, dovranno essere svolte ulteriori analisi (anche di tipo quantitativo) <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>apprezzare <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>effetti <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>stesse <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>verificare <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>necess<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>procedere <span class=\"_ _38\"></span>o <span class=\"_ _38\"></span>meno alla cancellazione dell\u2019attivit\u00e0 ed alla iscrizione <span class=\"_ _1\"></span>di un nuovo strumento finanziario. Le <span class=\"_ _39\"> </span>analisi <span class=\"_ _36\"> </span>(quali-quantitative) <span class=\"_ _36\"> </span>volte<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>a <span class=\"_ _36\"> </span>definire <span class=\"_ _36\"> </span>la <span class=\"_ _39\"> </span>\u201csostanzialit\u00e0\u201d <span class=\"_ _36\"> </span>delle <span class=\"_ _39\"> </span>modifiche <span class=\"_ _36\"> </span>contr<span class=\"_ _1\"></span>attuali apportate ad un\u2019attivit\u00e0 finanziaria, dovranno pertanto considerare<span class=\"_ _1\"></span>: <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _0\"></span>finalit\u00e0 <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>cui <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>modifiche <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>state <span class=\"_ _0\"></span>effettuate: <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>esempio, <span class=\"_ _0\"></span>rinegoziazioni <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>motivi </span>commerciali e concessioni per difficolt\u00e0 finanziarie della contro<span class=\"_ _1\"></span>parte: <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _0\"></span>prime, <span class=\"_ _0\"></span>volte <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>\u201ctrattenere\u201d <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>cliente, <span class=\"_ _0\"></span>vedono <span class=\"_ _35\"> </span>coinv<span class=\"_ _2\"></span>olto <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>debitore <span class=\"_ _35\"> </span>che<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>versa <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>una </span>situazione  di  difficolt\u00e0  finan<span class=\"_ _2\"></span>ziar<span class=\"_ _1\"></span>ia.  In  questa  casistica  sono  inc<span class=\"_ _2\"></span>luse  tutte  le  operazioni  di rinegoziazione <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>volte <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>adeguare <span class=\"_ _38\"></span>l\u2019onerosit\u00e0 <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>debito <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>condizioni <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rcato. Tali <span class=\"_ _48\"> </span>operazioni <span class=\"_ _48\"> </span>comportano <span class=\"_ _48\"> </span>una <span class=\"_ _48\"> </span>variazione <span class=\"_ _48\"> </span>delle <span class=\"_ _48\"> </span>condizi<span class=\"_ _2\"></span>oni <span class=\"_ _48\"> </span>or<span class=\"_ _1\"></span>iginarie <span class=\"_ _48\"> </span>del <span class=\"_ _48\"> </span>contratto, solitamente <span class=\"_ _38\"></span>richieste <span class=\"_ _38\"></span>dal <span class=\"_ _1\"></span>debitore<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>attiene <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>aspetti <span class=\"_ _38\"></span>connessi <span class=\"_ _38\"></span>alla <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nerosit\u00e0 <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>debito, con <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>conseguente <span class=\"_ _0\"></span>beneficio <span class=\"_ _38\"></span>economico <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>il<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>debito<span class=\"_ _2\"></span>re <span class=\"_ _0\"></span>stess<span class=\"_ _2\"></span>o. <span class=\"_ _0\"></span>In<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>lin<span class=\"_ _2\"></span>ea <span class=\"_ _0\"></span>generale <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>itiene che, <span class=\"_ _38\"></span>ogniqualvolta <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>banca <span class=\"_ _38\"></span>effe<span class=\"_ _1\"></span>ttui <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>rinegoziazione <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>fine <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>evitare <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>perdere <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>prio cliente, <span class=\"_ _0\"></span>tale <span class=\"_ _38\"></span>rinegoziazione <span class=\"_ _0\"></span>debba <span class=\"_ _38\"></span>ess<span class=\"_ _1\"></span>ere <span class=\"_ _38\"></span>consider<span class=\"_ _1\"></span>ata <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>me <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ostanziale <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>anto, <span class=\"_ _0\"></span>ove <span class=\"_ _38\"></span>non fosse  effett<span class=\"_ _1\"></span>uata,  il  cliente <span class=\"_ _3d\"> </span>potrebbe  finanziarsi  press<span class=\"_ _1\"></span>o  un  altro <span class=\"_ _3d\"> </span>intermediario  e<span class=\"_ _1\"></span>  la  banca subirebbe un decremento dei ricavi futuri previsti; <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _36\"> </span>seconde, <span class=\"_ _36\"> </span>effettuate <span class=\"_ _39\"> </span>per <span class=\"_ _37\"> </span>\u201cragioni <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>rischio <span class=\"_ _39\"> </span>creditizio\u201d <span class=\"_ _36\"> </span>(misure <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>forbearance), <span class=\"_ _36\"> </span>sono </span>riconducibili <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>tentat<span class=\"_ _1\"></span>ivo <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>banca <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>massimizzare <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>reco<span class=\"_ _1\"></span>very <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>cash <span class=\"_ _35\"> </span>flow <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>credito originario. I <span class=\"_ _3b\"></span>rischi e <span class=\"_ _3b\"></span>i benefici <span class=\"_ _3b\"></span>sottostant<span class=\"_ _1\"></span>i, <span class=\"_ _3b\"></span>succes<span class=\"_ _1\"></span>sivamente <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>modifiche, <span class=\"_ _3b\"></span>di norma, non <span class=\"_ _3b\"></span>sono sostanzialmente  trasferiti  e,  co<span class=\"_ _2\"></span>nseguentemente,  la  rappresentazione  contabile<span class=\"_ _2\"></span>  che  offre informazioni <span class=\"_ _38\"></span>pi\u00f9 <span class=\"_ _38\"></span>rilevanti <span class=\"_ _0\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>lettore <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>bil<span class=\"_ _2\"></span>ancio <span class=\"_ _38\"></span>(salvo <span class=\"_ _38\"></span>quanto <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>dir\u00e0 <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>se<span class=\"_ _1\"></span>guito <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ema <span class=\"_ _38\"></span>di elementi <span class=\"_ _0\"></span>oggettivi)<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>quella <span class=\"_ _0\"></span>effettuata <span class=\"_ _38\"></span>tramite <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>\u201cmodification <span class=\"_ _0\"></span>accounting\u201d <span class=\"_ _38\"></span>- <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>implica <span class=\"_ _38\"></span>la<span class=\"_ _3a1\"> </span>rilevazione <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>conto <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>conomico de<span class=\"_ _1\"></span>lla differe<span class=\"_ _1\"></span>nza <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>abile e <span class=\"_ _1\"></span>valore<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>attuale <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>flussi di cassa modificati scontati al tasso di interesse originario - e non tr<span class=\"_ _1\"></span>amite la derecognition; <span class=\"_ _42\"> </span><span class=\"ff4\">la presenza di <span class=\"_ _2\"></span>specifici elementi oggettivi (\u201ctrigger\u201d) che i<span class=\"_ _2\"></span>ncidono sulle caratteristiche e<span class=\"_ _2\"></span>/o sui </span>flussi <span class=\"_ _1\"></span>contrattuali <span class=\"_ _1\"></span>dello <span class=\"_ _1\"></span>strumento <span class=\"_ _1\"></span>finanziario <span class=\"_ _1\"></span>(quali, a <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>titolo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>esempio, <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>cambiamento di divisa o la modifica della tipologia di rischio a cui si \u00e8 e<span class=\"_ _1\"></span>sposti, ove la si correli a parametri di equity <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>commodity), <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>itiene <span class=\"_ _0\"></span>comportino <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>derecognition <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>considerazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>loro impatto (atteso come significativo) sui flussi contra<span class=\"_ _1\"></span>ttuali originari. Criteri di cancel<span class=\"_ _1\"></span>lazione Le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>ve<span class=\"_ _1\"></span>ngono <span class=\"_ _38\"></span>cancellate <span class=\"_ _1\"></span>dal <span class=\"_ _0\"></span>bil<span class=\"_ _2\"></span>an<span class=\"_ _3a1\"> </span>cio <span class=\"_ _38\"></span>so<span class=\"_ _3a1\"> </span>lamente <span class=\"_ _38\"></span>se <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>cessione <span class=\"_ _38\"></span>ha <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>mportato <span class=\"_ _38\"></span>il sostanziale <span class=\"_ _2\"></span>trasferimento di <span class=\"_ _3b\"></span>tutti i<span class=\"_ _2\"></span> rischi <span class=\"_ _3b\"></span>e benefici <span class=\"_ _3b\"></span>connessi all<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 st<span class=\"_ _2\"></span>esse. P<span class=\"_ _2\"></span>er contro,<span class=\"_ _2\"></span> qu<span class=\"_ _2\"></span>alora sia <span class=\"_ _38\"></span>stata <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>antenuta <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>rilevante <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>benefici <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>arie cedute, qu<span class=\"_ _2\"></span>este<span class=\"_ _1\"></span> con<span class=\"_ _2\"></span>tinuano ad<span class=\"_ _2\"></span> essere iscritte <span class=\"_ _3b\"></span>in bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 giuridicamente la <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>itolarit\u00e0 delle<span class=\"_ _2\"></span> attivit\u00e0 stesse sia stata effettivamente trasferita. Nel <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>possibile <span class=\"_ _35\"> </span>accertare <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>sostanziale <span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>asferimento <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>benefici, <span class=\"_ _0\"> </span>le attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>vengono <span class=\"_ _38\"></span>cancellate <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>bilancio <span class=\"_ _1\"></span>qualora <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ato <span class=\"_ _1\"></span>mante<span class=\"_ _1\"></span>nuto <span class=\"_ _1\"></span>alcun <span class=\"_ _38\"></span>tipo <span class=\"_ _38\"></span>di controllo <span class=\"_ _37\"> </span>sulle <span class=\"_ _37\"> </span>stesse. <span class=\"_ _37\"> </span>In <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>contrario, <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>conservazione, <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>parte, <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>tale <span class=\"_ _37\"> </span>controllo comporta  il <span class=\"_ _3d\"> </span>mantenimento  in  bilancio  de<span class=\"_ _1\"></span>lle  attivit\u00e0 <span class=\"_ _3d\"> </span>in  misura  pari <span class=\"_ _3d\"> </span>al  coinvolgimento<span class=\"_ _1\"></span>  residuo, misurato dall\u2019esposizione <span class=\"_ _1\"></span>ai cambiamenti di valore delle attivit\u00e0 cedute <span class=\"_ _1\"></span>ed alle variazioni dei flussi finanziari delle stesse. Infine,  le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _37\"> </span>cedute <span class=\"_ _3d\"> </span>vengono <span class=\"_ _37\"> </span>cancellate <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>bilancio <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>caso <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>cui <span class=\"_ _3d\"> </span>vi <span class=\"_ _3d\"> </span>sia <span class=\"_ _3d\"> </span>l<span class=\"_ _1\"></span>a conservazione <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>diritti <span class=\"_ _37\"> </span>contrattuali <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>ricevere <span class=\"_ _37\"> </span>i <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>cassa, <span class=\"_ _37\"> </span>con <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>contestuale assunzione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un\u2019obbligazione <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>pagare <span class=\"_ _38\"></span>detti <span class=\"_ _1\"></span>flussi, <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>solo <span class=\"_ _38\"></span>essi, <span class=\"_ _1\"></span>senza <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>ritardo <span class=\"_ _38\"></span>rilevante <span class=\"_ _1\"></span>ad <span class=\"_ _38\"></span>altri soggetti terzi.<span class=\"_ _3a1\"> </span> Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali L\u2019allo<span class=\"_ _3a1\"> </span>cazione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>componenti <span class=\"_ _0\"></span>reddituali <span class=\"_ _0\"></span>nelle <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span>tinenti <span class=\"_ _0\"></span>voci <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>avv<span class=\"_ _2\"></span>iene <span class=\"_ _0\"></span>sulla base di quanto riportato di seguito: <span class=\"_ _42\"> </span><span class=\"ff4\">Gli <span class=\"_ _1\"></span>interessi <span class=\"_ _1\"></span>attivi <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>crediti <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>vengono <span class=\"_ _1\"></span>allocati <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>lla voce<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>\u201cInteressi <span class=\"_ _1\"></span>attivi <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>provent<span class=\"_ _1\"></span>i </span>assimilati\u201d per competenza sulla base de<span class=\"_ _1\"></span>l tasso di interesse effettivo; <span class=\"_ _42\"> </span><span class=\"ff4\">Gli <span class=\"_ _1\"></span>utili <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>perdite <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>cessione <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>crediti <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>dei <span class=\"_ _1\"></span>titoli <span class=\"_ _38\"></span>vengono <span class=\"_ _1\"></span>allocati <span class=\"_ _1\"></span>nella <span class=\"_ _38\"></span>voce <span class=\"_ _1\"></span>\u201cUtili <span class=\"_ _38\"></span>(perdite) </span>da cessione o riacquisto di attivit\u00e0 finanziarie valutate al costo ammortizzato\u201d; <span class=\"_ _42\"> </span><span class=\"ff4\">Le <span class=\"_ _1\"></span>rettifiche <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>impairment, <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>dite <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>cancellazioni <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>riprese <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>crediti <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>dei </span>titoli  vengono <span class=\"_ _35\"> </span>allocate  nella <span class=\"_ _35\"> </span>voce <span class=\"_ _35\"> </span>\u201cRettifiche/riprese  di <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>nette  per <span class=\"_ _35\"> </span>rischio  di <span class=\"_ _35\"> </span>credito relativo ad attivit\u00e0 finanziarie valutate al costo ammortizzato\u201d<span class=\"_ _1\"></span>. <span class=\"_ _42\"> </span><span class=\"ff4\">Gli <span class=\"_ _38\"></span>interess<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>dovuti <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>trascorrere <span class=\"_ _1\"></span>del <span class=\"_ _0\"></span>tempo <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>ntabilizz<span class=\"_ _2\"></span>ati <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>lla <span class=\"_ _38\"></span>voce <span class=\"_ _38\"></span>\u201c<span class=\"_ _1\"></span>Interessi <span class=\"_ _38\"></span>attivi <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span></span>proventi assimilati\u201d<span class=\"_ _3a1\"> </span>5 \u2013 Par<span class=\"_ _1\"></span>tecipazion<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>Crite<span class=\"_ _3a1\"> </span>ri di iscrizione Le <span class=\"_ _37\"> </span>par<span class=\"_ _3a1\"> </span>tecipazioni <span class=\"_ _37\"> </span>sono <span class=\"_ _36\"> </span>iscritte <span class=\"_ _37\"> </span>alla <span class=\"_ _37\"> </span>dat<span class=\"_ _1\"></span>a <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>regolamento. <span class=\"_ _37\"> </span>All\u2019atto <span class=\"_ _37\"> </span>della <span class=\"_ _36\"> </span>rilevazione <span class=\"_ _36\"> </span>iniziale <span class=\"_ _37\"> </span>le<span class=\"_ _3a1\"> </span>interessenze <span class=\"_ _3f\"> </span>partecipative <span class=\"_ _39\"> </span>sono <span class=\"_ _3f\"> </span>contabilizz<span class=\"_ _2\"></span>ate <span class=\"_ _3f\"> </span>al <span class=\"_ _39\"> </span>costo, <span class=\"_ _3f\"> </span>comprensivo <span class=\"_ _39\"> </span>dei <span class=\"_ _3f\"> </span>costi <span class=\"_ _39\"> </span>o <span class=\"_ _3f\"> </span>proven<span class=\"_ _2\"></span>ti<span class=\"_ _3a1\"> </span>direttamente attribuibili alla transazione.<span class=\"_ _3a1\"> </span>Criteri di classifi<span class=\"_ _1\"></span>cazione<span class=\"_ _3a1\"> </span>La voce include le interessenze detenute in societ\u00e0 <span class=\"_ _1\"></span>controllate congiuntamente e collegate.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _38\"></span>considerate <span class=\"_ _38\"></span>controllate <span class=\"_ _1\"></span>congiuntamente <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>imprese <span class=\"_ _1\"></span>nelle <span class=\"_ _38\"></span>quali <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>diritti <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>voto <span class=\"_ _1\"></span>ed <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>controllo<span class=\"_ _3a1\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _48\"> </span>econom<span class=\"_ _1\"></span>ica <span class=\"_ _48\"> </span>della <span class=\"_ _48\"> </span>part<span class=\"_ _1\"></span>ecipata <span class=\"_ _48\"> </span>s<span class=\"_ _1\"></span>ono <span class=\"_ _48\"> </span>condivisi <span class=\"_ _48\"> </span>in <span class=\"_ _17e\"> </span>modo <span class=\"_ _17e\"> </span>paritetico <span class=\"_ _17e\"> </span>da <span class=\"_ _48\"> </span>Cr<span class=\"_ _1\"></span>edem,<span class=\"_ _3a1\"> </span>direttamente o indirettamente, e da un altro soggetto. In<span class=\"_ _2\"></span>oltre viene qualificato come sottoposto a<span class=\"_ _3a1\"> </span>controllo congiunto <span class=\"_ _3b\"></span>un investimento pa<span class=\"_ _2\"></span>rtecipativo nel <span class=\"_ _3b\"></span>quale, pur <span class=\"_ _3b\"></span>in assenza di <span class=\"_ _3b\"></span>una quota p<span class=\"_ _2\"></span>aritetica<span class=\"_ _3a1\"> </span>di <span class=\"_ _0\"></span>diritti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>voto, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>controllo <span class=\"_ _0\"></span>sull\u2019attivit\u00e0 <span class=\"_ _0\"></span>economica <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sugli <span class=\"_ _0\"></span>indirizzi <span class=\"_ _0\"></span>strategici <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>partecipata <span class=\"_ _0\"></span>\u00e8<span class=\"_ _3a1\"> </span>condiviso con altri soggetti in virt\u00f9 di accordi contr<span class=\"_ _1\"></span>attuali.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _3d\"> </span>considerate <span class=\"_ _37\"> </span>collegate, <span class=\"_ _3d\"> </span>cio\u00e8 <span class=\"_ _3d\"> </span>sottoposte <span class=\"_ _37\"> </span>ad <span class=\"_ _3d\"> </span>influenza <span class=\"_ _3d\"> </span>notevole, <span class=\"_ _3d\"> </span>le <span class=\"_ _37\"> </span>imprese <span class=\"_ _3d\"> </span>nelle <span class=\"_ _3d\"> </span>quali <span class=\"_ _3d\"> </span>la<span class=\"_ _3a1\"> </span>capogruppo, <span class=\"_ _1\"></span>direttamente <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>indirettamente, <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>iede <span class=\"_ _1\"></span>almeno <span class=\"_ _1\"></span>il 20% <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>diritt<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>di vot<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>(ivi inc<span class=\"_ _1\"></span>lusi <span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>diritti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>voto <span class=\"_ _1\"></span>\u201cpotenziali\u201d) <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>nelle <span class=\"_ _1\"></span>quali <span class=\"_ _1\"></span>\u2013 <span class=\"_ _1\"></span>pur <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>dirit<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>voto <span class=\"_ _1\"></span>inferiore <span class=\"_ _1\"></span>\u2013 <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>potere<span class=\"_ _3a1\"> </span>di <span class=\"_ _1\"></span>partecipare<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>determinazione <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>politiche <span class=\"_ _1\"></span>finanziarie <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>gestionali <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>partecipata <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>virt\u00f9<span class=\"_ _3a1\"> </span>di particolari legami giuridici quali la parte<span class=\"_ _1\"></span>cipazione a patti di sindacato.<span class=\"_ _3a1\"> </span>Non <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>considerate <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ottoposte <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>d <span class=\"_ _3b\"></span>influenza n<span class=\"_ _2\"></span>otevole alc<span class=\"_ _2\"></span>une <span class=\"_ _2\"></span>interessenze <span class=\"_ _2\"></span>superiori <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>20%, nell<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span>quali, <span class=\"_ _1\"></span>dirett<span class=\"_ _1\"></span>amente <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>indirettamente, <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>Gruppo <span class=\"_ _1\"></span>detiene <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>sclusivamente <span class=\"_ _1\"></span>diritt<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>patrimoniali <span class=\"_ _1\"></span>su <span class=\"_ _38\"></span>una<span class=\"_ _3a1\"> </span>porzione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>frutti <span class=\"_ _38\"></span>degli <span class=\"_ _0\"></span>investimenti, <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>ha <span class=\"_ _38\"></span>accesso <span class=\"_ _0\"></span>alle <span class=\"_ _0\"></span>politic<span class=\"_ _2\"></span>he <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>pu\u00f2 <span class=\"_ _0\"></span>esercitare<span class=\"_ _3a1\"> </span>diritti di governance limitati alla tutela degli interessi patrimoniali.<span class=\"_ _3a1\"> </span>Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span>Le <span class=\"_ _38\"></span>partecipazioni <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>societ\u00e0 <span class=\"_ _38\"></span>collegate<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>rollate <span class=\"_ _38\"></span>congi<span class=\"_ _3a1\"> </span>untamente <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>valutate<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>meto<span class=\"_ _1\"></span>do<span class=\"_ _3a1\"> </span>del patrimonio netto.<span class=\"_ _3a1\"> </span>Se  esistono  evidenze  che  il  valore  di  una  p<span class=\"_ _2\"></span>artecipazione  possa  aver  subito  una  riduzione,  si<span class=\"_ _3a1\"> </span>procede <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>tima <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>valore <span class=\"_ _38\"></span>recuperabile <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>par<span class=\"_ _1\"></span>tecipazione <span class=\"_ _38\"></span>stessa, <span class=\"_ _38\"></span>tene<span class=\"_ _1\"></span>ndo <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>valore<span class=\"_ _3a1\"> </span>attuale <span class=\"_ _36\"> </span>dei <span class=\"_ _36\"> </span>flussi <span class=\"_ _36\"> </span>finanziari <span class=\"_ _37\"> </span>futuri <span class=\"_ _36\"> </span>che <span class=\"_ _36\"> </span>la <span class=\"_ _36\"> </span>partecipazione <span class=\"_ _36\"> </span>potr\u00e0 <span class=\"_ _36\"> </span>generare, <span class=\"_ _36\"> </span>incluso <span class=\"_ _36\"> </span>il <span class=\"_ _36\"> </span>valore <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span>dismissione finale dell\u2019investimento.<span class=\"_ _3a1\"> </span>Qualora <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>recupero<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>risulti <span class=\"_ _0\"></span>inf<span class=\"_ _2\"></span>eriore<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>contabile, <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>relativa <span class=\"_ _38\"></span>differenza <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>rilevat<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>a<span class=\"_ _3a1\"> </span> conto e<span class=\"_ _3a1\"> </span>conomico.<span class=\"_ _3a1\"> </span> Qualora <span class=\"_ _3f\"> </span>i <span class=\"_ _39\"> </span>motivi <span class=\"_ _3f\"> </span>della <span class=\"_ _39\"> </span>perdita <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>valore <span class=\"_ _39\"> </span>s<span class=\"_ _1\"></span>iano <span class=\"_ _39\"> </span>rimossi <span class=\"_ _3f\"> </span>a <span class=\"_ _3f\"> </span>segu<span class=\"_ _2\"></span>ito <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>un <span class=\"_ _3f\"> </span>evento <span class=\"_ _3f\"> </span>verificatosi<span class=\"_ _3a1\"> </span> successivamente alla <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevazione della <span class=\"_ _3b\"></span>riduzione di <span class=\"_ _3b\"></span>valore<span class=\"_ _1\"></span>, vengono <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffettuate riprese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore co<span class=\"_ _2\"></span>n<span class=\"_ _3a1\"> </span> imputazione <span class=\"_ _36\"> </span>a <span class=\"_ _36\"> </span>cont<span class=\"_ _1\"></span>o <span class=\"_ _36\"> </span>econom<span class=\"_ _1\"></span>ico <span class=\"_ _36\"> </span>che <span class=\"_ _36\"> </span>non <span class=\"_ _36\"> </span>poss<span class=\"_ _1\"></span>ono <span class=\"_ _36\"> </span>eccedere <span class=\"_ _39\"> </span>l\u2019ammontare <span class=\"_ _36\"> </span>delle <span class=\"_ _36\"> </span>perdite<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>da<span class=\"_ _3a1\"> </span> impairment in precedenza registrate.<span class=\"_ _3a1\"> </span> Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span> Le  partecipazioni<span class=\"_ _2\"></span>  vengono  can<span class=\"_ _2\"></span>cellate  quando <span class=\"_ _35\"> </span>scadono  i  d<span class=\"_ _2\"></span>irit<span class=\"_ _3a1\"> </span>ti  c<span class=\"_ _2\"></span>ontrattuali  sui  f<span class=\"_ _2\"></span>lussi  finanziar<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span> derivati <span class=\"_ _49\"> </span>dalle <span class=\"_ _43\"> </span>attivit\u00e0 <span class=\"_ _49\"> </span>stesse <span class=\"_ _43\"> </span>o <span class=\"_ _49\"> </span>quando <span class=\"_ _43\"> </span>l\u2019attivit\u00e0 <span class=\"_ _49\"> </span>finanziaria <span class=\"_ _49\"> </span>viene <span class=\"_ _43\"> </span>ce<span class=\"_ _1\"></span>duta <span class=\"_ _43\"> </span>trasferendo<span class=\"_ _3a1\"> </span> sostanzialmente tutti i rischi e benefici ad essa connessi.<span class=\"_ _3a1\"> </span> Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"_ _3a1\"> </span>Le dif<span class=\"_ _2\"></span>ferenze negative <span class=\"_ _3b\"></span>di prima i<span class=\"_ _3b\"></span>scr<span class=\"_ _1\"></span>izione, gl<span class=\"_ _2\"></span>i util<span class=\"_ _2\"></span>i e <span class=\"_ _2\"></span>le<span class=\"_ _3a1\"> </span> perdite <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lle par<span class=\"_ _2\"></span>tecipate realizzate, <span class=\"_ _3b\"></span>le perdite<span class=\"_ _3a1\"> </span> da i<span class=\"_ _2\"></span>mpairment e le <span class=\"_ _3b\"></span>riprese di v<span class=\"_ _2\"></span>alore<span class=\"_ _1\"></span> vengono <span class=\"_ _3b\"></span>allocate nella v<span class=\"_ _2\"></span>oce d<span class=\"_ _2\"></span>i conto <span class=\"_ _2\"></span>economico \u201cUtili <span class=\"_ _2\"></span>(Perdite)<span class=\"_ _3a1\"> </span> delle partecipazioni\u201d, mentre i <span class=\"_ _2\"></span>divi<span class=\"_ _2\"></span>dendi incassati vengono allocati <span class=\"_ _2\"></span>nella voce \u201c<span class=\"_ _2\"></span>Dividendi e proventi<span class=\"_ _3a1\"> </span> simili\u201d nel momento in cui sorge il diritto a riceverne <span class=\"_ _1\"></span>il pagamento.6 - Atti<span class=\"_ _1\"></span>vit\u00e0 mate<span class=\"_ _1\"></span>riali<span class=\"_ _3a1\"> </span> Criteri di iscrizione<span class=\"_ _3a1\"> </span> Le att<span class=\"_ _3a1\"> </span>ivit\u00e0 materiali so<span class=\"_ _1\"></span>no inizialmente <span class=\"_ _1\"></span>iscritte al costo <span class=\"_ _1\"></span>che comprende, <span class=\"_ _1\"></span>oltre al <span class=\"_ _1\"></span>prezzo di <span class=\"_ _1\"></span>acquisto,<span class=\"_ _3a1\"> </span> tutti <span class=\"_ _1\"></span>gli e<span class=\"_ _1\"></span>ventuali <span class=\"_ _1\"></span>oneri <span class=\"_ _1\"></span>accessori direttame<span class=\"_ _1\"></span>nte imputabili <span class=\"_ _1\"></span>all\u2019acquisto <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>messa <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>funzione <span class=\"_ _1\"></span>del<span class=\"_ _3a1\"> </span> bene.<span class=\"_ _3a1\"> </span> Le <span class=\"_ _0\"></span>spese <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>manute<span class=\"_ _1\"></span>nzione <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>traordinaria <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>comportano <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>incremento <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>benefici <span class=\"_ _38\"></span>econom<span class=\"_ _1\"></span>ici<span class=\"_ _3a1\"> </span> futuri <span class=\"_ _3b\"></span>vengono imputate <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>d <span class=\"_ _3b\"></span>increment<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>valore d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>cespiti, <span class=\"_ _2\"></span>mentre <span class=\"_ _2\"></span>gli <span class=\"_ _3b\"></span>altr<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>costi di <span class=\"_ _3b\"></span>manutenzione<span class=\"_ _3a1\"> </span> ordinaria sono rilevati a Conto Economico.<span class=\"_ _3a1\"> </span> I <span class=\"_ _1\"></span>contratti <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>leasing <span class=\"_ _1\"></span>(in <span class=\"_ _1\"></span>qualit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>locatario) <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _1\"></span>contabilizzati <span class=\"_ _1\"></span>applicando <span class=\"_ _1\"></span>l\u2019IFRS <span class=\"_ _1\"></span>16 <span class=\"_ _38\"></span>sulla <span class=\"_ _1\"></span>base <span class=\"_ _38\"></span>del<span class=\"_ _3a1\"> </span> cosiddetto <span class=\"_ _2\"></span>modello <span class=\"_ _3b\"></span>del <span class=\"_ _2\"></span>diritto <span class=\"_ _2\"></span>d\u2019uso <span class=\"_ _3b\"></span>(\u201cright of<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>use\u201d). Alla <span class=\"_ _3b\"></span>data <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevazione <span class=\"_ _3b\"></span>iniziale <span class=\"_ _2\"></span>pertanto <span class=\"_ _3b\"></span>il <span class=\"_ _2\"></span>valore<span class=\"_ _3a1\"> </span> del <span class=\"_ _3b\"></span>diritt<span class=\"_ _1\"></span>o d<span class=\"_ _2\"></span>\u2019uso <span class=\"_ _3b\"></span>\u00e8 determinato <span class=\"_ _3b\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>valor<span class=\"_ _1\"></span>e <span class=\"_ _3b\"></span>di iscrizione <span class=\"_ _3b\"></span>iniziale <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lla <span class=\"_ _3b\"></span>P<span class=\"_ _1\"></span>assivit\u00e0 <span class=\"_ _3b\"></span>per leasing, <span class=\"_ _3b\"></span>corretto<span class=\"_ _3a1\"> </span> per le seguenti componenti:<span class=\"_ _3a1\"> </span> \u2022 i <span class=\"_ _3b\"></span>pagamenti dovuti per <span class=\"_ _2\"></span>il l<span class=\"_ _2\"></span>easing effettuati alla <span class=\"_ _3b\"></span>data o prima <span class=\"_ _2\"></span>della d<span class=\"_ _2\"></span>ata di <span class=\"_ _3b\"></span>decor<span class=\"_ _1\"></span>renza al <span class=\"_ _2\"></span>netto degl<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span>incentivi al leasing ricevuti;<span class=\"_ _3a1\"> </span> \u2022 i costi iniziali diretti sostenuti dal locatar<span class=\"_ _1\"></span>io;<span class=\"_ _3a1\"> </span> \u2022<span class=\"_ _48\"> </span>la <span class=\"_ _37\"> </span>stima <span class=\"_ _37\"> </span>dei <span class=\"_ _37\"> </span>costi <span class=\"_ _37\"> </span>che <span class=\"_ _37\"> </span>il <span class=\"_ _37\"> </span>locatario <span class=\"_ _3d\"> </span>dovr\u00e0 <span class=\"_ _37\"> </span>soste<span class=\"_ _1\"></span>nere <span class=\"_ _37\"> </span>per <span class=\"_ _3d\"> </span>lo <span class=\"_ _37\"> </span>smante<span class=\"_ _1\"></span>llamento <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>rimozione<span class=\"_ _3a1\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _35\"> </span>sottostante <span class=\"_ _35\"> </span>e  p<span class=\"_ _2\"></span>er <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>ripristino <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>sito <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>ubicata <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>ripristino <span class=\"_ _35\"> </span>dell'attivit\u00e0<span class=\"_ _3a1\"> </span> sottostante nelle condizioni previste dai termini e <span class=\"_ _1\"></span>dalle condizioni del leasing.<span class=\"_ _3a1\"> </span> Nell\u2019identificazione <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>diritti <span class=\"_ _3d\"> </span>d\u2019uso, <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>Gruppo <span class=\"_ _3d\"> </span>Credem <span class=\"_ _3d\"> </span>applica <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>\u201csemplificazioni\u201d <span class=\"_ _3d\"> </span>consent<span class=\"_ _1\"></span>ite<span class=\"_ _3a1\"> </span> dall\u2019IFRS 16 e quindi non sono considerati i contratti ave<span class=\"_ _1\"></span>nti caratteristiche:<span class=\"_ _3a1\"> </span> \u2022<span class=\"_ _3d\"> </span>Leasing <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>breve <span class=\"_ _1\"></span>durata, ovvero <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>leasing <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>breve <span class=\"_ _1\"></span>durata \u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>un leas<span class=\"_ _1\"></span>ing che, <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>iniziale, <span class=\"_ _1\"></span>ha<span class=\"_ _3a1\"> </span>una durata uguale o inferiore ai 12 mesi;<span class=\"_ _3a1\"> </span> \u2022 Leasing <span class=\"_ _3b\"></span>\u201clow-value\u201d, ovvero Leasing <span class=\"_ _3b\"></span>il cui asset presenta <span class=\"_ _3b\"></span>un valore pari o <span class=\"_ _3b\"></span>inferiore ad <span class=\"_ _3b\"></span>Euro<span class=\"_ _1\"></span> 5.000.<span class=\"_ _3a1\"> </span> Criteri di <span class=\"_ _184\"></span>class<span class=\"_ _1\"></span>ificazione<span class=\"_ _3a1\"> </span> Le at<span class=\"_ _1\"></span>tivit\u00e0 materiali <span class=\"_ _1\"></span>comprendono i <span class=\"_ _1\"></span>terreni, gli imm<span class=\"_ _1\"></span>obili strumentali, <span class=\"_ _1\"></span>gli invest<span class=\"_ _1\"></span>imenti immobiliari, il<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> patrimonio <span class=\"_ _0\"> </span>artis<span class=\"_ _1\"></span>tico <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>pregio, <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>impianti <span class=\"_ _0\"></span>tecnici, <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>mobili <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>gli <span class=\"_ _0\"></span>arredi <span class=\"_ _0\"> </span>nonch\u00e9<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>le <span class=\"_ _35\"> </span>attrezzature <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> qualsiasi <span class=\"_ _0\"></span>tipo <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>ritiene <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>utilizzare <span class=\"_ _0\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>periodo. <span class=\"_ _0\"></span>Le <span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _0\"></span>materiali <span class=\"_ _0\"></span>detenute <span class=\"_ _0\"></span>per<span class=\"_ _3a1\"> </span> essere utilizzate nella produzione o nella fornitura di <span class=\"_ _3b\"></span>be<span class=\"_ _1\"></span>ni e servizi <span class=\"_ _2\"></span>sono classificate come \u201cattivit\u00e0<span class=\"_ _3a1\"> </span> ad <span class=\"_ _35\"> </span>uso  funzional<span class=\"_ _2\"></span>e\u201d  secondo <span class=\"_ _35\"> </span>lo <span class=\"_ _35\"> </span>IAS <span class=\"_ _35\"> </span>16.  Gli <span class=\"_ _35\"> </span>immobili <span class=\"_ _35\"> </span>posseduti <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>finalit\u00e0  di <span class=\"_ _35\"> </span>investimento <span class=\"_ _35\"> </span>(per<span class=\"_ _3a1\"> </span> conseguire <span class=\"_ _3b\"></span>canoni di <span class=\"_ _3b\"></span>locazione <span class=\"_ _3b\"></span>o <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>l\u2019apprezzamento <span class=\"_ _3b\"></span>del cap<span class=\"_ _2\"></span>itale <span class=\"_ _3b\"></span>invest<span class=\"_ _1\"></span>ito) <span class=\"_ _3b\"></span>sono <span class=\"_ _2\"></span>classificati <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>me<span class=\"_ _3a1\"> </span> \u201cattivit\u00e0 detenute a scopo di invest<span class=\"_ _1\"></span>imento\u201d in base allo IAS 40.<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> La  voce <span class=\"_ _3d\"> </span>accoglie <span class=\"_ _3d\"> </span>anche  attivit\u00e0 <span class=\"_ _3d\"> </span>materiali <span class=\"_ _3d\"> </span>classificate <span class=\"_ _3d\"> </span>in  base  allo <span class=\"_ _3d\"> </span>IAS <span class=\"_ _3d\"> </span>2  - <span class=\"_ _3d\"> </span>Rimanenze, <span class=\"_ _3d\"> </span>che  si<span class=\"_ _3a1\"> </span> riferiscono <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>beni <span class=\"_ _0\"></span>derivanti <span class=\"_ _0\"></span>dall\u2019attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>escussione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>garanzie <span class=\"_ _0\"> </span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>dall\u2019acquisto <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>asta <span class=\"_ _0\"></span>che<span class=\"_ _3a1\"> </span> l\u2019impresa <span class=\"_ _37\"> </span>ha <span class=\"_ _36\"> </span>intenzione <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>vendere <span class=\"_ _36\"> </span>nel <span class=\"_ _37\"> </span>prossimo <span class=\"_ _36\"> </span>futuro, <span class=\"_ _37\"> </span>senza <span class=\"_ _37\"> </span>effe<span class=\"_ _1\"></span>ttuare <span class=\"_ _37\"> </span>rilevanti <span class=\"_ _36\"> </span>opere <span class=\"_ _37\"> </span>di<span class=\"_ _3a1\"> </span> ristrutturazione, <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>hanno <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>esupposti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>essere <span class=\"_ _1\"></span>classificati <span class=\"_ _1\"></span>nelle <span class=\"_ _1\"></span>cat<span class=\"_ _1\"></span>egorie <span class=\"_ _1\"></span>precedenti,<span class=\"_ _3a1\"> </span> sia al portafoglio immobiliare delle Societ\u00e0 immobiliari del Gruppo, compr<span class=\"_ _2\"></span>ensivo di aree edificabili,<span class=\"_ _3a1\"> </span> immobili in <span class=\"_ _2\"></span>costruzione, immobili u<span class=\"_ _2\"></span>ltimati in vendita<span class=\"_ _2\"></span> e iniz<span class=\"_ _2\"></span>iative di <span class=\"_ _2\"></span>sviluppo immobiliare, acqu<span class=\"_ _2\"></span>istato<span class=\"_ _3a1\"> </span> e detenuto in un\u2019ottica di dismissione.<span class=\"_ _3a1\"> </span> Sono, <span class=\"_ _3d\"> </span>infine, <span class=\"_ _37\"> </span>iscritt<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>nelle <span class=\"_ _37\"> </span>attivit\u00e0 <span class=\"_ _37\"> </span>materiali <span class=\"_ _37\"> </span>i <span class=\"_ _3d\"> </span>beni <span class=\"_ _37\"> </span>utilizzati <span class=\"_ _3d\"> </span>ne<span class=\"_ _1\"></span>ll\u2019ambito <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>contr<span class=\"_ _1\"></span>atti <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>leas<span class=\"_ _1\"></span>ing finanzi<span class=\"_ _3a1\"> </span>ario, ancorch\u00e9 la t<span class=\"_ _1\"></span>itolarit\u00e0 giuridica degli stessi rimanga alla societ\u00e0 locatrice. Criteri di valuta<span class=\"_ _1\"></span>zione Le attivit\u00e0 materiali sono valutate al costo, <span class=\"_ _1\"></span>dedotti eventuali ammortamenti e perdite di valore. Le <span class=\"_ _44\"> </span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _44\"> </span>materiali <span class=\"_ _44\"> </span>sono <span class=\"_ _44\"> </span>sist<span class=\"_ _1\"></span>ematicamente <span class=\"_ _44\"> </span>ammortizzate, <span class=\"_ _44\"> </span>adot<span class=\"_ _1\"></span>tando <span class=\"_ _44\"> </span>come <span class=\"_ _44\"> </span>cr<span class=\"_ _1\"></span>iterio <span class=\"_ _44\"> </span>di ammortamento  il <span class=\"_ _35\"> </span>metodo <span class=\"_ _35\"> </span>a  qu<span class=\"_ _2\"></span>ote  cos<span class=\"_ _2\"></span>tanti,  lu<span class=\"_ _2\"></span>ngo  l<span class=\"_ _2\"></span>a  l<span class=\"_ _2\"></span>oro  vita <span class=\"_ _35\"> </span>utile. <span class=\"_ _35\"> </span>Il  v<span class=\"_ _2\"></span>alore  ammortizzabile <span class=\"_ _35\"> </span>\u00e8 rappresentato <span class=\"_ _3f\"> </span>dal <span class=\"_ _3f\"> </span>costo <span class=\"_ _3f\"> </span>dei <span class=\"_ _39\"> </span>beni <span class=\"_ _3f\"> </span>al <span class=\"_ _3f\"> </span>netto <span class=\"_ _3f\"> </span>del <span class=\"_ _39\"> </span>valore <span class=\"_ _3f\"> </span>residuo <span class=\"_ _3f\"> </span>al <span class=\"_ _39\"> </span>t<span class=\"_ _1\"></span>ermine <span class=\"_ _3f\"> </span>del <span class=\"_ _3f\"> </span>processo <span class=\"_ _39\"> </span>di ammortamento, <span class=\"_ _36\"> </span>se <span class=\"_ _37\"> </span>significativo. <span class=\"_ _37\"> </span>Gli <span class=\"_ _36\"> </span>immobili <span class=\"_ _37\"> </span>vengono <span class=\"_ _37\"> </span>am<span class=\"_ _1\"></span>mortizzati <span class=\"_ _37\"> </span>per <span class=\"_ _36\"> </span>una <span class=\"_ _37\"> </span>quota <span class=\"_ _37\"> </span>ritenuta congrua <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>rappresent<span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>deperimento <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>cespiti <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>tempo <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>seguito <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>utilizzo, te<span class=\"_ _1\"></span>nuto conto delle spese di manutenzione di carattere straordinario, ch<span class=\"_ _2\"></span>e vengono portate ad incremento del valore dei cespiti Non vengono invece ammortizzati: <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _35\"> </span>terreni, <span class=\"_ _35\"> </span>siano <span class=\"_ _35\"> </span>essi <span class=\"_ _35\"> </span>stati <span class=\"_ _35\"> </span>acquisiti <span class=\"_ _35\"> </span>singolarmente <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>incorporati <span class=\"_ _35\"> </span>nel <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>fabbricati, <span class=\"_ _35\"> </span>in<span class=\"_ _3a1\"> </span></span>quanto hanno vita utile indefinita; <span class=\"_ _42\"> </span><span class=\"ff4\">il patr<span class=\"_ _1\"></span>imonio <span class=\"_ _1\"></span>artistico <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>pregio, <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>altri <span class=\"_ _1\"></span>beni <span class=\"_ _1\"></span>stor<span class=\"_ _1\"></span>ico <span class=\"_ _1\"></span>artistici e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>decorativi <span class=\"_ _1\"></span>in quanto <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>vita </span>utile <span class=\"_ _35\"> </span>non <span class=\"_ _0\"></span>pu\u00f2 <span class=\"_ _35\"> </span>essere <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>timata <span class=\"_ _0\"></span>ed <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>loro <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>normalmente <span class=\"_ _35\"> </span>destinato <span class=\"_ _35\"> </span>ad <span class=\"_ _0\"></span>aumentare <span class=\"_ _35\"> </span>nel tempo. Se <span class=\"_ _38\"></span>esiste <span class=\"_ _1\"></span>qualche <span class=\"_ _38\"></span>indicazione <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>dimostri <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>un\u2019att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _1\"></span>materiale <span class=\"_ _38\"></span>valutata <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>costo <span class=\"_ _1\"></span>possa <span class=\"_ _38\"></span>aver subito un<span class=\"_ _2\"></span>a perdita <span class=\"_ _2\"></span>di v<span class=\"_ _2\"></span>alore, si <span class=\"_ _3b\"></span>procede al c<span class=\"_ _2\"></span>onfronto t<span class=\"_ _2\"></span>ra il <span class=\"_ _3b\"></span>valore di <span class=\"_ _3b\"></span>carico del c<span class=\"_ _3b\"></span>es<span class=\"_ _1\"></span>pite ed <span class=\"_ _3b\"></span>il suo <span class=\"_ _3b\"></span>valore di recupero. Le eventuali rettifiche vengono rilevate a <span class=\"_ _1\"></span>Conto Econ<span class=\"_ _2\"></span>omico. Qualora vengano meno<span class=\"_ _1\"></span> i motivi che hanno portato alla r<span class=\"_ _1\"></span>ilevazione della perdita, si d\u00e0 luogo a<span class=\"_ _1\"></span>d una ripresa <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>valore, <span class=\"_ _3d\"> </span>che<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>non <span class=\"_ _3d\"> </span>pu\u00f2 <span class=\"_ _3d\"> </span>superare <span class=\"_ _37\"> </span>il <span class=\"_ _3d\"> </span>valore <span class=\"_ _3d\"> </span>che <span class=\"_ _3d\"> </span>l\u2019att<span class=\"_ _1\"></span>ivit\u00e0  avre<span class=\"_ _1\"></span>bbe <span class=\"_ _3d\"> </span>avuto, <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>netto <span class=\"_ _37\"> </span>degli ammortamenti calcolati, in assenza di precedenti perdite di valore. Per <span class=\"_ _0\"></span>quel <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>attiene <span class=\"_ _0\"></span>alle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>mat<span class=\"_ _1\"></span>eriali <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ilevate <span class=\"_ _0\"></span>ai <span class=\"_ _38\"></span>sensi <span class=\"_ _0\"></span>dello <span class=\"_ _38\"></span>IAS <span class=\"_ _0\"></span>2, <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>stesse <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>valutate<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>al<span class=\"_ _3b\"></span> minore <span class=\"_ _35\"> </span>tra <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>costo  ed <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>valor<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>netto <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>realizzo, <span class=\"_ _35\"> </span>fermo<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>restando <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>procede <span class=\"_ _35\"> </span>comunque <span class=\"_ _35\"> </span>al confronto <span class=\"_ _3d\"> </span>tra <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>valore <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>car<span class=\"_ _1\"></span>ico  del <span class=\"_ _37\"> </span>cespite  e<span class=\"_ _1\"></span>d <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>suo <span class=\"_ _3d\"> </span>valore <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>recupero <span class=\"_ _3d\"> </span>ove <span class=\"_ _3d\"> </span>esista <span class=\"_ _37\"> </span>qualche indicazione che dimostri che il bene possa aver<span class=\"_ _2\"></span> subito una perdita di valore. Le eventuali rettific<span class=\"_ _2\"></span>he vengono rilevate a conto economico. Criteri di cancel<span class=\"_ _1\"></span>lazione Un'attivit\u00e0 <span class=\"_ _1\"></span>materiale <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>liminata dallo <span class=\"_ _38\"></span>Stato <span class=\"_ _1\"></span>Patrimoniale al <span class=\"_ _1\"></span>momento <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>dismissione <span class=\"_ _38\"></span>o <span class=\"_ _1\"></span>quando il  b<span class=\"_ _2\"></span>ene  \u00e8  permanentemente  ritirato  dall<span class=\"_ _2\"></span>\u2019uso  e  dal<span class=\"_ _2\"></span>la  sua <span class=\"_ _35\"> </span>dismi<span class=\"_ _1\"></span>ssione  non  sono <span class=\"_ _35\"> </span>attesi  benefici economici futuri. Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali L\u2019allocazione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>componenti <span class=\"_ _0\"></span>reddituali <span class=\"_ _38\"></span>nelle <span class=\"_ _0\"></span>pert<span class=\"_ _1\"></span>inenti voci <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>nto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>avviene <span class=\"_ _0\"></span>sulla base di quanto riportato di seguito: <span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _3b\"></span>ammor<span class=\"_ _1\"></span>tamenti p<span class=\"_ _2\"></span>eriodici, <span class=\"_ _3b\"></span>le perdite <span class=\"_ _3b\"></span>durature di <span class=\"_ _3b\"></span>valore <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>le <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iprese <span class=\"_ _3b\"></span>di v<span class=\"_ _2\"></span>alore vengono <span class=\"_ _3b\"></span>allocate<span class=\"_ _3a1\"> </span></span>nella voce \u201cRettifiche/riprese di valore nette su attivit\u00e0 mater<span class=\"_ _1\"></span>iali\u201d; <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _0\"></span>profitti <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>perdite <span class=\"_ _38\"></span>derivanti <span class=\"_ _0\"></span>dalle <span class=\"_ _0\"></span>ope<span class=\"_ _2\"></span>razioni <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>cess<span class=\"_ _1\"></span>ione <span class=\"_ _0\"></span>veng<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>no <span class=\"_ _0\"></span>allocati <span class=\"_ _38\"></span>nella <span class=\"_ _0\"></span>voce <span class=\"_ _38\"></span>\u201c<span class=\"_ _1\"></span>Utili </span>(Perdite) da cessione di investimenti\u201d. 7 - Atti<span class=\"_ _1\"></span>vit\u00e0 immate<span class=\"_ _1\"></span>riali<span class=\"_ _3a1\"> </span> Criteri di iscrizione  Le at<span class=\"_ _1\"></span>tivit\u00e0 immateriali s<span class=\"_ _1\"></span>ono <span class=\"_ _1\"></span>iscritte come <span class=\"_ _1\"></span>tali se<span class=\"_ _1\"></span> sono <span class=\"_ _1\"></span>ide<span class=\"_ _3a1\"> </span>ntificabili e t<span class=\"_ _1\"></span>rovano origine <span class=\"_ _1\"></span>in diritt<span class=\"_ _1\"></span>i legali<span class=\"_ _3a1\"> </span> o contrattuali.<span class=\"_ _3a1\"> </span>Le <span class=\"_ _37\"> </span>pre<span class=\"_ _1\"></span>dette <span class=\"_ _37\"> </span>attivit\u00e0 <span class=\"_ _37\"> </span>sono <span class=\"_ _36\"> </span>iscritte <span class=\"_ _37\"> </span>ai <span class=\"_ _37\"> </span>costi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>acquisto, <span class=\"_ _37\"> </span>comprensivi <span class=\"_ _37\"> </span>degli <span class=\"_ _36\"> </span>oneri <span class=\"_ _37\"> </span>accessori <span class=\"_ _37\"> </span>ed<span class=\"_ _3a1\"> </span> aumentati <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>pese <span class=\"_ _0\"></span>success<span class=\"_ _1\"></span>ive <span class=\"_ _0\"></span>soste<span class=\"_ _1\"></span>nute <span class=\"_ _35\"> </span>p<span class=\"_ _2\"></span>er <span class=\"_ _35\"> </span>accrescerne <span class=\"_ _35\"> </span>i<span class=\"_ _3b\"></span>l <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>capacit\u00e0 <span class=\"_ _0\"> </span>pro<span class=\"_ _1\"></span>duttiva<span class=\"_ _3a1\"> </span>iniziale. <span class=\"_ _35\"> </span>Gli  avviamenti  sono  pari  al<span class=\"_ _2\"></span>la  diff<span class=\"_ _2\"></span>erenza  positiva  tra  gl<span class=\"_ _2\"></span>i  oneri  sostenuti <span class=\"_ _35\"> </span>per  acquisire  i<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> complessi <span class=\"_ _0\"></span>aziendali <span class=\"_ _38\"></span>sottostanti <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>pertinenti <span class=\"_ _0\"></span>quote <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>fai<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>val<span class=\"_ _3b\"></span>ue <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0, <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span> delle passivit\u00e0 potenziali acq<span class=\"_ _2\"></span>uisite. Qualora tale differenza risulti <span class=\"_ _3b\"></span>negativa (badwill) o nell\u2019ipotesi in<span class=\"_ _3a1\"> </span> cui <span class=\"_ _37\"> </span>il <span class=\"_ _36\"> </span>goodwill <span class=\"_ _36\"> </span>non <span class=\"_ _36\"> </span>trovi <span class=\"_ _36\"> </span>giustificazione <span class=\"_ _37\"> </span>ne<span class=\"_ _1\"></span>lle <span class=\"_ _36\"> </span>capacit\u00e0 <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>ddituali <span class=\"_ _37\"> </span>future <span class=\"_ _36\"> </span>della <span class=\"_ _36\"> </span>partecipata, <span class=\"_ _36\"> </span>la<span class=\"_ _3a1\"> </span> differenza stessa viene iscritta direttame<span class=\"_ _1\"></span>nte a conto economico.<span class=\"_ _3a1\"> </span>Criteri di classifi<span class=\"_ _1\"></span>cazione<span class=\"_ _3a1\"> </span> Il por<span class=\"_ _3a1\"> </span>tafoglio delle a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 immateriali in<span class=\"_ _2\"></span>clude i fat<span class=\"_ _2\"></span>tori intangibili<span class=\"_ _2\"></span> di produzione ad <span class=\"_ _2\"></span>utilit\u00e0 pl<span class=\"_ _2\"></span>uriennale<span class=\"_ _3a1\"> </span> rappresentati <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>particolare  da <span class=\"_ _3d\"> </span>software, <span class=\"_ _3d\"> </span>benefici  legat<span class=\"_ _1\"></span>i  alla <span class=\"_ _3d\"> </span>relazione <span class=\"_ _3d\"> </span>con <span class=\"_ _3d\"> </span>la  cliente<span class=\"_ _1\"></span>la  (client<span class=\"_ _3a1\"> </span> relationship) e avviamenti.<span class=\"_ _3a1\"> </span> Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span> Le <span class=\"_ _0\"></span>attiv<span class=\"_ _2\"></span>it\u00e0 <span class=\"_ _0\"></span>immateriali <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>durata <span class=\"_ _38\"></span>limitat<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>vengono<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>alutat<span class=\"_ _3a1\"> </span>e <span class=\"_ _38\"></span>secondo <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>principio <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>costo <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>netto<span class=\"_ _3a1\"> </span> degli <span class=\"_ _1\"></span>ammo<span class=\"_ _1\"></span>rtamenti <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>perdite <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>riduzioni <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>valore. <span class=\"_ _38\"></span>Gli <span class=\"_ _38\"></span>ammortame<span class=\"_ _1\"></span>nti <span class=\"_ _1\"></span>sono<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>durata <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ari<span class=\"_ _3a1\"> </span> alla <span class=\"_ _38\"></span>vita <span class=\"_ _0\"></span>utile <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>beni <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>ammo<span class=\"_ _1\"></span>rtizzare <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>basati <span class=\"_ _38\"></span>sul <span class=\"_ _0\"></span>metodo <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>ote <span class=\"_ _0\"></span>costanti. <span class=\"_ _38\"></span>Se<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>rico<span class=\"_ _2\"></span>rrono<span class=\"_ _3a1\"> </span> evidenze <span class=\"_ _39\"> </span>sintomatiche <span class=\"_ _3f\"> </span>dell\u2019esi<span class=\"_ _2\"></span>stenza <span class=\"_ _39\"> </span>di <span class=\"_ _3f\"> </span>perdite, <span class=\"_ _39\"> </span>le <span class=\"_ _39\"> </span>attivit\u00e0 <span class=\"_ _39\"> </span>immateriali <span class=\"_ _39\"> </span>sono <span class=\"_ _39\"> </span>sottoposte <span class=\"_ _3f\"> </span>ad<span class=\"_ _3a1\"> </span> impairment <span class=\"_ _3d\"> </span>test, <span class=\"_ _3d\"> </span>registrando <span class=\"_ _37\"> </span>le <span class=\"_ _3d\"> </span>eventuali <span class=\"_ _3d\"> </span>perdite <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>valore; <span class=\"_ _3d\"> </span>successive <span class=\"_ _3d\"> </span>riprese<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>valore <span class=\"_ _3d\"> </span>non<span class=\"_ _3a1\"> </span> possono eccedere l\u2019ammontare delle perdite da impairme<span class=\"_ _1\"></span>nt in precedenza registrate.<span class=\"_ _3a1\"> </span> Gli avviamenti <span class=\"_ _1\"></span>non so<span class=\"_ _1\"></span>no assoggettati <span class=\"_ _1\"></span>ad ammortamento, ma <span class=\"_ _1\"></span>vengono per<span class=\"_ _1\"></span>iodicamente sottoposti<span class=\"_ _3a1\"> </span> ad <span class=\"_ _0\"></span>impairme<span class=\"_ _1\"></span>nt <span class=\"_ _0\"></span>test. <span class=\"_ _35\"> </span>L\u2019eventuale <span class=\"_ _0\"></span>differenza <span class=\"_ _35\"> </span>negativa <span class=\"_ _0\"></span>tra <span class=\"_ _0\"> </span>il <span class=\"_ _35\"> </span>valore <span class=\"_ _0\"></span>recuperabile <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>ciascuna <span class=\"_ _35\"> </span>un<span class=\"_ _2\"></span>it\u00e0<span class=\"_ _3a1\"> </span> generatrice <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>(CGU) <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>quale <span class=\"_ _0\"></span>appartiene<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>det<span class=\"_ _1\"></span>erminato <span class=\"_ _35\"> </span>avv<span class=\"_ _2\"></span>iamento <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>valore<span class=\"_ _3a1\"> </span> contabile <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>medesima <span class=\"_ _38\"></span>costituisce <span class=\"_ _0\"></span>perdita <span class=\"_ _38\"></span>da <span class=\"_ _0\"></span>impai<span class=\"_ _2\"></span>rment. <span class=\"_ _38\"></span>Il <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>ore <span class=\"_ _0\"></span>recuperabile <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>na <span class=\"_ _0\"></span>CGU<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>\u2013<span class=\"_ _3a1\"> </span> che ne <span class=\"_ _1\"></span>rappresent<span class=\"_ _1\"></span>a una <span class=\"_ _1\"></span>stima <span class=\"_ _1\"></span>del valore <span class=\"_ _1\"></span>economico \u2013<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>i ragguaglia al <span class=\"_ _1\"></span>maggiore<span class=\"_ _1\"></span> tra <span class=\"_ _1\"></span>il valore<span class=\"_ _1\"></span> d\u2019uso<span class=\"_ _3a1\"> </span> (valore <span class=\"_ _0\"></span>attuale <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>flussi<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>cassa <span class=\"_ _0\"></span>attesi) <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>cambio <span class=\"_ _38\"></span>(pre<span class=\"_ _1\"></span>sumibile <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>cess<span class=\"_ _1\"></span>ione <span class=\"_ _38\"></span>al<span class=\"_ _3a1\"> </span> netto <span class=\"_ _36\"> </span>dei <span class=\"_ _36\"> </span>costi <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>t<span class=\"_ _1\"></span>ransazione). <span class=\"_ _37\"> </span>Event<span class=\"_ _1\"></span>uali <span class=\"_ _37\"> </span>success<span class=\"_ _1\"></span>ive <span class=\"_ _36\"> </span>riprese <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>valore<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>non <span class=\"_ _36\"> </span>possono <span class=\"_ _37\"> </span>es<span class=\"_ _1\"></span>sere<span class=\"_ _3a1\"> </span> registrate.<span class=\"_ _3a1\"> </span> Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span> Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3b\"></span>immateriali v<span class=\"_ _2\"></span>engono <span class=\"_ _3b\"></span>cancellate<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>dal <span class=\"_ _3b\"></span>bilancio <span class=\"_ _3b\"></span>qu<span class=\"_ _3a1\"> </span>ando <span class=\"_ _3b\"></span>ha<span class=\"_ _1\"></span>nno <span class=\"_ _2\"></span>esaurito <span class=\"_ _3b\"></span>inte<span class=\"_ _1\"></span>gralmente <span class=\"_ _3b\"></span>le <span class=\"_ _2\"></span>loro<span class=\"_ _3a1\"> </span> funzionalit\u00e0 <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>conomiche, <span class=\"_ _3b\"></span>ovvero nel <span class=\"_ _3b\"></span>momento <span class=\"_ _3b\"></span>della dismissione <span class=\"_ _3b\"></span>o <span class=\"_ _3b\"></span>qualora non <span class=\"_ _3b\"></span>sono <span class=\"_ _3b\"></span>attesi b<span class=\"_ _2\"></span>enefici<span class=\"_ _3a1\"> </span> economici futuri.<span class=\"_ _3a1\"> </span> Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"_ _3a1\"> </span> L\u2019allocazione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>componenti <span class=\"_ _0\"></span>reddituali <span class=\"_ _38\"></span>nelle <span class=\"_ _0\"></span>pert<span class=\"_ _1\"></span>inenti <span class=\"_ _0\"></span>voci <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>avviene <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ulla<span class=\"_ _3a1\"> </span> base di quanto riportato di seguito:<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _3b\"></span>ammor<span class=\"_ _1\"></span>tamenti p<span class=\"_ _2\"></span>eriodici, <span class=\"_ _3b\"></span>le perdite <span class=\"_ _3b\"></span>durature di <span class=\"_ _3b\"></span>valore <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>le <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iprese <span class=\"_ _3b\"></span>di v<span class=\"_ _2\"></span>alore vengono <span class=\"_ _3b\"></span>allocate<span class=\"_ _3a1\"> </span></span>nella voce \u201cRettifiche/riprese di valore nette su attivit\u00e0 immater<span class=\"_ _1\"></span>iali\u201d.<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">le perdite <span class=\"_ _1\"></span>durature di valore <span class=\"_ _1\"></span>dell\u2019avviamento vengono allocate <span class=\"_ _1\"></span>nella voce <span class=\"_ _1\"></span>\u201cRettifiche di valore<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>dell\u2019avviamento\u201d.  Non  \u00e8  ammessa  la  contabilizzazione  di <span class=\"_ _35\"> </span>e<span class=\"_ _1\"></span>ventuali  successive  riprese  di<span class=\"_ _3a1\"> </span> valore.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-768": {
   "value": "2.1 - A<span class=\"_ _1\"></span>ttivit\u00e0 fin<span class=\"_ _1\"></span>anziarie v<span class=\"_ _1\"></span>alutate al<span class=\"_ _1\"></span> fair value<span class=\"_ _1\"></span> con imp<span class=\"_ _1\"></span>atto sull<span class=\"_ _1\"></span>a reddi<span class=\"_ _1\"></span>t<span class=\"_ _3a1\"> </span>ivit\u00e0 comp<span class=\"_ _1\"></span>lessiva<span class=\"_ _1\"></span> (FVOCI<span class=\"_ _1\"></span> con<span class=\"_ _3a1\"> </span> riciclo)<span class=\"_ _3a1\"> </span> Criteri di iscrizione<span class=\"_ _3a1\"> </span> L\u2019iscrizione iniziale delle attivit\u00e0 finanziarie avviene alla data di regolamento <span class=\"_ _1\"></span>per i titoli di debito ed<span class=\"_ _3a1\"> </span> alla <span class=\"_ _37\"> </span>data <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>erogazione <span class=\"_ _36\"> </span>per <span class=\"_ _3d\"> </span>i <span class=\"_ _36\"> </span>finan<span class=\"_ _2\"></span>ziamenti. <span class=\"_ _37\"> </span>All\u2019atto <span class=\"_ _37\"> </span>della <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>ilevazione <span class=\"_ _3d\"> </span>iniziale <span class=\"_ _37\"> </span>le <span class=\"_ _37\"> </span>a<span class=\"_ _1\"></span>ttivit\u00e0 <span class=\"_ _37\"> </span>sono<span class=\"_ _3a1\"> </span> contabilizzate <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>fair val<span class=\"_ _2\"></span>ue, <span class=\"_ _2\"></span>comprensivo <span class=\"_ _3b\"></span>dei c<span class=\"_ _2\"></span>osti <span class=\"_ _3b\"></span>o p<span class=\"_ _2\"></span>roventi <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>transazione di<span class=\"_ _2\"></span>rettamente <span class=\"_ _3b\"></span>attr<span class=\"_ _1\"></span>ibuibili<span class=\"_ _3a1\"> </span> allo strumento <span class=\"_ _184\"></span>stesso.<span class=\"_ _3a1\"> </span> Criteri di classificazione<span class=\"_ _3a1\"> </span> Sono <span class=\"_ _38\"></span>incluse <span class=\"_ _38\"></span>nella <span class=\"_ _1\"></span>presente <span class=\"_ _38\"></span>categoria <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanzia<span class=\"_ _3a1\"> </span>rie <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>soddisfano <span class=\"_ _38\"></span>entram<span class=\"_ _1\"></span>be <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>seguenti<span class=\"_ _3a1\"> </span> condizioni:<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019attivit\u00e0 finanziaria <span class=\"_ _1\"></span>\u00e8 posseduta se<span class=\"_ _1\"></span>condo un <span class=\"_ _1\"></span>modello di business <span class=\"_ _1\"></span>il cui obiet<span class=\"_ _1\"></span>tivo \u00e8 conse<span class=\"_ _1\"></span>guito<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>sia <span class=\"_ _1\"></span>mediante <span class=\"_ _1\"></span>l\u2019incasso <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>flussi finanziari pre<span class=\"_ _1\"></span>visti <span class=\"_ _1\"></span>contrattualmente <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>mediante la <span class=\"_ _1\"></span>vendita<span class=\"_ _3a1\"> </span> (Business model \u201cHold to Collect and Sell \u2013 \u201cHTCS\u201d\u201d<span class=\"_ _1\"></span>), e<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>ermini <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>rattuali <span class=\"_ _38\"></span>dell\u2019att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _38\"></span>finanziaria <span class=\"_ _0\"></span>prevedono, <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>determin<span class=\"_ _2\"></span>ate <span class=\"_ _0\"></span>date, <span class=\"_ _38\"></span>flussi <span class=\"_ _0\"></span>finanziari<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>rappresentati unicamente da pagamenti del capitale e dell\u2019interesse sul<span class=\"_ _2\"></span>l\u2019importo del capitale<span class=\"_ _3a1\"> </span> da restituire (cd. \u201cSPPI test\u201d superato).<span class=\"_ _3a1\"> </span> In particolare, vengono inclusi in questa <span class=\"_ _1\"></span>voce:<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>debito <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iconducibili <span class=\"_ _38\"></span>ad <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>business <span class=\"_ _0\"></span>model <span class=\"_ _0\"></span>Hold<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>Collect <span class=\"_ _0\"></span>and <span class=\"_ _38\"></span>Sell <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>che<span class=\"_ _3a1\"> </span></span>hanno superato il test SPPI;<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _0\"></span>finanziamenti <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>riconducibili <span class=\"_ _0\"></span>ad <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>busine<span class=\"_ _1\"></span>ss <span class=\"_ _0\"></span>model <span class=\"_ _0\"></span>Hold <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>Collect <span class=\"_ _0\"></span>and <span class=\"_ _0\"></span>Sell <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>che<span class=\"_ _3a1\"> </span></span>hanno superato il test SPPI.<span class=\"_ _3a1\"> </span> Riclassifiche<span class=\"_ _3a1\"> </span> Secondo <span class=\"_ _36\"> </span>le <span class=\"_ _39\"> </span>regole <span class=\"_ _36\"> </span>generali <span class=\"_ _39\"> </span>previste <span class=\"_ _36\"> </span>dall\u2019IFRS <span class=\"_ _36\"> </span>9 <span class=\"_ _36\"> </span>in <span class=\"_ _39\"> </span>materia <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>riclassificazione <span class=\"_ _39\"> </span>delle <span class=\"_ _36\"> </span>attivit\u00e0<span class=\"_ _3a1\"> </span> finanziarie (ad <span class=\"_ _2\"></span>eccezione dei titol<span class=\"_ _2\"></span>i di cap<span class=\"_ _2\"></span>itale, per cui <span class=\"_ _3b\"></span>no<span class=\"_ _1\"></span>n \u00e8<span class=\"_ _2\"></span> ammessa <span class=\"_ _2\"></span>alcuna riclassifica), <span class=\"_ _3b\"></span>no<span class=\"_ _1\"></span>n sono<span class=\"_ _3a1\"> </span> ammesse <span class=\"_ _3d\"> </span>riclassifiche <span class=\"_ _3d\"> </span>verso <span class=\"_ _3d\"> </span>altre <span class=\"_ _3d\"> </span>categor<span class=\"_ _1\"></span>ie <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie  salvo  il  cas<span class=\"_ _1\"></span>o <span class=\"_ _3d\"> </span>in  cui  l\u2019entit\u00e0<span class=\"_ _3a1\"> </span> modifichi  il  proprio <span class=\"_ _3d\"> </span>modello  di  business  per  la  gestione <span class=\"_ _3d\"> </span>delle  attivit\u00e0  finanziarie <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>seguito <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span> cambiamenti <span class=\"_ _38\"></span>esterni <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>inter<span class=\"_ _1\"></span>ni <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>quali <span class=\"_ _38\"></span>siano <span class=\"_ _38\"></span>rilevanti <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>oper<span class=\"_ _1\"></span>azioni <span class=\"_ _1\"></span>dell'entit<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>dimostrabili <span class=\"_ _38\"></span>alle<span class=\"_ _3a1\"> </span> parti esterne.<span class=\"_ _3a1\"> </span> In <span class=\"_ _0\"></span>tali <span class=\"_ _0\"></span>casi, <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>ci <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>attende <span class=\"_ _0\"></span>siano <span class=\"_ _0\"></span>altamente <span class=\"_ _0\"></span>infr<span class=\"_ _2\"></span>equenti, <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>arie <span class=\"_ _0\"></span>potranno <span class=\"_ _0\"></span>essere<span class=\"_ _3a1\"> </span> riclassificate <span class=\"_ _1\"></span>dalla <span class=\"_ _1\"></span>categoria <span class=\"_ _1\"></span>valutata <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value co<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>impatto sulla <span class=\"_ _1\"></span>redditivit\u00e0 <span class=\"_ _1\"></span>complessiva <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>una<span class=\"_ _3a1\"> </span> delle <span class=\"_ _1\"></span>altre <span class=\"_ _1\"></span>due <span class=\"_ _1\"></span>categorie <span class=\"_ _1\"></span>previste dall\u2019IFRS <span class=\"_ _1\"></span>9 <span class=\"_ _1\"></span>(Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate <span class=\"_ _1\"></span>al co<span class=\"_ _1\"></span>sto <span class=\"_ _1\"></span>ammortizzato o<span class=\"_ _3a1\"> </span> Attivit\u00e0 finanziarie valutate <span class=\"_ _1\"></span>al fair value con impatto a conto economico). Il valore <span class=\"_ _1\"></span>di trasferimento<span class=\"_ _3a1\"> </span> \u00e8 r<span class=\"_ _1\"></span>appresentato dal fair<span class=\"_ _1\"></span> value <span class=\"_ _1\"></span>al mome<span class=\"_ _1\"></span>nto della <span class=\"_ _1\"></span>riclassificazione e<span class=\"_ _1\"></span> gli <span class=\"_ _1\"></span>effetti <span class=\"_ _1\"></span>della riclassificazione<span class=\"_ _3a1\"> </span> operano in manie<span class=\"_ _2\"></span>ra prospettica <span class=\"_ _3b\"></span>a part<span class=\"_ _1\"></span>ire d<span class=\"_ _2\"></span>alla data <span class=\"_ _2\"></span>di riclassificaz<span class=\"_ _2\"></span>ione. Nel caso <span class=\"_ _2\"></span>di ricl<span class=\"_ _2\"></span>assifica dalla<span class=\"_ _3a1\"> </span> categoria  in  oggetto  a <span class=\"_ _35\"> </span>quella  del  costo  ammortizzato, <span class=\"_ _35\"> </span>l\u2019utile  (perdita)  cumulato  rilevato  nel<span class=\"_ _2\"></span>la<span class=\"_ _3a1\"> </span> riserva  d<span class=\"_ _2\"></span>a  v<span class=\"_ _2\"></span>alutazione  \u00e8<span class=\"_ _2\"></span>  p<span class=\"_ _2\"></span>ortato  a <span class=\"_ _35\"> </span>rettifica <span class=\"_ _35\"> </span>del  fai<span class=\"_ _2\"></span>r <span class=\"_ _35\"> </span>value  dell\u2019<span class=\"_ _2\"></span>attivit\u00e0  finanzi<span class=\"_ _2\"></span>aria  alla <span class=\"_ _35\"> </span>data <span class=\"_ _35\"> </span>della<span class=\"_ _3a1\"> </span> riclassificazione. <span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>el <span class=\"_ _38\"></span>caso <span class=\"_ _38\"></span>invece <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>riclassifica <span class=\"_ _38\"></span>nella <span class=\"_ _38\"></span>categor<span class=\"_ _1\"></span>ia <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>impatto <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>conto<span class=\"_ _3a1\"> </span> economico,  l'utile  (perdita)  cumulato  rilevato  precedentemente  nella  riserva  da  v<span class=\"_ _2\"></span>alutazione  \u00e8<span class=\"_ _3a1\"> </span> riclassificato dal patrimonio netto all'utile (perdita) d'esercizio.<span class=\"_ _3a1\"> </span>Criteri di valuta<span class=\"_ _1\"></span>zione Succes<span class=\"_ _3a1\"> </span>sivamente  all<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>rilevazione  i<span class=\"_ _2\"></span>niziale, <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>Attivit\u00e0  c<span class=\"_ _2\"></span>lassificate<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value <span class=\"_ _35\"> </span>con  i<span class=\"_ _2\"></span>mpatto  sul<span class=\"_ _3b\"></span>la redditivit\u00e0 <span class=\"_ _35\"> </span>complessiva <span class=\"_ _35\"> </span>sono <span class=\"_ _35\"> </span>va<span class=\"_ _3b\"></span>lutat<span class=\"_ _1\"></span>e <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>fair <span class=\"_ _0\"></span>value, <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>ilevazione <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>Conto <span class=\"_ _35\"> </span>Economico <span class=\"_ _35\"> </span>degli impatti <span class=\"_ _3a\"> </span>derivanti <span class=\"_ _3f\"> </span>dall\u2019applicazione<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _3f\"> </span>costo <span class=\"_ _3a\"> </span>ammortizzato, <span class=\"_ _3a\"> </span>degli <span class=\"_ _3f\"> </span>effet<span class=\"_ _1\"></span>ti <span class=\"_ _3a\"> </span>dell\u2019impairment <span class=\"_ _3f\"> </span>e dell\u2019eventuale effetto cambio, mentre gli<span class=\"_ _2\"></span> altri utili o p<span class=\"_ _2\"></span>erdite derivan<span class=\"_ _2\"></span>ti da una v<span class=\"_ _2\"></span>ariazione di fair val<span class=\"_ _2\"></span>ue vengono <span class=\"_ _38\"></span>rilevati <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>una <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>pecifica <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iserva <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>patr<span class=\"_ _1\"></span>imonio <span class=\"_ _38\"></span>netto <span class=\"_ _38\"></span>finch\u00e9 <span class=\"_ _38\"></span>l\u2019attivit\u00e0 <span class=\"_ _38\"></span>finanziaria <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>viene cancellata. <span class=\"_ _3b\"></span>Al momento <span class=\"_ _3b\"></span>della dis<span class=\"_ _2\"></span>missione, t<span class=\"_ _2\"></span>otale <span class=\"_ _2\"></span>o p<span class=\"_ _2\"></span>arziale, <span class=\"_ _3b\"></span>l\u2019utile o <span class=\"_ _3b\"></span>la <span class=\"_ _2\"></span>perdita <span class=\"_ _3b\"></span>cumulati nella <span class=\"_ _3b\"></span>riserva da valutazione vengono riversati, in tutto o in parte<span class=\"_ _1\"></span>, a Conto Economico. Il fair value v<span class=\"_ _2\"></span>iene determinato sulla base dei criteri g<span class=\"_ _2\"></span>i\u00e0 illustrati per le At<span class=\"_ _2\"></span>tivit\u00e0 finanziarie valu<span class=\"_ _2\"></span>tate al fair value con impatto a conto economico. Le <span class=\"_ _0\"></span>Attivit\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>al<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>impatto <span class=\"_ _0\"></span>sulla <span class=\"_ _0\"></span>re<span class=\"_ _2\"></span>dditivit\u00e0 <span class=\"_ _0\"></span>complessiva <span class=\"_ _0\"></span>\u2013 <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>sotto forma <span class=\"_ _1\"></span>di titoli di <span class=\"_ _1\"></span>debito che<span class=\"_ _1\"></span> di <span class=\"_ _1\"></span>crediti \u2013<span class=\"_ _1\"></span> sono <span class=\"_ _1\"></span>soggette <span class=\"_ _1\"></span>alla verifica dell\u2019increme<span class=\"_ _1\"></span>nto significativo de<span class=\"_ _1\"></span>l rischio creditizio (impairment) previ<span class=\"_ _2\"></span>sta dall\u2019IFRS 9, <span class=\"_ _2\"></span>al pari delle Attivit\u00e0 al<span class=\"_ _2\"></span> costo ammortizzato, con conseguente <span class=\"_ _35\"> </span>rilevazione <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>una <span class=\"_ _35\"> </span>rettifica <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>valore <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>copertura <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>perdite attese. <span class=\"_ _0\"></span>Pi\u00f9 <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>particolare, <span class=\"_ _0\"></span>sugli <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>classificati <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>stage <span class=\"_ _0\"></span>1 <span class=\"_ _0\"></span>(ossia <span class=\"_ _0\"></span>sulle <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _0\"></span>al momento <span class=\"_ _35\"> </span>dell\u2019origination, <span class=\"_ _35\"> </span>ove <span class=\"_ _35\"> </span>non <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>teriorate, <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>sugli <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>trumenti <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>verificato <span class=\"_ _35\"> </span>un significativo <span class=\"_ _37\"> </span>increme<span class=\"_ _1\"></span>nto <span class=\"_ _36\"> </span>del <span class=\"_ _37\"> </span>rischio <span class=\"_ _36\"> </span>cre<span class=\"_ _1\"></span>ditizio <span class=\"_ _37\"> </span>rispetto <span class=\"_ _36\"> </span>alla <span class=\"_ _36\"> </span>data <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>rilevazione <span class=\"_ _36\"> </span>iniziale) <span class=\"_ _37\"> </span>viene<span class=\"_ _1\"></span> contabilizzata, <span class=\"_ _1\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>rilevazione <span class=\"_ _38\"></span>iniziale <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>ogni <span class=\"_ _38\"></span>data <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>reporting <span class=\"_ _38\"></span>successiva, <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>perdita attesa ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>anno. In<span class=\"_ _2\"></span>vece, per g<span class=\"_ _2\"></span>li strumenti classificati <span class=\"_ _3b\"></span>in stage 2 <span class=\"_ _3b\"></span>(bonis per <span class=\"_ _2\"></span>i q<span class=\"_ _2\"></span>uali si <span class=\"_ _3b\"></span>\u00e8<span class=\"_ _1\"></span> verificato <span class=\"_ _2\"></span>un incremento <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ignificativo <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>rischio <span class=\"_ _38\"></span>creditizio <span class=\"_ _38\"></span>rispetto <span class=\"_ _38\"></span>alla <span class=\"_ _1\"></span>data <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rilevazione <span class=\"_ _38\"></span>iniziale) <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tage <span class=\"_ _38\"></span>3 (esposizioni  deteriorate)  vi<span class=\"_ _2\"></span>ene  contabilizzata <span class=\"_ _35\"> </span>una  perdita  attesa  per  l\u2019<span class=\"_ _2\"></span>intera  vita <span class=\"_ _35\"> </span>residua  dello strumento <span class=\"_ _25a\"></span>finanziario. Criteri di cancel<span class=\"_ _1\"></span>lazione Le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>ve<span class=\"_ _1\"></span>ngono <span class=\"_ _38\"></span>cancellate <span class=\"_ _1\"></span>dal <span class=\"_ _0\"></span>bil<span class=\"_ _2\"></span>ancio <span class=\"_ _38\"></span>so<span class=\"_ _3a1\"> </span>lamente <span class=\"_ _38\"></span>se <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>cessione <span class=\"_ _38\"></span>ha <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>mportato <span class=\"_ _38\"></span>il sostanziale <span class=\"_ _2\"></span>trasferimento di <span class=\"_ _3b\"></span>tutti i<span class=\"_ _2\"></span> rischi <span class=\"_ _3b\"></span>e benefici <span class=\"_ _3b\"></span>connessi all<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 st<span class=\"_ _2\"></span>esse. P<span class=\"_ _2\"></span>er contro,<span class=\"_ _2\"></span> qu<span class=\"_ _2\"></span>alora sia <span class=\"_ _38\"></span>stata <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>antenuta <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>rilevante <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>benefici <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>arie cedute, qu<span class=\"_ _2\"></span>este<span class=\"_ _1\"></span> con<span class=\"_ _2\"></span>tinuano ad<span class=\"_ _2\"></span> essere iscritte <span class=\"_ _3b\"></span>in bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 giuridicamente la <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>itolarit\u00e0 delle<span class=\"_ _2\"></span> attivit\u00e0 stesse sia stata effettivamente trasferita. Nel <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>possibile <span class=\"_ _35\"> </span>accertare <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>sostanziale <span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>asferimento <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>benefici, <span class=\"_ _0\"> </span>le attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>vengono <span class=\"_ _38\"></span>cancellate <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>bilancio <span class=\"_ _1\"></span>qualora <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ato <span class=\"_ _1\"></span>mante<span class=\"_ _1\"></span>nuto <span class=\"_ _1\"></span>alcun <span class=\"_ _38\"></span>tipo <span class=\"_ _38\"></span>di controllo <span class=\"_ _37\"> </span>sulle <span class=\"_ _37\"> </span>stesse. <span class=\"_ _37\"> </span>In <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>contrario, <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>conservazione, <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>parte, <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>tale <span class=\"_ _37\"> </span>controllo comporta  il <span class=\"_ _3d\"> </span>mantenimento  in  bilancio  de<span class=\"_ _1\"></span>lle  attivit\u00e0 <span class=\"_ _3d\"> </span>in  misura  pari <span class=\"_ _3d\"> </span>al  coinvolgimento<span class=\"_ _1\"></span>  residuo, misurato dall\u2019esposizione <span class=\"_ _1\"></span>ai cambiamenti di valore delle attivit\u00e0 cedute <span class=\"_ _1\"></span>ed alle variazioni dei flussi finanziari delle stesse. Infine,  le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _37\"> </span>cedute <span class=\"_ _3d\"> </span>vengono <span class=\"_ _37\"> </span>cancellate <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>bilancio <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>caso <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>cui <span class=\"_ _3d\"> </span>vi <span class=\"_ _3d\"> </span>sia <span class=\"_ _3d\"> </span>l<span class=\"_ _1\"></span>a conservazione <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>diritti <span class=\"_ _37\"> </span>contrattuali <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>ricevere <span class=\"_ _37\"> </span>i <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>cassa, <span class=\"_ _37\"> </span>con <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>contestuale assunzione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un\u2019obbligazione <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>pagare <span class=\"_ _38\"></span>detti <span class=\"_ _1\"></span>flussi, <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>solo <span class=\"_ _38\"></span>essi, <span class=\"_ _1\"></span>senza <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>ritardo <span class=\"_ _38\"></span>rilevante <span class=\"_ _1\"></span>ad <span class=\"_ _38\"></span>altri soggetti terzi. Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali Gli <span class=\"_ _36\"> </span>inte<span class=\"_ _1\"></span>ressi <span class=\"_ _39\"> </span>attivi, <span class=\"_ _36\"> </span>calcolati <span class=\"_ _39\"> </span>in <span class=\"_ _39\"> </span>base <span class=\"_ _39\"> </span>alla <span class=\"_ _36\"> </span>me<span class=\"_ _1\"></span>todologia <span class=\"_ _39\"> </span>d<span class=\"_ _3a1\"> </span>el <span class=\"_ _39\"> </span>T.I.R., <span class=\"_ _36\"> </span>vengono <span class=\"_ _39\"> </span>contabilizzati <span class=\"_ _36\"> </span>pe<span class=\"_ _1\"></span>r competenza <span class=\"_ _1\"></span>nelle <span class=\"_ _38\"></span>voci <span class=\"_ _1\"></span>\u201cInteressi <span class=\"_ _1\"></span>att<span class=\"_ _1\"></span>ivi e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>proventi <span class=\"_ _38\"></span>assimilati\u201d, <span class=\"_ _1\"></span>mentre <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>utili <span class=\"_ _38\"></span>o <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>perdite <span class=\"_ _1\"></span>derivanti da <span class=\"_ _1\"></span>una <span class=\"_ _38\"></span>variazione <span class=\"_ _38\"></span>di fair <span class=\"_ _38\"></span>value vengono <span class=\"_ _38\"></span>rilevati <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>specifica <span class=\"_ _38\"></span>riserva <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>patrimonio <span class=\"_ _38\"></span>netto <span class=\"_ _38\"></span>sino <span class=\"_ _1\"></span>a che l\u2019attivit\u00e0 finanziaria <span class=\"_ _2\"></span>non viene cancellata o non viene rileva<span class=\"_ _2\"></span>ta una p<span class=\"_ _2\"></span>erdita di valore. Per i titoli di debito, al <span class=\"_ _1\"></span>momento della dismissione o<span class=\"_ _1\"></span> della r<span class=\"_ _1\"></span>ilevazione di una perdita di <span class=\"_ _1\"></span>valore, l\u2019utile <span class=\"_ _1\"></span>o la perdita cumulati vengono riversati a conto economico. Qualora <span class=\"_ _3f\"> </span>i <span class=\"_ _39\"> </span>motivi <span class=\"_ _3f\"> </span>della <span class=\"_ _39\"> </span>perdita <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>valore <span class=\"_ _39\"> </span>s<span class=\"_ _1\"></span>iano <span class=\"_ _39\"> </span>rimossi <span class=\"_ _3f\"> </span>a <span class=\"_ _3f\"> </span>segu<span class=\"_ _2\"></span>ito <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>un <span class=\"_ _3f\"> </span>evento <span class=\"_ _3f\"> </span>verificatosi successivamente alla <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevazione della <span class=\"_ _3b\"></span>riduzione di <span class=\"_ _3b\"></span>valore<span class=\"_ _1\"></span>, vengono <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffettuate riprese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore co<span class=\"_ _2\"></span>n imputazione a conto economico, <span class=\"_ _2\"></span>nel caso dei titoli d<span class=\"_ _2\"></span>i debito. L\u2019ammontare della ripresa non <span class=\"_ _2\"></span>pu\u00f2 i<span class=\"_ _2\"></span>n ogni cas<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>superare <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>differenza <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>contabile <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>costo <span class=\"_ _1\"></span>ammortizzato <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>strumento avrebbe avuto in assenza di precedenti rettifiche.<span class=\"_ _3a1\"> </span>2.2 Atti<span class=\"_ _1\"></span>vit\u00e0 finan<span class=\"_ _1\"></span>ziarie v<span class=\"_ _1\"></span>alutate <span class=\"_ _1\"></span>al fair value<span class=\"_ _1\"></span> con impa<span class=\"_ _1\"></span>tto <span class=\"_ _1\"></span>sulla reddi<span class=\"_ _1\"></span>tivit\u00e0 comp<span class=\"_ _1\"></span>lessiva<span class=\"_ _1\"></span> (FVOCI <span class=\"_ _1\"></span>senza<span class=\"_ _3a1\"> </span>riciclo)<span class=\"_ _3a1\"> </span>C<span class=\"_ _3a1\"> </span>riteri di iscr<span class=\"_ _1\"></span>izione<span class=\"_ _3a1\"> </span>L\u2019iscrizione <span class=\"_ _1\"></span>iniziale delle <span class=\"_ _38\"></span>attivit\u00e0 finanziarie <span class=\"_ _1\"></span>avviene <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>regolamento <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>i t<span class=\"_ _1\"></span>itoli <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>capitale.<span class=\"_ _3a1\"> </span>All\u2019atto della rilevazione iniz<span class=\"_ _2\"></span>iale le attivit\u00e0 sono contabilizz<span class=\"_ _2\"></span>ate al fair value, comprensivo dei <span class=\"_ _2\"></span>costi o<span class=\"_ _3a1\"> </span>proventi di transazione direttamente attribuibili allo strumento <span class=\"_ _25a\"></span>stesso.<span class=\"_ _3a1\"> </span>Criteri di classifi<span class=\"_ _1\"></span>cazione<span class=\"_ _3a1\"> </span>Sono incl<span class=\"_ _2\"></span>usi nella <span class=\"_ _3b\"></span>voce gli <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>trumenti di <span class=\"_ _3b\"></span>capitale, non d<span class=\"_ _2\"></span>et<span class=\"_ _3a1\"> </span>enuti pe<span class=\"_ _2\"></span>r fi<span class=\"_ _2\"></span>nalit\u00e0 di<span class=\"_ _2\"></span> negoziazione, <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span> i <span class=\"_ _3b\"></span>quali<span class=\"_ _3a1\"> </span>al <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>omento <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>rilevazione <span class=\"_ _38\"></span>iniziale <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>stata <span class=\"_ _38\"></span>esercitata <span class=\"_ _38\"></span>l\u2019opzione <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>designazione <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value<span class=\"_ _3a1\"> </span>con impatto sulla redditivit\u00e0 complessiva.<span class=\"_ _3a1\"> </span>In <span class=\"_ _37\"> </span>particolare<span class=\"_ _1\"></span>, <span class=\"_ _37\"> </span>vengono <span class=\"_ _37\"> </span>inclusi <span class=\"_ _37\"> </span>in <span class=\"_ _36\"> </span>questa <span class=\"_ _37\"> </span>voce <span class=\"_ _37\"> </span>le<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>interessenze <span class=\"_ _36\"> </span>azionarie, <span class=\"_ _37\"> </span>non <span class=\"_ _37\"> </span>qualificabili <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span>controllo, collegamento <span class=\"_ _3b\"></span>e controllo <span class=\"_ _2\"></span>congiunto, <span class=\"_ _2\"></span>che non <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ono d<span class=\"_ _2\"></span>etenute con <span class=\"_ _3b\"></span>finalit\u00e0 di <span class=\"_ _3b\"></span>nego<span class=\"_ _1\"></span>ziazione,<span class=\"_ _3a1\"> </span>per  cu<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>si  \u00e8 <span class=\"_ _35\"> </span>esercitata  l\u2019opzi<span class=\"_ _2\"></span>one  per <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>designazione  al <span class=\"_ _35\"> </span>fair  va<span class=\"_ _3b\"></span>lue  con <span class=\"_ _35\"> </span>impatto  sulla <span class=\"_ _35\"> </span>redditivit\u00e0<span class=\"_ _3a1\"> </span>complessiva.<span class=\"_ _3a1\"> </span>Riclassifiche<span class=\"_ _3a1\"> </span>Secondo <span class=\"_ _36\"> </span>le <span class=\"_ _39\"> </span>regole <span class=\"_ _36\"> </span>generali <span class=\"_ _39\"> </span>previste <span class=\"_ _36\"> </span>dall\u2019IFRS <span class=\"_ _36\"> </span>9 <span class=\"_ _36\"> </span>in <span class=\"_ _39\"> </span>materia <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>riclassificazione <span class=\"_ _39\"> </span>delle <span class=\"_ _36\"> </span>attivit\u00e0<span class=\"_ _3a1\"> </span>finanziarie per i titoli di capitale non \u00e8 ammessa <span class=\"_ _1\"></span>alcuna riclassifica.<span class=\"_ _3a1\"> </span>Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span>Successivamente <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>rilevazione <span class=\"_ _35\"> </span>iniziale, <span class=\"_ _35\"> </span>gli <span class=\"_ _35\"> </span>strumenti <span class=\"_ _35\"> </span>d<span class=\"_ _3a1\"> </span>i <span class=\"_ _35\"> </span>capitale <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>cui <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>stata <span class=\"_ _35\"> </span>effettuata <span class=\"_ _35\"> </span>l<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span>scelta per <span class=\"_ _1\"></span>la classificazione <span class=\"_ _1\"></span>nella presente cat<span class=\"_ _1\"></span>egoria sono valutati <span class=\"_ _1\"></span>al fair <span class=\"_ _1\"></span>value e <span class=\"_ _1\"></span>gli importi r<span class=\"_ _1\"></span>ilevati<span class=\"_ _3a1\"> </span>in contro<span class=\"_ _1\"></span>partita del <span class=\"_ _1\"></span>patrimonio <span class=\"_ _1\"></span>netto (Prospett<span class=\"_ _1\"></span>o della r<span class=\"_ _1\"></span>edditivit\u00e0 compless<span class=\"_ _1\"></span>iva) non devono <span class=\"_ _1\"></span>ess<span class=\"_ _1\"></span>ere<span class=\"_ _3a1\"> </span>successivamente tr<span class=\"_ _1\"></span>asferiti a conto e<span class=\"_ _1\"></span>conomico, neanche <span class=\"_ _1\"></span>in caso di cessione<span class=\"_ _1\"></span>. La sola <span class=\"_ _1\"></span>componente<span class=\"_ _3a1\"> </span>riferibile <span class=\"_ _37\"> </span>ai <span class=\"_ _3d\"> </span>titoli <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>capitale <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>questione <span class=\"_ _37\"> </span>che <span class=\"_ _3d\"> </span>\u00e8 <span class=\"_ _37\"> </span>oggetto <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>rilevazione <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>cont<span class=\"_ _1\"></span>o <span class=\"_ _3d\"> </span>economico <span class=\"_ _3d\"> </span>\u00e8<span class=\"_ _3a1\"> </span>rappresentata dai relativi dividendi.<span class=\"_ _3a1\"> </span>Il fair value v<span class=\"_ _2\"></span>iene determinato sulla base dei criteri g<span class=\"_ _2\"></span>i\u00e0 illustrati per le At<span class=\"_ _2\"></span>tivit\u00e0 finanziarie valu<span class=\"_ _2\"></span>tate al<span class=\"_ _3a1\"> </span>fair value con impatto a conto economico.<span class=\"_ _3a1\"> </span>Per <span class=\"_ _3b\"></span>i <span class=\"_ _2\"></span>titoli <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>capitale <span class=\"_ _3b\"></span>inclusi <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>que<span class=\"_ _1\"></span>sta <span class=\"_ _3b\"></span>categoria, <span class=\"_ _3b\"></span>non q<span class=\"_ _2\"></span>uotati <span class=\"_ _3b\"></span>in u<span class=\"_ _2\"></span>n <span class=\"_ _3b\"></span>m<span class=\"_ _1\"></span>ercato <span class=\"_ _3b\"></span>attivo, <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>criter<span class=\"_ _1\"></span>io <span class=\"_ _3b\"></span>del <span class=\"_ _3b\"></span>costo<span class=\"_ _3a1\"> </span>\u00e8 utilizzato q<span class=\"_ _2\"></span>uale stima d<span class=\"_ _2\"></span>el fair v<span class=\"_ _3b\"></span>alue soltanto in via <span class=\"_ _3b\"></span>residuale e li<span class=\"_ _2\"></span>mitatamente a poche<span class=\"_ _2\"></span> circostanze,<span class=\"_ _3a1\"> </span>ossia  in <span class=\"_ _35\"> </span>caso  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>non  appli<span class=\"_ _2\"></span>cabilit\u00e0  di <span class=\"_ _35\"> </span>tutti  i <span class=\"_ _35\"> </span>metodi <span class=\"_ _35\"> </span>di  val<span class=\"_ _2\"></span>utazione  precedentemente <span class=\"_ _35\"> </span>richiamati,<span class=\"_ _3a1\"> </span>ovvero in presenza di un\u2019ampia <span class=\"_ _2\"></span>gamma di possibili valutazioni del fair value, nel cui<span class=\"_ _2\"></span> ambito il costo<span class=\"_ _3a1\"> </span>rappresenta la stima pi\u00f9 <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ignificativa.<span class=\"_ _3a1\"> </span>Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span>Le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>ve<span class=\"_ _1\"></span>ngono <span class=\"_ _38\"></span>cancellate <span class=\"_ _1\"></span>dal <span class=\"_ _0\"></span>bil<span class=\"_ _2\"></span>ancio <span class=\"_ _38\"></span>so<span class=\"_ _3a1\"> </span>lamente <span class=\"_ _38\"></span>se <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>cessione <span class=\"_ _38\"></span>ha <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>mportato <span class=\"_ _38\"></span>il<span class=\"_ _3a1\"> </span>sostanziale <span class=\"_ _2\"></span>trasferimento di <span class=\"_ _3b\"></span>tutti i<span class=\"_ _2\"></span> rischi <span class=\"_ _3b\"></span>e benefici <span class=\"_ _3b\"></span>connessi all<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 st<span class=\"_ _2\"></span>esse. P<span class=\"_ _2\"></span>er contro,<span class=\"_ _2\"></span> qu<span class=\"_ _2\"></span>alora<span class=\"_ _3a1\"> </span>sia <span class=\"_ _38\"></span>stata <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>antenuta <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>rilevante <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>benefici <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span>cedute, qu<span class=\"_ _2\"></span>este<span class=\"_ _1\"></span> con<span class=\"_ _2\"></span>tinuano ad<span class=\"_ _2\"></span> essere iscritte <span class=\"_ _3b\"></span>in bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 giuridicamente la <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>itolarit\u00e0 delle<span class=\"_ _3a1\"> </span>attivit\u00e0 stesse sia stata effettivamente trasferita.<span class=\"_ _3a1\"> </span>Nel <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>possibile <span class=\"_ _35\"> </span>accertare <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>sostanziale <span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>asferimento <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>benefici, <span class=\"_ _0\"> </span>le<span class=\"_ _3a1\"> </span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>vengono <span class=\"_ _38\"></span>cancellate <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>bilancio <span class=\"_ _1\"></span>qualora <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ato <span class=\"_ _1\"></span>mante<span class=\"_ _1\"></span>nuto <span class=\"_ _1\"></span>alcun <span class=\"_ _38\"></span>tipo <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span>controllo <span class=\"_ _37\"> </span>sulle <span class=\"_ _37\"> </span>stesse. <span class=\"_ _37\"> </span>In <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>contrario, <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>conservazione, <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>parte, <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>tale <span class=\"_ _37\"> </span>controllo<span class=\"_ _3a1\"> </span>comporta  il <span class=\"_ _3d\"> </span>mantenimento  in  bilancio  de<span class=\"_ _1\"></span>lle  attivit\u00e0 <span class=\"_ _3d\"> </span>in  misura  pari <span class=\"_ _3d\"> </span>al  coinvolgimento<span class=\"_ _1\"></span>  residuo,<span class=\"_ _3a1\"> </span>misurato dall\u2019esposizione <span class=\"_ _1\"></span>ai cambiamenti di valore delle attivit\u00e0 cedute <span class=\"_ _1\"></span>ed alle variazioni dei flussi<span class=\"_ _3a1\"> </span>finanziari delle stesse.<span class=\"_ _3a1\"> </span>Infine,  le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _37\"> </span>cedute <span class=\"_ _3d\"> </span>vengono <span class=\"_ _37\"> </span>cancellate <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>bilancio <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>caso <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>cui <span class=\"_ _3d\"> </span>vi <span class=\"_ _3d\"> </span>sia <span class=\"_ _3d\"> </span>l<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span>conservazione <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>diritti <span class=\"_ _37\"> </span>contrattuali <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>ricevere <span class=\"_ _37\"> </span>i <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>cassa, <span class=\"_ _37\"> </span>con <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>contestuale<span class=\"_ _3a1\"> </span>assunzione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un\u2019obbligazione <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>pagare <span class=\"_ _38\"></span>detti <span class=\"_ _1\"></span>flussi, <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>solo <span class=\"_ _38\"></span>essi, <span class=\"_ _1\"></span>senza <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>ritardo <span class=\"_ _38\"></span>rilevante <span class=\"_ _1\"></span>ad <span class=\"_ _38\"></span>altri<span class=\"_ _3a1\"> </span>soggetti terzi.<span class=\"_ _3a1\"> </span>Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"_ _3a1\"> </span>I dividendi <span class=\"_ _3b\"></span>ve<span class=\"_ _1\"></span>ngono contabilizzati alla voce \u201cDividendi <span class=\"_ _3b\"></span>eproventi simil<span class=\"_ _2\"></span>i\u201d nel momento in cui<span class=\"_ _2\"></span> sorge il<span class=\"_ _3a1\"> </span>diritto a riceverne il pagamento, mentre gli utili o<span class=\"_ _2\"></span> le perdite derivanti da una variazione di<span class=\"_ _3a1\"> </span>fair value<span class=\"_ _3a1\"> </span>dei <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>itoli <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>capitale <span class=\"_ _38\"></span>vengono <span class=\"_ _0\"></span>rilev<span class=\"_ _2\"></span>ati <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>pecifica <span class=\"_ _38\"></span>riserva <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>patrimonio <span class=\"_ _38\"></span>netto <span class=\"_ _0\"></span>e <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ale <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>viene<span class=\"_ _3a1\"> </span>riversato a conto economico nel caso di cessione e cancellazione del titolo <span class=\"_ _1\"></span>di capitale.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForAvailableforsaleFinancialAssetsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-769": {
   "value": "3 - Attivi<span class=\"_ _1\"></span>t\u00e0 finan<span class=\"_ _1\"></span>ziarie va<span class=\"_ _1\"></span>lutate <span class=\"_ _1\"></span>al costo<span class=\"_ _1\"></span> ammortizza<span class=\"_ _1\"></span>to<span class=\"_ _3a1\"> </span>Crite<span class=\"_ _3a1\"> </span>ri di iscrizione<span class=\"_ _3a1\"> </span>L\u2019iscrizione <span class=\"_ _1\"></span>iniziale <span class=\"_ _1\"></span>dell\u2019attivit\u00e0 <span class=\"_ _1\"></span>finanziaria <span class=\"_ _1\"></span>avviene<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>regolament<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>debito <span class=\"_ _38\"></span>ed<span class=\"_ _3a1\"> </span>alla <span class=\"_ _37\"> </span>data <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>ero<span class=\"_ _1\"></span>gazione <span class=\"_ _37\"> </span>nel <span class=\"_ _36\"> </span>caso <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>crediti. <span class=\"_ _37\"> </span>All\u2019atto <span class=\"_ _36\"> </span>della <span class=\"_ _37\"> </span>rilevazione <span class=\"_ _37\"> </span>iniziale <span class=\"_ _36\"> </span>le <span class=\"_ _37\"> </span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _37\"> </span>sono<span class=\"_ _3a1\"> </span>contabilizzate <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>fair val<span class=\"_ _2\"></span>ue, <span class=\"_ _2\"></span>comprensivo <span class=\"_ _3b\"></span>dei c<span class=\"_ _2\"></span>osti <span class=\"_ _3b\"></span>o p<span class=\"_ _2\"></span>roventi <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>transazione di<span class=\"_ _2\"></span>rettamente <span class=\"_ _3b\"></span>attr<span class=\"_ _1\"></span>ibuibili<span class=\"_ _3a1\"> </span>allo strumento stesso.<span class=\"_ _3a1\"> </span>In <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>icolare, <span class=\"_ _38\"></span>per <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>el <span class=\"_ _0\"></span>che<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>attie<span class=\"_ _2\"></span>ne <span class=\"_ _0\"></span>ai<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>cr<span class=\"_ _2\"></span>editi, <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>data <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ero<span class=\"_ _1\"></span>gazione <span class=\"_ _38\"></span>normalmente <span class=\"_ _0\"></span>coincid<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>l<span class=\"_ _3b\"></span>a<span class=\"_ _3a1\"> </span>data <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>sottoscrizione <span class=\"_ _36\"> </span>del <span class=\"_ _36\"> </span>cont<span class=\"_ _1\"></span>ratto. <span class=\"_ _36\"> </span>Qualora <span class=\"_ _36\"> </span>tale <span class=\"_ _36\"> </span>coincidenza <span class=\"_ _36\"> </span>non <span class=\"_ _36\"> </span>si <span class=\"_ _39\"> </span>manifesti, <span class=\"_ _36\"> </span>in <span class=\"_ _36\"> </span>sede <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span>sottoscrizione <span class=\"_ _0\"></span>del<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>ratto <span class=\"_ _0\"></span>si<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>rovvede <span class=\"_ _0\"></span>ad <span class=\"_ _38\"></span>iscrivere <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>impegno <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>rogare <span class=\"_ _38\"></span>fo<span class=\"_ _1\"></span>ndi <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>si<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>chi<span class=\"_ _2\"></span>ude<span class=\"_ _3a1\"> </span>alla dat<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>erogazione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>finanziamento. <span class=\"_ _1\"></span>L\u2019iscrizione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>credito <span class=\"_ _1\"></span>avviene <span class=\"_ _1\"></span>sulla <span class=\"_ _1\"></span>base <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value<span class=\"_ _3a1\"> </span>dello <span class=\"_ _17e\"> </span>ste<span class=\"_ _1\"></span>sso, <span class=\"_ _17e\"> </span>pari <span class=\"_ _44\"> </span>all\u2019ammontare <span class=\"_ _44\"> </span>erogato, <span class=\"_ _17e\"> </span>o <span class=\"_ _44\"> </span>prezzo <span class=\"_ _17e\"> </span>di <span class=\"_ _44\"> </span>sottoscrizione, <span class=\"_ _44\"> </span>comprensivo <span class=\"_ _44\"> </span>dei<span class=\"_ _3a1\"> </span>costi/proventi <span class=\"_ _3a\"> </span>direttamente <span class=\"_ _3a\"> </span>riconducibili <span class=\"_ _3a\"> </span>al <span class=\"_ _3a\"> </span>singolo <span class=\"_ _3a\"> </span>credito <span class=\"_ _3a\"> </span>e <span class=\"_ _3a\"> </span>determinabili <span class=\"_ _3f\"> </span>s<span class=\"_ _1\"></span>in <span class=\"_ _3a\"> </span>dall\u2019origine<span class=\"_ _3a1\"> </span>dell\u2019operazione, ancorch\u00e9 <span class=\"_ _3b\"></span>liquidati in <span class=\"_ _3b\"></span>un momento <span class=\"_ _3b\"></span>success<span class=\"_ _1\"></span>ivo. <span class=\"_ _2\"></span>Sono <span class=\"_ _3b\"></span>es<span class=\"_ _1\"></span>clusi <span class=\"_ _2\"></span>i co<span class=\"_ _2\"></span>sti ch<span class=\"_ _2\"></span>e, pur<span class=\"_ _2\"></span> avendo<span class=\"_ _3a1\"> </span>le <span class=\"_ _1\"></span>caratter<span class=\"_ _1\"></span>istiche <span class=\"_ _1\"></span>suddette, <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ggetto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rimborso <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>parte <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>controparte <span class=\"_ _1\"></span>debitr<span class=\"_ _1\"></span>ice <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>sono<span class=\"_ _3a1\"> </span>inquadrabili tra i normali costi interni di carattere <span class=\"_ _3b\"></span>amm<span class=\"_ _1\"></span>inistrativo.<span class=\"_ _3a1\"> </span>Criteri di classificazione<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _38\"></span>incluse <span class=\"_ _38\"></span>nella <span class=\"_ _1\"></span>presente <span class=\"_ _38\"></span>categoria <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanzia<span class=\"_ _3a1\"> </span>rie <span class=\"_ _1\"></span>(in <span class=\"_ _38\"></span>particolare <span class=\"_ _38\"></span>finanziamenti <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>tit<span class=\"_ _1\"></span>oli <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span>debito) che soddisfano entrambe le se<span class=\"_ _1\"></span>guenti condizioni:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019attivit\u00e0 finanziaria <span class=\"_ _1\"></span>\u00e8 posseduta se<span class=\"_ _1\"></span>condo un <span class=\"_ _1\"></span>modello di business <span class=\"_ _1\"></span>il cui obiet<span class=\"_ _1\"></span>tivo \u00e8 conse<span class=\"_ _1\"></span>guito<span class=\"_ _3a1\"> </span></span>mediante <span class=\"_ _0\"></span>l\u2019incasso <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>previsti <span class=\"_ _0\"></span>contrattualmente <span class=\"_ _0\"></span>(Business <span class=\"_ _0\"></span>model <span class=\"_ _0\"></span>\u201cHold <span class=\"_ _0\"></span>to<span class=\"_ _3a1\"> </span>Collect\u201d \u2013 \u201cHTC\u201d), e<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>ermini <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>rattuali <span class=\"_ _38\"></span>dell\u2019att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _38\"></span>finanziaria <span class=\"_ _0\"></span>prevedono, <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>determin<span class=\"_ _2\"></span>ate <span class=\"_ _0\"></span>date, <span class=\"_ _38\"></span>flussi <span class=\"_ _0\"></span>finanziari<span class=\"_ _3a1\"> </span></span>rappresentati unicamente da pagamenti del capitale e dell\u2019interesse sul<span class=\"_ _2\"></span>l\u2019importo del capitale<span class=\"_ _3a1\"> </span>da restituire (cd. \u201cSPPI test\u201d superato).<span class=\"_ _3a1\"> </span>Pi\u00f9 in particolare, formano oggetto di rilevazione in quest<span class=\"_ _1\"></span>a voce:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">gli  i<span class=\"_ _2\"></span>mpieghi  con <span class=\"_ _35\"> </span>banche  nelle <span class=\"_ _35\"> </span>diverse  forme  tecniche <span class=\"_ _35\"> </span>che  presentano  i<span class=\"_ _3b\"></span>  requisiti  di<span class=\"_ _2\"></span>  cui <span class=\"_ _35\"> </span>al<span class=\"_ _3a1\"> </span></span>paragrafo precedente;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _35\"> </span>impieghi <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>clientela <span class=\"_ _35\"> </span>nelle <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>verse <span class=\"_ _35\"> </span>forme <span class=\"_ _35\"> </span>tecniche <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>presentano <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>requisiti <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>cui <span class=\"_ _35\"> </span>al<span class=\"_ _3a1\"> </span></span>paragrafo precedente;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">i titoli di debito che presentano i requisiti di cui al paragrafo <span class=\"_ _1\"></span>precedente.<span class=\"_ _3a1\"> </span></span>Sono <span class=\"_ _35\"> </span>inoltre <span class=\"_ _35\"> </span>inclusi <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>tale <span class=\"_ _35\"> </span>categoria <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>crediti <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>funzionamento <span class=\"_ _35\"> </span>connessi <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>pre<span class=\"_ _1\"></span>stazione <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span>attivit\u00e0 <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>servizi <span class=\"_ _38\"></span>finanziari <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>definiti <span class=\"_ _38\"></span>dal <span class=\"_ _1\"></span>T.U.B. <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>T.U.F. <span class=\"_ _1\"></span>(ad <span class=\"_ _38\"></span>es<span class=\"_ _1\"></span>empio <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>distribuzione <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span>prodotti finanziari ed attivit\u00e0 di <span class=\"_ _210\"></span>servicing).<span class=\"_ _3a1\"> </span>Riclassifiche<span class=\"_ _3a1\"> </span>Secondo <span class=\"_ _36\"> </span>le <span class=\"_ _39\"> </span>regole <span class=\"_ _36\"> </span>generali <span class=\"_ _39\"> </span>previste <span class=\"_ _36\"> </span>dall\u2019IFRS <span class=\"_ _36\"> </span>9 <span class=\"_ _36\"> </span>in <span class=\"_ _39\"> </span>materia <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>riclassificazione <span class=\"_ _39\"> </span>delle <span class=\"_ _36\"> </span>attivit\u00e0<span class=\"_ _3a1\"> </span>finanziarie, <span class=\"_ _2\"></span>non sono <span class=\"_ _3b\"></span>ammesse riclassifich<span class=\"_ _2\"></span>e verso al<span class=\"_ _2\"></span>tre cat<span class=\"_ _2\"></span>egorie d<span class=\"_ _2\"></span>i attivit\u00e0 <span class=\"_ _3b\"></span>finanziarie salvo <span class=\"_ _2\"></span>il c<span class=\"_ _2\"></span>aso<span class=\"_ _3a1\"> </span>in <span class=\"_ _0\"></span>cui <span class=\"_ _0\"></span>l\u2019entit\u00e0 <span class=\"_ _35\"> </span>modifichi <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>proprio <span class=\"_ _35\"> </span>modello <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>business <span class=\"_ _35\"> </span>per <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"> </span>attivit\u00e0 <span class=\"_ _35\"> </span>finanziarie <span class=\"_ _0\"></span>a<span class=\"_ _3a1\"> </span>seguito <span class=\"_ _3d\"> </span>di  cambiament<span class=\"_ _1\"></span>i  esterni <span class=\"_ _3d\"> </span>o <span class=\"_ _3d\"> </span>interni <span class=\"_ _3d\"> </span>i  quali <span class=\"_ _3d\"> </span>siano <span class=\"_ _3d\"> </span>rilevanti <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>le  oper<span class=\"_ _1\"></span>azioni  dell'entit\u00e0 <span class=\"_ _3d\"> </span>e<span class=\"_ _3a1\"> </span>dimostrabili <span class=\"_ _1\"></span>alle <span class=\"_ _1\"></span>parti <span class=\"_ _1\"></span>esterne. <span class=\"_ _1\"></span>In <span class=\"_ _1\"></span>tali <span class=\"_ _1\"></span>casi, <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>ci <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>atte<span class=\"_ _1\"></span>nde <span class=\"_ _1\"></span>siano <span class=\"_ _1\"></span>altamente <span class=\"_ _1\"></span>infrequenti, <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>att<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _3a1\"> </span>finanziarie <span class=\"_ _0\"></span>potranno <span class=\"_ _35\"> </span>essere <span class=\"_ _0\"></span>riclassificate <span class=\"_ _0\"></span>dalla <span class=\"_ _35\"> </span>cat<span class=\"_ _2\"></span>egoria <span class=\"_ _0\"></span>valutata <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>costo <span class=\"_ _0\"></span>ammortizzato <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>un<span class=\"_ _3b\"></span>a<span class=\"_ _3a1\"> </span>delle <span class=\"_ _1\"></span>altre <span class=\"_ _1\"></span>due <span class=\"_ _1\"></span>categor<span class=\"_ _1\"></span>ie pr<span class=\"_ _1\"></span>eviste <span class=\"_ _1\"></span>dall\u2019IFRS 9 <span class=\"_ _38\"></span>(Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>impatto<span class=\"_ _3a1\"> </span>sulla <span class=\"_ _3d\"> </span>redditivit\u00e0 <span class=\"_ _3d\"> </span>complessiva <span class=\"_ _3d\"> </span>o <span class=\"_ _3d\"> </span>At<span class=\"_ _1\"></span>tivit\u00e0  finanziarie <span class=\"_ _37\"> </span>valutate <span class=\"_ _3d\"> </span>al  fair<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>value <span class=\"_ _3d\"> </span>con <span class=\"_ _3d\"> </span>impatto <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>conto<span class=\"_ _3a1\"> </span>economico). <span class=\"_ _3a\"> </span>Il <span class=\"_ _3a\"> </span>valore<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>t<span class=\"_ _1\"></span>rasferimento <span class=\"_ _3a\"> </span>\u00e8 <span class=\"_ _48\"> </span>rappresentato <span class=\"_ _3a\"> </span>dal <span class=\"_ _3a\"> </span>fair <span class=\"_ _3a\"> </span>value <span class=\"_ _48\"> </span>al <span class=\"_ _3a\"> </span>momento <span class=\"_ _3a\"> </span>della<span class=\"_ _3a1\"> </span>riclassificazione <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>gli <span class=\"_ _1\"></span>effe<span class=\"_ _1\"></span>tti <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iclassificazione <span class=\"_ _38\"></span>operano <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>maniera <span class=\"_ _0\"></span>prospettica <span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>partire <span class=\"_ _38\"></span>dalla<span class=\"_ _3a1\"> </span>data <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>riclassificazione. <span class=\"_ _0\"></span>Gli <span class=\"_ _0\"></span>utili <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>perdite <span class=\"_ _0\"></span>risultanti <span class=\"_ _0\"></span>dalla <span class=\"_ _0\"></span>differenza <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>cos<span class=\"_ _2\"></span>to <span class=\"_ _0\"></span>ammortizzato<span class=\"_ _3a1\"> </span>dell'attivit\u00e0 finanziaria e il relativo fair value sono rilevati a conto economico nel caso di <span class=\"_ _2\"></span>riclassifica<span class=\"_ _3a1\"> </span>tra le At<span class=\"_ _2\"></span>tivit\u00e0 finanziarie <span class=\"_ _2\"></span>valutate al fai<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span> value <span class=\"_ _2\"></span>con impatto <span class=\"_ _2\"></span>a conto <span class=\"_ _2\"></span>economico e<span class=\"_ _2\"></span> a Patrimonio<span class=\"_ _2\"></span> netto,<span class=\"_ _3a1\"> </span>nell\u2019apposita <span class=\"_ _1\"></span>riserva <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valutazione, <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>caso <span class=\"_ _38\"></span>di r<span class=\"_ _1\"></span>iclassifica tra <span class=\"_ _38\"></span>le Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fair<span class=\"_ _3a1\"> </span>value con impatto sulla redditivit\u00e0 complessiva.<span class=\"_ _3a1\"> </span>Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span>Successivamente <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>rilevazione <span class=\"_ _0\"></span>iniziale, <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>fin<span class=\"_ _3a1\"> </span>anziarie <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>esame <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>valutate <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>costo<span class=\"_ _3a1\"> </span>ammortizzato, <span class=\"_ _38\"></span>utilizzando <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>met<span class=\"_ _1\"></span>odo <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>tasso <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>interesse <span class=\"_ _0\"></span>effettivo. <span class=\"_ _1\"></span>In <span class=\"_ _38\"></span>q<span class=\"_ _1\"></span>uesti <span class=\"_ _0\"></span>termini, <span class=\"_ _1\"></span>l\u2019attivit\u00e0 <span class=\"_ _0\"></span>\u00e8<span class=\"_ _3a1\"> </span>riconosciuta <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>bilancio per<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>ammontare <span class=\"_ _1\"></span>pari al <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>prima <span class=\"_ _1\"></span>iscrizione <span class=\"_ _1\"></span>diminuito <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>rimborsi<span class=\"_ _3a1\"> </span>di <span class=\"_ _38\"></span>capitale, <span class=\"_ _38\"></span>pi\u00f9 <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>meno<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>l\u2019ammortame<span class=\"_ _1\"></span>nto <span class=\"_ _1\"></span>cumulato <span class=\"_ _0\"></span>(calc<span class=\"_ _2\"></span>olato <span class=\"_ _38\"></span>col <span class=\"_ _38\"></span>richiamato <span class=\"_ _0\"></span>m<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>todo <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>tasso <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span>interesse effettivo) <span class=\"_ _3b\"></span>della differenza <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ra tale <span class=\"_ _3b\"></span>importo iniziale <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> l\u2019imp<span class=\"_ _2\"></span>orto alla <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>cadenza (<span class=\"_ _2\"></span>riconducibile<span class=\"_ _3a1\"> </span>tipicamente ai <span class=\"_ _3b\"></span>costi/provent<span class=\"_ _1\"></span>i im<span class=\"_ _3b\"></span>putati direttamente alla <span class=\"_ _3b\"></span>singola attivit\u00e0) <span class=\"_ _3b\"></span>e rettificato dell\u2019<span class=\"_ _2\"></span>eventuale fondo a <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _0\"></span>perdite <span class=\"_ _0\"></span>attese. <span class=\"_ _0\"></span>Il <span class=\"_ _0\"></span>tasso <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>interesse <span class=\"_ _0\"></span>effettivo <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>individuato <span class=\"_ _0\"></span>calcolando <span class=\"_ _0\"></span>il tasso <span class=\"_ _36\"> </span>che <span class=\"_ _36\"> </span>e<span class=\"_ _1\"></span>guaglia <span class=\"_ _36\"> </span>il <span class=\"_ _36\"> </span>valore <span class=\"_ _36\"> </span>at<span class=\"_ _1\"></span>tuale <span class=\"_ _36\"> </span>dei <span class=\"_ _36\"> </span>flussi <span class=\"_ _39\"> </span>futuri <span class=\"_ _36\"> </span>dell\u2019attivit\u00e0, <span class=\"_ _36\"> </span>per <span class=\"_ _36\"> </span>capitale <span class=\"_ _39\"> </span>ed <span class=\"_ _36\"> </span>interesse, all\u2019ammontare <span class=\"_ _3b\"></span>er<span class=\"_ _1\"></span>ogato <span class=\"_ _3b\"></span>inclusivo <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>costi/pro<span class=\"_ _1\"></span>venti <span class=\"_ _3b\"></span>ricondotti <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>ll\u2019attivit\u00e0 <span class=\"_ _3b\"></span>finanziaria <span class=\"_ _3b\"></span>mede<span class=\"_ _1\"></span>sima. <span class=\"_ _3b\"></span>Tale modalit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>contabilizzazione, <span class=\"_ _0\"></span>utilizzando <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>logica <span class=\"_ _0\"></span>finanziaria, <span class=\"_ _0\"></span>consente <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>distribuire <span class=\"_ _0\"></span>l\u2019effetto economico <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>costi/proventi <span class=\"_ _0\"></span>direttamente <span class=\"_ _0\"></span>attribuibili <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span>\u2019attivit\u00e0 <span class=\"_ _0\"></span>finanziaria <span class=\"_ _0\"></span>lungo <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>sua <span class=\"_ _0\"></span>vita residua attesa. Il metodo del <span class=\"_ _2\"></span>costo ammortizzato non <span class=\"_ _2\"></span>viene utilizz<span class=\"_ _2\"></span>ato per le attiv<span class=\"_ _2\"></span>it\u00e0 \u2013 valorizzate al<span class=\"_ _2\"></span> costo s<span class=\"_ _2\"></span>torico \u2013 la <span class=\"_ _29\"> </span>cui <span class=\"_ _193\"> </span>breve <span class=\"_ _193\"> </span>durata <span class=\"_ _193\"> </span>fa <span class=\"_ _29\"> </span>ritenere <span class=\"_ _193\"> </span>trascurabile <span class=\"_ _193\"> </span>l\u2019effetto <span class=\"_ _29\"> </span>dell\u2019applicazione <span class=\"_ _193\"> </span>della <span class=\"_ _29\"> </span>logica<span class=\"_ _1\"></span> dell\u2019attualizzazione, per quelle senza una scadenza definita e per i crediti a re<span class=\"_ _1\"></span>voca. I <span class=\"_ _37\"> </span>criteri <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>valutazione <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>elativi <span class=\"_ _37\"> </span>agli <span class=\"_ _37\"> </span>accantonamenti <span class=\"_ _37\"> </span>per<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>le <span class=\"_ _37\"> </span>perdite <span class=\"_ _37\"> </span>attese<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>sono <span class=\"_ _37\"> </span>strettamente connessi <span class=\"_ _0\"></span>all\u2019in<span class=\"_ _2\"></span>clusione <span class=\"_ _0\"></span>degli<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>trumenti <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>same <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>uno <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>tre <span class=\"_ _0\"></span>stages <span class=\"_ _38\"></span>(stadi <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _0\"></span>creditizio) previsti <span class=\"_ _35\"> </span>dall\u2019IFRS <span class=\"_ _0\"></span>9, <span class=\"_ _35\"> </span>l\u2019ultimo <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>qual<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>(Stage <span class=\"_ _35\"> </span>3) <span class=\"_ _0\"> </span>co<span class=\"_ _1\"></span>mprende <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>finanziarie <span class=\"_ _35\"> </span>deteriorate <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>i restanti (Stage 1 e 2) le attivit\u00e0 finanziarie in bonis. Con riferimento alla rapp<span class=\"_ _2\"></span>resentazione contabile dei suddetti effe<span class=\"_ _2\"></span>tti valutativi, le rettifi<span class=\"_ _2\"></span>che di valore riferite a questa tipologia di attivit\u00e0 sono rilevate nel Conto Economico: <span class=\"_ _42\"> </span><span class=\"ff4\">all\u2019atto dell\u2019iscrizione iniziale, per un ammo<span class=\"_ _1\"></span>ntare pari alla perdita attesa a dodici mesi; </span><span class=\"_ _42\"> </span><span class=\"ff4\">all\u2019atto  della  valutazione  successiva  dell\u2019attivit\u00e0,  ove  il  rischio  creditizio  non  sia  risultato<span class=\"_ _3a1\"> </span></span>significativamente <span class=\"_ _3d\"> </span>incrementato <span class=\"_ _3d\"> </span>rispetto <span class=\"_ _3d\"> </span>all\u2019iscrizione <span class=\"_ _3d\"> </span>iniziale, <span class=\"_ _3d\"> </span>in  r<span class=\"_ _1\"></span>elazione <span class=\"_ _3d\"> </span>alle <span class=\"_ _3d\"> </span>variazioni<span class=\"_ _3a1\"> </span>dell\u2019ammontare delle rettifiche di valore per per<span class=\"_ _1\"></span>dite attese nei dodici mesi successivi; <span class=\"_ _42\"> </span><span class=\"ff4\">all\u2019atto <span class=\"_ _3a\"> </span>della <span class=\"_ _3f\"> </span>valutazione <span class=\"_ _3a\"> </span>success<span class=\"_ _1\"></span>iva <span class=\"_ _3f\"> </span>dell\u2019attivit\u00e0, <span class=\"_ _3a\"> </span>ove <span class=\"_ _3a\"> </span>il <span class=\"_ _3f\"> </span>rischio <span class=\"_ _3a\"> </span>creditizio <span class=\"_ _3a\"> </span>sia <span class=\"_ _3f\"> </span>r<span class=\"_ _1\"></span>isultato </span>significativamente <span class=\"_ _1\"></span>incre<span class=\"_ _1\"></span>mentato <span class=\"_ _1\"></span>rispetto<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>all\u2019iscrizione <span class=\"_ _38\"></span>iniziale, <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>relazione <span class=\"_ _38\"></span>alla <span class=\"_ _1\"></span>rilevazione <span class=\"_ _38\"></span>di rettifiche di valore per perdite attese riferibili all\u2019<span class=\"_ _2\"></span>intera vita residua prevista contrattualmente per l\u2019attivit\u00e0; <span class=\"_ _42\"> </span><span class=\"ff4\">all\u2019atto della valutazione successiva dell\u2019attivit\u00e0, ove <span class=\"_ _1\"></span>\u2013 dopo che si \u00e8 verificato un incremento </span>significativo <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>credito<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>rispetto <span class=\"_ _35\"> </span>all\u2019iscrizione <span class=\"_ _35\"> </span>iniziale <span class=\"_ _35\"> </span>\u2013  la <span class=\"_ _35\"> </span>\u201c<span class=\"_ _2\"></span>significativit\u00e0\u201d <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>tale incremento <span class=\"_ _3d\"> </span>sia <span class=\"_ _37\"> </span>poi <span class=\"_ _3d\"> </span>venuta <span class=\"_ _3d\"> </span>meno, <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>relazione <span class=\"_ _3d\"> </span>all\u2019adeguamento <span class=\"_ _37\"> </span>delle <span class=\"_ _3d\"> </span>rettifiche <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>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 <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>finanziarie in <span class=\"_ _1\"></span>esame, <span class=\"_ _1\"></span>ove r<span class=\"_ _1\"></span>isultino <span class=\"_ _1\"></span>in bonis, <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>sottoposte <span class=\"_ _1\"></span>ad una <span class=\"_ _1\"></span>valutazione, <span class=\"_ _1\"></span>volta a definire  le  rettifiche  di  valore  da <span class=\"_ _35\"> </span>rilevar<span class=\"_ _1\"></span>e  in  bilancio,  a  l<span class=\"_ _2\"></span>ivello  di  singolo  rapporto  creditizio  (o \u201ctranche\u201d di titolo), <span class=\"_ _2\"></span>in funzione d<span class=\"_ _2\"></span>ei parametri di <span class=\"_ _2\"></span>rischio rappresentati da probabili<span class=\"_ _2\"></span>ty of default (PD)<span class=\"_ _2\"></span>, loss given default (LGD) ed e<span class=\"_ _1\"></span>xposure a<span class=\"_ _1\"></span>t default (EAD), derivati dai modelli AIRB<span class=\"_ _1\"></span> e opport<span class=\"_ _1\"></span>unamente corretti per tener conto delle previsioni del principio contabile IFRS 9. Se,  oltre  ad  un  i<span class=\"_ _2\"></span>ncremento  signific<span class=\"_ _2\"></span>ativo  del  rischio  di  credito, <span class=\"_ _35\"> </span>si  riscontrano  anche  oggettive evidenze <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>una pe<span class=\"_ _2\"></span>rdita <span class=\"_ _3b\"></span>di v<span class=\"_ _2\"></span>alore, <span class=\"_ _3b\"></span>l\u2019importo della<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>perdita <span class=\"_ _3b\"></span>viene mis<span class=\"_ _2\"></span>urato <span class=\"_ _2\"></span>come <span class=\"_ _3b\"></span>differenza <span class=\"_ _2\"></span>tra <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>valore contabile dell\u2019attivit\u00e0 \u2013 classificata come \u201cdeteriorat<span class=\"_ _1\"></span>a\u201d, al pari di tutti gli altri rapporti intercorrenti con <span class=\"_ _3b\"></span>la medesima <span class=\"_ _3b\"></span>controparte \u2013 <span class=\"_ _3b\"></span>e <span class=\"_ _3b\"></span>il v<span class=\"_ _2\"></span>alore attuale <span class=\"_ _3b\"></span>dei fu<span class=\"_ _2\"></span>turi <span class=\"_ _2\"></span>flussi <span class=\"_ _2\"></span>finanzi<span class=\"_ _2\"></span>ari stimati, <span class=\"_ _3b\"></span>scontati al <span class=\"_ _184\"></span>t<span class=\"_ _1\"></span>asso di interesse <span class=\"_ _1\"></span>effettivo originario. <span class=\"_ _1\"></span>In tale <span class=\"_ _1\"></span>contesto, \u00e8 <span class=\"_ _1\"></span>stata sviluppata <span class=\"_ _1\"></span>una specifica <span class=\"_ _1\"></span>metodologia per il  trattamento  contabile  da<span class=\"_ _3b\"></span>  applicare  ad  un  portafoglio  d<span class=\"_ _2\"></span>i  posizioni  a <span class=\"_ _35\"> </span>sofferenza  che,  avendo maturato u<span class=\"_ _2\"></span>n <span class=\"_ _3b\"></span>vintage signi<span class=\"_ _2\"></span>ficativo, <span class=\"_ _3b\"></span>vengono valutate<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>anche <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>un\u2019ottica <span class=\"_ _3b\"></span>di cessione <span class=\"_ _3b\"></span>(c.d.\u201dPortafoglio sotto \u2013 <span class=\"_ _3b\"></span>modello <span class=\"_ _2\"></span>Stage 3\u201d). <span class=\"_ _3b\"></span>Tale <span class=\"_ _3b\"></span>met<span class=\"_ _1\"></span>odologia <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>nsidera d<span class=\"_ _2\"></span>iversi <span class=\"_ _3b\"></span>scenari e <span class=\"_ _3b\"></span>stima il <span class=\"_ _3b\"></span>valore recup<span class=\"_ _2\"></span>erabile delle <span class=\"_ _38\"></span>esposizioni <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>base <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>combinazione <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>probabilit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>accadimento <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ali <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>cenari, <span class=\"_ _38\"></span>oltre che <span class=\"_ _38\"></span>ai <span class=\"_ _38\"></span>relativi <span class=\"_ _38\"></span>flussi <span class=\"_ _0\"></span>di<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>cassa <span class=\"_ _1\"></span>stimati. <span class=\"_ _38\"></span>Rientrano <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>ll\u2019ambito <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>deteriorate <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>str<span class=\"_ _1\"></span>umenti finanziari <span class=\"_ _39\"> </span>ai <span class=\"_ _3f\"> </span>quali <span class=\"_ _3f\"> </span>\u00e8 <span class=\"_ _39\"> </span>st<span class=\"_ _1\"></span>ato <span class=\"_ _3f\"> </span>attribu<span class=\"_ _2\"></span>ito <span class=\"_ _3f\"> </span>lo <span class=\"_ _39\"> </span>s<span class=\"_ _1\"></span>tatus <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>sofferenza, <span class=\"_ _3f\"> </span>inadempienza <span class=\"_ _39\"> </span>probabile <span class=\"_ _3f\"> </span>o <span class=\"_ _39\"> </span>d<span class=\"_ _1\"></span>i scaduto/sconfinante <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>oltre <span class=\"_ _0\"></span>nov<span class=\"_ _2\"></span>anta <span class=\"_ _0\"></span>giorni <span class=\"_ _0\"></span>secondo <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>regole <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>Banca <span class=\"_ _0\"></span>d\u2019Italia, <span class=\"_ _38\"></span>coe<span class=\"_ _1\"></span>renti <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>la normativa IAS/IFRS e di Vigilanza europe<span class=\"_ _1\"></span>a. I <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>cassa <span class=\"_ _0\"></span>previsti <span class=\"_ _0\"></span>te<span class=\"_ _1\"></span>ngono <span class=\"_ _0\"></span>conto <span class=\"_ _35\"> </span>d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>tempi <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>recupero <span class=\"_ _0\"></span>attesi <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>presumibile <span class=\"_ _0\"></span>valore <span class=\"_ _0\"></span>di realizzo delle eventuali garanzie. Il <span class=\"_ _2\"></span>tasso effettivo <span class=\"_ _3b\"></span>or<span class=\"_ _1\"></span>iginario di<span class=\"_ _2\"></span> ciascun<span class=\"_ _2\"></span>a attivit\u00e0 riman<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> inv<span class=\"_ _2\"></span>ariato nel <span class=\"_ _3b\"></span>te<span class=\"_ _1\"></span>mpo ancorch<span class=\"_ _2\"></span>\u00e9 sia <span class=\"_ _2\"></span>intervenuta una <span class=\"_ _0\"></span>ristr<span class=\"_ _1\"></span>utturazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>ra<span class=\"_ _1\"></span>pporto <span class=\"_ _0\"></span>che <span class=\"_ _35\"> </span>abb<span class=\"_ _2\"></span>ia <span class=\"_ _0\"></span>comport<span class=\"_ _1\"></span>ato <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>va<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iazione <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>tasso <span class=\"_ _0\"></span>contrattuale <span class=\"_ _0\"></span>ed anche qualora il rapporto divenga, nella pratica, infruttifero <span class=\"_ _1\"></span>di interessi contrattuali. Qualora <span class=\"_ _3f\"> </span>i <span class=\"_ _39\"> </span>motivi <span class=\"_ _3f\"> </span>della <span class=\"_ _39\"> </span>perdita <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>valore <span class=\"_ _39\"> </span>s<span class=\"_ _1\"></span>iano <span class=\"_ _39\"> </span>rimossi <span class=\"_ _3f\"> </span>a <span class=\"_ _3f\"> </span>segu<span class=\"_ _2\"></span>ito <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>un <span class=\"_ _3f\"> </span>evento <span class=\"_ _3f\"> </span>verificatosi successivamente alla <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevazione della <span class=\"_ _3b\"></span>riduzione di <span class=\"_ _3b\"></span>valore<span class=\"_ _1\"></span>, vengono <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffettuate riprese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore co<span class=\"_ _2\"></span>n imputazione a Conto Economico. La ripresa di valo<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>e non pu\u00f2 eccedere il costo ammortizzato ch<span class=\"_ _2\"></span>e lo <span class=\"_ _35\"> </span>strumento <span class=\"_ _35\"> </span>finanziario <span class=\"_ _35\"> </span>avrebbe <span class=\"_ _35\"> </span>avuto <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>assenza <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>precedenti <span class=\"_ _35\"> </span>rettifiche. <span class=\"_ _35\"> </span>I <span class=\"_ _35\"> </span>ripristini <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>valore connessi con il trascorrere del tempo sono a<span class=\"_ _1\"></span>ppostati nel margine di interesse. In <span class=\"_ _35\"> </span>alcuni <span class=\"_ _35\"> </span>casi, <span class=\"_ _35\"> </span>durante <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>vita <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _35\"> </span>finanziarie <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>esame <span class=\"_ _35\"> </span>e, <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>particolare, <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>crediti, <span class=\"_ _35\"> </span>le condizioni <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>rattuali <span class=\"_ _38\"></span>originarie <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>oggetto <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>success<span class=\"_ _1\"></span>iva <span class=\"_ _38\"></span>modifica <span class=\"_ _38\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _0\"></span>volont\u00e0 <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>parti <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>el<span class=\"_ _3a1\"> </span>contratto. <span class=\"_ _38\"></span>Quando, <span class=\"_ _1\"></span>nel <span class=\"_ _38\"></span>corso <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>vita <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>trumento, <span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>clausole <span class=\"_ _38\"></span>contrattuali <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>oggetto <span class=\"_ _38\"></span>di modifi<span class=\"_ _3a1\"> </span>ca <span class=\"_ _38\"></span>occorre <span class=\"_ _38\"></span>ver<span class=\"_ _1\"></span>ificare <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>l\u2019attivit\u00e0 <span class=\"_ _38\"></span>originaria <span class=\"_ _38\"></span>deve <span class=\"_ _38\"></span>continuare <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>essere<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>rilevata<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>bilancio <span class=\"_ _38\"></span>o se, <span class=\"_ _39\"> </span>al <span class=\"_ _36\"> </span>contrario, <span class=\"_ _39\"> </span>lo <span class=\"_ _36\"> </span>strumento <span class=\"_ _39\"> </span>originario <span class=\"_ _36\"> </span>deve <span class=\"_ _36\"> </span>e<span class=\"_ _1\"></span>ssere <span class=\"_ _36\"> </span>oggetto<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>cancellazione <span class=\"_ _39\"> </span>dal <span class=\"_ _36\"> </span>bilancio (derecognition) e debba essere rilevato un nuovo strumento finanziario. In <span class=\"_ _0\"></span>generale<span class=\"_ _1\"></span>, <span class=\"_ _0\"></span>le <span class=\"_ _35\"> </span>m<span class=\"_ _2\"></span>odifiche <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>un\u2019<span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>finanz<span class=\"_ _2\"></span>iaria <span class=\"_ _0\"></span>conducono <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>cancellazione <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>stessa <span class=\"_ _0\"></span>ed all\u2019iscrizione d<span class=\"_ _2\"></span>i u<span class=\"_ _2\"></span>na nuov<span class=\"_ _2\"></span>a attivit\u00e0 <span class=\"_ _3b\"></span>quando sono <span class=\"_ _3b\"></span>\u201csostanziali\u201d. La <span class=\"_ _3b\"></span>valutazione circa <span class=\"_ _2\"></span>la <span class=\"_ _3b\"></span>\u201cso<span class=\"_ _1\"></span>stanzialit\u00e0\u201d della <span class=\"_ _3a\"> </span>modifica <span class=\"_ _3a\"> </span>deve <span class=\"_ _48\"> </span>essere <span class=\"_ _3a\"> </span>effettuata <span class=\"_ _3a\"> </span>considerando <span class=\"_ _3a\"> </span>sia <span class=\"_ _48\"> </span>elementi <span class=\"_ _3a\"> </span>qualitativi <span class=\"_ _3a\"> </span>sia <span class=\"_ _3a\"> </span>elementi quantitativi. In <span class=\"_ _1\"></span>al<span class=\"_ _1\"></span>cuni casi<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>infatti, <span class=\"_ _1\"></span>potr\u00e0 <span class=\"_ _1\"></span>risultare <span class=\"_ _1\"></span>chiaro, <span class=\"_ _1\"></span>senza <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>ricorso <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>complesse <span class=\"_ _1\"></span>analisi, che <span class=\"_ _1\"></span>i cambiamenti <span class=\"_ _0\"></span>introdotti <span class=\"_ _0\"></span>modificano <span class=\"_ _0\"></span>sostanzialmente <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>caratteristiche <span class=\"_ _0\"></span>e/o <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>flu<span class=\"_ _2\"></span>ssi <span class=\"_ _0\"></span>contrattuali <span class=\"_ _0\"></span>di una determinata attivit\u00e0 mentre, in altri casi, dovranno essere svolte ulteriori analisi (anche di tipo quantitativo) <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>apprezzare <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>effetti <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>stesse <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>verificare <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>necess<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>procedere <span class=\"_ _38\"></span>o <span class=\"_ _38\"></span>meno alla cancellazione dell\u2019attivit\u00e0 ed alla iscrizione <span class=\"_ _1\"></span>di un nuovo strumento finanziario. Le <span class=\"_ _39\"> </span>analisi <span class=\"_ _36\"> </span>(quali-quantitative) <span class=\"_ _36\"> </span>volte<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>a <span class=\"_ _36\"> </span>definire <span class=\"_ _36\"> </span>la <span class=\"_ _39\"> </span>\u201csostanzialit\u00e0\u201d <span class=\"_ _36\"> </span>delle <span class=\"_ _39\"> </span>modifiche <span class=\"_ _36\"> </span>contr<span class=\"_ _1\"></span>attuali apportate ad un\u2019attivit\u00e0 finanziaria, dovranno pertanto considerare<span class=\"_ _1\"></span>: <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _0\"></span>finalit\u00e0 <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>cui <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>modifiche <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>state <span class=\"_ _0\"></span>effettuate: <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>esempio, <span class=\"_ _0\"></span>rinegoziazioni <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>motivi </span>commerciali e concessioni per difficolt\u00e0 finanziarie della contro<span class=\"_ _1\"></span>parte: <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _0\"></span>prime, <span class=\"_ _0\"></span>volte <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>\u201ctrattenere\u201d <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>cliente, <span class=\"_ _0\"></span>vedono <span class=\"_ _35\"> </span>coinv<span class=\"_ _2\"></span>olto <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>debitore <span class=\"_ _35\"> </span>che<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>versa <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>una </span>situazione  di  difficolt\u00e0  finan<span class=\"_ _2\"></span>ziar<span class=\"_ _1\"></span>ia.  In  questa  casistica  sono  inc<span class=\"_ _2\"></span>luse  tutte  le  operazioni  di rinegoziazione <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>volte <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>adeguare <span class=\"_ _38\"></span>l\u2019onerosit\u00e0 <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>debito <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>condizioni <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rcato. Tali <span class=\"_ _48\"> </span>operazioni <span class=\"_ _48\"> </span>comportano <span class=\"_ _48\"> </span>una <span class=\"_ _48\"> </span>variazione <span class=\"_ _48\"> </span>delle <span class=\"_ _48\"> </span>condizi<span class=\"_ _2\"></span>oni <span class=\"_ _48\"> </span>or<span class=\"_ _1\"></span>iginarie <span class=\"_ _48\"> </span>del <span class=\"_ _48\"> </span>contratto, solitamente <span class=\"_ _38\"></span>richieste <span class=\"_ _38\"></span>dal <span class=\"_ _1\"></span>debitore<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>attiene <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>aspetti <span class=\"_ _38\"></span>connessi <span class=\"_ _38\"></span>alla <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>nerosit\u00e0 <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>debito, con <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>conseguente <span class=\"_ _0\"></span>beneficio <span class=\"_ _38\"></span>economico <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>il<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>debito<span class=\"_ _2\"></span>re <span class=\"_ _0\"></span>stess<span class=\"_ _2\"></span>o. <span class=\"_ _0\"></span>In<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>lin<span class=\"_ _2\"></span>ea <span class=\"_ _0\"></span>generale <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>itiene che, <span class=\"_ _38\"></span>ogniqualvolta <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>banca <span class=\"_ _38\"></span>effe<span class=\"_ _1\"></span>ttui <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>rinegoziazione <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>fine <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>evitare <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>perdere <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>prio cliente, <span class=\"_ _0\"></span>tale <span class=\"_ _38\"></span>rinegoziazione <span class=\"_ _0\"></span>debba <span class=\"_ _38\"></span>ess<span class=\"_ _1\"></span>ere <span class=\"_ _38\"></span>consider<span class=\"_ _1\"></span>ata <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>me <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ostanziale <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>anto, <span class=\"_ _0\"></span>ove <span class=\"_ _38\"></span>non fosse  effett<span class=\"_ _1\"></span>uata,  il  cliente <span class=\"_ _3d\"> </span>potrebbe  finanziarsi  press<span class=\"_ _1\"></span>o  un  altro <span class=\"_ _3d\"> </span>intermediario  e<span class=\"_ _1\"></span>  la  banca subirebbe un decremento dei ricavi futuri previsti; <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _36\"> </span>seconde, <span class=\"_ _36\"> </span>effettuate <span class=\"_ _39\"> </span>per <span class=\"_ _37\"> </span>\u201cragioni <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>rischio <span class=\"_ _39\"> </span>creditizio\u201d <span class=\"_ _36\"> </span>(misure <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>forbearance), <span class=\"_ _36\"> </span>sono </span>riconducibili <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>tentat<span class=\"_ _1\"></span>ivo <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>banca <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>massimizzare <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>reco<span class=\"_ _1\"></span>very <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>cash <span class=\"_ _35\"> </span>flow <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>credito originario. I <span class=\"_ _3b\"></span>rischi e <span class=\"_ _3b\"></span>i benefici <span class=\"_ _3b\"></span>sottostant<span class=\"_ _1\"></span>i, <span class=\"_ _3b\"></span>succes<span class=\"_ _1\"></span>sivamente <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>modifiche, <span class=\"_ _3b\"></span>di norma, non <span class=\"_ _3b\"></span>sono sostanzialmente  trasferiti  e,  co<span class=\"_ _2\"></span>nseguentemente,  la  rappresentazione  contabile<span class=\"_ _2\"></span>  che  offre informazioni <span class=\"_ _38\"></span>pi\u00f9 <span class=\"_ _38\"></span>rilevanti <span class=\"_ _0\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>lettore <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>bil<span class=\"_ _2\"></span>ancio <span class=\"_ _38\"></span>(salvo <span class=\"_ _38\"></span>quanto <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>dir\u00e0 <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>se<span class=\"_ _1\"></span>guito <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ema <span class=\"_ _38\"></span>di elementi <span class=\"_ _0\"></span>oggettivi)<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>quella <span class=\"_ _0\"></span>effettuata <span class=\"_ _38\"></span>tramite <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>\u201cmodification <span class=\"_ _0\"></span>accounting\u201d <span class=\"_ _38\"></span>- <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>implica <span class=\"_ _38\"></span>la<span class=\"_ _3a1\"> </span>rilevazione <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>conto <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>conomico de<span class=\"_ _1\"></span>lla differe<span class=\"_ _1\"></span>nza <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>abile e <span class=\"_ _1\"></span>valore<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>attuale <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>flussi di cassa modificati scontati al tasso di interesse originario - e non tr<span class=\"_ _1\"></span>amite la derecognition; <span class=\"_ _42\"> </span><span class=\"ff4\">la presenza di <span class=\"_ _2\"></span>specifici elementi oggettivi (\u201ctrigger\u201d) che i<span class=\"_ _2\"></span>ncidono sulle caratteristiche e<span class=\"_ _2\"></span>/o sui </span>flussi <span class=\"_ _1\"></span>contrattuali <span class=\"_ _1\"></span>dello <span class=\"_ _1\"></span>strumento <span class=\"_ _1\"></span>finanziario <span class=\"_ _1\"></span>(quali, a <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>titolo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>esempio, <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>cambiamento di divisa o la modifica della tipologia di rischio a cui si \u00e8 e<span class=\"_ _1\"></span>sposti, ove la si correli a parametri di equity <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>commodity), <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>itiene <span class=\"_ _0\"></span>comportino <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>derecognition <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>considerazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>loro impatto (atteso come significativo) sui flussi contra<span class=\"_ _1\"></span>ttuali originari. Criteri di cancel<span class=\"_ _1\"></span>lazione Le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>ve<span class=\"_ _1\"></span>ngono <span class=\"_ _38\"></span>cancellate <span class=\"_ _1\"></span>dal <span class=\"_ _0\"></span>bil<span class=\"_ _2\"></span>an<span class=\"_ _3a1\"> </span>cio <span class=\"_ _38\"></span>so<span class=\"_ _3a1\"> </span>lamente <span class=\"_ _38\"></span>se <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>cessione <span class=\"_ _38\"></span>ha <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>mportato <span class=\"_ _38\"></span>il sostanziale <span class=\"_ _2\"></span>trasferimento di <span class=\"_ _3b\"></span>tutti i<span class=\"_ _2\"></span> rischi <span class=\"_ _3b\"></span>e benefici <span class=\"_ _3b\"></span>connessi all<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 st<span class=\"_ _2\"></span>esse. P<span class=\"_ _2\"></span>er contro,<span class=\"_ _2\"></span> qu<span class=\"_ _2\"></span>alora sia <span class=\"_ _38\"></span>stata <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>antenuta <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>rilevante <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>benefici <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>arie cedute, qu<span class=\"_ _2\"></span>este<span class=\"_ _1\"></span> con<span class=\"_ _2\"></span>tinuano ad<span class=\"_ _2\"></span> essere iscritte <span class=\"_ _3b\"></span>in bilancio, <span class=\"_ _2\"></span>ancorch\u00e9 giuridicamente la <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>itolarit\u00e0 delle<span class=\"_ _2\"></span> attivit\u00e0 stesse sia stata effettivamente trasferita. Nel <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>possibile <span class=\"_ _35\"> </span>accertare <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>sostanziale <span class=\"_ _0\"></span>tr<span class=\"_ _1\"></span>asferimento <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>benefici, <span class=\"_ _0\"> </span>le attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>vengono <span class=\"_ _38\"></span>cancellate <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>bilancio <span class=\"_ _1\"></span>qualora <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ato <span class=\"_ _1\"></span>mante<span class=\"_ _1\"></span>nuto <span class=\"_ _1\"></span>alcun <span class=\"_ _38\"></span>tipo <span class=\"_ _38\"></span>di controllo <span class=\"_ _37\"> </span>sulle <span class=\"_ _37\"> </span>stesse. <span class=\"_ _37\"> </span>In <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>contrario, <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>conservazione, <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>parte, <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>tale <span class=\"_ _37\"> </span>controllo comporta  il <span class=\"_ _3d\"> </span>mantenimento  in  bilancio  de<span class=\"_ _1\"></span>lle  attivit\u00e0 <span class=\"_ _3d\"> </span>in  misura  pari <span class=\"_ _3d\"> </span>al  coinvolgimento<span class=\"_ _1\"></span>  residuo, misurato dall\u2019esposizione <span class=\"_ _1\"></span>ai cambiamenti di valore delle attivit\u00e0 cedute <span class=\"_ _1\"></span>ed alle variazioni dei flussi finanziari delle stesse. Infine,  le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _37\"> </span>cedute <span class=\"_ _3d\"> </span>vengono <span class=\"_ _37\"> </span>cancellate <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>bilancio <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>caso <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>cui <span class=\"_ _3d\"> </span>vi <span class=\"_ _3d\"> </span>sia <span class=\"_ _3d\"> </span>l<span class=\"_ _1\"></span>a conservazione <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>diritti <span class=\"_ _37\"> </span>contrattuali <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>ricevere <span class=\"_ _37\"> </span>i <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>cassa, <span class=\"_ _37\"> </span>con <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>contestuale assunzione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un\u2019obbligazione <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>pagare <span class=\"_ _38\"></span>detti <span class=\"_ _1\"></span>flussi, <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>solo <span class=\"_ _38\"></span>essi, <span class=\"_ _1\"></span>senza <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>ritardo <span class=\"_ _38\"></span>rilevante <span class=\"_ _1\"></span>ad <span class=\"_ _38\"></span>altri soggetti terzi.<span class=\"_ _3a1\"> </span> Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali L\u2019allo<span class=\"_ _3a1\"> </span>cazione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>componenti <span class=\"_ _0\"></span>reddituali <span class=\"_ _0\"></span>nelle <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span>tinenti <span class=\"_ _0\"></span>voci <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>avv<span class=\"_ _2\"></span>iene <span class=\"_ _0\"></span>sulla base di quanto riportato di seguito: <span class=\"_ _42\"> </span><span class=\"ff4\">Gli <span class=\"_ _1\"></span>interessi <span class=\"_ _1\"></span>attivi <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>crediti <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>vengono <span class=\"_ _1\"></span>allocati <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>lla voce<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>\u201cInteressi <span class=\"_ _1\"></span>attivi <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>provent<span class=\"_ _1\"></span>i </span>assimilati\u201d per competenza sulla base de<span class=\"_ _1\"></span>l tasso di interesse effettivo; <span class=\"_ _42\"> </span><span class=\"ff4\">Gli <span class=\"_ _1\"></span>utili <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>perdite <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>cessione <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>crediti <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>dei <span class=\"_ _1\"></span>titoli <span class=\"_ _38\"></span>vengono <span class=\"_ _1\"></span>allocati <span class=\"_ _1\"></span>nella <span class=\"_ _38\"></span>voce <span class=\"_ _1\"></span>\u201cUtili <span class=\"_ _38\"></span>(perdite) </span>da cessione o riacquisto di attivit\u00e0 finanziarie valutate al costo ammortizzato\u201d; <span class=\"_ _42\"> </span><span class=\"ff4\">Le <span class=\"_ _1\"></span>rettifiche <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>impairment, <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>dite <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>cancellazioni <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>riprese <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>crediti <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>dei </span>titoli  vengono <span class=\"_ _35\"> </span>allocate  nella <span class=\"_ _35\"> </span>voce <span class=\"_ _35\"> </span>\u201cRettifiche/riprese  di <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>nette  per <span class=\"_ _35\"> </span>rischio  di <span class=\"_ _35\"> </span>credito relativo ad attivit\u00e0 finanziarie valutate al costo ammortizzato\u201d<span class=\"_ _1\"></span>. <span class=\"_ _42\"> </span><span class=\"ff4\">Gli <span class=\"_ _38\"></span>interess<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>dovuti <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>trascorrere <span class=\"_ _1\"></span>del <span class=\"_ _0\"></span>tempo <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>ntabilizz<span class=\"_ _2\"></span>ati <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>lla <span class=\"_ _38\"></span>voce <span class=\"_ _38\"></span>\u201c<span class=\"_ _1\"></span>Interessi <span class=\"_ _38\"></span>attivi <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span></span>proventi assimilati\u201d<span class=\"_ _3a1\"> </span>. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForHeldtomaturityInvestmentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-770": {
   "value": "4 - Ope<span class=\"_ _1\"></span>razioni di<span class=\"_ _1\"></span> copertura<span class=\"_ _3a1\"> </span>Il <span class=\"_ _35\"> </span>Gr<span class=\"_ _3a1\"> </span>uppo <span class=\"_ _35\"> </span>si  avv<span class=\"_ _2\"></span>ale  della <span class=\"_ _35\"> </span>facolt\u00e0, <span class=\"_ _35\"> </span>prevista <span class=\"_ _35\"> </span>in  sede <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>introduzione  d<span class=\"_ _2\"></span>ell\u2019IFRS <span class=\"_ _35\"> </span>9,  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>continuare<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>ad<span class=\"_ _3a1\"> </span>applicare <span class=\"_ _1\"></span>integralmente <span class=\"_ _1\"></span>le previsioni <span class=\"_ _1\"></span>del principio <span class=\"_ _1\"></span>contabile <span class=\"_ _1\"></span>IAS <span class=\"_ _1\"></span>39 in <span class=\"_ _1\"></span>tem<span class=\"_ _1\"></span>a di <span class=\"_ _1\"></span>\u201chedge <span class=\"_ _1\"></span>accounting\u201d<span class=\"_ _3a1\"> </span>(nella ver<span class=\"_ _1\"></span>sione <span class=\"_ _1\"></span>carved o<span class=\"_ _1\"></span>ut omo<span class=\"_ _1\"></span>logata dalla <span class=\"_ _1\"></span>Commissione <span class=\"_ _1\"></span>Europea) <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>ogni <span class=\"_ _1\"></span>tipologia <span class=\"_ _1\"></span>di copertura<span class=\"_ _3a1\"> </span>(sia per le coperture specifiche che per le macro coperture<span class=\"_ _1\"></span>).<span class=\"_ _3a1\"> </span>Criteri di iscrizione<span class=\"_ _3a1\"> </span>Gli <span class=\"_ _3f\"> </span>strume<span class=\"_ _1\"></span>nti <span class=\"_ _3a\"> </span>derivati <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>copert<span class=\"_ _1\"></span>ura, <span class=\"_ _3f\"> </span>al <span class=\"_ _3a\"> </span>pari <span class=\"_ _3f\"> </span>di <span class=\"_ _3a\"> </span>tutti <span class=\"_ _3f\"> </span>i <span class=\"_ _3a\"> </span>de<span class=\"_ _3a1\"> </span>rivati, <span class=\"_ _3f\"> </span>s<span class=\"_ _1\"></span>ono <span class=\"_ _3f\"> </span>inizialmente <span class=\"_ _3a\"> </span>iscritti <span class=\"_ _3f\"> </span>e<span class=\"_ _3a1\"> </span>successivamente misurati al fair value.<span class=\"_ _3a1\"> </span>Criteri di classifi<span class=\"_ _1\"></span>cazione: tipologia di <span class=\"_ _1\"></span>coperture<span class=\"_ _3a1\"> </span>Le <span class=\"_ _0\"></span>operazioni <span class=\"_ _0\"> </span>di <span class=\"_ _35\"> </span>copertura <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>sono <span class=\"_ _35\"> </span>finaliz<span class=\"_ _2\"></span>zate <span class=\"_ _35\"> </span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>neutr<span class=\"_ _1\"></span>alizzare <span class=\"_ _0\"></span>potenziali <span class=\"_ _0\"></span>variazioni <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>fair<span class=\"_ _3a1\"> </span>value <span class=\"_ _37\"> </span>o <span class=\"_ _37\"> </span>variazioni <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>cassa, <span class=\"_ _37\"> </span>attr<span class=\"_ _1\"></span>ibuibili <span class=\"_ _3d\"> </span>ad <span class=\"_ _37\"> </span>un <span class=\"_ _37\"> </span>dete<span class=\"_ _1\"></span>rminato <span class=\"_ _37\"> </span>rischio <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>rilevabili <span class=\"_ _37\"> </span>su <span class=\"_ _37\"> </span>un<span class=\"_ _3a1\"> </span>determinato  elemento  o  gruppo  di  elementi,  nel  caso  in  cu<span class=\"_ _2\"></span>i  quel  particolare  rischio  dovesse<span class=\"_ _3a1\"> </span>effettivamente manifestarsi.<span class=\"_ _3a1\"> </span>Le tipologie di coperture utilizzate sono le seguenti:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">copertura  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>fair  value: <span class=\"_ _35\"> </span>ha <span class=\"_ _35\"> </span>l\u2019obiettivo  di<span class=\"_ _2\"></span>  cop<span class=\"_ _2\"></span>rire  l\u2019esposizione <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>variazione  del <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value<span class=\"_ _3a1\"> </span></span>(attribuibile alle <span class=\"_ _1\"></span>diverse tipologie <span class=\"_ _1\"></span>di r<span class=\"_ _1\"></span>ischio) di at<span class=\"_ _1\"></span>tivit\u00e0 e <span class=\"_ _1\"></span>passivit\u00e0 iscritte <span class=\"_ _1\"></span>in bilancio o<span class=\"_ _1\"></span> porzioni<span class=\"_ _3a1\"> </span>di  es<span class=\"_ _1\"></span>se,  di <span class=\"_ _3d\"> </span>gruppi  di  att<span class=\"_ _1\"></span>ivit\u00e0/passivit\u00e0,  di  impegni <span class=\"_ _3d\"> </span>irrevocabili  e <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>portafogli  di <span class=\"_ _3d\"> </span>attivit\u00e0  e<span class=\"_ _3a1\"> </span>passivit\u00e0 <span class=\"_ _0\"></span>finanziarie, <span class=\"_ _0\"></span>inclusi <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>core <span class=\"_ _0\"></span>deposits, <span class=\"_ _0\"></span>come <span class=\"_ _0\"></span>consentito <span class=\"_ _0\"></span>dallo <span class=\"_ _0\"></span>IAS <span class=\"_ _0\"></span>39 <span class=\"_ _0\"></span>omologato<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>dalla<span class=\"_ _3a1\"> </span>Commissione Europea. <span class=\"_ _3b\"></span>Le cope<span class=\"_ _2\"></span>rture gen<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>riche d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>fair <span class=\"_ _2\"></span>value <span class=\"_ _3b\"></span>(\u201cmacr<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>hedge\u201d) <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>l\u2019obiettivo<span class=\"_ _3a1\"> </span>di <span class=\"_ _38\"></span>ridurre <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>scillazioni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value, <span class=\"_ _38\"></span>imputabili <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>tasso <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>int<span class=\"_ _2\"></span>eresse, <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _38\"></span>importo<span class=\"_ _3a1\"> </span>monetario,  riveniente <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>un  po<span class=\"_ _2\"></span>rtafoglio  di<span class=\"_ _2\"></span>  at<span class=\"_ _2\"></span>tivit\u00e0  o <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>passivit\u00e0 <span class=\"_ _35\"> </span>finanziarie.  Non <span class=\"_ _35\"> </span>possono<span class=\"_ _3a1\"> </span>essere <span class=\"_ _3d\"> </span>oggetto<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>copertura <span class=\"_ _3d\"> </span>generica <span class=\"_ _3d\"> </span>importi <span class=\"_ _37\"> </span>netti <span class=\"_ _3d\"> </span>derivanti <span class=\"_ _3d\"> </span>dallo <span class=\"_ _3d\"> </span>sbilancio <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _3d\"> </span>e<span class=\"_ _3a1\"> </span>passivit\u00e0;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">copertura <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>finanziari: <span class=\"_ _0\"></span>ha <span class=\"_ _35\"> </span>l\u2019obi<span class=\"_ _2\"></span>ettivo <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>coprire <span class=\"_ _0\"></span>l\u2019es<span class=\"_ _1\"></span>posizione <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>variazioni <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span></span>cassa  futuri  a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tribuibili <span class=\"_ _35\"> </span>a  particolari  rischi  a<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>sociati  a <span class=\"_ _35\"> </span>poste  del <span class=\"_ _35\"> </span>bilancio.  Tale <span class=\"_ _35\"> </span>tipologia  di<span class=\"_ _3a1\"> </span>copertura <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>utilizzata <span class=\"_ _35\"> </span>essenzialmente <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>stabilizzare <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>flusso <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>interessi <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>raccolta <span class=\"_ _35\"> </span>a<span class=\"_ _3a1\"> </span>tasso  variabile  nella  misura  in<span class=\"_ _3b\"></span>  cui  quest\u2019ultima  finanzia  impi<span class=\"_ _2\"></span>eghi  a  tasso  fisso.  In  talune<span class=\"_ _3a1\"> </span>circostanze, <span class=\"_ _0\"></span>analoghe <span class=\"_ _38\"></span>operazioni <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>poste <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>ssere <span class=\"_ _38\"></span>relat<span class=\"_ _1\"></span>ivamente <span class=\"_ _0\"></span>ad <span class=\"_ _38\"></span>alcune <span class=\"_ _38\"></span>tipologie <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>impieghi a tasso variabile.<span class=\"_ _3a1\"> </span>Solo <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>rumenti <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>coinvolgono <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>controparte<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>terna <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>Gruppo <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>ono <span class=\"_ _38\"></span>essere <span class=\"_ _38\"></span>designati<span class=\"_ _3a1\"> </span>come <span class=\"_ _35\"> </span>strumenti <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>copertura. <span class=\"_ _35\"> </span>Data <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>scelta <span class=\"_ _35\"> </span>esercitata <span class=\"_ _35\"> </span>dal <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>avvalersi <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>facolt\u00e0 <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span>continuare <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>appl<span class=\"_ _2\"></span>icare <span class=\"_ _0\"></span>integralmente <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>regole <span class=\"_ _38\"></span>dello <span class=\"_ _0\"></span>IAS <span class=\"_ _0\"></span>39 <span class=\"_ _0\"></span>pe<span class=\"_ _2\"></span>r <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>relazioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>copertura, <span class=\"_ _0\"></span>non <span class=\"_ _38\"></span>\u00e8<span class=\"_ _3a1\"> </span>possibile <span class=\"_ _1\"></span>designare <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>capitale <span class=\"_ _1\"></span>classificati <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>con<span class=\"_ _3a1\"> </span>impatto <span class=\"_ _35\"> </span>sulla <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>edditivit\u00e0 <span class=\"_ _35\"> </span>complessiva <span class=\"_ _35\"> </span>(FVOCI)<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>come <span class=\"_ _35\"> </span>oggetti <span class=\"_ _35\"> </span>co<span class=\"_ _3b\"></span>pe<span class=\"_ _1\"></span>rti <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>il<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>prezzo <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>cambio, <span class=\"_ _38\"></span>dato <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>tali<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>strument<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>impatt<span class=\"_ _1\"></span>ano <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>economico, <span class=\"_ _38\"></span>nem<span class=\"_ _1\"></span>meno <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>caso <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>vendita<span class=\"_ _3a1\"> </span>(se non per i dividendi che sono rilevati a conto economico).<span class=\"_ _3a1\"> </span>Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span>I derivati di copertura sono valutati al fair<span class=\"_ _1\"></span> value. In particolare:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">nel <span class=\"_ _35\"> </span>caso  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>copertura <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value, <span class=\"_ _35\"> </span>si  c<span class=\"_ _2\"></span>ompensa  l<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>variazione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value <span class=\"_ _35\"> </span>dell\u2019eleme<span class=\"_ _1\"></span>nto<span class=\"_ _3a1\"> </span></span>coperto <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>variazione <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _38\"></span>dello <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>trumento <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>copert<span class=\"_ _1\"></span>ura. <span class=\"_ _1\"></span>Tale<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>compensazione <span class=\"_ _1\"></span>\u00e8<span class=\"_ _3a1\"> </span>riconosciuta attraverso <span class=\"_ _1\"></span>la rilevazione <span class=\"_ _1\"></span>a Conto Economico <span class=\"_ _1\"></span>delle variazioni di valor<span class=\"_ _1\"></span>e, riferite sia<span class=\"_ _3a1\"> </span>all\u2019elemento <span class=\"_ _39\"> </span>coperto <span class=\"_ _39\"> </span>(per <span class=\"_ _39\"> </span>quanto <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>iguarda <span class=\"_ _39\"> </span>le <span class=\"_ _39\"> </span>variazioni <span class=\"_ _39\"> </span>prodotte <span class=\"_ _39\"> </span>dal <span class=\"_ _36\"> </span>fatto<span class=\"_ _1\"></span>re <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>ischio sottostante),  sia  allo  strumento <span class=\"_ _3d\"> </span>di  copertura.  L\u2019eventuale  differenza,  che  rappre<span class=\"_ _1\"></span>senta  la parziale inefficacia della copertura, ne <span class=\"_ _1\"></span>costituisce di conseguenza l\u2019effetto economico netto. Nel cas<span class=\"_ _1\"></span>o di oper<span class=\"_ _1\"></span>azioni di co<span class=\"_ _1\"></span>pertura generica <span class=\"_ _1\"></span>di fair <span class=\"_ _1\"></span>value di <span class=\"_ _1\"></span>un port<span class=\"_ _1\"></span>afoglio (\u201cmacro <span class=\"_ _1\"></span>hedge\u201d) le variazioni di <span class=\"_ _2\"></span>fair value con riferimento al <span class=\"_ _2\"></span>rischio coperto delle attiv<span class=\"_ _2\"></span>it\u00e0 e delle passivit\u00e0 ogg<span class=\"_ _2\"></span>etto di <span class=\"_ _3f\"> </span>copertura <span class=\"_ _3f\"> </span>so<span class=\"_ _1\"></span>no <span class=\"_ _3f\"> </span>imputate <span class=\"_ _3f\"> </span>nello <span class=\"_ _3f\"> </span>stato <span class=\"_ _3f\"> </span>patrimo<span class=\"_ _1\"></span>niale, <span class=\"_ _3f\"> </span>rispettivamente, <span class=\"_ _3f\"> </span>nella <span class=\"_ _3f\"> </span>voce <span class=\"_ _3f\"> </span>60<span class=\"_ _1\"></span>. \u201cAdeguamento <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _0\"></span>oggetto <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>copertura <span class=\"_ _0\"></span>generica\u201d <span class=\"_ _38\"></span>oppure <span class=\"_ _38\"></span>5<span class=\"_ _1\"></span>0. \u201cAdeguamento di valore delle passivit\u00e0 finanziarie oggett<span class=\"_ _1\"></span>o di copertura generica\u201d; <span class=\"_ _42\"> </span><span class=\"ff4\">nel <span class=\"_ _1\"></span>caso <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>copertura <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>flussi <span class=\"_ _38\"></span>finanziari, <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>variazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fa<span class=\"_ _1\"></span>ir <span class=\"_ _1\"></span>value <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>derivato <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>imputate </span>nella <span class=\"_ _0\"></span>redditivit\u00e0 <span class=\"_ _0\"></span>complessiva, <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>ota <span class=\"_ _0\"></span>efficace <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>copertura, <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>rilevate <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>Conto Economico <span class=\"_ _0\"></span>solo <span class=\"_ _35\"> </span>quando, <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>posta <span class=\"_ _0\"></span>coperta, <span class=\"_ _35\"> </span>si<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>manifest<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>va<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iazione <span class=\"_ _0\"></span>dei flussi di cassa da compensare o se <span class=\"_ _1\"></span>la copertura risulta inefficace; <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _0\"></span>coperture <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>investimento <span class=\"_ _0\"></span>netto <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>valuta <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>contabilizzate <span class=\"_ _35\"> </span>allo <span class=\"_ _0\"></span>stesso <span class=\"_ _0\"></span>modo <span class=\"_ _0\"></span>delle </span>coperture di flussi finanziari. Lo <span class=\"_ _1\"></span>strumento <span class=\"_ _1\"></span>derivato \u00e8 <span class=\"_ _1\"></span>des<span class=\"_ _1\"></span>ignato di <span class=\"_ _1\"></span>copertura <span class=\"_ _1\"></span>se es<span class=\"_ _1\"></span>iste una <span class=\"_ _1\"></span>documentazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>formalizzata della relazione <span class=\"_ _1\"></span>tra lo <span class=\"_ _1\"></span>strumento <span class=\"_ _1\"></span>coperto e<span class=\"_ _1\"></span> lo s<span class=\"_ _1\"></span>trumento di <span class=\"_ _1\"></span>copertura e<span class=\"_ _1\"></span> se <span class=\"_ _1\"></span>\u00e8 e<span class=\"_ _1\"></span>fficace nel <span class=\"_ _1\"></span>momento in <span class=\"_ _1\"></span>cui la copertura ha inizio e, prospetticamente, durante tutta la vita <span class=\"_ _1\"></span>della stessa. L'efficacia <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>copertura <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>pende <span class=\"_ _0\"></span>dalla <span class=\"_ _35\"> </span>misura<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>cu<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>variazioni <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>fair <span class=\"_ _35\"> </span>valu<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>dello <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>trumento coperto <span class=\"_ _35\"> </span>o  d<span class=\"_ _2\"></span>ei <span class=\"_ _35\"> </span>relativi <span class=\"_ _35\"> </span>flussi <span class=\"_ _35\"> </span>finanziari <span class=\"_ _35\"> </span>at<span class=\"_ _1\"></span>tesi <span class=\"_ _35\"> </span>risultano  c<span class=\"_ _2\"></span>ompensati <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>quelle <span class=\"_ _35\"> </span>dello <span class=\"_ _35\"> </span>st<span class=\"_ _1\"></span>rumento  d<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span> copertura. <span class=\"_ _1\"></span>Pertanto, <span class=\"_ _1\"></span>l'efficacia <span class=\"_ _1\"></span>\u00e8 appre<span class=\"_ _1\"></span>zzata dal <span class=\"_ _1\"></span>confro<span class=\"_ _1\"></span>nto delle <span class=\"_ _1\"></span>suddette <span class=\"_ _1\"></span>variazioni, <span class=\"_ _1\"></span>tenuto <span class=\"_ _1\"></span>conto dell'intento <span class=\"_ _1\"></span>perseguito <span class=\"_ _1\"></span>dall'impresa ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>momento <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>cui la <span class=\"_ _1\"></span>copertura <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>stata <span class=\"_ _1\"></span>posta <span class=\"_ _1\"></span>in ess<span class=\"_ _1\"></span>ere. Si <span class=\"_ _1\"></span>ha efficacia <span class=\"_ _35\"> </span>quando <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>variazioni  di <span class=\"_ _0\"></span>fair <span class=\"_ _35\"> </span>value <span class=\"_ _35\"> </span>(o <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>flussi <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>cass<span class=\"_ _1\"></span>a) <span class=\"_ _35\"> </span>dello <span class=\"_ _35\"> </span>strumento <span class=\"_ _35\"> </span>finanziario <span class=\"_ _0\"> </span>di<span class=\"_ _1\"></span> copertura  neutralizzano  quasi  integralmente,  cio\u00e8<span class=\"_ _2\"></span>  nei  limiti  stabi<span class=\"_ _2\"></span>liti  dall\u2019intervallo  80-125%,  le variazioni di fair value dello strumento coperto, per l\u2019ele<span class=\"_ _1\"></span>mento di rischio oggetto di copertura. La <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>dell'efficacia <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>ef<span class=\"_ _2\"></span>fettuata <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>ogni <span class=\"_ _0\"></span>chiusura <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>bilanci<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>situazione <span class=\"_ _0\"></span>infrannuale utilizzando: <span class=\"_ _42\"> </span><span class=\"ff4\">test prospettici, che gi<span class=\"_ _2\"></span>ustificano l'applicazione della c<span class=\"_ _2\"></span>ontabilizzazione di copertura, in qu<span class=\"_ _2\"></span>anto </span>dimostrano la sua efficacia attesa; <span class=\"_ _42\"> </span><span class=\"ff4\">test <span class=\"_ _38\"></span>retrospettivi, <span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>evidenziano <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>grado <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>efficacia <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>copertura <span class=\"_ _38\"></span>raggiunto <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>periodo </span>cui <span class=\"_ _3b\"></span>si riferiscono, <span class=\"_ _3b\"></span>ovvero, <span class=\"_ _2\"></span>misurano <span class=\"_ _3b\"></span>quanto i <span class=\"_ _3b\"></span>risultati <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffettivi <span class=\"_ _3b\"></span>si sia<span class=\"_ _3b\"></span>no discostati <span class=\"_ _3b\"></span>dalla c<span class=\"_ _2\"></span>opertura perfetta. Solo  gli  strumenti <span class=\"_ _3d\"> </span>che  coinvolgono  una  controparte  esterna  posso<span class=\"_ _1\"></span>no  essere  designati  come strumenti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>copertura. <span class=\"_ _0\"></span>Pertanto, <span class=\"_ _0\"></span>ogni <span class=\"_ _38\"></span>risultato <span class=\"_ _0\"></span>riconducibil<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>transazioni <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>terne <span class=\"_ _0\"></span>effettuate <span class=\"_ _38\"></span>tra diverse entit\u00e0 del Gruppo \u00e8 eliminato dal bilancio consolidato. Cessazione pro<span class=\"_ _1\"></span>spettica della contabili<span class=\"_ _1\"></span>zzazione di co<span class=\"_ _3a1\"> </span>pertur<span class=\"_ _3a1\"> </span>a Se <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>verifiche <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>confermano <span class=\"_ _1\"></span>l\u2019efficacia <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>coper<span class=\"_ _1\"></span>tura, <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>quel <span class=\"_ _38\"></span>momento <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>contabilizzazione delle <span class=\"_ _3d\"> </span>operazioni <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>coper<span class=\"_ _1\"></span>tura,  se<span class=\"_ _1\"></span>condo <span class=\"_ _3d\"> </span>quanto <span class=\"_ _3d\"> </span>sopra <span class=\"_ _3d\"> </span>esposto, <span class=\"_ _3d\"> </span>viene<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>interrotta <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>il <span class=\"_ _3d\"> </span>contratto derivato <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>copertura <span class=\"_ _1\"></span>viene <span class=\"_ _1\"></span>riclassificato <span class=\"_ _1\"></span>tra <span class=\"_ _38\"></span>gli strume<span class=\"_ _1\"></span>nti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>negoziazione. Inoltre<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>operazioni <span class=\"_ _1\"></span>di copertura <span class=\"_ _38\"></span>cessano <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>momento <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>cui <span class=\"_ _1\"></span>lo <span class=\"_ _0\"></span>strumento <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>copertura <span class=\"_ _38\"></span>giunge <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>scadenza, <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>venduto, cessato o esercitato, oppure viene revocata <span class=\"_ _1\"></span>la designazione. Per <span class=\"_ _1\"></span>le re<span class=\"_ _1\"></span>lazioni di <span class=\"_ _1\"></span>copertura<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di fair <span class=\"_ _1\"></span>value, <span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>strumento <span class=\"_ _1\"></span>finanziario <span class=\"_ _1\"></span>coperto <span class=\"_ _1\"></span>non \u00e8 <span class=\"_ _38\"></span>pi\u00f9 rettificato <span class=\"_ _1\"></span>per le <span class=\"_ _2\"></span>variazioni <span class=\"_ _3b\"></span>di fair <span class=\"_ _3b\"></span>value <span class=\"_ _3b\"></span>e qualsia<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>rettifica al <span class=\"_ _3b\"></span>valore <span class=\"_ _2\"></span>contabile <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>uno <span class=\"_ _3b\"></span>str<span class=\"_ _1\"></span>umento <span class=\"_ _2\"></span>finanziario <span class=\"_ _3b\"></span>coperto per  il  qual<span class=\"_ _2\"></span>e  \u00e8  utilizzato  il <span class=\"_ _35\"> </span>criterio  dell'interesse  effettivo  d<span class=\"_ _2\"></span>eve  essere  ammortizzata  n<span class=\"_ _2\"></span>el  conto economico. <span class=\"_ _37\"> </span>Nel <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>interruzione <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>una <span class=\"_ _37\"> </span>relazione <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>cop<span class=\"_ _1\"></span>ertura <span class=\"_ _37\"> </span>generica <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>fair <span class=\"_ _37\"> </span>value, <span class=\"_ _37\"> </span>le rivalutazioni/svalutazioni <span class=\"_ _35\"> </span>cu<span class=\"_ _2\"></span>mulat<span class=\"_ _1\"></span>e <span class=\"_ _35\"> </span>iscritte <span class=\"_ _0\"></span>nella <span class=\"_ _35\"> </span>voce <span class=\"_ _0\"></span>60. <span class=\"_ _35\"> </span>\u201cAdeguamento <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>attivit\u00e0 finanziarie  oggetto <span class=\"_ _35\"> </span>di  copertura <span class=\"_ _35\"> </span>generica\u201d  oppu<span class=\"_ _2\"></span>re  50. <span class=\"_ _35\"> </span>\u201cAdeguamento  di <span class=\"_ _35\"> </span>valore  delle<span class=\"_ _2\"></span>  passivit\u00e0 finanziarie oggetto di copertura generica\u201d sono rilevate a conto <span class=\"_ _2\"></span>economico tra gli interessi attivi o passivi l<span class=\"_ _2\"></span>ungo la <span class=\"_ _3b\"></span>d<span class=\"_ _1\"></span>urata residua <span class=\"_ _3b\"></span>d<span class=\"_ _1\"></span>elle originarie <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>elazioni di<span class=\"_ _2\"></span> copertura, <span class=\"_ _3b\"></span>fe<span class=\"_ _1\"></span>rma restando <span class=\"_ _3b\"></span>la verifica che ne sussistano i presupposti.<span class=\"_ _3a1\"> </span>Per <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>relazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>copertura <span class=\"_ _38\"></span>dei <span class=\"_ _1\"></span>flussi <span class=\"_ _1\"></span>finanziari, <span class=\"_ _1\"></span>l'uti<span class=\"_ _3a1\"> </span>le <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>perdita <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>plessiva <span class=\"_ _1\"></span>dello <span class=\"_ _1\"></span>strume<span class=\"_ _1\"></span>nto di copertura <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>stato <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ilevato <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>elle <span class=\"_ _0\"></span>altre <span class=\"_ _38\"></span>componenti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>conto <span class=\"_ _0\"></span>ec<span class=\"_ _2\"></span>onomico <span class=\"_ _0\"></span>complessivo <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>partire dall'esercizio <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>cui <span class=\"_ _3b\"></span>la <span class=\"_ _3b\"></span>copert<span class=\"_ _1\"></span>ura <span class=\"_ _3b\"></span>era efficac<span class=\"_ _2\"></span>e, <span class=\"_ _3b\"></span>deve r<span class=\"_ _2\"></span>estare <span class=\"_ _3b\"></span>separatamente <span class=\"_ _2\"></span>nel <span class=\"_ _3b\"></span>patrimonio <span class=\"_ _3b\"></span>ne<span class=\"_ _1\"></span>tto <span class=\"_ _3b\"></span>sino a <span class=\"_ _0\"></span>quando <span class=\"_ _38\"></span>l'oper<span class=\"_ _1\"></span>azione <span class=\"_ _0\"></span>prog<span class=\"_ _2\"></span>rammata <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>ve<span class=\"_ _2\"></span>rifica. <span class=\"_ _0\"></span>Qualora <span class=\"_ _38\"></span>l'operazione <span class=\"_ _0\"></span>programmata <span class=\"_ _0\"></span>ci <span class=\"_ _38\"></span>si <span class=\"_ _0\"></span>attende non <span class=\"_ _3d\"> </span>debba <span class=\"_ _3d\"> </span>pi\u00f9 <span class=\"_ _3d\"> </span>accader<span class=\"_ _1\"></span>e, <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>qual <span class=\"_ _3d\"> </span>caso <span class=\"_ _3d\"> </span>quals<span class=\"_ _1\"></span>iasi <span class=\"_ _3d\"> </span>corre<span class=\"_ _1\"></span>lato <span class=\"_ _3d\"> </span>utile <span class=\"_ _3d\"> </span>o <span class=\"_ _3d\"> </span>per<span class=\"_ _1\"></span>dita <span class=\"_ _3d\"> </span>complessivo <span class=\"_ _3d\"> </span>sullo strumento <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>copertura <span class=\"_ _36\"> </span>che <span class=\"_ _37\"> </span>\u00e8 <span class=\"_ _36\"> </span>stato <span class=\"_ _36\"> </span>rilevato <span class=\"_ _36\"> </span>nel <span class=\"_ _37\"> </span>prospetto <span class=\"_ _37\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _37\"> </span>altr<span class=\"_ _1\"></span>e <span class=\"_ _37\"> </span>componenti <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>conto economico complessivo d<span class=\"_ _2\"></span>all'esercizio <span class=\"_ _2\"></span>in cui <span class=\"_ _3b\"></span>la copertura era effic<span class=\"_ _2\"></span>ace deve es<span class=\"_ _2\"></span>sere riclassificato <span class=\"_ _2\"></span>dal patrimonio <span class=\"_ _3f\"> </span>netto <span class=\"_ _3f\"> </span>all\u2019utile <span class=\"_ _3f\"> </span>(perdita) <span class=\"_ _3f\"> </span>d\u2019eser<span class=\"_ _1\"></span>cizio <span class=\"_ _3f\"> </span>come <span class=\"_ _3f\"> </span>rettifica <span class=\"_ _3f\"> </span>da <span class=\"_ _3f\"> </span>riclassificazione. <span class=\"_ _3f\"> </span>Tuttavia,<span class=\"_ _3a1\"> </span>un\u2019operazione pro<span class=\"_ _1\"></span>grammata che <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>pi\u00f9 altamente <span class=\"_ _1\"></span>probabile, ci <span class=\"_ _1\"></span>si pu\u00f2 <span class=\"_ _1\"></span>ancora <span class=\"_ _1\"></span>attendere <span class=\"_ _1\"></span>che si<span class=\"_ _3a1\"> </span> verifichi.<span class=\"_ _3a1\"> </span> Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"_ _3a1\"> </span> L\u2019allocazione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>componenti <span class=\"_ _0\"></span>reddituali <span class=\"_ _38\"></span>nelle <span class=\"_ _0\"></span>pert<span class=\"_ _1\"></span>inenti <span class=\"_ _0\"></span>voci <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>avviene <span class=\"_ _0\"></span>sull<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span> base di quanto riportato di seguito:<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _0\"></span>differenziali <span class=\"_ _38\"></span>mat<span class=\"_ _1\"></span>urati <span class=\"_ _0\"></span>sugli <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>derivati <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>copert<span class=\"_ _1\"></span>ura <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>teresse<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>(oltre agli interessi delle posizioni<span class=\"_ _2\"></span> oggetto di copertura) vengono allocati <span class=\"_ _2\"></span>nella voce \u201cInteressi<span class=\"_ _3a1\"> </span> attivi e proventi assimilati\u201d o \u201cInteress<span class=\"_ _1\"></span>i passivi e oneri assimilati\u201d;<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">le plu<span class=\"_ _2\"></span>svalenze e mi<span class=\"_ _2\"></span>nusvalenze derivanti d<span class=\"_ _2\"></span>alla valutazione <span class=\"_ _2\"></span>degli <span class=\"_ _2\"></span>strument<span class=\"_ _1\"></span>i derivati <span class=\"_ _3b\"></span>di copertura<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>e <span class=\"_ _37\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _37\"> </span>posizioni <span class=\"_ _37\"> </span>oggetto <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>copertura <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>fair <span class=\"_ _36\"> </span>value <span class=\"_ _37\"> </span>hedge <span class=\"_ _37\"> </span>vengono <span class=\"_ _36\"> </span>allocate <span class=\"_ _37\"> </span>nella <span class=\"_ _37\"> </span>voce<span class=\"_ _3a1\"> </span> \u201cRisultato netto dell\u2019attivit\u00e0 di copertur<span class=\"_ _1\"></span>a\u201d;<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _36\"> </span>plusvalenze <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>le <span class=\"_ _36\"> </span>minusvalenze <span class=\"_ _37\"> </span>derivanti <span class=\"_ _36\"> </span>dalla <span class=\"_ _36\"> </span>valutazione <span class=\"_ _36\"> </span>degli <span class=\"_ _37\"> </span>strumenti <span class=\"_ _36\"> </span>derivati <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>copertura di <span class=\"_ _1\"></span>cash flow <span class=\"_ _1\"></span>hedge <span class=\"_ _1\"></span>(per <span class=\"_ _1\"></span>la parte e<span class=\"_ _1\"></span>fficace) vengono <span class=\"_ _1\"></span>allocate <span class=\"_ _1\"></span>in una <span class=\"_ _1\"></span>specifica riserva<span class=\"_ _3a1\"> </span> di valutazione di patrimonio netto \u201c<span class=\"_ _1\"></span>Copertura dei flussi finanziari\u201d, al netto dell\u2019effetto fiscale<span class=\"_ _3a1\"> </span> differito. <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>er <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>parte <span class=\"_ _38\"></span>inefficace <span class=\"_ _1\"></span>tali <span class=\"_ _1\"></span>plus <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>minus <span class=\"_ _1\"></span>vengono <span class=\"_ _38\"></span>contabilizzate<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>economico<span class=\"_ _3a1\"> </span> nella <span class=\"_ _38\"></span>voce<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>\u201cRisulta<span class=\"_ _2\"></span>to <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>etto <span class=\"_ _0\"></span>dell\u2019<span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>copertura\u201d. <span class=\"_ _0\"></span>Se<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>lo <span class=\"_ _38\"></span>strumento <span class=\"_ _38\"></span>cope<span class=\"_ _1\"></span>rto <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>cancellato,<span class=\"_ _3a1\"> </span> scade <span class=\"_ _39\"> </span>o <span class=\"_ _36\"> </span>si <span class=\"_ _36\"> </span>e<span class=\"_ _1\"></span>stingue <span class=\"_ _36\"> </span>allora <span class=\"_ _39\"> </span>la <span class=\"_ _36\"> </span>riserva <span class=\"_ _39\"> </span>\u00e8 <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>iversata <span class=\"_ _36\"> </span>immediatamente <span class=\"_ _39\"> </span>a <span class=\"_ _36\"> </span>conto <span class=\"_ _39\"> </span>economico<span class=\"_ _3a1\"> </span> contestualmente alla cancellazione dell\u2019elemento coperto.<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">nel <span class=\"_ _1\"></span>caso <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>copertura <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>flussi <span class=\"_ _38\"></span>finanziari, <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>variazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fa<span class=\"_ _1\"></span>ir <span class=\"_ _1\"></span>value <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>derivato <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>imputate<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>nella <span class=\"_ _0\"></span>redditivit\u00e0 <span class=\"_ _0\"></span>complessiva, <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>ota <span class=\"_ _0\"></span>efficace <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>copertura, <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>rilevate <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>Conto<span class=\"_ _3a1\"> </span> Economico <span class=\"_ _0\"></span>solo <span class=\"_ _35\"> </span>quando, <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>posta <span class=\"_ _0\"></span>coperta, <span class=\"_ _35\"> </span>si<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>manifest<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>va<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iazione <span class=\"_ _0\"></span>dei<span class=\"_ _3a1\"> </span> flussi di cassa da compensare o se <span class=\"_ _1\"></span>la copertura risulta inefficace.<span class=\"_ _3a1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-771": {
   "value": "BILANCIO CONSOLIDA<span class=\"_ _3b\"></span>T<span class=\"_ _1\"></span>O \u2013 NOTA INTEGRA<span class=\"_ _2\"></span>TIVA<span class=\"_ _3a1\"> </span>5 \u2013 Par<span class=\"_ _1\"></span>tecipazion<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>Crite<span class=\"_ _3a1\"> </span>ri di iscrizione Le <span class=\"_ _37\"> </span>par<span class=\"_ _3a1\"> </span>tecipazioni <span class=\"_ _37\"> </span>sono <span class=\"_ _36\"> </span>iscritte <span class=\"_ _37\"> </span>alla <span class=\"_ _37\"> </span>dat<span class=\"_ _1\"></span>a <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>regolamento. <span class=\"_ _37\"> </span>All\u2019atto <span class=\"_ _37\"> </span>della <span class=\"_ _36\"> </span>rilevazione <span class=\"_ _36\"> </span>iniziale <span class=\"_ _37\"> </span>le<span class=\"_ _3a1\"> </span>interessenze <span class=\"_ _3f\"> </span>partecipative <span class=\"_ _39\"> </span>sono <span class=\"_ _3f\"> </span>contabilizz<span class=\"_ _2\"></span>ate <span class=\"_ _3f\"> </span>al <span class=\"_ _39\"> </span>costo, <span class=\"_ _3f\"> </span>comprensivo <span class=\"_ _39\"> </span>dei <span class=\"_ _3f\"> </span>costi <span class=\"_ _39\"> </span>o <span class=\"_ _3f\"> </span>proven<span class=\"_ _2\"></span>ti<span class=\"_ _3a1\"> </span>direttamente attribuibili alla transazione.<span class=\"_ _3a1\"> </span>Criteri di classifi<span class=\"_ _1\"></span>cazione<span class=\"_ _3a1\"> </span>La voce include le interessenze detenute in societ\u00e0 <span class=\"_ _1\"></span>controllate congiuntamente e collegate.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _38\"></span>considerate <span class=\"_ _38\"></span>controllate <span class=\"_ _1\"></span>congiuntamente <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>imprese <span class=\"_ _1\"></span>nelle <span class=\"_ _38\"></span>quali <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>diritti <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>voto <span class=\"_ _1\"></span>ed <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>controllo<span class=\"_ _3a1\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _48\"> </span>econom<span class=\"_ _1\"></span>ica <span class=\"_ _48\"> </span>della <span class=\"_ _48\"> </span>part<span class=\"_ _1\"></span>ecipata <span class=\"_ _48\"> </span>s<span class=\"_ _1\"></span>ono <span class=\"_ _48\"> </span>condivisi <span class=\"_ _48\"> </span>in <span class=\"_ _17e\"> </span>modo <span class=\"_ _17e\"> </span>paritetico <span class=\"_ _17e\"> </span>da <span class=\"_ _48\"> </span>Cr<span class=\"_ _1\"></span>edem,<span class=\"_ _3a1\"> </span>direttamente o indirettamente, e da un altro soggetto. In<span class=\"_ _2\"></span>oltre viene qualificato come sottoposto a<span class=\"_ _3a1\"> </span>controllo congiunto <span class=\"_ _3b\"></span>un investimento pa<span class=\"_ _2\"></span>rtecipativo nel <span class=\"_ _3b\"></span>quale, pur <span class=\"_ _3b\"></span>in assenza di <span class=\"_ _3b\"></span>una quota p<span class=\"_ _2\"></span>aritetica<span class=\"_ _3a1\"> </span>di <span class=\"_ _0\"></span>diritti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>voto, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>controllo <span class=\"_ _0\"></span>sull\u2019attivit\u00e0 <span class=\"_ _0\"></span>economica <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sugli <span class=\"_ _0\"></span>indirizzi <span class=\"_ _0\"></span>strategici <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>partecipata <span class=\"_ _0\"></span>\u00e8<span class=\"_ _3a1\"> </span>condiviso con altri soggetti in virt\u00f9 di accordi contr<span class=\"_ _1\"></span>attuali.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _3d\"> </span>considerate <span class=\"_ _37\"> </span>collegate, <span class=\"_ _3d\"> </span>cio\u00e8 <span class=\"_ _3d\"> </span>sottoposte <span class=\"_ _37\"> </span>ad <span class=\"_ _3d\"> </span>influenza <span class=\"_ _3d\"> </span>notevole, <span class=\"_ _3d\"> </span>le <span class=\"_ _37\"> </span>imprese <span class=\"_ _3d\"> </span>nelle <span class=\"_ _3d\"> </span>quali <span class=\"_ _3d\"> </span>la<span class=\"_ _3a1\"> </span>capogruppo, <span class=\"_ _1\"></span>direttamente <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>indirettamente, <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>iede <span class=\"_ _1\"></span>almeno <span class=\"_ _1\"></span>il 20% <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>diritt<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>di vot<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>(ivi inc<span class=\"_ _1\"></span>lusi <span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>diritti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>voto <span class=\"_ _1\"></span>\u201cpotenziali\u201d) <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>nelle <span class=\"_ _1\"></span>quali <span class=\"_ _1\"></span>\u2013 <span class=\"_ _1\"></span>pur <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>dirit<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>voto <span class=\"_ _1\"></span>inferiore <span class=\"_ _1\"></span>\u2013 <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>potere<span class=\"_ _3a1\"> </span>di <span class=\"_ _1\"></span>partecipare<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>determinazione <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>politiche <span class=\"_ _1\"></span>finanziarie <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>gestionali <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>partecipata <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>virt\u00f9<span class=\"_ _3a1\"> </span>di particolari legami giuridici quali la parte<span class=\"_ _1\"></span>cipazione a patti di sindacato.<span class=\"_ _3a1\"> </span>Non <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>considerate <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ottoposte <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>d <span class=\"_ _3b\"></span>influenza n<span class=\"_ _2\"></span>otevole alc<span class=\"_ _2\"></span>une <span class=\"_ _2\"></span>interessenze <span class=\"_ _2\"></span>superiori <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>20%, nell<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span>quali, <span class=\"_ _1\"></span>dirett<span class=\"_ _1\"></span>amente <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>indirettamente, <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>Gruppo <span class=\"_ _1\"></span>detiene <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>sclusivamente <span class=\"_ _1\"></span>diritt<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>patrimoniali <span class=\"_ _1\"></span>su <span class=\"_ _38\"></span>una<span class=\"_ _3a1\"> </span>porzione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>frutti <span class=\"_ _38\"></span>degli <span class=\"_ _0\"></span>investimenti, <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>ha <span class=\"_ _38\"></span>accesso <span class=\"_ _0\"></span>alle <span class=\"_ _0\"></span>politic<span class=\"_ _2\"></span>he <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>pu\u00f2 <span class=\"_ _0\"></span>esercitare<span class=\"_ _3a1\"> </span>diritti di governance limitati alla tutela degli interessi patrimoniali.<span class=\"_ _3a1\"> </span>Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span>Le <span class=\"_ _38\"></span>partecipazioni <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>societ\u00e0 <span class=\"_ _38\"></span>collegate<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>rollate <span class=\"_ _38\"></span>congi<span class=\"_ _3a1\"> </span>untamente <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>valutate<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>meto<span class=\"_ _1\"></span>do<span class=\"_ _3a1\"> </span>del patrimonio netto.<span class=\"_ _3a1\"> </span>Se  esistono  evidenze  che  il  valore  di  una  p<span class=\"_ _2\"></span>artecipazione  possa  aver  subito  una  riduzione,  si<span class=\"_ _3a1\"> </span>procede <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>tima <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>valore <span class=\"_ _38\"></span>recuperabile <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>par<span class=\"_ _1\"></span>tecipazione <span class=\"_ _38\"></span>stessa, <span class=\"_ _38\"></span>tene<span class=\"_ _1\"></span>ndo <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>valore<span class=\"_ _3a1\"> </span>attuale <span class=\"_ _36\"> </span>dei <span class=\"_ _36\"> </span>flussi <span class=\"_ _36\"> </span>finanziari <span class=\"_ _37\"> </span>futuri <span class=\"_ _36\"> </span>che <span class=\"_ _36\"> </span>la <span class=\"_ _36\"> </span>partecipazione <span class=\"_ _36\"> </span>potr\u00e0 <span class=\"_ _36\"> </span>generare, <span class=\"_ _36\"> </span>incluso <span class=\"_ _36\"> </span>il <span class=\"_ _36\"> </span>valore <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span>dismissione finale dell\u2019investimento.<span class=\"_ _3a1\"> </span><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs456\">Qualora <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>recupero<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>risulti <span class=\"_ _0\"></span>inf<span class=\"_ _2\"></span>eriore<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>contabile, <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>relativa <span class=\"_ _38\"></span>differenza <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>rilevat<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>a<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs457\">conto e<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs458\">conomico.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs459\">Qualora <span class=\"_ _3f\"> </span>i <span class=\"_ _39\"> </span>motivi <span class=\"_ _3f\"> </span>della <span class=\"_ _39\"> </span>perdita <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>valore <span class=\"_ _39\"> </span>s<span class=\"_ _1\"></span>iano <span class=\"_ _39\"> </span>rimossi <span class=\"_ _3f\"> </span>a <span class=\"_ _3f\"> </span>segu<span class=\"_ _2\"></span>ito <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>un <span class=\"_ _3f\"> </span>evento <span class=\"_ _3f\"> </span>verificatosi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs45a\">successivamente alla <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevazione della <span class=\"_ _3b\"></span>riduzione di <span class=\"_ _3b\"></span>valore<span class=\"_ _1\"></span>, vengono <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffettuate riprese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore co<span class=\"_ _2\"></span>n<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs45b\">imputazione <span class=\"_ _36\"> </span>a <span class=\"_ _36\"> </span>cont<span class=\"_ _1\"></span>o <span class=\"_ _36\"> </span>econom<span class=\"_ _1\"></span>ico <span class=\"_ _36\"> </span>che <span class=\"_ _36\"> </span>non <span class=\"_ _36\"> </span>poss<span class=\"_ _1\"></span>ono <span class=\"_ _36\"> </span>eccedere <span class=\"_ _39\"> </span>l\u2019ammontare <span class=\"_ _36\"> </span>delle <span class=\"_ _36\"> </span>perdite<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>da<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs45c\">impairment in precedenza registrate.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs45d\">Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs45e\">Le  partecipazioni<span class=\"_ _2\"></span>  vengono  can<span class=\"_ _2\"></span>cellate  quando <span class=\"_ _35\"> </span>scadono  i  d<span class=\"_ _2\"></span>irit<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs45f\">ti  c<span class=\"_ _2\"></span>ontrattuali  sui  f<span class=\"_ _2\"></span>lussi  finanziar<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs460\">derivati <span class=\"_ _49\"> </span>dalle <span class=\"_ _43\"> </span>attivit\u00e0 <span class=\"_ _49\"> </span>stesse <span class=\"_ _43\"> </span>o <span class=\"_ _49\"> </span>quando <span class=\"_ _43\"> </span>l\u2019attivit\u00e0 <span class=\"_ _49\"> </span>finanziaria <span class=\"_ _49\"> </span>viene <span class=\"_ _43\"> </span>ce<span class=\"_ _1\"></span>duta <span class=\"_ _43\"> </span>trasferendo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs461\">sostanzialmente tutti i rischi e benefici ad essa connessi.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs462\">Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs463\">Le dif<span class=\"_ _2\"></span>ferenze negative <span class=\"_ _3b\"></span>di prima i<span class=\"_ _3b\"></span>scr<span class=\"_ _1\"></span>izione, gl<span class=\"_ _2\"></span>i util<span class=\"_ _2\"></span>i e <span class=\"_ _2\"></span>le<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs464\">perdite <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lle par<span class=\"_ _2\"></span>tecipate realizzate, <span class=\"_ _3b\"></span>le perdite<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs465\">da i<span class=\"_ _2\"></span>mpairment e le <span class=\"_ _3b\"></span>riprese di v<span class=\"_ _2\"></span>alore<span class=\"_ _1\"></span> vengono <span class=\"_ _3b\"></span>allocate nella v<span class=\"_ _2\"></span>oce d<span class=\"_ _2\"></span>i conto <span class=\"_ _2\"></span>economico \u201cUtili <span class=\"_ _2\"></span>(Perdite)<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs466\">delle partecipazioni\u201d, mentre i <span class=\"_ _2\"></span>divi<span class=\"_ _2\"></span>dendi incassati vengono allocati <span class=\"_ _2\"></span>nella voce \u201c<span class=\"_ _2\"></span>Dividendi e proventi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs467\">simili\u201d nel momento in cui sorge il diritto a riceverne <span class=\"_ _1\"></span>il pagamento.</div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-800": {
   "value": "<div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs434\">5 \u2013 Par<span class=\"_ _1\"></span>tecipazion<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs435\">Crite<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs436\">ri di iscrizione  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs437\">Le <span class=\"_ _37\"> </span>par<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs438\">tecipazioni <span class=\"_ _37\"> </span>sono <span class=\"_ _36\"> </span>iscritte <span class=\"_ _37\"> </span>alla <span class=\"_ _37\"> </span>dat<span class=\"_ _1\"></span>a <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>regolamento. <span class=\"_ _37\"> </span>All\u2019atto <span class=\"_ _37\"> </span>della <span class=\"_ _36\"> </span>rilevazione <span class=\"_ _36\"> </span>iniziale <span class=\"_ _37\"> </span>le<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs439\">interessenze <span class=\"_ _3f\"> </span>partecipative <span class=\"_ _39\"> </span>sono <span class=\"_ _3f\"> </span>contabilizz<span class=\"_ _2\"></span>ate <span class=\"_ _3f\"> </span>al <span class=\"_ _39\"> </span>costo, <span class=\"_ _3f\"> </span>comprensivo <span class=\"_ _39\"> </span>dei <span class=\"_ _3f\"> </span>costi <span class=\"_ _39\"> </span>o <span class=\"_ _3f\"> </span>proven<span class=\"_ _2\"></span>ti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs43a\">direttamente attribuibili alla transazione.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs43b\">Criteri di classifi<span class=\"_ _1\"></span>cazione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs43c\">La voce include le interessenze detenute in societ\u00e0 <span class=\"_ _1\"></span>contro</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs43d\">llate congiuntamente e collegate.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs43e\">Sono <span class=\"_ _38\"></span>considerate <span class=\"_ _38\"></span>controllate <span class=\"_ _1\"></span>congiuntamente <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>imprese <span class=\"_ _1\"></span>nelle <span class=\"_ _38\"></span>quali <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>diritti <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>voto <span class=\"_ _1\"></span>ed <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>controllo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs43f\">dell\u2019attivit\u00e0 <span class=\"_ _48\"> </span>econom<span class=\"_ _1\"></span>ica <span class=\"_ _48\"> </span>della <span class=\"_ _48\"> </span>part<span class=\"_ _1\"></span>ecipata <span class=\"_ _48\"> </span>s<span class=\"_ _1\"></span>ono <span class=\"_ _48\"> </span>condivisi <span class=\"_ _48\"> </span>in <span class=\"_ _17e\"> </span>modo <span class=\"_ _17e\"> </span>paritetico <span class=\"_ _17e\"> </span>da <span class=\"_ _48\"> </span>Cr<span class=\"_ _1\"></span>edem,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs440\">direttamente o indirettamente, e da un altro soggetto. In<span class=\"_ _2\"></span>oltre viene qualificato come sottoposto a<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs441\">controllo congiunto <span class=\"_ _3b\"></span>un investimento pa<span class=\"_ _2\"></span>rtecipativo nel <span class=\"_ _3b\"></span>quale, pur <span class=\"_ _3b\"></span>in assenza di <span class=\"_ _3b\"></span>una quota p<span class=\"_ _2\"></span>aritetica<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs442\">di <span class=\"_ _0\"></span>diritti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>voto, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>controllo <span class=\"_ _0\"></span>sull\u2019attivit\u00e0 <span class=\"_ _0\"></span>economica <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sugli <span class=\"_ _0\"></span>indirizzi <span class=\"_ _0\"></span>strategici <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>partecipata <span class=\"_ _0\"></span>\u00e8<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs443\">condiviso con altri soggetti in virt\u00f9 di accordi contr<span class=\"_ _1\"></span>attuali.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs444\">Sono <span class=\"_ _3d\"> </span>considerate <span class=\"_ _37\"> </span>collegate, <span class=\"_ _3d\"> </span>cio\u00e8 <span class=\"_ _3d\"> </span>sottoposte <span class=\"_ _37\"> </span>ad <span class=\"_ _3d\"> </span>influenza <span class=\"_ _3d\"> </span>notevole, <span class=\"_ _3d\"> </span>le <span class=\"_ _37\"> </span>imprese <span class=\"_ _3d\"> </span>nelle <span class=\"_ _3d\"> </span>quali <span class=\"_ _3d\"> </span>la<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs445\">capogruppo, <span class=\"_ _1\"></span>direttamente <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>indirettamente, <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>iede <span class=\"_ _1\"></span>almeno <span class=\"_ _1\"></span>il 20% <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>diritt<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>di vot<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>(ivi inc<span class=\"_ _1\"></span>lusi <span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs446\">diritti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>voto <span class=\"_ _1\"></span>\u201cpotenziali\u201d) <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>nelle <span class=\"_ _1\"></span>quali <span class=\"_ _1\"></span>\u2013 <span class=\"_ _1\"></span>pur <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>dirit<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>voto <span class=\"_ _1\"></span>inferiore <span class=\"_ _1\"></span>\u2013 <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>potere<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs447\">di <span class=\"_ _1\"></span>partecipare<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>determinazione <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>politiche <span class=\"_ _1\"></span>finanziarie <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>gestionali <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>partecipata <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>virt\u00f9<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs448\">di particolari legami giuridici quali la parte<span class=\"_ _1\"></span>cipazione a patti di sindacato.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs449\">Non <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>considerate <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ottoposte <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>d <span class=\"_ _3b\"></span>influenza n<span class=\"_ _2\"></span>otevole alc<span class=\"_ _2\"></span>une <span class=\"_ _2\"></span>interessenze <span class=\"_ _2\"></span>superiori <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>20%, nell<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs44a\">quali, <span class=\"_ _1\"></span>dirett<span class=\"_ _1\"></span>amente <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>indirettamente, <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>Gruppo <span class=\"_ _1\"></span>detiene <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>sclusivamente <span class=\"_ _1\"></span>diritt<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>patrimoniali <span class=\"_ _1\"></span>su <span class=\"_ _38\"></span>una<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs44b\">porzione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>frutti <span class=\"_ _38\"></span>degli <span class=\"_ _0\"></span>investimenti, <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>ha <span class=\"_ _38\"></span>accesso <span class=\"_ _0\"></span>alle <span class=\"_ _0\"></span>politic<span class=\"_ _2\"></span>he <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>pu\u00f2 <span class=\"_ _0\"></span>esercitare<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs44c\">diritti di governance limitati alla tutela degli interessi patrimoniali.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs44d\">Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs44e\">Le <span class=\"_ _38\"></span>partecipazioni <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>societ\u00e0 <span class=\"_ _38\"></span>collegate<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>rollate <span class=\"_ _38\"></span>congi<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs44f\">untamente <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>valutate<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>meto<span class=\"_ _1\"></span>do<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs450\">del patrimonio netto.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs451\">Se  esistono  evidenze  che  il  valore  di  una  p<span class=\"_ _2\"></span>artecipazione  possa  aver  subito  una  riduzione,  si<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs452\">procede <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>tima <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>valore <span class=\"_ _38\"></span>recuperabile <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>par<span class=\"_ _1\"></span>tecipazione <span class=\"_ _38\"></span>stessa, <span class=\"_ _38\"></span>tene<span class=\"_ _1\"></span>ndo <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>valore<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs453\">attuale <span class=\"_ _36\"> </span>dei <span class=\"_ _36\"> </span>flussi <span class=\"_ _36\"> </span>finanziari <span class=\"_ _37\"> </span>futuri <span class=\"_ _36\"> </span>che <span class=\"_ _36\"> </span>la <span class=\"_ _36\"> </span>partecipazione <span class=\"_ _36\"> </span>potr\u00e0 <span class=\"_ _36\"> </span>generare, <span class=\"_ _36\"> </span>incluso <span class=\"_ _36\"> </span>il <span class=\"_ _36\"> </span>valore <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs454\">dismissione finale dell\u2019investimento.<span class=\"_ _3a1\"> </span> </div>Qualora <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>recupero<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>risulti <span class=\"_ _0\"></span>inf<span class=\"_ _2\"></span>eriore<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>contabile, <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>relativa <span class=\"_ _38\"></span>differenza <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>rilevat<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>a<span class=\"_ _3a1\"> </span> conto e<span class=\"_ _3a1\"> </span>conomico.<span class=\"_ _3a1\"> </span> Qualora <span class=\"_ _3f\"> </span>i <span class=\"_ _39\"> </span>motivi <span class=\"_ _3f\"> </span>della <span class=\"_ _39\"> </span>perdita <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>valore <span class=\"_ _39\"> </span>s<span class=\"_ _1\"></span>iano <span class=\"_ _39\"> </span>rimossi <span class=\"_ _3f\"> </span>a <span class=\"_ _3f\"> </span>segu<span class=\"_ _2\"></span>ito <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>un <span class=\"_ _3f\"> </span>evento <span class=\"_ _3f\"> </span>verificatosi<span class=\"_ _3a1\"> </span> successivamente alla <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevazione della <span class=\"_ _3b\"></span>riduzione di <span class=\"_ _3b\"></span>valore<span class=\"_ _1\"></span>, vengono <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffettuate riprese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore co<span class=\"_ _2\"></span>n<span class=\"_ _3a1\"> </span> imputazione <span class=\"_ _36\"> </span>a <span class=\"_ _36\"> </span>cont<span class=\"_ _1\"></span>o <span class=\"_ _36\"> </span>econom<span class=\"_ _1\"></span>ico <span class=\"_ _36\"> </span>che <span class=\"_ _36\"> </span>non <span class=\"_ _36\"> </span>poss<span class=\"_ _1\"></span>ono <span class=\"_ _36\"> </span>eccedere <span class=\"_ _39\"> </span>l\u2019ammontare <span class=\"_ _36\"> </span>delle <span class=\"_ _36\"> </span>perdite<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>da<span class=\"_ _3a1\"> </span> impairment in precedenza registrate.<span class=\"_ _3a1\"> </span> Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span> Le  partecipazioni<span class=\"_ _2\"></span>  vengono  can<span class=\"_ _2\"></span>cellate  quando <span class=\"_ _35\"> </span>scadono  i  d<span class=\"_ _2\"></span>irit<span class=\"_ _3a1\"> </span>ti  c<span class=\"_ _2\"></span>ontrattuali  sui  f<span class=\"_ _2\"></span>lussi  finanziar<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span> derivati <span class=\"_ _49\"> </span>dalle <span class=\"_ _43\"> </span>attivit\u00e0 <span class=\"_ _49\"> </span>stesse <span class=\"_ _43\"> </span>o <span class=\"_ _49\"> </span>quando <span class=\"_ _43\"> </span>l\u2019attivit\u00e0 <span class=\"_ _49\"> </span>finanziaria <span class=\"_ _49\"> </span>viene <span class=\"_ _43\"> </span>ce<span class=\"_ _1\"></span>duta <span class=\"_ _43\"> </span>trasferendo<span class=\"_ _3a1\"> </span> sostanzialmente tutti i rischi e benefici ad essa connessi.<span class=\"_ _3a1\"> </span> Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"_ _3a1\"> </span>Le dif<span class=\"_ _2\"></span>ferenze negative <span class=\"_ _3b\"></span>di prima i<span class=\"_ _3b\"></span>scr<span class=\"_ _1\"></span>izione, gl<span class=\"_ _2\"></span>i util<span class=\"_ _2\"></span>i e <span class=\"_ _2\"></span>le<span class=\"_ _3a1\"> </span> perdite <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lle par<span class=\"_ _2\"></span>tecipate realizzate, <span class=\"_ _3b\"></span>le perdite<span class=\"_ _3a1\"> </span> da i<span class=\"_ _2\"></span>mpairment e le <span class=\"_ _3b\"></span>riprese di v<span class=\"_ _2\"></span>alore<span class=\"_ _1\"></span> vengono <span class=\"_ _3b\"></span>allocate nella v<span class=\"_ _2\"></span>oce d<span class=\"_ _2\"></span>i conto <span class=\"_ _2\"></span>economico \u201cUtili <span class=\"_ _2\"></span>(Perdite)<span class=\"_ _3a1\"> </span> delle partecipazioni\u201d, mentre i <span class=\"_ _2\"></span>divi<span class=\"_ _2\"></span>dendi incassati vengono allocati <span class=\"_ _2\"></span>nella voce \u201c<span class=\"_ _2\"></span>Dividendi e proventi<span class=\"_ _3a1\"> </span> simili\u201d nel momento in cui sorge il diritto a riceverne <span class=\"_ _1\"></span>il pagamento.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-831": {
   "value": "5 \u2013 Par<span class=\"_ _1\"></span>tecipazion<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span> Crite<span class=\"_ _3a1\"> </span>ri di iscrizione  Le <span class=\"_ _37\"> </span>par<span class=\"_ _3a1\"> </span>tecipazioni <span class=\"_ _37\"> </span>sono <span class=\"_ _36\"> </span>iscritte <span class=\"_ _37\"> </span>alla <span class=\"_ _37\"> </span>dat<span class=\"_ _1\"></span>a <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>regolamento. <span class=\"_ _37\"> </span>All\u2019atto <span class=\"_ _37\"> </span>della <span class=\"_ _36\"> </span>rilevazione <span class=\"_ _36\"> </span>iniziale <span class=\"_ _37\"> </span>le<span class=\"_ _3a1\"> </span> interessenze <span class=\"_ _3f\"> </span>partecipative <span class=\"_ _39\"> </span>sono <span class=\"_ _3f\"> </span>contabilizz<span class=\"_ _2\"></span>ate <span class=\"_ _3f\"> </span>al <span class=\"_ _39\"> </span>costo, <span class=\"_ _3f\"> </span>comprensivo <span class=\"_ _39\"> </span>dei <span class=\"_ _3f\"> </span>costi <span class=\"_ _39\"> </span>o <span class=\"_ _3f\"> </span>proven<span class=\"_ _2\"></span>ti<span class=\"_ _3a1\"> </span> direttamente attribuibili alla transazione.<span class=\"_ _3a1\"> </span> Criteri di classifi<span class=\"_ _1\"></span>cazione<span class=\"_ _3a1\"> </span> La voce include le interessenze detenute in societ\u00e0 <span class=\"_ _1\"></span>controllate congiuntamente e collegate.<span class=\"_ _3a1\"> </span> Sono <span class=\"_ _38\"></span>considerate <span class=\"_ _38\"></span>controllate <span class=\"_ _1\"></span>congiuntamente <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>imprese <span class=\"_ _1\"></span>nelle <span class=\"_ _38\"></span>quali <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>diritti <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>voto <span class=\"_ _1\"></span>ed <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>controllo<span class=\"_ _3a1\"> </span> dell\u2019attivit\u00e0 <span class=\"_ _48\"> </span>econom<span class=\"_ _1\"></span>ica <span class=\"_ _48\"> </span>della <span class=\"_ _48\"> </span>part<span class=\"_ _1\"></span>ecipata <span class=\"_ _48\"> </span>s<span class=\"_ _1\"></span>ono <span class=\"_ _48\"> </span>condivisi <span class=\"_ _48\"> </span>in <span class=\"_ _17e\"> </span>modo <span class=\"_ _17e\"> </span>paritetico <span class=\"_ _17e\"> </span>da <span class=\"_ _48\"> </span>Cr<span class=\"_ _1\"></span>edem,<span class=\"_ _3a1\"> </span> direttamente o indirettamente, e da un altro soggetto. In<span class=\"_ _2\"></span>oltre viene qualificato come sottoposto a<span class=\"_ _3a1\"> </span> controllo congiunto <span class=\"_ _3b\"></span>un investimento pa<span class=\"_ _2\"></span>rtecipativo nel <span class=\"_ _3b\"></span>quale, pur <span class=\"_ _3b\"></span>in assenza di <span class=\"_ _3b\"></span>una quota p<span class=\"_ _2\"></span>aritetica<span class=\"_ _3a1\"> </span> di <span class=\"_ _0\"></span>diritti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>voto, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>controllo <span class=\"_ _0\"></span>sull\u2019attivit\u00e0 <span class=\"_ _0\"></span>economica <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sugli <span class=\"_ _0\"></span>indirizzi <span class=\"_ _0\"></span>strategici <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>partecipata <span class=\"_ _0\"></span>\u00e8<span class=\"_ _3a1\"> </span> condiviso con altri soggetti in virt\u00f9 di accordi contr<span class=\"_ _1\"></span>attuali.<span class=\"_ _3a1\"> </span> Sono <span class=\"_ _3d\"> </span>considerate <span class=\"_ _37\"> </span>collegate, <span class=\"_ _3d\"> </span>cio\u00e8 <span class=\"_ _3d\"> </span>sottoposte <span class=\"_ _37\"> </span>ad <span class=\"_ _3d\"> </span>influenza <span class=\"_ _3d\"> </span>notevole, <span class=\"_ _3d\"> </span>le <span class=\"_ _37\"> </span>imprese <span class=\"_ _3d\"> </span>nelle <span class=\"_ _3d\"> </span>quali <span class=\"_ _3d\"> </span>la<span class=\"_ _3a1\"> </span> capogruppo, <span class=\"_ _1\"></span>direttamente <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>indirettamente, <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>iede <span class=\"_ _1\"></span>almeno <span class=\"_ _1\"></span>il 20% <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>diritt<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>di vot<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>(ivi inc<span class=\"_ _1\"></span>lusi <span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span> diritti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>voto <span class=\"_ _1\"></span>\u201cpotenziali\u201d) <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>nelle <span class=\"_ _1\"></span>quali <span class=\"_ _1\"></span>\u2013 <span class=\"_ _1\"></span>pur <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>una <span class=\"_ _38\"></span>quota <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>dirit<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>voto <span class=\"_ _1\"></span>inferiore <span class=\"_ _1\"></span>\u2013 <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>potere<span class=\"_ _3a1\"> </span> di <span class=\"_ _1\"></span>partecipare<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>determinazione <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>politiche <span class=\"_ _1\"></span>finanziarie <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>gestionali <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>partecipata <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>virt\u00f9<span class=\"_ _3a1\"> </span> di particolari legami giuridici quali la parte<span class=\"_ _1\"></span>cipazione a patti di sindacato.<span class=\"_ _3a1\"> </span> Non <span class=\"_ _2\"></span>sono <span class=\"_ _2\"></span>considerate <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ottoposte <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>d <span class=\"_ _3b\"></span>influenza n<span class=\"_ _2\"></span>otevole alc<span class=\"_ _2\"></span>une <span class=\"_ _2\"></span>interessenze <span class=\"_ _2\"></span>superiori <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>20%, nell<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span> quali, <span class=\"_ _1\"></span>dirett<span class=\"_ _1\"></span>amente <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>indirettamente, <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>Gruppo <span class=\"_ _1\"></span>detiene <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>sclusivamente <span class=\"_ _1\"></span>diritt<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>patrimoniali <span class=\"_ _1\"></span>su <span class=\"_ _38\"></span>una<span class=\"_ _3a1\"> </span> porzione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>frutti <span class=\"_ _38\"></span>degli <span class=\"_ _0\"></span>investimenti, <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>ha <span class=\"_ _38\"></span>accesso <span class=\"_ _0\"></span>alle <span class=\"_ _0\"></span>politic<span class=\"_ _2\"></span>he <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>pu\u00f2 <span class=\"_ _0\"></span>esercitare<span class=\"_ _3a1\"> </span> diritti di governance limitati alla tutela degli interessi patrimoniali.<span class=\"_ _3a1\"> </span> Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span> Le <span class=\"_ _38\"></span>partecipazioni <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>societ\u00e0 <span class=\"_ _38\"></span>collegate<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>rollate <span class=\"_ _38\"></span>congi<span class=\"_ _3a1\"> </span>untamente <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>valutate<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>meto<span class=\"_ _1\"></span>do<span class=\"_ _3a1\"> </span> del patrimonio netto.<span class=\"_ _3a1\"> </span> Se  esistono  evidenze  che  il  valore  di  una  p<span class=\"_ _2\"></span>artecipazione  possa  aver  subito  una  riduzione,  si<span class=\"_ _3a1\"> </span> procede <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>tima <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>valore <span class=\"_ _38\"></span>recuperabile <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>par<span class=\"_ _1\"></span>tecipazione <span class=\"_ _38\"></span>stessa, <span class=\"_ _38\"></span>tene<span class=\"_ _1\"></span>ndo <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>valore<span class=\"_ _3a1\"> </span> attuale <span class=\"_ _36\"> </span>dei <span class=\"_ _36\"> </span>flussi <span class=\"_ _36\"> </span>finanziari <span class=\"_ _37\"> </span>futuri <span class=\"_ _36\"> </span>che <span class=\"_ _36\"> </span>la <span class=\"_ _36\"> </span>partecipazione <span class=\"_ _36\"> </span>potr\u00e0 <span class=\"_ _36\"> </span>generare, <span class=\"_ _36\"> </span>incluso <span class=\"_ _36\"> </span>il <span class=\"_ _36\"> </span>valore <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span> dismissione finale dell\u2019investimento.<span class=\"_ _3a1\"> </span> Qualora <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>recupero<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>risulti <span class=\"_ _0\"></span>inf<span class=\"_ _2\"></span>eriore<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>contabile, <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>relativa <span class=\"_ _38\"></span>differenza <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>rilevat<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>a<span class=\"_ _3a1\"> </span>conto e<span class=\"_ _3a1\"> </span>conomico.<span class=\"_ _3a1\"> </span>Qualora <span class=\"_ _3f\"> </span>i <span class=\"_ _39\"> </span>motivi <span class=\"_ _3f\"> </span>della <span class=\"_ _39\"> </span>perdita <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>valore <span class=\"_ _39\"> </span>s<span class=\"_ _1\"></span>iano <span class=\"_ _39\"> </span>rimossi <span class=\"_ _3f\"> </span>a <span class=\"_ _3f\"> </span>segu<span class=\"_ _2\"></span>ito <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>un <span class=\"_ _3f\"> </span>evento <span class=\"_ _3f\"> </span>verificatosi<span class=\"_ _3a1\"> </span>successivamente alla <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevazione della <span class=\"_ _3b\"></span>riduzione di <span class=\"_ _3b\"></span>valore<span class=\"_ _1\"></span>, vengono <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffettuate riprese <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>valore co<span class=\"_ _2\"></span>n<span class=\"_ _3a1\"> </span>imputazione <span class=\"_ _36\"> </span>a <span class=\"_ _36\"> </span>cont<span class=\"_ _1\"></span>o <span class=\"_ _36\"> </span>econom<span class=\"_ _1\"></span>ico <span class=\"_ _36\"> </span>che <span class=\"_ _36\"> </span>non <span class=\"_ _36\"> </span>poss<span class=\"_ _1\"></span>ono <span class=\"_ _36\"> </span>eccedere <span class=\"_ _39\"> </span>l\u2019ammontare <span class=\"_ _36\"> </span>delle <span class=\"_ _36\"> </span>perdite<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>da<span class=\"_ _3a1\"> </span>impairment in precedenza registrate.<span class=\"_ _3a1\"> </span>Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span>Le  partecipazioni<span class=\"_ _2\"></span>  vengono  can<span class=\"_ _2\"></span>cellate  quando <span class=\"_ _35\"> </span>scadono  i  d<span class=\"_ _2\"></span>irit<span class=\"_ _3a1\"> </span>ti  c<span class=\"_ _2\"></span>ontrattuali  sui  f<span class=\"_ _2\"></span>lussi  finanziar<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span>derivati <span class=\"_ _49\"> </span>dalle <span class=\"_ _43\"> </span>attivit\u00e0 <span class=\"_ _49\"> </span>stesse <span class=\"_ _43\"> </span>o <span class=\"_ _49\"> </span>quando <span class=\"_ _43\"> </span>l\u2019attivit\u00e0 <span class=\"_ _49\"> </span>finanziaria <span class=\"_ _49\"> </span>viene <span class=\"_ _43\"> </span>ce<span class=\"_ _1\"></span>duta <span class=\"_ _43\"> </span>trasferendo<span class=\"_ _3a1\"> </span>sostanzialmente tutti i rischi e benefici ad essa connessi.<span class=\"_ _3a1\"> </span>Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"_ _3a1\"> </span>Le dif<span class=\"_ _2\"></span>ferenze negative <span class=\"_ _3b\"></span>di prima i<span class=\"_ _3b\"></span>scr<span class=\"_ _1\"></span>izione, gl<span class=\"_ _2\"></span>i util<span class=\"_ _2\"></span>i e <span class=\"_ _2\"></span>le<span class=\"_ _3a1\"> </span>perdite <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lle par<span class=\"_ _2\"></span>tecipate realizzate, <span class=\"_ _3b\"></span>le perdite<span class=\"_ _3a1\"> </span>da i<span class=\"_ _2\"></span>mpairment e le <span class=\"_ _3b\"></span>riprese di v<span class=\"_ _2\"></span>alore<span class=\"_ _1\"></span> vengono <span class=\"_ _3b\"></span>allocate nella v<span class=\"_ _2\"></span>oce d<span class=\"_ _2\"></span>i conto <span class=\"_ _2\"></span>economico \u201cUtili <span class=\"_ _2\"></span>(Perdite)<span class=\"_ _3a1\"> </span>delle partecipazioni\u201d, mentre i <span class=\"_ _2\"></span>divi<span class=\"_ _2\"></span>dendi incassati vengono allocati <span class=\"_ _2\"></span>nella voce \u201c<span class=\"_ _2\"></span>Dividendi e proventi<span class=\"_ _3a1\"> </span>simili\u201d nel momento in cui sorge il diritto a riceverne <span class=\"_ _1\"></span>il pagamento.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-772": {
   "value": "<div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs469\">6 - Atti<span class=\"_ _1\"></span>vit\u00e0 mate<span class=\"_ _1\"></span>riali<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs46a\">Criter</div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs46b\">i di iscrizione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs46c\">Le att<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs46d\">ivit\u00e0 materiali so<span class=\"_ _1\"></span>no inizialmente <span class=\"_ _1\"></span>iscritte al costo <span class=\"_ _1\"></span>che comprende, <span class=\"_ _1\"></span>oltre al <span class=\"_ _1\"></span>prezzo di <span class=\"_ _1\"></span>acquisto,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs46e\">tutti <span class=\"_ _1\"></span>gli e<span class=\"_ _1\"></span>ventuali <span class=\"_ _1\"></span>oneri <span class=\"_ _1\"></span>accessori direttame<span class=\"_ _1\"></span>nte imputabili <span class=\"_ _1\"></span>all\u2019acquisto <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>messa <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>funzione <span class=\"_ _1\"></span>del<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs46f\">bene.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs470\">Le <span class=\"_ _0\"></span>spese <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>manute<span class=\"_ _1\"></span>nzione <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>traordinaria <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>comportano <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>incremento <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>benefici <span class=\"_ _38\"></span>econom<span class=\"_ _1\"></span>ici<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs471\">futuri <span class=\"_ _3b\"></span>vengono imputate <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>d <span class=\"_ _3b\"></span>increment<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>valore d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>cespiti, <span class=\"_ _2\"></span>mentre <span class=\"_ _2\"></span>gli <span class=\"_ _3b\"></span>altr<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>costi di <span class=\"_ _3b\"></span>manutenzione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs472\">ordinaria sono rilevati a Conto Economico.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs473\">I <span class=\"_ _1\"></span>contratti <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>leasing <span class=\"_ _1\"></span>(in <span class=\"_ _1\"></span>qualit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>locatario) <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _1\"></span>contabilizzati <span class=\"_ _1\"></span>applicando <span class=\"_ _1\"></span>l\u2019IFRS <span class=\"_ _1\"></span>16 <span class=\"_ _38\"></span>sulla <span class=\"_ _1\"></span>base <span class=\"_ _38\"></span>del<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs474\">cosiddetto <span class=\"_ _2\"></span>modello <span class=\"_ _3b\"></span>del <span class=\"_ _2\"></span>diritto <span class=\"_ _2\"></span>d\u2019uso <span class=\"_ _3b\"></span>(\u201cright of<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>use\u201d). Alla <span class=\"_ _3b\"></span>data <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevazione <span class=\"_ _3b\"></span>iniziale <span class=\"_ _2\"></span>pertanto <span class=\"_ _3b\"></span>il <span class=\"_ _2\"></span>valore<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs475\">del <span class=\"_ _3b\"></span>diritt<span class=\"_ _1\"></span>o d<span class=\"_ _2\"></span>\u2019uso <span class=\"_ _3b\"></span>\u00e8 determinato <span class=\"_ _3b\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>valor<span class=\"_ _1\"></span>e <span class=\"_ _3b\"></span>di iscrizione <span class=\"_ _3b\"></span>iniziale <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lla <span class=\"_ _3b\"></span>P<span class=\"_ _1\"></span>assivit\u00e0 <span class=\"_ _3b\"></span>per leasing, <span class=\"_ _3b\"></span>corretto<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs476\">per le seguenti componenti:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs477\">\u2022 i <span class=\"_ _3b\"></span>pagamenti dovuti per <span class=\"_ _2\"></span>il l<span class=\"_ _2\"></span>easing effettuati alla <span class=\"_ _3b\"></span>data o prima <span class=\"_ _2\"></span>della d<span class=\"_ _2\"></span>ata di <span class=\"_ _3b\"></span>decor<span class=\"_ _1\"></span>renza al <span class=\"_ _2\"></span>netto degl<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs478\">incentivi al leasing ricevuti;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs479\">\u2022 i costi iniziali diretti sostenuti dal locatar<span class=\"_ _1\"></span>io;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs47a\">\u2022<span class=\"_ _48\"> </span>la <span class=\"_ _37\"> </span>stima <span class=\"_ _37\"> </span>dei <span class=\"_ _37\"> </span>costi <span class=\"_ _37\"> </span>che <span class=\"_ _37\"> </span>il <span class=\"_ _37\"> </span>locatario <span class=\"_ _3d\"> </span>dovr\u00e0 <span class=\"_ _37\"> </span>soste<span class=\"_ _1\"></span>nere <span class=\"_ _37\"> </span>per <span class=\"_ _3d\"> </span>lo <span class=\"_ _37\"> </span>smante<span class=\"_ _1\"></span>llamento <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>rimozione<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs47b\">dell\u2019attivit\u00e0 <span class=\"_ _35\"> </span>sottostante <span class=\"_ _35\"> </span>e  p<span class=\"_ _2\"></span>er <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>ripristino <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>sito <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>ubicata <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>ripristino <span class=\"_ _35\"> </span>dell'attivit\u00e0<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs47c\">sottostante nelle condizioni previste dai termini e <span class=\"_ _1\"></span>dalle condizioni del leasing.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs47d\">Nell\u2019identificazione <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>diritti <span class=\"_ _3d\"> </span>d\u2019uso, <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>Gruppo <span class=\"_ _3d\"> </span>Credem <span class=\"_ _3d\"> </span>applica <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>\u201csemplificazioni\u201d <span class=\"_ _3d\"> </span>consent<span class=\"_ _1\"></span>ite<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs47e\">dall\u2019IFRS 16 e quindi non sono considerati i contratti ave<span class=\"_ _1\"></span>nti caratteristiche:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs47f\">\u2022<span class=\"_ _3d\"> </span>Leasing <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>breve <span class=\"_ _1\"></span>durata, ovvero <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>leasing <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>breve <span class=\"_ _1\"></span>durata \u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>un leas<span class=\"_ _1\"></span>ing che, <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>iniziale, <span class=\"_ _1\"></span>ha<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs480\">una durata uguale o inferiore ai 12 mesi;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs481\">\u2022 Leasing <span class=\"_ _3b\"></span>\u201clow-value\u201d, ovvero Leasing <span class=\"_ _3b\"></span>il cui asset presenta <span class=\"_ _3b\"></span>un valore pari o <span class=\"_ _3b\"></span>inferiore ad <span class=\"_ _3b\"></span>Euro<span class=\"_ _1\"></span> 5.000.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs482\">Criteri di <span class=\"_ _184\"></span>class<span class=\"_ _1\"></span>ificazione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs483\">Le at<span class=\"_ _1\"></span>tivit\u00e0 materiali <span class=\"_ _1\"></span>comprendono i <span class=\"_ _1\"></span>terreni, gli imm<span class=\"_ _1\"></span>obili s</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs484\">trumentali, <span class=\"_ _1\"></span>gli invest<span class=\"_ _1\"></span>imenti immobiliari, il<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs485\">patrimonio <span class=\"_ _0\"> </span>artis<span class=\"_ _1\"></span>tico <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>pregio, <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>impianti <span class=\"_ _0\"></span>tecnici, <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>mobili <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>gli <span class=\"_ _0\"></span>arredi <span class=\"_ _0\"> </span>nonch\u00e9<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>le <span class=\"_ _35\"> </span>attrezzature <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs486\">qualsiasi <span class=\"_ _0\"></span>tipo <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>ritiene <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>utilizzare <span class=\"_ _0\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>periodo. <span class=\"_ _0\"></span>Le <span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _0\"></span>materiali <span class=\"_ _0\"></span>detenute <span class=\"_ _0\"></span>per<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs487\">essere utilizzate nella produzione o nella fornitura di <span class=\"_ _3b\"></span>be<span class=\"_ _1\"></span>ni e servizi <span class=\"_ _2\"></span>sono classificate come \u201cattivit\u00e0<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs488\">ad <span class=\"_ _35\"> </span>uso  funzional<span class=\"_ _2\"></span>e\u201d  secondo <span class=\"_ _35\"> </span>lo <span class=\"_ _35\"> </span>IAS <span class=\"_ _35\"> </span>16.  Gli <span class=\"_ _35\"> </span>immobili <span class=\"_ _35\"> </span>posseduti <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>finalit\u00e0  di <span class=\"_ _35\"> </span>investimento <span class=\"_ _35\"> </span>(per<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs489\">conseguire <span class=\"_ _3b\"></span>canoni di <span class=\"_ _3b\"></span>locazione <span class=\"_ _3b\"></span>o <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>l\u2019apprezzamento <span class=\"_ _3b\"></span>del cap<span class=\"_ _2\"></span>itale <span class=\"_ _3b\"></span>invest<span class=\"_ _1\"></span>ito) <span class=\"_ _3b\"></span>sono <span class=\"_ _2\"></span>classificati <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>me<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs48a\">\u201cattivit\u00e0 detenute a scopo di invest<span class=\"_ _1\"></span>imento\u201d in base allo IAS 40.<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs48b\">La  voce <span class=\"_ _3d\"> </span>accoglie <span class=\"_ _3d\"> </span>anche  attivit\u00e0 <span class=\"_ _3d\"> </span>materiali <span class=\"_ _3d\"> </span>classificate <span class=\"_ _3d\"> </span>in  base  allo <span class=\"_ _3d\"> </span>IAS <span class=\"_ _3d\"> </span>2  - <span class=\"_ _3d\"> </span>Rimanenze, <span class=\"_ _3d\"> </span>che  si<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs48c\">riferiscono <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>beni <span class=\"_ _0\"></span>derivanti <span class=\"_ _0\"></span>dall\u2019attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>escussione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>garanzie <span class=\"_ _0\"> </span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>dall\u2019acquisto <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>asta <span class=\"_ _0\"></span>che<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs48d\">l\u2019impresa <span class=\"_ _37\"> </span>ha <span class=\"_ _36\"> </span>intenzione <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>vendere <span class=\"_ _36\"> </span>nel <span class=\"_ _37\"> </span>prossimo <span class=\"_ _36\"> </span>futuro, <span class=\"_ _37\"> </span>senza <span class=\"_ _37\"> </span>effe<span class=\"_ _1\"></span>ttuare <span class=\"_ _37\"> </span>rilevanti <span class=\"_ _36\"> </span>opere <span class=\"_ _37\"> </span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs48e\">ristrutturazione, <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>hanno <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>esupposti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>essere <span class=\"_ _1\"></span>classificati <span class=\"_ _1\"></span>nelle <span class=\"_ _1\"></span>cat<span class=\"_ _1\"></span>egorie <span class=\"_ _1\"></span>precedenti,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs48f\">sia al portafoglio immobiliare delle Societ\u00e0 immobiliari del Gruppo, compr<span class=\"_ _2\"></span>ensivo di aree edificabili,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs490\">immobili in <span class=\"_ _2\"></span>costruzione, immobili u<span class=\"_ _2\"></span>ltimati in vendita<span class=\"_ _2\"></span> e iniz<span class=\"_ _2\"></span>iative di <span class=\"_ _2\"></span>sviluppo immobiliare, acqu<span class=\"_ _2\"></span>istato<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs491\">e detenuto in un\u2019ottica di dismissione.<span class=\"_ _3a1\"> </span> </div>Sono, <span class=\"_ _3d\"> </span>infine, <span class=\"_ _37\"> </span>iscritt<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>nelle <span class=\"_ _37\"> </span>attivit\u00e0 <span class=\"_ _37\"> </span>materiali <span class=\"_ _37\"> </span>i <span class=\"_ _3d\"> </span>beni <span class=\"_ _37\"> </span>utilizzati <span class=\"_ _3d\"> </span>ne<span class=\"_ _1\"></span>ll\u2019ambito <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>contr<span class=\"_ _1\"></span>atti <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>leas<span class=\"_ _1\"></span>ing finanzi<span class=\"_ _3a1\"> </span>ario, ancorch\u00e9 la t<span class=\"_ _1\"></span>itolarit\u00e0 giuridica degli stessi rimanga alla societ\u00e0 locatrice. Criteri di valuta<span class=\"_ _1\"></span>zione Le attivit\u00e0 materiali sono valutate al costo, <span class=\"_ _1\"></span>dedotti eventuali ammortamenti e perdite di valore. Le <span class=\"_ _44\"> </span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _44\"> </span>materiali <span class=\"_ _44\"> </span>sono <span class=\"_ _44\"> </span>sist<span class=\"_ _1\"></span>ematicamente <span class=\"_ _44\"> </span>ammortizzate, <span class=\"_ _44\"> </span>adot<span class=\"_ _1\"></span>tando <span class=\"_ _44\"> </span>come <span class=\"_ _44\"> </span>cr<span class=\"_ _1\"></span>iterio <span class=\"_ _44\"> </span>di ammortamento  il <span class=\"_ _35\"> </span>metodo <span class=\"_ _35\"> </span>a  qu<span class=\"_ _2\"></span>ote  cos<span class=\"_ _2\"></span>tanti,  lu<span class=\"_ _2\"></span>ngo  l<span class=\"_ _2\"></span>a  l<span class=\"_ _2\"></span>oro  vita <span class=\"_ _35\"> </span>utile. <span class=\"_ _35\"> </span>Il  v<span class=\"_ _2\"></span>alore  ammortizzabile <span class=\"_ _35\"> </span>\u00e8 rappresentato <span class=\"_ _3f\"> </span>dal <span class=\"_ _3f\"> </span>costo <span class=\"_ _3f\"> </span>dei <span class=\"_ _39\"> </span>beni <span class=\"_ _3f\"> </span>al <span class=\"_ _3f\"> </span>netto <span class=\"_ _3f\"> </span>del <span class=\"_ _39\"> </span>valore <span class=\"_ _3f\"> </span>residuo <span class=\"_ _3f\"> </span>al <span class=\"_ _39\"> </span>t<span class=\"_ _1\"></span>ermine <span class=\"_ _3f\"> </span>del <span class=\"_ _3f\"> </span>processo <span class=\"_ _39\"> </span>di ammortamento, <span class=\"_ _36\"> </span>se <span class=\"_ _37\"> </span>significativo. <span class=\"_ _37\"> </span>Gli <span class=\"_ _36\"> </span>immobili <span class=\"_ _37\"> </span>vengono <span class=\"_ _37\"> </span>am<span class=\"_ _1\"></span>mortizzati <span class=\"_ _37\"> </span>per <span class=\"_ _36\"> </span>una <span class=\"_ _37\"> </span>quota <span class=\"_ _37\"> </span>ritenuta congrua <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>rappresent<span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>deperimento <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>cespiti <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>tempo <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>seguito <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>utilizzo, te<span class=\"_ _1\"></span>nuto conto delle spese di manutenzione di carattere straordinario, ch<span class=\"_ _2\"></span>e vengono portate ad incremento del valore dei cespiti Non vengono invece ammortizzati: <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _35\"> </span>terreni, <span class=\"_ _35\"> </span>siano <span class=\"_ _35\"> </span>essi <span class=\"_ _35\"> </span>stati <span class=\"_ _35\"> </span>acquisiti <span class=\"_ _35\"> </span>singolarmente <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>incorporati <span class=\"_ _35\"> </span>nel <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>fabbricati, <span class=\"_ _35\"> </span>in<span class=\"_ _3a1\"> </span></span>quanto hanno vita utile indefinita; <span class=\"_ _42\"> </span><span class=\"ff4\">il patr<span class=\"_ _1\"></span>imonio <span class=\"_ _1\"></span>artistico <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>pregio, <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>altri <span class=\"_ _1\"></span>beni <span class=\"_ _1\"></span>stor<span class=\"_ _1\"></span>ico <span class=\"_ _1\"></span>artistici e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>decorativi <span class=\"_ _1\"></span>in quanto <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>vita </span>utile <span class=\"_ _35\"> </span>non <span class=\"_ _0\"></span>pu\u00f2 <span class=\"_ _35\"> </span>essere <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>timata <span class=\"_ _0\"></span>ed <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>loro <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>normalmente <span class=\"_ _35\"> </span>destinato <span class=\"_ _35\"> </span>ad <span class=\"_ _0\"></span>aumentare <span class=\"_ _35\"> </span>nel tempo. Se <span class=\"_ _38\"></span>esiste <span class=\"_ _1\"></span>qualche <span class=\"_ _38\"></span>indicazione <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>dimostri <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>un\u2019att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _1\"></span>materiale <span class=\"_ _38\"></span>valutata <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>costo <span class=\"_ _1\"></span>possa <span class=\"_ _38\"></span>aver subito un<span class=\"_ _2\"></span>a perdita <span class=\"_ _2\"></span>di v<span class=\"_ _2\"></span>alore, si <span class=\"_ _3b\"></span>procede al c<span class=\"_ _2\"></span>onfronto t<span class=\"_ _2\"></span>ra il <span class=\"_ _3b\"></span>valore di <span class=\"_ _3b\"></span>carico del c<span class=\"_ _3b\"></span>es<span class=\"_ _1\"></span>pite ed <span class=\"_ _3b\"></span>il suo <span class=\"_ _3b\"></span>valore di recupero. Le eventuali rettifiche vengono rilevate a <span class=\"_ _1\"></span>Conto Econ<span class=\"_ _2\"></span>omico. Qualora vengano meno<span class=\"_ _1\"></span> i motivi che hanno portato alla r<span class=\"_ _1\"></span>ilevazione della perdita, si d\u00e0 luogo a<span class=\"_ _1\"></span>d una ripresa <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>valore, <span class=\"_ _3d\"> </span>che<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>non <span class=\"_ _3d\"> </span>pu\u00f2 <span class=\"_ _3d\"> </span>superare <span class=\"_ _37\"> </span>il <span class=\"_ _3d\"> </span>valore <span class=\"_ _3d\"> </span>che <span class=\"_ _3d\"> </span>l\u2019att<span class=\"_ _1\"></span>ivit\u00e0  avre<span class=\"_ _1\"></span>bbe <span class=\"_ _3d\"> </span>avuto, <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>netto <span class=\"_ _37\"> </span>degli ammortamenti calcolati, in assenza di precedenti perdite di valore. Per <span class=\"_ _0\"></span>quel <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>attiene <span class=\"_ _0\"></span>alle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>mat<span class=\"_ _1\"></span>eriali <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ilevate <span class=\"_ _0\"></span>ai <span class=\"_ _38\"></span>sensi <span class=\"_ _0\"></span>dello <span class=\"_ _38\"></span>IAS <span class=\"_ _0\"></span>2, <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>stesse <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>valutate<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>al<span class=\"_ _3b\"></span> minore <span class=\"_ _35\"> </span>tra <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>costo  ed <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>valor<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>netto <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>realizzo, <span class=\"_ _35\"> </span>fermo<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>restando <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>procede <span class=\"_ _35\"> </span>comunque <span class=\"_ _35\"> </span>al confronto <span class=\"_ _3d\"> </span>tra <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>valore <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>car<span class=\"_ _1\"></span>ico  del <span class=\"_ _37\"> </span>cespite  e<span class=\"_ _1\"></span>d <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>suo <span class=\"_ _3d\"> </span>valore <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>recupero <span class=\"_ _3d\"> </span>ove <span class=\"_ _3d\"> </span>esista <span class=\"_ _37\"> </span>qualche indicazione che dimostri che il bene possa aver<span class=\"_ _2\"></span> subito una perdita di valore. Le eventuali rettific<span class=\"_ _2\"></span>he vengono rilevate a conto economico. Criteri di cancel<span class=\"_ _1\"></span>lazione Un'attivit\u00e0 <span class=\"_ _1\"></span>materiale <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>liminata dallo <span class=\"_ _38\"></span>Stato <span class=\"_ _1\"></span>Patrimoniale al <span class=\"_ _1\"></span>momento <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>dismissione <span class=\"_ _38\"></span>o <span class=\"_ _1\"></span>quando il  b<span class=\"_ _2\"></span>ene  \u00e8  permanentemente  ritirato  dall<span class=\"_ _2\"></span>\u2019uso  e  dal<span class=\"_ _2\"></span>la  sua <span class=\"_ _35\"> </span>dismi<span class=\"_ _1\"></span>ssione  non  sono <span class=\"_ _35\"> </span>attesi  benefici economici futuri. Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali L\u2019allocazione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>componenti <span class=\"_ _0\"></span>reddituali <span class=\"_ _38\"></span>nelle <span class=\"_ _0\"></span>pert<span class=\"_ _1\"></span>inenti voci <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>nto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>avviene <span class=\"_ _0\"></span>sulla base di quanto riportato di seguito: <span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _3b\"></span>ammor<span class=\"_ _1\"></span>tamenti p<span class=\"_ _2\"></span>eriodici, <span class=\"_ _3b\"></span>le perdite <span class=\"_ _3b\"></span>durature di <span class=\"_ _3b\"></span>valore <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>le <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iprese <span class=\"_ _3b\"></span>di v<span class=\"_ _2\"></span>alore vengono <span class=\"_ _3b\"></span>allocate<span class=\"_ _3a1\"> </span></span>nella voce \u201cRettifiche/riprese di valore nette su attivit\u00e0 mater<span class=\"_ _1\"></span>iali\u201d; <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _0\"></span>profitti <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>perdite <span class=\"_ _38\"></span>derivanti <span class=\"_ _0\"></span>dalle <span class=\"_ _0\"></span>ope<span class=\"_ _2\"></span>razioni <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>cess<span class=\"_ _1\"></span>ione <span class=\"_ _0\"></span>veng<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>no <span class=\"_ _0\"></span>allocati <span class=\"_ _38\"></span>nella <span class=\"_ _0\"></span>voce <span class=\"_ _38\"></span>\u201c<span class=\"_ _1\"></span>Utili </span>(Perdite) da cessione di investimenti\u201d. 7 - Atti<span class=\"_ _1\"></span>vit\u00e0 immate<span class=\"_ _1\"></span>riali<span class=\"_ _3a1\"> </span> Criteri di iscrizione  Le at<span class=\"_ _1\"></span>tivit\u00e0 immateriali s<span class=\"_ _1\"></span>ono <span class=\"_ _1\"></span>iscritte come <span class=\"_ _1\"></span>tali se<span class=\"_ _1\"></span> sono <span class=\"_ _1\"></span>ide<span class=\"_ _3a1\"> </span>ntificabili e t<span class=\"_ _1\"></span>rovano origine <span class=\"_ _1\"></span>in diritt<span class=\"_ _1\"></span>i legali<span class=\"_ _3a1\"> </span> o contrattuali.<span class=\"_ _3a1\"> </span>Le <span class=\"_ _37\"> </span>pre<span class=\"_ _1\"></span>dette <span class=\"_ _37\"> </span>attivit\u00e0 <span class=\"_ _37\"> </span>sono <span class=\"_ _36\"> </span>iscritte <span class=\"_ _37\"> </span>ai <span class=\"_ _37\"> </span>costi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>acquisto, <span class=\"_ _37\"> </span>comprensivi <span class=\"_ _37\"> </span>degli <span class=\"_ _36\"> </span>oneri <span class=\"_ _37\"> </span>accessori <span class=\"_ _37\"> </span>ed<span class=\"_ _3a1\"> </span> aumentati <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>pese <span class=\"_ _0\"></span>success<span class=\"_ _1\"></span>ive <span class=\"_ _0\"></span>soste<span class=\"_ _1\"></span>nute <span class=\"_ _35\"> </span>p<span class=\"_ _2\"></span>er <span class=\"_ _35\"> </span>accrescerne <span class=\"_ _35\"> </span>i<span class=\"_ _3b\"></span>l <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>capacit\u00e0 <span class=\"_ _0\"> </span>pro<span class=\"_ _1\"></span>duttiva<span class=\"_ _3a1\"> </span>iniziale. <span class=\"_ _35\"> </span>Gli  avviamenti  sono  pari  al<span class=\"_ _2\"></span>la  diff<span class=\"_ _2\"></span>erenza  positiva  tra  gl<span class=\"_ _2\"></span>i  oneri  sostenuti <span class=\"_ _35\"> </span>per  acquisire  i<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> complessi <span class=\"_ _0\"></span>aziendali <span class=\"_ _38\"></span>sottostanti <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>pertinenti <span class=\"_ _0\"></span>quote <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>fai<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>val<span class=\"_ _3b\"></span>ue <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0, <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span> delle passivit\u00e0 potenziali acq<span class=\"_ _2\"></span>uisite. Qualora tale differenza risulti <span class=\"_ _3b\"></span>negativa (badwill) o nell\u2019ipotesi in<span class=\"_ _3a1\"> </span> cui <span class=\"_ _37\"> </span>il <span class=\"_ _36\"> </span>goodwill <span class=\"_ _36\"> </span>non <span class=\"_ _36\"> </span>trovi <span class=\"_ _36\"> </span>giustificazione <span class=\"_ _37\"> </span>ne<span class=\"_ _1\"></span>lle <span class=\"_ _36\"> </span>capacit\u00e0 <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>ddituali <span class=\"_ _37\"> </span>future <span class=\"_ _36\"> </span>della <span class=\"_ _36\"> </span>partecipata, <span class=\"_ _36\"> </span>la<span class=\"_ _3a1\"> </span> differenza stessa viene iscritta direttame<span class=\"_ _1\"></span>nte a conto economico.<span class=\"_ _3a1\"> </span>Criteri di classifi<span class=\"_ _1\"></span>cazione<span class=\"_ _3a1\"> </span> Il por<span class=\"_ _3a1\"> </span>tafoglio delle a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 immateriali in<span class=\"_ _2\"></span>clude i fat<span class=\"_ _2\"></span>tori intangibili<span class=\"_ _2\"></span> di produzione ad <span class=\"_ _2\"></span>utilit\u00e0 pl<span class=\"_ _2\"></span>uriennale<span class=\"_ _3a1\"> </span> rappresentati <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>particolare  da <span class=\"_ _3d\"> </span>software, <span class=\"_ _3d\"> </span>benefici  legat<span class=\"_ _1\"></span>i  alla <span class=\"_ _3d\"> </span>relazione <span class=\"_ _3d\"> </span>con <span class=\"_ _3d\"> </span>la  cliente<span class=\"_ _1\"></span>la  (client<span class=\"_ _3a1\"> </span> relationship) e avviamenti.<span class=\"_ _3a1\"> </span> Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span> Le <span class=\"_ _0\"></span>attiv<span class=\"_ _2\"></span>it\u00e0 <span class=\"_ _0\"></span>immateriali <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>durata <span class=\"_ _38\"></span>limitat<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>vengono<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>alutat<span class=\"_ _3a1\"> </span>e <span class=\"_ _38\"></span>secondo <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>principio <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>costo <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>netto<span class=\"_ _3a1\"> </span> degli <span class=\"_ _1\"></span>ammo<span class=\"_ _1\"></span>rtamenti <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>perdite <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>riduzioni <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>valore. <span class=\"_ _38\"></span>Gli <span class=\"_ _38\"></span>ammortame<span class=\"_ _1\"></span>nti <span class=\"_ _1\"></span>sono<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>durata <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ari<span class=\"_ _3a1\"> </span> alla <span class=\"_ _38\"></span>vita <span class=\"_ _0\"></span>utile <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>beni <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>ammo<span class=\"_ _1\"></span>rtizzare <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>basati <span class=\"_ _38\"></span>sul <span class=\"_ _0\"></span>metodo <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>ote <span class=\"_ _0\"></span>costanti. <span class=\"_ _38\"></span>Se<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>rico<span class=\"_ _2\"></span>rrono<span class=\"_ _3a1\"> </span> evidenze <span class=\"_ _39\"> </span>sintomatiche <span class=\"_ _3f\"> </span>dell\u2019esi<span class=\"_ _2\"></span>stenza <span class=\"_ _39\"> </span>di <span class=\"_ _3f\"> </span>perdite, <span class=\"_ _39\"> </span>le <span class=\"_ _39\"> </span>attivit\u00e0 <span class=\"_ _39\"> </span>immateriali <span class=\"_ _39\"> </span>sono <span class=\"_ _39\"> </span>sottoposte <span class=\"_ _3f\"> </span>ad<span class=\"_ _3a1\"> </span> impairment <span class=\"_ _3d\"> </span>test, <span class=\"_ _3d\"> </span>registrando <span class=\"_ _37\"> </span>le <span class=\"_ _3d\"> </span>eventuali <span class=\"_ _3d\"> </span>perdite <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>valore; <span class=\"_ _3d\"> </span>successive <span class=\"_ _3d\"> </span>riprese<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>valore <span class=\"_ _3d\"> </span>non<span class=\"_ _3a1\"> </span> possono eccedere l\u2019ammontare delle perdite da impairme<span class=\"_ _1\"></span>nt in precedenza registrate.<span class=\"_ _3a1\"> </span> Gli avviamenti <span class=\"_ _1\"></span>non so<span class=\"_ _1\"></span>no assoggettati <span class=\"_ _1\"></span>ad ammortamento, ma <span class=\"_ _1\"></span>vengono per<span class=\"_ _1\"></span>iodicamente sottoposti<span class=\"_ _3a1\"> </span> ad <span class=\"_ _0\"></span>impairme<span class=\"_ _1\"></span>nt <span class=\"_ _0\"></span>test. <span class=\"_ _35\"> </span>L\u2019eventuale <span class=\"_ _0\"></span>differenza <span class=\"_ _35\"> </span>negativa <span class=\"_ _0\"></span>tra <span class=\"_ _0\"> </span>il <span class=\"_ _35\"> </span>valore <span class=\"_ _0\"></span>recuperabile <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>ciascuna <span class=\"_ _35\"> </span>un<span class=\"_ _2\"></span>it\u00e0<span class=\"_ _3a1\"> </span> generatrice <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>(CGU) <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>quale <span class=\"_ _0\"></span>appartiene<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>det<span class=\"_ _1\"></span>erminato <span class=\"_ _35\"> </span>avv<span class=\"_ _2\"></span>iamento <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>valore<span class=\"_ _3a1\"> </span> contabile <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>medesima <span class=\"_ _38\"></span>costituisce <span class=\"_ _0\"></span>perdita <span class=\"_ _38\"></span>da <span class=\"_ _0\"></span>impai<span class=\"_ _2\"></span>rment. <span class=\"_ _38\"></span>Il <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>ore <span class=\"_ _0\"></span>recuperabile <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>na <span class=\"_ _0\"></span>CGU<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>\u2013<span class=\"_ _3a1\"> </span> che ne <span class=\"_ _1\"></span>rappresent<span class=\"_ _1\"></span>a una <span class=\"_ _1\"></span>stima <span class=\"_ _1\"></span>del valore <span class=\"_ _1\"></span>economico \u2013<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>i ragguaglia al <span class=\"_ _1\"></span>maggiore<span class=\"_ _1\"></span> tra <span class=\"_ _1\"></span>il valore<span class=\"_ _1\"></span> d\u2019uso<span class=\"_ _3a1\"> </span> (valore <span class=\"_ _0\"></span>attuale <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>flussi<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>cassa <span class=\"_ _0\"></span>attesi) <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>cambio <span class=\"_ _38\"></span>(pre<span class=\"_ _1\"></span>sumibile <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>cess<span class=\"_ _1\"></span>ione <span class=\"_ _38\"></span>al<span class=\"_ _3a1\"> </span> netto <span class=\"_ _36\"> </span>dei <span class=\"_ _36\"> </span>costi <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>t<span class=\"_ _1\"></span>ransazione). <span class=\"_ _37\"> </span>Event<span class=\"_ _1\"></span>uali <span class=\"_ _37\"> </span>success<span class=\"_ _1\"></span>ive <span class=\"_ _36\"> </span>riprese <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>valore<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>non <span class=\"_ _36\"> </span>possono <span class=\"_ _37\"> </span>es<span class=\"_ _1\"></span>sere<span class=\"_ _3a1\"> </span> registrate.<span class=\"_ _3a1\"> </span> Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span> Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3b\"></span>immateriali v<span class=\"_ _2\"></span>engono <span class=\"_ _3b\"></span>cancellate<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>dal <span class=\"_ _3b\"></span>bilancio <span class=\"_ _3b\"></span>qu<span class=\"_ _3a1\"> </span>ando <span class=\"_ _3b\"></span>ha<span class=\"_ _1\"></span>nno <span class=\"_ _2\"></span>esaurito <span class=\"_ _3b\"></span>inte<span class=\"_ _1\"></span>gralmente <span class=\"_ _3b\"></span>le <span class=\"_ _2\"></span>loro<span class=\"_ _3a1\"> </span> funzionalit\u00e0 <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>conomiche, <span class=\"_ _3b\"></span>ovvero nel <span class=\"_ _3b\"></span>momento <span class=\"_ _3b\"></span>della dismissione <span class=\"_ _3b\"></span>o <span class=\"_ _3b\"></span>qualora non <span class=\"_ _3b\"></span>sono <span class=\"_ _3b\"></span>attesi b<span class=\"_ _2\"></span>enefici<span class=\"_ _3a1\"> </span> economici futuri.<span class=\"_ _3a1\"> </span> Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"_ _3a1\"> </span> L\u2019allocazione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>componenti <span class=\"_ _0\"></span>reddituali <span class=\"_ _38\"></span>nelle <span class=\"_ _0\"></span>pert<span class=\"_ _1\"></span>inenti <span class=\"_ _0\"></span>voci <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>avviene <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ulla<span class=\"_ _3a1\"> </span> base di quanto riportato di seguito:<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _3b\"></span>ammor<span class=\"_ _1\"></span>tamenti p<span class=\"_ _2\"></span>eriodici, <span class=\"_ _3b\"></span>le perdite <span class=\"_ _3b\"></span>durature di <span class=\"_ _3b\"></span>valore <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>le <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iprese <span class=\"_ _3b\"></span>di v<span class=\"_ _2\"></span>alore vengono <span class=\"_ _3b\"></span>allocate<span class=\"_ _3a1\"> </span></span>nella voce \u201cRettifiche/riprese di valore nette su attivit\u00e0 immater<span class=\"_ _1\"></span>iali\u201d.<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">le perdite <span class=\"_ _1\"></span>durature di valore <span class=\"_ _1\"></span>dell\u2019avviamento vengono allocate <span class=\"_ _1\"></span>nella voce <span class=\"_ _1\"></span>\u201cRettifiche di valore<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>dell\u2019avviamento\u201d.  Non  \u00e8  ammessa  la  contabilizzazione  di <span class=\"_ _35\"> </span>e<span class=\"_ _1\"></span>ventuali  successive  riprese  di<span class=\"_ _3a1\"> </span> valore.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-801": {
   "value": "6 - Atti<span class=\"_ _1\"></span>vit\u00e0 mate<span class=\"_ _1\"></span>riali<span class=\"_ _3a1\"> </span> Criteri di iscrizione<span class=\"_ _3a1\"> </span> Le att<span class=\"_ _3a1\"> </span>ivit\u00e0 materiali so<span class=\"_ _1\"></span>no inizialmente <span class=\"_ _1\"></span>iscritte al costo <span class=\"_ _1\"></span>che comprende, <span class=\"_ _1\"></span>oltre al <span class=\"_ _1\"></span>prezzo di <span class=\"_ _1\"></span>acquisto,<span class=\"_ _3a1\"> </span> tutti <span class=\"_ _1\"></span>gli e<span class=\"_ _1\"></span>ventuali <span class=\"_ _1\"></span>oneri <span class=\"_ _1\"></span>accessori direttame<span class=\"_ _1\"></span>nte imputabili <span class=\"_ _1\"></span>all\u2019acquisto <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>messa <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>funzione <span class=\"_ _1\"></span>del<span class=\"_ _3a1\"> </span> bene.<span class=\"_ _3a1\"> </span> Le <span class=\"_ _0\"></span>spese <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>manute<span class=\"_ _1\"></span>nzione <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>traordinaria <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>comportano <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>incremento <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>benefici <span class=\"_ _38\"></span>econom<span class=\"_ _1\"></span>ici<span class=\"_ _3a1\"> </span> futuri <span class=\"_ _3b\"></span>vengono imputate <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>d <span class=\"_ _3b\"></span>increment<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>valore d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>cespiti, <span class=\"_ _2\"></span>mentre <span class=\"_ _2\"></span>gli <span class=\"_ _3b\"></span>altr<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>costi di <span class=\"_ _3b\"></span>manutenzione<span class=\"_ _3a1\"> </span> ordinaria sono rilevati a Conto Economico.<span class=\"_ _3a1\"> </span> I <span class=\"_ _1\"></span>contratti <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>leasing <span class=\"_ _1\"></span>(in <span class=\"_ _1\"></span>qualit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>locatario) <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _1\"></span>contabilizzati <span class=\"_ _1\"></span>applicando <span class=\"_ _1\"></span>l\u2019IFRS <span class=\"_ _1\"></span>16 <span class=\"_ _38\"></span>sulla <span class=\"_ _1\"></span>base <span class=\"_ _38\"></span>del<span class=\"_ _3a1\"> </span> cosiddetto <span class=\"_ _2\"></span>modello <span class=\"_ _3b\"></span>del <span class=\"_ _2\"></span>diritto <span class=\"_ _2\"></span>d\u2019uso <span class=\"_ _3b\"></span>(\u201cright of<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>use\u201d). Alla <span class=\"_ _3b\"></span>data <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevazione <span class=\"_ _3b\"></span>iniziale <span class=\"_ _2\"></span>pertanto <span class=\"_ _3b\"></span>il <span class=\"_ _2\"></span>valore<span class=\"_ _3a1\"> </span> del <span class=\"_ _3b\"></span>diritt<span class=\"_ _1\"></span>o d<span class=\"_ _2\"></span>\u2019uso <span class=\"_ _3b\"></span>\u00e8 determinato <span class=\"_ _3b\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>valor<span class=\"_ _1\"></span>e <span class=\"_ _3b\"></span>di iscrizione <span class=\"_ _3b\"></span>iniziale <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lla <span class=\"_ _3b\"></span>P<span class=\"_ _1\"></span>assivit\u00e0 <span class=\"_ _3b\"></span>per leasing, <span class=\"_ _3b\"></span>corretto<span class=\"_ _3a1\"> </span> per le seguenti componenti:<span class=\"_ _3a1\"> </span> \u2022 i <span class=\"_ _3b\"></span>pagamenti dovuti per <span class=\"_ _2\"></span>il l<span class=\"_ _2\"></span>easing effettuati alla <span class=\"_ _3b\"></span>data o prima <span class=\"_ _2\"></span>della d<span class=\"_ _2\"></span>ata di <span class=\"_ _3b\"></span>decor<span class=\"_ _1\"></span>renza al <span class=\"_ _2\"></span>netto degl<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span>incentivi al leasing ricevuti;<span class=\"_ _3a1\"> </span> \u2022 i costi iniziali diretti sostenuti dal locatar<span class=\"_ _1\"></span>io;<span class=\"_ _3a1\"> </span> \u2022<span class=\"_ _48\"> </span>la <span class=\"_ _37\"> </span>stima <span class=\"_ _37\"> </span>dei <span class=\"_ _37\"> </span>costi <span class=\"_ _37\"> </span>che <span class=\"_ _37\"> </span>il <span class=\"_ _37\"> </span>locatario <span class=\"_ _3d\"> </span>dovr\u00e0 <span class=\"_ _37\"> </span>soste<span class=\"_ _1\"></span>nere <span class=\"_ _37\"> </span>per <span class=\"_ _3d\"> </span>lo <span class=\"_ _37\"> </span>smante<span class=\"_ _1\"></span>llamento <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>rimozione<span class=\"_ _3a1\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _35\"> </span>sottostante <span class=\"_ _35\"> </span>e  p<span class=\"_ _2\"></span>er <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>ripristino <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>sito <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>ubicata <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>ripristino <span class=\"_ _35\"> </span>dell'attivit\u00e0<span class=\"_ _3a1\"> </span> sottostante nelle condizioni previste dai termini e <span class=\"_ _1\"></span>dalle condizioni del leasing.<span class=\"_ _3a1\"> </span> Nell\u2019identificazione <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>diritti <span class=\"_ _3d\"> </span>d\u2019uso, <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>Gruppo <span class=\"_ _3d\"> </span>Credem <span class=\"_ _3d\"> </span>applica <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>\u201csemplificazioni\u201d <span class=\"_ _3d\"> </span>consent<span class=\"_ _1\"></span>ite<span class=\"_ _3a1\"> </span> dall\u2019IFRS 16 e quindi non sono considerati i contratti ave<span class=\"_ _1\"></span>nti caratteristiche:<span class=\"_ _3a1\"> </span> \u2022<span class=\"_ _3d\"> </span>Leasing <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>breve <span class=\"_ _1\"></span>durata, ovvero <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>leasing <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>breve <span class=\"_ _1\"></span>durata \u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>un leas<span class=\"_ _1\"></span>ing che, <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>iniziale, <span class=\"_ _1\"></span>ha<span class=\"_ _3a1\"> </span>una durata uguale o inferiore ai 12 mesi;<span class=\"_ _3a1\"> </span> \u2022 Leasing <span class=\"_ _3b\"></span>\u201clow-value\u201d, ovvero Leasing <span class=\"_ _3b\"></span>il cui asset presenta <span class=\"_ _3b\"></span>un valore pari o <span class=\"_ _3b\"></span>inferiore ad <span class=\"_ _3b\"></span>Euro<span class=\"_ _1\"></span> 5.000.<span class=\"_ _3a1\"> </span> Criteri di <span class=\"_ _184\"></span>class<span class=\"_ _1\"></span>ificazione<span class=\"_ _3a1\"> </span> Le at<span class=\"_ _1\"></span>tivit\u00e0 materiali <span class=\"_ _1\"></span>comprendono i <span class=\"_ _1\"></span>terreni, gli imm<span class=\"_ _1\"></span>obili strumentali, <span class=\"_ _1\"></span>gli invest<span class=\"_ _1\"></span>imenti immobiliari, il<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> patrimonio <span class=\"_ _0\"> </span>artis<span class=\"_ _1\"></span>tico <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>pregio, <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>impianti <span class=\"_ _0\"></span>tecnici, <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>mobili <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>gli <span class=\"_ _0\"></span>arredi <span class=\"_ _0\"> </span>nonch\u00e9<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>le <span class=\"_ _35\"> </span>attrezzature <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> qualsiasi <span class=\"_ _0\"></span>tipo <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>ritiene <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>utilizzare <span class=\"_ _0\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>periodo. <span class=\"_ _0\"></span>Le <span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _0\"></span>materiali <span class=\"_ _0\"></span>detenute <span class=\"_ _0\"></span>per<span class=\"_ _3a1\"> </span> essere utilizzate nella produzione o nella fornitura di <span class=\"_ _3b\"></span>be<span class=\"_ _1\"></span>ni e servizi <span class=\"_ _2\"></span>sono classificate come \u201cattivit\u00e0<span class=\"_ _3a1\"> </span> ad <span class=\"_ _35\"> </span>uso  funzional<span class=\"_ _2\"></span>e\u201d  secondo <span class=\"_ _35\"> </span>lo <span class=\"_ _35\"> </span>IAS <span class=\"_ _35\"> </span>16.  Gli <span class=\"_ _35\"> </span>immobili <span class=\"_ _35\"> </span>posseduti <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>finalit\u00e0  di <span class=\"_ _35\"> </span>investimento <span class=\"_ _35\"> </span>(per<span class=\"_ _3a1\"> </span> conseguire <span class=\"_ _3b\"></span>canoni di <span class=\"_ _3b\"></span>locazione <span class=\"_ _3b\"></span>o <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>l\u2019apprezzamento <span class=\"_ _3b\"></span>del cap<span class=\"_ _2\"></span>itale <span class=\"_ _3b\"></span>invest<span class=\"_ _1\"></span>ito) <span class=\"_ _3b\"></span>sono <span class=\"_ _2\"></span>classificati <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>me<span class=\"_ _3a1\"> </span> \u201cattivit\u00e0 detenute a scopo di invest<span class=\"_ _1\"></span>imento\u201d in base allo IAS 40.<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> La  voce <span class=\"_ _3d\"> </span>accoglie <span class=\"_ _3d\"> </span>anche  attivit\u00e0 <span class=\"_ _3d\"> </span>materiali <span class=\"_ _3d\"> </span>classificate <span class=\"_ _3d\"> </span>in  base  allo <span class=\"_ _3d\"> </span>IAS <span class=\"_ _3d\"> </span>2  - <span class=\"_ _3d\"> </span>Rimanenze, <span class=\"_ _3d\"> </span>che  si<span class=\"_ _3a1\"> </span> riferiscono <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>beni <span class=\"_ _0\"></span>derivanti <span class=\"_ _0\"></span>dall\u2019attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>escussione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>garanzie <span class=\"_ _0\"> </span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>dall\u2019acquisto <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>asta <span class=\"_ _0\"></span>che<span class=\"_ _3a1\"> </span> l\u2019impresa <span class=\"_ _37\"> </span>ha <span class=\"_ _36\"> </span>intenzione <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>vendere <span class=\"_ _36\"> </span>nel <span class=\"_ _37\"> </span>prossimo <span class=\"_ _36\"> </span>futuro, <span class=\"_ _37\"> </span>senza <span class=\"_ _37\"> </span>effe<span class=\"_ _1\"></span>ttuare <span class=\"_ _37\"> </span>rilevanti <span class=\"_ _36\"> </span>opere <span class=\"_ _37\"> </span>di<span class=\"_ _3a1\"> </span> ristrutturazione, <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>hanno <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>esupposti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>essere <span class=\"_ _1\"></span>classificati <span class=\"_ _1\"></span>nelle <span class=\"_ _1\"></span>cat<span class=\"_ _1\"></span>egorie <span class=\"_ _1\"></span>precedenti,<span class=\"_ _3a1\"> </span> sia al portafoglio immobiliare delle Societ\u00e0 immobiliari del Gruppo, compr<span class=\"_ _2\"></span>ensivo di aree edificabili,<span class=\"_ _3a1\"> </span> immobili in <span class=\"_ _2\"></span>costruzione, immobili u<span class=\"_ _2\"></span>ltimati in vendita<span class=\"_ _2\"></span> e iniz<span class=\"_ _2\"></span>iative di <span class=\"_ _2\"></span>sviluppo immobiliare, acqu<span class=\"_ _2\"></span>istato<span class=\"_ _3a1\"> </span> e detenuto in un\u2019ottica di dismissione.<span class=\"_ _3a1\"> </span> Sono, <span class=\"_ _3d\"> </span>infine, <span class=\"_ _37\"> </span>iscritt<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>nelle <span class=\"_ _37\"> </span>attivit\u00e0 <span class=\"_ _37\"> </span>materiali <span class=\"_ _37\"> </span>i <span class=\"_ _3d\"> </span>beni <span class=\"_ _37\"> </span>utilizzati <span class=\"_ _3d\"> </span>ne<span class=\"_ _1\"></span>ll\u2019ambito <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>contr<span class=\"_ _1\"></span>atti <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>leas<span class=\"_ _1\"></span>ing finanzi<span class=\"_ _3a1\"> </span>ario, ancorch\u00e9 la t<span class=\"_ _1\"></span>itolarit\u00e0 giuridica degli stessi rimanga alla societ\u00e0 locatrice. Criteri di valuta<span class=\"_ _1\"></span>zione Le attivit\u00e0 materiali sono valutate al costo, <span class=\"_ _1\"></span>dedotti eventuali ammortamenti e perdite di valore. Le <span class=\"_ _44\"> </span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _44\"> </span>materiali <span class=\"_ _44\"> </span>sono <span class=\"_ _44\"> </span>sist<span class=\"_ _1\"></span>ematicamente <span class=\"_ _44\"> </span>ammortizzate, <span class=\"_ _44\"> </span>adot<span class=\"_ _1\"></span>tando <span class=\"_ _44\"> </span>come <span class=\"_ _44\"> </span>cr<span class=\"_ _1\"></span>iterio <span class=\"_ _44\"> </span>di ammortamento  il <span class=\"_ _35\"> </span>metodo <span class=\"_ _35\"> </span>a  qu<span class=\"_ _2\"></span>ote  cos<span class=\"_ _2\"></span>tanti,  lu<span class=\"_ _2\"></span>ngo  l<span class=\"_ _2\"></span>a  l<span class=\"_ _2\"></span>oro  vita <span class=\"_ _35\"> </span>utile. <span class=\"_ _35\"> </span>Il  v<span class=\"_ _2\"></span>alore  ammortizzabile <span class=\"_ _35\"> </span>\u00e8 rappresentato <span class=\"_ _3f\"> </span>dal <span class=\"_ _3f\"> </span>costo <span class=\"_ _3f\"> </span>dei <span class=\"_ _39\"> </span>beni <span class=\"_ _3f\"> </span>al <span class=\"_ _3f\"> </span>netto <span class=\"_ _3f\"> </span>del <span class=\"_ _39\"> </span>valore <span class=\"_ _3f\"> </span>residuo <span class=\"_ _3f\"> </span>al <span class=\"_ _39\"> </span>t<span class=\"_ _1\"></span>ermine <span class=\"_ _3f\"> </span>del <span class=\"_ _3f\"> </span>processo <span class=\"_ _39\"> </span>di ammortamento, <span class=\"_ _36\"> </span>se <span class=\"_ _37\"> </span>significativo. <span class=\"_ _37\"> </span>Gli <span class=\"_ _36\"> </span>immobili <span class=\"_ _37\"> </span>vengono <span class=\"_ _37\"> </span>am<span class=\"_ _1\"></span>mortizzati <span class=\"_ _37\"> </span>per <span class=\"_ _36\"> </span>una <span class=\"_ _37\"> </span>quota <span class=\"_ _37\"> </span>ritenuta congrua <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>rappresent<span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>deperimento <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>cespiti <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>tempo <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>seguito <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>utilizzo, te<span class=\"_ _1\"></span>nuto conto delle spese di manutenzione di carattere straordinario, ch<span class=\"_ _2\"></span>e vengono portate ad incremento del valore dei cespiti Non vengono invece ammortizzati: <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _35\"> </span>terreni, <span class=\"_ _35\"> </span>siano <span class=\"_ _35\"> </span>essi <span class=\"_ _35\"> </span>stati <span class=\"_ _35\"> </span>acquisiti <span class=\"_ _35\"> </span>singolarmente <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>incorporati <span class=\"_ _35\"> </span>nel <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>fabbricati, <span class=\"_ _35\"> </span>in<span class=\"_ _3a1\"> </span></span>quanto hanno vita utile indefinita; <span class=\"_ _42\"> </span><span class=\"ff4\">il patr<span class=\"_ _1\"></span>imonio <span class=\"_ _1\"></span>artistico <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>pregio, <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>altri <span class=\"_ _1\"></span>beni <span class=\"_ _1\"></span>stor<span class=\"_ _1\"></span>ico <span class=\"_ _1\"></span>artistici e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>decorativi <span class=\"_ _1\"></span>in quanto <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>vita </span>utile <span class=\"_ _35\"> </span>non <span class=\"_ _0\"></span>pu\u00f2 <span class=\"_ _35\"> </span>essere <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>timata <span class=\"_ _0\"></span>ed <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>loro <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>normalmente <span class=\"_ _35\"> </span>destinato <span class=\"_ _35\"> </span>ad <span class=\"_ _0\"></span>aumentare <span class=\"_ _35\"> </span>nel tempo. Se <span class=\"_ _38\"></span>esiste <span class=\"_ _1\"></span>qualche <span class=\"_ _38\"></span>indicazione <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>dimostri <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>un\u2019att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _1\"></span>materiale <span class=\"_ _38\"></span>valutata <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>costo <span class=\"_ _1\"></span>possa <span class=\"_ _38\"></span>aver subito un<span class=\"_ _2\"></span>a perdita <span class=\"_ _2\"></span>di v<span class=\"_ _2\"></span>alore, si <span class=\"_ _3b\"></span>procede al c<span class=\"_ _2\"></span>onfronto t<span class=\"_ _2\"></span>ra il <span class=\"_ _3b\"></span>valore di <span class=\"_ _3b\"></span>carico del c<span class=\"_ _3b\"></span>es<span class=\"_ _1\"></span>pite ed <span class=\"_ _3b\"></span>il suo <span class=\"_ _3b\"></span>valore di recupero. Le eventuali rettifiche vengono rilevate a <span class=\"_ _1\"></span>Conto Econ<span class=\"_ _2\"></span>omico. Qualora vengano meno<span class=\"_ _1\"></span> i motivi che hanno portato alla r<span class=\"_ _1\"></span>ilevazione della perdita, si d\u00e0 luogo a<span class=\"_ _1\"></span>d una ripresa <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>valore, <span class=\"_ _3d\"> </span>che<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>non <span class=\"_ _3d\"> </span>pu\u00f2 <span class=\"_ _3d\"> </span>superare <span class=\"_ _37\"> </span>il <span class=\"_ _3d\"> </span>valore <span class=\"_ _3d\"> </span>che <span class=\"_ _3d\"> </span>l\u2019att<span class=\"_ _1\"></span>ivit\u00e0  avre<span class=\"_ _1\"></span>bbe <span class=\"_ _3d\"> </span>avuto, <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>netto <span class=\"_ _37\"> </span>degli ammortamenti calcolati, in assenza di precedenti perdite di valore. Per <span class=\"_ _0\"></span>quel <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>attiene <span class=\"_ _0\"></span>alle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>mat<span class=\"_ _1\"></span>eriali <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ilevate <span class=\"_ _0\"></span>ai <span class=\"_ _38\"></span>sensi <span class=\"_ _0\"></span>dello <span class=\"_ _38\"></span>IAS <span class=\"_ _0\"></span>2, <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>stesse <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>valutate<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>al<span class=\"_ _3b\"></span> minore <span class=\"_ _35\"> </span>tra <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>costo  ed <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>valor<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>netto <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>realizzo, <span class=\"_ _35\"> </span>fermo<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>restando <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>procede <span class=\"_ _35\"> </span>comunque <span class=\"_ _35\"> </span>al confronto <span class=\"_ _3d\"> </span>tra <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>valore <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>car<span class=\"_ _1\"></span>ico  del <span class=\"_ _37\"> </span>cespite  e<span class=\"_ _1\"></span>d <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>suo <span class=\"_ _3d\"> </span>valore <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>recupero <span class=\"_ _3d\"> </span>ove <span class=\"_ _3d\"> </span>esista <span class=\"_ _37\"> </span>qualche indicazione che dimostri che il bene possa aver<span class=\"_ _2\"></span> subito una perdita di valore. Le eventuali rettific<span class=\"_ _2\"></span>he vengono rilevate a conto economico. Criteri di cancel<span class=\"_ _1\"></span>lazione Un'attivit\u00e0 <span class=\"_ _1\"></span>materiale <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>liminata dallo <span class=\"_ _38\"></span>Stato <span class=\"_ _1\"></span>Patrimoniale al <span class=\"_ _1\"></span>momento <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>dismissione <span class=\"_ _38\"></span>o <span class=\"_ _1\"></span>quando il  b<span class=\"_ _2\"></span>ene  \u00e8  permanentemente  ritirato  dall<span class=\"_ _2\"></span>\u2019uso  e  dal<span class=\"_ _2\"></span>la  sua <span class=\"_ _35\"> </span>dismi<span class=\"_ _1\"></span>ssione  non  sono <span class=\"_ _35\"> </span>attesi  benefici economici futuri. Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali L\u2019allocazione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>componenti <span class=\"_ _0\"></span>reddituali <span class=\"_ _38\"></span>nelle <span class=\"_ _0\"></span>pert<span class=\"_ _1\"></span>inenti voci <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>nto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>avviene <span class=\"_ _0\"></span>sulla base di quanto riportato di seguito: <span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _3b\"></span>ammor<span class=\"_ _1\"></span>tamenti p<span class=\"_ _2\"></span>eriodici, <span class=\"_ _3b\"></span>le perdite <span class=\"_ _3b\"></span>durature di <span class=\"_ _3b\"></span>valore <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>le <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iprese <span class=\"_ _3b\"></span>di v<span class=\"_ _2\"></span>alore vengono <span class=\"_ _3b\"></span>allocate<span class=\"_ _3a1\"> </span></span>nella voce \u201cRettifiche/riprese di valore nette su attivit\u00e0 mater<span class=\"_ _1\"></span>iali\u201d; <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _0\"></span>profitti <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>perdite <span class=\"_ _38\"></span>derivanti <span class=\"_ _0\"></span>dalle <span class=\"_ _0\"></span>ope<span class=\"_ _2\"></span>razioni <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>cess<span class=\"_ _1\"></span>ione <span class=\"_ _0\"></span>veng<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>no <span class=\"_ _0\"></span>allocati <span class=\"_ _38\"></span>nella <span class=\"_ _0\"></span>voce <span class=\"_ _38\"></span>\u201c<span class=\"_ _1\"></span>Utili </span>(Perdite) da cessione di investimenti\u201d. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-848": {
   "value": "6 - Atti<span class=\"_ _1\"></span>vit\u00e0 mate<span class=\"_ _1\"></span>riali<span class=\"_ _3a1\"> </span> Criteri di iscrizione<span class=\"_ _3a1\"> </span> Le att<span class=\"_ _3a1\"> </span>ivit\u00e0 materiali so<span class=\"_ _1\"></span>no inizialmente <span class=\"_ _1\"></span>iscritte al costo <span class=\"_ _1\"></span>che comprende, <span class=\"_ _1\"></span>oltre al <span class=\"_ _1\"></span>prezzo di <span class=\"_ _1\"></span>acquisto,<span class=\"_ _3a1\"> </span> tutti <span class=\"_ _1\"></span>gli e<span class=\"_ _1\"></span>ventuali <span class=\"_ _1\"></span>oneri <span class=\"_ _1\"></span>accessori direttame<span class=\"_ _1\"></span>nte imputabili <span class=\"_ _1\"></span>all\u2019acquisto <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>messa <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>funzione <span class=\"_ _1\"></span>del<span class=\"_ _3a1\"> </span> bene.<span class=\"_ _3a1\"> </span> Le <span class=\"_ _0\"></span>spese <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>manute<span class=\"_ _1\"></span>nzione <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>traordinaria <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>comportano <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>incremento <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>benefici <span class=\"_ _38\"></span>econom<span class=\"_ _1\"></span>ici<span class=\"_ _3a1\"> </span> futuri <span class=\"_ _3b\"></span>vengono imputate <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>d <span class=\"_ _3b\"></span>increment<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>valore d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>cespiti, <span class=\"_ _2\"></span>mentre <span class=\"_ _2\"></span>gli <span class=\"_ _3b\"></span>altr<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>costi di <span class=\"_ _3b\"></span>manutenzione<span class=\"_ _3a1\"> </span> ordinaria sono rilevati a Conto Economico.<span class=\"_ _3a1\"> </span> I <span class=\"_ _1\"></span>contratti <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>leasing <span class=\"_ _1\"></span>(in <span class=\"_ _1\"></span>qualit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>locatario) <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _1\"></span>contabilizzati <span class=\"_ _1\"></span>applicando <span class=\"_ _1\"></span>l\u2019IFRS <span class=\"_ _1\"></span>16 <span class=\"_ _38\"></span>sulla <span class=\"_ _1\"></span>base <span class=\"_ _38\"></span>del<span class=\"_ _3a1\"> </span> cosiddetto <span class=\"_ _2\"></span>modello <span class=\"_ _3b\"></span>del <span class=\"_ _2\"></span>diritto <span class=\"_ _2\"></span>d\u2019uso <span class=\"_ _3b\"></span>(\u201cright of<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>use\u201d). Alla <span class=\"_ _3b\"></span>data <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevazione <span class=\"_ _3b\"></span>iniziale <span class=\"_ _2\"></span>pertanto <span class=\"_ _3b\"></span>il <span class=\"_ _2\"></span>valore<span class=\"_ _3a1\"> </span> del <span class=\"_ _3b\"></span>diritt<span class=\"_ _1\"></span>o d<span class=\"_ _2\"></span>\u2019uso <span class=\"_ _3b\"></span>\u00e8 determinato <span class=\"_ _3b\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>valor<span class=\"_ _1\"></span>e <span class=\"_ _3b\"></span>di iscrizione <span class=\"_ _3b\"></span>iniziale <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lla <span class=\"_ _3b\"></span>P<span class=\"_ _1\"></span>assivit\u00e0 <span class=\"_ _3b\"></span>per leasing, <span class=\"_ _3b\"></span>corretto<span class=\"_ _3a1\"> </span> per le seguenti componenti:<span class=\"_ _3a1\"> </span> \u2022 i <span class=\"_ _3b\"></span>pagamenti dovuti per <span class=\"_ _2\"></span>il l<span class=\"_ _2\"></span>easing effettuati alla <span class=\"_ _3b\"></span>data o prima <span class=\"_ _2\"></span>della d<span class=\"_ _2\"></span>ata di <span class=\"_ _3b\"></span>decor<span class=\"_ _1\"></span>renza al <span class=\"_ _2\"></span>netto degl<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span>incentivi al leasing ricevuti;<span class=\"_ _3a1\"> </span> \u2022 i costi iniziali diretti sostenuti dal locatar<span class=\"_ _1\"></span>io;<span class=\"_ _3a1\"> </span> \u2022<span class=\"_ _48\"> </span>la <span class=\"_ _37\"> </span>stima <span class=\"_ _37\"> </span>dei <span class=\"_ _37\"> </span>costi <span class=\"_ _37\"> </span>che <span class=\"_ _37\"> </span>il <span class=\"_ _37\"> </span>locatario <span class=\"_ _3d\"> </span>dovr\u00e0 <span class=\"_ _37\"> </span>soste<span class=\"_ _1\"></span>nere <span class=\"_ _37\"> </span>per <span class=\"_ _3d\"> </span>lo <span class=\"_ _37\"> </span>smante<span class=\"_ _1\"></span>llamento <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>rimozione<span class=\"_ _3a1\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _35\"> </span>sottostante <span class=\"_ _35\"> </span>e  p<span class=\"_ _2\"></span>er <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>ripristino <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>sito <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>ubicata <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>ripristino <span class=\"_ _35\"> </span>dell'attivit\u00e0<span class=\"_ _3a1\"> </span> sottostante nelle condizioni previste dai termini e <span class=\"_ _1\"></span>dalle condizioni del leasing.<span class=\"_ _3a1\"> </span> Nell\u2019identificazione <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>diritti <span class=\"_ _3d\"> </span>d\u2019uso, <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>Gruppo <span class=\"_ _3d\"> </span>Credem <span class=\"_ _3d\"> </span>applica <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>\u201csemplificazioni\u201d <span class=\"_ _3d\"> </span>consent<span class=\"_ _1\"></span>ite<span class=\"_ _3a1\"> </span> dall\u2019IFRS 16 e quindi non sono considerati i contratti ave<span class=\"_ _1\"></span>nti caratteristiche:<span class=\"_ _3a1\"> </span> \u2022<span class=\"_ _3d\"> </span>Leasing <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>breve <span class=\"_ _1\"></span>durata, ovvero <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>leasing <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>breve <span class=\"_ _1\"></span>durata \u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>un leas<span class=\"_ _1\"></span>ing che, <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>iniziale, <span class=\"_ _1\"></span>ha<span class=\"_ _3a1\"> </span>una durata uguale o inferiore ai 12 mesi;<span class=\"_ _3a1\"> </span> \u2022 Leasing <span class=\"_ _3b\"></span>\u201clow-value\u201d, ovvero Leasing <span class=\"_ _3b\"></span>il cui asset presenta <span class=\"_ _3b\"></span>un valore pari o <span class=\"_ _3b\"></span>inferiore ad <span class=\"_ _3b\"></span>Euro<span class=\"_ _1\"></span> 5.000.<span class=\"_ _3a1\"> </span> Criteri di <span class=\"_ _184\"></span>class<span class=\"_ _1\"></span>ificazione<span class=\"_ _3a1\"> </span> Le at<span class=\"_ _1\"></span>tivit\u00e0 materiali <span class=\"_ _1\"></span>comprendono i <span class=\"_ _1\"></span>terreni, gli imm<span class=\"_ _1\"></span>obili strumentali, <span class=\"_ _1\"></span>gli invest<span class=\"_ _1\"></span>imenti immobiliari, il<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> patrimonio <span class=\"_ _0\"> </span>artis<span class=\"_ _1\"></span>tico <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>pregio, <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>impianti <span class=\"_ _0\"></span>tecnici, <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>mobili <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>gli <span class=\"_ _0\"></span>arredi <span class=\"_ _0\"> </span>nonch\u00e9<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>le <span class=\"_ _35\"> </span>attrezzature <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> qualsiasi <span class=\"_ _0\"></span>tipo <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>ritiene <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>utilizzare <span class=\"_ _0\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>periodo. <span class=\"_ _0\"></span>Le <span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _0\"></span>materiali <span class=\"_ _0\"></span>detenute <span class=\"_ _0\"></span>per<span class=\"_ _3a1\"> </span> essere utilizzate nella produzione o nella fornitura di <span class=\"_ _3b\"></span>be<span class=\"_ _1\"></span>ni e servizi <span class=\"_ _2\"></span>sono classificate come \u201cattivit\u00e0<span class=\"_ _3a1\"> </span> ad <span class=\"_ _35\"> </span>uso  funzional<span class=\"_ _2\"></span>e\u201d  secondo <span class=\"_ _35\"> </span>lo <span class=\"_ _35\"> </span>IAS <span class=\"_ _35\"> </span>16.  Gli <span class=\"_ _35\"> </span>immobili <span class=\"_ _35\"> </span>posseduti <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>finalit\u00e0  di <span class=\"_ _35\"> </span>investimento <span class=\"_ _35\"> </span>(per<span class=\"_ _3a1\"> </span> conseguire <span class=\"_ _3b\"></span>canoni di <span class=\"_ _3b\"></span>locazione <span class=\"_ _3b\"></span>o <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>l\u2019apprezzamento <span class=\"_ _3b\"></span>del cap<span class=\"_ _2\"></span>itale <span class=\"_ _3b\"></span>invest<span class=\"_ _1\"></span>ito) <span class=\"_ _3b\"></span>sono <span class=\"_ _2\"></span>classificati <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>me<span class=\"_ _3a1\"> </span> \u201cattivit\u00e0 detenute a scopo di invest<span class=\"_ _1\"></span>imento\u201d in base allo IAS 40.<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> La  voce <span class=\"_ _3d\"> </span>accoglie <span class=\"_ _3d\"> </span>anche  attivit\u00e0 <span class=\"_ _3d\"> </span>materiali <span class=\"_ _3d\"> </span>classificate <span class=\"_ _3d\"> </span>in  base  allo <span class=\"_ _3d\"> </span>IAS <span class=\"_ _3d\"> </span>2  - <span class=\"_ _3d\"> </span>Rimanenze, <span class=\"_ _3d\"> </span>che  si<span class=\"_ _3a1\"> </span> riferiscono <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>beni <span class=\"_ _0\"></span>derivanti <span class=\"_ _0\"></span>dall\u2019attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>escussione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>garanzie <span class=\"_ _0\"> </span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>dall\u2019acquisto <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>asta <span class=\"_ _0\"></span>che<span class=\"_ _3a1\"> </span> l\u2019impresa <span class=\"_ _37\"> </span>ha <span class=\"_ _36\"> </span>intenzione <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>vendere <span class=\"_ _36\"> </span>nel <span class=\"_ _37\"> </span>prossimo <span class=\"_ _36\"> </span>futuro, <span class=\"_ _37\"> </span>senza <span class=\"_ _37\"> </span>effe<span class=\"_ _1\"></span>ttuare <span class=\"_ _37\"> </span>rilevanti <span class=\"_ _36\"> </span>opere <span class=\"_ _37\"> </span>di<span class=\"_ _3a1\"> </span> ristrutturazione, <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>hanno <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>esupposti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>essere <span class=\"_ _1\"></span>classificati <span class=\"_ _1\"></span>nelle <span class=\"_ _1\"></span>cat<span class=\"_ _1\"></span>egorie <span class=\"_ _1\"></span>precedenti,<span class=\"_ _3a1\"> </span> sia al portafoglio immobiliare delle Societ\u00e0 immobiliari del Gruppo, compr<span class=\"_ _2\"></span>ensivo di aree edificabili,<span class=\"_ _3a1\"> </span> immobili in <span class=\"_ _2\"></span>costruzione, immobili u<span class=\"_ _2\"></span>ltimati in vendita<span class=\"_ _2\"></span> e iniz<span class=\"_ _2\"></span>iative di <span class=\"_ _2\"></span>sviluppo immobiliare, acqu<span class=\"_ _2\"></span>istato<span class=\"_ _3a1\"> </span> e detenuto in un\u2019ottica di dismissione.<span class=\"_ _3a1\"> </span> Sono, <span class=\"_ _3d\"> </span>infine, <span class=\"_ _37\"> </span>iscritt<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>nelle <span class=\"_ _37\"> </span>attivit\u00e0 <span class=\"_ _37\"> </span>materiali <span class=\"_ _37\"> </span>i <span class=\"_ _3d\"> </span>beni <span class=\"_ _37\"> </span>utilizzati <span class=\"_ _3d\"> </span>ne<span class=\"_ _1\"></span>ll\u2019ambito <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>contr<span class=\"_ _1\"></span>atti <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>leas<span class=\"_ _1\"></span>ing finanzi<span class=\"_ _3a1\"> </span>ario, ancorch\u00e9 la t<span class=\"_ _1\"></span>itolarit\u00e0 giuridica degli stessi rimanga alla societ\u00e0 locatrice. Criteri di valuta<span class=\"_ _1\"></span>zione Le attivit\u00e0 materiali sono valutate al costo, <span class=\"_ _1\"></span>dedotti eventuali ammortamenti e perdite di valore. Le <span class=\"_ _44\"> </span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _44\"> </span>materiali <span class=\"_ _44\"> </span>sono <span class=\"_ _44\"> </span>sist<span class=\"_ _1\"></span>ematicamente <span class=\"_ _44\"> </span>ammortizzate, <span class=\"_ _44\"> </span>adot<span class=\"_ _1\"></span>tando <span class=\"_ _44\"> </span>come <span class=\"_ _44\"> </span>cr<span class=\"_ _1\"></span>iterio <span class=\"_ _44\"> </span>di ammortamento  il <span class=\"_ _35\"> </span>metodo <span class=\"_ _35\"> </span>a  qu<span class=\"_ _2\"></span>ote  cos<span class=\"_ _2\"></span>tanti,  lu<span class=\"_ _2\"></span>ngo  l<span class=\"_ _2\"></span>a  l<span class=\"_ _2\"></span>oro  vita <span class=\"_ _35\"> </span>utile. <span class=\"_ _35\"> </span>Il  v<span class=\"_ _2\"></span>alore  ammortizzabile <span class=\"_ _35\"> </span>\u00e8 rappresentato <span class=\"_ _3f\"> </span>dal <span class=\"_ _3f\"> </span>costo <span class=\"_ _3f\"> </span>dei <span class=\"_ _39\"> </span>beni <span class=\"_ _3f\"> </span>al <span class=\"_ _3f\"> </span>netto <span class=\"_ _3f\"> </span>del <span class=\"_ _39\"> </span>valore <span class=\"_ _3f\"> </span>residuo <span class=\"_ _3f\"> </span>al <span class=\"_ _39\"> </span>t<span class=\"_ _1\"></span>ermine <span class=\"_ _3f\"> </span>del <span class=\"_ _3f\"> </span>processo <span class=\"_ _39\"> </span>di ammortamento, <span class=\"_ _36\"> </span>se <span class=\"_ _37\"> </span>significativo. <span class=\"_ _37\"> </span>Gli <span class=\"_ _36\"> </span>immobili <span class=\"_ _37\"> </span>vengono <span class=\"_ _37\"> </span>am<span class=\"_ _1\"></span>mortizzati <span class=\"_ _37\"> </span>per <span class=\"_ _36\"> </span>una <span class=\"_ _37\"> </span>quota <span class=\"_ _37\"> </span>ritenuta congrua <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>rappresent<span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>deperimento <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>cespiti <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>tempo <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>seguito <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>utilizzo, te<span class=\"_ _1\"></span>nuto conto delle spese di manutenzione di carattere straordinario, ch<span class=\"_ _2\"></span>e vengono portate ad incremento del valore dei cespiti Non vengono invece ammortizzati: <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _35\"> </span>terreni, <span class=\"_ _35\"> </span>siano <span class=\"_ _35\"> </span>essi <span class=\"_ _35\"> </span>stati <span class=\"_ _35\"> </span>acquisiti <span class=\"_ _35\"> </span>singolarmente <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>incorporati <span class=\"_ _35\"> </span>nel <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>fabbricati, <span class=\"_ _35\"> </span>in<span class=\"_ _3a1\"> </span></span>quanto hanno vita utile indefinita; <span class=\"_ _42\"> </span><span class=\"ff4\">il patr<span class=\"_ _1\"></span>imonio <span class=\"_ _1\"></span>artistico <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>pregio, <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>altri <span class=\"_ _1\"></span>beni <span class=\"_ _1\"></span>stor<span class=\"_ _1\"></span>ico <span class=\"_ _1\"></span>artistici e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>decorativi <span class=\"_ _1\"></span>in quanto <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>vita </span>utile <span class=\"_ _35\"> </span>non <span class=\"_ _0\"></span>pu\u00f2 <span class=\"_ _35\"> </span>essere <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>timata <span class=\"_ _0\"></span>ed <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>loro <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>normalmente <span class=\"_ _35\"> </span>destinato <span class=\"_ _35\"> </span>ad <span class=\"_ _0\"></span>aumentare <span class=\"_ _35\"> </span>nel tempo. Se <span class=\"_ _38\"></span>esiste <span class=\"_ _1\"></span>qualche <span class=\"_ _38\"></span>indicazione <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>dimostri <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>un\u2019att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _1\"></span>materiale <span class=\"_ _38\"></span>valutata <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>costo <span class=\"_ _1\"></span>possa <span class=\"_ _38\"></span>aver subito un<span class=\"_ _2\"></span>a perdita <span class=\"_ _2\"></span>di v<span class=\"_ _2\"></span>alore, si <span class=\"_ _3b\"></span>procede al c<span class=\"_ _2\"></span>onfronto t<span class=\"_ _2\"></span>ra il <span class=\"_ _3b\"></span>valore di <span class=\"_ _3b\"></span>carico del c<span class=\"_ _3b\"></span>es<span class=\"_ _1\"></span>pite ed <span class=\"_ _3b\"></span>il suo <span class=\"_ _3b\"></span>valore di recupero. Le eventuali rettifiche vengono rilevate a <span class=\"_ _1\"></span>Conto Econ<span class=\"_ _2\"></span>omico. Qualora vengano meno<span class=\"_ _1\"></span> i motivi che hanno portato alla r<span class=\"_ _1\"></span>ilevazione della perdita, si d\u00e0 luogo a<span class=\"_ _1\"></span>d una ripresa <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>valore, <span class=\"_ _3d\"> </span>che<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>non <span class=\"_ _3d\"> </span>pu\u00f2 <span class=\"_ _3d\"> </span>superare <span class=\"_ _37\"> </span>il <span class=\"_ _3d\"> </span>valore <span class=\"_ _3d\"> </span>che <span class=\"_ _3d\"> </span>l\u2019att<span class=\"_ _1\"></span>ivit\u00e0  avre<span class=\"_ _1\"></span>bbe <span class=\"_ _3d\"> </span>avuto, <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>netto <span class=\"_ _37\"> </span>degli ammortamenti calcolati, in assenza di precedenti perdite di valore. Per <span class=\"_ _0\"></span>quel <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>attiene <span class=\"_ _0\"></span>alle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>mat<span class=\"_ _1\"></span>eriali <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ilevate <span class=\"_ _0\"></span>ai <span class=\"_ _38\"></span>sensi <span class=\"_ _0\"></span>dello <span class=\"_ _38\"></span>IAS <span class=\"_ _0\"></span>2, <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>stesse <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>valutate<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>al<span class=\"_ _3b\"></span> minore <span class=\"_ _35\"> </span>tra <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>costo  ed <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>valor<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>netto <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>realizzo, <span class=\"_ _35\"> </span>fermo<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>restando <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>procede <span class=\"_ _35\"> </span>comunque <span class=\"_ _35\"> </span>al confronto <span class=\"_ _3d\"> </span>tra <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>valore <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>car<span class=\"_ _1\"></span>ico  del <span class=\"_ _37\"> </span>cespite  e<span class=\"_ _1\"></span>d <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>suo <span class=\"_ _3d\"> </span>valore <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>recupero <span class=\"_ _3d\"> </span>ove <span class=\"_ _3d\"> </span>esista <span class=\"_ _37\"> </span>qualche indicazione che dimostri che il bene possa aver<span class=\"_ _2\"></span> subito una perdita di valore. Le eventuali rettific<span class=\"_ _2\"></span>he vengono rilevate a conto economico. Criteri di cancel<span class=\"_ _1\"></span>lazione Un'attivit\u00e0 <span class=\"_ _1\"></span>materiale <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>liminata dallo <span class=\"_ _38\"></span>Stato <span class=\"_ _1\"></span>Patrimoniale al <span class=\"_ _1\"></span>momento <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>dismissione <span class=\"_ _38\"></span>o <span class=\"_ _1\"></span>quando il  b<span class=\"_ _2\"></span>ene  \u00e8  permanentemente  ritirato  dall<span class=\"_ _2\"></span>\u2019uso  e  dal<span class=\"_ _2\"></span>la  sua <span class=\"_ _35\"> </span>dismi<span class=\"_ _1\"></span>ssione  non  sono <span class=\"_ _35\"> </span>attesi  benefici economici futuri. Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali L\u2019allocazione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>componenti <span class=\"_ _0\"></span>reddituali <span class=\"_ _38\"></span>nelle <span class=\"_ _0\"></span>pert<span class=\"_ _1\"></span>inenti voci <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>nto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>avviene <span class=\"_ _0\"></span>sulla base di quanto riportato di seguito: <span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _3b\"></span>ammor<span class=\"_ _1\"></span>tamenti p<span class=\"_ _2\"></span>eriodici, <span class=\"_ _3b\"></span>le perdite <span class=\"_ _3b\"></span>durature di <span class=\"_ _3b\"></span>valore <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>le <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iprese <span class=\"_ _3b\"></span>di v<span class=\"_ _2\"></span>alore vengono <span class=\"_ _3b\"></span>allocate<span class=\"_ _3a1\"> </span></span>nella voce \u201cRettifiche/riprese di valore nette su attivit\u00e0 mater<span class=\"_ _1\"></span>iali\u201d; <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _0\"></span>profitti <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>perdite <span class=\"_ _38\"></span>derivanti <span class=\"_ _0\"></span>dalle <span class=\"_ _0\"></span>ope<span class=\"_ _2\"></span>razioni <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>cess<span class=\"_ _1\"></span>ione <span class=\"_ _0\"></span>veng<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>no <span class=\"_ _0\"></span>allocati <span class=\"_ _38\"></span>nella <span class=\"_ _0\"></span>voce <span class=\"_ _38\"></span>\u201c<span class=\"_ _1\"></span>Utili </span>(Perdite) da cessione di investimenti\u201d. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-899": {
   "value": "6 - Atti<span class=\"_ _1\"></span>vit\u00e0 mate<span class=\"_ _1\"></span>riali<span class=\"_ _3a1\"> </span>Criteri di iscrizione<span class=\"_ _3a1\"> </span>Le att<span class=\"_ _3a1\"> </span>ivit\u00e0 materiali so<span class=\"_ _1\"></span>no inizialmente <span class=\"_ _1\"></span>iscritte al costo <span class=\"_ _1\"></span>che comprende, <span class=\"_ _1\"></span>oltre al <span class=\"_ _1\"></span>prezzo di <span class=\"_ _1\"></span>acquisto,<span class=\"_ _3a1\"> </span>tutti <span class=\"_ _1\"></span>gli e<span class=\"_ _1\"></span>ventuali <span class=\"_ _1\"></span>oneri <span class=\"_ _1\"></span>accessori direttame<span class=\"_ _1\"></span>nte imputabili <span class=\"_ _1\"></span>all\u2019acquisto <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>messa <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>funzione <span class=\"_ _1\"></span>del<span class=\"_ _3a1\"> </span>bene.<span class=\"_ _3a1\"> </span>Le <span class=\"_ _0\"></span>spese <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>manute<span class=\"_ _1\"></span>nzione <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>traordinaria <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>comportano <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>incremento <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>benefici <span class=\"_ _38\"></span>econom<span class=\"_ _1\"></span>ici<span class=\"_ _3a1\"> </span>futuri <span class=\"_ _3b\"></span>vengono imputate <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>d <span class=\"_ _3b\"></span>increment<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>valore d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>cespiti, <span class=\"_ _2\"></span>mentre <span class=\"_ _2\"></span>gli <span class=\"_ _3b\"></span>altr<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>costi di <span class=\"_ _3b\"></span>manutenzione<span class=\"_ _3a1\"> </span>ordinaria sono rilevati a Conto Economico.<span class=\"_ _3a1\"> </span>I <span class=\"_ _1\"></span>contratti <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>leasing <span class=\"_ _1\"></span>(in <span class=\"_ _1\"></span>qualit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>locatario) <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _1\"></span>contabilizzati <span class=\"_ _1\"></span>applicando <span class=\"_ _1\"></span>l\u2019IFRS <span class=\"_ _1\"></span>16 <span class=\"_ _38\"></span>sulla <span class=\"_ _1\"></span>base <span class=\"_ _38\"></span>del<span class=\"_ _3a1\"> </span>cosiddetto <span class=\"_ _2\"></span>modello <span class=\"_ _3b\"></span>del <span class=\"_ _2\"></span>diritto <span class=\"_ _2\"></span>d\u2019uso <span class=\"_ _3b\"></span>(\u201cright of<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>use\u201d). Alla <span class=\"_ _3b\"></span>data <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevazione <span class=\"_ _3b\"></span>iniziale <span class=\"_ _2\"></span>pertanto <span class=\"_ _3b\"></span>il <span class=\"_ _2\"></span>valore<span class=\"_ _3a1\"> </span>del <span class=\"_ _3b\"></span>diritt<span class=\"_ _1\"></span>o d<span class=\"_ _2\"></span>\u2019uso <span class=\"_ _3b\"></span>\u00e8 determinato <span class=\"_ _3b\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>valor<span class=\"_ _1\"></span>e <span class=\"_ _3b\"></span>di iscrizione <span class=\"_ _3b\"></span>iniziale <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lla <span class=\"_ _3b\"></span>P<span class=\"_ _1\"></span>assivit\u00e0 <span class=\"_ _3b\"></span>per leasing, <span class=\"_ _3b\"></span>corretto<span class=\"_ _3a1\"> </span>per le seguenti componenti:<span class=\"_ _3a1\"> </span>\u2022 i <span class=\"_ _3b\"></span>pagamenti dovuti per <span class=\"_ _2\"></span>il l<span class=\"_ _2\"></span>easing effettuati alla <span class=\"_ _3b\"></span>data o prima <span class=\"_ _2\"></span>della d<span class=\"_ _2\"></span>ata di <span class=\"_ _3b\"></span>decor<span class=\"_ _1\"></span>renza al <span class=\"_ _2\"></span>netto degl<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span>incentivi al leasing ricevuti;<span class=\"_ _3a1\"> </span>\u2022 i costi iniziali diretti sostenuti dal locatar<span class=\"_ _1\"></span>io;<span class=\"_ _3a1\"> </span>\u2022<span class=\"_ _48\"> </span>la <span class=\"_ _37\"> </span>stima <span class=\"_ _37\"> </span>dei <span class=\"_ _37\"> </span>costi <span class=\"_ _37\"> </span>che <span class=\"_ _37\"> </span>il <span class=\"_ _37\"> </span>locatario <span class=\"_ _3d\"> </span>dovr\u00e0 <span class=\"_ _37\"> </span>soste<span class=\"_ _1\"></span>nere <span class=\"_ _37\"> </span>per <span class=\"_ _3d\"> </span>lo <span class=\"_ _37\"> </span>smante<span class=\"_ _1\"></span>llamento <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>rimozione<span class=\"_ _3a1\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _35\"> </span>sottostante <span class=\"_ _35\"> </span>e  p<span class=\"_ _2\"></span>er <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>ripristino <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>sito <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>ubicata <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>ripristino <span class=\"_ _35\"> </span>dell'attivit\u00e0<span class=\"_ _3a1\"> </span>sottostante nelle condizioni previste dai termini e <span class=\"_ _1\"></span>dalle condizioni del leasing.<span class=\"_ _3a1\"> </span>Nell\u2019identificazione <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>diritti <span class=\"_ _3d\"> </span>d\u2019uso, <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>Gruppo <span class=\"_ _3d\"> </span>Credem <span class=\"_ _3d\"> </span>applica <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>\u201csemplificazioni\u201d <span class=\"_ _3d\"> </span>consent<span class=\"_ _1\"></span>ite<span class=\"_ _3a1\"> </span>dall\u2019IFRS 16 e quindi non sono considerati i contratti ave<span class=\"_ _1\"></span>nti caratteristiche:<span class=\"_ _3a1\"> </span>\u2022<span class=\"_ _3d\"> </span>Leasing <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>breve <span class=\"_ _1\"></span>durata, ovvero <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>leasing <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>breve <span class=\"_ _1\"></span>durata \u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>un leas<span class=\"_ _1\"></span>ing che, <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>iniziale, <span class=\"_ _1\"></span>ha<span class=\"_ _3a1\"> </span>una durata uguale o inferiore ai 12 mesi;<span class=\"_ _3a1\"> </span>\u2022 Leasing <span class=\"_ _3b\"></span>\u201clow-value\u201d, ovvero Leasing <span class=\"_ _3b\"></span>il cui asset presenta <span class=\"_ _3b\"></span>un valore pari o <span class=\"_ _3b\"></span>inferiore ad <span class=\"_ _3b\"></span>Euro<span class=\"_ _1\"></span> 5.000.<span class=\"_ _3a1\"> </span>Criteri di <span class=\"_ _184\"></span>class<span class=\"_ _1\"></span>ificazione<span class=\"_ _3a1\"> </span>Le at<span class=\"_ _1\"></span>tivit\u00e0 materiali <span class=\"_ _1\"></span>comprendono i <span class=\"_ _1\"></span>terreni, gli imm<span class=\"_ _1\"></span>obili strumentali, <span class=\"_ _1\"></span>gli invest<span class=\"_ _1\"></span>imenti immobiliari, il<span class=\"_ _3a1\"> </span>patrimonio <span class=\"_ _0\"> </span>artis<span class=\"_ _1\"></span>tico <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>pregio, <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>impianti <span class=\"_ _0\"></span>tecnici, <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>mobili <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>gli <span class=\"_ _0\"></span>arredi <span class=\"_ _0\"> </span>nonch\u00e9<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>le <span class=\"_ _35\"> </span>attrezzature <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>qualsiasi <span class=\"_ _0\"></span>tipo <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>ritiene <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>utilizzare <span class=\"_ _0\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>periodo. <span class=\"_ _0\"></span>Le <span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _0\"></span>materiali <span class=\"_ _0\"></span>detenute <span class=\"_ _0\"></span>per<span class=\"_ _3a1\"> </span>essere utilizzate nella produzione o nella fornitura di <span class=\"_ _3b\"></span>be<span class=\"_ _1\"></span>ni e servizi <span class=\"_ _2\"></span>sono classificate come \u201cattivit\u00e0<span class=\"_ _3a1\"> </span>ad <span class=\"_ _35\"> </span>uso  funzional<span class=\"_ _2\"></span>e\u201d  secondo <span class=\"_ _35\"> </span>lo <span class=\"_ _35\"> </span>IAS <span class=\"_ _35\"> </span>16.  Gli <span class=\"_ _35\"> </span>immobili <span class=\"_ _35\"> </span>posseduti <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>finalit\u00e0  di <span class=\"_ _35\"> </span>investimento <span class=\"_ _35\"> </span>(per<span class=\"_ _3a1\"> </span>conseguire <span class=\"_ _3b\"></span>canoni di <span class=\"_ _3b\"></span>locazione <span class=\"_ _3b\"></span>o <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>l\u2019apprezzamento <span class=\"_ _3b\"></span>del cap<span class=\"_ _2\"></span>itale <span class=\"_ _3b\"></span>invest<span class=\"_ _1\"></span>ito) <span class=\"_ _3b\"></span>sono <span class=\"_ _2\"></span>classificati <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>me<span class=\"_ _3a1\"> </span>\u201cattivit\u00e0 detenute a scopo di invest<span class=\"_ _1\"></span>imento\u201d in base allo IAS 40.<span class=\"_ _3a1\"> </span>La  voce <span class=\"_ _3d\"> </span>accoglie <span class=\"_ _3d\"> </span>anche  attivit\u00e0 <span class=\"_ _3d\"> </span>materiali <span class=\"_ _3d\"> </span>classificate <span class=\"_ _3d\"> </span>in  base  allo <span class=\"_ _3d\"> </span>IAS <span class=\"_ _3d\"> </span>2  - <span class=\"_ _3d\"> </span>Rimanenze, <span class=\"_ _3d\"> </span>che  si<span class=\"_ _3a1\"> </span>riferiscono <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>beni <span class=\"_ _0\"></span>derivanti <span class=\"_ _0\"></span>dall\u2019attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>escussione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>garanzie <span class=\"_ _0\"> </span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>dall\u2019acquisto <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>asta <span class=\"_ _0\"></span>che<span class=\"_ _3a1\"> </span>l\u2019impresa <span class=\"_ _37\"> </span>ha <span class=\"_ _36\"> </span>intenzione <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>vendere <span class=\"_ _36\"> </span>nel <span class=\"_ _37\"> </span>prossimo <span class=\"_ _36\"> </span>futuro, <span class=\"_ _37\"> </span>senza <span class=\"_ _37\"> </span>effe<span class=\"_ _1\"></span>ttuare <span class=\"_ _37\"> </span>rilevanti <span class=\"_ _36\"> </span>opere <span class=\"_ _37\"> </span>di<span class=\"_ _3a1\"> </span>ristrutturazione, <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>hanno <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>esupposti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>essere <span class=\"_ _1\"></span>classificati <span class=\"_ _1\"></span>nelle <span class=\"_ _1\"></span>cat<span class=\"_ _1\"></span>egorie <span class=\"_ _1\"></span>precedenti,<span class=\"_ _3a1\"> </span>sia al portafoglio immobiliare delle Societ\u00e0 immobiliari del Gruppo, compr<span class=\"_ _2\"></span>ensivo di aree edificabili,<span class=\"_ _3a1\"> </span>immobili in <span class=\"_ _2\"></span>costruzione, immobili u<span class=\"_ _2\"></span>ltimati in vendita<span class=\"_ _2\"></span> e iniz<span class=\"_ _2\"></span>iative di <span class=\"_ _2\"></span>sviluppo immobiliare, acqu<span class=\"_ _2\"></span>istato<span class=\"_ _3a1\"> </span>e detenuto in un\u2019ottica di dismissione.<span class=\"_ _3a1\"> </span>Sono, <span class=\"_ _3d\"> </span>infine, <span class=\"_ _37\"> </span>iscritt<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>nelle <span class=\"_ _37\"> </span>attivit\u00e0 <span class=\"_ _37\"> </span>materiali <span class=\"_ _37\"> </span>i <span class=\"_ _3d\"> </span>beni <span class=\"_ _37\"> </span>utilizzati <span class=\"_ _3d\"> </span>ne<span class=\"_ _1\"></span>ll\u2019ambito <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>contr<span class=\"_ _1\"></span>atti <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>leas<span class=\"_ _1\"></span>ing finanzi<span class=\"_ _3a1\"> </span>ario, ancorch\u00e9 la t<span class=\"_ _1\"></span>itolarit\u00e0 giuridica degli stessi rimanga alla societ\u00e0 locatrice. Criteri di valuta<span class=\"_ _1\"></span>zione Le attivit\u00e0 materiali sono valutate al costo, <span class=\"_ _1\"></span>dedotti eventuali ammortamenti e perdite di valore. Le <span class=\"_ _44\"> </span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _44\"> </span>materiali <span class=\"_ _44\"> </span>sono <span class=\"_ _44\"> </span>sist<span class=\"_ _1\"></span>ematicamente <span class=\"_ _44\"> </span>ammortizzate, <span class=\"_ _44\"> </span>adot<span class=\"_ _1\"></span>tando <span class=\"_ _44\"> </span>come <span class=\"_ _44\"> </span>cr<span class=\"_ _1\"></span>iterio <span class=\"_ _44\"> </span>di ammortamento  il <span class=\"_ _35\"> </span>metodo <span class=\"_ _35\"> </span>a  qu<span class=\"_ _2\"></span>ote  cos<span class=\"_ _2\"></span>tanti,  lu<span class=\"_ _2\"></span>ngo  l<span class=\"_ _2\"></span>a  l<span class=\"_ _2\"></span>oro  vita <span class=\"_ _35\"> </span>utile. <span class=\"_ _35\"> </span>Il  v<span class=\"_ _2\"></span>alore  ammortizzabile <span class=\"_ _35\"> </span>\u00e8 rappresentato <span class=\"_ _3f\"> </span>dal <span class=\"_ _3f\"> </span>costo <span class=\"_ _3f\"> </span>dei <span class=\"_ _39\"> </span>beni <span class=\"_ _3f\"> </span>al <span class=\"_ _3f\"> </span>netto <span class=\"_ _3f\"> </span>del <span class=\"_ _39\"> </span>valore <span class=\"_ _3f\"> </span>residuo <span class=\"_ _3f\"> </span>al <span class=\"_ _39\"> </span>t<span class=\"_ _1\"></span>ermine <span class=\"_ _3f\"> </span>del <span class=\"_ _3f\"> </span>processo <span class=\"_ _39\"> </span>di ammortamento, <span class=\"_ _36\"> </span>se <span class=\"_ _37\"> </span>significativo. <span class=\"_ _37\"> </span>Gli <span class=\"_ _36\"> </span>immobili <span class=\"_ _37\"> </span>vengono <span class=\"_ _37\"> </span>am<span class=\"_ _1\"></span>mortizzati <span class=\"_ _37\"> </span>per <span class=\"_ _36\"> </span>una <span class=\"_ _37\"> </span>quota <span class=\"_ _37\"> </span>ritenuta congrua <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>rappresent<span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>deperimento <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>cespiti <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>tempo <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>seguito <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>utilizzo, te<span class=\"_ _1\"></span>nuto conto delle spese di manutenzione di carattere straordinario, ch<span class=\"_ _2\"></span>e vengono portate ad incremento del valore dei cespiti Non vengono invece ammortizzati: <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _35\"> </span>terreni, <span class=\"_ _35\"> </span>siano <span class=\"_ _35\"> </span>essi <span class=\"_ _35\"> </span>stati <span class=\"_ _35\"> </span>acquisiti <span class=\"_ _35\"> </span>singolarmente <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>incorporati <span class=\"_ _35\"> </span>nel <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>fabbricati, <span class=\"_ _35\"> </span>in<span class=\"_ _3a1\"> </span></span>quanto hanno vita utile indefinita; <span class=\"_ _42\"> </span><span class=\"ff4\">il patr<span class=\"_ _1\"></span>imonio <span class=\"_ _1\"></span>artistico <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>pregio, <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>altri <span class=\"_ _1\"></span>beni <span class=\"_ _1\"></span>stor<span class=\"_ _1\"></span>ico <span class=\"_ _1\"></span>artistici e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>decorativi <span class=\"_ _1\"></span>in quanto <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>vita </span>utile <span class=\"_ _35\"> </span>non <span class=\"_ _0\"></span>pu\u00f2 <span class=\"_ _35\"> </span>essere <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>timata <span class=\"_ _0\"></span>ed <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>loro <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>normalmente <span class=\"_ _35\"> </span>destinato <span class=\"_ _35\"> </span>ad <span class=\"_ _0\"></span>aumentare <span class=\"_ _35\"> </span>nel tempo. Se <span class=\"_ _38\"></span>esiste <span class=\"_ _1\"></span>qualche <span class=\"_ _38\"></span>indicazione <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>dimostri <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>un\u2019att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _1\"></span>materiale <span class=\"_ _38\"></span>valutata <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>costo <span class=\"_ _1\"></span>possa <span class=\"_ _38\"></span>aver subito un<span class=\"_ _2\"></span>a perdita <span class=\"_ _2\"></span>di v<span class=\"_ _2\"></span>alore, si <span class=\"_ _3b\"></span>procede al c<span class=\"_ _2\"></span>onfronto t<span class=\"_ _2\"></span>ra il <span class=\"_ _3b\"></span>valore di <span class=\"_ _3b\"></span>carico del c<span class=\"_ _3b\"></span>es<span class=\"_ _1\"></span>pite ed <span class=\"_ _3b\"></span>il suo <span class=\"_ _3b\"></span>valore di recupero. Le eventuali rettifiche vengono rilevate a <span class=\"_ _1\"></span>Conto Econ<span class=\"_ _2\"></span>omico. Qualora vengano meno<span class=\"_ _1\"></span> i motivi che hanno portato alla r<span class=\"_ _1\"></span>ilevazione della perdita, si d\u00e0 luogo a<span class=\"_ _1\"></span>d una ripresa <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>valore, <span class=\"_ _3d\"> </span>che<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>non <span class=\"_ _3d\"> </span>pu\u00f2 <span class=\"_ _3d\"> </span>superare <span class=\"_ _37\"> </span>il <span class=\"_ _3d\"> </span>valore <span class=\"_ _3d\"> </span>che <span class=\"_ _3d\"> </span>l\u2019att<span class=\"_ _1\"></span>ivit\u00e0  avre<span class=\"_ _1\"></span>bbe <span class=\"_ _3d\"> </span>avuto, <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>netto <span class=\"_ _37\"> </span>degli ammortamenti calcolati, in assenza di precedenti perdite di valore. Per <span class=\"_ _0\"></span>quel <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>attiene <span class=\"_ _0\"></span>alle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>mat<span class=\"_ _1\"></span>eriali <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ilevate <span class=\"_ _0\"></span>ai <span class=\"_ _38\"></span>sensi <span class=\"_ _0\"></span>dello <span class=\"_ _38\"></span>IAS <span class=\"_ _0\"></span>2, <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>stesse <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>valutate<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>al<span class=\"_ _3b\"></span> minore <span class=\"_ _35\"> </span>tra <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>costo  ed <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>valor<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>netto <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>realizzo, <span class=\"_ _35\"> </span>fermo<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>restando <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>procede <span class=\"_ _35\"> </span>comunque <span class=\"_ _35\"> </span>al confronto <span class=\"_ _3d\"> </span>tra <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>valore <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>car<span class=\"_ _1\"></span>ico  del <span class=\"_ _37\"> </span>cespite  e<span class=\"_ _1\"></span>d <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>suo <span class=\"_ _3d\"> </span>valore <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>recupero <span class=\"_ _3d\"> </span>ove <span class=\"_ _3d\"> </span>esista <span class=\"_ _37\"> </span>qualche indicazione che dimostri che il bene possa aver<span class=\"_ _2\"></span> subito una perdita di valore. Le eventuali rettific<span class=\"_ _2\"></span>he vengono rilevate a conto economico. Criteri di cancel<span class=\"_ _1\"></span>lazione Un'attivit\u00e0 <span class=\"_ _1\"></span>materiale <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>liminata dallo <span class=\"_ _38\"></span>Stato <span class=\"_ _1\"></span>Patrimoniale al <span class=\"_ _1\"></span>momento <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>dismissione <span class=\"_ _38\"></span>o <span class=\"_ _1\"></span>quando il  b<span class=\"_ _2\"></span>ene  \u00e8  permanentemente  ritirato  dall<span class=\"_ _2\"></span>\u2019uso  e  dal<span class=\"_ _2\"></span>la  sua <span class=\"_ _35\"> </span>dismi<span class=\"_ _1\"></span>ssione  non  sono <span class=\"_ _35\"> </span>attesi  benefici economici futuri. Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali L\u2019allocazione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>componenti <span class=\"_ _0\"></span>reddituali <span class=\"_ _38\"></span>nelle <span class=\"_ _0\"></span>pert<span class=\"_ _1\"></span>inenti voci <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>nto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>avviene <span class=\"_ _0\"></span>sulla base di quanto riportato di seguito: <span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _3b\"></span>ammor<span class=\"_ _1\"></span>tamenti p<span class=\"_ _2\"></span>eriodici, <span class=\"_ _3b\"></span>le perdite <span class=\"_ _3b\"></span>durature di <span class=\"_ _3b\"></span>valore <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>le <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iprese <span class=\"_ _3b\"></span>di v<span class=\"_ _2\"></span>alore vengono <span class=\"_ _3b\"></span>allocate<span class=\"_ _3a1\"> </span></span>nella voce \u201cRettifiche/riprese di valore nette su attivit\u00e0 mater<span class=\"_ _1\"></span>iali\u201d; <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _0\"></span>profitti <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>perdite <span class=\"_ _38\"></span>derivanti <span class=\"_ _0\"></span>dalle <span class=\"_ _0\"></span>ope<span class=\"_ _2\"></span>razioni <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>cess<span class=\"_ _1\"></span>ione <span class=\"_ _0\"></span>veng<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>no <span class=\"_ _0\"></span>allocati <span class=\"_ _38\"></span>nella <span class=\"_ _0\"></span>voce <span class=\"_ _38\"></span>\u201c<span class=\"_ _1\"></span>Utili </span>(Perdite) da cessione di investimenti\u201d. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-832": {
   "value": "6 - Atti<span class=\"_ _1\"></span>vit\u00e0 mate<span class=\"_ _1\"></span>riali<span class=\"_ _3a1\"> </span>Criteri di iscrizione<span class=\"_ _3a1\"> </span>Le att<span class=\"_ _3a1\"> </span>ivit\u00e0 materiali so<span class=\"_ _1\"></span>no inizialmente <span class=\"_ _1\"></span>iscritte al costo <span class=\"_ _1\"></span>che comprende, <span class=\"_ _1\"></span>oltre al <span class=\"_ _1\"></span>prezzo di <span class=\"_ _1\"></span>acquisto,<span class=\"_ _3a1\"> </span>tutti <span class=\"_ _1\"></span>gli e<span class=\"_ _1\"></span>ventuali <span class=\"_ _1\"></span>oneri <span class=\"_ _1\"></span>accessori direttame<span class=\"_ _1\"></span>nte imputabili <span class=\"_ _1\"></span>all\u2019acquisto <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>messa <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>funzione <span class=\"_ _1\"></span>del<span class=\"_ _3a1\"> </span>bene.<span class=\"_ _3a1\"> </span>Le <span class=\"_ _0\"></span>spese <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>manute<span class=\"_ _1\"></span>nzione <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>traordinaria <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>comportano <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>incremento <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>benefici <span class=\"_ _38\"></span>econom<span class=\"_ _1\"></span>ici<span class=\"_ _3a1\"> </span>futuri <span class=\"_ _3b\"></span>vengono imputate <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>d <span class=\"_ _3b\"></span>increment<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>valore d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>cespiti, <span class=\"_ _2\"></span>mentre <span class=\"_ _2\"></span>gli <span class=\"_ _3b\"></span>altr<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>costi di <span class=\"_ _3b\"></span>manutenzione<span class=\"_ _3a1\"> </span>ordinaria sono rilevati a Conto Economico.<span class=\"_ _3a1\"> </span>I <span class=\"_ _1\"></span>contratti <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>leasing <span class=\"_ _1\"></span>(in <span class=\"_ _1\"></span>qualit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>locatario) <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _1\"></span>contabilizzati <span class=\"_ _1\"></span>applicando <span class=\"_ _1\"></span>l\u2019IFRS <span class=\"_ _1\"></span>16 <span class=\"_ _38\"></span>sulla <span class=\"_ _1\"></span>base <span class=\"_ _38\"></span>del<span class=\"_ _3a1\"> </span>cosiddetto <span class=\"_ _2\"></span>modello <span class=\"_ _3b\"></span>del <span class=\"_ _2\"></span>diritto <span class=\"_ _2\"></span>d\u2019uso <span class=\"_ _3b\"></span>(\u201cright of<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>use\u201d). Alla <span class=\"_ _3b\"></span>data <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevazione <span class=\"_ _3b\"></span>iniziale <span class=\"_ _2\"></span>pertanto <span class=\"_ _3b\"></span>il <span class=\"_ _2\"></span>valore<span class=\"_ _3a1\"> </span>del <span class=\"_ _3b\"></span>diritt<span class=\"_ _1\"></span>o d<span class=\"_ _2\"></span>\u2019uso <span class=\"_ _3b\"></span>\u00e8 determinato <span class=\"_ _3b\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>valor<span class=\"_ _1\"></span>e <span class=\"_ _3b\"></span>di iscrizione <span class=\"_ _3b\"></span>iniziale <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lla <span class=\"_ _3b\"></span>P<span class=\"_ _1\"></span>assivit\u00e0 <span class=\"_ _3b\"></span>per leasing, <span class=\"_ _3b\"></span>corretto<span class=\"_ _3a1\"> </span>per le seguenti componenti:<span class=\"_ _3a1\"> </span>\u2022 i <span class=\"_ _3b\"></span>pagamenti dovuti per <span class=\"_ _2\"></span>il l<span class=\"_ _2\"></span>easing effettuati alla <span class=\"_ _3b\"></span>data o prima <span class=\"_ _2\"></span>della d<span class=\"_ _2\"></span>ata di <span class=\"_ _3b\"></span>decor<span class=\"_ _1\"></span>renza al <span class=\"_ _2\"></span>netto degl<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span>incentivi al leasing ricevuti;<span class=\"_ _3a1\"> </span>\u2022 i costi iniziali diretti sostenuti dal locatar<span class=\"_ _1\"></span>io;<span class=\"_ _3a1\"> </span>\u2022<span class=\"_ _48\"> </span>la <span class=\"_ _37\"> </span>stima <span class=\"_ _37\"> </span>dei <span class=\"_ _37\"> </span>costi <span class=\"_ _37\"> </span>che <span class=\"_ _37\"> </span>il <span class=\"_ _37\"> </span>locatario <span class=\"_ _3d\"> </span>dovr\u00e0 <span class=\"_ _37\"> </span>soste<span class=\"_ _1\"></span>nere <span class=\"_ _37\"> </span>per <span class=\"_ _3d\"> </span>lo <span class=\"_ _37\"> </span>smante<span class=\"_ _1\"></span>llamento <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>rimozione<span class=\"_ _3a1\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _35\"> </span>sottostante <span class=\"_ _35\"> </span>e  p<span class=\"_ _2\"></span>er <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>ripristino <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>sito <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>ubicata <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>ripristino <span class=\"_ _35\"> </span>dell'attivit\u00e0<span class=\"_ _3a1\"> </span>sottostante nelle condizioni previste dai termini e <span class=\"_ _1\"></span>dalle condizioni del leasing.<span class=\"_ _3a1\"> </span>Nell\u2019identificazione <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>diritti <span class=\"_ _3d\"> </span>d\u2019uso, <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>Gruppo <span class=\"_ _3d\"> </span>Credem <span class=\"_ _3d\"> </span>applica <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>\u201csemplificazioni\u201d <span class=\"_ _3d\"> </span>consent<span class=\"_ _1\"></span>ite<span class=\"_ _3a1\"> </span>dall\u2019IFRS 16 e quindi non sono considerati i contratti ave<span class=\"_ _1\"></span>nti caratteristiche:<span class=\"_ _3a1\"> </span>\u2022<span class=\"_ _3d\"> </span>Leasing <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>breve <span class=\"_ _1\"></span>durata, ovvero <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>leasing <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>breve <span class=\"_ _1\"></span>durata \u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>un leas<span class=\"_ _1\"></span>ing che, <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>iniziale, <span class=\"_ _1\"></span>ha<span class=\"_ _3a1\"> </span>una durata uguale o inferiore ai 12 mesi;<span class=\"_ _3a1\"> </span>\u2022 Leasing <span class=\"_ _3b\"></span>\u201clow-value\u201d, ovvero Leasing <span class=\"_ _3b\"></span>il cui asset presenta <span class=\"_ _3b\"></span>un valore pari o <span class=\"_ _3b\"></span>inferiore ad <span class=\"_ _3b\"></span>Euro<span class=\"_ _1\"></span> 5.000.<span class=\"_ _3a1\"> </span>Criteri di <span class=\"_ _184\"></span>class<span class=\"_ _1\"></span>ificazione<span class=\"_ _3a1\"> </span>Le at<span class=\"_ _1\"></span>tivit\u00e0 materiali <span class=\"_ _1\"></span>comprendono i <span class=\"_ _1\"></span>terreni, gli imm<span class=\"_ _1\"></span>obili strumentali, <span class=\"_ _1\"></span>gli invest<span class=\"_ _1\"></span>imenti immobiliari, il<span class=\"_ _3a1\"> </span>patrimonio <span class=\"_ _0\"> </span>artis<span class=\"_ _1\"></span>tico <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>pregio, <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>impianti <span class=\"_ _0\"></span>tecnici, <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>mobili <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>gli <span class=\"_ _0\"></span>arredi <span class=\"_ _0\"> </span>nonch\u00e9<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>le <span class=\"_ _35\"> </span>attrezzature <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>qualsiasi <span class=\"_ _0\"></span>tipo <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>ritiene <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>utilizzare <span class=\"_ _0\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>periodo. <span class=\"_ _0\"></span>Le <span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _0\"></span>materiali <span class=\"_ _0\"></span>detenute <span class=\"_ _0\"></span>per<span class=\"_ _3a1\"> </span>essere utilizzate nella produzione o nella fornitura di <span class=\"_ _3b\"></span>be<span class=\"_ _1\"></span>ni e servizi <span class=\"_ _2\"></span>sono classificate come \u201cattivit\u00e0<span class=\"_ _3a1\"> </span>ad <span class=\"_ _35\"> </span>uso  funzional<span class=\"_ _2\"></span>e\u201d  secondo <span class=\"_ _35\"> </span>lo <span class=\"_ _35\"> </span>IAS <span class=\"_ _35\"> </span>16.  Gli <span class=\"_ _35\"> </span>immobili <span class=\"_ _35\"> </span>posseduti <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>finalit\u00e0  di <span class=\"_ _35\"> </span>investimento <span class=\"_ _35\"> </span>(per<span class=\"_ _3a1\"> </span>conseguire <span class=\"_ _3b\"></span>canoni di <span class=\"_ _3b\"></span>locazione <span class=\"_ _3b\"></span>o <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>l\u2019apprezzamento <span class=\"_ _3b\"></span>del cap<span class=\"_ _2\"></span>itale <span class=\"_ _3b\"></span>invest<span class=\"_ _1\"></span>ito) <span class=\"_ _3b\"></span>sono <span class=\"_ _2\"></span>classificati <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>me<span class=\"_ _3a1\"> </span>\u201cattivit\u00e0 detenute a scopo di invest<span class=\"_ _1\"></span>imento\u201d in base allo IAS 40.<span class=\"_ _3a1\"> </span>La  voce <span class=\"_ _3d\"> </span>accoglie <span class=\"_ _3d\"> </span>anche  attivit\u00e0 <span class=\"_ _3d\"> </span>materiali <span class=\"_ _3d\"> </span>classificate <span class=\"_ _3d\"> </span>in  base  allo <span class=\"_ _3d\"> </span>IAS <span class=\"_ _3d\"> </span>2  - <span class=\"_ _3d\"> </span>Rimanenze, <span class=\"_ _3d\"> </span>che  si<span class=\"_ _3a1\"> </span>riferiscono <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>beni <span class=\"_ _0\"></span>derivanti <span class=\"_ _0\"></span>dall\u2019attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>escussione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>garanzie <span class=\"_ _0\"> </span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>dall\u2019acquisto <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>asta <span class=\"_ _0\"></span>che<span class=\"_ _3a1\"> </span>l\u2019impresa <span class=\"_ _37\"> </span>ha <span class=\"_ _36\"> </span>intenzione <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>vendere <span class=\"_ _36\"> </span>nel <span class=\"_ _37\"> </span>prossimo <span class=\"_ _36\"> </span>futuro, <span class=\"_ _37\"> </span>senza <span class=\"_ _37\"> </span>effe<span class=\"_ _1\"></span>ttuare <span class=\"_ _37\"> </span>rilevanti <span class=\"_ _36\"> </span>opere <span class=\"_ _37\"> </span>di<span class=\"_ _3a1\"> </span>ristrutturazione, <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>hanno <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>esupposti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>essere <span class=\"_ _1\"></span>classificati <span class=\"_ _1\"></span>nelle <span class=\"_ _1\"></span>cat<span class=\"_ _1\"></span>egorie <span class=\"_ _1\"></span>precedenti,<span class=\"_ _3a1\"> </span>sia al portafoglio immobiliare delle Societ\u00e0 immobiliari del Gruppo, compr<span class=\"_ _2\"></span>ensivo di aree edificabili,<span class=\"_ _3a1\"> </span>immobili in <span class=\"_ _2\"></span>costruzione, immobili u<span class=\"_ _2\"></span>ltimati in vendita<span class=\"_ _2\"></span> e iniz<span class=\"_ _2\"></span>iative di <span class=\"_ _2\"></span>sviluppo immobiliare, acqu<span class=\"_ _2\"></span>istato<span class=\"_ _3a1\"> </span>e detenuto in un\u2019ottica di dismissione.<span class=\"_ _3a1\"> </span>Sono, <span class=\"_ _3d\"> </span>infine, <span class=\"_ _37\"> </span>iscritt<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>nelle <span class=\"_ _37\"> </span>attivit\u00e0 <span class=\"_ _37\"> </span>materiali <span class=\"_ _37\"> </span>i <span class=\"_ _3d\"> </span>beni <span class=\"_ _37\"> </span>utilizzati <span class=\"_ _3d\"> </span>ne<span class=\"_ _1\"></span>ll\u2019ambito <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>contr<span class=\"_ _1\"></span>atti <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>leas<span class=\"_ _1\"></span>ing finanzi<span class=\"_ _3a1\"> </span>ario, ancorch\u00e9 la t<span class=\"_ _1\"></span>itolarit\u00e0 giuridica degli stessi rimanga alla societ\u00e0 locatrice. Criteri di valuta<span class=\"_ _1\"></span>zione Le attivit\u00e0 materiali sono valutate al costo, <span class=\"_ _1\"></span>dedotti eventuali ammortamenti e perdite di valore. Le <span class=\"_ _44\"> </span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _44\"> </span>materiali <span class=\"_ _44\"> </span>sono <span class=\"_ _44\"> </span>sist<span class=\"_ _1\"></span>ematicamente <span class=\"_ _44\"> </span>ammortizzate, <span class=\"_ _44\"> </span>adot<span class=\"_ _1\"></span>tando <span class=\"_ _44\"> </span>come <span class=\"_ _44\"> </span>cr<span class=\"_ _1\"></span>iterio <span class=\"_ _44\"> </span>di ammortamento  il <span class=\"_ _35\"> </span>metodo <span class=\"_ _35\"> </span>a  qu<span class=\"_ _2\"></span>ote  cos<span class=\"_ _2\"></span>tanti,  lu<span class=\"_ _2\"></span>ngo  l<span class=\"_ _2\"></span>a  l<span class=\"_ _2\"></span>oro  vita <span class=\"_ _35\"> </span>utile. <span class=\"_ _35\"> </span>Il  v<span class=\"_ _2\"></span>alore  ammortizzabile <span class=\"_ _35\"> </span>\u00e8 rappresentato <span class=\"_ _3f\"> </span>dal <span class=\"_ _3f\"> </span>costo <span class=\"_ _3f\"> </span>dei <span class=\"_ _39\"> </span>beni <span class=\"_ _3f\"> </span>al <span class=\"_ _3f\"> </span>netto <span class=\"_ _3f\"> </span>del <span class=\"_ _39\"> </span>valore <span class=\"_ _3f\"> </span>residuo <span class=\"_ _3f\"> </span>al <span class=\"_ _39\"> </span>t<span class=\"_ _1\"></span>ermine <span class=\"_ _3f\"> </span>del <span class=\"_ _3f\"> </span>processo <span class=\"_ _39\"> </span>di ammortamento, <span class=\"_ _36\"> </span>se <span class=\"_ _37\"> </span>significativo. <span class=\"_ _37\"> </span>Gli <span class=\"_ _36\"> </span>immobili <span class=\"_ _37\"> </span>vengono <span class=\"_ _37\"> </span>am<span class=\"_ _1\"></span>mortizzati <span class=\"_ _37\"> </span>per <span class=\"_ _36\"> </span>una <span class=\"_ _37\"> </span>quota <span class=\"_ _37\"> </span>ritenuta congrua <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>rappresent<span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>deperimento <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>cespiti <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>tempo <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>seguito <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>utilizzo, te<span class=\"_ _1\"></span>nuto conto delle spese di manutenzione di carattere straordinario, ch<span class=\"_ _2\"></span>e vengono portate ad incremento del valore dei cespiti Non vengono invece ammortizzati: <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _35\"> </span>terreni, <span class=\"_ _35\"> </span>siano <span class=\"_ _35\"> </span>essi <span class=\"_ _35\"> </span>stati <span class=\"_ _35\"> </span>acquisiti <span class=\"_ _35\"> </span>singolarmente <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>incorporati <span class=\"_ _35\"> </span>nel <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>fabbricati, <span class=\"_ _35\"> </span>in<span class=\"_ _3a1\"> </span></span>quanto hanno vita utile indefinita; <span class=\"_ _42\"> </span><span class=\"ff4\">il patr<span class=\"_ _1\"></span>imonio <span class=\"_ _1\"></span>artistico <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>pregio, <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>altri <span class=\"_ _1\"></span>beni <span class=\"_ _1\"></span>stor<span class=\"_ _1\"></span>ico <span class=\"_ _1\"></span>artistici e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>decorativi <span class=\"_ _1\"></span>in quanto <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>vita </span>utile <span class=\"_ _35\"> </span>non <span class=\"_ _0\"></span>pu\u00f2 <span class=\"_ _35\"> </span>essere <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>timata <span class=\"_ _0\"></span>ed <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>loro <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>normalmente <span class=\"_ _35\"> </span>destinato <span class=\"_ _35\"> </span>ad <span class=\"_ _0\"></span>aumentare <span class=\"_ _35\"> </span>nel tempo. Se <span class=\"_ _38\"></span>esiste <span class=\"_ _1\"></span>qualche <span class=\"_ _38\"></span>indicazione <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>dimostri <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>un\u2019att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _1\"></span>materiale <span class=\"_ _38\"></span>valutata <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>costo <span class=\"_ _1\"></span>possa <span class=\"_ _38\"></span>aver subito un<span class=\"_ _2\"></span>a perdita <span class=\"_ _2\"></span>di v<span class=\"_ _2\"></span>alore, si <span class=\"_ _3b\"></span>procede al c<span class=\"_ _2\"></span>onfronto t<span class=\"_ _2\"></span>ra il <span class=\"_ _3b\"></span>valore di <span class=\"_ _3b\"></span>carico del c<span class=\"_ _3b\"></span>es<span class=\"_ _1\"></span>pite ed <span class=\"_ _3b\"></span>il suo <span class=\"_ _3b\"></span>valore di recupero. Le eventuali rettifiche vengono rilevate a <span class=\"_ _1\"></span>Conto Econ<span class=\"_ _2\"></span>omico. Qualora vengano meno<span class=\"_ _1\"></span> i motivi che hanno portato alla r<span class=\"_ _1\"></span>ilevazione della perdita, si d\u00e0 luogo a<span class=\"_ _1\"></span>d una ripresa <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>valore, <span class=\"_ _3d\"> </span>che<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>non <span class=\"_ _3d\"> </span>pu\u00f2 <span class=\"_ _3d\"> </span>superare <span class=\"_ _37\"> </span>il <span class=\"_ _3d\"> </span>valore <span class=\"_ _3d\"> </span>che <span class=\"_ _3d\"> </span>l\u2019att<span class=\"_ _1\"></span>ivit\u00e0  avre<span class=\"_ _1\"></span>bbe <span class=\"_ _3d\"> </span>avuto, <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>netto <span class=\"_ _37\"> </span>degli ammortamenti calcolati, in assenza di precedenti perdite di valore. Per <span class=\"_ _0\"></span>quel <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>attiene <span class=\"_ _0\"></span>alle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>mat<span class=\"_ _1\"></span>eriali <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ilevate <span class=\"_ _0\"></span>ai <span class=\"_ _38\"></span>sensi <span class=\"_ _0\"></span>dello <span class=\"_ _38\"></span>IAS <span class=\"_ _0\"></span>2, <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>stesse <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>valutate<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>al<span class=\"_ _3b\"></span> minore <span class=\"_ _35\"> </span>tra <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>costo  ed <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>valor<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>netto <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>realizzo, <span class=\"_ _35\"> </span>fermo<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>restando <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>procede <span class=\"_ _35\"> </span>comunque <span class=\"_ _35\"> </span>al confronto <span class=\"_ _3d\"> </span>tra <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>valore <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>car<span class=\"_ _1\"></span>ico  del <span class=\"_ _37\"> </span>cespite  e<span class=\"_ _1\"></span>d <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>suo <span class=\"_ _3d\"> </span>valore <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>recupero <span class=\"_ _3d\"> </span>ove <span class=\"_ _3d\"> </span>esista <span class=\"_ _37\"> </span>qualche indicazione che dimostri che il bene possa aver<span class=\"_ _2\"></span> subito una perdita di valore. Le eventuali rettific<span class=\"_ _2\"></span>he vengono rilevate a conto economico. Criteri di cancel<span class=\"_ _1\"></span>lazione Un'attivit\u00e0 <span class=\"_ _1\"></span>materiale <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>liminata dallo <span class=\"_ _38\"></span>Stato <span class=\"_ _1\"></span>Patrimoniale al <span class=\"_ _1\"></span>momento <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>dismissione <span class=\"_ _38\"></span>o <span class=\"_ _1\"></span>quando il  b<span class=\"_ _2\"></span>ene  \u00e8  permanentemente  ritirato  dall<span class=\"_ _2\"></span>\u2019uso  e  dal<span class=\"_ _2\"></span>la  sua <span class=\"_ _35\"> </span>dismi<span class=\"_ _1\"></span>ssione  non  sono <span class=\"_ _35\"> </span>attesi  benefici economici futuri. Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali L\u2019allocazione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>componenti <span class=\"_ _0\"></span>reddituali <span class=\"_ _38\"></span>nelle <span class=\"_ _0\"></span>pert<span class=\"_ _1\"></span>inenti voci <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>nto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>avviene <span class=\"_ _0\"></span>sulla base di quanto riportato di seguito: <span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _3b\"></span>ammor<span class=\"_ _1\"></span>tamenti p<span class=\"_ _2\"></span>eriodici, <span class=\"_ _3b\"></span>le perdite <span class=\"_ _3b\"></span>durature di <span class=\"_ _3b\"></span>valore <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>le <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iprese <span class=\"_ _3b\"></span>di v<span class=\"_ _2\"></span>alore vengono <span class=\"_ _3b\"></span>allocate<span class=\"_ _3a1\"> </span></span>nella voce \u201cRettifiche/riprese di valore nette su attivit\u00e0 mater<span class=\"_ _1\"></span>iali\u201d; <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _0\"></span>profitti <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>perdite <span class=\"_ _38\"></span>derivanti <span class=\"_ _0\"></span>dalle <span class=\"_ _0\"></span>ope<span class=\"_ _2\"></span>razioni <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>cess<span class=\"_ _1\"></span>ione <span class=\"_ _0\"></span>veng<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>no <span class=\"_ _0\"></span>allocati <span class=\"_ _38\"></span>nella <span class=\"_ _0\"></span>voce <span class=\"_ _38\"></span>\u201c<span class=\"_ _1\"></span>Utili </span>(Perdite) da cessione di investimenti\u201d. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-874": {
   "value": "Le <span class=\"_ _0\"></span>spese <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>manute<span class=\"_ _1\"></span>nzione <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>traordinaria <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>comportano <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>incremento <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>benefici <span class=\"_ _38\"></span>econom<span class=\"_ _1\"></span>ici<span class=\"_ _3a1\"> </span> futuri <span class=\"_ _3b\"></span>vengono imputate <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>d <span class=\"_ _3b\"></span>increment<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>valore d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>cespiti, <span class=\"_ _2\"></span>mentre <span class=\"_ _2\"></span>gli <span class=\"_ _3b\"></span>altr<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>costi di <span class=\"_ _3b\"></span>manutenzione<span class=\"_ _3a1\"> </span> ordinaria sono rilevati a Conto Economico.<span class=\"_ _3a1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-900": {
   "value": "7 - Atti<span class=\"_ _1\"></span>vit\u00e0 immate<span class=\"_ _1\"></span>riali<span class=\"_ _3a1\"> </span>Criteri di iscrizione Le at<span class=\"_ _1\"></span>tivit\u00e0 immateriali s<span class=\"_ _1\"></span>ono <span class=\"_ _1\"></span>iscritte come <span class=\"_ _1\"></span>tali se<span class=\"_ _1\"></span> sono <span class=\"_ _1\"></span>ide<span class=\"_ _3a1\"> </span>ntificabili e t<span class=\"_ _1\"></span>rovano origine <span class=\"_ _1\"></span>in diritt<span class=\"_ _1\"></span>i legali<span class=\"_ _3a1\"> </span>o contrattuali.<span class=\"_ _3a1\"> </span>Le <span class=\"_ _37\"> </span>pre<span class=\"_ _1\"></span>dette <span class=\"_ _37\"> </span>attivit\u00e0 <span class=\"_ _37\"> </span>sono <span class=\"_ _36\"> </span>iscritte <span class=\"_ _37\"> </span>ai <span class=\"_ _37\"> </span>costi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>acquisto, <span class=\"_ _37\"> </span>comprensivi <span class=\"_ _37\"> </span>degli <span class=\"_ _36\"> </span>oneri <span class=\"_ _37\"> </span>accessori <span class=\"_ _37\"> </span>ed<span class=\"_ _3a1\"> </span>aumentati <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>pese <span class=\"_ _0\"></span>success<span class=\"_ _1\"></span>ive <span class=\"_ _0\"></span>soste<span class=\"_ _1\"></span>nute <span class=\"_ _35\"> </span>p<span class=\"_ _2\"></span>er <span class=\"_ _35\"> </span>accrescerne <span class=\"_ _35\"> </span>i<span class=\"_ _3b\"></span>l <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>capacit\u00e0 <span class=\"_ _0\"> </span>pro<span class=\"_ _1\"></span>duttiva<span class=\"_ _3a1\"> </span>iniziale. <span class=\"_ _35\"> </span>Gli  avviamenti  sono  pari  al<span class=\"_ _2\"></span>la  diff<span class=\"_ _2\"></span>erenza  positiva  tra  gl<span class=\"_ _2\"></span>i  oneri  sostenuti <span class=\"_ _35\"> </span>per  acquisire  i<span class=\"_ _3a1\"> </span>complessi <span class=\"_ _0\"></span>aziendali <span class=\"_ _38\"></span>sottostanti <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>pertinenti <span class=\"_ _0\"></span>quote <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>fai<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>val<span class=\"_ _3b\"></span>ue <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0, <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span>delle passivit\u00e0 potenziali acq<span class=\"_ _2\"></span>uisite. Qualora tale differenza risulti <span class=\"_ _3b\"></span>negativa (badwill) o nell\u2019ipotesi in<span class=\"_ _3a1\"> </span>cui <span class=\"_ _37\"> </span>il <span class=\"_ _36\"> </span>goodwill <span class=\"_ _36\"> </span>non <span class=\"_ _36\"> </span>trovi <span class=\"_ _36\"> </span>giustificazione <span class=\"_ _37\"> </span>ne<span class=\"_ _1\"></span>lle <span class=\"_ _36\"> </span>capacit\u00e0 <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>ddituali <span class=\"_ _37\"> </span>future <span class=\"_ _36\"> </span>della <span class=\"_ _36\"> </span>partecipata, <span class=\"_ _36\"> </span>la<span class=\"_ _3a1\"> </span>differenza stessa viene iscritta direttame<span class=\"_ _1\"></span>nte a conto economico.<span class=\"_ _3a1\"> </span>Criteri di classifi<span class=\"_ _1\"></span>cazione<span class=\"_ _3a1\"> </span>Il por<span class=\"_ _3a1\"> </span>tafoglio delle a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 immateriali in<span class=\"_ _2\"></span>clude i fat<span class=\"_ _2\"></span>tori intangibili<span class=\"_ _2\"></span> di produzione ad <span class=\"_ _2\"></span>utilit\u00e0 pl<span class=\"_ _2\"></span>uriennale<span class=\"_ _3a1\"> </span>rappresentati <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>particolare  da <span class=\"_ _3d\"> </span>software, <span class=\"_ _3d\"> </span>benefici  legat<span class=\"_ _1\"></span>i  alla <span class=\"_ _3d\"> </span>relazione <span class=\"_ _3d\"> </span>con <span class=\"_ _3d\"> </span>la  cliente<span class=\"_ _1\"></span>la  (client<span class=\"_ _3a1\"> </span>relationship) e avviamenti.<span class=\"_ _3a1\"> </span>Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span>Le <span class=\"_ _0\"></span>attiv<span class=\"_ _2\"></span>it\u00e0 <span class=\"_ _0\"></span>immateriali <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>durata <span class=\"_ _38\"></span>limitat<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>vengono<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>alutat<span class=\"_ _3a1\"> </span>e <span class=\"_ _38\"></span>secondo <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>principio <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>costo <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>netto<span class=\"_ _3a1\"> </span>degli <span class=\"_ _1\"></span>ammo<span class=\"_ _1\"></span>rtamenti <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>perdite <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>riduzioni <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>valore. <span class=\"_ _38\"></span>Gli <span class=\"_ _38\"></span>ammortame<span class=\"_ _1\"></span>nti <span class=\"_ _1\"></span>sono<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>durata <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ari<span class=\"_ _3a1\"> </span>alla <span class=\"_ _38\"></span>vita <span class=\"_ _0\"></span>utile <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>beni <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>ammo<span class=\"_ _1\"></span>rtizzare <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>basati <span class=\"_ _38\"></span>sul <span class=\"_ _0\"></span>metodo <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>ote <span class=\"_ _0\"></span>costanti. <span class=\"_ _38\"></span>Se<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>rico<span class=\"_ _2\"></span>rrono<span class=\"_ _3a1\"> </span>evidenze <span class=\"_ _39\"> </span>sintomatiche <span class=\"_ _3f\"> </span>dell\u2019esi<span class=\"_ _2\"></span>stenza <span class=\"_ _39\"> </span>di <span class=\"_ _3f\"> </span>perdite, <span class=\"_ _39\"> </span>le <span class=\"_ _39\"> </span>attivit\u00e0 <span class=\"_ _39\"> </span>immateriali <span class=\"_ _39\"> </span>sono <span class=\"_ _39\"> </span>sottoposte <span class=\"_ _3f\"> </span>ad<span class=\"_ _3a1\"> </span>impairment <span class=\"_ _3d\"> </span>test, <span class=\"_ _3d\"> </span>registrando <span class=\"_ _37\"> </span>le <span class=\"_ _3d\"> </span>eventuali <span class=\"_ _3d\"> </span>perdite <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>valore; <span class=\"_ _3d\"> </span>successive <span class=\"_ _3d\"> </span>riprese<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>valore <span class=\"_ _3d\"> </span>non<span class=\"_ _3a1\"> </span>possono eccedere l\u2019ammontare delle perdite da impairme<span class=\"_ _1\"></span>nt in precedenza registrate.<span class=\"_ _3a1\"> </span>Gli avviamenti <span class=\"_ _1\"></span>non so<span class=\"_ _1\"></span>no assoggettati <span class=\"_ _1\"></span>ad ammortamento, ma <span class=\"_ _1\"></span>vengono per<span class=\"_ _1\"></span>iodicamente sottoposti<span class=\"_ _3a1\"> </span>ad <span class=\"_ _0\"></span>impairme<span class=\"_ _1\"></span>nt <span class=\"_ _0\"></span>test. <span class=\"_ _35\"> </span>L\u2019eventuale <span class=\"_ _0\"></span>differenza <span class=\"_ _35\"> </span>negativa <span class=\"_ _0\"></span>tra <span class=\"_ _0\"> </span>il <span class=\"_ _35\"> </span>valore <span class=\"_ _0\"></span>recuperabile <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>ciascuna <span class=\"_ _35\"> </span>un<span class=\"_ _2\"></span>it\u00e0<span class=\"_ _3a1\"> </span>generatrice <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>(CGU) <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>quale <span class=\"_ _0\"></span>appartiene<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>det<span class=\"_ _1\"></span>erminato <span class=\"_ _35\"> </span>avv<span class=\"_ _2\"></span>iamento <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>valore<span class=\"_ _3a1\"> </span>contabile <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>medesima <span class=\"_ _38\"></span>costituisce <span class=\"_ _0\"></span>perdita <span class=\"_ _38\"></span>da <span class=\"_ _0\"></span>impai<span class=\"_ _2\"></span>rment. <span class=\"_ _38\"></span>Il <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>ore <span class=\"_ _0\"></span>recuperabile <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>na <span class=\"_ _0\"></span>CGU<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>\u2013<span class=\"_ _3a1\"> </span>che ne <span class=\"_ _1\"></span>rappresent<span class=\"_ _1\"></span>a una <span class=\"_ _1\"></span>stima <span class=\"_ _1\"></span>del valore <span class=\"_ _1\"></span>economico \u2013<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>i ragguaglia al <span class=\"_ _1\"></span>maggiore<span class=\"_ _1\"></span> tra <span class=\"_ _1\"></span>il valore<span class=\"_ _1\"></span> d\u2019uso<span class=\"_ _3a1\"> </span>(valore <span class=\"_ _0\"></span>attuale <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>flussi<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>cassa <span class=\"_ _0\"></span>attesi) <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>cambio <span class=\"_ _38\"></span>(pre<span class=\"_ _1\"></span>sumibile <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>cess<span class=\"_ _1\"></span>ione <span class=\"_ _38\"></span>al<span class=\"_ _3a1\"> </span>netto <span class=\"_ _36\"> </span>dei <span class=\"_ _36\"> </span>costi <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>t<span class=\"_ _1\"></span>ransazione). <span class=\"_ _37\"> </span>Event<span class=\"_ _1\"></span>uali <span class=\"_ _37\"> </span>success<span class=\"_ _1\"></span>ive <span class=\"_ _36\"> </span>riprese <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>valore<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>non <span class=\"_ _36\"> </span>possono <span class=\"_ _37\"> </span>es<span class=\"_ _1\"></span>sere<span class=\"_ _3a1\"> </span>registrate.<span class=\"_ _3a1\"> </span>Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span>Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3b\"></span>immateriali v<span class=\"_ _2\"></span>engono <span class=\"_ _3b\"></span>cancellate<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>dal <span class=\"_ _3b\"></span>bilancio <span class=\"_ _3b\"></span>qu<span class=\"_ _3a1\"> </span>ando <span class=\"_ _3b\"></span>ha<span class=\"_ _1\"></span>nno <span class=\"_ _2\"></span>esaurito <span class=\"_ _3b\"></span>inte<span class=\"_ _1\"></span>gralmente <span class=\"_ _3b\"></span>le <span class=\"_ _2\"></span>loro<span class=\"_ _3a1\"> </span>funzionalit\u00e0 <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>conomiche, <span class=\"_ _3b\"></span>ovvero nel <span class=\"_ _3b\"></span>momento <span class=\"_ _3b\"></span>della dismissione <span class=\"_ _3b\"></span>o <span class=\"_ _3b\"></span>qualora non <span class=\"_ _3b\"></span>sono <span class=\"_ _3b\"></span>attesi b<span class=\"_ _2\"></span>enefici<span class=\"_ _3a1\"> </span>economici futuri.<span class=\"_ _3a1\"> </span>Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"_ _3a1\"> </span>L\u2019allocazione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>componenti <span class=\"_ _0\"></span>reddituali <span class=\"_ _38\"></span>nelle <span class=\"_ _0\"></span>pert<span class=\"_ _1\"></span>inenti <span class=\"_ _0\"></span>voci <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>avviene <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ulla<span class=\"_ _3a1\"> </span>base di quanto riportato di seguito:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _3b\"></span>ammor<span class=\"_ _1\"></span>tamenti p<span class=\"_ _2\"></span>eriodici, <span class=\"_ _3b\"></span>le perdite <span class=\"_ _3b\"></span>durature di <span class=\"_ _3b\"></span>valore <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>le <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iprese <span class=\"_ _3b\"></span>di v<span class=\"_ _2\"></span>alore vengono <span class=\"_ _3b\"></span>allocate<span class=\"_ _3a1\"> </span></span>nella voce \u201cRettifiche/riprese di valore nette su attivit\u00e0 immater<span class=\"_ _1\"></span>iali\u201d.<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">le perdite <span class=\"_ _1\"></span>durature di valore <span class=\"_ _1\"></span>dell\u2019avviamento vengono allocate <span class=\"_ _1\"></span>nella voce <span class=\"_ _1\"></span>\u201cRettifiche di valore<span class=\"_ _3a1\"> </span></span>dell\u2019avviamento\u201d.  Non  \u00e8  ammessa  la  contabilizzazione  di <span class=\"_ _35\"> </span>e<span class=\"_ _1\"></span>ventuali  successive  riprese  di<span class=\"_ _3a1\"> </span>valore.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-833": {
   "value": "7 - Atti<span class=\"_ _1\"></span>vit\u00e0 immate<span class=\"_ _1\"></span>riali<span class=\"_ _3a1\"> </span>Criteri di iscrizione Le at<span class=\"_ _1\"></span>tivit\u00e0 immateriali s<span class=\"_ _1\"></span>ono <span class=\"_ _1\"></span>iscritte come <span class=\"_ _1\"></span>tali se<span class=\"_ _1\"></span> sono <span class=\"_ _1\"></span>ide<span class=\"_ _3a1\"> </span>ntificabili e t<span class=\"_ _1\"></span>rovano origine <span class=\"_ _1\"></span>in diritt<span class=\"_ _1\"></span>i legali<span class=\"_ _3a1\"> </span>o contrattuali.<span class=\"_ _3a1\"> </span>Le <span class=\"_ _37\"> </span>pre<span class=\"_ _1\"></span>dette <span class=\"_ _37\"> </span>attivit\u00e0 <span class=\"_ _37\"> </span>sono <span class=\"_ _36\"> </span>iscritte <span class=\"_ _37\"> </span>ai <span class=\"_ _37\"> </span>costi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>acquisto, <span class=\"_ _37\"> </span>comprensivi <span class=\"_ _37\"> </span>degli <span class=\"_ _36\"> </span>oneri <span class=\"_ _37\"> </span>accessori <span class=\"_ _37\"> </span>ed<span class=\"_ _3a1\"> </span>aumentati <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>pese <span class=\"_ _0\"></span>success<span class=\"_ _1\"></span>ive <span class=\"_ _0\"></span>soste<span class=\"_ _1\"></span>nute <span class=\"_ _35\"> </span>p<span class=\"_ _2\"></span>er <span class=\"_ _35\"> </span>accrescerne <span class=\"_ _35\"> </span>i<span class=\"_ _3b\"></span>l <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>capacit\u00e0 <span class=\"_ _0\"> </span>pro<span class=\"_ _1\"></span>duttiva<span class=\"_ _3a1\"> </span>iniziale. <span class=\"_ _35\"> </span>Gli  avviamenti  sono  pari  al<span class=\"_ _2\"></span>la  diff<span class=\"_ _2\"></span>erenza  positiva  tra  gl<span class=\"_ _2\"></span>i  oneri  sostenuti <span class=\"_ _35\"> </span>per  acquisire  i<span class=\"_ _3a1\"> </span>complessi <span class=\"_ _0\"></span>aziendali <span class=\"_ _38\"></span>sottostanti <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>pertinenti <span class=\"_ _0\"></span>quote <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>fai<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>val<span class=\"_ _3b\"></span>ue <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0, <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span>delle passivit\u00e0 potenziali acq<span class=\"_ _2\"></span>uisite. Qualora tale differenza risulti <span class=\"_ _3b\"></span>negativa (badwill) o nell\u2019ipotesi in<span class=\"_ _3a1\"> </span>cui <span class=\"_ _37\"> </span>il <span class=\"_ _36\"> </span>goodwill <span class=\"_ _36\"> </span>non <span class=\"_ _36\"> </span>trovi <span class=\"_ _36\"> </span>giustificazione <span class=\"_ _37\"> </span>ne<span class=\"_ _1\"></span>lle <span class=\"_ _36\"> </span>capacit\u00e0 <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>ddituali <span class=\"_ _37\"> </span>future <span class=\"_ _36\"> </span>della <span class=\"_ _36\"> </span>partecipata, <span class=\"_ _36\"> </span>la<span class=\"_ _3a1\"> </span>differenza stessa viene iscritta direttame<span class=\"_ _1\"></span>nte a conto economico.<span class=\"_ _3a1\"> </span><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs4cc\">Criteri di classifi<span class=\"_ _1\"></span>cazione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4cd\">Il por<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4ce\">tafoglio delle a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 immateriali in<span class=\"_ _2\"></span>clude i fat<span class=\"_ _2\"></span>tori intangibili<span class=\"_ _2\"></span> di produzione ad <span class=\"_ _2\"></span>utilit\u00e0 pl<span class=\"_ _2\"></span>uriennale<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4cf\">rappresentati <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>particolare  da <span class=\"_ _3d\"> </span>software, <span class=\"_ _3d\"> </span>benefici  legat<span class=\"_ _1\"></span>i  alla <span class=\"_ _3d\"> </span>relazione <span class=\"_ _3d\"> </span>con <span class=\"_ _3d\"> </span>la  cliente<span class=\"_ _1\"></span>la  (client<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4d0\">relationship) e avviamenti.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs4d1\">Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4d2\">Le <span class=\"_ _0\"></span>attiv<span class=\"_ _2\"></span>it\u00e0 <span class=\"_ _0\"></span>immateriali <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>durata <span class=\"_ _38\"></span>limitat<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>vengono<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>alutat<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4d3\">e <span class=\"_ _38\"></span>secondo <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>principio <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>costo <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>netto<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4d4\">degli <span class=\"_ _1\"></span>ammo<span class=\"_ _1\"></span>rtamenti <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>perdite <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>riduzioni <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>valore. <span class=\"_ _38\"></span>Gli <span class=\"_ _38\"></span>ammortame<span class=\"_ _1\"></span>nti <span class=\"_ _1\"></span>sono<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>durata <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ari<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4d5\">alla <span class=\"_ _38\"></span>vita <span class=\"_ _0\"></span>utile <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>beni <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>ammo<span class=\"_ _1\"></span>rtizzare <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>basati <span class=\"_ _38\"></span>sul <span class=\"_ _0\"></span>metodo <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>ote <span class=\"_ _0\"></span>costanti. <span class=\"_ _38\"></span>Se<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>rico<span class=\"_ _2\"></span>rrono<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4d6\">evidenze <span class=\"_ _39\"> </span>sintomatiche <span class=\"_ _3f\"> </span>dell\u2019esi<span class=\"_ _2\"></span>stenza <span class=\"_ _39\"> </span>di <span class=\"_ _3f\"> </span>perdite, <span class=\"_ _39\"> </span>le <span class=\"_ _39\"> </span>attivit\u00e0 <span class=\"_ _39\"> </span>immateriali <span class=\"_ _39\"> </span>sono <span class=\"_ _39\"> </span>sottoposte <span class=\"_ _3f\"> </span>ad<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4d7\">impairment <span class=\"_ _3d\"> </span>test, <span class=\"_ _3d\"> </span>registrando <span class=\"_ _37\"> </span>le <span class=\"_ _3d\"> </span>eventuali <span class=\"_ _3d\"> </span>perdite <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>valore; <span class=\"_ _3d\"> </span>successive <span class=\"_ _3d\"> </span>riprese<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>valore <span class=\"_ _3d\"> </span>non<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4d8\">possono eccedere l\u2019ammontare delle perdite da impairme<span class=\"_ _1\"></span>nt in precedenza registrate.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4d9\">Gli avviamenti <span class=\"_ _1\"></span>non so<span class=\"_ _1\"></span>no assoggettati <span class=\"_ _1\"></span>ad ammortamento, ma <span class=\"_ _1\"></span>vengono per<span class=\"_ _1\"></span>iodicamente sottoposti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4da\">ad <span class=\"_ _0\"></span>impairme<span class=\"_ _1\"></span>nt <span class=\"_ _0\"></span>test. <span class=\"_ _35\"> </span>L\u2019eventuale <span class=\"_ _0\"></span>differenza <span class=\"_ _35\"> </span>negativa <span class=\"_ _0\"></span>tra <span class=\"_ _0\"> </span>il <span class=\"_ _35\"> </span>valore <span class=\"_ _0\"></span>recuperabile <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>ciascuna <span class=\"_ _35\"> </span>un<span class=\"_ _2\"></span>it\u00e0<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4db\">generatrice <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>(CGU) <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>quale <span class=\"_ _0\"></span>appartiene<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>det<span class=\"_ _1\"></span>erminato <span class=\"_ _35\"> </span>avv<span class=\"_ _2\"></span>iamento <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>valore<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4dc\">contabile <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>medesima <span class=\"_ _38\"></span>costituisce <span class=\"_ _0\"></span>perdita <span class=\"_ _38\"></span>da <span class=\"_ _0\"></span>impai<span class=\"_ _2\"></span>rment. <span class=\"_ _38\"></span>Il <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>ore <span class=\"_ _0\"></span>recuperabile <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>na <span class=\"_ _0\"></span>CGU<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>\u2013<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4dd\">che ne <span class=\"_ _1\"></span>rappresent<span class=\"_ _1\"></span>a una <span class=\"_ _1\"></span>stima <span class=\"_ _1\"></span>del valore <span class=\"_ _1\"></span>economico \u2013<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>i ragguaglia al <span class=\"_ _1\"></span>maggiore<span class=\"_ _1\"></span> tra <span class=\"_ _1\"></span>il valore<span class=\"_ _1\"></span> d\u2019uso<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4de\">(valore <span class=\"_ _0\"></span>attuale <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>flussi<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>cassa <span class=\"_ _0\"></span>attesi) <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>cambio <span class=\"_ _38\"></span>(pre<span class=\"_ _1\"></span>sumibile <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>cess<span class=\"_ _1\"></span>ione <span class=\"_ _38\"></span>al<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4df\">netto <span class=\"_ _36\"> </span>dei <span class=\"_ _36\"> </span>costi <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>t<span class=\"_ _1\"></span>ransazione). <span class=\"_ _37\"> </span>Event<span class=\"_ _1\"></span>uali <span class=\"_ _37\"> </span>success<span class=\"_ _1\"></span>ive <span class=\"_ _36\"> </span>riprese <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>valore<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>non <span class=\"_ _36\"> </span>possono <span class=\"_ _37\"> </span>es<span class=\"_ _1\"></span>sere<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4e0\">registrate.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs4e1\">Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4e2\">Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3b\"></span>immateriali v<span class=\"_ _2\"></span>engono <span class=\"_ _3b\"></span>cancellate<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>dal <span class=\"_ _3b\"></span>bilancio <span class=\"_ _3b\"></span>qu<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4e3\">ando <span class=\"_ _3b\"></span>ha<span class=\"_ _1\"></span>nno <span class=\"_ _2\"></span>esaurito <span class=\"_ _3b\"></span>inte<span class=\"_ _1\"></span>gralmente <span class=\"_ _3b\"></span>le <span class=\"_ _2\"></span>loro<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4e4\">funzionalit\u00e0 <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>conomiche, <span class=\"_ _3b\"></span>ovvero nel <span class=\"_ _3b\"></span>momento <span class=\"_ _3b\"></span>della dismissione <span class=\"_ _3b\"></span>o <span class=\"_ _3b\"></span>qualora non <span class=\"_ _3b\"></span>sono <span class=\"_ _3b\"></span>attesi b<span class=\"_ _2\"></span>enefici<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4e5\">economici futuri.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs4e6\">Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4e7\">L\u2019allocazione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>componenti <span class=\"_ _0\"></span>reddituali <span class=\"_ _38\"></span>nelle <span class=\"_ _0\"></span>pert<span class=\"_ _1\"></span>inenti</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4e8\"> <span class=\"_ _0\"></span>voci <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>avviene <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ulla<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4e9\">base di quanto riportato di seguito:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs4ea\"><span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _3b\"></span>ammor<span class=\"_ _1\"></span>tamenti p<span class=\"_ _2\"></span>eriodici, <span class=\"_ _3b\"></span>le perdite <span class=\"_ _3b\"></span>durature di <span class=\"_ _3b\"></span>valore <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>le <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iprese <span class=\"_ _3b\"></span>di v<span class=\"_ _2\"></span>alore vengono <span class=\"_ _3b\"></span>allocate<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4eb\">nella voce \u201cRettifiche/riprese di valore nette su attivit\u00e0 immater<span class=\"_ _1\"></span>iali\u201d.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs4ec\"><span class=\"_ _42\"> </span><span class=\"ff4\">le perdite <span class=\"_ _1\"></span>durature di valore <span class=\"_ _1\"></span>dell\u2019avviamento vengono allocate <span class=\"_ _1\"></span>nella voce <span class=\"_ _1\"></span>\u201cRettifiche di valore<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4ed\">dell\u2019avviamento\u201d.  Non  \u00e8  ammessa  la  contabilizzazione  di <span class=\"_ _35\"> </span>e<span class=\"_ _1\"></span>ventuali  successive  riprese  di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4ee\">valore. </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-849": {
   "value": "7 - Atti<span class=\"_ _1\"></span>vit\u00e0 immate<span class=\"_ _1\"></span>riali<span class=\"_ _3a1\"> </span>Criteri di iscrizione Le at<span class=\"_ _1\"></span>tivit\u00e0 immateriali s<span class=\"_ _1\"></span>ono <span class=\"_ _1\"></span>iscritte come <span class=\"_ _1\"></span>tali se<span class=\"_ _1\"></span> sono <span class=\"_ _1\"></span>ide<span class=\"_ _3a1\"> </span>ntificabili e t<span class=\"_ _1\"></span>rovano origine <span class=\"_ _1\"></span>in diritt<span class=\"_ _1\"></span>i legali<span class=\"_ _3a1\"> </span>o contrattuali.<span class=\"_ _3a1\"> </span>Le <span class=\"_ _37\"> </span>pre<span class=\"_ _1\"></span>dette <span class=\"_ _37\"> </span>attivit\u00e0 <span class=\"_ _37\"> </span>sono <span class=\"_ _36\"> </span>iscritte <span class=\"_ _37\"> </span>ai <span class=\"_ _37\"> </span>costi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>acquisto, <span class=\"_ _37\"> </span>comprensivi <span class=\"_ _37\"> </span>degli <span class=\"_ _36\"> </span>oneri <span class=\"_ _37\"> </span>accessori <span class=\"_ _37\"> </span>ed<span class=\"_ _3a1\"> </span>aumentati <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>pese <span class=\"_ _0\"></span>success<span class=\"_ _1\"></span>ive <span class=\"_ _0\"></span>soste<span class=\"_ _1\"></span>nute <span class=\"_ _35\"> </span>p<span class=\"_ _2\"></span>er <span class=\"_ _35\"> </span>accrescerne <span class=\"_ _35\"> </span>i<span class=\"_ _3b\"></span>l <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>capacit\u00e0 <span class=\"_ _0\"> </span>pro<span class=\"_ _1\"></span>duttiva<span class=\"_ _3a1\"> </span>iniziale. <span class=\"_ _35\"> </span>Gli  avviamenti  sono  pari  al<span class=\"_ _2\"></span>la  diff<span class=\"_ _2\"></span>erenza  positiva  tra  gl<span class=\"_ _2\"></span>i  oneri  sostenuti <span class=\"_ _35\"> </span>per  acquisire  i<span class=\"_ _3a1\"> </span>complessi <span class=\"_ _0\"></span>aziendali <span class=\"_ _38\"></span>sottostanti <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>pertinenti <span class=\"_ _0\"></span>quote <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>fai<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>val<span class=\"_ _3b\"></span>ue <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0, <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span>delle passivit\u00e0 potenziali acq<span class=\"_ _2\"></span>uisite. Qualora tale differenza risulti <span class=\"_ _3b\"></span>negativa (badwill) o nell\u2019ipotesi in<span class=\"_ _3a1\"> </span>cui <span class=\"_ _37\"> </span>il <span class=\"_ _36\"> </span>goodwill <span class=\"_ _36\"> </span>non <span class=\"_ _36\"> </span>trovi <span class=\"_ _36\"> </span>giustificazione <span class=\"_ _37\"> </span>ne<span class=\"_ _1\"></span>lle <span class=\"_ _36\"> </span>capacit\u00e0 <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>ddituali <span class=\"_ _37\"> </span>future <span class=\"_ _36\"> </span>della <span class=\"_ _36\"> </span>partecipata, <span class=\"_ _36\"> </span>la<span class=\"_ _3a1\"> </span>differenza stessa viene iscritta direttame<span class=\"_ _1\"></span>nte a conto economico.<span class=\"_ _3a1\"> </span>Criteri di classifi<span class=\"_ _1\"></span>cazione<span class=\"_ _3a1\"> </span>Il por<span class=\"_ _3a1\"> </span>tafoglio delle a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 immateriali in<span class=\"_ _2\"></span>clude i fat<span class=\"_ _2\"></span>tori intangibili<span class=\"_ _2\"></span> di produzione ad <span class=\"_ _2\"></span>utilit\u00e0 pl<span class=\"_ _2\"></span>uriennale<span class=\"_ _3a1\"> </span>rappresentati <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>particolare  da <span class=\"_ _3d\"> </span>software, <span class=\"_ _3d\"> </span>benefici  legat<span class=\"_ _1\"></span>i  alla <span class=\"_ _3d\"> </span>relazione <span class=\"_ _3d\"> </span>con <span class=\"_ _3d\"> </span>la  cliente<span class=\"_ _1\"></span>la  (client<span class=\"_ _3a1\"> </span>relationship) e avviamenti.<span class=\"_ _3a1\"> </span>Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span>Le <span class=\"_ _0\"></span>attiv<span class=\"_ _2\"></span>it\u00e0 <span class=\"_ _0\"></span>immateriali <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>durata <span class=\"_ _38\"></span>limitat<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>vengono<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>alutat<span class=\"_ _3a1\"> </span>e <span class=\"_ _38\"></span>secondo <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>principio <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>costo <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>netto<span class=\"_ _3a1\"> </span>degli <span class=\"_ _1\"></span>ammo<span class=\"_ _1\"></span>rtamenti <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>perdite <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>riduzioni <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>valore. <span class=\"_ _38\"></span>Gli <span class=\"_ _38\"></span>ammortame<span class=\"_ _1\"></span>nti <span class=\"_ _1\"></span>sono<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>durata <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ari<span class=\"_ _3a1\"> </span>alla <span class=\"_ _38\"></span>vita <span class=\"_ _0\"></span>utile <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>beni <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>ammo<span class=\"_ _1\"></span>rtizzare <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>basati <span class=\"_ _38\"></span>sul <span class=\"_ _0\"></span>metodo <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>ote <span class=\"_ _0\"></span>costanti. <span class=\"_ _38\"></span>Se<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>rico<span class=\"_ _2\"></span>rrono<span class=\"_ _3a1\"> </span>evidenze <span class=\"_ _39\"> </span>sintomatiche <span class=\"_ _3f\"> </span>dell\u2019esi<span class=\"_ _2\"></span>stenza <span class=\"_ _39\"> </span>di <span class=\"_ _3f\"> </span>perdite, <span class=\"_ _39\"> </span>le <span class=\"_ _39\"> </span>attivit\u00e0 <span class=\"_ _39\"> </span>immateriali <span class=\"_ _39\"> </span>sono <span class=\"_ _39\"> </span>sottoposte <span class=\"_ _3f\"> </span>ad<span class=\"_ _3a1\"> </span>impairment <span class=\"_ _3d\"> </span>test, <span class=\"_ _3d\"> </span>registrando <span class=\"_ _37\"> </span>le <span class=\"_ _3d\"> </span>eventuali <span class=\"_ _3d\"> </span>perdite <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>valore; <span class=\"_ _3d\"> </span>successive <span class=\"_ _3d\"> </span>riprese<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>valore <span class=\"_ _3d\"> </span>non<span class=\"_ _3a1\"> </span>possono eccedere l\u2019ammontare delle perdite da impairme<span class=\"_ _1\"></span>nt in precedenza registrate.<span class=\"_ _3a1\"> </span>Gli avviamenti <span class=\"_ _1\"></span>non so<span class=\"_ _1\"></span>no assoggettati <span class=\"_ _1\"></span>ad ammortamento, ma <span class=\"_ _1\"></span>vengono per<span class=\"_ _1\"></span>iodicamente sottoposti<span class=\"_ _3a1\"> </span>ad <span class=\"_ _0\"></span>impairme<span class=\"_ _1\"></span>nt <span class=\"_ _0\"></span>test. <span class=\"_ _35\"> </span>L\u2019eventuale <span class=\"_ _0\"></span>differenza <span class=\"_ _35\"> </span>negativa <span class=\"_ _0\"></span>tra <span class=\"_ _0\"> </span>il <span class=\"_ _35\"> </span>valore <span class=\"_ _0\"></span>recuperabile <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>ciascuna <span class=\"_ _35\"> </span>un<span class=\"_ _2\"></span>it\u00e0<span class=\"_ _3a1\"> </span>generatrice <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>(CGU) <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>quale <span class=\"_ _0\"></span>appartiene<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>det<span class=\"_ _1\"></span>erminato <span class=\"_ _35\"> </span>avv<span class=\"_ _2\"></span>iamento <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>valore<span class=\"_ _3a1\"> </span>contabile <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>medesima <span class=\"_ _38\"></span>costituisce <span class=\"_ _0\"></span>perdita <span class=\"_ _38\"></span>da <span class=\"_ _0\"></span>impai<span class=\"_ _2\"></span>rment. <span class=\"_ _38\"></span>Il <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>ore <span class=\"_ _0\"></span>recuperabile <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>na <span class=\"_ _0\"></span>CGU<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>\u2013<span class=\"_ _3a1\"> </span>che ne <span class=\"_ _1\"></span>rappresent<span class=\"_ _1\"></span>a una <span class=\"_ _1\"></span>stima <span class=\"_ _1\"></span>del valore <span class=\"_ _1\"></span>economico \u2013<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>i ragguaglia al <span class=\"_ _1\"></span>maggiore<span class=\"_ _1\"></span> tra <span class=\"_ _1\"></span>il valore<span class=\"_ _1\"></span> d\u2019uso<span class=\"_ _3a1\"> </span>(valore <span class=\"_ _0\"></span>attuale <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>flussi<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>cassa <span class=\"_ _0\"></span>attesi) <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>cambio <span class=\"_ _38\"></span>(pre<span class=\"_ _1\"></span>sumibile <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>cess<span class=\"_ _1\"></span>ione <span class=\"_ _38\"></span>al<span class=\"_ _3a1\"> </span>netto <span class=\"_ _36\"> </span>dei <span class=\"_ _36\"> </span>costi <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>t<span class=\"_ _1\"></span>ransazione). <span class=\"_ _37\"> </span>Event<span class=\"_ _1\"></span>uali <span class=\"_ _37\"> </span>success<span class=\"_ _1\"></span>ive <span class=\"_ _36\"> </span>riprese <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>valore<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>non <span class=\"_ _36\"> </span>possono <span class=\"_ _37\"> </span>es<span class=\"_ _1\"></span>sere<span class=\"_ _3a1\"> </span>registrate.<span class=\"_ _3a1\"> </span>Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span>Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3b\"></span>immateriali v<span class=\"_ _2\"></span>engono <span class=\"_ _3b\"></span>cancellate<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>dal <span class=\"_ _3b\"></span>bilancio <span class=\"_ _3b\"></span>qu<span class=\"_ _3a1\"> </span>ando <span class=\"_ _3b\"></span>ha<span class=\"_ _1\"></span>nno <span class=\"_ _2\"></span>esaurito <span class=\"_ _3b\"></span>inte<span class=\"_ _1\"></span>gralmente <span class=\"_ _3b\"></span>le <span class=\"_ _2\"></span>loro<span class=\"_ _3a1\"> </span>funzionalit\u00e0 <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>conomiche, <span class=\"_ _3b\"></span>ovvero nel <span class=\"_ _3b\"></span>momento <span class=\"_ _3b\"></span>della dismissione <span class=\"_ _3b\"></span>o <span class=\"_ _3b\"></span>qualora non <span class=\"_ _3b\"></span>sono <span class=\"_ _3b\"></span>attesi b<span class=\"_ _2\"></span>enefici<span class=\"_ _3a1\"> </span>economici futuri.<span class=\"_ _3a1\"> </span>Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"_ _3a1\"> </span>L\u2019allocazione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>componenti <span class=\"_ _0\"></span>reddituali <span class=\"_ _38\"></span>nelle <span class=\"_ _0\"></span>pert<span class=\"_ _1\"></span>inenti <span class=\"_ _0\"></span>voci <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>avviene <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ulla<span class=\"_ _3a1\"> </span>base di quanto riportato di seguito:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _3b\"></span>ammor<span class=\"_ _1\"></span>tamenti p<span class=\"_ _2\"></span>eriodici, <span class=\"_ _3b\"></span>le perdite <span class=\"_ _3b\"></span>durature di <span class=\"_ _3b\"></span>valore <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>le <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iprese <span class=\"_ _3b\"></span>di v<span class=\"_ _2\"></span>alore vengono <span class=\"_ _3b\"></span>allocate<span class=\"_ _3a1\"> </span></span>nella voce \u201cRettifiche/riprese di valore nette su attivit\u00e0 immater<span class=\"_ _1\"></span>iali\u201d.<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">le perdite <span class=\"_ _1\"></span>durature di valore <span class=\"_ _1\"></span>dell\u2019avviamento vengono allocate <span class=\"_ _1\"></span>nella voce <span class=\"_ _1\"></span>\u201cRettifiche di valore<span class=\"_ _3a1\"> </span></span>dell\u2019avviamento\u201d.  Non  \u00e8  ammessa  la  contabilizzazione  di <span class=\"_ _35\"> </span>e<span class=\"_ _1\"></span>ventuali  successive  riprese  di<span class=\"_ _3a1\"> </span>valore.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-802": {
   "value": "7 - Atti<span class=\"_ _1\"></span>vit\u00e0 immate<span class=\"_ _1\"></span>riali<span class=\"_ _3a1\"> </span>Criteri di iscrizione Le at<span class=\"_ _1\"></span>tivit\u00e0 immateriali s<span class=\"_ _1\"></span>ono <span class=\"_ _1\"></span>iscritte come <span class=\"_ _1\"></span>tali se<span class=\"_ _1\"></span> sono <span class=\"_ _1\"></span>ide<span class=\"_ _3a1\"> </span>ntificabili e t<span class=\"_ _1\"></span>rovano origine <span class=\"_ _1\"></span>in diritt<span class=\"_ _1\"></span>i legali<span class=\"_ _3a1\"> </span>o contrattuali.<span class=\"_ _3a1\"> </span>Le <span class=\"_ _37\"> </span>pre<span class=\"_ _1\"></span>dette <span class=\"_ _37\"> </span>attivit\u00e0 <span class=\"_ _37\"> </span>sono <span class=\"_ _36\"> </span>iscritte <span class=\"_ _37\"> </span>ai <span class=\"_ _37\"> </span>costi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>acquisto, <span class=\"_ _37\"> </span>comprensivi <span class=\"_ _37\"> </span>degli <span class=\"_ _36\"> </span>oneri <span class=\"_ _37\"> </span>accessori <span class=\"_ _37\"> </span>ed<span class=\"_ _3a1\"> </span>aumentati <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>pese <span class=\"_ _0\"></span>success<span class=\"_ _1\"></span>ive <span class=\"_ _0\"></span>soste<span class=\"_ _1\"></span>nute <span class=\"_ _35\"> </span>p<span class=\"_ _2\"></span>er <span class=\"_ _35\"> </span>accrescerne <span class=\"_ _35\"> </span>i<span class=\"_ _3b\"></span>l <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>capacit\u00e0 <span class=\"_ _0\"> </span>pro<span class=\"_ _1\"></span>duttiva<span class=\"_ _3a1\"> </span>iniziale. <span class=\"_ _35\"> </span>Gli  avviamenti  sono  pari  al<span class=\"_ _2\"></span>la  diff<span class=\"_ _2\"></span>erenza  positiva  tra  gl<span class=\"_ _2\"></span>i  oneri  sostenuti <span class=\"_ _35\"> </span>per  acquisire  i<span class=\"_ _3a1\"> </span>complessi <span class=\"_ _0\"></span>aziendali <span class=\"_ _38\"></span>sottostanti <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>pertinenti <span class=\"_ _0\"></span>quote <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>fai<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>val<span class=\"_ _3b\"></span>ue <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0, <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span>delle passivit\u00e0 potenziali acq<span class=\"_ _2\"></span>uisite. Qualora tale differenza risulti <span class=\"_ _3b\"></span>negativa (badwill) o nell\u2019ipotesi in<span class=\"_ _3a1\"> </span>cui <span class=\"_ _37\"> </span>il <span class=\"_ _36\"> </span>goodwill <span class=\"_ _36\"> </span>non <span class=\"_ _36\"> </span>trovi <span class=\"_ _36\"> </span>giustificazione <span class=\"_ _37\"> </span>ne<span class=\"_ _1\"></span>lle <span class=\"_ _36\"> </span>capacit\u00e0 <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>ddituali <span class=\"_ _37\"> </span>future <span class=\"_ _36\"> </span>della <span class=\"_ _36\"> </span>partecipata, <span class=\"_ _36\"> </span>la<span class=\"_ _3a1\"> </span>differenza stessa viene iscritta direttame<span class=\"_ _1\"></span>nte a conto economico.<span class=\"_ _3a1\"> </span>Criteri di classifi<span class=\"_ _1\"></span>cazione<span class=\"_ _3a1\"> </span>Il por<span class=\"_ _3a1\"> </span>tafoglio delle a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 immateriali in<span class=\"_ _2\"></span>clude i fat<span class=\"_ _2\"></span>tori intangibili<span class=\"_ _2\"></span> di produzione ad <span class=\"_ _2\"></span>utilit\u00e0 pl<span class=\"_ _2\"></span>uriennale<span class=\"_ _3a1\"> </span>rappresentati <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>particolare  da <span class=\"_ _3d\"> </span>software, <span class=\"_ _3d\"> </span>benefici  legat<span class=\"_ _1\"></span>i  alla <span class=\"_ _3d\"> </span>relazione <span class=\"_ _3d\"> </span>con <span class=\"_ _3d\"> </span>la  cliente<span class=\"_ _1\"></span>la  (client<span class=\"_ _3a1\"> </span>relationship) e avviamenti.<span class=\"_ _3a1\"> </span>Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span>Le <span class=\"_ _0\"></span>attiv<span class=\"_ _2\"></span>it\u00e0 <span class=\"_ _0\"></span>immateriali <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>durata <span class=\"_ _38\"></span>limitat<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>vengono<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>alutat<span class=\"_ _3a1\"> </span>e <span class=\"_ _38\"></span>secondo <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>principio <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>costo <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>netto<span class=\"_ _3a1\"> </span>degli <span class=\"_ _1\"></span>ammo<span class=\"_ _1\"></span>rtamenti <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>perdite <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>riduzioni <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>valore. <span class=\"_ _38\"></span>Gli <span class=\"_ _38\"></span>ammortame<span class=\"_ _1\"></span>nti <span class=\"_ _1\"></span>sono<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>durata <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ari<span class=\"_ _3a1\"> </span>alla <span class=\"_ _38\"></span>vita <span class=\"_ _0\"></span>utile <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>beni <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>ammo<span class=\"_ _1\"></span>rtizzare <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>basati <span class=\"_ _38\"></span>sul <span class=\"_ _0\"></span>metodo <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>ote <span class=\"_ _0\"></span>costanti. <span class=\"_ _38\"></span>Se<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>rico<span class=\"_ _2\"></span>rrono<span class=\"_ _3a1\"> </span>evidenze <span class=\"_ _39\"> </span>sintomatiche <span class=\"_ _3f\"> </span>dell\u2019esi<span class=\"_ _2\"></span>stenza <span class=\"_ _39\"> </span>di <span class=\"_ _3f\"> </span>perdite, <span class=\"_ _39\"> </span>le <span class=\"_ _39\"> </span>attivit\u00e0 <span class=\"_ _39\"> </span>immateriali <span class=\"_ _39\"> </span>sono <span class=\"_ _39\"> </span>sottoposte <span class=\"_ _3f\"> </span>ad<span class=\"_ _3a1\"> </span>impairment <span class=\"_ _3d\"> </span>test, <span class=\"_ _3d\"> </span>registrando <span class=\"_ _37\"> </span>le <span class=\"_ _3d\"> </span>eventuali <span class=\"_ _3d\"> </span>perdite <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>valore; <span class=\"_ _3d\"> </span>successive <span class=\"_ _3d\"> </span>riprese<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>valore <span class=\"_ _3d\"> </span>non<span class=\"_ _3a1\"> </span>possono eccedere l\u2019ammontare delle perdite da impairme<span class=\"_ _1\"></span>nt in precedenza registrate.<span class=\"_ _3a1\"> </span>Gli avviamenti <span class=\"_ _1\"></span>non so<span class=\"_ _1\"></span>no assoggettati <span class=\"_ _1\"></span>ad ammortamento, ma <span class=\"_ _1\"></span>vengono per<span class=\"_ _1\"></span>iodicamente sottoposti<span class=\"_ _3a1\"> </span>ad <span class=\"_ _0\"></span>impairme<span class=\"_ _1\"></span>nt <span class=\"_ _0\"></span>test. <span class=\"_ _35\"> </span>L\u2019eventuale <span class=\"_ _0\"></span>differenza <span class=\"_ _35\"> </span>negativa <span class=\"_ _0\"></span>tra <span class=\"_ _0\"> </span>il <span class=\"_ _35\"> </span>valore <span class=\"_ _0\"></span>recuperabile <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>ciascuna <span class=\"_ _35\"> </span>un<span class=\"_ _2\"></span>it\u00e0<span class=\"_ _3a1\"> </span>generatrice <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>(CGU) <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>quale <span class=\"_ _0\"></span>appartiene<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>det<span class=\"_ _1\"></span>erminato <span class=\"_ _35\"> </span>avv<span class=\"_ _2\"></span>iamento <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>valore<span class=\"_ _3a1\"> </span>contabile <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>medesima <span class=\"_ _38\"></span>costituisce <span class=\"_ _0\"></span>perdita <span class=\"_ _38\"></span>da <span class=\"_ _0\"></span>impai<span class=\"_ _2\"></span>rment. <span class=\"_ _38\"></span>Il <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>ore <span class=\"_ _0\"></span>recuperabile <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>na <span class=\"_ _0\"></span>CGU<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>\u2013<span class=\"_ _3a1\"> </span>che ne <span class=\"_ _1\"></span>rappresent<span class=\"_ _1\"></span>a una <span class=\"_ _1\"></span>stima <span class=\"_ _1\"></span>del valore <span class=\"_ _1\"></span>economico \u2013<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>i ragguaglia al <span class=\"_ _1\"></span>maggiore<span class=\"_ _1\"></span> tra <span class=\"_ _1\"></span>il valore<span class=\"_ _1\"></span> d\u2019uso<span class=\"_ _3a1\"> </span>(valore <span class=\"_ _0\"></span>attuale <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>flussi<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>cassa <span class=\"_ _0\"></span>attesi) <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>cambio <span class=\"_ _38\"></span>(pre<span class=\"_ _1\"></span>sumibile <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>cess<span class=\"_ _1\"></span>ione <span class=\"_ _38\"></span>al<span class=\"_ _3a1\"> </span>netto <span class=\"_ _36\"> </span>dei <span class=\"_ _36\"> </span>costi <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>t<span class=\"_ _1\"></span>ransazione). <span class=\"_ _37\"> </span>Event<span class=\"_ _1\"></span>uali <span class=\"_ _37\"> </span>success<span class=\"_ _1\"></span>ive <span class=\"_ _36\"> </span>riprese <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>valore<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>non <span class=\"_ _36\"> </span>possono <span class=\"_ _37\"> </span>es<span class=\"_ _1\"></span>sere<span class=\"_ _3a1\"> </span>registrate.<span class=\"_ _3a1\"> </span>Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span>Le <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3b\"></span>immateriali v<span class=\"_ _2\"></span>engono <span class=\"_ _3b\"></span>cancellate<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>dal <span class=\"_ _3b\"></span>bilancio <span class=\"_ _3b\"></span>qu<span class=\"_ _3a1\"> </span>ando <span class=\"_ _3b\"></span>ha<span class=\"_ _1\"></span>nno <span class=\"_ _2\"></span>esaurito <span class=\"_ _3b\"></span>inte<span class=\"_ _1\"></span>gralmente <span class=\"_ _3b\"></span>le <span class=\"_ _2\"></span>loro<span class=\"_ _3a1\"> </span>funzionalit\u00e0 <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>conomiche, <span class=\"_ _3b\"></span>ovvero nel <span class=\"_ _3b\"></span>momento <span class=\"_ _3b\"></span>della dismissione <span class=\"_ _3b\"></span>o <span class=\"_ _3b\"></span>qualora non <span class=\"_ _3b\"></span>sono <span class=\"_ _3b\"></span>attesi b<span class=\"_ _2\"></span>enefici<span class=\"_ _3a1\"> </span>economici futuri.<span class=\"_ _3a1\"> </span>Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"_ _3a1\"> </span>L\u2019allocazione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>componenti <span class=\"_ _0\"></span>reddituali <span class=\"_ _38\"></span>nelle <span class=\"_ _0\"></span>pert<span class=\"_ _1\"></span>inenti <span class=\"_ _0\"></span>voci <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>avviene <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ulla<span class=\"_ _3a1\"> </span>base di quanto riportato di seguito:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _3b\"></span>ammor<span class=\"_ _1\"></span>tamenti p<span class=\"_ _2\"></span>eriodici, <span class=\"_ _3b\"></span>le perdite <span class=\"_ _3b\"></span>durature di <span class=\"_ _3b\"></span>valore <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>le <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iprese <span class=\"_ _3b\"></span>di v<span class=\"_ _2\"></span>alore vengono <span class=\"_ _3b\"></span>allocate<span class=\"_ _3a1\"> </span></span>nella voce \u201cRettifiche/riprese di valore nette su attivit\u00e0 immater<span class=\"_ _1\"></span>iali\u201d.<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">le perdite <span class=\"_ _1\"></span>durature di valore <span class=\"_ _1\"></span>dell\u2019avviamento vengono allocate <span class=\"_ _1\"></span>nella voce <span class=\"_ _1\"></span>\u201cRettifiche di valore<span class=\"_ _3a1\"> </span></span>dell\u2019avviamento\u201d.  Non  \u00e8  ammessa  la  contabilizzazione  di <span class=\"_ _35\"> </span>e<span class=\"_ _1\"></span>ventuali  successive  riprese  di<span class=\"_ _3a1\"> </span>valore.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-875": {
   "value": "Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span> Le <span class=\"_ _0\"></span>attiv<span class=\"_ _2\"></span>it\u00e0 <span class=\"_ _0\"></span>immateriali <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>durata <span class=\"_ _38\"></span>limitat<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>vengono<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>alutat<span class=\"_ _3a1\"> </span>e <span class=\"_ _38\"></span>secondo <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>principio <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>costo <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>netto<span class=\"_ _3a1\"> </span> degli <span class=\"_ _1\"></span>ammo<span class=\"_ _1\"></span>rtamenti <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>perdite <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>riduzioni <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>valore. <span class=\"_ _38\"></span>Gli <span class=\"_ _38\"></span>ammortame<span class=\"_ _1\"></span>nti <span class=\"_ _1\"></span>sono<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>durata <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ari<span class=\"_ _3a1\"> </span> alla <span class=\"_ _38\"></span>vita <span class=\"_ _0\"></span>utile <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>beni <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>ammo<span class=\"_ _1\"></span>rtizzare <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>basati <span class=\"_ _38\"></span>sul <span class=\"_ _0\"></span>metodo <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>ote <span class=\"_ _0\"></span>costanti. <span class=\"_ _38\"></span>Se<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>rico<span class=\"_ _2\"></span>rrono<span class=\"_ _3a1\"> </span> evidenze <span class=\"_ _39\"> </span>sintomatiche <span class=\"_ _3f\"> </span>dell\u2019esi<span class=\"_ _2\"></span>stenza <span class=\"_ _39\"> </span>di <span class=\"_ _3f\"> </span>perdite, <span class=\"_ _39\"> </span>le <span class=\"_ _39\"> </span>attivit\u00e0 <span class=\"_ _39\"> </span>immateriali <span class=\"_ _39\"> </span>sono <span class=\"_ _39\"> </span>sottoposte <span class=\"_ _3f\"> </span>ad<span class=\"_ _3a1\"> </span> impairment <span class=\"_ _3d\"> </span>test, <span class=\"_ _3d\"> </span>registrando <span class=\"_ _37\"> </span>le <span class=\"_ _3d\"> </span>eventuali <span class=\"_ _3d\"> </span>perdite <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>valore; <span class=\"_ _3d\"> </span>successive <span class=\"_ _3d\"> </span>riprese<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>valore <span class=\"_ _3d\"> </span>non<span class=\"_ _3a1\"> </span> possono eccedere l\u2019ammontare delle perdite da impairme<span class=\"_ _1\"></span>nt in precedenza registrate.<span class=\"_ _3a1\"> </span> Gli avviamenti <span class=\"_ _1\"></span>non so<span class=\"_ _1\"></span>no assoggettati <span class=\"_ _1\"></span>ad ammortamento, ma <span class=\"_ _1\"></span>vengono per<span class=\"_ _1\"></span>iodicamente sottoposti<span class=\"_ _3a1\"> </span> ad <span class=\"_ _0\"></span>impairme<span class=\"_ _1\"></span>nt <span class=\"_ _0\"></span>test. <span class=\"_ _35\"> </span>L\u2019eventuale <span class=\"_ _0\"></span>differenza <span class=\"_ _35\"> </span>negativa <span class=\"_ _0\"></span>tra <span class=\"_ _0\"> </span>il <span class=\"_ _35\"> </span>valore <span class=\"_ _0\"></span>recuperabile <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>ciascuna <span class=\"_ _35\"> </span>un<span class=\"_ _2\"></span>it\u00e0<span class=\"_ _3a1\"> </span> generatrice <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>(CGU) <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>quale <span class=\"_ _0\"></span>appartiene<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>det<span class=\"_ _1\"></span>erminato <span class=\"_ _35\"> </span>avv<span class=\"_ _2\"></span>iamento <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>valore<span class=\"_ _3a1\"> </span> contabile <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>medesima <span class=\"_ _38\"></span>costituisce <span class=\"_ _0\"></span>perdita <span class=\"_ _38\"></span>da <span class=\"_ _0\"></span>impai<span class=\"_ _2\"></span>rment. <span class=\"_ _38\"></span>Il <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>ore <span class=\"_ _0\"></span>recuperabile <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>na <span class=\"_ _0\"></span>CGU<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>\u2013<span class=\"_ _3a1\"> </span> che ne <span class=\"_ _1\"></span>rappresent<span class=\"_ _1\"></span>a una <span class=\"_ _1\"></span>stima <span class=\"_ _1\"></span>del valore <span class=\"_ _1\"></span>economico \u2013<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>i ragguaglia al <span class=\"_ _1\"></span>maggiore<span class=\"_ _1\"></span> tra <span class=\"_ _1\"></span>il valore<span class=\"_ _1\"></span> d\u2019uso<span class=\"_ _3a1\"> </span> (valore <span class=\"_ _0\"></span>attuale <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>flussi<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>cassa <span class=\"_ _0\"></span>attesi) <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>cambio <span class=\"_ _38\"></span>(pre<span class=\"_ _1\"></span>sumibile <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>cess<span class=\"_ _1\"></span>ione <span class=\"_ _38\"></span>al<span class=\"_ _3a1\"> </span> netto <span class=\"_ _36\"> </span>dei <span class=\"_ _36\"> </span>costi <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>t<span class=\"_ _1\"></span>ransazione). <span class=\"_ _37\"> </span>Event<span class=\"_ _1\"></span>uali <span class=\"_ _37\"> </span>success<span class=\"_ _1\"></span>ive <span class=\"_ _36\"> </span>riprese <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>valore<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>non <span class=\"_ _36\"> </span>possono <span class=\"_ _37\"> </span>es<span class=\"_ _1\"></span>sere<span class=\"_ _3a1\"> </span> registrate.<span class=\"_ _3a1\"> </span> ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-884": {
   "value": "Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span> Le <span class=\"_ _0\"></span>attiv<span class=\"_ _2\"></span>it\u00e0 <span class=\"_ _0\"></span>immateriali <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>durata <span class=\"_ _38\"></span>limitat<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>vengono<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>alutat<span class=\"_ _3a1\"> </span>e <span class=\"_ _38\"></span>secondo <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>principio <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>costo <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>netto<span class=\"_ _3a1\"> </span> degli <span class=\"_ _1\"></span>ammo<span class=\"_ _1\"></span>rtamenti <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>perdite <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>riduzioni <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>valore. <span class=\"_ _38\"></span>Gli <span class=\"_ _38\"></span>ammortame<span class=\"_ _1\"></span>nti <span class=\"_ _1\"></span>sono<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>durata <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ari<span class=\"_ _3a1\"> </span> alla <span class=\"_ _38\"></span>vita <span class=\"_ _0\"></span>utile <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>beni <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>ammo<span class=\"_ _1\"></span>rtizzare <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>basati <span class=\"_ _38\"></span>sul <span class=\"_ _0\"></span>metodo <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>ote <span class=\"_ _0\"></span>costanti. <span class=\"_ _38\"></span>Se<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>rico<span class=\"_ _2\"></span>rrono<span class=\"_ _3a1\"> </span> evidenze <span class=\"_ _39\"> </span>sintomatiche <span class=\"_ _3f\"> </span>dell\u2019esi<span class=\"_ _2\"></span>stenza <span class=\"_ _39\"> </span>di <span class=\"_ _3f\"> </span>perdite, <span class=\"_ _39\"> </span>le <span class=\"_ _39\"> </span>attivit\u00e0 <span class=\"_ _39\"> </span>immateriali <span class=\"_ _39\"> </span>sono <span class=\"_ _39\"> </span>sottoposte <span class=\"_ _3f\"> </span>ad<span class=\"_ _3a1\"> </span> impairment <span class=\"_ _3d\"> </span>test, <span class=\"_ _3d\"> </span>registrando <span class=\"_ _37\"> </span>le <span class=\"_ _3d\"> </span>eventuali <span class=\"_ _3d\"> </span>perdite <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>valore; <span class=\"_ _3d\"> </span>successive <span class=\"_ _3d\"> </span>riprese<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>valore <span class=\"_ _3d\"> </span>non<span class=\"_ _3a1\"> </span> possono eccedere l\u2019ammontare delle perdite da impairme<span class=\"_ _1\"></span>nt in precedenza registrate.<span class=\"_ _3a1\"> </span>Gli avviamenti <span class=\"_ _1\"></span>non so<span class=\"_ _1\"></span>no assoggettati <span class=\"_ _1\"></span>ad ammortamento, ma <span class=\"_ _1\"></span>vengono per<span class=\"_ _1\"></span>iodicamente sottoposti<span class=\"_ _3a1\"> </span> ad <span class=\"_ _0\"></span>impairme<span class=\"_ _1\"></span>nt <span class=\"_ _0\"></span>test. <span class=\"_ _35\"> </span>L\u2019eventuale <span class=\"_ _0\"></span>differenza <span class=\"_ _35\"> </span>negativa <span class=\"_ _0\"></span>tra <span class=\"_ _0\"> </span>il <span class=\"_ _35\"> </span>valore <span class=\"_ _0\"></span>recuperabile <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>ciascuna <span class=\"_ _35\"> </span>un<span class=\"_ _2\"></span>it\u00e0<span class=\"_ _3a1\"> </span> generatrice <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>(CGU) <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>quale <span class=\"_ _0\"></span>appartiene<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>det<span class=\"_ _1\"></span>erminato <span class=\"_ _35\"> </span>avv<span class=\"_ _2\"></span>iamento <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>valore<span class=\"_ _3a1\"> </span> contabile <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>medesima <span class=\"_ _38\"></span>costituisce <span class=\"_ _0\"></span>perdita <span class=\"_ _38\"></span>da <span class=\"_ _0\"></span>impai<span class=\"_ _2\"></span>rment. <span class=\"_ _38\"></span>Il <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>ore <span class=\"_ _0\"></span>recuperabile <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>na <span class=\"_ _0\"></span>CGU<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>\u2013<span class=\"_ _3a1\"> </span> che ne <span class=\"_ _1\"></span>rappresent<span class=\"_ _1\"></span>a una <span class=\"_ _1\"></span>stima <span class=\"_ _1\"></span>del valore <span class=\"_ _1\"></span>economico \u2013<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>i ragguaglia al <span class=\"_ _1\"></span>maggiore<span class=\"_ _1\"></span> tra <span class=\"_ _1\"></span>il valore<span class=\"_ _1\"></span> d\u2019uso<span class=\"_ _3a1\"> </span> (valore <span class=\"_ _0\"></span>attuale <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>flussi<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>cassa <span class=\"_ _0\"></span>attesi) <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>cambio <span class=\"_ _38\"></span>(pre<span class=\"_ _1\"></span>sumibile <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>cess<span class=\"_ _1\"></span>ione <span class=\"_ _38\"></span>al<span class=\"_ _3a1\"> </span> netto <span class=\"_ _36\"> </span>dei <span class=\"_ _36\"> </span>costi <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>t<span class=\"_ _1\"></span>ransazione). <span class=\"_ _37\"> </span>Event<span class=\"_ _1\"></span>uali <span class=\"_ _37\"> </span>success<span class=\"_ _1\"></span>ive <span class=\"_ _36\"> </span>riprese <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>valore<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>non <span class=\"_ _36\"> </span>possono <span class=\"_ _37\"> </span>es<span class=\"_ _1\"></span>sere<span class=\"_ _3a1\"> </span> registrate.<span class=\"_ _3a1\"> </span> ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-803": {
   "value": "<div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs4f0\">8 - Attivi<span class=\"_ _1\"></span>t\u00e0 non<span class=\"_ _1\"></span> correnti<span class=\"_ _1\"></span> e gruppi<span class=\"_ _1\"></span> di attivit<span class=\"_ _1\"></span>\u00e0 in via di di<span class=\"_ _1\"></span>smissione<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4f1\">Vengo<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4f2\">no  class<span class=\"_ _1\"></span>ificate <span class=\"_ _3d\"> </span>nella  voce <span class=\"_ _3d\"> </span>dell\u2019att<span class=\"_ _1\"></span>ivo  \u201cAttivit\u00e0 <span class=\"_ _3d\"> </span>non <span class=\"_ _3d\"> </span>correnti  e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>gruppi<span class=\"_ _2\"></span> <span class=\"_ _3d\"> </span>di  att<span class=\"_ _1\"></span>ivit\u00e0  in <span class=\"_ _3d\"> </span>via <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4f3\">dismissione\u201d <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>quella <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>passivo <span class=\"_ _38\"></span>\u201cP<span class=\"_ _1\"></span>assivit\u00e0 <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sociate <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>via <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>dismissione<span class=\"_ _1\"></span>\u201d <span class=\"_ _38\"></span>attivit\u00e0<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4f4\">non correnti o gruppi di attivit\u00e0/passivit\u00e0 per i quali \u00e8 stato avviato un processo di dismissione e la<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4f5\">loro <span class=\"_ _35\"> </span>vendita <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>ri<span class=\"_ _2\"></span>tenuta <span class=\"_ _35\"> </span>altamen<span class=\"_ _2\"></span>te <span class=\"_ _35\"> </span>probabi<span class=\"_ _2\"></span>le. <span class=\"_ _35\"> </span>Tali <span class=\"_ _0\"></span>attivit\u00e0/passivit\u00e0 <span class=\"_ _35\"> </span>sono <span class=\"_ _0\"></span>valutate <span class=\"_ _35\"> </span>al<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>minore <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>il<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4f6\">valore di carico ed i<span class=\"_ _2\"></span>l loro fair v<span class=\"_ _2\"></span>alue al netto d<span class=\"_ _2\"></span>ei costi di cessione, a<span class=\"_ _3b\"></span>d eccezione di alcune tipologie di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4f7\">attivit\u00e0 <span class=\"_ _0\"> </span>(e<span class=\"_ _1\"></span>s. <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>fin<span class=\"_ _2\"></span>anziarie <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>ientranti <span class=\"_ _35\"> </span>nell\u2019ambito <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>applicazione <span class=\"_ _35\"> </span>dell\u2019IFRS<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>) <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>l\u2019IFRS <span class=\"_ _35\"> </span>5<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4f8\">prevede specificatamente che <span class=\"_ _3b\"></span>debbano essere ap<span class=\"_ _2\"></span>plicati <span class=\"_ _2\"></span>i criteri v<span class=\"_ _2\"></span>alutativi d<span class=\"_ _2\"></span>el principio <span class=\"_ _3b\"></span>cont<span class=\"_ _1\"></span>abile di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4f9\">pertinenza.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4fa\">I pr<span class=\"_ _1\"></span>oventi <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>oner<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>(al ne<span class=\"_ _1\"></span>tto <span class=\"_ _1\"></span>dell\u2019effetto <span class=\"_ _1\"></span>fiscale), <span class=\"_ _1\"></span>riconducibili <span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _1\"></span>operative <span class=\"_ _1\"></span>cessate <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>via <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4fb\">dismissione o r<span class=\"_ _1\"></span>ilevati come tali nel cor<span class=\"_ _1\"></span>so dell\u2019esercizio, sono es<span class=\"_ _1\"></span>posti nel conto economico in voce<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs4fc\">separata. </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-863": {
   "value": "8 - Attivi<span class=\"_ _1\"></span>t\u00e0 non<span class=\"_ _1\"></span> correnti<span class=\"_ _1\"></span> e gruppi<span class=\"_ _1\"></span> di attivit<span class=\"_ _1\"></span>\u00e0 in via di di<span class=\"_ _1\"></span>smissione<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> Vengo<span class=\"_ _3a1\"> </span>no  class<span class=\"_ _1\"></span>ificate <span class=\"_ _3d\"> </span>nella  voce <span class=\"_ _3d\"> </span>dell\u2019att<span class=\"_ _1\"></span>ivo  \u201cAttivit\u00e0 <span class=\"_ _3d\"> </span>non <span class=\"_ _3d\"> </span>correnti  e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>gruppi<span class=\"_ _2\"></span> <span class=\"_ _3d\"> </span>di  att<span class=\"_ _1\"></span>ivit\u00e0  in <span class=\"_ _3d\"> </span>via <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span> dismissione\u201d <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>quella <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>passivo <span class=\"_ _38\"></span>\u201cP<span class=\"_ _1\"></span>assivit\u00e0 <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sociate <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>via <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>dismissione<span class=\"_ _1\"></span>\u201d <span class=\"_ _38\"></span>attivit\u00e0<span class=\"_ _3a1\"> </span> non correnti o gruppi di attivit\u00e0/passivit\u00e0 per i quali \u00e8 stato avviato un processo di dismissione e la<span class=\"_ _3a1\"> </span> loro <span class=\"_ _35\"> </span>vendita <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>ri<span class=\"_ _2\"></span>tenuta <span class=\"_ _35\"> </span>altamen<span class=\"_ _2\"></span>te <span class=\"_ _35\"> </span>probabi<span class=\"_ _2\"></span>le. <span class=\"_ _35\"> </span>Tali <span class=\"_ _0\"></span>attivit\u00e0/passivit\u00e0 <span class=\"_ _35\"> </span>sono <span class=\"_ _0\"></span>valutate <span class=\"_ _35\"> </span>al<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>minore <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>il<span class=\"_ _3a1\"> </span> valore di carico ed i<span class=\"_ _2\"></span>l loro fair v<span class=\"_ _2\"></span>alue al netto d<span class=\"_ _2\"></span>ei costi di cessione, a<span class=\"_ _3b\"></span>d eccezione di alcune tipologie di<span class=\"_ _3a1\"> </span> attivit\u00e0 <span class=\"_ _0\"> </span>(e<span class=\"_ _1\"></span>s. <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>fin<span class=\"_ _2\"></span>anziarie <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>ientranti <span class=\"_ _35\"> </span>nell\u2019ambito <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>applicazione <span class=\"_ _35\"> </span>dell\u2019IFRS<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>) <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>l\u2019IFRS <span class=\"_ _35\"> </span>5<span class=\"_ _3a1\"> </span> prevede specificatamente che <span class=\"_ _3b\"></span>debbano essere ap<span class=\"_ _2\"></span>plicati <span class=\"_ _2\"></span>i criteri v<span class=\"_ _2\"></span>alutativi d<span class=\"_ _2\"></span>el principio <span class=\"_ _3b\"></span>cont<span class=\"_ _1\"></span>abile di<span class=\"_ _3a1\"> </span> pertinenza.<span class=\"_ _3a1\"> </span> I pr<span class=\"_ _1\"></span>oventi <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>oner<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>(al ne<span class=\"_ _1\"></span>tto <span class=\"_ _1\"></span>dell\u2019effetto <span class=\"_ _1\"></span>fiscale), <span class=\"_ _1\"></span>riconducibili <span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _1\"></span>operative <span class=\"_ _1\"></span>cessate <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>via <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span> dismissione o r<span class=\"_ _1\"></span>ilevati come tali nel cor<span class=\"_ _1\"></span>so dell\u2019esercizio, sono es<span class=\"_ _1\"></span>posti nel conto economico in voce<span class=\"_ _3a1\"> </span> separata. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-773": {
   "value": "8 - Attivi<span class=\"_ _1\"></span>t\u00e0 non<span class=\"_ _1\"></span> correnti<span class=\"_ _1\"></span> e gruppi<span class=\"_ _1\"></span> di attivit<span class=\"_ _1\"></span>\u00e0 in via di di<span class=\"_ _1\"></span>smissione<span class=\"_ _3a1\"> </span>Vengo<span class=\"_ _3a1\"> </span>no  class<span class=\"_ _1\"></span>ificate <span class=\"_ _3d\"> </span>nella  voce <span class=\"_ _3d\"> </span>dell\u2019att<span class=\"_ _1\"></span>ivo  \u201cAttivit\u00e0 <span class=\"_ _3d\"> </span>non <span class=\"_ _3d\"> </span>correnti  e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>gruppi<span class=\"_ _2\"></span> <span class=\"_ _3d\"> </span>di  att<span class=\"_ _1\"></span>ivit\u00e0  in <span class=\"_ _3d\"> </span>via <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span>dismissione\u201d <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>quella <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>passivo <span class=\"_ _38\"></span>\u201cP<span class=\"_ _1\"></span>assivit\u00e0 <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sociate <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>via <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>dismissione<span class=\"_ _1\"></span>\u201d <span class=\"_ _38\"></span>attivit\u00e0<span class=\"_ _3a1\"> </span>non correnti o gruppi di attivit\u00e0/passivit\u00e0 per i quali \u00e8 stato avviato un processo di dismissione e la<span class=\"_ _3a1\"> </span>loro <span class=\"_ _35\"> </span>vendita <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>ri<span class=\"_ _2\"></span>tenuta <span class=\"_ _35\"> </span>altamen<span class=\"_ _2\"></span>te <span class=\"_ _35\"> </span>probabi<span class=\"_ _2\"></span>le. <span class=\"_ _35\"> </span>Tali <span class=\"_ _0\"></span>attivit\u00e0/passivit\u00e0 <span class=\"_ _35\"> </span>sono <span class=\"_ _0\"></span>valutate <span class=\"_ _35\"> </span>al<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>minore <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>il<span class=\"_ _3a1\"> </span>valore di carico ed i<span class=\"_ _2\"></span>l loro fair v<span class=\"_ _2\"></span>alue al netto d<span class=\"_ _2\"></span>ei costi di cessione, a<span class=\"_ _3b\"></span>d eccezione di alcune tipologie di<span class=\"_ _3a1\"> </span>attivit\u00e0 <span class=\"_ _0\"> </span>(e<span class=\"_ _1\"></span>s. <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>fin<span class=\"_ _2\"></span>anziarie <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>ientranti <span class=\"_ _35\"> </span>nell\u2019ambito <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>applicazione <span class=\"_ _35\"> </span>dell\u2019IFRS<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>) <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>l\u2019IFRS <span class=\"_ _35\"> </span>5<span class=\"_ _3a1\"> </span>prevede specificatamente che <span class=\"_ _3b\"></span>debbano essere ap<span class=\"_ _2\"></span>plicati <span class=\"_ _2\"></span>i criteri v<span class=\"_ _2\"></span>alutativi d<span class=\"_ _2\"></span>el principio <span class=\"_ _3b\"></span>cont<span class=\"_ _1\"></span>abile di<span class=\"_ _3a1\"> </span>pertinenza.<span class=\"_ _3a1\"> </span>I pr<span class=\"_ _1\"></span>oventi <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>oner<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>(al ne<span class=\"_ _1\"></span>tto <span class=\"_ _1\"></span>dell\u2019effetto <span class=\"_ _1\"></span>fiscale), <span class=\"_ _1\"></span>riconducibili <span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _1\"></span>operative <span class=\"_ _1\"></span>cessate <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>via <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span>dismissione o r<span class=\"_ _1\"></span>ilevati come tali nel cor<span class=\"_ _1\"></span>so dell\u2019esercizio, sono es<span class=\"_ _1\"></span>posti nel conto economico in voce<span class=\"_ _3a1\"> </span>separata.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-774": {
   "value": "<div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs4fe\">9 - Fisc<span class=\"_ _1\"></span>alit\u00e0 cor<span class=\"_ _1\"></span>rente e differit<span class=\"_ _1\"></span>a </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs4ff\">Crite<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs500\">ri di iscrizione, di val<span class=\"_ _1\"></span>utazione e di cancellazione<span class=\"_ _1\"></span>  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs501\">Le imp<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs502\">oste sul reddito, cal<span class=\"_ _2\"></span>colate nel rispetto delle<span class=\"_ _2\"></span> legislazioni fiscali<span class=\"_ _2\"></span> nazionali, sono contabilizzate </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs503\">come <span class=\"_ _0\"></span>costo <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>base <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>cr<span class=\"_ _1\"></span>iterio <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>competenza <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>conomica, <span class=\"_ _0\"></span>coerentemente <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>modalit\u00e0 <span class=\"_ _0\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs504\">rilevazione <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>bilancio dei <span class=\"_ _3b\"></span>costi e <span class=\"_ _3b\"></span>ricavi <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>generate. Es<span class=\"_ _2\"></span>se <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>appresentano <span class=\"_ _2\"></span>pertanto <span class=\"_ _3b\"></span>il saldo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs505\">della <span class=\"_ _36\"> </span>fiscalit\u00e0 <span class=\"_ _36\"> </span>corrente <span class=\"_ _36\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>differita <span class=\"_ _36\"> </span>relativa <span class=\"_ _36\"> </span>al <span class=\"_ _36\"> </span>reddito <span class=\"_ _39\"> </span>dell\u2019esercizio. <span class=\"_ _36\"> </span>In <span class=\"_ _36\"> </span>particolare, <span class=\"_ _36\"> </span>tali <span class=\"_ _39\"> </span>poste </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs506\">accolgono <span class=\"_ _35\"> </span>il <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>aldo <span class=\"_ _35\"> </span>netto <span class=\"_ _35\"> </span>tra <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _35\"> </span>fiscali <span class=\"_ _35\"> </span>correnti <span class=\"_ _35\"> </span>dell\u2019esercizio, <span class=\"_ _0\"></span>calcolate<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>base <span class=\"_ _0\"></span>ad <span class=\"_ _35\"> </span>una </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs507\">prudenziale previsione <span class=\"_ _1\"></span>dell\u2019onere tributario dovuto <span class=\"_ _1\"></span>per l\u2019esercizio, de<span class=\"_ _1\"></span>terminato in base <span class=\"_ _1\"></span>alle norme<span class=\"_ _3a1\"> </span> </div>tributarie  in <span class=\"_ _35\"> </span>vigore, <span class=\"_ _35\"> </span>e  l<span class=\"_ _2\"></span>e  a<span class=\"_ _2\"></span>ttivit\u00e0 <span class=\"_ _35\"> </span>fiscali  correnti <span class=\"_ _35\"> </span>rappresentate <span class=\"_ _35\"> </span>dagli  acc<span class=\"_ _2\"></span>onti  e <span class=\"_ _35\"> </span>dagli <span class=\"_ _35\"> </span>altri  crediti d\u2019imposta <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>ritenute <span class=\"_ _1\"></span>d\u2019acconto subite <span class=\"_ _1\"></span>od <span class=\"_ _1\"></span>altri <span class=\"_ _1\"></span>crediti d\u2019imposta <span class=\"_ _38\"></span>di esercizi <span class=\"_ _1\"></span>precedenti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>i quali le societ\u00e0 del Gruppo hanno richiest<span class=\"_ _1\"></span>o la compensazione con imposte di esercizi successivi. Le <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _3b\"></span>fiscali co<span class=\"_ _2\"></span>rrenti <span class=\"_ _3b\"></span>accolgono altres\u00ec <span class=\"_ _3b\"></span>i <span class=\"_ _3b\"></span>crediti d<span class=\"_ _2\"></span>\u2019imposta <span class=\"_ _3b\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>quali \u00e8<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>stato richies<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>rimborso alle autorit\u00e0 fi<span class=\"_ _2\"></span>scali competenti; <span class=\"_ _3b\"></span>le somme versate a <span class=\"_ _3b\"></span>titolo provvisorio nel <span class=\"_ _3b\"></span>corso di u<span class=\"_ _2\"></span>n p<span class=\"_ _2\"></span>rocedimento contenzioso con l\u2019Amministrazione finanziaria <span class=\"_ _2\"></span>vengono valutate secondo le <span class=\"_ _2\"></span>logiche dello IAS<span class=\"_ _2\"></span> 37 in relazione alle probabilit\u00e0 di impiego di ris<span class=\"_ _1\"></span>orse economiche per il loro adempimento. La <span class=\"_ _0\"></span>fiscalit\u00e0 <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>fferita <span class=\"_ _35\"> </span>viene <span class=\"_ _0\"></span>determinata <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>base <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>criterio <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>cosiddetto <span class=\"_ _0\"> </span>\u201c<span class=\"_ _1\"></span>balance <span class=\"_ _0\"></span>sheet <span class=\"_ _35\"> </span>liabili<span class=\"_ _2\"></span>ty method\u201d, <span class=\"_ _3d\"> </span>tenuto <span class=\"_ _37\"> </span>conto <span class=\"_ _3d\"> </span>dell\u2019effetto <span class=\"_ _3d\"> </span>fiscale <span class=\"_ _37\"> </span>connesso <span class=\"_ _3d\"> </span>alle <span class=\"_ _3d\"> </span>differenze <span class=\"_ _37\"> </span>temporanee <span class=\"_ _3d\"> </span>tra <span class=\"_ _37\"> </span>il <span class=\"_ _3d\"> </span>valore contabile <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>attivit\u00e0 e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>passivit\u00e0 <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>valore fiscale <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>determineranno <span class=\"_ _1\"></span>importi <span class=\"_ _1\"></span>imponibili <span class=\"_ _1\"></span>o deducibili n<span class=\"_ _2\"></span>ei futuri <span class=\"_ _3b\"></span>periodi. A <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ali <span class=\"_ _3b\"></span>fini, si <span class=\"_ _2\"></span>intendono <span class=\"_ _2\"></span>\u201cdifferenze temporanee <span class=\"_ _3b\"></span>tass<span class=\"_ _1\"></span>abili\u201d <span class=\"_ _2\"></span>quelle che<span class=\"_ _2\"></span> n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>i periodi <span class=\"_ _38\"></span>futuri <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>termineranno <span class=\"_ _38\"></span>importi <span class=\"_ _38\"></span>imponibili <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>\u201cdifferenze <span class=\"_ _38\"></span>temporanee <span class=\"_ _0\"></span>dedu<span class=\"_ _2\"></span>cibili\u201d <span class=\"_ _38\"></span>quelle <span class=\"_ _38\"></span>che negli esercizi futuri determineranno importi deducibili. Le imposte <span class=\"_ _3b\"></span>ant<span class=\"_ _1\"></span>icipate <span class=\"_ _2\"></span>sono rilevate <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>fronte di <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>utte l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> dif<span class=\"_ _2\"></span>ferenze temporanee <span class=\"_ _2\"></span>deducibili, <span class=\"_ _3b\"></span>dei crediti e <span class=\"_ _35\"> </span>delle  p<span class=\"_ _2\"></span>erdite <span class=\"_ _35\"> </span>fiscali <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>utilizzate <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>riportabili <span class=\"_ _35\"> </span>a  n<span class=\"_ _2\"></span>uovo, <span class=\"_ _35\"> </span>nella <span class=\"_ _35\"> </span>misura <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _35\"> </span>sia  p<span class=\"_ _2\"></span>robabile <span class=\"_ _35\"> </span>che saranno <span class=\"_ _37\"> </span>disponibili <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>ufficienti <span class=\"_ _37\"> </span>imponibili <span class=\"_ _37\"> </span>fiscali <span class=\"_ _37\"> </span>futuri, <span class=\"_ _37\"> </span>che <span class=\"_ _37\"> </span>possano <span class=\"_ _37\"> </span>consentire <span class=\"_ _37\"> </span>l\u2019utilizzo <span class=\"_ _37\"> </span>delle differenze temporanee deducibili e dei <span class=\"_ _2\"></span>crediti e delle perdite fisc<span class=\"_ _2\"></span>ali riportati a nuovo, eccetto i <span class=\"_ _2\"></span>casi in cui: <span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019imposta <span class=\"_ _3a\"> </span>differita <span class=\"_ _48\"> </span>attiva <span class=\"_ _3a\"> </span>collegata <span class=\"_ _3a\"> </span>alle <span class=\"_ _48\"> </span>di<span class=\"_ _2\"></span>fferenze <span class=\"_ _48\"> </span>temporanee <span class=\"_ _3a\"> </span>deducibili <span class=\"_ _3a\"> </span>deriva <span class=\"_ _3a\"> </span>da<span class=\"_ _1\"></span>lla<span class=\"_ _3a1\"> </span></span>rilevazione <span class=\"_ _3f\"> </span>iniziale <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>un\u2019attivit\u00e0 <span class=\"_ _3f\"> </span>o <span class=\"_ _3f\"> </span>passivit\u00e0 <span class=\"_ _3f\"> </span>in <span class=\"_ _3f\"> </span>una <span class=\"_ _3f\"> </span>transazione <span class=\"_ _3f\"> </span>che <span class=\"_ _3f\"> </span>non <span class=\"_ _3f\"> </span>rappresenta<span class=\"_ _3a1\"> </span>un\u2019aggregazione aziendale e, al te<span class=\"_ _1\"></span>mpo della transazione stessa, non influisce n\u00e9 <span class=\"_ _1\"></span>sul risultato<span class=\"_ _3a1\"> </span>di bilancio, n\u00e9 sul risultato fiscale; <span class=\"_ _42\"> </span><span class=\"ff4\">nel caso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>differenze temporanee dedu<span class=\"_ _2\"></span>cibili <span class=\"_ _3b\"></span>as<span class=\"_ _1\"></span>sociate a p<span class=\"_ _2\"></span>artecipazioni i<span class=\"_ _2\"></span>n societ\u00e0 controllate,<span class=\"_ _2\"></span> </span>collegate <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>joint <span class=\"_ _1\"></span>venture, <span class=\"_ _0\"></span>le <span class=\"_ _1\"></span>imposte <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>ifferite <span class=\"_ _38\"></span>attive <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _38\"></span>rilevate <span class=\"_ _38\"></span>solo <span class=\"_ _0\"></span>nella <span class=\"_ _1\"></span>mis<span class=\"_ _1\"></span>ura <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>cui <span class=\"_ _38\"></span>sia probabile c<span class=\"_ _2\"></span>he esse <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>i riverseran<span class=\"_ _2\"></span>no nel <span class=\"_ _3b\"></span>futuro<span class=\"_ _1\"></span> pr<span class=\"_ _2\"></span>evedibile e <span class=\"_ _3b\"></span>che vi <span class=\"_ _3b\"></span>sar<span class=\"_ _1\"></span>anno suffici<span class=\"_ _2\"></span>enti imponibi<span class=\"_ _2\"></span>li fiscali che consentano il recupero di tali differenze temporanee. Le  imposte  differite  passive  so<span class=\"_ _2\"></span>no  rilevate  su  tutte  le  di<span class=\"_ _2\"></span>fferenze  temporanee  tassabili, <span class=\"_ _35\"> </span>con  le seguenti eccezioni: <span class=\"_ _42\"> </span><span class=\"ff4\">le imposte di<span class=\"_ _2\"></span>fferite passive deriv<span class=\"_ _2\"></span>ano dalla rilevazione ini<span class=\"_ _2\"></span>ziale dell\u2019avvi<span class=\"_ _2\"></span>amento o di un\u2019<span class=\"_ _2\"></span>attivit\u00e0 o </span>passivit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>una transazione <span class=\"_ _3b\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>non <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>appresenta un<span class=\"_ _2\"></span>\u2019aggregazione azi<span class=\"_ _2\"></span>endale <span class=\"_ _2\"></span>e, al<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>tempo della transazione stessa, non influenza n\u00e9 il risultato di bilancio n\u00e9 il risultat<span class=\"_ _1\"></span>o fiscale; <span class=\"_ _42\"> </span><span class=\"ff4\">il <span class=\"_ _1\"></span>riversa<span class=\"_ _1\"></span>mento <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>differenze <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>emporanee <span class=\"_ _38\"></span>imponibili, as<span class=\"_ _1\"></span>sociate <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>partecipazioni <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>societ\u00e0 </span>controllate, <span class=\"_ _38\"></span>collegate <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>joint <span class=\"_ _38\"></span>venture, <span class=\"_ _38\"></span>pu\u00f2 <span class=\"_ _38\"></span>essere <span class=\"_ _38\"></span>controllato, <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>probabile <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>sso <span class=\"_ _38\"></span>non <span class=\"_ _1\"></span>si verifichi nel prevedibile futuro. La fi<span class=\"_ _2\"></span>scalit\u00e0 differita <span class=\"_ _3b\"></span>viene calcolata <span class=\"_ _2\"></span>applicando <span class=\"_ _3b\"></span>le aliquote di <span class=\"_ _3b\"></span>imposizione s<span class=\"_ _2\"></span>tabilite dalle <span class=\"_ _3b\"></span>disposizioni di <span class=\"_ _38\"></span>legge <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>vig<span class=\"_ _2\"></span>ore <span class=\"_ _0\"></span>alle <span class=\"_ _1\"></span>differenze <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>emporanee <span class=\"_ _38\"></span>tassabili <span class=\"_ _38\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _38\"></span>cui <span class=\"_ _38\"></span>esist<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>pro<span class=\"_ _1\"></span>babilit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>effettivo sostenimento <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>imposte <span class=\"_ _38\"></span>ed <span class=\"_ _0\"></span>alle <span class=\"_ _0\"></span>diff<span class=\"_ _2\"></span>erenze <span class=\"_ _0\"></span>temporanee <span class=\"_ _0\"></span>deducib<span class=\"_ _2\"></span>ili <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>cui <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>itiene <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>vi <span class=\"_ _0\"></span>siano ammontari <span class=\"_ _0\"></span>imponibili<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>futuri <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>momento <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>cui <span class=\"_ _0\"></span>si <span class=\"_ _38\"></span>manifeste<span class=\"_ _1\"></span>r\u00e0 <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>relativa <span class=\"_ _38\"></span>deducibilit\u00e0 <span class=\"_ _0\"></span>fiscale <span class=\"_ _38\"></span>(c.d. probability test).  Qualora <span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Attivit\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>assivit\u00e0 <span class=\"_ _1\"></span>fiscali <span class=\"_ _1\"></span>differite<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iferiscano <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>componenti <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>hanno <span class=\"_ _1\"></span>interess<span class=\"_ _1\"></span>ato <span class=\"_ _1\"></span>il conto economico, la contropartita \u00e8 r<span class=\"_ _1\"></span>appresentata dalle imposte sul reddito. Nei  casi <span class=\"_ _3d\"> </span>in  cui  le  imposte <span class=\"_ _3d\"> </span>anticipate  e  differ<span class=\"_ _1\"></span>ite  riguardino  transazioni  che  hanno <span class=\"_ _3d\"> </span>interessato direttamente <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>patr<span class=\"_ _1\"></span>imonio <span class=\"_ _0\"></span>netto <span class=\"_ _38\"></span>senza <span class=\"_ _0\"></span>influenzare <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _38\"></span>(quali <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>valutazioni <span class=\"_ _38\"></span>degli strumenti <span class=\"_ _0\"></span>finanziari <span class=\"_ _38\"></span>rilevati <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>fair<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>value <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>impatt<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>sulla <span class=\"_ _38\"></span>redditivit\u00e0 <span class=\"_ _0\"></span>complessiva <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>contr<span class=\"_ _1\"></span>atti derivati <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>copert<span class=\"_ _1\"></span>ura <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>flussi <span class=\"_ _0\"></span>finan<span class=\"_ _2\"></span>ziari), <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>tesse <span class=\"_ _38\"></span>vengono <span class=\"_ _38\"></span>iscr<span class=\"_ _1\"></span>itte <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>contropartita <span class=\"_ _0\"></span>al<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>patrimonio netto, interessando le specifiche riserve quando previsto (es<span class=\"_ _1\"></span>. riserve da valutazione). La <span class=\"_ _0\"> </span>fiscalit\u00e0 <span class=\"_ _35\"> </span>latente<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>sull<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>poste <span class=\"_ _0\"></span>patrimoniali <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>sos<span class=\"_ _1\"></span>pensione <span class=\"_ _35\"> </span>d\u2019imposta <span class=\"_ _0\"></span>\u201ctassabili <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>ogni <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>di utilizzo\u201d \u00e8 iscritta in <span class=\"_ _2\"></span>bilancio in <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iduzione del p<span class=\"_ _2\"></span>atrimonio netto. La fiscalit\u00e0 l<span class=\"_ _2\"></span>atente riferita alle p<span class=\"_ _2\"></span>oste patrimoniali <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>sospensione <span class=\"_ _35\"> </span>d\u2019imposta <span class=\"_ _35\"> </span>\u201ctassabili<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>soltanto <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>ipotesi <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>distr<span class=\"_ _1\"></span>ibuzione\u201d <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>vi<span class=\"_ _2\"></span>ene iscritta <span class=\"_ _1\"></span>in bilancio, in <span class=\"_ _1\"></span>quanto <span class=\"_ _1\"></span>la consistenza <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>riserve <span class=\"_ _1\"></span>disponibili gi\u00e0 as<span class=\"_ _1\"></span>soggettate <span class=\"_ _1\"></span>a t<span class=\"_ _1\"></span>assazione consente di ritenere che non saranno effett<span class=\"_ _1\"></span>uate operazioni che ne comportino la tassazione. Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali Attivit\u00e0 <span class=\"_ _3f\"> </span>e <span class=\"_ _39\"> </span>passivit\u00e0 <span class=\"_ _3f\"> </span>fiscali <span class=\"_ _39\"> </span>s<span class=\"_ _1\"></span>ono <span class=\"_ _39\"> </span>imputate<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>al <span class=\"_ _39\"> </span>conto economico <span class=\"_ _39\"> </span>(voce <span class=\"_ _3f\"> </span>\u201cImposte <span class=\"_ _3f\"> </span>sul <span class=\"_ _39\"> </span>re<span class=\"_ _1\"></span>ddito dell\u2019esercizio  dell\u2019<span class=\"_ _2\"></span>operativit\u00e0  corrente\u201d), <span class=\"_ _35\"> </span>salvo  q<span class=\"_ _2\"></span>uando <span class=\"_ _35\"> </span>ess<span class=\"_ _1\"></span>e  de<span class=\"_ _2\"></span>rivino <span class=\"_ _35\"> </span>da  operazioni <span class=\"_ _35\"> </span>i  c<span class=\"_ _2\"></span>ui <span class=\"_ _35\"> </span>effet<span class=\"_ _1\"></span>ti vanno attribuiti <span class=\"_ _2\"></span>direttamente al p<span class=\"_ _2\"></span>atrimonio netto (nel <span class=\"_ _2\"></span>qual caso <span class=\"_ _2\"></span>vengono imputate al<span class=\"_ _2\"></span> patrimonio) <span class=\"_ _3b\"></span>o<span class=\"_ _3a1\"> </span>da <span class=\"_ _37\"> </span>operazioni <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>aggregazione <span class=\"_ _36\"> </span>societaria <span class=\"_ _37\"> </span>(nel <span class=\"_ _37\"> </span>qual <span class=\"_ _36\"> </span>caso <span class=\"_ _37\"> </span>entrano <span class=\"_ _36\"> </span>nel <span class=\"_ _37\"> </span>computo <span class=\"_ _37\"> </span>del <span class=\"_ _36\"> </span>valore <span class=\"_ _37\"> </span>di avviamento).",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-876": {
   "value": "9 - Fisc<span class=\"_ _1\"></span>alit\u00e0 cor<span class=\"_ _1\"></span>rente e differit<span class=\"_ _1\"></span>a Crite<span class=\"_ _3a1\"> </span>ri di iscrizione, di val<span class=\"_ _1\"></span>utazione e di cancellazione<span class=\"_ _1\"></span>  Le imp<span class=\"_ _3a1\"> </span>oste sul reddito, cal<span class=\"_ _2\"></span>colate nel rispetto delle<span class=\"_ _2\"></span> legislazioni fiscali<span class=\"_ _2\"></span> nazionali, sono contabilizzate come <span class=\"_ _0\"></span>costo <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>base <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>cr<span class=\"_ _1\"></span>iterio <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>competenza <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>conomica, <span class=\"_ _0\"></span>coerentemente <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>modalit\u00e0 <span class=\"_ _0\"></span>di rilevazione <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>bilancio dei <span class=\"_ _3b\"></span>costi e <span class=\"_ _3b\"></span>ricavi <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>generate. Es<span class=\"_ _2\"></span>se <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>appresentano <span class=\"_ _2\"></span>pertanto <span class=\"_ _3b\"></span>il saldo della <span class=\"_ _36\"> </span>fiscalit\u00e0 <span class=\"_ _36\"> </span>corrente <span class=\"_ _36\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>differita <span class=\"_ _36\"> </span>relativa <span class=\"_ _36\"> </span>al <span class=\"_ _36\"> </span>reddito <span class=\"_ _39\"> </span>dell\u2019esercizio. <span class=\"_ _36\"> </span>In <span class=\"_ _36\"> </span>particolare, <span class=\"_ _36\"> </span>tali <span class=\"_ _39\"> </span>poste accolgono <span class=\"_ _35\"> </span>il <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>aldo <span class=\"_ _35\"> </span>netto <span class=\"_ _35\"> </span>tra <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _35\"> </span>fiscali <span class=\"_ _35\"> </span>correnti <span class=\"_ _35\"> </span>dell\u2019esercizio, <span class=\"_ _0\"></span>calcolate<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>base <span class=\"_ _0\"></span>ad <span class=\"_ _35\"> </span>una prudenziale previsione <span class=\"_ _1\"></span>dell\u2019onere tributario dovuto <span class=\"_ _1\"></span>per l\u2019esercizio, de<span class=\"_ _1\"></span>terminato in base <span class=\"_ _1\"></span>alle norme<span class=\"_ _3a1\"> </span> tributarie  in <span class=\"_ _35\"> </span>vigore, <span class=\"_ _35\"> </span>e  l<span class=\"_ _2\"></span>e  a<span class=\"_ _2\"></span>ttivit\u00e0 <span class=\"_ _35\"> </span>fiscali  correnti <span class=\"_ _35\"> </span>rappresentate <span class=\"_ _35\"> </span>dagli  acc<span class=\"_ _2\"></span>onti  e <span class=\"_ _35\"> </span>dagli <span class=\"_ _35\"> </span>altri  crediti d\u2019imposta <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>ritenute <span class=\"_ _1\"></span>d\u2019acconto subite <span class=\"_ _1\"></span>od <span class=\"_ _1\"></span>altri <span class=\"_ _1\"></span>crediti d\u2019imposta <span class=\"_ _38\"></span>di esercizi <span class=\"_ _1\"></span>precedenti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>i quali le societ\u00e0 del Gruppo hanno richiest<span class=\"_ _1\"></span>o la compensazione con imposte di esercizi successivi. Le <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _3b\"></span>fiscali co<span class=\"_ _2\"></span>rrenti <span class=\"_ _3b\"></span>accolgono altres\u00ec <span class=\"_ _3b\"></span>i <span class=\"_ _3b\"></span>crediti d<span class=\"_ _2\"></span>\u2019imposta <span class=\"_ _3b\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>quali \u00e8<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>stato richies<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>rimborso alle autorit\u00e0 fi<span class=\"_ _2\"></span>scali competenti; <span class=\"_ _3b\"></span>le somme versate a <span class=\"_ _3b\"></span>titolo provvisorio nel <span class=\"_ _3b\"></span>corso di u<span class=\"_ _2\"></span>n p<span class=\"_ _2\"></span>rocedimento contenzioso con l\u2019Amministrazione finanziaria <span class=\"_ _2\"></span>vengono valutate secondo le <span class=\"_ _2\"></span>logiche dello IAS<span class=\"_ _2\"></span> 37 in relazione alle probabilit\u00e0 di impiego di ris<span class=\"_ _1\"></span>orse economiche per il loro adempimento. La <span class=\"_ _0\"></span>fiscalit\u00e0 <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>fferita <span class=\"_ _35\"> </span>viene <span class=\"_ _0\"></span>determinata <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>base <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>criterio <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>cosiddetto <span class=\"_ _0\"> </span>\u201c<span class=\"_ _1\"></span>balance <span class=\"_ _0\"></span>sheet <span class=\"_ _35\"> </span>liabili<span class=\"_ _2\"></span>ty method\u201d, <span class=\"_ _3d\"> </span>tenuto <span class=\"_ _37\"> </span>conto <span class=\"_ _3d\"> </span>dell\u2019effetto <span class=\"_ _3d\"> </span>fiscale <span class=\"_ _37\"> </span>connesso <span class=\"_ _3d\"> </span>alle <span class=\"_ _3d\"> </span>differenze <span class=\"_ _37\"> </span>temporanee <span class=\"_ _3d\"> </span>tra <span class=\"_ _37\"> </span>il <span class=\"_ _3d\"> </span>valore contabile <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>attivit\u00e0 e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>passivit\u00e0 <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>valore fiscale <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>determineranno <span class=\"_ _1\"></span>importi <span class=\"_ _1\"></span>imponibili <span class=\"_ _1\"></span>o deducibili n<span class=\"_ _2\"></span>ei futuri <span class=\"_ _3b\"></span>periodi. A <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ali <span class=\"_ _3b\"></span>fini, si <span class=\"_ _2\"></span>intendono <span class=\"_ _2\"></span>\u201cdifferenze temporanee <span class=\"_ _3b\"></span>tass<span class=\"_ _1\"></span>abili\u201d <span class=\"_ _2\"></span>quelle che<span class=\"_ _2\"></span> n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>i periodi <span class=\"_ _38\"></span>futuri <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>termineranno <span class=\"_ _38\"></span>importi <span class=\"_ _38\"></span>imponibili <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>\u201cdifferenze <span class=\"_ _38\"></span>temporanee <span class=\"_ _0\"></span>dedu<span class=\"_ _2\"></span>cibili\u201d <span class=\"_ _38\"></span>quelle <span class=\"_ _38\"></span>che negli esercizi futuri determineranno importi deducibili. Le imposte <span class=\"_ _3b\"></span>ant<span class=\"_ _1\"></span>icipate <span class=\"_ _2\"></span>sono rilevate <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>fronte di <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>utte l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> dif<span class=\"_ _2\"></span>ferenze temporanee <span class=\"_ _2\"></span>deducibili, <span class=\"_ _3b\"></span>dei crediti e <span class=\"_ _35\"> </span>delle  p<span class=\"_ _2\"></span>erdite <span class=\"_ _35\"> </span>fiscali <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>utilizzate <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>riportabili <span class=\"_ _35\"> </span>a  n<span class=\"_ _2\"></span>uovo, <span class=\"_ _35\"> </span>nella <span class=\"_ _35\"> </span>misura <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _35\"> </span>sia  p<span class=\"_ _2\"></span>robabile <span class=\"_ _35\"> </span>che saranno <span class=\"_ _37\"> </span>disponibili <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>ufficienti <span class=\"_ _37\"> </span>imponibili <span class=\"_ _37\"> </span>fiscali <span class=\"_ _37\"> </span>futuri, <span class=\"_ _37\"> </span>che <span class=\"_ _37\"> </span>possano <span class=\"_ _37\"> </span>consentire <span class=\"_ _37\"> </span>l\u2019utilizzo <span class=\"_ _37\"> </span>delle differenze temporanee deducibili e dei <span class=\"_ _2\"></span>crediti e delle perdite fisc<span class=\"_ _2\"></span>ali riportati a nuovo, eccetto i <span class=\"_ _2\"></span>casi in cui: <span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019imposta <span class=\"_ _3a\"> </span>differita <span class=\"_ _48\"> </span>attiva <span class=\"_ _3a\"> </span>collegata <span class=\"_ _3a\"> </span>alle <span class=\"_ _48\"> </span>di<span class=\"_ _2\"></span>fferenze <span class=\"_ _48\"> </span>temporanee <span class=\"_ _3a\"> </span>deducibili <span class=\"_ _3a\"> </span>deriva <span class=\"_ _3a\"> </span>da<span class=\"_ _1\"></span>lla<span class=\"_ _3a1\"> </span></span>rilevazione <span class=\"_ _3f\"> </span>iniziale <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>un\u2019attivit\u00e0 <span class=\"_ _3f\"> </span>o <span class=\"_ _3f\"> </span>passivit\u00e0 <span class=\"_ _3f\"> </span>in <span class=\"_ _3f\"> </span>una <span class=\"_ _3f\"> </span>transazione <span class=\"_ _3f\"> </span>che <span class=\"_ _3f\"> </span>non <span class=\"_ _3f\"> </span>rappresenta<span class=\"_ _3a1\"> </span>un\u2019aggregazione aziendale e, al te<span class=\"_ _1\"></span>mpo della transazione stessa, non influisce n\u00e9 <span class=\"_ _1\"></span>sul risultato<span class=\"_ _3a1\"> </span>di bilancio, n\u00e9 sul risultato fiscale; <span class=\"_ _42\"> </span><span class=\"ff4\">nel caso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>differenze temporanee dedu<span class=\"_ _2\"></span>cibili <span class=\"_ _3b\"></span>as<span class=\"_ _1\"></span>sociate a p<span class=\"_ _2\"></span>artecipazioni i<span class=\"_ _2\"></span>n societ\u00e0 controllate,<span class=\"_ _2\"></span> </span>collegate <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>joint <span class=\"_ _1\"></span>venture, <span class=\"_ _0\"></span>le <span class=\"_ _1\"></span>imposte <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>ifferite <span class=\"_ _38\"></span>attive <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _38\"></span>rilevate <span class=\"_ _38\"></span>solo <span class=\"_ _0\"></span>nella <span class=\"_ _1\"></span>mis<span class=\"_ _1\"></span>ura <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>cui <span class=\"_ _38\"></span>sia probabile c<span class=\"_ _2\"></span>he esse <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>i riverseran<span class=\"_ _2\"></span>no nel <span class=\"_ _3b\"></span>futuro<span class=\"_ _1\"></span> pr<span class=\"_ _2\"></span>evedibile e <span class=\"_ _3b\"></span>che vi <span class=\"_ _3b\"></span>sar<span class=\"_ _1\"></span>anno suffici<span class=\"_ _2\"></span>enti imponibi<span class=\"_ _2\"></span>li fiscali che consentano il recupero di tali differenze temporanee. Le  imposte  differite  passive  so<span class=\"_ _2\"></span>no  rilevate  su  tutte  le  di<span class=\"_ _2\"></span>fferenze  temporanee  tassabili, <span class=\"_ _35\"> </span>con  le seguenti eccezioni: <span class=\"_ _42\"> </span><span class=\"ff4\">le imposte di<span class=\"_ _2\"></span>fferite passive deriv<span class=\"_ _2\"></span>ano dalla rilevazione ini<span class=\"_ _2\"></span>ziale dell\u2019avvi<span class=\"_ _2\"></span>amento o di un\u2019<span class=\"_ _2\"></span>attivit\u00e0 o </span>passivit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>una transazione <span class=\"_ _3b\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>non <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>appresenta un<span class=\"_ _2\"></span>\u2019aggregazione azi<span class=\"_ _2\"></span>endale <span class=\"_ _2\"></span>e, al<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>tempo della transazione stessa, non influenza n\u00e9 il risultato di bilancio n\u00e9 il risultat<span class=\"_ _1\"></span>o fiscale; <span class=\"_ _42\"> </span><span class=\"ff4\">il <span class=\"_ _1\"></span>riversa<span class=\"_ _1\"></span>mento <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>differenze <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>emporanee <span class=\"_ _38\"></span>imponibili, as<span class=\"_ _1\"></span>sociate <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>partecipazioni <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>societ\u00e0 </span>controllate, <span class=\"_ _38\"></span>collegate <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>joint <span class=\"_ _38\"></span>venture, <span class=\"_ _38\"></span>pu\u00f2 <span class=\"_ _38\"></span>essere <span class=\"_ _38\"></span>controllato, <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>probabile <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>sso <span class=\"_ _38\"></span>non <span class=\"_ _1\"></span>si verifichi nel prevedibile futuro. La fi<span class=\"_ _2\"></span>scalit\u00e0 differita <span class=\"_ _3b\"></span>viene calcolata <span class=\"_ _2\"></span>applicando <span class=\"_ _3b\"></span>le aliquote di <span class=\"_ _3b\"></span>imposizione s<span class=\"_ _2\"></span>tabilite dalle <span class=\"_ _3b\"></span>disposizioni di <span class=\"_ _38\"></span>legge <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>vig<span class=\"_ _2\"></span>ore <span class=\"_ _0\"></span>alle <span class=\"_ _1\"></span>differenze <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>emporanee <span class=\"_ _38\"></span>tassabili <span class=\"_ _38\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _38\"></span>cui <span class=\"_ _38\"></span>esist<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>pro<span class=\"_ _1\"></span>babilit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>effettivo sostenimento <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>imposte <span class=\"_ _38\"></span>ed <span class=\"_ _0\"></span>alle <span class=\"_ _0\"></span>diff<span class=\"_ _2\"></span>erenze <span class=\"_ _0\"></span>temporanee <span class=\"_ _0\"></span>deducib<span class=\"_ _2\"></span>ili <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>cui <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>itiene <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>vi <span class=\"_ _0\"></span>siano ammontari <span class=\"_ _0\"></span>imponibili<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>futuri <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>momento <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>cui <span class=\"_ _0\"></span>si <span class=\"_ _38\"></span>manifeste<span class=\"_ _1\"></span>r\u00e0 <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>relativa <span class=\"_ _38\"></span>deducibilit\u00e0 <span class=\"_ _0\"></span>fiscale <span class=\"_ _38\"></span>(c.d. probability test).  Qualora <span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Attivit\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>assivit\u00e0 <span class=\"_ _1\"></span>fiscali <span class=\"_ _1\"></span>differite<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iferiscano <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>componenti <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>hanno <span class=\"_ _1\"></span>interess<span class=\"_ _1\"></span>ato <span class=\"_ _1\"></span>il conto economico, la contropartita \u00e8 r<span class=\"_ _1\"></span>appresentata dalle imposte sul reddito. Nei  casi <span class=\"_ _3d\"> </span>in  cui  le  imposte <span class=\"_ _3d\"> </span>anticipate  e  differ<span class=\"_ _1\"></span>ite  riguardino  transazioni  che  hanno <span class=\"_ _3d\"> </span>interessato direttamente <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>patr<span class=\"_ _1\"></span>imonio <span class=\"_ _0\"></span>netto <span class=\"_ _38\"></span>senza <span class=\"_ _0\"></span>influenzare <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _38\"></span>(quali <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>valutazioni <span class=\"_ _38\"></span>degli strumenti <span class=\"_ _0\"></span>finanziari <span class=\"_ _38\"></span>rilevati <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>fair<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>value <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>impatt<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>sulla <span class=\"_ _38\"></span>redditivit\u00e0 <span class=\"_ _0\"></span>complessiva <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>contr<span class=\"_ _1\"></span>atti derivati <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>copert<span class=\"_ _1\"></span>ura <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>flussi <span class=\"_ _0\"></span>finan<span class=\"_ _2\"></span>ziari), <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>tesse <span class=\"_ _38\"></span>vengono <span class=\"_ _38\"></span>iscr<span class=\"_ _1\"></span>itte <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>contropartita <span class=\"_ _0\"></span>al<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>patrimonio netto, interessando le specifiche riserve quando previsto (es<span class=\"_ _1\"></span>. riserve da valutazione). La <span class=\"_ _0\"> </span>fiscalit\u00e0 <span class=\"_ _35\"> </span>latente<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>sull<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>poste <span class=\"_ _0\"></span>patrimoniali <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>sos<span class=\"_ _1\"></span>pensione <span class=\"_ _35\"> </span>d\u2019imposta <span class=\"_ _0\"></span>\u201ctassabili <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>ogni <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>di utilizzo\u201d \u00e8 iscritta in <span class=\"_ _2\"></span>bilancio in <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iduzione del p<span class=\"_ _2\"></span>atrimonio netto. La fiscalit\u00e0 l<span class=\"_ _2\"></span>atente riferita alle p<span class=\"_ _2\"></span>oste patrimoniali <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>sospensione <span class=\"_ _35\"> </span>d\u2019imposta <span class=\"_ _35\"> </span>\u201ctassabili<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>soltanto <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>ipotesi <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>distr<span class=\"_ _1\"></span>ibuzione\u201d <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>vi<span class=\"_ _2\"></span>ene iscritta <span class=\"_ _1\"></span>in bilancio, in <span class=\"_ _1\"></span>quanto <span class=\"_ _1\"></span>la consistenza <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>riserve <span class=\"_ _1\"></span>disponibili gi\u00e0 as<span class=\"_ _1\"></span>soggettate <span class=\"_ _1\"></span>a t<span class=\"_ _1\"></span>assazione consente di ritenere che non saranno effett<span class=\"_ _1\"></span>uate operazioni che ne comportino la tassazione. Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali Attivit\u00e0 <span class=\"_ _3f\"> </span>e <span class=\"_ _39\"> </span>passivit\u00e0 <span class=\"_ _3f\"> </span>fiscali <span class=\"_ _39\"> </span>s<span class=\"_ _1\"></span>ono <span class=\"_ _39\"> </span>imputate<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>al <span class=\"_ _39\"> </span>conto economico <span class=\"_ _39\"> </span>(voce <span class=\"_ _3f\"> </span>\u201cImposte <span class=\"_ _3f\"> </span>sul <span class=\"_ _39\"> </span>re<span class=\"_ _1\"></span>ddito dell\u2019esercizio  dell\u2019<span class=\"_ _2\"></span>operativit\u00e0  corrente\u201d), <span class=\"_ _35\"> </span>salvo  q<span class=\"_ _2\"></span>uando <span class=\"_ _35\"> </span>ess<span class=\"_ _1\"></span>e  de<span class=\"_ _2\"></span>rivino <span class=\"_ _35\"> </span>da  operazioni <span class=\"_ _35\"> </span>i  c<span class=\"_ _2\"></span>ui <span class=\"_ _35\"> </span>effet<span class=\"_ _1\"></span>ti vanno attribuiti <span class=\"_ _2\"></span>direttamente al p<span class=\"_ _2\"></span>atrimonio netto (nel <span class=\"_ _2\"></span>qual caso <span class=\"_ _2\"></span>vengono imputate al<span class=\"_ _2\"></span> patrimonio) <span class=\"_ _3b\"></span>o<span class=\"_ _3a1\"> </span>da <span class=\"_ _37\"> </span>operazioni <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>aggregazione <span class=\"_ _36\"> </span>societaria <span class=\"_ _37\"> </span>(nel <span class=\"_ _37\"> </span>qual <span class=\"_ _36\"> </span>caso <span class=\"_ _37\"> </span>entrano <span class=\"_ _36\"> </span>nel <span class=\"_ _37\"> </span>computo <span class=\"_ _37\"> </span>del <span class=\"_ _36\"> </span>valore <span class=\"_ _37\"> </span>di avviamento).",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-864": {
   "value": "9 - Fisc<span class=\"_ _1\"></span>alit\u00e0 cor<span class=\"_ _1\"></span>rente e differit<span class=\"_ _1\"></span>a Crite<span class=\"_ _3a1\"> </span>ri di iscrizione, di val<span class=\"_ _1\"></span>utazione e di cancellazione<span class=\"_ _1\"></span>  Le imp<span class=\"_ _3a1\"> </span>oste sul reddito, cal<span class=\"_ _2\"></span>colate nel rispetto delle<span class=\"_ _2\"></span> legislazioni fiscali<span class=\"_ _2\"></span> nazionali, sono contabilizzate come <span class=\"_ _0\"></span>costo <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>base <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>cr<span class=\"_ _1\"></span>iterio <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>competenza <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>conomica, <span class=\"_ _0\"></span>coerentemente <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>modalit\u00e0 <span class=\"_ _0\"></span>di rilevazione <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>bilancio dei <span class=\"_ _3b\"></span>costi e <span class=\"_ _3b\"></span>ricavi <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>hanno <span class=\"_ _2\"></span>generate. Es<span class=\"_ _2\"></span>se <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>appresentano <span class=\"_ _2\"></span>pertanto <span class=\"_ _3b\"></span>il saldo della <span class=\"_ _36\"> </span>fiscalit\u00e0 <span class=\"_ _36\"> </span>corrente <span class=\"_ _36\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>differita <span class=\"_ _36\"> </span>relativa <span class=\"_ _36\"> </span>al <span class=\"_ _36\"> </span>reddito <span class=\"_ _39\"> </span>dell\u2019esercizio. <span class=\"_ _36\"> </span>In <span class=\"_ _36\"> </span>particolare, <span class=\"_ _36\"> </span>tali <span class=\"_ _39\"> </span>poste accolgono <span class=\"_ _35\"> </span>il <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>aldo <span class=\"_ _35\"> </span>netto <span class=\"_ _35\"> </span>tra <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _35\"> </span>fiscali <span class=\"_ _35\"> </span>correnti <span class=\"_ _35\"> </span>dell\u2019esercizio, <span class=\"_ _0\"></span>calcolate<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>base <span class=\"_ _0\"></span>ad <span class=\"_ _35\"> </span>una prudenziale previsione <span class=\"_ _1\"></span>dell\u2019onere tributario dovuto <span class=\"_ _1\"></span>per l\u2019esercizio, de<span class=\"_ _1\"></span>terminato in base <span class=\"_ _1\"></span>alle norme<span class=\"_ _3a1\"> </span>tributarie  in <span class=\"_ _35\"> </span>vigore, <span class=\"_ _35\"> </span>e  l<span class=\"_ _2\"></span>e  a<span class=\"_ _2\"></span>ttivit\u00e0 <span class=\"_ _35\"> </span>fiscali  correnti <span class=\"_ _35\"> </span>rappresentate <span class=\"_ _35\"> </span>dagli  acc<span class=\"_ _2\"></span>onti  e <span class=\"_ _35\"> </span>dagli <span class=\"_ _35\"> </span>altri  crediti d\u2019imposta <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>ritenute <span class=\"_ _1\"></span>d\u2019acconto subite <span class=\"_ _1\"></span>od <span class=\"_ _1\"></span>altri <span class=\"_ _1\"></span>crediti d\u2019imposta <span class=\"_ _38\"></span>di esercizi <span class=\"_ _1\"></span>precedenti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>i quali le societ\u00e0 del Gruppo hanno richiest<span class=\"_ _1\"></span>o la compensazione con imposte di esercizi successivi. Le <span class=\"_ _2\"></span>Attivit\u00e0 <span class=\"_ _3b\"></span>fiscali co<span class=\"_ _2\"></span>rrenti <span class=\"_ _3b\"></span>accolgono altres\u00ec <span class=\"_ _3b\"></span>i <span class=\"_ _3b\"></span>crediti d<span class=\"_ _2\"></span>\u2019imposta <span class=\"_ _3b\"></span>per <span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>quali \u00e8<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>stato richies<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>rimborso alle autorit\u00e0 fi<span class=\"_ _2\"></span>scali competenti; <span class=\"_ _3b\"></span>le somme versate a <span class=\"_ _3b\"></span>titolo provvisorio nel <span class=\"_ _3b\"></span>corso di u<span class=\"_ _2\"></span>n p<span class=\"_ _2\"></span>rocedimento contenzioso con l\u2019Amministrazione finanziaria <span class=\"_ _2\"></span>vengono valutate secondo le <span class=\"_ _2\"></span>logiche dello IAS<span class=\"_ _2\"></span> 37 in relazione alle probabilit\u00e0 di impiego di ris<span class=\"_ _1\"></span>orse economiche per il loro adempimento. La <span class=\"_ _0\"></span>fiscalit\u00e0 <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>fferita <span class=\"_ _35\"> </span>viene <span class=\"_ _0\"></span>determinata <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>base <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>criterio <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>cosiddetto <span class=\"_ _0\"> </span>\u201c<span class=\"_ _1\"></span>balance <span class=\"_ _0\"></span>sheet <span class=\"_ _35\"> </span>liabili<span class=\"_ _2\"></span>ty method\u201d, <span class=\"_ _3d\"> </span>tenuto <span class=\"_ _37\"> </span>conto <span class=\"_ _3d\"> </span>dell\u2019effetto <span class=\"_ _3d\"> </span>fiscale <span class=\"_ _37\"> </span>connesso <span class=\"_ _3d\"> </span>alle <span class=\"_ _3d\"> </span>differenze <span class=\"_ _37\"> </span>temporanee <span class=\"_ _3d\"> </span>tra <span class=\"_ _37\"> </span>il <span class=\"_ _3d\"> </span>valore contabile <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>attivit\u00e0 e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>passivit\u00e0 <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>valore fiscale <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>determineranno <span class=\"_ _1\"></span>importi <span class=\"_ _1\"></span>imponibili <span class=\"_ _1\"></span>o deducibili n<span class=\"_ _2\"></span>ei futuri <span class=\"_ _3b\"></span>periodi. A <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ali <span class=\"_ _3b\"></span>fini, si <span class=\"_ _2\"></span>intendono <span class=\"_ _2\"></span>\u201cdifferenze temporanee <span class=\"_ _3b\"></span>tass<span class=\"_ _1\"></span>abili\u201d <span class=\"_ _2\"></span>quelle che<span class=\"_ _2\"></span> n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>i periodi <span class=\"_ _38\"></span>futuri <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>termineranno <span class=\"_ _38\"></span>importi <span class=\"_ _38\"></span>imponibili <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>\u201cdifferenze <span class=\"_ _38\"></span>temporanee <span class=\"_ _0\"></span>dedu<span class=\"_ _2\"></span>cibili\u201d <span class=\"_ _38\"></span>quelle <span class=\"_ _38\"></span>che negli esercizi futuri determineranno importi deducibili. Le imposte <span class=\"_ _3b\"></span>ant<span class=\"_ _1\"></span>icipate <span class=\"_ _2\"></span>sono rilevate <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>fronte di <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>utte l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> dif<span class=\"_ _2\"></span>ferenze temporanee <span class=\"_ _2\"></span>deducibili, <span class=\"_ _3b\"></span>dei crediti e <span class=\"_ _35\"> </span>delle  p<span class=\"_ _2\"></span>erdite <span class=\"_ _35\"> </span>fiscali <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>utilizzate <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>riportabili <span class=\"_ _35\"> </span>a  n<span class=\"_ _2\"></span>uovo, <span class=\"_ _35\"> </span>nella <span class=\"_ _35\"> </span>misura <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _35\"> </span>sia  p<span class=\"_ _2\"></span>robabile <span class=\"_ _35\"> </span>che saranno <span class=\"_ _37\"> </span>disponibili <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>ufficienti <span class=\"_ _37\"> </span>imponibili <span class=\"_ _37\"> </span>fiscali <span class=\"_ _37\"> </span>futuri, <span class=\"_ _37\"> </span>che <span class=\"_ _37\"> </span>possano <span class=\"_ _37\"> </span>consentire <span class=\"_ _37\"> </span>l\u2019utilizzo <span class=\"_ _37\"> </span>delle differenze temporanee deducibili e dei <span class=\"_ _2\"></span>crediti e delle perdite fisc<span class=\"_ _2\"></span>ali riportati a nuovo, eccetto i <span class=\"_ _2\"></span>casi in cui: <span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019imposta <span class=\"_ _3a\"> </span>differita <span class=\"_ _48\"> </span>attiva <span class=\"_ _3a\"> </span>collegata <span class=\"_ _3a\"> </span>alle <span class=\"_ _48\"> </span>di<span class=\"_ _2\"></span>fferenze <span class=\"_ _48\"> </span>temporanee <span class=\"_ _3a\"> </span>deducibili <span class=\"_ _3a\"> </span>deriva <span class=\"_ _3a\"> </span>da<span class=\"_ _1\"></span>lla<span class=\"_ _3a1\"> </span></span>rilevazione <span class=\"_ _3f\"> </span>iniziale <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>un\u2019attivit\u00e0 <span class=\"_ _3f\"> </span>o <span class=\"_ _3f\"> </span>passivit\u00e0 <span class=\"_ _3f\"> </span>in <span class=\"_ _3f\"> </span>una <span class=\"_ _3f\"> </span>transazione <span class=\"_ _3f\"> </span>che <span class=\"_ _3f\"> </span>non <span class=\"_ _3f\"> </span>rappresenta<span class=\"_ _3a1\"> </span>un\u2019aggregazione aziendale e, al te<span class=\"_ _1\"></span>mpo della transazione stessa, non influisce n\u00e9 <span class=\"_ _1\"></span>sul risultato<span class=\"_ _3a1\"> </span>di bilancio, n\u00e9 sul risultato fiscale; <span class=\"_ _42\"> </span><span class=\"ff4\">nel caso <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>differenze temporanee dedu<span class=\"_ _2\"></span>cibili <span class=\"_ _3b\"></span>as<span class=\"_ _1\"></span>sociate a p<span class=\"_ _2\"></span>artecipazioni i<span class=\"_ _2\"></span>n societ\u00e0 controllate,<span class=\"_ _2\"></span> </span>collegate <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>joint <span class=\"_ _1\"></span>venture, <span class=\"_ _0\"></span>le <span class=\"_ _1\"></span>imposte <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>ifferite <span class=\"_ _38\"></span>attive <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _38\"></span>rilevate <span class=\"_ _38\"></span>solo <span class=\"_ _0\"></span>nella <span class=\"_ _1\"></span>mis<span class=\"_ _1\"></span>ura <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>cui <span class=\"_ _38\"></span>sia probabile c<span class=\"_ _2\"></span>he esse <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>i riverseran<span class=\"_ _2\"></span>no nel <span class=\"_ _3b\"></span>futuro<span class=\"_ _1\"></span> pr<span class=\"_ _2\"></span>evedibile e <span class=\"_ _3b\"></span>che vi <span class=\"_ _3b\"></span>sar<span class=\"_ _1\"></span>anno suffici<span class=\"_ _2\"></span>enti imponibi<span class=\"_ _2\"></span>li fiscali che consentano il recupero di tali differenze temporanee. Le  imposte  differite  passive  so<span class=\"_ _2\"></span>no  rilevate  su  tutte  le  di<span class=\"_ _2\"></span>fferenze  temporanee  tassabili, <span class=\"_ _35\"> </span>con  le seguenti eccezioni: <span class=\"_ _42\"> </span><span class=\"ff4\">le imposte di<span class=\"_ _2\"></span>fferite passive deriv<span class=\"_ _2\"></span>ano dalla rilevazione ini<span class=\"_ _2\"></span>ziale dell\u2019avvi<span class=\"_ _2\"></span>amento o di un\u2019<span class=\"_ _2\"></span>attivit\u00e0 o </span>passivit\u00e0 <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>una transazione <span class=\"_ _3b\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>non <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>appresenta un<span class=\"_ _2\"></span>\u2019aggregazione azi<span class=\"_ _2\"></span>endale <span class=\"_ _2\"></span>e, al<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>tempo della transazione stessa, non influenza n\u00e9 il risultato di bilancio n\u00e9 il risultat<span class=\"_ _1\"></span>o fiscale; <span class=\"_ _42\"> </span><span class=\"ff4\">il <span class=\"_ _1\"></span>riversa<span class=\"_ _1\"></span>mento <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>differenze <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>emporanee <span class=\"_ _38\"></span>imponibili, as<span class=\"_ _1\"></span>sociate <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>partecipazioni <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>societ\u00e0 </span>controllate, <span class=\"_ _38\"></span>collegate <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>joint <span class=\"_ _38\"></span>venture, <span class=\"_ _38\"></span>pu\u00f2 <span class=\"_ _38\"></span>essere <span class=\"_ _38\"></span>controllato, <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>probabile <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>sso <span class=\"_ _38\"></span>non <span class=\"_ _1\"></span>si verifichi nel prevedibile futuro. La fi<span class=\"_ _2\"></span>scalit\u00e0 differita <span class=\"_ _3b\"></span>viene calcolata <span class=\"_ _2\"></span>applicando <span class=\"_ _3b\"></span>le aliquote di <span class=\"_ _3b\"></span>imposizione s<span class=\"_ _2\"></span>tabilite dalle <span class=\"_ _3b\"></span>disposizioni di <span class=\"_ _38\"></span>legge <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>vig<span class=\"_ _2\"></span>ore <span class=\"_ _0\"></span>alle <span class=\"_ _1\"></span>differenze <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>emporanee <span class=\"_ _38\"></span>tassabili <span class=\"_ _38\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _38\"></span>cui <span class=\"_ _38\"></span>esist<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>pro<span class=\"_ _1\"></span>babilit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>effettivo sostenimento <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>imposte <span class=\"_ _38\"></span>ed <span class=\"_ _0\"></span>alle <span class=\"_ _0\"></span>diff<span class=\"_ _2\"></span>erenze <span class=\"_ _0\"></span>temporanee <span class=\"_ _0\"></span>deducib<span class=\"_ _2\"></span>ili <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>cui <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>itiene <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>vi <span class=\"_ _0\"></span>siano ammontari <span class=\"_ _0\"></span>imponibili<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>futuri <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>momento <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>cui <span class=\"_ _0\"></span>si <span class=\"_ _38\"></span>manifeste<span class=\"_ _1\"></span>r\u00e0 <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>relativa <span class=\"_ _38\"></span>deducibilit\u00e0 <span class=\"_ _0\"></span>fiscale <span class=\"_ _38\"></span>(c.d. probability test).  Qualora <span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Attivit\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>assivit\u00e0 <span class=\"_ _1\"></span>fiscali <span class=\"_ _1\"></span>differite<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iferiscano <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>componenti <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>hanno <span class=\"_ _1\"></span>interess<span class=\"_ _1\"></span>ato <span class=\"_ _1\"></span>il conto economico, la contropartita \u00e8 r<span class=\"_ _1\"></span>appresentata dalle imposte sul reddito. Nei  casi <span class=\"_ _3d\"> </span>in  cui  le  imposte <span class=\"_ _3d\"> </span>anticipate  e  differ<span class=\"_ _1\"></span>ite  riguardino  transazioni  che  hanno <span class=\"_ _3d\"> </span>interessato direttamente <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>patr<span class=\"_ _1\"></span>imonio <span class=\"_ _0\"></span>netto <span class=\"_ _38\"></span>senza <span class=\"_ _0\"></span>influenzare <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _38\"></span>(quali <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>valutazioni <span class=\"_ _38\"></span>degli strumenti <span class=\"_ _0\"></span>finanziari <span class=\"_ _38\"></span>rilevati <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>fair<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>value <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>impatt<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>sulla <span class=\"_ _38\"></span>redditivit\u00e0 <span class=\"_ _0\"></span>complessiva <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>contr<span class=\"_ _1\"></span>atti derivati <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>copert<span class=\"_ _1\"></span>ura <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>flussi <span class=\"_ _0\"></span>finan<span class=\"_ _2\"></span>ziari), <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>tesse <span class=\"_ _38\"></span>vengono <span class=\"_ _38\"></span>iscr<span class=\"_ _1\"></span>itte <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>contropartita <span class=\"_ _0\"></span>al<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>patrimonio netto, interessando le specifiche riserve quando previsto (es<span class=\"_ _1\"></span>. riserve da valutazione). La <span class=\"_ _0\"> </span>fiscalit\u00e0 <span class=\"_ _35\"> </span>latente<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>sull<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>poste <span class=\"_ _0\"></span>patrimoniali <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>sos<span class=\"_ _1\"></span>pensione <span class=\"_ _35\"> </span>d\u2019imposta <span class=\"_ _0\"></span>\u201ctassabili <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>ogni <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>di utilizzo\u201d \u00e8 iscritta in <span class=\"_ _2\"></span>bilancio in <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iduzione del p<span class=\"_ _2\"></span>atrimonio netto. La fiscalit\u00e0 l<span class=\"_ _2\"></span>atente riferita alle p<span class=\"_ _2\"></span>oste patrimoniali <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>sospensione <span class=\"_ _35\"> </span>d\u2019imposta <span class=\"_ _35\"> </span>\u201ctassabili<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>soltanto <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>ipotesi <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>distr<span class=\"_ _1\"></span>ibuzione\u201d <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>vi<span class=\"_ _2\"></span>ene iscritta <span class=\"_ _1\"></span>in bilancio, in <span class=\"_ _1\"></span>quanto <span class=\"_ _1\"></span>la consistenza <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>riserve <span class=\"_ _1\"></span>disponibili gi\u00e0 as<span class=\"_ _1\"></span>soggettate <span class=\"_ _1\"></span>a t<span class=\"_ _1\"></span>assazione consente di ritenere che non saranno effett<span class=\"_ _1\"></span>uate operazioni che ne comportino la tassazione. Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali Attivit\u00e0 <span class=\"_ _3f\"> </span>e <span class=\"_ _39\"> </span>passivit\u00e0 <span class=\"_ _3f\"> </span>fiscali <span class=\"_ _39\"> </span>s<span class=\"_ _1\"></span>ono <span class=\"_ _39\"> </span>imputate<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>al <span class=\"_ _39\"> </span>conto economico <span class=\"_ _39\"> </span>(voce <span class=\"_ _3f\"> </span>\u201cImposte <span class=\"_ _3f\"> </span>sul <span class=\"_ _39\"> </span>re<span class=\"_ _1\"></span>ddito dell\u2019esercizio  dell\u2019<span class=\"_ _2\"></span>operativit\u00e0  corrente\u201d), <span class=\"_ _35\"> </span>salvo  q<span class=\"_ _2\"></span>uando <span class=\"_ _35\"> </span>ess<span class=\"_ _1\"></span>e  de<span class=\"_ _2\"></span>rivino <span class=\"_ _35\"> </span>da  operazioni <span class=\"_ _35\"> </span>i  c<span class=\"_ _2\"></span>ui <span class=\"_ _35\"> </span>effet<span class=\"_ _1\"></span>ti vanno attribuiti <span class=\"_ _2\"></span>direttamente al p<span class=\"_ _2\"></span>atrimonio netto (nel <span class=\"_ _2\"></span>qual caso <span class=\"_ _2\"></span>vengono imputate al<span class=\"_ _2\"></span> patrimonio) <span class=\"_ _3b\"></span>o<span class=\"_ _3a1\"> </span>da <span class=\"_ _37\"> </span>operazioni <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>aggregazione <span class=\"_ _36\"> </span>societaria <span class=\"_ _37\"> </span>(nel <span class=\"_ _37\"> </span>qual <span class=\"_ _36\"> </span>caso <span class=\"_ _37\"> </span>entrano <span class=\"_ _36\"> </span>nel <span class=\"_ _37\"> </span>computo <span class=\"_ _37\"> </span>del <span class=\"_ _36\"> </span>valore <span class=\"_ _37\"> </span>di avviamento).",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-865": {
   "value": "10 - Fon<span class=\"_ _1\"></span>di per ri<span class=\"_ _1\"></span>schi ed oneri Criteri di iscrizione, <span class=\"_ _1\"></span>classificazione <span class=\"_ _1\"></span>e di cancellazione  I f<span class=\"_ _2\"></span>ondi per <span class=\"_ _2\"></span>rischi <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>d oneri <span class=\"_ _3b\"></span>sono passivit\u00e0 <span class=\"_ _3b\"></span>d\u2019ammontare<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>scadenza incerti <span class=\"_ _3b\"></span>rilevati in b<span class=\"_ _2\"></span>ilancio <span class=\"_ _2\"></span>quando ricorrono le seguenti contestuali condizioni: <span class=\"_ _42\"> </span><span class=\"ff4\">esiste <span class=\"_ _0\"></span>un\u2019obbl<span class=\"_ _2\"></span>igazione <span class=\"_ _0\"></span>attuale <span class=\"_ _0\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>riferimento <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>bilancio, <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>deriva <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>evento </span>passato; <span class=\"_ _1\"></span>l\u2019obbligazione <span class=\"_ _1\"></span>deve <span class=\"_ _1\"></span>essere <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>tipo <span class=\"_ _1\"></span>legale <span class=\"_ _38\"></span>(trova origine <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>contr<span class=\"_ _1\"></span>atto, <span class=\"_ _1\"></span>normativa <span class=\"_ _1\"></span>o altra <span class=\"_ _3d\"> </span>disposizione <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>legge) <span class=\"_ _3d\"> </span>o <span class=\"_ _3d\"> </span>implicita  (nasce <span class=\"_ _37\"> </span>nel  m<span class=\"_ _1\"></span>omento  in <span class=\"_ _3d\"> </span>cui <span class=\"_ _3d\"> </span>l\u2019impresa <span class=\"_ _3d\"> </span>genera <span class=\"_ _3d\"> </span>nei confronti <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>terzi <span class=\"_ _0\"></span>l\u2019aspettativa <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>solver\u00e0 <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>pr<span class=\"_ _2\"></span>opri <span class=\"_ _0\"></span>impegni <span class=\"_ _35\"> </span>anch<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>se <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>rientranti <span class=\"_ _35\"> </span>n<span class=\"_ _2\"></span>ella casistica delle obbligazioni legali); <span class=\"_ _42\"> </span><span class=\"ff4\">\u00e8 <span class=\"_ _3f\"> </span>probabile <span class=\"_ _39\"> </span>che <span class=\"_ _3f\"> </span>si <span class=\"_ _3f\"> </span>verifichi<span class=\"_ _2\"></span> <span class=\"_ _3f\"> </span>un\u2019uscita <span class=\"_ _39\"> </span>finanziar<span class=\"_ _1\"></span>ia <span class=\"_ _39\"> </span>pe<span class=\"_ _1\"></span>r <span class=\"_ _3f\"> </span>produrre <span class=\"_ _39\"> </span>benefici <span class=\"_ _3f\"> </span>economici <span class=\"_ _39\"> </span>per<span class=\"_ _3a1\"> </span></span>adempiere l\u2019obbligazione; <span class=\"_ _42\"> </span><span class=\"ff4\">\u00e8 possibile effettuare una stima attendibile dell\u2019ammontare <span class=\"_ _1\"></span>dell\u2019obbligazione.<span class=\"_ _3a1\"> </span></span>Nella <span class=\"_ _1\"></span>voce <span class=\"_ _38\"></span>\u201cFondi <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>rischi <span class=\"_ _38\"></span>ed <span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>ri\u201d <span class=\"_ _38\"></span>sono <span class=\"_ _1\"></span>inclusi <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>ndi <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>pres<span class=\"_ _1\"></span>tazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>lungo <span class=\"_ _38\"></span>termine, <span class=\"_ _38\"></span>a prestazioni successive alla cessazione del <span class=\"_ _2\"></span>rapporto di lavoro trattati dall<span class=\"_ _2\"></span>o IAS 19 e i<span class=\"_ _2\"></span> fondi per rischi ed oneri trattati dallo IAS 37. Criteri di valuta<span class=\"_ _1\"></span>zione Gli <span class=\"_ _48\"> </span>accanto<span class=\"_ _1\"></span>namenti <span class=\"_ _17e\"> </span>vengono <span class=\"_ _17e\"> </span>attualizzati, <span class=\"_ _17e\"> </span>laddove <span class=\"_ _48\"> </span>l\u2019elem<span class=\"_ _1\"></span>ento <span class=\"_ _17e\"> </span>temporale <span class=\"_ _17e\"> </span>sia <span class=\"_ _48\"> </span>significativo, utilizzando i tassi <span class=\"_ _2\"></span>correnti di mer<span class=\"_ _3b\"></span>cat<span class=\"_ _1\"></span>o \u201cfree risk\u201d. L<span class=\"_ _2\"></span>\u2019accantonamento \u00e8 rilevato a<span class=\"_ _3b\"></span> conto economico. Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"fc5 sc4\"> </span>Gli <span class=\"_ _0\"> </span>accant<span class=\"_ _1\"></span>onamenti/recuperi <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>fronte <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>fondi <span class=\"_ _35\"> </span>pe<span class=\"_ _2\"></span>r <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _0\"> </span>e <span class=\"_ _0\"></span>oneri <span class=\"_ _35\"> </span>nonch\u00e9 <span class=\"_ _0\"></span>l\u2019effetto <span class=\"_ _35\"> </span>derivante <span class=\"_ _0\"> </span>dal passaggio del <span class=\"_ _3b\"></span>tempo vengono <span class=\"_ _3b\"></span>allocati nella <span class=\"_ _3b\"></span>voce \u201cAccantonamenti <span class=\"_ _2\"></span>netti <span class=\"_ _2\"></span>ai fondi<span class=\"_ _2\"></span> pe<span class=\"_ _2\"></span>r rischi <span class=\"_ _3b\"></span>e oneri\u201d. Fondi di quiescenza <span class=\"_ _1\"></span>e per obblighi s<span class=\"_ _1\"></span>imili I Fondi di quiescenza sono costituiti in attuazione di acco<span class=\"_ _2\"></span>rdi aziendali e si qualifi<span class=\"_ _2\"></span>cano come piani a benefici de<span class=\"_ _1\"></span>finiti. La <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _1\"></span>relativa <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>tali <span class=\"_ _1\"></span>piani <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>relat<span class=\"_ _1\"></span>ivo co<span class=\"_ _1\"></span>sto <span class=\"_ _1\"></span>previdenziale delle <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>estazioni di  l<span class=\"_ _2\"></span>avoro  corrente  sono  d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>terminati  sulla <span class=\"_ _35\"> </span>base  di  ip<span class=\"_ _2\"></span>otesi  attuariali <span class=\"_ _35\"> </span>applicando  il  metodo  dell<span class=\"_ _2\"></span>a \u201cProiezione Unitaria del <span class=\"_ _2\"></span>Credito\u201d, che prev<span class=\"_ _2\"></span>ede la proiezione <span class=\"_ _2\"></span>degli esborsi futuri sul<span class=\"_ _2\"></span>la base di<span class=\"_ _2\"></span> analisi storiche statistiche e della curva demografica e l\u2019attualizzazione finanziaria di tali flussi sulla base di un ta<span class=\"_ _1\"></span>sso di interesse di <span class=\"_ _1\"></span>mercato. I contributi versat<span class=\"_ _1\"></span>i in ciascun esercizio s<span class=\"_ _1\"></span>ono considerati <span class=\"_ _1\"></span>come unit\u00e0 <span class=\"_ _35\"> </span>se<span class=\"_ _1\"></span>parate, <span class=\"_ _35\"> </span>rilevate  e <span class=\"_ _35\"> </span>valutate <span class=\"_ _35\"> </span>singolarme<span class=\"_ _1\"></span>nte  ai<span class=\"_ _2\"></span>  fi<span class=\"_ _2\"></span>ni <span class=\"_ _35\"> </span>della  determinazione  dell'obb<span class=\"_ _2\"></span>ligazione finale. <span class=\"_ _3b\"></span>Il tasso <span class=\"_ _3b\"></span>utilizzato per <span class=\"_ _3b\"></span>l\u2019attualizzazione <span class=\"_ _3b\"></span>\u00e8 determinato <span class=\"_ _3b\"></span>in bas<span class=\"_ _2\"></span>e ai <span class=\"_ _3b\"></span>rendimenti <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>mercato rilevati alle  date <span class=\"_ _35\"> </span>di  valutazione <span class=\"_ _35\"> </span>di  obbligazioni<span class=\"_ _2\"></span>  di <span class=\"_ _35\"> </span>aziende  primarie  tenendo <span class=\"_ _35\"> </span>conto  della  d<span class=\"_ _2\"></span>urata  media residua <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>passivit\u00e0. <span class=\"_ _35\"> </span>Il <span class=\"_ _35\"> </span>valore  attuale <span class=\"_ _35\"> </span>dell'obblig<span class=\"_ _2\"></span>azione  all<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>data <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>rifer<span class=\"_ _1\"></span>imento <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>bilancio <span class=\"_ _35\"> </span>\u00e8 inoltre rettificato del fair value delle eventuali att<span class=\"_ _1\"></span>ivit\u00e0 a servizio del piano. Gli utili <span class=\"_ _2\"></span>e le perdite attuariali (ovvero le variazioni <span class=\"_ _2\"></span>nel valore attuale dell\u2019obbl<span class=\"_ _2\"></span>igazione derivanti dalle modifiche alle ipotesi at<span class=\"_ _1\"></span>tuariali e dalle rettifiche basat<span class=\"_ _1\"></span>e sull\u2019esperienza passata) sono riconos<span class=\"_ _1\"></span>ciuti nel prospetto della redditivit\u00e0 complessiva. Fondi per rischi <span class=\"_ _3b\"></span>ed oneri a <span class=\"_ _2\"></span>fronte di <span class=\"_ _2\"></span>impegni e g<span class=\"_ _2\"></span>aranzie rilasciate La <span class=\"_ _1\"></span>sottovoce<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>fondi <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi e<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>oneri <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>esame <span class=\"_ _1\"></span>accoglie <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>fondi <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>credito <span class=\"_ _38\"></span>rilevati <span class=\"_ _1\"></span>a fronte <span class=\"_ _35\"> </span>degli <span class=\"_ _0\"></span>impegni <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>ogare <span class=\"_ _0\"></span>fondi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _0\"></span>alle <span class=\"_ _35\"> </span>garanzie <span class=\"_ _0\"></span>rilasciate <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>rientrano <span class=\"_ _0\"></span>nel <span class=\"_ _35\"> </span>perimetro <span class=\"_ _0\"></span>di applicazione <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>regole <span class=\"_ _1\"></span>sull\u2019impairment ai <span class=\"_ _1\"></span>sensi <span class=\"_ _1\"></span>dell\u2019IFRS <span class=\"_ _1\"></span>9. <span class=\"_ _1\"></span>Per t<span class=\"_ _1\"></span>ali fattispe<span class=\"_ _1\"></span>cie so<span class=\"_ _1\"></span>no adottate, <span class=\"_ _1\"></span>in linea di p<span class=\"_ _2\"></span>rincipio, le medesime modalit\u00e0 di <span class=\"_ _2\"></span>allocazione tra i tre stag<span class=\"_ _2\"></span>e (stadi di rischio c<span class=\"_ _2\"></span>reditizio) e di calcolo  della  perdita <span class=\"_ _3d\"> </span>attes<span class=\"_ _1\"></span>a  esposte <span class=\"_ _3d\"> </span>con  riferimento  alle <span class=\"_ _3d\"> </span>attivit\u00e0  finanziarie  valutate<span class=\"_ _1\"></span>  al  costo ammortizzato o al fair value con impatto sulla redditivit\u00e0 <span class=\"_ _3b\"></span>complessiva. L\u2019aggregato <span class=\"_ _1\"></span>accoglie, <span class=\"_ _1\"></span>peraltro<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>anche i <span class=\"_ _1\"></span>fondi <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>rischi <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>oneri <span class=\"_ _1\"></span>cos<span class=\"_ _1\"></span>tituti <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>fronte <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>altre <span class=\"_ _1\"></span>tipologie di <span class=\"_ _3b\"></span>impegni e <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>gar<span class=\"_ _1\"></span>anzie <span class=\"_ _3b\"></span>rilasciate che,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>virt\u00f9 delle <span class=\"_ _3b\"></span>proprie <span class=\"_ _3b\"></span>pe<span class=\"_ _1\"></span>culiarit\u00e0, <span class=\"_ _3b\"></span>non <span class=\"_ _2\"></span>rientrano <span class=\"_ _2\"></span>nel <span class=\"_ _3b\"></span>richiamato perimetro di applicazione dell\u2019impairment <span class=\"_ _1\"></span>ai sensi dell\u2019IFRS 9. Altri fondi Gli <span class=\"_ _35\"> </span>altri <span class=\"_ _35\"> </span>fondi <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>rischi <span class=\"_ _35\"> </span>ed <span class=\"_ _35\"> </span>oneri <span class=\"_ _35\"> </span>accolgono  g<span class=\"_ _2\"></span>li <span class=\"_ _35\"> </span>accantona<span class=\"_ _3a1\"> </span>menti <span class=\"_ _35\"> </span>relativi <span class=\"_ _35\"> </span>ad <span class=\"_ _35\"> </span>obbligazioni <span class=\"_ _35\"> </span>legali <span class=\"_ _35\"> </span>o connessi a <span class=\"_ _3b\"></span>rapporti di<span class=\"_ _2\"></span> lavoro <span class=\"_ _3b\"></span>oppure a <span class=\"_ _3b\"></span>contenziosi, anche <span class=\"_ _3b\"></span>fiscali, originati <span class=\"_ _3b\"></span>da un <span class=\"_ _3b\"></span>evento passato <span class=\"_ _3b\"></span>per<span class=\"_ _3a1\"> </span>i <span class=\"_ _1\"></span>quali sia <span class=\"_ _1\"></span>probabile <span class=\"_ _1\"></span>l\u2019esborso <span class=\"_ _38\"></span>di risorse <span class=\"_ _1\"></span>economiche <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>l\u2019adempimento <span class=\"_ _1\"></span>delle obbligazioni <span class=\"_ _1\"></span>stesse, sempre che possa essere effettuata una stima attendibile del relativo ammontare. Conseguentemente, la rilevazione di un accantonament<span class=\"_ _1\"></span>o avviene se e solo se: <span class=\"_ _42\"> </span><span class=\"ff4\">vi \u00e8 un\u2019obbligazione in corso (legale o implicita) quale risultato di un event<span class=\"_ _1\"></span>o passato; </span><span class=\"_ _42\"> </span><span class=\"ff4\">\u00e8 probabile che per adempiere all\u2019obbligazione si render<span class=\"_ _1\"></span>\u00e0 necessario l\u2019impiego di risorse atte </span>a produrre benefici economici; e <span class=\"_ _42\"> </span><span class=\"ff4\">pu\u00f2 <span class=\"_ _3a\"> </span>essere <span class=\"_ _3a\"> </span>effettuata <span class=\"_ _3a\"> </span>una <span class=\"_ _3a\"> </span>stima <span class=\"_ _3a\"> </span>attendibile <span class=\"_ _3f\"> </span>dell\u2019importo<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>derivante <span class=\"_ _3a\"> </span>dall\u2019adempimento<span class=\"_ _3a1\"> </span></span>dell\u2019obbligazione. L\u2019importo <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ilevato <span class=\"_ _1\"></span>come <span class=\"_ _1\"></span>accantonament<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>rappresenta <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>migliore <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ima <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>sa <span class=\"_ _1\"></span>richiesta <span class=\"_ _38\"></span>per adempiere <span class=\"_ _37\"> </span>all\u2019obbligazione <span class=\"_ _37\"> </span>esiste<span class=\"_ _1\"></span>nte <span class=\"_ _37\"> </span>alla <span class=\"_ _37\"> </span>data <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>rifer<span class=\"_ _1\"></span>imento <span class=\"_ _3d\"> </span>del <span class=\"_ _37\"> </span>bilancio <span class=\"_ _36\"> </span>e <span class=\"_ _37\"> </span>riflette <span class=\"_ _37\"> </span>rischi <span class=\"_ _37\"> </span>ed incertezze <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>inevitabilmente <span class=\"_ _1\"></span>caratterizzano <span class=\"_ _1\"></span>una <span class=\"_ _38\"></span>pluralit\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fatti <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>circostanze. <span class=\"_ _1\"></span>Per <span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ner <span class=\"_ _1\"></span>conto dell\u2019elemento <span class=\"_ _35\"> </span>temporale <span class=\"_ _35\"> </span>gli <span class=\"_ _35\"> </span>accantonamenti <span class=\"_ _35\"> </span>vengono <span class=\"_ _35\"> </span>attualizzati <span class=\"_ _0\"></span>utilizzando <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>tassi <span class=\"_ _35\"> </span>correnti <span class=\"_ _35\"> </span>di mercato. <span class=\"_ _35\"> </span>L\u2019accantonamento <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>gli <span class=\"_ _35\"> </span>increme<span class=\"_ _1\"></span>nti <span class=\"_ _35\"> </span>dovuti <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>fattore <span class=\"_ _35\"> </span>temporale  s<span class=\"_ _2\"></span>ono <span class=\"_ _35\"> </span>rilevati <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>Conto Economico. L\u2019accantonamento <span class=\"_ _1\"></span>viene stornato quando diviene impro<span class=\"_ _1\"></span>babile l\u2019impiego di <span class=\"_ _1\"></span>risorse atte a <span class=\"_ _1\"></span>produrre benefici economici per adempiere<span class=\"_ _1\"></span> l\u2019obbligazione oppure quando si estingue l\u2019obbligazione. Nella <span class=\"_ _37\"> </span>voce <span class=\"_ _3d\"> </span>sono <span class=\"_ _37\"> </span>inclusi <span class=\"_ _3d\"> </span>anche <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>benefici <span class=\"_ _37\"> </span>a <span class=\"_ _3d\"> </span>lungo <span class=\"_ _3d\"> </span>t<span class=\"_ _1\"></span>ermine <span class=\"_ _3d\"> </span>ai <span class=\"_ _37\"> </span>dipendenti, <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>cui <span class=\"_ _3d\"> </span>oner<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>vengono determinati <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>medesimi <span class=\"_ _1\"></span>criteri <span class=\"_ _1\"></span>attuariali <span class=\"_ _1\"></span>des<span class=\"_ _1\"></span>critti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>fondi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>quiescenza. <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>li <span class=\"_ _1\"></span>utili <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>le per<span class=\"_ _1\"></span>dite attuariali vengono rilevati tutti immediatamente nel conto economico.<span class=\"_ _3a1\"> </span><div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gsea7\">Sezione 10 \u2013 Fondi per rischi e oneri - Voce 100 </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsea8\">10.1 F<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsea9\">ondi per rischi e oner<span class=\"_ _1\"></span>i: composizione </div><div class=\"gseaa\"><table class=\"s w684 h246\" id=\"_d991ad14-4c6f-4287-aa05-d6d9e97ebfe0\"><tr><td class=\"t m2 x98d h12 y5bd3 ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Componenti </td><td class=\"c n x10f2 y5bd4 w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10f3 y5bd4 w696 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n xac6 y5bd5 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xac7 y5bd5 w685 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c x677 y5bd6 w1ad h11\"><div class=\"t m2 x0 h12 y3d4 ff4 fs7 fc1 sc0 ls0 ws0\">1. Fondi per rischio d<span class=\"_ _2\"></span>i credito relativo<span class=\"_ _2\"></span> a impegni e garanzie f<span class=\"_ _2\"></span>inanziarie </div></td><td></td><td class=\"t m2 xac8 h12 y5bd7 ff4 fs7 fc1 sc0 ls0 ws0\">4.509<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6e5 h12 y5bd7 ff4 fs7 fc1 sc0 ls0 ws0\">5.228<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5bd8 ff4 fs7 fc1 sc0 ls0 ws0\">rilasciate </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5ba3 wb33 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2. Fondi su altri impeg<span class=\"_ _2\"></span>ni e altre gara<span class=\"_ _2\"></span>nzie rilasciate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10f4 y5ba3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5bd9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5bda wb34 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">3. Fondi di quiescenza <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>ziendali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10f5 y5bda wb35 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.090<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x7b1 h12 y5bdb ff4 fs7 fc1 sc0 ls0 ws0\">1.194<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5bdc wb36 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Altri fondi per risc<span class=\"_ _2\"></span>hi ed oneri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10f6 y5bdc w472 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">235.292<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x666 h12 y5bdd ff4 fs7 fc1 sc0 ls0 ws0\">212.943<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5bcb wb37 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.1 controversie lega<span class=\"_ _2\"></span>li e fiscali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10f7 y5bcb wade h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">16.951<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x67a h12 y5bde ff4 fs7 fc1 sc0 ls0 ws0\">19.096<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5bab wb38 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.2 oneri per il perso<span class=\"_ _2\"></span>nale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10f8 y5bab wb39 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">133.395<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x676 h12 y5bdf ff4 fs7 fc1 sc0 ls0 ws0\">116.901<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5a1e wb3a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.3 altri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10f9 y5a1e wb3b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">84<span class=\"_ _2\"></span>.946<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x676 h12 y5be0 ff4 fs7 fc1 sc0 ls0 ws0\">76.946<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x10df h12 y5be1 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6b8 h12 y5be1 ff4 fs7 fc1 sc2 ls0 ws0\">240.891<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x666 h12 y5be1 ff4 fs7 fc1 sc2 ls0 ws0\">219.365<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gseab\">10.2 Fondi per<span class=\"_ _1\"></span> rischi e oneri: variazioni ann<span class=\"_ _1\"></span>ue </div><div class=\"gseac\"><table class=\"s wb42 h248\" id=\"_718d8bf3-9b65-4faf-ae9f-da8ffb32ae51\"><tr><td></td><td class=\"t m2 xf36 h12 y5bea ff4 fs7 fc4 sc3 ls0 ws0\">Fondi su altri </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x10ff h12 y5beb ff4 fs7 fc4 sc3 ls0 ws0\">impegni e altre </td><td class=\"t m2 x66d h12 y5beb ff4 fs7 fc4 sc3 ls0 ws0\">Fondi di </td><td class=\"t m2 x675 h12 y5beb ff4 fs7 fc4 sc3 ls0 ws0\">Altri fondi per </td><td class=\"t m2 x1100 h12 y5bec ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td></tr><tr><td></td><td class=\"t m2 x698 h12 y5bed ff4 fs7 fc4 sc3 ls0 ws0\">garanzie </td><td class=\"t m2 x6c3 h12 y5bed ff4 fs7 fc4 sc3 ls0 ws0\">quiescenza </td><td class=\"t m2 x6a1 h12 y5bed ff4 fs7 fc4 sc3 ls0 ws0\">rischi ed oneri </td><td></td></tr><tr><td></td><td class=\"t m2 x989 h12 y5bee ff4 fs7 fc4 sc3 ls0 ws0\">rilasciate </td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5bef w946 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">A. Esistenze iniziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1101 y5bef wb43 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">5.228<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6d0 h12 y5bf0 ff4 fs7 fc1 sc2 ls0 ws0\">1.194<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1002 h12 y5bf0 ff4 fs7 fc1 sc2 ls0 ws0\">212.943<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y5bf0 ff4 fs7 fc1 sc2 ls0 ws0\">219.365<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5481 w948 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">B. Aumenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1102 y5481 wb44 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">336<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6c9 h12 y5bf1 ff4 fs7 fc1 sc2 ls0 ws0\">43<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdbb h12 y5bf1 ff4 fs7 fc1 sc2 ls0 ws0\">118.184<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y5bf1 ff4 fs7 fc1 sc2 ls0 ws0\">118.563<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y55a8 wb45 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Accantonamento <span class=\"_ _2\"></span>dell'esercizio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1103 y55a8 wb44 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">336<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6c9 h12 y5bf2 ff4 fs7 fc1 sc0 ls0 ws0\">33<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1104 h12 y5bf2 ff4 fs7 fc1 sc0 ls0 ws0\">116.202<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y5bf2 ff4 fs7 fc1 sc0 ls0 ws0\">116.571<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5531 wb46 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Variazioni dovute <span class=\"_ _2\"></span>al passare del t<span class=\"_ _2\"></span>empo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1105 y5531 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x74e h12 y5bf3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1106 h12 y5bf3 ff4 fs7 fc1 sc0 ls0 ws0\">1.368<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x738 h12 y5bf3 ff4 fs7 fc1 sc0 ls0 ws0\">1.368<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5533 wb47 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Variazioni dovute a m<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>difiche de<span class=\"_ _2\"></span>l tasso di sconto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1107 y5533 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x74e h12 y5bf4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a2 h12 y5bf4 ff4 fs7 fc1 sc0 ls0 ws0\">401<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x73d h12 y5bf4 ff4 fs7 fc1 sc0 ls0 ws0\">401<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5485 wb48 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1108 y5485 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b5 h12 y5bf5 ff4 fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a2 h12 y5bf5 ff4 fs7 fc1 sc0 ls0 ws0\">213<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e8 h12 y5bf5 ff4 fs7 fc1 sc0 ls0 ws0\">223<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y5486 w94b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione a<span class=\"_ _2\"></span>ziendale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1109 y5486 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x74e h12 y5bf6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y5bf6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5bf6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5537 w951 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">C. Diminuzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x110a y5537 wb49 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1.055<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75e h12 y5bf7 ff4 fs7 fc1 sc2 ls0 ws0\">147<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdbb h12 y5bf7 ff4 fs7 fc1 sc2 ls0 ws0\">95.835<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y5bf7 ff4 fs7 fc1 sc2 ls0 ws0\">97.037<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y55bc wb4a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Utilizzo nell'eserciz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x110b y55bc wb49 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.055<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b5 h12 y5bf8 ff4 fs7 fc1 sc0 ls0 ws0\">91<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b0 h12 y5bf8 ff4 fs7 fc1 sc0 ls0 ws0\">95.271<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y5bf8 ff4 fs7 fc1 sc0 ls0 ws0\">96.417<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5513 wb4b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Variazioni dovute<span class=\"_ _2\"></span> a modifiche del tass<span class=\"_ _2\"></span>o di sconto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x110c y5513 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x74e h12 y5bf9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x685 h12 y5bf9 ff4 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf18 h12 y5bf9 ff4 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5515 wb4c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Altre variazion<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x110d y5515 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6c9 h12 y5bfa ff4 fs7 fc1 sc0 ls0 ws0\">56<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y5bfa ff4 fs7 fc1 sc0 ls0 ws0\">562<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x73d h12 y5bfa ff4 fs7 fc1 sc0 ls0 ws0\">618<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y54b0 w94b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione a<span class=\"_ _2\"></span>ziendale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1109 y54b0 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x74e h12 y5bfb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y5bfb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5bfb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54f9 w959 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D. Rimanenze finali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x110e y54f9 w46c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4.509<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x679 h12 y5bfc ff4 fs7 fc1 sc2 ls0 ws0\">1.090<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xff2 h12 y5bfc ff4 fs7 fc1 sc2 ls0 ws0\">235.292<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y5bfc ff4 fs7 fc1 sc2 ls0 ws0\">240.891<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsead\">10.3 Fondi per <span class=\"_ _1\"></span>rischio di credito relat<span class=\"_ _1\"></span>ivo a impegni e <span class=\"_ _1\"></span>garanzie finanziarie <span class=\"_ _1\"></span>rilasciate </div>1.5 Rischi operativi Informazi<span class=\"_ _1\"></span>oni di na<span class=\"_ _1\"></span>tura quali<span class=\"_ _1\"></span>tativa A. Aspet<span class=\"_ _1\"></span>ti general<span class=\"_ _1\"></span>i, proce<span class=\"_ _1\"></span>ssi di ge<span class=\"_ _1\"></span>stione e me<span class=\"_ _1\"></span>todi di<span class=\"_ _1\"></span> misuraz<span class=\"_ _1\"></span>ione del <span class=\"_ _1\"></span>rischio ope<span class=\"_ _1\"></span>rativo<span class=\"_ _3a1\"> </span>Il <span class=\"_ _3d\"> </span>Gruppo <span class=\"_ _3d\"> </span>ha <span class=\"_ _3d\"> </span>sviluppato <span class=\"_ _3d\"> </span>un <span class=\"_ _3d\"> </span>siste<span class=\"_ _1\"></span>ma <span class=\"_ _3d\"> </span>integrato <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>gestione <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>rischi <span class=\"_ _3d\"> </span>operativi <span class=\"_ _3d\"> </span>assunti <span class=\"_ _3d\"> </span>che, <span class=\"_ _3d\"> </span>in attuaz<span class=\"_ _3a1\"> </span>ione <span class=\"_ _1\"></span>degli <span class=\"_ _1\"></span>indirizzi st<span class=\"_ _1\"></span>rategici, consente<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rafforzare <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>capacit\u00e0 <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>Unit\u00e0 <span class=\"_ _1\"></span>Organizzative <span class=\"_ _1\"></span>di gestirli <span class=\"_ _0\"></span>consapevolmente, <span class=\"_ _0\"></span>introdu<span class=\"_ _2\"></span>cendo <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rilevazione, <span class=\"_ _38\"></span>misurazione<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>controllo <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>ali <span class=\"_ _0\"></span>da<span class=\"_ _2\"></span> garantire un\u2019assunzione dei <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischi consapevole <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> compatibil<span class=\"_ _2\"></span>e con le <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>trategie di G<span class=\"_ _2\"></span>overnance e co<span class=\"_ _2\"></span>n le <span class=\"_ _1\"></span>condizioni e<span class=\"_ _1\"></span>conomiche e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>patrimoniali, nel <span class=\"_ _1\"></span>rispetto <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>indicazioni <span class=\"_ _1\"></span>provenienti <span class=\"_ _1\"></span>dalle <span class=\"_ _1\"></span>Autorit\u00e0 <span class=\"_ _1\"></span>di Vigilanza. Il Consiglio di Amministrazione della Capogruppo ha approvato il<span class=\"_ _3b\"></span> re<span class=\"_ _1\"></span>golamento \u201cGestione dei rischi operativi\u201d <span class=\"_ _35\"> </span>(Regolamento <span class=\"_ _0\"></span>ORM) <span class=\"_ _35\"> </span>con <span class=\"_ _0\"></span>cui <span class=\"_ _35\"> </span>definisce <span class=\"_ _0\"> </span>le<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>politich<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>ge<span class=\"_ _1\"></span>stione <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>rischio <span class=\"_ _35\"> </span>operativo <span class=\"_ _0\"></span>a livello <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>G<span class=\"_ _1\"></span>ruppo <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>Banca <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>det<span class=\"_ _1\"></span>ermina <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>sist<span class=\"_ _1\"></span>ema <span class=\"_ _0\"></span>comune <span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>ordinato <span class=\"_ _38\"></span>car<span class=\"_ _1\"></span>atterizzato <span class=\"_ _38\"></span>da <span class=\"_ _0\"></span>regol<span class=\"_ _2\"></span>e condivise per l\u2019allocazione di compiti e res<span class=\"_ _1\"></span>ponsabilit\u00e0. Il regolamento definisce c<span class=\"_ _2\"></span>ome rischio operativo <span class=\"_ _2\"></span>\u201cil rischio d<span class=\"_ _2\"></span>i perdite derivan<span class=\"_ _2\"></span>ti dall\u2019inadeguatezza o dalla  disfu<span class=\"_ _1\"></span>nzione <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>process<span class=\"_ _1\"></span>i, <span class=\"_ _3d\"> </span>risorse <span class=\"_ _3d\"> </span>umane <span class=\"_ _3d\"> </span>e <span class=\"_ _3d\"> </span>sistemi <span class=\"_ _37\"> </span>interni,  oppure <span class=\"_ _3d\"> </span>da <span class=\"_ _37\"> </span>eventi <span class=\"_ _3d\"> </span>esogeni, <span class=\"_ _3d\"> </span>ivi compreso il rischio giuridico; non sono inclusi quelli strategici e di re<span class=\"_ _1\"></span>putazione\u201d. Inoltre, il <span class=\"_ _3b\"></span>Consiglio di <span class=\"_ _3b\"></span>Amm<span class=\"_ _1\"></span>inistrazione della <span class=\"_ _3b\"></span>Capogruppo ha <span class=\"_ _3b\"></span>approvato<span class=\"_ _1\"></span>, ai<span class=\"_ _2\"></span> fini<span class=\"_ _2\"></span> della <span class=\"_ _3b\"></span>deter<span class=\"_ _1\"></span>minazione del <span class=\"_ _0\"></span>requisito <span class=\"_ _0\"></span>patrimoniale, <span class=\"_ _0\"></span>l\u2019utilizzo <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>met<span class=\"_ _1\"></span>odo <span class=\"_ _0\"></span>TSA <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>tutte <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ociet\u00e0 <span class=\"_ _0\"></span>appartenenti <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>Gr<span class=\"_ _1\"></span>uppo<span class=\"_ _3b\"></span> Bancario.  Non <span class=\"_ _37\"> </span>sono <span class=\"_ _37\"> </span>intervenute <span class=\"_ _3d\"> </span>variazioni <span class=\"_ _3d\"> </span>significative <span class=\"_ _37\"> </span>rispetto<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>all\u2019esercizio <span class=\"_ _3d\"> </span>pre<span class=\"_ _1\"></span>cedente <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>re<span class=\"_ _1\"></span>lazione <span class=\"_ _3d\"> </span>al modello <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>gestione <span class=\"_ _37\"> </span>de<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>rischi <span class=\"_ _37\"> </span>oper<span class=\"_ _1\"></span>ativi <span class=\"_ _37\"> </span>che <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>seguito <span class=\"_ _37\"> </span>viene <span class=\"_ _36\"> </span>rappresentato <span class=\"_ _37\"> </span>sinteticamente: l\u2019Organo <span class=\"_ _39\"> </span>con <span class=\"_ _3f\"> </span>funzioni <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>s<span class=\"_ _1\"></span>upervisione <span class=\"_ _3f\"> </span>strategica <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>Gruppo <span class=\"_ _3f\"> </span>\u00e8 <span class=\"_ _3f\"> </span>identificato <span class=\"_ _3f\"> </span>nel <span class=\"_ _39\"> </span>Consiglio <span class=\"_ _3f\"> </span>di Amministrazione <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>Credito <span class=\"_ _35\"> </span>Emi<span class=\"_ _3b\"></span>liano <span class=\"_ _35\"> </span>SpA, <span class=\"_ _0\"></span>Capogruppo <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>Gruppo <span class=\"_ _35\"> </span>Bancario <span class=\"_ _35\"> </span>C<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>edito <span class=\"_ _35\"> </span>Emil<span class=\"_ _2\"></span>iano <span class=\"_ _0\"></span>\u2013 CREDEM. L\u2019azione viene eser<span class=\"_ _1\"></span>citata con il supporto del Comitato Consiliare Rischi e <span class=\"_ _1\"></span>Sostenibilit\u00e0 di Gruppo <span class=\"_ _35\"> </span>(Comitato <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>Governance, <span class=\"_ _35\"> </span>privo <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>deleghe, <span class=\"_ _35\"> </span>istituito <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>finalit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>volgere <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>ruolo<span class=\"_ _2\"></span> istruttorio). A <span class=\"_ _35\"> </span>livello  di<span class=\"_ _2\"></span>  Grupp<span class=\"_ _2\"></span>o  sono <span class=\"_ _35\"> </span>stati <span class=\"_ _35\"> </span>individuati <span class=\"_ _35\"> </span>pi\u00f9  organi <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>funzioni <span class=\"_ _35\"> </span>di  gestione, <span class=\"_ _35\"> </span>coincidenti <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>i Consigli <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>Amministrazione <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>singole <span class=\"_ _35\"> </span>controllate, <span class=\"_ _0\"></span>che <span class=\"_ _35\"> </span>hanno <span class=\"_ _35\"> </span>adottato <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>Regolamento <span class=\"_ _0\"></span>ORM traducendo il relativo \u201cschema\u201d nella specifica <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ealt\u00e0 aziendale ed individuando concretamente le funzioni \u201clocali\u201d richieste per il buon esito del processo. Dal punto <span class=\"_ _1\"></span>di vista <span class=\"_ _1\"></span>operativo gli <span class=\"_ _1\"></span>organi con funzione <span class=\"_ _1\"></span>di supervisione <span class=\"_ _1\"></span>strategica e <span class=\"_ _1\"></span>quelli con <span class=\"_ _1\"></span>funzioni di <span class=\"_ _36\"> </span>gestione <span class=\"_ _39\"> </span>sono <span class=\"_ _36\"> </span>supportati <span class=\"_ _36\"> </span>dall\u2019attivit\u00e0 <span class=\"_ _36\"> </span>dell\u2019ufficio <span class=\"_ _36\"> </span>G<span class=\"_ _1\"></span>overnance, <span class=\"_ _36\"> </span>Raf <span class=\"_ _39\"> </span>Esg <span class=\"_ _36\"> </span>e <span class=\"_ _36\"> </span>Oper<span class=\"_ _1\"></span>ativi <span class=\"_ _36\"> </span>(GEO). Nell\u2019ambito <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>processo <span class=\"_ _0\"></span>coordin<span class=\"_ _2\"></span>ato <span class=\"_ _0\"></span>centralmente <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>GEO <span class=\"_ _0\"></span>(<span class=\"_ _2\"></span>c.d. <span class=\"_ _0\"></span>\u201cORM <span class=\"_ _0\"></span>Centrale\u201d), <span class=\"_ _38\"></span>l\u2019att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _0\"></span>vien<span class=\"_ _2\"></span>e svolta c<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>upporto <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>alcune<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>funzioni \u201cORM <span class=\"_ _3b\"></span>Per<span class=\"_ _1\"></span>iferico\u201d <span class=\"_ _2\"></span>appartenenti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>diversi <span class=\"_ _2\"></span>servizi <span class=\"_ _3b\"></span>della banca. L\u2019Organo <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>funzioni <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>controllo  \u00e8 <span class=\"_ _35\"> </span>identificato <span class=\"_ _35\"> </span>nel <span class=\"_ _35\"> </span>Collegio <span class=\"_ _35\"> </span>Sindacale, <span class=\"_ _35\"> </span>coerentemente  c<span class=\"_ _2\"></span>on <span class=\"_ _35\"> </span>la disciplina <span class=\"_ _39\"> </span>vigente <span class=\"_ _3f\"> </span>relativa <span class=\"_ _39\"> </span>agli <span class=\"_ _39\"> </span>ent<span class=\"_ _1\"></span>i <span class=\"_ _39\"> </span>che <span class=\"_ _3f\"> </span>adottano <span class=\"_ _39\"> </span>un <span class=\"_ _39\"> </span>modello <span class=\"_ _39\"> </span>\u201c<span class=\"_ _1\"></span>tradizionale\u201d <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>gover<span class=\"_ _1\"></span>nance societaria. Pi\u00f9 in p<span class=\"_ _2\"></span>articolare, il Collegio d<span class=\"_ _2\"></span>ella Capogruppo \u00e8 responsabil<span class=\"_ _2\"></span>e di vigilare sull\u2019osservanza<span class=\"_ _2\"></span> delle norme di legge, regolamentari e statutarie, sulla corretta amministrazione, sull\u2019adeguatezza degli asse<span class=\"_ _1\"></span>tti organizzativi <span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>abili del <span class=\"_ _1\"></span>Gruppo anche <span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>amite <span class=\"_ _1\"></span>il coor<span class=\"_ _1\"></span>dinamento con <span class=\"_ _1\"></span>gli om<span class=\"_ _1\"></span>ologhi organi collegiali presenti nelle contro<span class=\"_ _1\"></span>llate. Nell\u2019espletamento delle proprie att<span class=\"_ _1\"></span>ivit\u00e0 tale organo viene supportato dal Servizio Audit di Gruppo. Il <span class=\"_ _1\"></span>Regolame<span class=\"_ _1\"></span>nto <span class=\"_ _38\"></span>ORM <span class=\"_ _38\"></span>istituisce, <span class=\"_ _38\"></span>inoltre, <span class=\"_ _38\"></span>specifici <span class=\"_ _1\"></span>flussi <span class=\"_ _38\"></span>informat<span class=\"_ _1\"></span>ivi <span class=\"_ _38\"></span>verso <span class=\"_ _38\"></span>l\u2019organo <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>controllo <span class=\"_ _38\"></span>delle societ\u00e0  interessate  dal  modell<span class=\"_ _2\"></span>o  TSA  (a  livello  in<span class=\"_ _2\"></span>dividuale  e  consolidato,  secondo  le<span class=\"_ _2\"></span>  rispettive competenze). Il <span class=\"_ _1\"></span>Siste<span class=\"_ _1\"></span>ma <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Gestione <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>Rischi <span class=\"_ _1\"></span>Oper<span class=\"_ _1\"></span>ativi <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>iodicamente <span class=\"_ _1\"></span>sottopost<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>revisione <span class=\"_ _38\"></span>indipendente da parte del Servizio Audit della Capogruppo. Il <span class=\"_ _2\"></span>sistema di <span class=\"_ _3b\"></span>ge<span class=\"_ _1\"></span>stione dei <span class=\"_ _3b\"></span>ris<span class=\"_ _1\"></span>chi <span class=\"_ _2\"></span>operativi \u00e8 <span class=\"_ _3b\"></span>definito come l\u2019i<span class=\"_ _2\"></span>nsieme strutturato <span class=\"_ _3b\"></span>dei processi funzi<span class=\"_ _2\"></span>oni e <span class=\"_ _0\"></span>risorse <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>l\u2019identificazione, <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>controllo <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>operativi <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>articolato <span class=\"_ _0\"></span>nei seguenti sottoprocessi: -<span class=\"_ _1a9\"> </span><span class=\"ff4\">Identificazione;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Misurazione; </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Monitoraggio e Controllo; </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Mitigazione.<span class=\"_ _3a1\"> </span></span>Le  societ<span class=\"_ _1\"></span>\u00e0  incluse  nei <span class=\"_ _3d\"> </span>processi  di  misurazione,  mo<span class=\"_ _1\"></span>nitoraggio  e <span class=\"_ _3d\"> </span>mitigazione,  sono <span class=\"_ _3d\"> </span>quelle  che risultano <span class=\"_ _38\"></span>annualmente <span class=\"_ _38\"></span>rilevanti <span class=\"_ _38\"></span>ai <span class=\"_ _38\"></span>fini <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>operativo <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>inform<span class=\"_ _1\"></span>atico <span class=\"_ _38\"></span>dall\u2019analisi <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>rilevanza<span class=\"_ _3a1\"> </span>effettuata <span class=\"_ _35\"> </span>nell\u2019ambito  dell\u2019app<span class=\"_ _2\"></span>rovazione  del <span class=\"_ _35\"> </span>Risk <span class=\"_ _35\"> </span>Appetite <span class=\"_ _35\"> </span>Framework  (<span class=\"_ _2\"></span>RAF) <span class=\"_ _35\"> </span>e  del<span class=\"_ _3b\"></span>  processo <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span>determinazione dell\u2019adeguatezza patrimoniale (ICAAP) svolto dalla Capogruppo.<span class=\"_ _3a1\"> </span>Il processo di \u201cIdentificazione\u201d \u00e8 composto <span class=\"_ _1\"></span>dalle seguenti procedure:<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Loss  Data  Collection:  consiste  nella  r<span class=\"_ _1\"></span>accolta  dei  dati  di  perdita  operativa  interna  con  il<span class=\"_ _3a1\"> </span></span>coinvolgimento  diretto  di  tutte  le  unit\u00e0  di <span class=\"_ _35\"> </span>business.  In  tale  ambito,  gli  eventi  di  perdita<span class=\"_ _3a1\"> </span>operativa <span class=\"_ _1\"></span>(inclusi quelli <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>natura <span class=\"_ _1\"></span>informat<span class=\"_ _1\"></span>ica) sono <span class=\"_ _1\"></span>classificati <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>Business <span class=\"_ _1\"></span>Line <span class=\"_ _1\"></span>(corporate<span class=\"_ _3a1\"> </span>finance, <span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>rading <span class=\"_ _0\"></span>and <span class=\"_ _35\"> </span>sales, <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>etail <span class=\"_ _0\"></span>banking, <span class=\"_ _35\"> </span>commercial <span class=\"_ _0\"></span>banking, <span class=\"_ _35\"> </span>payment <span class=\"_ _0\"></span>and <span class=\"_ _35\"> </span>settlement,<span class=\"_ _3a1\"> </span>agency <span class=\"_ _0\"></span>services<span class=\"_ _1\"></span>, <span class=\"_ _0\"></span>asset <span class=\"_ _0\"></span>management, <span class=\"_ _0\"></span>ret<span class=\"_ _1\"></span>ail <span class=\"_ _0\"></span>Brokerage) <span class=\"_ _0\"></span>ed <span class=\"_ _35\"> </span>Ev<span class=\"_ _2\"></span>ent <span class=\"_ _0\"></span>Type <span class=\"_ _0\"></span>(fro<span class=\"_ _1\"></span>di <span class=\"_ _0\"></span>interne, <span class=\"_ _0\"> </span>frodi<span class=\"_ _3a1\"> </span>esterne, rapporto di<span class=\"_ _3b\"></span> impiego e si<span class=\"_ _3b\"></span>cure<span class=\"_ _1\"></span>zza sul <span class=\"_ _2\"></span>lavoro, clientela <span class=\"_ _2\"></span>- pro<span class=\"_ _2\"></span>dotti e p<span class=\"_ _2\"></span>rassi professionali,<span class=\"_ _3a1\"> </span>danni <span class=\"_ _0\"></span>da <span class=\"_ _35\"> </span>eventi <span class=\"_ _35\"> </span>esterni, <span class=\"_ _0\"></span>inte<span class=\"_ _1\"></span>rruzioni <span class=\"_ _0\"></span>dell\u2019oper<span class=\"_ _1\"></span>ativit\u00e0 <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>disfunzioni <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>siste<span class=\"_ _1\"></span>mi, <span class=\"_ _0\"> </span>e<span class=\"_ _1\"></span>secuzione,<span class=\"_ _3a1\"> </span>consegna e gestione dei processi);<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Risk <span class=\"_ _38\"></span>Self <span class=\"_ _38\"></span>As<span class=\"_ _1\"></span>sessment: <span class=\"_ _38\"></span>consiste <span class=\"_ _38\"></span>nella <span class=\"_ _0\"></span>raccolta, <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ttraverso <span class=\"_ _38\"></span>questionario, <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>stime <span class=\"_ _1\"></span>sogget<span class=\"_ _1\"></span>tive<span class=\"_ _3a1\"> </span></span>espresse dai <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>isk <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>wner con <span class=\"_ _3b\"></span>riferimento agli <span class=\"_ _2\"></span>eventi d<span class=\"_ _2\"></span>i natura <span class=\"_ _3b\"></span>operativa (inclusi <span class=\"_ _3b\"></span>quelli di <span class=\"_ _2\"></span>natura<span class=\"_ _3a1\"> </span>informatica) <span class=\"_ _0\"></span>potenzialmente <span class=\"_ _0\"></span>rilevanti <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>proprie <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>nit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>business <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>tenuto <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>delle<span class=\"_ _3a1\"> </span>linee guida di sviluppo emerse dal processo di pianificazione preliminare di gruppo;<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Data <span class=\"_ _0\"></span>Pooling/Comunicazione <span class=\"_ _0\"></span>verso <span class=\"_ _0\"></span>enti <span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>sterni: <span class=\"_ _0\"></span>consiste <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>partecipazione <span class=\"_ _0\"></span>ad <span class=\"_ _38\"></span>iniziative<span class=\"_ _3a1\"> </span></span>consortili <span class=\"_ _1\"></span>esterne e <span class=\"_ _1\"></span>nella <span class=\"_ _1\"></span>gestione delle <span class=\"_ _1\"></span>relative <span class=\"_ _1\"></span>interrelazioni (ad <span class=\"_ _1\"></span>es. <span class=\"_ _1\"></span>consorzio D<span class=\"_ _1\"></span>IPO) ed <span class=\"_ _1\"></span>alla<span class=\"_ _3a1\"> </span>comunicazione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>dita <span class=\"_ _1\"></span>operativa <span class=\"_ _1\"></span>raccolti <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>Organi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Vigilanza <span class=\"_ _38\"></span>(Banca <span class=\"_ _1\"></span>d\u2019Italia <span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span>Banca Centrale Europea).<span class=\"_ _3a1\"> </span>Il <span class=\"_ _0\"></span>proce<span class=\"_ _1\"></span>sso <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>\u201cMisurazione\u201d<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>rappresentato <span class=\"_ _35\"> </span>dalla <span class=\"_ _0\"></span>quantificazione<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>Capitale <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>Rischio <span class=\"_ _35\"> </span>(CaR)<span class=\"_ _3a1\"> </span>mediante <span class=\"_ _0\"></span>stime <span class=\"_ _0\"></span>soggettive. <span class=\"_ _0\"></span>Le <span class=\"_ _38\"></span>meto<span class=\"_ _1\"></span>dologie <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>misura<span class=\"_ _1\"></span>zione <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span>dite <span class=\"_ _0\"></span>attese <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>inattese <span class=\"_ _0\"></span>sono<span class=\"_ _3a1\"> </span>finalizzate <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>un\u2019attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>controllo <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>individuazione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>situazioni <span class=\"_ _0\"></span>potenzialmente <span class=\"_ _0\"></span>critiche <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>si<span class=\"_ _3a1\"> </span>basano <span class=\"_ _37\"> </span>sulla <span class=\"_ _37\"> </span>esecuzione <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>questionari <span class=\"_ _37\"> </span>Risk <span class=\"_ _37\"> </span>Self <span class=\"_ _37\"> </span>Assessment <span class=\"_ _37\"> </span>(RSA), <span class=\"_ _3d\"> </span>con <span class=\"_ _37\"> </span>fr<span class=\"_ _1\"></span>equenza <span class=\"_ _37\"> </span>almeno<span class=\"_ _3a1\"> </span>annuale, <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>ogni <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ipologia di <span class=\"_ _38\"></span>evento <span class=\"_ _1\"></span>richiedono <span class=\"_ _38\"></span>ai <span class=\"_ _1\"></span>responsabili <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>unit\u00e0 <span class=\"_ _38\"></span>organizzative <span class=\"_ _38\"></span>(UO)<span class=\"_ _3a1\"> </span>che possono generare/gestire i rischi operat<span class=\"_ _1\"></span>ivi, una stima soggettiva di alcuni fattori di rischio:<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">\u201cfrequenza tipica\u201d, il numero medio atteso di eventi <span class=\"_ _1\"></span>nell\u2019arco temporale di riferimento;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">\u201cimpatto tipico\u201d, la per<span class=\"_ _1\"></span>dita media attesa per tipologia di evento;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">\u201cimpatto peggiore\u201d<span class=\"_ _1\"></span>, l\u2019impatto del singolo evento qualora esso si manifesti nel peggior modo<span class=\"_ _3a1\"> </span></span>(ragionevolmente) concepibile.<span class=\"_ _3a1\"> </span>L\u2019analisi <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>volta <span class=\"_ _1\"></span>su <span class=\"_ _38\"></span>pi\u00f9 <span class=\"_ _1\"></span>livelli: <span class=\"_ _38\"></span>unit\u00e0 <span class=\"_ _38\"></span>organizzativa, <span class=\"_ _1\"></span>business <span class=\"_ _38\"></span>units, <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ciet\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>gruppo <span class=\"_ _1\"></span>consolidato <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span>per o<span class=\"_ _1\"></span>gni livello so<span class=\"_ _1\"></span>no prodot<span class=\"_ _1\"></span>ti: un <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>di perdita <span class=\"_ _1\"></span>attesa <span class=\"_ _1\"></span>ed un <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>di perdita <span class=\"_ _1\"></span>inattesa. <span class=\"_ _1\"></span>I r<span class=\"_ _1\"></span>isultati<span class=\"_ _3a1\"> </span>della <span class=\"_ _35\"> </span>valutazione  sono  u<span class=\"_ _2\"></span>tilizzati <span class=\"_ _35\"> </span>a  fini <span class=\"_ _35\"> </span>gestionali  per <span class=\"_ _35\"> </span>la  p<span class=\"_ _2\"></span>revenzione  e <span class=\"_ _35\"> </span>la  mitigazione <span class=\"_ _35\"> </span>dei  rischi<span class=\"_ _3a1\"> </span>operativi <span class=\"_ _39\"> </span>e <span class=\"_ _3f\"> </span>nel <span class=\"_ _39\"> </span>processo <span class=\"_ _39\"> </span>di <span class=\"_ _3f\"> </span>piani<span class=\"_ _2\"></span>ficazione <span class=\"_ _39\"> </span>oper<span class=\"_ _1\"></span>ativa, <span class=\"_ _39\"> </span>coerenteme<span class=\"_ _1\"></span>nte <span class=\"_ _39\"> </span>a <span class=\"_ _39\"> </span>quanto <span class=\"_ _3f\"> </span>definito <span class=\"_ _39\"> </span>dal<span class=\"_ _3a1\"> </span>\u201cRegolamento pianificazione, programmazione e contro<span class=\"_ _1\"></span>llo di Grup<span class=\"_ _2\"></span>po\u201d.<span class=\"_ _3a1\"> </span>Il <span class=\"_ _3b\"></span>proce<span class=\"_ _1\"></span>sso di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>\u201cMonitoraggio e <span class=\"_ _3b\"></span>controllo\u201d mi<span class=\"_ _2\"></span>ra a <span class=\"_ _3b\"></span>identificare t<span class=\"_ _2\"></span>empestivamente <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ventuali <span class=\"_ _3b\"></span>disfunzioni<span class=\"_ _3a1\"> </span>nei <span class=\"_ _38\"></span>processi <span class=\"_ _38\"></span>aziendali <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>nelle <span class=\"_ _38\"></span>procedure <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>gestione <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>fine <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>cons<span class=\"_ _2\"></span>entire <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>valutare <span class=\"_ _0\"></span>l<span class=\"_ _3b\"></span>e<span class=\"_ _3a1\"> </span>necessarie azioni di mitigazione.<span class=\"_ _3a1\"> </span>I  Rischi <span class=\"_ _3d\"> </span>Operativi <span class=\"_ _3d\"> </span>sono  inoltre <span class=\"_ _3d\"> </span>monitorati <span class=\"_ _3d\"> </span>all\u2019interno  de<span class=\"_ _1\"></span>l  pi\u00f9 <span class=\"_ _3d\"> </span>ampio  processo <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>Risk  Appetite<span class=\"_ _3a1\"> </span>Framew<span class=\"_ _3a1\"> </span>ork (RAF) di Gruppo (monitoraggio trimestr<span class=\"_ _1\"></span>ale).<span class=\"_ _3a1\"> </span>Al fine di assicurare un presidio nel continuo, \u00e8 <span class=\"_ _1\"></span>prevista una rendicontazione per singolo evento di<span class=\"_ _3a1\"> </span>perdita <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>perativa <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>cui <span class=\"_ _38\"></span>autonomia <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>delibera <span class=\"_ _38\"></span>(definita <span class=\"_ _1\"></span>all\u2019interno<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>regolamenti <span class=\"_ _38\"></span>gi\u00e0 <span class=\"_ _1\"></span>vigenti <span class=\"_ _1\"></span>o, <span class=\"_ _1\"></span>in<span class=\"_ _3a1\"> </span>mancanza, oltre la soglia di<span class=\"_ _2\"></span> 100.000\u20ac) spetta al Comitato Es<span class=\"_ _2\"></span>ecutivo/Consiglio di<span class=\"_ _2\"></span> Amministrazione,<span class=\"_ _3a1\"> </span>dei <span class=\"_ _3d\"> </span>contr<span class=\"_ _1\"></span>olli <span class=\"_ _3d\"> </span>che <span class=\"_ _37\"> </span>non <span class=\"_ _3d\"> </span>sono <span class=\"_ _37\"> </span>andati <span class=\"_ _3d\"> </span>a <span class=\"_ _37\"> </span>buon <span class=\"_ _3d\"> </span>fine <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _3d\"> </span>azioni <span class=\"_ _3d\"> </span>corrett<span class=\"_ _1\"></span>ive <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>ventuali <span class=\"_ _3d\"> </span>carenze<span class=\"_ _3a1\"> </span>organizzative <span class=\"_ _3d\"> </span>e/o <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>processo/prodotto<span class=\"_ _1\"></span>. <span class=\"_ _3d\"> </span>Qualora <span class=\"_ _3d\"> </span>disponibili, <span class=\"_ _3d\"> </span>l\u2019ORM <span class=\"_ _37\"> </span>periferico <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>volta <span class=\"_ _3d\"> </span>in <span class=\"_ _37\"> </span>volta<span class=\"_ _3a1\"> </span>competente, <span class=\"_ _38\"></span>inserisce <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>informazioni <span class=\"_ _1\"></span>ogget<span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>rendicontazione <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>seno <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>proposte <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>invia<span class=\"_ _3a1\"> </span>alle <span class=\"_ _37\"> </span>Funzioni <span class=\"_ _37\"> </span>pre<span class=\"_ _1\"></span>poste <span class=\"_ _36\"> </span>a <span class=\"_ _37\"> </span>seconda <span class=\"_ _37\"> </span>delle <span class=\"_ _36\"> </span>casistiche <span class=\"_ _36\"> </span>(a <span class=\"_ _37\"> </span>titolo <span class=\"_ _37\"> </span>es<span class=\"_ _1\"></span>emplificativo, <span class=\"_ _3d\"> </span>Se<span class=\"_ _1\"></span>rvizio <span class=\"_ _37\"> </span>Audit <span class=\"_ _36\"> </span>e<span class=\"_ _3a1\"> </span>Compliance). In ogni caso, le delibere<span class=\"_ _1\"></span> assunte dal CE/CA sono inviate, per opport<span class=\"_ _1\"></span>una conoscenza,<span class=\"_ _3a1\"> </span>al <span class=\"_ _1\"></span>Risk <span class=\"_ _38\"></span>Off<span class=\"_ _1\"></span>icer <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>Capogruppo <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>GEO. <span class=\"_ _38\"></span>GEO <span class=\"_ _38\"></span>verifica <span class=\"_ _38\"></span>sem<span class=\"_ _1\"></span>estralmente <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>Funzioni <span class=\"_ _38\"></span>preposte<span class=\"_ _3a1\"> </span>siano state <span class=\"_ _1\"></span>attivate dagli ORM Per<span class=\"_ _1\"></span>iferici e laddove <span class=\"_ _1\"></span>questo non sia accaduto, <span class=\"_ _1\"></span>attiva direttamente le<span class=\"_ _3a1\"> </span>Funzioni preposte eventualmente coordinandosi con gli ORM Periferici.<span class=\"_ _3a1\"> </span>Inoltre, <span class=\"_ _1\"></span>GEO <span class=\"_ _1\"></span>controlla <span class=\"_ _1\"></span>semes<span class=\"_ _1\"></span>tralmente, <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>BU/Servizio <span class=\"_ _1\"></span>di Cr<span class=\"_ _1\"></span>edembanca e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ociet\u00e0 r<span class=\"_ _1\"></span>ilevanti,<span class=\"_ _3a1\"> </span>che <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ispettive <span class=\"_ _0\"></span>perdite <span class=\"_ _38\"></span>contabilizzate <span class=\"_ _0\"></span>nel <span class=\"_ _0\"></span>semestre/anno <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>riferimento <span class=\"_ _0\"></span>non <span class=\"_ _38\"></span>superino <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>relativ<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span>valore <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>Perdita <span class=\"_ _35\"> </span>Attesa <span class=\"_ _0\"></span>stimato <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>ambito <span class=\"_ _35\"> </span>Risk <span class=\"_ _0\"></span>Self <span class=\"_ _35\"> </span>Assessm<span class=\"_ _2\"></span>ent <span class=\"_ _35\"> </span>e, <span class=\"_ _0\"></span>nel <span class=\"_ _35\"> </span>caso <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>ci\u00f2 <span class=\"_ _35\"> </span>accad<span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>,<span class=\"_ _3a1\"> </span>rendiconta nel CE di Credembanca<span class=\"_ _3a1\"> </span>le moti<span class=\"_ _3a1\"> </span>vazioni dello scostamento fornite dai Responsabili delle<span class=\"_ _3a1\"> </span>BU/Capi Servizio di <span class=\"_ _2\"></span>Credembanca. Per l<span class=\"_ _2\"></span>e singole societ\u00e0 <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevanti, nel caso <span class=\"_ _2\"></span>in cui <span class=\"_ _2\"></span>le perdite ri<span class=\"_ _2\"></span>sultino<span class=\"_ _3a1\"> </span>superiori alla <span class=\"_ _3b\"></span>Per<span class=\"_ _1\"></span>dita Attesa, <span class=\"_ _3b\"></span>l\u2019ORM periferico d<span class=\"_ _2\"></span>ella societ\u00e0 <span class=\"_ _3b\"></span>rendiconta nel proprio <span class=\"_ _2\"></span>CA l<span class=\"_ _2\"></span>e motivazioni<span class=\"_ _3a1\"> </span>dello scostamento e ne d\u00e0 comunicazione al Risk Officer della Capogruppo.<span class=\"_ _3a1\"> </span>Il <span class=\"_ _0\"></span>sistema <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>porting <span class=\"_ _0\"></span>fornisce <span class=\"_ _38\"></span>agli <span class=\"_ _0\"></span>organi <span class=\"_ _0\"></span>aziendali <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _0\"></span>ai <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>esponsabili <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>funzioni <span class=\"_ _38\"></span>inter<span class=\"_ _1\"></span>essate inform<span class=\"_ _3a1\"> </span>azioni <span class=\"_ _1\"></span>sul <span class=\"_ _1\"></span>livello <span class=\"_ _38\"></span>di e<span class=\"_ _1\"></span>sposizione <span class=\"_ _1\"></span>ai <span class=\"_ _1\"></span>rischi <span class=\"_ _38\"></span>operativi <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>rappresenta <span class=\"_ _38\"></span>uno <span class=\"_ _1\"></span>strumento <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>supporto per la loro gestione attiva ed \u00e8 la sintesi dei pro<span class=\"_ _1\"></span>cessi di misurazione, monitoraggio e controllo.  Il <span class=\"_ _2\"></span>processo di <span class=\"_ _3b\"></span>\u201cMitigazione\u201d definisce <span class=\"_ _3b\"></span>le azioni <span class=\"_ _3b\"></span>da intraprendere <span class=\"_ _2\"></span>per <span class=\"_ _3b\"></span>la prevenzione <span class=\"_ _2\"></span>e l<span class=\"_ _2\"></span>\u2019attenuazione dei rischi operativi ed \u00e8 composto dalle seguenti proce<span class=\"_ _1\"></span>dure: -<span class=\"_ _1a9\"> </span><span class=\"ff4\">Analisi <span class=\"_ _3b\"></span>ges<span class=\"_ _1\"></span>tionale: c<span class=\"_ _2\"></span>onsiste nell\u2019<span class=\"_ _3b\"></span>analisi delle <span class=\"_ _3b\"></span>criticit\u00e0 emerse <span class=\"_ _3b\"></span>e d<span class=\"_ _2\"></span>elle <span class=\"_ _3b\"></span>divers<span class=\"_ _1\"></span>e p<span class=\"_ _2\"></span>ossibili <span class=\"_ _3b\"></span>soluzioni </span>a <span class=\"_ _3d\"> </span>disposizione <span class=\"_ _37\"> </span>nell\u2019ambito <span class=\"_ _3d\"> </span>delle <span class=\"_ _37\"> </span>tradizionali <span class=\"_ _3d\"> </span>modalit\u00e0 <span class=\"_ _37\"> </span>alternative <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>gestione <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>ischio<span class=\"_ _2\"></span> (ritenzione, trasferimento, mitigazione), in ottica costi-benefici; -<span class=\"_ _1a9\"> </span><span class=\"ff4\">Gestione <span class=\"_ _1\"></span>dell\u2019attivit\u00e0 <span class=\"_ _1\"></span>di mitigazione: co<span class=\"_ _1\"></span>nsiste ne<span class=\"_ _1\"></span>lla scelta, <span class=\"_ _1\"></span>pianificazione, avvio delle <span class=\"_ _1\"></span>attivit\u00e0, </span>implementazione e <span class=\"_ _3b\"></span>completamento <span class=\"_ _2\"></span>degli <span class=\"_ _3b\"></span>inte<span class=\"_ _1\"></span>rventi <span class=\"_ _3b\"></span>di mitigazione <span class=\"_ _3b\"></span>mess<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>in atto <span class=\"_ _3b\"></span>e suc<span class=\"_ _2\"></span>cessivo controllo dell\u2019avanzamento e dell\u2019efficacia degli interve<span class=\"_ _1\"></span>nti di mitigazione del rischio attuati; -<span class=\"_ _1a9\"> </span><span class=\"ff4\">Gestione <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>forme <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>trasferimento: <span class=\"_ _35\"> </span>consiste <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>individuazione, <span class=\"_ _0\"></span>valutazione, <span class=\"_ _35\"> </span>scelta <span class=\"_ _0\"></span>e </span>gestione delle diverse forme di trasferime<span class=\"_ _1\"></span>nto del rischio. Le <span class=\"_ _2\"></span>azioni <span class=\"_ _3b\"></span>di mi<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>igazione <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>finite <span class=\"_ _3b\"></span>nel <span class=\"_ _2\"></span>reporting <span class=\"_ _3b\"></span>vengono inoltre <span class=\"_ _3b\"></span>incluse <span class=\"_ _3b\"></span>nel proc<span class=\"_ _2\"></span>esso d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>pianificazione operativa. La classificazione delle attivit\u00e0 nelle linee di business regolamentari<span class=\"_ _3a1\"> </span>\u00e8 declinata nelle fasi di: -<span class=\"_ _1a9\"> </span><span class=\"ff4\">mappatura dati; </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">determinazione requisito patrimoniale individuale. </span>La <span class=\"_ _0\"> </span>m<span class=\"_ _1\"></span>appatura <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>dati <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>delinea <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>livello <span class=\"_ _35\"> </span>indivi<span class=\"_ _2\"></span>duale <span class=\"_ _35\"> </span>attraverso <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>collocamento <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>ciascuno <span class=\"_ _0\"></span>dei centri <span class=\"_ _35\"> </span>g<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>stionali <span class=\"_ _0\"></span>nella business <span class=\"_ _0\"></span>line regolamentare <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>pertine<span class=\"_ _1\"></span>nza <span class=\"_ _0\"></span>seguendo <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>princip<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>sanciti <span class=\"_ _35\"> </span>dal<span class=\"_ _3b\"></span> Regolamento <span class=\"_ _35\"> </span>UE <span class=\"_ _35\"> </span>n. <span class=\"_ _35\"> </span>575/2013; <span class=\"_ _35\"> </span>segue <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>indi <span class=\"_ _35\"> </span>l\u2019individuazione <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>fonti <span class=\"_ _35\"> </span>dati <span class=\"_ _35\"> </span>che <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>iportano <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>dati reddituali di tali centri e gli eventuali criteri di ripartizione. In <span class=\"_ _1\"></span>applicazione <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>mappatura <span class=\"_ _1\"></span>definita, <span class=\"_ _1\"></span>ciascuna <span class=\"_ _38\"></span>societ\u00e0 <span class=\"_ _1\"></span>procede <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>deter<span class=\"_ _1\"></span>minazione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>valori per <span class=\"_ _37\"> </span>centro, <span class=\"_ _3d\"> </span>alla <span class=\"_ _37\"> </span>collocazione <span class=\"_ _3d\"> </span>sulle <span class=\"_ _3d\"> </span>business <span class=\"_ _37\"> </span>line <span class=\"_ _3d\"> </span>previste <span class=\"_ _37\"> </span>e <span class=\"_ _3d\"> </span>alla <span class=\"_ _3d\"> </span>deter<span class=\"_ _1\"></span>minazione <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>re<span class=\"_ _1\"></span>quisito individuale. Le <span class=\"_ _36\"> </span>attivit\u00e0 <span class=\"_ _36\"> </span>definite<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>per <span class=\"_ _36\"> </span>la <span class=\"_ _36\"> </span>determinazione <span class=\"_ _39\"> </span>del <span class=\"_ _36\"> </span>requisito <span class=\"_ _36\"> </span>patrimoniale <span class=\"_ _36\"> </span>consolidato <span class=\"_ _39\"> </span>prevedono l\u2019identificazione <span class=\"_ _0\"></span>dell\u2019<span class=\"_ _2\"></span>\u201dIndicatore<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>Rilevante\u201d <span class=\"_ _0\"></span>individuale <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>component<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iconducibile <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>ciascuna<span class=\"_ _2\"></span> societ\u00e0 <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _35\"> </span>per business <span class=\"_ _35\"> </span>line regolamentare <span class=\"_ _35\"> </span>(da <span class=\"_ _35\"> </span>determinarsi <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>coerenza  con<span class=\"_ _3b\"></span>  i <span class=\"_ _35\"> </span>crite<span class=\"_ _2\"></span>ri sanciti nella mappatura utilizzata a fini individuali). Il requisito patrimoniale a <span class=\"_ _2\"></span>fronte d<span class=\"_ _2\"></span>ei rischi operativi, c<span class=\"_ _2\"></span>alcolato sull\u2019 Ind<span class=\"_ _2\"></span>icator<span class=\"_ _1\"></span>e Rilevante del <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>riennio 2022 - 2024, \u00e8 pari a 212,1 milioni di euro. RISCHI LEGALI Il Gruppo, nel normale svolgimento de<span class=\"_ _1\"></span>lla propria attivit\u00e0 d\u2019impresa, \u00e8 parte di diversi procedimenti giudiziari <span class=\"_ _0\"></span>dai <span class=\"_ _38\"></span>qua<span class=\"_ _1\"></span>li <span class=\"_ _0\"></span>potrebbero <span class=\"_ _0\"></span>anche <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>erivare <span class=\"_ _0\"></span>obblighi <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>nat<span class=\"_ _1\"></span>ura <span class=\"_ _0\"></span>risarcitoria <span class=\"_ _0\"></span>e/o <span class=\"_ _0\"></span>restitutoria, <span class=\"_ _38\"></span>con conseguente possibile esborso di risorse economiche (c.d. rischio legale). Tutte le controversie in essere <span class=\"_ _35\"> </span>sono <span class=\"_ _35\"> </span>state <span class=\"_ _0\"></span>debitam<span class=\"_ _1\"></span>ente <span class=\"_ _35\"> </span>analizzate <span class=\"_ _35\"> </span>dal<span class=\"_ _2\"></span>la <span class=\"_ _35\"> </span>Banca <span class=\"_ _35\"> </span>e, <span class=\"_ _0\"></span>alla <span class=\"_ _35\"> </span>luce <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>tale <span class=\"_ _35\"> </span>analisi, <span class=\"_ _0\"></span>nonch\u00e9 <span class=\"_ _35\"> </span>delle indicazioni <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>pr<span class=\"_ _1\"></span>ovenienti <span class=\"_ _37\"> </span>dai <span class=\"_ _36\"> </span>Legali <span class=\"_ _37\"> </span>Fiduciari <span class=\"_ _36\"> </span>esterni, <span class=\"_ _36\"> </span>sono <span class=\"_ _37\"> </span>stati <span class=\"_ _36\"> </span>effettuati, <span class=\"_ _37\"> </span>ove <span class=\"_ _36\"> </span>ritenuto necessario, accan<span class=\"_ _2\"></span>tonamenti a <span class=\"_ _3b\"></span>bilanci<span class=\"_ _2\"></span>o n<span class=\"_ _2\"></span>ella <span class=\"_ _2\"></span>misura i<span class=\"_ _2\"></span>donea ed <span class=\"_ _3b\"></span>appropriata <span class=\"_ _3b\"></span>alle singole <span class=\"_ _3b\"></span>circostanze. Pi\u00f9 <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>icolare <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>stituito <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>fond<span class=\"_ _2\"></span>o <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>ed <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>neri <span class=\"_ _38\"></span>diversi <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>presidio <span class=\"_ _0\"></span>delle <span class=\"_ _1\"></span>potenziali <span class=\"_ _38\"></span>pass<span class=\"_ _1\"></span>ivit\u00e0 che potrebbero scaturire dalle cause pe<span class=\"_ _1\"></span>ndenti. La <span class=\"_ _37\"> </span>maggior <span class=\"_ _36\"> </span>parte <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>tali <span class=\"_ _36\"> </span>controversie <span class=\"_ _37\"> </span>sono <span class=\"_ _36\"> </span>riconducibili <span class=\"_ _3d\"> </span>a<span class=\"_ _1\"></span>lle <span class=\"_ _36\"> </span>principali <span class=\"_ _37\"> </span>attivit\u00e0 <span class=\"_ _36\"> </span>del <span class=\"_ _37\"> </span>Gr<span class=\"_ _1\"></span>uppo <span class=\"_ _37\"> </span>e riguardano, in particolare, le aree dei servizi di investimento, dell\u2019anatocismo e fiscali. Di <span class=\"_ _3f\"> </span>rilevanza <span class=\"_ _39\"> </span>minore <span class=\"_ _3f\"> </span>sono <span class=\"_ _3f\"> </span>le <span class=\"_ _39\"> </span>controversie <span class=\"_ _3f\"> </span>relative <span class=\"_ _3f\"> </span>all\u2019ambi<span class=\"_ _2\"></span>to <span class=\"_ _3f\"> </span>immobiliare, <span class=\"_ _3f\"> </span>amministrativo <span class=\"_ _39\"> </span>e all\u2019operativit\u00e0 di sportello. Si for<span class=\"_ _1\"></span>nisce <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>seguito <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>descr<span class=\"_ _1\"></span>izione <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>principali <span class=\"_ _1\"></span>classi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>passivit\u00e0 <span class=\"_ _1\"></span>pote<span class=\"_ _1\"></span>nziali che, <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>caso <span class=\"_ _1\"></span>in cui <span class=\"_ _2\"></span>la relativa <span class=\"_ _3b\"></span>pas<span class=\"_ _1\"></span>sivit\u00e0 <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ia s<span class=\"_ _2\"></span>tata <span class=\"_ _2\"></span>giudicata probabil<span class=\"_ _2\"></span>e, hanno <span class=\"_ _3b\"></span>dato<span class=\"_ _1\"></span> l<span class=\"_ _3b\"></span>uogo ad acc<span class=\"_ _2\"></span>antonamenti agli <span class=\"_ _3b\"></span>altri fondi per rischi ed oneri. Per <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>dettaglio s<span class=\"_ _1\"></span>ulle fattispe<span class=\"_ _1\"></span>cie correlate <span class=\"_ _1\"></span>ai <span class=\"_ _1\"></span>rischi s<span class=\"_ _1\"></span>opra illustr<span class=\"_ _1\"></span>ati s<span class=\"_ _1\"></span>i rimanda <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>Nota <span class=\"_ _1\"></span>Integrativa \u2013 Parte B \u2013 Sezione 10. Linee evolutive <span class=\"_ _1\"></span>nella gestione della component<span class=\"_ _1\"></span>e di rischio oper<span class=\"_ _1\"></span>ativo  Nel <span class=\"_ _35\"> </span>corso  d<span class=\"_ _2\"></span>ella <span class=\"_ _35\"> </span>campagna <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>R<span class=\"_ _1\"></span>SA <span class=\"_ _35\"> </span>svolta <span class=\"_ _35\"> </span>nel  2<span class=\"_ _2\"></span>024 <span class=\"_ _35\"> </span>\u00e8  stata <span class=\"_ _35\"> </span>me<span class=\"_ _3a1\"> </span>glio <span class=\"_ _35\"> </span>implementata  u<span class=\"_ _2\"></span>n\u2019evoluzione metodologica <span class=\"_ _1\"></span>che ha permesso di evidenziare<span class=\"_ _1\"></span>, in modo e<span class=\"_ _1\"></span>splicito, le <span class=\"_ _1\"></span>categorie di rischio <span class=\"_ _1\"></span>all\u2019interno delle  quali <span class=\"_ _3d\"> </span>sono <span class=\"_ _3d\"> </span>riflessi <span class=\"_ _3d\"> </span>i  rischi <span class=\"_ _3d\"> </span>operativi  Environme<span class=\"_ _1\"></span>ntal  (distinti <span class=\"_ _3d\"> </span>tra  rischio <span class=\"_ _3d\"> </span>fisico  e<span class=\"_ _1\"></span>  rischio  di transizione), <span class=\"_ _37\"> </span>Social <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>Governane <span class=\"_ _37\"> </span>(ESG). <span class=\"_ _37\"> </span>Con <span class=\"_ _37\"> </span>particolare <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>iferimento <span class=\"_ _3d\"> </span>al <span class=\"_ _37\"> </span>pro<span class=\"_ _1\"></span>cesso <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>Risk <span class=\"_ _37\"> </span>Self Assessment, \u00e8 stato <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>seguito un<span class=\"_ _2\"></span> aggiornamento del <span class=\"_ _2\"></span>repository, sono stati i<span class=\"_ _2\"></span>ntrodotti nuovi <span class=\"_ _2\"></span>scenari e <span class=\"_ _0\"></span>ne <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>stati <span class=\"_ _0\"></span>modificati <span class=\"_ _0\"></span>altri <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>fin<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>meglio <span class=\"_ _0\"></span>esplicitare <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>potenziale <span class=\"_ _0\"></span>legame <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>fattori <span class=\"_ _0\"></span>ESG. Inoltr<span class=\"_ _3a1\"> </span>e, <span class=\"_ _1\"></span>nel 20<span class=\"_ _1\"></span>24 sono <span class=\"_ _1\"></span>stati <span class=\"_ _1\"></span>introdotti <span class=\"_ _1\"></span>specifici s<span class=\"_ _1\"></span>cenari <span class=\"_ _1\"></span>per il <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>chio di <span class=\"_ _1\"></span>Outsourcing, <span class=\"_ _1\"></span>volti <span class=\"_ _1\"></span>a valutare il <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>ibile <span class=\"_ _1\"></span>impatt<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>dell\u2019interruzione, <span class=\"_ _38\"></span>ritar<span class=\"_ _1\"></span>di, <span class=\"_ _1\"></span>inadempienze <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ervizi <span class=\"_ _38\"></span>esternalizzati <span class=\"_ _38\"></span>(legati <span class=\"_ _38\"></span>anche ad eventi climatici). A partir<span class=\"_ _1\"></span>e da <span class=\"_ _1\"></span>gennaio <span class=\"_ _1\"></span>2025, la <span class=\"_ _1\"></span>metodologia <span class=\"_ _1\"></span>di calcolo del <span class=\"_ _1\"></span>requisito<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>per il <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>operativo nonch\u00e9 <span class=\"_ _1\"></span>il processo di <span class=\"_ _3b\"></span>Loss Data<span class=\"_ _2\"></span> Collection <span class=\"_ _3b\"></span>verranno aggiornati <span class=\"_ _3b\"></span>coerentemente alle <span class=\"_ _3b\"></span>indicazioni in<span class=\"_ _2\"></span>ternazionali recepite <span class=\"_ _39\"> </span>primariamente <span class=\"_ _39\"> </span>con <span class=\"_ _39\"> </span>la <span class=\"_ _36\"> </span>CRR3 <span class=\"_ _36\"> </span>(i.e<span class=\"_ _1\"></span>. <span class=\"_ _36\"> </span>Capital <span class=\"_ _39\"> </span>Requirements<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>Re<span class=\"_ _1\"></span>gulation <span class=\"_ _36\"> </span>che <span class=\"_ _39\"> </span>modifica <span class=\"_ _36\"> </span>il<span class=\"_ _1\"></span> regolamento <span class=\"_ _0\"></span>(U<span class=\"_ _2\"></span>E) <span class=\"_ _38\"></span>n. <span class=\"_ _38\"></span>57<span class=\"_ _1\"></span>5/2013 <span class=\"_ _0\"></span>p<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>r <span class=\"_ _38\"></span>quanto <span class=\"_ _0\"></span>concerne <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>requisiti <span class=\"_ _38\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>credito, <span class=\"_ _0\"></span>il <span class=\"_ _1\"></span>rischio <span class=\"_ _38\"></span>di aggiustamento <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>valu<span class=\"_ _2\"></span>tazione <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>credito, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>operativo, <span class=\"_ _35\"> </span>il<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"> </span>di <span class=\"_ _35\"> </span>mercato <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>l\u2019output floor) <span class=\"_ _0\"></span>\u201c <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>modifica <span class=\"_ _0\"></span>le <span class=\"_ _35\"> </span>regole <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>calcolo <span class=\"_ _0\"></span>dei <span class=\"_ _35\"> </span>requisiti <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>rischio <span class=\"_ _0\"></span>operativo, <span class=\"_ _35\"> </span>introducendo <span class=\"_ _0\"></span>una nuova metodologia di tipo standardizzato, che s<span class=\"_ _1\"></span>ostituisce tutte le metodologie precedentemente esistenti. Informazi<span class=\"_ _1\"></span>oni di na<span class=\"_ _1\"></span>tura quan<span class=\"_ _1\"></span>titativa Si <span class=\"_ _38\"></span>riporta <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>seguito <span class=\"_ _1\"></span>la <span class=\"_ _0\"></span>composi<span class=\"_ _2\"></span>zione <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span>centuale <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>perdite <span class=\"_ _38\"></span>oper<span class=\"_ _1\"></span>ative <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>Gruppo <span class=\"_ _38\"></span>Cre<span class=\"_ _1\"></span>dem <span class=\"_ _38\"></span>per tipologie di evento: <span class=\"_ _42\"> </span><span class=\"ff4\">ET 01 - Frodi Interne </span><span class=\"_ _42\"> </span><span class=\"ff4\">ET 02 - Frodi esterne </span><span class=\"_ _42\"> </span><span class=\"ff4\">ET 03 - Relazioni con il personale e sicurezza de<span class=\"_ _1\"></span>ll'ambiente di lavoro </span><span class=\"_ _42\"> </span><span class=\"ff4\">ET 04 - Rapporti con clienti, prestazioni di ser<span class=\"_ _1\"></span>vizi o prodotti </span><span class=\"_ _42\"> </span><span class=\"ff4\">ET 05 - Disastri ed altri eventi </span><span class=\"_ _42\"> </span><span class=\"ff4\">ET 06 - Sistemi </span><span class=\"_ _42\"> </span><span class=\"ff4\">ET 07 - Esecuzione, gestione, consegna di prodotti o servizi </span>Nel corso <span class=\"_ _2\"></span>del 202<span class=\"_ _2\"></span>4, la <span class=\"_ _3b\"></span>principale fonte di<span class=\"_ _2\"></span> rischio <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>perativo, <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span> importo <span class=\"_ _3b\"></span>di perdita, \u00e8 <span class=\"_ _3b\"></span>risultata essere la <span class=\"_ _1\"></span>tip<span class=\"_ _3a1\"> </span>ologia <span class=\"_ _1\"></span>di e<span class=\"_ _1\"></span>vento <span class=\"_ _1\"></span>\u201cEsecuzione, <span class=\"_ _1\"></span>gest<span class=\"_ _1\"></span>ione e <span class=\"_ _1\"></span>conse<span class=\"_ _1\"></span>gna <span class=\"_ _1\"></span>di pro<span class=\"_ _1\"></span>dotti <span class=\"_ _1\"></span>o ser<span class=\"_ _1\"></span>vizi\u201d (ET <span class=\"_ _1\"></span>07). <span class=\"_ _1\"></span>La <span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>conda fonte <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>rischio <span class=\"_ _0\"></span>operativo <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>riferisce <span class=\"_ _0\"></span>alle <span class=\"_ _35\"> </span>perdite <span class=\"_ _0\"></span>dovute <span class=\"_ _35\"> </span>a<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>\u201cFrod<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>esterne\u201d <span class=\"_ _0\"></span>(ET <span class=\"_ _35\"> </span>02)\u201d,<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>seguita <span class=\"_ _35\"> </span>d<span class=\"_ _3b\"></span>a \u201cRapporti <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>Clienti, <span class=\"_ _38\"></span>prestazioni <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>ser<span class=\"_ _1\"></span>vizi <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>pro<span class=\"_ _1\"></span>dotti\u201d <span class=\"_ _38\"></span>(ET <span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>4), <span class=\"_ _1\"></span>\u201c<span class=\"_ _1\"></span>Frodi <span class=\"_ _38\"></span>Interne\u201d <span class=\"_ _38\"></span>(ET <span class=\"_ _38\"></span>01), <span class=\"_ _38\"></span>\u201cRelazioni con il personale e sicurezza dell'ambiente <span class=\"_ _1\"></span>di lavoro\u201d (ET 03)\u201d, e \u201cDisastri ed altri eventi\u201d (ET 05). L\u2019incidenza <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>perdite <span class=\"_ _35\"> </span>legate<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>malfunzionamento <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>sistemi <span class=\"_ _35\"> </span>tecnologici <span class=\"_ _0\"></span>(ET <span class=\"_ _35\"> </span>06) <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>risultata marginale.  Infine, la <span class=\"_ _1\"></span>quasi <span class=\"_ _1\"></span>totalit\u00e0 <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>perdite r<span class=\"_ _1\"></span>iconducibili al <span class=\"_ _1\"></span>\u201cConduct <span class=\"_ _1\"></span>Risk\u201d <span class=\"_ _1\"></span>si r<span class=\"_ _1\"></span>iferisce agli <span class=\"_ _1\"></span>Event <span class=\"_ _1\"></span>Type 01 <span class=\"_ _1\"></span>e 04. 9%<span class=\"_ _3a1\"> </span>31%<span class=\"_ _3a1\"> </span>7%<span class=\"_ _3a1\"> </span>15%<span class=\"_ _3a1\"> </span>1%<span class=\"_ _3a1\"> </span>\u22480%<span class=\"_ _3a1\"> </span>36%<span class=\"_ _3a1\"> </span>Perdi<span class=\"_ _2\"></span>te oper<span class=\"_ _2\"></span>ati<span class=\"_ _2\"></span>ve<span class=\"_ _3b\"></span> anno<span class=\"_ _3b\"></span> 2<span class=\"_ _2\"></span>024<span class=\"_ _3b\"></span> <span class=\"fs3\">per <span class=\"_ _3b\"></span>Event <span class=\"_ _3b\"></span>Ty<span class=\"_ _1\"></span>pe <span class=\"_ _3b\"></span>(%)<span class=\"_ _3a1\"> </span></span>Grup<span class=\"_ _2\"></span>po<span class=\"_ _3a1\"> </span>01 - Frodi Interne<span class=\"_ _3a1\"> </span>02 - Frodi Esterne<span class=\"_ _3a1\"> </span>03 - Relazioni con il personale e<span class=\"_ _3a1\"> </span>sicurezza dell'ambiente di lavoro<span class=\"_ _3a1\"> </span>04 - Rapporti con Clienti,<span class=\"_ _3a1\"> </span>pr<span class=\"_ _3a1\"> </span>es<span class=\"_ _3a1\"> </span>tazioni di servizi o prodotti<span class=\"_ _3a1\"> </span>05 - Disastri ed altri eventi<span class=\"_ _3a1\"> </span>06 - Sistemi",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-850": {
   "value": "10 - Fon<span class=\"_ _1\"></span>di per ri<span class=\"_ _1\"></span>schi ed oneri Criteri di iscrizione, <span class=\"_ _1\"></span>classificazione <span class=\"_ _1\"></span>e di cancellazione  I f<span class=\"_ _2\"></span>ondi per <span class=\"_ _2\"></span>rischi <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>d oneri <span class=\"_ _3b\"></span>sono passivit\u00e0 <span class=\"_ _3b\"></span>d\u2019ammontare<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>scadenza incerti <span class=\"_ _3b\"></span>rilevati in b<span class=\"_ _2\"></span>ilancio <span class=\"_ _2\"></span>quando ricorrono le seguenti contestuali condizioni: <span class=\"_ _42\"> </span><span class=\"ff4\">esiste <span class=\"_ _0\"></span>un\u2019obbl<span class=\"_ _2\"></span>igazione <span class=\"_ _0\"></span>attuale <span class=\"_ _0\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>riferimento <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>bilancio, <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>deriva <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>evento </span>passato; <span class=\"_ _1\"></span>l\u2019obbligazione <span class=\"_ _1\"></span>deve <span class=\"_ _1\"></span>essere <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>tipo <span class=\"_ _1\"></span>legale <span class=\"_ _38\"></span>(trova origine <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>contr<span class=\"_ _1\"></span>atto, <span class=\"_ _1\"></span>normativa <span class=\"_ _1\"></span>o altra <span class=\"_ _3d\"> </span>disposizione <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>legge) <span class=\"_ _3d\"> </span>o <span class=\"_ _3d\"> </span>implicita  (nasce <span class=\"_ _37\"> </span>nel  m<span class=\"_ _1\"></span>omento  in <span class=\"_ _3d\"> </span>cui <span class=\"_ _3d\"> </span>l\u2019impresa <span class=\"_ _3d\"> </span>genera <span class=\"_ _3d\"> </span>nei confronti <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>terzi <span class=\"_ _0\"></span>l\u2019aspettativa <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>solver\u00e0 <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>pr<span class=\"_ _2\"></span>opri <span class=\"_ _0\"></span>impegni <span class=\"_ _35\"> </span>anch<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>se <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>rientranti <span class=\"_ _35\"> </span>n<span class=\"_ _2\"></span>ella casistica delle obbligazioni legali); <span class=\"_ _42\"> </span><span class=\"ff4\">\u00e8 <span class=\"_ _3f\"> </span>probabile <span class=\"_ _39\"> </span>che <span class=\"_ _3f\"> </span>si <span class=\"_ _3f\"> </span>verifichi<span class=\"_ _2\"></span> <span class=\"_ _3f\"> </span>un\u2019uscita <span class=\"_ _39\"> </span>finanziar<span class=\"_ _1\"></span>ia <span class=\"_ _39\"> </span>pe<span class=\"_ _1\"></span>r <span class=\"_ _3f\"> </span>produrre <span class=\"_ _39\"> </span>benefici <span class=\"_ _3f\"> </span>economici <span class=\"_ _39\"> </span>per<span class=\"_ _3a1\"> </span></span>adempiere l\u2019obbligazione; <span class=\"_ _42\"> </span><span class=\"ff4\">\u00e8 possibile effettuare una stima attendibile dell\u2019ammontare <span class=\"_ _1\"></span>dell\u2019obbligazione.<span class=\"_ _3a1\"> </span></span>Nella <span class=\"_ _1\"></span>voce <span class=\"_ _38\"></span>\u201cFondi <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>rischi <span class=\"_ _38\"></span>ed <span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>ri\u201d <span class=\"_ _38\"></span>sono <span class=\"_ _1\"></span>inclusi <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>ndi <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>pres<span class=\"_ _1\"></span>tazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>lungo <span class=\"_ _38\"></span>termine, <span class=\"_ _38\"></span>a prestazioni successive alla cessazione del <span class=\"_ _2\"></span>rapporto di lavoro trattati dall<span class=\"_ _2\"></span>o IAS 19 e i<span class=\"_ _2\"></span> fondi per rischi ed oneri trattati dallo IAS 37. Criteri di valuta<span class=\"_ _1\"></span>zione Gli <span class=\"_ _48\"> </span>accanto<span class=\"_ _1\"></span>namenti <span class=\"_ _17e\"> </span>vengono <span class=\"_ _17e\"> </span>attualizzati, <span class=\"_ _17e\"> </span>laddove <span class=\"_ _48\"> </span>l\u2019elem<span class=\"_ _1\"></span>ento <span class=\"_ _17e\"> </span>temporale <span class=\"_ _17e\"> </span>sia <span class=\"_ _48\"> </span>significativo, utilizzando i tassi <span class=\"_ _2\"></span>correnti di mer<span class=\"_ _3b\"></span>cat<span class=\"_ _1\"></span>o \u201cfree risk\u201d. L<span class=\"_ _2\"></span>\u2019accantonamento \u00e8 rilevato a<span class=\"_ _3b\"></span> conto economico. Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"fc5 sc4\"> </span>Gli <span class=\"_ _0\"> </span>accant<span class=\"_ _1\"></span>onamenti/recuperi <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>fronte <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>fondi <span class=\"_ _35\"> </span>pe<span class=\"_ _2\"></span>r <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _0\"> </span>e <span class=\"_ _0\"></span>oneri <span class=\"_ _35\"> </span>nonch\u00e9 <span class=\"_ _0\"></span>l\u2019effetto <span class=\"_ _35\"> </span>derivante <span class=\"_ _0\"> </span>dal passaggio del <span class=\"_ _3b\"></span>tempo vengono <span class=\"_ _3b\"></span>allocati nella <span class=\"_ _3b\"></span>voce \u201cAccantonamenti <span class=\"_ _2\"></span>netti <span class=\"_ _2\"></span>ai fondi<span class=\"_ _2\"></span> pe<span class=\"_ _2\"></span>r rischi <span class=\"_ _3b\"></span>e oneri\u201d. Fondi di quiescenza <span class=\"_ _1\"></span>e per obblighi s<span class=\"_ _1\"></span>imili I Fondi di quiescenza sono costituiti in attuazione di acco<span class=\"_ _2\"></span>rdi aziendali e si qualifi<span class=\"_ _2\"></span>cano come piani a benefici de<span class=\"_ _1\"></span>finiti. La <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _1\"></span>relativa <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>tali <span class=\"_ _1\"></span>piani <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>relat<span class=\"_ _1\"></span>ivo co<span class=\"_ _1\"></span>sto <span class=\"_ _1\"></span>previdenziale delle <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>estazioni di  l<span class=\"_ _2\"></span>avoro  corrente  sono  d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>terminati  sulla <span class=\"_ _35\"> </span>base  di  ip<span class=\"_ _2\"></span>otesi  attuariali <span class=\"_ _35\"> </span>applicando  il  metodo  dell<span class=\"_ _2\"></span>a \u201cProiezione Unitaria del <span class=\"_ _2\"></span>Credito\u201d, che prev<span class=\"_ _2\"></span>ede la proiezione <span class=\"_ _2\"></span>degli esborsi futuri sul<span class=\"_ _2\"></span>la base di<span class=\"_ _2\"></span> analisi storiche statistiche e della curva demografica e l\u2019attualizzazione finanziaria di tali flussi sulla base di un ta<span class=\"_ _1\"></span>sso di interesse di <span class=\"_ _1\"></span>mercato. I contributi versat<span class=\"_ _1\"></span>i in ciascun esercizio s<span class=\"_ _1\"></span>ono considerati <span class=\"_ _1\"></span>come unit\u00e0 <span class=\"_ _35\"> </span>se<span class=\"_ _1\"></span>parate, <span class=\"_ _35\"> </span>rilevate  e <span class=\"_ _35\"> </span>valutate <span class=\"_ _35\"> </span>singolarme<span class=\"_ _1\"></span>nte  ai<span class=\"_ _2\"></span>  fi<span class=\"_ _2\"></span>ni <span class=\"_ _35\"> </span>della  determinazione  dell'obb<span class=\"_ _2\"></span>ligazione finale. <span class=\"_ _3b\"></span>Il tasso <span class=\"_ _3b\"></span>utilizzato per <span class=\"_ _3b\"></span>l\u2019attualizzazione <span class=\"_ _3b\"></span>\u00e8 determinato <span class=\"_ _3b\"></span>in bas<span class=\"_ _2\"></span>e ai <span class=\"_ _3b\"></span>rendimenti <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>mercato rilevati alle  date <span class=\"_ _35\"> </span>di  valutazione <span class=\"_ _35\"> </span>di  obbligazioni<span class=\"_ _2\"></span>  di <span class=\"_ _35\"> </span>aziende  primarie  tenendo <span class=\"_ _35\"> </span>conto  della  d<span class=\"_ _2\"></span>urata  media residua <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>passivit\u00e0. <span class=\"_ _35\"> </span>Il <span class=\"_ _35\"> </span>valore  attuale <span class=\"_ _35\"> </span>dell'obblig<span class=\"_ _2\"></span>azione  all<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>data <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>rifer<span class=\"_ _1\"></span>imento <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>bilancio <span class=\"_ _35\"> </span>\u00e8 inoltre rettificato del fair value delle eventuali att<span class=\"_ _1\"></span>ivit\u00e0 a servizio del piano. Gli utili <span class=\"_ _2\"></span>e le perdite attuariali (ovvero le variazioni <span class=\"_ _2\"></span>nel valore attuale dell\u2019obbl<span class=\"_ _2\"></span>igazione derivanti dalle modifiche alle ipotesi at<span class=\"_ _1\"></span>tuariali e dalle rettifiche basat<span class=\"_ _1\"></span>e sull\u2019esperienza passata) sono riconos<span class=\"_ _1\"></span>ciuti nel prospetto della redditivit\u00e0 complessiva. Fondi per rischi <span class=\"_ _3b\"></span>ed oneri a <span class=\"_ _2\"></span>fronte di <span class=\"_ _2\"></span>impegni e g<span class=\"_ _2\"></span>aranzie rilasciate La <span class=\"_ _1\"></span>sottovoce<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>fondi <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi e<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>oneri <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>esame <span class=\"_ _1\"></span>accoglie <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>fondi <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>credito <span class=\"_ _38\"></span>rilevati <span class=\"_ _1\"></span>a fronte <span class=\"_ _35\"> </span>degli <span class=\"_ _0\"></span>impegni <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>ogare <span class=\"_ _0\"></span>fondi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _0\"></span>alle <span class=\"_ _35\"> </span>garanzie <span class=\"_ _0\"></span>rilasciate <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>rientrano <span class=\"_ _0\"></span>nel <span class=\"_ _35\"> </span>perimetro <span class=\"_ _0\"></span>di applicazione <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>regole <span class=\"_ _1\"></span>sull\u2019impairment ai <span class=\"_ _1\"></span>sensi <span class=\"_ _1\"></span>dell\u2019IFRS <span class=\"_ _1\"></span>9. <span class=\"_ _1\"></span>Per t<span class=\"_ _1\"></span>ali fattispe<span class=\"_ _1\"></span>cie so<span class=\"_ _1\"></span>no adottate, <span class=\"_ _1\"></span>in linea di p<span class=\"_ _2\"></span>rincipio, le medesime modalit\u00e0 di <span class=\"_ _2\"></span>allocazione tra i tre stag<span class=\"_ _2\"></span>e (stadi di rischio c<span class=\"_ _2\"></span>reditizio) e di calcolo  della  perdita <span class=\"_ _3d\"> </span>attes<span class=\"_ _1\"></span>a  esposte <span class=\"_ _3d\"> </span>con  riferimento  alle <span class=\"_ _3d\"> </span>attivit\u00e0  finanziarie  valutate<span class=\"_ _1\"></span>  al  costo ammortizzato o al fair value con impatto sulla redditivit\u00e0 <span class=\"_ _3b\"></span>complessiva. L\u2019aggregato <span class=\"_ _1\"></span>accoglie, <span class=\"_ _1\"></span>peraltro<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>anche i <span class=\"_ _1\"></span>fondi <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>rischi <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>oneri <span class=\"_ _1\"></span>cos<span class=\"_ _1\"></span>tituti <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>fronte <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>altre <span class=\"_ _1\"></span>tipologie di <span class=\"_ _3b\"></span>impegni e <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>gar<span class=\"_ _1\"></span>anzie <span class=\"_ _3b\"></span>rilasciate che,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>virt\u00f9 delle <span class=\"_ _3b\"></span>proprie <span class=\"_ _3b\"></span>pe<span class=\"_ _1\"></span>culiarit\u00e0, <span class=\"_ _3b\"></span>non <span class=\"_ _2\"></span>rientrano <span class=\"_ _2\"></span>nel <span class=\"_ _3b\"></span>richiamato perimetro di applicazione dell\u2019impairment <span class=\"_ _1\"></span>ai sensi dell\u2019IFRS 9. Altri fondi Gli <span class=\"_ _35\"> </span>altri <span class=\"_ _35\"> </span>fondi <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>rischi <span class=\"_ _35\"> </span>ed <span class=\"_ _35\"> </span>oneri <span class=\"_ _35\"> </span>accolgono  g<span class=\"_ _2\"></span>li <span class=\"_ _35\"> </span>accantona<span class=\"_ _3a1\"> </span>menti <span class=\"_ _35\"> </span>relativi <span class=\"_ _35\"> </span>ad <span class=\"_ _35\"> </span>obbligazioni <span class=\"_ _35\"> </span>legali <span class=\"_ _35\"> </span>o connessi a <span class=\"_ _3b\"></span>rapporti di<span class=\"_ _2\"></span> lavoro <span class=\"_ _3b\"></span>oppure a <span class=\"_ _3b\"></span>contenziosi, anche <span class=\"_ _3b\"></span>fiscali, originati <span class=\"_ _3b\"></span>da un <span class=\"_ _3b\"></span>evento passato <span class=\"_ _3b\"></span>per<span class=\"_ _3a1\"> </span>i <span class=\"_ _1\"></span>quali sia <span class=\"_ _1\"></span>probabile <span class=\"_ _1\"></span>l\u2019esborso <span class=\"_ _38\"></span>di risorse <span class=\"_ _1\"></span>economiche <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>l\u2019adempimento <span class=\"_ _1\"></span>delle obbligazioni <span class=\"_ _1\"></span>stesse, sempre che possa essere effettuata una stima attendibile del relativo ammontare. Conseguentemente, la rilevazione di un accantonament<span class=\"_ _1\"></span>o avviene se e solo se: <span class=\"_ _42\"> </span><span class=\"ff4\">vi \u00e8 un\u2019obbligazione in corso (legale o implicita) quale risultato di un event<span class=\"_ _1\"></span>o passato; </span><span class=\"_ _42\"> </span><span class=\"ff4\">\u00e8 probabile che per adempiere all\u2019obbligazione si render<span class=\"_ _1\"></span>\u00e0 necessario l\u2019impiego di risorse atte </span>a produrre benefici economici; e <span class=\"_ _42\"> </span><span class=\"ff4\">pu\u00f2 <span class=\"_ _3a\"> </span>essere <span class=\"_ _3a\"> </span>effettuata <span class=\"_ _3a\"> </span>una <span class=\"_ _3a\"> </span>stima <span class=\"_ _3a\"> </span>attendibile <span class=\"_ _3f\"> </span>dell\u2019importo<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>derivante <span class=\"_ _3a\"> </span>dall\u2019adempimento<span class=\"_ _3a1\"> </span></span>dell\u2019obbligazione. L\u2019importo <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ilevato <span class=\"_ _1\"></span>come <span class=\"_ _1\"></span>accantonament<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>rappresenta <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>migliore <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ima <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>sa <span class=\"_ _1\"></span>richiesta <span class=\"_ _38\"></span>per adempiere <span class=\"_ _37\"> </span>all\u2019obbligazione <span class=\"_ _37\"> </span>esiste<span class=\"_ _1\"></span>nte <span class=\"_ _37\"> </span>alla <span class=\"_ _37\"> </span>data <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>rifer<span class=\"_ _1\"></span>imento <span class=\"_ _3d\"> </span>del <span class=\"_ _37\"> </span>bilancio <span class=\"_ _36\"> </span>e <span class=\"_ _37\"> </span>riflette <span class=\"_ _37\"> </span>rischi <span class=\"_ _37\"> </span>ed incertezze <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>inevitabilmente <span class=\"_ _1\"></span>caratterizzano <span class=\"_ _1\"></span>una <span class=\"_ _38\"></span>pluralit\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fatti <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>circostanze. <span class=\"_ _1\"></span>Per <span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ner <span class=\"_ _1\"></span>conto dell\u2019elemento <span class=\"_ _35\"> </span>temporale <span class=\"_ _35\"> </span>gli <span class=\"_ _35\"> </span>accantonamenti <span class=\"_ _35\"> </span>vengono <span class=\"_ _35\"> </span>attualizzati <span class=\"_ _0\"></span>utilizzando <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>tassi <span class=\"_ _35\"> </span>correnti <span class=\"_ _35\"> </span>di mercato. <span class=\"_ _35\"> </span>L\u2019accantonamento <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>gli <span class=\"_ _35\"> </span>increme<span class=\"_ _1\"></span>nti <span class=\"_ _35\"> </span>dovuti <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>fattore <span class=\"_ _35\"> </span>temporale  s<span class=\"_ _2\"></span>ono <span class=\"_ _35\"> </span>rilevati <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>Conto Economico. L\u2019accantonamento <span class=\"_ _1\"></span>viene stornato quando diviene impro<span class=\"_ _1\"></span>babile l\u2019impiego di <span class=\"_ _1\"></span>risorse atte a <span class=\"_ _1\"></span>produrre benefici economici per adempiere<span class=\"_ _1\"></span> l\u2019obbligazione oppure quando si estingue l\u2019obbligazione. Nella <span class=\"_ _37\"> </span>voce <span class=\"_ _3d\"> </span>sono <span class=\"_ _37\"> </span>inclusi <span class=\"_ _3d\"> </span>anche <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>benefici <span class=\"_ _37\"> </span>a <span class=\"_ _3d\"> </span>lungo <span class=\"_ _3d\"> </span>t<span class=\"_ _1\"></span>ermine <span class=\"_ _3d\"> </span>ai <span class=\"_ _37\"> </span>dipendenti, <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>cui <span class=\"_ _3d\"> </span>oner<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>vengono determinati <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>medesimi <span class=\"_ _1\"></span>criteri <span class=\"_ _1\"></span>attuariali <span class=\"_ _1\"></span>des<span class=\"_ _1\"></span>critti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>fondi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>quiescenza. <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>li <span class=\"_ _1\"></span>utili <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>le per<span class=\"_ _1\"></span>dite attuariali vengono rilevati tutti immediatamente nel conto economico.<span class=\"_ _3a1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-834": {
   "value": "10 - Fon<span class=\"_ _1\"></span>di per ri<span class=\"_ _1\"></span>schi ed oneri Criteri di iscrizione, <span class=\"_ _1\"></span>classificazione <span class=\"_ _1\"></span>e di cancellazione  I f<span class=\"_ _2\"></span>ondi per <span class=\"_ _2\"></span>rischi <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>d oneri <span class=\"_ _3b\"></span>sono passivit\u00e0 <span class=\"_ _3b\"></span>d\u2019ammontare<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>scadenza incerti <span class=\"_ _3b\"></span>rilevati in b<span class=\"_ _2\"></span>ilancio <span class=\"_ _2\"></span>quando ricorrono le seguenti contestuali condizioni: <span class=\"_ _42\"> </span><span class=\"ff4\">esiste <span class=\"_ _0\"></span>un\u2019obbl<span class=\"_ _2\"></span>igazione <span class=\"_ _0\"></span>attuale <span class=\"_ _0\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>riferimento <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>bilancio, <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>deriva <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>evento </span>passato; <span class=\"_ _1\"></span>l\u2019obbligazione <span class=\"_ _1\"></span>deve <span class=\"_ _1\"></span>essere <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>tipo <span class=\"_ _1\"></span>legale <span class=\"_ _38\"></span>(trova origine <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>contr<span class=\"_ _1\"></span>atto, <span class=\"_ _1\"></span>normativa <span class=\"_ _1\"></span>o altra <span class=\"_ _3d\"> </span>disposizione <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>legge) <span class=\"_ _3d\"> </span>o <span class=\"_ _3d\"> </span>implicita  (nasce <span class=\"_ _37\"> </span>nel  m<span class=\"_ _1\"></span>omento  in <span class=\"_ _3d\"> </span>cui <span class=\"_ _3d\"> </span>l\u2019impresa <span class=\"_ _3d\"> </span>genera <span class=\"_ _3d\"> </span>nei confronti <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>terzi <span class=\"_ _0\"></span>l\u2019aspettativa <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>solver\u00e0 <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>pr<span class=\"_ _2\"></span>opri <span class=\"_ _0\"></span>impegni <span class=\"_ _35\"> </span>anch<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>se <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>rientranti <span class=\"_ _35\"> </span>n<span class=\"_ _2\"></span>ella casistica delle obbligazioni legali); <span class=\"_ _42\"> </span><span class=\"ff4\">\u00e8 <span class=\"_ _3f\"> </span>probabile <span class=\"_ _39\"> </span>che <span class=\"_ _3f\"> </span>si <span class=\"_ _3f\"> </span>verifichi<span class=\"_ _2\"></span> <span class=\"_ _3f\"> </span>un\u2019uscita <span class=\"_ _39\"> </span>finanziar<span class=\"_ _1\"></span>ia <span class=\"_ _39\"> </span>pe<span class=\"_ _1\"></span>r <span class=\"_ _3f\"> </span>produrre <span class=\"_ _39\"> </span>benefici <span class=\"_ _3f\"> </span>economici <span class=\"_ _39\"> </span>per<span class=\"_ _3a1\"> </span></span>adempiere l\u2019obbligazione; <span class=\"_ _42\"> </span><span class=\"ff4\">\u00e8 possibile effettuare una stima attendibile dell\u2019ammontare <span class=\"_ _1\"></span>dell\u2019obbligazione.<span class=\"_ _3a1\"> </span></span>Nella <span class=\"_ _1\"></span>voce <span class=\"_ _38\"></span>\u201cFondi <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>rischi <span class=\"_ _38\"></span>ed <span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>ri\u201d <span class=\"_ _38\"></span>sono <span class=\"_ _1\"></span>inclusi <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>ndi <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>pres<span class=\"_ _1\"></span>tazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>lungo <span class=\"_ _38\"></span>termine, <span class=\"_ _38\"></span>a prestazioni successive alla cessazione del <span class=\"_ _2\"></span>rapporto di lavoro trattati dall<span class=\"_ _2\"></span>o IAS 19 e i<span class=\"_ _2\"></span> fondi per rischi ed oneri trattati dallo IAS 37. Criteri di valuta<span class=\"_ _1\"></span>zione Gli <span class=\"_ _48\"> </span>accanto<span class=\"_ _1\"></span>namenti <span class=\"_ _17e\"> </span>vengono <span class=\"_ _17e\"> </span>attualizzati, <span class=\"_ _17e\"> </span>laddove <span class=\"_ _48\"> </span>l\u2019elem<span class=\"_ _1\"></span>ento <span class=\"_ _17e\"> </span>temporale <span class=\"_ _17e\"> </span>sia <span class=\"_ _48\"> </span>significativo, utilizzando i tassi <span class=\"_ _2\"></span>correnti di mer<span class=\"_ _3b\"></span>cat<span class=\"_ _1\"></span>o \u201cfree risk\u201d. L<span class=\"_ _2\"></span>\u2019accantonamento \u00e8 rilevato a<span class=\"_ _3b\"></span> conto economico. Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"fc5 sc4\"> </span>Gli <span class=\"_ _0\"> </span>accant<span class=\"_ _1\"></span>onamenti/recuperi <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>fronte <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>fondi <span class=\"_ _35\"> </span>pe<span class=\"_ _2\"></span>r <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _0\"> </span>e <span class=\"_ _0\"></span>oneri <span class=\"_ _35\"> </span>nonch\u00e9 <span class=\"_ _0\"></span>l\u2019effetto <span class=\"_ _35\"> </span>derivante <span class=\"_ _0\"> </span>dal passaggio del <span class=\"_ _3b\"></span>tempo vengono <span class=\"_ _3b\"></span>allocati nella <span class=\"_ _3b\"></span>voce \u201cAccantonamenti <span class=\"_ _2\"></span>netti <span class=\"_ _2\"></span>ai fondi<span class=\"_ _2\"></span> pe<span class=\"_ _2\"></span>r rischi <span class=\"_ _3b\"></span>e oneri\u201d. Fondi di quiescenza <span class=\"_ _1\"></span>e per obblighi s<span class=\"_ _1\"></span>imili I Fondi di quiescenza sono costituiti in attuazione di acco<span class=\"_ _2\"></span>rdi aziendali e si qualifi<span class=\"_ _2\"></span>cano come piani a benefici de<span class=\"_ _1\"></span>finiti. La <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _1\"></span>relativa <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>tali <span class=\"_ _1\"></span>piani <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>relat<span class=\"_ _1\"></span>ivo co<span class=\"_ _1\"></span>sto <span class=\"_ _1\"></span>previdenziale delle <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>estazioni di  l<span class=\"_ _2\"></span>avoro  corrente  sono  d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>terminati  sulla <span class=\"_ _35\"> </span>base  di  ip<span class=\"_ _2\"></span>otesi  attuariali <span class=\"_ _35\"> </span>applicando  il  metodo  dell<span class=\"_ _2\"></span>a \u201cProiezione Unitaria del <span class=\"_ _2\"></span>Credito\u201d, che prev<span class=\"_ _2\"></span>ede la proiezione <span class=\"_ _2\"></span>degli esborsi futuri sul<span class=\"_ _2\"></span>la base di<span class=\"_ _2\"></span> analisi storiche statistiche e della curva demografica e l\u2019attualizzazione finanziaria di tali flussi sulla base di un ta<span class=\"_ _1\"></span>sso di interesse di <span class=\"_ _1\"></span>mercato. I contributi versat<span class=\"_ _1\"></span>i in ciascun esercizio s<span class=\"_ _1\"></span>ono considerati <span class=\"_ _1\"></span>come unit\u00e0 <span class=\"_ _35\"> </span>se<span class=\"_ _1\"></span>parate, <span class=\"_ _35\"> </span>rilevate  e <span class=\"_ _35\"> </span>valutate <span class=\"_ _35\"> </span>singolarme<span class=\"_ _1\"></span>nte  ai<span class=\"_ _2\"></span>  fi<span class=\"_ _2\"></span>ni <span class=\"_ _35\"> </span>della  determinazione  dell'obb<span class=\"_ _2\"></span>ligazione finale. <span class=\"_ _3b\"></span>Il tasso <span class=\"_ _3b\"></span>utilizzato per <span class=\"_ _3b\"></span>l\u2019attualizzazione <span class=\"_ _3b\"></span>\u00e8 determinato <span class=\"_ _3b\"></span>in bas<span class=\"_ _2\"></span>e ai <span class=\"_ _3b\"></span>rendimenti <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>mercato rilevati alle  date <span class=\"_ _35\"> </span>di  valutazione <span class=\"_ _35\"> </span>di  obbligazioni<span class=\"_ _2\"></span>  di <span class=\"_ _35\"> </span>aziende  primarie  tenendo <span class=\"_ _35\"> </span>conto  della  d<span class=\"_ _2\"></span>urata  media residua <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>passivit\u00e0. <span class=\"_ _35\"> </span>Il <span class=\"_ _35\"> </span>valore  attuale <span class=\"_ _35\"> </span>dell'obblig<span class=\"_ _2\"></span>azione  all<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>data <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>rifer<span class=\"_ _1\"></span>imento <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>bilancio <span class=\"_ _35\"> </span>\u00e8 inoltre rettificato del fair value delle eventuali att<span class=\"_ _1\"></span>ivit\u00e0 a servizio del piano. Gli utili <span class=\"_ _2\"></span>e le perdite attuariali (ovvero le variazioni <span class=\"_ _2\"></span>nel valore attuale dell\u2019obbl<span class=\"_ _2\"></span>igazione derivanti dalle modifiche alle ipotesi at<span class=\"_ _1\"></span>tuariali e dalle rettifiche basat<span class=\"_ _1\"></span>e sull\u2019esperienza passata) sono riconos<span class=\"_ _1\"></span>ciuti nel prospetto della redditivit\u00e0 complessiva. Fondi per rischi <span class=\"_ _3b\"></span>ed oneri a <span class=\"_ _2\"></span>fronte di <span class=\"_ _2\"></span>impegni e g<span class=\"_ _2\"></span>aranzie rilasciate La <span class=\"_ _1\"></span>sottovoce<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>fondi <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi e<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>oneri <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>esame <span class=\"_ _1\"></span>accoglie <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>fondi <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>credito <span class=\"_ _38\"></span>rilevati <span class=\"_ _1\"></span>a fronte <span class=\"_ _35\"> </span>degli <span class=\"_ _0\"></span>impegni <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>ogare <span class=\"_ _0\"></span>fondi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _0\"></span>alle <span class=\"_ _35\"> </span>garanzie <span class=\"_ _0\"></span>rilasciate <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>rientrano <span class=\"_ _0\"></span>nel <span class=\"_ _35\"> </span>perimetro <span class=\"_ _0\"></span>di applicazione <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>regole <span class=\"_ _1\"></span>sull\u2019impairment ai <span class=\"_ _1\"></span>sensi <span class=\"_ _1\"></span>dell\u2019IFRS <span class=\"_ _1\"></span>9. <span class=\"_ _1\"></span>Per t<span class=\"_ _1\"></span>ali fattispe<span class=\"_ _1\"></span>cie so<span class=\"_ _1\"></span>no adottate, <span class=\"_ _1\"></span>in linea di p<span class=\"_ _2\"></span>rincipio, le medesime modalit\u00e0 di <span class=\"_ _2\"></span>allocazione tra i tre stag<span class=\"_ _2\"></span>e (stadi di rischio c<span class=\"_ _2\"></span>reditizio) e di calcolo  della  perdita <span class=\"_ _3d\"> </span>attes<span class=\"_ _1\"></span>a  esposte <span class=\"_ _3d\"> </span>con  riferimento  alle <span class=\"_ _3d\"> </span>attivit\u00e0  finanziarie  valutate<span class=\"_ _1\"></span>  al  costo ammortizzato o al fair value con impatto sulla redditivit\u00e0 <span class=\"_ _3b\"></span>complessiva. L\u2019aggregato <span class=\"_ _1\"></span>accoglie, <span class=\"_ _1\"></span>peraltro<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>anche i <span class=\"_ _1\"></span>fondi <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>rischi <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>oneri <span class=\"_ _1\"></span>cos<span class=\"_ _1\"></span>tituti <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>fronte <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>altre <span class=\"_ _1\"></span>tipologie di <span class=\"_ _3b\"></span>impegni e <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>gar<span class=\"_ _1\"></span>anzie <span class=\"_ _3b\"></span>rilasciate che,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>virt\u00f9 delle <span class=\"_ _3b\"></span>proprie <span class=\"_ _3b\"></span>pe<span class=\"_ _1\"></span>culiarit\u00e0, <span class=\"_ _3b\"></span>non <span class=\"_ _2\"></span>rientrano <span class=\"_ _2\"></span>nel <span class=\"_ _3b\"></span>richiamato perimetro di applicazione dell\u2019impairment <span class=\"_ _1\"></span>ai sensi dell\u2019IFRS 9. Altri fondi Gli <span class=\"_ _35\"> </span>altri <span class=\"_ _35\"> </span>fondi <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>rischi <span class=\"_ _35\"> </span>ed <span class=\"_ _35\"> </span>oneri <span class=\"_ _35\"> </span>accolgono  g<span class=\"_ _2\"></span>li <span class=\"_ _35\"> </span>accantona<span class=\"_ _3a1\"> </span>menti <span class=\"_ _35\"> </span>relativi <span class=\"_ _35\"> </span>ad <span class=\"_ _35\"> </span>obbligazioni <span class=\"_ _35\"> </span>legali <span class=\"_ _35\"> </span>o connessi a <span class=\"_ _3b\"></span>rapporti di<span class=\"_ _2\"></span> lavoro <span class=\"_ _3b\"></span>oppure a <span class=\"_ _3b\"></span>contenziosi, anche <span class=\"_ _3b\"></span>fiscali, originati <span class=\"_ _3b\"></span>da un <span class=\"_ _3b\"></span>evento passato <span class=\"_ _3b\"></span>per<span class=\"_ _3a1\"> </span>i <span class=\"_ _1\"></span>quali sia <span class=\"_ _1\"></span>probabile <span class=\"_ _1\"></span>l\u2019esborso <span class=\"_ _38\"></span>di risorse <span class=\"_ _1\"></span>economiche <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>l\u2019adempimento <span class=\"_ _1\"></span>delle obbligazioni <span class=\"_ _1\"></span>stesse, sempre che possa essere effettuata una stima attendibile del relativo ammontare. Conseguentemente, la rilevazione di un accantonament<span class=\"_ _1\"></span>o avviene se e solo se: <span class=\"_ _42\"> </span><span class=\"ff4\">vi \u00e8 un\u2019obbligazione in corso (legale o implicita) quale risultato di un event<span class=\"_ _1\"></span>o passato; </span><span class=\"_ _42\"> </span><span class=\"ff4\">\u00e8 probabile che per adempiere all\u2019obbligazione si render<span class=\"_ _1\"></span>\u00e0 necessario l\u2019impiego di risorse atte </span>a produrre benefici economici; e <span class=\"_ _42\"> </span><span class=\"ff4\">pu\u00f2 <span class=\"_ _3a\"> </span>essere <span class=\"_ _3a\"> </span>effettuata <span class=\"_ _3a\"> </span>una <span class=\"_ _3a\"> </span>stima <span class=\"_ _3a\"> </span>attendibile <span class=\"_ _3f\"> </span>dell\u2019importo<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>derivante <span class=\"_ _3a\"> </span>dall\u2019adempimento<span class=\"_ _3a1\"> </span></span>dell\u2019obbligazione. L\u2019importo <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ilevato <span class=\"_ _1\"></span>come <span class=\"_ _1\"></span>accantonament<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>rappresenta <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>migliore <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ima <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>sa <span class=\"_ _1\"></span>richiesta <span class=\"_ _38\"></span>per adempiere <span class=\"_ _37\"> </span>all\u2019obbligazione <span class=\"_ _37\"> </span>esiste<span class=\"_ _1\"></span>nte <span class=\"_ _37\"> </span>alla <span class=\"_ _37\"> </span>data <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>rifer<span class=\"_ _1\"></span>imento <span class=\"_ _3d\"> </span>del <span class=\"_ _37\"> </span>bilancio <span class=\"_ _36\"> </span>e <span class=\"_ _37\"> </span>riflette <span class=\"_ _37\"> </span>rischi <span class=\"_ _37\"> </span>ed incertezze <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>inevitabilmente <span class=\"_ _1\"></span>caratterizzano <span class=\"_ _1\"></span>una <span class=\"_ _38\"></span>pluralit\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fatti <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>circostanze. <span class=\"_ _1\"></span>Per <span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ner <span class=\"_ _1\"></span>conto dell\u2019elemento <span class=\"_ _35\"> </span>temporale <span class=\"_ _35\"> </span>gli <span class=\"_ _35\"> </span>accantonamenti <span class=\"_ _35\"> </span>vengono <span class=\"_ _35\"> </span>attualizzati <span class=\"_ _0\"></span>utilizzando <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>tassi <span class=\"_ _35\"> </span>correnti <span class=\"_ _35\"> </span>di mercato. <span class=\"_ _35\"> </span>L\u2019accantonamento <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>gli <span class=\"_ _35\"> </span>increme<span class=\"_ _1\"></span>nti <span class=\"_ _35\"> </span>dovuti <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>fattore <span class=\"_ _35\"> </span>temporale  s<span class=\"_ _2\"></span>ono <span class=\"_ _35\"> </span>rilevati <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>Conto Economico. L\u2019accantonamento <span class=\"_ _1\"></span>viene stornato quando diviene impro<span class=\"_ _1\"></span>babile l\u2019impiego di <span class=\"_ _1\"></span>risorse atte a <span class=\"_ _1\"></span>produrre benefici economici per adempiere<span class=\"_ _1\"></span> l\u2019obbligazione oppure quando si estingue l\u2019obbligazione. Nella <span class=\"_ _37\"> </span>voce <span class=\"_ _3d\"> </span>sono <span class=\"_ _37\"> </span>inclusi <span class=\"_ _3d\"> </span>anche <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>benefici <span class=\"_ _37\"> </span>a <span class=\"_ _3d\"> </span>lungo <span class=\"_ _3d\"> </span>t<span class=\"_ _1\"></span>ermine <span class=\"_ _3d\"> </span>ai <span class=\"_ _37\"> </span>dipendenti, <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>cui <span class=\"_ _3d\"> </span>oner<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>vengono determinati <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>medesimi <span class=\"_ _1\"></span>criteri <span class=\"_ _1\"></span>attuariali <span class=\"_ _1\"></span>des<span class=\"_ _1\"></span>critti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>fondi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>quiescenza. <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>li <span class=\"_ _1\"></span>utili <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>le per<span class=\"_ _1\"></span>dite attuariali vengono rilevati tutti immediatamente nel conto economico.<span class=\"_ _3a1\"> </span>Sezione 2 \u2013 <span class=\"_ _1\"></span>Rischi del consol<span class=\"_ _1\"></span>idato prudenz<span class=\"_ _1\"></span>iale<span class=\"_ _3a1\"> </span> In <span class=\"_ _37\"> </span>qu<span class=\"_ _3a1\"> </span>esta <span class=\"_ _36\"> </span>se<span class=\"_ _1\"></span>zione <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>ono <span class=\"_ _36\"> </span>fornite <span class=\"_ _37\"> </span>le<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>informazioni <span class=\"_ _36\"> </span>riferite <span class=\"_ _36\"> </span>alle <span class=\"_ _36\"> </span>imprese <span class=\"_ _36\"> </span>incluse <span class=\"_ _37\"> </span>ne<span class=\"_ _1\"></span>l <span class=\"_ _36\"> </span>consolidato<span class=\"_ _3a1\"> </span> prudenziale (societ\u00e0 appartenenti al Gruppo bancario).  1.1 Ris<span class=\"_ _1\"></span>chio di c<span class=\"_ _1\"></span>redito<span class=\"_ _3a1\"> </span> Informazioni <span class=\"_ _1\"></span>di natura qualitativa<span class=\"_ _3a1\"> </span> Second<span class=\"_ _3a1\"> </span>o <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>disposizioni <span class=\"_ _1\"></span>del <span class=\"_ _0\"></span>princ<span class=\"_ _2\"></span>ipio <span class=\"_ _38\"></span>contabile <span class=\"_ _38\"></span>IFRS <span class=\"_ _0\"></span>9 <span class=\"_ _1\"></span>le <span class=\"_ _0\"></span>perdite <span class=\"_ _38\"></span>attese <span class=\"_ _38\"></span>sui <span class=\"_ _38\"></span>cr<span class=\"_ _1\"></span>editi <span class=\"_ _38\"></span>devono <span class=\"_ _38\"></span>essere<span class=\"_ _3a1\"> </span> determinate  valutando <span class=\"_ _35\"> </span>una  gamma <span class=\"_ _35\"> </span>di  possibil<span class=\"_ _2\"></span>i  scenari <span class=\"_ _35\"> </span>adeguatamente  ponderati  in<span class=\"_ _3b\"></span>  modo  da<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> riflettere un importo obiettivo in relazione <span class=\"_ _1\"></span>alle loro differenti probabilit\u00e0 di realizzo.<span class=\"_ _3a1\"> </span> A <span class=\"_ _35\"> </span>tal  fin<span class=\"_ _2\"></span>e  il<span class=\"_ _3b\"></span>  modello <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>Impairment  considera <span class=\"_ _35\"> </span>tre <span class=\"_ _35\"> </span>scenari <span class=\"_ _35\"> </span>macroeconom<span class=\"_ _1\"></span>ici <span class=\"_ _35\"> </span>futuri:  u<span class=\"_ _2\"></span>no <span class=\"_ _35\"> </span>centrale<span class=\"_ _3a1\"> </span> coerente <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>process<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>pi<span class=\"_ _2\"></span>anificazione, <span class=\"_ _0\"></span>ICA<span class=\"_ _2\"></span>AP <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>RAF <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>due <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>lteriori <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>cenari <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>corollario, <span class=\"_ _38\"></span>volti <span class=\"_ _38\"></span>a<span class=\"_ _3a1\"> </span> rappresentare un range di variabilit\u00e0 tra gli ipotetici scenar<span class=\"_ _1\"></span>i plausibili:<span class=\"_ _3a1\"> </span> -<span class=\"_ _1a9\"> </span><span class=\"ff4\">\u201cScenario Good\u201d \u2013 scenario con bassa pro<span class=\"_ _1\"></span>babilit\u00e0 che si verifichino scenari migliori;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">\u201cScenario Baseline\u201d <span class=\"_ _2\"></span>\u2013 scenario <span class=\"_ _2\"></span>centrale coeren<span class=\"_ _2\"></span>te con i<span class=\"_ _2\"></span> processi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>pianificazione, ICAAP <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> RAF;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">\u201cScenario Bad\u201d \u2013 scenario <span class=\"_ _1\"></span>con bassa probabilit\u00e0 che si verifichino scenari peggiori.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>Tali  scenari  sono  selezionati  tra  quelli  forniti  periodicamente  da  u<span class=\"_ _2\"></span>n  fornitore  esterno  e  sono<span class=\"_ _3a1\"> </span> approvati  dal  Consiglio  di  Amministrazione. <span class=\"_ _3d\"> </span>Ciascuno  \u00e8  corredato  dalla  relativa  probabilit\u00e0  di<span class=\"_ _3a1\"> </span> accadimento, <span class=\"_ _37\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>fornisce <span class=\"_ _36\"> </span>le <span class=\"_ _37\"> </span>proiezioni <span class=\"_ _36\"> </span>future <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>principali <span class=\"_ _37\"> </span>indicator<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>macro<span class=\"_ _1\"></span>economici <span class=\"_ _37\"> </span>su <span class=\"_ _36\"> </span>un<span class=\"_ _3a1\"> </span> orizzonte di tre anni, con frequenza di osservazione <span class=\"_ _1\"></span>trimestrale.<span class=\"_ _3a1\"> </span> Si <span class=\"_ _3b\"></span>ripor<span class=\"_ _1\"></span>ta <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>eguito <span class=\"_ _3b\"></span>l\u2019indicazione <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>gli <span class=\"_ _3b\"></span>scenar<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>macroeconomici p<span class=\"_ _3b\"></span>revisti per<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>calcolo <span class=\"_ _2\"></span>standard <span class=\"_ _3b\"></span>delle<span class=\"_ _3a1\"> </span> perdite  attese  ponderate,  corredati  dai  pesi  definiti  in  coerenza  con  la  relativa  probabilit\u00e0  di<span class=\"_ _3a1\"> </span> accadimento: <table class=\"s w1016 h292\" id=\"_4f0d2f58-6d1f-4ddb-a7ee-286babfc38ff\"><tr><td></td><td></td><td class=\"t m2 x1913 h12 y6330 ff4 fs7 fc4 sc3 ls0 ws0\">Peso da </td></tr><tr><td class=\"c n x5e6 y6331 w1017 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Scenario IFRS 9<span class=\"_ _3a1\"> </span></div></td><td class=\"c x1915 y6331 w1018 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Descri<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1914 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">zione dello scenario<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1913 h12 y6332 ff4 fs7 fc4 sc3 ls0 ws0\">policy </td></tr><tr><td></td><td></td><td class=\"t m2 x1913 h12 y6333 ff4 fs7 fc4 sc3 ls0 ws0\">Standard </td></tr><tr><td></td><td class=\"c x1917 y6335 w1019 h293\"><div class=\"t m5 x2b3 h2a y6334 ff4 fsd fc1 sc0 ls0 ws0\">Stronger <span class=\"_ _0\"></span>Near-<span class=\"_ _2\"></span>Term <span class=\"_ _38\"></span>R<span class=\"_ _1\"></span>ecovery <span class=\"_ _38\"></span>Scenario <span class=\"_ _0\"></span>(\u201cS1\u201d)<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1916 h12 y6334 ff4 fs7 fc1 sc0 ls0 ws0\">: <span class=\"_ _38\"></span>scenario <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>probabilit\u00e0<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m5 x1918 h2a y6336 ff4 fsd fc4 sc3 ls0 ws0\">\u201cGood\u201d<span class=\"fc1 sc2\"> </span></td><td class=\"t m2 x1919 h12 y6337 ff4 fs7 fc1 sc0 ls0 ws0\">del <span class=\"_ _1\"></span>10% che <span class=\"_ _1\"></span>si realizzi <span class=\"_ _1\"></span>uno scenario migliore <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>del 90% <span class=\"_ _1\"></span>che se <span class=\"_ _1\"></span>ne <span class=\"_ _1\"></span>realizzi </td><td class=\"t m2 x191a h12 y6338 ff4 fs7 fc1 sc0 ls0 ws0\">10% </td></tr><tr><td></td><td class=\"t m2 x1919 h12 y6339 ff4 fs7 fc1 sc0 ls0 ws0\">uno peggiore  </td><td></td></tr><tr><td class=\"t m5 x1918 h2a y633a ff4 fsd fc4 sc3 ls0 ws0\">\u201cBaseline\u201d<span class=\"fc1 sc2\"> </span></td><td class=\"c x1917 y633b w101a h293\"><div class=\"t m5 x2b3 h2a y6334 ff4 fsd fc1 sc0 ls0 ws0\">Baseline <span class=\"_ _0\"></span>Scenari<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x191b h12 y6334 ff4 fs7 fc1 sc0 ls0 ws0\">: <span class=\"_ _0\"></span>scenar<span class=\"_ _2\"></span>io <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>p<span class=\"_ _3b\"></span>robabilit\u00e0 <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>5<span class=\"_ _1\"></span>0% <span class=\"_ _0\"></span>che<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>rea<span class=\"_ _2\"></span>lizzi <span class=\"_ _0\"></span>uno</div></td><td class=\"t m2 x191a h12 y633c ff4 fs7 fc1 sc0 ls0 ws0\">80% </td></tr><tr><td></td><td class=\"t m2 x1919 h12 y633d ff4 fs7 fc1 sc0 ls0 ws0\">scenario migliore e del<span class=\"_ _2\"></span> 50% che se n<span class=\"_ _2\"></span>e realizzi uno peggiore<span class=\"_ _2\"></span> </td><td></td></tr><tr><td class=\"t m5 x1918 h2a y633e ff4 fsd fc4 sc3 ls0 ws0\">\u201cBad\u201d<span class=\"fc1 sc2\"> </span></td><td class=\"c x1917 y633f w101b h293\"><div class=\"t m5 x2b3 h2a y6334 ff4 fsd fc1 sc0 ls0 ws0\">Deep Recession Scenario (\u201cS3\u201d)<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x191c h12 y6334 ff4 fs7 fc1 sc0 ls0 ws0\">: scenario con probabilit\u00e0 del 90% che si</div></td><td class=\"t m2 x191a h12 y6340 ff4 fs7 fc1 sc0 ls0 ws0\">10% </td></tr><tr><td></td><td class=\"t m2 x1919 h12 y6341 ff4 fs7 fc1 sc0 ls0 ws0\">realizzi uno scenari<span class=\"_ _2\"></span>o migliore e del 10% che se ne<span class=\"_ _2\"></span> realizzi uno pegg<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>ore </td><td></td></tr></table>Per maggiori dettagli<span class=\"_ _2\"></span> sulle pond<span class=\"_ _2\"></span>erazioni degli sc<span class=\"_ _2\"></span>enari effettivamente appl<span class=\"_ _2\"></span>icati al 31 <span class=\"_ _2\"></span>dicembre 2024<span class=\"_ _3a1\"> </span> si <span class=\"_ _0\"></span>rimanda <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>quanto <span class=\"_ _0\"></span>descritto <span class=\"_ _38\"></span>nel <span class=\"_ _0\"></span>successivo <span class=\"_ _38\"></span>paragrafo <span class=\"_ _0\"></span>2.3 <span class=\"_ _1\"></span>\u201cMetodi <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>misurazione <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>perdite<span class=\"_ _3a1\"> </span> attese\u201d.<span class=\"_ _3a1\"> </span> Ai  fini <span class=\"_ _3d\"> </span>della  definizione<span class=\"_ _1\"></span>  degli <span class=\"_ _3d\"> </span>scenari, <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>PIL  \u00e8 <span class=\"_ _3d\"> </span>la <span class=\"_ _3d\"> </span>variabile  \u201c<span class=\"_ _1\"></span>anchor  point\u201d, <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>cui  andamento  \u00e8<span class=\"_ _3a1\"> </span> considerato <span class=\"_ _3a\"> </span>come <span class=\"_ _3f\"> </span>indicatore <span class=\"_ _3f\"> </span>r<span class=\"_ _1\"></span>appresentativo <span class=\"_ _3a\"> </span>del <span class=\"_ _3f\"> </span>quadro <span class=\"_ _3a\"> </span>economico <span class=\"_ _3f\"> </span>generale. <span class=\"_ _3a\"> </span>Sulla <span class=\"_ _3f\"> </span>base<span class=\"_ _3a1\"> </span> dell\u2019andamento <span class=\"_ _0\"></span>del <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>IL <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>definito <span class=\"_ _38\"></span>l\u2019andamento <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>altre <span class=\"_ _38\"></span>variabili <span class=\"_ _38\"></span>macro<span class=\"_ _1\"></span>economiche <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _38\"></span>rilievo. <span class=\"_ _0\"></span>A<span class=\"_ _3a1\"> </span> ciascuno scenar<span class=\"_ _1\"></span>io, in condizioni standar<span class=\"_ _1\"></span>d, \u00e8 quindi asso<span class=\"_ _1\"></span>ciata una probabilit\u00e0 di <span class=\"_ _1\"></span>accadimento sulla<span class=\"_ _3a1\"> </span> base  del <span class=\"_ _35\"> </span>loro  perc<span class=\"_ _2\"></span>entile  di <span class=\"_ _35\"> </span>riferimento  nella <span class=\"_ _35\"> </span>distribuzione  d<span class=\"_ _2\"></span>elle  variazioni<span class=\"_ _2\"></span>  d<span class=\"_ _2\"></span>el  PIL <span class=\"_ _35\"> </span>sugli  scenari<span class=\"_ _3a1\"> </span> generati.<span class=\"_ _3a1\"> </span> Per <span class=\"_ _0\"></span>ma<span class=\"_ _1\"></span>ggiori <span class=\"_ _0\"></span>dettagli <span class=\"_ _0\"></span>sugli <span class=\"_ _0\"></span>scenar<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>rimanda <span class=\"_ _35\"> </span>anche <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>quanto <span class=\"_ _0\"></span>descritto <span class=\"_ _35\"> </span>pi\u00f9<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>avanti <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>paragrafo<span class=\"_ _3a1\"> </span> \u201cMisurazione delle perdite attese - De<span class=\"_ _1\"></span>finizione dello scenario\u201d.<span class=\"_ _3a1\"> </span> L\u2019effetto <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>Sc<span class=\"_ _2\"></span>enari <span class=\"_ _0\"></span>viene <span class=\"_ _0\"></span>poi <span class=\"_ _38\"></span>tr<span class=\"_ _1\"></span>adotto <span class=\"_ _0\"></span>nel <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>odello <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>Impairment <span class=\"_ _0\"></span>tramite <span class=\"_ _0\"></span>l\u2019utilizzo <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>appositi<span class=\"_ _3a1\"> </span> modelli <span class=\"_ _1\"></span>Sat<span class=\"_ _1\"></span>ellite <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>individu<span class=\"_ _2\"></span>ano <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>var<span class=\"_ _1\"></span>iabili <span class=\"_ _1\"></span>pi\u00f9 <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ignificative <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>rappresentare <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>pi\u00f9 <span class=\"_ _1\"></span>significativa<span class=\"_ _3a1\"> </span> correlazione <span class=\"_ _35\"> </span>tra  i<span class=\"_ _2\"></span>l <span class=\"_ _35\"> </span>ciclo <span class=\"_ _35\"> </span>economico <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>i  d<span class=\"_ _2\"></span>ati <span class=\"_ _35\"> </span>interni <span class=\"_ _35\"> </span>anche <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>term<span class=\"_ _1\"></span>ini <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>scostamento <span class=\"_ _35\"> </span>temporale<span class=\"_ _3a1\"> </span> (prendendo <span class=\"_ _39\"> </span>in <span class=\"_ _39\"> </span>cons<span class=\"_ _1\"></span>iderazione <span class=\"_ _39\"> </span>i <span class=\"_ _3f\"> </span>distinti <span class=\"_ _39\"> </span>driver <span class=\"_ _3f\"> </span>anche <span class=\"_ _39\"> </span>a <span class=\"_ _39\"> </span>var<span class=\"_ _1\"></span>i <span class=\"_ _39\"> </span>lag <span class=\"_ _39\"> </span>t<span class=\"_ _1\"></span>emporali <span class=\"_ _39\"> </span>r<span class=\"_ _1\"></span>ispetto <span class=\"_ _3f\"> </span>al <span class=\"_ _39\"> </span>dato<span class=\"_ _3a1\"> </span> consuntivo).<span class=\"_ _3a1\"> </span> Questi ultimi sono utilizzati per il calcolo della componente forward looking di tutti i parametri che<span class=\"_ _3a1\"> </span> intervengono nel calcolo dell\u2019ECL: PD, LGD e EAD/PrePayment<span class=\"_ _1\"></span>.<span class=\"_ _3a1\"> </span> Considerazioni <span class=\"_ _38\"></span>ulteriori <span class=\"_ _38\"></span>possono <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ssere <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ffettuate <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>esposizioni <span class=\"_ _38\"></span>classificate <span class=\"_ _38\"></span>nello <span class=\"_ _38\"></span>\u201cStage <span class=\"_ _38\"></span>3\u201d.<span class=\"_ _3a1\"> </span> Per <span class=\"_ _1\"></span>quel <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>attie<span class=\"_ _1\"></span>ne <span class=\"_ _1\"></span>pi\u00f9 <span class=\"_ _1\"></span>specificatam<span class=\"_ _1\"></span>ente <span class=\"_ _1\"></span>ai <span class=\"_ _38\"></span>crediti <span class=\"_ _1\"></span>deteriorati, <span class=\"_ _1\"></span>si <span class=\"_ _38\"></span>segnala <span class=\"_ _1\"></span>che, <span class=\"_ _38\"></span>pur <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>presenza <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span> una <span class=\"_ _0\"></span>sost<span class=\"_ _1\"></span>anziale <span class=\"_ _0\"></span>equiparazione <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>defini<span class=\"_ _2\"></span>zione <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>credito <span class=\"_ _0\"></span>deteriorato <span class=\"_ _35\"> </span>(credit-impaired <span class=\"_ _0\"></span>financial asset) <span class=\"_ _0\"></span>presente <span class=\"_ _38\"></span>nell\u2019IFRS <span class=\"_ _38\"></span>9 <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>principio <span class=\"_ _38\"></span>conta<span class=\"_ _1\"></span>bile <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>andato<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>sostituire<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>(<span class=\"_ _2\"></span>lo <span class=\"_ _0\"></span>IAS<span class=\"_ _2\"></span>39), <span class=\"_ _38\"></span>le modali<span class=\"_ _3a1\"> </span>t\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>calcolo <span class=\"_ _0\"></span>dell\u2019ECL <span class=\"_ _35\"> </span>lifetime <span class=\"_ _35\"> </span>hanno <span class=\"_ _35\"> </span>compo<span class=\"_ _2\"></span>rtato <span class=\"_ _35\"> </span>riflessi <span class=\"_ _35\"> </span>metodologici <span class=\"_ _0\"></span>anche <span class=\"_ _35\"> </span>ai <span class=\"_ _35\"> </span>fini <span class=\"_ _0\"></span>delle valutazioni da svolgere in tale comparto, principalmente<span class=\"_ _1\"></span> in relazione:  <span class=\"_ _95\"> </span><span class=\"ff4\">All\u2019i<span class=\"_ _2\"></span>nclusione <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>informazioni <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>tipo <span class=\"_ _36\"> </span>forward <span class=\"_ _36\"> </span>looking, <span class=\"_ _36\"> </span>quali <span class=\"_ _36\"> </span>quelle <span class=\"_ _39\"> </span>relative <span class=\"_ _36\"> </span>agli <span class=\"_ _36\"> </span>scenari </span>macroeconomici, <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>stime <span class=\"_ _0\"></span>e <span class=\"_ _1\"></span>alle <span class=\"_ _38\"></span>tempist<span class=\"_ _1\"></span>iche <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>recupero, <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>probabilit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>migrazione <span class=\"_ _0\"></span>in classi <span class=\"_ _38\"></span>peggiori, <span class=\"_ _38\"></span>nonch\u00e9 <span class=\"_ _38\"></span>quelle <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>possono <span class=\"_ _38\"></span>avere <span class=\"_ _38\"></span>influenza <span class=\"_ _38\"></span>sul <span class=\"_ _1\"></span>valore <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>collaterale <span class=\"_ _38\"></span>o <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ulla durata attesa del relativo recupero; <span class=\"_ _95\"> </span><span class=\"ff4\">Alla  considerazione  di  scenar<span class=\"_ _1\"></span>i  alter<span class=\"_ _1\"></span>nativi  di  recupero,  quali  q<span class=\"_ _1\"></span>uelli  di  vendita <span class=\"_ _3d\"> </span>degli  ass<span class=\"_ _1\"></span>et </span>creditizi, <span class=\"_ _37\"> </span>in <span class=\"_ _36\"> </span>connessione <span class=\"_ _36\"> </span>con <span class=\"_ _37\"> </span>possibili <span class=\"_ _37\"> </span>cessioni <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>quot<span class=\"_ _1\"></span>e <span class=\"_ _37\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _37\"> </span>portafoglio <span class=\"_ _37\"> </span>de<span class=\"_ _1\"></span>teriorato, <span class=\"_ _37\"> </span>in relazione agli <span class=\"_ _1\"></span>obiettivi aziendali di r<span class=\"_ _1\"></span>iduzione degli as<span class=\"_ _1\"></span>set non <span class=\"_ _1\"></span>performing, ai quali deve e<span class=\"_ _1\"></span>ssere attribuita <span class=\"_ _37\"> </span>una <span class=\"_ _36\"> </span>probabilit\u00e0 <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>realizzazione, <span class=\"_ _37\"> </span>da <span class=\"_ _37\"> </span>cons<span class=\"_ _1\"></span>iderare <span class=\"_ _37\"> </span>nell\u2019ambito <span class=\"_ _37\"> </span>della <span class=\"_ _36\"> </span>valutazione<span class=\"_ _3a1\"> </span>complessiva. Tenendo <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>considerazione <span class=\"_ _35\"> </span>quanto <span class=\"_ _0\"></span>sopra <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>coerenza <span class=\"_ _0\"></span>con <span class=\"_ _35\"> </span>gli <span class=\"_ _0\"></span>indirizzi <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>gli <span class=\"_ _0\"></span>o<span class=\"_ _1\"></span>biettivi <span class=\"_ _35\"> </span>relativi <span class=\"_ _0\"></span>al portafoglio <span class=\"_ _0\"></span>N<span class=\"_ _1\"></span>PL, <span class=\"_ _0\"></span>le <span class=\"_ _35\"> </span>svalutazioni <span class=\"_ _0\"></span>sui <span class=\"_ _0\"></span>crediti <span class=\"_ _35\"> </span>deteriorati <span class=\"_ _0\"></span>vengono <span class=\"_ _0\"></span>applicate<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>attraverso<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>due <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>verse metodologie: <span class=\"_ _95\"> </span><span class=\"ff4\">Analitiche sulle singole esposizioni, in relazione alle rettific<span class=\"_ _2\"></span>he applicate a tali esposizioni, nel </span>corso <span class=\"_ _39\"> </span>del <span class=\"_ _39\"> </span>periodo <span class=\"_ _39\"> </span>corrente <span class=\"_ _39\"> </span>le <span class=\"_ _39\"> </span>perdite <span class=\"_ _39\"> </span>attese <span class=\"_ _36\"> </span>sui <span class=\"_ _39\"> </span>cre<span class=\"_ _1\"></span>diti <span class=\"_ _39\"> </span>deteriorati <span class=\"_ _39\"> </span>sono <span class=\"_ _39\"> </span>determinate analiticamente <span class=\"_ _3f\"> </span>in <span class=\"_ _3f\"> </span>base <span class=\"_ _3f\"> </span>alle <span class=\"_ _39\"> </span>previsioni <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>r<span class=\"_ _1\"></span>ecupero <span class=\"_ _3f\"> </span>formulate <span class=\"_ _3f\"> </span>dal <span class=\"_ _39\"> </span>gestore <span class=\"_ _3f\"> </span>o <span class=\"_ _3f\"> </span>risultanti dall\u2019applicazione del regolamento interno \u201clinee guid<span class=\"_ _2\"></span>a e criteri di svalutazione crediti grup<span class=\"_ _2\"></span>po<span class=\"_ _3a1\"> </span>Credem\u201d,  attualizzate  i<span class=\"_ _2\"></span>n  funzi<span class=\"_ _2\"></span>one  dei  tassi <span class=\"_ _35\"> </span>di  interesse  eff<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ttivi  originari <span class=\"_ _35\"> </span>e  della  relativa tempistica <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>recupero <span class=\"_ _38\"></span>prevista. <span class=\"_ _1\"></span>Co<span class=\"_ _1\"></span>nsiderato <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>previsioni <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ecupero <span class=\"_ _38\"></span>assumono <span class=\"_ _38\"></span>come riferimento <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>specifica <span class=\"_ _1\"></span>situazione <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>debitore, <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>itiene <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>trovi <span class=\"_ _38\"></span>coerenza <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>applicazione<span class=\"_ _3a1\"> </span>un\u2019analisi <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>sensitivity <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>perdite<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>attese <span class=\"_ _38\"></span>su <span class=\"_ _0\"></span>tali <span class=\"_ _38\"></span>es<span class=\"_ _1\"></span>posizioni. <span class=\"_ _38\"></span> <span class=\"_ _0\"></span>Nonostante <span class=\"_ _0\"></span>ci\u00f2, <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>si <span class=\"_ _38\"></span>pu\u00f2 escludere <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>un <span class=\"_ _38\"></span>peggioramento <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>situazione <span class=\"_ _38\"></span>creditizia <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>debitore, <span class=\"_ _1\"></span>anche <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>seguito <span class=\"_ _1\"></span>a possibili  impat<span class=\"_ _1\"></span>ti <span class=\"_ _3d\"> </span>negativi <span class=\"_ _3d\"> </span>sull'economia <span class=\"_ _37\"> </span>derivanti <span class=\"_ _3d\"> </span>dalla <span class=\"_ _3d\"> </span>comples<span class=\"_ _1\"></span>sa <span class=\"_ _3d\"> </span>situazione <span class=\"_ _3d\"> </span>geopolitica attuale, <span class=\"_ _3d\"> </span>con <span class=\"_ _3d\"> </span>particolare  rifer<span class=\"_ _1\"></span>imento  a <span class=\"_ _3d\"> </span>recenti  t<span class=\"_ _1\"></span>ensioni <span class=\"_ _3d\"> </span>internazionali,  potrebbe <span class=\"_ _3d\"> </span>gener<span class=\"_ _1\"></span>are ulteriori <span class=\"_ _0\"></span>perdite <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>quelle <span class=\"_ _0\"></span>previste <span class=\"_ _38\"></span>a <span class=\"_ _0\"> </span>dicembre <span class=\"_ _0\"></span>2024. <span class=\"_ _0\"></span>A <span class=\"_ _0\"></span>partire <span class=\"_ _0\"></span>dal <span class=\"_ _0\"></span>2023 <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>as<span class=\"_ _2\"></span>sunto sempre <span class=\"_ _38\"></span>maggiore <span class=\"_ _38\"></span>rilevanza <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>criterio <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>svalutazioni <span class=\"_ _38\"></span>minime <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>age<span class=\"_ _1\"></span>ing <span class=\"_ _1\"></span>intr<span class=\"_ _1\"></span>odotte <span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>le categorie <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>sofferenze <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>inadempienze <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>robabili. <span class=\"_ _0\"></span>Si <span class=\"_ _0\"></span>rimanda <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>paragrafo <span class=\"_ _0\"></span>2.3<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>per maggiori dettagli. Si <span class=\"_ _38\"></span>spe<span class=\"_ _1\"></span>cifica <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>quanto <span class=\"_ _38\"></span>riguarda <span class=\"_ _0\"></span>crediti <span class=\"_ _38\"></span>bancari <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>/o <span class=\"_ _38\"></span>erogati <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>operazioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>factoring classificati <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>sofferenza <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>inadempienza <span class=\"_ _0\"></span>probabile <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>sposizione <span class=\"_ _0\"></span>minore <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>ugu<span class=\"_ _2\"></span>ale <span class=\"_ _0\"></span>di Euro <span class=\"_ _3f\"> </span>25.000 <span class=\"_ _39\"> </span>viene <span class=\"_ _3f\"> </span>applicata <span class=\"_ _39\"> </span>una <span class=\"_ _3f\"> </span>percentuale <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>svalutazione <span class=\"_ _3f\"> </span>minima <span class=\"_ _39\"> </span>forfettaria <span class=\"_ _3f\"> </span>pari rispettivamente al 95% (sofferenze) e al 70% (inadempienze pr<span class=\"_ _1\"></span>obabili). <span class=\"_ _95\"> </span><span class=\"ff4\">Svalu<span class=\"_ _2\"></span>tazioni <span class=\"_ _38\"></span>determ<span class=\"_ _1\"></span>inate <span class=\"_ _1\"></span>secondo <span class=\"_ _1\"></span>uno <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>pecifico <span class=\"_ _1\"></span>modello, <span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ssono <span class=\"_ _1\"></span>essere<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>applicate <span class=\"_ _38\"></span>ad </span>un  port<span class=\"_ _1\"></span>afoglio  di <span class=\"_ _3d\"> </span>posizioni  a <span class=\"_ _3d\"> </span>Sofferenza <span class=\"_ _3d\"> </span>valutate  in <span class=\"_ _3d\"> </span>un\u2019ottica <span class=\"_ _3d\"> </span>di  dismissione<span class=\"_ _1\"></span>  (di <span class=\"_ _3d\"> </span>seguito definito \u201cPortafoglio sotto-modello Stage 3\u201d o \u201cP<span class=\"_ _1\"></span>ortafoglio\u201d). Al   31/12/2024 non vi sono posizioni classificate all\u2019inter<span class=\"_ _1\"></span>no del Portafoglio sotto-modello Stage 3. 1.  Aspett<span class=\"_ _1\"></span>i generali Il <span class=\"_ _2\"></span>Gruppo Credem con<span class=\"_ _3b\"></span>sider<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>storicamente l\u2019elevata <span class=\"_ _3b\"></span>qualit\u00e0 del cred<span class=\"_ _2\"></span>ito come <span class=\"_ _3b\"></span>un elemento fondan<span class=\"_ _2\"></span>te della <span class=\"_ _1\"></span>propria <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>abilit\u00e0 <span class=\"_ _1\"></span>patrimoniale <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>fattore <span class=\"_ _1\"></span>stra<span class=\"_ _1\"></span>tegico <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>processo <span class=\"_ _38\"></span>di cr<span class=\"_ _1\"></span>eazione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>valore. <span class=\"_ _1\"></span>I principi fondamentali su cui si basa l\u2019erogazione del <span class=\"_ _1\"></span>credito sono i seguenti: <span class=\"_ _95\"> </span><span class=\"ff4\">la <span class=\"_ _3f\"> </span>coerenza <span class=\"_ _3f\"> </span>con <span class=\"_ _3f\"> </span>la <span class=\"_ _3f\"> </span>connota<span class=\"_ _1\"></span>zione <span class=\"_ _3f\"> </span>prevalente <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>banca <span class=\"_ _3f\"> </span>commerciale <span class=\"_ _3f\"> </span>domestica <span class=\"_ _3a\"> </span>nella<span class=\"_ _3a1\"> </span></span>valutazione <span class=\"_ _38\"></span>dell\u2019attivit\u00e0 <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>cliente, <span class=\"_ _0\"></span>della <span class=\"_ _1\"></span>sua <span class=\"_ _0\"></span>dimensione <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>sua <span class=\"_ _38\"></span>ubicazione <span class=\"_ _0\"></span>geografica<span class=\"_ _3a1\"> </span>rispetto alla rete Credem; <span class=\"_ _95\"> </span><span class=\"ff4\">la  tecnica  nell\u2019anali<span class=\"_ _2\"></span>si  di  rischio,  che  assicura  alle  conce<span class=\"_ _2\"></span>ssioni  creditizie  un  presupp<span class=\"_ _2\"></span>osto </span>oggettivo e <span class=\"_ _3b\"></span>coerente con le<span class=\"_ _2\"></span> fin<span class=\"_ _2\"></span>alit\u00e0 e <span class=\"_ _3b\"></span>le esigenze <span class=\"_ _2\"></span>finanziarie del <span class=\"_ _3b\"></span>cliente, con <span class=\"_ _3b\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>sue dimensioni patrimoniali <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3b\"></span>e con <span class=\"_ _3b\"></span>le <span class=\"_ _2\"></span>relative <span class=\"_ _2\"></span>capacit\u00e0 <span class=\"_ _3b\"></span>di rimborso <span class=\"_ _3b\"></span>storiche e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>prospettiche, anc<span class=\"_ _2\"></span>he al fine di ridurre fortemente eventuali necessit\u00e0 di rifinanziamento successivo; <span class=\"_ _95\"> </span><span class=\"ff4\">la <span class=\"_ _0\"></span>quali<span class=\"_ _2\"></span>t\u00e0 <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>l\u2019adeguatezza <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>informazioni, <span class=\"_ _0\"></span>coerentemente <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>criteri <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>D<span class=\"_ _1\"></span>ata <span class=\"_ _0\"></span>Governance </span>definiti <span class=\"_ _0\"></span>dal <span class=\"_ _38\"></span>gruppo <span class=\"_ _0\"></span>Credem, <span class=\"_ _0\"></span>come <span class=\"_ _38\"></span>presupposto <span class=\"_ _0\"></span>essenziale <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>valu<span class=\"_ _2\"></span>tazione <span class=\"_ _0\"></span>oggettiva <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l profilo di rischio che trova nel rating inter<span class=\"_ _1\"></span>no la sua prima espressione di sintesi; <span class=\"_ _95\"> </span><span class=\"ff4\">il <span class=\"_ _1\"></span>fr<span class=\"_ _1\"></span>azionamento <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>dito <span class=\"_ _38\"></span>perseguito <span class=\"_ _38\"></span>diversificando <span class=\"_ _0\"></span>il<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>port<span class=\"_ _1\"></span>afoglio <span class=\"_ _38\"></span>clienti <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>un </span>approccio selettivo e coerente con gli obiettivi di capitale e <span class=\"_ _1\"></span>di rischi<span class=\"_ _2\"></span>o/rendiment<span class=\"_ _1\"></span>o;<span class=\"_ _3a1\"> </span><span class=\"_ _95\"> </span><span class=\"ff4\">la <span class=\"_ _35\"> </span>valutazione <span class=\"_ _35\"> </span>consolidata <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>controparti <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>livello <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>modo <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>delineare  u<span class=\"_ _2\"></span>na </span>prospettiva unitaria e <span class=\"_ _1\"></span>non frammentata <span class=\"_ _1\"></span>del profilo di rischio <span class=\"_ _1\"></span>di ciascuna singola <span class=\"_ _1\"></span>controparte o gruppo controparte; <span class=\"_ _95\"> </span><span class=\"ff4\">la <span class=\"_ _0\"></span>cura <span class=\"_ _35\"> </span>riservata <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>regolarit<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _0\"></span>formale <span class=\"_ _35\"> </span>prima <span class=\"_ _0\"></span>dell\u2019erogazione <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>concessioni <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>credito </span>anche <span class=\"_ _35\"> </span>attraverso <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>supporto <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>strutture <span class=\"_ _0\"></span>specialistiche <span class=\"_ _35\"> </span>presso <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>grupp<span class=\"_ _2\"></span>o <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>assicurano <span class=\"_ _0\"></span>i necessari riferimenti tecnico-consulenziali; <span class=\"_ _95\"> </span><span class=\"ff4\">l\u2019attenta gestione d<span class=\"_ _2\"></span>ei rapporti da p<span class=\"_ _2\"></span>arte delle unit\u00e0 di <span class=\"_ _2\"></span>linea e i <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>ntrolli effettuati <span class=\"_ _2\"></span>dalle funzioni </span>centrali <span class=\"_ _69\"> </span>dedicate, <span class=\"_ _43\"> </span>che <span class=\"_ _44\"> </span>a<span class=\"_ _1\"></span>ssicurano <span class=\"_ _69\"> </span>la <span class=\"_ _69\"> </span>corretta <span class=\"_ _43\"> </span>appl<span class=\"_ _2\"></span>icazione <span class=\"_ _69\"> </span>delle <span class=\"_ _69\"> </span>linee<span class=\"_ _1\"></span> <span class=\"_ _69\"> </span>di <span class=\"_ _69\"> </span>credito,<span class=\"_ _1\"></span> l\u2019aggiornamento <span class=\"_ _188\"> </span>costante <span class=\"_ _29\"> </span>del <span class=\"_ _46\"> </span>quadro <span class=\"_ _29\"> </span>informativo <span class=\"_ _188\"> </span>della <span class=\"_ _29\"> </span>clientela, <span class=\"_ _188\"> </span>la <span class=\"_ _188\"> </span>t<span class=\"_ _1\"></span>empestiva<span class=\"_ _3a1\"> </span>individuazione delle posizioni problematiche e l\u2019adozione delle <span class=\"_ _1\"></span>azioni necessarie al recupero delle relative esposizioni; <span class=\"_ _95\"> </span><span class=\"ff4\">l\u2019adozione <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>politiche <span class=\"_ _3a\"> </span>rigorose <span class=\"_ _3a\"> </span>di <span class=\"_ _3f\"> </span>classificazione <span class=\"_ _3f\"> </span>e <span class=\"_ _3a\"> </span>copertura <span class=\"_ _3f\"> </span>dei <span class=\"_ _3a\"> </span>crediti <span class=\"_ _3a\"> </span>d<span class=\"_ _2\"></span>eteriorati, </span>privilegiando, <span class=\"_ _43\"> </span>quando <span class=\"_ _49\"> </span>possibile, <span class=\"_ _49\"> </span>politiche <span class=\"_ _43\"> </span>transa<span class=\"_ _1\"></span>ttive <span class=\"_ _43\"> </span>volte <span class=\"_ _43\"> </span>a<span class=\"_ _1\"></span> <span class=\"_ _43\"> </span>raggiungere <span class=\"_ _49\"> </span>accordi stragiudiziali con le controparti contenendone di conseguenza i costi <span class=\"_ _1\"></span>di recupero; <span class=\"_ _95\"> </span><span class=\"ff4\">l\u2019attenzione ai <span class=\"_ _1\"></span>fattori <span class=\"_ _1\"></span>ESG, con <span class=\"_ _1\"></span>particolare <span class=\"_ _1\"></span>focus rispett<span class=\"_ _1\"></span>o al gr<span class=\"_ _1\"></span>ado di <span class=\"_ _1\"></span>esposizione <span class=\"_ _1\"></span>agli impatti </span>generati  dai  fattori  climatici  e  ambientali  sui  portafogli  creditizi,  sull<span class=\"_ _2\"></span>a  soste<span class=\"_ _1\"></span>nibilit\u00e0  delle<span class=\"_ _3a1\"> </span>controparti e sul valore dei collateral; <span class=\"_ _95\"> </span><span class=\"ff4\">l\u2019astensione <span class=\"_ _37\"> </span>dal <span class=\"_ _36\"> </span>finanziamento <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>aziende <span class=\"_ _36\"> </span>collegate <span class=\"_ _36\"> </span>direttamente <span class=\"_ _36\"> </span>a <span class=\"_ _37\"> </span>settori <span class=\"_ _36\"> </span>controversi </span>definiti d<span class=\"_ _2\"></span>al Consigl<span class=\"_ _2\"></span>io di <span class=\"_ _3b\"></span>Amminist<span class=\"_ _1\"></span>razione della <span class=\"_ _2\"></span>Capogruppo, <span class=\"_ _3b\"></span>ne<span class=\"_ _1\"></span>llo specific<span class=\"_ _2\"></span>o quelli<span class=\"_ _2\"></span> correlati alla<span class=\"_ _2\"></span> produzione <span class=\"_ _39\"> </span>e <span class=\"_ _3f\"> </span>commercializzazione <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>ar<span class=\"_ _1\"></span>mi <span class=\"_ _39\"> </span>non <span class=\"_ _3f\"> </span>convenzionali <span class=\"_ _39\"> </span>e <span class=\"_ _39\"> </span>all\u2019utilizzo <span class=\"_ _3f\"> </span>di <span class=\"_ _36\"> </span>de<span class=\"_ _1\"></span>rivati speculativi su materie prime alimentari. <div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs123b\">2.4 Tecniche di miti<span class=\"_ _1\"></span>gazione del rischio di cre<span class=\"_ _1\"></span>dito<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs123c\">I <span class=\"_ _3b\"></span>collate<span class=\"_ _1\"></span>ral <span class=\"_ _3b\"></span>e le<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>garanzie <span class=\"_ _3b\"></span>rivestono particola<span class=\"_ _2\"></span>re <span class=\"_ _2\"></span>rilevanza</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs123d\"> <span class=\"_ _3b\"></span>ne<span class=\"_ _1\"></span>lle <span class=\"_ _3b\"></span>strategie cr<span class=\"_ _2\"></span>editizie <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>Gruppo Cr<span class=\"_ _2\"></span>edem<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs123e\">in quanto <span class=\"_ _1\"></span>consentono <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>mitigazione nel <span class=\"_ _1\"></span>complessivo <span class=\"_ _1\"></span>ciclo di <span class=\"_ _1\"></span>vita <span class=\"_ _1\"></span>del cre<span class=\"_ _1\"></span>dito, pur <span class=\"_ _1\"></span>mantenendo <span class=\"_ _1\"></span>un<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs123f\">carattere <span class=\"_ _3d\"> </span>accessorio <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>processo <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>valutazione <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>concessione <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>credito <span class=\"_ _3d\"> </span>dove <span class=\"_ _3d\"> </span>l\u2019elemento<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1240\">fondante <span class=\"_ _1\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>valutazione <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>capacit\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>rimborso <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>debitore. <span class=\"_ _1\"></span>In <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nso <span class=\"_ _1\"></span>l\u2019acquisizione <span class=\"_ _38\"></span>delle<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1241\">stesse, comporta un\u2019approfondita attivit\u00e0 valutativa sia <span class=\"_ _2\"></span>in fase di acquisizione sia di<span class=\"_ _2\"></span> monitoraggio<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1242\">e gestione.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1243\">Per i <span class=\"_ _1\"></span>collateral <span class=\"_ _1\"></span>immobiliari sono definiti, co<span class=\"_ _1\"></span>nformemente <span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>i requisiti normat<span class=\"_ _1\"></span>ivi, i principi gener<span class=\"_ _1\"></span>ali<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1244\">che consentono un sano e prudente processo di valutazione degli immobili oggetto de<span class=\"_ _1\"></span>i collateral:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1245\"><span class=\"_ _42\"> </span><span class=\"ff4\">Indipendenza <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>valutazione <span class=\"_ _1\"></span>tram<span class=\"_ _1\"></span>ite <span class=\"_ _1\"></span>l\u2019utilizzo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>iti esterni <span class=\"_ _38\"></span>indipendenti dal <span class=\"_ _38\"></span>processo <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1246\">erogazione del credito.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1247\"><span class=\"_ _42\"> </span><span class=\"ff4\">Conformit\u00e0 e <span class=\"_ _1\"></span>congruit\u00e0 della valutazione, <span class=\"_ _1\"></span>adeguata <span class=\"_ _1\"></span>alla complessit\u00e0 dell\u2019opera<span class=\"_ _1\"></span>zione, alla sua<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1248\">dimensione, alla tipologia <span class=\"_ _2\"></span>dell\u2019immobile per l<span class=\"_ _2\"></span>\u2019individuazione del val<span class=\"_ _2\"></span>ore di mercato su <span class=\"_ _2\"></span>cui vi<span class=\"_ _2\"></span>ene<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1249\">calcolato l\u2019indicatore di loan to value.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs124a\"><span class=\"_ _42\"> </span><span class=\"ff4\">Un <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>obusto <span class=\"_ _38\"></span>sistema <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>controlli, <span class=\"_ _38\"></span>conforme <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>requisiti <span class=\"_ _38\"></span>normat<span class=\"_ _1\"></span>ivi, <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>presidio <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>processo <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs124b\">valutazione.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs124c\">Vista l\u2019importanza del compa<span class=\"_ _2\"></span>rto mutui <span class=\"_ _2\"></span>nel portafoglio complessivo <span class=\"_ _2\"></span>e in ottica di<span class=\"_ _2\"></span> adeguamento all<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs124d\">Disposizioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Vigilanza <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>stato <span class=\"_ _1\"></span>mes<span class=\"_ _1\"></span>so <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>punto <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>cesso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>monitor<span class=\"_ _1\"></span>aggio <span class=\"_ _1\"></span>periodico <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>valore<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs124e\">degli <span class=\"_ _0\"></span>immobili <span class=\"_ _35\"> </span>oggetto <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>ipoteca <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>fine <span class=\"_ _0\"> </span>di <span class=\"_ _35\"> </span>una <span class=\"_ _0\"></span>corrett<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>valutazione <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>grado <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>copert<span class=\"_ _1\"></span>ura <span class=\"_ _0\"></span>dei<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs124f\">collateral.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1250\">All\u2019interno del \u201cRegolamento per <span class=\"_ _3b\"></span>l\u2019ass<span class=\"_ _1\"></span>unzione dei rischi <span class=\"_ _2\"></span>di credito <span class=\"_ _2\"></span>verso la clientela\u201d <span class=\"_ _3b\"></span>\u00e8<span class=\"_ _1\"></span> codificata la<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1251\">ponderazione <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>appl<span class=\"_ _2\"></span>icare <span class=\"_ _0\"></span>alle <span class=\"_ _38\"></span>diverse<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>operazioni <span class=\"_ _38\"></span>ipotecarie <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>bas<span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>na<span class=\"_ _2\"></span>tura <span class=\"_ _0\"></span>dell\u2019i<span class=\"_ _2\"></span>mmobile. <span class=\"_ _0\"></span>Il<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1252\">Comitato di Credit S<span class=\"_ _2\"></span>trategy, inoltre, propone pe<span class=\"_ _2\"></span>riodicamente le linee gu<span class=\"_ _2\"></span>ida di <span class=\"_ _2\"></span>indirizzo in <span class=\"_ _2\"></span>term<span class=\"_ _1\"></span>ini di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1253\">Loan <span class=\"_ _1\"></span>To <span class=\"_ _1\"></span>Value <span class=\"_ _1\"></span>media <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>portafoglio <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>nuove <span class=\"_ _1\"></span>ero<span class=\"_ _1\"></span>gazioni. In <span class=\"_ _1\"></span>particolare<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>proprio <span class=\"_ _1\"></span>per la <span class=\"_ _38\"></span>natura<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1254\">di intervent<span class=\"_ _1\"></span>o a <span class=\"_ _1\"></span>medio t<span class=\"_ _1\"></span>ermine, i <span class=\"_ _1\"></span>mutui ipote<span class=\"_ _1\"></span>cari pre<span class=\"_ _1\"></span>vedono per<span class=\"_ _1\"></span>centuali di iscrizione <span class=\"_ _1\"></span>della gar<span class=\"_ _1\"></span>anzia<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1255\">diversificate a seconda della tipologia del finanziamento.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1256\">Per quanto <span class=\"_ _1\"></span>riguarda le <span class=\"_ _1\"></span>garanzie reali <span class=\"_ _1\"></span>su valori <span class=\"_ _1\"></span>mobiliari sono <span class=\"_ _1\"></span>previsti scarti <span class=\"_ _1\"></span>cauzionali da applicare<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1257\">a seconda della tipologia del prodotto acquisito in garanzia e <span class=\"_ _1\"></span>dell\u2019eventuale rating dell\u2019emittente.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1258\">E\u2019 inoltr<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>previsto il <span class=\"_ _1\"></span>monitoraggio <span class=\"_ _1\"></span>costante <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>valori <span class=\"_ _1\"></span>mobiliari a<span class=\"_ _1\"></span> garanzia <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>valorizzazione <span class=\"_ _1\"></span>ai <span class=\"_ _1\"></span>fini<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1259\">di Credit Risk Mitigation.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs125a\">In  rifer<span class=\"_ _1\"></span>imento <span class=\"_ _3d\"> </span>alle  gar<span class=\"_ _1\"></span>anzie  fidejussor<span class=\"_ _1\"></span>ie,  osser<span class=\"_ _1\"></span>viamo  che <span class=\"_ _3d\"> </span>la <span class=\"_ _3d\"> </span>loro <span class=\"_ _3d\"> </span>valorizzazione <span class=\"_ _3d\"> </span>viene  sem<span class=\"_ _1\"></span>pre<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs125b\">effettuata sulla base di una valutazione prudenziale del patr<span class=\"_ _1\"></span>imonio responsabile dei garanti.<span class=\"_ _3a1\"> </span> </div>Relativamente  alle  ga<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>anzie  pub<span class=\"_ _2\"></span>bliche,  il <span class=\"_ _35\"> </span>Gruppo  Credem  adotta <span class=\"_ _35\"> </span>specifiche  procedure  vol<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>e  a<span class=\"_ _2\"></span> rispet<span class=\"_ _3a1\"> </span>tare <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>modalit\u00e0 <span class=\"_ _0\"></span>operative <span class=\"_ _0\"></span>richieste <span class=\"_ _0\"></span>dai <span class=\"_ _0\"></span>dettami <span class=\"_ _0\"></span>normativi <span class=\"_ _0\"></span>emanat<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>dallo <span class=\"_ _0\"></span>Stato <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>dagli <span class=\"_ _0\"></span>enti emittenti tali garanzie. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForCollateralExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-804": {
   "value": "10 - Fon<span class=\"_ _1\"></span>di per ri<span class=\"_ _1\"></span>schi ed oneri Criteri di iscrizione, <span class=\"_ _1\"></span>classificazione <span class=\"_ _1\"></span>e di cancellazione  I f<span class=\"_ _2\"></span>ondi per <span class=\"_ _2\"></span>rischi <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>d oneri <span class=\"_ _3b\"></span>sono passivit\u00e0 <span class=\"_ _3b\"></span>d\u2019ammontare<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>scadenza incerti <span class=\"_ _3b\"></span>rilevati in b<span class=\"_ _2\"></span>ilancio <span class=\"_ _2\"></span>quando ricorrono le seguenti contestuali condizioni: <span class=\"_ _42\"> </span><span class=\"ff4\">esiste <span class=\"_ _0\"></span>un\u2019obbl<span class=\"_ _2\"></span>igazione <span class=\"_ _0\"></span>attuale <span class=\"_ _0\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>riferimento <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>bilancio, <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>deriva <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>evento </span>passato; <span class=\"_ _1\"></span>l\u2019obbligazione <span class=\"_ _1\"></span>deve <span class=\"_ _1\"></span>essere <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>tipo <span class=\"_ _1\"></span>legale <span class=\"_ _38\"></span>(trova origine <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>contr<span class=\"_ _1\"></span>atto, <span class=\"_ _1\"></span>normativa <span class=\"_ _1\"></span>o altra <span class=\"_ _3d\"> </span>disposizione <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>legge) <span class=\"_ _3d\"> </span>o <span class=\"_ _3d\"> </span>implicita  (nasce <span class=\"_ _37\"> </span>nel  m<span class=\"_ _1\"></span>omento  in <span class=\"_ _3d\"> </span>cui <span class=\"_ _3d\"> </span>l\u2019impresa <span class=\"_ _3d\"> </span>genera <span class=\"_ _3d\"> </span>nei confronti <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>terzi <span class=\"_ _0\"></span>l\u2019aspettativa <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>solver\u00e0 <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>pr<span class=\"_ _2\"></span>opri <span class=\"_ _0\"></span>impegni <span class=\"_ _35\"> </span>anch<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>se <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>rientranti <span class=\"_ _35\"> </span>n<span class=\"_ _2\"></span>ella casistica delle obbligazioni legali); <span class=\"_ _42\"> </span><span class=\"ff4\">\u00e8 <span class=\"_ _3f\"> </span>probabile <span class=\"_ _39\"> </span>che <span class=\"_ _3f\"> </span>si <span class=\"_ _3f\"> </span>verifichi<span class=\"_ _2\"></span> <span class=\"_ _3f\"> </span>un\u2019uscita <span class=\"_ _39\"> </span>finanziar<span class=\"_ _1\"></span>ia <span class=\"_ _39\"> </span>pe<span class=\"_ _1\"></span>r <span class=\"_ _3f\"> </span>produrre <span class=\"_ _39\"> </span>benefici <span class=\"_ _3f\"> </span>economici <span class=\"_ _39\"> </span>per<span class=\"_ _3a1\"> </span></span>adempiere l\u2019obbligazione; <span class=\"_ _42\"> </span><span class=\"ff4\">\u00e8 possibile effettuare una stima attendibile dell\u2019ammontare <span class=\"_ _1\"></span>dell\u2019obbligazione.<span class=\"_ _3a1\"> </span></span>Nella <span class=\"_ _1\"></span>voce <span class=\"_ _38\"></span>\u201cFondi <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>rischi <span class=\"_ _38\"></span>ed <span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>ri\u201d <span class=\"_ _38\"></span>sono <span class=\"_ _1\"></span>inclusi <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>ndi <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>pres<span class=\"_ _1\"></span>tazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>lungo <span class=\"_ _38\"></span>termine, <span class=\"_ _38\"></span>a prestazioni successive alla cessazione del <span class=\"_ _2\"></span>rapporto di lavoro trattati dall<span class=\"_ _2\"></span>o IAS 19 e i<span class=\"_ _2\"></span> fondi per rischi ed oneri trattati dallo IAS 37. Criteri di valuta<span class=\"_ _1\"></span>zione Gli <span class=\"_ _48\"> </span>accanto<span class=\"_ _1\"></span>namenti <span class=\"_ _17e\"> </span>vengono <span class=\"_ _17e\"> </span>attualizzati, <span class=\"_ _17e\"> </span>laddove <span class=\"_ _48\"> </span>l\u2019elem<span class=\"_ _1\"></span>ento <span class=\"_ _17e\"> </span>temporale <span class=\"_ _17e\"> </span>sia <span class=\"_ _48\"> </span>significativo, utilizzando i tassi <span class=\"_ _2\"></span>correnti di mer<span class=\"_ _3b\"></span>cat<span class=\"_ _1\"></span>o \u201cfree risk\u201d. L<span class=\"_ _2\"></span>\u2019accantonamento \u00e8 rilevato a<span class=\"_ _3b\"></span> conto economico. Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"fc5 sc4\"> </span>Gli <span class=\"_ _0\"> </span>accant<span class=\"_ _1\"></span>onamenti/recuperi <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>fronte <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>fondi <span class=\"_ _35\"> </span>pe<span class=\"_ _2\"></span>r <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _0\"> </span>e <span class=\"_ _0\"></span>oneri <span class=\"_ _35\"> </span>nonch\u00e9 <span class=\"_ _0\"></span>l\u2019effetto <span class=\"_ _35\"> </span>derivante <span class=\"_ _0\"> </span>dal passaggio del <span class=\"_ _3b\"></span>tempo vengono <span class=\"_ _3b\"></span>allocati nella <span class=\"_ _3b\"></span>voce \u201cAccantonamenti <span class=\"_ _2\"></span>netti <span class=\"_ _2\"></span>ai fondi<span class=\"_ _2\"></span> pe<span class=\"_ _2\"></span>r rischi <span class=\"_ _3b\"></span>e oneri\u201d. Fondi di quiescenza <span class=\"_ _1\"></span>e per obblighi s<span class=\"_ _1\"></span>imili I Fondi di quiescenza sono costituiti in attuazione di acco<span class=\"_ _2\"></span>rdi aziendali e si qualifi<span class=\"_ _2\"></span>cano come piani a benefici de<span class=\"_ _1\"></span>finiti. La <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _1\"></span>relativa <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>tali <span class=\"_ _1\"></span>piani <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>relat<span class=\"_ _1\"></span>ivo co<span class=\"_ _1\"></span>sto <span class=\"_ _1\"></span>previdenziale delle <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>estazioni di  l<span class=\"_ _2\"></span>avoro  corrente  sono  d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>terminati  sulla <span class=\"_ _35\"> </span>base  di  ip<span class=\"_ _2\"></span>otesi  attuariali <span class=\"_ _35\"> </span>applicando  il  metodo  dell<span class=\"_ _2\"></span>a \u201cProiezione Unitaria del <span class=\"_ _2\"></span>Credito\u201d, che prev<span class=\"_ _2\"></span>ede la proiezione <span class=\"_ _2\"></span>degli esborsi futuri sul<span class=\"_ _2\"></span>la base di<span class=\"_ _2\"></span> analisi storiche statistiche e della curva demografica e l\u2019attualizzazione finanziaria di tali flussi sulla base di un ta<span class=\"_ _1\"></span>sso di interesse di <span class=\"_ _1\"></span>mercato. I contributi versat<span class=\"_ _1\"></span>i in ciascun esercizio s<span class=\"_ _1\"></span>ono considerati <span class=\"_ _1\"></span>come unit\u00e0 <span class=\"_ _35\"> </span>se<span class=\"_ _1\"></span>parate, <span class=\"_ _35\"> </span>rilevate  e <span class=\"_ _35\"> </span>valutate <span class=\"_ _35\"> </span>singolarme<span class=\"_ _1\"></span>nte  ai<span class=\"_ _2\"></span>  fi<span class=\"_ _2\"></span>ni <span class=\"_ _35\"> </span>della  determinazione  dell'obb<span class=\"_ _2\"></span>ligazione finale. <span class=\"_ _3b\"></span>Il tasso <span class=\"_ _3b\"></span>utilizzato per <span class=\"_ _3b\"></span>l\u2019attualizzazione <span class=\"_ _3b\"></span>\u00e8 determinato <span class=\"_ _3b\"></span>in bas<span class=\"_ _2\"></span>e ai <span class=\"_ _3b\"></span>rendimenti <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>mercato rilevati alle  date <span class=\"_ _35\"> </span>di  valutazione <span class=\"_ _35\"> </span>di  obbligazioni<span class=\"_ _2\"></span>  di <span class=\"_ _35\"> </span>aziende  primarie  tenendo <span class=\"_ _35\"> </span>conto  della  d<span class=\"_ _2\"></span>urata  media residua <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>passivit\u00e0. <span class=\"_ _35\"> </span>Il <span class=\"_ _35\"> </span>valore  attuale <span class=\"_ _35\"> </span>dell'obblig<span class=\"_ _2\"></span>azione  all<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>data <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>rifer<span class=\"_ _1\"></span>imento <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>bilancio <span class=\"_ _35\"> </span>\u00e8 inoltre rettificato del fair value delle eventuali att<span class=\"_ _1\"></span>ivit\u00e0 a servizio del piano. Gli utili <span class=\"_ _2\"></span>e le perdite attuariali (ovvero le variazioni <span class=\"_ _2\"></span>nel valore attuale dell\u2019obbl<span class=\"_ _2\"></span>igazione derivanti dalle modifiche alle ipotesi at<span class=\"_ _1\"></span>tuariali e dalle rettifiche basat<span class=\"_ _1\"></span>e sull\u2019esperienza passata) sono riconos<span class=\"_ _1\"></span>ciuti nel prospetto della redditivit\u00e0 complessiva. Fondi per rischi <span class=\"_ _3b\"></span>ed oneri a <span class=\"_ _2\"></span>fronte di <span class=\"_ _2\"></span>impegni e g<span class=\"_ _2\"></span>aranzie rilasciate La <span class=\"_ _1\"></span>sottovoce<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>fondi <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi e<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>oneri <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>esame <span class=\"_ _1\"></span>accoglie <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>fondi <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>credito <span class=\"_ _38\"></span>rilevati <span class=\"_ _1\"></span>a fronte <span class=\"_ _35\"> </span>degli <span class=\"_ _0\"></span>impegni <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>ogare <span class=\"_ _0\"></span>fondi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _0\"></span>alle <span class=\"_ _35\"> </span>garanzie <span class=\"_ _0\"></span>rilasciate <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>rientrano <span class=\"_ _0\"></span>nel <span class=\"_ _35\"> </span>perimetro <span class=\"_ _0\"></span>di applicazione <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>regole <span class=\"_ _1\"></span>sull\u2019impairment ai <span class=\"_ _1\"></span>sensi <span class=\"_ _1\"></span>dell\u2019IFRS <span class=\"_ _1\"></span>9. <span class=\"_ _1\"></span>Per t<span class=\"_ _1\"></span>ali fattispe<span class=\"_ _1\"></span>cie so<span class=\"_ _1\"></span>no adottate, <span class=\"_ _1\"></span>in linea di p<span class=\"_ _2\"></span>rincipio, le medesime modalit\u00e0 di <span class=\"_ _2\"></span>allocazione tra i tre stag<span class=\"_ _2\"></span>e (stadi di rischio c<span class=\"_ _2\"></span>reditizio) e di calcolo  della  perdita <span class=\"_ _3d\"> </span>attes<span class=\"_ _1\"></span>a  esposte <span class=\"_ _3d\"> </span>con  riferimento  alle <span class=\"_ _3d\"> </span>attivit\u00e0  finanziarie  valutate<span class=\"_ _1\"></span>  al  costo ammortizzato o al fair value con impatto sulla redditivit\u00e0 <span class=\"_ _3b\"></span>complessiva. L\u2019aggregato <span class=\"_ _1\"></span>accoglie, <span class=\"_ _1\"></span>peraltro<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>anche i <span class=\"_ _1\"></span>fondi <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>rischi <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>oneri <span class=\"_ _1\"></span>cos<span class=\"_ _1\"></span>tituti <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>fronte <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>altre <span class=\"_ _1\"></span>tipologie di <span class=\"_ _3b\"></span>impegni e <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>gar<span class=\"_ _1\"></span>anzie <span class=\"_ _3b\"></span>rilasciate che,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>virt\u00f9 delle <span class=\"_ _3b\"></span>proprie <span class=\"_ _3b\"></span>pe<span class=\"_ _1\"></span>culiarit\u00e0, <span class=\"_ _3b\"></span>non <span class=\"_ _2\"></span>rientrano <span class=\"_ _2\"></span>nel <span class=\"_ _3b\"></span>richiamato perimetro di applicazione dell\u2019impairment <span class=\"_ _1\"></span>ai sensi dell\u2019IFRS 9. Altri fondi Gli <span class=\"_ _35\"> </span>altri <span class=\"_ _35\"> </span>fondi <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>rischi <span class=\"_ _35\"> </span>ed <span class=\"_ _35\"> </span>oneri <span class=\"_ _35\"> </span>accolgono  g<span class=\"_ _2\"></span>li <span class=\"_ _35\"> </span>accantona<span class=\"_ _3a1\"> </span>menti <span class=\"_ _35\"> </span>relativi <span class=\"_ _35\"> </span>ad <span class=\"_ _35\"> </span>obbligazioni <span class=\"_ _35\"> </span>legali <span class=\"_ _35\"> </span>o connessi a <span class=\"_ _3b\"></span>rapporti di<span class=\"_ _2\"></span> lavoro <span class=\"_ _3b\"></span>oppure a <span class=\"_ _3b\"></span>contenziosi, anche <span class=\"_ _3b\"></span>fiscali, originati <span class=\"_ _3b\"></span>da un <span class=\"_ _3b\"></span>evento passato <span class=\"_ _3b\"></span>per<span class=\"_ _3a1\"> </span>i <span class=\"_ _1\"></span>quali sia <span class=\"_ _1\"></span>probabile <span class=\"_ _1\"></span>l\u2019esborso <span class=\"_ _38\"></span>di risorse <span class=\"_ _1\"></span>economiche <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>l\u2019adempimento <span class=\"_ _1\"></span>delle obbligazioni <span class=\"_ _1\"></span>stesse, sempre che possa essere effettuata una stima attendibile del relativo ammontare. Conseguentemente, la rilevazione di un accantonament<span class=\"_ _1\"></span>o avviene se e solo se: <span class=\"_ _42\"> </span><span class=\"ff4\">vi \u00e8 un\u2019obbligazione in corso (legale o implicita) quale risultato di un event<span class=\"_ _1\"></span>o passato; </span><span class=\"_ _42\"> </span><span class=\"ff4\">\u00e8 probabile che per adempiere all\u2019obbligazione si render<span class=\"_ _1\"></span>\u00e0 necessario l\u2019impiego di risorse atte </span>a produrre benefici economici; e <span class=\"_ _42\"> </span><span class=\"ff4\">pu\u00f2 <span class=\"_ _3a\"> </span>essere <span class=\"_ _3a\"> </span>effettuata <span class=\"_ _3a\"> </span>una <span class=\"_ _3a\"> </span>stima <span class=\"_ _3a\"> </span>attendibile <span class=\"_ _3f\"> </span>dell\u2019importo<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>derivante <span class=\"_ _3a\"> </span>dall\u2019adempimento<span class=\"_ _3a1\"> </span></span>dell\u2019obbligazione. L\u2019importo <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ilevato <span class=\"_ _1\"></span>come <span class=\"_ _1\"></span>accantonament<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>rappresenta <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>migliore <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ima <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>sa <span class=\"_ _1\"></span>richiesta <span class=\"_ _38\"></span>per adempiere <span class=\"_ _37\"> </span>all\u2019obbligazione <span class=\"_ _37\"> </span>esiste<span class=\"_ _1\"></span>nte <span class=\"_ _37\"> </span>alla <span class=\"_ _37\"> </span>data <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>rifer<span class=\"_ _1\"></span>imento <span class=\"_ _3d\"> </span>del <span class=\"_ _37\"> </span>bilancio <span class=\"_ _36\"> </span>e <span class=\"_ _37\"> </span>riflette <span class=\"_ _37\"> </span>rischi <span class=\"_ _37\"> </span>ed incertezze <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>inevitabilmente <span class=\"_ _1\"></span>caratterizzano <span class=\"_ _1\"></span>una <span class=\"_ _38\"></span>pluralit\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fatti <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>circostanze. <span class=\"_ _1\"></span>Per <span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ner <span class=\"_ _1\"></span>conto dell\u2019elemento <span class=\"_ _35\"> </span>temporale <span class=\"_ _35\"> </span>gli <span class=\"_ _35\"> </span>accantonamenti <span class=\"_ _35\"> </span>vengono <span class=\"_ _35\"> </span>attualizzati <span class=\"_ _0\"></span>utilizzando <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>tassi <span class=\"_ _35\"> </span>correnti <span class=\"_ _35\"> </span>di mercato. <span class=\"_ _35\"> </span>L\u2019accantonamento <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>gli <span class=\"_ _35\"> </span>increme<span class=\"_ _1\"></span>nti <span class=\"_ _35\"> </span>dovuti <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>fattore <span class=\"_ _35\"> </span>temporale  s<span class=\"_ _2\"></span>ono <span class=\"_ _35\"> </span>rilevati <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>Conto Economico. L\u2019accantonamento <span class=\"_ _1\"></span>viene stornato quando diviene impro<span class=\"_ _1\"></span>babile l\u2019impiego di <span class=\"_ _1\"></span>risorse atte a <span class=\"_ _1\"></span>produrre benefici economici per adempiere<span class=\"_ _1\"></span> l\u2019obbligazione oppure quando si estingue l\u2019obbligazione. Nella <span class=\"_ _37\"> </span>voce <span class=\"_ _3d\"> </span>sono <span class=\"_ _37\"> </span>inclusi <span class=\"_ _3d\"> </span>anche <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>benefici <span class=\"_ _37\"> </span>a <span class=\"_ _3d\"> </span>lungo <span class=\"_ _3d\"> </span>t<span class=\"_ _1\"></span>ermine <span class=\"_ _3d\"> </span>ai <span class=\"_ _37\"> </span>dipendenti, <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>cui <span class=\"_ _3d\"> </span>oner<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>vengono determinati <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>medesimi <span class=\"_ _1\"></span>criteri <span class=\"_ _1\"></span>attuariali <span class=\"_ _1\"></span>des<span class=\"_ _1\"></span>critti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>fondi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>quiescenza. <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>li <span class=\"_ _1\"></span>utili <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>le per<span class=\"_ _1\"></span>dite attuariali vengono rilevati tutti immediatamente nel conto economico.<span class=\"_ _3a1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-775": {
   "value": "10 - Fon<span class=\"_ _1\"></span>di per ri<span class=\"_ _1\"></span>schi ed oneri Criteri di iscrizione, <span class=\"_ _1\"></span>classificazione <span class=\"_ _1\"></span>e di cancellazione  I f<span class=\"_ _2\"></span>ondi per <span class=\"_ _2\"></span>rischi <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>d oneri <span class=\"_ _3b\"></span>sono passivit\u00e0 <span class=\"_ _3b\"></span>d\u2019ammontare<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>scadenza incerti <span class=\"_ _3b\"></span>rilevati in b<span class=\"_ _2\"></span>ilancio <span class=\"_ _2\"></span>quando ricorrono le seguenti contestuali condizioni: <span class=\"_ _42\"> </span><span class=\"ff4\">esiste <span class=\"_ _0\"></span>un\u2019obbl<span class=\"_ _2\"></span>igazione <span class=\"_ _0\"></span>attuale <span class=\"_ _0\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>riferimento <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>bilancio, <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>deriva <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>evento </span>passato; <span class=\"_ _1\"></span>l\u2019obbligazione <span class=\"_ _1\"></span>deve <span class=\"_ _1\"></span>essere <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>tipo <span class=\"_ _1\"></span>legale <span class=\"_ _38\"></span>(trova origine <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>contr<span class=\"_ _1\"></span>atto, <span class=\"_ _1\"></span>normativa <span class=\"_ _1\"></span>o altra <span class=\"_ _3d\"> </span>disposizione <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>legge) <span class=\"_ _3d\"> </span>o <span class=\"_ _3d\"> </span>implicita  (nasce <span class=\"_ _37\"> </span>nel  m<span class=\"_ _1\"></span>omento  in <span class=\"_ _3d\"> </span>cui <span class=\"_ _3d\"> </span>l\u2019impresa <span class=\"_ _3d\"> </span>genera <span class=\"_ _3d\"> </span>nei confronti <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>terzi <span class=\"_ _0\"></span>l\u2019aspettativa <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>solver\u00e0 <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>pr<span class=\"_ _2\"></span>opri <span class=\"_ _0\"></span>impegni <span class=\"_ _35\"> </span>anch<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>se <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>rientranti <span class=\"_ _35\"> </span>n<span class=\"_ _2\"></span>ella casistica delle obbligazioni legali); <span class=\"_ _42\"> </span><span class=\"ff4\">\u00e8 <span class=\"_ _3f\"> </span>probabile <span class=\"_ _39\"> </span>che <span class=\"_ _3f\"> </span>si <span class=\"_ _3f\"> </span>verifichi<span class=\"_ _2\"></span> <span class=\"_ _3f\"> </span>un\u2019uscita <span class=\"_ _39\"> </span>finanziar<span class=\"_ _1\"></span>ia <span class=\"_ _39\"> </span>pe<span class=\"_ _1\"></span>r <span class=\"_ _3f\"> </span>produrre <span class=\"_ _39\"> </span>benefici <span class=\"_ _3f\"> </span>economici <span class=\"_ _39\"> </span>per<span class=\"_ _3a1\"> </span></span>adempiere l\u2019obbligazione; <span class=\"_ _42\"> </span><span class=\"ff4\">\u00e8 possibile effettuare una stima attendibile dell\u2019ammontare <span class=\"_ _1\"></span>dell\u2019obbligazione.<span class=\"_ _3a1\"> </span></span>Nella <span class=\"_ _1\"></span>voce <span class=\"_ _38\"></span>\u201cFondi <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>rischi <span class=\"_ _38\"></span>ed <span class=\"_ _1\"></span>one<span class=\"_ _1\"></span>ri\u201d <span class=\"_ _38\"></span>sono <span class=\"_ _1\"></span>inclusi <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>fo<span class=\"_ _1\"></span>ndi <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>pres<span class=\"_ _1\"></span>tazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>lungo <span class=\"_ _38\"></span>termine, <span class=\"_ _38\"></span>a prestazioni successive alla cessazione del <span class=\"_ _2\"></span>rapporto di lavoro trattati dall<span class=\"_ _2\"></span>o IAS 19 e i<span class=\"_ _2\"></span> fondi per rischi ed oneri trattati dallo IAS 37. Criteri di valuta<span class=\"_ _1\"></span>zione Gli <span class=\"_ _48\"> </span>accanto<span class=\"_ _1\"></span>namenti <span class=\"_ _17e\"> </span>vengono <span class=\"_ _17e\"> </span>attualizzati, <span class=\"_ _17e\"> </span>laddove <span class=\"_ _48\"> </span>l\u2019elem<span class=\"_ _1\"></span>ento <span class=\"_ _17e\"> </span>temporale <span class=\"_ _17e\"> </span>sia <span class=\"_ _48\"> </span>significativo, utilizzando i tassi <span class=\"_ _2\"></span>correnti di mer<span class=\"_ _3b\"></span>cat<span class=\"_ _1\"></span>o \u201cfree risk\u201d. L<span class=\"_ _2\"></span>\u2019accantonamento \u00e8 rilevato a<span class=\"_ _3b\"></span> conto economico. Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali<span class=\"fc5 sc4\"> </span>Gli <span class=\"_ _0\"> </span>accant<span class=\"_ _1\"></span>onamenti/recuperi <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>fronte <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>fondi <span class=\"_ _35\"> </span>pe<span class=\"_ _2\"></span>r <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _0\"> </span>e <span class=\"_ _0\"></span>oneri <span class=\"_ _35\"> </span>nonch\u00e9 <span class=\"_ _0\"></span>l\u2019effetto <span class=\"_ _35\"> </span>derivante <span class=\"_ _0\"> </span>dal passaggio del <span class=\"_ _3b\"></span>tempo vengono <span class=\"_ _3b\"></span>allocati nella <span class=\"_ _3b\"></span>voce \u201cAccantonamenti <span class=\"_ _2\"></span>netti <span class=\"_ _2\"></span>ai fondi<span class=\"_ _2\"></span> pe<span class=\"_ _2\"></span>r rischi <span class=\"_ _3b\"></span>e oneri\u201d. Fondi di quiescenza <span class=\"_ _1\"></span>e per obblighi s<span class=\"_ _1\"></span>imili I Fondi di quiescenza sono costituiti in attuazione di acco<span class=\"_ _2\"></span>rdi aziendali e si qualifi<span class=\"_ _2\"></span>cano come piani a benefici de<span class=\"_ _1\"></span>finiti. La <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _1\"></span>relativa <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>tali <span class=\"_ _1\"></span>piani <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>relat<span class=\"_ _1\"></span>ivo co<span class=\"_ _1\"></span>sto <span class=\"_ _1\"></span>previdenziale delle <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>estazioni di  l<span class=\"_ _2\"></span>avoro  corrente  sono  d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>terminati  sulla <span class=\"_ _35\"> </span>base  di  ip<span class=\"_ _2\"></span>otesi  attuariali <span class=\"_ _35\"> </span>applicando  il  metodo  dell<span class=\"_ _2\"></span>a \u201cProiezione Unitaria del <span class=\"_ _2\"></span>Credito\u201d, che prev<span class=\"_ _2\"></span>ede la proiezione <span class=\"_ _2\"></span>degli esborsi futuri sul<span class=\"_ _2\"></span>la base di<span class=\"_ _2\"></span> analisi storiche statistiche e della curva demografica e l\u2019attualizzazione finanziaria di tali flussi sulla base di un ta<span class=\"_ _1\"></span>sso di interesse di <span class=\"_ _1\"></span>mercato. I contributi versat<span class=\"_ _1\"></span>i in ciascun esercizio s<span class=\"_ _1\"></span>ono considerati <span class=\"_ _1\"></span>come unit\u00e0 <span class=\"_ _35\"> </span>se<span class=\"_ _1\"></span>parate, <span class=\"_ _35\"> </span>rilevate  e <span class=\"_ _35\"> </span>valutate <span class=\"_ _35\"> </span>singolarme<span class=\"_ _1\"></span>nte  ai<span class=\"_ _2\"></span>  fi<span class=\"_ _2\"></span>ni <span class=\"_ _35\"> </span>della  determinazione  dell'obb<span class=\"_ _2\"></span>ligazione finale. <span class=\"_ _3b\"></span>Il tasso <span class=\"_ _3b\"></span>utilizzato per <span class=\"_ _3b\"></span>l\u2019attualizzazione <span class=\"_ _3b\"></span>\u00e8 determinato <span class=\"_ _3b\"></span>in bas<span class=\"_ _2\"></span>e ai <span class=\"_ _3b\"></span>rendimenti <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>mercato rilevati alle  date <span class=\"_ _35\"> </span>di  valutazione <span class=\"_ _35\"> </span>di  obbligazioni<span class=\"_ _2\"></span>  di <span class=\"_ _35\"> </span>aziende  primarie  tenendo <span class=\"_ _35\"> </span>conto  della  d<span class=\"_ _2\"></span>urata  media residua <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>passivit\u00e0. <span class=\"_ _35\"> </span>Il <span class=\"_ _35\"> </span>valore  attuale <span class=\"_ _35\"> </span>dell'obblig<span class=\"_ _2\"></span>azione  all<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>data <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>rifer<span class=\"_ _1\"></span>imento <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>bilancio <span class=\"_ _35\"> </span>\u00e8 inoltre rettificato del fair value delle eventuali att<span class=\"_ _1\"></span>ivit\u00e0 a servizio del piano. Gli utili <span class=\"_ _2\"></span>e le perdite attuariali (ovvero le variazioni <span class=\"_ _2\"></span>nel valore attuale dell\u2019obbl<span class=\"_ _2\"></span>igazione derivanti dalle modifiche alle ipotesi at<span class=\"_ _1\"></span>tuariali e dalle rettifiche basat<span class=\"_ _1\"></span>e sull\u2019esperienza passata) sono riconos<span class=\"_ _1\"></span>ciuti nel prospetto della redditivit\u00e0 complessiva. Fondi per rischi <span class=\"_ _3b\"></span>ed oneri a <span class=\"_ _2\"></span>fronte di <span class=\"_ _2\"></span>impegni e g<span class=\"_ _2\"></span>aranzie rilasciate La <span class=\"_ _1\"></span>sottovoce<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>fondi <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi e<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>oneri <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>esame <span class=\"_ _1\"></span>accoglie <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>fondi <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>credito <span class=\"_ _38\"></span>rilevati <span class=\"_ _1\"></span>a fronte <span class=\"_ _35\"> </span>degli <span class=\"_ _0\"></span>impegni <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>ogare <span class=\"_ _0\"></span>fondi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _0\"></span>alle <span class=\"_ _35\"> </span>garanzie <span class=\"_ _0\"></span>rilasciate <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>rientrano <span class=\"_ _0\"></span>nel <span class=\"_ _35\"> </span>perimetro <span class=\"_ _0\"></span>di applicazione <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>regole <span class=\"_ _1\"></span>sull\u2019impairment ai <span class=\"_ _1\"></span>sensi <span class=\"_ _1\"></span>dell\u2019IFRS <span class=\"_ _1\"></span>9. <span class=\"_ _1\"></span>Per t<span class=\"_ _1\"></span>ali fattispe<span class=\"_ _1\"></span>cie so<span class=\"_ _1\"></span>no adottate, <span class=\"_ _1\"></span>in linea di p<span class=\"_ _2\"></span>rincipio, le medesime modalit\u00e0 di <span class=\"_ _2\"></span>allocazione tra i tre stag<span class=\"_ _2\"></span>e (stadi di rischio c<span class=\"_ _2\"></span>reditizio) e di calcolo  della  perdita <span class=\"_ _3d\"> </span>attes<span class=\"_ _1\"></span>a  esposte <span class=\"_ _3d\"> </span>con  riferimento  alle <span class=\"_ _3d\"> </span>attivit\u00e0  finanziarie  valutate<span class=\"_ _1\"></span>  al  costo ammortizzato o al fair value con impatto sulla redditivit\u00e0 <span class=\"_ _3b\"></span>complessiva. L\u2019aggregato <span class=\"_ _1\"></span>accoglie, <span class=\"_ _1\"></span>peraltro<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>anche i <span class=\"_ _1\"></span>fondi <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>rischi <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>oneri <span class=\"_ _1\"></span>cos<span class=\"_ _1\"></span>tituti <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>fronte <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>altre <span class=\"_ _1\"></span>tipologie di <span class=\"_ _3b\"></span>impegni e <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>gar<span class=\"_ _1\"></span>anzie <span class=\"_ _3b\"></span>rilasciate che,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>virt\u00f9 delle <span class=\"_ _3b\"></span>proprie <span class=\"_ _3b\"></span>pe<span class=\"_ _1\"></span>culiarit\u00e0, <span class=\"_ _3b\"></span>non <span class=\"_ _2\"></span>rientrano <span class=\"_ _2\"></span>nel <span class=\"_ _3b\"></span>richiamato perimetro di applicazione dell\u2019impairment <span class=\"_ _1\"></span>ai sensi dell\u2019IFRS 9. Altri fondi Gli <span class=\"_ _35\"> </span>altri <span class=\"_ _35\"> </span>fondi <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>rischi <span class=\"_ _35\"> </span>ed <span class=\"_ _35\"> </span>oneri <span class=\"_ _35\"> </span>accolgono  g<span class=\"_ _2\"></span>li <span class=\"_ _35\"> </span>accantona<span class=\"_ _3a1\"> </span>menti <span class=\"_ _35\"> </span>relativi <span class=\"_ _35\"> </span>ad <span class=\"_ _35\"> </span>obbligazioni <span class=\"_ _35\"> </span>legali <span class=\"_ _35\"> </span>o connessi a <span class=\"_ _3b\"></span>rapporti di<span class=\"_ _2\"></span> lavoro <span class=\"_ _3b\"></span>oppure a <span class=\"_ _3b\"></span>contenziosi, anche <span class=\"_ _3b\"></span>fiscali, originati <span class=\"_ _3b\"></span>da un <span class=\"_ _3b\"></span>evento passato <span class=\"_ _3b\"></span>per<span class=\"_ _3a1\"> </span>i <span class=\"_ _1\"></span>quali sia <span class=\"_ _1\"></span>probabile <span class=\"_ _1\"></span>l\u2019esborso <span class=\"_ _38\"></span>di risorse <span class=\"_ _1\"></span>economiche <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>l\u2019adempimento <span class=\"_ _1\"></span>delle obbligazioni <span class=\"_ _1\"></span>stesse, sempre che possa essere effettuata una stima attendibile del relativo ammontare. Conseguentemente, la rilevazione di un accantonament<span class=\"_ _1\"></span>o avviene se e solo se: <span class=\"_ _42\"> </span><span class=\"ff4\">vi \u00e8 un\u2019obbligazione in corso (legale o implicita) quale risultato di un event<span class=\"_ _1\"></span>o passato; </span><span class=\"_ _42\"> </span><span class=\"ff4\">\u00e8 probabile che per adempiere all\u2019obbligazione si render<span class=\"_ _1\"></span>\u00e0 necessario l\u2019impiego di risorse atte </span>a produrre benefici economici; e <span class=\"_ _42\"> </span><span class=\"ff4\">pu\u00f2 <span class=\"_ _3a\"> </span>essere <span class=\"_ _3a\"> </span>effettuata <span class=\"_ _3a\"> </span>una <span class=\"_ _3a\"> </span>stima <span class=\"_ _3a\"> </span>attendibile <span class=\"_ _3f\"> </span>dell\u2019importo<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>derivante <span class=\"_ _3a\"> </span>dall\u2019adempimento<span class=\"_ _3a1\"> </span></span>dell\u2019obbligazione. L\u2019importo <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ilevato <span class=\"_ _1\"></span>come <span class=\"_ _1\"></span>accantonament<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>rappresenta <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>migliore <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ima <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>sa <span class=\"_ _1\"></span>richiesta <span class=\"_ _38\"></span>per adempiere <span class=\"_ _37\"> </span>all\u2019obbligazione <span class=\"_ _37\"> </span>esiste<span class=\"_ _1\"></span>nte <span class=\"_ _37\"> </span>alla <span class=\"_ _37\"> </span>data <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>rifer<span class=\"_ _1\"></span>imento <span class=\"_ _3d\"> </span>del <span class=\"_ _37\"> </span>bilancio <span class=\"_ _36\"> </span>e <span class=\"_ _37\"> </span>riflette <span class=\"_ _37\"> </span>rischi <span class=\"_ _37\"> </span>ed incertezze <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>inevitabilmente <span class=\"_ _1\"></span>caratterizzano <span class=\"_ _1\"></span>una <span class=\"_ _38\"></span>pluralit\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fatti <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>circostanze. <span class=\"_ _1\"></span>Per <span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ner <span class=\"_ _1\"></span>conto dell\u2019elemento <span class=\"_ _35\"> </span>temporale <span class=\"_ _35\"> </span>gli <span class=\"_ _35\"> </span>accantonamenti <span class=\"_ _35\"> </span>vengono <span class=\"_ _35\"> </span>attualizzati <span class=\"_ _0\"></span>utilizzando <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>tassi <span class=\"_ _35\"> </span>correnti <span class=\"_ _35\"> </span>di mercato. <span class=\"_ _35\"> </span>L\u2019accantonamento <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>gli <span class=\"_ _35\"> </span>increme<span class=\"_ _1\"></span>nti <span class=\"_ _35\"> </span>dovuti <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>fattore <span class=\"_ _35\"> </span>temporale  s<span class=\"_ _2\"></span>ono <span class=\"_ _35\"> </span>rilevati <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>Conto Economico. L\u2019accantonamento <span class=\"_ _1\"></span>viene stornato quando diviene impro<span class=\"_ _1\"></span>babile l\u2019impiego di <span class=\"_ _1\"></span>risorse atte a <span class=\"_ _1\"></span>produrre benefici economici per adempiere<span class=\"_ _1\"></span> l\u2019obbligazione oppure quando si estingue l\u2019obbligazione. Nella <span class=\"_ _37\"> </span>voce <span class=\"_ _3d\"> </span>sono <span class=\"_ _37\"> </span>inclusi <span class=\"_ _3d\"> </span>anche <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>benefici <span class=\"_ _37\"> </span>a <span class=\"_ _3d\"> </span>lungo <span class=\"_ _3d\"> </span>t<span class=\"_ _1\"></span>ermine <span class=\"_ _3d\"> </span>ai <span class=\"_ _37\"> </span>dipendenti, <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>cui <span class=\"_ _3d\"> </span>oner<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>vengono determinati <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>medesimi <span class=\"_ _1\"></span>criteri <span class=\"_ _1\"></span>attuariali <span class=\"_ _1\"></span>des<span class=\"_ _1\"></span>critti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>fondi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>quiescenza. <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>li <span class=\"_ _1\"></span>utili <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>le per<span class=\"_ _1\"></span>dite attuariali vengono rilevati tutti immediatamente nel conto economico.<span class=\"_ _3a1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-895": {
   "value": "11 - Pa<span class=\"_ _1\"></span>ssivit\u00e0 finan<span class=\"_ _1\"></span>ziarie <span class=\"_ _1\"></span>valutate al<span class=\"_ _1\"></span> costo amm<span class=\"_ _1\"></span>ortizza<span class=\"_ _1\"></span>to<span class=\"_ _3a1\"> </span> Crite<span class=\"_ _3a1\"> </span>ri di iscrizione<span class=\"_ _3a1\"> </span> La pri<span class=\"_ _3a1\"> </span>ma iscrizione di tali <span class=\"_ _2\"></span>passivit\u00e0 finanziarie avviene alla d<span class=\"_ _2\"></span>ata di sottoscrizione del contratto, che<span class=\"_ _3a1\"> </span> normalmente coincide con il mom<span class=\"_ _1\"></span>ento della r<span class=\"_ _1\"></span>icezione delle somme raccolte <span class=\"_ _1\"></span>o della emissione dei<span class=\"_ _3a1\"> </span> titoli di <span class=\"_ _184\"></span>debito.<span class=\"_ _3a1\"> </span> La <span class=\"_ _37\"> </span>prima <span class=\"_ _36\"> </span>iscrizione <span class=\"_ _37\"> </span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>effettuata <span class=\"_ _36\"> </span>sulla <span class=\"_ _37\"> </span>base <span class=\"_ _36\"> </span>del <span class=\"_ _37\"> </span>fair <span class=\"_ _37\"> </span>value <span class=\"_ _36\"> </span>delle <span class=\"_ _37\"> </span>pass<span class=\"_ _1\"></span>ivit\u00e0, <span class=\"_ _37\"> </span>normalmente <span class=\"_ _36\"> </span>pari<span class=\"_ _3a1\"> </span> all\u2019ammontare <span class=\"_ _37\"> </span>incassato <span class=\"_ _37\"> </span>o <span class=\"_ _37\"> </span>al <span class=\"_ _37\"> </span>prezzo <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>emissione, <span class=\"_ _37\"> </span>aumentato <span class=\"_ _37\"> </span>degli <span class=\"_ _37\"> </span>eventuali <span class=\"_ _37\"> </span>costi/proventi<span class=\"_ _3a1\"> </span> aggiuntivi <span class=\"_ _2\"></span>direttamente attribuibili <span class=\"_ _3b\"></span>alla singola op<span class=\"_ _2\"></span>erazione di <span class=\"_ _2\"></span>provvista o <span class=\"_ _3b\"></span>di emissione. <span class=\"_ _3b\"></span>Sono esclusi<span class=\"_ _3a1\"> </span> i costi interni di carattere amministrativo.<span class=\"_ _3a1\"> </span> In <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>elazione <span class=\"_ _35\"> </span>ai<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>debiti <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>leasing<span class=\"_ _2\"></span>, <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>data <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>decorrenza <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>locatario <span class=\"_ _35\"> </span>deve <span class=\"_ _0\"></span>valutare <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>debito <span class=\"_ _35\"> </span>per<span class=\"_ _3a1\"> </span> leasing al valore attuale dei pagament<span class=\"_ _1\"></span>i dovuti per il leasing non gi\u00e0 versati a tale data. I pagamenti<span class=\"_ _3a1\"> </span> dovuti per il <span class=\"_ _2\"></span>leasing sono attualizzati utilizzando il <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>asso di interesse implicito del l<span class=\"_ _2\"></span>easing<span class=\"ff5 fs3\"> </span>o, se tale<span class=\"_ _3a1\"> </span> tasso<span class=\"_ _3a1\"> </span> non pu\u00f2 essere prontamente determinato, al tasso di debito incrementale del locatario.<span class=\"_ _3a1\"> </span> In particolare<span class=\"_ _1\"></span>, la passivit\u00e0 deve essere <span class=\"_ _1\"></span>misurata utilizzando un <span class=\"_ _1\"></span>modello analogo <span class=\"_ _1\"></span>a quello <span class=\"_ _1\"></span>del costo<span class=\"_ _3a1\"> </span> ammortizzato, dal momento che deve:  \u2022 Aumentare<span class=\"_ _1\"></span> per <span class=\"_ _1\"></span>gli interessi <span class=\"_ _1\"></span>maturati nel <span class=\"_ _1\"></span>corso de<span class=\"_ _1\"></span>l periodo. Il <span class=\"_ _1\"></span>calcolo degli <span class=\"_ _1\"></span>interessi <span class=\"_ _1\"></span>avviene sulla<span class=\"_ _3a1\"> </span>base del medesimo tasso utilizzato per l\u2019attualizzazione;<span class=\"_ _3a1\"> </span> \u2022 Ridursi per i pagamenti dovuti per il leasing effett<span class=\"_ _1\"></span>uati dal locatario.<span class=\"_ _3a1\"> </span> Inoltre, <span class=\"_ _0\"></span>l\u2019imp<span class=\"_ _2\"></span>orto <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>lla <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _38\"></span>deve<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>essere <span class=\"_ _0\"></span>rivalutato <span class=\"_ _38\"></span>periodicamente, <span class=\"_ _0\"></span>al<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>fine <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _38\"></span>considerare <span class=\"_ _0\"></span>un<span class=\"_ _3a1\"> </span> eventuale cambiamento:  \u2022 Nella durata del leasing e/o in altre condizioni;<span class=\"_ _3a1\"> </span> \u2022 Nella valutazione dell\u2019opzione di acquisto del bene sottostante;<span class=\"_ _3a1\"> </span> \u2022 Nell\u2019importo atteso da pagare a tit<span class=\"_ _1\"></span>olo di garanzia del valore residuo;<span class=\"_ _3a1\"> </span> \u2022<span class=\"_ _3d\"> </span>Nei <span class=\"_ _1\"></span>futuri <span class=\"_ _1\"></span>pagamenti <span class=\"_ _1\"></span>dovuti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>leasing <span class=\"_ _1\"></span>come <span class=\"_ _1\"></span>risultato <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>variazione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>asso <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>dell\u2019indice<span class=\"_ _3a1\"> </span>utilizzato per definire l\u2019importo dei pagamenti.<span class=\"_ _3a1\"> </span> Criteri di classificazione<span class=\"_ _3a1\"> </span> I Debiti vers<span class=\"_ _1\"></span>o banche, i Debiti verso <span class=\"_ _1\"></span>clientela e <span class=\"_ _1\"></span>i Titoli in circolazione ricompre<span class=\"_ _1\"></span>ndono le varie forme<span class=\"_ _3a1\"> </span> di <span class=\"_ _0\"></span>provvista <span class=\"_ _35\"> </span>interbancaria <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>cliente<span class=\"_ _1\"></span>la, <span class=\"_ _0\"></span>le <span class=\"_ _35\"> </span>operazioni <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>pronti <span class=\"_ _0\"></span>contro <span class=\"_ _0\"> </span>te<span class=\"_ _1\"></span>rmine <span class=\"_ _0\"> </span>con <span class=\"_ _35\"> </span>obbligo <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> riacquisto <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>termine <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>raccolta <span class=\"_ _1\"></span>effe<span class=\"_ _1\"></span>ttuata <span class=\"_ _1\"></span>attraverso <span class=\"_ _38\"></span>certificati <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>deposito<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>tito<span class=\"_ _1\"></span>li <span class=\"_ _1\"></span>obbligazionari<span class=\"_ _3a1\"> </span> ed altri strumenti di raccolta in circolazione, al netto <span class=\"_ _1\"></span>degli eventuali ammontari riacquistati.<span class=\"_ _3a1\"> </span> Sono <span class=\"_ _0\"></span>inoltre <span class=\"_ _38\"></span>inclusi <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>debiti <span class=\"_ _38\"></span>iscritti <span class=\"_ _0\"></span>dall\u2019impresa <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>qualit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>loca<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ario <span class=\"_ _0\"></span>nell\u2019ambito <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>operazioni <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> leasing.<span class=\"_ _3a1\"> </span>Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span> Dopo <span class=\"_ _0\"></span>l<span class=\"_ _3a1\"> </span>a <span class=\"_ _0\"></span>rilevazione <span class=\"_ _35\"> </span>inizial<span class=\"_ _2\"></span>e, <span class=\"_ _0\"></span>le <span class=\"_ _35\"> </span>passivit\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _0\"></span>vengono <span class=\"_ _35\"> </span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>co<span class=\"_ _2\"></span>sto <span class=\"_ _0\"></span>ammort<span class=\"_ _1\"></span>izzato <span class=\"_ _0\"></span>col<span class=\"_ _3a1\"> </span> metodo del tasso di interesse effett<span class=\"_ _1\"></span>ivo.<span class=\"_ _3a1\"> </span> Fanno <span class=\"_ _1\"></span>eccezione <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>passivit\u00e0 a <span class=\"_ _38\"></span>breve termine, <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>quali il <span class=\"_ _1\"></span>fattore <span class=\"_ _1\"></span>temporale <span class=\"_ _1\"></span>risulta t<span class=\"_ _1\"></span>rascurabile,<span class=\"_ _3a1\"> </span> che rimangono iscritte per il valore incassato.<span class=\"_ _3a1\"> </span> Alla <span class=\"_ _35\"> </span>data <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>decorrenza, <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>pagamenti <span class=\"_ _35\"> </span>dovuti <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>asing, <span class=\"_ _35\"> </span>inclusi <span class=\"_ _35\"> </span>nella <span class=\"_ _35\"> </span>valutazione <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>Lease<span class=\"_ _3a1\"> </span> Liability, comprendono:  <span class=\"_ _42\"> </span><span class=\"ff4\">I pagamenti fissi, al netto di eventuali incentivi al leasing da ricever<span class=\"_ _1\"></span>e;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">I <span class=\"_ _1\"></span>pagamenti <span class=\"_ _38\"></span>variabili <span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>vuti <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>leasing, <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>dipendono <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>indice <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>tas<span class=\"_ _1\"></span>so, <span class=\"_ _1\"></span>valutati<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>inizialmente utilizzando un indice o un tasso alla dat<span class=\"_ _1\"></span>a di decorrenza;<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">Gli importi che si prevede che il locatar<span class=\"_ _1\"></span>io dovr\u00e0 pagare a titolo di garanzia del valore residuo;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">Il <span class=\"_ _35\"> </span>prezzo <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>esercizio <span class=\"_ _35\"> </span>dell'opzione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>acquisto, <span class=\"_ _35\"> </span>se <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>locatario <span class=\"_ _35\"> </span>h<span class=\"_ _3b\"></span>a  la <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>agionevole <span class=\"_ _35\"> </span>certezza <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>esercitare tale opzione;<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">I <span class=\"_ _37\"> </span>pagamenti <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>penalit\u00e0 <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>risoluzione <span class=\"_ _37\"> </span>del <span class=\"_ _37\"> </span>lea<span class=\"_ _1\"></span>sing, <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>e <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>durata <span class=\"_ _36\"> </span>del <span class=\"_ _37\"> </span>leasing <span class=\"_ _37\"> </span>tiene <span class=\"_ _37\"> </span>conto<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>dell'esercizio, da parte del locatario, dell'opzione di r<span class=\"_ _1\"></span>isoluzione del leasing.<span class=\"_ _3a1\"> </span> Devono <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>inclusi <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>Leas<span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>Liability <span class=\"_ _0\"></span>solo <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>pagamenti <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>risultano <span class=\"_ _0\"></span>non<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> versati <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>decorre<span class=\"_ _1\"></span>nza <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>contratto. <span class=\"_ _1\"></span>La <span class=\"_ _1\"></span>Lease <span class=\"_ _38\"></span>Liability d<span class=\"_ _1\"></span>eve <span class=\"_ _1\"></span>essere <span class=\"_ _1\"></span>rivalutata <span class=\"_ _1\"></span>quando <span class=\"_ _1\"></span>vi <span class=\"_ _1\"></span>\u00e8<span class=\"_ _3a1\"> </span> una <span class=\"_ _43\"> </span>lease <span class=\"_ _43\"> </span>modification <span class=\"_ _43\"> </span>(e.g. <span class=\"_ _43\"> </span>una <span class=\"_ _43\"> </span>modifica <span class=\"_ _43\"> </span>del <span class=\"_ _43\"> </span>perimetro <span class=\"_ _43\"> </span>del <span class=\"_ _43\"> </span>contratto), <span class=\"_ _43\"> </span>che <span class=\"_ _43\"> </span>non <span class=\"_ _69\"> </span>\u00e8<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> contabilizzata/considerata come contratto<span class=\"_ _1\"></span> separato (IFRS 16.36 c).<span class=\"_ _3a1\"> </span> Il <span class=\"_ _35\"> </span>locatario <span class=\"_ _35\"> </span>deve <span class=\"_ _35\"> </span>rivalutare <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>pagamenti <span class=\"_ _35\"> </span>dovuti <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>leasing <span class=\"_ _35\"> </span>(e<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>quindi <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>Lease <span class=\"_ _35\"> </span>Liability), <span class=\"_ _35\"> </span>anche<span class=\"_ _3a1\"> </span> qualora intervenga una delle seguenti variazioni:<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">La durata del contratto di leasing;<span class=\"_ _3a1\"> </span></span><span class=\"_ _42\"> </span><span class=\"ff4\">La valutazione ci<span class=\"_ _2\"></span>rca la ragionevol<span class=\"_ _2\"></span>e certezza di <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>sercizio, da p<span class=\"_ _2\"></span>arte d<span class=\"_ _2\"></span>el locatario, dell\u2019opzi<span class=\"_ _2\"></span>one di<span class=\"_ _3a1\"> </span></span>acquisto del bene sottostante;<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">Gli importi che si prevede il locatario dovr\u00e0 <span class=\"_ _1\"></span>pagare a titolo di garanzie del valore residuo;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">I futuri pagamenti dovuti per il leasing dipendenti da una variazione<span class=\"_ _1\"></span> dell\u2019indice o del tasso.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">In-substance fixed lease payments.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span> Le <span class=\"_ _37\"> </span>passivit\u00e0 <span class=\"_ _37\"> </span>finanziarie<span class=\"_ _3a1\"> </span> <span class=\"_ _37\"> </span>sono <span class=\"_ _37\"> </span>cancellate <span class=\"_ _37\"> </span>dal <span class=\"_ _37\"> </span>bilancio<span class=\"_ _3a1\"> </span>qu<span class=\"_ _3a1\"> </span>an<span class=\"_ _3a1\"> </span>do <span class=\"_ _37\"> </span>risultano <span class=\"_ _37\"> </span>scadute <span class=\"_ _37\"> </span>o <span class=\"_ _37\"> </span>estinte. <span class=\"_ _37\"> </span>La<span class=\"_ _3a1\"> </span> cancellazione <span class=\"_ _0\"> </span>a<span class=\"_ _1\"></span>vviene <span class=\"_ _35\"> </span>anche <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>presenza <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>riacquisto <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>tito<span class=\"_ _1\"></span>li <span class=\"_ _0\"></span>obbligazionari <span class=\"_ _35\"> </span>precedentemente<span class=\"_ _3a1\"> </span> emessi. L<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>differenza <span class=\"_ _3b\"></span>tra v<span class=\"_ _2\"></span>alore <span class=\"_ _2\"></span>contabile <span class=\"_ _3b\"></span>della p<span class=\"_ _2\"></span>assivit\u00e0 <span class=\"_ _3b\"></span>e l\u2019ammon<span class=\"_ _2\"></span>tare co<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>risposto <span class=\"_ _2\"></span>per <span class=\"_ _3b\"></span>acquistarla<span class=\"_ _3a1\"> </span> viene registrata a Conto Economico.<span class=\"_ _3a1\"> </span> Il <span class=\"_ _3b\"></span>ricollocament<span class=\"_ _1\"></span>o su<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>mercato di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>titoli <span class=\"_ _3b\"></span>propri successivamente <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>loro riacquisto <span class=\"_ _3b\"></span>\u00e8 considerato <span class=\"_ _3b\"></span>come<span class=\"_ _3a1\"> </span> una nuova emissione con iscrizione al nuovo prezzo di collocame<span class=\"_ _1\"></span>nto. 12 - Pa<span class=\"_ _1\"></span>ssivit\u00e0 fin<span class=\"_ _1\"></span>anziarie di<span class=\"_ _1\"></span> negoziaz<span class=\"_ _1\"></span>ione Crite<span class=\"_ _3a1\"> </span>ri di iscrizione Gli <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>trumenti <span class=\"_ _1\"></span>finanziari <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>oggetto <span class=\"_ _38\"></span>sono <span class=\"_ _1\"></span>iscritti <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>sottoscrizione <span class=\"_ _38\"></span>o <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>emissione ad <span class=\"_ _35\"> </span>un <span class=\"_ _0\"></span>valore <span class=\"_ _35\"> </span>pari <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>fair<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>value <span class=\"_ _35\"> </span>d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>llo <span class=\"_ _35\"> </span>strumento, <span class=\"_ _0\"></span>se<span class=\"_ _1\"></span>nza <span class=\"_ _35\"> </span>considerare <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>ventuali <span class=\"_ _0\"></span>cos<span class=\"_ _1\"></span>ti <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>proventi <span class=\"_ _35\"> </span>di transazione direttamente attribuibili agli strumenti stess<span class=\"_ _1\"></span>i. In tale categoria di passivit\u00e0 <span class=\"_ _1\"></span>sono, in particolare<span class=\"_ _1\"></span>, inclusi i contratti der<span class=\"_ _1\"></span>ivati di trading con fair valu<span class=\"_ _1\"></span>e negativo, nonch\u00e9 i derivati impliciti con fair valu<span class=\"_ _2\"></span>e negativo presenti in contratti complessi - in cui<span class=\"_ _2\"></span> il contratto <span class=\"_ _38\"></span>primario <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _38\"></span>finanziaria <span class=\"_ _38\"></span>- <span class=\"_ _38\"></span>ma <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>rettamente <span class=\"_ _38\"></span>correlati <span class=\"_ _38\"></span>agli <span class=\"_ _38\"></span>stessi. <span class=\"_ _1\"></span>Inoltr<span class=\"_ _1\"></span>e, sono <span class=\"_ _1\"></span>incluse <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>passivit\u00e0 <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>originano <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>scoperti <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ecnici <span class=\"_ _1\"></span>generati <span class=\"_ _1\"></span>dall\u2019attivit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>negoziazione di titoli. Criteri di valuta<span class=\"_ _1\"></span>zione Tutte <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>negoziazione <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>fair <span class=\"_ _38\"></span>v<span class=\"_ _3a1\"> </span>alue <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>imp<span class=\"_ _2\"></span>utazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>risultato <span class=\"_ _0\"></span>della valutazione nel Conto Economico. Criteri di cancel<span class=\"_ _1\"></span>lazione Le <span class=\"_ _36\"> </span>Passivit\u00e0 <span class=\"_ _36\"> </span>finanziarie <span class=\"_ _36\"> </span>detenute <span class=\"_ _39\"> </span>per <span class=\"_ _36\"> </span>negoziazione <span class=\"_ _36\"> </span>vengono <span class=\"_ _36\"> </span>cancellate <span class=\"_ _36\"> </span>dal <span class=\"_ _36\"> </span>bilancio <span class=\"_ _36\"> </span>quando scadono <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>diritti <span class=\"_ _38\"></span>contrattuali <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ui <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>elativi <span class=\"_ _38\"></span>flussi <span class=\"_ _38\"></span>finanziari <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>quando <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>pass<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _1\"></span>finanziaria <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>ce<span class=\"_ _1\"></span>duta con trasferimento sostanziale di tutti i rischi ed i benefici derivanti dalla proprie<span class=\"_ _1\"></span>t\u00e0 della s<span class=\"_ _2\"></span>tessa.<span class=\"_ _3a1\"> </span>13 - Pas<span class=\"_ _1\"></span>sivit\u00e0 fin<span class=\"_ _1\"></span>anziarie d<span class=\"_ _1\"></span>esignate<span class=\"_ _1\"></span> al fair<span class=\"_ _1\"></span> value<span class=\"_ _3a1\"> </span>Crite<span class=\"_ _3a1\"> </span>ri di iscrizione<span class=\"_ _3a1\"> </span>L\u2019iscrizione di t<span class=\"_ _1\"></span>ali passivit\u00e0 avviene <span class=\"_ _1\"></span>alla dat<span class=\"_ _1\"></span>a di emissione <span class=\"_ _1\"></span>in misura par<span class=\"_ _1\"></span>i al loro fair <span class=\"_ _1\"></span>value, incluso il<span class=\"_ _3a1\"> </span>valore dell\u2019eventuale derivato embedded e al netto de<span class=\"_ _1\"></span>lle commissioni di collocamento pagate.<span class=\"_ _3a1\"> </span>Criteri di classificazione<span class=\"_ _3a1\"> </span>Formano <span class=\"_ _1\"></span>oggetto <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rilevazione <span class=\"_ _1\"></span>nella <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>sente <span class=\"_ _1\"></span>voce <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>pass<span class=\"_ _3a1\"> </span>ivit\u00e0 finanziarie <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>signate <span class=\"_ _1\"></span>al <span class=\"_ _38\"></span>fair <span class=\"_ _1\"></span>value<span class=\"_ _3a1\"> </span>con contropartita in Conto <span class=\"_ _1\"></span>Economico, sulla base della facolt\u00e0 riconosciuta alle imprese <span class=\"_ _1\"></span>(c.d. \u201cfair<span class=\"_ _3a1\"> </span>value option\u201d) dall\u2019IFRS 9 e nel rispetto delle casistiche previste dalla normat<span class=\"_ _1\"></span>iva di riferimento.<span class=\"_ _3a1\"> </span>Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span>Tali <span class=\"_ _1\"></span>passivit\u00e0 <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _1\"></span>valutate <span class=\"_ _38\"></span>al <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _38\"></span>con <span class=\"_ _1\"></span>imputazione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>risultat<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>secondo <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>seguenti <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>gole<span class=\"_ _3a1\"> </span>previste dall\u2019IFRS 9:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">le  variazioni <span class=\"_ _35\"> </span>di  fair <span class=\"_ _35\"> </span>value  che <span class=\"_ _35\"> </span>sono  attribu<span class=\"_ _2\"></span>ibili  alla <span class=\"_ _35\"> </span>variazione  del  proprio<span class=\"_ _2\"></span>  merito <span class=\"_ _35\"> </span>creditizio<span class=\"_ _3a1\"> </span></span>devono essere rilevate nel Prospetto della redditivit\u00e0 compless<span class=\"_ _1\"></span>iva (Patrimonio netto);<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">le restanti variazioni di fair value devono essere rilevate ne<span class=\"_ _1\"></span>l Conto Economico.<span class=\"_ _3a1\"> </span></span>Gli <span class=\"_ _35\"> </span>importi  rilevati <span class=\"_ _35\"> </span>nel  P<span class=\"_ _2\"></span>rospetto  della <span class=\"_ _35\"> </span>redditivit\u00e0  c<span class=\"_ _2\"></span>omplessiva <span class=\"_ _35\"> </span>non  rigirano <span class=\"_ _35\"> </span>successivamente <span class=\"_ _35\"> </span>a<span class=\"_ _3a1\"> </span>conto <span class=\"_ _36\"> </span>economico. <span class=\"_ _36\"> </span>Tale <span class=\"_ _36\"> </span>modalit\u00e0 <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>contabilizzazione <span class=\"_ _36\"> </span>non <span class=\"_ _39\"> </span>deve <span class=\"_ _37\"> </span>es<span class=\"_ _1\"></span>sere <span class=\"_ _36\"> </span>applicata <span class=\"_ _36\"> </span>qualora <span class=\"_ _36\"> </span>la<span class=\"_ _3a1\"> </span>rilevazione <span class=\"_ _0\"></span>degli <span class=\"_ _38\"></span>effetti <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>proprio <span class=\"_ _38\"></span>merito <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>credito <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>Patrimonio <span class=\"_ _38\"></span>netto <span class=\"_ _0\"></span>determini <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>accentui <span class=\"_ _38\"></span>un<span class=\"_ _3a1\"> </span>accounting mismatch <span class=\"_ _1\"></span>a co<span class=\"_ _1\"></span>nto economico. <span class=\"_ _1\"></span>In quest<span class=\"_ _1\"></span>o caso<span class=\"_ _1\"></span> gli <span class=\"_ _1\"></span>utili o <span class=\"_ _1\"></span>le per<span class=\"_ _1\"></span>dite legate <span class=\"_ _1\"></span>alla pass<span class=\"_ _1\"></span>ivit\u00e0,<span class=\"_ _3a1\"> </span>incluse  qu<span class=\"_ _2\"></span>elle  che  si <span class=\"_ _35\"> </span>dete<span class=\"_ _1\"></span>rminano  come  effetto  d<span class=\"_ _2\"></span>ella  variazione  d<span class=\"_ _2\"></span>el  proprio  merito  c<span class=\"_ _3b\"></span>re<span class=\"_ _1\"></span>ditizio,<span class=\"_ _3a1\"> </span>devono essere rilevate a conto economico.<span class=\"_ _3a1\"> </span>Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span>Le <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _35\"> </span>finanzi<span class=\"_ _2\"></span>arie <span class=\"_ _35\"> </span>valu<span class=\"_ _2\"></span>tate <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _35\"> </span>vengono <span class=\"_ _0\"></span>ca<span class=\"_ _3a1\"> </span>ncellate <span class=\"_ _35\"> </span>dal <span class=\"_ _0\"></span>bilancio <span class=\"_ _0\"></span>quando <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>cadono <span class=\"_ _35\"> </span>i<span class=\"_ _3a1\"> </span>diritti <span class=\"_ _35\"> </span>contrattuali <span class=\"_ _35\"> </span>sui <span class=\"_ _0\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _35\"> </span>flussi <span class=\"_ _0\"> </span>finanziari <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>quando <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>esta <span class=\"_ _35\"> </span>viene <span class=\"_ _35\"> </span>estinta, <span class=\"_ _35\"> </span>ovverosia <span class=\"_ _35\"> </span>quand<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span>l'obbligazione specificata nel contratto \u00e8 <span class=\"_ _1\"></span>adempiuta o cancellata o scaduta.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-866": {
   "value": "11 - Pa<span class=\"_ _1\"></span>ssivit\u00e0 finan<span class=\"_ _1\"></span>ziarie <span class=\"_ _1\"></span>valutate al<span class=\"_ _1\"></span> costo amm<span class=\"_ _1\"></span>ortizza<span class=\"_ _1\"></span>to<span class=\"_ _3a1\"> </span> Crite<span class=\"_ _3a1\"> </span>ri di iscrizione<span class=\"_ _3a1\"> </span> La pri<span class=\"_ _3a1\"> </span>ma iscrizione di tali <span class=\"_ _2\"></span>passivit\u00e0 finanziarie avviene alla d<span class=\"_ _2\"></span>ata di sottoscrizione del contratto, che<span class=\"_ _3a1\"> </span> normalmente coincide con il mom<span class=\"_ _1\"></span>ento della r<span class=\"_ _1\"></span>icezione delle somme raccolte <span class=\"_ _1\"></span>o della emissione dei<span class=\"_ _3a1\"> </span> titoli di <span class=\"_ _184\"></span>debito.<span class=\"_ _3a1\"> </span> La <span class=\"_ _37\"> </span>prima <span class=\"_ _36\"> </span>iscrizione <span class=\"_ _37\"> </span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>effettuata <span class=\"_ _36\"> </span>sulla <span class=\"_ _37\"> </span>base <span class=\"_ _36\"> </span>del <span class=\"_ _37\"> </span>fair <span class=\"_ _37\"> </span>value <span class=\"_ _36\"> </span>delle <span class=\"_ _37\"> </span>pass<span class=\"_ _1\"></span>ivit\u00e0, <span class=\"_ _37\"> </span>normalmente <span class=\"_ _36\"> </span>pari<span class=\"_ _3a1\"> </span> all\u2019ammontare <span class=\"_ _37\"> </span>incassato <span class=\"_ _37\"> </span>o <span class=\"_ _37\"> </span>al <span class=\"_ _37\"> </span>prezzo <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>emissione, <span class=\"_ _37\"> </span>aumentato <span class=\"_ _37\"> </span>degli <span class=\"_ _37\"> </span>eventuali <span class=\"_ _37\"> </span>costi/proventi<span class=\"_ _3a1\"> </span> aggiuntivi <span class=\"_ _2\"></span>direttamente attribuibili <span class=\"_ _3b\"></span>alla singola op<span class=\"_ _2\"></span>erazione di <span class=\"_ _2\"></span>provvista o <span class=\"_ _3b\"></span>di emissione. <span class=\"_ _3b\"></span>Sono esclusi<span class=\"_ _3a1\"> </span> i costi interni di carattere amministrativo.<span class=\"_ _3a1\"> </span> In <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>elazione <span class=\"_ _35\"> </span>ai<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>debiti <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>leasing<span class=\"_ _2\"></span>, <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>data <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>decorrenza <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>locatario <span class=\"_ _35\"> </span>deve <span class=\"_ _0\"></span>valutare <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>debito <span class=\"_ _35\"> </span>per<span class=\"_ _3a1\"> </span> leasing al valore attuale dei pagament<span class=\"_ _1\"></span>i dovuti per il leasing non gi\u00e0 versati a tale data. I pagamenti<span class=\"_ _3a1\"> </span> dovuti per il <span class=\"_ _2\"></span>leasing sono attualizzati utilizzando il <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>asso di interesse implicito del l<span class=\"_ _2\"></span>easing<span class=\"ff5 fs3\"> </span>o, se tale<span class=\"_ _3a1\"> </span> tasso<span class=\"_ _3a1\"> </span> non pu\u00f2 essere prontamente determinato, al tasso di debito incrementale del locatario.<span class=\"_ _3a1\"> </span> In particolare<span class=\"_ _1\"></span>, la passivit\u00e0 deve essere <span class=\"_ _1\"></span>misurata utilizzando un <span class=\"_ _1\"></span>modello analogo <span class=\"_ _1\"></span>a quello <span class=\"_ _1\"></span>del costo<span class=\"_ _3a1\"> </span> ammortizzato, dal momento che deve:  \u2022 Aumentare<span class=\"_ _1\"></span> per <span class=\"_ _1\"></span>gli interessi <span class=\"_ _1\"></span>maturati nel <span class=\"_ _1\"></span>corso de<span class=\"_ _1\"></span>l periodo. Il <span class=\"_ _1\"></span>calcolo degli <span class=\"_ _1\"></span>interessi <span class=\"_ _1\"></span>avviene sulla<span class=\"_ _3a1\"> </span>base del medesimo tasso utilizzato per l\u2019attualizzazione;<span class=\"_ _3a1\"> </span> \u2022 Ridursi per i pagamenti dovuti per il leasing effett<span class=\"_ _1\"></span>uati dal locatario.<span class=\"_ _3a1\"> </span> Inoltre, <span class=\"_ _0\"></span>l\u2019imp<span class=\"_ _2\"></span>orto <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>lla <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _38\"></span>deve<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>essere <span class=\"_ _0\"></span>rivalutato <span class=\"_ _38\"></span>periodicamente, <span class=\"_ _0\"></span>al<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>fine <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _38\"></span>considerare <span class=\"_ _0\"></span>un<span class=\"_ _3a1\"> </span> eventuale cambiamento:  \u2022 Nella durata del leasing e/o in altre condizioni;<span class=\"_ _3a1\"> </span> \u2022 Nella valutazione dell\u2019opzione di acquisto del bene sottostante;<span class=\"_ _3a1\"> </span> \u2022 Nell\u2019importo atteso da pagare a tit<span class=\"_ _1\"></span>olo di garanzia del valore residuo;<span class=\"_ _3a1\"> </span> \u2022<span class=\"_ _3d\"> </span>Nei <span class=\"_ _1\"></span>futuri <span class=\"_ _1\"></span>pagamenti <span class=\"_ _1\"></span>dovuti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>leasing <span class=\"_ _1\"></span>come <span class=\"_ _1\"></span>risultato <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>variazione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>asso <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>dell\u2019indice<span class=\"_ _3a1\"> </span>utilizzato per definire l\u2019importo dei pagamenti.<span class=\"_ _3a1\"> </span> Criteri di classificazione<span class=\"_ _3a1\"> </span> I Debiti vers<span class=\"_ _1\"></span>o banche, i Debiti verso <span class=\"_ _1\"></span>clientela e <span class=\"_ _1\"></span>i Titoli in circolazione ricompre<span class=\"_ _1\"></span>ndono le varie forme<span class=\"_ _3a1\"> </span> di <span class=\"_ _0\"></span>provvista <span class=\"_ _35\"> </span>interbancaria <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>cliente<span class=\"_ _1\"></span>la, <span class=\"_ _0\"></span>le <span class=\"_ _35\"> </span>operazioni <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>pronti <span class=\"_ _0\"></span>contro <span class=\"_ _0\"> </span>te<span class=\"_ _1\"></span>rmine <span class=\"_ _0\"> </span>con <span class=\"_ _35\"> </span>obbligo <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> riacquisto <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>termine <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>raccolta <span class=\"_ _1\"></span>effe<span class=\"_ _1\"></span>ttuata <span class=\"_ _1\"></span>attraverso <span class=\"_ _38\"></span>certificati <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>deposito<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>tito<span class=\"_ _1\"></span>li <span class=\"_ _1\"></span>obbligazionari<span class=\"_ _3a1\"> </span> ed altri strumenti di raccolta in circolazione, al netto <span class=\"_ _1\"></span>degli eventuali ammontari riacquistati.<span class=\"_ _3a1\"> </span> Sono <span class=\"_ _0\"></span>inoltre <span class=\"_ _38\"></span>inclusi <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>debiti <span class=\"_ _38\"></span>iscritti <span class=\"_ _0\"></span>dall\u2019impresa <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>qualit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>loca<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ario <span class=\"_ _0\"></span>nell\u2019ambito <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>operazioni <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> leasing.<span class=\"_ _3a1\"> </span>Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span> Dopo <span class=\"_ _0\"></span>l<span class=\"_ _3a1\"> </span>a <span class=\"_ _0\"></span>rilevazione <span class=\"_ _35\"> </span>inizial<span class=\"_ _2\"></span>e, <span class=\"_ _0\"></span>le <span class=\"_ _35\"> </span>passivit\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _0\"></span>vengono <span class=\"_ _35\"> </span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>co<span class=\"_ _2\"></span>sto <span class=\"_ _0\"></span>ammort<span class=\"_ _1\"></span>izzato <span class=\"_ _0\"></span>col<span class=\"_ _3a1\"> </span> metodo del tasso di interesse effett<span class=\"_ _1\"></span>ivo.<span class=\"_ _3a1\"> </span> Fanno <span class=\"_ _1\"></span>eccezione <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>passivit\u00e0 a <span class=\"_ _38\"></span>breve termine, <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>quali il <span class=\"_ _1\"></span>fattore <span class=\"_ _1\"></span>temporale <span class=\"_ _1\"></span>risulta t<span class=\"_ _1\"></span>rascurabile,<span class=\"_ _3a1\"> </span> che rimangono iscritte per il valore incassato.<span class=\"_ _3a1\"> </span> Alla <span class=\"_ _35\"> </span>data <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>decorrenza, <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>pagamenti <span class=\"_ _35\"> </span>dovuti <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>asing, <span class=\"_ _35\"> </span>inclusi <span class=\"_ _35\"> </span>nella <span class=\"_ _35\"> </span>valutazione <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>Lease<span class=\"_ _3a1\"> </span> Liability, comprendono:  <span class=\"_ _42\"> </span><span class=\"ff4\">I pagamenti fissi, al netto di eventuali incentivi al leasing da ricever<span class=\"_ _1\"></span>e;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">I <span class=\"_ _1\"></span>pagamenti <span class=\"_ _38\"></span>variabili <span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>vuti <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>leasing, <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>dipendono <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>indice <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>tas<span class=\"_ _1\"></span>so, <span class=\"_ _1\"></span>valutati<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>inizialmente utilizzando un indice o un tasso alla dat<span class=\"_ _1\"></span>a di decorrenza;<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">Gli importi che si prevede che il locatar<span class=\"_ _1\"></span>io dovr\u00e0 pagare a titolo di garanzia del valore residuo;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">Il <span class=\"_ _35\"> </span>prezzo <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>esercizio <span class=\"_ _35\"> </span>dell'opzione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>acquisto, <span class=\"_ _35\"> </span>se <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>locatario <span class=\"_ _35\"> </span>h<span class=\"_ _3b\"></span>a  la <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>agionevole <span class=\"_ _35\"> </span>certezza <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>esercitare tale opzione;<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">I <span class=\"_ _37\"> </span>pagamenti <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>penalit\u00e0 <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>risoluzione <span class=\"_ _37\"> </span>del <span class=\"_ _37\"> </span>lea<span class=\"_ _1\"></span>sing, <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>e <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>durata <span class=\"_ _36\"> </span>del <span class=\"_ _37\"> </span>leasing <span class=\"_ _37\"> </span>tiene <span class=\"_ _37\"> </span>conto<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>dell'esercizio, da parte del locatario, dell'opzione di r<span class=\"_ _1\"></span>isoluzione del leasing.<span class=\"_ _3a1\"> </span> Devono <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>inclusi <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>Leas<span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>Liability <span class=\"_ _0\"></span>solo <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>pagamenti <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>risultano <span class=\"_ _0\"></span>non<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> versati <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>decorre<span class=\"_ _1\"></span>nza <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>contratto. <span class=\"_ _1\"></span>La <span class=\"_ _1\"></span>Lease <span class=\"_ _38\"></span>Liability d<span class=\"_ _1\"></span>eve <span class=\"_ _1\"></span>essere <span class=\"_ _1\"></span>rivalutata <span class=\"_ _1\"></span>quando <span class=\"_ _1\"></span>vi <span class=\"_ _1\"></span>\u00e8<span class=\"_ _3a1\"> </span> una <span class=\"_ _43\"> </span>lease <span class=\"_ _43\"> </span>modification <span class=\"_ _43\"> </span>(e.g. <span class=\"_ _43\"> </span>una <span class=\"_ _43\"> </span>modifica <span class=\"_ _43\"> </span>del <span class=\"_ _43\"> </span>perimetro <span class=\"_ _43\"> </span>del <span class=\"_ _43\"> </span>contratto), <span class=\"_ _43\"> </span>che <span class=\"_ _43\"> </span>non <span class=\"_ _69\"> </span>\u00e8<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> contabilizzata/considerata come contratto<span class=\"_ _1\"></span> separato (IFRS 16.36 c).<span class=\"_ _3a1\"> </span> Il <span class=\"_ _35\"> </span>locatario <span class=\"_ _35\"> </span>deve <span class=\"_ _35\"> </span>rivalutare <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>pagamenti <span class=\"_ _35\"> </span>dovuti <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>leasing <span class=\"_ _35\"> </span>(e<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>quindi <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>Lease <span class=\"_ _35\"> </span>Liability), <span class=\"_ _35\"> </span>anche<span class=\"_ _3a1\"> </span> qualora intervenga una delle seguenti variazioni:<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">La durata del contratto di leasing;<span class=\"_ _3a1\"> </span></span><span class=\"_ _42\"> </span><span class=\"ff4\">La valutazione ci<span class=\"_ _2\"></span>rca la ragionevol<span class=\"_ _2\"></span>e certezza di <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>sercizio, da p<span class=\"_ _2\"></span>arte d<span class=\"_ _2\"></span>el locatario, dell\u2019opzi<span class=\"_ _2\"></span>one di<span class=\"_ _3a1\"> </span></span>acquisto del bene sottostante;<span class=\"_ _3a1\"> </span> <span class=\"_ _42\"> </span><span class=\"ff4\">Gli importi che si prevede il locatario dovr\u00e0 <span class=\"_ _1\"></span>pagare a titolo di garanzie del valore residuo;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">I futuri pagamenti dovuti per il leasing dipendenti da una variazione<span class=\"_ _1\"></span> dell\u2019indice o del tasso.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">In-substance fixed lease payments.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span> Le <span class=\"_ _37\"> </span>passivit\u00e0 <span class=\"_ _37\"> </span>finanziarie<span class=\"_ _3a1\"> </span> <span class=\"_ _37\"> </span>sono <span class=\"_ _37\"> </span>cancellate <span class=\"_ _37\"> </span>dal <span class=\"_ _37\"> </span>bilancio<span class=\"_ _3a1\"> </span>qu<span class=\"_ _3a1\"> </span>an<span class=\"_ _3a1\"> </span>do <span class=\"_ _37\"> </span>risultano <span class=\"_ _37\"> </span>scadute <span class=\"_ _37\"> </span>o <span class=\"_ _37\"> </span>estinte. <span class=\"_ _37\"> </span>La<span class=\"_ _3a1\"> </span> cancellazione <span class=\"_ _0\"> </span>a<span class=\"_ _1\"></span>vviene <span class=\"_ _35\"> </span>anche <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>presenza <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>riacquisto <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>tito<span class=\"_ _1\"></span>li <span class=\"_ _0\"></span>obbligazionari <span class=\"_ _35\"> </span>precedentemente<span class=\"_ _3a1\"> </span> emessi. L<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>differenza <span class=\"_ _3b\"></span>tra v<span class=\"_ _2\"></span>alore <span class=\"_ _2\"></span>contabile <span class=\"_ _3b\"></span>della p<span class=\"_ _2\"></span>assivit\u00e0 <span class=\"_ _3b\"></span>e l\u2019ammon<span class=\"_ _2\"></span>tare co<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>risposto <span class=\"_ _2\"></span>per <span class=\"_ _3b\"></span>acquistarla<span class=\"_ _3a1\"> </span> viene registrata a Conto Economico.<span class=\"_ _3a1\"> </span> Il <span class=\"_ _3b\"></span>ricollocament<span class=\"_ _1\"></span>o su<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>mercato di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>titoli <span class=\"_ _3b\"></span>propri successivamente <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>loro riacquisto <span class=\"_ _3b\"></span>\u00e8 considerato <span class=\"_ _3b\"></span>come<span class=\"_ _3a1\"> </span> una nuova emissione con iscrizione al nuovo prezzo di collocame<span class=\"_ _1\"></span>nto. 12 - Pa<span class=\"_ _1\"></span>ssivit\u00e0 fin<span class=\"_ _1\"></span>anziarie di<span class=\"_ _1\"></span> negoziaz<span class=\"_ _1\"></span>ione Crite<span class=\"_ _3a1\"> </span>ri di iscrizione Gli <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>trumenti <span class=\"_ _1\"></span>finanziari <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>oggetto <span class=\"_ _38\"></span>sono <span class=\"_ _1\"></span>iscritti <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>sottoscrizione <span class=\"_ _38\"></span>o <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>emissione ad <span class=\"_ _35\"> </span>un <span class=\"_ _0\"></span>valore <span class=\"_ _35\"> </span>pari <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>fair<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>value <span class=\"_ _35\"> </span>d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>llo <span class=\"_ _35\"> </span>strumento, <span class=\"_ _0\"></span>se<span class=\"_ _1\"></span>nza <span class=\"_ _35\"> </span>considerare <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>ventuali <span class=\"_ _0\"></span>cos<span class=\"_ _1\"></span>ti <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>proventi <span class=\"_ _35\"> </span>di transazione direttamente attribuibili agli strumenti stess<span class=\"_ _1\"></span>i. In tale categoria di passivit\u00e0 <span class=\"_ _1\"></span>sono, in particolare<span class=\"_ _1\"></span>, inclusi i contratti der<span class=\"_ _1\"></span>ivati di trading con fair valu<span class=\"_ _1\"></span>e negativo, nonch\u00e9 i derivati impliciti con fair valu<span class=\"_ _2\"></span>e negativo presenti in contratti complessi - in cui<span class=\"_ _2\"></span> il contratto <span class=\"_ _38\"></span>primario <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _38\"></span>finanziaria <span class=\"_ _38\"></span>- <span class=\"_ _38\"></span>ma <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>rettamente <span class=\"_ _38\"></span>correlati <span class=\"_ _38\"></span>agli <span class=\"_ _38\"></span>stessi. <span class=\"_ _1\"></span>Inoltr<span class=\"_ _1\"></span>e, sono <span class=\"_ _1\"></span>incluse <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>passivit\u00e0 <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>originano <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>scoperti <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ecnici <span class=\"_ _1\"></span>generati <span class=\"_ _1\"></span>dall\u2019attivit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>negoziazione di titoli. Criteri di valuta<span class=\"_ _1\"></span>zione Tutte <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>negoziazione <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>fair <span class=\"_ _38\"></span>v<span class=\"_ _3a1\"> </span>alue <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>imp<span class=\"_ _2\"></span>utazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>risultato <span class=\"_ _0\"></span>della valutazione nel Conto Economico. Criteri di cancel<span class=\"_ _1\"></span>lazione Le <span class=\"_ _36\"> </span>Passivit\u00e0 <span class=\"_ _36\"> </span>finanziarie <span class=\"_ _36\"> </span>detenute <span class=\"_ _39\"> </span>per <span class=\"_ _36\"> </span>negoziazione <span class=\"_ _36\"> </span>vengono <span class=\"_ _36\"> </span>cancellate <span class=\"_ _36\"> </span>dal <span class=\"_ _36\"> </span>bilancio <span class=\"_ _36\"> </span>quando scadono <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>diritti <span class=\"_ _38\"></span>contrattuali <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ui <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>elativi <span class=\"_ _38\"></span>flussi <span class=\"_ _38\"></span>finanziari <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>quando <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>pass<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _1\"></span>finanziaria <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>ce<span class=\"_ _1\"></span>duta con trasferimento sostanziale di tutti i rischi ed i benefici derivanti dalla proprie<span class=\"_ _1\"></span>t\u00e0 della s<span class=\"_ _2\"></span>tessa.<span class=\"_ _3a1\"> </span>13 - Pas<span class=\"_ _1\"></span>sivit\u00e0 fin<span class=\"_ _1\"></span>anziarie d<span class=\"_ _1\"></span>esignate<span class=\"_ _1\"></span> al fair<span class=\"_ _1\"></span> value<span class=\"_ _3a1\"> </span>Crite<span class=\"_ _3a1\"> </span>ri di iscrizione<span class=\"_ _3a1\"> </span>L\u2019iscrizione di t<span class=\"_ _1\"></span>ali passivit\u00e0 avviene <span class=\"_ _1\"></span>alla dat<span class=\"_ _1\"></span>a di emissione <span class=\"_ _1\"></span>in misura par<span class=\"_ _1\"></span>i al loro fair <span class=\"_ _1\"></span>value, incluso il<span class=\"_ _3a1\"> </span>valore dell\u2019eventuale derivato embedded e al netto de<span class=\"_ _1\"></span>lle commissioni di collocamento pagate.<span class=\"_ _3a1\"> </span>Criteri di classificazione<span class=\"_ _3a1\"> </span>Formano <span class=\"_ _1\"></span>oggetto <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rilevazione <span class=\"_ _1\"></span>nella <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>sente <span class=\"_ _1\"></span>voce <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>pass<span class=\"_ _3a1\"> </span>ivit\u00e0 finanziarie <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>signate <span class=\"_ _1\"></span>al <span class=\"_ _38\"></span>fair <span class=\"_ _1\"></span>value<span class=\"_ _3a1\"> </span>con contropartita in Conto <span class=\"_ _1\"></span>Economico, sulla base della facolt\u00e0 riconosciuta alle imprese <span class=\"_ _1\"></span>(c.d. \u201cfair<span class=\"_ _3a1\"> </span>value option\u201d) dall\u2019IFRS 9 e nel rispetto delle casistiche previste dalla normat<span class=\"_ _1\"></span>iva di riferimento.<span class=\"_ _3a1\"> </span>Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span>Tali <span class=\"_ _1\"></span>passivit\u00e0 <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _1\"></span>valutate <span class=\"_ _38\"></span>al <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _38\"></span>con <span class=\"_ _1\"></span>imputazione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>risultat<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>secondo <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>seguenti <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>gole<span class=\"_ _3a1\"> </span>previste dall\u2019IFRS 9:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">le  variazioni <span class=\"_ _35\"> </span>di  fair <span class=\"_ _35\"> </span>value  che <span class=\"_ _35\"> </span>sono  attribu<span class=\"_ _2\"></span>ibili  alla <span class=\"_ _35\"> </span>variazione  del  proprio<span class=\"_ _2\"></span>  merito <span class=\"_ _35\"> </span>creditizio<span class=\"_ _3a1\"> </span></span>devono essere rilevate nel Prospetto della redditivit\u00e0 compless<span class=\"_ _1\"></span>iva (Patrimonio netto);<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">le restanti variazioni di fair value devono essere rilevate ne<span class=\"_ _1\"></span>l Conto Economico.<span class=\"_ _3a1\"> </span></span>Gli <span class=\"_ _35\"> </span>importi  rilevati <span class=\"_ _35\"> </span>nel  P<span class=\"_ _2\"></span>rospetto  della <span class=\"_ _35\"> </span>redditivit\u00e0  c<span class=\"_ _2\"></span>omplessiva <span class=\"_ _35\"> </span>non  rigirano <span class=\"_ _35\"> </span>successivamente <span class=\"_ _35\"> </span>a<span class=\"_ _3a1\"> </span>conto <span class=\"_ _36\"> </span>economico. <span class=\"_ _36\"> </span>Tale <span class=\"_ _36\"> </span>modalit\u00e0 <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>contabilizzazione <span class=\"_ _36\"> </span>non <span class=\"_ _39\"> </span>deve <span class=\"_ _37\"> </span>es<span class=\"_ _1\"></span>sere <span class=\"_ _36\"> </span>applicata <span class=\"_ _36\"> </span>qualora <span class=\"_ _36\"> </span>la<span class=\"_ _3a1\"> </span>rilevazione <span class=\"_ _0\"></span>degli <span class=\"_ _38\"></span>effetti <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>proprio <span class=\"_ _38\"></span>merito <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>credito <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>Patrimonio <span class=\"_ _38\"></span>netto <span class=\"_ _0\"></span>determini <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>accentui <span class=\"_ _38\"></span>un<span class=\"_ _3a1\"> </span>accounting mismatch <span class=\"_ _1\"></span>a co<span class=\"_ _1\"></span>nto economico. <span class=\"_ _1\"></span>In quest<span class=\"_ _1\"></span>o caso<span class=\"_ _1\"></span> gli <span class=\"_ _1\"></span>utili o <span class=\"_ _1\"></span>le per<span class=\"_ _1\"></span>dite legate <span class=\"_ _1\"></span>alla pass<span class=\"_ _1\"></span>ivit\u00e0,<span class=\"_ _3a1\"> </span>incluse  qu<span class=\"_ _2\"></span>elle  che  si <span class=\"_ _35\"> </span>dete<span class=\"_ _1\"></span>rminano  come  effetto  d<span class=\"_ _2\"></span>ella  variazione  d<span class=\"_ _2\"></span>el  proprio  merito  c<span class=\"_ _3b\"></span>re<span class=\"_ _1\"></span>ditizio,<span class=\"_ _3a1\"> </span>devono essere rilevate a conto economico.<span class=\"_ _3a1\"> </span>Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span>Le <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _35\"> </span>finanzi<span class=\"_ _2\"></span>arie <span class=\"_ _35\"> </span>valu<span class=\"_ _2\"></span>tate <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _35\"> </span>vengono <span class=\"_ _0\"></span>ca<span class=\"_ _3a1\"> </span>ncellate <span class=\"_ _35\"> </span>dal <span class=\"_ _0\"></span>bilancio <span class=\"_ _0\"></span>quando <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>cadono <span class=\"_ _35\"> </span>i<span class=\"_ _3a1\"> </span>diritti <span class=\"_ _35\"> </span>contrattuali <span class=\"_ _35\"> </span>sui <span class=\"_ _0\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _35\"> </span>flussi <span class=\"_ _0\"> </span>finanziari <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>quando <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>esta <span class=\"_ _35\"> </span>viene <span class=\"_ _35\"> </span>estinta, <span class=\"_ _35\"> </span>ovverosia <span class=\"_ _35\"> </span>quand<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span>l'obbligazione specificata nel contratto \u00e8 <span class=\"_ _1\"></span>adempiuta o cancellata o scaduta.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-877": {
   "value": "11 - Pa<span class=\"_ _1\"></span>ssivit\u00e0 finan<span class=\"_ _1\"></span>ziarie <span class=\"_ _1\"></span>valutate al<span class=\"_ _1\"></span> costo amm<span class=\"_ _1\"></span>ortizza<span class=\"_ _1\"></span>to<span class=\"_ _3a1\"> </span>Crite<span class=\"_ _3a1\"> </span>ri di iscrizione<span class=\"_ _3a1\"> </span>La pri<span class=\"_ _3a1\"> </span>ma iscrizione di tali <span class=\"_ _2\"></span>passivit\u00e0 finanziarie avviene alla d<span class=\"_ _2\"></span>ata di sottoscrizione del contratto, che<span class=\"_ _3a1\"> </span>normalmente coincide con il mom<span class=\"_ _1\"></span>ento della r<span class=\"_ _1\"></span>icezione delle somme raccolte <span class=\"_ _1\"></span>o della emissione dei<span class=\"_ _3a1\"> </span>titoli di <span class=\"_ _184\"></span>debito.<span class=\"_ _3a1\"> </span>La <span class=\"_ _37\"> </span>prima <span class=\"_ _36\"> </span>iscrizione <span class=\"_ _37\"> </span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>effettuata <span class=\"_ _36\"> </span>sulla <span class=\"_ _37\"> </span>base <span class=\"_ _36\"> </span>del <span class=\"_ _37\"> </span>fair <span class=\"_ _37\"> </span>value <span class=\"_ _36\"> </span>delle <span class=\"_ _37\"> </span>pass<span class=\"_ _1\"></span>ivit\u00e0, <span class=\"_ _37\"> </span>normalmente <span class=\"_ _36\"> </span>pari<span class=\"_ _3a1\"> </span>all\u2019ammontare <span class=\"_ _37\"> </span>incassato <span class=\"_ _37\"> </span>o <span class=\"_ _37\"> </span>al <span class=\"_ _37\"> </span>prezzo <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>emissione, <span class=\"_ _37\"> </span>aumentato <span class=\"_ _37\"> </span>degli <span class=\"_ _37\"> </span>eventuali <span class=\"_ _37\"> </span>costi/proventi<span class=\"_ _3a1\"> </span>aggiuntivi <span class=\"_ _2\"></span>direttamente attribuibili <span class=\"_ _3b\"></span>alla singola op<span class=\"_ _2\"></span>erazione di <span class=\"_ _2\"></span>provvista o <span class=\"_ _3b\"></span>di emissione. <span class=\"_ _3b\"></span>Sono esclusi<span class=\"_ _3a1\"> </span>i costi interni di carattere amministrativo.<span class=\"_ _3a1\"> </span>In <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>elazione <span class=\"_ _35\"> </span>ai<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>debiti <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>leasing<span class=\"_ _2\"></span>, <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>data <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>decorrenza <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>locatario <span class=\"_ _35\"> </span>deve <span class=\"_ _0\"></span>valutare <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>debito <span class=\"_ _35\"> </span>per<span class=\"_ _3a1\"> </span>leasing al valore attuale dei pagament<span class=\"_ _1\"></span>i dovuti per il leasing non gi\u00e0 versati a tale data. I pagamenti<span class=\"_ _3a1\"> </span>dovuti per il <span class=\"_ _2\"></span>leasing sono attualizzati utilizzando il <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>asso di interesse implicito del l<span class=\"_ _2\"></span>easing<span class=\"ff5 fs3\"> </span>o, se tale<span class=\"_ _3a1\"> </span>tasso<span class=\"_ _3a1\"> </span>non pu\u00f2 essere prontamente determinato, al tasso di debito incrementale del locatario.<span class=\"_ _3a1\"> </span>In particolare<span class=\"_ _1\"></span>, la passivit\u00e0 deve essere <span class=\"_ _1\"></span>misurata utilizzando un <span class=\"_ _1\"></span>modello analogo <span class=\"_ _1\"></span>a quello <span class=\"_ _1\"></span>del costo<span class=\"_ _3a1\"> </span>ammortizzato, dal momento che deve: \u2022 Aumentare<span class=\"_ _1\"></span> per <span class=\"_ _1\"></span>gli interessi <span class=\"_ _1\"></span>maturati nel <span class=\"_ _1\"></span>corso de<span class=\"_ _1\"></span>l periodo. Il <span class=\"_ _1\"></span>calcolo degli <span class=\"_ _1\"></span>interessi <span class=\"_ _1\"></span>avviene sulla<span class=\"_ _3a1\"> </span>base del medesimo tasso utilizzato per l\u2019attualizzazione;<span class=\"_ _3a1\"> </span>\u2022 Ridursi per i pagamenti dovuti per il leasing effett<span class=\"_ _1\"></span>uati dal locatario.<span class=\"_ _3a1\"> </span>Inoltre, <span class=\"_ _0\"></span>l\u2019imp<span class=\"_ _2\"></span>orto <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>lla <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _38\"></span>deve<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>essere <span class=\"_ _0\"></span>rivalutato <span class=\"_ _38\"></span>periodicamente, <span class=\"_ _0\"></span>al<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>fine <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _38\"></span>considerare <span class=\"_ _0\"></span>un<span class=\"_ _3a1\"> </span>eventuale cambiamento: \u2022 Nella durata del leasing e/o in altre condizioni;<span class=\"_ _3a1\"> </span>\u2022 Nella valutazione dell\u2019opzione di acquisto del bene sottostante;<span class=\"_ _3a1\"> </span>\u2022 Nell\u2019importo atteso da pagare a tit<span class=\"_ _1\"></span>olo di garanzia del valore residuo;<span class=\"_ _3a1\"> </span>\u2022<span class=\"_ _3d\"> </span>Nei <span class=\"_ _1\"></span>futuri <span class=\"_ _1\"></span>pagamenti <span class=\"_ _1\"></span>dovuti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>leasing <span class=\"_ _1\"></span>come <span class=\"_ _1\"></span>risultato <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>variazione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>asso <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>dell\u2019indice<span class=\"_ _3a1\"> </span>utilizzato per definire l\u2019importo dei pagamenti.<span class=\"_ _3a1\"> </span>Criteri di classificazione<span class=\"_ _3a1\"> </span>I Debiti vers<span class=\"_ _1\"></span>o banche, i Debiti verso <span class=\"_ _1\"></span>clientela e <span class=\"_ _1\"></span>i Titoli in circolazione ricompre<span class=\"_ _1\"></span>ndono le varie forme<span class=\"_ _3a1\"> </span>di <span class=\"_ _0\"></span>provvista <span class=\"_ _35\"> </span>interbancaria <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>cliente<span class=\"_ _1\"></span>la, <span class=\"_ _0\"></span>le <span class=\"_ _35\"> </span>operazioni <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>pronti <span class=\"_ _0\"></span>contro <span class=\"_ _0\"> </span>te<span class=\"_ _1\"></span>rmine <span class=\"_ _0\"> </span>con <span class=\"_ _35\"> </span>obbligo <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>riacquisto <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>termine <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>raccolta <span class=\"_ _1\"></span>effe<span class=\"_ _1\"></span>ttuata <span class=\"_ _1\"></span>attraverso <span class=\"_ _38\"></span>certificati <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>deposito<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>tito<span class=\"_ _1\"></span>li <span class=\"_ _1\"></span>obbligazionari<span class=\"_ _3a1\"> </span>ed altri strumenti di raccolta in circolazione, al netto <span class=\"_ _1\"></span>degli eventuali ammontari riacquistati.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _0\"></span>inoltre <span class=\"_ _38\"></span>inclusi <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>debiti <span class=\"_ _38\"></span>iscritti <span class=\"_ _0\"></span>dall\u2019impresa <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>qualit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>loca<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ario <span class=\"_ _0\"></span>nell\u2019ambito <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>operazioni <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span>leasing.<span class=\"_ _3a1\"> </span>Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span>Dopo <span class=\"_ _0\"></span>l<span class=\"_ _3a1\"> </span>a <span class=\"_ _0\"></span>rilevazione <span class=\"_ _35\"> </span>inizial<span class=\"_ _2\"></span>e, <span class=\"_ _0\"></span>le <span class=\"_ _35\"> </span>passivit\u00e0 <span class=\"_ _0\"></span>finanziarie <span class=\"_ _0\"></span>vengono <span class=\"_ _35\"> </span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>co<span class=\"_ _2\"></span>sto <span class=\"_ _0\"></span>ammort<span class=\"_ _1\"></span>izzato <span class=\"_ _0\"></span>col<span class=\"_ _3a1\"> </span>metodo del tasso di interesse effett<span class=\"_ _1\"></span>ivo.<span class=\"_ _3a1\"> </span>Fanno <span class=\"_ _1\"></span>eccezione <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>passivit\u00e0 a <span class=\"_ _38\"></span>breve termine, <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>quali il <span class=\"_ _1\"></span>fattore <span class=\"_ _1\"></span>temporale <span class=\"_ _1\"></span>risulta t<span class=\"_ _1\"></span>rascurabile,<span class=\"_ _3a1\"> </span>che rimangono iscritte per il valore incassato.<span class=\"_ _3a1\"> </span>Alla <span class=\"_ _35\"> </span>data <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>decorrenza, <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>pagamenti <span class=\"_ _35\"> </span>dovuti <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>asing, <span class=\"_ _35\"> </span>inclusi <span class=\"_ _35\"> </span>nella <span class=\"_ _35\"> </span>valutazione <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>Lease<span class=\"_ _3a1\"> </span>Liability, comprendono: <span class=\"_ _42\"> </span><span class=\"ff4\">I pagamenti fissi, al netto di eventuali incentivi al leasing da ricever<span class=\"_ _1\"></span>e;<span class=\"_ _3a1\"> </span></span><span class=\"_ _42\"> </span><span class=\"ff4\">I <span class=\"_ _1\"></span>pagamenti <span class=\"_ _38\"></span>variabili <span class=\"_ _1\"></span>do<span class=\"_ _1\"></span>vuti <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>leasing, <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>dipendono <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>indice <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>tas<span class=\"_ _1\"></span>so, <span class=\"_ _1\"></span>valutati<span class=\"_ _3a1\"> </span></span>inizialmente utilizzando un indice o un tasso alla dat<span class=\"_ _1\"></span>a di decorrenza;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">Gli importi che si prevede che il locatar<span class=\"_ _1\"></span>io dovr\u00e0 pagare a titolo di garanzia del valore residuo;<span class=\"_ _3a1\"> </span></span><span class=\"_ _42\"> </span><span class=\"ff4\">Il <span class=\"_ _35\"> </span>prezzo <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>esercizio <span class=\"_ _35\"> </span>dell'opzione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>acquisto, <span class=\"_ _35\"> </span>se <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>locatario <span class=\"_ _35\"> </span>h<span class=\"_ _3b\"></span>a  la <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>agionevole <span class=\"_ _35\"> </span>certezza <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span></span>esercitare tale opzione;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">I <span class=\"_ _37\"> </span>pagamenti <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>penalit\u00e0 <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>risoluzione <span class=\"_ _37\"> </span>del <span class=\"_ _37\"> </span>lea<span class=\"_ _1\"></span>sing, <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>e <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>durata <span class=\"_ _36\"> </span>del <span class=\"_ _37\"> </span>leasing <span class=\"_ _37\"> </span>tiene <span class=\"_ _37\"> </span>conto<span class=\"_ _3a1\"> </span></span>dell'esercizio, da parte del locatario, dell'opzione di r<span class=\"_ _1\"></span>isoluzione del leasing.<span class=\"_ _3a1\"> </span>Devono <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>inclusi <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>Leas<span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>Liability <span class=\"_ _0\"></span>solo <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>pagamenti <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>risultano <span class=\"_ _0\"></span>non<span class=\"_ _3a1\"> </span>versati <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>decorre<span class=\"_ _1\"></span>nza <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>contratto. <span class=\"_ _1\"></span>La <span class=\"_ _1\"></span>Lease <span class=\"_ _38\"></span>Liability d<span class=\"_ _1\"></span>eve <span class=\"_ _1\"></span>essere <span class=\"_ _1\"></span>rivalutata <span class=\"_ _1\"></span>quando <span class=\"_ _1\"></span>vi <span class=\"_ _1\"></span>\u00e8<span class=\"_ _3a1\"> </span>una <span class=\"_ _43\"> </span>lease <span class=\"_ _43\"> </span>modification <span class=\"_ _43\"> </span>(e.g. <span class=\"_ _43\"> </span>una <span class=\"_ _43\"> </span>modifica <span class=\"_ _43\"> </span>del <span class=\"_ _43\"> </span>perimetro <span class=\"_ _43\"> </span>del <span class=\"_ _43\"> </span>contratto), <span class=\"_ _43\"> </span>che <span class=\"_ _43\"> </span>non <span class=\"_ _69\"> </span>\u00e8<span class=\"_ _3a1\"> </span>contabilizzata/considerata come contratto<span class=\"_ _1\"></span> separato (IFRS 16.36 c).<span class=\"_ _3a1\"> </span>Il <span class=\"_ _35\"> </span>locatario <span class=\"_ _35\"> </span>deve <span class=\"_ _35\"> </span>rivalutare <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>pagamenti <span class=\"_ _35\"> </span>dovuti <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>leasing <span class=\"_ _35\"> </span>(e<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>quindi <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>Lease <span class=\"_ _35\"> </span>Liability), <span class=\"_ _35\"> </span>anche<span class=\"_ _3a1\"> </span>qualora intervenga una delle seguenti variazioni:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">La durata del contratto di leasing;<span class=\"_ _3a1\"> </span></span><span class=\"_ _42\"> </span><span class=\"ff4\">La valutazione ci<span class=\"_ _2\"></span>rca la ragionevol<span class=\"_ _2\"></span>e certezza di <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>sercizio, da p<span class=\"_ _2\"></span>arte d<span class=\"_ _2\"></span>el locatario, dell\u2019opzi<span class=\"_ _2\"></span>one di<span class=\"_ _3a1\"> </span></span>acquisto del bene sottostante;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">Gli importi che si prevede il locatario dovr\u00e0 <span class=\"_ _1\"></span>pagare a titolo di garanzie del valore residuo;<span class=\"_ _3a1\"> </span></span><span class=\"_ _42\"> </span><span class=\"ff4\">I futuri pagamenti dovuti per il leasing dipendenti da una variazione<span class=\"_ _1\"></span> dell\u2019indice o del tasso.<span class=\"_ _3a1\"> </span></span><span class=\"_ _42\"> </span><span class=\"ff4\">In-substance fixed lease payments.<span class=\"_ _3a1\"> </span></span>Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"_ _3a1\"> </span>Le <span class=\"_ _37\"> </span>passivit\u00e0 <span class=\"_ _37\"> </span>finanziarie<span class=\"_ _3a1\"> </span> <span class=\"_ _37\"> </span>sono <span class=\"_ _37\"> </span>cancellate <span class=\"_ _37\"> </span>dal <span class=\"_ _37\"> </span>bilancio<span class=\"_ _3a1\"> </span>qu<span class=\"_ _3a1\"> </span>an<span class=\"_ _3a1\"> </span>do <span class=\"_ _37\"> </span>risultano <span class=\"_ _37\"> </span>scadute <span class=\"_ _37\"> </span>o <span class=\"_ _37\"> </span>estinte. <span class=\"_ _37\"> </span>La<span class=\"_ _3a1\"> </span>cancellazione <span class=\"_ _0\"> </span>a<span class=\"_ _1\"></span>vviene <span class=\"_ _35\"> </span>anche <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>presenza <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>riacquisto <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>tito<span class=\"_ _1\"></span>li <span class=\"_ _0\"></span>obbligazionari <span class=\"_ _35\"> </span>precedentemente<span class=\"_ _3a1\"> </span>emessi. L<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>differenza <span class=\"_ _3b\"></span>tra v<span class=\"_ _2\"></span>alore <span class=\"_ _2\"></span>contabile <span class=\"_ _3b\"></span>della p<span class=\"_ _2\"></span>assivit\u00e0 <span class=\"_ _3b\"></span>e l\u2019ammon<span class=\"_ _2\"></span>tare co<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>risposto <span class=\"_ _2\"></span>per <span class=\"_ _3b\"></span>acquistarla<span class=\"_ _3a1\"> </span>viene registrata a Conto Economico.<span class=\"_ _3a1\"> </span>Il <span class=\"_ _3b\"></span>ricollocament<span class=\"_ _1\"></span>o su<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>mercato di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>titoli <span class=\"_ _3b\"></span>propri successivamente <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>loro riacquisto <span class=\"_ _3b\"></span>\u00e8 considerato <span class=\"_ _3b\"></span>come<span class=\"_ _3a1\"> </span>una nuova emissione con iscrizione al nuovo prezzo di collocame<span class=\"_ _1\"></span>nto.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-805": {
   "value": "4 - Ope<span class=\"_ _1\"></span>razioni in<span class=\"_ _1\"></span> valuta Crite<span class=\"_ _3a1\"> </span>ri di iscrizione Le <span class=\"_ _0\"></span>operazioni <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>valuta <span class=\"_ _0\"></span>ester<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>registrate, <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>momento <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>rilevazione <span class=\"_ _0\"></span>iniziale, <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>divisa <span class=\"_ _0\"></span>di conto, applicando all\u2019importo in valuta estera il tasso di cambio in vigore alla data dell\u2019operazione. Criteri di classifi<span class=\"_ _1\"></span>cazione Le <span class=\"_ _2\"></span>operazioni i<span class=\"_ _2\"></span>n <span class=\"_ _3b\"></span>valuta sono <span class=\"_ _3b\"></span>costituite da <span class=\"_ _3b\"></span>tutte le <span class=\"_ _3b\"></span>attivi<span class=\"_ _3a1\"> </span>t\u00e0 <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _3b\"></span>denominate<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>valute diverse dall\u2019euro.  Criteri di cancel<span class=\"_ _1\"></span>lazione<span class=\"fc5 sc4\"> </span>Si applicano i criteri indicati per le voci di bilancio co<span class=\"_ _3a1\"> </span>rrispondenti.  Il tasso di cambio utilizzato \u00e8 quello alla data <span class=\"_ _1\"></span>di estinzione.<span class=\"_ _3a1\"> </span>Criteri di valuta<span class=\"_ _1\"></span>zione<span class=\"fc5 sc4\"> </span>Ad <span class=\"_ _3b\"></span>ogni chiusura <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>bilancio <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>situazione infrannuale, le <span class=\"_ _2\"></span>poste <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>bilancio in <span class=\"_ _3b\"></span>valuta <span class=\"_ _2\"></span>estera vengono valorizzate come segue: <span class=\"_ _42\"> </span><span class=\"ff4\">le poste monetarie sono convertite al tasso di cambio alla data <span class=\"_ _1\"></span>di chiu<span class=\"_ _2\"></span>sura;<span class=\"_ _3a1\"> </span></span><span class=\"_ _42\"> </span><span class=\"ff4\">le poste <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>monetarie valutate <span class=\"_ _1\"></span>al cost<span class=\"_ _1\"></span>o storico so<span class=\"_ _1\"></span>no convertite al <span class=\"_ _1\"></span>tasso <span class=\"_ _1\"></span>di cambio <span class=\"_ _1\"></span>in es<span class=\"_ _1\"></span>sere </span>alla data dell\u2019operazione; <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _38\"></span>poste <span class=\"_ _0\"></span>non<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>monetar<span class=\"_ _1\"></span>ie <span class=\"_ _38\"></span>valutate <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ono <span class=\"_ _38\"></span>convertite <span class=\"_ _0\"></span>util<span class=\"_ _3b\"></span>izzando <span class=\"_ _0\"></span>i <span class=\"_ _1\"></span>tas<span class=\"_ _1\"></span>si <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>cambio <span class=\"_ _0\"></span>in </span>essere alla data di chiusura. Le differenze di cambio che <span class=\"_ _1\"></span>derivano dal regolame<span class=\"_ _1\"></span>nto di eleme<span class=\"_ _1\"></span>nti monetari o dalla conversione<span class=\"_ _1\"></span> di elementi <span class=\"_ _35\"> </span>monetari <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>tassi <span class=\"_ _35\"> </span>diversi <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>elli <span class=\"_ _35\"> </span>di <span class=\"_ _0\"> </span>co<span class=\"_ _1\"></span>nversione <span class=\"_ _35\"> </span>iniziali, <span class=\"_ _0\"> </span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>conv<span class=\"_ _2\"></span>ersione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>bilancio precedente, sono rilevate nel conto e<span class=\"_ _1\"></span>conomico del periodo in cui sorgono. Quando <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>utile <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>perdita <span class=\"_ _0\"></span>relativi <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _0\"></span>elemento <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>monetario <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>rilevati <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>patr<span class=\"_ _1\"></span>imonio netto, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>differenza <span class=\"_ _1\"></span>cambio relativa <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>tale e<span class=\"_ _1\"></span>lemento <span class=\"_ _1\"></span>\u00e8 rilevata <span class=\"_ _1\"></span>anch\u2019essa <span class=\"_ _38\"></span>a patrimonio. <span class=\"_ _1\"></span>Per <span class=\"_ _1\"></span>contro,<span class=\"_ _3a1\"> </span>quando <span class=\"_ _3b\"></span>un utile <span class=\"_ _3b\"></span>o una <span class=\"_ _3b\"></span>perdita so<span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>rilevati a <span class=\"_ _3b\"></span>conto <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>conomico, <span class=\"_ _3b\"></span>\u00e8 rilevata <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>conto economico <span class=\"_ _3b\"></span>anche la rel<span class=\"_ _3a1\"> </span>ativa differenza cambio. Criteri di rile<span class=\"_ _1\"></span>vazione delle componenti r<span class=\"_ _1\"></span>eddituali Le differenze di cambio che <span class=\"_ _1\"></span>derivano dal regolame<span class=\"_ _1\"></span>nto di eleme<span class=\"_ _1\"></span>nti monetari o dalla conversione<span class=\"_ _1\"></span> di elementi <span class=\"_ _35\"> </span>monetari <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>tassi <span class=\"_ _35\"> </span>diversi <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>elli <span class=\"_ _35\"> </span>di <span class=\"_ _0\"> </span>co<span class=\"_ _1\"></span>nversione <span class=\"_ _35\"> </span>iniziali, <span class=\"_ _0\"> </span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>conv<span class=\"_ _2\"></span>ersione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>bilancio precedente, <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>rilevate <span class=\"_ _0\"></span>nel <span class=\"_ _38\"></span>conto <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>periodo <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>cui <span class=\"_ _0\"></span>sorgono <span class=\"_ _0\"></span>nella <span class=\"_ _38\"></span>voce<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>\u201cRisultato netto dell\u2019attivit\u00e0 di negoziazione\u201d. Quando <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>utile <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>perdita <span class=\"_ _0\"></span>relativi <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _0\"></span>elemento <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>monetario <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>rilevati <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>patr<span class=\"_ _1\"></span>imonio netto, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>differenza <span class=\"_ _1\"></span>cambio relativa <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>tale e<span class=\"_ _1\"></span>lemento <span class=\"_ _1\"></span>\u00e8 rilevata <span class=\"_ _1\"></span>anch\u2019essa <span class=\"_ _38\"></span>a patrimonio. <span class=\"_ _1\"></span>Per <span class=\"_ _1\"></span>contro, quando <span class=\"_ _3b\"></span>un utile <span class=\"_ _3b\"></span>o una <span class=\"_ _3b\"></span>perdita so<span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>rilevati a <span class=\"_ _3b\"></span>conto <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>conomico, <span class=\"_ _3b\"></span>\u00e8 rilevata <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>conto economico <span class=\"_ _3b\"></span>anche la relativa differenza cambio.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-851": {
   "value": "15 \u2013 Atti<span class=\"_ _1\"></span>vit\u00e0 e p<span class=\"_ _1\"></span>assivit\u00e0<span class=\"_ _1\"></span> assicurati<span class=\"_ _1\"></span>ve Le di<span class=\"_ _3a1\"> </span>sposizioni norma<span class=\"_ _1\"></span>tive del Principio IFRS 17 Si riportano le principali previsioni del Principio IFRS 17 che determinano le modalit\u00e0 di valutazione delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3b\"></span>e <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>assicurative <span class=\"_ _3b\"></span>e i<span class=\"_ _3b\"></span> relativi <span class=\"_ _3b\"></span>effetti <span class=\"_ _3b\"></span>di con<span class=\"_ _2\"></span>to <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>conomico <span class=\"_ _3b\"></span>per i<span class=\"_ _3b\"></span> contratti <span class=\"_ _3b\"></span>assicurativi soggetti a tale logica contabile: <span class=\"_ _42\"> </span><span class=\"ff4\"> l\u2019iscrizione iniziale della passivit\u00e0 assicurativa: al momento della sottoscrizione del cont<span class=\"_ _2\"></span>ratto </span>con <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>oggetto <span class=\"_ _0\"></span>assicu<span class=\"_ _2\"></span>rato, <span class=\"_ _0\"></span>l\u2019impresa <span class=\"_ _0\"></span>riconosce <span class=\"_ _0\"></span>una <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>cu<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>ammontare <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>dato <span class=\"_ _0\"></span>dalla somma <span class=\"_ _3d\"> </span>algebrica <span class=\"_ _37\"> </span>del <span class=\"_ _3d\"> </span>valore <span class=\"_ _3d\"> </span>attuale <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>flussi <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>cassa <span class=\"_ _37\"> </span>attesi  co<span class=\"_ _1\"></span>ntrattuali <span class=\"_ _3d\"> </span>necessari <span class=\"_ _37\"> </span>per adempiere <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>contratto <span class=\"_ _0\"></span>(Present <span class=\"_ _0\"> </span>value <span class=\"_ _35\"> </span>future <span class=\"_ _0\"></span>cash <span class=\"_ _35\"> </span>flow <span class=\"_ _0\"></span>\u2013 <span class=\"_ _0\"></span>\u201cPVFCF\u201d) <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>inclusiv<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>an<span class=\"_ _1\"></span>che <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>u<span class=\"_ _1\"></span>n opportuno <span class=\"_ _0\"></span>Risk <span class=\"_ _38\"></span>adjustment <span class=\"_ _38\"></span>(\u201cRA\u201d) <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>presidio <span class=\"_ _0\"></span>dei<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>rischi <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>tipo <span class=\"_ _0\"></span>non <span class=\"_ _38\"></span>finanziario <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>margine economico <span class=\"_ _35\"> </span>atteso <span class=\"_ _0\"></span>(Contractual <span class=\"_ _35\"> </span>Service <span class=\"_ _0\"></span>Margin <span class=\"_ _35\"> </span>\u2013 <span class=\"_ _0\"></span>\u201cCSM\u201d), <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>rapprese<span class=\"_ _1\"></span>nta <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>valore <span class=\"_ _0\"></span>attuale degli utili futuri sui contratti assicurativi; <span class=\"_ _42\"> </span><span class=\"ff4\"> i <span class=\"_ _48\"> </span>raggrupp<span class=\"_ _2\"></span>amenti <span class=\"_ _48\"> </span>di <span class=\"_ _3a\"> </span>contratti: <span class=\"_ _48\"> </span>l\u2019<span class=\"_ _2\"></span>applicazione <span class=\"_ _48\"> </span>dell\u2019IFRS <span class=\"_ _3a\"> </span>17 <span class=\"_ _48\"> </span>prevede <span class=\"_ _3a\"> </span>l\u2019identificazione <span class=\"_ _48\"> </span>di </span>\u201cportafogli\u201d di contratti assicurativi (ovvero di gruppi di contratti che condividono rischi simili e g<span class=\"_ _2\"></span>estiti u<span class=\"_ _2\"></span>nitariamente). <span class=\"_ _2\"></span>Ciascun p<span class=\"_ _2\"></span>ortafoglio vi<span class=\"_ _2\"></span>ene ulteriormente <span class=\"_ _3b\"></span>suddiviso i<span class=\"_ _2\"></span>n <span class=\"_ _3b\"></span>gr<span class=\"_ _1\"></span>uppi <span class=\"_ _3b\"></span>compos<span class=\"_ _1\"></span>ti da <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>ratti <span class=\"_ _1\"></span>con <span class=\"_ _38\"></span>caratteristiche <span class=\"_ _38\"></span>simili <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>term<span class=\"_ _1\"></span>ini <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>profittabilit\u00e0 <span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>tesa, <span class=\"_ _38\"></span>prevedendo <span class=\"_ _1\"></span>pertanto la <span class=\"_ _0\"></span>distinzione <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>contratti <span class=\"_ _0\"></span>profittevoli <span class=\"_ _0\"></span>(con <span class=\"_ _0\"></span>margine <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>atteso <span class=\"_ _0\"></span>positivo) <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>onerosi (con margine economico atteso negativo); <span class=\"_ _42\"> </span><span class=\"ff4\">i  modelli  di  misurazione <span class=\"_ _3d\"> </span>previsti  dal  principio:  il  principio  IFRS  17  preve<span class=\"_ _1\"></span>de  un  modello  di </span>misurazione <span class=\"_ _36\"> </span>denominato <span class=\"_ _3d\"> </span>G<span class=\"_ _1\"></span>eneral <span class=\"_ _37\"> </span>Model <span class=\"_ _37\"> </span>(\u201cGM\u201d) <span class=\"_ _36\"> </span>applicabi<span class=\"_ _2\"></span>le <span class=\"_ _37\"> </span>in <span class=\"_ _36\"> </span>linea <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>princip<span class=\"_ _2\"></span>io <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>tutti <span class=\"_ _37\"> </span>i contratti, ad eccezione di quelli con part<span class=\"_ _1\"></span>ecipazione diretta agli utili finanziari, per i quali viene applicato  il <span class=\"_ _35\"> </span>Variable  Fee <span class=\"_ _35\"> </span>Approach  (\u201cVFA\u201d), <span class=\"_ _35\"> </span>qualora  siano <span class=\"_ _35\"> </span>ris<span class=\"_ _1\"></span>pettati  i<span class=\"_ _3b\"></span>  criteri  di <span class=\"_ _35\"> </span>eleggibilit\u00e0<span class=\"_ _3a1\"> </span>dipendenti <span class=\"_ _0\"></span>dalla <span class=\"_ _35\"> </span>natura <span class=\"_ _35\"> </span>stessa <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>part<span class=\"_ _1\"></span>ecipazione <span class=\"_ _35\"> </span>agli <span class=\"_ _0\"></span>utili. <span class=\"_ _0\"></span>\u00c8<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>previsto <span class=\"_ _0\"></span>inoltre <span class=\"_ _35\"> </span>un <span class=\"_ _0\"></span>modello semplificato <span class=\"_ _37\"> </span>opzionale <span class=\"_ _37\"> </span>(Premium <span class=\"_ _37\"> </span>Allocation <span class=\"_ _37\"> </span>Approach <span class=\"_ _3d\"> </span>\u2013<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>\u201c<span class=\"_ _1\"></span>PAA\u201d) <span class=\"_ _37\"> </span>per <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>valutazione <span class=\"_ _3d\"> </span>della passivit\u00e0 <span class=\"_ _3f\"> </span>per <span class=\"_ _3f\"> </span>copertura <span class=\"_ _3f\"> </span>res<span class=\"_ _1\"></span>idua <span class=\"_ _3f\"> </span>denominata <span class=\"_ _3f\"> </span>Liability <span class=\"_ _3f\"> </span>for <span class=\"_ _3f\"> </span>Remaining <span class=\"_ _3f\"> </span>Coverage <span class=\"_ _3a\"> </span>(\u201cLRC\u201d, assimilabile <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>Riserva <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>frazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>prem<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>riporto <span class=\"_ _1\"></span>prem<span class=\"_ _1\"></span>i) per <span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>contratti <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>periodo <span class=\"_ _38\"></span>di copertura uguale o i<span class=\"_ _2\"></span>nferiore all'anno e per <span class=\"_ _2\"></span>tutti i contratti n<span class=\"_ _2\"></span>el caso in <span class=\"_ _2\"></span>cui la v<span class=\"_ _2\"></span>alutazione non sia materialmente differente da quella risultante dall'applicazione del General Model; <span class=\"_ _42\"> </span><span class=\"ff4\"> la <span class=\"_ _0\"></span>misurazione <span class=\"_ _38\"></span>successiva <span class=\"_ _0\"></span>della<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>pas<span class=\"_ _1\"></span>sivit\u00e0 <span class=\"_ _0\"></span>as<span class=\"_ _2\"></span>sicurativa: <span class=\"_ _38\"></span>l\u2019IFRS <span class=\"_ _0\"></span>17 <span class=\"_ _38\"></span>richiede <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>aggiornamento </span>della <span class=\"_ _38\"></span>misurazione <span class=\"_ _38\"></span>ad <span class=\"_ _0\"></span>ogni<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>reporting <span class=\"_ _1\"></span>period <span class=\"_ _38\"></span>degli <span class=\"_ _0\"></span>elementi <span class=\"_ _1\"></span>sopra <span class=\"_ _38\"></span>indicati <span class=\"_ _38\"></span>(i <span class=\"_ _38\"></span>flussi <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>cassa <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>il margine <span class=\"_ _35\"> </span>economico <span class=\"_ _0\"> </span>atteso<span class=\"_ _1\"></span>), <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>verificare <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>congruit\u00e0 <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>stime <span class=\"_ _35\"> </span>rispetto <span class=\"_ _35\"> </span>alle <span class=\"_ _0\"></span>condizioni correnti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>mercato. <span class=\"_ _0\"></span>Gli <span class=\"_ _38\"></span>effetti <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>eventuali <span class=\"_ _38\"></span>aggiorname<span class=\"_ _1\"></span>nti <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>recepiti <span class=\"_ _0\"></span>alla <span class=\"_ _38\"></span>prima <span class=\"_ _38\"></span>report<span class=\"_ _1\"></span>ing date  di<span class=\"_ _3b\"></span>  consuntivazione: <span class=\"_ _35\"> </span>a  con<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _35\"> </span>economico  qu<span class=\"_ _2\"></span>alora  i<span class=\"_ _3b\"></span>  cambiamenti <span class=\"_ _35\"> </span>siano <span class=\"_ _35\"> </span>riferiti  a <span class=\"_ _35\"> </span>eventi correnti <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>gi\u00e0 <span class=\"_ _35\"> </span>avvenuti <span class=\"_ _0\"></span>oppure <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>riduzione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>margine <span class=\"_ _35\"> </span>economico <span class=\"_ _0\"> </span>a<span class=\"_ _1\"></span>tteso <span class=\"_ _35\"> </span>(CSM) <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>alora <span class=\"_ _35\"> </span>i cambiamenti <span class=\"_ _35\"> </span>siano <span class=\"_ _0\"></span>riferiti <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>eventi <span class=\"_ _0\"></span>futuri. <span class=\"_ _0\"></span>Con <span class=\"_ _35\"> </span>riferimento <span class=\"_ _0\"></span>alle <span class=\"_ _0\"> </span>var<span class=\"_ _1\"></span>iazioni <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>sole <span class=\"_ _0\"></span>variabili finanziarie <span class=\"_ _37\"> </span>(e <span class=\"_ _37\"> </span>non <span class=\"_ _37\"> </span>delle <span class=\"_ _37\"> </span>restanti, <span class=\"_ _37\"> </span>quindi <span class=\"_ _37\"> </span>principalmente <span class=\"_ _37\"> </span>relat<span class=\"_ _1\"></span>ive <span class=\"_ _3d\"> </span>al <span class=\"_ _37\"> </span>com<span class=\"_ _1\"></span>portamento <span class=\"_ _37\"> </span>degli assicurati), <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>rimessa <span class=\"_ _35\"> </span>scelta <span class=\"_ _35\"> </span>alle <span class=\"_ _35\"> </span>imprese <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>ind<span class=\"_ _2\"></span>ividuare <span class=\"_ _35\"> </span>\u2013 <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>ciascun <span class=\"_ _35\"> </span>raggruppamento <span class=\"_ _35\"> </span>di contratti <span class=\"_ _1\"></span>\u2013 <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>rappresentare <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>effetti <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>modifiche <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>conto eco<span class=\"_ _1\"></span>nomico <span class=\"_ _1\"></span>o ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>patrimonio netto (c.d. Opzione OCI); <span class=\"_ _42\"> </span><span class=\"ff4\">la misurazione <span class=\"_ _1\"></span>del ricavo assicurativo: l\u2019IFRS 1<span class=\"_ _1\"></span>7 prevede <span class=\"_ _1\"></span>un\u2019esposizione nel <span class=\"_ _1\"></span>conto economico </span>della  redditivit\u00e0  \u201cper  margini\u201d  conseguiti  nel  corso  della  vita  delle  poliz<span class=\"_ _2\"></span>ze,  ossia  quando<span class=\"_ _3a1\"> </span>l\u2019impresa eroga i servizi <span class=\"_ _3b\"></span>agli assicurati, non prevedendo pertanto la rilevazione di<span class=\"_ _2\"></span> alcun ricav<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span>al <span class=\"_ _36\"> </span>mo<span class=\"_ _1\"></span>mento <span class=\"_ _39\"> </span>della <span class=\"_ _39\"> </span>sottoscrizione <span class=\"_ _36\"> </span>del <span class=\"_ _39\"> </span>contratto. <span class=\"_ _39\"> </span>In <span class=\"_ _36\"> </span>merit<span class=\"_ _1\"></span>o <span class=\"_ _39\"> </span>a <span class=\"_ _36\"> </span>tale <span class=\"_ _39\"> </span>aspetto <span class=\"_ _39\"> </span>il <span class=\"_ _36\"> </span>principio <span class=\"_ _39\"> </span>\u00e8 asimmetrico in quanto in caso<span class=\"_ _1\"></span> di gruppi di contratt<span class=\"_ _1\"></span>i onerosi prevede la rilevazione immediata delle perdite a conto economico; <span class=\"_ _42\"> </span><span class=\"ff4\">la <span class=\"_ _0\"></span>misurazione <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>performance: <span class=\"_ _0\"></span>nell\u2019ottica <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>un\u2019i<span class=\"_ _2\"></span>nformativa <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>garantisca <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>migliore </span>compar<span class=\"_ _3a1\"> </span>abilit\u00e0 <span class=\"_ _38\"></span>degli <span class=\"_ _38\"></span>andamenti <span class=\"_ _0\"></span>delle <span class=\"_ _1\"></span>Co<span class=\"_ _1\"></span>mpagnie, <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>revista <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>rapprese<span class=\"_ _1\"></span>ntazione <span class=\"_ _38\"></span>distinta <span class=\"_ _38\"></span>e separata delle due componenti <span class=\"_ _2\"></span>principali che tipicamente concorrono a formare la <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>edditivit\u00e0 delle <span class=\"_ _39\"> </span>imprese <span class=\"_ _3f\"> </span>assicuratrici: <span class=\"_ _39\"> </span>la <span class=\"_ _39\"> </span>prima, <span class=\"_ _3f\"> </span>che <span class=\"_ _39\"> </span>rappresenta <span class=\"_ _3f\"> </span>il <span class=\"_ _39\"> </span>profitto <span class=\"_ _3f\"> </span>deriv<span class=\"_ _2\"></span>ante <span class=\"_ _3f\"> </span>dall\u2019attivit\u00e0<span class=\"_ _2\"></span> assicurativa <span class=\"_ _0\"></span>prestata <span class=\"_ _38\"></span>(il <span class=\"_ _0\"></span>c.d. <span class=\"_ _38\"></span>\u201cmargine <span class=\"_ _0\"></span>tecnico\u201d) <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>econda <span class=\"_ _0\"></span>c<span class=\"_ _3b\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>raggrupp<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>inv<span class=\"_ _2\"></span>ece <span class=\"_ _0\"></span>tutte <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>e componenti <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>caratt<span class=\"_ _1\"></span>ere <span class=\"_ _0\"></span>\u201c<span class=\"_ _1\"></span>finanziario\u201d <span class=\"_ _35\"> </span>(i<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>risultati <span class=\"_ _0\"></span>degli <span class=\"_ _35\"> </span>investimenti, <span class=\"_ _35\"> </span>gli <span class=\"_ _0\"></span>effetti <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>variabil<span class=\"_ _2\"></span>i finanziarie <span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ilizzate <span class=\"_ _38\"></span>nelle <span class=\"_ _1\"></span>valutazioni <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>contratti, <span class=\"_ _38\"></span>ecc.). <span class=\"_ _1\"></span>I <span class=\"_ _38\"></span>cambiament<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>nelle <span class=\"_ _38\"></span>stime <span class=\"_ _38\"></span>future <span class=\"_ _1\"></span>di premi <span class=\"_ _0\"></span>collegat<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>contratti <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>re<span class=\"_ _1\"></span>porting <span class=\"_ _0\"></span>(flussi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>cass<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>rice<span class=\"_ _1\"></span>vere) <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>di pagamenti <span class=\"_ _0\"></span>(fl<span class=\"_ _2\"></span>ussi <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>cassa <span class=\"_ _38\"></span>da <span class=\"_ _0\"></span>riconoscere) <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>rilevati <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>conomico <span class=\"_ _0\"></span>lun<span class=\"_ _2\"></span>go <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>durata residua contrattuale delle polizze di riferime<span class=\"_ _1\"></span>nto. Scelte metodologi<span class=\"_ _1\"></span>che del Gruppo Nell\u2019ambito <span class=\"_ _39\"> </span>delle <span class=\"_ _3f\"> </span>Compagnie <span class=\"_ _36\"> </span>ass<span class=\"_ _1\"></span>icurative <span class=\"_ _39\"> </span>il <span class=\"_ _39\"> </span>principio <span class=\"_ _39\"> </span>IFRS 17 <span class=\"_ _39\"> </span>risulta <span class=\"_ _39\"> </span>applicabile <span class=\"_ _39\"> </span>ai <span class=\"_ _3f\"> </span>prodotti<span class=\"_ _2\"></span> assicurativi <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>prodotti <span class=\"_ _38\"></span>finanziari <span class=\"_ _38\"></span>con <span class=\"_ _1\"></span>eleme<span class=\"_ _1\"></span>nti <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>partecipazione <span class=\"_ _38\"></span>discrezionale <span class=\"_ _38\"></span>agli <span class=\"_ _1\"></span>utili <span class=\"_ _38\"></span>mentre <span class=\"_ _1\"></span>i prodotti <span class=\"_ _3d\"> </span>a  prevalente <span class=\"_ _3d\"> </span>contenuto  finanziario <span class=\"_ _3d\"> </span>sono <span class=\"_ _3d\"> </span>classificati  sotto <span class=\"_ _3d\"> </span>IFRS9. <span class=\"_ _3d\"> </span>Le  principali  scelt<span class=\"_ _1\"></span>e metodologiche <span class=\"_ _0\"></span>affrontate <span class=\"_ _0\"></span>hanno <span class=\"_ _0\"></span>riguardato <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>quantificazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>cash <span class=\"_ _38\"></span>flow <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>ottica <span class=\"_ _0\"></span>IFRS <span class=\"_ _0\"></span>17, <span class=\"_ _38\"></span>la definizione della curva di sconto per la loro attualizzazione, nonch\u00e9 la quantificazione del CSM per il bilancio co<span class=\"_ _1\"></span>nsolidato <span class=\"_ _1\"></span>del G<span class=\"_ _1\"></span>ruppo, al <span class=\"_ _1\"></span>fine <span class=\"_ _1\"></span>di cons<span class=\"_ _1\"></span>iderare <span class=\"_ _1\"></span>gli effettivi cos<span class=\"_ _1\"></span>ti di <span class=\"_ _1\"></span>distribuzione/ges<span class=\"_ _1\"></span>tione nei flussi <span class=\"_ _1\"></span>prospettici <span class=\"_ _1\"></span>delle passivit\u00e0 a<span class=\"_ _1\"></span>ssicurative in <span class=\"_ _1\"></span>luogo delle provvigioni r<span class=\"_ _1\"></span>egolate tra <span class=\"_ _1\"></span>Credemvita e <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>societ\u00e0 <span class=\"_ _0\"></span>distributrici <span class=\"_ _0\"></span>del<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>Gruppo. <span class=\"_ _38\"></span>Di <span class=\"_ _0\"></span>seguito <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>riportate <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>princi<span class=\"_ _2\"></span>pali <span class=\"_ _0\"></span>scelte <span class=\"_ _38\"></span>metodologiche assunte dal Gruppo: <span class=\"_ _3e\"> </span><span class=\"ff4\">Livello di aggregazione e opzione \u201c<span class=\"_ _1\"></span>carve out\u201d sulle coorti: il livello di aggregazione permette di </span>definire <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>granularit\u00e0 <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>viene <span class=\"_ _38\"></span>valutata <span class=\"_ _1\"></span>la r<span class=\"_ _1\"></span>edditivit\u00e0 <span class=\"_ _1\"></span>di un <span class=\"_ _38\"></span>gruppo di <span class=\"_ _1\"></span>contr<span class=\"_ _1\"></span>atti, <span class=\"_ _1\"></span>andando <span class=\"_ _1\"></span>a raggruppare nel medesimo portafoglio quelli che: o<span class=\"_ _3e\"> </span><span class=\"ff4\">prese<span class=\"_ _1\"></span>ntano rischi simili e sono gestiti unitariamente; </span>o<span class=\"_ _3e\"> </span><span class=\"ff4\">hanno profittabilit\u00e0 attesa <span class=\"_ _1\"></span>simile all\u2019emissione (c.d. bucket di profittabilit\u00e0); </span>o<span class=\"_ _3e\"> </span><span class=\"ff4\">appartengono alla stessa generazione (c.d. coorte annuale). </span>Per <span class=\"_ _1\"></span>Credemvita <span class=\"_ _1\"></span>l\u2019aggregazione <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>gruppi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>contrat<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>definita <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>rimast<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>invariata <span class=\"_ _1\"></span>dal <span class=\"_ _1\"></span>punto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>vista metodologico <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>2024 <span class=\"_ _1\"></span>rispetto <span class=\"_ _38\"></span>all\u2019anno <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>cedente, <span class=\"_ _38\"></span>ma <span class=\"_ _1\"></span>integra <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>nuovi <span class=\"_ _1\"></span>portafo<span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>identificati <span class=\"_ _38\"></span>per la <span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>stione <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>nuove <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>ipologie <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>prodot<span class=\"_ _1\"></span>ti <span class=\"_ _38\"></span>entrati <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>collocamento <span class=\"_ _38\"></span>durante<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>l\u2019anno. <span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>el <span class=\"_ _38\"></span>dettaglio Pi\u00f9 in dettaglio: <span class=\"_ _3e\"> </span><span class=\"ff4\">rimane <span class=\"_ _38\"></span>invariata <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>definizione <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>due <span class=\"_ _38\"></span>macro <span class=\"_ _38\"></span>portafogli <span class=\"_ _38\"></span>riconducibili <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>IFRS9 <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>ui <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>imetro <span class=\"_ _38\"></span>\u00e8 </span>rappresentato <span class=\"_ _37\"> </span>dalle <span class=\"_ _3d\"> </span>polizze <span class=\"_ _37\"> </span>Unit <span class=\"_ _37\"> </span>Linked <span class=\"_ _3d\"> </span>st<span class=\"_ _1\"></span>and <span class=\"_ _3d\"> </span>alone <span class=\"_ _37\"> </span>(portafoglio <span class=\"_ _37\"> </span>1) <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>dai <span class=\"_ _3d\"> </span>prodott<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>Fo<span class=\"_ _1\"></span>ndo Pensione e PIP (portafoglio 2 Risparmio Gest<span class=\"_ _1\"></span>ito) <span class=\"_ _3e\"> </span><span class=\"ff4\">i <span class=\"_ _3b\"></span>macr<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>portafogli <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iconducibili <span class=\"_ _3b\"></span>a IFRS17 <span class=\"_ _3b\"></span>pre<span class=\"_ _1\"></span>vedono <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>separazione <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>i principi<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>aggregazione<span class=\"_ _3a1\"> </span></span>di cui sopra tra prodotti relativi a Gestione Separate, Puro Rischio e <span class=\"_ _1\"></span>Multiramo: o<span class=\"ff16\"> <span class=\"_ _184\"></span><span class=\"ff4\">Per i prodotti <span class=\"_ _2\"></span>relativi a Gestione<span class=\"_ _2\"></span> Separate non<span class=\"_ _2\"></span> si evid<span class=\"_ _2\"></span>enziano integrazioni rispetto <span class=\"_ _2\"></span>al 2023 p<span class=\"_ _2\"></span>er </span></span>un <span class=\"_ _0\"></span>totale<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>4 <span class=\"_ _35\"> </span>macro <span class=\"_ _0\"></span>portafogli <span class=\"_ _0\"></span>relativi <span class=\"_ _35\"> </span>rispettivamente <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>Gestione <span class=\"_ _35\"> </span>Separata <span class=\"_ _0\"></span>1, <span class=\"_ _0\"></span>Gestione Separata 2, <span class=\"_ _3b\"></span>le<span class=\"_ _1\"></span> Specifi<span class=\"_ _2\"></span>che Provviste <span class=\"_ _2\"></span>collocate du<span class=\"_ _2\"></span>rante il 2<span class=\"_ _2\"></span>023 e <span class=\"_ _3b\"></span>al prodotto Risparmio <span class=\"_ _3b\"></span>Pr<span class=\"_ _1\"></span>otetto che ha come sottostante sia la Gestione Separata 1 che la Gestione <span class=\"_ _1\"></span>Separata 3; o<span class=\"ff16\"> <span class=\"_ _184\"></span><span class=\"ff4\">Per <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>prodotti <span class=\"_ _38\"></span>Multiramo <span class=\"_ _0\"></span>sia <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>componente <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>Ramo <span class=\"_ _0\"></span>I <span class=\"_ _0\"></span>che<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>componente <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Ramo<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>III <span class=\"_ _38\"></span>sono </span></span>soggette <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>valutazione <span class=\"_ _35\"> </span>IFRS17. <span class=\"_ _0\"></span>D<span class=\"_ _1\"></span>urante <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>2024 <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>Compagnia <span class=\"_ _35\"> </span>ha <span class=\"_ _0\"></span>finalizzato <span class=\"_ _35\"> </span>e <span class=\"_ _0\"> </span>collocat<span class=\"_ _1\"></span>o tramite <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>rete <span class=\"_ _38\"></span>d\u2019intermediazione <span class=\"_ _38\"></span>nuovi <span class=\"_ _38\"></span>prodotti <span class=\"_ _38\"></span>Multiramo <span class=\"_ _38\"></span>legati <span class=\"_ _38\"></span>alla <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>estione <span class=\"_ _38\"></span>Separata <span class=\"_ _38\"></span>1 <span class=\"_ _1\"></span>e alla nuova <span class=\"_ _1\"></span>Ge<span class=\"_ _1\"></span>stione <span class=\"_ _1\"></span>separata <span class=\"_ _1\"></span>3. <span class=\"_ _1\"></span>Perta<span class=\"_ _1\"></span>nto r<span class=\"_ _1\"></span>ispetto <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>2023, <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>stati <span class=\"_ _1\"></span>individuati, <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>aggiunta rispetto <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>pre-esistente <span class=\"_ _35\"> </span>macro <span class=\"_ _35\"> </span>portafo<span class=\"_ _1\"></span>glio <span class=\"_ _35\"> </span>IFRS17 <span class=\"_ _35\"> </span>relativo <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>Mul<span class=\"_ _2\"></span>tiramo  GS2, <span class=\"_ _35\"> </span>du<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>nuovi macro <span class=\"_ _38\"></span>portafogli <span class=\"_ _0\"></span>IFRS <span class=\"_ _1\"></span>17 <span class=\"_ _0\"></span>relativi <span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>Multiramo <span class=\"_ _38\"></span>GS1 <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>Mu<span class=\"_ _2\"></span>ltiramo <span class=\"_ _0\"></span>G<span class=\"_ _2\"></span>S3 <span class=\"_ _38\"></span>per <span class=\"_ _0\"></span>un <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>otale <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>3 <span class=\"_ _0\"></span>macro portafogli; o<span class=\"ff16\"> <span class=\"_ _184\"></span><span class=\"ff4\">Per <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>rodotti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Puro <span class=\"_ _0\"></span>Rischio <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>si <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>videnziano <span class=\"_ _0\"></span>integrazioni <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>2023 <span class=\"_ _0\"></span>rimanendo <span class=\"_ _0\"></span>i </span></span>prodotti in oggetto classificati all\u2019interno di 1 m<span class=\"_ _1\"></span>acro portafoglio. Per  qu<span class=\"_ _2\"></span>anto <span class=\"_ _35\"> </span>riguarda  i <span class=\"_ _35\"> </span>contratti <span class=\"_ _35\"> </span>apparte<span class=\"_ _1\"></span>nenti <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>prodotti  Multiramo <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>collegati  ad <span class=\"_ _35\"> </span>una <span class=\"_ _35\"> </span>Gestione Separata,  il <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _35\"> </span>ha <span class=\"_ _35\"> </span>deciso  di<span class=\"_ _2\"></span>  esercitare <span class=\"_ _35\"> </span>l\u2019opzione  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>non  ap<span class=\"_ _2\"></span>plicare  il <span class=\"_ _35\"> </span>requisito <span class=\"_ _35\"> </span>della  Coort<span class=\"_ _3b\"></span>e Annuale <span class=\"_ _38\"></span>(\u201cCarve <span class=\"_ _0\"></span>Ou<span class=\"_ _2\"></span>t\u201d) <span class=\"_ _38\"></span>cos\u00ec <span class=\"_ _38\"></span>come <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>revisto <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>Regolamento <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>omologazione <span class=\"_ _0\"></span>dell\u2019<span class=\"_ _2\"></span>IFRS <span class=\"_ _38\"></span>17 <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>livello europeo <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>quind<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>aggregare <span class=\"_ _0\"></span>queste <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>ipologie <span class=\"_ _0\"></span>contrattuali <span class=\"_ _0\"></span>solo <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>riguardo <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>concetto <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>rischi simili e gestione unitaria e all\u2019appartenenza allo stesso <span class=\"_ _1\"></span>bucket di profittabilit\u00e0.  <span class=\"_ _3e\"> </span><span class=\"ff4\">Curva <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>sconto: <span class=\"_ _35\"> </span>Credemvita <span class=\"_ _35\"> </span>ha <span class=\"_ _35\"> </span>deciso  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>utilizzare <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>approccio <span class=\"_ _35\"> </span>Bottom-Up, <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>prevede </span>l\u2019utilizzo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>ssi <span class=\"_ _1\"></span>privi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _38\"></span>con <span class=\"_ _1\"></span>l\u2019aggiunta <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>mio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>liquidit\u00e0. <span class=\"_ _1\"></span>Tale <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>mio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>liquidit\u00e0<span class=\"_ _3a1\"> </span>viene stimato sulla base del rischio insito all\u2019interno del portafoglio titoli, calcolato: o<span class=\"ff16\"> <span class=\"_ _184\"></span><span class=\"ff4\">per <span class=\"_ _37\"> </span>singola <span class=\"_ _3d\"> </span>Gestione <span class=\"_ _37\"> </span>Separata <span class=\"_ _3d\"> </span>quale <span class=\"_ _3d\"> </span>base <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>dete<span class=\"_ _1\"></span>rminazione <span class=\"_ _3d\"> </span>della <span class=\"_ _3d\"> </span>curva <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>conto <span class=\"_ _3d\"> </span>dei </span></span>porta<span class=\"_ _3a1\"> </span>fogli IFRS 17 legati a prodotti di Ramo I e Multiramo; o<span class=\"ff16\"> <span class=\"_ _184\"></span><span class=\"ff4\">per <span class=\"_ _38\"></span>portafoglio libero <span class=\"_ _1\"></span>quale <span class=\"_ _1\"></span>sottostante <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>determinazione <span class=\"_ _1\"></span>della curva <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>sconto <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>prodotti </span></span>di puro rischio. Di <span class=\"_ _1\"></span>seguito <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iepilogano <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>tassi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>conto, <span class=\"_ _1\"></span>suddivisi <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>tipologia <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>dello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valutazione <span class=\"_ _1\"></span>IFRS <span class=\"_ _38\"></span>17, sottostanti <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>valutazioni <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>31 <span class=\"_ _38\"></span>dicembre<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>2024. <span class=\"_ _38\"></span>Si <span class=\"_ _38\"></span>evidenzia <span class=\"_ _38\"></span>come <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>caso <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>prodotti <span class=\"_ _38\"></span>valutati <span class=\"_ _38\"></span>al VFA, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>curva <span class=\"_ _38\"></span>riportata <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>dalla <span class=\"_ _38\"></span>media <span class=\"_ _1\"></span>ponderata <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>curve <span class=\"_ _1\"></span>sottostanti <span class=\"_ _1\"></span>ogni <span class=\"_ _38\"></span>portafoglio <span class=\"_ _1\"></span>IFRS 17. <table class=\"s w64b h1ea\" id=\"_8a528480-d0bf-4c88-ae81-71f3a6dfde57\"><tr><td class=\"t m2 x643 h8 y548d ff4 fs2 fc1 sc0 ls0 ws0\">Classificazione portafogli </td><td></td><td></td><td class=\"t m2 x644 h8 y548e ff4 fs2 fc1 sc0 ls0 ws0\">Curva la 31.12.2024 </td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x645 h8 y548f ff4 fs2 fc1 sc0 ls0 ws0\">IFRS 17 </td><td class=\"c n x646 y5491 w64c h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">1 anno<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x647 y5491 w64d h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">5 anni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x648 y5491 w64e h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">10<span class=\"_ _1\"></span> anni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x649 y5491 w64f h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">15 <span class=\"_ _1\"></span>anni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x64a y5491 w650 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">20 anni</div></td><td class=\"t m2 x64b h8 y5492 ff4 fs2 fc1 sc0 ls0 ws0\">30 anni </td></tr><tr><td class=\"t m2 x64c h8 y5493 ff4 fs2 fc1 sc0 ls0 ws0\">Variable Fee Approach \u2013 </td><td class=\"c n x646 y5494 w651 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,80%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x64d y5494 w652 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,70%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x64e y5494 w653 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,83%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x64f y5494 w654 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,90%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x650 y5494 w655 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,82%</div></td><td class=\"t m2 x651 h8 y5493 ff4 fs2 fc1 sc0 ls0 ws0\">2,95% </td></tr><tr><td class=\"t m2 x64c h8 y5495 ff4 fs2 fc1 sc0 ls0 ws0\">VFA </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y539f w656 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">General Model - GM<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x652 y539f w657 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,71%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x653 y539f w658 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,62%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x654 y539f w659 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,74%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x655 y539f w65a h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,81%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x656 y539f w65b h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,73%</div></td><td class=\"t m2 x651 h8 y5496 ff4 fs2 fc1 sc0 ls0 ws0\">2,86% </td></tr></table><span class=\"_ _3e\"> </span><span class=\"ff4\">Risk <span class=\"_ _3b\"></span>adjust<span class=\"_ _1\"></span>ment: vi<span class=\"_ _2\"></span>ene de<span class=\"_ _2\"></span>terminato utilizz<span class=\"_ _2\"></span>ando <span class=\"_ _3b\"></span>una metodologia <span class=\"_ _3b\"></span>di tipo <span class=\"_ _3b\"></span>Value at <span class=\"_ _3b\"></span>Risk (<span class=\"_ _2\"></span>VaR) <span class=\"_ _3b\"></span>c<span class=\"_ _1\"></span>he </span>stima <span class=\"_ _0\"></span>l\u2019incertezza <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>ari <span class=\"_ _0\"></span>sulla <span class=\"_ _38\"></span>base <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>80\u00b0 <span class=\"_ _0\"></span>percentile <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span>stribuzione <span class=\"_ _0\"></span>di probabilit\u00e0 aggregata dei rischi tecnici insiti nel port<span class=\"_ _1\"></span>afoglio. <span class=\"_ _3e\"> </span><span class=\"ff4\">Variable <span class=\"_ _0\"></span>Fee <span class=\"_ _38\"></span>Approach <span class=\"_ _0\"></span>(VFA): <span class=\"_ _0\"></span>come <span class=\"_ _38\"></span>evidenziato <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>precedenza, <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>VFA <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>modello <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>visto </span>dallo  Standard  obblig<span class=\"_ _2\"></span>atorio  per  i  contratti  ch<span class=\"_ _2\"></span>e  prevedono  una  signi<span class=\"_ _2\"></span>ficativa  partecipazione discrezionale a<span class=\"_ _1\"></span>gli utili finanziari <span class=\"_ _1\"></span>da part<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>dell\u2019assicurato. Per de<span class=\"_ _1\"></span>terminare se <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>partecipazione discrezionale  agli  utili  \u00e8<span class=\"_ _1\"></span>  significativa,  viene <span class=\"_ _3d\"> </span>eseguito <span class=\"_ _3d\"> </span>un  test  sia  di  natura <span class=\"_ _3d\"> </span>qualitativa  che quantitativa <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ve<span class=\"_ _2\"></span>rificare <span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>requisiti <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>visti. <span class=\"_ _38\"></span>Nell\u2019ambito <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>prodotti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>Credemvita <span class=\"_ _0\"></span>vengono<span class=\"_ _2\"></span> misurati <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>il <span class=\"_ _1\"></span>Variable <span class=\"_ _38\"></span>Fee <span class=\"_ _0\"></span>Approach <span class=\"_ _38\"></span>tutti <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>contratti <span class=\"_ _0\"></span>collega<span class=\"_ _2\"></span>ti <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>Ge<span class=\"_ _1\"></span>stione <span class=\"_ _38\"></span>Separata, <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ia individuali che di tipo Multiramo. <span class=\"_ _3e\"> </span><span class=\"ff4\">Coverage Unit: <span class=\"_ _3b\"></span>le Coverage <span class=\"_ _3b\"></span>Unit rappresentano i<span class=\"_ _2\"></span>l driv<span class=\"_ _2\"></span>er con <span class=\"_ _3b\"></span>il quale <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>determinato il <span class=\"_ _3b\"></span>rilascio<span class=\"_ _3a1\"> </span></span>del <span class=\"_ _35\"> </span>CSM<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>conto <span class=\"_ _35\"> </span>economico, <span class=\"_ _35\"> </span>te<span class=\"_ _2\"></span>nendo <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>considerazione <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>antit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>servizi <span class=\"_ _35\"> </span>assicurativi <span class=\"_ _0\"></span>e<span class=\"_ _3a1\"> </span>finanziari. <span class=\"_ _3e\"> </span><span class=\"ff4\">Contract <span class=\"_ _36\"> </span>Boundaries: <span class=\"_ _36\"> </span>si <span class=\"_ _37\"> </span>inte<span class=\"_ _1\"></span>nde <span class=\"_ _37\"> </span>l\u2019insieme <span class=\"_ _36\"> </span>delle <span class=\"_ _36\"> </span>regole <span class=\"_ _37\"> </span>che <span class=\"_ _36\"> </span>definisce <span class=\"_ _36\"> </span>in <span class=\"_ _36\"> </span>che <span class=\"_ _37\"> </span>misura <span class=\"_ _36\"> </span>una </span>determinata  opzione  rientri  a<span class=\"_ _1\"></span>ll\u2019interno  della  proiezione  dei  flussi  di  cassa <span class=\"_ _3d\"> </span>di  un  contratto assicurativo. Il <span class=\"_ _35\"> </span>paragrafo <span class=\"_ _35\"> </span>34 <span class=\"_ _35\"> </span>dello <span class=\"_ _35\"> </span>Standard, <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>tal  p<span class=\"_ _2\"></span>roposito, <span class=\"_ _35\"> </span>stabilisce <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>flussi <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>cassa rientrano all\u2019interno del \u201cContract B<span class=\"_ _1\"></span>oundary\u201d di un contratto assicurativo se derivano da diritti ed obblighi<span class=\"_ _2\"></span> che esistono <span class=\"_ _2\"></span>durante il p<span class=\"_ _2\"></span>eriodo di<span class=\"_ _2\"></span> reporting in <span class=\"_ _3b\"></span>cui la Co<span class=\"_ _2\"></span>mpagnia ha d<span class=\"_ _2\"></span>iritto a <span class=\"_ _2\"></span>ricevere dall\u2019assicurato <span class=\"_ _3f\"> </span>i <span class=\"_ _39\"> </span>premi <span class=\"_ _3f\"> </span>o <span class=\"_ _3f\"> </span>ha <span class=\"_ _39\"> </span>l\u2019obbligo <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>fornire <span class=\"_ _3f\"> </span>servizi <span class=\"_ _3f\"> </span>legati <span class=\"_ _39\"> </span>al <span class=\"_ _3f\"> </span>contratto <span class=\"_ _3f\"> </span>assicurativo stesso. L\u2019obbligo <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>fornire <span class=\"_ _39\"> </span>servizi <span class=\"_ _39\"> </span>legati <span class=\"_ _39\"> </span>al <span class=\"_ _39\"> </span>contratt<span class=\"_ _1\"></span>o <span class=\"_ _39\"> </span>assicurativo <span class=\"_ _39\"> </span>termina <span class=\"_ _39\"> </span>per<span class=\"_ _1\"></span>tanto <span class=\"_ _39\"> </span>nel momento <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>Compagnia s<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>trova <span class=\"_ _1\"></span>nelle <span class=\"_ _38\"></span>condizioni di <span class=\"_ _1\"></span>definire <span class=\"_ _38\"></span>nuovamente <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>prezzo <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>i rischi coperti dal cont<span class=\"_ _1\"></span>ratto assicurativo e/o ridefinire le<span class=\"_ _1\"></span> coperture tali da riflettere<span class=\"_ _1\"></span> pienamente i rischi. <span class=\"_ _3e\"> </span><span class=\"ff4\">Quantificazione  del <span class=\"_ _3d\"> </span>CSM <span class=\"_ _3d\"> </span>IFRS <span class=\"_ _3d\"> </span>17 <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>Bilancio <span class=\"_ _3d\"> </span>Consolidato: <span class=\"_ _3d\"> </span>la  ges<span class=\"_ _1\"></span>tione  delle <span class=\"_ _3d\"> </span>transazioni </span>infragruppo <span class=\"_ _38\"></span>comport<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>nec<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ssit\u00e0, <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>q<span class=\"_ _2\"></span>uantificazione <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>flussi <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>cassa,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>\u201csostituire\u201d <span class=\"_ _38\"></span>i costi infrag<span class=\"_ _2\"></span>ruppo proiettati <span class=\"_ _3b\"></span>da Cr<span class=\"_ _2\"></span>edemvita nella <span class=\"_ _3b\"></span>stima della <span class=\"_ _3b\"></span>propria situazione <span class=\"_ _3b\"></span>cont<span class=\"_ _1\"></span>abile <span class=\"_ _3b\"></span>\u201c<span class=\"_ _1\"></span>stand alone\u201d <span class=\"_ _3d\"> </span>(tipicamente <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>provvigioni <span class=\"_ _3d\"> </span>pagate <span class=\"_ _37\"> </span>alla  rete <span class=\"_ _37\"> </span>distributiva <span class=\"_ _3d\"> </span>bancaria) <span class=\"_ _3d\"> </span>con <span class=\"_ _3d\"> </span>i <span class=\"_ _3d\"> </span>costi <span class=\"_ _3d\"> </span>reali sostenuti <span class=\"_ _35\"> </span>dal <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _35\"> </span>v<span class=\"_ _2\"></span>erso <span class=\"_ _35\"> </span>economie <span class=\"_ _35\"> </span>terze. <span class=\"_ _35\"> </span>Tal<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>operazione <span class=\"_ _35\"> </span>comporta <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>ilevazione <span class=\"_ _35\"> </span>di <span class=\"_ _0\"> </span>un profitto atteso (C<span class=\"_ _2\"></span>SM) <span class=\"_ _2\"></span>differente tra Credemvita <span class=\"_ _3b\"></span>\u201c<span class=\"_ _1\"></span>stand al<span class=\"_ _2\"></span>one\u201d e il <span class=\"_ _3b\"></span>Gruppo nel <span class=\"_ _3b\"></span>suo insieme per la<span class=\"_ _2\"></span> misura <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>tale <span class=\"_ _38\"></span>delta <span class=\"_ _1\"></span>costi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>sopra. <span class=\"_ _38\"></span>La <span class=\"_ _1\"></span>stes<span class=\"_ _1\"></span>sa <span class=\"_ _1\"></span>ESMA <span class=\"_ _1\"></span>gi\u00e0 <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>lla <span class=\"_ _1\"></span>comunicazione <span class=\"_ _38\"></span>annuale <span class=\"_ _1\"></span>2023<span class=\"_ _3a1\"> </span>sulle priorit\u00e0 dei bilanc<span class=\"_ _2\"></span>i ha evidenziato l\u2019importanza di <span class=\"_ _2\"></span>applicare in modo consistente i <span class=\"_ _2\"></span>requisiti di conso<span class=\"_ _1\"></span>lidamento <span class=\"_ _1\"></span>ai <span class=\"_ _1\"></span>sens<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>dell\u2019IFRS 10 <span class=\"_ _38\"></span>al <span class=\"_ _1\"></span>fine <span class=\"_ _1\"></span>di gar<span class=\"_ _1\"></span>antire <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>corretta <span class=\"_ _1\"></span>applicazione <span class=\"_ _1\"></span>dell\u2019IFRS <span class=\"_ _1\"></span>17<span class=\"_ _3a1\"> </span>nel bi<span class=\"_ _2\"></span>lancio consolid<span class=\"_ _2\"></span>ato. Nello <span class=\"_ _3b\"></span>specifico, <span class=\"_ _2\"></span>ESMA <span class=\"_ _2\"></span>segnala che <span class=\"_ _3b\"></span>nel ca<span class=\"_ _2\"></span>so in<span class=\"_ _2\"></span> cui<span class=\"_ _2\"></span> le <span class=\"_ _3b\"></span>banche d<span class=\"_ _2\"></span>el gruppo distribuiscano <span class=\"_ _35\"> </span>i  prodotti <span class=\"_ _35\"> </span>assicurativi, <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>CSM  a <span class=\"_ _35\"> </span>livello <span class=\"_ _35\"> </span>consolidato  spesso <span class=\"_ _35\"> </span>differir\u00e0 <span class=\"_ _35\"> </span>da  qu<span class=\"_ _2\"></span>ello assicurativo <span class=\"_ _3e\"> </span><span class=\"ff4\">Transition:  si <span class=\"_ _3d\"> </span>ricordano  infine  razionali  e <span class=\"_ _3d\"> </span>scelte  di  t<span class=\"_ _1\"></span>ransizione  effettuate <span class=\"_ _3d\"> </span>in  fase <span class=\"_ _3d\"> </span>di  prima </span>applicazione del Principio: o<span class=\"ff16\"> <span class=\"_ _184\"></span><span class=\"ff4\">Alla <span class=\"_ _38\"></span>luce <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>risultati <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>dell\u2019assessment <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ulla <span class=\"_ _1\"></span>disponibilit\u00e0 <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>dati <span class=\"_ _38\"></span>storici <span class=\"_ _38\"></span>condotta <span class=\"_ _38\"></span>su <span class=\"_ _38\"></span>tutti <span class=\"_ _38\"></span>i </span></span>contratti <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>vita <span class=\"_ _3d\"> </span>alla <span class=\"_ _37\"> </span>data <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>transizione <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>sulla <span class=\"_ _3d\"> </span>base <span class=\"_ _37\"> </span>delle <span class=\"_ _3d\"> </span>caratteristiche <span class=\"_ _3d\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _3d\"> </span>business sottostante, <span class=\"_ _37\"> </span>\u00e8 <span class=\"_ _37\"> </span>e<span class=\"_ _1\"></span>merso <span class=\"_ _37\"> </span>che <span class=\"_ _36\"> </span>l'approccio <span class=\"_ _3d\"> </span>F<span class=\"_ _1\"></span>air <span class=\"_ _37\"> </span>Value <span class=\"_ _37\"> </span>Approach <span class=\"_ _37\"> </span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>risultato <span class=\"_ _36\"> </span>l\u2019unico <span class=\"_ _37\"> </span>sempre applicabile, <span class=\"_ _38\"></span>ha <span class=\"_ _0\"></span>garantito <span class=\"_ _38\"></span>una <span class=\"_ _0\"></span>robusta <span class=\"_ _38\"></span>stima <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>CSM <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>u <span class=\"_ _38\"></span>tutti <span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>portafogli <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>riferimento <span class=\"_ _38\"></span>ed <span class=\"_ _38\"></span>\u00e8 risultato <span class=\"_ _0\"></span>conforme<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>alla <span class=\"_ _38\"></span>metodologia <span class=\"_ _38\"></span>definita <span class=\"_ _0\"></span>dal <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>rincipio. <span class=\"_ _38\"></span>Inoltre, <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>metodologia <span class=\"_ _0\"></span>adotta<span class=\"_ _2\"></span>ta, che <span class=\"_ _37\"> </span>ha <span class=\"_ _37\"> </span>sposato <span class=\"_ _37\"> </span>logiche <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>market <span class=\"_ _37\"> </span>partecipant <span class=\"_ _37\"> </span>view <span class=\"_ _37\"> </span>ha <span class=\"_ _36\"> </span>fatto <span class=\"_ _3d\"> </span>leva <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>ulla <span class=\"_ _3d\"> </span>calibrazione <span class=\"_ _37\"> </span>di parametri che sono gi\u00e0 consolidati nel framework della Com<span class=\"_ _1\"></span>pagnia; o<span class=\"ff16\"> <span class=\"_ _184\"></span><span class=\"ff4\">Con  r<span class=\"_ _1\"></span>iferimento  al  VFA <span class=\"_ _3d\"> </span>il  carve  out  delle  coorti  annuali  per  le  G<span class=\"_ _1\"></span>estioni  Separate,  di  cui </span></span>Credemvita <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>inteso <span class=\"_ _1\"></span>avvalersi, <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>eliminato <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>raggruppamento <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>coort<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>annuali, pert<span class=\"_ _1\"></span>anto<span class=\"_ _3a1\"> </span>si <span class=\"_ _43\"> </span>\u00e8 <span class=\"_ _43\"> </span>ritenuto <span class=\"_ _43\"> </span>necessario <span class=\"_ _69\"> </span>applicare <span class=\"_ _43\"> </span>un <span class=\"_ _69\"> </span>s<span class=\"_ _1\"></span>ingolo <span class=\"_ _43\"> </span>approccio <span class=\"_ _43\"> </span>di <span class=\"_ _69\"> </span>Transition <span class=\"_ _43\"> </span>per <span class=\"_ _43\"> </span>ogni raggru<span class=\"_ _3a1\"> </span>ppamento che <span class=\"_ _2\"></span>si config<span class=\"_ _2\"></span>ura come u<span class=\"_ _2\"></span>n bu<span class=\"_ _2\"></span>cket di <span class=\"_ _3b\"></span>profitt<span class=\"_ _1\"></span>abilit\u00e0 d<span class=\"_ _2\"></span>irettamente applicato <span class=\"_ _2\"></span>sul portafoglio di GS o Multiramo nel suo complesso. Principali diffe<span class=\"_ _1\"></span>renze tra il framewor<span class=\"_ _1\"></span>k IFRS 17 e Solvency <span class=\"_ _1\"></span>II Le <span class=\"_ _35\"> </span>principali <span class=\"_ _35\"> </span>differenze <span class=\"_ _35\"> </span>tra <span class=\"_ _35\"> </span>lo <span class=\"_ _35\"> </span>Standard <span class=\"_ _35\"> </span>IFRS <span class=\"_ _35\"> </span>17 <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>Solvenc<span class=\"_ _3a1\"> </span>y <span class=\"_ _35\"> </span>II<span class=\"_ _3a1\"> </span>in <span class=\"_ _35\"> </span>relazione <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>valutazione <span class=\"_ _35\"> </span>delle passivit\u00e0 <span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>icurative so<span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>primariamente <span class=\"_ _1\"></span>legate <span class=\"_ _38\"></span>all\u2019identificazione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>Contract <span class=\"_ _1\"></span>Boundaries, <span class=\"_ _38\"></span>alla determinazione <span class=\"_ _3f\"> </span>della <span class=\"_ _39\"> </span>curva <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>sconto <span class=\"_ _39\"> </span>e <span class=\"_ _3f\"> </span>alla <span class=\"_ _3f\"> </span>modalit\u00e0 <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>calcolo <span class=\"_ _3f\"> </span>del <span class=\"_ _39\"> </span>Margine <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>Prudenza (rispettivamente Risk Adjustment o Risk Margin).  In particolare: <span class=\"_ _3e\"> </span><span class=\"ff4\"> per <span class=\"_ _0\"></span>q<span class=\"_ _2\"></span>uanto <span class=\"_ _38\"></span>riguarda <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>Contract <span class=\"_ _1\"></span>Boundaries, <span class=\"_ _0\"></span>l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>principali <span class=\"_ _38\"></span>differenze <span class=\"_ _38\"></span>riguardano <span class=\"_ _38\"></span>sia <span class=\"_ _0\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>logica <span class=\"_ _38\"></span>di </span>determinazione <span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>periodicit\u00e0 <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>valutazione. <span class=\"_ _38\"></span>In <span class=\"_ _1\"></span>Solvency <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>I <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>Contract <span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>oundaries <span class=\"_ _1\"></span>sono basati <span class=\"_ _3d\"> </span>su <span class=\"_ _3d\"> </span>una <span class=\"_ _3d\"> </span>logica <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>rischio <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>la <span class=\"_ _37\"> </span>compagnia <span class=\"_ _3d\"> </span>e <span class=\"_ _3d\"> </span>sono <span class=\"_ _3d\"> </span>determinati <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>ciascuna <span class=\"_ _3d\"> </span>data <span class=\"_ _3d\"> </span>di valutazione; <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>IFRS <span class=\"_ _0\"></span>17 <span class=\"_ _0\"></span>invece <span class=\"_ _0\"></span>sul<span class=\"_ _2\"></span>la <span class=\"_ _0\"></span>possibilit\u00e0 <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>re-pricing <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>parte <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>compagnia <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>son<span class=\"_ _3b\"></span>o determinati all\u2019emissione dei contratti; <span class=\"_ _3e\"> </span><span class=\"ff4\"> con <span class=\"_ _39\"> </span>riferimento <span class=\"_ _36\"> </span>alle <span class=\"_ _36\"> </span>curve <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>sconto, <span class=\"_ _39\"> </span>la <span class=\"_ _36\"> </span>principale <span class=\"_ _36\"> </span>differenza <span class=\"_ _36\"> </span>riguarda <span class=\"_ _36\"> </span>la <span class=\"_ _39\"> </span>modalit\u00e0 <span class=\"_ _36\"> </span>e <span class=\"_ _36\"> </span>la </span>granularit\u00e0 <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>cui <span class=\"_ _3b\"></span>la stessa <span class=\"_ _3b\"></span>viene calcolata; <span class=\"_ _3b\"></span>in p<span class=\"_ _2\"></span>articolare<span class=\"_ _1\"></span>, <span class=\"_ _3b\"></span>per So<span class=\"_ _2\"></span>lvency <span class=\"_ _2\"></span>II <span class=\"_ _3b\"></span>es<span class=\"_ _1\"></span>iste un'un<span class=\"_ _2\"></span>ica <span class=\"_ _3b\"></span>curva di <span class=\"_ _35\"> </span>sconto <span class=\"_ _35\"> </span>composta <span class=\"_ _0\"></span>da <span class=\"_ _35\"> </span>una <span class=\"_ _35\"> </span>curva <span class=\"_ _35\"> </span>base <span class=\"_ _0\"></span>priva <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>pi\u00f9<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>premio <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>liquidit\u00e0 <span class=\"_ _35\"> </span>(Volatility Adjustment),  definito <span class=\"_ _35\"> </span>dall\u2019Autorit<span class=\"_ _1\"></span>\u00e0  europea  delle <span class=\"_ _35\"> </span>assicurazioni  e  delle <span class=\"_ _35\"> </span>pensioni  aziendali  o professionali <span class=\"_ _36\"> </span>(EIOPA) <span class=\"_ _36\"> </span>sulla <span class=\"_ _36\"> </span>base <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>un <span class=\"_ _36\"> </span>portafoglio <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>riferimento <span class=\"_ _36\"> </span>medio <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>mercato. <span class=\"_ _36\"> </span>Nel Framework <span class=\"_ _37\"> </span>IFRS <span class=\"_ _37\"> </span>17 <span class=\"_ _36\"> </span>invece <span class=\"_ _37\"> </span>\u00e8 <span class=\"_ _37\"> </span>possibile <span class=\"_ _37\"> </span>calcolare <span class=\"_ _37\"> </span>le <span class=\"_ _36\"> </span>curve <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>sconto <span class=\"_ _36\"> </span>per <span class=\"_ _37\"> </span>ogni <span class=\"_ _37\"> </span>portafoglio identificato sulla base degli specifici pool di attivi di riferiment<span class=\"_ _1\"></span>o detenuti dalla Compagnia; <span class=\"_ _3e\"> </span><span class=\"ff4\">per <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>Margine <span class=\"_ _1\"></span>di P<span class=\"_ _1\"></span>rudenza la <span class=\"_ _1\"></span>differenza <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>Risk <span class=\"_ _1\"></span>Margin e <span class=\"_ _1\"></span>Risk <span class=\"_ _1\"></span>Adjustment <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>dovuta sia <span class=\"_ _38\"></span>ad una </span>differente <span class=\"_ _3b\"></span>meto<span class=\"_ _1\"></span>dologia <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>calcolo <span class=\"_ _3b\"></span>che ad<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>un <span class=\"_ _3b\"></span>diverso<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>perimetro <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>rischi <span class=\"_ _3b\"></span>ident<span class=\"_ _1\"></span>ificati. <span class=\"_ _3b\"></span>Il <span class=\"_ _3b\"></span>Risk <span class=\"_ _2\"></span>Margin Solvency <span class=\"_ _38\"></span>II <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _0\"></span>cal<span class=\"_ _2\"></span>colato <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>meto<span class=\"_ _1\"></span>dologia <span class=\"_ _1\"></span>Cost <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>f <span class=\"_ _38\"></span>Capital, <span class=\"_ _1\"></span>applicata <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>requisito <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Capitale della Compagnia val<span class=\"_ _1\"></span>utato <span class=\"_ _1\"></span>con un <span class=\"_ _1\"></span>percentile a<span class=\"_ _1\"></span>l 99,5%, cons<span class=\"_ _1\"></span>iderando i r<span class=\"_ _1\"></span>ischi te<span class=\"_ _1\"></span>cnici, il rischio <span class=\"_ _1\"></span>di credito  e  il  rischio  operat<span class=\"_ _1\"></span>ivo;  per  il  Risk  Adjustment  IFRS  17  il  Principio  non  prevede  una metodologia <span class=\"_ _36\"> </span>standard <span class=\"_ _39\"> </span>ma <span class=\"_ _36\"> </span>esclusivamente <span class=\"_ _39\"> </span>la <span class=\"_ _36\"> </span>determinazione <span class=\"_ _36\"> </span>dello <span class=\"_ _36\"> </span>st<span class=\"_ _1\"></span>esso <span class=\"_ _36\"> </span>sulla <span class=\"_ _36\"> </span>base <span class=\"_ _39\"> </span>di specifici  rischi  non  finanziari,  valutando <span class=\"_ _3d\"> </span>il  rischio  ad <span class=\"_ _3d\"> </span>un  determinato  grado  di  confidenza prefissato dalla Compagnia. Si precisa che l\u2019introduzione dell\u2019IFRS 17 non <span class=\"_ _1\"></span>comporta impatti sull\u2019indicatore di sintesi Solvency II per la Compagnia Credemvita, n\u00e9 per il Margine di conglomerato. IFRS 9 Strume<span class=\"_ _1\"></span>nti finanziari Le Compagnie assicurative gi\u00e0 in<span class=\"_ _2\"></span> sede di transition a<span class=\"_ _3a1\"> </span>l<span class=\"_ _3a1\"> </span>nuo<span class=\"_ _3a1\"> </span>vo Principio hanno <span class=\"_ _2\"></span>condotto<span class=\"_ _1\"></span> un p<span class=\"_ _2\"></span>rogetto implementativo <span class=\"_ _3f\"> </span>volto <span class=\"_ _39\"> </span>ad <span class=\"_ _39\"> </span>approfondire <span class=\"_ _39\"> </span>le <span class=\"_ _39\"> </span>diverse <span class=\"_ _3f\"> </span>aree <span class=\"_ _36\"> </span>di <span class=\"_ _3f\"> </span>influenza <span class=\"_ _39\"> </span>del <span class=\"_ _39\"> </span>principio <span class=\"_ _39\"> </span>IFRS <span class=\"_ _39\"> </span>9 <span class=\"_ _3f\"> </span>in concomitanza con quello <span class=\"_ _2\"></span>IFRS17 al f<span class=\"_ _2\"></span>ine di definire <span class=\"_ _3b\"></span>i suoi impatti qualitativi <span class=\"_ _2\"></span>e quantitativi, nonch\u00e9 ad<span class=\"_ _3b\"></span> individuare ed implementare gli interventi applic<span class=\"_ _2\"></span>ativi ed organizzativi necessari. In particolare, si <span class=\"_ _2\"></span>\u00e8 tenuto <span class=\"_ _35\"> </span>conto <span class=\"_ _35\"> </span>dell\u2019obiettivo <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>per<span class=\"_ _1\"></span>seguire <span class=\"_ _35\"> </span>un\u2019adozione <span class=\"_ _35\"> </span>omogenea <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>principio <span class=\"_ _35\"> </span>contabile, <span class=\"_ _35\"> </span>pur <span class=\"_ _35\"> </span>in presenza <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>oper<span class=\"_ _1\"></span>ativit\u00e0 ass<span class=\"_ _1\"></span>icurativa legata <span class=\"_ _38\"></span>in par<span class=\"_ _1\"></span>ticolare <span class=\"_ _1\"></span>alle <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>pecificit\u00e0 di <span class=\"_ _1\"></span>prodot<span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>Gest<span class=\"_ _1\"></span>ioni Separate. Relativamente al percorso di adeguamento delle Compagnie al principio contabile IFRS9, le scelte metodologiche <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>appli<span class=\"_ _2\"></span>cative <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>state <span class=\"_ _1\"></span>definite <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>coerenza <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>quanto <span class=\"_ _0\"></span>previsto <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ll\u2019ambito <span class=\"_ _38\"></span>del framework gi\u00e0 in uso nel Gruppo. Classificazione <span class=\"_ _1\"></span>e Misurazione Per <span class=\"_ _35\"> </span>poter <span class=\"_ _35\"> </span>rispettare <span class=\"_ _35\"> </span>il<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>dettato <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>ll\u2019IFRS <span class=\"_ _0\"></span>9 <span class=\"_ _35\"> </span>\u2013 <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>cui <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>classificazione <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _0\"> </span>finanziarie <span class=\"_ _35\"> </span>\u00e8 guidata, da <span class=\"_ _2\"></span>un lato, dalle caratteristiche contrattuali <span class=\"_ _2\"></span>dei flussi di <span class=\"_ _3b\"></span>cas<span class=\"_ _1\"></span>sa degli strumenti e, <span class=\"_ _2\"></span>dall\u2019altro, dall\u2019intento <span class=\"_ _2\"></span>gestionale <span class=\"_ _3b\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>quale <span class=\"_ _2\"></span>sono <span class=\"_ _3b\"></span>detenuti \u2013 <span class=\"_ _184\"></span>sono <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>tate <span class=\"_ _3b\"></span>declinate <span class=\"_ _2\"></span>le <span class=\"_ _3b\"></span>modalit\u00e0 d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>effettuazione del test <span class=\"_ _3b\"></span>sulle caratteristiche <span class=\"_ _3b\"></span>contrattuali dei <span class=\"_ _2\"></span>cash <span class=\"_ _2\"></span>flow (c<span class=\"_ _2\"></span>osiddetto SPPI <span class=\"_ _3b\"></span>Test), ed <span class=\"_ _3b\"></span>\u00e8 stata <span class=\"_ _2\"></span>finalizzata la definizione dei business model a tendere.  Si pre<span class=\"_ _1\"></span>mette <span class=\"_ _1\"></span>che, <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>la com<span class=\"_ _1\"></span>posizione del <span class=\"_ _1\"></span>portafoglio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>pertinenza <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>compagnia <span class=\"_ _1\"></span>assicurativa e <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>modalit\u00e0 <span class=\"_ _35\"> </span>con <span class=\"_ _0\"></span>cui <span class=\"_ _35\"> </span>lo <span class=\"_ _0\"></span>stesso <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>gestito, <span class=\"_ _35\"> </span>l\u2019introduzione <span class=\"_ _0\"></span>dell\u2019IFRS <span class=\"_ _35\"> </span>9 <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>ha <span class=\"_ _35\"> </span>comportato <span class=\"_ _0\"></span>impatti rilevanti in termini<span class=\"_ _2\"></span> di misurazione <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ispetto al <span class=\"_ _2\"></span>Principio contabile I<span class=\"_ _3b\"></span>AS 39 precedentemente in vi<span class=\"_ _2\"></span>gore, confermando come metodo principale quello del fair value. Per quanto rigu<span class=\"_ _2\"></span>arda le passivit\u00e0<span class=\"_ _2\"></span> finanz<span class=\"_ _2\"></span>iarie si specifica <span class=\"_ _2\"></span>che il <span class=\"_ _2\"></span>Gruppo si \u00e8<span class=\"_ _2\"></span> avvalso della <span class=\"_ _2\"></span>possibilit\u00e0 di<span class=\"_ _2\"></span> designare com<span class=\"_ _2\"></span>e p<span class=\"_ _2\"></span>assivit\u00e0 <span class=\"_ _3b\"></span>al fair <span class=\"_ _3b\"></span>value <span class=\"_ _3b\"></span>i prodotti <span class=\"_ _3b\"></span>di natura <span class=\"_ _3b\"></span>finanziaria <span class=\"_ _2\"></span>emessi <span class=\"_ _2\"></span>da <span class=\"_ _3b\"></span>Cr<span class=\"_ _1\"></span>edemvita <span class=\"_ _3b\"></span>che non<span class=\"_ _3b\"></span> rientrano  nell\u2019ambito  di<span class=\"_ _2\"></span>  applicazione  dell\u2019I<span class=\"_ _2\"></span>FRS  17. <span class=\"_ _35\"> </span>C<span class=\"_ _1\"></span>i\u00f2  al <span class=\"_ _35\"> </span>fine<span class=\"_ _1\"></span>  di  elimin<span class=\"_ _2\"></span>are  o  ridurre  le  p<span class=\"_ _2\"></span>ossibili \u201casimmetrie <span class=\"_ _0\"></span>contabili\u201d <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"></span>agli <span class=\"_ _0\"></span>attivi <span class=\"_ _0\"></span>collegati <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>valutati <span class=\"_ _0\"></span>anch\u2019essi <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value. <span class=\"_ _0\"></span>Si <span class=\"_ _0\"></span>evidenzia tuttavia, <span class=\"_ _0\"></span>come <span class=\"_ _35\"> </span>megli<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>dettagliato <span class=\"_ _35\"> </span>nel <span class=\"_ _0\"></span>paragrafo <span class=\"_ _0\"></span>sull\u2019IFRS <span class=\"_ _0\"></span>17, <span class=\"_ _0\"></span>che <span class=\"_ _35\"> </span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>seguito <span class=\"_ _35\"> </span>dell\u2019i<span class=\"_ _2\"></span>ntroduzione <span class=\"_ _0\"> </span>del nuovo principio, una parte dei prodotti multiramo, precedentemente classificata ai sensi dell\u2019IFRS 4/IAS 39 come strumenti finanziari, viene ora attratta in ambito di applicazione dell\u2019IFRS 17. Impairment Per quel che riguarda l\u2019Impairment \u00e8 stata definita dalla Capogruppo una metodologia comune ed un processo accentrato presso la struttura Risk Management pe<span class=\"_ _2\"></span>r la quantificazione dell\u2019Expected credit <span class=\"_ _0\"></span>loss <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>tutte <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ociet\u00e0 <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>Gr<span class=\"_ _1\"></span>uppo. <span class=\"_ _38\"></span>P<span class=\"_ _1\"></span>ertanto, <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>na <span class=\"_ _0\"></span>completa <span class=\"_ _0\"></span>ill<span class=\"_ _2\"></span>ustrazione <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>celte adottate <span class=\"_ _35\"> </span>dal <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>merito <span class=\"_ _35\"> </span>all\u2019<span class=\"_ _2\"></span>applicazione <span class=\"_ _35\"> </span>dell\u2019impairment <span class=\"_ _35\"> </span>ai <span class=\"_ _35\"> </span>sensi <span class=\"_ _35\"> </span>dell\u2019I<span class=\"_ _2\"></span>FRS <span class=\"_ _35\"> </span>9 <span class=\"_ _35\"> </span>si <span class=\"_ _0\"></span>rinvia <span class=\"_ _35\"> </span>alle Politiche contabili e all\u2019i<span class=\"_ _2\"></span>llustrazione riportata nella Parte E <span class=\"_ _2\"></span>della N<span class=\"_ _2\"></span>ota integrativa relativa al p<span class=\"_ _2\"></span>residio dei rischi del Bilancio Consolidato. Si <span class=\"_ _37\"> </span>segnala, <span class=\"_ _36\"> </span>per <span class=\"_ _37\"> </span>completezza, <span class=\"_ _37\"> </span>che <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>isulta <span class=\"_ _37\"> </span>applicabile <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>alla <span class=\"_ _37\"> </span>Compagnia <span class=\"_ _36\"> </span>il <span class=\"_ _37\"> </span>documento <span class=\"_ _37\"> </span>di \u201cImpairment <span class=\"_ _39\"> </span>Policy\u201d <span class=\"_ _36\"> </span>con <span class=\"_ _39\"> </span>riferimento <span class=\"_ _36\"> </span>alle <span class=\"_ _39\"> </span>linee <span class=\"_ _39\"> </span>guida <span class=\"_ _36\"> </span>metodologiche <span class=\"_ _36\"> </span>de<span class=\"_ _1\"></span>finite <span class=\"_ _39\"> </span>dal <span class=\"_ _36\"> </span>Gruppo <span class=\"_ _39\"> </span>in applicazione dell\u2019IFRS 9 e approvate dai compete<span class=\"_ _1\"></span>nti livelli di governance. In questa sede si evidenzia che per Credemvita <span class=\"_ _1\"></span>l\u2019applicaz<span class=\"_ _2\"></span>ione de<span class=\"_ _1\"></span>l modello Expected Credit Losses rileva <span class=\"_ _0\"></span>princ<span class=\"_ _2\"></span>ipalmente <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>riferimento <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>portafoglio <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>titoli <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>debito <span class=\"_ _0\"></span>classificati <span class=\"_ _38\"></span>nella <span class=\"_ _0\"></span>categoria Fair  val<span class=\"_ _2\"></span>ue  con <span class=\"_ _35\"> </span>imputazione <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>patr<span class=\"_ _1\"></span>imonio <span class=\"_ _35\"> </span>netto.  L\u2019ap<span class=\"_ _2\"></span>plicazione  d<span class=\"_ _2\"></span>el  modello <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>impairment  no<span class=\"_ _2\"></span>n comporta  q<span class=\"_ _2\"></span>uindi <span class=\"_ _35\"> </span>una <span class=\"_ _35\"> </span>diversa <span class=\"_ _35\"> </span>misurazione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>tale  por<span class=\"_ _2\"></span>tafoglio <span class=\"_ _35\"> </span>(essendo  g<span class=\"_ _2\"></span>i\u00e0 <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value) <span class=\"_ _35\"> </span>e, <span class=\"_ _35\"> </span>con riferimento <span class=\"_ _0\"></span>alla <span class=\"_ _1\"></span>prima <span class=\"_ _0\"></span>appl<span class=\"_ _2\"></span>icazione, <span class=\"_ _0\"></span>comporta <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>giro <span class=\"_ _0\"></span>tra <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>riserva <span class=\"_ _0\"></span>da <span class=\"_ _1\"></span>valutazione<span class=\"fs3\"> <span class=\"_ _0\"></span></span>e <span class=\"_ _0\"></span>la <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>erva <span class=\"_ _38\"></span>di utili. <span class=\"_ _48\"> </span>Non <span class=\"_ _48\"> </span>risulta <span class=\"_ _48\"> </span>essere <span class=\"_ _48\"> </span>inv<span class=\"_ _2\"></span>ece <span class=\"_ _48\"> </span>significativa <span class=\"_ _3a\"> </span>per<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>quanto <span class=\"_ _48\"> </span>rigu<span class=\"_ _2\"></span>arda <span class=\"_ _48\"> </span>i <span class=\"_ _48\"> </span>crediti, <span class=\"_ _3a\"> </span>r<span class=\"_ _1\"></span>appresentati principalmente da conti correnti e <span class=\"_ _1\"></span>altre forme tecniche a breve termine.  I principali elementi alla base della metodologia possono essere<span class=\"_ _1\"></span> considerati i seguenti: <span class=\"_ _42\"> </span><span class=\"ff4\">modalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>tr<span class=\"_ _1\"></span>acking <span class=\"_ _3b\"></span>della q<span class=\"_ _2\"></span>ualit\u00e0 <span class=\"_ _3b\"></span>cr<span class=\"_ _1\"></span>editizia <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>por<span class=\"_ _1\"></span>tafogli <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3b\"></span>finanziarie valutate <span class=\"_ _3b\"></span>al <span class=\"_ _2\"></span>costo<span class=\"_ _3a1\"> </span></span>ammortizzato ed al fair value con contro<span class=\"_ _1\"></span>partita il patrimonio netto; <span class=\"_ _42\"> </span><span class=\"ff4\">definizione dei p<span class=\"_ _2\"></span>aramet<span class=\"_ _1\"></span>ri per la d<span class=\"_ _2\"></span>eterminazione del significativo deterioramento del rischio di<span class=\"_ _2\"></span> </span>credito, ai fini <span class=\"_ _2\"></span>della corretta allocazione delle esposizioni in<span class=\"_ _2\"></span> bonis nello stage 1 <span class=\"_ _2\"></span>o nello stage 2, basata sulla variazione delle <span class=\"_ _1\"></span>probabilit\u00e0 di default lifetime rispetto al m<span class=\"_ _1\"></span>omento dell\u2019iscrizione iniziale in bilancio dello strumento finanziario. Cre<span class=\"_ _1\"></span>demvita non ha esposizioni impaired; <span class=\"_ _42\"> </span><span class=\"ff4\">definizione <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>mo<span class=\"_ _1\"></span>delli <span class=\"_ _37\"> </span>per <span class=\"_ _36\"> </span>lo <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>taging <span class=\"_ _37\"> </span>(re<span class=\"_ _1\"></span>lativamente <span class=\"_ _36\"> </span>all\u2019utilizzo <span class=\"_ _37\"> </span>della <span class=\"_ _36\"> </span>PD <span class=\"_ _36\"> </span>lifetime <span class=\"_ _37\"> </span>come </span>indicatore <span class=\"_ _0\"></span>relat<span class=\"_ _1\"></span>ivo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>deterioramento<span class=\"_ _1\"></span>) <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>calcolo <span class=\"_ _0\"></span>dell\u2019expected <span class=\"_ _0\"></span>credit <span class=\"_ _0\"></span>loss <span class=\"_ _35\"> </span>(EC<span class=\"_ _2\"></span>L) <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>un anno (da a<span class=\"_ _1\"></span>pplicare alle esposizioni <span class=\"_ _1\"></span>in stage 1) e<span class=\"_ _1\"></span> lifetime <span class=\"_ _1\"></span>(da applicare alle <span class=\"_ _1\"></span>esposizioni in stage 2 e stage 3). Con <span class=\"_ _35\"> </span>riferimento  allo <span class=\"_ _35\"> </span>\u201cstaging\u201d <span class=\"_ _0\"></span>dei  titoli, <span class=\"_ _35\"> </span>bisogna <span class=\"_ _35\"> </span>considerare <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>oper<span class=\"_ _1\"></span>azioni <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>compravendita successive <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>primo <span class=\"_ _35\"> </span>acquisto  (<span class=\"_ _2\"></span>effettuate <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>riferime<span class=\"_ _1\"></span>nto <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>medesimo <span class=\"_ _35\"> </span>ISIN) <span class=\"_ _35\"> </span>possono <span class=\"_ _35\"> </span>rientrare abitualmente <span class=\"_ _3d\"> </span>nell\u2019ordinaria <span class=\"_ _3d\"> </span>attivit\u00e0  di <span class=\"_ _3d\"> </span>gestione<span class=\"_ _1\"></span>  delle <span class=\"_ _3d\"> </span>posizioni  (con <span class=\"_ _3d\"> </span>conseguente<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>necessit\u00e0  di individuare <span class=\"_ _0\"></span>una <span class=\"_ _35\"> </span>metodologia <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>adot<span class=\"_ _1\"></span>tare <span class=\"_ _0\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>l\u2019identificazione <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _0\"></span>vendite <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>rimborsi <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>fine <span class=\"_ _0\"></span>di determinare le qu<span class=\"_ _2\"></span>antit\u00e0 residue <span class=\"_ _2\"></span>delle singole transazioni <span class=\"_ _2\"></span>cui a<span class=\"_ _2\"></span>ssociare una q<span class=\"_ _2\"></span>ualit\u00e0 creditizia/rating all\u2019origination da c<span class=\"_ _2\"></span>omparare con quella della <span class=\"_ _2\"></span>data di reporting). In<span class=\"_ _2\"></span> questo contesto, in analogi<span class=\"_ _2\"></span>a alla scelta adottata a par<span class=\"_ _1\"></span>tire dal 2018 dal Gruppo, anche le Compagn<span class=\"_ _1\"></span>ie adottano <span class=\"_ _1\"></span>la metodologia \u201cfirst-<span class=\"_ _3a1\"> </span>in-first-out\u201d o \u201cFIFO\u201d <span class=\"_ _3b\"></span>(per<span class=\"_ _1\"></span> il <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iversamento a conto <span class=\"_ _3b\"></span>economico dell\u2019ECL registrata, in c<span class=\"_ _2\"></span>aso di v<span class=\"_ _2\"></span>endite e <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>imborsi) <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>contr<span class=\"_ _1\"></span>ibuisce <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>ge<span class=\"_ _1\"></span>stione <span class=\"_ _0\"></span>pi\u00f9<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>tr<span class=\"_ _1\"></span>asparente <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>porta<span class=\"_ _1\"></span>foglio, <span class=\"_ _38\"></span>anche <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>unto <span class=\"_ _38\"></span>di vista <span class=\"_ _0\"></span>degli<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>operatori <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>fron<span class=\"_ _2\"></span>t <span class=\"_ _0\"></span>offi<span class=\"_ _2\"></span>ce, <span class=\"_ _0\"></span>consentendo, <span class=\"_ _38\"></span>contestualmente, <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>continuo <span class=\"_ _38\"></span>aggiornamento della valutazione del merito creditizio sulla base dei nuovi acquisti. Infine, <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>rifer<span class=\"_ _1\"></span>imento <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>solo <span class=\"_ _1\"></span>momento <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>prima <span class=\"_ _0\"></span>app<span class=\"_ _2\"></span>licazione <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>principio <span class=\"_ _38\"></span>- <span class=\"_ _38\"></span>ovver<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>1<span class=\"_ _1\"></span>\u00b0 <span class=\"_ _38\"></span>gennaio 2022- per la ricostruzione degli strati e il re<span class=\"_ _1\"></span>lativo calcolo dell\u2019ECL in FTA, si \u00e8 scelto di: <span class=\"_ _42\"> </span><span class=\"ff4\">applicare la Low Credit Risk Exemption per i titoli che al 31.12.21 p<span class=\"_ _2\"></span>rese<span class=\"_ _1\"></span>ntano un liv<span class=\"_ _2\"></span>ello di rating </span>investment <span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>ade, <span class=\"_ _1\"></span>classificando <span class=\"_ _1\"></span>l\u2019inter<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>posizione <span class=\"_ _1\"></span>(port<span class=\"_ _1\"></span>afoglio/titolo/destinazione <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>abile) in <span class=\"_ _35\"> </span>unico <span class=\"_ _0\"></span>st<span class=\"_ _1\"></span>rato <span class=\"_ _35\"> </span>cui <span class=\"_ _35\"> </span>vi<span class=\"_ _2\"></span>ene <span class=\"_ _35\"> </span>assegnato <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>rating <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>31.12.21. <span class=\"_ _35\"> </span>Gli <span class=\"_ _35\"> </span>strati <span class=\"_ _0\"></span>sono <span class=\"_ _35\"> </span>stati <span class=\"_ _35\"> </span>classificati <span class=\"_ _35\"> </span>in Stage1; <span class=\"_ _42\"> </span><span class=\"ff4\">ricostruire <span class=\"_ _0\"></span>lo<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ti <span class=\"_ _38\"></span>(ab <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>rigine) <span class=\"_ _38\"></span>per <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _38\"></span>posizioni <span class=\"_ _0\"></span>(<span class=\"_ _2\"></span>portafoglio/tito<span class=\"_ _1\"></span>lo/destinazione <span class=\"_ _38\"></span>contabile) <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>al </span>31.12.21 presentano un rating sub investment grade, sem<span class=\"_ _1\"></span>pre classificandoli in<span class=\"_ _2\"></span> Stage 1<span class=\"_ _1\"></span>. Quest\u2019approccio <span class=\"_ _35\"> </span>\u00e8  stato <span class=\"_ _35\"> </span>supportato <span class=\"_ _35\"> </span>da  anal<span class=\"_ _2\"></span>isi <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>significativit\u00e0  che <span class=\"_ _35\"> </span>hanno <span class=\"_ _35\"> </span>dimostrato, <span class=\"_ _35\"> </span>vista  l<span class=\"_ _3b\"></span>a stabilit\u00e0  d<span class=\"_ _2\"></span>ei <span class=\"_ _35\"> </span>rating  dei <span class=\"_ _35\"> </span>titoli <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>portafoglio,  una <span class=\"_ _35\"> </span>sostanziale <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>materialit\u00e0  tra <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>ricostruzione puntuale dei lotti e l\u2019applicazione de<span class=\"_ _1\"></span>lla LCR Exemption. Hedge accountin<span class=\"_ _1\"></span>g  Per <span class=\"_ _3d\"> </span>qu<span class=\"_ _3a1\"> </span>anto <span class=\"_ _3d\"> </span>riguarda <span class=\"_ _3d\"> </span>l\u2019Hedge <span class=\"_ _37\"> </span>Accounting,<span class=\"_ _2\"></span> <span class=\"_ _3d\"> </span>l\u2019IFRS <span class=\"_ _3d\"> </span>9 <span class=\"_ _3d\"> </span>intr<span class=\"_ _1\"></span>oduce <span class=\"_ _3d\"> </span>modifiche <span class=\"_ _3d\"> </span>esclusivamente<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>il General <span class=\"_ _35\"> </span>H<span class=\"_ _2\"></span>edge <span class=\"_ _0\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>so<span class=\"_ _1\"></span>no <span class=\"_ _0\"></span>strettamente <span class=\"_ _35\"> </span>legate <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>celta <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>avvalersi <span class=\"_ _0\"></span>dell\u2019opzione <span class=\"_ _0\"></span>opt<span class=\"_ _1\"></span>-in <span class=\"_ _0\"></span>/ <span class=\"_ _35\"> </span>opt-out (ossia <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>ibilit\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>implementare <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>nuovo <span class=\"_ _1\"></span>standard <span class=\"_ _38\"></span>IFRS <span class=\"_ _38\"></span>9 <span class=\"_ _38\"></span>piuttosto <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>mantenere <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>vecchio principio <span class=\"_ _37\"> </span>IAS <span class=\"_ _37\"> </span>39). <span class=\"_ _3d\"> </span>I<span class=\"_ _1\"></span>l <span class=\"_ _37\"> </span>Gruppo, <span class=\"_ _37\"> </span>sulla <span class=\"_ _37\"> </span>base <span class=\"_ _37\"> </span>degli <span class=\"_ _37\"> </span>approfondiment<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>effettuati <span class=\"_ _37\"> </span>sulla <span class=\"_ _37\"> </span>gestione <span class=\"_ _37\"> </span>delle operazioni  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>coper<span class=\"_ _1\"></span>tura,  ha<span class=\"_ _3b\"></span>  deciso <span class=\"_ _35\"> </span>l\u2019esercizio, <span class=\"_ _35\"> </span>in  fase <span class=\"_ _35\"> </span>di  FTA <span class=\"_ _35\"> </span>dell\u2019I<span class=\"_ _2\"></span>FRS <span class=\"_ _35\"> </span>9,  dell\u2019opzione <span class=\"_ _35\"> </span>opt-out, confermando  t<span class=\"_ _1\"></span>ale  scelta  fino <span class=\"_ _3d\"> </span>ad  o<span class=\"_ _1\"></span>ggi.  Alla  luce <span class=\"_ _3d\"> </span>di  tale <span class=\"_ _3d\"> </span>indicazione, <span class=\"_ _3d\"> </span>anche <span class=\"_ _3d\"> </span>per  le  Compagnie assicurative <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>operazioni <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>copertura <span class=\"_ _35\"> </span>continueranno <span class=\"_ _35\"> </span>ad <span class=\"_ _35\"> </span>essere <span class=\"_ _35\"> </span>gestite <span class=\"_ _35\"> </span>nel <span class=\"_ _35\"> </span>rispetto <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>quanto<span class=\"_ _3b\"></span> previsto dal Gruppo. Interazione t<span class=\"_ _1\"></span>ra IFRS 17 e IFRS 9 In <span class=\"_ _35\"> </span>alcuni <span class=\"_ _0\"></span>cas<span class=\"_ _1\"></span>i, <span class=\"_ _35\"> </span>l'interazione <span class=\"_ _35\"> </span>tra <span class=\"_ _35\"> </span>l'IFRS<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>17 <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>l'IFRS <span class=\"_ _0\"></span>9 <span class=\"_ _35\"> </span>pot<span class=\"_ _3a1\"> </span>rebbe <span class=\"_ _35\"> </span>generare <span class=\"_ _35\"> </span>mismatch <span class=\"_ _0\"> </span>cont<span class=\"_ _1\"></span>abili <span class=\"_ _35\"> </span>tra <span class=\"_ _35\"> </span>l<span class=\"_ _2\"></span>e modalit\u00e0  di  contabilizzazione  dei  contratti  di  assicu<span class=\"_ _2\"></span>razione  e  delle  attivit\u00e0  finanziarie  ad  essi<span class=\"_ _2\"></span> correlate.  Per <span class=\"_ _35\"> </span>ridurre<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>tali  mismatch,  l\u2019I<span class=\"_ _2\"></span>FRS  17  consente <span class=\"_ _35\"> </span>di  effettuare  una <span class=\"_ _35\"> </span>disaggregazione  dei<span class=\"_ _2\"></span> proventi <span class=\"_ _35\"> </span>ed  oneri<span class=\"_ _2\"></span>  fi<span class=\"_ _2\"></span>nanziari <span class=\"_ _35\"> </span>derivanti  d<span class=\"_ _2\"></span>a  cont<span class=\"_ _2\"></span>ratti  a<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>sicurativi <span class=\"_ _35\"> </span>tra  il<span class=\"_ _3b\"></span>  conto <span class=\"_ _35\"> </span>economico <span class=\"_ _35\"> </span>(risultato finanziario) <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>l\u2019Othe<span class=\"_ _1\"></span>r <span class=\"_ _0\"></span>Comprehensive <span class=\"_ _0\"></span>In<span class=\"_ _2\"></span>come <span class=\"_ _0\"></span>(OCI) <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>Pat<span class=\"_ _1\"></span>rimonio <span class=\"_ _0\"></span>Netto. <span class=\"_ _38\"></span>La <span class=\"_ _0\"></span>scelta <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>effettuare <span class=\"_ _38\"></span>la disaggregazione <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>fa<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ta <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>livello <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>por<span class=\"_ _2\"></span>tafoglio <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>contratti <span class=\"_ _0\"></span>as<span class=\"_ _2\"></span>sicurativi <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>deve <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>presa <span class=\"_ _38\"></span>in coerenza con il metodo di valutazione degli attivi. In particolare: <span class=\"_ _42\"> </span><span class=\"ff4\">per <span class=\"_ _0\"></span>quanto <span class=\"_ _0\"></span>riguarda <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>contratti <span class=\"_ _0\"></span>valutati <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>General <span class=\"_ _0\"></span>Model, <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>rivalutazione <span class=\"_ _0\"></span>finanziaria <span class=\"_ _0\"></span>dei </span>flussi <span class=\"_ _1\"></span>di cass<span class=\"_ _1\"></span>a futuri <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>del r<span class=\"_ _1\"></span>isk <span class=\"_ _1\"></span>adjustment a <span class=\"_ _1\"></span>tassi <span class=\"_ _1\"></span>storici <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>contabil<span class=\"_ _2\"></span>izzata <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>conto e<span class=\"_ _1\"></span>conomico, mentre la diff<span class=\"_ _2\"></span>erenza tra la <span class=\"_ _2\"></span>rivalutazione a tassi <span class=\"_ _2\"></span>storici e qu<span class=\"_ _2\"></span>elli correnti <span class=\"_ _2\"></span>\u00e8 contabilizzata a <span class=\"_ _3b\"></span>Ot<span class=\"_ _1\"></span>her Comprehensive Income; <span class=\"_ _42\"> </span><span class=\"ff4\">per <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>contratti <span class=\"_ _1\"></span>valutati <span class=\"_ _0\"></span>al <span class=\"_ _1\"></span>Variable <span class=\"_ _0\"></span>Fee <span class=\"_ _38\"></span>Approach, <span class=\"_ _38\"></span>l\u2019IFRS <span class=\"_ _38\"></span>17 <span class=\"_ _0\"></span>prevede <span class=\"_ _1\"></span>che <span class=\"_ _0\"></span>il <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>isultato <span class=\"_ _38\"></span>finanziario </span>dei <span class=\"_ _3d\"> </span>contratti <span class=\"_ _3d\"> </span>assicurativi <span class=\"_ _3d\"> </span>sia <span class=\"_ _37\"> </span>disaggregato <span class=\"_ _3d\"> </span>tra <span class=\"_ _3d\"> </span>conto <span class=\"_ _3d\"> </span>economico <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>Other <span class=\"_ _3d\"> </span>Comprehensive Income: <span class=\"_ _0\"></span>in <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>ostanza <span class=\"_ _0\"></span>viene <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>iclassificata <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>O<span class=\"_ _2\"></span>ther <span class=\"_ _0\"></span>Com<span class=\"_ _1\"></span>prehensive <span class=\"_ _0\"></span>Income <span class=\"_ _35\"> </span>la<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>differe<span class=\"_ _1\"></span>nza <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>il risultato <span class=\"_ _3d\"> </span>finanziario  dei  contratti  ass<span class=\"_ _1\"></span>icurativi  e  il  r<span class=\"_ _1\"></span>isultato  finanziario  a  conto  e<span class=\"_ _1\"></span>conomico derivante dag<span class=\"_ _2\"></span>li <span class=\"_ _3b\"></span>str<span class=\"_ _1\"></span>umenti <span class=\"_ _3b\"></span>finanziari s<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>ttostanti, <span class=\"_ _2\"></span>compresa <span class=\"_ _3b\"></span>la <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>expected credi<span class=\"_ _2\"></span>t lo<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>s rilevata nel periodo (c.d. Mirroring). Ai sens<span class=\"_ _1\"></span>i dell\u2019IFRS 9, <span class=\"_ _1\"></span>Credemvita ha <span class=\"_ _1\"></span>adottato <span class=\"_ _1\"></span>il business <span class=\"_ _1\"></span>model <span class=\"_ _1\"></span>Hold To Collect <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>Sell per <span class=\"_ _1\"></span>tutti gli strumenti  finanziari <span class=\"_ _35\"> </span>afferenti  i <span class=\"_ _35\"> </span>portafogli  delle  g<span class=\"_ _2\"></span>estioni  separate <span class=\"_ _35\"> </span>mentre  per  q<span class=\"_ _2\"></span>uelli  coll<span class=\"_ _2\"></span>egati  ai prodotti <span class=\"_ _1\"></span>linked <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>ai <span class=\"_ _1\"></span>fondi <span class=\"_ _1\"></span>pensione <span class=\"_ _1\"></span>aperti <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>adottato <span class=\"_ _1\"></span>il Busines<span class=\"_ _1\"></span>s Model <span class=\"_ _1\"></span>Ot<span class=\"_ _1\"></span>her <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>conseguente valutazione <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>impatto<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>conto <span class=\"_ _35\"> </span>economico. <span class=\"_ _35\"> </span>Limitatamente  a <span class=\"_ _35\"> </span>una <span class=\"_ _35\"> </span>par<span class=\"_ _2\"></span>te <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>titoli presenti nel portafoglio di propriet\u00e0 <span class=\"_ _1\"></span>Credemvita ha adottato il modello Hold To Collect. Si  evidenzia, <span class=\"_ _3d\"> </span>inoltre,  che <span class=\"_ _3d\"> </span>l\u2019introduzione  dell\u2019IFRS  17<span class=\"_ _1\"></span>  determina <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>venir  meno  de<span class=\"_ _1\"></span>l  trattamento, denominato <span class=\"_ _0\"></span>Shadow <span class=\"_ _38\"></span>Accounting, <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>visto <span class=\"_ _0\"></span>dall<span class=\"_ _2\"></span>\u2019IFRS <span class=\"_ _38\"></span>4, <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>app<span class=\"_ _2\"></span>rossimava <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>correlazione <span class=\"_ _0\"></span>tra <span class=\"_ _38\"></span>due valori <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>omogenei: <span class=\"_ _0\"></span>1) <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>valore <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>lla <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>iserva <span class=\"_ _35\"> </span>tecnica <span class=\"_ _0\"></span>relativa <span class=\"_ _35\"> </span>ai <span class=\"_ _35\"> </span>contratti <span class=\"_ _0\"></span>valutati <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>costo <span class=\"_ _35\"> </span>(c<span class=\"_ _3b\"></span>on partecipazione discrezionale agli utili) e 2) il valore dei re<span class=\"_ _1\"></span>lativi attivi val<span class=\"_ _2\"></span>utati al fair value. Il <span class=\"_ _3f\"> </span>principio <span class=\"_ _3f\"> </span>IFRS <span class=\"_ _39\"> </span>17<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>ha <span class=\"_ _3f\"> </span>introdotto <span class=\"_ _3f\"> </span>maggiore <span class=\"_ _39\"> </span>correlazione <span class=\"_ _3f\"> </span>tra <span class=\"_ _3f\"> </span>la <span class=\"_ _3f\"> </span>valutazione <span class=\"_ _3f\"> </span>delle <span class=\"_ _3f\"> </span>passivit<span class=\"_ _2\"></span>\u00e0 assicurative <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>gli <span class=\"_ _37\"> </span>investimenti <span class=\"_ _3d\"> </span>sottostant<span class=\"_ _1\"></span>i, <span class=\"_ _3d\"> </span>sia <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>periodi <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>aumento<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>dei <span class=\"_ _37\"> </span>valori <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>Fair <span class=\"_ _37\"> </span>Value (riduzione dei <span class=\"_ _1\"></span>tass<span class=\"_ _1\"></span>i di me<span class=\"_ _1\"></span>rcato) sia <span class=\"_ _1\"></span>in periodi <span class=\"_ _1\"></span>di riduzione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>valori <span class=\"_ _1\"></span>di fair <span class=\"_ _1\"></span>value (aumento <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>tassi di mercato). A parit\u00e0 d<span class=\"_ _2\"></span>i valore degli <span class=\"_ _3b\"></span>attivi, misurati in <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ntrambi i p<span class=\"_ _2\"></span>rincipi contab<span class=\"_ _2\"></span>ili al fai<span class=\"_ _2\"></span>r value, l\u2019IFRS<span class=\"_ _2\"></span> 17 introduce infatti <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>logica <span class=\"_ _38\"></span>forward <span class=\"_ _0\"></span>looking <span class=\"_ _38\"></span>anche <span class=\"_ _0\"></span>sui <span class=\"_ _38\"></span>passivi, <span class=\"_ _38\"></span>garantendo <span class=\"_ _0\"></span>pertanto <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>confron<span class=\"_ _2\"></span>to <span class=\"_ _0\"></span>omogene<span class=\"_ _2\"></span>o con <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>variazioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>degli <span class=\"_ _38\"></span>att<span class=\"_ _1\"></span>ivi, <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span>tanto <span class=\"_ _0\"></span>maggiormente <span class=\"_ _0\"></span>efficace <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>passato. Inoltre, <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>modello <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>misuraz<span class=\"_ _2\"></span>ione <span class=\"_ _0\"></span>VFA, <span class=\"_ _0\"></span>l\u2019ad<span class=\"_ _2\"></span>ozione <span class=\"_ _0\"></span>dell\u2019opzione <span class=\"_ _0\"></span>OCI <span class=\"_ _38\"></span>(c.d. <span class=\"_ _0\"></span>Mirroring), <span class=\"_ _0\"></span>comporta che <span class=\"_ _37\"> </span>t<span class=\"_ _1\"></span>ale <span class=\"_ _37\"> </span>maggiore <span class=\"_ _36\"> </span>correlazione <span class=\"_ _37\"> </span>ris<span class=\"_ _1\"></span>petto <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>quanto <span class=\"_ _37\"> </span>previsto <span class=\"_ _37\"> </span>dall\u2019IFRS <span class=\"_ _36\"> </span>4, <span class=\"_ _37\"> </span>venga <span class=\"_ _36\"> </span>contribuita <span class=\"_ _37\"> </span>al patrimonio netto. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-741": {
   "value": "15 \u2013 Atti<span class=\"_ _1\"></span>vit\u00e0 e p<span class=\"_ _1\"></span>assivit\u00e0<span class=\"_ _1\"></span> assicurati<span class=\"_ _1\"></span>ve Le di<span class=\"_ _3a1\"> </span>sposizioni norma<span class=\"_ _1\"></span>tive del Principio IFRS 17 Si riportano le principali previsioni del Principio IFRS 17 che determinano le modalit\u00e0 di valutazione delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3b\"></span>e <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>assicurative <span class=\"_ _3b\"></span>e i<span class=\"_ _3b\"></span> relativi <span class=\"_ _3b\"></span>effetti <span class=\"_ _3b\"></span>di con<span class=\"_ _2\"></span>to <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>conomico <span class=\"_ _3b\"></span>per i<span class=\"_ _3b\"></span> contratti <span class=\"_ _3b\"></span>assicurativi soggetti a tale logica contabile: <span class=\"_ _42\"> </span><span class=\"ff4\"> l\u2019iscrizione iniziale della passivit\u00e0 assicurativa: al momento della sottoscrizione del cont<span class=\"_ _2\"></span>ratto </span>con <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>oggetto <span class=\"_ _0\"></span>assicu<span class=\"_ _2\"></span>rato, <span class=\"_ _0\"></span>l\u2019impresa <span class=\"_ _0\"></span>riconosce <span class=\"_ _0\"></span>una <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>cu<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>ammontare <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>dato <span class=\"_ _0\"></span>dalla somma <span class=\"_ _3d\"> </span>algebrica <span class=\"_ _37\"> </span>del <span class=\"_ _3d\"> </span>valore <span class=\"_ _3d\"> </span>attuale <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>flussi <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>cassa <span class=\"_ _37\"> </span>attesi  co<span class=\"_ _1\"></span>ntrattuali <span class=\"_ _3d\"> </span>necessari <span class=\"_ _37\"> </span>per adempiere <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>contratto <span class=\"_ _0\"></span>(Present <span class=\"_ _0\"> </span>value <span class=\"_ _35\"> </span>future <span class=\"_ _0\"></span>cash <span class=\"_ _35\"> </span>flow <span class=\"_ _0\"></span>\u2013 <span class=\"_ _0\"></span>\u201cPVFCF\u201d) <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>inclusiv<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>an<span class=\"_ _1\"></span>che <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>u<span class=\"_ _1\"></span>n opportuno <span class=\"_ _0\"></span>Risk <span class=\"_ _38\"></span>adjustment <span class=\"_ _38\"></span>(\u201cRA\u201d) <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>presidio <span class=\"_ _0\"></span>dei<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>rischi <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>tipo <span class=\"_ _0\"></span>non <span class=\"_ _38\"></span>finanziario <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>margine economico <span class=\"_ _35\"> </span>atteso <span class=\"_ _0\"></span>(Contractual <span class=\"_ _35\"> </span>Service <span class=\"_ _0\"></span>Margin <span class=\"_ _35\"> </span>\u2013 <span class=\"_ _0\"></span>\u201cCSM\u201d), <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>rapprese<span class=\"_ _1\"></span>nta <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>valore <span class=\"_ _0\"></span>attuale degli utili futuri sui contratti assicurativi; <span class=\"_ _42\"> </span><span class=\"ff4\"> i <span class=\"_ _48\"> </span>raggrupp<span class=\"_ _2\"></span>amenti <span class=\"_ _48\"> </span>di <span class=\"_ _3a\"> </span>contratti: <span class=\"_ _48\"> </span>l\u2019<span class=\"_ _2\"></span>applicazione <span class=\"_ _48\"> </span>dell\u2019IFRS <span class=\"_ _3a\"> </span>17 <span class=\"_ _48\"> </span>prevede <span class=\"_ _3a\"> </span>l\u2019identificazione <span class=\"_ _48\"> </span>di </span>\u201cportafogli\u201d di contratti assicurativi (ovvero di gruppi di contratti che condividono rischi simili e g<span class=\"_ _2\"></span>estiti u<span class=\"_ _2\"></span>nitariamente). <span class=\"_ _2\"></span>Ciascun p<span class=\"_ _2\"></span>ortafoglio vi<span class=\"_ _2\"></span>ene ulteriormente <span class=\"_ _3b\"></span>suddiviso i<span class=\"_ _2\"></span>n <span class=\"_ _3b\"></span>gr<span class=\"_ _1\"></span>uppi <span class=\"_ _3b\"></span>compos<span class=\"_ _1\"></span>ti da <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>ratti <span class=\"_ _1\"></span>con <span class=\"_ _38\"></span>caratteristiche <span class=\"_ _38\"></span>simili <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>term<span class=\"_ _1\"></span>ini <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>profittabilit\u00e0 <span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>tesa, <span class=\"_ _38\"></span>prevedendo <span class=\"_ _1\"></span>pertanto la <span class=\"_ _0\"></span>distinzione <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>contratti <span class=\"_ _0\"></span>profittevoli <span class=\"_ _0\"></span>(con <span class=\"_ _0\"></span>margine <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>atteso <span class=\"_ _0\"></span>positivo) <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>onerosi (con margine economico atteso negativo); <span class=\"_ _42\"> </span><span class=\"ff4\">i  modelli  di  misurazione <span class=\"_ _3d\"> </span>previsti  dal  principio:  il  principio  IFRS  17  preve<span class=\"_ _1\"></span>de  un  modello  di </span>misurazione <span class=\"_ _36\"> </span>denominato <span class=\"_ _3d\"> </span>G<span class=\"_ _1\"></span>eneral <span class=\"_ _37\"> </span>Model <span class=\"_ _37\"> </span>(\u201cGM\u201d) <span class=\"_ _36\"> </span>applicabi<span class=\"_ _2\"></span>le <span class=\"_ _37\"> </span>in <span class=\"_ _36\"> </span>linea <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>princip<span class=\"_ _2\"></span>io <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>tutti <span class=\"_ _37\"> </span>i contratti, ad eccezione di quelli con part<span class=\"_ _1\"></span>ecipazione diretta agli utili finanziari, per i quali viene applicato  il <span class=\"_ _35\"> </span>Variable  Fee <span class=\"_ _35\"> </span>Approach  (\u201cVFA\u201d), <span class=\"_ _35\"> </span>qualora  siano <span class=\"_ _35\"> </span>ris<span class=\"_ _1\"></span>pettati  i<span class=\"_ _3b\"></span>  criteri  di <span class=\"_ _35\"> </span>eleggibilit\u00e0<span class=\"_ _3a1\"> </span>dipendenti <span class=\"_ _0\"></span>dalla <span class=\"_ _35\"> </span>natura <span class=\"_ _35\"> </span>stessa <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>part<span class=\"_ _1\"></span>ecipazione <span class=\"_ _35\"> </span>agli <span class=\"_ _0\"></span>utili. <span class=\"_ _0\"></span>\u00c8<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>previsto <span class=\"_ _0\"></span>inoltre <span class=\"_ _35\"> </span>un <span class=\"_ _0\"></span>modello semplificato <span class=\"_ _37\"> </span>opzionale <span class=\"_ _37\"> </span>(Premium <span class=\"_ _37\"> </span>Allocation <span class=\"_ _37\"> </span>Approach <span class=\"_ _3d\"> </span>\u2013<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>\u201c<span class=\"_ _1\"></span>PAA\u201d) <span class=\"_ _37\"> </span>per <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>valutazione <span class=\"_ _3d\"> </span>della passivit\u00e0 <span class=\"_ _3f\"> </span>per <span class=\"_ _3f\"> </span>copertura <span class=\"_ _3f\"> </span>res<span class=\"_ _1\"></span>idua <span class=\"_ _3f\"> </span>denominata <span class=\"_ _3f\"> </span>Liability <span class=\"_ _3f\"> </span>for <span class=\"_ _3f\"> </span>Remaining <span class=\"_ _3f\"> </span>Coverage <span class=\"_ _3a\"> </span>(\u201cLRC\u201d, assimilabile <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>Riserva <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>frazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>prem<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>riporto <span class=\"_ _1\"></span>prem<span class=\"_ _1\"></span>i) per <span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>contratti <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>periodo <span class=\"_ _38\"></span>di copertura uguale o i<span class=\"_ _2\"></span>nferiore all'anno e per <span class=\"_ _2\"></span>tutti i contratti n<span class=\"_ _2\"></span>el caso in <span class=\"_ _2\"></span>cui la v<span class=\"_ _2\"></span>alutazione non sia materialmente differente da quella risultante dall'applicazione del General Model; <span class=\"_ _42\"> </span><span class=\"ff4\"> la <span class=\"_ _0\"></span>misurazione <span class=\"_ _38\"></span>successiva <span class=\"_ _0\"></span>della<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>pas<span class=\"_ _1\"></span>sivit\u00e0 <span class=\"_ _0\"></span>as<span class=\"_ _2\"></span>sicurativa: <span class=\"_ _38\"></span>l\u2019IFRS <span class=\"_ _0\"></span>17 <span class=\"_ _38\"></span>richiede <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>aggiornamento </span>della <span class=\"_ _38\"></span>misurazione <span class=\"_ _38\"></span>ad <span class=\"_ _0\"></span>ogni<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>reporting <span class=\"_ _1\"></span>period <span class=\"_ _38\"></span>degli <span class=\"_ _0\"></span>elementi <span class=\"_ _1\"></span>sopra <span class=\"_ _38\"></span>indicati <span class=\"_ _38\"></span>(i <span class=\"_ _38\"></span>flussi <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>cassa <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>il margine <span class=\"_ _35\"> </span>economico <span class=\"_ _0\"> </span>atteso<span class=\"_ _1\"></span>), <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>verificare <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>congruit\u00e0 <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>stime <span class=\"_ _35\"> </span>rispetto <span class=\"_ _35\"> </span>alle <span class=\"_ _0\"></span>condizioni correnti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>mercato. <span class=\"_ _0\"></span>Gli <span class=\"_ _38\"></span>effetti <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>eventuali <span class=\"_ _38\"></span>aggiorname<span class=\"_ _1\"></span>nti <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>recepiti <span class=\"_ _0\"></span>alla <span class=\"_ _38\"></span>prima <span class=\"_ _38\"></span>report<span class=\"_ _1\"></span>ing date  di<span class=\"_ _3b\"></span>  consuntivazione: <span class=\"_ _35\"> </span>a  con<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _35\"> </span>economico  qu<span class=\"_ _2\"></span>alora  i<span class=\"_ _3b\"></span>  cambiamenti <span class=\"_ _35\"> </span>siano <span class=\"_ _35\"> </span>riferiti  a <span class=\"_ _35\"> </span>eventi correnti <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>gi\u00e0 <span class=\"_ _35\"> </span>avvenuti <span class=\"_ _0\"></span>oppure <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>riduzione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>margine <span class=\"_ _35\"> </span>economico <span class=\"_ _0\"> </span>a<span class=\"_ _1\"></span>tteso <span class=\"_ _35\"> </span>(CSM) <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>alora <span class=\"_ _35\"> </span>i cambiamenti <span class=\"_ _35\"> </span>siano <span class=\"_ _0\"></span>riferiti <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>eventi <span class=\"_ _0\"></span>futuri. <span class=\"_ _0\"></span>Con <span class=\"_ _35\"> </span>riferimento <span class=\"_ _0\"></span>alle <span class=\"_ _0\"> </span>var<span class=\"_ _1\"></span>iazioni <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>sole <span class=\"_ _0\"></span>variabili finanziarie <span class=\"_ _37\"> </span>(e <span class=\"_ _37\"> </span>non <span class=\"_ _37\"> </span>delle <span class=\"_ _37\"> </span>restanti, <span class=\"_ _37\"> </span>quindi <span class=\"_ _37\"> </span>principalmente <span class=\"_ _37\"> </span>relat<span class=\"_ _1\"></span>ive <span class=\"_ _3d\"> </span>al <span class=\"_ _37\"> </span>com<span class=\"_ _1\"></span>portamento <span class=\"_ _37\"> </span>degli assicurati), <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>rimessa <span class=\"_ _35\"> </span>scelta <span class=\"_ _35\"> </span>alle <span class=\"_ _35\"> </span>imprese <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>ind<span class=\"_ _2\"></span>ividuare <span class=\"_ _35\"> </span>\u2013 <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>ciascun <span class=\"_ _35\"> </span>raggruppamento <span class=\"_ _35\"> </span>di contratti <span class=\"_ _1\"></span>\u2013 <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>rappresentare <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>effetti <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>modifiche <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>conto eco<span class=\"_ _1\"></span>nomico <span class=\"_ _1\"></span>o ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>patrimonio netto (c.d. Opzione OCI); <span class=\"_ _42\"> </span><span class=\"ff4\">la misurazione <span class=\"_ _1\"></span>del ricavo assicurativo: l\u2019IFRS 1<span class=\"_ _1\"></span>7 prevede <span class=\"_ _1\"></span>un\u2019esposizione nel <span class=\"_ _1\"></span>conto economico </span>della  redditivit\u00e0  \u201cper  margini\u201d  conseguiti  nel  corso  della  vita  delle  poliz<span class=\"_ _2\"></span>ze,  ossia  quando<span class=\"_ _3a1\"> </span>l\u2019impresa eroga i servizi <span class=\"_ _3b\"></span>agli assicurati, non prevedendo pertanto la rilevazione di<span class=\"_ _2\"></span> alcun ricav<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span>al <span class=\"_ _36\"> </span>mo<span class=\"_ _1\"></span>mento <span class=\"_ _39\"> </span>della <span class=\"_ _39\"> </span>sottoscrizione <span class=\"_ _36\"> </span>del <span class=\"_ _39\"> </span>contratto. <span class=\"_ _39\"> </span>In <span class=\"_ _36\"> </span>merit<span class=\"_ _1\"></span>o <span class=\"_ _39\"> </span>a <span class=\"_ _36\"> </span>tale <span class=\"_ _39\"> </span>aspetto <span class=\"_ _39\"> </span>il <span class=\"_ _36\"> </span>principio <span class=\"_ _39\"> </span>\u00e8 asimmetrico in quanto in caso<span class=\"_ _1\"></span> di gruppi di contratt<span class=\"_ _1\"></span>i onerosi prevede la rilevazione immediata delle perdite a conto economico; <span class=\"_ _42\"> </span><span class=\"ff4\">la <span class=\"_ _0\"></span>misurazione <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>performance: <span class=\"_ _0\"></span>nell\u2019ottica <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>un\u2019i<span class=\"_ _2\"></span>nformativa <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>garantisca <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>migliore </span>compar<span class=\"_ _3a1\"> </span>abilit\u00e0 <span class=\"_ _38\"></span>degli <span class=\"_ _38\"></span>andamenti <span class=\"_ _0\"></span>delle <span class=\"_ _1\"></span>Co<span class=\"_ _1\"></span>mpagnie, <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>revista <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>rapprese<span class=\"_ _1\"></span>ntazione <span class=\"_ _38\"></span>distinta <span class=\"_ _38\"></span>e separata delle due componenti <span class=\"_ _2\"></span>principali che tipicamente concorrono a formare la <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>edditivit\u00e0 delle <span class=\"_ _39\"> </span>imprese <span class=\"_ _3f\"> </span>assicuratrici: <span class=\"_ _39\"> </span>la <span class=\"_ _39\"> </span>prima, <span class=\"_ _3f\"> </span>che <span class=\"_ _39\"> </span>rappresenta <span class=\"_ _3f\"> </span>il <span class=\"_ _39\"> </span>profitto <span class=\"_ _3f\"> </span>deriv<span class=\"_ _2\"></span>ante <span class=\"_ _3f\"> </span>dall\u2019attivit\u00e0<span class=\"_ _2\"></span> assicurativa <span class=\"_ _0\"></span>prestata <span class=\"_ _38\"></span>(il <span class=\"_ _0\"></span>c.d. <span class=\"_ _38\"></span>\u201cmargine <span class=\"_ _0\"></span>tecnico\u201d) <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>econda <span class=\"_ _0\"></span>c<span class=\"_ _3b\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>raggrupp<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>inv<span class=\"_ _2\"></span>ece <span class=\"_ _0\"></span>tutte <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>e componenti <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>caratt<span class=\"_ _1\"></span>ere <span class=\"_ _0\"></span>\u201c<span class=\"_ _1\"></span>finanziario\u201d <span class=\"_ _35\"> </span>(i<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>risultati <span class=\"_ _0\"></span>degli <span class=\"_ _35\"> </span>investimenti, <span class=\"_ _35\"> </span>gli <span class=\"_ _0\"></span>effetti <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>variabil<span class=\"_ _2\"></span>i finanziarie <span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ilizzate <span class=\"_ _38\"></span>nelle <span class=\"_ _1\"></span>valutazioni <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>contratti, <span class=\"_ _38\"></span>ecc.). <span class=\"_ _1\"></span>I <span class=\"_ _38\"></span>cambiament<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>nelle <span class=\"_ _38\"></span>stime <span class=\"_ _38\"></span>future <span class=\"_ _1\"></span>di premi <span class=\"_ _0\"></span>collegat<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>contratti <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>re<span class=\"_ _1\"></span>porting <span class=\"_ _0\"></span>(flussi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>cass<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>rice<span class=\"_ _1\"></span>vere) <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>di pagamenti <span class=\"_ _0\"></span>(fl<span class=\"_ _2\"></span>ussi <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>cassa <span class=\"_ _38\"></span>da <span class=\"_ _0\"></span>riconoscere) <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>rilevati <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>conomico <span class=\"_ _0\"></span>lun<span class=\"_ _2\"></span>go <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>durata residua contrattuale delle polizze di riferime<span class=\"_ _1\"></span>nto. Scelte metodologi<span class=\"_ _1\"></span>che del Gruppo Nell\u2019ambito <span class=\"_ _39\"> </span>delle <span class=\"_ _3f\"> </span>Compagnie <span class=\"_ _36\"> </span>ass<span class=\"_ _1\"></span>icurative <span class=\"_ _39\"> </span>il <span class=\"_ _39\"> </span>principio <span class=\"_ _39\"> </span>IFRS 17 <span class=\"_ _39\"> </span>risulta <span class=\"_ _39\"> </span>applicabile <span class=\"_ _39\"> </span>ai <span class=\"_ _3f\"> </span>prodotti<span class=\"_ _2\"></span> assicurativi <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>prodotti <span class=\"_ _38\"></span>finanziari <span class=\"_ _38\"></span>con <span class=\"_ _1\"></span>eleme<span class=\"_ _1\"></span>nti <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>partecipazione <span class=\"_ _38\"></span>discrezionale <span class=\"_ _38\"></span>agli <span class=\"_ _1\"></span>utili <span class=\"_ _38\"></span>mentre <span class=\"_ _1\"></span>i prodotti <span class=\"_ _3d\"> </span>a  prevalente <span class=\"_ _3d\"> </span>contenuto  finanziario <span class=\"_ _3d\"> </span>sono <span class=\"_ _3d\"> </span>classificati  sotto <span class=\"_ _3d\"> </span>IFRS9. <span class=\"_ _3d\"> </span>Le  principali  scelt<span class=\"_ _1\"></span>e metodologiche <span class=\"_ _0\"></span>affrontate <span class=\"_ _0\"></span>hanno <span class=\"_ _0\"></span>riguardato <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>quantificazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>cash <span class=\"_ _38\"></span>flow <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>ottica <span class=\"_ _0\"></span>IFRS <span class=\"_ _0\"></span>17, <span class=\"_ _38\"></span>la definizione della curva di sconto per la loro attualizzazione, nonch\u00e9 la quantificazione del CSM per il bilancio co<span class=\"_ _1\"></span>nsolidato <span class=\"_ _1\"></span>del G<span class=\"_ _1\"></span>ruppo, al <span class=\"_ _1\"></span>fine <span class=\"_ _1\"></span>di cons<span class=\"_ _1\"></span>iderare <span class=\"_ _1\"></span>gli effettivi cos<span class=\"_ _1\"></span>ti di <span class=\"_ _1\"></span>distribuzione/ges<span class=\"_ _1\"></span>tione nei flussi <span class=\"_ _1\"></span>prospettici <span class=\"_ _1\"></span>delle passivit\u00e0 a<span class=\"_ _1\"></span>ssicurative in <span class=\"_ _1\"></span>luogo delle provvigioni r<span class=\"_ _1\"></span>egolate tra <span class=\"_ _1\"></span>Credemvita e <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>societ\u00e0 <span class=\"_ _0\"></span>distributrici <span class=\"_ _0\"></span>del<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>Gruppo. <span class=\"_ _38\"></span>Di <span class=\"_ _0\"></span>seguito <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>riportate <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>princi<span class=\"_ _2\"></span>pali <span class=\"_ _0\"></span>scelte <span class=\"_ _38\"></span>metodologiche assunte dal Gruppo: <span class=\"_ _3e\"> </span><span class=\"ff4\">Livello di aggregazione e opzione \u201c<span class=\"_ _1\"></span>carve out\u201d sulle coorti: il livello di aggregazione permette di </span>definire <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>granularit\u00e0 <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>viene <span class=\"_ _38\"></span>valutata <span class=\"_ _1\"></span>la r<span class=\"_ _1\"></span>edditivit\u00e0 <span class=\"_ _1\"></span>di un <span class=\"_ _38\"></span>gruppo di <span class=\"_ _1\"></span>contr<span class=\"_ _1\"></span>atti, <span class=\"_ _1\"></span>andando <span class=\"_ _1\"></span>a raggruppare nel medesimo portafoglio quelli che: o<span class=\"_ _3e\"> </span><span class=\"ff4\">prese<span class=\"_ _1\"></span>ntano rischi simili e sono gestiti unitariamente; </span>o<span class=\"_ _3e\"> </span><span class=\"ff4\">hanno profittabilit\u00e0 attesa <span class=\"_ _1\"></span>simile all\u2019emissione (c.d. bucket di profittabilit\u00e0); </span>o<span class=\"_ _3e\"> </span><span class=\"ff4\">appartengono alla stessa generazione (c.d. coorte annuale). </span>Per <span class=\"_ _1\"></span>Credemvita <span class=\"_ _1\"></span>l\u2019aggregazione <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>gruppi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>contrat<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>definita <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>rimast<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>invariata <span class=\"_ _1\"></span>dal <span class=\"_ _1\"></span>punto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>vista metodologico <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>2024 <span class=\"_ _1\"></span>rispetto <span class=\"_ _38\"></span>all\u2019anno <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>cedente, <span class=\"_ _38\"></span>ma <span class=\"_ _1\"></span>integra <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>nuovi <span class=\"_ _1\"></span>portafo<span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>identificati <span class=\"_ _38\"></span>per la <span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>stione <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>nuove <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>ipologie <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>prodot<span class=\"_ _1\"></span>ti <span class=\"_ _38\"></span>entrati <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>collocamento <span class=\"_ _38\"></span>durante<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>l\u2019anno. <span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>el <span class=\"_ _38\"></span>dettaglio Pi\u00f9 in dettaglio: <span class=\"_ _3e\"> </span><span class=\"ff4\">rimane <span class=\"_ _38\"></span>invariata <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>definizione <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>due <span class=\"_ _38\"></span>macro <span class=\"_ _38\"></span>portafogli <span class=\"_ _38\"></span>riconducibili <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>IFRS9 <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>ui <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>imetro <span class=\"_ _38\"></span>\u00e8 </span>rappresentato <span class=\"_ _37\"> </span>dalle <span class=\"_ _3d\"> </span>polizze <span class=\"_ _37\"> </span>Unit <span class=\"_ _37\"> </span>Linked <span class=\"_ _3d\"> </span>st<span class=\"_ _1\"></span>and <span class=\"_ _3d\"> </span>alone <span class=\"_ _37\"> </span>(portafoglio <span class=\"_ _37\"> </span>1) <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>dai <span class=\"_ _3d\"> </span>prodott<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>Fo<span class=\"_ _1\"></span>ndo Pensione e PIP (portafoglio 2 Risparmio Gest<span class=\"_ _1\"></span>ito) <span class=\"_ _3e\"> </span><span class=\"ff4\">i <span class=\"_ _3b\"></span>macr<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>portafogli <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iconducibili <span class=\"_ _3b\"></span>a IFRS17 <span class=\"_ _3b\"></span>pre<span class=\"_ _1\"></span>vedono <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>separazione <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>i principi<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>aggregazione<span class=\"_ _3a1\"> </span></span>di cui sopra tra prodotti relativi a Gestione Separate, Puro Rischio e <span class=\"_ _1\"></span>Multiramo: o<span class=\"ff16\"> <span class=\"_ _184\"></span><span class=\"ff4\">Per i prodotti <span class=\"_ _2\"></span>relativi a Gestione<span class=\"_ _2\"></span> Separate non<span class=\"_ _2\"></span> si evid<span class=\"_ _2\"></span>enziano integrazioni rispetto <span class=\"_ _2\"></span>al 2023 p<span class=\"_ _2\"></span>er </span></span>un <span class=\"_ _0\"></span>totale<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>4 <span class=\"_ _35\"> </span>macro <span class=\"_ _0\"></span>portafogli <span class=\"_ _0\"></span>relativi <span class=\"_ _35\"> </span>rispettivamente <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>Gestione <span class=\"_ _35\"> </span>Separata <span class=\"_ _0\"></span>1, <span class=\"_ _0\"></span>Gestione Separata 2, <span class=\"_ _3b\"></span>le<span class=\"_ _1\"></span> Specifi<span class=\"_ _2\"></span>che Provviste <span class=\"_ _2\"></span>collocate du<span class=\"_ _2\"></span>rante il 2<span class=\"_ _2\"></span>023 e <span class=\"_ _3b\"></span>al prodotto Risparmio <span class=\"_ _3b\"></span>Pr<span class=\"_ _1\"></span>otetto che ha come sottostante sia la Gestione Separata 1 che la Gestione <span class=\"_ _1\"></span>Separata 3; o<span class=\"ff16\"> <span class=\"_ _184\"></span><span class=\"ff4\">Per <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>prodotti <span class=\"_ _38\"></span>Multiramo <span class=\"_ _0\"></span>sia <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>componente <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>Ramo <span class=\"_ _0\"></span>I <span class=\"_ _0\"></span>che<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>componente <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Ramo<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>III <span class=\"_ _38\"></span>sono </span></span>soggette <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>valutazione <span class=\"_ _35\"> </span>IFRS17. <span class=\"_ _0\"></span>D<span class=\"_ _1\"></span>urante <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>2024 <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>Compagnia <span class=\"_ _35\"> </span>ha <span class=\"_ _0\"></span>finalizzato <span class=\"_ _35\"> </span>e <span class=\"_ _0\"> </span>collocat<span class=\"_ _1\"></span>o tramite <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>rete <span class=\"_ _38\"></span>d\u2019intermediazione <span class=\"_ _38\"></span>nuovi <span class=\"_ _38\"></span>prodotti <span class=\"_ _38\"></span>Multiramo <span class=\"_ _38\"></span>legati <span class=\"_ _38\"></span>alla <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>estione <span class=\"_ _38\"></span>Separata <span class=\"_ _38\"></span>1 <span class=\"_ _1\"></span>e alla nuova <span class=\"_ _1\"></span>Ge<span class=\"_ _1\"></span>stione <span class=\"_ _1\"></span>separata <span class=\"_ _1\"></span>3. <span class=\"_ _1\"></span>Perta<span class=\"_ _1\"></span>nto r<span class=\"_ _1\"></span>ispetto <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>2023, <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>stati <span class=\"_ _1\"></span>individuati, <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>aggiunta rispetto <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>pre-esistente <span class=\"_ _35\"> </span>macro <span class=\"_ _35\"> </span>portafo<span class=\"_ _1\"></span>glio <span class=\"_ _35\"> </span>IFRS17 <span class=\"_ _35\"> </span>relativo <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>Mul<span class=\"_ _2\"></span>tiramo  GS2, <span class=\"_ _35\"> </span>du<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>nuovi macro <span class=\"_ _38\"></span>portafogli <span class=\"_ _0\"></span>IFRS <span class=\"_ _1\"></span>17 <span class=\"_ _0\"></span>relativi <span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>Multiramo <span class=\"_ _38\"></span>GS1 <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>Mu<span class=\"_ _2\"></span>ltiramo <span class=\"_ _0\"></span>G<span class=\"_ _2\"></span>S3 <span class=\"_ _38\"></span>per <span class=\"_ _0\"></span>un <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>otale <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>3 <span class=\"_ _0\"></span>macro portafogli; o<span class=\"ff16\"> <span class=\"_ _184\"></span><span class=\"ff4\">Per <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>rodotti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Puro <span class=\"_ _0\"></span>Rischio <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>si <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>videnziano <span class=\"_ _0\"></span>integrazioni <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>2023 <span class=\"_ _0\"></span>rimanendo <span class=\"_ _0\"></span>i </span></span>prodotti in oggetto classificati all\u2019interno di 1 m<span class=\"_ _1\"></span>acro portafoglio. Per  qu<span class=\"_ _2\"></span>anto <span class=\"_ _35\"> </span>riguarda  i <span class=\"_ _35\"> </span>contratti <span class=\"_ _35\"> </span>apparte<span class=\"_ _1\"></span>nenti <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>prodotti  Multiramo <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>collegati  ad <span class=\"_ _35\"> </span>una <span class=\"_ _35\"> </span>Gestione Separata,  il <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _35\"> </span>ha <span class=\"_ _35\"> </span>deciso  di<span class=\"_ _2\"></span>  esercitare <span class=\"_ _35\"> </span>l\u2019opzione  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>non  ap<span class=\"_ _2\"></span>plicare  il <span class=\"_ _35\"> </span>requisito <span class=\"_ _35\"> </span>della  Coort<span class=\"_ _3b\"></span>e Annuale <span class=\"_ _38\"></span>(\u201cCarve <span class=\"_ _0\"></span>Ou<span class=\"_ _2\"></span>t\u201d) <span class=\"_ _38\"></span>cos\u00ec <span class=\"_ _38\"></span>come <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>revisto <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>Regolamento <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>omologazione <span class=\"_ _0\"></span>dell\u2019<span class=\"_ _2\"></span>IFRS <span class=\"_ _38\"></span>17 <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>livello europeo <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>quind<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>aggregare <span class=\"_ _0\"></span>queste <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>ipologie <span class=\"_ _0\"></span>contrattuali <span class=\"_ _0\"></span>solo <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>riguardo <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>concetto <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>rischi simili e gestione unitaria e all\u2019appartenenza allo stesso <span class=\"_ _1\"></span>bucket di profittabilit\u00e0.  <span class=\"_ _3e\"> </span><span class=\"ff4\">Curva <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>sconto: <span class=\"_ _35\"> </span>Credemvita <span class=\"_ _35\"> </span>ha <span class=\"_ _35\"> </span>deciso  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>utilizzare <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>approccio <span class=\"_ _35\"> </span>Bottom-Up, <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>prevede </span>l\u2019utilizzo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>ssi <span class=\"_ _1\"></span>privi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _38\"></span>con <span class=\"_ _1\"></span>l\u2019aggiunta <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>mio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>liquidit\u00e0. <span class=\"_ _1\"></span>Tale <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>mio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>liquidit\u00e0<span class=\"_ _3a1\"> </span>viene stimato sulla base del rischio insito all\u2019interno del portafoglio titoli, calcolato: o<span class=\"ff16\"> <span class=\"_ _184\"></span><span class=\"ff4\">per <span class=\"_ _37\"> </span>singola <span class=\"_ _3d\"> </span>Gestione <span class=\"_ _37\"> </span>Separata <span class=\"_ _3d\"> </span>quale <span class=\"_ _3d\"> </span>base <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>dete<span class=\"_ _1\"></span>rminazione <span class=\"_ _3d\"> </span>della <span class=\"_ _3d\"> </span>curva <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>conto <span class=\"_ _3d\"> </span>dei </span></span>porta<span class=\"_ _3a1\"> </span>fogli IFRS 17 legati a prodotti di Ramo I e Multiramo; o<span class=\"ff16\"> <span class=\"_ _184\"></span><span class=\"ff4\">per <span class=\"_ _38\"></span>portafoglio libero <span class=\"_ _1\"></span>quale <span class=\"_ _1\"></span>sottostante <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>determinazione <span class=\"_ _1\"></span>della curva <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>sconto <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>prodotti </span></span>di puro rischio. Di <span class=\"_ _1\"></span>seguito <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iepilogano <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>tassi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>conto, <span class=\"_ _1\"></span>suddivisi <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>tipologia <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>dello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valutazione <span class=\"_ _1\"></span>IFRS <span class=\"_ _38\"></span>17, sottostanti <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>valutazioni <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>31 <span class=\"_ _38\"></span>dicembre<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>2024. <span class=\"_ _38\"></span>Si <span class=\"_ _38\"></span>evidenzia <span class=\"_ _38\"></span>come <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>caso <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>prodotti <span class=\"_ _38\"></span>valutati <span class=\"_ _38\"></span>al VFA, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>curva <span class=\"_ _38\"></span>riportata <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>dalla <span class=\"_ _38\"></span>media <span class=\"_ _1\"></span>ponderata <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>curve <span class=\"_ _1\"></span>sottostanti <span class=\"_ _1\"></span>ogni <span class=\"_ _38\"></span>portafoglio <span class=\"_ _1\"></span>IFRS 17. <table class=\"s w64b h1ea\" id=\"_8a528480-d0bf-4c88-ae81-71f3a6dfde57\"><tr><td class=\"t m2 x643 h8 y548d ff4 fs2 fc1 sc0 ls0 ws0\">Classificazione portafogli </td><td></td><td></td><td class=\"t m2 x644 h8 y548e ff4 fs2 fc1 sc0 ls0 ws0\">Curva la 31.12.2024 </td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x645 h8 y548f ff4 fs2 fc1 sc0 ls0 ws0\">IFRS 17 </td><td class=\"c n x646 y5491 w64c h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">1 anno<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x647 y5491 w64d h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">5 anni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x648 y5491 w64e h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">10<span class=\"_ _1\"></span> anni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x649 y5491 w64f h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">15 <span class=\"_ _1\"></span>anni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x64a y5491 w650 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">20 anni</div></td><td class=\"t m2 x64b h8 y5492 ff4 fs2 fc1 sc0 ls0 ws0\">30 anni </td></tr><tr><td class=\"t m2 x64c h8 y5493 ff4 fs2 fc1 sc0 ls0 ws0\">Variable Fee Approach \u2013 </td><td class=\"c n x646 y5494 w651 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,80%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x64d y5494 w652 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,70%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x64e y5494 w653 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,83%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x64f y5494 w654 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,90%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x650 y5494 w655 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,82%</div></td><td class=\"t m2 x651 h8 y5493 ff4 fs2 fc1 sc0 ls0 ws0\">2,95% </td></tr><tr><td class=\"t m2 x64c h8 y5495 ff4 fs2 fc1 sc0 ls0 ws0\">VFA </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y539f w656 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">General Model - GM<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x652 y539f w657 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,71%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x653 y539f w658 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,62%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x654 y539f w659 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,74%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x655 y539f w65a h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,81%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x656 y539f w65b h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,73%</div></td><td class=\"t m2 x651 h8 y5496 ff4 fs2 fc1 sc0 ls0 ws0\">2,86% </td></tr></table><span class=\"_ _3e\"> </span><span class=\"ff4\">Risk <span class=\"_ _3b\"></span>adjust<span class=\"_ _1\"></span>ment: vi<span class=\"_ _2\"></span>ene de<span class=\"_ _2\"></span>terminato utilizz<span class=\"_ _2\"></span>ando <span class=\"_ _3b\"></span>una metodologia <span class=\"_ _3b\"></span>di tipo <span class=\"_ _3b\"></span>Value at <span class=\"_ _3b\"></span>Risk (<span class=\"_ _2\"></span>VaR) <span class=\"_ _3b\"></span>c<span class=\"_ _1\"></span>he </span>stima <span class=\"_ _0\"></span>l\u2019incertezza <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>ari <span class=\"_ _0\"></span>sulla <span class=\"_ _38\"></span>base <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>80\u00b0 <span class=\"_ _0\"></span>percentile <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span>stribuzione <span class=\"_ _0\"></span>di probabilit\u00e0 aggregata dei rischi tecnici insiti nel port<span class=\"_ _1\"></span>afoglio. <span class=\"_ _3e\"> </span><span class=\"ff4\">Variable <span class=\"_ _0\"></span>Fee <span class=\"_ _38\"></span>Approach <span class=\"_ _0\"></span>(VFA): <span class=\"_ _0\"></span>come <span class=\"_ _38\"></span>evidenziato <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>precedenza, <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>VFA <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>modello <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>visto </span>dallo  Standard  obblig<span class=\"_ _2\"></span>atorio  per  i  contratti  ch<span class=\"_ _2\"></span>e  prevedono  una  signi<span class=\"_ _2\"></span>ficativa  partecipazione discrezionale a<span class=\"_ _1\"></span>gli utili finanziari <span class=\"_ _1\"></span>da part<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>dell\u2019assicurato. Per de<span class=\"_ _1\"></span>terminare se <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>partecipazione discrezionale  agli  utili  \u00e8<span class=\"_ _1\"></span>  significativa,  viene <span class=\"_ _3d\"> </span>eseguito <span class=\"_ _3d\"> </span>un  test  sia  di  natura <span class=\"_ _3d\"> </span>qualitativa  che quantitativa <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ve<span class=\"_ _2\"></span>rificare <span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>requisiti <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>visti. <span class=\"_ _38\"></span>Nell\u2019ambito <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>prodotti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>Credemvita <span class=\"_ _0\"></span>vengono<span class=\"_ _2\"></span> misurati <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>il <span class=\"_ _1\"></span>Variable <span class=\"_ _38\"></span>Fee <span class=\"_ _0\"></span>Approach <span class=\"_ _38\"></span>tutti <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>contratti <span class=\"_ _0\"></span>collega<span class=\"_ _2\"></span>ti <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>Ge<span class=\"_ _1\"></span>stione <span class=\"_ _38\"></span>Separata, <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ia individuali che di tipo Multiramo. <span class=\"_ _3e\"> </span><span class=\"ff4\">Coverage Unit: <span class=\"_ _3b\"></span>le Coverage <span class=\"_ _3b\"></span>Unit rappresentano i<span class=\"_ _2\"></span>l driv<span class=\"_ _2\"></span>er con <span class=\"_ _3b\"></span>il quale <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>determinato il <span class=\"_ _3b\"></span>rilascio<span class=\"_ _3a1\"> </span></span>del <span class=\"_ _35\"> </span>CSM<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>conto <span class=\"_ _35\"> </span>economico, <span class=\"_ _35\"> </span>te<span class=\"_ _2\"></span>nendo <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>considerazione <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>antit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>servizi <span class=\"_ _35\"> </span>assicurativi <span class=\"_ _0\"></span>e<span class=\"_ _3a1\"> </span>finanziari. <span class=\"_ _3e\"> </span><span class=\"ff4\">Contract <span class=\"_ _36\"> </span>Boundaries: <span class=\"_ _36\"> </span>si <span class=\"_ _37\"> </span>inte<span class=\"_ _1\"></span>nde <span class=\"_ _37\"> </span>l\u2019insieme <span class=\"_ _36\"> </span>delle <span class=\"_ _36\"> </span>regole <span class=\"_ _37\"> </span>che <span class=\"_ _36\"> </span>definisce <span class=\"_ _36\"> </span>in <span class=\"_ _36\"> </span>che <span class=\"_ _37\"> </span>misura <span class=\"_ _36\"> </span>una </span>determinata  opzione  rientri  a<span class=\"_ _1\"></span>ll\u2019interno  della  proiezione  dei  flussi  di  cassa <span class=\"_ _3d\"> </span>di  un  contratto assicurativo. Il <span class=\"_ _35\"> </span>paragrafo <span class=\"_ _35\"> </span>34 <span class=\"_ _35\"> </span>dello <span class=\"_ _35\"> </span>Standard, <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>tal  p<span class=\"_ _2\"></span>roposito, <span class=\"_ _35\"> </span>stabilisce <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>flussi <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>cassa rientrano all\u2019interno del \u201cContract B<span class=\"_ _1\"></span>oundary\u201d di un contratto assicurativo se derivano da diritti ed obblighi<span class=\"_ _2\"></span> che esistono <span class=\"_ _2\"></span>durante il p<span class=\"_ _2\"></span>eriodo di<span class=\"_ _2\"></span> reporting in <span class=\"_ _3b\"></span>cui la Co<span class=\"_ _2\"></span>mpagnia ha d<span class=\"_ _2\"></span>iritto a <span class=\"_ _2\"></span>ricevere dall\u2019assicurato <span class=\"_ _3f\"> </span>i <span class=\"_ _39\"> </span>premi <span class=\"_ _3f\"> </span>o <span class=\"_ _3f\"> </span>ha <span class=\"_ _39\"> </span>l\u2019obbligo <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>fornire <span class=\"_ _3f\"> </span>servizi <span class=\"_ _3f\"> </span>legati <span class=\"_ _39\"> </span>al <span class=\"_ _3f\"> </span>contratto <span class=\"_ _3f\"> </span>assicurativo stesso. L\u2019obbligo <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>fornire <span class=\"_ _39\"> </span>servizi <span class=\"_ _39\"> </span>legati <span class=\"_ _39\"> </span>al <span class=\"_ _39\"> </span>contratt<span class=\"_ _1\"></span>o <span class=\"_ _39\"> </span>assicurativo <span class=\"_ _39\"> </span>termina <span class=\"_ _39\"> </span>per<span class=\"_ _1\"></span>tanto <span class=\"_ _39\"> </span>nel momento <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>Compagnia s<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>trova <span class=\"_ _1\"></span>nelle <span class=\"_ _38\"></span>condizioni di <span class=\"_ _1\"></span>definire <span class=\"_ _38\"></span>nuovamente <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>prezzo <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>i rischi coperti dal cont<span class=\"_ _1\"></span>ratto assicurativo e/o ridefinire le<span class=\"_ _1\"></span> coperture tali da riflettere<span class=\"_ _1\"></span> pienamente i rischi. <span class=\"_ _3e\"> </span><span class=\"ff4\">Quantificazione  del <span class=\"_ _3d\"> </span>CSM <span class=\"_ _3d\"> </span>IFRS <span class=\"_ _3d\"> </span>17 <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>Bilancio <span class=\"_ _3d\"> </span>Consolidato: <span class=\"_ _3d\"> </span>la  ges<span class=\"_ _1\"></span>tione  delle <span class=\"_ _3d\"> </span>transazioni </span>infragruppo <span class=\"_ _38\"></span>comport<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>nec<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ssit\u00e0, <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>q<span class=\"_ _2\"></span>uantificazione <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>flussi <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>cassa,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>\u201csostituire\u201d <span class=\"_ _38\"></span>i costi infrag<span class=\"_ _2\"></span>ruppo proiettati <span class=\"_ _3b\"></span>da Cr<span class=\"_ _2\"></span>edemvita nella <span class=\"_ _3b\"></span>stima della <span class=\"_ _3b\"></span>propria situazione <span class=\"_ _3b\"></span>cont<span class=\"_ _1\"></span>abile <span class=\"_ _3b\"></span>\u201c<span class=\"_ _1\"></span>stand alone\u201d <span class=\"_ _3d\"> </span>(tipicamente <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>provvigioni <span class=\"_ _3d\"> </span>pagate <span class=\"_ _37\"> </span>alla  rete <span class=\"_ _37\"> </span>distributiva <span class=\"_ _3d\"> </span>bancaria) <span class=\"_ _3d\"> </span>con <span class=\"_ _3d\"> </span>i <span class=\"_ _3d\"> </span>costi <span class=\"_ _3d\"> </span>reali sostenuti <span class=\"_ _35\"> </span>dal <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _35\"> </span>v<span class=\"_ _2\"></span>erso <span class=\"_ _35\"> </span>economie <span class=\"_ _35\"> </span>terze. <span class=\"_ _35\"> </span>Tal<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>operazione <span class=\"_ _35\"> </span>comporta <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>ilevazione <span class=\"_ _35\"> </span>di <span class=\"_ _0\"> </span>un profitto atteso (C<span class=\"_ _2\"></span>SM) <span class=\"_ _2\"></span>differente tra Credemvita <span class=\"_ _3b\"></span>\u201c<span class=\"_ _1\"></span>stand al<span class=\"_ _2\"></span>one\u201d e il <span class=\"_ _3b\"></span>Gruppo nel <span class=\"_ _3b\"></span>suo insieme per la<span class=\"_ _2\"></span> misura <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>tale <span class=\"_ _38\"></span>delta <span class=\"_ _1\"></span>costi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>sopra. <span class=\"_ _38\"></span>La <span class=\"_ _1\"></span>stes<span class=\"_ _1\"></span>sa <span class=\"_ _1\"></span>ESMA <span class=\"_ _1\"></span>gi\u00e0 <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>lla <span class=\"_ _1\"></span>comunicazione <span class=\"_ _38\"></span>annuale <span class=\"_ _1\"></span>2023<span class=\"_ _3a1\"> </span>sulle priorit\u00e0 dei bilanc<span class=\"_ _2\"></span>i ha evidenziato l\u2019importanza di <span class=\"_ _2\"></span>applicare in modo consistente i <span class=\"_ _2\"></span>requisiti di conso<span class=\"_ _1\"></span>lidamento <span class=\"_ _1\"></span>ai <span class=\"_ _1\"></span>sens<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>dell\u2019IFRS 10 <span class=\"_ _38\"></span>al <span class=\"_ _1\"></span>fine <span class=\"_ _1\"></span>di gar<span class=\"_ _1\"></span>antire <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>corretta <span class=\"_ _1\"></span>applicazione <span class=\"_ _1\"></span>dell\u2019IFRS <span class=\"_ _1\"></span>17<span class=\"_ _3a1\"> </span>nel bi<span class=\"_ _2\"></span>lancio consolid<span class=\"_ _2\"></span>ato. Nello <span class=\"_ _3b\"></span>specifico, <span class=\"_ _2\"></span>ESMA <span class=\"_ _2\"></span>segnala che <span class=\"_ _3b\"></span>nel ca<span class=\"_ _2\"></span>so in<span class=\"_ _2\"></span> cui<span class=\"_ _2\"></span> le <span class=\"_ _3b\"></span>banche d<span class=\"_ _2\"></span>el gruppo distribuiscano <span class=\"_ _35\"> </span>i  prodotti <span class=\"_ _35\"> </span>assicurativi, <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>CSM  a <span class=\"_ _35\"> </span>livello <span class=\"_ _35\"> </span>consolidato  spesso <span class=\"_ _35\"> </span>differir\u00e0 <span class=\"_ _35\"> </span>da  qu<span class=\"_ _2\"></span>ello assicurativo <span class=\"_ _3e\"> </span><span class=\"ff4\">Transition:  si <span class=\"_ _3d\"> </span>ricordano  infine  razionali  e <span class=\"_ _3d\"> </span>scelte  di  t<span class=\"_ _1\"></span>ransizione  effettuate <span class=\"_ _3d\"> </span>in  fase <span class=\"_ _3d\"> </span>di  prima </span>applicazione del Principio: o<span class=\"ff16\"> <span class=\"_ _184\"></span><span class=\"ff4\">Alla <span class=\"_ _38\"></span>luce <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>risultati <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>dell\u2019assessment <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ulla <span class=\"_ _1\"></span>disponibilit\u00e0 <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>dati <span class=\"_ _38\"></span>storici <span class=\"_ _38\"></span>condotta <span class=\"_ _38\"></span>su <span class=\"_ _38\"></span>tutti <span class=\"_ _38\"></span>i </span></span>contratti <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>vita <span class=\"_ _3d\"> </span>alla <span class=\"_ _37\"> </span>data <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>transizione <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>sulla <span class=\"_ _3d\"> </span>base <span class=\"_ _37\"> </span>delle <span class=\"_ _3d\"> </span>caratteristiche <span class=\"_ _3d\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _3d\"> </span>business sottostante, <span class=\"_ _37\"> </span>\u00e8 <span class=\"_ _37\"> </span>e<span class=\"_ _1\"></span>merso <span class=\"_ _37\"> </span>che <span class=\"_ _36\"> </span>l'approccio <span class=\"_ _3d\"> </span>F<span class=\"_ _1\"></span>air <span class=\"_ _37\"> </span>Value <span class=\"_ _37\"> </span>Approach <span class=\"_ _37\"> </span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>risultato <span class=\"_ _36\"> </span>l\u2019unico <span class=\"_ _37\"> </span>sempre applicabile, <span class=\"_ _38\"></span>ha <span class=\"_ _0\"></span>garantito <span class=\"_ _38\"></span>una <span class=\"_ _0\"></span>robusta <span class=\"_ _38\"></span>stima <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>CSM <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>u <span class=\"_ _38\"></span>tutti <span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>portafogli <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>riferimento <span class=\"_ _38\"></span>ed <span class=\"_ _38\"></span>\u00e8 risultato <span class=\"_ _0\"></span>conforme<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>alla <span class=\"_ _38\"></span>metodologia <span class=\"_ _38\"></span>definita <span class=\"_ _0\"></span>dal <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>rincipio. <span class=\"_ _38\"></span>Inoltre, <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>metodologia <span class=\"_ _0\"></span>adotta<span class=\"_ _2\"></span>ta, che <span class=\"_ _37\"> </span>ha <span class=\"_ _37\"> </span>sposato <span class=\"_ _37\"> </span>logiche <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>market <span class=\"_ _37\"> </span>partecipant <span class=\"_ _37\"> </span>view <span class=\"_ _37\"> </span>ha <span class=\"_ _36\"> </span>fatto <span class=\"_ _3d\"> </span>leva <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>ulla <span class=\"_ _3d\"> </span>calibrazione <span class=\"_ _37\"> </span>di parametri che sono gi\u00e0 consolidati nel framework della Com<span class=\"_ _1\"></span>pagnia; o<span class=\"ff16\"> <span class=\"_ _184\"></span><span class=\"ff4\">Con  r<span class=\"_ _1\"></span>iferimento  al  VFA <span class=\"_ _3d\"> </span>il  carve  out  delle  coorti  annuali  per  le  G<span class=\"_ _1\"></span>estioni  Separate,  di  cui </span></span>Credemvita <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>inteso <span class=\"_ _1\"></span>avvalersi, <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>eliminato <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>raggruppamento <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>coort<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>annuali, pert<span class=\"_ _1\"></span>anto<span class=\"_ _3a1\"> </span><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6d2\">si <span class=\"_ _43\"> </span>\u00e8 <span class=\"_ _43\"> </span>ritenuto <span class=\"_ _43\"> </span>necessario <span class=\"_ _69\"> </span>applicare <span class=\"_ _43\"> </span>un <span class=\"_ _69\"> </span>s<span class=\"_ _1\"></span>ingolo <span class=\"_ _43\"> </span>approccio <span class=\"_ _43\"> </span>di <span class=\"_ _69\"> </span>Transition <span class=\"_ _43\"> </span>per <span class=\"_ _43\"> </span>ogni </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6d3\">raggru<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6d4\">ppamento che <span class=\"_ _2\"></span>si config<span class=\"_ _2\"></span>ura come u<span class=\"_ _2\"></span>n bu<span class=\"_ _2\"></span>cket di <span class=\"_ _3b\"></span>profitt<span class=\"_ _1\"></span>abilit\u00e0 d<span class=\"_ _2\"></span>irettamente applicato <span class=\"_ _2\"></span>sul </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6d5\">portafoglio di GS o Multiramo nel suo complesso. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs6d6\">Principali diffe<span class=\"_ _1\"></span>renze tra il framewor<span class=\"_ _1\"></span>k IFRS 17 e Solvency <span class=\"_ _1\"></span>II </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6d7\">Le <span class=\"_ _35\"> </span>principali <span class=\"_ _35\"> </span>differenze <span class=\"_ _35\"> </span>tra <span class=\"_ _35\"> </span>lo <span class=\"_ _35\"> </span>Standard <span class=\"_ _35\"> </span>IFRS <span class=\"_ _35\"> </span>17 <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>Solvenc<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6d8\">y <span class=\"_ _35\"> </span>II<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6d9\">in <span class=\"_ _35\"> </span>relazione <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>valutazione <span class=\"_ _35\"> </span>delle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6da\">passivit\u00e0 <span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>icurative so<span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>primariamente <span class=\"_ _1\"></span>legate <span class=\"_ _38\"></span>all\u2019identificazione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>Contract <span class=\"_ _1\"></span>Boundaries, <span class=\"_ _38\"></span>alla </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6db\">determinazione <span class=\"_ _3f\"> </span>della <span class=\"_ _39\"> </span>curva <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>sconto <span class=\"_ _39\"> </span>e <span class=\"_ _3f\"> </span>alla <span class=\"_ _3f\"> </span>modalit\u00e0 <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>calcolo <span class=\"_ _3f\"> </span>del <span class=\"_ _39\"> </span>Margine <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>Prudenza </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6dc\">(rispettivamente Risk Adjustment o Risk Margin).  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6dd\">In particolare: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs6de\"><span class=\"_ _3e\"> </span><span class=\"ff4\"> per <span class=\"_ _0\"></span>q<span class=\"_ _2\"></span>uanto <span class=\"_ _38\"></span>riguarda <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>Contract <span class=\"_ _1\"></span>Boundaries, <span class=\"_ _0\"></span>l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>principali <span class=\"_ _38\"></span>differenze <span class=\"_ _38\"></span>riguardano <span class=\"_ _38\"></span>sia <span class=\"_ _0\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>logica <span class=\"_ _38\"></span>di </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6df\">determinazione <span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>periodicit\u00e0 <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>valutazione. <span class=\"_ _38\"></span>In <span class=\"_ _1\"></span>Solvency <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>I <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>Contract <span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>oundaries <span class=\"_ _1\"></span>sono </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6e0\">basati <span class=\"_ _3d\"> </span>su <span class=\"_ _3d\"> </span>una <span class=\"_ _3d\"> </span>logica <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>rischio <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>la <span class=\"_ _37\"> </span>compagnia <span class=\"_ _3d\"> </span>e <span class=\"_ _3d\"> </span>sono <span class=\"_ _3d\"> </span>determinati <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>ciascuna <span class=\"_ _3d\"> </span>data <span class=\"_ _3d\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6e1\">valutazione; <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>IFRS <span class=\"_ _0\"></span>17 <span class=\"_ _0\"></span>invece <span class=\"_ _0\"></span>sul<span class=\"_ _2\"></span>la <span class=\"_ _0\"></span>possibilit\u00e0 <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>re-pricing <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>parte <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>compagnia <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>son<span class=\"_ _3b\"></span>o </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6e2\">determinati all\u2019emissione dei contratti; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs6e3\"><span class=\"_ _3e\"> </span><span class=\"ff4\"> con <span class=\"_ _39\"> </span>riferimento <span class=\"_ _36\"> </span>alle <span class=\"_ _36\"> </span>curve <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>sconto, <span class=\"_ _39\"> </span>la <span class=\"_ _36\"> </span>principale <span class=\"_ _36\"> </span>differenza <span class=\"_ _36\"> </span>riguarda <span class=\"_ _36\"> </span>la <span class=\"_ _39\"> </span>modalit\u00e0 <span class=\"_ _36\"> </span>e <span class=\"_ _36\"> </span>la </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6e4\">granularit\u00e0 <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>cui <span class=\"_ _3b\"></span>la stessa <span class=\"_ _3b\"></span>viene calcolata; <span class=\"_ _3b\"></span>in p<span class=\"_ _2\"></span>articolare<span class=\"_ _1\"></span>, <span class=\"_ _3b\"></span>per So<span class=\"_ _2\"></span>lvency <span class=\"_ _2\"></span>II <span class=\"_ _3b\"></span>es<span class=\"_ _1\"></span>iste un'un<span class=\"_ _2\"></span>ica <span class=\"_ _3b\"></span>curva </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6e5\">di <span class=\"_ _35\"> </span>sconto <span class=\"_ _35\"> </span>composta <span class=\"_ _0\"></span>da <span class=\"_ _35\"> </span>una <span class=\"_ _35\"> </span>curva <span class=\"_ _35\"> </span>base <span class=\"_ _0\"></span>priva <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>pi\u00f9<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>premio <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>liquidit\u00e0 <span class=\"_ _35\"> </span>(Volatility </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6e6\">Adjustment),  definito <span class=\"_ _35\"> </span>dall\u2019Autorit<span class=\"_ _1\"></span>\u00e0  europea  delle <span class=\"_ _35\"> </span>assicurazioni  e  delle <span class=\"_ _35\"> </span>pensioni  aziendali  o </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6e7\">professionali <span class=\"_ _36\"> </span>(EIOPA) <span class=\"_ _36\"> </span>sulla <span class=\"_ _36\"> </span>base <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>un <span class=\"_ _36\"> </span>portafoglio <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>riferimento <span class=\"_ _36\"> </span>medio <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>mercato. <span class=\"_ _36\"> </span>Nel </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6e8\">Framework <span class=\"_ _37\"> </span>IFRS <span class=\"_ _37\"> </span>17 <span class=\"_ _36\"> </span>invece <span class=\"_ _37\"> </span>\u00e8 <span class=\"_ _37\"> </span>possibile <span class=\"_ _37\"> </span>calcolare <span class=\"_ _37\"> </span>le <span class=\"_ _36\"> </span>curve <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>sconto <span class=\"_ _36\"> </span>per <span class=\"_ _37\"> </span>ogni <span class=\"_ _37\"> </span>portafoglio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6e9\">identificato sulla base degli specifici pool di attivi di riferiment<span class=\"_ _1\"></span>o detenuti dalla Compagnia; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs6ea\"><span class=\"_ _3e\"> </span><span class=\"ff4\">per <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>Margine <span class=\"_ _1\"></span>di P<span class=\"_ _1\"></span>rudenza la <span class=\"_ _1\"></span>differenza <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>Risk <span class=\"_ _1\"></span>Margin e <span class=\"_ _1\"></span>Risk <span class=\"_ _1\"></span>Adjustment <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>dovuta sia <span class=\"_ _38\"></span>ad una </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6eb\">differente <span class=\"_ _3b\"></span>meto<span class=\"_ _1\"></span>dologia <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>calcolo <span class=\"_ _3b\"></span>che ad<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>un <span class=\"_ _3b\"></span>diverso<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>perimetro <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>rischi <span class=\"_ _3b\"></span>ident<span class=\"_ _1\"></span>ificati. <span class=\"_ _3b\"></span>Il <span class=\"_ _3b\"></span>Risk <span class=\"_ _2\"></span>Margin </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6ec\">Solvency <span class=\"_ _38\"></span>II <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _0\"></span>cal<span class=\"_ _2\"></span>colato <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>meto<span class=\"_ _1\"></span>dologia <span class=\"_ _1\"></span>Cost <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>f <span class=\"_ _38\"></span>Capital, <span class=\"_ _1\"></span>applicata <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>requisito <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Capitale </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6ed\">della Compagnia val<span class=\"_ _1\"></span>utato <span class=\"_ _1\"></span>con un <span class=\"_ _1\"></span>percentile a<span class=\"_ _1\"></span>l 99,5%, cons<span class=\"_ _1\"></span>iderando i r<span class=\"_ _1\"></span>ischi te<span class=\"_ _1\"></span>cnici, il rischio <span class=\"_ _1\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6ee\">credito  e  il  rischio  operat<span class=\"_ _1\"></span>ivo;  per  il  Risk  Adjustment  IFRS  17  il  Principio  non  prevede  una </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6ef\">metodologia <span class=\"_ _36\"> </span>standard <span class=\"_ _39\"> </span>ma <span class=\"_ _36\"> </span>esclusivamente <span class=\"_ _39\"> </span>la <span class=\"_ _36\"> </span>determinazione <span class=\"_ _36\"> </span>dello <span class=\"_ _36\"> </span>st<span class=\"_ _1\"></span>esso <span class=\"_ _36\"> </span>sulla <span class=\"_ _36\"> </span>base <span class=\"_ _39\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6f0\">specifici  rischi  non  finanziari,  valutando <span class=\"_ _3d\"> </span>il  rischio  ad <span class=\"_ _3d\"> </span>un  determinato  grado  di  confidenza </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6f1\">prefissato dalla Compagnia. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6f2\">Si precisa che l\u2019introduzione dell\u2019IFRS 17 non <span class=\"_ _1\"></span>comporta impatti sull\u2019indicatore di sintesi Solvency II </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6f3\">per la Compagnia Credemvita, n\u00e9 per il Margine di conglomerato. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs6f4\">IFRS 9 Strume<span class=\"_ _1\"></span>nti finanziari </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6f5\">Le Compagnie assicurative gi\u00e0 in<span class=\"_ _2\"></span> sede di transition </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6f6\">a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6f7\">l<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6f8\">n</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6f9\">u</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6fa\">o<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6fb\">vo Principio hanno <span class=\"_ _2\"></span>condotto<span class=\"_ _1\"></span> un p<span class=\"_ _2\"></span>rogetto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6fc\">implementativo <span class=\"_ _3f\"> </span>volto <span class=\"_ _39\"> </span>ad <span class=\"_ _39\"> </span>approfondire <span class=\"_ _39\"> </span>le <span class=\"_ _39\"> </span>diverse <span class=\"_ _3f\"> </span>aree <span class=\"_ _36\"> </span>di <span class=\"_ _3f\"> </span>influenza <span class=\"_ _39\"> </span>del <span class=\"_ _39\"> </span>principio <span class=\"_ _39\"> </span>IFRS <span class=\"_ _39\"> </span>9 <span class=\"_ _3f\"> </span>in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6fd\">concomitanza con quello <span class=\"_ _2\"></span>IFRS17 al f<span class=\"_ _2\"></span>ine di definire <span class=\"_ _3b\"></span>i suoi impatti qualitativi <span class=\"_ _2\"></span>e quantitativi, nonch\u00e9 ad<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6fe\">individuare ed implementare gli interventi applic<span class=\"_ _2\"></span>ativi ed organizzativi necessari. In particolare, si <span class=\"_ _2\"></span>\u00e8 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs6ff\">tenuto <span class=\"_ _35\"> </span>conto <span class=\"_ _35\"> </span>dell\u2019obiettivo <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>per<span class=\"_ _1\"></span>seguire <span class=\"_ _35\"> </span>un\u2019adozione <span class=\"_ _35\"> </span>omogenea <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>principio <span class=\"_ _35\"> </span>contabile, <span class=\"_ _35\"> </span>pur <span class=\"_ _35\"> </span>in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs700\">presenza <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>oper<span class=\"_ _1\"></span>ativit\u00e0 ass<span class=\"_ _1\"></span>icurativa legata <span class=\"_ _38\"></span>in par<span class=\"_ _1\"></span>ticolare <span class=\"_ _1\"></span>alle <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>pecificit\u00e0 di <span class=\"_ _1\"></span>prodot<span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>Gest<span class=\"_ _1\"></span>ioni </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs701\">Separate. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs702\">Relativamente al percorso di adeguamento delle Compagnie al principio contabile IFRS9, le scelte </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs703\">metodologiche <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>appli<span class=\"_ _2\"></span>cative <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>state <span class=\"_ _1\"></span>definite <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>coerenza <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>quanto <span class=\"_ _0\"></span>previsto <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ll\u2019ambito <span class=\"_ _38\"></span>del </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs704\">framework gi\u00e0 in uso nel Gruppo. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs705\">Classificazione <span class=\"_ _1\"></span>e Misurazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs706\">Per <span class=\"_ _35\"> </span>poter <span class=\"_ _35\"> </span>rispettare <span class=\"_ _35\"> </span>il<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>dettato <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>ll\u2019IFRS <span class=\"_ _0\"></span>9 <span class=\"_ _35\"> </span>\u2013 <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>cui <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>c</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs707\">lassificazione <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _0\"> </span>finanziarie <span class=\"_ _35\"> </span>\u00e8 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs708\">guidata, da <span class=\"_ _2\"></span>un lato, dalle caratteristiche contrattuali <span class=\"_ _2\"></span>dei flussi di <span class=\"_ _3b\"></span>cas<span class=\"_ _1\"></span>sa degli strumenti e, <span class=\"_ _2\"></span>dall\u2019altro, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs709\">dall\u2019intento <span class=\"_ _2\"></span>gestionale <span class=\"_ _3b\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>quale <span class=\"_ _2\"></span>sono <span class=\"_ _3b\"></span>detenuti \u2013 <span class=\"_ _184\"></span>sono <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>tate <span class=\"_ _3b\"></span>declinate <span class=\"_ _2\"></span>le <span class=\"_ _3b\"></span>modalit\u00e0 d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>effettuazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs70a\">del test <span class=\"_ _3b\"></span>sulle caratteristiche <span class=\"_ _3b\"></span>contrattuali dei <span class=\"_ _2\"></span>cash <span class=\"_ _2\"></span>flow (c<span class=\"_ _2\"></span>osiddetto SPPI <span class=\"_ _3b\"></span>Test), ed <span class=\"_ _3b\"></span>\u00e8 stata <span class=\"_ _2\"></span>finalizzata </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs70b\">la definizione dei business model a tendere.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs70c\">Si pre<span class=\"_ _1\"></span>mette <span class=\"_ _1\"></span>che, <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>la com<span class=\"_ _1\"></span>posizione del <span class=\"_ _1\"></span>portafoglio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>pertinenza <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>compagnia <span class=\"_ _1\"></span>assicurativa </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs70d\">e <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>modalit\u00e0 <span class=\"_ _35\"> </span>con <span class=\"_ _0\"></span>cui <span class=\"_ _35\"> </span>lo <span class=\"_ _0\"></span>stesso <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>gestito, <span class=\"_ _35\"> </span>l\u2019introduzione <span class=\"_ _0\"></span>dell\u2019IFRS <span class=\"_ _35\"> </span>9 <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>ha <span class=\"_ _35\"> </span>comportato <span class=\"_ _0\"></span>impatti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs70e\">rilevanti in termini<span class=\"_ _2\"></span> di misurazione <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ispetto al <span class=\"_ _2\"></span>Principio contabile I<span class=\"_ _3b\"></span>AS 39 precedentemente in vi<span class=\"_ _2\"></span>gore, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs70f\">confermando come metodo principale quello del fair value. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs710\">Per quanto rigu<span class=\"_ _2\"></span>arda le passivit\u00e0<span class=\"_ _2\"></span> finanz<span class=\"_ _2\"></span>iarie si specifica <span class=\"_ _2\"></span>che il <span class=\"_ _2\"></span>Gruppo si \u00e8<span class=\"_ _2\"></span> avvalso della <span class=\"_ _2\"></span>possibilit\u00e0 di<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs711\">designare com<span class=\"_ _2\"></span>e p<span class=\"_ _2\"></span>assivit\u00e0 <span class=\"_ _3b\"></span>al fair <span class=\"_ _3b\"></span>value <span class=\"_ _3b\"></span>i prodotti <span class=\"_ _3b\"></span>di natura <span class=\"_ _3b\"></span>finanziaria <span class=\"_ _2\"></span>emessi <span class=\"_ _2\"></span>da <span class=\"_ _3b\"></span>Cr<span class=\"_ _1\"></span>edemvita <span class=\"_ _3b\"></span>che non<span class=\"_ _3b\"></span> </div>rientrano  nell\u2019ambito  di<span class=\"_ _2\"></span>  applicazione  dell\u2019I<span class=\"_ _2\"></span>FRS  17. <span class=\"_ _35\"> </span>C<span class=\"_ _1\"></span>i\u00f2  al <span class=\"_ _35\"> </span>fine<span class=\"_ _1\"></span>  di  elimin<span class=\"_ _2\"></span>are  o  ridurre  le  p<span class=\"_ _2\"></span>ossibili \u201casimmetrie <span class=\"_ _0\"></span>contabili\u201d <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"></span>agli <span class=\"_ _0\"></span>attivi <span class=\"_ _0\"></span>collegati <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>valutati <span class=\"_ _0\"></span>anch\u2019essi <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value. <span class=\"_ _0\"></span>Si <span class=\"_ _0\"></span>evidenzia tuttavia, <span class=\"_ _0\"></span>come <span class=\"_ _35\"> </span>megli<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>dettagliato <span class=\"_ _35\"> </span>nel <span class=\"_ _0\"></span>paragrafo <span class=\"_ _0\"></span>sull\u2019IFRS <span class=\"_ _0\"></span>17, <span class=\"_ _0\"></span>che <span class=\"_ _35\"> </span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>seguito <span class=\"_ _35\"> </span>dell\u2019i<span class=\"_ _2\"></span>ntroduzione <span class=\"_ _0\"> </span>del nuovo principio, una parte dei prodotti multiramo, precedentemente classificata ai sensi dell\u2019IFRS 4/IAS 39 come strumenti finanziari, viene ora attratta in ambito di applicazione dell\u2019IFRS 17. Impairment Per quel che riguarda l\u2019Impairment \u00e8 stata definita dalla Capogruppo una metodologia comune ed un processo accentrato presso la struttura Risk Management pe<span class=\"_ _2\"></span>r la quantificazione dell\u2019Expected credit <span class=\"_ _0\"></span>loss <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>tutte <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ociet\u00e0 <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>Gr<span class=\"_ _1\"></span>uppo. <span class=\"_ _38\"></span>P<span class=\"_ _1\"></span>ertanto, <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>na <span class=\"_ _0\"></span>completa <span class=\"_ _0\"></span>ill<span class=\"_ _2\"></span>ustrazione <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>celte adottate <span class=\"_ _35\"> </span>dal <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>merito <span class=\"_ _35\"> </span>all\u2019<span class=\"_ _2\"></span>applicazione <span class=\"_ _35\"> </span>dell\u2019impairment <span class=\"_ _35\"> </span>ai <span class=\"_ _35\"> </span>sensi <span class=\"_ _35\"> </span>dell\u2019I<span class=\"_ _2\"></span>FRS <span class=\"_ _35\"> </span>9 <span class=\"_ _35\"> </span>si <span class=\"_ _0\"></span>rinvia <span class=\"_ _35\"> </span>alle Politiche contabili e all\u2019i<span class=\"_ _2\"></span>llustrazione riportata nella Parte E <span class=\"_ _2\"></span>della N<span class=\"_ _2\"></span>ota integrativa relativa al p<span class=\"_ _2\"></span>residio dei rischi del Bilancio Consolidato. Si <span class=\"_ _37\"> </span>segnala, <span class=\"_ _36\"> </span>per <span class=\"_ _37\"> </span>completezza, <span class=\"_ _37\"> </span>che <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>isulta <span class=\"_ _37\"> </span>applicabile <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>alla <span class=\"_ _37\"> </span>Compagnia <span class=\"_ _36\"> </span>il <span class=\"_ _37\"> </span>documento <span class=\"_ _37\"> </span>di \u201cImpairment <span class=\"_ _39\"> </span>Policy\u201d <span class=\"_ _36\"> </span>con <span class=\"_ _39\"> </span>riferimento <span class=\"_ _36\"> </span>alle <span class=\"_ _39\"> </span>linee <span class=\"_ _39\"> </span>guida <span class=\"_ _36\"> </span>metodologiche <span class=\"_ _36\"> </span>de<span class=\"_ _1\"></span>finite <span class=\"_ _39\"> </span>dal <span class=\"_ _36\"> </span>Gruppo <span class=\"_ _39\"> </span>in applicazione dell\u2019IFRS 9 e approvate dai compete<span class=\"_ _1\"></span>nti livelli di governance. In questa sede si evidenzia che per Credemvita <span class=\"_ _1\"></span>l\u2019applicaz<span class=\"_ _2\"></span>ione de<span class=\"_ _1\"></span>l modello Expected Credit Losses rileva <span class=\"_ _0\"></span>princ<span class=\"_ _2\"></span>ipalmente <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>riferimento <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>portafoglio <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>titoli <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>debito <span class=\"_ _0\"></span>classificati <span class=\"_ _38\"></span>nella <span class=\"_ _0\"></span>categoria Fair  val<span class=\"_ _2\"></span>ue  con <span class=\"_ _35\"> </span>imputazione <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>patr<span class=\"_ _1\"></span>imonio <span class=\"_ _35\"> </span>netto.  L\u2019ap<span class=\"_ _2\"></span>plicazione  d<span class=\"_ _2\"></span>el  modello <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>impairment  no<span class=\"_ _2\"></span>n comporta  q<span class=\"_ _2\"></span>uindi <span class=\"_ _35\"> </span>una <span class=\"_ _35\"> </span>diversa <span class=\"_ _35\"> </span>misurazione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>tale  por<span class=\"_ _2\"></span>tafoglio <span class=\"_ _35\"> </span>(essendo  g<span class=\"_ _2\"></span>i\u00e0 <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value) <span class=\"_ _35\"> </span>e, <span class=\"_ _35\"> </span>con riferimento <span class=\"_ _0\"></span>alla <span class=\"_ _1\"></span>prima <span class=\"_ _0\"></span>appl<span class=\"_ _2\"></span>icazione, <span class=\"_ _0\"></span>comporta <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>giro <span class=\"_ _0\"></span>tra <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>riserva <span class=\"_ _0\"></span>da <span class=\"_ _1\"></span>valutazione<span class=\"fs3\"> <span class=\"_ _0\"></span></span>e <span class=\"_ _0\"></span>la <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>erva <span class=\"_ _38\"></span>di utili. <span class=\"_ _48\"> </span>Non <span class=\"_ _48\"> </span>risulta <span class=\"_ _48\"> </span>essere <span class=\"_ _48\"> </span>inv<span class=\"_ _2\"></span>ece <span class=\"_ _48\"> </span>significativa <span class=\"_ _3a\"> </span>per<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>quanto <span class=\"_ _48\"> </span>rigu<span class=\"_ _2\"></span>arda <span class=\"_ _48\"> </span>i <span class=\"_ _48\"> </span>crediti, <span class=\"_ _3a\"> </span>r<span class=\"_ _1\"></span>appresentati principalmente da conti correnti e <span class=\"_ _1\"></span>altre forme tecniche a breve termine.  I principali elementi alla base della metodologia possono essere<span class=\"_ _1\"></span> considerati i seguenti: <span class=\"_ _42\"> </span><span class=\"ff4\">modalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>tr<span class=\"_ _1\"></span>acking <span class=\"_ _3b\"></span>della q<span class=\"_ _2\"></span>ualit\u00e0 <span class=\"_ _3b\"></span>cr<span class=\"_ _1\"></span>editizia <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>por<span class=\"_ _1\"></span>tafogli <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3b\"></span>finanziarie valutate <span class=\"_ _3b\"></span>al <span class=\"_ _2\"></span>costo<span class=\"_ _3a1\"> </span></span>ammortizzato ed al fair value con contro<span class=\"_ _1\"></span>partita il patrimonio netto; <span class=\"_ _42\"> </span><span class=\"ff4\">definizione dei p<span class=\"_ _2\"></span>aramet<span class=\"_ _1\"></span>ri per la d<span class=\"_ _2\"></span>eterminazione del significativo deterioramento del rischio di<span class=\"_ _2\"></span> </span>credito, ai fini <span class=\"_ _2\"></span>della corretta allocazione delle esposizioni in<span class=\"_ _2\"></span> bonis nello stage 1 <span class=\"_ _2\"></span>o nello stage 2, basata sulla variazione delle <span class=\"_ _1\"></span>probabilit\u00e0 di default lifetime rispetto al m<span class=\"_ _1\"></span>omento dell\u2019iscrizione iniziale in bilancio dello strumento finanziario. Cre<span class=\"_ _1\"></span>demvita non ha esposizioni impaired; <span class=\"_ _42\"> </span><span class=\"ff4\">definizione <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>mo<span class=\"_ _1\"></span>delli <span class=\"_ _37\"> </span>per <span class=\"_ _36\"> </span>lo <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>taging <span class=\"_ _37\"> </span>(re<span class=\"_ _1\"></span>lativamente <span class=\"_ _36\"> </span>all\u2019utilizzo <span class=\"_ _37\"> </span>della <span class=\"_ _36\"> </span>PD <span class=\"_ _36\"> </span>lifetime <span class=\"_ _37\"> </span>come </span>indicatore <span class=\"_ _0\"></span>relat<span class=\"_ _1\"></span>ivo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>deterioramento<span class=\"_ _1\"></span>) <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>calcolo <span class=\"_ _0\"></span>dell\u2019expected <span class=\"_ _0\"></span>credit <span class=\"_ _0\"></span>loss <span class=\"_ _35\"> </span>(EC<span class=\"_ _2\"></span>L) <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>un anno (da a<span class=\"_ _1\"></span>pplicare alle esposizioni <span class=\"_ _1\"></span>in stage 1) e<span class=\"_ _1\"></span> lifetime <span class=\"_ _1\"></span>(da applicare alle <span class=\"_ _1\"></span>esposizioni in stage 2 e stage 3). Con <span class=\"_ _35\"> </span>riferimento  allo <span class=\"_ _35\"> </span>\u201cstaging\u201d <span class=\"_ _0\"></span>dei  titoli, <span class=\"_ _35\"> </span>bisogna <span class=\"_ _35\"> </span>considerare <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>oper<span class=\"_ _1\"></span>azioni <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>compravendita successive <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>primo <span class=\"_ _35\"> </span>acquisto  (<span class=\"_ _2\"></span>effettuate <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>riferime<span class=\"_ _1\"></span>nto <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>medesimo <span class=\"_ _35\"> </span>ISIN) <span class=\"_ _35\"> </span>possono <span class=\"_ _35\"> </span>rientrare abitualmente <span class=\"_ _3d\"> </span>nell\u2019ordinaria <span class=\"_ _3d\"> </span>attivit\u00e0  di <span class=\"_ _3d\"> </span>gestione<span class=\"_ _1\"></span>  delle <span class=\"_ _3d\"> </span>posizioni  (con <span class=\"_ _3d\"> </span>conseguente<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>necessit\u00e0  di individuare <span class=\"_ _0\"></span>una <span class=\"_ _35\"> </span>metodologia <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>adot<span class=\"_ _1\"></span>tare <span class=\"_ _0\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>l\u2019identificazione <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _0\"></span>vendite <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>rimborsi <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>fine <span class=\"_ _0\"></span>di determinare le qu<span class=\"_ _2\"></span>antit\u00e0 residue <span class=\"_ _2\"></span>delle singole transazioni <span class=\"_ _2\"></span>cui a<span class=\"_ _2\"></span>ssociare una q<span class=\"_ _2\"></span>ualit\u00e0 creditizia/rating all\u2019origination da c<span class=\"_ _2\"></span>omparare con quella della <span class=\"_ _2\"></span>data di reporting). In<span class=\"_ _2\"></span> questo contesto, in analogi<span class=\"_ _2\"></span>a alla scelta adottata a par<span class=\"_ _1\"></span>tire dal 2018 dal Gruppo, anche le Compagn<span class=\"_ _1\"></span>ie adottano <span class=\"_ _1\"></span>la metodologia \u201cfirst-<span class=\"_ _3a1\"> </span>in-first-out\u201d o \u201cFIFO\u201d <span class=\"_ _3b\"></span>(per<span class=\"_ _1\"></span> il <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iversamento a conto <span class=\"_ _3b\"></span>economico dell\u2019ECL registrata, in c<span class=\"_ _2\"></span>aso di v<span class=\"_ _2\"></span>endite e <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>imborsi) <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>contr<span class=\"_ _1\"></span>ibuisce <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>ge<span class=\"_ _1\"></span>stione <span class=\"_ _0\"></span>pi\u00f9<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>tr<span class=\"_ _1\"></span>asparente <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>porta<span class=\"_ _1\"></span>foglio, <span class=\"_ _38\"></span>anche <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>unto <span class=\"_ _38\"></span>di vista <span class=\"_ _0\"></span>degli<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>operatori <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>fron<span class=\"_ _2\"></span>t <span class=\"_ _0\"></span>offi<span class=\"_ _2\"></span>ce, <span class=\"_ _0\"></span>consentendo, <span class=\"_ _38\"></span>contestualmente, <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>continuo <span class=\"_ _38\"></span>aggiornamento della valutazione del merito creditizio sulla base dei nuovi acquisti. Infine, <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>rifer<span class=\"_ _1\"></span>imento <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>solo <span class=\"_ _1\"></span>momento <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>prima <span class=\"_ _0\"></span>app<span class=\"_ _2\"></span>licazione <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>principio <span class=\"_ _38\"></span>- <span class=\"_ _38\"></span>ovver<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>1<span class=\"_ _1\"></span>\u00b0 <span class=\"_ _38\"></span>gennaio 2022- per la ricostruzione degli strati e il re<span class=\"_ _1\"></span>lativo calcolo dell\u2019ECL in FTA, si \u00e8 scelto di: <span class=\"_ _42\"> </span><span class=\"ff4\">applicare la Low Credit Risk Exemption per i titoli che al 31.12.21 p<span class=\"_ _2\"></span>rese<span class=\"_ _1\"></span>ntano un liv<span class=\"_ _2\"></span>ello di rating </span>investment <span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>ade, <span class=\"_ _1\"></span>classificando <span class=\"_ _1\"></span>l\u2019inter<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>posizione <span class=\"_ _1\"></span>(port<span class=\"_ _1\"></span>afoglio/titolo/destinazione <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>abile) in <span class=\"_ _35\"> </span>unico <span class=\"_ _0\"></span>st<span class=\"_ _1\"></span>rato <span class=\"_ _35\"> </span>cui <span class=\"_ _35\"> </span>vi<span class=\"_ _2\"></span>ene <span class=\"_ _35\"> </span>assegnato <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>rating <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>31.12.21. <span class=\"_ _35\"> </span>Gli <span class=\"_ _35\"> </span>strati <span class=\"_ _0\"></span>sono <span class=\"_ _35\"> </span>stati <span class=\"_ _35\"> </span>classificati <span class=\"_ _35\"> </span>in Stage1; <span class=\"_ _42\"> </span><span class=\"ff4\">ricostruire <span class=\"_ _0\"></span>lo<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ti <span class=\"_ _38\"></span>(ab <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>rigine) <span class=\"_ _38\"></span>per <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _38\"></span>posizioni <span class=\"_ _0\"></span>(<span class=\"_ _2\"></span>portafoglio/tito<span class=\"_ _1\"></span>lo/destinazione <span class=\"_ _38\"></span>contabile) <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>al </span>31.12.21 presentano un rating sub investment grade, sem<span class=\"_ _1\"></span>pre classificandoli in<span class=\"_ _2\"></span> Stage 1<span class=\"_ _1\"></span>. Quest\u2019approccio <span class=\"_ _35\"> </span>\u00e8  stato <span class=\"_ _35\"> </span>supportato <span class=\"_ _35\"> </span>da  anal<span class=\"_ _2\"></span>isi <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>significativit\u00e0  che <span class=\"_ _35\"> </span>hanno <span class=\"_ _35\"> </span>dimostrato, <span class=\"_ _35\"> </span>vista  l<span class=\"_ _3b\"></span>a stabilit\u00e0  d<span class=\"_ _2\"></span>ei <span class=\"_ _35\"> </span>rating  dei <span class=\"_ _35\"> </span>titoli <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>portafoglio,  una <span class=\"_ _35\"> </span>sostanziale <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>materialit\u00e0  tra <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>ricostruzione puntuale dei lotti e l\u2019applicazione de<span class=\"_ _1\"></span>lla LCR Exemption. Hedge accountin<span class=\"_ _1\"></span>g  Per <span class=\"_ _3d\"> </span>qu<span class=\"_ _3a1\"> </span>anto <span class=\"_ _3d\"> </span>riguarda <span class=\"_ _3d\"> </span>l\u2019Hedge <span class=\"_ _37\"> </span>Accounting,<span class=\"_ _2\"></span> <span class=\"_ _3d\"> </span>l\u2019IFRS <span class=\"_ _3d\"> </span>9 <span class=\"_ _3d\"> </span>intr<span class=\"_ _1\"></span>oduce <span class=\"_ _3d\"> </span>modifiche <span class=\"_ _3d\"> </span>esclusivamente<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>il General <span class=\"_ _35\"> </span>H<span class=\"_ _2\"></span>edge <span class=\"_ _0\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>so<span class=\"_ _1\"></span>no <span class=\"_ _0\"></span>strettamente <span class=\"_ _35\"> </span>legate <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>celta <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>avvalersi <span class=\"_ _0\"></span>dell\u2019opzione <span class=\"_ _0\"></span>opt<span class=\"_ _1\"></span>-in <span class=\"_ _0\"></span>/ <span class=\"_ _35\"> </span>opt-out (ossia <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>ibilit\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>implementare <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>nuovo <span class=\"_ _1\"></span>standard <span class=\"_ _38\"></span>IFRS <span class=\"_ _38\"></span>9 <span class=\"_ _38\"></span>piuttosto <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>mantenere <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>vecchio principio <span class=\"_ _37\"> </span>IAS <span class=\"_ _37\"> </span>39). <span class=\"_ _3d\"> </span>I<span class=\"_ _1\"></span>l <span class=\"_ _37\"> </span>Gruppo, <span class=\"_ _37\"> </span>sulla <span class=\"_ _37\"> </span>base <span class=\"_ _37\"> </span>degli <span class=\"_ _37\"> </span>approfondiment<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>effettuati <span class=\"_ _37\"> </span>sulla <span class=\"_ _37\"> </span>gestione <span class=\"_ _37\"> </span>delle operazioni  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>coper<span class=\"_ _1\"></span>tura,  ha<span class=\"_ _3b\"></span>  deciso <span class=\"_ _35\"> </span>l\u2019esercizio, <span class=\"_ _35\"> </span>in  fase <span class=\"_ _35\"> </span>di  FTA <span class=\"_ _35\"> </span>dell\u2019I<span class=\"_ _2\"></span>FRS <span class=\"_ _35\"> </span>9,  dell\u2019opzione <span class=\"_ _35\"> </span>opt-out, confermando  t<span class=\"_ _1\"></span>ale  scelta  fino <span class=\"_ _3d\"> </span>ad  o<span class=\"_ _1\"></span>ggi.  Alla  luce <span class=\"_ _3d\"> </span>di  tale <span class=\"_ _3d\"> </span>indicazione, <span class=\"_ _3d\"> </span>anche <span class=\"_ _3d\"> </span>per  le  Compagnie assicurative <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>operazioni <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>copertura <span class=\"_ _35\"> </span>continueranno <span class=\"_ _35\"> </span>ad <span class=\"_ _35\"> </span>essere <span class=\"_ _35\"> </span>gestite <span class=\"_ _35\"> </span>nel <span class=\"_ _35\"> </span>rispetto <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>quanto<span class=\"_ _3b\"></span> previsto dal Gruppo. Interazione t<span class=\"_ _1\"></span>ra IFRS 17 e IFRS 9 In <span class=\"_ _35\"> </span>alcuni <span class=\"_ _0\"></span>cas<span class=\"_ _1\"></span>i, <span class=\"_ _35\"> </span>l'interazione <span class=\"_ _35\"> </span>tra <span class=\"_ _35\"> </span>l'IFRS<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>17 <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>l'IFRS <span class=\"_ _0\"></span>9 <span class=\"_ _35\"> </span>pot<span class=\"_ _3a1\"> </span>rebbe <span class=\"_ _35\"> </span>generare <span class=\"_ _35\"> </span>mismatch <span class=\"_ _0\"> </span>cont<span class=\"_ _1\"></span>abili <span class=\"_ _35\"> </span>tra <span class=\"_ _35\"> </span>l<span class=\"_ _2\"></span>e modalit\u00e0  di  contabilizzazione  dei  contratti  di  assicu<span class=\"_ _2\"></span>razione  e  delle  attivit\u00e0  finanziarie  ad  essi<span class=\"_ _2\"></span> correlate.  Per <span class=\"_ _35\"> </span>ridurre<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>tali  mismatch,  l\u2019I<span class=\"_ _2\"></span>FRS  17  consente <span class=\"_ _35\"> </span>di  effettuare  una <span class=\"_ _35\"> </span>disaggregazione  dei<span class=\"_ _2\"></span> proventi <span class=\"_ _35\"> </span>ed  oneri<span class=\"_ _2\"></span>  fi<span class=\"_ _2\"></span>nanziari <span class=\"_ _35\"> </span>derivanti  d<span class=\"_ _2\"></span>a  cont<span class=\"_ _2\"></span>ratti  a<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>sicurativi <span class=\"_ _35\"> </span>tra  il<span class=\"_ _3b\"></span>  conto <span class=\"_ _35\"> </span>economico <span class=\"_ _35\"> </span>(risultato finanziario) <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>l\u2019Othe<span class=\"_ _1\"></span>r <span class=\"_ _0\"></span>Comprehensive <span class=\"_ _0\"></span>In<span class=\"_ _2\"></span>come <span class=\"_ _0\"></span>(OCI) <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>Pat<span class=\"_ _1\"></span>rimonio <span class=\"_ _0\"></span>Netto. <span class=\"_ _38\"></span>La <span class=\"_ _0\"></span>scelta <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>effettuare <span class=\"_ _38\"></span>la disaggregazione <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>fa<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ta <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>livello <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>por<span class=\"_ _2\"></span>tafoglio <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>contratti <span class=\"_ _0\"></span>as<span class=\"_ _2\"></span>sicurativi <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>deve <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>presa <span class=\"_ _38\"></span>in coerenza con il metodo di valutazione degli attivi. In particolare: <span class=\"_ _42\"> </span><span class=\"ff4\">per <span class=\"_ _0\"></span>quanto <span class=\"_ _0\"></span>riguarda <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>contratti <span class=\"_ _0\"></span>valutati <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>General <span class=\"_ _0\"></span>Model, <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>rivalutazione <span class=\"_ _0\"></span>finanziaria <span class=\"_ _0\"></span>dei </span>flussi <span class=\"_ _1\"></span>di cass<span class=\"_ _1\"></span>a futuri <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>del r<span class=\"_ _1\"></span>isk <span class=\"_ _1\"></span>adjustment a <span class=\"_ _1\"></span>tassi <span class=\"_ _1\"></span>storici <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>contabil<span class=\"_ _2\"></span>izzata <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>conto e<span class=\"_ _1\"></span>conomico, mentre la diff<span class=\"_ _2\"></span>erenza tra la <span class=\"_ _2\"></span>rivalutazione a tassi <span class=\"_ _2\"></span>storici e qu<span class=\"_ _2\"></span>elli correnti <span class=\"_ _2\"></span>\u00e8 contabilizzata a <span class=\"_ _3b\"></span>Ot<span class=\"_ _1\"></span>her Comprehensive Income; <span class=\"_ _42\"> </span><span class=\"ff4\">per <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>contratti <span class=\"_ _1\"></span>valutati <span class=\"_ _0\"></span>al <span class=\"_ _1\"></span>Variable <span class=\"_ _0\"></span>Fee <span class=\"_ _38\"></span>Approach, <span class=\"_ _38\"></span>l\u2019IFRS <span class=\"_ _38\"></span>17 <span class=\"_ _0\"></span>prevede <span class=\"_ _1\"></span>che <span class=\"_ _0\"></span>il <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>isultato <span class=\"_ _38\"></span>finanziario </span>dei <span class=\"_ _3d\"> </span>contratti <span class=\"_ _3d\"> </span>assicurativi <span class=\"_ _3d\"> </span>sia <span class=\"_ _37\"> </span>disaggregato <span class=\"_ _3d\"> </span>tra <span class=\"_ _3d\"> </span>conto <span class=\"_ _3d\"> </span>economico <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>Other <span class=\"_ _3d\"> </span>Comprehensive Income: <span class=\"_ _0\"></span>in <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>ostanza <span class=\"_ _0\"></span>viene <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>iclassificata <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>O<span class=\"_ _2\"></span>ther <span class=\"_ _0\"></span>Com<span class=\"_ _1\"></span>prehensive <span class=\"_ _0\"></span>Income <span class=\"_ _35\"> </span>la<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>differe<span class=\"_ _1\"></span>nza <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>il risultato <span class=\"_ _3d\"> </span>finanziario  dei  contratti  ass<span class=\"_ _1\"></span>icurativi  e  il  r<span class=\"_ _1\"></span>isultato  finanziario  a  conto  e<span class=\"_ _1\"></span>conomico derivante dag<span class=\"_ _2\"></span>li <span class=\"_ _3b\"></span>str<span class=\"_ _1\"></span>umenti <span class=\"_ _3b\"></span>finanziari s<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>ttostanti, <span class=\"_ _2\"></span>compresa <span class=\"_ _3b\"></span>la <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>expected credi<span class=\"_ _2\"></span>t lo<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>s rilevata nel periodo (c.d. Mirroring). Ai sens<span class=\"_ _1\"></span>i dell\u2019IFRS 9, <span class=\"_ _1\"></span>Credemvita ha <span class=\"_ _1\"></span>adottato <span class=\"_ _1\"></span>il business <span class=\"_ _1\"></span>model <span class=\"_ _1\"></span>Hold To Collect <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>Sell per <span class=\"_ _1\"></span>tutti gli strumenti  finanziari <span class=\"_ _35\"> </span>afferenti  i <span class=\"_ _35\"> </span>portafogli  delle  g<span class=\"_ _2\"></span>estioni  separate <span class=\"_ _35\"> </span>mentre  per  q<span class=\"_ _2\"></span>uelli  coll<span class=\"_ _2\"></span>egati  ai prodotti <span class=\"_ _1\"></span>linked <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>ai <span class=\"_ _1\"></span>fondi <span class=\"_ _1\"></span>pensione <span class=\"_ _1\"></span>aperti <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>adottato <span class=\"_ _1\"></span>il Busines<span class=\"_ _1\"></span>s Model <span class=\"_ _1\"></span>Ot<span class=\"_ _1\"></span>her <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>conseguente valutazione <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>impatto<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>conto <span class=\"_ _35\"> </span>economico. <span class=\"_ _35\"> </span>Limitatamente  a <span class=\"_ _35\"> </span>una <span class=\"_ _35\"> </span>par<span class=\"_ _2\"></span>te <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>titoli presenti nel portafoglio di propriet\u00e0 <span class=\"_ _1\"></span>Credemvita ha adottato il modello Hold To Collect. Si  evidenzia, <span class=\"_ _3d\"> </span>inoltre,  che <span class=\"_ _3d\"> </span>l\u2019introduzione  dell\u2019IFRS  17<span class=\"_ _1\"></span>  determina <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>venir  meno  de<span class=\"_ _1\"></span>l  trattamento, denominato <span class=\"_ _0\"></span>Shadow <span class=\"_ _38\"></span>Accounting, <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>visto <span class=\"_ _0\"></span>dall<span class=\"_ _2\"></span>\u2019IFRS <span class=\"_ _38\"></span>4, <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>app<span class=\"_ _2\"></span>rossimava <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>correlazione <span class=\"_ _0\"></span>tra <span class=\"_ _38\"></span>due valori <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>omogenei: <span class=\"_ _0\"></span>1) <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>valore <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>lla <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>iserva <span class=\"_ _35\"> </span>tecnica <span class=\"_ _0\"></span>relativa <span class=\"_ _35\"> </span>ai <span class=\"_ _35\"> </span>contratti <span class=\"_ _0\"></span>valutati <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>costo <span class=\"_ _35\"> </span>(c<span class=\"_ _3b\"></span>on partecipazione discrezionale agli utili) e 2) il valore dei re<span class=\"_ _1\"></span>lativi attivi val<span class=\"_ _2\"></span>utati al fair value. Il <span class=\"_ _3f\"> </span>principio <span class=\"_ _3f\"> </span>IFRS <span class=\"_ _39\"> </span>17<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>ha <span class=\"_ _3f\"> </span>introdotto <span class=\"_ _3f\"> </span>maggiore <span class=\"_ _39\"> </span>correlazione <span class=\"_ _3f\"> </span>tra <span class=\"_ _3f\"> </span>la <span class=\"_ _3f\"> </span>valutazione <span class=\"_ _3f\"> </span>delle <span class=\"_ _3f\"> </span>passivit<span class=\"_ _2\"></span>\u00e0 assicurative <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>gli <span class=\"_ _37\"> </span>investimenti <span class=\"_ _3d\"> </span>sottostant<span class=\"_ _1\"></span>i, <span class=\"_ _3d\"> </span>sia <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>periodi <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>aumento<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>dei <span class=\"_ _37\"> </span>valori <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>Fair <span class=\"_ _37\"> </span>Value (riduzione dei <span class=\"_ _1\"></span>tass<span class=\"_ _1\"></span>i di me<span class=\"_ _1\"></span>rcato) sia <span class=\"_ _1\"></span>in periodi <span class=\"_ _1\"></span>di riduzione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>valori <span class=\"_ _1\"></span>di fair <span class=\"_ _1\"></span>value (aumento <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>tassi di mercato). A parit\u00e0 d<span class=\"_ _2\"></span>i valore degli <span class=\"_ _3b\"></span>attivi, misurati in <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ntrambi i p<span class=\"_ _2\"></span>rincipi contab<span class=\"_ _2\"></span>ili al fai<span class=\"_ _2\"></span>r value, l\u2019IFRS<span class=\"_ _2\"></span> 17 introduce infatti <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>logica <span class=\"_ _38\"></span>forward <span class=\"_ _0\"></span>looking <span class=\"_ _38\"></span>anche <span class=\"_ _0\"></span>sui <span class=\"_ _38\"></span>passivi, <span class=\"_ _38\"></span>garantendo <span class=\"_ _0\"></span>pertanto <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>confron<span class=\"_ _2\"></span>to <span class=\"_ _0\"></span>omogene<span class=\"_ _2\"></span>o con <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>variazioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>degli <span class=\"_ _38\"></span>att<span class=\"_ _1\"></span>ivi, <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span>tanto <span class=\"_ _0\"></span>maggiormente <span class=\"_ _0\"></span>efficace <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>passato. Inoltre, <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>modello <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>misuraz<span class=\"_ _2\"></span>ione <span class=\"_ _0\"></span>VFA, <span class=\"_ _0\"></span>l\u2019ad<span class=\"_ _2\"></span>ozione <span class=\"_ _0\"></span>dell\u2019opzione <span class=\"_ _0\"></span>OCI <span class=\"_ _38\"></span>(c.d. <span class=\"_ _0\"></span>Mirroring), <span class=\"_ _0\"></span>comporta che <span class=\"_ _37\"> </span>t<span class=\"_ _1\"></span>ale <span class=\"_ _37\"> </span>maggiore <span class=\"_ _36\"> </span>correlazione <span class=\"_ _37\"> </span>ris<span class=\"_ _1\"></span>petto <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>quanto <span class=\"_ _37\"> </span>previsto <span class=\"_ _37\"> </span>dall\u2019IFRS <span class=\"_ _36\"> </span>4, <span class=\"_ _37\"> </span>venga <span class=\"_ _36\"> </span>contribuita <span class=\"_ _37\"> </span>al patrimonio netto. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-835": {
   "value": "15 \u2013 Atti<span class=\"_ _1\"></span>vit\u00e0 e p<span class=\"_ _1\"></span>assivit\u00e0<span class=\"_ _1\"></span> assicurati<span class=\"_ _1\"></span>ve Le di<span class=\"_ _3a1\"> </span>sposizioni norma<span class=\"_ _1\"></span>tive del Principio IFRS 17 Si riportano le principali previsioni del Principio IFRS 17 che determinano le modalit\u00e0 di valutazione delle <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3b\"></span>e <span class=\"_ _2\"></span>passivit\u00e0 <span class=\"_ _2\"></span>assicurative <span class=\"_ _3b\"></span>e i<span class=\"_ _3b\"></span> relativi <span class=\"_ _3b\"></span>effetti <span class=\"_ _3b\"></span>di con<span class=\"_ _2\"></span>to <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>conomico <span class=\"_ _3b\"></span>per i<span class=\"_ _3b\"></span> contratti <span class=\"_ _3b\"></span>assicurativi soggetti a tale logica contabile: <span class=\"_ _42\"> </span><span class=\"ff4\"> l\u2019iscrizione iniziale della passivit\u00e0 assicurativa: al momento della sottoscrizione del cont<span class=\"_ _2\"></span>ratto </span>con <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>oggetto <span class=\"_ _0\"></span>assicu<span class=\"_ _2\"></span>rato, <span class=\"_ _0\"></span>l\u2019impresa <span class=\"_ _0\"></span>riconosce <span class=\"_ _0\"></span>una <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>cu<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>ammontare <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>dato <span class=\"_ _0\"></span>dalla somma <span class=\"_ _3d\"> </span>algebrica <span class=\"_ _37\"> </span>del <span class=\"_ _3d\"> </span>valore <span class=\"_ _3d\"> </span>attuale <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>flussi <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>cassa <span class=\"_ _37\"> </span>attesi  co<span class=\"_ _1\"></span>ntrattuali <span class=\"_ _3d\"> </span>necessari <span class=\"_ _37\"> </span>per adempiere <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>contratto <span class=\"_ _0\"></span>(Present <span class=\"_ _0\"> </span>value <span class=\"_ _35\"> </span>future <span class=\"_ _0\"></span>cash <span class=\"_ _35\"> </span>flow <span class=\"_ _0\"></span>\u2013 <span class=\"_ _0\"></span>\u201cPVFCF\u201d) <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>inclusiv<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>an<span class=\"_ _1\"></span>che <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>u<span class=\"_ _1\"></span>n opportuno <span class=\"_ _0\"></span>Risk <span class=\"_ _38\"></span>adjustment <span class=\"_ _38\"></span>(\u201cRA\u201d) <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>presidio <span class=\"_ _0\"></span>dei<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>rischi <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>tipo <span class=\"_ _0\"></span>non <span class=\"_ _38\"></span>finanziario <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>margine economico <span class=\"_ _35\"> </span>atteso <span class=\"_ _0\"></span>(Contractual <span class=\"_ _35\"> </span>Service <span class=\"_ _0\"></span>Margin <span class=\"_ _35\"> </span>\u2013 <span class=\"_ _0\"></span>\u201cCSM\u201d), <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>rapprese<span class=\"_ _1\"></span>nta <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>valore <span class=\"_ _0\"></span>attuale degli utili futuri sui contratti assicurativi; <span class=\"_ _42\"> </span><span class=\"ff4\"> i <span class=\"_ _48\"> </span>raggrupp<span class=\"_ _2\"></span>amenti <span class=\"_ _48\"> </span>di <span class=\"_ _3a\"> </span>contratti: <span class=\"_ _48\"> </span>l\u2019<span class=\"_ _2\"></span>applicazione <span class=\"_ _48\"> </span>dell\u2019IFRS <span class=\"_ _3a\"> </span>17 <span class=\"_ _48\"> </span>prevede <span class=\"_ _3a\"> </span>l\u2019identificazione <span class=\"_ _48\"> </span>di </span>\u201cportafogli\u201d di contratti assicurativi (ovvero di gruppi di contratti che condividono rischi simili e g<span class=\"_ _2\"></span>estiti u<span class=\"_ _2\"></span>nitariamente). <span class=\"_ _2\"></span>Ciascun p<span class=\"_ _2\"></span>ortafoglio vi<span class=\"_ _2\"></span>ene ulteriormente <span class=\"_ _3b\"></span>suddiviso i<span class=\"_ _2\"></span>n <span class=\"_ _3b\"></span>gr<span class=\"_ _1\"></span>uppi <span class=\"_ _3b\"></span>compos<span class=\"_ _1\"></span>ti da <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>ratti <span class=\"_ _1\"></span>con <span class=\"_ _38\"></span>caratteristiche <span class=\"_ _38\"></span>simili <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>term<span class=\"_ _1\"></span>ini <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>profittabilit\u00e0 <span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>tesa, <span class=\"_ _38\"></span>prevedendo <span class=\"_ _1\"></span>pertanto la <span class=\"_ _0\"></span>distinzione <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>contratti <span class=\"_ _0\"></span>profittevoli <span class=\"_ _0\"></span>(con <span class=\"_ _0\"></span>margine <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>atteso <span class=\"_ _0\"></span>positivo) <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>onerosi (con margine economico atteso negativo); <span class=\"_ _42\"> </span><span class=\"ff4\">i  modelli  di  misurazione <span class=\"_ _3d\"> </span>previsti  dal  principio:  il  principio  IFRS  17  preve<span class=\"_ _1\"></span>de  un  modello  di </span>misurazione <span class=\"_ _36\"> </span>denominato <span class=\"_ _3d\"> </span>G<span class=\"_ _1\"></span>eneral <span class=\"_ _37\"> </span>Model <span class=\"_ _37\"> </span>(\u201cGM\u201d) <span class=\"_ _36\"> </span>applicabi<span class=\"_ _2\"></span>le <span class=\"_ _37\"> </span>in <span class=\"_ _36\"> </span>linea <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>princip<span class=\"_ _2\"></span>io <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>tutti <span class=\"_ _37\"> </span>i contratti, ad eccezione di quelli con part<span class=\"_ _1\"></span>ecipazione diretta agli utili finanziari, per i quali viene applicato  il <span class=\"_ _35\"> </span>Variable  Fee <span class=\"_ _35\"> </span>Approach  (\u201cVFA\u201d), <span class=\"_ _35\"> </span>qualora  siano <span class=\"_ _35\"> </span>ris<span class=\"_ _1\"></span>pettati  i<span class=\"_ _3b\"></span>  criteri  di <span class=\"_ _35\"> </span>eleggibilit\u00e0<span class=\"_ _3a1\"> </span>dipendenti <span class=\"_ _0\"></span>dalla <span class=\"_ _35\"> </span>natura <span class=\"_ _35\"> </span>stessa <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>part<span class=\"_ _1\"></span>ecipazione <span class=\"_ _35\"> </span>agli <span class=\"_ _0\"></span>utili. <span class=\"_ _0\"></span>\u00c8<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>previsto <span class=\"_ _0\"></span>inoltre <span class=\"_ _35\"> </span>un <span class=\"_ _0\"></span>modello semplificato <span class=\"_ _37\"> </span>opzionale <span class=\"_ _37\"> </span>(Premium <span class=\"_ _37\"> </span>Allocation <span class=\"_ _37\"> </span>Approach <span class=\"_ _3d\"> </span>\u2013<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>\u201c<span class=\"_ _1\"></span>PAA\u201d) <span class=\"_ _37\"> </span>per <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>valutazione <span class=\"_ _3d\"> </span>della passivit\u00e0 <span class=\"_ _3f\"> </span>per <span class=\"_ _3f\"> </span>copertura <span class=\"_ _3f\"> </span>res<span class=\"_ _1\"></span>idua <span class=\"_ _3f\"> </span>denominata <span class=\"_ _3f\"> </span>Liability <span class=\"_ _3f\"> </span>for <span class=\"_ _3f\"> </span>Remaining <span class=\"_ _3f\"> </span>Coverage <span class=\"_ _3a\"> </span>(\u201cLRC\u201d, assimilabile <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>Riserva <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>frazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>prem<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>riporto <span class=\"_ _1\"></span>prem<span class=\"_ _1\"></span>i) per <span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>contratti <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>periodo <span class=\"_ _38\"></span>di copertura uguale o i<span class=\"_ _2\"></span>nferiore all'anno e per <span class=\"_ _2\"></span>tutti i contratti n<span class=\"_ _2\"></span>el caso in <span class=\"_ _2\"></span>cui la v<span class=\"_ _2\"></span>alutazione non sia materialmente differente da quella risultante dall'applicazione del General Model; <span class=\"_ _42\"> </span><span class=\"ff4\"> la <span class=\"_ _0\"></span>misurazione <span class=\"_ _38\"></span>successiva <span class=\"_ _0\"></span>della<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>pas<span class=\"_ _1\"></span>sivit\u00e0 <span class=\"_ _0\"></span>as<span class=\"_ _2\"></span>sicurativa: <span class=\"_ _38\"></span>l\u2019IFRS <span class=\"_ _0\"></span>17 <span class=\"_ _38\"></span>richiede <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>aggiornamento </span>della <span class=\"_ _38\"></span>misurazione <span class=\"_ _38\"></span>ad <span class=\"_ _0\"></span>ogni<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>reporting <span class=\"_ _1\"></span>period <span class=\"_ _38\"></span>degli <span class=\"_ _0\"></span>elementi <span class=\"_ _1\"></span>sopra <span class=\"_ _38\"></span>indicati <span class=\"_ _38\"></span>(i <span class=\"_ _38\"></span>flussi <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>cassa <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>il margine <span class=\"_ _35\"> </span>economico <span class=\"_ _0\"> </span>atteso<span class=\"_ _1\"></span>), <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>verificare <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>congruit\u00e0 <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>stime <span class=\"_ _35\"> </span>rispetto <span class=\"_ _35\"> </span>alle <span class=\"_ _0\"></span>condizioni correnti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>mercato. <span class=\"_ _0\"></span>Gli <span class=\"_ _38\"></span>effetti <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>eventuali <span class=\"_ _38\"></span>aggiorname<span class=\"_ _1\"></span>nti <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>recepiti <span class=\"_ _0\"></span>alla <span class=\"_ _38\"></span>prima <span class=\"_ _38\"></span>report<span class=\"_ _1\"></span>ing date  di<span class=\"_ _3b\"></span>  consuntivazione: <span class=\"_ _35\"> </span>a  con<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _35\"> </span>economico  qu<span class=\"_ _2\"></span>alora  i<span class=\"_ _3b\"></span>  cambiamenti <span class=\"_ _35\"> </span>siano <span class=\"_ _35\"> </span>riferiti  a <span class=\"_ _35\"> </span>eventi correnti <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>gi\u00e0 <span class=\"_ _35\"> </span>avvenuti <span class=\"_ _0\"></span>oppure <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>riduzione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>margine <span class=\"_ _35\"> </span>economico <span class=\"_ _0\"> </span>a<span class=\"_ _1\"></span>tteso <span class=\"_ _35\"> </span>(CSM) <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>alora <span class=\"_ _35\"> </span>i cambiamenti <span class=\"_ _35\"> </span>siano <span class=\"_ _0\"></span>riferiti <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>eventi <span class=\"_ _0\"></span>futuri. <span class=\"_ _0\"></span>Con <span class=\"_ _35\"> </span>riferimento <span class=\"_ _0\"></span>alle <span class=\"_ _0\"> </span>var<span class=\"_ _1\"></span>iazioni <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>sole <span class=\"_ _0\"></span>variabili finanziarie <span class=\"_ _37\"> </span>(e <span class=\"_ _37\"> </span>non <span class=\"_ _37\"> </span>delle <span class=\"_ _37\"> </span>restanti, <span class=\"_ _37\"> </span>quindi <span class=\"_ _37\"> </span>principalmente <span class=\"_ _37\"> </span>relat<span class=\"_ _1\"></span>ive <span class=\"_ _3d\"> </span>al <span class=\"_ _37\"> </span>com<span class=\"_ _1\"></span>portamento <span class=\"_ _37\"> </span>degli assicurati), <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>rimessa <span class=\"_ _35\"> </span>scelta <span class=\"_ _35\"> </span>alle <span class=\"_ _35\"> </span>imprese <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>ind<span class=\"_ _2\"></span>ividuare <span class=\"_ _35\"> </span>\u2013 <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>ciascun <span class=\"_ _35\"> </span>raggruppamento <span class=\"_ _35\"> </span>di contratti <span class=\"_ _1\"></span>\u2013 <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>rappresentare <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>effetti <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>modifiche <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>conto eco<span class=\"_ _1\"></span>nomico <span class=\"_ _1\"></span>o ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>patrimonio netto (c.d. Opzione OCI); <span class=\"_ _42\"> </span><span class=\"ff4\">la misurazione <span class=\"_ _1\"></span>del ricavo assicurativo: l\u2019IFRS 1<span class=\"_ _1\"></span>7 prevede <span class=\"_ _1\"></span>un\u2019esposizione nel <span class=\"_ _1\"></span>conto economico </span>della  redditivit\u00e0  \u201cper  margini\u201d  conseguiti  nel  corso  della  vita  delle  poliz<span class=\"_ _2\"></span>ze,  ossia  quando<span class=\"_ _3a1\"> </span>l\u2019impresa eroga i servizi <span class=\"_ _3b\"></span>agli assicurati, non prevedendo pertanto la rilevazione di<span class=\"_ _2\"></span> alcun ricav<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span>al <span class=\"_ _36\"> </span>mo<span class=\"_ _1\"></span>mento <span class=\"_ _39\"> </span>della <span class=\"_ _39\"> </span>sottoscrizione <span class=\"_ _36\"> </span>del <span class=\"_ _39\"> </span>contratto. <span class=\"_ _39\"> </span>In <span class=\"_ _36\"> </span>merit<span class=\"_ _1\"></span>o <span class=\"_ _39\"> </span>a <span class=\"_ _36\"> </span>tale <span class=\"_ _39\"> </span>aspetto <span class=\"_ _39\"> </span>il <span class=\"_ _36\"> </span>principio <span class=\"_ _39\"> </span>\u00e8 asimmetrico in quanto in caso<span class=\"_ _1\"></span> di gruppi di contratt<span class=\"_ _1\"></span>i onerosi prevede la rilevazione immediata delle perdite a conto economico; <span class=\"_ _42\"> </span><span class=\"ff4\">la <span class=\"_ _0\"></span>misurazione <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>performance: <span class=\"_ _0\"></span>nell\u2019ottica <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>un\u2019i<span class=\"_ _2\"></span>nformativa <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>garantisca <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>migliore </span>compar<span class=\"_ _3a1\"> </span>abilit\u00e0 <span class=\"_ _38\"></span>degli <span class=\"_ _38\"></span>andamenti <span class=\"_ _0\"></span>delle <span class=\"_ _1\"></span>Co<span class=\"_ _1\"></span>mpagnie, <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>revista <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>rapprese<span class=\"_ _1\"></span>ntazione <span class=\"_ _38\"></span>distinta <span class=\"_ _38\"></span>e separata delle due componenti <span class=\"_ _2\"></span>principali che tipicamente concorrono a formare la <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>edditivit\u00e0 delle <span class=\"_ _39\"> </span>imprese <span class=\"_ _3f\"> </span>assicuratrici: <span class=\"_ _39\"> </span>la <span class=\"_ _39\"> </span>prima, <span class=\"_ _3f\"> </span>che <span class=\"_ _39\"> </span>rappresenta <span class=\"_ _3f\"> </span>il <span class=\"_ _39\"> </span>profitto <span class=\"_ _3f\"> </span>deriv<span class=\"_ _2\"></span>ante <span class=\"_ _3f\"> </span>dall\u2019attivit\u00e0<span class=\"_ _2\"></span> assicurativa <span class=\"_ _0\"></span>prestata <span class=\"_ _38\"></span>(il <span class=\"_ _0\"></span>c.d. <span class=\"_ _38\"></span>\u201cmargine <span class=\"_ _0\"></span>tecnico\u201d) <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>econda <span class=\"_ _0\"></span>c<span class=\"_ _3b\"></span>he<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>raggrupp<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>inv<span class=\"_ _2\"></span>ece <span class=\"_ _0\"></span>tutte <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>e componenti <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>caratt<span class=\"_ _1\"></span>ere <span class=\"_ _0\"></span>\u201c<span class=\"_ _1\"></span>finanziario\u201d <span class=\"_ _35\"> </span>(i<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>risultati <span class=\"_ _0\"></span>degli <span class=\"_ _35\"> </span>investimenti, <span class=\"_ _35\"> </span>gli <span class=\"_ _0\"></span>effetti <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>variabil<span class=\"_ _2\"></span>i finanziarie <span class=\"_ _1\"></span>ut<span class=\"_ _1\"></span>ilizzate <span class=\"_ _38\"></span>nelle <span class=\"_ _1\"></span>valutazioni <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>contratti, <span class=\"_ _38\"></span>ecc.). <span class=\"_ _1\"></span>I <span class=\"_ _38\"></span>cambiament<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>nelle <span class=\"_ _38\"></span>stime <span class=\"_ _38\"></span>future <span class=\"_ _1\"></span>di premi <span class=\"_ _0\"></span>collegat<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>contratti <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>re<span class=\"_ _1\"></span>porting <span class=\"_ _0\"></span>(flussi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>cass<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>rice<span class=\"_ _1\"></span>vere) <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>di pagamenti <span class=\"_ _0\"></span>(fl<span class=\"_ _2\"></span>ussi <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>cassa <span class=\"_ _38\"></span>da <span class=\"_ _0\"></span>riconoscere) <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>rilevati <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>conomico <span class=\"_ _0\"></span>lun<span class=\"_ _2\"></span>go <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>durata residua contrattuale delle polizze di riferime<span class=\"_ _1\"></span>nto. Scelte metodologi<span class=\"_ _1\"></span>che del Gruppo Nell\u2019ambito <span class=\"_ _39\"> </span>delle <span class=\"_ _3f\"> </span>Compagnie <span class=\"_ _36\"> </span>ass<span class=\"_ _1\"></span>icurative <span class=\"_ _39\"> </span>il <span class=\"_ _39\"> </span>principio <span class=\"_ _39\"> </span>IFRS 17 <span class=\"_ _39\"> </span>risulta <span class=\"_ _39\"> </span>applicabile <span class=\"_ _39\"> </span>ai <span class=\"_ _3f\"> </span>prodotti<span class=\"_ _2\"></span> assicurativi <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>prodotti <span class=\"_ _38\"></span>finanziari <span class=\"_ _38\"></span>con <span class=\"_ _1\"></span>eleme<span class=\"_ _1\"></span>nti <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>partecipazione <span class=\"_ _38\"></span>discrezionale <span class=\"_ _38\"></span>agli <span class=\"_ _1\"></span>utili <span class=\"_ _38\"></span>mentre <span class=\"_ _1\"></span>i prodotti <span class=\"_ _3d\"> </span>a  prevalente <span class=\"_ _3d\"> </span>contenuto  finanziario <span class=\"_ _3d\"> </span>sono <span class=\"_ _3d\"> </span>classificati  sotto <span class=\"_ _3d\"> </span>IFRS9. <span class=\"_ _3d\"> </span>Le  principali  scelt<span class=\"_ _1\"></span>e metodologiche <span class=\"_ _0\"></span>affrontate <span class=\"_ _0\"></span>hanno <span class=\"_ _0\"></span>riguardato <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>quantificazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>cash <span class=\"_ _38\"></span>flow <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>ottica <span class=\"_ _0\"></span>IFRS <span class=\"_ _0\"></span>17, <span class=\"_ _38\"></span>la definizione della curva di sconto per la loro attualizzazione, nonch\u00e9 la quantificazione del CSM per il bilancio co<span class=\"_ _1\"></span>nsolidato <span class=\"_ _1\"></span>del G<span class=\"_ _1\"></span>ruppo, al <span class=\"_ _1\"></span>fine <span class=\"_ _1\"></span>di cons<span class=\"_ _1\"></span>iderare <span class=\"_ _1\"></span>gli effettivi cos<span class=\"_ _1\"></span>ti di <span class=\"_ _1\"></span>distribuzione/ges<span class=\"_ _1\"></span>tione nei flussi <span class=\"_ _1\"></span>prospettici <span class=\"_ _1\"></span>delle passivit\u00e0 a<span class=\"_ _1\"></span>ssicurative in <span class=\"_ _1\"></span>luogo delle provvigioni r<span class=\"_ _1\"></span>egolate tra <span class=\"_ _1\"></span>Credemvita e <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>societ\u00e0 <span class=\"_ _0\"></span>distributrici <span class=\"_ _0\"></span>del<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>Gruppo. <span class=\"_ _38\"></span>Di <span class=\"_ _0\"></span>seguito <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>riportate <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>princi<span class=\"_ _2\"></span>pali <span class=\"_ _0\"></span>scelte <span class=\"_ _38\"></span>metodologiche assunte dal Gruppo: <span class=\"_ _3e\"> </span><span class=\"ff4\">Livello di aggregazione e opzione \u201c<span class=\"_ _1\"></span>carve out\u201d sulle coorti: il livello di aggregazione permette di </span>definire <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>granularit\u00e0 <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>viene <span class=\"_ _38\"></span>valutata <span class=\"_ _1\"></span>la r<span class=\"_ _1\"></span>edditivit\u00e0 <span class=\"_ _1\"></span>di un <span class=\"_ _38\"></span>gruppo di <span class=\"_ _1\"></span>contr<span class=\"_ _1\"></span>atti, <span class=\"_ _1\"></span>andando <span class=\"_ _1\"></span>a raggruppare nel medesimo portafoglio quelli che: o<span class=\"_ _3e\"> </span><span class=\"ff4\">prese<span class=\"_ _1\"></span>ntano rischi simili e sono gestiti unitariamente; </span>o<span class=\"_ _3e\"> </span><span class=\"ff4\">hanno profittabilit\u00e0 attesa <span class=\"_ _1\"></span>simile all\u2019emissione (c.d. bucket di profittabilit\u00e0); </span>o<span class=\"_ _3e\"> </span><span class=\"ff4\">appartengono alla stessa generazione (c.d. coorte annuale). </span>Per <span class=\"_ _1\"></span>Credemvita <span class=\"_ _1\"></span>l\u2019aggregazione <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>gruppi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>contrat<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>definita <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>rimast<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>invariata <span class=\"_ _1\"></span>dal <span class=\"_ _1\"></span>punto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>vista metodologico <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>2024 <span class=\"_ _1\"></span>rispetto <span class=\"_ _38\"></span>all\u2019anno <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>cedente, <span class=\"_ _38\"></span>ma <span class=\"_ _1\"></span>integra <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>nuovi <span class=\"_ _1\"></span>portafo<span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>identificati <span class=\"_ _38\"></span>per la <span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>stione <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>nuove <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>ipologie <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>prodot<span class=\"_ _1\"></span>ti <span class=\"_ _38\"></span>entrati <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>collocamento <span class=\"_ _38\"></span>durante<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>l\u2019anno. <span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>el <span class=\"_ _38\"></span>dettaglio Pi\u00f9 in dettaglio: <span class=\"_ _3e\"> </span><span class=\"ff4\">rimane <span class=\"_ _38\"></span>invariata <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>definizione <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>due <span class=\"_ _38\"></span>macro <span class=\"_ _38\"></span>portafogli <span class=\"_ _38\"></span>riconducibili <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>IFRS9 <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>ui <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>imetro <span class=\"_ _38\"></span>\u00e8 </span>rappresentato <span class=\"_ _37\"> </span>dalle <span class=\"_ _3d\"> </span>polizze <span class=\"_ _37\"> </span>Unit <span class=\"_ _37\"> </span>Linked <span class=\"_ _3d\"> </span>st<span class=\"_ _1\"></span>and <span class=\"_ _3d\"> </span>alone <span class=\"_ _37\"> </span>(portafoglio <span class=\"_ _37\"> </span>1) <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>dai <span class=\"_ _3d\"> </span>prodott<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>Fo<span class=\"_ _1\"></span>ndo Pensione e PIP (portafoglio 2 Risparmio Gest<span class=\"_ _1\"></span>ito) <span class=\"_ _3e\"> </span><span class=\"ff4\">i <span class=\"_ _3b\"></span>macr<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>portafogli <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iconducibili <span class=\"_ _3b\"></span>a IFRS17 <span class=\"_ _3b\"></span>pre<span class=\"_ _1\"></span>vedono <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>separazione <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>i principi<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>aggregazione<span class=\"_ _3a1\"> </span></span>di cui sopra tra prodotti relativi a Gestione Separate, Puro Rischio e <span class=\"_ _1\"></span>Multiramo: o<span class=\"ff16\"> <span class=\"_ _184\"></span><span class=\"ff4\">Per i prodotti <span class=\"_ _2\"></span>relativi a Gestione<span class=\"_ _2\"></span> Separate non<span class=\"_ _2\"></span> si evid<span class=\"_ _2\"></span>enziano integrazioni rispetto <span class=\"_ _2\"></span>al 2023 p<span class=\"_ _2\"></span>er </span></span>un <span class=\"_ _0\"></span>totale<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>4 <span class=\"_ _35\"> </span>macro <span class=\"_ _0\"></span>portafogli <span class=\"_ _0\"></span>relativi <span class=\"_ _35\"> </span>rispettivamente <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>Gestione <span class=\"_ _35\"> </span>Separata <span class=\"_ _0\"></span>1, <span class=\"_ _0\"></span>Gestione Separata 2, <span class=\"_ _3b\"></span>le<span class=\"_ _1\"></span> Specifi<span class=\"_ _2\"></span>che Provviste <span class=\"_ _2\"></span>collocate du<span class=\"_ _2\"></span>rante il 2<span class=\"_ _2\"></span>023 e <span class=\"_ _3b\"></span>al prodotto Risparmio <span class=\"_ _3b\"></span>Pr<span class=\"_ _1\"></span>otetto che ha come sottostante sia la Gestione Separata 1 che la Gestione <span class=\"_ _1\"></span>Separata 3; o<span class=\"ff16\"> <span class=\"_ _184\"></span><span class=\"ff4\">Per <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>prodotti <span class=\"_ _38\"></span>Multiramo <span class=\"_ _0\"></span>sia <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>componente <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>Ramo <span class=\"_ _0\"></span>I <span class=\"_ _0\"></span>che<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>componente <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Ramo<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>III <span class=\"_ _38\"></span>sono </span></span>soggette <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>valutazione <span class=\"_ _35\"> </span>IFRS17. <span class=\"_ _0\"></span>D<span class=\"_ _1\"></span>urante <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>2024 <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>Compagnia <span class=\"_ _35\"> </span>ha <span class=\"_ _0\"></span>finalizzato <span class=\"_ _35\"> </span>e <span class=\"_ _0\"> </span>collocat<span class=\"_ _1\"></span>o tramite <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>rete <span class=\"_ _38\"></span>d\u2019intermediazione <span class=\"_ _38\"></span>nuovi <span class=\"_ _38\"></span>prodotti <span class=\"_ _38\"></span>Multiramo <span class=\"_ _38\"></span>legati <span class=\"_ _38\"></span>alla <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>estione <span class=\"_ _38\"></span>Separata <span class=\"_ _38\"></span>1 <span class=\"_ _1\"></span>e alla nuova <span class=\"_ _1\"></span>Ge<span class=\"_ _1\"></span>stione <span class=\"_ _1\"></span>separata <span class=\"_ _1\"></span>3. <span class=\"_ _1\"></span>Perta<span class=\"_ _1\"></span>nto r<span class=\"_ _1\"></span>ispetto <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>2023, <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>stati <span class=\"_ _1\"></span>individuati, <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>aggiunta rispetto <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>pre-esistente <span class=\"_ _35\"> </span>macro <span class=\"_ _35\"> </span>portafo<span class=\"_ _1\"></span>glio <span class=\"_ _35\"> </span>IFRS17 <span class=\"_ _35\"> </span>relativo <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>Mul<span class=\"_ _2\"></span>tiramo  GS2, <span class=\"_ _35\"> </span>du<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>nuovi macro <span class=\"_ _38\"></span>portafogli <span class=\"_ _0\"></span>IFRS <span class=\"_ _1\"></span>17 <span class=\"_ _0\"></span>relativi <span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>Multiramo <span class=\"_ _38\"></span>GS1 <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>Mu<span class=\"_ _2\"></span>ltiramo <span class=\"_ _0\"></span>G<span class=\"_ _2\"></span>S3 <span class=\"_ _38\"></span>per <span class=\"_ _0\"></span>un <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>otale <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>3 <span class=\"_ _0\"></span>macro portafogli; o<span class=\"ff16\"> <span class=\"_ _184\"></span><span class=\"ff4\">Per <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>rodotti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Puro <span class=\"_ _0\"></span>Rischio <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>si <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>videnziano <span class=\"_ _0\"></span>integrazioni <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>2023 <span class=\"_ _0\"></span>rimanendo <span class=\"_ _0\"></span>i </span></span>prodotti in oggetto classificati all\u2019interno di 1 m<span class=\"_ _1\"></span>acro portafoglio. Per  qu<span class=\"_ _2\"></span>anto <span class=\"_ _35\"> </span>riguarda  i <span class=\"_ _35\"> </span>contratti <span class=\"_ _35\"> </span>apparte<span class=\"_ _1\"></span>nenti <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>prodotti  Multiramo <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>collegati  ad <span class=\"_ _35\"> </span>una <span class=\"_ _35\"> </span>Gestione Separata,  il <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _35\"> </span>ha <span class=\"_ _35\"> </span>deciso  di<span class=\"_ _2\"></span>  esercitare <span class=\"_ _35\"> </span>l\u2019opzione  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>non  ap<span class=\"_ _2\"></span>plicare  il <span class=\"_ _35\"> </span>requisito <span class=\"_ _35\"> </span>della  Coort<span class=\"_ _3b\"></span>e Annuale <span class=\"_ _38\"></span>(\u201cCarve <span class=\"_ _0\"></span>Ou<span class=\"_ _2\"></span>t\u201d) <span class=\"_ _38\"></span>cos\u00ec <span class=\"_ _38\"></span>come <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>revisto <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>Regolamento <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>omologazione <span class=\"_ _0\"></span>dell\u2019<span class=\"_ _2\"></span>IFRS <span class=\"_ _38\"></span>17 <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>livello europeo <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>quind<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>aggregare <span class=\"_ _0\"></span>queste <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>ipologie <span class=\"_ _0\"></span>contrattuali <span class=\"_ _0\"></span>solo <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>riguardo <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>concetto <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>rischi simili e gestione unitaria e all\u2019appartenenza allo stesso <span class=\"_ _1\"></span>bucket di profittabilit\u00e0.  <span class=\"_ _3e\"> </span><span class=\"ff4\">Curva <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>sconto: <span class=\"_ _35\"> </span>Credemvita <span class=\"_ _35\"> </span>ha <span class=\"_ _35\"> </span>deciso  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>utilizzare <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>approccio <span class=\"_ _35\"> </span>Bottom-Up, <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>prevede </span>l\u2019utilizzo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>ssi <span class=\"_ _1\"></span>privi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _38\"></span>con <span class=\"_ _1\"></span>l\u2019aggiunta <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>mio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>liquidit\u00e0. <span class=\"_ _1\"></span>Tale <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>mio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>liquidit\u00e0<span class=\"_ _3a1\"> </span>viene stimato sulla base del rischio insito all\u2019interno del portafoglio titoli, calcolato: o<span class=\"ff16\"> <span class=\"_ _184\"></span><span class=\"ff4\">per <span class=\"_ _37\"> </span>singola <span class=\"_ _3d\"> </span>Gestione <span class=\"_ _37\"> </span>Separata <span class=\"_ _3d\"> </span>quale <span class=\"_ _3d\"> </span>base <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>dete<span class=\"_ _1\"></span>rminazione <span class=\"_ _3d\"> </span>della <span class=\"_ _3d\"> </span>curva <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>conto <span class=\"_ _3d\"> </span>dei </span></span>porta<span class=\"_ _3a1\"> </span>fogli IFRS 17 legati a prodotti di Ramo I e Multiramo; o<span class=\"ff16\"> <span class=\"_ _184\"></span><span class=\"ff4\">per <span class=\"_ _38\"></span>portafoglio libero <span class=\"_ _1\"></span>quale <span class=\"_ _1\"></span>sottostante <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>determinazione <span class=\"_ _1\"></span>della curva <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>sconto <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>prodotti </span></span>di puro rischio. Di <span class=\"_ _1\"></span>seguito <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iepilogano <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>tassi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>conto, <span class=\"_ _1\"></span>suddivisi <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>tipologia <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>dello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valutazione <span class=\"_ _1\"></span>IFRS <span class=\"_ _38\"></span>17, sottostanti <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>valutazioni <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>31 <span class=\"_ _38\"></span>dicembre<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>2024. <span class=\"_ _38\"></span>Si <span class=\"_ _38\"></span>evidenzia <span class=\"_ _38\"></span>come <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>caso <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>prodotti <span class=\"_ _38\"></span>valutati <span class=\"_ _38\"></span>al VFA, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>curva <span class=\"_ _38\"></span>riportata <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>dalla <span class=\"_ _38\"></span>media <span class=\"_ _1\"></span>ponderata <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>curve <span class=\"_ _1\"></span>sottostanti <span class=\"_ _1\"></span>ogni <span class=\"_ _38\"></span>portafoglio <span class=\"_ _1\"></span>IFRS 17. <table class=\"s w64b h1ea\" id=\"_8a528480-d0bf-4c88-ae81-71f3a6dfde57\"><tr><td class=\"t m2 x643 h8 y548d ff4 fs2 fc1 sc0 ls0 ws0\">Classificazione portafogli </td><td></td><td></td><td class=\"t m2 x644 h8 y548e ff4 fs2 fc1 sc0 ls0 ws0\">Curva la 31.12.2024 </td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x645 h8 y548f ff4 fs2 fc1 sc0 ls0 ws0\">IFRS 17 </td><td class=\"c n x646 y5491 w64c h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">1 anno<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x647 y5491 w64d h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">5 anni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x648 y5491 w64e h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">10<span class=\"_ _1\"></span> anni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x649 y5491 w64f h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">15 <span class=\"_ _1\"></span>anni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x64a y5491 w650 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">20 anni</div></td><td class=\"t m2 x64b h8 y5492 ff4 fs2 fc1 sc0 ls0 ws0\">30 anni </td></tr><tr><td class=\"t m2 x64c h8 y5493 ff4 fs2 fc1 sc0 ls0 ws0\">Variable Fee Approach \u2013 </td><td class=\"c n x646 y5494 w651 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,80%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x64d y5494 w652 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,70%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x64e y5494 w653 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,83%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x64f y5494 w654 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,90%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x650 y5494 w655 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,82%</div></td><td class=\"t m2 x651 h8 y5493 ff4 fs2 fc1 sc0 ls0 ws0\">2,95% </td></tr><tr><td class=\"t m2 x64c h8 y5495 ff4 fs2 fc1 sc0 ls0 ws0\">VFA </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y539f w656 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">General Model - GM<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x652 y539f w657 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,71%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x653 y539f w658 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,62%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x654 y539f w659 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,74%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x655 y539f w65a h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,81%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x656 y539f w65b h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2,73%</div></td><td class=\"t m2 x651 h8 y5496 ff4 fs2 fc1 sc0 ls0 ws0\">2,86% </td></tr></table><span class=\"_ _3e\"> </span><span class=\"ff4\">Risk <span class=\"_ _3b\"></span>adjust<span class=\"_ _1\"></span>ment: vi<span class=\"_ _2\"></span>ene de<span class=\"_ _2\"></span>terminato utilizz<span class=\"_ _2\"></span>ando <span class=\"_ _3b\"></span>una metodologia <span class=\"_ _3b\"></span>di tipo <span class=\"_ _3b\"></span>Value at <span class=\"_ _3b\"></span>Risk (<span class=\"_ _2\"></span>VaR) <span class=\"_ _3b\"></span>c<span class=\"_ _1\"></span>he </span>stima <span class=\"_ _0\"></span>l\u2019incertezza <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>ari <span class=\"_ _0\"></span>sulla <span class=\"_ _38\"></span>base <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>80\u00b0 <span class=\"_ _0\"></span>percentile <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span>stribuzione <span class=\"_ _0\"></span>di probabilit\u00e0 aggregata dei rischi tecnici insiti nel port<span class=\"_ _1\"></span>afoglio. <span class=\"_ _3e\"> </span><span class=\"ff4\">Variable <span class=\"_ _0\"></span>Fee <span class=\"_ _38\"></span>Approach <span class=\"_ _0\"></span>(VFA): <span class=\"_ _0\"></span>come <span class=\"_ _38\"></span>evidenziato <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>precedenza, <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>VFA <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>modello <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>visto </span>dallo  Standard  obblig<span class=\"_ _2\"></span>atorio  per  i  contratti  ch<span class=\"_ _2\"></span>e  prevedono  una  signi<span class=\"_ _2\"></span>ficativa  partecipazione discrezionale a<span class=\"_ _1\"></span>gli utili finanziari <span class=\"_ _1\"></span>da part<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>dell\u2019assicurato. Per de<span class=\"_ _1\"></span>terminare se <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>partecipazione discrezionale  agli  utili  \u00e8<span class=\"_ _1\"></span>  significativa,  viene <span class=\"_ _3d\"> </span>eseguito <span class=\"_ _3d\"> </span>un  test  sia  di  natura <span class=\"_ _3d\"> </span>qualitativa  che quantitativa <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ve<span class=\"_ _2\"></span>rificare <span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>requisiti <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>visti. <span class=\"_ _38\"></span>Nell\u2019ambito <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>prodotti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>Credemvita <span class=\"_ _0\"></span>vengono<span class=\"_ _2\"></span> misurati <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>il <span class=\"_ _1\"></span>Variable <span class=\"_ _38\"></span>Fee <span class=\"_ _0\"></span>Approach <span class=\"_ _38\"></span>tutti <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>contratti <span class=\"_ _0\"></span>collega<span class=\"_ _2\"></span>ti <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>Ge<span class=\"_ _1\"></span>stione <span class=\"_ _38\"></span>Separata, <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ia individuali che di tipo Multiramo. <span class=\"_ _3e\"> </span><span class=\"ff4\">Coverage Unit: <span class=\"_ _3b\"></span>le Coverage <span class=\"_ _3b\"></span>Unit rappresentano i<span class=\"_ _2\"></span>l driv<span class=\"_ _2\"></span>er con <span class=\"_ _3b\"></span>il quale <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>determinato il <span class=\"_ _3b\"></span>rilascio<span class=\"_ _3a1\"> </span></span>del <span class=\"_ _35\"> </span>CSM<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>conto <span class=\"_ _35\"> </span>economico, <span class=\"_ _35\"> </span>te<span class=\"_ _2\"></span>nendo <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>considerazione <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>antit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>servizi <span class=\"_ _35\"> </span>assicurativi <span class=\"_ _0\"></span>e<span class=\"_ _3a1\"> </span>finanziari. <span class=\"_ _3e\"> </span><span class=\"ff4\">Contract <span class=\"_ _36\"> </span>Boundaries: <span class=\"_ _36\"> </span>si <span class=\"_ _37\"> </span>inte<span class=\"_ _1\"></span>nde <span class=\"_ _37\"> </span>l\u2019insieme <span class=\"_ _36\"> </span>delle <span class=\"_ _36\"> </span>regole <span class=\"_ _37\"> </span>che <span class=\"_ _36\"> </span>definisce <span class=\"_ _36\"> </span>in <span class=\"_ _36\"> </span>che <span class=\"_ _37\"> </span>misura <span class=\"_ _36\"> </span>una </span>determinata  opzione  rientri  a<span class=\"_ _1\"></span>ll\u2019interno  della  proiezione  dei  flussi  di  cassa <span class=\"_ _3d\"> </span>di  un  contratto assicurativo. Il <span class=\"_ _35\"> </span>paragrafo <span class=\"_ _35\"> </span>34 <span class=\"_ _35\"> </span>dello <span class=\"_ _35\"> </span>Standard, <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>tal  p<span class=\"_ _2\"></span>roposito, <span class=\"_ _35\"> </span>stabilisce <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>flussi <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>cassa rientrano all\u2019interno del \u201cContract B<span class=\"_ _1\"></span>oundary\u201d di un contratto assicurativo se derivano da diritti ed obblighi<span class=\"_ _2\"></span> che esistono <span class=\"_ _2\"></span>durante il p<span class=\"_ _2\"></span>eriodo di<span class=\"_ _2\"></span> reporting in <span class=\"_ _3b\"></span>cui la Co<span class=\"_ _2\"></span>mpagnia ha d<span class=\"_ _2\"></span>iritto a <span class=\"_ _2\"></span>ricevere dall\u2019assicurato <span class=\"_ _3f\"> </span>i <span class=\"_ _39\"> </span>premi <span class=\"_ _3f\"> </span>o <span class=\"_ _3f\"> </span>ha <span class=\"_ _39\"> </span>l\u2019obbligo <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>fornire <span class=\"_ _3f\"> </span>servizi <span class=\"_ _3f\"> </span>legati <span class=\"_ _39\"> </span>al <span class=\"_ _3f\"> </span>contratto <span class=\"_ _3f\"> </span>assicurativo stesso. L\u2019obbligo <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>fornire <span class=\"_ _39\"> </span>servizi <span class=\"_ _39\"> </span>legati <span class=\"_ _39\"> </span>al <span class=\"_ _39\"> </span>contratt<span class=\"_ _1\"></span>o <span class=\"_ _39\"> </span>assicurativo <span class=\"_ _39\"> </span>termina <span class=\"_ _39\"> </span>per<span class=\"_ _1\"></span>tanto <span class=\"_ _39\"> </span>nel momento <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>Compagnia s<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>trova <span class=\"_ _1\"></span>nelle <span class=\"_ _38\"></span>condizioni di <span class=\"_ _1\"></span>definire <span class=\"_ _38\"></span>nuovamente <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>prezzo <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>i rischi coperti dal cont<span class=\"_ _1\"></span>ratto assicurativo e/o ridefinire le<span class=\"_ _1\"></span> coperture tali da riflettere<span class=\"_ _1\"></span> pienamente i rischi. <span class=\"_ _3e\"> </span><span class=\"ff4\">Quantificazione  del <span class=\"_ _3d\"> </span>CSM <span class=\"_ _3d\"> </span>IFRS <span class=\"_ _3d\"> </span>17 <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>Bilancio <span class=\"_ _3d\"> </span>Consolidato: <span class=\"_ _3d\"> </span>la  ges<span class=\"_ _1\"></span>tione  delle <span class=\"_ _3d\"> </span>transazioni </span>infragruppo <span class=\"_ _38\"></span>comport<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>nec<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ssit\u00e0, <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>q<span class=\"_ _2\"></span>uantificazione <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>flussi <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>cassa,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>\u201csostituire\u201d <span class=\"_ _38\"></span>i costi infrag<span class=\"_ _2\"></span>ruppo proiettati <span class=\"_ _3b\"></span>da Cr<span class=\"_ _2\"></span>edemvita nella <span class=\"_ _3b\"></span>stima della <span class=\"_ _3b\"></span>propria situazione <span class=\"_ _3b\"></span>cont<span class=\"_ _1\"></span>abile <span class=\"_ _3b\"></span>\u201c<span class=\"_ _1\"></span>stand alone\u201d <span class=\"_ _3d\"> </span>(tipicamente <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>provvigioni <span class=\"_ _3d\"> </span>pagate <span class=\"_ _37\"> </span>alla  rete <span class=\"_ _37\"> </span>distributiva <span class=\"_ _3d\"> </span>bancaria) <span class=\"_ _3d\"> </span>con <span class=\"_ _3d\"> </span>i <span class=\"_ _3d\"> </span>costi <span class=\"_ _3d\"> </span>reali sostenuti <span class=\"_ _35\"> </span>dal <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _35\"> </span>v<span class=\"_ _2\"></span>erso <span class=\"_ _35\"> </span>economie <span class=\"_ _35\"> </span>terze. <span class=\"_ _35\"> </span>Tal<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>operazione <span class=\"_ _35\"> </span>comporta <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>ilevazione <span class=\"_ _35\"> </span>di <span class=\"_ _0\"> </span>un profitto atteso (C<span class=\"_ _2\"></span>SM) <span class=\"_ _2\"></span>differente tra Credemvita <span class=\"_ _3b\"></span>\u201c<span class=\"_ _1\"></span>stand al<span class=\"_ _2\"></span>one\u201d e il <span class=\"_ _3b\"></span>Gruppo nel <span class=\"_ _3b\"></span>suo insieme per la<span class=\"_ _2\"></span> misura <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>tale <span class=\"_ _38\"></span>delta <span class=\"_ _1\"></span>costi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>sopra. <span class=\"_ _38\"></span>La <span class=\"_ _1\"></span>stes<span class=\"_ _1\"></span>sa <span class=\"_ _1\"></span>ESMA <span class=\"_ _1\"></span>gi\u00e0 <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>lla <span class=\"_ _1\"></span>comunicazione <span class=\"_ _38\"></span>annuale <span class=\"_ _1\"></span>2023<span class=\"_ _3a1\"> </span>sulle priorit\u00e0 dei bilanc<span class=\"_ _2\"></span>i ha evidenziato l\u2019importanza di <span class=\"_ _2\"></span>applicare in modo consistente i <span class=\"_ _2\"></span>requisiti di conso<span class=\"_ _1\"></span>lidamento <span class=\"_ _1\"></span>ai <span class=\"_ _1\"></span>sens<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>dell\u2019IFRS 10 <span class=\"_ _38\"></span>al <span class=\"_ _1\"></span>fine <span class=\"_ _1\"></span>di gar<span class=\"_ _1\"></span>antire <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>corretta <span class=\"_ _1\"></span>applicazione <span class=\"_ _1\"></span>dell\u2019IFRS <span class=\"_ _1\"></span>17<span class=\"_ _3a1\"> </span>nel bi<span class=\"_ _2\"></span>lancio consolid<span class=\"_ _2\"></span>ato. Nello <span class=\"_ _3b\"></span>specifico, <span class=\"_ _2\"></span>ESMA <span class=\"_ _2\"></span>segnala che <span class=\"_ _3b\"></span>nel ca<span class=\"_ _2\"></span>so in<span class=\"_ _2\"></span> cui<span class=\"_ _2\"></span> le <span class=\"_ _3b\"></span>banche d<span class=\"_ _2\"></span>el gruppo distribuiscano <span class=\"_ _35\"> </span>i  prodotti <span class=\"_ _35\"> </span>assicurativi, <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>CSM  a <span class=\"_ _35\"> </span>livello <span class=\"_ _35\"> </span>consolidato  spesso <span class=\"_ _35\"> </span>differir\u00e0 <span class=\"_ _35\"> </span>da  qu<span class=\"_ _2\"></span>ello assicurativo <span class=\"_ _3e\"> </span><span class=\"ff4\">Transition:  si <span class=\"_ _3d\"> </span>ricordano  infine  razionali  e <span class=\"_ _3d\"> </span>scelte  di  t<span class=\"_ _1\"></span>ransizione  effettuate <span class=\"_ _3d\"> </span>in  fase <span class=\"_ _3d\"> </span>di  prima </span>applicazione del Principio: o<span class=\"ff16\"> <span class=\"_ _184\"></span><span class=\"ff4\">Alla <span class=\"_ _38\"></span>luce <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>risultati <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>dell\u2019assessment <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ulla <span class=\"_ _1\"></span>disponibilit\u00e0 <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>dati <span class=\"_ _38\"></span>storici <span class=\"_ _38\"></span>condotta <span class=\"_ _38\"></span>su <span class=\"_ _38\"></span>tutti <span class=\"_ _38\"></span>i </span></span>contratti <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>vita <span class=\"_ _3d\"> </span>alla <span class=\"_ _37\"> </span>data <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>transizione <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>sulla <span class=\"_ _3d\"> </span>base <span class=\"_ _37\"> </span>delle <span class=\"_ _3d\"> </span>caratteristiche <span class=\"_ _3d\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _3d\"> </span>business sottostante, <span class=\"_ _37\"> </span>\u00e8 <span class=\"_ _37\"> </span>e<span class=\"_ _1\"></span>merso <span class=\"_ _37\"> </span>che <span class=\"_ _36\"> </span>l'approccio <span class=\"_ _3d\"> </span>F<span class=\"_ _1\"></span>air <span class=\"_ _37\"> </span>Value <span class=\"_ _37\"> </span>Approach <span class=\"_ _37\"> </span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>risultato <span class=\"_ _36\"> </span>l\u2019unico <span class=\"_ _37\"> </span>sempre applicabile, <span class=\"_ _38\"></span>ha <span class=\"_ _0\"></span>garantito <span class=\"_ _38\"></span>una <span class=\"_ _0\"></span>robusta <span class=\"_ _38\"></span>stima <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>CSM <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>u <span class=\"_ _38\"></span>tutti <span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>portafogli <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>riferimento <span class=\"_ _38\"></span>ed <span class=\"_ _38\"></span>\u00e8 risultato <span class=\"_ _0\"></span>conforme<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>alla <span class=\"_ _38\"></span>metodologia <span class=\"_ _38\"></span>definita <span class=\"_ _0\"></span>dal <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>rincipio. <span class=\"_ _38\"></span>Inoltre, <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>metodologia <span class=\"_ _0\"></span>adotta<span class=\"_ _2\"></span>ta, che <span class=\"_ _37\"> </span>ha <span class=\"_ _37\"> </span>sposato <span class=\"_ _37\"> </span>logiche <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>market <span class=\"_ _37\"> </span>partecipant <span class=\"_ _37\"> </span>view <span class=\"_ _37\"> </span>ha <span class=\"_ _36\"> </span>fatto <span class=\"_ _3d\"> </span>leva <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>ulla <span class=\"_ _3d\"> </span>calibrazione <span class=\"_ _37\"> </span>di parametri che sono gi\u00e0 consolidati nel framework della Com<span class=\"_ _1\"></span>pagnia; o<span class=\"ff16\"> <span class=\"_ _184\"></span><span class=\"ff4\">Con  r<span class=\"_ _1\"></span>iferimento  al  VFA <span class=\"_ _3d\"> </span>il  carve  out  delle  coorti  annuali  per  le  G<span class=\"_ _1\"></span>estioni  Separate,  di  cui </span></span>Credemvita <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>inteso <span class=\"_ _1\"></span>avvalersi, <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>eliminato <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>raggruppamento <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>coort<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>annuali, pert<span class=\"_ _1\"></span>anto<span class=\"_ _3a1\"> </span>si <span class=\"_ _43\"> </span>\u00e8 <span class=\"_ _43\"> </span>ritenuto <span class=\"_ _43\"> </span>necessario <span class=\"_ _69\"> </span>applicare <span class=\"_ _43\"> </span>un <span class=\"_ _69\"> </span>s<span class=\"_ _1\"></span>ingolo <span class=\"_ _43\"> </span>approccio <span class=\"_ _43\"> </span>di <span class=\"_ _69\"> </span>Transition <span class=\"_ _43\"> </span>per <span class=\"_ _43\"> </span>ogni raggru<span class=\"_ _3a1\"> </span>ppamento che <span class=\"_ _2\"></span>si config<span class=\"_ _2\"></span>ura come u<span class=\"_ _2\"></span>n bu<span class=\"_ _2\"></span>cket di <span class=\"_ _3b\"></span>profitt<span class=\"_ _1\"></span>abilit\u00e0 d<span class=\"_ _2\"></span>irettamente applicato <span class=\"_ _2\"></span>sul portafoglio di GS o Multiramo nel suo complesso. Principali diffe<span class=\"_ _1\"></span>renze tra il framewor<span class=\"_ _1\"></span>k IFRS 17 e Solvency <span class=\"_ _1\"></span>II Le <span class=\"_ _35\"> </span>principali <span class=\"_ _35\"> </span>differenze <span class=\"_ _35\"> </span>tra <span class=\"_ _35\"> </span>lo <span class=\"_ _35\"> </span>Standard <span class=\"_ _35\"> </span>IFRS <span class=\"_ _35\"> </span>17 <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>Solvenc<span class=\"_ _3a1\"> </span>y <span class=\"_ _35\"> </span>II<span class=\"_ _3a1\"> </span>in <span class=\"_ _35\"> </span>relazione <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>valutazione <span class=\"_ _35\"> </span>delle passivit\u00e0 <span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>icurative so<span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>primariamente <span class=\"_ _1\"></span>legate <span class=\"_ _38\"></span>all\u2019identificazione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>Contract <span class=\"_ _1\"></span>Boundaries, <span class=\"_ _38\"></span>alla determinazione <span class=\"_ _3f\"> </span>della <span class=\"_ _39\"> </span>curva <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>sconto <span class=\"_ _39\"> </span>e <span class=\"_ _3f\"> </span>alla <span class=\"_ _3f\"> </span>modalit\u00e0 <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>calcolo <span class=\"_ _3f\"> </span>del <span class=\"_ _39\"> </span>Margine <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>Prudenza (rispettivamente Risk Adjustment o Risk Margin).  In particolare: <span class=\"_ _3e\"> </span><span class=\"ff4\"> per <span class=\"_ _0\"></span>q<span class=\"_ _2\"></span>uanto <span class=\"_ _38\"></span>riguarda <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>Contract <span class=\"_ _1\"></span>Boundaries, <span class=\"_ _0\"></span>l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>principali <span class=\"_ _38\"></span>differenze <span class=\"_ _38\"></span>riguardano <span class=\"_ _38\"></span>sia <span class=\"_ _0\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>logica <span class=\"_ _38\"></span>di </span>determinazione <span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>periodicit\u00e0 <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>valutazione. <span class=\"_ _38\"></span>In <span class=\"_ _1\"></span>Solvency <span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>I <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>Contract <span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>oundaries <span class=\"_ _1\"></span>sono basati <span class=\"_ _3d\"> </span>su <span class=\"_ _3d\"> </span>una <span class=\"_ _3d\"> </span>logica <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>rischio <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>la <span class=\"_ _37\"> </span>compagnia <span class=\"_ _3d\"> </span>e <span class=\"_ _3d\"> </span>sono <span class=\"_ _3d\"> </span>determinati <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>ciascuna <span class=\"_ _3d\"> </span>data <span class=\"_ _3d\"> </span>di valutazione; <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>IFRS <span class=\"_ _0\"></span>17 <span class=\"_ _0\"></span>invece <span class=\"_ _0\"></span>sul<span class=\"_ _2\"></span>la <span class=\"_ _0\"></span>possibilit\u00e0 <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>re-pricing <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>parte <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>compagnia <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>son<span class=\"_ _3b\"></span>o determinati all\u2019emissione dei contratti; <span class=\"_ _3e\"> </span><span class=\"ff4\"> con <span class=\"_ _39\"> </span>riferimento <span class=\"_ _36\"> </span>alle <span class=\"_ _36\"> </span>curve <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>sconto, <span class=\"_ _39\"> </span>la <span class=\"_ _36\"> </span>principale <span class=\"_ _36\"> </span>differenza <span class=\"_ _36\"> </span>riguarda <span class=\"_ _36\"> </span>la <span class=\"_ _39\"> </span>modalit\u00e0 <span class=\"_ _36\"> </span>e <span class=\"_ _36\"> </span>la </span>granularit\u00e0 <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>cui <span class=\"_ _3b\"></span>la stessa <span class=\"_ _3b\"></span>viene calcolata; <span class=\"_ _3b\"></span>in p<span class=\"_ _2\"></span>articolare<span class=\"_ _1\"></span>, <span class=\"_ _3b\"></span>per So<span class=\"_ _2\"></span>lvency <span class=\"_ _2\"></span>II <span class=\"_ _3b\"></span>es<span class=\"_ _1\"></span>iste un'un<span class=\"_ _2\"></span>ica <span class=\"_ _3b\"></span>curva di <span class=\"_ _35\"> </span>sconto <span class=\"_ _35\"> </span>composta <span class=\"_ _0\"></span>da <span class=\"_ _35\"> </span>una <span class=\"_ _35\"> </span>curva <span class=\"_ _35\"> </span>base <span class=\"_ _0\"></span>priva <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>pi\u00f9<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>premio <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>liquidit\u00e0 <span class=\"_ _35\"> </span>(Volatility Adjustment),  definito <span class=\"_ _35\"> </span>dall\u2019Autorit<span class=\"_ _1\"></span>\u00e0  europea  delle <span class=\"_ _35\"> </span>assicurazioni  e  delle <span class=\"_ _35\"> </span>pensioni  aziendali  o professionali <span class=\"_ _36\"> </span>(EIOPA) <span class=\"_ _36\"> </span>sulla <span class=\"_ _36\"> </span>base <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>un <span class=\"_ _36\"> </span>portafoglio <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>riferimento <span class=\"_ _36\"> </span>medio <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>mercato. <span class=\"_ _36\"> </span>Nel Framework <span class=\"_ _37\"> </span>IFRS <span class=\"_ _37\"> </span>17 <span class=\"_ _36\"> </span>invece <span class=\"_ _37\"> </span>\u00e8 <span class=\"_ _37\"> </span>possibile <span class=\"_ _37\"> </span>calcolare <span class=\"_ _37\"> </span>le <span class=\"_ _36\"> </span>curve <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>sconto <span class=\"_ _36\"> </span>per <span class=\"_ _37\"> </span>ogni <span class=\"_ _37\"> </span>portafoglio identificato sulla base degli specifici pool di attivi di riferiment<span class=\"_ _1\"></span>o detenuti dalla Compagnia; <span class=\"_ _3e\"> </span><span class=\"ff4\">per <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>Margine <span class=\"_ _1\"></span>di P<span class=\"_ _1\"></span>rudenza la <span class=\"_ _1\"></span>differenza <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>Risk <span class=\"_ _1\"></span>Margin e <span class=\"_ _1\"></span>Risk <span class=\"_ _1\"></span>Adjustment <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>dovuta sia <span class=\"_ _38\"></span>ad una </span>differente <span class=\"_ _3b\"></span>meto<span class=\"_ _1\"></span>dologia <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>calcolo <span class=\"_ _3b\"></span>che ad<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>un <span class=\"_ _3b\"></span>diverso<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>perimetro <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>rischi <span class=\"_ _3b\"></span>ident<span class=\"_ _1\"></span>ificati. <span class=\"_ _3b\"></span>Il <span class=\"_ _3b\"></span>Risk <span class=\"_ _2\"></span>Margin Solvency <span class=\"_ _38\"></span>II <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _0\"></span>cal<span class=\"_ _2\"></span>colato <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>meto<span class=\"_ _1\"></span>dologia <span class=\"_ _1\"></span>Cost <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>f <span class=\"_ _38\"></span>Capital, <span class=\"_ _1\"></span>applicata <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>requisito <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Capitale della Compagnia val<span class=\"_ _1\"></span>utato <span class=\"_ _1\"></span>con un <span class=\"_ _1\"></span>percentile a<span class=\"_ _1\"></span>l 99,5%, cons<span class=\"_ _1\"></span>iderando i r<span class=\"_ _1\"></span>ischi te<span class=\"_ _1\"></span>cnici, il rischio <span class=\"_ _1\"></span>di credito  e  il  rischio  operat<span class=\"_ _1\"></span>ivo;  per  il  Risk  Adjustment  IFRS  17  il  Principio  non  prevede  una metodologia <span class=\"_ _36\"> </span>standard <span class=\"_ _39\"> </span>ma <span class=\"_ _36\"> </span>esclusivamente <span class=\"_ _39\"> </span>la <span class=\"_ _36\"> </span>determinazione <span class=\"_ _36\"> </span>dello <span class=\"_ _36\"> </span>st<span class=\"_ _1\"></span>esso <span class=\"_ _36\"> </span>sulla <span class=\"_ _36\"> </span>base <span class=\"_ _39\"> </span>di specifici  rischi  non  finanziari,  valutando <span class=\"_ _3d\"> </span>il  rischio  ad <span class=\"_ _3d\"> </span>un  determinato  grado  di  confidenza prefissato dalla Compagnia. Si precisa che l\u2019introduzione dell\u2019IFRS 17 non <span class=\"_ _1\"></span>comporta impatti sull\u2019indicatore di sintesi Solvency II per la Compagnia Credemvita, n\u00e9 per il Margine di conglomerato. IFRS 9 Strume<span class=\"_ _1\"></span>nti finanziari Le Compagnie assicurative gi\u00e0 in<span class=\"_ _2\"></span> sede di transition a<span class=\"_ _3a1\"> </span>l<span class=\"_ _3a1\"> </span>nuo<span class=\"_ _3a1\"> </span>vo Principio hanno <span class=\"_ _2\"></span>condotto<span class=\"_ _1\"></span> un p<span class=\"_ _2\"></span>rogetto implementativo <span class=\"_ _3f\"> </span>volto <span class=\"_ _39\"> </span>ad <span class=\"_ _39\"> </span>approfondire <span class=\"_ _39\"> </span>le <span class=\"_ _39\"> </span>diverse <span class=\"_ _3f\"> </span>aree <span class=\"_ _36\"> </span>di <span class=\"_ _3f\"> </span>influenza <span class=\"_ _39\"> </span>del <span class=\"_ _39\"> </span>principio <span class=\"_ _39\"> </span>IFRS <span class=\"_ _39\"> </span>9 <span class=\"_ _3f\"> </span>in concomitanza con quello <span class=\"_ _2\"></span>IFRS17 al f<span class=\"_ _2\"></span>ine di definire <span class=\"_ _3b\"></span>i suoi impatti qualitativi <span class=\"_ _2\"></span>e quantitativi, nonch\u00e9 ad<span class=\"_ _3b\"></span> individuare ed implementare gli interventi applic<span class=\"_ _2\"></span>ativi ed organizzativi necessari. In particolare, si <span class=\"_ _2\"></span>\u00e8 tenuto <span class=\"_ _35\"> </span>conto <span class=\"_ _35\"> </span>dell\u2019obiettivo <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>per<span class=\"_ _1\"></span>seguire <span class=\"_ _35\"> </span>un\u2019adozione <span class=\"_ _35\"> </span>omogenea <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>principio <span class=\"_ _35\"> </span>contabile, <span class=\"_ _35\"> </span>pur <span class=\"_ _35\"> </span>in presenza <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>oper<span class=\"_ _1\"></span>ativit\u00e0 ass<span class=\"_ _1\"></span>icurativa legata <span class=\"_ _38\"></span>in par<span class=\"_ _1\"></span>ticolare <span class=\"_ _1\"></span>alle <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>pecificit\u00e0 di <span class=\"_ _1\"></span>prodot<span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>Gest<span class=\"_ _1\"></span>ioni Separate. Relativamente al percorso di adeguamento delle Compagnie al principio contabile IFRS9, le scelte metodologiche <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>appli<span class=\"_ _2\"></span>cative <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>state <span class=\"_ _1\"></span>definite <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>coerenza <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>quanto <span class=\"_ _0\"></span>previsto <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ll\u2019ambito <span class=\"_ _38\"></span>del framework gi\u00e0 in uso nel Gruppo. Classificazione <span class=\"_ _1\"></span>e Misurazione Per <span class=\"_ _35\"> </span>poter <span class=\"_ _35\"> </span>rispettare <span class=\"_ _35\"> </span>il<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>dettato <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>ll\u2019IFRS <span class=\"_ _0\"></span>9 <span class=\"_ _35\"> </span>\u2013 <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>cui <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>classificazione <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _0\"> </span>finanziarie <span class=\"_ _35\"> </span>\u00e8 guidata, da <span class=\"_ _2\"></span>un lato, dalle caratteristiche contrattuali <span class=\"_ _2\"></span>dei flussi di <span class=\"_ _3b\"></span>cas<span class=\"_ _1\"></span>sa degli strumenti e, <span class=\"_ _2\"></span>dall\u2019altro, dall\u2019intento <span class=\"_ _2\"></span>gestionale <span class=\"_ _3b\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>quale <span class=\"_ _2\"></span>sono <span class=\"_ _3b\"></span>detenuti \u2013 <span class=\"_ _184\"></span>sono <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>tate <span class=\"_ _3b\"></span>declinate <span class=\"_ _2\"></span>le <span class=\"_ _3b\"></span>modalit\u00e0 d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>effettuazione del test <span class=\"_ _3b\"></span>sulle caratteristiche <span class=\"_ _3b\"></span>contrattuali dei <span class=\"_ _2\"></span>cash <span class=\"_ _2\"></span>flow (c<span class=\"_ _2\"></span>osiddetto SPPI <span class=\"_ _3b\"></span>Test), ed <span class=\"_ _3b\"></span>\u00e8 stata <span class=\"_ _2\"></span>finalizzata la definizione dei business model a tendere.  Si pre<span class=\"_ _1\"></span>mette <span class=\"_ _1\"></span>che, <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>la com<span class=\"_ _1\"></span>posizione del <span class=\"_ _1\"></span>portafoglio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>pertinenza <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>compagnia <span class=\"_ _1\"></span>assicurativa e <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>modalit\u00e0 <span class=\"_ _35\"> </span>con <span class=\"_ _0\"></span>cui <span class=\"_ _35\"> </span>lo <span class=\"_ _0\"></span>stesso <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>gestito, <span class=\"_ _35\"> </span>l\u2019introduzione <span class=\"_ _0\"></span>dell\u2019IFRS <span class=\"_ _35\"> </span>9 <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>ha <span class=\"_ _35\"> </span>comportato <span class=\"_ _0\"></span>impatti rilevanti in termini<span class=\"_ _2\"></span> di misurazione <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ispetto al <span class=\"_ _2\"></span>Principio contabile I<span class=\"_ _3b\"></span>AS 39 precedentemente in vi<span class=\"_ _2\"></span>gore, confermando come metodo principale quello del fair value. Per quanto rigu<span class=\"_ _2\"></span>arda le passivit\u00e0<span class=\"_ _2\"></span> finanz<span class=\"_ _2\"></span>iarie si specifica <span class=\"_ _2\"></span>che il <span class=\"_ _2\"></span>Gruppo si \u00e8<span class=\"_ _2\"></span> avvalso della <span class=\"_ _2\"></span>possibilit\u00e0 di<span class=\"_ _2\"></span> designare com<span class=\"_ _2\"></span>e p<span class=\"_ _2\"></span>assivit\u00e0 <span class=\"_ _3b\"></span>al fair <span class=\"_ _3b\"></span>value <span class=\"_ _3b\"></span>i prodotti <span class=\"_ _3b\"></span>di natura <span class=\"_ _3b\"></span>finanziaria <span class=\"_ _2\"></span>emessi <span class=\"_ _2\"></span>da <span class=\"_ _3b\"></span>Cr<span class=\"_ _1\"></span>edemvita <span class=\"_ _3b\"></span>che non<span class=\"_ _3b\"></span> rientrano  nell\u2019ambito  di<span class=\"_ _2\"></span>  applicazione  dell\u2019I<span class=\"_ _2\"></span>FRS  17. <span class=\"_ _35\"> </span>C<span class=\"_ _1\"></span>i\u00f2  al <span class=\"_ _35\"> </span>fine<span class=\"_ _1\"></span>  di  elimin<span class=\"_ _2\"></span>are  o  ridurre  le  p<span class=\"_ _2\"></span>ossibili \u201casimmetrie <span class=\"_ _0\"></span>contabili\u201d <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"></span>agli <span class=\"_ _0\"></span>attivi <span class=\"_ _0\"></span>collegati <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>valutati <span class=\"_ _0\"></span>anch\u2019essi <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value. <span class=\"_ _0\"></span>Si <span class=\"_ _0\"></span>evidenzia tuttavia, <span class=\"_ _0\"></span>come <span class=\"_ _35\"> </span>megli<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>dettagliato <span class=\"_ _35\"> </span>nel <span class=\"_ _0\"></span>paragrafo <span class=\"_ _0\"></span>sull\u2019IFRS <span class=\"_ _0\"></span>17, <span class=\"_ _0\"></span>che <span class=\"_ _35\"> </span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>seguito <span class=\"_ _35\"> </span>dell\u2019i<span class=\"_ _2\"></span>ntroduzione <span class=\"_ _0\"> </span>del nuovo principio, una parte dei prodotti multiramo, precedentemente classificata ai sensi dell\u2019IFRS 4/IAS 39 come strumenti finanziari, viene ora attratta in ambito di applicazione dell\u2019IFRS 17. Impairment Per quel che riguarda l\u2019Impairment \u00e8 stata definita dalla Capogruppo una metodologia comune ed un processo accentrato presso la struttura Risk Management pe<span class=\"_ _2\"></span>r la quantificazione dell\u2019Expected credit <span class=\"_ _0\"></span>loss <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>tutte <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ociet\u00e0 <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>Gr<span class=\"_ _1\"></span>uppo. <span class=\"_ _38\"></span>P<span class=\"_ _1\"></span>ertanto, <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>na <span class=\"_ _0\"></span>completa <span class=\"_ _0\"></span>ill<span class=\"_ _2\"></span>ustrazione <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>celte adottate <span class=\"_ _35\"> </span>dal <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>merito <span class=\"_ _35\"> </span>all\u2019<span class=\"_ _2\"></span>applicazione <span class=\"_ _35\"> </span>dell\u2019impairment <span class=\"_ _35\"> </span>ai <span class=\"_ _35\"> </span>sensi <span class=\"_ _35\"> </span>dell\u2019I<span class=\"_ _2\"></span>FRS <span class=\"_ _35\"> </span>9 <span class=\"_ _35\"> </span>si <span class=\"_ _0\"></span>rinvia <span class=\"_ _35\"> </span>alle Politiche contabili e all\u2019i<span class=\"_ _2\"></span>llustrazione riportata nella Parte E <span class=\"_ _2\"></span>della N<span class=\"_ _2\"></span>ota integrativa relativa al p<span class=\"_ _2\"></span>residio dei rischi del Bilancio Consolidato. Si <span class=\"_ _37\"> </span>segnala, <span class=\"_ _36\"> </span>per <span class=\"_ _37\"> </span>completezza, <span class=\"_ _37\"> </span>che <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>isulta <span class=\"_ _37\"> </span>applicabile <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>alla <span class=\"_ _37\"> </span>Compagnia <span class=\"_ _36\"> </span>il <span class=\"_ _37\"> </span>documento <span class=\"_ _37\"> </span>di \u201cImpairment <span class=\"_ _39\"> </span>Policy\u201d <span class=\"_ _36\"> </span>con <span class=\"_ _39\"> </span>riferimento <span class=\"_ _36\"> </span>alle <span class=\"_ _39\"> </span>linee <span class=\"_ _39\"> </span>guida <span class=\"_ _36\"> </span>metodologiche <span class=\"_ _36\"> </span>de<span class=\"_ _1\"></span>finite <span class=\"_ _39\"> </span>dal <span class=\"_ _36\"> </span>Gruppo <span class=\"_ _39\"> </span>in applicazione dell\u2019IFRS 9 e approvate dai compete<span class=\"_ _1\"></span>nti livelli di governance. In questa sede si evidenzia che per Credemvita <span class=\"_ _1\"></span>l\u2019applicaz<span class=\"_ _2\"></span>ione de<span class=\"_ _1\"></span>l modello Expected Credit Losses rileva <span class=\"_ _0\"></span>princ<span class=\"_ _2\"></span>ipalmente <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>riferimento <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>portafoglio <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>titoli <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>debito <span class=\"_ _0\"></span>classificati <span class=\"_ _38\"></span>nella <span class=\"_ _0\"></span>categoria Fair  val<span class=\"_ _2\"></span>ue  con <span class=\"_ _35\"> </span>imputazione <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>patr<span class=\"_ _1\"></span>imonio <span class=\"_ _35\"> </span>netto.  L\u2019ap<span class=\"_ _2\"></span>plicazione  d<span class=\"_ _2\"></span>el  modello <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>impairment  no<span class=\"_ _2\"></span>n comporta  q<span class=\"_ _2\"></span>uindi <span class=\"_ _35\"> </span>una <span class=\"_ _35\"> </span>diversa <span class=\"_ _35\"> </span>misurazione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>tale  por<span class=\"_ _2\"></span>tafoglio <span class=\"_ _35\"> </span>(essendo  g<span class=\"_ _2\"></span>i\u00e0 <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value) <span class=\"_ _35\"> </span>e, <span class=\"_ _35\"> </span>con riferimento <span class=\"_ _0\"></span>alla <span class=\"_ _1\"></span>prima <span class=\"_ _0\"></span>appl<span class=\"_ _2\"></span>icazione, <span class=\"_ _0\"></span>comporta <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>giro <span class=\"_ _0\"></span>tra <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>riserva <span class=\"_ _0\"></span>da <span class=\"_ _1\"></span>valutazione<span class=\"fs3\"> <span class=\"_ _0\"></span></span>e <span class=\"_ _0\"></span>la <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>erva <span class=\"_ _38\"></span>di utili. <span class=\"_ _48\"> </span>Non <span class=\"_ _48\"> </span>risulta <span class=\"_ _48\"> </span>essere <span class=\"_ _48\"> </span>inv<span class=\"_ _2\"></span>ece <span class=\"_ _48\"> </span>significativa <span class=\"_ _3a\"> </span>per<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>quanto <span class=\"_ _48\"> </span>rigu<span class=\"_ _2\"></span>arda <span class=\"_ _48\"> </span>i <span class=\"_ _48\"> </span>crediti, <span class=\"_ _3a\"> </span>r<span class=\"_ _1\"></span>appresentati principalmente da conti correnti e <span class=\"_ _1\"></span>altre forme tecniche a breve termine.  I principali elementi alla base della metodologia possono essere<span class=\"_ _1\"></span> considerati i seguenti: <span class=\"_ _42\"> </span><span class=\"ff4\">modalit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>tr<span class=\"_ _1\"></span>acking <span class=\"_ _3b\"></span>della q<span class=\"_ _2\"></span>ualit\u00e0 <span class=\"_ _3b\"></span>cr<span class=\"_ _1\"></span>editizia <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>por<span class=\"_ _1\"></span>tafogli <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>attivit\u00e0 <span class=\"_ _3b\"></span>finanziarie valutate <span class=\"_ _3b\"></span>al <span class=\"_ _2\"></span>costo<span class=\"_ _3a1\"> </span></span>ammortizzato ed al fair value con contro<span class=\"_ _1\"></span>partita il patrimonio netto; <span class=\"_ _42\"> </span><span class=\"ff4\">definizione dei p<span class=\"_ _2\"></span>aramet<span class=\"_ _1\"></span>ri per la d<span class=\"_ _2\"></span>eterminazione del significativo deterioramento del rischio di<span class=\"_ _2\"></span> </span>credito, ai fini <span class=\"_ _2\"></span>della corretta allocazione delle esposizioni in<span class=\"_ _2\"></span> bonis nello stage 1 <span class=\"_ _2\"></span>o nello stage 2, basata sulla variazione delle <span class=\"_ _1\"></span>probabilit\u00e0 di default lifetime rispetto al m<span class=\"_ _1\"></span>omento dell\u2019iscrizione iniziale in bilancio dello strumento finanziario. Cre<span class=\"_ _1\"></span>demvita non ha esposizioni impaired; <span class=\"_ _42\"> </span><span class=\"ff4\">definizione <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>mo<span class=\"_ _1\"></span>delli <span class=\"_ _37\"> </span>per <span class=\"_ _36\"> </span>lo <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>taging <span class=\"_ _37\"> </span>(re<span class=\"_ _1\"></span>lativamente <span class=\"_ _36\"> </span>all\u2019utilizzo <span class=\"_ _37\"> </span>della <span class=\"_ _36\"> </span>PD <span class=\"_ _36\"> </span>lifetime <span class=\"_ _37\"> </span>come </span>indicatore <span class=\"_ _0\"></span>relat<span class=\"_ _1\"></span>ivo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>deterioramento<span class=\"_ _1\"></span>) <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>calcolo <span class=\"_ _0\"></span>dell\u2019expected <span class=\"_ _0\"></span>credit <span class=\"_ _0\"></span>loss <span class=\"_ _35\"> </span>(EC<span class=\"_ _2\"></span>L) <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>un anno (da a<span class=\"_ _1\"></span>pplicare alle esposizioni <span class=\"_ _1\"></span>in stage 1) e<span class=\"_ _1\"></span> lifetime <span class=\"_ _1\"></span>(da applicare alle <span class=\"_ _1\"></span>esposizioni in stage 2 e stage 3). Con <span class=\"_ _35\"> </span>riferimento  allo <span class=\"_ _35\"> </span>\u201cstaging\u201d <span class=\"_ _0\"></span>dei  titoli, <span class=\"_ _35\"> </span>bisogna <span class=\"_ _35\"> </span>considerare <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>oper<span class=\"_ _1\"></span>azioni <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>compravendita successive <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>primo <span class=\"_ _35\"> </span>acquisto  (<span class=\"_ _2\"></span>effettuate <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>riferime<span class=\"_ _1\"></span>nto <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>medesimo <span class=\"_ _35\"> </span>ISIN) <span class=\"_ _35\"> </span>possono <span class=\"_ _35\"> </span>rientrare abitualmente <span class=\"_ _3d\"> </span>nell\u2019ordinaria <span class=\"_ _3d\"> </span>attivit\u00e0  di <span class=\"_ _3d\"> </span>gestione<span class=\"_ _1\"></span>  delle <span class=\"_ _3d\"> </span>posizioni  (con <span class=\"_ _3d\"> </span>conseguente<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>necessit\u00e0  di individuare <span class=\"_ _0\"></span>una <span class=\"_ _35\"> </span>metodologia <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>adot<span class=\"_ _1\"></span>tare <span class=\"_ _0\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>l\u2019identificazione <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _0\"></span>vendite <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>rimborsi <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>fine <span class=\"_ _0\"></span>di determinare le qu<span class=\"_ _2\"></span>antit\u00e0 residue <span class=\"_ _2\"></span>delle singole transazioni <span class=\"_ _2\"></span>cui a<span class=\"_ _2\"></span>ssociare una q<span class=\"_ _2\"></span>ualit\u00e0 creditizia/rating all\u2019origination da c<span class=\"_ _2\"></span>omparare con quella della <span class=\"_ _2\"></span>data di reporting). In<span class=\"_ _2\"></span> questo contesto, in analogi<span class=\"_ _2\"></span>a alla scelta adottata a par<span class=\"_ _1\"></span>tire dal 2018 dal Gruppo, anche le Compagn<span class=\"_ _1\"></span>ie adottano <span class=\"_ _1\"></span>la metodologia \u201cfirst-<span class=\"_ _3a1\"> </span>in-first-out\u201d o \u201cFIFO\u201d <span class=\"_ _3b\"></span>(per<span class=\"_ _1\"></span> il <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iversamento a conto <span class=\"_ _3b\"></span>economico dell\u2019ECL registrata, in c<span class=\"_ _2\"></span>aso di v<span class=\"_ _2\"></span>endite e <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>imborsi) <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>contr<span class=\"_ _1\"></span>ibuisce <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>ge<span class=\"_ _1\"></span>stione <span class=\"_ _0\"></span>pi\u00f9<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>tr<span class=\"_ _1\"></span>asparente <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>porta<span class=\"_ _1\"></span>foglio, <span class=\"_ _38\"></span>anche <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>unto <span class=\"_ _38\"></span>di vista <span class=\"_ _0\"></span>degli<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>operatori <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>fron<span class=\"_ _2\"></span>t <span class=\"_ _0\"></span>offi<span class=\"_ _2\"></span>ce, <span class=\"_ _0\"></span>consentendo, <span class=\"_ _38\"></span>contestualmente, <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>continuo <span class=\"_ _38\"></span>aggiornamento della valutazione del merito creditizio sulla base dei nuovi acquisti. Infine, <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>rifer<span class=\"_ _1\"></span>imento <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>solo <span class=\"_ _1\"></span>momento <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>prima <span class=\"_ _0\"></span>app<span class=\"_ _2\"></span>licazione <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>principio <span class=\"_ _38\"></span>- <span class=\"_ _38\"></span>ovver<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>1<span class=\"_ _1\"></span>\u00b0 <span class=\"_ _38\"></span>gennaio 2022- per la ricostruzione degli strati e il re<span class=\"_ _1\"></span>lativo calcolo dell\u2019ECL in FTA, si \u00e8 scelto di: <span class=\"_ _42\"> </span><span class=\"ff4\">applicare la Low Credit Risk Exemption per i titoli che al 31.12.21 p<span class=\"_ _2\"></span>rese<span class=\"_ _1\"></span>ntano un liv<span class=\"_ _2\"></span>ello di rating </span>investment <span class=\"_ _1\"></span>gr<span class=\"_ _1\"></span>ade, <span class=\"_ _1\"></span>classificando <span class=\"_ _1\"></span>l\u2019inter<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>posizione <span class=\"_ _1\"></span>(port<span class=\"_ _1\"></span>afoglio/titolo/destinazione <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>abile) in <span class=\"_ _35\"> </span>unico <span class=\"_ _0\"></span>st<span class=\"_ _1\"></span>rato <span class=\"_ _35\"> </span>cui <span class=\"_ _35\"> </span>vi<span class=\"_ _2\"></span>ene <span class=\"_ _35\"> </span>assegnato <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>rating <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>31.12.21. <span class=\"_ _35\"> </span>Gli <span class=\"_ _35\"> </span>strati <span class=\"_ _0\"></span>sono <span class=\"_ _35\"> </span>stati <span class=\"_ _35\"> </span>classificati <span class=\"_ _35\"> </span>in Stage1; <span class=\"_ _42\"> </span><span class=\"ff4\">ricostruire <span class=\"_ _0\"></span>lo<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ti <span class=\"_ _38\"></span>(ab <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>rigine) <span class=\"_ _38\"></span>per <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _38\"></span>posizioni <span class=\"_ _0\"></span>(<span class=\"_ _2\"></span>portafoglio/tito<span class=\"_ _1\"></span>lo/destinazione <span class=\"_ _38\"></span>contabile) <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>al </span>31.12.21 presentano un rating sub investment grade, sem<span class=\"_ _1\"></span>pre classificandoli in<span class=\"_ _2\"></span> Stage 1<span class=\"_ _1\"></span>. Quest\u2019approccio <span class=\"_ _35\"> </span>\u00e8  stato <span class=\"_ _35\"> </span>supportato <span class=\"_ _35\"> </span>da  anal<span class=\"_ _2\"></span>isi <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>significativit\u00e0  che <span class=\"_ _35\"> </span>hanno <span class=\"_ _35\"> </span>dimostrato, <span class=\"_ _35\"> </span>vista  l<span class=\"_ _3b\"></span>a stabilit\u00e0  d<span class=\"_ _2\"></span>ei <span class=\"_ _35\"> </span>rating  dei <span class=\"_ _35\"> </span>titoli <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>portafoglio,  una <span class=\"_ _35\"> </span>sostanziale <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>materialit\u00e0  tra <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>ricostruzione puntuale dei lotti e l\u2019applicazione de<span class=\"_ _1\"></span>lla LCR Exemption. Hedge accountin<span class=\"_ _1\"></span>g  Per <span class=\"_ _3d\"> </span>qu<span class=\"_ _3a1\"> </span>anto <span class=\"_ _3d\"> </span>riguarda <span class=\"_ _3d\"> </span>l\u2019Hedge <span class=\"_ _37\"> </span>Accounting,<span class=\"_ _2\"></span> <span class=\"_ _3d\"> </span>l\u2019IFRS <span class=\"_ _3d\"> </span>9 <span class=\"_ _3d\"> </span>intr<span class=\"_ _1\"></span>oduce <span class=\"_ _3d\"> </span>modifiche <span class=\"_ _3d\"> </span>esclusivamente<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>il General <span class=\"_ _35\"> </span>H<span class=\"_ _2\"></span>edge <span class=\"_ _0\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>so<span class=\"_ _1\"></span>no <span class=\"_ _0\"></span>strettamente <span class=\"_ _35\"> </span>legate <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>celta <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>avvalersi <span class=\"_ _0\"></span>dell\u2019opzione <span class=\"_ _0\"></span>opt<span class=\"_ _1\"></span>-in <span class=\"_ _0\"></span>/ <span class=\"_ _35\"> </span>opt-out (ossia <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>ibilit\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>implementare <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>nuovo <span class=\"_ _1\"></span>standard <span class=\"_ _38\"></span>IFRS <span class=\"_ _38\"></span>9 <span class=\"_ _38\"></span>piuttosto <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>mantenere <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>vecchio principio <span class=\"_ _37\"> </span>IAS <span class=\"_ _37\"> </span>39). <span class=\"_ _3d\"> </span>I<span class=\"_ _1\"></span>l <span class=\"_ _37\"> </span>Gruppo, <span class=\"_ _37\"> </span>sulla <span class=\"_ _37\"> </span>base <span class=\"_ _37\"> </span>degli <span class=\"_ _37\"> </span>approfondiment<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>effettuati <span class=\"_ _37\"> </span>sulla <span class=\"_ _37\"> </span>gestione <span class=\"_ _37\"> </span>delle operazioni  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>coper<span class=\"_ _1\"></span>tura,  ha<span class=\"_ _3b\"></span>  deciso <span class=\"_ _35\"> </span>l\u2019esercizio, <span class=\"_ _35\"> </span>in  fase <span class=\"_ _35\"> </span>di  FTA <span class=\"_ _35\"> </span>dell\u2019I<span class=\"_ _2\"></span>FRS <span class=\"_ _35\"> </span>9,  dell\u2019opzione <span class=\"_ _35\"> </span>opt-out, confermando  t<span class=\"_ _1\"></span>ale  scelta  fino <span class=\"_ _3d\"> </span>ad  o<span class=\"_ _1\"></span>ggi.  Alla  luce <span class=\"_ _3d\"> </span>di  tale <span class=\"_ _3d\"> </span>indicazione, <span class=\"_ _3d\"> </span>anche <span class=\"_ _3d\"> </span>per  le  Compagnie assicurative <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>operazioni <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>copertura <span class=\"_ _35\"> </span>continueranno <span class=\"_ _35\"> </span>ad <span class=\"_ _35\"> </span>essere <span class=\"_ _35\"> </span>gestite <span class=\"_ _35\"> </span>nel <span class=\"_ _35\"> </span>rispetto <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>quanto<span class=\"_ _3b\"></span> previsto dal Gruppo. Interazione t<span class=\"_ _1\"></span>ra IFRS 17 e IFRS 9 In <span class=\"_ _35\"> </span>alcuni <span class=\"_ _0\"></span>cas<span class=\"_ _1\"></span>i, <span class=\"_ _35\"> </span>l'interazione <span class=\"_ _35\"> </span>tra <span class=\"_ _35\"> </span>l'IFRS<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>17 <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>l'IFRS <span class=\"_ _0\"></span>9 <span class=\"_ _35\"> </span>pot<span class=\"_ _3a1\"> </span>rebbe <span class=\"_ _35\"> </span>generare <span class=\"_ _35\"> </span>mismatch <span class=\"_ _0\"> </span>cont<span class=\"_ _1\"></span>abili <span class=\"_ _35\"> </span>tra <span class=\"_ _35\"> </span>l<span class=\"_ _2\"></span>e modalit\u00e0  di  contabilizzazione  dei  contratti  di  assicu<span class=\"_ _2\"></span>razione  e  delle  attivit\u00e0  finanziarie  ad  essi<span class=\"_ _2\"></span> correlate.  Per <span class=\"_ _35\"> </span>ridurre<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>tali  mismatch,  l\u2019I<span class=\"_ _2\"></span>FRS  17  consente <span class=\"_ _35\"> </span>di  effettuare  una <span class=\"_ _35\"> </span>disaggregazione  dei<span class=\"_ _2\"></span> proventi <span class=\"_ _35\"> </span>ed  oneri<span class=\"_ _2\"></span>  fi<span class=\"_ _2\"></span>nanziari <span class=\"_ _35\"> </span>derivanti  d<span class=\"_ _2\"></span>a  cont<span class=\"_ _2\"></span>ratti  a<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>sicurativi <span class=\"_ _35\"> </span>tra  il<span class=\"_ _3b\"></span>  conto <span class=\"_ _35\"> </span>economico <span class=\"_ _35\"> </span>(risultato finanziario) <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>l\u2019Othe<span class=\"_ _1\"></span>r <span class=\"_ _0\"></span>Comprehensive <span class=\"_ _0\"></span>In<span class=\"_ _2\"></span>come <span class=\"_ _0\"></span>(OCI) <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>Pat<span class=\"_ _1\"></span>rimonio <span class=\"_ _0\"></span>Netto. <span class=\"_ _38\"></span>La <span class=\"_ _0\"></span>scelta <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>effettuare <span class=\"_ _38\"></span>la disaggregazione <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>fa<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ta <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>livello <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>por<span class=\"_ _2\"></span>tafoglio <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>contratti <span class=\"_ _0\"></span>as<span class=\"_ _2\"></span>sicurativi <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>deve <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>presa <span class=\"_ _38\"></span>in coerenza con il metodo di valutazione degli attivi. In particolare: <span class=\"_ _42\"> </span><span class=\"ff4\">per <span class=\"_ _0\"></span>quanto <span class=\"_ _0\"></span>riguarda <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>contratti <span class=\"_ _0\"></span>valutati <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>General <span class=\"_ _0\"></span>Model, <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>rivalutazione <span class=\"_ _0\"></span>finanziaria <span class=\"_ _0\"></span>dei </span>flussi <span class=\"_ _1\"></span>di cass<span class=\"_ _1\"></span>a futuri <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>del r<span class=\"_ _1\"></span>isk <span class=\"_ _1\"></span>adjustment a <span class=\"_ _1\"></span>tassi <span class=\"_ _1\"></span>storici <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>contabil<span class=\"_ _2\"></span>izzata <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>conto e<span class=\"_ _1\"></span>conomico, mentre la diff<span class=\"_ _2\"></span>erenza tra la <span class=\"_ _2\"></span>rivalutazione a tassi <span class=\"_ _2\"></span>storici e qu<span class=\"_ _2\"></span>elli correnti <span class=\"_ _2\"></span>\u00e8 contabilizzata a <span class=\"_ _3b\"></span>Ot<span class=\"_ _1\"></span>her Comprehensive Income; <span class=\"_ _42\"> </span><span class=\"ff4\">per <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>contratti <span class=\"_ _1\"></span>valutati <span class=\"_ _0\"></span>al <span class=\"_ _1\"></span>Variable <span class=\"_ _0\"></span>Fee <span class=\"_ _38\"></span>Approach, <span class=\"_ _38\"></span>l\u2019IFRS <span class=\"_ _38\"></span>17 <span class=\"_ _0\"></span>prevede <span class=\"_ _1\"></span>che <span class=\"_ _0\"></span>il <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>isultato <span class=\"_ _38\"></span>finanziario </span>dei <span class=\"_ _3d\"> </span>contratti <span class=\"_ _3d\"> </span>assicurativi <span class=\"_ _3d\"> </span>sia <span class=\"_ _37\"> </span>disaggregato <span class=\"_ _3d\"> </span>tra <span class=\"_ _3d\"> </span>conto <span class=\"_ _3d\"> </span>economico <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>Other <span class=\"_ _3d\"> </span>Comprehensive Income: <span class=\"_ _0\"></span>in <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>ostanza <span class=\"_ _0\"></span>viene <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>iclassificata <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>O<span class=\"_ _2\"></span>ther <span class=\"_ _0\"></span>Com<span class=\"_ _1\"></span>prehensive <span class=\"_ _0\"></span>Income <span class=\"_ _35\"> </span>la<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>differe<span class=\"_ _1\"></span>nza <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>il risultato <span class=\"_ _3d\"> </span>finanziario  dei  contratti  ass<span class=\"_ _1\"></span>icurativi  e  il  r<span class=\"_ _1\"></span>isultato  finanziario  a  conto  e<span class=\"_ _1\"></span>conomico derivante dag<span class=\"_ _2\"></span>li <span class=\"_ _3b\"></span>str<span class=\"_ _1\"></span>umenti <span class=\"_ _3b\"></span>finanziari s<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>ttostanti, <span class=\"_ _2\"></span>compresa <span class=\"_ _3b\"></span>la <span class=\"_ _2\"></span>variazione <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>expected credi<span class=\"_ _2\"></span>t lo<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>s rilevata nel periodo (c.d. Mirroring). Ai sens<span class=\"_ _1\"></span>i dell\u2019IFRS 9, <span class=\"_ _1\"></span>Credemvita ha <span class=\"_ _1\"></span>adottato <span class=\"_ _1\"></span>il business <span class=\"_ _1\"></span>model <span class=\"_ _1\"></span>Hold To Collect <span class=\"_ _1\"></span>and <span class=\"_ _1\"></span>Sell per <span class=\"_ _1\"></span>tutti gli strumenti  finanziari <span class=\"_ _35\"> </span>afferenti  i <span class=\"_ _35\"> </span>portafogli  delle  g<span class=\"_ _2\"></span>estioni  separate <span class=\"_ _35\"> </span>mentre  per  q<span class=\"_ _2\"></span>uelli  coll<span class=\"_ _2\"></span>egati  ai prodotti <span class=\"_ _1\"></span>linked <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>ai <span class=\"_ _1\"></span>fondi <span class=\"_ _1\"></span>pensione <span class=\"_ _1\"></span>aperti <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>adottato <span class=\"_ _1\"></span>il Busines<span class=\"_ _1\"></span>s Model <span class=\"_ _1\"></span>Ot<span class=\"_ _1\"></span>her <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>conseguente valutazione <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>impatto<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>conto <span class=\"_ _35\"> </span>economico. <span class=\"_ _35\"> </span>Limitatamente  a <span class=\"_ _35\"> </span>una <span class=\"_ _35\"> </span>par<span class=\"_ _2\"></span>te <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>titoli presenti nel portafoglio di propriet\u00e0 <span class=\"_ _1\"></span>Credemvita ha adottato il modello Hold To Collect. Si  evidenzia, <span class=\"_ _3d\"> </span>inoltre,  che <span class=\"_ _3d\"> </span>l\u2019introduzione  dell\u2019IFRS  17<span class=\"_ _1\"></span>  determina <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>venir  meno  de<span class=\"_ _1\"></span>l  trattamento, denominato <span class=\"_ _0\"></span>Shadow <span class=\"_ _38\"></span>Accounting, <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>visto <span class=\"_ _0\"></span>dall<span class=\"_ _2\"></span>\u2019IFRS <span class=\"_ _38\"></span>4, <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>app<span class=\"_ _2\"></span>rossimava <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>correlazione <span class=\"_ _0\"></span>tra <span class=\"_ _38\"></span>due valori <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>omogenei: <span class=\"_ _0\"></span>1) <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>valore <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>lla <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>iserva <span class=\"_ _35\"> </span>tecnica <span class=\"_ _0\"></span>relativa <span class=\"_ _35\"> </span>ai <span class=\"_ _35\"> </span>contratti <span class=\"_ _0\"></span>valutati <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>costo <span class=\"_ _35\"> </span>(c<span class=\"_ _3b\"></span>on partecipazione discrezionale agli utili) e 2) il valore dei re<span class=\"_ _1\"></span>lativi attivi val<span class=\"_ _2\"></span>utati al fair value. Il <span class=\"_ _3f\"> </span>principio <span class=\"_ _3f\"> </span>IFRS <span class=\"_ _39\"> </span>17<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>ha <span class=\"_ _3f\"> </span>introdotto <span class=\"_ _3f\"> </span>maggiore <span class=\"_ _39\"> </span>correlazione <span class=\"_ _3f\"> </span>tra <span class=\"_ _3f\"> </span>la <span class=\"_ _3f\"> </span>valutazione <span class=\"_ _3f\"> </span>delle <span class=\"_ _3f\"> </span>passivit<span class=\"_ _2\"></span>\u00e0 assicurative <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>gli <span class=\"_ _37\"> </span>investimenti <span class=\"_ _3d\"> </span>sottostant<span class=\"_ _1\"></span>i, <span class=\"_ _3d\"> </span>sia <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>periodi <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>aumento<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>dei <span class=\"_ _37\"> </span>valori <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>Fair <span class=\"_ _37\"> </span>Value (riduzione dei <span class=\"_ _1\"></span>tass<span class=\"_ _1\"></span>i di me<span class=\"_ _1\"></span>rcato) sia <span class=\"_ _1\"></span>in periodi <span class=\"_ _1\"></span>di riduzione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>valori <span class=\"_ _1\"></span>di fair <span class=\"_ _1\"></span>value (aumento <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>tassi di mercato). A parit\u00e0 d<span class=\"_ _2\"></span>i valore degli <span class=\"_ _3b\"></span>attivi, misurati in <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ntrambi i p<span class=\"_ _2\"></span>rincipi contab<span class=\"_ _2\"></span>ili al fai<span class=\"_ _2\"></span>r value, l\u2019IFRS<span class=\"_ _2\"></span> 17 introduce infatti <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>logica <span class=\"_ _38\"></span>forward <span class=\"_ _0\"></span>looking <span class=\"_ _38\"></span>anche <span class=\"_ _0\"></span>sui <span class=\"_ _38\"></span>passivi, <span class=\"_ _38\"></span>garantendo <span class=\"_ _0\"></span>pertanto <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>confron<span class=\"_ _2\"></span>to <span class=\"_ _0\"></span>omogene<span class=\"_ _2\"></span>o con <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>variazioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>degli <span class=\"_ _38\"></span>att<span class=\"_ _1\"></span>ivi, <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span>tanto <span class=\"_ _0\"></span>maggiormente <span class=\"_ _0\"></span>efficace <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>passato. Inoltre, <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>modello <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>misuraz<span class=\"_ _2\"></span>ione <span class=\"_ _0\"></span>VFA, <span class=\"_ _0\"></span>l\u2019ad<span class=\"_ _2\"></span>ozione <span class=\"_ _0\"></span>dell\u2019opzione <span class=\"_ _0\"></span>OCI <span class=\"_ _38\"></span>(c.d. <span class=\"_ _0\"></span>Mirroring), <span class=\"_ _0\"></span>comporta che <span class=\"_ _37\"> </span>t<span class=\"_ _1\"></span>ale <span class=\"_ _37\"> </span>maggiore <span class=\"_ _36\"> </span>correlazione <span class=\"_ _37\"> </span>ris<span class=\"_ _1\"></span>petto <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>quanto <span class=\"_ _37\"> </span>previsto <span class=\"_ _37\"> </span>dall\u2019IFRS <span class=\"_ _36\"> </span>4, <span class=\"_ _37\"> </span>venga <span class=\"_ _36\"> </span>contribuita <span class=\"_ _37\"> </span>al patrimonio netto. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-776": {
   "value": "LANCIO CONSOLIDA<span class=\"_ _3b\"></span>T<span class=\"_ _1\"></span>O \u2013 NOTA INTEGRA<span class=\"_ _2\"></span>TIVA<div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs7e2\">Benefici ai dipen<span class=\"_ _1\"></span>denti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7e3\">Si <span class=\"_ _0\"></span>definiscono <span class=\"_ _0\"></span>benefici <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>dipendenti <span class=\"_ _0\"></span>tut<span class=\"_ _1\"></span>ti <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>tipi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>remu<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7e4\">nerazione <span class=\"_ _0\"></span>erogati <span class=\"_ _0\"></span>dall\u2019azienda <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>cambio<span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7e5\">dell\u2019attivit\u00e0 lavorativa svolta dai dipendenti. I benefici ai dipendenti s<span class=\"_ _1\"></span>i suddividono tra: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs7e6\"><span class=\"_ _42\"> </span><span class=\"ff4\">benefici  a <span class=\"_ _3d\"> </span>breve  termine <span class=\"_ _3d\"> </span>(diversi  dai <span class=\"_ _3d\"> </span>benefici  dovuti <span class=\"_ _3d\"> </span>ai  dipendenti <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>la  cessazione <span class=\"_ _3d\"> </span>del </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7e7\">rapporto <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>lavor<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>dai <span class=\"_ _0\"></span>benefici <span class=\"_ _38\"></span>retributivi <span class=\"_ _0\"></span>sotto <span class=\"_ _0\"></span>forma <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>partecipazione <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>capitale) <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>si </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7e8\">prevede  di  liquidare  interam<span class=\"_ _1\"></span>ente  entro  dodici  mesi  dal <span class=\"_ _3d\"> </span>termine  dell\u2019esercizio  nel <span class=\"_ _3d\"> </span>quale  i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7e9\">dipendenti <span class=\"_ _0\"></span>hanno <span class=\"_ _0\"></span>pre<span class=\"_ _1\"></span>stato <span class=\"_ _35\"> </span>l\u2019atti<span class=\"_ _2\"></span>vit\u00e0 <span class=\"_ _0\"></span>lavorat<span class=\"_ _1\"></span>iva <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>rilevati <span class=\"_ _0\"></span>interamente <span class=\"_ _35\"> </span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>conto <span class=\"_ _35\"> </span>economico <span class=\"_ _0\"></span>al </div>momento <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>maturazione <span class=\"_ _1\"></span>(rientrano <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ale categor<span class=\"_ _1\"></span>ia, <span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>esempio, i <span class=\"_ _1\"></span>salar<span class=\"_ _1\"></span>i, gli <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ipendi e <span class=\"_ _38\"></span>le prestazioni \u201cstraordinarie\u201d); <span class=\"_ _42\"> </span><span class=\"ff4\">benefici successivi al rapporto di lavoro <span class=\"_ _1\"></span>dovuti dopo la conclusione del rapporto di lavoro che </span>obbligano <span class=\"_ _3b\"></span>l\u2019impres<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>ad <span class=\"_ _3b\"></span>un\u2019ero<span class=\"_ _1\"></span>gazione <span class=\"_ _3b\"></span>futura nei<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>confronti <span class=\"_ _3b\"></span>dei dipendenti. <span class=\"_ _3b\"></span>Tra q<span class=\"_ _2\"></span>uesti, <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ientrano il <span class=\"_ _0\"></span>trattamento <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>fine <span class=\"_ _0\"></span>rapporto <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>fondi <span class=\"_ _0\"></span>pensione <span class=\"_ _0\"></span>che, <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>loro <span class=\"_ _0\"></span>volta <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>suddividono <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>pi<span class=\"_ _2\"></span>ani <span class=\"_ _0\"></span>a<span class=\"_ _3a1\"> </span>contribuzione definita e piani a benefici definiti o fondi di quiescenza aziendale; <span class=\"_ _42\"> </span><span class=\"ff4\">benefici a <span class=\"_ _1\"></span>lungo termine, diversi dai <span class=\"_ _1\"></span>precedenti, che <span class=\"_ _1\"></span>non si prevede <span class=\"_ _1\"></span>siano estinti interamente </span>entro i<span class=\"_ _3b\"></span> dodic<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>mesi <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>uccessivi <span class=\"_ _3b\"></span>al t<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>mine d<span class=\"_ _2\"></span>ell\u2019esercizio <span class=\"_ _3b\"></span>in cu<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>i dipendenti <span class=\"_ _3b\"></span>hanno <span class=\"_ _2\"></span>svolto <span class=\"_ _2\"></span>le <span class=\"_ _3b\"></span>proprie prestazioni <span class=\"_ _37\"> </span>lavorative. <span class=\"_ _37\"> </span>Il <span class=\"_ _37\"> </span>costo <span class=\"_ _37\"> </span>\u00e8 <span class=\"_ _37\"> </span>allocato <span class=\"_ _37\"> </span>sul <span class=\"_ _37\"> </span>periodo <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>servizio <span class=\"_ _3d\"> </span>lavorat<span class=\"_ _1\"></span>ivo <span class=\"_ _37\"> </span>prestato <span class=\"_ _37\"> </span>dal beneficiario <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>b<span class=\"_ _2\"></span>ase <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>valore <span class=\"_ _0\"></span>attuariale <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>terminato <span class=\"_ _0\"></span>utilizzand<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>metodo <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _0\"></span>\u201cProiezione Unitaria del Credito\u201d. Gli utili e perdite attuar<span class=\"_ _1\"></span>iali sono rilevate a conto economico. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-742": {
   "value": "<div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs7c7\">Azioni proprie </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7c8\">Le <span class=\"_ _3b\"></span>event<span class=\"_ _1\"></span>uali <span class=\"_ _3b\"></span>azioni p<span class=\"_ _2\"></span>roprie <span class=\"_ _2\"></span>detenute <span class=\"_ _3b\"></span>sono p<span class=\"_ _2\"></span>ortate <span class=\"_ _3b\"></span>in riduz<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7c9\">ione <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>patrimonio n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>tto. <span class=\"_ _2\"></span>Analogamente, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7ca\">il <span class=\"_ _0\"></span>costo <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>riginario <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>stesse <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>gli<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>utili <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span>dite <span class=\"_ _0\"></span>de<span class=\"_ _2\"></span>rivanti <span class=\"_ _0\"></span>dalla <span class=\"_ _38\"></span>lor<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>successiva <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>endita <span class=\"_ _0\"></span>sono </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7cb\">rilevati come movimenti del patrimonio netto<span class=\"_ _1\"></span>.<span class=\"_ _3a1\"> </span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-744": {
   "value": "Trattame<span class=\"_ _1\"></span>nto di fine rapporto de<span class=\"_ _1\"></span>l personale<span class=\"_ _3a1\"> </span>Il <span class=\"_ _38\"></span>trattame<span class=\"_ _1\"></span>nto <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>fine <span class=\"_ _38\"></span>rapport<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>si <span class=\"_ _38\"></span>configura <span class=\"_ _38\"></span>come<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>\u201c<span class=\"_ _1\"></span>bene<span class=\"_ _3a1\"> </span>ficio <span class=\"_ _1\"></span>succes<span class=\"_ _1\"></span>sivo <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>apporto <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>lavoro\u201d<span class=\"_ _3a1\"> </span>classificato come:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">\u201cpiano <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>contribuzione <span class=\"_ _0\"></span>definita\u201d <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>quote <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>rattamento <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>fine <span class=\"_ _0\"></span>rapporto <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>personale<span class=\"_ _3a1\"> </span></span>maturande <span class=\"_ _36\"> </span>a <span class=\"_ _37\"> </span>partire <span class=\"_ _36\"> </span>dal <span class=\"_ _37\"> </span>1\u00b0 <span class=\"_ _36\"> </span>gennaio <span class=\"_ _37\"> </span>2007 <span class=\"_ _36\"> </span>(data <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>entrata <span class=\"_ _36\"> </span>in <span class=\"_ _37\"> </span>vigore <span class=\"_ _37\"> </span>della <span class=\"_ _36\"> </span>riforma <span class=\"_ _36\"> </span>della<span class=\"_ _3a1\"> </span>previdenza compleme<span class=\"_ _1\"></span>ntare di cui al <span class=\"_ _1\"></span>Decreto <span class=\"_ _1\"></span>Legislativo 5 dicembre <span class=\"_ _1\"></span>2005 n. 252) <span class=\"_ _1\"></span>sia nel <span class=\"_ _1\"></span>caso<span class=\"_ _3a1\"> </span>di <span class=\"_ _37\"> </span>opzione <span class=\"_ _36\"> </span>da <span class=\"_ _37\"> </span>parte <span class=\"_ _36\"> </span>del <span class=\"_ _37\"> </span>dipendente <span class=\"_ _36\"> </span>per <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>pre<span class=\"_ _1\"></span>videnza <span class=\"_ _37\"> </span>complementare<span class=\"_ _1\"></span>, <span class=\"_ _37\"> </span>sia <span class=\"_ _37\"> </span>ne<span class=\"_ _1\"></span>l <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>di<span class=\"_ _3a1\"> </span>destinazione <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>fondo <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Tesoreria <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>sso <span class=\"_ _38\"></span>l\u2019INPS. <span class=\"_ _38\"></span>Pe<span class=\"_ _1\"></span>r <span class=\"_ _38\"></span>tali <span class=\"_ _38\"></span>quote<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>l\u2019importo <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>abilizzato <span class=\"_ _38\"></span>tra <span class=\"_ _38\"></span>i<span class=\"_ _3a1\"> </span>costi  del<span class=\"_ _3b\"></span>  personale <span class=\"_ _35\"> </span>\u00e8  d<span class=\"_ _2\"></span>eterminato <span class=\"_ _35\"> </span>sulla  base <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>contributi  d<span class=\"_ _2\"></span>ovuti <span class=\"_ _35\"> </span>se<span class=\"_ _1\"></span>nza <span class=\"_ _35\"> </span>l\u2019applicazione <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span>metodologie di calcolo attuariali;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">\u201cpiano a <span class=\"_ _3b\"></span>benefici definiti\u201d e <span class=\"_ _3b\"></span>pertanto \u00e8 isc<span class=\"_ _2\"></span>ritto sulla <span class=\"_ _3b\"></span>base<span class=\"_ _1\"></span> del <span class=\"_ _3b\"></span>suo valore a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tuariale determinato<span class=\"_ _3a1\"> </span></span>utilizzando <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>me<span class=\"_ _1\"></span>todo <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>lla <span class=\"_ _1\"></span>\u201cProiezione <span class=\"_ _38\"></span>Unitaria <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>Credito\u201d, <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>cui <span class=\"_ _1\"></span>dett<span class=\"_ _1\"></span>agli <span class=\"_ _1\"></span>si <span class=\"_ _38\"></span>rimanda <span class=\"_ _38\"></span>alla<span class=\"_ _3a1\"> </span>Sezione 9 della parte B di Nota Integr<span class=\"_ _1\"></span>ativa.<span class=\"_ _3a1\"> </span>Tali <span class=\"_ _35\"> </span>quote  riferite <span class=\"_ _35\"> </span>al  p<span class=\"_ _2\"></span>iano <span class=\"_ _35\"> </span>a  be<span class=\"_ _2\"></span>nefici <span class=\"_ _35\"> </span>definiti  sono <span class=\"_ _35\"> </span>iscritte  sul<span class=\"_ _2\"></span>la  b<span class=\"_ _2\"></span>ase <span class=\"_ _35\"> </span>del  loro <span class=\"_ _35\"> </span>valore  a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tuariale<span class=\"_ _3a1\"> </span>determinato <span class=\"_ _0\"></span>utili<span class=\"_ _2\"></span>zzando <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>me<span class=\"_ _1\"></span>todo <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>\u201cP<span class=\"_ _1\"></span>roiezione <span class=\"_ _38\"></span>Unitaria <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _38\"></span>Credito\u201d, <span class=\"_ _38\"></span>senza <span class=\"_ _0\"></span>appl<span class=\"_ _2\"></span>icazione <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _3a1\"> </span>pro-rata <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>servizio <span class=\"_ _38\"></span>prestato <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>quanto <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>costo <span class=\"_ _0\"></span>previdenziale <span class=\"_ _38\"></span>(\u201ccurr<span class=\"_ _1\"></span>ent <span class=\"_ _0\"></span>service <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>st\u201d) <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>TFR <span class=\"_ _38\"></span>\u00e8<span class=\"_ _3a1\"> </span>quasi <span class=\"_ _1\"></span>interamente <span class=\"_ _38\"></span>maturato <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>rivalutazione <span class=\"_ _1\"></span>dello <span class=\"_ _1\"></span>stesso<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>anni <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>venire, <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>si <span class=\"_ _1\"></span>ritiene <span class=\"_ _1\"></span>dia<span class=\"_ _3a1\"> </span>luogo a significativi benefici per i dip<span class=\"_ _2\"></span>endenti.<span class=\"_ _3a1\"> </span>Ai <span class=\"_ _3d\"> </span>fini <span class=\"_ _3d\"> </span>dell'attualizzazione, <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>tasso<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>utilizzato <span class=\"_ _3d\"> </span>\u00e8 <span class=\"_ _3d\"> </span>determinato <span class=\"_ _3d\"> </span>con <span class=\"_ _3d\"> </span>riferimento <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>re<span class=\"_ _1\"></span>ndimento  di<span class=\"_ _3a1\"> </span>mercato <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>obbligazioni <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>aziende <span class=\"_ _3d\"> </span>pr<span class=\"_ _1\"></span>imarie <span class=\"_ _3d\"> </span>tenendo <span class=\"_ _3d\"> </span>conto <span class=\"_ _3d\"> </span>della <span class=\"_ _3d\"> </span>durata <span class=\"_ _3d\"> </span>media <span class=\"_ _3d\"> </span>residua <span class=\"_ _3d\"> </span>della<span class=\"_ _3a1\"> </span>passivit\u00e0, <span class=\"_ _3d\"> </span>ponderat<span class=\"_ _1\"></span>a <span class=\"_ _3d\"> </span>in <span class=\"_ _37\"> </span>base <span class=\"_ _3d\"> </span>alla <span class=\"_ _3d\"> </span>percentuale <span class=\"_ _37\"> </span>dell'importo <span class=\"_ _3d\"> </span>pagato <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>anticipato, <span class=\"_ _3d\"> </span>per <span class=\"_ _37\"> </span>ciascuna<span class=\"_ _3a1\"> </span>scadenza, rispetto <span class=\"_ _3b\"></span>al <span class=\"_ _2\"></span>totale da<span class=\"_ _2\"></span> p<span class=\"_ _3b\"></span>agar<span class=\"_ _1\"></span>e e<span class=\"_ _2\"></span> anticip<span class=\"_ _2\"></span>are fino<span class=\"_ _2\"></span> all'estinzione <span class=\"_ _3b\"></span>finale dell\u2019i<span class=\"_ _2\"></span>ntera obblig<span class=\"_ _2\"></span>azione.<span class=\"_ _3a1\"> </span>I <span class=\"_ _3b\"></span>cos<span class=\"_ _1\"></span>ti <span class=\"_ _2\"></span>per <span class=\"_ _3b\"></span>il <span class=\"_ _2\"></span>servizio <span class=\"_ _3b\"></span>del piano <span class=\"_ _3b\"></span>sono <span class=\"_ _3b\"></span>contabilizzati tra <span class=\"_ _3b\"></span>i <span class=\"_ _3b\"></span>costi d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>personale, <span class=\"_ _3b\"></span>mentre g<span class=\"_ _2\"></span>li <span class=\"_ _3b\"></span>utili e <span class=\"_ _3b\"></span>le <span class=\"_ _2\"></span>perdite<span class=\"_ _3a1\"> </span>attuariali sono rilevati nel prospetto della redditivit\u00e0 complessiva.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-743": {
   "value": "<div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs7cd\">Pagamenti basat<span class=\"_ _1\"></span>i su azioni </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7ce\">I <span class=\"_ _0\"></span>piani <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>remuner<span class=\"_ _1\"></span>azione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>personale <span class=\"_ _0\"></span>basati <span class=\"_ _0\"></span>su <span class=\"_ _38\"></span>azi</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7cf\">o<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7d0\">n</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7d1\">i<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7d2\">,<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7d3\">c<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7d4\">he <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>regolate <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>azioni <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>per </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7d5\">cassa, <span class=\"_ _0\"></span>vengono<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>rilevati <span class=\"_ _38\"></span>nel <span class=\"_ _0\"></span>con<span class=\"_ _3b\"></span>to <span class=\"_ _0\"></span>economico, <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>corrispondente <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>cremento <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>patrimonio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7d6\">netto, <span class=\"_ _3d\"> </span>sulla  base <span class=\"_ _3d\"> </span>del  fair <span class=\"_ _3d\"> </span>value  degli <span class=\"_ _3d\"> </span>strumenti  finanziari <span class=\"_ _3d\"> </span>attribuiti  alla <span class=\"_ _3d\"> </span>data <span class=\"_ _3d\"> </span>di  assegnazione, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7d7\">suddividendo l\u2019onere lungo il periodo previsto dal piano. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7d8\">In <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>senza <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>opzioni, <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _38\"></span>delle <span class=\"_ _1\"></span>stesse <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>calcolato <span class=\"_ _38\"></span>utilizzando <span class=\"_ _1\"></span>un <span class=\"_ _38\"></span>modello <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>considera, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7d9\">oltre ad informazioni qu<span class=\"_ _2\"></span>ali il prezzo di esercizio e la vita d<span class=\"_ _2\"></span>ell\u2019opzione, il <span class=\"_ _2\"></span>prezzo corrente delle azioni </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7da\">e <span class=\"_ _1\"></span>la lor<span class=\"_ _1\"></span>o volat<span class=\"_ _1\"></span>ilit\u00e0 <span class=\"_ _1\"></span>attesa, i <span class=\"_ _1\"></span>dividendi at<span class=\"_ _1\"></span>tesi e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>il tas<span class=\"_ _1\"></span>so <span class=\"_ _1\"></span>di interesse <span class=\"_ _1\"></span>risk-free, <span class=\"_ _1\"></span>anche <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>caratteristiche </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7db\">specifiche  del <span class=\"_ _3d\"> </span>piano <span class=\"_ _3d\"> </span>in  e<span class=\"_ _1\"></span>ssere.  N<span class=\"_ _1\"></span>el <span class=\"_ _3d\"> </span>modello  di <span class=\"_ _3d\"> </span>valorizzazione  sono <span class=\"_ _3d\"> </span>valutate <span class=\"_ _3d\"> </span>in  m<span class=\"_ _1\"></span>odo  distinto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7dc\">l\u2019opzione <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>probabi<span class=\"_ _2\"></span>lit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>rea<span class=\"_ _1\"></span>lizzazi<span class=\"_ _2\"></span>one <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>condi<span class=\"_ _2\"></span>zioni <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>base<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>alle <span class=\"_ _0\"></span>quali <span class=\"_ _0\"></span>le<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>opzioni <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _0\"></span>state </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7dd\">assegnate. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7de\">La combinazione dei due valori fornisce <span class=\"_ _1\"></span>il fair value dello strumento assegnato. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7df\">L\u2019eventuale <span class=\"_ _3f\"> </span>riduzione <span class=\"_ _3f\"> </span>del <span class=\"_ _39\"> </span>numer<span class=\"_ _1\"></span>o <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>strument<span class=\"_ _1\"></span>i <span class=\"_ _39\"> </span>finanziari <span class=\"_ _3f\"> </span>asse<span class=\"_ _1\"></span>gnati <span class=\"_ _3f\"> </span>\u00e8 <span class=\"_ _39\"> </span>contabilizzata <span class=\"_ _3f\"> </span>come </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs7e0\">cancellazione di una parte degli stessi. </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-878": {
   "value": "Riconoscimento <span class=\"_ _1\"></span>dei ricavi e dei costi Il Gruppo rileva <span class=\"_ _2\"></span>i ricavi per un importo che riflette il <span class=\"_ _3b\"></span>c<span class=\"_ _3a1\"> </span>orrispettivo a cui <span class=\"_ _2\"></span>l\u2019entit\u00e0 ritie<span class=\"_ _1\"></span>ne di <span class=\"_ _2\"></span>avere diritto in cambio del trasferimento di merci o servizi al cliente. L\u2019IFRS <span class=\"_ _35\"> </span>15  -Ric<span class=\"_ _2\"></span>avi <span class=\"_ _35\"> </span>da  contratti <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>clienti,  ha <span class=\"_ _35\"> </span>sostituito <span class=\"_ _35\"> </span>lo  I<span class=\"_ _2\"></span>AS <span class=\"_ _35\"> </span>18  \u2013 <span class=\"_ _35\"> </span>Ricavi, <span class=\"_ _35\"> </span>lo <span class=\"_ _35\"> </span>IAS  11 <span class=\"_ _35\"> </span>\u2013 <span class=\"_ _35\"> </span>Lavori <span class=\"_ _35\"> </span>su ordinazione, nonch\u00e9 le interpretazioni Sic 31, IFRIC 13 e <span class=\"_ _1\"></span>IFRIC 15. Il <span class=\"_ _2\"></span>principio stabilisce <span class=\"_ _3b\"></span>un modello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riconoscimento dei <span class=\"_ _2\"></span>ricavi, <span class=\"_ _2\"></span>si a<span class=\"_ _2\"></span>pplica a <span class=\"_ _3b\"></span>tutt<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span>i contrat<span class=\"_ _2\"></span>ti con <span class=\"_ _3b\"></span>clienti, eccezion <span class=\"_ _38\"></span>fatta <span class=\"_ _0\"></span>pe<span class=\"_ _2\"></span>r <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span>tratti <span class=\"_ _0\"></span>ch<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>rientrano <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>ll\u2019ambito <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>applicazione <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>IFRS <span class=\"_ _38\"></span>4<span class=\"_ _1\"></span>, <span class=\"_ _38\"></span>IFRS <span class=\"_ _38\"></span>9, <span class=\"_ _0\"></span>IFRS<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>16, quindi <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>contratti <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>ssicurativi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>p<span class=\"_ _3b\"></span>er <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>strumenti <span class=\"_ _38\"></span>finanziari <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>ratti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>lea<span class=\"_ _2\"></span>sing. <span class=\"_ _0\"></span>Il <span class=\"_ _38\"></span>principio introduce un m<span class=\"_ _2\"></span>odello in <span class=\"_ _2\"></span>cinque f<span class=\"_ _2\"></span>asi che si<span class=\"_ _3b\"></span> applica nella fase<span class=\"_ _2\"></span> di co<span class=\"_ _3b\"></span>nt<span class=\"_ _1\"></span>abilizzazione dei <span class=\"_ _2\"></span>ricavi derivanti da contratti con i clienti:  <span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019identificazione del contratto con il cliente; </span><span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019identificazione delle performance obligation del contratto; </span><span class=\"_ _42\"> </span><span class=\"ff4\">la determinazione del prezzo; </span><span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019allocazione del prezzo alle performance obligation del contratto; </span><span class=\"_ _42\"> </span><span class=\"ff4\">i criteri di iscrizione del ricavo quando l\u2019entit\u00e0 soddisfa ciascuna perform<span class=\"_ _1\"></span>ance obligation. </span>Il <span class=\"_ _1\"></span>principio <span class=\"_ _1\"></span>compor<span class=\"_ _1\"></span>ta <span class=\"_ _1\"></span>l\u2019es<span class=\"_ _1\"></span>ercizio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>un <span class=\"_ _38\"></span>giudizio <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>parte<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>entit\u00e0, <span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>prenda <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>considera<span class=\"_ _1\"></span>zione tutti i<span class=\"_ _3b\"></span> fatti <span class=\"_ _3b\"></span>e <span class=\"_ _3b\"></span>le c<span class=\"_ _2\"></span>ircostanze <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevanti <span class=\"_ _3b\"></span>ne<span class=\"_ _1\"></span>ll\u2019applicazione <span class=\"_ _3b\"></span>di ogn<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>fase del <span class=\"_ _3b\"></span>modello <span class=\"_ _3b\"></span>ai con<span class=\"_ _2\"></span>tratti <span class=\"_ _2\"></span>con <span class=\"_ _3b\"></span>i p<span class=\"_ _2\"></span>ropri clienti. I<span class=\"_ _2\"></span>l p<span class=\"_ _2\"></span>rincipio specifica <span class=\"_ _3b\"></span>inoltr<span class=\"_ _1\"></span>e la <span class=\"_ _3b\"></span>cont<span class=\"_ _1\"></span>abilizzazione <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>i c<span class=\"_ _2\"></span>osti incrementali <span class=\"_ _3b\"></span>legat<span class=\"_ _1\"></span>i all<span class=\"_ _2\"></span>\u2019ottenimento di <span class=\"_ _2\"></span>un contratto e <span class=\"_ _2\"></span>dei costi <span class=\"_ _3b\"></span>direttamente<span class=\"_ _1\"></span> l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>gati al <span class=\"_ _3b\"></span>complet<span class=\"_ _1\"></span>amento d<span class=\"_ _2\"></span>i u<span class=\"_ _2\"></span>n contratto. Il <span class=\"_ _3b\"></span>Gruppo esercita un <span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>udizio <span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>prende <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>consider<span class=\"_ _1\"></span>azione <span class=\"_ _38\"></span>tutti <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>fatti <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>circostanze <span class=\"_ _38\"></span>rilevanti <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>ll\u2019applicazione <span class=\"_ _38\"></span>ai contratti con i propri clienti di ogni fase del modello a <span class=\"_ _1\"></span>cinque fasi introdotto dall\u2019IFRS 15. I ricavi possono essere riconosciuti: <span class=\"_ _42\"> </span><span class=\"ff4\">in <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>momento <span class=\"_ _38\"></span>preciso, <span class=\"_ _1\"></span>quando <span class=\"_ _1\"></span>l\u2019entit\u00e0 <span class=\"_ _38\"></span>adempie <span class=\"_ _1\"></span>l\u2019obbligazione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fare <span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>asferendo <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>cliente </span>il bene o servizio promesso, o <span class=\"_ _42\"> </span><span class=\"ff4\">nel <span class=\"_ _1\"></span>corso <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>empo, <span class=\"_ _1\"></span>mano <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>mano <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>l\u2019entit<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _1\"></span>adempie <span class=\"_ _1\"></span>l\u2019obbligazione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>fare <span class=\"_ _1\"></span>trasferendo <span class=\"_ _1\"></span>al </span>cliente il bene o servizio promesso. Il bene \u00e8 trasferito quando, o nel corso del <span class=\"_ _1\"></span>periodo in cui, il cliente ne acquisisce il controllo. In particolare: <span class=\"_ _42\"> </span><span class=\"ff4\">per gli strumenti finanzi<span class=\"_ _2\"></span>ari classificati HTC e HT<span class=\"_ _2\"></span>CS, gli interessi corrispettivi sono riconosciuti </span>pro <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ata t<span class=\"_ _1\"></span>emporis <span class=\"_ _1\"></span>sulla <span class=\"_ _1\"></span>base<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>tas<span class=\"_ _1\"></span>so <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>interesse <span class=\"_ _38\"></span>contrattuale <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>quello <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ffettivo <span class=\"_ _1\"></span>nel <span class=\"_ _38\"></span>caso di <span class=\"_ _35\"> </span>applicazione  del <span class=\"_ _35\"> </span>costo  amm<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>rtizzato.  La <span class=\"_ _35\"> </span>voce <span class=\"_ _35\"> </span>interessi  a<span class=\"_ _2\"></span>ttivi <span class=\"_ _35\"> </span>(ovvero  interessi <span class=\"_ _35\"> </span>passivi) comprende <span class=\"_ _35\"> </span>anche <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>differenziali <span class=\"_ _0\"></span>o <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>margini, <span class=\"_ _0\"> </span>pos<span class=\"_ _1\"></span>itivi <span class=\"_ _0\"></span>(o <span class=\"_ _35\"> </span>negativi), <span class=\"_ _35\"> </span>maturati <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>ino <span class=\"_ _0\"></span>alla <span class=\"_ _35\"> </span>data <span class=\"_ _0\"></span>di riferimento del bilancio, relativi a contr<span class=\"_ _1\"></span>atti derivati finanziari: o <span class=\"ff4\">di copertura di attivit\u00e0 e passivit\u00e0 che generano <span class=\"_ _3b\"></span>inter<span class=\"_ _1\"></span>essi; </span>o <span class=\"ff4\">classificati <span class=\"_ _35\"> </span>nello <span class=\"_ _0\"></span>Stato <span class=\"_ _35\"> </span>Patrimoniale <span class=\"_ _0\"></span>nel <span class=\"_ _35\"> </span>portafoglio <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>negoziazione, <span class=\"_ _35\"> </span>ma <span class=\"_ _0\"></span>gest<span class=\"_ _1\"></span>ionalmente </span>collegati ad attivit\u00e0 e/o passivit\u00e0 finanziarie valutate <span class=\"_ _1\"></span>al fair value (fair valu<span class=\"_ _2\"></span>e option); o <span class=\"ff4\">connessi <span class=\"_ _43\"> </span>gestionalmente <span class=\"_ _69\"> </span>con <span class=\"_ _69\"> </span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _69\"> </span>e <span class=\"_ _43\"> </span>passivit\u00e0 <span class=\"_ _69\"> </span>class<span class=\"_ _1\"></span>ificate <span class=\"_ _69\"> </span>nel <span class=\"_ _43\"> </span>portafoglio <span class=\"_ _69\"> </span>di </span>negoziazione e che prevedono la liquidazione di differenziali o di mar<span class=\"_ _1\"></span>gini a pi\u00f9 <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>cadenze; <span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _38\"></span>interes<span class=\"_ _1\"></span>si <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>mo<span class=\"_ _1\"></span>ra, <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>ventualmente <span class=\"_ _38\"></span>previsti <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>via <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>rattuale, <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>contabilizzati <span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>Conto<span class=\"_ _3a1\"> </span></span>Economico solo al momento del loro effettivo incasso; <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _1\"></span>dividendi <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>rilevati <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Co<span class=\"_ _1\"></span>nto Econom<span class=\"_ _1\"></span>ico <span class=\"_ _1\"></span>nel <span class=\"_ _38\"></span>corso <span class=\"_ _1\"></span>dell\u2019esercizio <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>viene <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>liberata<span class=\"_ _3a1\"> </span></span>la distribuzione; <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _39\"> </span>commissioni <span class=\"_ _36\"> </span>per <span class=\"_ _39\"> </span>ricavi <span class=\"_ _39\"> </span>da <span class=\"_ _36\"> </span>ser<span class=\"_ _1\"></span>vizi <span class=\"_ _36\"> </span>sono <span class=\"_ _39\"> </span>iscritte, <span class=\"_ _39\"> </span>sulla <span class=\"_ _36\"> </span>base <span class=\"_ _39\"> </span>dell\u2019esistenza <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>accordi </span>contrattuali, nel <span class=\"_ _1\"></span>periodo in <span class=\"_ _1\"></span>cui i ser<span class=\"_ _1\"></span>vizi stessi sono <span class=\"_ _1\"></span>stati prest<span class=\"_ _1\"></span>ati. Le commissioni <span class=\"_ _1\"></span>considerate nel <span class=\"_ _35\"> </span>costo <span class=\"_ _35\"> </span>ammortizzato <span class=\"_ _35\"> </span>ai <span class=\"_ _35\"> </span>fini <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>determinazione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>tasso <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>interesse <span class=\"_ _35\"> </span>effettivo, <span class=\"_ _35\"> </span>sono rilevate tra gli interessi; <span class=\"_ _42\"> </span><span class=\"ff4\">gli utili<span class=\"_ _2\"></span> e perdite d<span class=\"_ _2\"></span>erivanti dalla n<span class=\"_ _2\"></span>egoziazione di strumenti f<span class=\"_ _2\"></span>inanziari sono <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iconosciuti al Con<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>o </span>Economico <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>mo<span class=\"_ _1\"></span>mento <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>perfezionamento <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>vendita, <span class=\"_ _1\"></span>sulla <span class=\"_ _0\"></span>base <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>differenza <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra <span class=\"_ _38\"></span>il corrispettivo pagato o incassato ed il valore di iscr<span class=\"_ _1\"></span>izione degli strumenti stessi; <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>icavi <span class=\"_ _36\"> </span>derivanti <span class=\"_ _39\"> </span>dalla <span class=\"_ _36\"> </span>vendita <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>attivit\u00e0 <span class=\"_ _39\"> </span>non <span class=\"_ _39\"> </span>finanziarie <span class=\"_ _36\"> </span>sono <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>ilevati <span class=\"_ _36\"> </span>al <span class=\"_ _39\"> </span>momento <span class=\"_ _36\"> </span>de<span class=\"_ _1\"></span>l </span>perfezionamento <span class=\"_ _3f\"> </span>della <span class=\"_ _39\"> </span>vendita, <span class=\"_ _39\"> </span>ovvero <span class=\"_ _39\"> </span>quando <span class=\"_ _39\"> </span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>adempiuta <span class=\"_ _39\"> </span>l\u2019obbligazione <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>fare <span class=\"_ _39\"> </span>ne<span class=\"_ _1\"></span>i confronti del cliente.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-852": {
   "value": "Riconoscimento <span class=\"_ _1\"></span>dei ricavi e dei costi Il Gruppo rileva <span class=\"_ _2\"></span>i ricavi per un importo che riflette il <span class=\"_ _3b\"></span>c<span class=\"_ _3a1\"> </span>orrispettivo a cui <span class=\"_ _2\"></span>l\u2019entit\u00e0 ritie<span class=\"_ _1\"></span>ne di <span class=\"_ _2\"></span>avere diritto in cambio del trasferimento di merci o servizi al cliente. L\u2019IFRS <span class=\"_ _35\"> </span>15  -Ric<span class=\"_ _2\"></span>avi <span class=\"_ _35\"> </span>da  contratti <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>clienti,  ha <span class=\"_ _35\"> </span>sostituito <span class=\"_ _35\"> </span>lo  I<span class=\"_ _2\"></span>AS <span class=\"_ _35\"> </span>18  \u2013 <span class=\"_ _35\"> </span>Ricavi, <span class=\"_ _35\"> </span>lo <span class=\"_ _35\"> </span>IAS  11 <span class=\"_ _35\"> </span>\u2013 <span class=\"_ _35\"> </span>Lavori <span class=\"_ _35\"> </span>su ordinazione, nonch\u00e9 le interpretazioni Sic 31, IFRIC 13 e <span class=\"_ _1\"></span>IFRIC 15. Il <span class=\"_ _2\"></span>principio stabilisce <span class=\"_ _3b\"></span>un modello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riconoscimento dei <span class=\"_ _2\"></span>ricavi, <span class=\"_ _2\"></span>si a<span class=\"_ _2\"></span>pplica a <span class=\"_ _3b\"></span>tutt<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span>i contrat<span class=\"_ _2\"></span>ti con <span class=\"_ _3b\"></span>clienti, eccezion <span class=\"_ _38\"></span>fatta <span class=\"_ _0\"></span>pe<span class=\"_ _2\"></span>r <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span>tratti <span class=\"_ _0\"></span>ch<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>rientrano <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>ll\u2019ambito <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>applicazione <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>IFRS <span class=\"_ _38\"></span>4<span class=\"_ _1\"></span>, <span class=\"_ _38\"></span>IFRS <span class=\"_ _38\"></span>9, <span class=\"_ _0\"></span>IFRS<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>16, quindi <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>contratti <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>ssicurativi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>p<span class=\"_ _3b\"></span>er <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>strumenti <span class=\"_ _38\"></span>finanziari <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>ratti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>lea<span class=\"_ _2\"></span>sing. <span class=\"_ _0\"></span>Il <span class=\"_ _38\"></span>principio introduce un m<span class=\"_ _2\"></span>odello in <span class=\"_ _2\"></span>cinque f<span class=\"_ _2\"></span>asi che si<span class=\"_ _3b\"></span> applica nella fase<span class=\"_ _2\"></span> di co<span class=\"_ _3b\"></span>nt<span class=\"_ _1\"></span>abilizzazione dei <span class=\"_ _2\"></span>ricavi derivanti da contratti con i clienti:  <span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019identificazione del contratto con il cliente; </span><span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019identificazione delle performance obligation del contratto; </span><span class=\"_ _42\"> </span><span class=\"ff4\">la determinazione del prezzo; </span><span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019allocazione del prezzo alle performance obligation del contratto; </span><span class=\"_ _42\"> </span><span class=\"ff4\">i criteri di iscrizione del ricavo quando l\u2019entit\u00e0 soddisfa ciascuna perform<span class=\"_ _1\"></span>ance obligation. </span>Il <span class=\"_ _1\"></span>principio <span class=\"_ _1\"></span>compor<span class=\"_ _1\"></span>ta <span class=\"_ _1\"></span>l\u2019es<span class=\"_ _1\"></span>ercizio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>un <span class=\"_ _38\"></span>giudizio <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>parte<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>entit\u00e0, <span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>prenda <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>considera<span class=\"_ _1\"></span>zione tutti i<span class=\"_ _3b\"></span> fatti <span class=\"_ _3b\"></span>e <span class=\"_ _3b\"></span>le c<span class=\"_ _2\"></span>ircostanze <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevanti <span class=\"_ _3b\"></span>ne<span class=\"_ _1\"></span>ll\u2019applicazione <span class=\"_ _3b\"></span>di ogn<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>fase del <span class=\"_ _3b\"></span>modello <span class=\"_ _3b\"></span>ai con<span class=\"_ _2\"></span>tratti <span class=\"_ _2\"></span>con <span class=\"_ _3b\"></span>i p<span class=\"_ _2\"></span>ropri clienti. I<span class=\"_ _2\"></span>l p<span class=\"_ _2\"></span>rincipio specifica <span class=\"_ _3b\"></span>inoltr<span class=\"_ _1\"></span>e la <span class=\"_ _3b\"></span>cont<span class=\"_ _1\"></span>abilizzazione <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>i c<span class=\"_ _2\"></span>osti incrementali <span class=\"_ _3b\"></span>legat<span class=\"_ _1\"></span>i all<span class=\"_ _2\"></span>\u2019ottenimento di <span class=\"_ _2\"></span>un contratto e <span class=\"_ _2\"></span>dei costi <span class=\"_ _3b\"></span>direttamente<span class=\"_ _1\"></span> l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>gati al <span class=\"_ _3b\"></span>complet<span class=\"_ _1\"></span>amento d<span class=\"_ _2\"></span>i u<span class=\"_ _2\"></span>n contratto. Il <span class=\"_ _3b\"></span>Gruppo esercita un <span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>udizio <span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>prende <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>consider<span class=\"_ _1\"></span>azione <span class=\"_ _38\"></span>tutti <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>fatti <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>circostanze <span class=\"_ _38\"></span>rilevanti <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>ll\u2019applicazione <span class=\"_ _38\"></span>ai contratti con i propri clienti di ogni fase del modello a <span class=\"_ _1\"></span>cinque fasi introdotto dall\u2019IFRS 15. I ricavi possono essere riconosciuti: <span class=\"_ _42\"> </span><span class=\"ff4\">in <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>momento <span class=\"_ _38\"></span>preciso, <span class=\"_ _1\"></span>quando <span class=\"_ _1\"></span>l\u2019entit\u00e0 <span class=\"_ _38\"></span>adempie <span class=\"_ _1\"></span>l\u2019obbligazione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fare <span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>asferendo <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>cliente </span>il bene o servizio promesso, o <span class=\"_ _42\"> </span><span class=\"ff4\">nel <span class=\"_ _1\"></span>corso <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>empo, <span class=\"_ _1\"></span>mano <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>mano <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>l\u2019entit<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _1\"></span>adempie <span class=\"_ _1\"></span>l\u2019obbligazione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>fare <span class=\"_ _1\"></span>trasferendo <span class=\"_ _1\"></span>al </span>cliente il bene o servizio promesso. Il bene \u00e8 trasferito quando, o nel corso del <span class=\"_ _1\"></span>periodo in cui, il cliente ne acquisisce il controllo. In particolare: <span class=\"_ _42\"> </span><span class=\"ff4\">per gli strumenti finanzi<span class=\"_ _2\"></span>ari classificati HTC e HT<span class=\"_ _2\"></span>CS, gli interessi corrispettivi sono riconosciuti </span>pro <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ata t<span class=\"_ _1\"></span>emporis <span class=\"_ _1\"></span>sulla <span class=\"_ _1\"></span>base<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>tas<span class=\"_ _1\"></span>so <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>interesse <span class=\"_ _38\"></span>contrattuale <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>quello <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ffettivo <span class=\"_ _1\"></span>nel <span class=\"_ _38\"></span>caso di <span class=\"_ _35\"> </span>applicazione  del <span class=\"_ _35\"> </span>costo  amm<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>rtizzato.  La <span class=\"_ _35\"> </span>voce <span class=\"_ _35\"> </span>interessi  a<span class=\"_ _2\"></span>ttivi <span class=\"_ _35\"> </span>(ovvero  interessi <span class=\"_ _35\"> </span>passivi) comprende <span class=\"_ _35\"> </span>anche <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>differenziali <span class=\"_ _0\"></span>o <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>margini, <span class=\"_ _0\"> </span>pos<span class=\"_ _1\"></span>itivi <span class=\"_ _0\"></span>(o <span class=\"_ _35\"> </span>negativi), <span class=\"_ _35\"> </span>maturati <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>ino <span class=\"_ _0\"></span>alla <span class=\"_ _35\"> </span>data <span class=\"_ _0\"></span>di riferimento del bilancio, relativi a contr<span class=\"_ _1\"></span>atti derivati finanziari: o <span class=\"ff4\">di copertura di attivit\u00e0 e passivit\u00e0 che generano <span class=\"_ _3b\"></span>inter<span class=\"_ _1\"></span>essi; </span>o <span class=\"ff4\">classificati <span class=\"_ _35\"> </span>nello <span class=\"_ _0\"></span>Stato <span class=\"_ _35\"> </span>Patrimoniale <span class=\"_ _0\"></span>nel <span class=\"_ _35\"> </span>portafoglio <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>negoziazione, <span class=\"_ _35\"> </span>ma <span class=\"_ _0\"></span>gest<span class=\"_ _1\"></span>ionalmente </span>collegati ad attivit\u00e0 e/o passivit\u00e0 finanziarie valutate <span class=\"_ _1\"></span>al fair value (fair valu<span class=\"_ _2\"></span>e option); o <span class=\"ff4\">connessi <span class=\"_ _43\"> </span>gestionalmente <span class=\"_ _69\"> </span>con <span class=\"_ _69\"> </span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _69\"> </span>e <span class=\"_ _43\"> </span>passivit\u00e0 <span class=\"_ _69\"> </span>class<span class=\"_ _1\"></span>ificate <span class=\"_ _69\"> </span>nel <span class=\"_ _43\"> </span>portafoglio <span class=\"_ _69\"> </span>di </span>negoziazione e che prevedono la liquidazione di differenziali o di mar<span class=\"_ _1\"></span>gini a pi\u00f9 <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>cadenze; <span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _38\"></span>interes<span class=\"_ _1\"></span>si <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>mo<span class=\"_ _1\"></span>ra, <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>ventualmente <span class=\"_ _38\"></span>previsti <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>via <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>rattuale, <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>contabilizzati <span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>Conto<span class=\"_ _3a1\"> </span></span>Economico solo al momento del loro effettivo incasso; <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _1\"></span>dividendi <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>rilevati <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Co<span class=\"_ _1\"></span>nto Econom<span class=\"_ _1\"></span>ico <span class=\"_ _1\"></span>nel <span class=\"_ _38\"></span>corso <span class=\"_ _1\"></span>dell\u2019esercizio <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>viene <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>liberata<span class=\"_ _3a1\"> </span></span>la distribuzione; <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _39\"> </span>commissioni <span class=\"_ _36\"> </span>per <span class=\"_ _39\"> </span>ricavi <span class=\"_ _39\"> </span>da <span class=\"_ _36\"> </span>ser<span class=\"_ _1\"></span>vizi <span class=\"_ _36\"> </span>sono <span class=\"_ _39\"> </span>iscritte, <span class=\"_ _39\"> </span>sulla <span class=\"_ _36\"> </span>base <span class=\"_ _39\"> </span>dell\u2019esistenza <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>accordi </span>contrattuali, nel <span class=\"_ _1\"></span>periodo in <span class=\"_ _1\"></span>cui i ser<span class=\"_ _1\"></span>vizi stessi sono <span class=\"_ _1\"></span>stati prest<span class=\"_ _1\"></span>ati. Le commissioni <span class=\"_ _1\"></span>considerate nel <span class=\"_ _35\"> </span>costo <span class=\"_ _35\"> </span>ammortizzato <span class=\"_ _35\"> </span>ai <span class=\"_ _35\"> </span>fini <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>determinazione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>tasso <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>interesse <span class=\"_ _35\"> </span>effettivo, <span class=\"_ _35\"> </span>sono rilevate tra gli interessi; <span class=\"_ _42\"> </span><span class=\"ff4\">gli utili<span class=\"_ _2\"></span> e perdite d<span class=\"_ _2\"></span>erivanti dalla n<span class=\"_ _2\"></span>egoziazione di strumenti f<span class=\"_ _2\"></span>inanziari sono <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iconosciuti al Con<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>o </span>Economico <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>mo<span class=\"_ _1\"></span>mento <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>perfezionamento <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>vendita, <span class=\"_ _1\"></span>sulla <span class=\"_ _0\"></span>base <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>differenza <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra <span class=\"_ _38\"></span>il corrispettivo pagato o incassato ed il valore di iscr<span class=\"_ _1\"></span>izione degli strumenti stessi; <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>icavi <span class=\"_ _36\"> </span>derivanti <span class=\"_ _39\"> </span>dalla <span class=\"_ _36\"> </span>vendita <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>attivit\u00e0 <span class=\"_ _39\"> </span>non <span class=\"_ _39\"> </span>finanziarie <span class=\"_ _36\"> </span>sono <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>ilevati <span class=\"_ _36\"> </span>al <span class=\"_ _39\"> </span>momento <span class=\"_ _36\"> </span>de<span class=\"_ _1\"></span>l </span>perfezionamento <span class=\"_ _3f\"> </span>della <span class=\"_ _39\"> </span>vendita, <span class=\"_ _39\"> </span>ovvero <span class=\"_ _39\"> </span>quando <span class=\"_ _39\"> </span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>adempiuta <span class=\"_ _39\"> </span>l\u2019obbligazione <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>fare <span class=\"_ _39\"> </span>ne<span class=\"_ _1\"></span>i confronti del cliente.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRegulatoryDeferralAccountsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-836": {
   "value": "Riconoscimento <span class=\"_ _1\"></span>dei ricavi e dei costi Il Gruppo rileva <span class=\"_ _2\"></span>i ricavi per un importo che riflette il <span class=\"_ _3b\"></span>c<span class=\"_ _3a1\"> </span>orrispettivo a cui <span class=\"_ _2\"></span>l\u2019entit\u00e0 ritie<span class=\"_ _1\"></span>ne di <span class=\"_ _2\"></span>avere diritto in cambio del trasferimento di merci o servizi al cliente. L\u2019IFRS <span class=\"_ _35\"> </span>15  -Ric<span class=\"_ _2\"></span>avi <span class=\"_ _35\"> </span>da  contratti <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>clienti,  ha <span class=\"_ _35\"> </span>sostituito <span class=\"_ _35\"> </span>lo  I<span class=\"_ _2\"></span>AS <span class=\"_ _35\"> </span>18  \u2013 <span class=\"_ _35\"> </span>Ricavi, <span class=\"_ _35\"> </span>lo <span class=\"_ _35\"> </span>IAS  11 <span class=\"_ _35\"> </span>\u2013 <span class=\"_ _35\"> </span>Lavori <span class=\"_ _35\"> </span>su ordinazione, nonch\u00e9 le interpretazioni Sic 31, IFRIC 13 e <span class=\"_ _1\"></span>IFRIC 15. Il <span class=\"_ _2\"></span>principio stabilisce <span class=\"_ _3b\"></span>un modello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riconoscimento dei <span class=\"_ _2\"></span>ricavi, <span class=\"_ _2\"></span>si a<span class=\"_ _2\"></span>pplica a <span class=\"_ _3b\"></span>tutt<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span>i contrat<span class=\"_ _2\"></span>ti con <span class=\"_ _3b\"></span>clienti, eccezion <span class=\"_ _38\"></span>fatta <span class=\"_ _0\"></span>pe<span class=\"_ _2\"></span>r <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span>tratti <span class=\"_ _0\"></span>ch<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>rientrano <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>ll\u2019ambito <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>applicazione <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>IFRS <span class=\"_ _38\"></span>4<span class=\"_ _1\"></span>, <span class=\"_ _38\"></span>IFRS <span class=\"_ _38\"></span>9, <span class=\"_ _0\"></span>IFRS<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>16, quindi <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>contratti <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>ssicurativi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>p<span class=\"_ _3b\"></span>er <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>strumenti <span class=\"_ _38\"></span>finanziari <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>ratti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>lea<span class=\"_ _2\"></span>sing. <span class=\"_ _0\"></span>Il <span class=\"_ _38\"></span>principio introduce un m<span class=\"_ _2\"></span>odello in <span class=\"_ _2\"></span>cinque f<span class=\"_ _2\"></span>asi che si<span class=\"_ _3b\"></span> applica nella fase<span class=\"_ _2\"></span> di co<span class=\"_ _3b\"></span>nt<span class=\"_ _1\"></span>abilizzazione dei <span class=\"_ _2\"></span>ricavi derivanti da contratti con i clienti:  <span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019identificazione del contratto con il cliente; </span><span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019identificazione delle performance obligation del contratto; </span><span class=\"_ _42\"> </span><span class=\"ff4\">la determinazione del prezzo; </span><span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019allocazione del prezzo alle performance obligation del contratto; </span><span class=\"_ _42\"> </span><span class=\"ff4\">i criteri di iscrizione del ricavo quando l\u2019entit\u00e0 soddisfa ciascuna perform<span class=\"_ _1\"></span>ance obligation. </span>Il <span class=\"_ _1\"></span>principio <span class=\"_ _1\"></span>compor<span class=\"_ _1\"></span>ta <span class=\"_ _1\"></span>l\u2019es<span class=\"_ _1\"></span>ercizio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>un <span class=\"_ _38\"></span>giudizio <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>parte<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>entit\u00e0, <span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>prenda <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>considera<span class=\"_ _1\"></span>zione tutti i<span class=\"_ _3b\"></span> fatti <span class=\"_ _3b\"></span>e <span class=\"_ _3b\"></span>le c<span class=\"_ _2\"></span>ircostanze <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevanti <span class=\"_ _3b\"></span>ne<span class=\"_ _1\"></span>ll\u2019applicazione <span class=\"_ _3b\"></span>di ogn<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>fase del <span class=\"_ _3b\"></span>modello <span class=\"_ _3b\"></span>ai con<span class=\"_ _2\"></span>tratti <span class=\"_ _2\"></span>con <span class=\"_ _3b\"></span>i p<span class=\"_ _2\"></span>ropri clienti. I<span class=\"_ _2\"></span>l p<span class=\"_ _2\"></span>rincipio specifica <span class=\"_ _3b\"></span>inoltr<span class=\"_ _1\"></span>e la <span class=\"_ _3b\"></span>cont<span class=\"_ _1\"></span>abilizzazione <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>i c<span class=\"_ _2\"></span>osti incrementali <span class=\"_ _3b\"></span>legat<span class=\"_ _1\"></span>i all<span class=\"_ _2\"></span>\u2019ottenimento di <span class=\"_ _2\"></span>un contratto e <span class=\"_ _2\"></span>dei costi <span class=\"_ _3b\"></span>direttamente<span class=\"_ _1\"></span> l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>gati al <span class=\"_ _3b\"></span>complet<span class=\"_ _1\"></span>amento d<span class=\"_ _2\"></span>i u<span class=\"_ _2\"></span>n contratto. Il <span class=\"_ _3b\"></span>Gruppo esercita un <span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>udizio <span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>prende <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>consider<span class=\"_ _1\"></span>azione <span class=\"_ _38\"></span>tutti <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>fatti <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>circostanze <span class=\"_ _38\"></span>rilevanti <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>ll\u2019applicazione <span class=\"_ _38\"></span>ai contratti con i propri clienti di ogni fase del modello a <span class=\"_ _1\"></span>cinque fasi introdotto dall\u2019IFRS 15. I ricavi possono essere riconosciuti: <span class=\"_ _42\"> </span><span class=\"ff4\">in <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>momento <span class=\"_ _38\"></span>preciso, <span class=\"_ _1\"></span>quando <span class=\"_ _1\"></span>l\u2019entit\u00e0 <span class=\"_ _38\"></span>adempie <span class=\"_ _1\"></span>l\u2019obbligazione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fare <span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>asferendo <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>cliente </span>il bene o servizio promesso, o <span class=\"_ _42\"> </span><span class=\"ff4\">nel <span class=\"_ _1\"></span>corso <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>empo, <span class=\"_ _1\"></span>mano <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>mano <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>l\u2019entit<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _1\"></span>adempie <span class=\"_ _1\"></span>l\u2019obbligazione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>fare <span class=\"_ _1\"></span>trasferendo <span class=\"_ _1\"></span>al </span>cliente il bene o servizio promesso. Il bene \u00e8 trasferito quando, o nel corso del <span class=\"_ _1\"></span>periodo in cui, il cliente ne acquisisce il controllo. In particolare: <span class=\"_ _42\"> </span><span class=\"ff4\">per gli strumenti finanzi<span class=\"_ _2\"></span>ari classificati HTC e HT<span class=\"_ _2\"></span>CS, gli interessi corrispettivi sono riconosciuti </span>pro <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ata t<span class=\"_ _1\"></span>emporis <span class=\"_ _1\"></span>sulla <span class=\"_ _1\"></span>base<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>tas<span class=\"_ _1\"></span>so <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>interesse <span class=\"_ _38\"></span>contrattuale <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>quello <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ffettivo <span class=\"_ _1\"></span>nel <span class=\"_ _38\"></span>caso di <span class=\"_ _35\"> </span>applicazione  del <span class=\"_ _35\"> </span>costo  amm<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>rtizzato.  La <span class=\"_ _35\"> </span>voce <span class=\"_ _35\"> </span>interessi  a<span class=\"_ _2\"></span>ttivi <span class=\"_ _35\"> </span>(ovvero  interessi <span class=\"_ _35\"> </span>passivi) comprende <span class=\"_ _35\"> </span>anche <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>differenziali <span class=\"_ _0\"></span>o <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>margini, <span class=\"_ _0\"> </span>pos<span class=\"_ _1\"></span>itivi <span class=\"_ _0\"></span>(o <span class=\"_ _35\"> </span>negativi), <span class=\"_ _35\"> </span>maturati <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>ino <span class=\"_ _0\"></span>alla <span class=\"_ _35\"> </span>data <span class=\"_ _0\"></span>di riferimento del bilancio, relativi a contr<span class=\"_ _1\"></span>atti derivati finanziari: o <span class=\"ff4\">di copertura di attivit\u00e0 e passivit\u00e0 che generano <span class=\"_ _3b\"></span>inter<span class=\"_ _1\"></span>essi; </span>o <span class=\"ff4\">classificati <span class=\"_ _35\"> </span>nello <span class=\"_ _0\"></span>Stato <span class=\"_ _35\"> </span>Patrimoniale <span class=\"_ _0\"></span>nel <span class=\"_ _35\"> </span>portafoglio <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>negoziazione, <span class=\"_ _35\"> </span>ma <span class=\"_ _0\"></span>gest<span class=\"_ _1\"></span>ionalmente </span>collegati ad attivit\u00e0 e/o passivit\u00e0 finanziarie valutate <span class=\"_ _1\"></span>al fair value (fair valu<span class=\"_ _2\"></span>e option); o <span class=\"ff4\">connessi <span class=\"_ _43\"> </span>gestionalmente <span class=\"_ _69\"> </span>con <span class=\"_ _69\"> </span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _69\"> </span>e <span class=\"_ _43\"> </span>passivit\u00e0 <span class=\"_ _69\"> </span>class<span class=\"_ _1\"></span>ificate <span class=\"_ _69\"> </span>nel <span class=\"_ _43\"> </span>portafoglio <span class=\"_ _69\"> </span>di </span>negoziazione e che prevedono la liquidazione di differenziali o di mar<span class=\"_ _1\"></span>gini a pi\u00f9 <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>cadenze; <span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _38\"></span>interes<span class=\"_ _1\"></span>si <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>mo<span class=\"_ _1\"></span>ra, <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>ventualmente <span class=\"_ _38\"></span>previsti <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>via <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>rattuale, <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>contabilizzati <span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>Conto<span class=\"_ _3a1\"> </span></span>Economico solo al momento del loro effettivo incasso; <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _1\"></span>dividendi <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>rilevati <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Co<span class=\"_ _1\"></span>nto Econom<span class=\"_ _1\"></span>ico <span class=\"_ _1\"></span>nel <span class=\"_ _38\"></span>corso <span class=\"_ _1\"></span>dell\u2019esercizio <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>viene <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>liberata<span class=\"_ _3a1\"> </span></span>la distribuzione; <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _39\"> </span>commissioni <span class=\"_ _36\"> </span>per <span class=\"_ _39\"> </span>ricavi <span class=\"_ _39\"> </span>da <span class=\"_ _36\"> </span>ser<span class=\"_ _1\"></span>vizi <span class=\"_ _36\"> </span>sono <span class=\"_ _39\"> </span>iscritte, <span class=\"_ _39\"> </span>sulla <span class=\"_ _36\"> </span>base <span class=\"_ _39\"> </span>dell\u2019esistenza <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>accordi </span>contrattuali, nel <span class=\"_ _1\"></span>periodo in <span class=\"_ _1\"></span>cui i ser<span class=\"_ _1\"></span>vizi stessi sono <span class=\"_ _1\"></span>stati prest<span class=\"_ _1\"></span>ati. Le commissioni <span class=\"_ _1\"></span>considerate nel <span class=\"_ _35\"> </span>costo <span class=\"_ _35\"> </span>ammortizzato <span class=\"_ _35\"> </span>ai <span class=\"_ _35\"> </span>fini <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>determinazione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>tasso <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>interesse <span class=\"_ _35\"> </span>effettivo, <span class=\"_ _35\"> </span>sono rilevate tra gli interessi; <span class=\"_ _42\"> </span><span class=\"ff4\">gli utili<span class=\"_ _2\"></span> e perdite d<span class=\"_ _2\"></span>erivanti dalla n<span class=\"_ _2\"></span>egoziazione di strumenti f<span class=\"_ _2\"></span>inanziari sono <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iconosciuti al Con<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>o </span>Economico <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>mo<span class=\"_ _1\"></span>mento <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>perfezionamento <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>vendita, <span class=\"_ _1\"></span>sulla <span class=\"_ _0\"></span>base <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>differenza <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra <span class=\"_ _38\"></span>il corrispettivo pagato o incassato ed il valore di iscr<span class=\"_ _1\"></span>izione degli strumenti stessi; <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>icavi <span class=\"_ _36\"> </span>derivanti <span class=\"_ _39\"> </span>dalla <span class=\"_ _36\"> </span>vendita <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>attivit\u00e0 <span class=\"_ _39\"> </span>non <span class=\"_ _39\"> </span>finanziarie <span class=\"_ _36\"> </span>sono <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>ilevati <span class=\"_ _36\"> </span>al <span class=\"_ _39\"> </span>momento <span class=\"_ _36\"> </span>de<span class=\"_ _1\"></span>l </span>perfezionamento <span class=\"_ _3f\"> </span>della <span class=\"_ _39\"> </span>vendita, <span class=\"_ _39\"> </span>ovvero <span class=\"_ _39\"> </span>quando <span class=\"_ _39\"> </span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>adempiuta <span class=\"_ _39\"> </span>l\u2019obbligazione <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>fare <span class=\"_ _39\"> </span>ne<span class=\"_ _1\"></span>i confronti del cliente.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-806": {
   "value": "Riconoscimento <span class=\"_ _1\"></span>dei ricavi e dei costi Il Gruppo rileva <span class=\"_ _2\"></span>i ricavi per un importo che riflette il <span class=\"_ _3b\"></span>c<span class=\"_ _3a1\"> </span>orrispettivo a cui <span class=\"_ _2\"></span>l\u2019entit\u00e0 ritie<span class=\"_ _1\"></span>ne di <span class=\"_ _2\"></span>avere diritto in cambio del trasferimento di merci o servizi al cliente. L\u2019IFRS <span class=\"_ _35\"> </span>15  -Ric<span class=\"_ _2\"></span>avi <span class=\"_ _35\"> </span>da  contratti <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>clienti,  ha <span class=\"_ _35\"> </span>sostituito <span class=\"_ _35\"> </span>lo  I<span class=\"_ _2\"></span>AS <span class=\"_ _35\"> </span>18  \u2013 <span class=\"_ _35\"> </span>Ricavi, <span class=\"_ _35\"> </span>lo <span class=\"_ _35\"> </span>IAS  11 <span class=\"_ _35\"> </span>\u2013 <span class=\"_ _35\"> </span>Lavori <span class=\"_ _35\"> </span>su ordinazione, nonch\u00e9 le interpretazioni Sic 31, IFRIC 13 e <span class=\"_ _1\"></span>IFRIC 15. Il <span class=\"_ _2\"></span>principio stabilisce <span class=\"_ _3b\"></span>un modello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riconoscimento dei <span class=\"_ _2\"></span>ricavi, <span class=\"_ _2\"></span>si a<span class=\"_ _2\"></span>pplica a <span class=\"_ _3b\"></span>tutt<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span>i contrat<span class=\"_ _2\"></span>ti con <span class=\"_ _3b\"></span>clienti, eccezion <span class=\"_ _38\"></span>fatta <span class=\"_ _0\"></span>pe<span class=\"_ _2\"></span>r <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span>tratti <span class=\"_ _0\"></span>ch<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>rientrano <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>ll\u2019ambito <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>applicazione <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>IFRS <span class=\"_ _38\"></span>4<span class=\"_ _1\"></span>, <span class=\"_ _38\"></span>IFRS <span class=\"_ _38\"></span>9, <span class=\"_ _0\"></span>IFRS<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>16, quindi <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>contratti <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>ssicurativi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>p<span class=\"_ _3b\"></span>er <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>strumenti <span class=\"_ _38\"></span>finanziari <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>ratti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>lea<span class=\"_ _2\"></span>sing. <span class=\"_ _0\"></span>Il <span class=\"_ _38\"></span>principio introduce un m<span class=\"_ _2\"></span>odello in <span class=\"_ _2\"></span>cinque f<span class=\"_ _2\"></span>asi che si<span class=\"_ _3b\"></span> applica nella fase<span class=\"_ _2\"></span> di co<span class=\"_ _3b\"></span>nt<span class=\"_ _1\"></span>abilizzazione dei <span class=\"_ _2\"></span>ricavi derivanti da contratti con i clienti:  <span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019identificazione del contratto con il cliente; </span><span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019identificazione delle performance obligation del contratto; </span><span class=\"_ _42\"> </span><span class=\"ff4\">la determinazione del prezzo; </span><span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019allocazione del prezzo alle performance obligation del contratto; </span><span class=\"_ _42\"> </span><span class=\"ff4\">i criteri di iscrizione del ricavo quando l\u2019entit\u00e0 soddisfa ciascuna perform<span class=\"_ _1\"></span>ance obligation. </span>Il <span class=\"_ _1\"></span>principio <span class=\"_ _1\"></span>compor<span class=\"_ _1\"></span>ta <span class=\"_ _1\"></span>l\u2019es<span class=\"_ _1\"></span>ercizio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>un <span class=\"_ _38\"></span>giudizio <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>parte<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>entit\u00e0, <span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>prenda <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>considera<span class=\"_ _1\"></span>zione tutti i<span class=\"_ _3b\"></span> fatti <span class=\"_ _3b\"></span>e <span class=\"_ _3b\"></span>le c<span class=\"_ _2\"></span>ircostanze <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevanti <span class=\"_ _3b\"></span>ne<span class=\"_ _1\"></span>ll\u2019applicazione <span class=\"_ _3b\"></span>di ogn<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>fase del <span class=\"_ _3b\"></span>modello <span class=\"_ _3b\"></span>ai con<span class=\"_ _2\"></span>tratti <span class=\"_ _2\"></span>con <span class=\"_ _3b\"></span>i p<span class=\"_ _2\"></span>ropri clienti. I<span class=\"_ _2\"></span>l p<span class=\"_ _2\"></span>rincipio specifica <span class=\"_ _3b\"></span>inoltr<span class=\"_ _1\"></span>e la <span class=\"_ _3b\"></span>cont<span class=\"_ _1\"></span>abilizzazione <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>i c<span class=\"_ _2\"></span>osti incrementali <span class=\"_ _3b\"></span>legat<span class=\"_ _1\"></span>i all<span class=\"_ _2\"></span>\u2019ottenimento di <span class=\"_ _2\"></span>un contratto e <span class=\"_ _2\"></span>dei costi <span class=\"_ _3b\"></span>direttamente<span class=\"_ _1\"></span> l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>gati al <span class=\"_ _3b\"></span>complet<span class=\"_ _1\"></span>amento d<span class=\"_ _2\"></span>i u<span class=\"_ _2\"></span>n contratto. Il <span class=\"_ _3b\"></span>Gruppo esercita un <span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>udizio <span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>prende <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>consider<span class=\"_ _1\"></span>azione <span class=\"_ _38\"></span>tutti <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>fatti <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>circostanze <span class=\"_ _38\"></span>rilevanti <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>ll\u2019applicazione <span class=\"_ _38\"></span>ai contratti con i propri clienti di ogni fase del modello a <span class=\"_ _1\"></span>cinque fasi introdotto dall\u2019IFRS 15. I ricavi possono essere riconosciuti: <span class=\"_ _42\"> </span><span class=\"ff4\">in <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>momento <span class=\"_ _38\"></span>preciso, <span class=\"_ _1\"></span>quando <span class=\"_ _1\"></span>l\u2019entit\u00e0 <span class=\"_ _38\"></span>adempie <span class=\"_ _1\"></span>l\u2019obbligazione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fare <span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>asferendo <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>cliente </span>il bene o servizio promesso, o <span class=\"_ _42\"> </span><span class=\"ff4\">nel <span class=\"_ _1\"></span>corso <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>empo, <span class=\"_ _1\"></span>mano <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>mano <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>l\u2019entit<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _1\"></span>adempie <span class=\"_ _1\"></span>l\u2019obbligazione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>fare <span class=\"_ _1\"></span>trasferendo <span class=\"_ _1\"></span>al </span>cliente il bene o servizio promesso. Il bene \u00e8 trasferito quando, o nel corso del <span class=\"_ _1\"></span>periodo in cui, il cliente ne acquisisce il controllo. In particolare: <span class=\"_ _42\"> </span><span class=\"ff4\">per gli strumenti finanzi<span class=\"_ _2\"></span>ari classificati HTC e HT<span class=\"_ _2\"></span>CS, gli interessi corrispettivi sono riconosciuti </span>pro <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ata t<span class=\"_ _1\"></span>emporis <span class=\"_ _1\"></span>sulla <span class=\"_ _1\"></span>base<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>tas<span class=\"_ _1\"></span>so <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>interesse <span class=\"_ _38\"></span>contrattuale <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>quello <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ffettivo <span class=\"_ _1\"></span>nel <span class=\"_ _38\"></span>caso di <span class=\"_ _35\"> </span>applicazione  del <span class=\"_ _35\"> </span>costo  amm<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>rtizzato.  La <span class=\"_ _35\"> </span>voce <span class=\"_ _35\"> </span>interessi  a<span class=\"_ _2\"></span>ttivi <span class=\"_ _35\"> </span>(ovvero  interessi <span class=\"_ _35\"> </span>passivi) comprende <span class=\"_ _35\"> </span>anche <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>differenziali <span class=\"_ _0\"></span>o <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>margini, <span class=\"_ _0\"> </span>pos<span class=\"_ _1\"></span>itivi <span class=\"_ _0\"></span>(o <span class=\"_ _35\"> </span>negativi), <span class=\"_ _35\"> </span>maturati <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>ino <span class=\"_ _0\"></span>alla <span class=\"_ _35\"> </span>data <span class=\"_ _0\"></span>di riferimento del bilancio, relativi a contr<span class=\"_ _1\"></span>atti derivati finanziari: o <span class=\"ff4\">di copertura di attivit\u00e0 e passivit\u00e0 che generano <span class=\"_ _3b\"></span>inter<span class=\"_ _1\"></span>essi; </span>o <span class=\"ff4\">classificati <span class=\"_ _35\"> </span>nello <span class=\"_ _0\"></span>Stato <span class=\"_ _35\"> </span>Patrimoniale <span class=\"_ _0\"></span>nel <span class=\"_ _35\"> </span>portafoglio <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>negoziazione, <span class=\"_ _35\"> </span>ma <span class=\"_ _0\"></span>gest<span class=\"_ _1\"></span>ionalmente </span>collegati ad attivit\u00e0 e/o passivit\u00e0 finanziarie valutate <span class=\"_ _1\"></span>al fair value (fair valu<span class=\"_ _2\"></span>e option); o <span class=\"ff4\">connessi <span class=\"_ _43\"> </span>gestionalmente <span class=\"_ _69\"> </span>con <span class=\"_ _69\"> </span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _69\"> </span>e <span class=\"_ _43\"> </span>passivit\u00e0 <span class=\"_ _69\"> </span>class<span class=\"_ _1\"></span>ificate <span class=\"_ _69\"> </span>nel <span class=\"_ _43\"> </span>portafoglio <span class=\"_ _69\"> </span>di </span>negoziazione e che prevedono la liquidazione di differenziali o di mar<span class=\"_ _1\"></span>gini a pi\u00f9 <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>cadenze; <span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _38\"></span>interes<span class=\"_ _1\"></span>si <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>mo<span class=\"_ _1\"></span>ra, <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>ventualmente <span class=\"_ _38\"></span>previsti <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>via <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>rattuale, <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>contabilizzati <span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>Conto<span class=\"_ _3a1\"> </span></span>Economico solo al momento del loro effettivo incasso; <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _1\"></span>dividendi <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>rilevati <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Co<span class=\"_ _1\"></span>nto Econom<span class=\"_ _1\"></span>ico <span class=\"_ _1\"></span>nel <span class=\"_ _38\"></span>corso <span class=\"_ _1\"></span>dell\u2019esercizio <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>viene <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>liberata<span class=\"_ _3a1\"> </span></span>la distribuzione; <span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _39\"> </span>commissioni <span class=\"_ _36\"> </span>per <span class=\"_ _39\"> </span>ricavi <span class=\"_ _39\"> </span>da <span class=\"_ _36\"> </span>ser<span class=\"_ _1\"></span>vizi <span class=\"_ _36\"> </span>sono <span class=\"_ _39\"> </span>iscritte, <span class=\"_ _39\"> </span>sulla <span class=\"_ _36\"> </span>base <span class=\"_ _39\"> </span>dell\u2019esistenza <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>accordi </span>contrattuali, nel <span class=\"_ _1\"></span>periodo in <span class=\"_ _1\"></span>cui i ser<span class=\"_ _1\"></span>vizi stessi sono <span class=\"_ _1\"></span>stati prest<span class=\"_ _1\"></span>ati. Le commissioni <span class=\"_ _1\"></span>considerate nel <span class=\"_ _35\"> </span>costo <span class=\"_ _35\"> </span>ammortizzato <span class=\"_ _35\"> </span>ai <span class=\"_ _35\"> </span>fini <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>determinazione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>tasso <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>interesse <span class=\"_ _35\"> </span>effettivo, <span class=\"_ _35\"> </span>sono rilevate tra gli interessi; <span class=\"_ _42\"> </span><span class=\"ff4\">gli utili<span class=\"_ _2\"></span> e perdite d<span class=\"_ _2\"></span>erivanti dalla n<span class=\"_ _2\"></span>egoziazione di strumenti f<span class=\"_ _2\"></span>inanziari sono <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iconosciuti al Con<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>o </span>Economico <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>mo<span class=\"_ _1\"></span>mento <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>perfezionamento <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>vendita, <span class=\"_ _1\"></span>sulla <span class=\"_ _0\"></span>base <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>differenza <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra <span class=\"_ _38\"></span>il corrispettivo pagato o incassato ed il valore di iscr<span class=\"_ _1\"></span>izione degli strumenti stessi; <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>icavi <span class=\"_ _36\"> </span>derivanti <span class=\"_ _39\"> </span>dalla <span class=\"_ _36\"> </span>vendita <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>attivit\u00e0 <span class=\"_ _39\"> </span>non <span class=\"_ _39\"> </span>finanziarie <span class=\"_ _36\"> </span>sono <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>ilevati <span class=\"_ _36\"> </span>al <span class=\"_ _39\"> </span>momento <span class=\"_ _36\"> </span>de<span class=\"_ _1\"></span>l </span>perfezionamento <span class=\"_ _3f\"> </span>della <span class=\"_ _39\"> </span>vendita, <span class=\"_ _39\"> </span>ovvero <span class=\"_ _39\"> </span>quando <span class=\"_ _39\"> </span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>adempiuta <span class=\"_ _39\"> </span>l\u2019obbligazione <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>fare <span class=\"_ _39\"> </span>ne<span class=\"_ _1\"></span>i confronti del cliente.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-745": {
   "value": "Riconoscimento <span class=\"_ _1\"></span>dei ricavi e dei costi Il Gruppo rileva <span class=\"_ _2\"></span>i ricavi per un importo che riflette il <span class=\"_ _3b\"></span>c<span class=\"_ _3a1\"> </span>orrispettivo a cui <span class=\"_ _2\"></span>l\u2019entit\u00e0 ritie<span class=\"_ _1\"></span>ne di <span class=\"_ _2\"></span>avere diritto in cambio del trasferimento di merci o servizi al cliente. L\u2019IFRS <span class=\"_ _35\"> </span>15  -Ric<span class=\"_ _2\"></span>avi <span class=\"_ _35\"> </span>da  contratti <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>clienti,  ha <span class=\"_ _35\"> </span>sostituito <span class=\"_ _35\"> </span>lo  I<span class=\"_ _2\"></span>AS <span class=\"_ _35\"> </span>18  \u2013 <span class=\"_ _35\"> </span>Ricavi, <span class=\"_ _35\"> </span>lo <span class=\"_ _35\"> </span>IAS  11 <span class=\"_ _35\"> </span>\u2013 <span class=\"_ _35\"> </span>Lavori <span class=\"_ _35\"> </span>su ordinazione, nonch\u00e9 le interpretazioni Sic 31, IFRIC 13 e <span class=\"_ _1\"></span>IFRIC 15. Il <span class=\"_ _2\"></span>principio stabilisce <span class=\"_ _3b\"></span>un modello <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>riconoscimento dei <span class=\"_ _2\"></span>ricavi, <span class=\"_ _2\"></span>si a<span class=\"_ _2\"></span>pplica a <span class=\"_ _3b\"></span>tutt<span class=\"_ _1\"></span>i <span class=\"_ _2\"></span>i contrat<span class=\"_ _2\"></span>ti con <span class=\"_ _3b\"></span>clienti, eccezion <span class=\"_ _38\"></span>fatta <span class=\"_ _0\"></span>pe<span class=\"_ _2\"></span>r <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span>tratti <span class=\"_ _0\"></span>ch<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>rientrano <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>ll\u2019ambito <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>applicazione <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>IFRS <span class=\"_ _38\"></span>4<span class=\"_ _1\"></span>, <span class=\"_ _38\"></span>IFRS <span class=\"_ _38\"></span>9, <span class=\"_ _0\"></span>IFRS<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>16, quindi <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>contratti <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>ssicurativi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>p<span class=\"_ _3b\"></span>er <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>strumenti <span class=\"_ _38\"></span>finanziari <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>ratti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>lea<span class=\"_ _2\"></span>sing. <span class=\"_ _0\"></span>Il <span class=\"_ _38\"></span>principio introduce un m<span class=\"_ _2\"></span>odello in <span class=\"_ _2\"></span>cinque f<span class=\"_ _2\"></span>asi che si<span class=\"_ _3b\"></span> applica nella fase<span class=\"_ _2\"></span> di co<span class=\"_ _3b\"></span>nt<span class=\"_ _1\"></span>abilizzazione dei <span class=\"_ _2\"></span>ricavi derivanti da contratti con i clienti:  <span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019identificazione del contratto con il cliente; </span><span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019identificazione delle performance obligation del contratto; </span><span class=\"_ _42\"> </span><span class=\"ff4\">la determinazione del prezzo; </span><span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019allocazione del prezzo alle performance obligation del contratto; </span><span class=\"_ _42\"> </span><span class=\"ff4\">i criteri di iscrizione del ricavo quando l\u2019entit\u00e0 soddisfa ciascuna perform<span class=\"_ _1\"></span>ance obligation. </span>Il <span class=\"_ _1\"></span>principio <span class=\"_ _1\"></span>compor<span class=\"_ _1\"></span>ta <span class=\"_ _1\"></span>l\u2019es<span class=\"_ _1\"></span>ercizio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>un <span class=\"_ _38\"></span>giudizio <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>parte<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>entit\u00e0, <span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>prenda <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>considera<span class=\"_ _1\"></span>zione tutti i<span class=\"_ _3b\"></span> fatti <span class=\"_ _3b\"></span>e <span class=\"_ _3b\"></span>le c<span class=\"_ _2\"></span>ircostanze <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevanti <span class=\"_ _3b\"></span>ne<span class=\"_ _1\"></span>ll\u2019applicazione <span class=\"_ _3b\"></span>di ogn<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>fase del <span class=\"_ _3b\"></span>modello <span class=\"_ _3b\"></span>ai con<span class=\"_ _2\"></span>tratti <span class=\"_ _2\"></span>con <span class=\"_ _3b\"></span>i p<span class=\"_ _2\"></span>ropri clienti. I<span class=\"_ _2\"></span>l p<span class=\"_ _2\"></span>rincipio specifica <span class=\"_ _3b\"></span>inoltr<span class=\"_ _1\"></span>e la <span class=\"_ _3b\"></span>cont<span class=\"_ _1\"></span>abilizzazione <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>i c<span class=\"_ _2\"></span>osti incrementali <span class=\"_ _3b\"></span>legat<span class=\"_ _1\"></span>i all<span class=\"_ _2\"></span>\u2019ottenimento di <span class=\"_ _2\"></span>un contratto e <span class=\"_ _2\"></span>dei costi <span class=\"_ _3b\"></span>direttamente<span class=\"_ _1\"></span> l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>gati al <span class=\"_ _3b\"></span>complet<span class=\"_ _1\"></span>amento d<span class=\"_ _2\"></span>i u<span class=\"_ _2\"></span>n contratto. Il <span class=\"_ _3b\"></span>Gruppo esercita un <span class=\"_ _1\"></span>gi<span class=\"_ _1\"></span>udizio <span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>prende <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>consider<span class=\"_ _1\"></span>azione <span class=\"_ _38\"></span>tutti <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>fatti <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>circostanze <span class=\"_ _38\"></span>rilevanti <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>ll\u2019applicazione <span class=\"_ _38\"></span>ai contratti con i propri clienti di ogni fase del modello a <span class=\"_ _1\"></span>cinque fasi introdotto dall\u2019IFRS 15. I ricavi possono essere riconosciuti: <span class=\"_ _42\"> </span><span class=\"ff4\">in <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>momento <span class=\"_ _38\"></span>preciso, <span class=\"_ _1\"></span>quando <span class=\"_ _1\"></span>l\u2019entit\u00e0 <span class=\"_ _38\"></span>adempie <span class=\"_ _1\"></span>l\u2019obbligazione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fare <span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>asferendo <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>cliente </span>il bene o servizio promesso, o <span class=\"_ _42\"> </span><span class=\"ff4\">nel <span class=\"_ _1\"></span>corso <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>empo, <span class=\"_ _1\"></span>mano <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>mano <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>l\u2019entit<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _1\"></span>adempie <span class=\"_ _1\"></span>l\u2019obbligazione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>fare <span class=\"_ _1\"></span>trasferendo <span class=\"_ _1\"></span>al </span>cliente il bene o servizio promesso. Il bene \u00e8 trasferito quando, o nel corso del <span class=\"_ _1\"></span>periodo in cui, il cliente ne acquisisce il controllo. In particolare: <span class=\"_ _42\"> </span><span class=\"ff4\">per gli strumenti finanzi<span class=\"_ _2\"></span>ari classificati HTC e HT<span class=\"_ _2\"></span>CS, gli interessi corrispettivi sono riconosciuti </span>pro <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ata t<span class=\"_ _1\"></span>emporis <span class=\"_ _1\"></span>sulla <span class=\"_ _1\"></span>base<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>tas<span class=\"_ _1\"></span>so <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>interesse <span class=\"_ _38\"></span>contrattuale <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>quello <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ffettivo <span class=\"_ _1\"></span>nel <span class=\"_ _38\"></span>caso di <span class=\"_ _35\"> </span>applicazione  del <span class=\"_ _35\"> </span>costo  amm<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>rtizzato.  La <span class=\"_ _35\"> </span>voce <span class=\"_ _35\"> </span>interessi  a<span class=\"_ _2\"></span>ttivi <span class=\"_ _35\"> </span>(ovvero  interessi <span class=\"_ _35\"> </span>passivi) comprende <span class=\"_ _35\"> </span>anche <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>differenziali <span class=\"_ _0\"></span>o <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>margini, <span class=\"_ _0\"> </span>pos<span class=\"_ _1\"></span>itivi <span class=\"_ _0\"></span>(o <span class=\"_ _35\"> </span>negativi), <span class=\"_ _35\"> </span>maturati <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>ino <span class=\"_ _0\"></span>alla <span class=\"_ _35\"> </span>data <span class=\"_ _0\"></span>di riferimento del bilancio, relativi a contr<span class=\"_ _1\"></span>atti derivati finanziari: o <span class=\"ff4\">di copertura di attivit\u00e0 e passivit\u00e0 che generano <span class=\"_ _3b\"></span>inter<span class=\"_ _1\"></span>essi; </span>o <span class=\"ff4\">classificati <span class=\"_ _35\"> </span>nello <span class=\"_ _0\"></span>Stato <span class=\"_ _35\"> </span>Patrimoniale <span class=\"_ _0\"></span>nel <span class=\"_ _35\"> </span>portafoglio <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>negoziazione, <span class=\"_ _35\"> </span>ma <span class=\"_ _0\"></span>gest<span class=\"_ _1\"></span>ionalmente </span>collegati ad attivit\u00e0 e/o passivit\u00e0 finanziarie valutate <span class=\"_ _1\"></span>al fair value (fair valu<span class=\"_ _2\"></span>e option); o <span class=\"ff4\">connessi <span class=\"_ _43\"> </span>gestionalmente <span class=\"_ _69\"> </span>con <span class=\"_ _69\"> </span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _69\"> </span>e <span class=\"_ _43\"> </span>passivit\u00e0 <span class=\"_ _69\"> </span>class<span class=\"_ _1\"></span>ificate <span class=\"_ _69\"> </span>nel <span class=\"_ _43\"> </span>portafoglio <span class=\"_ _69\"> </span>di </span>negoziazione e che prevedono la liquidazione di differenziali o di mar<span class=\"_ _1\"></span>gini a pi\u00f9 <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>cadenze;<div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs827\"><span class=\"_ _42\"> </span><span class=\"ff4\">gli <span class=\"_ _38\"></span>interes<span class=\"_ _1\"></span>si <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>mo<span class=\"_ _1\"></span>ra, <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>ventualmente <span class=\"_ _38\"></span>previsti <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>via <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>rattuale, <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>contabilizzati <span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>Conto<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs828\">Econo</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs829\">mico solo al momento del loro effettivo incasso; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs82a\"><span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _1\"></span>dividendi <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>rilevati <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Co<span class=\"_ _1\"></span>nto Econom<span class=\"_ _1\"></span>ico <span class=\"_ _1\"></span>nel <span class=\"_ _38\"></span>corso <span class=\"_ _1\"></span>dell\u2019esercizio <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>viene <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>liberata<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs82b\">la distribuzione; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs82c\"><span class=\"_ _42\"> </span><span class=\"ff4\">le <span class=\"_ _39\"> </span>commissioni <span class=\"_ _36\"> </span>per <span class=\"_ _39\"> </span>ricavi <span class=\"_ _39\"> </span>da <span class=\"_ _36\"> </span>ser<span class=\"_ _1\"></span>vizi <span class=\"_ _36\"> </span>sono <span class=\"_ _39\"> </span>iscritte, <span class=\"_ _39\"> </span>sulla <span class=\"_ _36\"> </span>base <span class=\"_ _39\"> </span>dell\u2019esistenza <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>accordi </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs82d\">contrattuali, nel <span class=\"_ _1\"></span>periodo in <span class=\"_ _1\"></span>cui i ser<span class=\"_ _1\"></span>vizi stessi sono <span class=\"_ _1\"></span>stati prest<span class=\"_ _1\"></span>ati. Le commissioni <span class=\"_ _1\"></span>considerate </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs82e\">nel <span class=\"_ _35\"> </span>costo <span class=\"_ _35\"> </span>ammortizzato <span class=\"_ _35\"> </span>ai <span class=\"_ _35\"> </span>fini <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>determinazione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>tasso <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>interesse <span class=\"_ _35\"> </span>effettivo, <span class=\"_ _35\"> </span>sono </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs82f\">rilevate tra gli interessi; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs388\"><span class=\"_ _42\"> </span><span class=\"ff4\">gli utili<span class=\"_ _2\"></span> e perdite d<span class=\"_ _2\"></span>erivanti dalla n<span class=\"_ _2\"></span>egoziazione di strumenti f<span class=\"_ _2\"></span>inanziari sono <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iconosciuti al Con<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>o </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs830\">Economico <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>mo<span class=\"_ _1\"></span>mento <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>perfezionamento <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>vendita, <span class=\"_ _1\"></span>sulla <span class=\"_ _0\"></span>base <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>differenza <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ra <span class=\"_ _38\"></span>il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs831\">corrispettivo pagato o incassato ed il valore di iscr<span class=\"_ _1\"></span>izione degli strumenti stessi; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs832\"><span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>icavi <span class=\"_ _36\"> </span>derivanti <span class=\"_ _39\"> </span>dalla <span class=\"_ _36\"> </span>vendita <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>attivit\u00e0 <span class=\"_ _39\"> </span>non <span class=\"_ _39\"> </span>finanziarie <span class=\"_ _36\"> </span>sono <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>ilevati <span class=\"_ _36\"> </span>al <span class=\"_ _39\"> </span>momento <span class=\"_ _36\"> </span>de<span class=\"_ _1\"></span>l </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs833\">perfezionamento <span class=\"_ _3f\"> </span>della <span class=\"_ _39\"> </span>vendita, <span class=\"_ _39\"> </span>ovvero <span class=\"_ _39\"> </span>quando <span class=\"_ _39\"> </span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>adempiuta <span class=\"_ _39\"> </span>l\u2019obbligazione <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>fare <span class=\"_ _39\"> </span>ne<span class=\"_ _1\"></span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs834\">confronti del cliente.</div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-853": {
   "value": "<div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs836\">Costi soste<span class=\"_ _1\"></span>nuti per l\u2019ottenimento del <span class=\"_ _1\"></span>contratto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs837\">I <span class=\"_ _0\"></span>costi <span class=\"_ _38\"></span>sostenuti <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>l'ottenimento <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>contratto <span class=\"_ _0\"></span>sono<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>c<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs838\">osti <span class=\"_ _0\"></span>ch<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>l'entit\u00e0 <span class=\"_ _38\"></span>sostie<span class=\"_ _1\"></span>ne <span class=\"_ _0\"></span>pe<span class=\"_ _2\"></span>r <span class=\"_ _0\"></span>ottenere <span class=\"_ _38\"></span>il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs839\">contratto con il cliente e che no<span class=\"_ _2\"></span>n avrebbe sostenuto se non avesse ottenuto il con<span class=\"_ _2\"></span>tratto. Il Gruppo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs83a\">rileva <span class=\"_ _2\"></span>come at<span class=\"_ _2\"></span>tivit\u00e0 i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>costi sostenu<span class=\"_ _2\"></span>ti <span class=\"_ _2\"></span>per l'adempimento <span class=\"_ _3b\"></span>del contra<span class=\"_ _2\"></span>tto soltanto <span class=\"_ _3b\"></span>se questi <span class=\"_ _3b\"></span>soddisfano </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs83b\">tutte le condizioni seguenti: </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs83c\">sono <span class=\"_ _0\"></span>incrementali <span class=\"_ _0\"></span>\u2013 <span class=\"_ _38\"></span>Il <span class=\"_ _0\"></span>Gruppo <span class=\"_ _0\"></span>li <span class=\"_ _38\"></span>sos<span class=\"_ _1\"></span>tiene <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>ottenere <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>contrat<span class=\"_ _2\"></span>to <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>cliente <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>non <span class=\"_ _38\"></span>li <span class=\"_ _0\"></span>avrebbe </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs83d\">sostenuti se non avesse ottenuto il contr<span class=\"_ _1\"></span>atto; </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs83e\">si prevede di recuperarli. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs840\">I  costi <span class=\"_ _35\"> </span>sono  rilevati <span class=\"_ _35\"> </span>a  Conto  Ec<span class=\"_ _3b\"></span>ono<span class=\"_ _1\"></span>mico  secondo <span class=\"_ _35\"> </span>il  principi<span class=\"_ _2\"></span>o  della <span class=\"_ _35\"> </span>competenza;  i  co<span class=\"_ _2\"></span>sti  relativi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs841\">all\u2019ottenimento e l\u2019adempimento dei contr<span class=\"_ _1\"></span>atti con la clientela sono rilevati <span class=\"_ _1\"></span>a Conto Economico nei </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs842\">periodi nei quali sono contabilizzati i relativi ricavi. </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerAcquisitionCostsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-777": {
   "value": "Criteri <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>determinazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>fair <span class=\"_ _35\"> </span>value <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>pas<span class=\"_ _3a1\"> </span>sivit\u00e0 <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>misurat<span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>al <span class=\"_ _0\"> </span>fair <span class=\"_ _35\"> </span>valu<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>u <span class=\"_ _0\"></span>base<span class=\"_ _3a1\"> </span>ricorrente Di seguito si riportano le informazioni richieste dall\u2019IFRS 13. Per <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>rapporti <span class=\"_ _0\"> </span>cr<span class=\"_ _1\"></span>editizi <span class=\"_ _35\"> </span>a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivi <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>passivi <span class=\"_ _0\"> </span>non <span class=\"_ _35\"> </span>misurati <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _35\"> </span>su <span class=\"_ _0\"> </span>base <span class=\"_ _35\"> </span>ricorrente, <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>fair <span class=\"_ _0\"></span>value,<span class=\"_ _3a1\"> </span>riport<span class=\"_ _3a1\"> </span>ato nelle tabelle presenti nelle note illustrative, \u00e8 stato determinato con i seguenti criteri:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">per <span class=\"_ _3f\"> </span>le <span class=\"_ _39\"> </span>a<span class=\"_ _1\"></span>ttivit\u00e0 <span class=\"_ _39\"> </span>e <span class=\"_ _3f\"> </span>passivit\u00e0 <span class=\"_ _3f\"> </span>a <span class=\"_ _3f\"> </span>vista, <span class=\"_ _3f\"> </span>con <span class=\"_ _39\"> </span>scadenza <span class=\"_ _3f\"> </span>a <span class=\"_ _3f\"> </span>breve <span class=\"_ _39\"> </span>term<span class=\"_ _1\"></span>ine <span class=\"_ _3f\"> </span>(entro <span class=\"_ _39\"> </span>12 <span class=\"_ _3f\"> </span>mesi) <span class=\"_ _3f\"> </span>o<span class=\"_ _3a1\"> </span></span>indeterminata, <span class=\"_ _0\"></span>il <span class=\"_ _1\"></span>valore <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>iscr<span class=\"_ _1\"></span>izione; <span class=\"_ _38\"></span>stess<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>impostazione <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ata <span class=\"_ _1\"></span>utilizzata <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>cre<span class=\"_ _1\"></span>diti <span class=\"_ _38\"></span>non<span class=\"_ _3a1\"> </span>performing;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">per i <span class=\"_ _1\"></span>tito<span class=\"_ _1\"></span>li emessi a<span class=\"_ _1\"></span> tasso <span class=\"_ _1\"></span>variabile <span class=\"_ _1\"></span>e pe<span class=\"_ _1\"></span>r quelli <span class=\"_ _1\"></span>a t<span class=\"_ _1\"></span>asso fisso<span class=\"_ _1\"></span> a breve <span class=\"_ _1\"></span>termine <span class=\"_ _1\"></span>(entro <span class=\"_ _1\"></span>12 mes<span class=\"_ _1\"></span>i)  <span class=\"_ _1\"></span>il<span class=\"_ _3a1\"> </span></span>valore contabile \u00e8 stato assunto come approssimazione de<span class=\"_ _1\"></span>l fair valu<span class=\"_ _2\"></span>e;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">per l<span class=\"_ _3b\"></span>e attivit\u00e0 <span class=\"_ _3b\"></span>e <span class=\"_ _3b\"></span>pass<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _3b\"></span>a m<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>dio <span class=\"_ _3b\"></span>a lu<span class=\"_ _2\"></span>ngo <span class=\"_ _2\"></span>termine, <span class=\"_ _3b\"></span>la valu<span class=\"_ _2\"></span>tazione <span class=\"_ _3b\"></span>\u00e8 stata <span class=\"_ _3b\"></span>determinata <span class=\"_ _3b\"></span>me<span class=\"_ _1\"></span>diante<span class=\"_ _3a1\"> </span></span>l\u2019attualizzazione <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>flussi <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>cassa <span class=\"_ _0\"></span>futuri. <span class=\"_ _1\"></span>Tale <span class=\"_ _0\"></span>operazi<span class=\"_ _2\"></span>one <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>st<span class=\"_ _2\"></span>ata <span class=\"_ _38\"></span>ese<span class=\"_ _1\"></span>guita <span class=\"_ _38\"></span>utilizzando <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>assi<span class=\"_ _3a1\"> </span>privi <span class=\"_ _35\"> </span>di  rischio <span class=\"_ _35\"> </span>e,  per <span class=\"_ _35\"> </span>le  attivit\u00e0, <span class=\"_ _35\"> </span>correggendo  i <span class=\"_ _35\"> </span>flussi <span class=\"_ _35\"> </span>di  cassa <span class=\"_ _35\"> </span>futuri, <span class=\"_ _35\"> </span>te<span class=\"_ _1\"></span>nendo  conto <span class=\"_ _35\"> </span>della<span class=\"_ _3a1\"> </span>rischiosit\u00e0 <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>controparte <span class=\"_ _1\"></span>mediante <span class=\"_ _1\"></span>parametr<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>di PD <span class=\"_ _1\"></span>(P<span class=\"_ _1\"></span>robability <span class=\"_ _1\"></span>of D<span class=\"_ _1\"></span>efault) <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>LGD <span class=\"_ _1\"></span>(Loss<span class=\"_ _3a1\"> </span>Given Default);<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">per <span class=\"_ _3d\"> </span>i  titoli <span class=\"_ _3d\"> </span>emessi  a  tas<span class=\"_ _1\"></span>so  fisso <span class=\"_ _3d\"> </span>a  medio <span class=\"_ _3d\"> </span>lungo  temine <span class=\"_ _3d\"> </span>la  valutazione <span class=\"_ _3d\"> </span>\u00e8  st<span class=\"_ _1\"></span>ata  effettuata<span class=\"_ _3a1\"> </span></span>mediante l\u2019attualizzazione dei flussi <span class=\"_ _2\"></span>di cassa futuri, corretta per i<span class=\"_ _3b\"></span>l rischio emittente associato<span class=\"_ _3a1\"> </span>a Credem.<span class=\"_ _3a1\"> </span>Per <span class=\"_ _38\"></span>tali <span class=\"_ _38\"></span>strumenti, <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>determ<span class=\"_ _1\"></span>inazione <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _38\"></span>si <span class=\"_ _38\"></span>basa <span class=\"_ _38\"></span>anche<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>sull\u2019utilizzo <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>parametri <span class=\"_ _38\"></span>inter<span class=\"_ _1\"></span>ni<span class=\"_ _3a1\"> </span>non <span class=\"_ _38\"></span>direttamente <span class=\"_ _38\"></span>osservabili <span class=\"_ _1\"></span>sul <span class=\"_ _38\"></span>mercato <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _1\"></span>calcolato <span class=\"_ _38\"></span>solo <span class=\"_ _38\"></span>ai <span class=\"_ _38\"></span>fini <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>mpiere <span class=\"_ _38\"></span>alle <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ichieste <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span>informativa e non ha alcun impatto sullo stato patr<span class=\"_ _1\"></span>imoniale e sul conto economico.<span class=\"_ _3a1\"> </span>A.4 INFORM<span class=\"_ _1\"></span>ATIVA SUL FAIR VALU<span class=\"_ _1\"></span>E<span class=\"_ _3a1\"> </span>Informat<span class=\"_ _1\"></span>iva di na<span class=\"_ _1\"></span>tura qu<span class=\"_ _1\"></span>alitativa A.4.1 \u2013 Livel<span class=\"_ _1\"></span>lo di fai<span class=\"_ _1\"></span>r value <span class=\"_ _1\"></span>2 e 3: tecniche<span class=\"_ _1\"></span> di valu<span class=\"_ _1\"></span>tazione<span class=\"_ _1\"></span> e input u<span class=\"_ _1\"></span>tilizzati<span class=\"_ _3a1\"> </span>Le <span class=\"_ _35\"> </span>tecniche <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>valutazione <span class=\"_ _35\"> </span>utilizzate  pe<span class=\"_ _2\"></span>r <span class=\"_ _35\"> </span>gli <span class=\"_ _35\"> </span>strumenti <span class=\"_ _35\"> </span>finanziari  ap<span class=\"_ _2\"></span>partenenti <span class=\"_ _35\"> </span>al  l<span class=\"_ _2\"></span>ivello <span class=\"_ _35\"> </span>2 <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>3 <span class=\"_ _35\"> </span>si distinguono: <span class=\"_ _42\"> </span><span class=\"ff4\">Attivit\u00e0  finanziarie:  valutazione  degli  strume<span class=\"_ _1\"></span>nti  strutturati  utilizzando  per  la  componente </span>obbligazionaria  il <span class=\"_ _35\"> </span>modello  discounted  cash <span class=\"_ _35\"> </span>flow  con <span class=\"_ _35\"> </span>un  tasso <span class=\"_ _35\"> </span>corretto  per  un <span class=\"_ _35\"> </span>opportuno rischio di credito, e per la componente azionaria <span class=\"_ _1\"></span>utilizzando il modello Black&amp;Scholes; <span class=\"_ _42\"> </span><span class=\"ff4\">Passivit\u00e0 <span class=\"_ _3f\"> </span>finanziarie: <span class=\"_ _3a\"> </span>valutazione <span class=\"_ _3f\"> </span>degli <span class=\"_ _3f\"> </span>strumenti <span class=\"_ _3f\"> </span>plain <span class=\"_ _3f\"> </span>vanilla <span class=\"_ _3f\"> </span>s<span class=\"_ _1\"></span>econdo <span class=\"_ _3f\"> </span>le <span class=\"_ _3f\"> </span>tecniche <span class=\"_ _3f\"> </span>di </span>valutazione <span class=\"_ _35\"> </span>discounted <span class=\"_ _35\"> </span>cash <span class=\"_ _35\"> </span>flow  di <span class=\"_ _35\"> </span>cassa <span class=\"_ _35\"> </span>considerando <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>tasso  c<span class=\"_ _2\"></span>orretto <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>rischio  d<span class=\"_ _2\"></span>i credito di Credito Emiliano sulla scadenza dello strumento. Si riporta brevemente la definizione dei modelli utilizzati: Discounte<span class=\"_ _1\"></span>d Cash Flow Il <span class=\"_ _35\"> </span>modello <span class=\"_ _35\"> </span>discounted <span class=\"_ _35\"> </span>cash <span class=\"_ _35\"> </span>flow, <span class=\"_ _35\"> </span>flussi <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>cassa <span class=\"_ _35\"> </span>attualizzati, <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>metodo <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>valutazione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>un investimento, <span class=\"_ _0\"></span>bas<span class=\"_ _2\"></span>ato <span class=\"_ _38\"></span>sul <span class=\"_ _38\"></span>pro<span class=\"_ _1\"></span>cesso <span class=\"_ _38\"></span>finanziario <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>at<span class=\"_ _1\"></span>tualizzazione, <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>consente <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>abilire <span class=\"_ _38\"></span>oggi <span class=\"_ _38\"></span>il valore attuale di u<span class=\"_ _2\"></span>n capitale che <span class=\"_ _2\"></span>ha come naturale scadenza una <span class=\"_ _3b\"></span>data futura tramite l'applicazione di un tasso di scont<span class=\"_ _1\"></span>o. Il tasso di sconto viene <span class=\"_ _1\"></span>corretto per il rischio di credito dei flussi futuri at<span class=\"_ _1\"></span>tesi dall'attivit\u00e0 <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>estione<span class=\"_ _1\"></span>. <span class=\"_ _35\"> </span>La <span class=\"_ _35\"> </span>somma <span class=\"_ _0\"></span>algebrica <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>flussi <span class=\"_ _35\"> </span>attualizzati <span class=\"_ _35\"> </span>rappresenta <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>netto<span class=\"_ _3b\"></span> attuale (Net present value) dello str<span class=\"_ _1\"></span>umento. I <span class=\"_ _1\"></span>para<span class=\"_ _1\"></span>metri <span class=\"_ _38\"></span>utilizzati <span class=\"_ _38\"></span>nella <span class=\"_ _38\"></span>tecnica <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>valutazione <span class=\"_ _38\"></span>so<span class=\"_ _1\"></span>no: <span class=\"_ _38\"></span>curva <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>assi <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>cre<span class=\"_ _1\"></span>dit <span class=\"_ _38\"></span>spread <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>ogni <span class=\"_ _38\"></span>singola emissione. Modello Black&amp;Schole<span class=\"_ _1\"></span>s  Il <span class=\"_ _3d\"> </span>m<span class=\"_ _1\"></span>od<span class=\"_ _3a1\"> </span>ello <span class=\"_ _37\"> </span>Black&amp;scholes <span class=\"_ _36\"> </span>univariato <span class=\"_ _37\"> </span>(BS) <span class=\"_ _37\"> </span>\u00e8 <span class=\"_ _37\"> </span>il <span class=\"_ _37\"> </span>mo<span class=\"_ _1\"></span>dello <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>pricing <span class=\"_ _37\"> </span>delle <span class=\"_ _37\"> </span>opzioni <span class=\"_ _37\"> </span>p<span class=\"_ _1\"></span>i\u00f9 <span class=\"_ _3d\"> </span>famo<span class=\"_ _1\"></span>so <span class=\"_ _37\"> </span>e riconosciuto <span class=\"_ _38\"></span>dal <span class=\"_ _0\"></span>mercato. <span class=\"_ _38\"></span>Il <span class=\"_ _38\"></span>modello <span class=\"_ _38\"></span>si <span class=\"_ _0\"></span>basa <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ulla <span class=\"_ _38\"></span>possibilit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>creare <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>port<span class=\"_ _1\"></span>afoglio <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>quivalente all\u2019opzione, <span class=\"_ _38\"></span>cost<span class=\"_ _1\"></span>ituito <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>parte <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>a <span class=\"_ _0\"></span>unit\u00e0 <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ottostante <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>parte <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>obbligazioni <span class=\"_ _38\"></span>prive <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>rischi<span class=\"_ _1\"></span>o entrambi influenzati d<span class=\"_ _2\"></span>alla stessa fonte di i<span class=\"_ _2\"></span>ncertezza data dalle va<span class=\"_ _2\"></span>riazioni del prezzo dell\u2019<span class=\"_ _2\"></span>azione. Le ipotesi <span class=\"_ _188\"> </span>sottostanti <span class=\"_ _29\"> </span>il <span class=\"_ _46\"> </span>mo<span class=\"_ _1\"></span>dello <span class=\"_ _188\"> </span>di <span class=\"_ _188\"> </span>BS <span class=\"_ _188\"> </span>sono <span class=\"_ _188\"> </span>rapprese<span class=\"_ _1\"></span>ntate <span class=\"_ _188\"> </span>dall'andamento <span class=\"_ _188\"> </span>dei <span class=\"_ _188\"> </span>prezzi dell'attivit\u00e0 sottostante (approssimato da<span class=\"_ _2\"></span> un proc<span class=\"_ _2\"></span>esso log-normale), <span class=\"_ _3b\"></span>dalla presenza di un m<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>rcato perfettamente efficiente; dal tasso di i<span class=\"_ _2\"></span>nteresse e dalla volatilit\u00e0 del sottostante costante per tutta<span class=\"_ _3b\"></span> la durata dell'opzione.  I parametri utilizzati <span class=\"_ _2\"></span>nella tecnica di<span class=\"_ _2\"></span> valutazione sono il <span class=\"_ _2\"></span>tasso di i<span class=\"_ _2\"></span>nteresse, il valore e <span class=\"_ _2\"></span>la volatilit\u00e0 del<span class=\"_ _2\"></span> sottostante. Alla  data  del  31/12/20<span class=\"_ _1\"></span>24  tutti  i  parametri  utilizzati  nelle  tecniche  di  valutazione <span class=\"_ _3d\"> </span>sono  risultati osservabili, e<span class=\"_ _1\"></span>videnziando <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>gli st<span class=\"_ _1\"></span>rumenti <span class=\"_ _1\"></span>valutati tramit<span class=\"_ _1\"></span>e m<span class=\"_ _1\"></span>ark to <span class=\"_ _1\"></span>model <span class=\"_ _1\"></span>livelli <span class=\"_ _1\"></span>di fair<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>pari a 2. In particolare: <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _38\"></span>tass<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>inter<span class=\"_ _1\"></span>esse <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>estrapol<span class=\"_ _2\"></span>ati <span class=\"_ _38\"></span>dalla <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>urva <span class=\"_ _38\"></span>zer<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>otte<span class=\"_ _1\"></span>nuta <span class=\"_ _38\"></span>dalle <span class=\"_ _38\"></span>quotazioni <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>mer<span class=\"_ _1\"></span>cato <span class=\"_ _38\"></span>di </span>strumenti omogenei; <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _1\"></span>credit <span class=\"_ _38\"></span>spread <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>componete <span class=\"_ _38\"></span>Credito <span class=\"_ _38\"></span>Emiliano <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>ottenuti <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>quotazioni <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>mercato<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di </span>emissioni comparables; <span class=\"_ _42\"> </span><span class=\"ff4\">valore del sottostante sono ottenuti dalla quotazione del mer<span class=\"_ _1\"></span>cato; </span><span class=\"_ _42\"> </span><span class=\"ff4\">volatilit\u00e0 del sottostante ottenute da quotazioni di mer<span class=\"_ _1\"></span>cato. </span>A.4.2 P<span class=\"_ _1\"></span>rocessi e <span class=\"_ _1\"></span>sensibilit<span class=\"_ _1\"></span>\u00e0 delle valu<span class=\"_ _1\"></span>tazioni<span class=\"_ _3a1\"> </span>Gli <span class=\"_ _1\"></span>strumenti <span class=\"_ _38\"></span>non <span class=\"_ _1\"></span>scambiati <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rcati <span class=\"_ _1\"></span>attivi <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>valutati <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>mark <span class=\"_ _38\"></span>to <span class=\"_ _1\"></span>model <span class=\"_ _1\"></span>utilizzando <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>tecnica di <span class=\"_ _3b\"></span>val<span class=\"_ _3a1\"> </span>utazione <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>massimizza l\u2019<span class=\"_ _2\"></span>utilizzo <span class=\"_ _3b\"></span>di dati <span class=\"_ _3b\"></span>oss<span class=\"_ _1\"></span>ervabili <span class=\"_ _3b\"></span>sul <span class=\"_ _2\"></span>mercato. Qualora <span class=\"_ _3b\"></span>i parametri <span class=\"_ _3b\"></span>risultino non disponibili e direttamente osservabili il livello di fair value attribuito \u00e8<span class=\"_ _1\"></span> pari a 3. Nel <span class=\"_ _3d\"> </span>corso  del  20<span class=\"_ _1\"></span>24  sono  state <span class=\"_ _3d\"> </span>valutate  con <span class=\"_ _3d\"> </span>modelli  mark <span class=\"_ _3d\"> </span>to  mo<span class=\"_ _1\"></span>del,  tramite  parame<span class=\"_ _1\"></span>ntri  non osservabili <span class=\"_ _1\"></span>(fair <span class=\"_ _38\"></span>va<span class=\"_ _1\"></span>lue <span class=\"_ _38\"></span>3), <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>quote <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>OICR <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>quali <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>ap<span class=\"_ _1\"></span>plicabile <span class=\"_ _38\"></span>l\u2019analisi <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>sensitivit\u00e0, <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>di investimenti partecipativi per importi no<span class=\"_ _1\"></span>n materiali. Alla <span class=\"_ _1\"></span>data <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>1 <span class=\"_ _38\"></span>dicembre <span class=\"_ _38\"></span>2024 <span class=\"_ _38\"></span>nessun <span class=\"_ _38\"></span>strumento <span class=\"_ _38\"></span>finanziario <span class=\"_ _38\"></span>derivato <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>stat<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>valutato <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>mark <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o model tramite parametri di mercato non direttamente osservabili. A.4.3 Ge<span class=\"_ _1\"></span>rarchia<span class=\"_ _1\"></span> del fair valu<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span>Trasferime<span class=\"_ _1\"></span>nti tra i livelli della gerarch<span class=\"_ _1\"></span>ia del fair value La <span class=\"_ _3b\"></span>ger<span class=\"_ _3a1\"> </span>archia <span class=\"_ _3b\"></span>del <span class=\"_ _3b\"></span>fair<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>value <span class=\"_ _3b\"></span>at<span class=\"_ _1\"></span>tribuisce <span class=\"_ _3b\"></span>la <span class=\"_ _2\"></span>massima <span class=\"_ _2\"></span>priorit<span class=\"_ _3a1\"> </span>\u00e0 <span class=\"_ _3b\"></span>ai <span class=\"_ _3b\"></span>prezzi <span class=\"_ _3b\"></span>quotat<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>(non <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ettificati) <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>mer<span class=\"_ _1\"></span>cati attivi per attivit\u00e0 <span class=\"_ _2\"></span>o passivit\u00e0 identiche (<span class=\"_ _2\"></span>dati di l<span class=\"_ _2\"></span>ivello 1) e la <span class=\"_ _2\"></span>priorit\u00e0 minima <span class=\"_ _2\"></span>agli input non osservabil<span class=\"_ _2\"></span>i (dati di livello 3). I <span class=\"_ _38\"></span>Livelli <span class=\"_ _0\"></span>utiliz<span class=\"_ _2\"></span>zati <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>classifi<span class=\"_ _2\"></span>cazioni <span class=\"_ _38\"></span>ripor<span class=\"_ _1\"></span>tate <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>seguito <span class=\"_ _0\"></span>della<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>pres<span class=\"_ _1\"></span>ente <span class=\"_ _38\"></span>Nota <span class=\"_ _0\"></span>integrativa<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>sono <span class=\"_ _1\"></span>i seguenti: <span class=\"_ _42\"> </span><span class=\"ff4\">\u201clivello <span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>\u201d: <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _38\"></span>degli <span class=\"_ _1\"></span>strumenti <span class=\"_ _38\"></span>finanziari <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>deter<span class=\"_ _1\"></span>minato <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>base <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>zzi <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>quotazione </span>osservabili su mercati attivi (non rettificati) alle quali si pu\u00f2 accedere alla data di valutazione; <span class=\"_ _42\"> </span><span class=\"ff4\">\u201clivello 2\u201d: <span class=\"_ _3b\"></span>il fair <span class=\"_ _2\"></span>value d<span class=\"_ _2\"></span>egli strumenti fin<span class=\"_ _2\"></span>anziari \u00e8 <span class=\"_ _2\"></span>determinato in<span class=\"_ _3b\"></span> base a <span class=\"_ _2\"></span>input d<span class=\"_ _2\"></span>iversi dai <span class=\"_ _3b\"></span>prezzi </span>quotati <span class=\"_ _35\"> </span>incl<span class=\"_ _2\"></span>usi <span class=\"_ _35\"> </span>nel <span class=\"_ _0\"></span>Livello <span class=\"_ _35\"> </span>1 <span class=\"_ _0\"> </span>o<span class=\"_ _1\"></span>sservabili <span class=\"_ _35\"> </span>direttamente <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>indirettamente <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>l\u2019attivi<span class=\"_ _2\"></span>t\u00e0 <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>la<span class=\"_ _3b\"></span> passivit\u00e0, utilizzando anche di tecniche di valutazione; <span class=\"_ _42\"> </span><span class=\"ff4\">\u201clivello 3\u201d: <span class=\"_ _1\"></span>il fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>degli st<span class=\"_ _1\"></span>rumenti <span class=\"_ _1\"></span>finanziari \u00e8 <span class=\"_ _1\"></span>determinato<span class=\"_ _1\"></span> in base <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>input non <span class=\"_ _1\"></span>osservabili<span class=\"_ _3a1\"> </span></span>per l\u2019attivit\u00e0 o per la passivit\u00e0, utilizzando anche di te<span class=\"_ _1\"></span>cniche di valutazione. L\u2019attivit\u00e0  di  attribuzione  dei  livelli  \u00e8  rappresentata  dalla  verifica  pu<span class=\"_ _2\"></span>ntuale  per  ogni  strumento detenuto <span class=\"_ _0\"></span>nei<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>portafogli<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>propri<span class=\"_ _2\"></span>et\u00e0 <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>possibile <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>otenziale <span class=\"_ _38\"></span>mercato <span class=\"_ _0\"></span>attivo <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ispetti <span class=\"_ _38\"></span>alcune regole <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valorizzazione. <span class=\"_ _1\"></span>In par<span class=\"_ _1\"></span>ticolare <span class=\"_ _1\"></span>viene <span class=\"_ _1\"></span>analizzato <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>contribuzioni r<span class=\"_ _1\"></span>isultino <span class=\"_ _1\"></span>continuative, contenute nei delta <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>pread bid a<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>k, indi<span class=\"_ _2\"></span>cative di possibili<span class=\"_ _2\"></span> transazioni recenti quindi<span class=\"_ _2\"></span> non trascinate, e che l\u2019emittente risulti solido e attivo. Il mancat<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>rispetto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>li r<span class=\"_ _1\"></span>egole <span class=\"_ _1\"></span>porta <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>aggravio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>livello <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sociato <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>valorizzazione <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>pi\u00f9 coerente e rappresentativa del fair value dello strume<span class=\"_ _1\"></span>nto.  Analogamente <span class=\"_ _38\"></span>l\u2019analisi <span class=\"_ _1\"></span>viene <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ffettuata <span class=\"_ _1\"></span>anche <span class=\"_ _38\"></span>nella <span class=\"_ _1\"></span>verifica <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>pot<span class=\"_ _1\"></span>enziale <span class=\"_ _1\"></span>ripristino <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>mer<span class=\"_ _1\"></span>cato<span class=\"_ _2\"></span> attivo <span class=\"_ _1\"></span>sugli <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>rumenti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>quali <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>corso <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>empo <span class=\"_ _1\"></span>si <span class=\"_ _38\"></span>verifica <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>riattivazione <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>valorizzazione continuative sul mercato regolamentato e no<span class=\"_ _1\"></span>n.<span class=\"_ _3a1\"> </span><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs9bc\">A.4.4 Al<span class=\"_ _1\"></span>tre info<span class=\"_ _1\"></span>rmazioni<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9bd\">L\u2019attivit\u00e0  di <span class=\"_ _3d\"> </span>attr<span class=\"_ _1\"></span>ibuzione  dei <span class=\"_ _3d\"> </span>live<span class=\"_ _1\"></span>lli  di <span class=\"_ _3d\"> </span>fair <span class=\"_ _3d\"> </span>value <span class=\"_ _3d\"> </span>avviene <span class=\"_ _3d\"> </span>trimest<span class=\"_ _1\"></span>ralmente  alle <span class=\"_ _3d\"> </span>date<span class=\"_ _1\"></span>  cont<span class=\"_ _1\"></span>abili  di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9be\">riferi<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9bf\">mento <span class=\"_ _35\"> </span>basandosi <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>ulla <span class=\"_ _35\"> </span>verifica <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>prese<span class=\"_ _1\"></span>nza <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>un<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>mercato <span class=\"_ _35\"> </span>principale <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>pi<span class=\"_ _2\"></span>\u00f9 <span class=\"_ _35\"> </span>vantaggioso<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9c0\">nell\u2019intervallo temporale antecedente<span class=\"_ _1\"></span> la data contabile di riferimento. L\u2019att<span class=\"_ _1\"></span>ivit\u00e0 prevede la verifica<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9c1\">di <span class=\"_ _0\"></span>alcu<span class=\"_ _2\"></span>ni <span class=\"_ _0\"></span>principi <span class=\"_ _38\"></span>nece<span class=\"_ _1\"></span>ssari <span class=\"_ _0\"></span>alla <span class=\"_ _38\"></span>definizione <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>senza <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>mercato <span class=\"_ _38\"></span>attivo <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>ogni <span class=\"_ _0\"></span>strumento<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9c2\">finanziario identificati dalla disponibilit\u00e0 di valorizzazioni ese<span class=\"_ _1\"></span>guibili, continue e con s<span class=\"_ _1\"></span>carto denaro-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9c3\">lettera (bid-ask spread) contenuti.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9c4\">Il rispetto <span class=\"_ _1\"></span>di tali <span class=\"_ _1\"></span>condizioni determina il livello <span class=\"_ _1\"></span>di fair <span class=\"_ _1\"></span>value dello strument<span class=\"_ _1\"></span>o analizzato. Qualora <span class=\"_ _1\"></span>non<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9c5\">siano <span class=\"_ _1\"></span>prese<span class=\"_ _1\"></span>nti <span class=\"_ _1\"></span>quotazioni <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>mercato, <span class=\"_ _1\"></span>l\u2019utilizzo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ecniche <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>valutazione <span class=\"_ _1\"></span>viene<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>effettuata <span class=\"_ _38\"></span>ad <span class=\"_ _1\"></span>ogni<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9c6\">data <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>massimizzando <span class=\"_ _3b\"></span>l\u2019utilizzo <span class=\"_ _3b\"></span>di input <span class=\"_ _3b\"></span>osser<span class=\"_ _1\"></span>vabili <span class=\"_ _3b\"></span>rilevanti e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>riducendo <span class=\"_ _3b\"></span>al minimo <span class=\"_ _3b\"></span>l\u2019utilizzo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9c7\">di <span class=\"_ _3b\"></span>input n<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>osservabili. <span class=\"_ _3b\"></span>La verifica <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ali <span class=\"_ _3b\"></span>parametri d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>input in <span class=\"_ _3b\"></span>funzione <span class=\"_ _3b\"></span>della <span class=\"_ _2\"></span>disponibilit\u00e0 <span class=\"_ _3b\"></span>deter<span class=\"_ _1\"></span>mina<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9c8\">il livello di fair value dello strumento.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9c9\">Alle date <span class=\"_ _1\"></span>contabili viene <span class=\"_ _1\"></span>inoltre effettuata una <span class=\"_ _1\"></span>analisi comparativa <span class=\"_ _1\"></span>dei livelli di <span class=\"_ _1\"></span>fair value ris<span class=\"_ _1\"></span>petto al<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9ca\">trimestre <span class=\"_ _0\"></span>pr<span class=\"_ _2\"></span>ecedente <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>l\u2019inizio <span class=\"_ _38\"></span>dell\u2019esercizio <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>riferimento <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>fine <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>individuare <span class=\"_ _0\"></span>i <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rasferimenti <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9cb\">livelli  di  fair  value  avvenuti  nel  corso  dell\u2019esercizio  di  riferimento  e  le  circostanze  che  hann<span class=\"_ _3b\"></span>o<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9cc\">determinato tale trasferimento.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs9cd\">Informat<span class=\"_ _1\"></span>iva di na<span class=\"_ _1\"></span>tur<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs9ce\">a quantita<span class=\"_ _1\"></span>tiva<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs9cf\">A.4.5 G<span class=\"_ _1\"></span>erarchia del<span class=\"_ _1\"></span> fair v<span class=\"_ _1\"></span>alue<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs9d0\">A.4.5.1 Att<span class=\"_ _1\"></span>ivit\u00e0 e passivit\u00e0 valutate<span class=\"_ _1\"></span> al fair value su base<span class=\"_ _1\"></span> ricorrente: ripartizione pe<span class=\"_ _1\"></span>r livelli di fair va<span class=\"_ _1\"></span>lue<span class=\"_ _3a1\"> </span></div><div class=\"gs9d1\"><table class=\"s w65c h1ed\" id=\"_78467234-8f98-4b2b-bb18-7bb40e572dff\"><tr><td class=\"t m2 x658 h12 y5497 ff4 fs7 fc7 sc6 ls0 ws0\">Attivit\u00e0/Passivit\u00e0 misurate al fair value<span class=\"_ _2\"></span> </td><td></td><td class=\"c n x659 y5498 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x65a y5498 w65e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n x65b y5499 w65f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x65c y5499 w660 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x65d y5499 w661 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x65e y5499 w65f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x65f y5499 w662 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x660 y5499 w663 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L<span class=\"_ _2\"></span>3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x2d7 y549a w664 h1e7\"><div class=\"t m2 x2b3 h12 y543a ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanziarie va<span class=\"_ _2\"></span>lutate al fair value c<span class=\"_ _2\"></span>on impatto a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">conto economico<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x661 h12 y549b ff4 fs7 fc1 sc0 ls0 ws0\">5.368.935<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x662 h12 y549b ff4 fs7 fc1 sc0 ls0 ws0\">52.518<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x663 h12 y549b ff4 fs7 fc1 sc0 ls0 ws0\">285.011<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x664 h12 y549b ff4 fs7 fc1 sc0 ls0 ws0\">4.613.404<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y549b ff4 fs7 fc1 sc0 ls0 ws0\">84.847<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y549b ff4 fs7 fc1 sc0 ls0 ws0\">283.133<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x667 y549c w665 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) attivit\u00e0 finanziarie de<span class=\"_ _2\"></span>tenute per la <span class=\"_ _2\"></span>negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x668 y549c w666 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">19.098</div></td><td class=\"t m2 x662 h12 y549d ff4 fs7 fc1 sc0 ls0 ws0\">15.038<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x669 h12 y549d ff4 fs7 fc1 sc0 ls0 ws0\">23<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66a h12 y549d ff4 fs7 fc1 sc0 ls0 ws0\">28.975<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y549d ff4 fs7 fc1 sc0 ls0 ws0\">32.043<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y549d ff4 fs7 fc1 sc0 ls0 ws0\">22<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x667 y549e w667 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) attivit\u00e0 finanziar<span class=\"_ _2\"></span>ie designate al fai<span class=\"_ _2\"></span>r value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x66c y549e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66d h12 y549f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y549f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y549f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x670 h12 y549f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y549f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x672 h12 y54a0 ff4 fs7 fc1 sc0 ls0 ws0\">c) Altre attivit\u00e0 finanzi<span class=\"_ _2\"></span>arie obbligatoriamente <span class=\"_ _3b\"></span>v<span class=\"_ _1\"></span>alutate al<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x661 h12 y54a1 ff4 fs7 fc1 sc0 ls0 ws0\">5.349.837<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x673 h12 y54a2 ff4 fs7 fc1 sc0 ls0 ws0\">37.480<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x674 h12 y54a2 ff4 fs7 fc1 sc0 ls0 ws0\">284.988<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x675 h12 y54a2 ff4 fs7 fc1 sc0 ls0 ws0\">4.584.429<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y54a2 ff4 fs7 fc1 sc0 ls0 ws0\">52.804<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y54a2 ff4 fs7 fc1 sc0 ls0 ws0\">283.111<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x672 h12 y54a3 ff4 fs7 fc1 sc0 ls0 ws0\">fair value </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x677 y54a4 w16b h11\"><div class=\"t m2 x0 h12 y83 ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 finanziarie va<span class=\"_ _2\"></span>lutate al fair <span class=\"_ _2\"></span>value con impatto </div></td><td class=\"t m2 x661 h12 y54a5 ff4 fs7 fc1 sc0 ls0 ws0\">9.403.955<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x678 h12 y54a5 ff4 fs7 fc1 sc0 ls0 ws0\">57.766<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x679 h12 y54a5 ff4 fs7 fc1 sc0 ls0 ws0\">30.118<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x675 h12 y54a5 ff4 fs7 fc1 sc0 ls0 ws0\">8.874.040<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y54a5 ff4 fs7 fc1 sc0 ls0 ws0\">56.245<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y54a5 ff4 fs7 fc1 sc0 ls0 ws0\">31.835<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54a6 ff4 fs7 fc1 sc0 ls0 ws0\">sulla redditivit\u00e0 c<span class=\"_ _2\"></span>omplessiva </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5485 w669 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Derivati di copertur<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x67b y5485 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x67c h12 y54a7 ff4 fs7 fc1 sc0 ls0 ws0\">427.235<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y54a7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y54a7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y54a7 ff4 fs7 fc1 sc0 ls0 ws0\">568.146<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54a7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5486 w66a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Attivit\u00e0 materiali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x67e y5486 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66d h12 y54a8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y54a8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y54a8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x670 h12 y54a8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54a8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54a9 w66b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Attivit\u00e0 immaterial<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x67f y54a9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66d h12 y54aa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y54aa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y54aa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x670 h12 y54aa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54aa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x680 h12 y54ab ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x681 h12 y54ab ff4 fs7 fc1 sc2 ls0 ws0\">14.772.890<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x682 h12 y54ab ff4 fs7 fc1 sc2 ls0 ws0\">537.519<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x683 h12 y54ab ff4 fs7 fc1 sc2 ls0 ws0\">315.129<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x684 h12 y54ab ff4 fs7 fc1 sc2 ls0 ws0\">13.487.444<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x685 h12 y54ab ff4 fs7 fc1 sc2 ls0 ws0\">709.238<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y54ab ff4 fs7 fc1 sc2 ls0 ws0\">314.968<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54ac w66c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Passivit\u00e0 finanziarie de<span class=\"_ _3b\"></span>tenute per la negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x686 y54ac w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x662 h12 y54ad ff4 fs7 fc1 sc0 ls0 ws0\">14.463<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y54ad ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y54ad ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x687 h12 y54ad ff4 fs7 fc1 sc0 ls0 ws0\">27.211<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54ad ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54ae w66d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Passivit\u00e0 finanziarie de<span class=\"_ _3b\"></span>si<span class=\"_ _1\"></span>gnate al f<span class=\"_ _2\"></span>air value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x688 y54ae w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66d h12 y54af ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x689 h12 y54af ff4 fs7 fc1 sc0 ls0 ws0\">4.402.690<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y54af ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x670 h12 y54af ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68a h12 y54af ff4 fs7 fc1 sc0 ls0 ws0\">3.884.977<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54b0 w669 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Derivati di copertur<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x67b y54b0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x682 h12 y54b1 ff4 fs7 fc1 sc0 ls0 ws0\">731.778<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y54b1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y54b1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y54b1 ff4 fs7 fc1 sc0 ls0 ws0\">911.207<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54b1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x680 h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68b h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68c h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">746.241<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x689 h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">4.402.690<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x685 h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">938.418<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68a h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">3.884.977<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs70a\">In riferimento alle attivit\u00e0 v<span class=\"_ _2\"></span>alutate al fair val<span class=\"_ _2\"></span>ue su base ricorrente <span class=\"_ _2\"></span>alla data del 31 <span class=\"_ _2\"></span>dicembre 2024 gli<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs70b\">strumenti <span class=\"_ _1\"></span>valorizzati <span class=\"_ _1\"></span>secondo <span class=\"_ _1\"></span>il mer<span class=\"_ _1\"></span>cato <span class=\"_ _1\"></span>pi\u00f9 vantaggioso <span class=\"_ _1\"></span>(livello <span class=\"_ _1\"></span>di fair <span class=\"_ _38\"></span>value par<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>a 1) <span class=\"_ _1\"></span>e/o <span class=\"_ _1\"></span>secondo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9d2\">tecniche di valu<span class=\"_ _2\"></span>tazione basate su parametri osservabili (l<span class=\"_ _2\"></span>ivello di fair value pari a <span class=\"_ _2\"></span>2) rappresentano<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9d3\">il <span class=\"_ _3b\"></span>97,98% del <span class=\"_ _3b\"></span>totale <span class=\"_ _2\"></span>delle <span class=\"_ _3b\"></span>attivit\u00e0 <span class=\"_ _2\"></span>valutate al <span class=\"_ _3b\"></span>fair <span class=\"_ _3b\"></span>value (<span class=\"_ _2\"></span>valore <span class=\"_ _3b\"></span>stabile rispetto <span class=\"_ _3b\"></span>al <span class=\"_ _3b\"></span>corris<span class=\"_ _1\"></span>pondente <span class=\"_ _3b\"></span>2023<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9d4\">pari al 97,83%).  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs70f\">Gli <span class=\"_ _0\"></span>strumenti <span class=\"_ _38\"></span>valutati <span class=\"_ _0\"></span>tramite <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>ecniche <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>valutazione <span class=\"_ _0\"></span>basate <span class=\"_ _0\"></span>pr<span class=\"_ _2\"></span>evalentemente <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>para<span class=\"_ _2\"></span>metri <span class=\"_ _0\"></span>non<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9d5\">osservabili <span class=\"_ _0\"></span>hanno <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iguardato <span class=\"_ _0\"></span>una <span class=\"_ _38\"></span>par<span class=\"_ _1\"></span>te <span class=\"_ _0\"></span>residuale <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>totale <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _38\"></span>(2,17%),<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9d6\">costante rispetto al valore del 2023 pari a 2,02%.<span class=\"_ _3a1\"> </span> </div>A.4.5.2 Variazioni ann<span class=\"_ _1\"></span>ue delle attivit<span class=\"_ _1\"></span>\u00e0 valutate al fair <span class=\"_ _1\"></span>value su base r<span class=\"_ _1\"></span>icorrente (livello 3)<span class=\"_ _3a1\"> </span><table class=\"s w66e h1ee\" id=\"_627dc0cd-9515-4aa2-aa99-943cbd216587\"><tr><td></td><td class=\"c x68e y54b3 w66f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0 finanziarie valutate al fair value<span class=\"_ _2\"></span> con impatt<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x68d h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">o a<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x68f h12 y54b4 ff4 fs7 fc4 sc3 ls0 ws0\">conto economico </td><td></td><td class=\"t m2 x690 h12 y54b5 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0 </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x691 h12 y54b6 ff4 fs7 fc4 sc3 ls0 ws0\">finanziarie </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x692 h12 y54b7 ff4 fs7 fc4 sc3 ls0 ws0\">di cui: c) altre </td><td class=\"t m2 x693 h12 y54b8 ff4 fs7 fc4 sc3 ls0 ws0\">di cui: a) </td><td class=\"t m2 x694 h12 y54b8 ff4 fs7 fc4 sc3 ls0 ws0\">di cui: b) </td><td></td><td class=\"t m2 x691 h12 y54b9 ff4 fs7 fc4 sc3 ls0 ws0\">valutate al </td><td class=\"t m2 x695 h12 y54ba ff4 fs7 fc4 sc3 ls0 ws0\">Derivati </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x696 h12 y54bb ff4 fs7 fc4 sc3 ls0 ws0\">attivit\u00e0 </td><td class=\"t m2 x697 h12 y54bb ff4 fs7 fc4 sc3 ls0 ws0\">attivit\u00e0 </td><td class=\"t m2 x698 h12 y54bc ff4 fs7 fc4 sc3 ls0 ws0\">attivit\u00e0 finanziarie </td><td class=\"t m2 x699 h12 y54bd ff4 fs7 fc4 sc3 ls0 ws0\">fair value </td><td class=\"t m2 x69a h12 y54be ff4 fs7 fc4 sc3 ls0 ws0\">di </td><td class=\"t m2 x69b h12 y54bf ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0 </td><td class=\"t m2 x69c h12 y54bf ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0 </td></tr><tr><td></td><td class=\"t m2 x69d h12 y54c0 ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td><td class=\"t m2 x69e h12 y54c1 ff4 fs7 fc4 sc3 ls0 ws0\">finanziarie </td><td class=\"t m2 x69f h12 y54c1 ff4 fs7 fc4 sc3 ls0 ws0\">finanziarie </td><td class=\"t m2 x698 h12 y54c0 ff4 fs7 fc4 sc3 ls0 ws0\">obbligatoriamente </td><td class=\"t m2 x6a0 h12 y54c2 ff4 fs7 fc4 sc3 ls0 ws0\">con impatto </td><td class=\"t m2 x6a1 h12 y54c3 ff4 fs7 fc4 sc3 ls0 ws0\">copertura<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a2 h12 y54c4 ff4 fs7 fc4 sc3 ls0 ws0\">materiali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y54c4 ff4 fs7 fc4 sc3 ls0 ws0\">immateriali<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td class=\"t m2 x6a4 h12 y54c5 ff4 fs7 fc4 sc3 ls0 ws0\">detenute per </td><td class=\"t m2 x6a5 h12 y54c5 ff4 fs7 fc4 sc3 ls0 ws0\">designate </td><td></td><td class=\"t m2 x6a6 h12 y54c6 ff4 fs7 fc4 sc3 ls0 ws0\">sulla </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x6a7 h12 y54c7 ff4 fs7 fc4 sc3 ls0 ws0\">valutate al fair </td><td class=\"t m2 x6a8 h12 y54c8 ff4 fs7 fc4 sc3 ls0 ws0\">la </td><td class=\"t m2 x6a9 h12 y54c8 ff4 fs7 fc4 sc3 ls0 ws0\">al fair </td><td></td><td class=\"t m2 x691 h12 y54c9 ff4 fs7 fc4 sc3 ls0 ws0\">redditivit\u00e0 </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x6aa h12 y54ca ff4 fs7 fc4 sc3 ls0 ws0\">value </td><td class=\"t m2 x6a0 h12 y54cb ff4 fs7 fc4 sc3 ls0 ws0\">complessiva<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x6ab h12 y54cc ff4 fs7 fc4 sc3 ls0 ws0\">negoziazione<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a9 h12 y54cc ff4 fs7 fc4 sc3 ls0 ws0\">value </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y54cd w670 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1. Esistenze iniziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6ac y54cd w671 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">283.133<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6ad h12 y54ce ff4 fs7 fc1 sc2 ls0 ws0\">22<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54ce ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6af h12 y54ce ff4 fs7 fc1 sc2 ls0 ws0\">283.111<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x679 h12 y54ce ff4 fs7 fc1 sc2 ls0 ws0\">31.835<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b0 h12 y54ce ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54ce ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54ce ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54cf w672 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2. Aumenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6b2 y54cf w673 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">150.600<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b3 h12 y54d0 ff4 fs7 fc1 sc2 ls0 ws0\">2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54d0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b4 h12 y54d0 ff4 fs7 fc1 sc2 ls0 ws0\">150.598<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y54d0 ff4 fs7 fc1 sc2 ls0 ws0\">313<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b0 h12 y54d0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54d0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54d0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54d1 w674 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1. Acquisti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6b6 y54d1 w675 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">17<span class=\"_ _1\"></span>.735<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b7 h12 y54d2 ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54d2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h12 y54d2 ff4 fs7 fc1 sc0 ls0 ws0\">17.734<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y54d2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54d2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54d2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54d2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54d3 w676 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2. Profitti imputati a:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6ba y54d3 w677 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13<span class=\"_ _1\"></span>2.856<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6bb h12 y54d4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54d4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b4 h12 y54d4 ff4 fs7 fc1 sc0 ls0 ws0\">132.856<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y54d4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54d4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54d4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54d4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x677 y54d5 w16d h11\"><div class=\"t m2 x0 h12 y75 ff4 fs7 fc1 sc0 ls0 ws0\">2.2.1. Conto </div></td><td class=\"t m2 x6bc h12 y54d6 ff4 fs7 fc1 sc0 ls0 ws0\">132.856<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6bb h12 y54d6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54d6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b4 h12 y54d6 ff4 fs7 fc1 sc0 ls0 ws0\">132.856<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y54d6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54d6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54d6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54d6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54d7 ff4 fs7 fc1 sc0 ls0 ws0\">Economico </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x667 y54d8 w678 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui plusvalenze<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6bd y54d8 w679 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13<span class=\"_ _1\"></span>2.828<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6bb h12 y54d9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54d9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b4 h12 y54d9 ff4 fs7 fc1 sc0 ls0 ws0\">132.828<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y54d9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54d9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54d9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54d9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54da ff4 fs7 fc1 sc0 ls0 ws0\">2.2.2. Patrimonio nett<span class=\"_ _3b\"></span>o<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6be h12 y54da ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n x6bf y54db w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6c0 y54db w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6c1 y54db w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6c2 y54db w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b9 h12 y54da ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54da ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54da ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x677 y54dc w16e h11\"><div class=\"t m2 x0 h12 y49 ff4 fs7 fc1 sc0 ls0 ws0\">2.3. Trasferimenti da </div></td><td class=\"t m2 x6be h12 y54dd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6bb h12 y54dd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54dd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c3 h12 y54dd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y54dd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54dd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54dd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54dd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54de ff4 fs7 fc1 sc0 ls0 ws0\">altri livelli </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y54e0 w67a h1ef\"><div class=\"t m2 x2b3 h12 y54df ff4 fs7 fc1 sc0 ls0 ws0\">2.4. Altre variazioni <span class=\"_ _2\"></span>in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">aumento<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6c4 h12 y54e1 ff4 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b7 h12 y54e2 ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54e2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c5 h12 y54e2 ff4 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y54e2 ff4 fs7 fc1 sc0 ls0 ws0\">313<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54e2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54e2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54e2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54e3 ff4 fs7 fc1 sc2 ls0 ws0\">3. Diminuzioni </td><td class=\"t m2 x6bc h12 y54e4 ff4 fs7 fc1 sc0 ls0 ws0\">148.722<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b7 h12 y54e4 ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54e4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6af h12 y54e4 ff4 fs7 fc1 sc0 ls0 ws0\">148.721<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c6 h12 y54e4 ff4 fs7 fc1 sc0 ls0 ws0\">2.030<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54e4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54e4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54e4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54e5 w67b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1. Vendite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6c7 y54e5 w67c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">19.049<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6bb h12 y54e6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54e6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c8 h12 y54e6 ff4 fs7 fc1 sc0 ls0 ws0\">19.049<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c9 h12 y54e6 ff4 fs7 fc1 sc0 ls0 ws0\">407<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54e6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54e6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54e6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54e7 w67d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2. Rimborsi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6ca y54e7 w67e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.407<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6bb h12 y54e8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54e8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x673 h12 y54e8 ff4 fs7 fc1 sc0 ls0 ws0\">1.407<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y54e8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54e8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54e8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54e8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54e9 ff4 fs7 fc1 sc0 ls0 ws0\">3.3. Perdite imputate </td><td class=\"t m2 x6bc h12 y54ea ff4 fs7 fc1 sc0 ls0 ws0\">128.266<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b7 h12 y54ea ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54ea ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b4 h12 y54ea ff4 fs7 fc1 sc0 ls0 ws0\">128.265<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y54ea ff4 fs7 fc1 sc0 ls0 ws0\">194<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54ea ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54ea ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54ea ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54eb ff4 fs7 fc1 sc0 ls0 ws0\">a: </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y54ec ff4 fs7 fc1 sc0 ls0 ws0\">3.3.1. Conto </td><td class=\"t m2 x6bc h12 y54ed ff4 fs7 fc1 sc0 ls0 ws0\">128.266<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b7 h12 y54ed ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54ed ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b4 h12 y54ed ff4 fs7 fc1 sc0 ls0 ws0\">128.265<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y54ed ff4 fs7 fc1 sc0 ls0 ws0\">194<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54ed ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54ed ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54ed ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54ee ff4 fs7 fc1 sc0 ls0 ws0\">Economico </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x667 y54ef w67f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui minusvalenze<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6cb y54ef w680 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">128.212<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b7 h12 y54f0 ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54f0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c8 h12 y54f0 ff4 fs7 fc1 sc0 ls0 ws0\">128.211<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y54f0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54f0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54f0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54f0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54f1 ff4 fs7 fc1 sc0 ls0 ws0\">3.3.2. Patrimonio nett<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6be h12 y54f1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n x6bf y54f2 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6c0 y54f2 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6c1 y54f2 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6c2 y54f2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b9 h12 y54f1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54f1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54f1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54f3 ff4 fs7 fc1 sc0 ls0 ws0\">3.4. Trasferimenti da </td><td class=\"t m2 x6be h12 y54f4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6bb h12 y54f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c3 h12 y54f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y54f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54f6 ff4 fs7 fc1 sc0 ls0 ws0\">altri livelli </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y54f7 w681 h1f0\"><div class=\"t m2 x2b3 h12 y54df ff4 fs7 fc1 sc0 ls0 ws0\">3.5. Altre variazi<span class=\"_ _2\"></span>oni in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">diminuzione<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6be h12 y54f8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6bb h12 y54f8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54f8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c3 h12 y54f8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6cc h12 y54f8 ff4 fs7 fc1 sc0 ls0 ws0\">1.429<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54f8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54f8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54f8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54f9 w682 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4. Rimanenze finali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6cd y54f9 w683 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">285.011<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6ce h12 y54fa ff4 fs7 fc1 sc2 ls0 ws0\">23<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54fa ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6cf h12 y54fa ff4 fs7 fc1 sc2 ls0 ws0\">284.988<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6d0 h12 y54fa ff4 fs7 fc1 sc2 ls0 ws0\">30.118<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b0 h12 y54fa ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54fa ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54fa ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table>L\u2019attribuzione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>livello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>pari <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>3 <span class=\"_ _1\"></span>riguarda <span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>umenti definiti <span class=\"_ _1\"></span>\u201cilliquidi\u201d <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>evidenziano poche <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>alorizzazioni <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>cor<span class=\"_ _1\"></span>so <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>te<span class=\"_ _1\"></span>mpo <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>quali <span class=\"_ _38\"></span>lo <span class=\"_ _0\"></span>stato <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>llo <span class=\"_ _0\"></span>strumento <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>ge<span class=\"_ _1\"></span>nerale dell\u2019emittente <span class=\"_ _0\"></span>alla <span class=\"_ _1\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>valutazione, <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>rende <span class=\"_ _38\"></span>possibile <span class=\"_ _0\"></span>l\u2019i<span class=\"_ _2\"></span>potesi <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>ventuale <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ipristino <span class=\"_ _38\"></span>del mercato verso uno stato attivo. Nella voce 2.1 \u201cAcquisti\u201d sono riportati: -<span class=\"_ _13e\"> </span><span class=\"ff4\">attivit\u00e0 finanziarie valutate al F<span class=\"_ _1\"></span>V con impatto a Conto Economico. </span>Nella voce 3.1 \u201cVendite\u201d sono riportati: -<span class=\"_ _13e\"> </span><span class=\"ff4\">attivit\u00e0 finanziarie valutate al F<span class=\"_ _1\"></span>V con impatto a Conto Economico; </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">attivit\u00e0 finanziarie valutate al F<span class=\"_ _1\"></span>V con impatto sulla redditivit\u00e0 complessiva. </span>Le <span class=\"_ _38\"></span>variazioni <span class=\"_ _38\"></span>annue <span class=\"_ _0\"></span>da <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>verso <span class=\"_ _38\"></span>Livello <span class=\"_ _38\"></span>3 <span class=\"_ _0\"></span>al <span class=\"_ _1\"></span>31/12/2024 <span class=\"_ _0\"></span>non <span class=\"_ _1\"></span>evidenziano <span class=\"_ _0\"></span>trasferimenti <span class=\"_ _38\"></span>da <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>verso <span class=\"_ _0\"></span>il<span class=\"_ _3b\"></span> livello <span class=\"_ _3b\"></span>3 sia <span class=\"_ _3b\"></span>per quanto <span class=\"_ _3b\"></span>riguarda la <span class=\"_ _3b\"></span>sezione dimin<span class=\"_ _2\"></span>uzioni <span class=\"_ _3b\"></span>che per <span class=\"_ _3b\"></span>quanto concerne <span class=\"_ _3b\"></span>la s<span class=\"_ _2\"></span>ezione au<span class=\"_ _2\"></span>menti per <span class=\"_ _37\"> </span>tutte <span class=\"_ _3d\"> </span>le <span class=\"_ _37\"> </span>classificazioni <span class=\"_ _3d\"> </span>cont<span class=\"_ _1\"></span>abili <span class=\"_ _3d\"> </span>(attivit\u00e0 <span class=\"_ _37\"> </span>finanziare <span class=\"_ _3d\"> </span>valutate<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>obbligatoriamente <span class=\"_ _37\"> </span>al <span class=\"_ _37\"> </span>FV <span class=\"_ _3d\"> </span>con impatto <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>Conto <span class=\"_ _38\"></span>Economico, <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _1\"></span>FV <span class=\"_ _38\"></span>con <span class=\"_ _1\"></span>impatt<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>Conto <span class=\"_ _38\"></span>Economico <span class=\"_ _1\"></span>e attivit\u00e0 finanziarie valutate al FV con impatto<span class=\"_ _1\"></span> sulla redditivit\u00e0 complessiva).<span class=\"_ _3a1\"> </span>A.4.5.4 Attivit\u00e0 e<span class=\"_ _1\"></span> passivit\u00e0 non valutat<span class=\"_ _1\"></span>e al fair value <span class=\"_ _1\"></span>o valutate al fair value<span class=\"_ _3a1\"> </span> su base non ricorr<span class=\"_ _1\"></span>ente: ripartizione per livel<span class=\"_ _1\"></span>li<span class=\"_ _3a1\"> </span> di fair value <table class=\"s w684 h1f1\" id=\"_6488a37b-7012-4d52-b0ce-6ec45c5d04f3\"><tr><td class=\"c x6d1 y54fb w170 h11\"><div class=\"t m2 x0 h12 y413 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0/Passivit\u00e0 non misurate </div></td><td></td><td></td><td class=\"c n x6d2 y54fc w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x6d3 y54fc w685 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td class=\"t m2 x672 h12 y54fd ff4 fs7 fc4 sc3 ls0 ws0\">al fair value o misurate al fair </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x6d4 h12 y54fe ff4 fs7 fc4 sc3 ls0 ws0\">value su base non ricorrente  </td><td class=\"c n x6d5 y54ff w686 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">VB<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6d6 y54ff w687 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6d7 y54ff w688 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6d8 y54ff w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6d9 y54ff w686 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">VB<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6da y54ff w687 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6db y54ff w689 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6dc y54ff w68a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y5500 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanziarie va<span class=\"_ _2\"></span>lutate al<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6dd h12 y5501 ff4 fs7 fc1 sc0 ls0 ws0\">45.274.702<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6bb h12 y5501 ff4 fs7 fc1 sc0 ls0 ws0\">7.660.059<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6de h12 y5501 ff4 fs7 fc1 sc0 ls0 ws0\">301.765<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6df h12 y5501 ff4 fs7 fc1 sc0 ls0 ws0\">37.963.152<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x691 h12 y5501 ff4 fs7 fc1 sc0 ls0 ws0\">44.465.032<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y5501 ff4 fs7 fc1 sc0 ls0 ws0\">7.352.925<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y5501 ff4 fs7 fc1 sc0 ls0 ws0\">377.189<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5501 ff4 fs7 fc1 sc0 ls0 ws0\">37.543.867<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5502 ff4 fs7 fc1 sc0 ls0 ws0\">costo ammortizzato </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y5504 w68b h1f2\"><div class=\"t m2 x2b3 h12 y5503 ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 materiali de<span class=\"_ _2\"></span>tenute a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">scopo di investiment<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e1 h12 y5505 ff4 fs7 fc1 sc0 ls0 ws0\">4.768<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e2 h12 y5505 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e3 h12 y5505 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e4 h12 y5505 ff4 fs7 fc1 sc0 ls0 ws0\">7.107<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c6 h12 y5505 ff4 fs7 fc1 sc0 ls0 ws0\">4.995<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y5505 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y5505 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e5 h12 y5505 ff4 fs7 fc1 sc0 ls0 ws0\">8.695<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5506 ff4 fs7 fc1 sc0 ls0 ws0\">3. Attivit\u00e0 non corrent<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span> e gruppi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e6 h12 y5507 ff4 fs7 fc1 sc0 ls0 ws0\">533<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e2 h12 y5507 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e3 h12 y5507 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e7 h12 y5507 ff4 fs7 fc1 sc0 ls0 ws0\">533<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y5507 ff4 fs7 fc1 sc0 ls0 ws0\">357<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y5507 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y5507 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e8 h12 y5507 ff4 fs7 fc1 sc0 ls0 ws0\">357<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5508 ff4 fs7 fc1 sc0 ls0 ws0\">di attivit\u00e0 in via di dismi<span class=\"_ _2\"></span>ssione </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x6bc h12 y5509 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e9 h12 y5509 ff4 fs7 fc1 sc2 ls0 ws0\">45.280.003<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6bb h12 y5509 ff4 fs7 fc1 sc2 ls0 ws0\">7.660.059<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6de h12 y5509 ff4 fs7 fc1 sc2 ls0 ws0\">301.765<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ea h12 y5509 ff4 fs7 fc1 sc2 ls0 ws0\">37.969.726<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x691 h12 y5509 ff4 fs7 fc1 sc2 ls0 ws0\">44.470.424<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y5509 ff4 fs7 fc1 sc2 ls0 ws0\">7.352.925<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y5509 ff4 fs7 fc1 sc2 ls0 ws0\">377.189<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6eb h12 y5509 ff4 fs7 fc1 sc2 ls0 ws0\">37.552.919<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y550a ff4 fs7 fc1 sc0 ls0 ws0\">1. Passivit\u00e0 finanziarie <span class=\"_ _2\"></span>valutate </td><td class=\"t m2 x6ab h12 y550b ff4 fs7 fc1 sc0 ls0 ws0\">51.482.679<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b7 h12 y550b ff4 fs7 fc1 sc0 ls0 ws0\">4.149.806<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ec h12 y550b ff4 fs7 fc1 sc0 ls0 ws0\">6.991.634<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ed h12 y550b ff4 fs7 fc1 sc0 ls0 ws0\">40.440.450<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ee h12 y550b ff4 fs7 fc1 sc0 ls0 ws0\">52.777.314<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y550b ff4 fs7 fc1 sc0 ls0 ws0\">4.169.898<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y550b ff4 fs7 fc1 sc0 ls0 ws0\">8.271.180<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y550b ff4 fs7 fc1 sc0 ls0 ws0\">40.370.027<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y550c ff4 fs7 fc1 sc0 ls0 ws0\">al costo ammortizzat<span class=\"_ _2\"></span>o </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y550d ff4 fs7 fc1 sc0 ls0 ws0\">2. Passivit\u00e0 associate ad </td><td class=\"t m2 x6f0 h12 y550e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e2 h12 y550e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e3 h12 y550e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f1 h12 y550e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y550e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y550e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y550e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y550e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y550f ff4 fs7 fc1 sc0 ls0 ws0\">attivit\u00e0 in via di dism<span class=\"_ _2\"></span>issione </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x6bc h12 y5510 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ab h12 y5510 ff4 fs7 fc1 sc2 ls0 ws0\">51.482.679<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b7 h12 y5510 ff4 fs7 fc1 sc2 ls0 ws0\">4.149.806<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ec h12 y5510 ff4 fs7 fc1 sc2 ls0 ws0\">6.991.634<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ed h12 y5510 ff4 fs7 fc1 sc2 ls0 ws0\">40.440.450<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ee h12 y5510 ff4 fs7 fc1 sc2 ls0 ws0\">52.777.314<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y5510 ff4 fs7 fc1 sc2 ls0 ws0\">4.169.898<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y5510 ff4 fs7 fc1 sc2 ls0 ws0\">8.271.180<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5510 ff4 fs7 fc1 sc2 ls0 ws0\">40.370.027<span class=\"_ _3a1\"> </span></td></tr></table>Sezione <span class=\"_ _1\"></span>2 \u2013 At<span class=\"_ _1\"></span>tivit\u00e0 finanz<span class=\"_ _1\"></span>iarie valut<span class=\"_ _1\"></span>ate al fair <span class=\"_ _1\"></span>value con<span class=\"_ _1\"></span> impatto<span class=\"_ _1\"></span> a cont<span class=\"_ _1\"></span>o economico<span class=\"_ _1\"></span> \u2013 Vo<span class=\"_ _1\"></span>ce 20  2.1 Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie detenute per <span class=\"_ _1\"></span>la negoziazione: compos<span class=\"_ _1\"></span>izione merceologica <table class=\"s w694 h1f4\" id=\"_b7ac081b-d691-4c36-98de-7b8a6733abba\"><tr><td></td><td></td><td class=\"c n x6fe y5519 w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x6ff y5519 w696 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x700 h12 y551a ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Valori </td><td></td><td class=\"c n x701 y551b w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x702 y551b w68d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n x703 y551c w65f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x704 y551c w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x705 y551c w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x706 y551c w697 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x707 y551c w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x708 y551c w698 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L<span class=\"_ _2\"></span>3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y551d ff4 fs7 fc1 sc2 ls0 ws0\">A. Attivit\u00e0 per cassa </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y551e w699 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x709 y551e w5b4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">19.098<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x70a h12 y551f ff4 fs7 fc1 sc0 ls0 ws0\">46<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y551f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y551f ff4 fs7 fc1 sc0 ls0 ws0\">25.950<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70b h12 y551f ff4 fs7 fc1 sc0 ls0 ws0\">23<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y551f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5520 w69a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli strutturati<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x70d y5520 w53a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">909<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x70e h12 y5521 ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5521 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70f h12 y5521 ff4 fs7 fc1 sc0 ls0 ws0\">4.813<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70b h12 y5521 ff4 fs7 fc1 sc0 ls0 ws0\">23<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5521 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5522 w69b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Altri titoli di debit<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x710 y5522 w69c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18.189<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x70a h12 y5523 ff4 fs7 fc1 sc0 ls0 ws0\">42<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5523 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x711 h12 y5523 ff4 fs7 fc1 sc0 ls0 ws0\">21.137<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5523 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5523 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5524 w69d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capitale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x713 y5524 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5525 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5525 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5525 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5525 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5525 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5526 w69e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Quote di O.I.C.R.<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x715 y5526 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5527 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a0 h12 y5527 ff4 fs7 fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f2 h12 y5527 ff4 fs7 fc1 sc0 ls0 ws0\">3.025<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5527 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y5527 ff4 fs7 fc1 sc0 ls0 ws0\">22<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5528 w69f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x716 y5528 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5529 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5529 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5529 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5529 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5529 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y552a w6a0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.1 Pronti contro term<span class=\"_ _2\"></span>ine<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x717 y552a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y552b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y552b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y552b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y552b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y552b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y552c w6a1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.2 Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x718 y552c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y552d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y552d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y552d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y552d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y552d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x719 h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71a h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">19.098<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70a h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">46<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a0 h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">24<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">28.975<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70b h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">23<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">22<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y552f ff4 fs7 fc1 sc2 ls0 ws0\">B. Strumenti derivati </td><td class=\"t m2 x71b h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5531 w6a2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Derivati finanziari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x71c y5531 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71d h12 y5532 ff4 fs7 fc1 sc0 ls0 ws0\">14.992<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5532 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5532 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y5532 ff4 fs7 fc1 sc0 ls0 ws0\">32.020<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5532 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5533 w6a3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1 di negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x71e y5533 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71d h12 y5534 ff4 fs7 fc1 sc0 ls0 ws0\">14.992<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5534 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5534 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y5534 ff4 fs7 fc1 sc0 ls0 ws0\">32.020<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5534 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5485 w6a4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 connessi con la <span class=\"_ _2\"></span>fair value option<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x71f y5485 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5535 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5535 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5535 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5535 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5535 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5486 w6a5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.3 altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x720 y5486 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5536 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5536 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5536 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5536 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5536 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5537 w6a6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Derivati creditiz<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x721 y5537 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5538 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5538 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5538 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5538 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5538 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5539 w6a7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 di negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x720 y5539 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5513 w6a8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 connessi con la <span class=\"_ _2\"></span>fair value option<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x722 y5513 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y553b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y553b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y553b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y553b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y553b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5515 w6a9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x723 y5515 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y553c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y553c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y553c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y553c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y553c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x719 h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">Totale (B)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71b h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71d h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">14.992<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">32.020<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x724 h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B) </td><td class=\"t m2 x71a h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">19.098<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71d h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">15.038<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a0 h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">24<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">28.975<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">32.043<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">22<span class=\"_ _3a1\"> </span></td></tr></table>Legenda: L1= Livello 1 L2= Livello 2 L3= Livello 3 Si segnala la compo<span class=\"_ _2\"></span>sizione della voc<span class=\"_ _2\"></span>e 3 \u201cQuote O.I.C.R\u201d:<span class=\"_ _3a1\"> </span><table class=\"s w6aa h1f5\" id=\"_d44a2f2b-600c-483a-be3e-9ccccdc039b0\"><tr><td></td><td></td><td class=\"c n x726 y553f w696 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x727 y553f w6ab h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">T<span class=\"_ _1\"></span>otale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c n x728 y5540 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x729 y5540 w68d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x2d7 y5541 w6ac h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Azionari<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x72a y5541 w6ad h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x72b h12 y5542 ff4 fs7 fc1 sc0 ls0 ws0\">3.047<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x72c h12 y5543 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x72d h12 y5543 ff4 fs7 fc1 sc2 ls0 ws0\">24<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x72b h12 y5543 ff4 fs7 fc1 sc2 ls0 ws0\">3.047<span class=\"_ _3a1\"> </span></td></tr></table>2.5 Altre attivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie obbligator<span class=\"_ _1\"></span>iamente valutate al fair<span class=\"_ _1\"></span> value: composizione m<span class=\"_ _1\"></span>erceologica<span class=\"_ _3a1\"> </span>Totale<span class=\"_ _3a1\"> </span>Totale<span class=\"_ _3a1\"> </span>Voci/Valori<span class=\"_ _3a1\"> </span>31/12/2024<span class=\"_ _3a1\"> </span>31/12/2023<span class=\"_ _3a1\"> </span>L1<span class=\"_ _3a1\"> </span>L2<span class=\"_ _3a1\"> </span>L3<span class=\"_ _3a1\"> </span>L1<span class=\"_ _3a1\"> </span>L2<span class=\"_ _3a1\"> </span>L<span class=\"_ _2\"></span>3<span class=\"_ _3a1\"> </span>1. Titoli di debito<span class=\"_ _3a1\"> </span>611.223<span class=\"_ _3a1\"> </span>4.518<span class=\"_ _3a1\"> </span>10<span class=\"_ _3a1\"> </span>460.212<span class=\"_ _3a1\"> </span>4.449<span class=\"_ _3a1\"> </span>10<span class=\"_ _3a1\"> </span>1.1 Titoli strutturati<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>1.2 Altri titoli di debit<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span>611.223<span class=\"_ _3a1\"> </span>4.518<span class=\"_ _3a1\"> </span>10<span class=\"_ _3a1\"> </span>460.212<span class=\"_ _3a1\"> </span>4.449<span class=\"_ _3a1\"> </span>10<span class=\"_ _3a1\"> </span>2. Titoli di capitale<span class=\"_ _3a1\"> </span>214.317<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>177.801<span class=\"_ _3a1\"> </span>1.705<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>3. Quote di O.I.C.R.<span class=\"_ _3a1\"> </span>4.524.297<span class=\"_ _3a1\"> </span>32.962<span class=\"_ _3a1\"> </span>251.323<span class=\"_ _3a1\"> </span>3.946.416<span class=\"_ _3a1\"> </span>46.650<span class=\"_ _3a1\"> </span>251.480<span class=\"_ _3a1\"> </span>4. Finanziamenti<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>33.655<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>31.621<span class=\"_ _3a1\"> </span>4.1 Pronti contro term<span class=\"_ _2\"></span>ine<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>4.2 Altri<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>33.655<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>31.621<span class=\"_ _3a1\"> </span>Totale<span class=\"_ _3a1\"> </span>5.349.837<span class=\"_ _3a1\"> </span>37.480<span class=\"_ _3a1\"> </span>284.988<span class=\"_ _3a1\"> </span>4.584.429<span class=\"_ _3a1\"> </span>52.804<span class=\"_ _3a1\"> </span>283.111<span class=\"_ _3a1\"> </span>Legenda:<span class=\"_ _3a1\"> </span>L1= Livello 1<span class=\"_ _3a1\"> </span>L2= Livello 2<span class=\"_ _3a1\"> </span>L3= Livello 3<span class=\"_ _3a1\"> </span>Si segnala la composizione della voce 3 \u201cQuote <span class=\"_ _1\"></span>O.I.C.R\u201d:<table class=\"s w6d4 h1f8\" id=\"_63166918-92ee-492f-9fc0-13253075d7d4\"><tr><td></td><td></td><td class=\"c n x75f y5585 w6c6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x760 y5585 w695 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x761 y5586 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x762 y5586 w65e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5587 w6d5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Fondi chiusi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x763 y5587 w6d6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13.166<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x764 h12 y5588 ff4 fs7 fc1 sc0 ls0 ws0\">10.535<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x765 h12 y5589 ff4 fs7 fc1 sc0 ls0 ws0\">Azionari </td><td></td><td class=\"t m2 x766 h12 y558a ff4 fs7 fc1 sc0 ls0 ws0\">1.264.077<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x767 h12 y558a ff4 fs7 fc1 sc0 ls0 ws0\">1.574.896<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y558b w6d7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Immobiliari<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x768 y558b w6d8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.589<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x769 h12 y558c ff4 fs7 fc1 sc0 ls0 ws0\">1.201<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y558d w6d9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Monetari<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x76a y558d w6da h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">207.396<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x76b h12 y558e ff4 fs7 fc1 sc0 ls0 ws0\">220.522<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y558f w6db h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Obbligazionari<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x76c y558f w6dc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.297.052<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x767 h12 y5590 ff4 fs7 fc1 sc0 ls0 ws0\">1.860.232<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5591 w6dd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Bilanciati<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x76d y5591 w6de h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">77.113<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x76e h12 y5592 ff4 fs7 fc1 sc0 ls0 ws0\">75.245<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5593 w6df h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Flessibili<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x76f y5593 w6e0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">458.964<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x770 h12 y5594 ff4 fs7 fc1 sc0 ls0 ws0\">501.616<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5595 w6e1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Altri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x771 y5595 w6e2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.489.225<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x772 h12 y5596 ff4 fs7 fc1 sc0 ls0 ws0\">299<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x773 h12 y5597 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x774 h12 y5597 ff4 fs7 fc1 sc2 ls0 ws0\">4.808.582<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x775 h12 y5597 ff4 fs7 fc1 sc2 ls0 ws0\">4.244.546<span class=\"_ _3a1\"> </span></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-746": {
   "value": "<div class=\"t m2 h10 ff4 fs3 fc4 sc3 ls0 ws0 gs95a\">A.3 <span class=\"_ _115\"> </span>INFORMATIVA <span class=\"_ _13c\"> </span>SUI <span class=\"_ _115\"> </span>TRASFERIMENTI <span class=\"_ _13c\"> </span>TRA<span class=\"_ _1\"></span> <span class=\"_ _13c\"> </span>PORTAFOGLI<span class=\"_ _1\"></span> <span class=\"_ _13c\"> </span>DI <span class=\"_ _115\"> </span>ATTIVITA\u2019<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h10 ff4 fs3 fc4 sc3 ls0 ws0 gs95b\">FINA<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h10 ff4 fs3 fc4 sc3 ls0 ws0 gs95c\">NZIARIE<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs95d\">Successivamente <span class=\"_ _35\"> </span>all\u2019adozione <span class=\"_ _0\"></span>dell\u2019IFRS <span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>, <span class=\"_ _0\"> </span>il <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _0\"> </span>Cr<span class=\"_ _1\"></span>edem <span class=\"_ _35\"> </span>non <span class=\"_ _0\"></span>ha <span class=\"_ _35\"> </span>effettuato <span class=\"_ _0\"></span>cambiament<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs95e\">busine<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs95f\">ss  model  per  la  gestione <span class=\"_ _3d\"> </span>delle  proprie  attivit\u00e0  finanziarie  e,  quindi,  non  sono  avvenuti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs960\">trasferimenti <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>portafogli <span class=\"_ _1\"></span>di at<span class=\"_ _1\"></span>tivit\u00e0 finanziarie. <span class=\"_ _1\"></span>Le <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>gole <span class=\"_ _1\"></span>generali pre<span class=\"_ _1\"></span>viste <span class=\"_ _1\"></span>dall\u2019IFRS 9 <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>materia </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs961\">di  riclassificazione <span class=\"_ _3d\"> </span>delle <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie  (ad <span class=\"_ _3d\"> </span>eccezione <span class=\"_ _3d\"> </span>dei  titoli <span class=\"_ _3d\"> </span>di  capitale, <span class=\"_ _3d\"> </span>per  cui <span class=\"_ _3d\"> </span>non  \u00e8 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs962\">ammessa <span class=\"_ _3f\"> </span>alcuna <span class=\"_ _3f\"> </span>r<span class=\"_ _1\"></span>iclassifica) <span class=\"_ _3f\"> </span>non <span class=\"_ _3f\"> </span>prevedono <span class=\"_ _3f\"> </span>riclass<span class=\"_ _1\"></span>ifiche <span class=\"_ _3f\"> </span>verso <span class=\"_ _3f\"> </span>altre <span class=\"_ _3f\"> </span>categor<span class=\"_ _1\"></span>ie <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>attivit\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs963\">finanziarie <span class=\"_ _1\"></span>salvo <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>caso <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>societ<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _1\"></span>modifichi il <span class=\"_ _1\"></span>proprio <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>odello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>busines<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>gestione<span class=\"_ _1\"></span> di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs964\">tali <span class=\"_ _1\"></span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _1\"></span>finanziarie. <span class=\"_ _1\"></span>\u00c8 <span class=\"_ _38\"></span>previsto <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>tali <span class=\"_ _38\"></span>modifiche <span class=\"_ _1\"></span>siano <span class=\"_ _38\"></span>altamente <span class=\"_ _1\"></span>infre<span class=\"_ _1\"></span>quenti <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>devono <span class=\"_ _1\"></span>essere </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs965\">determinate <span class=\"_ _0\"></span>dal <span class=\"_ _38\"></span>management <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>seguito <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>rilevanti <span class=\"_ _0\"></span>cambiamenti <span class=\"_ _38\"></span>esterni <span class=\"_ _0\"></span>o <span class=\"_ _38\"></span>interni, <span class=\"_ _38\"></span>dimostrabili <span class=\"_ _0\"></span>a </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs966\">soggetti esterni. </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-837": {
   "value": "A.3 <span class=\"_ _115\"> </span>INFORMATIVA <span class=\"_ _13c\"> </span>SUI <span class=\"_ _115\"> </span>TRASFERIMENTI <span class=\"_ _13c\"> </span>TRA<span class=\"_ _1\"></span> <span class=\"_ _13c\"> </span>PORTAFOGLI<span class=\"_ _1\"></span> <span class=\"_ _13c\"> </span>DI <span class=\"_ _115\"> </span>ATTIVITA\u2019<span class=\"_ _3a1\"> </span>FINA<span class=\"_ _3a1\"> </span>NZIARIE<span class=\"_ _3a1\"> </span>Successivamente <span class=\"_ _35\"> </span>all\u2019adozione <span class=\"_ _0\"></span>dell\u2019IFRS <span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>, <span class=\"_ _0\"> </span>il <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _0\"> </span>Cr<span class=\"_ _1\"></span>edem <span class=\"_ _35\"> </span>non <span class=\"_ _0\"></span>ha <span class=\"_ _35\"> </span>effettuato <span class=\"_ _0\"></span>cambiament<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>di busine<span class=\"_ _3a1\"> </span>ss  model  per  la  gestione <span class=\"_ _3d\"> </span>delle  proprie  attivit\u00e0  finanziarie  e,  quindi,  non  sono  avvenuti trasferimenti <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>portafogli <span class=\"_ _1\"></span>di at<span class=\"_ _1\"></span>tivit\u00e0 finanziarie. <span class=\"_ _1\"></span>Le <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>gole <span class=\"_ _1\"></span>generali pre<span class=\"_ _1\"></span>viste <span class=\"_ _1\"></span>dall\u2019IFRS 9 <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>materia di  riclassificazione <span class=\"_ _3d\"> </span>delle <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie  (ad <span class=\"_ _3d\"> </span>eccezione <span class=\"_ _3d\"> </span>dei  titoli <span class=\"_ _3d\"> </span>di  capitale, <span class=\"_ _3d\"> </span>per  cui <span class=\"_ _3d\"> </span>non  \u00e8 ammessa <span class=\"_ _3f\"> </span>alcuna <span class=\"_ _3f\"> </span>r<span class=\"_ _1\"></span>iclassifica) <span class=\"_ _3f\"> </span>non <span class=\"_ _3f\"> </span>prevedono <span class=\"_ _3f\"> </span>riclass<span class=\"_ _1\"></span>ifiche <span class=\"_ _3f\"> </span>verso <span class=\"_ _3f\"> </span>altre <span class=\"_ _3f\"> </span>categor<span class=\"_ _1\"></span>ie <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>attivit\u00e0 finanziarie <span class=\"_ _1\"></span>salvo <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>caso <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>societ<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _1\"></span>modifichi il <span class=\"_ _1\"></span>proprio <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>odello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>busines<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>gestione<span class=\"_ _1\"></span> di tali <span class=\"_ _1\"></span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _1\"></span>finanziarie. <span class=\"_ _1\"></span>\u00c8 <span class=\"_ _38\"></span>previsto <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>tali <span class=\"_ _38\"></span>modifiche <span class=\"_ _1\"></span>siano <span class=\"_ _38\"></span>altamente <span class=\"_ _1\"></span>infre<span class=\"_ _1\"></span>quenti <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>devono <span class=\"_ _1\"></span>essere determinate <span class=\"_ _0\"></span>dal <span class=\"_ _38\"></span>management <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>seguito <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>rilevanti <span class=\"_ _0\"></span>cambiamenti <span class=\"_ _38\"></span>esterni <span class=\"_ _0\"></span>o <span class=\"_ _38\"></span>interni, <span class=\"_ _38\"></span>dimostrabili <span class=\"_ _0\"></span>a soggetti esterni. A.4 INFORM<span class=\"_ _1\"></span>ATIVA SUL FAIR VALU<span class=\"_ _1\"></span>E<span class=\"_ _3a1\"> </span>Informat<span class=\"_ _1\"></span>iva di na<span class=\"_ _1\"></span>tura qu<span class=\"_ _1\"></span>alitativa A.4.1 \u2013 Livel<span class=\"_ _1\"></span>lo di fai<span class=\"_ _1\"></span>r value <span class=\"_ _1\"></span>2 e 3: tecniche<span class=\"_ _1\"></span> di valu<span class=\"_ _1\"></span>tazione<span class=\"_ _1\"></span> e input u<span class=\"_ _1\"></span>tilizzati<span class=\"_ _3a1\"> </span>Le <span class=\"_ _35\"> </span>tecniche <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>valutazione <span class=\"_ _35\"> </span>utilizzate  pe<span class=\"_ _2\"></span>r <span class=\"_ _35\"> </span>gli <span class=\"_ _35\"> </span>strumenti <span class=\"_ _35\"> </span>finanziari  ap<span class=\"_ _2\"></span>partenenti <span class=\"_ _35\"> </span>al  l<span class=\"_ _2\"></span>ivello <span class=\"_ _35\"> </span>2 <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>3 <span class=\"_ _35\"> </span>si distinguono: <span class=\"_ _42\"> </span><span class=\"ff4\">Attivit\u00e0  finanziarie:  valutazione  degli  strume<span class=\"_ _1\"></span>nti  strutturati  utilizzando  per  la  componente </span>obbligazionaria  il <span class=\"_ _35\"> </span>modello  discounted  cash <span class=\"_ _35\"> </span>flow  con <span class=\"_ _35\"> </span>un  tasso <span class=\"_ _35\"> </span>corretto  per  un <span class=\"_ _35\"> </span>opportuno rischio di credito, e per la componente azionaria <span class=\"_ _1\"></span>utilizzando il modello Black&amp;Scholes; <span class=\"_ _42\"> </span><span class=\"ff4\">Passivit\u00e0 <span class=\"_ _3f\"> </span>finanziarie: <span class=\"_ _3a\"> </span>valutazione <span class=\"_ _3f\"> </span>degli <span class=\"_ _3f\"> </span>strumenti <span class=\"_ _3f\"> </span>plain <span class=\"_ _3f\"> </span>vanilla <span class=\"_ _3f\"> </span>s<span class=\"_ _1\"></span>econdo <span class=\"_ _3f\"> </span>le <span class=\"_ _3f\"> </span>tecniche <span class=\"_ _3f\"> </span>di </span>valutazione <span class=\"_ _35\"> </span>discounted <span class=\"_ _35\"> </span>cash <span class=\"_ _35\"> </span>flow  di <span class=\"_ _35\"> </span>cassa <span class=\"_ _35\"> </span>considerando <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>tasso  c<span class=\"_ _2\"></span>orretto <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>rischio  d<span class=\"_ _2\"></span>i credito di Credito Emiliano sulla scadenza dello strumento. Si riporta brevemente la definizione dei modelli utilizzati: Discounte<span class=\"_ _1\"></span>d Cash Flow Il <span class=\"_ _35\"> </span>modello <span class=\"_ _35\"> </span>discounted <span class=\"_ _35\"> </span>cash <span class=\"_ _35\"> </span>flow, <span class=\"_ _35\"> </span>flussi <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>cassa <span class=\"_ _35\"> </span>attualizzati, <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>metodo <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>valutazione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>un investimento, <span class=\"_ _0\"></span>bas<span class=\"_ _2\"></span>ato <span class=\"_ _38\"></span>sul <span class=\"_ _38\"></span>pro<span class=\"_ _1\"></span>cesso <span class=\"_ _38\"></span>finanziario <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>at<span class=\"_ _1\"></span>tualizzazione, <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>consente <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>abilire <span class=\"_ _38\"></span>oggi <span class=\"_ _38\"></span>il valore attuale di u<span class=\"_ _2\"></span>n capitale che <span class=\"_ _2\"></span>ha come naturale scadenza una <span class=\"_ _3b\"></span>data futura tramite l'applicazione di un tasso di scont<span class=\"_ _1\"></span>o. Il tasso di sconto viene <span class=\"_ _1\"></span>corretto per il rischio di credito dei flussi futuri at<span class=\"_ _1\"></span>tesi dall'attivit\u00e0 <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>estione<span class=\"_ _1\"></span>. <span class=\"_ _35\"> </span>La <span class=\"_ _35\"> </span>somma <span class=\"_ _0\"></span>algebrica <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>flussi <span class=\"_ _35\"> </span>attualizzati <span class=\"_ _35\"> </span>rappresenta <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>netto<span class=\"_ _3b\"></span> attuale (Net present value) dello str<span class=\"_ _1\"></span>umento. I <span class=\"_ _1\"></span>para<span class=\"_ _1\"></span>metri <span class=\"_ _38\"></span>utilizzati <span class=\"_ _38\"></span>nella <span class=\"_ _38\"></span>tecnica <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>valutazione <span class=\"_ _38\"></span>so<span class=\"_ _1\"></span>no: <span class=\"_ _38\"></span>curva <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>assi <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>cre<span class=\"_ _1\"></span>dit <span class=\"_ _38\"></span>spread <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>ogni <span class=\"_ _38\"></span>singola emissione. Modello Black&amp;Schole<span class=\"_ _1\"></span>s  Il <span class=\"_ _3d\"> </span>m<span class=\"_ _1\"></span>od<span class=\"_ _3a1\"> </span>ello <span class=\"_ _37\"> </span>Black&amp;scholes <span class=\"_ _36\"> </span>univariato <span class=\"_ _37\"> </span>(BS) <span class=\"_ _37\"> </span>\u00e8 <span class=\"_ _37\"> </span>il <span class=\"_ _37\"> </span>mo<span class=\"_ _1\"></span>dello <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>pricing <span class=\"_ _37\"> </span>delle <span class=\"_ _37\"> </span>opzioni <span class=\"_ _37\"> </span>p<span class=\"_ _1\"></span>i\u00f9 <span class=\"_ _3d\"> </span>famo<span class=\"_ _1\"></span>so <span class=\"_ _37\"> </span>e riconosciuto <span class=\"_ _38\"></span>dal <span class=\"_ _0\"></span>mercato. <span class=\"_ _38\"></span>Il <span class=\"_ _38\"></span>modello <span class=\"_ _38\"></span>si <span class=\"_ _0\"></span>basa <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ulla <span class=\"_ _38\"></span>possibilit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>creare <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>port<span class=\"_ _1\"></span>afoglio <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>quivalente all\u2019opzione, <span class=\"_ _38\"></span>cost<span class=\"_ _1\"></span>ituito <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>parte <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>a <span class=\"_ _0\"></span>unit\u00e0 <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ottostante <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>parte <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>obbligazioni <span class=\"_ _38\"></span>prive <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>rischi<span class=\"_ _1\"></span>o entrambi influenzati d<span class=\"_ _2\"></span>alla stessa fonte di i<span class=\"_ _2\"></span>ncertezza data dalle va<span class=\"_ _2\"></span>riazioni del prezzo dell\u2019<span class=\"_ _2\"></span>azione. Le ipotesi <span class=\"_ _188\"> </span>sottostanti <span class=\"_ _29\"> </span>il <span class=\"_ _46\"> </span>mo<span class=\"_ _1\"></span>dello <span class=\"_ _188\"> </span>di <span class=\"_ _188\"> </span>BS <span class=\"_ _188\"> </span>sono <span class=\"_ _188\"> </span>rapprese<span class=\"_ _1\"></span>ntate <span class=\"_ _188\"> </span>dall'andamento <span class=\"_ _188\"> </span>dei <span class=\"_ _188\"> </span>prezzi dell'attivit\u00e0 sottostante (approssimato da<span class=\"_ _2\"></span> un proc<span class=\"_ _2\"></span>esso log-normale), <span class=\"_ _3b\"></span>dalla presenza di un m<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>rcato perfettamente efficiente; dal tasso di i<span class=\"_ _2\"></span>nteresse e dalla volatilit\u00e0 del sottostante costante per tutta<span class=\"_ _3b\"></span> la durata dell'opzione.  I parametri utilizzati <span class=\"_ _2\"></span>nella tecnica di<span class=\"_ _2\"></span> valutazione sono il <span class=\"_ _2\"></span>tasso di i<span class=\"_ _2\"></span>nteresse, il valore e <span class=\"_ _2\"></span>la volatilit\u00e0 del<span class=\"_ _2\"></span> sottostante. Alla  data  del  31/12/20<span class=\"_ _1\"></span>24  tutti  i  parametri  utilizzati  nelle  tecniche  di  valutazione <span class=\"_ _3d\"> </span>sono  risultati osservabili, e<span class=\"_ _1\"></span>videnziando <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>gli st<span class=\"_ _1\"></span>rumenti <span class=\"_ _1\"></span>valutati tramit<span class=\"_ _1\"></span>e m<span class=\"_ _1\"></span>ark to <span class=\"_ _1\"></span>model <span class=\"_ _1\"></span>livelli <span class=\"_ _1\"></span>di fair<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>pari a 2. In particolare: <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _38\"></span>tass<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>inter<span class=\"_ _1\"></span>esse <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>estrapol<span class=\"_ _2\"></span>ati <span class=\"_ _38\"></span>dalla <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>urva <span class=\"_ _38\"></span>zer<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>otte<span class=\"_ _1\"></span>nuta <span class=\"_ _38\"></span>dalle <span class=\"_ _38\"></span>quotazioni <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>mer<span class=\"_ _1\"></span>cato <span class=\"_ _38\"></span>di </span>strumenti omogenei; <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _1\"></span>credit <span class=\"_ _38\"></span>spread <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>componete <span class=\"_ _38\"></span>Credito <span class=\"_ _38\"></span>Emiliano <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>ottenuti <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>quotazioni <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>mercato<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di </span>emissioni comparables; <span class=\"_ _42\"> </span><span class=\"ff4\">valore del sottostante sono ottenuti dalla quotazione del mer<span class=\"_ _1\"></span>cato; </span><span class=\"_ _42\"> </span><span class=\"ff4\">volatilit\u00e0 del sottostante ottenute da quotazioni di mer<span class=\"_ _1\"></span>cato. </span>A.4.2 P<span class=\"_ _1\"></span>rocessi e <span class=\"_ _1\"></span>sensibilit<span class=\"_ _1\"></span>\u00e0 delle valu<span class=\"_ _1\"></span>tazioni<span class=\"_ _3a1\"> </span>Gli <span class=\"_ _1\"></span>strumenti <span class=\"_ _38\"></span>non <span class=\"_ _1\"></span>scambiati <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rcati <span class=\"_ _1\"></span>attivi <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>valutati <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>mark <span class=\"_ _38\"></span>to <span class=\"_ _1\"></span>model <span class=\"_ _1\"></span>utilizzando <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>tecnica di <span class=\"_ _3b\"></span>val<span class=\"_ _3a1\"> </span>utazione <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>massimizza l\u2019<span class=\"_ _2\"></span>utilizzo <span class=\"_ _3b\"></span>di dati <span class=\"_ _3b\"></span>oss<span class=\"_ _1\"></span>ervabili <span class=\"_ _3b\"></span>sul <span class=\"_ _2\"></span>mercato. Qualora <span class=\"_ _3b\"></span>i parametri <span class=\"_ _3b\"></span>risultino non disponibili e direttamente osservabili il livello di fair value attribuito \u00e8<span class=\"_ _1\"></span> pari a 3. Nel <span class=\"_ _3d\"> </span>corso  del  20<span class=\"_ _1\"></span>24  sono  state <span class=\"_ _3d\"> </span>valutate  con <span class=\"_ _3d\"> </span>modelli  mark <span class=\"_ _3d\"> </span>to  mo<span class=\"_ _1\"></span>del,  tramite  parame<span class=\"_ _1\"></span>ntri  non osservabili <span class=\"_ _1\"></span>(fair <span class=\"_ _38\"></span>va<span class=\"_ _1\"></span>lue <span class=\"_ _38\"></span>3), <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>quote <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>OICR <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>quali <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>ap<span class=\"_ _1\"></span>plicabile <span class=\"_ _38\"></span>l\u2019analisi <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>sensitivit\u00e0, <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>di investimenti partecipativi per importi no<span class=\"_ _1\"></span>n materiali. Alla <span class=\"_ _1\"></span>data <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>1 <span class=\"_ _38\"></span>dicembre <span class=\"_ _38\"></span>2024 <span class=\"_ _38\"></span>nessun <span class=\"_ _38\"></span>strumento <span class=\"_ _38\"></span>finanziario <span class=\"_ _38\"></span>derivato <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>stat<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>valutato <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>mark <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o model tramite parametri di mercato non direttamente osservabili. A.4.3 Ge<span class=\"_ _1\"></span>rarchia<span class=\"_ _1\"></span> del fair valu<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span>Trasferime<span class=\"_ _1\"></span>nti tra i livelli della gerarch<span class=\"_ _1\"></span>ia del fair value La <span class=\"_ _3b\"></span>ger<span class=\"_ _3a1\"> </span>archia <span class=\"_ _3b\"></span>del <span class=\"_ _3b\"></span>fair<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>value <span class=\"_ _3b\"></span>at<span class=\"_ _1\"></span>tribuisce <span class=\"_ _3b\"></span>la <span class=\"_ _2\"></span>massima <span class=\"_ _2\"></span>priorit<span class=\"_ _3a1\"> </span>\u00e0 <span class=\"_ _3b\"></span>ai <span class=\"_ _3b\"></span>prezzi <span class=\"_ _3b\"></span>quotat<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>(non <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ettificati) <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>mer<span class=\"_ _1\"></span>cati attivi per attivit\u00e0 <span class=\"_ _2\"></span>o passivit\u00e0 identiche (<span class=\"_ _2\"></span>dati di l<span class=\"_ _2\"></span>ivello 1) e la <span class=\"_ _2\"></span>priorit\u00e0 minima <span class=\"_ _2\"></span>agli input non osservabil<span class=\"_ _2\"></span>i (dati di livello 3). I <span class=\"_ _38\"></span>Livelli <span class=\"_ _0\"></span>utiliz<span class=\"_ _2\"></span>zati <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>classifi<span class=\"_ _2\"></span>cazioni <span class=\"_ _38\"></span>ripor<span class=\"_ _1\"></span>tate <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>seguito <span class=\"_ _0\"></span>della<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>pres<span class=\"_ _1\"></span>ente <span class=\"_ _38\"></span>Nota <span class=\"_ _0\"></span>integrativa<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>sono <span class=\"_ _1\"></span>i seguenti: <span class=\"_ _42\"> </span><span class=\"ff4\">\u201clivello <span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>\u201d: <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _38\"></span>degli <span class=\"_ _1\"></span>strumenti <span class=\"_ _38\"></span>finanziari <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>deter<span class=\"_ _1\"></span>minato <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>base <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>zzi <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>quotazione </span>osservabili su mercati attivi (non rettificati) alle quali si pu\u00f2 accedere alla data di valutazione; <span class=\"_ _42\"> </span><span class=\"ff4\">\u201clivello 2\u201d: <span class=\"_ _3b\"></span>il fair <span class=\"_ _2\"></span>value d<span class=\"_ _2\"></span>egli strumenti fin<span class=\"_ _2\"></span>anziari \u00e8 <span class=\"_ _2\"></span>determinato in<span class=\"_ _3b\"></span> base a <span class=\"_ _2\"></span>input d<span class=\"_ _2\"></span>iversi dai <span class=\"_ _3b\"></span>prezzi </span>quotati <span class=\"_ _35\"> </span>incl<span class=\"_ _2\"></span>usi <span class=\"_ _35\"> </span>nel <span class=\"_ _0\"></span>Livello <span class=\"_ _35\"> </span>1 <span class=\"_ _0\"> </span>o<span class=\"_ _1\"></span>sservabili <span class=\"_ _35\"> </span>direttamente <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>indirettamente <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>l\u2019attivi<span class=\"_ _2\"></span>t\u00e0 <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>la<span class=\"_ _3b\"></span> passivit\u00e0, utilizzando anche di tecniche di valutazione; <span class=\"_ _42\"> </span><span class=\"ff4\">\u201clivello 3\u201d: <span class=\"_ _1\"></span>il fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>degli st<span class=\"_ _1\"></span>rumenti <span class=\"_ _1\"></span>finanziari \u00e8 <span class=\"_ _1\"></span>determinato<span class=\"_ _1\"></span> in base <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>input non <span class=\"_ _1\"></span>osservabili<span class=\"_ _3a1\"> </span></span>per l\u2019attivit\u00e0 o per la passivit\u00e0, utilizzando anche di te<span class=\"_ _1\"></span>cniche di valutazione. L\u2019attivit\u00e0  di  attribuzione  dei  livelli  \u00e8  rappresentata  dalla  verifica  pu<span class=\"_ _2\"></span>ntuale  per  ogni  strumento detenuto <span class=\"_ _0\"></span>nei<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>portafogli<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>propri<span class=\"_ _2\"></span>et\u00e0 <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>possibile <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>otenziale <span class=\"_ _38\"></span>mercato <span class=\"_ _0\"></span>attivo <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ispetti <span class=\"_ _38\"></span>alcune regole <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valorizzazione. <span class=\"_ _1\"></span>In par<span class=\"_ _1\"></span>ticolare <span class=\"_ _1\"></span>viene <span class=\"_ _1\"></span>analizzato <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>contribuzioni r<span class=\"_ _1\"></span>isultino <span class=\"_ _1\"></span>continuative, contenute nei delta <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>pread bid a<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>k, indi<span class=\"_ _2\"></span>cative di possibili<span class=\"_ _2\"></span> transazioni recenti quindi<span class=\"_ _2\"></span> non trascinate, e che l\u2019emittente risulti solido e attivo. Il mancat<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>rispetto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>li r<span class=\"_ _1\"></span>egole <span class=\"_ _1\"></span>porta <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>aggravio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>livello <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sociato <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>valorizzazione <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>pi\u00f9 coerente e rappresentativa del fair value dello strume<span class=\"_ _1\"></span>nto.  Analogamente <span class=\"_ _38\"></span>l\u2019analisi <span class=\"_ _1\"></span>viene <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ffettuata <span class=\"_ _1\"></span>anche <span class=\"_ _38\"></span>nella <span class=\"_ _1\"></span>verifica <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>pot<span class=\"_ _1\"></span>enziale <span class=\"_ _1\"></span>ripristino <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>mer<span class=\"_ _1\"></span>cato<span class=\"_ _2\"></span> attivo <span class=\"_ _1\"></span>sugli <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>rumenti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>quali <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>corso <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>empo <span class=\"_ _1\"></span>si <span class=\"_ _38\"></span>verifica <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>riattivazione <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>valorizzazione continuative sul mercato regolamentato e no<span class=\"_ _1\"></span>n.<span class=\"_ _3a1\"> </span>A.4.4 Al<span class=\"_ _1\"></span>tre info<span class=\"_ _1\"></span>rmazioni<span class=\"_ _3a1\"> </span>L\u2019attivit\u00e0  di <span class=\"_ _3d\"> </span>attr<span class=\"_ _1\"></span>ibuzione  dei <span class=\"_ _3d\"> </span>live<span class=\"_ _1\"></span>lli  di <span class=\"_ _3d\"> </span>fair <span class=\"_ _3d\"> </span>value <span class=\"_ _3d\"> </span>avviene <span class=\"_ _3d\"> </span>trimest<span class=\"_ _1\"></span>ralmente  alle <span class=\"_ _3d\"> </span>date<span class=\"_ _1\"></span>  cont<span class=\"_ _1\"></span>abili  di<span class=\"_ _3a1\"> </span> riferi<span class=\"_ _3a1\"> </span>mento <span class=\"_ _35\"> </span>basandosi <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>ulla <span class=\"_ _35\"> </span>verifica <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>prese<span class=\"_ _1\"></span>nza <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>un<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>mercato <span class=\"_ _35\"> </span>principale <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>pi<span class=\"_ _2\"></span>\u00f9 <span class=\"_ _35\"> </span>vantaggioso<span class=\"_ _3a1\"> </span> nell\u2019intervallo temporale antecedente<span class=\"_ _1\"></span> la data contabile di riferimento. L\u2019att<span class=\"_ _1\"></span>ivit\u00e0 prevede la verifica<span class=\"_ _3a1\"> </span> di <span class=\"_ _0\"></span>alcu<span class=\"_ _2\"></span>ni <span class=\"_ _0\"></span>principi <span class=\"_ _38\"></span>nece<span class=\"_ _1\"></span>ssari <span class=\"_ _0\"></span>alla <span class=\"_ _38\"></span>definizione <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>senza <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>mercato <span class=\"_ _38\"></span>attivo <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>ogni <span class=\"_ _0\"></span>strumento<span class=\"_ _3a1\"> </span> finanziario identificati dalla disponibilit\u00e0 di valorizzazioni ese<span class=\"_ _1\"></span>guibili, continue e con s<span class=\"_ _1\"></span>carto denaro-<span class=\"_ _3a1\"> </span>lettera (bid-ask spread) contenuti.<span class=\"_ _3a1\"> </span> Il rispetto <span class=\"_ _1\"></span>di tali <span class=\"_ _1\"></span>condizioni determina il livello <span class=\"_ _1\"></span>di fair <span class=\"_ _1\"></span>value dello strument<span class=\"_ _1\"></span>o analizzato. Qualora <span class=\"_ _1\"></span>non<span class=\"_ _3a1\"> </span> siano <span class=\"_ _1\"></span>prese<span class=\"_ _1\"></span>nti <span class=\"_ _1\"></span>quotazioni <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>mercato, <span class=\"_ _1\"></span>l\u2019utilizzo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ecniche <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>valutazione <span class=\"_ _1\"></span>viene<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>effettuata <span class=\"_ _38\"></span>ad <span class=\"_ _1\"></span>ogni<span class=\"_ _3a1\"> </span> data <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>massimizzando <span class=\"_ _3b\"></span>l\u2019utilizzo <span class=\"_ _3b\"></span>di input <span class=\"_ _3b\"></span>osser<span class=\"_ _1\"></span>vabili <span class=\"_ _3b\"></span>rilevanti e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>riducendo <span class=\"_ _3b\"></span>al minimo <span class=\"_ _3b\"></span>l\u2019utilizzo<span class=\"_ _3a1\"> </span> di <span class=\"_ _3b\"></span>input n<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>osservabili. <span class=\"_ _3b\"></span>La verifica <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ali <span class=\"_ _3b\"></span>parametri d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>input in <span class=\"_ _3b\"></span>funzione <span class=\"_ _3b\"></span>della <span class=\"_ _2\"></span>disponibilit\u00e0 <span class=\"_ _3b\"></span>deter<span class=\"_ _1\"></span>mina<span class=\"_ _3a1\"> </span> il livello di fair value dello strumento.<span class=\"_ _3a1\"> </span> Alle date <span class=\"_ _1\"></span>contabili viene <span class=\"_ _1\"></span>inoltre effettuata una <span class=\"_ _1\"></span>analisi comparativa <span class=\"_ _1\"></span>dei livelli di <span class=\"_ _1\"></span>fair value ris<span class=\"_ _1\"></span>petto al<span class=\"_ _3a1\"> </span> trimestre <span class=\"_ _0\"></span>pr<span class=\"_ _2\"></span>ecedente <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>l\u2019inizio <span class=\"_ _38\"></span>dell\u2019esercizio <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>riferimento <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>fine <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>individuare <span class=\"_ _0\"></span>i <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rasferimenti <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> livelli  di  fair  value  avvenuti  nel  corso  dell\u2019esercizio  di  riferimento  e  le  circostanze  che  hann<span class=\"_ _3b\"></span>o<span class=\"_ _3a1\"> </span> determinato tale trasferimento.<span class=\"_ _3a1\"> </span> Informat<span class=\"_ _1\"></span>iva di na<span class=\"_ _1\"></span>tur<span class=\"_ _3a1\"> </span>a quantita<span class=\"_ _1\"></span>tiva<span class=\"_ _3a1\"> </span> A.4.5 G<span class=\"_ _1\"></span>erarchia del<span class=\"_ _1\"></span> fair v<span class=\"_ _1\"></span>alue<span class=\"_ _3a1\"> </span>A.4.5.1 Att<span class=\"_ _1\"></span>ivit\u00e0 e passivit\u00e0 valutate<span class=\"_ _1\"></span> al fair value su base<span class=\"_ _1\"></span> ricorrente: ripartizione pe<span class=\"_ _1\"></span>r livelli di fair va<span class=\"_ _1\"></span>lue<span class=\"_ _3a1\"> </span><table class=\"s w65c h1ed\" id=\"_78467234-8f98-4b2b-bb18-7bb40e572dff\"><tr><td class=\"t m2 x658 h12 y5497 ff4 fs7 fc7 sc6 ls0 ws0\">Attivit\u00e0/Passivit\u00e0 misurate al fair value<span class=\"_ _2\"></span> </td><td></td><td class=\"c n x659 y5498 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x65a y5498 w65e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n x65b y5499 w65f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x65c y5499 w660 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x65d y5499 w661 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x65e y5499 w65f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x65f y5499 w662 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x660 y5499 w663 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L<span class=\"_ _2\"></span>3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x2d7 y549a w664 h1e7\"><div class=\"t m2 x2b3 h12 y543a ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanziarie va<span class=\"_ _2\"></span>lutate al fair value c<span class=\"_ _2\"></span>on impatto a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">conto economico<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x661 h12 y549b ff4 fs7 fc1 sc0 ls0 ws0\">5.368.935<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x662 h12 y549b ff4 fs7 fc1 sc0 ls0 ws0\">52.518<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x663 h12 y549b ff4 fs7 fc1 sc0 ls0 ws0\">285.011<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x664 h12 y549b ff4 fs7 fc1 sc0 ls0 ws0\">4.613.404<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y549b ff4 fs7 fc1 sc0 ls0 ws0\">84.847<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y549b ff4 fs7 fc1 sc0 ls0 ws0\">283.133<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x667 y549c w665 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) attivit\u00e0 finanziarie de<span class=\"_ _2\"></span>tenute per la <span class=\"_ _2\"></span>negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x668 y549c w666 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">19.098</div></td><td class=\"t m2 x662 h12 y549d ff4 fs7 fc1 sc0 ls0 ws0\">15.038<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x669 h12 y549d ff4 fs7 fc1 sc0 ls0 ws0\">23<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66a h12 y549d ff4 fs7 fc1 sc0 ls0 ws0\">28.975<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y549d ff4 fs7 fc1 sc0 ls0 ws0\">32.043<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y549d ff4 fs7 fc1 sc0 ls0 ws0\">22<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x667 y549e w667 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) attivit\u00e0 finanziar<span class=\"_ _2\"></span>ie designate al fai<span class=\"_ _2\"></span>r value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x66c y549e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66d h12 y549f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y549f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y549f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x670 h12 y549f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y549f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x672 h12 y54a0 ff4 fs7 fc1 sc0 ls0 ws0\">c) Altre attivit\u00e0 finanzi<span class=\"_ _2\"></span>arie obbligatoriamente <span class=\"_ _3b\"></span>v<span class=\"_ _1\"></span>alutate al<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x661 h12 y54a1 ff4 fs7 fc1 sc0 ls0 ws0\">5.349.837<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x673 h12 y54a2 ff4 fs7 fc1 sc0 ls0 ws0\">37.480<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x674 h12 y54a2 ff4 fs7 fc1 sc0 ls0 ws0\">284.988<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x675 h12 y54a2 ff4 fs7 fc1 sc0 ls0 ws0\">4.584.429<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y54a2 ff4 fs7 fc1 sc0 ls0 ws0\">52.804<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y54a2 ff4 fs7 fc1 sc0 ls0 ws0\">283.111<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x672 h12 y54a3 ff4 fs7 fc1 sc0 ls0 ws0\">fair value </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x677 y54a4 w16b h11\"><div class=\"t m2 x0 h12 y83 ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 finanziarie va<span class=\"_ _2\"></span>lutate al fair <span class=\"_ _2\"></span>value con impatto </div></td><td class=\"t m2 x661 h12 y54a5 ff4 fs7 fc1 sc0 ls0 ws0\">9.403.955<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x678 h12 y54a5 ff4 fs7 fc1 sc0 ls0 ws0\">57.766<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x679 h12 y54a5 ff4 fs7 fc1 sc0 ls0 ws0\">30.118<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x675 h12 y54a5 ff4 fs7 fc1 sc0 ls0 ws0\">8.874.040<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y54a5 ff4 fs7 fc1 sc0 ls0 ws0\">56.245<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y54a5 ff4 fs7 fc1 sc0 ls0 ws0\">31.835<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54a6 ff4 fs7 fc1 sc0 ls0 ws0\">sulla redditivit\u00e0 c<span class=\"_ _2\"></span>omplessiva </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5485 w669 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Derivati di copertur<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x67b y5485 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x67c h12 y54a7 ff4 fs7 fc1 sc0 ls0 ws0\">427.235<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y54a7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y54a7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y54a7 ff4 fs7 fc1 sc0 ls0 ws0\">568.146<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54a7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5486 w66a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Attivit\u00e0 materiali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x67e y5486 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66d h12 y54a8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y54a8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y54a8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x670 h12 y54a8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54a8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54a9 w66b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Attivit\u00e0 immaterial<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x67f y54a9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66d h12 y54aa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y54aa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y54aa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x670 h12 y54aa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54aa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x680 h12 y54ab ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x681 h12 y54ab ff4 fs7 fc1 sc2 ls0 ws0\">14.772.890<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x682 h12 y54ab ff4 fs7 fc1 sc2 ls0 ws0\">537.519<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x683 h12 y54ab ff4 fs7 fc1 sc2 ls0 ws0\">315.129<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x684 h12 y54ab ff4 fs7 fc1 sc2 ls0 ws0\">13.487.444<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x685 h12 y54ab ff4 fs7 fc1 sc2 ls0 ws0\">709.238<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y54ab ff4 fs7 fc1 sc2 ls0 ws0\">314.968<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54ac w66c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Passivit\u00e0 finanziarie de<span class=\"_ _3b\"></span>tenute per la negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x686 y54ac w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x662 h12 y54ad ff4 fs7 fc1 sc0 ls0 ws0\">14.463<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y54ad ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y54ad ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x687 h12 y54ad ff4 fs7 fc1 sc0 ls0 ws0\">27.211<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54ad ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54ae w66d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Passivit\u00e0 finanziarie de<span class=\"_ _3b\"></span>si<span class=\"_ _1\"></span>gnate al f<span class=\"_ _2\"></span>air value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x688 y54ae w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66d h12 y54af ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x689 h12 y54af ff4 fs7 fc1 sc0 ls0 ws0\">4.402.690<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y54af ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x670 h12 y54af ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68a h12 y54af ff4 fs7 fc1 sc0 ls0 ws0\">3.884.977<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54b0 w669 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Derivati di copertur<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x67b y54b0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x682 h12 y54b1 ff4 fs7 fc1 sc0 ls0 ws0\">731.778<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y54b1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y54b1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y54b1 ff4 fs7 fc1 sc0 ls0 ws0\">911.207<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54b1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x680 h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68b h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68c h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">746.241<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x689 h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">4.402.690<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x685 h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">938.418<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68a h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">3.884.977<span class=\"_ _3a1\"> </span></td></tr></table>In riferimento alle attivit\u00e0 v<span class=\"_ _2\"></span>alutate al fair val<span class=\"_ _2\"></span>ue su base ricorrente <span class=\"_ _2\"></span>alla data del 31 <span class=\"_ _2\"></span>dicembre 2024 gli<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> strumenti <span class=\"_ _1\"></span>valorizzati <span class=\"_ _1\"></span>secondo <span class=\"_ _1\"></span>il mer<span class=\"_ _1\"></span>cato <span class=\"_ _1\"></span>pi\u00f9 vantaggioso <span class=\"_ _1\"></span>(livello <span class=\"_ _1\"></span>di fair <span class=\"_ _38\"></span>value par<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>a 1) <span class=\"_ _1\"></span>e/o <span class=\"_ _1\"></span>secondo<span class=\"_ _3a1\"> </span> tecniche di valu<span class=\"_ _2\"></span>tazione basate su parametri osservabili (l<span class=\"_ _2\"></span>ivello di fair value pari a <span class=\"_ _2\"></span>2) rappresentano<span class=\"_ _3a1\"> </span> il <span class=\"_ _3b\"></span>97,98% del <span class=\"_ _3b\"></span>totale <span class=\"_ _2\"></span>delle <span class=\"_ _3b\"></span>attivit\u00e0 <span class=\"_ _2\"></span>valutate al <span class=\"_ _3b\"></span>fair <span class=\"_ _3b\"></span>value (<span class=\"_ _2\"></span>valore <span class=\"_ _3b\"></span>stabile rispetto <span class=\"_ _3b\"></span>al <span class=\"_ _3b\"></span>corris<span class=\"_ _1\"></span>pondente <span class=\"_ _3b\"></span>2023<span class=\"_ _3a1\"> </span> pari al 97,83%).  Gli <span class=\"_ _0\"></span>strumenti <span class=\"_ _38\"></span>valutati <span class=\"_ _0\"></span>tramite <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>ecniche <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>valutazione <span class=\"_ _0\"></span>basate <span class=\"_ _0\"></span>pr<span class=\"_ _2\"></span>evalentemente <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>para<span class=\"_ _2\"></span>metri <span class=\"_ _0\"></span>non<span class=\"_ _3a1\"> </span> osservabili <span class=\"_ _0\"></span>hanno <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iguardato <span class=\"_ _0\"></span>una <span class=\"_ _38\"></span>par<span class=\"_ _1\"></span>te <span class=\"_ _0\"></span>residuale <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>totale <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _38\"></span>(2,17%),<span class=\"_ _3a1\"> </span> costante rispetto al valore del 2023 pari a 2,02%.<span class=\"_ _3a1\"> </span>A.4.5.2 Variazioni ann<span class=\"_ _1\"></span>ue delle attivit<span class=\"_ _1\"></span>\u00e0 valutate al fair <span class=\"_ _1\"></span>value su base r<span class=\"_ _1\"></span>icorrente (livello 3)<span class=\"_ _3a1\"> </span><table class=\"s w66e h1ee\" id=\"_627dc0cd-9515-4aa2-aa99-943cbd216587\"><tr><td></td><td class=\"c x68e y54b3 w66f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0 finanziarie valutate al fair value<span class=\"_ _2\"></span> con impatt<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x68d h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">o a<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x68f h12 y54b4 ff4 fs7 fc4 sc3 ls0 ws0\">conto economico </td><td></td><td class=\"t m2 x690 h12 y54b5 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0 </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x691 h12 y54b6 ff4 fs7 fc4 sc3 ls0 ws0\">finanziarie </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x692 h12 y54b7 ff4 fs7 fc4 sc3 ls0 ws0\">di cui: c) altre </td><td class=\"t m2 x693 h12 y54b8 ff4 fs7 fc4 sc3 ls0 ws0\">di cui: a) </td><td class=\"t m2 x694 h12 y54b8 ff4 fs7 fc4 sc3 ls0 ws0\">di cui: b) </td><td></td><td class=\"t m2 x691 h12 y54b9 ff4 fs7 fc4 sc3 ls0 ws0\">valutate al </td><td class=\"t m2 x695 h12 y54ba ff4 fs7 fc4 sc3 ls0 ws0\">Derivati </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x696 h12 y54bb ff4 fs7 fc4 sc3 ls0 ws0\">attivit\u00e0 </td><td class=\"t m2 x697 h12 y54bb ff4 fs7 fc4 sc3 ls0 ws0\">attivit\u00e0 </td><td class=\"t m2 x698 h12 y54bc ff4 fs7 fc4 sc3 ls0 ws0\">attivit\u00e0 finanziarie </td><td class=\"t m2 x699 h12 y54bd ff4 fs7 fc4 sc3 ls0 ws0\">fair value </td><td class=\"t m2 x69a h12 y54be ff4 fs7 fc4 sc3 ls0 ws0\">di </td><td class=\"t m2 x69b h12 y54bf ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0 </td><td class=\"t m2 x69c h12 y54bf ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0 </td></tr><tr><td></td><td class=\"t m2 x69d h12 y54c0 ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td><td class=\"t m2 x69e h12 y54c1 ff4 fs7 fc4 sc3 ls0 ws0\">finanziarie </td><td class=\"t m2 x69f h12 y54c1 ff4 fs7 fc4 sc3 ls0 ws0\">finanziarie </td><td class=\"t m2 x698 h12 y54c0 ff4 fs7 fc4 sc3 ls0 ws0\">obbligatoriamente </td><td class=\"t m2 x6a0 h12 y54c2 ff4 fs7 fc4 sc3 ls0 ws0\">con impatto </td><td class=\"t m2 x6a1 h12 y54c3 ff4 fs7 fc4 sc3 ls0 ws0\">copertura<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a2 h12 y54c4 ff4 fs7 fc4 sc3 ls0 ws0\">materiali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y54c4 ff4 fs7 fc4 sc3 ls0 ws0\">immateriali<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td class=\"t m2 x6a4 h12 y54c5 ff4 fs7 fc4 sc3 ls0 ws0\">detenute per </td><td class=\"t m2 x6a5 h12 y54c5 ff4 fs7 fc4 sc3 ls0 ws0\">designate </td><td></td><td class=\"t m2 x6a6 h12 y54c6 ff4 fs7 fc4 sc3 ls0 ws0\">sulla </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x6a7 h12 y54c7 ff4 fs7 fc4 sc3 ls0 ws0\">valutate al fair </td><td class=\"t m2 x6a8 h12 y54c8 ff4 fs7 fc4 sc3 ls0 ws0\">la </td><td class=\"t m2 x6a9 h12 y54c8 ff4 fs7 fc4 sc3 ls0 ws0\">al fair </td><td></td><td class=\"t m2 x691 h12 y54c9 ff4 fs7 fc4 sc3 ls0 ws0\">redditivit\u00e0 </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x6aa h12 y54ca ff4 fs7 fc4 sc3 ls0 ws0\">value </td><td class=\"t m2 x6a0 h12 y54cb ff4 fs7 fc4 sc3 ls0 ws0\">complessiva<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x6ab h12 y54cc ff4 fs7 fc4 sc3 ls0 ws0\">negoziazione<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a9 h12 y54cc ff4 fs7 fc4 sc3 ls0 ws0\">value </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y54cd w670 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1. Esistenze iniziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6ac y54cd w671 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">283.133<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6ad h12 y54ce ff4 fs7 fc1 sc2 ls0 ws0\">22<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54ce ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6af h12 y54ce ff4 fs7 fc1 sc2 ls0 ws0\">283.111<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x679 h12 y54ce ff4 fs7 fc1 sc2 ls0 ws0\">31.835<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b0 h12 y54ce ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54ce ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54ce ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54cf w672 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2. Aumenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6b2 y54cf w673 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">150.600<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b3 h12 y54d0 ff4 fs7 fc1 sc2 ls0 ws0\">2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54d0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b4 h12 y54d0 ff4 fs7 fc1 sc2 ls0 ws0\">150.598<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y54d0 ff4 fs7 fc1 sc2 ls0 ws0\">313<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b0 h12 y54d0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54d0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54d0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54d1 w674 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1. Acquisti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6b6 y54d1 w675 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">17<span class=\"_ _1\"></span>.735<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b7 h12 y54d2 ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54d2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h12 y54d2 ff4 fs7 fc1 sc0 ls0 ws0\">17.734<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y54d2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54d2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54d2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54d2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54d3 w676 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2. Profitti imputati a:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6ba y54d3 w677 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13<span class=\"_ _1\"></span>2.856<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6bb h12 y54d4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54d4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b4 h12 y54d4 ff4 fs7 fc1 sc0 ls0 ws0\">132.856<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y54d4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54d4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54d4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54d4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x677 y54d5 w16d h11\"><div class=\"t m2 x0 h12 y75 ff4 fs7 fc1 sc0 ls0 ws0\">2.2.1. Conto </div></td><td class=\"t m2 x6bc h12 y54d6 ff4 fs7 fc1 sc0 ls0 ws0\">132.856<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6bb h12 y54d6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54d6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b4 h12 y54d6 ff4 fs7 fc1 sc0 ls0 ws0\">132.856<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y54d6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54d6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54d6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54d6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54d7 ff4 fs7 fc1 sc0 ls0 ws0\">Economico </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x667 y54d8 w678 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui plusvalenze<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6bd y54d8 w679 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13<span class=\"_ _1\"></span>2.828<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6bb h12 y54d9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54d9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b4 h12 y54d9 ff4 fs7 fc1 sc0 ls0 ws0\">132.828<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y54d9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54d9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54d9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54d9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54da ff4 fs7 fc1 sc0 ls0 ws0\">2.2.2. Patrimonio nett<span class=\"_ _3b\"></span>o<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6be h12 y54da ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n x6bf y54db w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6c0 y54db w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6c1 y54db w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6c2 y54db w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b9 h12 y54da ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54da ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54da ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x677 y54dc w16e h11\"><div class=\"t m2 x0 h12 y49 ff4 fs7 fc1 sc0 ls0 ws0\">2.3. Trasferimenti da </div></td><td class=\"t m2 x6be h12 y54dd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6bb h12 y54dd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54dd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c3 h12 y54dd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y54dd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54dd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54dd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54dd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54de ff4 fs7 fc1 sc0 ls0 ws0\">altri livelli </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y54e0 w67a h1ef\"><div class=\"t m2 x2b3 h12 y54df ff4 fs7 fc1 sc0 ls0 ws0\">2.4. Altre variazioni <span class=\"_ _2\"></span>in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">aumento<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6c4 h12 y54e1 ff4 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b7 h12 y54e2 ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54e2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c5 h12 y54e2 ff4 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y54e2 ff4 fs7 fc1 sc0 ls0 ws0\">313<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54e2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54e2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54e2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54e3 ff4 fs7 fc1 sc2 ls0 ws0\">3. Diminuzioni </td><td class=\"t m2 x6bc h12 y54e4 ff4 fs7 fc1 sc0 ls0 ws0\">148.722<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b7 h12 y54e4 ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54e4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6af h12 y54e4 ff4 fs7 fc1 sc0 ls0 ws0\">148.721<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c6 h12 y54e4 ff4 fs7 fc1 sc0 ls0 ws0\">2.030<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54e4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54e4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54e4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54e5 w67b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1. Vendite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6c7 y54e5 w67c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">19.049<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6bb h12 y54e6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54e6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c8 h12 y54e6 ff4 fs7 fc1 sc0 ls0 ws0\">19.049<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c9 h12 y54e6 ff4 fs7 fc1 sc0 ls0 ws0\">407<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54e6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54e6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54e6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54e7 w67d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2. Rimborsi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6ca y54e7 w67e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.407<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6bb h12 y54e8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54e8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x673 h12 y54e8 ff4 fs7 fc1 sc0 ls0 ws0\">1.407<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y54e8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54e8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54e8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54e8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54e9 ff4 fs7 fc1 sc0 ls0 ws0\">3.3. Perdite imputate </td><td class=\"t m2 x6bc h12 y54ea ff4 fs7 fc1 sc0 ls0 ws0\">128.266<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b7 h12 y54ea ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54ea ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b4 h12 y54ea ff4 fs7 fc1 sc0 ls0 ws0\">128.265<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y54ea ff4 fs7 fc1 sc0 ls0 ws0\">194<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54ea ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54ea ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54ea ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54eb ff4 fs7 fc1 sc0 ls0 ws0\">a: </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y54ec ff4 fs7 fc1 sc0 ls0 ws0\">3.3.1. Conto </td><td class=\"t m2 x6bc h12 y54ed ff4 fs7 fc1 sc0 ls0 ws0\">128.266<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b7 h12 y54ed ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54ed ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b4 h12 y54ed ff4 fs7 fc1 sc0 ls0 ws0\">128.265<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y54ed ff4 fs7 fc1 sc0 ls0 ws0\">194<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54ed ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54ed ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54ed ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54ee ff4 fs7 fc1 sc0 ls0 ws0\">Economico </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x667 y54ef w67f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui minusvalenze<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6cb y54ef w680 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">128.212<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b7 h12 y54f0 ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54f0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c8 h12 y54f0 ff4 fs7 fc1 sc0 ls0 ws0\">128.211<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y54f0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54f0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54f0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54f0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54f1 ff4 fs7 fc1 sc0 ls0 ws0\">3.3.2. Patrimonio nett<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6be h12 y54f1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n x6bf y54f2 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6c0 y54f2 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6c1 y54f2 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6c2 y54f2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b9 h12 y54f1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54f1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54f1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54f3 ff4 fs7 fc1 sc0 ls0 ws0\">3.4. Trasferimenti da </td><td class=\"t m2 x6be h12 y54f4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6bb h12 y54f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c3 h12 y54f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y54f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54f6 ff4 fs7 fc1 sc0 ls0 ws0\">altri livelli </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y54f7 w681 h1f0\"><div class=\"t m2 x2b3 h12 y54df ff4 fs7 fc1 sc0 ls0 ws0\">3.5. Altre variazi<span class=\"_ _2\"></span>oni in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">diminuzione<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6be h12 y54f8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6bb h12 y54f8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54f8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c3 h12 y54f8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6cc h12 y54f8 ff4 fs7 fc1 sc0 ls0 ws0\">1.429<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54f8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54f8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54f8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54f9 w682 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4. Rimanenze finali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6cd y54f9 w683 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">285.011<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6ce h12 y54fa ff4 fs7 fc1 sc2 ls0 ws0\">23<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54fa ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6cf h12 y54fa ff4 fs7 fc1 sc2 ls0 ws0\">284.988<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6d0 h12 y54fa ff4 fs7 fc1 sc2 ls0 ws0\">30.118<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b0 h12 y54fa ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54fa ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54fa ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table>L\u2019attribuzione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>livello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>pari <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>3 <span class=\"_ _1\"></span>riguarda <span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>umenti definiti <span class=\"_ _1\"></span>\u201cilliquidi\u201d <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>evidenziano poche <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>alorizzazioni <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>cor<span class=\"_ _1\"></span>so <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>te<span class=\"_ _1\"></span>mpo <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>quali <span class=\"_ _38\"></span>lo <span class=\"_ _0\"></span>stato <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>llo <span class=\"_ _0\"></span>strumento <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>ge<span class=\"_ _1\"></span>nerale dell\u2019emittente <span class=\"_ _0\"></span>alla <span class=\"_ _1\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>valutazione, <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>rende <span class=\"_ _38\"></span>possibile <span class=\"_ _0\"></span>l\u2019i<span class=\"_ _2\"></span>potesi <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>ventuale <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ipristino <span class=\"_ _38\"></span>del mercato verso uno stato attivo. Nella voce 2.1 \u201cAcquisti\u201d sono riportati: -<span class=\"_ _13e\"> </span><span class=\"ff4\">attivit\u00e0 finanziarie valutate al F<span class=\"_ _1\"></span>V con impatto a Conto Economico. </span>Nella voce 3.1 \u201cVendite\u201d sono riportati: -<span class=\"_ _13e\"> </span><span class=\"ff4\">attivit\u00e0 finanziarie valutate al F<span class=\"_ _1\"></span>V con impatto a Conto Economico; </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">attivit\u00e0 finanziarie valutate al F<span class=\"_ _1\"></span>V con impatto sulla redditivit\u00e0 complessiva. </span>Le <span class=\"_ _38\"></span>variazioni <span class=\"_ _38\"></span>annue <span class=\"_ _0\"></span>da <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>verso <span class=\"_ _38\"></span>Livello <span class=\"_ _38\"></span>3 <span class=\"_ _0\"></span>al <span class=\"_ _1\"></span>31/12/2024 <span class=\"_ _0\"></span>non <span class=\"_ _1\"></span>evidenziano <span class=\"_ _0\"></span>trasferimenti <span class=\"_ _38\"></span>da <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>verso <span class=\"_ _0\"></span>il<span class=\"_ _3b\"></span> livello <span class=\"_ _3b\"></span>3 sia <span class=\"_ _3b\"></span>per quanto <span class=\"_ _3b\"></span>riguarda la <span class=\"_ _3b\"></span>sezione dimin<span class=\"_ _2\"></span>uzioni <span class=\"_ _3b\"></span>che per <span class=\"_ _3b\"></span>quanto concerne <span class=\"_ _3b\"></span>la s<span class=\"_ _2\"></span>ezione au<span class=\"_ _2\"></span>menti per <span class=\"_ _37\"> </span>tutte <span class=\"_ _3d\"> </span>le <span class=\"_ _37\"> </span>classificazioni <span class=\"_ _3d\"> </span>cont<span class=\"_ _1\"></span>abili <span class=\"_ _3d\"> </span>(attivit\u00e0 <span class=\"_ _37\"> </span>finanziare <span class=\"_ _3d\"> </span>valutate<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>obbligatoriamente <span class=\"_ _37\"> </span>al <span class=\"_ _37\"> </span>FV <span class=\"_ _3d\"> </span>con impatto <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>Conto <span class=\"_ _38\"></span>Economico, <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _1\"></span>FV <span class=\"_ _38\"></span>con <span class=\"_ _1\"></span>impatt<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>Conto <span class=\"_ _38\"></span>Economico <span class=\"_ _1\"></span>e attivit\u00e0 finanziarie valutate al FV con impatto<span class=\"_ _1\"></span> sulla redditivit\u00e0 complessiva).<span class=\"_ _3a1\"> </span>A.4.5.4 Attivit\u00e0 e<span class=\"_ _1\"></span> passivit\u00e0 non valutat<span class=\"_ _1\"></span>e al fair value <span class=\"_ _1\"></span>o valutate al fair value<span class=\"_ _3a1\"> </span>su base non ricorr<span class=\"_ _1\"></span>ente: ripartizione per livel<span class=\"_ _1\"></span>li<span class=\"_ _3a1\"> </span>di fair value<table class=\"s w684 h1f1\" id=\"_6488a37b-7012-4d52-b0ce-6ec45c5d04f3\"><tr><td class=\"c x6d1 y54fb w170 h11\"><div class=\"t m2 x0 h12 y413 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0/Passivit\u00e0 non misurate </div></td><td></td><td></td><td class=\"c n x6d2 y54fc w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x6d3 y54fc w685 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td class=\"t m2 x672 h12 y54fd ff4 fs7 fc4 sc3 ls0 ws0\">al fair value o misurate al fair </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x6d4 h12 y54fe ff4 fs7 fc4 sc3 ls0 ws0\">value su base non ricorrente  </td><td class=\"c n x6d5 y54ff w686 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">VB<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6d6 y54ff w687 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6d7 y54ff w688 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6d8 y54ff w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6d9 y54ff w686 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">VB<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6da y54ff w687 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6db y54ff w689 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6dc y54ff w68a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y5500 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanziarie va<span class=\"_ _2\"></span>lutate al<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6dd h12 y5501 ff4 fs7 fc1 sc0 ls0 ws0\">45.274.702<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6bb h12 y5501 ff4 fs7 fc1 sc0 ls0 ws0\">7.660.059<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6de h12 y5501 ff4 fs7 fc1 sc0 ls0 ws0\">301.765<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6df h12 y5501 ff4 fs7 fc1 sc0 ls0 ws0\">37.963.152<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x691 h12 y5501 ff4 fs7 fc1 sc0 ls0 ws0\">44.465.032<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y5501 ff4 fs7 fc1 sc0 ls0 ws0\">7.352.925<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y5501 ff4 fs7 fc1 sc0 ls0 ws0\">377.189<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5501 ff4 fs7 fc1 sc0 ls0 ws0\">37.543.867<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5502 ff4 fs7 fc1 sc0 ls0 ws0\">costo ammortizzato </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y5504 w68b h1f2\"><div class=\"t m2 x2b3 h12 y5503 ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 materiali de<span class=\"_ _2\"></span>tenute a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">scopo di investiment<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e1 h12 y5505 ff4 fs7 fc1 sc0 ls0 ws0\">4.768<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e2 h12 y5505 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e3 h12 y5505 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e4 h12 y5505 ff4 fs7 fc1 sc0 ls0 ws0\">7.107<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c6 h12 y5505 ff4 fs7 fc1 sc0 ls0 ws0\">4.995<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y5505 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y5505 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e5 h12 y5505 ff4 fs7 fc1 sc0 ls0 ws0\">8.695<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5506 ff4 fs7 fc1 sc0 ls0 ws0\">3. Attivit\u00e0 non corrent<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span> e gruppi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e6 h12 y5507 ff4 fs7 fc1 sc0 ls0 ws0\">533<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e2 h12 y5507 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e3 h12 y5507 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e7 h12 y5507 ff4 fs7 fc1 sc0 ls0 ws0\">533<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y5507 ff4 fs7 fc1 sc0 ls0 ws0\">357<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y5507 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y5507 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e8 h12 y5507 ff4 fs7 fc1 sc0 ls0 ws0\">357<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5508 ff4 fs7 fc1 sc0 ls0 ws0\">di attivit\u00e0 in via di dismi<span class=\"_ _2\"></span>ssione </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x6bc h12 y5509 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e9 h12 y5509 ff4 fs7 fc1 sc2 ls0 ws0\">45.280.003<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6bb h12 y5509 ff4 fs7 fc1 sc2 ls0 ws0\">7.660.059<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6de h12 y5509 ff4 fs7 fc1 sc2 ls0 ws0\">301.765<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ea h12 y5509 ff4 fs7 fc1 sc2 ls0 ws0\">37.969.726<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x691 h12 y5509 ff4 fs7 fc1 sc2 ls0 ws0\">44.470.424<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y5509 ff4 fs7 fc1 sc2 ls0 ws0\">7.352.925<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y5509 ff4 fs7 fc1 sc2 ls0 ws0\">377.189<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6eb h12 y5509 ff4 fs7 fc1 sc2 ls0 ws0\">37.552.919<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y550a ff4 fs7 fc1 sc0 ls0 ws0\">1. Passivit\u00e0 finanziarie <span class=\"_ _2\"></span>valutate </td><td class=\"t m2 x6ab h12 y550b ff4 fs7 fc1 sc0 ls0 ws0\">51.482.679<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b7 h12 y550b ff4 fs7 fc1 sc0 ls0 ws0\">4.149.806<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ec h12 y550b ff4 fs7 fc1 sc0 ls0 ws0\">6.991.634<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ed h12 y550b ff4 fs7 fc1 sc0 ls0 ws0\">40.440.450<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ee h12 y550b ff4 fs7 fc1 sc0 ls0 ws0\">52.777.314<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y550b ff4 fs7 fc1 sc0 ls0 ws0\">4.169.898<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y550b ff4 fs7 fc1 sc0 ls0 ws0\">8.271.180<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y550b ff4 fs7 fc1 sc0 ls0 ws0\">40.370.027<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y550c ff4 fs7 fc1 sc0 ls0 ws0\">al costo ammortizzat<span class=\"_ _2\"></span>o </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y550d ff4 fs7 fc1 sc0 ls0 ws0\">2. Passivit\u00e0 associate ad </td><td class=\"t m2 x6f0 h12 y550e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e2 h12 y550e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e3 h12 y550e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f1 h12 y550e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y550e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y550e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y550e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y550e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y550f ff4 fs7 fc1 sc0 ls0 ws0\">attivit\u00e0 in via di dism<span class=\"_ _2\"></span>issione </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x6bc h12 y5510 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ab h12 y5510 ff4 fs7 fc1 sc2 ls0 ws0\">51.482.679<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b7 h12 y5510 ff4 fs7 fc1 sc2 ls0 ws0\">4.149.806<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ec h12 y5510 ff4 fs7 fc1 sc2 ls0 ws0\">6.991.634<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ed h12 y5510 ff4 fs7 fc1 sc2 ls0 ws0\">40.440.450<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ee h12 y5510 ff4 fs7 fc1 sc2 ls0 ws0\">52.777.314<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y5510 ff4 fs7 fc1 sc2 ls0 ws0\">4.169.898<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y5510 ff4 fs7 fc1 sc2 ls0 ws0\">8.271.180<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5510 ff4 fs7 fc1 sc2 ls0 ws0\">40.370.027<span class=\"_ _3a1\"> </span></td></tr></table>A.5 \u2013 <span class=\"_ _1\"></span>Informativa<span class=\"_ _1\"></span> sul c.d.<span class=\"_ _1\"></span> \u201cday one p<span class=\"_ _1\"></span>rofit/lo<span class=\"_ _1\"></span>ss\u201d<span class=\"_ _3a1\"> </span>I <span class=\"_ _3d\"> </span>provent<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>connessi <span class=\"_ _37\"> </span>all\u2019emissione <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>prest<span class=\"_ _1\"></span>iti <span class=\"_ _3d\"> </span>obbligazionari, <span class=\"_ _3d\"> </span>de<span class=\"_ _1\"></span>terminati <span class=\"_ _3d\"> </span>dalla <span class=\"_ _37\"> </span>differenza <span class=\"_ _3d\"> </span>tra <span class=\"_ _37\"> </span>il<span class=\"_ _3a1\"> </span>corrispettivo <span class=\"_ _38\"></span>incassato <span class=\"_ _38\"></span>ed <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _38\"></span>dello <span class=\"_ _38\"></span>strumento, <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>riconosciuti <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>economico <span class=\"_ _38\"></span>alla<span class=\"_ _3a1\"> </span>data  di <span class=\"_ _3d\"> </span>emiss<span class=\"_ _1\"></span>ione  in <span class=\"_ _3d\"> </span>tutti <span class=\"_ _3d\"> </span>i  casi <span class=\"_ _3d\"> </span>in  cui <span class=\"_ _3d\"> </span>tale <span class=\"_ _3d\"> </span>fair <span class=\"_ _3d\"> </span>value  s<span class=\"_ _1\"></span>ia  determinato <span class=\"_ _3d\"> </span>attraverso <span class=\"_ _3d\"> </span>tecniche  di<span class=\"_ _3a1\"> </span>valutazione che prendono parametri o<span class=\"_ _1\"></span>sservabili sul mercato.<span class=\"_ _3a1\"> </span>Il <span class=\"_ _38\"></span>principio <span class=\"_ _0\"></span>IFRS9 <span class=\"_ _38\"></span>prevede <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>l\u2019i<span class=\"_ _2\"></span>scrizione <span class=\"_ _0\"></span>inizial<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>degli <span class=\"_ _38\"></span>strume<span class=\"_ _1\"></span>nti <span class=\"_ _38\"></span>finanziari <span class=\"_ _38\"></span>avvenga <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>fair <span class=\"_ _0\"></span>value.<span class=\"_ _3a1\"> </span>Normalmente <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>uno st<span class=\"_ _1\"></span>rumento <span class=\"_ _1\"></span>finanziario <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>data di <span class=\"_ _38\"></span>rilevazione <span class=\"_ _1\"></span>iniziale <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>bilancio <span class=\"_ _1\"></span>\u00e8<span class=\"_ _3a1\"> </span>pari <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>\u201cprezzo <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>transazione\u201d; <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>altre <span class=\"_ _3d\"> </span>parole, <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>costo <span class=\"_ _3d\"> </span>o <span class=\"_ _3d\"> </span>all\u2019importo <span class=\"_ _3d\"> </span>erogat<span class=\"_ _1\"></span>o  pe<span class=\"_ _1\"></span>r <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>attivit\u00e0<span class=\"_ _3a1\"> </span>finanziarie o alla somma incassata per le passivit\u00e0 finanziarie.<span class=\"_ _3a1\"> </span>L\u2019affermazione <span class=\"_ _3b\"></span>che all<span class=\"_ _2\"></span>\u2019atto <span class=\"_ _3b\"></span>dell\u2019iscrizione <span class=\"_ _2\"></span>iniziale <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>bilancio <span class=\"_ _3b\"></span>il <span class=\"_ _2\"></span>fair <span class=\"_ _3b\"></span>value <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>uno <span class=\"_ _3b\"></span>str<span class=\"_ _1\"></span>umento <span class=\"_ _3b\"></span>finanziario<span class=\"_ _3a1\"> </span>coincide <span class=\"_ _36\"> </span>con <span class=\"_ _36\"> </span>il <span class=\"_ _39\"> </span>prezzo <span class=\"_ _36\"> </span>della <span class=\"_ _36\"> </span>trans<span class=\"_ _1\"></span>azione <span class=\"_ _36\"> </span>\u00e8 <span class=\"_ _36\"> </span>intuitivamente<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>sempre <span class=\"_ _36\"> </span>riscontrabile <span class=\"_ _39\"> </span>nel <span class=\"_ _36\"> </span>caso <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span>transazioni del cosiddetto \u201cLivello 1\u201d della gerarchia del fair value.<span class=\"_ _3a1\"> </span>Anche <span class=\"_ _36\"> </span>nel <span class=\"_ _36\"> </span>caso <span class=\"_ _39\"> </span>del <span class=\"_ _37\"> </span>\u201c<span class=\"_ _1\"></span>Livello <span class=\"_ _36\"> </span>2\u201d, <span class=\"_ _36\"> </span>che <span class=\"_ _36\"> </span>si <span class=\"_ _39\"> </span>basa <span class=\"_ _36\"> </span>su <span class=\"_ _36\"> </span>prezzi <span class=\"_ _36\"> </span>derivati <span class=\"_ _36\"> </span>indirettamente <span class=\"_ _36\"> </span>dal <span class=\"_ _36\"> </span>mercato<span class=\"_ _3a1\"> </span>(comparable <span class=\"_ _0\"></span>approach), <span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>\u2019iscrizione <span class=\"_ _0\"></span>iniziale <span class=\"_ _0\"></span>vede, <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>moltissimi <span class=\"_ _0\"></span>casi, <span class=\"_ _0\"></span>sostanzialmente <span class=\"_ _0\"></span>coincidere<span class=\"_ _3a1\"> </span>fair <span class=\"_ _35\"> </span>value <span class=\"_ _35\"> </span>e  p<span class=\"_ _2\"></span>rezzo. <span class=\"_ _35\"> </span>Eventuali <span class=\"_ _35\"> </span>differenze <span class=\"_ _35\"> </span>tr<span class=\"_ _1\"></span>a <span class=\"_ _35\"> </span>prezzo <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value <span class=\"_ _35\"> </span>sono<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>norma <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>attribuire <span class=\"_ _35\"> </span>ai<span class=\"_ _3a1\"> </span>cosiddetti margini commerciali.<span class=\"_ _3a1\"> </span>Nel <span class=\"_ _3f\"> </span>caso <span class=\"_ _3f\"> </span>del <span class=\"_ _3f\"> </span>\u201cLivello <span class=\"_ _3f\"> </span>3\u201d, <span class=\"_ _3f\"> </span>invece, <span class=\"_ _3f\"> </span>sussiste <span class=\"_ _3f\"> </span>una <span class=\"_ _3f\"> </span>discrezionalit\u00e0 <span class=\"_ _3f\"> </span>parziale <span class=\"_ _3f\"> </span>dell\u2019opera<span class=\"_ _1\"></span>tore <span class=\"_ _3f\"> </span>nella<span class=\"_ _3a1\"> </span>valutazione <span class=\"_ _1\"></span>dello <span class=\"_ _1\"></span>strumento e<span class=\"_ _1\"></span>, pertanto, <span class=\"_ _1\"></span>proprio <span class=\"_ _1\"></span>per la <span class=\"_ _1\"></span>maggior <span class=\"_ _1\"></span>soggettivit\u00e0 <span class=\"_ _1\"></span>nella <span class=\"_ _1\"></span>determinazione<span class=\"_ _3a1\"> </span>del fair <span class=\"_ _2\"></span>value non <span class=\"_ _2\"></span>\u00e8 disponib<span class=\"_ _2\"></span>ile un inequ<span class=\"_ _2\"></span>ivocabile termine di <span class=\"_ _3b\"></span>rifer<span class=\"_ _1\"></span>imento da<span class=\"_ _2\"></span> raffrontare con <span class=\"_ _2\"></span>il p<span class=\"_ _2\"></span>rezzo<span class=\"_ _3a1\"> </span>della <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ransazione. <span class=\"_ _38\"></span>Per <span class=\"_ _38\"></span>tale <span class=\"_ _38\"></span>ragione <span class=\"_ _38\"></span>l\u2019IFRS9 <span class=\"_ _38\"></span>esclude <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>l'event<span class=\"_ _1\"></span>uale <span class=\"_ _38\"></span>iniziale <span class=\"_ _1\"></span>diffe<span class=\"_ _1\"></span>renza <span class=\"_ _38\"></span>tra <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>prezzo<span class=\"_ _3a1\"> </span>della transazione <span class=\"_ _3b\"></span>e la <span class=\"_ _2\"></span>stima int<span class=\"_ _2\"></span>erna del <span class=\"_ _3b\"></span>fair value p<span class=\"_ _2\"></span>ossa essere <span class=\"_ _3b\"></span>subito imputata <span class=\"_ _2\"></span>a Con<span class=\"_ _2\"></span>to Economico<span class=\"_ _3a1\"> </span>in <span class=\"_ _0\"></span>un'unica <span class=\"_ _38\"></span>so<span class=\"_ _1\"></span>luzione. <span class=\"_ _0\"></span>In <span class=\"_ _0\"></span>tal <span class=\"_ _38\"></span>caso<span class=\"_ _1\"></span>, <span class=\"_ _0\"></span>qui<span class=\"_ _2\"></span>ndi, <span class=\"_ _0\"></span>l\u2019iscrizione <span class=\"_ _0\"></span>iniziale <span class=\"_ _0\"></span>deve <span class=\"_ _0\"></span>sempre <span class=\"_ _0\"></span>avvenire <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>pr<span class=\"_ _1\"></span>ezzo. <span class=\"_ _0\"></span>La<span class=\"_ _3a1\"> </span>successiva <span class=\"_ _38\"></span>valutazione <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>pu\u00f2 <span class=\"_ _38\"></span>includere <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>differe<span class=\"_ _1\"></span>nza <span class=\"_ _38\"></span>tra <span class=\"_ _38\"></span>prezzo <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _38\"></span>riscontrata <span class=\"_ _38\"></span>all\u2019atto<span class=\"_ _3a1\"> </span>della p<span class=\"_ _2\"></span>rima valutazione <span class=\"_ _3b\"></span>- ossia il<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Day-One-Profit (DOP) <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> il<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Day-One-Loss (DOL) <span class=\"_ _3b\"></span>implicito -, <span class=\"_ _3b\"></span>che deve<span class=\"_ _3a1\"> </span>invece <span class=\"_ _38\"></span>essere <span class=\"_ _38\"></span>riconosciuta <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>Conto <span class=\"_ _38\"></span>Economico <span class=\"_ _38\"></span>solo <span class=\"_ _38\"></span>se <span class=\"_ _38\"></span>deriva <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>cambiament<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>fattori <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>u <span class=\"_ _1\"></span>cui <span class=\"_ _38\"></span>i<span class=\"_ _3a1\"> </span>partecipanti al mercato<span class=\"_ _1\"></span> basano le loro valutazioni nel fissare<span class=\"_ _1\"></span> i prezzi (incluso l\u2019effetto tempo). Ove<span class=\"_ _3a1\"> </span>lo <span class=\"_ _38\"></span>strumento <span class=\"_ _1\"></span>abbia <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>scadenza <span class=\"_ _1\"></span>definita <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>non <span class=\"_ _1\"></span>sia <span class=\"_ _38\"></span>immediatamente <span class=\"_ _38\"></span>disponibile <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>dello <span class=\"_ _1\"></span>che<span class=\"_ _3a1\"> </span>monitori <span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>cambiamenti <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>fattori <span class=\"_ _0\"></span>su <span class=\"_ _38\"></span>cui <span class=\"_ _0\"></span>gli <span class=\"_ _38\"></span>operator<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>basa<span class=\"_ _1\"></span>no <span class=\"_ _0\"></span>i <span class=\"_ _1\"></span>prezzi, <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>am<span class=\"_ _1\"></span>messo <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>transito <span class=\"_ _0\"></span>del<span class=\"_ _3a1\"> </span>DOP/DOL a Conto Economico linearmente s<span class=\"_ _1\"></span>ulla vita dello strumento finanziario stesso.<span class=\"_ _3a1\"> </span>Pertanto, la politica contabile seguita prevede che<span class=\"_ _1\"></span>:<span class=\"_ _3a1\"> </span><span class=\"_ _3e\"> </span><span class=\"ff4\">l'eventuale DOP<span class=\"_ _1\"></span>/DOL implicito negli st<span class=\"_ _1\"></span>rumenti di <span class=\"_ _1\"></span>\"Livello 2\" <span class=\"_ _1\"></span>venga subito imputato<span class=\"_ _1\"></span> per <span class=\"_ _1\"></span>intero al<span class=\"_ _3a1\"> </span></span>Conto Economico;<span class=\"_ _3a1\"> </span><span class=\"_ _3e\"> </span><span class=\"ff4\">invece, <span class=\"_ _3b\"></span>l'eventuale DOP/DOL <span class=\"_ _184\"></span>impl<span class=\"_ _1\"></span>icito <span class=\"_ _3b\"></span>negli <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>trumenti <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>\"Livello <span class=\"_ _3b\"></span>3\" venga <span class=\"_ _184\"></span>s<span class=\"_ _1\"></span>terilizzato <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>imputato<span class=\"_ _3a1\"> </span></span>al Conto Economico \"pro rata temporis\" (linearmente<span class=\"_ _1\"></span>) lungo la vita residua di tali strumenti;<span class=\"_ _3a1\"> </span><span class=\"_ _3e\"> </span><span class=\"ff4\">nel <span class=\"_ _0\"></span>caso <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>cui<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>uno <span class=\"_ _38\"></span>strumento <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>lassificato <span class=\"_ _0\"></span>nel <span class=\"_ _38\"></span>\u201cLivello <span class=\"_ _38\"></span>3<span class=\"_ _1\"></span>\u201d <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>gerarchia <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _0\"></span>venga<span class=\"_ _3a1\"> </span></span>riclassificato <span class=\"_ _35\"> </span>nel <span class=\"_ _35\"> </span>\u201cLivello <span class=\"_ _0\"></span>2\u201d, <span class=\"_ _35\"> </span>i <span class=\"_ _0\"> </span>res<span class=\"_ _1\"></span>idui <span class=\"_ _35\"> </span>DOP/DOL <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>ospesi <span class=\"_ _35\"> </span>patrimoni<span class=\"_ _2\"></span>almente <span class=\"_ _35\"> </span>vengono <span class=\"_ _35\"> </span>iscritti <span class=\"_ _0\"></span>a<span class=\"_ _3a1\"> </span>Conto Economico in un\u2019unica soluzione.<span class=\"_ _3a1\"> </span>Al  31  dicembre  2<span class=\"_ _2\"></span>024  non  erano  pr<span class=\"_ _2\"></span>esenti  importi  che  debbano  e<span class=\"_ _2\"></span>ssere  ancora  rilevati  a  c<span class=\"_ _2\"></span>onto<span class=\"_ _3a1\"> </span>economico \"pro rata temporis\", ovvero lungo la vita res<span class=\"_ _1\"></span>idua del contratto.<span class=\"_ _3a1\"> </span>Sezione <span class=\"_ _1\"></span>2 \u2013 At<span class=\"_ _1\"></span>tivit\u00e0 finanz<span class=\"_ _1\"></span>iarie valut<span class=\"_ _1\"></span>ate al fair <span class=\"_ _1\"></span>value con<span class=\"_ _1\"></span> impatto<span class=\"_ _1\"></span> a cont<span class=\"_ _1\"></span>o economico<span class=\"_ _1\"></span> \u2013 Vo<span class=\"_ _1\"></span>ce 20  2.1 Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie detenute per <span class=\"_ _1\"></span>la negoziazione: compos<span class=\"_ _1\"></span>izione merceologica <table class=\"s w694 h1f4\" id=\"_b7ac081b-d691-4c36-98de-7b8a6733abba\"><tr><td></td><td></td><td class=\"c n x6fe y5519 w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x6ff y5519 w696 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x700 h12 y551a ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Valori </td><td></td><td class=\"c n x701 y551b w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x702 y551b w68d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n x703 y551c w65f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x704 y551c w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x705 y551c w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x706 y551c w697 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x707 y551c w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x708 y551c w698 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L<span class=\"_ _2\"></span>3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y551d ff4 fs7 fc1 sc2 ls0 ws0\">A. Attivit\u00e0 per cassa </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y551e w699 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x709 y551e w5b4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">19.098<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x70a h12 y551f ff4 fs7 fc1 sc0 ls0 ws0\">46<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y551f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y551f ff4 fs7 fc1 sc0 ls0 ws0\">25.950<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70b h12 y551f ff4 fs7 fc1 sc0 ls0 ws0\">23<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y551f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5520 w69a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli strutturati<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x70d y5520 w53a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">909<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x70e h12 y5521 ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5521 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70f h12 y5521 ff4 fs7 fc1 sc0 ls0 ws0\">4.813<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70b h12 y5521 ff4 fs7 fc1 sc0 ls0 ws0\">23<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5521 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5522 w69b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Altri titoli di debit<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x710 y5522 w69c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18.189<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x70a h12 y5523 ff4 fs7 fc1 sc0 ls0 ws0\">42<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5523 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x711 h12 y5523 ff4 fs7 fc1 sc0 ls0 ws0\">21.137<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5523 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5523 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5524 w69d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capitale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x713 y5524 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5525 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5525 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5525 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5525 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5525 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5526 w69e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Quote di O.I.C.R.<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x715 y5526 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5527 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a0 h12 y5527 ff4 fs7 fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f2 h12 y5527 ff4 fs7 fc1 sc0 ls0 ws0\">3.025<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5527 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y5527 ff4 fs7 fc1 sc0 ls0 ws0\">22<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5528 w69f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x716 y5528 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5529 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5529 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5529 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5529 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5529 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y552a w6a0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.1 Pronti contro term<span class=\"_ _2\"></span>ine<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x717 y552a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y552b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y552b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y552b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y552b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y552b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y552c w6a1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.2 Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x718 y552c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y552d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y552d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y552d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y552d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y552d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x719 h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71a h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">19.098<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70a h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">46<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a0 h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">24<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">28.975<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70b h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">23<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">22<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y552f ff4 fs7 fc1 sc2 ls0 ws0\">B. Strumenti derivati </td><td class=\"t m2 x71b h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5531 w6a2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Derivati finanziari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x71c y5531 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71d h12 y5532 ff4 fs7 fc1 sc0 ls0 ws0\">14.992<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5532 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5532 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y5532 ff4 fs7 fc1 sc0 ls0 ws0\">32.020<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5532 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5533 w6a3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1 di negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x71e y5533 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71d h12 y5534 ff4 fs7 fc1 sc0 ls0 ws0\">14.992<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5534 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5534 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y5534 ff4 fs7 fc1 sc0 ls0 ws0\">32.020<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5534 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5485 w6a4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 connessi con la <span class=\"_ _2\"></span>fair value option<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x71f y5485 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5535 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5535 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5535 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5535 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5535 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5486 w6a5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.3 altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x720 y5486 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5536 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5536 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5536 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5536 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5536 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5537 w6a6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Derivati creditiz<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x721 y5537 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5538 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5538 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5538 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5538 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5538 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5539 w6a7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 di negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x720 y5539 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5513 w6a8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 connessi con la <span class=\"_ _2\"></span>fair value option<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x722 y5513 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y553b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y553b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y553b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y553b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y553b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5515 w6a9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x723 y5515 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y553c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y553c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y553c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y553c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y553c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x719 h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">Totale (B)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71b h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71d h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">14.992<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">32.020<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x724 h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B) </td><td class=\"t m2 x71a h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">19.098<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71d h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">15.038<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a0 h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">24<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">28.975<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">32.043<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">22<span class=\"_ _3a1\"> </span></td></tr></table>Legenda: L1= Livello 1 L2= Livello 2 L3= Livello 3 Si segnala la compo<span class=\"_ _2\"></span>sizione della voc<span class=\"_ _2\"></span>e 3 \u201cQuote O.I.C.R\u201d:<span class=\"_ _3a1\"> </span><table class=\"s w6aa h1f5\" id=\"_d44a2f2b-600c-483a-be3e-9ccccdc039b0\"><tr><td></td><td></td><td class=\"c n x726 y553f w696 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x727 y553f w6ab h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">T<span class=\"_ _1\"></span>otale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c n x728 y5540 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x729 y5540 w68d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x2d7 y5541 w6ac h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Azionari<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x72a y5541 w6ad h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x72b h12 y5542 ff4 fs7 fc1 sc0 ls0 ws0\">3.047<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x72c h12 y5543 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x72d h12 y5543 ff4 fs7 fc1 sc2 ls0 ws0\">24<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x72b h12 y5543 ff4 fs7 fc1 sc2 ls0 ws0\">3.047<span class=\"_ _3a1\"> </span></td></tr></table>2.2 Attivit\u00e0 fina<span class=\"_ _1\"></span>nziarie detenute per la ne<span class=\"_ _1\"></span>goziazione: composizione <span class=\"_ _1\"></span>per debitori/emittent<span class=\"_ _1\"></span>i/controparti <table class=\"s w6ae h1f6\" id=\"_1dccab64-0579-4638-8c77-dbf4c2cfe2ca\"><tr><td></td><td class=\"t m2 x72e h12 y5544 ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Valori </td><td class=\"c n x72f y5545 w696 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x730 y5545 w6af h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">T<span class=\"_ _1\"></span>otale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x731 y5546 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x732 y5546 w68d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y5547 ff4 fs7 fc1 sc2 ls0 ws0\">A. Attivit\u00e0 per cassa </td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5548 w699 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x733 y5548 w6b0 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">19.144<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x676 h12 y5549 ff4 fs7 fc1 sc0 ls0 ws0\">25.974<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y554a w6b1 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche Centrali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y554a w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y554b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y554c w6b2 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazioni pubb<span class=\"_ _3b\"></span>li<span class=\"_ _1\"></span>che<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x736 y554c w6b3 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">15.641<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67a h12 y554d ff4 fs7 fc1 sc0 ls0 ws0\">24.107<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y554e w6b4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x737 y554e w6b5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2.205<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x738 h12 y554f ff4 fs7 fc1 sc0 ls0 ws0\">1.323<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5550 w6b6 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x739 y5550 w6b7 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">379<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e8 h12 y5551 ff4 fs7 fc1 sc0 ls0 ws0\">229<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5552 w6b8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese di assicu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73b y5552 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5553 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5554 w6b9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73c y5554 w6ba h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">919<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x73d h12 y5555 ff4 fs7 fc1 sc0 ls0 ws0\">317<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5556 w69d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capitale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73e y5556 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5557 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y551e w6bb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y551e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5558 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5520 w6b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre societ\u00e0 finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y5520 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5559 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y555a w6bc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui:  imprese di assicu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73f y555a w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y555b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5524 w6bd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Societ\u00e0 non finanz<span class=\"_ _2\"></span>iarie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x740 y5524 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y555c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5526 w6be h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altri emittenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y5526 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y555d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5528 w6bf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Quote di OICR<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x741 y5528 w6c0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e5 h12 y555e ff4 fs7 fc1 sc0 ls0 ws0\">3.047<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y552a w69f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73e y552a w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y555f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y552c w6b1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche Centrali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y552c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5560 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5561 w6b2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazioni pubb<span class=\"_ _3b\"></span>li<span class=\"_ _1\"></span>che<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x742 y5561 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5562 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5482 w6b4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x743 y5482 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5563 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5531 w6b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y5531 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5564 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5533 w6b8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese di assicu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73b y5533 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5565 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5566 w6b9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x744 y5566 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5567 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5486 w6c1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">f) Famiglie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x745 y5486 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5568 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x682 h12 y5569 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x746 h12 y5569 ff4 fs7 fc1 sc2 ls0 ws0\">19.167<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y5569 ff4 fs7 fc1 sc2 ls0 ws0\">29.022<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y556a ff4 fs7 fc1 sc2 ls0 ws0\">B. Strumenti derivati </td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y556b w6c2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Controparti Central<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x747 y556b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y556c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5515 w6c3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x748 y5515 w6c4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.992<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y556d ff4 fs7 fc1 sc0 ls0 ws0\">32.020<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x682 h12 y556e ff4 fs7 fc1 sc2 ls0 ws0\">Totale (B)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x749 h12 y556e ff4 fs7 fc1 sc2 ls0 ws0\">14.992<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y556e ff4 fs7 fc1 sc2 ls0 ws0\">32.020<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x6cf h12 y556f ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B) </td><td class=\"t m2 x749 h12 y556f ff4 fs7 fc1 sc2 ls0 ws0\">34.160<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y556f ff4 fs7 fc1 sc2 ls0 ws0\">61.042<span class=\"_ _3a1\"> </span></td></tr></table>In <span class=\"_ _0\"></span>confor<span class=\"_ _1\"></span>mit\u00e0 <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>quanto <span class=\"_ _35\"> </span>disposto <span class=\"_ _0\"></span>dal <span class=\"_ _35\"> </span>princi<span class=\"_ _2\"></span>pio <span class=\"_ _0\"> </span>cont<span class=\"_ _1\"></span>abile <span class=\"_ _35\"> </span>IFRS<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>7 <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>tenuto <span class=\"_ _0\"></span>conto <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>indicazioni contenute <span class=\"_ _3d\"> </span>nella  Com<span class=\"_ _1\"></span>unicazione  CONSOB<span class=\"_ _1\"></span>  n. <span class=\"_ _3d\"> </span>DEM/11070007 <span class=\"_ _3d\"> </span>del  5<span class=\"_ _1\"></span>  agosto <span class=\"_ _3d\"> </span>2011 <span class=\"_ _3d\"> </span>(che  r<span class=\"_ _1\"></span>iprende  il documento <span class=\"_ _3b\"></span>ESMA <span class=\"_ _3b\"></span>N<span class=\"_ _1\"></span>. <span class=\"_ _3b\"></span>2011/266 <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>28 <span class=\"_ _3b\"></span>luglio <span class=\"_ _3b\"></span>2011) <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>mate<span class=\"_ _1\"></span>ria di <span class=\"_ _3b\"></span>informazioni <span class=\"_ _3b\"></span>da rendere <span class=\"_ _3b\"></span>nelle <span class=\"_ _3b\"></span>relazioni finanziarie <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>merito <span class=\"_ _3d\"> </span>al <span class=\"_ _37\"> </span>\u201cdebito <span class=\"_ _3d\"> </span>Sovrano\u201d, <span class=\"_ _3d\"> </span>si <span class=\"_ _37\"> </span>precisa <span class=\"_ _3d\"> </span>che <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>31 <span class=\"_ _3d\"> </span>dicembre <span class=\"_ _3d\"> </span>2024 <span class=\"_ _3d\"> </span>sono <span class=\"_ _37\"> </span>presenti<span class=\"_ _2\"></span> esposizioni <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>governativi <span class=\"_ _1\"></span>verso <span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>Stato <span class=\"_ _1\"></span>Italia <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>8,2 <span class=\"_ _1\"></span>milioni <span class=\"_ _1\"></span>di e<span class=\"_ _1\"></span>uro, <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>circa <span class=\"_ _1\"></span>7,4 <span class=\"_ _1\"></span>milioni di euro <span class=\"_ _38\"></span>verso <span class=\"_ _38\"></span>altri <span class=\"_ _38\"></span>paesi. <span class=\"_ _1\"></span>Le <span class=\"_ _38\"></span>posizioni, <span class=\"_ _1\"></span>clas<span class=\"_ _1\"></span>sificate <span class=\"_ _38\"></span>contabilmente <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>trading, <span class=\"_ _1\"></span>hanno <span class=\"_ _38\"></span>come<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>oggetto <span class=\"_ _1\"></span>la negoziazione verso la clientela istituzionale. Si rimanda all<span class=\"_ _2\"></span>a sezione 3<span class=\"_ _2\"></span> della pr<span class=\"_ _2\"></span>esente nota per<span class=\"_ _2\"></span> i <span class=\"_ _2\"></span>titoli detenuti n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>l portafoglio <span class=\"_ _3b\"></span>\u201c<span class=\"_ _1\"></span>Attivit\u00e0 finanziarie<span class=\"_ _2\"></span> valutate al fair value con impatto sulla re<span class=\"_ _1\"></span>dditivit\u00e0 complessiva\u201d.<span class=\"_ _3a1\"> </span>2.6 Altre <span class=\"_ _1\"></span>attivit\u00e0 finanziarie obbligato<span class=\"_ _1\"></span>riamente valutate <span class=\"_ _1\"></span>al fair value: compos<span class=\"_ _1\"></span>izione per debitor<span class=\"_ _1\"></span>i/emittenti <table class=\"s w6e3 h1f9\" id=\"_d2e55143-e0a2-4263-b5bd-113467887583\"><tr><td></td><td></td><td></td><td class=\"t m2 x776 h12 y5598 ff4 fs7 fc4 sc3 ls0 ws0\">Totale <span class=\"_ _14e\"> </span>T<span class=\"_ _1\"></span>otale </td></tr><tr><td></td><td></td><td class=\"c n x731 y5599 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x732 y5599 w68d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y559a w6e4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">1. Titoli di capitale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x777 y559a w6e5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">214.317<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6f6 h12 y559b ff4 fs7 fc1 sc2 ls0 ws0\">179.507<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y559c w6e6 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">di cui: banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x778 y559c w6e7 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">29.625<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y559d ff4 fs7 fc1 sc0 ls0 ws0\">21.251<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5520 w6e8 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">di cui: altre societ\u00e0 finanz<span class=\"_ _3b\"></span>iarie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x779 y5520 w6e9 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">17.837<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67a h12 y559e ff4 fs7 fc1 sc0 ls0 ws0\">12.982<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y555a w6ea h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">di cui: societ\u00e0 non finanz<span class=\"_ _2\"></span>iarie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x77a y555a w6eb h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">166.855<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6f6 h12 y559f ff4 fs7 fc1 sc0 ls0 ws0\">145.274<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5524 w6ec h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x77b y5524 w6ed h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">615.751<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x666 h12 y55a0 ff4 fs7 fc1 sc2 ls0 ws0\">464.671<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55a1 w6ee h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche centrali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x77c y55a1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55a2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5528 w6b2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazioni pubb<span class=\"_ _3b\"></span>li<span class=\"_ _1\"></span>che<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x77d y5528 w4a2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">373.998<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x666 h12 y55a3 ff4 fs7 fc1 sc0 ls0 ws0\">321.559<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y552a w6b4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x77e y552a w6ef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">225.688<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y55a4 ff4 fs7 fc1 sc0 ls0 ws0\">124.618<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55a5 w6b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x77f y55a5 w6f0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e5 h12 y55a6 ff4 fs7 fc1 sc0 ls0 ws0\">3.673<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5454 w6b8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese di assicu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73b y5454 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x780 h12 y55a7 ff4 fs7 fc1 sc0 ls0 ws0\">1.049<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55a8 w6b9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x781 y55a8 w6f1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _2\"></span>6.055<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y55a9 ff4 fs7 fc1 sc0 ls0 ws0\">14.821<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5531 w69e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">3. Quote di O.I.C.R.<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x782 y5531 w6f2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4.808.582<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x68a h12 y55aa ff4 fs7 fc1 sc2 ls0 ws0\">4.244.546<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y55ab w69f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x783 y55ab w6f3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">33.655<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y55ac ff4 fs7 fc1 sc2 ls0 ws0\">31.621<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5485 w6ee h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche centrali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x77c y5485 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55ad ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5486 w6b2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazioni pubb<span class=\"_ _3b\"></span>li<span class=\"_ _1\"></span>che<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x742 y5486 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55ae ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y54a9 w6b4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x743 y54a9 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55af ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55b0 w6b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x784 y55b0 w6f4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.006<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y55b1 ff4 fs7 fc1 sc0 ls0 ws0\">10.767<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y54ac w6b8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese di assicu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x785 y54ac w6f4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.006<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y55b2 ff4 fs7 fc1 sc0 ls0 ws0\">10.767<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5515 w6b9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x786 y5515 w6f5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18.541<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y55b3 ff4 fs7 fc1 sc0 ls0 ws0\">19.861<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y54b0 w6c1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">f) Famiglie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x787 y54b0 w6f6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.108<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x788 h12 y55b4 ff4 fs7 fc1 sc0 ls0 ws0\">993<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x6e7 h12 y55b5 ff4 fs7 fc1 sc2 ls0 ws0\">Totale </td><td class=\"t m2 x695 h12 y55b5 ff4 fs7 fc1 sc2 ls0 ws0\">5.672.305<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f8 h12 y55b5 ff4 fs7 fc1 sc2 ls0 ws0\">4.920.345<span class=\"_ _3a1\"> </span></td></tr></table>A seguito del fallimento dell\u2019SPPI test <span class=\"_ _1\"></span>nella presente categoria sono state riclassificate le quote di fondi comuni (OICR) e alcuni finanziamenti ver<span class=\"_ _1\"></span>so clientela. Nel <span class=\"_ _3a\"> </span>portafoglio <span class=\"_ _3a\"> </span>\u201cAttivit\u00e0 <span class=\"_ _3a\"> </span>finanziarie <span class=\"_ _3a\"> </span>obbligatoriamente <span class=\"_ _3f\"> </span>valutate <span class=\"_ _3a\"> </span>al <span class=\"_ _3a\"> </span>fair <span class=\"_ _3a\"> </span>value\u201d, <span class=\"_ _3a\"> </span>interamente ascrivibile <span class=\"_ _35\"> </span>alle <span class=\"_ _35\"> </span>\u201cImprese<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>assicurazione\u201d, <span class=\"_ _35\"> </span>sono  p<span class=\"_ _2\"></span>resenti <span class=\"_ _35\"> </span>esposizioni <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>titoli <span class=\"_ _35\"> </span>governat<span class=\"_ _1\"></span>ivi <span class=\"_ _35\"> </span>verso l'Italia <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>278,32 <span class=\"_ _38\"></span>milioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>euro, <span class=\"_ _38\"></span>verso <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>Germania <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>55,32 <span class=\"_ _1\"></span>milioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>uro, <span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>so <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>Spagna <span class=\"_ _1\"></span>per 14,23 <span class=\"_ _1\"></span>milioni <span class=\"_ _1\"></span>di e<span class=\"_ _1\"></span>uro, <span class=\"_ _1\"></span>verso <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>Francia per<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>15,02 <span class=\"_ _1\"></span>milioni <span class=\"_ _1\"></span>di e<span class=\"_ _1\"></span>uro, <span class=\"_ _1\"></span>verso <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>Stati <span class=\"_ _1\"></span>Uniti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>4,83 <span class=\"_ _1\"></span>milioni di euro, verso il Belgi<span class=\"_ _2\"></span>o per 2,01 m<span class=\"_ _2\"></span>ilioni di euro, verso la <span class=\"_ _3b\"></span>G<span class=\"_ _1\"></span>ran Bretagna p<span class=\"_ _2\"></span>er 1,64 milioni di <span class=\"_ _2\"></span>euro, verso l\u2019Austria per<span class=\"_ _1\"></span> 1,35 milioni di <span class=\"_ _1\"></span>euro, ver<span class=\"_ _1\"></span>so il P<span class=\"_ _1\"></span>ortogallo per 0<span class=\"_ _1\"></span>,75 milioni di e<span class=\"_ _1\"></span>uro, verso <span class=\"_ _1\"></span>l\u2019Irlanda per <span class=\"_ _1\"></span>0,52 milioni di euro.<span class=\"_ _3a1\"> </span>Sezione <span class=\"_ _1\"></span>3 - Atti<span class=\"_ _1\"></span>vit<span class=\"_ _3a1\"> </span>\u00e0 finan<span class=\"_ _1\"></span>ziarie <span class=\"_ _1\"></span>valutate al fai<span class=\"_ _1\"></span>r value<span class=\"_ _1\"></span> con impa<span class=\"_ _1\"></span>tto sulla <span class=\"_ _1\"></span>redditi<span class=\"_ _1\"></span>vit\u00e0 comp<span class=\"_ _1\"></span>lessiva<span class=\"_ _1\"></span> \u2013<span class=\"_ _3a1\"> </span> Voce <span class=\"_ _1\"></span>30<span class=\"_ _3a1\"> </span> 3.1 Attivit\u00e0 finanzi<span class=\"_ _1\"></span>arie valutate al fair <span class=\"_ _1\"></span>value con impatto<span class=\"_ _1\"></span> sulla redditivit\u00e0 complessiva<span class=\"_ _1\"></span>: composizione merceo<span class=\"_ _1\"></span>logica <table class=\"s w684 h1fa\" id=\"_9c7f8351-bc7e-47d6-a42c-1b7f06ff8fe1\"><tr><td></td><td></td><td></td><td class=\"c n x6fe y55b6 w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x6ff y55b6 w696 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x700 h12 y55b7 ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Valori </td><td></td><td></td><td class=\"c n x701 y55b8 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x702 y55b8 w68d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c n x703 y55b9 w65f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x704 y55b9 w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x705 y55b9 w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x706 y55b9 w697 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x707 y55b9 w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x708 y55b9 w698 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L<span class=\"_ _2\"></span>3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y55ba ff4 fs7 fc1 sc2 ls0 ws0\">1. Titoli di debito </td><td></td><td class=\"t m2 x75c h12 y55bb ff4 fs7 fc1 sc0 ls0 ws0\">9.392.797<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x789 h12 y55bb ff4 fs7 fc1 sc0 ls0 ws0\">56.271<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y55bb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x78a h12 y55bb ff4 fs7 fc1 sc0 ls0 ws0\">8.866.480<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y55bb ff4 fs7 fc1 sc0 ls0 ws0\">54.032<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y55bb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y55bc w69a h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli strutturati<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x78b y55bc w6f7 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">833.390<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6a7 h12 y55bd ff4 fs7 fc1 sc0 ls0 ws0\">1.964<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y55bd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x78c h12 y55bd ff4 fs7 fc1 sc0 ls0 ws0\">943.633<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74f h12 y55bd ff4 fs7 fc1 sc0 ls0 ws0\">2.406<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y55bd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y55be w69b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Altri titoli di debit<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x78d y55be w6f8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.559.407<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x757 h12 y55bf ff4 fs7 fc1 sc0 ls0 ws0\">54.307<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y55bf ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x759 h12 y55bf ff4 fs7 fc1 sc0 ls0 ws0\">7.922.847<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y55bf ff4 fs7 fc1 sc0 ls0 ws0\">51.626<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y55bf ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y55c0 ff4 fs7 fc1 sc2 ls0 ws0\">2. Titoli di capitale </td><td></td><td class=\"t m2 x78e h12 y55c1 ff4 fs7 fc1 sc0 ls0 ws0\">11.158<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a7 h12 y55c1 ff4 fs7 fc1 sc0 ls0 ws0\">1.497<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x78f h12 y55c1 ff4 fs7 fc1 sc0 ls0 ws0\">30.118<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f2 h12 y55c1 ff4 fs7 fc1 sc0 ls0 ws0\">7.560<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x755 h12 y55c1 ff4 fs7 fc1 sc0 ls0 ws0\">2.213<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y55c1 ff4 fs7 fc1 sc0 ls0 ws0\">31.835<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y55c2 ff4 fs7 fc1 sc2 ls0 ws0\">3. Finanziamenti </td><td></td><td class=\"t m2 x71b h12 y55c3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y55c3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y55c3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y55c3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y55c3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y55c3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x75b h12 y55c4 ff4 fs7 fc1 sc2 ls0 ws0\">Totale </td><td class=\"t m2 x790 h12 y55c4 ff4 fs7 fc1 sc2 ls0 ws0\">9.403.955<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71d h12 y55c4 ff4 fs7 fc1 sc2 ls0 ws0\">57.768<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c5 h12 y55c4 ff4 fs7 fc1 sc2 ls0 ws0\">30.118<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x78a h12 y55c4 ff4 fs7 fc1 sc2 ls0 ws0\">8.874.040<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a2 h12 y55c4 ff4 fs7 fc1 sc2 ls0 ws0\">56.245<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y55c4 ff4 fs7 fc1 sc2 ls0 ws0\">31.835<span class=\"_ _3a1\"> </span></td></tr></table>Legenda:<span class=\"_ _3a1\"> </span> L1= Livello 1<span class=\"_ _3a1\"> </span> L2= Livello 2<span class=\"_ _3a1\"> </span> L3= Livello 3<span class=\"_ _3a1\"> </span> 3.2 Attivit\u00e0 finan<span class=\"_ _1\"></span>ziarie valutate al fa<span class=\"_ _1\"></span>ir value con impatto <span class=\"_ _1\"></span>sulla redditivit\u00e0 comples<span class=\"_ _1\"></span>siva: composizione per<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> debitori/emitt<span class=\"_ _1\"></span>enti <table class=\"s w6f9 h1fb\" id=\"_29834b32-eb58-4879-b25e-3921c1739710\"><tr><td></td><td class=\"t m2 x72e h12 y55c5 ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Valori </td><td></td><td class=\"c n x72f y55c6 w696 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x730 y55c6 w6af h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">T<span class=\"_ _1\"></span>otale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c n x731 y55c7 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x732 y55c7 w68d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y55c8 w699 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x791 y55c8 w6fa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">9.<span class=\"_ _2\"></span>449.068<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fd h12 y55c9 ff4 fs7 fc1 sc2 ls0 ws0\">8.920.512<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55ca w6ee h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche centrali<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x77c y55ca w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55cb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55cc w6b2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazioni pubb<span class=\"_ _3b\"></span>li<span class=\"_ _1\"></span>che<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x792 y55cc w6fb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.810.557<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fd h12 y55cd ff4 fs7 fc1 sc0 ls0 ws0\">6.372.557<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55ce w6b4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x793 y55ce w6fc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.<span class=\"_ _2\"></span>774.893<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fd h12 y55cf ff4 fs7 fc1 sc0 ls0 ws0\">1.483.700<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55d0 w6b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x794 y55d0 w6fd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">374.095<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x795 h12 y55d1 ff4 fs7 fc1 sc0 ls0 ws0\">444.268<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y55d2 w6b8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese di assicu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x796 y55d2 w6fe h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.221<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x780 h12 y55d3 ff4 fs7 fc1 sc0 ls0 ws0\">5.188<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55d4 w6b9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x797 y55d4 w6ff h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">489.523<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x666 h12 y55d5 ff4 fs7 fc1 sc0 ls0 ws0\">619.987<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y55d6 w69d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2. Titoli di capitale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x798 y55d6 w700 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">42.773<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67a h12 y55d7 ff4 fs7 fc1 sc2 ls0 ws0\">41.608<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55d8 w6bb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x799 y55d8 w701 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">22.634<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x676 h12 y55d9 ff4 fs7 fc1 sc0 ls0 ws0\">22.638<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55da w702 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Altri emittenti:<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x79a y55da w703 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">20.139<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67a h12 y55db ff4 fs7 fc1 sc0 ls0 ws0\">18.970<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y55dc w704 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- altre societ\u00e0 finanz<span class=\"_ _2\"></span>iarie<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x79b y55dc w705 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18.197<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67a h12 y55dd ff4 fs7 fc1 sc0 ls0 ws0\">16.583<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x79c y55de w6b8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese di assicu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x79d y55de w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55df ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y55e0 w706 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- societ\u00e0 non finanz<span class=\"_ _2\"></span>iarie<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x79e y55e0 w707 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.682<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x738 h12 y55e1 ff4 fs7 fc1 sc0 ls0 ws0\">2.179<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y55e2 w708 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- altri<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x79f y55e2 w709 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">260<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x788 h12 y55e3 ff4 fs7 fc1 sc0 ls0 ws0\">208<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y55e4 w70a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">3. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x7a0 y55e4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55e5 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55e6 w6ee h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche centrali<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x77c y55e6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55e7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55e8 w6b2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazioni pubb<span class=\"_ _3b\"></span>li<span class=\"_ _1\"></span>che<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x742 y55e8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55e9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55ea w6b4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x743 y55ea w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55eb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55ec w6b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x735 y55ec w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55ed ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y55ee w6b8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese di assicu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x73b y55ee w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55ef ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55f0 w6b9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x744 y55f0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55f1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55f2 w6c1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">f) Famiglie<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x745 y55f2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55f3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td class=\"t m2 x6e7 h12 y55f4 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y55f4 ff4 fs7 fc1 sc2 ls0 ws0\">9.491.841<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fd h12 y55f4 ff4 fs7 fc1 sc2 ls0 ws0\">8.962.120<span class=\"_ _3a1\"> </span></td></tr></table>documento <span class=\"_ _3b\"></span>ESMA <span class=\"_ _3b\"></span>N<span class=\"_ _1\"></span>. <span class=\"_ _3b\"></span>2011/266 <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>28 <span class=\"_ _3b\"></span>luglio <span class=\"_ _3b\"></span>2011) <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>mate<span class=\"_ _1\"></span>ria di <span class=\"_ _3b\"></span>informazioni <span class=\"_ _3b\"></span>da rendere <span class=\"_ _3b\"></span>nelle <span class=\"_ _3b\"></span>relazioni<span class=\"_ _3a1\"> </span> finanziarie in mer<span class=\"_ _1\"></span>ito al \u201cdebito Sovrano\u201d, si precisa:<span class=\"_ _3a1\"> </span> Nel portafoglio <span class=\"_ _3b\"></span>\u201c<span class=\"_ _1\"></span>Attivit\u00e0 f<span class=\"_ _2\"></span>inanziarie valu<span class=\"_ _2\"></span>tate al fair<span class=\"_ _2\"></span> val<span class=\"_ _2\"></span>ue con <span class=\"_ _3b\"></span>impatt<span class=\"_ _1\"></span>o sulla <span class=\"_ _3b\"></span>redditivit\u00e0 complessiva\u201d,<span class=\"_ _3a1\"> </span> relativo <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>Gruppo <span class=\"_ _0\"></span>bancario, <span class=\"_ _0\"></span>sono <span class=\"_ _35\"> </span>presenti <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>governativi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>steri <span class=\"_ _0\"></span>(Spagna) <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>309,4 <span class=\"_ _0\"></span>milioni <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> euro, (Belgio) per 419,6 mi<span class=\"_ _2\"></span>lioni di <span class=\"_ _2\"></span>euro, (Francia) per 452 mili<span class=\"_ _2\"></span>oni di euro <span class=\"_ _2\"></span>e (U.S. T<span class=\"_ _2\"></span>reasury<span class=\"_ _1\"></span>) per 1.<span class=\"_ _3b\"></span>0<span class=\"_ _1\"></span>14,2<span class=\"_ _3a1\"> </span> milioni <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>euro. <span class=\"_ _36\"> </span>Sono <span class=\"_ _36\"> </span>pres<span class=\"_ _1\"></span>enti <span class=\"_ _36\"> </span>inoltre <span class=\"_ _36\"> </span>obbligazioni, <span class=\"_ _37\"> </span>per <span class=\"_ _36\"> </span>circa <span class=\"_ _36\"> </span>1.17<span class=\"_ _1\"></span>2,8 <span class=\"_ _36\"> </span>milioni <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>euro, <span class=\"_ _36\"> </span>emessi<span class=\"_ _3a1\"> </span> dall\u2019Unione <span class=\"_ _35\"> </span>Europea<span class=\"fca\">. <span class=\"_ _35\"> </span></span>Relativamente <span class=\"_ _35\"> </span>ai <span class=\"_ _0\"></span>titoli <span class=\"_ _35\"> </span>governativi <span class=\"_ _35\"> </span>emessi <span class=\"_ _35\"> </span>dall<span class=\"_ _2\"></span>o <span class=\"_ _35\"> </span>Stato <span class=\"_ _35\"> </span>Italiano <span class=\"_ _35\"> </span>si <span class=\"_ _0\"></span>evidenzia<span class=\"_ _3a1\"> </span> un\u2019esposizione <span class=\"_ _38\"></span>compless<span class=\"_ _1\"></span>iva <span class=\"_ _38\"></span>pari <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>circa <span class=\"_ _38\"></span>58,5 <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>ilioni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>eur<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>(BTP <span class=\"_ _0\"></span>30,4 <span class=\"_ _38\"></span>milioni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>uro <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>CCT <span class=\"_ _1\"></span>28<span class=\"_ _1\"></span>,1<span class=\"_ _3a1\"> </span> milioni di euro).<span class=\"_ _3a1\"> </span> Nel portafoglio \u201cAttivit\u00e0 finanziarie valutate al fair value con impatto sulla redditiv<span class=\"_ _2\"></span>it\u00e0 complessiva\u201d<span class=\"_ _3a1\"> </span> delle <span class=\"_ _35\"> </span>\u201cImprese <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>assicurazione\u201d <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _0\"></span>prese<span class=\"_ _1\"></span>nti <span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>posizioni <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>titoli <span class=\"_ _0\"></span>governat<span class=\"_ _1\"></span>ivi <span class=\"_ _0\"></span>ver<span class=\"_ _1\"></span>so <span class=\"_ _0\"> </span>l\u2019Italia <span class=\"_ _35\"> </span>per<span class=\"_ _3a1\"> </span> 2.138,89 <span class=\"_ _0\"></span>milioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>euro, <span class=\"_ _0\"></span>verso <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>Spag<span class=\"_ _2\"></span>na <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>567,98, <span class=\"_ _0\"></span>verso <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>Francia <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>328,61 <span class=\"_ _38\"></span>milioni <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>uro,<span class=\"_ _3a1\"> </span> verso  i<span class=\"_ _2\"></span>l <span class=\"_ _35\"> </span>Portogallo <span class=\"_ _35\"> </span>per  1<span class=\"_ _3b\"></span>8<span class=\"_ _1\"></span>7,81 <span class=\"_ _35\"> </span>milioni <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>euro, <span class=\"_ _35\"> </span>verso<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>Belgio <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>79,55 <span class=\"_ _35\"> </span>milioni <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>euro, <span class=\"_ _35\"> </span>vers<span class=\"_ _1\"></span>o <span class=\"_ _35\"> </span>la<span class=\"_ _3a1\"> </span> Germania <span class=\"_ _1\"></span>per 43,87 <span class=\"_ _1\"></span>milioni di <span class=\"_ _1\"></span>euro, <span class=\"_ _1\"></span>verso gli <span class=\"_ _1\"></span>Stati <span class=\"_ _1\"></span>Uniti per <span class=\"_ _1\"></span>19,5 milioni di e<span class=\"_ _1\"></span>uro <span class=\"_ _1\"></span>e ve<span class=\"_ _1\"></span>rso l\u2019Irlanda per<span class=\"_ _3a1\"> </span> 18,02 milioni di euro.<span class=\"_ _3a1\"> </span> Sono <span class=\"_ _0\"></span>presenti <span class=\"_ _0\"></span>coperture <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _0\"></span>hedge <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>Stato, <span class=\"_ _0\"></span>italiani<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>fisso <span class=\"_ _0\"></span>(<span class=\"_ _2\"></span>BTP), <span class=\"_ _0\"></span>ed<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> esteri, che<span class=\"_ _2\"></span> su <span class=\"_ _3b\"></span>titoli obb<span class=\"_ _2\"></span>ligazionari (senior <span class=\"_ _3b\"></span>unse<span class=\"_ _1\"></span>cure <span class=\"_ _3b\"></span>e covered <span class=\"_ _2\"></span>bond) <span class=\"_ _3b\"></span>a tasso <span class=\"_ _2\"></span>fisso <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>messi d<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>primari<span class=\"_ _3a1\"> </span> istituti di c<span class=\"_ _2\"></span>redito europei. La <span class=\"_ _2\"></span>copertura \u00e8 d<span class=\"_ _2\"></span>i tipo <span class=\"_ _2\"></span>fair valu<span class=\"_ _2\"></span>e hedge attuata <span class=\"_ _2\"></span>attraverso la <span class=\"_ _2\"></span>designazione<span class=\"_ _3a1\"> </span> di <span class=\"_ _0\"></span>app<span class=\"_ _2\"></span>ositi <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"></span>(I<span class=\"_ _2\"></span>nterest <span class=\"_ _0\"></span>Rate <span class=\"_ _0\"></span>Swap<span class=\"_ _2\"></span>) <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>cope<span class=\"_ _1\"></span>rtura <span class=\"_ _0\"></span>specifica <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>c.d. <span class=\"_ _0\"></span>\u201crischio<span class=\"_ _3a1\"> </span> tasso\u201d <span class=\"_ _38\"></span>su <span class=\"_ _38\"></span>detti <span class=\"_ _38\"></span>titoli; <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>elazione <span class=\"_ _38\"></span>venuta <span class=\"_ _38\"></span>cos\u00ec <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>crearsi <span class=\"_ _38\"></span>fra <span class=\"_ _38\"></span>Hedged <span class=\"_ _1\"></span>Ite<span class=\"_ _1\"></span>m <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>Hedging <span class=\"_ _1\"></span>Instrument <span class=\"_ _38\"></span>ha<span class=\"_ _3a1\"> </span> comportato la <span class=\"_ _2\"></span>redazione di<span class=\"_ _2\"></span> una <span class=\"_ _3b\"></span>specifica documentazione che <span class=\"_ _2\"></span>formalizza <span class=\"_ _2\"></span>la relazione d<span class=\"_ _2\"></span>i copertur<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span> ed <span class=\"_ _3d\"> </span>ha <span class=\"_ _3d\"> </span>altres\u00ec <span class=\"_ _3d\"> </span>usufruito <span class=\"_ _3d\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _3d\"> </span>particolari  r<span class=\"_ _1\"></span>egole <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>contabilizzazione <span class=\"_ _3d\"> </span>dell\u2019Hedge <span class=\"_ _3d\"> </span>Accounting. <span class=\"_ _37\"> </span>Si<span class=\"_ _3a1\"> </span> segnala <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>sono <span class=\"_ _35\"> </span>stati <span class=\"_ _35\"> </span>effettuati <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>te<span class=\"_ _1\"></span>st <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>efficacia <span class=\"_ _0\"></span>(sia <span class=\"_ _35\"> </span>prospett<span class=\"_ _1\"></span>ici <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>retrospettivi) <span class=\"_ _0\"></span>con <span class=\"_ _35\"> </span>esito positivo. 3.3 Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie valutate <span class=\"_ _1\"></span>al fair value con impatto<span class=\"_ _1\"></span> sulla redditivit\u00e0 com<span class=\"_ _1\"></span>plessiva: valore lordo e rett<span class=\"_ _1\"></span>ifiche di valore complessive <table class=\"s w70b h1fc\" id=\"_49b6c6e3-2c76-4e0d-ac52-9a7ab2631d9b\"><tr><td></td><td></td><td></td><td></td><td class=\"c n x7a2 y55f5 w70c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Valore lordo<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n x7a3 y55f5 w70d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche di valore complessive<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x6be h12 y55f6 ff4 fs7 fc4 sc3 ls0 ws0\">Primo </td><td></td><td class=\"t m2 x661 h12 y55f6 ff4 fs7 fc4 sc3 ls0 ws0\">Secondo </td><td class=\"t m2 x7a4 h12 y55f6 ff4 fs7 fc4 sc3 ls0 ws0\">Terzo </td><td class=\"t m2 x6c3 h12 y55f6 ff4 fs7 fc4 sc3 ls0 ws0\">Impaired </td><td class=\"t m2 x6c9 h12 y55f6 ff4 fs7 fc4 sc3 ls0 ws0\">Primo </td><td class=\"t m2 x7a5 h12 y55f6 ff4 fs7 fc4 sc3 ls0 ws0\">Secondo </td><td class=\"t m2 x6e0 h12 y55f6 ff4 fs7 fc4 sc3 ls0 ws0\">Terzo </td><td class=\"t m2 x670 h12 y55f6 ff4 fs7 fc4 sc3 ls0 ws0\">Impaired </td><td class=\"t m2 x7a6 h12 y55f6 ff4 fs7 fc4 sc3 ls0 ws0\">Write-off </td></tr><tr><td></td><td></td><td class=\"t m2 x6be h12 y55f7 ff4 fs7 fc4 sc3 ls0 ws0\">stadio </td><td class=\"t m2 x7a7 h12 y55f8 ff4 fs7 fc4 sc3 ls0 ws0\">di cui: Strumenti </td><td class=\"t m2 x7a8 h12 y55f7 ff4 fs7 fc4 sc3 ls0 ws0\">stadio </td><td class=\"t m2 x6df h12 y55f7 ff4 fs7 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c3 h12 y55f7 ff4 fs7 fc4 sc3 ls0 ws0\">acquisite </td><td class=\"t m2 x759 h12 y55f7 ff4 fs7 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a9 h12 y55f7 ff4 fs7 fc4 sc3 ls0 ws0\">stadio </td><td class=\"t m2 x74f h12 y55f7 ff4 fs7 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x670 h12 y55f7 ff4 fs7 fc4 sc3 ls0 ws0\">acquisite </td><td class=\"t m2 x7aa h12 y55f7 ff4 fs7 fc4 sc3 ls0 ws0\">parziali </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x691 h12 y55f9 ff4 fs7 fc4 sc3 ls0 ws0\">o </td><td></td><td></td><td></td><td class=\"t m2 x7ab h12 y55f9 ff4 fs7 fc4 sc3 ls0 ws0\">o </td><td class=\"t m2 x7ac h12 y55f9 ff4 fs7 fc4 sc3 ls0 ws0\">complessivi<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x6ce h12 y55fa ff4 fs7 fc4 sc3 ls0 ws0\">con basso </td><td></td><td></td><td class=\"t m2 x6c3 h12 y55fb ff4 fs7 fc4 sc3 ls0 ws0\">originate<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x670 h12 y55fb ff4 fs7 fc4 sc3 ls0 ws0\">originate<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x7a7 h12 y55fc ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">rischio di credito<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y55fd ff4 fs7 fc1 sc0 ls0 ws0\">Titoli di debito<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7ad h12 y55fd ff4 fs7 fc1 sc0 ls0 ws0\">9.455.105<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ae h12 y55fd ff4 fs7 fc1 sc0 ls0 ws0\">10.214<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y55fd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75d h12 y55fd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7af h12 y55fd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y55fd ff4 fs7 fc1 sc0 ls0 ws0\">6.037<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y55fd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b0 h12 y55fd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y55fd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b2 h12 y55fd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y55fe ff4 fs7 fc1 sc0 ls0 ws0\">Finanziamenti<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7b3 h12 y55fe ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b4 h12 y55fe ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y55fe ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75d h12 y55fe ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7af h12 y55fe ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b5 h12 y55fe ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y55fe ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b0 h12 y55fe ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y55fe ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b2 h12 y55fe ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x7b6 h12 y55ff ff4 fs7 fc1 sc2 ls0 ws0\">Totale </td><td class=\"c n x7b7 y5600 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7b8 y5600 w70e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">9.455.105<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7ae h12 y55ff ff4 fs7 fc1 sc2 ls0 ws0\">10.214<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y55ff ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75d h12 y55ff ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7af h12 y55ff ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y55ff ff4 fs7 fc1 sc2 ls0 ws0\">6.037<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b9 h12 y55ff ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b0 h12 y55ff ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y55ff ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b2 h12 y55ff ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x7b6 h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">Totale </td><td class=\"c n x7b7 y539f w70f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ba y539f w710 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">8.926.494<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7bb h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">18.380<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75d h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7af h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x669 h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">5.981<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b9 h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b0 h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b2 h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table>Sezione 4<span class=\"_ _1\"></span> \u2013 Atti<span class=\"_ _1\"></span>vit<span class=\"_ _3a1\"> </span>\u00e0 finan<span class=\"_ _1\"></span>ziarie <span class=\"_ _1\"></span>valutate al <span class=\"_ _1\"></span>costo am<span class=\"_ _1\"></span>mortizza<span class=\"_ _1\"></span>to \u2013 Vo<span class=\"_ _1\"></span>ce 40 4.1 Attivit\u00e0 finan<span class=\"_ _1\"></span>ziarie valutate al cost<span class=\"_ _1\"></span>o ammortizzato: composizione<span class=\"_ _1\"></span> merceologica dei cre<span class=\"_ _1\"></span>diti verso banche<span class=\"_ _3a1\"> </span><table class=\"s w711 h1fd\" id=\"_ac0b016b-5f3f-4cb0-b246-c4ba7f0ef246\"><tr><td></td><td></td><td></td><td class=\"t m2 x7bc h19 y5601 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x7bd h19 y5601 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x7be h19 y5602 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x7bf h19 y5602 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x7c0 h19 y5603 ff4 fsb fc4 sc3 ls0 ws0\">Tipologi<span class=\"_ _1\"></span>a </td><td></td><td></td><td class=\"t m2 x7c1 h19 y5604 ff4 fsb fc4 sc3 ls0 ws0\">Valore<span class=\"_ _1\"></span> di bilancio<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7c2 h19 y5604 ff4 fsb fc4 sc3 ls0 ws0\">Fair val<span class=\"_ _1\"></span>ue<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x7c3 h19 y5604 ff4 fsb fc4 sc3 ls0 ws0\">Valore<span class=\"_ _1\"></span> di bilancio<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x592 h19 y5604 ff4 fsb fc4 sc3 ls0 ws0\">Fair val<span class=\"_ _1\"></span>ue<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 x7c4 h19 y5605 ff4 fsb fc4 sc3 ls0 ws0\">operazioni<span class=\"_ _1\"></span>/Valori<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c5 h19 y5606 ff4 fsb fc4 sc3 ls0 ws0\">Primo e </td><td></td><td class=\"t m2 x7c6 h19 y5607 ff4 fsb fc4 sc3 ls0 ws0\">Impair<span class=\"_ _1\"></span>ed </td><td></td><td></td><td></td><td class=\"t m2 x7c7 h19 y5606 ff4 fsb fc4 sc3 ls0 ws0\">Primo e </td><td></td><td class=\"t m2 x7c8 h19 y5607 ff4 fsb fc4 sc3 ls0 ws0\">Impair<span class=\"_ _1\"></span>ed </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x7c9 h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">secon<span class=\"_ _1\"></span>do </td><td class=\"t m2 x7ca h19 y5609 ff4 fsb fc4 sc3 ls0 ws0\">Terzo </td><td class=\"t m2 x7cb h19 y5609 ff4 fsb fc4 sc3 ls0 ws0\">acquisi<span class=\"_ _1\"></span>te </td><td class=\"t m2 x7cc h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cd h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ce h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cf h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">secon<span class=\"_ _1\"></span>do </td><td class=\"t m2 x7d0 h19 y5609 ff4 fsb fc4 sc3 ls0 ws0\">Terzo </td><td class=\"t m2 x7d1 h19 y5609 ff4 fsb fc4 sc3 ls0 ws0\">acquisi<span class=\"_ _1\"></span>te </td><td class=\"t m2 x7d2 h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d4 h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x7d5 h19 y560a ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d6 h19 y560b ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d7 h19 y560b ff4 fsb fc4 sc3 ls0 ws0\">o </td><td></td><td></td><td></td><td class=\"t m2 x7d8 h19 y560a ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d9 h19 y560b ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7da h19 y560b ff4 fsb fc4 sc3 ls0 ws0\">o </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x7c6 h19 y560c ff4 fsb fc4 sc3 ls0 ws0\">origin<span class=\"_ _1\"></span>ate<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x7c8 h19 y560c ff4 fsb fc4 sc3 ls0 ws0\">origin<span class=\"_ _1\"></span>ate<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y560d ff4 fs16 fc1 sc2 ls0 ws0\">A. Crediti verso<span class=\"_ _1\"></span> </td><td class=\"t m2 x7d5 h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">387.897<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7db h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dc h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dd h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7de h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7df h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">387.897<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e0 h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">375.118<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e1 h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e2 h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e3 h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e4 h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e5 h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">375.118<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y560f ff4 fs16 fc1 sc2 ls0 ws0\">Banche Cent<span class=\"_ _1\"></span>rali<span class=\"_ _3a1\"> </span></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 class=\"c x7e6 y5612 w712 h1fe\"><div class=\"t m2 x2b3 h5a y5610 ff4 fs16 fc1 sc0 ls0 ws0\">1. Depositi a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">scadenza<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e7 y5613 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e8 y5613 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e9 y5613 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ea y5613 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7eb y5613 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ec y5613 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ed y5613 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ee y5613 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ef y5613 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f0 y5613 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f1 y5613 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f2 y5613 w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x7e6 y5614 w718 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">2. Riser<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x7f3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">va<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f4 y5615 w719 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">387.897<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f5 y5615 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f6 y5615 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f7 y5615 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f8 y5615 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f9 y5615 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7fa y5615 w71b h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">375.118<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7fb y5615 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7fc y5615 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7fd y5615 w71c h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7fe y5615 w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ff y5615 w71c h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h5a y5616 ff4 fs16 fc1 sc0 ls0 ws0\">obbligatoria<span class=\"_ _3a1\"> </span></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 class=\"c x7e6 y5617 w71d h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">3. Pront<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x801 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">i contro<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e7 y5618 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e8 y5618 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e9 y5618 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ea y5618 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7eb y5618 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ec y5618 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ed y5618 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ee y5618 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ef y5618 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f0 y5618 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f1 y5618 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f2 y5618 w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h5a y5619 ff4 fs16 fc1 sc0 ls0 ws0\">termine </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 class=\"c n x7e6 y561a w71e h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">4. Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x802 y561a w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x803 y561a w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x804 y561a w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x805 y561a w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x806 y561a w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x807 y561a w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x808 y561a w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x809 y561a w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x80a y561a w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x80b y561a w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x80c y561a w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x80d y561a w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h5a y561b ff4 fs16 fc1 sc2 ls0 ws0\">B. Crediti ve<span class=\"_ _1\"></span>rso </td><td class=\"t m2 x7c5 h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">1.191.880<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7db h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dc h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x80e h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">637.763<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7de h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x80f h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">552.772<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cf h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">1.226.058<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e1 h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e2 h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x810 h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">599.313<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x811 h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">6.791<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x812 h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">615.874<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y561d ff4 fs16 fc1 sc2 ls0 ws0\">banche<span class=\"_ _3a1\"> </span></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 class=\"c n x7e6 y561e w71f h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x813 y561e w720 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">552.772<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x814 y561e w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x815 y561e w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x816 y561e w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x817 y561e w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x818 y561e w533 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">552<span class=\"_ _1\"></span>.772<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x819 y561e w721 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">615.390<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x81a y561e w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x81b y561e w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x81c y561e w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x81d y561e w722 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x81e y561e w723 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>15.874<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h5a y561f ff4 fs16 fc1 sc0 ls0 ws0\">1.1 Conti </td><td class=\"c n x7e7 y5620 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e8 y5620 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e9 y5620 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ea y5620 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7eb y5620 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ec y5620 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ed y5620 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ee y5620 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ef y5620 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f0 y5620 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f1 y5620 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f2 y5620 w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h5a y5621 ff4 fs16 fc1 sc0 ls0 ws0\">correnti </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 class=\"c x821 y5623 w724 h1ff\"><div class=\"t m2 x820 h5a y5622 ff4 fs16 fc1 sc0 ls0 ws0\">1.2. Depositi a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">scadenza<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e7 y5456 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e8 y5456 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e9 y5456 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ea y5456 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7eb y5456 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ec y5456 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ed y5456 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ee y5456 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ef y5456 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f0 y5456 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f1 y5456 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f2 y5456 w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x823 y5624 w725 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1.3. Al<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x822 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">tri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x824 y5625 w726 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">552.773<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x825 y5625 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x826 y5625 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x827 y5625 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x828 y5625 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x829 y5625 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x82a y5625 w727 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>15.390<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x82b y5625 w722 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x82c y5625 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x82d y5625 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x82e y5625 w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x82f y5625 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h5a y5626 ff4 fs16 fc1 sc0 ls0 ws0\">finanziamenti:  </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 class=\"c x823 y5627 w728 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x830 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">Pront<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x831 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">i contro<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e7 y5396 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e8 y5396 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e9 y5396 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ea y5396 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7eb y5396 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ec y5396 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ed y5396 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ee y5396 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ef y5396 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f0 y5396 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f1 y5396 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f2 y5396 w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h5a y5628 ff4 fs16 fc1 sc0 ls0 ws0\">termine attivi </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 class=\"c x821 y562b w729 h200\"><div class=\"t m2 x832 h5a y5629 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x833 y562b w72a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">129<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x834 y562b w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x835 y562b w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x836 y562b w715 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x837 y562b w714 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x838 y562b w714 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x839 y562b w72b h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">168<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x83a y562b w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x83b y562b w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x83c y562b w717 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x83d y562b w71c h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x83e y562b w717 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h5a y562c ff4 fs16 fc1 sc0 ls0 ws0\">per leasing </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 class=\"c n x83f y562d w72c h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">- Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x840 y562d w72d h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">552.644<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x841 y562d w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x842 y562d w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x843 y562d w714 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x844 y562d w715 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x845 y562d w714 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x846 y562d w72e h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">615.222<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x847 y562d w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x848 y562d w722 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x849 y562d w715 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x84a y562d w715 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x84b y562d w715 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x84c y562e w72f h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x84d y562e w730 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>39.108<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x84e y562e w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x84f y562e w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x850 y562e w731 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">637.763<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x851 y562e w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x852 y562e w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x853 y562e w732 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">61<span class=\"_ _1\"></span>0.668<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x854 y562e w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x855 y562e w716 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x856 y562e w733 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">599.313<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x857 y562e w734 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">6.791<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x858 y562e w716 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x823 y562f w735 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2.1 Tit<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x822 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">oli<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x859 y5630 w736 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">107.625<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x85a y5630 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x85b y5630 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x85c y5630 w4d5 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">108.148<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x85d y5630 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x85e y5630 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x85f y5630 w737 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">134.812<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x860 y5630 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x861 y5630 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x862 y5630 w738 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">12<span class=\"_ _1\"></span>8.699<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x863 y5630 w739 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">6.791<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x864 y5630 w716 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h5a y5631 ff4 fs16 fc1 sc0 ls0 ws0\">strutturati  </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 class=\"c x865 y5632 w17a h9e\"><div class=\"t m2 x0 h5a y2568 ff4 fs16 fc1 sc0 ls0 ws0\">2.2 Altri titoli di </div></td><td class=\"c n x824 y5633 w73a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">531.483<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x866 y5633 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x867 y5633 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x868 y5633 w73b h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">529.615<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x869 y5633 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x86a y5633 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x86b y5633 w73c h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">475.856<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x86c y5633 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x86d y5633 w722 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x86e y5633 w73d h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">470.614<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x86f y5633 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x870 y5633 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h5a y5634 ff4 fs16 fc1 sc0 ls0 ws0\">debito  </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 class=\"t m2 x871 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x872 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">1.579.777<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7db h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dc h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x80e h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">637.763<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7de h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7df h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">940.669<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x873 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">1.601.176<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e1 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e2 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x810 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">599.313<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x811 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">6.791<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x874 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">990.992<span class=\"_ _3a1\"> </span></td></tr></table>Legenda: L1= Livello 1 L2= Livello 2 L3= Livello 3 Sono inclusi i crediti di funzionamento connessi con la prestazione <span class=\"_ _1\"></span>di servizi finanziari. I c<span class=\"_ _2\"></span>rediti, ad <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ccezione d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>titoli di <span class=\"_ _3b\"></span>debito, sono <span class=\"_ _3b\"></span>iscr<span class=\"_ _1\"></span>itti <span class=\"_ _2\"></span>al lo<span class=\"_ _2\"></span>ro valo<span class=\"_ _2\"></span>re <span class=\"_ _2\"></span>nominale, corrispondente al<span class=\"_ _3b\"></span> loro fair value e il livello di fair value attribuito risulta essere <span class=\"_ _1\"></span>pari a 3. Le meto<span class=\"_ _1\"></span>dologie utilizzate per <span class=\"_ _1\"></span>la determinazione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>fair value sono <span class=\"_ _1\"></span>riportate <span class=\"_ _1\"></span>nella Parte <span class=\"_ _1\"></span>A1 \u2013 Parte generale \u2013 Sezione 16 \u201cAltre informazioni\u201d. 4.2 Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie valutate <span class=\"_ _1\"></span>al costo ammortizzato<span class=\"_ _1\"></span>: composizione mer<span class=\"_ _1\"></span>ceologica dei crediti verso <span class=\"_ _1\"></span>clientela<span class=\"_ _3a1\"> </span><table class=\"s w73e h202\" id=\"_0dfa348d-44ed-4c58-856a-0dd5be2cc972\"><tr><td></td><td></td><td></td><td class=\"t m2 x7d7 h9f y5636 ff4 fs23 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x591 h9f y5636 ff4 fs23 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x875 h9f y5637 ff4 fs23 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x876 h9f y5637 ff4 fs23 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h9f y5638 ff4 fs23 fc4 sc3 ls0 ws0\">Tipologia </td><td class=\"t m2 x877 h9f y5639 ff4 fs23 fc4 sc3 ls0 ws0\">Valore di bilancio<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x7dd h9f y5639 ff4 fs23 fc4 sc3 ls0 ws0\">Fair value<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7c3 h9f y5639 ff4 fs23 fc4 sc3 ls0 ws0\">Valore di bilancio<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x878 h9f y5639 ff4 fs23 fc4 sc3 ls0 ws0\">Fair value<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 x7c4 h9f y563a ff4 fs23 fc4 sc3 ls0 ws0\">operazioni/Valori<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x879 h9f y563b ff4 fs23 fc4 sc3 ls0 ws0\">Primo e </td><td></td><td class=\"t m2 x87a h9f y563c ff4 fs23 fc4 sc3 ls0 ws0\">Impaired </td><td></td><td></td><td></td><td class=\"t m2 x7d8 h9f y563b ff4 fs23 fc4 sc3 ls0 ws0\">Primo e </td><td></td><td class=\"t m2 x87b h9f y563c ff4 fs23 fc4 sc3 ls0 ws0\">Impaired </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x87c h9f y563d ff4 fs23 fc4 sc3 ls0 ws0\">secondo </td><td class=\"t m2 x87d h9f y563e ff4 fs23 fc4 sc3 ls0 ws0\">Terzo </td><td class=\"t m2 x87e h9f y563e ff4 fs23 fc4 sc3 ls0 ws0\">acquisite </td><td class=\"t m2 x87f h9f y563d ff4 fs23 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x880 h9f y563d ff4 fs23 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x881 h9f y563d ff4 fs23 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x873 h9f y563d ff4 fs23 fc4 sc3 ls0 ws0\">secondo </td><td class=\"t m2 x7d0 h9f y563e ff4 fs23 fc4 sc3 ls0 ws0\">Terzo </td><td class=\"t m2 x882 h9f y563e ff4 fs23 fc4 sc3 ls0 ws0\">acquisite </td><td class=\"t m2 x883 h9f y563d ff4 fs23 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x811 h9f y563d ff4 fs23 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d4 h9f y563d ff4 fs23 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x884 h9f y563f ff4 fs23 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x87d h9f y5640 ff4 fs23 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cb h9f y5640 ff4 fs23 fc4 sc3 ls0 ws0\">o </td><td></td><td></td><td></td><td class=\"t m2 x885 h9f y563f ff4 fs23 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d0 h9f y5640 ff4 fs23 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x886 h9f y5640 ff4 fs23 fc4 sc3 ls0 ws0\">o </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x87a h9f y5641 ff4 fs23 fc4 sc3 ls0 ws0\">originate<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x87b h9f y5641 ff4 fs23 fc4 sc3 ls0 ws0\">originate<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">1. Finanziamenti<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x887 h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">36.089.466<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x888 h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">258.717<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x889 h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">15.455<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88a h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88b h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88c h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">37.022.483<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88d h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">35.434.672<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d9 h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">271.677<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88e h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">17.405<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88f h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x890 h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x891 h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">36.552.871<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x800 h9f y5643 ff4 fs23 fc1 sc0 ls0 ws0\">1.1. Conti </td><td class=\"c n x892 y5645 w73f h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">1.774.966<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x893 y5645 w740 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">17.10<span class=\"_ _1\"></span>9<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x894 y5645 w741 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">616<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x895 y5645 w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x896 y5645 w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x897 y5645 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x898 y5645 w744 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">1.838<span class=\"_ _1\"></span>.482<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x899 y5645 w745 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">21.996<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x89a y5645 w746 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>86<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x89b y5645 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x89c y5645 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x89d y5645 w747 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h9f y5646 ff4 fs23 fc1 sc0 ls0 ws0\">correnti </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 class=\"t m2 x800 h9f y5647 ff4 fs23 fc1 sc0 ls0 ws0\">1.2. Pronti </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 class=\"t m2 x800 h9f y5648 ff4 fs23 fc1 sc0 ls0 ws0\">contro termine </td><td class=\"c n x89e y5649 w748 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">499<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x89f y5649 w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a0 y5649 w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a1 y5649 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a2 y5649 w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a3 y5649 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a4 y5649 w74a h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">8.797<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a5 y5649 w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a6 y5649 w74b h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a7 y5649 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a8 y5649 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a9 y5649 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h9f y564a ff4 fs23 fc1 sc0 ls0 ws0\">attivi </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 class=\"c n x7e6 y564b w74c h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">1.3. Mutui<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8aa y564b w74d h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">20.49<span class=\"_ _1\"></span>3.124<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ab y564b w74e h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">176.742<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ac y564b w74f h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>.093<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ad y564b w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ae y564b w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8af y564b w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b0 y564b w750 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">20.288.147<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b1 y564b w751 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">182.615<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b2 y564b w752 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">7.598<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b3 y564b w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b4 y564b w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b5 y564b w753 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h9f y564c ff4 fs23 fc1 sc0 ls0 ws0\">1.4. Carte di </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 class=\"t m2 x800 h9f y564d ff4 fs23 fc1 sc0 ls0 ws0\">credito, prestiti </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 class=\"t m2 x800 h9f y564e ff4 fs23 fc1 sc0 ls0 ws0\">personali e </td><td class=\"c n x892 y564f w67c h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">3.839.147<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b6 y564f w754 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">26.257<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b7 y564f w755 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">8.420<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b8 y564f w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b9 y564f w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ba y564f w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8bb y564f w756 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">3.373.582<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8bc y564f w757 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">24.543<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8bd y564f w758 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">8.791<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8be y564f w747 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8bf y564f w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c0 y564f w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h9f y5650 ff4 fs23 fc1 sc0 ls0 ws0\">cessioni del </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 class=\"t m2 x800 h9f y5651 ff4 fs23 fc1 sc0 ls0 ws0\">quinto </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 class=\"t m2 x800 h9f y5652 ff4 fs23 fc1 sc0 ls0 ws0\">1.5. </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 class=\"t m2 x800 h9f y5653 ff4 fs23 fc1 sc0 ls0 ws0\">Finanziamenti </td><td class=\"c n x892 y5654 w719 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">3.187.502<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c1 y5654 w759 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">30.468<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c2 y5654 w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c3 y5654 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c4 y5654 w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c5 y5654 w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c6 y5654 w75a h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">3.107.352<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c7 y5654 w75b h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">28.525<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c8 y5654 w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c9 y5654 w753 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ca y5654 w747 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8cb y5654 w747 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h9f y5655 ff4 fs23 fc1 sc0 ls0 ws0\">per leasing </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 class=\"c n x7e6 y5656 w75c h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">1.6. Factoring<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8cc y5656 w75d h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">1.430.700<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8cd y5656 w75e h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">4.941<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ce y5656 w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8cf y5656 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8d0 y5656 w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8d1 y5656 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8d2 y5656 w75f h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">1.456.078<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8d3 y5656 w760 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">9.172<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8d4 y5656 w74b h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8d5 y5656 w747 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8d6 y5656 w747 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8d7 y5656 w747 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h9f y5657 ff4 fs23 fc1 sc0 ls0 ws0\">1.7. Altri </td><td class=\"c n x8d8 y5658 w761 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">5.363.528<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8d9 y5658 w762 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>.200<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8da y5658 w763 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">326<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8db y5658 w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8dc y5658 w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8dd y5658 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8de y5658 w764 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">5.36<span class=\"_ _1\"></span>2.234<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8df y5658 w765 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">4.826<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8e0 y5658 w766 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">330<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8e1 y5658 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8e2 y5658 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8e3 y5658 w747 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h9f y5659 ff4 fs23 fc1 sc0 ls0 ws0\">finanziamenti </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 class=\"t m2 x58e h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">2. Titoli di debito<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x879 h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">7.331.288<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e4 h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e5 h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dc h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">7.022.296<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e6 h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">301.765<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e7 h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">7.140.100<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e8 h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7bd h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e9 h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">6.753.612<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x592 h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">370.398<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8ea h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x800 h9f y565b ff4 fs23 fc1 sc0 ls0 ws0\">1. Titoli </td><td class=\"c n x3ad y565c w767 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">394.647<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8eb y565c w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ec y565c w768 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ed y565c w769 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">142.828<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ee y565c w76a h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">248.950<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ef y565c w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f0 y565c w76b h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">469.796<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f1 y565c w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f2 y565c w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f3 y565c w76c h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">176<span class=\"_ _1\"></span>.652<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f4 y565c w76d h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">288.027<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f5 y565c w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h9f y565d ff4 fs23 fc1 sc0 ls0 ws0\">strutturati </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 class=\"t m2 x800 h9f y565e ff4 fs23 fc1 sc0 ls0 ws0\">2. Altri titoli di </td><td class=\"c n x892 y565f w76e h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">6.936.641<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f6 y565f w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f7 y565f w768 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f8 y565f w76f h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">6.879.468<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f9 y565f w770 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">52.815<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8fa y565f w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8fb y565f w771 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">6.670.304<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8fc y565f w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8fd y565f w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8fe y565f w772 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>.576.960<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ff y565f w773 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">82.371<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x900 y565f w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h9f y5660 ff4 fs23 fc1 sc0 ls0 ws0\">debito </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 class=\"t m2 x901 h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x887 h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">43.420.754<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x888 h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">258.717<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x889 h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">15.455<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dc h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">7.022.296<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e6 h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">301.765<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88c h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">37.022.483<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cf h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">42.574.772<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d9 h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">271.677<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88e h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">17.405<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e9 h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">6.753.612<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x592 h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">370.398<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x891 h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">36.552.871<span class=\"_ _3a1\"> </span></td></tr></table>I crediti verso la clientela per finanziamenti sono pari a 3<span class=\"_ _1\"></span>6.363,6 milioni di<span class=\"_ _2\"></span> euro. Si fornisce di seguito il dettaglio d<span class=\"_ _2\"></span>ei finanziamenti erogati alla clientela con indicazi<span class=\"_ _2\"></span>one del credito lordo, delle previsioni di perdita, del credito<span class=\"_ _1\"></span> netto e del relativo coverage per categoria. <table class=\"s w774 h204\" id=\"_a6a21593-d3f8-48c5-84ff-bfbbe8b84425\"><tr><td class=\"t m2 x677 h12 y5662 ff4 fs7 fc4 sc3 ls0 ws0\">CREDITI VERSO CLIENTELA PER FIN<span class=\"_ _2\"></span>ANZIAMENTI </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x70f h12 y5663 ff4 fs7 fc4 sc3 ls0 ws0\">Crediti </td><td class=\"t m2 x74f h12 y5663 ff4 fs7 fc4 sc3 ls0 ws0\">TOTALE </td></tr><tr><td class=\"c n x902 y5664 w775 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">\u20acmln<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x903 y5664 w776 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Sofferenze</div></td><td class=\"t m2 x6b7 h12 y5665 ff4 fs7 fc4 sc3 ls0 ws0\">Inadempienze </td><td class=\"t m2 x789 h12 y5665 ff4 fs7 fc4 sc3 ls0 ws0\">\"Esposizioni </td><td class=\"t m2 x904 h12 y5665 ff4 fs7 fc4 sc3 ls0 ws0\">Tot. Crediti </td><td class=\"t m2 x905 h12 y5666 ff4 fs7 fc4 sc3 ls0 ws0\">performing </td><td class=\"t m2 x74f h12 y5666 ff4 fs7 fc4 sc3 ls0 ws0\">CREDITI </td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x6a5 h12 y5667 ff4 fs7 fc4 sc3 ls0 ws0\">probabili </td><td class=\"t m2 x906 h12 y5667 ff4 fs7 fc4 sc3 ls0 ws0\">scadute\" </td><td class=\"t m2 x907 h12 y5667 ff4 fs7 fc4 sc3 ls0 ws0\">problematici<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5668 w777 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Valori lordi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x908 y5668 w778 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x909 h12 y5669 ff4 fs7 fc1 sc0 ls0 ws0\">269<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5669 ff4 fs7 fc1 sc0 ls0 ws0\">365<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90b h12 y5669 ff4 fs7 fc1 sc0 ls0 ws0\">39<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h12 y5669 ff4 fs7 fc1 sc0 ls0 ws0\">673<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y5669 ff4 fs7 fc1 sc0 ls0 ws0\">36.171<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90d h12 y5669 ff4 fs7 fc1 sc0 ls0 ws0\">36.844<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y566a ff4 fs7 fc4 sc3 ls0 ws0\">Previsioni di </td><td class=\"t m2 x90e h12 y566b ff4 fs7 fc4 sc3 ls0 ws0\">2024 </td><td class=\"t m2 x90f h12 y566c ff4 fs7 fc1 sc0 ls0 ws0\">219<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y566c ff4 fs7 fc1 sc0 ls0 ws0\">166<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6af h12 y566c ff4 fs7 fc1 sc0 ls0 ws0\">14<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h12 y566c ff4 fs7 fc1 sc0 ls0 ws0\">399<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x746 h12 y566c ff4 fs7 fc1 sc0 ls0 ws0\">82<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x910 h12 y566c ff4 fs7 fc1 sc0 ls0 ws0\">481<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y566d ff4 fs7 fc4 sc3 ls0 ws0\">perdita </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y53b5 w779 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Valori netti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x911 y53b5 w778 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a7 h12 y566e ff4 fs7 fc1 sc0 ls0 ws0\">50<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y566e ff4 fs7 fc1 sc0 ls0 ws0\">199<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6af h12 y566e ff4 fs7 fc1 sc0 ls0 ws0\">25<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h12 y566e ff4 fs7 fc1 sc0 ls0 ws0\">274<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x664 h12 y566e ff4 fs7 fc1 sc0 ls0 ws0\">36.089<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90d h12 y566e ff4 fs7 fc1 sc0 ls0 ws0\">36.363<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y566f ff4 fs7 fc4 sc3 ls0 ws0\">Coverage </td><td class=\"c n x912 y5670 w778 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x913 y5670 w77a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">81<span class=\"_ _1\"></span>,40%<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x914 h12 y5671 ff4 fs7 fc4 sc3 ls0 ws0\">45,50%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5671 ff4 fs7 fc4 sc3 ls0 ws0\">35,90%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ee h12 y5671 ff4 fs7 fc4 sc3 ls0 ws0\">59,30<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fc h12 y5671 ff4 fs7 fc4 sc3 ls0 ws0\">0,23%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x915 h12 y5671 ff4 fs7 fc4 sc3 ls0 ws0\">1,31%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5672 ff4 fs7 fc4 sc3 ls0 ws0\">puntuali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Nel <span class=\"_ _38\"></span>portafoglio <span class=\"_ _38\"></span>\u201cAttivit\u00e0 <span class=\"_ _0\"></span>finanz<span class=\"_ _2\"></span>iarie <span class=\"_ _38\"></span>valutate <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>sto <span class=\"_ _38\"></span>ammortizzato\u201d, <span class=\"_ _38\"></span>relat<span class=\"_ _1\"></span>ivo <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>Gruppo <span class=\"_ _38\"></span>bancario, sono presenti <span class=\"_ _3b\"></span>esposizioni in <span class=\"_ _2\"></span>titoli governativi <span class=\"_ _2\"></span>per circa <span class=\"_ _3b\"></span>5.871<span class=\"_ _1\"></span>,2 <span class=\"_ _2\"></span>milioni d<span class=\"_ _2\"></span>i euro <span class=\"_ _2\"></span>(5.132,6 <span class=\"_ _2\"></span>milioni d<span class=\"_ _2\"></span>i euro Italia, <span class=\"_ _3b\"></span>BTP<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>4.962,3 <span class=\"_ _3b\"></span>milioni di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>euro e <span class=\"_ _3b\"></span>CCT <span class=\"_ _2\"></span>170,3 <span class=\"_ _2\"></span>milioni <span class=\"_ _3b\"></span>di euro, <span class=\"_ _3b\"></span>altri paesi, <span class=\"_ _3b\"></span>459,7 mil<span class=\"_ _2\"></span>ioni <span class=\"_ _3b\"></span>di euro <span class=\"_ _3b\"></span>Spagna e 2<span class=\"_ _2\"></span>78,9 mi<span class=\"_ _2\"></span>lioni <span class=\"_ _3b\"></span>di euro <span class=\"_ _3b\"></span>Portogallo) e <span class=\"_ _3b\"></span>obbligazioni, <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>circa 783,5 <span class=\"_ _3b\"></span>milioni d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>uro, <span class=\"_ _2\"></span>emesse dall\u2019U<span class=\"_ _2\"></span>nione Europea. Nel  portafoglio  \u201c<span class=\"_ _1\"></span>Attivit\u00e0  finanziarie  valutate  al  costo <span class=\"_ _3d\"> </span>ammortizzato\u201d,  relativo  alle  \u201cImprese  di assicurazione\u201d, sono <span class=\"_ _3b\"></span>present<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>esposizioni di<span class=\"_ _2\"></span> titoli <span class=\"_ _2\"></span>governativi <span class=\"_ _2\"></span>verso l\u2019I<span class=\"_ _2\"></span>talia per <span class=\"_ _3b\"></span>11<span class=\"_ _1\"></span>3,36 <span class=\"_ _3b\"></span>milioni di <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>uro, verso la <span class=\"_ _3b\"></span>Spagna per <span class=\"_ _3b\"></span>18<span class=\"_ _1\"></span>,07 mil<span class=\"_ _2\"></span>ioni d<span class=\"_ _2\"></span>i euro, <span class=\"_ _2\"></span>verso il <span class=\"_ _3b\"></span>Portogallo per <span class=\"_ _3b\"></span>3<span class=\"_ _1\"></span>,7 <span class=\"_ _3b\"></span>m<span class=\"_ _1\"></span>ilioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>euro e <span class=\"_ _2\"></span>verso <span class=\"_ _2\"></span>la <span class=\"_ _3b\"></span>F<span class=\"_ _1\"></span>rancia per 4,49 milioni di euro. Sono prese<span class=\"_ _1\"></span>nti coperture di <span class=\"_ _1\"></span>fair value he<span class=\"_ _1\"></span>dge su t<span class=\"_ _1\"></span>itoli di Stato, <span class=\"_ _1\"></span>italiani, a tasso <span class=\"_ _1\"></span>fisso (BTP), <span class=\"_ _1\"></span>ed esteri. La <span class=\"_ _1\"></span>copert<span class=\"_ _1\"></span>ura \u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ipo <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>hedge <span class=\"_ _38\"></span>attuata <span class=\"_ _38\"></span>attraverso <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>designazione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>appositi <span class=\"_ _1\"></span>strume<span class=\"_ _1\"></span>nti <span class=\"_ _1\"></span>di copertura <span class=\"_ _0\"></span>(Interest <span class=\"_ _0\"></span>Rate <span class=\"_ _0\"></span>Swap) <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"></span>specifica <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>c.d. <span class=\"_ _0\"></span>\u201crischio <span class=\"_ _0\"></span>tasso\u201d <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>detti <span class=\"_ _0\"></span>ti<span class=\"_ _2\"></span>toli; <span class=\"_ _0\"></span>la relazione venuta cos\u00ec a crearsi fra Hedged Item e Hedging Instrument ha comportato la redazion<span class=\"_ _3b\"></span>e di <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>specifica <span class=\"_ _38\"></span>doc<span class=\"_ _1\"></span>umentazione <span class=\"_ _0\"></span>che <span class=\"_ _1\"></span>formalizza <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>relazione <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>coper<span class=\"_ _1\"></span>tura <span class=\"_ _38\"></span>ed <span class=\"_ _0\"></span>ha <span class=\"_ _1\"></span>altres\u00ec <span class=\"_ _0\"></span>usuf<span class=\"_ _2\"></span>ruito<span class=\"_ _3a1\"> </span>delle  particolari  re<span class=\"_ _1\"></span>gole  di  contabilizzazione  dell\u2019Hedge  Accounting.  Si  s<span class=\"_ _1\"></span>egnala  che  s<span class=\"_ _1\"></span>ono  stati effettuati i test di efficacia (sia prospettici che retrospettivi) con esito positivo. Sono pre<span class=\"_ _1\"></span>senti nella <span class=\"_ _1\"></span>categoria <span class=\"_ _1\"></span>contabile \u201cAttivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate al <span class=\"_ _1\"></span>costo <span class=\"_ _1\"></span>ammortizzato\u201d, <span class=\"_ _1\"></span>al 31 dicembre <span class=\"_ _0\"></span>2024, <span class=\"_ _0\"></span>304 <span class=\"_ _0\"></span>milioni<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>E<span class=\"_ _1\"></span>uro <span class=\"_ _0\"></span>complessivi, <span class=\"_ _0\"></span>relativi <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>trumenti <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>coll<span class=\"_ _2\"></span>egati <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>crediti<span class=\"_ _2\"></span> originati <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>Europa, <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>preponderanza <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>componente <span class=\"_ _38\"></span>di o<span class=\"_ _1\"></span>rigination <span class=\"_ _1\"></span>francese <span class=\"_ _1\"></span>(104,4 <span class=\"_ _38\"></span>milioni <span class=\"_ _1\"></span>di Euro). <span class=\"_ _3f\"> </span>Il <span class=\"_ _3a\"> </span>portafoglio <span class=\"_ _3f\"> </span>\u00e8 <span class=\"_ _3a\"> </span>costituito <span class=\"_ _3a\"> </span>da <span class=\"_ _3f\"> </span>differenti <span class=\"_ _3f\"> </span>tipologie <span class=\"_ _3a\"> </span>di <span class=\"_ _3f\"> </span>ABS <span class=\"_ _3a\"> </span>con <span class=\"_ _3f\"> </span>una <span class=\"_ _3f\"> </span>pre<span class=\"_ _1\"></span>valenza <span class=\"_ _3f\"> </span>delle cartolarizzazioni di mutui residenziali, che incidono per <span class=\"_ _1\"></span>il 58,7%.  L\u2019attuale esposizione suddivisa per rischio paese \u00e8 cos<span class=\"_ _1\"></span>\u00ec composta: <table class=\"s w77b h205\" id=\"_7a87fcfb-6357-4377-9742-1822ed008461\"><tr><td></td><td class=\"c x918 y5673 w77c h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x917 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">rovalore (migliaia<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x919 h12 y5674 ff4 fs7 fc4 sc3 ls0 ws0\">Paese </td><td class=\"c n x91a y5675 w77d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Euro)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x91b y5675 w77e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">%<span class=\"_ _1\"></span> Esposizione<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x456 y5676 w77f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">FRANCIA<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x91c y5676 w780 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">104.428<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x91d y5676 w781 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">34,4<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x91e y5677 w782 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">GERMANIA<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x91f y5677 w783 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">90.476<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x920 y5677 w784 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">29,8<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x921 y5678 w785 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">SPAGNA<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x922 y5678 w786 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">55<span class=\"_ _1\"></span>.368<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x923 y5678 w787 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18,2<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5679 w788 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">PAESI BASSI<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x924 y5679 w789 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">32.444<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x925 y5679 w78a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10,<span class=\"_ _2\"></span>7<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x926 y567a w78b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">ITALIA<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x927 y567a w545 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.540<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x928 y567a w78c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4,1<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x456 y567b w78d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">IRLANDA<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x929 y567b w78e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.550<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x92a y567b w78f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2,8<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x92b y539f w790 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">TOTALE<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x92c y539f w791 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">303.806<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x92d y539f w792 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">100,0<span class=\"_ _3a1\"> </span></div></td></tr></table>Si <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>ad<span class=\"_ _3a1\"> </span>ottata <span class=\"_ _35\"> </span>anche <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>metodologia <span class=\"_ _35\"> </span>contabil<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>Macro <span class=\"_ _0\"></span>Fair <span class=\"_ _35\"> </span>Value <span class=\"_ _35\"> </span>Hedge <span class=\"_ _35\"> </span>p<span class=\"_ _2\"></span>er <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>copertura <span class=\"_ _0\"></span>del rischio <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>tasso a<span class=\"_ _2\"></span>ssociato al<span class=\"_ _2\"></span>l\u2019erogazione <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>mutui <span class=\"_ _3b\"></span>a tasso <span class=\"_ _3b\"></span>fisso <span class=\"_ _3b\"></span>e <span class=\"_ _2\"></span>a <span class=\"_ _3b\"></span>tasso variabi<span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>con <span class=\"_ _3b\"></span>opzioni \u201cCap<span class=\"_ _3b\"></span>\u201d. Sono presenti, inoltre, coperture di Cash Flow He<span class=\"_ _1\"></span>dge su erogazioni di mutui a tasso variabile.<span class=\"_ _3a1\"> </span>4.3 Attivit\u00e0 fina<span class=\"_ _1\"></span>nziarie valutate al costo<span class=\"_ _1\"></span> ammortizzato: compos<span class=\"_ _1\"></span>izione per debitor<span class=\"_ _1\"></span>i/emittenti dei crediti verso<span class=\"_ _1\"></span> clientela<span class=\"_ _3a1\"> </span><table class=\"s w793 h206\" id=\"_742005a0-bce2-4480-9149-a55253c9ebe5\"><tr><td></td><td></td><td class=\"t m2 x80e h12 y567c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 x92e h12 y567c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"c x92f y567d w17c h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c x7bd y567d w17c h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x930 h12 y567e ff4 fs7 fc4 sc3 ls0 ws0\">Tipologia </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x7c0 h12 y567f ff4 fs7 fc4 sc3 ls0 ws0\">operazioni/Valori<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x931 h12 y5680 ff4 fs7 fc4 sc3 ls0 ws0\">Primo e </td><td class=\"t m2 x932 h12 y5681 ff4 fs7 fc4 sc3 ls0 ws0\">Terzo </td><td class=\"t m2 x933 h12 y5680 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0 impaired </td><td class=\"t m2 x934 h12 y5680 ff4 fs7 fc4 sc3 ls0 ws0\">Primo e </td><td class=\"t m2 x935 h12 y5681 ff4 fs7 fc4 sc3 ls0 ws0\">Terzo </td><td class=\"t m2 x936 h12 y5680 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0 impaired </td></tr><tr><td></td><td class=\"t m2 x937 h12 y5682 ff4 fs7 fc4 sc3 ls0 ws0\">secondo </td><td class=\"t m2 x932 h12 y5683 ff4 fs7 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x938 h12 y5682 ff4 fs7 fc4 sc3 ls0 ws0\">acquisite o </td><td class=\"t m2 x939 h12 y5682 ff4 fs7 fc4 sc3 ls0 ws0\">secondo </td><td class=\"t m2 x93a h12 y5683 ff4 fs7 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x811 h12 y5682 ff4 fs7 fc4 sc3 ls0 ws0\">acquisite o </td></tr><tr><td></td><td class=\"t m2 x93b h12 y5684 ff4 fs7 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x93c h12 y5684 ff4 fs7 fc4 sc3 ls0 ws0\">originate<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93d h12 y5684 ff4 fs7 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x93e h12 y5684 ff4 fs7 fc4 sc3 ls0 ws0\">originate<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5685 ff4 fs7 fc1 sc2 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93f h12 y5685 ff4 fs7 fc1 sc2 ls0 ws0\">7.331.288<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x940 h12 y5685 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x885 h12 y5685 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x941 h12 y5685 ff4 fs7 fc1 sc2 ls0 ws0\">7.140.100<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x942 h12 y5685 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h12 y5685 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x81f h12 y5686 ff4 fs7 fc1 sc0 ls0 ws0\">a) Amministrazioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x944 y5687 w794 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.794.368<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x945 y5687 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x946 y5687 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x947 y5687 w795 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.454.554<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x948 y5687 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x949 y5687 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y5688 ff4 fs7 fc1 sc0 ls0 ws0\">pubbliche </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x81f y5689 w17d h11\"><div class=\"t m2 x0 h12 y75 ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre societ\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x94a y568a w433 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">536.421<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x94b y568a w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x94c y568a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x94d y568a w797 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">685.048<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x94e y568a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x94f y568a w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y568b ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x950 h12 y568c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese di </td><td class=\"c n x951 y568d w798 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">521<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x952 y568d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x953 y568d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x954 y568d w799 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">527<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x955 y568d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x956 y568d w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x950 h12 y568e ff4 fs7 fc1 sc0 ls0 ws0\">assicurazione </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x81f y568f w17e h11\"><div class=\"t m2 x0 h12 y49 ff4 fs7 fc1 sc0 ls0 ws0\">c) Societ\u00e0 non<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x957 y5690 w79a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">499<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x958 y5690 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x959 y5690 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x95a y5690 w79b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">498<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x95b y5690 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x95c y5690 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y5691 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5692 ff4 fs7 fc1 sc2 ls0 ws0\">2. Finanziamenti verso:<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x95d h12 y5692 ff4 fs7 fc1 sc2 ls0 ws0\">36.089.465<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x95e h12 y5692 ff4 fs7 fc1 sc2 ls0 ws0\">258.717<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e7 h12 y5692 ff4 fs7 fc1 sc2 ls0 ws0\">15.455<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x95f h12 y5692 ff4 fs7 fc1 sc2 ls0 ws0\">35.434.671<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x92e h12 y5692 ff4 fs7 fc1 sc2 ls0 ws0\">271.678<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x812 h12 y5692 ff4 fs7 fc1 sc2 ls0 ws0\">17.405<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x81f h12 y5693 ff4 fs7 fc1 sc0 ls0 ws0\">a) Amministrazioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x960 y5694 w79c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">567.423<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x961 y5694 w79d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.632<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x962 y5694 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x963 y5694 w438 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">604.308<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x964 y5694 w79e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x965 y5694 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y5695 ff4 fs7 fc1 sc0 ls0 ws0\">pubbliche </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h12 y5696 ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre societ\u00e0<span class=\"_ _3a1\"> </span></td><td class=\"c n x960 y5697 w79f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">753.490<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x966 y5697 w7a0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">265<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x967 y5697 w7a1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">31<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x968 y5697 w7a2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">703.771<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x969 y5697 w551 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">149<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x96a y5697 w78a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">876<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y5698 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x950 h12 y5699 ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese di </td><td class=\"c n x94a y569a w7a3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">173.063<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x96b y569a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x96c y569a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x96d y569a w7a4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">48.915<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x96e y569a w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x96f y569a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x950 h12 y569b ff4 fs7 fc1 sc0 ls0 ws0\">assicurazione </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h12 y569c ff4 fs7 fc1 sc0 ls0 ws0\">c) Societ\u00e0 non<span class=\"_ _3a1\"> </span></td><td class=\"c n x970 y569d w7a5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">17.360.980<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x971 y569d w7a6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">107.937<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x972 y569d w7a7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.395<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x973 y569d w7a8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">17.470.786<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x974 y569d w7a9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">107.719<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x975 y569d w7aa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.499<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y569e ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y548c w7ab h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Famiglie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x976 y548c w7ac h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">17.407.572<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x977 y548c w7ad h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">148.8<span class=\"_ _2\"></span>83<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x978 y548c w7ae h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.029<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x979 y548c w7af h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">16.655.806<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x97a y548c w7b0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">161.786<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x97b y548c w7b1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.030<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x97c h12 y569f ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x95d h12 y569f ff4 fs7 fc1 sc2 ls0 ws0\">43.420.753<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x95e h12 y569f ff4 fs7 fc1 sc2 ls0 ws0\">258.717<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e7 h12 y569f ff4 fs7 fc1 sc2 ls0 ws0\">15.455<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93d h12 y569f ff4 fs7 fc1 sc2 ls0 ws0\">42.574.771<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x92e h12 y569f ff4 fs7 fc1 sc2 ls0 ws0\">271.678<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x812 h12 y569f ff4 fs7 fc1 sc2 ls0 ws0\">17.405<span class=\"_ _3a1\"> </span></td></tr></table>4.4 Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie valutate <span class=\"_ _1\"></span>al costo ammortizzato: valor<span class=\"_ _1\"></span>e lordo e rettifiche di va<span class=\"_ _1\"></span>lore complessive <table class=\"s w7b2 h207\" id=\"_a04e9eb7-c18f-47a7-b551-cfdeaece8185\"><tr><td></td><td></td><td></td><td></td><td class=\"c n x97d y56a0 w7b3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc4 sc3 ls0 ws0\">Valore<span class=\"_ _1\"></span> lordo<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n x97e y56a0 w7b4 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc4 sc3 ls0 ws0\">Ret<span class=\"_ _1\"></span>tifiche <span class=\"_ _1\"></span>di valore<span class=\"_ _1\"></span> compless<span class=\"_ _1\"></span>ive<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x7ad h19 y56a1 ff4 fsb fc4 sc3 ls0 ws0\">Primo </td><td></td><td class=\"t m2 x97f h19 y56a1 ff4 fsb fc4 sc3 ls0 ws0\">Secondo </td><td class=\"t m2 x980 h19 y56a1 ff4 fsb fc4 sc3 ls0 ws0\">Terzo </td><td class=\"t m2 x6df h19 y56a1 ff4 fsb fc4 sc3 ls0 ws0\">Impair<span class=\"_ _1\"></span>ed </td><td class=\"t m2 x981 h19 y56a1 ff4 fsb fc4 sc3 ls0 ws0\">Primo </td><td class=\"t m2 x6c9 h19 y56a1 ff4 fsb fc4 sc3 ls0 ws0\">Secondo </td><td class=\"t m2 x982 h19 y56a1 ff4 fsb fc4 sc3 ls0 ws0\">Terzo </td><td></td><td class=\"t m2 x755 h19 y56a1 ff4 fsb fc4 sc3 ls0 ws0\">Impair<span class=\"_ _1\"></span>ed </td><td class=\"t m2 x7ab h19 y56a1 ff4 fsb fc4 sc3 ls0 ws0\">Write-of<span class=\"_ _1\"></span>f </td></tr><tr><td></td><td></td><td class=\"t m2 x7ad h19 y56a2 ff4 fsb fc4 sc3 ls0 ws0\">stadio </td><td class=\"t m2 x90f h19 y56a3 ff4 fsb fc4 sc3 ls0 ws0\">di cui: </td><td class=\"t m2 x6a9 h19 y56a2 ff4 fsb fc4 sc3 ls0 ws0\">stadio </td><td class=\"t m2 x698 h19 y56a2 ff4 fsb fc4 sc3 ls0 ws0\">stadio </td><td class=\"t m2 x6df h19 y56a2 ff4 fsb fc4 sc3 ls0 ws0\">acquisi<span class=\"_ _1\"></span>te </td><td class=\"t m2 x981 h19 y56a2 ff4 fsb fc4 sc3 ls0 ws0\">stadio </td><td class=\"t m2 x669 h19 y56a2 ff4 fsb fc4 sc3 ls0 ws0\">stadio </td><td class=\"t m2 x746 h19 y56a2 ff4 fsb fc4 sc3 ls0 ws0\">stadio </td><td></td><td class=\"t m2 x755 h19 y56a2 ff4 fsb fc4 sc3 ls0 ws0\">acquisi<span class=\"_ _1\"></span>te </td><td class=\"t m2 x795 h19 y56a2 ff4 fsb fc4 sc3 ls0 ws0\">parziali<span class=\"_ _1\"></span> </td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x983 h19 y56a4 ff4 fsb fc4 sc3 ls0 ws0\">Strument<span class=\"_ _1\"></span>i </td><td></td><td></td><td class=\"t m2 x67c h19 y56a5 ff4 fsb fc4 sc3 ls0 ws0\">o </td><td></td><td></td><td></td><td></td><td class=\"t m2 x984 h19 y56a5 ff4 fsb fc4 sc3 ls0 ws0\">o </td><td class=\"t m2 x6eb h19 y56a5 ff4 fsb fc4 sc3 ls0 ws0\">compless<span class=\"_ _1\"></span>ivi<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x985 h19 y56a6 ff4 fsb fc4 sc3 ls0 ws0\">con </td><td></td><td></td><td class=\"t m2 x6df h19 y56a7 ff4 fsb fc4 sc3 ls0 ws0\">origin<span class=\"_ _1\"></span>ate<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td class=\"t m2 x755 h19 y56a7 ff4 fsb fc4 sc3 ls0 ws0\">origin<span class=\"_ _1\"></span>ate<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x90f h19 y56a8 ff4 fsb fc4 sc3 ls0 ws0\">basso </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=\"t m2 x6a8 h19 y56a9 ff4 fsb fc4 sc3 ls0 ws0\">rischio di<span class=\"_ _1\"></span> </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=\"t m2 x6e6 h19 y56aa ff4 fsb fc4 sc3 ls0 ws0\">credito </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h19 y56ab ff4 fsb fc1 sc0 ls0 ws0\">Titoli di debi<span class=\"_ _1\"></span>to<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x986 h19 y56ab ff4 fsb fc1 sc0 ls0 ws0\">7.977.519<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71a h19 y56ab ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ec h19 y56ab ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h19 y56ab ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e7 h19 y56ab ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x689 h19 y56ab ff4 fsb fc1 sc0 ls0 ws0\">7.123<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x695 h19 y56ab ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x987 h19 y56ab ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x910 h19 y56ab ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y56ab ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h19 y56ac ff4 fsb fc1 sc0 ls0 ws0\">Finanziamenti<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x988 h19 y56ac ff4 fsb fc1 sc0 ls0 ws0\">34.805.135<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90f h19 y56ac ff4 fsb fc1 sc0 ls0 ws0\">267.939<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x694 h19 y56ac ff4 fsb fc1 sc0 ls0 ws0\">2.307.018<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x989 h19 y56ac ff4 fsb fc1 sc0 ls0 ws0\">657.873<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c8 h19 y56ac ff4 fsb fc1 sc0 ls0 ws0\">17.601<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x98a h19 y56ac ff4 fsb fc1 sc0 ls0 ws0\">40.571<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x905 h19 y56ac ff4 fsb fc1 sc0 ls0 ws0\">41.445<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x746 h19 y56ac ff4 fsb fc1 sc0 ls0 ws0\">399.157<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x984 h19 y56ac ff4 fsb fc1 sc0 ls0 ws0\">2.146<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x780 h19 y56ac ff4 fsb fc1 sc0 ls0 ws0\">16.227<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x98b h19 y56ad ff4 fsb fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x98c h19 y56ad ff4 fsb fc1 sc2 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x98d h19 y56ad ff4 fsb fc1 sc2 ls0 ws0\">42.782.65<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90f h19 y56ad ff4 fsb fc1 sc2 ls0 ws0\">267.939<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x694 h19 y56ad ff4 fsb fc1 sc2 ls0 ws0\">2.307.01<span class=\"_ _1\"></span>8<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x989 h19 y56ad ff4 fsb fc1 sc2 ls0 ws0\">657.873<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c8 h19 y56ad ff4 fsb fc1 sc2 ls0 ws0\">17.601<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74d h19 y56ad ff4 fsb fc1 sc2 ls0 ws0\">47.694<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x905 h19 y56ad ff4 fsb fc1 sc2 ls0 ws0\">41.445<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x982 h19 y56ad ff4 fsb fc1 sc2 ls0 ws0\">399.157<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x984 h19 y56ad ff4 fsb fc1 sc2 ls0 ws0\">2.146<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x780 h19 y56ad ff4 fsb fc1 sc2 ls0 ws0\">16.227<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x98b h19 y56ae ff4 fsb fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x98c h19 y56ae ff4 fsb fc1 sc2 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x98e h19 y56ae ff4 fsb fc1 sc2 ls0 ws0\">41.879.8<span class=\"_ _1\"></span>87<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x98f h19 y56ae ff4 fsb fc1 sc2 ls0 ws0\">240.421<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x990 h19 y56ae ff4 fsb fc1 sc2 ls0 ws0\">2.384.7<span class=\"_ _1\"></span>30<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x989 h19 y56ae ff4 fsb fc1 sc2 ls0 ws0\">687.736<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c8 h19 y56ae ff4 fsb fc1 sc2 ls0 ws0\">19.821<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74d h19 y56ae ff4 fsb fc1 sc2 ls0 ws0\">46.253<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x905 h19 y56ae ff4 fsb fc1 sc2 ls0 ws0\">42.414<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x746 h19 y56ae ff4 fsb fc1 sc2 ls0 ws0\">416.059<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x984 h19 y56ae ff4 fsb fc1 sc2 ls0 ws0\">2.415<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x780 h19 y56ae ff4 fsb fc1 sc2 ls0 ws0\">17.477<span class=\"_ _3a1\"> </span></td></tr></table>Il <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>IFRS9 <span class=\"_ _2\"></span>prevede la <span class=\"_ _3b\"></span>classificazione delle <span class=\"_ _3b\"></span>attivit\u00e0 finanzi<span class=\"_ _2\"></span>arie valutate <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>costo ammortizzato in  tre <span class=\"_ _3d\"> </span>stages,  in <span class=\"_ _3d\"> </span>ordine <span class=\"_ _3d\"> </span>crescente  di  deter<span class=\"_ _1\"></span>ioramento  del  merito <span class=\"_ _3d\"> </span>creditizio; <span class=\"_ _3d\"> </span>a  tali <span class=\"_ _3d\"> </span>categorie  s<span class=\"_ _1\"></span>i<span class=\"_ _2\"></span> associano misurazioni progressivamente pi\u00f9 severe delle riduzioni di valore. Il <span class=\"_ _36\"> </span>valore <span class=\"_ _36\"> </span>lor<span class=\"_ _1\"></span>do <span class=\"_ _36\"> </span>e <span class=\"_ _39\"> </span>le <span class=\"_ _36\"> </span>rettifiche <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>valore<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>complessive <span class=\"_ _39\"> </span>delle <span class=\"_ _36\"> </span>attivit\u00e0 <span class=\"_ _36\"> </span>finanziarie <span class=\"_ _39\"> </span>impaired <span class=\"_ _36\"> </span>sono comprensivi degli interessi contrattuali maturati<div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gsa98\">Sezione 5<span class=\"_ _1\"></span> - De<span class=\"_ _1\"></span>rivat</div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gsa99\">i di cope<span class=\"_ _1\"></span>rtura \u2013 V<span class=\"_ _1\"></span>oce 50 </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsa9a\">5.1 Derivati di <span class=\"_ _1\"></span>copertura: composizione <span class=\"_ _1\"></span>per tipologia di copert<span class=\"_ _1\"></span>ura e per livelli </div><div class=\"gsa9b\"><table class=\"s w684 h208\" id=\"_46746b8b-eceb-403b-90a6-0685dbb4500d\"><tr><td></td><td></td><td></td><td class=\"t m2 x697 h12 y56af ff4 fs7 fc4 sc3 ls0 ws0\">FV<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e2 h12 y56af ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024 </td><td></td><td class=\"t m2 x991 h12 y56b0 ff4 fs7 fc4 sc3 ls0 ws0\">VN </td><td class=\"t m2 x70f h12 y56af ff4 fs7 fc4 sc3 ls0 ws0\">FV<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x992 h12 y56af ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023 </td><td></td><td class=\"t m2 x676 h12 y56b0 ff4 fs7 fc4 sc3 ls0 ws0\">VN </td></tr><tr><td></td><td></td><td class=\"c n x993 y56b1 w65f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x994 y56b1 w688 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x995 y56b1 w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td class=\"c x75d y56b2 w17c h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x6f3 y56b1 w7b5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1 <span class=\"_ _134\"> </span>L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x996 y56b1 w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td class=\"c x6eb y56b2 w17c h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y56b3 ff4 fs7 fc1 sc2 ls0 ws0\">A. Derivati finanziari </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x997 y56b4 w7b6 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1. Fair value<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x998 y56b4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x999 h12 y56b5 ff4 fs7 fc1 sc0 ls0 ws0\">427.235<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6af h12 y56b5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75d h12 y56b5 ff4 fs7 fc1 sc0 ls0 ws0\">21.024.740<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y56b5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a9 h12 y56b5 ff4 fs7 fc1 sc0 ls0 ws0\">568.146<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99b h12 y56b5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68a h12 y56b5 ff4 fs7 fc1 sc0 ls0 ws0\">17.532.717<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y5537 w7b7 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2. Flussi finanziari<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x998 y5537 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71d h12 y56b6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6af h12 y56b6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h12 y56b6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y56b6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b9 h12 y56b6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99b h12 y56b6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y56b6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y5539 w7b8 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Investimenti ester<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x99c y5539 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71d h12 y56b7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6af h12 y56b7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h12 y56b7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y56b7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b9 h12 y56b7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99b h12 y56b7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y56b7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y56b8 ff4 fs7 fc1 sc2 ls0 ws0\">B. Derivati creditizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x997 y56b9 w7b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Fair value<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x998 y56b9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71d h12 y56ba ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6af h12 y56ba ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h12 y56ba ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y56ba ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b9 h12 y56ba ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99b h12 y56ba ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y56ba ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y54b0 w7b7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Flussi finanziari<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x998 y54b0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71d h12 y56bb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6af h12 y56bb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h12 y56bb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y56bb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b9 h12 y56bb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99b h12 y56bb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y56bb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x99d h12 y56bc ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x99e h12 y56bc ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x999 h12 y56bc ff4 fs7 fc1 sc2 ls0 ws0\">427.235<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6af h12 y56bc ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75d h12 y56bc ff4 fs7 fc1 sc2 ls0 ws0\">21.024.740<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y56bc ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a9 h12 y56bc ff4 fs7 fc1 sc2 ls0 ws0\">568.146<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x910 h12 y56bc ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68a h12 y56bc ff4 fs7 fc1 sc2 ls0 ws0\">17.532.717<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsa9c\">Legenda: </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gsa9d\">VN = valore nozionale<span class=\"_ _3b\"></span> </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gsa9e\">L1= Livello 1 </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gsa9f\">L2= Livello 2 </div><div class=\"t m2 h8 ff4 fs7 fc1 sc0 ls0 ws0 gsaa0\">L3= Livello 3<span class=\"fs2\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsaa1\">5.2 Derivati di coper<span class=\"_ _1\"></span>tura: composiz<span class=\"_ _1\"></span>ione per portafogli coper<span class=\"_ _1\"></span>ti e per tipologia di co<span class=\"_ _1\"></span>pertura<span class=\"_ _3a1\"> </span></div><div class=\"gsaa2\"><table class=\"s w7b9 h209\" id=\"_633ec18d-2ed4-411d-afb3-9a859b12deb5\"><tr><td></td><td></td><td></td><td class=\"t m2 x99f h12 y56bd ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td class=\"t m2 x9a0 h12 y56be ff4 fs7 fc4 sc3 ls0 ws0\">Flussi </td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x9a1 h12 y56bf ff4 fs7 fc4 sc3 ls0 ws0\">finanziari<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"t m2 x7c0 h12 y56c0 ff4 fs7 fc4 sc3 ls0 ws0\">Operazioni/Tipo di </td><td></td><td></td><td class=\"t m2 x9a2 h12 y56c1 ff4 fs7 fc4 sc3 ls0 ws0\">Specifica<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x9a3 h12 y56c0 ff4 fs7 fc4 sc3 ls0 ws0\">Investim. </td></tr><tr><td class=\"t m2 x901 h12 y56c2 ff4 fs7 fc4 sc3 ls0 ws0\">copertura<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x95d h12 y56c3 ff4 fs7 fc4 sc3 ls0 ws0\">titoli di </td><td class=\"t m2 x9a4 h12 y56c3 ff4 fs7 fc4 sc3 ls0 ws0\">titoli di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x891 h12 y56c2 ff4 fs7 fc4 sc3 ls0 ws0\">esteri<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x7ca h12 y56c4 ff4 fs7 fc4 sc3 ls0 ws0\">debito e </td><td class=\"t m2 x5c4 h12 y56c4 ff4 fs7 fc4 sc3 ls0 ws0\">capitale </td><td class=\"t m2 x9a5 h12 y56c4 ff4 fs7 fc4 sc3 ls0 ws0\">valute </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=\"t m2 x9a6 h12 y56c5 ff4 fs7 fc4 sc3 ls0 ws0\">credito<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x9a7 h12 y56c5 ff4 fs7 fc4 sc3 ls0 ws0\">merci<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93d h12 y56c5 ff4 fs7 fc4 sc3 ls0 ws0\">altri<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x937 h12 y56c6 ff4 fs7 fc4 sc3 ls0 ws0\">tassi di </td><td class=\"t m2 x9a4 h12 y56c6 ff4 fs7 fc4 sc3 ls0 ws0\">e indici </td><td class=\"t m2 x9a8 h12 y56c6 ff4 fs7 fc4 sc3 ls0 ws0\">e oro<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y56c7 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanziarie </td><td class=\"t m2 x7d6 h12 y56c8 ff4 fs7 fc4 sc3 ls0 ws0\">interesse<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x5c4 h12 y56c8 ff4 fs7 fc4 sc3 ls0 ws0\">azionari<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y56c9 ff4 fs7 fc1 sc0 ls0 ws0\">valutate al fair value co<span class=\"_ _2\"></span>n<span class=\"_ _3a1\"> </span></td><td class=\"c n x9a9 y56ca w7ba h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">204.291<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9aa y56ca w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9ab y56ca w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9ac y56ca w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9ad y56ca w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9ae y56ca w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9af y56ca w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9b0 y56ca w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9b1 y56ca w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9b2 y56ca w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y56cb ff4 fs7 fc1 sc0 ls0 ws0\">impatto sulla redditiv<span class=\"_ _2\"></span>it\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y56cc ff4 fs7 fc1 sc0 ls0 ws0\">complessiva </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y56cd ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 finanziarie </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y56ce ff4 fs7 fc1 sc0 ls0 ws0\">valutate al costo </td><td class=\"c n x9b3 y5623 w7bb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">39.912<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9b4 y5623 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9b5 y5623 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9b6 y5623 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9b7 y5623 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9b8 y5623 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9b9 y5623 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9ba y5623 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9bb y5623 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9bc y5623 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y56cf ff4 fs7 fc1 sc0 ls0 ws0\">ammortizzato </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y56d0 w7bc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Portafoglio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9bd y56d0 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9be y56d0 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9bf y56d0 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9c0 y56d0 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9c1 y56d0 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9c2 y56d0 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9c3 y56d0 w7bd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">22.387<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9c4 y56d0 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9c5 y56d0 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9c6 y56d0 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5678 w7be h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Altre operazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9c7 y5678 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9c8 y5678 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9c9 y5678 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9ca y5678 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9cb y5678 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9cc y5678 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9cd y5678 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9ce y5678 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9cf y5678 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9d0 y5678 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x9d1 h12 y56d1 ff4 fs7 fc1 sc2 ls0 ws0\">Totale attivit\u00e0<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ca h12 y56d1 ff4 fs7 fc1 sc2 ls0 ws0\">244.203<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dc h12 y56d1 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d2 h12 y56d1 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d3 h12 y56d1 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h12 y56d1 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d4 h12 y56d1 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d5 h12 y56d1 ff4 fs7 fc1 sc2 ls0 ws0\">22.387<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d6 h12 y56d1 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d7 h12 y56d1 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d8 h12 y56d1 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y56d2 w7bf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Passivit\u00e0 finanziarie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9d9 y56d2 w7c0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.217<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9da y56d2 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9db y56d2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9dc y56d2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9dd y56d2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9de y56d2 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9df y56d2 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9e0 y56d2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9e1 y56d2 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9e2 y56d2 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y56d3 w7c1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Portafoglio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9e3 y56d3 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9e4 y56d3 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9e5 y56d3 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9e6 y56d3 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9e7 y56d3 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9e8 y56d3 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9e9 y56d3 w6eb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">159.428<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9ea y56d3 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9eb y56d3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9ec y56d3 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x9ed h12 y56d4 ff4 fs7 fc1 sc2 ls0 ws0\">Totale passivit\u00e0<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93b h12 y56d4 ff4 fs7 fc1 sc2 ls0 ws0\">1.217<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dc h12 y56d4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d2 h12 y56d4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d3 h12 y56d4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h12 y56d4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d4 h12 y56d4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n x9ee y56d5 w6eb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">159.428<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9ef y56d5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x9d7 h12 y56d4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"c n x2d7 y56d6 w7c2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Transazioni attese<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9f0 y56d6 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9f1 y56d6 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9f2 y56d6 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9f3 y56d6 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9f4 y56d6 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9f5 y56d6 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9f6 y56d6 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9f7 y56d6 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9f8 y56d6 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9f9 y56d6 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y56d7 ff4 fs7 fc1 sc0 ls0 ws0\">2. Portafoglio di attivit<span class=\"_ _2\"></span>\u00e0 e </td><td></td><td class=\"c n x9fa y5670 w7c3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X <span class=\"_ _1c5\"> </span>X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9fb y5670 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9fc y5670 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9fd y5670 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9fe y5670 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9ff y5670 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa00 y5670 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa01 y56d9 w7c4 h20a\"><div class=\"t m2 x2b3 h12 y56d8 ff4 fs7 fc1 sc0 ls0 ws0\">- <span class=\"_ _182\"> </span>- </div></td><td></td></tr><tr><td class=\"t m2 x58e h12 y56da ff4 fs7 fc1 sc0 ls0 ws0\">passivit\u00e0 finanziarie<span class=\"_ _2\"></span> </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"t mc h12 ff4 fs7 fc4 sc3 ls0 ws0 gsaa3\">Gen<span class=\"_ _2\"></span>erica</div><div class=\"t mc h12 ff4 fs7 fc4 sc3 ls0 ws0 gsaa4\">Spe<span class=\"_ _2\"></span>cifica</div><div class=\"t mc h12 ff4 fs7 fc4 sc3 ls0 ws0 gsaa5\">Gen<span class=\"_ _2\"></span>erica</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsaa6\">Si <span class=\"_ _1\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>adottata <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>met<span class=\"_ _1\"></span>odologia <span class=\"_ _1\"></span>contabile <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>Macro <span class=\"_ _38\"></span>Fair<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>Value <span class=\"_ _1\"></span>He<span class=\"_ _1\"></span>dge <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>copertur<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>rischio <span class=\"_ _1\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsaa7\">tasso della raccolta a vista della clientela. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsaa8\">La <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>accolta <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>vista <span class=\"_ _0\"></span>dalla <span class=\"_ _35\"> </span>cli<span class=\"_ _2\"></span>entela <span class=\"_ _35\"> </span>rappresenta <span class=\"_ _0\"></span>un\u2019importante <span class=\"_ _35\"> </span>fonte <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>fund<span class=\"_ _2\"></span>ing <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>banca. <span class=\"_ _0\"></span>Una </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsaa9\">quota <span class=\"_ _36\"> </span>par<span class=\"_ _1\"></span>te <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>questa <span class=\"_ _36\"> </span>raccolta, <span class=\"_ _39\"> </span>seppur <span class=\"_ _36\"> </span>contrattualme<span class=\"_ _1\"></span>nte <span class=\"_ _36\"> </span>a <span class=\"_ _36\"> </span>vista, <span class=\"_ _39\"> </span>presenta <span class=\"_ _36\"> </span>per\u00f2 <span class=\"_ _39\"> </span>una <span class=\"_ _39\"> </span>fort<span class=\"_ _2\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsaaa\">persistenza <span class=\"_ _3a\"> </span>nel <span class=\"_ _3f\"> </span>tempo <span class=\"_ _3f\"> </span>ed <span class=\"_ _3a\"> </span>una <span class=\"_ _3f\"> </span>e<span class=\"_ _1\"></span>lasticit\u00e0 <span class=\"_ _3f\"> </span>imperfetta <span class=\"_ _3a\"> </span>alla <span class=\"_ _3f\"> </span>variazione <span class=\"_ _3a\"> </span>dei <span class=\"_ _3f\"> </span>tassi <span class=\"_ _3a\"> </span>di <span class=\"_ _3f\"> </span>mercato, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsaab\">rappresentata dal cosiddetto \u201ceffetto vischiosit\u00e0\u201d<span class=\"_ _1\"></span>. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsaac\">Questo effetto \u00e8 stato stimato mediante <span class=\"_ _1\"></span>un modello di analisi che consiste in due componenti: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsaad\"><span class=\"_ _3e\"> </span><span class=\"ff4\">la stima della <span class=\"_ _2\"></span>relazione dei <span class=\"_ _2\"></span>tassi delle pos<span class=\"_ _2\"></span>te a v<span class=\"_ _2\"></span>ista con i<span class=\"_ _3b\"></span> tassi di mercato i<span class=\"_ _2\"></span>n base ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>modello </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsaae\">econometrico; </div><span class=\"_ _3e\"> </span><span class=\"ff4\">la st<span class=\"_ _1\"></span>ima della persistenza dei volumi, attraverso la quale l\u2019ammontare delle poste a vista viene<span class=\"_ _3a1\"> </span></span>trado<span class=\"_ _3a1\"> </span>tto in un portafoglio di poste a tasso fisso a scadenza.<span class=\"_ _3a1\"> </span>I derivati di copertura di questa tipologia present<span class=\"_ _1\"></span>ano un fair value positivo di 159.428 mila euro.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _0\"></span>presenti <span class=\"_ _38\"></span>coperture <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>micro <span class=\"_ _0\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _0\"></span>hedge <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>u <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>itoli <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>tasso <span class=\"_ _0\"></span>fisso <span class=\"_ _38\"></span>dete<span class=\"_ _1\"></span>nuti <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>portafoglio<span class=\"_ _3a1\"> </span>HTCS.<span class=\"_ _3a1\"> </span>I derivati di questa tipologia presentano <span class=\"_ _1\"></span>un fair value positivo di 204.291 mila euro.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _0\"></span>presenti <span class=\"_ _38\"></span>coperture <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>micro <span class=\"_ _0\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _0\"></span>hedge <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>u <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>itoli <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>tasso <span class=\"_ _0\"></span>fisso <span class=\"_ _38\"></span>dete<span class=\"_ _1\"></span>nuti <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>portafoglio<span class=\"_ _3a1\"> </span>HTC.<span class=\"_ _3a1\"> </span>I derivati di questa tipologia presentano <span class=\"_ _1\"></span>un fair value positivo di 39.912 mila euro.<span class=\"_ _3a1\"> </span>Sono presenti coperture di micro<span class=\"_ _1\"></span> fair value su tit<span class=\"_ _1\"></span>oli emessi a tasso fisso contabilizzati nel \"Titoli i<span class=\"_ _1\"></span>n<span class=\"_ _3a1\"> </span>circolazione\".<span class=\"_ _3a1\"> </span>I derivati di questa tipologia presentano <span class=\"_ _1\"></span>un fair value negativo di 1.217 mila euro.<span class=\"_ _3a1\"> </span>Si <span class=\"_ _38\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>dottata <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>metodologia <span class=\"_ _38\"></span>contabile <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>macro <span class=\"_ _38\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _38\"></span>hedge <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>copertura <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span>tasso  associato  all\u2019erogazione  d<span class=\"_ _2\"></span>i  crediti  a  tasso  fisso  e<span class=\"_ _2\"></span>  a  tas<span class=\"_ _2\"></span>so  variabile  con  opzione <span class=\"_ _35\"> </span>\u201cCap\u201d.<span class=\"_ _3a1\"> </span>L\u2019applicazione <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>metodologia <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>he<span class=\"_ _1\"></span>dge <span class=\"_ _38\"></span>accounting <span class=\"_ _38\"></span>consente <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>appresentare <span class=\"_ _38\"></span>contabilmente<span class=\"_ _3a1\"> </span>gli  effetti  economici  delle <span class=\"_ _35\"> </span>strategie  di  copertura  attuate.  I  d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>rivati  di  copertura <span class=\"_ _35\"> </span>re<span class=\"_ _1\"></span>lativi  a  tal<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span>strategia presentano un fair value positivo di 22.387 <span class=\"_ _1\"></span>mila euro.<span class=\"_ _3a1\"> </span>Si <span class=\"_ _1\"></span>rimanda <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>Sezione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>Parte <span class=\"_ _38\"></span>E <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>nota <span class=\"_ _38\"></span>integrativa <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>des<span class=\"_ _1\"></span>crizione <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>modalit\u00e0 <span class=\"_ _38\"></span>della<span class=\"_ _3a1\"> </span>copertura.<span class=\"_ _3a1\"> </span>Sezione 1 \u2013 Passivit\u00e0 finanziarie valutate al costo ammortizzato \u2013 Voce 10<span class=\"_ _3a1\"> </span> 1.1 Passivit\u00e0 <span class=\"_ _1\"></span>finanziarie valutate al cost<span class=\"_ _1\"></span>o ammortizzato: co<span class=\"_ _1\"></span>mposizione merce<span class=\"_ _1\"></span>ologica dei debiti verso <span class=\"_ _1\"></span>banche <table class=\"s wa68 h23a\" id=\"_4a6ad7af-1900-4fba-a5ff-1ac36dc2fb30\"><tr><td></td><td></td><td></td><td></td><td class=\"c n xf6c y5af7 w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n xf6d y5af7 w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 xf6e h12 y5af8 ff4 fs7 fc4 sc3 ls0 ws0\">Tipologia operazioni/Valori </td><td></td><td></td><td class=\"c n xf6f y5af9 w65d h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n xf70 y5af9 wa69 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12<span class=\"_ _2\"></span>/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m2 xf71 h12 y5afa ff4 fs7 fc4 sc3 ls0 ws0\">VB </td><td></td><td class=\"t m2 x6ed h12 y5afb ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">Fair Value </td><td></td><td class=\"t m2 x6a1 h12 y5afa ff4 fs7 fc4 sc3 ls0 ws0\">VB </td><td></td><td></td><td class=\"t m2 x915 h12 y5afb ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value </td><td></td></tr><tr><td></td><td></td><td class=\"c n xf72 y5afc w65f h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf73 y5afc w662 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf74 y5afc w661 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf75 y5afc w697 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf76 y5afc w662 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf77 y5afc w68a h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5afd wa6a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1. Debiti verso banche centrali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf78 y5afd wa6b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">500.044<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5afe w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5afe w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5afe w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b8 h12 y5aff ff4 fs7 fc1 sc2 ls0 ws0\">2.149.620<span class=\"_ _3a1\"> </span></td><td class=\"c n xf7c y5afe w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5afe w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5afe w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b00 wa6c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2. Debiti verso banche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7f y5b00 wa6d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">5.044.513<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b01 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b01 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b01 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X</div></td><td class=\"t m2 x776 h12 y5b02 ff4 fs7 fc1 sc2 ls0 ws0\">3.636.697<span class=\"_ _3a1\"> </span></td><td class=\"c n xf7c y5b01 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b01 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b01 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5b03 wa6e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Conti correnti e depo<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>iti a vista<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf80 y5b03 wa6f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">74.766<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b03 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b03 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b03 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf81 y5b03 wa70 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">231.8<span class=\"_ _2\"></span>03<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b03 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b03 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b03 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5b04 wa71 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Depositi a scadenz<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf82 y5b04 wa72 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.260<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b04 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b04 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b04 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf83 y5b04 wa73 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">33<span class=\"_ _1\"></span>.758<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b04 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b04 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b04 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5b05 wa74 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf84 y5b05 wa75 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.965.062<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b05 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b05 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b05 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf85 y5b05 wa76 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.370.471<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b05 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b05 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b05 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xf86 y5b06 w94c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3.1 Pronti contro term<span class=\"_ _2\"></span>ine passivi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf87 y5b06 wa77 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.954.536<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b06 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b06 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b06 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf88 y5b06 wa78 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.355.734<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b06 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b06 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b06 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xf86 y5b07 wa79 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3.2 Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf89 y5b07 wa5d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10.526<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b07 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b07 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b07 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf8a y5b07 wa7a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.737<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b07 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b07 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b07 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x997 y5b08 wa7b h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.4 Debiti per impegn<span class=\"_ _2\"></span>i di<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xf8b h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">riacquisto d<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xf8c h12 y5b09 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xf79 y5b0a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b0a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b0a w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf8d y5b0a w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b0a w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b0a w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b0a w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x6d4 h12 y5b0b ff4 fs7 fc1 sc0 ls0 ws0\">propri strumenti patr<span class=\"_ _2\"></span>imoniali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x997 y5b0c wa7c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.5 Debiti per leasing<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf8e y5b0c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b0c w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b0c w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b0c w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf8d y5b0c w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b0c w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b0c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b0c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5630 wa7d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.6 Altri debiti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf8f y5630 wa7e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.425<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5630 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5630 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5630 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf90 y5630 wa7f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">665<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5630 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5630 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5630 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xf91 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6bb h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">5.544.557<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x789 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf92 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">4.954.536<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74d h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">590.020<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x711 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">5.786.317<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xd83 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">3.355.734<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x738 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">2.430.583<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y539f w695 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc12 sc0 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf93 y539f wa80 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc12 sc0 ls0 ws0\">5544555<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n xf94 y539f wa81 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc12 sc0 ls0 ws0\">5786317 </div></td><td></td><td></td><td></td><td></td></tr></table>Legenda:<span class=\"_ _3a1\"> </span> VB= Valore di bilanc<span class=\"_ _2\"></span>io<span class=\"_ _3a1\"> </span> L1= Livello 1<span class=\"_ _3a1\"> </span> L2= Livello 2<span class=\"_ _3a1\"> </span> L3= Livello 3<span class=\"_ _3a1\"> </span> I debiti sono iscr<span class=\"_ _1\"></span>itti al loro valore nominale, corrispondente al loro fair value.<span class=\"_ _3a1\"> </span> I debiti verso banche s<span class=\"_ _1\"></span>ono rappresentati principalmente<span class=\"_ _1\"></span> da debiti a vista a tas<span class=\"_ _1\"></span>so variabile, e non \u00e8<span class=\"_ _3a1\"> </span> stata posta in essere alcun tipo di copertura.<span class=\"_ _3a1\"> </span> La voce \u201c1.Debiti verso banche centrali\u201d accoglie le oper<span class=\"_ _1\"></span>azioni di rifinanzi<span class=\"_ _2\"></span>amento e<span class=\"_ _1\"></span>ffettuate con la<span class=\"_ _3a1\"> </span> Banca Centrale Europea.  L\u2019utilizzo de<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>canale <span class=\"_ _1\"></span>di r<span class=\"_ _1\"></span>ifinanziament<span class=\"_ _1\"></span>o t<span class=\"_ _1\"></span>ramite la <span class=\"_ _38\"></span>BCE, <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>fine <span class=\"_ _1\"></span>2024, <span class=\"_ _1\"></span>\u00e8 r<span class=\"_ _1\"></span>appresentato <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>operazioni<span class=\"_ _3a1\"> </span> MRO, con scadenza ad 1 set<span class=\"_ _1\"></span>timana, per un valore pari <span class=\"_ _1\"></span>a 500 milioni di euro di valore nom<span class=\"_ _1\"></span>inale.  Nel<span class=\"_ _3a1\"> </span> mese <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>marzo 2024 <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>stata <span class=\"_ _1\"></span>rimborsata <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>naturale <span class=\"_ _1\"></span>scadenza <span class=\"_ _1\"></span>l\u2019ultima <span class=\"_ _1\"></span>tranche <span class=\"_ _1\"></span>TLTRO III.7 <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>un<span class=\"_ _3a1\"> </span> importo nominale di 740 milioni di euro.<span class=\"_ _3a1\"> </span>1.2 Passivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie valutate al costo<span class=\"_ _1\"></span> ammortizzato: compos<span class=\"_ _1\"></span>izione merceo<span class=\"_ _1\"></span>logica dei debiti verso client<span class=\"_ _1\"></span>ela <table class=\"s wa82 h23b\" id=\"_20e7be8a-bf32-4477-aa57-b062cd79a6b4\"><tr><td></td><td></td><td></td><td class=\"c n xf95 y5b0e w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n xf96 y5b0e w925 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xf97 h12 y5b0f ff4 fs7 fc4 sc3 ls0 ws0\">Tipologia operazioni/Valori </td><td></td><td></td><td class=\"c n xf98 y5b10 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xf99 y5b10 w68d h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 xf9a h12 y5b11 ff4 fs7 fc4 sc3 ls0 ws0\">VB </td><td></td><td class=\"t m2 x6af h12 y5b12 ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value </td><td></td><td class=\"t m2 xdd2 h12 y5b11 ff4 fs7 fc4 sc3 ls0 ws0\">VB </td><td></td><td class=\"t m2 xf9b h12 y5b12 ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">Fair Value </td></tr><tr><td></td><td></td><td class=\"t m2 x789 h12 y5b13 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></td><td class=\"c n xf9c y5b14 w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf9d y5b14 w68a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf9e y5b14 w687 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf9f y5b14 w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa0 y5b14 w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b15 wa83 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1. Conti correnti e depo<span class=\"_ _2\"></span>siti a vista<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa1 y5b15 wa84 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">32.845.465<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b15 w63d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b15 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b15 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa5 y5b15 wa85 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">31.780.656<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b15 w649 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b15 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b15 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b16 wa86 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2. Depositi a scadenza<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa9 y5b16 wa87 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">5.833.720<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b16 w63d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b16 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b16 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfaa y5b16 wa88 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">5.136.382<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b16 w649 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b16 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b16 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b17 w70a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfab y5b17 wa89 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.400.311<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b17 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b17 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b17 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfac y5b17 wa8a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.042.202<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b17 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b17 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b17 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5b18 wa8b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Pronti contro termi<span class=\"_ _2\"></span>ne passivi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfad y5b18 wa8c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.853.665<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b18 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b18 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b18 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfae y5b18 wa8d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.470.001<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b18 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b18 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b18 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5b19 w5eb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfaf y5b19 wa8e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">546.646<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b19 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b19 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b19 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb0 y5b19 wa8f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">572.201<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b19 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b19 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b19 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y5b1a ff4 fs7 fc1 sc0 ls0 ws0\">4. Debiti per impegn<span class=\"_ _2\"></span>i di riacquisto di propri<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf36 h12 y5b1b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfa2 y5b1c w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b1c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b1c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb1 y5b1c w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b1c w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b1c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b1c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y5b1d ff4 fs7 fc1 sc0 ls0 ws0\">strumenti patrimoni<span class=\"_ _2\"></span>ali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5b1e wa90 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Debiti per leasing<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb2 y5b1e wa91 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13<span class=\"_ _1\"></span>1.567<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b1e w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b1e w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b1e w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb3 y5b1e w433 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">135.807<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b1e w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b1e w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b1e w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b1f wa92 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Altri debiti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb4 y5b1f wa93 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">281.904<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b1f w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b1f w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b1f w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb5 y5b1f wa94 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">314.314<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b1f w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b1f w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b1f w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x909 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">Totale </td><td class=\"t m2 x694 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">41.492.967<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfb6 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68b h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">1.853.665<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74d h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">41.492.901<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x684 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">42.409.361<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x685 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">4.470.001<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x73d h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">37.939.360<span class=\"_ _3a1\"> </span></td></tr></table>Legenda:<span class=\"_ _3a1\"> </span> VB= Valore di bilanc<span class=\"_ _2\"></span>io<span class=\"_ _3a1\"> </span> L1= Livello 1<span class=\"_ _3a1\"> </span> L2= Livello 2<span class=\"_ _3a1\"> </span> L3= Livello 3<span class=\"_ _3a1\"> </span> I de<span class=\"_ _1\"></span>bi<span class=\"_ _3a1\"> </span>ti <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>iscrit<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>valore nom<span class=\"_ _1\"></span>inale, cor<span class=\"_ _1\"></span>rispondente <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>il livello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value<span class=\"_ _3a1\"> </span> attribuito risulta essere pari a <span class=\"_ _2\"></span>3, ad <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ccezione del livello d<span class=\"_ _2\"></span>i fair value dei p<span class=\"_ _2\"></span>ronti contro termine a cui<span class=\"_ _3a1\"> </span> \u00e8 attributo il valore 2.<span class=\"_ _3a1\"> </span> Nella voce <span class=\"_ _2\"></span>Debiti per l<span class=\"_ _3b\"></span>eas<span class=\"_ _1\"></span>ing \u00e8 <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>icompreso, <span class=\"_ _3b\"></span>ai sensi del <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>IFRS16, il <span class=\"_ _3b\"></span>De<span class=\"_ _1\"></span>bito per <span class=\"_ _2\"></span>leasing (L<span class=\"_ _2\"></span>ease<span class=\"_ _3a1\"> </span> Liability), pari <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>attuale <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>canoni <span class=\"_ _1\"></span>previsti <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>ancora <span class=\"_ _1\"></span>pagati dei <span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>ni o<span class=\"_ _1\"></span>ggetti <span class=\"_ _1\"></span>di contratti<span class=\"_ _3a1\"> </span> di leasing operativo.<span class=\"_ _3a1\"> </span> La  principale <span class=\"_ _3d\"> </span>novit\u00e0 <span class=\"_ _3d\"> </span>introdot<span class=\"_ _1\"></span>ta  dal <span class=\"_ _3d\"> </span>principio <span class=\"_ _3d\"> </span>\u00e8 <span class=\"_ _3d\"> </span>rappresentata <span class=\"_ _3d\"> </span>dalla  modif<span class=\"_ _1\"></span>ica  delle <span class=\"_ _3d\"> </span>modalit\u00e0 <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span> contabilizzazione <span class=\"_ _36\"> </span>delle <span class=\"_ _36\"> </span>operazioni <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>leasing <span class=\"_ _36\"> </span>oper<span class=\"_ _1\"></span>ativo <span class=\"_ _36\"> </span>nel <span class=\"_ _36\"> </span>bilancio <span class=\"_ _37\"> </span>del <span class=\"_ _36\"> </span>locatario/<span class=\"_ _1\"></span>utilizzatore,<span class=\"_ _3a1\"> </span> attraverso <span class=\"_ _1\"></span>l\u2019introduzione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>unico <span class=\"_ _1\"></span>modello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>contabilizzazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>contratti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>leasing <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>parte<span class=\"_ _3a1\"> </span> del locatario siano essi classificati come leas<span class=\"_ _1\"></span>ing operativi o finanziari.  I de<span class=\"_ _1\"></span>biti ve<span class=\"_ _1\"></span>rso <span class=\"_ _1\"></span>clientela <span class=\"_ _1\"></span>sono rappre<span class=\"_ _1\"></span>sentati pr<span class=\"_ _1\"></span>incipalmente da <span class=\"_ _1\"></span>debiti <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>vista <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>tasso <span class=\"_ _1\"></span>variabile, <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>non<span class=\"_ _3a1\"> </span> \u00e8  stata <span class=\"_ _35\"> </span>post<span class=\"_ _1\"></span>a <span class=\"_ _35\"> </span>in  essere  alcu<span class=\"_ _2\"></span>n  tip<span class=\"_ _2\"></span>o  di <span class=\"_ _35\"> </span>copert<span class=\"_ _1\"></span>ura  specific<span class=\"_ _2\"></span>a,  mentre  sono <span class=\"_ _35\"> </span>state  poste  i<span class=\"_ _2\"></span>n  essere<span class=\"_ _3a1\"> </span> coperture di Macro Fair Value Hed<span class=\"_ _2\"></span>ge delle poste a vista, cos\u00ec come descritto nella parte E,<span class=\"_ _2\"></span> sezione<span class=\"_ _3a1\"> </span> 2.2 della presente nota.  Si <span class=\"_ _38\"></span>segnala <span class=\"_ _0\"></span>ch<span class=\"_ _2\"></span>e, <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>eguito <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>modifiche <span class=\"_ _38\"></span>apporta<span class=\"_ _1\"></span>te <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>funzionament<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>mercato <span class=\"_ _0\"></span>int<span class=\"_ _2\"></span>erbancario<span class=\"_ _3a1\"> </span> collateralizzato, <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>conseguente <span class=\"_ _38\"></span>trasfer<span class=\"_ _1\"></span>imento <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>Cassa <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Compensa<span class=\"_ _1\"></span>zione <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>Garanzia <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>alla<span class=\"_ _3a1\"> </span> Monte <span class=\"_ _38\"></span>Tito<span class=\"_ _1\"></span>li <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>funzioni <span class=\"_ _38\"></span>finora <span class=\"_ _0\"></span>svolte <span class=\"_ _38\"></span>dalla <span class=\"_ _38\"></span>B<span class=\"_ _1\"></span>anca <span class=\"_ _38\"></span>d\u2019Italia, <span class=\"_ _38\"></span>nella <span class=\"_ _38\"></span>voce <span class=\"_ _0\"></span>3.1 <span class=\"_ _38\"></span>\u201cPronti <span class=\"_ _38\"></span>contro <span class=\"_ _0\"></span>termine<span class=\"_ _3a1\"> </span> passivi\u201d sono presenti i finanziamenti, per 1.853,7 m<span class=\"_ _1\"></span>ilioni di euro, ricevuti dal suddetto mercato.<span class=\"_ _3a1\"> </span> Secondo <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>dati <span class=\"_ _38\"></span>ABI, <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>Italia, <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>dinamica <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>raccolta<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>diretta <span class=\"_ _38\"></span>da <span class=\"_ _38\"></span>clientela <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>tot<span class=\"_ _1\"></span>ale <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>banche<span class=\"_ _3a1\"> </span> operanti in Italia \u00e8<span class=\"_ _1\"></span> stata in aumento del 2,4% <span class=\"_ _1\"></span>su base annua, con <span class=\"_ _1\"></span>una variazione pi\u00f9 contenuta <span class=\"_ _1\"></span>dei<span class=\"_ _3a1\"> </span> depositi (+1,7%) e un\u2019espansione delle obbligazioni.<span class=\"_ _3a1\"> </span><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsd94\">1.3 Passivit\u00e0 finan<span class=\"_ _1\"></span>ziarie valutate al cost<span class=\"_ _1\"></span>o ammortizzato: com<span class=\"_ _1\"></span>posizione merce<span class=\"_ _1\"></span>ologica dei titoli in circola<span class=\"_ _1\"></span>zione </div><div class=\"gsd95\"><table class=\"s wa95 h23c\" id=\"_03b1c390-1a9c-481e-97a6-af4cea5c3c26\"><tr><td></td><td></td><td></td><td></td><td class=\"c n xfb7 y5b21 w6c5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xfb8 y5b21 w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c n xfb9 y5b22 w65d h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n xfba y5b22 w65e h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 xfbb h12 y5b23 ff4 fs7 fc4 sc3 ls0 ws0\">Tipologia titoli/Valori </td><td></td><td class=\"t m2 x6e6 h12 y5b24 ff4 fs7 fc4 sc3 ls0 ws0\">VB </td><td></td><td class=\"t m2 xd7d h12 y5b25 ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value </td><td></td><td class=\"t m2 x6d0 h12 y5b24 ff4 fs7 fc4 sc3 ls0 ws0\">VB </td><td></td><td class=\"t m2 xd83 h12 y5b25 ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c n xfbc y5b26 w65f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfbd y5b26 w660 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfbe y5b26 w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfbf y5b26 w65f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfc0 y5b26 w688 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfc1 y5b26 w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y5b27 ff4 fs7 fc1 sc2 ls0 ws0\">A. Titoli </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x70c y5486 wa96 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. obbligazioni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfc2 y5486 wa97 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.233.961</div></td><td class=\"t m2 xfc3 h12 y5b28 ff4 fs7 fc1 sc0 ls0 ws0\">4.149.806<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd84 h12 y5b28 ff4 fs7 fc1 sc0 ls0 ws0\">183.433<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x981 h12 y5b28 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h12 y5b28 ff4 fs7 fc1 sc0 ls0 ws0\">4.581.551<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x695 h12 y5b28 ff4 fs7 fc1 sc0 ls0 ws0\">4.169.898<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y5b28 ff4 fs7 fc1 sc0 ls0 ws0\">445.445<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5b28 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y54a9 wa98 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1 strutturate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfc4 y54a9 wa99 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">927.585</div></td><td class=\"t m2 x6a9 h12 y5b29 ff4 fs7 fc1 sc0 ls0 ws0\">994.931<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc5 h12 y5b29 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x981 h12 y5b29 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x663 h12 y5b29 ff4 fs7 fc1 sc0 ls0 ws0\">749.693<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd2 h12 y5b29 ff4 fs7 fc1 sc0 ls0 ws0\">763.278<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc6 h12 y5b29 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5b29 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y55b0 wa9a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfc7 y55b0 wa9b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>.306.376</div></td><td class=\"t m2 x990 h12 y5b2a ff4 fs7 fc1 sc0 ls0 ws0\">3.154.875<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd84 h12 y5b2a ff4 fs7 fc1 sc0 ls0 ws0\">183.433<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x981 h12 y5b2a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc8 h12 y5b2a ff4 fs7 fc1 sc0 ls0 ws0\">3.831.858<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x664 h12 y5b2a ff4 fs7 fc1 sc0 ls0 ws0\">3.406.620<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y5b2a ff4 fs7 fc1 sc0 ls0 ws0\">445.445<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5b2a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5513 wa9c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. altri titoli<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfc9 y5513 wa45 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">211.194<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6ae h12 y5b2b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc5 h12 y5b2b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75d h12 y5b2b ff4 fs7 fc1 sc0 ls0 ws0\">211.194<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74e h12 y5b2b ff4 fs7 fc1 sc0 ls0 ws0\">84<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b9 h12 y5b2b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc6 h12 y5b2b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y5b2b ff4 fs7 fc1 sc0 ls0 ws0\">84<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y5515 wa9d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 strutturate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfca y5515 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6ae h12 y5b2c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc5 h12 y5b2c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x981 h12 y5b2c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x711 h12 y5b2c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b9 h12 y5b2c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc6 h12 y5b2c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5b2c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y54b0 wa9e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfcb y54b0 wa45 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">211.194<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6ae h12 y5b2d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc5 h12 y5b2d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75d h12 y5b2d ff4 fs7 fc1 sc0 ls0 ws0\">211.194<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74e h12 y5b2d ff4 fs7 fc1 sc0 ls0 ws0\">84<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b9 h12 y5b2d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc6 h12 y5b2d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y5b2d ff4 fs7 fc1 sc0 ls0 ws0\">84<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 xdc3 h12 y5b2e ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfcc h12 y5b2e ff4 fs7 fc1 sc2 ls0 ws0\">4.445.155<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc3 h12 y5b2e ff4 fs7 fc1 sc2 ls0 ws0\">4.149.806<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd84 h12 y5b2e ff4 fs7 fc1 sc2 ls0 ws0\">183.433<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75d h12 y5b2e ff4 fs7 fc1 sc2 ls0 ws0\">211.194<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x674 h12 y5b2e ff4 fs7 fc1 sc2 ls0 ws0\">4.581.635<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x695 h12 y5b2e ff4 fs7 fc1 sc2 ls0 ws0\">4.169.898<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y5b2e ff4 fs7 fc1 sc2 ls0 ws0\">445.445<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y5b2e ff4 fs7 fc1 sc2 ls0 ws0\">84<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsd96\">Legenda: </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gsd97\">VB= Valore di bilanc<span class=\"_ _2\"></span>io </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gsd98\">L1= Li</div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gsd99\">vello 1 </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gsd9a\">L2= Livello 2 </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gsd9b\">L3= Livello 3 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd9c\">Nella </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd9d\">voce \u201caltri titoli\u201d sono classificati le operazioni di Commercial paper. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd9e\">A  gennaio  2024  \u00e8  stato  collocato  un  prestito  obbligazionario  nell\u2019ambito  del </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gsd9f\">Green,  Social  &amp; </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gsda0\">Sustainability <span class=\"_ _0\"></span>Bonds <span class=\"_ _0\"></span>Framework</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsda1\"> <span class=\"_ _0\"></span>destinato <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>investitori <span class=\"_ _0\"></span>istituzionali <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>no<span class=\"_ _1\"></span>minali <span class=\"_ _0\"></span>500 <span class=\"_ _0\"></span>milioni <span class=\"_ _38\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsda2\">euro.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsda3\">In <span class=\"_ _35\"> </span>relazione  alle <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>emissione  di <span class=\"_ _35\"> </span>strumenti <span class=\"_ _35\"> </span>obbligazionari,  n<span class=\"_ _2\"></span>el  m<span class=\"_ _2\"></span>ese  di<span class=\"_ _2\"></span>  l<span class=\"_ _2\"></span>uglio <span class=\"_ _35\"> </span>2024  si <span class=\"_ _35\"> </span>\u00e8 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsda4\">perfezionato <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>rinnovo <span class=\"_ _0\"></span>annual<span class=\"_ _2\"></span>e <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>Programma <span class=\"_ _0\"></span>EM<span class=\"_ _2\"></span>TN. <span class=\"_ _0\"></span>L'agg<span class=\"_ _2\"></span>iornamento <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>Base <span class=\"_ _0\"></span>Prospectus <span class=\"_ _38\"></span>ha </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsda5\">permesso  l'in<span class=\"_ _2\"></span>troduzione <span class=\"_ _35\"> </span>della  possibilit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>emettere  anche<span class=\"_ _2\"></span>  tit<span class=\"_ _2\"></span>oli  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>diritto  italiano <span class=\"_ _35\"> </span>nella <span class=\"_ _35\"> </span>forma </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsda6\">dematerializzata e accentrata su Monte Titoli, in linea con <span class=\"_ _1\"></span>la prassi di mercato. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsda7\">Nell\u2019ambito <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>programma <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>Obbligazioni <span class=\"_ _38\"></span>Bancarie <span class=\"_ _0\"></span>Garantite <span class=\"_ _38\"></span>da <span class=\"_ _0\"></span>Credem <span class=\"_ _38\"></span>CB<span class=\"_ _1\"></span>, <span class=\"_ _0\"></span>il<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>ore <span class=\"_ _0\"></span>nominale<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsda8\">delle <span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>issioni <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>circolazione <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>fine <span class=\"_ _38\"></span>dicembre <span class=\"_ _1\"></span>2024 <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>risultat<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>pari <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>2,85 <span class=\"_ _1\"></span>miliardi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>euro, <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>cui 1 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsda9\">miliardo di euro rappresentato da <span class=\"_ _2\"></span>un\u2019emissione retained. Nel mese di <span class=\"_ _2\"></span>gennaio 2024, in conformit\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdaa\">alla  nuova  di<span class=\"_ _2\"></span>rett<span class=\"_ _1\"></span>iva  europea  recepita  in  I<span class=\"_ _2\"></span>talia  il  30  marzo  2023,  sono  sta<span class=\"_ _2\"></span>ti  emessi  due  nuovi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdab\">European Covered <span class=\"_ _3b\"></span>Bond (Premiu<span class=\"_ _2\"></span>m). L<span class=\"_ _2\"></span>a prima <span class=\"_ _3b\"></span>emissione, destinata <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>l c<span class=\"_ _2\"></span>ollocamento p<span class=\"_ _2\"></span>ubblico <span class=\"_ _3b\"></span>ver<span class=\"_ _1\"></span>so </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdac\">investitori <span class=\"_ _38\"></span>istituzionali, <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>tata <span class=\"_ _1\"></span>emes<span class=\"_ _1\"></span>sa <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>valore <span class=\"_ _38\"></span>nominale <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>500 <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>ilioni <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>euro. <span class=\"_ _38\"></span>La <span class=\"_ _38\"></span>seconda<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdad\">emissione, <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>tipo <span class=\"_ _1\"></span>retained, <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>raggiunto <span class=\"_ _1\"></span>un va<span class=\"_ _1\"></span>lore <span class=\"_ _1\"></span>nom<span class=\"_ _1\"></span>inale <span class=\"_ _1\"></span>di 1.000<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>milioni di <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>uro. <span class=\"_ _1\"></span>Quest\u2019ultima </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdae\">risulta idonea <span class=\"_ _3b\"></span>per operazioni <span class=\"_ _3b\"></span>di rifinan<span class=\"_ _2\"></span>ziamento presso <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>Centrale Europea <span class=\"_ _3b\"></span>e si <span class=\"_ _3b\"></span>presta com<span class=\"_ _3b\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdaf\">attivit\u00e0 <span class=\"_ _3d\"> </span>di  livello <span class=\"_ _3d\"> </span>1  ai <span class=\"_ _3d\"> </span>fini  de<span class=\"_ _1\"></span>l  Liquidity <span class=\"_ _3d\"> </span>Coverage <span class=\"_ _3d\"> </span>Ratio  per <span class=\"_ _3d\"> </span>potenziali  contr<span class=\"_ _1\"></span>oparti  pre<span class=\"_ _1\"></span>nditrici  in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdb0\">operazioni di Repo. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdb1\">Ad <span class=\"_ _36\"> </span>agost<span class=\"_ _1\"></span>o <span class=\"_ _39\"> </span>2024, <span class=\"_ _36\"> </span>successivamente <span class=\"_ _39\"> </span>all'autorizzazione <span class=\"_ _36\"> </span>rilasciata <span class=\"_ _39\"> </span>dal <span class=\"_ _36\"> </span>Single <span class=\"_ _39\"> </span>Resolution <span class=\"_ _39\"> </span>Board, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdb2\">Credem  ha <span class=\"_ _35\"> </span>annunciato <span class=\"_ _35\"> </span>l\u2019intenzione  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>esercitare  l\u2019opzione <span class=\"_ _35\"> </span>volontaria  di <span class=\"_ _35\"> </span>rimborso <span class=\"_ _35\"> </span>anticipato  i<span class=\"_ _3b\"></span>n<span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdb3\">relazione <span class=\"_ _1\"></span>alle pro<span class=\"_ _1\"></span>prie Obbligazioni <span class=\"_ _1\"></span>Senior <span class=\"_ _1\"></span>Non-Preferred <span class=\"_ _1\"></span>da 500 <span class=\"_ _1\"></span>milioni e<span class=\"_ _1\"></span>uro, e <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rimborsare <span class=\"_ _1\"></span>tutte </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdb4\">le <span class=\"_ _1\"></span>proprie <span class=\"_ _1\"></span>Note <span class=\"_ _1\"></span>ancora <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>circolazione: <span class=\"_ _1\"></span>rimanevano <span class=\"_ _1\"></span>338 <span class=\"_ _1\"></span>milioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>euro, <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>guito <span class=\"_ _1\"></span>del riacquisto <span class=\"_ _1\"></span>da </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdb5\">parte dell'Emittente d<span class=\"_ _2\"></span>i 162 <span class=\"_ _2\"></span>milioni di <span class=\"_ _2\"></span>euro, nell'ambito d<span class=\"_ _2\"></span>ell'Offerta Pub<span class=\"_ _2\"></span>blica di Acq<span class=\"_ _2\"></span>uisto conclusa n<span class=\"_ _2\"></span>el </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdb6\">settembre 2023. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdb7\">Nel  mese <span class=\"_ _35\"> </span>di  Novembre <span class=\"_ _35\"> </span>2024  \u00e8<span class=\"_ _2\"></span>  stato <span class=\"_ _35\"> </span>perfezionato  il <span class=\"_ _35\"> </span>rinnovo  annu<span class=\"_ _2\"></span>ale  del  P<span class=\"_ _2\"></span>rogramma  OBG. <span class=\"_ _35\"> </span>Le </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdb8\">modifiche al<span class=\"_ _2\"></span> Base <span class=\"_ _2\"></span>Prospectus hanno <span class=\"_ _3b\"></span>riguardato<span class=\"_ _1\"></span> princ<span class=\"_ _2\"></span>ipalmente l\u2019aggiornamento dei <span class=\"_ _3b\"></span>dati finanziari </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdb9\">e l\u2019adeguamento normativo della documentazione d\u2019offerta alla migli<span class=\"_ _2\"></span>or prass<span class=\"_ _1\"></span>i di mercato vi<span class=\"_ _2\"></span>gente. </div>Per <span class=\"_ _0\"></span>quanto <span class=\"_ _0\"></span>riguarda <span class=\"_ _0\"></span>l\u2019operativit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _0\"></span>monetario <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>vale<span class=\"_ _2\"></span>re <span class=\"_ _0\"></span>sul <span class=\"_ _0\"></span>Programma <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Emissione <span class=\"_ _38\"></span>di Cambia<span class=\"_ _3a1\"> </span>li F<span class=\"_ _1\"></span>inanziarie <span class=\"_ _1\"></span>di Cr<span class=\"_ _1\"></span>edito <span class=\"_ _1\"></span>Emiliano ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>corso <span class=\"_ _1\"></span>del 2024 <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no state <span class=\"_ _1\"></span>collocate <span class=\"_ _1\"></span>22 <span class=\"_ _1\"></span>emissioni, <span class=\"_ _1\"></span>per un <span class=\"_ _2\"></span>ammontare complessivo di <span class=\"_ _3b\"></span>circa 708 mil<span class=\"_ _2\"></span>ioni d<span class=\"_ _2\"></span>i euro <span class=\"_ _2\"></span>e per <span class=\"_ _3b\"></span>un valore nominale <span class=\"_ _3b\"></span>outstanding a <span class=\"_ _3b\"></span>fine dicembre 2024 di 211 milioni di euro. 1.4 Dettaglio de<span class=\"_ _1\"></span>i debiti/titoli subordinat<span class=\"_ _1\"></span>i  Gruppo Bancar<span class=\"_ _1\"></span>io Principali caratteristiche contrattuali delle passivit\u00e0 s<span class=\"_ _1\"></span>ubordinate: <span class=\"_ _3e\"> </span><span class=\"ff4\">\u201cCREDITO E<span class=\"_ _2\"></span>MILIANO 20/30 <span class=\"_ _2\"></span>SUBORDINATO <span class=\"_ _3b\"></span>3<span class=\"_ _1\"></span>,5% SU<span class=\"_ _2\"></span>B\u201d (IS<span class=\"_ _2\"></span>IN IT0005421539) <span class=\"_ _2\"></span>per 2<span class=\"_ _3b\"></span>0<span class=\"_ _1\"></span>0.000.000,00 </span>\u20ac costituito da n. 2.000.000,00 obbligazioni del valore nominale di 100<span class=\"_ _1\"></span> \u20ac cadauna. Le <span class=\"_ _36\"> </span>obbligazioni <span class=\"_ _36\"> </span>corrisponderanno <span class=\"_ _39\"> </span>cedole <span class=\"_ _36\"> </span>fisse <span class=\"_ _36\"> </span>annuali <span class=\"_ _36\"> </span>pari <span class=\"_ _36\"> </span>al <span class=\"_ _36\"> </span>3,5% <span class=\"_ _39\"> </span>annuo <span class=\"_ _36\"> </span>lordo <span class=\"_ _36\"> </span>fino <span class=\"_ _36\"> </span>al 16/12/2025 poi tasso IRS  5Y + 3,897% annuo lordo. Il <span class=\"_ _39\"> </span>prestito <span class=\"_ _39\"> </span>scade <span class=\"_ _39\"> </span>il <span class=\"_ _39\"> </span>16/12/2030 <span class=\"_ _36\"> </span>s<span class=\"_ _1\"></span>e <span class=\"_ _39\"> </span>non <span class=\"_ _39\"> </span>verr\u00e0 <span class=\"_ _36\"> </span>eser<span class=\"_ _1\"></span>citata <span class=\"_ _39\"> </span>l\u2019opzione <span class=\"_ _39\"> </span>call <span class=\"_ _36\"> </span>al <span class=\"_ _39\"> </span>1<span class=\"_ _1\"></span>6/12/2025 <span class=\"_ _39\"> </span>che significher\u00e0 il rimborso anticipato. Al <span class=\"_ _0\"></span>31/12/20<span class=\"_ _1\"></span>24 <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>antit\u00e0 <span class=\"_ _0\"></span>residua <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>isulta <span class=\"_ _0\"></span>pari <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>200.000.000,00 <span class=\"_ _0\"></span>\u20ac <span class=\"_ _0\"></span>costituita <span class=\"_ _35\"> </span>da <span class=\"_ _0\"></span>n. <span class=\"_ _0\"></span>2.000.000 obbligazioni del valore nominale di 100 \u20ac cadauna. L\u2019obbligazione \u00e8 stata interamente sottos<span class=\"_ _1\"></span>critta da Credemholding. <span class=\"_ _3e\"> </span><span class=\"ff4\">\u201cCREDITO EMILIANO 22/32 S<span class=\"_ _2\"></span>UBORDINATO 7,625 SUB\u201d (ISIN IT0005497117) per 200.000.000,00 </span>\u20ac costituito da n. 2.000.000,00 obbligazioni del valore nominale di 100<span class=\"_ _1\"></span> \u20ac cadauna. Le  o<span class=\"_ _1\"></span>bbligazioni  corrisponderanno <span class=\"_ _3d\"> </span>cedole  fisse <span class=\"_ _3d\"> </span>annuali  pari <span class=\"_ _3d\"> </span>al  7<span class=\"_ _1\"></span>,625%  annuo <span class=\"_ _3d\"> </span>lordo  fino <span class=\"_ _3d\"> </span>al 05/10/2027 poi tasso MS  5Y + 5,514% annuo lordo. Il <span class=\"_ _37\"> </span>pre<span class=\"_ _1\"></span>stito <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>cade <span class=\"_ _37\"> </span>il <span class=\"_ _36\"> </span>05/10/2032 <span class=\"_ _36\"> </span>se <span class=\"_ _36\"> </span>non <span class=\"_ _37\"> </span>verr\u00e0 <span class=\"_ _36\"> </span>esercitata <span class=\"_ _36\"> </span>l\u2019opzione <span class=\"_ _36\"> </span>call <span class=\"_ _37\"> </span>al <span class=\"_ _36\"> </span>05/07/2027 <span class=\"_ _36\"> </span>che significher\u00e0 il rimborso anticipato. Al <span class=\"_ _0\"></span>31/12/20<span class=\"_ _1\"></span>24 <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>antit\u00e0 <span class=\"_ _0\"></span>residua <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>isulta <span class=\"_ _0\"></span>pari <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>200.000.000,00 <span class=\"_ _0\"></span>\u20ac <span class=\"_ _0\"></span>costituita <span class=\"_ _35\"> </span>da <span class=\"_ _0\"></span>n. <span class=\"_ _0\"></span>2.000.000 obbligazioni del valore nominale di 100 \u20ac cadauna L\u2019obbligazione \u00e8 stata interamente sottos<span class=\"_ _1\"></span>critta da Credemholding. In <span class=\"_ _1\"></span>caso<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>iquidazione <span class=\"_ _38\"></span>tutte <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>obbligazioni <span class=\"_ _38\"></span>subordinate <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>aranno <span class=\"_ _38\"></span>rimborsate <span class=\"_ _38\"></span>solo <span class=\"_ _38\"></span>dopo <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>siano stati soddisfatti tutti gli altri creditori non ugualmente subordinati. Le obbligazioni non sono coperte dalla garanzia del <span class=\"_ _1\"></span>Fondo Interbancario di Tutela dei Depositi. Imprese di ass<span class=\"_ _1\"></span>icurazione<span class=\"_ _3a1\"> </span>O<span class=\"_ _3a1\"> </span>bb<span class=\"_ _3a1\"> </span>li<span class=\"_ _3a1\"> </span>ga<span class=\"_ _3a1\"> </span>zione <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>convertibile, <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>fisso, <span class=\"_ _0\"></span>emissione <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>98,330% <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>data <span class=\"_ _0\"></span>18 <span class=\"_ _0\"></span>novembre <span class=\"_ _0\"></span>2020 <span class=\"_ _38\"></span>e denominato <span class=\"_ _35\"> </span>\u201cCredemvita  s.p.a.\u201d, <span class=\"_ _35\"> </span>codice  I<span class=\"_ _2\"></span>SIN <span class=\"_ _35\"> </span>XS2253071216  in <span class=\"_ _35\"> </span>valu<span class=\"_ _2\"></span>ta  euro. <span class=\"_ _35\"> </span>Il <span class=\"_ _35\"> </span>titolo  p<span class=\"_ _2\"></span>resenta  l<span class=\"_ _3b\"></span>e seguenti caratteristiche: <span class=\"_ _3e\"> </span><span class=\"ff4\">Valore nominale: 107.500.000 di euro; </span><span class=\"_ _3e\"> </span><span class=\"ff4\">Scadenza: 18/02/2031; </span><span class=\"_ _3e\"> </span><span class=\"ff4\">Cedola: Tasso<span class=\"_ _1\"></span> fisso <span class=\"_ _1\"></span>annuale, fissato<span class=\"_ _1\"></span> al mo<span class=\"_ _1\"></span>mento dell\u2019emissione <span class=\"_ _1\"></span>pari al <span class=\"_ _1\"></span>3,5% per<span class=\"_ _1\"></span> i <span class=\"_ _1\"></span>primi 5 <span class=\"_ _1\"></span>anni. </span>Il  tasso  di  interesse  viene <span class=\"_ _35\"> </span>rivisto  al  termine  del  quinto  anno, <span class=\"_ _35\"> </span>se<span class=\"_ _1\"></span>nza  applicazi<span class=\"_ _2\"></span>one  di  alcun meccanismo di step-up; <span class=\"_ _3e\"> </span><span class=\"ff4\">Rating: BBB- by Fitch. </span>Il rimborso del P<span class=\"_ _1\"></span>restito potr\u00e0 avvenire <span class=\"_ _1\"></span>- oltre che <span class=\"_ _1\"></span>alla scadenza naturale - alla scadenza del quint<span class=\"_ _1\"></span>o anno, ovvero <span class=\"_ _1\"></span>al verificars<span class=\"_ _1\"></span>i di un \"Regulatory <span class=\"_ _1\"></span>Event\" (ossia <span class=\"_ _1\"></span>nell'ipotesi in cui <span class=\"_ _1\"></span>i titoli <span class=\"_ _1\"></span>non avessero <span class=\"_ _1\"></span>pi\u00f9 le <span class=\"_ _38\"></span>caratteristiche <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ammissibilit\u00e0 <span class=\"_ _38\"></span>- <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>computabilit\u00e0 <span class=\"_ _1\"></span>\u2013<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>ad <span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sere <span class=\"_ _38\"></span>inclusi <span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>lementi <span class=\"_ _1\"></span>dei fondi propri di<span class=\"_ _2\"></span> base di<span class=\"_ _2\"></span> livello 2<span class=\"_ _3b\"></span> della Compagnia, ov<span class=\"_ _2\"></span>vero, conformemente alla <span class=\"_ _2\"></span>prassi di<span class=\"_ _2\"></span> mercato, n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>l caso <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>cui<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>Compagnia <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>fos<span class=\"_ _1\"></span>se <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>oggettata <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>sup<span class=\"_ _2\"></span>ervisione <span class=\"_ _35\"> </span>dell'IVAS<span class=\"_ _2\"></span>S) <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>\"Tax<span class=\"_ _3a1\"> </span>Event\" <span class=\"_ _0\"></span>(ossia <span class=\"_ _0\"></span>qualora, <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>causa <span class=\"_ _0\"></span>dell'introduzione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>nuove <span class=\"_ _0\"></span>norme <span class=\"_ _0\"></span>fiscali, <span class=\"_ _0\"></span>ovvero <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>modifica <span class=\"_ _0\"></span>di quelle <span class=\"_ _38\"></span>esistent<span class=\"_ _1\"></span>i, <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>Compagnia <span class=\"_ _38\"></span>fo<span class=\"_ _1\"></span>sse <span class=\"_ _38\"></span>assoggettat<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>pagamento <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>ul<span class=\"_ _2\"></span>terior<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>imposte <span class=\"_ _38\"></span>sul <span class=\"_ _0\"></span>Prestito ovvero non fosse pi\u00f9 in condizioni di dedurre gli intere<span class=\"_ _1\"></span>ssi pagati sul Prestito). 1.5 Dettaglio dei <span class=\"_ _1\"></span>debiti strutt<span class=\"_ _1\"></span>urati Non esistono, alla d<span class=\"_ _2\"></span>ata del bilancio,<span class=\"_ _2\"></span> n\u00e9 al 31 di<span class=\"_ _2\"></span>cembre 20<span class=\"_ _3a1\"> </span>23, debiti<span class=\"_ _2\"></span> strutturati verso banche <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> verso clientela.<span class=\"_ _3a1\"> </span><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsdee\">1.6 Debiti per <span class=\"_ _1\"></span>leasing  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdef\">Alla <span class=\"_ _1\"></span>d<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdf0\">ata <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>1 <span class=\"_ _1\"></span>dicembre <span class=\"_ _1\"></span>2024 <span class=\"_ _38\"></span>sono <span class=\"_ _1\"></span>presenti <span class=\"_ _1\"></span>debiti <span class=\"_ _1\"></span>per<span class=\"fc14\"> <span class=\"_ _38\"></span></span>leasing <span class=\"_ _1\"></span>IFRS16 <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>131,6 <span class=\"_ _1\"></span>milioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>uro. <span class=\"_ _1\"></span>Si </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdf1\">allegano i flussi finanziari per i leasing con l'analisi delle s<span class=\"_ _1\"></span>cadenze: </div><div class=\"gsdf2\"><table class=\"s wa9f h23d\" id=\"_1f441055-92e5-4434-a4f9-a20b6c9652f5\"><tr><td class=\"c n x2d7 y5b2f waa0 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Fino a 1 mese<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfce y5b2f waa1 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">5.627<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b30 waa2 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Oltre 1 mese e fino a 3<span class=\"_ _2\"></span> mesi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfcf y5b30 waa3 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">404<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b31 waa4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Oltre 3 mesi fino a 1 <span class=\"_ _2\"></span>anno<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfd0 y5b31 waa5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">16.043<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b32 waa6 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Oltre 1 anno fino a 5 a<span class=\"_ _2\"></span>nni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfd1 y5b32 waa7 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">67.727<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c xfd2 y5b33 w1a9 h11\"><div class=\"t m2 x0 h12 y3d4 ff4 fs7 fc1 sc0 ls0 ws0\">Oltre 5 anni<span class=\"_ _3a1\"> </span></div></td><td class=\"c xfd3 y5b33 wbf h11\"><div class=\"t m2 x0 h12 y3d4 ff4 fs7 fc1 sc0 ls0 ws0\">41.780<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y539f w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfd4 y539f w6e5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">131.567<span class=\"_ _3a1\"> </span></div></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsdf3\">Titoli in circola<span class=\"_ _1\"></span>zione oggetto di coper<span class=\"_ _1\"></span>tura specifica  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdf4\">Si <span class=\"_ _38\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>dottata <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>metodologia <span class=\"_ _38\"></span>contabile <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>Micro <span class=\"_ _0\"></span>F<span class=\"_ _2\"></span>air <span class=\"_ _0\"></span>Valu<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>H<span class=\"_ _2\"></span>edge <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>cope<span class=\"_ _2\"></span>rtura <span class=\"_ _0\"></span>del <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdf5\">tasso <span class=\"_ _0\"></span>associato <span class=\"_ _0\"></span>all\u2019emissione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>prestiti <span class=\"_ _0\"></span>obbligazionari <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>fisso <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>ammontare <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>circa </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdf6\">2.050 milioni di euro.<span class=\"_ _3a1\"> </span></div>Sezione 2 \u2013 Passivit\u00e0 finanziarie di negoziazione \u2013 Voce 20 2.1 Passivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie di negoziaz<span class=\"_ _1\"></span>ione: composizione me<span class=\"_ _1\"></span>rceologica <table class=\"s w684 h23e\" id=\"_d259a1e0-4d45-4832-ab9d-6542f41c5faa\"><tr><td></td><td></td><td></td><td></td><td class=\"c n xfd5 y5b34 w6c5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n xfd6 y5b34 wa5d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c n xfd7 y5b35 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n xfd8 y5b35 w65e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td class=\"t m2 xfd9 h12 y5b36 ff4 fs7 fc4 sc3 ls0 ws0\">Tipologia operazioni/Valori </td><td class=\"t m2 xfda h12 y5b37 ff4 fs7 fc4 sc3 ls0 ws0\">VN </td><td></td><td></td><td class=\"t m2 x6a5 h12 y5b38 ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value </td><td></td><td class=\"t m2 x6af h12 y5b39 ff4 fs7 fc4 sc3 ls0 ws0\">Fair </td><td class=\"t m2 x699 h12 y5b37 ff4 fs7 fc4 sc3 ls0 ws0\">VN </td><td></td><td></td><td class=\"t m2 x749 h12 y5b38 ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value </td><td></td><td class=\"t m2 x75a h12 y5b39 ff4 fs7 fc4 sc3 ls0 ws0\">Fair </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x6cf h12 y5b3a ff4 fs7 fc4 sc3 ls0 ws0\">Value * </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x6f6 h12 y5b3a ff4 fs7 fc4 sc3 ls0 ws0\">Value * </td></tr><tr><td></td><td></td><td></td><td class=\"c n xfdb y5b3b w65f h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfdc y5b3b w660 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfdd y5b3b w6c7 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xfde y5b3b w65f h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfdf y5b3b w688 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfe0 y5b3b waa8 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x677 h12 y5b3c ff4 fs7 fc1 sc2 ls0 ws0\">A. Passivit\u00e0 per cassa </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 class=\"c n x70c y5b3d waa9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Debiti verso banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe1 y5b3d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xfe2 h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5b3f waaa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Debiti verso clientela<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe3 y5b3f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xfe2 h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5b41 waab h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe4 y5b41 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xfe2 h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">- </td></tr><tr><td class=\"c n xdcf y5b43 waac h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Obbligazioni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe5 y5b43 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xfe2 h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">- </td></tr><tr><td class=\"c n xfe6 y5b45 waad h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1.1 Strutturate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe7 y5b45 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b45 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe9 y5b45 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a5 h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"t m2 xfea h12 y5b47 ff4 fs7 fc1 sc0 ls0 ws0\">3.1.2 Altre </td><td></td><td class=\"t m2 x99d h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71a h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b49 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe9 y5b49 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a5 h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"t m2 xfea h12 y5b4a ff4 fs7 fc1 sc0 ls0 ws0\">obbligazioni  </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 class=\"c n xdcf y5b4b waae h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Altri titoli<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfeb y5b4b w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xfe2 h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">- </td></tr><tr><td class=\"c n xfe6 y5b4d waaf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2.1 Strutturati<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfec y5b4d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b4d w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe9 y5b4d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a5 h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c n xfe6 y5b4f wab0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2.2 Altri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfed y5b4f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b4f w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe9 y5b4f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a5 h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"t m2 x90e h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x99d h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71a h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xfe2 h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-</td></tr><tr><td class=\"t m2 x677 h12 y5b52 ff4 fs7 fc1 sc2 ls0 ws0\"> B. Strumenti derivati </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 class=\"c n x70c y5b53 wab1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Derivati finanziari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfee y5b53 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfef y5b53 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x7ae h12 y5b54 ff4 fs7 fc1 sc0 ls0 ws0\">14.463<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b54 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b54 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xff0 y5b53 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff1 y5b53 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 xff2 h12 y5b54 ff4 fs7 fc1 sc0 ls0 ws0\">27.211<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b54 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b54 ff4 fs7 fc1 sc0 ls0 ws0\">- </td></tr><tr><td class=\"c n xdcf y5b55 wab2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Di negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff3 y5b55 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff4 y5b55 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x7ae h12 y5b56 ff4 fs7 fc1 sc0 ls0 ws0\">14.463<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b56 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b55 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5b55 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5b55 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 xff2 h12 y5b56 ff4 fs7 fc1 sc0 ls0 ws0\">27.211<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b56 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b56 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c xdcf y5b57 wab3 h1e7\"><div class=\"t m2 x2b3 h12 y543a ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Connessi con la fai<span class=\"_ _2\"></span>r<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">value option<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff7 y5b58 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff8 y5b58 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90a h12 y5b59 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b59 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b58 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5b58 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5b58 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y5b59 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b59 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b59 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c n xdcf y5b5a wab4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff9 y5b5a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xffa y5b5a w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90a h12 y5b5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b5a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5b5a w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5b5a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y5b5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b5b ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c n x70c y5b5c wab5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Derivati creditiz<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xffb y5b5c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xffc y5b5c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90a h12 y5b5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xff0 y5b5c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff1 y5b5c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y5b5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b5d ff4 fs7 fc1 sc0 ls0 ws0\">- </td></tr><tr><td class=\"c n xdcf y5b5e wab6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Di negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xffd y5b5e wab7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xffe y5b5e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90a h12 y5b5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b5e w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5b5e w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5b5e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y5b5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b5f ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c xdcf y5a36 wab8 h225\"><div class=\"t m2 x2b3 h12 y5929 ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Connessi con la f<span class=\"_ _2\"></span>air<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">value option<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff7 y5b60 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff8 y5b60 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90a h12 y5b61 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b61 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b60 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5b60 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5b60 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y5b61 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b61 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b61 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c n xdcf y5515 wab9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfff y5515 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1000 y5515 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90a h12 y5b62 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b62 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5515 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5515 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5515 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y5b62 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b62 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b62 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"t m2 x1001 h12 y5b63 ff4 fs7 fc1 sc2 ls0 ws0\">Totale B<span class=\"_ _3a1\"> </span></td><td class=\"c n xff7 y5600 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff8 y5600 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-</div></td><td class=\"t m2 x7ae h12 y5b63 ff4 fs7 fc1 sc2 ls0 ws0\">14.463<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b63 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5600 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5600 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5600 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-</div></td><td class=\"t m2 x1002 h12 y5b63 ff4 fs7 fc1 sc2 ls0 ws0\">27.211<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b63 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b63 ff4 fs7 fc1 sc2 ls0 ws0\">X </td></tr><tr><td class=\"t m2 x1003 h12 y5b64 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B)<span class=\"_ _3a1\"> </span></td><td class=\"c n xff7 y54f9 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff8 y54f9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-</div></td><td class=\"t m2 x7ae h12 y5b64 ff4 fs7 fc1 sc2 ls0 ws0\">14.463<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b64 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y54f9 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y54f9 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y54f9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-</div></td><td class=\"t m2 x1002 h12 y5b64 ff4 fs7 fc1 sc2 ls0 ws0\">27.211<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b64 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b64 ff4 fs7 fc1 sc2 ls0 ws0\">X </td></tr></table>Legenda: VN = valore nominale <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> nozionale  L1 = Livello 1  L2 = Livello 2  L3 = Livello 3  Fair value*=Fair value calcolato esclude<span class=\"_ _2\"></span>ndo le variazioni di valore dovute al cambiamento del merito creditizio dell'emittente rispe<span class=\"_ _2\"></span>tto alla data di emiss<span class=\"_ _2\"></span>ione. 2.2 De<span class=\"_ _3a1\"> </span>ttaglio delle \u201cP<span class=\"_ _1\"></span>assivit\u00e0 finanziarie<span class=\"_ _1\"></span> di negoziazione\u201d: pass<span class=\"_ _1\"></span>ivit\u00e0 subordinate  2.3 Dett<span class=\"_ _1\"></span>aglio delle \u201cPassivit\u00e0 finanziarie<span class=\"_ _1\"></span> di negoziazione\u201d: debiti str<span class=\"_ _1\"></span>utturati Non <span class=\"_ _3d\"> </span>esistono, <span class=\"_ _37\"> </span>alla <span class=\"_ _3d\"> </span>data <span class=\"_ _37\"> </span>del <span class=\"_ _3d\"> </span>bilancio, <span class=\"_ _3d\"> </span>n\u00e9 <span class=\"_ _37\"> </span>al <span class=\"_ _3d\"> </span>31 <span class=\"_ _37\"> </span>dicembre <span class=\"_ _3d\"> </span>20<span class=\"_ _1\"></span>23, <span class=\"_ _3d\"> </span>passivit\u00e0 <span class=\"_ _3d\"> </span>subordinate <span class=\"_ _37\"> </span>e <span class=\"_ _3d\"> </span>debiti strutturati.<span class=\"_ _3a1\"> </span><div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gse12\">Sezione 4 \u2013 Derivati di copertura \u2013 Voce 40 </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gse13\">4.1 Derivati d<span class=\"_ _1\"></span>i copertura: composizione<span class=\"_ _1\"></span> per tipologia di copert<span class=\"_ _1\"></span>ura e per livelli </div><div class=\"gse14\"><table class=\"s wae7 h242\" id=\"_a53f39a5-953e-405b-8222-dbc7e70427ce\"><tr><td></td><td></td><td class=\"c n x10a5 y5b9f wae8 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Fair value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10a6 y5b9f wae9 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10a7 y5b9f waea h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">VN<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10a8 y5b9f waeb h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">F<span class=\"_ _1\"></span>air value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10a9 y5b9f w65e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10aa y5b9f waea h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">VN<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x10ab y5ba0 w65f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10ac y5ba0 w660 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10ad y5ba0 w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10ae y5ba0 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10af y5ba0 w65f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10b0 y5ba0 w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10b1 y5ba0 w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10b2 y5ba0 w65e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5ba1 waec h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A. Derivati finanziari<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10b3 y5ba1 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">-</div></td><td class=\"t m2 x6bb h12 y5ba2 ff4 fs7 fc1 sc2 ls0 ws0\">731.778<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd98 h12 y5ba2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68b h12 y5ba2 ff4 fs7 fc1 sc2 ls0 ws0\">16.643.908<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y5ba2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x664 h12 y5ba2 ff4 fs7 fc1 sc2 ls0 ws0\">911.207<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99b h12 y5ba2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f8 h12 y5ba2 ff4 fs7 fc1 sc2 ls0 ws0\">15.773.106<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5ba3 waed h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1) Fair value<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10b4 y5ba3 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x10b5 h12 y5ba4 ff4 fs7 fc1 sc0 ls0 ws0\">696.196<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd98 h12 y5ba4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ed h12 y5ba4 ff4 fs7 fc1 sc0 ls0 ws0\">15.719.504<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y5ba4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y5ba4 ff4 fs7 fc1 sc0 ls0 ws0\">852.218<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b6 h12 y5ba4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f8 h12 y5ba4 ff4 fs7 fc1 sc0 ls0 ws0\">14.705.614<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5ba5 waee h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2) Flussi finanziari<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10b7 y5ba5 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x1039 h12 y5ba6 ff4 fs7 fc1 sc0 ls0 ws0\">35.582<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd98 h12 y5ba6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6cf h12 y5ba6 ff4 fs7 fc1 sc0 ls0 ws0\">924.404<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y5ba6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x695 h12 y5ba6 ff4 fs7 fc1 sc0 ls0 ws0\">58.989<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b6 h12 y5ba6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69c h12 y5ba6 ff4 fs7 fc1 sc0 ls0 ws0\">1.067.492<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5ba7 waef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3) Investimenti esteri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10b8 y5ba7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x99e h12 y5ba8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd98 h12 y5ba8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fb h12 y5ba8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y5ba8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b9 h12 y5ba8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b6 h12 y5ba8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5ba8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ba9 waf0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">B. Derivati creditizi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10ba y5ba9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x99e h12 y5baa ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd98 h12 y5baa ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fb h12 y5baa ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y5baa ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b9 h12 y5baa ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99b h12 y5baa ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5baa ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5bab waed h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1) Fair value<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10b4 y5bab w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x99e h12 y5bac ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd98 h12 y5bac ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fb h12 y5bac ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y5bac ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b9 h12 y5bac ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b6 h12 y5bac ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5bac ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5bad waee h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2) Flussi finanziari<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10b7 y5bad w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x99e h12 y5bae ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd98 h12 y5bae ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fb h12 y5bae ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y5bae ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b9 h12 y5bae ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b6 h12 y5bae ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5bae ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x10bb h12 y5baf ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x909 h12 y5baf ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6bb h12 y5baf ff4 fs7 fc1 sc2 ls0 ws0\">731.778<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd98 h12 y5baf ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68b h12 y5baf ff4 fs7 fc1 sc2 ls0 ws0\">16.643.908<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y5baf ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x664 h12 y5baf ff4 fs7 fc1 sc2 ls0 ws0\">911.207<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99b h12 y5baf ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f8 h12 y5baf ff4 fs7 fc1 sc2 ls0 ws0\">15.773.106<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gse15\">Legenda: </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse16\">VN= Valore nominale o nozionale </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse17\">L1= Livello 1 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse18\">L2= Livello 2 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse19\">L3= Livello 3 </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gse1a\">4.2 Derivati di coper<span class=\"_ _1\"></span>tura: composiz<span class=\"_ _1\"></span>ione per portafo<span class=\"_ _1\"></span>gli coperti e per tipolo<span class=\"_ _1\"></span>gie di copertura </div><div class=\"gse1b\"><table class=\"s wad9 h241\" id=\"_4c017e60-7627-49f6-8e3d-e423de3fa652\"><tr><td></td><td></td><td></td><td></td><td class=\"c n x1037 y5b81 wada h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n x1038 y5b81 wadb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Flussi finanziari<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x1039 h12 y5b82 ff4 fs7 fc4 sc3 ls0 ws0\">Specifica </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x103a h12 y5b83 ff4 fs7 fc4 sc3 ls0 ws0\">Operazioni/Tipo di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x7ab h12 y5b83 ff4 fs7 fc4 sc3 ls0 ws0\">Investim. </td></tr><tr><td class=\"t m2 x103b h12 y5b84 ff4 fs7 fc4 sc3 ls0 ws0\">copertura </td><td class=\"t m2 x103c h12 y5b85 ff4 fs7 fc4 sc3 ls0 ws0\">titoli di </td><td class=\"t m2 xfcc h12 y5b85 ff4 fs7 fc4 sc3 ls0 ws0\">titoli di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x6f6 h12 y5b84 ff4 fs7 fc4 sc3 ls0 ws0\">esteri </td></tr><tr><td></td><td class=\"t m2 x103d h12 y5b86 ff4 fs7 fc4 sc3 ls0 ws0\">debito e </td><td class=\"t m2 x696 h12 y5b86 ff4 fs7 fc4 sc3 ls0 ws0\">capitale </td><td class=\"t m2 x103e h12 y5b86 ff4 fs7 fc4 sc3 ls0 ws0\">valute e </td><td class=\"c n x103f y5b87 wadc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">credito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1040 y5b87 w9c2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">merci<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1041 y5b87 wadd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">altri<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x1042 h12 y5b88 ff4 fs7 fc4 sc3 ls0 ws0\">tassi di </td><td class=\"t m2 xfcc h12 y5b88 ff4 fs7 fc4 sc3 ls0 ws0\">e indici </td><td class=\"t m2 x990 h12 y5b88 ff4 fs7 fc4 sc3 ls0 ws0\">oro </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x1043 h12 y5b89 ff4 fs7 fc4 sc3 ls0 ws0\">interesse<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x696 h12 y5b89 ff4 fs7 fc4 sc3 ls0 ws0\">azionari<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y5b8a ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanziarie </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y5b8b ff4 fs7 fc1 sc0 ls0 ws0\">valutate al fair value co<span class=\"_ _2\"></span>n<span class=\"_ _3a1\"> </span></td><td class=\"c n x1044 y5b8c wade h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">41.192<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1045 y5b8c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1046 y5b8c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1047 y5b8c w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1048 y5b8c w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1049 y5b8c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x104a y5b8c w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x104b y5b8c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x104c y5b8c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x104d y5b8c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y5b8d ff4 fs7 fc1 sc0 ls0 ws0\">impatto sulla redditiv<span class=\"_ _2\"></span>it\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y5b8e ff4 fs7 fc1 sc0 ls0 ws0\">complessiva </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y5b8f ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 finanziarie </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y5b90 ff4 fs7 fc1 sc0 ls0 ws0\">valutate al costo </td><td class=\"c n x104e y5b91 wadf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">293.917<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x104f y5b91 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1050 y5b91 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1051 y5b91 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1052 y5b91 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1053 y5b91 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1054 y5b91 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1055 y5b91 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1056 y5b91 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1057 y5b91 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y5b92 ff4 fs7 fc1 sc0 ls0 ws0\">ammortizzato </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5a65 w7bc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Portafoglio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1058 y5a65 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1059 y5a65 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x105a y5a65 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x105b y5a65 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x105c y5a65 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x105d y5a65 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x105e y5a65 w42c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">133.540<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x105f y5a65 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1060 y5a65 wae0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">35.582<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1061 y5a65 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b93 w7be h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Altre operazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1062 y5b93 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1063 y5b93 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1064 y5b93 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1065 y5b93 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1066 y5b93 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1067 y5b93 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1068 y5b93 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1069 y5b93 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x106a y5b93 wae1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x106b y5b93 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xf97 h12 y5b94 ff4 fs7 fc1 sc2 ls0 ws0\">Totale attivit\u00e0 </td><td class=\"c n x104e y5b95 wae2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">335.109<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x106c y5b95 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x106d y5b95 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x106e y5b95 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x106f y5b95 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1070 y5b95 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1071 y5b95 w42c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">133.540<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1072 y5b95 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1073 y5b95 wae0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">35.582<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1074 y5b95 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b96 w7bf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Passivit\u00e0 finanziarie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1075 y5b96 wae3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">143.562<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1076 y5b96 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1077 y5b96 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1078 y5b96 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1079 y5b96 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x107a y5b96 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x107b y5b96 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x107c y5b96 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x107d y5b96 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x107e y5b96 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b97 w7c1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Portafoglio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x107f y5b97 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1080 y5b97 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1081 y5b97 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1082 y5b97 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1083 y5b97 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1084 y5b97 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1085 y5b97 wae4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">83.985<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1086 y5b97 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1087 y5b97 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1088 y5b97 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1089 h12 y5b98 ff4 fs7 fc1 sc2 ls0 ws0\">Totale passivit\u00e0 </td><td class=\"c n x104e y5b99 w433 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">143.562<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x108a y5b99 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x108b y5b99 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x108c y5b99 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x108d y5b99 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x108e y5b99 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x108f y5b99 wae4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">83.985<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1090 y5b99 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1091 y5b99 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1092 y5b99 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b9a w7c2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Transazioni attese<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1093 y5b9a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1094 y5b9a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1095 y5b9a w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1096 y5b9a w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1097 y5b9a w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1098 y5b9a w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1099 y5b9a w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x109a y5b9a w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x109b y5b9a w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x109c y5b9a w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x677 y5b9b w1ab h11\"><div class=\"t m2 x0 h12 y852 ff4 fs7 fc1 sc0 ls0 ws0\">2. Portafoglio di attivit<span class=\"_ _2\"></span>\u00e0<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x109d y5b9c wae5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X <span class=\"_ _90\"> </span>X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x109e y5b9c w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x109f y5b9c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10a0 y5b9c w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10a1 y5b9c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10a2 y5b9c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10a3 y5b9c w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10a4 y5b9d wae6 h20a\"><div class=\"t m2 x2b3 h12 y56d8 ff4 fs7 fc1 sc0 ls0 ws0\">- <span class=\"_ _14f\"> </span>- </div></td><td></td></tr><tr><td class=\"t m2 x677 h12 y5b9e ff4 fs7 fc1 sc0 ls0 ws0\">e passivit\u00e0 finanziarie </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"t mc h12 ff4 fs7 fc7 sc6 ls0 ws0 gse1c\">Gen<span class=\"_ _2\"></span>erica<span class=\"_ _3b\"></span> </div><div class=\"t mc h12 ff4 fs7 fc7 sc6 ls0 ws0 gse1d\">Spe<span class=\"_ _2\"></span>cifica<span class=\"_ _3b\"></span> </div><div class=\"t mc h12 ff4 fs7 fc7 sc6 ls0 ws0 gse1e\">Gen<span class=\"_ _2\"></span>erica<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse1f\">Si <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>adottata <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>met<span class=\"_ _1\"></span>odologia <span class=\"_ _38\"></span>contabile <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>Macro <span class=\"_ _38\"></span>Fair <span class=\"_ _38\"></span>Value <span class=\"_ _0\"></span>H<span class=\"_ _2\"></span>edge <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>copertura <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _1\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse20\">tasso della raccolta a vista della clientela. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse21\">La <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>accolta <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>vista <span class=\"_ _0\"></span>dalla <span class=\"_ _35\"> </span>clientela <span class=\"_ _0\"></span>rappresenta <span class=\"_ _35\"> </span>un\u2019i<span class=\"_ _2\"></span>mportante <span class=\"_ _35\"> </span>fonte <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>fund<span class=\"_ _2\"></span>ing <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>banca. <span class=\"_ _0\"></span>Una </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse22\">quota <span class=\"_ _36\"> </span>par<span class=\"_ _1\"></span>te <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>questa <span class=\"_ _36\"> </span>raccolta, <span class=\"_ _39\"> </span>seppur <span class=\"_ _36\"> </span>contrattualme<span class=\"_ _1\"></span>nte <span class=\"_ _36\"> </span>a <span class=\"_ _39\"> </span>vista, <span class=\"_ _36\"> </span>presenta <span class=\"_ _39\"> </span>per\u00f2 <span class=\"_ _36\"> </span>una <span class=\"_ _39\"> </span>forte </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse23\">persistenza <span class=\"_ _3a\"> </span>nel <span class=\"_ _3f\"> </span>tempo <span class=\"_ _3a\"> </span>ed <span class=\"_ _3f\"> </span>una <span class=\"_ _3f\"> </span>e<span class=\"_ _1\"></span>lasticit\u00e0 <span class=\"_ _3f\"> </span>imperfetta <span class=\"_ _3a\"> </span>alla <span class=\"_ _3f\"> </span>variazione <span class=\"_ _3a\"> </span>dei <span class=\"_ _3f\"> </span>tassi <span class=\"_ _3a\"> </span>di <span class=\"_ _3f\"> </span>mercato, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse24\">rappresentata dal cosiddetto \u201ceffetto vischiosit\u00e0\u201d<span class=\"_ _1\"></span>. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse25\">Questo effetto \u00e8 stato stimato mediante <span class=\"_ _1\"></span>un modello di analisi che consiste in due componenti: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gse26\"><span class=\"_ _95\"> </span><span class=\"ff4\">la <span class=\"_ _0\"></span>stima <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>relazione <span class=\"_ _0\"></span>dei <span class=\"_ _35\"> </span>tassi <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>poste <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>vista <span class=\"_ _35\"> </span>con <span class=\"_ _0\"> </span>i <span class=\"_ _35\"> </span>tassi <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>mercato <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>base <span class=\"_ _35\"> </span>ad <span class=\"_ _35\"> </span>un<span class=\"_ _3b\"></span> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse27\">modello econometrico;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gse29\"><span class=\"_ _95\"> </span><span class=\"ff4\">la <span class=\"_ _0\"></span>stima <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>persistenza <span class=\"_ _0\"></span>dei <span class=\"_ _35\"> </span>volumi<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>att<span class=\"_ _1\"></span>raverso <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>quale <span class=\"_ _0\"></span>l\u2019ammontare <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>poste <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>vista<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse2a\">viene</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse2b\"> tradotto in un portafoglio di poste a tasso fisso a scadenza.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse2c\">I derivati di copertura di questa tipologia present<span class=\"_ _1\"></span>ano un fair value negativo di 83.985 mila euro.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse2d\">Sono <span class=\"_ _0\"></span>presenti <span class=\"_ _38\"></span>coperture <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>micro<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _0\"></span>hedge <span class=\"_ _38\"></span>su <span class=\"_ _0\"></span>titoli <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>fisso <span class=\"_ _38\"></span>detenuti <span class=\"_ _0\"></span>nel <span class=\"_ _38\"></span>portafoglio<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse2e\">HTCS.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse2f\">I derivati di questa tipologia presentano <span class=\"_ _1\"></span>un fair value negativo di 41.192 mila euro.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse30\">Sono <span class=\"_ _0\"></span>presenti <span class=\"_ _38\"></span>coperture <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>micro<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _0\"></span>hedge <span class=\"_ _38\"></span>su <span class=\"_ _0\"></span>titoli <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>fisso <span class=\"_ _38\"></span>detenuti <span class=\"_ _0\"></span>nel <span class=\"_ _38\"></span>portafoglio<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse31\">HTC.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse32\">I derivati di questa tipologia presentano <span class=\"_ _1\"></span>un fair value negativo di 293.917 mila euro.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse33\">Si <span class=\"_ _38\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>dottata <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>metodologia <span class=\"_ _38\"></span>contabile <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>macro <span class=\"_ _0\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _0\"></span>hedg<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>copertura <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>ri<span class=\"_ _2\"></span>schio <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse34\">tasso  associato  all\u2019er<span class=\"_ _1\"></span>ogazione  di  mutui  a  ta<span class=\"_ _1\"></span>sso  fisso  e  a  t<span class=\"_ _1\"></span>asso  variabile  con  o<span class=\"_ _1\"></span>pzione  \u201cCap\u201d.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse35\">L\u2019applicazione <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>metodologia <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>he<span class=\"_ _1\"></span>dge <span class=\"_ _38\"></span>accounting <span class=\"_ _38\"></span>conse<span class=\"_ _1\"></span>nte <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>rappresentare <span class=\"_ _38\"></span>contabilmente<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse36\">gli  effetti  economici  delle <span class=\"_ _35\"> </span>strategie  di  copertura  attuate.  I  de<span class=\"_ _2\"></span>rivati  di  copertura  relativi <span class=\"_ _35\"> </span>a  tale<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse37\">strategia presentano un fair value negativo di 133.540 mila euro.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse38\">Sono <span class=\"_ _38\"></span>presenti <span class=\"_ _38\"></span>coperture <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>micro<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>dge <span class=\"_ _1\"></span>su <span class=\"_ _38\"></span>titoli <span class=\"_ _38\"></span>emessi <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>tasso <span class=\"_ _38\"></span>fisso <span class=\"_ _38\"></span>contabilizzati <span class=\"_ _38\"></span>nei<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse39\">\u201ctitoli in circolazione\u201d.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse3a\">I derivati di questa tipologia presentano <span class=\"_ _1\"></span>un fair value negativo di 133.540 mila euro.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse3b\">Sono <span class=\"_ _35\"> </span>presenti <span class=\"_ _35\"> </span>coperture <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>macro <span class=\"_ _35\"> </span>cash <span class=\"_ _35\"> </span>flow <span class=\"_ _35\"> </span>hedge <span class=\"_ _35\"> </span>su <span class=\"_ _0\"></span>erogazione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>mutui <span class=\"_ _0\"> </span>a <span class=\"_ _35\"> </span>tasso <span class=\"_ _35\"> </span>variabile. <span class=\"_ _35\"> </span>I<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse3c\">derivati di copertura di questa tipologia presentano un fair <span class=\"_ _1\"></span>value negativo di 35.582 mila euro.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse3d\">Si <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>imanda <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>Sezione<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>arte <span class=\"_ _38\"></span>E <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>note <span class=\"_ _38\"></span>illustrative <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>descrizione <span class=\"_ _38\"></span>delle<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>modalit\u00e0 <span class=\"_ _38\"></span>della<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse3e\">copertura. </div>Sezione 10 \u2013 Fondi per rischi e oneri - Voce 100 10.1 F<span class=\"_ _3a1\"> </span>ondi per rischi e oner<span class=\"_ _1\"></span>i: composizione <table class=\"s w684 h246\" id=\"_d991ad14-4c6f-4287-aa05-d6d9e97ebfe0\"><tr><td class=\"t m2 x98d h12 y5bd3 ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Componenti </td><td class=\"c n x10f2 y5bd4 w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10f3 y5bd4 w696 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n xac6 y5bd5 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xac7 y5bd5 w685 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c x677 y5bd6 w1ad h11\"><div class=\"t m2 x0 h12 y3d4 ff4 fs7 fc1 sc0 ls0 ws0\">1. Fondi per rischio d<span class=\"_ _2\"></span>i credito relativo<span class=\"_ _2\"></span> a impegni e garanzie f<span class=\"_ _2\"></span>inanziarie </div></td><td></td><td class=\"t m2 xac8 h12 y5bd7 ff4 fs7 fc1 sc0 ls0 ws0\">4.509<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6e5 h12 y5bd7 ff4 fs7 fc1 sc0 ls0 ws0\">5.228<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5bd8 ff4 fs7 fc1 sc0 ls0 ws0\">rilasciate </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5ba3 wb33 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2. Fondi su altri impeg<span class=\"_ _2\"></span>ni e altre gara<span class=\"_ _2\"></span>nzie rilasciate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10f4 y5ba3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5bd9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5bda wb34 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">3. Fondi di quiescenza <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>ziendali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10f5 y5bda wb35 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.090<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x7b1 h12 y5bdb ff4 fs7 fc1 sc0 ls0 ws0\">1.194<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5bdc wb36 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Altri fondi per risc<span class=\"_ _2\"></span>hi ed oneri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10f6 y5bdc w472 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">235.292<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x666 h12 y5bdd ff4 fs7 fc1 sc0 ls0 ws0\">212.943<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5bcb wb37 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.1 controversie lega<span class=\"_ _2\"></span>li e fiscali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10f7 y5bcb wade h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">16.951<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x67a h12 y5bde ff4 fs7 fc1 sc0 ls0 ws0\">19.096<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5bab wb38 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.2 oneri per il perso<span class=\"_ _2\"></span>nale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10f8 y5bab wb39 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">133.395<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x676 h12 y5bdf ff4 fs7 fc1 sc0 ls0 ws0\">116.901<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5a1e wb3a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.3 altri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10f9 y5a1e wb3b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">84<span class=\"_ _2\"></span>.946<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x676 h12 y5be0 ff4 fs7 fc1 sc0 ls0 ws0\">76.946<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x10df h12 y5be1 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6b8 h12 y5be1 ff4 fs7 fc1 sc2 ls0 ws0\">240.891<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x666 h12 y5be1 ff4 fs7 fc1 sc2 ls0 ws0\">219.365<span class=\"_ _3a1\"> </span></td></tr></table>10.2 Fondi per<span class=\"_ _1\"></span> rischi e oneri: variazioni ann<span class=\"_ _1\"></span>ue <table class=\"s wb42 h248\" id=\"_718d8bf3-9b65-4faf-ae9f-da8ffb32ae51\"><tr><td></td><td class=\"t m2 xf36 h12 y5bea ff4 fs7 fc4 sc3 ls0 ws0\">Fondi su altri </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x10ff h12 y5beb ff4 fs7 fc4 sc3 ls0 ws0\">impegni e altre </td><td class=\"t m2 x66d h12 y5beb ff4 fs7 fc4 sc3 ls0 ws0\">Fondi di </td><td class=\"t m2 x675 h12 y5beb ff4 fs7 fc4 sc3 ls0 ws0\">Altri fondi per </td><td class=\"t m2 x1100 h12 y5bec ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td></tr><tr><td></td><td class=\"t m2 x698 h12 y5bed ff4 fs7 fc4 sc3 ls0 ws0\">garanzie </td><td class=\"t m2 x6c3 h12 y5bed ff4 fs7 fc4 sc3 ls0 ws0\">quiescenza </td><td class=\"t m2 x6a1 h12 y5bed ff4 fs7 fc4 sc3 ls0 ws0\">rischi ed oneri </td><td></td></tr><tr><td></td><td class=\"t m2 x989 h12 y5bee ff4 fs7 fc4 sc3 ls0 ws0\">rilasciate </td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5bef w946 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">A. Esistenze iniziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1101 y5bef wb43 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">5.228<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6d0 h12 y5bf0 ff4 fs7 fc1 sc2 ls0 ws0\">1.194<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1002 h12 y5bf0 ff4 fs7 fc1 sc2 ls0 ws0\">212.943<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y5bf0 ff4 fs7 fc1 sc2 ls0 ws0\">219.365<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5481 w948 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">B. Aumenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1102 y5481 wb44 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">336<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6c9 h12 y5bf1 ff4 fs7 fc1 sc2 ls0 ws0\">43<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdbb h12 y5bf1 ff4 fs7 fc1 sc2 ls0 ws0\">118.184<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y5bf1 ff4 fs7 fc1 sc2 ls0 ws0\">118.563<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y55a8 wb45 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Accantonamento <span class=\"_ _2\"></span>dell'esercizio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1103 y55a8 wb44 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">336<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6c9 h12 y5bf2 ff4 fs7 fc1 sc0 ls0 ws0\">33<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1104 h12 y5bf2 ff4 fs7 fc1 sc0 ls0 ws0\">116.202<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y5bf2 ff4 fs7 fc1 sc0 ls0 ws0\">116.571<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5531 wb46 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Variazioni dovute <span class=\"_ _2\"></span>al passare del t<span class=\"_ _2\"></span>empo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1105 y5531 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x74e h12 y5bf3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1106 h12 y5bf3 ff4 fs7 fc1 sc0 ls0 ws0\">1.368<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x738 h12 y5bf3 ff4 fs7 fc1 sc0 ls0 ws0\">1.368<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5533 wb47 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Variazioni dovute a m<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>difiche de<span class=\"_ _2\"></span>l tasso di sconto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1107 y5533 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x74e h12 y5bf4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a2 h12 y5bf4 ff4 fs7 fc1 sc0 ls0 ws0\">401<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x73d h12 y5bf4 ff4 fs7 fc1 sc0 ls0 ws0\">401<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5485 wb48 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1108 y5485 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b5 h12 y5bf5 ff4 fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a2 h12 y5bf5 ff4 fs7 fc1 sc0 ls0 ws0\">213<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e8 h12 y5bf5 ff4 fs7 fc1 sc0 ls0 ws0\">223<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y5486 w94b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione a<span class=\"_ _2\"></span>ziendale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1109 y5486 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x74e h12 y5bf6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y5bf6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5bf6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5537 w951 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">C. Diminuzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x110a y5537 wb49 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1.055<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75e h12 y5bf7 ff4 fs7 fc1 sc2 ls0 ws0\">147<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdbb h12 y5bf7 ff4 fs7 fc1 sc2 ls0 ws0\">95.835<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y5bf7 ff4 fs7 fc1 sc2 ls0 ws0\">97.037<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y55bc wb4a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Utilizzo nell'eserciz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x110b y55bc wb49 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.055<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b5 h12 y5bf8 ff4 fs7 fc1 sc0 ls0 ws0\">91<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b0 h12 y5bf8 ff4 fs7 fc1 sc0 ls0 ws0\">95.271<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y5bf8 ff4 fs7 fc1 sc0 ls0 ws0\">96.417<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5513 wb4b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Variazioni dovute<span class=\"_ _2\"></span> a modifiche del tass<span class=\"_ _2\"></span>o di sconto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x110c y5513 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x74e h12 y5bf9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x685 h12 y5bf9 ff4 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf18 h12 y5bf9 ff4 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5515 wb4c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Altre variazion<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x110d y5515 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6c9 h12 y5bfa ff4 fs7 fc1 sc0 ls0 ws0\">56<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y5bfa ff4 fs7 fc1 sc0 ls0 ws0\">562<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x73d h12 y5bfa ff4 fs7 fc1 sc0 ls0 ws0\">618<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y54b0 w94b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione a<span class=\"_ _2\"></span>ziendale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1109 y54b0 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x74e h12 y5bfb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y5bfb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5bfb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54f9 w959 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D. Rimanenze finali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x110e y54f9 w46c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4.509<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x679 h12 y5bfc ff4 fs7 fc1 sc2 ls0 ws0\">1.090<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xff2 h12 y5bfc ff4 fs7 fc1 sc2 ls0 ws0\">235.292<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y5bfc ff4 fs7 fc1 sc2 ls0 ws0\">240.891<span class=\"_ _3a1\"> </span></td></tr></table>10.3 Fondi per <span class=\"_ _1\"></span>rischio di credito relat<span class=\"_ _1\"></span>ivo a impegni e <span class=\"_ _1\"></span>garanzie finanziarie <span class=\"_ _1\"></span>rilasciate <table class=\"s wb3c h247\" id=\"_c03936f8-833b-4170-abfc-3f364378654e\"><tr><td></td><td></td><td class=\"t m2 x6a5 h12 y5be2 ff4 fs7 fc4 sc3 ls0 ws0\">Fondi per rischio di credito relativo a<span class=\"_ _2\"></span> impegni e garanzie finanziarie rilasciate<span class=\"_ _2\"></span> </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x69a h12 y5be3 ff4 fs7 fc4 sc3 ls0 ws0\">Impaired </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c n x10fa y5be4 wb3d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Primo stadio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10fb y5be4 wb3e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Secondo<span class=\"_ _1\"></span> stadio</div></td><td class=\"t m2 x66d h12 y5be5 ff4 fs7 fc4 sc3 ls0 ws0\">Terzo stadio </td><td class=\"t m2 x714 h12 y5be5 ff4 fs7 fc4 sc3 ls0 ws0\">acquisiti/e o </td><td class=\"t m2 x6a3 h12 y5be5 ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td></tr><tr><td></td><td></td><td class=\"t m2 x7a9 h12 y5be6 ff4 fs7 fc4 sc3 ls0 ws0\">originati/e </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y56b9 wb3f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Impegni a erogare f<span class=\"_ _2\"></span>ondi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10fc y56b9 wb40 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.181<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6c8 h12 y5be7 ff4 fs7 fc1 sc0 ls0 ws0\">686<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x754 h12 y5be7 ff4 fs7 fc1 sc0 ls0 ws0\">18<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y5be7 ff4 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x738 h12 y5be7 ff4 fs7 fc1 sc0 ls0 ws0\">2.891<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54b0 wb41 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Garanzie finanziarie r<span class=\"_ _2\"></span>ilasciate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10fd y54b0 wa1e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">108<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6c8 h12 y5be8 ff4 fs7 fc1 sc0 ls0 ws0\">369<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75e h12 y5be8 ff4 fs7 fc1 sc0 ls0 ws0\">1.029<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y5be8 ff4 fs7 fc1 sc0 ls0 ws0\">112<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5be8 ff4 fs7 fc1 sc0 ls0 ws0\">1.618<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 xf91 h12 y5be9 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1012 h12 y5be9 ff4 fs7 fc1 sc2 ls0 ws0\">2.289<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10fe h12 y5be9 ff4 fs7 fc1 sc2 ls0 ws0\">1.055<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75e h12 y5be9 ff4 fs7 fc1 sc2 ls0 ws0\">1.047<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y5be9 ff4 fs7 fc1 sc2 ls0 ws0\">118<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e5 h12 y5be9 ff4 fs7 fc1 sc2 ls0 ws0\">4.509<span class=\"_ _3a1\"> </span></td></tr></table><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsee1\">10.6 Fondi per r<span class=\"_ _1\"></span>ischi e oneri: altri fon<span class=\"_ _1\"></span>di  </div><div class=\"gsee2\"><table class=\"s wb5d h24b\" id=\"_a059dc76-fb1d-4066-ae93-ce19f1ba02f2\"><tr><td></td><td></td><td></td><td class=\"t m2 x776 h12 y5c01 ff4 fs7 fc4 sc3 ls0 ws0\">Totale <span class=\"_ _14e\"> </span>T<span class=\"_ _1\"></span>otale </td></tr><tr><td></td><td></td><td class=\"c n x731 y5c02 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x732 y5c02 w68d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5539 wb5e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A fronte di garanzie ed impegni:<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1125 y5539 w7aa h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">4.469<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x780 h12 y5c03 ff4 fs7 fc1 sc2 ls0 ws0\">5.207<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5513 wb5f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A fronte di altri diversi rischi ed oneri:<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1126 y5513 wb60 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">235.332<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x666 h12 y5c04 ff4 fs7 fc1 sc2 ls0 ws0\">212.964<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y54ae wb61 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">- per cause legali in co<span class=\"_ _2\"></span>rso e contenzioso dive<span class=\"_ _2\"></span>rso<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1127 y54ae wb62 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">67.758<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67a h12 y5c05 ff4 fs7 fc1 sc0 ls0 ws0\">69.401<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y54b0 wb63 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">- per oneri finanziari d<span class=\"_ _2\"></span>iversi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1128 y54b0 w6a9 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">167.574<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x666 h12 y5c06 ff4 fs7 fc1 sc0 ls0 ws0\">143.563<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x6e7 h12 y5c07 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd2 h12 y5c07 ff4 fs7 fc1 sc2 ls0 ws0\">239.801<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y5c07 ff4 fs7 fc1 sc2 ls0 ws0\">218.171<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsee3\">Il Gruppo, nel normale svolgimento de<span class=\"_ _1\"></span>lla propria attivit\u00e0 d\u2019impresa, \u00e8 parte di diversi procedimenti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsee4\">giudiziari <span class=\"_ _0\"></span>dai <span class=\"_ _38\"></span>qua<span class=\"_ _1\"></span>li <span class=\"_ _0\"></span>potrebbero <span class=\"_ _0\"></span>anche <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>erivare <span class=\"_ _0\"></span>obblighi <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>nat<span class=\"_ _1\"></span>ura <span class=\"_ _0\"></span>risarcitoria <span class=\"_ _0\"></span>e/o <span class=\"_ _0\"></span>restitutoria, <span class=\"_ _38\"></span>con </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsee5\">conseguente possibile esborso di risorse economiche (c.d. rischio legale). Tutte le controversie in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsee6\">essere <span class=\"_ _35\"> </span>sono <span class=\"_ _35\"> </span>state <span class=\"_ _0\"></span>debitam<span class=\"_ _1\"></span>ente <span class=\"_ _35\"> </span>analizzate <span class=\"_ _35\"> </span>dal<span class=\"_ _2\"></span>la <span class=\"_ _35\"> </span>Banca <span class=\"_ _35\"> </span>e, <span class=\"_ _0\"></span>alla <span class=\"_ _35\"> </span>luce <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>tale <span class=\"_ _35\"> </span>analisi, <span class=\"_ _0\"></span>nonch\u00e9 <span class=\"_ _35\"> </span>delle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsee7\">indicazioni <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>pr<span class=\"_ _1\"></span>ovenienti <span class=\"_ _37\"> </span>dai <span class=\"_ _36\"> </span>Legali <span class=\"_ _37\"> </span>Fiduciari <span class=\"_ _36\"> </span>esterni, <span class=\"_ _36\"> </span>sono <span class=\"_ _37\"> </span>stati <span class=\"_ _36\"> </span>effettuati, <span class=\"_ _37\"> </span>ove <span class=\"_ _36\"> </span>ritenuto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsee8\">necessario, accan<span class=\"_ _2\"></span>tonamenti a <span class=\"_ _3b\"></span>bilanci<span class=\"_ _2\"></span>o n<span class=\"_ _2\"></span>ella <span class=\"_ _2\"></span>misura i<span class=\"_ _2\"></span>donea ed <span class=\"_ _3b\"></span>appropriata <span class=\"_ _3b\"></span>alle singole <span class=\"_ _3b\"></span>circostanze. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsee9\">Pi\u00f9 <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>icolare <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>stituito <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>fond<span class=\"_ _2\"></span>o <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>ed <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>neri <span class=\"_ _38\"></span>diversi <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>presidio <span class=\"_ _0\"></span>delle <span class=\"_ _1\"></span>potenziali <span class=\"_ _38\"></span>pass<span class=\"_ _1\"></span>ivit\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gseea\">che potrebbero scaturire dalle cause pe<span class=\"_ _1\"></span>ndenti. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gseeb\">La <span class=\"_ _37\"> </span>maggior <span class=\"_ _36\"> </span>parte <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>tali <span class=\"_ _36\"> </span>controversie <span class=\"_ _37\"> </span>sono <span class=\"_ _36\"> </span>riconducibili <span class=\"_ _3d\"> </span>a<span class=\"_ _1\"></span>lle <span class=\"_ _36\"> </span>principali <span class=\"_ _37\"> </span>attivit\u00e0 <span class=\"_ _36\"> </span>del <span class=\"_ _37\"> </span>Gr<span class=\"_ _1\"></span>uppo <span class=\"_ _37\"> </span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gseec\">riguardano, in particolare, le aree dei servizi di investimento, dell\u2019anatocismo e fiscali. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gseed\">Di <span class=\"_ _3f\"> </span>rilevanza <span class=\"_ _39\"> </span>minore <span class=\"_ _3f\"> </span>sono <span class=\"_ _3f\"> </span>le <span class=\"_ _39\"> </span>controversie <span class=\"_ _3f\"> </span>relative <span class=\"_ _3f\"> </span>all\u2019ambi<span class=\"_ _2\"></span>to <span class=\"_ _3f\"> </span>immobiliare, <span class=\"_ _3f\"> </span>amministrativo <span class=\"_ _39\"> </span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gseee\">all\u2019operativit\u00e0 di sportello. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gseef\">Si for<span class=\"_ _1\"></span>nisce <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>seguito <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>descr<span class=\"_ _1\"></span>izione <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>principali <span class=\"_ _1\"></span>classi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>passivit\u00e0 <span class=\"_ _1\"></span>pote<span class=\"_ _1\"></span>nziali che, <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>caso <span class=\"_ _1\"></span>in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsef0\">cui <span class=\"_ _2\"></span>la relativa <span class=\"_ _3b\"></span>pas<span class=\"_ _1\"></span>sivit\u00e0 <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ia s<span class=\"_ _2\"></span>tata <span class=\"_ _2\"></span>giudicata probabil<span class=\"_ _2\"></span>e, hanno <span class=\"_ _3b\"></span>dato<span class=\"_ _1\"></span> l<span class=\"_ _3b\"></span>uogo ad acc<span class=\"_ _2\"></span>antonamenti agli <span class=\"_ _3b\"></span>altri </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsef1\">fondi per rischi ed oneri. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsef2\">Contenzioso <span class=\"_ _36\"> </span>lavoristico:</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsef3\"> <span class=\"_ _36\"> </span>Contenzioso <span class=\"_ _37\"> </span>lavorist<span class=\"_ _1\"></span>ico: <span class=\"_ _36\"> </span>i <span class=\"_ _37\"> </span>rischi <span class=\"_ _36\"> </span>connessi <span class=\"_ _36\"> </span>al <span class=\"_ _37\"> </span>cont<span class=\"_ _1\"></span>enzioso</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsef4\"> <span class=\"_ _36\"> </span>lavoristico<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsef5\">vengono <span class=\"_ _3b\"></span>valutati <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>rimestralmente <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>base <span class=\"_ _2\"></span>a <span class=\"_ _3b\"></span>flussi <span class=\"_ _3b\"></span>delle caus<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>(nuove, <span class=\"_ _3b\"></span>chiuse, <span class=\"_ _2\"></span>andamento <span class=\"_ _3b\"></span>ne<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>diversi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsef6\">gradi di giudizio) e conseguentemente vengono <span class=\"_ _1\"></span>aggiornati i relativi accantonamenti. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsef7\">Revocatorie  Fallimentari: </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsef8\">si <span class=\"_ _35\"> </span>tratta  di <span class=\"_ _35\"> </span>controversie <span class=\"_ _35\"> </span>nelle <span class=\"_ _35\"> </span>quali <span class=\"_ _35\"> </span>la  Banca <span class=\"_ _35\"> </span>pu\u00f2 <span class=\"_ _35\"> </span>essere </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsef9\">coinvolta <span class=\"_ _35\"> </span>in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsefa\">ragione del norm<span class=\"_ _1\"></span>ale svolgimento della propria attivit\u00e0 d\u2019impresa quando client<span class=\"_ _1\"></span>i assoggettabili alla </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsefb\">Liquidazione <span class=\"_ _0\"></span>Giudiziale <span class=\"_ _35\"> </span>dispongono <span class=\"_ _0\"></span>pagamenti <span class=\"_ _0\"> </span>in <span class=\"_ _35\"> </span>favore <span class=\"_ _0\"></span>della <span class=\"_ _0\"> </span>B<span class=\"_ _1\"></span>anca, <span class=\"_ _0\"></span>effettuano <span class=\"_ _35\"> </span>rimesse <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>un </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsefc\">conto <span class=\"_ _39\"> </span>corrente <span class=\"_ _39\"> </span>bancario <span class=\"_ _39\"> </span>in <span class=\"_ _36\"> </span>un <span class=\"_ _39\"> </span>arco <span class=\"_ _39\"> </span>temporale <span class=\"_ _39\"> </span>prossimo <span class=\"_ _39\"> </span>alla <span class=\"_ _36\"> </span>dichiarazione <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>Liquidazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsefd\">Giudiziale. L'azione revocatoria \u00e8 uno strumento utilizzabile dal curat<span class=\"_ _1\"></span>ore fallimentare allo scopo di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsefe\">ricostituire <span class=\"_ _37\"> </span>il <span class=\"_ _37\"> </span>patrimonio <span class=\"_ _36\"> </span>del <span class=\"_ _37\"> </span>fallito <span class=\"_ _3d\"> </span>des<span class=\"_ _1\"></span>tinato <span class=\"_ _37\"> </span>alla <span class=\"_ _37\"> </span>soddisfazione <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>suoi <span class=\"_ _37\"> </span>creditori, <span class=\"_ _37\"> </span>facendovi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gseff\">rientrare q<span class=\"_ _2\"></span>uanto n<span class=\"_ _2\"></span>e era <span class=\"_ _3b\"></span>uscito n<span class=\"_ _2\"></span>el <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span>iodo <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>ntecedente alla <span class=\"_ _3b\"></span>dichiarazione d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>Liquidazione <span class=\"_ _2\"></span>Giudiziale </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf00\">(il <span class=\"_ _1\"></span>cosiddett<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>periodo <span class=\"_ _1\"></span>sos<span class=\"_ _1\"></span>petto).<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf01\">Il <span class=\"_ _1\"></span>grup<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf02\">po <span class=\"_ _38\"></span>procede <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>una <span class=\"_ _1\"></span>valutazione <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>singole <span class=\"_ _38\"></span>posizioni <span class=\"_ _1\"></span>caso </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf03\">per <span class=\"_ _38\"></span>caso, <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>fatto <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>diritto, <span class=\"_ _38\"></span>prestando <span class=\"_ _38\"></span>particolare <span class=\"_ _38\"></span>attenzione <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>dato <span class=\"_ _38\"></span>documentale/<span class=\"_ _1\"></span>fattuale. <span class=\"_ _1\"></span>Per </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf04\">effetto <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>detta <span class=\"_ _0\"></span>anali<span class=\"_ _2\"></span>si, <span class=\"_ _0\"></span>ove <span class=\"_ _0\"></span>opp<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>rtuno, <span class=\"_ _0\"></span>vengono <span class=\"_ _0\"></span>pertanto <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>volta <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>volta <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>isposti <span class=\"_ _0\"></span>(e <span class=\"_ _0\"></span>tempo <span class=\"_ _38\"></span>per </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf05\">tempo <span class=\"_ _1\"></span>modificati, o<span class=\"_ _1\"></span>ve <span class=\"_ _1\"></span>necessario) <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>accantonamenti <span class=\"_ _1\"></span>ritenuti <span class=\"_ _1\"></span>congrui <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>lazione <span class=\"_ _1\"></span>alle <span class=\"_ _1\"></span>specifiche </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf06\">circostanze <span class=\"_ _37\"> </span>della <span class=\"_ _3d\"> </span>fattis<span class=\"_ _1\"></span>pecie <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>same. <span class=\"_ _3d\"> </span>Tutt<span class=\"_ _1\"></span>e <span class=\"_ _3d\"> </span>le <span class=\"_ _37\"> </span>cause <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>m<span class=\"_ _1\"></span>ateria <span class=\"_ _3d\"> </span>sono <span class=\"_ _37\"> </span>oggetto <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>cost<span class=\"_ _1\"></span>ante </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf07\">monitoraggio <span class=\"_ _48\"> </span>e <span class=\"_ _48\"> </span>i <span class=\"_ _3a\"> </span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _48\"> </span>che <span class=\"_ _3a\"> </span>ne <span class=\"_ _48\"> </span>derivano, <span class=\"_ _48\"> </span>ove <span class=\"_ _48\"> </span>opportuno, <span class=\"_ _3a\"> </span>so<span class=\"_ _1\"></span>no <span class=\"_ _48\"> </span>fronteggiati <span class=\"_ _48\"> </span>da <span class=\"_ _3a\"> </span>appositi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf08\">accantonamenti al Fondo rischi ed oneri diversi, in applicazione di quanto previsto<span class=\"_ _1\"></span> dallo IAS 37. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsf09\">Malversazioni: </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf0a\">si <span class=\"_ _0\"></span>tratta <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>controversie <span class=\"_ _0\"></span>nelle <span class=\"_ _35\"> </span>quali<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _0\"></span>pu\u00f2 <span class=\"_ _35\"> </span>essere</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf0b\"> <span class=\"_ _0\"></span>coinvolta <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>ragione <span class=\"_ _0\"></span>del </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf0c\">normale <span class=\"_ _35\"> </span>svolgimento <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>propria <span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _35\"> </span>d\u2019impresa, <span class=\"_ _35\"> </span>vi <span class=\"_ _0\"></span>so<span class=\"_ _1\"></span>no <span class=\"_ _0\"></span>alcuni <span class=\"_ _35\"> </span>reclami <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>alcune <span class=\"_ _35\"> </span>vertenze<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf0d\">giudiziali derivanti da <span class=\"_ _2\"></span>comportament<span class=\"_ _1\"></span>i anomali posti in <span class=\"_ _2\"></span>essere da di<span class=\"_ _2\"></span>pendenti o consulenti finanziari </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf0e\">nello <span class=\"_ _48\"> </span>svolgimento <span class=\"_ _48\"> </span>d<span class=\"_ _2\"></span>elle <span class=\"_ _48\"> </span>mansioni <span class=\"_ _3a\"> </span>loro<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>affidate <span class=\"_ _3a\"> </span>o <span class=\"_ _48\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _48\"> </span>espletata, <span class=\"_ _48\"> </span>con<span class=\"_ _3b\"></span> <span class=\"_ _48\"> </span>conseguenti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf0f\">contestazioni <span class=\"_ _35\"> </span>da <span class=\"_ _0\"></span>parte <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>cli<span class=\"_ _2\"></span>entela <span class=\"_ _35\"> </span>nei <span class=\"_ _0\"></span>confront<span class=\"_ _1\"></span>i <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>Gruppo <span class=\"_ _35\"> </span>stesso, <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>pu<span class=\"_ _2\"></span>\u00f2 <span class=\"_ _35\"> </span>eventualment<span class=\"_ _3b\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf10\">essere ritenuta responsabile di tali comport<span class=\"_ _1\"></span>amenti.<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf11\">Il <span class=\"_ _35\"> </span>grup<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf12\">po <span class=\"_ _35\"> </span>procede <span class=\"_ _35\"> </span>a <span class=\"_ _0\"> </span>una <span class=\"_ _35\"> </span>valutazione <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>singole <span class=\"_ _35\"> </span>posizioni<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>pe<span class=\"_ _2\"></span>r <span class=\"_ _35\"> </span>caso, <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>fatto <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>ritto, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf13\">prestando particolare attenzione al dato documenta<span class=\"_ _1\"></span>le/fattuale. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf14\">Per effetto di d<span class=\"_ _2\"></span>etta analisi, ove op<span class=\"_ _2\"></span>portuno, vengono pertanto di volta i<span class=\"_ _2\"></span>n volta disposti (e<span class=\"_ _2\"></span> tempo pe<span class=\"_ _3b\"></span>r </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf15\">tempo <span class=\"_ _1\"></span>modificati, o<span class=\"_ _1\"></span>ve <span class=\"_ _1\"></span>necessario) <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>accantonamenti <span class=\"_ _1\"></span>ritenuti <span class=\"_ _1\"></span>congrui <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>lazione <span class=\"_ _1\"></span>alle <span class=\"_ _1\"></span>specifiche </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf16\">circostanze della fattispecie in esame. </div>Contenzioso <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>materia <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>anatocismo: tutte le <span class=\"_ _0\"></span>cause <span class=\"_ _35\"> </span>in<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>materia <span class=\"_ _35\"> </span>- <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>volte <span class=\"_ _35\"> </span>comprendenti <span class=\"_ _0\"></span>anche contestazioni <span class=\"_ _39\"> </span>relative <span class=\"_ _36\"> </span>al <span class=\"_ _39\"> </span>superamento <span class=\"_ _36\"> </span>del <span class=\"_ _36\"> </span>Tass<span class=\"_ _1\"></span>o <span class=\"_ _36\"> </span>Soglia <span class=\"_ _39\"> </span>Usura <span class=\"_ _36\"> </span>\u2013 <span class=\"_ _36\"> </span>sono <span class=\"_ _39\"> </span>oggetto <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>costante monitoraggio <span class=\"_ _48\"> </span>e <span class=\"_ _48\"> </span>i <span class=\"_ _3a\"> </span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _48\"> </span>che <span class=\"_ _3a\"> </span>ne <span class=\"_ _48\"> </span>derivano, <span class=\"_ _48\"> </span>ove <span class=\"_ _48\"> </span>opportuno, <span class=\"_ _3a\"> </span>so<span class=\"_ _1\"></span>no <span class=\"_ _48\"> </span>fronteggiati <span class=\"_ _48\"> </span>da <span class=\"_ _3a\"> </span>appositi accantonamenti al Fondo rischi ed oneri diversi, in applicazione di quanto previsto<span class=\"_ _1\"></span> dallo IAS 37. Contenzioso  i<span class=\"_ _2\"></span>n <span class=\"_ _35\"> </span>materia  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>servizi <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>invest<span class=\"_ _1\"></span>imento: quanto <span class=\"_ _35\"> </span>alle <span class=\"_ _0\"></span>contr<span class=\"_ _1\"></span>oversie <span class=\"_ _35\"> </span>giudiziali <span class=\"_ _35\"> </span>aventi <span class=\"_ _35\"> </span>ad oggetto <span class=\"_ _1\"></span>servizi <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>investimento <span class=\"_ _38\"></span>\u2013 <span class=\"_ _1\"></span>bond <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>default, <span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>ivati, <span class=\"_ _1\"></span>ecc. <span class=\"_ _38\"></span>\u2013 <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>policy <span class=\"_ _1\"></span>adott<span class=\"_ _1\"></span>ata <span class=\"_ _1\"></span>dalla <span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>anca <span class=\"_ _1\"></span>in materia \u00e8<span class=\"_ _1\"></span> quella <span class=\"_ _1\"></span>di proceder<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>ad una valutazione <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>singole <span class=\"_ _1\"></span>posizioni caso <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>caso, <span class=\"_ _1\"></span>prestando particolare <span class=\"_ _36\"> </span>attenzione <span class=\"_ _36\"> </span>al <span class=\"_ _39\"> </span>dato <span class=\"_ _36\"> </span>documentale <span class=\"_ _36\"> </span>e <span class=\"_ _39\"> </span>al <span class=\"_ _36\"> </span>profilo <span class=\"_ _36\"> </span>dell\u2019adeguatezza <span class=\"_ _36\"> </span>degli <span class=\"_ _36\"> </span>investime<span class=\"_ _1\"></span>nti contestati rispetto <span class=\"_ _3b\"></span>alla posizione <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lla sin<span class=\"_ _2\"></span>gola controparte.<span class=\"_ _2\"></span> Per <span class=\"_ _3b\"></span>effetto di <span class=\"_ _2\"></span>detta <span class=\"_ _2\"></span>analisi, <span class=\"_ _2\"></span>ove rit<span class=\"_ _2\"></span>enuto necessario,  vengono  pertanto <span class=\"_ _35\"> </span>di  volta  i<span class=\"_ _2\"></span>n  volta <span class=\"_ _35\"> </span>disposti  gli  accantonamenti  ritenuti  congrui<span class=\"_ _2\"></span>  in<span class=\"_ _2\"></span> relazione alle specifiche circostanze. Reclami <span class=\"_ _36\"> </span>formulati <span class=\"_ _37\"> </span>dalla <span class=\"_ _36\"> </span>clientela: <span class=\"_ _37\"> </span>con <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>iferimento <span class=\"_ _37\"> </span>alle <span class=\"_ _36\"> </span>contestazioni <span class=\"_ _37\"> </span>avanzate <span class=\"_ _37\"> </span>dalla <span class=\"_ _36\"> </span>cliente<span class=\"_ _3a1\"> </span>la vengono effettuati gli opportuni accantonamenti; in particolare<span class=\"_ _1\"></span>, nel caso in cui il danno lamentato<span class=\"_ _2\"></span> sia <span class=\"_ _2\"></span>superiore a <span class=\"_ _3b\"></span>una <span class=\"_ _3b\"></span>pre<span class=\"_ _1\"></span>determinata <span class=\"_ _3b\"></span>soglia di <span class=\"_ _3b\"></span>rilevanza <span class=\"_ _2\"></span>(ad oggi <span class=\"_ _3b\"></span>fis<span class=\"_ _1\"></span>sata in <span class=\"_ _3b\"></span>25 <span class=\"_ _2\"></span>mila <span class=\"_ _3b\"></span>euro), la <span class=\"_ _3b\"></span>previsione di  perdita <span class=\"_ _3d\"> </span>\u00e8  fatta <span class=\"_ _3d\"> </span>analiticamente. <span class=\"_ _3d\"> </span>Qualora  il <span class=\"_ _3d\"> </span>danno  lamentato <span class=\"_ _3d\"> </span>sia,  invece, <span class=\"_ _3d\"> </span>entro  detta  s<span class=\"_ _1\"></span>oglia, l\u2019accantonamento <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3b\"></span>determinato <span class=\"_ _3b\"></span>applicando <span class=\"_ _2\"></span>una <span class=\"_ _3b\"></span>percentuale forf<span class=\"_ _2\"></span>ettaria/statistica <span class=\"_ _2\"></span>stabilita <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>base alla <span class=\"_ _0\"></span>media <span class=\"_ _35\"> </span>delle<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>perdite <span class=\"_ _0\"></span>effettivamente <span class=\"_ _0\"></span>subite <span class=\"_ _35\"> </span>sul <span class=\"_ _0\"></span>totale <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>reclami <span class=\"_ _0\"></span>analoghi <span class=\"_ _0\"></span>ricevuti <span class=\"_ _0\"> </span>ne<span class=\"_ _1\"></span>gli <span class=\"_ _0\"></span>anni precedenti. Contenzioso fiscale I rischi <span class=\"_ _1\"></span>derivanti dal <span class=\"_ _1\"></span>contenzioso <span class=\"_ _1\"></span>fiscale del <span class=\"_ _1\"></span>Gruppo sono presidiati <span class=\"_ _1\"></span>da adeguati <span class=\"_ _1\"></span>accantonamenti a fondi per rischi e oneri.  Con <span class=\"_ _3b\"></span>riguardo <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>lla <span class=\"_ _3b\"></span>capogruppo, <span class=\"_ _3b\"></span>sono in <span class=\"_ _184\"></span>es<span class=\"_ _1\"></span>sere <span class=\"_ _3b\"></span>11 p<span class=\"_ _2\"></span>rocedimenti <span class=\"_ _3b\"></span>contenziosi, <span class=\"_ _2\"></span>afferenti <span class=\"_ _3b\"></span>principalmente a <span class=\"_ _1\"></span>tributi <span class=\"_ _1\"></span>locali <span class=\"_ _38\"></span>o <span class=\"_ _1\"></span>conseguenti <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>dinieghi <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>istanze <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rimborso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>imposte <span class=\"_ _38\"></span>presentate <span class=\"_ _1\"></span>dalla <span class=\"_ _38\"></span>banca. Relativamente a tali contenziosi <span class=\"_ _3b\"></span>non sono emersi rischi effettivi o<span class=\"_ _2\"></span> quanto meno il ri<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>chio stimato \u00e8<span class=\"_ _2\"></span> apparso remoto. Per questa ragione non sono stati e<span class=\"_ _1\"></span>ffettuati accantonamenti specifici.  Per Credemleasing pendono 30 <span class=\"_ _3b\"></span>proce<span class=\"_ _1\"></span>dimenti contenziosi, preval<span class=\"_ _2\"></span>entemente relativi a tributi <span class=\"_ _2\"></span>locali. Piano di remuner<span class=\"_ _1\"></span>azione variabile del pers<span class=\"_ _1\"></span>onale Trattasi <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>stime <span class=\"_ _0\"></span>sul <span class=\"_ _0\"> </span>costo<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>personale <span class=\"_ _35\"> </span>dipendente <span class=\"_ _0\"></span>re<span class=\"_ _3a1\"> </span>lative <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>Sistema <span class=\"_ _0\"></span>Premiante <span class=\"_ _0\"></span>(SISPRE) definito <span class=\"_ _35\"> </span>dal  Grup<span class=\"_ _2\"></span>po <span class=\"_ _35\"> </span>nel  merito <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>proprio <span class=\"_ _35\"> </span>piano  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>remunerazione  annu<span class=\"_ _2\"></span>ale. <span class=\"_ _35\"> </span>Il <span class=\"_ _35\"> </span>Gr<span class=\"_ _1\"></span>uppo <span class=\"_ _35\"> </span>Credem prevede <span class=\"_ _3f\"> </span>l\u2019erogazione <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>un <span class=\"_ _39\"> </span>pr<span class=\"_ _1\"></span>emio <span class=\"_ _39\"> </span>di <span class=\"_ _3f\"> </span>performance <span class=\"_ _39\"> </span>per <span class=\"_ _3f\"> </span>i <span class=\"_ _39\"> </span>propri <span class=\"_ _39\"> </span>dipendenti <span class=\"_ _39\"> </span>s<span class=\"_ _1\"></span>ulla <span class=\"_ _39\"> </span>base <span class=\"_ _3f\"> </span>del raggiungimento,  in  tutto  o<span class=\"_ _3b\"></span>  in  parte,  degli  obi<span class=\"_ _2\"></span>ettivi  di ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-807": {
   "value": "A.3 <span class=\"_ _115\"> </span>INFORMATIVA <span class=\"_ _13c\"> </span>SUI <span class=\"_ _115\"> </span>TRASFERIMENTI <span class=\"_ _13c\"> </span>TRA<span class=\"_ _1\"></span> <span class=\"_ _13c\"> </span>PORTAFOGLI<span class=\"_ _1\"></span> <span class=\"_ _13c\"> </span>DI <span class=\"_ _115\"> </span>ATTIVITA\u2019<span class=\"_ _3a1\"> </span>FINA<span class=\"_ _3a1\"> </span>NZIARIE<span class=\"_ _3a1\"> </span>Successivamente <span class=\"_ _35\"> </span>all\u2019adozione <span class=\"_ _0\"></span>dell\u2019IFRS <span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>, <span class=\"_ _0\"> </span>il <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _0\"> </span>Cr<span class=\"_ _1\"></span>edem <span class=\"_ _35\"> </span>non <span class=\"_ _0\"></span>ha <span class=\"_ _35\"> </span>effettuato <span class=\"_ _0\"></span>cambiament<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>di busine<span class=\"_ _3a1\"> </span>ss  model  per  la  gestione <span class=\"_ _3d\"> </span>delle  proprie  attivit\u00e0  finanziarie  e,  quindi,  non  sono  avvenuti trasferimenti <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>portafogli <span class=\"_ _1\"></span>di at<span class=\"_ _1\"></span>tivit\u00e0 finanziarie. <span class=\"_ _1\"></span>Le <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>gole <span class=\"_ _1\"></span>generali pre<span class=\"_ _1\"></span>viste <span class=\"_ _1\"></span>dall\u2019IFRS 9 <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>materia di  riclassificazione <span class=\"_ _3d\"> </span>delle <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie  (ad <span class=\"_ _3d\"> </span>eccezione <span class=\"_ _3d\"> </span>dei  titoli <span class=\"_ _3d\"> </span>di  capitale, <span class=\"_ _3d\"> </span>per  cui <span class=\"_ _3d\"> </span>non  \u00e8 ammessa <span class=\"_ _3f\"> </span>alcuna <span class=\"_ _3f\"> </span>r<span class=\"_ _1\"></span>iclassifica) <span class=\"_ _3f\"> </span>non <span class=\"_ _3f\"> </span>prevedono <span class=\"_ _3f\"> </span>riclass<span class=\"_ _1\"></span>ifiche <span class=\"_ _3f\"> </span>verso <span class=\"_ _3f\"> </span>altre <span class=\"_ _3f\"> </span>categor<span class=\"_ _1\"></span>ie <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>attivit\u00e0 finanziarie <span class=\"_ _1\"></span>salvo <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>caso <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>societ<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _1\"></span>modifichi il <span class=\"_ _1\"></span>proprio <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>odello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>busines<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>gestione<span class=\"_ _1\"></span> di tali <span class=\"_ _1\"></span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _1\"></span>finanziarie. <span class=\"_ _1\"></span>\u00c8 <span class=\"_ _38\"></span>previsto <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>tali <span class=\"_ _38\"></span>modifiche <span class=\"_ _1\"></span>siano <span class=\"_ _38\"></span>altamente <span class=\"_ _1\"></span>infre<span class=\"_ _1\"></span>quenti <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>devono <span class=\"_ _1\"></span>essere determinate <span class=\"_ _0\"></span>dal <span class=\"_ _38\"></span>management <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>seguito <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>rilevanti <span class=\"_ _0\"></span>cambiamenti <span class=\"_ _38\"></span>esterni <span class=\"_ _0\"></span>o <span class=\"_ _38\"></span>interni, <span class=\"_ _38\"></span>dimostrabili <span class=\"_ _0\"></span>a soggetti esterni. A.4 INFORM<span class=\"_ _1\"></span>ATIVA SUL FAIR VALU<span class=\"_ _1\"></span>E<span class=\"_ _3a1\"> </span>Informat<span class=\"_ _1\"></span>iva di na<span class=\"_ _1\"></span>tura qu<span class=\"_ _1\"></span>alitativa A.4.1 \u2013 Livel<span class=\"_ _1\"></span>lo di fai<span class=\"_ _1\"></span>r value <span class=\"_ _1\"></span>2 e 3: tecniche<span class=\"_ _1\"></span> di valu<span class=\"_ _1\"></span>tazione<span class=\"_ _1\"></span> e input u<span class=\"_ _1\"></span>tilizzati<span class=\"_ _3a1\"> </span>Le <span class=\"_ _35\"> </span>tecniche <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>valutazione <span class=\"_ _35\"> </span>utilizzate  pe<span class=\"_ _2\"></span>r <span class=\"_ _35\"> </span>gli <span class=\"_ _35\"> </span>strumenti <span class=\"_ _35\"> </span>finanziari  ap<span class=\"_ _2\"></span>partenenti <span class=\"_ _35\"> </span>al  l<span class=\"_ _2\"></span>ivello <span class=\"_ _35\"> </span>2 <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>3 <span class=\"_ _35\"> </span>si distinguono: <span class=\"_ _42\"> </span><span class=\"ff4\">Attivit\u00e0  finanziarie:  valutazione  degli  strume<span class=\"_ _1\"></span>nti  strutturati  utilizzando  per  la  componente </span>obbligazionaria  il <span class=\"_ _35\"> </span>modello  discounted  cash <span class=\"_ _35\"> </span>flow  con <span class=\"_ _35\"> </span>un  tasso <span class=\"_ _35\"> </span>corretto  per  un <span class=\"_ _35\"> </span>opportuno rischio di credito, e per la componente azionaria <span class=\"_ _1\"></span>utilizzando il modello Black&amp;Scholes; <span class=\"_ _42\"> </span><span class=\"ff4\">Passivit\u00e0 <span class=\"_ _3f\"> </span>finanziarie: <span class=\"_ _3a\"> </span>valutazione <span class=\"_ _3f\"> </span>degli <span class=\"_ _3f\"> </span>strumenti <span class=\"_ _3f\"> </span>plain <span class=\"_ _3f\"> </span>vanilla <span class=\"_ _3f\"> </span>s<span class=\"_ _1\"></span>econdo <span class=\"_ _3f\"> </span>le <span class=\"_ _3f\"> </span>tecniche <span class=\"_ _3f\"> </span>di </span>valutazione <span class=\"_ _35\"> </span>discounted <span class=\"_ _35\"> </span>cash <span class=\"_ _35\"> </span>flow  di <span class=\"_ _35\"> </span>cassa <span class=\"_ _35\"> </span>considerando <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>tasso  c<span class=\"_ _2\"></span>orretto <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>rischio  d<span class=\"_ _2\"></span>i credito di Credito Emiliano sulla scadenza dello strumento. Si riporta brevemente la definizione dei modelli utilizzati: Discounte<span class=\"_ _1\"></span>d Cash Flow Il <span class=\"_ _35\"> </span>modello <span class=\"_ _35\"> </span>discounted <span class=\"_ _35\"> </span>cash <span class=\"_ _35\"> </span>flow, <span class=\"_ _35\"> </span>flussi <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>cassa <span class=\"_ _35\"> </span>attualizzati, <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>metodo <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>valutazione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>un investimento, <span class=\"_ _0\"></span>bas<span class=\"_ _2\"></span>ato <span class=\"_ _38\"></span>sul <span class=\"_ _38\"></span>pro<span class=\"_ _1\"></span>cesso <span class=\"_ _38\"></span>finanziario <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>at<span class=\"_ _1\"></span>tualizzazione, <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>consente <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>abilire <span class=\"_ _38\"></span>oggi <span class=\"_ _38\"></span>il valore attuale di u<span class=\"_ _2\"></span>n capitale che <span class=\"_ _2\"></span>ha come naturale scadenza una <span class=\"_ _3b\"></span>data futura tramite l'applicazione di un tasso di scont<span class=\"_ _1\"></span>o. Il tasso di sconto viene <span class=\"_ _1\"></span>corretto per il rischio di credito dei flussi futuri at<span class=\"_ _1\"></span>tesi dall'attivit\u00e0 <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>estione<span class=\"_ _1\"></span>. <span class=\"_ _35\"> </span>La <span class=\"_ _35\"> </span>somma <span class=\"_ _0\"></span>algebrica <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>flussi <span class=\"_ _35\"> </span>attualizzati <span class=\"_ _35\"> </span>rappresenta <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>netto<span class=\"_ _3b\"></span> attuale (Net present value) dello str<span class=\"_ _1\"></span>umento. I <span class=\"_ _1\"></span>para<span class=\"_ _1\"></span>metri <span class=\"_ _38\"></span>utilizzati <span class=\"_ _38\"></span>nella <span class=\"_ _38\"></span>tecnica <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>valutazione <span class=\"_ _38\"></span>so<span class=\"_ _1\"></span>no: <span class=\"_ _38\"></span>curva <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>assi <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>cre<span class=\"_ _1\"></span>dit <span class=\"_ _38\"></span>spread <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>ogni <span class=\"_ _38\"></span>singola emissione. Modello Black&amp;Schole<span class=\"_ _1\"></span>s  Il <span class=\"_ _3d\"> </span>m<span class=\"_ _1\"></span>od<span class=\"_ _3a1\"> </span>ello <span class=\"_ _37\"> </span>Black&amp;scholes <span class=\"_ _36\"> </span>univariato <span class=\"_ _37\"> </span>(BS) <span class=\"_ _37\"> </span>\u00e8 <span class=\"_ _37\"> </span>il <span class=\"_ _37\"> </span>mo<span class=\"_ _1\"></span>dello <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>pricing <span class=\"_ _37\"> </span>delle <span class=\"_ _37\"> </span>opzioni <span class=\"_ _37\"> </span>p<span class=\"_ _1\"></span>i\u00f9 <span class=\"_ _3d\"> </span>famo<span class=\"_ _1\"></span>so <span class=\"_ _37\"> </span>e riconosciuto <span class=\"_ _38\"></span>dal <span class=\"_ _0\"></span>mercato. <span class=\"_ _38\"></span>Il <span class=\"_ _38\"></span>modello <span class=\"_ _38\"></span>si <span class=\"_ _0\"></span>basa <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ulla <span class=\"_ _38\"></span>possibilit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>creare <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>port<span class=\"_ _1\"></span>afoglio <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>quivalente all\u2019opzione, <span class=\"_ _38\"></span>cost<span class=\"_ _1\"></span>ituito <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>parte <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>a <span class=\"_ _0\"></span>unit\u00e0 <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ottostante <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>parte <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>obbligazioni <span class=\"_ _38\"></span>prive <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>rischi<span class=\"_ _1\"></span>o entrambi influenzati d<span class=\"_ _2\"></span>alla stessa fonte di i<span class=\"_ _2\"></span>ncertezza data dalle va<span class=\"_ _2\"></span>riazioni del prezzo dell\u2019<span class=\"_ _2\"></span>azione. Le ipotesi <span class=\"_ _188\"> </span>sottostanti <span class=\"_ _29\"> </span>il <span class=\"_ _46\"> </span>mo<span class=\"_ _1\"></span>dello <span class=\"_ _188\"> </span>di <span class=\"_ _188\"> </span>BS <span class=\"_ _188\"> </span>sono <span class=\"_ _188\"> </span>rapprese<span class=\"_ _1\"></span>ntate <span class=\"_ _188\"> </span>dall'andamento <span class=\"_ _188\"> </span>dei <span class=\"_ _188\"> </span>prezzi dell'attivit\u00e0 sottostante (approssimato da<span class=\"_ _2\"></span> un proc<span class=\"_ _2\"></span>esso log-normale), <span class=\"_ _3b\"></span>dalla presenza di un m<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>rcato perfettamente efficiente; dal tasso di i<span class=\"_ _2\"></span>nteresse e dalla volatilit\u00e0 del sottostante costante per tutta<span class=\"_ _3b\"></span> la durata dell'opzione.  I parametri utilizzati <span class=\"_ _2\"></span>nella tecnica di<span class=\"_ _2\"></span> valutazione sono il <span class=\"_ _2\"></span>tasso di i<span class=\"_ _2\"></span>nteresse, il valore e <span class=\"_ _2\"></span>la volatilit\u00e0 del<span class=\"_ _2\"></span> sottostante. Alla  data  del  31/12/20<span class=\"_ _1\"></span>24  tutti  i  parametri  utilizzati  nelle  tecniche  di  valutazione <span class=\"_ _3d\"> </span>sono  risultati osservabili, e<span class=\"_ _1\"></span>videnziando <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>gli st<span class=\"_ _1\"></span>rumenti <span class=\"_ _1\"></span>valutati tramit<span class=\"_ _1\"></span>e m<span class=\"_ _1\"></span>ark to <span class=\"_ _1\"></span>model <span class=\"_ _1\"></span>livelli <span class=\"_ _1\"></span>di fair<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>pari a 2. In particolare: <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _38\"></span>tass<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>inter<span class=\"_ _1\"></span>esse <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>estrapol<span class=\"_ _2\"></span>ati <span class=\"_ _38\"></span>dalla <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>urva <span class=\"_ _38\"></span>zer<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>otte<span class=\"_ _1\"></span>nuta <span class=\"_ _38\"></span>dalle <span class=\"_ _38\"></span>quotazioni <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>mer<span class=\"_ _1\"></span>cato <span class=\"_ _38\"></span>di </span>strumenti omogenei; <span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _1\"></span>credit <span class=\"_ _38\"></span>spread <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>componete <span class=\"_ _38\"></span>Credito <span class=\"_ _38\"></span>Emiliano <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>ottenuti <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>quotazioni <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>mercato<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di </span>emissioni comparables; <span class=\"_ _42\"> </span><span class=\"ff4\">valore del sottostante sono ottenuti dalla quotazione del mer<span class=\"_ _1\"></span>cato; </span><span class=\"_ _42\"> </span><span class=\"ff4\">volatilit\u00e0 del sottostante ottenute da quotazioni di mer<span class=\"_ _1\"></span>cato. </span>A.4.2 P<span class=\"_ _1\"></span>rocessi e <span class=\"_ _1\"></span>sensibilit<span class=\"_ _1\"></span>\u00e0 delle valu<span class=\"_ _1\"></span>tazioni<span class=\"_ _3a1\"> </span>Gli <span class=\"_ _1\"></span>strumenti <span class=\"_ _38\"></span>non <span class=\"_ _1\"></span>scambiati <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rcati <span class=\"_ _1\"></span>attivi <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>valutati <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>mark <span class=\"_ _38\"></span>to <span class=\"_ _1\"></span>model <span class=\"_ _1\"></span>utilizzando <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>tecnica di <span class=\"_ _3b\"></span>val<span class=\"_ _3a1\"> </span>utazione <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>massimizza l\u2019<span class=\"_ _2\"></span>utilizzo <span class=\"_ _3b\"></span>di dati <span class=\"_ _3b\"></span>oss<span class=\"_ _1\"></span>ervabili <span class=\"_ _3b\"></span>sul <span class=\"_ _2\"></span>mercato. Qualora <span class=\"_ _3b\"></span>i parametri <span class=\"_ _3b\"></span>risultino non disponibili e direttamente osservabili il livello di fair value attribuito \u00e8<span class=\"_ _1\"></span> pari a 3. Nel <span class=\"_ _3d\"> </span>corso  del  20<span class=\"_ _1\"></span>24  sono  state <span class=\"_ _3d\"> </span>valutate  con <span class=\"_ _3d\"> </span>modelli  mark <span class=\"_ _3d\"> </span>to  mo<span class=\"_ _1\"></span>del,  tramite  parame<span class=\"_ _1\"></span>ntri  non osservabili <span class=\"_ _1\"></span>(fair <span class=\"_ _38\"></span>va<span class=\"_ _1\"></span>lue <span class=\"_ _38\"></span>3), <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>quote <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>OICR <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>quali <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>ap<span class=\"_ _1\"></span>plicabile <span class=\"_ _38\"></span>l\u2019analisi <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>sensitivit\u00e0, <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>di investimenti partecipativi per importi no<span class=\"_ _1\"></span>n materiali. Alla <span class=\"_ _1\"></span>data <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>1 <span class=\"_ _38\"></span>dicembre <span class=\"_ _38\"></span>2024 <span class=\"_ _38\"></span>nessun <span class=\"_ _38\"></span>strumento <span class=\"_ _38\"></span>finanziario <span class=\"_ _38\"></span>derivato <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>stat<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>valutato <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>mark <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o model tramite parametri di mercato non direttamente osservabili. A.4.3 Ge<span class=\"_ _1\"></span>rarchia<span class=\"_ _1\"></span> del fair valu<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span>Trasferime<span class=\"_ _1\"></span>nti tra i livelli della gerarch<span class=\"_ _1\"></span>ia del fair value La <span class=\"_ _3b\"></span>ger<span class=\"_ _3a1\"> </span>archia <span class=\"_ _3b\"></span>del <span class=\"_ _3b\"></span>fair<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>value <span class=\"_ _3b\"></span>at<span class=\"_ _1\"></span>tribuisce <span class=\"_ _3b\"></span>la <span class=\"_ _2\"></span>massima <span class=\"_ _2\"></span>priorit<span class=\"_ _3a1\"> </span>\u00e0 <span class=\"_ _3b\"></span>ai <span class=\"_ _3b\"></span>prezzi <span class=\"_ _3b\"></span>quotat<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>(non <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ettificati) <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>mer<span class=\"_ _1\"></span>cati attivi per attivit\u00e0 <span class=\"_ _2\"></span>o passivit\u00e0 identiche (<span class=\"_ _2\"></span>dati di l<span class=\"_ _2\"></span>ivello 1) e la <span class=\"_ _2\"></span>priorit\u00e0 minima <span class=\"_ _2\"></span>agli input non osservabil<span class=\"_ _2\"></span>i (dati di livello 3). I <span class=\"_ _38\"></span>Livelli <span class=\"_ _0\"></span>utiliz<span class=\"_ _2\"></span>zati <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>classifi<span class=\"_ _2\"></span>cazioni <span class=\"_ _38\"></span>ripor<span class=\"_ _1\"></span>tate <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>seguito <span class=\"_ _0\"></span>della<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>pres<span class=\"_ _1\"></span>ente <span class=\"_ _38\"></span>Nota <span class=\"_ _0\"></span>integrativa<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>sono <span class=\"_ _1\"></span>i seguenti: <span class=\"_ _42\"> </span><span class=\"ff4\">\u201clivello <span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>\u201d: <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _38\"></span>degli <span class=\"_ _1\"></span>strumenti <span class=\"_ _38\"></span>finanziari <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>deter<span class=\"_ _1\"></span>minato <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>base <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>zzi <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>quotazione </span>osservabili su mercati attivi (non rettificati) alle quali si pu\u00f2 accedere alla data di valutazione; <span class=\"_ _42\"> </span><span class=\"ff4\">\u201clivello 2\u201d: <span class=\"_ _3b\"></span>il fair <span class=\"_ _2\"></span>value d<span class=\"_ _2\"></span>egli strumenti fin<span class=\"_ _2\"></span>anziari \u00e8 <span class=\"_ _2\"></span>determinato in<span class=\"_ _3b\"></span> base a <span class=\"_ _2\"></span>input d<span class=\"_ _2\"></span>iversi dai <span class=\"_ _3b\"></span>prezzi </span>quotati <span class=\"_ _35\"> </span>incl<span class=\"_ _2\"></span>usi <span class=\"_ _35\"> </span>nel <span class=\"_ _0\"></span>Livello <span class=\"_ _35\"> </span>1 <span class=\"_ _0\"> </span>o<span class=\"_ _1\"></span>sservabili <span class=\"_ _35\"> </span>direttamente <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>indirettamente <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>l\u2019attivi<span class=\"_ _2\"></span>t\u00e0 <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>la<span class=\"_ _3b\"></span> passivit\u00e0, utilizzando anche di tecniche di valutazione; <span class=\"_ _42\"> </span><span class=\"ff4\">\u201clivello 3\u201d: <span class=\"_ _1\"></span>il fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>degli st<span class=\"_ _1\"></span>rumenti <span class=\"_ _1\"></span>finanziari \u00e8 <span class=\"_ _1\"></span>determinato<span class=\"_ _1\"></span> in base <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>input non <span class=\"_ _1\"></span>osservabili<span class=\"_ _3a1\"> </span></span>per l\u2019attivit\u00e0 o per la passivit\u00e0, utilizzando anche di te<span class=\"_ _1\"></span>cniche di valutazione. L\u2019attivit\u00e0  di  attribuzione  dei  livelli  \u00e8  rappresentata  dalla  verifica  pu<span class=\"_ _2\"></span>ntuale  per  ogni  strumento detenuto <span class=\"_ _0\"></span>nei<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>portafogli<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>propri<span class=\"_ _2\"></span>et\u00e0 <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>possibile <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>otenziale <span class=\"_ _38\"></span>mercato <span class=\"_ _0\"></span>attivo <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ispetti <span class=\"_ _38\"></span>alcune regole <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valorizzazione. <span class=\"_ _1\"></span>In par<span class=\"_ _1\"></span>ticolare <span class=\"_ _1\"></span>viene <span class=\"_ _1\"></span>analizzato <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>contribuzioni r<span class=\"_ _1\"></span>isultino <span class=\"_ _1\"></span>continuative, contenute nei delta <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>pread bid a<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>k, indi<span class=\"_ _2\"></span>cative di possibili<span class=\"_ _2\"></span> transazioni recenti quindi<span class=\"_ _2\"></span> non trascinate, e che l\u2019emittente risulti solido e attivo. Il mancat<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>rispetto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>li r<span class=\"_ _1\"></span>egole <span class=\"_ _1\"></span>porta <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>aggravio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>livello <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sociato <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>valorizzazione <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>pi\u00f9 coerente e rappresentativa del fair value dello strume<span class=\"_ _1\"></span>nto.  Analogamente <span class=\"_ _38\"></span>l\u2019analisi <span class=\"_ _1\"></span>viene <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ffettuata <span class=\"_ _1\"></span>anche <span class=\"_ _38\"></span>nella <span class=\"_ _1\"></span>verifica <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>pot<span class=\"_ _1\"></span>enziale <span class=\"_ _1\"></span>ripristino <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>mer<span class=\"_ _1\"></span>cato<span class=\"_ _2\"></span> attivo <span class=\"_ _1\"></span>sugli <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>rumenti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>quali <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>corso <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>empo <span class=\"_ _1\"></span>si <span class=\"_ _38\"></span>verifica <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>riattivazione <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>valorizzazione continuative sul mercato regolamentato e no<span class=\"_ _1\"></span>n.<span class=\"_ _3a1\"> </span>A.4.4 Al<span class=\"_ _1\"></span>tre info<span class=\"_ _1\"></span>rmazioni<span class=\"_ _3a1\"> </span>L\u2019attivit\u00e0  di <span class=\"_ _3d\"> </span>attr<span class=\"_ _1\"></span>ibuzione  dei <span class=\"_ _3d\"> </span>live<span class=\"_ _1\"></span>lli  di <span class=\"_ _3d\"> </span>fair <span class=\"_ _3d\"> </span>value <span class=\"_ _3d\"> </span>avviene <span class=\"_ _3d\"> </span>trimest<span class=\"_ _1\"></span>ralmente  alle <span class=\"_ _3d\"> </span>date<span class=\"_ _1\"></span>  cont<span class=\"_ _1\"></span>abili  di<span class=\"_ _3a1\"> </span>riferi<span class=\"_ _3a1\"> </span>mento <span class=\"_ _35\"> </span>basandosi <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>ulla <span class=\"_ _35\"> </span>verifica <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>prese<span class=\"_ _1\"></span>nza <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>un<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>mercato <span class=\"_ _35\"> </span>principale <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>pi<span class=\"_ _2\"></span>\u00f9 <span class=\"_ _35\"> </span>vantaggioso<span class=\"_ _3a1\"> </span>nell\u2019intervallo temporale antecedente<span class=\"_ _1\"></span> la data contabile di riferimento. L\u2019att<span class=\"_ _1\"></span>ivit\u00e0 prevede la verifica<span class=\"_ _3a1\"> </span>di <span class=\"_ _0\"></span>alcu<span class=\"_ _2\"></span>ni <span class=\"_ _0\"></span>principi <span class=\"_ _38\"></span>nece<span class=\"_ _1\"></span>ssari <span class=\"_ _0\"></span>alla <span class=\"_ _38\"></span>definizione <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>senza <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>mercato <span class=\"_ _38\"></span>attivo <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>ogni <span class=\"_ _0\"></span>strumento<span class=\"_ _3a1\"> </span>finanziario identificati dalla disponibilit\u00e0 di valorizzazioni ese<span class=\"_ _1\"></span>guibili, continue e con s<span class=\"_ _1\"></span>carto denaro-<span class=\"_ _3a1\"> </span>lettera (bid-ask spread) contenuti.<span class=\"_ _3a1\"> </span>Il rispetto <span class=\"_ _1\"></span>di tali <span class=\"_ _1\"></span>condizioni determina il livello <span class=\"_ _1\"></span>di fair <span class=\"_ _1\"></span>value dello strument<span class=\"_ _1\"></span>o analizzato. Qualora <span class=\"_ _1\"></span>non<span class=\"_ _3a1\"> </span>siano <span class=\"_ _1\"></span>prese<span class=\"_ _1\"></span>nti <span class=\"_ _1\"></span>quotazioni <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>mercato, <span class=\"_ _1\"></span>l\u2019utilizzo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ecniche <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>valutazione <span class=\"_ _1\"></span>viene<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>effettuata <span class=\"_ _38\"></span>ad <span class=\"_ _1\"></span>ogni<span class=\"_ _3a1\"> </span>data <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>massimizzando <span class=\"_ _3b\"></span>l\u2019utilizzo <span class=\"_ _3b\"></span>di input <span class=\"_ _3b\"></span>osser<span class=\"_ _1\"></span>vabili <span class=\"_ _3b\"></span>rilevanti e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>riducendo <span class=\"_ _3b\"></span>al minimo <span class=\"_ _3b\"></span>l\u2019utilizzo<span class=\"_ _3a1\"> </span>di <span class=\"_ _3b\"></span>input n<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>osservabili. <span class=\"_ _3b\"></span>La verifica <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ali <span class=\"_ _3b\"></span>parametri d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>input in <span class=\"_ _3b\"></span>funzione <span class=\"_ _3b\"></span>della <span class=\"_ _2\"></span>disponibilit\u00e0 <span class=\"_ _3b\"></span>deter<span class=\"_ _1\"></span>mina<span class=\"_ _3a1\"> </span>il livello di fair value dello strumento.<span class=\"_ _3a1\"> </span>Alle date <span class=\"_ _1\"></span>contabili viene <span class=\"_ _1\"></span>inoltre effettuata una <span class=\"_ _1\"></span>analisi comparativa <span class=\"_ _1\"></span>dei livelli di <span class=\"_ _1\"></span>fair value ris<span class=\"_ _1\"></span>petto al<span class=\"_ _3a1\"> </span>trimestre <span class=\"_ _0\"></span>pr<span class=\"_ _2\"></span>ecedente <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>l\u2019inizio <span class=\"_ _38\"></span>dell\u2019esercizio <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>riferimento <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>fine <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>individuare <span class=\"_ _0\"></span>i <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rasferimenti <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span>livelli  di  fair  value  avvenuti  nel  corso  dell\u2019esercizio  di  riferimento  e  le  circostanze  che  hann<span class=\"_ _3b\"></span>o<span class=\"_ _3a1\"> </span>determinato tale trasferimento.<span class=\"_ _3a1\"> </span>Informat<span class=\"_ _1\"></span>iva di na<span class=\"_ _1\"></span>tur<span class=\"_ _3a1\"> </span>a quantita<span class=\"_ _1\"></span>tiva<span class=\"_ _3a1\"> </span>A.4.5 G<span class=\"_ _1\"></span>erarchia del<span class=\"_ _1\"></span> fair v<span class=\"_ _1\"></span>alue<span class=\"_ _3a1\"> </span>A.4.5.1 Att<span class=\"_ _1\"></span>ivit\u00e0 e passivit\u00e0 valutate<span class=\"_ _1\"></span> al fair value su base<span class=\"_ _1\"></span> ricorrente: ripartizione pe<span class=\"_ _1\"></span>r livelli di fair va<span class=\"_ _1\"></span>lue<span class=\"_ _3a1\"> </span><table class=\"s w65c h1ed\" id=\"_78467234-8f98-4b2b-bb18-7bb40e572dff\"><tr><td class=\"t m2 x658 h12 y5497 ff4 fs7 fc7 sc6 ls0 ws0\">Attivit\u00e0/Passivit\u00e0 misurate al fair value<span class=\"_ _2\"></span> </td><td></td><td class=\"c n x659 y5498 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x65a y5498 w65e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n x65b y5499 w65f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x65c y5499 w660 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x65d y5499 w661 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x65e y5499 w65f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x65f y5499 w662 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x660 y5499 w663 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L<span class=\"_ _2\"></span>3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x2d7 y549a w664 h1e7\"><div class=\"t m2 x2b3 h12 y543a ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanziarie va<span class=\"_ _2\"></span>lutate al fair value c<span class=\"_ _2\"></span>on impatto a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">conto economico<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x661 h12 y549b ff4 fs7 fc1 sc0 ls0 ws0\">5.368.935<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x662 h12 y549b ff4 fs7 fc1 sc0 ls0 ws0\">52.518<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x663 h12 y549b ff4 fs7 fc1 sc0 ls0 ws0\">285.011<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x664 h12 y549b ff4 fs7 fc1 sc0 ls0 ws0\">4.613.404<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y549b ff4 fs7 fc1 sc0 ls0 ws0\">84.847<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y549b ff4 fs7 fc1 sc0 ls0 ws0\">283.133<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x667 y549c w665 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) attivit\u00e0 finanziarie de<span class=\"_ _2\"></span>tenute per la <span class=\"_ _2\"></span>negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x668 y549c w666 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">19.098</div></td><td class=\"t m2 x662 h12 y549d ff4 fs7 fc1 sc0 ls0 ws0\">15.038<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x669 h12 y549d ff4 fs7 fc1 sc0 ls0 ws0\">23<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66a h12 y549d ff4 fs7 fc1 sc0 ls0 ws0\">28.975<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y549d ff4 fs7 fc1 sc0 ls0 ws0\">32.043<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y549d ff4 fs7 fc1 sc0 ls0 ws0\">22<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x667 y549e w667 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) attivit\u00e0 finanziar<span class=\"_ _2\"></span>ie designate al fai<span class=\"_ _2\"></span>r value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x66c y549e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66d h12 y549f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y549f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y549f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x670 h12 y549f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y549f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x672 h12 y54a0 ff4 fs7 fc1 sc0 ls0 ws0\">c) Altre attivit\u00e0 finanzi<span class=\"_ _2\"></span>arie obbligatoriamente <span class=\"_ _3b\"></span>v<span class=\"_ _1\"></span>alutate al<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x661 h12 y54a1 ff4 fs7 fc1 sc0 ls0 ws0\">5.349.837<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x673 h12 y54a2 ff4 fs7 fc1 sc0 ls0 ws0\">37.480<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x674 h12 y54a2 ff4 fs7 fc1 sc0 ls0 ws0\">284.988<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x675 h12 y54a2 ff4 fs7 fc1 sc0 ls0 ws0\">4.584.429<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y54a2 ff4 fs7 fc1 sc0 ls0 ws0\">52.804<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y54a2 ff4 fs7 fc1 sc0 ls0 ws0\">283.111<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x672 h12 y54a3 ff4 fs7 fc1 sc0 ls0 ws0\">fair value </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x677 y54a4 w16b h11\"><div class=\"t m2 x0 h12 y83 ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 finanziarie va<span class=\"_ _2\"></span>lutate al fair <span class=\"_ _2\"></span>value con impatto </div></td><td class=\"t m2 x661 h12 y54a5 ff4 fs7 fc1 sc0 ls0 ws0\">9.403.955<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x678 h12 y54a5 ff4 fs7 fc1 sc0 ls0 ws0\">57.766<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x679 h12 y54a5 ff4 fs7 fc1 sc0 ls0 ws0\">30.118<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x675 h12 y54a5 ff4 fs7 fc1 sc0 ls0 ws0\">8.874.040<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y54a5 ff4 fs7 fc1 sc0 ls0 ws0\">56.245<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y54a5 ff4 fs7 fc1 sc0 ls0 ws0\">31.835<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54a6 ff4 fs7 fc1 sc0 ls0 ws0\">sulla redditivit\u00e0 c<span class=\"_ _2\"></span>omplessiva </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5485 w669 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Derivati di copertur<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x67b y5485 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x67c h12 y54a7 ff4 fs7 fc1 sc0 ls0 ws0\">427.235<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y54a7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y54a7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y54a7 ff4 fs7 fc1 sc0 ls0 ws0\">568.146<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54a7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5486 w66a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Attivit\u00e0 materiali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x67e y5486 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66d h12 y54a8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y54a8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y54a8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x670 h12 y54a8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54a8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54a9 w66b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Attivit\u00e0 immaterial<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x67f y54a9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66d h12 y54aa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y54aa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y54aa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x670 h12 y54aa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54aa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x680 h12 y54ab ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x681 h12 y54ab ff4 fs7 fc1 sc2 ls0 ws0\">14.772.890<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x682 h12 y54ab ff4 fs7 fc1 sc2 ls0 ws0\">537.519<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x683 h12 y54ab ff4 fs7 fc1 sc2 ls0 ws0\">315.129<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x684 h12 y54ab ff4 fs7 fc1 sc2 ls0 ws0\">13.487.444<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x685 h12 y54ab ff4 fs7 fc1 sc2 ls0 ws0\">709.238<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y54ab ff4 fs7 fc1 sc2 ls0 ws0\">314.968<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54ac w66c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Passivit\u00e0 finanziarie de<span class=\"_ _3b\"></span>tenute per la negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x686 y54ac w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x662 h12 y54ad ff4 fs7 fc1 sc0 ls0 ws0\">14.463<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y54ad ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y54ad ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x687 h12 y54ad ff4 fs7 fc1 sc0 ls0 ws0\">27.211<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54ad ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54ae w66d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Passivit\u00e0 finanziarie de<span class=\"_ _3b\"></span>si<span class=\"_ _1\"></span>gnate al f<span class=\"_ _2\"></span>air value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x688 y54ae w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66d h12 y54af ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x689 h12 y54af ff4 fs7 fc1 sc0 ls0 ws0\">4.402.690<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y54af ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x670 h12 y54af ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68a h12 y54af ff4 fs7 fc1 sc0 ls0 ws0\">3.884.977<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54b0 w669 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Derivati di copertur<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x67b y54b0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x682 h12 y54b1 ff4 fs7 fc1 sc0 ls0 ws0\">731.778<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y54b1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y54b1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y54b1 ff4 fs7 fc1 sc0 ls0 ws0\">911.207<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54b1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x680 h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68b h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68c h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">746.241<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x689 h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">4.402.690<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x685 h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">938.418<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68a h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">3.884.977<span class=\"_ _3a1\"> </span></td></tr></table>In riferimento alle attivit\u00e0 v<span class=\"_ _2\"></span>alutate al fair val<span class=\"_ _2\"></span>ue su base ricorrente <span class=\"_ _2\"></span>alla data del 31 <span class=\"_ _2\"></span>dicembre 2024 gli<span class=\"_ _3a1\"> </span>strumenti <span class=\"_ _1\"></span>valorizzati <span class=\"_ _1\"></span>secondo <span class=\"_ _1\"></span>il mer<span class=\"_ _1\"></span>cato <span class=\"_ _1\"></span>pi\u00f9 vantaggioso <span class=\"_ _1\"></span>(livello <span class=\"_ _1\"></span>di fair <span class=\"_ _38\"></span>value par<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>a 1) <span class=\"_ _1\"></span>e/o <span class=\"_ _1\"></span>secondo<span class=\"_ _3a1\"> </span>tecniche di valu<span class=\"_ _2\"></span>tazione basate su parametri osservabili (l<span class=\"_ _2\"></span>ivello di fair value pari a <span class=\"_ _2\"></span>2) rappresentano<span class=\"_ _3a1\"> </span>il <span class=\"_ _3b\"></span>97,98% del <span class=\"_ _3b\"></span>totale <span class=\"_ _2\"></span>delle <span class=\"_ _3b\"></span>attivit\u00e0 <span class=\"_ _2\"></span>valutate al <span class=\"_ _3b\"></span>fair <span class=\"_ _3b\"></span>value (<span class=\"_ _2\"></span>valore <span class=\"_ _3b\"></span>stabile rispetto <span class=\"_ _3b\"></span>al <span class=\"_ _3b\"></span>corris<span class=\"_ _1\"></span>pondente <span class=\"_ _3b\"></span>2023<span class=\"_ _3a1\"> </span>pari al 97,83%). Gli <span class=\"_ _0\"></span>strumenti <span class=\"_ _38\"></span>valutati <span class=\"_ _0\"></span>tramite <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>ecniche <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>valutazione <span class=\"_ _0\"></span>basate <span class=\"_ _0\"></span>pr<span class=\"_ _2\"></span>evalentemente <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>para<span class=\"_ _2\"></span>metri <span class=\"_ _0\"></span>non<span class=\"_ _3a1\"> </span>osservabili <span class=\"_ _0\"></span>hanno <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iguardato <span class=\"_ _0\"></span>una <span class=\"_ _38\"></span>par<span class=\"_ _1\"></span>te <span class=\"_ _0\"></span>residuale <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>totale <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _38\"></span>(2,17%),<span class=\"_ _3a1\"> </span>costante rispetto al valore del 2023 pari a 2,02%.<span class=\"_ _3a1\"> </span><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs9d8\">A.4.5.2 Variazioni ann<span class=\"_ _1\"></span>ue delle attivit<span class=\"_ _1\"></span>\u00e0 valutate al fair <span class=\"_ _1\"></span>value su base r<span class=\"_ _1\"></span>icorrente (livello 3)<span class=\"_ _3a1\"> </span></div><div class=\"gs9d9\"><table class=\"s w66e h1ee\" id=\"_627dc0cd-9515-4aa2-aa99-943cbd216587\"><tr><td></td><td class=\"c x68e y54b3 w66f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0 finanziarie valutate al fair value<span class=\"_ _2\"></span> con impatt<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x68d h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">o a<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x68f h12 y54b4 ff4 fs7 fc4 sc3 ls0 ws0\">conto economico </td><td></td><td class=\"t m2 x690 h12 y54b5 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0 </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x691 h12 y54b6 ff4 fs7 fc4 sc3 ls0 ws0\">finanziarie </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x692 h12 y54b7 ff4 fs7 fc4 sc3 ls0 ws0\">di cui: c) altre </td><td class=\"t m2 x693 h12 y54b8 ff4 fs7 fc4 sc3 ls0 ws0\">di cui: a) </td><td class=\"t m2 x694 h12 y54b8 ff4 fs7 fc4 sc3 ls0 ws0\">di cui: b) </td><td></td><td class=\"t m2 x691 h12 y54b9 ff4 fs7 fc4 sc3 ls0 ws0\">valutate al </td><td class=\"t m2 x695 h12 y54ba ff4 fs7 fc4 sc3 ls0 ws0\">Derivati </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x696 h12 y54bb ff4 fs7 fc4 sc3 ls0 ws0\">attivit\u00e0 </td><td class=\"t m2 x697 h12 y54bb ff4 fs7 fc4 sc3 ls0 ws0\">attivit\u00e0 </td><td class=\"t m2 x698 h12 y54bc ff4 fs7 fc4 sc3 ls0 ws0\">attivit\u00e0 finanziarie </td><td class=\"t m2 x699 h12 y54bd ff4 fs7 fc4 sc3 ls0 ws0\">fair value </td><td class=\"t m2 x69a h12 y54be ff4 fs7 fc4 sc3 ls0 ws0\">di </td><td class=\"t m2 x69b h12 y54bf ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0 </td><td class=\"t m2 x69c h12 y54bf ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0 </td></tr><tr><td></td><td class=\"t m2 x69d h12 y54c0 ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td><td class=\"t m2 x69e h12 y54c1 ff4 fs7 fc4 sc3 ls0 ws0\">finanziarie </td><td class=\"t m2 x69f h12 y54c1 ff4 fs7 fc4 sc3 ls0 ws0\">finanziarie </td><td class=\"t m2 x698 h12 y54c0 ff4 fs7 fc4 sc3 ls0 ws0\">obbligatoriamente </td><td class=\"t m2 x6a0 h12 y54c2 ff4 fs7 fc4 sc3 ls0 ws0\">con impatto </td><td class=\"t m2 x6a1 h12 y54c3 ff4 fs7 fc4 sc3 ls0 ws0\">copertura<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a2 h12 y54c4 ff4 fs7 fc4 sc3 ls0 ws0\">materiali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y54c4 ff4 fs7 fc4 sc3 ls0 ws0\">immateriali<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td class=\"t m2 x6a4 h12 y54c5 ff4 fs7 fc4 sc3 ls0 ws0\">detenute per </td><td class=\"t m2 x6a5 h12 y54c5 ff4 fs7 fc4 sc3 ls0 ws0\">designate </td><td></td><td class=\"t m2 x6a6 h12 y54c6 ff4 fs7 fc4 sc3 ls0 ws0\">sulla </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x6a7 h12 y54c7 ff4 fs7 fc4 sc3 ls0 ws0\">valutate al fair </td><td class=\"t m2 x6a8 h12 y54c8 ff4 fs7 fc4 sc3 ls0 ws0\">la </td><td class=\"t m2 x6a9 h12 y54c8 ff4 fs7 fc4 sc3 ls0 ws0\">al fair </td><td></td><td class=\"t m2 x691 h12 y54c9 ff4 fs7 fc4 sc3 ls0 ws0\">redditivit\u00e0 </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x6aa h12 y54ca ff4 fs7 fc4 sc3 ls0 ws0\">value </td><td class=\"t m2 x6a0 h12 y54cb ff4 fs7 fc4 sc3 ls0 ws0\">complessiva<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x6ab h12 y54cc ff4 fs7 fc4 sc3 ls0 ws0\">negoziazione<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a9 h12 y54cc ff4 fs7 fc4 sc3 ls0 ws0\">value </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y54cd w670 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1. Esistenze iniziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6ac y54cd w671 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">283.133<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6ad h12 y54ce ff4 fs7 fc1 sc2 ls0 ws0\">22<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54ce ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6af h12 y54ce ff4 fs7 fc1 sc2 ls0 ws0\">283.111<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x679 h12 y54ce ff4 fs7 fc1 sc2 ls0 ws0\">31.835<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b0 h12 y54ce ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54ce ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54ce ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54cf w672 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2. Aumenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6b2 y54cf w673 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">150.600<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b3 h12 y54d0 ff4 fs7 fc1 sc2 ls0 ws0\">2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54d0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b4 h12 y54d0 ff4 fs7 fc1 sc2 ls0 ws0\">150.598<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y54d0 ff4 fs7 fc1 sc2 ls0 ws0\">313<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b0 h12 y54d0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54d0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54d0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54d1 w674 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1. Acquisti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6b6 y54d1 w675 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">17<span class=\"_ _1\"></span>.735<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b7 h12 y54d2 ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54d2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h12 y54d2 ff4 fs7 fc1 sc0 ls0 ws0\">17.734<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y54d2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54d2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54d2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54d2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54d3 w676 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2. Profitti imputati a:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6ba y54d3 w677 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13<span class=\"_ _1\"></span>2.856<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6bb h12 y54d4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54d4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b4 h12 y54d4 ff4 fs7 fc1 sc0 ls0 ws0\">132.856<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y54d4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54d4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54d4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54d4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x677 y54d5 w16d h11\"><div class=\"t m2 x0 h12 y75 ff4 fs7 fc1 sc0 ls0 ws0\">2.2.1. Conto </div></td><td class=\"t m2 x6bc h12 y54d6 ff4 fs7 fc1 sc0 ls0 ws0\">132.856<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6bb h12 y54d6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54d6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b4 h12 y54d6 ff4 fs7 fc1 sc0 ls0 ws0\">132.856<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y54d6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54d6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54d6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54d6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54d7 ff4 fs7 fc1 sc0 ls0 ws0\">Economico </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x667 y54d8 w678 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui plusvalenze<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6bd y54d8 w679 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13<span class=\"_ _1\"></span>2.828<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6bb h12 y54d9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54d9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b4 h12 y54d9 ff4 fs7 fc1 sc0 ls0 ws0\">132.828<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y54d9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54d9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54d9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54d9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54da ff4 fs7 fc1 sc0 ls0 ws0\">2.2.2. Patrimonio nett<span class=\"_ _3b\"></span>o<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6be h12 y54da ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n x6bf y54db w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6c0 y54db w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6c1 y54db w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6c2 y54db w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b9 h12 y54da ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54da ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54da ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x677 y54dc w16e h11\"><div class=\"t m2 x0 h12 y49 ff4 fs7 fc1 sc0 ls0 ws0\">2.3. Trasferimenti da </div></td><td class=\"t m2 x6be h12 y54dd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6bb h12 y54dd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54dd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c3 h12 y54dd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y54dd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54dd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54dd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54dd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54de ff4 fs7 fc1 sc0 ls0 ws0\">altri livelli </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y54e0 w67a h1ef\"><div class=\"t m2 x2b3 h12 y54df ff4 fs7 fc1 sc0 ls0 ws0\">2.4. Altre variazioni <span class=\"_ _2\"></span>in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">aumento<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6c4 h12 y54e1 ff4 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b7 h12 y54e2 ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54e2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c5 h12 y54e2 ff4 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y54e2 ff4 fs7 fc1 sc0 ls0 ws0\">313<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54e2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54e2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54e2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54e3 ff4 fs7 fc1 sc2 ls0 ws0\">3. Diminuzioni </td><td class=\"t m2 x6bc h12 y54e4 ff4 fs7 fc1 sc0 ls0 ws0\">148.722<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b7 h12 y54e4 ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54e4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6af h12 y54e4 ff4 fs7 fc1 sc0 ls0 ws0\">148.721<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c6 h12 y54e4 ff4 fs7 fc1 sc0 ls0 ws0\">2.030<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54e4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54e4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54e4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54e5 w67b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1. Vendite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6c7 y54e5 w67c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">19.049<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6bb h12 y54e6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54e6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c8 h12 y54e6 ff4 fs7 fc1 sc0 ls0 ws0\">19.049<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c9 h12 y54e6 ff4 fs7 fc1 sc0 ls0 ws0\">407<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54e6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54e6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54e6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54e7 w67d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2. Rimborsi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6ca y54e7 w67e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.407<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6bb h12 y54e8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54e8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x673 h12 y54e8 ff4 fs7 fc1 sc0 ls0 ws0\">1.407<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y54e8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54e8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54e8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54e8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54e9 ff4 fs7 fc1 sc0 ls0 ws0\">3.3. Perdite imputate </td><td class=\"t m2 x6bc h12 y54ea ff4 fs7 fc1 sc0 ls0 ws0\">128.266<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b7 h12 y54ea ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54ea ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b4 h12 y54ea ff4 fs7 fc1 sc0 ls0 ws0\">128.265<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y54ea ff4 fs7 fc1 sc0 ls0 ws0\">194<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54ea ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54ea ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54ea ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54eb ff4 fs7 fc1 sc0 ls0 ws0\">a: </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y54ec ff4 fs7 fc1 sc0 ls0 ws0\">3.3.1. Conto </td><td class=\"t m2 x6bc h12 y54ed ff4 fs7 fc1 sc0 ls0 ws0\">128.266<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b7 h12 y54ed ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54ed ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b4 h12 y54ed ff4 fs7 fc1 sc0 ls0 ws0\">128.265<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y54ed ff4 fs7 fc1 sc0 ls0 ws0\">194<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54ed ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54ed ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54ed ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54ee ff4 fs7 fc1 sc0 ls0 ws0\">Economico </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x667 y54ef w67f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui minusvalenze<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6cb y54ef w680 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">128.212<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b7 h12 y54f0 ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54f0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c8 h12 y54f0 ff4 fs7 fc1 sc0 ls0 ws0\">128.211<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y54f0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54f0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54f0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54f0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54f1 ff4 fs7 fc1 sc0 ls0 ws0\">3.3.2. Patrimonio nett<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6be h12 y54f1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n x6bf y54f2 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6c0 y54f2 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6c1 y54f2 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6c2 y54f2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b9 h12 y54f1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54f1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54f1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54f3 ff4 fs7 fc1 sc0 ls0 ws0\">3.4. Trasferimenti da </td><td class=\"t m2 x6be h12 y54f4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6bb h12 y54f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c3 h12 y54f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y54f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54f6 ff4 fs7 fc1 sc0 ls0 ws0\">altri livelli </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y54f7 w681 h1f0\"><div class=\"t m2 x2b3 h12 y54df ff4 fs7 fc1 sc0 ls0 ws0\">3.5. Altre variazi<span class=\"_ _2\"></span>oni in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">diminuzione<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6be h12 y54f8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6bb h12 y54f8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54f8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c3 h12 y54f8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6cc h12 y54f8 ff4 fs7 fc1 sc0 ls0 ws0\">1.429<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54f8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54f8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54f8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54f9 w682 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4. Rimanenze finali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6cd y54f9 w683 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">285.011<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6ce h12 y54fa ff4 fs7 fc1 sc2 ls0 ws0\">23<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54fa ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6cf h12 y54fa ff4 fs7 fc1 sc2 ls0 ws0\">284.988<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6d0 h12 y54fa ff4 fs7 fc1 sc2 ls0 ws0\">30.118<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b0 h12 y54fa ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54fa ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54fa ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9da\">L\u2019attribuzione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>livello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>pari <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>3 <span class=\"_ _1\"></span>riguarda <span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>umenti definiti <span class=\"_ _1\"></span>\u201cilliquidi\u201d <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>evidenziano </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9db\">poche <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>alorizzazioni <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>cor<span class=\"_ _1\"></span>so <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>te<span class=\"_ _1\"></span>mpo <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>quali <span class=\"_ _38\"></span>lo <span class=\"_ _0\"></span>stato <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>llo <span class=\"_ _0\"></span>strumento <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>ge<span class=\"_ _1\"></span>nerale </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9dc\">dell\u2019emittente <span class=\"_ _0\"></span>alla <span class=\"_ _1\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>valutazione, <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>rende <span class=\"_ _38\"></span>possibile <span class=\"_ _0\"></span>l\u2019i<span class=\"_ _2\"></span>potesi <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>ventuale <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ipristino <span class=\"_ _38\"></span>del </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9dd\">mercato verso uno stato attivo. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9de\">Nella voce 2.1 \u201cAcquisti\u201d sono riportati: </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs9df\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">attivit\u00e0 finanziarie valutate al F<span class=\"_ _1\"></span>V con impatto a Conto Economico. </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9e0\">Nella voce 3.1 \u201cVendite\u201d sono riportati: </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs9e1\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">attivit\u00e0 finanziarie valutate al F<span class=\"_ _1\"></span>V con impatto a Conto Economico; </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs9e2\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">attivit\u00e0 finanziarie valutate al F<span class=\"_ _1\"></span>V con impatto sulla redditivit\u00e0 complessiva. </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9e3\">Le <span class=\"_ _38\"></span>variazioni <span class=\"_ _38\"></span>annue <span class=\"_ _0\"></span>da <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>verso <span class=\"_ _38\"></span>Livello <span class=\"_ _38\"></span>3 <span class=\"_ _0\"></span>al <span class=\"_ _1\"></span>31/12/2024 <span class=\"_ _0\"></span>non <span class=\"_ _1\"></span>evidenziano <span class=\"_ _0\"></span>trasferimenti <span class=\"_ _38\"></span>da <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>verso <span class=\"_ _0\"></span>il<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9e4\">livello <span class=\"_ _3b\"></span>3 sia <span class=\"_ _3b\"></span>per quanto <span class=\"_ _3b\"></span>riguarda la <span class=\"_ _3b\"></span>sezione dimin<span class=\"_ _2\"></span>uzioni <span class=\"_ _3b\"></span>che per <span class=\"_ _3b\"></span>quanto concerne <span class=\"_ _3b\"></span>la s<span class=\"_ _2\"></span>ezione au<span class=\"_ _2\"></span>menti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9e5\">per <span class=\"_ _37\"> </span>tutte <span class=\"_ _3d\"> </span>le <span class=\"_ _37\"> </span>classificazioni <span class=\"_ _3d\"> </span>cont<span class=\"_ _1\"></span>abili <span class=\"_ _3d\"> </span>(attivit\u00e0 <span class=\"_ _37\"> </span>finanziare <span class=\"_ _3d\"> </span>valutate<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>obbligatoriamente <span class=\"_ _37\"> </span>al <span class=\"_ _37\"> </span>FV <span class=\"_ _3d\"> </span>con </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9e6\">impatto <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>Conto <span class=\"_ _38\"></span>Economico, <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _1\"></span>FV <span class=\"_ _38\"></span>con <span class=\"_ _1\"></span>impatt<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>Conto <span class=\"_ _38\"></span>Economico <span class=\"_ _1\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9e7\">attivit\u00e0 finanziarie valutate al FV con impatto<span class=\"_ _1\"></span> sulla redditivit\u00e0 complessiva).<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs9e9\">A.4.5.4 Attivit\u00e0 e<span class=\"_ _1\"></span> passivit\u00e0 non valutat<span class=\"_ _1\"></span>e al fair value <span class=\"_ _1\"></span>o valutate al fair value<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs9ea\">su base non ricorr<span class=\"_ _1\"></span>ente: ripartizione per livel<span class=\"_ _1\"></span>li<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs9eb\">di fair value </div><div class=\"gs9ec\"><table class=\"s w684 h1f1\" id=\"_6488a37b-7012-4d52-b0ce-6ec45c5d04f3\"><tr><td class=\"c x6d1 y54fb w170 h11\"><div class=\"t m2 x0 h12 y413 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0/Passivit\u00e0 non misurate </div></td><td></td><td></td><td class=\"c n x6d2 y54fc w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x6d3 y54fc w685 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td class=\"t m2 x672 h12 y54fd ff4 fs7 fc4 sc3 ls0 ws0\">al fair value o misurate al fair </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x6d4 h12 y54fe ff4 fs7 fc4 sc3 ls0 ws0\">value su base non ricorrente  </td><td class=\"c n x6d5 y54ff w686 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">VB<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6d6 y54ff w687 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6d7 y54ff w688 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6d8 y54ff w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6d9 y54ff w686 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">VB<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6da y54ff w687 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6db y54ff w689 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6dc y54ff w68a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y5500 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanziarie va<span class=\"_ _2\"></span>lutate al<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6dd h12 y5501 ff4 fs7 fc1 sc0 ls0 ws0\">45.274.702<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6bb h12 y5501 ff4 fs7 fc1 sc0 ls0 ws0\">7.660.059<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6de h12 y5501 ff4 fs7 fc1 sc0 ls0 ws0\">301.765<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6df h12 y5501 ff4 fs7 fc1 sc0 ls0 ws0\">37.963.152<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x691 h12 y5501 ff4 fs7 fc1 sc0 ls0 ws0\">44.465.032<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y5501 ff4 fs7 fc1 sc0 ls0 ws0\">7.352.925<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y5501 ff4 fs7 fc1 sc0 ls0 ws0\">377.189<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5501 ff4 fs7 fc1 sc0 ls0 ws0\">37.543.867<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5502 ff4 fs7 fc1 sc0 ls0 ws0\">costo ammortizzato </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y5504 w68b h1f2\"><div class=\"t m2 x2b3 h12 y5503 ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 materiali de<span class=\"_ _2\"></span>tenute a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">scopo di investiment<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e1 h12 y5505 ff4 fs7 fc1 sc0 ls0 ws0\">4.768<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e2 h12 y5505 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e3 h12 y5505 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e4 h12 y5505 ff4 fs7 fc1 sc0 ls0 ws0\">7.107<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c6 h12 y5505 ff4 fs7 fc1 sc0 ls0 ws0\">4.995<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y5505 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y5505 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e5 h12 y5505 ff4 fs7 fc1 sc0 ls0 ws0\">8.695<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5506 ff4 fs7 fc1 sc0 ls0 ws0\">3. Attivit\u00e0 non corrent<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span> e gruppi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e6 h12 y5507 ff4 fs7 fc1 sc0 ls0 ws0\">533<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e2 h12 y5507 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e3 h12 y5507 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e7 h12 y5507 ff4 fs7 fc1 sc0 ls0 ws0\">533<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y5507 ff4 fs7 fc1 sc0 ls0 ws0\">357<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y5507 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y5507 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e8 h12 y5507 ff4 fs7 fc1 sc0 ls0 ws0\">357<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5508 ff4 fs7 fc1 sc0 ls0 ws0\">di attivit\u00e0 in via di dismi<span class=\"_ _2\"></span>ssione </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x6bc h12 y5509 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e9 h12 y5509 ff4 fs7 fc1 sc2 ls0 ws0\">45.280.003<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6bb h12 y5509 ff4 fs7 fc1 sc2 ls0 ws0\">7.660.059<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6de h12 y5509 ff4 fs7 fc1 sc2 ls0 ws0\">301.765<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ea h12 y5509 ff4 fs7 fc1 sc2 ls0 ws0\">37.969.726<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x691 h12 y5509 ff4 fs7 fc1 sc2 ls0 ws0\">44.470.424<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y5509 ff4 fs7 fc1 sc2 ls0 ws0\">7.352.925<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y5509 ff4 fs7 fc1 sc2 ls0 ws0\">377.189<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6eb h12 y5509 ff4 fs7 fc1 sc2 ls0 ws0\">37.552.919<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y550a ff4 fs7 fc1 sc0 ls0 ws0\">1. Passivit\u00e0 finanziarie <span class=\"_ _2\"></span>valutate </td><td class=\"t m2 x6ab h12 y550b ff4 fs7 fc1 sc0 ls0 ws0\">51.482.679<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b7 h12 y550b ff4 fs7 fc1 sc0 ls0 ws0\">4.149.806<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ec h12 y550b ff4 fs7 fc1 sc0 ls0 ws0\">6.991.634<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ed h12 y550b ff4 fs7 fc1 sc0 ls0 ws0\">40.440.450<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ee h12 y550b ff4 fs7 fc1 sc0 ls0 ws0\">52.777.314<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y550b ff4 fs7 fc1 sc0 ls0 ws0\">4.169.898<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y550b ff4 fs7 fc1 sc0 ls0 ws0\">8.271.180<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y550b ff4 fs7 fc1 sc0 ls0 ws0\">40.370.027<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y550c ff4 fs7 fc1 sc0 ls0 ws0\">al costo ammortizzat<span class=\"_ _2\"></span>o </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y550d ff4 fs7 fc1 sc0 ls0 ws0\">2. Passivit\u00e0 associate ad </td><td class=\"t m2 x6f0 h12 y550e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e2 h12 y550e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e3 h12 y550e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f1 h12 y550e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y550e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y550e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y550e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y550e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y550f ff4 fs7 fc1 sc0 ls0 ws0\">attivit\u00e0 in via di dism<span class=\"_ _2\"></span>issione </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x6bc h12 y5510 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ab h12 y5510 ff4 fs7 fc1 sc2 ls0 ws0\">51.482.679<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b7 h12 y5510 ff4 fs7 fc1 sc2 ls0 ws0\">4.149.806<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ec h12 y5510 ff4 fs7 fc1 sc2 ls0 ws0\">6.991.634<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ed h12 y5510 ff4 fs7 fc1 sc2 ls0 ws0\">40.440.450<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ee h12 y5510 ff4 fs7 fc1 sc2 ls0 ws0\">52.777.314<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y5510 ff4 fs7 fc1 sc2 ls0 ws0\">4.169.898<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y5510 ff4 fs7 fc1 sc2 ls0 ws0\">8.271.180<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5510 ff4 fs7 fc1 sc2 ls0 ws0\">40.370.027<span class=\"_ _3a1\"> </span></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-778": {
   "value": "A.3 <span class=\"_ _115\"> </span>INFORMATIVA <span class=\"_ _13c\"> </span>SUI <span class=\"_ _115\"> </span>TRASFERIMENTI <span class=\"_ _13c\"> </span>TRA<span class=\"_ _1\"></span> <span class=\"_ _13c\"> </span>PORTAFOGLI<span class=\"_ _1\"></span> <span class=\"_ _13c\"> </span>DI <span class=\"_ _115\"> </span>ATTIVITA\u2019<span class=\"_ _3a1\"> </span>FINA<span class=\"_ _3a1\"> </span>NZIARIE<span class=\"_ _3a1\"> </span>Successivamente <span class=\"_ _35\"> </span>all\u2019adozione <span class=\"_ _0\"></span>dell\u2019IFRS <span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>, <span class=\"_ _0\"> </span>il <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _0\"> </span>Cr<span class=\"_ _1\"></span>edem <span class=\"_ _35\"> </span>non <span class=\"_ _0\"></span>ha <span class=\"_ _35\"> </span>effettuato <span class=\"_ _0\"></span>cambiament<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>di busine<span class=\"_ _3a1\"> </span>ss  model  per  la  gestione <span class=\"_ _3d\"> </span>delle  proprie  attivit\u00e0  finanziarie  e,  quindi,  non  sono  avvenuti trasferimenti <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>portafogli <span class=\"_ _1\"></span>di at<span class=\"_ _1\"></span>tivit\u00e0 finanziarie. <span class=\"_ _1\"></span>Le <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>gole <span class=\"_ _1\"></span>generali pre<span class=\"_ _1\"></span>viste <span class=\"_ _1\"></span>dall\u2019IFRS 9 <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>materia di  riclassificazione <span class=\"_ _3d\"> </span>delle <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie  (ad <span class=\"_ _3d\"> </span>eccezione <span class=\"_ _3d\"> </span>dei  titoli <span class=\"_ _3d\"> </span>di  capitale, <span class=\"_ _3d\"> </span>per  cui <span class=\"_ _3d\"> </span>non  \u00e8 ammessa <span class=\"_ _3f\"> </span>alcuna <span class=\"_ _3f\"> </span>r<span class=\"_ _1\"></span>iclassifica) <span class=\"_ _3f\"> </span>non <span class=\"_ _3f\"> </span>prevedono <span class=\"_ _3f\"> </span>riclass<span class=\"_ _1\"></span>ifiche <span class=\"_ _3f\"> </span>verso <span class=\"_ _3f\"> </span>altre <span class=\"_ _3f\"> </span>categor<span class=\"_ _1\"></span>ie <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>attivit\u00e0 finanziarie <span class=\"_ _1\"></span>salvo <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>caso <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>societ<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _1\"></span>modifichi il <span class=\"_ _1\"></span>proprio <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>odello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>busines<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>gestione<span class=\"_ _1\"></span> di tali <span class=\"_ _1\"></span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _1\"></span>finanziarie. <span class=\"_ _1\"></span>\u00c8 <span class=\"_ _38\"></span>previsto <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>tali <span class=\"_ _38\"></span>modifiche <span class=\"_ _1\"></span>siano <span class=\"_ _38\"></span>altamente <span class=\"_ _1\"></span>infre<span class=\"_ _1\"></span>quenti <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>devono <span class=\"_ _1\"></span>essere determinate <span class=\"_ _0\"></span>dal <span class=\"_ _38\"></span>management <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>seguito <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>rilevanti <span class=\"_ _0\"></span>cambiamenti <span class=\"_ _38\"></span>esterni <span class=\"_ _0\"></span>o <span class=\"_ _38\"></span>interni, <span class=\"_ _38\"></span>dimostrabili <span class=\"_ _0\"></span>a soggetti esterni.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReclassificationOfFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-747": {
   "value": "<div class=\"t m2 h10 ff4 fs3 fc4 sc3 ls0 ws0 gs968\">A.4 INFORM<span class=\"_ _1\"></span>ATIVA SUL FAIR VALU<span class=\"_ _1\"></span>E<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs969\">Informat<span class=\"_ _1\"></span>iva di na<span class=\"_ _1\"></span>tura qu<span class=\"_ _1\"></span>alitativa </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs96a\">A.4.1 </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs96b\">\u2013 Livel<span class=\"_ _1\"></span>lo di fai<span class=\"_ _1\"></span>r value <span class=\"_ _1\"></span>2 e 3: tecniche<span class=\"_ _1\"></span> di valu<span class=\"_ _1\"></span>tazione<span class=\"_ _1\"></span> e input u<span class=\"_ _1\"></span>tiliz</div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs96c\">zati<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs96d\">Le <span class=\"_ _35\"> </span>tecniche <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>valutazione <span class=\"_ _35\"> </span>utilizzate  pe<span class=\"_ _2\"></span>r <span class=\"_ _35\"> </span>gli <span class=\"_ _35\"> </span>strumenti <span class=\"_ _35\"> </span>finanziari  ap<span class=\"_ _2\"></span>partenenti <span class=\"_ _35\"> </span>al  l<span class=\"_ _2\"></span>ivello <span class=\"_ _35\"> </span>2 <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>3 <span class=\"_ _35\"> </span>si </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs96e\">distinguono: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs96f\"><span class=\"_ _42\"> </span><span class=\"ff4\">Attivit\u00e0  finanziarie:  valutazione  degli  strume<span class=\"_ _1\"></span>nti  strutturati  utilizzando  per  la  componente </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs970\">obbligazionaria  il <span class=\"_ _35\"> </span>modello  discounted  cash <span class=\"_ _35\"> </span>flow  con <span class=\"_ _35\"> </span>un  tasso <span class=\"_ _35\"> </span>corretto  per  un <span class=\"_ _35\"> </span>opportuno </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs971\">rischio di credito, e per la componente azionaria <span class=\"_ _1\"></span>utilizzando il modello Black&amp;Scholes; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs972\"><span class=\"_ _42\"> </span><span class=\"ff4\">Passivit\u00e0 <span class=\"_ _3f\"> </span>finanziarie: <span class=\"_ _3a\"> </span>valutazione <span class=\"_ _3f\"> </span>degli <span class=\"_ _3f\"> </span>strumenti <span class=\"_ _3f\"> </span>plain <span class=\"_ _3f\"> </span>vanilla <span class=\"_ _3f\"> </span>s<span class=\"_ _1\"></span>econdo <span class=\"_ _3f\"> </span>le <span class=\"_ _3f\"> </span>tecniche <span class=\"_ _3f\"> </span>di </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs973\">valutazione <span class=\"_ _35\"> </span>discounted <span class=\"_ _35\"> </span>cash <span class=\"_ _35\"> </span>flow  di <span class=\"_ _35\"> </span>cassa <span class=\"_ _35\"> </span>considerando <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>tasso  c<span class=\"_ _2\"></span>orretto <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>rischio  d<span class=\"_ _2\"></span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs974\">credito di Credito Emiliano sulla scadenza dello strumento. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs975\">Si riporta brevemente la definizione dei modelli utilizzati: </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs976\">Discounte<span class=\"_ _1\"></span>d Cash Flow </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs977\">Il <span class=\"_ _35\"> </span>modello <span class=\"_ _35\"> </span>discounted <span class=\"_ _35\"> </span>cash <span class=\"_ _35\"> </span>flow, <span class=\"_ _35\"> </span>flussi <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>cassa <span class=\"_ _35\"> </span>attualizz</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs978\">ati, <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>metodo <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>valutazione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>un </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs979\">investimento, <span class=\"_ _0\"></span>bas<span class=\"_ _2\"></span>ato <span class=\"_ _38\"></span>sul <span class=\"_ _38\"></span>pro<span class=\"_ _1\"></span>cesso <span class=\"_ _38\"></span>finanziario <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>at<span class=\"_ _1\"></span>tualizzazione, <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>consente <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>abilire <span class=\"_ _38\"></span>oggi <span class=\"_ _38\"></span>il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs97a\">valore attuale di u<span class=\"_ _2\"></span>n capitale che <span class=\"_ _2\"></span>ha come naturale scadenza una <span class=\"_ _3b\"></span>data futura tramite l'applicazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs97b\">di un tasso di scont<span class=\"_ _1\"></span>o. Il tasso di sconto viene <span class=\"_ _1\"></span>corretto per il rischio di credito dei flussi futuri at<span class=\"_ _1\"></span>tesi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs97c\">dall'attivit\u00e0 <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>estione<span class=\"_ _1\"></span>. <span class=\"_ _35\"> </span>La <span class=\"_ _35\"> </span>somma <span class=\"_ _0\"></span>algebrica <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>flussi <span class=\"_ _35\"> </span>attualizzati <span class=\"_ _35\"> </span>rappresenta <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>netto<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs97d\">attuale (Net present value) dello str<span class=\"_ _1\"></span>umento. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs97e\">I <span class=\"_ _1\"></span>para<span class=\"_ _1\"></span>metri <span class=\"_ _38\"></span>utilizzati <span class=\"_ _38\"></span>nella <span class=\"_ _38\"></span>tecnica <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>valutazione <span class=\"_ _38\"></span>so<span class=\"_ _1\"></span>no: <span class=\"_ _38\"></span>curva <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>assi <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>cre<span class=\"_ _1\"></span>dit <span class=\"_ _38\"></span>spread <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>ogni <span class=\"_ _38\"></span>singola </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs97f\">emissione. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs981\">Modello Black&amp;Schole<span class=\"_ _1\"></span>s  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs982\">Il <span class=\"_ _3d\"> </span>m<span class=\"_ _1\"></span>od<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs983\">ello <span class=\"_ _37\"> </span>Black&amp;scholes <span class=\"_ _36\"> </span>univariato <span class=\"_ _37\"> </span>(BS) <span class=\"_ _37\"> </span>\u00e8 <span class=\"_ _37\"> </span>il <span class=\"_ _37\"> </span>mo<span class=\"_ _1\"></span>dello <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>pricing <span class=\"_ _37\"> </span>delle <span class=\"_ _37\"> </span>opzioni <span class=\"_ _37\"> </span>p<span class=\"_ _1\"></span>i\u00f9 <span class=\"_ _3d\"> </span>famo<span class=\"_ _1\"></span>so <span class=\"_ _37\"> </span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs984\">riconosciuto <span class=\"_ _38\"></span>dal <span class=\"_ _0\"></span>mercato. <span class=\"_ _38\"></span>Il <span class=\"_ _38\"></span>modello <span class=\"_ _38\"></span>si <span class=\"_ _0\"></span>basa <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ulla <span class=\"_ _38\"></span>possibilit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>creare <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>port<span class=\"_ _1\"></span>afoglio <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>quivalente </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs985\">all\u2019opzione, <span class=\"_ _38\"></span>cost<span class=\"_ _1\"></span>ituito <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>parte <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>a <span class=\"_ _0\"></span>unit\u00e0 <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ottostante <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>parte <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>obbligazioni <span class=\"_ _38\"></span>prive <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>rischi<span class=\"_ _1\"></span>o </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs986\">entrambi influenzati d<span class=\"_ _2\"></span>alla stessa fonte di i<span class=\"_ _2\"></span>ncertezza data dalle va<span class=\"_ _2\"></span>riazioni del prezzo dell\u2019<span class=\"_ _2\"></span>azione. Le </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs987\">ipotesi <span class=\"_ _188\"> </span>sottostanti <span class=\"_ _29\"> </span>il <span class=\"_ _46\"> </span>mo<span class=\"_ _1\"></span>dello <span class=\"_ _188\"> </span>di <span class=\"_ _188\"> </span>BS <span class=\"_ _188\"> </span>sono <span class=\"_ _188\"> </span>rapprese<span class=\"_ _1\"></span>ntate <span class=\"_ _188\"> </span>dall'andamento <span class=\"_ _188\"> </span>dei <span class=\"_ _188\"> </span>prezzi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs988\">dell'attivit\u00e0 sottostante (approssimato da<span class=\"_ _2\"></span> un proc<span class=\"_ _2\"></span>esso log-normale), <span class=\"_ _3b\"></span>dalla presenza di un m<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>rcato </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs989\">perfettamente efficiente; dal tasso di i<span class=\"_ _2\"></span>nteresse e dalla volatilit\u00e0 del sottostante costante per tutta<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs98a\">la durata dell'opzione.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs98b\">I parametri utilizzati <span class=\"_ _2\"></span>nella tecnica di<span class=\"_ _2\"></span> valutazione sono il <span class=\"_ _2\"></span>tasso di i<span class=\"_ _2\"></span>nteresse, il valore e <span class=\"_ _2\"></span>la volatilit\u00e0 del<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs98c\">sottostante. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs98d\">Alla  data  del  31/12/20<span class=\"_ _1\"></span>24  tutti  i  parametri  utilizzati  nelle  tecniche  di  valutazione <span class=\"_ _3d\"> </span>sono  risultati </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs98e\">osservabili, e<span class=\"_ _1\"></span>videnziando <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>gli st<span class=\"_ _1\"></span>rumenti <span class=\"_ _1\"></span>valutati tramit<span class=\"_ _1\"></span>e m<span class=\"_ _1\"></span>ark to <span class=\"_ _1\"></span>model <span class=\"_ _1\"></span>livelli <span class=\"_ _1\"></span>di fair<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>pari a </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs98f\">2. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs990\">In particolare: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs991\"><span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _38\"></span>tass<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>inter<span class=\"_ _1\"></span>esse <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>estrapol<span class=\"_ _2\"></span>ati <span class=\"_ _38\"></span>dalla <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>urva <span class=\"_ _38\"></span>zer<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>otte<span class=\"_ _1\"></span>nuta <span class=\"_ _38\"></span>dalle <span class=\"_ _38\"></span>quotazioni <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>mer<span class=\"_ _1\"></span>cato <span class=\"_ _38\"></span>di </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs992\">strumenti omogenei; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs993\"><span class=\"_ _42\"> </span><span class=\"ff4\">i <span class=\"_ _1\"></span>credit <span class=\"_ _38\"></span>spread <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>componete <span class=\"_ _38\"></span>Credito <span class=\"_ _38\"></span>Emiliano <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>ottenuti <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>quotazioni <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>mercato<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs994\">emissioni comparables; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs995\"><span class=\"_ _42\"> </span><span class=\"ff4\">valore del sottostante sono ottenuti dalla quotazione del mer<span class=\"_ _1\"></span>cato; </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs996\"><span class=\"_ _42\"> </span><span class=\"ff4\">volatilit\u00e0 del sottostante ottenute da quotazioni di mer<span class=\"_ _1\"></span>cato. </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs997\">A.4.2 P<span class=\"_ _1\"></span>rocessi e <span class=\"_ _1\"></span>sensibilit<span class=\"_ _1\"></span>\u00e0 delle valu<span class=\"_ _1\"></span>tazioni<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs998\">Gli <span class=\"_ _1\"></span>strumenti <span class=\"_ _38\"></span>non <span class=\"_ _1\"></span>scambiati <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rcati <span class=\"_ _1\"></span>attivi <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>valutati <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>mark <span class=\"_ _38\"></span>to <span class=\"_ _1\"></span>model <span class=\"_ _1\"></span>utilizzando <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>tecnica </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs999\">di <span class=\"_ _3b\"></span>val<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs99a\">utazione <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>massimizza l\u2019<span class=\"_ _2\"></span>utilizzo <span class=\"_ _3b\"></span>di dati <span class=\"_ _3b\"></span>oss<span class=\"_ _1\"></span>ervabili <span class=\"_ _3b\"></span>sul <span class=\"_ _2\"></span>mercato. Qualora <span class=\"_ _3b\"></span>i parametri <span class=\"_ _3b\"></span>risultino </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs99b\">non disponibili e direttamente osservabili il livello di fair value attribuito \u00e8<span class=\"_ _1\"></span> pari a 3. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs99c\">Nel <span class=\"_ _3d\"> </span>corso  del  20<span class=\"_ _1\"></span>24  sono  state <span class=\"_ _3d\"> </span>valutate  con <span class=\"_ _3d\"> </span>modelli  mark <span class=\"_ _3d\"> </span>to  mo<span class=\"_ _1\"></span>del,  tramite  parame<span class=\"_ _1\"></span>ntri  non </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs99d\">osservabili <span class=\"_ _1\"></span>(fair <span class=\"_ _38\"></span>va<span class=\"_ _1\"></span>lue <span class=\"_ _38\"></span>3), <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>quote <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>OICR <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>quali <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>ap<span class=\"_ _1\"></span>plicabile <span class=\"_ _38\"></span>l\u2019analisi <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>sensitivit\u00e0, <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs99e\">investimenti partecipativi per importi no<span class=\"_ _1\"></span>n materiali. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs99f\">Alla <span class=\"_ _1\"></span>data <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>1 <span class=\"_ _38\"></span>dicembre <span class=\"_ _38\"></span>2024 <span class=\"_ _38\"></span>nessun <span class=\"_ _38\"></span>strumento <span class=\"_ _38\"></span>finanziario <span class=\"_ _38\"></span>derivato <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>stat<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>valutato <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>mark <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9a0\">model tramite parametri di mercato non direttamente osservabili. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs9a1\">A.4.3 Ge<span class=\"_ _1\"></span>rarchia<span class=\"_ _1\"></span> del fair valu<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs9a2\">Trasferime<span class=\"_ _1\"></span>nti tra i livelli della gerarch<span class=\"_ _1\"></span>ia del fair value </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9a3\">La <span class=\"_ _3b\"></span>ger<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9a4\">archia <span class=\"_ _3b\"></span>del <span class=\"_ _3b\"></span>fair<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>value <span class=\"_ _3b\"></span>at<span class=\"_ _1\"></span>tribuisce <span class=\"_ _3b\"></span>la <span class=\"_ _2\"></span>massima <span class=\"_ _2\"></span>priorit<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9a5\">\u00e0 <span class=\"_ _3b\"></span>ai <span class=\"_ _3b\"></span>prezzi <span class=\"_ _3b\"></span>quotat<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>(non <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ettificati) <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>mer<span class=\"_ _1\"></span>cati </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9a6\">attivi per attivit\u00e0 <span class=\"_ _2\"></span>o passivit\u00e0 identiche (<span class=\"_ _2\"></span>dati di l<span class=\"_ _2\"></span>ivello 1) e la <span class=\"_ _2\"></span>priorit\u00e0 minima <span class=\"_ _2\"></span>agli input non osservabil<span class=\"_ _2\"></span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9a7\">(dati di livello 3). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9a8\">I <span class=\"_ _38\"></span>Livelli <span class=\"_ _0\"></span>utiliz<span class=\"_ _2\"></span>zati <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>classifi<span class=\"_ _2\"></span>cazioni <span class=\"_ _38\"></span>ripor<span class=\"_ _1\"></span>tate <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>seguito <span class=\"_ _0\"></span>della<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>pres<span class=\"_ _1\"></span>ente <span class=\"_ _38\"></span>Nota <span class=\"_ _0\"></span>integrativa<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>sono <span class=\"_ _1\"></span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9a9\">seguenti: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs9aa\"><span class=\"_ _42\"> </span><span class=\"ff4\">\u201clivello <span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>\u201d: <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _38\"></span>degli <span class=\"_ _1\"></span>strumenti <span class=\"_ _38\"></span>finanziari <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>deter<span class=\"_ _1\"></span>minato <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>base <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>zzi <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>quotazione </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9ab\">osservabili su mercati attivi (non rettificati) alle quali si pu\u00f2 accedere alla data di valutazione; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs9ac\"><span class=\"_ _42\"> </span><span class=\"ff4\">\u201clivello 2\u201d: <span class=\"_ _3b\"></span>il fair <span class=\"_ _2\"></span>value d<span class=\"_ _2\"></span>egli strumenti fin<span class=\"_ _2\"></span>anziari \u00e8 <span class=\"_ _2\"></span>determinato in<span class=\"_ _3b\"></span> base a <span class=\"_ _2\"></span>input d<span class=\"_ _2\"></span>iversi dai <span class=\"_ _3b\"></span>prezzi </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9ad\">quotati <span class=\"_ _35\"> </span>incl<span class=\"_ _2\"></span>usi <span class=\"_ _35\"> </span>nel <span class=\"_ _0\"></span>Livello <span class=\"_ _35\"> </span>1 <span class=\"_ _0\"> </span>o<span class=\"_ _1\"></span>sservabili <span class=\"_ _35\"> </span>direttamente <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>indirettamente <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>l\u2019attivi<span class=\"_ _2\"></span>t\u00e0 <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>la<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9ae\">passivit\u00e0, utilizzando anche di tecniche di valutazione; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs9af\"><span class=\"_ _42\"> </span><span class=\"ff4\">\u201clivello 3\u201d: <span class=\"_ _1\"></span>il fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>degli st<span class=\"_ _1\"></span>rumenti <span class=\"_ _1\"></span>finanziari \u00e8 <span class=\"_ _1\"></span>determinato<span class=\"_ _1\"></span> in base <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>input non <span class=\"_ _1\"></span>osservabili<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9b0\">per l\u2019attivit\u00e0 o per la passivit\u00e0, utilizzando anche di te<span class=\"_ _1\"></span>cniche di valutazione. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9b1\">L\u2019attivit\u00e0  di  attribuzione  dei  livelli  \u00e8  rappresentata  dalla  verifica  pu<span class=\"_ _2\"></span>ntuale  per  ogni  strumento </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9b2\">detenuto <span class=\"_ _0\"></span>nei<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>portafogli<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>propri<span class=\"_ _2\"></span>et\u00e0 <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>possibile <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>otenziale <span class=\"_ _38\"></span>mercato <span class=\"_ _0\"></span>attivo <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ispetti <span class=\"_ _38\"></span>alcune </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9b3\">regole <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valorizzazione. <span class=\"_ _1\"></span>In par<span class=\"_ _1\"></span>ticolare <span class=\"_ _1\"></span>viene <span class=\"_ _1\"></span>analizzato <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>contribuzioni r<span class=\"_ _1\"></span>isultino <span class=\"_ _1\"></span>continuative, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9b4\">contenute nei delta <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>pread bid a<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>k, indi<span class=\"_ _2\"></span>cative di possibili<span class=\"_ _2\"></span> transazioni recenti quindi<span class=\"_ _2\"></span> non trascinate, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9b5\">e che l\u2019emittente risulti solido e attivo. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9b6\">Il mancat<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>rispetto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>ta<span class=\"_ _1\"></span>li r<span class=\"_ _1\"></span>egole <span class=\"_ _1\"></span>porta <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>aggravio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>livello <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sociato <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>valorizzazione <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>pi\u00f9 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9b7\">coerente e rappresentativa del fair value dello strume<span class=\"_ _1\"></span>nto.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9b8\">Analogamente <span class=\"_ _38\"></span>l\u2019analisi <span class=\"_ _1\"></span>viene <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ffettuata <span class=\"_ _1\"></span>anche <span class=\"_ _38\"></span>nella <span class=\"_ _1\"></span>verifica <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>pot<span class=\"_ _1\"></span>enziale <span class=\"_ _1\"></span>ripristino <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>mer<span class=\"_ _1\"></span>cato<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9b9\">attivo <span class=\"_ _1\"></span>sugli <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>rumenti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>quali <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>corso <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>empo <span class=\"_ _1\"></span>si <span class=\"_ _38\"></span>verifica <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>riattivazione <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>valorizzazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9ba\">continuative sul mercato regolamentato e no<span class=\"_ _1\"></span>n.<span class=\"_ _3a1\"> </span></div>A.4.4 Al<span class=\"_ _1\"></span>tre info<span class=\"_ _1\"></span>rmazioni<span class=\"_ _3a1\"> </span>L\u2019attivit\u00e0  di <span class=\"_ _3d\"> </span>attr<span class=\"_ _1\"></span>ibuzione  dei <span class=\"_ _3d\"> </span>live<span class=\"_ _1\"></span>lli  di <span class=\"_ _3d\"> </span>fair <span class=\"_ _3d\"> </span>value <span class=\"_ _3d\"> </span>avviene <span class=\"_ _3d\"> </span>trimest<span class=\"_ _1\"></span>ralmente  alle <span class=\"_ _3d\"> </span>date<span class=\"_ _1\"></span>  cont<span class=\"_ _1\"></span>abili  di<span class=\"_ _3a1\"> </span>riferi<span class=\"_ _3a1\"> </span>mento <span class=\"_ _35\"> </span>basandosi <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>ulla <span class=\"_ _35\"> </span>verifica <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>prese<span class=\"_ _1\"></span>nza <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>un<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>mercato <span class=\"_ _35\"> </span>principale <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>pi<span class=\"_ _2\"></span>\u00f9 <span class=\"_ _35\"> </span>vantaggioso<span class=\"_ _3a1\"> </span>nell\u2019intervallo temporale antecedente<span class=\"_ _1\"></span> la data contabile di riferimento. L\u2019att<span class=\"_ _1\"></span>ivit\u00e0 prevede la verifica<span class=\"_ _3a1\"> </span>di <span class=\"_ _0\"></span>alcu<span class=\"_ _2\"></span>ni <span class=\"_ _0\"></span>principi <span class=\"_ _38\"></span>nece<span class=\"_ _1\"></span>ssari <span class=\"_ _0\"></span>alla <span class=\"_ _38\"></span>definizione <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>senza <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>mercato <span class=\"_ _38\"></span>attivo <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>ogni <span class=\"_ _0\"></span>strumento<span class=\"_ _3a1\"> </span>finanziario identificati dalla disponibilit\u00e0 di valorizzazioni ese<span class=\"_ _1\"></span>guibili, continue e con s<span class=\"_ _1\"></span>carto denaro-<span class=\"_ _3a1\"> </span>lettera (bid-ask spread) contenuti.<span class=\"_ _3a1\"> </span>Il rispetto <span class=\"_ _1\"></span>di tali <span class=\"_ _1\"></span>condizioni determina il livello <span class=\"_ _1\"></span>di fair <span class=\"_ _1\"></span>value dello strument<span class=\"_ _1\"></span>o analizzato. Qualora <span class=\"_ _1\"></span>non<span class=\"_ _3a1\"> </span>siano <span class=\"_ _1\"></span>prese<span class=\"_ _1\"></span>nti <span class=\"_ _1\"></span>quotazioni <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>mercato, <span class=\"_ _1\"></span>l\u2019utilizzo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ecniche <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>valutazione <span class=\"_ _1\"></span>viene<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>effettuata <span class=\"_ _38\"></span>ad <span class=\"_ _1\"></span>ogni<span class=\"_ _3a1\"> </span>data <span class=\"_ _2\"></span>contabile <span class=\"_ _2\"></span>massimizzando <span class=\"_ _3b\"></span>l\u2019utilizzo <span class=\"_ _3b\"></span>di input <span class=\"_ _3b\"></span>osser<span class=\"_ _1\"></span>vabili <span class=\"_ _3b\"></span>rilevanti e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>riducendo <span class=\"_ _3b\"></span>al minimo <span class=\"_ _3b\"></span>l\u2019utilizzo<span class=\"_ _3a1\"> </span>di <span class=\"_ _3b\"></span>input n<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>osservabili. <span class=\"_ _3b\"></span>La verifica <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ali <span class=\"_ _3b\"></span>parametri d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>input in <span class=\"_ _3b\"></span>funzione <span class=\"_ _3b\"></span>della <span class=\"_ _2\"></span>disponibilit\u00e0 <span class=\"_ _3b\"></span>deter<span class=\"_ _1\"></span>mina<span class=\"_ _3a1\"> </span>il livello di fair value dello strumento.<span class=\"_ _3a1\"> </span>Alle date <span class=\"_ _1\"></span>contabili viene <span class=\"_ _1\"></span>inoltre effettuata una <span class=\"_ _1\"></span>analisi comparativa <span class=\"_ _1\"></span>dei livelli di <span class=\"_ _1\"></span>fair value ris<span class=\"_ _1\"></span>petto al<span class=\"_ _3a1\"> </span>trimestre <span class=\"_ _0\"></span>pr<span class=\"_ _2\"></span>ecedente <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>l\u2019inizio <span class=\"_ _38\"></span>dell\u2019esercizio <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>riferimento <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>fine <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>individuare <span class=\"_ _0\"></span>i <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rasferimenti <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span>livelli  di  fair  value  avvenuti  nel  corso  dell\u2019esercizio  di  riferimento  e  le  circostanze  che  hann<span class=\"_ _3b\"></span>o<span class=\"_ _3a1\"> </span>determinato tale trasferimento.<span class=\"_ _3a1\"> </span>Informat<span class=\"_ _1\"></span>iva di na<span class=\"_ _1\"></span>tur<span class=\"_ _3a1\"> </span>a quantita<span class=\"_ _1\"></span>tiva<span class=\"_ _3a1\"> </span>A.4.5 G<span class=\"_ _1\"></span>erarchia del<span class=\"_ _1\"></span> fair v<span class=\"_ _1\"></span>alue<span class=\"_ _3a1\"> </span>A.4.5.1 Att<span class=\"_ _1\"></span>ivit\u00e0 e passivit\u00e0 valutate<span class=\"_ _1\"></span> al fair value su base<span class=\"_ _1\"></span> ricorrente: ripartizione pe<span class=\"_ _1\"></span>r livelli di fair va<span class=\"_ _1\"></span>lue<span class=\"_ _3a1\"> </span><table class=\"s w65c h1ed\" id=\"_78467234-8f98-4b2b-bb18-7bb40e572dff\"><tr><td class=\"t m2 x658 h12 y5497 ff4 fs7 fc7 sc6 ls0 ws0\">Attivit\u00e0/Passivit\u00e0 misurate al fair value<span class=\"_ _2\"></span> </td><td></td><td class=\"c n x659 y5498 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x65a y5498 w65e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n x65b y5499 w65f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x65c y5499 w660 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x65d y5499 w661 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x65e y5499 w65f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x65f y5499 w662 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x660 y5499 w663 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L<span class=\"_ _2\"></span>3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x2d7 y549a w664 h1e7\"><div class=\"t m2 x2b3 h12 y543a ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanziarie va<span class=\"_ _2\"></span>lutate al fair value c<span class=\"_ _2\"></span>on impatto a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">conto economico<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x661 h12 y549b ff4 fs7 fc1 sc0 ls0 ws0\">5.368.935<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x662 h12 y549b ff4 fs7 fc1 sc0 ls0 ws0\">52.518<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x663 h12 y549b ff4 fs7 fc1 sc0 ls0 ws0\">285.011<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x664 h12 y549b ff4 fs7 fc1 sc0 ls0 ws0\">4.613.404<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y549b ff4 fs7 fc1 sc0 ls0 ws0\">84.847<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y549b ff4 fs7 fc1 sc0 ls0 ws0\">283.133<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x667 y549c w665 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) attivit\u00e0 finanziarie de<span class=\"_ _2\"></span>tenute per la <span class=\"_ _2\"></span>negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x668 y549c w666 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">19.098</div></td><td class=\"t m2 x662 h12 y549d ff4 fs7 fc1 sc0 ls0 ws0\">15.038<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x669 h12 y549d ff4 fs7 fc1 sc0 ls0 ws0\">23<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66a h12 y549d ff4 fs7 fc1 sc0 ls0 ws0\">28.975<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y549d ff4 fs7 fc1 sc0 ls0 ws0\">32.043<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y549d ff4 fs7 fc1 sc0 ls0 ws0\">22<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x667 y549e w667 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) attivit\u00e0 finanziar<span class=\"_ _2\"></span>ie designate al fai<span class=\"_ _2\"></span>r value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x66c y549e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66d h12 y549f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y549f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y549f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x670 h12 y549f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y549f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x672 h12 y54a0 ff4 fs7 fc1 sc0 ls0 ws0\">c) Altre attivit\u00e0 finanzi<span class=\"_ _2\"></span>arie obbligatoriamente <span class=\"_ _3b\"></span>v<span class=\"_ _1\"></span>alutate al<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x661 h12 y54a1 ff4 fs7 fc1 sc0 ls0 ws0\">5.349.837<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x673 h12 y54a2 ff4 fs7 fc1 sc0 ls0 ws0\">37.480<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x674 h12 y54a2 ff4 fs7 fc1 sc0 ls0 ws0\">284.988<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x675 h12 y54a2 ff4 fs7 fc1 sc0 ls0 ws0\">4.584.429<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y54a2 ff4 fs7 fc1 sc0 ls0 ws0\">52.804<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y54a2 ff4 fs7 fc1 sc0 ls0 ws0\">283.111<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x672 h12 y54a3 ff4 fs7 fc1 sc0 ls0 ws0\">fair value </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x677 y54a4 w16b h11\"><div class=\"t m2 x0 h12 y83 ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 finanziarie va<span class=\"_ _2\"></span>lutate al fair <span class=\"_ _2\"></span>value con impatto </div></td><td class=\"t m2 x661 h12 y54a5 ff4 fs7 fc1 sc0 ls0 ws0\">9.403.955<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x678 h12 y54a5 ff4 fs7 fc1 sc0 ls0 ws0\">57.766<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x679 h12 y54a5 ff4 fs7 fc1 sc0 ls0 ws0\">30.118<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x675 h12 y54a5 ff4 fs7 fc1 sc0 ls0 ws0\">8.874.040<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y54a5 ff4 fs7 fc1 sc0 ls0 ws0\">56.245<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y54a5 ff4 fs7 fc1 sc0 ls0 ws0\">31.835<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54a6 ff4 fs7 fc1 sc0 ls0 ws0\">sulla redditivit\u00e0 c<span class=\"_ _2\"></span>omplessiva </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5485 w669 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Derivati di copertur<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x67b y5485 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x67c h12 y54a7 ff4 fs7 fc1 sc0 ls0 ws0\">427.235<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y54a7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y54a7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y54a7 ff4 fs7 fc1 sc0 ls0 ws0\">568.146<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54a7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5486 w66a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Attivit\u00e0 materiali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x67e y5486 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66d h12 y54a8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y54a8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y54a8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x670 h12 y54a8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54a8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54a9 w66b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Attivit\u00e0 immaterial<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x67f y54a9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66d h12 y54aa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y54aa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y54aa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x670 h12 y54aa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54aa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x680 h12 y54ab ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x681 h12 y54ab ff4 fs7 fc1 sc2 ls0 ws0\">14.772.890<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x682 h12 y54ab ff4 fs7 fc1 sc2 ls0 ws0\">537.519<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x683 h12 y54ab ff4 fs7 fc1 sc2 ls0 ws0\">315.129<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x684 h12 y54ab ff4 fs7 fc1 sc2 ls0 ws0\">13.487.444<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x685 h12 y54ab ff4 fs7 fc1 sc2 ls0 ws0\">709.238<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y54ab ff4 fs7 fc1 sc2 ls0 ws0\">314.968<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54ac w66c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Passivit\u00e0 finanziarie de<span class=\"_ _3b\"></span>tenute per la negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x686 y54ac w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x662 h12 y54ad ff4 fs7 fc1 sc0 ls0 ws0\">14.463<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y54ad ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y54ad ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x687 h12 y54ad ff4 fs7 fc1 sc0 ls0 ws0\">27.211<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54ad ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54ae w66d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Passivit\u00e0 finanziarie de<span class=\"_ _3b\"></span>si<span class=\"_ _1\"></span>gnate al f<span class=\"_ _2\"></span>air value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x688 y54ae w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66d h12 y54af ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x689 h12 y54af ff4 fs7 fc1 sc0 ls0 ws0\">4.402.690<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y54af ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x670 h12 y54af ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68a h12 y54af ff4 fs7 fc1 sc0 ls0 ws0\">3.884.977<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54b0 w669 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Derivati di copertur<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x67b y54b0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x682 h12 y54b1 ff4 fs7 fc1 sc0 ls0 ws0\">731.778<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y54b1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y54b1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y54b1 ff4 fs7 fc1 sc0 ls0 ws0\">911.207<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54b1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x680 h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68b h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68c h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">746.241<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x689 h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">4.402.690<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x685 h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">938.418<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68a h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">3.884.977<span class=\"_ _3a1\"> </span></td></tr></table>In riferimento alle attivit\u00e0 v<span class=\"_ _2\"></span>alutate al fair val<span class=\"_ _2\"></span>ue su base ricorrente <span class=\"_ _2\"></span>alla data del 31 <span class=\"_ _2\"></span>dicembre 2024 gli<span class=\"_ _3a1\"> </span>strumenti <span class=\"_ _1\"></span>valorizzati <span class=\"_ _1\"></span>secondo <span class=\"_ _1\"></span>il mer<span class=\"_ _1\"></span>cato <span class=\"_ _1\"></span>pi\u00f9 vantaggioso <span class=\"_ _1\"></span>(livello <span class=\"_ _1\"></span>di fair <span class=\"_ _38\"></span>value par<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>a 1) <span class=\"_ _1\"></span>e/o <span class=\"_ _1\"></span>secondo<span class=\"_ _3a1\"> </span>tecniche di valu<span class=\"_ _2\"></span>tazione basate su parametri osservabili (l<span class=\"_ _2\"></span>ivello di fair value pari a <span class=\"_ _2\"></span>2) rappresentano<span class=\"_ _3a1\"> </span>il <span class=\"_ _3b\"></span>97,98% del <span class=\"_ _3b\"></span>totale <span class=\"_ _2\"></span>delle <span class=\"_ _3b\"></span>attivit\u00e0 <span class=\"_ _2\"></span>valutate al <span class=\"_ _3b\"></span>fair <span class=\"_ _3b\"></span>value (<span class=\"_ _2\"></span>valore <span class=\"_ _3b\"></span>stabile rispetto <span class=\"_ _3b\"></span>al <span class=\"_ _3b\"></span>corris<span class=\"_ _1\"></span>pondente <span class=\"_ _3b\"></span>2023<span class=\"_ _3a1\"> </span>pari al 97,83%). Gli <span class=\"_ _0\"></span>strumenti <span class=\"_ _38\"></span>valutati <span class=\"_ _0\"></span>tramite <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>ecniche <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>valutazione <span class=\"_ _0\"></span>basate <span class=\"_ _0\"></span>pr<span class=\"_ _2\"></span>evalentemente <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>para<span class=\"_ _2\"></span>metri <span class=\"_ _0\"></span>non<span class=\"_ _3a1\"> </span>osservabili <span class=\"_ _0\"></span>hanno <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iguardato <span class=\"_ _0\"></span>una <span class=\"_ _38\"></span>par<span class=\"_ _1\"></span>te <span class=\"_ _0\"></span>residuale <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>totale <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _38\"></span>(2,17%),<span class=\"_ _3a1\"> </span>costante rispetto al valore del 2023 pari a 2,02%.<span class=\"_ _3a1\"> </span>A.4.5.2 Variazioni ann<span class=\"_ _1\"></span>ue delle attivit<span class=\"_ _1\"></span>\u00e0 valutate al fair <span class=\"_ _1\"></span>value su base r<span class=\"_ _1\"></span>icorrente (livello 3)<span class=\"_ _3a1\"> </span><table class=\"s w66e h1ee\" id=\"_627dc0cd-9515-4aa2-aa99-943cbd216587\"><tr><td></td><td class=\"c x68e y54b3 w66f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0 finanziarie valutate al fair value<span class=\"_ _2\"></span> con impatt<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x68d h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">o a<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x68f h12 y54b4 ff4 fs7 fc4 sc3 ls0 ws0\">conto economico </td><td></td><td class=\"t m2 x690 h12 y54b5 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0 </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x691 h12 y54b6 ff4 fs7 fc4 sc3 ls0 ws0\">finanziarie </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x692 h12 y54b7 ff4 fs7 fc4 sc3 ls0 ws0\">di cui: c) altre </td><td class=\"t m2 x693 h12 y54b8 ff4 fs7 fc4 sc3 ls0 ws0\">di cui: a) </td><td class=\"t m2 x694 h12 y54b8 ff4 fs7 fc4 sc3 ls0 ws0\">di cui: b) </td><td></td><td class=\"t m2 x691 h12 y54b9 ff4 fs7 fc4 sc3 ls0 ws0\">valutate al </td><td class=\"t m2 x695 h12 y54ba ff4 fs7 fc4 sc3 ls0 ws0\">Derivati </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x696 h12 y54bb ff4 fs7 fc4 sc3 ls0 ws0\">attivit\u00e0 </td><td class=\"t m2 x697 h12 y54bb ff4 fs7 fc4 sc3 ls0 ws0\">attivit\u00e0 </td><td class=\"t m2 x698 h12 y54bc ff4 fs7 fc4 sc3 ls0 ws0\">attivit\u00e0 finanziarie </td><td class=\"t m2 x699 h12 y54bd ff4 fs7 fc4 sc3 ls0 ws0\">fair value </td><td class=\"t m2 x69a h12 y54be ff4 fs7 fc4 sc3 ls0 ws0\">di </td><td class=\"t m2 x69b h12 y54bf ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0 </td><td class=\"t m2 x69c h12 y54bf ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0 </td></tr><tr><td></td><td class=\"t m2 x69d h12 y54c0 ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td><td class=\"t m2 x69e h12 y54c1 ff4 fs7 fc4 sc3 ls0 ws0\">finanziarie </td><td class=\"t m2 x69f h12 y54c1 ff4 fs7 fc4 sc3 ls0 ws0\">finanziarie </td><td class=\"t m2 x698 h12 y54c0 ff4 fs7 fc4 sc3 ls0 ws0\">obbligatoriamente </td><td class=\"t m2 x6a0 h12 y54c2 ff4 fs7 fc4 sc3 ls0 ws0\">con impatto </td><td class=\"t m2 x6a1 h12 y54c3 ff4 fs7 fc4 sc3 ls0 ws0\">copertura<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a2 h12 y54c4 ff4 fs7 fc4 sc3 ls0 ws0\">materiali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y54c4 ff4 fs7 fc4 sc3 ls0 ws0\">immateriali<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td class=\"t m2 x6a4 h12 y54c5 ff4 fs7 fc4 sc3 ls0 ws0\">detenute per </td><td class=\"t m2 x6a5 h12 y54c5 ff4 fs7 fc4 sc3 ls0 ws0\">designate </td><td></td><td class=\"t m2 x6a6 h12 y54c6 ff4 fs7 fc4 sc3 ls0 ws0\">sulla </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x6a7 h12 y54c7 ff4 fs7 fc4 sc3 ls0 ws0\">valutate al fair </td><td class=\"t m2 x6a8 h12 y54c8 ff4 fs7 fc4 sc3 ls0 ws0\">la </td><td class=\"t m2 x6a9 h12 y54c8 ff4 fs7 fc4 sc3 ls0 ws0\">al fair </td><td></td><td class=\"t m2 x691 h12 y54c9 ff4 fs7 fc4 sc3 ls0 ws0\">redditivit\u00e0 </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x6aa h12 y54ca ff4 fs7 fc4 sc3 ls0 ws0\">value </td><td class=\"t m2 x6a0 h12 y54cb ff4 fs7 fc4 sc3 ls0 ws0\">complessiva<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x6ab h12 y54cc ff4 fs7 fc4 sc3 ls0 ws0\">negoziazione<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a9 h12 y54cc ff4 fs7 fc4 sc3 ls0 ws0\">value </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y54cd w670 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1. Esistenze iniziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6ac y54cd w671 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">283.133<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6ad h12 y54ce ff4 fs7 fc1 sc2 ls0 ws0\">22<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54ce ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6af h12 y54ce ff4 fs7 fc1 sc2 ls0 ws0\">283.111<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x679 h12 y54ce ff4 fs7 fc1 sc2 ls0 ws0\">31.835<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b0 h12 y54ce ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54ce ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54ce ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54cf w672 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2. Aumenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6b2 y54cf w673 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">150.600<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b3 h12 y54d0 ff4 fs7 fc1 sc2 ls0 ws0\">2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54d0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b4 h12 y54d0 ff4 fs7 fc1 sc2 ls0 ws0\">150.598<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y54d0 ff4 fs7 fc1 sc2 ls0 ws0\">313<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b0 h12 y54d0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54d0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54d0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54d1 w674 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1. Acquisti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6b6 y54d1 w675 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">17<span class=\"_ _1\"></span>.735<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b7 h12 y54d2 ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54d2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h12 y54d2 ff4 fs7 fc1 sc0 ls0 ws0\">17.734<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y54d2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54d2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54d2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54d2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54d3 w676 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2. Profitti imputati a:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6ba y54d3 w677 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13<span class=\"_ _1\"></span>2.856<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6bb h12 y54d4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54d4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b4 h12 y54d4 ff4 fs7 fc1 sc0 ls0 ws0\">132.856<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y54d4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54d4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54d4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54d4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x677 y54d5 w16d h11\"><div class=\"t m2 x0 h12 y75 ff4 fs7 fc1 sc0 ls0 ws0\">2.2.1. Conto </div></td><td class=\"t m2 x6bc h12 y54d6 ff4 fs7 fc1 sc0 ls0 ws0\">132.856<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6bb h12 y54d6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54d6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b4 h12 y54d6 ff4 fs7 fc1 sc0 ls0 ws0\">132.856<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y54d6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54d6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54d6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54d6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54d7 ff4 fs7 fc1 sc0 ls0 ws0\">Economico </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x667 y54d8 w678 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui plusvalenze<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6bd y54d8 w679 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13<span class=\"_ _1\"></span>2.828<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6bb h12 y54d9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54d9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b4 h12 y54d9 ff4 fs7 fc1 sc0 ls0 ws0\">132.828<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y54d9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54d9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54d9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54d9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54da ff4 fs7 fc1 sc0 ls0 ws0\">2.2.2. Patrimonio nett<span class=\"_ _3b\"></span>o<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6be h12 y54da ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n x6bf y54db w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6c0 y54db w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6c1 y54db w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6c2 y54db w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b9 h12 y54da ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54da ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54da ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x677 y54dc w16e h11\"><div class=\"t m2 x0 h12 y49 ff4 fs7 fc1 sc0 ls0 ws0\">2.3. Trasferimenti da </div></td><td class=\"t m2 x6be h12 y54dd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6bb h12 y54dd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54dd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c3 h12 y54dd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y54dd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54dd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54dd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54dd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54de ff4 fs7 fc1 sc0 ls0 ws0\">altri livelli </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y54e0 w67a h1ef\"><div class=\"t m2 x2b3 h12 y54df ff4 fs7 fc1 sc0 ls0 ws0\">2.4. Altre variazioni <span class=\"_ _2\"></span>in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">aumento<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6c4 h12 y54e1 ff4 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b7 h12 y54e2 ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54e2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c5 h12 y54e2 ff4 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y54e2 ff4 fs7 fc1 sc0 ls0 ws0\">313<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54e2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54e2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54e2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54e3 ff4 fs7 fc1 sc2 ls0 ws0\">3. Diminuzioni </td><td class=\"t m2 x6bc h12 y54e4 ff4 fs7 fc1 sc0 ls0 ws0\">148.722<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b7 h12 y54e4 ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54e4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6af h12 y54e4 ff4 fs7 fc1 sc0 ls0 ws0\">148.721<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c6 h12 y54e4 ff4 fs7 fc1 sc0 ls0 ws0\">2.030<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54e4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54e4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54e4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54e5 w67b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1. Vendite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6c7 y54e5 w67c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">19.049<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6bb h12 y54e6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54e6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c8 h12 y54e6 ff4 fs7 fc1 sc0 ls0 ws0\">19.049<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c9 h12 y54e6 ff4 fs7 fc1 sc0 ls0 ws0\">407<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54e6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54e6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54e6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54e7 w67d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2. Rimborsi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6ca y54e7 w67e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.407<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6bb h12 y54e8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54e8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x673 h12 y54e8 ff4 fs7 fc1 sc0 ls0 ws0\">1.407<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y54e8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54e8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54e8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54e8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54e9 ff4 fs7 fc1 sc0 ls0 ws0\">3.3. Perdite imputate </td><td class=\"t m2 x6bc h12 y54ea ff4 fs7 fc1 sc0 ls0 ws0\">128.266<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b7 h12 y54ea ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54ea ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b4 h12 y54ea ff4 fs7 fc1 sc0 ls0 ws0\">128.265<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y54ea ff4 fs7 fc1 sc0 ls0 ws0\">194<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54ea ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54ea ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54ea ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54eb ff4 fs7 fc1 sc0 ls0 ws0\">a: </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y54ec ff4 fs7 fc1 sc0 ls0 ws0\">3.3.1. Conto </td><td class=\"t m2 x6bc h12 y54ed ff4 fs7 fc1 sc0 ls0 ws0\">128.266<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b7 h12 y54ed ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54ed ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b4 h12 y54ed ff4 fs7 fc1 sc0 ls0 ws0\">128.265<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y54ed ff4 fs7 fc1 sc0 ls0 ws0\">194<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54ed ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54ed ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54ed ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54ee ff4 fs7 fc1 sc0 ls0 ws0\">Economico </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x667 y54ef w67f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui minusvalenze<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6cb y54ef w680 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">128.212<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b7 h12 y54f0 ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54f0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c8 h12 y54f0 ff4 fs7 fc1 sc0 ls0 ws0\">128.211<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y54f0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54f0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54f0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54f0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54f1 ff4 fs7 fc1 sc0 ls0 ws0\">3.3.2. Patrimonio nett<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6be h12 y54f1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n x6bf y54f2 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6c0 y54f2 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6c1 y54f2 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6c2 y54f2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b9 h12 y54f1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54f1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54f1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54f3 ff4 fs7 fc1 sc0 ls0 ws0\">3.4. Trasferimenti da </td><td class=\"t m2 x6be h12 y54f4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6bb h12 y54f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c3 h12 y54f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y54f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54f6 ff4 fs7 fc1 sc0 ls0 ws0\">altri livelli </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y54f7 w681 h1f0\"><div class=\"t m2 x2b3 h12 y54df ff4 fs7 fc1 sc0 ls0 ws0\">3.5. Altre variazi<span class=\"_ _2\"></span>oni in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">diminuzione<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6be h12 y54f8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6bb h12 y54f8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54f8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c3 h12 y54f8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6cc h12 y54f8 ff4 fs7 fc1 sc0 ls0 ws0\">1.429<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y54f8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54f8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54f8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54f9 w682 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4. Rimanenze finali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6cd y54f9 w683 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">285.011<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6ce h12 y54fa ff4 fs7 fc1 sc2 ls0 ws0\">23<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y54fa ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6cf h12 y54fa ff4 fs7 fc1 sc2 ls0 ws0\">284.988<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6d0 h12 y54fa ff4 fs7 fc1 sc2 ls0 ws0\">30.118<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b0 h12 y54fa ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y54fa ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y54fa ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table>L\u2019attribuzione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>livello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>pari <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>3 <span class=\"_ _1\"></span>riguarda <span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>umenti definiti <span class=\"_ _1\"></span>\u201cilliquidi\u201d <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>evidenziano poche <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>alorizzazioni <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>cor<span class=\"_ _1\"></span>so <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>te<span class=\"_ _1\"></span>mpo <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>quali <span class=\"_ _38\"></span>lo <span class=\"_ _0\"></span>stato <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>llo <span class=\"_ _0\"></span>strumento <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>ge<span class=\"_ _1\"></span>nerale dell\u2019emittente <span class=\"_ _0\"></span>alla <span class=\"_ _1\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>valutazione, <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>rende <span class=\"_ _38\"></span>possibile <span class=\"_ _0\"></span>l\u2019i<span class=\"_ _2\"></span>potesi <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>ventuale <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ipristino <span class=\"_ _38\"></span>del mercato verso uno stato attivo. Nella voce 2.1 \u201cAcquisti\u201d sono riportati: -<span class=\"_ _13e\"> </span><span class=\"ff4\">attivit\u00e0 finanziarie valutate al F<span class=\"_ _1\"></span>V con impatto a Conto Economico. </span>Nella voce 3.1 \u201cVendite\u201d sono riportati: -<span class=\"_ _13e\"> </span><span class=\"ff4\">attivit\u00e0 finanziarie valutate al F<span class=\"_ _1\"></span>V con impatto a Conto Economico; </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">attivit\u00e0 finanziarie valutate al F<span class=\"_ _1\"></span>V con impatto sulla redditivit\u00e0 complessiva. </span>Le <span class=\"_ _38\"></span>variazioni <span class=\"_ _38\"></span>annue <span class=\"_ _0\"></span>da <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>verso <span class=\"_ _38\"></span>Livello <span class=\"_ _38\"></span>3 <span class=\"_ _0\"></span>al <span class=\"_ _1\"></span>31/12/2024 <span class=\"_ _0\"></span>non <span class=\"_ _1\"></span>evidenziano <span class=\"_ _0\"></span>trasferimenti <span class=\"_ _38\"></span>da <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>verso <span class=\"_ _0\"></span>il<span class=\"_ _3b\"></span> livello <span class=\"_ _3b\"></span>3 sia <span class=\"_ _3b\"></span>per quanto <span class=\"_ _3b\"></span>riguarda la <span class=\"_ _3b\"></span>sezione dimin<span class=\"_ _2\"></span>uzioni <span class=\"_ _3b\"></span>che per <span class=\"_ _3b\"></span>quanto concerne <span class=\"_ _3b\"></span>la s<span class=\"_ _2\"></span>ezione au<span class=\"_ _2\"></span>menti per <span class=\"_ _37\"> </span>tutte <span class=\"_ _3d\"> </span>le <span class=\"_ _37\"> </span>classificazioni <span class=\"_ _3d\"> </span>cont<span class=\"_ _1\"></span>abili <span class=\"_ _3d\"> </span>(attivit\u00e0 <span class=\"_ _37\"> </span>finanziare <span class=\"_ _3d\"> </span>valutate<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>obbligatoriamente <span class=\"_ _37\"> </span>al <span class=\"_ _37\"> </span>FV <span class=\"_ _3d\"> </span>con impatto <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>Conto <span class=\"_ _38\"></span>Economico, <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _1\"></span>FV <span class=\"_ _38\"></span>con <span class=\"_ _1\"></span>impatt<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>Conto <span class=\"_ _38\"></span>Economico <span class=\"_ _1\"></span>e attivit\u00e0 finanziarie valutate al FV con impatto<span class=\"_ _1\"></span> sulla redditivit\u00e0 complessiva).<span class=\"_ _3a1\"> </span>A.4.5.4 Attivit\u00e0 e<span class=\"_ _1\"></span> passivit\u00e0 non valutat<span class=\"_ _1\"></span>e al fair value <span class=\"_ _1\"></span>o valutate al fair value<span class=\"_ _3a1\"> </span> su base non ricorr<span class=\"_ _1\"></span>ente: ripartizione per livel<span class=\"_ _1\"></span>li<span class=\"_ _3a1\"> </span> di fair value <table class=\"s w684 h1f1\" id=\"_6488a37b-7012-4d52-b0ce-6ec45c5d04f3\"><tr><td class=\"c x6d1 y54fb w170 h11\"><div class=\"t m2 x0 h12 y413 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0/Passivit\u00e0 non misurate </div></td><td></td><td></td><td class=\"c n x6d2 y54fc w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x6d3 y54fc w685 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td class=\"t m2 x672 h12 y54fd ff4 fs7 fc4 sc3 ls0 ws0\">al fair value o misurate al fair </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x6d4 h12 y54fe ff4 fs7 fc4 sc3 ls0 ws0\">value su base non ricorrente  </td><td class=\"c n x6d5 y54ff w686 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">VB<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6d6 y54ff w687 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6d7 y54ff w688 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6d8 y54ff w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6d9 y54ff w686 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">VB<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6da y54ff w687 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6db y54ff w689 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6dc y54ff w68a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y5500 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanziarie va<span class=\"_ _2\"></span>lutate al<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6dd h12 y5501 ff4 fs7 fc1 sc0 ls0 ws0\">45.274.702<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6bb h12 y5501 ff4 fs7 fc1 sc0 ls0 ws0\">7.660.059<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6de h12 y5501 ff4 fs7 fc1 sc0 ls0 ws0\">301.765<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6df h12 y5501 ff4 fs7 fc1 sc0 ls0 ws0\">37.963.152<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x691 h12 y5501 ff4 fs7 fc1 sc0 ls0 ws0\">44.465.032<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y5501 ff4 fs7 fc1 sc0 ls0 ws0\">7.352.925<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y5501 ff4 fs7 fc1 sc0 ls0 ws0\">377.189<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5501 ff4 fs7 fc1 sc0 ls0 ws0\">37.543.867<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5502 ff4 fs7 fc1 sc0 ls0 ws0\">costo ammortizzato </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y5504 w68b h1f2\"><div class=\"t m2 x2b3 h12 y5503 ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 materiali de<span class=\"_ _2\"></span>tenute a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">scopo di investiment<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e1 h12 y5505 ff4 fs7 fc1 sc0 ls0 ws0\">4.768<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e2 h12 y5505 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e3 h12 y5505 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e4 h12 y5505 ff4 fs7 fc1 sc0 ls0 ws0\">7.107<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c6 h12 y5505 ff4 fs7 fc1 sc0 ls0 ws0\">4.995<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y5505 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y5505 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e5 h12 y5505 ff4 fs7 fc1 sc0 ls0 ws0\">8.695<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5506 ff4 fs7 fc1 sc0 ls0 ws0\">3. Attivit\u00e0 non corrent<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span> e gruppi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e6 h12 y5507 ff4 fs7 fc1 sc0 ls0 ws0\">533<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e2 h12 y5507 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e3 h12 y5507 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e7 h12 y5507 ff4 fs7 fc1 sc0 ls0 ws0\">533<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y5507 ff4 fs7 fc1 sc0 ls0 ws0\">357<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y5507 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y5507 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e8 h12 y5507 ff4 fs7 fc1 sc0 ls0 ws0\">357<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5508 ff4 fs7 fc1 sc0 ls0 ws0\">di attivit\u00e0 in via di dismi<span class=\"_ _2\"></span>ssione </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x6bc h12 y5509 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e9 h12 y5509 ff4 fs7 fc1 sc2 ls0 ws0\">45.280.003<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6bb h12 y5509 ff4 fs7 fc1 sc2 ls0 ws0\">7.660.059<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6de h12 y5509 ff4 fs7 fc1 sc2 ls0 ws0\">301.765<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ea h12 y5509 ff4 fs7 fc1 sc2 ls0 ws0\">37.969.726<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x691 h12 y5509 ff4 fs7 fc1 sc2 ls0 ws0\">44.470.424<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y5509 ff4 fs7 fc1 sc2 ls0 ws0\">7.352.925<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y5509 ff4 fs7 fc1 sc2 ls0 ws0\">377.189<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6eb h12 y5509 ff4 fs7 fc1 sc2 ls0 ws0\">37.552.919<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y550a ff4 fs7 fc1 sc0 ls0 ws0\">1. Passivit\u00e0 finanziarie <span class=\"_ _2\"></span>valutate </td><td class=\"t m2 x6ab h12 y550b ff4 fs7 fc1 sc0 ls0 ws0\">51.482.679<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b7 h12 y550b ff4 fs7 fc1 sc0 ls0 ws0\">4.149.806<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ec h12 y550b ff4 fs7 fc1 sc0 ls0 ws0\">6.991.634<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ed h12 y550b ff4 fs7 fc1 sc0 ls0 ws0\">40.440.450<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ee h12 y550b ff4 fs7 fc1 sc0 ls0 ws0\">52.777.314<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y550b ff4 fs7 fc1 sc0 ls0 ws0\">4.169.898<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y550b ff4 fs7 fc1 sc0 ls0 ws0\">8.271.180<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y550b ff4 fs7 fc1 sc0 ls0 ws0\">40.370.027<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y550c ff4 fs7 fc1 sc0 ls0 ws0\">al costo ammortizzat<span class=\"_ _2\"></span>o </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y550d ff4 fs7 fc1 sc0 ls0 ws0\">2. Passivit\u00e0 associate ad </td><td class=\"t m2 x6f0 h12 y550e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e2 h12 y550e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e3 h12 y550e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f1 h12 y550e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y550e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y550e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y550e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y550e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y550f ff4 fs7 fc1 sc0 ls0 ws0\">attivit\u00e0 in via di dism<span class=\"_ _2\"></span>issione </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x6bc h12 y5510 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ab h12 y5510 ff4 fs7 fc1 sc2 ls0 ws0\">51.482.679<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b7 h12 y5510 ff4 fs7 fc1 sc2 ls0 ws0\">4.149.806<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ec h12 y5510 ff4 fs7 fc1 sc2 ls0 ws0\">6.991.634<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ed h12 y5510 ff4 fs7 fc1 sc2 ls0 ws0\">40.440.450<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ee h12 y5510 ff4 fs7 fc1 sc2 ls0 ws0\">52.777.314<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y5510 ff4 fs7 fc1 sc2 ls0 ws0\">4.169.898<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y5510 ff4 fs7 fc1 sc2 ls0 ws0\">8.271.180<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5510 ff4 fs7 fc1 sc2 ls0 ws0\">40.370.027<span class=\"_ _3a1\"> </span></td></tr></table>A.5 \u2013 <span class=\"_ _1\"></span>Informativa<span class=\"_ _1\"></span> sul c.d.<span class=\"_ _1\"></span> \u201cday one p<span class=\"_ _1\"></span>rofit/lo<span class=\"_ _1\"></span>ss\u201d<span class=\"_ _3a1\"> </span>I <span class=\"_ _3d\"> </span>provent<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>connessi <span class=\"_ _37\"> </span>all\u2019emissione <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>prest<span class=\"_ _1\"></span>iti <span class=\"_ _3d\"> </span>obbligazionari, <span class=\"_ _3d\"> </span>de<span class=\"_ _1\"></span>terminati <span class=\"_ _3d\"> </span>dalla <span class=\"_ _37\"> </span>differenza <span class=\"_ _3d\"> </span>tra <span class=\"_ _37\"> </span>il<span class=\"_ _3a1\"> </span> corrispettivo <span class=\"_ _38\"></span>incassato <span class=\"_ _38\"></span>ed <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _38\"></span>dello <span class=\"_ _38\"></span>strumento, <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>riconosciuti <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>economico <span class=\"_ _38\"></span>alla<span class=\"_ _3a1\"> </span> data  di <span class=\"_ _3d\"> </span>emiss<span class=\"_ _1\"></span>ione  in <span class=\"_ _3d\"> </span>tutti <span class=\"_ _3d\"> </span>i  casi <span class=\"_ _3d\"> </span>in  cui <span class=\"_ _3d\"> </span>tale <span class=\"_ _3d\"> </span>fair <span class=\"_ _3d\"> </span>value  s<span class=\"_ _1\"></span>ia  determinato <span class=\"_ _3d\"> </span>attraverso <span class=\"_ _3d\"> </span>tecniche  di<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> valutazione che prendono parametri o<span class=\"_ _1\"></span>sservabili sul mercato.<span class=\"_ _3a1\"> </span> Il <span class=\"_ _38\"></span>principio <span class=\"_ _0\"></span>IFRS9 <span class=\"_ _38\"></span>prevede <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>l\u2019i<span class=\"_ _2\"></span>scrizione <span class=\"_ _0\"></span>inizial<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>degli <span class=\"_ _38\"></span>strume<span class=\"_ _1\"></span>nti <span class=\"_ _38\"></span>finanziari <span class=\"_ _38\"></span>avvenga <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>fair <span class=\"_ _0\"></span>value.<span class=\"_ _3a1\"> </span> Normalmente <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>uno st<span class=\"_ _1\"></span>rumento <span class=\"_ _1\"></span>finanziario <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>data di <span class=\"_ _38\"></span>rilevazione <span class=\"_ _1\"></span>iniziale <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>bilancio <span class=\"_ _1\"></span>\u00e8<span class=\"_ _3a1\"> </span> pari <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>\u201cprezzo <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>transazione\u201d; <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>altre <span class=\"_ _3d\"> </span>parole, <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>costo <span class=\"_ _3d\"> </span>o <span class=\"_ _3d\"> </span>all\u2019importo <span class=\"_ _3d\"> </span>erogat<span class=\"_ _1\"></span>o  pe<span class=\"_ _1\"></span>r <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>attivit\u00e0<span class=\"_ _3a1\"> </span> finanziarie o alla somma incassata per le passivit\u00e0 finanziarie.<span class=\"_ _3a1\"> </span> L\u2019affermazione <span class=\"_ _3b\"></span>che all<span class=\"_ _2\"></span>\u2019atto <span class=\"_ _3b\"></span>dell\u2019iscrizione <span class=\"_ _2\"></span>iniziale <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>bilancio <span class=\"_ _3b\"></span>il <span class=\"_ _2\"></span>fair <span class=\"_ _3b\"></span>value <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>uno <span class=\"_ _3b\"></span>str<span class=\"_ _1\"></span>umento <span class=\"_ _3b\"></span>finanziario<span class=\"_ _3a1\"> </span> coincide <span class=\"_ _36\"> </span>con <span class=\"_ _36\"> </span>il <span class=\"_ _39\"> </span>prezzo <span class=\"_ _36\"> </span>della <span class=\"_ _36\"> </span>trans<span class=\"_ _1\"></span>azione <span class=\"_ _36\"> </span>\u00e8 <span class=\"_ _36\"> </span>intuitivamente<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>sempre <span class=\"_ _36\"> </span>riscontrabile <span class=\"_ _39\"> </span>nel <span class=\"_ _36\"> </span>caso <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span> transazioni del cosiddetto \u201cLivello 1\u201d della gerarchia del fair value.<span class=\"_ _3a1\"> </span> Anche <span class=\"_ _36\"> </span>nel <span class=\"_ _36\"> </span>caso <span class=\"_ _39\"> </span>del <span class=\"_ _37\"> </span>\u201c<span class=\"_ _1\"></span>Livello <span class=\"_ _36\"> </span>2\u201d, <span class=\"_ _36\"> </span>che <span class=\"_ _36\"> </span>si <span class=\"_ _39\"> </span>basa <span class=\"_ _36\"> </span>su <span class=\"_ _36\"> </span>prezzi <span class=\"_ _36\"> </span>derivati <span class=\"_ _36\"> </span>indirettamente <span class=\"_ _36\"> </span>dal <span class=\"_ _36\"> </span>mercato<span class=\"_ _3a1\"> </span> (comparable <span class=\"_ _0\"></span>approach), <span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>\u2019iscrizione <span class=\"_ _0\"></span>iniziale <span class=\"_ _0\"></span>vede, <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>moltissimi <span class=\"_ _0\"></span>casi, <span class=\"_ _0\"></span>sostanzialmente <span class=\"_ _0\"></span>coincidere<span class=\"_ _3a1\"> </span> fair <span class=\"_ _35\"> </span>value <span class=\"_ _35\"> </span>e  p<span class=\"_ _2\"></span>rezzo. <span class=\"_ _35\"> </span>Eventuali <span class=\"_ _35\"> </span>differenze <span class=\"_ _35\"> </span>tr<span class=\"_ _1\"></span>a <span class=\"_ _35\"> </span>prezzo <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value <span class=\"_ _35\"> </span>sono<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>norma <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>attribuire <span class=\"_ _35\"> </span>ai<span class=\"_ _3a1\"> </span> cosiddetti margini commerciali.<span class=\"_ _3a1\"> </span> Nel <span class=\"_ _3f\"> </span>caso <span class=\"_ _3f\"> </span>del <span class=\"_ _3f\"> </span>\u201cLivello <span class=\"_ _3f\"> </span>3\u201d, <span class=\"_ _3f\"> </span>invece, <span class=\"_ _3f\"> </span>sussiste <span class=\"_ _3f\"> </span>una <span class=\"_ _3f\"> </span>discrezionalit\u00e0 <span class=\"_ _3f\"> </span>parziale <span class=\"_ _3f\"> </span>dell\u2019opera<span class=\"_ _1\"></span>tore <span class=\"_ _3f\"> </span>nella<span class=\"_ _3a1\"> </span> valutazione <span class=\"_ _1\"></span>dello <span class=\"_ _1\"></span>strumento e<span class=\"_ _1\"></span>, pertanto, <span class=\"_ _1\"></span>proprio <span class=\"_ _1\"></span>per la <span class=\"_ _1\"></span>maggior <span class=\"_ _1\"></span>soggettivit\u00e0 <span class=\"_ _1\"></span>nella <span class=\"_ _1\"></span>determinazione<span class=\"_ _3a1\"> </span> del fair <span class=\"_ _2\"></span>value non <span class=\"_ _2\"></span>\u00e8 disponib<span class=\"_ _2\"></span>ile un inequ<span class=\"_ _2\"></span>ivocabile termine di <span class=\"_ _3b\"></span>rifer<span class=\"_ _1\"></span>imento da<span class=\"_ _2\"></span> raffrontare con <span class=\"_ _2\"></span>il p<span class=\"_ _2\"></span>rezzo<span class=\"_ _3a1\"> </span> della <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ransazione. <span class=\"_ _38\"></span>Per <span class=\"_ _38\"></span>tale <span class=\"_ _38\"></span>ragione <span class=\"_ _38\"></span>l\u2019IFRS9 <span class=\"_ _38\"></span>esclude <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>l'event<span class=\"_ _1\"></span>uale <span class=\"_ _38\"></span>iniziale <span class=\"_ _1\"></span>diffe<span class=\"_ _1\"></span>renza <span class=\"_ _38\"></span>tra <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>prezzo<span class=\"_ _3a1\"> </span> della transazione <span class=\"_ _3b\"></span>e la <span class=\"_ _2\"></span>stima int<span class=\"_ _2\"></span>erna del <span class=\"_ _3b\"></span>fair value p<span class=\"_ _2\"></span>ossa essere <span class=\"_ _3b\"></span>subito imputata <span class=\"_ _2\"></span>a Con<span class=\"_ _2\"></span>to Economico<span class=\"_ _3a1\"> </span> in <span class=\"_ _0\"></span>un'unica <span class=\"_ _38\"></span>so<span class=\"_ _1\"></span>luzione. <span class=\"_ _0\"></span>In <span class=\"_ _0\"></span>tal <span class=\"_ _38\"></span>caso<span class=\"_ _1\"></span>, <span class=\"_ _0\"></span>qui<span class=\"_ _2\"></span>ndi, <span class=\"_ _0\"></span>l\u2019iscrizione <span class=\"_ _0\"></span>iniziale <span class=\"_ _0\"></span>deve <span class=\"_ _0\"></span>sempre <span class=\"_ _0\"></span>avvenire <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>pr<span class=\"_ _1\"></span>ezzo. <span class=\"_ _0\"></span>La<span class=\"_ _3a1\"> </span> successiva <span class=\"_ _38\"></span>valutazione <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>pu\u00f2 <span class=\"_ _38\"></span>includere <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>differe<span class=\"_ _1\"></span>nza <span class=\"_ _38\"></span>tra <span class=\"_ _38\"></span>prezzo <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _38\"></span>riscontrata <span class=\"_ _38\"></span>all\u2019atto<span class=\"_ _3a1\"> </span> della p<span class=\"_ _2\"></span>rima valutazione <span class=\"_ _3b\"></span>- ossia il<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Day-One-Profit (DOP) <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> il<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Day-One-Loss (DOL) <span class=\"_ _3b\"></span>implicito -, <span class=\"_ _3b\"></span>che deve<span class=\"_ _3a1\"> </span> invece <span class=\"_ _38\"></span>essere <span class=\"_ _38\"></span>riconosciuta <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>Conto <span class=\"_ _38\"></span>Economico <span class=\"_ _38\"></span>solo <span class=\"_ _38\"></span>se <span class=\"_ _38\"></span>deriva <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>cambiament<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>fattori <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>u <span class=\"_ _1\"></span>cui <span class=\"_ _38\"></span>i<span class=\"_ _3a1\"> </span> partecipanti al mercato<span class=\"_ _1\"></span> basano le loro valutazioni nel fissare<span class=\"_ _1\"></span> i prezzi (incluso l\u2019effetto tempo). Ove<span class=\"_ _3a1\"> </span> lo <span class=\"_ _38\"></span>strumento <span class=\"_ _1\"></span>abbia <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>scadenza <span class=\"_ _1\"></span>definita <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>non <span class=\"_ _1\"></span>sia <span class=\"_ _38\"></span>immediatamente <span class=\"_ _38\"></span>disponibile <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>dello <span class=\"_ _1\"></span>che<span class=\"_ _3a1\"> </span> monitori <span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>cambiamenti <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>fattori <span class=\"_ _0\"></span>su <span class=\"_ _38\"></span>cui <span class=\"_ _0\"></span>gli <span class=\"_ _38\"></span>operator<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>basa<span class=\"_ _1\"></span>no <span class=\"_ _0\"></span>i <span class=\"_ _1\"></span>prezzi, <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>am<span class=\"_ _1\"></span>messo <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>transito <span class=\"_ _0\"></span>del<span class=\"_ _3a1\"> </span> DOP/DOL a Conto Economico linearmente s<span class=\"_ _1\"></span>ulla vita dello strumento finanziario stesso.<span class=\"_ _3a1\"> </span> Pertanto, la politica contabile seguita prevede che<span class=\"_ _1\"></span>:<span class=\"_ _3a1\"> </span> <span class=\"_ _3e\"> </span><span class=\"ff4\">l'eventuale DOP<span class=\"_ _1\"></span>/DOL implicito negli st<span class=\"_ _1\"></span>rumenti di <span class=\"_ _1\"></span>\"Livello 2\" <span class=\"_ _1\"></span>venga subito imputato<span class=\"_ _1\"></span> per <span class=\"_ _1\"></span>intero al<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>Conto Economico;<span class=\"_ _3a1\"> </span> <span class=\"_ _3e\"> </span><span class=\"ff4\">invece, <span class=\"_ _3b\"></span>l'eventuale DOP/DOL <span class=\"_ _184\"></span>impl<span class=\"_ _1\"></span>icito <span class=\"_ _3b\"></span>negli <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>trumenti <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>\"Livello <span class=\"_ _3b\"></span>3\" venga <span class=\"_ _184\"></span>s<span class=\"_ _1\"></span>terilizzato <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>imputato<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>al Conto Economico \"pro rata temporis\" (linearmente<span class=\"_ _1\"></span>) lungo la vita residua di tali strumenti;<span class=\"_ _3a1\"> </span> <span class=\"_ _3e\"> </span><span class=\"ff4\">nel <span class=\"_ _0\"></span>caso <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>cui<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>uno <span class=\"_ _38\"></span>strumento <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>lassificato <span class=\"_ _0\"></span>nel <span class=\"_ _38\"></span>\u201cLivello <span class=\"_ _38\"></span>3<span class=\"_ _1\"></span>\u201d <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>gerarchia <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _0\"></span>venga<span class=\"_ _3a1\"> </span></span>riclassificato <span class=\"_ _35\"> </span>nel <span class=\"_ _35\"> </span>\u201cLivello <span class=\"_ _0\"></span>2\u201d, <span class=\"_ _35\"> </span>i <span class=\"_ _0\"> </span>res<span class=\"_ _1\"></span>idui <span class=\"_ _35\"> </span>DOP/DOL <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>ospesi <span class=\"_ _35\"> </span>patrimoni<span class=\"_ _2\"></span>almente <span class=\"_ _35\"> </span>vengono <span class=\"_ _35\"> </span>iscritti <span class=\"_ _0\"></span>a<span class=\"_ _3a1\"> </span>Conto Economico in un\u2019unica soluzione.<span class=\"_ _3a1\"> </span> Al  31  dicembre  2<span class=\"_ _2\"></span>024  non  erano  pr<span class=\"_ _2\"></span>esenti  importi  che  debbano  e<span class=\"_ _2\"></span>ssere  ancora  rilevati  a  c<span class=\"_ _2\"></span>onto<span class=\"_ _3a1\"> </span> economico \"pro rata temporis\", ovvero lungo la vita res<span class=\"_ _1\"></span>idua del contratto.<span class=\"_ _3a1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-808": {
   "value": "<div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs9ee\">A.5 \u2013 <span class=\"_ _1\"></span>Informativa<span class=\"_ _1\"></span> sul c.d.<span class=\"_ _1\"></span> \u201cday one p<span class=\"_ _1\"></span>rofit/lo<span class=\"_ _1\"></span>ss\u201d<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9ef\">I <span class=\"_ _3d\"> </span>provent<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>connessi <span class=\"_ _37\"> </span>all\u2019emissione <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>prest<span class=\"_ _1\"></span>iti <span class=\"_ _3d\"> </span>obbligazionari, <span class=\"_ _3d\"> </span>de<span class=\"_ _1\"></span>terminati <span class=\"_ _3d\"> </span>dalla <span class=\"_ _37\"> </span>differenza <span class=\"_ _3d\"> </span>tra <span class=\"_ _37\"> </span>il<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9f0\">corrispettivo <span class=\"_ _38\"></span>incassato <span class=\"_ _38\"></span>ed <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _38\"></span>dello <span class=\"_ _38\"></span>strumento, <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>riconosciuti <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>economico <span class=\"_ _38\"></span>alla<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9f1\">data  di <span class=\"_ _3d\"> </span>emiss<span class=\"_ _1\"></span>ione  in <span class=\"_ _3d\"> </span>tutti <span class=\"_ _3d\"> </span>i  casi <span class=\"_ _3d\"> </span>in  cui <span class=\"_ _3d\"> </span>tale <span class=\"_ _3d\"> </span>fair <span class=\"_ _3d\"> </span>value  s<span class=\"_ _1\"></span>ia  determinato <span class=\"_ _3d\"> </span>attraverso <span class=\"_ _3d\"> </span>tecniche  di<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9f2\">valutazione che prendono parametri o<span class=\"_ _1\"></span>sservabili sul mercato.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9f3\">Il <span class=\"_ _38\"></span>principio <span class=\"_ _0\"></span>IFRS9 <span class=\"_ _38\"></span>prevede <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>l\u2019i<span class=\"_ _2\"></span>scrizione <span class=\"_ _0\"></span>inizial<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>degli <span class=\"_ _38\"></span>strume<span class=\"_ _1\"></span>nti <span class=\"_ _38\"></span>finanziari <span class=\"_ _38\"></span>avvenga <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>fair <span class=\"_ _0\"></span>value.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9f4\">Normalmente <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>uno st<span class=\"_ _1\"></span>rumento <span class=\"_ _1\"></span>finanziario <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>data di <span class=\"_ _38\"></span>rilevazione <span class=\"_ _1\"></span>iniziale <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>bilancio <span class=\"_ _1\"></span>\u00e8<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9f5\">pari <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>\u201cprezzo <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>transazione\u201d; <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>altre <span class=\"_ _3d\"> </span>parole, <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>costo <span class=\"_ _3d\"> </span>o <span class=\"_ _3d\"> </span>all\u2019importo <span class=\"_ _3d\"> </span>erogat<span class=\"_ _1\"></span>o  pe<span class=\"_ _1\"></span>r <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>attivit\u00e0<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9f6\">finanziarie o alla somma incassata per le passivit\u00e0 finanziarie.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9f7\">L\u2019affermazione <span class=\"_ _3b\"></span>che all<span class=\"_ _2\"></span>\u2019atto <span class=\"_ _3b\"></span>dell\u2019iscrizione <span class=\"_ _2\"></span>iniziale <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>bilancio <span class=\"_ _3b\"></span>il <span class=\"_ _2\"></span>fair <span class=\"_ _3b\"></span>value <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>uno <span class=\"_ _3b\"></span>str<span class=\"_ _1\"></span>umento <span class=\"_ _3b\"></span>finanziario<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9f8\">coincide <span class=\"_ _36\"> </span>con <span class=\"_ _36\"> </span>il <span class=\"_ _39\"> </span>prezzo <span class=\"_ _36\"> </span>della <span class=\"_ _36\"> </span>trans<span class=\"_ _1\"></span>azione <span class=\"_ _36\"> </span>\u00e8 <span class=\"_ _36\"> </span>intuitivamente<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>sempre <span class=\"_ _36\"> </span>riscontrabile <span class=\"_ _39\"> </span>nel <span class=\"_ _36\"> </span>caso <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9f9\">transazioni del cosiddetto \u201cLivello 1\u201d della gerarchia del fair value.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9fa\">Anche <span class=\"_ _36\"> </span>nel <span class=\"_ _36\"> </span>caso <span class=\"_ _39\"> </span>del <span class=\"_ _37\"> </span>\u201c<span class=\"_ _1\"></span>Livello <span class=\"_ _36\"> </span>2\u201d, <span class=\"_ _36\"> </span>che <span class=\"_ _36\"> </span>si <span class=\"_ _39\"> </span>basa <span class=\"_ _36\"> </span>su <span class=\"_ _36\"> </span>prezzi <span class=\"_ _36\"> </span>derivati <span class=\"_ _36\"> </span>indirettamente <span class=\"_ _36\"> </span>dal <span class=\"_ _36\"> </span>mercato<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9fb\">(comparable <span class=\"_ _0\"></span>approach), <span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>\u2019iscrizione <span class=\"_ _0\"></span>iniziale <span class=\"_ _0\"></span>vede, <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>moltissimi <span class=\"_ _0\"></span>casi, <span class=\"_ _0\"></span>sostanzialmente <span class=\"_ _0\"></span>coincidere<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9fc\">fair <span class=\"_ _35\"> </span>value <span class=\"_ _35\"> </span>e  p<span class=\"_ _2\"></span>rezzo. <span class=\"_ _35\"> </span>Eventuali <span class=\"_ _35\"> </span>differenze <span class=\"_ _35\"> </span>tr<span class=\"_ _1\"></span>a <span class=\"_ _35\"> </span>prezzo <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>value <span class=\"_ _35\"> </span>sono<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>norma <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>attribuire <span class=\"_ _35\"> </span>ai<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9fd\">cosiddetti margini commerciali.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9fe\">Nel <span class=\"_ _3f\"> </span>caso <span class=\"_ _3f\"> </span>del <span class=\"_ _3f\"> </span>\u201cLivello <span class=\"_ _3f\"> </span>3\u201d, <span class=\"_ _3f\"> </span>invece, <span class=\"_ _3f\"> </span>sussiste <span class=\"_ _3f\"> </span>una <span class=\"_ _3f\"> </span>discrezionalit\u00e0 <span class=\"_ _3f\"> </span>parziale <span class=\"_ _3f\"> </span>dell\u2019opera<span class=\"_ _1\"></span>tore <span class=\"_ _3f\"> </span>nella<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9ff\">valutazione <span class=\"_ _1\"></span>dello <span class=\"_ _1\"></span>strumento e<span class=\"_ _1\"></span>, pertanto, <span class=\"_ _1\"></span>proprio <span class=\"_ _1\"></span>per la <span class=\"_ _1\"></span>maggior <span class=\"_ _1\"></span>soggettivit\u00e0 <span class=\"_ _1\"></span>nella <span class=\"_ _1\"></span>determinazione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa00\">del fair <span class=\"_ _2\"></span>value non <span class=\"_ _2\"></span>\u00e8 disponib<span class=\"_ _2\"></span>ile un inequ<span class=\"_ _2\"></span>ivocabile termine di <span class=\"_ _3b\"></span>rifer<span class=\"_ _1\"></span>imento da<span class=\"_ _2\"></span> raffrontare con <span class=\"_ _2\"></span>il p<span class=\"_ _2\"></span>rezzo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa01\">della <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ransazione. <span class=\"_ _38\"></span>Per <span class=\"_ _38\"></span>tale <span class=\"_ _38\"></span>ragione <span class=\"_ _38\"></span>l\u2019IFRS9 <span class=\"_ _38\"></span>esclude <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>l'event<span class=\"_ _1\"></span>uale <span class=\"_ _38\"></span>iniziale <span class=\"_ _1\"></span>diffe<span class=\"_ _1\"></span>renza <span class=\"_ _38\"></span>tra <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>prezzo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa02\">della transazione <span class=\"_ _3b\"></span>e la <span class=\"_ _2\"></span>stima int<span class=\"_ _2\"></span>erna del <span class=\"_ _3b\"></span>fair value p<span class=\"_ _2\"></span>ossa essere <span class=\"_ _3b\"></span>subito imputata <span class=\"_ _2\"></span>a Con<span class=\"_ _2\"></span>to Economico<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa03\">in <span class=\"_ _0\"></span>un'unica <span class=\"_ _38\"></span>so<span class=\"_ _1\"></span>luzione. <span class=\"_ _0\"></span>In <span class=\"_ _0\"></span>tal <span class=\"_ _38\"></span>caso<span class=\"_ _1\"></span>, <span class=\"_ _0\"></span>qui<span class=\"_ _2\"></span>ndi, <span class=\"_ _0\"></span>l\u2019iscrizione <span class=\"_ _0\"></span>iniziale <span class=\"_ _0\"></span>deve <span class=\"_ _0\"></span>sempre <span class=\"_ _0\"></span>avvenire <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>pr<span class=\"_ _1\"></span>ezzo. <span class=\"_ _0\"></span>La<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa04\">successiva <span class=\"_ _38\"></span>valutazione <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>pu\u00f2 <span class=\"_ _38\"></span>includere <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>differe<span class=\"_ _1\"></span>nza <span class=\"_ _38\"></span>tra <span class=\"_ _38\"></span>prezzo <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _38\"></span>riscontrata <span class=\"_ _38\"></span>all\u2019atto<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa05\">della p<span class=\"_ _2\"></span>rima valutazione <span class=\"_ _3b\"></span>- ossia il<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Day-One-Profit (DOP) <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> il<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Day-One-Loss (DOL) <span class=\"_ _3b\"></span>implicito -, <span class=\"_ _3b\"></span>che deve<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa06\">invece <span class=\"_ _38\"></span>essere <span class=\"_ _38\"></span>riconosciuta <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>Conto <span class=\"_ _38\"></span>Economico <span class=\"_ _38\"></span>solo <span class=\"_ _38\"></span>se <span class=\"_ _38\"></span>deriva <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>cambiament<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>fattori <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>u <span class=\"_ _1\"></span>cui <span class=\"_ _38\"></span>i<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa07\">partecipanti al mercato<span class=\"_ _1\"></span> basano le loro valutazioni nel fissare<span class=\"_ _1\"></span> i prezzi (incluso l\u2019effetto tempo). Ove<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa08\">lo <span class=\"_ _38\"></span>strumento <span class=\"_ _1\"></span>abbia <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>scadenza <span class=\"_ _1\"></span>definita <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>non <span class=\"_ _1\"></span>sia <span class=\"_ _38\"></span>immediatamente <span class=\"_ _38\"></span>disponibile <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>dello <span class=\"_ _1\"></span>che<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa09\">monitori <span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>cambiamenti <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>fattori <span class=\"_ _0\"></span>su <span class=\"_ _38\"></span>cui <span class=\"_ _0\"></span>gli <span class=\"_ _38\"></span>operator<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>basa<span class=\"_ _1\"></span>no <span class=\"_ _0\"></span>i <span class=\"_ _1\"></span>prezzi, <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>am<span class=\"_ _1\"></span>messo <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>transito <span class=\"_ _0\"></span>del<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa0a\">DOP/DOL a Conto Economico linearmente s<span class=\"_ _1\"></span>ulla vita dello strumento finanziario stesso.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa0b\">Pertanto, la politica contabile seguita prevede che<span class=\"_ _1\"></span>:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsa0c\"><span class=\"_ _3e\"> </span><span class=\"ff4\">l'eventuale DOP<span class=\"_ _1\"></span>/DOL implicito negli st<span class=\"_ _1\"></span>rumenti di <span class=\"_ _1\"></span>\"Livello 2\" <span class=\"_ _1\"></span>venga subito imputato<span class=\"_ _1\"></span> per <span class=\"_ _1\"></span>intero al<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa0d\">Conto Economico;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsa0e\"><span class=\"_ _3e\"> </span><span class=\"ff4\">invece, <span class=\"_ _3b\"></span>l'eventuale DOP/DOL <span class=\"_ _184\"></span>impl<span class=\"_ _1\"></span>icito <span class=\"_ _3b\"></span>negli <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>trumenti <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>\"Livello <span class=\"_ _3b\"></span>3\" venga <span class=\"_ _184\"></span>s<span class=\"_ _1\"></span>terilizzato <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>imputato<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa0f\">al Conto Economico \"pro rata temporis\" (linearmente<span class=\"_ _1\"></span>) lungo la vita residua di tali strumenti;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsa10\"><span class=\"_ _3e\"> </span><span class=\"ff4\">nel <span class=\"_ _0\"></span>caso <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>cui<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>uno <span class=\"_ _38\"></span>strumento <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>lassificato <span class=\"_ _0\"></span>nel <span class=\"_ _38\"></span>\u201cLivello <span class=\"_ _38\"></span>3<span class=\"_ _1\"></span>\u201d <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>gerarchia <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _0\"></span>venga<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa11\">riclassificato <span class=\"_ _35\"> </span>nel <span class=\"_ _35\"> </span>\u201cLivello <span class=\"_ _0\"></span>2\u201d, <span class=\"_ _35\"> </span>i <span class=\"_ _0\"> </span>res<span class=\"_ _1\"></span>idui <span class=\"_ _35\"> </span>DOP/DOL <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>ospesi <span class=\"_ _35\"> </span>patrimoni<span class=\"_ _2\"></span>almente <span class=\"_ _35\"> </span>vengono <span class=\"_ _35\"> </span>iscritti <span class=\"_ _0\"></span>a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa12\">Conto Economico in un\u2019unica soluzione.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa13\">Al  31  dicembre  2<span class=\"_ _2\"></span>024  non  erano  pr<span class=\"_ _2\"></span>esenti  importi  che  debbano  e<span class=\"_ _2\"></span>ssere  ancora  rilevati  a  c<span class=\"_ _2\"></span>onto<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa14\">economico \"pro rata temporis\", ovvero lungo la vita res<span class=\"_ _1\"></span>idua del contratto.<span class=\"_ _3a1\"> </span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-748": {
   "value": "<div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gsa16\">Sezione <span class=\"_ _1\"></span>1 \u2013 Ca<span class=\"_ _1\"></span>ssa e</div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gsa17\"> disponibili<span class=\"_ _1\"></span>t\u00e0 liquid<span class=\"_ _1\"></span>e \u2013 Voce <span class=\"_ _1\"></span>10 </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsa18\">1.1 Cassa e dispon<span class=\"_ _1\"></span>ibilit\u00e0 liquide: composiz<span class=\"_ _1\"></span>ione </div><div class=\"gsa19\"><table class=\"s w68c h1f3\" id=\"_fb5f49ca-f639-48aa-abba-132adf6da36d\"><tr><td></td><td></td><td></td><td class=\"t m2 x6f2 h12 y5511 ff4 fs7 fc4 sc3 ls0 ws0\">Totale  <span class=\"_ _bc\"> </span>To<span class=\"_ _1\"></span>tale  </td></tr><tr><td></td><td></td><td class=\"c n x6f3 y5512 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6f4 y5512 w68d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5513 w68e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Cassa<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x6f5 y5513 w68f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">179.661<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6f6 h12 y5514 ff4 fs7 fc1 sc0 ls0 ws0\">180.951<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5515 w690 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Conti correnti e dep<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>siti a vista presso Banche <span class=\"_ _3b\"></span>C<span class=\"_ _1\"></span>entrali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x6f7 y5515 w691 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.948.<span class=\"_ _2\"></span>000<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6f8 h12 y5516 ff4 fs7 fc1 sc0 ls0 ws0\">6.030.000<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54b0 w692 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Conti correnti e dep<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>siti a vista presso b<span class=\"_ _2\"></span>anche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x6f9 y54b0 w693 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">80.145<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y5517 ff4 fs7 fc1 sc0 ls0 ws0\">115.660<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x6fb h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">Totale </td><td class=\"t m2 x6fc h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">4.207.806<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fd h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">6.326.610<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa1a\">Il Gruppo ha in deposito presso la Banca Ce<span class=\"_ _1\"></span>ntrale liquidit\u00e0 per 3,9 miliardi di euro.<span class=\"_ _3a1\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-779": {
   "value": "Sezione <span class=\"_ _1\"></span>1 \u2013 Ca<span class=\"_ _1\"></span>ssa e disponibili<span class=\"_ _1\"></span>t\u00e0 liquid<span class=\"_ _1\"></span>e \u2013 Voce <span class=\"_ _1\"></span>10 1.1 Cassa e dispon<span class=\"_ _1\"></span>ibilit\u00e0 liquide: composiz<span class=\"_ _1\"></span>ione <table class=\"s w68c h1f3\" id=\"_fb5f49ca-f639-48aa-abba-132adf6da36d\"><tr><td></td><td></td><td></td><td class=\"t m2 x6f2 h12 y5511 ff4 fs7 fc4 sc3 ls0 ws0\">Totale  <span class=\"_ _bc\"> </span>To<span class=\"_ _1\"></span>tale  </td></tr><tr><td></td><td></td><td class=\"c n x6f3 y5512 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x6f4 y5512 w68d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5513 w68e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Cassa<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x6f5 y5513 w68f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">179.661<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6f6 h12 y5514 ff4 fs7 fc1 sc0 ls0 ws0\">180.951<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5515 w690 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Conti correnti e dep<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>siti a vista presso Banche <span class=\"_ _3b\"></span>C<span class=\"_ _1\"></span>entrali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x6f7 y5515 w691 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.948.<span class=\"_ _2\"></span>000<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6f8 h12 y5516 ff4 fs7 fc1 sc0 ls0 ws0\">6.030.000<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54b0 w692 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Conti correnti e dep<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>siti a vista presso b<span class=\"_ _2\"></span>anche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x6f9 y54b0 w693 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">80.145<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y5517 ff4 fs7 fc1 sc0 ls0 ws0\">115.660<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x6fb h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">Totale </td><td class=\"t m2 x6fc h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">4.207.806<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fd h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">6.326.610<span class=\"_ _3a1\"> </span></td></tr></table>Il Gruppo ha in deposito presso la Banca Ce<span class=\"_ _1\"></span>ntrale liquidit\u00e0 per 3,9 miliardi di euro.<span class=\"_ _3a1\"> </span>4.1 Attivit\u00e0 finan<span class=\"_ _1\"></span>ziarie valutate al cost<span class=\"_ _1\"></span>o ammortizzato: composizione<span class=\"_ _1\"></span> merceologica dei cre<span class=\"_ _1\"></span>diti verso banche<span class=\"_ _3a1\"> </span><table class=\"s w711 h1fd\" id=\"_ac0b016b-5f3f-4cb0-b246-c4ba7f0ef246\"><tr><td></td><td></td><td></td><td class=\"t m2 x7bc h19 y5601 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x7bd h19 y5601 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x7be h19 y5602 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x7bf h19 y5602 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x7c0 h19 y5603 ff4 fsb fc4 sc3 ls0 ws0\">Tipologi<span class=\"_ _1\"></span>a </td><td></td><td></td><td class=\"t m2 x7c1 h19 y5604 ff4 fsb fc4 sc3 ls0 ws0\">Valore<span class=\"_ _1\"></span> di bilancio<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7c2 h19 y5604 ff4 fsb fc4 sc3 ls0 ws0\">Fair val<span class=\"_ _1\"></span>ue<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x7c3 h19 y5604 ff4 fsb fc4 sc3 ls0 ws0\">Valore<span class=\"_ _1\"></span> di bilancio<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x592 h19 y5604 ff4 fsb fc4 sc3 ls0 ws0\">Fair val<span class=\"_ _1\"></span>ue<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 x7c4 h19 y5605 ff4 fsb fc4 sc3 ls0 ws0\">operazioni<span class=\"_ _1\"></span>/Valori<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c5 h19 y5606 ff4 fsb fc4 sc3 ls0 ws0\">Primo e </td><td></td><td class=\"t m2 x7c6 h19 y5607 ff4 fsb fc4 sc3 ls0 ws0\">Impair<span class=\"_ _1\"></span>ed </td><td></td><td></td><td></td><td class=\"t m2 x7c7 h19 y5606 ff4 fsb fc4 sc3 ls0 ws0\">Primo e </td><td></td><td class=\"t m2 x7c8 h19 y5607 ff4 fsb fc4 sc3 ls0 ws0\">Impair<span class=\"_ _1\"></span>ed </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x7c9 h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">secon<span class=\"_ _1\"></span>do </td><td class=\"t m2 x7ca h19 y5609 ff4 fsb fc4 sc3 ls0 ws0\">Terzo </td><td class=\"t m2 x7cb h19 y5609 ff4 fsb fc4 sc3 ls0 ws0\">acquisi<span class=\"_ _1\"></span>te </td><td class=\"t m2 x7cc h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cd h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ce h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cf h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">secon<span class=\"_ _1\"></span>do </td><td class=\"t m2 x7d0 h19 y5609 ff4 fsb fc4 sc3 ls0 ws0\">Terzo </td><td class=\"t m2 x7d1 h19 y5609 ff4 fsb fc4 sc3 ls0 ws0\">acquisi<span class=\"_ _1\"></span>te </td><td class=\"t m2 x7d2 h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d4 h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x7d5 h19 y560a ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d6 h19 y560b ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d7 h19 y560b ff4 fsb fc4 sc3 ls0 ws0\">o </td><td></td><td></td><td></td><td class=\"t m2 x7d8 h19 y560a ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d9 h19 y560b ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7da h19 y560b ff4 fsb fc4 sc3 ls0 ws0\">o </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x7c6 h19 y560c ff4 fsb fc4 sc3 ls0 ws0\">origin<span class=\"_ _1\"></span>ate<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x7c8 h19 y560c ff4 fsb fc4 sc3 ls0 ws0\">origin<span class=\"_ _1\"></span>ate<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y560d ff4 fs16 fc1 sc2 ls0 ws0\">A. Crediti verso<span class=\"_ _1\"></span> </td><td class=\"t m2 x7d5 h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">387.897<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7db h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dc h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dd h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7de h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7df h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">387.897<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e0 h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">375.118<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e1 h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e2 h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e3 h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e4 h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e5 h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">375.118<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y560f ff4 fs16 fc1 sc2 ls0 ws0\">Banche Cent<span class=\"_ _1\"></span>rali<span class=\"_ _3a1\"> </span></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 class=\"c x7e6 y5612 w712 h1fe\"><div class=\"t m2 x2b3 h5a y5610 ff4 fs16 fc1 sc0 ls0 ws0\">1. Depositi a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">scadenza<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e7 y5613 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e8 y5613 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e9 y5613 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ea y5613 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7eb y5613 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ec y5613 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ed y5613 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ee y5613 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ef y5613 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f0 y5613 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f1 y5613 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f2 y5613 w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x7e6 y5614 w718 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">2. Riser<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x7f3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">va<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f4 y5615 w719 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">387.897<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f5 y5615 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f6 y5615 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f7 y5615 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f8 y5615 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f9 y5615 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7fa y5615 w71b h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">375.118<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7fb y5615 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7fc y5615 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7fd y5615 w71c h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7fe y5615 w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ff y5615 w71c h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h5a y5616 ff4 fs16 fc1 sc0 ls0 ws0\">obbligatoria<span class=\"_ _3a1\"> </span></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 class=\"c x7e6 y5617 w71d h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">3. Pront<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x801 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">i contro<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e7 y5618 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e8 y5618 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e9 y5618 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ea y5618 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7eb y5618 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ec y5618 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ed y5618 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ee y5618 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ef y5618 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f0 y5618 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f1 y5618 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f2 y5618 w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h5a y5619 ff4 fs16 fc1 sc0 ls0 ws0\">termine </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 class=\"c n x7e6 y561a w71e h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">4. Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x802 y561a w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x803 y561a w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x804 y561a w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x805 y561a w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x806 y561a w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x807 y561a w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x808 y561a w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x809 y561a w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x80a y561a w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x80b y561a w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x80c y561a w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x80d y561a w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h5a y561b ff4 fs16 fc1 sc2 ls0 ws0\">B. Crediti ve<span class=\"_ _1\"></span>rso </td><td class=\"t m2 x7c5 h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">1.191.880<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7db h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dc h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x80e h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">637.763<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7de h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x80f h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">552.772<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cf h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">1.226.058<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e1 h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e2 h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x810 h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">599.313<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x811 h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">6.791<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x812 h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">615.874<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y561d ff4 fs16 fc1 sc2 ls0 ws0\">banche<span class=\"_ _3a1\"> </span></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 class=\"c n x7e6 y561e w71f h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x813 y561e w720 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">552.772<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x814 y561e w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x815 y561e w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x816 y561e w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x817 y561e w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x818 y561e w533 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">552<span class=\"_ _1\"></span>.772<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x819 y561e w721 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">615.390<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x81a y561e w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x81b y561e w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x81c y561e w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x81d y561e w722 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x81e y561e w723 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>15.874<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h5a y561f ff4 fs16 fc1 sc0 ls0 ws0\">1.1 Conti </td><td class=\"c n x7e7 y5620 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e8 y5620 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e9 y5620 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ea y5620 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7eb y5620 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ec y5620 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ed y5620 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ee y5620 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ef y5620 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f0 y5620 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f1 y5620 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f2 y5620 w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h5a y5621 ff4 fs16 fc1 sc0 ls0 ws0\">correnti </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 class=\"c x821 y5623 w724 h1ff\"><div class=\"t m2 x820 h5a y5622 ff4 fs16 fc1 sc0 ls0 ws0\">1.2. Depositi a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">scadenza<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e7 y5456 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e8 y5456 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e9 y5456 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ea y5456 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7eb y5456 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ec y5456 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ed y5456 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ee y5456 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ef y5456 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f0 y5456 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f1 y5456 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f2 y5456 w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x823 y5624 w725 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1.3. Al<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x822 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">tri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x824 y5625 w726 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">552.773<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x825 y5625 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x826 y5625 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x827 y5625 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x828 y5625 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x829 y5625 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x82a y5625 w727 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>15.390<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x82b y5625 w722 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x82c y5625 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x82d y5625 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x82e y5625 w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x82f y5625 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h5a y5626 ff4 fs16 fc1 sc0 ls0 ws0\">finanziamenti:  </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 class=\"c x823 y5627 w728 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x830 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">Pront<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x831 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">i contro<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e7 y5396 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e8 y5396 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e9 y5396 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ea y5396 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7eb y5396 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ec y5396 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ed y5396 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ee y5396 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ef y5396 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f0 y5396 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f1 y5396 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f2 y5396 w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h5a y5628 ff4 fs16 fc1 sc0 ls0 ws0\">termine attivi </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 class=\"c x821 y562b w729 h200\"><div class=\"t m2 x832 h5a y5629 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x833 y562b w72a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">129<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x834 y562b w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x835 y562b w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x836 y562b w715 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x837 y562b w714 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x838 y562b w714 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x839 y562b w72b h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">168<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x83a y562b w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x83b y562b w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x83c y562b w717 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x83d y562b w71c h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x83e y562b w717 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h5a y562c ff4 fs16 fc1 sc0 ls0 ws0\">per leasing </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 class=\"c n x83f y562d w72c h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">- Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x840 y562d w72d h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">552.644<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x841 y562d w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x842 y562d w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x843 y562d w714 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x844 y562d w715 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x845 y562d w714 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x846 y562d w72e h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">615.222<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x847 y562d w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x848 y562d w722 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x849 y562d w715 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x84a y562d w715 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x84b y562d w715 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x84c y562e w72f h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x84d y562e w730 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>39.108<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x84e y562e w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x84f y562e w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x850 y562e w731 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">637.763<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x851 y562e w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x852 y562e w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x853 y562e w732 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">61<span class=\"_ _1\"></span>0.668<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x854 y562e w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x855 y562e w716 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x856 y562e w733 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">599.313<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x857 y562e w734 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">6.791<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x858 y562e w716 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x823 y562f w735 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2.1 Tit<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x822 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">oli<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x859 y5630 w736 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">107.625<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x85a y5630 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x85b y5630 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x85c y5630 w4d5 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">108.148<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x85d y5630 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x85e y5630 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x85f y5630 w737 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">134.812<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x860 y5630 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x861 y5630 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x862 y5630 w738 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">12<span class=\"_ _1\"></span>8.699<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x863 y5630 w739 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">6.791<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x864 y5630 w716 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h5a y5631 ff4 fs16 fc1 sc0 ls0 ws0\">strutturati  </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 class=\"c x865 y5632 w17a h9e\"><div class=\"t m2 x0 h5a y2568 ff4 fs16 fc1 sc0 ls0 ws0\">2.2 Altri titoli di </div></td><td class=\"c n x824 y5633 w73a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">531.483<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x866 y5633 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x867 y5633 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x868 y5633 w73b h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">529.615<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x869 y5633 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x86a y5633 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x86b y5633 w73c h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">475.856<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x86c y5633 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x86d y5633 w722 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x86e y5633 w73d h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">470.614<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x86f y5633 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x870 y5633 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h5a y5634 ff4 fs16 fc1 sc0 ls0 ws0\">debito  </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 class=\"t m2 x871 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x872 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">1.579.777<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7db h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dc h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x80e h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">637.763<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7de h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7df h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">940.669<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x873 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">1.601.176<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e1 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e2 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x810 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">599.313<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x811 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">6.791<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x874 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">990.992<span class=\"_ _3a1\"> </span></td></tr></table>Legenda: L1= Livello 1 L2= Livello 2 L3= Livello 3 Sono inclusi i crediti di funzionamento connessi con la prestazione <span class=\"_ _1\"></span>di servizi finanziari. I c<span class=\"_ _2\"></span>rediti, ad <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ccezione d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>titoli di <span class=\"_ _3b\"></span>debito, sono <span class=\"_ _3b\"></span>iscr<span class=\"_ _1\"></span>itti <span class=\"_ _2\"></span>al lo<span class=\"_ _2\"></span>ro valo<span class=\"_ _2\"></span>re <span class=\"_ _2\"></span>nominale, corrispondente al<span class=\"_ _3b\"></span> loro fair value e il livello di fair value attribuito risulta essere <span class=\"_ _1\"></span>pari a 3. Le meto<span class=\"_ _1\"></span>dologie utilizzate per <span class=\"_ _1\"></span>la determinazione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>fair value sono <span class=\"_ _1\"></span>riportate <span class=\"_ _1\"></span>nella Parte <span class=\"_ _1\"></span>A1 \u2013 Parte generale \u2013 Sezione 16 \u201cAltre informazioni\u201d. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-809": {
   "value": "<div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gsa1c\">Sezione <span class=\"_ _1\"></span>2 \u2013 At<span class=\"_ _1\"></span>tivit</div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gsa1d\">\u00e0 finanz<span class=\"_ _1\"></span>iarie valut<span class=\"_ _1\"></span>ate al fair <span class=\"_ _1\"></span>value con<span class=\"_ _1\"></span> impatto<span class=\"_ _1\"></span> a cont<span class=\"_ _1\"></span>o economico<span class=\"_ _1\"></span> \u2013 Vo<span class=\"_ _1\"></span>ce 20  </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsa1e\">2.1 Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie detenute per <span class=\"_ _1\"></span>la negoziazione: compos<span class=\"_ _1\"></span>izione merceologica </div><div class=\"gsa1f\"><table class=\"s w694 h1f4\" id=\"_b7ac081b-d691-4c36-98de-7b8a6733abba\"><tr><td></td><td></td><td class=\"c n x6fe y5519 w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x6ff y5519 w696 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x700 h12 y551a ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Valori </td><td></td><td class=\"c n x701 y551b w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x702 y551b w68d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n x703 y551c w65f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x704 y551c w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x705 y551c w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x706 y551c w697 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x707 y551c w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x708 y551c w698 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L<span class=\"_ _2\"></span>3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y551d ff4 fs7 fc1 sc2 ls0 ws0\">A. Attivit\u00e0 per cassa </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y551e w699 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x709 y551e w5b4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">19.098<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x70a h12 y551f ff4 fs7 fc1 sc0 ls0 ws0\">46<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y551f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y551f ff4 fs7 fc1 sc0 ls0 ws0\">25.950<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70b h12 y551f ff4 fs7 fc1 sc0 ls0 ws0\">23<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y551f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5520 w69a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli strutturati<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x70d y5520 w53a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">909<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x70e h12 y5521 ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5521 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70f h12 y5521 ff4 fs7 fc1 sc0 ls0 ws0\">4.813<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70b h12 y5521 ff4 fs7 fc1 sc0 ls0 ws0\">23<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5521 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5522 w69b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Altri titoli di debit<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x710 y5522 w69c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18.189<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x70a h12 y5523 ff4 fs7 fc1 sc0 ls0 ws0\">42<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5523 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x711 h12 y5523 ff4 fs7 fc1 sc0 ls0 ws0\">21.137<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5523 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5523 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5524 w69d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capitale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x713 y5524 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5525 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5525 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5525 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5525 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5525 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5526 w69e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Quote di O.I.C.R.<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x715 y5526 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5527 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a0 h12 y5527 ff4 fs7 fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f2 h12 y5527 ff4 fs7 fc1 sc0 ls0 ws0\">3.025<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5527 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y5527 ff4 fs7 fc1 sc0 ls0 ws0\">22<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5528 w69f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x716 y5528 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5529 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5529 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5529 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5529 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5529 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y552a w6a0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.1 Pronti contro term<span class=\"_ _2\"></span>ine<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x717 y552a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y552b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y552b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y552b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y552b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y552b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y552c w6a1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.2 Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x718 y552c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y552d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y552d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y552d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y552d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y552d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x719 h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71a h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">19.098<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70a h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">46<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a0 h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">24<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">28.975<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70b h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">23<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">22<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y552f ff4 fs7 fc1 sc2 ls0 ws0\">B. Strumenti derivati </td><td class=\"t m2 x71b h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5531 w6a2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Derivati finanziari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x71c y5531 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71d h12 y5532 ff4 fs7 fc1 sc0 ls0 ws0\">14.992<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5532 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5532 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y5532 ff4 fs7 fc1 sc0 ls0 ws0\">32.020<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5532 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5533 w6a3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1 di negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x71e y5533 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71d h12 y5534 ff4 fs7 fc1 sc0 ls0 ws0\">14.992<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5534 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5534 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y5534 ff4 fs7 fc1 sc0 ls0 ws0\">32.020<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5534 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5485 w6a4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 connessi con la <span class=\"_ _2\"></span>fair value option<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x71f y5485 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5535 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5535 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5535 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5535 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5535 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5486 w6a5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.3 altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x720 y5486 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5536 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5536 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5536 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5536 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5536 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5537 w6a6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Derivati creditiz<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x721 y5537 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5538 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5538 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5538 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5538 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5538 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5539 w6a7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 di negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x720 y5539 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5513 w6a8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 connessi con la <span class=\"_ _2\"></span>fair value option<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x722 y5513 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y553b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y553b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y553b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y553b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y553b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5515 w6a9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x723 y5515 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y553c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y553c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y553c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y553c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y553c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x719 h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">Totale (B)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71b h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71d h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">14.992<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">32.020<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x724 h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B) </td><td class=\"t m2 x71a h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">19.098<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71d h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">15.038<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a0 h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">24<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">28.975<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">32.043<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">22<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsa20\">Legenda: </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gsa21\">L1= Livello 1 </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gsa22\">L2= Livello 2 </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gsa23\">L3= Livello 3 </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gsa24\">Si segnala la compo<span class=\"_ _2\"></span>sizione della voc<span class=\"_ _2\"></span>e 3 \u201cQuote O.I.C.R\u201d:<span class=\"_ _3a1\"> </span></div><div class=\"gsa25\"><table class=\"s w6aa h1f5\" id=\"_d44a2f2b-600c-483a-be3e-9ccccdc039b0\"><tr><td></td><td></td><td class=\"c n x726 y553f w696 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x727 y553f w6ab h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">T<span class=\"_ _1\"></span>otale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c n x728 y5540 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x729 y5540 w68d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x2d7 y5541 w6ac h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Azionari<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x72a y5541 w6ad h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x72b h12 y5542 ff4 fs7 fc1 sc0 ls0 ws0\">3.047<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x72c h12 y5543 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x72d h12 y5543 ff4 fs7 fc1 sc2 ls0 ws0\">24<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x72b h12 y5543 ff4 fs7 fc1 sc2 ls0 ws0\">3.047<span class=\"_ _3a1\"> </span></td></tr></table></div>2.2 Attivit\u00e0 fina<span class=\"_ _1\"></span>nziarie detenute per la ne<span class=\"_ _1\"></span>goziazione: composizione <span class=\"_ _1\"></span>per debitori/emittent<span class=\"_ _1\"></span>i/controparti <table class=\"s w6ae h1f6\" id=\"_1dccab64-0579-4638-8c77-dbf4c2cfe2ca\"><tr><td></td><td class=\"t m2 x72e h12 y5544 ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Valori </td><td class=\"c n x72f y5545 w696 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x730 y5545 w6af h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">T<span class=\"_ _1\"></span>otale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x731 y5546 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x732 y5546 w68d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y5547 ff4 fs7 fc1 sc2 ls0 ws0\">A. Attivit\u00e0 per cassa </td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5548 w699 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x733 y5548 w6b0 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">19.144<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x676 h12 y5549 ff4 fs7 fc1 sc0 ls0 ws0\">25.974<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y554a w6b1 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche Centrali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y554a w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y554b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y554c w6b2 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazioni pubb<span class=\"_ _3b\"></span>li<span class=\"_ _1\"></span>che<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x736 y554c w6b3 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">15.641<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67a h12 y554d ff4 fs7 fc1 sc0 ls0 ws0\">24.107<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y554e w6b4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x737 y554e w6b5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2.205<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x738 h12 y554f ff4 fs7 fc1 sc0 ls0 ws0\">1.323<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5550 w6b6 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x739 y5550 w6b7 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">379<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e8 h12 y5551 ff4 fs7 fc1 sc0 ls0 ws0\">229<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5552 w6b8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese di assicu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73b y5552 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5553 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5554 w6b9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73c y5554 w6ba h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">919<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x73d h12 y5555 ff4 fs7 fc1 sc0 ls0 ws0\">317<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5556 w69d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capitale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73e y5556 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5557 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y551e w6bb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y551e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5558 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5520 w6b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre societ\u00e0 finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y5520 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5559 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y555a w6bc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui:  imprese di assicu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73f y555a w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y555b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5524 w6bd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Societ\u00e0 non finanz<span class=\"_ _2\"></span>iarie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x740 y5524 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y555c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5526 w6be h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altri emittenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y5526 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y555d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5528 w6bf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Quote di OICR<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x741 y5528 w6c0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e5 h12 y555e ff4 fs7 fc1 sc0 ls0 ws0\">3.047<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y552a w69f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73e y552a w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y555f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y552c w6b1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche Centrali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y552c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5560 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5561 w6b2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazioni pubb<span class=\"_ _3b\"></span>li<span class=\"_ _1\"></span>che<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x742 y5561 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5562 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5482 w6b4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x743 y5482 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5563 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5531 w6b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y5531 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5564 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5533 w6b8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese di assicu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73b y5533 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5565 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5566 w6b9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x744 y5566 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5567 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5486 w6c1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">f) Famiglie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x745 y5486 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5568 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x682 h12 y5569 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x746 h12 y5569 ff4 fs7 fc1 sc2 ls0 ws0\">19.167<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y5569 ff4 fs7 fc1 sc2 ls0 ws0\">29.022<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y556a ff4 fs7 fc1 sc2 ls0 ws0\">B. Strumenti derivati </td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y556b w6c2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Controparti Central<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x747 y556b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y556c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5515 w6c3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x748 y5515 w6c4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.992<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y556d ff4 fs7 fc1 sc0 ls0 ws0\">32.020<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x682 h12 y556e ff4 fs7 fc1 sc2 ls0 ws0\">Totale (B)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x749 h12 y556e ff4 fs7 fc1 sc2 ls0 ws0\">14.992<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y556e ff4 fs7 fc1 sc2 ls0 ws0\">32.020<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x6cf h12 y556f ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B) </td><td class=\"t m2 x749 h12 y556f ff4 fs7 fc1 sc2 ls0 ws0\">34.160<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y556f ff4 fs7 fc1 sc2 ls0 ws0\">61.042<span class=\"_ _3a1\"> </span></td></tr></table>In <span class=\"_ _0\"></span>confor<span class=\"_ _1\"></span>mit\u00e0 <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>quanto <span class=\"_ _35\"> </span>disposto <span class=\"_ _0\"></span>dal <span class=\"_ _35\"> </span>princi<span class=\"_ _2\"></span>pio <span class=\"_ _0\"> </span>cont<span class=\"_ _1\"></span>abile <span class=\"_ _35\"> </span>IFRS<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>7 <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>tenuto <span class=\"_ _0\"></span>conto <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>indicazioni contenute <span class=\"_ _3d\"> </span>nella  Com<span class=\"_ _1\"></span>unicazione  CONSOB<span class=\"_ _1\"></span>  n. <span class=\"_ _3d\"> </span>DEM/11070007 <span class=\"_ _3d\"> </span>del  5<span class=\"_ _1\"></span>  agosto <span class=\"_ _3d\"> </span>2011 <span class=\"_ _3d\"> </span>(che  r<span class=\"_ _1\"></span>iprende  il documento <span class=\"_ _3b\"></span>ESMA <span class=\"_ _3b\"></span>N<span class=\"_ _1\"></span>. <span class=\"_ _3b\"></span>2011/266 <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>28 <span class=\"_ _3b\"></span>luglio <span class=\"_ _3b\"></span>2011) <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>mate<span class=\"_ _1\"></span>ria di <span class=\"_ _3b\"></span>informazioni <span class=\"_ _3b\"></span>da rendere <span class=\"_ _3b\"></span>nelle <span class=\"_ _3b\"></span>relazioni finanziarie <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>merito <span class=\"_ _3d\"> </span>al <span class=\"_ _37\"> </span>\u201cdebito <span class=\"_ _3d\"> </span>Sovrano\u201d, <span class=\"_ _3d\"> </span>si <span class=\"_ _37\"> </span>precisa <span class=\"_ _3d\"> </span>che <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>31 <span class=\"_ _3d\"> </span>dicembre <span class=\"_ _3d\"> </span>2024 <span class=\"_ _3d\"> </span>sono <span class=\"_ _37\"> </span>presenti<span class=\"_ _2\"></span> esposizioni <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>governativi <span class=\"_ _1\"></span>verso <span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>Stato <span class=\"_ _1\"></span>Italia <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>8,2 <span class=\"_ _1\"></span>milioni <span class=\"_ _1\"></span>di e<span class=\"_ _1\"></span>uro, <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>circa <span class=\"_ _1\"></span>7,4 <span class=\"_ _1\"></span>milioni di euro <span class=\"_ _38\"></span>verso <span class=\"_ _38\"></span>altri <span class=\"_ _38\"></span>paesi. <span class=\"_ _1\"></span>Le <span class=\"_ _38\"></span>posizioni, <span class=\"_ _1\"></span>clas<span class=\"_ _1\"></span>sificate <span class=\"_ _38\"></span>contabilmente <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>trading, <span class=\"_ _1\"></span>hanno <span class=\"_ _38\"></span>come<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>oggetto <span class=\"_ _1\"></span>la negoziazione verso la clientela istituzionale. Si rimanda all<span class=\"_ _2\"></span>a sezione 3<span class=\"_ _2\"></span> della pr<span class=\"_ _2\"></span>esente nota per<span class=\"_ _2\"></span> i <span class=\"_ _2\"></span>titoli detenuti n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>l portafoglio <span class=\"_ _3b\"></span>\u201c<span class=\"_ _1\"></span>Attivit\u00e0 finanziarie<span class=\"_ _2\"></span> valutate al fair value con impatto sulla re<span class=\"_ _1\"></span>dditivit\u00e0 complessiva\u201d.<span class=\"_ _3a1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-854": {
   "value": "Sezione <span class=\"_ _1\"></span>2 \u2013 At<span class=\"_ _1\"></span>tivit\u00e0 finanz<span class=\"_ _1\"></span>iarie valut<span class=\"_ _1\"></span>ate al fair <span class=\"_ _1\"></span>value con<span class=\"_ _1\"></span> impatto<span class=\"_ _1\"></span> a cont<span class=\"_ _1\"></span>o economico<span class=\"_ _1\"></span> \u2013 Vo<span class=\"_ _1\"></span>ce 20  2.1 Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie detenute per <span class=\"_ _1\"></span>la negoziazione: compos<span class=\"_ _1\"></span>izione merceologica <table class=\"s w694 h1f4\" id=\"_b7ac081b-d691-4c36-98de-7b8a6733abba\"><tr><td></td><td></td><td class=\"c n x6fe y5519 w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x6ff y5519 w696 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x700 h12 y551a ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Valori </td><td></td><td class=\"c n x701 y551b w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x702 y551b w68d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n x703 y551c w65f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x704 y551c w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x705 y551c w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x706 y551c w697 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x707 y551c w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x708 y551c w698 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L<span class=\"_ _2\"></span>3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y551d ff4 fs7 fc1 sc2 ls0 ws0\">A. Attivit\u00e0 per cassa </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y551e w699 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x709 y551e w5b4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">19.098<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x70a h12 y551f ff4 fs7 fc1 sc0 ls0 ws0\">46<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y551f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y551f ff4 fs7 fc1 sc0 ls0 ws0\">25.950<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70b h12 y551f ff4 fs7 fc1 sc0 ls0 ws0\">23<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y551f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5520 w69a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli strutturati<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x70d y5520 w53a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">909<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x70e h12 y5521 ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5521 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70f h12 y5521 ff4 fs7 fc1 sc0 ls0 ws0\">4.813<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70b h12 y5521 ff4 fs7 fc1 sc0 ls0 ws0\">23<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5521 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5522 w69b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Altri titoli di debit<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x710 y5522 w69c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18.189<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x70a h12 y5523 ff4 fs7 fc1 sc0 ls0 ws0\">42<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5523 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x711 h12 y5523 ff4 fs7 fc1 sc0 ls0 ws0\">21.137<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5523 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5523 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5524 w69d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capitale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x713 y5524 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5525 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5525 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5525 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5525 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5525 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5526 w69e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Quote di O.I.C.R.<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x715 y5526 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5527 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a0 h12 y5527 ff4 fs7 fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f2 h12 y5527 ff4 fs7 fc1 sc0 ls0 ws0\">3.025<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5527 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y5527 ff4 fs7 fc1 sc0 ls0 ws0\">22<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5528 w69f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x716 y5528 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5529 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5529 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5529 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5529 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5529 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y552a w6a0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.1 Pronti contro term<span class=\"_ _2\"></span>ine<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x717 y552a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y552b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y552b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y552b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y552b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y552b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y552c w6a1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.2 Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x718 y552c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y552d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y552d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y552d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y552d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y552d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x719 h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71a h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">19.098<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70a h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">46<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a0 h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">24<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">28.975<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70b h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">23<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">22<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y552f ff4 fs7 fc1 sc2 ls0 ws0\">B. Strumenti derivati </td><td class=\"t m2 x71b h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5531 w6a2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Derivati finanziari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x71c y5531 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71d h12 y5532 ff4 fs7 fc1 sc0 ls0 ws0\">14.992<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5532 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5532 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y5532 ff4 fs7 fc1 sc0 ls0 ws0\">32.020<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5532 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5533 w6a3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1 di negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x71e y5533 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71d h12 y5534 ff4 fs7 fc1 sc0 ls0 ws0\">14.992<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5534 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5534 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y5534 ff4 fs7 fc1 sc0 ls0 ws0\">32.020<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5534 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5485 w6a4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 connessi con la <span class=\"_ _2\"></span>fair value option<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x71f y5485 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5535 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5535 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5535 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5535 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5535 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5486 w6a5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.3 altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x720 y5486 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5536 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5536 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5536 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5536 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5536 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5537 w6a6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Derivati creditiz<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x721 y5537 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5538 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5538 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5538 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5538 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5538 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5539 w6a7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 di negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x720 y5539 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5513 w6a8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 connessi con la <span class=\"_ _2\"></span>fair value option<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x722 y5513 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y553b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y553b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y553b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y553b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y553b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5515 w6a9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x723 y5515 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y553c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y553c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y553c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y553c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y553c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x719 h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">Totale (B)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71b h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71d h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">14.992<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">32.020<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x724 h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B) </td><td class=\"t m2 x71a h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">19.098<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71d h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">15.038<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a0 h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">24<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">28.975<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">32.043<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">22<span class=\"_ _3a1\"> </span></td></tr></table>Legenda: L1= Livello 1 L2= Livello 2 L3= Livello 3 Si segnala la compo<span class=\"_ _2\"></span>sizione della voc<span class=\"_ _2\"></span>e 3 \u201cQuote O.I.C.R\u201d:<span class=\"_ _3a1\"> </span><table class=\"s w6aa h1f5\" id=\"_d44a2f2b-600c-483a-be3e-9ccccdc039b0\"><tr><td></td><td></td><td class=\"c n x726 y553f w696 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x727 y553f w6ab h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">T<span class=\"_ _1\"></span>otale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c n x728 y5540 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x729 y5540 w68d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x2d7 y5541 w6ac h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Azionari<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x72a y5541 w6ad h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x72b h12 y5542 ff4 fs7 fc1 sc0 ls0 ws0\">3.047<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x72c h12 y5543 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x72d h12 y5543 ff4 fs7 fc1 sc2 ls0 ws0\">24<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x72b h12 y5543 ff4 fs7 fc1 sc2 ls0 ws0\">3.047<span class=\"_ _3a1\"> </span></td></tr></table>2.2 Attivit\u00e0 fina<span class=\"_ _1\"></span>nziarie detenute per la ne<span class=\"_ _1\"></span>goziazione: composizione <span class=\"_ _1\"></span>per debitori/emittent<span class=\"_ _1\"></span>i/controparti <table class=\"s w6ae h1f6\" id=\"_1dccab64-0579-4638-8c77-dbf4c2cfe2ca\"><tr><td></td><td class=\"t m2 x72e h12 y5544 ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Valori </td><td class=\"c n x72f y5545 w696 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x730 y5545 w6af h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">T<span class=\"_ _1\"></span>otale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x731 y5546 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x732 y5546 w68d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y5547 ff4 fs7 fc1 sc2 ls0 ws0\">A. Attivit\u00e0 per cassa </td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5548 w699 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x733 y5548 w6b0 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">19.144<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x676 h12 y5549 ff4 fs7 fc1 sc0 ls0 ws0\">25.974<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y554a w6b1 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche Centrali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y554a w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y554b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y554c w6b2 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazioni pubb<span class=\"_ _3b\"></span>li<span class=\"_ _1\"></span>che<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x736 y554c w6b3 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">15.641<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67a h12 y554d ff4 fs7 fc1 sc0 ls0 ws0\">24.107<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y554e w6b4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x737 y554e w6b5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2.205<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x738 h12 y554f ff4 fs7 fc1 sc0 ls0 ws0\">1.323<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5550 w6b6 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x739 y5550 w6b7 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">379<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e8 h12 y5551 ff4 fs7 fc1 sc0 ls0 ws0\">229<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5552 w6b8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese di assicu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73b y5552 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5553 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5554 w6b9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73c y5554 w6ba h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">919<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x73d h12 y5555 ff4 fs7 fc1 sc0 ls0 ws0\">317<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5556 w69d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capitale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73e y5556 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5557 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y551e w6bb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y551e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5558 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5520 w6b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre societ\u00e0 finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y5520 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5559 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y555a w6bc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui:  imprese di assicu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73f y555a w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y555b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5524 w6bd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Societ\u00e0 non finanz<span class=\"_ _2\"></span>iarie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x740 y5524 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y555c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5526 w6be h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altri emittenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y5526 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y555d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5528 w6bf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Quote di OICR<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x741 y5528 w6c0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e5 h12 y555e ff4 fs7 fc1 sc0 ls0 ws0\">3.047<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y552a w69f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73e y552a w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y555f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y552c w6b1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche Centrali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y552c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5560 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5561 w6b2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazioni pubb<span class=\"_ _3b\"></span>li<span class=\"_ _1\"></span>che<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x742 y5561 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5562 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5482 w6b4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x743 y5482 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5563 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5531 w6b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y5531 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5564 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5533 w6b8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese di assicu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73b y5533 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5565 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5566 w6b9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x744 y5566 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5567 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5486 w6c1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">f) Famiglie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x745 y5486 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5568 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x682 h12 y5569 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x746 h12 y5569 ff4 fs7 fc1 sc2 ls0 ws0\">19.167<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y5569 ff4 fs7 fc1 sc2 ls0 ws0\">29.022<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y556a ff4 fs7 fc1 sc2 ls0 ws0\">B. Strumenti derivati </td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y556b w6c2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Controparti Central<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x747 y556b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y556c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5515 w6c3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x748 y5515 w6c4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.992<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y556d ff4 fs7 fc1 sc0 ls0 ws0\">32.020<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x682 h12 y556e ff4 fs7 fc1 sc2 ls0 ws0\">Totale (B)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x749 h12 y556e ff4 fs7 fc1 sc2 ls0 ws0\">14.992<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y556e ff4 fs7 fc1 sc2 ls0 ws0\">32.020<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x6cf h12 y556f ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B) </td><td class=\"t m2 x749 h12 y556f ff4 fs7 fc1 sc2 ls0 ws0\">34.160<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y556f ff4 fs7 fc1 sc2 ls0 ws0\">61.042<span class=\"_ _3a1\"> </span></td></tr></table>In <span class=\"_ _0\"></span>confor<span class=\"_ _1\"></span>mit\u00e0 <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>quanto <span class=\"_ _35\"> </span>disposto <span class=\"_ _0\"></span>dal <span class=\"_ _35\"> </span>princi<span class=\"_ _2\"></span>pio <span class=\"_ _0\"> </span>cont<span class=\"_ _1\"></span>abile <span class=\"_ _35\"> </span>IFRS<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>7 <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>tenuto <span class=\"_ _0\"></span>conto <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>indicazioni contenute <span class=\"_ _3d\"> </span>nella  Com<span class=\"_ _1\"></span>unicazione  CONSOB<span class=\"_ _1\"></span>  n. <span class=\"_ _3d\"> </span>DEM/11070007 <span class=\"_ _3d\"> </span>del  5<span class=\"_ _1\"></span>  agosto <span class=\"_ _3d\"> </span>2011 <span class=\"_ _3d\"> </span>(che  r<span class=\"_ _1\"></span>iprende  il documento <span class=\"_ _3b\"></span>ESMA <span class=\"_ _3b\"></span>N<span class=\"_ _1\"></span>. <span class=\"_ _3b\"></span>2011/266 <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>28 <span class=\"_ _3b\"></span>luglio <span class=\"_ _3b\"></span>2011) <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>mate<span class=\"_ _1\"></span>ria di <span class=\"_ _3b\"></span>informazioni <span class=\"_ _3b\"></span>da rendere <span class=\"_ _3b\"></span>nelle <span class=\"_ _3b\"></span>relazioni finanziarie <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>merito <span class=\"_ _3d\"> </span>al <span class=\"_ _37\"> </span>\u201cdebito <span class=\"_ _3d\"> </span>Sovrano\u201d, <span class=\"_ _3d\"> </span>si <span class=\"_ _37\"> </span>precisa <span class=\"_ _3d\"> </span>che <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>31 <span class=\"_ _3d\"> </span>dicembre <span class=\"_ _3d\"> </span>2024 <span class=\"_ _3d\"> </span>sono <span class=\"_ _37\"> </span>presenti<span class=\"_ _2\"></span> esposizioni <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>governativi <span class=\"_ _1\"></span>verso <span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>Stato <span class=\"_ _1\"></span>Italia <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>8,2 <span class=\"_ _1\"></span>milioni <span class=\"_ _1\"></span>di e<span class=\"_ _1\"></span>uro, <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>circa <span class=\"_ _1\"></span>7,4 <span class=\"_ _1\"></span>milioni di euro <span class=\"_ _38\"></span>verso <span class=\"_ _38\"></span>altri <span class=\"_ _38\"></span>paesi. <span class=\"_ _1\"></span>Le <span class=\"_ _38\"></span>posizioni, <span class=\"_ _1\"></span>clas<span class=\"_ _1\"></span>sificate <span class=\"_ _38\"></span>contabilmente <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>trading, <span class=\"_ _1\"></span>hanno <span class=\"_ _38\"></span>come<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>oggetto <span class=\"_ _1\"></span>la negoziazione verso la clientela istituzionale. Si rimanda all<span class=\"_ _2\"></span>a sezione 3<span class=\"_ _2\"></span> della pr<span class=\"_ _2\"></span>esente nota per<span class=\"_ _2\"></span> i <span class=\"_ _2\"></span>titoli detenuti n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>l portafoglio <span class=\"_ _3b\"></span>\u201c<span class=\"_ _1\"></span>Attivit\u00e0 finanziarie<span class=\"_ _2\"></span> valutate al fair value con impatto sulla re<span class=\"_ _1\"></span>dditivit\u00e0 complessiva\u201d.<span class=\"_ _3a1\"> </span><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsa33\">2.5 Altre attivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie obbligator<span class=\"_ _1\"></span>iamente valutate al fair<span class=\"_ _1\"></span> value: composizione m<span class=\"_ _1\"></span>erceologica<span class=\"_ _3a1\"> </span> </div><div class=\"gsa34\"><table class=\"s w684 h1f7\" id=\"_300a5f3d-3eee-401d-9095-8ce6b8c23800\"><tr><td></td><td></td><td></td><td class=\"c n x6fe y5570 w6c5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x6ff y5570 w6c6 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x700 h12 y5571 ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Valori<span class=\"_ _3a1\"> </span> </td><td></td><td></td><td class=\"c n x701 y5572 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x702 y5572 w65e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c n x703 y5573 w65f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x704 y5573 w660 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x705 y5573 w6c7 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x706 y5573 w65f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x74a y5573 w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x74b y5573 w663 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L<span class=\"_ _2\"></span>3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5574 w6c8 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x74c y5574 w6c9 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">611.223<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6a7 h12 y5575 ff4 fs7 fc1 sc2 ls0 ws0\">4.518<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74d h12 y5575 ff4 fs7 fc1 sc2 ls0 ws0\">10<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74e h12 y5575 ff4 fs7 fc1 sc2 ls0 ws0\">460.212<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74f h12 y5575 ff4 fs7 fc1 sc2 ls0 ws0\">4.449<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x750 h12 y5575 ff4 fs7 fc1 sc2 ls0 ws0\">10<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5576 w6ca h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli strutturati<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x751 y5576 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5577 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5577 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5577 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5577 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5577 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5578 w6cc h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Altri titoli di debit<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x752 y5578 w6cd h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">611.223<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6a7 h12 y5579 ff4 fs7 fc1 sc0 ls0 ws0\">4.518<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74d h12 y5579 ff4 fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74e h12 y5579 ff4 fs7 fc1 sc0 ls0 ws0\">460.212<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74f h12 y5579 ff4 fs7 fc1 sc0 ls0 ws0\">4.449<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x750 h12 y5579 ff4 fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y557a w69d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">2. Titoli di capitale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x753 y557a w6ce h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">214.317<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y557b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y557b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x754 h12 y557b ff4 fs7 fc1 sc2 ls0 ws0\">177.801<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x755 h12 y557b ff4 fs7 fc1 sc2 ls0 ws0\">1.705<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y557b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y557c w6cf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">3. Quote di O.I.C.R.<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x756 y557c w6d0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4.524.297<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x757 h12 y557d ff4 fs7 fc1 sc2 ls0 ws0\">32.962<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x758 h12 y557d ff4 fs7 fc1 sc2 ls0 ws0\">251.323<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x759 h12 y557d ff4 fs7 fc1 sc2 ls0 ws0\">3.946.416<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y557d ff4 fs7 fc1 sc2 ls0 ws0\">46.650<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y557d ff4 fs7 fc1 sc2 ls0 ws0\">251.480<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y557e w6d1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x716 y557e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y557f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e7 h12 y557f ff4 fs7 fc1 sc2 ls0 ws0\">33.655<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y557f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y557f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y557f ff4 fs7 fc1 sc2 ls0 ws0\">31.621<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5580 w6d2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.1 Pronti contro term<span class=\"_ _2\"></span>ine<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x717 y5580 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5581 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5581 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5581 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5581 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5581 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5582 w6d3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.2 Altri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x718 y5582 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5583 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e7 h12 y5583 ff4 fs7 fc1 sc0 ls0 ws0\">33.655<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5583 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5583 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5583 ff4 fs7 fc1 sc0 ls0 ws0\">31.621<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x75b h12 y5584 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span> </td><td class=\"t m2 x75c h12 y5584 ff4 fs7 fc1 sc2 ls0 ws0\">5.349.837<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x757 h12 y5584 ff4 fs7 fc1 sc2 ls0 ws0\">37.480<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75d h12 y5584 ff4 fs7 fc1 sc2 ls0 ws0\">284.988<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75e h12 y5584 ff4 fs7 fc1 sc2 ls0 ws0\">4.584.429<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y5584 ff4 fs7 fc1 sc2 ls0 ws0\">52.804<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y5584 ff4 fs7 fc1 sc2 ls0 ws0\">283.111<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsa35\">Legenda:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gsa36\">L1= Livello 1<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gsa37\">L2= Livello 2<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gsa38\">L3= Livello 3<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa39\">Si segnala la composizione della voce 3 \u201cQuote <span class=\"_ _1\"></span>O.I.C.R\u201d: </div><div class=\"gsa3a\"><table class=\"s w6d4 h1f8\" id=\"_63166918-92ee-492f-9fc0-13253075d7d4\"><tr><td></td><td></td><td class=\"c n x75f y5585 w6c6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x760 y5585 w695 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x761 y5586 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x762 y5586 w65e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5587 w6d5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Fondi chiusi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x763 y5587 w6d6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13.166<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x764 h12 y5588 ff4 fs7 fc1 sc0 ls0 ws0\">10.535<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x765 h12 y5589 ff4 fs7 fc1 sc0 ls0 ws0\">Azionari </td><td></td><td class=\"t m2 x766 h12 y558a ff4 fs7 fc1 sc0 ls0 ws0\">1.264.077<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x767 h12 y558a ff4 fs7 fc1 sc0 ls0 ws0\">1.574.896<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y558b w6d7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Immobiliari<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x768 y558b w6d8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.589<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x769 h12 y558c ff4 fs7 fc1 sc0 ls0 ws0\">1.201<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y558d w6d9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Monetari<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x76a y558d w6da h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">207.396<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x76b h12 y558e ff4 fs7 fc1 sc0 ls0 ws0\">220.522<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y558f w6db h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Obbligazionari<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x76c y558f w6dc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.297.052<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x767 h12 y5590 ff4 fs7 fc1 sc0 ls0 ws0\">1.860.232<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5591 w6dd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Bilanciati<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x76d y5591 w6de h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">77.113<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x76e h12 y5592 ff4 fs7 fc1 sc0 ls0 ws0\">75.245<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5593 w6df h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Flessibili<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x76f y5593 w6e0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">458.964<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x770 h12 y5594 ff4 fs7 fc1 sc0 ls0 ws0\">501.616<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5595 w6e1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Altri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x771 y5595 w6e2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.489.225<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x772 h12 y5596 ff4 fs7 fc1 sc0 ls0 ws0\">299<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x773 h12 y5597 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x774 h12 y5597 ff4 fs7 fc1 sc2 ls0 ws0\">4.808.582<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x775 h12 y5597 ff4 fs7 fc1 sc2 ls0 ws0\">4.244.546<span class=\"_ _3a1\"> </span></td></tr></table></div>2.6 Altre <span class=\"_ _1\"></span>attivit\u00e0 finanziarie obbligato<span class=\"_ _1\"></span>riamente valutate <span class=\"_ _1\"></span>al fair value: compos<span class=\"_ _1\"></span>izione per debitor<span class=\"_ _1\"></span>i/emittenti <table class=\"s w6e3 h1f9\" id=\"_d2e55143-e0a2-4263-b5bd-113467887583\"><tr><td></td><td></td><td></td><td class=\"t m2 x776 h12 y5598 ff4 fs7 fc4 sc3 ls0 ws0\">Totale <span class=\"_ _14e\"> </span>T<span class=\"_ _1\"></span>otale </td></tr><tr><td></td><td></td><td class=\"c n x731 y5599 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x732 y5599 w68d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y559a w6e4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">1. Titoli di capitale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x777 y559a w6e5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">214.317<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6f6 h12 y559b ff4 fs7 fc1 sc2 ls0 ws0\">179.507<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y559c w6e6 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">di cui: banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x778 y559c w6e7 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">29.625<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y559d ff4 fs7 fc1 sc0 ls0 ws0\">21.251<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5520 w6e8 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">di cui: altre societ\u00e0 finanz<span class=\"_ _3b\"></span>iarie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x779 y5520 w6e9 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">17.837<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67a h12 y559e ff4 fs7 fc1 sc0 ls0 ws0\">12.982<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y555a w6ea h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">di cui: societ\u00e0 non finanz<span class=\"_ _2\"></span>iarie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x77a y555a w6eb h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">166.855<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6f6 h12 y559f ff4 fs7 fc1 sc0 ls0 ws0\">145.274<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5524 w6ec h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x77b y5524 w6ed h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">615.751<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x666 h12 y55a0 ff4 fs7 fc1 sc2 ls0 ws0\">464.671<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55a1 w6ee h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche centrali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x77c y55a1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55a2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5528 w6b2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazioni pubb<span class=\"_ _3b\"></span>li<span class=\"_ _1\"></span>che<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x77d y5528 w4a2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">373.998<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x666 h12 y55a3 ff4 fs7 fc1 sc0 ls0 ws0\">321.559<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y552a w6b4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x77e y552a w6ef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">225.688<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y55a4 ff4 fs7 fc1 sc0 ls0 ws0\">124.618<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55a5 w6b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x77f y55a5 w6f0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e5 h12 y55a6 ff4 fs7 fc1 sc0 ls0 ws0\">3.673<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5454 w6b8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese di assicu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73b y5454 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x780 h12 y55a7 ff4 fs7 fc1 sc0 ls0 ws0\">1.049<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55a8 w6b9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x781 y55a8 w6f1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _2\"></span>6.055<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y55a9 ff4 fs7 fc1 sc0 ls0 ws0\">14.821<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5531 w69e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">3. Quote di O.I.C.R.<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x782 y5531 w6f2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4.808.582<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x68a h12 y55aa ff4 fs7 fc1 sc2 ls0 ws0\">4.244.546<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y55ab w69f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x783 y55ab w6f3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">33.655<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y55ac ff4 fs7 fc1 sc2 ls0 ws0\">31.621<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5485 w6ee h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche centrali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x77c y5485 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55ad ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5486 w6b2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazioni pubb<span class=\"_ _3b\"></span>li<span class=\"_ _1\"></span>che<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x742 y5486 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55ae ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y54a9 w6b4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x743 y54a9 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55af ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55b0 w6b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x784 y55b0 w6f4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.006<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y55b1 ff4 fs7 fc1 sc0 ls0 ws0\">10.767<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y54ac w6b8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese di assicu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x785 y54ac w6f4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.006<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y55b2 ff4 fs7 fc1 sc0 ls0 ws0\">10.767<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5515 w6b9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x786 y5515 w6f5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18.541<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y55b3 ff4 fs7 fc1 sc0 ls0 ws0\">19.861<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y54b0 w6c1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">f) Famiglie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x787 y54b0 w6f6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.108<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x788 h12 y55b4 ff4 fs7 fc1 sc0 ls0 ws0\">993<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x6e7 h12 y55b5 ff4 fs7 fc1 sc2 ls0 ws0\">Totale </td><td class=\"t m2 x695 h12 y55b5 ff4 fs7 fc1 sc2 ls0 ws0\">5.672.305<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f8 h12 y55b5 ff4 fs7 fc1 sc2 ls0 ws0\">4.920.345<span class=\"_ _3a1\"> </span></td></tr></table>A seguito del fallimento dell\u2019SPPI test <span class=\"_ _1\"></span>nella presente categoria sono state riclassificate le quote di fondi comuni (OICR) e alcuni finanziamenti ver<span class=\"_ _1\"></span>so clientela. Nel <span class=\"_ _3a\"> </span>portafoglio <span class=\"_ _3a\"> </span>\u201cAttivit\u00e0 <span class=\"_ _3a\"> </span>finanziarie <span class=\"_ _3a\"> </span>obbligatoriamente <span class=\"_ _3f\"> </span>valutate <span class=\"_ _3a\"> </span>al <span class=\"_ _3a\"> </span>fair <span class=\"_ _3a\"> </span>value\u201d, <span class=\"_ _3a\"> </span>interamente ascrivibile <span class=\"_ _35\"> </span>alle <span class=\"_ _35\"> </span>\u201cImprese<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>assicurazione\u201d, <span class=\"_ _35\"> </span>sono  p<span class=\"_ _2\"></span>resenti <span class=\"_ _35\"> </span>esposizioni <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>titoli <span class=\"_ _35\"> </span>governat<span class=\"_ _1\"></span>ivi <span class=\"_ _35\"> </span>verso l'Italia <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>278,32 <span class=\"_ _38\"></span>milioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>euro, <span class=\"_ _38\"></span>verso <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>Germania <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>55,32 <span class=\"_ _1\"></span>milioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>uro, <span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>so <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>Spagna <span class=\"_ _1\"></span>per 14,23 <span class=\"_ _1\"></span>milioni <span class=\"_ _1\"></span>di e<span class=\"_ _1\"></span>uro, <span class=\"_ _1\"></span>verso <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>Francia per<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>15,02 <span class=\"_ _1\"></span>milioni <span class=\"_ _1\"></span>di e<span class=\"_ _1\"></span>uro, <span class=\"_ _1\"></span>verso <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>Stati <span class=\"_ _1\"></span>Uniti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>4,83 <span class=\"_ _1\"></span>milioni di euro, verso il Belgi<span class=\"_ _2\"></span>o per 2,01 m<span class=\"_ _2\"></span>ilioni di euro, verso la <span class=\"_ _3b\"></span>G<span class=\"_ _1\"></span>ran Bretagna p<span class=\"_ _2\"></span>er 1,64 milioni di <span class=\"_ _2\"></span>euro, verso l\u2019Austria per<span class=\"_ _1\"></span> 1,35 milioni di <span class=\"_ _1\"></span>euro, ver<span class=\"_ _1\"></span>so il P<span class=\"_ _1\"></span>ortogallo per 0<span class=\"_ _1\"></span>,75 milioni di e<span class=\"_ _1\"></span>uro, verso <span class=\"_ _1\"></span>l\u2019Irlanda per <span class=\"_ _1\"></span>0,52 milioni di euro.<span class=\"_ _3a1\"> </span>Sezione <span class=\"_ _1\"></span>3 - Atti<span class=\"_ _1\"></span>vit<span class=\"_ _3a1\"> </span>\u00e0 finan<span class=\"_ _1\"></span>ziarie <span class=\"_ _1\"></span>valutate al fai<span class=\"_ _1\"></span>r value<span class=\"_ _1\"></span> con impa<span class=\"_ _1\"></span>tto sulla <span class=\"_ _1\"></span>redditi<span class=\"_ _1\"></span>vit\u00e0 comp<span class=\"_ _1\"></span>lessiva<span class=\"_ _1\"></span> \u2013<span class=\"_ _3a1\"> </span>Voce <span class=\"_ _1\"></span>30<span class=\"_ _3a1\"> </span>3.1 Attivit\u00e0 finanzi<span class=\"_ _1\"></span>arie valutate al fair <span class=\"_ _1\"></span>value con impatto<span class=\"_ _1\"></span> sulla redditivit\u00e0 complessiva<span class=\"_ _1\"></span>: composizione merceo<span class=\"_ _1\"></span>logica<table class=\"s w684 h1fa\" id=\"_9c7f8351-bc7e-47d6-a42c-1b7f06ff8fe1\"><tr><td></td><td></td><td></td><td class=\"c n x6fe y55b6 w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x6ff y55b6 w696 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x700 h12 y55b7 ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Valori </td><td></td><td></td><td class=\"c n x701 y55b8 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x702 y55b8 w68d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c n x703 y55b9 w65f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x704 y55b9 w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x705 y55b9 w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x706 y55b9 w697 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x707 y55b9 w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x708 y55b9 w698 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L<span class=\"_ _2\"></span>3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y55ba ff4 fs7 fc1 sc2 ls0 ws0\">1. Titoli di debito </td><td></td><td class=\"t m2 x75c h12 y55bb ff4 fs7 fc1 sc0 ls0 ws0\">9.392.797<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x789 h12 y55bb ff4 fs7 fc1 sc0 ls0 ws0\">56.271<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y55bb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x78a h12 y55bb ff4 fs7 fc1 sc0 ls0 ws0\">8.866.480<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y55bb ff4 fs7 fc1 sc0 ls0 ws0\">54.032<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y55bb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y55bc w69a h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli strutturati<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x78b y55bc w6f7 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">833.390<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6a7 h12 y55bd ff4 fs7 fc1 sc0 ls0 ws0\">1.964<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y55bd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x78c h12 y55bd ff4 fs7 fc1 sc0 ls0 ws0\">943.633<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74f h12 y55bd ff4 fs7 fc1 sc0 ls0 ws0\">2.406<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y55bd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y55be w69b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Altri titoli di debit<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x78d y55be w6f8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.559.407<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x757 h12 y55bf ff4 fs7 fc1 sc0 ls0 ws0\">54.307<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y55bf ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x759 h12 y55bf ff4 fs7 fc1 sc0 ls0 ws0\">7.922.847<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y55bf ff4 fs7 fc1 sc0 ls0 ws0\">51.626<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y55bf ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y55c0 ff4 fs7 fc1 sc2 ls0 ws0\">2. Titoli di capitale </td><td></td><td class=\"t m2 x78e h12 y55c1 ff4 fs7 fc1 sc0 ls0 ws0\">11.158<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a7 h12 y55c1 ff4 fs7 fc1 sc0 ls0 ws0\">1.497<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x78f h12 y55c1 ff4 fs7 fc1 sc0 ls0 ws0\">30.118<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f2 h12 y55c1 ff4 fs7 fc1 sc0 ls0 ws0\">7.560<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x755 h12 y55c1 ff4 fs7 fc1 sc0 ls0 ws0\">2.213<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y55c1 ff4 fs7 fc1 sc0 ls0 ws0\">31.835<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y55c2 ff4 fs7 fc1 sc2 ls0 ws0\">3. Finanziamenti </td><td></td><td class=\"t m2 x71b h12 y55c3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y55c3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y55c3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y55c3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y55c3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y55c3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x75b h12 y55c4 ff4 fs7 fc1 sc2 ls0 ws0\">Totale </td><td class=\"t m2 x790 h12 y55c4 ff4 fs7 fc1 sc2 ls0 ws0\">9.403.955<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71d h12 y55c4 ff4 fs7 fc1 sc2 ls0 ws0\">57.768<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c5 h12 y55c4 ff4 fs7 fc1 sc2 ls0 ws0\">30.118<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x78a h12 y55c4 ff4 fs7 fc1 sc2 ls0 ws0\">8.874.040<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a2 h12 y55c4 ff4 fs7 fc1 sc2 ls0 ws0\">56.245<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y55c4 ff4 fs7 fc1 sc2 ls0 ws0\">31.835<span class=\"_ _3a1\"> </span></td></tr></table>Legenda:<span class=\"_ _3a1\"> </span>L1= Livello 1<span class=\"_ _3a1\"> </span>L2= Livello 2<span class=\"_ _3a1\"> </span>L3= Livello 3<span class=\"_ _3a1\"> </span>3.2 Attivit\u00e0 finan<span class=\"_ _1\"></span>ziarie valutate al fa<span class=\"_ _1\"></span>ir value con impatto <span class=\"_ _1\"></span>sulla redditivit\u00e0 comples<span class=\"_ _1\"></span>siva: composizione per<span class=\"_ _3a1\"> </span>debitori/emitt<span class=\"_ _1\"></span>enti<table class=\"s w6f9 h1fb\" id=\"_29834b32-eb58-4879-b25e-3921c1739710\"><tr><td></td><td class=\"t m2 x72e h12 y55c5 ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Valori </td><td></td><td class=\"c n x72f y55c6 w696 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x730 y55c6 w6af h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">T<span class=\"_ _1\"></span>otale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c n x731 y55c7 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x732 y55c7 w68d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y55c8 w699 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x791 y55c8 w6fa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">9.<span class=\"_ _2\"></span>449.068<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fd h12 y55c9 ff4 fs7 fc1 sc2 ls0 ws0\">8.920.512<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55ca w6ee h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche centrali<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x77c y55ca w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55cb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55cc w6b2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazioni pubb<span class=\"_ _3b\"></span>li<span class=\"_ _1\"></span>che<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x792 y55cc w6fb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.810.557<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fd h12 y55cd ff4 fs7 fc1 sc0 ls0 ws0\">6.372.557<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55ce w6b4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x793 y55ce w6fc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.<span class=\"_ _2\"></span>774.893<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fd h12 y55cf ff4 fs7 fc1 sc0 ls0 ws0\">1.483.700<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55d0 w6b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x794 y55d0 w6fd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">374.095<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x795 h12 y55d1 ff4 fs7 fc1 sc0 ls0 ws0\">444.268<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y55d2 w6b8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese di assicu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x796 y55d2 w6fe h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.221<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x780 h12 y55d3 ff4 fs7 fc1 sc0 ls0 ws0\">5.188<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55d4 w6b9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x797 y55d4 w6ff h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">489.523<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x666 h12 y55d5 ff4 fs7 fc1 sc0 ls0 ws0\">619.987<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y55d6 w69d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2. Titoli di capitale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x798 y55d6 w700 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">42.773<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67a h12 y55d7 ff4 fs7 fc1 sc2 ls0 ws0\">41.608<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55d8 w6bb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x799 y55d8 w701 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">22.634<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x676 h12 y55d9 ff4 fs7 fc1 sc0 ls0 ws0\">22.638<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55da w702 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Altri emittenti:<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x79a y55da w703 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">20.139<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67a h12 y55db ff4 fs7 fc1 sc0 ls0 ws0\">18.970<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y55dc w704 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- altre societ\u00e0 finanz<span class=\"_ _2\"></span>iarie<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x79b y55dc w705 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18.197<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67a h12 y55dd ff4 fs7 fc1 sc0 ls0 ws0\">16.583<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x79c y55de w6b8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese di assicu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x79d y55de w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55df ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y55e0 w706 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- societ\u00e0 non finanz<span class=\"_ _2\"></span>iarie<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x79e y55e0 w707 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.682<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x738 h12 y55e1 ff4 fs7 fc1 sc0 ls0 ws0\">2.179<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y55e2 w708 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- altri<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x79f y55e2 w709 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">260<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x788 h12 y55e3 ff4 fs7 fc1 sc0 ls0 ws0\">208<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y55e4 w70a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">3. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x7a0 y55e4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55e5 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55e6 w6ee h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche centrali<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x77c y55e6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55e7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55e8 w6b2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazioni pubb<span class=\"_ _3b\"></span>li<span class=\"_ _1\"></span>che<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x742 y55e8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55e9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55ea w6b4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x743 y55ea w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55eb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55ec w6b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x735 y55ec w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55ed ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y55ee w6b8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese di assicu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x73b y55ee w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55ef ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55f0 w6b9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x744 y55f0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55f1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55f2 w6c1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">f) Famiglie<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x745 y55f2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55f3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td class=\"t m2 x6e7 h12 y55f4 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y55f4 ff4 fs7 fc1 sc2 ls0 ws0\">9.491.841<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fd h12 y55f4 ff4 fs7 fc1 sc2 ls0 ws0\">8.962.120<span class=\"_ _3a1\"> </span></td></tr></table>In <span class=\"_ _0\"></span>confor<span class=\"_ _1\"></span>mit\u00e0 <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>quanto <span class=\"_ _35\"> </span>disposto <span class=\"_ _0\"></span>dal <span class=\"_ _35\"> </span>princi<span class=\"_ _2\"></span>pio <span class=\"_ _0\"> </span>cont<span class=\"_ _1\"></span>abile <span class=\"_ _35\"> </span>IFRS<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>7 <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>tenuto <span class=\"_ _0\"></span>conto <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>indicazioni<span class=\"_ _3a1\"> </span>contenute <span class=\"_ _37\"> </span>nella <span class=\"_ _37\"> </span>Comunicazione <span class=\"_ _37\"> </span>Consob <span class=\"_ _37\"> </span>n. <span class=\"_ _3d\"> </span>D<span class=\"_ _1\"></span>EM/11070007 <span class=\"_ _3d\"> </span>del <span class=\"_ _37\"> </span>5 <span class=\"_ _37\"> </span>agosto <span class=\"_ _37\"> </span>2011 <span class=\"_ _37\"> </span>(che <span class=\"_ _37\"> </span>riprende <span class=\"_ _3d\"> </span>il<span class=\"_ _3a1\"> </span><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa48\">documento <span class=\"_ _3b\"></span>ESMA <span class=\"_ _3b\"></span>N<span class=\"_ _1\"></span>. <span class=\"_ _3b\"></span>2011/266 <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>28 <span class=\"_ _3b\"></span>luglio <span class=\"_ _3b\"></span>2011) <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>mate<span class=\"_ _1\"></span>ria di <span class=\"_ _3b\"></span>informazioni <span class=\"_ _3b\"></span>da rendere <span class=\"_ _3b\"></span>nelle <span class=\"_ _3b\"></span>relazioni<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa49\">finanz</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa4a\">iarie in mer<span class=\"_ _1\"></span>ito al \u201cdebito Sovrano\u201d, si precisa:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa4b\">Nel portafoglio <span class=\"_ _3b\"></span>\u201c<span class=\"_ _1\"></span>Attivit\u00e0 f<span class=\"_ _2\"></span>inanziarie valu<span class=\"_ _2\"></span>tate al fair<span class=\"_ _2\"></span> val<span class=\"_ _2\"></span>ue con <span class=\"_ _3b\"></span>impatt<span class=\"_ _1\"></span>o sulla <span class=\"_ _3b\"></span>redditivit\u00e0 complessiva\u201d,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa4c\">relativo <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>Gruppo <span class=\"_ _0\"></span>bancario, <span class=\"_ _0\"></span>sono <span class=\"_ _35\"> </span>presenti <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>governativi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>steri <span class=\"_ _0\"></span>(Spagna) <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>309,4 <span class=\"_ _0\"></span>milioni <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa4d\">euro, (Belgio) per 419,6 mi<span class=\"_ _2\"></span>lioni di <span class=\"_ _2\"></span>euro, (Francia) per 452 mili<span class=\"_ _2\"></span>oni di euro <span class=\"_ _2\"></span>e (U.S. T<span class=\"_ _2\"></span>reasury<span class=\"_ _1\"></span>) per 1.<span class=\"_ _3b\"></span>0<span class=\"_ _1\"></span>14,2<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa4e\">milioni <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>euro. <span class=\"_ _36\"> </span>Sono <span class=\"_ _36\"> </span>pres<span class=\"_ _1\"></span>enti <span class=\"_ _36\"> </span>inoltre <span class=\"_ _36\"> </span>obbligazioni, <span class=\"_ _37\"> </span>per <span class=\"_ _36\"> </span>circa <span class=\"_ _36\"> </span>1.17<span class=\"_ _1\"></span>2,8 <span class=\"_ _36\"> </span>milioni <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>euro, <span class=\"_ _36\"> </span>emessi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa4f\">dall\u2019Unione <span class=\"_ _35\"> </span>Europea<span class=\"fca\">. <span class=\"_ _35\"> </span></span>Relativamente <span class=\"_ _35\"> </span>ai <span class=\"_ _0\"></span>titoli <span class=\"_ _35\"> </span>governativi <span class=\"_ _35\"> </span>emessi <span class=\"_ _35\"> </span>dall<span class=\"_ _2\"></span>o <span class=\"_ _35\"> </span>Stato <span class=\"_ _35\"> </span>Italiano <span class=\"_ _35\"> </span>si <span class=\"_ _0\"></span>evidenzia<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa50\">un\u2019esposizione <span class=\"_ _38\"></span>compless<span class=\"_ _1\"></span>iva <span class=\"_ _38\"></span>pari <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>circa <span class=\"_ _38\"></span>58,5 <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>ilioni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>eur<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>(BTP <span class=\"_ _0\"></span>30,4 <span class=\"_ _38\"></span>milioni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>uro <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>CCT <span class=\"_ _1\"></span>28<span class=\"_ _1\"></span>,1<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa51\">milioni di euro).<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa52\">Nel portafoglio \u201cAttivit\u00e0 finanziarie valutate al fair value con impatto sulla redditiv<span class=\"_ _2\"></span>it\u00e0 complessiva\u201d<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa53\">delle <span class=\"_ _35\"> </span>\u201cImprese <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>assicurazione\u201d <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _0\"></span>prese<span class=\"_ _1\"></span>nti <span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>posizioni <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>titoli <span class=\"_ _0\"></span>governat<span class=\"_ _1\"></span>ivi <span class=\"_ _0\"></span>ver<span class=\"_ _1\"></span>so <span class=\"_ _0\"> </span>l\u2019Italia <span class=\"_ _35\"> </span>per<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa54\">2.138,89 <span class=\"_ _0\"></span>milioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>euro, <span class=\"_ _0\"></span>verso <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>Spag<span class=\"_ _2\"></span>na <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>567,98, <span class=\"_ _0\"></span>verso <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>Francia <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>328,61 <span class=\"_ _38\"></span>milioni <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>uro,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa55\">verso  i<span class=\"_ _2\"></span>l <span class=\"_ _35\"> </span>Portogallo <span class=\"_ _35\"> </span>per  1<span class=\"_ _3b\"></span>8<span class=\"_ _1\"></span>7,81 <span class=\"_ _35\"> </span>milioni <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>euro, <span class=\"_ _35\"> </span>verso<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>Belgio <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>79,55 <span class=\"_ _35\"> </span>milioni <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>euro, <span class=\"_ _35\"> </span>vers<span class=\"_ _1\"></span>o <span class=\"_ _35\"> </span>la<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa56\">Germania <span class=\"_ _1\"></span>per 43,87 <span class=\"_ _1\"></span>milioni di <span class=\"_ _1\"></span>euro, <span class=\"_ _1\"></span>verso gli <span class=\"_ _1\"></span>Stati <span class=\"_ _1\"></span>Uniti per <span class=\"_ _1\"></span>19,5 milioni di e<span class=\"_ _1\"></span>uro <span class=\"_ _1\"></span>e ve<span class=\"_ _1\"></span>rso l\u2019Irlanda per<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa57\">18,02 milioni di euro.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa58\">Sono <span class=\"_ _0\"></span>presenti <span class=\"_ _0\"></span>coperture <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _0\"></span>hedge <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>Stato, <span class=\"_ _0\"></span>italiani<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>fisso <span class=\"_ _0\"></span>(<span class=\"_ _2\"></span>BTP), <span class=\"_ _0\"></span>ed<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa59\">esteri, che<span class=\"_ _2\"></span> su <span class=\"_ _3b\"></span>titoli obb<span class=\"_ _2\"></span>ligazionari (senior <span class=\"_ _3b\"></span>unse<span class=\"_ _1\"></span>cure <span class=\"_ _3b\"></span>e covered <span class=\"_ _2\"></span>bond) <span class=\"_ _3b\"></span>a tasso <span class=\"_ _2\"></span>fisso <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>messi d<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>primari<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa5a\">istituti di c<span class=\"_ _2\"></span>redito europei. La <span class=\"_ _2\"></span>copertura \u00e8 d<span class=\"_ _2\"></span>i tipo <span class=\"_ _2\"></span>fair valu<span class=\"_ _2\"></span>e hedge attuata <span class=\"_ _2\"></span>attraverso la <span class=\"_ _2\"></span>designazione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa5b\">di <span class=\"_ _0\"></span>app<span class=\"_ _2\"></span>ositi <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"></span>(I<span class=\"_ _2\"></span>nterest <span class=\"_ _0\"></span>Rate <span class=\"_ _0\"></span>Swap<span class=\"_ _2\"></span>) <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>cope<span class=\"_ _1\"></span>rtura <span class=\"_ _0\"></span>specifica <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>c.d. <span class=\"_ _0\"></span>\u201crischio<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa5c\">tasso\u201d <span class=\"_ _38\"></span>su <span class=\"_ _38\"></span>detti <span class=\"_ _38\"></span>titoli; <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>elazione <span class=\"_ _38\"></span>venuta <span class=\"_ _38\"></span>cos\u00ec <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>crearsi <span class=\"_ _38\"></span>fra <span class=\"_ _38\"></span>Hedged <span class=\"_ _1\"></span>Ite<span class=\"_ _1\"></span>m <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>Hedging <span class=\"_ _1\"></span>Instrument <span class=\"_ _38\"></span>ha<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa5d\">comportato la <span class=\"_ _2\"></span>redazione di<span class=\"_ _2\"></span> una <span class=\"_ _3b\"></span>specifica documentazione che <span class=\"_ _2\"></span>formalizza <span class=\"_ _2\"></span>la relazione d<span class=\"_ _2\"></span>i copertur<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa5e\">ed <span class=\"_ _3d\"> </span>ha <span class=\"_ _3d\"> </span>altres\u00ec <span class=\"_ _3d\"> </span>usufruito <span class=\"_ _3d\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _3d\"> </span>particolari  r<span class=\"_ _1\"></span>egole <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>contabilizzazione <span class=\"_ _3d\"> </span>dell\u2019Hedge <span class=\"_ _3d\"> </span>Accounting. <span class=\"_ _37\"> </span>Si<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa5f\">segnala <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>sono <span class=\"_ _35\"> </span>stati <span class=\"_ _35\"> </span>effettuati <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>te<span class=\"_ _1\"></span>st <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>efficacia <span class=\"_ _0\"></span>(sia <span class=\"_ _35\"> </span>prospett<span class=\"_ _1\"></span>ici <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>retrospettivi) <span class=\"_ _0\"></span>con <span class=\"_ _35\"> </span>esito </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa60\">positivo. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsa61\">3.3 Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie valutate <span class=\"_ _1\"></span>al fair value con impatto<span class=\"_ _1\"></span> sulla redditivit\u00e0 com<span class=\"_ _1\"></span>plessiva: valore lordo e rett<span class=\"_ _1\"></span>ifiche di valore </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsa62\">complessive </div><div class=\"gsa63\"><table class=\"s w70b h1fc\" id=\"_49b6c6e3-2c76-4e0d-ac52-9a7ab2631d9b\"><tr><td></td><td></td><td></td><td></td><td class=\"c n x7a2 y55f5 w70c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Valore lordo<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n x7a3 y55f5 w70d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche di valore complessive<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x6be h12 y55f6 ff4 fs7 fc4 sc3 ls0 ws0\">Primo </td><td></td><td class=\"t m2 x661 h12 y55f6 ff4 fs7 fc4 sc3 ls0 ws0\">Secondo </td><td class=\"t m2 x7a4 h12 y55f6 ff4 fs7 fc4 sc3 ls0 ws0\">Terzo </td><td class=\"t m2 x6c3 h12 y55f6 ff4 fs7 fc4 sc3 ls0 ws0\">Impaired </td><td class=\"t m2 x6c9 h12 y55f6 ff4 fs7 fc4 sc3 ls0 ws0\">Primo </td><td class=\"t m2 x7a5 h12 y55f6 ff4 fs7 fc4 sc3 ls0 ws0\">Secondo </td><td class=\"t m2 x6e0 h12 y55f6 ff4 fs7 fc4 sc3 ls0 ws0\">Terzo </td><td class=\"t m2 x670 h12 y55f6 ff4 fs7 fc4 sc3 ls0 ws0\">Impaired </td><td class=\"t m2 x7a6 h12 y55f6 ff4 fs7 fc4 sc3 ls0 ws0\">Write-off </td></tr><tr><td></td><td></td><td class=\"t m2 x6be h12 y55f7 ff4 fs7 fc4 sc3 ls0 ws0\">stadio </td><td class=\"t m2 x7a7 h12 y55f8 ff4 fs7 fc4 sc3 ls0 ws0\">di cui: Strumenti </td><td class=\"t m2 x7a8 h12 y55f7 ff4 fs7 fc4 sc3 ls0 ws0\">stadio </td><td class=\"t m2 x6df h12 y55f7 ff4 fs7 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c3 h12 y55f7 ff4 fs7 fc4 sc3 ls0 ws0\">acquisite </td><td class=\"t m2 x759 h12 y55f7 ff4 fs7 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a9 h12 y55f7 ff4 fs7 fc4 sc3 ls0 ws0\">stadio </td><td class=\"t m2 x74f h12 y55f7 ff4 fs7 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x670 h12 y55f7 ff4 fs7 fc4 sc3 ls0 ws0\">acquisite </td><td class=\"t m2 x7aa h12 y55f7 ff4 fs7 fc4 sc3 ls0 ws0\">parziali </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x691 h12 y55f9 ff4 fs7 fc4 sc3 ls0 ws0\">o </td><td></td><td></td><td></td><td class=\"t m2 x7ab h12 y55f9 ff4 fs7 fc4 sc3 ls0 ws0\">o </td><td class=\"t m2 x7ac h12 y55f9 ff4 fs7 fc4 sc3 ls0 ws0\">complessivi<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x6ce h12 y55fa ff4 fs7 fc4 sc3 ls0 ws0\">con basso </td><td></td><td></td><td class=\"t m2 x6c3 h12 y55fb ff4 fs7 fc4 sc3 ls0 ws0\">originate<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x670 h12 y55fb ff4 fs7 fc4 sc3 ls0 ws0\">originate<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x7a7 h12 y55fc ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">rischio di credito<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y55fd ff4 fs7 fc1 sc0 ls0 ws0\">Titoli di debito<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7ad h12 y55fd ff4 fs7 fc1 sc0 ls0 ws0\">9.455.105<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ae h12 y55fd ff4 fs7 fc1 sc0 ls0 ws0\">10.214<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y55fd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75d h12 y55fd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7af h12 y55fd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y55fd ff4 fs7 fc1 sc0 ls0 ws0\">6.037<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y55fd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b0 h12 y55fd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y55fd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b2 h12 y55fd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y55fe ff4 fs7 fc1 sc0 ls0 ws0\">Finanziamenti<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7b3 h12 y55fe ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b4 h12 y55fe ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y55fe ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75d h12 y55fe ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7af h12 y55fe ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b5 h12 y55fe ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y55fe ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b0 h12 y55fe ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y55fe ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b2 h12 y55fe ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x7b6 h12 y55ff ff4 fs7 fc1 sc2 ls0 ws0\">Totale </td><td class=\"c n x7b7 y5600 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7b8 y5600 w70e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">9.455.105<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7ae h12 y55ff ff4 fs7 fc1 sc2 ls0 ws0\">10.214<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y55ff ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75d h12 y55ff ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7af h12 y55ff ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y55ff ff4 fs7 fc1 sc2 ls0 ws0\">6.037<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b9 h12 y55ff ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b0 h12 y55ff ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y55ff ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b2 h12 y55ff ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x7b6 h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">Totale </td><td class=\"c n x7b7 y539f w70f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ba y539f w710 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">8.926.494<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7bb h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">18.380<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75d h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7af h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x669 h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">5.981<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b9 h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b0 h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b2 h12 y54b2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table></div>Sezione 4<span class=\"_ _1\"></span> \u2013 Atti<span class=\"_ _1\"></span>vit<span class=\"_ _3a1\"> </span>\u00e0 finan<span class=\"_ _1\"></span>ziarie <span class=\"_ _1\"></span>valutate al <span class=\"_ _1\"></span>costo am<span class=\"_ _1\"></span>mortizza<span class=\"_ _1\"></span>to \u2013 Vo<span class=\"_ _1\"></span>ce 40 4.1 Attivit\u00e0 finan<span class=\"_ _1\"></span>ziarie valutate al cost<span class=\"_ _1\"></span>o ammortizzato: composizione<span class=\"_ _1\"></span> merceologica dei cre<span class=\"_ _1\"></span>diti verso banche<span class=\"_ _3a1\"> </span><table class=\"s w711 h1fd\" id=\"_ac0b016b-5f3f-4cb0-b246-c4ba7f0ef246\"><tr><td></td><td></td><td></td><td class=\"t m2 x7bc h19 y5601 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x7bd h19 y5601 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x7be h19 y5602 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x7bf h19 y5602 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x7c0 h19 y5603 ff4 fsb fc4 sc3 ls0 ws0\">Tipologi<span class=\"_ _1\"></span>a </td><td></td><td></td><td class=\"t m2 x7c1 h19 y5604 ff4 fsb fc4 sc3 ls0 ws0\">Valore<span class=\"_ _1\"></span> di bilancio<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7c2 h19 y5604 ff4 fsb fc4 sc3 ls0 ws0\">Fair val<span class=\"_ _1\"></span>ue<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x7c3 h19 y5604 ff4 fsb fc4 sc3 ls0 ws0\">Valore<span class=\"_ _1\"></span> di bilancio<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x592 h19 y5604 ff4 fsb fc4 sc3 ls0 ws0\">Fair val<span class=\"_ _1\"></span>ue<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 x7c4 h19 y5605 ff4 fsb fc4 sc3 ls0 ws0\">operazioni<span class=\"_ _1\"></span>/Valori<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c5 h19 y5606 ff4 fsb fc4 sc3 ls0 ws0\">Primo e </td><td></td><td class=\"t m2 x7c6 h19 y5607 ff4 fsb fc4 sc3 ls0 ws0\">Impair<span class=\"_ _1\"></span>ed </td><td></td><td></td><td></td><td class=\"t m2 x7c7 h19 y5606 ff4 fsb fc4 sc3 ls0 ws0\">Primo e </td><td></td><td class=\"t m2 x7c8 h19 y5607 ff4 fsb fc4 sc3 ls0 ws0\">Impair<span class=\"_ _1\"></span>ed </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x7c9 h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">secon<span class=\"_ _1\"></span>do </td><td class=\"t m2 x7ca h19 y5609 ff4 fsb fc4 sc3 ls0 ws0\">Terzo </td><td class=\"t m2 x7cb h19 y5609 ff4 fsb fc4 sc3 ls0 ws0\">acquisi<span class=\"_ _1\"></span>te </td><td class=\"t m2 x7cc h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cd h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ce h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cf h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">secon<span class=\"_ _1\"></span>do </td><td class=\"t m2 x7d0 h19 y5609 ff4 fsb fc4 sc3 ls0 ws0\">Terzo </td><td class=\"t m2 x7d1 h19 y5609 ff4 fsb fc4 sc3 ls0 ws0\">acquisi<span class=\"_ _1\"></span>te </td><td class=\"t m2 x7d2 h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d4 h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x7d5 h19 y560a ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d6 h19 y560b ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d7 h19 y560b ff4 fsb fc4 sc3 ls0 ws0\">o </td><td></td><td></td><td></td><td class=\"t m2 x7d8 h19 y560a ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d9 h19 y560b ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7da h19 y560b ff4 fsb fc4 sc3 ls0 ws0\">o </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x7c6 h19 y560c ff4 fsb fc4 sc3 ls0 ws0\">origin<span class=\"_ _1\"></span>ate<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x7c8 h19 y560c ff4 fsb fc4 sc3 ls0 ws0\">origin<span class=\"_ _1\"></span>ate<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y560d ff4 fs16 fc1 sc2 ls0 ws0\">A. Crediti verso<span class=\"_ _1\"></span> </td><td class=\"t m2 x7d5 h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">387.897<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7db h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dc h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dd h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7de h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7df h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">387.897<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e0 h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">375.118<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e1 h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e2 h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e3 h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e4 h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e5 h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">375.118<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y560f ff4 fs16 fc1 sc2 ls0 ws0\">Banche Cent<span class=\"_ _1\"></span>rali<span class=\"_ _3a1\"> </span></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 class=\"c x7e6 y5612 w712 h1fe\"><div class=\"t m2 x2b3 h5a y5610 ff4 fs16 fc1 sc0 ls0 ws0\">1. Depositi a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">scadenza<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e7 y5613 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e8 y5613 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e9 y5613 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ea y5613 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7eb y5613 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ec y5613 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ed y5613 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ee y5613 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ef y5613 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f0 y5613 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f1 y5613 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f2 y5613 w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x7e6 y5614 w718 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">2. Riser<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x7f3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">va<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f4 y5615 w719 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">387.897<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f5 y5615 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f6 y5615 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f7 y5615 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f8 y5615 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f9 y5615 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7fa y5615 w71b h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">375.118<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7fb y5615 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7fc y5615 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7fd y5615 w71c h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7fe y5615 w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ff y5615 w71c h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h5a y5616 ff4 fs16 fc1 sc0 ls0 ws0\">obbligatoria<span class=\"_ _3a1\"> </span></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 class=\"c x7e6 y5617 w71d h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">3. Pront<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x801 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">i contro<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e7 y5618 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e8 y5618 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e9 y5618 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ea y5618 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7eb y5618 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ec y5618 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ed y5618 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ee y5618 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ef y5618 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f0 y5618 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f1 y5618 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f2 y5618 w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h5a y5619 ff4 fs16 fc1 sc0 ls0 ws0\">termine </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 class=\"c n x7e6 y561a w71e h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">4. Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x802 y561a w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x803 y561a w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x804 y561a w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x805 y561a w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x806 y561a w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x807 y561a w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x808 y561a w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x809 y561a w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x80a y561a w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x80b y561a w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x80c y561a w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x80d y561a w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h5a y561b ff4 fs16 fc1 sc2 ls0 ws0\">B. Crediti ve<span class=\"_ _1\"></span>rso </td><td class=\"t m2 x7c5 h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">1.191.880<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7db h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dc h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x80e h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">637.763<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7de h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x80f h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">552.772<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cf h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">1.226.058<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e1 h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e2 h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x810 h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">599.313<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x811 h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">6.791<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x812 h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">615.874<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y561d ff4 fs16 fc1 sc2 ls0 ws0\">banche<span class=\"_ _3a1\"> </span></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 class=\"c n x7e6 y561e w71f h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x813 y561e w720 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">552.772<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x814 y561e w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x815 y561e w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x816 y561e w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x817 y561e w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x818 y561e w533 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">552<span class=\"_ _1\"></span>.772<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x819 y561e w721 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">615.390<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x81a y561e w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x81b y561e w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x81c y561e w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x81d y561e w722 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x81e y561e w723 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>15.874<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h5a y561f ff4 fs16 fc1 sc0 ls0 ws0\">1.1 Conti </td><td class=\"c n x7e7 y5620 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e8 y5620 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e9 y5620 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ea y5620 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7eb y5620 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ec y5620 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ed y5620 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ee y5620 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ef y5620 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f0 y5620 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f1 y5620 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f2 y5620 w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h5a y5621 ff4 fs16 fc1 sc0 ls0 ws0\">correnti </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 class=\"c x821 y5623 w724 h1ff\"><div class=\"t m2 x820 h5a y5622 ff4 fs16 fc1 sc0 ls0 ws0\">1.2. Depositi a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">scadenza<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e7 y5456 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e8 y5456 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e9 y5456 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ea y5456 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7eb y5456 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ec y5456 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ed y5456 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ee y5456 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ef y5456 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f0 y5456 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f1 y5456 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f2 y5456 w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x823 y5624 w725 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1.3. Al<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x822 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">tri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x824 y5625 w726 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">552.773<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x825 y5625 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x826 y5625 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x827 y5625 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x828 y5625 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x829 y5625 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x82a y5625 w727 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>15.390<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x82b y5625 w722 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x82c y5625 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x82d y5625 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x82e y5625 w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x82f y5625 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h5a y5626 ff4 fs16 fc1 sc0 ls0 ws0\">finanziamenti:  </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 class=\"c x823 y5627 w728 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x830 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">Pront<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x831 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">i contro<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e7 y5396 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e8 y5396 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e9 y5396 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ea y5396 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7eb y5396 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ec y5396 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ed y5396 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ee y5396 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ef y5396 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f0 y5396 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f1 y5396 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f2 y5396 w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h5a y5628 ff4 fs16 fc1 sc0 ls0 ws0\">termine attivi </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 class=\"c x821 y562b w729 h200\"><div class=\"t m2 x832 h5a y5629 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x833 y562b w72a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">129<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x834 y562b w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x835 y562b w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x836 y562b w715 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x837 y562b w714 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x838 y562b w714 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x839 y562b w72b h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">168<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x83a y562b w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x83b y562b w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x83c y562b w717 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x83d y562b w71c h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x83e y562b w717 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h5a y562c ff4 fs16 fc1 sc0 ls0 ws0\">per leasing </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 class=\"c n x83f y562d w72c h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">- Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x840 y562d w72d h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">552.644<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x841 y562d w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x842 y562d w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x843 y562d w714 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x844 y562d w715 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x845 y562d w714 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x846 y562d w72e h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">615.222<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x847 y562d w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x848 y562d w722 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x849 y562d w715 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x84a y562d w715 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x84b y562d w715 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x84c y562e w72f h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x84d y562e w730 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>39.108<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x84e y562e w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x84f y562e w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x850 y562e w731 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">637.763<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x851 y562e w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x852 y562e w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x853 y562e w732 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">61<span class=\"_ _1\"></span>0.668<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x854 y562e w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x855 y562e w716 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x856 y562e w733 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">599.313<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x857 y562e w734 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">6.791<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x858 y562e w716 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x823 y562f w735 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2.1 Tit<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x822 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">oli<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x859 y5630 w736 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">107.625<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x85a y5630 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x85b y5630 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x85c y5630 w4d5 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">108.148<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x85d y5630 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x85e y5630 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x85f y5630 w737 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">134.812<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x860 y5630 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x861 y5630 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x862 y5630 w738 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">12<span class=\"_ _1\"></span>8.699<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x863 y5630 w739 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">6.791<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x864 y5630 w716 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h5a y5631 ff4 fs16 fc1 sc0 ls0 ws0\">strutturati  </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 class=\"c x865 y5632 w17a h9e\"><div class=\"t m2 x0 h5a y2568 ff4 fs16 fc1 sc0 ls0 ws0\">2.2 Altri titoli di </div></td><td class=\"c n x824 y5633 w73a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">531.483<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x866 y5633 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x867 y5633 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x868 y5633 w73b h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">529.615<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x869 y5633 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x86a y5633 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x86b y5633 w73c h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">475.856<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x86c y5633 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x86d y5633 w722 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x86e y5633 w73d h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">470.614<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x86f y5633 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x870 y5633 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h5a y5634 ff4 fs16 fc1 sc0 ls0 ws0\">debito  </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 class=\"t m2 x871 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x872 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">1.579.777<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7db h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dc h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x80e h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">637.763<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7de h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7df h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">940.669<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x873 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">1.601.176<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e1 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e2 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x810 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">599.313<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x811 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">6.791<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x874 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">990.992<span class=\"_ _3a1\"> </span></td></tr></table>Legenda: L1= Livello 1 L2= Livello 2 L3= Livello 3 Sono inclusi i crediti di funzionamento connessi con la prestazione <span class=\"_ _1\"></span>di servizi finanziari. I c<span class=\"_ _2\"></span>rediti, ad <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ccezione d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>titoli di <span class=\"_ _3b\"></span>debito, sono <span class=\"_ _3b\"></span>iscr<span class=\"_ _1\"></span>itti <span class=\"_ _2\"></span>al lo<span class=\"_ _2\"></span>ro valo<span class=\"_ _2\"></span>re <span class=\"_ _2\"></span>nominale, corrispondente al<span class=\"_ _3b\"></span> loro fair value e il livello di fair value attribuito risulta essere <span class=\"_ _1\"></span>pari a 3. Le meto<span class=\"_ _1\"></span>dologie utilizzate per <span class=\"_ _1\"></span>la determinazione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>fair value sono <span class=\"_ _1\"></span>riportate <span class=\"_ _1\"></span>nella Parte <span class=\"_ _1\"></span>A1 \u2013 Parte generale \u2013 Sezione 16 \u201cAltre informazioni\u201d. <div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsa72\">4.2 Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie valutate <span class=\"_ _1\"></span>al costo ammortizzato<span class=\"_ _1\"></span>: composizione mer<span class=\"_ _1\"></span>ceologica dei crediti verso <span class=\"_ _1\"></span>clientela<span class=\"_ _3a1\"> </span></div><div class=\"gsa73\"><table class=\"s w73e h202\" id=\"_0dfa348d-44ed-4c58-856a-0dd5be2cc972\"><tr><td></td><td></td><td></td><td class=\"t m2 x7d7 h9f y5636 ff4 fs23 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x591 h9f y5636 ff4 fs23 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x875 h9f y5637 ff4 fs23 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x876 h9f y5637 ff4 fs23 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h9f y5638 ff4 fs23 fc4 sc3 ls0 ws0\">Tipologia </td><td class=\"t m2 x877 h9f y5639 ff4 fs23 fc4 sc3 ls0 ws0\">Valore di bilancio<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x7dd h9f y5639 ff4 fs23 fc4 sc3 ls0 ws0\">Fair value<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7c3 h9f y5639 ff4 fs23 fc4 sc3 ls0 ws0\">Valore di bilancio<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x878 h9f y5639 ff4 fs23 fc4 sc3 ls0 ws0\">Fair value<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 x7c4 h9f y563a ff4 fs23 fc4 sc3 ls0 ws0\">operazioni/Valori<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x879 h9f y563b ff4 fs23 fc4 sc3 ls0 ws0\">Primo e </td><td></td><td class=\"t m2 x87a h9f y563c ff4 fs23 fc4 sc3 ls0 ws0\">Impaired </td><td></td><td></td><td></td><td class=\"t m2 x7d8 h9f y563b ff4 fs23 fc4 sc3 ls0 ws0\">Primo e </td><td></td><td class=\"t m2 x87b h9f y563c ff4 fs23 fc4 sc3 ls0 ws0\">Impaired </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x87c h9f y563d ff4 fs23 fc4 sc3 ls0 ws0\">secondo </td><td class=\"t m2 x87d h9f y563e ff4 fs23 fc4 sc3 ls0 ws0\">Terzo </td><td class=\"t m2 x87e h9f y563e ff4 fs23 fc4 sc3 ls0 ws0\">acquisite </td><td class=\"t m2 x87f h9f y563d ff4 fs23 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x880 h9f y563d ff4 fs23 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x881 h9f y563d ff4 fs23 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x873 h9f y563d ff4 fs23 fc4 sc3 ls0 ws0\">secondo </td><td class=\"t m2 x7d0 h9f y563e ff4 fs23 fc4 sc3 ls0 ws0\">Terzo </td><td class=\"t m2 x882 h9f y563e ff4 fs23 fc4 sc3 ls0 ws0\">acquisite </td><td class=\"t m2 x883 h9f y563d ff4 fs23 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x811 h9f y563d ff4 fs23 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d4 h9f y563d ff4 fs23 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x884 h9f y563f ff4 fs23 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x87d h9f y5640 ff4 fs23 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cb h9f y5640 ff4 fs23 fc4 sc3 ls0 ws0\">o </td><td></td><td></td><td></td><td class=\"t m2 x885 h9f y563f ff4 fs23 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d0 h9f y5640 ff4 fs23 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x886 h9f y5640 ff4 fs23 fc4 sc3 ls0 ws0\">o </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x87a h9f y5641 ff4 fs23 fc4 sc3 ls0 ws0\">originate<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x87b h9f y5641 ff4 fs23 fc4 sc3 ls0 ws0\">originate<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">1. Finanziamenti<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x887 h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">36.089.466<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x888 h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">258.717<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x889 h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">15.455<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88a h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88b h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88c h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">37.022.483<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88d h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">35.434.672<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d9 h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">271.677<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88e h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">17.405<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88f h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x890 h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x891 h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">36.552.871<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x800 h9f y5643 ff4 fs23 fc1 sc0 ls0 ws0\">1.1. Conti </td><td class=\"c n x892 y5645 w73f h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">1.774.966<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x893 y5645 w740 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">17.10<span class=\"_ _1\"></span>9<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x894 y5645 w741 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">616<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x895 y5645 w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x896 y5645 w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x897 y5645 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x898 y5645 w744 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">1.838<span class=\"_ _1\"></span>.482<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x899 y5645 w745 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">21.996<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x89a y5645 w746 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>86<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x89b y5645 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x89c y5645 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x89d y5645 w747 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h9f y5646 ff4 fs23 fc1 sc0 ls0 ws0\">correnti </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 class=\"t m2 x800 h9f y5647 ff4 fs23 fc1 sc0 ls0 ws0\">1.2. Pronti </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 class=\"t m2 x800 h9f y5648 ff4 fs23 fc1 sc0 ls0 ws0\">contro termine </td><td class=\"c n x89e y5649 w748 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">499<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x89f y5649 w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a0 y5649 w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a1 y5649 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a2 y5649 w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a3 y5649 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a4 y5649 w74a h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">8.797<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a5 y5649 w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a6 y5649 w74b h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a7 y5649 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a8 y5649 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a9 y5649 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h9f y564a ff4 fs23 fc1 sc0 ls0 ws0\">attivi </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 class=\"c n x7e6 y564b w74c h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">1.3. Mutui<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8aa y564b w74d h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">20.49<span class=\"_ _1\"></span>3.124<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ab y564b w74e h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">176.742<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ac y564b w74f h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>.093<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ad y564b w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ae y564b w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8af y564b w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b0 y564b w750 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">20.288.147<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b1 y564b w751 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">182.615<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b2 y564b w752 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">7.598<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b3 y564b w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b4 y564b w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b5 y564b w753 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h9f y564c ff4 fs23 fc1 sc0 ls0 ws0\">1.4. Carte di </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 class=\"t m2 x800 h9f y564d ff4 fs23 fc1 sc0 ls0 ws0\">credito, prestiti </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 class=\"t m2 x800 h9f y564e ff4 fs23 fc1 sc0 ls0 ws0\">personali e </td><td class=\"c n x892 y564f w67c h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">3.839.147<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b6 y564f w754 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">26.257<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b7 y564f w755 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">8.420<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b8 y564f w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b9 y564f w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ba y564f w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8bb y564f w756 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">3.373.582<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8bc y564f w757 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">24.543<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8bd y564f w758 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">8.791<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8be y564f w747 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8bf y564f w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c0 y564f w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h9f y5650 ff4 fs23 fc1 sc0 ls0 ws0\">cessioni del </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 class=\"t m2 x800 h9f y5651 ff4 fs23 fc1 sc0 ls0 ws0\">quinto </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 class=\"t m2 x800 h9f y5652 ff4 fs23 fc1 sc0 ls0 ws0\">1.5. </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 class=\"t m2 x800 h9f y5653 ff4 fs23 fc1 sc0 ls0 ws0\">Finanziamenti </td><td class=\"c n x892 y5654 w719 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">3.187.502<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c1 y5654 w759 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">30.468<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c2 y5654 w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c3 y5654 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c4 y5654 w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c5 y5654 w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c6 y5654 w75a h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">3.107.352<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c7 y5654 w75b h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">28.525<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c8 y5654 w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c9 y5654 w753 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ca y5654 w747 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8cb y5654 w747 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h9f y5655 ff4 fs23 fc1 sc0 ls0 ws0\">per leasing </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 class=\"c n x7e6 y5656 w75c h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">1.6. Factoring<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8cc y5656 w75d h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">1.430.700<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8cd y5656 w75e h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">4.941<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ce y5656 w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8cf y5656 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8d0 y5656 w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8d1 y5656 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8d2 y5656 w75f h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">1.456.078<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8d3 y5656 w760 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">9.172<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8d4 y5656 w74b h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8d5 y5656 w747 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8d6 y5656 w747 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8d7 y5656 w747 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h9f y5657 ff4 fs23 fc1 sc0 ls0 ws0\">1.7. Altri </td><td class=\"c n x8d8 y5658 w761 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">5.363.528<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8d9 y5658 w762 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>.200<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8da y5658 w763 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">326<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8db y5658 w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8dc y5658 w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8dd y5658 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8de y5658 w764 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">5.36<span class=\"_ _1\"></span>2.234<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8df y5658 w765 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">4.826<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8e0 y5658 w766 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">330<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8e1 y5658 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8e2 y5658 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8e3 y5658 w747 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h9f y5659 ff4 fs23 fc1 sc0 ls0 ws0\">finanziamenti </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 class=\"t m2 x58e h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">2. Titoli di debito<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x879 h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">7.331.288<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e4 h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e5 h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dc h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">7.022.296<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e6 h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">301.765<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e7 h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">7.140.100<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e8 h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7bd h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e9 h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">6.753.612<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x592 h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">370.398<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8ea h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x800 h9f y565b ff4 fs23 fc1 sc0 ls0 ws0\">1. Titoli </td><td class=\"c n x3ad y565c w767 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">394.647<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8eb y565c w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ec y565c w768 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ed y565c w769 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">142.828<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ee y565c w76a h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">248.950<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ef y565c w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f0 y565c w76b h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">469.796<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f1 y565c w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f2 y565c w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f3 y565c w76c h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">176<span class=\"_ _1\"></span>.652<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f4 y565c w76d h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">288.027<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f5 y565c w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h9f y565d ff4 fs23 fc1 sc0 ls0 ws0\">strutturati </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 class=\"t m2 x800 h9f y565e ff4 fs23 fc1 sc0 ls0 ws0\">2. Altri titoli di </td><td class=\"c n x892 y565f w76e h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">6.936.641<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f6 y565f w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f7 y565f w768 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f8 y565f w76f h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">6.879.468<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f9 y565f w770 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">52.815<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8fa y565f w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8fb y565f w771 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">6.670.304<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8fc y565f w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8fd y565f w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8fe y565f w772 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>.576.960<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ff y565f w773 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">82.371<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x900 y565f w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h9f y5660 ff4 fs23 fc1 sc0 ls0 ws0\">debito </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 class=\"t m2 x901 h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x887 h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">43.420.754<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x888 h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">258.717<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x889 h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">15.455<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dc h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">7.022.296<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e6 h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">301.765<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88c h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">37.022.483<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cf h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">42.574.772<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d9 h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">271.677<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88e h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">17.405<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e9 h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">6.753.612<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x592 h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">370.398<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x891 h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">36.552.871<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa74\">I crediti verso la clientela per finanziamenti sono pari a 3<span class=\"_ _1\"></span>6.363,6 milioni di<span class=\"_ _2\"></span> euro. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa75\">Si fornisce di seguito il dettaglio d<span class=\"_ _2\"></span>ei finanziamenti erogati alla clientela con indicazi<span class=\"_ _2\"></span>one del credito </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa76\">lordo, delle previsioni di perdita, del credito<span class=\"_ _1\"></span> netto e del relativo coverage per categoria. </div><div class=\"gsa77\"><table class=\"s w774 h204\" id=\"_a6a21593-d3f8-48c5-84ff-bfbbe8b84425\"><tr><td class=\"t m2 x677 h12 y5662 ff4 fs7 fc4 sc3 ls0 ws0\">CREDITI VERSO CLIENTELA PER FIN<span class=\"_ _2\"></span>ANZIAMENTI </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x70f h12 y5663 ff4 fs7 fc4 sc3 ls0 ws0\">Crediti </td><td class=\"t m2 x74f h12 y5663 ff4 fs7 fc4 sc3 ls0 ws0\">TOTALE </td></tr><tr><td class=\"c n x902 y5664 w775 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">\u20acmln<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x903 y5664 w776 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Sofferenze</div></td><td class=\"t m2 x6b7 h12 y5665 ff4 fs7 fc4 sc3 ls0 ws0\">Inadempienze </td><td class=\"t m2 x789 h12 y5665 ff4 fs7 fc4 sc3 ls0 ws0\">\"Esposizioni </td><td class=\"t m2 x904 h12 y5665 ff4 fs7 fc4 sc3 ls0 ws0\">Tot. Crediti </td><td class=\"t m2 x905 h12 y5666 ff4 fs7 fc4 sc3 ls0 ws0\">performing </td><td class=\"t m2 x74f h12 y5666 ff4 fs7 fc4 sc3 ls0 ws0\">CREDITI </td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x6a5 h12 y5667 ff4 fs7 fc4 sc3 ls0 ws0\">probabili </td><td class=\"t m2 x906 h12 y5667 ff4 fs7 fc4 sc3 ls0 ws0\">scadute\" </td><td class=\"t m2 x907 h12 y5667 ff4 fs7 fc4 sc3 ls0 ws0\">problematici<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5668 w777 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Valori lordi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x908 y5668 w778 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x909 h12 y5669 ff4 fs7 fc1 sc0 ls0 ws0\">269<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5669 ff4 fs7 fc1 sc0 ls0 ws0\">365<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90b h12 y5669 ff4 fs7 fc1 sc0 ls0 ws0\">39<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h12 y5669 ff4 fs7 fc1 sc0 ls0 ws0\">673<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y5669 ff4 fs7 fc1 sc0 ls0 ws0\">36.171<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90d h12 y5669 ff4 fs7 fc1 sc0 ls0 ws0\">36.844<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y566a ff4 fs7 fc4 sc3 ls0 ws0\">Previsioni di </td><td class=\"t m2 x90e h12 y566b ff4 fs7 fc4 sc3 ls0 ws0\">2024 </td><td class=\"t m2 x90f h12 y566c ff4 fs7 fc1 sc0 ls0 ws0\">219<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y566c ff4 fs7 fc1 sc0 ls0 ws0\">166<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6af h12 y566c ff4 fs7 fc1 sc0 ls0 ws0\">14<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h12 y566c ff4 fs7 fc1 sc0 ls0 ws0\">399<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x746 h12 y566c ff4 fs7 fc1 sc0 ls0 ws0\">82<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x910 h12 y566c ff4 fs7 fc1 sc0 ls0 ws0\">481<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y566d ff4 fs7 fc4 sc3 ls0 ws0\">perdita </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y53b5 w779 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Valori netti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x911 y53b5 w778 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a7 h12 y566e ff4 fs7 fc1 sc0 ls0 ws0\">50<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y566e ff4 fs7 fc1 sc0 ls0 ws0\">199<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6af h12 y566e ff4 fs7 fc1 sc0 ls0 ws0\">25<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h12 y566e ff4 fs7 fc1 sc0 ls0 ws0\">274<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x664 h12 y566e ff4 fs7 fc1 sc0 ls0 ws0\">36.089<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90d h12 y566e ff4 fs7 fc1 sc0 ls0 ws0\">36.363<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y566f ff4 fs7 fc4 sc3 ls0 ws0\">Coverage </td><td class=\"c n x912 y5670 w778 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x913 y5670 w77a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">81<span class=\"_ _1\"></span>,40%<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x914 h12 y5671 ff4 fs7 fc4 sc3 ls0 ws0\">45,50%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5671 ff4 fs7 fc4 sc3 ls0 ws0\">35,90%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ee h12 y5671 ff4 fs7 fc4 sc3 ls0 ws0\">59,30<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fc h12 y5671 ff4 fs7 fc4 sc3 ls0 ws0\">0,23%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x915 h12 y5671 ff4 fs7 fc4 sc3 ls0 ws0\">1,31%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5672 ff4 fs7 fc4 sc3 ls0 ws0\">puntuali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa78\">Nel <span class=\"_ _38\"></span>portafoglio <span class=\"_ _38\"></span>\u201cAttivit\u00e0 <span class=\"_ _0\"></span>finanz<span class=\"_ _2\"></span>iarie <span class=\"_ _38\"></span>valutate <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>sto <span class=\"_ _38\"></span>ammortizzato\u201d, <span class=\"_ _38\"></span>relat<span class=\"_ _1\"></span>ivo <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>Gruppo <span class=\"_ _38\"></span>bancario, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa79\">sono presenti <span class=\"_ _3b\"></span>esposizioni in <span class=\"_ _2\"></span>titoli governativi <span class=\"_ _2\"></span>per circa <span class=\"_ _3b\"></span>5.871<span class=\"_ _1\"></span>,2 <span class=\"_ _2\"></span>milioni d<span class=\"_ _2\"></span>i euro <span class=\"_ _2\"></span>(5.132,6 <span class=\"_ _2\"></span>milioni d<span class=\"_ _2\"></span>i euro </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa7a\">Italia, <span class=\"_ _3b\"></span>BTP<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>4.962,3 <span class=\"_ _3b\"></span>milioni di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>euro e <span class=\"_ _3b\"></span>CCT <span class=\"_ _2\"></span>170,3 <span class=\"_ _2\"></span>milioni <span class=\"_ _3b\"></span>di euro, <span class=\"_ _3b\"></span>altri paesi, <span class=\"_ _3b\"></span>459,7 mil<span class=\"_ _2\"></span>ioni <span class=\"_ _3b\"></span>di euro <span class=\"_ _3b\"></span>Spagna </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa7b\">e 2<span class=\"_ _2\"></span>78,9 mi<span class=\"_ _2\"></span>lioni <span class=\"_ _3b\"></span>di euro <span class=\"_ _3b\"></span>Portogallo) e <span class=\"_ _3b\"></span>obbligazioni, <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>circa 783,5 <span class=\"_ _3b\"></span>milioni d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>uro, <span class=\"_ _2\"></span>emesse dall\u2019U<span class=\"_ _2\"></span>nione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa7c\">Europea. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa7d\">Nel  portafoglio  \u201c<span class=\"_ _1\"></span>Attivit\u00e0  finanziarie  valutate  al  costo <span class=\"_ _3d\"> </span>ammortizzato\u201d,  relativo  alle  \u201cImprese  di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa7e\">assicurazione\u201d, sono <span class=\"_ _3b\"></span>present<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>esposizioni di<span class=\"_ _2\"></span> titoli <span class=\"_ _2\"></span>governativi <span class=\"_ _2\"></span>verso l\u2019I<span class=\"_ _2\"></span>talia per <span class=\"_ _3b\"></span>11<span class=\"_ _1\"></span>3,36 <span class=\"_ _3b\"></span>milioni di <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>uro, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa7f\">verso la <span class=\"_ _3b\"></span>Spagna per <span class=\"_ _3b\"></span>18<span class=\"_ _1\"></span>,07 mil<span class=\"_ _2\"></span>ioni d<span class=\"_ _2\"></span>i euro, <span class=\"_ _2\"></span>verso il <span class=\"_ _3b\"></span>Portogallo per <span class=\"_ _3b\"></span>3<span class=\"_ _1\"></span>,7 <span class=\"_ _3b\"></span>m<span class=\"_ _1\"></span>ilioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>euro e <span class=\"_ _2\"></span>verso <span class=\"_ _2\"></span>la <span class=\"_ _3b\"></span>F<span class=\"_ _1\"></span>rancia </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa80\">per 4,49 milioni di euro. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa81\">Sono prese<span class=\"_ _1\"></span>nti coperture di <span class=\"_ _1\"></span>fair value he<span class=\"_ _1\"></span>dge su t<span class=\"_ _1\"></span>itoli di Stato, <span class=\"_ _1\"></span>italiani, a tasso <span class=\"_ _1\"></span>fisso (BTP), <span class=\"_ _1\"></span>ed esteri. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa82\">La <span class=\"_ _1\"></span>copert<span class=\"_ _1\"></span>ura \u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ipo <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>hedge <span class=\"_ _38\"></span>attuata <span class=\"_ _38\"></span>attraverso <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>designazione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>appositi <span class=\"_ _1\"></span>strume<span class=\"_ _1\"></span>nti <span class=\"_ _1\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa83\">copertura <span class=\"_ _0\"></span>(Interest <span class=\"_ _0\"></span>Rate <span class=\"_ _0\"></span>Swap) <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"></span>specifica <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>c.d. <span class=\"_ _0\"></span>\u201crischio <span class=\"_ _0\"></span>tasso\u201d <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>detti <span class=\"_ _0\"></span>ti<span class=\"_ _2\"></span>toli; <span class=\"_ _0\"></span>la </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa84\">relazione venuta cos\u00ec a crearsi fra Hedged Item e Hedging Instrument ha comportato la redazion<span class=\"_ _3b\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa85\">di <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>specifica <span class=\"_ _38\"></span>doc<span class=\"_ _1\"></span>umentazione <span class=\"_ _0\"></span>che <span class=\"_ _1\"></span>formalizza <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>relazione <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>coper<span class=\"_ _1\"></span>tura <span class=\"_ _38\"></span>ed <span class=\"_ _0\"></span>ha <span class=\"_ _1\"></span>altres\u00ec <span class=\"_ _0\"></span>usuf<span class=\"_ _2\"></span>ruito<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa87\">delle  particolari  re<span class=\"_ _1\"></span>gole  di  contabilizzazione  dell\u2019Hedge  Accounting.  Si  s<span class=\"_ _1\"></span>egnala  che  s<span class=\"_ _1\"></span>ono  stati </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa88\">effett</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa89\">uati i test di efficacia (sia prospettici che retrospettivi) con esito positivo. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa8a\">Sono pre<span class=\"_ _1\"></span>senti nella <span class=\"_ _1\"></span>categoria <span class=\"_ _1\"></span>contabile \u201cAttivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate al <span class=\"_ _1\"></span>costo <span class=\"_ _1\"></span>ammortizzato\u201d, <span class=\"_ _1\"></span>al 31 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa8b\">dicembre <span class=\"_ _0\"></span>2024, <span class=\"_ _0\"></span>304 <span class=\"_ _0\"></span>milioni<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>E<span class=\"_ _1\"></span>uro <span class=\"_ _0\"></span>complessivi, <span class=\"_ _0\"></span>relativi <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>trumenti <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>coll<span class=\"_ _2\"></span>egati <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>crediti<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa8c\">originati <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>Europa, <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>preponderanza <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>componente <span class=\"_ _38\"></span>di o<span class=\"_ _1\"></span>rigination <span class=\"_ _1\"></span>francese <span class=\"_ _1\"></span>(104,4 <span class=\"_ _38\"></span>milioni <span class=\"_ _1\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa8d\">Euro). <span class=\"_ _3f\"> </span>Il <span class=\"_ _3a\"> </span>portafoglio <span class=\"_ _3f\"> </span>\u00e8 <span class=\"_ _3a\"> </span>costituito <span class=\"_ _3a\"> </span>da <span class=\"_ _3f\"> </span>differenti <span class=\"_ _3f\"> </span>tipologie <span class=\"_ _3a\"> </span>di <span class=\"_ _3f\"> </span>ABS <span class=\"_ _3a\"> </span>con <span class=\"_ _3f\"> </span>una <span class=\"_ _3f\"> </span>pre<span class=\"_ _1\"></span>valenza <span class=\"_ _3f\"> </span>delle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa8e\">cartolarizzazioni di mutui residenziali, che incidono per <span class=\"_ _1\"></span>il 58,7%.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa8f\">L\u2019attuale esposizione suddivisa per rischio paese \u00e8 cos<span class=\"_ _1\"></span>\u00ec composta: </div><div class=\"gsa90\"><table class=\"s w77b h205\" id=\"_7a87fcfb-6357-4377-9742-1822ed008461\"><tr><td></td><td class=\"c x918 y5673 w77c h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x917 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">rovalore (migliaia<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x919 h12 y5674 ff4 fs7 fc4 sc3 ls0 ws0\">Paese </td><td class=\"c n x91a y5675 w77d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Euro)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x91b y5675 w77e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">%<span class=\"_ _1\"></span> Esposizione<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x456 y5676 w77f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">FRANCIA<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x91c y5676 w780 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">104.428<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x91d y5676 w781 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">34,4<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x91e y5677 w782 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">GERMANIA<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x91f y5677 w783 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">90.476<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x920 y5677 w784 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">29,8<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x921 y5678 w785 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">SPAGNA<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x922 y5678 w786 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">55<span class=\"_ _1\"></span>.368<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x923 y5678 w787 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18,2<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5679 w788 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">PAESI BASSI<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x924 y5679 w789 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">32.444<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x925 y5679 w78a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10,<span class=\"_ _2\"></span>7<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x926 y567a w78b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">ITALIA<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x927 y567a w545 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.540<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x928 y567a w78c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4,1<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x456 y567b w78d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">IRLANDA<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x929 y567b w78e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.550<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x92a y567b w78f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2,8<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x92b y539f w790 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">TOTALE<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x92c y539f w791 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">303.806<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x92d y539f w792 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">100,0<span class=\"_ _3a1\"> </span></div></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa91\">Si <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>ad<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa92\">ottata <span class=\"_ _35\"> </span>anche <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>metodologia <span class=\"_ _35\"> </span>contabil<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>Macro <span class=\"_ _0\"></span>Fair <span class=\"_ _35\"> </span>Value <span class=\"_ _35\"> </span>Hedge <span class=\"_ _35\"> </span>p<span class=\"_ _2\"></span>er <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>copertura <span class=\"_ _0\"></span>del </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs251\">rischio <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>tasso a<span class=\"_ _2\"></span>ssociato al<span class=\"_ _2\"></span>l\u2019erogazione <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>mutui <span class=\"_ _3b\"></span>a tasso <span class=\"_ _3b\"></span>fisso <span class=\"_ _3b\"></span>e <span class=\"_ _2\"></span>a <span class=\"_ _3b\"></span>tasso variabi<span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>con <span class=\"_ _3b\"></span>opzioni \u201cCap<span class=\"_ _3b\"></span>\u201d. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa93\">Sono presenti, inoltre, coperture di Cash Flow He<span class=\"_ _1\"></span>dge su erogazioni di mutui a tasso variabile.<span class=\"_ _3a1\"> </span></div>4.3 Attivit\u00e0 fina<span class=\"_ _1\"></span>nziarie valutate al costo<span class=\"_ _1\"></span> ammortizzato: compos<span class=\"_ _1\"></span>izione per debitor<span class=\"_ _1\"></span>i/emittenti dei crediti verso<span class=\"_ _1\"></span> clientela<span class=\"_ _3a1\"> </span><table class=\"s w793 h206\" id=\"_742005a0-bce2-4480-9149-a55253c9ebe5\"><tr><td></td><td></td><td class=\"t m2 x80e h12 y567c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 x92e h12 y567c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"c x92f y567d w17c h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c x7bd y567d w17c h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x930 h12 y567e ff4 fs7 fc4 sc3 ls0 ws0\">Tipologia </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x7c0 h12 y567f ff4 fs7 fc4 sc3 ls0 ws0\">operazioni/Valori<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x931 h12 y5680 ff4 fs7 fc4 sc3 ls0 ws0\">Primo e </td><td class=\"t m2 x932 h12 y5681 ff4 fs7 fc4 sc3 ls0 ws0\">Terzo </td><td class=\"t m2 x933 h12 y5680 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0 impaired </td><td class=\"t m2 x934 h12 y5680 ff4 fs7 fc4 sc3 ls0 ws0\">Primo e </td><td class=\"t m2 x935 h12 y5681 ff4 fs7 fc4 sc3 ls0 ws0\">Terzo </td><td class=\"t m2 x936 h12 y5680 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0 impaired </td></tr><tr><td></td><td class=\"t m2 x937 h12 y5682 ff4 fs7 fc4 sc3 ls0 ws0\">secondo </td><td class=\"t m2 x932 h12 y5683 ff4 fs7 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x938 h12 y5682 ff4 fs7 fc4 sc3 ls0 ws0\">acquisite o </td><td class=\"t m2 x939 h12 y5682 ff4 fs7 fc4 sc3 ls0 ws0\">secondo </td><td class=\"t m2 x93a h12 y5683 ff4 fs7 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x811 h12 y5682 ff4 fs7 fc4 sc3 ls0 ws0\">acquisite o </td></tr><tr><td></td><td class=\"t m2 x93b h12 y5684 ff4 fs7 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x93c h12 y5684 ff4 fs7 fc4 sc3 ls0 ws0\">originate<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93d h12 y5684 ff4 fs7 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x93e h12 y5684 ff4 fs7 fc4 sc3 ls0 ws0\">originate<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5685 ff4 fs7 fc1 sc2 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93f h12 y5685 ff4 fs7 fc1 sc2 ls0 ws0\">7.331.288<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x940 h12 y5685 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x885 h12 y5685 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x941 h12 y5685 ff4 fs7 fc1 sc2 ls0 ws0\">7.140.100<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x942 h12 y5685 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h12 y5685 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x81f h12 y5686 ff4 fs7 fc1 sc0 ls0 ws0\">a) Amministrazioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x944 y5687 w794 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.794.368<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x945 y5687 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x946 y5687 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x947 y5687 w795 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.454.554<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x948 y5687 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x949 y5687 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y5688 ff4 fs7 fc1 sc0 ls0 ws0\">pubbliche </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x81f y5689 w17d h11\"><div class=\"t m2 x0 h12 y75 ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre societ\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x94a y568a w433 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">536.421<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x94b y568a w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x94c y568a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x94d y568a w797 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">685.048<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x94e y568a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x94f y568a w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y568b ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x950 h12 y568c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese di </td><td class=\"c n x951 y568d w798 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">521<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x952 y568d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x953 y568d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x954 y568d w799 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">527<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x955 y568d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x956 y568d w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x950 h12 y568e ff4 fs7 fc1 sc0 ls0 ws0\">assicurazione </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x81f y568f w17e h11\"><div class=\"t m2 x0 h12 y49 ff4 fs7 fc1 sc0 ls0 ws0\">c) Societ\u00e0 non<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x957 y5690 w79a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">499<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x958 y5690 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x959 y5690 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x95a y5690 w79b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">498<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x95b y5690 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x95c y5690 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y5691 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5692 ff4 fs7 fc1 sc2 ls0 ws0\">2. Finanziamenti verso:<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x95d h12 y5692 ff4 fs7 fc1 sc2 ls0 ws0\">36.089.465<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x95e h12 y5692 ff4 fs7 fc1 sc2 ls0 ws0\">258.717<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e7 h12 y5692 ff4 fs7 fc1 sc2 ls0 ws0\">15.455<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x95f h12 y5692 ff4 fs7 fc1 sc2 ls0 ws0\">35.434.671<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x92e h12 y5692 ff4 fs7 fc1 sc2 ls0 ws0\">271.678<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x812 h12 y5692 ff4 fs7 fc1 sc2 ls0 ws0\">17.405<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x81f h12 y5693 ff4 fs7 fc1 sc0 ls0 ws0\">a) Amministrazioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x960 y5694 w79c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">567.423<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x961 y5694 w79d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.632<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x962 y5694 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x963 y5694 w438 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">604.308<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x964 y5694 w79e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x965 y5694 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y5695 ff4 fs7 fc1 sc0 ls0 ws0\">pubbliche </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h12 y5696 ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre societ\u00e0<span class=\"_ _3a1\"> </span></td><td class=\"c n x960 y5697 w79f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">753.490<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x966 y5697 w7a0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">265<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x967 y5697 w7a1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">31<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x968 y5697 w7a2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">703.771<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x969 y5697 w551 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">149<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x96a y5697 w78a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">876<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y5698 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x950 h12 y5699 ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese di </td><td class=\"c n x94a y569a w7a3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">173.063<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x96b y569a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x96c y569a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x96d y569a w7a4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">48.915<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x96e y569a w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x96f y569a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x950 h12 y569b ff4 fs7 fc1 sc0 ls0 ws0\">assicurazione </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h12 y569c ff4 fs7 fc1 sc0 ls0 ws0\">c) Societ\u00e0 non<span class=\"_ _3a1\"> </span></td><td class=\"c n x970 y569d w7a5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">17.360.980<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x971 y569d w7a6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">107.937<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x972 y569d w7a7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.395<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x973 y569d w7a8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">17.470.786<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x974 y569d w7a9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">107.719<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x975 y569d w7aa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.499<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y569e ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y548c w7ab h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Famiglie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x976 y548c w7ac h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">17.407.572<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x977 y548c w7ad h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">148.8<span class=\"_ _2\"></span>83<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x978 y548c w7ae h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.029<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x979 y548c w7af h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">16.655.806<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x97a y548c w7b0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">161.786<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x97b y548c w7b1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.030<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x97c h12 y569f ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x95d h12 y569f ff4 fs7 fc1 sc2 ls0 ws0\">43.420.753<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x95e h12 y569f ff4 fs7 fc1 sc2 ls0 ws0\">258.717<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e7 h12 y569f ff4 fs7 fc1 sc2 ls0 ws0\">15.455<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93d h12 y569f ff4 fs7 fc1 sc2 ls0 ws0\">42.574.771<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x92e h12 y569f ff4 fs7 fc1 sc2 ls0 ws0\">271.678<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x812 h12 y569f ff4 fs7 fc1 sc2 ls0 ws0\">17.405<span class=\"_ _3a1\"> </span></td></tr></table>4.4 Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie valutate <span class=\"_ _1\"></span>al costo ammortizzato: valor<span class=\"_ _1\"></span>e lordo e rettifiche di va<span class=\"_ _1\"></span>lore complessive <table class=\"s w7b2 h207\" id=\"_a04e9eb7-c18f-47a7-b551-cfdeaece8185\"><tr><td></td><td></td><td></td><td></td><td class=\"c n x97d y56a0 w7b3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc4 sc3 ls0 ws0\">Valore<span class=\"_ _1\"></span> lordo<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n x97e y56a0 w7b4 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc4 sc3 ls0 ws0\">Ret<span class=\"_ _1\"></span>tifiche <span class=\"_ _1\"></span>di valore<span class=\"_ _1\"></span> compless<span class=\"_ _1\"></span>ive<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x7ad h19 y56a1 ff4 fsb fc4 sc3 ls0 ws0\">Primo </td><td></td><td class=\"t m2 x97f h19 y56a1 ff4 fsb fc4 sc3 ls0 ws0\">Secondo </td><td class=\"t m2 x980 h19 y56a1 ff4 fsb fc4 sc3 ls0 ws0\">Terzo </td><td class=\"t m2 x6df h19 y56a1 ff4 fsb fc4 sc3 ls0 ws0\">Impair<span class=\"_ _1\"></span>ed </td><td class=\"t m2 x981 h19 y56a1 ff4 fsb fc4 sc3 ls0 ws0\">Primo </td><td class=\"t m2 x6c9 h19 y56a1 ff4 fsb fc4 sc3 ls0 ws0\">Secondo </td><td class=\"t m2 x982 h19 y56a1 ff4 fsb fc4 sc3 ls0 ws0\">Terzo </td><td></td><td class=\"t m2 x755 h19 y56a1 ff4 fsb fc4 sc3 ls0 ws0\">Impair<span class=\"_ _1\"></span>ed </td><td class=\"t m2 x7ab h19 y56a1 ff4 fsb fc4 sc3 ls0 ws0\">Write-of<span class=\"_ _1\"></span>f </td></tr><tr><td></td><td></td><td class=\"t m2 x7ad h19 y56a2 ff4 fsb fc4 sc3 ls0 ws0\">stadio </td><td class=\"t m2 x90f h19 y56a3 ff4 fsb fc4 sc3 ls0 ws0\">di cui: </td><td class=\"t m2 x6a9 h19 y56a2 ff4 fsb fc4 sc3 ls0 ws0\">stadio </td><td class=\"t m2 x698 h19 y56a2 ff4 fsb fc4 sc3 ls0 ws0\">stadio </td><td class=\"t m2 x6df h19 y56a2 ff4 fsb fc4 sc3 ls0 ws0\">acquisi<span class=\"_ _1\"></span>te </td><td class=\"t m2 x981 h19 y56a2 ff4 fsb fc4 sc3 ls0 ws0\">stadio </td><td class=\"t m2 x669 h19 y56a2 ff4 fsb fc4 sc3 ls0 ws0\">stadio </td><td class=\"t m2 x746 h19 y56a2 ff4 fsb fc4 sc3 ls0 ws0\">stadio </td><td></td><td class=\"t m2 x755 h19 y56a2 ff4 fsb fc4 sc3 ls0 ws0\">acquisi<span class=\"_ _1\"></span>te </td><td class=\"t m2 x795 h19 y56a2 ff4 fsb fc4 sc3 ls0 ws0\">parziali<span class=\"_ _1\"></span> </td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x983 h19 y56a4 ff4 fsb fc4 sc3 ls0 ws0\">Strument<span class=\"_ _1\"></span>i </td><td></td><td></td><td class=\"t m2 x67c h19 y56a5 ff4 fsb fc4 sc3 ls0 ws0\">o </td><td></td><td></td><td></td><td></td><td class=\"t m2 x984 h19 y56a5 ff4 fsb fc4 sc3 ls0 ws0\">o </td><td class=\"t m2 x6eb h19 y56a5 ff4 fsb fc4 sc3 ls0 ws0\">compless<span class=\"_ _1\"></span>ivi<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x985 h19 y56a6 ff4 fsb fc4 sc3 ls0 ws0\">con </td><td></td><td></td><td class=\"t m2 x6df h19 y56a7 ff4 fsb fc4 sc3 ls0 ws0\">origin<span class=\"_ _1\"></span>ate<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td class=\"t m2 x755 h19 y56a7 ff4 fsb fc4 sc3 ls0 ws0\">origin<span class=\"_ _1\"></span>ate<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x90f h19 y56a8 ff4 fsb fc4 sc3 ls0 ws0\">basso </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=\"t m2 x6a8 h19 y56a9 ff4 fsb fc4 sc3 ls0 ws0\">rischio di<span class=\"_ _1\"></span> </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=\"t m2 x6e6 h19 y56aa ff4 fsb fc4 sc3 ls0 ws0\">credito </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h19 y56ab ff4 fsb fc1 sc0 ls0 ws0\">Titoli di debi<span class=\"_ _1\"></span>to<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x986 h19 y56ab ff4 fsb fc1 sc0 ls0 ws0\">7.977.519<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71a h19 y56ab ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ec h19 y56ab ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h19 y56ab ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e7 h19 y56ab ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x689 h19 y56ab ff4 fsb fc1 sc0 ls0 ws0\">7.123<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x695 h19 y56ab ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x987 h19 y56ab ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x910 h19 y56ab ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y56ab ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h19 y56ac ff4 fsb fc1 sc0 ls0 ws0\">Finanziamenti<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x988 h19 y56ac ff4 fsb fc1 sc0 ls0 ws0\">34.805.135<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90f h19 y56ac ff4 fsb fc1 sc0 ls0 ws0\">267.939<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x694 h19 y56ac ff4 fsb fc1 sc0 ls0 ws0\">2.307.018<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x989 h19 y56ac ff4 fsb fc1 sc0 ls0 ws0\">657.873<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c8 h19 y56ac ff4 fsb fc1 sc0 ls0 ws0\">17.601<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x98a h19 y56ac ff4 fsb fc1 sc0 ls0 ws0\">40.571<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x905 h19 y56ac ff4 fsb fc1 sc0 ls0 ws0\">41.445<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x746 h19 y56ac ff4 fsb fc1 sc0 ls0 ws0\">399.157<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x984 h19 y56ac ff4 fsb fc1 sc0 ls0 ws0\">2.146<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x780 h19 y56ac ff4 fsb fc1 sc0 ls0 ws0\">16.227<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x98b h19 y56ad ff4 fsb fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x98c h19 y56ad ff4 fsb fc1 sc2 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x98d h19 y56ad ff4 fsb fc1 sc2 ls0 ws0\">42.782.65<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90f h19 y56ad ff4 fsb fc1 sc2 ls0 ws0\">267.939<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x694 h19 y56ad ff4 fsb fc1 sc2 ls0 ws0\">2.307.01<span class=\"_ _1\"></span>8<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x989 h19 y56ad ff4 fsb fc1 sc2 ls0 ws0\">657.873<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c8 h19 y56ad ff4 fsb fc1 sc2 ls0 ws0\">17.601<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74d h19 y56ad ff4 fsb fc1 sc2 ls0 ws0\">47.694<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x905 h19 y56ad ff4 fsb fc1 sc2 ls0 ws0\">41.445<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x982 h19 y56ad ff4 fsb fc1 sc2 ls0 ws0\">399.157<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x984 h19 y56ad ff4 fsb fc1 sc2 ls0 ws0\">2.146<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x780 h19 y56ad ff4 fsb fc1 sc2 ls0 ws0\">16.227<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x98b h19 y56ae ff4 fsb fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x98c h19 y56ae ff4 fsb fc1 sc2 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x98e h19 y56ae ff4 fsb fc1 sc2 ls0 ws0\">41.879.8<span class=\"_ _1\"></span>87<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x98f h19 y56ae ff4 fsb fc1 sc2 ls0 ws0\">240.421<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x990 h19 y56ae ff4 fsb fc1 sc2 ls0 ws0\">2.384.7<span class=\"_ _1\"></span>30<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x989 h19 y56ae ff4 fsb fc1 sc2 ls0 ws0\">687.736<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c8 h19 y56ae ff4 fsb fc1 sc2 ls0 ws0\">19.821<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74d h19 y56ae ff4 fsb fc1 sc2 ls0 ws0\">46.253<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x905 h19 y56ae ff4 fsb fc1 sc2 ls0 ws0\">42.414<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x746 h19 y56ae ff4 fsb fc1 sc2 ls0 ws0\">416.059<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x984 h19 y56ae ff4 fsb fc1 sc2 ls0 ws0\">2.415<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x780 h19 y56ae ff4 fsb fc1 sc2 ls0 ws0\">17.477<span class=\"_ _3a1\"> </span></td></tr></table>Il <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>IFRS9 <span class=\"_ _2\"></span>prevede la <span class=\"_ _3b\"></span>classificazione delle <span class=\"_ _3b\"></span>attivit\u00e0 finanzi<span class=\"_ _2\"></span>arie valutate <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>costo ammortizzato in  tre <span class=\"_ _3d\"> </span>stages,  in <span class=\"_ _3d\"> </span>ordine <span class=\"_ _3d\"> </span>crescente  di  deter<span class=\"_ _1\"></span>ioramento  del  merito <span class=\"_ _3d\"> </span>creditizio; <span class=\"_ _3d\"> </span>a  tali <span class=\"_ _3d\"> </span>categorie  s<span class=\"_ _1\"></span>i<span class=\"_ _2\"></span> associano misurazioni progressivamente pi\u00f9 severe delle riduzioni di valore. Il <span class=\"_ _36\"> </span>valore <span class=\"_ _36\"> </span>lor<span class=\"_ _1\"></span>do <span class=\"_ _36\"> </span>e <span class=\"_ _39\"> </span>le <span class=\"_ _36\"> </span>rettifiche <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>valore<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>complessive <span class=\"_ _39\"> </span>delle <span class=\"_ _36\"> </span>attivit\u00e0 <span class=\"_ _36\"> </span>finanziarie <span class=\"_ _39\"> </span>impaired <span class=\"_ _36\"> </span>sono comprensivi degli interessi contrattuali maturati. Sezione 1 \u2013 Passivit\u00e0 finanziarie valutate al costo ammortizzato \u2013 Voce 10<span class=\"_ _3a1\"> </span> 1.1 Passivit\u00e0 <span class=\"_ _1\"></span>finanziarie valutate al cost<span class=\"_ _1\"></span>o ammortizzato: co<span class=\"_ _1\"></span>mposizione merce<span class=\"_ _1\"></span>ologica dei debiti verso <span class=\"_ _1\"></span>banche <table class=\"s wa68 h23a\" id=\"_4a6ad7af-1900-4fba-a5ff-1ac36dc2fb30\"><tr><td></td><td></td><td></td><td></td><td class=\"c n xf6c y5af7 w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n xf6d y5af7 w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 xf6e h12 y5af8 ff4 fs7 fc4 sc3 ls0 ws0\">Tipologia operazioni/Valori </td><td></td><td></td><td class=\"c n xf6f y5af9 w65d h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n xf70 y5af9 wa69 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12<span class=\"_ _2\"></span>/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m2 xf71 h12 y5afa ff4 fs7 fc4 sc3 ls0 ws0\">VB </td><td></td><td class=\"t m2 x6ed h12 y5afb ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">Fair Value </td><td></td><td class=\"t m2 x6a1 h12 y5afa ff4 fs7 fc4 sc3 ls0 ws0\">VB </td><td></td><td></td><td class=\"t m2 x915 h12 y5afb ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value </td><td></td></tr><tr><td></td><td></td><td class=\"c n xf72 y5afc w65f h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf73 y5afc w662 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf74 y5afc w661 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf75 y5afc w697 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf76 y5afc w662 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf77 y5afc w68a h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5afd wa6a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1. Debiti verso banche centrali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf78 y5afd wa6b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">500.044<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5afe w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5afe w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5afe w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b8 h12 y5aff ff4 fs7 fc1 sc2 ls0 ws0\">2.149.620<span class=\"_ _3a1\"> </span></td><td class=\"c n xf7c y5afe w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5afe w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5afe w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b00 wa6c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2. Debiti verso banche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7f y5b00 wa6d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">5.044.513<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b01 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b01 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b01 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X</div></td><td class=\"t m2 x776 h12 y5b02 ff4 fs7 fc1 sc2 ls0 ws0\">3.636.697<span class=\"_ _3a1\"> </span></td><td class=\"c n xf7c y5b01 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b01 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b01 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5b03 wa6e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Conti correnti e depo<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>iti a vista<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf80 y5b03 wa6f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">74.766<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b03 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b03 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b03 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf81 y5b03 wa70 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">231.8<span class=\"_ _2\"></span>03<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b03 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b03 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b03 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5b04 wa71 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Depositi a scadenz<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf82 y5b04 wa72 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.260<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b04 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b04 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b04 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf83 y5b04 wa73 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">33<span class=\"_ _1\"></span>.758<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b04 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b04 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b04 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5b05 wa74 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf84 y5b05 wa75 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.965.062<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b05 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b05 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b05 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf85 y5b05 wa76 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.370.471<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b05 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b05 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b05 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xf86 y5b06 w94c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3.1 Pronti contro term<span class=\"_ _2\"></span>ine passivi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf87 y5b06 wa77 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.954.536<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b06 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b06 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b06 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf88 y5b06 wa78 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.355.734<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b06 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b06 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b06 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xf86 y5b07 wa79 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3.2 Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf89 y5b07 wa5d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10.526<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b07 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b07 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b07 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf8a y5b07 wa7a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.737<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b07 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b07 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b07 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x997 y5b08 wa7b h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.4 Debiti per impegn<span class=\"_ _2\"></span>i di<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xf8b h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">riacquisto d<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xf8c h12 y5b09 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xf79 y5b0a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b0a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b0a w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf8d y5b0a w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b0a w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b0a w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b0a w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x6d4 h12 y5b0b ff4 fs7 fc1 sc0 ls0 ws0\">propri strumenti patr<span class=\"_ _2\"></span>imoniali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x997 y5b0c wa7c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.5 Debiti per leasing<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf8e y5b0c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b0c w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b0c w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b0c w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf8d y5b0c w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b0c w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b0c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b0c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5630 wa7d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.6 Altri debiti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf8f y5630 wa7e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.425<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5630 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5630 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5630 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf90 y5630 wa7f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">665<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5630 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5630 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5630 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xf91 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6bb h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">5.544.557<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x789 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf92 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">4.954.536<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74d h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">590.020<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x711 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">5.786.317<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xd83 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">3.355.734<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x738 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">2.430.583<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y539f w695 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc12 sc0 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf93 y539f wa80 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc12 sc0 ls0 ws0\">5544555<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n xf94 y539f wa81 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc12 sc0 ls0 ws0\">5786317 </div></td><td></td><td></td><td></td><td></td></tr></table>Legenda:<span class=\"_ _3a1\"> </span> VB= Valore di bilanc<span class=\"_ _2\"></span>io<span class=\"_ _3a1\"> </span> L1= Livello 1<span class=\"_ _3a1\"> </span> L2= Livello 2<span class=\"_ _3a1\"> </span> L3= Livello 3<span class=\"_ _3a1\"> </span> I debiti sono iscr<span class=\"_ _1\"></span>itti al loro valore nominale, corrispondente al loro fair value.<span class=\"_ _3a1\"> </span> I debiti verso banche s<span class=\"_ _1\"></span>ono rappresentati principalmente<span class=\"_ _1\"></span> da debiti a vista a tas<span class=\"_ _1\"></span>so variabile, e non \u00e8<span class=\"_ _3a1\"> </span> stata posta in essere alcun tipo di copertura.<span class=\"_ _3a1\"> </span> La voce \u201c1.Debiti verso banche centrali\u201d accoglie le oper<span class=\"_ _1\"></span>azioni di rifinanzi<span class=\"_ _2\"></span>amento e<span class=\"_ _1\"></span>ffettuate con la<span class=\"_ _3a1\"> </span> Banca Centrale Europea.  L\u2019utilizzo de<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>canale <span class=\"_ _1\"></span>di r<span class=\"_ _1\"></span>ifinanziament<span class=\"_ _1\"></span>o t<span class=\"_ _1\"></span>ramite la <span class=\"_ _38\"></span>BCE, <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>fine <span class=\"_ _1\"></span>2024, <span class=\"_ _1\"></span>\u00e8 r<span class=\"_ _1\"></span>appresentato <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>operazioni<span class=\"_ _3a1\"> </span> MRO, con scadenza ad 1 set<span class=\"_ _1\"></span>timana, per un valore pari <span class=\"_ _1\"></span>a 500 milioni di euro di valore nom<span class=\"_ _1\"></span>inale.  Nel<span class=\"_ _3a1\"> </span> mese <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>marzo 2024 <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>stata <span class=\"_ _1\"></span>rimborsata <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>naturale <span class=\"_ _1\"></span>scadenza <span class=\"_ _1\"></span>l\u2019ultima <span class=\"_ _1\"></span>tranche <span class=\"_ _1\"></span>TLTRO III.7 <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>un<span class=\"_ _3a1\"> </span> importo nominale di 740 milioni di euro.<span class=\"_ _3a1\"> </span>1.2 Passivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie valutate al costo<span class=\"_ _1\"></span> ammortizzato: compos<span class=\"_ _1\"></span>izione merceo<span class=\"_ _1\"></span>logica dei debiti verso client<span class=\"_ _1\"></span>ela<table class=\"s wa82 h23b\" id=\"_20e7be8a-bf32-4477-aa57-b062cd79a6b4\"><tr><td></td><td></td><td></td><td class=\"c n xf95 y5b0e w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n xf96 y5b0e w925 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xf97 h12 y5b0f ff4 fs7 fc4 sc3 ls0 ws0\">Tipologia operazioni/Valori </td><td></td><td></td><td class=\"c n xf98 y5b10 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xf99 y5b10 w68d h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 xf9a h12 y5b11 ff4 fs7 fc4 sc3 ls0 ws0\">VB </td><td></td><td class=\"t m2 x6af h12 y5b12 ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value </td><td></td><td class=\"t m2 xdd2 h12 y5b11 ff4 fs7 fc4 sc3 ls0 ws0\">VB </td><td></td><td class=\"t m2 xf9b h12 y5b12 ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">Fair Value </td></tr><tr><td></td><td></td><td class=\"t m2 x789 h12 y5b13 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></td><td class=\"c n xf9c y5b14 w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf9d y5b14 w68a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf9e y5b14 w687 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf9f y5b14 w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa0 y5b14 w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b15 wa83 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1. Conti correnti e depo<span class=\"_ _2\"></span>siti a vista<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa1 y5b15 wa84 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">32.845.465<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b15 w63d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b15 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b15 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa5 y5b15 wa85 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">31.780.656<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b15 w649 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b15 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b15 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b16 wa86 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2. Depositi a scadenza<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa9 y5b16 wa87 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">5.833.720<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b16 w63d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b16 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b16 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfaa y5b16 wa88 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">5.136.382<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b16 w649 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b16 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b16 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b17 w70a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfab y5b17 wa89 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.400.311<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b17 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b17 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b17 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfac y5b17 wa8a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.042.202<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b17 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b17 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b17 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5b18 wa8b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Pronti contro termi<span class=\"_ _2\"></span>ne passivi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfad y5b18 wa8c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.853.665<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b18 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b18 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b18 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfae y5b18 wa8d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.470.001<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b18 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b18 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b18 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5b19 w5eb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfaf y5b19 wa8e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">546.646<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b19 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b19 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b19 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb0 y5b19 wa8f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">572.201<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b19 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b19 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b19 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y5b1a ff4 fs7 fc1 sc0 ls0 ws0\">4. Debiti per impegn<span class=\"_ _2\"></span>i di riacquisto di propri<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf36 h12 y5b1b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfa2 y5b1c w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b1c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b1c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb1 y5b1c w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b1c w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b1c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b1c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y5b1d ff4 fs7 fc1 sc0 ls0 ws0\">strumenti patrimoni<span class=\"_ _2\"></span>ali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5b1e wa90 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Debiti per leasing<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb2 y5b1e wa91 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13<span class=\"_ _1\"></span>1.567<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b1e w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b1e w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b1e w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb3 y5b1e w433 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">135.807<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b1e w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b1e w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b1e w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b1f wa92 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Altri debiti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb4 y5b1f wa93 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">281.904<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b1f w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b1f w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b1f w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb5 y5b1f wa94 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">314.314<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b1f w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b1f w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b1f w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x909 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">Totale </td><td class=\"t m2 x694 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">41.492.967<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfb6 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68b h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">1.853.665<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74d h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">41.492.901<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x684 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">42.409.361<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x685 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">4.470.001<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x73d h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">37.939.360<span class=\"_ _3a1\"> </span></td></tr></table>Legenda:<span class=\"_ _3a1\"> </span>VB= Valore di bilanc<span class=\"_ _2\"></span>io<span class=\"_ _3a1\"> </span>L1= Livello 1<span class=\"_ _3a1\"> </span>L2= Livello 2<span class=\"_ _3a1\"> </span>L3= Livello 3<span class=\"_ _3a1\"> </span>I de<span class=\"_ _1\"></span>bi<span class=\"_ _3a1\"> </span>ti <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>iscrit<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>valore nom<span class=\"_ _1\"></span>inale, cor<span class=\"_ _1\"></span>rispondente <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>il livello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value<span class=\"_ _3a1\"> </span>attribuito risulta essere pari a <span class=\"_ _2\"></span>3, ad <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ccezione del livello d<span class=\"_ _2\"></span>i fair value dei p<span class=\"_ _2\"></span>ronti contro termine a cui<span class=\"_ _3a1\"> </span>\u00e8 attributo il valore 2.<span class=\"_ _3a1\"> </span>Nella voce <span class=\"_ _2\"></span>Debiti per l<span class=\"_ _3b\"></span>eas<span class=\"_ _1\"></span>ing \u00e8 <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>icompreso, <span class=\"_ _3b\"></span>ai sensi del <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>IFRS16, il <span class=\"_ _3b\"></span>De<span class=\"_ _1\"></span>bito per <span class=\"_ _2\"></span>leasing (L<span class=\"_ _2\"></span>ease<span class=\"_ _3a1\"> </span>Liability), pari <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>attuale <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>canoni <span class=\"_ _1\"></span>previsti <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>ancora <span class=\"_ _1\"></span>pagati dei <span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>ni o<span class=\"_ _1\"></span>ggetti <span class=\"_ _1\"></span>di contratti<span class=\"_ _3a1\"> </span>di leasing operativo.<span class=\"_ _3a1\"> </span>La  principale <span class=\"_ _3d\"> </span>novit\u00e0 <span class=\"_ _3d\"> </span>introdot<span class=\"_ _1\"></span>ta  dal <span class=\"_ _3d\"> </span>principio <span class=\"_ _3d\"> </span>\u00e8 <span class=\"_ _3d\"> </span>rappresentata <span class=\"_ _3d\"> </span>dalla  modif<span class=\"_ _1\"></span>ica  delle <span class=\"_ _3d\"> </span>modalit\u00e0 <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span>contabilizzazione <span class=\"_ _36\"> </span>delle <span class=\"_ _36\"> </span>operazioni <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>leasing <span class=\"_ _36\"> </span>oper<span class=\"_ _1\"></span>ativo <span class=\"_ _36\"> </span>nel <span class=\"_ _36\"> </span>bilancio <span class=\"_ _37\"> </span>del <span class=\"_ _36\"> </span>locatario/<span class=\"_ _1\"></span>utilizzatore,<span class=\"_ _3a1\"> </span>attraverso <span class=\"_ _1\"></span>l\u2019introduzione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>unico <span class=\"_ _1\"></span>modello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>contabilizzazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>contratti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>leasing <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>parte<span class=\"_ _3a1\"> </span>del locatario siano essi classificati come leas<span class=\"_ _1\"></span>ing operativi o finanziari. I de<span class=\"_ _1\"></span>biti ve<span class=\"_ _1\"></span>rso <span class=\"_ _1\"></span>clientela <span class=\"_ _1\"></span>sono rappre<span class=\"_ _1\"></span>sentati pr<span class=\"_ _1\"></span>incipalmente da <span class=\"_ _1\"></span>debiti <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>vista <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>tasso <span class=\"_ _1\"></span>variabile, <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>non<span class=\"_ _3a1\"> </span>\u00e8  stata <span class=\"_ _35\"> </span>post<span class=\"_ _1\"></span>a <span class=\"_ _35\"> </span>in  essere  alcu<span class=\"_ _2\"></span>n  tip<span class=\"_ _2\"></span>o  di <span class=\"_ _35\"> </span>copert<span class=\"_ _1\"></span>ura  specific<span class=\"_ _2\"></span>a,  mentre  sono <span class=\"_ _35\"> </span>state  poste  i<span class=\"_ _2\"></span>n  essere<span class=\"_ _3a1\"> </span>coperture di Macro Fair Value Hed<span class=\"_ _2\"></span>ge delle poste a vista, cos\u00ec come descritto nella parte E,<span class=\"_ _2\"></span> sezione<span class=\"_ _3a1\"> </span>2.2 della presente nota. Si <span class=\"_ _38\"></span>segnala <span class=\"_ _0\"></span>ch<span class=\"_ _2\"></span>e, <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>eguito <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>modifiche <span class=\"_ _38\"></span>apporta<span class=\"_ _1\"></span>te <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>funzionament<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>mercato <span class=\"_ _0\"></span>int<span class=\"_ _2\"></span>erbancario<span class=\"_ _3a1\"> </span>collateralizzato, <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>conseguente <span class=\"_ _38\"></span>trasfer<span class=\"_ _1\"></span>imento <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>Cassa <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Compensa<span class=\"_ _1\"></span>zione <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>Garanzia <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>alla<span class=\"_ _3a1\"> </span>Monte <span class=\"_ _38\"></span>Tito<span class=\"_ _1\"></span>li <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>funzioni <span class=\"_ _38\"></span>finora <span class=\"_ _0\"></span>svolte <span class=\"_ _38\"></span>dalla <span class=\"_ _38\"></span>B<span class=\"_ _1\"></span>anca <span class=\"_ _38\"></span>d\u2019Italia, <span class=\"_ _38\"></span>nella <span class=\"_ _38\"></span>voce <span class=\"_ _0\"></span>3.1 <span class=\"_ _38\"></span>\u201cPronti <span class=\"_ _38\"></span>contro <span class=\"_ _0\"></span>termine<span class=\"_ _3a1\"> </span>passivi\u201d sono presenti i finanziamenti, per 1.853,7 m<span class=\"_ _1\"></span>ilioni di euro, ricevuti dal suddetto mercato.<span class=\"_ _3a1\"> </span>Secondo <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>dati <span class=\"_ _38\"></span>ABI, <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>Italia, <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>dinamica <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>raccolta<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>diretta <span class=\"_ _38\"></span>da <span class=\"_ _38\"></span>clientela <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>tot<span class=\"_ _1\"></span>ale <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>banche<span class=\"_ _3a1\"> </span>operanti in Italia \u00e8<span class=\"_ _1\"></span> stata in aumento del 2,4% <span class=\"_ _1\"></span>su base annua, con <span class=\"_ _1\"></span>una variazione pi\u00f9 contenuta <span class=\"_ _1\"></span>dei<span class=\"_ _3a1\"> </span>depositi (+1,7%) e un\u2019espansione delle obbligazioni.<span class=\"_ _3a1\"> </span>1.3 Passivit\u00e0 finan<span class=\"_ _1\"></span>ziarie valutate al cost<span class=\"_ _1\"></span>o ammortizzato: com<span class=\"_ _1\"></span>posizione merce<span class=\"_ _1\"></span>ologica dei titoli in circola<span class=\"_ _1\"></span>zione <table class=\"s wa95 h23c\" id=\"_03b1c390-1a9c-481e-97a6-af4cea5c3c26\"><tr><td></td><td></td><td></td><td></td><td class=\"c n xfb7 y5b21 w6c5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xfb8 y5b21 w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c n xfb9 y5b22 w65d h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n xfba y5b22 w65e h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 xfbb h12 y5b23 ff4 fs7 fc4 sc3 ls0 ws0\">Tipologia titoli/Valori </td><td></td><td class=\"t m2 x6e6 h12 y5b24 ff4 fs7 fc4 sc3 ls0 ws0\">VB </td><td></td><td class=\"t m2 xd7d h12 y5b25 ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value </td><td></td><td class=\"t m2 x6d0 h12 y5b24 ff4 fs7 fc4 sc3 ls0 ws0\">VB </td><td></td><td class=\"t m2 xd83 h12 y5b25 ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c n xfbc y5b26 w65f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfbd y5b26 w660 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfbe y5b26 w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfbf y5b26 w65f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfc0 y5b26 w688 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfc1 y5b26 w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y5b27 ff4 fs7 fc1 sc2 ls0 ws0\">A. Titoli </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x70c y5486 wa96 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. obbligazioni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfc2 y5486 wa97 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.233.961</div></td><td class=\"t m2 xfc3 h12 y5b28 ff4 fs7 fc1 sc0 ls0 ws0\">4.149.806<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd84 h12 y5b28 ff4 fs7 fc1 sc0 ls0 ws0\">183.433<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x981 h12 y5b28 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h12 y5b28 ff4 fs7 fc1 sc0 ls0 ws0\">4.581.551<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x695 h12 y5b28 ff4 fs7 fc1 sc0 ls0 ws0\">4.169.898<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y5b28 ff4 fs7 fc1 sc0 ls0 ws0\">445.445<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5b28 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y54a9 wa98 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1 strutturate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfc4 y54a9 wa99 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">927.585</div></td><td class=\"t m2 x6a9 h12 y5b29 ff4 fs7 fc1 sc0 ls0 ws0\">994.931<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc5 h12 y5b29 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x981 h12 y5b29 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x663 h12 y5b29 ff4 fs7 fc1 sc0 ls0 ws0\">749.693<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd2 h12 y5b29 ff4 fs7 fc1 sc0 ls0 ws0\">763.278<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc6 h12 y5b29 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5b29 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y55b0 wa9a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfc7 y55b0 wa9b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>.306.376</div></td><td class=\"t m2 x990 h12 y5b2a ff4 fs7 fc1 sc0 ls0 ws0\">3.154.875<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd84 h12 y5b2a ff4 fs7 fc1 sc0 ls0 ws0\">183.433<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x981 h12 y5b2a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc8 h12 y5b2a ff4 fs7 fc1 sc0 ls0 ws0\">3.831.858<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x664 h12 y5b2a ff4 fs7 fc1 sc0 ls0 ws0\">3.406.620<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y5b2a ff4 fs7 fc1 sc0 ls0 ws0\">445.445<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5b2a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5513 wa9c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. altri titoli<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfc9 y5513 wa45 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">211.194<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6ae h12 y5b2b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc5 h12 y5b2b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75d h12 y5b2b ff4 fs7 fc1 sc0 ls0 ws0\">211.194<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74e h12 y5b2b ff4 fs7 fc1 sc0 ls0 ws0\">84<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b9 h12 y5b2b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc6 h12 y5b2b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y5b2b ff4 fs7 fc1 sc0 ls0 ws0\">84<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y5515 wa9d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 strutturate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfca y5515 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6ae h12 y5b2c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc5 h12 y5b2c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x981 h12 y5b2c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x711 h12 y5b2c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b9 h12 y5b2c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc6 h12 y5b2c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5b2c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y54b0 wa9e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfcb y54b0 wa45 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">211.194<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6ae h12 y5b2d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc5 h12 y5b2d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75d h12 y5b2d ff4 fs7 fc1 sc0 ls0 ws0\">211.194<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74e h12 y5b2d ff4 fs7 fc1 sc0 ls0 ws0\">84<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b9 h12 y5b2d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc6 h12 y5b2d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y5b2d ff4 fs7 fc1 sc0 ls0 ws0\">84<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 xdc3 h12 y5b2e ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfcc h12 y5b2e ff4 fs7 fc1 sc2 ls0 ws0\">4.445.155<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc3 h12 y5b2e ff4 fs7 fc1 sc2 ls0 ws0\">4.149.806<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd84 h12 y5b2e ff4 fs7 fc1 sc2 ls0 ws0\">183.433<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75d h12 y5b2e ff4 fs7 fc1 sc2 ls0 ws0\">211.194<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x674 h12 y5b2e ff4 fs7 fc1 sc2 ls0 ws0\">4.581.635<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x695 h12 y5b2e ff4 fs7 fc1 sc2 ls0 ws0\">4.169.898<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y5b2e ff4 fs7 fc1 sc2 ls0 ws0\">445.445<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y5b2e ff4 fs7 fc1 sc2 ls0 ws0\">84<span class=\"_ _3a1\"> </span></td></tr></table>Legenda: VB= Valore di bilanc<span class=\"_ _2\"></span>io L1= Livello 1 L2= Livello 2 L3= Livello 3 Nella voce \u201caltri titoli\u201d sono classificati le operazioni di Commercial paper. A  gennaio  2024  \u00e8  stato  collocato  un  prestito  obbligazionario  nell\u2019ambito  del Green,  Social  &amp; Sustainability <span class=\"_ _0\"></span>Bonds <span class=\"_ _0\"></span>Framework <span class=\"_ _0\"></span>destinato <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>investitori <span class=\"_ _0\"></span>istituzionali <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>no<span class=\"_ _1\"></span>minali <span class=\"_ _0\"></span>500 <span class=\"_ _0\"></span>milioni <span class=\"_ _38\"></span>di euro.  In <span class=\"_ _35\"> </span>relazione  alle <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>emissione  di <span class=\"_ _35\"> </span>strumenti <span class=\"_ _35\"> </span>obbligazionari,  n<span class=\"_ _2\"></span>el  m<span class=\"_ _2\"></span>ese  di<span class=\"_ _2\"></span>  l<span class=\"_ _2\"></span>uglio <span class=\"_ _35\"> </span>2024  si <span class=\"_ _35\"> </span>\u00e8 perfezionato <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>rinnovo <span class=\"_ _0\"></span>annual<span class=\"_ _2\"></span>e <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>Programma <span class=\"_ _0\"></span>EM<span class=\"_ _2\"></span>TN. <span class=\"_ _0\"></span>L'agg<span class=\"_ _2\"></span>iornamento <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>Base <span class=\"_ _0\"></span>Prospectus <span class=\"_ _38\"></span>ha permesso  l'in<span class=\"_ _2\"></span>troduzione <span class=\"_ _35\"> </span>della  possibilit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>emettere  anche<span class=\"_ _2\"></span>  tit<span class=\"_ _2\"></span>oli  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>diritto  italiano <span class=\"_ _35\"> </span>nella <span class=\"_ _35\"> </span>forma dematerializzata e accentrata su Monte Titoli, in linea con <span class=\"_ _1\"></span>la prassi di mercato. Nell\u2019ambito <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>programma <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>Obbligazioni <span class=\"_ _38\"></span>Bancarie <span class=\"_ _0\"></span>Garantite <span class=\"_ _38\"></span>da <span class=\"_ _0\"></span>Credem <span class=\"_ _38\"></span>CB<span class=\"_ _1\"></span>, <span class=\"_ _0\"></span>il<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>ore <span class=\"_ _0\"></span>nominale<span class=\"_ _3b\"></span> delle <span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>issioni <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>circolazione <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>fine <span class=\"_ _38\"></span>dicembre <span class=\"_ _1\"></span>2024 <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>risultat<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>pari <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>2,85 <span class=\"_ _1\"></span>miliardi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>euro, <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>cui 1 miliardo di euro rappresentato da <span class=\"_ _2\"></span>un\u2019emissione retained. Nel mese di <span class=\"_ _2\"></span>gennaio 2024, in conformit\u00e0 alla  nuova  di<span class=\"_ _2\"></span>rett<span class=\"_ _1\"></span>iva  europea  recepita  in  I<span class=\"_ _2\"></span>talia  il  30  marzo  2023,  sono  sta<span class=\"_ _2\"></span>ti  emessi  due  nuovi European Covered <span class=\"_ _3b\"></span>Bond (Premiu<span class=\"_ _2\"></span>m). L<span class=\"_ _2\"></span>a prima <span class=\"_ _3b\"></span>emissione, destinata <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>l c<span class=\"_ _2\"></span>ollocamento p<span class=\"_ _2\"></span>ubblico <span class=\"_ _3b\"></span>ver<span class=\"_ _1\"></span>so investitori <span class=\"_ _38\"></span>istituzionali, <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>tata <span class=\"_ _1\"></span>emes<span class=\"_ _1\"></span>sa <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>valore <span class=\"_ _38\"></span>nominale <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>500 <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>ilioni <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>euro. <span class=\"_ _38\"></span>La <span class=\"_ _38\"></span>seconda<span class=\"_ _2\"></span> emissione, <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>tipo <span class=\"_ _1\"></span>retained, <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>raggiunto <span class=\"_ _1\"></span>un va<span class=\"_ _1\"></span>lore <span class=\"_ _1\"></span>nom<span class=\"_ _1\"></span>inale <span class=\"_ _1\"></span>di 1.000<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>milioni di <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>uro. <span class=\"_ _1\"></span>Quest\u2019ultima risulta idonea <span class=\"_ _3b\"></span>per operazioni <span class=\"_ _3b\"></span>di rifinan<span class=\"_ _2\"></span>ziamento presso <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>Centrale Europea <span class=\"_ _3b\"></span>e si <span class=\"_ _3b\"></span>presta com<span class=\"_ _3b\"></span>e attivit\u00e0 <span class=\"_ _3d\"> </span>di  livello <span class=\"_ _3d\"> </span>1  ai <span class=\"_ _3d\"> </span>fini  de<span class=\"_ _1\"></span>l  Liquidity <span class=\"_ _3d\"> </span>Coverage <span class=\"_ _3d\"> </span>Ratio  per <span class=\"_ _3d\"> </span>potenziali  contr<span class=\"_ _1\"></span>oparti  pre<span class=\"_ _1\"></span>nditrici  in operazioni di Repo. Ad <span class=\"_ _36\"> </span>agost<span class=\"_ _1\"></span>o <span class=\"_ _39\"> </span>2024, <span class=\"_ _36\"> </span>successivamente <span class=\"_ _39\"> </span>all'autorizzazione <span class=\"_ _36\"> </span>rilasciata <span class=\"_ _39\"> </span>dal <span class=\"_ _36\"> </span>Single <span class=\"_ _39\"> </span>Resolution <span class=\"_ _39\"> </span>Board, Credem  ha <span class=\"_ _35\"> </span>annunciato <span class=\"_ _35\"> </span>l\u2019intenzione  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>esercitare  l\u2019opzione <span class=\"_ _35\"> </span>volontaria  di <span class=\"_ _35\"> </span>rimborso <span class=\"_ _35\"> </span>anticipato  i<span class=\"_ _3b\"></span>n<span class=\"_ _1\"></span> relazione <span class=\"_ _1\"></span>alle pro<span class=\"_ _1\"></span>prie Obbligazioni <span class=\"_ _1\"></span>Senior <span class=\"_ _1\"></span>Non-Preferred <span class=\"_ _1\"></span>da 500 <span class=\"_ _1\"></span>milioni e<span class=\"_ _1\"></span>uro, e <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rimborsare <span class=\"_ _1\"></span>tutte le <span class=\"_ _1\"></span>proprie <span class=\"_ _1\"></span>Note <span class=\"_ _1\"></span>ancora <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>circolazione: <span class=\"_ _1\"></span>rimanevano <span class=\"_ _1\"></span>338 <span class=\"_ _1\"></span>milioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>euro, <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>guito <span class=\"_ _1\"></span>del riacquisto <span class=\"_ _1\"></span>da parte dell'Emittente d<span class=\"_ _2\"></span>i 162 <span class=\"_ _2\"></span>milioni di <span class=\"_ _2\"></span>euro, nell'ambito d<span class=\"_ _2\"></span>ell'Offerta Pub<span class=\"_ _2\"></span>blica di Acq<span class=\"_ _2\"></span>uisto conclusa n<span class=\"_ _2\"></span>el settembre 2023. Nel  mese <span class=\"_ _35\"> </span>di  Novembre <span class=\"_ _35\"> </span>2024  \u00e8<span class=\"_ _2\"></span>  stato <span class=\"_ _35\"> </span>perfezionato  il <span class=\"_ _35\"> </span>rinnovo  annu<span class=\"_ _2\"></span>ale  del  P<span class=\"_ _2\"></span>rogramma  OBG. <span class=\"_ _35\"> </span>Le modifiche al<span class=\"_ _2\"></span> Base <span class=\"_ _2\"></span>Prospectus hanno <span class=\"_ _3b\"></span>riguardato<span class=\"_ _1\"></span> princ<span class=\"_ _2\"></span>ipalmente l\u2019aggiornamento dei <span class=\"_ _3b\"></span>dati finanziari e l\u2019adeguamento normativo della documentazione d\u2019offerta alla migli<span class=\"_ _2\"></span>or prass<span class=\"_ _1\"></span>i di mercato vi<span class=\"_ _2\"></span>gente. Per <span class=\"_ _0\"></span>quanto <span class=\"_ _0\"></span>riguarda <span class=\"_ _0\"></span>l\u2019operativit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _0\"></span>monetario <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>vale<span class=\"_ _2\"></span>re <span class=\"_ _0\"></span>sul <span class=\"_ _0\"></span>Programma <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Emissione <span class=\"_ _38\"></span>di Cambia<span class=\"_ _3a1\"> </span>li F<span class=\"_ _1\"></span>inanziarie <span class=\"_ _1\"></span>di Cr<span class=\"_ _1\"></span>edito <span class=\"_ _1\"></span>Emiliano ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>corso <span class=\"_ _1\"></span>del 2024 <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no state <span class=\"_ _1\"></span>collocate <span class=\"_ _1\"></span>22 <span class=\"_ _1\"></span>emissioni, <span class=\"_ _1\"></span>per un <span class=\"_ _2\"></span>ammontare complessivo di <span class=\"_ _3b\"></span>circa 708 mil<span class=\"_ _2\"></span>ioni d<span class=\"_ _2\"></span>i euro <span class=\"_ _2\"></span>e per <span class=\"_ _3b\"></span>un valore nominale <span class=\"_ _3b\"></span>outstanding a <span class=\"_ _3b\"></span>fine dicembre 2024 di 211 milioni di euro. 1.4 Dettaglio de<span class=\"_ _1\"></span>i debiti/titoli subordinat<span class=\"_ _1\"></span>i  Gruppo Bancar<span class=\"_ _1\"></span>io Principali caratteristiche contrattuali delle passivit\u00e0 s<span class=\"_ _1\"></span>ubordinate: <span class=\"_ _3e\"> </span><span class=\"ff4\">\u201cCREDITO E<span class=\"_ _2\"></span>MILIANO 20/30 <span class=\"_ _2\"></span>SUBORDINATO <span class=\"_ _3b\"></span>3<span class=\"_ _1\"></span>,5% SU<span class=\"_ _2\"></span>B\u201d (IS<span class=\"_ _2\"></span>IN IT0005421539) <span class=\"_ _2\"></span>per 2<span class=\"_ _3b\"></span>0<span class=\"_ _1\"></span>0.000.000,00 </span>\u20ac costituito da n. 2.000.000,00 obbligazioni del valore nominale di 100<span class=\"_ _1\"></span> \u20ac cadauna. Le <span class=\"_ _36\"> </span>obbligazioni <span class=\"_ _36\"> </span>corrisponderanno <span class=\"_ _39\"> </span>cedole <span class=\"_ _36\"> </span>fisse <span class=\"_ _36\"> </span>annuali <span class=\"_ _36\"> </span>pari <span class=\"_ _36\"> </span>al <span class=\"_ _36\"> </span>3,5% <span class=\"_ _39\"> </span>annuo <span class=\"_ _36\"> </span>lordo <span class=\"_ _36\"> </span>fino <span class=\"_ _36\"> </span>al 16/12/2025 poi tasso IRS  5Y + 3,897% annuo lordo. Il <span class=\"_ _39\"> </span>prestito <span class=\"_ _39\"> </span>scade <span class=\"_ _39\"> </span>il <span class=\"_ _39\"> </span>16/12/2030 <span class=\"_ _36\"> </span>s<span class=\"_ _1\"></span>e <span class=\"_ _39\"> </span>non <span class=\"_ _39\"> </span>verr\u00e0 <span class=\"_ _36\"> </span>eser<span class=\"_ _1\"></span>citata <span class=\"_ _39\"> </span>l\u2019opzione <span class=\"_ _39\"> </span>call <span class=\"_ _36\"> </span>al <span class=\"_ _39\"> </span>1<span class=\"_ _1\"></span>6/12/2025 <span class=\"_ _39\"> </span>che significher\u00e0 il rimborso anticipato. Al <span class=\"_ _0\"></span>31/12/20<span class=\"_ _1\"></span>24 <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>antit\u00e0 <span class=\"_ _0\"></span>residua <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>isulta <span class=\"_ _0\"></span>pari <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>200.000.000,00 <span class=\"_ _0\"></span>\u20ac <span class=\"_ _0\"></span>costituita <span class=\"_ _35\"> </span>da <span class=\"_ _0\"></span>n. <span class=\"_ _0\"></span>2.000.000 obbligazioni del valore nominale di 100 \u20ac cadauna. L\u2019obbligazione \u00e8 stata interamente sottos<span class=\"_ _1\"></span>critta da Credemholding. <span class=\"_ _3e\"> </span><span class=\"ff4\">\u201cCREDITO EMILIANO 22/32 S<span class=\"_ _2\"></span>UBORDINATO 7,625 SUB\u201d (ISIN IT0005497117) per 200.000.000,00 </span>\u20ac costituito da n. 2.000.000,00 obbligazioni del valore nominale di 100<span class=\"_ _1\"></span> \u20ac cadauna. Le  o<span class=\"_ _1\"></span>bbligazioni  corrisponderanno <span class=\"_ _3d\"> </span>cedole  fisse <span class=\"_ _3d\"> </span>annuali  pari <span class=\"_ _3d\"> </span>al  7<span class=\"_ _1\"></span>,625%  annuo <span class=\"_ _3d\"> </span>lordo  fino <span class=\"_ _3d\"> </span>al 05/10/2027 poi tasso MS  5Y + 5,514% annuo lordo. Il <span class=\"_ _37\"> </span>pre<span class=\"_ _1\"></span>stito <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>cade <span class=\"_ _37\"> </span>il <span class=\"_ _36\"> </span>05/10/2032 <span class=\"_ _36\"> </span>se <span class=\"_ _36\"> </span>non <span class=\"_ _37\"> </span>verr\u00e0 <span class=\"_ _36\"> </span>esercitata <span class=\"_ _36\"> </span>l\u2019opzione <span class=\"_ _36\"> </span>call <span class=\"_ _37\"> </span>al <span class=\"_ _36\"> </span>05/07/2027 <span class=\"_ _36\"> </span>che significher\u00e0 il rimborso anticipato. Al <span class=\"_ _0\"></span>31/12/20<span class=\"_ _1\"></span>24 <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>antit\u00e0 <span class=\"_ _0\"></span>residua <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>isulta <span class=\"_ _0\"></span>pari <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>200.000.000,00 <span class=\"_ _0\"></span>\u20ac <span class=\"_ _0\"></span>costituita <span class=\"_ _35\"> </span>da <span class=\"_ _0\"></span>n. <span class=\"_ _0\"></span>2.000.000 obbligazioni del valore nominale di 100 \u20ac cadauna L\u2019obbligazione \u00e8 stata interamente sottos<span class=\"_ _1\"></span>critta da Credemholding. In <span class=\"_ _1\"></span>caso<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>iquidazione <span class=\"_ _38\"></span>tutte <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>obbligazioni <span class=\"_ _38\"></span>subordinate <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>aranno <span class=\"_ _38\"></span>rimborsate <span class=\"_ _38\"></span>solo <span class=\"_ _38\"></span>dopo <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>siano stati soddisfatti tutti gli altri creditori non ugualmente subordinati. Le obbligazioni non sono coperte dalla garanzia del <span class=\"_ _1\"></span>Fondo Interbancario di Tutela dei Depositi. Imprese di ass<span class=\"_ _1\"></span>icurazione<span class=\"_ _3a1\"> </span>O<span class=\"_ _3a1\"> </span>bb<span class=\"_ _3a1\"> </span>li<span class=\"_ _3a1\"> </span>ga<span class=\"_ _3a1\"> </span>zione <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>convertibile, <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>fisso, <span class=\"_ _0\"></span>emissione <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>98,330% <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>data <span class=\"_ _0\"></span>18 <span class=\"_ _0\"></span>novembre <span class=\"_ _0\"></span>2020 <span class=\"_ _38\"></span>e denominato <span class=\"_ _35\"> </span>\u201cCredemvita  s.p.a.\u201d, <span class=\"_ _35\"> </span>codice  I<span class=\"_ _2\"></span>SIN <span class=\"_ _35\"> </span>XS2253071216  in <span class=\"_ _35\"> </span>valu<span class=\"_ _2\"></span>ta  euro. <span class=\"_ _35\"> </span>Il <span class=\"_ _35\"> </span>titolo  p<span class=\"_ _2\"></span>resenta  l<span class=\"_ _3b\"></span>e seguenti caratteristiche: <span class=\"_ _3e\"> </span><span class=\"ff4\">Valore nominale: 107.500.000 di euro; </span><span class=\"_ _3e\"> </span><span class=\"ff4\">Scadenza: 18/02/2031; </span><span class=\"_ _3e\"> </span><span class=\"ff4\">Cedola: Tasso<span class=\"_ _1\"></span> fisso <span class=\"_ _1\"></span>annuale, fissato<span class=\"_ _1\"></span> al mo<span class=\"_ _1\"></span>mento dell\u2019emissione <span class=\"_ _1\"></span>pari al <span class=\"_ _1\"></span>3,5% per<span class=\"_ _1\"></span> i <span class=\"_ _1\"></span>primi 5 <span class=\"_ _1\"></span>anni. </span>Il  tasso  di  interesse  viene <span class=\"_ _35\"> </span>rivisto  al  termine  del  quinto  anno, <span class=\"_ _35\"> </span>se<span class=\"_ _1\"></span>nza  applicazi<span class=\"_ _2\"></span>one  di  alcun meccanismo di step-up; <span class=\"_ _3e\"> </span><span class=\"ff4\">Rating: BBB- by Fitch. </span>Il rimborso del P<span class=\"_ _1\"></span>restito potr\u00e0 avvenire <span class=\"_ _1\"></span>- oltre che <span class=\"_ _1\"></span>alla scadenza naturale - alla scadenza del quint<span class=\"_ _1\"></span>o anno, ovvero <span class=\"_ _1\"></span>al verificars<span class=\"_ _1\"></span>i di un \"Regulatory <span class=\"_ _1\"></span>Event\" (ossia <span class=\"_ _1\"></span>nell'ipotesi in cui <span class=\"_ _1\"></span>i titoli <span class=\"_ _1\"></span>non avessero <span class=\"_ _1\"></span>pi\u00f9 le <span class=\"_ _38\"></span>caratteristiche <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ammissibilit\u00e0 <span class=\"_ _38\"></span>- <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>computabilit\u00e0 <span class=\"_ _1\"></span>\u2013<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>ad <span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sere <span class=\"_ _38\"></span>inclusi <span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>lementi <span class=\"_ _1\"></span>dei fondi propri di<span class=\"_ _2\"></span> base di<span class=\"_ _2\"></span> livello 2<span class=\"_ _3b\"></span> della Compagnia, ov<span class=\"_ _2\"></span>vero, conformemente alla <span class=\"_ _2\"></span>prassi di<span class=\"_ _2\"></span> mercato, n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>l caso <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>cui<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>Compagnia <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>fos<span class=\"_ _1\"></span>se <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>oggettata <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>sup<span class=\"_ _2\"></span>ervisione <span class=\"_ _35\"> </span>dell'IVAS<span class=\"_ _2\"></span>S) <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>\"Tax<span class=\"_ _3a1\"> </span>Event\" <span class=\"_ _0\"></span>(ossia <span class=\"_ _0\"></span>qualora, <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>causa <span class=\"_ _0\"></span>dell'introduzione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>nuove <span class=\"_ _0\"></span>norme <span class=\"_ _0\"></span>fiscali, <span class=\"_ _0\"></span>ovvero <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>modifica <span class=\"_ _0\"></span>di quelle <span class=\"_ _38\"></span>esistent<span class=\"_ _1\"></span>i, <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>Compagnia <span class=\"_ _38\"></span>fo<span class=\"_ _1\"></span>sse <span class=\"_ _38\"></span>assoggettat<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>pagamento <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>ul<span class=\"_ _2\"></span>terior<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>imposte <span class=\"_ _38\"></span>sul <span class=\"_ _0\"></span>Prestito ovvero non fosse pi\u00f9 in condizioni di dedurre gli intere<span class=\"_ _1\"></span>ssi pagati sul Prestito). 1.5 Dettaglio dei <span class=\"_ _1\"></span>debiti strutt<span class=\"_ _1\"></span>urati Non esistono, alla d<span class=\"_ _2\"></span>ata del bilancio,<span class=\"_ _2\"></span> n\u00e9 al 31 di<span class=\"_ _2\"></span>cembre 20<span class=\"_ _3a1\"> </span>23, debiti<span class=\"_ _2\"></span> strutturati verso banche <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> verso clientela.<span class=\"_ _3a1\"> </span>1.6 Debiti per <span class=\"_ _1\"></span>leasing  Alla <span class=\"_ _1\"></span>d<span class=\"_ _3a1\"> </span>ata <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>1 <span class=\"_ _1\"></span>dicembre <span class=\"_ _1\"></span>2024 <span class=\"_ _38\"></span>sono <span class=\"_ _1\"></span>presenti <span class=\"_ _1\"></span>debiti <span class=\"_ _1\"></span>per<span class=\"fc14\"> <span class=\"_ _38\"></span></span>leasing <span class=\"_ _1\"></span>IFRS16 <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>131,6 <span class=\"_ _1\"></span>milioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>uro. <span class=\"_ _1\"></span>Si allegano i flussi finanziari per i leasing con l'analisi delle s<span class=\"_ _1\"></span>cadenze: <table class=\"s wa9f h23d\" id=\"_1f441055-92e5-4434-a4f9-a20b6c9652f5\"><tr><td class=\"c n x2d7 y5b2f waa0 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Fino a 1 mese<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfce y5b2f waa1 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">5.627<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b30 waa2 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Oltre 1 mese e fino a 3<span class=\"_ _2\"></span> mesi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfcf y5b30 waa3 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">404<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b31 waa4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Oltre 3 mesi fino a 1 <span class=\"_ _2\"></span>anno<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfd0 y5b31 waa5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">16.043<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b32 waa6 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Oltre 1 anno fino a 5 a<span class=\"_ _2\"></span>nni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfd1 y5b32 waa7 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">67.727<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c xfd2 y5b33 w1a9 h11\"><div class=\"t m2 x0 h12 y3d4 ff4 fs7 fc1 sc0 ls0 ws0\">Oltre 5 anni<span class=\"_ _3a1\"> </span></div></td><td class=\"c xfd3 y5b33 wbf h11\"><div class=\"t m2 x0 h12 y3d4 ff4 fs7 fc1 sc0 ls0 ws0\">41.780<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y539f w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfd4 y539f w6e5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">131.567<span class=\"_ _3a1\"> </span></div></td></tr></table>Titoli in circola<span class=\"_ _1\"></span>zione oggetto di coper<span class=\"_ _1\"></span>tura specifica  Si <span class=\"_ _38\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>dottata <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>metodologia <span class=\"_ _38\"></span>contabile <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>Micro <span class=\"_ _0\"></span>F<span class=\"_ _2\"></span>air <span class=\"_ _0\"></span>Valu<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>H<span class=\"_ _2\"></span>edge <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>cope<span class=\"_ _2\"></span>rtura <span class=\"_ _0\"></span>del <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span> tasso <span class=\"_ _0\"></span>associato <span class=\"_ _0\"></span>all\u2019emissione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>prestiti <span class=\"_ _0\"></span>obbligazionari <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>fisso <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>ammontare <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>circa 2.050 milioni di euro.<span class=\"_ _3a1\"> </span><div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gsdf8\">Sezione 2 \u2013 Passivit\u00e0 finanziarie di negoziazione \u2013 Voce 20 </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsdf9\">2.1 Passivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie di negoziaz<span class=\"_ _1\"></span>ione: composizione me<span class=\"_ _1\"></span>rceologica </div><div class=\"gsdfa\"><table class=\"s w684 h23e\" id=\"_d259a1e0-4d45-4832-ab9d-6542f41c5faa\"><tr><td></td><td></td><td></td><td></td><td class=\"c n xfd5 y5b34 w6c5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n xfd6 y5b34 wa5d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c n xfd7 y5b35 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n xfd8 y5b35 w65e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td class=\"t m2 xfd9 h12 y5b36 ff4 fs7 fc4 sc3 ls0 ws0\">Tipologia operazioni/Valori </td><td class=\"t m2 xfda h12 y5b37 ff4 fs7 fc4 sc3 ls0 ws0\">VN </td><td></td><td></td><td class=\"t m2 x6a5 h12 y5b38 ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value </td><td></td><td class=\"t m2 x6af h12 y5b39 ff4 fs7 fc4 sc3 ls0 ws0\">Fair </td><td class=\"t m2 x699 h12 y5b37 ff4 fs7 fc4 sc3 ls0 ws0\">VN </td><td></td><td></td><td class=\"t m2 x749 h12 y5b38 ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value </td><td></td><td class=\"t m2 x75a h12 y5b39 ff4 fs7 fc4 sc3 ls0 ws0\">Fair </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x6cf h12 y5b3a ff4 fs7 fc4 sc3 ls0 ws0\">Value * </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x6f6 h12 y5b3a ff4 fs7 fc4 sc3 ls0 ws0\">Value * </td></tr><tr><td></td><td></td><td></td><td class=\"c n xfdb y5b3b w65f h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfdc y5b3b w660 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfdd y5b3b w6c7 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xfde y5b3b w65f h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfdf y5b3b w688 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfe0 y5b3b waa8 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x677 h12 y5b3c ff4 fs7 fc1 sc2 ls0 ws0\">A. Passivit\u00e0 per cassa </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 class=\"c n x70c y5b3d waa9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Debiti verso banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe1 y5b3d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xfe2 h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5b3f waaa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Debiti verso clientela<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe3 y5b3f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xfe2 h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5b41 waab h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe4 y5b41 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xfe2 h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">- </td></tr><tr><td class=\"c n xdcf y5b43 waac h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Obbligazioni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe5 y5b43 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xfe2 h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">- </td></tr><tr><td class=\"c n xfe6 y5b45 waad h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1.1 Strutturate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe7 y5b45 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b45 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe9 y5b45 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a5 h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"t m2 xfea h12 y5b47 ff4 fs7 fc1 sc0 ls0 ws0\">3.1.2 Altre </td><td></td><td class=\"t m2 x99d h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71a h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b49 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe9 y5b49 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a5 h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"t m2 xfea h12 y5b4a ff4 fs7 fc1 sc0 ls0 ws0\">obbligazioni  </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 class=\"c n xdcf y5b4b waae h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Altri titoli<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfeb y5b4b w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xfe2 h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">- </td></tr><tr><td class=\"c n xfe6 y5b4d waaf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2.1 Strutturati<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfec y5b4d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b4d w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe9 y5b4d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a5 h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c n xfe6 y5b4f wab0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2.2 Altri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfed y5b4f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b4f w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe9 y5b4f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a5 h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"t m2 x90e h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x99d h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71a h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xfe2 h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-</td></tr><tr><td class=\"t m2 x677 h12 y5b52 ff4 fs7 fc1 sc2 ls0 ws0\"> B. Strumenti derivati </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 class=\"c n x70c y5b53 wab1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Derivati finanziari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfee y5b53 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfef y5b53 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x7ae h12 y5b54 ff4 fs7 fc1 sc0 ls0 ws0\">14.463<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b54 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b54 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xff0 y5b53 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff1 y5b53 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 xff2 h12 y5b54 ff4 fs7 fc1 sc0 ls0 ws0\">27.211<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b54 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b54 ff4 fs7 fc1 sc0 ls0 ws0\">- </td></tr><tr><td class=\"c n xdcf y5b55 wab2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Di negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff3 y5b55 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff4 y5b55 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x7ae h12 y5b56 ff4 fs7 fc1 sc0 ls0 ws0\">14.463<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b56 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b55 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5b55 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5b55 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 xff2 h12 y5b56 ff4 fs7 fc1 sc0 ls0 ws0\">27.211<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b56 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b56 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c xdcf y5b57 wab3 h1e7\"><div class=\"t m2 x2b3 h12 y543a ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Connessi con la fai<span class=\"_ _2\"></span>r<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">value option<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff7 y5b58 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff8 y5b58 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90a h12 y5b59 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b59 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b58 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5b58 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5b58 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y5b59 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b59 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b59 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c n xdcf y5b5a wab4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff9 y5b5a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xffa y5b5a w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90a h12 y5b5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b5a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5b5a w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5b5a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y5b5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b5b ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c n x70c y5b5c wab5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Derivati creditiz<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xffb y5b5c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xffc y5b5c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90a h12 y5b5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xff0 y5b5c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff1 y5b5c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y5b5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b5d ff4 fs7 fc1 sc0 ls0 ws0\">- </td></tr><tr><td class=\"c n xdcf y5b5e wab6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Di negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xffd y5b5e wab7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xffe y5b5e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90a h12 y5b5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b5e w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5b5e w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5b5e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y5b5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b5f ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c xdcf y5a36 wab8 h225\"><div class=\"t m2 x2b3 h12 y5929 ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Connessi con la f<span class=\"_ _2\"></span>air<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">value option<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff7 y5b60 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff8 y5b60 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90a h12 y5b61 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b61 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b60 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5b60 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5b60 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y5b61 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b61 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b61 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c n xdcf y5515 wab9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfff y5515 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1000 y5515 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90a h12 y5b62 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b62 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5515 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5515 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5515 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y5b62 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b62 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b62 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"t m2 x1001 h12 y5b63 ff4 fs7 fc1 sc2 ls0 ws0\">Totale B<span class=\"_ _3a1\"> </span></td><td class=\"c n xff7 y5600 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff8 y5600 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-</div></td><td class=\"t m2 x7ae h12 y5b63 ff4 fs7 fc1 sc2 ls0 ws0\">14.463<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b63 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5600 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5600 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5600 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-</div></td><td class=\"t m2 x1002 h12 y5b63 ff4 fs7 fc1 sc2 ls0 ws0\">27.211<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b63 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b63 ff4 fs7 fc1 sc2 ls0 ws0\">X </td></tr><tr><td class=\"t m2 x1003 h12 y5b64 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B)<span class=\"_ _3a1\"> </span></td><td class=\"c n xff7 y54f9 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff8 y54f9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-</div></td><td class=\"t m2 x7ae h12 y5b64 ff4 fs7 fc1 sc2 ls0 ws0\">14.463<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b64 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y54f9 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y54f9 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y54f9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-</div></td><td class=\"t m2 x1002 h12 y5b64 ff4 fs7 fc1 sc2 ls0 ws0\">27.211<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b64 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b64 ff4 fs7 fc1 sc2 ls0 ws0\">X </td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsdfb\">Legenda: </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gsdfc\">VN = valore nominale <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> nozionale  </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gsdfd\">L1 = Livello 1  </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gsdfe\">L2 = Livello 2  </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gsdff\">L3 = Livello 3  </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gse00\">Fair value*=Fair value calcolato esclude<span class=\"_ _2\"></span>ndo le variazioni di valore dovute al cambiamento del merito creditizio </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gse01\">dell'emittente rispe<span class=\"_ _2\"></span>tto alla data di emiss<span class=\"_ _2\"></span>ione. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gse02\">2.2 De<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gse03\">ttaglio delle \u201cP<span class=\"_ _1\"></span>assivit\u00e0 finanziarie<span class=\"_ _1\"></span> di negoziazione\u201d: pass<span class=\"_ _1\"></span>ivit\u00e0 subordinate  </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-885": {
   "value": "Sezione <span class=\"_ _1\"></span>2 \u2013 At<span class=\"_ _1\"></span>tivit\u00e0 finanz<span class=\"_ _1\"></span>iarie valut<span class=\"_ _1\"></span>ate al fair <span class=\"_ _1\"></span>value con<span class=\"_ _1\"></span> impatto<span class=\"_ _1\"></span> a cont<span class=\"_ _1\"></span>o economico<span class=\"_ _1\"></span> \u2013 Vo<span class=\"_ _1\"></span>ce 20  2.1 Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie detenute per <span class=\"_ _1\"></span>la negoziazione: compos<span class=\"_ _1\"></span>izione merceologica <table class=\"s w694 h1f4\" id=\"_b7ac081b-d691-4c36-98de-7b8a6733abba\"><tr><td></td><td></td><td class=\"c n x6fe y5519 w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x6ff y5519 w696 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x700 h12 y551a ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Valori </td><td></td><td class=\"c n x701 y551b w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x702 y551b w68d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n x703 y551c w65f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x704 y551c w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x705 y551c w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x706 y551c w697 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x707 y551c w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x708 y551c w698 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L<span class=\"_ _2\"></span>3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y551d ff4 fs7 fc1 sc2 ls0 ws0\">A. Attivit\u00e0 per cassa </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y551e w699 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x709 y551e w5b4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">19.098<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x70a h12 y551f ff4 fs7 fc1 sc0 ls0 ws0\">46<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y551f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y551f ff4 fs7 fc1 sc0 ls0 ws0\">25.950<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70b h12 y551f ff4 fs7 fc1 sc0 ls0 ws0\">23<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y551f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5520 w69a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli strutturati<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x70d y5520 w53a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">909<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x70e h12 y5521 ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5521 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70f h12 y5521 ff4 fs7 fc1 sc0 ls0 ws0\">4.813<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70b h12 y5521 ff4 fs7 fc1 sc0 ls0 ws0\">23<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5521 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5522 w69b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Altri titoli di debit<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x710 y5522 w69c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18.189<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x70a h12 y5523 ff4 fs7 fc1 sc0 ls0 ws0\">42<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5523 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x711 h12 y5523 ff4 fs7 fc1 sc0 ls0 ws0\">21.137<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5523 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5523 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5524 w69d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capitale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x713 y5524 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5525 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5525 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5525 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5525 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5525 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5526 w69e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Quote di O.I.C.R.<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x715 y5526 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5527 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a0 h12 y5527 ff4 fs7 fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f2 h12 y5527 ff4 fs7 fc1 sc0 ls0 ws0\">3.025<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5527 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y5527 ff4 fs7 fc1 sc0 ls0 ws0\">22<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5528 w69f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x716 y5528 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5529 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5529 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5529 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5529 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5529 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y552a w6a0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.1 Pronti contro term<span class=\"_ _2\"></span>ine<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x717 y552a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y552b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y552b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y552b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y552b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y552b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y552c w6a1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.2 Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x718 y552c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y552d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y552d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y552d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y552d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y552d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x719 h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71a h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">19.098<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70a h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">46<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a0 h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">24<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">28.975<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70b h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">23<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">22<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y552f ff4 fs7 fc1 sc2 ls0 ws0\">B. Strumenti derivati </td><td class=\"t m2 x71b h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5531 w6a2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Derivati finanziari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x71c y5531 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71d h12 y5532 ff4 fs7 fc1 sc0 ls0 ws0\">14.992<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5532 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5532 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y5532 ff4 fs7 fc1 sc0 ls0 ws0\">32.020<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5532 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5533 w6a3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1 di negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x71e y5533 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71d h12 y5534 ff4 fs7 fc1 sc0 ls0 ws0\">14.992<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5534 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5534 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y5534 ff4 fs7 fc1 sc0 ls0 ws0\">32.020<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5534 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5485 w6a4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 connessi con la <span class=\"_ _2\"></span>fair value option<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x71f y5485 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5535 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5535 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5535 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5535 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5535 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5486 w6a5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.3 altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x720 y5486 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5536 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5536 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5536 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5536 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5536 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5537 w6a6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Derivati creditiz<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x721 y5537 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5538 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5538 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5538 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5538 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5538 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5539 w6a7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 di negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x720 y5539 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5513 w6a8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 connessi con la <span class=\"_ _2\"></span>fair value option<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x722 y5513 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y553b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y553b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y553b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y553b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y553b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5515 w6a9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x723 y5515 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y553c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y553c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y553c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y553c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y553c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x719 h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">Totale (B)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71b h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71d h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">14.992<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">32.020<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x724 h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B) </td><td class=\"t m2 x71a h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">19.098<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71d h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">15.038<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a0 h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">24<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">28.975<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">32.043<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">22<span class=\"_ _3a1\"> </span></td></tr></table>Legenda: L1= Livello 1 L2= Livello 2 L3= Livello 3 Si segnala la compo<span class=\"_ _2\"></span>sizione della voc<span class=\"_ _2\"></span>e 3 \u201cQuote O.I.C.R\u201d:<span class=\"_ _3a1\"> </span><table class=\"s w6aa h1f5\" id=\"_d44a2f2b-600c-483a-be3e-9ccccdc039b0\"><tr><td></td><td></td><td class=\"c n x726 y553f w696 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x727 y553f w6ab h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">T<span class=\"_ _1\"></span>otale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c n x728 y5540 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x729 y5540 w68d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x2d7 y5541 w6ac h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Azionari<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x72a y5541 w6ad h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x72b h12 y5542 ff4 fs7 fc1 sc0 ls0 ws0\">3.047<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x72c h12 y5543 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x72d h12 y5543 ff4 fs7 fc1 sc2 ls0 ws0\">24<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x72b h12 y5543 ff4 fs7 fc1 sc2 ls0 ws0\">3.047<span class=\"_ _3a1\"> </span></td></tr></table>2.2 Attivit\u00e0 fina<span class=\"_ _1\"></span>nziarie detenute per la ne<span class=\"_ _1\"></span>goziazione: composizione <span class=\"_ _1\"></span>per debitori/emittent<span class=\"_ _1\"></span>i/controparti <table class=\"s w6ae h1f6\" id=\"_1dccab64-0579-4638-8c77-dbf4c2cfe2ca\"><tr><td></td><td class=\"t m2 x72e h12 y5544 ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Valori </td><td class=\"c n x72f y5545 w696 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x730 y5545 w6af h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">T<span class=\"_ _1\"></span>otale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x731 y5546 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x732 y5546 w68d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y5547 ff4 fs7 fc1 sc2 ls0 ws0\">A. Attivit\u00e0 per cassa </td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5548 w699 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x733 y5548 w6b0 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">19.144<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x676 h12 y5549 ff4 fs7 fc1 sc0 ls0 ws0\">25.974<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y554a w6b1 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche Centrali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y554a w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y554b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y554c w6b2 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazioni pubb<span class=\"_ _3b\"></span>li<span class=\"_ _1\"></span>che<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x736 y554c w6b3 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">15.641<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67a h12 y554d ff4 fs7 fc1 sc0 ls0 ws0\">24.107<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y554e w6b4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x737 y554e w6b5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2.205<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x738 h12 y554f ff4 fs7 fc1 sc0 ls0 ws0\">1.323<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5550 w6b6 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x739 y5550 w6b7 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">379<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e8 h12 y5551 ff4 fs7 fc1 sc0 ls0 ws0\">229<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5552 w6b8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese di assicu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73b y5552 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5553 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5554 w6b9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73c y5554 w6ba h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">919<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x73d h12 y5555 ff4 fs7 fc1 sc0 ls0 ws0\">317<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5556 w69d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capitale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73e y5556 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5557 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y551e w6bb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y551e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5558 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5520 w6b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre societ\u00e0 finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y5520 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5559 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y555a w6bc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui:  imprese di assicu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73f y555a w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y555b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5524 w6bd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Societ\u00e0 non finanz<span class=\"_ _2\"></span>iarie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x740 y5524 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y555c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5526 w6be h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altri emittenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y5526 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y555d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5528 w6bf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Quote di OICR<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x741 y5528 w6c0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e5 h12 y555e ff4 fs7 fc1 sc0 ls0 ws0\">3.047<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y552a w69f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73e y552a w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y555f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y552c w6b1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche Centrali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y552c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5560 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5561 w6b2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazioni pubb<span class=\"_ _3b\"></span>li<span class=\"_ _1\"></span>che<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x742 y5561 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5562 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5482 w6b4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x743 y5482 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5563 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5531 w6b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y5531 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5564 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5533 w6b8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese di assicu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73b y5533 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5565 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5566 w6b9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x744 y5566 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5567 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5486 w6c1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">f) Famiglie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x745 y5486 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5568 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x682 h12 y5569 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x746 h12 y5569 ff4 fs7 fc1 sc2 ls0 ws0\">19.167<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y5569 ff4 fs7 fc1 sc2 ls0 ws0\">29.022<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y556a ff4 fs7 fc1 sc2 ls0 ws0\">B. Strumenti derivati </td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y556b w6c2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Controparti Central<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x747 y556b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y556c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5515 w6c3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x748 y5515 w6c4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.992<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y556d ff4 fs7 fc1 sc0 ls0 ws0\">32.020<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x682 h12 y556e ff4 fs7 fc1 sc2 ls0 ws0\">Totale (B)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x749 h12 y556e ff4 fs7 fc1 sc2 ls0 ws0\">14.992<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y556e ff4 fs7 fc1 sc2 ls0 ws0\">32.020<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x6cf h12 y556f ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B) </td><td class=\"t m2 x749 h12 y556f ff4 fs7 fc1 sc2 ls0 ws0\">34.160<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y556f ff4 fs7 fc1 sc2 ls0 ws0\">61.042<span class=\"_ _3a1\"> </span></td></tr></table>In <span class=\"_ _0\"></span>confor<span class=\"_ _1\"></span>mit\u00e0 <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>quanto <span class=\"_ _35\"> </span>disposto <span class=\"_ _0\"></span>dal <span class=\"_ _35\"> </span>princi<span class=\"_ _2\"></span>pio <span class=\"_ _0\"> </span>cont<span class=\"_ _1\"></span>abile <span class=\"_ _35\"> </span>IFRS<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>7 <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>tenuto <span class=\"_ _0\"></span>conto <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>indicazioni contenute <span class=\"_ _3d\"> </span>nella  Com<span class=\"_ _1\"></span>unicazione  CONSOB<span class=\"_ _1\"></span>  n. <span class=\"_ _3d\"> </span>DEM/11070007 <span class=\"_ _3d\"> </span>del  5<span class=\"_ _1\"></span>  agosto <span class=\"_ _3d\"> </span>2011 <span class=\"_ _3d\"> </span>(che  r<span class=\"_ _1\"></span>iprende  il documento <span class=\"_ _3b\"></span>ESMA <span class=\"_ _3b\"></span>N<span class=\"_ _1\"></span>. <span class=\"_ _3b\"></span>2011/266 <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>28 <span class=\"_ _3b\"></span>luglio <span class=\"_ _3b\"></span>2011) <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>mate<span class=\"_ _1\"></span>ria di <span class=\"_ _3b\"></span>informazioni <span class=\"_ _3b\"></span>da rendere <span class=\"_ _3b\"></span>nelle <span class=\"_ _3b\"></span>relazioni finanziarie <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>merito <span class=\"_ _3d\"> </span>al <span class=\"_ _37\"> </span>\u201cdebito <span class=\"_ _3d\"> </span>Sovrano\u201d, <span class=\"_ _3d\"> </span>si <span class=\"_ _37\"> </span>precisa <span class=\"_ _3d\"> </span>che <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>31 <span class=\"_ _3d\"> </span>dicembre <span class=\"_ _3d\"> </span>2024 <span class=\"_ _3d\"> </span>sono <span class=\"_ _37\"> </span>presenti<span class=\"_ _2\"></span> esposizioni <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>governativi <span class=\"_ _1\"></span>verso <span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>Stato <span class=\"_ _1\"></span>Italia <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>8,2 <span class=\"_ _1\"></span>milioni <span class=\"_ _1\"></span>di e<span class=\"_ _1\"></span>uro, <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>circa <span class=\"_ _1\"></span>7,4 <span class=\"_ _1\"></span>milioni di euro <span class=\"_ _38\"></span>verso <span class=\"_ _38\"></span>altri <span class=\"_ _38\"></span>paesi. <span class=\"_ _1\"></span>Le <span class=\"_ _38\"></span>posizioni, <span class=\"_ _1\"></span>clas<span class=\"_ _1\"></span>sificate <span class=\"_ _38\"></span>contabilmente <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>trading, <span class=\"_ _1\"></span>hanno <span class=\"_ _38\"></span>come<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>oggetto <span class=\"_ _1\"></span>la negoziazione verso la clientela istituzionale. Si rimanda all<span class=\"_ _2\"></span>a sezione 3<span class=\"_ _2\"></span> della pr<span class=\"_ _2\"></span>esente nota per<span class=\"_ _2\"></span> i <span class=\"_ _2\"></span>titoli detenuti n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>l portafoglio <span class=\"_ _3b\"></span>\u201c<span class=\"_ _1\"></span>Attivit\u00e0 finanziarie<span class=\"_ _2\"></span> valutate al fair value con impatto sulla re<span class=\"_ _1\"></span>dditivit\u00e0 complessiva\u201d.<span class=\"_ _3a1\"> </span>2.5 Altre attivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie obbligator<span class=\"_ _1\"></span>iamente valutate al fair<span class=\"_ _1\"></span> value: composizione m<span class=\"_ _1\"></span>erceologica<span class=\"_ _3a1\"> </span> <table class=\"s w684 h1f7\" id=\"_300a5f3d-3eee-401d-9095-8ce6b8c23800\"><tr><td></td><td></td><td></td><td class=\"c n x6fe y5570 w6c5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x6ff y5570 w6c6 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x700 h12 y5571 ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Valori<span class=\"_ _3a1\"> </span> </td><td></td><td></td><td class=\"c n x701 y5572 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x702 y5572 w65e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c n x703 y5573 w65f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x704 y5573 w660 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x705 y5573 w6c7 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x706 y5573 w65f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x74a y5573 w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x74b y5573 w663 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L<span class=\"_ _2\"></span>3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5574 w6c8 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x74c y5574 w6c9 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">611.223<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6a7 h12 y5575 ff4 fs7 fc1 sc2 ls0 ws0\">4.518<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74d h12 y5575 ff4 fs7 fc1 sc2 ls0 ws0\">10<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74e h12 y5575 ff4 fs7 fc1 sc2 ls0 ws0\">460.212<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74f h12 y5575 ff4 fs7 fc1 sc2 ls0 ws0\">4.449<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x750 h12 y5575 ff4 fs7 fc1 sc2 ls0 ws0\">10<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5576 w6ca h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli strutturati<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x751 y5576 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5577 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5577 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5577 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5577 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5577 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5578 w6cc h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Altri titoli di debit<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x752 y5578 w6cd h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">611.223<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6a7 h12 y5579 ff4 fs7 fc1 sc0 ls0 ws0\">4.518<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74d h12 y5579 ff4 fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74e h12 y5579 ff4 fs7 fc1 sc0 ls0 ws0\">460.212<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74f h12 y5579 ff4 fs7 fc1 sc0 ls0 ws0\">4.449<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x750 h12 y5579 ff4 fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y557a w69d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">2. Titoli di capitale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x753 y557a w6ce h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">214.317<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y557b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y557b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x754 h12 y557b ff4 fs7 fc1 sc2 ls0 ws0\">177.801<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x755 h12 y557b ff4 fs7 fc1 sc2 ls0 ws0\">1.705<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y557b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y557c w6cf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">3. Quote di O.I.C.R.<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x756 y557c w6d0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4.524.297<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x757 h12 y557d ff4 fs7 fc1 sc2 ls0 ws0\">32.962<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x758 h12 y557d ff4 fs7 fc1 sc2 ls0 ws0\">251.323<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x759 h12 y557d ff4 fs7 fc1 sc2 ls0 ws0\">3.946.416<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y557d ff4 fs7 fc1 sc2 ls0 ws0\">46.650<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y557d ff4 fs7 fc1 sc2 ls0 ws0\">251.480<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y557e w6d1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x716 y557e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y557f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e7 h12 y557f ff4 fs7 fc1 sc2 ls0 ws0\">33.655<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y557f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y557f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y557f ff4 fs7 fc1 sc2 ls0 ws0\">31.621<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5580 w6d2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.1 Pronti contro term<span class=\"_ _2\"></span>ine<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x717 y5580 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5581 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5581 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5581 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5581 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5581 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5582 w6d3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.2 Altri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x718 y5582 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5583 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e7 h12 y5583 ff4 fs7 fc1 sc0 ls0 ws0\">33.655<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5583 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5583 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5583 ff4 fs7 fc1 sc0 ls0 ws0\">31.621<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x75b h12 y5584 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span> </td><td class=\"t m2 x75c h12 y5584 ff4 fs7 fc1 sc2 ls0 ws0\">5.349.837<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x757 h12 y5584 ff4 fs7 fc1 sc2 ls0 ws0\">37.480<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75d h12 y5584 ff4 fs7 fc1 sc2 ls0 ws0\">284.988<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75e h12 y5584 ff4 fs7 fc1 sc2 ls0 ws0\">4.584.429<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y5584 ff4 fs7 fc1 sc2 ls0 ws0\">52.804<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y5584 ff4 fs7 fc1 sc2 ls0 ws0\">283.111<span class=\"_ _3a1\"> </span></td></tr></table>Legenda:<span class=\"_ _3a1\"> </span> L1= Livello 1<span class=\"_ _3a1\"> </span> L2= Livello 2<span class=\"_ _3a1\"> </span> L3= Livello 3<span class=\"_ _3a1\"> </span> Si segnala la composizione della voce 3 \u201cQuote <span class=\"_ _1\"></span>O.I.C.R\u201d: <table class=\"s w6d4 h1f8\" id=\"_63166918-92ee-492f-9fc0-13253075d7d4\"><tr><td></td><td></td><td class=\"c n x75f y5585 w6c6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x760 y5585 w695 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x761 y5586 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x762 y5586 w65e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5587 w6d5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Fondi chiusi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x763 y5587 w6d6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13.166<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x764 h12 y5588 ff4 fs7 fc1 sc0 ls0 ws0\">10.535<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x765 h12 y5589 ff4 fs7 fc1 sc0 ls0 ws0\">Azionari </td><td></td><td class=\"t m2 x766 h12 y558a ff4 fs7 fc1 sc0 ls0 ws0\">1.264.077<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x767 h12 y558a ff4 fs7 fc1 sc0 ls0 ws0\">1.574.896<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y558b w6d7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Immobiliari<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x768 y558b w6d8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.589<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x769 h12 y558c ff4 fs7 fc1 sc0 ls0 ws0\">1.201<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y558d w6d9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Monetari<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x76a y558d w6da h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">207.396<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x76b h12 y558e ff4 fs7 fc1 sc0 ls0 ws0\">220.522<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y558f w6db h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Obbligazionari<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x76c y558f w6dc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.297.052<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x767 h12 y5590 ff4 fs7 fc1 sc0 ls0 ws0\">1.860.232<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5591 w6dd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Bilanciati<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x76d y5591 w6de h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">77.113<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x76e h12 y5592 ff4 fs7 fc1 sc0 ls0 ws0\">75.245<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5593 w6df h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Flessibili<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x76f y5593 w6e0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">458.964<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x770 h12 y5594 ff4 fs7 fc1 sc0 ls0 ws0\">501.616<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5595 w6e1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Altri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x771 y5595 w6e2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.489.225<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x772 h12 y5596 ff4 fs7 fc1 sc0 ls0 ws0\">299<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x773 h12 y5597 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x774 h12 y5597 ff4 fs7 fc1 sc2 ls0 ws0\">4.808.582<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x775 h12 y5597 ff4 fs7 fc1 sc2 ls0 ws0\">4.244.546<span class=\"_ _3a1\"> </span></td></tr></table><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsa65\">4.1 Attivit\u00e0 finan<span class=\"_ _1\"></span>ziarie valutate al cost<span class=\"_ _1\"></span>o ammortizzato: composizione<span class=\"_ _1\"></span> merceologica dei cre<span class=\"_ _1\"></span>diti verso banche<span class=\"_ _3a1\"> </span></div><div class=\"gsa66\"><table class=\"s w711 h1fd\" id=\"_ac0b016b-5f3f-4cb0-b246-c4ba7f0ef246\"><tr><td></td><td></td><td></td><td class=\"t m2 x7bc h19 y5601 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x7bd h19 y5601 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x7be h19 y5602 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x7bf h19 y5602 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x7c0 h19 y5603 ff4 fsb fc4 sc3 ls0 ws0\">Tipologi<span class=\"_ _1\"></span>a </td><td></td><td></td><td class=\"t m2 x7c1 h19 y5604 ff4 fsb fc4 sc3 ls0 ws0\">Valore<span class=\"_ _1\"></span> di bilancio<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7c2 h19 y5604 ff4 fsb fc4 sc3 ls0 ws0\">Fair val<span class=\"_ _1\"></span>ue<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x7c3 h19 y5604 ff4 fsb fc4 sc3 ls0 ws0\">Valore<span class=\"_ _1\"></span> di bilancio<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x592 h19 y5604 ff4 fsb fc4 sc3 ls0 ws0\">Fair val<span class=\"_ _1\"></span>ue<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 x7c4 h19 y5605 ff4 fsb fc4 sc3 ls0 ws0\">operazioni<span class=\"_ _1\"></span>/Valori<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c5 h19 y5606 ff4 fsb fc4 sc3 ls0 ws0\">Primo e </td><td></td><td class=\"t m2 x7c6 h19 y5607 ff4 fsb fc4 sc3 ls0 ws0\">Impair<span class=\"_ _1\"></span>ed </td><td></td><td></td><td></td><td class=\"t m2 x7c7 h19 y5606 ff4 fsb fc4 sc3 ls0 ws0\">Primo e </td><td></td><td class=\"t m2 x7c8 h19 y5607 ff4 fsb fc4 sc3 ls0 ws0\">Impair<span class=\"_ _1\"></span>ed </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x7c9 h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">secon<span class=\"_ _1\"></span>do </td><td class=\"t m2 x7ca h19 y5609 ff4 fsb fc4 sc3 ls0 ws0\">Terzo </td><td class=\"t m2 x7cb h19 y5609 ff4 fsb fc4 sc3 ls0 ws0\">acquisi<span class=\"_ _1\"></span>te </td><td class=\"t m2 x7cc h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cd h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ce h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cf h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">secon<span class=\"_ _1\"></span>do </td><td class=\"t m2 x7d0 h19 y5609 ff4 fsb fc4 sc3 ls0 ws0\">Terzo </td><td class=\"t m2 x7d1 h19 y5609 ff4 fsb fc4 sc3 ls0 ws0\">acquisi<span class=\"_ _1\"></span>te </td><td class=\"t m2 x7d2 h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d4 h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x7d5 h19 y560a ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d6 h19 y560b ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d7 h19 y560b ff4 fsb fc4 sc3 ls0 ws0\">o </td><td></td><td></td><td></td><td class=\"t m2 x7d8 h19 y560a ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d9 h19 y560b ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7da h19 y560b ff4 fsb fc4 sc3 ls0 ws0\">o </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x7c6 h19 y560c ff4 fsb fc4 sc3 ls0 ws0\">origin<span class=\"_ _1\"></span>ate<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x7c8 h19 y560c ff4 fsb fc4 sc3 ls0 ws0\">origin<span class=\"_ _1\"></span>ate<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y560d ff4 fs16 fc1 sc2 ls0 ws0\">A. Crediti verso<span class=\"_ _1\"></span> </td><td class=\"t m2 x7d5 h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">387.897<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7db h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dc h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dd h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7de h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7df h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">387.897<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e0 h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">375.118<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e1 h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e2 h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e3 h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e4 h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e5 h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">375.118<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y560f ff4 fs16 fc1 sc2 ls0 ws0\">Banche Cent<span class=\"_ _1\"></span>rali<span class=\"_ _3a1\"> </span></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 class=\"c x7e6 y5612 w712 h1fe\"><div class=\"t m2 x2b3 h5a y5610 ff4 fs16 fc1 sc0 ls0 ws0\">1. Depositi a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">scadenza<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e7 y5613 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e8 y5613 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e9 y5613 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ea y5613 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7eb y5613 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ec y5613 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ed y5613 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ee y5613 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ef y5613 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f0 y5613 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f1 y5613 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f2 y5613 w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x7e6 y5614 w718 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">2. Riser<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x7f3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">va<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f4 y5615 w719 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">387.897<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f5 y5615 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f6 y5615 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f7 y5615 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f8 y5615 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f9 y5615 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7fa y5615 w71b h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">375.118<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7fb y5615 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7fc y5615 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7fd y5615 w71c h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7fe y5615 w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ff y5615 w71c h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h5a y5616 ff4 fs16 fc1 sc0 ls0 ws0\">obbligatoria<span class=\"_ _3a1\"> </span></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 class=\"c x7e6 y5617 w71d h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">3. Pront<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x801 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">i contro<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e7 y5618 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e8 y5618 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e9 y5618 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ea y5618 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7eb y5618 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ec y5618 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ed y5618 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ee y5618 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ef y5618 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f0 y5618 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f1 y5618 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f2 y5618 w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h5a y5619 ff4 fs16 fc1 sc0 ls0 ws0\">termine </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 class=\"c n x7e6 y561a w71e h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">4. Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x802 y561a w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x803 y561a w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x804 y561a w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x805 y561a w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x806 y561a w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x807 y561a w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x808 y561a w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x809 y561a w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x80a y561a w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x80b y561a w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x80c y561a w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x80d y561a w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h5a y561b ff4 fs16 fc1 sc2 ls0 ws0\">B. Crediti ve<span class=\"_ _1\"></span>rso </td><td class=\"t m2 x7c5 h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">1.191.880<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7db h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dc h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x80e h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">637.763<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7de h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x80f h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">552.772<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cf h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">1.226.058<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e1 h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e2 h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x810 h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">599.313<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x811 h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">6.791<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x812 h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">615.874<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y561d ff4 fs16 fc1 sc2 ls0 ws0\">banche<span class=\"_ _3a1\"> </span></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 class=\"c n x7e6 y561e w71f h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x813 y561e w720 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">552.772<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x814 y561e w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x815 y561e w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x816 y561e w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x817 y561e w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x818 y561e w533 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">552<span class=\"_ _1\"></span>.772<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x819 y561e w721 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">615.390<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x81a y561e w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x81b y561e w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x81c y561e w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x81d y561e w722 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x81e y561e w723 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>15.874<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h5a y561f ff4 fs16 fc1 sc0 ls0 ws0\">1.1 Conti </td><td class=\"c n x7e7 y5620 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e8 y5620 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e9 y5620 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ea y5620 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7eb y5620 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ec y5620 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ed y5620 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ee y5620 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ef y5620 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f0 y5620 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f1 y5620 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f2 y5620 w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h5a y5621 ff4 fs16 fc1 sc0 ls0 ws0\">correnti </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 class=\"c x821 y5623 w724 h1ff\"><div class=\"t m2 x820 h5a y5622 ff4 fs16 fc1 sc0 ls0 ws0\">1.2. Depositi a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">scadenza<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e7 y5456 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e8 y5456 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e9 y5456 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ea y5456 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7eb y5456 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ec y5456 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ed y5456 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ee y5456 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ef y5456 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f0 y5456 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f1 y5456 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f2 y5456 w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x823 y5624 w725 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1.3. Al<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x822 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">tri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x824 y5625 w726 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">552.773<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x825 y5625 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x826 y5625 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x827 y5625 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x828 y5625 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x829 y5625 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x82a y5625 w727 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>15.390<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x82b y5625 w722 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x82c y5625 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x82d y5625 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x82e y5625 w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x82f y5625 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h5a y5626 ff4 fs16 fc1 sc0 ls0 ws0\">finanziamenti:  </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 class=\"c x823 y5627 w728 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x830 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">Pront<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x831 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">i contro<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e7 y5396 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e8 y5396 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e9 y5396 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ea y5396 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7eb y5396 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ec y5396 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ed y5396 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ee y5396 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ef y5396 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f0 y5396 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f1 y5396 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f2 y5396 w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h5a y5628 ff4 fs16 fc1 sc0 ls0 ws0\">termine attivi </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 class=\"c x821 y562b w729 h200\"><div class=\"t m2 x832 h5a y5629 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x833 y562b w72a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">129<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x834 y562b w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x835 y562b w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x836 y562b w715 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x837 y562b w714 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x838 y562b w714 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x839 y562b w72b h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">168<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x83a y562b w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x83b y562b w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x83c y562b w717 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x83d y562b w71c h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x83e y562b w717 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h5a y562c ff4 fs16 fc1 sc0 ls0 ws0\">per leasing </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 class=\"c n x83f y562d w72c h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">- Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x840 y562d w72d h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">552.644<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x841 y562d w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x842 y562d w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x843 y562d w714 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x844 y562d w715 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x845 y562d w714 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x846 y562d w72e h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">615.222<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x847 y562d w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x848 y562d w722 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x849 y562d w715 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x84a y562d w715 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x84b y562d w715 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x84c y562e w72f h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x84d y562e w730 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>39.108<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x84e y562e w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x84f y562e w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x850 y562e w731 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">637.763<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x851 y562e w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x852 y562e w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x853 y562e w732 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">61<span class=\"_ _1\"></span>0.668<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x854 y562e w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x855 y562e w716 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x856 y562e w733 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">599.313<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x857 y562e w734 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">6.791<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x858 y562e w716 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x823 y562f w735 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2.1 Tit<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x822 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">oli<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x859 y5630 w736 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">107.625<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x85a y5630 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x85b y5630 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x85c y5630 w4d5 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">108.148<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x85d y5630 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x85e y5630 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x85f y5630 w737 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">134.812<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x860 y5630 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x861 y5630 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x862 y5630 w738 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">12<span class=\"_ _1\"></span>8.699<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x863 y5630 w739 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">6.791<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x864 y5630 w716 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h5a y5631 ff4 fs16 fc1 sc0 ls0 ws0\">strutturati  </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 class=\"c x865 y5632 w17a h9e\"><div class=\"t m2 x0 h5a y2568 ff4 fs16 fc1 sc0 ls0 ws0\">2.2 Altri titoli di </div></td><td class=\"c n x824 y5633 w73a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">531.483<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x866 y5633 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x867 y5633 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x868 y5633 w73b h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">529.615<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x869 y5633 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x86a y5633 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x86b y5633 w73c h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">475.856<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x86c y5633 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x86d y5633 w722 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x86e y5633 w73d h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">470.614<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x86f y5633 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x870 y5633 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h5a y5634 ff4 fs16 fc1 sc0 ls0 ws0\">debito  </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 class=\"t m2 x871 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x872 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">1.579.777<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7db h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dc h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x80e h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">637.763<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7de h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7df h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">940.669<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x873 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">1.601.176<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e1 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e2 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x810 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">599.313<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x811 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">6.791<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x874 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">990.992<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsa67\">Legenda: </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gsa68\">L1= Livello 1 </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gsa69\">L2= Li</div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gsa6a\">vello 2 </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gsa6b\">L3= Livello 3 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa6c\">Sono inclusi i crediti di funzionamento connessi con la prestazione <span class=\"_ _1\"></span>di servizi finanziari. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa6d\">I c<span class=\"_ _2\"></span>rediti, ad <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ccezione d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>titoli di <span class=\"_ _3b\"></span>debito, sono <span class=\"_ _3b\"></span>iscr<span class=\"_ _1\"></span>itti <span class=\"_ _2\"></span>al lo<span class=\"_ _2\"></span>ro valo<span class=\"_ _2\"></span>re <span class=\"_ _2\"></span>nominale, corrispondente al<span class=\"_ _3b\"></span> loro </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa6e\">fair value e il livello di fair value attribuito risulta essere <span class=\"_ _1\"></span>pari a 3. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa6f\">Le meto<span class=\"_ _1\"></span>dologie utilizzate per <span class=\"_ _1\"></span>la determinazione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>fair value sono <span class=\"_ _1\"></span>riportate <span class=\"_ _1\"></span>nella Parte <span class=\"_ _1\"></span>A1 \u2013 Parte </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa70\">generale \u2013 Sezione 16 \u201cAltre informazioni\u201d. </div>4.2 Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie valutate <span class=\"_ _1\"></span>al costo ammortizzato<span class=\"_ _1\"></span>: composizione mer<span class=\"_ _1\"></span>ceologica dei crediti verso <span class=\"_ _1\"></span>clientela<span class=\"_ _3a1\"> </span><table class=\"s w73e h202\" id=\"_0dfa348d-44ed-4c58-856a-0dd5be2cc972\"><tr><td></td><td></td><td></td><td class=\"t m2 x7d7 h9f y5636 ff4 fs23 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x591 h9f y5636 ff4 fs23 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x875 h9f y5637 ff4 fs23 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x876 h9f y5637 ff4 fs23 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h9f y5638 ff4 fs23 fc4 sc3 ls0 ws0\">Tipologia </td><td class=\"t m2 x877 h9f y5639 ff4 fs23 fc4 sc3 ls0 ws0\">Valore di bilancio<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x7dd h9f y5639 ff4 fs23 fc4 sc3 ls0 ws0\">Fair value<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7c3 h9f y5639 ff4 fs23 fc4 sc3 ls0 ws0\">Valore di bilancio<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x878 h9f y5639 ff4 fs23 fc4 sc3 ls0 ws0\">Fair value<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 x7c4 h9f y563a ff4 fs23 fc4 sc3 ls0 ws0\">operazioni/Valori<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x879 h9f y563b ff4 fs23 fc4 sc3 ls0 ws0\">Primo e </td><td></td><td class=\"t m2 x87a h9f y563c ff4 fs23 fc4 sc3 ls0 ws0\">Impaired </td><td></td><td></td><td></td><td class=\"t m2 x7d8 h9f y563b ff4 fs23 fc4 sc3 ls0 ws0\">Primo e </td><td></td><td class=\"t m2 x87b h9f y563c ff4 fs23 fc4 sc3 ls0 ws0\">Impaired </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x87c h9f y563d ff4 fs23 fc4 sc3 ls0 ws0\">secondo </td><td class=\"t m2 x87d h9f y563e ff4 fs23 fc4 sc3 ls0 ws0\">Terzo </td><td class=\"t m2 x87e h9f y563e ff4 fs23 fc4 sc3 ls0 ws0\">acquisite </td><td class=\"t m2 x87f h9f y563d ff4 fs23 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x880 h9f y563d ff4 fs23 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x881 h9f y563d ff4 fs23 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x873 h9f y563d ff4 fs23 fc4 sc3 ls0 ws0\">secondo </td><td class=\"t m2 x7d0 h9f y563e ff4 fs23 fc4 sc3 ls0 ws0\">Terzo </td><td class=\"t m2 x882 h9f y563e ff4 fs23 fc4 sc3 ls0 ws0\">acquisite </td><td class=\"t m2 x883 h9f y563d ff4 fs23 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x811 h9f y563d ff4 fs23 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d4 h9f y563d ff4 fs23 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x884 h9f y563f ff4 fs23 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x87d h9f y5640 ff4 fs23 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cb h9f y5640 ff4 fs23 fc4 sc3 ls0 ws0\">o </td><td></td><td></td><td></td><td class=\"t m2 x885 h9f y563f ff4 fs23 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d0 h9f y5640 ff4 fs23 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x886 h9f y5640 ff4 fs23 fc4 sc3 ls0 ws0\">o </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x87a h9f y5641 ff4 fs23 fc4 sc3 ls0 ws0\">originate<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x87b h9f y5641 ff4 fs23 fc4 sc3 ls0 ws0\">originate<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">1. Finanziamenti<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x887 h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">36.089.466<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x888 h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">258.717<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x889 h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">15.455<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88a h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88b h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88c h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">37.022.483<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88d h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">35.434.672<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d9 h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">271.677<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88e h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">17.405<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88f h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x890 h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x891 h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">36.552.871<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x800 h9f y5643 ff4 fs23 fc1 sc0 ls0 ws0\">1.1. Conti </td><td class=\"c n x892 y5645 w73f h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">1.774.966<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x893 y5645 w740 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">17.10<span class=\"_ _1\"></span>9<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x894 y5645 w741 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">616<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x895 y5645 w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x896 y5645 w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x897 y5645 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x898 y5645 w744 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">1.838<span class=\"_ _1\"></span>.482<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x899 y5645 w745 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">21.996<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x89a y5645 w746 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>86<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x89b y5645 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x89c y5645 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x89d y5645 w747 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h9f y5646 ff4 fs23 fc1 sc0 ls0 ws0\">correnti </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 class=\"t m2 x800 h9f y5647 ff4 fs23 fc1 sc0 ls0 ws0\">1.2. Pronti </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 class=\"t m2 x800 h9f y5648 ff4 fs23 fc1 sc0 ls0 ws0\">contro termine </td><td class=\"c n x89e y5649 w748 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">499<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x89f y5649 w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a0 y5649 w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a1 y5649 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a2 y5649 w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a3 y5649 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a4 y5649 w74a h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">8.797<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a5 y5649 w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a6 y5649 w74b h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a7 y5649 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a8 y5649 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a9 y5649 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h9f y564a ff4 fs23 fc1 sc0 ls0 ws0\">attivi </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 class=\"c n x7e6 y564b w74c h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">1.3. Mutui<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8aa y564b w74d h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">20.49<span class=\"_ _1\"></span>3.124<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ab y564b w74e h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">176.742<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ac y564b w74f h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>.093<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ad y564b w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ae y564b w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8af y564b w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b0 y564b w750 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">20.288.147<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b1 y564b w751 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">182.615<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b2 y564b w752 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">7.598<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b3 y564b w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b4 y564b w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b5 y564b w753 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h9f y564c ff4 fs23 fc1 sc0 ls0 ws0\">1.4. Carte di </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 class=\"t m2 x800 h9f y564d ff4 fs23 fc1 sc0 ls0 ws0\">credito, prestiti </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 class=\"t m2 x800 h9f y564e ff4 fs23 fc1 sc0 ls0 ws0\">personali e </td><td class=\"c n x892 y564f w67c h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">3.839.147<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b6 y564f w754 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">26.257<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b7 y564f w755 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">8.420<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b8 y564f w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b9 y564f w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ba y564f w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8bb y564f w756 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">3.373.582<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8bc y564f w757 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">24.543<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8bd y564f w758 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">8.791<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8be y564f w747 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8bf y564f w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c0 y564f w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h9f y5650 ff4 fs23 fc1 sc0 ls0 ws0\">cessioni del </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 class=\"t m2 x800 h9f y5651 ff4 fs23 fc1 sc0 ls0 ws0\">quinto </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 class=\"t m2 x800 h9f y5652 ff4 fs23 fc1 sc0 ls0 ws0\">1.5. </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 class=\"t m2 x800 h9f y5653 ff4 fs23 fc1 sc0 ls0 ws0\">Finanziamenti </td><td class=\"c n x892 y5654 w719 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">3.187.502<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c1 y5654 w759 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">30.468<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c2 y5654 w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c3 y5654 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c4 y5654 w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c5 y5654 w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c6 y5654 w75a h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">3.107.352<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c7 y5654 w75b h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">28.525<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c8 y5654 w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c9 y5654 w753 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ca y5654 w747 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8cb y5654 w747 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h9f y5655 ff4 fs23 fc1 sc0 ls0 ws0\">per leasing </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 class=\"c n x7e6 y5656 w75c h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">1.6. Factoring<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8cc y5656 w75d h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">1.430.700<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8cd y5656 w75e h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">4.941<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ce y5656 w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8cf y5656 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8d0 y5656 w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8d1 y5656 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8d2 y5656 w75f h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">1.456.078<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8d3 y5656 w760 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">9.172<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8d4 y5656 w74b h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8d5 y5656 w747 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8d6 y5656 w747 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8d7 y5656 w747 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h9f y5657 ff4 fs23 fc1 sc0 ls0 ws0\">1.7. Altri </td><td class=\"c n x8d8 y5658 w761 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">5.363.528<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8d9 y5658 w762 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>.200<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8da y5658 w763 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">326<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8db y5658 w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8dc y5658 w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8dd y5658 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8de y5658 w764 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">5.36<span class=\"_ _1\"></span>2.234<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8df y5658 w765 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">4.826<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8e0 y5658 w766 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">330<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8e1 y5658 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8e2 y5658 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8e3 y5658 w747 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h9f y5659 ff4 fs23 fc1 sc0 ls0 ws0\">finanziamenti </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 class=\"t m2 x58e h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">2. Titoli di debito<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x879 h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">7.331.288<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e4 h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e5 h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dc h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">7.022.296<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e6 h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">301.765<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e7 h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">7.140.100<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e8 h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7bd h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e9 h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">6.753.612<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x592 h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">370.398<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8ea h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x800 h9f y565b ff4 fs23 fc1 sc0 ls0 ws0\">1. Titoli </td><td class=\"c n x3ad y565c w767 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">394.647<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8eb y565c w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ec y565c w768 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ed y565c w769 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">142.828<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ee y565c w76a h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">248.950<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ef y565c w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f0 y565c w76b h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">469.796<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f1 y565c w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f2 y565c w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f3 y565c w76c h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">176<span class=\"_ _1\"></span>.652<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f4 y565c w76d h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">288.027<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f5 y565c w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h9f y565d ff4 fs23 fc1 sc0 ls0 ws0\">strutturati </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 class=\"t m2 x800 h9f y565e ff4 fs23 fc1 sc0 ls0 ws0\">2. Altri titoli di </td><td class=\"c n x892 y565f w76e h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">6.936.641<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f6 y565f w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f7 y565f w768 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f8 y565f w76f h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">6.879.468<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f9 y565f w770 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">52.815<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8fa y565f w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8fb y565f w771 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">6.670.304<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8fc y565f w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8fd y565f w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8fe y565f w772 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>.576.960<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ff y565f w773 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">82.371<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x900 y565f w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h9f y5660 ff4 fs23 fc1 sc0 ls0 ws0\">debito </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 class=\"t m2 x901 h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x887 h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">43.420.754<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x888 h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">258.717<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x889 h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">15.455<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dc h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">7.022.296<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e6 h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">301.765<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88c h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">37.022.483<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cf h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">42.574.772<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d9 h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">271.677<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88e h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">17.405<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e9 h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">6.753.612<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x592 h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">370.398<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x891 h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">36.552.871<span class=\"_ _3a1\"> </span></td></tr></table>I crediti verso la clientela per finanziamenti sono pari a 3<span class=\"_ _1\"></span>6.363,6 milioni di<span class=\"_ _2\"></span> euro. Si fornisce di seguito il dettaglio d<span class=\"_ _2\"></span>ei finanziamenti erogati alla clientela con indicazi<span class=\"_ _2\"></span>one del credito lordo, delle previsioni di perdita, del credito<span class=\"_ _1\"></span> netto e del relativo coverage per categoria. <table class=\"s w774 h204\" id=\"_a6a21593-d3f8-48c5-84ff-bfbbe8b84425\"><tr><td class=\"t m2 x677 h12 y5662 ff4 fs7 fc4 sc3 ls0 ws0\">CREDITI VERSO CLIENTELA PER FIN<span class=\"_ _2\"></span>ANZIAMENTI </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x70f h12 y5663 ff4 fs7 fc4 sc3 ls0 ws0\">Crediti </td><td class=\"t m2 x74f h12 y5663 ff4 fs7 fc4 sc3 ls0 ws0\">TOTALE </td></tr><tr><td class=\"c n x902 y5664 w775 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">\u20acmln<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x903 y5664 w776 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Sofferenze</div></td><td class=\"t m2 x6b7 h12 y5665 ff4 fs7 fc4 sc3 ls0 ws0\">Inadempienze </td><td class=\"t m2 x789 h12 y5665 ff4 fs7 fc4 sc3 ls0 ws0\">\"Esposizioni </td><td class=\"t m2 x904 h12 y5665 ff4 fs7 fc4 sc3 ls0 ws0\">Tot. Crediti </td><td class=\"t m2 x905 h12 y5666 ff4 fs7 fc4 sc3 ls0 ws0\">performing </td><td class=\"t m2 x74f h12 y5666 ff4 fs7 fc4 sc3 ls0 ws0\">CREDITI </td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x6a5 h12 y5667 ff4 fs7 fc4 sc3 ls0 ws0\">probabili </td><td class=\"t m2 x906 h12 y5667 ff4 fs7 fc4 sc3 ls0 ws0\">scadute\" </td><td class=\"t m2 x907 h12 y5667 ff4 fs7 fc4 sc3 ls0 ws0\">problematici<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5668 w777 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Valori lordi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x908 y5668 w778 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x909 h12 y5669 ff4 fs7 fc1 sc0 ls0 ws0\">269<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5669 ff4 fs7 fc1 sc0 ls0 ws0\">365<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90b h12 y5669 ff4 fs7 fc1 sc0 ls0 ws0\">39<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h12 y5669 ff4 fs7 fc1 sc0 ls0 ws0\">673<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y5669 ff4 fs7 fc1 sc0 ls0 ws0\">36.171<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90d h12 y5669 ff4 fs7 fc1 sc0 ls0 ws0\">36.844<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y566a ff4 fs7 fc4 sc3 ls0 ws0\">Previsioni di </td><td class=\"t m2 x90e h12 y566b ff4 fs7 fc4 sc3 ls0 ws0\">2024 </td><td class=\"t m2 x90f h12 y566c ff4 fs7 fc1 sc0 ls0 ws0\">219<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y566c ff4 fs7 fc1 sc0 ls0 ws0\">166<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6af h12 y566c ff4 fs7 fc1 sc0 ls0 ws0\">14<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h12 y566c ff4 fs7 fc1 sc0 ls0 ws0\">399<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x746 h12 y566c ff4 fs7 fc1 sc0 ls0 ws0\">82<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x910 h12 y566c ff4 fs7 fc1 sc0 ls0 ws0\">481<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y566d ff4 fs7 fc4 sc3 ls0 ws0\">perdita </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y53b5 w779 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Valori netti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x911 y53b5 w778 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a7 h12 y566e ff4 fs7 fc1 sc0 ls0 ws0\">50<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y566e ff4 fs7 fc1 sc0 ls0 ws0\">199<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6af h12 y566e ff4 fs7 fc1 sc0 ls0 ws0\">25<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h12 y566e ff4 fs7 fc1 sc0 ls0 ws0\">274<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x664 h12 y566e ff4 fs7 fc1 sc0 ls0 ws0\">36.089<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90d h12 y566e ff4 fs7 fc1 sc0 ls0 ws0\">36.363<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y566f ff4 fs7 fc4 sc3 ls0 ws0\">Coverage </td><td class=\"c n x912 y5670 w778 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x913 y5670 w77a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">81<span class=\"_ _1\"></span>,40%<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x914 h12 y5671 ff4 fs7 fc4 sc3 ls0 ws0\">45,50%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5671 ff4 fs7 fc4 sc3 ls0 ws0\">35,90%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ee h12 y5671 ff4 fs7 fc4 sc3 ls0 ws0\">59,30<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fc h12 y5671 ff4 fs7 fc4 sc3 ls0 ws0\">0,23%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x915 h12 y5671 ff4 fs7 fc4 sc3 ls0 ws0\">1,31%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5672 ff4 fs7 fc4 sc3 ls0 ws0\">puntuali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Nel <span class=\"_ _38\"></span>portafoglio <span class=\"_ _38\"></span>\u201cAttivit\u00e0 <span class=\"_ _0\"></span>finanz<span class=\"_ _2\"></span>iarie <span class=\"_ _38\"></span>valutate <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>sto <span class=\"_ _38\"></span>ammortizzato\u201d, <span class=\"_ _38\"></span>relat<span class=\"_ _1\"></span>ivo <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>Gruppo <span class=\"_ _38\"></span>bancario, sono presenti <span class=\"_ _3b\"></span>esposizioni in <span class=\"_ _2\"></span>titoli governativi <span class=\"_ _2\"></span>per circa <span class=\"_ _3b\"></span>5.871<span class=\"_ _1\"></span>,2 <span class=\"_ _2\"></span>milioni d<span class=\"_ _2\"></span>i euro <span class=\"_ _2\"></span>(5.132,6 <span class=\"_ _2\"></span>milioni d<span class=\"_ _2\"></span>i euro Italia, <span class=\"_ _3b\"></span>BTP<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>4.962,3 <span class=\"_ _3b\"></span>milioni di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>euro e <span class=\"_ _3b\"></span>CCT <span class=\"_ _2\"></span>170,3 <span class=\"_ _2\"></span>milioni <span class=\"_ _3b\"></span>di euro, <span class=\"_ _3b\"></span>altri paesi, <span class=\"_ _3b\"></span>459,7 mil<span class=\"_ _2\"></span>ioni <span class=\"_ _3b\"></span>di euro <span class=\"_ _3b\"></span>Spagna e 2<span class=\"_ _2\"></span>78,9 mi<span class=\"_ _2\"></span>lioni <span class=\"_ _3b\"></span>di euro <span class=\"_ _3b\"></span>Portogallo) e <span class=\"_ _3b\"></span>obbligazioni, <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>circa 783,5 <span class=\"_ _3b\"></span>milioni d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>uro, <span class=\"_ _2\"></span>emesse dall\u2019U<span class=\"_ _2\"></span>nione Europea. Nel  portafoglio  \u201c<span class=\"_ _1\"></span>Attivit\u00e0  finanziarie  valutate  al  costo <span class=\"_ _3d\"> </span>ammortizzato\u201d,  relativo  alle  \u201cImprese  di assicurazione\u201d, sono <span class=\"_ _3b\"></span>present<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>esposizioni di<span class=\"_ _2\"></span> titoli <span class=\"_ _2\"></span>governativi <span class=\"_ _2\"></span>verso l\u2019I<span class=\"_ _2\"></span>talia per <span class=\"_ _3b\"></span>11<span class=\"_ _1\"></span>3,36 <span class=\"_ _3b\"></span>milioni di <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>uro, verso la <span class=\"_ _3b\"></span>Spagna per <span class=\"_ _3b\"></span>18<span class=\"_ _1\"></span>,07 mil<span class=\"_ _2\"></span>ioni d<span class=\"_ _2\"></span>i euro, <span class=\"_ _2\"></span>verso il <span class=\"_ _3b\"></span>Portogallo per <span class=\"_ _3b\"></span>3<span class=\"_ _1\"></span>,7 <span class=\"_ _3b\"></span>m<span class=\"_ _1\"></span>ilioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>euro e <span class=\"_ _2\"></span>verso <span class=\"_ _2\"></span>la <span class=\"_ _3b\"></span>F<span class=\"_ _1\"></span>rancia per 4,49 milioni di euro. Sono prese<span class=\"_ _1\"></span>nti coperture di <span class=\"_ _1\"></span>fair value he<span class=\"_ _1\"></span>dge su t<span class=\"_ _1\"></span>itoli di Stato, <span class=\"_ _1\"></span>italiani, a tasso <span class=\"_ _1\"></span>fisso (BTP), <span class=\"_ _1\"></span>ed esteri. La <span class=\"_ _1\"></span>copert<span class=\"_ _1\"></span>ura \u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ipo <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>hedge <span class=\"_ _38\"></span>attuata <span class=\"_ _38\"></span>attraverso <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>designazione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>appositi <span class=\"_ _1\"></span>strume<span class=\"_ _1\"></span>nti <span class=\"_ _1\"></span>di copertura <span class=\"_ _0\"></span>(Interest <span class=\"_ _0\"></span>Rate <span class=\"_ _0\"></span>Swap) <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"></span>specifica <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>c.d. <span class=\"_ _0\"></span>\u201crischio <span class=\"_ _0\"></span>tasso\u201d <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>detti <span class=\"_ _0\"></span>ti<span class=\"_ _2\"></span>toli; <span class=\"_ _0\"></span>la relazione venuta cos\u00ec a crearsi fra Hedged Item e Hedging Instrument ha comportato la redazion<span class=\"_ _3b\"></span>e di <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>specifica <span class=\"_ _38\"></span>doc<span class=\"_ _1\"></span>umentazione <span class=\"_ _0\"></span>che <span class=\"_ _1\"></span>formalizza <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>relazione <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>coper<span class=\"_ _1\"></span>tura <span class=\"_ _38\"></span>ed <span class=\"_ _0\"></span>ha <span class=\"_ _1\"></span>altres\u00ec <span class=\"_ _0\"></span>usuf<span class=\"_ _2\"></span>ruito<span class=\"_ _3a1\"> </span>delle  particolari  re<span class=\"_ _1\"></span>gole  di  contabilizzazione  dell\u2019Hedge  Accounting.  Si  s<span class=\"_ _1\"></span>egnala  che  s<span class=\"_ _1\"></span>ono  stati effettuati i test di efficacia (sia prospettici che retrospettivi) con esito positivo. Sono pre<span class=\"_ _1\"></span>senti nella <span class=\"_ _1\"></span>categoria <span class=\"_ _1\"></span>contabile \u201cAttivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate al <span class=\"_ _1\"></span>costo <span class=\"_ _1\"></span>ammortizzato\u201d, <span class=\"_ _1\"></span>al 31 dicembre <span class=\"_ _0\"></span>2024, <span class=\"_ _0\"></span>304 <span class=\"_ _0\"></span>milioni<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>E<span class=\"_ _1\"></span>uro <span class=\"_ _0\"></span>complessivi, <span class=\"_ _0\"></span>relativi <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>trumenti <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>coll<span class=\"_ _2\"></span>egati <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>crediti<span class=\"_ _2\"></span> originati <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>Europa, <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>preponderanza <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>componente <span class=\"_ _38\"></span>di o<span class=\"_ _1\"></span>rigination <span class=\"_ _1\"></span>francese <span class=\"_ _1\"></span>(104,4 <span class=\"_ _38\"></span>milioni <span class=\"_ _1\"></span>di Euro). <span class=\"_ _3f\"> </span>Il <span class=\"_ _3a\"> </span>portafoglio <span class=\"_ _3f\"> </span>\u00e8 <span class=\"_ _3a\"> </span>costituito <span class=\"_ _3a\"> </span>da <span class=\"_ _3f\"> </span>differenti <span class=\"_ _3f\"> </span>tipologie <span class=\"_ _3a\"> </span>di <span class=\"_ _3f\"> </span>ABS <span class=\"_ _3a\"> </span>con <span class=\"_ _3f\"> </span>una <span class=\"_ _3f\"> </span>pre<span class=\"_ _1\"></span>valenza <span class=\"_ _3f\"> </span>delle cartolarizzazioni di mutui residenziali, che incidono per <span class=\"_ _1\"></span>il 58,7%.  L\u2019attuale esposizione suddivisa per rischio paese \u00e8 cos<span class=\"_ _1\"></span>\u00ec composta: <table class=\"s w77b h205\" id=\"_7a87fcfb-6357-4377-9742-1822ed008461\"><tr><td></td><td class=\"c x918 y5673 w77c h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x917 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">rovalore (migliaia<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x919 h12 y5674 ff4 fs7 fc4 sc3 ls0 ws0\">Paese </td><td class=\"c n x91a y5675 w77d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Euro)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x91b y5675 w77e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">%<span class=\"_ _1\"></span> Esposizione<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x456 y5676 w77f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">FRANCIA<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x91c y5676 w780 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">104.428<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x91d y5676 w781 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">34,4<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x91e y5677 w782 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">GERMANIA<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x91f y5677 w783 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">90.476<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x920 y5677 w784 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">29,8<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x921 y5678 w785 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">SPAGNA<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x922 y5678 w786 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">55<span class=\"_ _1\"></span>.368<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x923 y5678 w787 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18,2<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5679 w788 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">PAESI BASSI<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x924 y5679 w789 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">32.444<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x925 y5679 w78a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10,<span class=\"_ _2\"></span>7<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x926 y567a w78b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">ITALIA<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x927 y567a w545 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.540<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x928 y567a w78c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4,1<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x456 y567b w78d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">IRLANDA<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x929 y567b w78e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.550<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x92a y567b w78f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2,8<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x92b y539f w790 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">TOTALE<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x92c y539f w791 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">303.806<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x92d y539f w792 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">100,0<span class=\"_ _3a1\"> </span></div></td></tr></table>Si <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>ad<span class=\"_ _3a1\"> </span>ottata <span class=\"_ _35\"> </span>anche <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>metodologia <span class=\"_ _35\"> </span>contabil<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>Macro <span class=\"_ _0\"></span>Fair <span class=\"_ _35\"> </span>Value <span class=\"_ _35\"> </span>Hedge <span class=\"_ _35\"> </span>p<span class=\"_ _2\"></span>er <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>copertura <span class=\"_ _0\"></span>del rischio <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>tasso a<span class=\"_ _2\"></span>ssociato al<span class=\"_ _2\"></span>l\u2019erogazione <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>mutui <span class=\"_ _3b\"></span>a tasso <span class=\"_ _3b\"></span>fisso <span class=\"_ _3b\"></span>e <span class=\"_ _2\"></span>a <span class=\"_ _3b\"></span>tasso variabi<span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>con <span class=\"_ _3b\"></span>opzioni \u201cCap<span class=\"_ _3b\"></span>\u201d. Sono presenti, inoltre, coperture di Cash Flow He<span class=\"_ _1\"></span>dge su erogazioni di mutui a tasso variabile.<span class=\"_ _3a1\"> </span>Sezione 1 \u2013 Passivit\u00e0 finanziarie valutate al costo ammortizzato \u2013 Voce 10<span class=\"_ _3a1\"> </span>1.1 Passivit\u00e0 <span class=\"_ _1\"></span>finanziarie valutate al cost<span class=\"_ _1\"></span>o ammortizzato: co<span class=\"_ _1\"></span>mposizione merce<span class=\"_ _1\"></span>ologica dei debiti verso <span class=\"_ _1\"></span>banche<table class=\"s wa68 h23a\" id=\"_4a6ad7af-1900-4fba-a5ff-1ac36dc2fb30\"><tr><td></td><td></td><td></td><td></td><td class=\"c n xf6c y5af7 w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n xf6d y5af7 w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 xf6e h12 y5af8 ff4 fs7 fc4 sc3 ls0 ws0\">Tipologia operazioni/Valori </td><td></td><td></td><td class=\"c n xf6f y5af9 w65d h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n xf70 y5af9 wa69 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12<span class=\"_ _2\"></span>/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m2 xf71 h12 y5afa ff4 fs7 fc4 sc3 ls0 ws0\">VB </td><td></td><td class=\"t m2 x6ed h12 y5afb ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">Fair Value </td><td></td><td class=\"t m2 x6a1 h12 y5afa ff4 fs7 fc4 sc3 ls0 ws0\">VB </td><td></td><td></td><td class=\"t m2 x915 h12 y5afb ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value </td><td></td></tr><tr><td></td><td></td><td class=\"c n xf72 y5afc w65f h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf73 y5afc w662 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf74 y5afc w661 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf75 y5afc w697 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf76 y5afc w662 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf77 y5afc w68a h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5afd wa6a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1. Debiti verso banche centrali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf78 y5afd wa6b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">500.044<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5afe w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5afe w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5afe w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b8 h12 y5aff ff4 fs7 fc1 sc2 ls0 ws0\">2.149.620<span class=\"_ _3a1\"> </span></td><td class=\"c n xf7c y5afe w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5afe w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5afe w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b00 wa6c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2. Debiti verso banche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7f y5b00 wa6d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">5.044.513<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b01 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b01 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b01 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X</div></td><td class=\"t m2 x776 h12 y5b02 ff4 fs7 fc1 sc2 ls0 ws0\">3.636.697<span class=\"_ _3a1\"> </span></td><td class=\"c n xf7c y5b01 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b01 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b01 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5b03 wa6e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Conti correnti e depo<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>iti a vista<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf80 y5b03 wa6f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">74.766<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b03 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b03 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b03 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf81 y5b03 wa70 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">231.8<span class=\"_ _2\"></span>03<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b03 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b03 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b03 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5b04 wa71 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Depositi a scadenz<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf82 y5b04 wa72 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.260<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b04 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b04 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b04 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf83 y5b04 wa73 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">33<span class=\"_ _1\"></span>.758<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b04 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b04 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b04 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5b05 wa74 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf84 y5b05 wa75 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.965.062<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b05 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b05 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b05 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf85 y5b05 wa76 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.370.471<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b05 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b05 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b05 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xf86 y5b06 w94c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3.1 Pronti contro term<span class=\"_ _2\"></span>ine passivi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf87 y5b06 wa77 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.954.536<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b06 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b06 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b06 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf88 y5b06 wa78 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.355.734<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b06 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b06 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b06 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xf86 y5b07 wa79 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3.2 Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf89 y5b07 wa5d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10.526<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b07 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b07 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b07 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf8a y5b07 wa7a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.737<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b07 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b07 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b07 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x997 y5b08 wa7b h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.4 Debiti per impegn<span class=\"_ _2\"></span>i di<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xf8b h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">riacquisto d<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xf8c h12 y5b09 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xf79 y5b0a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b0a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b0a w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf8d y5b0a w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b0a w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b0a w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b0a w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x6d4 h12 y5b0b ff4 fs7 fc1 sc0 ls0 ws0\">propri strumenti patr<span class=\"_ _2\"></span>imoniali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x997 y5b0c wa7c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.5 Debiti per leasing<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf8e y5b0c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b0c w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b0c w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b0c w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf8d y5b0c w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b0c w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b0c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b0c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5630 wa7d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.6 Altri debiti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf8f y5630 wa7e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.425<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5630 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5630 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5630 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf90 y5630 wa7f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">665<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5630 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5630 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5630 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xf91 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6bb h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">5.544.557<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x789 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf92 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">4.954.536<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74d h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">590.020<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x711 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">5.786.317<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xd83 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">3.355.734<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x738 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">2.430.583<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y539f w695 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc12 sc0 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf93 y539f wa80 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc12 sc0 ls0 ws0\">5544555<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n xf94 y539f wa81 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc12 sc0 ls0 ws0\">5786317 </div></td><td></td><td></td><td></td><td></td></tr></table>Legenda:<span class=\"_ _3a1\"> </span>VB= Valore di bilanc<span class=\"_ _2\"></span>io<span class=\"_ _3a1\"> </span>L1= Livello 1<span class=\"_ _3a1\"> </span>L2= Livello 2<span class=\"_ _3a1\"> </span>L3= Livello 3<span class=\"_ _3a1\"> </span>I debiti sono iscr<span class=\"_ _1\"></span>itti al loro valore nominale, corrispondente al loro fair value.<span class=\"_ _3a1\"> </span>I debiti verso banche s<span class=\"_ _1\"></span>ono rappresentati principalmente<span class=\"_ _1\"></span> da debiti a vista a tas<span class=\"_ _1\"></span>so variabile, e non \u00e8<span class=\"_ _3a1\"> </span>stata posta in essere alcun tipo di copertura.<span class=\"_ _3a1\"> </span>La voce \u201c1.Debiti verso banche centrali\u201d accoglie le oper<span class=\"_ _1\"></span>azioni di rifinanzi<span class=\"_ _2\"></span>amento e<span class=\"_ _1\"></span>ffettuate con la<span class=\"_ _3a1\"> </span>Banca Centrale Europea. L\u2019utilizzo de<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>canale <span class=\"_ _1\"></span>di r<span class=\"_ _1\"></span>ifinanziament<span class=\"_ _1\"></span>o t<span class=\"_ _1\"></span>ramite la <span class=\"_ _38\"></span>BCE, <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>fine <span class=\"_ _1\"></span>2024, <span class=\"_ _1\"></span>\u00e8 r<span class=\"_ _1\"></span>appresentato <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>operazioni<span class=\"_ _3a1\"> </span>MRO, con scadenza ad 1 set<span class=\"_ _1\"></span>timana, per un valore pari <span class=\"_ _1\"></span>a 500 milioni di euro di valore nom<span class=\"_ _1\"></span>inale.  Nel<span class=\"_ _3a1\"> </span>mese <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>marzo 2024 <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>stata <span class=\"_ _1\"></span>rimborsata <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>naturale <span class=\"_ _1\"></span>scadenza <span class=\"_ _1\"></span>l\u2019ultima <span class=\"_ _1\"></span>tranche <span class=\"_ _1\"></span>TLTRO III.7 <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>un<span class=\"_ _3a1\"> </span>importo nominale di 740 milioni di euro.<span class=\"_ _3a1\"> </span>1.2 Passivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie valutate al costo<span class=\"_ _1\"></span> ammortizzato: compos<span class=\"_ _1\"></span>izione merceo<span class=\"_ _1\"></span>logica dei debiti verso client<span class=\"_ _1\"></span>ela<table class=\"s wa82 h23b\" id=\"_20e7be8a-bf32-4477-aa57-b062cd79a6b4\"><tr><td></td><td></td><td></td><td class=\"c n xf95 y5b0e w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n xf96 y5b0e w925 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xf97 h12 y5b0f ff4 fs7 fc4 sc3 ls0 ws0\">Tipologia operazioni/Valori </td><td></td><td></td><td class=\"c n xf98 y5b10 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xf99 y5b10 w68d h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 xf9a h12 y5b11 ff4 fs7 fc4 sc3 ls0 ws0\">VB </td><td></td><td class=\"t m2 x6af h12 y5b12 ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value </td><td></td><td class=\"t m2 xdd2 h12 y5b11 ff4 fs7 fc4 sc3 ls0 ws0\">VB </td><td></td><td class=\"t m2 xf9b h12 y5b12 ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">Fair Value </td></tr><tr><td></td><td></td><td class=\"t m2 x789 h12 y5b13 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></td><td class=\"c n xf9c y5b14 w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf9d y5b14 w68a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf9e y5b14 w687 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf9f y5b14 w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa0 y5b14 w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b15 wa83 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1. Conti correnti e depo<span class=\"_ _2\"></span>siti a vista<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa1 y5b15 wa84 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">32.845.465<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b15 w63d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b15 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b15 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa5 y5b15 wa85 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">31.780.656<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b15 w649 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b15 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b15 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b16 wa86 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2. Depositi a scadenza<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa9 y5b16 wa87 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">5.833.720<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b16 w63d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b16 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b16 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfaa y5b16 wa88 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">5.136.382<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b16 w649 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b16 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b16 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b17 w70a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfab y5b17 wa89 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.400.311<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b17 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b17 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b17 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfac y5b17 wa8a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.042.202<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b17 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b17 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b17 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5b18 wa8b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Pronti contro termi<span class=\"_ _2\"></span>ne passivi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfad y5b18 wa8c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.853.665<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b18 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b18 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b18 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfae y5b18 wa8d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.470.001<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b18 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b18 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b18 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5b19 w5eb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfaf y5b19 wa8e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">546.646<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b19 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b19 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b19 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb0 y5b19 wa8f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">572.201<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b19 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b19 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b19 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y5b1a ff4 fs7 fc1 sc0 ls0 ws0\">4. Debiti per impegn<span class=\"_ _2\"></span>i di riacquisto di propri<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf36 h12 y5b1b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfa2 y5b1c w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b1c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b1c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb1 y5b1c w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b1c w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b1c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b1c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y5b1d ff4 fs7 fc1 sc0 ls0 ws0\">strumenti patrimoni<span class=\"_ _2\"></span>ali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5b1e wa90 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Debiti per leasing<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb2 y5b1e wa91 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13<span class=\"_ _1\"></span>1.567<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b1e w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b1e w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b1e w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb3 y5b1e w433 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">135.807<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b1e w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b1e w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b1e w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b1f wa92 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Altri debiti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb4 y5b1f wa93 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">281.904<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b1f w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b1f w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b1f w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb5 y5b1f wa94 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">314.314<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b1f w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b1f w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b1f w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x909 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">Totale </td><td class=\"t m2 x694 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">41.492.967<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfb6 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68b h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">1.853.665<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74d h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">41.492.901<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x684 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">42.409.361<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x685 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">4.470.001<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x73d h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">37.939.360<span class=\"_ _3a1\"> </span></td></tr></table>Legenda:<span class=\"_ _3a1\"> </span>VB= Valore di bilanc<span class=\"_ _2\"></span>io<span class=\"_ _3a1\"> </span>L1= Livello 1<span class=\"_ _3a1\"> </span>L2= Livello 2<span class=\"_ _3a1\"> </span>L3= Livello 3<span class=\"_ _3a1\"> </span>I de<span class=\"_ _1\"></span>bi<span class=\"_ _3a1\"> </span>ti <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>iscrit<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>valore nom<span class=\"_ _1\"></span>inale, cor<span class=\"_ _1\"></span>rispondente <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>il livello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value<span class=\"_ _3a1\"> </span>attribuito risulta essere pari a <span class=\"_ _2\"></span>3, ad <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ccezione del livello d<span class=\"_ _2\"></span>i fair value dei p<span class=\"_ _2\"></span>ronti contro termine a cui<span class=\"_ _3a1\"> </span>\u00e8 attributo il valore 2.<span class=\"_ _3a1\"> </span>Nella voce <span class=\"_ _2\"></span>Debiti per l<span class=\"_ _3b\"></span>eas<span class=\"_ _1\"></span>ing \u00e8 <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>icompreso, <span class=\"_ _3b\"></span>ai sensi del <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>IFRS16, il <span class=\"_ _3b\"></span>De<span class=\"_ _1\"></span>bito per <span class=\"_ _2\"></span>leasing (L<span class=\"_ _2\"></span>ease<span class=\"_ _3a1\"> </span>Liability), pari <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>attuale <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>canoni <span class=\"_ _1\"></span>previsti <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>ancora <span class=\"_ _1\"></span>pagati dei <span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>ni o<span class=\"_ _1\"></span>ggetti <span class=\"_ _1\"></span>di contratti<span class=\"_ _3a1\"> </span>di leasing operativo.<span class=\"_ _3a1\"> </span>La  principale <span class=\"_ _3d\"> </span>novit\u00e0 <span class=\"_ _3d\"> </span>introdot<span class=\"_ _1\"></span>ta  dal <span class=\"_ _3d\"> </span>principio <span class=\"_ _3d\"> </span>\u00e8 <span class=\"_ _3d\"> </span>rappresentata <span class=\"_ _3d\"> </span>dalla  modif<span class=\"_ _1\"></span>ica  delle <span class=\"_ _3d\"> </span>modalit\u00e0 <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span>contabilizzazione <span class=\"_ _36\"> </span>delle <span class=\"_ _36\"> </span>operazioni <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>leasing <span class=\"_ _36\"> </span>oper<span class=\"_ _1\"></span>ativo <span class=\"_ _36\"> </span>nel <span class=\"_ _36\"> </span>bilancio <span class=\"_ _37\"> </span>del <span class=\"_ _36\"> </span>locatario/<span class=\"_ _1\"></span>utilizzatore,<span class=\"_ _3a1\"> </span>attraverso <span class=\"_ _1\"></span>l\u2019introduzione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>unico <span class=\"_ _1\"></span>modello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>contabilizzazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>contratti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>leasing <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>parte<span class=\"_ _3a1\"> </span>del locatario siano essi classificati come leas<span class=\"_ _1\"></span>ing operativi o finanziari. I de<span class=\"_ _1\"></span>biti ve<span class=\"_ _1\"></span>rso <span class=\"_ _1\"></span>clientela <span class=\"_ _1\"></span>sono rappre<span class=\"_ _1\"></span>sentati pr<span class=\"_ _1\"></span>incipalmente da <span class=\"_ _1\"></span>debiti <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>vista <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>tasso <span class=\"_ _1\"></span>variabile, <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>non<span class=\"_ _3a1\"> </span>\u00e8  stata <span class=\"_ _35\"> </span>post<span class=\"_ _1\"></span>a <span class=\"_ _35\"> </span>in  essere  alcu<span class=\"_ _2\"></span>n  tip<span class=\"_ _2\"></span>o  di <span class=\"_ _35\"> </span>copert<span class=\"_ _1\"></span>ura  specific<span class=\"_ _2\"></span>a,  mentre  sono <span class=\"_ _35\"> </span>state  poste  i<span class=\"_ _2\"></span>n  essere<span class=\"_ _3a1\"> </span>coperture di Macro Fair Value Hed<span class=\"_ _2\"></span>ge delle poste a vista, cos\u00ec come descritto nella parte E,<span class=\"_ _2\"></span> sezione<span class=\"_ _3a1\"> </span>2.2 della presente nota. Si <span class=\"_ _38\"></span>segnala <span class=\"_ _0\"></span>ch<span class=\"_ _2\"></span>e, <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>eguito <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>modifiche <span class=\"_ _38\"></span>apporta<span class=\"_ _1\"></span>te <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>funzionament<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>mercato <span class=\"_ _0\"></span>int<span class=\"_ _2\"></span>erbancario<span class=\"_ _3a1\"> </span>collateralizzato, <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>conseguente <span class=\"_ _38\"></span>trasfer<span class=\"_ _1\"></span>imento <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>Cassa <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Compensa<span class=\"_ _1\"></span>zione <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>Garanzia <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>alla<span class=\"_ _3a1\"> </span>Monte <span class=\"_ _38\"></span>Tito<span class=\"_ _1\"></span>li <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>funzioni <span class=\"_ _38\"></span>finora <span class=\"_ _0\"></span>svolte <span class=\"_ _38\"></span>dalla <span class=\"_ _38\"></span>B<span class=\"_ _1\"></span>anca <span class=\"_ _38\"></span>d\u2019Italia, <span class=\"_ _38\"></span>nella <span class=\"_ _38\"></span>voce <span class=\"_ _0\"></span>3.1 <span class=\"_ _38\"></span>\u201cPronti <span class=\"_ _38\"></span>contro <span class=\"_ _0\"></span>termine<span class=\"_ _3a1\"> </span>passivi\u201d sono presenti i finanziamenti, per 1.853,7 m<span class=\"_ _1\"></span>ilioni di euro, ricevuti dal suddetto mercato.<span class=\"_ _3a1\"> </span>Secondo <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>dati <span class=\"_ _38\"></span>ABI, <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>Italia, <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>dinamica <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>raccolta<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>diretta <span class=\"_ _38\"></span>da <span class=\"_ _38\"></span>clientela <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>tot<span class=\"_ _1\"></span>ale <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>banche<span class=\"_ _3a1\"> </span>operanti in Italia \u00e8<span class=\"_ _1\"></span> stata in aumento del 2,4% <span class=\"_ _1\"></span>su base annua, con <span class=\"_ _1\"></span>una variazione pi\u00f9 contenuta <span class=\"_ _1\"></span>dei<span class=\"_ _3a1\"> </span>depositi (+1,7%) e un\u2019espansione delle obbligazioni.<span class=\"_ _3a1\"> </span>3. Attivit\u00e0 <span class=\"_ _1\"></span>costituite a garanzia di <span class=\"_ _1\"></span>proprie pass<span class=\"_ _1\"></span>ivit\u00e0 e impegni<table class=\"s wd8f h264\" id=\"_811a02ba-1b07-4b36-ac78-bc3f752f9948\"><tr><td class=\"t m2 x99d h12 y5fec ff4 fs7 fc4 sc3 ls0 ws0\">Portafogli </td><td class=\"c n x15d1 y5fed wd90 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Importo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15d2 y5fed wd91 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Impo<span class=\"_ _1\"></span>rto<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c x669 y5fee w17c h11\"><div class=\"t m2 x0 h12 y2e8 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c xdd6 y5fee w17c h11\"><div class=\"t m2 x0 h12 y2e8 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5fef wd92 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanziarie va<span class=\"_ _2\"></span>lutate al fair value c<span class=\"_ _2\"></span>on impatto a conto<span class=\"_ _2\"></span> economico<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15d3 y5fef wd93 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">710<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e5 h12 y5ff0 ff4 fs7 fc1 sc0 ls0 ws0\">7.369<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ff1 wd94 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 finanziarie va<span class=\"_ _2\"></span>lutate al fair <span class=\"_ _2\"></span>value con impatto sul<span class=\"_ _2\"></span>la redditivit\u00e0 compless<span class=\"_ _2\"></span>iva<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15d4 y5ff1 wd95 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.542.516<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fd h12 y5ff2 ff4 fs7 fc1 sc0 ls0 ws0\">4.252.481<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ff3 wd96 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Attivit\u00e0 finanziarie <span class=\"_ _2\"></span>valutate al costo ammor<span class=\"_ _2\"></span>tizzato<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15d5 y5ff3 wd97 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7.731.513<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6eb h12 y5ff4 ff4 fs7 fc1 sc0 ls0 ws0\">10.556.875<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ff5 w66a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Attivit\u00e0 materiali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15d6 y5ff5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5ff6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y54f9 wd98 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: attivit\u00e0 mater<span class=\"_ _2\"></span>iali che costituisc<span class=\"_ _2\"></span>ono rimanenze<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15b7 y54f9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5ff7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table>Nella  voce <span class=\"_ _35\"> </span>1.  \u201cAttivit\u00e0  finan<span class=\"_ _2\"></span>ziarie  valu<span class=\"_ _2\"></span>tate  al  fai<span class=\"_ _3b\"></span>r  value  con <span class=\"_ _35\"> </span>impatto  a  c<span class=\"_ _2\"></span>onto  economico\u201d <span class=\"_ _35\"> </span>sono<span class=\"_ _3a1\"> </span>ricompresi i crediti a cauzione per <span class=\"_ _1\"></span>anticipazione su finanziamenti con la Banca Centrale Europea.<span class=\"_ _3a1\"> </span>Nella <span class=\"_ _38\"></span>voce <span class=\"_ _0\"></span>2. <span class=\"_ _1\"></span>\u201c<span class=\"_ _1\"></span>Attivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _1\"></span>fair <span class=\"_ _0\"></span>valu<span class=\"_ _2\"></span>e <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>impa<span class=\"_ _2\"></span>tto <span class=\"_ _38\"></span>sulla <span class=\"_ _0\"></span>redditivi<span class=\"_ _2\"></span>t\u00e0 <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>mplessiva\u201d<span class=\"_ _3a1\"> </span>sono ricompresi:<span class=\"_ _3a1\"> </span>\u2022<span class=\"_ _3e\"> </span>53,0  milioni  di  euro  a <span class=\"_ _35\"> </span>cauzione  per  anticipazione  su  finanz<span class=\"_ _2\"></span>iamenti  con  la  Banca  Centrale<span class=\"_ _3a1\"> </span>Europea;<span class=\"_ _3a1\"> </span>\u2022<span class=\"_ _199\"> </span>3.308,1 m<span class=\"_ _1\"></span>ilioni di euro a garanzia operazioni di pronti contro termine passivi;<span class=\"_ _3a1\"> </span>\u2022<span class=\"_ _3e\"> </span>181,4 milioni di euro a garanzia operazioni di altre operazioni;<span class=\"_ _3a1\"> </span>Nella voce 3. \u201cAttivit\u00e0 finanziarie valutate <span class=\"_ _1\"></span>al costo ammortizzato\u201d sono ricompresi:<span class=\"_ _3a1\"> </span>\u2022<span class=\"_ _3e\"> </span><span class=\"ff4\">2.279,1 mi<span class=\"_ _2\"></span>lioni d<span class=\"_ _2\"></span>i euro <span class=\"_ _2\"></span>sono i <span class=\"_ _3b\"></span>crediti ceduti <span class=\"_ _3b\"></span>a societ\u00e0 <span class=\"_ _2\"></span>veicolo nell\u2019ambi<span class=\"_ _2\"></span>to di <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>perazioni di <span class=\"_ _3b\"></span>covered<span class=\"_ _3a1\"> </span></span>bond;<span class=\"_ _3a1\"> </span>\u2022<span class=\"_ _3e\"> </span><span class=\"ff4\">548,5 <span class=\"_ _35\"> </span>milioni <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>euro  a<span class=\"_ _3b\"></span>  cau<span class=\"_ _2\"></span>zione <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>anticipazione <span class=\"_ _35\"> </span>su  f<span class=\"_ _2\"></span>inanziamenti <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>Banca <span class=\"_ _35\"> </span>Centrale<span class=\"_ _3a1\"> </span></span>Europea;<span class=\"_ _3a1\"> </span>\u2022<span class=\"_ _3e\"> </span><span class=\"ff4\">707,7 milioni di euro come margini iniziali e di variazione co<span class=\"_ _1\"></span>n clearing broker;</span><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gsf8d\">\u2022<span class=\"_ _3e\"> </span><span class=\"ff4\">67,9 milioni di euro a cauzione presso la Banca d\u2019Italia per emissione assegni circolari;</span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gsf8f\">\u2022<span class=\"_ _3e\"> </span><span class=\"ff4\">91,4 </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf90\">milioni di euro a garanzia operazioni di prestito titoli; </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gsabb\">\u2022<span class=\"_ _3e\"> </span><span class=\"ff4\">502,1 milioni di euro a garanzia altri tipi di raccolta collateralizzata; </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs38d\">\u2022<span class=\"_ _3e\"> </span><span class=\"ff4\">3.534,8 milioni di euro a garanzia operazioni di pronti <span class=\"_ _1\"></span>contro termine passive.</span><span class=\"ff4\"> </span></div>6. Attivit\u00e0 finan<span class=\"_ _1\"></span>ziarie oggetto di compe<span class=\"_ _1\"></span>nsazione in bilancio, o<span class=\"_ _1\"></span>ppure soggette ad accordi-q<span class=\"_ _1\"></span>uadro di compensazione o<span class=\"_ _3a1\"> </span>ad accordi similari <table class=\"s wdcb h267\" id=\"_b432bb23-b8c3-4b3d-8420-890a81923e18\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x6c8 h12 y6023 ff4 fs7 fc4 sc3 ls0 ws0\">Ammontari correlati non </td><td class=\"t m2 x1013 h12 y6024 ff4 fs7 fc4 sc3 ls0 ws0\">Ammontare </td><td class=\"t m2 x670 h12 y6023 ff4 fs7 fc4 sc3 ls0 ws0\">Ammontare </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x90b h12 y6025 ff4 fs7 fc4 sc3 ls0 ws0\">oggetto di compensazione </td><td class=\"t m2 xebc h12 y6026 ff4 fs7 fc4 sc3 ls0 ws0\">netto (f=c-d-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69c h12 y6025 ff4 fs7 fc4 sc3 ls0 ws0\">netto </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x1008 h12 y6027 ff4 fs7 fc4 sc3 ls0 ws0\">in Bilancio </td><td class=\"t m2 xd7e h12 y55db ff4 fs7 fc4 sc3 ls0 ws0\">e)  </td><td class=\"t m2 xf9b h12 y6027 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023 </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x985 h12 y6028 ff4 fs7 fc4 sc3 ls0 ws0\">Ammontare </td><td></td><td class=\"t m2 x7b4 h12 y6028 ff4 fs7 fc4 sc3 ls0 ws0\">Ammontare </td><td></td><td></td><td class=\"t m2 x10b9 h12 y6029 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024 </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x103c h12 y602a ff4 fs7 fc4 sc3 ls0 ws0\">Ammontare </td><td class=\"t m2 x10b5 h12 y602a ff4 fs7 fc4 sc3 ls0 ws0\">delle </td><td></td><td class=\"t m2 x6ec h12 y602a ff4 fs7 fc4 sc3 ls0 ws0\">netto delle </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x98e h12 y602b ff4 fs7 fc4 sc3 ls0 ws0\">lordo delle </td><td class=\"t m2 x790 h12 y602b ff4 fs7 fc4 sc3 ls0 ws0\">passivit\u00e0 </td><td></td><td class=\"t m2 xf36 h12 y602b ff4 fs7 fc4 sc3 ls0 ws0\">attivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xaca h12 y602c ff4 fs7 fc4 sc3 ls0 ws0\">Forme tecniche </td><td></td><td class=\"t m2 x15fe h12 y602c ff4 fs7 fc4 sc3 ls0 ws0\">attivit\u00e0 </td><td class=\"t m2 x15ff h12 y602c ff4 fs7 fc4 sc3 ls0 ws0\">finanziarie </td><td></td><td class=\"t m2 x6ec h12 y602c ff4 fs7 fc4 sc3 ls0 ws0\">finanziarie </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x98e h12 y602d ff4 fs7 fc4 sc3 ls0 ws0\">finanziarie </td><td class=\"t m2 x1600 h12 y602d ff4 fs7 fc4 sc3 ls0 ws0\">compensate </td><td></td><td class=\"t m2 x90a h12 y602d ff4 fs7 fc4 sc3 ls0 ws0\">riportato in </td><td></td><td class=\"t m2 x679 h12 y602e ff4 fs7 fc4 sc3 ls0 ws0\">Depositi di </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x1601 h12 y602f ff4 fs7 fc4 sc3 ls0 ws0\">(a) </td><td class=\"t m2 x6f0 h12 y602f ff4 fs7 fc4 sc3 ls0 ws0\">in bilancio </td><td></td><td class=\"t m2 x681 h12 y602f ff4 fs7 fc4 sc3 ls0 ws0\">bilancio </td><td class=\"t m2 x6af h12 y6030 ff4 fs7 fc4 sc3 ls0 ws0\">Strumenti </td><td class=\"t m2 x6c6 h12 y6030 ff4 fs7 fc4 sc3 ls0 ws0\">contante </td><td class=\"c n x1602 y5573 w65d h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024</div></td><td class=\"c n x1603 y5573 w68d h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x1039 h12 y6031 ff4 fs7 fc4 sc3 ls0 ws0\">(b) </td><td></td><td class=\"t m2 xf36 h12 y6031 ff4 fs7 fc4 sc3 ls0 ws0\">(c=a-b) </td><td class=\"t m2 x10fe h12 y6032 ff4 fs7 fc4 sc3 ls0 ws0\">finanziari (d)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6d0 h12 y6032 ff4 fs7 fc4 sc3 ls0 ws0\">ricevuti in </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x7af h12 y6033 ff4 fs7 fc4 sc3 ls0 ws0\">garanzia (e) </td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y54a9 wdcc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Derivati<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1604 y54a9 wdcd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">444.971<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x914 h12 y6034 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x980 h12 y6034 ff4 fs7 fc1 sc0 ls0 ws0\">444.971<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1605 h12 y6034 ff4 fs7 fc1 sc0 ls0 ws0\">434.306<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x711 h12 y6034 ff4 fs7 fc1 sc0 ls0 ws0\">3.330<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y6034 ff4 fs7 fc1 sc0 ls0 ws0\">7.335<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x671 h12 y6034 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y55bc wdce h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Pronti contro term<span class=\"_ _2\"></span>ine<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1606 y55bc wdcf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">499<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x914 h12 y6035 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd98 h12 y6035 ff4 fs7 fc1 sc0 ls0 ws0\">499<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66d h12 y6035 ff4 fs7 fc1 sc0 ls0 ws0\">499<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y6035 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6035 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x671 h12 y6035 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y556b wb7d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Prestito titoli<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1607 y556b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x914 h12 y6036 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68b h12 y6036 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x689 h12 y6036 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y6036 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6036 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x671 h12 y6036 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y56b9 wdd0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1608 y56b9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x914 h12 y6037 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68b h12 y6037 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x689 h12 y6037 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y6037 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6037 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x671 h12 y6037 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x1609 h12 y6038 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x160a h12 y6038 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x160b h12 y6038 ff4 fs7 fc1 sc2 ls0 ws0\">445.470<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x914 h12 y6038 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x989 h12 y6038 ff4 fs7 fc1 sc2 ls0 ws0\">445.470<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1605 h12 y6038 ff4 fs7 fc1 sc2 ls0 ws0\">434.805<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x711 h12 y6038 ff4 fs7 fc1 sc2 ls0 ws0\">3.330<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y6038 ff4 fs7 fc1 sc2 ls0 ws0\">7.335<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f6 h12 y6038 ff4 fs7 fc1 sc2 ls0 ws0\">X </td><td></td></tr><tr><td class=\"t m2 x1609 h12 y6039 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x160a h12 y6039 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6be h12 y6039 ff4 fs7 fc1 sc2 ls0 ws0\">649.048<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x914 h12 y6039 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x989 h12 y6039 ff4 fs7 fc1 sc2 ls0 ws0\">649.048<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1605 h12 y6039 ff4 fs7 fc1 sc2 ls0 ws0\">478.983<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74e h12 y6039 ff4 fs7 fc1 sc2 ls0 ws0\">170.065<span class=\"_ _3a1\"> </span></td><td class=\"c n x160c y54f9 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x160d y54f9 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr></table>7. Passivit\u00e0 finan<span class=\"_ _1\"></span>ziarie oggetto di compe<span class=\"_ _1\"></span>nsazione in bilancio, o<span class=\"_ _1\"></span>ppure soggette ad accordi-q<span class=\"_ _1\"></span>uadro di compensazione<span class=\"_ _3a1\"> </span>o ad accordi s<span class=\"_ _1\"></span>imilari<span class=\"_ _3a1\"> </span>Ammontari correlati non oggetto di Ammontare Ammontare compensazione in Ammontare delle attivit\u00e0 netto delle bilancio<span class=\"_ _3a1\"> </span>Ammontare lordo delle finanziarie passivit\u00e0 netto (f=c-<span class=\"_ _3a1\"> </span>Ammontare Forme tecniche<span class=\"_ _3a1\"> </span>passivit\u00e0 compensato finanziarie Depositi in d-e)<span class=\"_ _3a1\"> </span>netto<span class=\"_ _3a1\"> </span>finanziarie in bilancio riportato in Strumenti contanti 31/12/2024<span class=\"_ _3a1\"> </span>31/12/2023<span class=\"_ _3a1\"> </span>(a)<span class=\"_ _3a1\"> </span>(b)<span class=\"_ _3a1\"> </span>bilancio finanziari posti a (c=a-b)<span class=\"_ _3a1\"> </span>garanzia (d)<span class=\"_ _3a1\"> </span>(e)<span class=\"_ _3a1\"> </span>1. Derivati<span class=\"_ _3a1\"> </span>714.595<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>714.595<span class=\"_ _3a1\"> </span>43<span class=\"_ _1\"></span>4.306<span class=\"_ _3a1\"> </span>492.845<span class=\"_ _3a1\"> </span>(212.556)<span class=\"_ _3a1\"> </span>(1)<span class=\"_ _3a1\"> </span>2. Pronti contro 6.808.201<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>6.808.201<span class=\"_ _3a1\"> </span>6.808.201<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>termine 3. Prestito titoli<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>4. Altre operazioni<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>Totale<span class=\"_ _3a1\"> </span>31.122.024<span class=\"_ _3a1\"> </span>7.522.796<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>7.522.796<span class=\"_ _3a1\"> </span>7.242.507<span class=\"_ _3a1\"> </span>492.845<span class=\"_ _3a1\"> </span>(212.556)<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>Totale<span class=\"_ _3a1\"> </span>31/12/2023<span class=\"_ _3a1\"> </span>8.720.390<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>8.720.390<span class=\"_ _3a1\"> </span>8.156.262<span class=\"_ _3a1\"> </span>564.129<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(1",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-901": {
   "value": "2.1 Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie detenute per <span class=\"_ _1\"></span>la negoziazione: compos<span class=\"_ _1\"></span>izione merceologica <table class=\"s w694 h1f4\" id=\"_b7ac081b-d691-4c36-98de-7b8a6733abba\"><tr><td></td><td></td><td class=\"c n x6fe y5519 w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x6ff y5519 w696 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x700 h12 y551a ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Valori </td><td></td><td class=\"c n x701 y551b w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x702 y551b w68d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n x703 y551c w65f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x704 y551c w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x705 y551c w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x706 y551c w697 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x707 y551c w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x708 y551c w698 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L<span class=\"_ _2\"></span>3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y551d ff4 fs7 fc1 sc2 ls0 ws0\">A. Attivit\u00e0 per cassa </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y551e w699 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x709 y551e w5b4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">19.098<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x70a h12 y551f ff4 fs7 fc1 sc0 ls0 ws0\">46<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y551f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y551f ff4 fs7 fc1 sc0 ls0 ws0\">25.950<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70b h12 y551f ff4 fs7 fc1 sc0 ls0 ws0\">23<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y551f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5520 w69a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli strutturati<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x70d y5520 w53a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">909<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x70e h12 y5521 ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5521 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70f h12 y5521 ff4 fs7 fc1 sc0 ls0 ws0\">4.813<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70b h12 y5521 ff4 fs7 fc1 sc0 ls0 ws0\">23<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5521 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5522 w69b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Altri titoli di debit<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x710 y5522 w69c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18.189<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x70a h12 y5523 ff4 fs7 fc1 sc0 ls0 ws0\">42<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5523 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x711 h12 y5523 ff4 fs7 fc1 sc0 ls0 ws0\">21.137<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5523 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5523 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5524 w69d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capitale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x713 y5524 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5525 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5525 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5525 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5525 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5525 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5526 w69e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Quote di O.I.C.R.<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x715 y5526 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5527 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a0 h12 y5527 ff4 fs7 fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f2 h12 y5527 ff4 fs7 fc1 sc0 ls0 ws0\">3.025<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5527 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y5527 ff4 fs7 fc1 sc0 ls0 ws0\">22<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5528 w69f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x716 y5528 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5529 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5529 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5529 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5529 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5529 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y552a w6a0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.1 Pronti contro term<span class=\"_ _2\"></span>ine<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x717 y552a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y552b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y552b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y552b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y552b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y552b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y552c w6a1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.2 Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x718 y552c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y552d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y552d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y552d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y552d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y552d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x719 h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71a h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">19.098<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70a h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">46<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a0 h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">24<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">28.975<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70b h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">23<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">22<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y552f ff4 fs7 fc1 sc2 ls0 ws0\">B. Strumenti derivati </td><td class=\"t m2 x71b h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5531 w6a2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Derivati finanziari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x71c y5531 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71d h12 y5532 ff4 fs7 fc1 sc0 ls0 ws0\">14.992<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5532 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5532 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y5532 ff4 fs7 fc1 sc0 ls0 ws0\">32.020<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5532 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5533 w6a3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1 di negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x71e y5533 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71d h12 y5534 ff4 fs7 fc1 sc0 ls0 ws0\">14.992<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5534 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5534 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y5534 ff4 fs7 fc1 sc0 ls0 ws0\">32.020<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5534 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5485 w6a4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 connessi con la <span class=\"_ _2\"></span>fair value option<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x71f y5485 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5535 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5535 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5535 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5535 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5535 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5486 w6a5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.3 altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x720 y5486 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5536 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5536 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5536 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5536 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5536 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5537 w6a6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Derivati creditiz<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x721 y5537 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5538 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5538 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5538 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5538 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5538 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5539 w6a7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 di negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x720 y5539 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5513 w6a8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 connessi con la <span class=\"_ _2\"></span>fair value option<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x722 y5513 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y553b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y553b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y553b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y553b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y553b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5515 w6a9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x723 y5515 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y553c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y553c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y553c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y553c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y553c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x719 h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">Totale (B)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71b h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71d h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">14.992<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">32.020<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x724 h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B) </td><td class=\"t m2 x71a h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">19.098<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71d h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">15.038<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a0 h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">24<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">28.975<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">32.043<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">22<span class=\"_ _3a1\"> </span></td></tr></table>Legenda: L1= Livello 1 L2= Livello 2 L3= Livello 3 Si segnala la compo<span class=\"_ _2\"></span>sizione della voc<span class=\"_ _2\"></span>e 3 \u201cQuote O.I.C.R\u201d:<span class=\"_ _3a1\"> </span><table class=\"s w6aa h1f5\" id=\"_d44a2f2b-600c-483a-be3e-9ccccdc039b0\"><tr><td></td><td></td><td class=\"c n x726 y553f w696 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x727 y553f w6ab h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">T<span class=\"_ _1\"></span>otale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c n x728 y5540 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x729 y5540 w68d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x2d7 y5541 w6ac h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Azionari<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x72a y5541 w6ad h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x72b h12 y5542 ff4 fs7 fc1 sc0 ls0 ws0\">3.047<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x72c h12 y5543 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x72d h12 y5543 ff4 fs7 fc1 sc2 ls0 ws0\">24<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x72b h12 y5543 ff4 fs7 fc1 sc2 ls0 ws0\">3.047<span class=\"_ _3a1\"> </span></td></tr></table>2.2 Attivit\u00e0 fina<span class=\"_ _1\"></span>nziarie detenute per la ne<span class=\"_ _1\"></span>goziazione: composizione <span class=\"_ _1\"></span>per debitori/emittent<span class=\"_ _1\"></span>i/controparti <table class=\"s w6ae h1f6\" id=\"_1dccab64-0579-4638-8c77-dbf4c2cfe2ca\"><tr><td></td><td class=\"t m2 x72e h12 y5544 ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Valori </td><td class=\"c n x72f y5545 w696 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x730 y5545 w6af h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">T<span class=\"_ _1\"></span>otale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x731 y5546 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x732 y5546 w68d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y5547 ff4 fs7 fc1 sc2 ls0 ws0\">A. Attivit\u00e0 per cassa </td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5548 w699 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x733 y5548 w6b0 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">19.144<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x676 h12 y5549 ff4 fs7 fc1 sc0 ls0 ws0\">25.974<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y554a w6b1 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche Centrali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y554a w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y554b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y554c w6b2 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazioni pubb<span class=\"_ _3b\"></span>li<span class=\"_ _1\"></span>che<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x736 y554c w6b3 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">15.641<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67a h12 y554d ff4 fs7 fc1 sc0 ls0 ws0\">24.107<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y554e w6b4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x737 y554e w6b5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2.205<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x738 h12 y554f ff4 fs7 fc1 sc0 ls0 ws0\">1.323<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5550 w6b6 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x739 y5550 w6b7 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">379<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e8 h12 y5551 ff4 fs7 fc1 sc0 ls0 ws0\">229<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5552 w6b8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese di assicu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73b y5552 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5553 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5554 w6b9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73c y5554 w6ba h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">919<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x73d h12 y5555 ff4 fs7 fc1 sc0 ls0 ws0\">317<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5556 w69d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capitale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73e y5556 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5557 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y551e w6bb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y551e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5558 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5520 w6b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre societ\u00e0 finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y5520 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5559 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y555a w6bc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui:  imprese di assicu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73f y555a w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y555b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5524 w6bd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Societ\u00e0 non finanz<span class=\"_ _2\"></span>iarie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x740 y5524 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y555c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5526 w6be h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altri emittenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y5526 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y555d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5528 w6bf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Quote di OICR<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x741 y5528 w6c0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e5 h12 y555e ff4 fs7 fc1 sc0 ls0 ws0\">3.047<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y552a w69f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73e y552a w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y555f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y552c w6b1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche Centrali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y552c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5560 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5561 w6b2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazioni pubb<span class=\"_ _3b\"></span>li<span class=\"_ _1\"></span>che<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x742 y5561 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5562 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5482 w6b4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x743 y5482 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5563 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5531 w6b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y5531 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5564 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5533 w6b8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese di assicu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73b y5533 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5565 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5566 w6b9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x744 y5566 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5567 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5486 w6c1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">f) Famiglie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x745 y5486 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5568 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x682 h12 y5569 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x746 h12 y5569 ff4 fs7 fc1 sc2 ls0 ws0\">19.167<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y5569 ff4 fs7 fc1 sc2 ls0 ws0\">29.022<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y556a ff4 fs7 fc1 sc2 ls0 ws0\">B. Strumenti derivati </td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y556b w6c2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Controparti Central<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x747 y556b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y556c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5515 w6c3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x748 y5515 w6c4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.992<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y556d ff4 fs7 fc1 sc0 ls0 ws0\">32.020<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x682 h12 y556e ff4 fs7 fc1 sc2 ls0 ws0\">Totale (B)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x749 h12 y556e ff4 fs7 fc1 sc2 ls0 ws0\">14.992<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y556e ff4 fs7 fc1 sc2 ls0 ws0\">32.020<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x6cf h12 y556f ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B) </td><td class=\"t m2 x749 h12 y556f ff4 fs7 fc1 sc2 ls0 ws0\">34.160<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y556f ff4 fs7 fc1 sc2 ls0 ws0\">61.042<span class=\"_ _3a1\"> </span></td></tr></table>In <span class=\"_ _0\"></span>confor<span class=\"_ _1\"></span>mit\u00e0 <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>quanto <span class=\"_ _35\"> </span>disposto <span class=\"_ _0\"></span>dal <span class=\"_ _35\"> </span>princi<span class=\"_ _2\"></span>pio <span class=\"_ _0\"> </span>cont<span class=\"_ _1\"></span>abile <span class=\"_ _35\"> </span>IFRS<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>7 <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>tenuto <span class=\"_ _0\"></span>conto <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>indicazioni contenute <span class=\"_ _3d\"> </span>nella  Com<span class=\"_ _1\"></span>unicazione  CONSOB<span class=\"_ _1\"></span>  n. <span class=\"_ _3d\"> </span>DEM/11070007 <span class=\"_ _3d\"> </span>del  5<span class=\"_ _1\"></span>  agosto <span class=\"_ _3d\"> </span>2011 <span class=\"_ _3d\"> </span>(che  r<span class=\"_ _1\"></span>iprende  il documento <span class=\"_ _3b\"></span>ESMA <span class=\"_ _3b\"></span>N<span class=\"_ _1\"></span>. <span class=\"_ _3b\"></span>2011/266 <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>28 <span class=\"_ _3b\"></span>luglio <span class=\"_ _3b\"></span>2011) <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>mate<span class=\"_ _1\"></span>ria di <span class=\"_ _3b\"></span>informazioni <span class=\"_ _3b\"></span>da rendere <span class=\"_ _3b\"></span>nelle <span class=\"_ _3b\"></span>relazioni finanziarie <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>merito <span class=\"_ _3d\"> </span>al <span class=\"_ _37\"> </span>\u201cdebito <span class=\"_ _3d\"> </span>Sovrano\u201d, <span class=\"_ _3d\"> </span>si <span class=\"_ _37\"> </span>precisa <span class=\"_ _3d\"> </span>che <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>31 <span class=\"_ _3d\"> </span>dicembre <span class=\"_ _3d\"> </span>2024 <span class=\"_ _3d\"> </span>sono <span class=\"_ _37\"> </span>presenti<span class=\"_ _2\"></span> esposizioni <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>governativi <span class=\"_ _1\"></span>verso <span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>Stato <span class=\"_ _1\"></span>Italia <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>8,2 <span class=\"_ _1\"></span>milioni <span class=\"_ _1\"></span>di e<span class=\"_ _1\"></span>uro, <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>circa <span class=\"_ _1\"></span>7,4 <span class=\"_ _1\"></span>milioni di euro <span class=\"_ _38\"></span>verso <span class=\"_ _38\"></span>altri <span class=\"_ _38\"></span>paesi. <span class=\"_ _1\"></span>Le <span class=\"_ _38\"></span>posizioni, <span class=\"_ _1\"></span>clas<span class=\"_ _1\"></span>sificate <span class=\"_ _38\"></span>contabilmente <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>trading, <span class=\"_ _1\"></span>hanno <span class=\"_ _38\"></span>come<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>oggetto <span class=\"_ _1\"></span>la negoziazione verso la clientela istituzionale. Si rimanda all<span class=\"_ _2\"></span>a sezione 3<span class=\"_ _2\"></span> della pr<span class=\"_ _2\"></span>esente nota per<span class=\"_ _2\"></span> i <span class=\"_ _2\"></span>titoli detenuti n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>l portafoglio <span class=\"_ _3b\"></span>\u201c<span class=\"_ _1\"></span>Attivit\u00e0 finanziarie<span class=\"_ _2\"></span> valutate al fair value con impatto sulla re<span class=\"_ _1\"></span>dditivit\u00e0 complessiva\u201d.<span class=\"_ _3a1\"> </span>Sezione 5<span class=\"_ _1\"></span> - De<span class=\"_ _1\"></span>rivati di cope<span class=\"_ _1\"></span>rtura \u2013 V<span class=\"_ _1\"></span>oce 50 5.1 Derivati di <span class=\"_ _1\"></span>copertura: composizione <span class=\"_ _1\"></span>per tipologia di copert<span class=\"_ _1\"></span>ura e per livelli <table class=\"s w684 h208\" id=\"_46746b8b-eceb-403b-90a6-0685dbb4500d\"><tr><td></td><td></td><td></td><td class=\"t m2 x697 h12 y56af ff4 fs7 fc4 sc3 ls0 ws0\">FV<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e2 h12 y56af ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024 </td><td></td><td class=\"t m2 x991 h12 y56b0 ff4 fs7 fc4 sc3 ls0 ws0\">VN </td><td class=\"t m2 x70f h12 y56af ff4 fs7 fc4 sc3 ls0 ws0\">FV<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x992 h12 y56af ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023 </td><td></td><td class=\"t m2 x676 h12 y56b0 ff4 fs7 fc4 sc3 ls0 ws0\">VN </td></tr><tr><td></td><td></td><td class=\"c n x993 y56b1 w65f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x994 y56b1 w688 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x995 y56b1 w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td class=\"c x75d y56b2 w17c h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x6f3 y56b1 w7b5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1 <span class=\"_ _134\"> </span>L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x996 y56b1 w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td class=\"c x6eb y56b2 w17c h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y56b3 ff4 fs7 fc1 sc2 ls0 ws0\">A. Derivati finanziari </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x997 y56b4 w7b6 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1. Fair value<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x998 y56b4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x999 h12 y56b5 ff4 fs7 fc1 sc0 ls0 ws0\">427.235<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6af h12 y56b5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75d h12 y56b5 ff4 fs7 fc1 sc0 ls0 ws0\">21.024.740<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y56b5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a9 h12 y56b5 ff4 fs7 fc1 sc0 ls0 ws0\">568.146<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99b h12 y56b5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68a h12 y56b5 ff4 fs7 fc1 sc0 ls0 ws0\">17.532.717<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y5537 w7b7 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2. Flussi finanziari<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x998 y5537 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71d h12 y56b6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6af h12 y56b6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h12 y56b6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y56b6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b9 h12 y56b6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99b h12 y56b6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y56b6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y5539 w7b8 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Investimenti ester<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x99c y5539 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71d h12 y56b7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6af h12 y56b7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h12 y56b7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y56b7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b9 h12 y56b7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99b h12 y56b7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y56b7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y56b8 ff4 fs7 fc1 sc2 ls0 ws0\">B. Derivati creditizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x997 y56b9 w7b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Fair value<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x998 y56b9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71d h12 y56ba ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6af h12 y56ba ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h12 y56ba ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y56ba ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b9 h12 y56ba ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99b h12 y56ba ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y56ba ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y54b0 w7b7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Flussi finanziari<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x998 y54b0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71d h12 y56bb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6af h12 y56bb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h12 y56bb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y56bb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b9 h12 y56bb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99b h12 y56bb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y56bb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x99d h12 y56bc ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x99e h12 y56bc ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x999 h12 y56bc ff4 fs7 fc1 sc2 ls0 ws0\">427.235<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6af h12 y56bc ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75d h12 y56bc ff4 fs7 fc1 sc2 ls0 ws0\">21.024.740<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y56bc ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a9 h12 y56bc ff4 fs7 fc1 sc2 ls0 ws0\">568.146<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x910 h12 y56bc ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68a h12 y56bc ff4 fs7 fc1 sc2 ls0 ws0\">17.532.717<span class=\"_ _3a1\"> </span></td></tr></table>Legenda: VN = valore nozionale<span class=\"_ _3b\"></span> L1= Livello 1 L2= Livello 2 L3= Livello 3<span class=\"fs2\"> </span>5.2 Derivati di coper<span class=\"_ _1\"></span>tura: composiz<span class=\"_ _1\"></span>ione per portafogli coper<span class=\"_ _1\"></span>ti e per tipologia di co<span class=\"_ _1\"></span>pertura<span class=\"_ _3a1\"> </span><table class=\"s w7b9 h209\" id=\"_633ec18d-2ed4-411d-afb3-9a859b12deb5\"><tr><td></td><td></td><td></td><td class=\"t m2 x99f h12 y56bd ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td class=\"t m2 x9a0 h12 y56be ff4 fs7 fc4 sc3 ls0 ws0\">Flussi </td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x9a1 h12 y56bf ff4 fs7 fc4 sc3 ls0 ws0\">finanziari<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"t m2 x7c0 h12 y56c0 ff4 fs7 fc4 sc3 ls0 ws0\">Operazioni/Tipo di </td><td></td><td></td><td class=\"t m2 x9a2 h12 y56c1 ff4 fs7 fc4 sc3 ls0 ws0\">Specifica<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x9a3 h12 y56c0 ff4 fs7 fc4 sc3 ls0 ws0\">Investim. </td></tr><tr><td class=\"t m2 x901 h12 y56c2 ff4 fs7 fc4 sc3 ls0 ws0\">copertura<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x95d h12 y56c3 ff4 fs7 fc4 sc3 ls0 ws0\">titoli di </td><td class=\"t m2 x9a4 h12 y56c3 ff4 fs7 fc4 sc3 ls0 ws0\">titoli di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x891 h12 y56c2 ff4 fs7 fc4 sc3 ls0 ws0\">esteri<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x7ca h12 y56c4 ff4 fs7 fc4 sc3 ls0 ws0\">debito e </td><td class=\"t m2 x5c4 h12 y56c4 ff4 fs7 fc4 sc3 ls0 ws0\">capitale </td><td class=\"t m2 x9a5 h12 y56c4 ff4 fs7 fc4 sc3 ls0 ws0\">valute </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=\"t m2 x9a6 h12 y56c5 ff4 fs7 fc4 sc3 ls0 ws0\">credito<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x9a7 h12 y56c5 ff4 fs7 fc4 sc3 ls0 ws0\">merci<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93d h12 y56c5 ff4 fs7 fc4 sc3 ls0 ws0\">altri<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x937 h12 y56c6 ff4 fs7 fc4 sc3 ls0 ws0\">tassi di </td><td class=\"t m2 x9a4 h12 y56c6 ff4 fs7 fc4 sc3 ls0 ws0\">e indici </td><td class=\"t m2 x9a8 h12 y56c6 ff4 fs7 fc4 sc3 ls0 ws0\">e oro<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y56c7 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanziarie </td><td class=\"t m2 x7d6 h12 y56c8 ff4 fs7 fc4 sc3 ls0 ws0\">interesse<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x5c4 h12 y56c8 ff4 fs7 fc4 sc3 ls0 ws0\">azionari<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y56c9 ff4 fs7 fc1 sc0 ls0 ws0\">valutate al fair value co<span class=\"_ _2\"></span>n<span class=\"_ _3a1\"> </span></td><td class=\"c n x9a9 y56ca w7ba h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">204.291<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9aa y56ca w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9ab y56ca w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9ac y56ca w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9ad y56ca w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9ae y56ca w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9af y56ca w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9b0 y56ca w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9b1 y56ca w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9b2 y56ca w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y56cb ff4 fs7 fc1 sc0 ls0 ws0\">impatto sulla redditiv<span class=\"_ _2\"></span>it\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y56cc ff4 fs7 fc1 sc0 ls0 ws0\">complessiva </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y56cd ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 finanziarie </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y56ce ff4 fs7 fc1 sc0 ls0 ws0\">valutate al costo </td><td class=\"c n x9b3 y5623 w7bb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">39.912<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9b4 y5623 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9b5 y5623 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9b6 y5623 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9b7 y5623 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9b8 y5623 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9b9 y5623 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9ba y5623 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9bb y5623 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9bc y5623 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y56cf ff4 fs7 fc1 sc0 ls0 ws0\">ammortizzato </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y56d0 w7bc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Portafoglio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9bd y56d0 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9be y56d0 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9bf y56d0 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9c0 y56d0 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9c1 y56d0 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9c2 y56d0 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9c3 y56d0 w7bd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">22.387<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9c4 y56d0 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9c5 y56d0 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9c6 y56d0 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5678 w7be h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Altre operazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9c7 y5678 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9c8 y5678 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9c9 y5678 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9ca y5678 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9cb y5678 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9cc y5678 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9cd y5678 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9ce y5678 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9cf y5678 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9d0 y5678 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x9d1 h12 y56d1 ff4 fs7 fc1 sc2 ls0 ws0\">Totale attivit\u00e0<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ca h12 y56d1 ff4 fs7 fc1 sc2 ls0 ws0\">244.203<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dc h12 y56d1 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d2 h12 y56d1 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d3 h12 y56d1 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h12 y56d1 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d4 h12 y56d1 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d5 h12 y56d1 ff4 fs7 fc1 sc2 ls0 ws0\">22.387<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d6 h12 y56d1 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d7 h12 y56d1 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d8 h12 y56d1 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y56d2 w7bf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Passivit\u00e0 finanziarie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9d9 y56d2 w7c0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.217<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9da y56d2 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9db y56d2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9dc y56d2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9dd y56d2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9de y56d2 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9df y56d2 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9e0 y56d2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9e1 y56d2 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9e2 y56d2 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y56d3 w7c1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Portafoglio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9e3 y56d3 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9e4 y56d3 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9e5 y56d3 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9e6 y56d3 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9e7 y56d3 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9e8 y56d3 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9e9 y56d3 w6eb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">159.428<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9ea y56d3 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9eb y56d3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9ec y56d3 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x9ed h12 y56d4 ff4 fs7 fc1 sc2 ls0 ws0\">Totale passivit\u00e0<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93b h12 y56d4 ff4 fs7 fc1 sc2 ls0 ws0\">1.217<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dc h12 y56d4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d2 h12 y56d4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d3 h12 y56d4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h12 y56d4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d4 h12 y56d4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n x9ee y56d5 w6eb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">159.428<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9ef y56d5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x9d7 h12 y56d4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"c n x2d7 y56d6 w7c2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Transazioni attese<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9f0 y56d6 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9f1 y56d6 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9f2 y56d6 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9f3 y56d6 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9f4 y56d6 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9f5 y56d6 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9f6 y56d6 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9f7 y56d6 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9f8 y56d6 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9f9 y56d6 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y56d7 ff4 fs7 fc1 sc0 ls0 ws0\">2. Portafoglio di attivit<span class=\"_ _2\"></span>\u00e0 e </td><td></td><td class=\"c n x9fa y5670 w7c3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X <span class=\"_ _1c5\"> </span>X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9fb y5670 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9fc y5670 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9fd y5670 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9fe y5670 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9ff y5670 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa00 y5670 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa01 y56d9 w7c4 h20a\"><div class=\"t m2 x2b3 h12 y56d8 ff4 fs7 fc1 sc0 ls0 ws0\">- <span class=\"_ _182\"> </span>- </div></td><td></td></tr><tr><td class=\"t m2 x58e h12 y56da ff4 fs7 fc1 sc0 ls0 ws0\">passivit\u00e0 finanziarie<span class=\"_ _2\"></span> </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Gen<span class=\"_ _2\"></span>ericaSpe<span class=\"_ _2\"></span>cificaGen<span class=\"_ _2\"></span>ericaSi <span class=\"_ _1\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>adottata <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>met<span class=\"_ _1\"></span>odologia <span class=\"_ _1\"></span>contabile <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>Macro <span class=\"_ _38\"></span>Fair<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>Value <span class=\"_ _1\"></span>He<span class=\"_ _1\"></span>dge <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>copertur<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>rischio <span class=\"_ _1\"></span>di tasso della raccolta a vista della clientela. La <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>accolta <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>vista <span class=\"_ _0\"></span>dalla <span class=\"_ _35\"> </span>cli<span class=\"_ _2\"></span>entela <span class=\"_ _35\"> </span>rappresenta <span class=\"_ _0\"></span>un\u2019importante <span class=\"_ _35\"> </span>fonte <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>fund<span class=\"_ _2\"></span>ing <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>banca. <span class=\"_ _0\"></span>Una quota <span class=\"_ _36\"> </span>par<span class=\"_ _1\"></span>te <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>questa <span class=\"_ _36\"> </span>raccolta, <span class=\"_ _39\"> </span>seppur <span class=\"_ _36\"> </span>contrattualme<span class=\"_ _1\"></span>nte <span class=\"_ _36\"> </span>a <span class=\"_ _36\"> </span>vista, <span class=\"_ _39\"> </span>presenta <span class=\"_ _36\"> </span>per\u00f2 <span class=\"_ _39\"> </span>una <span class=\"_ _39\"> </span>fort<span class=\"_ _2\"></span>e persistenza <span class=\"_ _3a\"> </span>nel <span class=\"_ _3f\"> </span>tempo <span class=\"_ _3f\"> </span>ed <span class=\"_ _3a\"> </span>una <span class=\"_ _3f\"> </span>e<span class=\"_ _1\"></span>lasticit\u00e0 <span class=\"_ _3f\"> </span>imperfetta <span class=\"_ _3a\"> </span>alla <span class=\"_ _3f\"> </span>variazione <span class=\"_ _3a\"> </span>dei <span class=\"_ _3f\"> </span>tassi <span class=\"_ _3a\"> </span>di <span class=\"_ _3f\"> </span>mercato, rappresentata dal cosiddetto \u201ceffetto vischiosit\u00e0\u201d<span class=\"_ _1\"></span>. Questo effetto \u00e8 stato stimato mediante <span class=\"_ _1\"></span>un modello di analisi che consiste in due componenti: <span class=\"_ _3e\"> </span><span class=\"ff4\">la stima della <span class=\"_ _2\"></span>relazione dei <span class=\"_ _2\"></span>tassi delle pos<span class=\"_ _2\"></span>te a v<span class=\"_ _2\"></span>ista con i<span class=\"_ _3b\"></span> tassi di mercato i<span class=\"_ _2\"></span>n base ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>modello </span>econometrico; <div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsab0\"><span class=\"_ _3e\"> </span><span class=\"ff4\">la st<span class=\"_ _1\"></span>ima della persistenza dei volumi, attraverso la quale l\u2019ammontare delle poste a vista viene<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"><span class=\"_ _2\"></span> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsab1\">trado<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsab2\">tto in un portafoglio di poste a tasso fisso a scadenza.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsab3\">I derivati di copertura di questa tipologia present<span class=\"_ _1\"></span>ano un fair value positivo di 159.428 mila euro.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsab4\">Sono <span class=\"_ _0\"></span>presenti <span class=\"_ _38\"></span>coperture <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>micro <span class=\"_ _0\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _0\"></span>hedge <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>u <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>itoli <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>tasso <span class=\"_ _0\"></span>fisso <span class=\"_ _38\"></span>dete<span class=\"_ _1\"></span>nuti <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>portafoglio<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs37b\">HTCS.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsab5\">I derivati di questa tipologia presentano <span class=\"_ _1\"></span>un fair value positivo di 204.291 mila euro.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs37e\">Sono <span class=\"_ _0\"></span>presenti <span class=\"_ _38\"></span>coperture <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>micro <span class=\"_ _0\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _0\"></span>hedge <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>u <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>itoli <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>tasso <span class=\"_ _0\"></span>fisso <span class=\"_ _38\"></span>dete<span class=\"_ _1\"></span>nuti <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>portafoglio<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsab6\">HTC.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs380\">I derivati di questa tipologia presentano <span class=\"_ _1\"></span>un fair value positivo di 39.912 mila euro.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs82a\">Sono presenti coperture di micro<span class=\"_ _1\"></span> fair value su tit<span class=\"_ _1\"></span>oli emessi a tasso fisso contabilizzati nel \"Titoli i<span class=\"_ _1\"></span>n<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs383\">circolazione\".<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs82c\">I derivati di questa tipologia presentano <span class=\"_ _1\"></span>un fair value negativo di 1.217 mila euro.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsab7\">Si <span class=\"_ _38\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>dottata <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>metodologia <span class=\"_ _38\"></span>contabile <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>macro <span class=\"_ _38\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _38\"></span>hedge <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>copertura <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsab8\">tasso  associato  all\u2019erogazione  d<span class=\"_ _2\"></span>i  crediti  a  tasso  fisso  e<span class=\"_ _2\"></span>  a  tas<span class=\"_ _2\"></span>so  variabile  con  opzione <span class=\"_ _35\"> </span>\u201cCap\u201d.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs388\">L\u2019applicazione <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>metodologia <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>he<span class=\"_ _1\"></span>dge <span class=\"_ _38\"></span>accounting <span class=\"_ _38\"></span>consente <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>appresentare <span class=\"_ _38\"></span>contabilmente<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsab9\">gli  effetti  economici  delle <span class=\"_ _35\"> </span>strategie  di  copertura  attuate.  I  d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>rivati  di  copertura <span class=\"_ _35\"> </span>re<span class=\"_ _1\"></span>lativi  a  tal<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsaba\">strategia presentano un fair value positivo di 22.387 <span class=\"_ _1\"></span>mila euro.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsabb\">Si <span class=\"_ _1\"></span>rimanda <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>Sezione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>Parte <span class=\"_ _38\"></span>E <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>nota <span class=\"_ _38\"></span>integrativa <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>des<span class=\"_ _1\"></span>crizione <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>modalit\u00e0 <span class=\"_ _38\"></span>della<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs38d\">copertura.<span class=\"_ _3a1\"> </span> </div>Sezione 2 \u2013 Passivit\u00e0 finanziarie di negoziazione \u2013 Voce 20 2.1 Passivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie di negoziaz<span class=\"_ _1\"></span>ione: composizione me<span class=\"_ _1\"></span>rceologica <table class=\"s w684 h23e\" id=\"_d259a1e0-4d45-4832-ab9d-6542f41c5faa\"><tr><td></td><td></td><td></td><td></td><td class=\"c n xfd5 y5b34 w6c5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n xfd6 y5b34 wa5d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c n xfd7 y5b35 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n xfd8 y5b35 w65e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td class=\"t m2 xfd9 h12 y5b36 ff4 fs7 fc4 sc3 ls0 ws0\">Tipologia operazioni/Valori </td><td class=\"t m2 xfda h12 y5b37 ff4 fs7 fc4 sc3 ls0 ws0\">VN </td><td></td><td></td><td class=\"t m2 x6a5 h12 y5b38 ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value </td><td></td><td class=\"t m2 x6af h12 y5b39 ff4 fs7 fc4 sc3 ls0 ws0\">Fair </td><td class=\"t m2 x699 h12 y5b37 ff4 fs7 fc4 sc3 ls0 ws0\">VN </td><td></td><td></td><td class=\"t m2 x749 h12 y5b38 ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value </td><td></td><td class=\"t m2 x75a h12 y5b39 ff4 fs7 fc4 sc3 ls0 ws0\">Fair </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x6cf h12 y5b3a ff4 fs7 fc4 sc3 ls0 ws0\">Value * </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x6f6 h12 y5b3a ff4 fs7 fc4 sc3 ls0 ws0\">Value * </td></tr><tr><td></td><td></td><td></td><td class=\"c n xfdb y5b3b w65f h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfdc y5b3b w660 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfdd y5b3b w6c7 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xfde y5b3b w65f h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfdf y5b3b w688 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfe0 y5b3b waa8 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x677 h12 y5b3c ff4 fs7 fc1 sc2 ls0 ws0\">A. Passivit\u00e0 per cassa </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 class=\"c n x70c y5b3d waa9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Debiti verso banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe1 y5b3d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xfe2 h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5b3f waaa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Debiti verso clientela<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe3 y5b3f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xfe2 h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5b41 waab h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe4 y5b41 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xfe2 h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">- </td></tr><tr><td class=\"c n xdcf y5b43 waac h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Obbligazioni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe5 y5b43 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xfe2 h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">- </td></tr><tr><td class=\"c n xfe6 y5b45 waad h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1.1 Strutturate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe7 y5b45 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b45 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe9 y5b45 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a5 h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"t m2 xfea h12 y5b47 ff4 fs7 fc1 sc0 ls0 ws0\">3.1.2 Altre </td><td></td><td class=\"t m2 x99d h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71a h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b49 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe9 y5b49 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a5 h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"t m2 xfea h12 y5b4a ff4 fs7 fc1 sc0 ls0 ws0\">obbligazioni  </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 class=\"c n xdcf y5b4b waae h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Altri titoli<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfeb y5b4b w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xfe2 h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">- </td></tr><tr><td class=\"c n xfe6 y5b4d waaf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2.1 Strutturati<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfec y5b4d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b4d w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe9 y5b4d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a5 h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c n xfe6 y5b4f wab0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2.2 Altri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfed y5b4f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b4f w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe9 y5b4f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a5 h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"t m2 x90e h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x99d h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71a h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xfe2 h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-</td></tr><tr><td class=\"t m2 x677 h12 y5b52 ff4 fs7 fc1 sc2 ls0 ws0\"> B. Strumenti derivati </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 class=\"c n x70c y5b53 wab1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Derivati finanziari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfee y5b53 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfef y5b53 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x7ae h12 y5b54 ff4 fs7 fc1 sc0 ls0 ws0\">14.463<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b54 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b54 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xff0 y5b53 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff1 y5b53 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 xff2 h12 y5b54 ff4 fs7 fc1 sc0 ls0 ws0\">27.211<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b54 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b54 ff4 fs7 fc1 sc0 ls0 ws0\">- </td></tr><tr><td class=\"c n xdcf y5b55 wab2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Di negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff3 y5b55 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff4 y5b55 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x7ae h12 y5b56 ff4 fs7 fc1 sc0 ls0 ws0\">14.463<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b56 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b55 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5b55 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5b55 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 xff2 h12 y5b56 ff4 fs7 fc1 sc0 ls0 ws0\">27.211<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b56 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b56 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c xdcf y5b57 wab3 h1e7\"><div class=\"t m2 x2b3 h12 y543a ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Connessi con la fai<span class=\"_ _2\"></span>r<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">value option<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff7 y5b58 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff8 y5b58 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90a h12 y5b59 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b59 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b58 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5b58 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5b58 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y5b59 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b59 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b59 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c n xdcf y5b5a wab4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff9 y5b5a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xffa y5b5a w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90a h12 y5b5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b5a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5b5a w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5b5a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y5b5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b5b ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c n x70c y5b5c wab5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Derivati creditiz<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xffb y5b5c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xffc y5b5c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90a h12 y5b5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xff0 y5b5c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff1 y5b5c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y5b5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b5d ff4 fs7 fc1 sc0 ls0 ws0\">- </td></tr><tr><td class=\"c n xdcf y5b5e wab6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Di negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xffd y5b5e wab7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xffe y5b5e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90a h12 y5b5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b5e w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5b5e w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5b5e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y5b5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b5f ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c xdcf y5a36 wab8 h225\"><div class=\"t m2 x2b3 h12 y5929 ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Connessi con la f<span class=\"_ _2\"></span>air<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">value option<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff7 y5b60 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff8 y5b60 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90a h12 y5b61 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b61 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b60 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5b60 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5b60 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y5b61 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b61 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b61 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c n xdcf y5515 wab9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfff y5515 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1000 y5515 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90a h12 y5b62 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b62 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5515 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5515 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5515 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y5b62 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b62 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b62 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"t m2 x1001 h12 y5b63 ff4 fs7 fc1 sc2 ls0 ws0\">Totale B<span class=\"_ _3a1\"> </span></td><td class=\"c n xff7 y5600 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff8 y5600 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-</div></td><td class=\"t m2 x7ae h12 y5b63 ff4 fs7 fc1 sc2 ls0 ws0\">14.463<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b63 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5600 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5600 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5600 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-</div></td><td class=\"t m2 x1002 h12 y5b63 ff4 fs7 fc1 sc2 ls0 ws0\">27.211<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b63 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b63 ff4 fs7 fc1 sc2 ls0 ws0\">X </td></tr><tr><td class=\"t m2 x1003 h12 y5b64 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B)<span class=\"_ _3a1\"> </span></td><td class=\"c n xff7 y54f9 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff8 y54f9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-</div></td><td class=\"t m2 x7ae h12 y5b64 ff4 fs7 fc1 sc2 ls0 ws0\">14.463<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b64 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y54f9 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y54f9 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y54f9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-</div></td><td class=\"t m2 x1002 h12 y5b64 ff4 fs7 fc1 sc2 ls0 ws0\">27.211<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b64 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b64 ff4 fs7 fc1 sc2 ls0 ws0\">X </td></tr></table>Legenda: VN = valore nominale <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> nozionale  L1 = Livello 1  L2 = Livello 2  L3 = Livello 3  Fair value*=Fair value calcolato esclude<span class=\"_ _2\"></span>ndo le variazioni di valore dovute al cambiamento del merito creditizio dell'emittente rispe<span class=\"_ _2\"></span>tto alla data di emiss<span class=\"_ _2\"></span>ione. 2.2 De<span class=\"_ _3a1\"> </span>ttaglio delle \u201cP<span class=\"_ _1\"></span>assivit\u00e0 finanziarie<span class=\"_ _1\"></span> di negoziazione\u201d: pass<span class=\"_ _1\"></span>ivit\u00e0 subordinate  2.3 Dett<span class=\"_ _1\"></span>aglio delle \u201cPassivit\u00e0 finanziarie<span class=\"_ _1\"></span> di negoziazione\u201d: debiti str<span class=\"_ _1\"></span>utturati Non <span class=\"_ _3d\"> </span>esistono, <span class=\"_ _37\"> </span>alla <span class=\"_ _3d\"> </span>data <span class=\"_ _37\"> </span>del <span class=\"_ _3d\"> </span>bilancio, <span class=\"_ _3d\"> </span>n\u00e9 <span class=\"_ _37\"> </span>al <span class=\"_ _3d\"> </span>31 <span class=\"_ _37\"> </span>dicembre <span class=\"_ _3d\"> </span>20<span class=\"_ _1\"></span>23, <span class=\"_ _3d\"> </span>passivit\u00e0 <span class=\"_ _3d\"> </span>subordinate <span class=\"_ _37\"> </span>e <span class=\"_ _3d\"> </span>debiti strutturati.<span class=\"_ _3a1\"> </span><div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gse05\">Sezione 3 \u2013 Passivit\u00e0 finanziarie designate al fair value \u2013 Voce 30 </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gse06\">3.1 Passivit\u00e0 finan<span class=\"_ _1\"></span>ziarie designate <span class=\"_ _1\"></span>al fair value: compos<span class=\"_ _1\"></span>izione merceologica </div><div class=\"gse07\"><table class=\"s waba h23f\" id=\"_aae9e559-43b9-435b-8561-1911a978a6bb\"><tr><td></td><td></td><td></td><td></td><td class=\"c n x1004 y5b65 wabb h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n x1005 y5b65 wabc h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c n xfb7 y5b66 wabd h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n x1006 y5b66 wabe h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc4 sc3 ls0 ws0\">3<span class=\"_ _1\"></span>1/12/202<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td class=\"t m2 x1007 h19 y5b67 ff4 fsb fc4 sc3 ls0 ws0\">Tipologi<span class=\"_ _1\"></span>a operazioni<span class=\"_ _1\"></span>/Valori </td><td></td><td></td><td></td><td class=\"t m2 x6ae h19 y5b68 ff4 fsb fc4 sc3 ls0 ws0\">Fair val<span class=\"_ _1\"></span>ue </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x99b h19 y5b68 ff4 fsb fc4 sc3 ls0 ws0\">Fair val<span class=\"_ _1\"></span>ue </td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x1008 h19 y5b69 ff4 fsb fc4 sc3 ls0 ws0\">Fair val<span class=\"_ _1\"></span>ue </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x1009 h19 y5b69 ff4 fsb fc4 sc3 ls0 ws0\">Fair val<span class=\"_ _1\"></span>ue </td></tr><tr><td></td><td class=\"t m2 x100a h19 y5b6a ff4 fsb fc4 sc3 ls0 ws0\">VN </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x684 h19 y5b6a ff4 fsb fc4 sc3 ls0 ws0\">VN </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c n x100b y5b6b wabf h240\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x100c y5b6b wac0 h240\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x100d y5b6b wac1 h240\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x100e y5b6b wac2 h240\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x100f y5b6b wac0 h240\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1010 y5b6b wac3 h240\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x2d7 y5b6c wac4 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc2 ls0 ws0\">1. Debit<span class=\"_ _1\"></span>i verso<span class=\"_ _1\"></span> banche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1011 y5b6c wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x1012 h19 y5b6d ff4 fsb fc1 sc2 ls0 ws0\">- </td><td class=\"t m2 x6a7 h19 y5b6d ff4 fsb fc1 sc2 ls0 ws0\">- </td><td class=\"t m2 x6e7 h19 y5b6d ff4 fsb fc1 sc2 ls0 ws0\">- </td><td class=\"t m2 x6d0 h19 y5b6d ff4 fsb fc1 sc2 ls0 ws0\">- </td><td class=\"t m2 x1013 h19 y5b6d ff4 fsb fc1 sc2 ls0 ws0\">- </td><td></td><td class=\"t m2 x70b h19 y5b6d ff4 fsb fc1 sc2 ls0 ws0\">- </td><td class=\"t m2 xda3 h19 y5b6d ff4 fsb fc1 sc2 ls0 ws0\">- </td><td class=\"t m2 x1014 h19 y5b6d ff4 fsb fc1 sc2 ls0 ws0\">- </td><td class=\"t m2 x1015 h19 y5b6d ff4 fsb fc1 sc2 ls0 ws0\">- </td></tr><tr><td class=\"c n x70c y5b6e wac6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.1 Struttur<span class=\"_ _1\"></span>ati<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1016 y5b6e wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x1012 h19 y5b6f ff4 fsb fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 x6a7 h19 y5b6f ff4 fsb fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 x6e7 h19 y5b6f ff4 fsb fc1 sc0 ls0 ws0\">- </td><td class=\"c n x1017 y5b6e wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1018 y5b6e wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x70b h19 y5b6f ff4 fsb fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 xda3 h19 y5b6f ff4 fsb fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 x1014 h19 y5b6f ff4 fsb fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 x1019 h19 y5b6f ff4 fsb fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c n x70c y5b70 wac9 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.2 Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x101a y5b70 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x1012 h19 y5b71 ff4 fsb fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 x6a7 h19 y5b71 ff4 fsb fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 x6e7 h19 y5b71 ff4 fsb fc1 sc0 ls0 ws0\">- </td><td class=\"c n x1017 y5b70 wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1018 y5b70 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x70b h19 y5b71 ff4 fsb fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 xda3 h19 y5b71 ff4 fsb fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 x1014 h19 y5b71 ff4 fsb fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 x1019 h19 y5b71 ff4 fsb fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"t m2 x1007 h19 y5b72 ff4 fsb fc1 sc0 ls0 ws0\">di cui: </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 class=\"c n xdcf y5b73 waca h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- impegni a erog<span class=\"_ _1\"></span>are fondi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x101b y5b73 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c n x101c y5b73 wacb h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x101d y5b73 wacb h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x101e y5b73 wacb h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x101f y5b73 wacc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1020 y5b73 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c n x1021 y5b73 wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1022 y5b73 wacc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1023 y5b73 wacc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1024 y5b73 wacc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xdcf y5b74 wacd h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- garanzie finanzi<span class=\"_ _1\"></span>arie ril<span class=\"_ _1\"></span>asciate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x101b y5b74 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c n x101c y5b74 wacb h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x101d y5b74 wacb h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x101e y5b74 wacb h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x101f y5b74 wacc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1020 y5b74 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c n x1021 y5b74 wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1022 y5b74 wacc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1023 y5b74 wacc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1024 y5b74 wacc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b75 wace h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc2 ls0 ws0\">2. Debiti<span class=\"_ _1\"></span> verso cl<span class=\"_ _1\"></span>ientela<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1025 y5b75 wacf h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc2 ls0 ws0\">4.402.69<span class=\"_ _1\"></span>0<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x1012 h19 y5b76 ff4 fsb fc1 sc2 ls0 ws0\">- </td><td class=\"t m2 x6a7 h19 y5b76 ff4 fsb fc1 sc2 ls0 ws0\">- </td><td class=\"t m2 x6ed h19 y5b76 ff4 fsb fc1 sc2 ls0 ws0\">4.402.69<span class=\"_ _1\"></span>0 </td><td class=\"t m2 x1008 h19 y5b76 ff4 fsb fc1 sc2 ls0 ws0\">4.402.69<span class=\"_ _1\"></span>0 </td><td class=\"t m2 x70f h19 y5b76 ff4 fsb fc1 sc2 ls0 ws0\">3.884.977 </td><td></td><td class=\"t m2 x70b h19 y5b76 ff4 fsb fc1 sc2 ls0 ws0\">- </td><td class=\"t m2 xda3 h19 y5b76 ff4 fsb fc1 sc2 ls0 ws0\">- </td><td class=\"t m2 x66b h19 y5b76 ff4 fsb fc1 sc2 ls0 ws0\">3.884.977 </td><td class=\"t m2 x1009 h19 y5b76 ff4 fsb fc1 sc2 ls0 ws0\">3.884.977 </td></tr><tr><td class=\"c n x70c y5b77 wad0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2.1 Struttu<span class=\"_ _1\"></span>rati<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1026 y5b77 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x1012 h19 y5b78 ff4 fsb fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 x6a7 h19 y5b78 ff4 fsb fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 x6e7 h19 y5b78 ff4 fsb fc1 sc0 ls0 ws0\">- </td><td class=\"c n x1017 y5b77 wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1018 y5b77 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x70b h19 y5b78 ff4 fsb fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 xda3 h19 y5b78 ff4 fsb fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 x1014 h19 y5b78 ff4 fsb fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 x1019 h19 y5b78 ff4 fsb fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c n x70c y5b79 wad1 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2.2 Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1027 y5b79 wad2 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">4.402.690<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x1012 h19 y5b7a ff4 fsb fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 x6a7 h19 y5b7a ff4 fsb fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 x6ed h19 y5b7a ff4 fsb fc1 sc0 ls0 ws0\">4.402.690 </td><td class=\"c n x1017 y5b79 wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1028 y5b79 wad3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3.88<span class=\"_ _1\"></span>4.977<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x70b h19 y5b7a ff4 fsb fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 xda3 h19 y5b7a ff4 fsb fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 x66b h19 y5b7a ff4 fsb fc1 sc0 ls0 ws0\">3.884.977 </td><td class=\"t m2 x1019 h19 y5b7a ff4 fsb fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c n xdcf y5b7b wad4 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">di cui:<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n x1029 y5b7b wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc12 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xdcf y54a9 waca h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- impegni a erog<span class=\"_ _1\"></span>are fondi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x102a y54a9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c n x102b y54a9 wacb h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x102c y54a9 wacb h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x102d y54a9 wacb h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x102e y54a9 wacc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x102f y54a9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c n x1030 y54a9 wacc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1031 y54a9 wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1032 y54a9 wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1033 y54a9 wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xdcf y5539 wacd h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- garanzie finanzi<span class=\"_ _1\"></span>arie ril<span class=\"_ _1\"></span>asciate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x101b y5539 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c n x101c y5539 wacb h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x101d y5539 wacb h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x101e y5539 wacb h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x101f y5539 wacc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1020 y5539 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-</div></td><td class=\"c n x1021 y5539 wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1022 y5539 wacc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1023 y5539 wacc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1024 y5539 wacc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b7c wad6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc2 ls0 ws0\">3. Titol<span class=\"_ _1\"></span>i di debito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1034 y5b7c wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x1012 h19 y5b7d ff4 fsb fc1 sc2 ls0 ws0\">- </td><td class=\"t m2 x6a7 h19 y5b7d ff4 fsb fc1 sc2 ls0 ws0\">- </td><td class=\"t m2 x6e7 h19 y5b7d ff4 fsb fc1 sc2 ls0 ws0\">- </td><td class=\"t m2 x6d0 h19 y5b7d ff4 fsb fc1 sc2 ls0 ws0\">- </td><td class=\"t m2 x1013 h19 y5b7d ff4 fsb fc1 sc2 ls0 ws0\">- </td><td></td><td class=\"t m2 x70b h19 y5b7d ff4 fsb fc1 sc2 ls0 ws0\">- </td><td class=\"t m2 xda3 h19 y5b7d ff4 fsb fc1 sc2 ls0 ws0\">- </td><td class=\"t m2 x1014 h19 y5b7d ff4 fsb fc1 sc2 ls0 ws0\">- </td><td class=\"t m2 x1015 h19 y5b7d ff4 fsb fc1 sc2 ls0 ws0\">- </td></tr><tr><td class=\"c n x70c y56b9 wad7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3.1 Struttu<span class=\"_ _1\"></span>rati<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x101a y56b9 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x1012 h19 y5b7e ff4 fsb fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 x6a7 h19 y5b7e ff4 fsb fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 x6e7 h19 y5b7e ff4 fsb fc1 sc0 ls0 ws0\">- </td><td class=\"c n x1017 y56b9 wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1018 y56b9 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x70b h19 y5b7e ff4 fsb fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 xda3 h19 y5b7e ff4 fsb fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 x1014 h19 y5b7e ff4 fsb fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 x1019 h19 y5b7e ff4 fsb fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c n x70c y54b0 wad8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3.2 Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1035 y54b0 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x1012 h19 y5b7f ff4 fsb fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 x6a7 h19 y5b7f ff4 fsb fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 x6e7 h19 y5b7f ff4 fsb fc1 sc0 ls0 ws0\">- </td><td class=\"c n x1017 y54b0 wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1018 y54b0 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x70b h19 y5b7f ff4 fsb fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 xda3 h19 y5b7f ff4 fsb fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 x1014 h19 y5b7f ff4 fsb fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 x1019 h19 y5b7f ff4 fsb fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"t m2 x1036 h19 y5b80 ff4 fsb fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf91 h19 y5b80 ff4 fsb fc1 sc2 ls0 ws0\">4.402.69<span class=\"_ _1\"></span>0 </td><td></td><td class=\"t m2 x1012 h19 y5b80 ff4 fsb fc1 sc2 ls0 ws0\">- </td><td class=\"t m2 x6a7 h19 y5b80 ff4 fsb fc1 sc2 ls0 ws0\">- </td><td class=\"t m2 x6ed h19 y5b80 ff4 fsb fc1 sc2 ls0 ws0\">4.402.69<span class=\"_ _1\"></span>0 </td><td class=\"t m2 x1008 h19 y5b80 ff4 fsb fc1 sc2 ls0 ws0\">4.402.69<span class=\"_ _1\"></span>0 </td><td class=\"t m2 x70f h19 y5b80 ff4 fsb fc1 sc2 ls0 ws0\">3.884.977 </td><td></td><td class=\"t m2 x70b h19 y5b80 ff4 fsb fc1 sc2 ls0 ws0\">- </td><td class=\"t m2 xda3 h19 y5b80 ff4 fsb fc1 sc2 ls0 ws0\">- </td><td class=\"t m2 x66b h19 y5b80 ff4 fsb fc1 sc2 ls0 ws0\">3.884.977 </td><td class=\"t m2 x1009 h19 y5b80 ff4 fsb fc1 sc2 ls0 ws0\">3.884.977 </td></tr></table></div><div class=\"t m2 h19 ff4 fsb fc4 sc3 ls0 ws0 gse08\">* </div><div class=\"t m2 h19 ff4 fsb fc4 sc3 ls0 ws0 gse09\">* </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gse0a\">Legenda: </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gse0b\">VN = valore nominale <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> nozionale  </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gse0c\">L1 = Livello 1  </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gse0d\">L2 = Livello 2  </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gse0e\">L3 = Livello 3  </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gse0f\">Fair value*=Fair value calcolato esclude<span class=\"_ _2\"></span>ndo le variazioni di valore dovute al cambiamento del merito creditizio </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gse10\">dell'emittente rispe<span class=\"_ _2\"></span>tto alla data di emiss<span class=\"_ _2\"></span>ione. </div>Sezione 4 \u2013 Derivati di copertura \u2013 Voce 40 4.1 Derivati d<span class=\"_ _1\"></span>i copertura: composizione<span class=\"_ _1\"></span> per tipologia di copert<span class=\"_ _1\"></span>ura e per livelli <table class=\"s wae7 h242\" id=\"_a53f39a5-953e-405b-8222-dbc7e70427ce\"><tr><td></td><td></td><td class=\"c n x10a5 y5b9f wae8 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Fair value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10a6 y5b9f wae9 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10a7 y5b9f waea h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">VN<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10a8 y5b9f waeb h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">F<span class=\"_ _1\"></span>air value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10a9 y5b9f w65e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10aa y5b9f waea h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">VN<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x10ab y5ba0 w65f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10ac y5ba0 w660 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10ad y5ba0 w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10ae y5ba0 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10af y5ba0 w65f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10b0 y5ba0 w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10b1 y5ba0 w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10b2 y5ba0 w65e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5ba1 waec h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A. Derivati finanziari<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10b3 y5ba1 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">-</div></td><td class=\"t m2 x6bb h12 y5ba2 ff4 fs7 fc1 sc2 ls0 ws0\">731.778<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd98 h12 y5ba2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68b h12 y5ba2 ff4 fs7 fc1 sc2 ls0 ws0\">16.643.908<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y5ba2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x664 h12 y5ba2 ff4 fs7 fc1 sc2 ls0 ws0\">911.207<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99b h12 y5ba2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f8 h12 y5ba2 ff4 fs7 fc1 sc2 ls0 ws0\">15.773.106<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5ba3 waed h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1) Fair value<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10b4 y5ba3 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x10b5 h12 y5ba4 ff4 fs7 fc1 sc0 ls0 ws0\">696.196<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd98 h12 y5ba4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ed h12 y5ba4 ff4 fs7 fc1 sc0 ls0 ws0\">15.719.504<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y5ba4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y5ba4 ff4 fs7 fc1 sc0 ls0 ws0\">852.218<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b6 h12 y5ba4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f8 h12 y5ba4 ff4 fs7 fc1 sc0 ls0 ws0\">14.705.614<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5ba5 waee h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2) Flussi finanziari<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10b7 y5ba5 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x1039 h12 y5ba6 ff4 fs7 fc1 sc0 ls0 ws0\">35.582<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd98 h12 y5ba6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6cf h12 y5ba6 ff4 fs7 fc1 sc0 ls0 ws0\">924.404<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y5ba6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x695 h12 y5ba6 ff4 fs7 fc1 sc0 ls0 ws0\">58.989<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b6 h12 y5ba6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69c h12 y5ba6 ff4 fs7 fc1 sc0 ls0 ws0\">1.067.492<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5ba7 waef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3) Investimenti esteri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10b8 y5ba7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x99e h12 y5ba8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd98 h12 y5ba8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fb h12 y5ba8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y5ba8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b9 h12 y5ba8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b6 h12 y5ba8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5ba8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ba9 waf0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">B. Derivati creditizi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10ba y5ba9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x99e h12 y5baa ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd98 h12 y5baa ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fb h12 y5baa ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y5baa ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b9 h12 y5baa ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99b h12 y5baa ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5baa ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5bab waed h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1) Fair value<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10b4 y5bab w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x99e h12 y5bac ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd98 h12 y5bac ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fb h12 y5bac ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y5bac ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b9 h12 y5bac ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b6 h12 y5bac ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5bac ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5bad waee h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2) Flussi finanziari<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10b7 y5bad w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x99e h12 y5bae ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd98 h12 y5bae ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fb h12 y5bae ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y5bae ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b9 h12 y5bae ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b6 h12 y5bae ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5bae ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x10bb h12 y5baf ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x909 h12 y5baf ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6bb h12 y5baf ff4 fs7 fc1 sc2 ls0 ws0\">731.778<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd98 h12 y5baf ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68b h12 y5baf ff4 fs7 fc1 sc2 ls0 ws0\">16.643.908<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y5baf ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x664 h12 y5baf ff4 fs7 fc1 sc2 ls0 ws0\">911.207<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99b h12 y5baf ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f8 h12 y5baf ff4 fs7 fc1 sc2 ls0 ws0\">15.773.106<span class=\"_ _3a1\"> </span></td></tr></table>Legenda: VN= Valore nominale o nozionale L1= Livello 1 L2= Livello 2 L3= Livello 3 4.2 Derivati di coper<span class=\"_ _1\"></span>tura: composiz<span class=\"_ _1\"></span>ione per portafo<span class=\"_ _1\"></span>gli coperti e per tipolo<span class=\"_ _1\"></span>gie di copertura <table class=\"s wad9 h241\" id=\"_4c017e60-7627-49f6-8e3d-e423de3fa652\"><tr><td></td><td></td><td></td><td></td><td class=\"c n x1037 y5b81 wada h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n x1038 y5b81 wadb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Flussi finanziari<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x1039 h12 y5b82 ff4 fs7 fc4 sc3 ls0 ws0\">Specifica </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x103a h12 y5b83 ff4 fs7 fc4 sc3 ls0 ws0\">Operazioni/Tipo di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x7ab h12 y5b83 ff4 fs7 fc4 sc3 ls0 ws0\">Investim. </td></tr><tr><td class=\"t m2 x103b h12 y5b84 ff4 fs7 fc4 sc3 ls0 ws0\">copertura </td><td class=\"t m2 x103c h12 y5b85 ff4 fs7 fc4 sc3 ls0 ws0\">titoli di </td><td class=\"t m2 xfcc h12 y5b85 ff4 fs7 fc4 sc3 ls0 ws0\">titoli di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x6f6 h12 y5b84 ff4 fs7 fc4 sc3 ls0 ws0\">esteri </td></tr><tr><td></td><td class=\"t m2 x103d h12 y5b86 ff4 fs7 fc4 sc3 ls0 ws0\">debito e </td><td class=\"t m2 x696 h12 y5b86 ff4 fs7 fc4 sc3 ls0 ws0\">capitale </td><td class=\"t m2 x103e h12 y5b86 ff4 fs7 fc4 sc3 ls0 ws0\">valute e </td><td class=\"c n x103f y5b87 wadc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">credito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1040 y5b87 w9c2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">merci<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1041 y5b87 wadd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">altri<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x1042 h12 y5b88 ff4 fs7 fc4 sc3 ls0 ws0\">tassi di </td><td class=\"t m2 xfcc h12 y5b88 ff4 fs7 fc4 sc3 ls0 ws0\">e indici </td><td class=\"t m2 x990 h12 y5b88 ff4 fs7 fc4 sc3 ls0 ws0\">oro </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x1043 h12 y5b89 ff4 fs7 fc4 sc3 ls0 ws0\">interesse<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x696 h12 y5b89 ff4 fs7 fc4 sc3 ls0 ws0\">azionari<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y5b8a ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanziarie </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y5b8b ff4 fs7 fc1 sc0 ls0 ws0\">valutate al fair value co<span class=\"_ _2\"></span>n<span class=\"_ _3a1\"> </span></td><td class=\"c n x1044 y5b8c wade h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">41.192<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1045 y5b8c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1046 y5b8c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1047 y5b8c w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1048 y5b8c w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1049 y5b8c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x104a y5b8c w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x104b y5b8c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x104c y5b8c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x104d y5b8c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y5b8d ff4 fs7 fc1 sc0 ls0 ws0\">impatto sulla redditiv<span class=\"_ _2\"></span>it\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y5b8e ff4 fs7 fc1 sc0 ls0 ws0\">complessiva </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y5b8f ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 finanziarie </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y5b90 ff4 fs7 fc1 sc0 ls0 ws0\">valutate al costo </td><td class=\"c n x104e y5b91 wadf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">293.917<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x104f y5b91 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1050 y5b91 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1051 y5b91 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1052 y5b91 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1053 y5b91 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1054 y5b91 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1055 y5b91 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1056 y5b91 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1057 y5b91 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y5b92 ff4 fs7 fc1 sc0 ls0 ws0\">ammortizzato </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5a65 w7bc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Portafoglio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1058 y5a65 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1059 y5a65 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x105a y5a65 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x105b y5a65 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x105c y5a65 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x105d y5a65 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x105e y5a65 w42c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">133.540<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x105f y5a65 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1060 y5a65 wae0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">35.582<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1061 y5a65 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b93 w7be h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Altre operazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1062 y5b93 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1063 y5b93 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1064 y5b93 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1065 y5b93 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1066 y5b93 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1067 y5b93 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1068 y5b93 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1069 y5b93 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x106a y5b93 wae1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x106b y5b93 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xf97 h12 y5b94 ff4 fs7 fc1 sc2 ls0 ws0\">Totale attivit\u00e0 </td><td class=\"c n x104e y5b95 wae2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">335.109<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x106c y5b95 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x106d y5b95 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x106e y5b95 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x106f y5b95 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1070 y5b95 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1071 y5b95 w42c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">133.540<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1072 y5b95 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1073 y5b95 wae0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">35.582<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1074 y5b95 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b96 w7bf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Passivit\u00e0 finanziarie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1075 y5b96 wae3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">143.562<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1076 y5b96 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1077 y5b96 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1078 y5b96 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1079 y5b96 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x107a y5b96 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x107b y5b96 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x107c y5b96 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x107d y5b96 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x107e y5b96 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b97 w7c1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Portafoglio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x107f y5b97 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1080 y5b97 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1081 y5b97 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1082 y5b97 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1083 y5b97 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1084 y5b97 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1085 y5b97 wae4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">83.985<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1086 y5b97 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1087 y5b97 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1088 y5b97 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1089 h12 y5b98 ff4 fs7 fc1 sc2 ls0 ws0\">Totale passivit\u00e0 </td><td class=\"c n x104e y5b99 w433 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">143.562<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x108a y5b99 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x108b y5b99 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x108c y5b99 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x108d y5b99 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x108e y5b99 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x108f y5b99 wae4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">83.985<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1090 y5b99 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1091 y5b99 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1092 y5b99 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b9a w7c2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Transazioni attese<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1093 y5b9a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1094 y5b9a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1095 y5b9a w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1096 y5b9a w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1097 y5b9a w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1098 y5b9a w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1099 y5b9a w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x109a y5b9a w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x109b y5b9a w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x109c y5b9a w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x677 y5b9b w1ab h11\"><div class=\"t m2 x0 h12 y852 ff4 fs7 fc1 sc0 ls0 ws0\">2. Portafoglio di attivit<span class=\"_ _2\"></span>\u00e0<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x109d y5b9c wae5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X <span class=\"_ _90\"> </span>X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x109e y5b9c w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x109f y5b9c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10a0 y5b9c w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10a1 y5b9c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10a2 y5b9c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10a3 y5b9c w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10a4 y5b9d wae6 h20a\"><div class=\"t m2 x2b3 h12 y56d8 ff4 fs7 fc1 sc0 ls0 ws0\">- <span class=\"_ _14f\"> </span>- </div></td><td></td></tr><tr><td class=\"t m2 x677 h12 y5b9e ff4 fs7 fc1 sc0 ls0 ws0\">e passivit\u00e0 finanziarie </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Gen<span class=\"_ _2\"></span>erica<span class=\"_ _3b\"></span> Spe<span class=\"_ _2\"></span>cifica<span class=\"_ _3b\"></span> Gen<span class=\"_ _2\"></span>erica<span class=\"_ _3b\"></span> Si <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>adottata <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>met<span class=\"_ _1\"></span>odologia <span class=\"_ _38\"></span>contabile <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>Macro <span class=\"_ _38\"></span>Fair <span class=\"_ _38\"></span>Value <span class=\"_ _0\"></span>H<span class=\"_ _2\"></span>edge <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>copertura <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _1\"></span>di tasso della raccolta a vista della clientela. La <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>accolta <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>vista <span class=\"_ _0\"></span>dalla <span class=\"_ _35\"> </span>clientela <span class=\"_ _0\"></span>rappresenta <span class=\"_ _35\"> </span>un\u2019i<span class=\"_ _2\"></span>mportante <span class=\"_ _35\"> </span>fonte <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>fund<span class=\"_ _2\"></span>ing <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>banca. <span class=\"_ _0\"></span>Una quota <span class=\"_ _36\"> </span>par<span class=\"_ _1\"></span>te <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>questa <span class=\"_ _36\"> </span>raccolta, <span class=\"_ _39\"> </span>seppur <span class=\"_ _36\"> </span>contrattualme<span class=\"_ _1\"></span>nte <span class=\"_ _36\"> </span>a <span class=\"_ _39\"> </span>vista, <span class=\"_ _36\"> </span>presenta <span class=\"_ _39\"> </span>per\u00f2 <span class=\"_ _36\"> </span>una <span class=\"_ _39\"> </span>forte persistenza <span class=\"_ _3a\"> </span>nel <span class=\"_ _3f\"> </span>tempo <span class=\"_ _3a\"> </span>ed <span class=\"_ _3f\"> </span>una <span class=\"_ _3f\"> </span>e<span class=\"_ _1\"></span>lasticit\u00e0 <span class=\"_ _3f\"> </span>imperfetta <span class=\"_ _3a\"> </span>alla <span class=\"_ _3f\"> </span>variazione <span class=\"_ _3a\"> </span>dei <span class=\"_ _3f\"> </span>tassi <span class=\"_ _3a\"> </span>di <span class=\"_ _3f\"> </span>mercato, rappresentata dal cosiddetto \u201ceffetto vischiosit\u00e0\u201d<span class=\"_ _1\"></span>. Questo effetto \u00e8 stato stimato mediante <span class=\"_ _1\"></span>un modello di analisi che consiste in due componenti: <span class=\"_ _95\"> </span><span class=\"ff4\">la <span class=\"_ _0\"></span>stima <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>relazione <span class=\"_ _0\"></span>dei <span class=\"_ _35\"> </span>tassi <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>poste <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>vista <span class=\"_ _35\"> </span>con <span class=\"_ _0\"> </span>i <span class=\"_ _35\"> </span>tassi <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>mercato <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>base <span class=\"_ _35\"> </span>ad <span class=\"_ _35\"> </span>un<span class=\"_ _3b\"></span> </span>modello econometrico;<span class=\"_ _3a1\"> </span><span class=\"_ _95\"> </span><span class=\"ff4\">la <span class=\"_ _0\"></span>stima <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>persistenza <span class=\"_ _0\"></span>dei <span class=\"_ _35\"> </span>volumi<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>att<span class=\"_ _1\"></span>raverso <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>quale <span class=\"_ _0\"></span>l\u2019ammontare <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>poste <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>vista<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>viene tradotto in un portafoglio di poste a tasso fisso a scadenza.<span class=\"_ _3a1\"> </span> I derivati di copertura di questa tipologia present<span class=\"_ _1\"></span>ano un fair value negativo di 83.985 mila euro.<span class=\"_ _3a1\"> </span> Sono <span class=\"_ _0\"></span>presenti <span class=\"_ _38\"></span>coperture <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>micro<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _0\"></span>hedge <span class=\"_ _38\"></span>su <span class=\"_ _0\"></span>titoli <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>fisso <span class=\"_ _38\"></span>detenuti <span class=\"_ _0\"></span>nel <span class=\"_ _38\"></span>portafoglio<span class=\"_ _3a1\"> </span> HTCS.<span class=\"_ _3a1\"> </span> I derivati di questa tipologia presentano <span class=\"_ _1\"></span>un fair value negativo di 41.192 mila euro.<span class=\"_ _3a1\"> </span> Sono <span class=\"_ _0\"></span>presenti <span class=\"_ _38\"></span>coperture <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>micro<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _0\"></span>hedge <span class=\"_ _38\"></span>su <span class=\"_ _0\"></span>titoli <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>fisso <span class=\"_ _38\"></span>detenuti <span class=\"_ _0\"></span>nel <span class=\"_ _38\"></span>portafoglio<span class=\"_ _3a1\"> </span> HTC.<span class=\"_ _3a1\"> </span> I derivati di questa tipologia presentano <span class=\"_ _1\"></span>un fair value negativo di 293.917 mila euro.<span class=\"_ _3a1\"> </span> Si <span class=\"_ _38\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>dottata <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>metodologia <span class=\"_ _38\"></span>contabile <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>macro <span class=\"_ _0\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _0\"></span>hedg<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>copertura <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>ri<span class=\"_ _2\"></span>schio <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> tasso  associato  all\u2019er<span class=\"_ _1\"></span>ogazione  di  mutui  a  ta<span class=\"_ _1\"></span>sso  fisso  e  a  t<span class=\"_ _1\"></span>asso  variabile  con  o<span class=\"_ _1\"></span>pzione  \u201cCap\u201d.<span class=\"_ _3a1\"> </span> L\u2019applicazione <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>metodologia <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>he<span class=\"_ _1\"></span>dge <span class=\"_ _38\"></span>accounting <span class=\"_ _38\"></span>conse<span class=\"_ _1\"></span>nte <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>rappresentare <span class=\"_ _38\"></span>contabilmente<span class=\"_ _3a1\"> </span> gli  effetti  economici  delle <span class=\"_ _35\"> </span>strategie  di  copertura  attuate.  I  de<span class=\"_ _2\"></span>rivati  di  copertura  relativi <span class=\"_ _35\"> </span>a  tale<span class=\"_ _3a1\"> </span> strategia presentano un fair value negativo di 133.540 mila euro.<span class=\"_ _3a1\"> </span> Sono <span class=\"_ _38\"></span>presenti <span class=\"_ _38\"></span>coperture <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>micro<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>dge <span class=\"_ _1\"></span>su <span class=\"_ _38\"></span>titoli <span class=\"_ _38\"></span>emessi <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>tasso <span class=\"_ _38\"></span>fisso <span class=\"_ _38\"></span>contabilizzati <span class=\"_ _38\"></span>nei<span class=\"_ _3a1\"> </span> \u201ctitoli in circolazione\u201d.<span class=\"_ _3a1\"> </span> I derivati di questa tipologia presentano <span class=\"_ _1\"></span>un fair value negativo di 133.540 mila euro.<span class=\"_ _3a1\"> </span> Sono <span class=\"_ _35\"> </span>presenti <span class=\"_ _35\"> </span>coperture <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>macro <span class=\"_ _35\"> </span>cash <span class=\"_ _35\"> </span>flow <span class=\"_ _35\"> </span>hedge <span class=\"_ _35\"> </span>su <span class=\"_ _0\"></span>erogazione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>mutui <span class=\"_ _0\"> </span>a <span class=\"_ _35\"> </span>tasso <span class=\"_ _35\"> </span>variabile. <span class=\"_ _35\"> </span>I<span class=\"_ _3a1\"> </span> derivati di copertura di questa tipologia presentano un fair <span class=\"_ _1\"></span>value negativo di 35.582 mila euro.<span class=\"_ _3a1\"> </span> Si <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>imanda <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>Sezione<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>arte <span class=\"_ _38\"></span>E <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>note <span class=\"_ _38\"></span>illustrative <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>descrizione <span class=\"_ _38\"></span>delle<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>modalit\u00e0 <span class=\"_ _38\"></span>della<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> copertura. 1.3 Gli<span class=\"_ _1\"></span> strumenti de<span class=\"_ _1\"></span>rivati e<span class=\"_ _1\"></span> le politi<span class=\"_ _1\"></span>che di <span class=\"_ _1\"></span>copertura<span class=\"_ _3a1\"> </span>L\u2019operativit\u00e0 <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>strume<span class=\"_ _1\"></span>nti <span class=\"_ _38\"></span>finanziari <span class=\"_ _0\"></span>derivati <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>gestita <span class=\"_ _0\"></span>dal <span class=\"_ _38\"></span>Gruppo <span class=\"_ _38\"></span>tram<span class=\"_ _1\"></span>ite <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>app<span class=\"_ _2\"></span>osito <span class=\"_ _0\"></span>appl<span class=\"_ _2\"></span>icativo<span class=\"_ _3a1\"> </span>de<span class=\"_ _3a1\"> </span>di<span class=\"_ _3a1\"> </span>ca<span class=\"_ _3a1\"> </span>to atto alle <span class=\"_ _1\"></span>valorizzazioni giornaliere aMark to model. Il documento di riferimento \u201cAllegato<span class=\"_ _3a1\"> </span>tecnico alla F<span class=\"_ _1\"></span>air value P<span class=\"_ _1\"></span>olicy di Gruppo: Manuale m<span class=\"_ _1\"></span>odelli di pricing\u201d<span class=\"_ _1\"></span> disciplina i <span class=\"_ _1\"></span>principali modelli <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span>pricing  comunem<span class=\"_ _1\"></span>ente <span class=\"_ _3d\"> </span>utilizzati <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>Gruppo <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>i <span class=\"_ _3d\"> </span>propri <span class=\"_ _3d\"> </span>derivati <span class=\"_ _3d\"> </span>valutati <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>Mark <span class=\"_ _3d\"> </span>to <span class=\"_ _3d\"> </span>Model. <span class=\"_ _3d\"> </span>In<span class=\"_ _3a1\"> </span>particolare una <span class=\"_ _1\"></span>sezione <span class=\"_ _1\"></span>dedicata descrive <span class=\"_ _1\"></span>nel dettaglio t<span class=\"_ _1\"></span>ali modelli. L\u2019insieme <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>modelli descritti<span class=\"_ _3a1\"> </span>individua le<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>metodologie <span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ggi utilizzate <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>validate <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>valutazioni degli <span class=\"_ _1\"></span>strumenti <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>tenuti <span class=\"_ _1\"></span>in<span class=\"_ _3a1\"> </span>propriet\u00e0.<span class=\"_ _3a1\"> </span>Classificazione strumenti derivati e parametr<span class=\"_ _1\"></span>i di mercato<span class=\"_ _3a1\"> </span>Il <span class=\"_ _3b\"></span>Gr<span class=\"_ _1\"></span>uppo <span class=\"_ _3b\"></span>Credem <span class=\"_ _2\"></span>si <span class=\"_ _3b\"></span>\u00e8 d<span class=\"_ _2\"></span>otato di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>una <span class=\"_ _3b\"></span>Fair <span class=\"_ _2\"></span>Value <span class=\"_ _3b\"></span>Policy <span class=\"_ _2\"></span>e <span class=\"_ _3b\"></span>relativi alle<span class=\"_ _2\"></span>gati <span class=\"_ _2\"></span>tecnici <span class=\"_ _3b\"></span>che disci<span class=\"_ _2\"></span>plinano <span class=\"_ _3b\"></span>anche<span class=\"_ _3a1\"> </span>le <span class=\"_ _0\"></span>regole <span class=\"_ _35\"> </span>con<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>abili <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>val<span class=\"_ _2\"></span>orizzazione <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>m<span class=\"_ _1\"></span>ark <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>model, <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>relativi <span class=\"_ _35\"> </span>para<span class=\"_ _2\"></span>metri <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>i<span class=\"_ _3a1\"> </span>processi inerenti la valorizzazione degli strume<span class=\"_ _1\"></span>nti.<span class=\"_ _3a1\"> </span>In particolare il manuale si articola nelle seguenti sezioni:<div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1636\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">classificazione degli strume<span class=\"_ _1\"></span>nti derivati, storicizzati all\u2019interno dell\u2019applicativo;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1637\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">mappa<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1638\">tura <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>dettaglio <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>parametri <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>mercato <span class=\"_ _1\"></span>alimentati <span class=\"_ _38\"></span>all\u2019interno <span class=\"_ _1\"></span>dell\u2019applicativo <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fine<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1639\">di valutare tutti gli strumenti;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs163a\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">descrizione pro<span class=\"_ _1\"></span>cedure automatizzate per la storicizzazione dei prezzi.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs163b\">Parametri di mercato<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs163c\">I <span class=\"_ _35\"> </span>parametri  di <span class=\"_ _35\"> </span>mercato  u<span class=\"_ _2\"></span>tilizzati <span class=\"_ _35\"> </span>per  le <span class=\"_ _35\"> </span>valutazioni <span class=\"_ _35\"> </span>e  gestiti <span class=\"_ _35\"> </span>all\u2019interno  d<span class=\"_ _2\"></span>ell\u2019applicativo <span class=\"_ _35\"> </span>posso<span class=\"_ _1\"></span>no<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs163d\">essere:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs163e\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">dati <span class=\"_ _3b\"></span>acquisiti <span class=\"_ _3b\"></span>autom<span class=\"_ _1\"></span>aticamente, i<span class=\"_ _3b\"></span>nforma<span class=\"_ _1\"></span>zioni <span class=\"_ _3b\"></span>scaricate <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span>iodicamente <span class=\"_ _3b\"></span>da <span class=\"_ _3b\"></span>Info Prov<span class=\"_ _2\"></span>iders, <span class=\"_ _3b\"></span>(ad<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs163f\">es: market parameter giornalieri);<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1640\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">dati <span class=\"_ _43\"> </span>di <span class=\"_ _44\"> </span>m<span class=\"_ _1\"></span>ercato <span class=\"_ _69\"> </span>st<span class=\"_ _1\"></span>imati <span class=\"_ _69\"> </span>dall\u2019applicativo, <span class=\"_ _69\"> </span>prevalent<span class=\"_ _1\"></span>emente <span class=\"_ _69\"> </span>at<span class=\"_ _1\"></span>traverso <span class=\"_ _69\"> </span>dati <span class=\"_ _43\"> </span>acquisiti<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1641\">automaticamente.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1642\">Generalmente, <span class=\"_ _36\"> </span>i <span class=\"_ _36\"> </span>parametr<span class=\"_ _1\"></span>i <span class=\"_ _36\"> </span>alimentati <span class=\"_ _36\"> </span>manualmente <span class=\"_ _36\"> </span>sono <span class=\"_ _36\"> </span>quelli <span class=\"_ _36\"> </span>che <span class=\"_ _39\"> </span>non <span class=\"_ _36\"> </span>necessitano <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>un<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1643\">aggiornamento costante e giornaliero.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1644\">Processo di validazione modelli e parametri<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1645\">I d<span class=\"_ _2\"></span>ocumenti di <span class=\"_ _3b\"></span>rifer<span class=\"_ _1\"></span>imento riportano <span class=\"_ _2\"></span>come indicato <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>utti i<span class=\"_ _2\"></span> modelli <span class=\"_ _3b\"></span>di pricing <span class=\"_ _2\"></span>e i <span class=\"_ _3b\"></span>param<span class=\"_ _1\"></span>etri di <span class=\"_ _3b\"></span>mer<span class=\"_ _1\"></span>cato<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1646\">validati e utilizzati dal Gruppo per la valutazione degli strume<span class=\"_ _1\"></span>nti derivati.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1647\">Qualora <span class=\"_ _44\"> </span>sia <span class=\"_ _69\"> </span>necessario <span class=\"_ _44\"> </span>introdurre <span class=\"_ _44\"> </span>nuovi <span class=\"_ _44\"> </span>par<span class=\"_ _1\"></span>ametri <span class=\"_ _44\"> </span>e/o <span class=\"_ _44\"> </span>modelli, <span class=\"_ _44\"> </span>il <span class=\"_ _44\"> </span>proce<span class=\"_ _1\"></span>sso <span class=\"_ _44\"> </span>prevede <span class=\"_ _44\"> </span>il<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1648\">coinvolgimento <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>funzione <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>validazione <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>disci<span class=\"_ _2\"></span>plina <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>apposit<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>parere<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>inerente <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>nuova<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1649\">operativit\u00e0 <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>pr<span class=\"_ _1\"></span>ovvede <span class=\"_ _0\"></span>all<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>validazione <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>modelli <span class=\"_ _0\"></span>come <span class=\"_ _0\"></span>discip<span class=\"_ _2\"></span>linato <span class=\"_ _0\"></span>nell\u2019 <span class=\"_ _0\"></span>app<span class=\"_ _2\"></span>osito <span class=\"_ _0\"></span>regolamento<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs164a\">Nuovi prodotti del Gruppo.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs164b\">E\u2019 <span class=\"_ _38\"></span>cura <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>funzione <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>validazione <span class=\"_ _0\"></span>aggiornare <span class=\"_ _38\"></span>periodicamente <span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>documenti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>riferimento <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>i<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs164c\">nuovi modelli e/o parametri utilizzati ed e<span class=\"_ _1\"></span>ffettuare analisi sulla validi<span class=\"_ _2\"></span>t\u00e0 dei mode<span class=\"_ _1\"></span>lli in uso.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs164d\">Procedure <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>utomatiche <span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>apposi<span class=\"_ _2\"></span>ti <span class=\"_ _38\"></span>controlli <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>nsentono <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>presidio <span class=\"_ _38\"></span>giornaliero <span class=\"_ _0\"></span>delle<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>valorizzazioni<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs164e\">dei derivati e dei parametri utilizzati.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs164f\">Si <span class=\"_ _35\"> </span>riporta  p<span class=\"_ _3b\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>ogni <span class=\"_ _35\"> </span>tipologia <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>strumento <span class=\"_ _35\"> </span>derivato <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>tipo <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>valutazione <span class=\"_ _35\"> </span>(tramite  qu<span class=\"_ _2\"></span>otazione <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1650\">mercato - </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs1651\">Mark to market</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1652\"> o tramite valutazione a modello-<span class=\"_ _3a1\"> </span> </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs1653\">Mark to model<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1654\">). Nel caso lo <span class=\"_ _1\"></span>strumento<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1655\">sia valutato tramite<span class=\"_ _3a1\"> </span> </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs1656\">Mark to Mod<span class=\"_ _2\"></span>el</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1657\"> si indi<span class=\"_ _2\"></span>cano: il modello d<span class=\"_ _2\"></span>i pricing utiliz<span class=\"_ _2\"></span>zato per la valorizzazione <span class=\"_ _3b\"></span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1658\">i parametri di mercato utilizzati per <span class=\"_ _1\"></span>la valutazione.  </div><div class=\"gs1659\"><table class=\"s w13a2 h2c1\" id=\"_0f4d772c-2872-4412-80e2-cd8d7608cb61\"><tr><td class=\"c n x2243 y66a1 w13a3 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Family <span class=\"_ _104\"> </span>Group<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2244 y66a1 w13a4 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Transactio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2245 y66a1 w13a5 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Description<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2246 y66a1 w13a6 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Mar<span class=\"_ _1\"></span>k <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _3b\"></span>Model /<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Mark <span class=\"_ _2\"></span>to<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2247 y66a1 w13a7 h1ec\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Modello<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2248 y66a1 w13a8 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">di<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2249 y66a1 w488 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Pricing<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x224a y66a1 w13a9 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">/<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x224b y66a1 w13aa h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Parametri <span class=\"_ _39\"> </span>di<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 x224c h8 y66a2 ff4 fs2 fc1 sc2 ls0 ws0\">n Type </td><td></td><td class=\"t m2 x224d h8 y66a2 ff4 fs2 fc1 sc2 ls0 ws0\">Market </td><td class=\"t m2 x224e h8 y66a2 ff4 fs2 fc1 sc2 ls0 ws0\" colspan=\"2\">Mercato </td><td></td><td></td><td></td></tr><tr><td class=\"c n x2243 y535d w13ab h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">CURR <span class=\"_ _192\"> </span>FXD<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x224f y535d wf59 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">FXD<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2250 y535d w13ac h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Spot-Forward<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2251 y535d w13ad h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">MARK_TO_MARKET,<span class=\"_ _3a1\"> </span></div></td><td class=\"c x2247 y5fc7 w13ae h2c2\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Modelli<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2252 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">: COST_OF_CARRY<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x224d h8 y66a4 ff4 fs2 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </td><td class=\"c x2247 y66a5 w13af h2c2\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Parametri<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2253 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">: FX_SPOT_RATE,<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x224e h8 y66a6 ff4 fs2 fc1 sc0 ls0 ws0\" colspan=\"2\">FX_CURVE </td><td></td><td></td><td></td></tr><tr><td class=\"c n x2243 y66a7 w13ab h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">CURR <span class=\"_ _192\"> </span>FXD<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x224f y66a7 w13b0 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">XSW<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2254 y66a7 w13b1 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Fo<span class=\"_ _1\"></span>rex Swap<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2255 y66a7 w13b2 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">MARK_TO_<span class=\"_ _1\"></span>MODEL<span class=\"_ _3a1\"> </span></div></td><td class=\"c x2247 y66a8 w13ae h2c2\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Modelli<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2252 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">: COST_OF_CARRY<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x2247 y66a9 w13b3 h2c2\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Parametri<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2253 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">: FX_SP<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2256 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">OT_RATE,<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x224e h8 y66aa ff4 fs2 fc1 sc0 ls0 ws0\" colspan=\"2\">FX_CURVE </td><td></td><td></td><td></td></tr><tr><td class=\"c n x2243 y66ab w13b4 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">CURR <span class=\"_ _192\"> </span>OPT<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2257 y66ab w13b5 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">FX Option<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2258 y66ab w13b6 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">MARK_TO_MODEL<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x224e h8 y66ac ff4 fs2 fc1 sc0 ls0 ws0\" colspan=\"2\">to back) </td><td></td><td class=\"c x2247 y66ad w13b7 h2c2\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Modelli<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2252 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">: BLACK_EXOTIC (Solo Back<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x2247 y66ae w13af h2c2\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Parametri<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2253 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">: FX_SPOT_RATE,<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x224e h8 y66af ff4 fs2 fc1 sc0 ls0 ws0\">FX_CURVE, IR_CURVE, </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x224e h8 y66b0 ff4 fs2 fc1 sc0 ls0 ws0\" colspan=\"2\">FX_VOL_SURF </td><td></td><td></td><td></td></tr><tr><td class=\"c n x2243 y66b1 w13b8 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">EQD <span class=\"_ _14f\"> </span>BON<span class=\"_ _1\"></span>D<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2259 y66b1 w13b9 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">CNV<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x225a y66b1 w13ba h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Conver<span class=\"_ _1\"></span>tible</div></td><td class=\"t m2 x224d h8 y66b2 ff4 fs2 fc1 sc0 ls0 ws0\">MARK_TO_MARKET, </td><td class=\"c x2247 y66b3 w13bb h2c2\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Modelli<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2252 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">: CN_CREDIT_ALL (Solo<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x225b h8 y66b4 ff4 fs2 fc1 sc0 ls0 ws0\">Bond </td><td class=\"t m2 x224d h8 y66b4 ff4 fs2 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </td><td class=\"c x2247 y66b5 w13bc h2c2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Parametri<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2253 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">: BOND_PX, IR_CURVE,<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x224e h8 y66b6 ff4 fs2 fc1 sc0 ls0 ws0\">Sensitivity) </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x224e h8 y66b7 ff4 fs2 fc1 sc0 ls0 ws0\" colspan=\"2\">EQ_VOL_SURF, EQ_DIV_CURVE </td><td></td><td></td><td></td></tr><tr><td class=\"c n x2243 y66b8 w13bd h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">EQD <span class=\"_ _14f\"> </span>EQUIT<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x225c y66b8 w13be h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">E<span class=\"_ _2\"></span>quities<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x225d y66b8 w13bf h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">MARK_TO_MARKET<span class=\"_ _3a1\"> </span></div></td><td class=\"c x2247 y66b9 w13c0 h2c2\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Modelli<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2252 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">:<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x2247 y66ba w13c1 h2c2\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Parametri<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2253 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">:<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x225e y66bb w13c2 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">EQ_<span class=\"_ _1\"></span>STOCK_PX,<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x224e h8 y66bc ff4 fs2 fc1 sc0 ls0 ws0\">EQ_INDEX_PX </td><td></td><td></td><td></td><td></td></tr></table></div>Family<span class=\"_ _3a1\"> </span>Group<span class=\"_ _3a1\"> </span>Transactio<span class=\"_ _3a1\"> </span>Description<span class=\"_ _3a1\"> </span>Mar<span class=\"_ _1\"></span>k <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _3b\"></span>Model /<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Mark <span class=\"_ _2\"></span>to<span class=\"_ _3a1\"> </span>Modello<span class=\"_ _3a1\"> </span>di<span class=\"_ _3a1\"> </span>Pricing<span class=\"_ _3a1\"> </span>/<span class=\"_ _3a1\"> </span>Parametri <span class=\"_ _39\"> </span>di<span class=\"_ _3a1\"> </span>n Type<span class=\"_ _3a1\"> </span>Market<span class=\"_ _3a1\"> </span>Mercato<span class=\"_ _3a1\"> </span>IRD<span class=\"_ _3a1\"> </span>ASWP<span class=\"_ _3a1\"> </span>Asset Swap<span class=\"_ _3a1\"> </span>MARK_TO_MODEL<span class=\"_ _3a1\"> </span>Modelli<span class=\"_ _3a1\"> </span>: DISC_CASH_FLOW<span class=\"_ _3a1\"> </span>Parametri<span class=\"_ _3a1\"> </span>: IR_CU<span class=\"_ _3a1\"> </span>RVE<span class=\"_ _3a1\"> </span>IRD<span class=\"_ _3a1\"> </span>B<span class=\"_ _1\"></span>OND<span class=\"_ _3a1\"> </span>Vanilla Bond<span class=\"_ _3a1\"> </span>MARK_TO_MARKET,<span class=\"_ _3a1\"> </span>Modelli<span class=\"_ _3a1\"> </span>: DISC_CASH_FLOW<span class=\"_ _3a1\"> </span>MARK_TO_MODEL<span class=\"_ _3a1\"> </span>Parametri<span class=\"_ _3a1\"> </span>:<span class=\"_ _3a1\"> </span>BOND_<span class=\"_ _3a1\"> </span>PX,<span class=\"_ _3a1\"> </span>IR_CURVE,<span class=\"_ _3a1\"> </span>CREDIT_SPREAD_CURVE<span class=\"_ _3a1\"> </span>IRD<span class=\"_ _3a1\"> </span>CF<span class=\"_ _3a1\"> </span>Cap<span class=\"_ _2\"></span>/Floor<span class=\"_ _3a1\"> </span>MARK_TO_MODEL<span class=\"_ _3a1\"> </span>Modelli<span class=\"_ _3a1\"> </span>:<span class=\"_ _3a1\"> </span>BLACK_NORM_YLD,<span class=\"_ _3a1\"> </span>FISCHER_BLACK<span class=\"_ _3a1\"> </span>Parametri<span class=\"_ _3a1\"> </span>:<span class=\"_ _3a1\"> </span>IR_CUR<span class=\"_ _3a1\"> </span>VE,<span class=\"_ _3a1\"> </span>IR_CAP_FLOOR_VOL_SURF<span class=\"_ _3a1\"> </span>IRD<span class=\"_ _3a1\"> </span>CS<span class=\"_ _3a1\"> </span>Currency Swap<span class=\"_ _3a1\"> </span>MARK_TO_MODEL<span class=\"_ _3a1\"> </span>Modelli<span class=\"_ _3a1\"> </span>: DISC_CASH_FLOW<span class=\"_ _3a1\"> </span>Parametri<span class=\"_ _3a1\"> </span>:<span class=\"_ _3a1\"> </span>FX_SPOT_RATE,<span class=\"_ _3a1\"> </span>FX_CURVE, IR_CURVE<span class=\"_ _3a1\"> </span>IRD<span class=\"_ _3a1\"> </span>FRA<span class=\"_ _3a1\"> </span>Forwar<span class=\"_ _1\"></span>d<span class=\"_ _3a1\"> </span>RateMARK_TO_MODEL<span class=\"_ _3a1\"> </span>Modelli<span class=\"_ _3a1\"> </span>: DISC_CASH_FLOW<span class=\"_ _3a1\"> </span>Agreement<span class=\"_ _3a1\"> </span>Parametri<span class=\"_ _3a1\"> </span>: IR_CURVE<span class=\"_ _3a1\"> </span>IRD<span class=\"_ _3a1\"> </span>IRS<span class=\"_ _3a1\"> </span>Interest<span class=\"_ _3a1\"> </span>RateMARK_TO_MODEL<span class=\"_ _3a1\"> </span>Modelli<span class=\"_ _3a1\"> </span>: DISC_CASH_FLOW<span class=\"_ _3a1\"> </span>Swap<span class=\"_ _3a1\"> </span>Parametri<span class=\"_ _3a1\"> </span>: IR_CURVE<span class=\"_ _3a1\"> </span>IRD<span class=\"_ _3a1\"> </span>IRS<span class=\"_ _3a1\"> </span>Inflation Swap<span class=\"_ _3a1\"> </span>MARK_TO_MODEL<span class=\"_ _3a1\"> </span>Modelli<span class=\"_ _3a1\"> </span>: DISC_CASH_FLOW<span class=\"_ _3a1\"> </span>Parametri<span class=\"_ _3a1\"> </span>:<span class=\"_ _3a1\"> </span>INFL_<span class=\"_ _3a1\"> </span>ZERO_CURVE,<span class=\"_ _3a1\"> </span>IR_CURVE<span class=\"_ _3a1\"> </span>IRD<span class=\"_ _3a1\"> </span>LFUT, SFUT<span class=\"_ _3a1\"> </span>Long/Short<span class=\"_ _3a1\"> </span>MARK_TO_MARKET<span class=\"_ _3a1\"> </span>Modelli<span class=\"_ _3a1\"> </span>:<span class=\"_ _3a1\"> </span>Future<span class=\"_ _3a1\"> </span>Parametri<span class=\"_ _3a1\"> </span>:<span class=\"_ _3a1\"> </span>IR_FUT<span class=\"_ _3a1\"> </span>_PX,<span class=\"_ _3a1\"> </span>BOND_FUT_PX<span class=\"_ _3a1\"> </span>IRD<span class=\"_ _3a1\"> </span>LN_<span class=\"_ _1\"></span>BR<span class=\"_ _3a1\"> </span>sLoans/De<span class=\"_ _1\"></span>positMARK_TO_MODEL<span class=\"_ _3a1\"> </span>Modelli<span class=\"_ _3a1\"> </span>: DISC_CASH_FLOW<span class=\"_ _3a1\"> </span>Parametri<span class=\"_ _3a1\"> </span>: IR_CU<span class=\"_ _3a1\"> </span>RVE<span class=\"_ _3a1\"> </span><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1664\">A.2 Derivati finanz<span class=\"_ _1\"></span>iari di negoziazione: fair<span class=\"_ _1\"></span> value lordo <span class=\"_ _1\"></span>positivo e negativo - ripart<span class=\"_ _1\"></span>izione per prodotti </div><div class=\"t m2 h19 ff4 fsb fc4 sc3 ls0 ws0 gs1665\">Tipologie <span class=\"_ _1\"></span>derivati </div><div class=\"gs1666\"><table class=\"s w1412 h2c7\" id=\"_77183a2c-d842-4386-9333-ea9585a9f454\"><tr><td></td><td></td><td class=\"t m2 x1600 h19 y671c ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"c n x22f6 y671d wabd h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x22f7 y671d wabc h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc4 sc3 ls0 ws0\">Totale</div></td><td class=\"t m2 xdbb h19 y671c ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>023 </td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x22f8 h19 y671e ff4 fsb fc4 sc3 ls0 ws0\" colspan=\"2\">Over the co<span class=\"_ _1\"></span>unter </td><td></td><td></td><td class=\"t m2 x6c9 h19 y671e ff4 fsb fc4 sc3 ls0 ws0\" colspan=\"2\">Over the co<span class=\"_ _1\"></span>unter </td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x99d h19 y671f ff4 fsb fc4 sc3 ls0 ws0\" colspan=\"2\">Senza co<span class=\"_ _1\"></span>ntroparti<span class=\"_ _1\"></span> centrali </td><td class=\"t m2 x6e3 h19 y6720 ff4 fsb fc4 sc3 ls0 ws0\">Mercati<span class=\"_ _1\"></span> </td><td></td><td class=\"t m2 x905 h19 y671f ff4 fsb fc4 sc3 ls0 ws0\" colspan=\"2\">Senza co<span class=\"_ _1\"></span>ntroparti<span class=\"_ _1\"></span> centrali </td><td class=\"t m2 x795 h19 y6720 ff4 fsb fc4 sc3 ls0 ws0\">Mercati<span class=\"_ _1\"></span> </td></tr><tr><td></td><td class=\"t m2 x16d2 h19 y6721 ff4 fsb fc4 sc3 ls0 ws0\">Controp<span class=\"_ _1\"></span>arti </td><td></td><td></td><td class=\"t m2 xd9a h19 y6722 ff4 fsb fc4 sc3 ls0 ws0\">organiz<span class=\"_ _1\"></span>zati<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x758 h19 y6721 ff4 fsb fc4 sc3 ls0 ws0\">Controp<span class=\"_ _1\"></span>arti </td><td></td><td></td><td class=\"t m2 x6fd h19 y6722 ff4 fsb fc4 sc3 ls0 ws0\">organiz<span class=\"_ _1\"></span>zati<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x1902 h19 y6723 ff4 fsb fc4 sc3 ls0 ws0\">central<span class=\"_ _1\"></span>i </td><td class=\"t m2 x6a4 h19 y6724 ff4 fsb fc4 sc3 ls0 ws0\">Con accor<span class=\"_ _1\"></span>di di </td><td class=\"t m2 x990 h19 y6725 ff4 fsb fc4 sc3 ls0 ws0\">Senza acco<span class=\"_ _1\"></span>rdi </td><td></td><td class=\"t m2 x6c5 h19 y6723 ff4 fsb fc4 sc3 ls0 ws0\">central<span class=\"_ _1\"></span>i </td><td class=\"t m2 x78a h19 y6724 ff4 fsb fc4 sc3 ls0 ws0\">Con accor<span class=\"_ _1\"></span>di di </td><td class=\"t m2 x6b0 h19 y6725 ff4 fsb fc4 sc3 ls0 ws0\">Senza acco<span class=\"_ _1\"></span>rdi </td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x6dd h19 y6726 ff4 fsb fc4 sc3 ls0 ws0\">compens<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e2 h19 y6727 ff4 fsb fc4 sc3 ls0 ws0\">di </td><td></td><td></td><td class=\"t m2 x6c6 h19 y6726 ff4 fsb fc4 sc3 ls0 ws0\">compens<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h19 y6727 ff4 fsb fc4 sc3 ls0 ws0\">di </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x6a5 h19 y6728 ff4 fsb fc4 sc3 ls0 ws0\">compens<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 xdbb h19 y6728 ff4 fsb fc4 sc3 ls0 ws0\">compens<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 x677 h19 y6729 ff4 fsb fc1 sc2 ls0 ws0\">1. Fair v<span class=\"_ _1\"></span>alue posi<span class=\"_ _1\"></span>tivo </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x997 y672a w1413 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">a) Opzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22f9 y672a wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22fa y672a w1414 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">160<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22fb y672a w11a3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3.665<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67c h19 y672b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h19 y672b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd2 h19 y672b ff4 fsb fc1 sc0 ls0 ws0\">509<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x22fc h19 y672b ff4 fsb fc1 sc0 ls0 ws0\">1.411<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y672b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y672c w1415 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">b) Interest rate<span class=\"_ _1\"></span> swap<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22fd y672c wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22fe y672c w12d4 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">7.406<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22ff y672c w1416 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">328<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67c h19 y672d ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h19 y672d ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x664 h19 y672d ff4 fsb fc1 sc0 ls0 ws0\">24.795<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x915 h19 y672d ff4 fsb fc1 sc0 ls0 ws0\">322<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y672d ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h19 y672e ff4 fsb fc1 sc0 ls0 ws0\">c) Cross cur<span class=\"_ _1\"></span>rency<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2300 h19 y672f ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b7 h19 y672f ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x757 h19 y672f ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h19 y672f ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h19 y672f ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebc h19 y672f ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc6 h19 y672f ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y672f ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h19 y6730 ff4 fsb fc1 sc0 ls0 ws0\">swap </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x997 y6731 w1417 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">d) Equity s<span class=\"_ _1\"></span>wap<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2301 y6731 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b7 h19 y6732 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x757 h19 y6732 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h19 y6732 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h19 y6732 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebc h19 y6732 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc6 h19 y6732 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y6732 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y5a44 w1418 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">e) Forward<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2302 y5a44 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2303 y5a44 w1419 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>95<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2304 y5a44 w141a h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3.138<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67c h19 y6733 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h19 y6733 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd2 h19 y6733 ff4 fsb fc1 sc0 ls0 ws0\">630<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90d h19 y6733 ff4 fsb fc1 sc0 ls0 ws0\">4.352<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y6733 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6734 w141b h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">f) Future<span class=\"_ _1\"></span>s<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2305 y6734 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b7 h19 y6735 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x757 h19 y6735 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h19 y6735 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h19 y6735 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebc h19 y6735 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc6 h19 y6735 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y6735 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6736 w138d h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">g) Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22fd y6736 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b7 h19 y6737 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x757 h19 y6737 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h19 y6737 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h19 y6737 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebc h19 y6737 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc6 h19 y6737 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y6737 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x160a h19 y6738 ff4 fsb fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c4 h19 y6738 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15ff h19 y6738 ff4 fsb fc1 sc2 ls0 ws0\">7.861<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x681 h19 y6738 ff4 fsb fc1 sc2 ls0 ws0\">7.131<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h19 y6738 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h19 y6738 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x675 h19 y6738 ff4 fsb fc1 sc2 ls0 ws0\">25.934<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x984 h19 y6738 ff4 fsb fc1 sc2 ls0 ws0\">6.085<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y6738 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h19 y6739 ff4 fsb fc1 sc2 ls0 ws0\">2. Fair v<span class=\"_ _1\"></span>alue negati<span class=\"_ _1\"></span>vo </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x997 y5566 w1413 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">a) Opzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22f9 y5566 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x2306 h19 y673a ff4 fsb fc1 sc0 ls0 ws0\">47<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ec h19 y673a ff4 fsb fc1 sc0 ls0 ws0\">3.254<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h19 y673a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h19 y673a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69a h19 y673a ff4 fsb fc1 sc0 ls0 ws0\">80<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90d h19 y673a ff4 fsb fc1 sc0 ls0 ws0\">8.425<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y673a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y673b w1415 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">b) Interest rate<span class=\"_ _1\"></span> swap<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22fd y673b wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2307 y673b w141c h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2.925<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2308 y673b wfa3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2.679<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67c h19 y673c ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h19 y673c ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x664 h19 y673c ff4 fsb fc1 sc0 ls0 ws0\">10.499<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h19 y673c ff4 fsb fc1 sc0 ls0 ws0\">5.431<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y673c ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h19 y673d ff4 fsb fc1 sc0 ls0 ws0\">c) Cross cur<span class=\"_ _1\"></span>rency<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2300 h19 y673e ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b7 h19 y673e ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x757 h19 y673e ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h19 y673e ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h19 y673e ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebc h19 y673e ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc6 h19 y673e ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y673e ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h19 y673f ff4 fsb fc1 sc0 ls0 ws0\">swap </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x997 y56f2 w1417 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">d) Equity s<span class=\"_ _1\"></span>wap<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2301 y56f2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b7 h19 y6740 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x757 h19 y6740 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h19 y6740 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h19 y6740 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebc h19 y6740 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc6 h19 y6740 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y6740 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6741 w1418 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">e) Forward<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2302 y6741 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x2306 h19 y6742 ff4 fsb fc1 sc0 ls0 ws0\">67<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ec h19 y6742 ff4 fsb fc1 sc0 ls0 ws0\">5.492<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h19 y6742 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h19 y6742 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a9 h19 y6742 ff4 fsb fc1 sc0 ls0 ws0\">247<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90d h19 y6742 ff4 fsb fc1 sc0 ls0 ws0\">2.529<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y6742 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6743 w141b h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">f) Future<span class=\"_ _1\"></span>s<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2305 y6743 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b7 h19 y6744 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x757 h19 y6744 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h19 y6744 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h19 y6744 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebc h19 y6744 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc6 h19 y6744 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y6744 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6745 w138d h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">g) Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22fd y6745 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b7 h19 y6746 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x757 h19 y6746 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h19 y6746 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h19 y6746 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebc h19 y6746 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc6 h19 y6746 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y6746 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x160a h19 y6747 ff4 fsb fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c4 h19 y6747 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x985 h19 y6747 ff4 fsb fc1 sc2 ls0 ws0\">3.039<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ec h19 y6747 ff4 fsb fc1 sc2 ls0 ws0\">11.425<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h19 y6747 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h19 y6747 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x664 h19 y6747 ff4 fsb fc1 sc2 ls0 ws0\">10.826<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x687 h19 y6747 ff4 fsb fc1 sc2 ls0 ws0\">16.385<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y6747 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table></div>A.3 Derivati fina<span class=\"_ _1\"></span>nziari di negoziazione<span class=\"_ _1\"></span> OTC \u2013 valori nozional<span class=\"_ _1\"></span>i, fair value lordo positivo e<span class=\"_ _1\"></span> negativo per <span class=\"_ _1\"></span>controparti<span class=\"_ _3a1\"> </span>Attivit\u00e0 sottostanti Contratti non rientran<span class=\"_ _2\"></span>ti in accordi di c<span class=\"_ _2\"></span>ompensazione 1) Titoli di debito e tassi d'interesse<span class=\"_ _3a1\"> </span>- valore nozionale<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>70.000<span class=\"_ _3a1\"> </span>3<span class=\"_ _1\"></span>4.770<span class=\"_ _3a1\"> </span>532.497<span class=\"_ _3a1\"> </span>- fair value positivo<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>102<span class=\"_ _3a1\"> </span>3.88<span class=\"_ _2\"></span>9<span class=\"_ _3a1\"> </span>- fair value negativo<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>65<span class=\"_ _3a1\"> </span>1.<span class=\"_ _2\"></span>297<span class=\"_ _3a1\"> </span>4.572<span class=\"_ _3a1\"> </span>2) Titoli di capitale e indici azionari<span class=\"_ _3a1\"> </span>- valore nozionale<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>10<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value positivo<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>2<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value negativo<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>3) Valute e oro<span class=\"_ _3a1\"> </span>- valore nozionale<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>519.006<span class=\"_ _3a1\"> </span>- fair value positivo<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>3.138<span class=\"_ _3a1\"> </span>- fair value negativo<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>5<span class=\"_ _1\"></span>.492<span class=\"_ _3a1\"> </span>4) Merci<span class=\"_ _3a1\"> </span>- valore nozionale<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value positivo<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value negativo<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>5) Altri<span class=\"_ _3a1\"> </span>- valore nozionale<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value positivo<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value negativo<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>Contratti rientranti <span class=\"_ _2\"></span>in accordi di compe<span class=\"_ _2\"></span>nsazione 1) Titoli di debito e tassi d'interesse<span class=\"_ _3a1\"> </span>- valore nozionale<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>1.183.656<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value positivo<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>7.566<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value negativo<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>7<span class=\"_ _1\"></span>.010<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>2) Titoli di capitale e indici azionari<span class=\"_ _3a1\"> </span>- valore nozionale<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value positivo<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value negativo<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>3) Valute e oro<span class=\"_ _3a1\"> </span>- valore nozionale<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>94.428<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value positivo<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>295<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value negativo<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>67<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>4) Merci<span class=\"_ _3a1\"> </span>- valore nozionale<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value positivo<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value negativo<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>5) Altri<span class=\"_ _3a1\"> </span>- valore nozionale<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value positivo<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value negativo<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>Cont<span class=\"_ _3b\"></span>roparti<span class=\"_ _2\"></span> cen<span class=\"_ _2\"></span>traliBan<span class=\"_ _2\"></span>cheAltre<span class=\"_ _3b\"></span> societ\u00e0<span class=\"_ _2\"></span> finan<span class=\"_ _3b\"></span>ziarieAltr<span class=\"_ _2\"></span>i sogg<span class=\"_ _3b\"></span>ettiA.4 Vita res<span class=\"_ _1\"></span>idua dei derivati finanziari <span class=\"_ _1\"></span>OTC: valori nozionali Sottostanti/Vita residua<span class=\"_ _3a1\"> </span>Fino ad 1 anno<span class=\"_ _3a1\"> </span>Oltre 1 anno e Oltre 5 anni<span class=\"_ _3a1\"> </span>Totale<span class=\"_ _3a1\"> </span>fino a 5 anni<span class=\"_ _3a1\"> </span>A.1 Derivati finanziar<span class=\"_ _2\"></span>i su titoli di debito e ta<span class=\"_ _2\"></span>ssi di<span class=\"_ _3a1\"> </span>1.009.045<span class=\"_ _3a1\"> </span>726.691<span class=\"_ _3a1\"> </span>85.188<span class=\"_ _3a1\"> </span>1.820.924<span class=\"_ _3a1\"> </span>interesse A.2 Derivati finanziar<span class=\"_ _2\"></span>i su titoli di capitale ed <span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>ndici<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>10<span class=\"_ _3a1\"> </span>10<span class=\"_ _3a1\"> </span>azionari A.3 Derivati finanziari<span class=\"_ _2\"></span> su valute e oro<span class=\"_ _3a1\"> </span>592.131<span class=\"_ _3a1\"> </span>21.302<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>613.433<span class=\"_ _3a1\"> </span>A.4 Derivati finanziar<span class=\"_ _2\"></span>i su merci<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>A.5 Altri derivati finanz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>ari<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>Totale<span class=\"_ _3a1\"> </span>31/12/2024<span class=\"_ _3a1\"> </span>1.601.176<span class=\"_ _3a1\"> </span>747.993<span class=\"_ _3a1\"> </span>85.198<span class=\"_ _3a1\"> </span>2.434.367<span class=\"_ _3a1\"> </span>Totale<span class=\"_ _3a1\"> </span>31/12/2023<span class=\"_ _3a1\"> </span>2.021.383<span class=\"_ _3a1\"> </span>527.274<span class=\"_ _3a1\"> </span>531.862<span class=\"_ _3a1\"> </span>3.080.5<div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gs1668\">1.3.2 Le coperture contabili </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1669\">Informazi<span class=\"_ _1\"></span>oni di na<span class=\"_ _1\"></span>tura quali<span class=\"_ _1\"></span>tativa </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs166a\">In <span class=\"_ _38\"></span>te<span class=\"_ _1\"></span>ma <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>Hedge <span class=\"_ _38\"></span>accounting, <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>Gruppo, <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>me <span class=\"_ _0\"></span>previsto <span class=\"_ _38\"></span>dall\u2019IFRS9, <span class=\"_ _38\"></span>continua <span class=\"_ _0\"></span>ad <span class=\"_ _38\"></span>applicare <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>anto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs166b\">defini<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs166c\">to <span class=\"_ _0\"></span>dal <span class=\"_ _0\"></span>principio <span class=\"_ _0\"></span>contabile <span class=\"_ _0\"> </span>I<span class=\"_ _1\"></span>AS <span class=\"_ _0\"></span>39 <span class=\"_ _0\"></span>(nella <span class=\"_ _0\"></span>vers<span class=\"_ _1\"></span>ione <span class=\"_ _0\"></span>carved <span class=\"_ _0\"></span>out <span class=\"_ _0\"></span>omologata <span class=\"_ _35\"> </span>dal<span class=\"_ _2\"></span>la <span class=\"_ _0\"></span>Commissione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs166d\">Europea) in relazione a tutte le copert<span class=\"_ _1\"></span>ure poste in essere. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs166e\">Attivit</div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs166f\">\u00e0 di cope<span class=\"_ _1\"></span>rtura d<span class=\"_ _1\"></span>el fair valu<span class=\"_ _1\"></span>e, <span class=\"_ _1\"></span>strumenti di<span class=\"_ _1\"></span> copertura<span class=\"_ _1\"></span> ed elem<span class=\"_ _1\"></span>enti cope<span class=\"_ _1\"></span>rti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1670\">Si <span class=\"_ _1\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>adottata <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>met<span class=\"_ _1\"></span>odologia <span class=\"_ _1\"></span>contabile <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>Macro <span class=\"_ _38\"></span>Fair<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>Value <span class=\"_ _1\"></span>He<span class=\"_ _1\"></span>dge <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>copertur<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>rischio <span class=\"_ _1\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1671\">tasso associato a: </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1672\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">Mutui/finanziamenti a tasso <span class=\"_ _2\"></span>fisso, e <span class=\"_ _2\"></span>mutui/finanziamenti a <span class=\"_ _2\"></span>tasso variabi<span class=\"_ _2\"></span>le con opzione <span class=\"_ _2\"></span>\u201cCap\u201d </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1673\">affiancandola quindi alla metodologia del Cash F<span class=\"_ _1\"></span>low Hedge; </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1674\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">componente core ane<span class=\"_ _1\"></span>lastica della raccolta a vista. </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1675\">Si <span class=\"_ _0\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>ado<span class=\"_ _2\"></span>ttata, <span class=\"_ _35\"> </span>inolt<span class=\"_ _2\"></span>re, <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>metodologia <span class=\"_ _0\"></span>cont<span class=\"_ _1\"></span>abile <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>Micro <span class=\"_ _35\"> </span>Fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>He<span class=\"_ _1\"></span>dge <span class=\"_ _35\"> </span>pe<span class=\"_ _2\"></span>r <span class=\"_ _35\"> </span>la<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>copertura <span class=\"_ _0\"></span>del </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1676\">rischio di tasso associato a: </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1677\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">titoli <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>debito <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>regime <span class=\"_ _38\"></span>contabile <span class=\"_ _38\"></span>HTCS <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>HTC <span class=\"_ _1\"></span>(inclusi <span class=\"_ _38\"></span>titoli <span class=\"_ _38\"></span>BTP <span class=\"_ _38\"></span>inflattivi <span class=\"_ _1\"></span>ove <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>iene <span class=\"_ _38\"></span>coperto </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1678\">anche il rischio inflazione), </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1679\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">prestiti obbligazionari a tasso <span class=\"_ _1\"></span>fisso emessi dal Credito Emiliano. </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs167a\">L\u2019applicazione <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>metodologia <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>he<span class=\"_ _1\"></span>dge <span class=\"_ _38\"></span>accounting <span class=\"_ _38\"></span>consente <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _38\"></span>rappresentare <span class=\"_ _38\"></span>contabilmente </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs167b\">in  modo  simmetrico  sia  l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>  poste  coperte  che<span class=\"_ _2\"></span>  i  prodotti  deriv<span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>ti  utilizzati  per  la<span class=\"_ _3b\"></span>  cope<span class=\"_ _1\"></span>rtura.  In </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs167c\">particolare, <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>copertura <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>tasso, <span class=\"_ _38\"></span>vengono <span class=\"_ _1\"></span>utilizzati <span class=\"_ _38\"></span>strumenti <span class=\"_ _1\"></span>derivati <span class=\"_ _38\"></span>non <span class=\"_ _1\"></span>quotati </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs167d\">(IRS, OIS, <span class=\"_ _1\"></span>IR<span class=\"_ _1\"></span>S <span class=\"_ _1\"></span>inflation) <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>consent<span class=\"_ _1\"></span>ono <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>riallineare <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>differenze <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>caratteristiche <span class=\"_ _1\"></span>finanziarie </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs167e\">degli impieghi e della raccolta. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs167f\">Il <span class=\"_ _0\"></span>Fair <span class=\"_ _0\"></span>Val<span class=\"_ _2\"></span>ue <span class=\"_ _0\"></span>Hedge <span class=\"_ _38\"></span>pr<span class=\"_ _1\"></span>evede <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>relazione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>cope<span class=\"_ _2\"></span>rtura <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>f<span class=\"_ _2\"></span>ormalmente <span class=\"_ _0\"></span>documentata <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>una </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1680\">hedging <span class=\"_ _35\"> </span>card  e <span class=\"_ _35\"> </span>che  la <span class=\"_ _35\"> </span>tenuta <span class=\"_ _35\"> </span>della  copertura <span class=\"_ _35\"> </span>sia  verificata <span class=\"_ _35\"> </span>attraverso  dei <span class=\"_ _35\"> </span>test  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>efficacia  sia </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1681\">prospettici che <span class=\"_ _1\"></span>retrospettivi. Se i <span class=\"_ _1\"></span>test di efficacia danno <span class=\"_ _1\"></span>esito positivo <span class=\"_ _1\"></span>\u00e8 passata in <span class=\"_ _1\"></span>contabilit\u00e0 una </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1682\">rettifica <span class=\"_ _1\"></span>relativa <span class=\"_ _1\"></span>al F<span class=\"_ _1\"></span>air Value <span class=\"_ _1\"></span>dello <span class=\"_ _1\"></span>strumento <span class=\"_ _1\"></span>coperto, <span class=\"_ _1\"></span>per allineare <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>sua <span class=\"_ _1\"></span>modalit\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valutazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1683\">a quello dello strumento di hedging. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1684\">Tali test <span class=\"_ _1\"></span>di efficacia so<span class=\"_ _1\"></span>no svolti periodicament<span class=\"_ _1\"></span>e durante <span class=\"_ _1\"></span>tutta la vita <span class=\"_ _1\"></span>dell\u2019operazione. La <span class=\"_ _1\"></span>copertura </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1685\">\u00e8 <span class=\"_ _38\"></span>considerata <span class=\"_ _0\"></span>efficace <span class=\"_ _1\"></span>se <span class=\"_ _0\"></span>il <span class=\"_ _1\"></span>rapporto <span class=\"_ _38\"></span>tr<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>variazione <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>fair <span class=\"_ _0\"></span>valu<span class=\"_ _2\"></span>e <span class=\"_ _38\"></span>dell\u2019elemento <span class=\"_ _0\"></span>coperto <span class=\"_ _1\"></span>rispetto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1686\">allo  strume<span class=\"_ _1\"></span>nto  di  copertur<span class=\"_ _1\"></span>a  \u00e8  compre<span class=\"_ _1\"></span>so  nel  range<span class=\"_ _1\"></span>  80%-125%.  Il <span class=\"_ _3d\"> </span>test <span class=\"_ _3d\"> </span>di  verifica <span class=\"_ _3d\"> </span>della  tenuta </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1687\">prospettica e retrospettiva delle coperture \u00e8 svolto s<span class=\"_ _1\"></span>u base trimestrale. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1688\">L\u2019hedge <span class=\"_ _1\"></span>accounting <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>pu\u00f2 <span class=\"_ _1\"></span>essere <span class=\"_ _38\"></span>mantenuto <span class=\"_ _1\"></span>qualora <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>copertura <span class=\"_ _1\"></span>divenga <span class=\"_ _1\"></span>inefficace <span class=\"_ _38\"></span>(fuori <span class=\"_ _1\"></span>dal </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1689\">range  8<span class=\"_ _2\"></span>0%-125%). <span class=\"_ _35\"> </span>Eventuali  fonti <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>inefficacia <span class=\"_ _35\"> </span>poss<span class=\"_ _1\"></span>ono <span class=\"_ _35\"> </span>essere:  diverse <span class=\"_ _35\"> </span>date <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>pagament<span class=\"_ _1\"></span>o <span class=\"_ _35\"> </span>o </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs168a\">convenzioni <span class=\"_ _0\"></span>fra <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>trumento <span class=\"_ _0\"></span>coperto <span class=\"_ _0\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>cope<span class=\"_ _1\"></span>rtura, <span class=\"_ _0\"></span>spread <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>credito <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>FVH <span class=\"_ _0\"></span>titolo, <span class=\"_ _0\"></span>va<span class=\"_ _2\"></span>riazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs168b\">della base tra le curve di forwarding e discounting. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs168c\">Attivit\u00e0<span class=\"_ _1\"></span> di coper<span class=\"_ _1\"></span>tura dei flu<span class=\"_ _1\"></span>ssi f<span class=\"_ _1\"></span>inanziari, <span class=\"_ _1\"></span>strumen<span class=\"_ _1\"></span>ti di cope<span class=\"_ _1\"></span>rtura ed<span class=\"_ _1\"></span> elemen<span class=\"_ _1\"></span>ti coperti<span class=\"fc1 sc2\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs168d\">Obiettivo <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>fondo <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>operazioni <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>copertura <span class=\"_ _38\"></span>effettuate <span class=\"_ _1\"></span>secondo <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>met<span class=\"_ _1\"></span>odologia <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Cash <span class=\"_ _1\"></span>Flow </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs168e\">Hedge </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs168f\">\u00e8 <span class=\"_ _3b\"></span>quello <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>evitare <span class=\"_ _3b\"></span>che vari<span class=\"_ _3b\"></span>azioni <span class=\"_ _2\"></span>inattese <span class=\"_ _2\"></span>dei <span class=\"_ _3b\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>mercato <span class=\"_ _2\"></span>si <span class=\"_ _3b\"></span>ripercuotano n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>gativamente </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1690\">sul margine di interesse.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1691\">In <span class=\"_ _2\"></span>particolare, per <span class=\"_ _3b\"></span>la copertura <span class=\"_ _3b\"></span>del rischio <span class=\"_ _3b\"></span>di tasso, <span class=\"_ _3b\"></span>vengono utilizzati <span class=\"_ _3b\"></span>str<span class=\"_ _1\"></span>umenti <span class=\"_ _2\"></span>derivati n<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>quotati </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1692\">(IRS) <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>conse<span class=\"_ _1\"></span>ntono <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>riallineare<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>dif<span class=\"_ _2\"></span>ferenze <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _38\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>caratteristiche <span class=\"_ _0\"></span>finan<span class=\"_ _2\"></span>ziarie <span class=\"_ _38\"></span>degli <span class=\"_ _0\"></span>impi<span class=\"_ _2\"></span>eghi <span class=\"_ _0\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1693\">della <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>accolta. <span class=\"_ _35\"> </span>L\u2019obi<span class=\"_ _2\"></span>ettivo <span class=\"_ _35\"> </span>della<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>copert<span class=\"_ _1\"></span>ura <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>l\u2019eliminazione <span class=\"_ _0\"></span>parziale <span class=\"_ _35\"> </span>del<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>fluttuazioni <span class=\"_ _35\"> </span>dei </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1694\">flussi <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>cassa<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>futuri <span class=\"_ _38\"></span>determinati <span class=\"_ _0\"></span>dall\u2019andamento <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>asso <span class=\"_ _0\"></span>varia<span class=\"_ _2\"></span>bile <span class=\"_ _0\"></span>lung<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>periodo <span class=\"_ _0\"></span>coperto<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>il<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1695\">conseguente <span class=\"_ _3f\"> </span>ra<span class=\"_ _1\"></span>ggiungimento <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>un\u2019indicizzazione <span class=\"_ _3f\"> </span>al <span class=\"_ _3a\"> </span>tasso <span class=\"_ _3f\"> </span>fisso <span class=\"_ _3a\"> </span>\u201cobiettivo\u201d, <span class=\"_ _3f\"> </span>pari <span class=\"_ _3a\"> </span>a <span class=\"_ _3f\"> </span>quello </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1422\">sintetizzato dai flussi della \u201cgamba\u201d a t<span class=\"_ _1\"></span>asso fisso del gruppo di strumenti di copertura. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1423\">Nei  precedenti <span class=\"_ _35\"> </span>esercizi  \u00e8 <span class=\"_ _35\"> </span>stato  attivato  il<span class=\"_ _3b\"></span>  Macro  Cash <span class=\"_ _35\"> </span>Flow  Hedge <span class=\"_ _35\"> </span>anche  per <span class=\"_ _35\"> </span>i  mutui  a<span class=\"_ _3b\"></span>  tasso </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1424\">variabile. <span class=\"_ _0\"></span>La <span class=\"_ _35\"> </span>definiz<span class=\"_ _2\"></span>ione <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>pac<span class=\"_ _1\"></span>chetti <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>mutui <span class=\"_ _0\"></span>coperti <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>Macro <span class=\"_ _0\"></span>Cash <span class=\"_ _35\"> </span>Flow <span class=\"_ _0\"></span>Hedge <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>stata <span class=\"_ _0\"></span>fatta </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1622\">secondo i seguenti criteri: </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1696\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">stessa fre<span class=\"_ _1\"></span>quenza di pagamento </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1697\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">stesso tipo di indicizzazione<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1698\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">periodicit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>evisione <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>tasso <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>liquidazione <span class=\"_ _38\"></span>degli <span class=\"_ _38\"></span>interess<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>(div<span class=\"_ _2\"></span>isi <span class=\"_ _38\"></span>nei <span class=\"_ _0\"></span>seguenti <span class=\"_ _1\"></span>3 <span class=\"_ _38\"></span>bucket: </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1699\">dal 1\u00b0 al 10\u00b0 giorno del mese, dal 11\u00b0 al 20\u00b0 e dal 21\u00b0 a <span class=\"_ _1\"></span>fine mese). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs169a\">L'omogeneit\u00e0 di <span class=\"_ _2\"></span>tali caratteristiche del<span class=\"_ _3b\"></span> portafoglio mutui e<span class=\"_ _2\"></span> dei rel<span class=\"_ _2\"></span>ativi derivati ga<span class=\"_ _2\"></span>rantisce l'efficacia </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs169b\">della c<span class=\"_ _2\"></span>opertura e qu<span class=\"_ _2\"></span>indi <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span>mette di <span class=\"_ _3b\"></span>non effettuare il <span class=\"_ _3b\"></span>test al <span class=\"_ _2\"></span>punto <span class=\"_ _2\"></span>2 d<span class=\"_ _2\"></span>efinito nel <span class=\"_ _2\"></span>secondo p<span class=\"_ _2\"></span>aragrafo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs169c\">sotto riportato (test invece indispensabile per il Cas<span class=\"_ _1\"></span>h Flow Hedge su diverse forme di raccolta).  </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs169e\">Metodo di valutaz<span class=\"_ _1\"></span>ione di efficacia </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs169f\">Per la</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16a0\"> raccolta a tasso variabile coperta in Cash Flow <span class=\"_ _1\"></span>Hedge vengono effettuati i seguenti test: </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs16a1\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">Verifica <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>capienza <span class=\"_ _0\"></span>minima <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>nominale <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>ogni <span class=\"_ _0\"></span>periodo <span class=\"_ _0\"></span>fu<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>uro <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>partire <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>buc<span class=\"_ _2\"></span>ket <span class=\"_ _0\"></span>in </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16a2\">corso; </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs16a3\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">effettuazione <span class=\"_ _36\"> </span>del <span class=\"_ _36\"> </span>test <span class=\"_ _36\"> </span>prospettico <span class=\"_ _36\"> </span>e <span class=\"_ _36\"> </span>retro<span class=\"_ _1\"></span>spettivo <span class=\"_ _36\"> </span>tramite <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>met<span class=\"_ _1\"></span>odologia <span class=\"_ _36\"> </span>del <span class=\"_ _36\"> </span>derivato </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16a4\">ipotetico, ovvero confronto f<span class=\"_ _3b\"></span>ra il Fair Val<span class=\"_ _2\"></span>ue del d<span class=\"_ _2\"></span>erivato di cope<span class=\"_ _2\"></span>rtura rispetto al <span class=\"_ _3b\"></span>Fair  Value d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>l </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16a5\">derivato <span class=\"_ _1\"></span>ipotetico avente <span class=\"_ _1\"></span>come gamba <span class=\"_ _1\"></span>fissa gli <span class=\"_ _1\"></span>stessi <span class=\"_ _1\"></span>flussi dei de<span class=\"_ _1\"></span>rivati di <span class=\"_ _1\"></span>copertura e<span class=\"_ _1\"></span> come </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16a6\">gamba <span class=\"_ _37\"> </span>var<span class=\"_ _1\"></span>iabile <span class=\"_ _37\"> </span>i <span class=\"_ _36\"> </span>flussi <span class=\"_ _36\"> </span>variabili <span class=\"_ _37\"> </span>dello <span class=\"_ _36\"> </span>strumento <span class=\"_ _36\"> </span>coperto <span class=\"_ _36\"> </span>pesato <span class=\"_ _37\"> </span>per <span class=\"_ _36\"> </span>le <span class=\"_ _36\"> </span>percentuali <span class=\"_ _36\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16a7\">copertura. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16a8\">Per <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>mutui <span class=\"_ _38\"></span>coperti <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>Macro <span class=\"_ _38\"></span>Cash <span class=\"_ _1\"></span>Flow <span class=\"_ _0\"></span>Hedge <span class=\"_ _1\"></span>viene <span class=\"_ _38\"></span>verificato <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>lo <span class=\"_ _38\"></span>swap <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>cope<span class=\"_ _1\"></span>rtura <span class=\"_ _1\"></span>sia <span class=\"_ _38\"></span>stato </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16a9\">concluso a condizioni di mercato, contr<span class=\"_ _1\"></span>ollando il valore di Mark To Market con <span class=\"_ _1\"></span>la curva real time al </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16aa\">momento della chiusura dell\u2019operazione. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16ab\">Relativamente <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>Cash <span class=\"_ _0\"></span>Flow <span class=\"_ _0\"></span>Hedge <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>diverse<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>forme <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>raccolta <span class=\"_ _0\"></span>(analogo <span class=\"_ _0\"></span>discorso <span class=\"_ _0\"></span>vale <span class=\"_ _35\"> </span>p<span class=\"_ _2\"></span>er <span class=\"_ _0\"></span>il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16ac\">Macro <span class=\"_ _0\"></span>Cash <span class=\"_ _0\"></span>Flow <span class=\"_ _0\"></span>Hedge <span class=\"_ _0\"></span>m<span class=\"_ _1\"></span>utui <span class=\"_ _0\"></span>cambian<span class=\"_ _2\"></span>do <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>segni <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>attivit\u00e0) <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>strume<span class=\"_ _1\"></span>nti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16ad\">derivati <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>quali <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>applica <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>met<span class=\"_ _1\"></span>odologia <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>oggetto <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>considerati <span class=\"_ _1\"></span>come <span class=\"_ _38\"></span>facenti <span class=\"_ _1\"></span>parte <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>un </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16ae\">unico <span class=\"_ _35\"> </span>grupp<span class=\"_ _2\"></span>o <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>operazioni <span class=\"_ _35\"> </span>che<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>presentano <span class=\"_ _0\"> </span>com<span class=\"_ _1\"></span>plessivamente <span class=\"_ _35\"> </span>un\u2019esposizione <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>tipo <span class=\"_ _35\"> </span>\u201cincasso </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16af\">tasso v<span class=\"_ _2\"></span>ariabile/pagamento <span class=\"_ _2\"></span>tasso <span class=\"_ _3b\"></span>fiss<span class=\"_ _1\"></span>o\u201d. <span class=\"_ _2\"></span>Tale <span class=\"_ _3b\"></span>gruppo d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>perazioni <span class=\"_ _2\"></span>\u00e8 consid<span class=\"_ _2\"></span>erato, lu<span class=\"_ _2\"></span>ngo <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>utta la <span class=\"_ _3b\"></span>loro </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16b0\">vita, <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>copertura <span class=\"_ _0\"></span>parziale <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>che <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>gener<span class=\"_ _1\"></span>ano <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>un <span class=\"_ _35\"> </span>grupp<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>passivit\u00e0 <span class=\"_ _0\"></span>a <span class=\"_ _0\"> </span>t<span class=\"_ _1\"></span>asso <span class=\"_ _35\"> </span>variabile<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16b1\">(pagamento <span class=\"_ _35\"> </span>tasso <span class=\"_ _35\"> </span>variabile); <span class=\"_ _35\"> </span>tali <span class=\"_ _35\"> </span>passivit\u00e0 <span class=\"_ _35\"> </span>sono <span class=\"_ _35\"> </span>rappresentate <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>posizioni <span class=\"_ _35\"> </span>debitorie <span class=\"_ _35\"> </span>gi\u00e0 <span class=\"_ _35\"> </span>in<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16b2\">essere, <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>operazioni <span class=\"_ _35\"> </span>future <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>medesime <span class=\"_ _35\"> </span>caratteristiche <span class=\"_ _35\"> </span>(qualora <span class=\"_ _35\"> </span>rispettino <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>requisiti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16b3\">richiesti <span class=\"_ _38\"></span>dal <span class=\"_ _0\"></span>princi<span class=\"_ _2\"></span>pio <span class=\"_ _38\"></span>per <span class=\"_ _0\"></span>essere <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>signate <span class=\"_ _38\"></span>come <span class=\"_ _0\"></span>po<span class=\"_ _2\"></span>ste <span class=\"_ _38\"></span>cope<span class=\"_ _1\"></span>rte<span class=\"_ _3a1\"> </span></div><div class=\"t m15 h10d ff4 fs34 fc1 sc0 ls0 ws0 gs16b4\">32<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16b5\">). <span class=\"_ _38\"></span>All\u2019interno <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>ciascun <span class=\"_ _38\"></span>bucket, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16b6\">essendo <span class=\"_ _3a\"> </span>coperto <span class=\"_ _3f\"> </span>l\u2019insieme <span class=\"_ _3a\"> </span>omogeneo <span class=\"_ _3f\"> </span>dei <span class=\"_ _3a\"> </span>flussi <span class=\"_ _3f\"> </span>generati <span class=\"_ _3f\"> </span>dalle <span class=\"_ _3a\"> </span>passivit\u00e0 <span class=\"_ _3f\"> </span>int<span class=\"_ _1\"></span>eressate <span class=\"_ _3f\"> </span>dalla </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16b7\">copertura, <span class=\"_ _1\"></span>l\u2019identificazione dei <span class=\"_ _1\"></span>flussi coperti prescinde <span class=\"_ _1\"></span>dalla correlazione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>medesimi rispetto ai </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16b8\">nominali <span class=\"_ _35\"> </span>che  li <span class=\"_ _35\"> </span>hanno <span class=\"_ _35\"> </span>generati <span class=\"_ _35\"> </span>(singole <span class=\"_ _35\"> </span>passivit\u00e0  a <span class=\"_ _35\"> </span>tasso <span class=\"_ _35\"> </span>variabile), <span class=\"_ _35\"> </span>tuttavia  i <span class=\"_ _35\"> </span>flussi <span class=\"_ _35\"> </span>oggetto <span class=\"_ _35\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16b9\">copertura <span class=\"_ _0\"></span>vengono <span class=\"_ _0\"></span>identificati <span class=\"_ _38\"></span>come <span class=\"_ _0\"></span>\u201ci <span class=\"_ _0\"></span>primi\u201d <span class=\"_ _38\"></span>complessivamente <span class=\"_ _0\"></span>generati <span class=\"_ _0\"></span>all\u2019interno <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>buck<span class=\"_ _2\"></span>et </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16ba\">medesimo.<span class=\"fc8\"> </span>Al 31 dicembre 2024 la copertura di Cash Flow <span class=\"_ _1\"></span>Hedge sulla raccolta non risulta attiva. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16bb\">L\u2019obiettivo <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>l\u2019eliminazione <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>una <span class=\"_ _0\"></span>porzione <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"> </span>di <span class=\"_ _35\"> </span>variabilit\u00e0 <span class=\"_ _0\"></span>dei <span class=\"_ _35\"> </span>flu<span class=\"_ _2\"></span>ssi <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16bc\">cassa <span class=\"_ _37\"> </span>derivanti <span class=\"_ _37\"> </span>dalla <span class=\"_ _37\"> </span>ridefinizione <span class=\"_ _36\"> </span>delle <span class=\"_ _37\"> </span>\u201ccedole\u201d <span class=\"_ _37\"> </span>delle <span class=\"_ _37\"> </span>poste <span class=\"_ _37\"> </span>coper<span class=\"_ _1\"></span>te. <span class=\"_ _37\"> </span>La <span class=\"_ _37\"> </span>designazione <span class=\"_ _37\"> </span>della </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16bd\">relazione di <span class=\"_ _3b\"></span>copert<span class=\"_ _1\"></span>ura <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iferita a <span class=\"_ _3b\"></span>precisi periodi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tempo futur<span class=\"_ _2\"></span>o (bu<span class=\"_ _2\"></span>cket trimestrali p<span class=\"_ _2\"></span>er il <span class=\"_ _3b\"></span>Cash Flow<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16be\">Hedge <span class=\"_ _38\"></span>tit<span class=\"_ _1\"></span>oli, <span class=\"_ _38\"></span>bucket <span class=\"_ _38\"></span>mens<span class=\"_ _1\"></span>ili <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>Cash <span class=\"_ _0\"></span>Flow <span class=\"_ _38\"></span>Hedge <span class=\"_ _38\"></span>mutui) <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>, <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>termini <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>porzione <span class=\"_ _0\"></span>coperta, <span class=\"_ _38\"></span>pu\u00f2 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16bf\">essere di<span class=\"_ _2\"></span>fferente <span class=\"_ _2\"></span>da <span class=\"_ _3b\"></span>bucket a <span class=\"_ _3b\"></span>bucket <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>relazione <span class=\"_ _2\"></span>alla <span class=\"_ _3b\"></span>pos<span class=\"_ _1\"></span>izione <span class=\"_ _3b\"></span>complessiva del <span class=\"_ _3b\"></span>gruppo <span class=\"_ _3b\"></span>dei derivati<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16c0\">di copertura e delle operazioni coperte <span class=\"_ _1\"></span>in essere alla fine di ogni bucket definito. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16c1\">La ridu<span class=\"_ _2\"></span>zione del <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio d<span class=\"_ _2\"></span>i variabi<span class=\"_ _2\"></span>lit\u00e0 dei <span class=\"_ _3b\"></span>flussi di <span class=\"_ _3b\"></span>cas<span class=\"_ _1\"></span>sa <span class=\"_ _3b\"></span>\u00e8<span class=\"_ _1\"></span> o<span class=\"_ _2\"></span>ttenuta t<span class=\"_ _2\"></span>ramite la <span class=\"_ _3b\"></span>com<span class=\"_ _1\"></span>posizione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>gruppi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16c2\">di <span class=\"_ _0\"></span>elementi <span class=\"_ _0\"></span>coperti <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>po<span class=\"_ _2\"></span>ste <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>presentano <span class=\"_ _0\"></span>ca<span class=\"_ _2\"></span>ratteristiche <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>indicizzazione <span class=\"_ _0\"></span>allo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16c3\">stesso <span class=\"_ _38\"></span>tasso <span class=\"_ _0\"></span>variabi<span class=\"_ _2\"></span>le <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>con<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>date <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>definizione <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>tassi <span class=\"_ _0\"></span>\u201c<span class=\"_ _2\"></span>ragionevolmente\u201d <span class=\"_ _38\"></span>vicine <span class=\"_ _0\"></span>(<span class=\"_ _2\"></span>trimestre <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>l </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16c4\">caso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Cash <span class=\"_ _0\"></span>Flow <span class=\"_ _0\"></span>Hedge <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>u <span class=\"_ _0\"></span>diverse <span class=\"_ _0\"></span>forme <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>raccolta, <span class=\"_ _0\"></span>10 <span class=\"_ _0\"></span>giorni <span class=\"_ _0\"></span>nel <span class=\"_ _0\"></span>caso <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Cash <span class=\"_ _0\"></span>Flow <span class=\"_ _0\"></span>He<span class=\"_ _1\"></span>dge </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16c5\">mutui). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16c6\">In <span class=\"_ _35\"> </span>sostanza, <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>flussi <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>cassa <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>verra<span class=\"_ _1\"></span>nno <span class=\"_ _35\"> </span>incassati <span class=\"_ _35\"> </span>in<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>ognuno <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>periodi <span class=\"_ _35\"> </span>definiti <span class=\"_ _35\"> </span>dalle <span class=\"_ _35\"> </span>cedo<span class=\"_ _2\"></span>le </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16c7\">variabili del gruppo degli strumenti di copert<span class=\"_ _1\"></span>ura annulleranno una porzione (pari a quella generata </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16c8\">sul <span class=\"_ _38\"></span>capitale <span class=\"_ _0\"></span>coperto) <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>flussi <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>i <span class=\"_ _0\"></span>cassa <span class=\"_ _0\"></span>comple<span class=\"_ _2\"></span>ssivamente <span class=\"_ _0\"></span>paga<span class=\"_ _2\"></span>ti <span class=\"_ _0\"></span>sul <span class=\"_ _38\"></span>gruppo <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>poste <span class=\"_ _38\"></span>coperte <span class=\"_ _0\"></span>(i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16c9\">flussi generati dai primi no<span class=\"_ _1\"></span>minali in riprezzament<span class=\"_ _1\"></span>o di ogni bucket fino a <span class=\"_ _1\"></span>concorrenza del <span class=\"_ _1\"></span>nominale </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16ca\">delle operazioni <span class=\"_ _3b\"></span>di copertura <span class=\"_ _2\"></span>per <span class=\"_ _3b\"></span>ogni periodo) t<span class=\"_ _2\"></span>rasformando l\u2019esposizione <span class=\"_ _3b\"></span>com<span class=\"_ _1\"></span>plessiva n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>l bu<span class=\"_ _2\"></span>cket </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16cb\">da variabile a fissa.   </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16cc\">Affinch\u00e9 <span class=\"_ _1\"></span>tale <span class=\"_ _38\"></span>situazione <span class=\"_ _38\"></span>si <span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ifichi <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>un <span class=\"_ _38\"></span>elevato <span class=\"_ _38\"></span>livello <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>probabilit\u00e0 <span class=\"_ _1\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>nece<span class=\"_ _1\"></span>ssario <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>flussi <span class=\"_ _38\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16cd\">cassa  (v<span class=\"_ _2\"></span>ariabili) <span class=\"_ _35\"> </span>generat<span class=\"_ _1\"></span>i <span class=\"_ _35\"> </span>dai  du<span class=\"_ _2\"></span>e  grup<span class=\"_ _2\"></span>pi <span class=\"_ _35\"> </span>siano  allineati <span class=\"_ _35\"> </span>in  term<span class=\"_ _2\"></span>ini <span class=\"_ _35\"> </span>di  p<span class=\"_ _2\"></span>aramet<span class=\"_ _1\"></span>ro <span class=\"_ _35\"> </span>e  frequenza <span class=\"_ _35\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16ce\">indicizzazione <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>che <span class=\"_ _1\"></span>le <span class=\"_ _0\"></span>date <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>efinizione <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>assi <span class=\"_ _38\"></span>var<span class=\"_ _1\"></span>iabili <span class=\"_ _1\"></span>dei <span class=\"_ _0\"></span>singoli <span class=\"_ _38\"></span>element<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>presenti <span class=\"_ _0\"></span>nei <span class=\"_ _38\"></span>due </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16cf\">gruppi siano sufficientemente ravvicinate fr<span class=\"_ _1\"></span>a di loro. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs16d0\">Il concetto di alta <span class=\"_ _1\"></span>probabilit\u00e0 de<span class=\"_ _1\"></span>lle operazioni attese </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16d1\">Ai </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16d2\">fini  della  designazione  della  r<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>lazione  di  copertura  delle<span class=\"_ _2\"></span>  diverse  forme  di  raccol<span class=\"_ _2\"></span>ta  a  tasso<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16d3\">variabile, una forecast transaction deve essere<span class=\"_ _3a1\"> </span></div><div class=\"t m15 h10d ff4 fs34 fc1 sc0 ls0 ws0 gs16d4\">33<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16d5\">: </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs16d6\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">altamente probabile;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs16d7\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">capace di <span class=\"_ _1\"></span>incidere, <span class=\"_ _1\"></span>in ultima <span class=\"_ _1\"></span>istanza, s<span class=\"_ _1\"></span>ul conto <span class=\"_ _1\"></span>economico, <span class=\"_ _1\"></span>essendo variabili <span class=\"_ _1\"></span>i fl<span class=\"_ _1\"></span>ussi di <span class=\"_ _1\"></span>cassa<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16d8\">ad essa riconducibili. </div>Per <span class=\"_ _37\"> </span>\u201c<span class=\"_ _1\"></span>altamente <span class=\"_ _37\"> </span>pro<span class=\"_ _1\"></span>babile\u201d <span class=\"_ _37\"> </span>si <span class=\"_ _36\"> </span>intende <span class=\"_ _37\"> </span>una <span class=\"_ _36\"> </span>situazione <span class=\"_ _36\"> </span>tale <span class=\"_ _36\"> </span>per <span class=\"_ _37\"> </span>cui <span class=\"_ _36\"> </span>\u00e8 <span class=\"_ _37\"> </span>molto <span class=\"_ _36\"> </span>pi\u00f9 <span class=\"_ _37\"> </span>facile <span class=\"_ _36\"> </span>che <span class=\"_ _36\"> </span>la transa<span class=\"_ _3a1\"> </span>zione <span class=\"_ _1\"></span>avvenga <span class=\"_ _1\"></span>piuttosto <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>non <span class=\"_ _1\"></span>avvenga<span class=\"_ _3a1\"> </span>34<span class=\"_ _3a1\"> </span>. <span class=\"_ _1\"></span>A <span class=\"_ _38\"></span>tal <span class=\"_ _1\"></span>fine, <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>possibile <span class=\"_ _1\"></span>dare <span class=\"_ _1\"></span>una <span class=\"_ _38\"></span>qualifica di \u201calta <span class=\"_ _35\"> </span>probabilit\u00e0\u201d <span class=\"_ _35\"> </span>a<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>trans<span class=\"_ _1\"></span>azioni <span class=\"_ _0\"></span>future <span class=\"_ _35\"> </span>solo <span class=\"_ _35\"> </span>sulla <span class=\"_ _35\"> </span>base<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>intenzioni<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>m<span class=\"_ _1\"></span>anagement: <span class=\"_ _0\"></span>\u00e8 necessario supportare l\u2019analisi con fatt<span class=\"_ _1\"></span>i e circostanze verificabili in modo oggettivo. Il <span class=\"_ _38\"></span>principio <span class=\"_ _38\"></span>fornisce<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>lenco <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>gli <span class=\"_ _38\"></span>eleme<span class=\"_ _1\"></span>nti <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>necessar<span class=\"_ _1\"></span>io <span class=\"_ _38\"></span>prendere <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>considerazione <span class=\"_ _38\"></span>ai <span class=\"_ _38\"></span>fini della definizione del requisito di alta probabilit\u00e0<span class=\"_ _3a1\"> </span>35<span class=\"_ _3a1\"> </span>. Questi sono: -<span class=\"_ _1a9\"> </span><span class=\"ff4\">la frequenza di tra<span class=\"_ _1\"></span>nsazioni simili nel passato; </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">le capacit\u00e0 finanziarie ed operat<span class=\"_ _1\"></span>ive dell\u2019entit\u00e0 nel portare a termine la transazione; </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">i <span class=\"_ _35\"> </span>piani <span class=\"_ _35\"> </span>strate<span class=\"_ _1\"></span>gici <span class=\"_ _35\"> </span>industriali <span class=\"_ _35\"> </span>(la <span class=\"_ _35\"> </span>transazione <span class=\"_ _35\"> </span>attesa  deve<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>essere <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>linea <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>dimensioni </span>dell\u2019entit\u00e0 e con le sue prospettive di sviluppo); -<span class=\"_ _1a9\"> </span><span class=\"ff4\">l\u2019attinenza della transazione <span class=\"_ _1\"></span>con l\u2019attivit\u00e0 tipica dell\u2019entit\u00e0; </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">la <span class=\"_ _0\"></span>probabilit\u00e0 <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>diverse <span class=\"_ _0\"></span>operazioni <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>caratterist<span class=\"_ _1\"></span>iche <span class=\"_ _0\"></span>differe<span class=\"_ _2\"></span>nti <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>loro <span class=\"_ _38\"></span>possano <span class=\"_ _0\"></span>essere </span>intraprese per raggiungere lo stesso o<span class=\"_ _1\"></span>biettivo; -<span class=\"_ _1a9\"> </span><span class=\"ff4\">l\u2019attuale presenza di una sosta<span class=\"_ _1\"></span>nziale destinazione di risorse allo scopo in esame. </span>Tre <span class=\"_ _38\"></span>elementi <span class=\"_ _38\"></span>condizionano <span class=\"_ _38\"></span>l\u2019ent<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>la <span class=\"_ _1\"></span>forza <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>\u201cpro<span class=\"_ _1\"></span>ve\u201d <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>cessarie <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>fine <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>dimostrazione dell\u2019\u201calta probabilit\u00e0\u201d di una transazione futura: -<span class=\"_ _1a9\"> </span><span class=\"ff4\">l\u2019orizzonte <span class=\"_ _0\"></span>temporale <span class=\"_ _35\"> </span>della<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>transazione <span class=\"_ _0\"></span>futura. <span class=\"_ _0\"></span>A <span class=\"_ _0\"></span>parit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>altre <span class=\"_ _0\"></span>condizioni, <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _0\"></span>lontana <span class=\"_ _35\"> </span>nel </span>tempo  si <span class=\"_ _35\"> </span>pre<span class=\"_ _1\"></span>vede  essere <span class=\"_ _35\"> </span>la  transazione <span class=\"_ _35\"> </span>futura,  meno  certa <span class=\"_ _35\"> </span>\u00e8  l\u2019evenienza <span class=\"_ _35\"> </span>che  questa  si verificher\u00e0 <span class=\"_ _37\"> </span>effettivame<span class=\"_ _1\"></span>nte <span class=\"_ _3d\"> </span>e <span class=\"_ _36\"> </span>quindi <span class=\"_ _3d\"> </span>pi\u00f9 <span class=\"_ _37\"> </span>d<span class=\"_ _1\"></span>ifficilmente <span class=\"_ _37\"> </span>dimostrabile <span class=\"_ _37\"> </span>\u00e8 <span class=\"_ _36\"> </span>il <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>equisito <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>\u201calta probabilit\u00e0\u201d. <span class=\"_ _1\"></span>In <span class=\"_ _38\"></span>questi <span class=\"_ _38\"></span>casi <span class=\"_ _38\"></span>saranno <span class=\"_ _38\"></span>necessarie <span class=\"_ _1\"></span>prove <span class=\"_ _38\"></span>dell\u2019\u201calta <span class=\"_ _38\"></span>probabilit\u00e0\u201d <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>iano <span class=\"_ _1\"></span>molto pi\u00f9 consistenti (<span class=\"_ _2\"></span>saranno, quindi, <span class=\"_ _2\"></span>necessarie, ad <span class=\"_ _2\"></span>esempio, forme contrattuali a<span class=\"_ _3b\"></span> supporto della transazione <span class=\"_ _1\"></span>futura; <span class=\"_ _1\"></span>il principio36 evidenzia com<span class=\"_ _1\"></span>e i <span class=\"_ _1\"></span>flussi <span class=\"_ _1\"></span>di inte<span class=\"_ _1\"></span>ressi <span class=\"_ _1\"></span>a venti <span class=\"_ _1\"></span>anni der<span class=\"_ _1\"></span>ivanti da<span class=\"_ _3a1\"> </span>uno <span class=\"_ _36\"> </span>strume<span class=\"_ _1\"></span>nto <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>debito <span class=\"_ _36\"> </span>con <span class=\"_ _39\"> </span>questa <span class=\"_ _36\"> </span>scadenza <span class=\"_ _39\"> </span>sono <span class=\"_ _36\"> </span>\u201caltamente <span class=\"_ _39\"> </span>probabili\u201d <span class=\"_ _36\"> </span>in <span class=\"_ _39\"> </span>quanto supportati da un contratto che obbliga alla corresponsione<span class=\"_ _1\"></span> di detti flussi); -<span class=\"_ _1a9\"> </span><span class=\"ff4\">la <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>antit\u00e0/il <span class=\"_ _35\"> </span>valore <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _35\"> </span>transazioni <span class=\"_ _0\"></span>future <span class=\"_ _35\"> </span>rispetto <span class=\"_ _35\"> </span>alle <span class=\"_ _0\"></span>transazioni <span class=\"_ _35\"> </span>effettive <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>stessa </span>natura. <span class=\"_ _38\"></span>A <span class=\"_ _1\"></span>parit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>altre <span class=\"_ _38\"></span>condizioni, <span class=\"_ _1\"></span>maggiore <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>valore <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>transazioni <span class=\"_ _1\"></span>future <span class=\"_ _38\"></span>rispetto <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lle attuali, minore <span class=\"_ _3b\"></span>\u00e8 la <span class=\"_ _3b\"></span>probabilit\u00e0 che <span class=\"_ _2\"></span>queste <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>realizzeranno. Sa<span class=\"_ _2\"></span>ranno, qu<span class=\"_ _2\"></span>indi, necessarie <span class=\"_ _3b\"></span>pro<span class=\"_ _1\"></span>ve maggiormente consistenti a supporto della dimostrazione di \u201c<span class=\"_ _1\"></span>alta probabilit\u00e0\u201d; -<span class=\"_ _1a9\"> </span><span class=\"ff4\">la <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>toria delle <span class=\"_ _3b\"></span>designazioni <span class=\"_ _3b\"></span>passat<span class=\"_ _1\"></span>e. <span class=\"_ _2\"></span>Se s<span class=\"_ _2\"></span>toricamente si <span class=\"_ _3b\"></span>\u00e8 v<span class=\"_ _2\"></span>erificato <span class=\"_ _3b\"></span>il fatto <span class=\"_ _3b\"></span>che le <span class=\"_ _3b\"></span>designazioni </span>di <span class=\"_ _0\"></span>coperture<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>tr<span class=\"_ _1\"></span>ansazioni <span class=\"_ _0\"></span>future <span class=\"_ _35\"> </span>non <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>re<span class=\"_ _1\"></span>alizzate <span class=\"_ _0\"></span>col <span class=\"_ _0\"> </span>venir <span class=\"_ _35\"> </span>meno <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>transazione stessa, <span class=\"_ _3b\"></span>questo \u00e8<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>un <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>egnale <span class=\"_ _3b\"></span>della <span class=\"_ _2\"></span>scarsa <span class=\"_ _2\"></span>capacit\u00e0 <span class=\"_ _3b\"></span>della <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ociet\u00e0 <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>valutare in<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>modo a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tendibile come \u201caltamente probabile\u201d le transazioni future<span class=\"_ _1\"></span>. Come evid<span class=\"_ _2\"></span>enziato nell\u2019<span class=\"_ _3a1\"> </span>Implementation <span class=\"_ _3b\"></span>guidance37<span class=\"_ _3a1\"> </span>dello <span class=\"_ _3b\"></span>IAS 39, <span class=\"_ _3b\"></span>non \u00e8 <span class=\"_ _3b\"></span>necessario che <span class=\"_ _3b\"></span>la s<span class=\"_ _2\"></span>ociet\u00e0 <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ia in g<span class=\"_ _2\"></span>rado di <span class=\"_ _3b\"></span>predire<span class=\"_ _1\"></span> con <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>sattezza la <span class=\"_ _3b\"></span>data in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>si verificher\u00e0 la <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ransazione futura. <span class=\"_ _3b\"></span>\u00c8, per\u00f2, richiesto<span class=\"_ _2\"></span> che sia ben identificato e, quindi, anche documentat<span class=\"_ _1\"></span>o il periodo in cui la transazione \u00e8 attesa.  Nel <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ispetto d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>quanto sopra <span class=\"_ _3b\"></span>riportato, i<span class=\"_ _2\"></span>l <span class=\"_ _3b\"></span>Comitato ALM <span class=\"_ _3b\"></span>ha <span class=\"_ _3b\"></span>inolt<span class=\"_ _1\"></span>re <span class=\"_ _3b\"></span>fissato un <span class=\"_ _3b\"></span>limite <span class=\"_ _3b\"></span>al valore <span class=\"_ _3b\"></span>massimo delle forecast transaction. L\u2019importo  d<span class=\"_ _2\"></span>elle  forecast <span class=\"_ _35\"> </span>transaction <span class=\"_ _35\"> </span>non  potr\u00e0 <span class=\"_ _35\"> </span>superare  il <span class=\"_ _35\"> </span>valore  c<span class=\"_ _3b\"></span>om<span class=\"_ _1\"></span>plessivo  ip<span class=\"_ _2\"></span>otizzato  dell<span class=\"_ _2\"></span>e future <span class=\"_ _0\"></span>emissioni <span class=\"_ _35\"> </span>obblig<span class=\"_ _2\"></span>azionarie <span class=\"_ _0\"> </span>a <span class=\"_ _35\"> </span>tasso <span class=\"_ _0\"></span>variabile <span class=\"_ _0\"></span>(definito <span class=\"_ _0\"></span>come <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>fferenza <span class=\"_ _0\"></span>fra <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>volumi <span class=\"_ _0\"></span>previsti come giacenze per ogni anno e l\u2019ammontare <span class=\"_ _1\"></span>delle obbligazioni gi\u00e0 emesse). Per <span class=\"_ _3d\"> </span>una <span class=\"_ _3d\"> </span>corr<span class=\"_ _1\"></span>etta <span class=\"_ _3d\"> </span>individuazione <span class=\"_ _3d\"> </span>dei <span class=\"_ _37\"> </span>flussi <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>scadenza, <span class=\"_ _3d\"> </span>oltr<span class=\"_ _1\"></span>e <span class=\"_ _3d\"> </span>all\u2019inerziale <span class=\"_ _3d\"> </span>delle <span class=\"_ _37\"> </span>operazioni <span class=\"_ _3d\"> </span>gi\u00e0 effettuate, <span class=\"_ _3f\"> </span>vengono <span class=\"_ _3a\"> </span>anche <span class=\"_ _3f\"> </span>valorizzati <span class=\"_ _3f\"> </span>gli <span class=\"_ _3f\"> </span>importi <span class=\"_ _3f\"> </span>delle <span class=\"_ _3f\"> </span>operazioni <span class=\"_ _3f\"> </span>effettuat<span class=\"_ _1\"></span>e <span class=\"_ _3f\"> </span>negli <span class=\"_ _3f\"> </span>anni <span class=\"_ _3f\"> </span>di previsione/proiezione; per convenzione la durata di queste emissioni viene ipotizzata <span class=\"_ _1\"></span>a 2 e 3 anni. \u00c8 <span class=\"_ _3b\"></span>inoltr<span class=\"_ _1\"></span>e s<span class=\"_ _2\"></span>tabilita <span class=\"_ _3b\"></span>una percentuale, <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>crescente <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>rascorrere <span class=\"_ _3b\"></span>del tempo, <span class=\"_ _3b\"></span>del rapporto <span class=\"_ _3b\"></span>fra totale delle forecast t<span class=\"_ _2\"></span>ransaction ip<span class=\"_ _2\"></span>otizzate e l<span class=\"_ _2\"></span>e emissioni <span class=\"_ _3b\"></span>pre<span class=\"_ _1\"></span>viste, al <span class=\"_ _3b\"></span>fine di <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>sprimere un <span class=\"_ _2\"></span>minore liv<span class=\"_ _2\"></span>ello di probabilit\u00e0 delle forecast tanto pi\u00f9 sono lont<span class=\"_ _1\"></span>ane nel tempo. <div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1711\">Informazi<span class=\"_ _1\"></span>oni di na<span class=\"_ _1\"></span>tura quan<span class=\"_ _1\"></span>titativa </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1712\">A.<span class=\"_ _49\"> </span>Deriv<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1713\">ati finanzia<span class=\"_ _1\"></span>ri di cope<span class=\"_ _1\"></span>rtura<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1714\">A.1 Derivati finan<span class=\"_ _1\"></span>ziari di copert<span class=\"_ _1\"></span>ura: valori nozionali di f<span class=\"_ _1\"></span>ine periodo<span class=\"_ _3a1\"> </span></div><div class=\"gs1715\"><table class=\"s w143b h2ca\" id=\"_42ea7363-636b-4950-9b36-6f1883462268\"><tr><td></td><td></td><td></td><td class=\"t m2 x8e5 h5a y677d ff4 fs16 fc4 sc3 ls0 ws0\">Totale 31/12<span class=\"_ _1\"></span>/2024<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x7bf h5a y677d ff4 fs16 fc4 sc3 ls0 ws0\">Totale 31/12<span class=\"_ _1\"></span>/2023<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 xce8 h5a y677e ff4 fs16 fc4 sc3 ls0 ws0\" colspan=\"2\">Over the co<span class=\"_ _1\"></span>unter<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xc52 h5a y677e ff4 fs16 fc4 sc3 ls0 ws0\" colspan=\"2\">Over the co<span class=\"_ _1\"></span>unter<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 x2352 h5a y677f ff4 fs16 fc4 sc3 ls0 ws0\">Attivit\u00e0 </td><td></td><td class=\"t m2 x889 h5a y6780 ff4 fs16 fc4 sc3 ls0 ws0\" colspan=\"2\">Senza cont<span class=\"_ _1\"></span>roparti centrali<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 x7d1 h5a y6780 ff4 fs16 fc4 sc3 ls0 ws0\" colspan=\"2\">Senza cont<span class=\"_ _1\"></span>roparti centrali<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 x1f5b h5a y6781 ff4 fs16 fc4 sc3 ls0 ws0\">sottostan<span class=\"_ _1\"></span>ti/Tipologie<span class=\"_ _1\"></span> </td><td></td><td></td><td></td><td class=\"t m2 x7ce h5a y6782 ff4 fs16 fc4 sc3 ls0 ws0\">Mercati </td><td></td><td></td><td></td><td class=\"t m2 x7e5 h5a y6782 ff4 fs16 fc4 sc3 ls0 ws0\">Mercati </td></tr><tr><td class=\"t m2 x2352 h5a y6783 ff4 fs16 fc4 sc3 ls0 ws0\">derivati<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2353 h5a y6784 ff4 fs16 fc4 sc3 ls0 ws0\">Controparti </td><td class=\"t m2 x1196 h5a y6785 ff4 fs16 fc4 sc3 ls0 ws0\" colspan=\"2\">Senza acco<span class=\"_ _1\"></span>rdi </td><td class=\"t m2 x9d3 h5a y6786 ff4 fs16 fc4 sc3 ls0 ws0\">organizza<span class=\"_ _1\"></span>ti<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc66 h5a y6784 ff4 fs16 fc4 sc3 ls0 ws0\">Controparti </td><td class=\"t m2 x9a0 h5a y6785 ff4 fs16 fc4 sc3 ls0 ws0\" colspan=\"2\">Senza acco<span class=\"_ _1\"></span>rdi </td><td class=\"t m2 x1271 h5a y6786 ff4 fs16 fc4 sc3 ls0 ws0\">organizza<span class=\"_ _1\"></span>ti<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x2354 h5a y6787 ff4 fs16 fc4 sc3 ls0 ws0\">centrali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7db h5a y6788 ff4 fs16 fc4 sc3 ls0 ws0\">Con accordi di </td><td></td><td></td><td class=\"t m2 x120a h5a y6787 ff4 fs16 fc4 sc3 ls0 ws0\">centrali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc64 h5a y6788 ff4 fs16 fc4 sc3 ls0 ws0\">Con accordi di </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x8e6 h5a y6789 ff4 fs16 fc4 sc3 ls0 ws0\">di </td><td></td><td></td><td></td><td class=\"t m2 x1275 h5a y6789 ff4 fs16 fc4 sc3 ls0 ws0\">di </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 xacd h5a y678a ff4 fs16 fc4 sc3 ls0 ws0\">compensazio<span class=\"_ _1\"></span>ne<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x130e h5a y678a ff4 fs16 fc4 sc3 ls0 ws0\">compensazio<span class=\"_ _1\"></span>ne<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x95e h5a y678b ff4 fs16 fc4 sc3 ls0 ws0\" colspan=\"2\">compensazio<span class=\"_ _1\"></span>ne<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xc67 h5a y678b ff4 fs16 fc4 sc3 ls0 ws0\" colspan=\"2\">compensazio<span class=\"_ _1\"></span>ne<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"c x58e y678c w20b h11\"><div class=\"t m2 x0 h12 y463 ff4 fs7 fc1 sc2 ls0 ws0\">1. Titoli di debito </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y678d ff4 fs7 fc1 sc2 ls0 ws0\">e tassi </td><td class=\"c n xc38 y678e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2355 y678e w143c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">37.634.256<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2356 y678e w142e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">34.39<span class=\"_ _1\"></span>2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2357 y678e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2358 y678e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2359 y678e w638 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">33.263.953<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x235a y678e w467 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">41.870<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x235b y678e w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y678f ff4 fs7 fc1 sc2 ls0 ws0\">d'interesse<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y5987 w143d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Opzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x235c y5987 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x235d y5987 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x235e y5987 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x235f y5987 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2360 y5987 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2361 y5987 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2362 y5987 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2363 y5987 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y559c w5d4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Swap<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2364 y559c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2365 y559c w143c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">37.634.256<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2366 y559c w143e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">34.392<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2367 y559c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2368 y559c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2369 y559c w638 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">33.263.953<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x236a y559c wb23 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">41.870<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x236b y559c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6790 w143f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Forward<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x236c y6790 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x236d y6790 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x236e y6790 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x236f y6790 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2370 y6790 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2371 y6790 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2372 y6790 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2373 y6790 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y5613 w1440 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Futures<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2374 y5613 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2375 y5613 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2376 y5613 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2377 y5613 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2378 y5613 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2379 y5613 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x237a y5613 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x237b y5613 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y538b waf9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x237c y538b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x237d y538b w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x237e y538b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x237f y538b w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2380 y538b w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2381 y538b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2382 y538b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2383 y538b w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x58e y6791 w149 h11\"><div class=\"t m2 x0 h12 y2d6 ff4 fs7 fc1 sc2 ls0 ws0\">2. Titoli di </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6792 ff4 fs7 fc1 sc2 ls0 ws0\">capitale e indici </td><td class=\"c n xc38 y6793 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2384 y6793 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2385 y6793 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2386 y6793 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2387 y6793 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2388 y6793 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2389 y6793 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x238a y6793 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6794 ff4 fs7 fc1 sc2 ls0 ws0\">azionari<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y6795 w143d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Opzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x235c y6795 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x235d y6795 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x235e y6795 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x235f y6795 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2360 y6795 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2361 y6795 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2362 y6795 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2363 y6795 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y5362 w5d4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Swap<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2364 y5362 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x238b y5362 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x238c y5362 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x238d y5362 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x238e y5362 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x238f y5362 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2390 y5362 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2391 y5362 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6796 w143f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Forward<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x236c y6796 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x236d y6796 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x236e y6796 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x236f y6796 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2370 y6796 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2371 y6796 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2372 y6796 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2373 y6796 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6712 w1440 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Futures<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2374 y6712 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2375 y6712 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2376 y6712 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2377 y6712 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2378 y6712 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2379 y6712 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x237a y6712 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x237b y6712 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6797 waf9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x237c y6797 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x237d y6797 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x237e y6797 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x237f y6797 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2380 y6797 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2381 y6797 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2382 y6797 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2383 y6797 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6798 ff4 fs7 fc1 sc2 ls0 ws0\">3. Valute e oro<span class=\"_ _3a1\"> </span></td><td class=\"c n x2392 y58c5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2393 y58c5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2394 y58c5 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2395 y58c5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2396 y58c5 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2397 y58c5 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2398 y58c5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2399 y58c5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6716 w143d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Opzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x235c y6716 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x235d y6716 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x235e y6716 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x235f y6716 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2360 y6716 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2361 y6716 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2362 y6716 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2363 y6716 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6799 w5d4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Swap<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2364 y6799 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x238b y6799 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x238c y6799 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x238d y6799 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x238e y6799 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x238f y6799 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2390 y6799 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2391 y6799 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y5697 w143f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Forward<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x236c y5697 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x236d y5697 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x236e y5697 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x236f y5697 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2370 y5697 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2371 y5697 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2372 y5697 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2373 y5697 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6718 w1440 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Futures<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2374 y6718 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2375 y6718 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2376 y6718 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2377 y6718 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2378 y6718 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2379 y6718 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x237a y6718 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x237b y6718 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y54ac waf9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x237c y54ac w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x237d y54ac w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x237e y54ac w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x237f y54ac w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2380 y54ac w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2381 y54ac w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2382 y54ac w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2383 y54ac w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y679a ff4 fs7 fc1 sc2 ls0 ws0\">4. Merci<span class=\"_ _3a1\"> </span></td><td class=\"c n x239a y679b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x239b y679b w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x239c y679b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x239d y679b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x239e y679b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x239f y679b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23a0 y679b w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23a1 y679b w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y679c ff4 fs7 fc1 sc2 ls0 ws0\">5. Altri </td><td class=\"c n xc38 y6644 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2384 y6644 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2385 y6644 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2386 y6644 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2387 y6644 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2388 y6644 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2389 y6644 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x238a y6644 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x23a2 h12 y679d ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x129f h12 y679d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112e h12 y679d ff4 fs7 fc1 sc2 ls0 ws0\">37.634.256<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d2 h12 y679d ff4 fs7 fc1 sc2 ls0 ws0\">34.392<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1186 h12 y679d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x159b h12 y679d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc52 h12 y679d ff4 fs7 fc1 sc2 ls0 ws0\">33.263.953<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x878 h12 y679d ff4 fs7 fc1 sc2 ls0 ws0\">41.870<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x23a3 h12 y679d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m9 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1717\">A.2 Derivati finanziari <span class=\"_ _1\"></span>di copertura : fair value <span class=\"_ _1\"></span>lordo positivo e negativo - r<span class=\"_ _1\"></span>ipartizione per prodotti<span class=\"_ _3a1\"> </span></div><div class=\"gs1718\"><table class=\"s w1441 h2cb\" id=\"_597eeb37-6cf7-425f-8372-484c5e55605f\"><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m8 x23a4 h8e y679e ff4 fs18 fc4 sc3 ls0 ws0\">Fair value posit<span class=\"_ _2\"></span>ivo e negativo<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td class=\"t m8 x23a5 h8e y679f ff4 fs18 fc4 sc3 ls0 ws0\">Variazione del va<span class=\"_ _2\"></span>lore usato pe<span class=\"_ _2\"></span>r </td><td class=\"t m8 x1d54 h8e y679e ff4 fs18 fc4 sc3 ls0 ws0\">calcolare l'efficac<span class=\"_ _2\"></span>ia della </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m8 x1ec8 h8e y67a0 ff4 fs18 fc4 sc3 ls0 ws0\" colspan=\"2\">copertura </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m8 x23a6 h8e y67a1 ff4 fs18 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x1dae h8e y67a1 ff4 fs18 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m8 x1ca7 h8e y67a1 ff4 fs18 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x1ca8 h8e y67a1 ff4 fs18 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m8 x3cb h8e y67a2 ff4 fs18 fc4 sc3 ls0 ws0\">Tipologie derivat<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m8 x1e55 h8e y67a3 ff4 fs18 fc4 sc3 ls0 ws0\" colspan=\"2\">Over the cou<span class=\"_ _2\"></span>nter<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m8 x1ec7 h8e y67a3 ff4 fs18 fc4 sc3 ls0 ws0\" colspan=\"2\">Over the cou<span class=\"_ _2\"></span>nter<span class=\"_ _3a1\"> </span></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></td><td class=\"t m8 x23a7 h8e y67a4 ff4 fs18 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x1ca1 h8e y67a4 ff4 fs18 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m8 x23a8 h8e y67a5 ff4 fs18 fc4 sc3 ls0 ws0\" colspan=\"2\">Senza contro<span class=\"_ _2\"></span>parti centrali<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x23a9 h8e y67a6 ff4 fs18 fc4 sc3 ls0 ws0\">Mercati </td><td></td><td class=\"t m8 x23aa h8e y67a5 ff4 fs18 fc4 sc3 ls0 ws0\" colspan=\"2\">Senza contro<span class=\"_ _2\"></span>parti centrali<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x23ab h8e y67a6 ff4 fs18 fc4 sc3 ls0 ws0\">Mercati </td><td class=\"t m8 x23a5 h8e y67a5 ff4 fs18 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x23ac h8e y67a5 ff4 fs18 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"t m8 x1e2c h8e y67a7 ff4 fs18 fc4 sc3 ls0 ws0\">Controparti </td><td></td><td></td><td></td><td class=\"t m8 x23ad h8e y67a8 ff4 fs18 fc4 sc3 ls0 ws0\">organizzati<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x1e7b h8e y67a7 ff4 fs18 fc4 sc3 ls0 ws0\">Controparti </td><td></td><td></td><td class=\"t m8 x23ae h8e y67a8 ff4 fs18 fc4 sc3 ls0 ws0\">organizzati<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m8 x23af h8e y67a9 ff4 fs18 fc4 sc3 ls0 ws0\">centrali<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x23b0 h8e y67aa ff4 fs18 fc4 sc3 ls0 ws0\">Con accordi di </td><td class=\"t m8 x23b1 h8e y67aa ff4 fs18 fc4 sc3 ls0 ws0\" colspan=\"2\">Senza accordi d<span class=\"_ _2\"></span>i </td><td></td><td class=\"t m8 x23b2 h8e y67a9 ff4 fs18 fc4 sc3 ls0 ws0\">centrali<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x23b3 h8e y67aa ff4 fs18 fc4 sc3 ls0 ws0\">Con accordi di </td><td class=\"t m8 x23b4 h8e y67aa ff4 fs18 fc4 sc3 ls0 ws0\">Senza accordi d<span class=\"_ _2\"></span>i </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m8 x23b5 h8e y67ab ff4 fs18 fc4 sc3 ls0 ws0\">compensazio<span class=\"_ _2\"></span>ne<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x1da4 h8e y67ab ff4 fs18 fc4 sc3 ls0 ws0\" colspan=\"2\">compensazio<span class=\"_ _2\"></span>ne<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m8 x1e23 h8e y67ab ff4 fs18 fc4 sc3 ls0 ws0\">compensazio<span class=\"_ _2\"></span>ne<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x23b4 h8e y67ab ff4 fs18 fc4 sc3 ls0 ws0\">compensazio<span class=\"_ _2\"></span>ne<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m8 x3c4 h8e y67ac ff4 fs18 fc1 sc2 ls0 ws0\">Fair value posit<span class=\"_ _2\"></span>ivo<span class=\"_ _3a1\"> </span></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 class=\"c n x1caf y67ad w1442 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">a) Opzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23b6 y67ad w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23b7 y67ad w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23b8 y67ad w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23b9 y67ad w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23ba y67ad w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23bb y67ad w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23bc y67ad w1444 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23bd y67ad w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23be y67ad w1445 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23bf y67ad w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m8 x17e4 h8e y67ae ff4 fs18 fc1 sc0 ls0 ws0\">b) Interest<span class=\"_ _2\"></span> </td><td class=\"c n x23c0 y5b87 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23c1 y5b87 w1446 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">425.942<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23c2 y5b87 w1447 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">1<span class=\"_ _1\"></span>.293<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23c3 y5b87 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23c4 y5b87 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23c5 y5b87 w1448 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">566.146<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23c6 y5b87 w1449 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">2.000<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23c7 y5b87 w1445 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23c8 y5b87 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23c9 y5b87 w1444 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m8 x17e4 h8e y67af ff4 fs18 fc1 sc0 ls0 ws0\">rate swap<span class=\"_ _2\"></span> </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 class=\"t m8 x17e4 h8e y67b0 ff4 fs18 fc1 sc0 ls0 ws0\">c) Cross<span class=\"_ _3a1\"> </span></td><td class=\"c n x23c0 y67b1 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23ca y67b1 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23cb y67b1 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23cc y67b1 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23cd y67b1 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23ce y67b1 w1445 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23cf y67b1 w1444 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23d0 y67b1 w1444 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23d1 y67b1 w1445 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23d2 y67b1 w1445 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m8 x17e4 h8e y67b2 ff4 fs18 fc1 sc0 ls0 ws0\">currency sw<span class=\"_ _2\"></span>ap </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 class=\"c n x1caf y67b3 w144a h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">d) Equity sw<span class=\"_ _2\"></span>ap<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23d3 y67b3 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23d4 y67b3 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23d5 y67b3 w144b h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23d6 y67b3 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23d7 y67b3 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23d8 y67b3 w1445 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23d9 y67b3 w1444 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23da y67b3 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23db y67b3 w1445 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23dc y67b3 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1caf y67b4 w144c h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">e) Forwar<span class=\"_ _2\"></span>d<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23dd y67b4 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23de y67b4 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23df y67b4 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e0 y67b4 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e1 y67b4 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e2 y67b4 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e3 y67b4 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e4 y67b4 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23e5 y67b4 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e6 y67b4 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1caf y67b5 w144d h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">f) Future<span class=\"_ _2\"></span>s<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e7 y67b5 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23e8 y67b5 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e9 y67b5 w144b h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23ea y67b5 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23eb y67b5 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23ec y67b5 w1444 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23ed y67b5 w1445 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23ee y67b5 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23ef y67b5 w1444 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23f0 y67b5 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1caf y67b6 w144e h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">g) Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23f1 y67b6 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23de y67b6 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23df y67b6 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e0 y67b6 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e1 y67b6 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e2 y67b6 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e3 y67b6 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e4 y67b6 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23e5 y67b6 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e6 y67b6 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m8 x23f2 h8e y67b7 ff4 fs18 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x23f3 h8e y67b7 ff4 fs18 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m8 x1e19 h8e y67b7 ff4 fs18 fc1 sc2 ls0 ws0\">425.942<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x23f4 h8e y67b7 ff4 fs18 fc1 sc2 ls0 ws0\">1.293<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x23f5 h8e y67b7 ff4 fs18 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x23f6 h8e y67b7 ff4 fs18 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x23f7 h8e y67b7 ff4 fs18 fc1 sc2 ls0 ws0\">566.146<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x23f8 h8e y67b7 ff4 fs18 fc1 sc2 ls0 ws0\">2.000<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x1ec6 h8e y67b7 ff4 fs18 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m8 x23f9 h8e y67b7 ff4 fs18 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x19a9 h8e y67b7 ff4 fs18 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m8 x3c4 h8e y67b8 ff4 fs18 fc1 sc2 ls0 ws0\">Fair value </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 class=\"t m8 x3c4 h8e y67b9 ff4 fs18 fc1 sc2 ls0 ws0\">negativo<span class=\"_ _3a1\"> </span></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 class=\"c n x1caf y67ba w1442 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">a) Opzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23b6 y67ba w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23b7 y67ba w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23b8 y67ba w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23b9 y67ba w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23ba y67ba w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23bb y67ba w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23bc y67ba w1444 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23bd y67ba w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23be y67ba w1445 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23bf y67ba w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m8 x17e4 h8e y67bb ff4 fs18 fc1 sc0 ls0 ws0\">b) Interest<span class=\"_ _2\"></span> </td><td class=\"c n x23c0 y67bc w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23fa y67bc w144f h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">73<span class=\"_ _1\"></span>1.676<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23fb y67bc w1450 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">102<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23fc y67bc w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23fd y67bc w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23fe y67bc w1451 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">91<span class=\"_ _1\"></span>1.154<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23ff y67bc w1452 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">52<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2400 y67bc w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2401 y67bc w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2402 y67bc w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m8 x17e4 h8e y67bd ff4 fs18 fc1 sc0 ls0 ws0\">rate swap<span class=\"_ _2\"></span> </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 class=\"t m8 x17e4 h8e y67be ff4 fs18 fc1 sc0 ls0 ws0\">c) Cross<span class=\"_ _3a1\"> </span></td><td class=\"c n x23c0 y5fdd w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23ca y5fdd w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23cb y5fdd w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23cc y5fdd w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23cd y5fdd w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23ce y5fdd w1445 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23cf y5fdd w1444 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23d0 y5fdd w1444 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23d1 y5fdd w1445 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23d2 y5fdd w1445 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m8 x17e4 h8e y67bf ff4 fs18 fc1 sc0 ls0 ws0\">currency sw<span class=\"_ _2\"></span>ap </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 class=\"c n x1caf y67c0 w144a h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">d) Equity sw<span class=\"_ _2\"></span>ap<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23d3 y67c0 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23d4 y67c0 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23d5 y67c0 w144b h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23d6 y67c0 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23d7 y67c0 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23d8 y67c0 w1445 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23d9 y67c0 w1444 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23da y67c0 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23db y67c0 w1445 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23dc y67c0 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1caf y67c1 w144c h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">e) Forwar<span class=\"_ _2\"></span>d<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23dd y67c1 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23de y67c1 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23df y67c1 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e0 y67c1 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e1 y67c1 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e2 y67c1 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e3 y67c1 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e4 y67c1 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23e5 y67c1 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e6 y67c1 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1caf y67c2 w144d h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">f) Future<span class=\"_ _2\"></span>s<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e7 y67c2 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23e8 y67c2 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e9 y67c2 w144b h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23ea y67c2 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23eb y67c2 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23ec y67c2 w1444 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23ed y67c2 w1445 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23ee y67c2 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23ef y67c2 w1444 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23f0 y67c2 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1caf y67c3 w144e h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">g) Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23f1 y67c3 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23de y67c3 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23df y67c3 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e0 y67c3 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e1 y67c3 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e2 y67c3 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e3 y67c3 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e4 y67c3 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23e5 y67c3 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e6 y67c3 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m8 x23f2 h8e y67c4 ff4 fs18 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x23f3 h8e y67c4 ff4 fs18 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m8 x2403 h8e y67c4 ff4 fs18 fc1 sc2 ls0 ws0\">731.676<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x199a h8e y67c4 ff4 fs18 fc1 sc2 ls0 ws0\">102<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x23f5 h8e y67c4 ff4 fs18 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x23f6 h8e y67c4 ff4 fs18 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x2404 h8e y67c4 ff4 fs18 fc1 sc2 ls0 ws0\">911.154<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x2405 h8e y67c4 ff4 fs18 fc1 sc2 ls0 ws0\">52<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x1ec6 h8e y67c4 ff4 fs18 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m8 x23f9 h8e y67c4 ff4 fs18 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x19a9 h8e y67c4 ff4 fs18 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table></div>A.3 Derivati fina<span class=\"_ _1\"></span>nziari di copert<span class=\"_ _1\"></span>ura OTC \u2013 valori nozionali, fa<span class=\"_ _1\"></span>ir value lordo positivo e<span class=\"_ _1\"></span> negativo per contropart<span class=\"_ _1\"></span>i Attivit\u00e0 sottostanti  Cont<span class=\"_ _3b\"></span>roparti<span class=\"_ _2\"></span> cen<span class=\"_ _2\"></span>trali<span class=\"_ _2\"></span> Ban<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span> Altre<span class=\"_ _3b\"></span> societ\u00e0 finan<span class=\"_ _3b\"></span>ziarie Altr<span class=\"_ _2\"></span>i sogg<span class=\"_ _3b\"></span>etti Contratti non rientran<span class=\"_ _2\"></span>ti in accordi di c<span class=\"_ _2\"></span>ompensazione 1) Titoli di debito e tassi d'interesse - valore nozionale<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>34.392<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value positivo<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>1.293<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value negativo<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>102<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>2) Titoli di capitale e indici azionari - valore nozionale<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value positivo<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value negativo<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>3) Valute e oro - valore nozionale<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value positivo<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value negativo<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>4) Merci - valore nozionale<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value positivo<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value negativo<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>5) Altri - valore nozionale<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value positivo<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value negativo<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>Contratti rientranti <span class=\"_ _2\"></span>in accordi di compe<span class=\"_ _2\"></span>nsazione 1) Titoli di debito e tassi d'interesse - valore nozionale<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>37.301.256<span class=\"_ _3a1\"> </span>333.000<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value positivo<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>425.942<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value negativo<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>723.079<span class=\"_ _3a1\"> </span>8.597<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>2) Titoli di capitale e indici azionari - valore nozionale<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value positivo<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value negativo<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>3) Valute e oro - valore nozionale<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value positivo<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value negativo<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>4) Merci - valore nozionale<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value positivo<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value negativo<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>5) Altri -<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- valore nozionale<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value positivo<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value negativo<span class=\"_ _3a1\"> </span><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs171a\">A.4 Vita res<span class=\"_ _1\"></span>idua dei derivati finanziari <span class=\"_ _1\"></span>di copertura OTC: <span class=\"_ _1\"></span>valori nozionali </div><div class=\"gs171b\"><table class=\"s w1454 h2cd\" id=\"_f3dc7f74-0a36-4906-88d8-1c379ef086ce\"><tr><td class=\"t m2 x1409 h12 y680d ff4 fs7 fc4 sc3 ls0 ws0\">Sottostanti/Vita residua<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc61 h12 y680d ff4 fs7 fc4 sc3 ls0 ws0\">Fino ad 1 anno<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc56 h12 y680e ff4 fs7 fc4 sc3 ls0 ws0\">Oltre 1 anno e </td><td class=\"t m2 xde9 h12 y680d ff4 fs7 fc4 sc3 ls0 ws0\">Oltre 5 anni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x890 h12 y680d ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x11fd h12 y680f ff4 fs7 fc4 sc3 ls0 ws0\">fino a 5 anni<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"c x2d7 y6810 w1455 h2ce\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Derivati finanziar<span class=\"_ _2\"></span>i su titoli di<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2413 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">debito e ta<span class=\"_ _2\"></span>ssi di<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xc4a y6811 w1456 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">12.110.876<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2414 y6811 w1457 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">19.166.984<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2415 y6811 w1458 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">6.390.788<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2416 y6811 w1459 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">37.668.648<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6812 ff4 fs7 fc1 sc0 ls0 ws0\">interesse </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6813 ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Derivati finanziar<span class=\"_ _2\"></span>i su titoli di capitale ed <span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>ndici<span class=\"_ _3a1\"> </span></td><td></td><td class=\"c n x2417 y5ba5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2418 y5ba5 w47a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2419 y5ba5 w47a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x241a y5ba5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6814 ff4 fs7 fc1 sc0 ls0 ws0\">azionari </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y6815 w145a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.3 Derivati finanziari<span class=\"_ _2\"></span> su valute ed oro<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x241b y6815 w796 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x241c y6815 w606 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x241d y6815 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x241e y6815 w47a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6816 w1439 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.4 Derivati finanziar<span class=\"_ _2\"></span>i su merci<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x241f y6816 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2420 y6816 w47a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2421 y6816 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2422 y6816 w606 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6817 w143a h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.5 Altri derivati finanz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>ari<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2423 y6817 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2424 y6817 w606 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2425 y6817 w606 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2351 y6817 w47a h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x7ca h12 y6818 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112b h12 y6818 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88c h12 y6818 ff4 fs7 fc1 sc2 ls0 ws0\">12.110.876<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xb9c h12 y6818 ff4 fs7 fc1 sc2 ls0 ws0\">19.166.984<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x140a h12 y6818 ff4 fs7 fc1 sc2 ls0 ws0\">6.390.788<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12fc h12 y6818 ff4 fs7 fc1 sc2 ls0 ws0\">37.668.648<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x7ca h12 y6819 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112b h12 y6819 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1442 h12 y6819 ff4 fs7 fc1 sc2 ls0 ws0\">12.380.355<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xec4 h12 y6819 ff4 fs7 fc1 sc2 ls0 ws0\">11.331.768<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xceb h12 y6819 ff4 fs7 fc1 sc2 ls0 ws0\">9.593.701<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12fc h12 y6819 ff4 fs7 fc1 sc2 ls0 ws0\">33.305.824<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gs171c\">D. Strumenti coperti<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs171d\">In <span class=\"_ _38\"></span>te<span class=\"_ _1\"></span>ma <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>Hedge <span class=\"_ _38\"></span>accounting, <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>Gruppo, <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>me <span class=\"_ _0\"></span>previsto <span class=\"_ _38\"></span>dall\u2019IFRS9, <span class=\"_ _38\"></span>continua <span class=\"_ _0\"></span>ad <span class=\"_ _38\"></span>applicare <span class=\"_ _0\"></span>quanto<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs171e\">defini<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs171f\">to <span class=\"_ _0\"></span>dal <span class=\"_ _0\"></span>principio <span class=\"_ _0\"></span>contabile <span class=\"_ _0\"> </span>I<span class=\"_ _1\"></span>AS <span class=\"_ _0\"></span>39 <span class=\"_ _0\"></span>(nella <span class=\"_ _0\"></span>vers<span class=\"_ _1\"></span>ione <span class=\"_ _0\"></span>carved <span class=\"_ _0\"></span>out <span class=\"_ _0\"></span>omologata <span class=\"_ _35\"> </span>dal<span class=\"_ _2\"></span>la <span class=\"_ _0\"></span>Commissione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1720\">Europea) in relazione a tutte le copert<span class=\"_ _1\"></span>ure poste in essere.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1721\">D.1 Copert<span class=\"_ _1\"></span>ure del fair value<span class=\"_ _3a1\"> </span></div><div class=\"gs1722\"><table class=\"s w145b h2cf\" id=\"_472d269b-a386-4b6e-b0fb-b6ad4b5739ec\"><tr><td></td><td></td><td></td><td class=\"t m2 xc61 h12 y681a ff4 fs7 fc4 sc3 ls0 ws0\">Coperture </td><td></td><td></td><td class=\"t m2 x941 h12 y681b ff4 fs7 fc4 sc3 ls0 ws0\">Coperture specifiche<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 xc5f h12 y681c ff4 fs7 fc4 sc3 ls0 ws0\">specifiche - </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x9a4 h12 y681d ff4 fs7 fc4 sc3 ls0 ws0\">Coperture </td><td class=\"t m2 x7c2 h12 y681e ff4 fs7 fc4 sc3 ls0 ws0\">posizioni nette: </td><td></td><td class=\"t m2 xc60 h12 y681f ff4 fs7 fc4 sc3 ls0 ws0\">Cessazione </td><td class=\"t m2 xc5b h12 y681f ff4 fs7 fc4 sc3 ls0 ws0\">Variazioni </td><td class=\"t m2 x7e4 h12 y681d ff4 fs7 fc4 sc3 ls0 ws0\">Coperture </td></tr><tr><td></td><td></td><td class=\"t m2 x5c4 h12 y6820 ff4 fs7 fc4 sc3 ls0 ws0\">specifiche: </td><td class=\"t m2 x99f h12 y6821 ff4 fs7 fc4 sc3 ls0 ws0\">valore di </td><td class=\"t m2 x7d8 h12 y6822 ff4 fs7 fc4 sc3 ls0 ws0\">Variazioni </td><td class=\"t m2 xb9a h12 y6823 ff4 fs7 fc4 sc3 ls0 ws0\">della </td><td class=\"t m2 x9d6 h12 y6823 ff4 fs7 fc4 sc3 ls0 ws0\">del valore </td><td class=\"t m2 x890 h12 y6820 ff4 fs7 fc4 sc3 ls0 ws0\">generiche: </td></tr><tr><td></td><td></td><td class=\"t m2 x1192 h12 y6824 ff4 fs7 fc4 sc3 ls0 ws0\">valore di </td><td class=\"t m2 x11a8 h12 y6825 ff4 fs7 fc4 sc3 ls0 ws0\">bilancio delle </td><td class=\"t m2 x885 h12 y6826 ff4 fs7 fc4 sc3 ls0 ws0\">cumulate </td><td class=\"t m2 x8e8 h12 y6827 ff4 fs7 fc4 sc3 ls0 ws0\">copertura: </td><td class=\"t m2 x9d6 h12 y6827 ff4 fs7 fc4 sc3 ls0 ws0\">usato per </td><td class=\"t m2 x13e5 h12 y6824 ff4 fs7 fc4 sc3 ls0 ws0\">Valore di </td></tr><tr><td></td><td></td><td class=\"t m2 x12f8 h12 y6828 ff4 fs7 fc4 sc3 ls0 ws0\">bilancio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99f h12 y6829 ff4 fs7 fc4 sc3 ls0 ws0\">attivit\u00e0 o </td><td class=\"t m2 xc66 h12 y682a ff4 fs7 fc4 sc3 ls0 ws0\">di fair </td><td class=\"t m2 x130e h12 y682b ff4 fs7 fc4 sc3 ls0 ws0\">variazioni </td><td class=\"t m2 x810 h12 y682b ff4 fs7 fc4 sc3 ls0 ws0\">rilevare </td><td class=\"t m2 xad4 h12 y6828 ff4 fs7 fc4 sc3 ls0 ws0\">bilancio<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x940 h12 y682c ff4 fs7 fc4 sc3 ls0 ws0\">passivit\u00e0 (prima </td><td class=\"t m2 x873 h12 y682d ff4 fs7 fc4 sc3 ls0 ws0\">value dello </td><td class=\"t m2 x130e h12 y682e ff4 fs7 fc4 sc3 ls0 ws0\">cumulate </td><td class=\"t m2 xcee h12 y682e ff4 fs7 fc4 sc3 ls0 ws0\">l'inefficacia </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x1153 h12 y682f ff4 fs7 fc4 sc3 ls0 ws0\">della </td><td class=\"t m2 x873 h12 y6830 ff4 fs7 fc4 sc3 ls0 ws0\">strumento </td><td class=\"t m2 xc58 h12 y6831 ff4 fs7 fc4 sc3 ls0 ws0\">residue del </td><td class=\"t m2 x9a0 h12 y6831 ff4 fs7 fc4 sc3 ls0 ws0\">della </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x9d2 h12 y6832 ff4 fs7 fc4 sc3 ls0 ws0\">compensazione)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e0 h12 y6833 ff4 fs7 fc4 sc3 ls0 ws0\">coperto<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x130e h12 y6834 ff4 fs7 fc4 sc3 ls0 ws0\">fair value<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc5b h12 y6834 ff4 fs7 fc4 sc3 ls0 ws0\">copertura<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6835 ff4 fs7 fc1 sc2 ls0 ws0\">A. Attivit\u00e0<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y6836 w53b h225\"><div class=\"t m2 x2b3 h12 y5929 ff4 fs7 fc1 sc2 ls0 ws0\">1. Attivit\u00e0 finanziarie valutate al fair<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">value con impatto sulla redditivt\u00e0<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x1192 h12 y6837 ff4 fs7 fc1 sc2 ls0 ws0\">4.842.130<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddb h12 y6837 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x133b h12 y6837 ff4 fs7 fc1 sc2 ls0 ws0\">115.088<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x591 h12 y6837 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12d5 h12 y6837 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h12 y6837 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6838 ff4 fs7 fc1 sc2 ls0 ws0\">complessiva - copertura di:<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y6839 w145c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli di debito e <span class=\"_ _2\"></span>tassi d'interesse<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2426 y6839 w4fe h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.842.130<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2427 y6839 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2428 y6839 w145d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">115.088<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2429 y6839 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x242a y6839 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x242b y6839 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y683a w145e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Titoli di capitale e<span class=\"_ _2\"></span> indici azionari<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x242c y683a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x242d y683a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x242e y683a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x242f y683a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2430 y683a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2431 y683a w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y683b w145f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Valute e oro<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2432 y683b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2433 y683b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2434 y683b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2435 y683b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2436 y683b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2437 y683b w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y66dd w1460 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.4 Crediti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2438 y66dd w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2439 y66dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x243a y66dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x243b y66dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x243c y66dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x243d y66dd w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y60b2 w1461 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.5 Altri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x243e y60b2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x243f y60b2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2440 y60b2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2441 y60b2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2442 y60b2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2443 y60b2 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y683c ff4 fs7 fc1 sc2 ls0 ws0\">2. Attivit\u00e0 finanziarie valutate al costo </td><td></td><td class=\"t m2 x12f9 h12 y683d ff4 fs7 fc1 sc2 ls0 ws0\">6.116.223<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddb h12 y683d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11a9 h12 y683d ff4 fs7 fc1 sc2 ls0 ws0\">(133.845)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x591 h12 y683d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12d5 h12 y683d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a3 h12 y683d ff4 fs7 fc1 sc2 ls0 ws0\">1.550.277<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y683e ff4 fs7 fc1 sc2 ls0 ws0\">ammortizzato -copertura di:<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y683f w145c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli di debito e <span class=\"_ _2\"></span>tassi d'interesse<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2444 y683f w1462 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>.116.223<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2445 y683f w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2446 y683f w1463 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(13<span class=\"_ _1\"></span>3.845)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2447 y683f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2448 y683f w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2449 y683f w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6840 w145e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Titoli di capitale e<span class=\"_ _2\"></span> indici azionari<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x242c y6840 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x242d y6840 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x242e y6840 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x242f y6840 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2430 y6840 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2431 y6840 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6841 w145f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Valute e oro<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2432 y6841 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2433 y6841 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2434 y6841 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2435 y6841 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2436 y6841 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2437 y6841 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6842 w1460 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.4 Crediti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2438 y6842 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2439 y6842 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x243a y6842 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x243b y6842 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x243c y6842 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x243d y6842 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6843 w1461 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.5 Altri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x243e y6843 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x243f y6843 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2440 y6843 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2441 y6843 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2442 y6843 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2443 y6843 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x244a h12 y6844 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x244b h12 y6844 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x5c4 h12 y6844 ff4 fs7 fc1 sc2 ls0 ws0\">10.958.353<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddb h12 y6844 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c6 h12 y6844 ff4 fs7 fc1 sc2 ls0 ws0\">(18.757)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x591 h12 y6844 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12d5 h12 y6844 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a3 h12 y6844 ff4 fs7 fc1 sc2 ls0 ws0\">1.550.277<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x244a h12 y6845 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x244b h12 y6845 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7bc h12 y6845 ff4 fs7 fc1 sc2 ls0 ws0\">12.156.788<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddb h12 y6845 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11e1 h12 y6845 ff4 fs7 fc1 sc2 ls0 ws0\">39.418<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x591 h12 y6845 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12d5 h12 y6845 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x13e5 h12 y6845 ff4 fs7 fc1 sc2 ls0 ws0\">12.781.599<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5f61 ff4 fs7 fc1 sc2 ls0 ws0\">B. </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6846 ff4 fs7 fc1 sc2 ls0 ws0\">Passivit\u00e0<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6847 ff4 fs7 fc1 sc2 ls0 ws0\">1. Passivit\u00e0 finanziarie valutate al costo </td><td></td><td class=\"t m2 x12fa h12 y6848 ff4 fs7 fc1 sc2 ls0 ws0\">2.061.751<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddb h12 y6848 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11fd h12 y6848 ff4 fs7 fc1 sc2 ls0 ws0\">100.060<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x591 h12 y6848 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12d5 h12 y6848 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x890 h12 y6848 ff4 fs7 fc1 sc2 ls0 ws0\">16.786.830<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6849 ff4 fs7 fc1 sc2 ls0 ws0\" colspan=\"2\">ammortizzato - copertura di: </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y55b0 w145c h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli di debito e <span class=\"_ _2\"></span>tassi d'interesse<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x244c y55b0 w1464 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.061.751<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x244d y55b0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x244e y55b0 w1465 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100.060<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x244f y55b0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2450 y55b0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2451 y55b0 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y54ac w1466 h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Valute e oro<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2452 y54ac w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2453 y54ac w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2454 y54ac w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2447 y54ac w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2448 y54ac w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2449 y54ac w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y679b wab4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Altri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2455 y679b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2456 y679b w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2457 y679b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2458 y679b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2459 y679b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x245a y679b w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x244a h12 y684a ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x244b h12 y684a ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12fa h12 y684a ff4 fs7 fc1 sc2 ls0 ws0\">2.061.751<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddb h12 y684a ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11fd h12 y684a ff4 fs7 fc1 sc2 ls0 ws0\">100.060<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x591 h12 y684a ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12d5 h12 y684a ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x890 h12 y684a ff4 fs7 fc1 sc2 ls0 ws0\">16.786.830 </td></tr><tr><td class=\"t m2 x244a h12 y684b ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x244b h12 y684b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12f9 h12 y684b ff4 fs7 fc1 sc2 ls0 ws0\">2.011.826<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddb h12 y684b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11fd h12 y684b ff4 fs7 fc1 sc2 ls0 ws0\">149.364<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x591 h12 y684b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12d5 h12 y684b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e4 h12 y684b ff4 fs7 fc1 sc2 ls0 ws0\">12.704.563 </td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1724\">D.2 Copertura <span class=\"_ _1\"></span>dei flussi finanziari e de<span class=\"_ _1\"></span>gli investiment<span class=\"_ _1\"></span>i esteri </div><div class=\"gs1725\"><table class=\"s w684 h2d1\" id=\"_242e6fb5-fbc0-44b5-a39b-6e845370db4b\"><tr><td></td><td></td><td class=\"t m2 x71b h12 y6865 ff4 fs7 fc4 sc3 ls0 ws0\">Variazione del valore </td><td></td><td></td><td class=\"t m2 x74f h12 y6866 ff4 fs7 fc4 sc3 ls0 ws0\">Cessazione della </td></tr><tr><td></td><td></td><td class=\"t m2 xf8c h12 y6867 ff4 fs7 fc4 sc3 ls0 ws0\">usato per rilevare </td><td></td><td class=\"t m2 x6f1 h12 y6868 ff4 fs7 fc4 sc3 ls0 ws0\">Riserve da copertura </td><td class=\"t m2 x6b9 h12 y6868 ff4 fs7 fc4 sc3 ls0 ws0\">copertura: valore residuo </td></tr><tr><td></td><td></td><td class=\"t m2 x6e2 h12 y6869 ff4 fs7 fc4 sc3 ls0 ws0\">l'inefficacia della </td><td></td><td></td><td class=\"t m2 x6b0 h12 y686a ff4 fs7 fc4 sc3 ls0 ws0\">delle riserve di copertura<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td class=\"t m2 x6ae h12 y686b ff4 fs7 fc4 sc3 ls0 ws0\">copertura </td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y686c ff4 fs7 fc1 sc2 ls0 ws0\">A. Copertura di flussi Finanziari </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x70c y686d w1471 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x248f y686d w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x10e0 h12 y686e ff4 fs7 fc1 sc0 ls0 ws0\">(23.466)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y686e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y686f w145c h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli di debito e <span class=\"_ _2\"></span>tassi d'interesse<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x2490 y686f w6cb h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1013 h12 y6870 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6870 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y6871 w145e h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Titoli di capitale e<span class=\"_ _2\"></span> indici azionari<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x2491 y6871 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1013 h12 y6872 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6872 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y6873 w145f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Valute e oro<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x2492 y6873 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1013 h12 y6874 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6874 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y6875 w1460 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.4 Crediti<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x2493 y6875 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x10e0 h12 y6876 ff4 fs7 fc1 sc0 ls0 ws0\">(23.466)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6876 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y6877 w1461 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.5 Altri<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x2494 y6877 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1013 h12 y6878 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6878 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y6879 w1472 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Passivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x2495 y6879 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1013 h12 y687a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y687a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y687b w145c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli di debito e <span class=\"_ _2\"></span>tassi d'interesse<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x2490 y687b w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1013 h12 y687c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y687c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y687d w1466 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Valute e oro<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x2496 y687d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1013 h12 y687e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y687e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y687f wab4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Altri<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x2497 y687f w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1013 h12 y6880 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6880 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x2498 h12 y6881 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A)<span class=\"_ _3a1\"> </span></td><td class=\"c n x10ab y6882 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2499 y6882 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x10e0 h12 y6881 ff4 fs7 fc1 sc2 ls0 ws0\">(23.466)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6881 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x2498 h12 y6883 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A)<span class=\"_ _3a1\"> </span></td><td class=\"c n x10ab y6884 w70f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x249a y6884 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x70f h12 y6883 ff4 fs7 fc1 sc2 ls0 ws0\">(38.838)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6883 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6808 w1473 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">B. Copertura degli investimenti ester<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x249b y6808 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x249c y6808 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y6885 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x1b43 h12 y6886 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B)<span class=\"_ _3a1\"> </span></td><td class=\"c n x10ab y6887 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2499 y6887 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x10e0 h12 y6886 ff4 fs7 fc1 sc2 ls0 ws0\">(23.466)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6886 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x1b43 h12 y6888 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B)<span class=\"_ _3a1\"> </span></td><td class=\"c n x10ab y53a2 w70f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x249a y53a2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x70f h12 y6888 ff4 fs7 fc1 sc2 ls0 ws0\">(38.838)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6888 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gs1726\">E. Effetti delle operazioni di copertura a patrimonio netto<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1727\">E.1. Riconciliaz<span class=\"_ _1\"></span>ione delle componenti di <span class=\"_ _1\"></span>patrimonio netto<span class=\"_ _3a1\"> </span></div><div class=\"gs1728\"><table class=\"s w1467 h2d0\" id=\"_330451a1-0059-47ac-ac35-4c19000a11ad\"><tr><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></td><td class=\"t m15 x9d5 h10d y684c ff4 fs34 fc4 sc3 ls0 ws0\">Strumen<span class=\"_ _1\"></span>ti di cope<span class=\"_ _1\"></span>rtura (ele<span class=\"_ _1\"></span>menti non<span class=\"_ _1\"></span> design<span class=\"_ _1\"></span>ati)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m15 x1987 h10d y684d ff4 fs34 fc4 sc3 ls0 ws0\">Riser<span class=\"_ _1\"></span>va da cope<span class=\"_ _1\"></span>rtura dei flussi<span class=\"_ _1\"></span> finanziari<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m15 x933 h10d y684e ff4 fs34 fc4 sc3 ls0 ws0\">Riser<span class=\"_ _1\"></span>va da cope<span class=\"_ _1\"></span>rtura di </td><td class=\"t m15 x12fb h10d y684f ff4 fs34 fc4 sc3 ls0 ws0\">investi<span class=\"_ _1\"></span>menti e<span class=\"_ _1\"></span>steri<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m15 xace h10d y6850 ff4 fs34 fc4 sc3 ls0 ws0\">Valore<span class=\"_ _1\"></span> tempo<span class=\"_ _1\"></span>rale opzione<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m15 xec3 h10d y6851 ff4 fs34 fc4 sc3 ls0 ws0\">Valore<span class=\"_ _1\"></span> elemento<span class=\"_ _1\"></span> forward e </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></td><td></td><td></td><td></td><td class=\"t m15 x936 h10d y6852 ff4 fs34 fc4 sc3 ls0 ws0\">differen<span class=\"_ _1\"></span>ziale da val<span class=\"_ _1\"></span>uta es<span class=\"_ _1\"></span>tera<span class=\"_ _3a1\"> </span></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></td><td></td><td class=\"t m15 x159b h10d y6853 ff4 fs34 fc4 sc3 ls0 ws0\">Coperture<span class=\"_ _1\"></span> </td><td class=\"t m15 x7bd h10d y6853 ff4 fs34 fc4 sc3 ls0 ws0\">Coperture<span class=\"_ _1\"></span> </td><td class=\"t m15 x878 h10d y6853 ff4 fs34 fc4 sc3 ls0 ws0\">Coperture<span class=\"_ _1\"></span> </td><td></td><td></td><td class=\"t m15 xf1b h10d y6853 ff4 fs34 fc4 sc3 ls0 ws0\">Coperture<span class=\"_ _1\"></span> </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m15 xced h10d y6854 ff4 fs34 fc4 sc3 ls0 ws0\">relative a<span class=\"_ _1\"></span> </td><td class=\"t m15 x1233 h10d y6854 ff4 fs34 fc4 sc3 ls0 ws0\">relative a<span class=\"_ _1\"></span> un </td><td class=\"t m15 xec3 h10d y6854 ff4 fs34 fc4 sc3 ls0 ws0\">relative a<span class=\"_ _1\"></span> </td><td></td><td></td><td class=\"t m15 xc59 h10d y6854 ff4 fs34 fc4 sc3 ls0 ws0\">relative a<span class=\"_ _1\"></span> un </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m15 x7d0 h10d y6855 ff4 fs34 fc4 sc3 ls0 ws0\">operazio<span class=\"_ _1\"></span>ni<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x93a h10d y6855 ff4 fs34 fc4 sc3 ls0 ws0\">period<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x936 h10d y6855 ff4 fs34 fc4 sc3 ls0 ws0\">operazio<span class=\"_ _1\"></span>ni<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m15 x1195 h10d y6855 ff4 fs34 fc4 sc3 ls0 ws0\">period<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m15 x58e h10d y6856 ff4 fs34 fc1 sc2 ls0 ws0\">Esiste<span class=\"_ _1\"></span>nze iniziali<span class=\"_ _3a1\"> </span></td><td class=\"t m15 xd76 h10d y6856 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x93f h10d y6856 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x7cb h10d y6856 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x5c4 h10d y6856 ff4 fs34 fc1 sc2 ls0 ws0\">(38.83<span class=\"_ _1\"></span>8)<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x9a5 h10d y6856 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x1129 h10d y6856 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x93c h10d y6856 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 xb9f h10d y6856 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x7c7 h10d y6856 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 xad3 h10d y6856 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m15 xc57 h10d y6856 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x7d1 h10d y6856 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m15 xcec h10d y6856 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x121e h10d y6856 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m15 x58e h10d y6857 ff4 fs34 fc1 sc0 ls0 ws0\">Variazioni di fair v<span class=\"_ _1\"></span>alue </td><td class=\"c n x145d y6859 w1468 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x245b y6859 w1468 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x245c y6859 w1469 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x245d y6859 w146a h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">15.3<span class=\"_ _1\"></span>72<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x245e y6859 w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x245f y6859 w1468 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2460 y6859 w1469 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2461 y6859 w1468 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2462 y6859 w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2463 y6859 w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2464 y6859 w1469 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2465 y6859 w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2466 y6859 w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2467 y6859 w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m15 x58e h10d y685a ff4 fs34 fc1 sc0 ls0 ws0\">(quota efficac<span class=\"_ _1\"></span>e) </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><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y685b w146c h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">Rigiri a co<span class=\"_ _1\"></span>nto econom<span class=\"_ _1\"></span>ico<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2468 y685b w1468 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2469 y685b w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x246a y685b w1468 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x246b y685b w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x246c y685b w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x246d y685b w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x246e y685b w1469 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x246f y685b w1468 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2470 y685b w1469 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2471 y685b w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2472 y685b w146d h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2473 y685b w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2474 y685b w1469 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2475 y685b w1469 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m15 x81f h10d y685c ff4 fs34 fc1 sc0 ls0 ws0\">di cui: transazion<span class=\"_ _1\"></span>i </td><td class=\"c n x145d y5b0a w1468 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x245b y5b0a w1468 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x245c y5b0a w1469 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2476 y5b0a w1468 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2477 y5b0a w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2478 y5b0a w146e h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2479 y5b0a w146e h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x247a y5b0a w146f h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x247b y5b0a w146f h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x247c y5b0a w146e h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x247d y5b0a w146e h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x247e y5b0a w146e h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x247f y5b0a w146e h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2480 y5b0a w146e h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m15 x81f h10d y685d ff4 fs34 fc1 sc0 ls0 ws0\">future non pi\u00f9 atte<span class=\"_ _1\"></span>se </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><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y685e w1470 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">Altre variazion<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2481 y685e w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2482 y685e w1468 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2483 y685e w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2484 y685e w1468 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2485 y685e w1469 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2486 y685e w1468 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2487 y685e w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2488 y685e w1468 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2489 y685e w1468 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x248a y685e w1469 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x248b y685e w1469 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x248c y685e w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x248d y685e w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x248e y685e w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m15 x81f h10d y685f ff4 fs34 fc1 sc0 ls0 ws0\">di cui: trasferim<span class=\"_ _1\"></span>enti al </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><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m15 x81f h10d y6860 ff4 fs34 fc1 sc0 ls0 ws0\">valore co<span class=\"_ _1\"></span>ntabile </td><td class=\"c n x145d y6861 w1468 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x245b y6861 w1468 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x245c y6861 w1469 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2476 y6861 w1468 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2477 y6861 w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2478 y6861 w146e h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2479 y6861 w146e h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x247a y6861 w146f h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x247b y6861 w146f h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x247c y6861 w146e h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x247d y6861 w146e h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x247e y6861 w146e h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x247f y6861 w146e h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2480 y6861 w146e h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m15 x81f h10d y6862 ff4 fs34 fc1 sc0 ls0 ws0\">iniziale deg<span class=\"_ _1\"></span>li strumen<span class=\"_ _1\"></span>ti </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><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m15 x81f h10d y6863 ff4 fs34 fc1 sc0 ls0 ws0\">copert<span class=\"_ _1\"></span>i </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><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m15 x58e h10d y6864 ff4 fs34 fc1 sc2 ls0 ws0\">Rimane<span class=\"_ _1\"></span>nze finali<span class=\"_ _3a1\"> </span></td><td class=\"t m15 xd76 h10d y6864 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x93f h10d y6864 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x7cb h10d y6864 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x9a4 h10d y6864 ff4 fs34 fc1 sc2 ls0 ws0\">(23.466<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x9a5 h10d y6864 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x1129 h10d y6864 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x93c h10d y6864 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 xb9f h10d y6864 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x7c7 h10d y6864 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 xad3 h10d y6864 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m15 xc57 h10d y6864 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x7d1 h10d y6864 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m15 xcec h10d y6864 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x121e h10d y6864 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t mc h44 ff4 fs11 fc4 sc3 ls0 ws0 gs1729\">Titoli di d<span class=\"_ _3b\"></span>ebito e </div><div class=\"t mc h44 ff4 fs11 fc4 sc3 ls0 ws0 gs172a\">tassi d'<span class=\"_ _2\"></span>interes<span class=\"_ _2\"></span>se</div><div class=\"t mc h44 ff4 fs11 fc4 sc3 ls0 ws0 gs172b\">Titoli di ca<span class=\"_ _3b\"></span>pitale e </div><div class=\"t mc h44 ff4 fs11 fc4 sc3 ls0 ws0 gs172c\">indici a<span class=\"_ _3b\"></span>zionari</div><div class=\"t mc h44 ff4 fs11 fc4 sc3 ls0 ws0 gs172d\">Valute<span class=\"_ _2\"></span> e oro</div><div class=\"t mc h44 ff4 fs11 fc4 sc3 ls0 ws0 gs172e\">Crediti</div><div class=\"t mc h44 ff4 fs11 fc4 sc3 ls0 ws0 gs172f\">Altri</div><div class=\"t mc h44 ff4 fs11 fc4 sc3 ls0 ws0 gs1730\">Titoli di d<span class=\"_ _3b\"></span>ebito e </div><div class=\"c w6 h124 gs1731\"><div class=\"t mc x280 h44 y3568 ff4 fs11 fc4 sc3 ls0 ws0\">tassi d'<span class=\"_ _2\"></span>interes<span class=\"_ _2\"></span>se</div></div><div class=\"t mc h44 ff4 fs11 fc4 sc3 ls0 ws0 gs1732\">Titoli di ca<span class=\"_ _3b\"></span>pitale e </div><div class=\"c w1c h125 gs1733\"><div class=\"t mc x280 h44 y356c ff4 fs11 fc4 sc3 ls0 ws0\">indici a<span class=\"_ _3b\"></span>zionari</div></div><div class=\"t mc h44 ff4 fs11 fc4 sc3 ls0 ws0 gs1734\">Valute<span class=\"_ _2\"></span> e oro</div><div class=\"t mc h44 ff4 fs11 fc4 sc3 ls0 ws0 gs1735\">Crediti</div><div class=\"t mc h44 ff4 fs11 fc4 sc3 ls0 ws0 gs1736\">Altri</div>A.1 Derivati finan<span class=\"_ _1\"></span>ziari e creditizi OTC: fa<span class=\"_ _1\"></span>ir value netti per <span class=\"_ _1\"></span>controparti Cont<span class=\"_ _3b\"></span>roparti<span class=\"_ _2\"></span> cen<span class=\"_ _2\"></span>trali<span class=\"_ _2\"></span> Ban<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span> Altre<span class=\"_ _3b\"></span> societ\u00e0 finan<span class=\"_ _3b\"></span>ziarie Altr<span class=\"_ _2\"></span>i sogg<span class=\"_ _3b\"></span>ettiA. Derivati finanziari 1) Titoli di debito e tassi d'interesse - valore nozionale<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>38.589.304<span class=\"_ _3a1\"> </span>367.770<span class=\"_ _3a1\"> </span>532.497<span class=\"_ _3a1\"> </span>- fair value netto po<span class=\"_ _2\"></span>sitivo<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>434.801<span class=\"_ _3a1\"> </span>102<span class=\"_ _3a1\"> </span>3.889<span class=\"_ _3a1\"> </span>- fair value netto negat<span class=\"_ _2\"></span>ivo<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>730.255<span class=\"_ _3a1\"> </span>9.893<span class=\"_ _3a1\"> </span>4.572<span class=\"_ _3a1\"> </span>2) Titoli di capitale e indici azionari - valore nozionale<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>10<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value netto po<span class=\"_ _2\"></span>sitivo<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>2<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value netto negat<span class=\"_ _2\"></span>ivo<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>3) Valute e oro - valore nozionale<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>94.428<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>519.006<span class=\"_ _3a1\"> </span>- fair value netto po<span class=\"_ _2\"></span>sitivo<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>295<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>3.138<span class=\"_ _3a1\"> </span>- fair value netto negat<span class=\"_ _2\"></span>ivo<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>67<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>5.492<span class=\"_ _3a1\"> </span>4) Merci - valore nozionale<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value netto po<span class=\"_ _2\"></span>sitivo<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value netto negat<span class=\"_ _2\"></span>ivo<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>5) Altri - valore nozionale<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value netto po<span class=\"_ _2\"></span>sitivo<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value netto negat<span class=\"_ _2\"></span>ivo<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>B. Derivati creditizi 1) Acquisto protezione - valore nozionale<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value netto po<span class=\"_ _2\"></span>sitivo<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value netto negat<span class=\"_ _2\"></span>ivo<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>2) Vendita protezione - valore nozionale<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value netto po<span class=\"_ _2\"></span>sitivo<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>- fair value netto negat<span class=\"_ _2\"></span>ivo<span class=\"_ _3a1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-867": {
   "value": "2.1 Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie detenute per <span class=\"_ _1\"></span>la negoziazione: compos<span class=\"_ _1\"></span>izione merceologica <table class=\"s w694 h1f4\" id=\"_b7ac081b-d691-4c36-98de-7b8a6733abba\"><tr><td></td><td></td><td class=\"c n x6fe y5519 w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x6ff y5519 w696 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x700 h12 y551a ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Valori </td><td></td><td class=\"c n x701 y551b w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x702 y551b w68d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n x703 y551c w65f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x704 y551c w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x705 y551c w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x706 y551c w697 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x707 y551c w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x708 y551c w698 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L<span class=\"_ _2\"></span>3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y551d ff4 fs7 fc1 sc2 ls0 ws0\">A. Attivit\u00e0 per cassa </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y551e w699 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x709 y551e w5b4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">19.098<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x70a h12 y551f ff4 fs7 fc1 sc0 ls0 ws0\">46<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y551f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y551f ff4 fs7 fc1 sc0 ls0 ws0\">25.950<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70b h12 y551f ff4 fs7 fc1 sc0 ls0 ws0\">23<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y551f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5520 w69a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli strutturati<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x70d y5520 w53a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">909<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x70e h12 y5521 ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5521 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70f h12 y5521 ff4 fs7 fc1 sc0 ls0 ws0\">4.813<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70b h12 y5521 ff4 fs7 fc1 sc0 ls0 ws0\">23<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5521 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5522 w69b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Altri titoli di debit<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x710 y5522 w69c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18.189<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x70a h12 y5523 ff4 fs7 fc1 sc0 ls0 ws0\">42<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5523 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x711 h12 y5523 ff4 fs7 fc1 sc0 ls0 ws0\">21.137<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5523 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5523 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5524 w69d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capitale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x713 y5524 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5525 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5525 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5525 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5525 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5525 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5526 w69e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Quote di O.I.C.R.<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x715 y5526 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5527 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a0 h12 y5527 ff4 fs7 fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f2 h12 y5527 ff4 fs7 fc1 sc0 ls0 ws0\">3.025<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5527 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y5527 ff4 fs7 fc1 sc0 ls0 ws0\">22<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5528 w69f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x716 y5528 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5529 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5529 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5529 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5529 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5529 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y552a w6a0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.1 Pronti contro term<span class=\"_ _2\"></span>ine<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x717 y552a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y552b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y552b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y552b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y552b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y552b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y552c w6a1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.2 Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x718 y552c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y552d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y552d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y552d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y552d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y552d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x719 h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71a h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">19.098<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70a h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">46<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a0 h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">24<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">28.975<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70b h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">23<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y552e ff4 fs7 fc1 sc2 ls0 ws0\">22<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y552f ff4 fs7 fc1 sc2 ls0 ws0\">B. Strumenti derivati </td><td class=\"t m2 x71b h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5530 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5531 w6a2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Derivati finanziari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x71c y5531 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71d h12 y5532 ff4 fs7 fc1 sc0 ls0 ws0\">14.992<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5532 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5532 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y5532 ff4 fs7 fc1 sc0 ls0 ws0\">32.020<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5532 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5533 w6a3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1 di negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x71e y5533 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71d h12 y5534 ff4 fs7 fc1 sc0 ls0 ws0\">14.992<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5534 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5534 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y5534 ff4 fs7 fc1 sc0 ls0 ws0\">32.020<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5534 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5485 w6a4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 connessi con la <span class=\"_ _2\"></span>fair value option<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x71f y5485 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5535 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5535 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5535 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5535 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5535 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5486 w6a5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.3 altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x720 y5486 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5536 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5536 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5536 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5536 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5536 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5537 w6a6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Derivati creditiz<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x721 y5537 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5538 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5538 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5538 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5538 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5538 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5539 w6a7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 di negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x720 y5539 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5513 w6a8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 connessi con la <span class=\"_ _2\"></span>fair value option<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x722 y5513 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y553b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y553b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y553b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y553b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y553b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5515 w6a9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x723 y5515 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y553c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y553c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y553c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y553c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y553c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x719 h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">Totale (B)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71b h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71d h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">14.992<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">32.020<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y553d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x724 h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B) </td><td class=\"t m2 x71a h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">19.098<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71d h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">15.038<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a0 h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">24<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">28.975<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">32.043<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">22<span class=\"_ _3a1\"> </span></td></tr></table>Legenda: L1= Livello 1 L2= Livello 2 L3= Livello 3 Si segnala la compo<span class=\"_ _2\"></span>sizione della voc<span class=\"_ _2\"></span>e 3 \u201cQuote O.I.C.R\u201d:<span class=\"_ _3a1\"> </span><table class=\"s w6aa h1f5\" id=\"_d44a2f2b-600c-483a-be3e-9ccccdc039b0\"><tr><td></td><td></td><td class=\"c n x726 y553f w696 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x727 y553f w6ab h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">T<span class=\"_ _1\"></span>otale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c n x728 y5540 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x729 y5540 w68d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x2d7 y5541 w6ac h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Azionari<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x72a y5541 w6ad h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x72b h12 y5542 ff4 fs7 fc1 sc0 ls0 ws0\">3.047<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x72c h12 y5543 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x72d h12 y5543 ff4 fs7 fc1 sc2 ls0 ws0\">24<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x72b h12 y5543 ff4 fs7 fc1 sc2 ls0 ws0\">3.047<span class=\"_ _3a1\"> </span></td></tr></table>2.2 Attivit\u00e0 fina<span class=\"_ _1\"></span>nziarie detenute per la ne<span class=\"_ _1\"></span>goziazione: composizione <span class=\"_ _1\"></span>per debitori/emittent<span class=\"_ _1\"></span>i/controparti <table class=\"s w6ae h1f6\" id=\"_1dccab64-0579-4638-8c77-dbf4c2cfe2ca\"><tr><td></td><td class=\"t m2 x72e h12 y5544 ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Valori </td><td class=\"c n x72f y5545 w696 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x730 y5545 w6af h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">T<span class=\"_ _1\"></span>otale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x731 y5546 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x732 y5546 w68d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y5547 ff4 fs7 fc1 sc2 ls0 ws0\">A. Attivit\u00e0 per cassa </td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5548 w699 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x733 y5548 w6b0 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">19.144<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x676 h12 y5549 ff4 fs7 fc1 sc0 ls0 ws0\">25.974<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y554a w6b1 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche Centrali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y554a w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y554b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y554c w6b2 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazioni pubb<span class=\"_ _3b\"></span>li<span class=\"_ _1\"></span>che<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x736 y554c w6b3 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">15.641<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67a h12 y554d ff4 fs7 fc1 sc0 ls0 ws0\">24.107<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y554e w6b4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x737 y554e w6b5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2.205<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x738 h12 y554f ff4 fs7 fc1 sc0 ls0 ws0\">1.323<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5550 w6b6 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x739 y5550 w6b7 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">379<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e8 h12 y5551 ff4 fs7 fc1 sc0 ls0 ws0\">229<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5552 w6b8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese di assicu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73b y5552 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5553 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5554 w6b9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73c y5554 w6ba h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">919<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x73d h12 y5555 ff4 fs7 fc1 sc0 ls0 ws0\">317<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5556 w69d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capitale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73e y5556 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5557 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y551e w6bb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y551e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5558 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5520 w6b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre societ\u00e0 finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y5520 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5559 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y555a w6bc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui:  imprese di assicu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73f y555a w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y555b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5524 w6bd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Societ\u00e0 non finanz<span class=\"_ _2\"></span>iarie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x740 y5524 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y555c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5526 w6be h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altri emittenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y5526 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y555d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5528 w6bf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Quote di OICR<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x741 y5528 w6c0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e5 h12 y555e ff4 fs7 fc1 sc0 ls0 ws0\">3.047<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y552a w69f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73e y552a w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y555f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y552c w6b1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche Centrali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y552c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5560 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5561 w6b2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazioni pubb<span class=\"_ _3b\"></span>li<span class=\"_ _1\"></span>che<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x742 y5561 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5562 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5482 w6b4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x743 y5482 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5563 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5531 w6b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y5531 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5564 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5533 w6b8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese di assicu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73b y5533 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5565 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5566 w6b9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x744 y5566 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5567 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5486 w6c1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">f) Famiglie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x745 y5486 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5568 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x682 h12 y5569 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x746 h12 y5569 ff4 fs7 fc1 sc2 ls0 ws0\">19.167<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y5569 ff4 fs7 fc1 sc2 ls0 ws0\">29.022<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y556a ff4 fs7 fc1 sc2 ls0 ws0\">B. Strumenti derivati </td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y556b w6c2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Controparti Central<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x747 y556b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y556c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5515 w6c3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x748 y5515 w6c4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.992<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y556d ff4 fs7 fc1 sc0 ls0 ws0\">32.020<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x682 h12 y556e ff4 fs7 fc1 sc2 ls0 ws0\">Totale (B)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x749 h12 y556e ff4 fs7 fc1 sc2 ls0 ws0\">14.992<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y556e ff4 fs7 fc1 sc2 ls0 ws0\">32.020<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x6cf h12 y556f ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B) </td><td class=\"t m2 x749 h12 y556f ff4 fs7 fc1 sc2 ls0 ws0\">34.160<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y556f ff4 fs7 fc1 sc2 ls0 ws0\">61.042<span class=\"_ _3a1\"> </span></td></tr></table>In <span class=\"_ _0\"></span>confor<span class=\"_ _1\"></span>mit\u00e0 <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>quanto <span class=\"_ _35\"> </span>disposto <span class=\"_ _0\"></span>dal <span class=\"_ _35\"> </span>princi<span class=\"_ _2\"></span>pio <span class=\"_ _0\"> </span>cont<span class=\"_ _1\"></span>abile <span class=\"_ _35\"> </span>IFRS<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>7 <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>tenuto <span class=\"_ _0\"></span>conto <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>indicazioni contenute <span class=\"_ _3d\"> </span>nella  Com<span class=\"_ _1\"></span>unicazione  CONSOB<span class=\"_ _1\"></span>  n. <span class=\"_ _3d\"> </span>DEM/11070007 <span class=\"_ _3d\"> </span>del  5<span class=\"_ _1\"></span>  agosto <span class=\"_ _3d\"> </span>2011 <span class=\"_ _3d\"> </span>(che  r<span class=\"_ _1\"></span>iprende  il documento <span class=\"_ _3b\"></span>ESMA <span class=\"_ _3b\"></span>N<span class=\"_ _1\"></span>. <span class=\"_ _3b\"></span>2011/266 <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>28 <span class=\"_ _3b\"></span>luglio <span class=\"_ _3b\"></span>2011) <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>mate<span class=\"_ _1\"></span>ria di <span class=\"_ _3b\"></span>informazioni <span class=\"_ _3b\"></span>da rendere <span class=\"_ _3b\"></span>nelle <span class=\"_ _3b\"></span>relazioni finanziarie <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>merito <span class=\"_ _3d\"> </span>al <span class=\"_ _37\"> </span>\u201cdebito <span class=\"_ _3d\"> </span>Sovrano\u201d, <span class=\"_ _3d\"> </span>si <span class=\"_ _37\"> </span>precisa <span class=\"_ _3d\"> </span>che <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>31 <span class=\"_ _3d\"> </span>dicembre <span class=\"_ _3d\"> </span>2024 <span class=\"_ _3d\"> </span>sono <span class=\"_ _37\"> </span>presenti<span class=\"_ _2\"></span> esposizioni <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>governativi <span class=\"_ _1\"></span>verso <span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>Stato <span class=\"_ _1\"></span>Italia <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>8,2 <span class=\"_ _1\"></span>milioni <span class=\"_ _1\"></span>di e<span class=\"_ _1\"></span>uro, <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>circa <span class=\"_ _1\"></span>7,4 <span class=\"_ _1\"></span>milioni di euro <span class=\"_ _38\"></span>verso <span class=\"_ _38\"></span>altri <span class=\"_ _38\"></span>paesi. <span class=\"_ _1\"></span>Le <span class=\"_ _38\"></span>posizioni, <span class=\"_ _1\"></span>clas<span class=\"_ _1\"></span>sificate <span class=\"_ _38\"></span>contabilmente <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>trading, <span class=\"_ _1\"></span>hanno <span class=\"_ _38\"></span>come<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>oggetto <span class=\"_ _1\"></span>la negoziazione verso la clientela istituzionale. Si rimanda all<span class=\"_ _2\"></span>a sezione 3<span class=\"_ _2\"></span> della pr<span class=\"_ _2\"></span>esente nota per<span class=\"_ _2\"></span> i <span class=\"_ _2\"></span>titoli detenuti n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>l portafoglio <span class=\"_ _3b\"></span>\u201c<span class=\"_ _1\"></span>Attivit\u00e0 finanziarie<span class=\"_ _2\"></span> valutate al fair value con impatto sulla re<span class=\"_ _1\"></span>dditivit\u00e0 complessiva\u201d.<span class=\"_ _3a1\"> </span>Sezione 2 \u2013 Passivit\u00e0 finanziarie di negoziazione \u2013 Voce 20 2.1 Passivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie di negoziaz<span class=\"_ _1\"></span>ione: composizione me<span class=\"_ _1\"></span>rceologica <table class=\"s w684 h23e\" id=\"_d259a1e0-4d45-4832-ab9d-6542f41c5faa\"><tr><td></td><td></td><td></td><td></td><td class=\"c n xfd5 y5b34 w6c5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n xfd6 y5b34 wa5d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c n xfd7 y5b35 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n xfd8 y5b35 w65e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td class=\"t m2 xfd9 h12 y5b36 ff4 fs7 fc4 sc3 ls0 ws0\">Tipologia operazioni/Valori </td><td class=\"t m2 xfda h12 y5b37 ff4 fs7 fc4 sc3 ls0 ws0\">VN </td><td></td><td></td><td class=\"t m2 x6a5 h12 y5b38 ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value </td><td></td><td class=\"t m2 x6af h12 y5b39 ff4 fs7 fc4 sc3 ls0 ws0\">Fair </td><td class=\"t m2 x699 h12 y5b37 ff4 fs7 fc4 sc3 ls0 ws0\">VN </td><td></td><td></td><td class=\"t m2 x749 h12 y5b38 ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value </td><td></td><td class=\"t m2 x75a h12 y5b39 ff4 fs7 fc4 sc3 ls0 ws0\">Fair </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x6cf h12 y5b3a ff4 fs7 fc4 sc3 ls0 ws0\">Value * </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x6f6 h12 y5b3a ff4 fs7 fc4 sc3 ls0 ws0\">Value * </td></tr><tr><td></td><td></td><td></td><td class=\"c n xfdb y5b3b w65f h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfdc y5b3b w660 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfdd y5b3b w6c7 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xfde y5b3b w65f h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfdf y5b3b w688 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfe0 y5b3b waa8 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x677 h12 y5b3c ff4 fs7 fc1 sc2 ls0 ws0\">A. Passivit\u00e0 per cassa </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 class=\"c n x70c y5b3d waa9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Debiti verso banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe1 y5b3d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xfe2 h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5b3f waaa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Debiti verso clientela<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe3 y5b3f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xfe2 h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5b41 waab h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe4 y5b41 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xfe2 h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">- </td></tr><tr><td class=\"c n xdcf y5b43 waac h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Obbligazioni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe5 y5b43 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xfe2 h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">- </td></tr><tr><td class=\"c n xfe6 y5b45 waad h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1.1 Strutturate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe7 y5b45 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b45 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe9 y5b45 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a5 h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"t m2 xfea h12 y5b47 ff4 fs7 fc1 sc0 ls0 ws0\">3.1.2 Altre </td><td></td><td class=\"t m2 x99d h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71a h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b49 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe9 y5b49 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a5 h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"t m2 xfea h12 y5b4a ff4 fs7 fc1 sc0 ls0 ws0\">obbligazioni  </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 class=\"c n xdcf y5b4b waae h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Altri titoli<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfeb y5b4b w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xfe2 h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">- </td></tr><tr><td class=\"c n xfe6 y5b4d waaf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2.1 Strutturati<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfec y5b4d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b4d w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe9 y5b4d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a5 h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c n xfe6 y5b4f wab0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2.2 Altri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfed y5b4f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b4f w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe9 y5b4f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a5 h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"t m2 x90e h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x99d h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71a h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xfe2 h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-</td></tr><tr><td class=\"t m2 x677 h12 y5b52 ff4 fs7 fc1 sc2 ls0 ws0\"> B. Strumenti derivati </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 class=\"c n x70c y5b53 wab1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Derivati finanziari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfee y5b53 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfef y5b53 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x7ae h12 y5b54 ff4 fs7 fc1 sc0 ls0 ws0\">14.463<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b54 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b54 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xff0 y5b53 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff1 y5b53 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 xff2 h12 y5b54 ff4 fs7 fc1 sc0 ls0 ws0\">27.211<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b54 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b54 ff4 fs7 fc1 sc0 ls0 ws0\">- </td></tr><tr><td class=\"c n xdcf y5b55 wab2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Di negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff3 y5b55 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff4 y5b55 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x7ae h12 y5b56 ff4 fs7 fc1 sc0 ls0 ws0\">14.463<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b56 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b55 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5b55 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5b55 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 xff2 h12 y5b56 ff4 fs7 fc1 sc0 ls0 ws0\">27.211<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b56 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b56 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c xdcf y5b57 wab3 h1e7\"><div class=\"t m2 x2b3 h12 y543a ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Connessi con la fai<span class=\"_ _2\"></span>r<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">value option<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff7 y5b58 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff8 y5b58 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90a h12 y5b59 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b59 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b58 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5b58 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5b58 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y5b59 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b59 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b59 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c n xdcf y5b5a wab4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff9 y5b5a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xffa y5b5a w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90a h12 y5b5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b5a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5b5a w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5b5a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y5b5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b5b ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c n x70c y5b5c wab5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Derivati creditiz<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xffb y5b5c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xffc y5b5c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90a h12 y5b5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xff0 y5b5c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff1 y5b5c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y5b5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b5d ff4 fs7 fc1 sc0 ls0 ws0\">- </td></tr><tr><td class=\"c n xdcf y5b5e wab6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Di negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xffd y5b5e wab7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xffe y5b5e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90a h12 y5b5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b5e w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5b5e w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5b5e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y5b5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b5f ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c xdcf y5a36 wab8 h225\"><div class=\"t m2 x2b3 h12 y5929 ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Connessi con la f<span class=\"_ _2\"></span>air<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">value option<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff7 y5b60 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff8 y5b60 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90a h12 y5b61 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b61 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b60 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5b60 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5b60 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y5b61 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b61 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b61 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c n xdcf y5515 wab9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfff y5515 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1000 y5515 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90a h12 y5b62 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b62 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5515 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5515 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5515 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y5b62 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b62 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b62 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"t m2 x1001 h12 y5b63 ff4 fs7 fc1 sc2 ls0 ws0\">Totale B<span class=\"_ _3a1\"> </span></td><td class=\"c n xff7 y5600 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff8 y5600 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-</div></td><td class=\"t m2 x7ae h12 y5b63 ff4 fs7 fc1 sc2 ls0 ws0\">14.463<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b63 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5600 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5600 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5600 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-</div></td><td class=\"t m2 x1002 h12 y5b63 ff4 fs7 fc1 sc2 ls0 ws0\">27.211<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b63 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b63 ff4 fs7 fc1 sc2 ls0 ws0\">X </td></tr><tr><td class=\"t m2 x1003 h12 y5b64 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B)<span class=\"_ _3a1\"> </span></td><td class=\"c n xff7 y54f9 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff8 y54f9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-</div></td><td class=\"t m2 x7ae h12 y5b64 ff4 fs7 fc1 sc2 ls0 ws0\">14.463<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b64 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y54f9 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y54f9 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y54f9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-</div></td><td class=\"t m2 x1002 h12 y5b64 ff4 fs7 fc1 sc2 ls0 ws0\">27.211<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b64 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b64 ff4 fs7 fc1 sc2 ls0 ws0\">X </td></tr></table>Legenda: VN = valore nominale <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> nozionale  L1 = Livello 1  L2 = Livello 2  L3 = Livello 3  Fair value*=Fair value calcolato esclude<span class=\"_ _2\"></span>ndo le variazioni di valore dovute al cambiamento del merito creditizio dell'emittente rispe<span class=\"_ _2\"></span>tto alla data di emiss<span class=\"_ _2\"></span>ione. 2.2 De<span class=\"_ _3a1\"> </span>ttaglio delle \u201cP<span class=\"_ _1\"></span>assivit\u00e0 finanziarie<span class=\"_ _1\"></span> di negoziazione\u201d: pass<span class=\"_ _1\"></span>ivit\u00e0 subordinate  2.3 Dett<span class=\"_ _1\"></span>aglio delle \u201cPassivit\u00e0 finanziarie<span class=\"_ _1\"></span> di negoziazione\u201d: debiti str<span class=\"_ _1\"></span>utturati Non <span class=\"_ _3d\"> </span>esistono, <span class=\"_ _37\"> </span>alla <span class=\"_ _3d\"> </span>data <span class=\"_ _37\"> </span>del <span class=\"_ _3d\"> </span>bilancio, <span class=\"_ _3d\"> </span>n\u00e9 <span class=\"_ _37\"> </span>al <span class=\"_ _3d\"> </span>31 <span class=\"_ _37\"> </span>dicembre <span class=\"_ _3d\"> </span>20<span class=\"_ _1\"></span>23, <span class=\"_ _3d\"> </span>passivit\u00e0 <span class=\"_ _3d\"> </span>subordinate <span class=\"_ _37\"> </span>e <span class=\"_ _3d\"> </span>debiti strutturati.<span class=\"_ _3a1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-780": {
   "value": "<div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsa27\">2.2 Attivit\u00e0 fina<span class=\"_ _1\"></span>nziarie detenute per la ne<span class=\"_ _1\"></span>goziazione: composizione <span class=\"_ _1\"></span>per debitori/emittent<span class=\"_ _1\"></span>i/controparti </div><div class=\"gsa28\"><table class=\"s w6ae h1f6\" id=\"_1dccab64-0579-4638-8c77-dbf4c2cfe2ca\"><tr><td></td><td class=\"t m2 x72e h12 y5544 ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Valori </td><td class=\"c n x72f y5545 w696 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x730 y5545 w6af h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">T<span class=\"_ _1\"></span>otale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x731 y5546 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x732 y5546 w68d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y5547 ff4 fs7 fc1 sc2 ls0 ws0\">A. Attivit\u00e0 per cassa </td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5548 w699 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x733 y5548 w6b0 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">19.144<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x676 h12 y5549 ff4 fs7 fc1 sc0 ls0 ws0\">25.974<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y554a w6b1 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche Centrali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y554a w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y554b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y554c w6b2 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazioni pubb<span class=\"_ _3b\"></span>li<span class=\"_ _1\"></span>che<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x736 y554c w6b3 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">15.641<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67a h12 y554d ff4 fs7 fc1 sc0 ls0 ws0\">24.107<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y554e w6b4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x737 y554e w6b5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2.205<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x738 h12 y554f ff4 fs7 fc1 sc0 ls0 ws0\">1.323<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5550 w6b6 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x739 y5550 w6b7 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">379<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e8 h12 y5551 ff4 fs7 fc1 sc0 ls0 ws0\">229<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5552 w6b8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese di assicu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73b y5552 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5553 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5554 w6b9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73c y5554 w6ba h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">919<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x73d h12 y5555 ff4 fs7 fc1 sc0 ls0 ws0\">317<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5556 w69d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capitale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73e y5556 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5557 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y551e w6bb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y551e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5558 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5520 w6b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre societ\u00e0 finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y5520 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5559 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y555a w6bc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui:  imprese di assicu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73f y555a w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y555b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5524 w6bd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Societ\u00e0 non finanz<span class=\"_ _2\"></span>iarie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x740 y5524 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y555c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5526 w6be h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altri emittenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y5526 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y555d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5528 w6bf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Quote di OICR<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x741 y5528 w6c0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e5 h12 y555e ff4 fs7 fc1 sc0 ls0 ws0\">3.047<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y552a w69f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73e y552a w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y555f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y552c w6b1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche Centrali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y552c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5560 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5561 w6b2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazioni pubb<span class=\"_ _3b\"></span>li<span class=\"_ _1\"></span>che<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x742 y5561 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5562 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5482 w6b4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x743 y5482 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5563 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5531 w6b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x735 y5531 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5564 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5533 w6b8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese di assicu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73b y5533 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5565 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5566 w6b9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x744 y5566 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5567 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5486 w6c1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">f) Famiglie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x745 y5486 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5568 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x682 h12 y5569 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x746 h12 y5569 ff4 fs7 fc1 sc2 ls0 ws0\">19.167<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y5569 ff4 fs7 fc1 sc2 ls0 ws0\">29.022<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y556a ff4 fs7 fc1 sc2 ls0 ws0\">B. Strumenti derivati </td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y556b w6c2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Controparti Central<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x747 y556b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y556c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5515 w6c3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x748 y5515 w6c4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.992<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y556d ff4 fs7 fc1 sc0 ls0 ws0\">32.020<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x682 h12 y556e ff4 fs7 fc1 sc2 ls0 ws0\">Totale (B)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x749 h12 y556e ff4 fs7 fc1 sc2 ls0 ws0\">14.992<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y556e ff4 fs7 fc1 sc2 ls0 ws0\">32.020<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x6cf h12 y556f ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B) </td><td class=\"t m2 x749 h12 y556f ff4 fs7 fc1 sc2 ls0 ws0\">34.160<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y556f ff4 fs7 fc1 sc2 ls0 ws0\">61.042<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa29\">In <span class=\"_ _0\"></span>confor<span class=\"_ _1\"></span>mit\u00e0 <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>quanto <span class=\"_ _35\"> </span>disposto <span class=\"_ _0\"></span>dal <span class=\"_ _35\"> </span>princi<span class=\"_ _2\"></span>pio <span class=\"_ _0\"> </span>cont<span class=\"_ _1\"></span>abile <span class=\"_ _35\"> </span>IFRS<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>7 <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>tenuto <span class=\"_ _0\"></span>conto <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>indicazioni </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa2a\">contenute <span class=\"_ _3d\"> </span>nella  Com<span class=\"_ _1\"></span>unicazione  CONSOB<span class=\"_ _1\"></span>  n. <span class=\"_ _3d\"> </span>DEM/11070007 <span class=\"_ _3d\"> </span>del  5<span class=\"_ _1\"></span>  agosto <span class=\"_ _3d\"> </span>2011 <span class=\"_ _3d\"> </span>(che  r<span class=\"_ _1\"></span>iprende  il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa2b\">documento <span class=\"_ _3b\"></span>ESMA <span class=\"_ _3b\"></span>N<span class=\"_ _1\"></span>. <span class=\"_ _3b\"></span>2011/266 <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>28 <span class=\"_ _3b\"></span>luglio <span class=\"_ _3b\"></span>2011) <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>mate<span class=\"_ _1\"></span>ria di <span class=\"_ _3b\"></span>informazioni <span class=\"_ _3b\"></span>da rendere <span class=\"_ _3b\"></span>nelle <span class=\"_ _3b\"></span>relazioni </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa2c\">finanziarie <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>merito <span class=\"_ _3d\"> </span>al <span class=\"_ _37\"> </span>\u201cdebito <span class=\"_ _3d\"> </span>Sovrano\u201d, <span class=\"_ _3d\"> </span>si <span class=\"_ _37\"> </span>precisa <span class=\"_ _3d\"> </span>che <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>31 <span class=\"_ _3d\"> </span>dicembre <span class=\"_ _3d\"> </span>2024 <span class=\"_ _3d\"> </span>sono <span class=\"_ _37\"> </span>presenti<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa2d\">esposizioni <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>governativi <span class=\"_ _1\"></span>verso <span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>Stato <span class=\"_ _1\"></span>Italia <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>8,2 <span class=\"_ _1\"></span>milioni <span class=\"_ _1\"></span>di e<span class=\"_ _1\"></span>uro, <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>circa <span class=\"_ _1\"></span>7,4 <span class=\"_ _1\"></span>milioni di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa2e\">euro <span class=\"_ _38\"></span>verso <span class=\"_ _38\"></span>altri <span class=\"_ _38\"></span>paesi. <span class=\"_ _1\"></span>Le <span class=\"_ _38\"></span>posizioni, <span class=\"_ _1\"></span>clas<span class=\"_ _1\"></span>sificate <span class=\"_ _38\"></span>contabilmente <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>trading, <span class=\"_ _1\"></span>hanno <span class=\"_ _38\"></span>come<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>oggetto <span class=\"_ _1\"></span>la </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa2f\">negoziazione verso la clientela istituzionale. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa30\">Si rimanda all<span class=\"_ _2\"></span>a sezione 3<span class=\"_ _2\"></span> della pr<span class=\"_ _2\"></span>esente nota per<span class=\"_ _2\"></span> i <span class=\"_ _2\"></span>titoli detenuti n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>l portafoglio <span class=\"_ _3b\"></span>\u201c<span class=\"_ _1\"></span>Attivit\u00e0 finanziarie<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa31\">valutate al fair value con impatto sulla re<span class=\"_ _1\"></span>dditivit\u00e0 complessiva\u201d.<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsa3c\">2.6 Altre <span class=\"_ _1\"></span>attivit\u00e0 finanziarie obbligato<span class=\"_ _1\"></span>riamente valutate <span class=\"_ _1\"></span>al fair value: compos<span class=\"_ _1\"></span>izione per debitor<span class=\"_ _1\"></span>i/emittenti </div><div class=\"gsa3d\"><table class=\"s w6e3 h1f9\" id=\"_d2e55143-e0a2-4263-b5bd-113467887583\"><tr><td></td><td></td><td></td><td class=\"t m2 x776 h12 y5598 ff4 fs7 fc4 sc3 ls0 ws0\">Totale <span class=\"_ _14e\"> </span>T<span class=\"_ _1\"></span>otale </td></tr><tr><td></td><td></td><td class=\"c n x731 y5599 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x732 y5599 w68d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y559a w6e4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">1. Titoli di capitale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x777 y559a w6e5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">214.317<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6f6 h12 y559b ff4 fs7 fc1 sc2 ls0 ws0\">179.507<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y559c w6e6 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">di cui: banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x778 y559c w6e7 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">29.625<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y559d ff4 fs7 fc1 sc0 ls0 ws0\">21.251<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5520 w6e8 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">di cui: altre societ\u00e0 finanz<span class=\"_ _3b\"></span>iarie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x779 y5520 w6e9 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">17.837<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67a h12 y559e ff4 fs7 fc1 sc0 ls0 ws0\">12.982<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y555a w6ea h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">di cui: societ\u00e0 non finanz<span class=\"_ _2\"></span>iarie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x77a y555a w6eb h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">166.855<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6f6 h12 y559f ff4 fs7 fc1 sc0 ls0 ws0\">145.274<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5524 w6ec h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x77b y5524 w6ed h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">615.751<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x666 h12 y55a0 ff4 fs7 fc1 sc2 ls0 ws0\">464.671<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55a1 w6ee h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche centrali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x77c y55a1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55a2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5528 w6b2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazioni pubb<span class=\"_ _3b\"></span>li<span class=\"_ _1\"></span>che<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x77d y5528 w4a2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">373.998<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x666 h12 y55a3 ff4 fs7 fc1 sc0 ls0 ws0\">321.559<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y552a w6b4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x77e y552a w6ef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">225.688<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y55a4 ff4 fs7 fc1 sc0 ls0 ws0\">124.618<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55a5 w6b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x77f y55a5 w6f0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e5 h12 y55a6 ff4 fs7 fc1 sc0 ls0 ws0\">3.673<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5454 w6b8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese di assicu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x73b y5454 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x780 h12 y55a7 ff4 fs7 fc1 sc0 ls0 ws0\">1.049<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55a8 w6b9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x781 y55a8 w6f1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _2\"></span>6.055<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y55a9 ff4 fs7 fc1 sc0 ls0 ws0\">14.821<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5531 w69e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">3. Quote di O.I.C.R.<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x782 y5531 w6f2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4.808.582<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x68a h12 y55aa ff4 fs7 fc1 sc2 ls0 ws0\">4.244.546<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y55ab w69f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x783 y55ab w6f3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">33.655<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y55ac ff4 fs7 fc1 sc2 ls0 ws0\">31.621<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5485 w6ee h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche centrali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x77c y5485 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55ad ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5486 w6b2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazioni pubb<span class=\"_ _3b\"></span>li<span class=\"_ _1\"></span>che<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x742 y5486 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55ae ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y54a9 w6b4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x743 y54a9 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55af ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55b0 w6b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x784 y55b0 w6f4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.006<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y55b1 ff4 fs7 fc1 sc0 ls0 ws0\">10.767<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y54ac w6b8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese di assicu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x785 y54ac w6f4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.006<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y55b2 ff4 fs7 fc1 sc0 ls0 ws0\">10.767<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5515 w6b9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x786 y5515 w6f5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18.541<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y55b3 ff4 fs7 fc1 sc0 ls0 ws0\">19.861<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y54b0 w6c1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">f) Famiglie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x787 y54b0 w6f6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.108<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x788 h12 y55b4 ff4 fs7 fc1 sc0 ls0 ws0\">993<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x6e7 h12 y55b5 ff4 fs7 fc1 sc2 ls0 ws0\">Totale </td><td class=\"t m2 x695 h12 y55b5 ff4 fs7 fc1 sc2 ls0 ws0\">5.672.305<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f8 h12 y55b5 ff4 fs7 fc1 sc2 ls0 ws0\">4.920.345<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa3e\">A seguito del fallimento dell\u2019SPPI test <span class=\"_ _1\"></span>nella presente categoria sono state riclassificate le quote di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa3f\">fondi comuni (OICR) e alcuni finanziamenti ver<span class=\"_ _1\"></span>so clientela. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa40\">Nel <span class=\"_ _3a\"> </span>portafoglio <span class=\"_ _3a\"> </span>\u201cAttivit\u00e0 <span class=\"_ _3a\"> </span>finanziarie <span class=\"_ _3a\"> </span>obbligatoriamente <span class=\"_ _3f\"> </span>valutate <span class=\"_ _3a\"> </span>al <span class=\"_ _3a\"> </span>fair <span class=\"_ _3a\"> </span>value\u201d, <span class=\"_ _3a\"> </span>interamente </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa41\">ascrivibile <span class=\"_ _35\"> </span>alle <span class=\"_ _35\"> </span>\u201cImprese<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>assicurazione\u201d, <span class=\"_ _35\"> </span>sono  p<span class=\"_ _2\"></span>resenti <span class=\"_ _35\"> </span>esposizioni <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>titoli <span class=\"_ _35\"> </span>governat<span class=\"_ _1\"></span>ivi <span class=\"_ _35\"> </span>verso </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa42\">l'Italia <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>278,32 <span class=\"_ _38\"></span>milioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>euro, <span class=\"_ _38\"></span>verso <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>Germania <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>55,32 <span class=\"_ _1\"></span>milioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>uro, <span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>so <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>Spagna <span class=\"_ _1\"></span>per </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa43\">14,23 <span class=\"_ _1\"></span>milioni <span class=\"_ _1\"></span>di e<span class=\"_ _1\"></span>uro, <span class=\"_ _1\"></span>verso <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>Francia per<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>15,02 <span class=\"_ _1\"></span>milioni <span class=\"_ _1\"></span>di e<span class=\"_ _1\"></span>uro, <span class=\"_ _1\"></span>verso <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>Stati <span class=\"_ _1\"></span>Uniti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>4,83 <span class=\"_ _1\"></span>milioni </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa44\">di euro, verso il Belgi<span class=\"_ _2\"></span>o per 2,01 m<span class=\"_ _2\"></span>ilioni di euro, verso la <span class=\"_ _3b\"></span>G<span class=\"_ _1\"></span>ran Bretagna p<span class=\"_ _2\"></span>er 1,64 milioni di <span class=\"_ _2\"></span>euro, verso </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa45\">l\u2019Austria per<span class=\"_ _1\"></span> 1,35 milioni di <span class=\"_ _1\"></span>euro, ver<span class=\"_ _1\"></span>so il P<span class=\"_ _1\"></span>ortogallo per 0<span class=\"_ _1\"></span>,75 milioni di e<span class=\"_ _1\"></span>uro, verso <span class=\"_ _1\"></span>l\u2019Irlanda per <span class=\"_ _1\"></span>0,52 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa46\">milioni di euro.<span class=\"_ _3a1\"> </span> </div>Sezione 5<span class=\"_ _1\"></span> - De<span class=\"_ _1\"></span>rivati di cope<span class=\"_ _1\"></span>rtura \u2013 V<span class=\"_ _1\"></span>oce 50 5.1 Derivati di <span class=\"_ _1\"></span>copertura: composizione <span class=\"_ _1\"></span>per tipologia di copert<span class=\"_ _1\"></span>ura e per livelli <table class=\"s w684 h208\" id=\"_46746b8b-eceb-403b-90a6-0685dbb4500d\"><tr><td></td><td></td><td></td><td class=\"t m2 x697 h12 y56af ff4 fs7 fc4 sc3 ls0 ws0\">FV<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e2 h12 y56af ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024 </td><td></td><td class=\"t m2 x991 h12 y56b0 ff4 fs7 fc4 sc3 ls0 ws0\">VN </td><td class=\"t m2 x70f h12 y56af ff4 fs7 fc4 sc3 ls0 ws0\">FV<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x992 h12 y56af ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023 </td><td></td><td class=\"t m2 x676 h12 y56b0 ff4 fs7 fc4 sc3 ls0 ws0\">VN </td></tr><tr><td></td><td></td><td class=\"c n x993 y56b1 w65f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x994 y56b1 w688 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x995 y56b1 w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td class=\"c x75d y56b2 w17c h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x6f3 y56b1 w7b5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1 <span class=\"_ _134\"> </span>L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x996 y56b1 w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td class=\"c x6eb y56b2 w17c h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y56b3 ff4 fs7 fc1 sc2 ls0 ws0\">A. Derivati finanziari </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x997 y56b4 w7b6 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1. Fair value<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x998 y56b4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x999 h12 y56b5 ff4 fs7 fc1 sc0 ls0 ws0\">427.235<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6af h12 y56b5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75d h12 y56b5 ff4 fs7 fc1 sc0 ls0 ws0\">21.024.740<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y56b5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a9 h12 y56b5 ff4 fs7 fc1 sc0 ls0 ws0\">568.146<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99b h12 y56b5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68a h12 y56b5 ff4 fs7 fc1 sc0 ls0 ws0\">17.532.717<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y5537 w7b7 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2. Flussi finanziari<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x998 y5537 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71d h12 y56b6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6af h12 y56b6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h12 y56b6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y56b6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b9 h12 y56b6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99b h12 y56b6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y56b6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y5539 w7b8 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Investimenti ester<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x99c y5539 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71d h12 y56b7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6af h12 y56b7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h12 y56b7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y56b7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b9 h12 y56b7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99b h12 y56b7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y56b7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y56b8 ff4 fs7 fc1 sc2 ls0 ws0\">B. Derivati creditizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x997 y56b9 w7b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Fair value<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x998 y56b9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71d h12 y56ba ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6af h12 y56ba ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h12 y56ba ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y56ba ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b9 h12 y56ba ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99b h12 y56ba ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y56ba ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y54b0 w7b7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Flussi finanziari<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x998 y54b0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71d h12 y56bb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6af h12 y56bb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h12 y56bb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y56bb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b9 h12 y56bb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99b h12 y56bb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y56bb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x99d h12 y56bc ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x99e h12 y56bc ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x999 h12 y56bc ff4 fs7 fc1 sc2 ls0 ws0\">427.235<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6af h12 y56bc ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75d h12 y56bc ff4 fs7 fc1 sc2 ls0 ws0\">21.024.740<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y56bc ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a9 h12 y56bc ff4 fs7 fc1 sc2 ls0 ws0\">568.146<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x910 h12 y56bc ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68a h12 y56bc ff4 fs7 fc1 sc2 ls0 ws0\">17.532.717<span class=\"_ _3a1\"> </span></td></tr></table>Legenda: VN = valore nozionale<span class=\"_ _3b\"></span> L1= Livello 1 L2= Livello 2 L3= Livello 3<span class=\"fs2\"> </span>5.2 Derivati di coper<span class=\"_ _1\"></span>tura: composiz<span class=\"_ _1\"></span>ione per portafogli coper<span class=\"_ _1\"></span>ti e per tipologia di co<span class=\"_ _1\"></span>pertura<span class=\"_ _3a1\"> </span><table class=\"s w7b9 h209\" id=\"_633ec18d-2ed4-411d-afb3-9a859b12deb5\"><tr><td></td><td></td><td></td><td class=\"t m2 x99f h12 y56bd ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td class=\"t m2 x9a0 h12 y56be ff4 fs7 fc4 sc3 ls0 ws0\">Flussi </td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x9a1 h12 y56bf ff4 fs7 fc4 sc3 ls0 ws0\">finanziari<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"t m2 x7c0 h12 y56c0 ff4 fs7 fc4 sc3 ls0 ws0\">Operazioni/Tipo di </td><td></td><td></td><td class=\"t m2 x9a2 h12 y56c1 ff4 fs7 fc4 sc3 ls0 ws0\">Specifica<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x9a3 h12 y56c0 ff4 fs7 fc4 sc3 ls0 ws0\">Investim. </td></tr><tr><td class=\"t m2 x901 h12 y56c2 ff4 fs7 fc4 sc3 ls0 ws0\">copertura<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x95d h12 y56c3 ff4 fs7 fc4 sc3 ls0 ws0\">titoli di </td><td class=\"t m2 x9a4 h12 y56c3 ff4 fs7 fc4 sc3 ls0 ws0\">titoli di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x891 h12 y56c2 ff4 fs7 fc4 sc3 ls0 ws0\">esteri<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x7ca h12 y56c4 ff4 fs7 fc4 sc3 ls0 ws0\">debito e </td><td class=\"t m2 x5c4 h12 y56c4 ff4 fs7 fc4 sc3 ls0 ws0\">capitale </td><td class=\"t m2 x9a5 h12 y56c4 ff4 fs7 fc4 sc3 ls0 ws0\">valute </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=\"t m2 x9a6 h12 y56c5 ff4 fs7 fc4 sc3 ls0 ws0\">credito<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x9a7 h12 y56c5 ff4 fs7 fc4 sc3 ls0 ws0\">merci<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93d h12 y56c5 ff4 fs7 fc4 sc3 ls0 ws0\">altri<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x937 h12 y56c6 ff4 fs7 fc4 sc3 ls0 ws0\">tassi di </td><td class=\"t m2 x9a4 h12 y56c6 ff4 fs7 fc4 sc3 ls0 ws0\">e indici </td><td class=\"t m2 x9a8 h12 y56c6 ff4 fs7 fc4 sc3 ls0 ws0\">e oro<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y56c7 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanziarie </td><td class=\"t m2 x7d6 h12 y56c8 ff4 fs7 fc4 sc3 ls0 ws0\">interesse<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x5c4 h12 y56c8 ff4 fs7 fc4 sc3 ls0 ws0\">azionari<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y56c9 ff4 fs7 fc1 sc0 ls0 ws0\">valutate al fair value co<span class=\"_ _2\"></span>n<span class=\"_ _3a1\"> </span></td><td class=\"c n x9a9 y56ca w7ba h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">204.291<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9aa y56ca w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9ab y56ca w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9ac y56ca w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9ad y56ca w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9ae y56ca w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9af y56ca w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9b0 y56ca w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9b1 y56ca w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9b2 y56ca w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y56cb ff4 fs7 fc1 sc0 ls0 ws0\">impatto sulla redditiv<span class=\"_ _2\"></span>it\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y56cc ff4 fs7 fc1 sc0 ls0 ws0\">complessiva </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y56cd ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 finanziarie </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y56ce ff4 fs7 fc1 sc0 ls0 ws0\">valutate al costo </td><td class=\"c n x9b3 y5623 w7bb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">39.912<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9b4 y5623 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9b5 y5623 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9b6 y5623 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9b7 y5623 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9b8 y5623 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9b9 y5623 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9ba y5623 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9bb y5623 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9bc y5623 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y56cf ff4 fs7 fc1 sc0 ls0 ws0\">ammortizzato </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y56d0 w7bc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Portafoglio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9bd y56d0 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9be y56d0 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9bf y56d0 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9c0 y56d0 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9c1 y56d0 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9c2 y56d0 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9c3 y56d0 w7bd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">22.387<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9c4 y56d0 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9c5 y56d0 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9c6 y56d0 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5678 w7be h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Altre operazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9c7 y5678 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9c8 y5678 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9c9 y5678 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9ca y5678 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9cb y5678 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9cc y5678 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9cd y5678 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9ce y5678 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9cf y5678 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9d0 y5678 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x9d1 h12 y56d1 ff4 fs7 fc1 sc2 ls0 ws0\">Totale attivit\u00e0<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ca h12 y56d1 ff4 fs7 fc1 sc2 ls0 ws0\">244.203<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dc h12 y56d1 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d2 h12 y56d1 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d3 h12 y56d1 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h12 y56d1 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d4 h12 y56d1 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d5 h12 y56d1 ff4 fs7 fc1 sc2 ls0 ws0\">22.387<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d6 h12 y56d1 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d7 h12 y56d1 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d8 h12 y56d1 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y56d2 w7bf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Passivit\u00e0 finanziarie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9d9 y56d2 w7c0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.217<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9da y56d2 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9db y56d2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9dc y56d2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9dd y56d2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9de y56d2 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9df y56d2 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9e0 y56d2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9e1 y56d2 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9e2 y56d2 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y56d3 w7c1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Portafoglio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9e3 y56d3 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9e4 y56d3 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9e5 y56d3 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9e6 y56d3 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9e7 y56d3 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9e8 y56d3 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9e9 y56d3 w6eb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">159.428<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9ea y56d3 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9eb y56d3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9ec y56d3 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x9ed h12 y56d4 ff4 fs7 fc1 sc2 ls0 ws0\">Totale passivit\u00e0<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93b h12 y56d4 ff4 fs7 fc1 sc2 ls0 ws0\">1.217<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dc h12 y56d4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d2 h12 y56d4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d3 h12 y56d4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h12 y56d4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d4 h12 y56d4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n x9ee y56d5 w6eb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">159.428<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9ef y56d5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x9d7 h12 y56d4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"c n x2d7 y56d6 w7c2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Transazioni attese<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9f0 y56d6 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9f1 y56d6 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9f2 y56d6 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9f3 y56d6 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9f4 y56d6 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9f5 y56d6 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9f6 y56d6 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9f7 y56d6 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9f8 y56d6 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9f9 y56d6 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y56d7 ff4 fs7 fc1 sc0 ls0 ws0\">2. Portafoglio di attivit<span class=\"_ _2\"></span>\u00e0 e </td><td></td><td class=\"c n x9fa y5670 w7c3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X <span class=\"_ _1c5\"> </span>X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9fb y5670 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9fc y5670 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9fd y5670 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9fe y5670 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9ff y5670 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa00 y5670 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa01 y56d9 w7c4 h20a\"><div class=\"t m2 x2b3 h12 y56d8 ff4 fs7 fc1 sc0 ls0 ws0\">- <span class=\"_ _182\"> </span>- </div></td><td></td></tr><tr><td class=\"t m2 x58e h12 y56da ff4 fs7 fc1 sc0 ls0 ws0\">passivit\u00e0 finanziarie<span class=\"_ _2\"></span> </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Gen<span class=\"_ _2\"></span>ericaSpe<span class=\"_ _2\"></span>cificaGen<span class=\"_ _2\"></span>ericaSi <span class=\"_ _1\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>adottata <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>met<span class=\"_ _1\"></span>odologia <span class=\"_ _1\"></span>contabile <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>Macro <span class=\"_ _38\"></span>Fair<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>Value <span class=\"_ _1\"></span>He<span class=\"_ _1\"></span>dge <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>copertur<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>rischio <span class=\"_ _1\"></span>di tasso della raccolta a vista della clientela. La <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>accolta <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>vista <span class=\"_ _0\"></span>dalla <span class=\"_ _35\"> </span>cli<span class=\"_ _2\"></span>entela <span class=\"_ _35\"> </span>rappresenta <span class=\"_ _0\"></span>un\u2019importante <span class=\"_ _35\"> </span>fonte <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>fund<span class=\"_ _2\"></span>ing <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>banca. <span class=\"_ _0\"></span>Una quota <span class=\"_ _36\"> </span>par<span class=\"_ _1\"></span>te <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>questa <span class=\"_ _36\"> </span>raccolta, <span class=\"_ _39\"> </span>seppur <span class=\"_ _36\"> </span>contrattualme<span class=\"_ _1\"></span>nte <span class=\"_ _36\"> </span>a <span class=\"_ _36\"> </span>vista, <span class=\"_ _39\"> </span>presenta <span class=\"_ _36\"> </span>per\u00f2 <span class=\"_ _39\"> </span>una <span class=\"_ _39\"> </span>fort<span class=\"_ _2\"></span>e persistenza <span class=\"_ _3a\"> </span>nel <span class=\"_ _3f\"> </span>tempo <span class=\"_ _3f\"> </span>ed <span class=\"_ _3a\"> </span>una <span class=\"_ _3f\"> </span>e<span class=\"_ _1\"></span>lasticit\u00e0 <span class=\"_ _3f\"> </span>imperfetta <span class=\"_ _3a\"> </span>alla <span class=\"_ _3f\"> </span>variazione <span class=\"_ _3a\"> </span>dei <span class=\"_ _3f\"> </span>tassi <span class=\"_ _3a\"> </span>di <span class=\"_ _3f\"> </span>mercato, rappresentata dal cosiddetto \u201ceffetto vischiosit\u00e0\u201d<span class=\"_ _1\"></span>. Questo effetto \u00e8 stato stimato mediante <span class=\"_ _1\"></span>un modello di analisi che consiste in due componenti: <span class=\"_ _3e\"> </span><span class=\"ff4\">la stima della <span class=\"_ _2\"></span>relazione dei <span class=\"_ _2\"></span>tassi delle pos<span class=\"_ _2\"></span>te a v<span class=\"_ _2\"></span>ista con i<span class=\"_ _3b\"></span> tassi di mercato i<span class=\"_ _2\"></span>n base ad <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>modello </span>econometrico; <span class=\"_ _3e\"> </span><span class=\"ff4\">la st<span class=\"_ _1\"></span>ima della persistenza dei volumi, attraverso la quale l\u2019ammontare delle poste a vista viene<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"><span class=\"_ _2\"></span> </span>trado<span class=\"_ _3a1\"> </span>tto in un portafoglio di poste a tasso fisso a scadenza.<span class=\"_ _3a1\"> </span> I derivati di copertura di questa tipologia present<span class=\"_ _1\"></span>ano un fair value positivo di 159.428 mila euro.<span class=\"_ _3a1\"> </span> Sono <span class=\"_ _0\"></span>presenti <span class=\"_ _38\"></span>coperture <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>micro <span class=\"_ _0\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _0\"></span>hedge <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>u <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>itoli <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>tasso <span class=\"_ _0\"></span>fisso <span class=\"_ _38\"></span>dete<span class=\"_ _1\"></span>nuti <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>portafoglio<span class=\"_ _3a1\"> </span> HTCS.<span class=\"_ _3a1\"> </span> I derivati di questa tipologia presentano <span class=\"_ _1\"></span>un fair value positivo di 204.291 mila euro.<span class=\"_ _3a1\"> </span> Sono <span class=\"_ _0\"></span>presenti <span class=\"_ _38\"></span>coperture <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>micro <span class=\"_ _0\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _0\"></span>hedge <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>u <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>itoli <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>tasso <span class=\"_ _0\"></span>fisso <span class=\"_ _38\"></span>dete<span class=\"_ _1\"></span>nuti <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>portafoglio<span class=\"_ _3a1\"> </span> HTC.<span class=\"_ _3a1\"> </span> I derivati di questa tipologia presentano <span class=\"_ _1\"></span>un fair value positivo di 39.912 mila euro.<span class=\"_ _3a1\"> </span> Sono presenti coperture di micro<span class=\"_ _1\"></span> fair value su tit<span class=\"_ _1\"></span>oli emessi a tasso fisso contabilizzati nel \"Titoli i<span class=\"_ _1\"></span>n<span class=\"_ _3a1\"> </span> circolazione\".<span class=\"_ _3a1\"> </span> I derivati di questa tipologia presentano <span class=\"_ _1\"></span>un fair value negativo di 1.217 mila euro.<span class=\"_ _3a1\"> </span> Si <span class=\"_ _38\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>dottata <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>metodologia <span class=\"_ _38\"></span>contabile <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>macro <span class=\"_ _38\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _38\"></span>hedge <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>copertura <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> tasso  associato  all\u2019erogazione  d<span class=\"_ _2\"></span>i  crediti  a  tasso  fisso  e<span class=\"_ _2\"></span>  a  tas<span class=\"_ _2\"></span>so  variabile  con  opzione <span class=\"_ _35\"> </span>\u201cCap\u201d.<span class=\"_ _3a1\"> </span> L\u2019applicazione <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>metodologia <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>he<span class=\"_ _1\"></span>dge <span class=\"_ _38\"></span>accounting <span class=\"_ _38\"></span>consente <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>appresentare <span class=\"_ _38\"></span>contabilmente<span class=\"_ _3a1\"> </span> gli  effetti  economici  delle <span class=\"_ _35\"> </span>strategie  di  copertura  attuate.  I  d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>rivati  di  copertura <span class=\"_ _35\"> </span>re<span class=\"_ _1\"></span>lativi  a  tal<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span> strategia presentano un fair value positivo di 22.387 <span class=\"_ _1\"></span>mila euro.<span class=\"_ _3a1\"> </span> Si <span class=\"_ _1\"></span>rimanda <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>Sezione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>Parte <span class=\"_ _38\"></span>E <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>nota <span class=\"_ _38\"></span>integrativa <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>des<span class=\"_ _1\"></span>crizione <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>modalit\u00e0 <span class=\"_ _38\"></span>della<span class=\"_ _3a1\"> </span> copertura.<span class=\"_ _3a1\"> </span> Sezione 2 \u2013 Passivit\u00e0 finanziarie di negoziazione \u2013 Voce 20 2.1 Passivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie di negoziaz<span class=\"_ _1\"></span>ione: composizione me<span class=\"_ _1\"></span>rceologica <table class=\"s w684 h23e\" id=\"_d259a1e0-4d45-4832-ab9d-6542f41c5faa\"><tr><td></td><td></td><td></td><td></td><td class=\"c n xfd5 y5b34 w6c5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n xfd6 y5b34 wa5d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c n xfd7 y5b35 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n xfd8 y5b35 w65e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td class=\"t m2 xfd9 h12 y5b36 ff4 fs7 fc4 sc3 ls0 ws0\">Tipologia operazioni/Valori </td><td class=\"t m2 xfda h12 y5b37 ff4 fs7 fc4 sc3 ls0 ws0\">VN </td><td></td><td></td><td class=\"t m2 x6a5 h12 y5b38 ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value </td><td></td><td class=\"t m2 x6af h12 y5b39 ff4 fs7 fc4 sc3 ls0 ws0\">Fair </td><td class=\"t m2 x699 h12 y5b37 ff4 fs7 fc4 sc3 ls0 ws0\">VN </td><td></td><td></td><td class=\"t m2 x749 h12 y5b38 ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value </td><td></td><td class=\"t m2 x75a h12 y5b39 ff4 fs7 fc4 sc3 ls0 ws0\">Fair </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x6cf h12 y5b3a ff4 fs7 fc4 sc3 ls0 ws0\">Value * </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x6f6 h12 y5b3a ff4 fs7 fc4 sc3 ls0 ws0\">Value * </td></tr><tr><td></td><td></td><td></td><td class=\"c n xfdb y5b3b w65f h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfdc y5b3b w660 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfdd y5b3b w6c7 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xfde y5b3b w65f h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfdf y5b3b w688 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfe0 y5b3b waa8 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x677 h12 y5b3c ff4 fs7 fc1 sc2 ls0 ws0\">A. Passivit\u00e0 per cassa </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 class=\"c n x70c y5b3d waa9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Debiti verso banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe1 y5b3d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xfe2 h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5b3f waaa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Debiti verso clientela<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe3 y5b3f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xfe2 h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5b41 waab h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe4 y5b41 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xfe2 h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">- </td></tr><tr><td class=\"c n xdcf y5b43 waac h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Obbligazioni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe5 y5b43 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xfe2 h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">- </td></tr><tr><td class=\"c n xfe6 y5b45 waad h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1.1 Strutturate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe7 y5b45 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b45 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe9 y5b45 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a5 h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"t m2 xfea h12 y5b47 ff4 fs7 fc1 sc0 ls0 ws0\">3.1.2 Altre </td><td></td><td class=\"t m2 x99d h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71a h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b49 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe9 y5b49 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a5 h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"t m2 xfea h12 y5b4a ff4 fs7 fc1 sc0 ls0 ws0\">obbligazioni  </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 class=\"c n xdcf y5b4b waae h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Altri titoli<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfeb y5b4b w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xfe2 h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">- </td></tr><tr><td class=\"c n xfe6 y5b4d waaf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2.1 Strutturati<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfec y5b4d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b4d w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe9 y5b4d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a5 h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c n xfe6 y5b4f wab0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2.2 Altri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfed y5b4f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b4f w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe9 y5b4f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a5 h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"t m2 x90e h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x99d h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71a h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xfe2 h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-</td></tr><tr><td class=\"t m2 x677 h12 y5b52 ff4 fs7 fc1 sc2 ls0 ws0\"> B. Strumenti derivati </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 class=\"c n x70c y5b53 wab1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Derivati finanziari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfee y5b53 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfef y5b53 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x7ae h12 y5b54 ff4 fs7 fc1 sc0 ls0 ws0\">14.463<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b54 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b54 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xff0 y5b53 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff1 y5b53 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 xff2 h12 y5b54 ff4 fs7 fc1 sc0 ls0 ws0\">27.211<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b54 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b54 ff4 fs7 fc1 sc0 ls0 ws0\">- </td></tr><tr><td class=\"c n xdcf y5b55 wab2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Di negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff3 y5b55 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff4 y5b55 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x7ae h12 y5b56 ff4 fs7 fc1 sc0 ls0 ws0\">14.463<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b56 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b55 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5b55 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5b55 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 xff2 h12 y5b56 ff4 fs7 fc1 sc0 ls0 ws0\">27.211<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b56 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b56 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c xdcf y5b57 wab3 h1e7\"><div class=\"t m2 x2b3 h12 y543a ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Connessi con la fai<span class=\"_ _2\"></span>r<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">value option<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff7 y5b58 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff8 y5b58 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90a h12 y5b59 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b59 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b58 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5b58 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5b58 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y5b59 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b59 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b59 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c n xdcf y5b5a wab4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff9 y5b5a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xffa y5b5a w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90a h12 y5b5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b5a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5b5a w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5b5a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y5b5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b5b ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c n x70c y5b5c wab5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Derivati creditiz<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xffb y5b5c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xffc y5b5c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90a h12 y5b5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xff0 y5b5c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff1 y5b5c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y5b5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b5d ff4 fs7 fc1 sc0 ls0 ws0\">- </td></tr><tr><td class=\"c n xdcf y5b5e wab6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Di negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xffd y5b5e wab7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xffe y5b5e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90a h12 y5b5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b5e w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5b5e w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5b5e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y5b5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b5f ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c xdcf y5a36 wab8 h225\"><div class=\"t m2 x2b3 h12 y5929 ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Connessi con la f<span class=\"_ _2\"></span>air<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">value option<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff7 y5b60 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff8 y5b60 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90a h12 y5b61 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b61 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b60 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5b60 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5b60 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y5b61 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b61 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b61 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c n xdcf y5515 wab9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfff y5515 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1000 y5515 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90a h12 y5b62 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b62 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5515 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5515 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5515 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y5b62 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b62 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b62 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"t m2 x1001 h12 y5b63 ff4 fs7 fc1 sc2 ls0 ws0\">Totale B<span class=\"_ _3a1\"> </span></td><td class=\"c n xff7 y5600 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff8 y5600 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-</div></td><td class=\"t m2 x7ae h12 y5b63 ff4 fs7 fc1 sc2 ls0 ws0\">14.463<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b63 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5600 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5600 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5600 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-</div></td><td class=\"t m2 x1002 h12 y5b63 ff4 fs7 fc1 sc2 ls0 ws0\">27.211<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b63 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b63 ff4 fs7 fc1 sc2 ls0 ws0\">X </td></tr><tr><td class=\"t m2 x1003 h12 y5b64 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B)<span class=\"_ _3a1\"> </span></td><td class=\"c n xff7 y54f9 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff8 y54f9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-</div></td><td class=\"t m2 x7ae h12 y5b64 ff4 fs7 fc1 sc2 ls0 ws0\">14.463<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b64 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y54f9 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y54f9 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y54f9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-</div></td><td class=\"t m2 x1002 h12 y5b64 ff4 fs7 fc1 sc2 ls0 ws0\">27.211<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b64 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b64 ff4 fs7 fc1 sc2 ls0 ws0\">X </td></tr></table>Legenda: VN = valore nominale <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> nozionale  L1 = Livello 1  L2 = Livello 2  L3 = Livello 3  Fair value*=Fair value calcolato esclude<span class=\"_ _2\"></span>ndo le variazioni di valore dovute al cambiamento del merito creditizio dell'emittente rispe<span class=\"_ _2\"></span>tto alla data di emiss<span class=\"_ _2\"></span>ione. 2.2 De<span class=\"_ _3a1\"> </span>ttaglio delle \u201cP<span class=\"_ _1\"></span>assivit\u00e0 finanziarie<span class=\"_ _1\"></span> di negoziazione\u201d: pass<span class=\"_ _1\"></span>ivit\u00e0 subordinate  2.3 Dett<span class=\"_ _1\"></span>aglio delle \u201cPassivit\u00e0 finanziarie<span class=\"_ _1\"></span> di negoziazione\u201d: debiti str<span class=\"_ _1\"></span>utturati Non <span class=\"_ _3d\"> </span>esistono, <span class=\"_ _37\"> </span>alla <span class=\"_ _3d\"> </span>data <span class=\"_ _37\"> </span>del <span class=\"_ _3d\"> </span>bilancio, <span class=\"_ _3d\"> </span>n\u00e9 <span class=\"_ _37\"> </span>al <span class=\"_ _3d\"> </span>31 <span class=\"_ _37\"> </span>dicembre <span class=\"_ _3d\"> </span>20<span class=\"_ _1\"></span>23, <span class=\"_ _3d\"> </span>passivit\u00e0 <span class=\"_ _3d\"> </span>subordinate <span class=\"_ _37\"> </span>e <span class=\"_ _3d\"> </span>debiti strutturati.<span class=\"_ _3a1\"> </span>Sezione 4 \u2013 Derivati di copertura \u2013 Voce 40 4.1 Derivati d<span class=\"_ _1\"></span>i copertura: composizione<span class=\"_ _1\"></span> per tipologia di copert<span class=\"_ _1\"></span>ura e per livelli <table class=\"s wae7 h242\" id=\"_a53f39a5-953e-405b-8222-dbc7e70427ce\"><tr><td></td><td></td><td class=\"c n x10a5 y5b9f wae8 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Fair value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10a6 y5b9f wae9 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10a7 y5b9f waea h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">VN<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10a8 y5b9f waeb h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">F<span class=\"_ _1\"></span>air value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10a9 y5b9f w65e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10aa y5b9f waea h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">VN<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x10ab y5ba0 w65f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10ac y5ba0 w660 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10ad y5ba0 w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10ae y5ba0 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10af y5ba0 w65f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10b0 y5ba0 w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10b1 y5ba0 w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10b2 y5ba0 w65e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5ba1 waec h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A. Derivati finanziari<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10b3 y5ba1 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">-</div></td><td class=\"t m2 x6bb h12 y5ba2 ff4 fs7 fc1 sc2 ls0 ws0\">731.778<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd98 h12 y5ba2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68b h12 y5ba2 ff4 fs7 fc1 sc2 ls0 ws0\">16.643.908<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y5ba2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x664 h12 y5ba2 ff4 fs7 fc1 sc2 ls0 ws0\">911.207<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99b h12 y5ba2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f8 h12 y5ba2 ff4 fs7 fc1 sc2 ls0 ws0\">15.773.106<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5ba3 waed h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1) Fair value<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10b4 y5ba3 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x10b5 h12 y5ba4 ff4 fs7 fc1 sc0 ls0 ws0\">696.196<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd98 h12 y5ba4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ed h12 y5ba4 ff4 fs7 fc1 sc0 ls0 ws0\">15.719.504<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y5ba4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y5ba4 ff4 fs7 fc1 sc0 ls0 ws0\">852.218<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b6 h12 y5ba4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f8 h12 y5ba4 ff4 fs7 fc1 sc0 ls0 ws0\">14.705.614<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5ba5 waee h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2) Flussi finanziari<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10b7 y5ba5 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x1039 h12 y5ba6 ff4 fs7 fc1 sc0 ls0 ws0\">35.582<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd98 h12 y5ba6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6cf h12 y5ba6 ff4 fs7 fc1 sc0 ls0 ws0\">924.404<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y5ba6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x695 h12 y5ba6 ff4 fs7 fc1 sc0 ls0 ws0\">58.989<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b6 h12 y5ba6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69c h12 y5ba6 ff4 fs7 fc1 sc0 ls0 ws0\">1.067.492<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5ba7 waef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3) Investimenti esteri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10b8 y5ba7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x99e h12 y5ba8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd98 h12 y5ba8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fb h12 y5ba8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y5ba8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b9 h12 y5ba8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b6 h12 y5ba8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5ba8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ba9 waf0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">B. Derivati creditizi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10ba y5ba9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x99e h12 y5baa ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd98 h12 y5baa ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fb h12 y5baa ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y5baa ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b9 h12 y5baa ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99b h12 y5baa ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5baa ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5bab waed h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1) Fair value<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10b4 y5bab w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x99e h12 y5bac ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd98 h12 y5bac ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fb h12 y5bac ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y5bac ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b9 h12 y5bac ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b6 h12 y5bac ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5bac ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5bad waee h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2) Flussi finanziari<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10b7 y5bad w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x99e h12 y5bae ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd98 h12 y5bae ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fb h12 y5bae ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y5bae ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b9 h12 y5bae ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b6 h12 y5bae ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5bae ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x10bb h12 y5baf ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x909 h12 y5baf ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6bb h12 y5baf ff4 fs7 fc1 sc2 ls0 ws0\">731.778<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd98 h12 y5baf ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68b h12 y5baf ff4 fs7 fc1 sc2 ls0 ws0\">16.643.908<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b5 h12 y5baf ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x664 h12 y5baf ff4 fs7 fc1 sc2 ls0 ws0\">911.207<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99b h12 y5baf ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f8 h12 y5baf ff4 fs7 fc1 sc2 ls0 ws0\">15.773.106<span class=\"_ _3a1\"> </span></td></tr></table>Legenda: VN= Valore nominale o nozionale L1= Livello 1 L2= Livello 2 L3= Livello 3 4.2 Derivati di coper<span class=\"_ _1\"></span>tura: composiz<span class=\"_ _1\"></span>ione per portafo<span class=\"_ _1\"></span>gli coperti e per tipolo<span class=\"_ _1\"></span>gie di copertura <table class=\"s wad9 h241\" id=\"_4c017e60-7627-49f6-8e3d-e423de3fa652\"><tr><td></td><td></td><td></td><td></td><td class=\"c n x1037 y5b81 wada h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n x1038 y5b81 wadb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Flussi finanziari<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x1039 h12 y5b82 ff4 fs7 fc4 sc3 ls0 ws0\">Specifica </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x103a h12 y5b83 ff4 fs7 fc4 sc3 ls0 ws0\">Operazioni/Tipo di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x7ab h12 y5b83 ff4 fs7 fc4 sc3 ls0 ws0\">Investim. </td></tr><tr><td class=\"t m2 x103b h12 y5b84 ff4 fs7 fc4 sc3 ls0 ws0\">copertura </td><td class=\"t m2 x103c h12 y5b85 ff4 fs7 fc4 sc3 ls0 ws0\">titoli di </td><td class=\"t m2 xfcc h12 y5b85 ff4 fs7 fc4 sc3 ls0 ws0\">titoli di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x6f6 h12 y5b84 ff4 fs7 fc4 sc3 ls0 ws0\">esteri </td></tr><tr><td></td><td class=\"t m2 x103d h12 y5b86 ff4 fs7 fc4 sc3 ls0 ws0\">debito e </td><td class=\"t m2 x696 h12 y5b86 ff4 fs7 fc4 sc3 ls0 ws0\">capitale </td><td class=\"t m2 x103e h12 y5b86 ff4 fs7 fc4 sc3 ls0 ws0\">valute e </td><td class=\"c n x103f y5b87 wadc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">credito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1040 y5b87 w9c2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">merci<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1041 y5b87 wadd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">altri<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x1042 h12 y5b88 ff4 fs7 fc4 sc3 ls0 ws0\">tassi di </td><td class=\"t m2 xfcc h12 y5b88 ff4 fs7 fc4 sc3 ls0 ws0\">e indici </td><td class=\"t m2 x990 h12 y5b88 ff4 fs7 fc4 sc3 ls0 ws0\">oro </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x1043 h12 y5b89 ff4 fs7 fc4 sc3 ls0 ws0\">interesse<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x696 h12 y5b89 ff4 fs7 fc4 sc3 ls0 ws0\">azionari<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y5b8a ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanziarie </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y5b8b ff4 fs7 fc1 sc0 ls0 ws0\">valutate al fair value co<span class=\"_ _2\"></span>n<span class=\"_ _3a1\"> </span></td><td class=\"c n x1044 y5b8c wade h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">41.192<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1045 y5b8c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1046 y5b8c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1047 y5b8c w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1048 y5b8c w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1049 y5b8c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x104a y5b8c w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x104b y5b8c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x104c y5b8c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x104d y5b8c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y5b8d ff4 fs7 fc1 sc0 ls0 ws0\">impatto sulla redditiv<span class=\"_ _2\"></span>it\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y5b8e ff4 fs7 fc1 sc0 ls0 ws0\">complessiva </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y5b8f ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 finanziarie </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y5b90 ff4 fs7 fc1 sc0 ls0 ws0\">valutate al costo </td><td class=\"c n x104e y5b91 wadf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">293.917<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x104f y5b91 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1050 y5b91 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1051 y5b91 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1052 y5b91 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1053 y5b91 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1054 y5b91 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1055 y5b91 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1056 y5b91 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1057 y5b91 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y5b92 ff4 fs7 fc1 sc0 ls0 ws0\">ammortizzato </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5a65 w7bc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Portafoglio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1058 y5a65 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1059 y5a65 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x105a y5a65 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x105b y5a65 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x105c y5a65 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x105d y5a65 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x105e y5a65 w42c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">133.540<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x105f y5a65 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1060 y5a65 wae0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">35.582<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1061 y5a65 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b93 w7be h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Altre operazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1062 y5b93 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1063 y5b93 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1064 y5b93 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1065 y5b93 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1066 y5b93 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1067 y5b93 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1068 y5b93 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1069 y5b93 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x106a y5b93 wae1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x106b y5b93 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xf97 h12 y5b94 ff4 fs7 fc1 sc2 ls0 ws0\">Totale attivit\u00e0 </td><td class=\"c n x104e y5b95 wae2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">335.109<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x106c y5b95 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x106d y5b95 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x106e y5b95 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x106f y5b95 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1070 y5b95 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1071 y5b95 w42c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">133.540<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1072 y5b95 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1073 y5b95 wae0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">35.582<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1074 y5b95 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b96 w7bf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Passivit\u00e0 finanziarie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1075 y5b96 wae3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">143.562<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1076 y5b96 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1077 y5b96 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1078 y5b96 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1079 y5b96 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x107a y5b96 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x107b y5b96 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x107c y5b96 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x107d y5b96 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x107e y5b96 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b97 w7c1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Portafoglio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x107f y5b97 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1080 y5b97 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1081 y5b97 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1082 y5b97 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1083 y5b97 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1084 y5b97 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1085 y5b97 wae4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">83.985<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1086 y5b97 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1087 y5b97 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1088 y5b97 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1089 h12 y5b98 ff4 fs7 fc1 sc2 ls0 ws0\">Totale passivit\u00e0 </td><td class=\"c n x104e y5b99 w433 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">143.562<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x108a y5b99 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x108b y5b99 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x108c y5b99 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x108d y5b99 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x108e y5b99 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x108f y5b99 wae4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">83.985<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1090 y5b99 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1091 y5b99 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1092 y5b99 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b9a w7c2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Transazioni attese<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1093 y5b9a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1094 y5b9a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1095 y5b9a w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1096 y5b9a w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1097 y5b9a w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1098 y5b9a w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1099 y5b9a w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x109a y5b9a w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x109b y5b9a w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x109c y5b9a w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x677 y5b9b w1ab h11\"><div class=\"t m2 x0 h12 y852 ff4 fs7 fc1 sc0 ls0 ws0\">2. Portafoglio di attivit<span class=\"_ _2\"></span>\u00e0<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x109d y5b9c wae5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X <span class=\"_ _90\"> </span>X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x109e y5b9c w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x109f y5b9c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10a0 y5b9c w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10a1 y5b9c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10a2 y5b9c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10a3 y5b9c w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10a4 y5b9d wae6 h20a\"><div class=\"t m2 x2b3 h12 y56d8 ff4 fs7 fc1 sc0 ls0 ws0\">- <span class=\"_ _14f\"> </span>- </div></td><td></td></tr><tr><td class=\"t m2 x677 h12 y5b9e ff4 fs7 fc1 sc0 ls0 ws0\">e passivit\u00e0 finanziarie </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Gen<span class=\"_ _2\"></span>erica<span class=\"_ _3b\"></span> Spe<span class=\"_ _2\"></span>cifica<span class=\"_ _3b\"></span> Gen<span class=\"_ _2\"></span>erica<span class=\"_ _3b\"></span> Si <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>adottata <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>met<span class=\"_ _1\"></span>odologia <span class=\"_ _38\"></span>contabile <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>Macro <span class=\"_ _38\"></span>Fair <span class=\"_ _38\"></span>Value <span class=\"_ _0\"></span>H<span class=\"_ _2\"></span>edge <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>copertura <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _1\"></span>di tasso della raccolta a vista della clientela. La <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>accolta <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>vista <span class=\"_ _0\"></span>dalla <span class=\"_ _35\"> </span>clientela <span class=\"_ _0\"></span>rappresenta <span class=\"_ _35\"> </span>un\u2019i<span class=\"_ _2\"></span>mportante <span class=\"_ _35\"> </span>fonte <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>fund<span class=\"_ _2\"></span>ing <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>banca. <span class=\"_ _0\"></span>Una quota <span class=\"_ _36\"> </span>par<span class=\"_ _1\"></span>te <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>questa <span class=\"_ _36\"> </span>raccolta, <span class=\"_ _39\"> </span>seppur <span class=\"_ _36\"> </span>contrattualme<span class=\"_ _1\"></span>nte <span class=\"_ _36\"> </span>a <span class=\"_ _39\"> </span>vista, <span class=\"_ _36\"> </span>presenta <span class=\"_ _39\"> </span>per\u00f2 <span class=\"_ _36\"> </span>una <span class=\"_ _39\"> </span>forte persistenza <span class=\"_ _3a\"> </span>nel <span class=\"_ _3f\"> </span>tempo <span class=\"_ _3a\"> </span>ed <span class=\"_ _3f\"> </span>una <span class=\"_ _3f\"> </span>e<span class=\"_ _1\"></span>lasticit\u00e0 <span class=\"_ _3f\"> </span>imperfetta <span class=\"_ _3a\"> </span>alla <span class=\"_ _3f\"> </span>variazione <span class=\"_ _3a\"> </span>dei <span class=\"_ _3f\"> </span>tassi <span class=\"_ _3a\"> </span>di <span class=\"_ _3f\"> </span>mercato, rappresentata dal cosiddetto \u201ceffetto vischiosit\u00e0\u201d<span class=\"_ _1\"></span>. Questo effetto \u00e8 stato stimato mediante <span class=\"_ _1\"></span>un modello di analisi che consiste in due componenti: <span class=\"_ _95\"> </span><span class=\"ff4\">la <span class=\"_ _0\"></span>stima <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>relazione <span class=\"_ _0\"></span>dei <span class=\"_ _35\"> </span>tassi <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>poste <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>vista <span class=\"_ _35\"> </span>con <span class=\"_ _0\"> </span>i <span class=\"_ _35\"> </span>tassi <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>mercato <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>base <span class=\"_ _35\"> </span>ad <span class=\"_ _35\"> </span>un<span class=\"_ _3b\"></span> </span>modello econometrico;<span class=\"_ _3a1\"> </span> CIO CONSOLIDAT<span class=\"_ _2\"></span>O \u2013 NOTA INTEGRA<span class=\"_ _2\"></span>TIVA<span class=\"_ _3a1\"> </span><span class=\"_ _95\"> </span><span class=\"ff4\">la <span class=\"_ _0\"></span>stima <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>persistenza <span class=\"_ _0\"></span>dei <span class=\"_ _35\"> </span>volumi<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>att<span class=\"_ _1\"></span>raverso <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>quale <span class=\"_ _0\"></span>l\u2019ammontare <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>poste <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>vista<span class=\"_ _3a1\"> </span></span>viene tradotto in un portafoglio di poste a tasso fisso a scadenza.<span class=\"_ _3a1\"> </span>I derivati di copertura di questa tipologia present<span class=\"_ _1\"></span>ano un fair value negativo di 83.985 mila euro.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _0\"></span>presenti <span class=\"_ _38\"></span>coperture <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>micro<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _0\"></span>hedge <span class=\"_ _38\"></span>su <span class=\"_ _0\"></span>titoli <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>fisso <span class=\"_ _38\"></span>detenuti <span class=\"_ _0\"></span>nel <span class=\"_ _38\"></span>portafoglio<span class=\"_ _3a1\"> </span>HTCS.<span class=\"_ _3a1\"> </span>I derivati di questa tipologia presentano <span class=\"_ _1\"></span>un fair value negativo di 41.192 mila euro.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _0\"></span>presenti <span class=\"_ _38\"></span>coperture <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>micro<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _0\"></span>hedge <span class=\"_ _38\"></span>su <span class=\"_ _0\"></span>titoli <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>fisso <span class=\"_ _38\"></span>detenuti <span class=\"_ _0\"></span>nel <span class=\"_ _38\"></span>portafoglio<span class=\"_ _3a1\"> </span>HTC.<span class=\"_ _3a1\"> </span>I derivati di questa tipologia presentano <span class=\"_ _1\"></span>un fair value negativo di 293.917 mila euro.<span class=\"_ _3a1\"> </span>Si <span class=\"_ _38\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>dottata <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>metodologia <span class=\"_ _38\"></span>contabile <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>macro <span class=\"_ _0\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _0\"></span>hedg<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>copertura <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>ri<span class=\"_ _2\"></span>schio <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>tasso  associato  all\u2019er<span class=\"_ _1\"></span>ogazione  di  mutui  a  ta<span class=\"_ _1\"></span>sso  fisso  e  a  t<span class=\"_ _1\"></span>asso  variabile  con  o<span class=\"_ _1\"></span>pzione  \u201cCap\u201d.<span class=\"_ _3a1\"> </span>L\u2019applicazione <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>metodologia <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>he<span class=\"_ _1\"></span>dge <span class=\"_ _38\"></span>accounting <span class=\"_ _38\"></span>conse<span class=\"_ _1\"></span>nte <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>rappresentare <span class=\"_ _38\"></span>contabilmente<span class=\"_ _3a1\"> </span>gli  effetti  economici  delle <span class=\"_ _35\"> </span>strategie  di  copertura  attuate.  I  de<span class=\"_ _2\"></span>rivati  di  copertura  relativi <span class=\"_ _35\"> </span>a  tale<span class=\"_ _3a1\"> </span>strategia presentano un fair value negativo di 133.540 mila euro.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _38\"></span>presenti <span class=\"_ _38\"></span>coperture <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>micro<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _1\"></span>he<span class=\"_ _1\"></span>dge <span class=\"_ _1\"></span>su <span class=\"_ _38\"></span>titoli <span class=\"_ _38\"></span>emessi <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>tasso <span class=\"_ _38\"></span>fisso <span class=\"_ _38\"></span>contabilizzati <span class=\"_ _38\"></span>nei<span class=\"_ _3a1\"> </span>\u201ctitoli in circolazione\u201d.<span class=\"_ _3a1\"> </span>I derivati di questa tipologia presentano <span class=\"_ _1\"></span>un fair value negativo di 133.540 mila euro.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _35\"> </span>presenti <span class=\"_ _35\"> </span>coperture <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>macro <span class=\"_ _35\"> </span>cash <span class=\"_ _35\"> </span>flow <span class=\"_ _35\"> </span>hedge <span class=\"_ _35\"> </span>su <span class=\"_ _0\"></span>erogazione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>mutui <span class=\"_ _0\"> </span>a <span class=\"_ _35\"> </span>tasso <span class=\"_ _35\"> </span>variabile. <span class=\"_ _35\"> </span>I<span class=\"_ _3a1\"> </span>derivati di copertura di questa tipologia presentano un fair <span class=\"_ _1\"></span>value negativo di 35.582 mila euro.<span class=\"_ _3a1\"> </span>Si <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>imanda <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>Sezione<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>arte <span class=\"_ _38\"></span>E <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>note <span class=\"_ _38\"></span>illustrative <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>descrizione <span class=\"_ _38\"></span>delle<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>modalit\u00e0 <span class=\"_ _38\"></span>della<span class=\"_ _3a1\"> </span>copertura.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-3": {
   "value": "3.1 Attivit\u00e0 finanzi<span class=\"_ _1\"></span>arie valutate al fair <span class=\"_ _1\"></span>value con impatto<span class=\"_ _1\"></span> sulla redditivit\u00e0 complessiva<span class=\"_ _1\"></span>: composizione merceo<span class=\"_ _1\"></span>logica<table class=\"s w684 h1fa\" id=\"_9c7f8351-bc7e-47d6-a42c-1b7f06ff8fe1\"><tr><td></td><td></td><td></td><td class=\"c n x6fe y55b6 w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x6ff y55b6 w696 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x700 h12 y55b7 ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Valori </td><td></td><td></td><td class=\"c n x701 y55b8 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x702 y55b8 w68d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c n x703 y55b9 w65f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x704 y55b9 w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x705 y55b9 w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x706 y55b9 w697 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x707 y55b9 w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x708 y55b9 w698 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L<span class=\"_ _2\"></span>3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y55ba ff4 fs7 fc1 sc2 ls0 ws0\">1. Titoli di debito </td><td></td><td class=\"t m2 x75c h12 y55bb ff4 fs7 fc1 sc0 ls0 ws0\">9.392.797<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x789 h12 y55bb ff4 fs7 fc1 sc0 ls0 ws0\">56.271<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y55bb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x78a h12 y55bb ff4 fs7 fc1 sc0 ls0 ws0\">8.866.480<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y55bb ff4 fs7 fc1 sc0 ls0 ws0\">54.032<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y55bb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y55bc w69a h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli strutturati<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x78b y55bc w6f7 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">833.390<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6a7 h12 y55bd ff4 fs7 fc1 sc0 ls0 ws0\">1.964<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y55bd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x78c h12 y55bd ff4 fs7 fc1 sc0 ls0 ws0\">943.633<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74f h12 y55bd ff4 fs7 fc1 sc0 ls0 ws0\">2.406<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y55bd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y55be w69b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Altri titoli di debit<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x78d y55be w6f8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.559.407<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x757 h12 y55bf ff4 fs7 fc1 sc0 ls0 ws0\">54.307<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y55bf ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x759 h12 y55bf ff4 fs7 fc1 sc0 ls0 ws0\">7.922.847<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y55bf ff4 fs7 fc1 sc0 ls0 ws0\">51.626<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y55bf ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y55c0 ff4 fs7 fc1 sc2 ls0 ws0\">2. Titoli di capitale </td><td></td><td class=\"t m2 x78e h12 y55c1 ff4 fs7 fc1 sc0 ls0 ws0\">11.158<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a7 h12 y55c1 ff4 fs7 fc1 sc0 ls0 ws0\">1.497<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x78f h12 y55c1 ff4 fs7 fc1 sc0 ls0 ws0\">30.118<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f2 h12 y55c1 ff4 fs7 fc1 sc0 ls0 ws0\">7.560<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x755 h12 y55c1 ff4 fs7 fc1 sc0 ls0 ws0\">2.213<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y55c1 ff4 fs7 fc1 sc0 ls0 ws0\">31.835<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y55c2 ff4 fs7 fc1 sc2 ls0 ws0\">3. Finanziamenti </td><td></td><td class=\"t m2 x71b h12 y55c3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y55c3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y55c3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y55c3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y55c3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y55c3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x75b h12 y55c4 ff4 fs7 fc1 sc2 ls0 ws0\">Totale </td><td class=\"t m2 x790 h12 y55c4 ff4 fs7 fc1 sc2 ls0 ws0\">9.403.955<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71d h12 y55c4 ff4 fs7 fc1 sc2 ls0 ws0\">57.768<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c5 h12 y55c4 ff4 fs7 fc1 sc2 ls0 ws0\">30.118<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x78a h12 y55c4 ff4 fs7 fc1 sc2 ls0 ws0\">8.874.040<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a2 h12 y55c4 ff4 fs7 fc1 sc2 ls0 ws0\">56.245<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y55c4 ff4 fs7 fc1 sc2 ls0 ws0\">31.835<span class=\"_ _3a1\"> </span></td></tr></table>Legenda:<span class=\"_ _3a1\"> </span>L1= Livello 1<span class=\"_ _3a1\"> </span>L2= Livello 2<span class=\"_ _3a1\"> </span>L3= Livello 3<span class=\"_ _3a1\"> </span>3.2 Attivit\u00e0 finan<span class=\"_ _1\"></span>ziarie valutate al fa<span class=\"_ _1\"></span>ir value con impatto <span class=\"_ _1\"></span>sulla redditivit\u00e0 comples<span class=\"_ _1\"></span>siva: composizione per<span class=\"_ _3a1\"> </span>debitori/emitt<span class=\"_ _1\"></span>enti<table class=\"s w6f9 h1fb\" id=\"_29834b32-eb58-4879-b25e-3921c1739710\"><tr><td></td><td class=\"t m2 x72e h12 y55c5 ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Valori </td><td></td><td class=\"c n x72f y55c6 w696 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x730 y55c6 w6af h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">T<span class=\"_ _1\"></span>otale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"c n x731 y55c7 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x732 y55c7 w68d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y55c8 w699 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x791 y55c8 w6fa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">9.<span class=\"_ _2\"></span>449.068<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fd h12 y55c9 ff4 fs7 fc1 sc2 ls0 ws0\">8.920.512<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55ca w6ee h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche centrali<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x77c y55ca w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55cb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55cc w6b2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazioni pubb<span class=\"_ _3b\"></span>li<span class=\"_ _1\"></span>che<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x792 y55cc w6fb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.810.557<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fd h12 y55cd ff4 fs7 fc1 sc0 ls0 ws0\">6.372.557<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55ce w6b4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x793 y55ce w6fc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.<span class=\"_ _2\"></span>774.893<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fd h12 y55cf ff4 fs7 fc1 sc0 ls0 ws0\">1.483.700<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55d0 w6b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x794 y55d0 w6fd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">374.095<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x795 h12 y55d1 ff4 fs7 fc1 sc0 ls0 ws0\">444.268<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y55d2 w6b8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese di assicu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x796 y55d2 w6fe h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.221<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x780 h12 y55d3 ff4 fs7 fc1 sc0 ls0 ws0\">5.188<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55d4 w6b9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x797 y55d4 w6ff h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">489.523<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x666 h12 y55d5 ff4 fs7 fc1 sc0 ls0 ws0\">619.987<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y55d6 w69d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2. Titoli di capitale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x798 y55d6 w700 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">42.773<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67a h12 y55d7 ff4 fs7 fc1 sc2 ls0 ws0\">41.608<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55d8 w6bb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x799 y55d8 w701 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">22.634<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x676 h12 y55d9 ff4 fs7 fc1 sc0 ls0 ws0\">22.638<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55da w702 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Altri emittenti:<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x79a y55da w703 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">20.139<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67a h12 y55db ff4 fs7 fc1 sc0 ls0 ws0\">18.970<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y55dc w704 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- altre societ\u00e0 finanz<span class=\"_ _2\"></span>iarie<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x79b y55dc w705 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18.197<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67a h12 y55dd ff4 fs7 fc1 sc0 ls0 ws0\">16.583<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x79c y55de w6b8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese di assicu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x79d y55de w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55df ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y55e0 w706 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- societ\u00e0 non finanz<span class=\"_ _2\"></span>iarie<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x79e y55e0 w707 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.682<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x738 h12 y55e1 ff4 fs7 fc1 sc0 ls0 ws0\">2.179<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y55e2 w708 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- altri<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x79f y55e2 w709 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">260<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x788 h12 y55e3 ff4 fs7 fc1 sc0 ls0 ws0\">208<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y55e4 w70a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">3. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x7a0 y55e4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55e5 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55e6 w6ee h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche centrali<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x77c y55e6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55e7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55e8 w6b2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazioni pubb<span class=\"_ _3b\"></span>li<span class=\"_ _1\"></span>che<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x742 y55e8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55e9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55ea w6b4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x743 y55ea w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55eb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55ec w6b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x735 y55ec w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55ed ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y55ee w6b8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese di assicu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x73b y55ee w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55ef ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55f0 w6b9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x744 y55f0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55f1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55f2 w6c1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">f) Famiglie<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x745 y55f2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y55f3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td class=\"t m2 x6e7 h12 y55f4 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y55f4 ff4 fs7 fc1 sc2 ls0 ws0\">9.491.841<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fd h12 y55f4 ff4 fs7 fc1 sc2 ls0 ws0\">8.962.120<span class=\"_ _3a1\"> </span></td></tr></table>In <span class=\"_ _0\"></span>confor<span class=\"_ _1\"></span>mit\u00e0 <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>quanto <span class=\"_ _35\"> </span>disposto <span class=\"_ _0\"></span>dal <span class=\"_ _35\"> </span>princi<span class=\"_ _2\"></span>pio <span class=\"_ _0\"> </span>cont<span class=\"_ _1\"></span>abile <span class=\"_ _35\"> </span>IFRS<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>7 <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>tenuto <span class=\"_ _0\"></span>conto <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>indicazioni<span class=\"_ _3a1\"> </span>contenute <span class=\"_ _37\"> </span>nella <span class=\"_ _37\"> </span>Comunicazione <span class=\"_ _37\"> </span>Consob <span class=\"_ _37\"> </span>n. <span class=\"_ _3d\"> </span>D<span class=\"_ _1\"></span>EM/11070007 <span class=\"_ _3d\"> </span>del <span class=\"_ _37\"> </span>5 <span class=\"_ _37\"> </span>agosto <span class=\"_ _37\"> </span>2011 <span class=\"_ _37\"> </span>(che <span class=\"_ _37\"> </span>riprende <span class=\"_ _3d\"> </span>il<span class=\"_ _3a1\"> </span>documento <span class=\"_ _3b\"></span>ESMA <span class=\"_ _3b\"></span>N<span class=\"_ _1\"></span>. <span class=\"_ _3b\"></span>2011/266 <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>28 <span class=\"_ _3b\"></span>luglio <span class=\"_ _3b\"></span>2011) <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>mate<span class=\"_ _1\"></span>ria di <span class=\"_ _3b\"></span>informazioni <span class=\"_ _3b\"></span>da rendere <span class=\"_ _3b\"></span>nelle <span class=\"_ _3b\"></span>relazioni<span class=\"_ _3a1\"> </span>finanziarie in mer<span class=\"_ _1\"></span>ito al \u201cdebito Sovrano\u201d, si precisa:<span class=\"_ _3a1\"> </span>Nel portafoglio <span class=\"_ _3b\"></span>\u201c<span class=\"_ _1\"></span>Attivit\u00e0 f<span class=\"_ _2\"></span>inanziarie valu<span class=\"_ _2\"></span>tate al fair<span class=\"_ _2\"></span> val<span class=\"_ _2\"></span>ue con <span class=\"_ _3b\"></span>impatt<span class=\"_ _1\"></span>o sulla <span class=\"_ _3b\"></span>redditivit\u00e0 complessiva\u201d,<span class=\"_ _3a1\"> </span>relativo <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>Gruppo <span class=\"_ _0\"></span>bancario, <span class=\"_ _0\"></span>sono <span class=\"_ _35\"> </span>presenti <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>governativi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>steri <span class=\"_ _0\"></span>(Spagna) <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>309,4 <span class=\"_ _0\"></span>milioni <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>euro, (Belgio) per 419,6 mi<span class=\"_ _2\"></span>lioni di <span class=\"_ _2\"></span>euro, (Francia) per 452 mili<span class=\"_ _2\"></span>oni di euro <span class=\"_ _2\"></span>e (U.S. T<span class=\"_ _2\"></span>reasury<span class=\"_ _1\"></span>) per 1.<span class=\"_ _3b\"></span>0<span class=\"_ _1\"></span>14,2<span class=\"_ _3a1\"> </span>milioni <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>euro. <span class=\"_ _36\"> </span>Sono <span class=\"_ _36\"> </span>pres<span class=\"_ _1\"></span>enti <span class=\"_ _36\"> </span>inoltre <span class=\"_ _36\"> </span>obbligazioni, <span class=\"_ _37\"> </span>per <span class=\"_ _36\"> </span>circa <span class=\"_ _36\"> </span>1.17<span class=\"_ _1\"></span>2,8 <span class=\"_ _36\"> </span>milioni <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>euro, <span class=\"_ _36\"> </span>emessi<span class=\"_ _3a1\"> </span>dall\u2019Unione <span class=\"_ _35\"> </span>Europea<span class=\"fca\">. <span class=\"_ _35\"> </span></span>Relativamente <span class=\"_ _35\"> </span>ai <span class=\"_ _0\"></span>titoli <span class=\"_ _35\"> </span>governativi <span class=\"_ _35\"> </span>emessi <span class=\"_ _35\"> </span>dall<span class=\"_ _2\"></span>o <span class=\"_ _35\"> </span>Stato <span class=\"_ _35\"> </span>Italiano <span class=\"_ _35\"> </span>si <span class=\"_ _0\"></span>evidenzia<span class=\"_ _3a1\"> </span>un\u2019esposizione <span class=\"_ _38\"></span>compless<span class=\"_ _1\"></span>iva <span class=\"_ _38\"></span>pari <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>circa <span class=\"_ _38\"></span>58,5 <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>ilioni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>eur<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>(BTP <span class=\"_ _0\"></span>30,4 <span class=\"_ _38\"></span>milioni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>uro <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>CCT <span class=\"_ _1\"></span>28<span class=\"_ _1\"></span>,1<span class=\"_ _3a1\"> </span>milioni di euro).<span class=\"_ _3a1\"> </span>Nel portafoglio \u201cAttivit\u00e0 finanziarie valutate al fair value con impatto sulla redditiv<span class=\"_ _2\"></span>it\u00e0 complessiva\u201d<span class=\"_ _3a1\"> </span>delle <span class=\"_ _35\"> </span>\u201cImprese <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>assicurazione\u201d <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _0\"></span>prese<span class=\"_ _1\"></span>nti <span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>posizioni <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>titoli <span class=\"_ _0\"></span>governat<span class=\"_ _1\"></span>ivi <span class=\"_ _0\"></span>ver<span class=\"_ _1\"></span>so <span class=\"_ _0\"> </span>l\u2019Italia <span class=\"_ _35\"> </span>per<span class=\"_ _3a1\"> </span>2.138,89 <span class=\"_ _0\"></span>milioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>euro, <span class=\"_ _0\"></span>verso <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>Spag<span class=\"_ _2\"></span>na <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>567,98, <span class=\"_ _0\"></span>verso <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>Francia <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>328,61 <span class=\"_ _38\"></span>milioni <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>uro,<span class=\"_ _3a1\"> </span>verso  i<span class=\"_ _2\"></span>l <span class=\"_ _35\"> </span>Portogallo <span class=\"_ _35\"> </span>per  1<span class=\"_ _3b\"></span>8<span class=\"_ _1\"></span>7,81 <span class=\"_ _35\"> </span>milioni <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>euro, <span class=\"_ _35\"> </span>verso<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>Belgio <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>79,55 <span class=\"_ _35\"> </span>milioni <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>euro, <span class=\"_ _35\"> </span>vers<span class=\"_ _1\"></span>o <span class=\"_ _35\"> </span>la<span class=\"_ _3a1\"> </span>Germania <span class=\"_ _1\"></span>per 43,87 <span class=\"_ _1\"></span>milioni di <span class=\"_ _1\"></span>euro, <span class=\"_ _1\"></span>verso gli <span class=\"_ _1\"></span>Stati <span class=\"_ _1\"></span>Uniti per <span class=\"_ _1\"></span>19,5 milioni di e<span class=\"_ _1\"></span>uro <span class=\"_ _1\"></span>e ve<span class=\"_ _1\"></span>rso l\u2019Irlanda per<span class=\"_ _3a1\"> </span>18,02 milioni di euro.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _0\"></span>presenti <span class=\"_ _0\"></span>coperture <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _0\"></span>hedge <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>Stato, <span class=\"_ _0\"></span>italiani<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>fisso <span class=\"_ _0\"></span>(<span class=\"_ _2\"></span>BTP), <span class=\"_ _0\"></span>ed<span class=\"_ _3a1\"> </span>esteri, che<span class=\"_ _2\"></span> su <span class=\"_ _3b\"></span>titoli obb<span class=\"_ _2\"></span>ligazionari (senior <span class=\"_ _3b\"></span>unse<span class=\"_ _1\"></span>cure <span class=\"_ _3b\"></span>e covered <span class=\"_ _2\"></span>bond) <span class=\"_ _3b\"></span>a tasso <span class=\"_ _2\"></span>fisso <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>messi d<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>primari<span class=\"_ _3a1\"> </span>istituti di c<span class=\"_ _2\"></span>redito europei. La <span class=\"_ _2\"></span>copertura \u00e8 d<span class=\"_ _2\"></span>i tipo <span class=\"_ _2\"></span>fair valu<span class=\"_ _2\"></span>e hedge attuata <span class=\"_ _2\"></span>attraverso la <span class=\"_ _2\"></span>designazione<span class=\"_ _3a1\"> </span>di <span class=\"_ _0\"></span>app<span class=\"_ _2\"></span>ositi <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"></span>(I<span class=\"_ _2\"></span>nterest <span class=\"_ _0\"></span>Rate <span class=\"_ _0\"></span>Swap<span class=\"_ _2\"></span>) <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>cope<span class=\"_ _1\"></span>rtura <span class=\"_ _0\"></span>specifica <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>c.d. <span class=\"_ _0\"></span>\u201crischio<span class=\"_ _3a1\"> </span>tasso\u201d <span class=\"_ _38\"></span>su <span class=\"_ _38\"></span>detti <span class=\"_ _38\"></span>titoli; <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>elazione <span class=\"_ _38\"></span>venuta <span class=\"_ _38\"></span>cos\u00ec <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>crearsi <span class=\"_ _38\"></span>fra <span class=\"_ _38\"></span>Hedged <span class=\"_ _1\"></span>Ite<span class=\"_ _1\"></span>m <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>Hedging <span class=\"_ _1\"></span>Instrument <span class=\"_ _38\"></span>ha<span class=\"_ _3a1\"> </span>comportato la <span class=\"_ _2\"></span>redazione di<span class=\"_ _2\"></span> una <span class=\"_ _3b\"></span>specifica documentazione che <span class=\"_ _2\"></span>formalizza <span class=\"_ _2\"></span>la relazione d<span class=\"_ _2\"></span>i copertur<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span>ed <span class=\"_ _3d\"> </span>ha <span class=\"_ _3d\"> </span>altres\u00ec <span class=\"_ _3d\"> </span>usufruito <span class=\"_ _3d\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _3d\"> </span>particolari  r<span class=\"_ _1\"></span>egole <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>contabilizzazione <span class=\"_ _3d\"> </span>dell\u2019Hedge <span class=\"_ _3d\"> </span>Accounting. <span class=\"_ _37\"> </span>Si<span class=\"_ _3a1\"> </span>segnala <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>sono <span class=\"_ _35\"> </span>stati <span class=\"_ _35\"> </span>effettuati <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>te<span class=\"_ _1\"></span>st <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>efficacia <span class=\"_ _0\"></span>(sia <span class=\"_ _35\"> </span>prospett<span class=\"_ _1\"></span>ici <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>retrospettivi) <span class=\"_ _0\"></span>con <span class=\"_ _35\"> </span>esito",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAvailableforsaleAssetsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-749": {
   "value": "4.1 Attivit\u00e0 finan<span class=\"_ _1\"></span>ziarie valutate al cost<span class=\"_ _1\"></span>o ammortizzato: composizione<span class=\"_ _1\"></span> merceologica dei cre<span class=\"_ _1\"></span>diti verso banche<span class=\"_ _3a1\"> </span><table class=\"s w711 h1fd\" id=\"_ac0b016b-5f3f-4cb0-b246-c4ba7f0ef246\"><tr><td></td><td></td><td></td><td class=\"t m2 x7bc h19 y5601 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x7bd h19 y5601 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x7be h19 y5602 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x7bf h19 y5602 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x7c0 h19 y5603 ff4 fsb fc4 sc3 ls0 ws0\">Tipologi<span class=\"_ _1\"></span>a </td><td></td><td></td><td class=\"t m2 x7c1 h19 y5604 ff4 fsb fc4 sc3 ls0 ws0\">Valore<span class=\"_ _1\"></span> di bilancio<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7c2 h19 y5604 ff4 fsb fc4 sc3 ls0 ws0\">Fair val<span class=\"_ _1\"></span>ue<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x7c3 h19 y5604 ff4 fsb fc4 sc3 ls0 ws0\">Valore<span class=\"_ _1\"></span> di bilancio<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x592 h19 y5604 ff4 fsb fc4 sc3 ls0 ws0\">Fair val<span class=\"_ _1\"></span>ue<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 x7c4 h19 y5605 ff4 fsb fc4 sc3 ls0 ws0\">operazioni<span class=\"_ _1\"></span>/Valori<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c5 h19 y5606 ff4 fsb fc4 sc3 ls0 ws0\">Primo e </td><td></td><td class=\"t m2 x7c6 h19 y5607 ff4 fsb fc4 sc3 ls0 ws0\">Impair<span class=\"_ _1\"></span>ed </td><td></td><td></td><td></td><td class=\"t m2 x7c7 h19 y5606 ff4 fsb fc4 sc3 ls0 ws0\">Primo e </td><td></td><td class=\"t m2 x7c8 h19 y5607 ff4 fsb fc4 sc3 ls0 ws0\">Impair<span class=\"_ _1\"></span>ed </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x7c9 h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">secon<span class=\"_ _1\"></span>do </td><td class=\"t m2 x7ca h19 y5609 ff4 fsb fc4 sc3 ls0 ws0\">Terzo </td><td class=\"t m2 x7cb h19 y5609 ff4 fsb fc4 sc3 ls0 ws0\">acquisi<span class=\"_ _1\"></span>te </td><td class=\"t m2 x7cc h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cd h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ce h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cf h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">secon<span class=\"_ _1\"></span>do </td><td class=\"t m2 x7d0 h19 y5609 ff4 fsb fc4 sc3 ls0 ws0\">Terzo </td><td class=\"t m2 x7d1 h19 y5609 ff4 fsb fc4 sc3 ls0 ws0\">acquisi<span class=\"_ _1\"></span>te </td><td class=\"t m2 x7d2 h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d4 h19 y5608 ff4 fsb fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x7d5 h19 y560a ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d6 h19 y560b ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d7 h19 y560b ff4 fsb fc4 sc3 ls0 ws0\">o </td><td></td><td></td><td></td><td class=\"t m2 x7d8 h19 y560a ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d9 h19 y560b ff4 fsb fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7da h19 y560b ff4 fsb fc4 sc3 ls0 ws0\">o </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x7c6 h19 y560c ff4 fsb fc4 sc3 ls0 ws0\">origin<span class=\"_ _1\"></span>ate<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x7c8 h19 y560c ff4 fsb fc4 sc3 ls0 ws0\">origin<span class=\"_ _1\"></span>ate<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y560d ff4 fs16 fc1 sc2 ls0 ws0\">A. Crediti verso<span class=\"_ _1\"></span> </td><td class=\"t m2 x7d5 h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">387.897<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7db h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dc h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dd h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7de h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7df h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">387.897<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e0 h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">375.118<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e1 h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e2 h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e3 h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e4 h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e5 h5a y560e ff4 fs16 fc1 sc2 ls0 ws0\">375.118<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y560f ff4 fs16 fc1 sc2 ls0 ws0\">Banche Cent<span class=\"_ _1\"></span>rali<span class=\"_ _3a1\"> </span></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 class=\"c x7e6 y5612 w712 h1fe\"><div class=\"t m2 x2b3 h5a y5610 ff4 fs16 fc1 sc0 ls0 ws0\">1. Depositi a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">scadenza<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e7 y5613 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e8 y5613 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e9 y5613 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ea y5613 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7eb y5613 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ec y5613 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ed y5613 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ee y5613 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ef y5613 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f0 y5613 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f1 y5613 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f2 y5613 w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x7e6 y5614 w718 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">2. Riser<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x7f3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">va<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f4 y5615 w719 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">387.897<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f5 y5615 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f6 y5615 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f7 y5615 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f8 y5615 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f9 y5615 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7fa y5615 w71b h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">375.118<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7fb y5615 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7fc y5615 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7fd y5615 w71c h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7fe y5615 w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ff y5615 w71c h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h5a y5616 ff4 fs16 fc1 sc0 ls0 ws0\">obbligatoria<span class=\"_ _3a1\"> </span></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 class=\"c x7e6 y5617 w71d h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">3. Pront<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x801 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">i contro<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e7 y5618 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e8 y5618 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e9 y5618 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ea y5618 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7eb y5618 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ec y5618 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ed y5618 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ee y5618 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ef y5618 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f0 y5618 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f1 y5618 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f2 y5618 w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h5a y5619 ff4 fs16 fc1 sc0 ls0 ws0\">termine </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 class=\"c n x7e6 y561a w71e h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">4. Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x802 y561a w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x803 y561a w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x804 y561a w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x805 y561a w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x806 y561a w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x807 y561a w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x808 y561a w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x809 y561a w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x80a y561a w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x80b y561a w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x80c y561a w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x80d y561a w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h5a y561b ff4 fs16 fc1 sc2 ls0 ws0\">B. Crediti ve<span class=\"_ _1\"></span>rso </td><td class=\"t m2 x7c5 h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">1.191.880<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7db h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dc h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x80e h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">637.763<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7de h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x80f h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">552.772<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cf h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">1.226.058<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e1 h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e2 h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x810 h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">599.313<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x811 h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">6.791<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x812 h5a y561c ff4 fs16 fc1 sc2 ls0 ws0\">615.874<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y561d ff4 fs16 fc1 sc2 ls0 ws0\">banche<span class=\"_ _3a1\"> </span></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 class=\"c n x7e6 y561e w71f h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x813 y561e w720 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">552.772<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x814 y561e w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x815 y561e w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x816 y561e w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x817 y561e w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x818 y561e w533 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">552<span class=\"_ _1\"></span>.772<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x819 y561e w721 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">615.390<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x81a y561e w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x81b y561e w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x81c y561e w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x81d y561e w722 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x81e y561e w723 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>15.874<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h5a y561f ff4 fs16 fc1 sc0 ls0 ws0\">1.1 Conti </td><td class=\"c n x7e7 y5620 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e8 y5620 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e9 y5620 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ea y5620 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7eb y5620 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ec y5620 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ed y5620 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ee y5620 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ef y5620 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f0 y5620 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f1 y5620 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f2 y5620 w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h5a y5621 ff4 fs16 fc1 sc0 ls0 ws0\">correnti </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 class=\"c x821 y5623 w724 h1ff\"><div class=\"t m2 x820 h5a y5622 ff4 fs16 fc1 sc0 ls0 ws0\">1.2. Depositi a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">scadenza<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e7 y5456 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e8 y5456 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e9 y5456 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ea y5456 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7eb y5456 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ec y5456 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ed y5456 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ee y5456 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ef y5456 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f0 y5456 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f1 y5456 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f2 y5456 w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x823 y5624 w725 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1.3. Al<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x822 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">tri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x824 y5625 w726 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">552.773<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x825 y5625 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x826 y5625 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x827 y5625 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x828 y5625 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x829 y5625 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x82a y5625 w727 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>15.390<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x82b y5625 w722 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x82c y5625 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x82d y5625 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x82e y5625 w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x82f y5625 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h5a y5626 ff4 fs16 fc1 sc0 ls0 ws0\">finanziamenti:  </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 class=\"c x823 y5627 w728 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x830 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">Pront<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x831 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">i contro<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e7 y5396 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e8 y5396 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7e9 y5396 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ea y5396 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7eb y5396 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ec y5396 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ed y5396 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ee y5396 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7ef y5396 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f0 y5396 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f1 y5396 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x7f2 y5396 w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h5a y5628 ff4 fs16 fc1 sc0 ls0 ws0\">termine attivi </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 class=\"c x821 y562b w729 h200\"><div class=\"t m2 x832 h5a y5629 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x833 y562b w72a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">129<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x834 y562b w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x835 y562b w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x836 y562b w715 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x837 y562b w714 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x838 y562b w714 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x839 y562b w72b h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">168<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x83a y562b w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x83b y562b w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x83c y562b w717 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x83d y562b w71c h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x83e y562b w717 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h5a y562c ff4 fs16 fc1 sc0 ls0 ws0\">per leasing </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 class=\"c n x83f y562d w72c h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">- Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x840 y562d w72d h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">552.644<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x841 y562d w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x842 y562d w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x843 y562d w714 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x844 y562d w715 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x845 y562d w714 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x846 y562d w72e h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">615.222<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x847 y562d w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x848 y562d w722 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x849 y562d w715 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x84a y562d w715 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x84b y562d w715 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x84c y562e w72f h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x84d y562e w730 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>39.108<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x84e y562e w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x84f y562e w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x850 y562e w731 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">637.763<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x851 y562e w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x852 y562e w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x853 y562e w732 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">61<span class=\"_ _1\"></span>0.668<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x854 y562e w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x855 y562e w716 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x856 y562e w733 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">599.313<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x857 y562e w734 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">6.791<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x858 y562e w716 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x823 y562f w735 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2.1 Tit<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x822 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">oli<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x859 y5630 w736 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">107.625<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x85a y5630 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x85b y5630 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x85c y5630 w4d5 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">108.148<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x85d y5630 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x85e y5630 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x85f y5630 w737 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">134.812<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x860 y5630 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x861 y5630 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x862 y5630 w738 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">12<span class=\"_ _1\"></span>8.699<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x863 y5630 w739 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">6.791<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x864 y5630 w716 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h5a y5631 ff4 fs16 fc1 sc0 ls0 ws0\">strutturati  </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 class=\"c x865 y5632 w17a h9e\"><div class=\"t m2 x0 h5a y2568 ff4 fs16 fc1 sc0 ls0 ws0\">2.2 Altri titoli di </div></td><td class=\"c n x824 y5633 w73a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">531.483<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x866 y5633 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x867 y5633 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x868 y5633 w73b h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">529.615<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x869 y5633 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x86a y5633 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x86b y5633 w73c h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">475.856<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x86c y5633 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x86d y5633 w722 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x86e y5633 w73d h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">470.614<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x86f y5633 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x870 y5633 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h5a y5634 ff4 fs16 fc1 sc0 ls0 ws0\">debito  </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 class=\"t m2 x871 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x872 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">1.579.777<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7db h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dc h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x80e h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">637.763<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7de h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7df h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">940.669<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x873 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">1.601.176<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e1 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e2 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x810 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">599.313<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x811 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">6.791<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x874 h5a y5635 ff4 fs16 fc1 sc2 ls0 ws0\">990.992<span class=\"_ _3a1\"> </span></td></tr></table>Legenda: L1= Livello 1 L2= Livello 2 L3= Livello 3 Sono inclusi i crediti di funzionamento connessi con la prestazione <span class=\"_ _1\"></span>di servizi finanziari. I c<span class=\"_ _2\"></span>rediti, ad <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ccezione d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>titoli di <span class=\"_ _3b\"></span>debito, sono <span class=\"_ _3b\"></span>iscr<span class=\"_ _1\"></span>itti <span class=\"_ _2\"></span>al lo<span class=\"_ _2\"></span>ro valo<span class=\"_ _2\"></span>re <span class=\"_ _2\"></span>nominale, corrispondente al<span class=\"_ _3b\"></span> loro fair value e il livello di fair value attribuito risulta essere <span class=\"_ _1\"></span>pari a 3. Le meto<span class=\"_ _1\"></span>dologie utilizzate per <span class=\"_ _1\"></span>la determinazione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>fair value sono <span class=\"_ _1\"></span>riportate <span class=\"_ _1\"></span>nella Parte <span class=\"_ _1\"></span>A1 \u2013 Parte generale \u2013 Sezione 16 \u201cAltre informazioni\u201d. 4.2 Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie valutate <span class=\"_ _1\"></span>al costo ammortizzato<span class=\"_ _1\"></span>: composizione mer<span class=\"_ _1\"></span>ceologica dei crediti verso <span class=\"_ _1\"></span>clientela<span class=\"_ _3a1\"> </span><table class=\"s w73e h202\" id=\"_0dfa348d-44ed-4c58-856a-0dd5be2cc972\"><tr><td></td><td></td><td></td><td class=\"t m2 x7d7 h9f y5636 ff4 fs23 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x591 h9f y5636 ff4 fs23 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x875 h9f y5637 ff4 fs23 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x876 h9f y5637 ff4 fs23 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h9f y5638 ff4 fs23 fc4 sc3 ls0 ws0\">Tipologia </td><td class=\"t m2 x877 h9f y5639 ff4 fs23 fc4 sc3 ls0 ws0\">Valore di bilancio<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x7dd h9f y5639 ff4 fs23 fc4 sc3 ls0 ws0\">Fair value<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7c3 h9f y5639 ff4 fs23 fc4 sc3 ls0 ws0\">Valore di bilancio<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x878 h9f y5639 ff4 fs23 fc4 sc3 ls0 ws0\">Fair value<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 x7c4 h9f y563a ff4 fs23 fc4 sc3 ls0 ws0\">operazioni/Valori<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x879 h9f y563b ff4 fs23 fc4 sc3 ls0 ws0\">Primo e </td><td></td><td class=\"t m2 x87a h9f y563c ff4 fs23 fc4 sc3 ls0 ws0\">Impaired </td><td></td><td></td><td></td><td class=\"t m2 x7d8 h9f y563b ff4 fs23 fc4 sc3 ls0 ws0\">Primo e </td><td></td><td class=\"t m2 x87b h9f y563c ff4 fs23 fc4 sc3 ls0 ws0\">Impaired </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x87c h9f y563d ff4 fs23 fc4 sc3 ls0 ws0\">secondo </td><td class=\"t m2 x87d h9f y563e ff4 fs23 fc4 sc3 ls0 ws0\">Terzo </td><td class=\"t m2 x87e h9f y563e ff4 fs23 fc4 sc3 ls0 ws0\">acquisite </td><td class=\"t m2 x87f h9f y563d ff4 fs23 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x880 h9f y563d ff4 fs23 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x881 h9f y563d ff4 fs23 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x873 h9f y563d ff4 fs23 fc4 sc3 ls0 ws0\">secondo </td><td class=\"t m2 x7d0 h9f y563e ff4 fs23 fc4 sc3 ls0 ws0\">Terzo </td><td class=\"t m2 x882 h9f y563e ff4 fs23 fc4 sc3 ls0 ws0\">acquisite </td><td class=\"t m2 x883 h9f y563d ff4 fs23 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x811 h9f y563d ff4 fs23 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d4 h9f y563d ff4 fs23 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x884 h9f y563f ff4 fs23 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x87d h9f y5640 ff4 fs23 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cb h9f y5640 ff4 fs23 fc4 sc3 ls0 ws0\">o </td><td></td><td></td><td></td><td class=\"t m2 x885 h9f y563f ff4 fs23 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d0 h9f y5640 ff4 fs23 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x886 h9f y5640 ff4 fs23 fc4 sc3 ls0 ws0\">o </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x87a h9f y5641 ff4 fs23 fc4 sc3 ls0 ws0\">originate<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x87b h9f y5641 ff4 fs23 fc4 sc3 ls0 ws0\">originate<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">1. Finanziamenti<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x887 h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">36.089.466<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x888 h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">258.717<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x889 h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">15.455<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88a h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88b h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88c h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">37.022.483<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88d h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">35.434.672<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d9 h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">271.677<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88e h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">17.405<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88f h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x890 h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x891 h9f y5642 ff4 fs23 fc1 sc2 ls0 ws0\">36.552.871<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x800 h9f y5643 ff4 fs23 fc1 sc0 ls0 ws0\">1.1. Conti </td><td class=\"c n x892 y5645 w73f h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">1.774.966<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x893 y5645 w740 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">17.10<span class=\"_ _1\"></span>9<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x894 y5645 w741 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">616<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x895 y5645 w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x896 y5645 w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x897 y5645 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x898 y5645 w744 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">1.838<span class=\"_ _1\"></span>.482<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x899 y5645 w745 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">21.996<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x89a y5645 w746 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>86<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x89b y5645 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x89c y5645 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x89d y5645 w747 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h9f y5646 ff4 fs23 fc1 sc0 ls0 ws0\">correnti </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 class=\"t m2 x800 h9f y5647 ff4 fs23 fc1 sc0 ls0 ws0\">1.2. Pronti </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 class=\"t m2 x800 h9f y5648 ff4 fs23 fc1 sc0 ls0 ws0\">contro termine </td><td class=\"c n x89e y5649 w748 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">499<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x89f y5649 w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a0 y5649 w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a1 y5649 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a2 y5649 w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a3 y5649 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a4 y5649 w74a h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">8.797<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a5 y5649 w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a6 y5649 w74b h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a7 y5649 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a8 y5649 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8a9 y5649 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h9f y564a ff4 fs23 fc1 sc0 ls0 ws0\">attivi </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 class=\"c n x7e6 y564b w74c h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">1.3. Mutui<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8aa y564b w74d h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">20.49<span class=\"_ _1\"></span>3.124<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ab y564b w74e h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">176.742<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ac y564b w74f h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>.093<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ad y564b w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ae y564b w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8af y564b w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b0 y564b w750 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">20.288.147<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b1 y564b w751 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">182.615<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b2 y564b w752 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">7.598<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b3 y564b w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b4 y564b w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b5 y564b w753 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h9f y564c ff4 fs23 fc1 sc0 ls0 ws0\">1.4. Carte di </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 class=\"t m2 x800 h9f y564d ff4 fs23 fc1 sc0 ls0 ws0\">credito, prestiti </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 class=\"t m2 x800 h9f y564e ff4 fs23 fc1 sc0 ls0 ws0\">personali e </td><td class=\"c n x892 y564f w67c h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">3.839.147<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b6 y564f w754 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">26.257<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b7 y564f w755 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">8.420<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b8 y564f w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8b9 y564f w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ba y564f w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8bb y564f w756 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">3.373.582<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8bc y564f w757 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">24.543<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8bd y564f w758 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">8.791<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8be y564f w747 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8bf y564f w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c0 y564f w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h9f y5650 ff4 fs23 fc1 sc0 ls0 ws0\">cessioni del </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 class=\"t m2 x800 h9f y5651 ff4 fs23 fc1 sc0 ls0 ws0\">quinto </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 class=\"t m2 x800 h9f y5652 ff4 fs23 fc1 sc0 ls0 ws0\">1.5. </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 class=\"t m2 x800 h9f y5653 ff4 fs23 fc1 sc0 ls0 ws0\">Finanziamenti </td><td class=\"c n x892 y5654 w719 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">3.187.502<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c1 y5654 w759 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">30.468<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c2 y5654 w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c3 y5654 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c4 y5654 w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c5 y5654 w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c6 y5654 w75a h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">3.107.352<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c7 y5654 w75b h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">28.525<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c8 y5654 w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8c9 y5654 w753 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ca y5654 w747 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8cb y5654 w747 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h9f y5655 ff4 fs23 fc1 sc0 ls0 ws0\">per leasing </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 class=\"c n x7e6 y5656 w75c h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">1.6. Factoring<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8cc y5656 w75d h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">1.430.700<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8cd y5656 w75e h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">4.941<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ce y5656 w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8cf y5656 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8d0 y5656 w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8d1 y5656 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8d2 y5656 w75f h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">1.456.078<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8d3 y5656 w760 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">9.172<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8d4 y5656 w74b h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8d5 y5656 w747 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8d6 y5656 w747 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8d7 y5656 w747 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h9f y5657 ff4 fs23 fc1 sc0 ls0 ws0\">1.7. Altri </td><td class=\"c n x8d8 y5658 w761 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">5.363.528<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8d9 y5658 w762 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>.200<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8da y5658 w763 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">326<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8db y5658 w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8dc y5658 w742 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8dd y5658 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8de y5658 w764 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">5.36<span class=\"_ _1\"></span>2.234<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8df y5658 w765 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">4.826<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8e0 y5658 w766 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">330<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8e1 y5658 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8e2 y5658 w743 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8e3 y5658 w747 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h9f y5659 ff4 fs23 fc1 sc0 ls0 ws0\">finanziamenti </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 class=\"t m2 x58e h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">2. Titoli di debito<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x879 h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">7.331.288<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e4 h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e5 h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dc h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">7.022.296<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e6 h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">301.765<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e7 h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">7.140.100<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e8 h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7bd h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e9 h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">6.753.612<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x592 h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">370.398<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8ea h9f y565a ff4 fs23 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x800 h9f y565b ff4 fs23 fc1 sc0 ls0 ws0\">1. Titoli </td><td class=\"c n x3ad y565c w767 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">394.647<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8eb y565c w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ec y565c w768 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ed y565c w769 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">142.828<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ee y565c w76a h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">248.950<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ef y565c w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f0 y565c w76b h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">469.796<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f1 y565c w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f2 y565c w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f3 y565c w76c h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">176<span class=\"_ _1\"></span>.652<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f4 y565c w76d h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">288.027<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f5 y565c w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h9f y565d ff4 fs23 fc1 sc0 ls0 ws0\">strutturati </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 class=\"t m2 x800 h9f y565e ff4 fs23 fc1 sc0 ls0 ws0\">2. Altri titoli di </td><td class=\"c n x892 y565f w76e h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">6.936.641<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f6 y565f w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f7 y565f w768 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f8 y565f w76f h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">6.879.468<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8f9 y565f w770 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">52.815<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8fa y565f w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8fb y565f w771 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">6.670.304<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8fc y565f w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8fd y565f w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8fe y565f w772 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>.576.960<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x8ff y565f w773 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">82.371<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x900 y565f w749 h203\"><div class=\"t m2 x2b3 h9f y5644 ff4 fs23 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h9f y5660 ff4 fs23 fc1 sc0 ls0 ws0\">debito </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 class=\"t m2 x901 h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x887 h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">43.420.754<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x888 h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">258.717<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x889 h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">15.455<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dc h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">7.022.296<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e6 h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">301.765<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88c h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">37.022.483<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cf h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">42.574.772<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d9 h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">271.677<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88e h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">17.405<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e9 h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">6.753.612<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x592 h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">370.398<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x891 h9f y5661 ff4 fs23 fc1 sc2 ls0 ws0\">36.552.871<span class=\"_ _3a1\"> </span></td></tr></table>I crediti verso la clientela per finanziamenti sono pari a 3<span class=\"_ _1\"></span>6.363,6 milioni di<span class=\"_ _2\"></span> euro. Si fornisce di seguito il dettaglio d<span class=\"_ _2\"></span>ei finanziamenti erogati alla clientela con indicazi<span class=\"_ _2\"></span>one del credito lordo, delle previsioni di perdita, del credito<span class=\"_ _1\"></span> netto e del relativo coverage per categoria. <table class=\"s w774 h204\" id=\"_a6a21593-d3f8-48c5-84ff-bfbbe8b84425\"><tr><td class=\"t m2 x677 h12 y5662 ff4 fs7 fc4 sc3 ls0 ws0\">CREDITI VERSO CLIENTELA PER FIN<span class=\"_ _2\"></span>ANZIAMENTI </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x70f h12 y5663 ff4 fs7 fc4 sc3 ls0 ws0\">Crediti </td><td class=\"t m2 x74f h12 y5663 ff4 fs7 fc4 sc3 ls0 ws0\">TOTALE </td></tr><tr><td class=\"c n x902 y5664 w775 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">\u20acmln<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x903 y5664 w776 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Sofferenze</div></td><td class=\"t m2 x6b7 h12 y5665 ff4 fs7 fc4 sc3 ls0 ws0\">Inadempienze </td><td class=\"t m2 x789 h12 y5665 ff4 fs7 fc4 sc3 ls0 ws0\">\"Esposizioni </td><td class=\"t m2 x904 h12 y5665 ff4 fs7 fc4 sc3 ls0 ws0\">Tot. Crediti </td><td class=\"t m2 x905 h12 y5666 ff4 fs7 fc4 sc3 ls0 ws0\">performing </td><td class=\"t m2 x74f h12 y5666 ff4 fs7 fc4 sc3 ls0 ws0\">CREDITI </td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x6a5 h12 y5667 ff4 fs7 fc4 sc3 ls0 ws0\">probabili </td><td class=\"t m2 x906 h12 y5667 ff4 fs7 fc4 sc3 ls0 ws0\">scadute\" </td><td class=\"t m2 x907 h12 y5667 ff4 fs7 fc4 sc3 ls0 ws0\">problematici<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5668 w777 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Valori lordi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x908 y5668 w778 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x909 h12 y5669 ff4 fs7 fc1 sc0 ls0 ws0\">269<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5669 ff4 fs7 fc1 sc0 ls0 ws0\">365<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90b h12 y5669 ff4 fs7 fc1 sc0 ls0 ws0\">39<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h12 y5669 ff4 fs7 fc1 sc0 ls0 ws0\">673<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y5669 ff4 fs7 fc1 sc0 ls0 ws0\">36.171<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90d h12 y5669 ff4 fs7 fc1 sc0 ls0 ws0\">36.844<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y566a ff4 fs7 fc4 sc3 ls0 ws0\">Previsioni di </td><td class=\"t m2 x90e h12 y566b ff4 fs7 fc4 sc3 ls0 ws0\">2024 </td><td class=\"t m2 x90f h12 y566c ff4 fs7 fc1 sc0 ls0 ws0\">219<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y566c ff4 fs7 fc1 sc0 ls0 ws0\">166<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6af h12 y566c ff4 fs7 fc1 sc0 ls0 ws0\">14<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h12 y566c ff4 fs7 fc1 sc0 ls0 ws0\">399<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x746 h12 y566c ff4 fs7 fc1 sc0 ls0 ws0\">82<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x910 h12 y566c ff4 fs7 fc1 sc0 ls0 ws0\">481<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y566d ff4 fs7 fc4 sc3 ls0 ws0\">perdita </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y53b5 w779 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Valori netti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x911 y53b5 w778 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a7 h12 y566e ff4 fs7 fc1 sc0 ls0 ws0\">50<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y566e ff4 fs7 fc1 sc0 ls0 ws0\">199<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6af h12 y566e ff4 fs7 fc1 sc0 ls0 ws0\">25<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h12 y566e ff4 fs7 fc1 sc0 ls0 ws0\">274<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x664 h12 y566e ff4 fs7 fc1 sc0 ls0 ws0\">36.089<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90d h12 y566e ff4 fs7 fc1 sc0 ls0 ws0\">36.363<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y566f ff4 fs7 fc4 sc3 ls0 ws0\">Coverage </td><td class=\"c n x912 y5670 w778 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x913 y5670 w77a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">81<span class=\"_ _1\"></span>,40%<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x914 h12 y5671 ff4 fs7 fc4 sc3 ls0 ws0\">45,50%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5671 ff4 fs7 fc4 sc3 ls0 ws0\">35,90%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ee h12 y5671 ff4 fs7 fc4 sc3 ls0 ws0\">59,30<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fc h12 y5671 ff4 fs7 fc4 sc3 ls0 ws0\">0,23%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x915 h12 y5671 ff4 fs7 fc4 sc3 ls0 ws0\">1,31%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5672 ff4 fs7 fc4 sc3 ls0 ws0\">puntuali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Nel <span class=\"_ _38\"></span>portafoglio <span class=\"_ _38\"></span>\u201cAttivit\u00e0 <span class=\"_ _0\"></span>finanz<span class=\"_ _2\"></span>iarie <span class=\"_ _38\"></span>valutate <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>sto <span class=\"_ _38\"></span>ammortizzato\u201d, <span class=\"_ _38\"></span>relat<span class=\"_ _1\"></span>ivo <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>Gruppo <span class=\"_ _38\"></span>bancario, sono presenti <span class=\"_ _3b\"></span>esposizioni in <span class=\"_ _2\"></span>titoli governativi <span class=\"_ _2\"></span>per circa <span class=\"_ _3b\"></span>5.871<span class=\"_ _1\"></span>,2 <span class=\"_ _2\"></span>milioni d<span class=\"_ _2\"></span>i euro <span class=\"_ _2\"></span>(5.132,6 <span class=\"_ _2\"></span>milioni d<span class=\"_ _2\"></span>i euro Italia, <span class=\"_ _3b\"></span>BTP<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>4.962,3 <span class=\"_ _3b\"></span>milioni di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>euro e <span class=\"_ _3b\"></span>CCT <span class=\"_ _2\"></span>170,3 <span class=\"_ _2\"></span>milioni <span class=\"_ _3b\"></span>di euro, <span class=\"_ _3b\"></span>altri paesi, <span class=\"_ _3b\"></span>459,7 mil<span class=\"_ _2\"></span>ioni <span class=\"_ _3b\"></span>di euro <span class=\"_ _3b\"></span>Spagna e 2<span class=\"_ _2\"></span>78,9 mi<span class=\"_ _2\"></span>lioni <span class=\"_ _3b\"></span>di euro <span class=\"_ _3b\"></span>Portogallo) e <span class=\"_ _3b\"></span>obbligazioni, <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>circa 783,5 <span class=\"_ _3b\"></span>milioni d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>uro, <span class=\"_ _2\"></span>emesse dall\u2019U<span class=\"_ _2\"></span>nione Europea. Nel  portafoglio  \u201c<span class=\"_ _1\"></span>Attivit\u00e0  finanziarie  valutate  al  costo <span class=\"_ _3d\"> </span>ammortizzato\u201d,  relativo  alle  \u201cImprese  di assicurazione\u201d, sono <span class=\"_ _3b\"></span>present<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>esposizioni di<span class=\"_ _2\"></span> titoli <span class=\"_ _2\"></span>governativi <span class=\"_ _2\"></span>verso l\u2019I<span class=\"_ _2\"></span>talia per <span class=\"_ _3b\"></span>11<span class=\"_ _1\"></span>3,36 <span class=\"_ _3b\"></span>milioni di <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>uro, verso la <span class=\"_ _3b\"></span>Spagna per <span class=\"_ _3b\"></span>18<span class=\"_ _1\"></span>,07 mil<span class=\"_ _2\"></span>ioni d<span class=\"_ _2\"></span>i euro, <span class=\"_ _2\"></span>verso il <span class=\"_ _3b\"></span>Portogallo per <span class=\"_ _3b\"></span>3<span class=\"_ _1\"></span>,7 <span class=\"_ _3b\"></span>m<span class=\"_ _1\"></span>ilioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>euro e <span class=\"_ _2\"></span>verso <span class=\"_ _2\"></span>la <span class=\"_ _3b\"></span>F<span class=\"_ _1\"></span>rancia per 4,49 milioni di euro. Sono prese<span class=\"_ _1\"></span>nti coperture di <span class=\"_ _1\"></span>fair value he<span class=\"_ _1\"></span>dge su t<span class=\"_ _1\"></span>itoli di Stato, <span class=\"_ _1\"></span>italiani, a tasso <span class=\"_ _1\"></span>fisso (BTP), <span class=\"_ _1\"></span>ed esteri. La <span class=\"_ _1\"></span>copert<span class=\"_ _1\"></span>ura \u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ipo <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>hedge <span class=\"_ _38\"></span>attuata <span class=\"_ _38\"></span>attraverso <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>designazione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>appositi <span class=\"_ _1\"></span>strume<span class=\"_ _1\"></span>nti <span class=\"_ _1\"></span>di copertura <span class=\"_ _0\"></span>(Interest <span class=\"_ _0\"></span>Rate <span class=\"_ _0\"></span>Swap) <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"></span>specifica <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>c.d. <span class=\"_ _0\"></span>\u201crischio <span class=\"_ _0\"></span>tasso\u201d <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>detti <span class=\"_ _0\"></span>ti<span class=\"_ _2\"></span>toli; <span class=\"_ _0\"></span>la relazione venuta cos\u00ec a crearsi fra Hedged Item e Hedging Instrument ha comportato la redazion<span class=\"_ _3b\"></span>e di <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>specifica <span class=\"_ _38\"></span>doc<span class=\"_ _1\"></span>umentazione <span class=\"_ _0\"></span>che <span class=\"_ _1\"></span>formalizza <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>relazione <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>coper<span class=\"_ _1\"></span>tura <span class=\"_ _38\"></span>ed <span class=\"_ _0\"></span>ha <span class=\"_ _1\"></span>altres\u00ec <span class=\"_ _0\"></span>usuf<span class=\"_ _2\"></span>ruito<span class=\"_ _3a1\"> </span>delle  particolari  re<span class=\"_ _1\"></span>gole  di  contabilizzazione  dell\u2019Hedge  Accounting.  Si  s<span class=\"_ _1\"></span>egnala  che  s<span class=\"_ _1\"></span>ono  stati effettuati i test di efficacia (sia prospettici che retrospettivi) con esito positivo. Sono pre<span class=\"_ _1\"></span>senti nella <span class=\"_ _1\"></span>categoria <span class=\"_ _1\"></span>contabile \u201cAttivit\u00e0 <span class=\"_ _1\"></span>finanziarie <span class=\"_ _1\"></span>valutate al <span class=\"_ _1\"></span>costo <span class=\"_ _1\"></span>ammortizzato\u201d, <span class=\"_ _1\"></span>al 31 dicembre <span class=\"_ _0\"></span>2024, <span class=\"_ _0\"></span>304 <span class=\"_ _0\"></span>milioni<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>E<span class=\"_ _1\"></span>uro <span class=\"_ _0\"></span>complessivi, <span class=\"_ _0\"></span>relativi <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>trumenti <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>coll<span class=\"_ _2\"></span>egati <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>crediti<span class=\"_ _2\"></span> originati <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>Europa, <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>preponderanza <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>componente <span class=\"_ _38\"></span>di o<span class=\"_ _1\"></span>rigination <span class=\"_ _1\"></span>francese <span class=\"_ _1\"></span>(104,4 <span class=\"_ _38\"></span>milioni <span class=\"_ _1\"></span>di Euro). <span class=\"_ _3f\"> </span>Il <span class=\"_ _3a\"> </span>portafoglio <span class=\"_ _3f\"> </span>\u00e8 <span class=\"_ _3a\"> </span>costituito <span class=\"_ _3a\"> </span>da <span class=\"_ _3f\"> </span>differenti <span class=\"_ _3f\"> </span>tipologie <span class=\"_ _3a\"> </span>di <span class=\"_ _3f\"> </span>ABS <span class=\"_ _3a\"> </span>con <span class=\"_ _3f\"> </span>una <span class=\"_ _3f\"> </span>pre<span class=\"_ _1\"></span>valenza <span class=\"_ _3f\"> </span>delle cartolarizzazioni di mutui residenziali, che incidono per <span class=\"_ _1\"></span>il 58,7%.  L\u2019attuale esposizione suddivisa per rischio paese \u00e8 cos<span class=\"_ _1\"></span>\u00ec composta: <table class=\"s w77b h205\" id=\"_7a87fcfb-6357-4377-9742-1822ed008461\"><tr><td></td><td class=\"c x918 y5673 w77c h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x917 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">rovalore (migliaia<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x919 h12 y5674 ff4 fs7 fc4 sc3 ls0 ws0\">Paese </td><td class=\"c n x91a y5675 w77d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Euro)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x91b y5675 w77e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">%<span class=\"_ _1\"></span> Esposizione<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x456 y5676 w77f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">FRANCIA<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x91c y5676 w780 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">104.428<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x91d y5676 w781 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">34,4<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x91e y5677 w782 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">GERMANIA<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x91f y5677 w783 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">90.476<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x920 y5677 w784 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">29,8<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x921 y5678 w785 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">SPAGNA<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x922 y5678 w786 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">55<span class=\"_ _1\"></span>.368<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x923 y5678 w787 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18,2<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5679 w788 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">PAESI BASSI<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x924 y5679 w789 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">32.444<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x925 y5679 w78a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10,<span class=\"_ _2\"></span>7<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x926 y567a w78b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">ITALIA<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x927 y567a w545 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.540<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x928 y567a w78c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4,1<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x456 y567b w78d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">IRLANDA<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x929 y567b w78e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.550<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x92a y567b w78f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2,8<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x92b y539f w790 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">TOTALE<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x92c y539f w791 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">303.806<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x92d y539f w792 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">100,0<span class=\"_ _3a1\"> </span></div></td></tr></table>Si <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>ad<span class=\"_ _3a1\"> </span>ottata <span class=\"_ _35\"> </span>anche <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>metodologia <span class=\"_ _35\"> </span>contabil<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>Macro <span class=\"_ _0\"></span>Fair <span class=\"_ _35\"> </span>Value <span class=\"_ _35\"> </span>Hedge <span class=\"_ _35\"> </span>p<span class=\"_ _2\"></span>er <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>copertura <span class=\"_ _0\"></span>del rischio <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>tasso a<span class=\"_ _2\"></span>ssociato al<span class=\"_ _2\"></span>l\u2019erogazione <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>mutui <span class=\"_ _3b\"></span>a tasso <span class=\"_ _3b\"></span>fisso <span class=\"_ _3b\"></span>e <span class=\"_ _2\"></span>a <span class=\"_ _3b\"></span>tasso variabi<span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>con <span class=\"_ _3b\"></span>opzioni \u201cCap<span class=\"_ _3b\"></span>\u201d. Sono presenti, inoltre, coperture di Cash Flow He<span class=\"_ _1\"></span>dge su erogazioni di mutui a tasso variabile.<span class=\"_ _3a1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-750": {
   "value": "<div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsa95\">4.3 Attivit\u00e0 fina<span class=\"_ _1\"></span>nziarie valutate al costo<span class=\"_ _1\"></span> ammortizzato: compos<span class=\"_ _1\"></span>izione per debitor<span class=\"_ _1\"></span>i/emittenti dei crediti verso<span class=\"_ _1\"></span> clientela<span class=\"_ _3a1\"> </span></div><div class=\"gsa96\"><table class=\"s w793 h206\" id=\"_742005a0-bce2-4480-9149-a55253c9ebe5\"><tr><td></td><td></td><td class=\"t m2 x80e h12 y567c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 x92e h12 y567c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"c x92f y567d w17c h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c x7bd y567d w17c h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x930 h12 y567e ff4 fs7 fc4 sc3 ls0 ws0\">Tipologia </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x7c0 h12 y567f ff4 fs7 fc4 sc3 ls0 ws0\">operazioni/Valori<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x931 h12 y5680 ff4 fs7 fc4 sc3 ls0 ws0\">Primo e </td><td class=\"t m2 x932 h12 y5681 ff4 fs7 fc4 sc3 ls0 ws0\">Terzo </td><td class=\"t m2 x933 h12 y5680 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0 impaired </td><td class=\"t m2 x934 h12 y5680 ff4 fs7 fc4 sc3 ls0 ws0\">Primo e </td><td class=\"t m2 x935 h12 y5681 ff4 fs7 fc4 sc3 ls0 ws0\">Terzo </td><td class=\"t m2 x936 h12 y5680 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0 impaired </td></tr><tr><td></td><td class=\"t m2 x937 h12 y5682 ff4 fs7 fc4 sc3 ls0 ws0\">secondo </td><td class=\"t m2 x932 h12 y5683 ff4 fs7 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x938 h12 y5682 ff4 fs7 fc4 sc3 ls0 ws0\">acquisite o </td><td class=\"t m2 x939 h12 y5682 ff4 fs7 fc4 sc3 ls0 ws0\">secondo </td><td class=\"t m2 x93a h12 y5683 ff4 fs7 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x811 h12 y5682 ff4 fs7 fc4 sc3 ls0 ws0\">acquisite o </td></tr><tr><td></td><td class=\"t m2 x93b h12 y5684 ff4 fs7 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x93c h12 y5684 ff4 fs7 fc4 sc3 ls0 ws0\">originate<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93d h12 y5684 ff4 fs7 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x93e h12 y5684 ff4 fs7 fc4 sc3 ls0 ws0\">originate<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5685 ff4 fs7 fc1 sc2 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93f h12 y5685 ff4 fs7 fc1 sc2 ls0 ws0\">7.331.288<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x940 h12 y5685 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x885 h12 y5685 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x941 h12 y5685 ff4 fs7 fc1 sc2 ls0 ws0\">7.140.100<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x942 h12 y5685 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h12 y5685 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x81f h12 y5686 ff4 fs7 fc1 sc0 ls0 ws0\">a) Amministrazioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x944 y5687 w794 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.794.368<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x945 y5687 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x946 y5687 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x947 y5687 w795 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.454.554<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x948 y5687 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x949 y5687 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y5688 ff4 fs7 fc1 sc0 ls0 ws0\">pubbliche </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x81f y5689 w17d h11\"><div class=\"t m2 x0 h12 y75 ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre societ\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x94a y568a w433 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">536.421<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x94b y568a w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x94c y568a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x94d y568a w797 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">685.048<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x94e y568a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x94f y568a w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y568b ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x950 h12 y568c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese di </td><td class=\"c n x951 y568d w798 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">521<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x952 y568d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x953 y568d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x954 y568d w799 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">527<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x955 y568d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x956 y568d w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x950 h12 y568e ff4 fs7 fc1 sc0 ls0 ws0\">assicurazione </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x81f y568f w17e h11\"><div class=\"t m2 x0 h12 y49 ff4 fs7 fc1 sc0 ls0 ws0\">c) Societ\u00e0 non<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x957 y5690 w79a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">499<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x958 y5690 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x959 y5690 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x95a y5690 w79b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">498<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x95b y5690 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x95c y5690 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y5691 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5692 ff4 fs7 fc1 sc2 ls0 ws0\">2. Finanziamenti verso:<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x95d h12 y5692 ff4 fs7 fc1 sc2 ls0 ws0\">36.089.465<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x95e h12 y5692 ff4 fs7 fc1 sc2 ls0 ws0\">258.717<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e7 h12 y5692 ff4 fs7 fc1 sc2 ls0 ws0\">15.455<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x95f h12 y5692 ff4 fs7 fc1 sc2 ls0 ws0\">35.434.671<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x92e h12 y5692 ff4 fs7 fc1 sc2 ls0 ws0\">271.678<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x812 h12 y5692 ff4 fs7 fc1 sc2 ls0 ws0\">17.405<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x81f h12 y5693 ff4 fs7 fc1 sc0 ls0 ws0\">a) Amministrazioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x960 y5694 w79c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">567.423<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x961 y5694 w79d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.632<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x962 y5694 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x963 y5694 w438 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">604.308<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x964 y5694 w79e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x965 y5694 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y5695 ff4 fs7 fc1 sc0 ls0 ws0\">pubbliche </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h12 y5696 ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre societ\u00e0<span class=\"_ _3a1\"> </span></td><td class=\"c n x960 y5697 w79f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">753.490<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x966 y5697 w7a0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">265<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x967 y5697 w7a1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">31<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x968 y5697 w7a2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">703.771<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x969 y5697 w551 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">149<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x96a y5697 w78a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">876<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y5698 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x950 h12 y5699 ff4 fs7 fc1 sc0 ls0 ws0\">di cui: imprese di </td><td class=\"c n x94a y569a w7a3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">173.063<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x96b y569a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x96c y569a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x96d y569a w7a4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">48.915<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x96e y569a w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x96f y569a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x950 h12 y569b ff4 fs7 fc1 sc0 ls0 ws0\">assicurazione </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h12 y569c ff4 fs7 fc1 sc0 ls0 ws0\">c) Societ\u00e0 non<span class=\"_ _3a1\"> </span></td><td class=\"c n x970 y569d w7a5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">17.360.980<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x971 y569d w7a6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">107.937<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x972 y569d w7a7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.395<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x973 y569d w7a8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">17.470.786<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x974 y569d w7a9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">107.719<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x975 y569d w7aa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.499<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y569e ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y548c w7ab h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Famiglie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x976 y548c w7ac h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">17.407.572<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x977 y548c w7ad h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">148.8<span class=\"_ _2\"></span>83<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x978 y548c w7ae h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.029<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x979 y548c w7af h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">16.655.806<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x97a y548c w7b0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">161.786<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x97b y548c w7b1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.030<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x97c h12 y569f ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x95d h12 y569f ff4 fs7 fc1 sc2 ls0 ws0\">43.420.753<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x95e h12 y569f ff4 fs7 fc1 sc2 ls0 ws0\">258.717<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e7 h12 y569f ff4 fs7 fc1 sc2 ls0 ws0\">15.455<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93d h12 y569f ff4 fs7 fc1 sc2 ls0 ws0\">42.574.771<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x92e h12 y569f ff4 fs7 fc1 sc2 ls0 ws0\">271.678<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x812 h12 y569f ff4 fs7 fc1 sc2 ls0 ws0\">17.405<span class=\"_ _3a1\"> </span></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-868": {
   "value": "<div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gsabd\">Sezione <span class=\"_ _1\"></span>7 - Le pa<span class=\"_ _1\"></span>rt</div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gsabe\">ecipazion<span class=\"_ _1\"></span>i - Vo<span class=\"_ _1\"></span>ce 70<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsabf\">Il valore di bilancio della voce \u201cPartecipazioni\u201d ammonta <span class=\"_ _1\"></span>a 59,9 milioni di<span class=\"_ _2\"></span> euro.<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsac0\">7.1 Partecipazioni: i<span class=\"_ _1\"></span>nformazioni sui r<span class=\"_ _1\"></span>apporti partecipativi </div><div class=\"gsac1\"><table class=\"s w7c5 h20b\" id=\"_c559ecb7-6c66-48e7-b519-4c3521b64516\"><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x691 h12 y56db ff4 fs7 fc7 sc6 ls0 ws0\">Rapporto di partecipazione </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 xa02 h12 y56dc ff4 fs7 fc7 sc6 ls0 ws0\">Denominazioni  <span class=\"_ _2c\"> </span>Sede legale </td><td class=\"t m2 x6df h12 y56dd ff4 fs7 fc7 sc6 ls0 ws0\">Tipo di </td><td></td><td></td><td></td><td></td><td class=\"t m2 x6b1 h12 y56dd ff4 fs7 fc7 sc6 ls0 ws0\">Disponibilit\u00e0 </td></tr><tr><td></td><td></td><td class=\"t m2 x6ed h12 y56de ff4 fs7 fc7 sc6 ls0 ws0\">rapporto </td><td class=\"t m2 x7af h12 y56df ff4 fs7 fc7 sc6 ls0 ws0\">Impresa </td><td class=\"t m2 x6b9 h12 y56df ff4 fs7 fc7 sc6 ls0 ws0\">Quota </td><td></td><td></td><td class=\"t m2 x6a3 h12 y56de ff4 fs7 fc7 sc6 ls0 ws0\">voti % </td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 xa03 h12 y56e0 ff4 fs7 fc7 sc6 ls0 ws0\" colspan=\"2\">partecipante </td><td class=\"t m2 x987 h12 y56e0 ff4 fs7 fc7 sc6 ls0 ws0\">% </td><td></td></tr><tr><td class=\"t m2 x677 h12 y56e1 ff4 fs7 fc1 sc2 ls0 ws0\">A.  Imprese controllate in modo </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y56e2 ff4 fs7 fc1 sc2 ls0 ws0\">congiunto </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y56e3 w7c6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Credemassicurazi<span class=\"_ _2\"></span>oni spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa04 y56e3 w7c7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio <span class=\"_ _2\"></span>Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa05 y56e3 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa06 y56e3 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa07 y56e3 w63b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">50,00%<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y56e4 ff4 fs7 fc1 sc2 ls0 ws0\">B.  Imprese sottoposte a influenza </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y56e5 ff4 fs7 fc1 sc2 ls0 ws0\">notevole </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y56e6 w7c8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. SBC Fintech 2224 M<span class=\"_ _2\"></span>ilan srl<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa08 y56e6 w62b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa09 y56e6 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xa0a y56e6 w63f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">40,69%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa0b y56e6 w7c9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c n x734 y56e7 w7ca h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Andxor srl<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa0c y56e7 w7cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Cinis<span class=\"_ _1\"></span>ello Balsam<span class=\"_ _3b\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa0d y56e7 w7cc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xa0e y56e7 w643 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">40,00%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa0f y56e7 w642 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c n x734 y56e8 w7cd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Mynet srl<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa10 y56e8 w7ce h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Udine<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa11 y56e8 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xa12 y56e8 w7cf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12,99%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa13 y56e8 w7c9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c n x734 y539f w7d0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Flairbit srl<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa14 y539f w7d1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Genova<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa15 y539f w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xa16 y539f w7d2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10,00%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa17 y539f w642 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsac2\">Legenda<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gsac3\">Tipo di rapporto:<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gsac4\">1 \u2013 partecipazione al c<span class=\"_ _2\"></span>apitale sociale <span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsac5\">7.2 Partecipazion<span class=\"_ _1\"></span>i significative: valore<span class=\"_ _1\"></span> di bilancio, fair val<span class=\"_ _1\"></span>u<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsac6\">e e dividendi perce<span class=\"_ _1\"></span>piti </div><div class=\"gsac7\"><table class=\"s w7d3 h20c\" id=\"_e750b11b-4385-4497-869b-c2a53885c7d3\"><tr><td class=\"c n xa19 y56e9 w7d4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Denominazioni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c xa1b y56e9 w7d5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Valore<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xa1a h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">di bilancio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa1c y56e9 w7d6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Fair value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa1d y56e9 w7d7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Di<span class=\"_ _1\"></span>videndi percepiti<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xa1e h12 y56ea ff4 fs7 fc1 sc2 ls0 ws0\">A. Imprese controllate in modo cong<span class=\"_ _2\"></span>iunto </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xa1f y56eb w7d8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.<span class=\"_ _3e\"> </span>Credemassicurazioni spa<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xa20 y56eb w7d9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">57.364<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa21 h12 y56ec ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa22 h12 y56ec ff4 fs7 fc1 sc0 ls0 ws0\">3.005<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xa1e h12 y56ed ff4 fs7 fc1 sc2 ls0 ws0\">B. Imprese sottoposte ad influenza notevole<span class=\"_ _2\"></span> </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xa23 y56ee w7da h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.<span class=\"_ _c\"> </span>SBC Fintech 2224 Milan srl<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xa24 y56ee w7db h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">316<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa21 h12 y56ef ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa25 h12 y56ef ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xa23 y56f0 w7dc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.<span class=\"_ _1a0\"> </span>Andxor srl<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xa26 y56f0 w7dd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.402<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa21 h12 y56f1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa27 h12 y56f1 ff4 fs7 fc1 sc0 ls0 ws0\">140<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xa23 y56f2 w7de h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.<span class=\"_ _1a0\"> </span>Mynet srl<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xa28 y56f2 w7df h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">335<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa21 h12 y56f3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa25 h12 y56f3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xa23 y56f4 w7e0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.<span class=\"_ _1a3\"> </span>F<span class=\"_ _1\"></span>lairbit srl<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xa29 y56f4 w7e1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">519<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa21 h12 y56f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa25 h12 y56f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 xa2a h12 y56f6 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa2b h12 y56f6 ff4 fs7 fc1 sc2 ls0 ws0\">59.936<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa21 h12 y56f6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa2c h12 y56f6 ff4 fs7 fc1 sc2 ls0 ws0\">3.145<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsac8\">La colonna fair value non \u00e8 avvalorata perch\u00e9 non sono presenti societ\u00e0 quotate classificate tra le<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs5f2\">partecipazioni significative.<span class=\"_ _3a1\"> </span> </div>7.3 Partecipazioni signif<span class=\"_ _1\"></span>icative: informazioni contabili <table class=\"s w7e2 h20d\" id=\"_3388cfae-b2eb-4d25-a9b2-9266ae1f24da\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 xa2d h12 y56f7 ff4 fs7 fc4 sc3 ls0 ws0\">Utile </td><td class=\"c n xa2e y56f8 w7e3 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Utile<span class=\"_ _3a1\"> </span></div></td><td class=\"t m9 xa2f h12 y56f9 ff4 fs7 fc4 sc3 ls0 ws0\">Utile </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=\"t m9 xa30 h12 y56fa ff4 fs7 fc4 sc3 ls0 ws0\">(Perdita) </td><td class=\"c n xa31 y56fb w7e4 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">(Perdita)</div></td><td class=\"t m9 xa32 h12 y56fc ff4 fs7 fc4 sc3 ls0 ws0\">(Perdita) </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 class=\"t m9 xa33 h12 y56fd ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche e </td><td class=\"t m9 xa34 h12 y56fe ff4 fs7 fc4 sc3 ls0 ws0\">della </td><td class=\"c n xa35 y56ff w7e5 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">della</div></td><td class=\"t m9 xa36 h12 y56fd ff4 fs7 fc4 sc3 ls0 ws0\">dei gruppi </td><td class=\"t m9 xa37 h12 y56fe ff4 fs7 fc4 sc3 ls0 ws0\">Utile </td><td class=\"t m9 xa38 h12 y56fd ff4 fs7 fc4 sc3 ls0 ws0\">Altre </td><td></td></tr><tr><td></td><td class=\"t m9 xa39 h12 y5700 ff4 fs7 fc4 sc3 ls0 ws0\">Cassa e </td><td class=\"t m9 xa3a h12 y5701 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0 </td><td class=\"t m9 xa3b h12 y5702 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0 </td><td class=\"t m9 xa3c h12 y5701 ff4 fs7 fc4 sc3 ls0 ws0\">Passivit\u00e0 </td><td class=\"t m9 xa3d h12 y5702 ff4 fs7 fc4 sc3 ls0 ws0\">Passivit\u00e0 </td><td class=\"t m9 xa3e h12 y5701 ff4 fs7 fc4 sc3 ls0 ws0\">Ricavi </td><td class=\"t m9 xa3f h12 y5702 ff4 fs7 fc4 sc3 ls0 ws0\">Margine </td><td class=\"t m9 xa40 h12 y5702 ff4 fs7 fc4 sc3 ls0 ws0\">riprese di valore </td><td class=\"c xa42 y5703 w7e6 h1d9\" colspan=\"2\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">operativit\u00e0<span class=\"_ _3a1\"> </span></div><div class=\"t m9 xa41 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">operativit\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"t m9 xa43 h12 y5702 ff4 fs7 fc4 sc3 ls0 ws0\">di attivit\u00e0 in </td><td class=\"t m9 xa44 h12 y5701 ff4 fs7 fc4 sc3 ls0 ws0\">(Perdita) </td><td class=\"c xa46 y5705 w7e7 h20e\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">componenti<span class=\"_ _3a1\"> </span></div><div class=\"t m9 xa45 h12 y5704 ff4 fs7 fc4 sc3 ls0 ws0\">Redditivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c xa48 y5706 w7e8 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Denom<span class=\"_ _3a1\"> </span></div><div class=\"t m9 xa47 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">inazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c xa49 y5707 w180 h25\"><div class=\"t m9 x0 h12 y2616 ff4 fs7 fc4 sc3 ls0 ws0\">disponibilit\u00e0 </div></td><td class=\"t m9 xa4a h12 y5708 ff4 fs7 fc4 sc3 ls0 ws0\">finanziarie<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa4b h12 y5709 ff4 fs7 fc4 sc3 ls0 ws0\">non </td><td class=\"t m9 xa4c h12 y5708 ff4 fs7 fc4 sc3 ls0 ws0\">finanziarie<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa4d h12 y5709 ff4 fs7 fc4 sc3 ls0 ws0\">non </td><td class=\"t m9 xa4e h12 y5708 ff4 fs7 fc4 sc3 ls0 ws0\">totali </td><td class=\"t m9 xa4f h12 y5709 ff4 fs7 fc4 sc3 ls0 ws0\">di </td><td class=\"t m9 xa22 h12 y5709 ff4 fs7 fc4 sc3 ls0 ws0\">su attivit\u00e0 </td><td class=\"c n xa50 y5649 w7e9 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">corrente</div></td><td class=\"t m9 xa51 h12 y5708 ff4 fs7 fc4 sc3 ls0 ws0\">corrente </td><td class=\"t m9 xa52 h12 y5709 ff4 fs7 fc4 sc3 ls0 ws0\">via di </td><td class=\"c xa53 y570a w183 h25\"><div class=\"t m9 x0 h12 y2616 ff4 fs7 fc4 sc3 ls0 ws0\">d'esercizio </div></td><td class=\"c xa46 y5706 w7ea h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">reddituali al<span class=\"_ _3a1\"> </span></div><div class=\"t m9 xa54 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">complessiva<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m9 xa55 h12 y570b ff4 fs7 fc4 sc3 ls0 ws0\">liquide </td><td></td><td class=\"t m9 xa56 h12 y570b ff4 fs7 fc4 sc3 ls0 ws0\">finanziarie<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 xa57 h12 y570b ff4 fs7 fc4 sc3 ls0 ws0\">finanziarie<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 xa58 h12 y570b ff4 fs7 fc4 sc3 ls0 ws0\">interesse<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa59 h12 y570b ff4 fs7 fc4 sc3 ls0 ws0\">materiali e </td><td class=\"c n xa5a y5481 w7eb h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">al lordo</div></td><td class=\"t m9 xa5b h12 y570c ff4 fs7 fc4 sc3 ls0 ws0\">al netto </td><td class=\"c xa5c y570d w182 h25\"><div class=\"t m9 x0 h12 y2616 ff4 fs7 fc4 sc3 ls0 ws0\">dismissione </div></td><td class=\"t m9 xa5d h12 y570c ff4 fs7 fc4 sc3 ls0 ws0\">(1) </td><td class=\"c n xa5e y570e w7ec h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">netto delle</div></td><td class=\"t m9 xa5f h12 y570b ff4 fs7 fc4 sc3 ls0 ws0\">(3) = (1) + (2)<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 xa33 h12 y570f ff4 fs7 fc4 sc3 ls0 ws0\">immateriali </td><td class=\"c n xa60 y5710 w7ed h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">delle</div></td><td class=\"t m9 xa61 h12 y5711 ff4 fs7 fc4 sc3 ls0 ws0\">delle </td><td class=\"t m9 xa62 h12 y570f ff4 fs7 fc4 sc3 ls0 ws0\">al netto </td><td></td><td class=\"c n xa46 y5712 w7ee h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">imposte (2)<span class=\"_ _3a1\"> </span></div></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 xa50 y5713 w7ef h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">imposte</div></td><td class=\"t m9 xa51 h12 y5714 ff4 fs7 fc4 sc3 ls0 ws0\">imposte </td><td class=\"t m9 xa52 h12 y5715 ff4 fs7 fc4 sc3 ls0 ws0\">delle </td><td></td><td></td><td></td></tr><tr><td class=\"t m9 xa1e h12 y5716 ff4 fs7 fc1 sc2 ls0 ws0\">1.<span class=\"_ _182\"> </span>Imprese controllate in modo </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 xa62 h12 y5717 ff4 fs7 fc4 sc3 ls0 ws0\">imposte </td><td></td><td></td><td></td></tr><tr><td class=\"t m9 xa63 h12 y5718 ff4 fs7 fc1 sc2 ls0 ws0\">congiunto </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><td></td><td></td></tr><tr><td class=\"c n xa64 y56f0 w7f0 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credemassicuraz<span class=\"_ _2\"></span>ioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa65 y56f0 w7f1 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>.419</div></td><td class=\"t m9 xa66 h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">183.409<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa67 h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">21.193<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa68 h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">538<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa69 h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">113.401<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa6a h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">41.930<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa4f h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">4.200<span class=\"_ _3a1\"> </span></td><td class=\"c xa6c y571b w7f2 h20e\"><div class=\"t m9 x2b3 h12 y571a ff4 fs7 fc1 sc0 ls0 ws0\">(1.738<span class=\"_ _3a1\"> </span></div><div class=\"t m9 xa6b h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">)</div></td><td class=\"t m9 xa6d h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">21.717<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa6e h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">15.020<span class=\"_ _3a1\"> </span></td><td class=\"c n xa6f y56f0 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa70 y56f0 w7f4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">15.020<span class=\"_ _3a1\"> </span></div></td><td class=\"t m9 xa71 h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">350<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa72 h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">15.371<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 xa1e h12 y571c ff4 fs7 fc1 sc2 ls0 ws0\">2.<span class=\"_ _161\"> </span>Imprese sottoposte ad </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><td></td><td></td></tr><tr><td class=\"t m9 xa63 h12 y571d ff4 fs7 fc1 sc2 ls0 ws0\">influenza notevole </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><td></td><td></td></tr><tr><td class=\"c n xa73 y571e w7f5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">SBC Fintech 2224<span class=\"_ _3b\"></span> Milan<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa74 y571e w7f6 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">261<span class=\"_ _3a1\"> </span></div></td><td class=\"t m9 xa75 h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">534<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa76 h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa77 h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">12<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa78 h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa79 h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7a h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7b h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7c h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7d h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7e h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7f h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa80 h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa81 h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xa73 y5720 w7f7 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Andxor<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa82 y5720 w7f8 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _1\"></span>45<span class=\"_ _3a1\"> </span></div></td><td class=\"t m9 xa75 h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">209<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa83 h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">12<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa84 h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">253<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa85 h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">63<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa86 h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">1.647<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa87 h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa88 h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">(6)<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa89 h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">624<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa8a h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">440<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7e h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa8b h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">440<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa80 h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa8c h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">440<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xa73 y5595 w7f9 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Mynet<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa8d y5595 w7fa h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">88<span class=\"_ _3a1\"> </span></div></td><td class=\"t m9 xa8e h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">517<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa8f h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">724<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa68 h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">220<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa90 h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">200<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa86 h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">1.020<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7a h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa91 h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">(187)<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa92 h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">131<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa93 h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">123<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7e h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa94 h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">123<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa80 h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa95 h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">123<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xa73 y539f w7fb h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Flairbit<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa96 y539f w7fc h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">404<span class=\"_ _3a1\"> </span></div></td><td class=\"t m9 xa75 h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">847<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa97 h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">22<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa98 h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">83<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa85 h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa86 h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">1.099<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa87 h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa88 h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">(4)<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa99 h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">477<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa8a h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">405<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7e h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa8b h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">405<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa80 h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa9a h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">405<span class=\"_ _3a1\"> </span></td></tr></table>Nella tabella sono riportati i dati dei progetti di bilanc<span class=\"_ _2\"></span>io al 31 dicembre 2024 approvati dal Consiglio di Amministrazione e fo<span class=\"_ _2\"></span>rnito dalle societ\u00e0 o, qualora non disponib<span class=\"_ _2\"></span>ili, dalle pi\u00f9 recenti situazioni patrimoniali riferite al totale delle partecipate e non alla percentuale detenuta dal Gruppo<span class=\"_ _3a1\"> </span>. <div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsaca\">Riconciliazione <span class=\"_ _1\"></span>tra le informazioni di natura <span class=\"_ _1\"></span>contabile ed il valor<span class=\"_ _1\"></span>e contabile delle par<span class=\"_ _1\"></span>tec</div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsacb\">ipazioni </div><div class=\"gsacc\"><table class=\"s w7fd h20f\" id=\"_5791c46c-8177-4134-b4b9-ca704629331e\"><tr><td></td><td></td><td class=\"t m2 xa9c h12 y5724 ff4 fs7 fc4 sc3 ls0 ws0\">Patrimonio </td><td class=\"t m2 xa9d h12 y5724 ff4 fs7 fc4 sc3 ls0 ws0\">Percentuale di </td><td class=\"t m2 xa9e h12 y5725 ff4 fs7 fc4 sc3 ls0 ws0\">Patrimonio </td><td></td><td class=\"t m2 xa9f h12 y5724 ff4 fs7 fc4 sc3 ls0 ws0\">Altre </td><td></td><td class=\"t m2 xaa0 h12 y5724 ff4 fs7 fc4 sc3 ls0 ws0\">Valore di </td></tr><tr><td class=\"t m2 xaa1 h12 y5726 ff4 fs7 fc4 sc3 ls0 ws0\">Denominazioni </td><td></td><td class=\"t m2 xaa2 h12 y5727 ff4 fs7 fc4 sc3 ls0 ws0\">netto  </td><td class=\"t m2 xaa3 h12 y5727 ff4 fs7 fc4 sc3 ls0 ws0\">interessenza </td><td class=\"t m2 xaa4 h12 y5726 ff4 fs7 fc4 sc3 ls0 ws0\">netto di </td><td class=\"t m2 xaa5 h12 y5726 ff4 fs7 fc4 sc3 ls0 ws0\">Avviamento </td><td class=\"t m2 xaa6 h12 y5727 ff4 fs7 fc4 sc3 ls0 ws0\">poste </td><td></td><td class=\"t m2 xaa7 h12 y5727 ff4 fs7 fc4 sc3 ls0 ws0\">bilancio </td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 xa9e h12 y5728 ff4 fs7 fc4 sc3 ls0 ws0\">pertinenza  </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xaa8 h12 y5729 ff4 fs7 fc1 sc2 ls0 ws0\">A. Imprese controllate in modo cong<span class=\"_ _2\"></span>iunto </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xaa9 h12 y572a ff4 fs7 fc1 sc0 ls0 ws0\">Credemassicuraz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>oni </td><td></td><td class=\"t m2 xaaa h12 y572b ff4 fs7 fc1 sc0 ls0 ws0\">94.082<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xaab h12 y572b ff4 fs7 fc1 sc0 ls0 ws0\">50,00%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xaac h12 y572b ff4 fs7 fc1 sc0 ls0 ws0\">47.041</td><td class=\"t m2 xaad h12 y572b ff4 fs7 fc1 sc0 ls0 ws0\">  10.324<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xaae h12 y572b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xaaf h12 y572b ff4 fs7 fc1 sc0 ls0 ws0\">57.364<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xab0 h12 y572c ff4 fs7 fc1 sc0 ls0 ws0\">SBC Fintech 2224 Mil<span class=\"_ _2\"></span>an </td><td></td><td class=\"t m2 xab1 h12 y572d ff4 fs7 fc1 sc0 ls0 ws0\">778<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xaab h12 y572d ff4 fs7 fc1 sc0 ls0 ws0\">40,69%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xab2 h12 y572d ff4 fs7 fc1 sc0 ls0 ws0\">316<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xab3 h12 y572d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xaae h12 y572d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xab4 h12 y572d ff4 fs7 fc1 sc0 ls0 ws0\">316<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xab0 h12 y572e ff4 fs7 fc1 sc0 ls0 ws0\">Andxor </td><td></td><td class=\"t m2 xab5 h12 y572f ff4 fs7 fc1 sc0 ls0 ws0\">850<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xaab h12 y572f ff4 fs7 fc1 sc0 ls0 ws0\">40,00%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xab6 h12 y572f ff4 fs7 fc1 sc0 ls0 ws0\">340<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xab7 h12 y572f ff4 fs7 fc1 sc0 ls0 ws0\">1.062<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xaae h12 y572f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xab8 h12 y572f ff4 fs7 fc1 sc0 ls0 ws0\">1.402<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xab0 h12 y5730 ff4 fs7 fc1 sc0 ls0 ws0\">Mynet </td><td></td><td class=\"t m2 xab1 h12 y5731 ff4 fs7 fc1 sc0 ls0 ws0\">907<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xab9 h12 y5731 ff4 fs7 fc1 sc0 ls0 ws0\">12,99%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xaba h12 y5731 ff4 fs7 fc1 sc0 ls0 ws0\">118<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xabb h12 y5731 ff4 fs7 fc1 sc0 ls0 ws0\">217<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xabc h12 y5731 ff4 fs7 fc1 sc0 ls0 ws0\">335<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xab0 h12 y5732 ff4 fs7 fc1 sc0 ls0 ws0\">Flairbit </td><td></td><td class=\"t m2 xabd h12 y5733 ff4 fs7 fc1 sc0 ls0 ws0\">1.166<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xabe h12 y5733 ff4 fs7 fc1 sc0 ls0 ws0\">10,00%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xabf h12 y5733 ff4 fs7 fc1 sc0 ls0 ws0\">117<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xac0 h12 y5733 ff4 fs7 fc1 sc0 ls0 ws0\">402<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xab4 h12 y5733 ff4 fs7 fc1 sc0 ls0 ws0\">519<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 xac1 h12 y5734 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xac2 h12 y5734 ff4 fs7 fc1 sc2 ls0 ws0\">97.783<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xac3 h12 y5734 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xac4 h12 y5734 ff4 fs7 fc1 sc2 ls0 ws0\">47.932<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xac5 h12 y5734 ff4 fs7 fc1 sc2 ls0 ws0\">12.005<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xaae h12 y5734 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xaaf h12 y5734 ff4 fs7 fc1 sc2 ls0 ws0\">59.936<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsacd\">7.5 Parte<span class=\"_ _1\"></span>cipazioni: variazioni ann<span class=\"_ _1\"></span>ue </div><div class=\"gsace\"><table class=\"s w7fe h210\" id=\"_dff7dbd6-372a-45bd-8913-5b845e267fe9\"><tr><td></td><td></td><td class=\"t m2 xa03 h12 y5735 ff4 fs7 fc4 sc3 ls0 ws0\">Totale <span class=\"_ _1be\"> </span>Totale </td><td></td></tr><tr><td></td><td class=\"c n xac6 y5736 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xac7 y5736 w685 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x677 h12 y5737 ff4 fs7 fc1 sc2 ls0 ws0\">A. Esistenze inziali </td><td class=\"t m2 x70f h12 y5738 ff4 fs7 fc1 sc2 ls0 ws0\">54.955<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x67a h12 y5738 ff4 fs7 fc1 sc2 ls0 ws0\">51.862<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5739 ff4 fs7 fc1 sc2 ls0 ws0\">B. Aumenti </td><td class=\"t m2 xac8 h12 y573a ff4 fs7 fc1 sc2 ls0 ws0\">8.233<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x738 h12 y573a ff4 fs7 fc1 sc2 ls0 ws0\">6.316<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y573b ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Acquisti </td><td class=\"t m2 x7a1 h12 y573c ff4 fs7 fc1 sc0 ls0 ws0\">315<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7b1 h12 y573c ff4 fs7 fc1 sc0 ls0 ws0\">1.012<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y573d ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione a<span class=\"_ _2\"></span>ziendale </td><td class=\"t m2 x69a h12 y573e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x671 h12 y573e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y573f ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Riprese di val<span class=\"_ _2\"></span>ore </td><td class=\"t m2 x69a h12 y5740 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x671 h12 y5740 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5741 ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Rivalutazioni<span class=\"_ _2\"></span> </td><td class=\"t m2 x69a h12 y5742 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x671 h12 y5742 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5743 ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Altre variazioni<span class=\"_ _2\"></span> </td><td class=\"t m2 x99a h12 y5744 ff4 fs7 fc1 sc0 ls0 ws0\">7.918<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6e5 h12 y5744 ff4 fs7 fc1 sc0 ls0 ws0\">5.304<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5745 ff4 fs7 fc1 sc2 ls0 ws0\">C. Diminuzioni </td><td class=\"t m2 x684 h12 y5746 ff4 fs7 fc1 sc2 ls0 ws0\">3.252<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6e5 h12 y5746 ff4 fs7 fc1 sc2 ls0 ws0\">3.223<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5747 ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Vendite </td><td class=\"t m2 x69a h12 y5748 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x671 h12 y5748 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y5749 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione a<span class=\"_ _2\"></span>ziendale </td><td class=\"t m2 x69a h12 y574a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x671 h12 y574a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y574b ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Rettifiche di valore<span class=\"_ _3b\"></span> </td><td class=\"t m2 x69a h12 y574c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x671 h12 y574c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y574d ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Svalutazioni </td><td class=\"t m2 x7a1 h12 y574e ff4 fs7 fc1 sc0 ls0 ws0\">106<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x788 h12 y574e ff4 fs7 fc1 sc0 ls0 ws0\">336<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y574f ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Altre variazioni<span class=\"_ _2\"></span> </td><td class=\"t m2 x99a h12 y5750 ff4 fs7 fc1 sc0 ls0 ws0\">3.146<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6e5 h12 y5750 ff4 fs7 fc1 sc0 ls0 ws0\">2.887<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54af ff4 fs7 fc1 sc2 ls0 ws0\">D. Rimanenze finali </td><td class=\"t m2 x70f h12 y5751 ff4 fs7 fc1 sc2 ls0 ws0\">59.936<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x676 h12 y5751 ff4 fs7 fc1 sc2 ls0 ws0\">54.955<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5752 ff4 fs7 fc1 sc2 ls0 ws0\">E. Rivalutazioni totali </td><td class=\"t m2 x69a h12 y5753 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x671 h12 y5753 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5754 ff4 fs7 fc1 sc2 ls0 ws0\">F. Rettifiche totali </td><td class=\"t m2 x69a h12 y5755 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x671 h12 y5755 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsacf\">Le variazioni relative al compar<span class=\"_ _2\"></span>to delle partecipazioni<span class=\"_ _2\"></span> recepiscono gli utili <span class=\"_ _2\"></span>e le perdite delle societ\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsad0\">consolidate al patrimonio netto, i dividendi distribuiti, gli acquisti effettuat<span class=\"_ _1\"></span>i. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsad1\">Credemtel <span class=\"_ _3f\"> </span>ha <span class=\"_ _39\"> </span>aumentato <span class=\"_ _3f\"> </span>nel <span class=\"_ _39\"> </span>corso <span class=\"_ _3f\"> </span>dell\u2019anno <span class=\"_ _39\"> </span>l\u2019investime<span class=\"_ _1\"></span>nto <span class=\"_ _39\"> </span>in <span class=\"_ _3f\"> </span>\u201cSBC <span class=\"_ _3f\"> </span>Fintech <span class=\"_ _39\"> </span>Milan <span class=\"_ _3f\"> </span>2224\", </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsad2\">incrementando  ult<span class=\"_ _2\"></span>eriormente  la <span class=\"_ _35\"> </span>quota <span class=\"_ _35\"> </span>di  p<span class=\"_ _2\"></span>artecipazione  al <span class=\"_ _35\"> </span>40,69%, <span class=\"_ _35\"> </span>operazione  che <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>colloca </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsad3\">all\u2019interno <span class=\"_ _36\"> </span>dell\u2019iniziativa <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>Corporate <span class=\"_ _36\"> </span>Venture <span class=\"_ _37\"> </span>Capital <span class=\"_ _36\"> </span>(CVC) <span class=\"_ _37\"> </span>avviata <span class=\"_ _36\"> </span>dal <span class=\"_ _36\"> </span>Gruppo <span class=\"_ _36\"> </span>Credem <span class=\"_ _37\"> </span>per </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsad4\">l\u2019acquisizione e la gestione di partecipazioni in start<span class=\"_ _1\"></span>up innovative e ad alto potenziale di crescita. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsad5\">7.6 Valutazioni e<span class=\"_ _1\"></span> assunzioni signi<span class=\"_ _1\"></span>ficative per stabilire<span class=\"_ _1\"></span> l<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsad6\">\u2019esistenza di controllo <span class=\"_ _1\"></span>congiunto o influenza note<span class=\"_ _1\"></span>vole<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsad7\">Credito  Emiliano  S<span class=\"_ _2\"></span>.p.A. <span class=\"_ _35\"> </span>detie<span class=\"_ _1\"></span>ne  il<span class=\"_ _2\"></span>  50% <span class=\"_ _35\"> </span>di  Credemassicurazioni  S.<span class=\"_ _2\"></span>p.A.,  la <span class=\"_ _35\"> </span>cui  restante  qu<span class=\"_ _2\"></span>ota  di<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsad8\">capitale sociale (50%) \u00e8 invece detenuta da Re<span class=\"_ _1\"></span>ale Mutua Assicurazioni. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsad9\">In tale contesto: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsada\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Credito <span class=\"_ _3f\"> </span>Emiliano <span class=\"_ _39\"> </span>non <span class=\"_ _39\"> </span>detiene <span class=\"_ _39\"> </span>la <span class=\"_ _3f\"> </span>maggioranza <span class=\"_ _36\"> </span>dei <span class=\"_ _3f\"> </span>diritti <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>voto, <span class=\"_ _39\"> </span>non <span class=\"_ _39\"> </span>potendo <span class=\"_ _39\"> </span>da <span class=\"_ _3f\"> </span>solo<span class=\"_ _2\"></span> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsadb\">determinare le scelte <span class=\"_ _2\"></span>societarie, non <span class=\"_ _2\"></span>avendo la capaci<span class=\"_ _2\"></span>t\u00e0 pratica di <span class=\"_ _2\"></span>condurre unilateralmente le </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsadc\">attivit\u00e0 rilevanti della p<span class=\"_ _2\"></span>artecipata, per le qu<span class=\"_ _2\"></span>ali \u00e8 sempre nece<span class=\"_ _2\"></span>ssario anche il <span class=\"_ _2\"></span>consenso dell\u2019altro </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsadd\">socio; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsade\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Credito Emiliano ha il potere di <span class=\"_ _2\"></span>veto sulle scelte dell\u2019al<span class=\"_ _2\"></span>tro socio, nel senso che in <span class=\"_ _2\"></span>mancanza del </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsadf\">voto favorevole di Credito Emiliano anche l\u2019altr<span class=\"_ _1\"></span>o socio detentore del restante 50% del capitale </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsae0\">sociale non \u00e8 in grado di incidere sulla societ\u00e0. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsae1\">In relazione a Credemassicurazioni la posizione di Credito Emiliano \u00e8 <span class=\"_ _1\"></span>pertanto quella:<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs217\"><span class=\"_ _3e\"> </span><span class=\"ff4\">di <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>soggetto  che<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>esposto <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>rendimenti <span class=\"_ _35\"> </span>variabili <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>detiene <span class=\"_ _35\"> </span>comunque <span class=\"_ _35\"> </span>diritti <span class=\"_ _35\"> </span>su <span class=\"_ _35\"> </span>tali </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsae2\">possi<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsae3\">bili rendimenti; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs21a\"><span class=\"_ _3e\"> </span><span class=\"ff4\">che <span class=\"_ _0\"></span>ha <span class=\"_ _1\"></span>una <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ropria <span class=\"_ _0\"></span>cap<span class=\"_ _2\"></span>acit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>incidere<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>su <span class=\"_ _0\"></span>tali <span class=\"_ _1\"></span>rendimenti <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>olo <span class=\"_ _38\"></span>esercitando <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>potere <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>veto </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsae4\">sulle scelte dell\u2019altro socio. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs21c\">Gli accordi in essere tra i soci detentori rispettivamente il 50% del capitale <span class=\"_ _1\"></span>sociale prevedono: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs21d\"><span class=\"_ _3e\"> </span><span class=\"ff4\">diritto <span class=\"_ _39\"> </span>contemplato <span class=\"_ _39\"> </span>nell\u2019atto <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>compr<span class=\"_ _1\"></span>avendita <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>azioni, <span class=\"_ _36\"> </span>circoscritto <span class=\"_ _39\"> </span>entro <span class=\"_ _39\"> </span>precisi <span class=\"_ _36\"> </span>limiti </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsae5\">temporali (ogni 5 anni), ad esercitare o<span class=\"_ _1\"></span>pzioni call e put sulle rispettive azioni; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs21f\"><span class=\"_ _3e\"> </span><span class=\"ff4\">diritto contemplato i<span class=\"_ _2\"></span>n app<span class=\"_ _2\"></span>osito p<span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>tto parasociale <span class=\"_ _3b\"></span>di ottenere <span class=\"_ _3b\"></span>esponent<span class=\"_ _1\"></span>i azi<span class=\"_ _2\"></span>endali (<span class=\"_ _2\"></span>la m<span class=\"_ _2\"></span>et\u00e0 degli<span class=\"_ _3b\"></span> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsae6\">amministratori <span class=\"_ _3b\"></span>e, a <span class=\"_ _184\"></span>rinnovi <span class=\"_ _3b\"></span>alter<span class=\"_ _1\"></span>nati <span class=\"_ _3b\"></span>del <span class=\"_ _3b\"></span>Consiglio <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>Amministrazione, <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>Presidente <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>Consiglio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsae7\">di <span class=\"_ _3d\"> </span>Amministrazione<span class=\"_ _1\"></span>, <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>Sindaci <span class=\"_ _37\"> </span>e, <span class=\"_ _37\"> </span>a <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>innovi <span class=\"_ _3d\"> </span>alter<span class=\"_ _1\"></span>nati, <span class=\"_ _3d\"> </span>il <span class=\"_ _37\"> </span>Presidente <span class=\"_ _37\"> </span>del <span class=\"_ _3d\"> </span>Collegio <span class=\"_ _37\"> </span>Sindacale). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsae8\">Siccome <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>vi <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>nell\u2019ambito <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>Credemassicurazioni <span class=\"_ _1\"></span>vot<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>consiglieri <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>prevalgano <span class=\"_ _1\"></span>su </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsae9\">quelli <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>altri <span class=\"_ _38\"></span>Consiglieri <span class=\"_ _1\"></span>(ad <span class=\"_ _1\"></span>esempio <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _1\"></span>contemplata <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>prevalenza <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>voto <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Presidente </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsaea\">del <span class=\"_ _35\"> </span>Consiglio <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>Amministrazione), <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>designazione <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>esponenti <span class=\"_ _35\"> </span>aziendali <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>att<span class=\"_ _1\"></span>ribuisce <span class=\"_ _35\"> </span>a </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsaeb\">nessun socio una prevalenza sulle scelte societarie; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs226\"><span class=\"_ _3e\"> </span><span class=\"ff4\">obbligo a non tr<span class=\"_ _1\"></span>asferire le azioni a terzi per la durata del patto parasociale. </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs363\">In <span class=\"_ _43\"> </span>tale <span class=\"_ _43\"> </span>contesto, <span class=\"_ _43\"> </span>i <span class=\"_ _43\"> </span>diritti <span class=\"_ _43\"> </span>di <span class=\"_ _43\"> </span>Credito<span class=\"_ _1\"></span> <span class=\"_ _43\"> </span>Emiliano <span class=\"_ _43\"> </span>sono <span class=\"_ _43\"> </span>circoscritti <span class=\"_ _43\"> </span>alle <span class=\"_ _43\"> </span>attivit\u00e0 <span class=\"_ _43\"> </span>nette <span class=\"_ _43\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs228\">Credemassicurazioni. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs364\">Alla luce di quanto riportato, si determina la presenza di un controllo congiunto. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs22b\">Credito <span class=\"_ _0\"></span>Emil<span class=\"_ _2\"></span>iano <span class=\"_ _38\"></span>S.p.A. <span class=\"_ _38\"></span>detiene <span class=\"_ _0\"></span>il <span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>00% <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>Cred<span class=\"_ _2\"></span>emtel <span class=\"_ _38\"></span>S.p.A., <span class=\"_ _38\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>sua <span class=\"_ _1\"></span>volta <span class=\"_ _0\"></span>detiene <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>40,69 <span class=\"_ _38\"></span>% <span class=\"_ _0\"></span>di<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs367\">SBC. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsaec\">In tale contesto: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsaed\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Credemte<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>detiene <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>maggiora<span class=\"_ _1\"></span>nza <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>dirit<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>vot<span class=\"_ _1\"></span>o, <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>potendo <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>solo <span class=\"_ _1\"></span>determinare <span class=\"_ _38\"></span>le </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsaee\">scelte s<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>cietarie, <span class=\"_ _2\"></span>non <span class=\"_ _3b\"></span>avendo la<span class=\"_ _3b\"></span> cap<span class=\"_ _2\"></span>acit\u00e0 <span class=\"_ _2\"></span>pratica d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>condurre unil<span class=\"_ _2\"></span>ateralmente l<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _3b\"></span>rilevanti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsaef\">della partecipata, per le quali \u00e8 sempre necessario anche <span class=\"_ _1\"></span>il consenso degli altri soci; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsaf0\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Credemte<span class=\"_ _1\"></span>l p<span class=\"_ _2\"></span>er\u00f2 ha il<span class=\"_ _2\"></span> potere i<span class=\"_ _2\"></span>l veto, <span class=\"_ _2\"></span>su specifici<span class=\"_ _2\"></span> argomenti, sul<span class=\"_ _2\"></span>le scelte degli <span class=\"_ _2\"></span>altri soci, <span class=\"_ _2\"></span>nel s<span class=\"_ _2\"></span>enso </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsaf1\">che <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>mancanza <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>voto <span class=\"_ _0\"></span>favorevole <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>Credemtel <span class=\"_ _0\"></span>anche <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>altri <span class=\"_ _35\"> </span>soci <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>grado <span class=\"_ _35\"> </span>di<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsaf2\">incidere sulla societ\u00e0. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsaf3\">In relazione a SBC la posizione di Credemtel \u00e8 pertanto quella: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs370\"><span class=\"_ _3e\"> </span><span class=\"ff4\">di <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>soggetto  che<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>esposto <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>rendimenti <span class=\"_ _35\"> </span>variabili <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>detiene <span class=\"_ _35\"> </span>comunque <span class=\"_ _35\"> </span>diritti <span class=\"_ _35\"> </span>su <span class=\"_ _35\"> </span>tali </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsaf4\">possibili rendimenti; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs372\"><span class=\"_ _3e\"> </span><span class=\"ff4\">che <span class=\"_ _0\"></span>ha <span class=\"_ _1\"></span>una <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ropria <span class=\"_ _0\"></span>cap<span class=\"_ _2\"></span>acit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>incidere<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>su <span class=\"_ _0\"></span>tali <span class=\"_ _1\"></span>rendimenti <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>olo <span class=\"_ _38\"></span>esercitando <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>potere <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>veto </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsaf5\">sulle scelte degli altri soci. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs374\">Gli <span class=\"_ _0\"></span>accordi <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>soci <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>SBC <span class=\"_ _0\"></span>prevedono, <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>favor<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Cr<span class=\"_ _2\"></span>edemtel <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>diritto <span class=\"_ _0\"></span>contemplato <span class=\"_ _38\"></span>in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs375\">apposito <span class=\"_ _0\"></span>patto <span class=\"_ _35\"> </span>parasociale <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>ottenere <span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>ponenti <span class=\"_ _0\"></span>aziendali <span class=\"_ _0\"></span>(un <span class=\"_ _35\"> </span>consigl<span class=\"_ _2\"></span>iere <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>amministrazione). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs376\">Siccome <span class=\"_ _3b\"></span>non <span class=\"_ _2\"></span>vi <span class=\"_ _3b\"></span>sono <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>SBC <span class=\"_ _2\"></span>voti <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>cons<span class=\"_ _1\"></span>iglieri <span class=\"_ _3b\"></span>che prevalgano <span class=\"_ _184\"></span>s<span class=\"_ _1\"></span>u <span class=\"_ _3b\"></span>quelli <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>alt<span class=\"_ _1\"></span>ri <span class=\"_ _3b\"></span>consiglieri<span class=\"_ _1\"></span>, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs377\">la <span class=\"_ _1\"></span>designazione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>esponenti <span class=\"_ _1\"></span>aziendali <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>att<span class=\"_ _1\"></span>ribuisce <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>nessun <span class=\"_ _1\"></span>socio <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>prevalenza <span class=\"_ _1\"></span>sulle <span class=\"_ _1\"></span>sce<span class=\"_ _1\"></span>lte </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs378\">societarie. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs379\">Alla luce di quanto riportato, si determina la presenza di un collegamento<span class=\"_ _1\"></span>. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs37b\">Credito <span class=\"_ _35\"> </span>Emiliano  S.p<span class=\"_ _2\"></span>.A. <span class=\"_ _35\"> </span>detiene  il <span class=\"_ _35\"> </span>100% <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>Credemtel  S.p.<span class=\"_ _2\"></span>A., <span class=\"_ _35\"> </span>che  a <span class=\"_ _35\"> </span>sua <span class=\"_ _35\"> </span>volta <span class=\"_ _35\"> </span>detiene  il<span class=\"_ _3b\"></span>  40% <span class=\"_ _35\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs37c\">ANDXOR SOLUZIONI INFORMATICHE S.R.L. \u201cANDX<span class=\"_ _1\"></span>OR\u201d. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs37d\">In tale contesto, per ANDXOR: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs37e\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Credemte<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>detiene <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>maggiora<span class=\"_ _1\"></span>nza <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>dirit<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>vot<span class=\"_ _1\"></span>o, <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>potendo <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>solo <span class=\"_ _1\"></span>determinare <span class=\"_ _38\"></span>le </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsaf6\">scelte s<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>cietarie, <span class=\"_ _2\"></span>non <span class=\"_ _3b\"></span>avendo la<span class=\"_ _3b\"></span> cap<span class=\"_ _2\"></span>acit\u00e0 <span class=\"_ _2\"></span>pratica d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>condurre unil<span class=\"_ _2\"></span>ateralmente l<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _3b\"></span>rilevanti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsaf7\">della partecipata, per le quali \u00e8 sempre necessario anche <span class=\"_ _1\"></span>il consenso degli altri soci; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs381\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Credemte<span class=\"_ _1\"></span>l ha <span class=\"_ _2\"></span>il potere di<span class=\"_ _2\"></span> veto, <span class=\"_ _2\"></span>su specifici<span class=\"_ _2\"></span> argomenti, sulle scelt<span class=\"_ _2\"></span>e degli altri <span class=\"_ _2\"></span>soci, nel s<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>nso che </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsaf8\">in <span class=\"_ _38\"></span>mancanza <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>voto <span class=\"_ _1\"></span>favorevole <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Credemte<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>anche <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>altri <span class=\"_ _38\"></span>soci <span class=\"_ _38\"></span>det<span class=\"_ _1\"></span>entori <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>restante <span class=\"_ _38\"></span>60% </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsaf9\">del capitale sociale non sono in grado di incidere sulla societ\u00e0. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs384\">In relazione a ANDXOR la posizione di Credemtel \u00e8 pertanto quella: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs385\"><span class=\"_ _3e\"> </span><span class=\"ff4\">di <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>soggetto  che<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>esposto <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>rendimenti <span class=\"_ _35\"> </span>variabili <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>detiene <span class=\"_ _35\"> </span>comunque <span class=\"_ _35\"> </span>diritti <span class=\"_ _35\"> </span>su <span class=\"_ _35\"> </span>tali </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsafa\">possibili rendimenti; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs387\"><span class=\"_ _3e\"> </span><span class=\"ff4\">che <span class=\"_ _0\"></span>ha <span class=\"_ _1\"></span>una <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ropria <span class=\"_ _0\"></span>cap<span class=\"_ _2\"></span>acit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>incidere<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>su <span class=\"_ _0\"></span>tali <span class=\"_ _1\"></span>rendimenti <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>olo <span class=\"_ _38\"></span>esercitando <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>potere <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>veto </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsafb\">sulle scelte degli altri soci. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs389\">Gli accordi in essere tra i soci di ANDXOR co<span class=\"_ _1\"></span>ntemplano, a favore di Credemtel: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs38a\"><span class=\"_ _3e\"> </span><span class=\"ff4\">diritto <span class=\"_ _3a\"> </span>contemplato <span class=\"_ _3f\"> </span>in <span class=\"_ _3a\"> </span>apposito <span class=\"_ _3f\"> </span>patto <span class=\"_ _3a\"> </span>parasociale <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>otte<span class=\"_ _1\"></span>nere <span class=\"_ _3f\"> </span>esponenti <span class=\"_ _3f\"> </span>aziendali <span class=\"_ _3a\"> </span>(un </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsafc\">consigliere <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>amministrazione <span class=\"_ _3b\"></span>ed <span class=\"_ _3b\"></span>il <span class=\"_ _2\"></span>sindaco <span class=\"_ _3b\"></span>unico). <span class=\"_ _3b\"></span>S<span class=\"_ _1\"></span>iccome <span class=\"_ _3b\"></span>non <span class=\"_ _2\"></span>vi <span class=\"_ _3b\"></span>sono <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>AND<span class=\"_ _1\"></span>XOR </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsafd\">voti <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>consiglieri <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>prevalgano <span class=\"_ _35\"> </span>su <span class=\"_ _35\"> </span>quelli <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>altri <span class=\"_ _35\"> </span>Consiglieri, <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>designazione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>es<span class=\"_ _1\"></span>ponenti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsafe\">aziendali non attribuisce a nessun socio una pre<span class=\"_ _1\"></span>valenza sulle scelte societarie;<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsb00\"><span class=\"_ _3e\"> </span><span class=\"ff4\">diritto <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>co-vendita <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>favore <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>Credemtel <span class=\"_ _38\"></span>qualora <span class=\"_ _1\"></span>venga <span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>asferita <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>atto <span class=\"_ _1\"></span>tra <span class=\"_ _38\"></span>vivi una <span class=\"_ _38\"></span>quota </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb01\">di <span class=\"_ _35\"> </span>al<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb02\">meno  il <span class=\"_ _35\"> </span>50% <span class=\"_ _35\"> </span>del  cap<span class=\"_ _2\"></span>itale <span class=\"_ _35\"> </span>sociale  di <span class=\"_ _35\"> </span>ANDXOR  p<span class=\"_ _2\"></span>er <span class=\"_ _35\"> </span>tutta  la <span class=\"_ _35\"> </span>durata <span class=\"_ _35\"> </span>del  pat<span class=\"_ _2\"></span>to  parasociale<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb03\">attualmente in essere. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb04\">Alla luce di quanto riportato, si determina la presenza di un collegamento<span class=\"_ _1\"></span>. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb05\">Credito <span class=\"_ _0\"></span>Emiliano <span class=\"_ _0\"></span>S.p.A. <span class=\"_ _0\"></span>detiene <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>100% <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Cr<span class=\"_ _2\"></span>edemtel <span class=\"_ _0\"></span>S.p.A., <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>sua <span class=\"_ _0\"></span>volta <span class=\"_ _0\"></span>detiene <span class=\"_ _0\"></span>il<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>12,99% <span class=\"_ _0\"></span>di<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb06\">MYNET.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb07\">In tale contesto: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsb08\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Credemte<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>detiene <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>maggiora<span class=\"_ _1\"></span>nza <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>dirit<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>vot<span class=\"_ _1\"></span>o, <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>potendo <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>solo <span class=\"_ _1\"></span>determinare <span class=\"_ _38\"></span>le </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb09\">scelte s<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>cietarie, <span class=\"_ _2\"></span>non <span class=\"_ _3b\"></span>avendo la<span class=\"_ _3b\"></span> cap<span class=\"_ _2\"></span>acit\u00e0 <span class=\"_ _2\"></span>pratica d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>condurre unil<span class=\"_ _2\"></span>ateralmente l<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _3b\"></span>rilevanti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb0a\">della partecipata, per le quali \u00e8 sempre necessario anche <span class=\"_ _1\"></span>il consenso degli altri soci; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsb0b\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Credemte<span class=\"_ _1\"></span>l p<span class=\"_ _2\"></span>er\u00f2 ha il<span class=\"_ _2\"></span> potere i<span class=\"_ _2\"></span>l veto, <span class=\"_ _2\"></span>su specifici<span class=\"_ _2\"></span> argomenti, sul<span class=\"_ _2\"></span>le scelte degli <span class=\"_ _2\"></span>altri soci, <span class=\"_ _2\"></span>nel s<span class=\"_ _2\"></span>enso </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb0c\">che <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>mancanza <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>voto <span class=\"_ _0\"></span>favorevole <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>Credemtel <span class=\"_ _0\"></span>anche <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>altri <span class=\"_ _35\"> </span>soci <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>grado <span class=\"_ _35\"> </span>di<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb0d\">incidere sulla societ\u00e0. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb0e\">In <span class=\"_ _2\"></span>rela<span class=\"_ _3b\"></span>zion<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>MY<span class=\"_ _2\"></span>NET <span class=\"_ _3b\"></span>la p<span class=\"_ _2\"></span>osi<span class=\"_ _2\"></span>zion<span class=\"_ _3b\"></span>e di<span class=\"_ _2\"></span> Cred<span class=\"_ _3b\"></span>emtel <span class=\"_ _3b\"></span>\u00e8 p<span class=\"_ _3b\"></span>ertant<span class=\"_ _3b\"></span>o qu<span class=\"_ _3b\"></span>ella: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsb0f\"><span class=\"_ _3e\"> </span><span class=\"ff4\">di <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>soggetto  che<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>esposto <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>rendimenti <span class=\"_ _35\"> </span>variabili <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>detiene <span class=\"_ _35\"> </span>comunque <span class=\"_ _35\"> </span>diritti <span class=\"_ _35\"> </span>su <span class=\"_ _35\"> </span>tali </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb10\">possibili rendimenti; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsb11\"><span class=\"_ _3e\"> </span><span class=\"ff4\">che <span class=\"_ _0\"></span>ha <span class=\"_ _1\"></span>una <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ropria <span class=\"_ _0\"></span>cap<span class=\"_ _2\"></span>acit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>incidere<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>su <span class=\"_ _0\"></span>tali <span class=\"_ _1\"></span>rendimenti <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>olo <span class=\"_ _38\"></span>esercitando <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>potere <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>veto </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb12\">sulle scelte degli altri soci. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb13\">Gli <span class=\"_ _1\"></span>accordi <span class=\"_ _1\"></span>in essere <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>soci <span class=\"_ _1\"></span>di MYNET <span class=\"_ _1\"></span>prevedono, <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>favore <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Credemtel il <span class=\"_ _1\"></span>diritto <span class=\"_ _1\"></span>contemplato <span class=\"_ _1\"></span>in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb14\">apposito <span class=\"_ _35\"> </span>patto <span class=\"_ _35\"> </span>parasociale <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>ottenere <span class=\"_ _35\"> </span>esponenti <span class=\"_ _0\"> </span>a<span class=\"_ _1\"></span>ziendali <span class=\"_ _35\"> </span>(u<span class=\"_ _2\"></span>n <span class=\"_ _35\"> </span>consigliere <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>amministrazione<span class=\"_ _2\"></span>) </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb15\">oltre <span class=\"_ _38\"></span>alla <span class=\"_ _0\"></span>designazione <span class=\"_ _1\"></span>di <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>sindaco <span class=\"_ _0\"></span>effettivo <span class=\"_ _1\"></span>(con <span class=\"_ _0\"></span>ruolo <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>presidente <span class=\"_ _0\"></span>del <span class=\"_ _1\"></span>collegio <span class=\"_ _0\"></span>sindacale) <span class=\"_ _1\"></span>ed </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb16\">uno <span class=\"_ _0\"></span>supplente. <span class=\"_ _0\"></span>Siccome <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>vi <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>nell\u2019ambito <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>MYNET <span class=\"_ _0\"></span>voti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>consigl<span class=\"_ _2\"></span>ieri <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>prevalgano <span class=\"_ _0\"></span>su </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb17\">quelli di altri <span class=\"_ _1\"></span>consiglieri, la <span class=\"_ _1\"></span>designazione di <span class=\"_ _1\"></span>esponenti azie<span class=\"_ _1\"></span>ndali non attr<span class=\"_ _1\"></span>ibuisce a nessun <span class=\"_ _1\"></span>socio una </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb18\">prevalenza sulle scelte societarie. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb19\">Alla luce di quanto riportato, si determina la presenza di un collegamento<span class=\"_ _1\"></span>. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb1a\">Credito <span class=\"_ _0\"></span>Emiliano <span class=\"_ _0\"></span>S.p<span class=\"_ _2\"></span>.A. <span class=\"_ _0\"></span>detiene <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>1<span class=\"_ _1\"></span>00% <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Credemtel <span class=\"_ _0\"></span>S.p.<span class=\"_ _2\"></span>A., <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>sua <span class=\"_ _38\"></span>volta <span class=\"_ _0\"></span>detiene <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>10,00% <span class=\"_ _0\"></span>di<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb1b\">FLAIRBIT. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb1c\">In tale contesto: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsb1d\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Credemte<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>detiene <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>maggiora<span class=\"_ _1\"></span>nza <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>dirit<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>vot<span class=\"_ _1\"></span>o, <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>potendo <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>solo <span class=\"_ _1\"></span>determinare <span class=\"_ _38\"></span>le </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb1e\">scelte s<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>cietarie, <span class=\"_ _2\"></span>non <span class=\"_ _3b\"></span>avendo la<span class=\"_ _3b\"></span> cap<span class=\"_ _2\"></span>acit\u00e0 <span class=\"_ _2\"></span>pratica d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>condurre unil<span class=\"_ _2\"></span>ateralmente l<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _3b\"></span>rilevanti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb1f\">della partecipata, per le quali \u00e8 sempre necessario anche <span class=\"_ _1\"></span>il consenso degli altri soci; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsb20\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Credemte<span class=\"_ _1\"></span>l p<span class=\"_ _2\"></span>er\u00f2 ha il<span class=\"_ _2\"></span> potere i<span class=\"_ _2\"></span>l veto, <span class=\"_ _2\"></span>su specifici<span class=\"_ _2\"></span> argomenti, sul<span class=\"_ _2\"></span>le scelte degli <span class=\"_ _2\"></span>altri soci, <span class=\"_ _2\"></span>nel s<span class=\"_ _2\"></span>enso </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb21\">che <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>mancanza <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>voto <span class=\"_ _0\"></span>favorevole <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>Credemtel <span class=\"_ _0\"></span>anche <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>altri <span class=\"_ _35\"> </span>soci <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>grado <span class=\"_ _35\"> </span>di<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb22\">incidere sulla societ\u00e0. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb23\">In<span class=\"_ _3b\"></span> rela<span class=\"_ _3b\"></span>zion<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span> FLAIRBIT la<span class=\"_ _2\"></span> p<span class=\"_ _3b\"></span>osizi<span class=\"_ _2\"></span>one <span class=\"_ _3b\"></span>di Cr<span class=\"_ _2\"></span>edem<span class=\"_ _3b\"></span>tel \u00e8<span class=\"_ _3b\"></span> pe<span class=\"_ _2\"></span>rtan<span class=\"_ _3b\"></span>to q<span class=\"_ _2\"></span>uel<span class=\"_ _3b\"></span>la: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsb24\"><span class=\"_ _3e\"> </span><span class=\"ff4\">di <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>soggetto  che<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>esposto <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>rendimenti <span class=\"_ _35\"> </span>variabili <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>detiene <span class=\"_ _35\"> </span>comunque <span class=\"_ _35\"> </span>diritti <span class=\"_ _35\"> </span>su <span class=\"_ _35\"> </span>tali </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb25\">possibili rendimenti; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsb26\"><span class=\"_ _3e\"> </span><span class=\"ff4\">che <span class=\"_ _0\"></span>ha <span class=\"_ _1\"></span>una <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ropria <span class=\"_ _0\"></span>cap<span class=\"_ _2\"></span>acit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>incidere<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>su <span class=\"_ _0\"></span>tali <span class=\"_ _1\"></span>rendimenti <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>olo <span class=\"_ _38\"></span>esercitando <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>potere <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>veto </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb27\">sulle scelte degli altri soci. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb28\">Gli <span class=\"_ _1\"></span>accordi <span class=\"_ _1\"></span>in e<span class=\"_ _1\"></span>ssere <span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>i soci <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>FLAIRBIT <span class=\"_ _1\"></span>prevedono, <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>favor<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Credemtel <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>diritto<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>contemplato </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb29\">in apposit<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>patto para<span class=\"_ _1\"></span>sociale di <span class=\"_ _1\"></span>ottenere <span class=\"_ _1\"></span>esponenti <span class=\"_ _1\"></span>aziendali <span class=\"_ _1\"></span>(un <span class=\"_ _1\"></span>consigliere <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>amministrazione).<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb2a\">Siccome <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>vi <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>nell\u2019ambito<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>F<span class=\"_ _1\"></span>LAIRBIT <span class=\"_ _0\"></span>voti <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>consig<span class=\"_ _1\"></span>lieri <span class=\"_ _0\"></span>che <span class=\"_ _35\"> </span>prevalgano <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>quelli <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>altri </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb2b\">consiglieri, <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>des<span class=\"_ _1\"></span>ignazione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>esponenti <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ziendali <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>attribuisce <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>nessun <span class=\"_ _38\"></span>socio <span class=\"_ _38\"></span>una <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>valenza </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb2c\">sulle scelte societarie. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb2d\">Alla luce di quanto riportato, si determina la presenza di un collegamento<span class=\"_ _1\"></span>. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsb2e\">7.7 Impegni rife<span class=\"_ _1\"></span>riti a partecipazioni in s<span class=\"_ _1\"></span>ociet\u00e0 con<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsb2f\">trolla<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsb30\">te in modo congiunto<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb31\">A <span class=\"_ _3b\"></span>luglio <span class=\"_ _3b\"></span>200<span class=\"_ _1\"></span>8 <span class=\"_ _3b\"></span>Cre<span class=\"_ _1\"></span>dito <span class=\"_ _3b\"></span>Emiliano <span class=\"_ _3b\"></span>ha sottoscritto <span class=\"_ _3b\"></span>con <span class=\"_ _3b\"></span>Re<span class=\"_ _1\"></span>ale <span class=\"_ _3b\"></span>Mutua <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>Assicurazioni <span class=\"_ _3b\"></span>accordi <span class=\"_ _3b\"></span>cont<span class=\"_ _1\"></span>rattuali </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb32\">volti a disciplinare pi\u00f9 compiutamente la partnership in Cre<span class=\"_ _1\"></span>demassicurazioni.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb33\">In <span class=\"_ _1\"></span>tale <span class=\"_ _1\"></span>contes<span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>clausole <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>contratto <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>compravendita <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>azioni <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>uo <span class=\"_ _1\"></span>tempo <span class=\"_ _1\"></span>perfezionato </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb34\">tra <span class=\"_ _1\"></span>Credito <span class=\"_ _1\"></span>Emiliano <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>Reale <span class=\"_ _1\"></span>Mutua <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>As<span class=\"_ _1\"></span>sicurazioni <span class=\"_ _1\"></span>hanno <span class=\"_ _1\"></span>espressame<span class=\"_ _1\"></span>nte <span class=\"_ _1\"></span>convenuto <span class=\"_ _1\"></span>un\u2019opzione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb35\">put <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>capo <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>Reale <span class=\"_ _35\"> </span>Mutua <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>Assicurazioni <span class=\"_ _35\"> </span>e<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>un\u2019opzione <span class=\"_ _35\"> </span>call<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>capo <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>Credito <span class=\"_ _35\"> </span>Emiliano <span class=\"_ _35\"> </span>S.p<span class=\"_ _2\"></span>.A. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb36\">riguardante il<span class=\"_ _2\"></span> 50% <span class=\"_ _3b\"></span>della pa<span class=\"_ _2\"></span>rtecipazione di <span class=\"_ _3b\"></span>Reale M<span class=\"_ _2\"></span>utua nel<span class=\"_ _2\"></span> capi<span class=\"_ _2\"></span>tale sociale <span class=\"_ _3b\"></span>di Credemassicurazioni.<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb37\">Entrambe <span class=\"_ _3f\"> </span>le <span class=\"_ _39\"> </span>opzioni <span class=\"_ _39\"> </span>sono <span class=\"_ _39\"> </span>esercita<span class=\"_ _1\"></span>bili <span class=\"_ _39\"> </span>allo <span class=\"_ _39\"> </span>scadere <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>ogni <span class=\"_ _39\"> </span>quinquennio <span class=\"_ _39\"> </span>dall\u2019acquisto <span class=\"_ _3f\"> </span>della </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb38\">partecipazione in Credemassicurazioni da parte di Reale <span class=\"_ _1\"></span>Mutua.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb39\">A novembre <span class=\"_ _1\"></span>2023, il <span class=\"_ _1\"></span>Credito Emiliano e<span class=\"_ _1\"></span> la Societ<span class=\"_ _1\"></span>\u00e0 Reale Mutua <span class=\"_ _1\"></span>di Assicurazioni hanno <span class=\"_ _1\"></span>rinnovato <span class=\"_ _1\"></span>la </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb3a\">loro <span class=\"_ _1\"></span>partnership <span class=\"_ _38\"></span>paritetica <span class=\"_ _1\"></span>nella <span class=\"_ _1\"></span>societ<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>rassegna. <span class=\"_ _1\"></span>Il <span class=\"_ _38\"></span>rinnovo <span class=\"_ _1\"></span>dell\u2019accordo <span class=\"_ _1\"></span>permetter\u00e0 <span class=\"_ _38\"></span>al <span class=\"_ _1\"></span>gruppo<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb3c\">di <span class=\"_ _0\"></span>svilup<span class=\"_ _1\"></span>pare <span class=\"_ _35\"> </span>l\u2019offerta <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>prodotti <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>rami <span class=\"_ _35\"> </span>danni <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>accre<span class=\"_ _1\"></span>scere <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>livello <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>se<span class=\"_ _1\"></span>rvizio <span class=\"_ _35\"> </span>offerto <span class=\"_ _0\"></span>alla </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb3d\">propri<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb3e\">a cli<span class=\"_ _2\"></span>entela, grazie al <span class=\"_ _3b\"></span>supporto di u<span class=\"_ _2\"></span>n primario <span class=\"_ _2\"></span>player speciali<span class=\"_ _2\"></span>zzato nel <span class=\"_ _2\"></span>settore della <span class=\"_ _3b\"></span>prote<span class=\"_ _1\"></span>ction.<span class=\"_ _2\"></span>  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb3f\">Le parti hanno poi perfezionato un patto par<span class=\"_ _1\"></span>asociale le cui clausole contemplano: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsb40\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Il <span class=\"_ _37\"> </span>divieto <span class=\"_ _36\"> </span>di <span class=\"_ _3d\"> </span>t<span class=\"_ _1\"></span>rasferimento <span class=\"_ _36\"> </span>delle <span class=\"_ _3d\"> </span>azioni <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>dei <span class=\"_ _37\"> </span>diritti <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>opzione <span class=\"_ _36\"> </span>a <span class=\"_ _37\"> </span>terzi, <span class=\"_ _37\"> </span>diversi <span class=\"_ _37\"> </span>da <span class=\"_ _37\"> </span>societ<span class=\"_ _1\"></span>\u00e0 </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb41\">controllate, per tutta la durata del patto parasociale attualmente in essere; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsb42\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Il <span class=\"_ _38\"></span>diritto<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ciascuna <span class=\"_ _38\"></span>par<span class=\"_ _1\"></span>te <span class=\"_ _0\"></span>ottenere <span class=\"_ _1\"></span>la <span class=\"_ _0\"></span>nomina <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ottenere <span class=\"_ _0\"></span>la <span class=\"_ _1\"></span>nomina <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>esponenti <span class=\"_ _38\"></span>aziendali <span class=\"_ _38\"></span>di </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb43\">propria <span class=\"_ _3d\"> </span>des<span class=\"_ _1\"></span>ignazione <span class=\"_ _3d\"> </span>(la <span class=\"_ _37\"> </span>met\u00e0 <span class=\"_ _3d\"> </span>degli <span class=\"_ _37\"> </span>amministratori <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>, <span class=\"_ _3d\"> </span>a <span class=\"_ _37\"> </span>rinnovi <span class=\"_ _3d\"> </span>alte<span class=\"_ _1\"></span>rnati <span class=\"_ _3d\"> </span>del <span class=\"_ _37\"> </span>Consiglio <span class=\"_ _3d\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb44\">Amministrazione, il Presidente <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>l Consiglio d<span class=\"_ _2\"></span>i Amministrazione, <span class=\"_ _2\"></span>i Sindaci<span class=\"_ _2\"></span> e, a rinn<span class=\"_ _2\"></span>ovi alternati, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb45\">il Presidente del Collegio Sindacale); </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsb46\"><span class=\"_ _3e\"> </span><span class=\"ff4\">La <span class=\"_ _35\"> </span>neces<span class=\"_ _1\"></span>sit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>quorum <span class=\"_ _35\"> </span>qualificato <span class=\"_ _35\"> </span>per  l<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>deliberazioni <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>componenti  d<span class=\"_ _2\"></span>el <span class=\"_ _35\"> </span>Consiglio <span class=\"_ _35\"> </span>di </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb47\">Amministrazione <span class=\"_ _38\"></span>riguardanti <span class=\"_ _38\"></span>particolari <span class=\"_ _38\"></span>tematiche <span class=\"_ _38\"></span>(come, <span class=\"_ _38\"></span>tra <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>alt<span class=\"_ _1\"></span>re, <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>nom<span class=\"_ _1\"></span>ina <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>D<span class=\"_ _1\"></span>irettore </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb48\">Generale,  del  Responsabile  Sinistr<span class=\"_ _1\"></span>i,  del  Direttore  Commerciale,  della  funzione  di  auditing, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb49\">l\u2019approvazione di operazioni di finanzia straordinaria, di accordi distr<span class=\"_ _1\"></span>ibutivi, ecc). </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsb4a\">7.8 Impegni rife<span class=\"_ _1\"></span>riti a partecipazioni i<span class=\"_ _1\"></span>n societ\u00e0 sotto<span class=\"_ _1\"></span>post</div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsb4b\">e ad influenza note<span class=\"_ _1\"></span>vole </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb4c\">Credemtel <span class=\"_ _3a\"> </span>ha <span class=\"_ _3f\"> </span>sottos<span class=\"_ _1\"></span>critto <span class=\"_ _3f\"> </span>con <span class=\"_ _3a\"> </span>i <span class=\"_ _3f\"> </span>soci <span class=\"_ _3a\"> </span>di <span class=\"_ _3f\"> </span>SBC <span class=\"_ _3a\"> </span>accordi <span class=\"_ _3a\"> </span>contra<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb4d\">ttuali <span class=\"_ _3f\"> </span>volti <span class=\"_ _3a\"> </span>a <span class=\"_ _3f\"> </span>disciplinare<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>pi\u00f9 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb4e\">compiutamente la partnership nella societ\u00e0. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb4f\">Le  p<span class=\"_ _2\"></span>arti  hanno <span class=\"_ _35\"> </span>poi <span class=\"_ _35\"> </span>perfezionato <span class=\"_ _35\"> </span>a  gennaio <span class=\"_ _35\"> </span>2022 <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>patt<span class=\"_ _1\"></span>o <span class=\"_ _35\"> </span>parasociale  le<span class=\"_ _2\"></span>  c<span class=\"_ _2\"></span>ui <span class=\"_ _35\"> </span>clausole </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb50\">contemplano: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsb51\"><span class=\"_ _3e\"> </span><span class=\"ff4\">il <span class=\"_ _1\"></span>diritto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Cre<span class=\"_ _1\"></span>demtel <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>ottenere <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>nomina <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>esponenti <span class=\"_ _1\"></span>azie<span class=\"_ _1\"></span>ndali di <span class=\"_ _1\"></span>propria <span class=\"_ _1\"></span>designazione <span class=\"_ _1\"></span>(<span class=\"_ _1\"></span>un </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb52\">consigliere di amministrazione); </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsb53\"><span class=\"_ _3e\"> </span><span class=\"ff4\">la  necessit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>quorum  quali<span class=\"_ _2\"></span>ficato  per <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>deliberazioni <span class=\"_ _35\"> </span>riguardanti  particolari <span class=\"_ _35\"> </span>tematiche </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb54\">(come <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>modificazioni dello <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>atuto, <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>trasferimento <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>partecipazioni <span class=\"_ _1\"></span>sociali, <span class=\"_ _1\"></span>acquisizioni e<span class=\"_ _1\"></span>/o </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb55\">dismissioni, <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>quals<span class=\"_ _1\"></span>iasi <span class=\"_ _1\"></span>forma <span class=\"_ _38\"></span>effettuate, <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>beni <span class=\"_ _1\"></span>imm<span class=\"_ _1\"></span>obili <span class=\"_ _1\"></span>e/o <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>beni <span class=\"_ _38\"></span>mobili <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valor<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>unitario </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb56\">superiore <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Euro <span class=\"_ _1\"></span>20.000,00 <span class=\"_ _1\"></span>e/o beni <span class=\"_ _1\"></span>mobili <span class=\"_ _1\"></span>regist<span class=\"_ _1\"></span>rati, <span class=\"_ _1\"></span>l\u2019assunzione <span class=\"_ _1\"></span>di dipendenti, <span class=\"_ _1\"></span>l\u2019assunzione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb57\">di indebitamento finanziario e concessione di finanziamenti e<span class=\"_ _1\"></span> garanzie). </div><div class=\"t m2 h8 ff4 fs2 fca sc0 ls0 ws0 gsb58\">Credemtel <span class=\"_ _37\"> </span>ha <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>ottoscritto <span class=\"_ _37\"> </span>con <span class=\"_ _3d\"> </span>i <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>oci <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>ANDXOR <span class=\"_ _37\"> </span>accordi <span class=\"_ _3d\"> </span>co<span class=\"_ _1\"></span>ntrattuali <span class=\"_ _37\"> </span>volti <span class=\"_ _3d\"> </span>a <span class=\"_ _37\"> </span>disciplinar<span class=\"_ _1\"></span>e <span class=\"_ _37\"> </span>pi\u00f9 </div><div class=\"t m2 h8 ff4 fs2 fca sc0 ls0 ws0 gsb59\">compiutamente la partnership nella societ\u00e0. </div><div class=\"t m2 h8 ff4 fs2 fca sc0 ls0 ws0 gsb5a\">Le parti hanno poi perfezionato un patto par<span class=\"_ _1\"></span>asociale le cui clausole contemplano:<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsb5b\"><span class=\"_ _3e\"> </span><span class=\"ff4\">il <span class=\"_ _1\"></span>diritto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Cre<span class=\"_ _1\"></span>demtel <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>ottenere <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>nomina <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ponenti <span class=\"_ _1\"></span>aziendali <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>propria <span class=\"_ _1\"></span>designazione (un<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb5c\">consigliere di amministrazione ed il sindaco unico); </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsb5d\"><span class=\"_ _3e\"> </span><span class=\"ff4\">il diritto <span class=\"_ _1\"></span>di co-vendita a favore di Credemtel qualora venga trasferita per atto tra viv<span class=\"_ _2\"></span>i una quota </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb5e\">di <span class=\"_ _44\"> </span>almeno <span class=\"_ _69\"> </span>il <span class=\"_ _69\"> </span>50% <span class=\"_ _69\"> </span>del <span class=\"_ _44\"> </span>capitale<span class=\"_ _1\"></span> <span class=\"_ _44\"> </span>s<span class=\"_ _1\"></span>ociale <span class=\"_ _44\"> </span>di <span class=\"_ _69\"> </span>ANDXOR <span class=\"_ _69\"> </span>per <span class=\"_ _44\"> </span>tut<span class=\"_ _1\"></span>ta <span class=\"_ _44\"> </span>la <span class=\"_ _69\"> </span>durata <span class=\"_ _69\"> </span>del <span class=\"_ _44\"> </span>patto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb5f\">parasociale attualmente in essere; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsb60\"><span class=\"_ _3e\"> </span><span class=\"ff4\">la  necessit\u00e0  d<span class=\"_ _2\"></span>i  un <span class=\"_ _35\"> </span>quorum  qualif<span class=\"_ _2\"></span>icato  per  l<span class=\"_ _2\"></span>e  deliberazioni  d<span class=\"_ _3b\"></span>ei  componenti  del <span class=\"_ _35\"> </span>Consiglio  di </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb61\">Amministrazione riguardanti particolari tematiche (come l<span class=\"_ _2\"></span>e modificazioni<span class=\"_ _2\"></span> dell\u2019atto costitutivo, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb62\">la <span class=\"_ _35\"> </span>modificazione <span class=\"_ _35\"> </span>dell\u2019oggetto<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>sociale, <span class=\"_ _35\"> </span>l\u2019assunzione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>finanzia<span class=\"_ _1\"></span>menti <span class=\"_ _35\"> </span>oltre  i <span class=\"_ _35\"> </span>150.000 <span class=\"_ _35\"> </span>euro, <span class=\"_ _35\"> </span>la </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb63\">compravendita di diritti reali immobiliari, emissione di titoli di debito, distribuzione di riser<span class=\"_ _1\"></span>ve). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb64\">Credemtel <span class=\"_ _36\"> </span>ha <span class=\"_ _36\"> </span>s<span class=\"_ _1\"></span>ottoscritto <span class=\"_ _36\"> </span>con <span class=\"_ _36\"> </span>i <span class=\"_ _36\"> </span>soci <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>MYNET <span class=\"_ _36\"> </span>accor<span class=\"_ _1\"></span>di <span class=\"_ _36\"> </span>contrattuali <span class=\"_ _36\"> </span>volti <span class=\"_ _36\"> </span>a <span class=\"_ _39\"> </span>disciplin<span class=\"_ _2\"></span>are <span class=\"_ _39\"> </span>pi\u00f9 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb65\">compiutamente la partnership nella societ\u00e0. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb66\">Le parti hanno poi perfezionato un patto par<span class=\"_ _1\"></span>asociale le cui clausole contemplano: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsb67\"><span class=\"_ _3e\"> </span><span class=\"ff4\">il <span class=\"_ _1\"></span>diritto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Cre<span class=\"_ _1\"></span>demtel <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>ottenere <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>nomina <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>esponenti <span class=\"_ _1\"></span>azie<span class=\"_ _1\"></span>ndali di <span class=\"_ _1\"></span>propria <span class=\"_ _1\"></span>designazione <span class=\"_ _1\"></span>(<span class=\"_ _1\"></span>un </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb68\">consigliere <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>amministrazione, <span class=\"_ _3d\"> </span>un <span class=\"_ _37\"> </span>sindaco <span class=\"_ _3d\"> </span>effettivo <span class=\"_ _37\"> </span>con <span class=\"_ _3d\"> </span>ruolo <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>presidente <span class=\"_ _3d\"> </span>del <span class=\"_ _37\"> </span>collegio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb69\">sindacale ed un sindaco supplente); </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsb6a\"><span class=\"_ _3e\"> </span><span class=\"ff4\">la  necessit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>quorum  quali<span class=\"_ _2\"></span>ficato  per <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>deliberazioni <span class=\"_ _35\"> </span>riguardanti  particolari <span class=\"_ _35\"> </span>tematiche </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb6b\">(come le modifi<span class=\"_ _2\"></span>cazioni dell\u2019atto costitutivo, la modifi<span class=\"_ _2\"></span>cazione dell\u2019oggetto sociale, l\u2019assunzione<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb6c\">di <span class=\"_ _39\"> </span>finanziame<span class=\"_ _1\"></span>nti <span class=\"_ _3f\"> </span>oltre <span class=\"_ _3f\"> </span>i <span class=\"_ _39\"> </span>1.500.000 <span class=\"_ _3f\"> </span>euro, <span class=\"_ _3f\"> </span>l\u2019emissione <span class=\"_ _39\"> </span>di <span class=\"_ _3f\"> </span>titoli <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>debito, <span class=\"_ _3f\"> </span>l\u2019acquisizione <span class=\"_ _3f\"> </span>o </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb6d\">dismissione di beni mobili o immobili di valore s<span class=\"_ _1\"></span>uperiore a 1.000.000 euro). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb6e\">Credemtel <span class=\"_ _3d\"> </span>ha <span class=\"_ _3d\"> </span>sottoscritto <span class=\"_ _37\"> </span>con  i <span class=\"_ _37\"> </span>soci <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>FLAIRBIT <span class=\"_ _3d\"> </span>accordi <span class=\"_ _3d\"> </span>contr<span class=\"_ _1\"></span>attuali  volt<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>disciplinare <span class=\"_ _3d\"> </span>pi\u00f9 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb6f\">compiu<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb70\">tamente<span class=\"_ _1\"></span> la partnership nella societ\u00e0. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb71\">Le parti hanno poi perfezionato un patto par<span class=\"_ _1\"></span>asociale le cui clausole contemplano: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsb72\"><span class=\"_ _3e\"> </span><span class=\"ff4\">il <span class=\"_ _1\"></span>diritto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Cre<span class=\"_ _1\"></span>demtel <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>ottenere <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>nomina <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>esponenti <span class=\"_ _1\"></span>azie<span class=\"_ _1\"></span>ndali di <span class=\"_ _1\"></span>propria <span class=\"_ _1\"></span>designazione <span class=\"_ _1\"></span>(<span class=\"_ _1\"></span>un </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb73\">consigliere di amministrazione); </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsb74\"><span class=\"_ _3e\"> </span><span class=\"ff4\">la  necessit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>quorum  quali<span class=\"_ _2\"></span>ficato  per <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>deliberazioni <span class=\"_ _35\"> </span>riguardanti  particolari <span class=\"_ _35\"> </span>tematiche </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb75\">(come  le  modificazioni <span class=\"_ _35\"> </span>dello  St<span class=\"_ _1\"></span>atuto  afferenti  all\u2019oggetto  sociale,  la  stipula  d<span class=\"_ _2\"></span>i  contratti  di<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb77\">qualsiasi <span class=\"_ _0\"></span>natura <span class=\"_ _0\"></span>con<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>alcuna <span class=\"_ _0\"></span>parte <span class=\"_ _0\"></span>correlata <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>FLAIRBIT, <span class=\"_ _38\"></span>l\u2019assun<span class=\"_ _1\"></span>zione <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>finanziamenti <span class=\"_ _0\"></span>oltre <span class=\"_ _0\"></span>i<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb78\">500.00<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb79\">0 <span class=\"_ _38\"></span>euro, <span class=\"_ _0\"></span>l\u2019assunzi<span class=\"_ _2\"></span>one <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>personale <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>trattamento <span class=\"_ _0\"></span>ec<span class=\"_ _2\"></span>onomico <span class=\"_ _0\"></span>(retrib<span class=\"_ _2\"></span>uzione <span class=\"_ _0\"></span>annu<span class=\"_ _2\"></span>a </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb7a\">lorda) pari o superiore ad Euro 100.000,00 (centomila) annui). </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsb7b\">7.10 Altre inform<span class=\"_ _1\"></span>azioni<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb7c\">Credemassicurazioni, And<span class=\"_ _2\"></span>xor, Flairbit e <span class=\"_ _3b\"></span>Mynet, partecipazi</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb7d\">oni p<span class=\"_ _2\"></span>er le qu<span class=\"_ _2\"></span>ali i<span class=\"_ _2\"></span>l valore di<span class=\"_ _2\"></span> bil<span class=\"_ _2\"></span>ancio risulta </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb7e\">essere <span class=\"_ _35\"> </span>superiore <span class=\"_ _35\"> </span>alla  q<span class=\"_ _2\"></span>uota <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>pertinenza  di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>patrimonio  ne<span class=\"_ _2\"></span>tto, <span class=\"_ _35\"> </span>sono  s<span class=\"_ _2\"></span>tate <span class=\"_ _35\"> </span>assoggettate  a <span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>est </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb7f\">d\u2019impairment <span class=\"_ _0\"></span>dal<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>quale <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>emerso <span class=\"_ _1\"></span>un <span class=\"_ _38\"></span>valor<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>recuperabile <span class=\"_ _0\"></span>supe<span class=\"_ _2\"></span>riore <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>valore <span class=\"_ _1\"></span>di <span class=\"_ _0\"></span>carico. <span class=\"_ _1\"></span>Si <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>quindi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb80\">ritenuto <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>differ<span class=\"_ _1\"></span>enza <span class=\"_ _0\"></span>negativ<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>fra <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>valore<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>car<span class=\"_ _1\"></span>ico <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>quota <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>pertinenza <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>patr<span class=\"_ _1\"></span>imonio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb81\">netto <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>tali <span class=\"_ _0\"></span>pa<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>tecipate<span class=\"fc8\"> <span class=\"_ _0\"></span></span>non<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>ascrivibile <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>perdita <span class=\"_ _38\"></span>durevole <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>e, <span class=\"_ _38\"></span>pertanto, <span class=\"_ _0\"></span>non<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>stati </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb82\">rettificati i valori di iscrizione. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb83\">Per  C<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>edemassicurazioni  l<span class=\"_ _2\"></span>a  d<span class=\"_ _2\"></span>ifferenza <span class=\"_ _35\"> </span>negativa  \u00e8<span class=\"_ _2\"></span>  asc<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ivibile <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>quota  di <span class=\"_ _35\"> </span>avviamento <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>10,3 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb84\">milioni di euro, mentre per Andxor, Flairbit e <span class=\"_ _1\"></span>Mynet la differenza negativa \u00e8 ascrivibile alla quota di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb85\">avviamento rispettivamente per 1.062 mila di e<span class=\"_ _1\"></span>uro, per 402 mila euro e per 217 mila euro.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-879": {
   "value": "Sezione <span class=\"_ _1\"></span>7 - Le pa<span class=\"_ _1\"></span>rtecipazion<span class=\"_ _1\"></span>i - Vo<span class=\"_ _1\"></span>ce 70<span class=\"_ _3a1\"> </span> Il valore di bilancio della voce \u201cPartecipazioni\u201d ammonta <span class=\"_ _1\"></span>a 59,9 milioni di<span class=\"_ _2\"></span> euro.<span class=\"_ _3a1\"> </span>7.1 Partecipazioni: i<span class=\"_ _1\"></span>nformazioni sui r<span class=\"_ _1\"></span>apporti partecipativi <table class=\"s w7c5 h20b\" id=\"_c559ecb7-6c66-48e7-b519-4c3521b64516\"><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x691 h12 y56db ff4 fs7 fc7 sc6 ls0 ws0\">Rapporto di partecipazione </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 xa02 h12 y56dc ff4 fs7 fc7 sc6 ls0 ws0\">Denominazioni  <span class=\"_ _2c\"> </span>Sede legale </td><td class=\"t m2 x6df h12 y56dd ff4 fs7 fc7 sc6 ls0 ws0\">Tipo di </td><td></td><td></td><td></td><td></td><td class=\"t m2 x6b1 h12 y56dd ff4 fs7 fc7 sc6 ls0 ws0\">Disponibilit\u00e0 </td></tr><tr><td></td><td></td><td class=\"t m2 x6ed h12 y56de ff4 fs7 fc7 sc6 ls0 ws0\">rapporto </td><td class=\"t m2 x7af h12 y56df ff4 fs7 fc7 sc6 ls0 ws0\">Impresa </td><td class=\"t m2 x6b9 h12 y56df ff4 fs7 fc7 sc6 ls0 ws0\">Quota </td><td></td><td></td><td class=\"t m2 x6a3 h12 y56de ff4 fs7 fc7 sc6 ls0 ws0\">voti % </td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 xa03 h12 y56e0 ff4 fs7 fc7 sc6 ls0 ws0\" colspan=\"2\">partecipante </td><td class=\"t m2 x987 h12 y56e0 ff4 fs7 fc7 sc6 ls0 ws0\">% </td><td></td></tr><tr><td class=\"t m2 x677 h12 y56e1 ff4 fs7 fc1 sc2 ls0 ws0\">A.  Imprese controllate in modo </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y56e2 ff4 fs7 fc1 sc2 ls0 ws0\">congiunto </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y56e3 w7c6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Credemassicurazi<span class=\"_ _2\"></span>oni spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa04 y56e3 w7c7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio <span class=\"_ _2\"></span>Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa05 y56e3 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa06 y56e3 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa07 y56e3 w63b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">50,00%<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y56e4 ff4 fs7 fc1 sc2 ls0 ws0\">B.  Imprese sottoposte a influenza </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y56e5 ff4 fs7 fc1 sc2 ls0 ws0\">notevole </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y56e6 w7c8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. SBC Fintech 2224 M<span class=\"_ _2\"></span>ilan srl<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa08 y56e6 w62b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa09 y56e6 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xa0a y56e6 w63f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">40,69%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa0b y56e6 w7c9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c n x734 y56e7 w7ca h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Andxor srl<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa0c y56e7 w7cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Cinis<span class=\"_ _1\"></span>ello Balsam<span class=\"_ _3b\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa0d y56e7 w7cc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xa0e y56e7 w643 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">40,00%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa0f y56e7 w642 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c n x734 y56e8 w7cd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Mynet srl<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa10 y56e8 w7ce h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Udine<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa11 y56e8 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xa12 y56e8 w7cf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12,99%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa13 y56e8 w7c9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c n x734 y539f w7d0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Flairbit srl<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa14 y539f w7d1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Genova<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa15 y539f w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xa16 y539f w7d2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10,00%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa17 y539f w642 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr></table>Legenda<span class=\"_ _3a1\"> </span> Tipo di rapporto:<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> 1 \u2013 partecipazione al c<span class=\"_ _2\"></span>apitale sociale <span class=\"_ _2\"></span> 7.2 Partecipazion<span class=\"_ _1\"></span>i significative: valore<span class=\"_ _1\"></span> di bilancio, fair val<span class=\"_ _1\"></span>u<span class=\"_ _3a1\"> </span>e e dividendi perce<span class=\"_ _1\"></span>piti <table class=\"s w7d3 h20c\" id=\"_e750b11b-4385-4497-869b-c2a53885c7d3\"><tr><td class=\"c n xa19 y56e9 w7d4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Denominazioni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c xa1b y56e9 w7d5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Valore<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xa1a h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">di bilancio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa1c y56e9 w7d6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Fair value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa1d y56e9 w7d7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Di<span class=\"_ _1\"></span>videndi percepiti<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xa1e h12 y56ea ff4 fs7 fc1 sc2 ls0 ws0\">A. Imprese controllate in modo cong<span class=\"_ _2\"></span>iunto </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xa1f y56eb w7d8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.<span class=\"_ _3e\"> </span>Credemassicurazioni spa<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xa20 y56eb w7d9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">57.364<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa21 h12 y56ec ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa22 h12 y56ec ff4 fs7 fc1 sc0 ls0 ws0\">3.005<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xa1e h12 y56ed ff4 fs7 fc1 sc2 ls0 ws0\">B. Imprese sottoposte ad influenza notevole<span class=\"_ _2\"></span> </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xa23 y56ee w7da h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.<span class=\"_ _c\"> </span>SBC Fintech 2224 Milan srl<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xa24 y56ee w7db h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">316<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa21 h12 y56ef ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa25 h12 y56ef ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xa23 y56f0 w7dc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.<span class=\"_ _1a0\"> </span>Andxor srl<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xa26 y56f0 w7dd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.402<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa21 h12 y56f1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa27 h12 y56f1 ff4 fs7 fc1 sc0 ls0 ws0\">140<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xa23 y56f2 w7de h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.<span class=\"_ _1a0\"> </span>Mynet srl<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xa28 y56f2 w7df h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">335<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa21 h12 y56f3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa25 h12 y56f3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xa23 y56f4 w7e0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.<span class=\"_ _1a3\"> </span>F<span class=\"_ _1\"></span>lairbit srl<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xa29 y56f4 w7e1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">519<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa21 h12 y56f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa25 h12 y56f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 xa2a h12 y56f6 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa2b h12 y56f6 ff4 fs7 fc1 sc2 ls0 ws0\">59.936<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa21 h12 y56f6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa2c h12 y56f6 ff4 fs7 fc1 sc2 ls0 ws0\">3.145<span class=\"_ _3a1\"> </span></td></tr></table>La colonna fair value non \u00e8 avvalorata perch\u00e9 non sono presenti societ\u00e0 quotate classificate tra le<span class=\"_ _3a1\"> </span> partecipazioni significative.<span class=\"_ _3a1\"> </span> 7.3 Partecipazioni signif<span class=\"_ _1\"></span>icative: informazioni contabili <table class=\"s w7e2 h20d\" id=\"_3388cfae-b2eb-4d25-a9b2-9266ae1f24da\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 xa2d h12 y56f7 ff4 fs7 fc4 sc3 ls0 ws0\">Utile </td><td class=\"c n xa2e y56f8 w7e3 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Utile<span class=\"_ _3a1\"> </span></div></td><td class=\"t m9 xa2f h12 y56f9 ff4 fs7 fc4 sc3 ls0 ws0\">Utile </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=\"t m9 xa30 h12 y56fa ff4 fs7 fc4 sc3 ls0 ws0\">(Perdita) </td><td class=\"c n xa31 y56fb w7e4 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">(Perdita)</div></td><td class=\"t m9 xa32 h12 y56fc ff4 fs7 fc4 sc3 ls0 ws0\">(Perdita) </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 class=\"t m9 xa33 h12 y56fd ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche e </td><td class=\"t m9 xa34 h12 y56fe ff4 fs7 fc4 sc3 ls0 ws0\">della </td><td class=\"c n xa35 y56ff w7e5 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">della</div></td><td class=\"t m9 xa36 h12 y56fd ff4 fs7 fc4 sc3 ls0 ws0\">dei gruppi </td><td class=\"t m9 xa37 h12 y56fe ff4 fs7 fc4 sc3 ls0 ws0\">Utile </td><td class=\"t m9 xa38 h12 y56fd ff4 fs7 fc4 sc3 ls0 ws0\">Altre </td><td></td></tr><tr><td></td><td class=\"t m9 xa39 h12 y5700 ff4 fs7 fc4 sc3 ls0 ws0\">Cassa e </td><td class=\"t m9 xa3a h12 y5701 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0 </td><td class=\"t m9 xa3b h12 y5702 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0 </td><td class=\"t m9 xa3c h12 y5701 ff4 fs7 fc4 sc3 ls0 ws0\">Passivit\u00e0 </td><td class=\"t m9 xa3d h12 y5702 ff4 fs7 fc4 sc3 ls0 ws0\">Passivit\u00e0 </td><td class=\"t m9 xa3e h12 y5701 ff4 fs7 fc4 sc3 ls0 ws0\">Ricavi </td><td class=\"t m9 xa3f h12 y5702 ff4 fs7 fc4 sc3 ls0 ws0\">Margine </td><td class=\"t m9 xa40 h12 y5702 ff4 fs7 fc4 sc3 ls0 ws0\">riprese di valore </td><td class=\"c xa42 y5703 w7e6 h1d9\" colspan=\"2\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">operativit\u00e0<span class=\"_ _3a1\"> </span></div><div class=\"t m9 xa41 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">operativit\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"t m9 xa43 h12 y5702 ff4 fs7 fc4 sc3 ls0 ws0\">di attivit\u00e0 in </td><td class=\"t m9 xa44 h12 y5701 ff4 fs7 fc4 sc3 ls0 ws0\">(Perdita) </td><td class=\"c xa46 y5705 w7e7 h20e\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">componenti<span class=\"_ _3a1\"> </span></div><div class=\"t m9 xa45 h12 y5704 ff4 fs7 fc4 sc3 ls0 ws0\">Redditivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c xa48 y5706 w7e8 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Denom<span class=\"_ _3a1\"> </span></div><div class=\"t m9 xa47 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">inazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c xa49 y5707 w180 h25\"><div class=\"t m9 x0 h12 y2616 ff4 fs7 fc4 sc3 ls0 ws0\">disponibilit\u00e0 </div></td><td class=\"t m9 xa4a h12 y5708 ff4 fs7 fc4 sc3 ls0 ws0\">finanziarie<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa4b h12 y5709 ff4 fs7 fc4 sc3 ls0 ws0\">non </td><td class=\"t m9 xa4c h12 y5708 ff4 fs7 fc4 sc3 ls0 ws0\">finanziarie<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa4d h12 y5709 ff4 fs7 fc4 sc3 ls0 ws0\">non </td><td class=\"t m9 xa4e h12 y5708 ff4 fs7 fc4 sc3 ls0 ws0\">totali </td><td class=\"t m9 xa4f h12 y5709 ff4 fs7 fc4 sc3 ls0 ws0\">di </td><td class=\"t m9 xa22 h12 y5709 ff4 fs7 fc4 sc3 ls0 ws0\">su attivit\u00e0 </td><td class=\"c n xa50 y5649 w7e9 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">corrente</div></td><td class=\"t m9 xa51 h12 y5708 ff4 fs7 fc4 sc3 ls0 ws0\">corrente </td><td class=\"t m9 xa52 h12 y5709 ff4 fs7 fc4 sc3 ls0 ws0\">via di </td><td class=\"c xa53 y570a w183 h25\"><div class=\"t m9 x0 h12 y2616 ff4 fs7 fc4 sc3 ls0 ws0\">d'esercizio </div></td><td class=\"c xa46 y5706 w7ea h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">reddituali al<span class=\"_ _3a1\"> </span></div><div class=\"t m9 xa54 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">complessiva<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m9 xa55 h12 y570b ff4 fs7 fc4 sc3 ls0 ws0\">liquide </td><td></td><td class=\"t m9 xa56 h12 y570b ff4 fs7 fc4 sc3 ls0 ws0\">finanziarie<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 xa57 h12 y570b ff4 fs7 fc4 sc3 ls0 ws0\">finanziarie<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 xa58 h12 y570b ff4 fs7 fc4 sc3 ls0 ws0\">interesse<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa59 h12 y570b ff4 fs7 fc4 sc3 ls0 ws0\">materiali e </td><td class=\"c n xa5a y5481 w7eb h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">al lordo</div></td><td class=\"t m9 xa5b h12 y570c ff4 fs7 fc4 sc3 ls0 ws0\">al netto </td><td class=\"c xa5c y570d w182 h25\"><div class=\"t m9 x0 h12 y2616 ff4 fs7 fc4 sc3 ls0 ws0\">dismissione </div></td><td class=\"t m9 xa5d h12 y570c ff4 fs7 fc4 sc3 ls0 ws0\">(1) </td><td class=\"c n xa5e y570e w7ec h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">netto delle</div></td><td class=\"t m9 xa5f h12 y570b ff4 fs7 fc4 sc3 ls0 ws0\">(3) = (1) + (2)<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 xa33 h12 y570f ff4 fs7 fc4 sc3 ls0 ws0\">immateriali </td><td class=\"c n xa60 y5710 w7ed h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">delle</div></td><td class=\"t m9 xa61 h12 y5711 ff4 fs7 fc4 sc3 ls0 ws0\">delle </td><td class=\"t m9 xa62 h12 y570f ff4 fs7 fc4 sc3 ls0 ws0\">al netto </td><td></td><td class=\"c n xa46 y5712 w7ee h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">imposte (2)<span class=\"_ _3a1\"> </span></div></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 xa50 y5713 w7ef h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">imposte</div></td><td class=\"t m9 xa51 h12 y5714 ff4 fs7 fc4 sc3 ls0 ws0\">imposte </td><td class=\"t m9 xa52 h12 y5715 ff4 fs7 fc4 sc3 ls0 ws0\">delle </td><td></td><td></td><td></td></tr><tr><td class=\"t m9 xa1e h12 y5716 ff4 fs7 fc1 sc2 ls0 ws0\">1.<span class=\"_ _182\"> </span>Imprese controllate in modo </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 xa62 h12 y5717 ff4 fs7 fc4 sc3 ls0 ws0\">imposte </td><td></td><td></td><td></td></tr><tr><td class=\"t m9 xa63 h12 y5718 ff4 fs7 fc1 sc2 ls0 ws0\">congiunto </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><td></td><td></td></tr><tr><td class=\"c n xa64 y56f0 w7f0 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credemassicuraz<span class=\"_ _2\"></span>ioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa65 y56f0 w7f1 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>.419</div></td><td class=\"t m9 xa66 h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">183.409<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa67 h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">21.193<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa68 h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">538<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa69 h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">113.401<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa6a h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">41.930<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa4f h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">4.200<span class=\"_ _3a1\"> </span></td><td class=\"c xa6c y571b w7f2 h20e\"><div class=\"t m9 x2b3 h12 y571a ff4 fs7 fc1 sc0 ls0 ws0\">(1.738<span class=\"_ _3a1\"> </span></div><div class=\"t m9 xa6b h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">)</div></td><td class=\"t m9 xa6d h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">21.717<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa6e h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">15.020<span class=\"_ _3a1\"> </span></td><td class=\"c n xa6f y56f0 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa70 y56f0 w7f4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">15.020<span class=\"_ _3a1\"> </span></div></td><td class=\"t m9 xa71 h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">350<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa72 h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">15.371<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 xa1e h12 y571c ff4 fs7 fc1 sc2 ls0 ws0\">2.<span class=\"_ _161\"> </span>Imprese sottoposte ad </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><td></td><td></td></tr><tr><td class=\"t m9 xa63 h12 y571d ff4 fs7 fc1 sc2 ls0 ws0\">influenza notevole </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><td></td><td></td></tr><tr><td class=\"c n xa73 y571e w7f5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">SBC Fintech 2224<span class=\"_ _3b\"></span> Milan<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa74 y571e w7f6 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">261<span class=\"_ _3a1\"> </span></div></td><td class=\"t m9 xa75 h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">534<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa76 h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa77 h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">12<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa78 h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa79 h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7a h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7b h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7c h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7d h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7e h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7f h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa80 h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa81 h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xa73 y5720 w7f7 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Andxor<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa82 y5720 w7f8 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _1\"></span>45<span class=\"_ _3a1\"> </span></div></td><td class=\"t m9 xa75 h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">209<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa83 h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">12<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa84 h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">253<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa85 h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">63<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa86 h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">1.647<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa87 h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa88 h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">(6)<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa89 h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">624<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa8a h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">440<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7e h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa8b h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">440<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa80 h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa8c h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">440<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xa73 y5595 w7f9 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Mynet<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa8d y5595 w7fa h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">88<span class=\"_ _3a1\"> </span></div></td><td class=\"t m9 xa8e h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">517<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa8f h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">724<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa68 h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">220<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa90 h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">200<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa86 h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">1.020<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7a h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa91 h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">(187)<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa92 h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">131<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa93 h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">123<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7e h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa94 h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">123<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa80 h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa95 h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">123<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xa73 y539f w7fb h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Flairbit<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa96 y539f w7fc h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">404<span class=\"_ _3a1\"> </span></div></td><td class=\"t m9 xa75 h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">847<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa97 h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">22<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa98 h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">83<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa85 h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa86 h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">1.099<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa87 h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa88 h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">(4)<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa99 h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">477<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa8a h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">405<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7e h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa8b h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">405<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa80 h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa9a h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">405<span class=\"_ _3a1\"> </span></td></tr></table>Nella tabella sono riportati i dati dei progetti di bilanc<span class=\"_ _2\"></span>io al 31 dicembre 2024 approvati dal Consiglio di Amministrazione e fo<span class=\"_ _2\"></span>rnito dalle societ\u00e0 o, qualora non disponib<span class=\"_ _2\"></span>ili, dalle pi\u00f9 recenti situazioni patrimoniali riferite al totale delle partecipate e non alla percentuale detenuta dal Gruppo<span class=\"_ _3a1\"> </span>. Riconciliazione <span class=\"_ _1\"></span>tra le informazioni di natura <span class=\"_ _1\"></span>contabile ed il valor<span class=\"_ _1\"></span>e contabile delle par<span class=\"_ _1\"></span>tecipazioni <table class=\"s w7fd h20f\" id=\"_5791c46c-8177-4134-b4b9-ca704629331e\"><tr><td></td><td></td><td class=\"t m2 xa9c h12 y5724 ff4 fs7 fc4 sc3 ls0 ws0\">Patrimonio </td><td class=\"t m2 xa9d h12 y5724 ff4 fs7 fc4 sc3 ls0 ws0\">Percentuale di </td><td class=\"t m2 xa9e h12 y5725 ff4 fs7 fc4 sc3 ls0 ws0\">Patrimonio </td><td></td><td class=\"t m2 xa9f h12 y5724 ff4 fs7 fc4 sc3 ls0 ws0\">Altre </td><td></td><td class=\"t m2 xaa0 h12 y5724 ff4 fs7 fc4 sc3 ls0 ws0\">Valore di </td></tr><tr><td class=\"t m2 xaa1 h12 y5726 ff4 fs7 fc4 sc3 ls0 ws0\">Denominazioni </td><td></td><td class=\"t m2 xaa2 h12 y5727 ff4 fs7 fc4 sc3 ls0 ws0\">netto  </td><td class=\"t m2 xaa3 h12 y5727 ff4 fs7 fc4 sc3 ls0 ws0\">interessenza </td><td class=\"t m2 xaa4 h12 y5726 ff4 fs7 fc4 sc3 ls0 ws0\">netto di </td><td class=\"t m2 xaa5 h12 y5726 ff4 fs7 fc4 sc3 ls0 ws0\">Avviamento </td><td class=\"t m2 xaa6 h12 y5727 ff4 fs7 fc4 sc3 ls0 ws0\">poste </td><td></td><td class=\"t m2 xaa7 h12 y5727 ff4 fs7 fc4 sc3 ls0 ws0\">bilancio </td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 xa9e h12 y5728 ff4 fs7 fc4 sc3 ls0 ws0\">pertinenza  </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xaa8 h12 y5729 ff4 fs7 fc1 sc2 ls0 ws0\">A. Imprese controllate in modo cong<span class=\"_ _2\"></span>iunto </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xaa9 h12 y572a ff4 fs7 fc1 sc0 ls0 ws0\">Credemassicuraz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>oni </td><td></td><td class=\"t m2 xaaa h12 y572b ff4 fs7 fc1 sc0 ls0 ws0\">94.082<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xaab h12 y572b ff4 fs7 fc1 sc0 ls0 ws0\">50,00%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xaac h12 y572b ff4 fs7 fc1 sc0 ls0 ws0\">47.041</td><td class=\"t m2 xaad h12 y572b ff4 fs7 fc1 sc0 ls0 ws0\">  10.324<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xaae h12 y572b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xaaf h12 y572b ff4 fs7 fc1 sc0 ls0 ws0\">57.364<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xab0 h12 y572c ff4 fs7 fc1 sc0 ls0 ws0\">SBC Fintech 2224 Mil<span class=\"_ _2\"></span>an </td><td></td><td class=\"t m2 xab1 h12 y572d ff4 fs7 fc1 sc0 ls0 ws0\">778<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xaab h12 y572d ff4 fs7 fc1 sc0 ls0 ws0\">40,69%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xab2 h12 y572d ff4 fs7 fc1 sc0 ls0 ws0\">316<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xab3 h12 y572d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xaae h12 y572d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xab4 h12 y572d ff4 fs7 fc1 sc0 ls0 ws0\">316<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xab0 h12 y572e ff4 fs7 fc1 sc0 ls0 ws0\">Andxor </td><td></td><td class=\"t m2 xab5 h12 y572f ff4 fs7 fc1 sc0 ls0 ws0\">850<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xaab h12 y572f ff4 fs7 fc1 sc0 ls0 ws0\">40,00%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xab6 h12 y572f ff4 fs7 fc1 sc0 ls0 ws0\">340<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xab7 h12 y572f ff4 fs7 fc1 sc0 ls0 ws0\">1.062<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xaae h12 y572f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xab8 h12 y572f ff4 fs7 fc1 sc0 ls0 ws0\">1.402<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xab0 h12 y5730 ff4 fs7 fc1 sc0 ls0 ws0\">Mynet </td><td></td><td class=\"t m2 xab1 h12 y5731 ff4 fs7 fc1 sc0 ls0 ws0\">907<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xab9 h12 y5731 ff4 fs7 fc1 sc0 ls0 ws0\">12,99%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xaba h12 y5731 ff4 fs7 fc1 sc0 ls0 ws0\">118<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xabb h12 y5731 ff4 fs7 fc1 sc0 ls0 ws0\">217<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xabc h12 y5731 ff4 fs7 fc1 sc0 ls0 ws0\">335<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xab0 h12 y5732 ff4 fs7 fc1 sc0 ls0 ws0\">Flairbit </td><td></td><td class=\"t m2 xabd h12 y5733 ff4 fs7 fc1 sc0 ls0 ws0\">1.166<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xabe h12 y5733 ff4 fs7 fc1 sc0 ls0 ws0\">10,00%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xabf h12 y5733 ff4 fs7 fc1 sc0 ls0 ws0\">117<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xac0 h12 y5733 ff4 fs7 fc1 sc0 ls0 ws0\">402<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xab4 h12 y5733 ff4 fs7 fc1 sc0 ls0 ws0\">519<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 xac1 h12 y5734 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xac2 h12 y5734 ff4 fs7 fc1 sc2 ls0 ws0\">97.783<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xac3 h12 y5734 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xac4 h12 y5734 ff4 fs7 fc1 sc2 ls0 ws0\">47.932<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xac5 h12 y5734 ff4 fs7 fc1 sc2 ls0 ws0\">12.005<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xaae h12 y5734 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xaaf h12 y5734 ff4 fs7 fc1 sc2 ls0 ws0\">59.936<span class=\"_ _3a1\"> </span></td></tr></table>7.5 Parte<span class=\"_ _1\"></span>cipazioni: variazioni ann<span class=\"_ _1\"></span>ue <table class=\"s w7fe h210\" id=\"_dff7dbd6-372a-45bd-8913-5b845e267fe9\"><tr><td></td><td></td><td class=\"t m2 xa03 h12 y5735 ff4 fs7 fc4 sc3 ls0 ws0\">Totale <span class=\"_ _1be\"> </span>Totale </td><td></td></tr><tr><td></td><td class=\"c n xac6 y5736 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xac7 y5736 w685 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x677 h12 y5737 ff4 fs7 fc1 sc2 ls0 ws0\">A. Esistenze inziali </td><td class=\"t m2 x70f h12 y5738 ff4 fs7 fc1 sc2 ls0 ws0\">54.955<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x67a h12 y5738 ff4 fs7 fc1 sc2 ls0 ws0\">51.862<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5739 ff4 fs7 fc1 sc2 ls0 ws0\">B. Aumenti </td><td class=\"t m2 xac8 h12 y573a ff4 fs7 fc1 sc2 ls0 ws0\">8.233<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x738 h12 y573a ff4 fs7 fc1 sc2 ls0 ws0\">6.316<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y573b ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Acquisti </td><td class=\"t m2 x7a1 h12 y573c ff4 fs7 fc1 sc0 ls0 ws0\">315<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7b1 h12 y573c ff4 fs7 fc1 sc0 ls0 ws0\">1.012<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y573d ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione a<span class=\"_ _2\"></span>ziendale </td><td class=\"t m2 x69a h12 y573e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x671 h12 y573e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y573f ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Riprese di val<span class=\"_ _2\"></span>ore </td><td class=\"t m2 x69a h12 y5740 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x671 h12 y5740 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5741 ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Rivalutazioni<span class=\"_ _2\"></span> </td><td class=\"t m2 x69a h12 y5742 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x671 h12 y5742 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5743 ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Altre variazioni<span class=\"_ _2\"></span> </td><td class=\"t m2 x99a h12 y5744 ff4 fs7 fc1 sc0 ls0 ws0\">7.918<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6e5 h12 y5744 ff4 fs7 fc1 sc0 ls0 ws0\">5.304<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5745 ff4 fs7 fc1 sc2 ls0 ws0\">C. Diminuzioni </td><td class=\"t m2 x684 h12 y5746 ff4 fs7 fc1 sc2 ls0 ws0\">3.252<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6e5 h12 y5746 ff4 fs7 fc1 sc2 ls0 ws0\">3.223<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5747 ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Vendite </td><td class=\"t m2 x69a h12 y5748 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x671 h12 y5748 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y5749 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione a<span class=\"_ _2\"></span>ziendale </td><td class=\"t m2 x69a h12 y574a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x671 h12 y574a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y574b ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Rettifiche di valore<span class=\"_ _3b\"></span> </td><td class=\"t m2 x69a h12 y574c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x671 h12 y574c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y574d ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Svalutazioni </td><td class=\"t m2 x7a1 h12 y574e ff4 fs7 fc1 sc0 ls0 ws0\">106<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x788 h12 y574e ff4 fs7 fc1 sc0 ls0 ws0\">336<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y574f ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Altre variazioni<span class=\"_ _2\"></span> </td><td class=\"t m2 x99a h12 y5750 ff4 fs7 fc1 sc0 ls0 ws0\">3.146<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6e5 h12 y5750 ff4 fs7 fc1 sc0 ls0 ws0\">2.887<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54af ff4 fs7 fc1 sc2 ls0 ws0\">D. Rimanenze finali </td><td class=\"t m2 x70f h12 y5751 ff4 fs7 fc1 sc2 ls0 ws0\">59.936<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x676 h12 y5751 ff4 fs7 fc1 sc2 ls0 ws0\">54.955<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5752 ff4 fs7 fc1 sc2 ls0 ws0\">E. Rivalutazioni totali </td><td class=\"t m2 x69a h12 y5753 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x671 h12 y5753 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5754 ff4 fs7 fc1 sc2 ls0 ws0\">F. Rettifiche totali </td><td class=\"t m2 x69a h12 y5755 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x671 h12 y5755 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table>Le variazioni relative al compar<span class=\"_ _2\"></span>to delle partecipazioni<span class=\"_ _2\"></span> recepiscono gli utili <span class=\"_ _2\"></span>e le perdite delle societ\u00e0 consolidate al patrimonio netto, i dividendi distribuiti, gli acquisti effettuat<span class=\"_ _1\"></span>i. Credemtel <span class=\"_ _3f\"> </span>ha <span class=\"_ _39\"> </span>aumentato <span class=\"_ _3f\"> </span>nel <span class=\"_ _39\"> </span>corso <span class=\"_ _3f\"> </span>dell\u2019anno <span class=\"_ _39\"> </span>l\u2019investime<span class=\"_ _1\"></span>nto <span class=\"_ _39\"> </span>in <span class=\"_ _3f\"> </span>\u201cSBC <span class=\"_ _3f\"> </span>Fintech <span class=\"_ _39\"> </span>Milan <span class=\"_ _3f\"> </span>2224\", incrementando  ult<span class=\"_ _2\"></span>eriormente  la <span class=\"_ _35\"> </span>quota <span class=\"_ _35\"> </span>di  p<span class=\"_ _2\"></span>artecipazione  al <span class=\"_ _35\"> </span>40,69%, <span class=\"_ _35\"> </span>operazione  che <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>colloca all\u2019interno <span class=\"_ _36\"> </span>dell\u2019iniziativa <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>Corporate <span class=\"_ _36\"> </span>Venture <span class=\"_ _37\"> </span>Capital <span class=\"_ _36\"> </span>(CVC) <span class=\"_ _37\"> </span>avviata <span class=\"_ _36\"> </span>dal <span class=\"_ _36\"> </span>Gruppo <span class=\"_ _36\"> </span>Credem <span class=\"_ _37\"> </span>per l\u2019acquisizione e la gestione di partecipazioni in start<span class=\"_ _1\"></span>up innovative e ad alto potenziale di crescita. 7.6 Valutazioni e<span class=\"_ _1\"></span> assunzioni signi<span class=\"_ _1\"></span>ficative per stabilire<span class=\"_ _1\"></span> l<span class=\"_ _3a1\"> </span>\u2019esistenza di controllo <span class=\"_ _1\"></span>congiunto o influenza note<span class=\"_ _1\"></span>vole<span class=\"_ _3a1\"> </span>Credito  Emiliano  S<span class=\"_ _2\"></span>.p.A. <span class=\"_ _35\"> </span>detie<span class=\"_ _1\"></span>ne  il<span class=\"_ _2\"></span>  50% <span class=\"_ _35\"> </span>di  Credemassicurazioni  S.<span class=\"_ _2\"></span>p.A.,  la <span class=\"_ _35\"> </span>cui  restante  qu<span class=\"_ _2\"></span>ota  di<span class=\"_ _3b\"></span> capitale sociale (50%) \u00e8 invece detenuta da Re<span class=\"_ _1\"></span>ale Mutua Assicurazioni. In tale contesto: <span class=\"_ _3e\"> </span><span class=\"ff4\">Credito <span class=\"_ _3f\"> </span>Emiliano <span class=\"_ _39\"> </span>non <span class=\"_ _39\"> </span>detiene <span class=\"_ _39\"> </span>la <span class=\"_ _3f\"> </span>maggioranza <span class=\"_ _36\"> </span>dei <span class=\"_ _3f\"> </span>diritti <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>voto, <span class=\"_ _39\"> </span>non <span class=\"_ _39\"> </span>potendo <span class=\"_ _39\"> </span>da <span class=\"_ _3f\"> </span>solo<span class=\"_ _2\"></span> </span>determinare le scelte <span class=\"_ _2\"></span>societarie, non <span class=\"_ _2\"></span>avendo la capaci<span class=\"_ _2\"></span>t\u00e0 pratica di <span class=\"_ _2\"></span>condurre unilateralmente le attivit\u00e0 rilevanti della p<span class=\"_ _2\"></span>artecipata, per le qu<span class=\"_ _2\"></span>ali \u00e8 sempre nece<span class=\"_ _2\"></span>ssario anche il <span class=\"_ _2\"></span>consenso dell\u2019altro socio; <span class=\"_ _3e\"> </span><span class=\"ff4\">Credito Emiliano ha il potere di <span class=\"_ _2\"></span>veto sulle scelte dell\u2019al<span class=\"_ _2\"></span>tro socio, nel senso che in <span class=\"_ _2\"></span>mancanza del </span>voto favorevole di Credito Emiliano anche l\u2019altr<span class=\"_ _1\"></span>o socio detentore del restante 50% del capitale sociale non \u00e8 in grado di incidere sulla societ\u00e0. In relazione a Credemassicurazioni la posizione di Credito Emiliano \u00e8 <span class=\"_ _1\"></span>pertanto quella:<span class=\"_ _3a1\"> </span><span class=\"_ _3e\"> </span><span class=\"ff4\">di <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>soggetto  che<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>esposto <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>rendimenti <span class=\"_ _35\"> </span>variabili <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>detiene <span class=\"_ _35\"> </span>comunque <span class=\"_ _35\"> </span>diritti <span class=\"_ _35\"> </span>su <span class=\"_ _35\"> </span>tali </span>possi<span class=\"_ _3a1\"> </span>bili rendimenti; <span class=\"_ _3e\"> </span><span class=\"ff4\">che <span class=\"_ _0\"></span>ha <span class=\"_ _1\"></span>una <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ropria <span class=\"_ _0\"></span>cap<span class=\"_ _2\"></span>acit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>incidere<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>su <span class=\"_ _0\"></span>tali <span class=\"_ _1\"></span>rendimenti <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>olo <span class=\"_ _38\"></span>esercitando <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>potere <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>veto </span>sulle scelte dell\u2019altro socio. Gli accordi in essere tra i soci detentori rispettivamente il 50% del capitale <span class=\"_ _1\"></span>sociale prevedono: <span class=\"_ _3e\"> </span><span class=\"ff4\">diritto <span class=\"_ _39\"> </span>contemplato <span class=\"_ _39\"> </span>nell\u2019atto <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>compr<span class=\"_ _1\"></span>avendita <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>azioni, <span class=\"_ _36\"> </span>circoscritto <span class=\"_ _39\"> </span>entro <span class=\"_ _39\"> </span>precisi <span class=\"_ _36\"> </span>limiti </span>temporali (ogni 5 anni), ad esercitare o<span class=\"_ _1\"></span>pzioni call e put sulle rispettive azioni; <span class=\"_ _3e\"> </span><span class=\"ff4\">diritto contemplato i<span class=\"_ _2\"></span>n app<span class=\"_ _2\"></span>osito p<span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>tto parasociale <span class=\"_ _3b\"></span>di ottenere <span class=\"_ _3b\"></span>esponent<span class=\"_ _1\"></span>i azi<span class=\"_ _2\"></span>endali (<span class=\"_ _2\"></span>la m<span class=\"_ _2\"></span>et\u00e0 degli<span class=\"_ _3b\"></span> </span>amministratori <span class=\"_ _3b\"></span>e, a <span class=\"_ _184\"></span>rinnovi <span class=\"_ _3b\"></span>alter<span class=\"_ _1\"></span>nati <span class=\"_ _3b\"></span>del <span class=\"_ _3b\"></span>Consiglio <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>Amministrazione, <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>Presidente <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>Consiglio di <span class=\"_ _3d\"> </span>Amministrazione<span class=\"_ _1\"></span>, <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>Sindaci <span class=\"_ _37\"> </span>e, <span class=\"_ _37\"> </span>a <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>innovi <span class=\"_ _3d\"> </span>alter<span class=\"_ _1\"></span>nati, <span class=\"_ _3d\"> </span>il <span class=\"_ _37\"> </span>Presidente <span class=\"_ _37\"> </span>del <span class=\"_ _3d\"> </span>Collegio <span class=\"_ _37\"> </span>Sindacale). Siccome <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>vi <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>nell\u2019ambito <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>Credemassicurazioni <span class=\"_ _1\"></span>vot<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>consiglieri <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>prevalgano <span class=\"_ _1\"></span>su quelli <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>altri <span class=\"_ _38\"></span>Consiglieri <span class=\"_ _1\"></span>(ad <span class=\"_ _1\"></span>esempio <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _1\"></span>contemplata <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>prevalenza <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>voto <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Presidente del <span class=\"_ _35\"> </span>Consiglio <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>Amministrazione), <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>designazione <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>esponenti <span class=\"_ _35\"> </span>aziendali <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>att<span class=\"_ _1\"></span>ribuisce <span class=\"_ _35\"> </span>a nessun socio una prevalenza sulle scelte societarie; <span class=\"_ _3e\"> </span><span class=\"ff4\">obbligo a non tr<span class=\"_ _1\"></span>asferire le azioni a terzi per la durata del patto parasociale. </span>In <span class=\"_ _43\"> </span>tale <span class=\"_ _43\"> </span>contesto, <span class=\"_ _43\"> </span>i <span class=\"_ _43\"> </span>diritti <span class=\"_ _43\"> </span>di <span class=\"_ _43\"> </span>Credito<span class=\"_ _1\"></span> <span class=\"_ _43\"> </span>Emiliano <span class=\"_ _43\"> </span>sono <span class=\"_ _43\"> </span>circoscritti <span class=\"_ _43\"> </span>alle <span class=\"_ _43\"> </span>attivit\u00e0 <span class=\"_ _43\"> </span>nette <span class=\"_ _43\"> </span>di Credemassicurazioni. Alla luce di quanto riportato, si determina la presenza di un controllo congiunto. Credito <span class=\"_ _0\"></span>Emil<span class=\"_ _2\"></span>iano <span class=\"_ _38\"></span>S.p.A. <span class=\"_ _38\"></span>detiene <span class=\"_ _0\"></span>il <span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>00% <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>Cred<span class=\"_ _2\"></span>emtel <span class=\"_ _38\"></span>S.p.A., <span class=\"_ _38\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>sua <span class=\"_ _1\"></span>volta <span class=\"_ _0\"></span>detiene <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>40,69 <span class=\"_ _38\"></span>% <span class=\"_ _0\"></span>di<span class=\"_ _3b\"></span> SBC. In tale contesto: <span class=\"_ _3e\"> </span><span class=\"ff4\">Credemte<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>detiene <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>maggiora<span class=\"_ _1\"></span>nza <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>dirit<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>vot<span class=\"_ _1\"></span>o, <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>potendo <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>solo <span class=\"_ _1\"></span>determinare <span class=\"_ _38\"></span>le </span>scelte s<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>cietarie, <span class=\"_ _2\"></span>non <span class=\"_ _3b\"></span>avendo la<span class=\"_ _3b\"></span> cap<span class=\"_ _2\"></span>acit\u00e0 <span class=\"_ _2\"></span>pratica d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>condurre unil<span class=\"_ _2\"></span>ateralmente l<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _3b\"></span>rilevanti della partecipata, per le quali \u00e8 sempre necessario anche <span class=\"_ _1\"></span>il consenso degli altri soci; <span class=\"_ _3e\"> </span><span class=\"ff4\">Credemte<span class=\"_ _1\"></span>l p<span class=\"_ _2\"></span>er\u00f2 ha il<span class=\"_ _2\"></span> potere i<span class=\"_ _2\"></span>l veto, <span class=\"_ _2\"></span>su specifici<span class=\"_ _2\"></span> argomenti, sul<span class=\"_ _2\"></span>le scelte degli <span class=\"_ _2\"></span>altri soci, <span class=\"_ _2\"></span>nel s<span class=\"_ _2\"></span>enso </span>che <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>mancanza <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>voto <span class=\"_ _0\"></span>favorevole <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>Credemtel <span class=\"_ _0\"></span>anche <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>altri <span class=\"_ _35\"> </span>soci <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>grado <span class=\"_ _35\"> </span>di<span class=\"_ _3b\"></span> incidere sulla societ\u00e0. In relazione a SBC la posizione di Credemtel \u00e8 pertanto quella: <span class=\"_ _3e\"> </span><span class=\"ff4\">di <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>soggetto  che<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>esposto <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>rendimenti <span class=\"_ _35\"> </span>variabili <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>detiene <span class=\"_ _35\"> </span>comunque <span class=\"_ _35\"> </span>diritti <span class=\"_ _35\"> </span>su <span class=\"_ _35\"> </span>tali </span>possibili rendimenti; <span class=\"_ _3e\"> </span><span class=\"ff4\">che <span class=\"_ _0\"></span>ha <span class=\"_ _1\"></span>una <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ropria <span class=\"_ _0\"></span>cap<span class=\"_ _2\"></span>acit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>incidere<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>su <span class=\"_ _0\"></span>tali <span class=\"_ _1\"></span>rendimenti <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>olo <span class=\"_ _38\"></span>esercitando <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>potere <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>veto </span>sulle scelte degli altri soci. Gli <span class=\"_ _0\"></span>accordi <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>soci <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>SBC <span class=\"_ _0\"></span>prevedono, <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>favor<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Cr<span class=\"_ _2\"></span>edemtel <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>diritto <span class=\"_ _0\"></span>contemplato <span class=\"_ _38\"></span>in apposito <span class=\"_ _0\"></span>patto <span class=\"_ _35\"> </span>parasociale <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>ottenere <span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>ponenti <span class=\"_ _0\"></span>aziendali <span class=\"_ _0\"></span>(un <span class=\"_ _35\"> </span>consigl<span class=\"_ _2\"></span>iere <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>amministrazione). Siccome <span class=\"_ _3b\"></span>non <span class=\"_ _2\"></span>vi <span class=\"_ _3b\"></span>sono <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>SBC <span class=\"_ _2\"></span>voti <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>cons<span class=\"_ _1\"></span>iglieri <span class=\"_ _3b\"></span>che prevalgano <span class=\"_ _184\"></span>s<span class=\"_ _1\"></span>u <span class=\"_ _3b\"></span>quelli <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>alt<span class=\"_ _1\"></span>ri <span class=\"_ _3b\"></span>consiglieri<span class=\"_ _1\"></span>, la <span class=\"_ _1\"></span>designazione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>esponenti <span class=\"_ _1\"></span>aziendali <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>att<span class=\"_ _1\"></span>ribuisce <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>nessun <span class=\"_ _1\"></span>socio <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>prevalenza <span class=\"_ _1\"></span>sulle <span class=\"_ _1\"></span>sce<span class=\"_ _1\"></span>lte societarie. Alla luce di quanto riportato, si determina la presenza di un collegamento<span class=\"_ _1\"></span>. Credito <span class=\"_ _35\"> </span>Emiliano  S.p<span class=\"_ _2\"></span>.A. <span class=\"_ _35\"> </span>detiene  il <span class=\"_ _35\"> </span>100% <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>Credemtel  S.p.<span class=\"_ _2\"></span>A., <span class=\"_ _35\"> </span>che  a <span class=\"_ _35\"> </span>sua <span class=\"_ _35\"> </span>volta <span class=\"_ _35\"> </span>detiene  il<span class=\"_ _3b\"></span>  40% <span class=\"_ _35\"> </span>di ANDXOR SOLUZIONI INFORMATICHE S.R.L. \u201cANDX<span class=\"_ _1\"></span>OR\u201d. In tale contesto, per ANDXOR: <span class=\"_ _3e\"> </span><span class=\"ff4\">Credemte<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>detiene <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>maggiora<span class=\"_ _1\"></span>nza <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>dirit<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>vot<span class=\"_ _1\"></span>o, <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>potendo <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>solo <span class=\"_ _1\"></span>determinare <span class=\"_ _38\"></span>le </span>scelte s<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>cietarie, <span class=\"_ _2\"></span>non <span class=\"_ _3b\"></span>avendo la<span class=\"_ _3b\"></span> cap<span class=\"_ _2\"></span>acit\u00e0 <span class=\"_ _2\"></span>pratica d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>condurre unil<span class=\"_ _2\"></span>ateralmente l<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _3b\"></span>rilevanti della partecipata, per le quali \u00e8 sempre necessario anche <span class=\"_ _1\"></span>il consenso degli altri soci; <span class=\"_ _3e\"> </span><span class=\"ff4\">Credemte<span class=\"_ _1\"></span>l ha <span class=\"_ _2\"></span>il potere di<span class=\"_ _2\"></span> veto, <span class=\"_ _2\"></span>su specifici<span class=\"_ _2\"></span> argomenti, sulle scelt<span class=\"_ _2\"></span>e degli altri <span class=\"_ _2\"></span>soci, nel s<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>nso che </span>in <span class=\"_ _38\"></span>mancanza <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>voto <span class=\"_ _1\"></span>favorevole <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Credemte<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>anche <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>altri <span class=\"_ _38\"></span>soci <span class=\"_ _38\"></span>det<span class=\"_ _1\"></span>entori <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>restante <span class=\"_ _38\"></span>60% del capitale sociale non sono in grado di incidere sulla societ\u00e0. In relazione a ANDXOR la posizione di Credemtel \u00e8 pertanto quella: <span class=\"_ _3e\"> </span><span class=\"ff4\">di <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>soggetto  che<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>esposto <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>rendimenti <span class=\"_ _35\"> </span>variabili <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>detiene <span class=\"_ _35\"> </span>comunque <span class=\"_ _35\"> </span>diritti <span class=\"_ _35\"> </span>su <span class=\"_ _35\"> </span>tali </span>possibili rendimenti; <span class=\"_ _3e\"> </span><span class=\"ff4\">che <span class=\"_ _0\"></span>ha <span class=\"_ _1\"></span>una <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ropria <span class=\"_ _0\"></span>cap<span class=\"_ _2\"></span>acit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>incidere<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>su <span class=\"_ _0\"></span>tali <span class=\"_ _1\"></span>rendimenti <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>olo <span class=\"_ _38\"></span>esercitando <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>potere <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>veto </span>sulle scelte degli altri soci. Gli accordi in essere tra i soci di ANDXOR co<span class=\"_ _1\"></span>ntemplano, a favore di Credemtel: <span class=\"_ _3e\"> </span><span class=\"ff4\">diritto <span class=\"_ _3a\"> </span>contemplato <span class=\"_ _3f\"> </span>in <span class=\"_ _3a\"> </span>apposito <span class=\"_ _3f\"> </span>patto <span class=\"_ _3a\"> </span>parasociale <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>otte<span class=\"_ _1\"></span>nere <span class=\"_ _3f\"> </span>esponenti <span class=\"_ _3f\"> </span>aziendali <span class=\"_ _3a\"> </span>(un </span>consigliere <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>amministrazione <span class=\"_ _3b\"></span>ed <span class=\"_ _3b\"></span>il <span class=\"_ _2\"></span>sindaco <span class=\"_ _3b\"></span>unico). <span class=\"_ _3b\"></span>S<span class=\"_ _1\"></span>iccome <span class=\"_ _3b\"></span>non <span class=\"_ _2\"></span>vi <span class=\"_ _3b\"></span>sono <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>AND<span class=\"_ _1\"></span>XOR voti <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>consiglieri <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>prevalgano <span class=\"_ _35\"> </span>su <span class=\"_ _35\"> </span>quelli <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>altri <span class=\"_ _35\"> </span>Consiglieri, <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>designazione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>es<span class=\"_ _1\"></span>ponenti aziendali non attribuisce a nessun socio una pre<span class=\"_ _1\"></span>valenza sulle scelte societarie;<span class=\"_ _3a1\"> </span><span class=\"_ _3e\"> </span><span class=\"ff4\">diritto <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>co-vendita <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>favore <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>Credemtel <span class=\"_ _38\"></span>qualora <span class=\"_ _1\"></span>venga <span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>asferita <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>atto <span class=\"_ _1\"></span>tra <span class=\"_ _38\"></span>vivi una <span class=\"_ _38\"></span>quota </span>di <span class=\"_ _35\"> </span>al<span class=\"_ _3a1\"> </span>meno  il <span class=\"_ _35\"> </span>50% <span class=\"_ _35\"> </span>del  cap<span class=\"_ _2\"></span>itale <span class=\"_ _35\"> </span>sociale  di <span class=\"_ _35\"> </span>ANDXOR  p<span class=\"_ _2\"></span>er <span class=\"_ _35\"> </span>tutta  la <span class=\"_ _35\"> </span>durata <span class=\"_ _35\"> </span>del  pat<span class=\"_ _2\"></span>to  parasociale<span class=\"_ _2\"></span> attualmente in essere. Alla luce di quanto riportato, si determina la presenza di un collegamento<span class=\"_ _1\"></span>. Credito <span class=\"_ _0\"></span>Emiliano <span class=\"_ _0\"></span>S.p.A. <span class=\"_ _0\"></span>detiene <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>100% <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Cr<span class=\"_ _2\"></span>edemtel <span class=\"_ _0\"></span>S.p.A., <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>sua <span class=\"_ _0\"></span>volta <span class=\"_ _0\"></span>detiene <span class=\"_ _0\"></span>il<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>12,99% <span class=\"_ _0\"></span>di<span class=\"_ _3b\"></span> MYNET.  In tale contesto: <span class=\"_ _3e\"> </span><span class=\"ff4\">Credemte<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>detiene <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>maggiora<span class=\"_ _1\"></span>nza <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>dirit<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>vot<span class=\"_ _1\"></span>o, <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>potendo <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>solo <span class=\"_ _1\"></span>determinare <span class=\"_ _38\"></span>le </span>scelte s<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>cietarie, <span class=\"_ _2\"></span>non <span class=\"_ _3b\"></span>avendo la<span class=\"_ _3b\"></span> cap<span class=\"_ _2\"></span>acit\u00e0 <span class=\"_ _2\"></span>pratica d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>condurre unil<span class=\"_ _2\"></span>ateralmente l<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _3b\"></span>rilevanti della partecipata, per le quali \u00e8 sempre necessario anche <span class=\"_ _1\"></span>il consenso degli altri soci; <span class=\"_ _3e\"> </span><span class=\"ff4\">Credemte<span class=\"_ _1\"></span>l p<span class=\"_ _2\"></span>er\u00f2 ha il<span class=\"_ _2\"></span> potere i<span class=\"_ _2\"></span>l veto, <span class=\"_ _2\"></span>su specifici<span class=\"_ _2\"></span> argomenti, sul<span class=\"_ _2\"></span>le scelte degli <span class=\"_ _2\"></span>altri soci, <span class=\"_ _2\"></span>nel s<span class=\"_ _2\"></span>enso </span>che <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>mancanza <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>voto <span class=\"_ _0\"></span>favorevole <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>Credemtel <span class=\"_ _0\"></span>anche <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>altri <span class=\"_ _35\"> </span>soci <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>grado <span class=\"_ _35\"> </span>di<span class=\"_ _3b\"></span> incidere sulla societ\u00e0. In <span class=\"_ _2\"></span>rela<span class=\"_ _3b\"></span>zion<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>MY<span class=\"_ _2\"></span>NET <span class=\"_ _3b\"></span>la p<span class=\"_ _2\"></span>osi<span class=\"_ _2\"></span>zion<span class=\"_ _3b\"></span>e di<span class=\"_ _2\"></span> Cred<span class=\"_ _3b\"></span>emtel <span class=\"_ _3b\"></span>\u00e8 p<span class=\"_ _3b\"></span>ertant<span class=\"_ _3b\"></span>o qu<span class=\"_ _3b\"></span>ella: <span class=\"_ _3e\"> </span><span class=\"ff4\">di <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>soggetto  che<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>esposto <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>rendimenti <span class=\"_ _35\"> </span>variabili <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>detiene <span class=\"_ _35\"> </span>comunque <span class=\"_ _35\"> </span>diritti <span class=\"_ _35\"> </span>su <span class=\"_ _35\"> </span>tali </span>possibili rendimenti; <span class=\"_ _3e\"> </span><span class=\"ff4\">che <span class=\"_ _0\"></span>ha <span class=\"_ _1\"></span>una <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ropria <span class=\"_ _0\"></span>cap<span class=\"_ _2\"></span>acit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>incidere<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>su <span class=\"_ _0\"></span>tali <span class=\"_ _1\"></span>rendimenti <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>olo <span class=\"_ _38\"></span>esercitando <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>potere <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>veto </span>sulle scelte degli altri soci. Gli <span class=\"_ _1\"></span>accordi <span class=\"_ _1\"></span>in essere <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>soci <span class=\"_ _1\"></span>di MYNET <span class=\"_ _1\"></span>prevedono, <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>favore <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Credemtel il <span class=\"_ _1\"></span>diritto <span class=\"_ _1\"></span>contemplato <span class=\"_ _1\"></span>in apposito <span class=\"_ _35\"> </span>patto <span class=\"_ _35\"> </span>parasociale <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>ottenere <span class=\"_ _35\"> </span>esponenti <span class=\"_ _0\"> </span>a<span class=\"_ _1\"></span>ziendali <span class=\"_ _35\"> </span>(u<span class=\"_ _2\"></span>n <span class=\"_ _35\"> </span>consigliere <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>amministrazione<span class=\"_ _2\"></span>) oltre <span class=\"_ _38\"></span>alla <span class=\"_ _0\"></span>designazione <span class=\"_ _1\"></span>di <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>sindaco <span class=\"_ _0\"></span>effettivo <span class=\"_ _1\"></span>(con <span class=\"_ _0\"></span>ruolo <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>presidente <span class=\"_ _0\"></span>del <span class=\"_ _1\"></span>collegio <span class=\"_ _0\"></span>sindacale) <span class=\"_ _1\"></span>ed uno <span class=\"_ _0\"></span>supplente. <span class=\"_ _0\"></span>Siccome <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>vi <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>nell\u2019ambito <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>MYNET <span class=\"_ _0\"></span>voti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>consigl<span class=\"_ _2\"></span>ieri <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>prevalgano <span class=\"_ _0\"></span>su quelli di altri <span class=\"_ _1\"></span>consiglieri, la <span class=\"_ _1\"></span>designazione di <span class=\"_ _1\"></span>esponenti azie<span class=\"_ _1\"></span>ndali non attr<span class=\"_ _1\"></span>ibuisce a nessun <span class=\"_ _1\"></span>socio una prevalenza sulle scelte societarie. Alla luce di quanto riportato, si determina la presenza di un collegamento<span class=\"_ _1\"></span>. Credito <span class=\"_ _0\"></span>Emiliano <span class=\"_ _0\"></span>S.p<span class=\"_ _2\"></span>.A. <span class=\"_ _0\"></span>detiene <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>1<span class=\"_ _1\"></span>00% <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Credemtel <span class=\"_ _0\"></span>S.p.<span class=\"_ _2\"></span>A., <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>sua <span class=\"_ _38\"></span>volta <span class=\"_ _0\"></span>detiene <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>10,00% <span class=\"_ _0\"></span>di<span class=\"_ _3b\"></span> FLAIRBIT. In tale contesto: <span class=\"_ _3e\"> </span><span class=\"ff4\">Credemte<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>detiene <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>maggiora<span class=\"_ _1\"></span>nza <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>dirit<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>vot<span class=\"_ _1\"></span>o, <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>potendo <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>solo <span class=\"_ _1\"></span>determinare <span class=\"_ _38\"></span>le </span>scelte s<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>cietarie, <span class=\"_ _2\"></span>non <span class=\"_ _3b\"></span>avendo la<span class=\"_ _3b\"></span> cap<span class=\"_ _2\"></span>acit\u00e0 <span class=\"_ _2\"></span>pratica d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>condurre unil<span class=\"_ _2\"></span>ateralmente l<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _3b\"></span>rilevanti della partecipata, per le quali \u00e8 sempre necessario anche <span class=\"_ _1\"></span>il consenso degli altri soci; <span class=\"_ _3e\"> </span><span class=\"ff4\">Credemte<span class=\"_ _1\"></span>l p<span class=\"_ _2\"></span>er\u00f2 ha il<span class=\"_ _2\"></span> potere i<span class=\"_ _2\"></span>l veto, <span class=\"_ _2\"></span>su specifici<span class=\"_ _2\"></span> argomenti, sul<span class=\"_ _2\"></span>le scelte degli <span class=\"_ _2\"></span>altri soci, <span class=\"_ _2\"></span>nel s<span class=\"_ _2\"></span>enso </span>che <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>mancanza <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>voto <span class=\"_ _0\"></span>favorevole <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>Credemtel <span class=\"_ _0\"></span>anche <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>altri <span class=\"_ _35\"> </span>soci <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>grado <span class=\"_ _35\"> </span>di<span class=\"_ _3b\"></span> incidere sulla societ\u00e0. In<span class=\"_ _3b\"></span> rela<span class=\"_ _3b\"></span>zion<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span> FLAIRBIT la<span class=\"_ _2\"></span> p<span class=\"_ _3b\"></span>osizi<span class=\"_ _2\"></span>one <span class=\"_ _3b\"></span>di Cr<span class=\"_ _2\"></span>edem<span class=\"_ _3b\"></span>tel \u00e8<span class=\"_ _3b\"></span> pe<span class=\"_ _2\"></span>rtan<span class=\"_ _3b\"></span>to q<span class=\"_ _2\"></span>uel<span class=\"_ _3b\"></span>la: <span class=\"_ _3e\"> </span><span class=\"ff4\">di <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>soggetto  che<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>esposto <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>rendimenti <span class=\"_ _35\"> </span>variabili <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>detiene <span class=\"_ _35\"> </span>comunque <span class=\"_ _35\"> </span>diritti <span class=\"_ _35\"> </span>su <span class=\"_ _35\"> </span>tali </span>possibili rendimenti; <span class=\"_ _3e\"> </span><span class=\"ff4\">che <span class=\"_ _0\"></span>ha <span class=\"_ _1\"></span>una <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ropria <span class=\"_ _0\"></span>cap<span class=\"_ _2\"></span>acit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>incidere<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>su <span class=\"_ _0\"></span>tali <span class=\"_ _1\"></span>rendimenti <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>olo <span class=\"_ _38\"></span>esercitando <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>potere <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>veto </span>sulle scelte degli altri soci. Gli <span class=\"_ _1\"></span>accordi <span class=\"_ _1\"></span>in e<span class=\"_ _1\"></span>ssere <span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>i soci <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>FLAIRBIT <span class=\"_ _1\"></span>prevedono, <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>favor<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Credemtel <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>diritto<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>contemplato in apposit<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>patto para<span class=\"_ _1\"></span>sociale di <span class=\"_ _1\"></span>ottenere <span class=\"_ _1\"></span>esponenti <span class=\"_ _1\"></span>aziendali <span class=\"_ _1\"></span>(un <span class=\"_ _1\"></span>consigliere <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>amministrazione).<span class=\"_ _2\"></span> Siccome <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>vi <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>nell\u2019ambito<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>F<span class=\"_ _1\"></span>LAIRBIT <span class=\"_ _0\"></span>voti <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>consig<span class=\"_ _1\"></span>lieri <span class=\"_ _0\"></span>che <span class=\"_ _35\"> </span>prevalgano <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>quelli <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>altri consiglieri, <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>des<span class=\"_ _1\"></span>ignazione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>esponenti <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ziendali <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>attribuisce <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>nessun <span class=\"_ _38\"></span>socio <span class=\"_ _38\"></span>una <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>valenza sulle scelte societarie. Alla luce di quanto riportato, si determina la presenza di un collegamento<span class=\"_ _1\"></span>. 7.7 Impegni rife<span class=\"_ _1\"></span>riti a partecipazioni in s<span class=\"_ _1\"></span>ociet\u00e0 con<span class=\"_ _3a1\"> </span>trolla<span class=\"_ _3a1\"> </span>te in modo congiunto<span class=\"_ _3a1\"> </span>A <span class=\"_ _3b\"></span>luglio <span class=\"_ _3b\"></span>200<span class=\"_ _1\"></span>8 <span class=\"_ _3b\"></span>Cre<span class=\"_ _1\"></span>dito <span class=\"_ _3b\"></span>Emiliano <span class=\"_ _3b\"></span>ha sottoscritto <span class=\"_ _3b\"></span>con <span class=\"_ _3b\"></span>Re<span class=\"_ _1\"></span>ale <span class=\"_ _3b\"></span>Mutua <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>Assicurazioni <span class=\"_ _3b\"></span>accordi <span class=\"_ _3b\"></span>cont<span class=\"_ _1\"></span>rattuali volti a disciplinare pi\u00f9 compiutamente la partnership in Cre<span class=\"_ _1\"></span>demassicurazioni.  In <span class=\"_ _1\"></span>tale <span class=\"_ _1\"></span>contes<span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>clausole <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>contratto <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>compravendita <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>azioni <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>uo <span class=\"_ _1\"></span>tempo <span class=\"_ _1\"></span>perfezionato tra <span class=\"_ _1\"></span>Credito <span class=\"_ _1\"></span>Emiliano <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>Reale <span class=\"_ _1\"></span>Mutua <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>As<span class=\"_ _1\"></span>sicurazioni <span class=\"_ _1\"></span>hanno <span class=\"_ _1\"></span>espressame<span class=\"_ _1\"></span>nte <span class=\"_ _1\"></span>convenuto <span class=\"_ _1\"></span>un\u2019opzione put <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>capo <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>Reale <span class=\"_ _35\"> </span>Mutua <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>Assicurazioni <span class=\"_ _35\"> </span>e<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>un\u2019opzione <span class=\"_ _35\"> </span>call<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>capo <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>Credito <span class=\"_ _35\"> </span>Emiliano <span class=\"_ _35\"> </span>S.p<span class=\"_ _2\"></span>.A. riguardante il<span class=\"_ _2\"></span> 50% <span class=\"_ _3b\"></span>della pa<span class=\"_ _2\"></span>rtecipazione di <span class=\"_ _3b\"></span>Reale M<span class=\"_ _2\"></span>utua nel<span class=\"_ _2\"></span> capi<span class=\"_ _2\"></span>tale sociale <span class=\"_ _3b\"></span>di Credemassicurazioni.<span class=\"_ _2\"></span> Entrambe <span class=\"_ _3f\"> </span>le <span class=\"_ _39\"> </span>opzioni <span class=\"_ _39\"> </span>sono <span class=\"_ _39\"> </span>esercita<span class=\"_ _1\"></span>bili <span class=\"_ _39\"> </span>allo <span class=\"_ _39\"> </span>scadere <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>ogni <span class=\"_ _39\"> </span>quinquennio <span class=\"_ _39\"> </span>dall\u2019acquisto <span class=\"_ _3f\"> </span>della partecipazione in Credemassicurazioni da parte di Reale <span class=\"_ _1\"></span>Mutua.  A novembre <span class=\"_ _1\"></span>2023, il <span class=\"_ _1\"></span>Credito Emiliano e<span class=\"_ _1\"></span> la Societ<span class=\"_ _1\"></span>\u00e0 Reale Mutua <span class=\"_ _1\"></span>di Assicurazioni hanno <span class=\"_ _1\"></span>rinnovato <span class=\"_ _1\"></span>la loro <span class=\"_ _1\"></span>partnership <span class=\"_ _38\"></span>paritetica <span class=\"_ _1\"></span>nella <span class=\"_ _1\"></span>societ<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>rassegna. <span class=\"_ _1\"></span>Il <span class=\"_ _38\"></span>rinnovo <span class=\"_ _1\"></span>dell\u2019accordo <span class=\"_ _1\"></span>permetter\u00e0 <span class=\"_ _38\"></span>al <span class=\"_ _1\"></span>gruppo<span class=\"_ _3a1\"> </span>di <span class=\"_ _0\"></span>svilup<span class=\"_ _1\"></span>pare <span class=\"_ _35\"> </span>l\u2019offerta <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>prodotti <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>rami <span class=\"_ _35\"> </span>danni <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>accre<span class=\"_ _1\"></span>scere <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>livello <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>se<span class=\"_ _1\"></span>rvizio <span class=\"_ _35\"> </span>offerto <span class=\"_ _0\"></span>alla propri<span class=\"_ _3a1\"> </span>a cli<span class=\"_ _2\"></span>entela, grazie al <span class=\"_ _3b\"></span>supporto di u<span class=\"_ _2\"></span>n primario <span class=\"_ _2\"></span>player speciali<span class=\"_ _2\"></span>zzato nel <span class=\"_ _2\"></span>settore della <span class=\"_ _3b\"></span>prote<span class=\"_ _1\"></span>ction.<span class=\"_ _2\"></span>  Le parti hanno poi perfezionato un patto par<span class=\"_ _1\"></span>asociale le cui clausole contemplano: <span class=\"_ _3e\"> </span><span class=\"ff4\">Il <span class=\"_ _37\"> </span>divieto <span class=\"_ _36\"> </span>di <span class=\"_ _3d\"> </span>t<span class=\"_ _1\"></span>rasferimento <span class=\"_ _36\"> </span>delle <span class=\"_ _3d\"> </span>azioni <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>dei <span class=\"_ _37\"> </span>diritti <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>opzione <span class=\"_ _36\"> </span>a <span class=\"_ _37\"> </span>terzi, <span class=\"_ _37\"> </span>diversi <span class=\"_ _37\"> </span>da <span class=\"_ _37\"> </span>societ<span class=\"_ _1\"></span>\u00e0 </span>controllate, per tutta la durata del patto parasociale attualmente in essere; <span class=\"_ _3e\"> </span><span class=\"ff4\">Il <span class=\"_ _38\"></span>diritto<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ciascuna <span class=\"_ _38\"></span>par<span class=\"_ _1\"></span>te <span class=\"_ _0\"></span>ottenere <span class=\"_ _1\"></span>la <span class=\"_ _0\"></span>nomina <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ottenere <span class=\"_ _0\"></span>la <span class=\"_ _1\"></span>nomina <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>esponenti <span class=\"_ _38\"></span>aziendali <span class=\"_ _38\"></span>di </span>propria <span class=\"_ _3d\"> </span>des<span class=\"_ _1\"></span>ignazione <span class=\"_ _3d\"> </span>(la <span class=\"_ _37\"> </span>met\u00e0 <span class=\"_ _3d\"> </span>degli <span class=\"_ _37\"> </span>amministratori <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>, <span class=\"_ _3d\"> </span>a <span class=\"_ _37\"> </span>rinnovi <span class=\"_ _3d\"> </span>alte<span class=\"_ _1\"></span>rnati <span class=\"_ _3d\"> </span>del <span class=\"_ _37\"> </span>Consiglio <span class=\"_ _3d\"> </span>di Amministrazione, il Presidente <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>l Consiglio d<span class=\"_ _2\"></span>i Amministrazione, <span class=\"_ _2\"></span>i Sindaci<span class=\"_ _2\"></span> e, a rinn<span class=\"_ _2\"></span>ovi alternati, il Presidente del Collegio Sindacale); <span class=\"_ _3e\"> </span><span class=\"ff4\">La <span class=\"_ _35\"> </span>neces<span class=\"_ _1\"></span>sit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>quorum <span class=\"_ _35\"> </span>qualificato <span class=\"_ _35\"> </span>per  l<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>deliberazioni <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>componenti  d<span class=\"_ _2\"></span>el <span class=\"_ _35\"> </span>Consiglio <span class=\"_ _35\"> </span>di </span>Amministrazione <span class=\"_ _38\"></span>riguardanti <span class=\"_ _38\"></span>particolari <span class=\"_ _38\"></span>tematiche <span class=\"_ _38\"></span>(come, <span class=\"_ _38\"></span>tra <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>alt<span class=\"_ _1\"></span>re, <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>nom<span class=\"_ _1\"></span>ina <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>D<span class=\"_ _1\"></span>irettore Generale,  del  Responsabile  Sinistr<span class=\"_ _1\"></span>i,  del  Direttore  Commerciale,  della  funzione  di  auditing, l\u2019approvazione di operazioni di finanzia straordinaria, di accordi distr<span class=\"_ _1\"></span>ibutivi, ecc). 7.8 Impegni rife<span class=\"_ _1\"></span>riti a partecipazioni i<span class=\"_ _1\"></span>n societ\u00e0 sotto<span class=\"_ _1\"></span>poste ad influenza note<span class=\"_ _1\"></span>vole Credemtel <span class=\"_ _3a\"> </span>ha <span class=\"_ _3f\"> </span>sottos<span class=\"_ _1\"></span>critto <span class=\"_ _3f\"> </span>con <span class=\"_ _3a\"> </span>i <span class=\"_ _3f\"> </span>soci <span class=\"_ _3a\"> </span>di <span class=\"_ _3f\"> </span>SBC <span class=\"_ _3a\"> </span>accordi <span class=\"_ _3a\"> </span>contra<span class=\"_ _3a1\"> </span>ttuali <span class=\"_ _3f\"> </span>volti <span class=\"_ _3a\"> </span>a <span class=\"_ _3f\"> </span>disciplinare<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>pi\u00f9 compiutamente la partnership nella societ\u00e0. Le  p<span class=\"_ _2\"></span>arti  hanno <span class=\"_ _35\"> </span>poi <span class=\"_ _35\"> </span>perfezionato <span class=\"_ _35\"> </span>a  gennaio <span class=\"_ _35\"> </span>2022 <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>patt<span class=\"_ _1\"></span>o <span class=\"_ _35\"> </span>parasociale  le<span class=\"_ _2\"></span>  c<span class=\"_ _2\"></span>ui <span class=\"_ _35\"> </span>clausole contemplano: <span class=\"_ _3e\"> </span><span class=\"ff4\">il <span class=\"_ _1\"></span>diritto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Cre<span class=\"_ _1\"></span>demtel <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>ottenere <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>nomina <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>esponenti <span class=\"_ _1\"></span>azie<span class=\"_ _1\"></span>ndali di <span class=\"_ _1\"></span>propria <span class=\"_ _1\"></span>designazione <span class=\"_ _1\"></span>(<span class=\"_ _1\"></span>un </span>consigliere di amministrazione); <span class=\"_ _3e\"> </span><span class=\"ff4\">la  necessit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>quorum  quali<span class=\"_ _2\"></span>ficato  per <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>deliberazioni <span class=\"_ _35\"> </span>riguardanti  particolari <span class=\"_ _35\"> </span>tematiche </span>(come <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>modificazioni dello <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>atuto, <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>trasferimento <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>partecipazioni <span class=\"_ _1\"></span>sociali, <span class=\"_ _1\"></span>acquisizioni e<span class=\"_ _1\"></span>/o dismissioni, <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>quals<span class=\"_ _1\"></span>iasi <span class=\"_ _1\"></span>forma <span class=\"_ _38\"></span>effettuate, <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>beni <span class=\"_ _1\"></span>imm<span class=\"_ _1\"></span>obili <span class=\"_ _1\"></span>e/o <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>beni <span class=\"_ _38\"></span>mobili <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valor<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>unitario superiore <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Euro <span class=\"_ _1\"></span>20.000,00 <span class=\"_ _1\"></span>e/o beni <span class=\"_ _1\"></span>mobili <span class=\"_ _1\"></span>regist<span class=\"_ _1\"></span>rati, <span class=\"_ _1\"></span>l\u2019assunzione <span class=\"_ _1\"></span>di dipendenti, <span class=\"_ _1\"></span>l\u2019assunzione di indebitamento finanziario e concessione di finanziamenti e<span class=\"_ _1\"></span> garanzie). Credemtel <span class=\"_ _37\"> </span>ha <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>ottoscritto <span class=\"_ _37\"> </span>con <span class=\"_ _3d\"> </span>i <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>oci <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>ANDXOR <span class=\"_ _37\"> </span>accordi <span class=\"_ _3d\"> </span>co<span class=\"_ _1\"></span>ntrattuali <span class=\"_ _37\"> </span>volti <span class=\"_ _3d\"> </span>a <span class=\"_ _37\"> </span>disciplinar<span class=\"_ _1\"></span>e <span class=\"_ _37\"> </span>pi\u00f9 compiutamente la partnership nella societ\u00e0. Le parti hanno poi perfezionato un patto par<span class=\"_ _1\"></span>asociale le cui clausole contemplano:<span class=\"_ _3a1\"> </span><span class=\"_ _3e\"> </span><span class=\"ff4\">il <span class=\"_ _1\"></span>diritto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Cre<span class=\"_ _1\"></span>demtel <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>ottenere <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>nomina <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ponenti <span class=\"_ _1\"></span>aziendali <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>propria <span class=\"_ _1\"></span>designazione (un<span class=\"_ _3a1\"> </span></span>consigliere di amministrazione ed il sindaco unico); <span class=\"_ _3e\"> </span><span class=\"ff4\">il diritto <span class=\"_ _1\"></span>di co-vendita a favore di Credemtel qualora venga trasferita per atto tra viv<span class=\"_ _2\"></span>i una quota </span>di <span class=\"_ _44\"> </span>almeno <span class=\"_ _69\"> </span>il <span class=\"_ _69\"> </span>50% <span class=\"_ _69\"> </span>del <span class=\"_ _44\"> </span>capitale<span class=\"_ _1\"></span> <span class=\"_ _44\"> </span>s<span class=\"_ _1\"></span>ociale <span class=\"_ _44\"> </span>di <span class=\"_ _69\"> </span>ANDXOR <span class=\"_ _69\"> </span>per <span class=\"_ _44\"> </span>tut<span class=\"_ _1\"></span>ta <span class=\"_ _44\"> </span>la <span class=\"_ _69\"> </span>durata <span class=\"_ _69\"> </span>del <span class=\"_ _44\"> </span>patto parasociale attualmente in essere; <span class=\"_ _3e\"> </span><span class=\"ff4\">la  necessit\u00e0  d<span class=\"_ _2\"></span>i  un <span class=\"_ _35\"> </span>quorum  qualif<span class=\"_ _2\"></span>icato  per  l<span class=\"_ _2\"></span>e  deliberazioni  d<span class=\"_ _3b\"></span>ei  componenti  del <span class=\"_ _35\"> </span>Consiglio  di </span>Amministrazione riguardanti particolari tematiche (come l<span class=\"_ _2\"></span>e modificazioni<span class=\"_ _2\"></span> dell\u2019atto costitutivo, la <span class=\"_ _35\"> </span>modificazione <span class=\"_ _35\"> </span>dell\u2019oggetto<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>sociale, <span class=\"_ _35\"> </span>l\u2019assunzione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>finanzia<span class=\"_ _1\"></span>menti <span class=\"_ _35\"> </span>oltre  i <span class=\"_ _35\"> </span>150.000 <span class=\"_ _35\"> </span>euro, <span class=\"_ _35\"> </span>la compravendita di diritti reali immobiliari, emissione di titoli di debito, distribuzione di riser<span class=\"_ _1\"></span>ve). Credemtel <span class=\"_ _36\"> </span>ha <span class=\"_ _36\"> </span>s<span class=\"_ _1\"></span>ottoscritto <span class=\"_ _36\"> </span>con <span class=\"_ _36\"> </span>i <span class=\"_ _36\"> </span>soci <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>MYNET <span class=\"_ _36\"> </span>accor<span class=\"_ _1\"></span>di <span class=\"_ _36\"> </span>contrattuali <span class=\"_ _36\"> </span>volti <span class=\"_ _36\"> </span>a <span class=\"_ _39\"> </span>disciplin<span class=\"_ _2\"></span>are <span class=\"_ _39\"> </span>pi\u00f9 compiutamente la partnership nella societ\u00e0. Le parti hanno poi perfezionato un patto par<span class=\"_ _1\"></span>asociale le cui clausole contemplano: <span class=\"_ _3e\"> </span><span class=\"ff4\">il <span class=\"_ _1\"></span>diritto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Cre<span class=\"_ _1\"></span>demtel <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>ottenere <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>nomina <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>esponenti <span class=\"_ _1\"></span>azie<span class=\"_ _1\"></span>ndali di <span class=\"_ _1\"></span>propria <span class=\"_ _1\"></span>designazione <span class=\"_ _1\"></span>(<span class=\"_ _1\"></span>un </span>consigliere <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>amministrazione, <span class=\"_ _3d\"> </span>un <span class=\"_ _37\"> </span>sindaco <span class=\"_ _3d\"> </span>effettivo <span class=\"_ _37\"> </span>con <span class=\"_ _3d\"> </span>ruolo <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>presidente <span class=\"_ _3d\"> </span>del <span class=\"_ _37\"> </span>collegio sindacale ed un sindaco supplente); <span class=\"_ _3e\"> </span><span class=\"ff4\">la  necessit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>quorum  quali<span class=\"_ _2\"></span>ficato  per <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>deliberazioni <span class=\"_ _35\"> </span>riguardanti  particolari <span class=\"_ _35\"> </span>tematiche </span>(come le modifi<span class=\"_ _2\"></span>cazioni dell\u2019atto costitutivo, la modifi<span class=\"_ _2\"></span>cazione dell\u2019oggetto sociale, l\u2019assunzione<span class=\"_ _2\"></span> di <span class=\"_ _39\"> </span>finanziame<span class=\"_ _1\"></span>nti <span class=\"_ _3f\"> </span>oltre <span class=\"_ _3f\"> </span>i <span class=\"_ _39\"> </span>1.500.000 <span class=\"_ _3f\"> </span>euro, <span class=\"_ _3f\"> </span>l\u2019emissione <span class=\"_ _39\"> </span>di <span class=\"_ _3f\"> </span>titoli <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>debito, <span class=\"_ _3f\"> </span>l\u2019acquisizione <span class=\"_ _3f\"> </span>o dismissione di beni mobili o immobili di valore s<span class=\"_ _1\"></span>uperiore a 1.000.000 euro). Credemtel <span class=\"_ _3d\"> </span>ha <span class=\"_ _3d\"> </span>sottoscritto <span class=\"_ _37\"> </span>con  i <span class=\"_ _37\"> </span>soci <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>FLAIRBIT <span class=\"_ _3d\"> </span>accordi <span class=\"_ _3d\"> </span>contr<span class=\"_ _1\"></span>attuali  volt<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>disciplinare <span class=\"_ _3d\"> </span>pi\u00f9 compiu<span class=\"_ _3a1\"> </span>tamente<span class=\"_ _1\"></span> la partnership nella societ\u00e0. Le parti hanno poi perfezionato un patto par<span class=\"_ _1\"></span>asociale le cui clausole contemplano: <span class=\"_ _3e\"> </span><span class=\"ff4\">il <span class=\"_ _1\"></span>diritto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Cre<span class=\"_ _1\"></span>demtel <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>ottenere <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>nomina <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>esponenti <span class=\"_ _1\"></span>azie<span class=\"_ _1\"></span>ndali di <span class=\"_ _1\"></span>propria <span class=\"_ _1\"></span>designazione <span class=\"_ _1\"></span>(<span class=\"_ _1\"></span>un </span>consigliere di amministrazione); <span class=\"_ _3e\"> </span><span class=\"ff4\">la  necessit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>quorum  quali<span class=\"_ _2\"></span>ficato  per <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>deliberazioni <span class=\"_ _35\"> </span>riguardanti  particolari <span class=\"_ _35\"> </span>tematiche </span>(come  le  modificazioni <span class=\"_ _35\"> </span>dello  St<span class=\"_ _1\"></span>atuto  afferenti  all\u2019oggetto  sociale,  la  stipula  d<span class=\"_ _2\"></span>i  contratti  di<span class=\"_ _3a1\"> </span>qualsiasi <span class=\"_ _0\"></span>natura <span class=\"_ _0\"></span>con<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>alcuna <span class=\"_ _0\"></span>parte <span class=\"_ _0\"></span>correlata <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>FLAIRBIT, <span class=\"_ _38\"></span>l\u2019assun<span class=\"_ _1\"></span>zione <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>finanziamenti <span class=\"_ _0\"></span>oltre <span class=\"_ _0\"></span>i<span class=\"_ _3b\"></span> 500.00<span class=\"_ _3a1\"> </span>0 <span class=\"_ _38\"></span>euro, <span class=\"_ _0\"></span>l\u2019assunzi<span class=\"_ _2\"></span>one <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>personale <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>trattamento <span class=\"_ _0\"></span>ec<span class=\"_ _2\"></span>onomico <span class=\"_ _0\"></span>(retrib<span class=\"_ _2\"></span>uzione <span class=\"_ _0\"></span>annu<span class=\"_ _2\"></span>a lorda) pari o superiore ad Euro 100.000,00 (centomila) annui). 7.10 Altre inform<span class=\"_ _1\"></span>azioni<span class=\"_ _3a1\"> </span>Credemassicurazioni, And<span class=\"_ _2\"></span>xor, Flairbit e <span class=\"_ _3b\"></span>Mynet, partecipazioni p<span class=\"_ _2\"></span>er le qu<span class=\"_ _2\"></span>ali i<span class=\"_ _2\"></span>l valore di<span class=\"_ _2\"></span> bil<span class=\"_ _2\"></span>ancio risulta essere <span class=\"_ _35\"> </span>superiore <span class=\"_ _35\"> </span>alla  q<span class=\"_ _2\"></span>uota <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>pertinenza  di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>patrimonio  ne<span class=\"_ _2\"></span>tto, <span class=\"_ _35\"> </span>sono  s<span class=\"_ _2\"></span>tate <span class=\"_ _35\"> </span>assoggettate  a <span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>est d\u2019impairment <span class=\"_ _0\"></span>dal<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>quale <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>emerso <span class=\"_ _1\"></span>un <span class=\"_ _38\"></span>valor<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>recuperabile <span class=\"_ _0\"></span>supe<span class=\"_ _2\"></span>riore <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>valore <span class=\"_ _1\"></span>di <span class=\"_ _0\"></span>carico. <span class=\"_ _1\"></span>Si <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>quindi ritenuto <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>differ<span class=\"_ _1\"></span>enza <span class=\"_ _0\"></span>negativ<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>fra <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>valore<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>car<span class=\"_ _1\"></span>ico <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>quota <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>pertinenza <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>patr<span class=\"_ _1\"></span>imonio netto <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>tali <span class=\"_ _0\"></span>pa<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>tecipate<span class=\"fc8\"> <span class=\"_ _0\"></span></span>non<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>ascrivibile <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>perdita <span class=\"_ _38\"></span>durevole <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>e, <span class=\"_ _38\"></span>pertanto, <span class=\"_ _0\"></span>non<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>stati rettificati i valori di iscrizione. Per  C<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>edemassicurazioni  l<span class=\"_ _2\"></span>a  d<span class=\"_ _2\"></span>ifferenza <span class=\"_ _35\"> </span>negativa  \u00e8<span class=\"_ _2\"></span>  asc<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ivibile <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>quota  di <span class=\"_ _35\"> </span>avviamento <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>10,3 milioni di euro, mentre per Andxor, Flairbit e <span class=\"_ _1\"></span>Mynet la differenza negativa \u00e8 ascrivibile alla quota di avviamento rispettivamente per 1.062 mila di e<span class=\"_ _1\"></span>uro, per 402 mila euro e per 217 mila euro.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-886": {
   "value": "Sezione <span class=\"_ _1\"></span>7 - Le pa<span class=\"_ _1\"></span>rtecipazion<span class=\"_ _1\"></span>i - Vo<span class=\"_ _1\"></span>ce 70<span class=\"_ _3a1\"> </span>Il valore di bilancio della voce \u201cPartecipazioni\u201d ammonta <span class=\"_ _1\"></span>a 59,9 milioni di<span class=\"_ _2\"></span> euro.<span class=\"_ _3a1\"> </span>7.1 Partecipazioni: i<span class=\"_ _1\"></span>nformazioni sui r<span class=\"_ _1\"></span>apporti partecipativi<table class=\"s w7c5 h20b\" id=\"_c559ecb7-6c66-48e7-b519-4c3521b64516\"><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x691 h12 y56db ff4 fs7 fc7 sc6 ls0 ws0\">Rapporto di partecipazione </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 xa02 h12 y56dc ff4 fs7 fc7 sc6 ls0 ws0\">Denominazioni  <span class=\"_ _2c\"> </span>Sede legale </td><td class=\"t m2 x6df h12 y56dd ff4 fs7 fc7 sc6 ls0 ws0\">Tipo di </td><td></td><td></td><td></td><td></td><td class=\"t m2 x6b1 h12 y56dd ff4 fs7 fc7 sc6 ls0 ws0\">Disponibilit\u00e0 </td></tr><tr><td></td><td></td><td class=\"t m2 x6ed h12 y56de ff4 fs7 fc7 sc6 ls0 ws0\">rapporto </td><td class=\"t m2 x7af h12 y56df ff4 fs7 fc7 sc6 ls0 ws0\">Impresa </td><td class=\"t m2 x6b9 h12 y56df ff4 fs7 fc7 sc6 ls0 ws0\">Quota </td><td></td><td></td><td class=\"t m2 x6a3 h12 y56de ff4 fs7 fc7 sc6 ls0 ws0\">voti % </td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 xa03 h12 y56e0 ff4 fs7 fc7 sc6 ls0 ws0\" colspan=\"2\">partecipante </td><td class=\"t m2 x987 h12 y56e0 ff4 fs7 fc7 sc6 ls0 ws0\">% </td><td></td></tr><tr><td class=\"t m2 x677 h12 y56e1 ff4 fs7 fc1 sc2 ls0 ws0\">A.  Imprese controllate in modo </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y56e2 ff4 fs7 fc1 sc2 ls0 ws0\">congiunto </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y56e3 w7c6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Credemassicurazi<span class=\"_ _2\"></span>oni spa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa04 y56e3 w7c7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reggio <span class=\"_ _2\"></span>Emilia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa05 y56e3 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa06 y56e3 w620 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credito Emiliano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa07 y56e3 w63b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">50,00%<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y56e4 ff4 fs7 fc1 sc2 ls0 ws0\">B.  Imprese sottoposte a influenza </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y56e5 ff4 fs7 fc1 sc2 ls0 ws0\">notevole </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y56e6 w7c8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. SBC Fintech 2224 M<span class=\"_ _2\"></span>ilan srl<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa08 y56e6 w62b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Milano<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa09 y56e6 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xa0a y56e6 w63f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">40,69%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa0b y56e6 w7c9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c n x734 y56e7 w7ca h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Andxor srl<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa0c y56e7 w7cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Cinis<span class=\"_ _1\"></span>ello Balsam<span class=\"_ _3b\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa0d y56e7 w7cc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xa0e y56e7 w643 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">40,00%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa0f y56e7 w642 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c n x734 y56e8 w7cd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Mynet srl<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa10 y56e8 w7ce h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Udine<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa11 y56e8 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xa12 y56e8 w7cf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12,99%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa13 y56e8 w7c9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c n x734 y539f w7d0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Flairbit srl<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa14 y539f w7d1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Genova<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa15 y539f w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xa16 y539f w7d2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10,00%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa17 y539f w642 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credemtel<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr></table>Legenda<span class=\"_ _3a1\"> </span>Tipo di rapporto:<span class=\"_ _3a1\"> </span>1 \u2013 partecipazione al c<span class=\"_ _2\"></span>apitale sociale 7.2 Partecipazion<span class=\"_ _1\"></span>i significative: valore<span class=\"_ _1\"></span> di bilancio, fair val<span class=\"_ _1\"></span>u<span class=\"_ _3a1\"> </span>e e dividendi perce<span class=\"_ _1\"></span>piti<table class=\"s w7d3 h20c\" id=\"_e750b11b-4385-4497-869b-c2a53885c7d3\"><tr><td class=\"c n xa19 y56e9 w7d4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Denominazioni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c xa1b y56e9 w7d5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Valore<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xa1a h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">di bilancio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa1c y56e9 w7d6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Fair value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa1d y56e9 w7d7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Di<span class=\"_ _1\"></span>videndi percepiti<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xa1e h12 y56ea ff4 fs7 fc1 sc2 ls0 ws0\">A. Imprese controllate in modo cong<span class=\"_ _2\"></span>iunto </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xa1f y56eb w7d8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.<span class=\"_ _3e\"> </span>Credemassicurazioni spa<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xa20 y56eb w7d9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">57.364<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa21 h12 y56ec ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa22 h12 y56ec ff4 fs7 fc1 sc0 ls0 ws0\">3.005<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xa1e h12 y56ed ff4 fs7 fc1 sc2 ls0 ws0\">B. Imprese sottoposte ad influenza notevole<span class=\"_ _2\"></span> </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xa23 y56ee w7da h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.<span class=\"_ _c\"> </span>SBC Fintech 2224 Milan srl<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xa24 y56ee w7db h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">316<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa21 h12 y56ef ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa25 h12 y56ef ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xa23 y56f0 w7dc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.<span class=\"_ _1a0\"> </span>Andxor srl<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xa26 y56f0 w7dd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.402<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa21 h12 y56f1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa27 h12 y56f1 ff4 fs7 fc1 sc0 ls0 ws0\">140<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xa23 y56f2 w7de h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.<span class=\"_ _1a0\"> </span>Mynet srl<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xa28 y56f2 w7df h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">335<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa21 h12 y56f3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa25 h12 y56f3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xa23 y56f4 w7e0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.<span class=\"_ _1a3\"> </span>F<span class=\"_ _1\"></span>lairbit srl<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xa29 y56f4 w7e1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">519<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa21 h12 y56f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa25 h12 y56f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 xa2a h12 y56f6 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa2b h12 y56f6 ff4 fs7 fc1 sc2 ls0 ws0\">59.936<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa21 h12 y56f6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa2c h12 y56f6 ff4 fs7 fc1 sc2 ls0 ws0\">3.145<span class=\"_ _3a1\"> </span></td></tr></table>La colonna fair value non \u00e8 avvalorata perch\u00e9 non sono presenti societ\u00e0 quotate classificate tra le<span class=\"_ _3a1\"> </span>partecipazioni significative.<span class=\"_ _3a1\"> </span>7.3 Partecipazioni signif<span class=\"_ _1\"></span>icative: informazioni contabili <table class=\"s w7e2 h20d\" id=\"_3388cfae-b2eb-4d25-a9b2-9266ae1f24da\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 xa2d h12 y56f7 ff4 fs7 fc4 sc3 ls0 ws0\">Utile </td><td class=\"c n xa2e y56f8 w7e3 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Utile<span class=\"_ _3a1\"> </span></div></td><td class=\"t m9 xa2f h12 y56f9 ff4 fs7 fc4 sc3 ls0 ws0\">Utile </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=\"t m9 xa30 h12 y56fa ff4 fs7 fc4 sc3 ls0 ws0\">(Perdita) </td><td class=\"c n xa31 y56fb w7e4 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">(Perdita)</div></td><td class=\"t m9 xa32 h12 y56fc ff4 fs7 fc4 sc3 ls0 ws0\">(Perdita) </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 class=\"t m9 xa33 h12 y56fd ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche e </td><td class=\"t m9 xa34 h12 y56fe ff4 fs7 fc4 sc3 ls0 ws0\">della </td><td class=\"c n xa35 y56ff w7e5 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">della</div></td><td class=\"t m9 xa36 h12 y56fd ff4 fs7 fc4 sc3 ls0 ws0\">dei gruppi </td><td class=\"t m9 xa37 h12 y56fe ff4 fs7 fc4 sc3 ls0 ws0\">Utile </td><td class=\"t m9 xa38 h12 y56fd ff4 fs7 fc4 sc3 ls0 ws0\">Altre </td><td></td></tr><tr><td></td><td class=\"t m9 xa39 h12 y5700 ff4 fs7 fc4 sc3 ls0 ws0\">Cassa e </td><td class=\"t m9 xa3a h12 y5701 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0 </td><td class=\"t m9 xa3b h12 y5702 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0 </td><td class=\"t m9 xa3c h12 y5701 ff4 fs7 fc4 sc3 ls0 ws0\">Passivit\u00e0 </td><td class=\"t m9 xa3d h12 y5702 ff4 fs7 fc4 sc3 ls0 ws0\">Passivit\u00e0 </td><td class=\"t m9 xa3e h12 y5701 ff4 fs7 fc4 sc3 ls0 ws0\">Ricavi </td><td class=\"t m9 xa3f h12 y5702 ff4 fs7 fc4 sc3 ls0 ws0\">Margine </td><td class=\"t m9 xa40 h12 y5702 ff4 fs7 fc4 sc3 ls0 ws0\">riprese di valore </td><td class=\"c xa42 y5703 w7e6 h1d9\" colspan=\"2\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">operativit\u00e0<span class=\"_ _3a1\"> </span></div><div class=\"t m9 xa41 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">operativit\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"t m9 xa43 h12 y5702 ff4 fs7 fc4 sc3 ls0 ws0\">di attivit\u00e0 in </td><td class=\"t m9 xa44 h12 y5701 ff4 fs7 fc4 sc3 ls0 ws0\">(Perdita) </td><td class=\"c xa46 y5705 w7e7 h20e\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">componenti<span class=\"_ _3a1\"> </span></div><div class=\"t m9 xa45 h12 y5704 ff4 fs7 fc4 sc3 ls0 ws0\">Redditivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c xa48 y5706 w7e8 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Denom<span class=\"_ _3a1\"> </span></div><div class=\"t m9 xa47 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">inazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c xa49 y5707 w180 h25\"><div class=\"t m9 x0 h12 y2616 ff4 fs7 fc4 sc3 ls0 ws0\">disponibilit\u00e0 </div></td><td class=\"t m9 xa4a h12 y5708 ff4 fs7 fc4 sc3 ls0 ws0\">finanziarie<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa4b h12 y5709 ff4 fs7 fc4 sc3 ls0 ws0\">non </td><td class=\"t m9 xa4c h12 y5708 ff4 fs7 fc4 sc3 ls0 ws0\">finanziarie<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa4d h12 y5709 ff4 fs7 fc4 sc3 ls0 ws0\">non </td><td class=\"t m9 xa4e h12 y5708 ff4 fs7 fc4 sc3 ls0 ws0\">totali </td><td class=\"t m9 xa4f h12 y5709 ff4 fs7 fc4 sc3 ls0 ws0\">di </td><td class=\"t m9 xa22 h12 y5709 ff4 fs7 fc4 sc3 ls0 ws0\">su attivit\u00e0 </td><td class=\"c n xa50 y5649 w7e9 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">corrente</div></td><td class=\"t m9 xa51 h12 y5708 ff4 fs7 fc4 sc3 ls0 ws0\">corrente </td><td class=\"t m9 xa52 h12 y5709 ff4 fs7 fc4 sc3 ls0 ws0\">via di </td><td class=\"c xa53 y570a w183 h25\"><div class=\"t m9 x0 h12 y2616 ff4 fs7 fc4 sc3 ls0 ws0\">d'esercizio </div></td><td class=\"c xa46 y5706 w7ea h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">reddituali al<span class=\"_ _3a1\"> </span></div><div class=\"t m9 xa54 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">complessiva<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m9 xa55 h12 y570b ff4 fs7 fc4 sc3 ls0 ws0\">liquide </td><td></td><td class=\"t m9 xa56 h12 y570b ff4 fs7 fc4 sc3 ls0 ws0\">finanziarie<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 xa57 h12 y570b ff4 fs7 fc4 sc3 ls0 ws0\">finanziarie<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 xa58 h12 y570b ff4 fs7 fc4 sc3 ls0 ws0\">interesse<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa59 h12 y570b ff4 fs7 fc4 sc3 ls0 ws0\">materiali e </td><td class=\"c n xa5a y5481 w7eb h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">al lordo</div></td><td class=\"t m9 xa5b h12 y570c ff4 fs7 fc4 sc3 ls0 ws0\">al netto </td><td class=\"c xa5c y570d w182 h25\"><div class=\"t m9 x0 h12 y2616 ff4 fs7 fc4 sc3 ls0 ws0\">dismissione </div></td><td class=\"t m9 xa5d h12 y570c ff4 fs7 fc4 sc3 ls0 ws0\">(1) </td><td class=\"c n xa5e y570e w7ec h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">netto delle</div></td><td class=\"t m9 xa5f h12 y570b ff4 fs7 fc4 sc3 ls0 ws0\">(3) = (1) + (2)<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 xa33 h12 y570f ff4 fs7 fc4 sc3 ls0 ws0\">immateriali </td><td class=\"c n xa60 y5710 w7ed h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">delle</div></td><td class=\"t m9 xa61 h12 y5711 ff4 fs7 fc4 sc3 ls0 ws0\">delle </td><td class=\"t m9 xa62 h12 y570f ff4 fs7 fc4 sc3 ls0 ws0\">al netto </td><td></td><td class=\"c n xa46 y5712 w7ee h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">imposte (2)<span class=\"_ _3a1\"> </span></div></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 xa50 y5713 w7ef h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">imposte</div></td><td class=\"t m9 xa51 h12 y5714 ff4 fs7 fc4 sc3 ls0 ws0\">imposte </td><td class=\"t m9 xa52 h12 y5715 ff4 fs7 fc4 sc3 ls0 ws0\">delle </td><td></td><td></td><td></td></tr><tr><td class=\"t m9 xa1e h12 y5716 ff4 fs7 fc1 sc2 ls0 ws0\">1.<span class=\"_ _182\"> </span>Imprese controllate in modo </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 xa62 h12 y5717 ff4 fs7 fc4 sc3 ls0 ws0\">imposte </td><td></td><td></td><td></td></tr><tr><td class=\"t m9 xa63 h12 y5718 ff4 fs7 fc1 sc2 ls0 ws0\">congiunto </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><td></td><td></td></tr><tr><td class=\"c n xa64 y56f0 w7f0 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credemassicuraz<span class=\"_ _2\"></span>ioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa65 y56f0 w7f1 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>.419</div></td><td class=\"t m9 xa66 h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">183.409<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa67 h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">21.193<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa68 h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">538<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa69 h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">113.401<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa6a h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">41.930<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa4f h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">4.200<span class=\"_ _3a1\"> </span></td><td class=\"c xa6c y571b w7f2 h20e\"><div class=\"t m9 x2b3 h12 y571a ff4 fs7 fc1 sc0 ls0 ws0\">(1.738<span class=\"_ _3a1\"> </span></div><div class=\"t m9 xa6b h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">)</div></td><td class=\"t m9 xa6d h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">21.717<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa6e h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">15.020<span class=\"_ _3a1\"> </span></td><td class=\"c n xa6f y56f0 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa70 y56f0 w7f4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">15.020<span class=\"_ _3a1\"> </span></div></td><td class=\"t m9 xa71 h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">350<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa72 h12 y5719 ff4 fs7 fc1 sc0 ls0 ws0\">15.371<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 xa1e h12 y571c ff4 fs7 fc1 sc2 ls0 ws0\">2.<span class=\"_ _161\"> </span>Imprese sottoposte ad </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><td></td><td></td></tr><tr><td class=\"t m9 xa63 h12 y571d ff4 fs7 fc1 sc2 ls0 ws0\">influenza notevole </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><td></td><td></td></tr><tr><td class=\"c n xa73 y571e w7f5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">SBC Fintech 2224<span class=\"_ _3b\"></span> Milan<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa74 y571e w7f6 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">261<span class=\"_ _3a1\"> </span></div></td><td class=\"t m9 xa75 h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">534<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa76 h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa77 h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">12<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa78 h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa79 h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7a h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7b h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7c h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7d h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7e h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7f h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa80 h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa81 h12 y571f ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xa73 y5720 w7f7 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Andxor<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa82 y5720 w7f8 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _1\"></span>45<span class=\"_ _3a1\"> </span></div></td><td class=\"t m9 xa75 h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">209<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa83 h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">12<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa84 h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">253<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa85 h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">63<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa86 h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">1.647<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa87 h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa88 h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">(6)<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa89 h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">624<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa8a h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">440<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7e h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa8b h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">440<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa80 h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa8c h12 y5721 ff4 fs7 fc1 sc0 ls0 ws0\">440<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xa73 y5595 w7f9 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Mynet<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa8d y5595 w7fa h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">88<span class=\"_ _3a1\"> </span></div></td><td class=\"t m9 xa8e h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">517<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa8f h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">724<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa68 h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">220<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa90 h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">200<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa86 h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">1.020<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7a h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa91 h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">(187)<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa92 h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">131<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa93 h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">123<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7e h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa94 h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">123<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa80 h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa95 h12 y5722 ff4 fs7 fc1 sc0 ls0 ws0\">123<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xa73 y539f w7fb h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Flairbit<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xa96 y539f w7fc h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">404<span class=\"_ _3a1\"> </span></div></td><td class=\"t m9 xa75 h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">847<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa97 h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">22<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa98 h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">83<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa85 h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa86 h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">1.099<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa87 h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa88 h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">(4)<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa99 h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">477<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa8a h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">405<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa7e h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa8b h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">405<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa80 h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 xa9a h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">405<span class=\"_ _3a1\"> </span></td></tr></table>Nella tabella sono riportati i dati dei progetti di bilanc<span class=\"_ _2\"></span>io al 31 dicembre 2024 approvati dal Consiglio di Amministrazione e fo<span class=\"_ _2\"></span>rnito dalle societ\u00e0 o, qualora non disponib<span class=\"_ _2\"></span>ili, dalle pi\u00f9 recenti situazioni patrimoniali riferite al totale delle partecipate e non alla percentuale detenuta dal Gruppo<span class=\"_ _3a1\"> </span>. Riconciliazione <span class=\"_ _1\"></span>tra le informazioni di natura <span class=\"_ _1\"></span>contabile ed il valor<span class=\"_ _1\"></span>e contabile delle par<span class=\"_ _1\"></span>tecipazioni <table class=\"s w7fd h20f\" id=\"_5791c46c-8177-4134-b4b9-ca704629331e\"><tr><td></td><td></td><td class=\"t m2 xa9c h12 y5724 ff4 fs7 fc4 sc3 ls0 ws0\">Patrimonio </td><td class=\"t m2 xa9d h12 y5724 ff4 fs7 fc4 sc3 ls0 ws0\">Percentuale di </td><td class=\"t m2 xa9e h12 y5725 ff4 fs7 fc4 sc3 ls0 ws0\">Patrimonio </td><td></td><td class=\"t m2 xa9f h12 y5724 ff4 fs7 fc4 sc3 ls0 ws0\">Altre </td><td></td><td class=\"t m2 xaa0 h12 y5724 ff4 fs7 fc4 sc3 ls0 ws0\">Valore di </td></tr><tr><td class=\"t m2 xaa1 h12 y5726 ff4 fs7 fc4 sc3 ls0 ws0\">Denominazioni </td><td></td><td class=\"t m2 xaa2 h12 y5727 ff4 fs7 fc4 sc3 ls0 ws0\">netto  </td><td class=\"t m2 xaa3 h12 y5727 ff4 fs7 fc4 sc3 ls0 ws0\">interessenza </td><td class=\"t m2 xaa4 h12 y5726 ff4 fs7 fc4 sc3 ls0 ws0\">netto di </td><td class=\"t m2 xaa5 h12 y5726 ff4 fs7 fc4 sc3 ls0 ws0\">Avviamento </td><td class=\"t m2 xaa6 h12 y5727 ff4 fs7 fc4 sc3 ls0 ws0\">poste </td><td></td><td class=\"t m2 xaa7 h12 y5727 ff4 fs7 fc4 sc3 ls0 ws0\">bilancio </td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 xa9e h12 y5728 ff4 fs7 fc4 sc3 ls0 ws0\">pertinenza  </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xaa8 h12 y5729 ff4 fs7 fc1 sc2 ls0 ws0\">A. Imprese controllate in modo cong<span class=\"_ _2\"></span>iunto </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xaa9 h12 y572a ff4 fs7 fc1 sc0 ls0 ws0\">Credemassicuraz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>oni </td><td></td><td class=\"t m2 xaaa h12 y572b ff4 fs7 fc1 sc0 ls0 ws0\">94.082<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xaab h12 y572b ff4 fs7 fc1 sc0 ls0 ws0\">50,00%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xaac h12 y572b ff4 fs7 fc1 sc0 ls0 ws0\">47.041</td><td class=\"t m2 xaad h12 y572b ff4 fs7 fc1 sc0 ls0 ws0\">  10.324<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xaae h12 y572b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xaaf h12 y572b ff4 fs7 fc1 sc0 ls0 ws0\">57.364<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xab0 h12 y572c ff4 fs7 fc1 sc0 ls0 ws0\">SBC Fintech 2224 Mil<span class=\"_ _2\"></span>an </td><td></td><td class=\"t m2 xab1 h12 y572d ff4 fs7 fc1 sc0 ls0 ws0\">778<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xaab h12 y572d ff4 fs7 fc1 sc0 ls0 ws0\">40,69%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xab2 h12 y572d ff4 fs7 fc1 sc0 ls0 ws0\">316<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xab3 h12 y572d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xaae h12 y572d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xab4 h12 y572d ff4 fs7 fc1 sc0 ls0 ws0\">316<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xab0 h12 y572e ff4 fs7 fc1 sc0 ls0 ws0\">Andxor </td><td></td><td class=\"t m2 xab5 h12 y572f ff4 fs7 fc1 sc0 ls0 ws0\">850<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xaab h12 y572f ff4 fs7 fc1 sc0 ls0 ws0\">40,00%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xab6 h12 y572f ff4 fs7 fc1 sc0 ls0 ws0\">340<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xab7 h12 y572f ff4 fs7 fc1 sc0 ls0 ws0\">1.062<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xaae h12 y572f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xab8 h12 y572f ff4 fs7 fc1 sc0 ls0 ws0\">1.402<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xab0 h12 y5730 ff4 fs7 fc1 sc0 ls0 ws0\">Mynet </td><td></td><td class=\"t m2 xab1 h12 y5731 ff4 fs7 fc1 sc0 ls0 ws0\">907<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xab9 h12 y5731 ff4 fs7 fc1 sc0 ls0 ws0\">12,99%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xaba h12 y5731 ff4 fs7 fc1 sc0 ls0 ws0\">118<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xabb h12 y5731 ff4 fs7 fc1 sc0 ls0 ws0\">217<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xabc h12 y5731 ff4 fs7 fc1 sc0 ls0 ws0\">335<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xab0 h12 y5732 ff4 fs7 fc1 sc0 ls0 ws0\">Flairbit </td><td></td><td class=\"t m2 xabd h12 y5733 ff4 fs7 fc1 sc0 ls0 ws0\">1.166<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xabe h12 y5733 ff4 fs7 fc1 sc0 ls0 ws0\">10,00%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xabf h12 y5733 ff4 fs7 fc1 sc0 ls0 ws0\">117<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xac0 h12 y5733 ff4 fs7 fc1 sc0 ls0 ws0\">402<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xab4 h12 y5733 ff4 fs7 fc1 sc0 ls0 ws0\">519<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 xac1 h12 y5734 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xac2 h12 y5734 ff4 fs7 fc1 sc2 ls0 ws0\">97.783<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xac3 h12 y5734 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xac4 h12 y5734 ff4 fs7 fc1 sc2 ls0 ws0\">47.932<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xac5 h12 y5734 ff4 fs7 fc1 sc2 ls0 ws0\">12.005<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xaae h12 y5734 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xaaf h12 y5734 ff4 fs7 fc1 sc2 ls0 ws0\">59.936<span class=\"_ _3a1\"> </span></td></tr></table>7.5 Parte<span class=\"_ _1\"></span>cipazioni: variazioni ann<span class=\"_ _1\"></span>ue <table class=\"s w7fe h210\" id=\"_dff7dbd6-372a-45bd-8913-5b845e267fe9\"><tr><td></td><td></td><td class=\"t m2 xa03 h12 y5735 ff4 fs7 fc4 sc3 ls0 ws0\">Totale <span class=\"_ _1be\"> </span>Totale </td><td></td></tr><tr><td></td><td class=\"c n xac6 y5736 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xac7 y5736 w685 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x677 h12 y5737 ff4 fs7 fc1 sc2 ls0 ws0\">A. Esistenze inziali </td><td class=\"t m2 x70f h12 y5738 ff4 fs7 fc1 sc2 ls0 ws0\">54.955<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x67a h12 y5738 ff4 fs7 fc1 sc2 ls0 ws0\">51.862<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5739 ff4 fs7 fc1 sc2 ls0 ws0\">B. Aumenti </td><td class=\"t m2 xac8 h12 y573a ff4 fs7 fc1 sc2 ls0 ws0\">8.233<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x738 h12 y573a ff4 fs7 fc1 sc2 ls0 ws0\">6.316<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y573b ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Acquisti </td><td class=\"t m2 x7a1 h12 y573c ff4 fs7 fc1 sc0 ls0 ws0\">315<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7b1 h12 y573c ff4 fs7 fc1 sc0 ls0 ws0\">1.012<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y573d ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione a<span class=\"_ _2\"></span>ziendale </td><td class=\"t m2 x69a h12 y573e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x671 h12 y573e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y573f ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Riprese di val<span class=\"_ _2\"></span>ore </td><td class=\"t m2 x69a h12 y5740 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x671 h12 y5740 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5741 ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Rivalutazioni<span class=\"_ _2\"></span> </td><td class=\"t m2 x69a h12 y5742 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x671 h12 y5742 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5743 ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Altre variazioni<span class=\"_ _2\"></span> </td><td class=\"t m2 x99a h12 y5744 ff4 fs7 fc1 sc0 ls0 ws0\">7.918<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6e5 h12 y5744 ff4 fs7 fc1 sc0 ls0 ws0\">5.304<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5745 ff4 fs7 fc1 sc2 ls0 ws0\">C. Diminuzioni </td><td class=\"t m2 x684 h12 y5746 ff4 fs7 fc1 sc2 ls0 ws0\">3.252<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6e5 h12 y5746 ff4 fs7 fc1 sc2 ls0 ws0\">3.223<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5747 ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Vendite </td><td class=\"t m2 x69a h12 y5748 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x671 h12 y5748 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y5749 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione a<span class=\"_ _2\"></span>ziendale </td><td class=\"t m2 x69a h12 y574a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x671 h12 y574a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y574b ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Rettifiche di valore<span class=\"_ _3b\"></span> </td><td class=\"t m2 x69a h12 y574c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x671 h12 y574c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y574d ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Svalutazioni </td><td class=\"t m2 x7a1 h12 y574e ff4 fs7 fc1 sc0 ls0 ws0\">106<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x788 h12 y574e ff4 fs7 fc1 sc0 ls0 ws0\">336<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y574f ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Altre variazioni<span class=\"_ _2\"></span> </td><td class=\"t m2 x99a h12 y5750 ff4 fs7 fc1 sc0 ls0 ws0\">3.146<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6e5 h12 y5750 ff4 fs7 fc1 sc0 ls0 ws0\">2.887<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y54af ff4 fs7 fc1 sc2 ls0 ws0\">D. Rimanenze finali </td><td class=\"t m2 x70f h12 y5751 ff4 fs7 fc1 sc2 ls0 ws0\">59.936<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x676 h12 y5751 ff4 fs7 fc1 sc2 ls0 ws0\">54.955<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5752 ff4 fs7 fc1 sc2 ls0 ws0\">E. Rivalutazioni totali </td><td class=\"t m2 x69a h12 y5753 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x671 h12 y5753 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5754 ff4 fs7 fc1 sc2 ls0 ws0\">F. Rettifiche totali </td><td class=\"t m2 x69a h12 y5755 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x671 h12 y5755 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table>Le variazioni relative al compar<span class=\"_ _2\"></span>to delle partecipazioni<span class=\"_ _2\"></span> recepiscono gli utili <span class=\"_ _2\"></span>e le perdite delle societ\u00e0 consolidate al patrimonio netto, i dividendi distribuiti, gli acquisti effettuat<span class=\"_ _1\"></span>i. Credemtel <span class=\"_ _3f\"> </span>ha <span class=\"_ _39\"> </span>aumentato <span class=\"_ _3f\"> </span>nel <span class=\"_ _39\"> </span>corso <span class=\"_ _3f\"> </span>dell\u2019anno <span class=\"_ _39\"> </span>l\u2019investime<span class=\"_ _1\"></span>nto <span class=\"_ _39\"> </span>in <span class=\"_ _3f\"> </span>\u201cSBC <span class=\"_ _3f\"> </span>Fintech <span class=\"_ _39\"> </span>Milan <span class=\"_ _3f\"> </span>2224\", incrementando  ult<span class=\"_ _2\"></span>eriormente  la <span class=\"_ _35\"> </span>quota <span class=\"_ _35\"> </span>di  p<span class=\"_ _2\"></span>artecipazione  al <span class=\"_ _35\"> </span>40,69%, <span class=\"_ _35\"> </span>operazione  che <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>colloca all\u2019interno <span class=\"_ _36\"> </span>dell\u2019iniziativa <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>Corporate <span class=\"_ _36\"> </span>Venture <span class=\"_ _37\"> </span>Capital <span class=\"_ _36\"> </span>(CVC) <span class=\"_ _37\"> </span>avviata <span class=\"_ _36\"> </span>dal <span class=\"_ _36\"> </span>Gruppo <span class=\"_ _36\"> </span>Credem <span class=\"_ _37\"> </span>per l\u2019acquisizione e la gestione di partecipazioni in start<span class=\"_ _1\"></span>up innovative e ad alto potenziale di crescita. 7.6 Valutazioni e<span class=\"_ _1\"></span> assunzioni signi<span class=\"_ _1\"></span>ficative per stabilire<span class=\"_ _1\"></span> l<span class=\"_ _3a1\"> </span>\u2019esistenza di controllo <span class=\"_ _1\"></span>congiunto o influenza note<span class=\"_ _1\"></span>vole<span class=\"_ _3a1\"> </span>Credito  Emiliano  S<span class=\"_ _2\"></span>.p.A. <span class=\"_ _35\"> </span>detie<span class=\"_ _1\"></span>ne  il<span class=\"_ _2\"></span>  50% <span class=\"_ _35\"> </span>di  Credemassicurazioni  S.<span class=\"_ _2\"></span>p.A.,  la <span class=\"_ _35\"> </span>cui  restante  qu<span class=\"_ _2\"></span>ota  di<span class=\"_ _3b\"></span> capitale sociale (50%) \u00e8 invece detenuta da Re<span class=\"_ _1\"></span>ale Mutua Assicurazioni. In tale contesto: <span class=\"_ _3e\"> </span><span class=\"ff4\">Credito <span class=\"_ _3f\"> </span>Emiliano <span class=\"_ _39\"> </span>non <span class=\"_ _39\"> </span>detiene <span class=\"_ _39\"> </span>la <span class=\"_ _3f\"> </span>maggioranza <span class=\"_ _36\"> </span>dei <span class=\"_ _3f\"> </span>diritti <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>voto, <span class=\"_ _39\"> </span>non <span class=\"_ _39\"> </span>potendo <span class=\"_ _39\"> </span>da <span class=\"_ _3f\"> </span>solo<span class=\"_ _2\"></span> </span>determinare le scelte <span class=\"_ _2\"></span>societarie, non <span class=\"_ _2\"></span>avendo la capaci<span class=\"_ _2\"></span>t\u00e0 pratica di <span class=\"_ _2\"></span>condurre unilateralmente le attivit\u00e0 rilevanti della p<span class=\"_ _2\"></span>artecipata, per le qu<span class=\"_ _2\"></span>ali \u00e8 sempre nece<span class=\"_ _2\"></span>ssario anche il <span class=\"_ _2\"></span>consenso dell\u2019altro socio; <span class=\"_ _3e\"> </span><span class=\"ff4\">Credito Emiliano ha il potere di <span class=\"_ _2\"></span>veto sulle scelte dell\u2019al<span class=\"_ _2\"></span>tro socio, nel senso che in <span class=\"_ _2\"></span>mancanza del </span>voto favorevole di Credito Emiliano anche l\u2019altr<span class=\"_ _1\"></span>o socio detentore del restante 50% del capitale sociale non \u00e8 in grado di incidere sulla societ\u00e0. In relazione a Credemassicurazioni la posizione di Credito Emiliano \u00e8 <span class=\"_ _1\"></span>pertanto quella:<span class=\"_ _3a1\"> </span><span class=\"_ _3e\"> </span><span class=\"ff4\">di <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>soggetto  che<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>esposto <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>rendimenti <span class=\"_ _35\"> </span>variabili <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>detiene <span class=\"_ _35\"> </span>comunque <span class=\"_ _35\"> </span>diritti <span class=\"_ _35\"> </span>su <span class=\"_ _35\"> </span>tali </span>possi<span class=\"_ _3a1\"> </span>bili rendimenti; <span class=\"_ _3e\"> </span><span class=\"ff4\">che <span class=\"_ _0\"></span>ha <span class=\"_ _1\"></span>una <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ropria <span class=\"_ _0\"></span>cap<span class=\"_ _2\"></span>acit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>incidere<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>su <span class=\"_ _0\"></span>tali <span class=\"_ _1\"></span>rendimenti <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>olo <span class=\"_ _38\"></span>esercitando <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>potere <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>veto </span>sulle scelte dell\u2019altro socio. Gli accordi in essere tra i soci detentori rispettivamente il 50% del capitale <span class=\"_ _1\"></span>sociale prevedono: <span class=\"_ _3e\"> </span><span class=\"ff4\">diritto <span class=\"_ _39\"> </span>contemplato <span class=\"_ _39\"> </span>nell\u2019atto <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>compr<span class=\"_ _1\"></span>avendita <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>azioni, <span class=\"_ _36\"> </span>circoscritto <span class=\"_ _39\"> </span>entro <span class=\"_ _39\"> </span>precisi <span class=\"_ _36\"> </span>limiti </span>temporali (ogni 5 anni), ad esercitare o<span class=\"_ _1\"></span>pzioni call e put sulle rispettive azioni; <span class=\"_ _3e\"> </span><span class=\"ff4\">diritto contemplato i<span class=\"_ _2\"></span>n app<span class=\"_ _2\"></span>osito p<span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>tto parasociale <span class=\"_ _3b\"></span>di ottenere <span class=\"_ _3b\"></span>esponent<span class=\"_ _1\"></span>i azi<span class=\"_ _2\"></span>endali (<span class=\"_ _2\"></span>la m<span class=\"_ _2\"></span>et\u00e0 degli<span class=\"_ _3b\"></span> </span>amministratori <span class=\"_ _3b\"></span>e, a <span class=\"_ _184\"></span>rinnovi <span class=\"_ _3b\"></span>alter<span class=\"_ _1\"></span>nati <span class=\"_ _3b\"></span>del <span class=\"_ _3b\"></span>Consiglio <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>Amministrazione, <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>Presidente <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>Consiglio di <span class=\"_ _3d\"> </span>Amministrazione<span class=\"_ _1\"></span>, <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>Sindaci <span class=\"_ _37\"> </span>e, <span class=\"_ _37\"> </span>a <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>innovi <span class=\"_ _3d\"> </span>alter<span class=\"_ _1\"></span>nati, <span class=\"_ _3d\"> </span>il <span class=\"_ _37\"> </span>Presidente <span class=\"_ _37\"> </span>del <span class=\"_ _3d\"> </span>Collegio <span class=\"_ _37\"> </span>Sindacale). Siccome <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>vi <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>nell\u2019ambito <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>Credemassicurazioni <span class=\"_ _1\"></span>vot<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>consiglieri <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>prevalgano <span class=\"_ _1\"></span>su quelli <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>altri <span class=\"_ _38\"></span>Consiglieri <span class=\"_ _1\"></span>(ad <span class=\"_ _1\"></span>esempio <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _1\"></span>contemplata <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>prevalenza <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>voto <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Presidente del <span class=\"_ _35\"> </span>Consiglio <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>Amministrazione), <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>designazione <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>esponenti <span class=\"_ _35\"> </span>aziendali <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>att<span class=\"_ _1\"></span>ribuisce <span class=\"_ _35\"> </span>a nessun socio una prevalenza sulle scelte societarie; <span class=\"_ _3e\"> </span><span class=\"ff4\">obbligo a non tr<span class=\"_ _1\"></span>asferire le azioni a terzi per la durata del patto parasociale. </span>In <span class=\"_ _43\"> </span>tale <span class=\"_ _43\"> </span>contesto, <span class=\"_ _43\"> </span>i <span class=\"_ _43\"> </span>diritti <span class=\"_ _43\"> </span>di <span class=\"_ _43\"> </span>Credito<span class=\"_ _1\"></span> <span class=\"_ _43\"> </span>Emiliano <span class=\"_ _43\"> </span>sono <span class=\"_ _43\"> </span>circoscritti <span class=\"_ _43\"> </span>alle <span class=\"_ _43\"> </span>attivit\u00e0 <span class=\"_ _43\"> </span>nette <span class=\"_ _43\"> </span>di Credemassicurazioni. Alla luce di quanto riportato, si determina la presenza di un controllo congiunto. Credito <span class=\"_ _0\"></span>Emil<span class=\"_ _2\"></span>iano <span class=\"_ _38\"></span>S.p.A. <span class=\"_ _38\"></span>detiene <span class=\"_ _0\"></span>il <span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>00% <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>Cred<span class=\"_ _2\"></span>emtel <span class=\"_ _38\"></span>S.p.A., <span class=\"_ _38\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>sua <span class=\"_ _1\"></span>volta <span class=\"_ _0\"></span>detiene <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>40,69 <span class=\"_ _38\"></span>% <span class=\"_ _0\"></span>di<span class=\"_ _3b\"></span> SBC. In tale contesto: <span class=\"_ _3e\"> </span><span class=\"ff4\">Credemte<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>detiene <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>maggiora<span class=\"_ _1\"></span>nza <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>dirit<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>vot<span class=\"_ _1\"></span>o, <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>potendo <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>solo <span class=\"_ _1\"></span>determinare <span class=\"_ _38\"></span>le </span>scelte s<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>cietarie, <span class=\"_ _2\"></span>non <span class=\"_ _3b\"></span>avendo la<span class=\"_ _3b\"></span> cap<span class=\"_ _2\"></span>acit\u00e0 <span class=\"_ _2\"></span>pratica d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>condurre unil<span class=\"_ _2\"></span>ateralmente l<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _3b\"></span>rilevanti della partecipata, per le quali \u00e8 sempre necessario anche <span class=\"_ _1\"></span>il consenso degli altri soci; <span class=\"_ _3e\"> </span><span class=\"ff4\">Credemte<span class=\"_ _1\"></span>l p<span class=\"_ _2\"></span>er\u00f2 ha il<span class=\"_ _2\"></span> potere i<span class=\"_ _2\"></span>l veto, <span class=\"_ _2\"></span>su specifici<span class=\"_ _2\"></span> argomenti, sul<span class=\"_ _2\"></span>le scelte degli <span class=\"_ _2\"></span>altri soci, <span class=\"_ _2\"></span>nel s<span class=\"_ _2\"></span>enso </span>che <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>mancanza <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>voto <span class=\"_ _0\"></span>favorevole <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>Credemtel <span class=\"_ _0\"></span>anche <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>altri <span class=\"_ _35\"> </span>soci <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>grado <span class=\"_ _35\"> </span>di<span class=\"_ _3b\"></span> incidere sulla societ\u00e0. In relazione a SBC la posizione di Credemtel \u00e8 pertanto quella: <span class=\"_ _3e\"> </span><span class=\"ff4\">di <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>soggetto  che<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>esposto <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>rendimenti <span class=\"_ _35\"> </span>variabili <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>detiene <span class=\"_ _35\"> </span>comunque <span class=\"_ _35\"> </span>diritti <span class=\"_ _35\"> </span>su <span class=\"_ _35\"> </span>tali </span>possibili rendimenti; <span class=\"_ _3e\"> </span><span class=\"ff4\">che <span class=\"_ _0\"></span>ha <span class=\"_ _1\"></span>una <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ropria <span class=\"_ _0\"></span>cap<span class=\"_ _2\"></span>acit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>incidere<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>su <span class=\"_ _0\"></span>tali <span class=\"_ _1\"></span>rendimenti <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>olo <span class=\"_ _38\"></span>esercitando <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>potere <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>veto </span>sulle scelte degli altri soci. Gli <span class=\"_ _0\"></span>accordi <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>soci <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>SBC <span class=\"_ _0\"></span>prevedono, <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>favor<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Cr<span class=\"_ _2\"></span>edemtel <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>diritto <span class=\"_ _0\"></span>contemplato <span class=\"_ _38\"></span>in apposito <span class=\"_ _0\"></span>patto <span class=\"_ _35\"> </span>parasociale <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>ottenere <span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>ponenti <span class=\"_ _0\"></span>aziendali <span class=\"_ _0\"></span>(un <span class=\"_ _35\"> </span>consigl<span class=\"_ _2\"></span>iere <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>amministrazione). Siccome <span class=\"_ _3b\"></span>non <span class=\"_ _2\"></span>vi <span class=\"_ _3b\"></span>sono <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>SBC <span class=\"_ _2\"></span>voti <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>cons<span class=\"_ _1\"></span>iglieri <span class=\"_ _3b\"></span>che prevalgano <span class=\"_ _184\"></span>s<span class=\"_ _1\"></span>u <span class=\"_ _3b\"></span>quelli <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>alt<span class=\"_ _1\"></span>ri <span class=\"_ _3b\"></span>consiglieri<span class=\"_ _1\"></span>, la <span class=\"_ _1\"></span>designazione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>esponenti <span class=\"_ _1\"></span>aziendali <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>att<span class=\"_ _1\"></span>ribuisce <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>nessun <span class=\"_ _1\"></span>socio <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>prevalenza <span class=\"_ _1\"></span>sulle <span class=\"_ _1\"></span>sce<span class=\"_ _1\"></span>lte societarie. Alla luce di quanto riportato, si determina la presenza di un collegamento<span class=\"_ _1\"></span>. Credito <span class=\"_ _35\"> </span>Emiliano  S.p<span class=\"_ _2\"></span>.A. <span class=\"_ _35\"> </span>detiene  il <span class=\"_ _35\"> </span>100% <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>Credemtel  S.p.<span class=\"_ _2\"></span>A., <span class=\"_ _35\"> </span>che  a <span class=\"_ _35\"> </span>sua <span class=\"_ _35\"> </span>volta <span class=\"_ _35\"> </span>detiene  il<span class=\"_ _3b\"></span>  40% <span class=\"_ _35\"> </span>di ANDXOR SOLUZIONI INFORMATICHE S.R.L. \u201cANDX<span class=\"_ _1\"></span>OR\u201d. In tale contesto, per ANDXOR: <span class=\"_ _3e\"> </span><span class=\"ff4\">Credemte<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>detiene <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>maggiora<span class=\"_ _1\"></span>nza <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>dirit<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>vot<span class=\"_ _1\"></span>o, <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>potendo <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>solo <span class=\"_ _1\"></span>determinare <span class=\"_ _38\"></span>le </span>scelte s<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>cietarie, <span class=\"_ _2\"></span>non <span class=\"_ _3b\"></span>avendo la<span class=\"_ _3b\"></span> cap<span class=\"_ _2\"></span>acit\u00e0 <span class=\"_ _2\"></span>pratica d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>condurre unil<span class=\"_ _2\"></span>ateralmente l<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _3b\"></span>rilevanti della partecipata, per le quali \u00e8 sempre necessario anche <span class=\"_ _1\"></span>il consenso degli altri soci; <span class=\"_ _3e\"> </span><span class=\"ff4\">Credemte<span class=\"_ _1\"></span>l ha <span class=\"_ _2\"></span>il potere di<span class=\"_ _2\"></span> veto, <span class=\"_ _2\"></span>su specifici<span class=\"_ _2\"></span> argomenti, sulle scelt<span class=\"_ _2\"></span>e degli altri <span class=\"_ _2\"></span>soci, nel s<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>nso che </span>in <span class=\"_ _38\"></span>mancanza <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>voto <span class=\"_ _1\"></span>favorevole <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Credemte<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>anche <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>altri <span class=\"_ _38\"></span>soci <span class=\"_ _38\"></span>det<span class=\"_ _1\"></span>entori <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>restante <span class=\"_ _38\"></span>60% del capitale sociale non sono in grado di incidere sulla societ\u00e0. In relazione a ANDXOR la posizione di Credemtel \u00e8 pertanto quella: <span class=\"_ _3e\"> </span><span class=\"ff4\">di <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>soggetto  che<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>esposto <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>rendimenti <span class=\"_ _35\"> </span>variabili <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>detiene <span class=\"_ _35\"> </span>comunque <span class=\"_ _35\"> </span>diritti <span class=\"_ _35\"> </span>su <span class=\"_ _35\"> </span>tali </span>possibili rendimenti; <span class=\"_ _3e\"> </span><span class=\"ff4\">che <span class=\"_ _0\"></span>ha <span class=\"_ _1\"></span>una <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ropria <span class=\"_ _0\"></span>cap<span class=\"_ _2\"></span>acit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>incidere<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>su <span class=\"_ _0\"></span>tali <span class=\"_ _1\"></span>rendimenti <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>olo <span class=\"_ _38\"></span>esercitando <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>potere <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>veto </span>sulle scelte degli altri soci. Gli accordi in essere tra i soci di ANDXOR co<span class=\"_ _1\"></span>ntemplano, a favore di Credemtel: <span class=\"_ _3e\"> </span><span class=\"ff4\">diritto <span class=\"_ _3a\"> </span>contemplato <span class=\"_ _3f\"> </span>in <span class=\"_ _3a\"> </span>apposito <span class=\"_ _3f\"> </span>patto <span class=\"_ _3a\"> </span>parasociale <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>otte<span class=\"_ _1\"></span>nere <span class=\"_ _3f\"> </span>esponenti <span class=\"_ _3f\"> </span>aziendali <span class=\"_ _3a\"> </span>(un </span>consigliere <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>amministrazione <span class=\"_ _3b\"></span>ed <span class=\"_ _3b\"></span>il <span class=\"_ _2\"></span>sindaco <span class=\"_ _3b\"></span>unico). <span class=\"_ _3b\"></span>S<span class=\"_ _1\"></span>iccome <span class=\"_ _3b\"></span>non <span class=\"_ _2\"></span>vi <span class=\"_ _3b\"></span>sono <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>AND<span class=\"_ _1\"></span>XOR voti <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>consiglieri <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>prevalgano <span class=\"_ _35\"> </span>su <span class=\"_ _35\"> </span>quelli <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>altri <span class=\"_ _35\"> </span>Consiglieri, <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>designazione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>es<span class=\"_ _1\"></span>ponenti aziendali non attribuisce a nessun socio una pre<span class=\"_ _1\"></span>valenza sulle scelte societarie;<span class=\"_ _3a1\"> </span><span class=\"_ _3e\"> </span><span class=\"ff4\">diritto <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>co-vendita <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>favore <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>Credemtel <span class=\"_ _38\"></span>qualora <span class=\"_ _1\"></span>venga <span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>asferita <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>atto <span class=\"_ _1\"></span>tra <span class=\"_ _38\"></span>vivi una <span class=\"_ _38\"></span>quota </span>di <span class=\"_ _35\"> </span>al<span class=\"_ _3a1\"> </span>meno  il <span class=\"_ _35\"> </span>50% <span class=\"_ _35\"> </span>del  cap<span class=\"_ _2\"></span>itale <span class=\"_ _35\"> </span>sociale  di <span class=\"_ _35\"> </span>ANDXOR  p<span class=\"_ _2\"></span>er <span class=\"_ _35\"> </span>tutta  la <span class=\"_ _35\"> </span>durata <span class=\"_ _35\"> </span>del  pat<span class=\"_ _2\"></span>to  parasociale<span class=\"_ _2\"></span> attualmente in essere. Alla luce di quanto riportato, si determina la presenza di un collegamento<span class=\"_ _1\"></span>. Credito <span class=\"_ _0\"></span>Emiliano <span class=\"_ _0\"></span>S.p.A. <span class=\"_ _0\"></span>detiene <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>100% <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Cr<span class=\"_ _2\"></span>edemtel <span class=\"_ _0\"></span>S.p.A., <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>sua <span class=\"_ _0\"></span>volta <span class=\"_ _0\"></span>detiene <span class=\"_ _0\"></span>il<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>12,99% <span class=\"_ _0\"></span>di<span class=\"_ _3b\"></span> MYNET.  In tale contesto: <span class=\"_ _3e\"> </span><span class=\"ff4\">Credemte<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>detiene <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>maggiora<span class=\"_ _1\"></span>nza <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>dirit<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>vot<span class=\"_ _1\"></span>o, <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>potendo <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>solo <span class=\"_ _1\"></span>determinare <span class=\"_ _38\"></span>le </span>scelte s<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>cietarie, <span class=\"_ _2\"></span>non <span class=\"_ _3b\"></span>avendo la<span class=\"_ _3b\"></span> cap<span class=\"_ _2\"></span>acit\u00e0 <span class=\"_ _2\"></span>pratica d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>condurre unil<span class=\"_ _2\"></span>ateralmente l<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _3b\"></span>rilevanti della partecipata, per le quali \u00e8 sempre necessario anche <span class=\"_ _1\"></span>il consenso degli altri soci; <span class=\"_ _3e\"> </span><span class=\"ff4\">Credemte<span class=\"_ _1\"></span>l p<span class=\"_ _2\"></span>er\u00f2 ha il<span class=\"_ _2\"></span> potere i<span class=\"_ _2\"></span>l veto, <span class=\"_ _2\"></span>su specifici<span class=\"_ _2\"></span> argomenti, sul<span class=\"_ _2\"></span>le scelte degli <span class=\"_ _2\"></span>altri soci, <span class=\"_ _2\"></span>nel s<span class=\"_ _2\"></span>enso </span>che <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>mancanza <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>voto <span class=\"_ _0\"></span>favorevole <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>Credemtel <span class=\"_ _0\"></span>anche <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>altri <span class=\"_ _35\"> </span>soci <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>grado <span class=\"_ _35\"> </span>di<span class=\"_ _3b\"></span> incidere sulla societ\u00e0. In <span class=\"_ _2\"></span>rela<span class=\"_ _3b\"></span>zion<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>MY<span class=\"_ _2\"></span>NET <span class=\"_ _3b\"></span>la p<span class=\"_ _2\"></span>osi<span class=\"_ _2\"></span>zion<span class=\"_ _3b\"></span>e di<span class=\"_ _2\"></span> Cred<span class=\"_ _3b\"></span>emtel <span class=\"_ _3b\"></span>\u00e8 p<span class=\"_ _3b\"></span>ertant<span class=\"_ _3b\"></span>o qu<span class=\"_ _3b\"></span>ella: <span class=\"_ _3e\"> </span><span class=\"ff4\">di <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>soggetto  che<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>esposto <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>rendimenti <span class=\"_ _35\"> </span>variabili <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>detiene <span class=\"_ _35\"> </span>comunque <span class=\"_ _35\"> </span>diritti <span class=\"_ _35\"> </span>su <span class=\"_ _35\"> </span>tali </span>possibili rendimenti; <span class=\"_ _3e\"> </span><span class=\"ff4\">che <span class=\"_ _0\"></span>ha <span class=\"_ _1\"></span>una <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ropria <span class=\"_ _0\"></span>cap<span class=\"_ _2\"></span>acit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>incidere<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>su <span class=\"_ _0\"></span>tali <span class=\"_ _1\"></span>rendimenti <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>olo <span class=\"_ _38\"></span>esercitando <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>potere <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>veto </span>sulle scelte degli altri soci. Gli <span class=\"_ _1\"></span>accordi <span class=\"_ _1\"></span>in essere <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>soci <span class=\"_ _1\"></span>di MYNET <span class=\"_ _1\"></span>prevedono, <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>favore <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Credemtel il <span class=\"_ _1\"></span>diritto <span class=\"_ _1\"></span>contemplato <span class=\"_ _1\"></span>in apposito <span class=\"_ _35\"> </span>patto <span class=\"_ _35\"> </span>parasociale <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>ottenere <span class=\"_ _35\"> </span>esponenti <span class=\"_ _0\"> </span>a<span class=\"_ _1\"></span>ziendali <span class=\"_ _35\"> </span>(u<span class=\"_ _2\"></span>n <span class=\"_ _35\"> </span>consigliere <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>amministrazione<span class=\"_ _2\"></span>) oltre <span class=\"_ _38\"></span>alla <span class=\"_ _0\"></span>designazione <span class=\"_ _1\"></span>di <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>sindaco <span class=\"_ _0\"></span>effettivo <span class=\"_ _1\"></span>(con <span class=\"_ _0\"></span>ruolo <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>presidente <span class=\"_ _0\"></span>del <span class=\"_ _1\"></span>collegio <span class=\"_ _0\"></span>sindacale) <span class=\"_ _1\"></span>ed uno <span class=\"_ _0\"></span>supplente. <span class=\"_ _0\"></span>Siccome <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>vi <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>nell\u2019ambito <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>MYNET <span class=\"_ _0\"></span>voti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>consigl<span class=\"_ _2\"></span>ieri <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>prevalgano <span class=\"_ _0\"></span>su quelli di altri <span class=\"_ _1\"></span>consiglieri, la <span class=\"_ _1\"></span>designazione di <span class=\"_ _1\"></span>esponenti azie<span class=\"_ _1\"></span>ndali non attr<span class=\"_ _1\"></span>ibuisce a nessun <span class=\"_ _1\"></span>socio una prevalenza sulle scelte societarie. Alla luce di quanto riportato, si determina la presenza di un collegamento<span class=\"_ _1\"></span>. Credito <span class=\"_ _0\"></span>Emiliano <span class=\"_ _0\"></span>S.p<span class=\"_ _2\"></span>.A. <span class=\"_ _0\"></span>detiene <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>1<span class=\"_ _1\"></span>00% <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Credemtel <span class=\"_ _0\"></span>S.p.<span class=\"_ _2\"></span>A., <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>sua <span class=\"_ _38\"></span>volta <span class=\"_ _0\"></span>detiene <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>10,00% <span class=\"_ _0\"></span>di<span class=\"_ _3b\"></span> FLAIRBIT. In tale contesto: <span class=\"_ _3e\"> </span><span class=\"ff4\">Credemte<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>detiene <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>maggiora<span class=\"_ _1\"></span>nza <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>dirit<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>vot<span class=\"_ _1\"></span>o, <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>potendo <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>solo <span class=\"_ _1\"></span>determinare <span class=\"_ _38\"></span>le </span>scelte s<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>cietarie, <span class=\"_ _2\"></span>non <span class=\"_ _3b\"></span>avendo la<span class=\"_ _3b\"></span> cap<span class=\"_ _2\"></span>acit\u00e0 <span class=\"_ _2\"></span>pratica d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>condurre unil<span class=\"_ _2\"></span>ateralmente l<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _3b\"></span>rilevanti della partecipata, per le quali \u00e8 sempre necessario anche <span class=\"_ _1\"></span>il consenso degli altri soci; <span class=\"_ _3e\"> </span><span class=\"ff4\">Credemte<span class=\"_ _1\"></span>l p<span class=\"_ _2\"></span>er\u00f2 ha il<span class=\"_ _2\"></span> potere i<span class=\"_ _2\"></span>l veto, <span class=\"_ _2\"></span>su specifici<span class=\"_ _2\"></span> argomenti, sul<span class=\"_ _2\"></span>le scelte degli <span class=\"_ _2\"></span>altri soci, <span class=\"_ _2\"></span>nel s<span class=\"_ _2\"></span>enso </span>che <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>mancanza <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>voto <span class=\"_ _0\"></span>favorevole <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>Credemtel <span class=\"_ _0\"></span>anche <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>altri <span class=\"_ _35\"> </span>soci <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>grado <span class=\"_ _35\"> </span>di<span class=\"_ _3b\"></span> incidere sulla societ\u00e0. In<span class=\"_ _3b\"></span> rela<span class=\"_ _3b\"></span>zion<span class=\"_ _2\"></span>e a<span class=\"_ _3b\"></span> FLAIRBIT la<span class=\"_ _2\"></span> p<span class=\"_ _3b\"></span>osizi<span class=\"_ _2\"></span>one <span class=\"_ _3b\"></span>di Cr<span class=\"_ _2\"></span>edem<span class=\"_ _3b\"></span>tel \u00e8<span class=\"_ _3b\"></span> pe<span class=\"_ _2\"></span>rtan<span class=\"_ _3b\"></span>to q<span class=\"_ _2\"></span>uel<span class=\"_ _3b\"></span>la: <span class=\"_ _3e\"> </span><span class=\"ff4\">di <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>soggetto  che<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>esposto <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>rendimenti <span class=\"_ _35\"> </span>variabili <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>detiene <span class=\"_ _35\"> </span>comunque <span class=\"_ _35\"> </span>diritti <span class=\"_ _35\"> </span>su <span class=\"_ _35\"> </span>tali </span>possibili rendimenti; <span class=\"_ _3e\"> </span><span class=\"ff4\">che <span class=\"_ _0\"></span>ha <span class=\"_ _1\"></span>una <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ropria <span class=\"_ _0\"></span>cap<span class=\"_ _2\"></span>acit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>incidere<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>su <span class=\"_ _0\"></span>tali <span class=\"_ _1\"></span>rendimenti <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>olo <span class=\"_ _38\"></span>esercitando <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>potere <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>veto </span>sulle scelte degli altri soci. Gli <span class=\"_ _1\"></span>accordi <span class=\"_ _1\"></span>in e<span class=\"_ _1\"></span>ssere <span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>i soci <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>FLAIRBIT <span class=\"_ _1\"></span>prevedono, <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>favor<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Credemtel <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>diritto<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>contemplato in apposit<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>patto para<span class=\"_ _1\"></span>sociale di <span class=\"_ _1\"></span>ottenere <span class=\"_ _1\"></span>esponenti <span class=\"_ _1\"></span>aziendali <span class=\"_ _1\"></span>(un <span class=\"_ _1\"></span>consigliere <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>amministrazione).<span class=\"_ _2\"></span> Siccome <span class=\"_ _0\"></span>non <span class=\"_ _35\"> </span>vi <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>nell\u2019ambito<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>F<span class=\"_ _1\"></span>LAIRBIT <span class=\"_ _0\"></span>voti <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>consig<span class=\"_ _1\"></span>lieri <span class=\"_ _0\"></span>che <span class=\"_ _35\"> </span>prevalgano <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>quelli <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>altri consiglieri, <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>des<span class=\"_ _1\"></span>ignazione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>esponenti <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ziendali <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>attribuisce <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>nessun <span class=\"_ _38\"></span>socio <span class=\"_ _38\"></span>una <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>valenza sulle scelte societarie. Alla luce di quanto riportato, si determina la presenza di un collegamento<span class=\"_ _1\"></span>. 7.7 Impegni rife<span class=\"_ _1\"></span>riti a partecipazioni in s<span class=\"_ _1\"></span>ociet\u00e0 con<span class=\"_ _3a1\"> </span>trolla<span class=\"_ _3a1\"> </span>te in modo congiunto<span class=\"_ _3a1\"> </span>A <span class=\"_ _3b\"></span>luglio <span class=\"_ _3b\"></span>200<span class=\"_ _1\"></span>8 <span class=\"_ _3b\"></span>Cre<span class=\"_ _1\"></span>dito <span class=\"_ _3b\"></span>Emiliano <span class=\"_ _3b\"></span>ha sottoscritto <span class=\"_ _3b\"></span>con <span class=\"_ _3b\"></span>Re<span class=\"_ _1\"></span>ale <span class=\"_ _3b\"></span>Mutua <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>Assicurazioni <span class=\"_ _3b\"></span>accordi <span class=\"_ _3b\"></span>cont<span class=\"_ _1\"></span>rattuali volti a disciplinare pi\u00f9 compiutamente la partnership in Cre<span class=\"_ _1\"></span>demassicurazioni.  In <span class=\"_ _1\"></span>tale <span class=\"_ _1\"></span>contes<span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>clausole <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>contratto <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>compravendita <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>azioni <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>uo <span class=\"_ _1\"></span>tempo <span class=\"_ _1\"></span>perfezionato tra <span class=\"_ _1\"></span>Credito <span class=\"_ _1\"></span>Emiliano <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>Reale <span class=\"_ _1\"></span>Mutua <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>As<span class=\"_ _1\"></span>sicurazioni <span class=\"_ _1\"></span>hanno <span class=\"_ _1\"></span>espressame<span class=\"_ _1\"></span>nte <span class=\"_ _1\"></span>convenuto <span class=\"_ _1\"></span>un\u2019opzione put <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>capo <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>Reale <span class=\"_ _35\"> </span>Mutua <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>Assicurazioni <span class=\"_ _35\"> </span>e<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>un\u2019opzione <span class=\"_ _35\"> </span>call<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>capo <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>Credito <span class=\"_ _35\"> </span>Emiliano <span class=\"_ _35\"> </span>S.p<span class=\"_ _2\"></span>.A. riguardante il<span class=\"_ _2\"></span> 50% <span class=\"_ _3b\"></span>della pa<span class=\"_ _2\"></span>rtecipazione di <span class=\"_ _3b\"></span>Reale M<span class=\"_ _2\"></span>utua nel<span class=\"_ _2\"></span> capi<span class=\"_ _2\"></span>tale sociale <span class=\"_ _3b\"></span>di Credemassicurazioni.<span class=\"_ _2\"></span> Entrambe <span class=\"_ _3f\"> </span>le <span class=\"_ _39\"> </span>opzioni <span class=\"_ _39\"> </span>sono <span class=\"_ _39\"> </span>esercita<span class=\"_ _1\"></span>bili <span class=\"_ _39\"> </span>allo <span class=\"_ _39\"> </span>scadere <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>ogni <span class=\"_ _39\"> </span>quinquennio <span class=\"_ _39\"> </span>dall\u2019acquisto <span class=\"_ _3f\"> </span>della partecipazione in Credemassicurazioni da parte di Reale <span class=\"_ _1\"></span>Mutua.  A novembre <span class=\"_ _1\"></span>2023, il <span class=\"_ _1\"></span>Credito Emiliano e<span class=\"_ _1\"></span> la Societ<span class=\"_ _1\"></span>\u00e0 Reale Mutua <span class=\"_ _1\"></span>di Assicurazioni hanno <span class=\"_ _1\"></span>rinnovato <span class=\"_ _1\"></span>la loro <span class=\"_ _1\"></span>partnership <span class=\"_ _38\"></span>paritetica <span class=\"_ _1\"></span>nella <span class=\"_ _1\"></span>societ<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>rassegna. <span class=\"_ _1\"></span>Il <span class=\"_ _38\"></span>rinnovo <span class=\"_ _1\"></span>dell\u2019accordo <span class=\"_ _1\"></span>permetter\u00e0 <span class=\"_ _38\"></span>al <span class=\"_ _1\"></span>gruppo<span class=\"_ _3a1\"> </span>di <span class=\"_ _0\"></span>svilup<span class=\"_ _1\"></span>pare <span class=\"_ _35\"> </span>l\u2019offerta <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>prodotti <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>rami <span class=\"_ _35\"> </span>danni <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>accre<span class=\"_ _1\"></span>scere <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>livello <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>se<span class=\"_ _1\"></span>rvizio <span class=\"_ _35\"> </span>offerto <span class=\"_ _0\"></span>alla propri<span class=\"_ _3a1\"> </span>a cli<span class=\"_ _2\"></span>entela, grazie al <span class=\"_ _3b\"></span>supporto di u<span class=\"_ _2\"></span>n primario <span class=\"_ _2\"></span>player speciali<span class=\"_ _2\"></span>zzato nel <span class=\"_ _2\"></span>settore della <span class=\"_ _3b\"></span>prote<span class=\"_ _1\"></span>ction.<span class=\"_ _2\"></span>  Le parti hanno poi perfezionato un patto par<span class=\"_ _1\"></span>asociale le cui clausole contemplano: <span class=\"_ _3e\"> </span><span class=\"ff4\">Il <span class=\"_ _37\"> </span>divieto <span class=\"_ _36\"> </span>di <span class=\"_ _3d\"> </span>t<span class=\"_ _1\"></span>rasferimento <span class=\"_ _36\"> </span>delle <span class=\"_ _3d\"> </span>azioni <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>dei <span class=\"_ _37\"> </span>diritti <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>opzione <span class=\"_ _36\"> </span>a <span class=\"_ _37\"> </span>terzi, <span class=\"_ _37\"> </span>diversi <span class=\"_ _37\"> </span>da <span class=\"_ _37\"> </span>societ<span class=\"_ _1\"></span>\u00e0 </span>controllate, per tutta la durata del patto parasociale attualmente in essere; <span class=\"_ _3e\"> </span><span class=\"ff4\">Il <span class=\"_ _38\"></span>diritto<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ciascuna <span class=\"_ _38\"></span>par<span class=\"_ _1\"></span>te <span class=\"_ _0\"></span>ottenere <span class=\"_ _1\"></span>la <span class=\"_ _0\"></span>nomina <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ottenere <span class=\"_ _0\"></span>la <span class=\"_ _1\"></span>nomina <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>esponenti <span class=\"_ _38\"></span>aziendali <span class=\"_ _38\"></span>di </span>propria <span class=\"_ _3d\"> </span>des<span class=\"_ _1\"></span>ignazione <span class=\"_ _3d\"> </span>(la <span class=\"_ _37\"> </span>met\u00e0 <span class=\"_ _3d\"> </span>degli <span class=\"_ _37\"> </span>amministratori <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>, <span class=\"_ _3d\"> </span>a <span class=\"_ _37\"> </span>rinnovi <span class=\"_ _3d\"> </span>alte<span class=\"_ _1\"></span>rnati <span class=\"_ _3d\"> </span>del <span class=\"_ _37\"> </span>Consiglio <span class=\"_ _3d\"> </span>di Amministrazione, il Presidente <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>l Consiglio d<span class=\"_ _2\"></span>i Amministrazione, <span class=\"_ _2\"></span>i Sindaci<span class=\"_ _2\"></span> e, a rinn<span class=\"_ _2\"></span>ovi alternati, il Presidente del Collegio Sindacale); <span class=\"_ _3e\"> </span><span class=\"ff4\">La <span class=\"_ _35\"> </span>neces<span class=\"_ _1\"></span>sit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>quorum <span class=\"_ _35\"> </span>qualificato <span class=\"_ _35\"> </span>per  l<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>deliberazioni <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>componenti  d<span class=\"_ _2\"></span>el <span class=\"_ _35\"> </span>Consiglio <span class=\"_ _35\"> </span>di </span>Amministrazione <span class=\"_ _38\"></span>riguardanti <span class=\"_ _38\"></span>particolari <span class=\"_ _38\"></span>tematiche <span class=\"_ _38\"></span>(come, <span class=\"_ _38\"></span>tra <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>alt<span class=\"_ _1\"></span>re, <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>nom<span class=\"_ _1\"></span>ina <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>D<span class=\"_ _1\"></span>irettore Generale,  del  Responsabile  Sinistr<span class=\"_ _1\"></span>i,  del  Direttore  Commerciale,  della  funzione  di  auditing, l\u2019approvazione di operazioni di finanzia straordinaria, di accordi distr<span class=\"_ _1\"></span>ibutivi, ecc). 7.8 Impegni rife<span class=\"_ _1\"></span>riti a partecipazioni i<span class=\"_ _1\"></span>n societ\u00e0 sotto<span class=\"_ _1\"></span>poste ad influenza note<span class=\"_ _1\"></span>vole Credemtel <span class=\"_ _3a\"> </span>ha <span class=\"_ _3f\"> </span>sottos<span class=\"_ _1\"></span>critto <span class=\"_ _3f\"> </span>con <span class=\"_ _3a\"> </span>i <span class=\"_ _3f\"> </span>soci <span class=\"_ _3a\"> </span>di <span class=\"_ _3f\"> </span>SBC <span class=\"_ _3a\"> </span>accordi <span class=\"_ _3a\"> </span>contra<span class=\"_ _3a1\"> </span>ttuali <span class=\"_ _3f\"> </span>volti <span class=\"_ _3a\"> </span>a <span class=\"_ _3f\"> </span>disciplinare<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>pi\u00f9 compiutamente la partnership nella societ\u00e0. Le  p<span class=\"_ _2\"></span>arti  hanno <span class=\"_ _35\"> </span>poi <span class=\"_ _35\"> </span>perfezionato <span class=\"_ _35\"> </span>a  gennaio <span class=\"_ _35\"> </span>2022 <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>patt<span class=\"_ _1\"></span>o <span class=\"_ _35\"> </span>parasociale  le<span class=\"_ _2\"></span>  c<span class=\"_ _2\"></span>ui <span class=\"_ _35\"> </span>clausole contemplano: <span class=\"_ _3e\"> </span><span class=\"ff4\">il <span class=\"_ _1\"></span>diritto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Cre<span class=\"_ _1\"></span>demtel <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>ottenere <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>nomina <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>esponenti <span class=\"_ _1\"></span>azie<span class=\"_ _1\"></span>ndali di <span class=\"_ _1\"></span>propria <span class=\"_ _1\"></span>designazione <span class=\"_ _1\"></span>(<span class=\"_ _1\"></span>un </span>consigliere di amministrazione); <span class=\"_ _3e\"> </span><span class=\"ff4\">la  necessit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>quorum  quali<span class=\"_ _2\"></span>ficato  per <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>deliberazioni <span class=\"_ _35\"> </span>riguardanti  particolari <span class=\"_ _35\"> </span>tematiche </span>(come <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>modificazioni dello <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>atuto, <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>trasferimento <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>partecipazioni <span class=\"_ _1\"></span>sociali, <span class=\"_ _1\"></span>acquisizioni e<span class=\"_ _1\"></span>/o dismissioni, <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>quals<span class=\"_ _1\"></span>iasi <span class=\"_ _1\"></span>forma <span class=\"_ _38\"></span>effettuate, <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>beni <span class=\"_ _1\"></span>imm<span class=\"_ _1\"></span>obili <span class=\"_ _1\"></span>e/o <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>beni <span class=\"_ _38\"></span>mobili <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valor<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>unitario superiore <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Euro <span class=\"_ _1\"></span>20.000,00 <span class=\"_ _1\"></span>e/o beni <span class=\"_ _1\"></span>mobili <span class=\"_ _1\"></span>regist<span class=\"_ _1\"></span>rati, <span class=\"_ _1\"></span>l\u2019assunzione <span class=\"_ _1\"></span>di dipendenti, <span class=\"_ _1\"></span>l\u2019assunzione di indebitamento finanziario e concessione di finanziamenti e<span class=\"_ _1\"></span> garanzie). Credemtel <span class=\"_ _37\"> </span>ha <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>ottoscritto <span class=\"_ _37\"> </span>con <span class=\"_ _3d\"> </span>i <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>oci <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>ANDXOR <span class=\"_ _37\"> </span>accordi <span class=\"_ _3d\"> </span>co<span class=\"_ _1\"></span>ntrattuali <span class=\"_ _37\"> </span>volti <span class=\"_ _3d\"> </span>a <span class=\"_ _37\"> </span>disciplinar<span class=\"_ _1\"></span>e <span class=\"_ _37\"> </span>pi\u00f9 compiutamente la partnership nella societ\u00e0. Le parti hanno poi perfezionato un patto par<span class=\"_ _1\"></span>asociale le cui clausole contemplano:<span class=\"_ _3a1\"> </span><span class=\"_ _3e\"> </span><span class=\"ff4\">il <span class=\"_ _1\"></span>diritto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Cre<span class=\"_ _1\"></span>demtel <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>ottenere <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>nomina <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>ponenti <span class=\"_ _1\"></span>aziendali <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>propria <span class=\"_ _1\"></span>designazione (un<span class=\"_ _3a1\"> </span></span>consigliere di amministrazione ed il sindaco unico); <span class=\"_ _3e\"> </span><span class=\"ff4\">il diritto <span class=\"_ _1\"></span>di co-vendita a favore di Credemtel qualora venga trasferita per atto tra viv<span class=\"_ _2\"></span>i una quota </span>di <span class=\"_ _44\"> </span>almeno <span class=\"_ _69\"> </span>il <span class=\"_ _69\"> </span>50% <span class=\"_ _69\"> </span>del <span class=\"_ _44\"> </span>capitale<span class=\"_ _1\"></span> <span class=\"_ _44\"> </span>s<span class=\"_ _1\"></span>ociale <span class=\"_ _44\"> </span>di <span class=\"_ _69\"> </span>ANDXOR <span class=\"_ _69\"> </span>per <span class=\"_ _44\"> </span>tut<span class=\"_ _1\"></span>ta <span class=\"_ _44\"> </span>la <span class=\"_ _69\"> </span>durata <span class=\"_ _69\"> </span>del <span class=\"_ _44\"> </span>patto parasociale attualmente in essere; <span class=\"_ _3e\"> </span><span class=\"ff4\">la  necessit\u00e0  d<span class=\"_ _2\"></span>i  un <span class=\"_ _35\"> </span>quorum  qualif<span class=\"_ _2\"></span>icato  per  l<span class=\"_ _2\"></span>e  deliberazioni  d<span class=\"_ _3b\"></span>ei  componenti  del <span class=\"_ _35\"> </span>Consiglio  di </span>Amministrazione riguardanti particolari tematiche (come l<span class=\"_ _2\"></span>e modificazioni<span class=\"_ _2\"></span> dell\u2019atto costitutivo, la <span class=\"_ _35\"> </span>modificazione <span class=\"_ _35\"> </span>dell\u2019oggetto<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>sociale, <span class=\"_ _35\"> </span>l\u2019assunzione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>finanzia<span class=\"_ _1\"></span>menti <span class=\"_ _35\"> </span>oltre  i <span class=\"_ _35\"> </span>150.000 <span class=\"_ _35\"> </span>euro, <span class=\"_ _35\"> </span>la compravendita di diritti reali immobiliari, emissione di titoli di debito, distribuzione di riser<span class=\"_ _1\"></span>ve). Credemtel <span class=\"_ _36\"> </span>ha <span class=\"_ _36\"> </span>s<span class=\"_ _1\"></span>ottoscritto <span class=\"_ _36\"> </span>con <span class=\"_ _36\"> </span>i <span class=\"_ _36\"> </span>soci <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>MYNET <span class=\"_ _36\"> </span>accor<span class=\"_ _1\"></span>di <span class=\"_ _36\"> </span>contrattuali <span class=\"_ _36\"> </span>volti <span class=\"_ _36\"> </span>a <span class=\"_ _39\"> </span>disciplin<span class=\"_ _2\"></span>are <span class=\"_ _39\"> </span>pi\u00f9 compiutamente la partnership nella societ\u00e0. Le parti hanno poi perfezionato un patto par<span class=\"_ _1\"></span>asociale le cui clausole contemplano: <span class=\"_ _3e\"> </span><span class=\"ff4\">il <span class=\"_ _1\"></span>diritto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Cre<span class=\"_ _1\"></span>demtel <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>ottenere <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>nomina <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>esponenti <span class=\"_ _1\"></span>azie<span class=\"_ _1\"></span>ndali di <span class=\"_ _1\"></span>propria <span class=\"_ _1\"></span>designazione <span class=\"_ _1\"></span>(<span class=\"_ _1\"></span>un </span>consigliere <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>amministrazione, <span class=\"_ _3d\"> </span>un <span class=\"_ _37\"> </span>sindaco <span class=\"_ _3d\"> </span>effettivo <span class=\"_ _37\"> </span>con <span class=\"_ _3d\"> </span>ruolo <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>presidente <span class=\"_ _3d\"> </span>del <span class=\"_ _37\"> </span>collegio sindacale ed un sindaco supplente); <span class=\"_ _3e\"> </span><span class=\"ff4\">la  necessit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>quorum  quali<span class=\"_ _2\"></span>ficato  per <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>deliberazioni <span class=\"_ _35\"> </span>riguardanti  particolari <span class=\"_ _35\"> </span>tematiche </span>(come le modifi<span class=\"_ _2\"></span>cazioni dell\u2019atto costitutivo, la modifi<span class=\"_ _2\"></span>cazione dell\u2019oggetto sociale, l\u2019assunzione<span class=\"_ _2\"></span> di <span class=\"_ _39\"> </span>finanziame<span class=\"_ _1\"></span>nti <span class=\"_ _3f\"> </span>oltre <span class=\"_ _3f\"> </span>i <span class=\"_ _39\"> </span>1.500.000 <span class=\"_ _3f\"> </span>euro, <span class=\"_ _3f\"> </span>l\u2019emissione <span class=\"_ _39\"> </span>di <span class=\"_ _3f\"> </span>titoli <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>debito, <span class=\"_ _3f\"> </span>l\u2019acquisizione <span class=\"_ _3f\"> </span>o dismissione di beni mobili o immobili di valore s<span class=\"_ _1\"></span>uperiore a 1.000.000 euro). Credemtel <span class=\"_ _3d\"> </span>ha <span class=\"_ _3d\"> </span>sottoscritto <span class=\"_ _37\"> </span>con  i <span class=\"_ _37\"> </span>soci <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>FLAIRBIT <span class=\"_ _3d\"> </span>accordi <span class=\"_ _3d\"> </span>contr<span class=\"_ _1\"></span>attuali  volt<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>disciplinare <span class=\"_ _3d\"> </span>pi\u00f9 compiu<span class=\"_ _3a1\"> </span>tamente<span class=\"_ _1\"></span> la partnership nella societ\u00e0. Le parti hanno poi perfezionato un patto par<span class=\"_ _1\"></span>asociale le cui clausole contemplano: <span class=\"_ _3e\"> </span><span class=\"ff4\">il <span class=\"_ _1\"></span>diritto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Cre<span class=\"_ _1\"></span>demtel <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>ottenere <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>nomina <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>esponenti <span class=\"_ _1\"></span>azie<span class=\"_ _1\"></span>ndali di <span class=\"_ _1\"></span>propria <span class=\"_ _1\"></span>designazione <span class=\"_ _1\"></span>(<span class=\"_ _1\"></span>un </span>consigliere di amministrazione); <span class=\"_ _3e\"> </span><span class=\"ff4\">la  necessit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>quorum  quali<span class=\"_ _2\"></span>ficato  per <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>deliberazioni <span class=\"_ _35\"> </span>riguardanti  particolari <span class=\"_ _35\"> </span>tematiche </span>(come  le  modificazioni <span class=\"_ _35\"> </span>dello  St<span class=\"_ _1\"></span>atuto  afferenti  all\u2019oggetto  sociale,  la  stipula  d<span class=\"_ _2\"></span>i  contratti  di<span class=\"_ _3a1\"> </span>qualsiasi <span class=\"_ _0\"></span>natura <span class=\"_ _0\"></span>con<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>alcuna <span class=\"_ _0\"></span>parte <span class=\"_ _0\"></span>correlata <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>FLAIRBIT, <span class=\"_ _38\"></span>l\u2019assun<span class=\"_ _1\"></span>zione <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>finanziamenti <span class=\"_ _0\"></span>oltre <span class=\"_ _0\"></span>i<span class=\"_ _3b\"></span> 500.00<span class=\"_ _3a1\"> </span>0 <span class=\"_ _38\"></span>euro, <span class=\"_ _0\"></span>l\u2019assunzi<span class=\"_ _2\"></span>one <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>personale <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>trattamento <span class=\"_ _0\"></span>ec<span class=\"_ _2\"></span>onomico <span class=\"_ _0\"></span>(retrib<span class=\"_ _2\"></span>uzione <span class=\"_ _0\"></span>annu<span class=\"_ _2\"></span>a lorda) pari o superiore ad Euro 100.000,00 (centomila) annui). 7.10 Altre inform<span class=\"_ _1\"></span>azioni<span class=\"_ _3a1\"> </span>Credemassicurazioni, And<span class=\"_ _2\"></span>xor, Flairbit e <span class=\"_ _3b\"></span>Mynet, partecipazioni p<span class=\"_ _2\"></span>er le qu<span class=\"_ _2\"></span>ali i<span class=\"_ _2\"></span>l valore di<span class=\"_ _2\"></span> bil<span class=\"_ _2\"></span>ancio risulta essere <span class=\"_ _35\"> </span>superiore <span class=\"_ _35\"> </span>alla  q<span class=\"_ _2\"></span>uota <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>pertinenza  di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>patrimonio  ne<span class=\"_ _2\"></span>tto, <span class=\"_ _35\"> </span>sono  s<span class=\"_ _2\"></span>tate <span class=\"_ _35\"> </span>assoggettate  a <span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>est d\u2019impairment <span class=\"_ _0\"></span>dal<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>quale <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>emerso <span class=\"_ _1\"></span>un <span class=\"_ _38\"></span>valor<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>recuperabile <span class=\"_ _0\"></span>supe<span class=\"_ _2\"></span>riore <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>valore <span class=\"_ _1\"></span>di <span class=\"_ _0\"></span>carico. <span class=\"_ _1\"></span>Si <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>quindi ritenuto <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>differ<span class=\"_ _1\"></span>enza <span class=\"_ _0\"></span>negativ<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>fra <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>valore<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>car<span class=\"_ _1\"></span>ico <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>quota <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>pertinenza <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>patr<span class=\"_ _1\"></span>imonio netto <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>tali <span class=\"_ _0\"></span>pa<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>tecipate<span class=\"fc8\"> <span class=\"_ _0\"></span></span>non<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>ascrivibile <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>perdita <span class=\"_ _38\"></span>durevole <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>e, <span class=\"_ _38\"></span>pertanto, <span class=\"_ _0\"></span>non<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>stati rettificati i valori di iscrizione. Per  C<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>edemassicurazioni  l<span class=\"_ _2\"></span>a  d<span class=\"_ _2\"></span>ifferenza <span class=\"_ _35\"> </span>negativa  \u00e8<span class=\"_ _2\"></span>  asc<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ivibile <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>quota  di <span class=\"_ _35\"> </span>avviamento <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>10,3 milioni di euro, mentre per Andxor, Flairbit e <span class=\"_ _1\"></span>Mynet la differenza negativa \u00e8 ascrivibile alla quota di avviamento rispettivamente per 1.062 mila di e<span class=\"_ _1\"></span>uro, per 402 mila euro e per 217 mila euro.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-889": {
   "value": "<div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gsb87\">Sezione <span class=\"_ _1\"></span>8 \u2013 Att<span class=\"_ _1\"></span>ivit\u00e0 assicu<span class=\"_ _1\"></span>rative -<span class=\"_ _1\"></span> Voce 80<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsb88\">Dinamica del valore<span class=\"_ _1\"></span> di bilancio delle <span class=\"_ _1\"></span>cessioni in riass<span class=\"_ _1\"></span>icurazione - GMM \u2013 attivit\u00e0 per<span class=\"_ _1\"></span> residua copertura e <span class=\"_ _1\"></span>per sinistri<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsb89\">accaduti<span class=\"_ _3a1\"> </span></div><div class=\"gsb8a\"><table class=\"s w7ff h211\" id=\"_ab28fb04-c214-431a-9bf1-767a5cf1a0d3\"><tr><td></td><td></td><td class=\"t m2 xacb h19 y5756 ff4 fsb fc4 sc3 ls0 ws0\">Attivit<span class=\"_ _1\"></span>\u00e0 per residu<span class=\"_ _1\"></span>a copertura<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td class=\"t m2 xacc h19 y5756 ff4 fsb fc4 sc3 ls0 ws0\">Attivit<span class=\"_ _1\"></span>\u00e0 per residu<span class=\"_ _1\"></span>a copertura<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 xacd h19 y5757 ff4 fsb fc4 sc3 ls0 ws0\" colspan=\"2\">31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e6 h19 y5757 ff4 fsb fc4 sc3 ls0 ws0\">Attivit<span class=\"_ _1\"></span>\u00e0 </td><td></td><td></td><td class=\"t m2 xace h19 y5757 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xacf h19 y5757 ff4 fsb fc4 sc3 ls0 ws0\">Attivit<span class=\"_ _1\"></span>\u00e0 </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 xad0 h19 y5758 ff4 fsb fc4 sc3 ls0 ws0\">per si<span class=\"_ _1\"></span>nistri </td><td></td><td></td><td></td><td class=\"t m2 x7d2 h19 y5758 ff4 fsb fc4 sc3 ls0 ws0\">per si<span class=\"_ _1\"></span>nistri </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x7dd h19 y5759 ff4 fsb fc4 sc3 ls0 ws0\">accadu<span class=\"_ _1\"></span>ti<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad1 h19 y5759 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xad2 h19 y5759 ff4 fsb fc4 sc3 ls0 ws0\">accadu<span class=\"_ _1\"></span>ti<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x891 h19 y5759 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td class=\"t m2 x87d h19 y575a ff4 fsb fc4 sc3 ls0 ws0\">Al netto </td><td></td><td class=\"t m2 xad0 h19 y575a ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x881 h19 y575a ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad3 h19 y575a ff4 fsb fc4 sc3 ls0 ws0\">Al netto </td><td></td><td class=\"t m2 x7d2 h19 y575a ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad4 h19 y575a ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 xad5 h19 y575b ff4 fsb fc4 sc3 ls0 ws0\">della </td><td class=\"t m2 x5dd h19 y575b ff4 fsb fc4 sc3 ls0 ws0\" colspan=\"2\">Componente<span class=\"_ _1\"></span> </td><td></td><td></td><td class=\"t m2 xad6 h19 y575b ff4 fsb fc4 sc3 ls0 ws0\">della </td><td class=\"t m2 xad7 h19 y575b ff4 fsb fc4 sc3 ls0 ws0\">Componente<span class=\"_ _1\"></span> </td><td></td><td></td></tr><tr><td></td><td class=\"t m2 xad8 h19 y575c ff4 fsb fc4 sc3 ls0 ws0\" colspan=\"2\">compone<span class=\"_ _1\"></span>nte </td><td class=\"t m2 x7d7 h19 y575c ff4 fsb fc4 sc3 ls0 ws0\" colspan=\"2\">recupero </td><td></td><td></td><td class=\"t m2 xacc h19 y575c ff4 fsb fc4 sc3 ls0 ws0\">compone<span class=\"_ _1\"></span>nte </td><td class=\"t m2 x7c8 h19 y575c ff4 fsb fc4 sc3 ls0 ws0\">recupero </td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x888 h19 y575d ff4 fsb fc4 sc3 ls0 ws0\" colspan=\"2\">recupero </td><td class=\"t m2 x9a4 h19 y575d ff4 fsb fc4 sc3 ls0 ws0\">perdite<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xad9 h19 y575d ff4 fsb fc4 sc3 ls0 ws0\">recupero </td><td class=\"t m2 x88e h19 y575d ff4 fsb fc4 sc3 ls0 ws0\">perdite<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 xada h19 y575e ff4 fsb fc4 sc3 ls0 ws0\" colspan=\"2\">perdite<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x7c3 h19 y575e ff4 fsb fc4 sc3 ls0 ws0\">perdite<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y575f ff4 fs11 fc1 sc2 ls0 ws0\">A. Valore di bilancio<span class=\"_ _1\"></span> iniziale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5762 w800 h212\"><div class=\"t m2 x2b3 h44 y5760 ff4 fs11 fc1 sc0 ls0 ws0\">1. Cessioni in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">riassicurazione che<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xadc y5762 w801 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">14.506<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xadd y5762 w802 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">17<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xade y5762 w803 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">839<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xadf y5762 w804 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">15.362<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae0 y5762 w805 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">18.721<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae1 y5762 w806 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">69<span class=\"_ _1\"></span>7<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae2 y5762 w807 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">988<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae3 y5762 w808 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">20<span class=\"_ _1\"></span>.406<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y5763 ff4 fs11 fc1 sc0 ls0 ws0\">costituiscono attivit\u00e0<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5765 w800 h214\"><div class=\"t m2 x2b3 h44 y5764 ff4 fs11 fc1 sc0 ls0 ws0\">2. Cessioni in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">riassicurazione che<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae5 y5765 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae6 y5765 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xae7 y5765 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae8 y5765 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae9 y5765 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaea y5765 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaeb y5765 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaec y5765 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y5766 ff4 fs11 fc1 sc0 ls0 ws0\">costituiscono passivit\u00e0<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5767 ff4 fs11 fc1 sc2 ls0 ws0\">3. Valore netto di bilanci<span class=\"_ _1\"></span>o al </td><td class=\"c n x944 y5768 w801 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">14.506<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaed y5768 w802 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">17<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xaee y5768 w803 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">839<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaef y5768 w80b h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">1<span class=\"_ _1\"></span>5.362<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaf0 y5768 w80c h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">1<span class=\"_ _1\"></span>8.721<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaf1 y5768 w806 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">69<span class=\"_ _1\"></span>7<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaf2 y5768 w80d h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">98<span class=\"_ _1\"></span>8<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaf3 y5768 w808 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">20<span class=\"_ _1\"></span>.406<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y5769 ff4 fs11 fc1 sc2 ls0 ws0\">1\u00b0 gennaio<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y576a ff4 fs11 fc1 sc2 ls0 ws0\">B. Effetti econom<span class=\"_ _1\"></span>ici connessi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y576b w80e h214\"><div class=\"t m2 x2b3 h44 y5764 ff4 fs11 fc1 sc2 ls0 ws0\">con le cessioni in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">riassicurazione<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y576c ff4 fs11 fc1 sc0 ls0 ws0\">1. Costo della </td><td class=\"c n x970 y576d w80f h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(4.943)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaf4 y576d w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xaf5 y576d w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaf6 y576d w80f h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(4.943)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaf7 y576d w810 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(8.036)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaf8 y576d w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaf9 y576d w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xafa y576d w810 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(8.036)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y576e ff4 fs11 fc1 sc0 ls0 ws0\">riassicurazione<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y576f ff4 fs11 fc1 sc0 ls0 ws0\">2. Sinistri e altri costi<span class=\"_ _3a1\"> </span></td><td class=\"c n xae5 y5770 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae6 y5770 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xafb y5770 w811 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">3.251<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xafc y5770 w812 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>.251<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xafd y5770 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xafe y5770 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaff y5770 w813 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">4.919<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb00 y5770 w813 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">4.919<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y5771 ff4 fs11 fc1 sc0 ls0 ws0\">recuperati<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5772 ff4 fs11 fc1 sc0 ls0 ws0\">3. Variazioni dell\u2019attivit\u00e0 </td><td class=\"c n xae5 y5773 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae6 y5773 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xb01 y5773 w803 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">836<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb02 y5773 w814 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">83<span class=\"_ _1\"></span>6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb03 y5773 w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb04 y5773 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb05 y5773 w816 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(149)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb06 y5773 w817 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(1<span class=\"_ _1\"></span>49)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y5774 ff4 fs11 fc1 sc0 ls0 ws0\">per sinistri accaduti<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5776 w800 h215\"><div class=\"t m2 x2b3 h44 y5775 ff4 fs11 fc1 sc0 ls0 ws0\">4. Cessioni in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">riassicurazione che<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae5 y5776 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb07 y5776 w818 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">46<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xb08 y5776 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb09 y5776 w818 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">46<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb0a y5776 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb0b y5776 w819 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(680)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb0c y5776 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb0d y5776 w819 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(680)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y5777 ff4 fs11 fc1 sc0 ls0 ws0\">coprono contratti onerosi<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h44 y5778 ff4 fs11 fc1 sc0 ls0 ws0\">4.1 Ricavi connessi con </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h44 y5779 ff4 fs11 fc1 sc0 ls0 ws0\">l\u2019iscrizione di contratti </td><td class=\"c n xae5 y577a w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae6 y577a w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xae7 y577a w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae8 y577a w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae9 y577a w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaea y577a w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaeb y577a w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaec y577a w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h44 y577b ff4 fs11 fc1 sc0 ls0 ws0\">assicurativi sottostanti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h44 y577c ff4 fs11 fc1 sc0 ls0 ws0\">onerosi<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x865 y577d w189 h66\"><div class=\"t m2 x0 h44 y15ab ff4 fs11 fc1 sc0 ls0 ws0\">4.2 Rilasci della </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h44 y577e ff4 fs11 fc1 sc0 ls0 ws0\">componente di recupero </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h44 y577f ff4 fs11 fc1 sc0 ls0 ws0\">perdite diversi dalle </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h44 y5780 ff4 fs11 fc1 sc0 ls0 ws0\">variazioni dei flussi </td><td class=\"c n xae5 y5781 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb0e y5781 w81a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(4)<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xb0f y5781 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb10 y5781 w81a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(4)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb11 y5781 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb12 y5781 w81b h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(86)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaeb y5781 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb13 y5781 w81b h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(86)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h44 y5782 ff4 fs11 fc1 sc0 ls0 ws0\">finanziari dei contratti di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x823 y5783 w81c h214\"><div class=\"t m2 x2b3 h44 y5764 ff4 fs11 fc1 sc0 ls0 ws0\">cessione in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">riassicurazione<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h44 y5784 ff4 fs11 fc1 sc0 ls0 ws0\">4.3 Variazioni dei flussi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h44 y5785 ff4 fs11 fc1 sc0 ls0 ws0\">finanziari delle cessioni </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h44 y5786 ff4 fs11 fc1 sc0 ls0 ws0\">in riassicurazione </td><td class=\"c n xae5 y5787 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb07 y5787 w81d h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">50<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xb14 y5787 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb15 y5787 w81d h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">50<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb16 y5787 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb17 y5787 w81f h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(594)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb18 y5787 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb19 y5787 w820 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(594)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h44 y5788 ff4 fs11 fc1 sc0 ls0 ws0\">derivanti dai contratti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h44 y5789 ff4 fs11 fc1 sc0 ls0 ws0\">assicurativi sottostanti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h44 y578a ff4 fs11 fc1 sc0 ls0 ws0\">onerosi<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y578b ff4 fs11 fc1 sc0 ls0 ws0\">5. Effetti del cambiamento<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y578c ff4 fs11 fc1 sc0 ls0 ws0\">del rischio di </td><td class=\"c n xae5 y578d w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae6 y578d w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xae7 y578d w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae8 y578d w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae9 y578d w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaea y578d w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaeb y578d w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaec y578d w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y578e ff4 fs11 fc1 sc0 ls0 ws0\">inadempimento da parte </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y578f ff4 fs11 fc1 sc0 ls0 ws0\">dei riassicuratori<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y5790 w821 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">6. Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb1a y5790 w822 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(4.943<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb1b y5790 w818 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">46<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xb1c y5790 w823 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">4.087<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb1d y5790 w824 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(810)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb1e y5790 w810 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(8.036)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb1f y5790 w825 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(680)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb20 y5790 w826 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">4.770<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb21 y5790 w827 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(3<span class=\"_ _1\"></span>.946)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y5791 ff4 fs11 fc1 sc2 ls0 ws0\">C. Risultato dei servizi<span class=\"_ _3a1\"> </span></td><td class=\"c n x970 y5792 w80f h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(4.943)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb22 y5792 w818 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">46<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xb23 y5792 w828 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">4.087<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb24 y5792 w829 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(810)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb25 y5792 w810 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(8.036)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb26 y5792 w819 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(680)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb27 y5792 w82a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">4.770<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb28 y5792 w82b h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(3.946)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y5793 ff4 fs11 fc1 sc2 ls0 ws0\">assicurativi (To<span class=\"_ _1\"></span>tale B)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5794 ff4 fs11 fc1 sc2 ls0 ws0\">D. Ricavi/cos<span class=\"_ _1\"></span>ti netti di natura </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5795 ff4 fs11 fc1 sc2 ls0 ws0\">finanziaria<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5797 w82c h216\"><div class=\"t m2 x2b3 h44 y5796 ff4 fs11 fc1 sc0 ls0 ws0\">1. Relativi alle cessioni in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">riassicurazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb29 y5798 w82d h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">426<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb2a y5798 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xb2b y5798 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb2c y5798 w82d h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">426<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb2d y5798 w82e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">998<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb2e y5798 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb2f y5798 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb30 y5798 w82e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">998<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h44 y5799 ff4 fs11 fc1 sc0 ls0 ws0\">1.1. Registrati in conto </td><td class=\"c n xb31 y579a w82f h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">98<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb32 y579a w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xb33 y579a w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb34 y579a w82f h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">98<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb35 y579a w830 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">72<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb36 y579a w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb37 y579a w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb38 y579a w830 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">72<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h44 y579b ff4 fs11 fc1 sc0 ls0 ws0\">economico<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h44 y579c ff4 fs11 fc1 sc0 ls0 ws0\">1.2. Registrati nel conto </td><td class=\"c n xb29 y579d w831 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">328<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb39 y579d w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xb3a y579d w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb3b y579d w831 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">328<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb3c y579d w832 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">926<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb3d y579d w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb3e y579d w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb3f y579d w833 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">926<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h44 y579e ff4 fs11 fc1 sc0 ls0 ws0\">economico complessivo<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y579f ff4 fs11 fc1 sc0 ls0 ws0\">2. Effetti connessi con le<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y57a0 ff4 fs11 fc1 sc0 ls0 ws0\">variazioni dei tassi di </td><td class=\"c n xae5 y57a1 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae6 y57a1 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xae7 y57a1 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae8 y57a1 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae9 y57a1 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaea y57a1 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaeb y57a1 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaec y57a1 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y57a2 ff4 fs11 fc1 sc0 ls0 ws0\">cambio<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y57a3 w834 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">3. Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb40 y57a3 w835 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">42<span class=\"_ _1\"></span>6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb41 y57a3 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xb42 y57a3 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb43 y57a3 w82d h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">426<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb44 y57a3 w82e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">998<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb45 y57a3 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb46 y57a3 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb47 y57a3 w836 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">9<span class=\"_ _1\"></span>98<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x58e y57a4 w18b h66\"><div class=\"t m2 x0 h44 y2697 ff4 fs11 fc1 sc2 ls0 ws0\">E. Componenti di </div></td><td class=\"c n xb48 y57a5 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb49 y57a5 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xb4a y57a5 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb4b y57a5 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb4c y57a5 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb4d y57a5 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb4e y57a5 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb4f y57a5 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y57a6 ff4 fs11 fc1 sc2 ls0 ws0\">investimento<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y57a7 ff4 fs11 fc1 sc2 ls0 ws0\">F. Importo comp<span class=\"_ _1\"></span>lessivo </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y57a8 ff4 fs11 fc1 sc2 ls0 ws0\">registrato in conto<span class=\"_ _1\"></span> </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y57a9 ff4 fs11 fc1 sc2 ls0 ws0\">economico e nel<span class=\"_ _1\"></span> conto </td><td class=\"c n x944 y57aa w837 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(4.517)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb50 y57aa w818 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">46<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xb51 y57aa w823 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">4.087<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb52 y57aa w838 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(384)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb53 y57aa w839 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(7.038)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb54 y57aa w819 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(680)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb55 y57aa w826 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">4.770<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb56 y57aa w83a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(2.948)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y57ab ff4 fs11 fc1 sc2 ls0 ws0\">economico co<span class=\"_ _1\"></span>mplessivo </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y57ac ff4 fs11 fc1 sc2 ls0 ws0\">(C+D+E)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y57ad w83b h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">G. Altre variazion<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb57 y57ad w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb58 y57ad w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xb59 y57ad w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb5a y57ad w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb5b y57ad w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb5c y57ad w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb5d y57ad w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb5e y57ad w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y57ae ff4 fs11 fc1 sc2 ls0 ws0\">H. Movimenti di cassa<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xae4 y57af w18c h66\"><div class=\"t m2 x0 h44 y269d ff4 fs11 fc1 sc0 ls0 ws0\">1. Premi pagati al netto di<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y57b0 w83c h214\"><div class=\"t m2 x2b3 h44 y5764 ff4 fs11 fc1 sc0 ls0 ws0\">importi non connessi con i<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">sinistri recuperati dai<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb5f y57b1 w83d h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(501)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb60 y57b1 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xb61 y57b1 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb62 y57b1 w83e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(501)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb63 y57b1 w83f h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>.823<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb64 y57b1 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb65 y57b1 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb66 y57b1 w840 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">2.823<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y57b2 ff4 fs11 fc1 sc0 ls0 ws0\">riassicuratori<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y57b3 ff4 fs11 fc1 sc0 ls0 ws0\">2. Importo dei sinistri<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y57b4 ff4 fs11 fc1 sc0 ls0 ws0\">recuperato dai </td><td class=\"c n xae5 y57b5 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae6 y57b5 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xb67 y57b5 w841 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(3.607)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb68 y57b5 w841 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(3.607)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb11 y57b5 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb69 y57b5 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb6a y57b5 w842 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(4.919)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb6b y57b5 w842 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(4.919)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y57b6 ff4 fs11 fc1 sc0 ls0 ws0\">riassicuratori<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y57b7 w843 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">3. Altri movimenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb6c y57b7 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb6d y57b7 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xb6e y57b7 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb6f y57b7 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb70 y57b7 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb71 y57b7 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb72 y57b7 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb73 y57b7 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr></table></div><div class=\"gsb8c\"><table class=\"s w844 h217\" id=\"_eb0f47ed-a6e2-46c3-828c-4c98b9b3dd6d\"><tr><td class=\"c n xadb y57b9 w845 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">4. Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb74 y57b9 w846 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">(501<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb75 y57b9 w80a h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb76 y57b9 w847 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">(3.60<span class=\"_ _1\"></span>7)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb77 y57b9 w848 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">(4.10<span class=\"_ _1\"></span>8)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb78 y57b9 w849 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">2.82<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb79 y57b9 w80a h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb7a y57b9 w842 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">(4.919)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb7b y57b9 w84a h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">(2.096)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y57ba ff4 fs11 fc1 sc2 ls0 ws0\">I. Valore di bilancio ne<span class=\"_ _1\"></span>tto al 31 </td><td class=\"c n xb7c y53af w84b h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">9.488<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb7d y53af w84c h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">6<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb7e y53af w84d h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">1<span class=\"_ _1\"></span>.319<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb7f y53af w84e h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">10.870<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb80 y53af w84f h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">14.506<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb81 y53af w802 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">17<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb82 y53af w803 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">839<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb83 y53af w850 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">15.3<span class=\"_ _1\"></span>62<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y57bb ff4 fs11 fc1 sc2 ls0 ws0\">dicembre (A.3+F+G+H.3)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y57bc ff4 fs11 fc1 sc2 ls0 ws0\">L. Valore di bilancio finale </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y57be w800 h214\"><div class=\"t m2 x2b3 h44 y57bd ff4 fs11 fc1 sc0 ls0 ws0\">1. Cessioni in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">riassicurazione che<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x944 y57be w851 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">11.002<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb84 y57be w818 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">64<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb85 y57be w852 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">186<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb86 y57be w853 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">11.252<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb87 y57be w84f h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">14.506<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb88 y57be w802 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">17<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb89 y57be w803 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">839<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb8a y57be w850 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">1<span class=\"_ _1\"></span>5.362<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y57bf ff4 fs11 fc1 sc0 ls0 ws0\">costituiscono attivit\u00e0<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y57c1 w800 h215\"><div class=\"t m2 x2b3 h44 y57c0 ff4 fs11 fc1 sc0 ls0 ws0\">2. Cessioni in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">riassicurazione che<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x944 y57c1 w854 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">(1.515)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb8b y57c1 w80a h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb8c y57c1 w855 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">1.133<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb8d y57c1 w856 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">(382)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb8e y57c1 w81e h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb8f y57c1 w80a h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb90 y57c1 w80a h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb91 y57c1 w80a h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y57c2 ff4 fs11 fc1 sc0 ls0 ws0\">costituiscono passivit\u00e0<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y57c3 ff4 fs11 fc1 sc2 ls0 ws0\">3. Valore netto di bilanci<span class=\"_ _1\"></span>o al </td><td class=\"c n xb7c y57c4 w857 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">9.487<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb92 y57c4 w818 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">64<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb93 y57c4 w858 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">1.319<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb94 y57c4 w84e h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">10.870<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb95 y57c4 w84f h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">14.506<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb96 y57c4 w802 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">17<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb97 y57c4 w803 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">839<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb98 y57c4 w850 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">15.3<span class=\"_ _1\"></span>62<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y57c5 ff4 fs11 fc1 sc2 ls0 ws0\">31 dicembre<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div>Dinamica del valore<span class=\"_ _1\"></span> di bilancio delle <span class=\"_ _1\"></span>cessioni in riass<span class=\"_ _1\"></span>icurazione distinta per ele<span class=\"_ _1\"></span>menti sottostanti alla misurazione<span class=\"_ _3a1\"> </span>Elementi<span class=\"_ _1\"></span> sottost<span class=\"_ _1\"></span>anti alla mi<span class=\"_ _1\"></span>surazione del<span class=\"_ _1\"></span> valore <span class=\"_ _1\"></span>di bilancio<span class=\"_ _3a1\"> </span> delle cess<span class=\"_ _1\"></span>ioni in ri<span class=\"_ _1\"></span>assicur<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span>Elementi<span class=\"_ _1\"></span> sottost<span class=\"_ _1\"></span>anti alla mi<span class=\"_ _1\"></span>surazione del<span class=\"_ _1\"></span> valore <span class=\"_ _1\"></span>di bilancio<span class=\"_ _3a1\"> </span> delle cess<span class=\"_ _1\"></span>ioni in ri<span class=\"_ _1\"></span>assicur<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span>Valore<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> Aggius<span class=\"_ _1\"></span>tamento  Valore<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> Aggius<span class=\"_ _1\"></span>tamento  Voci/Scom<span class=\"_ _1\"></span>posizio<span class=\"_ _1\"></span>ne<span class=\"_ _3a1\"> </span> attuale<span class=\"_ _1\"></span> dei<span class=\"_ _3a1\"> </span> per i ri<span class=\"_ _1\"></span>schi non  Margine su<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span> attuale<span class=\"_ _1\"></span> dei<span class=\"_ _3a1\"> </span> per i ri<span class=\"_ _1\"></span>schi non  Margine su<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span> valore <span class=\"_ _1\"></span>di bilancio<span class=\"_ _3a1\"> </span>fluss<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span> finanziari<span class=\"_ _3a1\"> </span>servizi<span class=\"_ _3a1\"> </span> Totale<span class=\"_ _3a1\"> </span>fluss<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span> finanziari<span class=\"_ _3a1\"> </span>servizi<span class=\"_ _3a1\"> </span> Totale<span class=\"_ _3a1\"> </span>finanziari<span class=\"_ _3a1\"> </span>contratt<span class=\"_ _1\"></span>uali<span class=\"_ _3a1\"> </span>31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span>finanziari<span class=\"_ _3a1\"> </span>contratt<span class=\"_ _1\"></span>uali<span class=\"_ _3a1\"> </span>31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span>31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span>31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span>31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span>31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span>31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span>31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span>A. Valore di bilancio<span class=\"_ _1\"></span> iniziale<span class=\"_ _3a1\"> </span>1. Cessioni in<span class=\"_ _3a1\"> </span>riassicurazione che<span class=\"_ _3a1\"> </span>13.447<span class=\"_ _3a1\"> </span>508<span class=\"_ _3a1\"> </span>1.408<span class=\"_ _3a1\"> </span>15.363<span class=\"_ _3a1\"> </span>17.98<span class=\"_ _1\"></span>9<span class=\"_ _3a1\"> </span>627<span class=\"_ _3a1\"> </span>1.789<span class=\"_ _3a1\"> </span>20.405<span class=\"_ _3a1\"> </span>costituiscono attivit\u00e0<span class=\"_ _3a1\"> </span>2. Cessioni in<span class=\"_ _3a1\"> </span>riassicurazione che<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>costituiscono passivit\u00e0<span class=\"_ _3a1\"> </span>3. Valore netto di bilanci<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span> 13.447<span class=\"_ _3a1\"> </span>508<span class=\"_ _3a1\"> </span>1.408<span class=\"_ _3a1\"> </span>1<span class=\"_ _1\"></span>5.363<span class=\"_ _3a1\"> </span>17.99<span class=\"_ _1\"></span>0<span class=\"_ _3a1\"> </span>627<span class=\"_ _3a1\"> </span>1.789<span class=\"_ _3a1\"> </span>20<span class=\"_ _1\"></span>.406<span class=\"_ _3a1\"> </span>al 1\u00b0 gennaio<span class=\"_ _3a1\"> </span>B. Variazioni relative<span class=\"_ _1\"></span> ai servizi<span class=\"_ _3a1\"> </span>attuali<span class=\"_ _3a1\"> </span>1. Margine sui servizi<span class=\"_ _3a1\"> </span>contrattuali registrato in<span class=\"_ _3a1\"> </span>conto economico<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(59<span class=\"_ _1\"></span>5)<span class=\"_ _3a1\"> </span>(595)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(705<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span>(705)<span class=\"_ _3a1\"> </span>2. Variazione per rischi non<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(13<span class=\"_ _1\"></span>8)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(138)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(1<span class=\"_ _1\"></span>62)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(162)<span class=\"_ _3a1\"> </span>finanziari scaduti<span class=\"_ _3a1\"> </span>3. Modifiche connesse con<span class=\"_ _3a1\"> </span>(810)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(810)<span class=\"_ _3a1\"> </span>(1<span class=\"_ _1\"></span>.275)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(1.275)<span class=\"_ _3a1\"> </span>l'esperienza<span class=\"_ _3a1\"> </span>4. Totale<span class=\"_ _3a1\"> </span>(810)<span class=\"_ _3a1\"> </span>(1<span class=\"_ _1\"></span>38)<span class=\"_ _3a1\"> </span>(595)<span class=\"_ _3a1\"> </span>(1.543<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span>1<span class=\"_ _1\"></span>.275<span class=\"_ _3a1\"> </span>162<span class=\"_ _3a1\"> </span>70<span class=\"_ _1\"></span>5<span class=\"_ _3a1\"> </span>2.142<span class=\"_ _3a1\"> </span>C. Variazioni relative<span class=\"_ _1\"></span> a sevizi<span class=\"_ _3a1\"> </span> futuri<span class=\"_ _3a1\"> </span>1. Cambiamenti di stime<span class=\"_ _3a1\"> </span>che modificano il margine<span class=\"_ _3a1\"> </span>(615)<span class=\"_ _3a1\"> </span>(16)<span class=\"_ _3a1\"> </span>483<span class=\"_ _3a1\"> </span>(148)<span class=\"_ _3a1\"> </span>(2.518)<span class=\"_ _3a1\"> </span>(113)<span class=\"_ _3a1\"> </span>1<span class=\"_ _1\"></span>.655<span class=\"_ _3a1\"> </span>(97<span class=\"_ _1\"></span>6)<span class=\"_ _3a1\"> </span>sui servizi contrattuali<span class=\"_ _3a1\"> </span>2. Effetti dei contratti<span class=\"_ _3a1\"> </span>296<span class=\"_ _3a1\"> </span>61<span class=\"_ _3a1\"> </span>(3<span class=\"_ _1\"></span>57)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>514<span class=\"_ _3a1\"> </span>11<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span>(6<span class=\"_ _1\"></span>27)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>iscritti nell'esercizio<span class=\"_ _3a1\"> </span>3. Aggiustamento del<span class=\"_ _3a1\"> </span>margine sui servizi<span class=\"_ _3a1\"> </span> contrattuali connesso con<span class=\"_ _3a1\"> </span>recuperi relativi<span class=\"_ _3a1\"> </span> -<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>all\u2019iscrizione iniziale di<span class=\"_ _3a1\"> </span> contratti assicurativi<span class=\"_ _3a1\"> </span> sottostanti onerosi<span class=\"_ _3a1\"> </span>4. Rilasci della<span class=\"_ _3a1\"> </span> componente di recupero<span class=\"_ _3a1\"> </span> perdite diversi dalle<span class=\"_ _3a1\"> </span> -<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(4)<span class=\"_ _3a1\"> </span>(4)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(86)<span class=\"_ _3a1\"> </span>(86)<span class=\"_ _3a1\"> </span>variazioni dei flussi<span class=\"_ _3a1\"> </span> finanziari dei contratti di<span class=\"_ _3a1\"> </span> cessione in riassicurazione<span class=\"_ _3a1\"> </span>5. Variazioni dei flussi<span class=\"_ _3a1\"> </span>finanziari delle cessioni in<span class=\"_ _3a1\"> </span>riassicurazione derivanti<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>50<span class=\"_ _3a1\"> </span>50<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(59<span class=\"_ _1\"></span>4)<span class=\"_ _3a1\"> </span>(594)<span class=\"_ _3a1\"> </span>dai contratti assicurativi<span class=\"_ _3a1\"> </span> sottostanti onerosi<span class=\"_ _3a1\"> </span>6. Totale<span class=\"_ _3a1\"> </span>(319<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span>45<span class=\"_ _3a1\"> </span>1<span class=\"_ _1\"></span>72<span class=\"_ _3a1\"> </span>(102)<span class=\"_ _3a1\"> </span>(2.004)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>348<span class=\"_ _3a1\"> </span>(1.656<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span>D. Variazioni rel<span class=\"_ _1\"></span>ative a servizi<span class=\"_ _3a1\"> </span> 836<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>836<span class=\"_ _3a1\"> </span>(1<span class=\"_ _1\"></span>49)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(1<span class=\"_ _1\"></span>49)<span class=\"_ _3a1\"> </span>passati<span class=\"_ _3a1\"> </span>1. aggiustamenti all'attivit\u00e0<span class=\"_ _3a1\"> </span> 836<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>836<span class=\"_ _3a1\"> </span>(1<span class=\"_ _1\"></span>49)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(1<span class=\"_ _1\"></span>49)<span class=\"_ _3a1\"> </span>per sinistri accaduti<span class=\"_ _3a1\"> </span>E. Effetti delle variazion<span class=\"_ _1\"></span>i del<span class=\"_ _3a1\"> </span> -<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>rischio di inadempime<span class=\"_ _1\"></span>nto<span class=\"_ _3a1\"> </span>F. Risultato dei servizi<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> (293)<span class=\"_ _3a1\"> </span>(93)<span class=\"_ _3a1\"> </span>(423)<span class=\"_ _3a1\"> </span>(809)<span class=\"_ _3a1\"> </span>(3.42<span class=\"_ _1\"></span>8)<span class=\"_ _3a1\"> </span>(162)<span class=\"_ _3a1\"> </span>(35<span class=\"_ _1\"></span>7)<span class=\"_ _3a1\"> </span>(3.9<span class=\"_ _1\"></span>47)<span class=\"_ _3a1\"> </span>assicurativi (B+C+D+<span class=\"_ _1\"></span>E)<span class=\"_ _3a1\"> </span>G. Ricavi/costi<span class=\"_ _1\"></span> netti di natura<span class=\"_ _3a1\"> </span> finanziaria<span class=\"_ _3a1\"> </span>1. Relativi alle cessioni in<span class=\"_ _3a1\"> </span>riassicurazione<span class=\"_ _3a1\"> </span>437<span class=\"_ _3a1\"> </span>18<span class=\"_ _3a1\"> </span>(3<span class=\"_ _1\"></span>0)<span class=\"_ _3a1\"> </span>425<span class=\"_ _3a1\"> </span>981<span class=\"_ _3a1\"> </span>43<span class=\"_ _3a1\"> </span>(25)<span class=\"_ _3a1\"> </span>999<span class=\"_ _3a1\"> </span>1.1 Registrati in conto<span class=\"_ _3a1\"> </span> 121<span class=\"_ _3a1\"> </span>6<span class=\"_ _3a1\"> </span>(30)<span class=\"_ _3a1\"> </span>97<span class=\"_ _3a1\"> </span>9<span class=\"_ _1\"></span>2<span class=\"_ _3a1\"> </span>6<span class=\"_ _3a1\"> </span>(25)<span class=\"_ _3a1\"> </span>73<span class=\"_ _3a1\"> </span>economico<span class=\"_ _3a1\"> </span>1.2. Registrati nel conto<span class=\"_ _3a1\"> </span> 316<span class=\"_ _3a1\"> </span>12<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>328<span class=\"_ _3a1\"> </span>889<span class=\"_ _3a1\"> </span>37<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>926<span class=\"_ _3a1\"> </span>economico complessivo<span class=\"_ _3a1\"> </span>2. Effetti connessi con le<span class=\"_ _3a1\"> </span>variazioni dei tassi di<span class=\"_ _3a1\"> </span> -<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>cambio<span class=\"_ _3a1\"> </span>3. Totale<span class=\"_ _3a1\"> </span>437<span class=\"_ _3a1\"> </span>18<span class=\"_ _3a1\"> </span>(3<span class=\"_ _1\"></span>0)<span class=\"_ _3a1\"> </span>425<span class=\"_ _3a1\"> </span>981<span class=\"_ _3a1\"> </span>43<span class=\"_ _3a1\"> </span>(25)<span class=\"_ _3a1\"> </span>999<span class=\"_ _3a1\"> </span>H. Importo comples<span class=\"_ _1\"></span>sivo<span class=\"_ _3a1\"> </span> registrato in conto<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> economico e nel<span class=\"_ _1\"></span> conto<span class=\"_ _3a1\"> </span> 144<span class=\"_ _3a1\"> </span>(75)<span class=\"_ _3a1\"> </span>(453)<span class=\"_ _3a1\"> </span>(384)<span class=\"_ _3a1\"> </span>(2.447)<span class=\"_ _3a1\"> </span>(11<span class=\"_ _1\"></span>9)<span class=\"_ _3a1\"> </span>(382)<span class=\"_ _3a1\"> </span>(2<span class=\"_ _1\"></span>.948)<span class=\"_ _3a1\"> </span>economico co<span class=\"_ _1\"></span>mplessivo (F+<span class=\"_ _3a1\"> </span> G)<span class=\"_ _3a1\"> </span>I. Altre variazioni<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>L. Movimenti di cassa<span class=\"_ _3a1\"> </span>1. Premi pagati al netto di<span class=\"_ _3a1\"> </span>importi non connessi con i<span class=\"_ _3a1\"> </span>sinistri recuperati dai<span class=\"_ _3a1\"> </span>(501)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(501)<span class=\"_ _3a1\"> </span>2.823<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>2.82<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span>riassicuratori<span class=\"_ _3a1\"> </span>2. Importi recuperati dai<span class=\"_ _3a1\"> </span>(3.607)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(3.607)<span class=\"_ _3a1\"> </span>(4.919)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(4.919)<span class=\"_ _3a1\"> </span>riassicuratori<span class=\"_ _3a1\"> </span>3. Altri movimenti<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>4. Totale<span class=\"_ _3a1\"> </span>(4.108)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(4.108)<span class=\"_ _3a1\"> </span>(2.0<span class=\"_ _1\"></span>96)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(2<span class=\"_ _1\"></span>.096)<span class=\"_ _3a1\"> </span><div class=\"gsb8c\"><table class=\"s w8d5 h21a\" id=\"_07bc9a1b-8e70-4e44-aa2e-39f623174932\"><tr><td class=\"t m2 x58e h44 y5881 ff4 fs11 fc1 sc2 ls0 ws0\">M. Valore netto<span class=\"_ _1\"></span> di bilancio al </td><td class=\"c n x9a9 y5882 w8d6 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">9.483<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcc5 y5882 w8d7 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">13<span class=\"_ _1\"></span>.447<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcc6 y5882 w8d8 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">433<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcc7 y5882 w8d9 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">1<span class=\"_ _1\"></span>0.871<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcc8 y5882 w8da h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">1<span class=\"_ _1\"></span>3.447<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcc9 y5882 w8db h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">508<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcca y5882 w8dc h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">1<span class=\"_ _1\"></span>.407<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xccb y5882 w8dd h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">15.362<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y5883 ff4 fs11 fc1 sc2 ls0 ws0\">31 dicembre (A.3+<span class=\"_ _1\"></span>H+I+L.3)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5884 ff4 fs11 fc1 sc2 ls0 ws0\">N. Valore di bilancio<span class=\"_ _1\"></span> finale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5885 w800 h214\"><div class=\"t m2 x2b3 h44 y57bd ff4 fs11 fc1 sc0 ls0 ws0\">1. Cessioni in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">riassicurazione che<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xccc y5885 w8de h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">10.161<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xccd y5885 w85a h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">13.447<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcce y5885 w8df h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">235<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xccf y5885 w853 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">11.252<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcd0 y5885 w8e0 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">13<span class=\"_ _1\"></span>.447<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcd1 y5885 w8db h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">508<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcd2 y5885 w8e1 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">1.408<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcd3 y5885 w8e2 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">1<span class=\"_ _1\"></span>5.363<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y5886 ff4 fs11 fc1 sc0 ls0 ws0\">costituiscono attivit\u00e0<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5887 w800 h215\"><div class=\"t m2 x2b3 h44 y57c0 ff4 fs11 fc1 sc0 ls0 ws0\">2. Cessioni in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">riassicurazione che<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xccc y5887 w819 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">(680)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcd4 y5887 w809 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcd5 y5887 w892 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">198<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcd6 y5887 w856 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">(382)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcd7 y5887 w81e h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcd8 y5887 w81e h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcd9 y5887 w80a h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcda y5887 w80a h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y5888 ff4 fs11 fc1 sc0 ls0 ws0\">costituiscono passivit\u00e0<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5889 ff4 fs11 fc1 sc2 ls0 ws0\">3. Valore netto di bilanci<span class=\"_ _1\"></span>o </td><td class=\"c n x9b3 y57c4 w8e3 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">9.481<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcdb y57c4 w8d7 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">13<span class=\"_ _1\"></span>.447<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcdc y57c4 w8e4 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">433<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcdd y57c4 w84e h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">10.870<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcde y57c4 w8e5 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">13.447<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcdf y57c4 w8db h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">508<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xce0 y57c4 w43e h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">1.408<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xce1 y57c4 w8e6 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">1<span class=\"_ _1\"></span>5.363<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y588a ff4 fs11 fc1 sc2 ls0 ws0\">al 31 dicembre<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsb8f\">Dinamica del mar<span class=\"_ _1\"></span>gine sui servizi contr<span class=\"_ _1\"></span>attuali delle ces<span class=\"_ _1\"></span>sioni in riassicurazione r<span class=\"_ _1\"></span>ipartito in base ai contrat<span class=\"_ _1\"></span>ti esistenti al </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsb90\">momento <span class=\"_ _1\"></span>della transizione all\u2019IFRS 1<span class=\"_ _1\"></span>7 </div><div class=\"gsb91\"><table class=\"s w8a9 h219\" id=\"_06946690-1a37-4730-ad11-1ad494b8b64c\"><tr><td></td><td></td><td class=\"t m2 x5dd h44 y5831 ff4 fs11 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x7da h44 y5831 ff4 fs11 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 xc50 h44 y5832 ff4 fs11 fc4 sc3 ls0 ws0\">Nuovi contratti </td><td class=\"t m2 xc51 h44 y5832 ff4 fs11 fc4 sc3 ls0 ws0\">Contratti </td><td></td><td></td><td></td><td class=\"t m2 x7cf h44 y5832 ff4 fs11 fc4 sc3 ls0 ws0\">Nuovi contratti </td><td></td><td class=\"t m2 x9d6 h44 y5832 ff4 fs11 fc4 sc3 ls0 ws0\">Contratti </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 xacd h44 y5833 ff4 fs11 fc4 sc3 ls0 ws0\">Contratti </td><td></td><td></td><td></td><td></td><td class=\"t m2 xc52 h44 y5833 ff4 fs11 fc4 sc3 ls0 ws0\">Contratti </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 xc53 h44 y5834 ff4 fs11 fc4 sc3 ls0 ws0\">e contratti </td><td class=\"t m2 xc51 h44 y5834 ff4 fs11 fc4 sc3 ls0 ws0\">misurati </td><td></td><td></td><td></td><td class=\"t m2 xc54 h44 y5834 ff4 fs11 fc4 sc3 ls0 ws0\">e contratti </td><td></td><td class=\"t m2 x9a1 h44 y5834 ff4 fs11 fc4 sc3 ls0 ws0\">misurati </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 xc55 h44 y5835 ff4 fs11 fc4 sc3 ls0 ws0\">misurati alla </td><td></td><td class=\"t m2 x880 h44 y5835 ff4 fs11 fc4 sc3 ls0 ws0\">Contratt<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 x7e1 h44 y5835 ff4 fs11 fc4 sc3 ls0 ws0\">misurati alla </td><td></td><td class=\"t m2 x811 h44 y5835 ff4 fs11 fc4 sc3 ls0 ws0\">Contratt<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"t m2 x879 h44 y5836 ff4 fs11 fc4 sc3 ls0 ws0\">misurati alla </td><td class=\"t m2 xc51 h44 y5836 ff4 fs11 fc4 sc3 ls0 ws0\">alla data </td><td></td><td></td><td></td><td class=\"t m2 x873 h44 y5836 ff4 fs11 fc4 sc3 ls0 ws0\">misurati alla </td><td></td><td class=\"t m2 x9a1 h44 y5836 ff4 fs11 fc4 sc3 ls0 ws0\">alla data </td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x7c5 h44 y5837 ff4 fs11 fc4 sc3 ls0 ws0\">data di </td><td class=\"t m2 x7db h44 y5838 ff4 fs11 fc4 sc3 ls0 ws0\">data di </td><td class=\"t m2 x80e h44 y5837 ff4 fs11 fc4 sc3 ls0 ws0\">di </td><td class=\"t m2 x88b h44 y5838 ff4 fs11 fc4 sc3 ls0 ws0\">i </td><td></td><td class=\"t m2 xc56 h44 y5837 ff4 fs11 fc4 sc3 ls0 ws0\">data di </td><td class=\"t m2 xb9a h44 y5838 ff4 fs11 fc4 sc3 ls0 ws0\">data di </td><td class=\"t m2 xc57 h44 y5837 ff4 fs11 fc4 sc3 ls0 ws0\">di </td><td class=\"t m2 x890 h44 y5838 ff4 fs11 fc4 sc3 ls0 ws0\">i </td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x931 h44 y5839 ff4 fs11 fc4 sc3 ls0 ws0\">transizione<span class=\"_ _1\"></span> con </td><td></td><td class=\"t m2 x880 h44 y5839 ff4 fs11 fc4 sc3 ls0 ws0\">oggetto </td><td class=\"t m2 x881 h44 y5839 ff4 fs11 fc4 sc3 ls0 ws0\">Total<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc58 h44 y5839 ff4 fs11 fc4 sc3 ls0 ws0\">transizione<span class=\"_ _1\"></span> con </td><td></td><td class=\"t m2 x811 h44 y5839 ff4 fs11 fc4 sc3 ls0 ws0\">oggetto </td><td class=\"t m2 xc59 h44 y5839 ff4 fs11 fc4 sc3 ls0 ws0\">Total<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x887 h44 y583a ff4 fs11 fc4 sc3 ls0 ws0\">transizione<span class=\"_ _1\"></span> con </td><td class=\"t m2 xc5a h44 y583a ff4 fs11 fc4 sc3 ls0 ws0\" colspan=\"2\">transizion<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 x88d h44 y583a ff4 fs11 fc4 sc3 ls0 ws0\">transizione<span class=\"_ _1\"></span> con </td><td></td><td class=\"t m2 xc5b h44 y583a ff4 fs11 fc4 sc3 ls0 ws0\">transizion<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 xc5c h44 y583b ff4 fs11 fc4 sc3 ls0 ws0\">il metodo </td><td></td><td class=\"t m2 x99f h44 y583b ff4 fs11 fc4 sc3 ls0 ws0\">di </td><td class=\"t m2 xad1 h44 y583b ff4 fs11 fc4 sc3 ls0 ws0\">e<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc52 h44 y583b ff4 fs11 fc4 sc3 ls0 ws0\">il metodo </td><td></td><td class=\"t m2 xc5d h44 y583b ff4 fs11 fc4 sc3 ls0 ws0\">di </td><td class=\"t m2 xc5e h44 y583b ff4 fs11 fc4 sc3 ls0 ws0\">e<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x97c h44 y583c ff4 fs11 fc4 sc3 ls0 ws0\">il metodo </td><td class=\"t m2 x92f h44 y583c ff4 fs11 fc4 sc3 ls0 ws0\" colspan=\"2\">e con il </td><td></td><td></td><td class=\"t m2 x7e0 h44 y583c ff4 fs11 fc4 sc3 ls0 ws0\">il metodo </td><td></td><td class=\"t m2 x810 h44 y583c ff4 fs11 fc4 sc3 ls0 ws0\">e con il </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x931 h44 y583d ff4 fs11 fc4 sc3 ls0 ws0\">dell\u2019applicazion<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc5f h44 y583d ff4 fs11 fc4 sc3 ls0 ws0\">carve-<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xc60 h44 y583d ff4 fs11 fc4 sc3 ls0 ws0\">dell\u2019applicazion<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7d3 h44 y583d ff4 fs11 fc4 sc3 ls0 ws0\">carve-<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"t m2 x887 h44 y583e ff4 fs11 fc4 sc3 ls0 ws0\">dell\u2019applicazion<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc51 h44 y583e ff4 fs11 fc4 sc3 ls0 ws0\" colspan=\"2\">metodo </td><td></td><td></td><td class=\"t m2 x88d h44 y583e ff4 fs11 fc4 sc3 ls0 ws0\">dell\u2019applicazion<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x9a1 h44 y583e ff4 fs11 fc4 sc3 ls0 ws0\">metodo </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 xc55 h44 y583f ff4 fs11 fc4 sc3 ls0 ws0\">e retroattiva </td><td></td><td class=\"t m2 xc61 h44 y583f ff4 fs11 fc4 sc3 ls0 ws0\">out<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 x7e1 h44 y583f ff4 fs11 fc4 sc3 ls0 ws0\">e retroattiva </td><td></td><td class=\"t m2 xc62 h44 y583f ff4 fs11 fc4 sc3 ls0 ws0\">out<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"t m2 x879 h44 y5840 ff4 fs11 fc4 sc3 ls0 ws0\">e retroattiva </td><td class=\"t m2 x92f h44 y5840 ff4 fs11 fc4 sc3 ls0 ws0\" colspan=\"2\">del fair </td><td></td><td></td><td class=\"t m2 x873 h44 y5840 ff4 fs11 fc4 sc3 ls0 ws0\">e retroattiva </td><td></td><td class=\"t m2 x810 h44 y5840 ff4 fs11 fc4 sc3 ls0 ws0\">del fair </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 xc63 h44 y5841 ff4 fs11 fc4 sc3 ls0 ws0\">modificata </td><td></td><td></td><td></td><td></td><td class=\"t m2 xc64 h44 y5841 ff4 fs11 fc4 sc3 ls0 ws0\">modificata </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x7d5 h44 y5842 ff4 fs11 fc4 sc3 ls0 ws0\">piena<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc65 h44 y5842 ff4 fs11 fc4 sc3 ls0 ws0\" colspan=\"2\">value<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xc66 h44 y5842 ff4 fs11 fc4 sc3 ls0 ws0\">piena<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc67 h44 y5842 ff4 fs11 fc4 sc3 ls0 ws0\">value<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5843 ff4 fs11 fc1 sc2 ls0 ws0\">Margine sui </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5844 ff4 fs11 fc1 sc2 ls0 ws0\">servizi </td><td class=\"c n xc68 y5845 w8aa h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(1.197)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc69 y5845 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc6a y5845 w8ab h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">2.605<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc6b y5845 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc6c y5845 w8ac h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">1<span class=\"_ _1\"></span>.408<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc6d y5845 w8ad h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(225)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc6e y5845 w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc6f y5845 w8ae h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">2.01<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc70 y5845 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc71 y5845 w8af h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">1.789<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y5846 ff4 fs11 fc1 sc2 ls0 ws0\">contrattuali \u2013 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5847 ff4 fs11 fc1 sc2 ls0 ws0\">Esistenze iniziali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x58e y5848 w193 h66\"><div class=\"t m2 x0 h44 y26db ff4 fs11 fc1 sc2 ls0 ws0\">Variazioni </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5849 ff4 fs11 fc1 sc2 ls0 ws0\">riferite ai servizi </td><td class=\"c n xc72 y584a w894 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">696<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc73 y584a w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc74 y584a w8b0 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(1.291)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc75 y584a w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc76 y584a w867 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(595)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc77 y584a w863 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">276<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc78 y584a w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc79 y584a w8b1 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(1.072)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc7a y584a w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc7b y584a w8b2 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(796)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y584b ff4 fs11 fc1 sc2 ls0 ws0\">attuali<span class=\"_ _3a1\"> </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 class=\"t m2 xae4 h44 y584c ff4 fs11 fc1 sc0 ls0 ws0\">- Margine sui </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y584d ff4 fs11 fc1 sc0 ls0 ws0\">servizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y584e ff4 fs11 fc1 sc0 ls0 ws0\">contrattuali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y584f w8b3 h214\"><div class=\"t m2 x2b3 h44 y5764 ff4 fs11 fc1 sc0 ls0 ws0\">rilevato in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">conto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc72 y5850 w894 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">696<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc73 y5850 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc74 y5850 w8b0 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(1.291)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc75 y5850 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc76 y5850 w867 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(595)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc77 y5850 w863 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">276<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc78 y5850 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc79 y5850 w8b1 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(1.072)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc7a y5850 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc7b y5850 w8b2 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(796)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y5851 ff4 fs11 fc1 sc0 ls0 ws0\">economico </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5852 w8b4 h215\"><div class=\"t m2 x2b3 h44 y5775 ff4 fs11 fc1 sc0 ls0 ws0\">per riflettere i<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">servizi ricevuti<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x58e y5853 w193 h66\"><div class=\"t m2 x0 h44 y26e1 ff4 fs11 fc1 sc2 ls0 ws0\">Variazioni </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5854 ff4 fs11 fc1 sc2 ls0 ws0\">riferite ai servizi </td><td class=\"c n xc7c y5855 w8b1 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(1.270)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc7d y5855 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc7e y5855 w8b5 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">1.442<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc7f y5855 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc80 y5855 w8b6 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">172<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc81 y5855 w8b7 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(1.226)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc82 y5855 w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc83 y5855 w8b8 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">1.66<span class=\"_ _1\"></span>1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc84 y5855 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc85 y5855 w8b9 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">435<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y5856 ff4 fs11 fc1 sc2 ls0 ws0\">futuri<span class=\"_ _3a1\"> </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 class=\"t m2 xae4 h44 y5857 ff4 fs11 fc1 sc0 ls0 ws0\">- Variazioni </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5858 ff4 fs11 fc1 sc0 ls0 ws0\">delle stime </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5859 ff4 fs11 fc1 sc0 ls0 ws0\">che </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y585a ff4 fs11 fc1 sc0 ls0 ws0\">modificano il<span class=\"_ _3a1\"> </span></td><td class=\"c n xc86 y585b w8ba h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(913)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc87 y585b w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc88 y585b w8bb h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">1.442<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc89 y585b w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc8a y585b w8bc h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">529<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc8b y585b w8bd h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(599)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc8c y585b w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc8d y585b w8b8 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">1.66<span class=\"_ _1\"></span>1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc8e y585b w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc8f y585b w8be h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">1.062<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y585c ff4 fs11 fc1 sc0 ls0 ws0\">margine sui </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y585d ff4 fs11 fc1 sc0 ls0 ws0\">servizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y585e ff4 fs11 fc1 sc0 ls0 ws0\">contrattuali<span class=\"_ _3a1\"> </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 class=\"c xadb y585f w8bf h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xc90 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">Effetti dei<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5860 ff4 fs11 fc1 sc0 ls0 ws0\">contratti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5861 ff4 fs11 fc1 sc0 ls0 ws0\">inizialmente </td><td class=\"c n xc91 y544c w8c0 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(357)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc92 y544c w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc93 y544c w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc94 y544c w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc95 y544c w867 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(3<span class=\"_ _1\"></span>57)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc96 y544c w8c1 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(62<span class=\"_ _1\"></span>7)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc97 y544c w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc98 y544c w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc99 y544c w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc9a y544c w8c2 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(627)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y5862 ff4 fs11 fc1 sc0 ls0 ws0\">rilevati </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5863 ff4 fs11 fc1 sc0 ls0 ws0\">nell\u2019esercizio </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5864 ff4 fs11 fc1 sc0 ls0 ws0\">di riferimento<span class=\"_ _3a1\"> </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 class=\"c x58e y5865 w195 h66\"><div class=\"t m2 x0 h44 y26e6 ff4 fs11 fc1 sc2 ls0 ws0\">Ricavi/costi<span class=\"_ _1\"></span> netti </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5866 ff4 fs11 fc1 sc2 ls0 ws0\">di natura </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5867 ff4 fs11 fc1 sc2 ls0 ws0\">finanziaria </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5868 ff4 fs11 fc1 sc0 ls0 ws0\">1. Relativi alle </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5869 w8c3 h215\"><div class=\"t m2 x2b3 h44 y5775 ff4 fs11 fc1 sc0 ls0 ws0\">cessioni in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">riassicurazion<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc9b y586a w8c4 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(38)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc9c y586a w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc9d y586a w8c5 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">8<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc9e y586a w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc9f y586a w8c6 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(30)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xca0 y586a w8c7 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(23)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xca1 y586a w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xca2 y586a w8c8 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xca3 y586a w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xca4 y586a w8c9 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(22<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y586b ff4 fs11 fc1 sc0 ls0 ws0\">e<span class=\"_ _3a1\"> </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 class=\"t m2 xae4 h44 y586c ff4 fs11 fc1 sc0 ls0 ws0\">2. Effetti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y586d ff4 fs11 fc1 sc0 ls0 ws0\">connessi con<span class=\"_ _3a1\"> </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 class=\"t m2 xae4 h44 y586e ff4 fs11 fc1 sc0 ls0 ws0\">le variazioni </td><td class=\"c n xca5 y586f w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xca6 y586f w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xca7 y586f w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xca8 y586f w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xca9 y586f w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcaa y586f w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcab y586f w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcac y586f w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcad y586f w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcae y586f w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y5870 ff4 fs11 fc1 sc0 ls0 ws0\">dei tassi di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5871 ff4 fs11 fc1 sc0 ls0 ws0\">cambio<span class=\"_ _3a1\"> </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 class=\"t m2 x800 h9f y5872 ff4 fs23 fc1 sc2 ls0 ws0\">3. Totale<span class=\"_ _3a1\"> </span></td><td class=\"c n xc9b y5485 w8c4 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(38)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc9c y5485 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc9d y5485 w8c5 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">8<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc9e y5485 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc9f y5485 w8c6 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(30)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xca0 y5485 w8ca h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(23<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcaf y5485 w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcb0 y5485 w8c8 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcb1 y5485 w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcb2 y5485 w8cb h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(22)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h9f y5873 ff4 fs23 fc1 sc2 ls0 ws0\">Altri movimenti<span class=\"_ _3a1\"> </span></td><td class=\"c n xca5 y5874 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xca6 y5874 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xca7 y5874 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xca8 y5874 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xca9 y5874 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcaa y5874 w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcab y5874 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcac y5874 w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcad y5874 w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcae y5874 w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y5875 ff4 fs11 fc1 sc2 ls0 ws0\">Totale variazioni<span class=\"_ _1\"></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 class=\"c x2d7 y5876 w8cc h214\"><div class=\"t m2 x2b3 h44 y5764 ff4 fs11 fc1 sc2 ls0 ws0\">riconosciute in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">conto<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5877 ff4 fs11 fc1 sc2 ls0 ws0\">economico e nel<span class=\"_ _1\"></span> </td><td class=\"c n xc86 y5878 w86c h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(612)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcb3 y5878 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcb4 y5878 w661 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">159<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcb5 y5878 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcb6 y5878 w52a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(453)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcb7 y5878 w8bd h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(97<span class=\"_ _1\"></span>3)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcb8 y5878 w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcb9 y5878 w8cd h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">59<span class=\"_ _1\"></span>0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcba y5878 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcbb y5878 w8ce h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(3<span class=\"_ _1\"></span>83)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y5879 ff4 fs11 fc1 sc2 ls0 ws0\">conto </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y587a ff4 fs11 fc1 sc2 ls0 ws0\">economico </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y587b ff4 fs11 fc1 sc2 ls0 ws0\">complessivo<span class=\"_ _3a1\"> </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 class=\"t m2 x58e h44 y587c ff4 fs11 fc1 sc2 ls0 ws0\">Margine sui </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y587d ff4 fs11 fc1 sc2 ls0 ws0\">servizi </td><td class=\"c n xc7c y587e w8cf h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(1.809)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcbc y587e w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcbd y587e w8d0 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">2<span class=\"_ _1\"></span>.764<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcbe y587e w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcbf y587e w8d1 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">9<span class=\"_ _1\"></span>55<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcc0 y587e w8d2 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(1.198)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcc1 y587e w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcc2 y587e w8d3 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">2.604<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcc3 y587e w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcc4 y587e w8d4 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">1.406<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y587f ff4 fs11 fc1 sc2 ls0 ws0\">contrattuali \u2013 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5880 ff4 fs11 fc1 sc2 ls0 ws0\">Rimanenze finali<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div>Element<span class=\"_ _1\"></span>i sottostanti alla misurazione<span class=\"_ _1\"></span> delle cessioni in riass<span class=\"_ _1\"></span>icurazione iscritte<span class=\"_ _1\"></span> nell'esercizio<span class=\"_ _3a1\"> </span><table class=\"s w8e7 h21b\" id=\"_0afc47dc-dc43-482f-85c4-9ba91f219f6d\"><tr><td></td><td></td><td class=\"t m2 xce2 h19 y588b ff4 fsb fc4 sc3 ls0 ws0\">Contratti<span class=\"_ _1\"></span> originati<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xce3 h19 y588b ff4 fsb fc4 sc3 ls0 ws0\">Contratti<span class=\"_ _1\"></span> originati<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 xad0 h19 y588c ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xce4 h19 y588c ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 xce5 h19 y588d ff4 fsb fc4 sc3 ls0 ws0\">Voci/Gru<span class=\"_ _1\"></span>ppi di contr<span class=\"_ _1\"></span>atti<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce6 h19 y588d ff4 fsb fc4 sc3 ls0 ws0\">Contratti<span class=\"_ _1\"></span> senza </td><td class=\"t m2 x9a5 h19 y588d ff4 fsb fc4 sc3 ls0 ws0\">Contratti<span class=\"_ _1\"></span> con </td><td></td><td class=\"t m2 x93d h19 y588d ff4 fsb fc4 sc3 ls0 ws0\">Contratti<span class=\"_ _1\"></span> senza </td><td class=\"t m2 xce7 h19 y588d ff4 fsb fc4 sc3 ls0 ws0\">Contratti<span class=\"_ _1\"></span> con </td><td></td></tr><tr><td></td><td class=\"t m2 xce8 h19 y588e ff4 fsb fc4 sc3 ls0 ws0\">compone<span class=\"_ _1\"></span>nte di </td><td class=\"t m2 xce9 h19 y588e ff4 fsb fc4 sc3 ls0 ws0\">compone<span class=\"_ _1\"></span>nte di </td><td class=\"t m2 xcea h19 y588f ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93d h19 y588e ff4 fsb fc4 sc3 ls0 ws0\">compone<span class=\"_ _1\"></span>nte di </td><td class=\"t m2 xceb h19 y588e ff4 fsb fc4 sc3 ls0 ws0\">compone<span class=\"_ _1\"></span>nte di </td><td class=\"t m2 xcec h19 y588f ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x889 h19 y5890 ff4 fsb fc4 sc3 ls0 ws0\">recupero </td><td class=\"t m2 x7dd h19 y5890 ff4 fsb fc4 sc3 ls0 ws0\">recupero </td><td></td><td class=\"t m2 xced h19 y5890 ff4 fsb fc4 sc3 ls0 ws0\">recupero </td><td class=\"t m2 xcee h19 y5890 ff4 fsb fc4 sc3 ls0 ws0\">recupero </td><td></td></tr><tr><td class=\"c x58e y5891 w196 h66\"><div class=\"t m2 x0 h44 y1561 ff4 fs11 fc1 sc0 ls0 ws0\">A. Stima del valore attuale dei flussi<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7c6 h19 y5892 ff4 fsb fc4 sc3 ls0 ws0\">perdite<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e6 h19 y5892 ff4 fsb fc4 sc3 ls0 ws0\">perdita<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xcef h19 y5892 ff4 fsb fc4 sc3 ls0 ws0\">perdite<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d6 h19 y5892 ff4 fsb fc4 sc3 ls0 ws0\">perdita<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"c n xcf0 y5893 w8e8 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">(1.563)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcf1 y5893 w81e h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcf2 y5893 w8e8 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">(1.563)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcf3 y5893 w8e9 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">(2.844)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcf4 y5893 w81e h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcf5 y5893 w8e9 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">(2.844)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y5894 ff4 fs11 fc1 sc0 ls0 ws0\">finanziari in uscita<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5895 ff4 fs11 fc1 sc0 ls0 ws0\">di cui: Flussi finanziari connessi con </td><td class=\"c n xcf6 y5896 w81e h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcf7 y5896 w815 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcf8 y5896 w81e h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcf9 y5896 w81e h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcfa y5896 w81e h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcfb y5896 w815 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y5897 ff4 fs11 fc1 sc0 ls0 ws0\">l'acquisizione dei contratti<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5898 ff4 fs11 fc1 sc0 ls0 ws0\">B. Stima del valore attuale dei flussi<span class=\"_ _3a1\"> </span></td><td class=\"c n xcf0 y5899 w751 h21c\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(1.859)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcfc y5899 w815 h21c\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcfd y5899 w751 h21c\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(1.859)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcfe y5899 w8ea h21c\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(3.357)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcff y5899 w815 h21c\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd00 y5899 w8eb h21c\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(3.3<span class=\"_ _1\"></span>57)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y589a ff4 fs11 fc1 sc0 ls0 ws0\">finanziari in entrata<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y589b ff4 fs11 fc1 sc2 ls0 ws0\">C. Stima del valore<span class=\"_ _1\"></span> attuale netto dei flussi </td><td class=\"c n xd01 y589c w833 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">296<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd02 y589c w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd03 y589c w8ec h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">2<span class=\"_ _1\"></span>96<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd04 y589c w8ed h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">5<span class=\"_ _1\"></span>13<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd05 y589c w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd06 y589c w8ee h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">513<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y589d ff4 fs11 fc1 sc2 ls0 ws0\">finanziari futuri (A-B<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x58e y589e w133 h66\"><div class=\"t m2 x0 h44 y9f4 ff4 fs11 fc1 sc0 ls0 ws0\">D. Stima aggisutamento per i rischi non<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd07 y589f w8ef h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">61<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd08 y589f w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd09 y589f w8ef h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">61<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd0a y589f w8f0 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">113<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd0b y589f w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd0c y589f w8f1 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">1<span class=\"_ _1\"></span>13<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y58a0 ff4 fs11 fc1 sc0 ls0 ws0\">finanziari<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y58a1 ff4 fs11 fc1 sc0 ls0 ws0\">E. Eliminazione contabile di gi\u00e0 iscritti<span class=\"_ _3a1\"> </span></td><td class=\"c n xcf6 y58a2 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcf7 y58a2 w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcf8 y58a2 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcf9 y58a2 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcfa y58a2 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcfb y58a2 w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y58a3 ff4 fs11 fc1 sc0 ls0 ws0\">flussi finanziari<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y58a4 w8f2 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">F. Margine sui servizi contrattuali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd0d y58a4 w867 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(3<span class=\"_ _1\"></span>57)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd0e y58a4 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd0f y58a4 w8c0 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(357)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd10 y58a4 w8f3 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(627)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd11 y58a4 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd12 y58a4 w8f4 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(6<span class=\"_ _1\"></span>27)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x2d7 y58a5 w8f5 h214\"><div class=\"t m2 x2b3 h44 y5764 ff4 fs11 fc1 sc2 ls0 ws0\">G. Incremento dell'attivit<span class=\"_ _1\"></span>\u00e0 per cessioni in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">riassicurazione reg<span class=\"_ _1\"></span>istrato nell'esercizio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcf6 y58a6 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcf7 y58a6 w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcf8 y58a6 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd13 y58a6 w8f6 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(1<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd14 y58a6 w8f7 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _119\"> </span>(1)<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x58e h44 y58a7 ff4 fs11 fc1 sc2 ls0 ws0\">per efffetto dell'iscrizion<span class=\"_ _1\"></span>e di nuovi </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y58a8 ff4 fs11 fc1 sc2 ls0 ws0\">contratti (C+D+E+F<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Cessioni in riass<span class=\"_ _1\"></span>icurazione - Margine <span class=\"_ _1\"></span>sui servizi contrattuali rip<span class=\"_ _1\"></span>artito per tempi att<span class=\"_ _1\"></span>esi di registrazione in cont<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span>economico<span class=\"_ _3a1\"> </span><table class=\"s w8f8 h21d\" id=\"_53dc63d4-a1da-4501-ba3e-5379e42b3694\"><tr><td class=\"t m2 xd16 h8e y58a9 ff4 fs18 fc4 sc3 ls0 ws0\">Basi di </td><td></td><td class=\"t m2 xd17 h8e y58a9 ff4 fs18 fc4 sc3 ls0 ws0\">Da oltre 1 </td><td class=\"t m2 xd18 h8e y58aa ff4 fs18 fc4 sc3 ls0 ws0\">Da oltre </td><td class=\"t m2 xd19 h8e y58aa ff4 fs18 fc4 sc3 ls0 ws0\">Da oltre </td><td class=\"t m2 xd1a h8e y58aa ff4 fs18 fc4 sc3 ls0 ws0\">Da oltre </td><td class=\"t m2 xd1b h8e y58aa ff4 fs18 fc4 sc3 ls0 ws0\">Da oltre </td><td class=\"t m2 xd1c h8e y58aa ff4 fs18 fc4 sc3 ls0 ws0\">Da oltre </td><td></td><td></td></tr><tr><td class=\"t m2 xd1d h8e y58ab ff4 fs18 fc4 sc3 ls0 ws0\">aggregazione/Te<span class=\"_ _2\"></span>mpi di </td><td class=\"t m2 xd1e h8e y58ac ff4 fs18 fc4 sc3 ls0 ws0\">Fino a 1 </td><td class=\"t m2 xd17 h8e y58ab ff4 fs18 fc4 sc3 ls0 ws0\">anno fino </td><td class=\"t m2 xd1f h8e y58ac ff4 fs18 fc4 sc3 ls0 ws0\">2 anni </td><td class=\"t m2 xd20 h8e y58ac ff4 fs18 fc4 sc3 ls0 ws0\">3 anni </td><td class=\"t m2 xd21 h8e y58ac ff4 fs18 fc4 sc3 ls0 ws0\">4 anni </td><td class=\"t m2 xd22 h8e y58ac ff4 fs18 fc4 sc3 ls0 ws0\">5 anni </td><td class=\"t m2 xd23 h8e y58ac ff4 fs18 fc4 sc3 ls0 ws0\">10 anni </td><td class=\"t m2 xd24 h8e y58ac ff4 fs18 fc4 sc3 ls0 ws0\">Oltre 20 </td><td class=\"t m2 xd25 h8e y58ab ff4 fs18 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xd16 h8e y58ad ff4 fs18 fc4 sc3 ls0 ws0\">attesa<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd26 h8e y58ae ff4 fs18 fc4 sc3 ls0 ws0\">anno<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd27 h8e y58ad ff4 fs18 fc4 sc3 ls0 ws0\">a 2 anni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd28 h8e y58ae ff4 fs18 fc4 sc3 ls0 ws0\">fino a 3 </td><td class=\"t m2 xd19 h8e y58ae ff4 fs18 fc4 sc3 ls0 ws0\">fino a 4 </td><td class=\"t m2 xd29 h8e y58ae ff4 fs18 fc4 sc3 ls0 ws0\">fino a 5 </td><td class=\"t m2 xd1b h8e y58ae ff4 fs18 fc4 sc3 ls0 ws0\">fino a 10 </td><td class=\"t m2 xd2a h8e y58ae ff4 fs18 fc4 sc3 ls0 ws0\">fino a </td><td class=\"t m2 xd2b h8e y58ae ff4 fs18 fc4 sc3 ls0 ws0\">anni<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 xd2c h8e y58af ff4 fs18 fc4 sc3 ls0 ws0\">anni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd2d h8e y58af ff4 fs18 fc4 sc3 ls0 ws0\">anni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd2e h8e y58af ff4 fs18 fc4 sc3 ls0 ws0\">anni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd2f h8e y58af ff4 fs18 fc4 sc3 ls0 ws0\">anni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd23 h8e y58af ff4 fs18 fc4 sc3 ls0 ws0\">20 anni<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"c n xd30 y58b1 w8f9 h21e\"><div class=\"t m2 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">Segmento Vita<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd31 y58b1 w8fa h21e\"><div class=\"t m2 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">38,82<span class=\"_ _2\"></span>%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd32 y58b1 w8fb h21e\"><div class=\"t m2 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">25,09%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd33 y58b1 w8fc h21e\"><div class=\"t m2 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">15,81%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd34 y58b1 w8fd h21e\"><div class=\"t m2 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">9,57%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd35 y58b1 w8fe h21e\"><div class=\"t m2 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">5,40%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd36 y58b1 w8ff h21e\"><div class=\"t m2 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">4,89%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd37 y58b1 w900 h21e\"><div class=\"t m2 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">0,41%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd38 y58b1 w901 h21e\"><div class=\"t m2 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">0,01%</div></td><td class=\"t m2 xd39 h8e y58b2 ff4 fs18 fc1 sc2 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xd3a h8e y58b3 ff4 fs18 fc1 sc0 ls0 ws0\">Segmento Da<span class=\"_ _2\"></span>nni<span class=\"_ _3a1\"> </span></td><td class=\"c n x94a y58b5 w902 h21f\"><div class=\"t m2 x2b3 h10 y58b4 ff4 fs3 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd3b y58b5 w902 h21f\"><div class=\"t m2 x2b3 h10 y58b4 ff4 fs3 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd3c y58b5 w902 h21f\"><div class=\"t m2 x2b3 h10 y58b4 ff4 fs3 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd3d y58b5 w903 h21f\"><div class=\"t m2 x2b3 h10 y58b4 ff4 fs3 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd3e y58b5 w902 h21f\"><div class=\"t m2 x2b3 h10 y58b4 ff4 fs3 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd3f y58b5 w902 h21f\"><div class=\"t m2 x2b3 h10 y58b4 ff4 fs3 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd40 y58b5 w904 h21f\"><div class=\"t m2 x2b3 h10 y58b4 ff4 fs3 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd41 y58b5 w905 h21f\"><div class=\"t m2 x2b3 h10 y58b4 ff4 fs3 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd42 h10 y58b6 ff4 fs3 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table>Sezione 11 \u2013<span class=\"_ _3a1\"> </span>Passivit\u00e0 assicurative \u2013<span class=\"_ _3a1\"> </span>Voce 110<span class=\"_ _3a1\"> </span>Come <span class=\"_ _0\"></span>riport<span class=\"_ _1\"></span>ato <span class=\"_ _0\"></span>nelle <span class=\"_ _0\"></span>tabelle <span class=\"_ _35\"> </span>so<span class=\"_ _2\"></span>tto <span class=\"_ _0\"></span>esposte, <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>Passivit\u00e0 <span class=\"_ _0\"></span>Assicurative <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>isultano <span class=\"_ _0\"></span>iscritte <span class=\"_ _35\"> </span>pe<span class=\"_ _2\"></span>r <span class=\"_ _35\"> </span>u<span class=\"_ _2\"></span>n<span class=\"_ _3a1\"> </span> ammontare <span class=\"_ _1\"></span>complessivo <span class=\"_ _1\"></span>pari <span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>Euro <span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>.993 <span class=\"_ _1\"></span>milioni e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>compongono <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Euro <span class=\"_ _1\"></span>63 <span class=\"_ _1\"></span>milioni <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>elativi<span class=\"_ _3a1\"> </span> a <span class=\"_ _1\"></span>passivit\u00e0 <span class=\"_ _1\"></span>assicurative <span class=\"_ _1\"></span>valutate sulla <span class=\"_ _1\"></span>base <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>modello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valutazione <span class=\"_ _1\"></span>General <span class=\"_ _1\"></span>Model <span class=\"_ _1\"></span>(Contratti<span class=\"_ _3a1\"> </span> assicurativi <span class=\"_ _0\"></span>emess<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>senza <span class=\"_ _0\"></span>elementi <span class=\"_ _0\"> </span>di <span class=\"_ _35\"> </span>partecipazi<span class=\"_ _2\"></span>one <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>retta) <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>Euro <span class=\"_ _35\"> </span>4.930 <span class=\"_ _0\"></span>milioni <span class=\"_ _0\"></span>relativi <span class=\"_ _0\"></span>a<span class=\"_ _3a1\"> </span> passivit\u00e0 <span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>icurative <span class=\"_ _1\"></span>valutate <span class=\"_ _1\"></span>sulla <span class=\"_ _1\"></span>base <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>dello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valutazione <span class=\"_ _38\"></span>Variable <span class=\"_ _1\"></span>Fee <span class=\"_ _38\"></span>Approach <span class=\"_ _1\"></span>(di<span class=\"_ _3a1\"> </span> cui: <span class=\"_ _38\"></span>Cont<span class=\"_ _1\"></span>ratti <span class=\"_ _0\"></span>assicurativi <span class=\"_ _0\"></span>emessi <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>elementi <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>partecipazione <span class=\"_ _0\"></span>diretta <span class=\"_ _0\"></span>- <span class=\"_ _0\"></span>Segmento <span class=\"_ _0\"></span>Vita <span class=\"_ _38\"></span>per<span class=\"_ _3a1\"> </span> Euro <span class=\"_ _1\"></span>4.383 mln <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>Contratti <span class=\"_ _1\"></span>d'investimento em<span class=\"_ _1\"></span>essi con <span class=\"_ _1\"></span>elementi di <span class=\"_ _1\"></span>parte<span class=\"_ _1\"></span>cipazione <span class=\"_ _1\"></span>discrezionali<span class=\"_ _3a1\"> </span> - Segmento Vita per Euro 547 mln).<span class=\"_ _3a1\"> </span>Dinamica del valore<span class=\"_ _1\"></span> di bilancio dei cont<span class=\"_ _1\"></span>ratti di assicurazione<span class=\"_ _1\"></span> emessi - GMM o VFA - <span class=\"_ _1\"></span>passivit\u00e0 per res<span class=\"_ _1\"></span>idua copertura e<span class=\"_ _3a1\"> </span> per sinistr<span class=\"_ _1\"></span>i accaduti<span class=\"_ _3a1\"> </span> Contratti <span class=\"_ _1\"></span>assicurativi emessi con elem<span class=\"_ _1\"></span>enti di partecipazione dire<span class=\"_ _1\"></span>tta - Segmento Vita<span class=\"fc1 sc2\"> </span><table class=\"s wb64 h24c\" id=\"_5d23057c-f5bb-4e8e-b2fa-bee924850532\"><tr><td></td><td></td><td></td><td class=\"t m2 x1129 h19 y5c08 ff4 fsb fc4 sc3 ls0 ws0\">Passiv<span class=\"_ _1\"></span>it\u00e0 </td><td></td><td></td><td></td><td class=\"t m2 x112a h19 y5c08 ff4 fsb fc4 sc3 ls0 ws0\">Passiv<span class=\"_ _1\"></span>it\u00e0 </td><td></td></tr><tr><td class=\"t m2 x58e h19 y5c09 ff4 fsb fc4 sc3 ls0 ws0\">Voci/Pass<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce8 h19 y5c0a ff4 fsb fc4 sc3 ls0 ws0\">Passiv<span class=\"_ _1\"></span>it\u00e0 per resi<span class=\"_ _1\"></span>dua </td><td></td><td class=\"t m2 xc5f h19 y5c09 ff4 fsb fc4 sc3 ls0 ws0\">per si<span class=\"_ _1\"></span>nistri </td><td></td><td class=\"t m2 xd57 h19 y5c0a ff4 fsb fc4 sc3 ls0 ws0\">Passiv<span class=\"_ _1\"></span>it\u00e0 per resi<span class=\"_ _1\"></span>dua </td><td></td><td class=\"t m2 xc57 h19 y5c09 ff4 fsb fc4 sc3 ls0 ws0\">per si<span class=\"_ _1\"></span>nistri </td><td></td></tr><tr><td></td><td class=\"t m2 x5dd h19 y5c0b ff4 fsb fc4 sc3 ls0 ws0\" colspan=\"2\">copertura<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc61 h19 y5c0c ff4 fsb fc4 sc3 ls0 ws0\">accadu<span class=\"_ _1\"></span>ti<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc60 h19 y5c0b ff4 fsb fc4 sc3 ls0 ws0\" colspan=\"2\">copertura<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x942 h19 y5c0c ff4 fsb fc4 sc3 ls0 ws0\">accadu<span class=\"_ _1\"></span>ti<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"t m2 x112b h19 y5c0d ff4 fsb fc4 sc3 ls0 ws0\" colspan=\"2\">31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc5f h19 y5c0d ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xde8 h19 y5c0e ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112c h19 y5c0d ff4 fsb fc4 sc3 ls0 ws0\" colspan=\"2\">31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc57 h19 y5c0d ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x891 h19 y5c0e ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 xce6 h19 y5c0f ff4 fsb fc4 sc3 ls0 ws0\">Al netto </td><td></td><td></td><td class=\"t m2 x112d h19 y5c10 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93d h19 y5c0f ff4 fsb fc4 sc3 ls0 ws0\">Al netto </td><td></td><td></td><td class=\"t m2 xad4 h19 y5c10 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x112e h19 y5c11 ff4 fsb fc4 sc3 ls0 ws0\">della </td><td class=\"t m2 x92f h19 y5c11 ff4 fsb fc4 sc3 ls0 ws0\">Perdita<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 x7d9 h19 y5c11 ff4 fsb fc4 sc3 ls0 ws0\">della </td><td class=\"t m2 xe21 h19 y5c11 ff4 fsb fc4 sc3 ls0 ws0\">Perdita<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 xce8 h19 y5c12 ff4 fsb fc4 sc3 ls0 ws0\">perdita<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 xd57 h19 y5c12 ff4 fsb fc4 sc3 ls0 ws0\">perdita<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y5c13 ff4 fsb fc1 sc2 ls0 ws0\">A. Valore <span class=\"_ _1\"></span>di bilancio<span class=\"_ _1\"></span> iniziale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c14 ff4 fsb fc1 sc0 ls0 ws0\">1. Contratti di as<span class=\"_ _1\"></span>sicurazio<span class=\"_ _1\"></span>ne<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c15 ff4 fsb fc1 sc0 ls0 ws0\">emessi<span class=\"_ _1\"></span> che costituisc<span class=\"_ _1\"></span>ono </td><td class=\"c n xb31 y5c16 wb65 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3.837.771<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x112f y5c16 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1130 y5c16 wb66 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">36.2<span class=\"_ _1\"></span>88<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1131 y5c16 wb67 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3.874.059<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1132 y5c16 wb68 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>.575.841<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1133 y5c16 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1134 y5c16 wb69 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">32.163<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1135 y5c16 wb6a h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3.608.004<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c17 ff4 fsb fc1 sc0 ls0 ws0\">passivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c18 ff4 fsb fc1 sc0 ls0 ws0\">2. Contratti di ass<span class=\"_ _1\"></span>icurazione<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c19 ff4 fsb fc1 sc0 ls0 ws0\">emessi<span class=\"_ _1\"></span> che costituisc<span class=\"_ _1\"></span>ono </td><td class=\"c n x1136 y5c1a wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1137 y5c1a wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1138 y5c1a wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1139 y5c1a wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113a y5c1a wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113b y5c1a wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113c y5c1a wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113d y5c1a wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c1b ff4 fsb fc1 sc0 ls0 ws0\">attivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y5c1c ff4 fsb fc1 sc2 ls0 ws0\">3. Valore<span class=\"_ _1\"></span> netto di<span class=\"_ _1\"></span> bilancio al 1<span class=\"_ _1\"></span>\u00b0 </td><td class=\"t m2 xce6 h19 y5c1d ff4 fsb fc1 sc2 ls0 ws0\">3.837.77<span class=\"_ _1\"></span>1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113e h19 y5c1d ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7de h19 y5c1d ff4 fsb fc1 sc2 ls0 ws0\">36.288<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe5d h19 y5c1d ff4 fsb fc1 sc2 ls0 ws0\">3.874.059<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93d h19 y5c1d ff4 fsb fc1 sc2 ls0 ws0\">3.575.8<span class=\"_ _1\"></span>41<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce4 h19 y5c1d ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e3 h19 y5c1d ff4 fsb fc1 sc2 ls0 ws0\">32.163<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a3 h19 y5c1d ff4 fsb fc1 sc2 ls0 ws0\">3.608.0<span class=\"_ _1\"></span>04<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c1e ff4 fsb fc1 sc2 ls0 ws0\">gennai<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y5c1f ff4 fsb fc1 sc2 ls0 ws0\">B. Ricavi<span class=\"_ _1\"></span> assicur<span class=\"_ _1\"></span>ativi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x87e h19 y5c1f ff4 fsb fc1 sc2 ls0 ws0\">(62.5<span class=\"_ _1\"></span>40)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113e h19 y5c1f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113f h19 y5c1f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xde8 h19 y5c1f ff4 fsb fc1 sc2 ls0 ws0\">(62.5<span class=\"_ _1\"></span>40)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x941 h19 y5c1f ff4 fsb fc1 sc2 ls0 ws0\">(59.368<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce4 h19 y5c1f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1140 h19 y5c1f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x891 h19 y5c1f ff4 fsb fc1 sc2 ls0 ws0\">(59.368<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c20 ff4 fsb fc1 sc2 ls0 ws0\">C. Costi per<span class=\"_ _1\"></span> servizi<span class=\"_ _1\"></span> assic<span class=\"_ _1\"></span>urativi<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c21 ff4 fsb fc1 sc0 ls0 ws0\">1. Sinistri acc<span class=\"_ _1\"></span>aduti e altri co<span class=\"_ _1\"></span>sti<span class=\"_ _3a1\"> </span></td><td class=\"c n x1136 y5c22 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1137 y5c22 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1141 y5c22 wb6b h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">804.023<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1142 y5c22 wb6b h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">804.023<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1143 y5c22 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1144 y5c22 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1145 y5c22 wb6c h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">735.629<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1146 y5c22 wb6d h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">735.629<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c23 ff4 fsb fc1 sc0 ls0 ws0\">direttamente<span class=\"_ _1\"></span> attribuibil<span class=\"_ _1\"></span>i </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c24 ff4 fsb fc1 sc0 ls0 ws0\">2. Variazioni dell<span class=\"_ _1\"></span>a passivi<span class=\"_ _1\"></span>t\u00e0 per<span class=\"_ _3a1\"> </span></td><td class=\"c n x1136 y5c25 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1137 y5c25 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1147 y5c25 wb6e h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(784.503)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1148 y5c25 wb6f h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(784.503)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113a y5c25 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113b y5c25 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1149 y5c25 wb70 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(716.175)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x114a y5c25 wb70 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(716.175)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c26 ff4 fsb fc1 sc0 ls0 ws0\">sinistri accaduti<span class=\"_ _1\"></span> </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c27 ff4 fsb fc1 sc0 ls0 ws0\">3. Perdite e rel<span class=\"_ _1\"></span>ativi rec<span class=\"_ _1\"></span>uperi su<span class=\"_ _3a1\"> </span></td><td class=\"c n x1136 y5c28 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1137 y5c28 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1138 y5c28 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1139 y5c28 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113a y5c28 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113b y5c28 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113c y5c28 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113d y5c28 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c29 ff4 fsb fc1 sc0 ls0 ws0\">contratti one<span class=\"_ _1\"></span>rosi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c2a ff4 fsb fc1 sc0 ls0 ws0\">4. Ammortamento<span class=\"_ _1\"></span> dei costi di<span class=\"_ _3a1\"> </span></td><td class=\"c n x114b y5c2b wb71 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">54<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x114c y5c2b wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x114d y5c2b wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x114e y5c2b wb72 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">54<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x114f y5c2b wb73 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">49<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1150 y5c2b wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1151 y5c2b wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1152 y5c2b wb73 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">49<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c2c ff4 fsb fc1 sc0 ls0 ws0\">acquisizione<span class=\"_ _1\"></span> dei contratti<span class=\"_ _1\"></span> </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c2d ff4 fsb fc1 sc2 ls0 ws0\">5. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7be h19 y5c2d ff4 fsb fc1 sc2 ls0 ws0\">54<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113e h19 y5c2d ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1153 h19 y5c2d ff4 fsb fc1 sc2 ls0 ws0\">19.520<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1154 h19 y5c2d ff4 fsb fc1 sc2 ls0 ws0\">19.574<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e8 h19 y5c2d ff4 fsb fc1 sc2 ls0 ws0\">49<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce4 h19 y5c2d ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e3 h19 y5c2d ff4 fsb fc1 sc2 ls0 ws0\">19.454<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5c h19 y5c2d ff4 fsb fc1 sc2 ls0 ws0\">19.503<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c2e ff4 fsb fc1 sc2 ls0 ws0\">D. Risul<span class=\"_ _1\"></span>tato dei serv<span class=\"_ _1\"></span>izi assicu<span class=\"_ _1\"></span>rativi </td><td class=\"t m2 x87e h19 y5c2f ff4 fsb fc1 sc2 ls0 ws0\">(62.486<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113e h19 y5c2f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1153 h19 y5c2f ff4 fsb fc1 sc2 ls0 ws0\">19.520<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xde8 h19 y5c2f ff4 fsb fc1 sc2 ls0 ws0\">(42.966)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d4 h19 y5c2f ff4 fsb fc1 sc2 ls0 ws0\">(59.319)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce4 h19 y5c2f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e3 h19 y5c2f ff4 fsb fc1 sc2 ls0 ws0\">19.454<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x891 h19 y5c2f ff4 fsb fc1 sc2 ls0 ws0\">(39.865<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c30 ff4 fsb fc1 sc2 ls0 ws0\">(B+C)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y5c31 ff4 fsb fc1 sc2 ls0 ws0\">E. Costi<span class=\"_ _1\"></span>/ricavi netti<span class=\"_ _1\"></span> di natura </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y5c32 ff4 fsb fc1 sc2 ls0 ws0\">finanziari<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c33 ff4 fsb fc1 sc0 ls0 ws0\">1. Relativi ai cont<span class=\"_ _1\"></span>ratti<span class=\"_ _3a1\"> </span></td><td class=\"c n xb48 y5c34 wb74 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">174.484<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1155 y5c34 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1156 y5c34 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1157 y5c34 wb74 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">174.484<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1158 y5c34 wb75 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">295.184<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1159 y5c34 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x115a y5c34 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x115b y5c34 wb75 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">295.184<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c35 ff4 fsb fc1 sc0 ls0 ws0\">assucur<span class=\"_ _1\"></span>ativi emessi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h19 y5c36 ff4 fsb fc1 sc0 ls0 ws0\">1.1 Registrati<span class=\"_ _1\"></span> in conto </td><td class=\"c n x115c y5c37 wb76 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">116.522<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x115d y5c37 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x115e y5c37 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x115f y5c37 wb76 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">116.522<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1160 y5c37 wb77 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">115.937<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1161 y5c37 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1162 y5c37 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1163 y5c37 wb78 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">115.937<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h19 y5c38 ff4 fsb fc1 sc0 ls0 ws0\">economic<span class=\"_ _1\"></span>o </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h19 y5c39 ff4 fsb fc1 sc0 ls0 ws0\">1.2 Registrati nel<span class=\"_ _1\"></span> conto </td><td class=\"c n x1164 y5c3a wb79 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">57.962<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1165 y5c3a wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1166 y5c3a wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1167 y5c3a wb79 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">57.962<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1168 y5c3a wb7a h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">179.2<span class=\"_ _1\"></span>47<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1169 y5c3a wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x116a y5c3a wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x116b y5c3a wb7b h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">179.247<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h19 y5c3b ff4 fsb fc1 sc0 ls0 ws0\">economic<span class=\"_ _1\"></span>o complessiv<span class=\"_ _1\"></span>o </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c3c ff4 fsb fc1 sc0 ls0 ws0\">2. Effetti<span class=\"_ _1\"></span> connessi<span class=\"_ _1\"></span> con le </td><td class=\"c n x1136 y5c3d wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1137 y5c3d wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1138 y5c3d wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1139 y5c3d wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113a y5c3d wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113b y5c3d wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113c y5c3d wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113d y5c3d wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c3e ff4 fsb fc1 sc0 ls0 ws0\">variazioni dei tass<span class=\"_ _1\"></span>i di cambio<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c3f ff4 fsb fc1 sc2 ls0 ws0\">3. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112e h19 y5c3f ff4 fsb fc1 sc2 ls0 ws0\">174.48<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113e h19 y5c3f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113f h19 y5c3f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a7 h19 y5c3f ff4 fsb fc1 sc2 ls0 ws0\">174.48<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d9 h19 y5c3f ff4 fsb fc1 sc2 ls0 ws0\">295.18<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce4 h19 y5c3f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1140 h19 y5c3f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x874 h19 y5c3f ff4 fsb fc1 sc2 ls0 ws0\">295.18<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c40 ff4 fsb fc1 sc2 ls0 ws0\">F. Compo<span class=\"_ _1\"></span>nenti di inv<span class=\"_ _1\"></span>estime<span class=\"_ _1\"></span>nto<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce6 h19 y5c40 ff4 fsb fc1 sc2 ls0 ws0\">(778.42<span class=\"_ _1\"></span>4)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113e h19 y5c40 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x116c h19 y5c40 ff4 fsb fc1 sc2 ls0 ws0\">778.424<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xacc h19 y5c40 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93d h19 y5c40 ff4 fsb fc1 sc2 ls0 ws0\">(720.30<span class=\"_ _1\"></span>0)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce4 h19 y5c40 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba4 h19 y5c40 ff4 fsb fc1 sc2 ls0 ws0\">720.300<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h19 y5c40 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x2d7 y5c42 wb7c h24d\"><div class=\"t m2 x2b3 h19 y5c41 ff4 fsb fc1 sc2 ls0 ws0\">G. Importo<span class=\"_ _1\"></span> totale re<span class=\"_ _1\"></span>gistrato<span class=\"_ _1\"></span> in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc2 ls0 ws0\">conto eco<span class=\"_ _1\"></span>nomico<span class=\"_ _1\"></span> e nel conto<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7db h19 y5c43 ff4 fsb fc1 sc2 ls0 ws0\">(666.426<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113e h19 y5c43 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x116c h19 y5c43 ff4 fsb fc1 sc2 ls0 ws0\">797.944<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x116d h19 y5c43 ff4 fsb fc1 sc2 ls0 ws0\">131.518<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93d h19 y5c43 ff4 fsb fc1 sc2 ls0 ws0\">(484.435<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce4 h19 y5c43 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba4 h19 y5c43 ff4 fsb fc1 sc2 ls0 ws0\">739.75<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x874 h19 y5c43 ff4 fsb fc1 sc2 ls0 ws0\">255.319<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c44 ff4 fsb fc1 sc2 ls0 ws0\">economic<span class=\"_ _1\"></span>o compless<span class=\"_ _1\"></span>ivo (D+E+F<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5c45 wb7d h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc2 ls0 ws0\">H. Altre v<span class=\"_ _1\"></span>ariazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x116e y5c45 wb7e h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc2 ls0 ws0\">(<span class=\"_ _1\"></span>1.930)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x113e h19 y5c46 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113f h19 y5c46 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x116d h19 y5c46 ff4 fsb fc1 sc2 ls0 ws0\">(1.930)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x116f h19 y5c46 ff4 fsb fc1 sc2 ls0 ws0\">1.008<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce4 h19 y5c46 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1140 h19 y5c46 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d4 h19 y5c46 ff4 fsb fc1 sc2 ls0 ws0\">1.008<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c47 ff4 fsb fc1 sc2 ls0 ws0\">I. Movime<span class=\"_ _1\"></span>nti di cass<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y5c48 wb7f h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1. Premi rice<span class=\"_ _1\"></span>vuti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1170 y5c48 wb80 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.183.144<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1171 y5c48 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1172 y5c48 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1173 y5c48 wb81 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.183.14<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1174 y5c48 w65b h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">7<span class=\"_ _1\"></span>45.357<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1175 y5c48 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1176 y5c48 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1177 y5c48 w5c1 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">745.357<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c xadb y5c49 wb82 h24d\"><div class=\"t m2 x2b3 h19 y5c41 ff4 fsb fc1 sc0 ls0 ws0\">2. Pagamenti co<span class=\"_ _1\"></span>nnessi con i<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">costi di acqui<span class=\"_ _1\"></span>sizione dei<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1136 y5c49 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1137 y5c49 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1138 y5c49 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1139 y5c49 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113a y5c49 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113b y5c49 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113c y5c49 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113d y5c49 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c4a ff4 fsb fc1 sc0 ls0 ws0\">contratti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c4b ff4 fsb fc1 sc0 ls0 ws0\">3. Sinistri<span class=\"_ _1\"></span> pagati e altre usci<span class=\"_ _1\"></span>te di<span class=\"_ _3a1\"> </span></td><td class=\"c n x1136 y5c4c wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1137 y5c4c wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1178 y5c4c wb83 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(804.023)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1179 y5c4c wb83 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(804.023)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x117a y5c4c wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x117b y5c4c wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x117c y5c4c wb84 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(735.629)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x117d y5c4c wb85 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(<span class=\"_ _2\"></span>735.629)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c4d ff4 fsb fc1 sc0 ls0 ws0\">cassa </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y539f wb86 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">4. Altri movi<span class=\"_ _1\"></span>menti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x117e y539f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x117f y539f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1180 y539f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1181 y539f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1182 y539f wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1183 y539f wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1184 y539f wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1185 y539f wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr></table><div class=\"gsb8c\"><table class=\"s wb87 h24e\" id=\"_11734db3-c144-4c63-a317-ffa06ffb4486\"><tr><td class=\"t m2 xae4 h19 y5c4e ff4 fsb fc1 sc2 ls0 ws0\">5. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x87e h19 y5c4e ff4 fsb fc1 sc2 ls0 ws0\">1.183.1<span class=\"_ _1\"></span>44<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113e h19 y5c4e ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc61 h19 y5c4e ff4 fsb fc1 sc2 ls0 ws0\">(804.02<span class=\"_ _1\"></span>3)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1186 h19 y5c4e ff4 fsb fc1 sc2 ls0 ws0\">379.121<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d4 h19 y5c4e ff4 fsb fc1 sc2 ls0 ws0\">745.357<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce4 h19 y5c4e ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad2 h19 y5c4e ff4 fsb fc1 sc2 ls0 ws0\">(735.629<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba2 h19 y5c4e ff4 fsb fc1 sc2 ls0 ws0\">9.728<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c4f ff4 fsb fc1 sc2 ls0 ws0\">L. Valore<span class=\"_ _1\"></span> netto di bi<span class=\"_ _1\"></span>lancio al 3<span class=\"_ _1\"></span>1 </td><td class=\"t m2 x1187 h19 y5c50 ff4 fsb fc1 sc2 ls0 ws0\">4.352.55<span class=\"_ _1\"></span>9<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113e h19 y5c50 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7de h19 y5c50 ff4 fsb fc1 sc2 ls0 ws0\">30.209<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe5d h19 y5c50 ff4 fsb fc1 sc2 ls0 ws0\">4.382.7<span class=\"_ _1\"></span>68<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xec2 h19 y5c50 ff4 fsb fc1 sc2 ls0 ws0\">3.837.77<span class=\"_ _1\"></span>1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce4 h19 y5c50 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1188 h19 y5c50 ff4 fsb fc1 sc2 ls0 ws0\">36.288<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1189 h19 y5c50 ff4 fsb fc1 sc2 ls0 ws0\">3.874.059<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c51 ff4 fsb fc1 sc2 ls0 ws0\">dicem<span class=\"_ _1\"></span>bre (A.3+G+<span class=\"_ _1\"></span>H+I.4)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y5c52 ff4 fsb fc1 sc2 ls0 ws0\">M. Valore <span class=\"_ _1\"></span>di bilancio f<span class=\"_ _1\"></span>inale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c53 ff4 fsb fc1 sc0 ls0 ws0\">1. Contratti di as<span class=\"_ _1\"></span>sicurazio<span class=\"_ _1\"></span>ne<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c54 ff4 fsb fc1 sc0 ls0 ws0\">emessi<span class=\"_ _1\"></span> che costituisc<span class=\"_ _1\"></span>ono </td><td class=\"c n x960 y5a22 wb88 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">4.352.558<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x118a y5a22 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x118b y5a22 wb89 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>0.209<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x118c y5a22 wb8a h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">4.382.767<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x118d y5a22 wb65 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">3.837.771<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x118e y5a22 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x118f y5a22 wb8b h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">36.288<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1190 y5a22 wb8c h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">3.874.0<span class=\"_ _1\"></span>59<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c55 ff4 fsb fc1 sc0 ls0 ws0\">passivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c56 ff4 fsb fc1 sc0 ls0 ws0\">2. Contratti di ass<span class=\"_ _1\"></span>icurazione<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c57 ff4 fsb fc1 sc0 ls0 ws0\">emessi<span class=\"_ _1\"></span> che costituisc<span class=\"_ _1\"></span>ono </td><td class=\"c n x1136 y5c58 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1137 y5c58 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1138 y5c58 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1139 y5c58 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113a y5c58 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113b y5c58 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113c y5c58 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113d y5c58 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c59 ff4 fsb fc1 sc0 ls0 ws0\">attivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y5c5a ff4 fsb fc1 sc2 ls0 ws0\">3. Valore<span class=\"_ _1\"></span> netto di<span class=\"_ _1\"></span> bilancio al 3<span class=\"_ _1\"></span>1 </td><td class=\"t m2 x1187 h19 y5c5b ff4 fsb fc1 sc2 ls0 ws0\">4.352.55<span class=\"_ _1\"></span>8<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113e h19 y5c5b ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7de h19 y5c5b ff4 fsb fc1 sc2 ls0 ws0\">30.209<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddb h19 y5c5b ff4 fsb fc1 sc2 ls0 ws0\">4.382.7<span class=\"_ _1\"></span>67<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xec2 h19 y5c5b ff4 fsb fc1 sc2 ls0 ws0\">3.837.77<span class=\"_ _1\"></span>1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce4 h19 y5c5b ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1188 h19 y5c5b ff4 fsb fc1 sc2 ls0 ws0\">36.288<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1189 h19 y5c5b ff4 fsb fc1 sc2 ls0 ws0\">3.874.059<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c5c ff4 fsb fc1 sc2 ls0 ws0\">dicem<span class=\"_ _1\"></span>bre<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsf19\">Dinamica del valore<span class=\"_ _1\"></span> di bilancio dei cont<span class=\"_ _1\"></span>ratti di assicurazione<span class=\"_ _1\"></span> emessi - GMM o VFA - <span class=\"_ _1\"></span>passivit\u00e0 per res<span class=\"_ _1\"></span>idua copertura e per </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsf1a\">sinistr<span class=\"_ _1\"></span>i accaduti<span class=\"fc1 sc2\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsf1b\">Contratti <span class=\"_ _1\"></span>assicurativi emessi senza e<span class=\"_ _1\"></span>lementi di partecipazione<span class=\"_ _1\"></span> diretta - Segmento Vita<span class=\"fc1 sc2\"> </span></div><div class=\"gsf1c\"><table class=\"s wb8d h24f\" id=\"_fd6831f1-ac77-4d36-92b9-fa92eedb969a\"><tr><td></td><td></td><td></td><td class=\"t m2 x9a6 h19 y5c5d ff4 fsb fc4 sc3 ls0 ws0\">Passiv<span class=\"_ _1\"></span>it\u00e0 </td><td></td><td></td><td></td><td class=\"t m2 xec3 h19 y5c5d ff4 fsb fc4 sc3 ls0 ws0\">Passiv<span class=\"_ _1\"></span>it\u00e0 </td><td></td></tr><tr><td class=\"t m2 x58e h19 y5c5e ff4 fsb fc4 sc3 ls0 ws0\">Voci/Pass<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 x1191 h19 y5c5e ff4 fsb fc4 sc3 ls0 ws0\">per si<span class=\"_ _1\"></span>nistri </td><td></td><td></td><td></td><td class=\"t m2 x936 h19 y5c5e ff4 fsb fc4 sc3 ls0 ws0\">per si<span class=\"_ _1\"></span>nistri </td><td></td></tr><tr><td></td><td class=\"t m2 x5df h19 y5c5f ff4 fsb fc4 sc3 ls0 ws0\">Passiv<span class=\"_ _1\"></span>it\u00e0 per resi<span class=\"_ _1\"></span>dua </td><td class=\"t m2 x1192 h19 y5c60 ff4 fsb fc4 sc3 ls0 ws0\">copertura<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a6 h19 y5c61 ff4 fsb fc4 sc3 ls0 ws0\">accadu<span class=\"_ _1\"></span>ti<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc60 h19 y5c5f ff4 fsb fc4 sc3 ls0 ws0\">Passiv<span class=\"_ _1\"></span>it\u00e0 per resi<span class=\"_ _1\"></span>dua </td><td class=\"t m2 x882 h19 y5c60 ff4 fsb fc4 sc3 ls0 ws0\">copertura<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xec3 h19 y5c61 ff4 fsb fc4 sc3 ls0 ws0\">accadu<span class=\"_ _1\"></span>ti<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"t m2 x1193 h19 y5c62 ff4 fsb fc4 sc3 ls0 ws0\" colspan=\"2\">31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1191 h19 y5c62 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc54 h19 y5c63 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1194 h19 y5c62 ff4 fsb fc4 sc3 ls0 ws0\" colspan=\"2\">31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x936 h19 y5c62 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1195 h19 y5c63 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x88d h19 y5c64 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 xc59 h19 y5c64 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 xb9b h19 y5c65 ff4 fsb fc4 sc3 ls0 ws0\">Al netto </td><td></td><td></td><td></td><td class=\"t m2 xd5a h19 y5c65 ff4 fsb fc4 sc3 ls0 ws0\">Al netto </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x112b h19 y5c66 ff4 fsb fc4 sc3 ls0 ws0\">della </td><td class=\"t m2 x1196 h19 y5c66 ff4 fsb fc4 sc3 ls0 ws0\">Perdita<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 x8e8 h19 y5c66 ff4 fsb fc4 sc3 ls0 ws0\">della </td><td class=\"t m2 xceb h19 y5c66 ff4 fsb fc4 sc3 ls0 ws0\">Perdita<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x7cb h19 y5c67 ff4 fsb fc4 sc3 ls0 ws0\">perdita<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x1197 h19 y5c67 ff4 fsb fc4 sc3 ls0 ws0\">perdita<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y5c68 ff4 fsb fc1 sc2 ls0 ws0\">A. Valore <span class=\"_ _1\"></span>di bilancio<span class=\"_ _1\"></span> iniziale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c69 ff4 fsb fc1 sc0 ls0 ws0\">1. Contratti di as<span class=\"_ _1\"></span>sicurazio<span class=\"_ _1\"></span>ne emessi<span class=\"_ _3a1\"> </span></td><td class=\"c n x114b y5c6a wb8e h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">57.100<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1198 y5c6a wb8f h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">36<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1199 y5c6a wb90 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">5.866<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x119a y5c6a wb91 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">63.002<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x119b y5c6a wade h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">58.259<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x119c y5c6a wb92 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.396<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x119d y5c6a w854 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">5.014<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x119e y5c6a w8ff h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">64.669<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c6b ff4 fsb fc1 sc0 ls0 ws0\">che costi<span class=\"_ _1\"></span>tuiscono passi<span class=\"_ _1\"></span>vit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c6c ff4 fsb fc1 sc0 ls0 ws0\">2. Contratti di ass<span class=\"_ _1\"></span>icurazione e<span class=\"_ _1\"></span>messi<span class=\"_ _3a1\"> </span></td><td class=\"c n x119f y5c6d wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a0 y5c6d wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a1 y5c6d wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a2 y5c6d wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a3 y5c6d wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a4 y5c6d wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a5 y5c6d wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a6 y5c6d wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c6e ff4 fsb fc1 sc0 ls0 ws0\">che costi<span class=\"_ _1\"></span>tuiscono attiv<span class=\"_ _1\"></span>it\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y5c6f ff4 fsb fc1 sc2 ls0 ws0\">3. Valore<span class=\"_ _1\"></span> netto di<span class=\"_ _1\"></span> bilancio al 1<span class=\"_ _1\"></span>\u00b0 gennaio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7be h19 y5c6f ff4 fsb fc1 sc2 ls0 ws0\">57.100<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x940 h19 y5c6f ff4 fsb fc1 sc2 ls0 ws0\">36<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113f h19 y5c6f ff4 fsb fc1 sc2 ls0 ws0\">5.866<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc66 h19 y5c6f ff4 fsb fc1 sc2 ls0 ws0\">63.002<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e1 h19 y5c6f ff4 fsb fc1 sc2 ls0 ws0\">58.259<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc5b h19 y5c6f ff4 fsb fc1 sc2 ls0 ws0\">1.396<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc62 h19 y5c6f ff4 fsb fc1 sc2 ls0 ws0\">5.014<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h19 y5c6f ff4 fsb fc1 sc2 ls0 ws0\">64.669<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c70 ff4 fsb fc1 sc2 ls0 ws0\">B. Ricavi<span class=\"_ _1\"></span> assicur<span class=\"_ _1\"></span>ativi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11a7 h19 y5c70 ff4 fsb fc1 sc2 ls0 ws0\">(31.846)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11a8 h19 y5c70 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112d h19 y5c70 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11a9 h19 y5c70 ff4 fsb fc1 sc2 ls0 ws0\">(31.846)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc60 h19 y5c70 ff4 fsb fc1 sc2 ls0 ws0\">(33.337)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11aa h19 y5c70 ff4 fsb fc1 sc2 ls0 ws0\">(7)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcec h19 y5c70 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1195 h19 y5c70 ff4 fsb fc1 sc2 ls0 ws0\">(33.344<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c71 ff4 fsb fc1 sc2 ls0 ws0\">C. Costi per<span class=\"_ _1\"></span> servizi<span class=\"_ _1\"></span> assic<span class=\"_ _1\"></span>urativi<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c72 ff4 fsb fc1 sc0 ls0 ws0\">1. Sinistri acc<span class=\"_ _1\"></span>aduti e altri co<span class=\"_ _1\"></span>sti<span class=\"_ _3a1\"> </span></td><td class=\"c n x119f y5c73 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a0 y5c73 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11ab y5c73 wb93 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">10.306<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11ac y5c73 wb93 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">10.306<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11ad y5c73 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11ae y5c73 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11af y5c73 wb94 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">11.473<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11b0 y5c73 wb95 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">11.473<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c74 ff4 fsb fc1 sc0 ls0 ws0\">direttamente<span class=\"_ _1\"></span> attribuibil<span class=\"_ _1\"></span>i </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c75 ff4 fsb fc1 sc0 ls0 ws0\">2. Variazioni dell<span class=\"_ _1\"></span>a passivi<span class=\"_ _1\"></span>t\u00e0 per<span class=\"_ _3a1\"> </span></td><td class=\"c n x119f y5c76 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a0 y5c76 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11b1 y5c76 wb96 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.285<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11b2 y5c76 wb96 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.285<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11b3 y5c76 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11b4 y5c76 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11b5 y5c76 wb97 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">852<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11b6 y5c76 wb98 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">852<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c77 ff4 fsb fc1 sc0 ls0 ws0\">sinistri accaduti<span class=\"_ _1\"></span> </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c78 ff4 fsb fc1 sc0 ls0 ws0\">3. Perdite e rel<span class=\"_ _1\"></span>ativi rec<span class=\"_ _1\"></span>uperi su<span class=\"_ _3a1\"> </span></td><td class=\"c n x119f y5c79 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11b7 y5c79 wb8f h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">93<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11b8 y5c79 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11b9 y5c79 wb99 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">93<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11ba y5c79 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11bb y5c79 wb9a h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(1.360)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11bc y5c79 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11bd y5c79 wb9a h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(1.360)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c7a ff4 fsb fc1 sc0 ls0 ws0\">contratti one<span class=\"_ _1\"></span>rosi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c7b ff4 fsb fc1 sc0 ls0 ws0\">4. Ammortamento<span class=\"_ _1\"></span> dei costi di<span class=\"_ _3a1\"> </span></td><td class=\"c n x11be y5c7c wb9b h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3.683<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11bf y5c7c wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11c0 y5c7c wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11c1 y5c7c wb9c h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3.683<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11c2 y5c7c wb9d h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>.553<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11c3 y5c7c wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11c4 y5c7c wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11c5 y5c7c wb9d h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>.553<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c7d ff4 fsb fc1 sc0 ls0 ws0\">acquisizione<span class=\"_ _1\"></span> dei contratti<span class=\"_ _1\"></span> </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c7e ff4 fsb fc1 sc2 ls0 ws0\">5. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e5 h19 y5c7e ff4 fsb fc1 sc2 ls0 ws0\">3.683<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x940 h19 y5c7e ff4 fsb fc1 sc2 ls0 ws0\">93<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113f h19 y5c7e ff4 fsb fc1 sc2 ls0 ws0\">11.591<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c6 h19 y5c7e ff4 fsb fc1 sc2 ls0 ws0\">15.367<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc52 h19 y5c7e ff4 fsb fc1 sc2 ls0 ws0\">2.553<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce4 h19 y5c7e ff4 fsb fc1 sc2 ls0 ws0\">(1.360)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93e h19 y5c7e ff4 fsb fc1 sc2 ls0 ws0\">12.325<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c7 h19 y5c7e ff4 fsb fc1 sc2 ls0 ws0\">13.518<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c7f ff4 fsb fc1 sc2 ls0 ws0\">D. Risul<span class=\"_ _1\"></span>tato dei serv<span class=\"_ _1\"></span>izi assicu<span class=\"_ _1\"></span>rativi </td><td class=\"t m2 x112b h19 y5c80 ff4 fsb fc1 sc2 ls0 ws0\">(28.163)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x940 h19 y5c80 ff4 fsb fc1 sc2 ls0 ws0\">93<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113f h19 y5c80 ff4 fsb fc1 sc2 ls0 ws0\">11.591<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeb7 h19 y5c80 ff4 fsb fc1 sc2 ls0 ws0\">(16.479)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc60 h19 y5c80 ff4 fsb fc1 sc2 ls0 ws0\">(30.784<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce4 h19 y5c80 ff4 fsb fc1 sc2 ls0 ws0\">(1.367)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93e h19 y5c80 ff4 fsb fc1 sc2 ls0 ws0\">12.325<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c8 h19 y5c80 ff4 fsb fc1 sc2 ls0 ws0\">(19.826)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c81 ff4 fsb fc1 sc2 ls0 ws0\">(B+C)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y5c82 ff4 fsb fc1 sc2 ls0 ws0\">E. Costi<span class=\"_ _1\"></span>/ricavi netti<span class=\"_ _1\"></span> di natura </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y5c83 ff4 fsb fc1 sc2 ls0 ws0\">finanziari<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c84 ff4 fsb fc1 sc0 ls0 ws0\">1. Relativi ai cont<span class=\"_ _1\"></span>ratti assuc<span class=\"_ _1\"></span>urativi<span class=\"_ _3a1\"> </span></td><td class=\"c n x11c9 y5c85 wb9e h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.799<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11ca y5c85 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11cb y5c85 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11cc y5c85 wb9e h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.799<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11cd y5c85 wb9f h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3.07<span class=\"_ _1\"></span>9<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11ce y5c85 wba0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">7<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11cf y5c85 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11d0 y5c85 wba1 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3.086<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c86 ff4 fsb fc1 sc0 ls0 ws0\">emessi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x823 y5c87 wba2 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.1 Registrati<span class=\"_ _1\"></span> in conto eco<span class=\"_ _1\"></span>nomico<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11d1 y5c87 wba3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.047<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11d2 y5c87 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11d3 y5c87 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11d4 y5c87 wba4 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.047<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11d5 y5c87 wba5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">531<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11d6 y5c87 wba0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">7<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11d7 y5c87 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11d8 y5c87 wba6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">538<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h19 y5c88 ff4 fsb fc1 sc0 ls0 ws0\">1.2 Registrati nel<span class=\"_ _1\"></span> conto econo<span class=\"_ _1\"></span>mico </td><td class=\"c n x11d9 y5c89 wba7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">752<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11da y5c89 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11db y5c89 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11dc y5c89 wba7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">752<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11dd y5c89 wba8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2.548<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11de y5c89 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11df y5c89 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11e0 y5c89 wba8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2.548<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h19 y5c8a ff4 fsb fc1 sc0 ls0 ws0\">compless<span class=\"_ _1\"></span>ivo </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c8b ff4 fsb fc1 sc0 ls0 ws0\">2. Effetti<span class=\"_ _1\"></span> connessi<span class=\"_ _1\"></span> con le variazioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x119f y5c8c wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a0 y5c8c wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a1 y5c8c wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a2 y5c8c wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a3 y5c8c wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a4 y5c8c wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a5 y5c8c wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a6 y5c8c wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c8d ff4 fsb fc1 sc0 ls0 ws0\">dei tassi di cam<span class=\"_ _1\"></span>bio </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c8e ff4 fsb fc1 sc2 ls0 ws0\">3. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x5c4 h19 y5c8e ff4 fsb fc1 sc2 ls0 ws0\">1.799<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11a8 h19 y5c8e ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112d h19 y5c8e ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11e1 h19 y5c8e ff4 fsb fc1 sc2 ls0 ws0\">1.799<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc52 h19 y5c8e ff4 fsb fc1 sc2 ls0 ws0\">3.079<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112a h19 y5c8e ff4 fsb fc1 sc2 ls0 ws0\">7<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcec h19 y5c8e ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11e2 h19 y5c8e ff4 fsb fc1 sc2 ls0 ws0\">3.086<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c8f ff4 fsb fc1 sc2 ls0 ws0\">F. Compo<span class=\"_ _1\"></span>nenti di inv<span class=\"_ _1\"></span>estime<span class=\"_ _1\"></span>nto<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dc h19 y5c8f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11a8 h19 y5c8f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112d h19 y5c8f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x934 h19 y5c8f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88e h19 y5c8f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x942 h19 y5c8f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcec h19 y5c8f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11e3 h19 y5c8f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c90 ff4 fsb fc1 sc2 ls0 ws0\">G. Importo<span class=\"_ _1\"></span> totale re<span class=\"_ _1\"></span>gistrato<span class=\"_ _1\"></span> in conto </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y5c91 ff4 fsb fc1 sc2 ls0 ws0\">economic<span class=\"_ _1\"></span>o e nel c<span class=\"_ _1\"></span>onto econom<span class=\"_ _1\"></span>ico </td><td class=\"t m2 x5df h19 y5c91 ff4 fsb fc1 sc2 ls0 ws0\">(26.36<span class=\"_ _1\"></span>4)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x940 h19 y5c91 ff4 fsb fc1 sc2 ls0 ws0\">93<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113f h19 y5c91 ff4 fsb fc1 sc2 ls0 ws0\">11.591<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11a9 h19 y5c91 ff4 fsb fc1 sc2 ls0 ws0\">(14.680)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc58 h19 y5c91 ff4 fsb fc1 sc2 ls0 ws0\">(27.705)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce4 h19 y5c91 ff4 fsb fc1 sc2 ls0 ws0\">(1.360)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93e h19 y5c91 ff4 fsb fc1 sc2 ls0 ws0\">12.325<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c8 h19 y5c91 ff4 fsb fc1 sc2 ls0 ws0\">(16.740<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c92 ff4 fsb fc1 sc2 ls0 ws0\">compless<span class=\"_ _1\"></span>ivo (D+E+F<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5c93 wb7d h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc2 ls0 ws0\">H. Altre v<span class=\"_ _1\"></span>ariazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11e4 y5c93 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x11a8 h19 y5c94 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112d h19 y5c94 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x934 h19 y5c94 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88e h19 y5c94 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x942 h19 y5c94 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcec h19 y5c94 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11e3 h19 y5c94 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c95 ff4 fsb fc1 sc2 ls0 ws0\">I. Movime<span class=\"_ _1\"></span>nti di cass<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y5a62 wb7f h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1. Premi rice<span class=\"_ _1\"></span>vuti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11e5 y5a62 w4ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">24.666<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11e6 y5a62 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11e7 y5a62 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11e8 y5a62 wba9 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>4.666<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11e9 y5a62 wbaa h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>6.560<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11ea y5a62 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11eb y5a62 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11ec y5a62 wbab h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">26.560<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c96 ff4 fsb fc1 sc0 ls0 ws0\">2. Pagamenti co<span class=\"_ _1\"></span>nnessi con i<span class=\"_ _1\"></span> costi di<span class=\"_ _3a1\"> </span></td><td class=\"c n x119f y5c97 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a0 y5c97 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a1 y5c97 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a2 y5c97 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11ed y5c97 wbac h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(14)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11ee y5c97 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11ef y5c97 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11f0 y5c97 wbad h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(14)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c98 ff4 fsb fc1 sc0 ls0 ws0\">acquisizione<span class=\"_ _1\"></span> dei contratti<span class=\"_ _1\"></span> </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c99 ff4 fsb fc1 sc0 ls0 ws0\">3. Sinistri<span class=\"_ _1\"></span> pagati e altre usci<span class=\"_ _1\"></span>te di<span class=\"_ _3a1\"> </span></td><td class=\"c n x119f y5c9a wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a0 y5c9a wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11f1 y5c9a wbae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(10.306)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11f2 y5c9a wbae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(10.306)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11f3 y5c9a wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11f4 y5c9a wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11f5 y5c9a wbaf h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(11.473)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11f6 y5c9a wbb0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(11.473)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c9b ff4 fsb fc1 sc0 ls0 ws0\">cassa </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y5c9c wb86 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">4. Altri movi<span class=\"_ _1\"></span>menti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11f7 y5c9c wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11e6 y5c9c wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11e7 y5c9c wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11f8 y5c9c wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11f9 y5c9c wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11fa y5c9c wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11fb y5c9c wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11fc y5c9c wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c9d ff4 fsb fc1 sc2 ls0 ws0\">5. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x875 h19 y5c9d ff4 fsb fc1 sc2 ls0 ws0\">24.666<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11a8 h19 y5c9d ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93c h19 y5c9d ff4 fsb fc1 sc2 ls0 ws0\">(10.306<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11fd h19 y5c9d ff4 fsb fc1 sc2 ls0 ws0\">14.360<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e1 h19 y5c9d ff4 fsb fc1 sc2 ls0 ws0\">26.546<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x942 h19 y5c9d ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x811 h19 y5c9d ff4 fsb fc1 sc2 ls0 ws0\">(11.473)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11fe h19 y5c9d ff4 fsb fc1 sc2 ls0 ws0\">15.073<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c9e ff4 fsb fc1 sc2 ls0 ws0\">L. Valore<span class=\"_ _1\"></span> netto di bi<span class=\"_ _1\"></span>lancio al 3<span class=\"_ _1\"></span>1 </td><td class=\"t m2 x875 h19 y5c9f ff4 fsb fc1 sc2 ls0 ws0\">55.402<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e6 h19 y5c9f ff4 fsb fc1 sc2 ls0 ws0\">129<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ce h19 y5c9f ff4 fsb fc1 sc2 ls0 ws0\">7.151<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc66 h19 y5c9f ff4 fsb fc1 sc2 ls0 ws0\">62.682<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc64 h19 y5c9f ff4 fsb fc1 sc2 ls0 ws0\">57.100<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11aa h19 y5c9f ff4 fsb fc1 sc2 ls0 ws0\">36<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11ff h19 y5c9f ff4 fsb fc1 sc2 ls0 ws0\">5.866<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h19 y5c9f ff4 fsb fc1 sc2 ls0 ws0\">63.002<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5ca0 ff4 fsb fc1 sc2 ls0 ws0\">dicem<span class=\"_ _1\"></span>bre (A.3+G+<span class=\"_ _1\"></span>H+I.4)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y5ca1 ff4 fsb fc1 sc2 ls0 ws0\">M. Valore <span class=\"_ _1\"></span>di bilancio f<span class=\"_ _1\"></span>inale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5ca2 ff4 fsb fc1 sc0 ls0 ws0\">1. Contratti di as<span class=\"_ _1\"></span>sicurazio<span class=\"_ _1\"></span>ne emessi<span class=\"_ _3a1\"> </span></td><td class=\"c n x1200 y58ce wbb1 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">55.402<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1201 y58ce wbb2 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">130<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1202 y58ce wbb3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">7.151<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1203 y58ce wbb4 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">62.683<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1204 y58ce wbb5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">57<span class=\"_ _1\"></span>.100<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1205 y58ce wb99 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">36<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1206 y58ce wb90 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">5.866<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1207 y58ce wbb6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">63.002<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5ca3 ff4 fsb fc1 sc0 ls0 ws0\">che costi<span class=\"_ _1\"></span>tuiscono passi<span class=\"_ _1\"></span>vit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5ca4 ff4 fsb fc1 sc0 ls0 ws0\">2. Contratti di ass<span class=\"_ _1\"></span>icurazione e<span class=\"_ _1\"></span>messi<span class=\"_ _3a1\"> </span></td><td class=\"c n x119f y5461 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a0 y5461 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a1 y5461 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a2 y5461 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a3 y5461 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a4 y5461 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a5 y5461 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a6 y5461 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5ca5 ff4 fsb fc1 sc0 ls0 ws0\">che costi<span class=\"_ _1\"></span>tuiscono attiv<span class=\"_ _1\"></span>it\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y5ca6 ff4 fsb fc1 sc2 ls0 ws0\">3. Valore<span class=\"_ _1\"></span> netto di<span class=\"_ _1\"></span> bilancio al 3<span class=\"_ _1\"></span>1 </td><td class=\"t m2 x875 h19 y5ca7 ff4 fsb fc1 sc2 ls0 ws0\">55.402<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e6 h19 y5ca7 ff4 fsb fc1 sc2 ls0 ws0\">130<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ce h19 y5ca7 ff4 fsb fc1 sc2 ls0 ws0\">7.151<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc66 h19 y5ca7 ff4 fsb fc1 sc2 ls0 ws0\">62.683<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc64 h19 y5ca7 ff4 fsb fc1 sc2 ls0 ws0\">57.100<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11aa h19 y5ca7 ff4 fsb fc1 sc2 ls0 ws0\">36<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11ff h19 y5ca7 ff4 fsb fc1 sc2 ls0 ws0\">5.866<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h19 y5ca7 ff4 fsb fc1 sc2 ls0 ws0\">63.002<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5ca8 ff4 fsb fc1 sc2 ls0 ws0\">dicem<span class=\"_ _1\"></span>bre<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsf1e\">Dinamica del valore<span class=\"_ _1\"></span> di bilancio dei cont<span class=\"_ _1\"></span>ratti di assicurazione<span class=\"_ _1\"></span> emessi - GMM o VFA - <span class=\"_ _1\"></span>passivit\u00e0 per res<span class=\"_ _1\"></span>idua copertura e per sinistr<span class=\"_ _1\"></span>i </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsf1f\">accaduti<span class=\"fc1 sc2\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsf20\">Contratti <span class=\"_ _1\"></span>d'investimento emess<span class=\"_ _1\"></span>i con elementi di partecipazione discr<span class=\"_ _1\"></span>ezionali - Segmento <span class=\"_ _1\"></span>Vita<span class=\"fc1 sc2\"> </span></div><div class=\"gsf21\"><table class=\"s wbb7 h250\" id=\"_0a10d396-5d00-4eb1-8b95-c7888e3e8c66\"><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x1208 h19 y5ca9 ff4 fsb fc4 sc3 ls0 ws0\">Passiv<span class=\"_ _1\"></span>it\u00e0 </td><td></td><td></td><td></td><td></td><td class=\"t m2 xc5d h19 y5ca9 ff4 fsb fc4 sc3 ls0 ws0\">Passiv<span class=\"_ _1\"></span>it\u00e0 </td><td></td></tr><tr><td class=\"t m2 x58e h19 y5caa ff4 fsb fc4 sc3 ls0 ws0\">Voci/Pass<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x93c h19 y5caa ff4 fsb fc4 sc3 ls0 ws0\">per si<span class=\"_ _1\"></span>nistri </td><td></td><td></td><td></td><td></td><td class=\"t m2 xc62 h19 y5caa ff4 fsb fc4 sc3 ls0 ws0\">per si<span class=\"_ _1\"></span>nistri </td><td></td></tr><tr><td></td><td class=\"t m2 xba5 h19 y5cab ff4 fsb fc4 sc3 ls0 ws0\">Passiv<span class=\"_ _1\"></span>it\u00e0 per resi<span class=\"_ _1\"></span>dua </td><td class=\"t m2 xd6d h19 y5cac ff4 fsb fc4 sc3 ls0 ws0\">copertura<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x1208 h19 y5cad ff4 fsb fc4 sc3 ls0 ws0\">accadu<span class=\"_ _1\"></span>ti<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xb9d h19 y5cab ff4 fsb fc4 sc3 ls0 ws0\">Passiv<span class=\"_ _1\"></span>it\u00e0 per resi<span class=\"_ _1\"></span>dua </td><td class=\"t m2 x7bf h19 y5cac ff4 fsb fc4 sc3 ls0 ws0\">copertura<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc5d h19 y5cad ff4 fsb fc4 sc3 ls0 ws0\">accadu<span class=\"_ _1\"></span>ti<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"t m2 x1209 h19 y5cae ff4 fsb fc4 sc3 ls0 ws0\" colspan=\"2\">31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x93c h19 y5cae ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x120a h19 y5caf ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xde9 h19 y5cae ff4 fsb fc4 sc3 ls0 ws0\" colspan=\"2\">31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc62 h19 y5cae ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x120b h19 y5caf ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 xeb7 h19 y5cb0 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td class=\"t m2 x120c h19 y5cb0 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x5df h19 y5cb1 ff4 fsb fc4 sc3 ls0 ws0\">Al netto </td><td></td><td></td><td></td><td></td><td class=\"t m2 xc52 h19 y5cb1 ff4 fsb fc4 sc3 ls0 ws0\">Al netto </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x875 h19 y5cb2 ff4 fsb fc4 sc3 ls0 ws0\">della </td><td class=\"t m2 xce9 h19 y5cb2 ff4 fsb fc4 sc3 ls0 ws0\">Perdita<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x1194 h19 y5cb2 ff4 fsb fc4 sc3 ls0 ws0\">della </td><td class=\"t m2 x9a1 h19 y5cb2 ff4 fsb fc4 sc3 ls0 ws0\">Perdita<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x112b h19 y5cb3 ff4 fsb fc4 sc3 ls0 ws0\">perdita<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td class=\"t m2 x9d5 h19 y5cb3 ff4 fsb fc4 sc3 ls0 ws0\">perdita<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y5cb4 ff4 fsb fc1 sc2 ls0 ws0\">A. Valore <span class=\"_ _1\"></span>di bilancio<span class=\"_ _1\"></span> iniziale<span class=\"_ _3a1\"> </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 class=\"t m2 xae4 h19 y5cb5 ff4 fsb fc1 sc0 ls0 ws0\">1. Contratti di as<span class=\"_ _1\"></span>sicurazio<span class=\"_ _1\"></span>ne emessi<span class=\"_ _3a1\"> </span></td><td class=\"c n x11be y5cb6 wbb8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">348.611<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x120d y5cb6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x120e y5cb6 w490 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2.319<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x120f y5cb6 wbb9 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">350.930<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1210 y5cb6 wb3b h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">279.829<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1211 y5cb6 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1212 y5cb6 wbba h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">365<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1213 y5cb6 wbbb h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">280.194<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5cb7 ff4 fsb fc1 sc0 ls0 ws0\">che costi<span class=\"_ _1\"></span>tuiscono passi<span class=\"_ _1\"></span>vit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5cb8 ff4 fsb fc1 sc0 ls0 ws0\">2. Contratti di ass<span class=\"_ _1\"></span>icurazione e<span class=\"_ _1\"></span>messi<span class=\"_ _3a1\"> </span></td><td class=\"c n x1214 y5cb9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1215 y5cb9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1216 y5cb9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1217 y5cb9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1218 y5cb9 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1219 y5cb9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x121a y5cb9 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x121b y5cb9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5cba ff4 fsb fc1 sc0 ls0 ws0\">che costi<span class=\"_ _1\"></span>tuiscono attiv<span class=\"_ _1\"></span>it\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y5cbb ff4 fsb fc1 sc2 ls0 ws0\">3. Valore<span class=\"_ _1\"></span> netto di<span class=\"_ _1\"></span> bilancio al 1<span class=\"_ _1\"></span>\u00b0 gennaio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e5 h19 y5cbb ff4 fsb fc1 sc2 ls0 ws0\">348.611<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x99f h19 y5cbb ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd9 h19 y5cbb ff4 fsb fc1 sc2 ls0 ws0\">2.319<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xb9e h19 y5cbb ff4 fsb fc1 sc2 ls0 ws0\">350.93<span class=\"_ _1\"></span>0<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1194 h19 y5cbb ff4 fsb fc1 sc2 ls0 ws0\">279.829<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x936 h19 y5cbb ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e5 h19 y5cbb ff4 fsb fc1 sc2 ls0 ws0\">365<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x121c h19 y5cbb ff4 fsb fc1 sc2 ls0 ws0\">280.194<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5cbc ff4 fsb fc1 sc2 ls0 ws0\">B. Ricavi<span class=\"_ _1\"></span> assicur<span class=\"_ _1\"></span>ativi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x121d h19 y5cbc ff4 fsb fc1 sc2 ls0 ws0\">(5.960)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x99f h19 y5cbc ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdda h19 y5cbc ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad3 h19 y5cbc ff4 fsb fc1 sc2 ls0 ws0\">(5.960)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d1 h19 y5cbc ff4 fsb fc1 sc2 ls0 ws0\">(4.406)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x936 h19 y5cbc ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf1b h19 y5cbc ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x121e h19 y5cbc ff4 fsb fc1 sc2 ls0 ws0\">(4.406)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5cbd ff4 fsb fc1 sc2 ls0 ws0\">C. Costi per<span class=\"_ _1\"></span> servizi<span class=\"_ _1\"></span> assic<span class=\"_ _1\"></span>urativi<span class=\"_ _3a1\"> </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 class=\"t m2 xae4 h19 y5cbe ff4 fsb fc1 sc0 ls0 ws0\">1. Sinistri acc<span class=\"_ _1\"></span>aduti e altri co<span class=\"_ _1\"></span>sti<span class=\"_ _3a1\"> </span></td><td class=\"c n x1214 y5cbf wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1215 y5cbf wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x121f y5cbf wbbc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">44.335<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1220 y5cbf wbbd h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">44.335<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1221 y5cbf wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1222 y5cbf wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1223 y5cbf wbbe h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">24.814<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1224 y5cbf wbbf h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">24.814<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5cc0 ff4 fsb fc1 sc0 ls0 ws0\">direttamente<span class=\"_ _1\"></span> attribuibil<span class=\"_ _1\"></span>i </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5cc1 ff4 fsb fc1 sc0 ls0 ws0\">2. Variazioni dell<span class=\"_ _1\"></span>a passivi<span class=\"_ _1\"></span>t\u00e0 per<span class=\"_ _3a1\"> </span></td><td class=\"c n x1214 y5cc2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1215 y5cc2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1225 y5cc2 wbc0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(41.619)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1226 y5cc2 wbc0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(41.619)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1227 y5cc2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1228 y5cc2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1229 y5cc2 wbc1 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(22<span class=\"_ _1\"></span>.717)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x122a y5cc2 w7a4 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(22.717)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5cc3 ff4 fsb fc1 sc0 ls0 ws0\">sinistri accaduti<span class=\"_ _1\"></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 class=\"t m2 xae4 h19 y5cc4 ff4 fsb fc1 sc0 ls0 ws0\">3. Perdite e rel<span class=\"_ _1\"></span>ativi rec<span class=\"_ _1\"></span>uperi su<span class=\"_ _3a1\"> </span></td><td class=\"c n x1214 y5cc5 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1215 y5cc5 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1216 y5cc5 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1217 y5cc5 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1218 y5cc5 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1219 y5cc5 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x121a y5cc5 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x121b y5cc5 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5cc6 ff4 fsb fc1 sc0 ls0 ws0\">contratti one<span class=\"_ _1\"></span>rosi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5cc7 ff4 fsb fc1 sc0 ls0 ws0\">4. Ammortamento<span class=\"_ _1\"></span> dei costi di<span class=\"_ _3a1\"> </span></td><td class=\"c n xd01 y5cc8 w524 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">14<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x122b y5cc8 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x122c y5cc8 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x122d y5cc8 w524 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">14<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x122e y5cc8 w524 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">14<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x122f y5cc8 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1230 y5cc8 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1231 y5cc8 w524 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">14<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5cc9 ff4 fsb fc1 sc0 ls0 ws0\">acquisizione<span class=\"_ _1\"></span> dei contratti<span class=\"_ _1\"></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 class=\"t m2 xae4 h19 y5cca ff4 fsb fc1 sc2 ls0 ws0\">5. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1232 h19 y5cca ff4 fsb fc1 sc2 ls0 ws0\">14<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x99f h19 y5cca ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xb9f h19 y5cca ff4 fsb fc1 sc2 ls0 ws0\">2.716<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad6 h19 y5cca ff4 fsb fc1 sc2 ls0 ws0\">2.730<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1233 h19 y5cca ff4 fsb fc1 sc2 ls0 ws0\">14<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x936 h19 y5cca ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x891 h19 y5cca ff4 fsb fc1 sc2 ls0 ws0\">2.097<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1234 h19 y5cca ff4 fsb fc1 sc2 ls0 ws0\">2.111<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5ccb ff4 fsb fc1 sc2 ls0 ws0\">D. Risul<span class=\"_ _1\"></span>tato dei serv<span class=\"_ _1\"></span>izi assicu<span class=\"_ _1\"></span>rativi </td><td class=\"t m2 x121d h19 y5ccc ff4 fsb fc1 sc2 ls0 ws0\">(5.946)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x99f h19 y5ccc ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xb9f h19 y5ccc ff4 fsb fc1 sc2 ls0 ws0\">2.716<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad3 h19 y5ccc ff4 fsb fc1 sc2 ls0 ws0\">(3.230<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d1 h19 y5ccc ff4 fsb fc1 sc2 ls0 ws0\">(4.392)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x936 h19 y5ccc ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x891 h19 y5ccc ff4 fsb fc1 sc2 ls0 ws0\">2.097<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x121e h19 y5ccc ff4 fsb fc1 sc2 ls0 ws0\">(2.295)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5ccd ff4 fsb fc1 sc2 ls0 ws0\">(B+C)<span class=\"_ _3a1\"> </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 class=\"t m2 x58e h19 y5cce ff4 fsb fc1 sc2 ls0 ws0\">E. Costi<span class=\"_ _1\"></span>/ricavi netti<span class=\"_ _1\"></span> di natura fi<span class=\"_ _1\"></span>nanziari<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </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 class=\"t m2 xae4 h19 y5ccf ff4 fsb fc1 sc0 ls0 ws0\">1. Relativi ai cont<span class=\"_ _1\"></span>ratti assuc<span class=\"_ _1\"></span>urativi<span class=\"_ _3a1\"> </span></td><td class=\"c n x1235 y5cd0 wbc2 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">33.586<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1236 y5cd0 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1237 y5cd0 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1238 y5cd0 wbc3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">33.586<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1239 y5cd0 wbc4 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">25.909<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x123a y5cd0 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x123b y5cd0 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x123c y5cd0 wbc4 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">25.909<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5cd1 ff4 fsb fc1 sc0 ls0 ws0\">emessi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x823 y5cd2 wba2 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.1 Registrati<span class=\"_ _1\"></span> in conto eco<span class=\"_ _1\"></span>nomico<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x123d y5cd2 wbc5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">31.181<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x123e y5cd2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x123f y5cd2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1240 y5cd2 wbc5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">31.181<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1241 y5cd2 wbc6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">20.379<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1242 y5cd2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1243 y5cd2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1244 y5cd2 wbc7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>0.379<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h19 y5cd3 ff4 fsb fc1 sc0 ls0 ws0\">1.2 Registrati nel<span class=\"_ _1\"></span> conto econo<span class=\"_ _1\"></span>mico </td><td class=\"c n x1245 y5cd4 wbc8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2.405<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1246 y5cd4 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1247 y5cd4 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1248 y5cd4 wbc9 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>.405<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1249 y5cd4 wbca h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">5.530<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x124a y5cd4 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x124b y5cd4 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x124c y5cd4 wbca h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">5.530<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h19 y5cd5 ff4 fsb fc1 sc0 ls0 ws0\">compless<span class=\"_ _1\"></span>ivo </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5cd6 ff4 fsb fc1 sc0 ls0 ws0\">2. Effetti<span class=\"_ _1\"></span> connessi<span class=\"_ _1\"></span> con le variazioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x1214 y5cd7 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1215 y5cd7 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1216 y5cd7 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1217 y5cd7 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1218 y5cd7 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1219 y5cd7 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x121a y5cd7 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x121b y5cd7 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5cd8 ff4 fsb fc1 sc0 ls0 ws0\">dei tassi di cam<span class=\"_ _1\"></span>bio </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5cd9 ff4 fsb fc1 sc2 ls0 ws0\">3. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x121d h19 y5cd9 ff4 fsb fc1 sc2 ls0 ws0\">33.586<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x99f h19 y5cd9 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdda h19 y5cd9 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c3 h19 y5cd9 ff4 fsb fc1 sc2 ls0 ws0\">33.586<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d1 h19 y5cd9 ff4 fsb fc1 sc2 ls0 ws0\">25.909<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x936 h19 y5cd9 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf1b h19 y5cd9 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x121e h19 y5cd9 ff4 fsb fc1 sc2 ls0 ws0\">25.909<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5cda ff4 fsb fc1 sc2 ls0 ws0\">F. Compo<span class=\"_ _1\"></span>nenti di inv<span class=\"_ _1\"></span>estime<span class=\"_ _1\"></span>nto<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x875 h19 y5cda ff4 fsb fc1 sc2 ls0 ws0\">(39.977)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x99f h19 y5cda ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x124d h19 y5cda ff4 fsb fc1 sc2 ls0 ws0\">39.977<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xced h19 y5cda ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1194 h19 y5cda ff4 fsb fc1 sc2 ls0 ws0\">(24.672<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x936 h19 y5cda ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcec h19 y5cda ff4 fsb fc1 sc2 ls0 ws0\">24.672<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x124e h19 y5cda ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5cdb ff4 fsb fc1 sc2 ls0 ws0\">G. Importo<span class=\"_ _1\"></span> totale re<span class=\"_ _1\"></span>gistrato<span class=\"_ _1\"></span> in conto </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y5cdc ff4 fsb fc1 sc2 ls0 ws0\">economic<span class=\"_ _1\"></span>o e nel c<span class=\"_ _1\"></span>onto econom<span class=\"_ _1\"></span>ico </td><td class=\"t m2 x7be h19 y5cdc ff4 fsb fc1 sc2 ls0 ws0\">(12.337)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x99f h19 y5cdc ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba3 h19 y5cdc ff4 fsb fc1 sc2 ls0 ws0\">42.693<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c3 h19 y5cdc ff4 fsb fc1 sc2 ls0 ws0\">30.356<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c8 h19 y5cdc ff4 fsb fc1 sc2 ls0 ws0\">(3.155)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x936 h19 y5cdc ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcec h19 y5cdc ff4 fsb fc1 sc2 ls0 ws0\">26.769<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x124f h19 y5cdc ff4 fsb fc1 sc2 ls0 ws0\">23.614<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5cdd ff4 fsb fc1 sc2 ls0 ws0\">compless<span class=\"_ _1\"></span>ivo (D+E+F<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </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 class=\"c n x2d7 y5cde wb7d h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc2 ls0 ws0\">H. Altre v<span class=\"_ _1\"></span>ariazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1250 y5cde wbcb h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc2 ls0 ws0\">1.93<span class=\"_ _1\"></span>1<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x99f h19 y5cdf ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdda h19 y5cdf ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x934 h19 y5cdf ff4 fsb fc1 sc2 ls0 ws0\">1.931<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d1 h19 y5cdf ff4 fsb fc1 sc2 ls0 ws0\">(1.008)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x936 h19 y5cdf ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf1b h19 y5cdf ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1251 h19 y5cdf ff4 fsb fc1 sc2 ls0 ws0\">(1.008)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5ce0 ff4 fsb fc1 sc2 ls0 ws0\">I. Movime<span class=\"_ _1\"></span>nti di cass<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </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 class=\"c n xadb y5ce1 wb7f h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1. Premi rice<span class=\"_ _1\"></span>vuti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1252 y5ce1 wbcc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">208.285<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1253 y5ce1 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1254 y5ce1 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1255 y5ce1 wbcd h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>08.285<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1256 y5ce1 wbce h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">72.945<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1257 y5ce1 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1258 y5ce1 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1259 y5ce1 wbcf h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">72.945<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5ce2 ff4 fsb fc1 sc0 ls0 ws0\">2. Pagamenti co<span class=\"_ _1\"></span>nnessi con i<span class=\"_ _1\"></span> costi di<span class=\"_ _3a1\"> </span></td><td class=\"c n x1214 y5ce3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1215 y5ce3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1216 y5ce3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1217 y5ce3 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1218 y5ce3 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1219 y5ce3 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x121a y5ce3 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x121b y5ce3 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5ce4 ff4 fsb fc1 sc0 ls0 ws0\">acquisizione<span class=\"_ _1\"></span> dei contratti<span class=\"_ _1\"></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 class=\"t m2 xae4 h19 y5ce5 ff4 fsb fc1 sc0 ls0 ws0\">3. Sinistri<span class=\"_ _1\"></span> pagati e altre usci<span class=\"_ _1\"></span>te di<span class=\"_ _3a1\"> </span></td><td class=\"c n x1214 y5ce6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1215 y5ce6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x125a y5ce6 wbd0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(44.33<span class=\"_ _1\"></span>5)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x125b y5ce6 wbd1 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(44.335)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x125c y5ce6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x125d y5ce6 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x125e y5ce6 wae0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(24.814)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x125f y5ce6 wbd2 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(24.814<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5ce7 ff4 fsb fc1 sc0 ls0 ws0\">cassa </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y5ce8 wb86 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">4. Altri movi<span class=\"_ _1\"></span>menti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1260 y5ce8 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1261 y5ce8 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1262 y5ce8 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1263 y5ce8 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1264 y5ce8 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1265 y5ce8 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1266 y5ce8 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1267 y5ce8 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5ce9 ff4 fsb fc1 sc2 ls0 ws0\">5. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x875 h19 y5ce9 ff4 fsb fc1 sc2 ls0 ws0\">208.285<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x99f h19 y5ce9 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113f h19 y5ce9 ff4 fsb fc1 sc2 ls0 ws0\">(44.335<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1268 h19 y5ce9 ff4 fsb fc1 sc2 ls0 ws0\">163.950<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c8 h19 y5ce9 ff4 fsb fc1 sc2 ls0 ws0\">72.945<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x936 h19 y5ce9 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddf h19 y5ce9 ff4 fsb fc1 sc2 ls0 ws0\">(24.81<span class=\"_ _1\"></span>4)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1269 h19 y5ce9 ff4 fsb fc1 sc2 ls0 ws0\">48.131<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5cea ff4 fsb fc1 sc2 ls0 ws0\">L. Valore<span class=\"_ _1\"></span> netto di bi<span class=\"_ _1\"></span>lancio al 3<span class=\"_ _1\"></span>1 </td><td class=\"t m2 x875 h19 y5ceb ff4 fsb fc1 sc2 ls0 ws0\">546.490<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x99f h19 y5ceb ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112d h19 y5ceb ff4 fsb fc1 sc2 ls0 ws0\">677<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad3 h19 y5ceb ff4 fsb fc1 sc2 ls0 ws0\">547.167<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x87b h19 y5ceb ff4 fsb fc1 sc2 ls0 ws0\">348.611<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x936 h19 y5ceb ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x891 h19 y5ceb ff4 fsb fc1 sc2 ls0 ws0\">2.320<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x121c h19 y5ceb ff4 fsb fc1 sc2 ls0 ws0\">350.93<span class=\"_ _1\"></span>1<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5cec ff4 fsb fc1 sc2 ls0 ws0\">dicem<span class=\"_ _1\"></span>bre (A.3+G+<span class=\"_ _1\"></span>H+I.4)<span class=\"_ _3a1\"> </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 class=\"t m2 x58e h19 y5ced ff4 fsb fc1 sc2 ls0 ws0\">M. Valore <span class=\"_ _1\"></span>di bilancio f<span class=\"_ _1\"></span>inale<span class=\"_ _3a1\"> </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 class=\"t m2 xae4 h19 y5cee ff4 fsb fc1 sc0 ls0 ws0\">1. Contratti di as<span class=\"_ _1\"></span>sicurazio<span class=\"_ _1\"></span>ne emessi<span class=\"_ _3a1\"> </span></td><td class=\"c n x1200 y5cef wbd3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">546.489<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x126a y5cef wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x126b y5cef wbd4 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">678<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x126c y5cef wbd5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">547.167<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x126d y5cef wbb8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">348.611<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x126e y5cef wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x126f y5cef w490 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2.319<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1270 y5cef wbb9 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">350.930<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5cf0 ff4 fsb fc1 sc0 ls0 ws0\">che costi<span class=\"_ _1\"></span>tuiscono passi<span class=\"_ _1\"></span>vit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5cf1 ff4 fsb fc1 sc0 ls0 ws0\">2. Contratti di ass<span class=\"_ _1\"></span>icurazione e<span class=\"_ _1\"></span>messi<span class=\"_ _3a1\"> </span></td><td class=\"c n x1214 y5cf2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1215 y5cf2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1216 y5cf2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1217 y5cf2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1218 y5cf2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1219 y5cf2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x121a y5cf2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x121b y5cf2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5cf3 ff4 fsb fc1 sc0 ls0 ws0\">che costi<span class=\"_ _1\"></span>tuiscono attiv<span class=\"_ _1\"></span>it\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y5cf4 ff4 fsb fc1 sc2 ls0 ws0\">3. Valore<span class=\"_ _1\"></span> netto di<span class=\"_ _1\"></span> bilancio al 3<span class=\"_ _1\"></span>1 </td><td class=\"t m2 x875 h19 y5cf5 ff4 fsb fc1 sc2 ls0 ws0\">546.48<span class=\"_ _1\"></span>9<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x99f h19 y5cf5 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112d h19 y5cf5 ff4 fsb fc1 sc2 ls0 ws0\">678<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad3 h19 y5cf5 ff4 fsb fc1 sc2 ls0 ws0\">547.167<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x87b h19 y5cf5 ff4 fsb fc1 sc2 ls0 ws0\">348.611<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x936 h19 y5cf5 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1271 h19 y5cf5 ff4 fsb fc1 sc2 ls0 ws0\">2.319<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1272 h19 y5cf5 ff4 fsb fc1 sc2 ls0 ws0\">350.93<span class=\"_ _1\"></span>0<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5cf6 ff4 fsb fc1 sc2 ls0 ws0\">dicem<span class=\"_ _1\"></span>bre<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsf23\">Dinamica del valore<span class=\"_ _1\"></span> di bilancio dei cont<span class=\"_ _1\"></span>ratti di assicurazione<span class=\"_ _1\"></span> emessi distinta per e<span class=\"_ _1\"></span>lementi sottostanti alla misuraz<span class=\"_ _1\"></span>ione<span class=\"fc1 sc2\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsf24\">Contratti <span class=\"_ _1\"></span>assicurativi emessi con elem<span class=\"_ _1\"></span>enti di partecipazione dire<span class=\"_ _1\"></span>tta - Segmento Vita<span class=\"fc1 sc2\"> </span></div><div class=\"gsf25\"><table class=\"s wbd6 h251\" id=\"_c5e12316-2d5a-4d2d-8d8f-89ed07ea836d\"><tr><td></td><td class=\"t m2 x87d h5a y5cf7 ff4 fs16 fc4 sc3 ls0 ws0\">Elementi sot<span class=\"_ _1\"></span>tostanti alla mis<span class=\"_ _1\"></span>urazione del valore <span class=\"_ _1\"></span>di bilancio dei </td><td class=\"t m2 x11a7 h5a y5cf8 ff4 fs16 fc4 sc3 ls0 ws0\">contratti di<span class=\"_ _1\"></span> assicurazione emess<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 x939 h5a y5cf7 ff4 fs16 fc4 sc3 ls0 ws0\">Elementi sot<span class=\"_ _1\"></span>tostanti alla mis<span class=\"_ _1\"></span>urazione del valore <span class=\"_ _1\"></span>di bilancio dei </td><td class=\"t m2 x7d1 h5a y5cf8 ff4 fs16 fc4 sc3 ls0 ws0\">contratti di<span class=\"_ _1\"></span> assicurazione emess<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"c x1273 y5cf9 wc8 h9e\"><div class=\"t m2 x0 h5a y15b6 ff4 fs16 fc4 sc3 ls0 ws0\">Valore </div></td><td class=\"t m2 x112b h5a y5cfa ff4 fs16 fc4 sc3 ls0 ws0\">Aggiustamen<span class=\"_ _1\"></span>to </td><td class=\"t m2 x9d2 h5a y5cfa ff4 fs16 fc4 sc3 ls0 ws0\">Margine sui </td><td></td><td class=\"c x95f y5cf9 wc8 h9e\"><div class=\"t m2 x0 h5a y15b6 ff4 fs16 fc4 sc3 ls0 ws0\">Valore </div></td><td class=\"t m2 x7c8 h5a y5cfa ff4 fs16 fc4 sc3 ls0 ws0\">Aggiustamen<span class=\"_ _1\"></span>to </td><td class=\"t m2 xba1 h5a y5cfa ff4 fs16 fc4 sc3 ls0 ws0\">Margine sui </td><td></td></tr><tr><td class=\"t m2 x58e h5a y5cfb ff4 fs16 fc4 sc3 ls0 ws0\">Voci/Ele<span class=\"_ _1\"></span>menti sottostanti </td><td class=\"t m2 xd76 h5a y5cfb ff4 fs16 fc4 sc3 ls0 ws0\">attuale dei<span class=\"_ _1\"></span> </td><td class=\"t m2 x5dd h5a y5cfc ff4 fs16 fc4 sc3 ls0 ws0\">per i rischi non </td><td class=\"t m2 xc5f h5a y5cfc ff4 fs16 fc4 sc3 ls0 ws0\">servizi </td><td class=\"t m2 xe5d h5a y5cfd ff4 fs16 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xb9c h5a y5cfb ff4 fs16 fc4 sc3 ls0 ws0\">attuale dei<span class=\"_ _1\"></span> </td><td class=\"t m2 x1274 h5a y5cfc ff4 fs16 fc4 sc3 ls0 ws0\">per i rischi non </td><td class=\"t m2 x592 h5a y5cfc ff4 fs16 fc4 sc3 ls0 ws0\">servizi </td><td class=\"t m2 xc5e h5a y5cfd ff4 fs16 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5cfe ff4 fs16 fc4 sc3 ls0 ws0\">alla misura<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd43 h5a y5cfe ff4 fs16 fc4 sc3 ls0 ws0\">flussi </td><td class=\"t m2 x5c4 h5a y5cff ff4 fs16 fc4 sc3 ls0 ws0\">finanziari<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d2 h5a y5cff ff4 fs16 fc4 sc3 ls0 ws0\">contrattuali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xb9f h5a y5d00 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93d h5a y5cfe ff4 fs16 fc4 sc3 ls0 ws0\">flussi </td><td class=\"t m2 xde9 h5a y5cff ff4 fs16 fc4 sc3 ls0 ws0\">finanziari<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba1 h5a y5cff ff4 fs16 fc4 sc3 ls0 ws0\">contrattuali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d4 h5a y5d00 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x888 h5a y5d01 ff4 fs16 fc4 sc3 ls0 ws0\">finanziari<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 xad6 h5a y5d01 ff4 fs16 fc4 sc3 ls0 ws0\">finanziari<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 xd76 h5a y5d02 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x121d h5a y5d02 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x940 h5a y5d02 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xb9c h5a y5d02 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe21 h5a y5d02 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1275 h5a y5d02 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5d03 ff4 fs16 fc1 sc2 ls0 ws0\">A. Valore di bil<span class=\"_ _1\"></span>ancio inizi<span class=\"_ _1\"></span>ale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5d04 wbd7 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1. Contra<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1276 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">tti di<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d05 ff4 fs16 fc1 sc0 ls0 ws0\">assicurazione emessi che<span class=\"_ _3a1\"> </span></td><td class=\"c n x1277 y5d06 wbd8 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">3.638.143<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1278 y5d06 wbd9 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">48.456<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1279 y5d06 wbda h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">187.460<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x127a y5d06 wbdb h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">3.874.059<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x127b y5d06 w63f h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">3.350.67<span class=\"_ _1\"></span>1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x127c y5d06 wbdc h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">23.429<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x127d y5d06 wbdd h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">233.905<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x127e y5d06 wbde h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>.608.005<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d07 ff4 fs16 fc1 sc0 ls0 ws0\">costituiscono passi<span class=\"_ _1\"></span>vit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d08 ff4 fs16 fc1 sc0 ls0 ws0\">2. Contratti di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d09 ff4 fs16 fc1 sc0 ls0 ws0\">assicurazione emessi che<span class=\"_ _3a1\"> </span></td><td class=\"c n xb31 y5d0a w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x127f y5d0a w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1280 y5d0a wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1281 y5d0a wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1282 y5d0a w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1283 y5d0a w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1284 y5d0a w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1285 y5d0a w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d0b ff4 fs16 fc1 sc0 ls0 ws0\">costituiscono attivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y5d0c wbe0 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc2 ls0 ws0\">3. Valore<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1286 h5a y5611 ff4 fs16 fc1 sc2 ls0 ws0\">netto di bilan<span class=\"_ _1\"></span>cio al<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xada h5a y5d0d ff4 fs16 fc1 sc2 ls0 ws0\">3.638.143<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc51 h5a y5d0d ff4 fs16 fc1 sc2 ls0 ws0\">48.456<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99f h5a y5d0d ff4 fs16 fc1 sc2 ls0 ws0\">187.460<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1287 h5a y5d0d ff4 fs16 fc1 sc2 ls0 ws0\">3.874.059<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x934 h5a y5d0d ff4 fs16 fc1 sc2 ls0 ws0\">3.350.671<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce7 h5a y5d0d ff4 fs16 fc1 sc2 ls0 ws0\">23.429<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeec h5a y5d0d ff4 fs16 fc1 sc2 ls0 ws0\">233.905<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1288 h5a y5d0d ff4 fs16 fc1 sc2 ls0 ws0\">3.608.005<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5d0e ff4 fs16 fc1 sc2 ls0 ws0\">1\u00b0 gennaio<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5d0f ff4 fs16 fc1 sc2 ls0 ws0\">B. Variazioni<span class=\"_ _1\"></span> relative ai </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5d10 ff4 fs16 fc1 sc2 ls0 ws0\">servizi attu<span class=\"_ _1\"></span>ali<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d11 ff4 fs16 fc1 sc0 ls0 ws0\">1. Margine sui servizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5d12 wbe1 h1fe\"><div class=\"t m2 x2b3 h5a y5610 ff4 fs16 fc1 sc0 ls0 ws0\">contrattuali registrato in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">conto economic<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb31 y5d13 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x127f y5d13 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1289 y5d13 wbe2 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(36.320)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x128a y5d13 wbe2 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(36.320)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x128b y5d13 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x128c y5d13 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x128d y5d13 wbe3 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(38.166)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x128e y5d13 wbe3 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(38.166)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c xadb y5d14 wbe4 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">2. Variaz<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x128f h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">ione per risch<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb31 y5d15 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1290 y5d15 wbe5 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(7.777)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1291 y5d15 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1292 y5d15 wbe6 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(7.777)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1293 y5d15 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1294 y5d15 wbe7 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(2.987)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1295 y5d15 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1296 y5d15 wbe7 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(2.987)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d16 ff4 fs16 fc1 sc0 ls0 ws0\">non finanziari scaduti<span class=\"_ _1\"></span> </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d17 ff4 fs16 fc1 sc0 ls0 ws0\">3. Modifiche connes<span class=\"_ _1\"></span>se<span class=\"_ _3a1\"> </span></td><td class=\"c n x1297 y5d18 wbe8 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">757.986<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1298 y5d18 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1299 y5d18 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x129a y5d18 wbe8 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">757.986<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x129b y5d18 wbe9 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(19.240)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x129c y5d18 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x129d y5d18 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x129e y5d18 wbe9 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(19.240)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d19 ff4 fs16 fc1 sc0 ls0 ws0\">con l\u2019esperienza </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d1a ff4 fs16 fc1 sc2 ls0 ws0\">4. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x129f h5a y5d1a ff4 fs16 fc1 sc2 ls0 ws0\">757.986<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x92f h5a y5d1a ff4 fs16 fc1 sc2 ls0 ws0\">(7.777)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc61 h5a y5d1a ff4 fs16 fc1 sc2 ls0 ws0\">(36.320)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12a0 h5a y5d1a ff4 fs16 fc1 sc2 ls0 ws0\">713.889<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd57 h5a y5d1a ff4 fs16 fc1 sc2 ls0 ws0\">(19.240)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce7 h5a y5d1a ff4 fs16 fc1 sc2 ls0 ws0\">(2.987)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeec h5a y5d1a ff4 fs16 fc1 sc2 ls0 ws0\">(38.166)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1195 h5a y5d1a ff4 fs16 fc1 sc2 ls0 ws0\">(60.393)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x2d7 y5d1c wbea h252\"><div class=\"t m2 x2b3 h5a y5d1b ff4 fs16 fc1 sc2 ls0 ws0\">C. Variazion<span class=\"_ _1\"></span>i relative a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc2 ls0 ws0\">servizi futu<span class=\"_ _1\"></span>ri<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d1d ff4 fs16 fc1 sc0 ls0 ws0\">1. Variazioni del margine<span class=\"_ _3a1\"> </span></td><td class=\"c n xc38 y5d1e wbeb h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">126.424<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12a1 y5d1e wbec h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(5.693)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12a2 y5d1e wbed h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(93.082)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12a3 y5d1e wbee h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>7.649<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12a4 y5d1e wbef h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">12.349<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12a5 y5d1e w973 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">25.800<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12a6 y5d1e wbf0 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(37.076)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12a7 y5d1e wbf1 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1.073<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d1f ff4 fs16 fc1 sc0 ls0 ws0\">sui servizi contrattuali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d20 ff4 fs16 fc1 sc0 ls0 ws0\">2. Perdite su gruppi di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d21 ff4 fs16 fc1 sc0 ls0 ws0\">contratti onerosi e relativi<span class=\"_ _3a1\"> </span></td><td class=\"c n xb31 y5d22 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x127f y5d22 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1280 y5d22 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1281 y5d22 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1282 y5d22 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1283 y5d22 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1284 y5d22 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1285 y5d22 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d23 ff4 fs16 fc1 sc0 ls0 ws0\">recuperi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xae4 y5d24 w1bf h9e\"><div class=\"t m2 x0 h5a y255f ff4 fs16 fc1 sc0 ls0 ws0\">3. Effetti dei contratti<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d25 ff4 fs16 fc1 sc0 ls0 ws0\">inizialmente rilevati </td><td class=\"c n xba6 y5d26 wbf2 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(71.913)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12a8 y5d26 wbf3 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">14.446<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12a9 y5d26 wbf4 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">57.467<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12aa y5d26 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12ab y5d26 wbf5 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(56.161)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12ac y5d26 wbf6 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">3.628<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12ad y5d26 wbf7 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">52<span class=\"_ _1\"></span>.534<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12ae y5d26 wbf8 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d27 ff4 fs16 fc1 sc0 ls0 ws0\">nell\u2019esercizio<span class=\"_ _1\"></span> di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d28 ff4 fs16 fc1 sc0 ls0 ws0\">riferimento </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d29 ff4 fs16 fc1 sc2 ls0 ws0\">4. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x95d h5a y5d29 ff4 fs16 fc1 sc2 ls0 ws0\">54.511<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc65 h5a y5d29 ff4 fs16 fc1 sc2 ls0 ws0\">8.753<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cd h5a y5d29 ff4 fs16 fc1 sc2 ls0 ws0\">(35.615)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdda h5a y5d29 ff4 fs16 fc1 sc2 ls0 ws0\">27.649<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd57 h5a y5d29 ff4 fs16 fc1 sc2 ls0 ws0\">(43.812)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce7 h5a y5d29 ff4 fs16 fc1 sc2 ls0 ws0\">29.428<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1140 h5a y5d29 ff4 fs16 fc1 sc2 ls0 ws0\">15.458<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12af h5a y5d29 ff4 fs16 fc1 sc2 ls0 ws0\">1.074<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x2d7 y5d2a wbf9 h200\"><div class=\"t m2 x2b3 h5a y5629 ff4 fs16 fc1 sc2 ls0 ws0\">D. Variaz<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x12b0 h5a y5629 ff4 fs16 fc1 sc2 ls0 ws0\">ioni relative<span class=\"_ _1\"></span> a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">servizi passa<span class=\"_ _1\"></span>ti<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5d2b wbfa h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1. Aggius<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1276 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">tamenti alla<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d2c ff4 fs16 fc1 sc0 ls0 ws0\">passivit\u00e0 per sinistri </td><td class=\"c n x1277 y5d2d wbfb h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(784.503)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12b1 y5d2d wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12b2 y5d2d wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12b3 y5d2d wbfc h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(784.503)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12b4 y5d2d wbfd h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">4.125<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12b5 y5d2d w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12b6 y5d2d w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12b7 y5d2d wbfe h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">4.125<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d2e ff4 fs16 fc1 sc0 ls0 ws0\">accaduti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5d2f wbff h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2.<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x12b8 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">Modifiche connes<span class=\"_ _1\"></span>se<span class=\"_ _3a1\"> </span></div></td><td class=\"c xce6 y5d30 w178 h9e\"><div class=\"t m2 x0 h5a y2566 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x12b9 y5d30 w178 h9e\"><div class=\"t m2 x0 h5a y2566 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x1208 y5d30 w178 h9e\"><div class=\"t m2 x0 h5a y2566 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c xeb7 y5d30 w178 h9e\"><div class=\"t m2 x0 h5a y2566 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12ba y5d31 wc00 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">15.330<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12bb y5d31 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x9a3 h5a y5d32 ff4 fs16 fc1 sc0 ls0 ws0\">-</td><td class=\"t m2 xd53 h5a y5d33 ff4 fs16 fc1 sc2 ls0 ws0\"> <span class=\"_ _133\"> </span>15.330<span class=\"_ _1\"></span> </td></tr><tr><td class=\"t m2 xae4 h5a y5d34 ff4 fs16 fc1 sc0 ls0 ws0\">con l\u2019esperienza </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y5d35 wc01 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">E. Ris<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x12bc h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">ultato dei<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x12bd h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">servizi di<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x12be h5a y5d36 ff4 fs16 fc1 sc2 ls0 ws0\">27.994<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x80e h5a y5d36 ff4 fs16 fc1 sc2 ls0 ws0\">976<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99f h5a y5d36 ff4 fs16 fc1 sc2 ls0 ws0\">(71.935)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcea h5a y5d36 ff4 fs16 fc1 sc2 ls0 ws0\">(42.965)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xec2 h5a y5d36 ff4 fs16 fc1 sc2 ls0 ws0\">(43.597)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12bf h5a y5d36 ff4 fs16 fc1 sc2 ls0 ws0\">26.441<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeec h5a y5d36 ff4 fs16 fc1 sc2 ls0 ws0\">(22.708)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1195 h5a y5d36 ff4 fs16 fc1 sc2 ls0 ws0\">(39.864)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5d37 ff4 fs16 fc1 sc2 ls0 ws0\">assicurazio<span class=\"_ _1\"></span>ne(B+C+D)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y5d38 wc02 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">F. Costi/<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x12c0 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">ricavi di natura<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5d39 ff4 fs16 fc1 sc2 ls0 ws0\">finanziaria<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d3a ff4 fs16 fc1 sc0 ls0 ws0\">1. Relativi ai contratti di<span class=\"_ _3a1\"> </span></td><td class=\"c n xba6 y5d3b wc03 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">70.580<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12c1 y5d3b wc04 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1.365<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12c2 y5d3b wc05 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">102.540<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12c3 y5d3b wc06 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">174.485<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12c4 y5d3b w450 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">347.780<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12c5 y5d3b wc07 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(1.220)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12c6 y5d3b wc08 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(51.376)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12c7 y5d3b wc09 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>95.184<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d3c ff4 fs16 fc1 sc0 ls0 ws0\">assicurazione emessi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h5a y5d3d ff4 fs16 fc1 sc0 ls0 ws0\">1.1 Registrati in conto </td><td class=\"c n xba6 y5d3e wc03 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">70.580<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12c1 y5d3e wc04 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1.365<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12c8 y5d3e wc0a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">44.57<span class=\"_ _1\"></span>8<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12c9 y5d3e wc0b h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">116.523<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12ca y5d3e w450 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">347.780<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12cb y5d3e wc07 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(1.220)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12cc y5d3e w671 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(230.623)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12cd y5d3e wc0c h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">115.937<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h5a y5d3f ff4 fs16 fc1 sc0 ls0 ws0\">economico </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h5a y5d40 ff4 fs16 fc1 sc0 ls0 ws0\">1.2 Registrati nel conto </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h5a y5d41 ff4 fs16 fc1 sc0 ls0 ws0\">economico<span class=\"_ _1\"></span> </td><td class=\"c n xb31 y5d42 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x127f y5d42 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12ce y5d42 wc0d h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">57.962<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12cf y5d42 wc0e h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">57.962<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12d0 y5d42 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12d1 y5d42 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12d2 y5d42 w6d6 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">179.247<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12d3 y5d42 wc0f h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">179.2<span class=\"_ _1\"></span>47<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h5a y5d43 ff4 fs16 fc1 sc0 ls0 ws0\">complessivo </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d44 ff4 fs16 fc1 sc0 ls0 ws0\">2. Effetti connessi con le<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d45 ff4 fs16 fc1 sc0 ls0 ws0\">variazioni dei tassi di </td><td class=\"c n xb31 y5d46 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x127f y5d46 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1280 y5d46 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1281 y5d46 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1282 y5d46 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1283 y5d46 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1284 y5d46 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1285 y5d46 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d47 ff4 fs16 fc1 sc0 ls0 ws0\">cambio </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d48 ff4 fs16 fc1 sc2 ls0 ws0\">3. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ca h5a y5d48 ff4 fs16 fc1 sc2 ls0 ws0\">70.580<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x932 h5a y5d48 ff4 fs16 fc1 sc2 ls0 ws0\">1.365<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99f h5a y5d48 ff4 fs16 fc1 sc2 ls0 ws0\">102.540<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12a0 h5a y5d48 ff4 fs16 fc1 sc2 ls0 ws0\">174.485<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd57 h5a y5d48 ff4 fs16 fc1 sc2 ls0 ws0\">347.780<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12bf h5a y5d48 ff4 fs16 fc1 sc2 ls0 ws0\">(1.220)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdde h5a y5d48 ff4 fs16 fc1 sc2 ls0 ws0\">(51.376)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c8 h5a y5d48 ff4 fs16 fc1 sc2 ls0 ws0\">295.184<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5d49 ff4 fs16 fc1 sc2 ls0 ws0\">G. Importo to<span class=\"_ _1\"></span>tale delle </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y5d4b wc10 h253\"><div class=\"t m2 x2b3 h5a y5d4a ff4 fs16 fc1 sc2 ls0 ws0\">variazioni<span class=\"_ _1\"></span> registrate in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">conto economic<span class=\"_ _1\"></span>o e nel<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7ca h5a y5d4c ff4 fs16 fc1 sc2 ls0 ws0\">98.574<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x932 h5a y5d4c ff4 fs16 fc1 sc2 ls0 ws0\">2.341<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88b h5a y5d4c ff4 fs16 fc1 sc2 ls0 ws0\">30.605<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xde8 h5a y5d4c ff4 fs16 fc1 sc2 ls0 ws0\">131.520<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd57 h5a y5d4c ff4 fs16 fc1 sc2 ls0 ws0\">304.183<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12d4 h5a y5d4c ff4 fs16 fc1 sc2 ls0 ws0\">25.221<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12d5 h5a y5d4c ff4 fs16 fc1 sc2 ls0 ws0\">(74.084)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c8 h5a y5d4c ff4 fs16 fc1 sc2 ls0 ws0\">255.320<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5d4d ff4 fs16 fc1 sc2 ls0 ws0\">conto economic<span class=\"_ _1\"></span>o </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5d4e ff4 fs16 fc1 sc2 ls0 ws0\">complessiv<span class=\"_ _1\"></span>o (E+F)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5d4f wc11 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">H. Altre varia<span class=\"_ _1\"></span>zioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12d6 y5d4f wc12 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">(69.054)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x932 h5a y5d50 ff4 fs16 fc1 sc2 ls0 ws0\">(982)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x116c h5a y5d50 ff4 fs16 fc1 sc2 ls0 ws0\">68.106<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdda h5a y5d50 ff4 fs16 fc1 sc2 ls0 ws0\">(1.930)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xec2 h5a y5d50 ff4 fs16 fc1 sc2 ls0 ws0\">(26.438)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcee h5a y5d50 ff4 fs16 fc1 sc2 ls0 ws0\">(193)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1140 h5a y5d50 ff4 fs16 fc1 sc2 ls0 ws0\">27.639<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11e2 h5a y5d50 ff4 fs16 fc1 sc2 ls0 ws0\">1.008<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5d51 ff4 fs16 fc1 sc2 ls0 ws0\">I. Movimenti di c<span class=\"_ _1\"></span>assa<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y5d52 wc13 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1. Premi ricevuti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12d7 y5d52 wc14 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1.183.144<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12d8 y5d52 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12d9 y5d52 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12da y5d52 wc15 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1.183.144<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12db y5d52 wc16 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">745.357<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12dc y5d52 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12dd y5d52 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12de y5d52 wc16 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">745.357<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d53 ff4 fs16 fc1 sc0 ls0 ws0\">2. Pagamenti conness<span class=\"_ _1\"></span>i </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d54 ff4 fs16 fc1 sc0 ls0 ws0\">con i costi di acquisizione<span class=\"_ _3a1\"> </span></td><td class=\"c n xb31 y5393 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x127f y5393 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1280 y5393 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1281 y5393 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1282 y5393 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1283 y5393 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1284 y5393 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1285 y5393 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d55 ff4 fs16 fc1 sc0 ls0 ws0\">dei contratti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xae4 y5d56 w1c7 h9e\"><div class=\"t m2 x0 h5a y2b13 ff4 fs16 fc1 sc0 ls0 ws0\">3. Sinistri pagati e altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1277 y5d57 w909 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(804.023)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12df y5d57 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12e0 y5d57 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12e1 y5d57 w909 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(804.023)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12e2 y5d57 wc17 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(735.629<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12e3 y5d57 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12e4 y5d57 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12e5 y5d57 wc18 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(735.629)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d58 ff4 fs16 fc1 sc0 ls0 ws0\">uscite di cassa </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y5d59 wc19 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">4. Altri movimenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12e6 y5d59 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12e7 y5d59 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12e8 y5d59 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12e9 y5d59 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12ea y5d59 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12eb y5d59 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12ec y5d59 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12ed y5d59 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d5a ff4 fs16 fc1 sc2 ls0 ws0\">5. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ca h5a y5d5a ff4 fs16 fc1 sc2 ls0 ws0\">379.121<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cc h5a y5d5a ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1208 h5a y5d5a ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdda h5a y5d5a ff4 fs16 fc1 sc2 ls0 ws0\">379.121<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xced h5a y5d5a ff4 fs16 fc1 sc2 ls0 ws0\">9.728<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a0 h5a y5d5a ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a3 h5a y5d5a ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c7 h5a y5d5a ff4 fs16 fc1 sc2 ls0 ws0\">9.728<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5d5b ff4 fs16 fc1 sc2 ls0 ws0\">L. Valore net<span class=\"_ _1\"></span>to di bilancio<span class=\"_ _1\"></span> al </td><td class=\"t m2 x87d h5a y5d5c ff4 fs16 fc1 sc2 ls0 ws0\">4.046.784<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x92f h5a y5d5c ff4 fs16 fc1 sc2 ls0 ws0\">49.815<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88b h5a y5d5c ff4 fs16 fc1 sc2 ls0 ws0\">286.171<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112d h5a y5d5c ff4 fs16 fc1 sc2 ls0 ws0\">4.382.770<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x934 h5a y5d5c ff4 fs16 fc1 sc2 ls0 ws0\">3.638.144<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce7 h5a y5d5c ff4 fs16 fc1 sc2 ls0 ws0\">48.457<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdde h5a y5d5c ff4 fs16 fc1 sc2 ls0 ws0\">187.460<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12ee h5a y5d5c ff4 fs16 fc1 sc2 ls0 ws0\">3.874.061<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5d5d ff4 fs16 fc1 sc2 ls0 ws0\">31 dicembre <span class=\"_ _1\"></span>(A.3+G+H+I<span class=\"_ _1\"></span>.4)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5d5e ff4 fs16 fc1 sc2 ls0 ws0\">M. Valore <span class=\"_ _1\"></span>di bilancio finale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d5f ff4 fs16 fc1 sc0 ls0 ws0\">1. Contratti di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d60 ff4 fs16 fc1 sc0 ls0 ws0\">assicurazione emessi che<span class=\"_ _3a1\"> </span></td><td class=\"c n x12ef y5d61 wc1a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">4.046.784<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12f0 y5d61 wc1b h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">49.814<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12f1 y5d61 wc1c h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">286.170<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12f2 y5d61 wc1d h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">4.382.7<span class=\"_ _1\"></span>68<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12f3 y5d61 wc1e h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">3.63<span class=\"_ _1\"></span>8.143<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12f4 y5d61 wc1f h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">48.456<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12f5 y5d61 wbda h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">187.460<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12f6 y5d61 wc20 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">3.874.059<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d62 ff4 fs16 fc1 sc0 ls0 ws0\">costituiscono passi<span class=\"_ _1\"></span>vit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d63 ff4 fs16 fc1 sc0 ls0 ws0\">2. Contratti di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d64 ff4 fs16 fc1 sc0 ls0 ws0\">assicurazione emessi che<span class=\"_ _3a1\"> </span></td><td class=\"c n xb31 y5d65 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x127f y5d65 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1280 y5d65 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1281 y5d65 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1282 y5d65 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1283 y5d65 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1284 y5d65 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1285 y5d65 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d66 ff4 fs16 fc1 sc0 ls0 ws0\">costituiscono attivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xae4 y5d67 w1c8 h9e\"><div class=\"t m2 x0 h5a y2b1e ff4 fs16 fc1 sc2 ls0 ws0\">3. Valore net<span class=\"_ _1\"></span>to di bilancio<span class=\"_ _1\"></span> </div></td><td class=\"t m2 x87d h5a y5d68 ff4 fs16 fc1 sc2 ls0 ws0\">4.046.784<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x92f h5a y5d68 ff4 fs16 fc1 sc2 ls0 ws0\">49.814<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99f h5a y5d68 ff4 fs16 fc1 sc2 ls0 ws0\">286.170<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1287 h5a y5d68 ff4 fs16 fc1 sc2 ls0 ws0\">4.382.768<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x934 h5a y5d68 ff4 fs16 fc1 sc2 ls0 ws0\">3.638.143<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce7 h5a y5d68 ff4 fs16 fc1 sc2 ls0 ws0\">48.456<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdde h5a y5d68 ff4 fs16 fc1 sc2 ls0 ws0\">187.460<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1288 h5a y5d68 ff4 fs16 fc1 sc2 ls0 ws0\">3.874.059<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xae4 h5a y5d69 ff4 fs16 fc1 sc2 ls0 ws0\">al 31 dicemb<span class=\"_ _1\"></span>re<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsf27\">Dinamica del valore<span class=\"_ _1\"></span> di bilancio dei cont<span class=\"_ _1\"></span>ratti di assicurazione<span class=\"_ _1\"></span> emessi distinta per e<span class=\"_ _1\"></span>lementi sottostanti alla misuraz<span class=\"_ _1\"></span>ione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf28\">Come <span class=\"_ _38\"></span>riportato <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>seguito, <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>margine <span class=\"_ _38\"></span>sui <span class=\"_ _1\"></span>servizi <span class=\"_ _38\"></span>contrattuali <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>31 <span class=\"_ _38\"></span>dicembre <span class=\"_ _38\"></span>2024 <span class=\"_ _1\"></span>risulta <span class=\"_ _38\"></span>pari <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>Euro <span class=\"_ _38\"></span>341<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf29\">milioni <span class=\"_ _38\"></span>ed <span class=\"_ _38\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>composto <span class=\"_ _0\"></span>da <span class=\"_ _1\"></span>circa <span class=\"_ _38\"></span>286 <span class=\"_ _0\"></span>mln <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>elativamente <span class=\"_ _38\"></span>ai <span class=\"_ _38\"></span>Co<span class=\"_ _1\"></span>ntratti <span class=\"_ _38\"></span>assicurativi <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>messi <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>lementi <span class=\"_ _38\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf2a\">partecipazione <span class=\"_ _35\"> </span>diretta, <span class=\"_ _35\"> </span>circa <span class=\"_ _35\"> </span>24 <span class=\"_ _35\"> </span>mln <span class=\"_ _35\"> </span>relativamente <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>Contratti <span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>icurativi <span class=\"_ _35\"> </span>emessi <span class=\"_ _35\"> </span>senza <span class=\"_ _35\"> </span>elementi <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf2b\">partecipazione <span class=\"_ _0\"></span>diretta <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>circa <span class=\"_ _38\"></span>31 <span class=\"_ _38\"></span>mln <span class=\"_ _0\"></span>relativamente <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>Contratti <span class=\"_ _38\"></span>d'investime<span class=\"_ _1\"></span>nto <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>messi <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>elementi <span class=\"_ _38\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf2c\">partecipazione discrezionali. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsf2d\">Contratti <span class=\"_ _1\"></span>assicurativi emessi senza e<span class=\"_ _1\"></span>lementi di partecipazione<span class=\"_ _1\"></span> diretta - Segmento Vita<span class=\"fc1 sc2\"> </span></div><div class=\"gsf2e\"><table class=\"s wc21 h254\" id=\"_a23766d1-b1cc-473f-9681-9e61fb6fb729\"><tr><td></td><td class=\"t m2 x93b h5a y5d6a ff4 fs16 fc4 sc3 ls0 ws0\">Elementi sot<span class=\"_ _1\"></span>tostanti alla mis<span class=\"_ _1\"></span>urazione del valore <span class=\"_ _1\"></span>di bilancio dei </td><td></td><td></td><td></td><td class=\"t m2 x12f7 h5a y5d6a ff4 fs16 fc4 sc3 ls0 ws0\">Elementi sot<span class=\"_ _1\"></span>tostanti alla mis<span class=\"_ _1\"></span>urazione del valore <span class=\"_ _1\"></span>di bilancio dei </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x12f8 h5a y5d6b ff4 fs16 fc4 sc3 ls0 ws0\" colspan=\"2\">contratti di<span class=\"_ _1\"></span> assicurazione emess<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 x7bd h5a y5d6b ff4 fs16 fc4 sc3 ls0 ws0\" colspan=\"2\">contratti di<span class=\"_ _1\"></span> assicurazione emess<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x93f h5a y5d6c ff4 fs16 fc4 sc3 ls0 ws0\">Valore </td><td class=\"t m2 x12f9 h5a y5d6d ff4 fs16 fc4 sc3 ls0 ws0\">Aggiustamen<span class=\"_ _1\"></span>to </td><td class=\"t m2 x116c h5a y5d6d ff4 fs16 fc4 sc3 ls0 ws0\">Margine sui </td><td></td><td class=\"t m2 x1197 h5a y5d6c ff4 fs16 fc4 sc3 ls0 ws0\">Valore </td><td class=\"t m2 x7bd h5a y5d6d ff4 fs16 fc4 sc3 ls0 ws0\">Aggiustamen<span class=\"_ _1\"></span>to </td><td class=\"t m2 x7d3 h5a y5d6d ff4 fs16 fc4 sc3 ls0 ws0\">Margine sui </td><td></td></tr><tr><td class=\"t m2 x58e h5a y5d6e ff4 fs16 fc4 sc3 ls0 ws0\">Voci/Ele<span class=\"_ _1\"></span>menti sottostanti all<span class=\"_ _1\"></span>a </td><td class=\"t m2 x95d h5a y5d6e ff4 fs16 fc4 sc3 ls0 ws0\">attuale dei<span class=\"_ _1\"></span> </td><td class=\"t m2 x12fa h5a y5d6f ff4 fs16 fc4 sc3 ls0 ws0\">per i rischi non </td><td class=\"t m2 x12fb h5a y5d6f ff4 fs16 fc4 sc3 ls0 ws0\">servizi </td><td class=\"t m2 x873 h5a y5d70 ff4 fs16 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf1a h5a y5d6e ff4 fs16 fc4 sc3 ls0 ws0\">attuale dei<span class=\"_ _1\"></span> </td><td class=\"t m2 x93a h5a y5d6f ff4 fs16 fc4 sc3 ls0 ws0\">per i rischi non </td><td class=\"t m2 x12fc h5a y5d6f ff4 fs16 fc4 sc3 ls0 ws0\">servizi </td><td class=\"t m2 x12fd h5a y5d70 ff4 fs16 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5d71 ff4 fs16 fc4 sc3 ls0 ws0\">misurazione<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc63 h5a y5d71 ff4 fs16 fc4 sc3 ls0 ws0\">flussi </td><td class=\"t m2 xc5a h5a y5d72 ff4 fs16 fc4 sc3 ls0 ws0\">finanziari<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88b h5a y5d72 ff4 fs16 fc4 sc3 ls0 ws0\">contrattuali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1186 h5a y5d73 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112c h5a y5d71 ff4 fs16 fc4 sc3 ls0 ws0\">flussi </td><td class=\"t m2 xce7 h5a y5d72 ff4 fs16 fc4 sc3 ls0 ws0\">finanziari<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h5a y5d72 ff4 fs16 fc4 sc3 ls0 ws0\">contrattuali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12af h5a y5d73 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x931 h5a y5d74 ff4 fs16 fc4 sc3 ls0 ws0\">finanziari<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 xcef h5a y5d74 ff4 fs16 fc4 sc3 ls0 ws0\">finanziari<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x95d h5a y5d75 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1232 h5a y5d75 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x933 h5a y5d75 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xf1a h5a y5d75 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e2 h5a y5d75 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11ff h5a y5d75 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5d76 ff4 fs16 fc1 sc2 ls0 ws0\">A. Valore di bil<span class=\"_ _1\"></span>ancio inizi<span class=\"_ _1\"></span>ale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5d77 wc22 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1. Contra<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1276 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">tti di assicurazione<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d78 ff4 fs16 fc1 sc0 ls0 ws0\">emessi che co<span class=\"_ _1\"></span>stituiscono </td><td class=\"c n x94a y5d79 wc23 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">40.325<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12fe y5d79 wc24 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1.570<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12ff y5d79 wc25 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>1.108<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1300 y5d79 wc26 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">63.003<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1301 y5d79 w46c h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">48.839<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1302 y5d79 wc27 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1.76<span class=\"_ _1\"></span>6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1303 y5d79 wc28 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">14.064<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1304 y5d79 wc29 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">64.669<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d7a ff4 fs16 fc1 sc0 ls0 ws0\">passivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d7b ff4 fs16 fc1 sc0 ls0 ws0\">2. Contratti di assicurazione<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d7c ff4 fs16 fc1 sc0 ls0 ws0\">emessi che co<span class=\"_ _1\"></span>stituiscono </td><td class=\"c n x1305 y5d7d wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1306 y5d7d wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1307 y5d7d wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1308 y5d7d w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1309 y5d7d w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x130a y5d7d w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x130b y5d7d w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x130c y5d7d w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d7e ff4 fs16 fc1 sc0 ls0 ws0\">attivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y5d7f wc2a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc2 ls0 ws0\">3. Valore<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1286 h5a y5611 ff4 fs16 fc1 sc2 ls0 ws0\">netto di bilan<span class=\"_ _1\"></span>cio al 1\u00b0<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xce6 h5a y5d80 ff4 fs16 fc1 sc2 ls0 ws0\">40.325<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x130d h5a y5d80 ff4 fs16 fc1 sc2 ls0 ws0\">1.570<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7df h5a y5d80 ff4 fs16 fc1 sc2 ls0 ws0\">21.108<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeb7 h5a y5d80 ff4 fs16 fc1 sc2 ls0 ws0\">63.003<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x130e h5a y5d80 ff4 fs16 fc1 sc2 ls0 ws0\">48.840<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad2 h5a y5d80 ff4 fs16 fc1 sc2 ls0 ws0\">1.767<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1189 h5a y5d80 ff4 fs16 fc1 sc2 ls0 ws0\">14.064<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x121e h5a y5d80 ff4 fs16 fc1 sc2 ls0 ws0\">64.671<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5d81 ff4 fs16 fc1 sc2 ls0 ws0\">gennaio<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5d82 ff4 fs16 fc1 sc2 ls0 ws0\">B. Variazioni<span class=\"_ _1\"></span> relative ai se<span class=\"_ _1\"></span>rvizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5d83 ff4 fs16 fc1 sc2 ls0 ws0\">attuali<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d84 ff4 fs16 fc1 sc0 ls0 ws0\">1. Margine sui servizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d85 ff4 fs16 fc1 sc0 ls0 ws0\">contrattuali registrato in conto<span class=\"_ _3a1\"> </span></td><td class=\"c n x1305 y5d86 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1306 y5d86 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x130f y5d86 wc2b h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(6.401)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1310 y5d86 wc2b h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(6.401)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1311 y5d86 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1312 y5d86 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1313 y5d86 wc2c h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(6.244)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1314 y5d86 wc2c h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(6.244)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d87 ff4 fs16 fc1 sc0 ls0 ws0\">economico </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5d88 wc2d h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">2. Variaz<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x128f h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">ione per risch<span class=\"_ _1\"></span>i non<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1305 y5d89 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1315 y5d89 wc2e h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(466)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1316 y5d89 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1317 y5d89 wc2f h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(466)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1318 y5d89 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1319 y5d89 wc30 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(501<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x131a y5d89 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x131b y5d89 wc31 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(<span class=\"_ _2\"></span>501)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d8a ff4 fs16 fc1 sc0 ls0 ws0\">finanziari scaduti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d8b ff4 fs16 fc1 sc0 ls0 ws0\">3. Modifiche connes<span class=\"_ _1\"></span>se con<span class=\"_ _3a1\"> </span></td><td class=\"c n xb29 y5d8c wc32 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(10.554)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x131c y5d8c wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x131d y5d8c w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x131e y5d8c wc16 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(10.554)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x131f y5d8c wc33 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(25.1<span class=\"_ _1\"></span>03)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1320 y5d8c w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1321 y5d8c w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1322 y5d8c wc34 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(25.103<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d8d ff4 fs16 fc1 sc0 ls0 ws0\">l\u2019esperienza </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d8e ff4 fs16 fc1 sc2 ls0 ws0\">4. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xacd h5a y5d8e ff4 fs16 fc1 sc2 ls0 ws0\">(10.554)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce9 h5a y5d8e ff4 fs16 fc1 sc2 ls0 ws0\">(466)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1323 h5a y5d8e ff4 fs16 fc1 sc2 ls0 ws0\">(6.401)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11a9 h5a y5d8e ff4 fs16 fc1 sc2 ls0 ws0\">(17.421)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc58 h5a y5d8e ff4 fs16 fc1 sc2 ls0 ws0\">(25.103)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad2 h5a y5d8e ff4 fs16 fc1 sc2 ls0 ws0\">(501)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a3 h5a y5d8e ff4 fs16 fc1 sc2 ls0 ws0\">(6.244)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1324 h5a y5d8e ff4 fs16 fc1 sc2 ls0 ws0\">(31.848)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5d8f ff4 fs16 fc1 sc2 ls0 ws0\">C. Variazion<span class=\"_ _1\"></span>i relative a se<span class=\"_ _1\"></span>rvizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5d90 ff4 fs16 fc1 sc2 ls0 ws0\">futuri<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d91 ff4 fs16 fc1 sc0 ls0 ws0\">1. Variazioni del margine sui<span class=\"_ _3a1\"> </span></td><td class=\"c n xb31 y5d92 wc35 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(1.663)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1325 y5d92 wc36 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(59)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1326 y5d92 wc37 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1.285<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1327 y5d92 wc38 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(437)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1328 y5d92 wc39 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(6.768)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1329 y5d92 wc3a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(2<span class=\"_ _1\"></span>56)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x132a y5d92 wc3b h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">7.465<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x132b y5d92 wc3c h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">441<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d93 ff4 fs16 fc1 sc0 ls0 ws0\">servizi contrattuali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d94 ff4 fs16 fc1 sc0 ls0 ws0\">2. Perdite su gruppi di contrat<span class=\"_ _1\"></span>ti<span class=\"_ _3a1\"> </span></td><td class=\"c n x132c y5d95 wc3d h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">109<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x132d y5d95 wc3e h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(15<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x132e y5d95 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x132f y5d95 wc3f h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">94<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1330 y5d95 wc40 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(791)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1331 y5d95 wc41 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">48<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1332 y5d95 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1333 y5d95 wc38 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(743)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d96 ff4 fs16 fc1 sc0 ls0 ws0\">onerosi e relativi recuperi<span class=\"_ _1\"></span> </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xae4 y5d97 w1bf h9e\"><div class=\"t m2 x0 h5a y2568 ff4 fs16 fc1 sc0 ls0 ws0\">3. Effetti dei contratti </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d98 ff4 fs16 fc1 sc0 ls0 ws0\">inizialmente rilevati </td><td class=\"c n xb31 y5d99 wc42 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(7.207)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1334 y5d99 wc43 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">283<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1335 y5d99 wc44 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">6.925<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1336 y5d99 wbf8 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1337 y5d99 wc45 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(5.995)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1338 y5d99 wc46 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">400<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1339 y5d99 wc47 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">5.595<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x133a y5d99 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d9a ff4 fs16 fc1 sc0 ls0 ws0\">nell\u2019esercizio<span class=\"_ _1\"></span> di riferimento<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d9b ff4 fs16 fc1 sc2 ls0 ws0\">4. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce6 h5a y5d9b ff4 fs16 fc1 sc2 ls0 ws0\">(8.761)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd56 h5a y5d9b ff4 fs16 fc1 sc2 ls0 ws0\">209<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d3 h5a y5d9b ff4 fs16 fc1 sc2 ls0 ws0\">8.210<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x133b h5a y5d9b ff4 fs16 fc1 sc2 ls0 ws0\">(342)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc58 h5a y5d9b ff4 fs16 fc1 sc2 ls0 ws0\">(13.554)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba4 h5a y5d9b ff4 fs16 fc1 sc2 ls0 ws0\">192<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1189 h5a y5d9b ff4 fs16 fc1 sc2 ls0 ws0\">13.060<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x124f h5a y5d9b ff4 fs16 fc1 sc2 ls0 ws0\">(302)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5d9c ff4 fs16 fc1 sc2 ls0 ws0\">D. Variazion<span class=\"_ _1\"></span>i relative a servi<span class=\"_ _1\"></span>zi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5d9d ff4 fs16 fc1 sc2 ls0 ws0\">passati<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d9e ff4 fs16 fc1 sc0 ls0 ws0\">1. Aggiustamenti alla passi<span class=\"_ _1\"></span>vit\u00e0 </td><td class=\"c n xae5 y5d9f wc37 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1.285<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x133c y5d9f w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x133d y5d9f wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x133e y5d9f wc37 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1.285<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x133f y5d9f wc48 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">852<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1340 y5d9f w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1341 y5d9f w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1342 y5d9f wc49 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">852<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5da0 ff4 fs16 fc1 sc0 ls0 ws0\">per sinistri accaduti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y5da1 wc4a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2.<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1343 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">Modifiche connes<span class=\"_ _1\"></span>se con<span class=\"_ _3a1\"> </span></div></td><td class=\"c x112b y5da2 w178 h9e\"><div class=\"t m2 x0 h5a y25bc ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x9d2 y5da2 w178 h9e\"><div class=\"t m2 x0 h5a y25bc ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c xdd9 y5da2 w178 h9e\"><div class=\"t m2 x0 h5a y25bc ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c xec4 y5da2 w178 h9e\"><div class=\"t m2 x0 h5a y25bc ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xc64 h5a y5da3 ff4 fs16 fc1 sc0 ls0 ws0\">11.473 </td><td class=\"c n x1344 y5da4 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1345 y5da4 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1346 y5da4 w5fd h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">11.473<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h5a y5da5 ff4 fs16 fc1 sc0 ls0 ws0\">l\u2019esperienza<span class=\"_ _3a1\"> </span></td><td></td><td class=\"c x9d2 y5da6 w178 h9e\"><div class=\"t m2 x0 h5a y25bc ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c xdd9 y5da6 w178 h9e\"><div class=\"t m2 x0 h5a y25bc ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5da7 wc4b h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">3. Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1347 y5da7 wc37 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">1.285<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x1348 y5da7 wc4c h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">1.285<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1349 y5da7 wc4d h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">12<span class=\"_ _1\"></span>.325<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x134a y5da7 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x134b y5da7 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x134c y5da7 w775 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">12<span class=\"_ _1\"></span>.325<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x58e y5da8 w1cc h9e\"><div class=\"t m2 x0 h5a y161c ff4 fs16 fc1 sc2 ls0 ws0\">E. Risultato dei<span class=\"_ _1\"></span> servizi di </div></td><td class=\"t m2 xc5c h5a y5da9 ff4 fs16 fc1 sc2 ls0 ws0\">(18.030)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x130d h5a y5da9 ff4 fs16 fc1 sc2 ls0 ws0\">(257)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d3 h5a y5da9 ff4 fs16 fc1 sc2 ls0 ws0\">1.809<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e0 h5a y5da9 ff4 fs16 fc1 sc2 ls0 ws0\">(16.478)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc60 h5a y5da9 ff4 fs16 fc1 sc2 ls0 ws0\">(26.332)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x942 h5a y5da9 ff4 fs16 fc1 sc2 ls0 ws0\">(309)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd4c h5a y5da9 ff4 fs16 fc1 sc2 ls0 ws0\">6.816<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x134d h5a y5da9 ff4 fs16 fc1 sc2 ls0 ws0\">(19.825)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5daa ff4 fs16 fc1 sc2 ls0 ws0\">assicurazio<span class=\"_ _1\"></span>ne(B+C+D.1)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5dab ff4 fs16 fc1 sc2 ls0 ws0\">F. Costi/ricavi<span class=\"_ _1\"></span> di natura </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5dac ff4 fs16 fc1 sc2 ls0 ws0\">finanziaria<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5dad ff4 fs16 fc1 sc0 ls0 ws0\">1. Relativi ai contratti di<span class=\"_ _3a1\"> </span></td><td class=\"c n xb48 y5dae wc4e h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1.202<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x134e y5dae wc4f h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">60<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x134f y5dae wc50 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">537<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1350 y5dae wc51 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1.799<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1351 y5dae wc52 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2.745<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1352 y5dae wc53 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">113<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1353 y5dae wc54 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">228<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1354 y5dae wc55 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">3.086<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5daf ff4 fs16 fc1 sc0 ls0 ws0\">assicurazione emessi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h5a y5db0 ff4 fs16 fc1 sc0 ls0 ws0\">1.1 Registrati in conto </td><td class=\"c n x1164 y5db1 wc56 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">486<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1355 y5db1 wc57 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1356 y5db1 wc58 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">537<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1357 y5db1 wc59 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1.047<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1358 y5db1 wc5a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">292<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1359 y5db1 wc5b h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">18<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x135a y5db1 wc5c h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">22<span class=\"_ _1\"></span>8<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x135b y5db1 wc5d h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">538<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h5a y5db2 ff4 fs16 fc1 sc0 ls0 ws0\">economico </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x823 y5d4f wc5e h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1.2 Regis<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x135c h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">trati nel conto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x132c y5db3 wc5f h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">716<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x135d y5db3 wc60 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">36<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x135e y5db3 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x135f y5db3 wc61 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">7<span class=\"_ _1\"></span>52<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1360 y5db3 wc62 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2.453<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1361 y5db3 wc63 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">95<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1362 y5db3 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1363 y5db3 wc64 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2.548<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h5a y5db4 ff4 fs16 fc1 sc0 ls0 ws0\">economico<span class=\"_ _1\"></span> complessivo </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5db5 wc65 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2.<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x12b8 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">Effetti connessi con le<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1305 y5db6 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1306 y5db6 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1307 y5db6 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1308 y5db6 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1309 y5db6 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x130a y5db6 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x130b y5db6 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x130c y5db6 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5db7 ff4 fs16 fc1 sc0 ls0 ws0\">variazioni dei tassi di cambio<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5db8 ff4 fs16 fc1 sc2 ls0 ws0\">3. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112e h5a y5db8 ff4 fs16 fc1 sc2 ls0 ws0\">1.202<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad0 h5a y5db8 ff4 fs16 fc1 sc2 ls0 ws0\">60<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ce h5a y5db8 ff4 fs16 fc1 sc2 ls0 ws0\">537<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x133b h5a y5db8 ff4 fs16 fc1 sc2 ls0 ws0\">1.799<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1364 h5a y5db8 ff4 fs16 fc1 sc2 ls0 ws0\">2.745<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1365 h5a y5db8 ff4 fs16 fc1 sc2 ls0 ws0\">113<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x874 h5a y5db8 ff4 fs16 fc1 sc2 ls0 ws0\">228<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1251 h5a y5db8 ff4 fs16 fc1 sc2 ls0 ws0\">3.086<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x58e y5db9 w1d0 h9e\"><div class=\"t m2 x0 h5a y178e ff4 fs16 fc1 sc2 ls0 ws0\">G. Importo to<span class=\"_ _1\"></span>tale delle va<span class=\"_ _1\"></span>riazioni </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5dba ff4 fs16 fc1 sc2 ls0 ws0\">registrate in co<span class=\"_ _1\"></span>nto econo<span class=\"_ _1\"></span>mico e </td><td class=\"t m2 xacd h5a y5dbb ff4 fs16 fc1 sc2 ls0 ws0\">(16.828)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1366 h5a y5dbb ff4 fs16 fc1 sc2 ls0 ws0\">(197)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x80f h5a y5dbb ff4 fs16 fc1 sc2 ls0 ws0\">2.346<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e0 h5a y5dbb ff4 fs16 fc1 sc2 ls0 ws0\">(14.679)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc60 h5a y5dbb ff4 fs16 fc1 sc2 ls0 ws0\">(23.587)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad2 h5a y5dbb ff4 fs16 fc1 sc2 ls0 ws0\">(196)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xee0 h5a y5dbb ff4 fs16 fc1 sc2 ls0 ws0\">7.044<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x134d h5a y5dbb ff4 fs16 fc1 sc2 ls0 ws0\">(16.739)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5dbc ff4 fs16 fc1 sc2 ls0 ws0\">nel conto econo<span class=\"_ _1\"></span>mico </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5dbd ff4 fs16 fc1 sc2 ls0 ws0\">complessiv<span class=\"_ _1\"></span>o (E+F)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5dbe wc11 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">H. Altre varia<span class=\"_ _1\"></span>zioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1367 y5dbe wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x9d2 h5a y5dbf ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd9 h5a y5dbf ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xec4 h5a y5dbf ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1274 h5a y5dbf ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1275 h5a y5dbf ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc59 h5a y5dbf ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1368 h5a y5dbf ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5dc0 ff4 fs16 fc1 sc2 ls0 ws0\">I. Movimenti di c<span class=\"_ _1\"></span>assa<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y5dc1 wc13 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1. Premi ricevuti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1369 y5dc1 w900 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">24.666<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x136a y5dc1 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x136b y5dc1 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x136c y5dc1 wc66 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">24.666<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x136d y5dc1 wc67 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">26.560<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x136e y5dc1 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x136f y5dc1 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1370 y5dc1 wc68 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">26<span class=\"_ _1\"></span>.560<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c xadb y5dc2 wc69 h200\"><div class=\"t m2 x2b3 h5a y5629 ff4 fs16 fc1 sc0 ls0 ws0\">2. Pagamenti conness<span class=\"_ _1\"></span>i con i<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">costi di acquisizione dei<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1305 y5dc2 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1306 y5dc2 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1307 y5dc2 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1308 y5dc2 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1371 y5dc2 wc6a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(14)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1372 y5dc2 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1373 y5dc2 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1374 y5dc2 wc6a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(14)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5dc3 ff4 fs16 fc1 sc0 ls0 ws0\">contratti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5dc4 ff4 fs16 fc1 sc0 ls0 ws0\">3. Sinistri pagati e altre uscite<span class=\"_ _3a1\"> </span></td><td class=\"c n x9fa y5dc5 wc6b h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(10.306)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1375 y5dc5 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1376 y5dc5 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1377 y5dc5 wc6b h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(10.306)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1378 y5dc5 w4b2 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(11.473<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1379 y5dc5 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x137a y5dc5 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x137b y5dc5 w4b2 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(1<span class=\"_ _1\"></span>1.473)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5dc6 ff4 fs16 fc1 sc0 ls0 ws0\">di cassa </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y5dc7 wc19 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">4. Altri movimenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x137c y5dc7 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x137d y5dc7 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x137e y5dc7 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x137f y5dc7 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1380 y5dc7 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1381 y5dc7 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1382 y5dc7 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1383 y5dc7 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5dc8 ff4 fs16 fc1 sc2 ls0 ws0\">5. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce6 h5a y5dc8 ff4 fs16 fc1 sc2 ls0 ws0\">14.360<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d2 h5a y5dc8 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd9 h5a y5dc8 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc56 h5a y5dc8 ff4 fs16 fc1 sc2 ls0 ws0\">14.360<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e1 h5a y5dc8 ff4 fs16 fc1 sc2 ls0 ws0\">15.073<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1275 h5a y5dc8 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc59 h5a y5dc8 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x121e h5a y5dc8 ff4 fs16 fc1 sc2 ls0 ws0\">15.073<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"gsb8c\"><table class=\"s wc6c h255\" id=\"_21a4eb63-4ec5-4077-bcf6-ac22cda9e0ab\"><tr><td class=\"t m2 x58e h5a y5dc9 ff4 fs16 fc1 sc2 ls0 ws0\">L. Valore net<span class=\"_ _1\"></span>to di bilancio<span class=\"_ _1\"></span> al 31 </td><td class=\"t m2 xce6 h5a y5dca ff4 fs16 fc1 sc2 ls0 ws0\">37.857<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x130d h5a y5dca ff4 fs16 fc1 sc2 ls0 ws0\">1.373<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1323 h5a y5dca ff4 fs16 fc1 sc2 ls0 ws0\">23.454<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeb7 h5a y5dca ff4 fs16 fc1 sc2 ls0 ws0\">62.684<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x130e h5a y5dca ff4 fs16 fc1 sc2 ls0 ws0\">40.326<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xacf h5a y5dca ff4 fs16 fc1 sc2 ls0 ws0\">1.571<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd53 h5a y5dca ff4 fs16 fc1 sc2 ls0 ws0\">21.108<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x121c h5a y5dca ff4 fs16 fc1 sc2 ls0 ws0\">63.005<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5dcb ff4 fs16 fc1 sc2 ls0 ws0\">dicembre (A.3+G+<span class=\"_ _1\"></span>H+I.5)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5dcc ff4 fs16 fc1 sc2 ls0 ws0\">M. Valore <span class=\"_ _1\"></span>di bilancio finale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5dcd ff4 fs16 fc1 sc0 ls0 ws0\">1. Contratti di assicurazion<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5dce ff4 fs16 fc1 sc0 ls0 ws0\">emessi che co<span class=\"_ _1\"></span>stituiscono </td><td class=\"c n xb31 y5d61 wc6d h1e3\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">37.856<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1384 y5d61 wc6e h1e3\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1.372<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1385 y5d61 wc6f h1e3\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>3.454<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1386 y5d61 wbd9 h1e3\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">62<span class=\"_ _1\"></span>.682<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1387 y5d61 wc23 h1e3\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">40.325<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1388 y5d61 wc70 h1e3\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1.570<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1389 y5d61 wc71 h1e3\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">21<span class=\"_ _1\"></span>.108<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x138a y5d61 wc72 h1e3\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">63.003<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5dcf ff4 fs16 fc1 sc0 ls0 ws0\">passivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5dd0 ff4 fs16 fc1 sc0 ls0 ws0\">2. Contratti di assicurazione<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5dd1 ff4 fs16 fc1 sc0 ls0 ws0\">emessi che co<span class=\"_ _1\"></span>stituiscono </td><td class=\"c n x1305 y5d65 wbdf h1e3\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1306 y5d65 wbdf h1e3\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1307 y5d65 wbdf h1e3\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1308 y5d65 w713 h1e3\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1309 y5d65 w713 h1e3\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x130a y5d65 w713 h1e3\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x130b y5d65 w71a h1e3\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x130c y5d65 w71a h1e3\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5dd2 ff4 fs16 fc1 sc0 ls0 ws0\">attivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xae4 y5dd3 w1d3 h9e\"><div class=\"t m2 x0 h5a y1561 ff4 fs16 fc1 sc2 ls0 ws0\">3. Valore net<span class=\"_ _1\"></span>to di bilancio<span class=\"_ _1\"></span> al 31 </div></td><td class=\"t m2 xce6 h5a y5dd4 ff4 fs16 fc1 sc2 ls0 ws0\">37.856<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x130d h5a y5dd4 ff4 fs16 fc1 sc2 ls0 ws0\">1.372<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1323 h5a y5dd4 ff4 fs16 fc1 sc2 ls0 ws0\">23.454<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeb7 h5a y5dd4 ff4 fs16 fc1 sc2 ls0 ws0\">62.682<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x130e h5a y5dd4 ff4 fs16 fc1 sc2 ls0 ws0\">40.325<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad2 h5a y5dd4 ff4 fs16 fc1 sc2 ls0 ws0\">1.570<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd53 h5a y5dd4 ff4 fs16 fc1 sc2 ls0 ws0\">21.108<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x121c h5a y5dd4 ff4 fs16 fc1 sc2 ls0 ws0\">63.003<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xae4 h5a y5dd5 ff4 fs16 fc1 sc2 ls0 ws0\">dicembre<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsf31\">Dinamica del valore<span class=\"_ _1\"></span> di bilancio dei cont<span class=\"_ _1\"></span>ratti di assicurazione<span class=\"_ _1\"></span> emessi distinta per e<span class=\"_ _1\"></span>lementi sottostanti alla misuraz<span class=\"_ _1\"></span>ione<span class=\"fc1 sc2\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsf32\">Contratti <span class=\"_ _1\"></span>d'investimento emess<span class=\"_ _1\"></span>i con elementi di partecipazione discr<span class=\"_ _1\"></span>ezionali - Segmento <span class=\"_ _1\"></span>Vita<span class=\"fc1 sc2\"> </span></div><div class=\"gsf33\"><table class=\"s wc73 h256\" id=\"_6b514689-92b0-4c1a-bbab-f43a52aab87e\"><tr><td></td><td class=\"c x95d y5dd6 w1d5 h9e\"><div class=\"t m2 x0 h5a y15b6 ff4 fs16 fc4 sc3 ls0 ws0\">Elementi sot<span class=\"_ _1\"></span>tostanti alla mis<span class=\"_ _1\"></span>urazione del valore <span class=\"_ _1\"></span>di bilancio dei </div></td><td></td><td></td><td></td><td class=\"c x7d9 y5dd6 w1d5 h9e\"><div class=\"t m2 x0 h5a y15b6 ff4 fs16 fc4 sc3 ls0 ws0\">Elementi sot<span class=\"_ _1\"></span>tostanti alla mis<span class=\"_ _1\"></span>urazione del valore <span class=\"_ _1\"></span>di bilancio dei </div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x9a4 h5a y5dd7 ff4 fs16 fc4 sc3 ls0 ws0\" colspan=\"2\">contratti di<span class=\"_ _1\"></span> assicurazione emess<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xde9 h5a y5dd7 ff4 fs16 fc4 sc3 ls0 ws0\" colspan=\"2\">contratti di<span class=\"_ _1\"></span> assicurazione emess<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x8e4 h5a y5dd8 ff4 fs16 fc4 sc3 ls0 ws0\">Valore </td><td class=\"t m2 x7bc h5a y5dd9 ff4 fs16 fc4 sc3 ls0 ws0\">Aggiustamen<span class=\"_ _1\"></span>to </td><td class=\"t m2 xc61 h5a y5dd9 ff4 fs16 fc4 sc3 ls0 ws0\">Margine sui </td><td></td><td class=\"t m2 xced h5a y5dd8 ff4 fs16 fc4 sc3 ls0 ws0\">Valore </td><td class=\"t m2 x7bf h5a y5dd9 ff4 fs16 fc4 sc3 ls0 ws0\">Aggiustamen<span class=\"_ _1\"></span>to </td><td class=\"t m2 x9d7 h5a y5dd9 ff4 fs16 fc4 sc3 ls0 ws0\">Margine sui </td><td></td></tr><tr><td class=\"t m2 x58e h5a y5dda ff4 fs16 fc4 sc3 ls0 ws0\">Voci/Ele<span class=\"_ _1\"></span>menti sottostanti all<span class=\"_ _1\"></span>a </td><td class=\"t m2 x7ca h5a y5dda ff4 fs16 fc4 sc3 ls0 ws0\">attuale dei<span class=\"_ _1\"></span> </td><td class=\"t m2 x1193 h5a y5ddb ff4 fs16 fc4 sc3 ls0 ws0\">per i rischi non </td><td class=\"t m2 x138b h5a y5ddb ff4 fs16 fc4 sc3 ls0 ws0\">servizi </td><td class=\"t m2 x1186 h5a y5ddc ff4 fs16 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x941 h5a y5dda ff4 fs16 fc4 sc3 ls0 ws0\">attuale dei<span class=\"_ _1\"></span> </td><td class=\"t m2 x7da h5a y5ddb ff4 fs16 fc4 sc3 ls0 ws0\">per i rischi non </td><td class=\"t m2 x1140 h5a y5ddb ff4 fs16 fc4 sc3 ls0 ws0\">servizi </td><td class=\"t m2 x8ea h5a y5ddc ff4 fs16 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5ddd ff4 fs16 fc4 sc3 ls0 ws0\">misurazione<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93b h5a y5ddd ff4 fs16 fc4 sc3 ls0 ws0\">flussi </td><td class=\"t m2 x138c h5a y5dde ff4 fs16 fc4 sc3 ls0 ws0\">finanziari<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc61 h5a y5dde ff4 fs16 fc4 sc3 ls0 ws0\">contrattuali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12a0 h5a y5ddf ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xace h5a y5ddd ff4 fs16 fc4 sc3 ls0 ws0\">flussi </td><td class=\"t m2 x93a h5a y5dde ff4 fs16 fc4 sc3 ls0 ws0\">finanziari<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d7 h5a y5dde ff4 fs16 fc4 sc3 ls0 ws0\">contrattuali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1195 h5a y5ddf ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x937 h5a y5de0 ff4 fs16 fc4 sc3 ls0 ws0\">finanziari<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x7d9 h5a y5de0 ff4 fs16 fc4 sc3 ls0 ws0\">finanziari<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x7ca y5de1 w1d6 h9e\"><div class=\"t m2 x0 h5a y1561 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>4</div></td><td class=\"c x1209 y5de1 w1d6 h9e\"><div class=\"t m2 x0 h5a y1561 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>4</div></td><td class=\"c x7cd y5de1 w1d6 h9e\"><div class=\"t m2 x0 h5a y1561 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c x941 y5de1 w1d6 h9e\"><div class=\"t m2 x0 h5a y1561 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>3</div></td><td class=\"c x7bd y5de1 w1d6 h9e\"><div class=\"t m2 x0 h5a y1561 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>3</div></td><td class=\"c x138d y5de1 w1d6 h9e\"><div class=\"t m2 x0 h5a y1561 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5de2 ff4 fs16 fc1 sc2 ls0 ws0\">A. Valore di bil<span class=\"_ _1\"></span>ancio inizi<span class=\"_ _1\"></span>ale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5de3 wc22 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1. Contra<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1276 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">tti di assicurazione<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5de4 ff4 fs16 fc1 sc0 ls0 ws0\">emessi che co<span class=\"_ _1\"></span>stituiscono </td><td class=\"c n xc13 y5de5 wc74 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">329.467<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x138e y5de5 wc75 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2.21<span class=\"_ _1\"></span>8<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x138f y5de5 wc76 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1<span class=\"_ _1\"></span>9.245<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1390 y5de5 wc77 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">350.930<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1391 y5de5 wc78 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">267.546<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1392 y5de5 wc3a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1.069<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1393 y5de5 wc79 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">11<span class=\"_ _1\"></span>.579<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1394 y5de5 wc7a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">280.194<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5de6 ff4 fs16 fc1 sc0 ls0 ws0\">passivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xae4 y5de7 w1d1 h9e\"><div class=\"t m2 x0 h5a y2556 ff4 fs16 fc1 sc0 ls0 ws0\">2. Contratti di assicurazione<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5de8 ff4 fs16 fc1 sc0 ls0 ws0\">emessi che co<span class=\"_ _1\"></span>stituiscono </td><td class=\"c n x957 y5de9 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1395 y5de9 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1396 y5de9 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1397 y5de9 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1398 y5de9 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1399 y5de9 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x139a y5de9 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x139b y5de9 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5dea ff4 fs16 fc1 sc0 ls0 ws0\">attivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5deb ff4 fs16 fc1 sc2 ls0 ws0\">3. Valore net<span class=\"_ _1\"></span>to di bilancio<span class=\"_ _1\"></span> al 1\u00b0 </td><td class=\"t m2 x93f h5a y5dec ff4 fs16 fc1 sc2 ls0 ws0\">329.467<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88a h5a y5dec ff4 fs16 fc1 sc2 ls0 ws0\">2.218<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x938 h5a y5dec ff4 fs16 fc1 sc2 ls0 ws0\">19.245<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88d h5a y5dec ff4 fs16 fc1 sc2 ls0 ws0\">350.930<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x116f h5a y5dec ff4 fs16 fc1 sc2 ls0 ws0\">267.546<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x883 h5a y5dec ff4 fs16 fc1 sc2 ls0 ws0\">1.069<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e4 h5a y5dec ff4 fs16 fc1 sc2 ls0 ws0\">11.579<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12af h5a y5dec ff4 fs16 fc1 sc2 ls0 ws0\">280.194<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5ded ff4 fs16 fc1 sc2 ls0 ws0\">gennaio<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5dee ff4 fs16 fc1 sc2 ls0 ws0\">B. Variazioni<span class=\"_ _1\"></span> relative ai se<span class=\"_ _1\"></span>rvizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5def ff4 fs16 fc1 sc2 ls0 ws0\">attuali<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xae4 y5df0 w1d7 h9e\"><div class=\"t m2 x0 h5a y2558 ff4 fs16 fc1 sc0 ls0 ws0\">1. Margine sui servizi<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5df1 wbe1 h1ff\"><div class=\"t m2 x2b3 h5a y5622 ff4 fs16 fc1 sc0 ls0 ws0\">contrattuali registrato in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">conto economic<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x957 y5df2 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1395 y5df2 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x139c y5df2 wc7b h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(3.117)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x139d y5df2 wc7c h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(3.117)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x139e y5df2 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x139f y5df2 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13a0 y5df2 wc7d h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(2.173)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13a1 y5df2 wc7e h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(2.17<span class=\"_ _1\"></span>3)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5df3 ff4 fs16 fc1 sc0 ls0 ws0\">2. Variazione per rischi no<span class=\"_ _1\"></span>n<span class=\"_ _3a1\"> </span></td><td class=\"c n x957 y5df4 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13a2 y5df4 wc7f h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(197)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13a3 y5df4 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13a4 y5df4 wc80 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(197)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13a5 y5df4 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13a6 y5df4 wc81 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(83)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13a7 y5df4 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13a8 y5df4 wc82 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(83)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5df5 ff4 fs16 fc1 sc0 ls0 ws0\">finanziari scaduti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5df6 ff4 fs16 fc1 sc0 ls0 ws0\">3. Modifiche connes<span class=\"_ _1\"></span>se con<span class=\"_ _3a1\"> </span></td><td class=\"c n x9fa y5df7 wc83 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">28.584<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13a9 y5df7 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13aa y5df7 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13ab y5df7 wc84 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">28.584<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13ac y5df7 wc85 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(15.743<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13ad y5df7 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13ae y5df7 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13af y5df7 wc85 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(15<span class=\"_ _1\"></span>.743)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5df8 ff4 fs16 fc1 sc0 ls0 ws0\">l\u2019esperienza </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5df9 ff4 fs16 fc1 sc2 ls0 ws0\">4. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc5c h5a y5df9 ff4 fs16 fc1 sc2 ls0 ws0\">28.584<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12b9 h5a y5df9 ff4 fs16 fc1 sc2 ls0 ws0\">(197)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88c h5a y5df9 ff4 fs16 fc1 sc2 ls0 ws0\">(3.117)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h5a y5df9 ff4 fs16 fc1 sc2 ls0 ws0\">25.270<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x116f h5a y5df9 ff4 fs16 fc1 sc2 ls0 ws0\">(15.743)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a0 h5a y5df9 ff4 fs16 fc1 sc2 ls0 ws0\">(83)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x890 h5a y5df9 ff4 fs16 fc1 sc2 ls0 ws0\">(2.173)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12af h5a y5df9 ff4 fs16 fc1 sc2 ls0 ws0\">(17.999)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x58e y5dfa w1d8 h9e\"><div class=\"t m2 x0 h5a y1754 ff4 fs16 fc1 sc2 ls0 ws0\">C. Variazion<span class=\"_ _1\"></span>i relative a se<span class=\"_ _1\"></span>rvizi </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5dfb ff4 fs16 fc1 sc2 ls0 ws0\">futuri<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5dfc wc86 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1. Variaz<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x128f h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">ioni del margine sui<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x94a y5dfd wc87 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">15.157<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13b0 y5dfd wc88 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(121)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13b1 y5dfd w84e h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(1.917)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13b2 y5dfd wc62 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">13.11<span class=\"_ _1\"></span>9<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13b3 y5dfd w900 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(5.763)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13b4 y5dfd wc89 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">969<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13b5 y5dfd wc8a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">18.400<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13b6 y5dfd wc8b h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">13.606<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5dfe ff4 fs16 fc1 sc0 ls0 ws0\">servizi contrattuali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xae4 y5dff w1db h9e\"><div class=\"t m2 x0 h5a y255f ff4 fs16 fc1 sc0 ls0 ws0\">2. Perdite su gruppi di<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5e00 ff4 fs16 fc1 sc0 ls0 ws0\">contratti onerosi e relativi<span class=\"_ _3a1\"> </span></td><td class=\"c n x957 y5e01 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1395 y5e01 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1396 y5e01 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1397 y5e01 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1398 y5e01 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1399 y5e01 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x139a y5e01 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x139b y5e01 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5e02 ff4 fs16 fc1 sc0 ls0 ws0\">recuperi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5e03 wc8c h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">3.<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x12b8 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">Effetti dei contratti<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5e04 ff4 fs16 fc1 sc0 ls0 ws0\">inizialmente rilevati </td><td class=\"c n x13b7 y5e05 wc8d h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(11.375)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13b8 y5e05 wc8e h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">532<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13b9 y5e05 wc8f h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1<span class=\"_ _1\"></span>0.843<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13ba y5e05 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13bb y5e05 wc90 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(4.133)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13bc y5e05 wc91 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">257<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13bd y5e05 wc92 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">3.876<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13be y5e05 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5e06 ff4 fs16 fc1 sc0 ls0 ws0\">nell\u2019esercizio<span class=\"_ _1\"></span> di riferimento<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5e07 ff4 fs16 fc1 sc2 ls0 ws0\">4. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce6 h5a y5e07 ff4 fs16 fc1 sc2 ls0 ws0\">3.782<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a5 h5a y5e07 ff4 fs16 fc1 sc2 ls0 ws0\">411<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88c h5a y5e07 ff4 fs16 fc1 sc2 ls0 ws0\">8.926<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e0 h5a y5e07 ff4 fs16 fc1 sc2 ls0 ws0\">13.119<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5a h5a y5e07 ff4 fs16 fc1 sc2 ls0 ws0\">(9.896)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x883 h5a y5e07 ff4 fs16 fc1 sc2 ls0 ws0\">1.226<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12fc h5a y5e07 ff4 fs16 fc1 sc2 ls0 ws0\">22.276<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x13bf h5a y5e07 ff4 fs16 fc1 sc2 ls0 ws0\">13.606<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5e08 ff4 fs16 fc1 sc2 ls0 ws0\">D. Variazion<span class=\"_ _1\"></span>i relative a servi<span class=\"_ _1\"></span>zi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5e09 ff4 fs16 fc1 sc2 ls0 ws0\">passati<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5e0a ff4 fs16 fc1 sc0 ls0 ws0\">1. Aggiustamenti alla passi<span class=\"_ _1\"></span>vit\u00e0 </td><td class=\"c n xb5f y5e0b wa42 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(41.619)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13c0 y5e0b wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13c1 y5e0b wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13c2 y5e0b wc93 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(41.619)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13c3 y5e0b wc94 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1<span class=\"_ _1\"></span>.955<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13c4 y5e0b w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13c5 y5e0b w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13c6 y5e0b wbfe h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1.955<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5e0c ff4 fs16 fc1 sc0 ls0 ws0\">per sinistri accaduti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y5e0d wc95 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2.<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1343 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">Modifi<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x12c0 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">che conness<span class=\"_ _1\"></span>e con<span class=\"_ _3a1\"> </span></div></td><td class=\"c x7cb y5e0e w178 h9e\"><div class=\"t m2 x0 h5a y2566 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x9a2 y5e0e w178 h9e\"><div class=\"t m2 x0 h5a y2566 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c xba3 y5e0e w178 h9e\"><div class=\"t m2 x0 h5a y2566 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x1268 y5e0e w178 h9e\"><div class=\"t m2 x0 h5a y2566 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13c7 y5e0f wc96 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">142<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13c8 y5e0f w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13c9 y5e10 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13ca y5e10 wc96 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">142<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h5a y5e11 ff4 fs16 fc1 sc0 ls0 ws0\">l\u2019esperienza<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5e12 wc4b h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">3. Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13cb y5e12 wa42 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">(41.619)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13cc y5e12 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13cd y5e12 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13ce y5e12 wc97 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">(41.619)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13cf y5e12 wc98 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">2.097<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13d0 y5e12 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13d1 y5e12 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13d2 y5e12 wc99 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">2<span class=\"_ _1\"></span>.097<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x58e y5e13 w1cc h9e\"><div class=\"t m2 x0 h5a y15e3 ff4 fs16 fc1 sc2 ls0 ws0\">E. Risultato dei<span class=\"_ _1\"></span> servizi di </div></td><td class=\"t m2 xc5c h5a y5e14 ff4 fs16 fc1 sc2 ls0 ws0\">(9.253)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x130d h5a y5e14 ff4 fs16 fc1 sc2 ls0 ws0\">214<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88c h5a y5e14 ff4 fs16 fc1 sc2 ls0 ws0\">5.809<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x873 h5a y5e14 ff4 fs16 fc1 sc2 ls0 ws0\">(3.230)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcef h5a y5e14 ff4 fs16 fc1 sc2 ls0 ws0\">(23.542)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc67 h5a y5e14 ff4 fs16 fc1 sc2 ls0 ws0\">1.143<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12fc h5a y5e14 ff4 fs16 fc1 sc2 ls0 ws0\">20.103<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x120c h5a y5e14 ff4 fs16 fc1 sc2 ls0 ws0\">(2.296)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5e15 ff4 fs16 fc1 sc2 ls0 ws0\">assicurazio<span class=\"_ _1\"></span>ne(B+C+D.1)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5e16 ff4 fs16 fc1 sc2 ls0 ws0\">F. Costi/ricavi<span class=\"_ _1\"></span> di natura </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5e17 ff4 fs16 fc1 sc2 ls0 ws0\">finanziaria<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5e18 ff4 fs16 fc1 sc0 ls0 ws0\">1. Relativi ai contratti di<span class=\"_ _3a1\"> </span></td><td class=\"c n xb29 y5e19 wc9a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">30.138<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13d3 y5e19 wc9b h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">178<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe50 y5e19 wc6e h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">3.271<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13d4 y5e19 wc9c h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">33.587<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13d5 y5e19 wc9d h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">39.474<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13d6 y5e19 wc9e h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">17<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13d7 y5e19 w727 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(13.582)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13d8 y5e19 wc9f h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>5.909<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5e1a ff4 fs16 fc1 sc0 ls0 ws0\">assicurazione emessi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h5a y5e1b ff4 fs16 fc1 sc0 ls0 ws0\">1.1 Registrati in conto </td><td class=\"c n xb29 y5e1c wc9a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">30.138<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13d3 y5e1c wc9b h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">178<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13d9 y5e1c wca0 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">866<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13da y5e1c w837 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">31.182<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13db y5e1c wca1 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">39.474<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13dc y5e1c wca2 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">17<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13dd y5e1c wca3 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(19.112<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13de y5e1c wca4 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">20.379<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h5a y5e1d ff4 fs16 fc1 sc0 ls0 ws0\">economico </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h5a y5e1e ff4 fs16 fc1 sc0 ls0 ws0\">1.2 Registrati nel conto </td><td class=\"c n x957 y5e1f wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1395 y5e1f w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13df y5e1f wca5 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2.405<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13e0 y5e1f wca6 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>.405<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13e1 y5e1f w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13e2 y5e1f w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13e3 y5e1f w9b3 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">5.530<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13e4 y5e1f w4d4 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">5.530<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h5a y5e20 ff4 fs16 fc1 sc0 ls0 ws0\">economico<span class=\"_ _1\"></span> complessivo </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xae4 y5e21 wdb h9e\"><div class=\"t m2 x0 h5a y25bc ff4 fs16 fc1 sc0 ls0 ws0\">2. Effetti connessi con le<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x957 y5e22 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1395 y5e22 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1396 y5e22 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1397 y5e22 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1398 y5e22 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1399 y5e22 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x139a y5e22 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x139b y5e22 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5e23 ff4 fs16 fc1 sc0 ls0 ws0\">variazioni dei tassi di cambio<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5e24 ff4 fs16 fc1 sc2 ls0 ws0\">3. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xacd h5a y5e24 ff4 fs16 fc1 sc2 ls0 ws0\">30.138<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x130d h5a y5e24 ff4 fs16 fc1 sc2 ls0 ws0\">178<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1323 h5a y5e24 ff4 fs16 fc1 sc2 ls0 ws0\">3.271<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h5a y5e24 ff4 fs16 fc1 sc2 ls0 ws0\">33.587<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1197 h5a y5e24 ff4 fs16 fc1 sc2 ls0 ws0\">39.474<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad2 h5a y5e24 ff4 fs16 fc1 sc2 ls0 ws0\">17<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc62 h5a y5e24 ff4 fs16 fc1 sc2 ls0 ws0\">(13.582)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x120c h5a y5e24 ff4 fs16 fc1 sc2 ls0 ws0\">25.909<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x58e y5e25 w1d0 h9e\"><div class=\"t m2 x0 h5a y17cf ff4 fs16 fc1 sc2 ls0 ws0\">G. Importo to<span class=\"_ _1\"></span>tale delle va<span class=\"_ _1\"></span>riazioni </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5e26 ff4 fs16 fc1 sc2 ls0 ws0\">registrate in co<span class=\"_ _1\"></span>nto econo<span class=\"_ _1\"></span>mico e </td><td class=\"t m2 xc5c h5a y5e27 ff4 fs16 fc1 sc2 ls0 ws0\">20.885<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce9 h5a y5e27 ff4 fs16 fc1 sc2 ls0 ws0\">392<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88c h5a y5e27 ff4 fs16 fc1 sc2 ls0 ws0\">9.080<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h5a y5e27 ff4 fs16 fc1 sc2 ls0 ws0\">30.357<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112c h5a y5e27 ff4 fs16 fc1 sc2 ls0 ws0\">15.932<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc67 h5a y5e27 ff4 fs16 fc1 sc2 ls0 ws0\">1.160<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x13e5 h5a y5e27 ff4 fs16 fc1 sc2 ls0 ws0\">6.521<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x13bf h5a y5e27 ff4 fs16 fc1 sc2 ls0 ws0\">23.613<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5e28 ff4 fs16 fc1 sc2 ls0 ws0\">nel conto econo<span class=\"_ _1\"></span>mico </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5e29 ff4 fs16 fc1 sc2 ls0 ws0\">complessiv<span class=\"_ _1\"></span>o (E+F)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5e2a wc11 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">H. Altre varia<span class=\"_ _1\"></span>zioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13e6 y5e2a wca7 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">(861)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x9a5 h5a y5e2b ff4 fs16 fc1 sc2 ls0 ws0\">(3)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93c h5a y5e2b ff4 fs16 fc1 sc2 ls0 ws0\">2.795<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeb7 h5a y5e2b ff4 fs16 fc1 sc2 ls0 ws0\">1.931<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1197 h5a y5e2b ff4 fs16 fc1 sc2 ls0 ws0\">(2.143)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112a h5a y5e2b ff4 fs16 fc1 sc2 ls0 ws0\">(9)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddf h5a y5e2b ff4 fs16 fc1 sc2 ls0 ws0\">1.144<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x13bf h5a y5e2b ff4 fs16 fc1 sc2 ls0 ws0\">(1.008)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5e2c ff4 fs16 fc1 sc2 ls0 ws0\">I. Movimenti di c<span class=\"_ _1\"></span>assa<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y56ca wc13 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1. Premi ricevuti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13e7 y56ca wca8 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">208.2<span class=\"_ _1\"></span>85<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13e8 y56ca wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13e9 y56ca w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13ea y56ca wca9 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">208.285<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13eb y56ca wcaa h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">7<span class=\"_ _1\"></span>2.945<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13ec y56ca w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13ed y56ca w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13ee y56ca wcab h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">72.945<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c xadb y5ce3 wc69 h200\"><div class=\"t m2 x2b3 h5a y5629 ff4 fs16 fc1 sc0 ls0 ws0\">2. Pagamenti conness<span class=\"_ _1\"></span>i con i<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">costi di acquisizione dei<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x957 y5ce3 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1395 y5ce3 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1396 y5ce3 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1397 y5ce3 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1398 y5ce3 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1399 y5ce3 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x139a y5ce3 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x139b y5ce3 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5e2d ff4 fs16 fc1 sc0 ls0 ws0\">contratti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5e2e ff4 fs16 fc1 sc0 ls0 ws0\">3. Sinistri pagati e altre uscite<span class=\"_ _3a1\"> </span></td><td class=\"c n xb7c y5e2f wcac h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(44.335)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13ef y5e2f wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13f0 y5e2f wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13f1 y5e2f wcac h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(44.335)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13f2 y5e2f wcad h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(24.814)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13f3 y5e2f w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13f4 y5e2f w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13f5 y5e2f wcad h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(24.814)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5e30 ff4 fs16 fc1 sc0 ls0 ws0\">di cassa </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y5e31 wc19 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">4. Altri movimenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13f6 y5e31 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13f7 y5e31 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13f8 y5e31 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13f9 y5e31 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13fa y5e31 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13fb y5e31 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13fc y5e31 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13fd y5e31 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5e32 ff4 fs16 fc1 sc2 ls0 ws0\">5. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93f h5a y5e32 ff4 fs16 fc1 sc2 ls0 ws0\">163.950<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a2 h5a y5e32 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba3 h5a y5e32 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x13fe h5a y5e32 ff4 fs16 fc1 sc2 ls0 ws0\">163.950<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc60 h5a y5e32 ff4 fs16 fc1 sc2 ls0 ws0\">48.131<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88f h5a y5e32 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x874 h5a y5e32 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x13ff h5a y5e32 ff4 fs16 fc1 sc2 ls0 ws0\">48.131<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x2d7 y5e33 wcae h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">L. Valore<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1286 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">netto di bil<span class=\"_ _1\"></span>ancio al 31<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1400 h5a y5e34 ff4 fs16 fc1 sc2 ls0 ws0\">513.441<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1196 h5a y5e34 ff4 fs16 fc1 sc2 ls0 ws0\">2.607<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88c h5a y5e34 ff4 fs16 fc1 sc2 ls0 ws0\">31.120<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c7 h5a y5e34 ff4 fs16 fc1 sc2 ls0 ws0\">547.168<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcef h5a y5e34 ff4 fs16 fc1 sc2 ls0 ws0\">329.466<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x810 h5a y5e34 ff4 fs16 fc1 sc2 ls0 ws0\">2.220<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x890 h5a y5e34 ff4 fs16 fc1 sc2 ls0 ws0\">19.244<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11e2 h5a y5e34 ff4 fs16 fc1 sc2 ls0 ws0\">350.930<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5e35 ff4 fs16 fc1 sc2 ls0 ws0\">dicembre (A.3+G+<span class=\"_ _1\"></span>H+I.5)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5e36 ff4 fs16 fc1 sc2 ls0 ws0\">M. Valore <span class=\"_ _1\"></span>di bilancio finale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5e37 wc22 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1. Contra<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1276 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">tti di assicurazione<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5e38 ff4 fs16 fc1 sc0 ls0 ws0\">emessi che co<span class=\"_ _1\"></span>stituiscono </td><td class=\"c n x13b7 y5e39 wcaf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">513.441<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1401 y5e39 wcb0 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2.607<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1402 y5e39 wcb1 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">31.119<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1403 y5e39 wcb2 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">547.167<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1404 y5e39 wa17 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">329.467<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1405 y5e39 wcb3 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2.218<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1406 y5e39 wcb4 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">19.245<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1407 y5e39 wcb5 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">350.930<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5e3a ff4 fs16 fc1 sc0 ls0 ws0\">passivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5e3b wcb6 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2. Contra<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1408 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">tti di assicurazione<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5e3c ff4 fs16 fc1 sc0 ls0 ws0\">emessi che co<span class=\"_ _1\"></span>stituiscono </td><td class=\"c n x957 y565f wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1395 y565f w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1396 y565f wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1397 y565f w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1398 y565f w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1399 y565f w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x139a y565f w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x139b y565f w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5e3d ff4 fs16 fc1 sc0 ls0 ws0\">attivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5e3e ff4 fs16 fc1 sc2 ls0 ws0\">3. Valore net<span class=\"_ _1\"></span>to di bilancio<span class=\"_ _1\"></span> al 31 </td><td class=\"t m2 x1400 h5a y5e3f ff4 fs16 fc1 sc2 ls0 ws0\">513.441<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1196 h5a y5e3f ff4 fs16 fc1 sc2 ls0 ws0\">2.607<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93c h5a y5e3f ff4 fs16 fc1 sc2 ls0 ws0\">31.119<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c7 h5a y5e3f ff4 fs16 fc1 sc2 ls0 ws0\">547.167<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x116f h5a y5e3f ff4 fs16 fc1 sc2 ls0 ws0\">329.467<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x883 h5a y5e3f ff4 fs16 fc1 sc2 ls0 ws0\">2.218<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x890 h5a y5e3f ff4 fs16 fc1 sc2 ls0 ws0\">19.245<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11e2 h5a y5e3f ff4 fs16 fc1 sc2 ls0 ws0\">350.930<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xae4 h5a y5e40 ff4 fs16 fc1 sc2 ls0 ws0\">dicembre<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsf35\">Dinamica dei r<span class=\"_ _1\"></span>icavi assicurativi e del <span class=\"_ _1\"></span>margine sui se<span class=\"_ _1\"></span>rvizi contrattuali dei contrat<span class=\"_ _1\"></span>ti assicurativi emess<span class=\"_ _1\"></span>i ripartiti in base ai cont<span class=\"_ _1\"></span>ratti </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsf36\">esistenti al mo<span class=\"_ _1\"></span>mento della tra<span class=\"_ _1\"></span>nsizione all\u2019IFRS 17<span class=\"fc1 sc2\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsf37\">Contratti <span class=\"_ _1\"></span>assicurativi emessi con elem<span class=\"_ _1\"></span>enti di partecipazione dire<span class=\"_ _1\"></span>tta - Segmento Vita<span class=\"fc1 sc2\"> </span></div><div class=\"gsf38\"><table class=\"s wcb7 h257\" id=\"_a3af6808-1523-4e91-84a5-f8330f72b8dc\"><tr><td></td><td></td><td></td><td class=\"t m2 x7bc h5a y5e41 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td class=\"t m2 x112a h5a y5e41 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x1409 h5a y5e42 ff4 fs16 fc4 sc3 ls0 ws0\">Nuovi cont<span class=\"_ _1\"></span>ratti e </td><td class=\"t m2 x87e h5a y5e42 ff4 fs16 fc4 sc3 ls0 ws0\">Contratti </td><td class=\"t m2 xce2 h5a y5e42 ff4 fs16 fc4 sc3 ls0 ws0\">Contratti </td><td></td><td></td><td class=\"t m2 xad3 h5a y5e42 ff4 fs16 fc4 sc3 ls0 ws0\">Nuovi cont<span class=\"_ _1\"></span>ratti e </td><td class=\"t m2 x140a h5a y5e42 ff4 fs16 fc4 sc3 ls0 ws0\">Contratti </td><td class=\"t m2 xdde h5a y5e42 ff4 fs16 fc4 sc3 ls0 ws0\">Contratti </td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x872 h5a y5e43 ff4 fs16 fc4 sc3 ls0 ws0\">contratti </td><td class=\"t m2 x1187 h5a y5e43 ff4 fs16 fc4 sc3 ls0 ws0\">misurati <span class=\"_ _1\"></span>alla </td><td class=\"t m2 x95e h5a y5e43 ff4 fs16 fc4 sc3 ls0 ws0\">misurati </td><td></td><td></td><td class=\"t m2 xec2 h5a y5e43 ff4 fs16 fc4 sc3 ls0 ws0\">contratti </td><td class=\"t m2 x7bd h5a y5e43 ff4 fs16 fc4 sc3 ls0 ws0\">misurati <span class=\"_ _1\"></span>alla </td><td class=\"t m2 x811 h5a y5e43 ff4 fs16 fc4 sc3 ls0 ws0\">misurati </td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x884 h5a y5e44 ff4 fs16 fc4 sc3 ls0 ws0\">misurati <span class=\"_ _1\"></span>alla </td><td class=\"t m2 x112e h5a y5e44 ff4 fs16 fc4 sc3 ls0 ws0\">data di </td><td class=\"t m2 x140b h5a y5e44 ff4 fs16 fc4 sc3 ls0 ws0\">alla data di </td><td class=\"t m2 x138b h5a y5e44 ff4 fs16 fc4 sc3 ls0 ws0\">Contratti </td><td></td><td class=\"t m2 x939 h5a y5e44 ff4 fs16 fc4 sc3 ls0 ws0\">misurati <span class=\"_ _1\"></span>alla </td><td class=\"t m2 x92e h5a y5e44 ff4 fs16 fc4 sc3 ls0 ws0\">data di </td><td class=\"t m2 x12d5 h5a y5e44 ff4 fs16 fc4 sc3 ls0 ws0\">alla data di </td><td class=\"t m2 x12ee h5a y5e44 ff4 fs16 fc4 sc3 ls0 ws0\">Contratti </td><td></td></tr><tr><td></td><td class=\"t m2 x7d5 h5a y5e45 ff4 fs16 fc4 sc3 ls0 ws0\">data di </td><td class=\"t m2 x93f h5a y5e45 ff4 fs16 fc4 sc3 ls0 ws0\">transizio<span class=\"_ _1\"></span>ne con </td><td class=\"t m2 x140b h5a y5e45 ff4 fs16 fc4 sc3 ls0 ws0\">transizio<span class=\"_ _1\"></span>ne </td><td class=\"t m2 x7de h5a y5e45 ff4 fs16 fc4 sc3 ls0 ws0\">oggetto </td><td class=\"t m2 xcea h5a y5e46 ff4 fs16 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x941 h5a y5e45 ff4 fs16 fc4 sc3 ls0 ws0\">data di </td><td class=\"t m2 x876 h5a y5e45 ff4 fs16 fc4 sc3 ls0 ws0\">transizio<span class=\"_ _1\"></span>ne con </td><td class=\"t m2 x12d5 h5a y5e45 ff4 fs16 fc4 sc3 ls0 ws0\">transizio<span class=\"_ _1\"></span>ne </td><td class=\"t m2 xc5e h5a y5e45 ff4 fs16 fc4 sc3 ls0 ws0\">oggetto </td><td class=\"t m2 x140c h5a y5e46 ff4 fs16 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x887 h5a y5e47 ff4 fs16 fc4 sc3 ls0 ws0\">transizio<span class=\"_ _1\"></span>ne con </td><td class=\"t m2 x87e h5a y5e47 ff4 fs16 fc4 sc3 ls0 ws0\">il metodo </td><td class=\"t m2 x88a h5a y5e47 ff4 fs16 fc4 sc3 ls0 ws0\">con il </td><td class=\"t m2 x138b h5a y5e47 ff4 fs16 fc4 sc3 ls0 ws0\">di carve-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xb9c h5a y5e47 ff4 fs16 fc4 sc3 ls0 ws0\">transizio<span class=\"_ _1\"></span>ne con </td><td class=\"t m2 x935 h5a y5e47 ff4 fs16 fc4 sc3 ls0 ws0\">il metodo </td><td class=\"t m2 x11ff h5a y5e47 ff4 fs16 fc4 sc3 ls0 ws0\">con il </td><td class=\"t m2 xc5e h5a y5e47 ff4 fs16 fc4 sc3 ls0 ws0\">di carve-<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"t m2 x7c9 h5a y5e48 ff4 fs16 fc4 sc3 ls0 ws0\">il metodo </td><td class=\"t m2 xc55 h5a y5e48 ff4 fs16 fc4 sc3 ls0 ws0\">dell\u2019applicazion<span class=\"_ _1\"></span>e </td><td class=\"t m2 x95e h5a y5e48 ff4 fs16 fc4 sc3 ls0 ws0\">metodo </td><td class=\"t m2 x938 h5a y5e48 ff4 fs16 fc4 sc3 ls0 ws0\">out<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x93d h5a y5e48 ff4 fs16 fc4 sc3 ls0 ws0\">il metodo </td><td class=\"t m2 x7da h5a y5e48 ff4 fs16 fc4 sc3 ls0 ws0\">dell\u2019applicazion<span class=\"_ _1\"></span>e </td><td class=\"t m2 x811 h5a y5e48 ff4 fs16 fc4 sc3 ls0 ws0\">metodo </td><td class=\"t m2 x943 h5a y5e48 ff4 fs16 fc4 sc3 ls0 ws0\">out<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"t m2 x1409 h5a y5e49 ff4 fs16 fc4 sc3 ls0 ws0\">dell\u2019applicazion<span class=\"_ _1\"></span>e </td><td class=\"t m2 xce6 h5a y5e49 ff4 fs16 fc4 sc3 ls0 ws0\">retroattiv<span class=\"_ _1\"></span>a </td><td class=\"t m2 xc49 h5a y5e49 ff4 fs16 fc4 sc3 ls0 ws0\">del fair </td><td></td><td></td><td class=\"t m2 xad3 h5a y5e49 ff4 fs16 fc4 sc3 ls0 ws0\">dell\u2019applicazion<span class=\"_ _1\"></span>e </td><td class=\"t m2 x93a h5a y5e49 ff4 fs16 fc4 sc3 ls0 ws0\">retroattiv<span class=\"_ _1\"></span>a </td><td class=\"t m2 x1140 h5a y5e49 ff4 fs16 fc4 sc3 ls0 ws0\">del fair </td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x1409 h5a y5e4a ff4 fs16 fc4 sc3 ls0 ws0\">retroattiv<span class=\"_ _1\"></span>a piena<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce6 h5a y5e4a ff4 fs16 fc4 sc3 ls0 ws0\">modificata </td><td class=\"t m2 x88a h5a y5e4a ff4 fs16 fc4 sc3 ls0 ws0\">value<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xad3 h5a y5e4a ff4 fs16 fc4 sc3 ls0 ws0\">retroattiv<span class=\"_ _1\"></span>a piena<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93a h5a y5e4a ff4 fs16 fc4 sc3 ls0 ws0\">modificata </td><td class=\"t m2 x11ff h5a y5e4a ff4 fs16 fc4 sc3 ls0 ws0\">value<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5e4b ff4 fs16 fc1 sc2 ls0 ws0\">Ricavi </td><td class=\"t m2 xd43 h5a y5e4c ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x138c h5a y5e4c ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x880 h5a y5e4c ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a6 h5a y5e4c ff4 fs16 fc1 sc2 ls0 ws0\">62.540<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xde8 h5a y5e4c ff4 fs16 fc1 sc2 ls0 ws0\">62.540<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x882 h5a y5e4c ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x140d h5a y5e4c ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe22 h5a y5e4c ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x140e h5a y5e4c ff4 fs16 fc1 sc2 ls0 ws0\">59.366<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x140f h5a y5e4c ff4 fs16 fc1 sc2 ls0 ws0\">59.366<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5e4d ff4 fs16 fc1 sc2 ls0 ws0\">assicurativi<span class=\"_ _3a1\"> </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 class=\"c x58e y5e4e w1e1 h9e\"><div class=\"t m2 x0 h5a y15ff ff4 fs16 fc1 sc2 ls0 ws0\">Margine sui </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5e4f ff4 fs16 fc1 sc2 ls0 ws0\">servizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5e50 ff4 fs16 fc1 sc2 ls0 ws0\">contrattuali \u2013<span class=\"_ _1\"></span> </td><td class=\"t m2 xd43 h5a y5e50 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x138c h5a y5e50 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x880 h5a y5e50 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1191 h5a y5e50 ff4 fs16 fc1 sc2 ls0 ws0\">187.460<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcea h5a y5e50 ff4 fs16 fc1 sc2 ls0 ws0\">187.460<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x882 h5a y5e50 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x140d h5a y5e50 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe22 h5a y5e50 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1195 h5a y5e50 ff4 fs16 fc1 sc2 ls0 ws0\">233.905<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1234 h5a y5e50 ff4 fs16 fc1 sc2 ls0 ws0\">233.905<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5e51 ff4 fs16 fc1 sc2 ls0 ws0\">Esistenze </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5e52 ff4 fs16 fc1 sc2 ls0 ws0\">iniziali<span class=\"_ _3a1\"> </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 class=\"c x58e y5e53 w1e2 h9e\"><div class=\"t m2 x0 h5a y15ff ff4 fs16 fc1 sc2 ls0 ws0\">Variazioni </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5e54 ff4 fs16 fc1 sc2 ls0 ws0\">riferite ai </td><td class=\"t m2 xd43 h5a y5e54 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x138c h5a y5e54 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x880 h5a y5e54 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1410 h5a y5e54 ff4 fs16 fc1 sc2 ls0 ws0\">(36.320)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe5d h5a y5e54 ff4 fs16 fc1 sc2 ls0 ws0\">(36.320)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x882 h5a y5e54 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x140d h5a y5e54 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe22 h5a y5e54 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1195 h5a y5e54 ff4 fs16 fc1 sc2 ls0 ws0\">(38.166)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1411 h5a y5e54 ff4 fs16 fc1 sc2 ls0 ws0\">(38.166)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5e55 ff4 fs16 fc1 sc2 ls0 ws0\">servizi attu<span class=\"_ _1\"></span>ali<span class=\"_ _3a1\"> </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 class=\"t m2 xae4 h5a y5e56 ff4 fs16 fc1 sc0 ls0 ws0\">- Margine sui<span class=\"_ _3a1\"> </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 class=\"t m2 xae4 h5a y5e57 ff4 fs16 fc1 sc0 ls0 ws0\">servizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5e58 ff4 fs16 fc1 sc0 ls0 ws0\">contrattuali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5e59 wcb8 h1fe\"><div class=\"t m2 x2b3 h5a y5610 ff4 fs16 fc1 sc0 ls0 ws0\">rilevato in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">conto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1412 y5e59 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1413 y5e59 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1414 y5e59 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1415 y5e59 wbe2 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(36.320)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1416 y5e59 wcb9 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(36.320<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1417 y5e59 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1418 y5e59 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1419 y5e59 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x141a y5e59 wcba h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(38.166)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x141b y5e59 wbe3 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(38.166)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5e5a ff4 fs16 fc1 sc0 ls0 ws0\">economico<span class=\"_ _1\"></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 class=\"t m2 xae4 h5a y5e5b ff4 fs16 fc1 sc0 ls0 ws0\">per riflettere </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5e5c ff4 fs16 fc1 sc0 ls0 ws0\">i servizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5e5d ff4 fs16 fc1 sc0 ls0 ws0\">prestati </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5e5e ff4 fs16 fc1 sc2 ls0 ws0\">Variazioni </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5e5f ff4 fs16 fc1 sc2 ls0 ws0\">riferite ai </td><td class=\"t m2 xd43 h5a y5e5f ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x138c h5a y5e5f ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x880 h5a y5e5f ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1153 h5a y5e5f ff4 fs16 fc1 sc2 ls0 ws0\">(35.615)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcea h5a y5e5f ff4 fs16 fc1 sc2 ls0 ws0\">(35.615)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x882 h5a y5e5f ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x140d h5a y5e5f ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe22 h5a y5e5f ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x140e h5a y5e5f ff4 fs16 fc1 sc2 ls0 ws0\">(8.567)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x140f h5a y5e5f ff4 fs16 fc1 sc2 ls0 ws0\">(8.567)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5e60 ff4 fs16 fc1 sc2 ls0 ws0\">servizi futu<span class=\"_ _1\"></span>ri<span class=\"_ _3a1\"> </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 class=\"c xadb y5e61 wcbb h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xc90 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">Variazioni<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5e62 ff4 fs16 fc1 sc0 ls0 ws0\">delle stime </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5e63 ff4 fs16 fc1 sc0 ls0 ws0\">che </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5e64 ff4 fs16 fc1 sc0 ls0 ws0\">modificano il<span class=\"_ _3a1\"> </span></td><td class=\"c n x1412 y5e65 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1413 y5e65 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1414 y5e65 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1415 y5e65 wcbc h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(93.082)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x141c y5e65 wcbd h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(93.082)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x141d y5e65 w722 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x141e y5e65 w716 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x141f y5e65 w716 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1420 y5e65 wcbe h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(61.101)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1421 y5e65 wcbf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(61.101)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5e66 ff4 fs16 fc1 sc0 ls0 ws0\">margine sui </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5e67 ff4 fs16 fc1 sc0 ls0 ws0\">servizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5e68 ff4 fs16 fc1 sc0 ls0 ws0\">contrattuali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5e69 wcc0 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xc90 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">Effetti dei<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5e6a ff4 fs16 fc1 sc0 ls0 ws0\">contratti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5e6b ff4 fs16 fc1 sc0 ls0 ws0\">inizialmente </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5e6c ff4 fs16 fc1 sc0 ls0 ws0\">rilevati </td><td class=\"c n x1412 y5e6d w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1413 y5e6d w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1414 y5e6d w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1422 y5e6d wcc1 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">57.467<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1423 y5e6d wcc2 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">57.467<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1424 y5e6d w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1425 y5e6d w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1426 y5e6d w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1427 y5e6d wcc3 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">52.534<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1428 y5e6d w76b h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">52.53<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5e6e ff4 fs16 fc1 sc0 ls0 ws0\">nell\u2019esercizio </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5e6f ff4 fs16 fc1 sc0 ls0 ws0\">di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5e70 ff4 fs16 fc1 sc0 ls0 ws0\">riferimento </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5e71 ff4 fs16 fc1 sc2 ls0 ws0\">Ricavi/costi di<span class=\"_ _1\"></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 class=\"t m2 x58e h5a y5e72 ff4 fs16 fc1 sc2 ls0 ws0\">natura </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5e73 ff4 fs16 fc1 sc2 ls0 ws0\">finanziaria </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5e74 ff4 fs16 fc1 sc0 ls0 ws0\">1. Relativi ai<span class=\"_ _3a1\"> </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 class=\"t m2 xae4 h5a y5e75 ff4 fs16 fc1 sc0 ls0 ws0\">contratti </td><td class=\"c n x1412 y5e76 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1413 y5e76 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1414 y5e76 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1429 y5e76 wcc4 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">170.645<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x142a y5e76 wcc5 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">17<span class=\"_ _1\"></span>0.645<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x142b y5e76 w716 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x142c y5e76 w722 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x142d y5e76 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x142e y5e76 wcc6 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">289<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x142f y5e76 wcc7 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">289<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5e77 ff4 fs16 fc1 sc0 ls0 ws0\">assicurativi<span class=\"_ _3a1\"> </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 class=\"t m2 xae4 h5a y5e78 ff4 fs16 fc1 sc0 ls0 ws0\">emessi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5e79 ff4 fs16 fc1 sc0 ls0 ws0\">2. Effetti<span class=\"_ _3a1\"> </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 class=\"t m2 xae4 h5a y5e7a ff4 fs16 fc1 sc0 ls0 ws0\">connessi<span class=\"_ _1\"></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 class=\"t m2 xae4 h5a y5e7b ff4 fs16 fc1 sc0 ls0 ws0\">con le </td><td class=\"c n x1412 y5e7c w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1413 y5e7c w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1414 y5e7c w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1430 y5e7c w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1431 y5e7c w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1432 y5e7c w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1433 y5e7c w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1434 y5e7c w722 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1435 y5e7c w716 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1436 y5e7c w716 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5e7d ff4 fs16 fc1 sc0 ls0 ws0\">variazioni dei<span class=\"_ _3a1\"> </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 class=\"t m2 xae4 h5a y5e7e ff4 fs16 fc1 sc0 ls0 ws0\">tassi di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5e7f ff4 fs16 fc1 sc0 ls0 ws0\">cambio </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y5e80 w6a5 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">3. Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1437 y5e80 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1438 y5e80 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1439 y5e80 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x143a y5e80 wcc4 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">170.645<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x143b y5e80 wcc4 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">170.645<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x143c y5e80 w716 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x143d y5e80 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x143e y5e80 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x143f y5e80 wcc7 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">289<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1440 y5e80 wcc8 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>89<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h5a y5e81 ff4 fs16 fc1 sc2 ls0 ws0\">Altri </td><td class=\"t m2 xd43 h5a y5e82 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x138c h5a y5e82 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x880 h5a y5e82 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ce h5a y5e82 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11a9 h5a y5e82 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x882 h5a y5e82 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x140d h5a y5e82 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe22 h5a y5e82 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x134d h5a y5e82 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1441 h5a y5e82 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5e83 ff4 fs16 fc1 sc2 ls0 ws0\">movimenti<span class=\"_ _3a1\"> </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 class=\"t m2 x58e h5a y5e84 ff4 fs16 fc1 sc2 ls0 ws0\">Totale </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5e85 ff4 fs16 fc1 sc2 ls0 ws0\">variazioni<span class=\"_ _1\"></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 class=\"c x2d7 y545c wcc9 h258\"><div class=\"t m2 x2b3 h5a y5e86 ff4 fs16 fc1 sc2 ls0 ws0\">riconosciute<span class=\"_ _1\"></span> in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">conto<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd43 h5a y5e87 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x138c h5a y5e87 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x880 h5a y5e87 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1442 h5a y5e87 ff4 fs16 fc1 sc2 ls0 ws0\">98.710<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdda h5a y5e87 ff4 fs16 fc1 sc2 ls0 ws0\">98.710<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x882 h5a y5e87 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x140d h5a y5e87 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe22 h5a y5e87 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc5e h5a y5e87 ff4 fs16 fc1 sc2 ls0 ws0\">(46.444)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1234 h5a y5e87 ff4 fs16 fc1 sc2 ls0 ws0\">(46.444)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5e88 ff4 fs16 fc1 sc2 ls0 ws0\">economico<span class=\"_ _1\"></span> e </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5e89 ff4 fs16 fc1 sc2 ls0 ws0\">nel conto </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5e8a ff4 fs16 fc1 sc2 ls0 ws0\">economico<span class=\"_ _1\"></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 class=\"t m2 x58e h5a y5e8b ff4 fs16 fc1 sc2 ls0 ws0\">complessiv<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </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 class=\"c x58e y5e8c w1e1 h9e\"><div class=\"t m2 x0 h5a y269d ff4 fs16 fc1 sc2 ls0 ws0\">Margine sui </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5e8d ff4 fs16 fc1 sc2 ls0 ws0\">servizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5e8e ff4 fs16 fc1 sc2 ls0 ws0\">contrattuali \u2013<span class=\"_ _1\"></span> </td><td class=\"t m2 xd43 h5a y5e8e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x138c h5a y5e8e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x880 h5a y5e8e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1191 h5a y5e8e ff4 fs16 fc1 sc2 ls0 ws0\">286.170<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcea h5a y5e8e ff4 fs16 fc1 sc2 ls0 ws0\">286.170<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x882 h5a y5e8e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x140d h5a y5e8e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe22 h5a y5e8e ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x140e h5a y5e8e ff4 fs16 fc1 sc2 ls0 ws0\">187.461<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x140c h5a y5e8e ff4 fs16 fc1 sc2 ls0 ws0\">187.46<span class=\"_ _3a1\"> </span>1<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5e8f ff4 fs16 fc1 sc2 ls0 ws0\">Rimanenze </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5e90 ff4 fs16 fc1 sc2 ls0 ws0\">finali<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsf3a\">Dinamica dei r<span class=\"_ _1\"></span>icavi assicurativi e del <span class=\"_ _1\"></span>margine sui se<span class=\"_ _1\"></span>rvizi contrattuali dei contrat<span class=\"_ _1\"></span>ti assicurativi emess<span class=\"_ _1\"></span>i ripartiti in base ai </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsf3b\">contratti es<span class=\"_ _1\"></span>istenti al momento della tr<span class=\"_ _1\"></span>ansizione all\u2019IFRS 17<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsf3c\">Contratti <span class=\"_ _1\"></span>assicurativi emessi senza e<span class=\"_ _1\"></span>lementi di partecipazione<span class=\"_ _1\"></span> diretta - Segmento Vita<span class=\"_ _3a1\"> </span></div><div class=\"gsf3d\"><table class=\"s wcca h259\" id=\"_6de5f399-63d6-4c25-b92e-54c62b20d4c4\"><tr><td></td><td></td><td></td><td class=\"t m2 x12f8 h44 y5e91 ff4 fs11 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td class=\"t m2 x9a1 h44 y5e91 ff4 fs11 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x97c h44 y5e92 ff4 fs11 fc4 sc3 ls0 ws0\">Nuovi contratti e </td><td class=\"t m2 xd58 h44 y5e92 ff4 fs11 fc4 sc3 ls0 ws0\">Contratti </td><td class=\"t m2 x1196 h44 y5e93 ff4 fs11 fc4 sc3 ls0 ws0\">Contratti </td><td></td><td></td><td class=\"t m2 xb9e h44 y5e92 ff4 fs11 fc4 sc3 ls0 ws0\">Nuovi contratti e </td><td class=\"t m2 x1233 h44 y5e92 ff4 fs11 fc4 sc3 ls0 ws0\">Contratti </td><td class=\"t m2 x936 h44 y5e93 ff4 fs11 fc4 sc3 ls0 ws0\">Contratti </td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x1443 h44 y5e94 ff4 fs11 fc4 sc3 ls0 ws0\">contratti </td><td class=\"t m2 x87a h44 y5e94 ff4 fs11 fc4 sc3 ls0 ws0\">misurati alla </td><td class=\"t m2 x1196 h44 y5e95 ff4 fs11 fc4 sc3 ls0 ws0\">misurati </td><td></td><td></td><td class=\"t m2 x939 h44 y5e94 ff4 fs11 fc4 sc3 ls0 ws0\">contratti </td><td class=\"t m2 x7bf h44 y5e94 ff4 fs11 fc4 sc3 ls0 ws0\">misurati alla </td><td class=\"t m2 x936 h44 y5e95 ff4 fs11 fc4 sc3 ls0 ws0\">misurati </td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x1444 h44 y5e96 ff4 fs11 fc4 sc3 ls0 ws0\">misurati alla </td><td class=\"t m2 xb9b h44 y5e96 ff4 fs11 fc4 sc3 ls0 ws0\">data di </td><td class=\"t m2 x95e h44 y5e97 ff4 fs11 fc4 sc3 ls0 ws0\">alla data di </td><td class=\"t m2 x1410 h44 y5e96 ff4 fs11 fc4 sc3 ls0 ws0\">Contratti </td><td></td><td class=\"t m2 xb9c h44 y5e96 ff4 fs11 fc4 sc3 ls0 ws0\">misurati alla </td><td class=\"t m2 x7bd h44 y5e96 ff4 fs11 fc4 sc3 ls0 ws0\">data di </td><td class=\"t m2 x1275 h44 y5e97 ff4 fs11 fc4 sc3 ls0 ws0\">alla data di </td><td class=\"t m2 x812 h44 y5e96 ff4 fs11 fc4 sc3 ls0 ws0\">Contratti </td><td></td></tr><tr><td></td><td class=\"t m2 x1445 h44 y5e98 ff4 fs11 fc4 sc3 ls0 ws0\">data di </td><td class=\"t m2 x1187 h44 y5e98 ff4 fs11 fc4 sc3 ls0 ws0\">transizione<span class=\"_ _1\"></span> con il </td><td class=\"t m2 x95e h44 y5e99 ff4 fs11 fc4 sc3 ls0 ws0\">transizione<span class=\"_ _1\"></span> </td><td class=\"t m2 x1191 h44 y5e98 ff4 fs11 fc4 sc3 ls0 ws0\">oggetto </td><td class=\"t m2 xcea h44 y5e99 ff4 fs11 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x95f h44 y5e98 ff4 fs11 fc4 sc3 ls0 ws0\">data di </td><td class=\"t m2 x88e h44 y5e98 ff4 fs11 fc4 sc3 ls0 ws0\">transizione<span class=\"_ _1\"></span> con il </td><td class=\"t m2 xba1 h44 y5e99 ff4 fs11 fc4 sc3 ls0 ws0\">transizione<span class=\"_ _1\"></span> </td><td class=\"t m2 x7e5 h44 y5e98 ff4 fs11 fc4 sc3 ls0 ws0\">oggetto </td><td class=\"t m2 x121c h44 y5e99 ff4 fs11 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x97c h44 y5e9a ff4 fs11 fc4 sc3 ls0 ws0\">transizione<span class=\"_ _1\"></span> con il </td><td class=\"t m2 x1446 h44 y5e9a ff4 fs11 fc4 sc3 ls0 ws0\">metodo </td><td class=\"t m2 xce9 h44 y5e9b ff4 fs11 fc4 sc3 ls0 ws0\">con il </td><td class=\"t m2 x1153 h44 y5e9a ff4 fs11 fc4 sc3 ls0 ws0\">di carve-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x11e1 h44 y5e9a ff4 fs11 fc4 sc3 ls0 ws0\">transizione<span class=\"_ _1\"></span> con il </td><td class=\"t m2 xeb8 h44 y5e9a ff4 fs11 fc4 sc3 ls0 ws0\">metodo </td><td class=\"t m2 x9d7 h44 y5e9b ff4 fs11 fc4 sc3 ls0 ws0\">con il </td><td class=\"t m2 x7e5 h44 y5e9a ff4 fs11 fc4 sc3 ls0 ws0\">di carve-<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"t m2 x1447 h44 y5e9c ff4 fs11 fc4 sc3 ls0 ws0\">metodo </td><td class=\"t m2 x1187 h44 y5e9c ff4 fs11 fc4 sc3 ls0 ws0\">dell\u2019applicazion<span class=\"_ _1\"></span>e </td><td class=\"t m2 x95e h44 y5e9d ff4 fs11 fc4 sc3 ls0 ws0\">metodo del </td><td class=\"t m2 x88c h44 y5e9c ff4 fs11 fc4 sc3 ls0 ws0\">out<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x934 h44 y5e9c ff4 fs11 fc4 sc3 ls0 ws0\">metodo </td><td class=\"t m2 x88e h44 y5e9c ff4 fs11 fc4 sc3 ls0 ws0\">dell\u2019applicazion<span class=\"_ _1\"></span>e </td><td class=\"t m2 xba1 h44 y5e9d ff4 fs11 fc4 sc3 ls0 ws0\">metodo del </td><td class=\"t m2 xc59 h44 y5e9c ff4 fs11 fc4 sc3 ls0 ws0\">out<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"t m2 x97c h44 y5e9e ff4 fs11 fc4 sc3 ls0 ws0\">dell\u2019applicazion<span class=\"_ _1\"></span>e </td><td class=\"t m2 x5d7 h44 y5e9e ff4 fs11 fc4 sc3 ls0 ws0\">retroattiva </td><td class=\"t m2 x1196 h44 y5e9f ff4 fs11 fc4 sc3 ls0 ws0\">fair value<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xb9e h44 y5e9e ff4 fs11 fc4 sc3 ls0 ws0\">dell\u2019applicazion<span class=\"_ _1\"></span>e </td><td class=\"t m2 x876 h44 y5e9e ff4 fs11 fc4 sc3 ls0 ws0\">retroattiva </td><td class=\"t m2 x936 h44 y5e9f ff4 fs11 fc4 sc3 ls0 ws0\">fair value<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x97c h44 y5ea0 ff4 fs11 fc4 sc3 ls0 ws0\">retroattiva piena<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x5d7 h44 y5ea0 ff4 fs11 fc4 sc3 ls0 ws0\">modificata </td><td></td><td></td><td></td><td class=\"t m2 xb9e h44 y5ea0 ff4 fs11 fc4 sc3 ls0 ws0\">retroattiva piena<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7da h44 y5ea0 ff4 fs11 fc4 sc3 ls0 ws0\">modificata </td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5ea1 wccb h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">Ricavi assicurativi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1448 y5ea1 wccc h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">19.95<span class=\"_ _1\"></span>8<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1449 h44 y5ea2 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113e h44 y5ea2 ff4 fs11 fc1 sc2 ls0 ws0\">11.889<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba3 h44 y5ea2 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcea h44 y5ea2 ff4 fs11 fc1 sc2 ls0 ws0\">31.847<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x116f h44 y5ea2 ff4 fs11 fc1 sc2 ls0 ws0\">16.487<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d2 h44 y5ea2 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdde h44 y5ea2 ff4 fs11 fc1 sc2 ls0 ws0\">16.858<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c7 h44 y5ea2 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x121c h44 y5ea2 ff4 fs11 fc1 sc2 ls0 ws0\">33.345<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h44 y5ea3 ff4 fs11 fc1 sc2 ls0 ws0\">Margine sui servizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5ea4 ff4 fs11 fc1 sc2 ls0 ws0\">contrattuali \u2013 </td><td class=\"t m2 xb99 h44 y5ea4 ff4 fs11 fc1 sc2 ls0 ws0\">10.507<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1449 h44 y5ea4 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113e h44 y5ea4 ff4 fs11 fc1 sc2 ls0 ws0\">10.601<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba3 h44 y5ea4 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12a0 h44 y5ea4 ff4 fs11 fc1 sc2 ls0 ws0\">21.108<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5a h44 y5ea4 ff4 fs11 fc1 sc2 ls0 ws0\">4.954<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d2 h44 y5ea4 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93e h44 y5ea4 ff4 fs11 fc1 sc2 ls0 ws0\">9.110<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c7 h44 y5ea4 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11e3 h44 y5ea4 ff4 fs11 fc1 sc2 ls0 ws0\">14.064<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h44 y5ea5 ff4 fs11 fc1 sc2 ls0 ws0\">Esistenze iniziali<span class=\"_ _3a1\"> </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 class=\"t m2 x58e h44 y5ea6 ff4 fs11 fc1 sc2 ls0 ws0\">Variazioni riferite ai </td><td class=\"t m2 xad8 h44 y5ea7 ff4 fs11 fc1 sc2 ls0 ws0\">(3.630)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1449 h44 y5ea7 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a8 h44 y5ea7 ff4 fs11 fc1 sc2 ls0 ws0\">(2.771)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba3 h44 y5ea7 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcea h44 y5ea7 ff4 fs11 fc1 sc2 ls0 ws0\">(6.401)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcef h44 y5ea7 ff4 fs11 fc1 sc2 ls0 ws0\">(2.449)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d2 h44 y5ea7 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdde h44 y5ea7 ff4 fs11 fc1 sc2 ls0 ws0\">(3.795)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c7 h44 y5ea7 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1272 h44 y5ea7 ff4 fs11 fc1 sc2 ls0 ws0\">(6.244)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h44 y5ea8 ff4 fs11 fc1 sc2 ls0 ws0\">servizi attuali<span class=\"_ _3a1\"> </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 class=\"t m2 xae4 h44 y5ea9 ff4 fs11 fc1 sc0 ls0 ws0\">- Margine sui </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5eaa ff4 fs11 fc1 sc0 ls0 ws0\">servizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5eab ff4 fs11 fc1 sc0 ls0 ws0\">contrattuali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5eac ff4 fs11 fc1 sc0 ls0 ws0\">rilevato in conto </td><td class=\"c n x7e7 y5ead wccd h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(3.630)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x144a y5ead w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x144b y5ead wcce h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(2.771<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x144c y5ead w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x144d y5ead wccf h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(6.401<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x144e y5ead wcd0 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(2<span class=\"_ _1\"></span>.449)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x144f y5ead w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1450 y5ead wcd1 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(3.795)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1451 y5ead w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1452 y5ead wcd2 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(6.244)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y5eae ff4 fs11 fc1 sc0 ls0 ws0\">economico per </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5eaf ff4 fs11 fc1 sc0 ls0 ws0\">riflettere i servizi<span class=\"_ _3a1\"> </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 class=\"t m2 xae4 h44 y5eb0 ff4 fs11 fc1 sc0 ls0 ws0\">prestati </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5eb1 ff4 fs11 fc1 sc2 ls0 ws0\">Variazioni riferite ai </td><td class=\"t m2 x1453 h44 y5eb2 ff4 fs11 fc1 sc2 ls0 ws0\">7.947<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1449 h44 y5eb2 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e6 h44 y5eb2 ff4 fs11 fc1 sc2 ls0 ws0\">263<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba3 h44 y5eb2 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdda h44 y5eb2 ff4 fs11 fc1 sc2 ls0 ws0\">8.210<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1197 h44 y5eb2 ff4 fs11 fc1 sc2 ls0 ws0\">7.779<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d2 h44 y5eb2 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h44 y5eb2 ff4 fs11 fc1 sc2 ls0 ws0\">5.281<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c7 h44 y5eb2 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11e3 h44 y5eb2 ff4 fs11 fc1 sc2 ls0 ws0\">13.060<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h44 y5eb3 ff4 fs11 fc1 sc2 ls0 ws0\">servizi futuri<span class=\"_ _3a1\"> </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 class=\"t m2 xae4 h44 y5eb4 ff4 fs11 fc1 sc0 ls0 ws0\">- Variazioni delle<span class=\"_ _3a1\"> </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 class=\"t m2 xae4 h44 y5eb5 ff4 fs11 fc1 sc0 ls0 ws0\">stime che </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5eb6 ff4 fs11 fc1 sc0 ls0 ws0\">modificano il </td><td class=\"c n xca5 y5eb7 w486 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">1.022<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1454 y5eb7 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1455 y5eb7 wcd3 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">263<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1456 y5eb7 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1457 y5eb7 wcd4 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">1.2<span class=\"_ _1\"></span>85<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1458 y5eb7 wcd5 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">2.1<span class=\"_ _1\"></span>84<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1459 y5eb7 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x145a y5eb7 wcd6 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">5.281<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x145b y5eb7 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x145c y5eb7 wcd7 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">7.465<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y5eb8 ff4 fs11 fc1 sc0 ls0 ws0\">margine sui </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5eb9 ff4 fs11 fc1 sc0 ls0 ws0\">servizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5eba ff4 fs11 fc1 sc0 ls0 ws0\">contrattuali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5ebb ff4 fs11 fc1 sc0 ls0 ws0\">- Effetti dei </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5ebc ff4 fs11 fc1 sc0 ls0 ws0\">contratti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5ebd ff4 fs11 fc1 sc0 ls0 ws0\">inizialmente </td><td class=\"c n x145d y5ebe wcd8 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">6.925<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x145e y5ebe w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x145f y5ebe w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1460 y5ebe w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1461 y5ebe wcd9 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">6.92<span class=\"_ _1\"></span>5<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1462 y5ebe wcda h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">5.595<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1463 y5ebe w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1464 y5ebe w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1465 y5ebe w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1466 y5ebe wcda h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">5.595<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y5ebf ff4 fs11 fc1 sc0 ls0 ws0\">rilevati </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5ec0 ff4 fs11 fc1 sc0 ls0 ws0\">nell\u2019esercizio di<span class=\"_ _3a1\"> </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 class=\"t m2 xae4 h44 y5ec1 ff4 fs11 fc1 sc0 ls0 ws0\">riferimento </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5ec2 ff4 fs11 fc1 sc2 ls0 ws0\">Ricavi/costi<span class=\"_ _1\"></span> di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5ec3 ff4 fs11 fc1 sc2 ls0 ws0\">natura finanziaria </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5ec4 ff4 fs11 fc1 sc0 ls0 ws0\">1. Relativi ai<span class=\"_ _3a1\"> </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 class=\"t m2 xae4 h44 y5ec5 ff4 fs11 fc1 sc0 ls0 ws0\">contratti </td><td class=\"c n x1277 y5ec6 wcdb h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">503<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1467 y5ec6 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1468 y5ec6 w893 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">34<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1469 y5ec6 w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x146a y5ec6 wcdc h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">537<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x146b y5ec6 w686 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">223<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x146c y5ec6 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x146d y5ec6 wcdd h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x146e y5ec6 w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x146f y5ec6 wcde h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">22<span class=\"_ _1\"></span>9<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y5ec7 ff4 fs11 fc1 sc0 ls0 ws0\">assicurativi<span class=\"_ _3a1\"> </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 class=\"t m2 xae4 h44 y5ec8 ff4 fs11 fc1 sc0 ls0 ws0\">emessi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5ec9 ff4 fs11 fc1 sc0 ls0 ws0\">2. Effetti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5eca ff4 fs11 fc1 sc0 ls0 ws0\">connessi con le<span class=\"_ _3a1\"> </span></td><td class=\"c n xba6 y5ecb w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1470 y5ecb w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1471 y5ecb w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1472 y5ecb w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1473 y5ecb w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1474 y5ecb w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1475 y5ecb w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1476 y5ecb w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1477 y5ecb w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1478 y5ecb w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y5ecc ff4 fs11 fc1 sc0 ls0 ws0\">variazioni dei </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5ecd ff4 fs11 fc1 sc0 ls0 ws0\">tassi di cambio </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y5ece wcdf h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">3. Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1479 y5ece wce0 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">50<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x147a y5ece w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x147b y5ece w893 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">34<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x147c y5ece w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x147d y5ece wcdc h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">537<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x147e y5ece w686 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">223<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x147f y5ece w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1480 y5ece w89a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1481 y5ece w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1482 y5ece wcde h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">22<span class=\"_ _1\"></span>9<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y5ecf ff4 fs11 fc1 sc2 ls0 ws0\">Altri movimenti<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12be h44 y5ecf ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1449 h44 y5ecf ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11a8 h44 y5ecf ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba3 h44 y5ecf ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h44 y5ecf ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc52 h44 y5ecf ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d2 h44 y5ecf ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x13e5 h44 y5ecf ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c7 h44 y5ecf ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x140f h44 y5ecf ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h44 y5ed0 ff4 fs11 fc1 sc2 ls0 ws0\">Totale variazioni<span class=\"_ _1\"></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 class=\"c x2d7 y5ed1 wce1 h215\"><div class=\"t m2 x2b3 h44 y5775 ff4 fs11 fc1 sc2 ls0 ws0\">riconosciute in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">conto economi<span class=\"_ _1\"></span>co e<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd76 h44 y5ed2 ff4 fs11 fc1 sc2 ls0 ws0\">4.820<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1449 h44 y5ed2 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a5 h44 y5ed2 ff4 fs11 fc1 sc2 ls0 ws0\">(2.474)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba3 h44 y5ed2 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xde8 h44 y5ed2 ff4 fs11 fc1 sc2 ls0 ws0\">2.346<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5a h44 y5ed2 ff4 fs11 fc1 sc2 ls0 ws0\">5.553<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d2 h44 y5ed2 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h44 y5ed2 ff4 fs11 fc1 sc2 ls0 ws0\">1.492<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c7 h44 y5ed2 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1251 h44 y5ed2 ff4 fs11 fc1 sc2 ls0 ws0\">7.045<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h44 y5ed3 ff4 fs11 fc1 sc2 ls0 ws0\">nel conto </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5ed4 ff4 fs11 fc1 sc2 ls0 ws0\">economico </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5ed5 ff4 fs11 fc1 sc2 ls0 ws0\">complessivo<span class=\"_ _3a1\"> </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 class=\"t m2 x58e h44 y5ed6 ff4 fs11 fc1 sc2 ls0 ws0\">Margine sui servizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5ed7 ff4 fs11 fc1 sc2 ls0 ws0\">contrattuali \u2013 </td><td class=\"t m2 xb99 h44 y5ed7 ff4 fs11 fc1 sc2 ls0 ws0\">15.327<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1449 h44 y5ed7 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a2 h44 y5ed7 ff4 fs11 fc1 sc2 ls0 ws0\">8.127<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba3 h44 y5ed7 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddb h44 y5ed7 ff4 fs11 fc1 sc2 ls0 ws0\">23.454<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x116f h44 y5ed7 ff4 fs11 fc1 sc2 ls0 ws0\">10.507<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d2 h44 y5ed7 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdde h44 y5ed7 ff4 fs11 fc1 sc2 ls0 ws0\">10.602<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c7 h44 y5ed7 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x121e h44 y5ed7 ff4 fs11 fc1 sc2 ls0 ws0\">21.109<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h44 y5ed8 ff4 fs11 fc1 sc2 ls0 ws0\">Rimanenze finali<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"t m0 h8 ff4 fs2 fc4 sc3 ls1 ws15 gsf3f\">Dinamica d<span class=\"_ _2\"></span>ei ricavi assicurativi e del <span class=\"_ _2\"></span>margine sui <span class=\"_ _3b\"></span>servizi contra<span class=\"ls2 ws16\">ttuali dei contratti assicurativi <span class=\"ls3 ws17\">emessi ripartiti in ba<span class=\"_ _2\"></span>se ai </span></span></div><div class=\"t m0 h8 ff4 fs2 fc4 sc3 ls4 ws18 gsf40\">contratti esistenti al momento della transizione all\u2019<span class=\"_ _1\"></span>IFRS 17<span class=\"fc1 sc2 ls0 ws0\"> </span></div><div class=\"t m0 h8 ff4 fs2 fc4 sc3 ls5 ws19 gsf41\">Contratti d'investimento emessi<span class=\"ls6 ws1a\"> con elementi di <span class=\"_ _2\"></span>partecipazion<span class=\"ls7 ws1b\">e discrezionali - Segmento <span class=\"_ _2\"></span>Vita<span class=\"fc1 sc2 ls0 ws0\"> </span></span></span></div><div class=\"gsf42\"><table class=\"s wce2 h25a\" id=\"_c16edb60-1c6e-4671-8097-536b5f104444\"><tr><td></td><td></td><td></td><td class=\"c n x1483 y5ed9 wce3 h213\"><div class=\"t m0 x2b3 h44 y57b8 ff4 fs11 fc4 sc3 ls8 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n x1484 y5ed9 wce4 h213\"><div class=\"t m0 x2b3 h44 y57b8 ff4 fs11 fc4 sc3 ls9 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x1485 h44 y5eda ff4 fs11 fc4 sc3 lsa ws1c\">Nuovi contratti e </td><td class=\"t m0 x1486 h44 y5eda ff4 fs11 fc4 sc3 ls10 ws0\">Contratti </td><td class=\"t m0 x1487 h44 y5eda ff4 fs11 fc4 sc3 ls10 ws0\">Contratti </td><td></td><td></td><td class=\"t m0 x1488 h44 y5eda ff4 fs11 fc4 sc3 lsa ws1c\">Nuovi contratti e </td><td class=\"t m0 x1489 h44 y5eda ff4 fs11 fc4 sc3 ls10 ws0\">Contratti </td><td class=\"t m0 xe74 h44 y5eda ff4 fs11 fc4 sc3 ls10 ws0\">Contratti </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x148a h44 y5edb ff4 fs11 fc4 sc3 lsb ws0\">contratti </td><td class=\"t m0 x148b h44 y5edb ff4 fs11 fc4 sc3 lsc ws1d\">misurati alla </td><td class=\"t m0 x148c h44 y5edb ff4 fs11 fc4 sc3 ls11 ws0\">misurati </td><td></td><td></td><td class=\"t m0 x148d h44 y5edb ff4 fs11 fc4 sc3 lsb ws0\">contratti </td><td class=\"t m0 x148e h44 y5edb ff4 fs11 fc4 sc3 lsc ws1d\">misurati alla </td><td class=\"t m0 x148f h44 y5edb ff4 fs11 fc4 sc3 ls11 ws0\">misurati </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x1490 h44 y5edc ff4 fs11 fc4 sc3 lsc ws1d\">misurati alla </td><td class=\"t m0 x1491 h44 y5edc ff4 fs11 fc4 sc3 lsb ws1e\">data di </td><td class=\"t m0 x1492 h44 y5edc ff4 fs11 fc4 sc3 lse ws22\">alla data di </td><td class=\"t m0 x1493 h44 y5edd ff4 fs11 fc4 sc3 ls10 ws0\">Contratti </td><td></td><td class=\"t m0 x1494 h44 y5edc ff4 fs11 fc4 sc3 lsc ws1d\">misurati alla </td><td class=\"t m0 x1495 h44 y5edc ff4 fs11 fc4 sc3 lsb ws1e\">data di </td><td class=\"t m0 xe6e h44 y5edc ff4 fs11 fc4 sc3 lse ws22\">alla data di </td><td class=\"t m0 xe6d h44 y5edd ff4 fs11 fc4 sc3 ls10 ws0\">Contratti </td><td></td></tr><tr><td></td><td class=\"t m0 x1496 h44 y5ede ff4 fs11 fc4 sc3 lsb ws1e\">data di </td><td class=\"t m0 x1497 h44 y5ede ff4 fs11 fc4 sc3 lsa ws1f\">transizione con </td><td class=\"t m0 x1498 h44 y5ede ff4 fs11 fc4 sc3 ls12 ws0\">transizione </td><td class=\"t m0 x1499 h44 y5edf ff4 fs11 fc4 sc3 ls15 ws25\">oggetto di </td><td class=\"t m0 x149a h44 y5edf ff4 fs11 fc4 sc3 ls16 ws0\">Totale<span class=\"fc1 sc0 ls0\"> </span></td><td class=\"t m0 x149b h44 y5ede ff4 fs11 fc4 sc3 lsb ws1e\">data di </td><td class=\"t m0 x149c h44 y5ede ff4 fs11 fc4 sc3 lsa ws1f\">transizione con </td><td class=\"t m0 xe6e h44 y5ede ff4 fs11 fc4 sc3 ls12 ws0\">transizione </td><td class=\"t m0 x149d h44 y5edf ff4 fs11 fc4 sc3 ls15 ws25\">oggetto di </td><td class=\"t m0 x149e h44 y5edf ff4 fs11 fc4 sc3 ls16 ws0\">Totale<span class=\"fc1 sc0 ls0\"> </span></td></tr><tr><td></td><td class=\"t m0 x149f h44 y5ee0 ff4 fs11 fc4 sc3 lsa ws1f\">transizione con </td><td class=\"t m0 x1486 h44 y5ee0 ff4 fs11 fc4 sc3 lsd ws20\">il me<span class=\"_ _2\"></span>todo </td><td class=\"t m0 x14a0 h44 y5ee0 ff4 fs11 fc4 sc3 ls13 ws23\">con il </td><td class=\"t m0 x14a1 h44 y5ee1 ff4 fs11 fc4 sc3 ls12 ws0\">carve-out<span class=\"fc1 sc0 ls0\"> </span></td><td></td><td class=\"t m0 x14a2 h44 y5ee0 ff4 fs11 fc4 sc3 lsa ws1f\">transizione con </td><td class=\"t m0 x1489 h44 y5ee0 ff4 fs11 fc4 sc3 lsd ws20\">il me<span class=\"_ _2\"></span>todo </td><td class=\"t m0 x14a3 h44 y5ee0 ff4 fs11 fc4 sc3 ls13 ws23\">con il </td><td class=\"t m0 xe6d h44 y5ee1 ff4 fs11 fc4 sc3 ls12 ws0\">carve-out<span class=\"fc1 sc0 ls0\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 x14a4 h44 y5ee2 ff4 fs11 fc4 sc3 lsd ws20\">il me<span class=\"_ _2\"></span>todo </td><td class=\"t m0 x14a5 h44 y5ee2 ff4 fs11 fc4 sc3 lse ws0\">dell\u2019applicazione </td><td class=\"t m0 x148c h44 y5ee2 ff4 fs11 fc4 sc3 ls0 ws0\">metodo<span class=\"_ _2\"></span> </td><td></td><td></td><td class=\"t m0 x14a6 h44 y5ee2 ff4 fs11 fc4 sc3 lsd ws20\">il me<span class=\"_ _2\"></span>todo </td><td class=\"t m0 x14a7 h44 y5ee2 ff4 fs11 fc4 sc3 lse ws0\">dell\u2019applicazione </td><td class=\"t m0 x14a8 h44 y5ee2 ff4 fs11 fc4 sc3 ls0 ws0\">metodo<span class=\"_ _2\"></span> </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x1485 h44 y5ee3 ff4 fs11 fc4 sc3 lse ws0\">dell\u2019applicazione </td><td class=\"t m0 x14a9 h44 y5ee3 ff4 fs11 fc4 sc3 ls0 ws0\">retroatti<span class=\"_ _2\"></span>va </td><td class=\"t m0 x14aa h44 y5ee3 ff4 fs11 fc4 sc3 ls14 ws24\">del fair </td><td></td><td></td><td class=\"t m0 x1488 h44 y5ee3 ff4 fs11 fc4 sc3 lse ws0\">dell\u2019applicazione </td><td class=\"t m0 x14ab h44 y5ee3 ff4 fs11 fc4 sc3 ls0 ws0\">retroatti<span class=\"_ _2\"></span>va </td><td class=\"t m0 x14ac h44 y5ee3 ff4 fs11 fc4 sc3 ls14 ws24\">del fair </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x1485 h44 y5ee4 ff4 fs11 fc4 sc3 lsf ws21\">retroatti<span class=\"_ _2\"></span>va piena<span class=\"_ _3b\"></span><span class=\"fc1 sc0 ls0 ws0\"> </span></td><td class=\"t m0 x14ad h44 y5ee4 ff4 fs11 fc4 sc3 lsa ws0\">modificata <span class=\"fc1 sc0 ls0\"> </span></td><td class=\"t m0 x14a0 h44 y5ee4 ff4 fs11 fc4 sc3 ls13 ws0\">value<span class=\"fc1 sc0 ls0\"> </span></td><td></td><td></td><td class=\"t m0 x1488 h44 y5ee4 ff4 fs11 fc4 sc3 lsf ws21\">retroatti<span class=\"_ _2\"></span>va piena<span class=\"_ _3b\"></span><span class=\"fc1 sc0 ls0 ws0\"> </span></td><td class=\"t m0 x14ab h44 y5ee4 ff4 fs11 fc4 sc3 lsa ws0\">modificata <span class=\"fc1 sc0 ls0\"> </span></td><td class=\"t m0 x14a3 h44 y5ee4 ff4 fs11 fc4 sc3 ls13 ws0\">value<span class=\"fc1 sc0 ls0\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 xe6a h44 y5ee5 ff4 fs11 fc1 sc2 ls17 ws0\">Ricavi </td><td class=\"c n x14ae y5ee6 wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14af y5ee6 wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14b0 y5ee6 wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14b1 y5ee6 wce6 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls19 ws0\">5.960<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14b2 y5ee6 wce6 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls19 ws0\">5.960<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14b3 y5ee6 wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14b4 y5ee6 wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14b5 y5ee6 wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14b6 y5ee6 wce7 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls1a ws0\">4.406<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14b7 y5ee6 wce7 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls1a ws0\">4.406<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m0 xe6a h44 y5ee7 ff4 fs11 fc1 sc2 ls18 ws0\">assicurativ<span class=\"_ _2\"></span>i<span class=\"sc0 ls0\"> </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 class=\"t m0 xe6a h44 y5ee8 ff4 fs11 fc1 sc2 ls1b ws26\">Margine sui </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 xe6a h44 y5ee9 ff4 fs11 fc1 sc2 ls1c ws0\">servizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 xe6a h44 y5eea ff4 fs11 fc1 sc2 ls1 ws27\">contrattuali \u2013 </td><td class=\"c n x14ae y5eeb wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14af y5eeb wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14b0 y5eeb wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14b8 y5eeb wce8 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls1a ws0\">19.245<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14b9 y5eeb wce8 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls1a ws0\">19.245<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14ba y5eeb wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14bb y5eeb wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14bc y5eeb wce9 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14bd y5eeb wcea h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls1f ws0\">11.579<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14be y5eeb wceb h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls1f ws0\">11.579<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m0 xe6a h44 y5eec ff4 fs11 fc1 sc2 ls1d ws0\">Esistenze </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 xe6a h44 y5eed ff4 fs11 fc1 sc2 ls1e ws0\">iniziali<span class=\"sc0 ls0\"> </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 class=\"t m0 xe6a h44 y5eee ff4 fs11 fc1 sc2 ls13 ws0\">Variazioni </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 xe6a h44 y5eef ff4 fs11 fc1 sc2 ls0 ws28\">riferite a<span class=\"_ _2\"></span>i servi<span class=\"_ _2\"></span>zi </td><td class=\"c n x14ae y5ef0 wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14af y5ef0 wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14b0 y5ef0 wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14bf y5ef0 wcec h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls20 ws0\">(3.117)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14c0 y5ef0 wcec h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls20 ws0\">(3.117)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14c1 y5ef0 wce9 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14c2 y5ef0 wce9 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14c3 y5ef0 wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14c4 y5ef0 wced h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls20 ws0\">(2.173)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14c5 y5ef0 wced h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls20 ws0\">(2.173)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m0 xe6a h44 y5ef1 ff4 fs11 fc1 sc2 lsa ws0\">attuali<span class=\"sc0 ls0\"> </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 class=\"t m0 x14c6 h44 y5ef2 ff4 fs11 fc1 sc0 ls21 ws29\">- Margine sui </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5ef3 ff4 fs11 fc1 sc0 ls22 ws0\">servizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5ef4 ff4 fs11 fc1 sc0 ls23 ws0\">contrattuali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x14c7 y5ef6 wcee h25b\"><div class=\"t m0 x2b3 h44 y5ef5 ff4 fs11 fc1 sc0 ls24 ws2a\">rilevato in<span class=\"_ _3a1\"> </span></div><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls25 ws0\">conto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14ae y5ef6 wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14c8 y5ef6 wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14c9 y5ef6 wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14ca y5ef6 wcf0 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls29 ws0\">(3.117)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14cb y5ef6 wcf1 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls29 ws0\">(3.117)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14cc y5ef6 wcf2 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14cd y5ef6 wcf3 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14ce y5ef6 wcf2 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14cf y5ef6 wcf4 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls29 ws0\">(2.173)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14d0 y5ef6 wcf4 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls29 ws0\">(2.173)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m0 x14c6 h44 y5ef7 ff4 fs11 fc1 sc0 ls26 ws0\">economico </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5ef8 ff4 fs11 fc1 sc0 ls20 ws2b\">per riflettere </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5ef9 ff4 fs11 fc1 sc0 ls27 ws2c\">i servizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5efa ff4 fs11 fc1 sc0 ls24 ws0\">prestati </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 xe6a h44 y5efb ff4 fs11 fc1 sc2 ls13 ws0\">Variazioni </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 xe6a h44 y5efc ff4 fs11 fc1 sc2 ls0 ws28\">riferite a<span class=\"_ _2\"></span>i servi<span class=\"_ _2\"></span>zi </td><td class=\"c n x14ae y5efd wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14af y5efd wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14b0 y5efd wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14b1 y5efd wcf5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls1c ws0\">8.925<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14d1 y5efd wcf6 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls1c ws0\">8.925<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14d2 y5efd wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14d3 y5efd wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14d4 y5efd wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14d5 y5efd wcf7 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls1a ws0\">21.645<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14d6 y5efd wcf8 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls1a ws0\">21<span class=\"_ _1\"></span>.645<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m0 xe6a h44 y5efe ff4 fs11 fc1 sc2 ls2a ws0\">futuri<span class=\"sc0 ls0\"> </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 class=\"t m0 x14c6 h44 y5eff ff4 fs11 fc1 sc0 ls2b ws2d\">- Variazioni </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5f00 ff4 fs11 fc1 sc0 ls23 ws2e\">delle stime </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5f01 ff4 fs11 fc1 sc0 ls28 ws0\">che </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5f02 ff4 fs11 fc1 sc0 ls2c ws0\">modificano il<span class=\"_ _3a1\"> </span></td><td class=\"c n x14ae y5f03 wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14c8 y5f03 wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14c9 y5f03 wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14d7 y5f03 wcf9 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls2e ws0\">(1.918)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14d8 y5f03 wcf9 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls2e ws0\">(1.918)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14d9 y5f03 wcf3 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14da y5f03 wcf3 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14db y5f03 wcf3 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14dc y5f03 wcfa h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls2f ws0\">17.769<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14dd y5f03 wcfa h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls2f ws0\">17.769<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m0 x14c6 h44 y5f04 ff4 fs11 fc1 sc0 ls2d ws2f\">margine sui </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5f05 ff4 fs11 fc1 sc0 ls22 ws0\">servizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5f06 ff4 fs11 fc1 sc0 ls2c ws0\">contrattuali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5f07 ff4 fs11 fc1 sc0 ls30 ws30\">-<span class=\"_ _2de\"></span>- Effetti dei<span class=\"_ _3a1\"> </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 class=\"t m0 x14c6 h44 y5f08 ff4 fs11 fc1 sc0 ls26 ws0\">contratti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5f09 ff4 fs11 fc1 sc0 ls2c ws0\">inizialmente </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5f0a ff4 fs11 fc1 sc0 ls31 ws0\">rilevati </td><td class=\"c n x14ae y5f0b wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14c8 y5f0b wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14c9 y5f0b wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14de y5f0b wcfb h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls2a ws0\">10.843<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14df y5f0b wcfb h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls2a ws0\">10.843<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14e0 y5f0b wcf2 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14e1 y5f0b wcf3 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14e2 y5f0b wcf2 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14e3 y5f0b wcfc h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls33 ws0\">3.876<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14e4 y5f0b wcfd h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls33 ws0\">3.87<span class=\"_ _1\"></span>6<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m0 x14c6 h44 y5f0c ff4 fs11 fc1 sc0 ls32 ws0\">nell\u2019esercizio </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5f0d ff4 fs11 fc1 sc0 ls2c ws0\">di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5f0e ff4 fs11 fc1 sc0 ls29 ws0\">riferimento </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 xe6a h44 y5f0f ff4 fs11 fc1 sc2 lse ws22\">Ricavi/costi di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 xe6a h44 y5f10 ff4 fs11 fc1 sc2 ls34 ws0\">natur<span class=\"_ _1\"></span>a </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 xe6a h44 y5f11 ff4 fs11 fc1 sc2 ls35 ws0\">finanziaria <span class=\"sc0 ls0\"> </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 class=\"t m0 x14c6 h44 y5f12 ff4 fs11 fc1 sc0 ls36 ws31\">1.<span class=\"_ _2df\"></span>1. Relativ<span class=\"_ _37\"> </span>ai </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5f13 ff4 fs11 fc1 sc0 ls26 ws0\">contratti </td><td class=\"c n x14ae y5f14 wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14c8 y5f14 wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14c9 y5f14 wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14e5 y5f14 wcfe h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls37 ws0\">6<span class=\"_ _1\"></span>.066<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14e6 y5f14 wcff h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls37 ws0\">6.066<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14e7 y5f14 wcf2 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14e8 y5f14 wcf3 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14e9 y5f14 wcf2 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14ea y5f14 wd00 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls38 ws0\">(11.806)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14eb y5f14 wd01 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls38 ws0\">(11.806)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m0 x14c6 h44 y5f15 ff4 fs11 fc1 sc0 ls26 ws0\">assicurativi<span class=\"_ _3a1\"> </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 class=\"t m0 x14c6 h44 y5f16 ff4 fs11 fc1 sc0 ls1f ws0\">emessi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5f17 ff4 fs11 fc1 sc0 ls39 ws32\">2.<span class=\"_ _2e0\"></span><span class=\"_ _3a1\"> </span>2. Effett<span class=\"_ _3a1\"> </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 class=\"t m0 x14c6 h44 y5f18 ff4 fs11 fc1 sc0 ls3a ws33\">connessi con </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5f19 ff4 fs11 fc1 sc0 ls3b ws34\">le variazioni </td><td class=\"c n x14ae y5f1a wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14c8 y5f1a wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14c9 y5f1a wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14ec y5f1a wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14ed y5f1a wcf3 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14ee y5f1a wcf2 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14ef y5f1a wcf3 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14f0 y5f1a wcf2 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14f1 y5f1a wcf2 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14f2 y5f1a wcf2 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m0 x14c6 h44 y5f1b ff4 fs11 fc1 sc0 ls23 ws2e\">dei tassi di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5f1c ff4 fs11 fc1 sc0 ls3c ws0\">cambio </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x14c7 y5f1d wd02 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws28\">3.<span class=\"_ _2e0\"></span><span class=\"_ _3a1\"> </span>3. Total<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14f3 y5f1d wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14f4 y5f1d wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14f5 y5f1d wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14f6 y5f1d wcff h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls37 ws0\">6.066<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14f7 y5f1d wcff h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls37 ws0\">6.066<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14f8 y5f1d wcf3 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14f9 y5f1d wcf2 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14fa y5f1d wcf3 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14fb y5f1d wd00 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls38 ws0\">(11.806)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14fc y5f1d wd00 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls38 ws0\">(11.806)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5f1e wd03 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls3d ws35\">Altri mov<span class=\"_ _2\"></span>imen<span class=\"_ _2\"></span>ti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14fd y5f1e wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14fe y5f1e wd04 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14ff y5f1e wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1500 y5f1e wd04 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1501 y5f1e wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1502 y5f1e wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1503 y5f1e wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1504 y5f1e wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1505 y5f1e wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1506 y5f1e wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m0 xe6a h44 y5f1f ff4 fs11 fc1 sc2 ls16 ws0\">Totale </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 xe6a h44 y5f20 ff4 fs11 fc1 sc2 ls1 ws0\">variazioni </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y5f21 wd05 h25b\"><div class=\"t m0 x2b3 h44 y5ef5 ff4 fs11 fc1 sc2 lsc ws36\">riconosciute in<span class=\"_ _3a1\"> </span></div><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls3e ws0\">conto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14ae y5f22 wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14af y5f22 wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14b0 y5f22 wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1507 y5f22 wd06 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls1f ws0\">11.874<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1508 y5f22 wd06 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls1f ws0\">11.874<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1509 y5f22 wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x150a y5f22 wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x150b y5f22 wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x150c y5f22 wd07 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls19 ws0\">7.666<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x150d y5f22 wd07 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls19 ws0\">7.666<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m0 xe6a h44 y5f23 ff4 fs11 fc1 sc2 ls3f ws37\">economico e </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 xe6a h44 y5f24 ff4 fs11 fc1 sc2 ls17 ws38\">nel conto </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 xe6a h44 y5f25 ff4 fs11 fc1 sc2 ls40 ws0\">economico </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 xe6a h44 y5f26 ff4 fs11 fc1 sc2 ls17 ws0\">complessivo<span class=\"sc0 ls0\"> </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 class=\"t m0 xe6a h44 y5f27 ff4 fs11 fc1 sc2 ls1b ws26\">Margine sui </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 xe6a h44 y5f28 ff4 fs11 fc1 sc2 ls1c ws0\">servizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 xe6a h44 y5f29 ff4 fs11 fc1 sc2 ls1 ws27\">contrattuali \u2013 </td><td class=\"c n x14ae y5f2a wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14af y5f2a wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14b0 y5f2a wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x150e y5f2a wd08 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls42 ws0\">31.119<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x150f y5f2a wd09 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls42 ws0\">31.119<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1510 y5f2a wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1511 y5f2a wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1512 y5f2a wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1513 y5f2a wd0a h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls1a ws0\">19.245<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1514 y5f2a wcf8 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls1a ws0\">19.<span class=\"_ _1\"></span>245<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m0 xe6a h44 y5f2b ff4 fs11 fc1 sc2 ls9 ws0\">Rimanenze </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 xe6a h44 y5f2c ff4 fs11 fc1 sc2 ls41 ws0\">finali<span class=\"sc0 ls0\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsf44\">Element<span class=\"_ _1\"></span>i sottostante alla misurazione <span class=\"_ _1\"></span>dei contratti di ass<span class=\"_ _1\"></span>icurazione emessi iscr<span class=\"_ _1\"></span>itti nell'esercizio<span class=\"fc1 sc2\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsf45\">Contratti <span class=\"_ _1\"></span>assicurativi emessi con elem<span class=\"_ _1\"></span>enti di partecipazione dire<span class=\"_ _1\"></span>tta - Segmento Vita<span class=\"fc1 sc2\"> </span></div><div class=\"gsf46\"><table class=\"s wd0b h25c\" id=\"_f32647c4-29bd-4972-bede-33e500cb801c\"><tr><td></td><td></td><td></td><td class=\"t m2 x1515 h12 y5f2d ff4 fs7 fc4 sc3 ls0 ws0\">Contratti originati<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 x935 h12 y5f2d ff4 fs7 fc4 sc3 ls0 ws0\">Contratti originati<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"t m2 xd55 h12 y5f2e ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Gruppi di contratti<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 x116c h12 y5f2f ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xcee h12 y5f2f ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">31/12/2023<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"t m2 xc5a h12 y5f30 ff4 fs7 fc4 sc3 ls0 ws0\">Contratti </td><td></td><td class=\"t m2 x138b h12 y5f30 ff4 fs7 fc4 sc3 ls0 ws0\">Contratti </td><td></td><td class=\"t m2 x130e h12 y5f30 ff4 fs7 fc4 sc3 ls0 ws0\">Contratti </td><td class=\"t m2 x9d6 h12 y59fa ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">Contratti </td><td></td></tr><tr><td></td><td class=\"t m2 x92f h12 y5f31 ff4 fs7 fc4 sc3 ls0 ws0\">onerosi<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x99f h12 y5f31 ff4 fs7 fc4 sc3 ls0 ws0\">non onerosi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11a9 h12 y5f32 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc64 h12 y5f31 ff4 fs7 fc4 sc3 ls0 ws0\">onerosi<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc57 h12 y5f32 ff4 fs7 fc4 sc3 ls0 ws0\">non </td><td class=\"t m2 x1189 h12 y5f32 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5f33 ff4 fs7 fc1 sc2 ls0 ws0\">A. Stima del valore attuale dei flussi </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x9a1 h12 y5f34 ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">onerosi<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f35 ff4 fs7 fc1 sc2 ls0 ws0\">finanziari futuri in uscita<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y5f36 wd0c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Costi di acquisizi<span class=\"_ _2\"></span>one dei contratti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1516 y5f36 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1517 y5f36 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1518 y5f36 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1519 y5f36 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x151a y5f36 wd0d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">390<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x151b y5f36 wd0d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">390<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h12 y5f37 ff4 fs7 fc1 sc0 ls0 ws0\">2. Importo dei sinistri<span class=\"_ _2\"></span> e altri costi </td><td></td><td class=\"c n x151c y5f38 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x151d y5f38 wd0e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.026.512<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x151e y5f38 wd0f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.026.512<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x151f y5f38 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1520 y5f38 wa9a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">617.690<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1521 y5f38 wa9a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">617.690<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h12 y5f39 ff4 fs7 fc1 sc0 ls0 ws0\">direttamente attribui<span class=\"_ _2\"></span>bili </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y5f3a wd10 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1522 y5f3a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1523 y5f3a wd0e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.026.512<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1524 y5f3a wd0f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.026.512<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1525 y5f3a w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1526 y5f3a wd11 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">618.080<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1527 y5f3a wd12 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">618.080<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5f3b ff4 fs7 fc1 sc2 ls0 ws0\">B. Stima del valore attuale dei flussi </td><td></td><td class=\"c n x151c y5f3c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1528 y5f3c wd13 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(1.098.426)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1529 y5f3c wd13 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(1.098.426)<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x152a y5f3c w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x152b y5f3c wd14 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(674.240)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x152c y5f3c wd15 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(67<span class=\"_ _1\"></span>4.240)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5f3d ff4 fs7 fc1 sc2 ls0 ws0\">finanziari futuri in entrata<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f3e ff4 fs7 fc1 sc2 ls0 ws0\">C. Stima del valore attuale netto dei flussi </td><td></td><td class=\"t m2 x8e6 h12 y5f3f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88c h12 y5f3f ff4 fs7 fc1 sc2 ls0 ws0\">(71.914)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x133b h12 y5f3f ff4 fs7 fc1 sc2 ls0 ws0\">(71.914)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7bd h12 y5f3f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a0 h12 y5f3f ff4 fs7 fc1 sc2 ls0 ws0\">(56.160)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xee0 h12 y5f3f ff4 fs7 fc1 sc2 ls0 ws0\">(56.160)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5f40 ff4 fs7 fc1 sc2 ls0 ws0\">finanziari futuri (A-B)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f41 ff4 fs7 fc1 sc2 ls0 ws0\">D. Stima aggiustamento per i rischi non </td><td></td><td class=\"c n x151c y5f42 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x152d y5f42 wd16 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.446<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x152e y5f42 wd16 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.446<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x152f y5f42 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1530 y5f42 wd17 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.628<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1531 y5f42 wd18 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.628<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5f43 ff4 fs7 fc1 sc2 ls0 ws0\">finanziari<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x58e y5f44 w1e6 h11\"><div class=\"t m2 x0 h12 y2d9 ff4 fs7 fc1 sc2 ls0 ws0\">E. Eliminazione contabile di </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f45 ff4 fs7 fc1 sc2 ls0 ws0\">attivit\u00e0/passivit\u00e0 gi\u00e0 iscritte a fronte di </td><td></td><td class=\"c n x151c y5f46 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1532 y5f46 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1533 y5f46 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x151f y5f46 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1534 y5f46 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1535 y5f46 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5f47 ff4 fs7 fc1 sc2 ls0 ws0\">flussi finanziari connessi con i contr<span class=\"_ _2\"></span>atti di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f48 ff4 fs7 fc1 sc2 ls0 ws0\">assicurazione emessi<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f49 ff4 fs7 fc1 sc2 ls0 ws0\">F. Margine sui servizi contrattuali<span class=\"_ _3a1\"> </span></td><td></td><td class=\"c n x1536 y5f4a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1537 y5f4a wd19 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">57.467<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1538 y5f4a wd19 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">57.467<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1539 y5f4a w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x153a y5f4a wd1a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>2.534<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x153b y5f4a wd1b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">52.534<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x2d7 y5f4b wd1c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">G.<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x153c h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">Aumento incluso nella passivit\u00e0 pe<span class=\"_ _2\"></span>r<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f4c ff4 fs7 fc1 sc2 ls0 ws0\">contratti di assicurazione emessi </td><td></td><td class=\"t m2 x8e6 h12 y5f4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd9 h12 y5f4c ff4 fs7 fc1 sc2 ls0 ws0\">(1)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x95f h12 y5f4c ff4 fs7 fc1 sc2 ls0 ws0\">(1)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7bd h12 y5f4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d7 h12 y5f4c ff4 fs7 fc1 sc2 ls0 ws0\">2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x153d h12 y5f4c ff4 fs7 fc1 sc2 ls0 ws0\">2<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5f4d ff4 fs7 fc1 sc2 ls0 ws0\">nell'esercizio (C+D+E+F)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsf47\">Element<span class=\"_ _1\"></span>i sottostante alla misurazione <span class=\"_ _1\"></span>dei contratti di ass<span class=\"_ _1\"></span>icurazione emessi iscr<span class=\"_ _1\"></span>itti nell'esercizio<span class=\"fc1 sc2\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsf48\">Contratti <span class=\"_ _1\"></span>assicurativi emessi senza e<span class=\"_ _1\"></span>lementi di partecipazione<span class=\"_ _1\"></span> diretta - Segmento Vita<span class=\"fc1 sc2\"> </span></div><div class=\"gsf49\"><table class=\"s wd1d h25d\" id=\"_05ae6f73-3a21-4f13-8406-01679ca55f77\"><tr><td></td><td></td><td class=\"t m2 x11a8 h12 y5f4e ff4 fs7 fc4 sc3 ls0 ws0\">Contratti originati<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 x935 h12 y5f4e ff4 fs7 fc4 sc3 ls0 ws0\">Contratti originati<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"t m2 x153e h12 y5f4f ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Gruppi di contratti<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x138b h12 y5f50 ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">31/12/2024<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xcee h12 y5f50 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x1153 h12 y5f51 ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">Contratti </td><td></td><td class=\"t m2 x9d6 h12 y5f51 ff4 fs7 fc4 sc3 ls0 ws0\">Contratti </td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x92f h12 y5f52 ff4 fs7 fc4 sc3 ls0 ws0\">Contratti </td><td></td><td class=\"t m2 x93c h12 y5f53 ff4 fs7 fc4 sc3 ls0 ws0\">non </td><td class=\"t m2 xeb7 h12 y5f53 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x130e h12 y5f52 ff4 fs7 fc4 sc3 ls0 ws0\">Contratti </td><td class=\"t m2 xc57 h12 y5f53 ff4 fs7 fc4 sc3 ls0 ws0\">non </td><td class=\"t m2 x1189 h12 y5f53 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 xc65 h12 y5f54 ff4 fs7 fc4 sc3 ls0 ws0\">onerosi<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 xc64 h12 y5f54 ff4 fs7 fc4 sc3 ls0 ws0\">onerosi<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"c x58e y5f55 w1e7 h11\"><div class=\"t m2 x0 h12 y2ee ff4 fs7 fc1 sc2 ls0 ws0\">A. Stima del valore attuale dei flussi </div></td><td></td><td class=\"t m2 x9a6 h12 y5f56 ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">onerosi<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x810 h12 y5f56 ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">onerosi<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f57 ff4 fs7 fc1 sc2 ls0 ws0\">finanziari futuri in uscita<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y5f58 wd0c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Costi di acquisizi<span class=\"_ _2\"></span>one dei contratti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x153f y5f58 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1540 y5f58 wd1e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.682<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1541 y5f58 w707 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.682<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1542 y5f58 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1543 y5f58 w451 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.098<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1544 y5f58 w451 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.098<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c xae4 y5f59 w1e8 h11\"><div class=\"t m2 x0 h12 y8e ff4 fs7 fc1 sc0 ls0 ws0\">2. Importo dei sinistri<span class=\"_ _2\"></span> e altri costi </div></td><td></td><td class=\"c n x1545 y5f5a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1546 y5f5a wd1f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.901<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1547 y5f5a wa3f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.901<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1548 y5f5a wd20 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">815<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1549 y5f5a wd21 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">19.210<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x154a y5f5a wd22 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">20.025<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h12 y5f5b ff4 fs7 fc1 sc0 ls0 ws0\">direttamente attribui<span class=\"_ _2\"></span>bili </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y5f5c wd10 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x154b y5f5c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x154c y5f5c wd23 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">16.583<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x154d y5f5c wd24 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">16.583<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x154e y5f5c wd25 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">815<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x154f y5f5c wd26 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">21.308<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1550 y5f5c wc09 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">22.123<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5f5d ff4 fs7 fc1 sc2 ls0 ws0\">B. Stima del valore attuale dei flussi </td><td></td><td class=\"c n x1545 y5f3c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1551 y5f3c wd27 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(23.790)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1552 y5f3c wd27 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(23.790)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1553 y5f3c wd28 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(857)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1554 y5f3c wd29 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(27.325)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1555 y5f3c wd2a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(28.182)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5f5e ff4 fs7 fc1 sc2 ls0 ws0\">finanziari futuri in entrata<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f5f ff4 fs7 fc1 sc2 ls0 ws0\">C. Stima del valore attuale netto dei flussi </td><td></td><td class=\"t m2 x7c2 h12 y5f60 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7df h12 y5f60 ff4 fs7 fc1 sc2 ls0 ws0\">(7.207)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x120a h12 y5f60 ff4 fs7 fc1 sc2 ls0 ws0\">(7.207)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe21 h12 y5f60 ff4 fs7 fc1 sc2 ls0 ws0\">(42)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad2 h12 y5f60 ff4 fs7 fc1 sc2 ls0 ws0\">(6.017)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1271 h12 y5f60 ff4 fs7 fc1 sc2 ls0 ws0\">(6.059)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5f61 ff4 fs7 fc1 sc2 ls0 ws0\">finanziari futuri (A-B)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f62 ff4 fs7 fc1 sc2 ls0 ws0\">D. Stima aggiustamento per i rischi non </td><td></td><td class=\"c n x1545 y5f42 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1556 y5f42 w479 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">283<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1557 y5f42 w479 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">283<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1558 y5f42 w6c0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1559 y5f42 wd2b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">400<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x155a y5f42 wd2c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">424<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5f63 ff4 fs7 fc1 sc2 ls0 ws0\">finanziari<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f64 ff4 fs7 fc1 sc2 ls0 ws0\">E. Eliminazione contabile di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f65 ff4 fs7 fc1 sc2 ls0 ws0\">attivit\u00e0/passivit\u00e0 gi\u00e0 iscritte a fronte di </td><td></td><td class=\"c n x1545 y5f66 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x155b y5f66 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x155c y5f66 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x155d y5f66 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x155e y5f66 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x155f y5f66 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5f67 ff4 fs7 fc1 sc2 ls0 ws0\">flussi finanziari connessi con i contr<span class=\"_ _2\"></span>atti di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f68 ff4 fs7 fc1 sc2 ls0 ws0\">assicurazione emessi<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f69 ff4 fs7 fc1 sc2 ls0 ws0\">F. Margine sui servizi contrattuali<span class=\"_ _3a1\"> </span></td><td></td><td class=\"c n x1560 y5f4a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1561 y5f4a wb1f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.925<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1562 y5f4a wd2d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.925<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1563 y5f4a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1564 y5f4a wd2e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.595<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1565 y5f4a wd2f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.595<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5f6a ff4 fs7 fc1 sc2 ls0 ws0\">G. Aumento incluso nella passivit\u00e0 pe<span class=\"_ _2\"></span>r </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f6b ff4 fs7 fc1 sc2 ls0 ws0\">contratti di assicurazione emessi </td><td></td><td class=\"t m2 x7c2 h12 y5f6b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e7 h12 y5f6b ff4 fs7 fc1 sc2 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d4 h12 y5f6b ff4 fs7 fc1 sc2 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xde9 h12 y5f6b ff4 fs7 fc1 sc2 ls0 ws0\">(18)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e3 h12 y5f6b ff4 fs7 fc1 sc2 ls0 ws0\">(22)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc59 h12 y5f6b ff4 fs7 fc1 sc2 ls0 ws0\">(40)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5f6c ff4 fs7 fc1 sc2 ls0 ws0\">nell'esercizio (C+D+E+F)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsf4b\">Element<span class=\"_ _1\"></span>i sottostante alla misurazione <span class=\"_ _1\"></span>dei contratti di ass<span class=\"_ _1\"></span>icurazione emessi iscr<span class=\"_ _1\"></span>itti nell'esercizio<span class=\"fc1 sc2\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsf4c\">Contratti <span class=\"_ _1\"></span>d'investimento emess<span class=\"_ _1\"></span>i con elementi di partecipazione discr<span class=\"_ _1\"></span>ezionali - Segmento <span class=\"_ _1\"></span>Vita<span class=\"fc1 sc2\"> </span></div><div class=\"t m2 h12 ff4 fs7 fc4 sc3 ls0 ws0 gsf4d\">Contratti originati<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h12 ff4 fs7 fc4 sc3 ls0 ws0 gsf4e\">Contratti originati<span class=\"_ _3a1\"> </span></div><div class=\"gsf4f\"><table class=\"s wd30 h25e\" id=\"_283392cd-b8ff-4d10-b164-569a0a45d26c\"><tr><td class=\"t m2 x153e h12 y5f6d ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Gruppi di contratti<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 x933 h12 y5f6d ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 xcee h12 y5f6d ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"t m2 x92f h12 y5f6e ff4 fs7 fc4 sc3 ls0 ws0\">Contratti </td><td></td><td class=\"t m2 x1410 h12 y5f6f ff4 fs7 fc4 sc3 ls0 ws0\">Contratti </td><td></td><td class=\"t m2 x130e h12 y5f6e ff4 fs7 fc4 sc3 ls0 ws0\">Contratti </td><td></td><td class=\"t m2 x9d6 h12 y5f6f ff4 fs7 fc4 sc3 ls0 ws0\">Contratti </td><td></td></tr><tr><td></td><td class=\"t m2 xc65 h12 y5f70 ff4 fs7 fc4 sc3 ls0 ws0\">onerosi<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x93c h12 y5f71 ff4 fs7 fc4 sc3 ls0 ws0\">non </td><td class=\"t m2 x11a9 h12 y5f71 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc64 h12 y5f70 ff4 fs7 fc4 sc3 ls0 ws0\">onerosi<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc57 h12 y5f71 ff4 fs7 fc4 sc3 ls0 ws0\">non </td><td class=\"t m2 x1189 h12 y5f71 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5f72 ff4 fs7 fc1 sc2 ls0 ws0\">A. Stima del valore attuale dei flussi </td><td></td><td></td><td class=\"t m2 x12fb h12 y5f73 ff4 fs7 fc4 sc3 ls0 ws0\">onerosi<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x810 h12 y5f73 ff4 fs7 fc4 sc3 ls0 ws0\">onerosi<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f74 ff4 fs7 fc1 sc2 ls0 ws0\">finanziari futuri in uscita<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y5f36 wd0c h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Costi di acquisizi<span class=\"_ _2\"></span>one dei contratti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1566 y5f36 w6cb h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1567 y5f36 wd31 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1568 y5f36 wd32 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1569 y5f36 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x156a y5f36 w405 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">17<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x156b y5f36 w405 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">17<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c xadb y5f75 wd33 h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Importo dei<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x156c h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">sinistri e altri costi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x156d y5f38 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x156e y5f38 wd34 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">182.435<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x156f y5f38 wd35 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">182.435<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1570 y5f38 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1571 y5f38 wd36 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>4.712<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1572 y5f38 wd37 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">54.712<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h12 y5f76 ff4 fs7 fc1 sc0 ls0 ws0\">direttamente attribui<span class=\"_ _2\"></span>bili </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y5f3a wd38 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1573 y5f3a w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1574 y5f3a wd39 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">182.<span class=\"_ _2\"></span>441<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1575 y5f3a wd3a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">182.441<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1576 y5f3a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1577 y5f3a wa45 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">54.729<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1578 y5f3a wa45 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">54.729<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5f77 ff4 fs7 fc1 sc2 ls0 ws0\">B. Stima del valore attuale dei flussi </td><td></td><td class=\"c n x156d y5f3c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1579 y5f3c wd3b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(193.816)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x157a y5f3c wd3c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(193<span class=\"_ _1\"></span>.816)<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x157b y5f3c w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x157c y5f3c wd3d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(58.862)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x157d y5f3c wd3e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(58.862)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5f78 ff4 fs7 fc1 sc2 ls0 ws0\">finanziari futuri in entrata<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y5f79 wd3f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">C. Stima del<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x12bd h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">valore attuale netto dei <span class=\"_ _2\"></span>flussi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x940 h12 y5f7a ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1323 h12 y5f7a ff4 fs7 fc1 sc2 ls0 ws0\">(11.375)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x133b h12 y5f7a ff4 fs7 fc1 sc2 ls0 ws0\">(11.375)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7bd h12 y5f7a ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad2 h12 y5f7a ff4 fs7 fc1 sc2 ls0 ws0\">(4.133)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x874 h12 y5f7a ff4 fs7 fc1 sc2 ls0 ws0\">(4.133)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5f7b ff4 fs7 fc1 sc2 ls0 ws0\">finanziari futuri (A-B)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f7c ff4 fs7 fc1 sc2 ls0 ws0\">D. Stima aggiustamento per i rischi non </td><td></td><td class=\"c n x156d y5f42 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x157e y5f42 wd40 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">532<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x157f y5f42 wd40 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">532<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1580 y5f42 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1581 y5f42 wd41 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">257<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1582 y5f42 wd41 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">257<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5f7d ff4 fs7 fc1 sc2 ls0 ws0\">finanziari<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f7e ff4 fs7 fc1 sc2 ls0 ws0\">E. Eliminazione contabile di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f7f ff4 fs7 fc1 sc2 ls0 ws0\">attivit\u00e0/passivit\u00e0 gi\u00e0 iscritte a fronte di </td><td></td><td class=\"c n x156d y5f46 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1583 y5f46 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1584 y5f46 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1585 y5f46 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1586 y5f46 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1587 y5f46 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5f80 ff4 fs7 fc1 sc2 ls0 ws0\">flussi finanziari connessi con i contr<span class=\"_ _2\"></span>atti di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f81 ff4 fs7 fc1 sc2 ls0 ws0\">assicurazione emessi<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f82 ff4 fs7 fc1 sc2 ls0 ws0\">F. Margine sui servizi contrattuali<span class=\"_ _3a1\"> </span></td><td></td><td class=\"c n x1588 y5f4a w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1589 y5f4a wd42 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10.843<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x158a y5f4a wd43 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10.843<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x158b y5f4a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x158c y5f4a wd44 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.876<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x158d y5f4a wd45 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>.876<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5f83 ff4 fs7 fc1 sc2 ls0 ws0\">G. Aumento incluso nella passivit\u00e0 pe<span class=\"_ _2\"></span>r </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f84 ff4 fs7 fc1 sc2 ls0 ws0\">contratti di assicurazione emessi </td><td></td><td class=\"t m2 x940 h12 y5f84 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112d h12 y5f84 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x941 h12 y5f84 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7bd h12 y5f84 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x138d h12 y5f84 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h12 y5f84 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5f85 ff4 fs7 fc1 sc2 ls0 ws0\">nell'esercizio (C+D+E+F)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsf50\">Riserve tecniche<span class=\"_ _1\"></span> di cui all\u2019articolo 10 <span class=\"_ _1\"></span>del Regolamento ISVAP n. 7 del 13 <span class=\"_ _1\"></span>luglio 2007<span class=\"_ _3a1\"> </span></div><div class=\"gsf51\"><table class=\"s wd46 h25f\" id=\"_3c71d1ac-20be-4251-aa42-4c7e6b4ea90f\"><tr><td></td><td class=\"t m2 x811 h12 y5f86 ff4 fs7 fc4 sc3 ls0 ws0\">Importo<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x138d h12 y5f87 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5f88 ff4 fs7 fc1 sc2 ls0 ws0\">C. Riserve tecniche<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad4 h12 y5f88 ff4 fs7 fc1 sc2 ls0 ws0\">5.061.457<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xadb y5f89 wd47 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">I. Ramo Danni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x158e y5f89 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x823 y5f8a wd48 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Riserva premi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x158f y5f8a w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x823 y5f8b wd49 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Riserva sinistri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1590 y5f8b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x823 y5f8c wd4a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Riserva per parteci<span class=\"_ _2\"></span>pazione agli util<span class=\"_ _2\"></span>i e ristorni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1591 y5f8c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x823 y5db6 wd4b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Altre riserve tecnic<span class=\"_ _2\"></span>he<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1592 y5db6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x823 y5f8d wd4c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Riserve di perequ<span class=\"_ _2\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1592 y5f8d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h12 y5f8e ff4 fs7 fc1 sc2 ls0 ws0\">II. Ramo vita<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad4 h12 y5f8e ff4 fs7 fc1 sc2 ls0 ws0\">5.061.457<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x823 y5f8f wd4d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Riserve matemat<span class=\"_ _2\"></span>iche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1593 y5f8f wd4e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.989.493<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x823 y5f90 wd4f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Riserva premi de<span class=\"_ _2\"></span>lle assicurazioni c<span class=\"_ _2\"></span>omplementari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1594 y5f90 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x823 y5f91 wd50 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Riserve per somme da p<span class=\"_ _3b\"></span>agare<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1595 y5f91 wd51 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>0.931<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x823 y5f92 wd52 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Riserva per partec<span class=\"_ _2\"></span>ipazione agli uti<span class=\"_ _2\"></span>li e ristorni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1596 y5f92 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x823 y5f93 wd53 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Altre riserve tecniche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1597 y5f93 wd54 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.033<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5f94 ff4 fs7 fc1 sc2 ls0 ws0\">D. Riserve tecniche allorch\u00e9 il rischio de<span class=\"_ _2\"></span>ll'investimento \u00e8 sopportato dagli assicurati e riserve derivan<span class=\"_ _2\"></span>ti dalla </td><td class=\"t m2 xad4 h12 y5f95 ff4 fs7 fc1 sc2 ls0 ws0\">4.731.286<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5f96 ff4 fs7 fc1 sc2 ls0 ws0\">gestione dei fondi pensione<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"c n xadb y5f97 wd55 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">I. Riserve relative a c<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>ntratti le cui prestazi<span class=\"_ _2\"></span>oni sono connesse c<span class=\"_ _2\"></span>on fondi di investimento e <span class=\"_ _2\"></span>indici di mercato<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1598 y5f97 wd56 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.204<span class=\"_ _2\"></span>.803<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xadb y539f wd57 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">II. Riserve derivanti dal<span class=\"_ _2\"></span>la gestione dei fond<span class=\"_ _2\"></span>i pensione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1599 y539f w6ff h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">526.483<span class=\"_ _3a1\"> </span></div></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsf52\">Contratti <span class=\"_ _1\"></span>assicurativi emessi - Margine<span class=\"_ _1\"></span> sui servizi contratt<span class=\"_ _1\"></span>uali ripartito per tempi at<span class=\"_ _1\"></span>tesi di registrazione <span class=\"_ _1\"></span>in conto </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsf53\">economico<span class=\"_ _3a1\"> </span></div><div class=\"gsf54\"><table class=\"s wd58 h260\" id=\"_87c2e029-4492-449d-ae2a-9dcfa7d7b9ea\"><tr><td class=\"t m2 x159a h8e y5f98 ff4 fs18 fc4 sc3 ls0 ws0\">Basi di </td><td></td><td class=\"t m2 x112b h8e y5f98 ff4 fs18 fc4 sc3 ls0 ws0\">Da oltre 1 </td><td class=\"t m2 x12b9 h8e y5f99 ff4 fs18 fc4 sc3 ls0 ws0\">Da oltre </td><td class=\"t m2 x9a6 h8e y5f99 ff4 fs18 fc4 sc3 ls0 ws0\">Da oltre </td><td class=\"t m2 x1186 h8e y5f99 ff4 fs18 fc4 sc3 ls0 ws0\">Da oltre </td><td class=\"t m2 x9d4 h8e y5f99 ff4 fs18 fc4 sc3 ls0 ws0\">Da oltre </td><td class=\"t m2 xde9 h8e y5f99 ff4 fs18 fc4 sc3 ls0 ws0\">Da oltre </td><td></td><td></td></tr><tr><td class=\"t m2 x800 h8e y5f9a ff4 fs18 fc4 sc3 ls0 ws0\">aggregazione/Te<span class=\"_ _2\"></span>mpi di </td><td class=\"t m2 xd43 h8e y5f9b ff4 fs18 fc4 sc3 ls0 ws0\">Fino a 1 </td><td class=\"t m2 x112b h8e y5f9a ff4 fs18 fc4 sc3 ls0 ws0\">anno fino </td><td class=\"t m2 xce9 h8e y5f9b ff4 fs18 fc4 sc3 ls0 ws0\">2 anni </td><td class=\"t m2 x938 h8e y5f9b ff4 fs18 fc4 sc3 ls0 ws0\">3 anni </td><td class=\"t m2 x88d h8e y5f9b ff4 fs18 fc4 sc3 ls0 ws0\">4 anni </td><td class=\"t m2 x159b h8e y5f9b ff4 fs18 fc4 sc3 ls0 ws0\">5 anni </td><td class=\"t m2 x7bf h8e y5f9b ff4 fs18 fc4 sc3 ls0 ws0\">10 anni </td><td class=\"t m2 xad2 h8e y5f9b ff4 fs18 fc4 sc3 ls0 ws0\">Oltre 20 </td><td class=\"t m2 xee0 h8e y5f9a ff4 fs18 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x159a h8e y5f9c ff4 fs18 fc4 sc3 ls0 ws0\">attesa<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d6 h8e y5f9d ff4 fs18 fc4 sc3 ls0 ws0\">anno<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba5 h8e y5f9c ff4 fs18 fc4 sc3 ls0 ws0\">a 2 anni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cc h8e y5f9d ff4 fs18 fc4 sc3 ls0 ws0\">fino a 3 </td><td class=\"t m2 x1442 h8e y5f9d ff4 fs18 fc4 sc3 ls0 ws0\">fino a 4 </td><td class=\"t m2 x116d h8e y5f9d ff4 fs18 fc4 sc3 ls0 ws0\">fino a 5 </td><td class=\"t m2 x941 h8e y5f9d ff4 fs18 fc4 sc3 ls0 ws0\">fino a 10 </td><td class=\"t m2 xe21 h8e y5f9d ff4 fs18 fc4 sc3 ls0 ws0\">fino a 20 </td><td class=\"t m2 x140d h8e y5f9d ff4 fs18 fc4 sc3 ls0 ws0\">anni<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x9a5 h8e y5f9e ff4 fs18 fc4 sc3 ls0 ws0\">anni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93c h8e y5f9e ff4 fs18 fc4 sc3 ls0 ws0\">anni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x873 h8e y5f9e ff4 fs18 fc4 sc3 ls0 ws0\">anni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xace h8e y5f9e ff4 fs18 fc4 sc3 ls0 ws0\">anni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce3 h8e y5f9e ff4 fs18 fc4 sc3 ls0 ws0\">anni<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5f9f wd59 h21e\"><div class=\"t m2 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">Segmento Vita<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x159c y5f9f wd5a h21e\"><div class=\"t m2 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">11,66%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x159d y5f9f wd5b h21e\"><div class=\"t m2 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">10,40%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x159e y5f9f wd5c h21e\"><div class=\"t m2 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">8,99%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x159f y5f9f wd5d h21e\"><div class=\"t m2 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">7,90%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15a0 y5f9f wd5e h21e\"><div class=\"t m2 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">6,95%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15a1 y5f9f wd5f h21e\"><div class=\"t m2 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">24,61%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15a2 y5f9f w8fb h21e\"><div class=\"t m2 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">22,04%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15a3 y5f9f wd60 h21e\"><div class=\"t m2 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">7,45%</div></td><td class=\"t m2 xee0 h8e y5fa0 ff4 fs18 fc1 sc2 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h8e y5fa1 ff4 fs18 fc1 sc0 ls0 ws0\">Segmento Da<span class=\"_ _2\"></span>nni<span class=\"_ _3a1\"> </span></td><td class=\"c n xb31 y54f9 wd61 h21f\"><div class=\"t m2 x2b3 h10 y58b4 ff4 fs3 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15a4 y54f9 wd61 h21f\"><div class=\"t m2 x2b3 h10 y58b4 ff4 fs3 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15a5 y54f9 wd61 h21f\"><div class=\"t m2 x2b3 h10 y58b4 ff4 fs3 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15a6 y54f9 wd61 h21f\"><div class=\"t m2 x2b3 h10 y58b4 ff4 fs3 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15a7 y54f9 w902 h21f\"><div class=\"t m2 x2b3 h10 y58b4 ff4 fs3 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15a8 y54f9 w903 h21f\"><div class=\"t m2 x2b3 h10 y58b4 ff4 fs3 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x599 y54f9 w903 h21f\"><div class=\"t m2 x2b3 h10 y58b4 ff4 fs3 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15a9 y54f9 w902 h21f\"><div class=\"t m2 x2b3 h10 y58b4 ff4 fs3 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x140e h10 y5fa2 ff4 fs3 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gs18a3\">Sezione 3 \u2013 Rischi delle imprese di assicurazione </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs18a4\">3.1 Rischi<span class=\"_ _1\"></span> assicu<span class=\"_ _1\"></span>rativi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs18a5\">CREDEM<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs18a6\">VITA S.P<span class=\"_ _1\"></span>.A.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs18a7\">Approc<span class=\"_ _1\"></span>cio alla ge<span class=\"_ _1\"></span>stione de<span class=\"_ _1\"></span>l rischio<span class=\"_ _1\"></span> di Crede<span class=\"_ _1\"></span>mvita<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs18a8\">Strategie e <span class=\"_ _1\"></span>gestione del rischio<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18a9\">Credem<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18aa\">vita S.p.A oper<span class=\"_ _1\"></span>a sulla <span class=\"_ _1\"></span>scorta <span class=\"_ _1\"></span>di una s<span class=\"_ _1\"></span>trategia di as<span class=\"_ _1\"></span>sunzione e<span class=\"_ _1\"></span> gestione <span class=\"_ _1\"></span>dei r<span class=\"_ _1\"></span>ischi basata su<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18ab\">criteri di <span class=\"_ _3b\"></span>sana e <span class=\"_ _3b\"></span>prudente gestione <span class=\"_ _3b\"></span>e coerente con<span class=\"_ _3b\"></span> il l<span class=\"_ _2\"></span>ivello p<span class=\"_ _2\"></span>atrimoniale dell\u2019imp<span class=\"_ _2\"></span>resa. Tale <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>trategia<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18ac\">si <span class=\"_ _39\"> </span>fonda <span class=\"_ _3f\"> </span>su <span class=\"_ _39\"> </span>principi <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>valutazione<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>dei <span class=\"_ _3f\"> </span>rischi <span class=\"_ _39\"> </span>che <span class=\"_ _39\"> </span>considerano <span class=\"_ _3f\"> </span>gli <span class=\"_ _39\"> </span>aspetti <span class=\"_ _39\"> </span>r<span class=\"_ _1\"></span>elativi <span class=\"_ _39\"> </span>alla <span class=\"_ _39\"> </span>loro<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18ad\">rilevanza/significativit\u00e0.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18ae\">L\u2019approccio  seguito  nella <span class=\"_ _3d\"> </span>gestione <span class=\"_ _3d\"> </span>dei  rischi  \u00e8<span class=\"_ _1\"></span>  fondato  sul  criter<span class=\"_ _1\"></span>io  di  proporzionalit\u00e0  e<span class=\"_ _1\"></span>  viene<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18af\">delineato in <span class=\"_ _3b\"></span>apposite<span class=\"_ _1\"></span> politiche <span class=\"_ _3b\"></span>interne<span class=\"_ _1\"></span> ai <span class=\"_ _3b\"></span>sensi del <span class=\"_ _2\"></span>Regolamento IVASS<span class=\"_ _2\"></span> n.38/2018, per <span class=\"_ _3b\"></span>ognuno degli<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18b0\">ambiti di rischiosit\u00e0 che insistono sulla Compagnia.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18b1\">Gli elementi<span class=\"_ _2\"></span> chiav<span class=\"_ _2\"></span>e attraverso <span class=\"_ _2\"></span>cui <span class=\"_ _3b\"></span>viene definita <span class=\"_ _3b\"></span>la strategia <span class=\"_ _3b\"></span>e le <span class=\"_ _3b\"></span>modalit\u00e0 di <span class=\"_ _3b\"></span>gestione dei <span class=\"_ _3b\"></span>rischi della<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18b2\">Compagnia sono i seguenti:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs18b3\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">identificazione e classificazione dei rischi \u2013 mappa dei rischi;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs18b4\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">valutazione dei rischi;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs18b5\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">strumenti e metodologie di misurazione;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs18b6\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">gestione dei rischi;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs18b7\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">monitoraggio e reporting.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18b8\">I principi g<span class=\"_ _2\"></span>enerali adottat<span class=\"_ _1\"></span>i per la <span class=\"_ _3b\"></span>definizione del sistema di gestione d<span class=\"_ _2\"></span>el rischio considerano qui<span class=\"_ _2\"></span>ndi:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs18b9\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">la <span class=\"_ _0\"></span>verifica <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>coerenza <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>livello <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _0\"></span>assunto <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>livello <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>patrimonio <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>isponibile<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18ba\">atteso (c.d Risk Appetite);<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs18bb\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">la <span class=\"_ _48\"> </span>misurabilit\u00e0 <span class=\"_ _48\"> </span>/ <span class=\"_ _48\"> </span>valutazione <span class=\"_ _48\"> </span>dei <span class=\"_ _48\"> </span>rischi <span class=\"_ _48\"> </span>(per <span class=\"_ _48\"> </span>quelli <span class=\"_ _48\"> </span>quantificabili) <span class=\"_ _48\"> </span>per <span class=\"_ _48\"> </span>per<span class=\"_ _1\"></span>mettere <span class=\"_ _48\"> </span>al<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18bc\">management di valutare l\u2019impatto degli stessi sull\u2019andamento aziendale;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs18bd\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">la determinazione di processi e presidi oper<span class=\"_ _1\"></span>ativi per quelli non quantificabili;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs18be\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">la <span class=\"_ _3d\"> </span>prese<span class=\"_ _1\"></span>nza <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>un <span class=\"_ _3d\"> </span>sistem<span class=\"_ _1\"></span>a <span class=\"_ _3d\"> </span>di  m<span class=\"_ _1\"></span>onitoraggio <span class=\"_ _3d\"> </span>continuativo <span class=\"_ _3d\"> </span>del <span class=\"_ _37\"> </span>profilo <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>rischio <span class=\"_ _3d\"> </span>att<span class=\"_ _1\"></span>uale <span class=\"_ _3d\"> </span>e<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18bf\">prospettico e dei relativi indicatori di rischio e/o rendimento <span class=\"_ _1\"></span>identificati.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18c0\">Credemvita <span class=\"_ _1\"></span>nell\u2019ambito del pr<span class=\"_ _1\"></span>oprio sistema di <span class=\"_ _1\"></span>gestione dei r<span class=\"_ _1\"></span>ischi, ha <span class=\"_ _1\"></span>strutturato ed <span class=\"_ _1\"></span>implementato<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18c1\">un <span class=\"_ _3a\"> </span>autonomo <span class=\"_ _48\"> </span>processo <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>valutazione <span class=\"_ _3a\"> </span>de<span class=\"_ _1\"></span>lla <span class=\"_ _3a\"> </span>propria <span class=\"_ _3a\"> </span>a<span class=\"_ _1\"></span>deguatezza <span class=\"_ _48\"> </span>patrimonial<span class=\"_ _2\"></span>e, <span class=\"_ _3a\"> </span>at<span class=\"_ _1\"></span>tuale <span class=\"_ _3a\"> </span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18c2\">prospettica, <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>relazione <span class=\"_ _35\"> </span>ai <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>rilevanti <span class=\"_ _35\"> </span>verso <span class=\"_ _35\"> </span>i<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>ali <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>Compagnia <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>isulta <span class=\"_ _35\"> </span>esposta <span class=\"_ _0\"></span>(processo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18c3\">ORSA \u2013 Own Risk and Solvency Assessment). Tale <span class=\"_ _1\"></span>processo ha le seguenti fasi:  </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs18c4\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Valutazione prospettica del Solvency <span class=\"_ _1\"></span>II Ratio;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs18c5\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Stress Test;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs18c6\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Piano di Liquidit\u00e0 prospettico;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs18c7\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Adeguatezza della Formula Standard rispe<span class=\"_ _1\"></span>tto il profilo di rischio della Compagnia;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs18c8\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Back Testing;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs18c9\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Predisposizione ORSA Report e invio.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18ca\">Tra  essi  sono  incl<span class=\"_ _2\"></span>use  inoltre  le  valu<span class=\"_ _2\"></span>tazioni  dei  rischi  ESG  (<span class=\"_ _2\"></span>con  un  focu<span class=\"_ _2\"></span>s  particolare  sui  risc<span class=\"_ _2\"></span>hi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18cb\">climatici).<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18cc\">Parte integrante del processo ORSA sono anche i seguenti <span class=\"_ _1\"></span>processi:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs18cd\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Definizione del piano preliminare e del budget azie<span class=\"_ _1\"></span>ndale;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs18ce\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Definizione del Risk Appetite<span class=\"_ _1\"></span>;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs18cf\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Individuazione e valutazione dei rischi e Co<span class=\"_ _1\"></span>ntinuous Monitoring.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18d0\">Nell\u2019ambito <span class=\"_ _35\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>indi<span class=\"_ _2\"></span>rizzo <span class=\"_ _35\"> </span>strategico <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>Compagnia, <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>Consiglio <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>Amministrazione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18d1\">individua <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>approva <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>corre<span class=\"_ _1\"></span>tto <span class=\"_ _35\"> </span>dimensionamento  della <span class=\"_ _35\"> </span>dotazion<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>compless<span class=\"_ _1\"></span>iva <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>capitale <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>gli<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18d2\">obiettivi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>redditivit\u00e0 <span class=\"_ _1\"></span>corre<span class=\"_ _1\"></span>tta <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>rischio. <span class=\"_ _1\"></span>La <span class=\"_ _1\"></span>formulazione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>eliminari <span class=\"_ _1\"></span>linee <span class=\"_ _1\"></span>guida <span class=\"_ _1\"></span>strategiche<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18d3\">da <span class=\"_ _0\"></span>part<span class=\"_ _1\"></span>e <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>Consiglio <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>Amministra<span class=\"_ _1\"></span>zione <span class=\"_ _35\"> </span>ind<span class=\"_ _2\"></span>irizza <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>calibrazione <span class=\"_ _35\"> </span>degli <span class=\"_ _0\"></span>obiett<span class=\"_ _1\"></span>ivi <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>rischio <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>l<span class=\"_ _3b\"></span>o<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18d4\">sviluppo del <span class=\"_ _1\"></span>piano str<span class=\"_ _1\"></span>ategico. Tali attivit\u00e0 <span class=\"_ _1\"></span>sono s<span class=\"_ _1\"></span>ignificativamente connesse e <span class=\"_ _1\"></span>vengono entrambe<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18d5\">sviluppate  consid<span class=\"_ _2\"></span>erando  la <span class=\"_ _35\"> </span>situazione <span class=\"_ _35\"> </span>di  p<span class=\"_ _2\"></span>artenza  della <span class=\"_ _35\"> </span>Compagnia, <span class=\"_ _35\"> </span>la  visione <span class=\"_ _35\"> </span>pros<span class=\"_ _1\"></span>pettica <span class=\"_ _35\"> </span>del<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18d6\">contesto esterno, i profili di rischio e gli or<span class=\"_ _1\"></span>ientamenti in termini di rischio/rendimento.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18d8\">Nel <span class=\"_ _38\"></span>continuo, <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>Funzione <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Risk <span class=\"_ _1\"></span>Manageme<span class=\"_ _1\"></span>nt <span class=\"_ _1\"></span>support<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>gli <span class=\"_ _38\"></span>organi <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ziendali <span class=\"_ _1\"></span>nelle <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>celte <span class=\"_ _1\"></span>derivanti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18d9\">dall\u2019a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18da\">ttuazione <span class=\"_ _69\"> </span>del <span class=\"_ _43\"> </span>piano <span class=\"_ _44\"> </span>agevolando <span class=\"_ _69\"> </span>la <span class=\"_ _43\"> </span>comprensione <span class=\"_ _69\"> </span>e <span class=\"_ _69\"> </span>la <span class=\"_ _69\"> </span>consapevolezza <span class=\"_ _69\"> </span>de<span class=\"_ _1\"></span>i <span class=\"_ _44\"> </span>r<span class=\"_ _1\"></span>ischi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18db\">assunti/assumibili e il presidio degli stessi.   </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs18dc\">Identificazione e<span class=\"_ _1\"></span> classificazione dei risch<span class=\"_ _1\"></span>i \u2013 mappa dei r<span class=\"_ _1\"></span>ischi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18dd\">La <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>egolamentazione <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>settore, <span class=\"_ _38\"></span>recante <span class=\"_ _38\"></span>disposizioni <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>ma<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18de\">teria <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>istema <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>gestione <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>rischi, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18df\">richiede <span class=\"_ _39\"> </span>alle <span class=\"_ _3f\"> </span>imprese <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>e<span class=\"_ _1\"></span>ffettuare <span class=\"_ _39\"> </span>una <span class=\"_ _3f\"> </span>catalogazione <span class=\"_ _39\"> </span>dei <span class=\"_ _39\"> </span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _39\"> </span>a <span class=\"_ _39\"> </span>cui <span class=\"_ _39\"> </span>es<span class=\"_ _1\"></span>se <span class=\"_ _39\"> </span>so<span class=\"_ _1\"></span>no <span class=\"_ _39\"> </span>esposte </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18e0\">indipendentemente <span class=\"_ _37\"> </span>dalla <span class=\"_ _37\"> </span>circostanza <span class=\"_ _37\"> </span>che <span class=\"_ _3d\"> </span>siano <span class=\"_ _37\"> </span>quantificabili, <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>funzione <span class=\"_ _37\"> </span>della <span class=\"_ _37\"> </span>natura, <span class=\"_ _3d\"> </span>della </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18e1\">portata <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>complessit\u00e0 <span class=\"_ _38\"></span>inerenti <span class=\"_ _38\"></span>all\u2019attivit\u00e0 <span class=\"_ _38\"></span>svolta, <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>ottica <span class=\"_ _38\"></span>attuale <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>prospettica, <span class=\"_ _38\"></span>nonch\u00e9 <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ffetti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18e2\">indiretti connessi ai rischi significativi. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18e3\">Tale <span class=\"_ _2\"></span>catalogazione c<span class=\"_ _2\"></span>ostituisce il <span class=\"_ _3b\"></span>linguaggio <span class=\"_ _3b\"></span>comune per <span class=\"_ _2\"></span>lo <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>volgimento d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>utte <span class=\"_ _2\"></span>le a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _2\"></span>connesse </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18e4\">con il sistema di gestione dei rischi aziendali. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18e5\">I rischi della Compagnia sono classificati ne<span class=\"_ _1\"></span>lle seguenti principali classi: </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs18e6\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">Rischi sottoscrizione <span class=\"_ _1\"></span>life (o tecnici assicurativi):<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs18e7\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">Rischi assunzione e tar<span class=\"_ _1\"></span>iffazione; </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs18e8\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">Rischio riser<span class=\"_ _1\"></span>vazione; </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs18e9\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">Rischi di mercato: </span></div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs18ea\">o<span class=\"_ _4a\"> </span><span class=\"ff4\">Rischi Mercato; </span></div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs18eb\">o<span class=\"_ _4a\"> </span><span class=\"ff4\">Rischio ALM;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs18ec\">o<span class=\"_ _4a\"> </span><span class=\"ff4\">Rischio Liquidit\u00e0.;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs18ed\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">Rischi di credito e <span class=\"_ _1\"></span>counterparty: </span></div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs18ee\">o<span class=\"_ _4a\"> </span><span class=\"ff4\">Investimenti; </span></div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs18ef\">o<span class=\"_ _4a\"> </span><span class=\"ff4\">Riassicurazione; </span></div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs18f0\">o<span class=\"_ _4a\"> </span><span class=\"ff4\">Intermediari e controparti. </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs18f1\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">Rischi operativi: </span></div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs18f2\">o<span class=\"_ _4a\"> </span><span class=\"ff4\">Rischi Operativi;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs18f3\">o<span class=\"_ _4a\"> </span><span class=\"ff4\">Rischio Informatico e Cyber Risk; </span></div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs18f4\">o<span class=\"_ _4a\"> </span><span class=\"ff4\">Rischi di non conformit\u00e0 alle norme; </span></div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs18f5\">o<span class=\"_ _4a\"> </span><span class=\"ff4\">Model Risk;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs18f6\">o<span class=\"_ _4a\"> </span><span class=\"ff4\">Continuit\u00e0 Operativa; </span></div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs18f7\">o<span class=\"_ _4a\"> </span><span class=\"ff4\">Regulatory Operational Risk; </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs18f8\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">Rischi di secondo livello;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs18f9\">o<span class=\"_ _4a\"> </span><span class=\"ff4\">Rischio legato all\u2019appartene<span class=\"_ _1\"></span>nza al gruppo;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs18fa\">o<span class=\"_ _4a\"> </span><span class=\"ff4\">Rischio reputazionale; </span></div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs18fb\">o<span class=\"_ _4a\"> </span><span class=\"ff4\">Rischi di condotta; </span></div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs18fc\">o<span class=\"_ _4a\"> </span><span class=\"ff4\">Rischi ESG<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs18fd\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">Rischi strategici </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs18fe\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">Rischi emergenti </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18ff\">Il  processo  di  identificazione  dei  rischi  a  cui <span class=\"_ _35\"> </span>la  Compagnia  \u00e8  esposta  costituisce  un  elemento </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1900\">fondamentale per la corretta im<span class=\"_ _2\"></span>plementazione e valutazione del pi<span class=\"_ _2\"></span>\u00f9 ampio processo di gestione <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1901\">rischi. <span class=\"_ _39\"> </span>Credemvita, <span class=\"_ _39\"> </span>in <span class=\"_ _3f\"> </span>linea <span class=\"_ _39\"> </span>con <span class=\"_ _39\"> </span>la <span class=\"_ _39\"> </span>Normativa <span class=\"_ _39\"> </span>Regolamentare, <span class=\"_ _39\"> </span>ha <span class=\"_ _39\"> </span>pre<span class=\"_ _1\"></span>visto <span class=\"_ _39\"> </span>una <span class=\"_ _39\"> </span>procedura <span class=\"_ _39\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1902\">censimento <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>rischi, <span class=\"_ _38\"></span>da <span class=\"_ _38\"></span>intender<span class=\"_ _1\"></span>si <span class=\"_ _38\"></span>come <span class=\"_ _38\"></span>strumento <span class=\"_ _38\"></span>metodologico <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>su<span class=\"_ _1\"></span>pporto <span class=\"_ _38\"></span>nello <span class=\"_ _38\"></span>svolgimento </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1903\">delle attivit\u00e0 di ind<span class=\"_ _2\"></span>ividuazione e valutazione d<span class=\"_ _2\"></span>ei rischi che permetta di <span class=\"_ _2\"></span>raccogliere in via <span class=\"_ _2\"></span>continuativa </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1904\">informazioni <span class=\"_ _35\"> </span>sui <span class=\"_ _35\"> </span>rischi, <span class=\"_ _0\"></span>interni <span class=\"_ _35\"> </span>ed <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>sterni, <span class=\"_ _35\"> </span>esistenti <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>prospettici <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>cui<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>posta, <span class=\"_ _0\"> </span>e <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>possono </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1905\">interessare <span class=\"_ _1\"></span>tutti <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>processi <span class=\"_ _1\"></span>operativi <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>aree <span class=\"_ _1\"></span>aziendali. <span class=\"_ _1\"></span>Per <span class=\"_ _1\"></span>sua <span class=\"_ _1\"></span>natura <span class=\"_ _1\"></span>tale<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>procedura <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>continua </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1906\">evoluzione <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>base a<span class=\"_ _1\"></span>l progressivo <span class=\"_ _1\"></span>affinamento <span class=\"_ _1\"></span>del sistema <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>gestione <span class=\"_ _1\"></span>dei r<span class=\"_ _1\"></span>ischi e <span class=\"_ _1\"></span>all\u2019evoluzione del </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1907\">quadro normativo di riferimento. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1908\">La procedura di censimento dei rischi di Credemvita si articola in quattr<span class=\"_ _1\"></span>o fasi: </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1909\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">analisi del piano strate<span class=\"_ _1\"></span>gico aziendale e individuazione dei fattori di rischio emergenti; </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs190a\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">individuazione dei fattori di ris<span class=\"_ _1\"></span>chio esterni; </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs190b\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">individuazione <span class=\"_ _2\"></span>dei <span class=\"_ _3b\"></span>fat<span class=\"_ _1\"></span>tori <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _3b\"></span>operativi <span class=\"_ _2\"></span>(ivi <span class=\"_ _3b\"></span>inclusi q<span class=\"_ _2\"></span>uelli <span class=\"_ _3b\"></span>infor<span class=\"_ _1\"></span>matici e <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>cyber risk),<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>non </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs190c\">conformit\u00e0 alle norme e di secondo livello; </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs190d\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">individuazione dei fattori di ris<span class=\"_ _1\"></span>chio strategico. </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs190e\">Le <span class=\"_ _0\"></span>modalit\u00e0 <span class=\"_ _0\"></span>adottate <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>l\u2019id<span class=\"_ _2\"></span>entificazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>basano <span class=\"_ _0\"></span>sostanzialmente <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>uno<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _0\"></span>dei<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs190f\">seguenti approcci: </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1910\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">Risk Assessme<span class=\"_ _1\"></span>nt specifici (p<span class=\"_ _2\"></span>er famiglie di rischio);<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1911\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">Valutazioni delle differenze tra <span class=\"_ _1\"></span>ogni assunzione di rischio e il risultato attuale; </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1912\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">Eventi perdita o errori a<span class=\"_ _1\"></span>ccaduti; </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1914\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">Revisione dei process<span class=\"_ _1\"></span>i, della matrice dei rischi normativa o risk assessment normativi;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1915\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">Brain<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1916\">storming con il management e i risk owner; </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1917\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">Valutazioni di Internal/Exter<span class=\"_ _1\"></span>nal Audit<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1918\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">Comunicazioni e confro<span class=\"_ _1\"></span>nti con i regulator; </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1919\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">Altri eventi esterni; </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs191a\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">Reporting trasmesso <span class=\"_ _1\"></span>dalle arre funzionali della Compagnia.<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs191b\">Una  volta  che  i<span class=\"_ _3b\"></span>  r<span class=\"_ _1\"></span>ischi  sono  s<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ati  identificati  essi <span class=\"_ _35\"> </span>vanno  a  costituire  la <span class=\"_ _35\"> </span>Mappa  dei  Rischi  della<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs191c\">Compagnia. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs191d\">Valutazione <span class=\"_ _1\"></span>dei Rischi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs191e\">Il processo di valu<span class=\"_ _2\"></span>tazione dei rischi \u00e8 realizzato <span class=\"_ _2\"></span>sia con</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs191f\"> logiche a<span class=\"_ _2\"></span>ttuali sia con logic<span class=\"_ _2\"></span>he prospettiche </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1920\">ed <span class=\"_ _3f\"> </span>integra <span class=\"_ _3f\"> </span>metodologie <span class=\"_ _3f\"> </span>ed <span class=\"_ _3f\"> </span>app<span class=\"_ _2\"></span>rocci <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>carattere <span class=\"_ _3f\"> </span>quantitativo <span class=\"_ _3f\"> </span>(sia <span class=\"_ _3f\"> </span>regolamentare <span class=\"_ _3f\"> </span>sia <span class=\"_ _3f\"> </span>non<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1921\">regolamentare) e qualitativo. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1922\">La <span class=\"_ _0\"> </span>valutazione <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>effettuata <span class=\"_ _35\"> </span>su <span class=\"_ _0\"></span>base <span class=\"_ _35\"> </span>individuale, <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>livello <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>singolo <span class=\"_ _0\"></span>rischio, <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>su <span class=\"_ _0\"></span>base </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1923\">aggregata, per tener conto delle <span class=\"_ _3b\"></span>inte<span class=\"_ _1\"></span>rrelazioni fra le fonti di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio. Vengono inoltre considerati gli<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1924\">effetti indiretti connessi ai rischi pi\u00f9 significativi. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1925\">La <span class=\"_ _1\"></span>fr<span class=\"_ _1\"></span>equenza <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>valutazione <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>rischi <span class=\"_ _38\"></span>dipende <span class=\"_ _1\"></span>dalla <span class=\"_ _38\"></span>tipologia <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>rischi, <span class=\"_ _1\"></span>dagli <span class=\"_ _38\"></span>str<span class=\"_ _1\"></span>umenti <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>dalle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1926\">metodologie <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valutazione <span class=\"_ _1\"></span>utilizzate<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ed \u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>stabilita <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>coerenza <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>frequenza <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>le e<span class=\"_ _1\"></span>sigenze <span class=\"_ _1\"></span>dei </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1927\">processi <span class=\"_ _38\"></span>strategici <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>decisionali <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>Compagnia. <span class=\"_ _38\"></span>La <span class=\"_ _0\"></span>frequenza <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>valutazione <span class=\"_ _0\"></span>dei <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>ottica </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1928\">prospettica \u00e8 coerente con il processo annuale di pianificazione st<span class=\"_ _1\"></span>rategica.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1929\">Accanto <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>gestione <span class=\"_ _35\"> </span>ordinaria <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>proce<span class=\"_ _1\"></span>sso <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>valutazione <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>ischi, <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>prevista <span class=\"_ _35\"> </span>una <span class=\"_ _0\"></span>ge<span class=\"_ _1\"></span>stione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs192a\">all\u2019occorrenza, <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>agione <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>venti <span class=\"_ _3b\"></span>che possano <span class=\"_ _3b\"></span>determinare una <span class=\"_ _184\"></span>variazione significativa <span class=\"_ _3b\"></span>del <span class=\"_ _2\"></span>profilo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs192b\">di rischio. In particolare, sono stati identificati i seguenti principali eventi:  </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs192c\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">l\u2019aggiornamento del piano str<span class=\"_ _1\"></span>ategico; </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs192d\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">un\u2019acquisizione <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>un <span class=\"_ _35\"> </span>disinvestimento <span class=\"_ _0\"></span>che <span class=\"_ _35\"> </span>modifich<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>sensibilmente <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>business, <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>profilo <span class=\"_ _0\"></span>di </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs192e\">rischio o la posizione di solvibilit\u00e0; </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs192f\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">una <span class=\"_ _35\"> </span>variazione  significativa <span class=\"_ _35\"> </span>nei  mercati <span class=\"_ _35\"> </span>finanziari <span class=\"_ _35\"> </span>che  determini <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>notevole  impatto <span class=\"_ _35\"> </span>sul </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1930\">portafoglio attivi della compagnia; </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1931\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">una variazione significativa nelle passivit\u00e0 della Compagnia; </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1932\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">una riduzione della posizione di solvibilit\u00e0 al di sotto<span class=\"_ _1\"></span> di valori critici; </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1933\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">un cambiamento significativo de<span class=\"_ _1\"></span>l quadro regolamentare; </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1934\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">un cambiamento significativo de<span class=\"_ _1\"></span>l profilo di rischio e l\u2019insorgere di nuovi rischi; </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1935\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">un cambiamento significativo de<span class=\"_ _1\"></span>i processi, sistemi e procedure aziendali. </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1936\">Strumenti e<span class=\"_ _1\"></span> Metodologie di Misurazione<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1937\">La <span class=\"_ _0\"></span>Comp<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1938\">agnia <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>definito <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>sensi <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>normat<span class=\"_ _1\"></span>iva <span class=\"_ _0\"></span>regolamentare <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>processo <span class=\"_ _0\"> </span>di <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1939\">analisi <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _35\"> </span>basato <span class=\"_ _35\"> </span>sostanzialmente <span class=\"_ _35\"> </span>sugli <span class=\"_ _35\"> </span>strumenti <span class=\"_ _0\"></span>e  me<span class=\"_ _2\"></span>todologie <span class=\"_ _35\"> </span>sviluppate <span class=\"_ _35\"> </span>nell\u2019ambito </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs193a\">della  procedura  di  p<span class=\"_ _2\"></span>rofilazione  d<span class=\"_ _2\"></span>ei  rischi  ovvero  a <span class=\"_ _35\"> </span>indicatori  di  rischio  i<span class=\"_ _3b\"></span>  quali  possono  essere </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs193b\">costruiti dai seguenti approcci metodologici: </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs193c\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">quantitativi <span class=\"_ _39\"> </span>regolament<span class=\"_ _1\"></span>ari <span class=\"_ _39\"> </span>basati <span class=\"_ _39\"> </span>sui <span class=\"_ _39\"> </span>principi <span class=\"_ _39\"> </span>alla <span class=\"_ _39\"> </span>base <span class=\"_ _39\"> </span>delle <span class=\"_ _39\"> </span>grandezze <span class=\"_ _39\"> </span>r<span class=\"_ _1\"></span>egolamentari </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs193d\">Solvency tra cui il Requisito di Capitale; </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs193e\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">quantitativi <span class=\"_ _48\"> </span>non <span class=\"_ _48\"> </span>regolamentari <span class=\"_ _48\"> </span>(o <span class=\"_ _48\"> </span>gestionali) <span class=\"_ _48\"> </span>basati <span class=\"_ _48\"> </span>su <span class=\"_ _48\"> </span>concetti <span class=\"_ _48\"> </span>come <span class=\"_ _48\"> </span>ad <span class=\"_ _48\"> </span>esempio </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs193f\">esposizione, <span class=\"_ _38\"></span>concentrazione, <span class=\"_ _38\"></span>volatilit\u00e0, <span class=\"_ _1\"></span>perdita <span class=\"_ _38\"></span>attesa <span class=\"_ _38\"></span>o <span class=\"_ _1\"></span>pote<span class=\"_ _1\"></span>nziale, <span class=\"_ _1\"></span>e/o <span class=\"_ _38\"></span>volti <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>valutare <span class=\"_ _38\"></span>quei </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1940\">rischi non <span class=\"_ _3b\"></span>ricompresi nella <span class=\"_ _3b\"></span>formula standard <span class=\"_ _3b\"></span>e/o ad <span class=\"_ _3b\"></span>inte<span class=\"_ _1\"></span>grare <span class=\"_ _2\"></span>la <span class=\"_ _3b\"></span>valutazione degli stes<span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>rischi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1941\">regolamentari tra cui: </div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs1942\">o<span class=\"_ _115\"> </span><span class=\"ff4\">Rischio Liquidit\u00e0; </span></div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs1943\">o<span class=\"_ _115\"> </span><span class=\"ff4\">Rischio ALM;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs1944\">o<span class=\"_ _115\"> </span><span class=\"ff4\">Rischi Operativi;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs1945\">o<span class=\"_ _115\"> </span><span class=\"ff4\">Cyber e IT </span></div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs1946\">o<span class=\"_ _115\"> </span><span class=\"ff4\">Rischio di Condotta<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs1947\">o<span class=\"_ _115\"> </span><span class=\"ff4\">Rischio di Appartenenza al Gr<span class=\"_ _1\"></span>upp<span class=\"_ _2\"></span>o; </span></div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs1948\">o<span class=\"_ _115\"> </span><span class=\"ff4\">Rischio ESG (rischio climatico);<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs1949\">o<span class=\"_ _115\"> </span><span class=\"ff4\">Rischio strategico </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs194a\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">qualitativi <span class=\"_ _3f\"> </span>basati <span class=\"_ _3f\"> </span>su <span class=\"_ _3f\"> </span>grandezze <span class=\"_ _3f\"> </span>non <span class=\"_ _3f\"> </span>quantificabi<span class=\"_ _2\"></span>li <span class=\"_ _3f\"> </span>o <span class=\"_ _3f\"> </span>difficilmente <span class=\"_ _3f\"> </span>quantificabili, <span class=\"_ _3f\"> </span>la <span class=\"_ _3f\"> </span>cui </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs194b\">valutazione del giudizio esperto \u00e8 prevalente<span class=\"_ _1\"></span>, tra cui: </div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs194c\">o<span class=\"_ _115\"> </span><span class=\"ff4\">Rischio Modello;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs194d\">o<span class=\"_ _115\"> </span><span class=\"ff4\">Rischio Legale &amp; Non Confor<span class=\"_ _1\"></span>mit\u00e0; </span></div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs194e\">o<span class=\"_ _115\"> </span><span class=\"ff4\">Rischio Reputazionale;<span class=\"_ _3a1\"> </span></span></div>o<span class=\"_ _115\"> </span><span class=\"ff4\">Rischi Emergenti.<span class=\"_ _3a1\"> </span></span>Oltre <span class=\"_ _37\"> </span>alle <span class=\"_ _37\"> </span>metodologie <span class=\"_ _37\"> </span>alla <span class=\"_ _37\"> </span>base <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>tali <span class=\"_ _37\"> </span>indicatori <span class=\"_ _36\"> </span>di <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>ischio, <span class=\"_ _3d\"> </span>la <span class=\"_ _36\"> </span>misurazione <span class=\"_ _37\"> </span>del <span class=\"_ _37\"> </span>rischio <span class=\"_ _37\"> </span>della<span class=\"_ _3a1\"> </span>Compagnia, sia <span class=\"_ _1\"></span>attuale <span class=\"_ _1\"></span>che prospettica, <span class=\"_ _1\"></span>si basa <span class=\"_ _1\"></span>sulle meto<span class=\"_ _1\"></span>dologie regolamentari <span class=\"_ _1\"></span>per il <span class=\"_ _1\"></span>calcolo del<span class=\"_ _3a1\"> </span>Requisito <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Capitale<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>(cfr. <span class=\"_ _1\"></span>SCR): <span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>meto<span class=\"_ _1\"></span>dologia <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rifer<span class=\"_ _1\"></span>imento <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>quella de<span class=\"_ _1\"></span>lla <span class=\"_ _1\"></span>Formula <span class=\"_ _38\"></span>Standard. <span class=\"_ _1\"></span> <span class=\"_ _38\"></span>Si<span class=\"_ _3a1\"> </span>precisa <span class=\"_ _0\"></span>inoltra <span class=\"_ _35\"> </span>ch<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>Com<span class=\"_ _1\"></span>pagnia <span class=\"_ _0\"></span>adotta <span class=\"_ _0\"></span>l\u2019applicazione <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>Volatili<span class=\"_ _2\"></span>ty <span class=\"_ _35\"> </span>Adj<span class=\"_ _2\"></span>ustments: <span class=\"_ _35\"> </span>l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>valutazioni<span class=\"_ _3a1\"> </span>attuali <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>prospettiche <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>rischi <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>golamentari <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>Compagn<span class=\"_ _2\"></span>ia <span class=\"_ _38\"></span>prevedono <span class=\"_ _0\"></span>l\u2019utili<span class=\"_ _2\"></span>zzo <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>Volatility<span class=\"_ _3a1\"> </span>Adjustment <span class=\"_ _3b\"></span>come<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>Long <span class=\"_ _3b\"></span>Te<span class=\"_ _1\"></span>rm <span class=\"_ _3b\"></span>Guarantee m<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>asure. <span class=\"_ _3b\"></span>Il <span class=\"_ _3b\"></span>Volatility Ad<span class=\"_ _2\"></span>justme<span class=\"_ _1\"></span>nt <span class=\"_ _3b\"></span>viene <span class=\"_ _3b\"></span>applicato <span class=\"_ _2\"></span>sul <span class=\"_ _3b\"></span>tota<span class=\"_ _1\"></span>le<span class=\"_ _3a1\"> </span>delle <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _0\"></span>detenute <span class=\"_ _0\"></span>dalla <span class=\"_ _0\"></span>Compagnia <span class=\"_ _0\"></span>vendu<span class=\"_ _2\"></span>te <span class=\"_ _0\"></span>interamente <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>Italia <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>valuta <span class=\"_ _0\"></span>Euro. <span class=\"_ _0\"></span>No<span class=\"_ _2\"></span>n<span class=\"_ _3a1\"> </span>viene <span class=\"_ _0\"></span>app<span class=\"_ _2\"></span>licato <span class=\"_ _0\"></span>dall<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>Compagnia <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>Matching<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>Adjustment. <span class=\"_ _0\"></span>Al<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>fine <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>una <span class=\"_ _0\"></span>maggiore <span class=\"_ _0\"></span>comprension<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span>degli <span class=\"_ _38\"></span>effett<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>derivanti <span class=\"_ _38\"></span>dall\u2019applicazione <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>Volatility <span class=\"_ _0\"></span>Ad<span class=\"_ _2\"></span>justment <span class=\"_ _38\"></span>sulle <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iserve <span class=\"_ _38\"></span>tecniche <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ui <span class=\"_ _38\"></span>fondi<span class=\"_ _3a1\"> </span>propri, <span class=\"_ _3b\"></span>la Compagnia <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffettua in<span class=\"_ _2\"></span>oltre analisi <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>sensitivity ogni <span class=\"_ _3b\"></span>qualvolta l<span class=\"_ _2\"></span>o scostamento <span class=\"_ _3b\"></span>tra la <span class=\"_ _3b\"></span>curva<span class=\"_ _3a1\"> </span>risk free EIOPA e la curva risk free EIOPA con volatility Adjustement r<span class=\"_ _1\"></span>isulti significativo.<span class=\"_ _3a1\"> </span>Tutte queste gr<span class=\"_ _1\"></span>andezze, oltre a costit<span class=\"_ _1\"></span>uire l\u2019impianto per il <span class=\"_ _1\"></span>monitoraggio nel <span class=\"_ _1\"></span>continuo alla base <span class=\"_ _1\"></span>del<span class=\"_ _3a1\"> </span>modello <span class=\"_ _3f\"> </span>organizzativo <span class=\"_ _3a\"> </span>di <span class=\"_ _3f\"> </span>gestione <span class=\"_ _3f\"> </span>del <span class=\"_ _3f\"> </span>r<span class=\"_ _1\"></span>ischio, <span class=\"_ _3f\"> </span>rappresentano <span class=\"_ _3f\"> </span>gli <span class=\"_ _3f\"> </span>e<span class=\"_ _1\"></span>lementi <span class=\"_ _3f\"> </span>alla <span class=\"_ _3f\"> </span>base<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>della<span class=\"_ _3a1\"> </span>metodologia <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>la <span class=\"_ _37\"> </span>profilazione <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>rischio <span class=\"_ _37\"> </span>della <span class=\"_ _3d\"> </span>Compagnia.  Tale<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>ha <span class=\"_ _37\"> </span>come <span class=\"_ _3d\"> </span>obiettivo<span class=\"_ _3a1\"> </span>l\u2019individuazione <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>valutazione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>fattori <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>l\u2019attribuzione <span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>ognuno <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>essi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>livello <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span>significativit\u00e0. Da un punto di vista metodologico, concorrono alla valutazione dei rischi anche:<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a2\"> </span><span class=\"ff4\">Sensitivity, <span class=\"_ _1\"></span>stress <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>est e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>scenario <span class=\"_ _1\"></span>test: <span class=\"_ _38\"></span>ai <span class=\"_ _1\"></span>sensi <span class=\"_ _1\"></span>dell\u2019Art<span class=\"_ _1\"></span>. 1<span class=\"_ _1\"></span>9, <span class=\"_ _1\"></span>comma <span class=\"_ _1\"></span>4 <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Reg. <span class=\"_ _38\"></span>IVASS <span class=\"_ _1\"></span>n.38, <span class=\"_ _1\"></span>la<span class=\"_ _3a1\"> </span></span>Funzione <span class=\"_ _1\"></span>Risk <span class=\"_ _1\"></span>Manageme<span class=\"_ _1\"></span>nt, <span class=\"_ _1\"></span>allo <span class=\"_ _38\"></span>scopo <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>valutare <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>ottica <span class=\"_ _38\"></span>attuale <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>prospettica <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>impatti<span class=\"_ _3a1\"> </span>sulla  situazione <span class=\"_ _3d\"> </span>economica  e <span class=\"_ _3d\"> </span>patrimoniale <span class=\"_ _3d\"> </span>derivanti  da  andame<span class=\"_ _1\"></span>nti  avversi <span class=\"_ _3d\"> </span>dei  principali<span class=\"_ _3a1\"> </span>fattori di <span class=\"_ _2\"></span>rischio, effettua, p<span class=\"_ _2\"></span>er ciascuna <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lle fonti d<span class=\"_ _2\"></span>i rischio<span class=\"_ _2\"></span> identificate come <span class=\"_ _2\"></span>maggiormente<span class=\"_ _3a1\"> </span>significative, analisi di stress test e sensitivity.<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a2\"> </span><span class=\"ff4\">Risk Self Assessment sui rischi operativi (ivi inclusi il rischio informatico e <span class=\"_ _1\"></span>il cyber risk).<span class=\"_ _3a1\"> </span></span>Gestione dei Risch<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>L\u2019<span class=\"_ _3a1\"> </span>ob<span class=\"_ _3a1\"> </span>iet<span class=\"_ _3a1\"> </span>tivo <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>sistem<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>gestione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _1\"></span>consiste <span class=\"_ _1\"></span>nel <span class=\"_ _38\"></span>mantenere <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>rischi <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>Compagnia <span class=\"_ _1\"></span>\u00e8<span class=\"_ _3a1\"> </span>esposta <span class=\"_ _39\"> </span>a <span class=\"_ _39\"> </span>un <span class=\"_ _36\"> </span>livello <span class=\"_ _39\"> </span>definito <span class=\"_ _39\"> </span>accettabile, <span class=\"_ _39\"> </span>attraverso <span class=\"_ _39\"> </span>l\u2019indic<span class=\"_ _2\"></span>azione <span class=\"_ _39\"> </span>della <span class=\"_ _39\"> </span>propensione <span class=\"_ _39\"> </span>e <span class=\"_ _39\"> </span>della<span class=\"_ _3a1\"> </span>tolleranza al rischio <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>tabilite in coerenza c<span class=\"_ _2\"></span>on l\u2019obiettivo di<span class=\"_ _2\"></span> salvaguardia d<span class=\"_ _2\"></span>el patrimonio delle stess<span class=\"_ _3b\"></span>e<span class=\"_ _3a1\"> </span>a <span class=\"_ _38\"></span>garanzia <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _38\"></span>continuit\u00e0 <span class=\"_ _0\"></span>azie<span class=\"_ _2\"></span>ndale. <span class=\"_ _38\"></span>Le <span class=\"_ _0\"></span>li<span class=\"_ _2\"></span>nee <span class=\"_ _38\"></span>guida <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>ema <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ges<span class=\"_ _1\"></span>tione <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>rischi <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iportate<span class=\"_ _3a1\"> </span>nelle singole <span class=\"_ _3b\"></span>politiche redatte, <span class=\"_ _2\"></span>riviste <span class=\"_ _2\"></span>ed app<span class=\"_ _2\"></span>rovate annualmente <span class=\"_ _3b\"></span>dal Consiglio <span class=\"_ _2\"></span>di Ammin<span class=\"_ _2\"></span>istrazione,<span class=\"_ _3a1\"> </span>previo <span class=\"_ _36\"> </span>passaggio <span class=\"_ _36\"> </span>da <span class=\"_ _39\"> </span>parte <span class=\"_ _39\"> </span>del <span class=\"_ _37\"> </span>Comit<span class=\"_ _1\"></span>ato <span class=\"_ _36\"> </span>Consiliare <span class=\"_ _39\"> </span>per <span class=\"_ _36\"> </span>il <span class=\"_ _36\"> </span>Controllo <span class=\"_ _36\"> </span>Interno <span class=\"_ _36\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>i <span class=\"_ _36\"> </span>Rischi <span class=\"_ _36\"> </span>della<span class=\"_ _3a1\"> </span>Compagnia.  Elementi costitutivi della gestione de<span class=\"_ _1\"></span>i rischi sono:<span class=\"_ _3a1\"> </span>o<span class=\"_ _3a1\"> </span>Risk Appetite <span class=\"_ _1\"></span>Framework<span class=\"_ _3a1\"> </span>La Compagnia <span class=\"_ _2\"></span>si \u00e8 dotata di<span class=\"_ _2\"></span> un Ri<span class=\"_ _2\"></span>sk Appetite Framework (c<span class=\"_ _2\"></span>fr. RAF) che defin<span class=\"_ _2\"></span>isce la propensione <span class=\"_ _3b\"></span>al<span class=\"_ _3a1\"> </span>rischio, <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oglie <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>tolleranza, <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>limiti <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rischio, <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>politiche <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>governo <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _1\"></span>nonch\u00e9 <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>processi<span class=\"_ _3a1\"> </span>di r<span class=\"_ _1\"></span>iferimento <span class=\"_ _38\"></span>necessari <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>definirli e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>attuarli. <span class=\"_ _1\"></span>Nell\u2019ambito <span class=\"_ _1\"></span>dell\u2019att<span class=\"_ _1\"></span>ivit\u00e0 di <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>dirizzo s<span class=\"_ _1\"></span>trategico <span class=\"_ _1\"></span>della<span class=\"_ _3a1\"> </span>Compagnia, il <span class=\"_ _3b\"></span>Co<span class=\"_ _1\"></span>nsiglio di Amministrazione in<span class=\"_ _2\"></span>dividua e app<span class=\"_ _2\"></span>rova la propria propensione <span class=\"_ _2\"></span>al rischio. <span class=\"_ _2\"></span>Il<span class=\"_ _3a1\"> </span>processo <span class=\"_ _1\"></span>di definizione/revisione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Risk Appetite <span class=\"_ _1\"></span>Framework <span class=\"_ _1\"></span>si affianca <span class=\"_ _1\"></span>pertanto <span class=\"_ _1\"></span>al pro<span class=\"_ _1\"></span>cesso di<span class=\"_ _3a1\"> </span>Pianificazione <span class=\"_ _38\"></span>Strat<span class=\"_ _1\"></span>egica/Operativa <span class=\"_ _1\"></span>(Bud<span class=\"_ _1\"></span>get) <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>tiene <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>o <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>valutazione <span class=\"_ _0\"></span>interna <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span>della solvibilit\u00e0. Tali elementi <span class=\"_ _1\"></span>non sono infatti disgiunti, ma si influenzano a vicenda con l\u2019obiettivo<span class=\"_ _3a1\"> </span>di <span class=\"_ _3b\"></span>ot<span class=\"_ _1\"></span>tenere <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>massimizzazione <span class=\"_ _3b\"></span>del profilo <span class=\"_ _3b\"></span>rischio \u2013 <span class=\"_ _3b\"></span>rendimento d<span class=\"_ _2\"></span>ella <span class=\"_ _3b\"></span>Compagnia. La <span class=\"_ _3b\"></span>definizione del<span class=\"_ _3a1\"> </span>RAF tiene conto dei seguenti aspett<span class=\"_ _1\"></span>i:<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a2\"> </span><span class=\"ff4\">la <span class=\"_ _1\"></span>strategia <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>Compagnia, <span class=\"_ _1\"></span>ivi <span class=\"_ _1\"></span>inclusi <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>obiettivi <span class=\"_ _1\"></span>organizzativi, <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>piano s<span class=\"_ _1\"></span>trate<span class=\"_ _1\"></span>gico, i <span class=\"_ _1\"></span>vincoli<span class=\"_ _3a1\"> </span></span>finanziari, nonch\u00e9 normativi e le aspettative degli stakeholders;<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a2\"> </span><span class=\"ff4\">gli aspetti chiave del business della Compagnia;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a2\"> </span><span class=\"ff4\">la volont\u00e0 e la capacit\u00e0 di assumere rischi;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a2\"> </span><span class=\"ff4\">le  competenze,  le  risorse  e  la  tecnologia  a  disposizione  della  Co<span class=\"_ _1\"></span>mpagnia  per  gestire  e<span class=\"_ _3a1\"> </span></span>monitorare le esposizioni al rischio.<span class=\"_ _3a1\"> </span>La <span class=\"_ _3b\"></span>pro<span class=\"_ _1\"></span>pensione al <span class=\"_ _184\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _3b\"></span>della Compagnia <span class=\"_ _3b\"></span>congiuntamente alla <span class=\"_ _3b\"></span>valutazione <span class=\"_ _3b\"></span>del sistema <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>governo<span class=\"_ _3a1\"> </span>societario adottato nonch\u00e9 alla <span class=\"_ _3b\"></span>mappatura e identificazione dei fattori di<span class=\"_ _2\"></span> rischio e ad un<span class=\"_ _2\"></span>a generale<span class=\"_ _3a1\"> </span>applicazione <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>principio <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span>sona <span class=\"_ _0\"></span>prudente, <span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ppresentano <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>principali <span class=\"_ _38\"></span>element<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>costitut<span class=\"_ _1\"></span>ivi<span class=\"_ _3a1\"> </span>alla bas<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>determinazione <span class=\"_ _1\"></span>del m<span class=\"_ _1\"></span>odello or<span class=\"_ _1\"></span>ganizzativo di <span class=\"_ _1\"></span>gestione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>rischi <span class=\"_ _1\"></span>(specifico <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>ogni<span class=\"_ _3a1\"> </span>classe di rischio).<span class=\"_ _3a1\"> </span>Nella <span class=\"_ _1\"></span>definizione <span class=\"_ _38\"></span>delle <span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>prie s<span class=\"_ _1\"></span>trategie <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>busines<span class=\"_ _1\"></span>s, <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>Compagnia valuta, <span class=\"_ _38\"></span>su <span class=\"_ _1\"></span>base<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>continuativa, <span class=\"_ _1\"></span>il<span class=\"_ _3a1\"> </span>rispetto, <span class=\"_ _38\"></span>nei <span class=\"_ _38\"></span>diversi <span class=\"_ _38\"></span>anni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>sviluppo <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>piano, <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>livelli <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>target <span class=\"_ _38\"></span>definiti <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>Risk <span class=\"_ _38\"></span>Appetite<span class=\"_ _3a1\"> </span>Framework <span class=\"_ _38\"></span>(c.d. <span class=\"_ _1\"></span>RAF), <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>fine <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>garantire <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>coerenza <span class=\"_ _38\"></span>tra <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>obiettivi <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>medio-lungo <span class=\"_ _38\"></span>periodo <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>la<span class=\"_ _3a1\"> </span>capacit\u00e0 e la <span class=\"_ _1\"></span>volont\u00e0 di assumere rischi della Compagnia stessa.<span class=\"_ _3a1\"> </span>Si declinano, di seguito, i concetti r<span class=\"_ _1\"></span>ilevanti ai fini della definizione del RAF:<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a2\"> </span><span class=\"ff4\">il <span class=\"_ _35\"> </span>Risk <span class=\"_ _0\"></span>P<span class=\"_ _1\"></span>rofile <span class=\"_ _35\"> </span>rappresenta <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _35\"> </span>effettivo <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>Com<span class=\"_ _1\"></span>pagnia <span class=\"_ _0\"></span>valutato <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>determinato<span class=\"_ _3a1\"> </span></span>istante temporale;<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a2\"> </span><span class=\"ff4\">il <span class=\"_ _3b\"></span>Risk Appetite <span class=\"_ _2\"></span>rappresenta <span class=\"_ _2\"></span>la <span class=\"_ _3b\"></span>vera e <span class=\"_ _3b\"></span>pro<span class=\"_ _1\"></span>pria <span class=\"_ _3b\"></span>propensione al <span class=\"_ _3b\"></span>rischio d<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>parte della <span class=\"_ _3b\"></span>Compagnia<span class=\"_ _3a1\"> </span></span>e <span class=\"_ _1\"></span>costituisce, <span class=\"_ _1\"></span>quindi, <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>livello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ssa <span class=\"_ _1\"></span>intende <span class=\"_ _1\"></span>assumere <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>perseguiment<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>dei<span class=\"_ _3a1\"> </span>suoi obiettivi strategici;<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a2\"> </span><span class=\"ff4\">la  Risk  Tolerance  indi<span class=\"_ _2\"></span>vidua  la  soglia  mas<span class=\"_ _2\"></span>sima  di  tolleranza  d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>l  rischio,  fissata  al<span class=\"_ _3b\"></span>  fine  di<span class=\"_ _3a1\"> </span></span>assicurare <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>Compagnia <span class=\"_ _1\"></span>margini <span class=\"_ _38\"></span>sufficienti <span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>operare <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ia <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>fase <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>normale <span class=\"_ _1\"></span>corso<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>degli<span class=\"_ _3a1\"> </span>affari sia in condizioni di mercato particolar<span class=\"_ _1\"></span>mente stressate;<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a2\"> </span><span class=\"ff4\">la  Risk  Capacity,  invece,  r<span class=\"_ _1\"></span>appresenta  il  massimo  rischio  assumibile <span class=\"_ _3d\"> </span>dalla  Compagnia;  \u00e8<span class=\"_ _3a1\"> </span></span>costituito <span class=\"_ _0\"></span>quindi <span class=\"_ _0\"></span>dal <span class=\"_ _35\"> </span>liv<span class=\"_ _2\"></span>ello <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>rischio <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>essa <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>grado <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>assumere <span class=\"_ _0\"> </span>a <span class=\"_ _35\"> </span>suo <span class=\"_ _0\"></span>carico <span class=\"_ _0\"></span>senza<span class=\"_ _3a1\"> </span>violare i requisiti regolamentari o gli altri vincoli imposti dall\u2019autorit\u00e0 <span class=\"_ _1\"></span>di vigilanza.<span class=\"_ _3a1\"> </span>Nella <span class=\"_ _1\"></span>definizione <span class=\"_ _38\"></span>delle <span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>prie s<span class=\"_ _1\"></span>trategie <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>busines<span class=\"_ _1\"></span>s, <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>Compagnia valuta, <span class=\"_ _38\"></span>su <span class=\"_ _1\"></span>base<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>continuativa, <span class=\"_ _1\"></span>il<span class=\"_ _3a1\"> </span>rispetto, <span class=\"_ _38\"></span>nei <span class=\"_ _38\"></span>diversi <span class=\"_ _38\"></span>anni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>sviluppo <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>piano, <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>livelli <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>target <span class=\"_ _38\"></span>definiti <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>Risk <span class=\"_ _38\"></span>Appetite<span class=\"_ _3a1\"> </span>Framework, <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fine <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>garantire <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>coerenza <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>obiettivi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>medio-lungo <span class=\"_ _1\"></span>periodo <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>capacit\u00e0 <span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span>la volont\u00e0 <span class=\"_ _1\"></span>di ass<span class=\"_ _1\"></span>umere r<span class=\"_ _1\"></span>ischi. In <span class=\"_ _1\"></span>particolare <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>piano str<span class=\"_ _1\"></span>ategico, partendo <span class=\"_ _1\"></span>dal profilo <span class=\"_ _1\"></span>di r<span class=\"_ _1\"></span>ischio dell<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span>Compagnia al momento della redaz<span class=\"_ _2\"></span>ione del piano stesso, tiene conto del rischio <span class=\"_ _2\"></span>assumibile senza<span class=\"_ _3a1\"> </span>violare <span class=\"_ _1\"></span>i requisiti <span class=\"_ _1\"></span>regolament<span class=\"_ _1\"></span>ari o <span class=\"_ _1\"></span>altri <span class=\"_ _1\"></span>vincoli <span class=\"_ _1\"></span>imposti <span class=\"_ _1\"></span>dall\u2019Autorit\u00e0 <span class=\"_ _1\"></span>di Vigilanza, <span class=\"_ _1\"></span>l\u2019appetito <span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>ischio<span class=\"_ _3a1\"> </span>(ovvero <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>livello <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>sa <span class=\"_ _0\"></span>inte<span class=\"_ _1\"></span>nde <span class=\"_ _35\"> </span>a<span class=\"_ _2\"></span>ssumere <span class=\"_ _35\"> </span>per <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>perseguimento <span class=\"_ _0\"></span>dei <span class=\"_ _35\"> </span>suoi <span class=\"_ _35\"> </span>obiettivi<span class=\"_ _3a1\"> </span>strategici) e<span class=\"_ _1\"></span> la <span class=\"_ _1\"></span>tolleranza al <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>(ovvero <span class=\"_ _1\"></span>la so<span class=\"_ _1\"></span>glia massima <span class=\"_ _1\"></span>di scosta<span class=\"_ _1\"></span>mento rispetto <span class=\"_ _1\"></span>all\u2019appetito<span class=\"_ _3a1\"> </span>al rischio) fissate  dal Consiglio di Amministrazione.<span class=\"_ _3a1\"> </span>La <span class=\"_ _38\"></span>Compagnia <span class=\"_ _38\"></span>ha <span class=\"_ _0\"></span>inoltre <span class=\"_ _38\"></span>definito <span class=\"_ _38\"></span>una <span class=\"_ _0\"></span>Politica <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Gestione <span class=\"_ _0\"></span>del <span class=\"_ _1\"></span>Capitale <span class=\"_ _0\"></span>e <span class=\"_ _1\"></span>un <span class=\"_ _0\"></span>Piano <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Gestione <span class=\"_ _38\"></span>del<span class=\"_ _3a1\"> </span>Capitale <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>cui <span class=\"_ _1\"></span>scopo <span class=\"_ _1\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>quello <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>adot<span class=\"_ _1\"></span>tare <span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>cedure <span class=\"_ _1\"></span>atte <span class=\"_ _1\"></span>ad <span class=\"_ _38\"></span>accertare <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>salvaguardia <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>requisiti<span class=\"_ _3a1\"> </span>regolamentari  e  dei<span class=\"_ _3b\"></span>  livelli  obiettivo  d<span class=\"_ _2\"></span>i  Risk <span class=\"_ _35\"> </span>Appetite  nonch\u00e9  d<span class=\"_ _2\"></span>i  garantire  ch<span class=\"_ _2\"></span>e,  sia <span class=\"_ _35\"> </span>al  momento<span class=\"_ _3a1\"> </span>dell\u2019emissione che<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>uccessivamente, g<span class=\"_ _2\"></span>li <span class=\"_ _3b\"></span>elementi dei <span class=\"_ _3b\"></span>Fondi <span class=\"_ _3b\"></span>Propri a <span class=\"_ _3b\"></span>cui <span class=\"_ _3b\"></span>l\u2019impresa intende <span class=\"_ _3b\"></span>attingere<span class=\"_ _3a1\"> </span>al fine di realizzare gli obiettivi di business stabiliti in se<span class=\"_ _1\"></span>de di pianificazione strategica, soddisfino i<span class=\"_ _3a1\"> </span>requisiti <span class=\"_ _0\"></span>regolamentari <span class=\"_ _38\"></span>definiti <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>EIOPA <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>siano <span class=\"_ _0\"></span>correttamente <span class=\"_ _38\"></span>classificati. <span class=\"_ _38\"></span>Tale <span class=\"_ _0\"></span>Piano <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>redatto<span class=\"_ _3a1\"> </span>coerentemente  co<span class=\"_ _1\"></span>n  le  r<span class=\"_ _1\"></span>isultanze  della  valutazione  prospe<span class=\"_ _1\"></span>ttica  dei  rischi  s<span class=\"_ _1\"></span>econdo  l\u2019approccio<span class=\"_ _3a1\"> </span>Solvency <span class=\"_ _35\"> </span>II <span class=\"_ _0\"></span>(c.d <span class=\"_ _35\"> </span>ORSA), <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>gli <span class=\"_ _35\"> </span>obiettivi <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>metodologie <span class=\"_ _35\"> </span>stabilite <span class=\"_ _35\"> </span>nella <span class=\"_ _35\"> </span>Politica <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>Gestione <span class=\"_ _35\"> </span>del<span class=\"_ _3a1\"> </span>Capitale <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>con <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>quisiti <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>solvibilit\u00e0 <span class=\"_ _37\"> </span>stabiliti <span class=\"_ _37\"> </span>dal <span class=\"_ _37\"> </span>Regolatore, <span class=\"_ _37\"> </span>al <span class=\"_ _3d\"> </span>fine <span class=\"_ _36\"> </span>di <span class=\"_ _3d\"> </span>garantire <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>solidit\u00e0<span class=\"_ _3a1\"> </span>patrimoniale della Compagnia nell\u2019esercizio della propria <span class=\"_ _1\"></span>attivit\u00e0 e nei suoi possibili sviluppi futuri.<span class=\"_ _3a1\"> </span>o<span class=\"_ _3a1\"> </span>Indicatori <span class=\"_ _1\"></span>di Rischio<span class=\"_ _3a1\"> </span>In <span class=\"_ _3a\"> </span>coerenza <span class=\"_ _3a\"> </span>con <span class=\"_ _3f\"> </span>quanto <span class=\"_ _3a\"> </span>disciplinato <span class=\"_ _3a\"> </span>nel <span class=\"_ _3a\"> </span>Regolamento <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>Risk <span class=\"_ _3f\"> </span>Appetit<span class=\"_ _1\"></span>e <span class=\"_ _3a\"> </span>Framework <span class=\"_ _3a\"> </span>della<span class=\"_ _3a1\"> </span>Compagnia, <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>gestione <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>ottica <span class=\"_ _35\"> </span>attuale <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>prospettica <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>Compagnia <span class=\"_ _0\"></span>si <span class=\"_ _35\"> </span>basa <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>ulla<span class=\"_ _3a1\"> </span>definizione di indicatori per ogni categor<span class=\"_ _1\"></span>ia di rischio valutata come rilevante.<span class=\"_ _3a1\"> </span>Gli indicatori sono ulteriormente suddivisi in:<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a2\"> </span><span class=\"ff4\">indicatori <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>I\u00b0 <span class=\"_ _3d\"> </span>livello:  s<span class=\"_ _1\"></span>ono <span class=\"_ _3d\"> </span>indicatori <span class=\"_ _3d\"> </span>finalizzati <span class=\"_ _3d\"> </span>principalmente <span class=\"_ _37\"> </span>al  ris<span class=\"_ _1\"></span>petto <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>vincoli <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span></span>solvibilit\u00e0, <span class=\"_ _35\"> </span>liquidit\u00e0  e <span class=\"_ _35\"> </span>redditivit\u00e0.  Sono <span class=\"_ _35\"> </span>indicatori  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>poss<span class=\"_ _1\"></span>ibili <span class=\"_ _35\"> </span>impat<span class=\"_ _1\"></span>ti  n<span class=\"_ _2\"></span>egativi  e <span class=\"_ _35\"> </span>forniscono<span class=\"_ _3a1\"> </span>avvertimenti <span class=\"_ _1\"></span>atti ad <span class=\"_ _1\"></span>identificare <span class=\"_ _1\"></span>potenziali e<span class=\"_ _1\"></span>venti dannosi <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>minacciano il r<span class=\"_ _1\"></span>aggiungimento<span class=\"_ _3a1\"> </span>degli  obiettivi  e  la  continu<span class=\"_ _2\"></span>it\u00e0  del  Business.  Tali  indic<span class=\"_ _2\"></span>atori  sono  integrati  all\u2019interno  della<span class=\"_ _3a1\"> </span>Regolamento di Risk <span class=\"_ _2\"></span>Appetire Framework della Compagnia <span class=\"_ _2\"></span>e ad <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ssi viene associato <span class=\"_ _2\"></span>un Risk<span class=\"_ _3a1\"> </span>Appetite,  una  Risk  To<span class=\"_ _1\"></span>lerance  e  una  Risk  Capacity  e  il  relativo  sistema  di  Risk  Appetite<span class=\"_ _3a1\"> </span>Statement;<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a2\"> </span><span class=\"ff4\">indicatori <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>ear<span class=\"_ _1\"></span>ly <span class=\"_ _0\"></span>warning: <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>fine <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>effettuare <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>monitoraggio <span class=\"_ _0\"></span>preventivo <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>nel <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>inuo<span class=\"_ _3a1\"> </span></span>sugli <span class=\"_ _38\"></span>indicatori <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>so<span class=\"_ _1\"></span>lvibilit\u00e0 <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _38\"></span>stati <span class=\"_ _38\"></span>inoltre <span class=\"_ _38\"></span>definiti <span class=\"_ _38\"></span>degli <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>dicatori <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>early <span class=\"_ _38\"></span>warnig <span class=\"_ _0\"></span>vol<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>ad<span class=\"_ _3a1\"> </span>intercettare fenomeni e/o eventi di potenziale elevata <span class=\"_ _1\"></span>criticit\u00e0 e/o attenzione;<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a2\"> </span><span class=\"ff4\">indicatori <span class=\"_ _1\"></span>di <span class=\"_ _0\"></span>II<span class=\"_ _2\"></span>\u00b0 <span class=\"_ _38\"></span>livello: <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>indicat<span class=\"_ _1\"></span>ori <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>tipo <span class=\"_ _38\"></span>operativo/gestionali <span class=\"_ _38\"></span>funzionali <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>irrobustir<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>le<span class=\"_ _3a1\"> </span></span>attivit\u00e0 <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>monitoraggio <span class=\"_ _39\"> </span>dei <span class=\"_ _39\"> </span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _36\"> </span>e<span class=\"_ _1\"></span>d <span class=\"_ _39\"> </span>eventualmente <span class=\"_ _39\"> </span>fornire <span class=\"_ _39\"> </span>segnali <span class=\"_ _39\"> </span>preventivi <span class=\"_ _39\"> </span>ad <span class=\"_ _39\"> </span>un<span class=\"_ _3a1\"> </span>potenziale deterioramento delle <span class=\"_ _3b\"></span>metr<span class=\"_ _1\"></span>iche di I<span class=\"_ _2\"></span>\u00b0 Livello. <span class=\"_ _2\"></span>Tali ind<span class=\"_ _2\"></span>icatori sono integrati<span class=\"_ _2\"></span> all\u2019interno<span class=\"_ _3a1\"> </span>del Regolamento di Risk Appetite Framework della Compagnia.<span class=\"_ _3a1\"> </span>Nell\u2019ambito <span class=\"_ _3b\"></span>gene<span class=\"_ _1\"></span>rale <span class=\"_ _3b\"></span>del <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>istema <span class=\"_ _184\"></span>di <span class=\"_ _2\"></span>gestione d<span class=\"_ _2\"></span>ei <span class=\"_ _3b\"></span>rischi <span class=\"_ _3b\"></span>la <span class=\"_ _2\"></span>Compagnia <span class=\"_ _3b\"></span>definisce <span class=\"_ _3b\"></span>inoltr<span class=\"_ _1\"></span>e <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>pecifici <span class=\"_ _3b\"></span>limiti<span class=\"_ _3a1\"> </span>operativi  funzionali<span class=\"_ _2\"></span>  alla <span class=\"_ _35\"> </span>gest<span class=\"_ _1\"></span>ione  (ad <span class=\"_ _35\"> </span>es<span class=\"_ _1\"></span>.  limi<span class=\"_ _2\"></span>ti  in <span class=\"_ _35\"> </span>term<span class=\"_ _1\"></span>ini  d<span class=\"_ _2\"></span>i  esposizione, <span class=\"_ _35\"> </span>concentr<span class=\"_ _1\"></span>azione, <span class=\"_ _35\"> </span>et<span class=\"_ _1\"></span>c.)<span class=\"_ _3a1\"> </span>coerenti con l\u2019appetito al rischio della Compagnia. Il <span class=\"_ _35\"> </span>princip<span class=\"_ _2\"></span>ale <span class=\"_ _35\"> </span>indicatore <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>I\u00b0 <span class=\"_ _0\"></span>Livello <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>Compagnia <span class=\"_ _0\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>Solv<span class=\"_ _2\"></span>ency <span class=\"_ _35\"> </span>II <span class=\"_ _0\"></span>Ratio <span class=\"_ _35\"> </span>ovvero <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>rapporto <span class=\"_ _0\"></span>tra<span class=\"_ _3a1\"> </span>Eligible Capital <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Solvency <span class=\"_ _1\"></span>Capital <span class=\"_ _1\"></span>Requirement. <span class=\"_ _1\"></span>La <span class=\"_ _1\"></span>Com<span class=\"_ _1\"></span>pagnia, nel <span class=\"_ _1\"></span>2024, <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>prefigge <span class=\"_ _1\"></span>l\u2019obiettivo <span class=\"_ _1\"></span>di<div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19cd\">avere <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>livello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Capitale <span class=\"_ _1\"></span>Economico <span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>guato <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>linea <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>biettivi <span class=\"_ _1\"></span>strategici, <span class=\"_ _1\"></span>superiore<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ad </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19ce\">un pre<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19cf\">fissato livello di Solvency Ratio come di se<span class=\"_ _1\"></span>guito riportato: </div><div class=\"t m2 h23 ff1a fs2 fc1 sc0 ls0 ws0 gs19d0\">-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Risk Appetite<span class=\"_ _1\"></span>: 150%; </span></span></div><div class=\"t m2 h23 ff1a fs2 fc1 sc0 ls0 ws0 gs19d1\">-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Risk Toler<span class=\"_ _1\"></span>ance: 125%; </span></span></div><div class=\"t m2 h23 ff1a fs2 fc1 sc0 ls0 ws0 gs19d2\">-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Risk Capacity: 10<span class=\"_ _1\"></span>5%. </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19d3\">Nell\u2019ambito  della <span class=\"_ _35\"> </span>definizione  del <span class=\"_ _35\"> </span>RAF  risulta  nece<span class=\"_ _2\"></span>ssario  fissare <span class=\"_ _35\"> </span>il  liv<span class=\"_ _2\"></span>ello  di <span class=\"_ _35\"> </span>rischio  che,  se <span class=\"_ _35\"> </span>non </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19d4\">rispettato <span class=\"_ _1\"></span>dal Risk Profile della <span class=\"_ _1\"></span>Compagnia, necessita di <span class=\"_ _1\"></span>interventi correttivi. Le s<span class=\"_ _1\"></span>oglie individuano </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19d5\">dunque <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>binari <span class=\"_ _3d\"> </span>all<span class=\"_ _1\"></span>\u2019interno <span class=\"_ _37\"> </span>dei <span class=\"_ _3d\"> </span>quali <span class=\"_ _37\"> </span>la <span class=\"_ _3d\"> </span>Compagnia <span class=\"_ _37\"> </span>pu\u00f2 <span class=\"_ _37\"> </span>condurre <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>sua <span class=\"_ _3d\"> </span>azione<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>finalizzata <span class=\"_ _37\"> </span>al </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19d6\">raggiungimento <span class=\"_ _38\"></span>degli <span class=\"_ _1\"></span>obiet<span class=\"_ _1\"></span>tivi <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>business. <span class=\"_ _38\"></span>La <span class=\"_ _38\"></span>violazione <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>queste <span class=\"_ _38\"></span>soglie <span class=\"_ _38\"></span>richieda <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>processo <span class=\"_ _38\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19d7\">escalation <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>parte della <span class=\"_ _1\"></span>Compagnia <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>definizione <span class=\"_ _1\"></span>di specifici <span class=\"_ _1\"></span>piani di <span class=\"_ _1\"></span>inter<span class=\"_ _1\"></span>vento <span class=\"_ _1\"></span>per fare <span class=\"_ _1\"></span>fronte </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19d8\">alla situazione. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs19d9\">Monitoraggio e<span class=\"_ _1\"></span> Reporting </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19da\">Il modello organizzativo d<span class=\"_ _2\"></span>i gestione del rischio di <span class=\"_ _2\"></span>Credem<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19db\">vita coinv<span class=\"_ _2\"></span>olge tutte le strutture aziendali<span class=\"_ _2\"></span>, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19dc\">dalle <span class=\"_ _1\"></span>funzioni <span class=\"_ _1\"></span>operat<span class=\"_ _1\"></span>ive <span class=\"_ _1\"></span>(coinvolte <span class=\"_ _1\"></span>nella <span class=\"_ _38\"></span>gestione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>chi s<span class=\"_ _1\"></span>ui <span class=\"_ _1\"></span>processi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>propr<span class=\"_ _1\"></span>ia <span class=\"_ _1\"></span>competenza) <span class=\"_ _1\"></span>ai </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19dd\">Comitati fino al Consiglio di Amministrazione, ivi incluse le F<span class=\"_ _1\"></span>unzioni Fondamentali. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19de\">In <span class=\"_ _0\"></span>tale <span class=\"_ _35\"> </span>contesto, <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>funzione <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>Risk <span class=\"_ _0\"></span>Management <span class=\"_ _0\"></span>funge <span class=\"_ _35\"> </span>inoltre <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>coordinatore <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19df\">monitoraggio <span class=\"_ _3f\"> </span>dei <span class=\"_ _3f\"> </span>ris<span class=\"_ _1\"></span>chi. <span class=\"_ _3f\"> </span>Pi\u00f9 <span class=\"_ _3f\"> </span>in <span class=\"_ _3f\"> </span>particolare, <span class=\"_ _3f\"> </span>concorre <span class=\"_ _3f\"> </span>alla <span class=\"_ _3a\"> </span>defini<span class=\"_ _2\"></span>zione <span class=\"_ _3f\"> </span>delle <span class=\"_ _3a\"> </span>metodologie <span class=\"_ _3f\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19e0\">misurazione <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>limiti <span class=\"_ _0\"></span>(sia <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>RAF <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>operativi<span class=\"_ _2\"></span>), <span class=\"_ _0\"></span>definendo <span class=\"_ _38\"></span>appropriat<span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>procedure <span class=\"_ _38\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19e1\">verifica,  ed <span class=\"_ _35\"> </span>ha  il <span class=\"_ _35\"> </span>compito  di <span class=\"_ _35\"> </span>validare  i <span class=\"_ _35\"> </span>flussi  informativi <span class=\"_ _35\"> </span>dell\u2019attivit\u00e0  di<span class=\"_ _2\"></span>  monitoraggio <span class=\"_ _35\"> </span>dei  rischi, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19e2\">predisporre la re<span class=\"_ _1\"></span>portistica per i vertici aziendali e ver<span class=\"_ _1\"></span>ificare la coer<span class=\"_ _1\"></span>enza dei modelli di misurazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19e3\">dei rischi con l\u2019operativit\u00e0 svolta dall\u2019impresa. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19e4\">I rischi <span class=\"_ _1\"></span>sono monitorati <span class=\"_ _1\"></span>in maniera continuativa dalla <span class=\"_ _1\"></span>funzione di Risk <span class=\"_ _1\"></span>Management e <span class=\"_ _1\"></span>dalle s<span class=\"_ _1\"></span>ingole<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19e5\">funzioni co<span class=\"_ _1\"></span>mpetenti; <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fine \u00e8<span class=\"_ _1\"></span> st<span class=\"_ _1\"></span>ato <span class=\"_ _1\"></span>sviluppato e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>affinato <span class=\"_ _1\"></span>progressivamente <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>repor<span class=\"_ _1\"></span>ting <span class=\"_ _1\"></span>relativo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19e6\">all\u2019evoluzione dei <span class=\"_ _3b\"></span>ris<span class=\"_ _1\"></span>chi <span class=\"_ _2\"></span>nei conf<span class=\"_ _2\"></span>ronti d<span class=\"_ _2\"></span>el Consiglio <span class=\"_ _3b\"></span>di Amministrazione, <span class=\"_ _2\"></span> del <span class=\"_ _3b\"></span>Comitato Consiliare <span class=\"_ _3b\"></span>pe<span class=\"_ _1\"></span>r </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19e7\">i Controlli Interni e i Rischi della Compagnia, del Comitato <span class=\"_ _1\"></span>Investimenti e ALM, dell\u2019Alta Direzione e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19e8\">delle <span class=\"_ _2\"></span>strutture ope<span class=\"_ _2\"></span>rative co<span class=\"_ _2\"></span>mpetenti <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fine <span class=\"_ _3b\"></span>di migli<span class=\"_ _2\"></span>orare<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _3b\"></span>com<span class=\"_ _1\"></span>unic<span class=\"_ _2\"></span>azione d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>risultati e <span class=\"_ _3b\"></span>consentire </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19e9\">una maggior comprensione delle tematiche connesse alla valutazione dei r<span class=\"_ _1\"></span>ischi. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19ea\">Il modello di gestione dei rischi adottato <span class=\"_ _1\"></span>da Credemvita \u00e8 caratterizzato da: </div><div class=\"t m2 h23 ff1a fs2 fc1 sc0 ls0 ws0 gs19eb\">-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">una fase di aggiornamento degli <span class=\"_ _2\"></span>indicatori di rischio e/o dei <span class=\"_ _2\"></span>limiti (sia <span class=\"_ _2\"></span>di RAF sia <span class=\"_ _2\"></span>operativi) per il </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19ec\">governo  del <span class=\"_ _35\"> </span>rischio  a <span class=\"_ _35\"> </span>seconda <span class=\"_ _35\"> </span>delle  esigenze  organizzative<span class=\"_ _2\"></span>  e/o  a<span class=\"_ _3b\"></span>  seguito  di<span class=\"_ _2\"></span>  variazioni <span class=\"_ _35\"> </span>del </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19ed\">contesto <span class=\"_ _0\"></span>interno <span class=\"_ _0\"></span>o <span class=\"_ _38\"></span>esterno, <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>qualora <span class=\"_ _0\"></span>non <span class=\"_ _38\"></span>siano <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>linea <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>profilo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>richiesto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19ee\">dall\u2019Organo Amministrativo; </div><div class=\"t m2 h23 ff1a fs2 fc1 sc0 ls0 ws0 gs19ef\">-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">una <span class=\"_ _1\"></span>conseguent<span class=\"_ _1\"></span>e a<span class=\"_ _1\"></span>ttivit\u00e0 di <span class=\"_ _1\"></span>monitoraggio <span class=\"_ _1\"></span>degli <span class=\"_ _1\"></span>indicatori <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>limiti <span class=\"_ _1\"></span>operativi <span class=\"_ _1\"></span>e di <span class=\"_ _1\"></span>gover<span class=\"_ _1\"></span>no del </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19f0\">rischio. <span class=\"_ _3d\"> </span>Le <span class=\"_ _37\"> </span>attivit\u00e0 <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>monito<span class=\"_ _1\"></span>raggio <span class=\"_ _3d\"> </span>si <span class=\"_ _37\"> </span>sostanziano <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>specifici <span class=\"_ _37\"> </span>presidi <span class=\"_ _37\"> </span>organizzativi <span class=\"_ _3d\"> </span>att<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>a </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19f1\">garantire il r<span class=\"_ _1\"></span>ispetto dei <span class=\"_ _1\"></span>limiti stessi, ad <span class=\"_ _1\"></span>attivare tempestivi <span class=\"_ _1\"></span>processi di segnalazione <span class=\"_ _1\"></span>a fronte di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19f2\">eventuali  r<span class=\"_ _1\"></span>ilevazioni  di <span class=\"_ _3d\"> </span>superame<span class=\"_ _1\"></span>nto  e<span class=\"_ _1\"></span>  a<span class=\"_ _1\"></span>  definire<span class=\"_ _1\"></span>  s<span class=\"_ _1\"></span>pecifici  piani <span class=\"_ _3d\"> </span>di  rie<span class=\"_ _1\"></span>ntro <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>seguito <span class=\"_ _3d\"> </span>delle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19f3\">segnalazioni stesse. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19f4\">Nell\u2019ambito <span class=\"_ _39\"> </span>del <span class=\"_ _36\"> </span>sistem<span class=\"_ _1\"></span>a <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>gestione <span class=\"_ _39\"> </span>dei <span class=\"_ _36\"> </span>rischi <span class=\"_ _39\"> </span>e <span class=\"_ _36\"> </span>coerentemente <span class=\"_ _39\"> </span>con <span class=\"_ _39\"> </span>quanto <span class=\"_ _36\"> </span>previsto <span class=\"_ _39\"> </span>dalla </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19f5\">Normativa,  il  Consiglio  di  Amministrazione  ha  formalizzato  un  set  di  politiche,  regolamenti  e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19f6\">allegati, <span class=\"_ _38\"></span>che, <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>elativamente <span class=\"_ _0\"></span>ad <span class=\"_ _1\"></span>ognuno <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>gli <span class=\"_ _38\"></span>ambiti <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischiosit\u00e0 <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>insistono <span class=\"_ _38\"></span>sulla <span class=\"_ _38\"></span>Com<span class=\"_ _1\"></span>pagnia, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19f7\">dettagliano <span class=\"_ _0\"></span>gli <span class=\"_ _35\"> </span>obiettivi, <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>compi<span class=\"_ _1\"></span>ti, <span class=\"_ _0\"></span>le <span class=\"_ _35\"> </span>responsabilit\u00e0, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>proce<span class=\"_ _1\"></span>sso <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>definiscono <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>str<span class=\"_ _1\"></span>umenti <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>le </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19f8\">procedure, anc<span class=\"_ _2\"></span>he d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>eporting, necessarie <span class=\"_ _3b\"></span>ad ind<span class=\"_ _2\"></span>ividuare e <span class=\"_ _3b\"></span>conseguentemente gestire <span class=\"_ _3b\"></span>ogni ambi<span class=\"_ _2\"></span>to </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19f9\">di rischio. <span class=\"_ _1\"></span>Tali doc<span class=\"_ _1\"></span>umenti, inoltr<span class=\"_ _1\"></span>e, hanno <span class=\"_ _1\"></span>l\u2019obiettivo <span class=\"_ _1\"></span>pi\u00f9 gene<span class=\"_ _1\"></span>rale di <span class=\"_ _1\"></span>contribuire <span class=\"_ _1\"></span>alla diffusione <span class=\"_ _1\"></span>della </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19fa\">cultura del controllo e di gestione dei rischi all\u2019interno <span class=\"_ _1\"></span>della societ\u00e0. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19fb\">Il <span class=\"_ _0\"></span>rispetto <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>l\u2019appl<span class=\"_ _2\"></span>icazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>documenti <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>garant<span class=\"_ _1\"></span>iti <span class=\"_ _0\"></span>dal<span class=\"_ _2\"></span>la <span class=\"_ _0\"></span>presenza <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>Sistema <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>Controlli<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19fc\">Interni <span class=\"_ _3f\"> </span>costituito <span class=\"_ _3f\"> </span>da <span class=\"_ _3a\"> </span>un<span class=\"_ _2\"></span> <span class=\"_ _3f\"> </span>insieme <span class=\"_ _3a\"> </span>di <span class=\"_ _39\"> </span>r<span class=\"_ _1\"></span>egole, <span class=\"_ _3f\"> </span>procedure <span class=\"_ _3f\"> </span>e <span class=\"_ _3f\"> </span>tecniche <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>controllo <span class=\"_ _3f\"> </span>e <span class=\"_ _3a\"> </span>strutture </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19fd\">organizzative volto ad assicurare il corretto funzionamento<span class=\"_ _1\"></span> ed il buon andamento dell\u2019impresa.  </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs19fe\">Analisi dei risch<span class=\"_ _1\"></span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19ff\">La Compagnia <span class=\"_ _2\"></span>ha definito ai sensi <span class=\"_ _2\"></span>della Regolamentaz<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a00\">ione d<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a01\">i settore, un <span class=\"_ _3b\"></span>pr<span class=\"_ _1\"></span>ocesso di <span class=\"_ _2\"></span>valutazione e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a02\">analisi dei <span class=\"_ _1\"></span>rischi che <span class=\"_ _1\"></span>include <span class=\"_ _1\"></span>sia una <span class=\"_ _1\"></span>valutazione <span class=\"_ _1\"></span>qualitativa sia, <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>quelli quantificabili, <span class=\"_ _1\"></span>l\u2019adozione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a03\">di <span class=\"_ _38\"></span>me<span class=\"_ _1\"></span>todologie <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>misurazione <span class=\"_ _38\"></span>dell\u2019esposizione <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischio, <span class=\"_ _38\"></span>incluso, <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>sistema <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>determinazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a04\">dell\u2019ammontare <span class=\"_ _1\"></span>della massima <span class=\"_ _1\"></span>perdita <span class=\"_ _1\"></span>potenziale sia <span class=\"_ _1\"></span>in ottica <span class=\"_ _1\"></span>attuale <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>prospettica. Tali anali<span class=\"_ _1\"></span>si </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a05\">consento di <span class=\"_ _3b\"></span>effett<span class=\"_ _1\"></span>uare <span class=\"_ _3b\"></span>in maniera c<span class=\"_ _2\"></span>ontinuativa un<span class=\"_ _2\"></span>a profilazione <span class=\"_ _3b\"></span>dei rischi a<span class=\"_ _2\"></span> cu<span class=\"_ _2\"></span>i l\u2019i<span class=\"_ _2\"></span>mpresa \u00e8 <span class=\"_ _3b\"></span>es<span class=\"_ _1\"></span>posta.<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a06\">Si <span class=\"_ _1\"></span>specifica <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>Com<span class=\"_ _1\"></span>pagnia <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>valutazioni <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>requisito <span class=\"_ _38\"></span>patrimoniale <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>lvibilit\u00e0 s<span class=\"_ _1\"></span>econdo <span class=\"_ _1\"></span>il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a07\">regime <span class=\"_ _0\"></span>no<span class=\"_ _2\"></span>rmativo <span class=\"_ _38\"></span>So<span class=\"_ _1\"></span>lvency <span class=\"_ _38\"></span>II <span class=\"_ _0\"></span>utili<span class=\"_ _2\"></span>zza <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>Formula <span class=\"_ _38\"></span>Sta<span class=\"_ _1\"></span>ndard <span class=\"_ _38\"></span>conformemente <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>anto <span class=\"_ _0\"></span>definito <span class=\"_ _38\"></span>nel </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a08\">Regolamento <span class=\"_ _3f\"> </span>delegato <span class=\"_ _39\"> </span>(UE) <span class=\"_ _39\"> </span>201<span class=\"_ _1\"></span>9/981 <span class=\"_ _39\"> </span>de<span class=\"_ _1\"></span>lla <span class=\"_ _39\"> </span>Commissione. <span class=\"_ _39\"> </span>Pe<span class=\"_ _1\"></span>rtanto, <span class=\"_ _39\"> </span>le <span class=\"_ _3f\"> </span>valutazioni <span class=\"_ _39\"> </span>attuali <span class=\"_ _39\"> </span>e </div>prospettiche  dei  rischi  tengono  c<span class=\"_ _2\"></span>onto  di  tutti <span class=\"_ _35\"> </span>i  rischi,  compresi  nel  fra<span class=\"_ _2\"></span>mework  della  Formula<span class=\"_ _3a1\"> </span>Standard, a cui l\u2019impresa \u00e8 esposta. Al fine di valutare nel continuo la propria situazione di solvib<span class=\"_ _2\"></span>ilit\u00e0, la Compagnia provvede inoltre su<span class=\"_ _3a1\"> </span>base <span class=\"_ _38\"></span>trimestrale <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>calcolo <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>proprio <span class=\"_ _38\"></span>Requisito <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Capitale, <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>determinazione <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>Fondi <span class=\"_ _38\"></span>Propri<span class=\"_ _3a1\"> </span>Ammissibili <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>elativa <span class=\"_ _38\"></span>qualit\u00e0 <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>composizione, <span class=\"_ _38\"></span>verificando <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>contempo <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>ris<span class=\"_ _1\"></span>petto <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>limiti<span class=\"_ _3a1\"> </span>operativi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>propensione<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>ris<span class=\"_ _1\"></span>chio. <span class=\"_ _0\"></span>Specifiche <span class=\"_ _0\"></span>valutazioni <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>stress <span class=\"_ _0\"></span>test <span class=\"_ _0\"> </span>e <span class=\"_ _35\"> </span>sensitivity <span class=\"_ _0\"></span>vengo<span class=\"_ _3a1\"> </span>effettuate con la stes<span class=\"_ _1\"></span>sa frequenza sulle grandezze patrimo<span class=\"_ _1\"></span>niali. Adeguata documentazione viene<span class=\"_ _3a1\"> </span>rendicontata <span class=\"_ _39\"> </span>al <span class=\"_ _36\"> </span>Consiglio <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>Amm<span class=\"_ _1\"></span>inistrazione <span class=\"_ _36\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>trasmessa <span class=\"_ _39\"> </span>all\u2019<span class=\"_ _2\"></span>Organo <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>Vigilanza <span class=\"_ _36\"> </span>tramite<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>i<span class=\"_ _3a1\"> </span>Quantitative <span class=\"_ _0\"></span>Reporting <span class=\"_ _38\"></span>Template <span class=\"_ _0\"></span>(QRT).<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>Con <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>stessa<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>frequ<span class=\"_ _2\"></span>enza <span class=\"_ _0\"></span>viene <span class=\"_ _38\"></span>verificato <span class=\"_ _0\"></span>il <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ispetto <span class=\"_ _38\"></span>degli<span class=\"_ _3a1\"> </span>indicatori di I\u00b0 e di II\u00b0 Livello declinati nel Rego<span class=\"_ _1\"></span>lamento di Risk Appetite Framework. Qualora <span class=\"_ _0\"></span>nell\u2019ambito <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>diverse <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>monitoraggio <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>ffettuate <span class=\"_ _0\"></span>dalla <span class=\"_ _38\"></span>Compagnia <span class=\"_ _0\"></span>dovessero<span class=\"_ _3a1\"> </span>emergere <span class=\"_ _35\"> </span>scostamenti <span class=\"_ _35\"> </span>continuativi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>/o <span class=\"_ _35\"> </span>significativi <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>profilo  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>rispetto <span class=\"_ _35\"> </span>all\u2019App<span class=\"_ _2\"></span>etito <span class=\"_ _35\"> </span>al<span class=\"_ _3a1\"> </span>Rischio d<span class=\"_ _2\"></span>ell\u2019impresa, scostamenti <span class=\"_ _3b\"></span>significativi rispetto <span class=\"_ _3b\"></span>alle princip<span class=\"_ _2\"></span>ali i<span class=\"_ _2\"></span>potesi tecnich<span class=\"_ _2\"></span>e/finanziarie/di<span class=\"_ _3a1\"> </span>mercato/di <span class=\"_ _35\"> </span>prodotto <span class=\"_ _0\"></span>definite <span class=\"_ _35\"> </span>n<span class=\"_ _3b\"></span>ell\u2019ambito <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>P<span class=\"_ _1\"></span>iano <span class=\"_ _0\"></span>Strategico <span class=\"_ _35\"> </span>(<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>quin<span class=\"_ _2\"></span>di <span class=\"_ _0\"> </span>ne<span class=\"_ _1\"></span>lle <span class=\"_ _35\"> </span>valu<span class=\"_ _2\"></span>tazioni <span class=\"_ _35\"> </span>ORS<span class=\"_ _2\"></span>A),<span class=\"_ _3a1\"> </span>viene <span class=\"_ _2\"></span>effettuata <span class=\"_ _2\"></span>un\u2019attivit\u00e0 <span class=\"_ _3b\"></span>di Non-R<span class=\"_ _2\"></span>egular <span class=\"_ _2\"></span>ORSA <span class=\"_ _3b\"></span>al fine <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>valutare gli <span class=\"_ _3b\"></span>impatti d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ali <span class=\"_ _3b\"></span>variazioni anche<span class=\"_ _3a1\"> </span>in ottica prospettica. La Compagnia nel corso del 2024 ha adempiuto <span class=\"_ _1\"></span>alle seguenti scadenze normative:<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Predisposizione <span class=\"_ _48\"> </span>ed <span class=\"_ _3a\"> </span>invio <span class=\"_ _3a\"> </span>a<span class=\"_ _1\"></span>ll\u2019Autorit\u00e0 <span class=\"_ _3a\"> </span>di <span class=\"_ _48\"> </span>Vigi<span class=\"_ _2\"></span>lanza, <span class=\"_ _3a\"> </span>e<span class=\"_ _1\"></span>ntro <span class=\"_ _48\"> </span>i <span class=\"_ _3f\"> </span>ter<span class=\"_ _1\"></span>mini <span class=\"_ _3a\"> </span>regolamentar<span class=\"_ _1\"></span>i, <span class=\"_ _3a\"> </span>delle<span class=\"_ _3a1\"> </span></span>reportistiche trimestrali (QRT) richieste dal Pillar III;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Predisposizione <span class=\"_ _3d\"> </span>de<span class=\"_ _1\"></span>l  Regular <span class=\"_ _3d\"> </span>Supervisory <span class=\"_ _3d\"> </span>Report <span class=\"_ _3d\"> </span>- <span class=\"_ _3d\"> </span>RSR <span class=\"_ _3d\"> </span>(Relazione <span class=\"_ _3d\"> </span>periodica <span class=\"_ _3d\"> </span>all\u2019Autorit\u00e0 <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span></span>Vigilanza) <span class=\"_ _39\"> </span>con <span class=\"_ _3f\"> </span>riferimento<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>alla<span class=\"_ _2\"></span> <span class=\"_ _3f\"> </span>data <span class=\"_ _39\"> </span>di <span class=\"_ _3f\"> </span>esercizio <span class=\"_ _3f\"> </span>31.12.2023, <span class=\"_ _39\"> </span>deliberata <span class=\"_ _3f\"> </span>dal <span class=\"_ _3f\"> </span>Consiglio <span class=\"_ _39\"> </span>di<span class=\"_ _3a1\"> </span>Amministrazione di Marzo 2024 ed inviati entro il termine regolamentare a<span class=\"_ _1\"></span>d IVASS;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Predisposizione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Solvency <span class=\"_ _0\"></span>Financial<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>Condition <span class=\"_ _0\"></span>Report <span class=\"_ _0\"></span>- <span class=\"_ _0\"></span>SFCR <span class=\"_ _38\"></span>(Relazione <span class=\"_ _0\"></span>sulla <span class=\"_ _0\"></span>solvibilit\u00e0 <span class=\"_ _0\"></span>e<span class=\"_ _3a1\"> </span></span>sulla <span class=\"_ _0\"></span>condizione<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>fin<span class=\"_ _2\"></span>anziaria) <span class=\"_ _0\"> </span>co<span class=\"_ _1\"></span>n <span class=\"_ _35\"> </span>riferimento <span class=\"_ _0\"></span>alla <span class=\"_ _35\"> </span>data <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>esercizi<span class=\"_ _2\"></span>o <span class=\"_ _35\"> </span>31.12.2023, <span class=\"_ _0\"></span>deliberata <span class=\"_ _35\"> </span>dal<span class=\"_ _3a1\"> </span>Consiglio d<span class=\"_ _2\"></span>i Ammini<span class=\"_ _2\"></span>strazione di <span class=\"_ _3b\"></span>Marzo 2023 ed <span class=\"_ _3b\"></span>inviati entro <span class=\"_ _2\"></span>il t<span class=\"_ _2\"></span>ermine regolamentare <span class=\"_ _2\"></span>ad I<span class=\"_ _2\"></span>VASS;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Realizzazione <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>elaborazioni <span class=\"_ _0\"></span>ORS<span class=\"_ _2\"></span>A <span class=\"_ _0\"></span>necessarie<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>alla <span class=\"_ _38\"></span>valutazione <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _38\"></span>pro<span class=\"_ _1\"></span>filo <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>olvibilit\u00e0 <span class=\"_ _38\"></span>del<span class=\"_ _3a1\"> </span></span>piano <span class=\"_ _0\"></span>strategico <span class=\"_ _38\"></span>20<span class=\"_ _1\"></span>24-2026 <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>predisposizione <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>Report <span class=\"_ _38\"></span>ORSA <span class=\"_ _0\"></span>delibero <span class=\"_ _0\"></span>dal <span class=\"_ _38\"></span>Consiglio <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>Amministrazione di Aprile 2024 ed inviato, entro <span class=\"_ _1\"></span>la scadenza regolamentare, ad IVASS.<span class=\"_ _3a1\"> </span>Si specifica infine che in continuit\u00e0 con quanto<span class=\"_ _2\"></span> avvenuto dal 2020 con l\u2019emergenza Covid-19 e con<span class=\"_ _3a1\"> </span>le <span class=\"_ _38\"></span>successive <span class=\"_ _38\"></span>tensioni <span class=\"_ _38\"></span>legate <span class=\"_ _38\"></span>alla <span class=\"_ _1\"></span>guerr<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Russo-Ucraina, <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>Compagnia <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>inua <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>ecipare <span class=\"_ _38\"></span>su<span class=\"_ _3a1\"> </span>richiesta dell\u2019Autorit\u00e0 di vigilanza alle seguenti attivit\u00e0:<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">monitora<span class=\"_ _1\"></span>ggio mensile <span class=\"_ _1\"></span>della posizione di <span class=\"_ _1\"></span>solvibilit\u00e0 (attivit\u00e0 <span class=\"_ _1\"></span>avviata <span class=\"_ _1\"></span>a par<span class=\"_ _1\"></span>tire dal me<span class=\"_ _1\"></span>se di <span class=\"_ _1\"></span>marzo<span class=\"_ _3a1\"> </span></span>2020);<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">monitora<span class=\"_ _1\"></span>ggio <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>rimestrale <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischi<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>li<span class=\"_ _2\"></span>quidit\u00e0 <span class=\"_ _0\"></span>(attivit\u00e0 <span class=\"_ _0\"></span>avviata <span class=\"_ _38\"></span>nel <span class=\"_ _0\"></span>mese <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>gi<span class=\"_ _2\"></span>ugno <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>artire<span class=\"_ _3a1\"> </span></span>dalla base dati del 31.03.2020).<span class=\"_ _3a1\"> </span>Rischi di so<span class=\"_ _1\"></span>ttoscrizione life (o tecnic<span class=\"_ _1\"></span>i assicurativi) Si<span class=\"_ _3a1\"> </span>definisce <span class=\"_ _0\"></span>Rischio <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>Sottos<span class=\"_ _1\"></span>crizione <span class=\"_ _0\"></span>- <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>er<span class=\"_ _3a1\"> </span>dita <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>variazione <span class=\"_ _0\"></span>sfavorevole <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>valore<span class=\"_ _3a1\"> </span>delle <span class=\"_ _35\"> </span>passivit\u00e0 <span class=\"_ _0\"></span>assicurative <span class=\"_ _35\"> </span>dov<span class=\"_ _2\"></span>uto <span class=\"_ _35\"> </span>ad <span class=\"_ _0\"></span>ipotesi <span class=\"_ _35\"> </span>inadeguate <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>m<span class=\"_ _2\"></span>ateria <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>fissazione <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>prezzi <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>costituzione delle riserve tecniche (cfr. articolo 1, com<span class=\"_ _1\"></span>ma 1, lettera vv-bis 4 del CAP). Nell\u2019ambito  del  F<span class=\"_ _1\"></span>ramework  dei  rischi <span class=\"_ _3d\"> </span>della  Compagnia,  tale  r<span class=\"_ _1\"></span>ischio  pu\u00f2  es<span class=\"_ _1\"></span>sere  ulteriormente<span class=\"_ _3a1\"> </span>distinto nelle seguenti categorie:<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>ass<span class=\"_ _1\"></span>unzione:  rappresenta <span class=\"_ _35\"> </span>il  rischio <span class=\"_ _35\"> </span>derivante  dall<span class=\"_ _2\"></span>a  s<span class=\"_ _2\"></span>ottoscrizione  dei <span class=\"_ _35\"> </span>contratti  d<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></span>assicurazione, collegato ag<span class=\"_ _2\"></span>li eve<span class=\"_ _2\"></span>nti assicurati, <span class=\"_ _2\"></span>ai processi <span class=\"_ _3b\"></span>seguiti per la <span class=\"_ _3b\"></span>tariffazione e selezione<span class=\"_ _3a1\"> </span>dei <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischi, <span class=\"_ _38\"></span>all\u2019andamento <span class=\"_ _0\"></span>sfavorevole <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>sinistrosit\u00e0 <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ffettiva <span class=\"_ _38\"></span>rispetto <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>quella <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>timata <span class=\"_ _0\"></span>(tali<span class=\"_ _3a1\"> </span>rischi <span class=\"_ _38\"></span>si <span class=\"_ _0\"></span>sostanziano <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>particolar <span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>do <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>risultante <span class=\"_ _38\"></span>da <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>default <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>prezzo <span class=\"_ _38\"></span>legato<span class=\"_ _3a1\"> </span>alla valutazione del rischio e in ipotesi di prezzo <span class=\"_ _1\"></span>iniziale inadatta all\u2019<span class=\"_ _2\"></span>evoluzione del r<span class=\"_ _1\"></span>ischio);<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>riservazione: <span class=\"_ _38\"></span>ovvero <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>rischio <span class=\"_ _1\"></span>connesso <span class=\"_ _38\"></span>alla <span class=\"_ _1\"></span>quantificazione <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>riserve <span class=\"_ _38\"></span>tecniche <span class=\"_ _1\"></span>non<span class=\"_ _3a1\"> </span></span>sufficienti a coprire gli impegni assunti nei confronti degli ass<span class=\"_ _1\"></span>icurati.<span class=\"_ _3a1\"> </span>Tale classe di rischio pu\u00f2 essere distinta nei seguenti fattori di rischio:<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">mort<span class=\"_ _1\"></span>alit\u00e0: ossia <span class=\"_ _1\"></span>il rischio <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>deriva da <span class=\"_ _1\"></span>un aument<span class=\"_ _1\"></span>o inatt<span class=\"_ _1\"></span>eso dei <span class=\"_ _1\"></span>tassi <span class=\"_ _1\"></span>di mort<span class=\"_ _1\"></span>alit\u00e0, \u00e8<span class=\"_ _1\"></span> associato<span class=\"_ _3a1\"> </span></span>alle  polizze  (come  ad <span class=\"_ _35\"> </span>esempio  le  assicurazioni  caso  morte <span class=\"_ _35\"> </span>o  le  polizze  miste)  n<span class=\"_ _2\"></span>elle  quali<span class=\"_ _3a1\"> </span>l\u2019impresa <span class=\"_ _3a\"> </span>garant<span class=\"_ _1\"></span>isce <span class=\"_ _3a\"> </span>una <span class=\"_ _3a\"> </span>se<span class=\"_ _1\"></span>rie <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>pagament<span class=\"_ _1\"></span>i <span class=\"_ _3a\"> </span>singoli <span class=\"_ _3a\"> </span>o <span class=\"_ _48\"> </span>ricorrenti <span class=\"_ _3a\"> </span>in <span class=\"_ _3a\"> </span>caso<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>dece<span class=\"_ _1\"></span>sso<span class=\"_ _3a1\"> </span>dell\u2019assicurato o nel corso della durata della polizza;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">sopravvivenza:  il  rischio <span class=\"_ _3d\"> </span>di  longevit\u00e0,  che  deriva  da  una  diminuzione  inattesa  dei  tassi  di<span class=\"_ _3a1\"> </span></span>mortalit\u00e0, <span class=\"_ _39\"> </span>\u00e8 <span class=\"_ _3f\"> </span>associato <span class=\"_ _39\"> </span>alle <span class=\"_ _39\"> </span>polizze <span class=\"_ _39\"> </span>(ad <span class=\"_ _39\"> </span>esem<span class=\"_ _1\"></span>pio, <span class=\"_ _39\"> </span>rendite) <span class=\"_ _39\"> </span>che <span class=\"_ _39\"> </span>prevedono <span class=\"_ _3f\"> </span>che <span class=\"_ _39\"> </span>l\u2019impresa<span class=\"_ _3a1\"> </span>garantisca <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>serie <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>pagamenti <span class=\"_ _0\"></span>fino <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>morte <span class=\"_ _0\"></span>dell\u2019assicurato <span class=\"_ _0\"></span>o <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>polizze <span class=\"_ _0\"></span>(ad <span class=\"_ _0\"></span>esempio <span class=\"_ _0\"></span>le<span class=\"_ _3a1\"> </span>polizze miste) che prevedono <span class=\"_ _1\"></span>la garanzia da parte dell\u2019impresa di un unico pagamento <span class=\"_ _1\"></span>in caso<span class=\"_ _3a1\"> </span>di sopravvivenza dell\u2019assicurato per t<span class=\"_ _1\"></span>utta la durata prevista dalla polizza;<span class=\"_ _3a1\"> </span>-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">invalidit\u00e0 \u2013 morbilit\u00e0: il <span class=\"_ _2\"></span>rischio di inv<span class=\"_ _2\"></span>alidit\u00e0 \u2013 morbilit\u00e0, che d<span class=\"_ _2\"></span>eriva d<span class=\"_ _2\"></span>a una variazione i<span class=\"_ _2\"></span>nattesa del<span class=\"_ _3a1\"> </span></span></span>livel<span class=\"_ _3a1\"> </span>lo, <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>rend <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>volatilit\u00e0 <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>assi <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>sabilit\u00e0 <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>morbil<span class=\"_ _2\"></span>it\u00e0, <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>applicabile <span class=\"_ _35\"> </span>alle <span class=\"_ _0\"></span>polizze<span class=\"_ _3a1\"> </span>associate alla disabilit\u00e0;<span class=\"_ _3a1\"> </span>-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">malatt<span class=\"_ _1\"></span>ia: il <span class=\"_ _1\"></span>rischio malat<span class=\"_ _1\"></span>tia pu\u00f2 <span class=\"_ _1\"></span>essere <span class=\"_ _1\"></span>commercializzato <span class=\"_ _1\"></span>come form<span class=\"_ _1\"></span>a compleme<span class=\"_ _1\"></span>ntare ad <span class=\"_ _1\"></span>una<span class=\"_ _3a1\"> </span></span></span>prestazione caso mo<span class=\"_ _2\"></span>rte. E\u2019 facol<span class=\"_ _2\"></span>t\u00e0, nel risp<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>tto delle no<span class=\"_ _2\"></span>rmative vigenti, <span class=\"_ _2\"></span>utilizzare basi <span class=\"_ _2\"></span>tecniche<span class=\"_ _3a1\"> </span>di  esperienza  desumibil<span class=\"_ _2\"></span>i  dal <span class=\"_ _35\"> </span>proprio  portafoglio  ovvero  da <span class=\"_ _35\"> </span>operator<span class=\"_ _1\"></span>i  qu<span class=\"_ _2\"></span>alificati  di<span class=\"_ _2\"></span>  mercato<span class=\"_ _3a1\"> </span>ovvero <span class=\"_ _1\"></span>dal <span class=\"_ _38\"></span>mercato. <span class=\"_ _38\"></span>In <span class=\"_ _1\"></span>ogni <span class=\"_ _1\"></span>caso <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>basi <span class=\"_ _38\"></span>tecniche <span class=\"_ _1\"></span>utilizzate <span class=\"_ _38\"></span>devono <span class=\"_ _38\"></span>essere <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>abili <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>provata<span class=\"_ _3a1\"> </span>tenuta;<span class=\"_ _3a1\"> </span>-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">mutualit\u00e0: <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>fattore <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>\u201cMutualit\u00e0\u201d <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>intende <span class=\"_ _35\"> </span>il<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>fatto <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>una <span class=\"_ _35\"> </span>diminuzione <span class=\"_ _35\"> </span>della<span class=\"_ _3a1\"> </span></span></span>numerosit\u00e0  delle <span class=\"_ _35\"> </span>polizze <span class=\"_ _35\"> </span>in  por<span class=\"_ _2\"></span>tafoglio  potrebbe <span class=\"_ _35\"> </span>avere <span class=\"_ _35\"> </span>effetti  n<span class=\"_ _2\"></span>egativi  i<span class=\"_ _2\"></span>nattes<span class=\"_ _1\"></span>i <span class=\"_ _35\"> </span>sui <span class=\"_ _35\"> </span>benefici<span class=\"_ _3a1\"> </span>provenienti dalla <span class=\"_ _3b\"></span>mutualit\u00e0. Un\u2019elevata <span class=\"_ _3b\"></span>numeros<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _2\"></span>di p<span class=\"_ _2\"></span>olizze pe<span class=\"_ _2\"></span>rmette d<span class=\"_ _2\"></span>i \u201cattuti<span class=\"_ _2\"></span>re\u201d il <span class=\"_ _3b\"></span>verificarsi<span class=\"_ _3a1\"> </span>di <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>venti <span class=\"_ _35\"> </span>sinistrosi <span class=\"_ _0\"></span>sull\u2019intera <span class=\"_ _35\"> </span>popolazione; <span class=\"_ _0\"></span>nel <span class=\"_ _35\"> </span>business <span class=\"_ _0\"> </span>Vita <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>dimin<span class=\"_ _2\"></span>uzione <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>numer<span class=\"_ _1\"></span>o <span class=\"_ _35\"> </span>dei<span class=\"_ _3a1\"> </span>contratti p<span class=\"_ _2\"></span>orta <span class=\"_ _3b\"></span>per <span class=\"_ _2\"></span>esempio <span class=\"_ _2\"></span>ad <span class=\"_ _3b\"></span>un <span class=\"_ _2\"></span>incremento <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>fluttuazioni <span class=\"_ _3b\"></span>casuali <span class=\"_ _3b\"></span>della mortalit\u00e0. <span class=\"_ _3b\"></span>Il f<span class=\"_ _2\"></span>attore<span class=\"_ _3a1\"> </span>di  rischio <span class=\"_ _35\"> </span>mutualit\u00e0,  quind<span class=\"_ _2\"></span>i,  \u00e8 <span class=\"_ _35\"> </span>strettamente  correlato <span class=\"_ _35\"> </span>ai  fattori<span class=\"_ _2\"></span>  di <span class=\"_ _35\"> </span>rischio  \u201cComportamento<span class=\"_ _3a1\"> </span>dell\u2019assicurato\u201d e \u201cControparte\u201d;<span class=\"_ _3a1\"> </span>-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">es<span class=\"_ _1\"></span>tinzione <span class=\"_ _36\"> </span>anticipata <span class=\"_ _39\"> </span>/riscatti <span class=\"_ _36\"> </span>\u2013 <span class=\"_ _39\"> </span>comportamento <span class=\"_ _39\"> </span>degli <span class=\"_ _36\"> </span>assicurati: <span class=\"_ _36\"> </span>il <span class=\"_ _39\"> </span>rischio <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>estinzione<span class=\"_ _3a1\"> </span></span></span>anticipata, <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>deriva <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>va<span class=\"_ _1\"></span>riazione <span class=\"_ _0\"></span>inattesa <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>tassi <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>sercizio <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>opzioni <span class=\"_ _38\"></span>da <span class=\"_ _0\"></span>parte<span class=\"_ _3a1\"> </span>degli <span class=\"_ _1\"></span>assicurati, <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _1\"></span>applicabile <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>tutte <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>opzioni <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>viste <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>icurati, <span class=\"_ _1\"></span>legali <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>contrattuali,<span class=\"_ _3a1\"> </span>che <span class=\"_ _37\"> </span>possono <span class=\"_ _37\"> </span>modificare <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>ensibilmente <span class=\"_ _37\"> </span>il <span class=\"_ _37\"> </span>valore <span class=\"_ _3d\"> </span>de<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>cassa <span class=\"_ _37\"> </span>futuri, <span class=\"_ _37\"> </span>le <span class=\"_ _37\"> </span>opzioni <span class=\"_ _37\"> </span>per<span class=\"_ _3a1\"> </span>interrompere <span class=\"_ _3d\"> </span>completamente  o <span class=\"_ _3d\"> </span>parzialmente<span class=\"_ _1\"></span>,  ridurre, <span class=\"_ _3d\"> </span>limitare  o <span class=\"_ _3d\"> </span>sospendere <span class=\"_ _3d\"> </span>la <span class=\"_ _3d\"> </span>copertura<span class=\"_ _3a1\"> </span>assicurativa <span class=\"_ _38\"></span>cos\u00ec <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>opzioni <span class=\"_ _1\"></span>che <span class=\"_ _0\"></span>cons<span class=\"_ _2\"></span>entono <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>modifica <span class=\"_ _38\"></span>completa <span class=\"_ _38\"></span>o <span class=\"_ _38\"></span>parziale, <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>innovo,<span class=\"_ _3a1\"> </span>l\u2019aumento, l'estensione o la ripresa della copertura <span class=\"_ _1\"></span>assicurativa;<span class=\"_ _3a1\"> </span>-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">garanzia/coper<span class=\"_ _1\"></span>tura: la rischiosit\u00e0 <span class=\"_ _2\"></span>dei prodotti Vita d<span class=\"_ _2\"></span>ipende dalle \u201cgaranzie/coperture\u201d previste<span class=\"_ _3a1\"> </span></span></span>dai contratti <span class=\"_ _1\"></span>stessi e <span class=\"_ _1\"></span>in base <span class=\"_ _1\"></span>alle quali la <span class=\"_ _1\"></span>societ\u00e0 <span class=\"_ _1\"></span>si impegna <span class=\"_ _1\"></span>a pagare <span class=\"_ _1\"></span>le prest<span class=\"_ _1\"></span>azioni assicurate<span class=\"_ _3a1\"> </span>ai <span class=\"_ _1\"></span>beneficiari. <span class=\"_ _1\"></span>Se <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>verificarsi <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>fatt<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>dannoso <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>quale <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>prestata <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>garanzia <span class=\"_ _1\"></span>assicurativa<span class=\"_ _3a1\"> </span>non <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>correttamente <span class=\"_ _35\"> </span>monitorato <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>corrisponde <span class=\"_ _35\"> </span>alle <span class=\"_ _35\"> </span>stime <span class=\"_ _35\"> </span>fatte <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>fase <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>tariffazione,<span class=\"_ _3a1\"> </span>questo costituisce un elemento di rischiosit\u00e0 del pro<span class=\"_ _1\"></span>dotto stesso;<span class=\"_ _3a1\"> </span>-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">inflazione/spes<span class=\"_ _1\"></span>e:  i<span class=\"_ _2\"></span>l <span class=\"_ _35\"> </span>fattore  di<span class=\"_ _2\"></span>  ri<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>chio, <span class=\"_ _35\"> </span>che  deriva <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>una  v<span class=\"_ _2\"></span>ariazione  inattese <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>spese, <span class=\"_ _35\"> </span>si<span class=\"_ _3a1\"> </span></span></span>riferisce ai costi di gestione dei contratti di assicurazione;<span class=\"_ _3a1\"> </span>-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">catas<span class=\"_ _1\"></span>trofale: <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>fa<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tore <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _0\"></span>catastrofale, <span class=\"_ _0\"></span>che <span class=\"_ _35\"> </span>deriva <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>eventi <span class=\"_ _0\"></span>estrem<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>irregolar<span class=\"_ _1\"></span>i, <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>cui<span class=\"_ _3a1\"> </span></span></span>effetti  non  sono <span class=\"_ _35\"> </span>sufficientemente  catturati  negli <span class=\"_ _35\"> </span>altr<span class=\"_ _1\"></span>i <span class=\"_ _35\"> </span>rischi  di  sottoscrizione  (ad <span class=\"_ _35\"> </span>esempio<span class=\"_ _3a1\"> </span>evento <span class=\"_ _36\"> </span>pandemico <span class=\"_ _36\"> </span>o <span class=\"_ _36\"> </span>esplosione <span class=\"_ _37\"> </span>nucleare<span class=\"_ _1\"></span>), <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>rifer<span class=\"_ _1\"></span>isce <span class=\"_ _37\"> </span>a<span class=\"_ _1\"></span>lle <span class=\"_ _37\"> </span>polizze <span class=\"_ _36\"> </span>che <span class=\"_ _36\"> </span>sono <span class=\"_ _36\"> </span>legate <span class=\"_ _36\"> </span>alla<span class=\"_ _3a1\"> </span>mortalit\u00e0;<span class=\"_ _3a1\"> </span>-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Revisione: <span class=\"_ _36\"> </span>Il <span class=\"_ _37\"> </span>fattore <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>rischio <span class=\"_ _37\"> </span>revisione <span class=\"_ _36\"> </span>ha <span class=\"_ _37\"> </span>lo <span class=\"_ _37\"> </span>scopo <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>catturare <span class=\"_ _36\"> </span>il <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>var<span class=\"_ _1\"></span>iazione<span class=\"_ _3a1\"> </span></span></span>sfavorevole <span class=\"_ _38\"></span>dell'import<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>rendita, <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>seguito <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span>a <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>visione <span class=\"_ _38\"></span>imprevista <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>pr<span class=\"_ _2\"></span>ocesso <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span>richiesta di risarcimento.<span class=\"_ _3a1\"> </span>Per <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>prodotti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>tipo <span class=\"_ _0\"></span>prote<span class=\"_ _1\"></span>ction <span class=\"_ _0\"></span>(p<span class=\"_ _2\"></span>uro <span class=\"_ _0\"></span>rischio) <span class=\"_ _0\"></span>si <span class=\"_ _38\"></span>pos<span class=\"_ _1\"></span>sono <span class=\"_ _0\"></span>identificare <span class=\"_ _0\"></span>inoltre <span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>eguenti <span class=\"_ _0\"></span>fattori <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>rischio:<span class=\"_ _3a1\"> </span>-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Risk <span class=\"_ _43\"> </span>Volatility: <span class=\"_ _43\"> </span>ta<span class=\"_ _1\"></span>le <span class=\"_ _43\"> </span>fattore <span class=\"_ _43\"> </span>di <span class=\"_ _43\"> </span>rischio <span class=\"_ _43\"> </span>nell\u2019ambito <span class=\"_ _43\"> </span>del <span class=\"_ _43\"> </span>proce<span class=\"_ _1\"></span>sso <span class=\"_ _43\"> </span>assuntivo <span class=\"_ _43\"> </span>dipende<span class=\"_ _3a1\"> </span></span></span>sostanzialmente <span class=\"_ _0\"></span>dalla <span class=\"_ _38\"></span>presenza <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>basi <span class=\"_ _0\"></span>tecniche <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>aggiornate <span class=\"_ _0\"></span>correttamente <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>momento<span class=\"_ _3a1\"> </span>della <span class=\"_ _3b\"></span>determinazione <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>prezzo; <span class=\"_ _3b\"></span>da <span class=\"_ _2\"></span>un <span class=\"_ _3b\"></span>margine <span class=\"_ _2\"></span>tecnico <span class=\"_ _3b\"></span>mo<span class=\"_ _1\"></span>lto <span class=\"_ _3b\"></span>basso <span class=\"_ _3b\"></span>e/o <span class=\"_ _2\"></span>da <span class=\"_ _3b\"></span>basi <span class=\"_ _3b\"></span>tecniche <span class=\"_ _2\"></span>molto<span class=\"_ _3a1\"> </span>strette; <span class=\"_ _0\"></span>dalla <span class=\"_ _0\"></span>presenza <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>nuovi <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>considerati <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>momento <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>lla <span class=\"_ _0\"></span>determinazione <span class=\"_ _0\"></span>del<span class=\"_ _3a1\"> </span>prezzo; <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>controparte <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>levato <span class=\"_ _0\"></span>(da <span class=\"_ _0\"></span>parte <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>partner/distributore<span class=\"_ _1\"></span>, <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>oprattutto <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>caso <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>commissioni upfront / goodwill)<span class=\"_ _2\"></span>. Nell\u2019ambito del processo di riservaz<span class=\"_ _2\"></span>ione tale fattore di rischio<span class=\"_ _3a1\"> </span>dipende dal <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>chio di <span class=\"_ _38\"></span>pagamento <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ccessivo della <span class=\"_ _1\"></span>quota <span class=\"_ _38\"></span>di pro<span class=\"_ _1\"></span>fitto <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>parametri <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iserve<span class=\"_ _3a1\"> </span>sono fissati in modo improprio;<span class=\"_ _3a1\"> </span>-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Po<span class=\"_ _1\"></span>pulation: <span class=\"_ _0\"></span>nell\u2019<span class=\"_ _2\"></span>ambito <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>processo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tariffazione <span class=\"_ _0\"></span>tale <span class=\"_ _0\"></span>fattore <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>sostanzialmente<span class=\"_ _3a1\"> </span></span></span>correlato ad una tariffazione unica per una<span class=\"_ _2\"></span> vasta popolazione di fasce d\u2019et\u00e0 (specialmente p<span class=\"_ _2\"></span>er<span class=\"_ _3a1\"> </span>il rischio m<span class=\"_ _2\"></span>orte) o <span class=\"_ _2\"></span>fascia di <span class=\"_ _3b\"></span>durata / fascia <span class=\"_ _2\"></span>di tasso d<span class=\"_ _2\"></span>i in<span class=\"_ _2\"></span>teresse; alto <span class=\"_ _2\"></span>rischio di <span class=\"_ _2\"></span>selezione avversa<span class=\"_ _3a1\"> </span>nella <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>truttura d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>l <span class=\"_ _3b\"></span>pro<span class=\"_ _1\"></span>dotto. <span class=\"_ _3b\"></span>Nel c<span class=\"_ _2\"></span>aso del <span class=\"_ _3b\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>riservazione tale <span class=\"_ _3b\"></span>fattore <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _3b\"></span>dipende<span class=\"_ _3a1\"> </span>sostanzialmente <span class=\"_ _48\"> </span>da: <span class=\"_ _48\"> </span>adeguate<span class=\"_ _2\"></span>zza <span class=\"_ _48\"> </span>delle <span class=\"_ _48\"> </span>riserve <span class=\"_ _48\"> </span>fo<span class=\"_ _2\"></span>rtemente <span class=\"_ _48\"> </span>legata <span class=\"_ _48\"> </span>alla <span class=\"_ _3a\"> </span>struttura <span class=\"_ _48\"> </span>della<span class=\"_ _3a1\"> </span>popolazione <span class=\"_ _0\"></span>(sopratt<span class=\"_ _1\"></span>utto <span class=\"_ _0\"></span>riserve <span class=\"_ _35\"> </span>matematiche <span class=\"_ _0\"></span>/ <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>lungo <span class=\"_ _0\"></span>termine); <span class=\"_ _0\"></span>riserve <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>non<span class=\"_ _3a1\"> </span>includono <span class=\"_ _3b\"></span>il costo <span class=\"_ _3b\"></span>reale delle <span class=\"_ _3b\"></span>opzioni <span class=\"_ _3b\"></span>della p<span class=\"_ _2\"></span>opolazione <span class=\"_ _2\"></span>come l\u2019esti<span class=\"_ _3b\"></span>nzione, il <span class=\"_ _3b\"></span>riscatt<span class=\"_ _1\"></span>o; <span class=\"_ _3b\"></span>riserve ch<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span>non includono il giusto livello di spese <span class=\"_ _1\"></span>generali per la specifica popolazione/prodotto.<span class=\"_ _3a1\"> </span>Da un <span class=\"_ _3b\"></span>punto di <span class=\"_ _3b\"></span>v<span class=\"_ _1\"></span>ista della <span class=\"_ _2\"></span>distribuzione dei <span class=\"_ _3b\"></span>rischi di <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ottos<span class=\"_ _1\"></span>crizione <span class=\"_ _2\"></span>di C<span class=\"_ _2\"></span>redemvita secondo i <span class=\"_ _3b\"></span>dett<span class=\"_ _1\"></span>ami<span class=\"_ _3a1\"> </span>normativi <span class=\"_ _38\"></span>Solvency <span class=\"_ _1\"></span>II <span class=\"_ _38\"></span>si <span class=\"_ _38\"></span>riporta <span class=\"_ _38\"></span>nella <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>abella <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>seguito <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>miglior <span class=\"_ _38\"></span>stima <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>rappresentazione <span class=\"_ _1\"></span>del<span class=\"_ _3a1\"> </span>rischio <span class=\"_ _3d\"> </span>disponibile <span class=\"_ _3d\"> </span>alla <span class=\"_ _3d\"> </span>data <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>valutazione <span class=\"_ _3d\"> </span>(si <span class=\"_ _3d\"> </span>precisa <span class=\"_ _3d\"> </span>che <span class=\"_ _3d\"> </span>il  peso<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>complessivo <span class=\"_ _3d\"> </span>dei  r<span class=\"_ _1\"></span>ischi <span class=\"_ _3d\"> </span>life<span class=\"_ _3a1\"> </span>underwriting \u00e8 pari al 42,7%).<div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs1a7a\">Life risk - risk/sum of risk components - relativo e complessivo </div><div class=\"gs1a7b\"><table class=\"s w14e6 h2d9\" id=\"_912f1218-1f4c-47e3-8e2a-bbc19050652a\"><tr><td></td><td class=\"c n x257f y69a4 w14e7 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc4 sc3 ls0 ws0\">Relativo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2580 y69a4 w14e8 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc4 sc3 ls0 ws0\">Complessivo<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x2581 h8 y69a5 ff4 fs2 fc1 sc0 ls0 ws0\">Mortality risk </td><td class=\"t m2 x2582 h8 y69a6 ff4 fs2 fc1 sc0 ls0 ws0\">9,0%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2583 h8 y69a6 ff4 fs2 fc1 sc0 ls0 ws0\">3,9%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x2581 h8 y69a7 ff4 fs2 fc1 sc0 ls0 ws0\">Longevity risk </td><td class=\"t m2 x2582 h8 y69a8 ff4 fs2 fc1 sc0 ls0 ws0\">0,5%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2583 h8 y69a8 ff4 fs2 fc1 sc0 ls0 ws0\">0,2%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x2581 h8 y69a9 ff4 fs2 fc1 sc0 ls0 ws0\">Disability morbidity risk </td><td class=\"t m2 x2582 h8 y69aa ff4 fs2 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2583 h8 y69aa ff4 fs2 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x2581 h8 y69ab ff4 fs2 fc1 sc0 ls0 ws0\">Life Lapse risk </td><td class=\"t m2 x2584 h8 y69ac ff4 fs2 fc1 sc0 ls0 ws0\">79,7%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2585 h8 y69ac ff4 fs2 fc1 sc0 ls0 ws0\">34,0%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x2581 h8 y69ad ff4 fs2 fc1 sc0 ls0 ws0\">Expense risk </td><td class=\"t m2 x2586 h8 y69ae ff4 fs2 fc1 sc0 ls0 ws0\">7,7%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2583 h8 y69ae ff4 fs2 fc1 sc0 ls0 ws0\">3,3%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x2581 h8 y69af ff4 fs2 fc1 sc0 ls0 ws0\">Revisionary risk </td><td class=\"t m2 x2582 h8 y69b0 ff4 fs2 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2583 h8 y69b0 ff4 fs2 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x2581 h8 y69b1 ff4 fs2 fc1 sc0 ls0 ws0\">CAT risk </td><td class=\"t m2 x2587 h8 y69b2 ff4 fs2 fc1 sc0 ls0 ws0\">3,1%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x155e h8 y69b3 ff4 fs2 fc1 sc0 ls0 ws0\">1,3%<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a7c\">La Compagnia adotta, nei confronti di tali r<span class=\"_ _1\"></span>ischi, linee guida che: </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1a7d\">-<span class=\"_ _41\"> </span><span class=\"ff4\">definiscono <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>modello <span class=\"_ _38\"></span>organizzativo <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>governance, <span class=\"_ _0\"></span>nonch\u00e9 <span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>ruoli <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>responsabilit\u00e0 <span class=\"_ _0\"></span>delle<span class=\"_ _2\"></span> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a7e\">strutture <span class=\"_ _35\"> </span>aziendali <span class=\"_ _35\"> </span>coinvolte <span class=\"_ _35\"> </span>nel<span class=\"_ _2\"></span>l\u2019assunzione <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>nel <span class=\"_ _0\"></span>mo<span class=\"_ _1\"></span>nitoraggio <span class=\"_ _35\"> </span>del <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _35\"> </span>assunto <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>nelle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a7f\">attivit\u00e0 di riservazione; </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1a80\">-<span class=\"_ _41\"> </span><span class=\"ff4\">descrivono  le <span class=\"_ _35\"> </span>procedure <span class=\"_ _35\"> </span>di  reporting <span class=\"_ _35\"> </span>applicate <span class=\"_ _35\"> </span>ed  i <span class=\"_ _35\"> </span>flussi  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>comunicazione <span class=\"_ _35\"> </span>tr<span class=\"_ _1\"></span>a <span class=\"_ _35\"> </span>le  fun<span class=\"_ _2\"></span>zioni<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a81\">coinvolte nei processi di sottoscrizione e r<span class=\"_ _1\"></span>iservazione; </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1a82\">-<span class=\"_ _41\"> </span><span class=\"ff4\">illustrano <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>modalit\u00e0 <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>cui <span class=\"_ _38\"></span>l\u2019impresa <span class=\"_ _38\"></span>tiene <span class=\"_ _38\"></span>conto <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>lla <span class=\"_ _1\"></span>riassicurazione <span class=\"_ _38\"></span>o <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>altre <span class=\"_ _38\"></span>tecniche <span class=\"_ _38\"></span>di </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a83\">mitigazione <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>rischio <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>processo <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>progettazione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>nuovo <span class=\"_ _1\"></span>prodotto <span class=\"_ _38\"></span>assicurativo <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>del </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a84\">calcolo del relativo premio. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a85\">La <span class=\"_ _1\"></span>Compagnia misur<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>monitora <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>propria <span class=\"_ _1\"></span>esposizione <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischio di <span class=\"_ _1\"></span>sottos<span class=\"_ _1\"></span>crizione cons<span class=\"_ _1\"></span>iderando </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a86\">il portafoglio complessivo, oltre a verificare la confor<span class=\"_ _1\"></span>mit\u00e0 ai limiti ed alle politiche definite.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a87\">La <span class=\"_ _1\"></span>valutazione <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>rischi <span class=\"_ _1\"></span>tecnici <span class=\"_ _1\"></span>viene <span class=\"_ _38\"></span>realizzata <span class=\"_ _1\"></span>sia <span class=\"_ _38\"></span>con <span class=\"_ _1\"></span>logiche <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>carattere <span class=\"_ _38\"></span>ALM <span class=\"_ _1\"></span>\u2013 <span class=\"_ _1\"></span>Asset<span class=\"_ _1\"></span>-Liability </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a88\">Management <span class=\"_ _3d\"> </span>\u2013 <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>fine <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>cogliere <span class=\"_ _37\"> </span>le <span class=\"_ _3d\"> </span>interrelazioni <span class=\"_ _3d\"> </span>esistenti <span class=\"_ _3d\"> </span>fra <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>dinamiche <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>passivi <span class=\"_ _3d\"> </span>e <span class=\"_ _3d\"> </span>le </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a89\">dinamiche <span class=\"_ _3d\"> </span>degli <span class=\"_ _3d\"> </span>at<span class=\"_ _1\"></span>tivi <span class=\"_ _3d\"> </span>a <span class=\"_ _37\"> </span>copertura, <span class=\"_ _37\"> </span>sia <span class=\"_ _37\"> </span>seguendo <span class=\"_ _37\"> </span>i <span class=\"_ _3d\"> </span>principi <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>Solvibilit\u00e0 <span class=\"_ _37\"> </span>\u2013 <span class=\"_ _37\"> </span>al <span class=\"_ _3d\"> </span>fine <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>cogliere </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a8a\">l\u2019eventuale requisito capitale assor<span class=\"_ _1\"></span>bito da ogni singolo fattore di rischio.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a8b\">L\u2019identificazione <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _35\"> </span>viene <span class=\"_ _0\"></span>effett<span class=\"_ _1\"></span>uata <span class=\"_ _35\"> </span>con<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>riferimento <span class=\"_ _35\"> </span>ai <span class=\"_ _0\"></span>nuovi <span class=\"_ _35\"> </span>prodotti <span class=\"_ _0\"> </span>e <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>portafoglio <span class=\"_ _35\"> </span>in<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a8c\">essere: </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1a8d\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Nuovi <span class=\"_ _2\"></span>prodotti: <span class=\"_ _3b\"></span>coer<span class=\"_ _1\"></span>entemente <span class=\"_ _3b\"></span>con il<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>Piano Strategico, <span class=\"_ _3b\"></span>la <span class=\"_ _3b\"></span>rilevazione d<span class=\"_ _2\"></span>ei <span class=\"_ _3b\"></span>rischi c<span class=\"_ _2\"></span>onnessi <span class=\"_ _2\"></span>ai <span class=\"_ _3b\"></span>nuovi </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a8e\">prodotti viene <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffettuata sul<span class=\"_ _2\"></span>la base <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lle <span class=\"_ _3b\"></span>lo<span class=\"_ _1\"></span>ro cara<span class=\"_ _2\"></span>tteristiche tecniche <span class=\"_ _3b\"></span>ne<span class=\"_ _1\"></span>ll\u2019ambito d<span class=\"_ _2\"></span>el processo<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a8f\">di <span class=\"_ _35\"> </span>ORSA.   <span class=\"_ _35\"> </span>Inoltre,  in <span class=\"_ _35\"> </span>coerenza  con <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>proces<span class=\"_ _1\"></span>so  final<span class=\"_ _2\"></span>izzato  all<span class=\"_ _2\"></span>a  creazione <span class=\"_ _35\"> </span>e  lancio <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>nuovi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a90\">prodotti <span class=\"_ _48\"> </span>definito <span class=\"_ _48\"> </span>nell\u2019ambito <span class=\"_ _48\"> </span>del <span class=\"_ _48\"> </span>pi\u00f9<span class=\"_ _2\"></span> <span class=\"_ _48\"> </span>generale <span class=\"_ _48\"> </span>processo <span class=\"_ _48\"> </span>POG <span class=\"_ _48\"> </span>(Product <span class=\"_ _48\"> </span>Oversight <span class=\"_ _48\"> </span>and<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a91\">Governance),  la <span class=\"_ _35\"> </span>funzione <span class=\"_ _35\"> </span>Risk <span class=\"_ _35\"> </span>Manageme<span class=\"_ _1\"></span>nt <span class=\"_ _35\"> </span>\u00e8  chiamata <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>redigere  una <span class=\"_ _35\"> </span>specifica <span class=\"_ _35\"> </span>analisi <span class=\"_ _35\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a92\">rischiosit\u00e0 <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>singolo <span class=\"_ _0\"></span>pro<span class=\"_ _1\"></span>dotto <span class=\"_ _0\"></span>me<span class=\"_ _1\"></span>ntre <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>Funzione<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>Attuariale <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>chiamata <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>esprimersi <span class=\"_ _35\"> </span>su </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a93\">pricing <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ulle <span class=\"_ _1\"></span>valutazioni <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>materia <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>profit <span class=\"_ _1\"></span>test. <span class=\"_ _1\"></span>Inoltre, <span class=\"_ _1\"></span>par<span class=\"_ _1\"></span>te <span class=\"_ _1\"></span>integrante <span class=\"_ _38\"></span>delle <span class=\"_ _1\"></span>valutazioni <span class=\"_ _1\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a94\">redditivit\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>di rischio <span class=\"_ _1\"></span>connessi ai <span class=\"_ _1\"></span>nuovi <span class=\"_ _1\"></span>prodotti, <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>il pro<span class=\"_ _1\"></span>fit test, <span class=\"_ _1\"></span>i t<span class=\"_ _1\"></span>est di <span class=\"_ _1\"></span>prodotto <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>il Value </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a95\">for Money effettuati dalla Compagnia. </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1a96\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Portafoglio <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>essere<span class=\"_ _1\"></span>: <span class=\"_ _1\"></span>con riferiment<span class=\"_ _1\"></span>o al <span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>tafoglio in <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ssere, <span class=\"_ _1\"></span>l\u2019identificazione dei <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _1\"></span>viene </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a97\">effettuata <span class=\"_ _1\"></span>sulla <span class=\"_ _1\"></span>base <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>dati tecnici <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>portafoglio <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>misure <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>assorbimento <span class=\"_ _1\"></span>di capitale </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a98\">determinate <span class=\"_ _39\"> </span>attraverso <span class=\"_ _39\"> </span>lo <span class=\"_ _39\"> </span>strumento <span class=\"_ _39\"> </span>utilizzato <span class=\"_ _39\"> </span>dalla <span class=\"_ _39\"> </span>Compagnia <span class=\"_ _39\"> </span>per <span class=\"_ _39\"> </span>il <span class=\"_ _39\"> </span>calcolo <span class=\"_ _39\"> </span>del <span class=\"_ _39\"> </span>SCR </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a99\">(Standard Formula). Le informazioni re<span class=\"_ _1\"></span>lative all\u2019andamento tecnico compless<span class=\"_ _1\"></span>ivo del ramo vita </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a9a\">rispecchiano <span class=\"_ _1\"></span>sinteticamente <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>risultati <span class=\"_ _1\"></span>tecnici dei <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ingoli Rami <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>quindi de<span class=\"_ _1\"></span>i pr<span class=\"_ _1\"></span>odotti <span class=\"_ _1\"></span>presenti <span class=\"_ _1\"></span>in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a9b\">portafoglio  (che  in <span class=\"_ _3d\"> </span>generale  possono <span class=\"_ _3d\"> </span>comprendere  pi\u00f9  Rami).  Sem<span class=\"_ _1\"></span>pre  con  riferiment<span class=\"_ _1\"></span>o  al </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a9c\">portafoglio in essere, vengono effett<span class=\"_ _1\"></span>uate dalla Compagnia valutazioni di back testing. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a9d\">Si riportano sinteticamente di seguito le principali misure di rischio ut<span class=\"_ _1\"></span>ilizzate: </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1a9e\">-<span class=\"_ _41\"> </span><span class=\"ff4\">SCR Life in valore assoluto<span class=\"_ _1\"></span>: fornisce un\u2019indicazione dell\u2019assorbimento di capitale; </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1a9f\">-<span class=\"_ _41\"> </span><span class=\"ff4\">SCR <span class=\"_ _0\"></span>Li<span class=\"_ _2\"></span>fe <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>termini <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>ratio: <span class=\"_ _0\"></span>fo<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>nisce <span class=\"_ _0\"></span>un\u2019i<span class=\"_ _2\"></span>ndicazione <span class=\"_ _38\"></span>dell\u2019assor<span class=\"_ _1\"></span>bimento <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>cap<span class=\"_ _2\"></span>itale <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>unit\u00e0 <span class=\"_ _38\"></span>di </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1aa0\">Best Estimate Life Lorde; </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1aa1\">-<span class=\"_ _41\"> </span><span class=\"ff4\">SCR <span class=\"_ _38\"></span>Lapse <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rmini <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ratio: <span class=\"_ _0\"></span>fornisce <span class=\"_ _38\"></span>un\u2019indic<span class=\"_ _2\"></span>azione <span class=\"_ _0\"></span>dell\u2019assorbimento <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>capitale <span class=\"_ _0\"></span>derivante </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1aa2\">dal rischio Lapse per unit\u00e0 di Best Estimate Life Lorde; </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1aa3\">-<span class=\"_ _41\"> </span><span class=\"ff4\">SCR <span class=\"_ _38\"></span>Lapse <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>valore <span class=\"_ _1\"></span>assoluto: <span class=\"_ _38\"></span>fornisce <span class=\"_ _38\"></span>un\u2019indicazione <span class=\"_ _1\"></span>dell\u2019asso<span class=\"_ _1\"></span>rbimento <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>capitale <span class=\"_ _38\"></span>derivante </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1aa4\">dal rischio Lapse; </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1aa5\">-<span class=\"_ _41\"> </span><span class=\"ff4\">PVFP <span class=\"_ _36\"> </span>portafoglio <span class=\"_ _37\"> </span>in <span class=\"_ _36\"> </span>force: <span class=\"_ _37\"> </span>Present<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>Value <span class=\"_ _36\"> </span>Future <span class=\"_ _37\"> </span>Profit <span class=\"_ _37\"> </span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>un <span class=\"_ _36\"> </span>indicatore <span class=\"_ _36\"> </span>che <span class=\"_ _37\"> </span>consente <span class=\"_ _36\"> </span>di </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1aa6\">monitorare, <span class=\"_ _36\"> </span>per <span class=\"_ _37\"> </span>ciascuna <span class=\"_ _37\"> </span>Lob <span class=\"_ _37\"> </span>Solvency <span class=\"_ _36\"> </span>II <span class=\"_ _37\"> </span>del <span class=\"_ _36\"> </span>portafoglio <span class=\"_ _37\"> </span>in-force <span class=\"_ _36\"> </span>il <span class=\"_ _37\"> </span>contributo <span class=\"_ _36\"> </span>dato <span class=\"_ _37\"> </span>alla </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1aa7\">creazione del valore economico aziendale; </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1aa8\">-<span class=\"_ _41\"> </span><span class=\"ff4\">SCR per LoB (Line of B<span class=\"_ _1\"></span>usiness). </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1aaa\">Di se<span class=\"_ _1\"></span>guito si <span class=\"_ _1\"></span>riportano le <span class=\"_ _1\"></span>informazioni sulla se<span class=\"_ _1\"></span>nsitivit\u00e0 alle <span class=\"_ _1\"></span>variazioni delle <span class=\"_ _1\"></span>variabili legate <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>rischio<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1aab\">assicu<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1aac\">rativo <span class=\"_ _35\"> </span>derivanti <span class=\"_ _0\"></span>dai <span class=\"_ _35\"> </span>cont<span class=\"_ _2\"></span>ratti <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>ientranti <span class=\"_ _0\"></span>nell\u2019ambito <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>applicazione <span class=\"_ _35\"> </span>dell\u2019I<span class=\"_ _2\"></span>FRS <span class=\"_ _35\"> </span>17. <span class=\"_ _0\"></span> <span class=\"_ _35\"> </span>Le<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>analisi<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1aad\">condotte hanno <span class=\"_ _1\"></span>identificato <span class=\"_ _1\"></span>nella dinamica delle <span class=\"_ _1\"></span>estinzioni anticipate <span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>i costi <span class=\"_ _1\"></span>i principali fattori<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1aae\">di  rischio  a <span class=\"_ _3d\"> </span>cui  la  Compagnia  \u00e8  esposta.  Di  conse<span class=\"_ _1\"></span>guenza  sono  state  identificate  le  seguenti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1aaf\">sensitivites:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1ab0\"><span class=\"_ _36\"> </span><span class=\"ff4\">Incre<span class=\"_ _1\"></span>mento ipotesi di estizioni anticipate (lapse r<span class=\"_ _1\"></span>isk) +10%<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1ab1\"><span class=\"_ _36\"> </span><span class=\"ff4\">Incre<span class=\"_ _1\"></span>mento ipotesi di spesa +10%<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ab2\">In <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>elazione <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>tali <span class=\"_ _38\"></span>sensitivit\u00e0 <span class=\"_ _38\"></span>si <span class=\"_ _1\"></span>fornisce <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>seguito <span class=\"_ _38\"></span>l\u2019impatto <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>termini <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>ck <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>CSM, <span class=\"_ _1\"></span>contr<span class=\"_ _1\"></span>ibuto<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ab3\">all\u2019utile <span class=\"_ _0\"></span>consolidato <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>Patrimonio <span class=\"_ _0\"></span>Netto. <span class=\"_ _0\"></span>La <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>stess <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>stata <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>ffettuata <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>lordo <span class=\"_ _0\"></span>della<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ab4\">riassicurazione <span class=\"_ _38\"></span>passiva <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>quanto <span class=\"_ _1\"></span>poco <span class=\"_ _1\"></span>significativa <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>petto <span class=\"_ _1\"></span>agli <span class=\"_ _1\"></span>scenari <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>stress <span class=\"_ _1\"></span>individuati <span class=\"_ _1\"></span>ed <span class=\"_ _38\"></span>\u00e8<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ab5\">da int<span class=\"_ _1\"></span>endersi <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>lordo <span class=\"_ _1\"></span>dell\u2019impatto fiscale <span class=\"_ _38\"></span>con riferimento <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>CSM e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>netto dell\u2019effetto <span class=\"_ _1\"></span>fiscale <span class=\"_ _1\"></span>con<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ab6\">riferimento a Patrimonio Netto e Contributo all\u2019Utile Consolidato.<span class=\"_ _3a1\"> </span> </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs1ab7\">Analisi di sensitivit\u00e0 \u2013 Variazioni di CSM, Contributo al Consolidato <span class=\"_ _1\"></span>di Gruppo e Patrimonio Netto </div><div class=\"gs1ab8\"><table class=\"s w14e9 h2da\" id=\"_0e704059-7a9c-47b0-943c-4d7556a325eb\"><tr><td class=\"t m5 x2589 h2a y69b4 ff4 fsd fc1 sc0 ls0 ws0\">(in migliaia di eur<span class=\"_ _2\"></span>o)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x258a h8 y69b5 ff4 fs2 fc1 sc0 ls0 ws0\">Variazione di<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x258b h8 y69b5 ff4 fs2 fc1 sc0 ls0 ws0\">Variazione di Contributo </td><td class=\"t m2 x258c h8 y69b5 ff4 fs2 fc1 sc0 ls0 ws0\">Variazione di </td></tr><tr><td class=\"t m2 x2589 h8 y69b6 ff4 fs2 fc1 sc0 ls0 ws0\">Analisi di Sensitivit\u00e0 </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x258d h8 y69b7 ff4 fs2 fc1 sc0 ls0 ws0\">CSM </td><td class=\"t m2 x258e h8 y69b7 ff4 fs2 fc1 sc0 ls0 ws0\">all\u2019Utile Consolidato di Gruppo<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x258f h8 y69b7 ff4 fs2 fc1 sc0 ls0 ws0\">Patrimonio Netto </td></tr><tr><td class=\"c n x5e6 y69b8 w14ea h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Estinzioni anticipate +10%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2590 y69b8 w14eb h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-18.34<span class=\"_ _1\"></span>7<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2591 y69b8 w14ec h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-321<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2592 y69b8 w75b h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-321<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x5e6 y69b9 w14ed h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Spese + 10%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2593 y69b9 w14ee h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-4.929<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2594 y69b9 w14ef h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-765<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2595 y69b9 w14f0 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-765<span class=\"_ _3a1\"> </span></div></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1ab9\">Rischi di me<span class=\"_ _1\"></span>rcato<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1aba\">Alla pi\u00f9 generale categoria del Rischio Mercato appartengo<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1abb\">no le seguenti sotto-categorie:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1abc\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio Mercato<span class=\"_ _1\"></span>;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1abd\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio Asset &amp;<span class=\"_ _1\"></span> Liability Management;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff1a fs2 fc4 sc0 ls0 ws0 gs1abe\">-<span class=\"_ _41\"> </span><span class=\"ff4 fc1\">Rischio di Liquidit\u00e0,<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1abf\">di seguito meglio esplicitate.<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ac0\">Si <span class=\"_ _35\"> </span>definisce <span class=\"_ _35\"> </span>rischio <span class=\"_ _0\"> </span>di <span class=\"_ _35\"> </span>mercato, <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>perdita <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>d<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ac1\">i <span class=\"_ _35\"> </span>variazione <span class=\"_ _35\"> </span>sfavorevole <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>situazione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ac2\">finanziaria der<span class=\"_ _1\"></span>ivante, <span class=\"_ _1\"></span>direttamente <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>indirettamente, <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>oscillazioni <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>livello <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>volatilit\u00e0 <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ei<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ac3\">prezzi di mercato delle <span class=\"_ _1\"></span>attivit\u00e0, delle passivit\u00e0 e degli str<span class=\"_ _1\"></span>umenti finanziari (cfr. articolo 1, comma 1<span class=\"_ _1\"></span>,<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ac4\">lettera vv-bis 3 del CAP).  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ac5\">I <span class=\"_ _39\"> </span>rischi <span class=\"_ _3f\"> </span>di <span class=\"_ _36\"> </span>m<span class=\"_ _1\"></span>ercato <span class=\"_ _3f\"> </span>risentono <span class=\"_ _39\"> </span>dell\u2019andamento <span class=\"_ _39\"> </span>congiunturale <span class=\"_ _3f\"> </span>del <span class=\"_ _39\"> </span>ciclo <span class=\"_ _39\"> </span>economico, <span class=\"_ _3f\"> </span>che <span class=\"_ _39\"> </span>pu\u00f2<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ac6\">amplificarne <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>event<span class=\"_ _1\"></span>ualmente <span class=\"_ _1\"></span>diminuirne <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>significativit\u00e0, <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oprattutto <span class=\"_ _1\"></span>se <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>portafoglio <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>itoli <span class=\"_ _1\"></span>della<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ac7\">Compagnia <span class=\"_ _3d\"> </span>\u00e8 <span class=\"_ _3d\"> </span>particolarm<span class=\"_ _1\"></span>ente <span class=\"_ _3d\"> </span>concentrato <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>det<span class=\"_ _1\"></span>erminati <span class=\"_ _3d\"> </span>settori, <span class=\"_ _3d\"> </span>valute <span class=\"_ _37\"> </span>o <span class=\"_ _3d\"> </span>aree <span class=\"_ _37\"> </span>geografiche.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ac8\">Conseguentemente, <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>imprese <span class=\"_ _3d\"> </span>sono <span class=\"_ _3d\"> </span>esposte <span class=\"_ _3d\"> </span>al  ris<span class=\"_ _1\"></span>chio <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>conseguire  re<span class=\"_ _1\"></span>ndimenti <span class=\"_ _3d\"> </span>diversi, <span class=\"_ _3d\"> </span>ed<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ac9\">eventualmente <span class=\"_ _3f\"> </span>anche <span class=\"_ _3f\"> </span>inferiori, <span class=\"_ _3f\"> </span>rispetto <span class=\"_ _3f\"> </span>al <span class=\"_ _3f\"> </span>rendimento <span class=\"_ _3f\"> </span>atteso <span class=\"_ _3f\"> </span>al <span class=\"_ _3f\"> </span>momento <span class=\"_ _3f\"> </span>de<span class=\"_ _1\"></span>ll\u2019assunzione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1aca\">dell\u2019impegno, oppure rispetto ad un re<span class=\"_ _1\"></span>ndimento minimo definito contrattualmente.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1acb\">Tale rischio pu\u00f2 essere distinto nei seguent<span class=\"_ _1\"></span>i fattori di rischio:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1acc\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>interesse: <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>valore <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>attivi <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>impresa <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>assicurazione <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>sensibil<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>a<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1acd\">variazioni  d<span class=\"_ _2\"></span>ei  tassi  d<span class=\"_ _2\"></span>i  interesse. <span class=\"_ _35\"> </span>Inoltre<span class=\"_ _1\"></span>, <span class=\"_ _35\"> </span>se  i  flu<span class=\"_ _2\"></span>ssi  finanziari <span class=\"_ _35\"> </span>gener<span class=\"_ _1\"></span>ati  d<span class=\"_ _2\"></span>alle  attivit\u00e0 <span class=\"_ _35\"> </span>e  quelli<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ace\">generati <span class=\"_ _3f\"> </span>dalle <span class=\"_ _39\"> </span>passivit\u00e0 <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>un\u2019impresa <span class=\"_ _3f\"> </span>non <span class=\"_ _39\"> </span>sono <span class=\"_ _3f\"> </span>perfettamente <span class=\"_ _39\"> </span>allineati <span class=\"_ _3f\"> </span>per <span class=\"_ _39\"> </span>scadenza,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1acf\">periodicit\u00e0 <span class=\"_ _37\"> </span>degli <span class=\"_ _37\"> </span>eventuali <span class=\"_ _37\"> </span>pagament<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>per <span class=\"_ _37\"> </span>natura <span class=\"_ _37\"> </span>dei <span class=\"_ _37\"> </span>tassi <span class=\"_ _37\"> </span>degli <span class=\"_ _37\"> </span>investiment<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>(maturity<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ad0\">mismatching, <span class=\"_ _0\"></span>interest <span class=\"_ _0\"></span>rate <span class=\"_ _0\"></span>mismatching, <span class=\"_ _0\"></span>reset <span class=\"_ _0\"></span>date <span class=\"_ _0\"></span>mismatching, <span class=\"_ _0\"></span>basic <span class=\"_ _0\"></span>mismatching), <span class=\"_ _0\"></span>uno<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ad1\">shock (positivo o negativo) dei t<span class=\"_ _1\"></span>assi di inte<span class=\"_ _1\"></span>resse pu\u00f2 produrre <span class=\"_ _1\"></span>variazioni non sincronizzate ne<span class=\"_ _1\"></span>l<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ad2\">valore delle <span class=\"_ _3b\"></span>attivit\u00e0 e <span class=\"_ _3b\"></span>delle passivit\u00e0. <span class=\"_ _3b\"></span>Sostanzialmente l'esposizione <span class=\"_ _3b\"></span>al rischio <span class=\"_ _3b\"></span>tasso di <span class=\"_ _3b\"></span>interesse<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ad3\">si  riferisce <span class=\"_ _35\"> </span>a  tutte <span class=\"_ _35\"> </span>le  attivit\u00e0<span class=\"_ _2\"></span>  e <span class=\"_ _35\"> </span>le  passivit\u00e0 <span class=\"_ _35\"> </span>il  cui <span class=\"_ _35\"> </span>valore  \u00e8 <span class=\"_ _35\"> </span>\u201csensibile\u201d  ai  c<span class=\"_ _2\"></span>ambiamenti  nella<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ad4\">struttura a termine dei tassi di interesse o a<span class=\"_ _1\"></span>lla volatilit\u00e0 dei tassi di interesse;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1ad5\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio  azionario:  i  valori  di  m<span class=\"_ _2\"></span>ercato  delle  posizioni  assunte  d<span class=\"_ _2\"></span>all\u2019impresa  possono  essere<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ad6\">sensibili <span class=\"_ _3b\"></span>all\u2019andame<span class=\"_ _1\"></span>nto d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>mercati <span class=\"_ _3b\"></span>azionar<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>(per esempio <span class=\"_ _3b\"></span>nel cas<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>contr<span class=\"_ _1\"></span>atti <span class=\"_ _3b\"></span>le cui<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>prestazioni<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ad7\">sono collegate al valore di un titolo azionario);<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1ad8\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio <span class=\"_ _38\"></span>tas<span class=\"_ _1\"></span>so <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>cambio: <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>valore<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>me<span class=\"_ _1\"></span>rcato <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>posizioni <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sunte <span class=\"_ _38\"></span>dall\u2019impresa <span class=\"_ _38\"></span>pu\u00f2 <span class=\"_ _0\"></span>essere<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ad9\">sensibile a <span class=\"_ _3b\"></span>var<span class=\"_ _1\"></span>iazioni <span class=\"_ _2\"></span>dei tassi d<span class=\"_ _2\"></span>i camb<span class=\"_ _2\"></span>io (p<span class=\"_ _2\"></span>er esempio nel c<span class=\"_ _2\"></span>aso di<span class=\"_ _2\"></span> titoli <span class=\"_ _2\"></span>azionari o <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>bbligazionari<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ada\">denominati in <span class=\"_ _3b\"></span>valuta estera). Questo <span class=\"_ _2\"></span>fattore di <span class=\"_ _3b\"></span>rischio, quindi, <span class=\"_ _3b\"></span>as<span class=\"_ _1\"></span>sume particolare rilevanza <span class=\"_ _3b\"></span>per<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1adb\">le <span class=\"_ _3f\"> </span>imprese <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>assicu<span class=\"_ _2\"></span>razione <span class=\"_ _3f\"> </span>in <span class=\"_ _3f\"> </span>presenza <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>attivit\u00e0<span class=\"_ _2\"></span> <span class=\"_ _3f\"> </span>a <span class=\"_ _3f\"> </span>copertura <span class=\"_ _39\"> </span>delle <span class=\"_ _3f\"> </span>riserve <span class=\"_ _3f\"> </span>tecniche<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1adc\">denominate <span class=\"_ _39\"> </span>in <span class=\"_ _36\"> </span>una <span class=\"_ _39\"> </span>valuta <span class=\"_ _36\"> </span>di<span class=\"_ _1\"></span>vers<span class=\"_ _1\"></span>a <span class=\"_ _36\"> </span>da <span class=\"_ _39\"> </span>quella <span class=\"_ _36\"> </span>de<span class=\"_ _1\"></span>i <span class=\"_ _36\"> </span>cor<span class=\"_ _1\"></span>rispondenti <span class=\"_ _36\"> </span>impegni <span class=\"_ _39\"> </span>tecnici <span class=\"_ _36\"> </span>as<span class=\"_ _1\"></span>sunti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1add\">contrattualmente. <span class=\"_ _0\"></span>Infatti, <span class=\"_ _38\"></span>poich\u00e9 <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>conversione <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>ute <span class=\"_ _0\"></span>avviene <span class=\"_ _38\"></span>alla <span class=\"_ _0\"></span>chiusura <span class=\"_ _38\"></span>d\u2019esercizio <span class=\"_ _0\"></span>al<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ade\">cambio corrente, <span class=\"_ _1\"></span>in corrispondenza di <span class=\"_ _1\"></span>detta dat<span class=\"_ _1\"></span>a possono realizzarsi <span class=\"_ _1\"></span>delle plus/minusvalenze<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1adf\">a causa della variazione dei tassi di cambio;<span class=\"_ _3a1\"> </span> </div>Rischio immobiliare: qualora gli attivi di <span class=\"_ _3b\"></span>un\u2019impr<span class=\"_ _1\"></span>esa di assicurazione siano investiti i<span class=\"_ _2\"></span>n im<span class=\"_ _3a1\"> </span>mobili,<span class=\"_ _3a1\"> </span>i val<span class=\"_ _3a1\"> </span>ori di tali att<span class=\"_ _1\"></span>ivit\u00e0 sono sensibili all\u2019<span class=\"_ _2\"></span>andamento <span class=\"_ _1\"></span>dei prezzi di mercato degli stessi;<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">Credit Spread: ogni v<span class=\"_ _2\"></span>olta che <span class=\"_ _2\"></span>un\u2019impresa di <span class=\"_ _2\"></span>assicurazione sottoscrive s<span class=\"_ _2\"></span>trumenti finanzia<span class=\"_ _3a1\"> </span></span><span class=\"ff4\">ri, p<span class=\"_ _2\"></span>u\u00f2 </span>incorrere nel <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio di<span class=\"_ _2\"></span> insolvenza <span class=\"_ _3b\"></span>del proprio debito<span class=\"_ _2\"></span>re il <span class=\"_ _2\"></span>quale p<span class=\"_ _2\"></span>otrebbe non <span class=\"_ _3b\"></span>es<span class=\"_ _1\"></span>sere in<span class=\"_ _2\"></span> gr<span class=\"_ _3a1\"> </span>ado <span class=\"_ _3b\"></span>sia di <span class=\"_ _1\"></span>adempier<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>proprie <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>bbligazioni <span class=\"_ _1\"></span>sia <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>incorrere <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ggioramento <span class=\"_ _38\"></span>merito creditizio, <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>cons<span class=\"_ _2\"></span>eguente <span class=\"_ _0\"></span>riduzi<span class=\"_ _2\"></span>one <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>valore <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>titolo. <span class=\"_ _0\"></span>L\u2019es<span class=\"_ _3b\"></span>pos<span class=\"_ _1\"></span>izione <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>cre<span class=\"_ _3a1\"> </span>dito <span class=\"_ _0\"></span>si riferisce <span class=\"_ _37\"> </span>ad <span class=\"_ _37\"> </span>attivit\u00e0, <span class=\"_ _37\"> </span>passivit\u00e0 <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>strumenti <span class=\"_ _37\"> </span>finanziari <span class=\"_ _37\"> </span>sensibili <span class=\"_ _37\"> </span>alla <span class=\"_ _37\"> </span>variazione <span class=\"_ _37\"> </span>degli <span class=\"_ _3d\"> </span>s<span class=\"_ _3a1\"> </span>pre<span class=\"_ _1\"></span>ad creditizi;<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio <span class=\"_ _3f\"> </span>concentr<span class=\"_ _1\"></span>azione: <span class=\"_ _3f\"> </span>l\u2019esposizione <span class=\"_ _3f\"> </span>al <span class=\"_ _3a\"> </span>rischio <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>concentrazione, <span class=\"_ _3f\"> </span>che <span class=\"_ _3f\"> </span>de<span class=\"_ _1\"></span>riva <span class=\"_ _3f\"> </span>d<span class=\"_ _3a1\"> </span></span><span class=\"ff4\">a <span class=\"_ _3f\"> </span>una </span>variazione  inattesa  dei <span class=\"_ _35\"> </span>prezzi,  del <span class=\"_ _35\"> </span>valore  delle  esposizioni <span class=\"_ _35\"> </span>verso  emittenti  su  c<span class=\"_ _2\"></span>ui  si <span class=\"_ _35\"> </span>ha  un accumulo di <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>sposizione <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>stessa <span class=\"_ _38\"></span>controparte, si <span class=\"_ _1\"></span>riferis<span class=\"_ _1\"></span>ce alle <span class=\"_ _1\"></span>att<span class=\"_ _1\"></span>ivit\u00e0 soggette <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischio azionario, <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>tasso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>interesse <span class=\"_ _1\"></span>e s<span class=\"_ _1\"></span>pread e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>ischio <span class=\"_ _1\"></span>immobiliare <span class=\"_ _1\"></span>inclusi nel <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>me<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span>rcato, ed esclude <span class=\"_ _3b\"></span>le attivit\u00e0 sogg<span class=\"_ _2\"></span>ette al <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio d<span class=\"_ _2\"></span>i inad<span class=\"_ _2\"></span>empimento di <span class=\"_ _2\"></span>controparte. Al <span class=\"_ _2\"></span>momento a<span class=\"_ _3a1\"> </span> <span class=\"_ _3b\"></span>livello regolamentare sono esclusi anche i t<span class=\"_ _1\"></span>itoli di stato;<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio <span class=\"_ _0\"></span>Sovrano: <span class=\"_ _0\"></span>E\u2019 <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>associato <span class=\"_ _0\"></span>all\u2019eventualit\u00e0 <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>Governo <span class=\"_ _0\"></span>non <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ispetti <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>p<span class=\"_ _3a1\"> </span></span><span class=\"ff4\">r<span class=\"_ _1\"></span>oprie </span>obbligazioni <span class=\"_ _0\"></span>finanziarie. <span class=\"_ _0\"></span>Pu\u00f2 <span class=\"_ _0\"></span>dipendere <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>fattor<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>economici, <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>politici. <span class=\"_ _0\"></span>Pu\u00f2 <span class=\"_ _0\"></span>essere legato <span class=\"_ _3b\"></span>alla c<span class=\"_ _2\"></span>ongiuntura <span class=\"_ _3b\"></span>o <span class=\"_ _2\"></span>svilupparsi <span class=\"_ _3b\"></span>nel <span class=\"_ _2\"></span>medio-lungo <span class=\"_ _184\"></span>per<span class=\"_ _1\"></span>iodo. <span class=\"_ _3b\"></span>Il <span class=\"_ _3b\"></span>rischio sovrano <span class=\"_ _3b\"></span>viene <span class=\"_ _3b\"></span>ass<span class=\"_ _3a1\"> </span>ociato ai <span class=\"_ _0\"></span>rendimenti <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>pubblici <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>quind<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>agli <span class=\"_ _0\"></span>interessi <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>uno <span class=\"_ _0\"></span>Stato <span class=\"_ _0\"></span>deve <span class=\"_ _0\"></span>corrisponde<span class=\"_ _3a1\"> </span>re <span class=\"_ _0\"></span>agli investitori per potersi finanziare;<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">Liquidit\u00e0 <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>titolo: <span class=\"_ _35\"> </span>La <span class=\"_ _35\"> </span>possibilit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>procedere <span class=\"_ _35\"> </span>allo <span class=\"_ _35\"> </span>smobilizzo <span class=\"_ _35\"> </span>tempestivo <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>portaf<span class=\"_ _3a1\"> </span></span><span class=\"ff4\">oglio <span class=\"_ _35\"> </span>\u00e8 </span>fortemente  condizionata  dalla  liq<span class=\"_ _2\"></span>uidabilit\u00e0  dei  titoli  in  cui<span class=\"_ _2\"></span>  lo  stesso  \u00e8  inv<span class=\"_ _2\"></span>estito.  La  scarsa liquidabilit\u00e0 <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>itoli, <span class=\"_ _0\"></span>infatti, <span class=\"_ _38\"></span>pu\u00f2 <span class=\"_ _0\"></span>esporre <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>Compagn<span class=\"_ _2\"></span>ia <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>conseguire <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>p<span class=\"_ _3a1\"> </span>erdite connesse <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>difficolt\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>trovar<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>sul <span class=\"_ _1\"></span>mer<span class=\"_ _1\"></span>cato la <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>ntroparte <span class=\"_ _1\"></span>interessata <span class=\"_ _1\"></span>all\u2019acquisto <span class=\"_ _1\"></span>d<span class=\"_ _3a1\"> </span>ei <span class=\"_ _1\"></span>titoli che si intende smobilizzare. A livello regolamentare non \u00e8 attualmente previsto un requ<span class=\"_ _3a1\"> </span>isito di capitale specifico;<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">Altre <span class=\"_ _0\"></span>esposizioni <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>as<span class=\"_ _2\"></span>sets: <span class=\"_ _38\"></span>Tale <span class=\"_ _0\"></span>fattore <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>rischio<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>si <span class=\"_ _38\"></span>concretizza <span class=\"_ _38\"></span>nel <span class=\"_ _0\"></span>rischio <span class=\"_ _38\"></span>mercato <span class=\"_ _0\"></span>le<span class=\"_ _3a1\"> </span></span><span class=\"ff4\">gat<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>a </span>private equity, strumenti alternativi, infrastrut<span class=\"_ _1\"></span>ture, prodotti legati all\u2019inflazione e ibridi.<span class=\"_ _3a1\"> </span> I fat<span class=\"_ _1\"></span>tori di <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>mercato vengono <span class=\"_ _1\"></span>principalmente <span class=\"_ _1\"></span>individuati ne<span class=\"_ _1\"></span>lle <span class=\"_ _1\"></span>classi di <span class=\"_ _1\"></span>bilancio <span class=\"_ _1\"></span>spe<span class=\"_ _3a1\"> </span>cifiche delle Gestioni Separate, Specifiche Provviste e del Portafo<span class=\"_ _1\"></span>glio di Propriet\u00e0.  La <span class=\"_ _1\"></span>tabella r<span class=\"_ _1\"></span>iportata di <span class=\"_ _1\"></span>seguito <span class=\"_ _1\"></span>rappresenta <span class=\"_ _1\"></span>la dist<span class=\"_ _1\"></span>ribuzione <span class=\"_ _1\"></span>degli str<span class=\"_ _1\"></span>umenti nei <span class=\"_ _1\"></span>suddetti <span class=\"_ _1\"></span>port<span class=\"_ _3a1\"> </span>afogli, alla <span class=\"_ _35\"> </span>data <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>valutazione <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>tipologia, <span class=\"_ _35\"> </span>espressi <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>per<span class=\"_ _1\"></span>centuale <span class=\"_ _35\"> </span>rispetto <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>contro<span class=\"_ _1\"></span>valore <span class=\"_ _0\"> </span>t<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span>tale <span class=\"_ _35\"> </span>di mercato. <table class=\"s w1500 h2dc\" id=\"_52fc8577-62ed-4cde-938f-8fb96dd7dde4\"><tr><td class=\"c n x25a0 y69c1 w1501 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc4 sc3 ls0 ws0\">Tipo Titolo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25a1 y69c1 w1502 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc4 sc3 ls0 ws0\">T<span class=\"_ _1\"></span>ipo Cedola<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x25a2 y69c1 w1503 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc4 sc3 ls0 ws0\">Totali<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69c2 w1504 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Emittenti Governativi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25a3 y69c2 w1505 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Fixed<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25a4 y69c2 w1506 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">69,87%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n x25a5 y69c3 w1507 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Floating<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25a6 y69c3 w1508 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">0,08%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n x25a5 y69c4 w1509 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x25a7 y69c4 w150a h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">69,95%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69c5 w150b h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Emittenti Obbligazionari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25a8 y69c5 w150c h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">F<span class=\"_ _1\"></span>ixed<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25a9 y69c5 w150d h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">12,38%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n x25a5 y69c6 w1507 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Floating<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25aa y69c6 w150e h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">4,58%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n x25a5 y69c7 w1509 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x25ab y69c7 w150f h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">16,96%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69c8 w1510 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">OICR<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25ac y69c8 w1509 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x25ad h8 y69c9 ff4 fs2 fc1 sc0 ls0 ws0\">12,69%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y69b9 w1511 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">C/C<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25ae y69b9 w1512 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x25af h8 y69ca ff4 fs2 fc1 sc0 ls0 ws0\">0,40%<span class=\"_ _3a1\"> </span></td></tr></table>Di cui la ripartizione in OICR risulta <span class=\"_ _1\"></span>cos\u00ec composta: <table class=\"s w14f1 h2db\" id=\"_3f1836a5-4ded-4a58-9ce1-92d7c2a98b7f\"><tr><td class=\"c n x2597 y69ba w14f2 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc4 sc3 ls0 ws0\">Tipo OICR<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2598 y69ba w14f3 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc4 sc3 ls0 ws0\">%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69bb w14f4 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">OICR Azionario<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2599 y69bb w14f5 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">1<span class=\"_ _1\"></span>5,83%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69bc w14f6 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">OICR Governativo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x259a y69bc w14f7 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">22,54%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69bd w14f8 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">OICR Immobiliare<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x259b y69bd w14f9 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">9,27%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69be w14fa h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">OICR Loans<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x259c y69be w14fb h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">26,38%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69bf w14fc h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">OICR Corporate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x259d y69bf w4f3 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">15,32%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69c0 w14fd h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">OICR Infrastrutturali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x259e y69c0 wae4 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">6,07%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69b9 w14fe h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">OICR Private Equity<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x259f y69b9 w14ff h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">4,59%<span class=\"_ _3a1\"> </span></div></td></tr></table>La percentuale esposta in valuta sul totale <span class=\"_ _1\"></span>di portafoglio assets \u00e8 del 2,96%.<span class=\"_ _3a1\"> </span> Da <span class=\"_ _35\"> </span>un<span class=\"_ _3a1\"> </span> punto <span class=\"_ _0\"> </span>di <span class=\"_ _35\"> </span>vista <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>dist<span class=\"_ _2\"></span>ribuzione <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>ris<span class=\"_ _1\"></span>chi <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>Credemvita <span class=\"_ _0\"></span>secondo <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>dettami<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> normativi <span class=\"_ _38\"></span>Solvency <span class=\"_ _38\"></span>II <span class=\"_ _1\"></span>si <span class=\"_ _38\"></span>riporta <span class=\"_ _38\"></span>nella <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>abella <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>seguito <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>miglior <span class=\"_ _38\"></span>stima <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>rappresentazione <span class=\"_ _1\"></span>del<span class=\"_ _3a1\"> </span> rischio <span class=\"_ _38\"></span>disponibile <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>valutazione <span class=\"_ _38\"></span>(si <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>cisa <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>peso <span class=\"_ _38\"></span>complessivo <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>rischi <span class=\"_ _38\"></span>market <span class=\"_ _38\"></span>\u00e8<span class=\"_ _3a1\"> </span> pari al 37,9).<span class=\"_ _3a1\"> </span> Market risk - risk/sum of risk components <span class=\"_ _1\"></span>- relativo e complessivo <table class=\"s w1513 h2dd\" id=\"_1f37c303-7f86-4d55-bc69-b02f27e9976e\"><tr><td></td><td class=\"t m2 x25b0 h8 y69cb ff4 fs2 fc4 sc3 ls0 ws0\">Relativo<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x25b1 h8 y69cb ff4 fs2 fc4 sc3 ls0 ws0\">Complessivo<span class=\"fc1 sc2\"> </span></td></tr><tr><td class=\"t m2 x25b2 h8 y69cc ff4 fs2 fc1 sc0 ls0 ws0\">Interest rate risk </td><td class=\"t m2 x25b3 h8 y69cd ff4 fs2 fc1 sc0 ls0 ws0\">4,4%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x25b4 h8 y69cd ff4 fs2 fc1 sc0 ls0 ws0\">1,7%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x25b2 h8 y69ce ff4 fs2 fc1 sc0 ls0 ws0\">Equity risk </td><td class=\"t m2 x25b5 h8 y69cf ff4 fs2 fc1 sc0 ls0 ws0\">41,5%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x25b6 h8 y69cf ff4 fs2 fc1 sc0 ls0 ws0\">15,7%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x25b2 h8 y69d0 ff4 fs2 fc1 sc0 ls0 ws0\">Property risk </td><td class=\"t m2 x25b7 h8 y69d1 ff4 fs2 fc1 sc0 ls0 ws0\">5,1%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x25b4 h8 y69d1 ff4 fs2 fc1 sc0 ls0 ws0\">1,9%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x25b2 h8 y69d2 ff4 fs2 fc1 sc0 ls0 ws0\">Spread risk </td><td class=\"t m2 x25b5 h8 y69d3 ff4 fs2 fc1 sc0 ls0 ws0\">31,0%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x25b8 h8 y69d3 ff4 fs2 fc1 sc0 ls0 ws0\">11,8%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x25b2 h8 y69d4 ff4 fs2 fc1 sc0 ls0 ws0\">Currency risk </td><td class=\"t m2 x25b5 h8 y69d5 ff4 fs2 fc1 sc0 ls0 ws0\">18,0%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x25b9 h8 y69d5 ff4 fs2 fc1 sc0 ls0 ws0\">6,8%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x25b2 h8 y69d6 ff4 fs2 fc1 sc0 ls0 ws0\">Concentration risk </td><td class=\"t m2 x25b3 h8 y69d7 ff4 fs2 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x25b8 h8 y69d7 ff4 fs2 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></td></tr></table>La <span class=\"_ _39\"> </span>Compagnia <span class=\"_ _39\"> </span>adotta, <span class=\"_ _39\"> </span>nei <span class=\"_ _36\"> </span>confronti <span class=\"_ _39\"> </span>dei <span class=\"_ _39\"> </span>fattori <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _36\"> </span>sopra <span class=\"_ _39\"> </span>enunciati, <span class=\"_ _39\"> </span>linee <span class=\"_ _39\"> </span>guida <span class=\"_ _39\"> </span>che<span class=\"_ _3a1\"> </span> definiscono <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>principi gener<span class=\"_ _1\"></span>ali pe<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>l\u2019attivit\u00e0 <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Team <span class=\"_ _1\"></span>Finanza, la <span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>riodicit\u00e0 <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>controlli <span class=\"_ _1\"></span>e le <span class=\"_ _1\"></span>azioni<span class=\"_ _3a1\"> </span> di <span class=\"_ _39\"> </span>ripristino <span class=\"_ _39\"> </span>in <span class=\"_ _39\"> </span>caso <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>super<span class=\"_ _1\"></span>amento <span class=\"_ _39\"> </span>dei <span class=\"_ _39\"> </span>limiti <span class=\"_ _39\"> </span>(sia <span class=\"_ _39\"> </span>RAF <span class=\"_ _3f\"> </span>sia <span class=\"_ _36\"> </span>o<span class=\"_ _1\"></span>perativi). <span class=\"_ _39\"> </span>Nella <span class=\"_ _39\"> </span>composizione<span class=\"_ _3a1\"> </span> complessiva <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>po<span class=\"_ _2\"></span>rtafoglio <span class=\"_ _0\"></span>d\u2019investimento <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>iene <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>dell\u2019esposizione <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>ischio, <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>vincoli<span class=\"_ _3a1\"> </span> legati <span class=\"_ _38\"></span>alla <span class=\"_ _1\"></span>copertura <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>riserve <span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>cniche <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>degli <span class=\"_ _1\"></span>effetti <span class=\"_ _38\"></span>sul <span class=\"_ _38\"></span>Solvency <span class=\"_ _1\"></span>Rat<span class=\"_ _1\"></span>io. <span class=\"_ _1\"></span>I <span class=\"_ _38\"></span>limiti <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>indicatori<span class=\"_ _3a1\"> </span> relativi <span class=\"_ _0\"></span>agli <span class=\"_ _38\"></span>inves<span class=\"_ _1\"></span>timenti <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span>ggetto <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>ve<span class=\"_ _1\"></span>rifica <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span>trollo <span class=\"_ _0\"></span>su <span class=\"_ _38\"></span>base <span class=\"_ _0\"></span>continuativa <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>delle<span class=\"_ _3a1\"> </span> funzioni  aziendali  preposte  e,  con  frequenza  periodica,  i  risultati  di  tali  controlli  sono  portati<span class=\"_ _3a1\"> </span> all\u2019attenzione <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>Consiglio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Amm<span class=\"_ _1\"></span>inistrazione. <span class=\"_ _38\"></span>Il <span class=\"_ _0\"></span>processo <span class=\"_ _38\"></span>prevede <span class=\"_ _38\"></span>inoltre <span class=\"_ _38\"></span>una <span class=\"_ _0\"></span>fase <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>revisione<span class=\"_ _3a1\"> </span> dei suddetti limiti realizzata mediante a<span class=\"_ _1\"></span>nalisi di sensitivit\u00e0 condotte sui portafogli attivi e passivi.<span class=\"_ _3a1\"> </span> La <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _0\"></span>viene <span class=\"_ _0\"></span>effettuata <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>riferi<span class=\"_ _2\"></span>mento <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>investimenti<span class=\"_ _3a1\"> </span> mobiliare <span class=\"_ _38\"></span>gi\u00e0 <span class=\"_ _38\"></span>acquisito <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>agli <span class=\"_ _38\"></span>scenari <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>investimento <span class=\"_ _38\"></span>futuro. <span class=\"_ _38\"></span>Tale <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>viene <span class=\"_ _38\"></span>realizzata <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ia <span class=\"_ _1\"></span>con<span class=\"_ _3a1\"> </span> logiche di <span class=\"_ _2\"></span>Asset-Liability Management, al fine d<span class=\"_ _2\"></span>i cogliere le in<span class=\"_ _2\"></span>terrelazioni esistenti fra l<span class=\"_ _2\"></span>e dinamiche<span class=\"_ _3a1\"> </span> dei <span class=\"_ _0\"></span>passivi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>dinamiche <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>attivi <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>riserve <span class=\"_ _0\"></span>tecniche, <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>seguendo <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>principi<span class=\"_ _3a1\"> </span> Solvency <span class=\"_ _38\"></span>II <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>fin<span class=\"_ _2\"></span>e <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>cogli<span class=\"_ _2\"></span>ere <span class=\"_ _0\"></span>l\u2019ev<span class=\"_ _2\"></span>entuale <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>quisito <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>capitale <span class=\"_ _0\"></span>assorbito <span class=\"_ _1\"></span>da <span class=\"_ _0\"></span>ogni <span class=\"_ _1\"></span>singolo <span class=\"_ _0\"></span>modul<span class=\"_ _2\"></span>o <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span> sottomodulo di rischio.  L\u2019identificazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>mercato <span class=\"_ _0\"></span>vita <span class=\"_ _0\"></span>viene <span class=\"_ _38\"></span>effett<span class=\"_ _1\"></span>uata <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>nuovi <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>vestimenti <span class=\"_ _0\"></span>e<span class=\"_ _3a1\"> </span> asset allocation target, e al portafoglio in essere:<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">Nuovi <span class=\"_ _3d\"> </span>investimenti: <span class=\"_ _3d\"> </span>con <span class=\"_ _3d\"> </span>riferimento <span class=\"_ _3d\"> </span>ai <span class=\"_ _3d\"> </span>nuovi  investime<span class=\"_ _1\"></span>nti,  nell\u2019ambito <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>processo <span class=\"_ _3d\"> </span>ORSA<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>vengono <span class=\"_ _3f\"> </span>effettuate <span class=\"_ _3a\"> </span>analisi <span class=\"_ _3f\"> </span>relative <span class=\"_ _3f\"> </span>a <span class=\"_ _3a\"> </span>scenari <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>investimento <span class=\"_ _3f\"> </span>futur<span class=\"_ _1\"></span>o <span class=\"_ _3f\"> </span>con <span class=\"_ _3f\"> </span>l\u2019obiettivo <span class=\"_ _3f\"> </span>di<span class=\"_ _3a1\"> </span> identificare <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>rischi <span class=\"_ _0\"></span>connessi <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>tali <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>celte <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>investimento <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>valutarne <span class=\"_ _38\"></span>l\u2019impatto<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>sul <span class=\"_ _38\"></span>profilo <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> rischio <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>termini <span class=\"_ _38\"></span>quantitativi. <span class=\"_ _1\"></span>Inoltr<span class=\"_ _1\"></span>e, <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>investiment<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>\u201cnatura <span class=\"_ _38\"></span>occasionale\u201d <span class=\"_ _38\"></span>(secondo <span class=\"_ _38\"></span>la<span class=\"_ _3a1\"> </span> definizione data <span class=\"_ _1\"></span>nella P<span class=\"_ _1\"></span>olicy e <span class=\"_ _1\"></span>Regolamento Investimenti) <span class=\"_ _1\"></span>sulla base <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>informazioni fornite<span class=\"_ _3a1\"> </span> dal <span class=\"_ _37\"> </span>Team <span class=\"_ _36\"> </span>Finanza <span class=\"_ _37\"> </span>viene <span class=\"_ _37\"> </span>e<span class=\"_ _1\"></span>ffettuata <span class=\"_ _37\"> </span>dalla <span class=\"_ _37\"> </span>F<span class=\"_ _1\"></span>unzione <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>Risk <span class=\"_ _36\"> </span>Management <span class=\"_ _36\"> </span>una <span class=\"_ _37\"> </span>valutazione<span class=\"_ _3a1\"> </span> quali/quantitativa <span class=\"_ _37\"> </span>ex-ante <span class=\"_ _36\"> </span>basata <span class=\"_ _37\"> </span>sia <span class=\"_ _37\"> </span>su <span class=\"_ _37\"> </span>logiche <span class=\"_ _37\"> </span>gest<span class=\"_ _1\"></span>ionali <span class=\"_ _37\"> </span>che <span class=\"_ _37\"> </span>regolamentari. <span class=\"_ _37\"> </span>Un <span class=\"_ _37\"> </span>iter<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>di<span class=\"_ _3a1\"> </span> valutazione del <span class=\"_ _1\"></span>rischio ex-ante <span class=\"_ _1\"></span>viene effettuata <span class=\"_ _1\"></span>dalla Funzione di <span class=\"_ _1\"></span>Risk Management <span class=\"_ _1\"></span>anche per<span class=\"_ _3a1\"> </span> tutti <span class=\"_ _35\"> </span>gli <span class=\"_ _35\"> </span>attivi  c<span class=\"_ _2\"></span>lassificati <span class=\"_ _35\"> </span>come  complessi, <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>focus <span class=\"_ _35\"> </span>particolare<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>su <span class=\"_ _35\"> </span>OICR <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>UCITs  (<span class=\"_ _2\"></span>in<span class=\"_ _3a1\"> </span> particolare i FIA).<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">Portafoglio <span class=\"_ _1\"></span>in es<span class=\"_ _1\"></span>sere: <span class=\"_ _1\"></span>Con r<span class=\"_ _1\"></span>iferimento al <span class=\"_ _1\"></span>portafoglio in <span class=\"_ _1\"></span>essere, <span class=\"_ _1\"></span>l\u2019identificazione dei <span class=\"_ _1\"></span>rischi <span class=\"_ _1\"></span>viene<span class=\"_ _3a1\"> </span></span>effettuata sulla <span class=\"_ _3b\"></span>base dei dati <span class=\"_ _3b\"></span>tecnici <span class=\"_ _2\"></span>del portafoglio, <span class=\"_ _3b\"></span>dei dati di<span class=\"_ _2\"></span> mercato e<span class=\"_ _2\"></span> delle <span class=\"_ _3b\"></span>misure di <span class=\"_ _2\"></span>rischio<span class=\"_ _3a1\"> </span>determinate attraverso lo strumento<span class=\"_ _1\"></span> di calcolo del SCR adottato.<span class=\"_ _3a1\"> </span> Si riportano di seguito i macro-indicatori analizzati per la valutazione e il monitoraggio dei rischi di<span class=\"_ _3a1\"> </span> mercato:<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">SCR Maket <span class=\"_ _1\"></span>Risk- B<span class=\"_ _1\"></span>ased: indicator<span class=\"_ _1\"></span>i basati <span class=\"_ _1\"></span>sulle <span class=\"_ _1\"></span>grandezze regolamentari relative <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>requisito di<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>capitale afferenti alla classe di rischio mercato<span class=\"_ _1\"></span>;<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">Percentuale  di  Esposizione  i<span class=\"_ _2\"></span>n  Asset  Class: <span class=\"_ _35\"> </span>indicatore  volto  a<span class=\"_ _2\"></span>  quantificare <span class=\"_ _35\"> </span>e  monitorare  le<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>esposizioni nelle principali asset class declinate all\u2019interno <span class=\"_ _1\"></span>della Policy degli Investimenti;<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">Percentuale <span class=\"_ _1\"></span>di Concentrazione Emitte<span class=\"_ _1\"></span>nti Financial e Corporate: indicatore <span class=\"_ _1\"></span>volto a <span class=\"_ _1\"></span>quantificare<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>e <span class=\"_ _1\"></span>monitorare <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>concentrazione <span class=\"_ _1\"></span>degli e<span class=\"_ _1\"></span>mittenti <span class=\"_ _1\"></span>Corporate <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>base <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>specifiche <span class=\"_ _1\"></span>fasce <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>merito<span class=\"_ _3a1\"> </span> creditizio;<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">Limite esposizione <span class=\"_ _1\"></span>in OICR e limite esposizione per strategia in OICR;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Sensitivities <span class=\"_ _0\"></span>Spr<span class=\"_ _2\"></span>ead <span class=\"_ _38\"></span>Go<span class=\"_ _1\"></span>verantivo <span class=\"_ _1\"></span>It<span class=\"_ _1\"></span>alia <span class=\"_ _38\"></span>(al <span class=\"_ _38\"></span>fine <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>catt<span class=\"_ _1\"></span>urare <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>fattore <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>spread <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ui <span class=\"_ _38\"></span>titoli<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>governativi non incluso nella formula standard);<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">Sensitivity s<span class=\"_ _1\"></span>ui fattori di rischio mercato (es. tasso).<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>Di se<span class=\"_ _1\"></span>guito si <span class=\"_ _1\"></span>riportano le <span class=\"_ _1\"></span>informazioni sulla se<span class=\"_ _1\"></span>nsitivit\u00e0 alle <span class=\"_ _1\"></span>variazioni delle <span class=\"_ _1\"></span>variabili legate <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>rischio<span class=\"_ _3a1\"> </span> di mercat<span class=\"_ _1\"></span>o derivanti <span class=\"_ _1\"></span>dai contra<span class=\"_ _1\"></span>tti rientranti <span class=\"_ _1\"></span>nell\u2019ambito di <span class=\"_ _1\"></span>applicazione dell\u2019IFRS 17<span class=\"_ _1\"></span>. Con <span class=\"_ _1\"></span>l\u2019obiettivo<span class=\"_ _3a1\"> </span> di <span class=\"_ _3b\"></span>valutare la <span class=\"_ _184\"></span>r<span class=\"_ _1\"></span>eattivit\u00e0 <span class=\"_ _3b\"></span>del pat<span class=\"_ _2\"></span>rimonio <span class=\"_ _3b\"></span>nett<span class=\"_ _1\"></span>o <span class=\"_ _3b\"></span>e <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _3b\"></span>risultato d\u2019<span class=\"_ _2\"></span>esercizio <span class=\"_ _3b\"></span>al verifi<span class=\"_ _2\"></span>carsi d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>specifici <span class=\"_ _2\"></span>eventi<span class=\"_ _3a1\"> </span> di <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ress, <span class=\"_ _38\"></span>partendo <span class=\"_ _0\"></span>dalla <span class=\"_ _38\"></span>composizione <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>portafoglio <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ssere <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>31 <span class=\"_ _38\"></span>dicembre <span class=\"_ _0\"></span>2024, <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>tati<span class=\"_ _3a1\"> </span> definiti diversi livelli di sensitivities rispetto ai seguenti fattori di rischio:<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">Increment<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>dei c<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>edit spread <span class=\"_ _3b\"></span>di +100 <span class=\"_ _3b\"></span>bps, +200 b<span class=\"_ _2\"></span>ps e <span class=\"_ _3b\"></span>+300 bps <span class=\"_ _3b\"></span>da applicare <span class=\"_ _2\"></span>ai titoli<span class=\"_ _2\"></span> governativi<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>italiani e <span class=\"_ _1\"></span>del Sud <span class=\"_ _1\"></span>Europa; vengono <span class=\"_ _1\"></span>esclusi dall\u2019analisi i <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>di emittenti <span class=\"_ _1\"></span>Core <span class=\"_ _1\"></span>Europe ed <span class=\"_ _1\"></span>USA in<span class=\"_ _3a1\"> </span> ragione dell\u2019elevato rating e dell\u2019assenza di volatilit\u00e0 storiche cos\u00ec accentuate.<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">Increment<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>curve <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>assi <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>isk <span class=\"_ _38\"></span>free <span class=\"_ _0\"></span>EUR <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>+100 <span class=\"_ _38\"></span>bps <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>+200 <span class=\"_ _38\"></span>bps <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>applicare <span class=\"_ _0\"></span>a <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>utto <span class=\"_ _38\"></span>il<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>portafoglio titoli<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">Increment<span class=\"_ _1\"></span>o/diminuzi<span class=\"_ _2\"></span>one del r<span class=\"_ _1\"></span>apporto di cambio EUR/USD del +/- 10%<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>Tali <span class=\"_ _3b\"></span>se<span class=\"_ _1\"></span>nsitivites app<span class=\"_ _2\"></span>artengono al <span class=\"_ _3b\"></span>pi\u00f9 <span class=\"_ _3b\"></span>ampio sistema di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>monitoraggio <span class=\"_ _2\"></span>e c<span class=\"_ _2\"></span>ontrollo <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>Gr<span class=\"_ _1\"></span>uppo<span class=\"_ _3a1\"> </span> oggetto di reporting trimestrale al Consiglio di Amministrazione della controllante<span class=\"_ _1\"></span>.<span class=\"_ _3a1\"> </span> Di seguito vengono riepilogate le variazioni perce<span class=\"_ _1\"></span>ntuali conseguenti agli eventi sopra dettagliati.<span class=\"_ _3a1\"> </span> Analisi di se<span class=\"_ _1\"></span>nsitivit\u00e0 \u2013 Variazioni d<span class=\"_ _1\"></span>i CSM, Contributo al Cons<span class=\"_ _1\"></span>olidato di Gruppo e<span class=\"_ _1\"></span> Patrimonio Netto <table class=\"s w1514 h2de\" id=\"_7325847e-fff6-4223-8a21-2c99911e2822\"><tr><td class=\"t m2 x677 h8 y69d8 ff4 fs7 fc1 sc0 ls0 ws0\">(in migliaia di eur<span class=\"_ _2\"></span>o)<span class=\"fs2\"> </span></td><td class=\"c x25bb y69d9 w1515 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Variaz<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x25ba h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">ione<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x698 h8 y69da ff4 fs2 fc1 sc0 ls0 ws0\">Variazione di Contributo </td><td class=\"t m2 x7a1 h8 y69db ff4 fs2 fc1 sc0 ls0 ws0\">Variazione di </td></tr><tr><td class=\"t m2 x25bc h8 y69dc ff4 fs2 fc1 sc0 ls0 ws0\">Analisi di Sensitivit\u00e0 </td><td class=\"t m2 x7ae h8 y69dd ff4 fs2 fc1 sc0 ls0 ws0\">di </td><td class=\"t m2 x71d h8 y69dd ff4 fs2 fc1 sc0 ls0 ws0\">all\u2019Utile Consolidato di </td><td class=\"t m2 xac8 h8 y69de ff4 fs2 fc1 sc0 ls0 ws0\">Patrimonio Netto </td></tr><tr><td></td><td class=\"t m2 x97f h8 y69df ff4 fs2 fc1 sc0 ls0 ws0\">CSM </td><td class=\"t m2 x7a4 h8 y69df ff4 fs2 fc1 sc0 ls0 ws0\">Gruppo </td><td></td></tr><tr><td class=\"c n x2d7 y69e0 w1516 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Credit Spread + 100bps<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25bd y69e0 w1517 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-11.15<span class=\"_ _1\"></span>0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25be y69e0 w14ef h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-795<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25bf y69e0 w1518 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-13.863<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69e1 w1519 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Credit Spread + 200bps<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25c0 y69e1 w4c5 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-22.301<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25c1 y69e1 w151a h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-1.591<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25c2 y69e1 w151b h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-27.727<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69e2 w151c h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Credit Spread + 300bps<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25c3 y69e2 w151d h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-33.451<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25c4 y69e2 w151e h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-2.386<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25c5 y69e2 w151f h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-41.590<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69e3 w1520 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Rischio Tasso EUR +100bps<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25c6 y69e3 w1521 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-14.567<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25c7 y69e3 wf8b h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-1.131<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25c8 y69e3 w1522 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-17.046<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69e4 w1523 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Rischio Tasso EUR +200bps<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25c9 y69e4 w650 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-29.134<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25ca y69e4 w1524 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-2.262<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25cb y69e4 w45a h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-34.091<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69e5 w1525 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Rischio Cambio EUR/USD -10%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25cc y69e5 w1526 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-4.164<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25cd y69e5 wc07 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-289<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25ce y69e5 w1527 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-854<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69b9 w1528 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Rischio Cambio EUR/USD +10%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25cf y69b9 w1529 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">4.164<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25d0 y69b9 w152a h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">289<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25d1 y69b9 w152b h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">854<span class=\"_ _3a1\"> </span></div></td></tr></table>Le <span class=\"_ _0\"></span>analisi <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>se<span class=\"_ _1\"></span>nsitivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>cu<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>sopra <span class=\"_ _35\"> </span>sono <span class=\"_ _0\"></span>state <span class=\"_ _0\"></span>effettuate <span class=\"_ _0\"></span>tramite <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>laborazioni <span class=\"_ _0\"></span>integrate <span class=\"_ _35\"> </span>atti<span class=\"_ _3b\"></span>vo-<span class=\"_ _3a1\"> </span>passivo <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>tenessero <span class=\"_ _38\"></span>pertanto <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>congiuntamente <span class=\"_ _1\"></span>degli <span class=\"_ _38\"></span>effetti <span class=\"_ _38\"></span>dei <span class=\"_ _1\"></span>relativi <span class=\"_ _38\"></span>stress <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>mercato<span class=\"_ _3a1\"> </span> sia <span class=\"_ _1\"></span>sul <span class=\"_ _38\"></span>portafoglio <span class=\"_ _1\"></span>polizze <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>sul <span class=\"_ _1\"></span>port<span class=\"_ _1\"></span>afoglio <span class=\"_ _1\"></span>titoli. <span class=\"_ _1\"></span>La <span class=\"_ _1\"></span>valutazione <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>stata <span class=\"_ _1\"></span>effettuata <span class=\"_ _1\"></span>al <span class=\"_ _38\"></span>lordo <span class=\"_ _1\"></span>della<span class=\"_ _3a1\"> </span> riassicurazione <span class=\"_ _38\"></span>passiva <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>quanto <span class=\"_ _1\"></span>poco <span class=\"_ _1\"></span>significativa <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>petto <span class=\"_ _1\"></span>agli <span class=\"_ _1\"></span>scenari <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>stress <span class=\"_ _1\"></span>individuati <span class=\"_ _1\"></span>ed <span class=\"_ _38\"></span>\u00e8<span class=\"_ _3a1\"> </span> da int<span class=\"_ _1\"></span>endersi <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>lordo <span class=\"_ _1\"></span>dell\u2019impatto fiscale <span class=\"_ _38\"></span>con riferimento <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>CSM e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>netto dell\u2019effetto <span class=\"_ _1\"></span>fiscale <span class=\"_ _1\"></span>con<span class=\"_ _3a1\"> </span> riferimento a Patrimonio Netto e Contributo all\u2019Utile Consolidato.<span class=\"_ _3a1\"> </span> Rischio Asse<span class=\"_ _1\"></span>t Liability Management (ALM)<span class=\"_ _3a1\"> </span> Il  rischio  ALM  \u00e8<span class=\"_ _2\"></span>  un  rischio  strettamente  correlato  ai<span class=\"_ _2\"></span>  disa<span class=\"_ _3a1\"> </span>llineamenti  tra  a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0  e  passivit\u00e0.  I<span class=\"_ _2\"></span>l<span class=\"_ _3a1\"> </span> processo <span class=\"_ _3f\"> </span>ALM <span class=\"_ _3f\"> </span>include <span class=\"_ _3f\"> </span>al <span class=\"_ _3f\"> </span>suo <span class=\"_ _3f\"> </span>interno <span class=\"_ _3f\"> </span>dinamiche <span class=\"_ _39\"> </span>co<span class=\"_ _1\"></span>nnesse <span class=\"_ _3f\"> </span>alla <span class=\"_ _3f\"> </span>gestione <span class=\"_ _3f\"> </span>dei <span class=\"_ _3f\"> </span>rischi <span class=\"_ _3f\"> </span>e <span class=\"_ _3f\"> </span>alla<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> pianificazione <span class=\"_ _37\"> </span>strategica. <span class=\"_ _37\"> </span>Si <span class=\"_ _37\"> </span>focalizza <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>ul <span class=\"_ _3d\"> </span>m<span class=\"_ _1\"></span>edio <span class=\"_ _37\"> </span>- <span class=\"_ _37\"> </span>lungo <span class=\"_ _37\"> </span>termine <span class=\"_ _37\"> </span>anzich\u00e9 <span class=\"_ _37\"> </span>offrire <span class=\"_ _37\"> </span>soluzioni <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span> mitigazione o <span class=\"_ _3b\"></span>cope<span class=\"_ _1\"></span>rtura del <span class=\"_ _3b\"></span>ris<span class=\"_ _1\"></span>chio. <span class=\"_ _2\"></span>L\u2019obiettivo di <span class=\"_ _2\"></span>tale gestione d<span class=\"_ _2\"></span>el rischio <span class=\"_ _2\"></span>\u00e8 quello <span class=\"_ _3b\"></span>di massimizzare<span class=\"_ _3a1\"> </span> le attivit\u00e0 per soddisfare le passivit\u00e0 complesse che possono aument<span class=\"_ _1\"></span>are la redditivit\u00e0.<span class=\"_ _3a1\"> </span> Alla sottocategoria dei Rischi ALM appartengono <span class=\"_ _1\"></span>i seguenti fattori di rischio:  -<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Ass<span class=\"_ _1\"></span>et <span class=\"_ _19a\"> </span>Allocation <span class=\"_ _19a\"> </span>Strategica <span class=\"_ _19a\"> </span>(AAT): <span class=\"_ _19a\"> </span>consiste <span class=\"_ _19a\"> </span>nel <span class=\"_ _19a\"> </span>rischio <span class=\"_ _19a\"> </span>risultante<span class=\"_ _3a1\"> </span></span></span><span class=\"ff16\"><span class=\"ff4\"> </span></span>dall\u2019inadeguatezza/incoerenza dell\u2019asset allocation per fare <span class=\"_ _1\"></span>fronte alle passivit\u00e0.<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">Asset &amp; <span class=\"_ _2\"></span>Liability <span class=\"_ _2\"></span>mismatch: corri<span class=\"_ _2\"></span>sponde al <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _3b\"></span>di disallineamento <span class=\"_ _2\"></span>tra attivi <span class=\"_ _3b\"></span>e passivi <span class=\"_ _3b\"></span>che pu\u00f2<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>comportare <span class=\"_ _46\"> </span>un\u2019esposizione <span class=\"_ _46\"> </span>dell\u2019<span class=\"_ _2\"></span>impresa <span class=\"_ _46\"> </span>o <span class=\"_ _49\"> </span>a<span class=\"_ _1\"></span>l <span class=\"_ _49\"> </span>rischio <span class=\"_ _46\"> </span>disinvestimento <span class=\"_ _46\"> </span>o <span class=\"_ _49\"> </span>al <span class=\"_ _46\"> </span>rischio<span class=\"_ _3a1\"> </span> reinvestimento.<span class=\"_ _3a1\"> </span> La <span class=\"_ _39\"> </span>Compagnia <span class=\"_ _39\"> </span>adotta, <span class=\"_ _39\"> </span>nei <span class=\"_ _36\"> </span>confronti <span class=\"_ _39\"> </span>dei <span class=\"_ _39\"> </span>fattori <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _36\"> </span>sopra <span class=\"_ _39\"> </span>enunciati, <span class=\"_ _39\"> </span>linee <span class=\"_ _39\"> </span>guida <span class=\"_ _39\"> </span>che<span class=\"_ _3a1\"> </span> definiscono <span class=\"_ _37\"> </span>i <span class=\"_ _36\"> </span>principi <span class=\"_ _37\"> </span>generali, <span class=\"_ _37\"> </span>la <span class=\"_ _36\"> </span>periodicit\u00e0 <span class=\"_ _37\"> </span>dei <span class=\"_ _37\"> </span>controlli <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>le <span class=\"_ _37\"> </span>azioni <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>ipristino <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>di<span class=\"_ _3a1\"> </span> superamento dei limiti.  Valutazione <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>AL<span class=\"_ _2\"></span>M <span class=\"_ _0\"></span>viene <span class=\"_ _0\"></span>effettuata <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>portafoglio <span class=\"_ _38\"></span>inves<span class=\"_ _1\"></span>timenti <span class=\"_ _0\"></span>mobil<span class=\"_ _2\"></span>iare<span class=\"_ _3a1\"> </span> gi\u00e0 <span class=\"_ _35\"> </span>acquisito <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>agli <span class=\"_ _0\"></span>sce<span class=\"_ _1\"></span>nari <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>inv<span class=\"_ _2\"></span>estime<span class=\"_ _1\"></span>nto <span class=\"_ _35\"> </span>futuro. <span class=\"_ _35\"> </span>Tale <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>viene <span class=\"_ _35\"> </span>realizzata <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>logiche <span class=\"_ _35\"> </span>d<span class=\"_ _3a1\"> </span>Asset-Liability <span class=\"_ _3b\"></span>Manageme<span class=\"_ _1\"></span>nt, <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>fine di <span class=\"_ _3b\"></span>cogliere l<span class=\"_ _2\"></span>e in<span class=\"_ _2\"></span>terrelazioni <span class=\"_ _2\"></span>esistenti <span class=\"_ _2\"></span>fra <span class=\"_ _3b\"></span>le dinamiche <span class=\"_ _3b\"></span>dei <span class=\"_ _2\"></span>passivi<span class=\"_ _3a1\"> </span>e le d<span class=\"_ _3a1\"> </span>inamiche degli attivi a copertura delle riserve tecniche. Per quanto riguarda i macro-indicatori analizzati per la valutazione e mo<span class=\"_ _1\"></span>nitoraggio dei rischi ALM:<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">SCR  I<span class=\"_ _2\"></span>nterest  Rate <span class=\"_ _35\"> </span>\u2013 <span class=\"_ _35\"> </span>Based: <span class=\"_ _35\"> </span>indicatori  che <span class=\"_ _35\"> </span>hanno <span class=\"_ _35\"> </span>lo <span class=\"_ _35\"> </span>scopo  di<span class=\"_ _2\"></span>  i<span class=\"_ _2\"></span>ndividuare  l<span class=\"_ _2\"></span>\u2019assorbimento  di<span class=\"_ _3a1\"> </span></span>capitale, <span class=\"_ _1\"></span>secondo <span class=\"_ _1\"></span>le metriche <span class=\"_ _1\"></span>Solvency <span class=\"_ _1\"></span>II, <span class=\"_ _1\"></span>del rischio <span class=\"_ _1\"></span>tasso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>interesse secondo <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>approccio<span class=\"_ _3a1\"> </span>sia regolamentare che gestionale;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Disallineament<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>rendimenti <span class=\"_ _35\"> </span>dell<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>ge<span class=\"_ _1\"></span>stioni <span class=\"_ _0\"></span>separate: <span class=\"_ _35\"> </span>l\u2019ind<span class=\"_ _2\"></span>icatore <span class=\"_ _0\"></span>mis<span class=\"_ _1\"></span>ura <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>d<span class=\"_ _2\"></span>isallinement<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>tra<span class=\"_ _3a1\"> </span></span>rendimenti dalle gestioni separate e re<span class=\"_ _1\"></span>ndimenti minimi garantiti agli assicurati;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Cash <span class=\"_ _1\"></span>Flow <span class=\"_ _1\"></span>Matching: <span class=\"_ _1\"></span>l\u2019indicatore <span class=\"_ _1\"></span>descrive <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>disallineamento, <span class=\"_ _1\"></span>tempo <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>tempo, <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>Cashflow<span class=\"_ _3a1\"> </span></span>degli attivi e i Cashflow del passivo;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Duration <span class=\"_ _36\"> </span>Matching: <span class=\"_ _37\"> </span>disallineamento <span class=\"_ _36\"> </span>tra <span class=\"_ _37\"> </span>la <span class=\"_ _36\"> </span>duration <span class=\"_ _37\"> </span>dei <span class=\"_ _37\"> </span>Cashflow <span class=\"_ _37\"> </span>At<span class=\"_ _1\"></span>tivi <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>duration <span class=\"_ _36\"> </span>dei<span class=\"_ _3a1\"> </span></span>Cashflow Passivi;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Future <span class=\"_ _0\"></span>Discretionary <span class=\"_ _0\"></span>Be<span class=\"_ _1\"></span>nefit <span class=\"_ _0\"></span>(cd<span class=\"_ _2\"></span>. <span class=\"_ _0\"></span>FDB): <span class=\"_ _0\"></span>indicatore <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>lo <span class=\"_ _0\"></span>scopo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>monitorare <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>maniera<span class=\"_ _3a1\"> </span></span>indiretta <span class=\"_ _36\"> </span>la <span class=\"_ _36\"> </span>capacit\u00e0 <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>as<span class=\"_ _1\"></span>sorbimento <span class=\"_ _36\"> </span>delle <span class=\"_ _36\"> </span>perdite <span class=\"_ _36\"> </span>Solvency <span class=\"_ _36\"> </span>II <span class=\"_ _37\"> </span>da <span class=\"_ _36\"> </span>parte<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>delle <span class=\"_ _36\"> </span>Technical<span class=\"_ _3a1\"> </span>Provisions;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Sensitivities <span class=\"_ _1\"></span>Spread Goverantivo Italia;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Sensitivity s<span class=\"_ _1\"></span>ui fattori di rischio mercato e tecnici (es. tasso e riscatti).<span class=\"_ _3a1\"> </span></span>Rischio di li<span class=\"_ _1\"></span>quidit\u00e0<span class=\"_ _3a1\"> </span>Le <span class=\"_ _38\"></span>Compagnie <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>soggette <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>ibili <span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nsioni <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>liquidi<span class=\"_ _3a1\"> </span>t\u00e0 <span class=\"_ _38\"></span>derivanti <span class=\"_ _38\"></span>da <span class=\"_ _38\"></span>scadenze <span class=\"_ _38\"></span>diverse<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>tra <span class=\"_ _38\"></span>gli<span class=\"_ _3a1\"> </span>attivi e <span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>elativi <span class=\"_ _3b\"></span>pas<span class=\"_ _1\"></span>sivi. <span class=\"_ _2\"></span>Per rischio <span class=\"_ _2\"></span>di l<span class=\"_ _2\"></span>iquidit\u00e0 si <span class=\"_ _3b\"></span>intende il rischio <span class=\"_ _3b\"></span>che la <span class=\"_ _3b\"></span>Com<span class=\"_ _1\"></span>pagnia <span class=\"_ _2\"></span>non sia <span class=\"_ _3b\"></span>in grado<span class=\"_ _3a1\"> </span>di <span class=\"_ _1\"></span>liquidare <span class=\"_ _38\"></span>investimenti <span class=\"_ _38\"></span>ed <span class=\"_ _1\"></span>altre <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ttivit\u00e0 <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>regolare <span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>propri <span class=\"_ _38\"></span>impegni <span class=\"_ _1\"></span>finanziari <span class=\"_ _1\"></span>al <span class=\"_ _38\"></span>momento <span class=\"_ _38\"></span>della<span class=\"_ _3a1\"> </span>relativa scadenza (cfr. articolo 1, comma 1, letter<span class=\"_ _1\"></span>a vv-bi<span class=\"_ _2\"></span>s 2 del CAP). La <span class=\"_ _38\"></span>possibilit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>rocedere <span class=\"_ _0\"></span>allo <span class=\"_ _1\"></span>smobilizzo <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>empestivo <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>po<span class=\"_ _2\"></span>rtafoglio <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>fo<span class=\"_ _2\"></span>rtemente <span class=\"_ _0\"></span>c<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>ndizionata<span class=\"_ _3a1\"> </span>dalla liquidabilit\u00e0 <span class=\"_ _1\"></span>dei t<span class=\"_ _1\"></span>itoli in cui lo <span class=\"_ _1\"></span>stesso \u00e8 <span class=\"_ _1\"></span>investito. <span class=\"_ _1\"></span>La scarsa liquidabilit\u00e0 <span class=\"_ _1\"></span>dei t<span class=\"_ _1\"></span>itoli in port<span class=\"_ _1\"></span>afoglio,<span class=\"_ _3a1\"> </span>infatti, <span class=\"_ _38\"></span>pu\u00f2 <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>sporre <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>Compagnia <span class=\"_ _1\"></span>al <span class=\"_ _38\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>conseguire <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>perdite <span class=\"_ _38\"></span>connesse <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>difficolt\u00e0 <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span>trovare sul mercato la controparte interessata all\u2019acquisto dei titoli che s<span class=\"_ _1\"></span>i intende smobilizzare.<span class=\"_ _3a1\"> </span>Alla sottocategoria dei Rischi di Liquidit\u00e0 appartengono i se<span class=\"_ _1\"></span>guenti fattori di rischio: -<span class=\"_ _41\"> </span><span class=\"ff4\">Market <span class=\"_ _0\"></span>Liquidity <span class=\"_ _0\"></span>Risk: <span class=\"_ _0\"></span>Rischio <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>Compagnia <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>grado <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>liquidare<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>finanziare <span class=\"_ _0\"></span>le<span class=\"_ _3a1\"> </span></span>proprie <span class=\"_ _38\"></span>riserve <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>liquidit\u00e0 <span class=\"_ _38\"></span>senza <span class=\"_ _38\"></span>incorrere <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>perdite <span class=\"_ _0\"></span>a <span class=\"_ _1\"></span>causa <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>scar<span class=\"_ _1\"></span>sa <span class=\"_ _38\"></span>liquidit\u00e0 <span class=\"_ _38\"></span>o <span class=\"_ _38\"></span>chiusura<span class=\"_ _3a1\"> </span>dei mercati;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Liquidity <span class=\"_ _39\"> </span>Mismatch <span class=\"_ _3f\"> </span>Risk: <span class=\"_ _39\"> </span>Rischio <span class=\"_ _39\"> </span>che <span class=\"_ _3f\"> </span>il <span class=\"_ _39\"> </span>profilo <span class=\"_ _39\"> </span>dei <span class=\"_ _39\"> </span>flussi <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>cass<span class=\"_ _1\"></span>a <span class=\"_ _39\"> </span>in <span class=\"_ _39\"> </span>uscita <span class=\"_ _39\"> </span>non <span class=\"_ _39\"> </span>r<span class=\"_ _1\"></span>isulti<span class=\"_ _3a1\"> </span></span>adeguatamente <span class=\"_ _0\"></span>compensato <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>al <span class=\"_ _0\"></span>profilo <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>flu<span class=\"_ _2\"></span>ssi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>ca<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>sa <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>entrara <span class=\"_ _0\"></span>nel <span class=\"_ _38\"></span>breve <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>brevissimo<span class=\"_ _3a1\"> </span>termine;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Contingency <span class=\"_ _1\"></span>Liquidity Risk: Risc<span class=\"_ _1\"></span>hio der<span class=\"_ _1\"></span>ivante da <span class=\"_ _1\"></span>un\u2019evoluzione de<span class=\"_ _1\"></span>lle pass<span class=\"_ _1\"></span>ivit\u00e0 a <span class=\"_ _1\"></span>breve termine<span class=\"_ _3a1\"> </span></span>che genera una situazione di incapacit\u00e0 da parte dell\u2019attivo corrente.<span class=\"_ _3a1\"> </span>La Compag<span class=\"_ _2\"></span>nia qu<span class=\"_ _2\"></span>antifica la <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ua p<span class=\"_ _2\"></span>osizione di <span class=\"_ _3b\"></span>so<span class=\"_ _1\"></span>lvibilit\u00e0 <span class=\"_ _3b\"></span>con le met<span class=\"_ _2\"></span>riche della <span class=\"_ _3b\"></span>F<span class=\"_ _1\"></span>ormula <span class=\"_ _2\"></span>Standard, che<span class=\"_ _3a1\"> </span>non prevede una quantificazione de<span class=\"_ _1\"></span>l rischio liquidit\u00e0 in termini di assorbimento di capitale.<span class=\"_ _3a1\"> </span>L\u2019identificazione <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>quidit\u00e0 <span class=\"_ _38\"></span>viene <span class=\"_ _38\"></span>effettuata <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>riferimento <span class=\"_ _38\"></span>ai <span class=\"_ _38\"></span>portafogli <span class=\"_ _38\"></span>investimenti<span class=\"_ _3a1\"> </span>sottostanti <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>prodotti <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>gar<span class=\"_ _1\"></span>anzia <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>ca<span class=\"_ _1\"></span>pitale <span class=\"_ _0\"></span>e/<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>rendimento<span class=\"_ _1\"></span>. <span class=\"_ _0\"></span>L\u2019identificazione <span class=\"_ _0\"></span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>viene<span class=\"_ _3a1\"> </span>effettuata <span class=\"_ _3f\"> </span>sulla <span class=\"_ _3f\"> </span>base <span class=\"_ _3f\"> </span>dei <span class=\"_ _3f\"> </span>dati <span class=\"_ _39\"> </span>t<span class=\"_ _1\"></span>ecnici <span class=\"_ _3f\"> </span>dei <span class=\"_ _3f\"> </span>portafogli <span class=\"_ _39\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>delle <span class=\"_ _3f\"> </span>metriche <span class=\"_ _3f\"> </span>definite <span class=\"_ _3f\"> </span>in <span class=\"_ _39\"> </span>funzione<span class=\"_ _3a1\"> </span>dell\u2019orizzonte temporale con cui viene analizzato e studiato il rischio stesso.<span class=\"_ _3a1\"> </span>Si  riportano  di  seguito  gli  indicatori  utilizzati  dalla  Compagnia  per  il  monitoraggio  del  rischio<span class=\"_ _3a1\"> </span>liquidit\u00e0:<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">importo <span class=\"_ _38\"></span>dei <span class=\"_ _1\"></span>conti <span class=\"_ _1\"></span>correnti: <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>Compagnia ha <span class=\"_ _38\"></span>scelto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>onitorare <span class=\"_ _1\"></span>l\u2019importo <span class=\"_ _1\"></span>detenuto <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>Conti<span class=\"_ _3a1\"> </span></span>Correnti  al <span class=\"_ _35\"> </span>fine <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>fissare  un <span class=\"_ _35\"> </span>limite <span class=\"_ _35\"> </span>inferiore  che<span class=\"_ _2\"></span>  rapp<span class=\"_ _2\"></span>resenta <span class=\"_ _35\"> </span>la  Riserva <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>Liquidit\u00e0 <span class=\"_ _35\"> </span>(come<span class=\"_ _3a1\"> </span>prescritta <span class=\"_ _1\"></span>dal <span class=\"_ _1\"></span>Reg. <span class=\"_ _1\"></span>38 IVASS) <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>limite <span class=\"_ _1\"></span>superiore <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>termini <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>importo <span class=\"_ _1\"></span>massimo <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>detenere<span class=\"_ _3a1\"> </span>nei <span class=\"_ _1\"></span>Conti <span class=\"_ _38\"></span>Correnti <span class=\"_ _1\"></span>al <span class=\"_ _38\"></span>fine <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>rendere <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>fficace <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>gestione <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>portafoglio <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>limitare <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>eventuali<span class=\"_ _3a1\"> </span>effetti <span class=\"_ _1\"></span>sull\u2019SCR <span class=\"_ _1\"></span>Default. <span class=\"_ _38\"></span>Nella <span class=\"_ _1\"></span>quantificazione <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>Riserva <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Liquidit\u00e0 <span class=\"_ _1\"></span>concorro<span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>solo <span class=\"_ _1\"></span>le<span class=\"_ _3a1\"> </span>esposizioni in Conto Corrente ma anche titoli Governativi dell'Area Euro con qualit\u00e0 del credito<span class=\"_ _3a1\"> </span>superiore a 2 e scadenza inferiore ai 3 mesi.<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Liquidity <span class=\"_ _37\"> </span>B<span class=\"_ _1\"></span>uffer: <span class=\"_ _37\"> </span>il <span class=\"_ _36\"> </span>numero <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>periodi, <span class=\"_ _37\"> </span>me<span class=\"_ _1\"></span>nsili, <span class=\"_ _37\"> </span>consecutivi <span class=\"_ _37\"> </span>c<span class=\"_ _1\"></span>on <span class=\"_ _37\"> </span>Liquidity <span class=\"_ _36\"> </span>Buffer <span class=\"_ _36\"> </span>negativo,<span class=\"_ _3a1\"> </span></span>nell\u2019orizzonte <span class=\"_ _3a\"> </span>te<span class=\"_ _1\"></span>mporale <span class=\"_ _3a\"> </span>annuale <span class=\"_ _3a\"> </span>consider<span class=\"_ _1\"></span>ato <span class=\"_ _3a\"> </span>e <span class=\"_ _3a\"> </span>fornisce <span class=\"_ _48\"> </span>u<span class=\"_ _2\"></span>n\u2019indicazione <span class=\"_ _3a\"> </span>sintet<span class=\"_ _1\"></span>ica <span class=\"_ _3a\"> </span>della<span class=\"_ _3a1\"> </span>situazione di liquidit\u00e0 della Compagnia;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Piano <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Liquidit\u00e0: <span class=\"_ _1\"></span>l\u2019indicator<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>volto<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>dimostrare <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>Compagnia <span class=\"_ _1\"></span>ha <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>isorse <span class=\"_ _1\"></span>finanziarie<span class=\"_ _3a1\"> </span></span>su base <span class=\"_ _1\"></span>continuativa <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>la gest<span class=\"_ _1\"></span>ione del <span class=\"_ _1\"></span>rischio liquidit\u00e0. <span class=\"_ _1\"></span>Tale condizione <span class=\"_ _1\"></span>risulta <span class=\"_ _1\"></span>inoltre <span class=\"_ _1\"></span>essere<span class=\"_ _3a1\"> </span>alla base per l\u2019applicazione del Volatility Adjustme<span class=\"_ _1\"></span>nt a livello Regolamentare;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Contingency di liquidit\u00e0: ovvero titoli facilmente<span class=\"_ _1\"></span> liquidabili;<span class=\"_ _3a1\"> </span></span><div class=\"t m2 h23 ff1a fs2 fc1 sc0 ls0 ws0 gs1b19\">-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">SCR <span class=\"_ _35\"> </span>default <span class=\"_ _0\"></span>conti <span class=\"_ _35\"> </span>corrente: <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>fine <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>limitar<span class=\"_ _1\"></span>e <span class=\"_ _35\"> </span>gli <span class=\"_ _0\"></span>eventuali <span class=\"_ _35\"> </span>effetti <span class=\"_ _35\"> </span>sull\u2019SC<span class=\"_ _2\"></span>R <span class=\"_ _35\"> </span>default <span class=\"_ _0\"></span>der<span class=\"_ _1\"></span>ivante<span class=\"_ _3a1\"> </span></span></span><span class=\"ff16\"><span class=\"ff4\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b1a\">dall\u2019<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b1b\">aumento  dei<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>volumi <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>conti <span class=\"_ _35\"> </span>corrente, <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>Compagnia <span class=\"_ _35\"> </span>ha <span class=\"_ _35\"> </span>fissato <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>limite <span class=\"_ _35\"> </span>superiore <span class=\"_ _35\"> </span>in<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b1c\">termini di SCR Default.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b1d\">Con <span class=\"_ _38\"></span>l\u2019introduzione <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>principio <span class=\"_ _38\"></span>IFRS17 <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>voluto <span class=\"_ _38\"></span>dare <span class=\"_ _38\"></span>specifica <span class=\"_ _38\"></span>attenzione <span class=\"_ _0\"></span>alle <span class=\"_ _1\"></span>aspettative <span class=\"_ _38\"></span>delle<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b1e\">compagnie assicurative rispetto ai flussi di cassa <span class=\"_ _1\"></span>attesi sottostanti le valutazioni di riserva.    </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1b1f\">Rischio di cre<span class=\"_ _1\"></span>dito o counterparty default<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b20\">Si <span class=\"_ _1\"></span>definisce <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>edito <span class=\"_ _38\"></span>(rischio <span class=\"_ _1\"></span>default) <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>risch<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b21\">io <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>dita <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>variazione <span class=\"_ _38\"></span>sfavorevole <span class=\"_ _38\"></span>della<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b22\">situazione finanzi<span class=\"_ _2\"></span>aria derivante <span class=\"_ _3b\"></span>da oscillazioni del <span class=\"_ _3b\"></span>me<span class=\"_ _1\"></span>rito di <span class=\"_ _3b\"></span>credito di emittenti <span class=\"_ _3b\"></span>di titoli, <span class=\"_ _2\"></span>controparti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b23\">e de<span class=\"_ _1\"></span>bitori nei confront<span class=\"_ _1\"></span>i dei quali l\u2019impresa <span class=\"_ _1\"></span>di a<span class=\"_ _1\"></span>ssicurazione o di <span class=\"_ _1\"></span>riassicurazione \u00e8 e<span class=\"_ _1\"></span>sposta in <span class=\"_ _1\"></span>forma<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b24\">di r<span class=\"_ _1\"></span>ischio <span class=\"_ _1\"></span>di inadempiment<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>controparte, <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>spread <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>concentrazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>del ris<span class=\"_ _1\"></span>chio<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b25\">di mercato (cfr. articolo 1, comma 1, lettera vv-bis 1 del CAP).<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b26\">La perdita di valore della posizion<span class=\"_ _2\"></span>e creditoria e collegata principalmente alla qualit\u00e0 dell\u2019emittente<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b27\">o<span class=\"_ _3a\"> </span>della  controparte  (in<span class=\"_ _2\"></span>clusi  i  riassicuratori,  coassicuratori,  assicu<span class=\"_ _2\"></span>rati  ed  intermediari)  ma  pu<span class=\"_ _2\"></span>\u00f2<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b28\">anche <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>erivare <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>deterioramento <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>condizioni <span class=\"_ _38\"></span>economico-finanziarie <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>debitore<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>ui<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b29\">dipende <span class=\"_ _2\"></span>la capaci<span class=\"_ _2\"></span>ta di <span class=\"_ _3b\"></span>far fronte <span class=\"_ _3b\"></span>agli impegni <span class=\"_ _3b\"></span>finanziari assunti, <span class=\"_ _3b\"></span>nonch\u00e9 da caus<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> ind<span class=\"_ _2\"></span>ipendenti dall<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b2a\">situazione <span class=\"_ _0\"></span>economica <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>finanziaria <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>controparte <span class=\"_ _38\"></span>debitr<span class=\"_ _1\"></span>ice, <span class=\"_ _38\"></span>quali <span class=\"_ _38\"></span>ad <span class=\"_ _0\"></span>esempio <span class=\"_ _0\"></span>cause <span class=\"_ _38\"></span>politico-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b2b\">militare.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b2c\">Da un punto di vista puramente rappresent<span class=\"_ _1\"></span>ativo identifichiamo tre macro aree del rischio credito:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h23 ff1a fs2 fc1 sc0 ls0 ws0 gs1b2d\">-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Riassicurazione;<span class=\"_ _3a1\"> </span></span></span><span class=\"ff16\"><span class=\"ff4\"> </span></span></div><div class=\"t m2 h23 ff1a fs2 fc1 sc0 ls0 ws0 gs1b2e\">-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Inter<span class=\"_ _1\"></span>mediarie e altre controparti; </span></span><span class=\"ff16\"><span class=\"ff4\"> </span></span></div><div class=\"t m2 h23 ff1a fs2 fc1 sc0 ls0 ws0 gs1b2f\">-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Investime<span class=\"_ _1\"></span>nti.<span class=\"_ _3a1\"> </span></span></span><span class=\"ff16\"><span class=\"ff4\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b30\">I fattori di rischio sottostanti alle singole sottocategor<span class=\"_ _1\"></span>ie del rischio credito sono i seguenti:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h23 ff1a fs2 fc1 sc0 ls0 ws0 gs1b31\">-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Per <span class=\"_ _1\"></span>quanto riguarda la sottoclasse Rassicurazione:<span class=\"_ _3a1\"> </span></span></span><span class=\"ff16\"><span class=\"ff4\"> </span></span></div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs1b32\">o<span class=\"_ _115\"> </span><span class=\"ff4\">Rischio <span class=\"_ _48\"> </span>di <span class=\"_ _17e\"> </span>credito <span class=\"_ _48\"> </span>verso <span class=\"_ _17e\"> </span>riassicuratori: <span class=\"_ _48\"> </span>rappresenta <span class=\"_ _17e\"> </span>il <span class=\"_ _48\"> </span>rischio <span class=\"_ _48\"> </span>di <span class=\"_ _48\"> </span>per<span class=\"_ _1\"></span>dite <span class=\"_ _48\"> </span>derivanti<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b33\">dall\u2019insolvenza di uno o pi\u00f9 riassicuratori;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs1b34\">o<span class=\"_ _115\"> </span><span class=\"ff4\">Rischio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>base: <span class=\"_ _38\"></span>der<span class=\"_ _1\"></span>ivante <span class=\"_ _38\"></span>dalle <span class=\"_ _38\"></span>eventuali <span class=\"_ _38\"></span>discrepanze <span class=\"_ _38\"></span>tr<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>sigenze <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rias<span class=\"_ _1\"></span>sicurazione <span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b35\">l\u2019effettiva copertura prevista dal trattato comportando per la Compag<span class=\"_ _2\"></span>nia un\u2019assunzione di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b36\">rischio maggiore rispetto a quella pre<span class=\"_ _1\"></span>ventivata.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h23 ff1a fs2 fc1 sc0 ls0 ws0 gs1b37\">-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Per <span class=\"_ _1\"></span>quanto riguarda gli intermediari e le altre controparti:<span class=\"_ _3a1\"> </span></span></span><span class=\"ff16\"><span class=\"ff4\"> </span></span></div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs1b38\">o<span class=\"_ _115\"> </span><span class=\"ff4\">Rischio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>credito <span class=\"_ _1\"></span>verso <span class=\"_ _1\"></span>intermediari <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>altre <span class=\"_ _1\"></span>controparti: <span class=\"_ _1\"></span>rappresenta <span class=\"_ _1\"></span>il r<span class=\"_ _1\"></span>ischio <span class=\"_ _1\"></span>di perdite <span class=\"_ _1\"></span>in<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b39\">conseguenza <span class=\"_ _2\"></span>all\u2019inadempimento <span class=\"_ _2\"></span>contrattuale <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>soggetti terzi <span class=\"_ _3b\"></span>(es. <span class=\"_ _3b\"></span>i crediti <span class=\"_ _3b\"></span>verso a<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>sicurati,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b3a\">verso intermediari assicurativi, conti corre<span class=\"_ _1\"></span>nti verso banche).<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h23 ff1a fs2 fc1 sc0 ls0 ws0 gs1b3b\">-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Per <span class=\"_ _0\"></span>q<span class=\"_ _2\"></span>uanto <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iguarda <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>sottoclasse <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>credito <span class=\"_ _1\"></span>degli <span class=\"_ _38\"></span>investimenti <span class=\"_ _38\"></span>(correlato <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>processo<span class=\"_ _3a1\"> </span></span></span><span class=\"ff16\"><span class=\"ff4\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b3c\">di <span class=\"_ _1\"></span>asset<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>management) <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ssa <span class=\"_ _1\"></span>rapprese<span class=\"_ _1\"></span>nta <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>perdite<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>derivanti <span class=\"_ _1\"></span>dall\u2019insolvenza <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>una <span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b3d\">pi\u00f9 obbligazioni pertanto si identificano i seguenti fattori di r<span class=\"_ _1\"></span>ischio:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs1b3e\">o<span class=\"_ _115\"> </span><span class=\"ff4\">Bo<span class=\"_ _1\"></span>nd default: <span class=\"_ _2\"></span>rischio legato all\u2019inad<span class=\"_ _2\"></span>empienza dell\u2019emittente prima della realizzazione d<span class=\"_ _2\"></span>ella<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b3f\">sua obbligazione;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs1b40\">o<span class=\"_ _115\"> </span><span class=\"ff4\">Altre<span class=\"_ _1\"></span> investment assets: rischio credito verso altri assets.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b41\">Da <span class=\"_ _1\"></span>un <span class=\"_ _38\"></span>punto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>vista <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>distribuzione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>chi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>counterparty <span class=\"_ _1\"></span>default <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>Credemvita <span class=\"_ _1\"></span>secondo <span class=\"_ _38\"></span>i<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b42\">dettami <span class=\"_ _17e\"> </span>normativi <span class=\"_ _48\"> </span>Solvency <span class=\"_ _48\"> </span>II <span class=\"_ _17e\"> </span>si <span class=\"_ _48\"> </span>r<span class=\"_ _1\"></span>iporta <span class=\"_ _48\"> </span>nella <span class=\"_ _48\"> </span>t<span class=\"_ _1\"></span>abella <span class=\"_ _48\"> </span>di <span class=\"_ _48\"> </span>s<span class=\"_ _1\"></span>eguito <span class=\"_ _48\"> </span>la <span class=\"_ _17e\"> </span>miglior <span class=\"_ _48\"> </span>stima <span class=\"_ _17e\"> </span>della<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b43\">rappresentazione del <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio d<span class=\"_ _2\"></span>isponibile al<span class=\"_ _2\"></span>la data <span class=\"_ _3b\"></span>di valutazione <span class=\"_ _2\"></span>(si p<span class=\"_ _2\"></span>recisa che <span class=\"_ _3b\"></span>il peso compl<span class=\"_ _2\"></span>essivo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b44\">dei rischi counterpary default \u00e8 pari al 1,8%).<span class=\"_ _3a1\"> </span> </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs1b45\">Credit risk - risk/sum of risk components <span class=\"_ _1\"></span>- relativo e complessivo </div><div class=\"gs1b46\"><table class=\"s w152c h2df\" id=\"_a2e6774e-d139-4bd2-b222-8ffe1388467e\"><tr><td></td><td class=\"c n x25d2 y5bab w14e7 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc4 sc3 ls0 ws0\">Relativo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25d3 y5bab w14e8 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc4 sc3 ls0 ws0\">Complessivo<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6221 w152d h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Type 1 counterparties<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25d4 y6221 w152e h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">100,0%<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x155e h8 y69e6 ff4 fs2 fc1 sc0 ls0 ws0\">1,8%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54f9 w152f h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Type 2 counterparties<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25d5 y54f9 w1530 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">0,0<span class=\"_ _1\"></span>%<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x2583 h8 y69e7 ff4 fs2 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b47\">Di <span class=\"_ _48\"> </span>tale <span class=\"_ _48\"> </span>requ<span class=\"_ _2\"></span>isito <span class=\"_ _48\"> </span>regolamentare <span class=\"_ _48\"> </span>la <span class=\"_ _3a\"> </span>quota <span class=\"_ _48\"> </span>parte <span class=\"_ _48\"> </span>assorbita <span class=\"_ _3a\"> </span>dal <span class=\"_ _48\"> </span>rischio <span class=\"_ _48\"> </span>default <span class=\"_ _3a\"> </span>legato <span class=\"_ _48\"> </span>alla<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b48\">riassicurazione <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>pari <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>1<span class=\"_ _1\"></span>,10%. <span class=\"_ _38\"></span>I <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rattati <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>riassicurazione <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>essere <span class=\"_ _0\"></span>hanno<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>qualit\u00e0 <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>credito<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b49\">pari <span class=\"_ _35\"> </span>a  AA <span class=\"_ _35\"> </span>(si  p<span class=\"_ _2\"></span>recisa  che <span class=\"_ _35\"> </span>la  Compagn<span class=\"_ _2\"></span>ia <span class=\"_ _35\"> </span>pu\u00f2  sottoscrivere  trat<span class=\"_ _2\"></span>tati  di <span class=\"_ _35\"> </span>riassicurazione  sono <span class=\"_ _35\"> </span>con<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b4a\">riassicurazioni aventi una qualit\u00e0 del cre<span class=\"_ _1\"></span>dito maggiore o uguale a BBB).<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b4b\">Le <span class=\"_ _0\"></span>politiche <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lative <span class=\"_ _0\"></span>alla <span class=\"_ _38\"></span>gestione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>credito <span class=\"_ _0\"></span>verso<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>gli <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>mittenti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>strumenti <span class=\"_ _0\"></span>finanziari<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b4c\">sono <span class=\"_ _0\"></span>riconduci<span class=\"_ _2\"></span>bili <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>quanto <span class=\"_ _0\"></span>sopra <span class=\"_ _38\"></span>riportato <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>proposito <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>mercato <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>riferimento <span class=\"_ _0\"></span>ai<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b4d\">principi generali relativi al<span class=\"_ _2\"></span> controllo d<span class=\"_ _2\"></span>egli investimenti di natura <span class=\"_ _2\"></span>finanziaria. Per qu<span class=\"_ _2\"></span>anto concerne le<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b4f\">controparti <span class=\"_ _35\"> </span>riassicurative, <span class=\"_ _35\"> </span>Credemvita <span class=\"_ _35\"> </span>ha <span class=\"_ _35\"> </span>defini<span class=\"_ _2\"></span>to <span class=\"_ _35\"> </span>politiche <span class=\"_ _35\"> </span>per <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>gestione <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>con<span class=\"_ _2\"></span>trollo <span class=\"_ _35\"> </span>di <span class=\"_ _0\"> </span>t<span class=\"_ _1\"></span>ale<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b50\">rischi<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b51\">o in termini di linee guida e limiti relat<span class=\"_ _1\"></span>ivi alle controparti.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b52\">L\u2019identificazione <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>Counterpar<span class=\"_ _2\"></span>ty <span class=\"_ _0\"></span>De<span class=\"_ _1\"></span>fault <span class=\"_ _0\"></span>Risk <span class=\"_ _0\"></span>viene <span class=\"_ _0\"></span>effett<span class=\"_ _1\"></span>uata <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _0\"></span>alle <span class=\"_ _35\"> </span>con<span class=\"_ _2\"></span>troparti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b53\">verso le quali sussistono posizioni di credito.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b54\">Si riportano sinteticamente di seguito le misure di ris<span class=\"_ _1\"></span>chio utilizzate:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1b55\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Importo <span class=\"_ _1\"></span>Mas<span class=\"_ _1\"></span>simo in <span class=\"_ _1\"></span>Cont<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>Correnti: r<span class=\"_ _1\"></span>appresenta <span class=\"_ _1\"></span>l\u2019ammontare <span class=\"_ _1\"></span>massimo <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>C/C <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>detenere<span class=\"_ _1\"></span> su<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b56\">singolo portafoglio;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1b57\">-<span class=\"_ _41\"> </span><span class=\"ff4\">SCR <span class=\"_ _35\"> </span>default <span class=\"_ _0\"></span>conti <span class=\"_ _35\"> </span>corrente: <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>fine <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>limitare <span class=\"_ _35\"> </span>gli <span class=\"_ _0\"> </span>e<span class=\"_ _1\"></span>ventuali <span class=\"_ _35\"> </span>effetti <span class=\"_ _35\"> </span>sull<span class=\"_ _2\"></span>\u2019SCR <span class=\"_ _0\"></span>defau<span class=\"_ _1\"></span>lt <span class=\"_ _35\"> </span>derivante<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b58\">dall\u2019aumento <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>volumi <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>conti <span class=\"_ _35\"> </span>corrente, <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>Compagnia <span class=\"_ _35\"> </span>ha <span class=\"_ _35\"> </span>fissato <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>limite <span class=\"_ _35\"> </span>superiore <span class=\"_ _35\"> </span>in<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b59\">termini di SCR Default;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1b5a\">-<span class=\"_ _41\"> </span><span class=\"ff4\">SCR <span class=\"_ _3f\"> </span>Co<span class=\"_ _1\"></span>unterparty <span class=\"_ _3f\"> </span>D<span class=\"_ _1\"></span>efault <span class=\"_ _3a\"> </span>Risk <span class=\"_ _3f\"> </span>Riassicurativo/Recoverables <span class=\"_ _3f\"> </span>SII: <span class=\"_ _3a\"> </span>l\u2019indicatore <span class=\"_ _3a\"> </span>\u00e8 <span class=\"_ _3a\"> </span>costruito<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b5b\">rapportando  l\u2019SCR  Counterparty  Default  Risk  verso  Riassicuratori  (pre-diversificazione),  ai<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b5c\">Recoverables (somma tra le riserve cedute e crediti netti verso riassicuratori);<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1b5d\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Esposizione <span class=\"_ _193\"> </span>pe<span class=\"_ _1\"></span>r <span class=\"_ _193\"> </span>Riassicuratore: <span class=\"_ _193\"> </span>l\u2019indicatore <span class=\"_ _40\"> </span>individ<span class=\"_ _2\"></span>ua <span class=\"_ _193\"> </span>l\u2019espos<span class=\"_ _1\"></span>izione <span class=\"_ _193\"> </span>verso <span class=\"_ _193\"> </span>ciascun<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b5e\">Riassicuratore in termini di somme assicurate;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1b5f\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Anzianit\u00e0 <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>crediti <span class=\"_ _38\"></span>netti <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>Riassicuratore: <span class=\"_ _38\"></span>l\u2019indicatore <span class=\"_ _38\"></span>individua <span class=\"_ _38\"></span>l\u2019anzianit\u00e0 <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>crediti <span class=\"_ _38\"></span>netti<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b60\">verso ciascuna controparte riassicurativa;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1b61\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Ammontare <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>ei <span class=\"_ _38\"></span>crediti <span class=\"_ _38\"></span>nett<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>Riass<span class=\"_ _1\"></span>icuratore: <span class=\"_ _38\"></span>l\u2019indicatore <span class=\"_ _38\"></span>individua <span class=\"_ _38\"></span>l\u2019ammontare <span class=\"_ _0\"></span>dei <span class=\"_ _1\"></span>crediti<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b62\">netti verso ciascuna controparte r<span class=\"_ _1\"></span>iassicurativa<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1b63\">Rischi Oper<span class=\"_ _1\"></span>ativi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b64\">Il <span class=\"_ _2\"></span>rischio operativo \u00e8 <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>finibile <span class=\"_ _3b\"></span>com<span class=\"_ _1\"></span>e il <span class=\"_ _3b\"></span>rischio di <span class=\"_ _2\"></span>subir<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b65\">e perdite de<span class=\"_ _2\"></span>rivanti <span class=\"_ _3b\"></span>dalla inadeguatezza o <span class=\"_ _2\"></span>dalla<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b66\">disfunzione <span class=\"_ _35\"> </span>(carenze <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>errori) <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>procedure<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>interne, <span class=\"_ _35\"> </span>risorse <span class=\"_ _35\"> </span>um<span class=\"_ _2\"></span>ane <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>sistemi <span class=\"_ _35\"> </span>oppure <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>even<span class=\"_ _2\"></span>ti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b67\">esogeni <span class=\"_ _0\"></span>(cfr. <span class=\"_ _0\"></span>art<span class=\"_ _1\"></span>icolo <span class=\"_ _0\"></span>1, <span class=\"_ _0\"></span>comma <span class=\"_ _0\"></span>1, <span class=\"_ _0\"></span>lettera <span class=\"_ _0\"></span>vv-bis <span class=\"_ _0\"></span>5 <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>CAP). <span class=\"_ _0\"></span>Pe<span class=\"_ _1\"></span>rtanto, <span class=\"_ _0\"></span>l\u2019impresa <span class=\"_ _0\"></span>pu\u00f2 <span class=\"_ _0\"></span>incorre<span class=\"_ _1\"></span>re <span class=\"_ _0\"></span>in<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b68\">perdite <span class=\"_ _3d\"> </span>ope<span class=\"_ _1\"></span>rative, <span class=\"_ _3d\"> </span>definibili <span class=\"_ _3d\"> </span>com<span class=\"_ _1\"></span>e <span class=\"_ _37\"> </span>gli <span class=\"_ _3d\"> </span>effetti <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>conomici <span class=\"_ _3d\"> </span>ne<span class=\"_ _1\"></span>gativi <span class=\"_ _3d\"> </span>derivanti <span class=\"_ _3d\"> </span>da <span class=\"_ _37\"> </span>eventi <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>nat<span class=\"_ _1\"></span>ura<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b69\">operativa, rilevati nella contabilit\u00e0 aziendale e t<span class=\"_ _1\"></span>ali da avere impatto sul conto economico.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b6a\">Alla pi\u00f9 generale categoria dei Rischi Operativi apparte<span class=\"_ _1\"></span>ngono le seguenti sotto-categorie:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1b6b\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio Operativi;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1b6c\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio Informatico e Cybe<span class=\"_ _1\"></span>r Risk;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1b6d\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio di non Conformit\u00e0 <span class=\"_ _1\"></span>alle norme;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1b6e\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Model Risk;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1b6f\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Continuit\u00e0 Operat<span class=\"_ _1\"></span>iva;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1b70\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Regulatory <span class=\"_ _1\"></span>Operational Risk,<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b71\">di seguito meglio esplicitate.<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1b72\">Rischio Oper<span class=\"_ _1\"></span>ativo e IT &amp; Cyber Risk<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b73\">I principali fattori di rischio che caratterizzano il risc<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b74\">hio operativo sono:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1b75\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Persone<span class=\"_ _1\"></span>:  le  r<span class=\"_ _1\"></span>isorse  umane<span class=\"_ _1\"></span>  possono <span class=\"_ _3d\"> </span>essere <span class=\"_ _3d\"> </span>fonte  di <span class=\"_ _3d\"> </span>rischio <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>l\u2019impresa,  se <span class=\"_ _3d\"> </span>la <span class=\"_ _3d\"> </span>struttura<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b76\">organizzativa non <span class=\"_ _3b\"></span>\u00e8 effici<span class=\"_ _2\"></span>ente, op<span class=\"_ _2\"></span>pure si <span class=\"_ _3b\"></span>verificano carenze <span class=\"_ _3b\"></span>nella professionalit\u00e0 <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>dipendenti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b77\">o, <span class=\"_ _3b\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _3b\"></span>esem<span class=\"_ _1\"></span>pio, <span class=\"_ _3b\"></span>se la <span class=\"_ _184\"></span>s<span class=\"_ _1\"></span>truttura <span class=\"_ _2\"></span>retributiva <span class=\"_ _3b\"></span>e il <span class=\"_ _3b\"></span>percorso <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>carriera <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>sono ad<span class=\"_ _3b\"></span>eguati e <span class=\"_ _3b\"></span>se i<span class=\"_ _2\"></span>l <span class=\"_ _3b\"></span>clima<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b78\">aziendale <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>idoneo. <span class=\"_ _1\"></span>Gli <span class=\"_ _1\"></span>esempi di <span class=\"_ _1\"></span>perdite<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dovute <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>risorse <span class=\"_ _1\"></span>incompetenti <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>negligenti <span class=\"_ _1\"></span>sono<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b79\">numerosi, <span class=\"_ _0\"> </span>fra <span class=\"_ _35\"> </span>questi <span class=\"_ _0\"></span>emergono <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>casi <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>inserimento <span class=\"_ _0\"></span>erroneo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>dati <span class=\"_ _0\"></span>nei <span class=\"_ _0\"></span>siste<span class=\"_ _1\"></span>mi, <span class=\"_ _0\"></span>errori <span class=\"_ _0\"></span>nella<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b7a\">trasposizione dei dati o violazioni di regolamenti.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1b7b\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Pro<span class=\"_ _1\"></span>cessi: i <span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>cessi <span class=\"_ _1\"></span>aziendali s<span class=\"_ _1\"></span>ono font<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>operativo <span class=\"_ _1\"></span>nel cas<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>cui s<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>verifichino de<span class=\"_ _1\"></span>lle<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b7c\">inefficienze <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>disegno, <span class=\"_ _1\"></span>nella <span class=\"_ _1\"></span>formalizzazione <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>nella <span class=\"_ _1\"></span>definizione de<span class=\"_ _1\"></span>lla s<span class=\"_ _1\"></span>truttura <span class=\"_ _1\"></span>degli s<span class=\"_ _1\"></span>tessi <span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b7d\">quindi nella defi<span class=\"_ _1\"></span>nizione degli <span class=\"_ _1\"></span>attori <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>vi prendono <span class=\"_ _1\"></span>parte <span class=\"_ _1\"></span>e del <span class=\"_ _1\"></span>relativo livello <span class=\"_ _1\"></span>di re<span class=\"_ _1\"></span>sponsabilit\u00e0<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b7e\">e di <span class=\"_ _3b\"></span>autor<span class=\"_ _1\"></span>izzazione. Possono <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>isultare inadegu<span class=\"_ _2\"></span>ati e q<span class=\"_ _2\"></span>uindi <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ssere fonte di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio operativo <span class=\"_ _3b\"></span>tutt<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b7f\">i p<span class=\"_ _2\"></span>rocessi aziendal<span class=\"_ _2\"></span>i, c<span class=\"_ _2\"></span>ompresi i <span class=\"_ _3b\"></span>modelli valutativi <span class=\"_ _3b\"></span>e di <span class=\"_ _3b\"></span>calcolo e <span class=\"_ _2\"></span>gli <span class=\"_ _3b\"></span>stessi processi <span class=\"_ _3b\"></span>di gestione <span class=\"_ _2\"></span>del<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b80\">rischio. Sono fonte di rischio operativo:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs1b81\">o<span class=\"_ _115\"> </span><span class=\"ff4\">le <span class=\"_ _36\"> </span>esternalizzazioni <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _37\"> </span>aziendali <span class=\"_ _37\"> </span>nel <span class=\"_ _36\"> </span>caso <span class=\"_ _36\"> </span>in <span class=\"_ _37\"> </span>cui <span class=\"_ _37\"> </span>si <span class=\"_ _37\"> </span>verifichino <span class=\"_ _37\"> </span>delle <span class=\"_ _36\"> </span>carenze <span class=\"_ _36\"> </span>/<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b82\">inadeguatezze nei <span class=\"_ _3b\"></span>processi di <span class=\"_ _3b\"></span>gest<span class=\"_ _1\"></span>ione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rapporto con <span class=\"_ _3b\"></span>gli outsourcer <span class=\"_ _3b\"></span>tali da c<span class=\"_ _2\"></span>ausare <span class=\"_ _2\"></span>delle<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b83\">perdite all\u2019impresa;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs1b84\">o<span class=\"_ _115\"> </span><span class=\"ff4\">il <span class=\"_ _0\"></span>mancato <span class=\"_ _0\"></span>aggiornamento <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>l\u2019inadeguata <span class=\"_ _0\"></span>archiv<span class=\"_ _2\"></span>iazione <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>procedure <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>normative <span class=\"_ _38\"></span>che<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b85\">formalizzano i processi interni;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs1b86\">o<span class=\"_ _115\"> </span><span class=\"ff4\">mancata/<span class=\"_ _1\"></span>inadeguata/intempestiva <span class=\"_ _2\"></span>emanazione di <span class=\"_ _3b\"></span>nor<span class=\"_ _1\"></span>me attuative i<span class=\"_ _2\"></span>nterne in <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>elazione alla<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b87\">normativa esterna vigente.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1b88\">-<span class=\"_ _41\"> </span><span class=\"ff4\">IT Security e<span class=\"_ _1\"></span> IT Risk: i sistemi informativi possono causare <span class=\"_ _1\"></span>perdite all\u2019impresa se non vengono<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b89\">adottate adeguate misure<span class=\"_ _2\"></span> di I<span class=\"_ _2\"></span>T Security <span class=\"_ _2\"></span>oppure nella g<span class=\"_ _2\"></span>estione delle ap<span class=\"_ _2\"></span>parecchiature hardware<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b8a\">e <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>oftware. <span class=\"_ _0\"></span>La <span class=\"_ _35\"> </span>crescente <span class=\"_ _0\"></span>dipendenza <span class=\"_ _0\"></span>dai <span class=\"_ _0\"></span>sis<span class=\"_ _1\"></span>temi <span class=\"_ _35\"> </span>inf<span class=\"_ _2\"></span>ormativi <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>dalle <span class=\"_ _0\"></span>risor<span class=\"_ _1\"></span>se <span class=\"_ _0\"></span>tecnologiche <span class=\"_ _35\"> </span>in<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b8b\">genere <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>reso <span class=\"_ _0\"> </span>questo <span class=\"_ _35\"> </span>fa<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tore <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>sempre <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _0\"></span>rilevante. <span class=\"_ _0\"></span>Gli <span class=\"_ _0\"></span>esem<span class=\"_ _1\"></span>pi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>perdita <span class=\"_ _0\"></span>legati <span class=\"_ _0\"></span>a<span class=\"_ _3a1\"> </span> </div>questo <span class=\"_ _39\"> </span>fattore <span class=\"_ _36\"> </span>sono <span class=\"_ _39\"> </span>numerosi, <span class=\"_ _36\"> </span>come <span class=\"_ _39\"> </span>l\u2019assunzione <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>rischi <span class=\"_ _39\"> </span>eccessivi <span class=\"_ _39\"> </span>dovuti <span class=\"_ _36\"> </span>a <span class=\"_ _39\"> </span>errori <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span> progra<span class=\"_ _3a1\"> </span>mmi <span class=\"_ _35\"> </span>informatici, <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>mancat<span class=\"_ _1\"></span>o <span class=\"_ _35\"> </span>rispetto <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>adem<span class=\"_ _1\"></span>pimenti <span class=\"_ _35\"> </span>contrattuali <span class=\"_ _0\"> </span>dovuto <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>errori <span class=\"_ _35\"> </span>dei<span class=\"_ _3a1\"> </span> sistemi informativi e ancora la perdita di dati rilevanti connessa a fallimenti dei s<span class=\"_ _1\"></span>istemi.<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">Eventi Esterni: gli event<span class=\"_ _1\"></span>i legati a fattori esterni pos<span class=\"_ _1\"></span>sono causare perdite all\u2019impresa a fronte <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>calamit\u00e0 <span class=\"_ _0\"></span>naturali, <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>prevenzione <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sicurezza <span class=\"_ _0\"></span>verso <span class=\"_ _35\"> </span>eventi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>natura <span class=\"_ _0\"></span>accidentale, <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>fronte <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> obsolescenza delle <span class=\"_ _1\"></span>infrastrutture, di prevenzione e <span class=\"_ _1\"></span>di sicurezza vers<span class=\"_ _1\"></span>o atti di nat<span class=\"_ _1\"></span>ura criminosa,<span class=\"_ _3a1\"> </span> nei <span class=\"_ _35\"> </span>passaggi <span class=\"_ _35\"> </span>aut<span class=\"_ _2\"></span>orizzativi <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>l'<span class=\"_ _2\"></span>esecuzione <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>attiv<span class=\"_ _2\"></span>it\u00e0 <span class=\"_ _35\"> </span>operative, <span class=\"_ _35\"> </span>nelle <span class=\"_ _0\"></span>misure <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>controllo<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> verso attivit\u00e0 non <span class=\"_ _3b\"></span>auto<span class=\"_ _1\"></span>rizzate e f<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>odi da parte<span class=\"_ _2\"></span> di di<span class=\"_ _2\"></span>pendenti, di misure <span class=\"_ _2\"></span>preventive verso frodi <span class=\"_ _2\"></span>da<span class=\"_ _3a1\"> </span> parte di <span class=\"_ _1\"></span>esterni, a fr<span class=\"_ _1\"></span>onte di un <span class=\"_ _1\"></span>inadeguato e/o no<span class=\"_ _1\"></span>n tempestivo <span class=\"_ _1\"></span>aggiornamento della <span class=\"_ _1\"></span>normativa<span class=\"_ _3a1\"> </span> interna in relazione ai mutamenti della normat<span class=\"_ _1\"></span>iva esterna da cui deriva.<span class=\"_ _3a1\"> </span> L\u2019approccio di identificazione del r<span class=\"_ _1\"></span>ischio operativo segue una logica di tipo \u2018<span class=\"_ _1\"></span>bottom <span class=\"_ _1\"></span>up\u2019, basata su<span class=\"_ _3a1\"> </span> una <span class=\"_ _3b\"></span>metodologia <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>Risk <span class=\"_ _2\"></span>Self <span class=\"_ _3b\"></span>Asse<span class=\"_ _1\"></span>ssment <span class=\"_ _3b\"></span>con l\u2019<span class=\"_ _2\"></span>obiettivo <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>valutare <span class=\"_ _3b\"></span>il <span class=\"_ _2\"></span>livello <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>rischiosit\u00e0 e <span class=\"_ _3b\"></span>la <span class=\"_ _3b\"></span>qualit\u00e0<span class=\"_ _3a1\"> </span> dei <span class=\"_ _3b\"></span>cont<span class=\"_ _1\"></span>rolli <span class=\"_ _2\"></span>posti <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>essere <span class=\"_ _3b\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _3b\"></span>mitigare il <span class=\"_ _184\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _2\"></span>afferente <span class=\"_ _3b\"></span>alle a<span class=\"_ _2\"></span>ttivit\u00e0 <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>perative <span class=\"_ _3b\"></span>e ad <span class=\"_ _3b\"></span>ogni <span class=\"_ _3b\"></span>proce<span class=\"_ _1\"></span>sso<span class=\"_ _3a1\"> </span> aziendale.  L\u2019obiettivo di tale <span class=\"_ _2\"></span>approccio, basato sull<span class=\"_ _2\"></span>\u2019analisi per Team <span class=\"_ _2\"></span>Funzionali, \u00e8 l\u2019<span class=\"_ _2\"></span>individuazione degli eventi<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> perdita <span class=\"_ _39\"> </span>che <span class=\"_ _36\"> </span>potre<span class=\"_ _1\"></span>bbero <span class=\"_ _36\"> </span>manifestarsi, <span class=\"_ _39\"> </span>la <span class=\"_ _39\"> </span>valutazione <span class=\"_ _36\"> </span>del <span class=\"_ _39\"> </span>possibile <span class=\"_ _36\"> </span>impatto <span class=\"_ _39\"> </span>e <span class=\"_ _39\"> </span>della <span class=\"_ _36\"> </span>poss<span class=\"_ _1\"></span>ibile<span class=\"_ _3a1\"> </span> frequenza <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>realizzazione <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>tali <span class=\"_ _37\"> </span>eventi <span class=\"_ _36\"> </span>(quantificazione <span class=\"_ _37\"> </span>delle <span class=\"_ _36\"> </span>perdite <span class=\"_ _37\"> </span>attese <span class=\"_ _36\"> </span>e <span class=\"_ _36\"> </span>inattese), <span class=\"_ _37\"> </span>la<span class=\"_ _3a1\"> </span> valutazione dell\u2019efficacia dei <span class=\"_ _2\"></span>controlli a presidio e d<span class=\"_ _3b\"></span>ei possibili strumenti organizzativi attivabili <span class=\"_ _2\"></span>per<span class=\"_ _3a1\"> </span> la mitigazione del rischio. La <span class=\"_ _1\"></span>valutazione delle <span class=\"_ _1\"></span>perdite attese<span class=\"_ _1\"></span> e inattese viene fatta s<span class=\"_ _1\"></span>ia in relazione<span class=\"_ _3a1\"> </span> al rischio operativo nella s<span class=\"_ _1\"></span>ua interezza (su cui insistono specifici limiti RAF) sia per <span class=\"_ _1\"></span>la componente<span class=\"_ _3a1\"> </span> relativa al rischio IT/IT Security.<span class=\"_ _3a1\"> </span> La <span class=\"_ _37\"> </span>Compagnia <span class=\"_ _37\"> </span>ha <span class=\"_ _36\"> </span>strutturato, <span class=\"_ _37\"> </span>inoltre, <span class=\"_ _36\"> </span>con <span class=\"_ _37\"> </span>periodicit\u00e0 <span class=\"_ _37\"> </span>annuale <span class=\"_ _36\"> </span>una <span class=\"_ _37\"> </span>valutazione <span class=\"_ _37\"> </span>delle <span class=\"_ _36\"> </span>perdite<span class=\"_ _3a1\"> </span> effettive subite derivanti da risch<span class=\"_ _2\"></span>i operativi (c.d. LDC <span class=\"_ _2\"></span>\u2013 Loss Data Collection). Tale anali<span class=\"_ _2\"></span>si consente<span class=\"_ _3a1\"> </span> inoltre di effettuare un back-test circa la valutazione ex<span class=\"_ _1\"></span>-ante mediante Risk Self-Assessment.<span class=\"_ _3a1\"> </span> Regulatory<span class=\"_ _1\"></span> Operational Risk<span class=\"_ _3a1\"> </span> Per quanto rigu<span class=\"_ _2\"></span>arda la valutazione del <span class=\"_ _3b\"></span>re<span class=\"_ _1\"></span>quisito di c<span class=\"_ _3a1\"> </span>ap<span class=\"_ _3a1\"> </span>i<span class=\"_ _3a1\"> </span>t<span class=\"_ _3a1\"> </span>ale (SCR), <span class=\"_ _3b\"></span>i rischi operativi vengono valutati<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> mediante l\u2019appl<span class=\"_ _2\"></span>icazione della <span class=\"_ _2\"></span>Standard Formula. <span class=\"_ _3b\"></span>D<span class=\"_ _1\"></span>a un <span class=\"_ _3b\"></span>punto di vista <span class=\"_ _2\"></span>della di<span class=\"_ _2\"></span>stribuzione del <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio<span class=\"_ _3a1\"> </span> operativo di <span class=\"_ _3b\"></span>Cr<span class=\"_ _1\"></span>edemvita secondo <span class=\"_ _3b\"></span>i dettami normativi <span class=\"_ _2\"></span>Solvency II<span class=\"_ _2\"></span> si riporta <span class=\"_ _2\"></span>nella tabella <span class=\"_ _3b\"></span>di seguito la<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> miglior st<span class=\"_ _1\"></span>ima della r<span class=\"_ _1\"></span>appresentazione del ris<span class=\"_ _1\"></span>chio disponibile alla <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>di valutazione <span class=\"_ _1\"></span>(si precisa <span class=\"_ _1\"></span>che<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> il peso complessivo del rischio operativo \u00e8 pari al 17,6%).<span class=\"_ _3a1\"> </span> Operational <span class=\"_ _1\"></span>risk - risk/sum of risk com<span class=\"_ _1\"></span>ponents - relat<span class=\"_ _1\"></span>ivo e complessivo <table class=\"s w1531 h2e0\" id=\"_74cbd99b-1de3-464a-ac60-a28cf5d06a3d\"><tr><td></td><td class=\"c n x25d7 y63b7 w14e7 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc4 sc3 ls0 ws0\">Relativo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25d8 y63b7 w800 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc4 sc3 ls0 ws0\">Co<span class=\"_ _1\"></span>mplessivo<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y54f9 w1532 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Operational risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25d9 y54f9 w1533 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">17,6%<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x25da h8 y69e8 ff4 fs2 fc1 sc0 ls0 ws0\">17,6%<span class=\"_ _3a1\"> </span></td></tr></table>Rischio legale e<span class=\"_ _1\"></span> rischio di non con<span class=\"_ _1\"></span>formit\u00e0 alle norme<span class=\"_ _3a1\"> </span> Il <span class=\"_ _35\"> </span>rischio  normativo <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>compliance  (ovv<span class=\"_ _2\"></span>ero  di <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>conformit\u00e0 <span class=\"_ _35\"> </span>alle  norme) <span class=\"_ _35\"> </span>riguarda <span class=\"_ _35\"> </span>il  rischio <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span> incorrere <span class=\"_ _36\"> </span>in <span class=\"_ _36\"> </span>sanzioni <span class=\"_ _37\"> </span>giudiziarie<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>o <span class=\"_ _37\"> </span>am<span class=\"_ _1\"></span>ministrative, <span class=\"_ _37\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>subire <span class=\"_ _37\"> </span>perdite <span class=\"_ _36\"> </span>o <span class=\"_ _36\"> </span>danni <span class=\"_ _36\"> </span>reputazionali <span class=\"_ _37\"> </span>in<span class=\"_ _3a1\"> </span> conseguenza <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>mancata <span class=\"_ _0\"></span>osse<span class=\"_ _1\"></span>rvanza <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>leggi, <span class=\"_ _0\"></span>regolamenti <span class=\"_ _0\"></span>o <span class=\"_ _35\"> </span>provvedimenti <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>Autorit\u00e0 <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> Vigilanza <span class=\"_ _0\"></span>ovvero <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>norme<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>a<span class=\"_ _1\"></span>utoregolamentazione, <span class=\"_ _0\"></span>quali <span class=\"_ _0\"></span>statuti, <span class=\"_ _0\"></span>codici <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>condotta <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>codici <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> autodisciplina; <span class=\"_ _48\"> </span>rischio <span class=\"_ _48\"> </span>de<span class=\"_ _1\"></span>rivante <span class=\"_ _48\"> </span>da <span class=\"_ _17e\"> </span>modifiche <span class=\"_ _48\"> </span>sfavorevoli <span class=\"_ _48\"> </span>del <span class=\"_ _17e\"> </span>quadro <span class=\"_ _48\"> </span>normat<span class=\"_ _1\"></span>ivo <span class=\"_ _48\"> </span>o <span class=\"_ _48\"> </span>degli<span class=\"_ _3a1\"> </span> orientamenti giurisprudenziali. I<span class=\"_ _2\"></span>l rischio normativo di ricicl<span class=\"_ _2\"></span>aggio e di <span class=\"_ _2\"></span>finanziamento del terrorismo:<span class=\"_ _3a1\"> </span> rischio di mancata <span class=\"_ _3b\"></span>prevenzione, da parte della<span class=\"_ _3b\"></span> Compagnia, della realizzazione d<span class=\"_ _2\"></span>i attivit\u00e0 a<span class=\"_ _3b\"></span> scopo di<span class=\"_ _3a1\"> </span> riciclaggio <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>proventi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>criminose <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>finanziamento <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>terr<span class=\"_ _1\"></span>orismo; ris<span class=\"_ _1\"></span>chio di <span class=\"_ _1\"></span>incorr<span class=\"_ _1\"></span>ere<span class=\"_ _3a1\"> </span> in sanzioni g<span class=\"_ _1\"></span>iudiziarie <span class=\"_ _1\"></span>o amm<span class=\"_ _1\"></span>inistrative, subire <span class=\"_ _1\"></span>perdite <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>danni reputazionali <span class=\"_ _1\"></span>in conse<span class=\"_ _1\"></span>guenza della<span class=\"_ _3a1\"> </span> mancata <span class=\"_ _0\"></span>osservanza <span class=\"_ _0\"></span>di<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>leggi, <span class=\"_ _0\"></span>regolamenti <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>provvedimenti <span class=\"_ _0\"></span>dell<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>Autorit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>Vigilanza <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>materia<span class=\"_ _3a1\"> </span> antiriciclaggio e antiterrorismo.<span class=\"_ _3a1\"> </span> I fattori di rischio legale e di non conformit\u00e0 alle norme sono riconducibili a:<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">Legal e<span class=\"_ _1\"></span>nviroment: <span class=\"_ _1\"></span>rischio le<span class=\"_ _1\"></span>gato in gener<span class=\"_ _1\"></span>ale al <span class=\"_ _1\"></span>mancato <span class=\"_ _1\"></span>rispetto delle <span class=\"_ _1\"></span>leggi, sia <span class=\"_ _1\"></span>ess<span class=\"_ _1\"></span>o di <span class=\"_ _1\"></span>natura<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>fiscale o <span class=\"_ _1\"></span>di t<span class=\"_ _1\"></span>rattamento dati <span class=\"_ _1\"></span>personali. Rischio di <span class=\"_ _1\"></span>controvers<span class=\"_ _1\"></span>ia causato <span class=\"_ _1\"></span>da un <span class=\"_ _1\"></span>vuoto giuridico o<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> da un inquadramento incompleto o <span class=\"_ _1\"></span>inadeguato degli obblighi e delle responsabilit\u00e0 assegnate<span class=\"_ _3a1\"> </span> alle  parti.  Assenza  di  con<span class=\"_ _2\"></span>tratti,  condizioni  carenti  di  conservazi<span class=\"_ _2\"></span>one  della  documentazione<span class=\"_ _3a1\"> </span> legale. <span class=\"_ _38\"></span>Rischio <span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>gato <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>rispetto <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>leggi <span class=\"_ _38\"></span>sulle <span class=\"_ _38\"></span>imposte <span class=\"_ _0\"></span>l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>gate <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>Compagnia. <span class=\"_ _1\"></span>Rischio<span class=\"_ _3a1\"> </span>legato <span class=\"_ _35\"> </span>all\u2019antiriciclag<span class=\"_ _2\"></span>gio. <span class=\"_ _0\"> </span>Risch<span class=\"_ _1\"></span>io <span class=\"_ _35\"> </span>legato <span class=\"_ _0\"> </span>a<span class=\"_ _1\"></span>lla <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>icurezza <span class=\"_ _0\"></span>sul <span class=\"_ _35\"> </span>lavoro. <span class=\"_ _0\"></span>Rischio <span class=\"_ _35\"> </span>legato <span class=\"_ _35\"> </span>al<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>mancato<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> rispetto della normativa sulla privacy;<span class=\"_ _3a1\"> </span>-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Compliance <span class=\"_ _38\"></span>with <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>gulations: <span class=\"_ _1\"></span>inosservanza <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>regolamenti <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>provvedimenti <span class=\"_ _38\"></span>applicabili <span class=\"_ _1\"></span>(leggi<span class=\"_ _3a1\"> </span></span></span><span class=\"ff16\"><span class=\"ff4\"> </span></span>assi<span class=\"_ _3a1\"> </span>curative, <span class=\"_ _3d\"> </span>aziendali <span class=\"_ _3d\"> </span>o <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>lavoro<span class=\"_ _1\"></span>). <span class=\"_ _3d\"> </span>Mancanza <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>follow-up <span class=\"_ _37\"> </span>delle <span class=\"_ _3d\"> </span>questioni <span class=\"_ _3d\"> </span>nor<span class=\"_ _1\"></span>mative. <span class=\"_ _3d\"> </span>In<span class=\"_ _3a1\"> </span> particolare <span class=\"_ _3a\"> </span>il <span class=\"_ _3f\"> </span>fattore <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>rischio <span class=\"_ _3f\"> </span>Compliance <span class=\"_ _3f\"> </span>wit<span class=\"_ _1\"></span>h <span class=\"_ _3f\"> </span>regulations <span class=\"_ _3f\"> </span>(di <span class=\"_ _3f\"> </span>se<span class=\"_ _1\"></span>guito <span class=\"_ _3f\"> </span>anche <span class=\"_ _3f\"> </span>r<span class=\"_ _1\"></span>ischio<span class=\"_ _3a1\"> </span> \u201cNormativa\u201d) <span class=\"_ _35\"> </span>pu\u00f2 <span class=\"_ _35\"> </span>esporre <span class=\"_ _0\"></span>l\u2019impres<span class=\"_ _1\"></span>a <span class=\"_ _35\"> </span>a<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>specifici <span class=\"_ _0\"> </span>e<span class=\"_ _1\"></span>venti <span class=\"_ _35\"> </span>perdita, <span class=\"_ _35\"> </span>l<span class=\"_ _2\"></span>egati <span class=\"_ _35\"> </span>appunto <span class=\"_ _35\"> </span>all\u2019evolu<span class=\"_ _2\"></span>zione<span class=\"_ _3a1\"> </span> della <span class=\"_ _29\"> </span>stessa. <span class=\"_ _29\"> </span>Mutamenti <span class=\"_ _29\"> </span>sfavore<span class=\"_ _1\"></span>voli <span class=\"_ _29\"> </span>del <span class=\"_ _29\"> </span>quadro <span class=\"_ _29\"> </span>normativo <span class=\"_ _29\"> </span>o <span class=\"_ _29\"> </span>degli <span class=\"_ _29\"> </span>orient<span class=\"_ _1\"></span>amenti<span class=\"_ _3a1\"> </span> giurisprudenziali, possono, infatti, riguardare:<span class=\"_ _3a1\"> </span> o<span class=\"ff16\"> <span class=\"_ _188\"> </span><span class=\"ff4\">rapporti con <span class=\"_ _1\"></span>l\u2019Autorit\u00e0 di Vigilanza;<span class=\"_ _3a1\"> </span></span></span><span class=\"ff16\"><span class=\"ff4\"> </span></span>o<span class=\"ff16\"> <span class=\"_ _188\"> </span><span class=\"ff4\">rapporti con <span class=\"_ _1\"></span>i clienti;<span class=\"_ _3a1\"> </span></span></span><span class=\"ff16\"><span class=\"ff4\"> </span></span>o<span class=\"ff16\"> <span class=\"_ _188\"> </span><span class=\"ff4\">rapporti con <span class=\"_ _1\"></span>i dipendenti;<span class=\"_ _3a1\"> </span></span></span><span class=\"ff16\"><span class=\"ff4\"> </span></span>o<span class=\"ff16\"> <span class=\"_ _188\"> </span><span class=\"ff4\">sicurezza sui luoghi di lavoro;<span class=\"_ _3a1\"> </span></span></span><span class=\"ff16\"><span class=\"ff4\"> </span></span>o<span class=\"ff16\"> <span class=\"_ _188\"> </span><span class=\"ff4\">rapporti con <span class=\"_ _1\"></span>altri Organi.<span class=\"_ _3a1\"> </span></span></span><span class=\"ff16\"><span class=\"ff4\"> </span></span>In <span class=\"_ _1\"></span>particolare, <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ale <span class=\"_ _1\"></span>fattore <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>riguarda <span class=\"_ _38\"></span>l\u2019incorrere <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>sanzioni <span class=\"_ _1\"></span>giudiziarie <span class=\"_ _38\"></span>o <span class=\"_ _1\"></span>amministrat<span class=\"_ _1\"></span>ive, <span class=\"_ _1\"></span>il<span class=\"_ _3a1\"> </span> subire <span class=\"_ _3a\"> </span>perdite <span class=\"_ _3a\"> </span>o <span class=\"_ _3a\"> </span>danni <span class=\"_ _3f\"> </span>r<span class=\"_ _1\"></span>eputazionali <span class=\"_ _3f\"> </span>in <span class=\"_ _3a\"> </span>conse<span class=\"_ _1\"></span>guenza <span class=\"_ _3a\"> </span>della <span class=\"_ _3a\"> </span>mancata <span class=\"_ _3a\"> </span>osservanza <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>leggi,<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> regolamenti o provvedimenti delle Autorit\u00e0 di Vigil<span class=\"_ _2\"></span>anza ovvero di norme di autoregolamentazione,<span class=\"_ _3a1\"> </span> con <span class=\"_ _1\"></span> <span class=\"_ _38\"></span>particolare <span class=\"_ _38\"></span>attenzione <span class=\"_ _38\"></span>alle <span class=\"_ _1\"></span>norme<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>relative <span class=\"_ _38\"></span>alla <span class=\"_ _1\"></span>trasparenza <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>correttezza <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>comportamenti<span class=\"_ _3a1\"> </span> nei <span class=\"_ _35\"> </span>confronti  d<span class=\"_ _2\"></span>egli <span class=\"_ _35\"> </span>assicurati  e <span class=\"_ _35\"> </span>danneggiati, <span class=\"_ _35\"> </span>all\u2019informativa <span class=\"_ _35\"> </span>precontrattuale  e <span class=\"_ _35\"> </span>contrattuale, <span class=\"_ _35\"> </span>alla<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> corretta <span class=\"_ _35\"> </span>esecuzione <span class=\"_ _35\"> </span>dei<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>contratti, <span class=\"_ _35\"> </span>con <span class=\"_ _0\"></span>particolare <span class=\"_ _35\"> </span>riferimento <span class=\"_ _35\"> </span>all<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>gestione <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>inistri <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>, <span class=\"_ _0\"> </span>pi\u00f9 <span class=\"_ _35\"> </span>in<span class=\"_ _3a1\"> </span> generale, alla tutela del consumatore.<span class=\"_ _3a1\"> </span> Modelling Ris<span class=\"_ _1\"></span>k<span class=\"_ _3a1\"> </span> Rischio di <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>dite in <span class=\"_ _1\"></span>materia <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>sviluppo, imp<span class=\"_ _1\"></span>lementazion<span class=\"_ _3a1\"> </span>e o <span class=\"_ _1\"></span>usi <span class=\"_ _1\"></span>improprio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>altri <span class=\"_ _1\"></span>modelli da <span class=\"_ _1\"></span>parte<span class=\"_ _3a1\"> </span> della Compagnia per il pro<span class=\"_ _1\"></span>cesso decisionale (ad es<span class=\"_ _1\"></span>empio, i prezzi dei prodot<span class=\"_ _1\"></span>ti, la valutazione degli<span class=\"_ _3a1\"> </span> strumenti finanziari, il monitoraggio dei limiti di rischio, et<span class=\"_ _1\"></span>c).<span class=\"_ _3a1\"> </span> Continuit\u00e0 Operat<span class=\"_ _1\"></span>iva<span class=\"_ _3a1\"> </span> Il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>continuit\u00e0 <span class=\"_ _0\"></span>operativa <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>collegato <span class=\"_ _0\"></span>all\u2019utiliz<span class=\"_ _3a1\"> </span>zo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>piano <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>continuit\u00e0 <span class=\"_ _0\"></span>operativa <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la<span class=\"_ _3a1\"> </span> gestione <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>situazioni <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>crisi <span class=\"_ _35\"> </span>c<span class=\"_ _2\"></span>onseguenti <span class=\"_ _35\"> </span>ad <span class=\"_ _0\"></span>incidenti <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>portata <span class=\"_ _35\"> </span>settoriale, <span class=\"_ _0\"></span>aziendale <span class=\"_ _35\"> </span>ovvero<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>a<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> catastrofi estese che colpiscono l\u2019operat<span class=\"_ _1\"></span>ore o le sue controparti rilevanti.<span class=\"_ _3a1\"> </span> La Compagnia ha sviluppato un piano di continuit\u00e0 operativa (Busines<span class=\"_ _1\"></span>s Continuity Plan).<span class=\"_ _3a1\"> </span> Rischi di Secondo L<span class=\"_ _1\"></span>ivello (o indiret<span class=\"_ _1\"></span>ti)<span class=\"_ _3a1\"> </span> Secondo  il  modello  adottato  dalla  Compagnia,  inoltre<span class=\"_ _1\"></span>,  esi<span class=\"_ _3a1\"> </span>stono  altri  rischi/eventi  perdita  non<span class=\"_ _3a1\"> </span> strettamente ricond<span class=\"_ _2\"></span>ucibili <span class=\"_ _2\"></span>a fattori <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>rischio specifici, <span class=\"_ _3b\"></span>ma che <span class=\"_ _3b\"></span>possono derivare <span class=\"_ _3b\"></span>da fattori <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>rischio<span class=\"_ _3a1\"> </span> riconducibili <span class=\"_ _39\"> </span>alle <span class=\"_ _3f\"> </span>classi <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _39\"> </span>pre<span class=\"_ _1\"></span>cedentemente <span class=\"_ _3f\"> </span>illustrate. <span class=\"_ _39\"> </span>Si <span class=\"_ _3f\"> </span>tratta <span class=\"_ _3f\"> </span>in <span class=\"_ _39\"> </span>particolare<span class=\"_ _1\"></span>, <span class=\"_ _39\"> </span>cos\u00ec<span class=\"_ _3a1\"> </span> identificati dalla normativa di settore, <span class=\"_ _1\"></span>delle classi di rischio:  -<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Rischio legato<span class=\"_ _1\"></span> all\u2019appartenenza al gruppo;<span class=\"_ _3a1\"> </span></span></span><span class=\"ff16\"><span class=\"ff4\"> </span></span>-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Rischio re<span class=\"_ _1\"></span>putazionale;<span class=\"_ _3a1\"> </span></span></span><span class=\"ff16\"><span class=\"ff4\"> </span></span>-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Rischio di condotta;<span class=\"_ _3a1\"> </span></span></span><span class=\"ff16\"><span class=\"ff4\"> </span></span>-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Rischi ESG,<span class=\"_ _3a1\"> </span></span></span><span class=\"ff16\"><span class=\"ff4\"> </span></span>e di seguito rappresentati.<span class=\"_ _3a1\"> </span> Rischio legato <span class=\"_ _1\"></span>all\u2019appartenenza al gr<span class=\"_ _1\"></span>uppo<span class=\"_ _3a1\"> </span> Il <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>legato <span class=\"_ _35\"> </span>all\u2019appartenenza <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>grupp<span class=\"_ _2\"></span>o <span class=\"_ _35\"> </span>(rischio <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span> \u2018contagio\u2019) <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>inteso <span class=\"_ _35\"> </span>come <span class=\"_ _0\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _35\"> </span>che, <span class=\"_ _35\"> </span>a<span class=\"_ _3a1\"> </span> seguito <span class=\"_ _0\"></span>dei<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>rapporti <span class=\"_ _38\"></span>intercorrenti <span class=\"_ _38\"></span>tra <span class=\"_ _0\"></span>l\u2019imp<span class=\"_ _2\"></span>resa <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>altre <span class=\"_ _0\"></span>entit\u00e0 <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>gr<span class=\"_ _1\"></span>uppo, <span class=\"_ _38\"></span>situazioni <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>difficolt\u00e0<span class=\"_ _3a1\"> </span> che <span class=\"_ _1\"></span>insor<span class=\"_ _1\"></span>gono <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>una <span class=\"_ _1\"></span>societ\u00e0 <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>medesimo <span class=\"_ _38\"></span>gruppo <span class=\"_ _1\"></span>possano <span class=\"_ _38\"></span>propagarsi <span class=\"_ _1\"></span>con <span class=\"_ _38\"></span>effetti <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>gativi s<span class=\"_ _1\"></span>ulla<span class=\"_ _3a1\"> </span> solvibilit\u00e0 dell\u2019impresa stessa.  In  coerenza <span class=\"_ _35\"> </span>con  la <span class=\"_ _35\"> </span>propria  stra<span class=\"_ _2\"></span>tegia  e <span class=\"_ _35\"> </span>con  le <span class=\"_ _35\"> </span>politiche  in <span class=\"_ _35\"> </span>materia  d<span class=\"_ _2\"></span>egli  investimenti, <span class=\"_ _35\"> </span>adottata<span class=\"_ _3a1\"> </span> dall\u2019Organo  Amministrat<span class=\"_ _1\"></span>ivo  ha  definito  una  propr<span class=\"_ _1\"></span>ia  politica  delle  o<span class=\"_ _1\"></span>perazioni  infragruppo  e <span class=\"_ _3d\"> </span>ha<span class=\"_ _3a1\"> </span> determinato appropriati limiti di operativit\u00e0.<span class=\"_ _3a1\"> </span> L\u2019identificazione  e <span class=\"_ _3d\"> </span>l\u2019analisi  del <span class=\"_ _3d\"> </span>rischio <span class=\"_ _3d\"> </span>\u00e8  effettuata <span class=\"_ _3d\"> </span>pertanto  in <span class=\"_ _3d\"> </span>coerenza <span class=\"_ _3d\"> </span>alle  categorie  e <span class=\"_ _3d\"> </span>alle<span class=\"_ _3a1\"> </span> controparti d<span class=\"_ _2\"></span>elle <span class=\"_ _3b\"></span>operazioni stesse, <span class=\"_ _3b\"></span>con <span class=\"_ _3b\"></span>par<span class=\"_ _1\"></span>ticolare <span class=\"_ _3b\"></span>riguardo alle<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>garanzie eventualmente <span class=\"_ _3b\"></span>rilasciate<span class=\"_ _3a1\"> </span> nell\u2019ambito del Gruppo ed in coere<span class=\"_ _1\"></span>nza con le caratteristiche delle seguenti tipologie di operazioni:<span class=\"_ _3a1\"> </span> -<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Operazioni <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>ignificative  (compr<span class=\"_ _1\"></span>ese <span class=\"_ _3d\"> </span>tra <span class=\"_ _37\"> </span>il <span class=\"_ _3d\"> </span>1% <span class=\"_ _3d\"> </span>e <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>5% <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>Solvency <span class=\"_ _37\"> </span>Capital <span class=\"_ _3d\"> </span>Requirement <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span></span></span><span class=\"ff16\"><span class=\"ff4\"> </span></span>periodo);<span class=\"_ _3a1\"> </span> -<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Operazioni Molto<span class=\"_ _1\"></span> significative (&gt;5% del Solvency Capital Requirement di periodo).<span class=\"_ _3a1\"> </span></span></span><span class=\"ff16\"><span class=\"ff4\"> </span></span>Rischio Reputazionale<span class=\"_ _3a1\"> </span> Il <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _0\"></span>reputazionale <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>inteso <span class=\"_ _35\"> </span>come <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>dete<span class=\"_ _3a1\"> </span>rioramento <span class=\"_ _0\"></span>dell\u2019immagine <span class=\"_ _35\"> </span>aziendale <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> aumento <span class=\"_ _35\"> </span>della  conflittualit\u00e0 <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>con  gli <span class=\"_ _35\"> </span>assicurati <span class=\"_ _35\"> </span>(dovuto <span class=\"_ _35\"> </span>anche  alla <span class=\"_ _35\"> </span>scarsa <span class=\"_ _35\"> </span>qualit\u00e0 <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>servizi<span class=\"_ _3a1\"> </span> offerti,  al <span class=\"_ _35\"> </span>collocamento  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>polizze  non <span class=\"_ _35\"> </span>adeguate  o <span class=\"_ _35\"> </span>al  comportamento <span class=\"_ _35\"> </span>in  fas<span class=\"_ _2\"></span>e  di<span class=\"_ _2\"></span>  v<span class=\"_ _2\"></span>endita, <span class=\"_ _35\"> </span>post<span class=\"_ _3a1\"> </span> vendita e <span class=\"_ _1\"></span>di liquidazione) <span class=\"_ _1\"></span>sia con <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>Autorit\u00e0 di Vigilanza <span class=\"_ _1\"></span>e gli <span class=\"_ _1\"></span>shareholders. <span class=\"_ _1\"></span>Il rischio <span class=\"_ _1\"></span>reputazionale<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> \u00e8 gene<span class=\"_ _3a1\"> </span>ralmente classificato in:<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">rischio <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>putazionale <span class=\"_ _1\"></span>dirett<span class=\"_ _1\"></span>o: <span class=\"_ _38\"></span>incentrato <span class=\"_ _38\"></span>su <span class=\"_ _38\"></span>business <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ensibili, <span class=\"_ _1\"></span>sulla <span class=\"_ _38\"></span>base <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ESG <span class=\"_ _38\"></span>(Ambientale<span class=\"_ _1\"></span>,<span class=\"_ _3a1\"> </span></span>Sociale e Governance);<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">rischio <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>eputazionale <span class=\"_ _38\"></span>indiretto: <span class=\"_ _38\"></span>basat<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>sulla <span class=\"_ _38\"></span>gest<span class=\"_ _1\"></span>ione <span class=\"_ _38\"></span>dell\u2019impatto <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>putazionale <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>altri <span class=\"_ _38\"></span>tipi <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>rischio (eg: rischio operativo, cyber r<span class=\"_ _1\"></span>isk, rischio legale, etc).<span class=\"_ _3a1\"> </span> Si <span class=\"_ _2\"></span>specifica che <span class=\"_ _3b\"></span>la valutazione d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>rischio reputazionale <span class=\"_ _3b\"></span>avviene nell\u2019ambito <span class=\"_ _2\"></span>della c<span class=\"_ _2\"></span>ampagna di<span class=\"_ _2\"></span> Risk<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> Self <span class=\"_ _3d\"> </span>Asses<span class=\"_ _1\"></span>sment <span class=\"_ _3d\"> </span>afferente <span class=\"_ _3d\"> </span>alla <span class=\"_ _37\"> </span>gestione <span class=\"_ _37\"> </span>del <span class=\"_ _3d\"> </span>rischio <span class=\"_ _37\"> </span>operativo. <span class=\"_ _3d\"> </span>L\u2019identificazione <span class=\"_ _3d\"> </span>del <span class=\"_ _37\"> </span>rischio <span class=\"_ _3d\"> </span>\u00e8<span class=\"_ _3a1\"> </span> effettuata gestionalmente me<span class=\"_ _1\"></span>diante l\u2019analisi:  -<span class=\"_ _41\"> </span><span class=\"ff4\">delle <span class=\"_ _1\"></span>procedure di <span class=\"_ _1\"></span>collocamento che contemplano <span class=\"_ _1\"></span>una preventiva valutazione <span class=\"_ _1\"></span>di adeguatezza<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>del contr<span class=\"_ _1\"></span>atto finalizzata ad <span class=\"_ _1\"></span>individuare <span class=\"_ _1\"></span>in via pr<span class=\"_ _1\"></span>eliminare <span class=\"_ _1\"></span>le esigenze <span class=\"_ _1\"></span>assicurative e<span class=\"_ _1\"></span> i <span class=\"_ _1\"></span>bisogni di<span class=\"_ _3a1\"> </span> protezione del cliente, nonch\u00e9 a fornire l\u2019adeguata informativa sul prodott<span class=\"_ _1\"></span>o;<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">dei servizi di assiste<span class=\"_ _1\"></span>nza da parte della rete distributiva;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4\">del processo <span class=\"_ _1\"></span>di gestione dei reclami;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">del processo <span class=\"_ _1\"></span>di liquid<span class=\"_ _2\"></span>azione de<span class=\"_ _1\"></span>i sinistri.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>Essendo <span class=\"_ _35\"> </span>inoltre <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _35\"> </span>reputazionale <span class=\"_ _0\"></span>strettamente <span class=\"_ _35\"> </span>connesso <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _0\"></span>o<span class=\"_ _1\"></span>perativi, <span class=\"_ _0\"></span>informatici <span class=\"_ _35\"> </span>e<span class=\"_ _3a1\"> </span> cyber <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>condott<span class=\"_ _1\"></span>a, <span class=\"_ _0\"></span>gl<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>specifici <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>sidi <span class=\"_ _0\"></span>operativi <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>rganizzativi <span class=\"_ _0\"></span>posti <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>essere <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> gestione  di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>tali <span class=\"_ _35\"> </span>rischi  rappresento <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>ulteriore <span class=\"_ _35\"> </span>elemento  a <span class=\"_ _35\"> </span>supp<span class=\"_ _2\"></span>orto  della <span class=\"_ _35\"> </span>gestione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>rischio<span class=\"_ _3a1\"> </span> reputazionale.<span class=\"_ _3a1\"> </span> Rischio di Condott<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span> Il <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>cond<span class=\"_ _2\"></span>otta <span class=\"_ _38\"></span>- <span class=\"_ _38\"></span>quale <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ottocategoria <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span>perativo, <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>compliance <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>putazionale <span class=\"_ _1\"></span>\u2013<span class=\"_ _3a1\"> </span> pu\u00f2 <span class=\"_ _0\"></span>essere <span class=\"_ _35\"> </span>definito <span class=\"_ _0\"></span>come <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>tuale <span class=\"_ _0\"></span>o <span class=\"_ _35\"> </span>pr<span class=\"_ _2\"></span>ospettico <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>pe<span class=\"_ _2\"></span>rdite <span class=\"_ _0\"></span>conseguenti <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>casistiche <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> offerta <span class=\"_ _17e\"> </span>inappropriata <span class=\"_ _48\"> </span>di <span class=\"_ _17e\"> </span>prodot<span class=\"_ _1\"></span>ti <span class=\"_ _48\"> </span>e/o <span class=\"_ _17e\"> </span>servizi, <span class=\"_ _48\"> </span>incluse<span class=\"_ _1\"></span> <span class=\"_ _17e\"> </span>fattispecie <span class=\"_ _48\"> </span>di <span class=\"_ _17e\"> </span>condotta <span class=\"_ _17e\"> </span>inadeguata<span class=\"_ _3a1\"> </span> (dolo/negligenza) da parte dell\u2019impresa.<span class=\"_ _3a1\"> </span> I fattori di rischio presi in esame per la valutazione <span class=\"_ _1\"></span>del rischio di condotta sono:<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">Commer<span class=\"_ _1\"></span>cial development risk: <span class=\"_ _2\"></span>mancanza di visibilit\u00e0/trasparenza e/o scarsa valu<span class=\"_ _2\"></span>tazione delle<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>prospettive <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>sviluppo <span class=\"_ _37\"> </span>o <span class=\"_ _37\"> </span>degli <span class=\"_ _37\"> </span>obiettivi <span class=\"_ _37\"> </span>o <span class=\"_ _37\"> </span>della <span class=\"_ _37\"> </span>redditivit\u00e0 <span class=\"_ _37\"> </span>delle <span class=\"_ _37\"> </span>nuove <span class=\"_ _37\"> </span>attivit\u00e0/prodotti <span class=\"_ _37\"> </span>e<span class=\"_ _3a1\"> </span> misurazione/monitoraggi inadeguati delle per<span class=\"_ _1\"></span>formance commerciali/rischi;<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">Communication  reso<span class=\"_ _1\"></span>urces:  risorse  di  comunicazione  o  strumenti  di  marketing  inadeguati<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>rispetto agli obiettivi definiti. Cattiva gest<span class=\"_ _1\"></span>ione del brand;<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">Commer<span class=\"_ _1\"></span>cial performance: <span class=\"_ _2\"></span>erosione, mancata sostituzione <span class=\"_ _2\"></span>o svilupp<span class=\"_ _2\"></span>o non redditizio della b<span class=\"_ _2\"></span>ase<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>commerciale;<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">Pro<span class=\"_ _1\"></span>fitability &amp; <span class=\"_ _1\"></span>Risk <span class=\"_ _1\"></span>Profile: redditivit\u00e0 <span class=\"_ _1\"></span>insufficiente, <span class=\"_ _1\"></span>care<span class=\"_ _1\"></span>nze delle <span class=\"_ _1\"></span>procedure <span class=\"_ _1\"></span>di fiss<span class=\"_ _1\"></span>azione delle<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>tariffe, ca<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>enza <span class=\"_ _3b\"></span>o inadeguatezza <span class=\"_ _3b\"></span>dei <span class=\"_ _3b\"></span>m<span class=\"_ _1\"></span>odelli <span class=\"_ _3b\"></span>di val<span class=\"_ _2\"></span>utazione (<span class=\"_ _2\"></span>V4M, <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>edditivit\u00e0 <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _3b\"></span>clientela, etc)<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> o di applicazione delle deroghe.<span class=\"_ _3a1\"> </span> La <span class=\"_ _38\"></span>gestione<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>rischio <span class=\"_ _1\"></span>di <span class=\"_ _0\"></span>condotta <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>strett<span class=\"_ _1\"></span>amente <span class=\"_ _38\"></span>connessa <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>lle <span class=\"_ _38\"></span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _38\"></span>definite <span class=\"_ _0\"></span>nell\u2019<span class=\"_ _2\"></span>ambito <span class=\"_ _38\"></span>del<span class=\"_ _3a1\"> </span> processo <span class=\"_ _0\"></span>POG <span class=\"_ _0\"></span>(disciplinato <span class=\"_ _35\"> </span>nella <span class=\"_ _0\"></span>rispettiva <span class=\"_ _0\"></span>Regolamento <span class=\"_ _0\"></span>POG). <span class=\"_ _35\"> </span>La <span class=\"_ _0\"></span>Compagnia, <span class=\"_ _0\"></span>nell\u2019ambito <span class=\"_ _0\"></span>della<span class=\"_ _3a1\"> </span> gestione del rischio di Condotta, si prefigge i se<span class=\"_ _1\"></span>guenti obiettivi:<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">rendere <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>iniziative <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>business <span class=\"_ _0\"></span>orientate <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>focalizzate <span class=\"_ _0\"></span>sulla <span class=\"_ _0\"></span>figura <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>cliente <span class=\"_ _0\"></span>(c.d<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>Value <span class=\"_ _0\"></span>for<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>Money). In tale ambito <span class=\"_ _1\"></span>il focus \u00e8 incentrato sul disegno de<span class=\"_ _1\"></span>i prodotti e la definizione di se<span class=\"_ _1\"></span>rvizi in<span class=\"_ _3a1\"> </span> linea con le esigenze della clientela;<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">stabilire  un  codic<span class=\"_ _2\"></span>e/sistema  di <span class=\"_ _35\"> </span>condotta  completamente  radic<span class=\"_ _3b\"></span>at<span class=\"_ _1\"></span>o  all\u2019interno <span class=\"_ _35\"> </span>della  struttura<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>aziendale. <span class=\"_ _0\"></span>In <span class=\"_ _38\"></span>tale <span class=\"_ _0\"></span>ambito <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>f<span class=\"_ _2\"></span>ocus <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>incentrato <span class=\"_ _0\"></span>sulla <span class=\"_ _0\"></span>vendita <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>prodotti <span class=\"_ _0\"></span>/ <span class=\"_ _38\"></span>ero<span class=\"_ _1\"></span>gazone <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>servizi<span class=\"_ _3a1\"> </span> assicurando trasparenza informativa verso la clientela,<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">garantire <span class=\"_ _0\"></span>che <span class=\"_ _1\"></span>il <span class=\"_ _0\"></span>bu<span class=\"_ _2\"></span>siness <span class=\"_ _38\"></span>sia <span class=\"_ _0\"></span>nel <span class=\"_ _1\"></span>continuo <span class=\"_ _0\"></span>focaliz<span class=\"_ _2\"></span>zato <span class=\"_ _0\"></span>sul <span class=\"_ _1\"></span>conseguimento <span class=\"_ _0\"></span>del <span class=\"_ _1\"></span>miglior <span class=\"_ _0\"></span>risultato<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>per <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>cliente <span class=\"_ _1\"></span>(cfr. <span class=\"_ _38\"></span>Monitoraggio <span class=\"_ _1\"></span>KPI <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>KRI), <span class=\"_ _1\"></span>tute<span class=\"_ _1\"></span>lando <span class=\"_ _1\"></span>l\u2019integrit\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>condott<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>Compagnia<span class=\"_ _3a1\"> </span>nella relazione con la clientela.<span class=\"_ _3a1\"> </span> Rischio str<span class=\"_ _1\"></span>ategico<span class=\"_ _3a1\"> </span> Per rischio <span class=\"_ _1\"></span>strategico si <span class=\"_ _1\"></span>intende il rischio <span class=\"_ _1\"></span>attuale o <span class=\"_ _1\"></span>pro<span class=\"_ _3a1\"> </span>spettico di fles<span class=\"_ _1\"></span>sione degli utili <span class=\"_ _1\"></span>o del <span class=\"_ _1\"></span>capitale<span class=\"_ _3a1\"> </span> e <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>sostenibilit\u00e0 <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>modello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>business, <span class=\"_ _1\"></span>incluso <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iuscire <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>generare <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>adeguato<span class=\"_ _3a1\"> </span> ritorno  sul  capitale  sulla  base  della  propensione  al  rischio  definita  dall\u2019impresa,  derivante  da<span class=\"_ _3a1\"> </span> cambiamenti del <span class=\"_ _1\"></span>contesto operativo <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>da decisioni aziendali e<span class=\"_ _1\"></span>rrate, dall\u2019 attuazione <span class=\"_ _1\"></span>inadeguata di<span class=\"_ _3a1\"> </span> decisioni, <span class=\"_ _35\"> </span>impropria <span class=\"_ _35\"> </span>gestione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>appartenenza <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>gruppo, <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>dalla <span class=\"_ _35\"> </span>scarsa <span class=\"_ _35\"> </span>reattivit\u00e0 <span class=\"_ _35\"> </span>a<span class=\"_ _3a1\"> </span> variazioni del contesto competitivo.<span class=\"_ _3a1\"> </span> <div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b8d\">La Compagnia distingue tre principali fattori di rischio: </div><div class=\"t m2 h23 ff1a fs2 fc1 sc0 ls0 ws0 gs1b8e\">-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Str<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span></span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b8f\">tegic <span class=\"_ _39\"> </span>risk: <span class=\"_ _39\"> </span>incapacit\u00e0 <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>avere<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>una <span class=\"_ _39\"> </span>strategia <span class=\"_ _39\"> </span>aziendale <span class=\"_ _39\"> </span>completamente <span class=\"_ _39\"> </span>elaborat<span class=\"_ _1\"></span>a <span class=\"_ _39\"> </span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b90\">concordata  o <span class=\"_ _3d\"> </span>l\u2019incapacit\u00e0  di <span class=\"_ _3d\"> </span>seguire  t<span class=\"_ _1\"></span>ale  strategia  tale <span class=\"_ _3d\"> </span>da <span class=\"_ _3d\"> </span>creare  valore <span class=\"_ _3d\"> </span>nel  medio <span class=\"_ _3d\"> </span>lungo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b91\">periodo. </div><div class=\"t m2 h23 ff1a fs2 fc1 sc0 ls0 ws0 gs1b92\">-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Busines<span class=\"_ _1\"></span>s <span class=\"_ _36\"> </span>environmental <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>isk: <span class=\"_ _37\"> </span>Espos<span class=\"_ _1\"></span>izione <span class=\"_ _36\"> </span>a <span class=\"_ _36\"> </span>for<span class=\"_ _1\"></span>ze <span class=\"_ _36\"> </span>provenienti <span class=\"_ _36\"> </span>dal <span class=\"_ _36\"> </span>conte<span class=\"_ _1\"></span>sto <span class=\"_ _36\"> </span>esterno <span class=\"_ _36\"> </span>che </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b93\">potrebbero <span class=\"_ _35\"> </span>cambi<span class=\"_ _2\"></span>are <span class=\"_ _35\"> </span>signifi<span class=\"_ _2\"></span>cativamente <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>fondamenti <span class=\"_ _0\"></span>che <span class=\"_ _35\"> </span>guidano <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>obiettivi <span class=\"_ _0\"></span>gene<span class=\"_ _1\"></span>rali <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>la </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b94\">strategia aziendale. </div><div class=\"t m2 h23 ff1a fs2 fc1 sc0 ls0 ws0 gs1b95\">-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Rischio <span class=\"_ _1\"></span>Reddituale: <span class=\"_ _1\"></span>relat<span class=\"_ _1\"></span>ivo <span class=\"_ _1\"></span>alla co<span class=\"_ _1\"></span>erenza <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>componente <span class=\"_ _1\"></span>reddituale de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>portafogli <span class=\"_ _1\"></span>verso <span class=\"_ _1\"></span>gli </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b96\">obblighi assunti nei confronti degli assicurati e la mar<span class=\"_ _1\"></span>ginalit\u00e0 finanziaria attesa dagli azionisti. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b97\">L\u2019analisi <span class=\"_ _3b\"></span>dei rischi <span class=\"_ _3b\"></span>strategici v<span class=\"_ _2\"></span>iene eff<span class=\"_ _2\"></span>ettuate <span class=\"_ _2\"></span>mediante <span class=\"_ _2\"></span>specifiche <span class=\"_ _3b\"></span>analisi si <span class=\"_ _3b\"></span>sensitivity i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>sede <span class=\"_ _3b\"></span>ORSA </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b98\">o <span class=\"_ _35\"> </span>ogni <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>alvolta <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>assista <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>variazioni <span class=\"_ _35\"> </span>significative <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _35\"> </span>mercato, <span class=\"_ _35\"> </span>dell\u2019mix <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>produzione <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>dell<span class=\"_ _3b\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b99\">ipotesi <span class=\"_ _1\"></span>sottostanti le <span class=\"_ _1\"></span>valutazioni (a <span class=\"_ _1\"></span>titolo <span class=\"_ _1\"></span>esemplificativo, tassi <span class=\"_ _1\"></span>di riscat<span class=\"_ _1\"></span>to best e<span class=\"_ _1\"></span>stimate, <span class=\"_ _1\"></span>ipotesi di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b9a\">minimo garantito, etc). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b9b\">In <span class=\"_ _35\"> </span>tale <span class=\"_ _35\"> </span>ambito <span class=\"_ _35\"> </span>viene <span class=\"_ _35\"> </span>altres\u00ec <span class=\"_ _35\"> </span>valutata <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>presenza <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>potenziali<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>rischi <span class=\"_ _35\"> </span>emergenti <span class=\"_ _35\"> </span>sulla <span class=\"_ _35\"> </span>base <span class=\"_ _35\"> </span>delle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b9c\">informazioni derivanti dal piano i<span class=\"_ _1\"></span>ndustriale, dalle evoluzioni di <span class=\"_ _1\"></span>prodotto, dalle variazioni nor<span class=\"_ _1\"></span>mative </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b9d\">e da qualsiasi altra variazione potenzialmente impattante s<span class=\"_ _1\"></span>ul profilo di rischio dell\u2019impresa. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b9e\">In s<span class=\"_ _1\"></span>eguito <span class=\"_ _1\"></span>ai <span class=\"_ _1\"></span>risultati <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>tale<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>analisi, ve<span class=\"_ _1\"></span>ngono <span class=\"_ _1\"></span>valutati <span class=\"_ _1\"></span>gli e<span class=\"_ _1\"></span>ventuali <span class=\"_ _38\"></span>cambiamenti <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>apportare<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>nella </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b9f\">mappa dei rischi aziendali. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ba0\">Le valutazioni effettuate dalla Compagnia alla data di valutazione hanno <span class=\"_ _1\"></span>consentito di delineare la </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ba1\">mappa dei ri<span class=\"_ _2\"></span>schi regolamentari <span class=\"_ _3b\"></span>\u2013 Framework Solvency I<span class=\"_ _2\"></span>I - a<span class=\"_ _3b\"></span> cui la Compagn<span class=\"_ _2\"></span>ia \u00e8 <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>sposta (di <span class=\"_ _3b\"></span>seguito </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ba2\">riportata).  </div><div class=\"gs1ba3\"><table class=\"s w1534 h2e1\" id=\"_ea62da2a-46c9-4b91-96aa-8cc87e52537a\"><tr><td class=\"c n x25db y69e9 w1535 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Modulo di rischio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25dc y69e9 w1536 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Sottomodulo di rischio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25dd y69e9 w1537 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">E<span class=\"_ _1\"></span>sposizione<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x25de y69ea w1538 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Mortality risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25df y69ea w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x25de y69eb w1539 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Longevity risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25e0 y69eb w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x25de y69ec w153a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Disability morbidity r<span class=\"_ _2\"></span>isk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25e1 y69ec w153b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">---<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x25e2 h12 y69ed ff4 fs7 fc1 sc0 ls0 ws0\">Underwriting Risk<span class=\"_ _2\"></span> </td><td class=\"c n x25de y69ee w153c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Life Lapse risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25e3 y69ee w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x25de y69ef w153d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Expense risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25e4 y69ef w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x25de y69f0 w153e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Revisionary risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25e5 y69f0 w153b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">---<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x25de y69f1 w153f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">CAT risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25e6 y69f1 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x25de y69f2 w1540 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Interest rate risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25e7 y69f2 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x25de y69f3 w1541 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Equity risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25e8 y69f3 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x25e9 h12 y69f4 ff4 fs7 fc1 sc0 ls0 ws0\">Market risk </td><td class=\"c n x25de y69f5 w1542 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Property risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25ea y69f5 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x25de y69f6 w1543 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Spread risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25eb y69f6 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x25de y69f7 w1544 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Currency risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25ec y69f7 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x25de y69f8 w1545 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Concentration risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25ed y69f8 w1546 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">---<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x25ee h12 y69f9 ff4 fs7 fc1 sc0 ls0 ws0\">Counterparty defau<span class=\"_ _2\"></span>lt risk </td><td class=\"c n x25de y69fa w1547 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Type 1 counterpartie<span class=\"_ _2\"></span>s<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25ef y69fa w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x25de y69fb w1548 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Type 2 counterpartie<span class=\"_ _2\"></span>s<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25f0 y69fb w153b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">---<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x25f1 y69fc w1549 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Operational Risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25f2 y69fc w154a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Operational risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25f3 y69fc w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ba4\">Le  valutazioni  prospettiche  dei  rischi  n<span class=\"_ _2\"></span>on  hanno  rilevato  da  u<span class=\"_ _2\"></span>n  punto  di  vista  regolamentare<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ba5\">(Solvency II) rischi <span class=\"_ _1\"></span>emergenti in <span class=\"_ _1\"></span>ragione delle <span class=\"_ _1\"></span>azioni previste dalle <span class=\"_ _1\"></span>nuove <span class=\"_ _1\"></span>strategie di investimento </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ba6\">e di business (da segnalare tuttavia la review Solvency II la cui applicazione \u00e8 prevista a partire dal </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ba7\">2027). Si evi<span class=\"_ _2\"></span>denzia tuttavia una l<span class=\"_ _3b\"></span>or<span class=\"_ _1\"></span>o differente <span class=\"_ _2\"></span>composizione in t<span class=\"_ _2\"></span>ermini di rilevanza <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ispetto al dat<span class=\"_ _2\"></span>o </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ba8\">consuntivo. I<span class=\"_ _2\"></span>n p<span class=\"_ _2\"></span>articolare<span class=\"_ _1\"></span>, p<span class=\"_ _2\"></span>ur confermandosi i<span class=\"_ _2\"></span> rischi <span class=\"_ _3b\"></span>Life Underwriting <span class=\"_ _2\"></span>superiori ai <span class=\"_ _2\"></span>rischi Marke<span class=\"_ _2\"></span>t, si </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ba9\">inizia ad osservare un ribilanciamento tra le due classi di <span class=\"_ _2\"></span>rischio guidato in particolar modo da una<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1baa\">riduzione <span class=\"_ _37\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _36\"> </span>rischio <span class=\"_ _36\"> </span>Lapse <span class=\"_ _36\"> </span>Mass <span class=\"_ _37\"> </span>come <span class=\"_ _36\"> </span>conseguenza <span class=\"_ _36\"> </span>indiretta <span class=\"_ _36\"> </span>delle <span class=\"_ _36\"> </span>dinamiche <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>tassi <span class=\"_ _36\"> </span>in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bab\">progressiva riduzione rispetto al 2023.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bac\">Con <span class=\"_ _3d\"> </span>rife<span class=\"_ _1\"></span>rimento <span class=\"_ _37\"> </span>ai <span class=\"_ _3d\"> </span>dati <span class=\"_ _3d\"> </span>pr<span class=\"_ _1\"></span>ospettici <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>a <span class=\"_ _37\"> </span>quelli <span class=\"_ _3d\"> </span>monitora<span class=\"_ _1\"></span>ti <span class=\"_ _3d\"> </span>alla <span class=\"_ _37\"> </span>data <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>valutazione, <span class=\"_ _3d\"> </span>l\u2019analisi <span class=\"_ _37\"> </span>ha </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bad\">permesso <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>ind<span class=\"_ _2\"></span>ividuare <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>sotto<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>moduli <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>rischio <span class=\"_ _0\"></span>maggiormente <span class=\"_ _0\"></span>significativi <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>impattanti <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bae\">Compagnia, <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>isultano <span class=\"_ _1\"></span>essere <span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>sotto <span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>duli di <span class=\"_ _38\"></span>rischio <span class=\"_ _1\"></span>Equity, <span class=\"_ _38\"></span>Spread, <span class=\"_ _1\"></span>Curre<span class=\"_ _1\"></span>ncy, <span class=\"_ _1\"></span>Operational e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1baf\">Lapse <span class=\"_ _38\"></span>Mass. <span class=\"_ _0\"></span>Anche <span class=\"_ _1\"></span>se <span class=\"_ _0\"></span>da <span class=\"_ _1\"></span>un <span class=\"_ _0\"></span>pu<span class=\"_ _2\"></span>nto <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>vi<span class=\"_ _2\"></span>sta <span class=\"_ _0\"></span>del <span class=\"_ _1\"></span>requisito <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>capitale <span class=\"_ _38\"></span>generato <span class=\"_ _0\"></span>il <span class=\"_ _1\"></span>modulo <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>rischio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bb0\">Interest <span class=\"_ _38\"></span>Rate, <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>valutazione, <span class=\"_ _38\"></span>non <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>appresenta <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>modulo <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _1\"></span>rilevante <span class=\"_ _38\"></span>(anche <span class=\"_ _38\"></span>per </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bb1\">via <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>un <span class=\"_ _0\"></span>gap <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>duration <span class=\"_ _35\"> </span>tra <span class=\"_ _0\"></span>attivi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>passivi <span class=\"_ _0\"></span>sostanzialmente <span class=\"_ _35\"> </span>contenuto), <span class=\"_ _0\"></span>tuttavia <span class=\"_ _35\"> </span>per <span class=\"_ _0\"></span>gli <span class=\"_ _35\"> </span>eff<span class=\"_ _2\"></span>etti<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bb3\">indiretti  che <span class=\"_ _35\"> </span>esso  pu<span class=\"_ _2\"></span>\u00f2  generare, <span class=\"_ _35\"> </span>tale  fattore <span class=\"_ _35\"> </span>di  rischio <span class=\"_ _35\"> </span>viene  considerato <span class=\"_ _35\"> </span>tr<span class=\"_ _1\"></span>a  i<span class=\"_ _2\"></span>  rischi <span class=\"_ _35\"> </span>principali<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bb4\">d\u2019atte<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bb5\">nzionare. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bb6\">Inoltre si <span class=\"_ _3b\"></span>confer<span class=\"_ _1\"></span>ma l<span class=\"_ _2\"></span>\u2019esposizione della <span class=\"_ _3b\"></span>Compagnia al <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio Sp<span class=\"_ _2\"></span>read sui <span class=\"_ _3b\"></span>G<span class=\"_ _1\"></span>overnativi ITA <span class=\"_ _3b\"></span>(rischio non </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bb7\">contemplato <span class=\"_ _48\"> </span>n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>lla <span class=\"_ _3a\"> </span>Formula <span class=\"_ _3a\"> </span>Sta<span class=\"_ _1\"></span>ndard). <span class=\"_ _3a\"> </span>La <span class=\"_ _3a\"> </span>Compagnia <span class=\"_ _3a\"> </span>nelle<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>propr<span class=\"_ _1\"></span>ie <span class=\"_ _3a\"> </span>valutazioni <span class=\"_ _3a\"> </span>pre<span class=\"_ _1\"></span>nde <span class=\"_ _3a\"> </span>in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bb8\">considerazione <span class=\"_ _3f\"> </span>t<span class=\"_ _1\"></span>ale <span class=\"_ _3f\"> </span>fattore <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _3f\"> </span>mediante <span class=\"_ _3a\"> </span>specifiche <span class=\"_ _3f\"> </span>analisi <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>sensitivity <span class=\"_ _3a\"> </span>effettuate </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bb9\">periodicamente (almeno con frequenza trime<span class=\"_ _1\"></span>strale) e all\u2019interno del Report ORSA.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bba\">Le  analisi  quali/qu<span class=\"_ _2\"></span>antitativa  sull\u2019adeguatezza  del  Profilo  di  Ris<span class=\"_ _2\"></span>chio  della  Compagnia  rispetto <span class=\"_ _35\"> </span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bbb\">requisiti sottostanti l\u2019applicazione della Formula Standard sono risultate posit<span class=\"_ _1\"></span>ive. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bbc\">Le r<span class=\"_ _1\"></span>isultanze delle <span class=\"_ _1\"></span>attivit\u00e0 di valutazione <span class=\"_ _1\"></span>dei rischi <span class=\"_ _1\"></span>hanno e<span class=\"_ _1\"></span>videnziato una <span class=\"_ _1\"></span>volatilit\u00e0 nell\u2019evoluzione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bbd\">della <span class=\"_ _36\"> </span>solvibilit\u00e0 <span class=\"_ _36\"> </span>della <span class=\"_ _36\"> </span>Compagnia <span class=\"_ _39\"> </span>derivante <span class=\"_ _36\"> </span>dalle <span class=\"_ _36\"> </span>fluttuazioni <span class=\"_ _36\"> </span>dello <span class=\"_ _36\"> </span>s<span class=\"_ _1\"></span>pread <span class=\"_ _36\"> </span>BTP/Bund <span class=\"_ _36\"> </span>e <span class=\"_ _36\"> </span>dalle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bbe\">dinamiche <span class=\"_ _2\"></span>collegate ai <span class=\"_ _3b\"></span>tassi di <span class=\"_ _3b\"></span>interessi. Tuttavia, <span class=\"_ _3b\"></span>tale volatili<span class=\"_ _2\"></span>t\u00e0 dell\u2019<span class=\"_ _2\"></span>indice di <span class=\"_ _3b\"></span>solvibilit\u00e0, \u00e8 <span class=\"_ _3b\"></span>governata </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bbf\">dalla Compagnia mediante l\u2019attivazione di specifici presidi or<span class=\"_ _1\"></span>ganizzativi e di monitoraggio. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bc0\">Al <span class=\"_ _35\"> </span>calcolo <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>gli <span class=\"_ _35\"> </span>impatti <span class=\"_ _0\"></span>dovuti <span class=\"_ _35\"> </span>ai <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>natura <span class=\"_ _35\"> </span>quantificabile <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>regolamentare, <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>Compagnia<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bc1\">monitora e <span class=\"_ _1\"></span>valuta anche <span class=\"_ _1\"></span>i rischi quantitativi <span class=\"_ _1\"></span>ma non <span class=\"_ _1\"></span>rientranti <span class=\"_ _1\"></span>nell\u2019ambito della For<span class=\"_ _1\"></span>mula Standard, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bc2\">i cosiddetti \u201crischi quantitativi non re<span class=\"_ _1\"></span>golamentari\u201d, quali: </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1bc3\">-<span class=\"_ _41\"> </span><span class=\"ff4\">rischio spread sui t<span class=\"_ _1\"></span>itoli governativi;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1bc4\">-<span class=\"_ _41\"> </span><span class=\"ff4\">rischio di liquidit\u00e0;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1bc5\">-<span class=\"_ _41\"> </span><span class=\"ff4\">rischio ALM;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1bc6\">-<span class=\"_ _41\"> </span><span class=\"ff4\">rischio oper<span class=\"_ _1\"></span>ativo </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1bc7\">-<span class=\"_ _41\"> </span><span class=\"ff4\">IT &amp; Cyber Risk </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1bc8\">-<span class=\"_ _41\"> </span><span class=\"ff4\">rischio condott<span class=\"_ _1\"></span>a </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1bc9\">-<span class=\"_ _41\"> </span><span class=\"ff4\">rischio di apparte<span class=\"_ _1\"></span>nenza al gruppo; </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1bca\">-<span class=\"_ _41\"> </span><span class=\"ff4\">rischio ESG (con un focus s<span class=\"_ _1\"></span>pecifico sui rischi climatici connessi ai rischi ambientali); </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1bcb\">-<span class=\"_ _41\"> </span><span class=\"ff4\">rischio strategico. </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bcc\">Oltre <span class=\"_ _1\"></span>alle <span class=\"_ _1\"></span>valutazioni <span class=\"_ _1\"></span>sui r<span class=\"_ _1\"></span>ischi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>natura <span class=\"_ _1\"></span>quantificabile <span class=\"_ _1\"></span>(sia <span class=\"_ _1\"></span>regolament<span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>che no<span class=\"_ _1\"></span>n), la <span class=\"_ _1\"></span>Compagnia </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bcd\">gestisce e monitora anche: </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1bce\">-<span class=\"_ _41\"> </span><span class=\"ff4\">rischio modello; </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1bcf\">-<span class=\"_ _41\"> </span><span class=\"ff4\">rischio di non confor<span class=\"_ _1\"></span>mit\u00e0 alle norme; </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1bd0\">-<span class=\"_ _41\"> </span><span class=\"ff4\">rischio reputazionale; </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1bd1\">-<span class=\"_ _41\"> </span><span class=\"ff4\">rischi emerge<span class=\"_ _1\"></span>nti. </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bd2\">Allo <span class=\"_ _1\"></span>stat<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>attuale, <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ali <span class=\"_ _1\"></span>tipologie <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _38\"></span>hanno <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ivello <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>gestione<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>monitoraggio <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>valutazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bd3\">coerente <span class=\"_ _1\"></span>con <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ilevanza. <span class=\"_ _1\"></span>E <span class=\"_ _1\"></span>dalle <span class=\"_ _38\"></span>valutazioni <span class=\"_ _1\"></span>condotte <span class=\"_ _38\"></span>non <span class=\"_ _1\"></span>comport<span class=\"_ _1\"></span>ano <span class=\"_ _1\"></span>un <span class=\"_ _38\"></span>add-on <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>term<span class=\"_ _1\"></span>ini </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bd4\">di capitale regolamentare. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bd5\">Al  momento  non  vi  sono  risultati  ch<span class=\"_ _2\"></span>e  evidenzino  situazioni  di  criticit\u00e0  in  termini  di  solvib<span class=\"_ _2\"></span>ilit\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bd6\">derivanti <span class=\"_ _0\"></span>dai<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>rischi<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>trategici. <span class=\"_ _38\"></span>Tuttavia, <span class=\"_ _0\"></span>anche <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>luce <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>contesto <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>ttuale, <span class=\"_ _38\"></span>verr\u00e0 <span class=\"_ _0\"></span>mantenuto <span class=\"_ _38\"></span>un </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bd7\">attento mo<span class=\"_ _1\"></span>nitoraggio con il fine di <span class=\"_ _1\"></span>intercettare possibili variazioni <span class=\"_ _1\"></span>del contesto <span class=\"_ _1\"></span>macro-economico </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bd8\">e/o <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>business <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>possono <span class=\"_ _0\"></span>avere <span class=\"_ _0\"></span>impatt<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>significativi <span class=\"_ _0\"></span>sugli <span class=\"_ _0\"></span>Own <span class=\"_ _35\"> </span>Funds <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>Compagnia <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>sul </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bd9\">Requisito di Capitale. </div>CREDEM<span class=\"_ _1\"></span>ASSICURAZ<span class=\"_ _1\"></span>IONI S<span class=\"_ _1\"></span>.P.A.<span class=\"_ _3a1\"> </span>Approc<span class=\"_ _1\"></span>c<span class=\"_ _3a1\"> </span>io alla ge<span class=\"_ _1\"></span>stione de<span class=\"_ _1\"></span>l rischio<span class=\"_ _1\"></span> di Crede<span class=\"_ _1\"></span>massicu<span class=\"_ _1\"></span>razioni<span class=\"_ _3a1\"> </span>Strategie<span class=\"_ _1\"></span> e ges<span class=\"_ _1\"></span>tione del <span class=\"_ _1\"></span>rischio<span class=\"_ _3a1\"> </span>Credemassicurazioni <span class=\"_ _1\"></span>S.p.A <span class=\"_ _1\"></span>oper<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>sulla <span class=\"_ _38\"></span>scorta <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>una <span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>ategia <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sunzione <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>gestione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi<span class=\"_ _3a1\"> </span>basata <span class=\"_ _0\"></span>su <span class=\"_ _38\"></span>criteri <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>sana <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>prudente <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>coerente <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>il<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>livello <span class=\"_ _38\"></span>patr<span class=\"_ _1\"></span>imoniale <span class=\"_ _0\"></span>dell\u2019impresa.<span class=\"_ _3a1\"> </span>Tale <span class=\"_ _38\"></span>strategia <span class=\"_ _1\"></span>si <span class=\"_ _38\"></span>fonda <span class=\"_ _38\"></span>su <span class=\"_ _38\"></span>principi <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>valutazione <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>rischi <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>considerano <span class=\"_ _1\"></span>gli <span class=\"_ _38\"></span>aspetti <span class=\"_ _38\"></span>relativi <span class=\"_ _1\"></span>alla<span class=\"_ _3a1\"> </span>loro <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ilevanza/significativit\u00e0. <span class=\"_ _1\"></span>L\u2019approccio <span class=\"_ _38\"></span>se<span class=\"_ _1\"></span>guito <span class=\"_ _38\"></span>nella <span class=\"_ _1\"></span>gestione <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>fondato <span class=\"_ _38\"></span>sul <span class=\"_ _38\"></span>criterio <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span>proporzionalit\u00e0 <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>viene <span class=\"_ _35\"> </span>delineato <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>apposite <span class=\"_ _35\"> </span>politiche <span class=\"_ _35\"> </span>interne <span class=\"_ _35\"> </span>ai <span class=\"_ _35\"> </span>sensi <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>Rego<span class=\"_ _1\"></span>lamento <span class=\"_ _35\"> </span>IVASS<span class=\"_ _3a1\"> </span>n.38/2018, per ognuno degli ambiti di rischiosit\u00e0 che insistono sulla Compagnia.<span class=\"_ _3a1\"> </span>Gli elementi<span class=\"_ _2\"></span> chiav<span class=\"_ _2\"></span>e attraverso <span class=\"_ _2\"></span>cui <span class=\"_ _3b\"></span>viene definita <span class=\"_ _3b\"></span>la strategia <span class=\"_ _2\"></span>e l<span class=\"_ _2\"></span>e m<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>dalit\u00e0 d<span class=\"_ _2\"></span>i gestione <span class=\"_ _3b\"></span>dei rischi <span class=\"_ _3b\"></span>della<span class=\"_ _3a1\"> </span>Compagnia sono i seguenti:<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">identificazione e class<span class=\"_ _1\"></span>ificazione dei rischi \u2013 mappa dei rischi;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4\">valutazione dei rischi;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4\">str<span class=\"_ _1\"></span>umenti e metodologie di misurazione;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4\">gestione dei rischi;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4\">monitora<span class=\"_ _1\"></span>ggio e reporting.<span class=\"_ _3a1\"> </span></span>I principi g<span class=\"_ _2\"></span>enerali adottat<span class=\"_ _1\"></span>i per la <span class=\"_ _3b\"></span>definizione del sistema di gestione d<span class=\"_ _2\"></span>el rischio considerano qui<span class=\"_ _2\"></span>ndi:<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">la <span class=\"_ _3b\"></span>ver<span class=\"_ _1\"></span>ifica <span class=\"_ _3b\"></span>della <span class=\"_ _3b\"></span>coer<span class=\"_ _1\"></span>enza <span class=\"_ _3b\"></span>tr<span class=\"_ _1\"></span>a <span class=\"_ _3b\"></span>il <span class=\"_ _3b\"></span>live<span class=\"_ _1\"></span>llo <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>rischio assunto <span class=\"_ _3b\"></span>e <span class=\"_ _3b\"></span>il <span class=\"_ _2\"></span>livello <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>patr<span class=\"_ _1\"></span>imonio <span class=\"_ _3b\"></span>disponibile <span class=\"_ _2\"></span>atteso<span class=\"_ _3a1\"> </span></span>(c.d. Risk Appetite);<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">la <span class=\"_ _38\"></span>misurabilit\u00e0/valutazione <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>rischi <span class=\"_ _1\"></span>(per<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>quelli <span class=\"_ _1\"></span>quantificabili) <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>permettere <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>management<span class=\"_ _3a1\"> </span></span>di valutare l\u2019impatto degli stessi sull\u2019andamento <span class=\"_ _1\"></span>aziendale;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">la determinazione <span class=\"_ _1\"></span>di processi e presidi operativi per quelli non quantificabili;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4\">la <span class=\"_ _36\"> </span>pre<span class=\"_ _1\"></span>senza <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>un <span class=\"_ _36\"> </span>sistema <span class=\"_ _39\"> </span>di <span class=\"_ _37\"> </span>mo<span class=\"_ _1\"></span>nitoraggio <span class=\"_ _36\"> </span>continuativo <span class=\"_ _39\"> </span>del <span class=\"_ _37\"> </span>pro<span class=\"_ _1\"></span>filo <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>rischio <span class=\"_ _36\"> </span>attuale <span class=\"_ _36\"> </span>e<span class=\"_ _3a1\"> </span></span>prospettico e dei relativi indicatori di rischio ident<span class=\"_ _1\"></span>ificati.<span class=\"_ _3a1\"> </span>Credemassicurazioni  nell\u2019ambito  del  proprio  s<span class=\"_ _1\"></span>istema  di  gestione  dei  rischi,  ha  strutturato  ed<span class=\"_ _3a1\"> </span>implementato <span class=\"_ _3d\"> </span>un  autono<span class=\"_ _1\"></span>mo  processo <span class=\"_ _3d\"> </span>di  valutazione <span class=\"_ _3d\"> </span>della <span class=\"_ _3d\"> </span>propria <span class=\"_ _3d\"> </span>adeguatezza <span class=\"_ _3d\"> </span>patrimoniale,<span class=\"_ _3a1\"> </span>attuale <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>prospettica, <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>relazione  ai<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>rischi <span class=\"_ _35\"> </span>rilevanti <span class=\"_ _35\"> </span>verso  i<span class=\"_ _3b\"></span>  q<span class=\"_ _2\"></span>uali <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>Compagnia <span class=\"_ _35\"> </span>risulta <span class=\"_ _35\"> </span>esposta<span class=\"_ _3a1\"> </span>(processo ORSA \u2013 Own Risk and Solvency Assessment). Tale process<span class=\"_ _1\"></span>o ha le seguenti fasi: -<span class=\"_ _41\"> </span><span class=\"ff4\">Valutazione prospettica de<span class=\"_ _1\"></span>l Solvency II Ratio;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Stress <span class=\"_ _1\"></span>Test;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Piano di Liquidit\u00e0 prospettico;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Adeguatezza della Formula Standard r<span class=\"_ _1\"></span>ispetto il profilo di rischio della Compagnia;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Back Test<span class=\"_ _1\"></span>ing;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Predisposizione ORSA Repor<span class=\"_ _1\"></span>t e invio.<span class=\"_ _3a1\"> </span></span>Tra  essi  sono  incl<span class=\"_ _2\"></span>use  inoltre  le  valu<span class=\"_ _2\"></span>tazioni  dei  rischi  ESG  (<span class=\"_ _2\"></span>con  un  focu<span class=\"_ _2\"></span>s  particolare  sui  risc<span class=\"_ _2\"></span>hi<span class=\"_ _3a1\"> </span>climatici).<span class=\"_ _3a1\"> </span>Parte integrante del processo ORSA sono anche i seguenti <span class=\"_ _1\"></span>processi:<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Definizione del piano pre<span class=\"_ _1\"></span>liminare e del budget aziendale;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Definizione del Risk Appetit<span class=\"_ _1\"></span>e;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Individuazione e valutazione dei rischi e<span class=\"_ _1\"></span> Continuous Monitoring.<span class=\"_ _3a1\"> </span></span>Nell\u2019ambito <span class=\"_ _35\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>indi<span class=\"_ _2\"></span>rizzo <span class=\"_ _35\"> </span>strategico <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>Compagnia, <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>Consiglio <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>Amministrazione<span class=\"_ _3a1\"> </span>individua  e  approva <span class=\"_ _3d\"> </span>il  corr<span class=\"_ _1\"></span>etto  dimensionament<span class=\"_ _1\"></span>o  della  dotazione <span class=\"_ _3d\"> </span>complessiva  di  capitale.  L<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span>formulazione  di  preliminari  li<span class=\"_ _2\"></span>nee  guida  strategiche  da  p<span class=\"_ _2\"></span>arte  del  Consiglio  di  A<span class=\"_ _2\"></span>mministrazione<span class=\"_ _3a1\"> </span>indirizza la calibrazione degli obiettivi di rischio e lo<span class=\"_ _2\"></span> sviluppo del piano strategico. Tali attivit\u00e0 sono<span class=\"_ _3a1\"> </span>significativamente <span class=\"_ _36\"> </span>connesse <span class=\"_ _39\"> </span>e <span class=\"_ _36\"> </span>vengono <span class=\"_ _36\"> </span>e<span class=\"_ _1\"></span>ntrambe <span class=\"_ _36\"> </span>sviluppate <span class=\"_ _36\"> </span>consider<span class=\"_ _1\"></span>ando <span class=\"_ _36\"> </span>la <span class=\"_ _36\"> </span>situazione <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span>partenza della Compagnia, la visione pros<span class=\"_ _1\"></span>pettica del contesto esterno e il profilo di rischio. Nel <span class=\"_ _38\"></span>continuo, <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>Funzione <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Risk <span class=\"_ _1\"></span>Manageme<span class=\"_ _1\"></span>nt <span class=\"_ _1\"></span>support<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>gli <span class=\"_ _38\"></span>organi <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ziendali <span class=\"_ _1\"></span>nelle <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>celte <span class=\"_ _1\"></span>derivanti<span class=\"_ _3a1\"> </span>dall\u2019attuazione <span class=\"_ _69\"> </span>del <span class=\"_ _69\"> </span>piano <span class=\"_ _69\"> </span>agevolando <span class=\"_ _69\"> </span>la <span class=\"_ _43\"> </span>comprensione <span class=\"_ _69\"> </span>e <span class=\"_ _69\"> </span>la <span class=\"_ _69\"> </span>consapevolezza <span class=\"_ _43\"> </span>dei <span class=\"_ _44\"> </span>rischi<span class=\"_ _3a1\"> </span>assunti/assumibili e il presidio degli stessi.  Identificazione e<span class=\"_ _1\"></span> classificazione dei risch<span class=\"_ _1\"></span>i \u2013 mappa<span class=\"_ _3a1\"> </span>dei rischi<span class=\"_ _3a1\"> </span>La <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>egolamentazione <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>settore, <span class=\"_ _38\"></span>recante <span class=\"_ _38\"></span>disposizioni <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>mater<span class=\"_ _1\"></span>ia <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>siste<span class=\"_ _1\"></span>ma <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>stione <span class=\"_ _38\"></span>dei <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi,<span class=\"_ _3a1\"> </span>richiede <span class=\"_ _39\"> </span>alle <span class=\"_ _3f\"> </span>imprese <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>e<span class=\"_ _1\"></span>ffettuare <span class=\"_ _39\"> </span>una <span class=\"_ _3f\"> </span>catalogazione <span class=\"_ _39\"> </span>dei <span class=\"_ _39\"> </span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _39\"> </span>a <span class=\"_ _39\"> </span>cui <span class=\"_ _39\"> </span>es<span class=\"_ _1\"></span>se <span class=\"_ _39\"> </span>so<span class=\"_ _1\"></span>no <span class=\"_ _39\"> </span>esposte<span class=\"_ _3a1\"> </span>indipendentemente <span class=\"_ _37\"> </span>dalla <span class=\"_ _37\"> </span>circostanza <span class=\"_ _37\"> </span>che <span class=\"_ _3d\"> </span>siano <span class=\"_ _37\"> </span>quantificabili, <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>funzione <span class=\"_ _37\"> </span>della <span class=\"_ _37\"> </span>natura, <span class=\"_ _3d\"> </span>della<span class=\"_ _3a1\"> </span>portata <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>complessit\u00e0 <span class=\"_ _38\"></span>inerenti <span class=\"_ _38\"></span>all\u2019attivit\u00e0 <span class=\"_ _38\"></span>svolta, <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>ottica <span class=\"_ _38\"></span>attuale <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>prospettica, <span class=\"_ _38\"></span>nonch\u00e9 <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ffetti<span class=\"_ _3a1\"> </span>indiretti <span class=\"_ _1\"></span>connessi <span class=\"_ _38\"></span>ai <span class=\"_ _1\"></span>rischi <span class=\"_ _38\"></span>significativi. Tale <span class=\"_ _38\"></span>catalogazione <span class=\"_ _38\"></span>costituisce <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>linguaggio <span class=\"_ _38\"></span>comune <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>lo<span class=\"_ _3a1\"> </span>svolgimento di tutte le attivit\u00e0 connesse con <span class=\"_ _1\"></span>il sistema di gestione dei rischi aziendali.<span class=\"_ _3a1\"> </span>I rischi della Compagnia sono classificati ne<span class=\"_ _1\"></span>lle seguenti principali classi:<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischi sottoscrizione (o tecnici assicurativi);<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischi assunzione e tariffazione;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischio riservazione;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischi di mercato:<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischi Mercato;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischio ALM;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischio Liquidit\u00e0.<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischi di credito e counter<span class=\"_ _1\"></span>party;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Investimenti;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Riassicurazione;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Intermediari e controparti.<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischi operativi:<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischi Operativi;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">Rischio Informatico e Cyber Risk;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">Rischi di non conformit\u00e0 alle <span class=\"_ _1\"></span>norme;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">Model Risk;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">Continuit\u00e0 Operativa;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">Regulatory Operat<span class=\"_ _1\"></span>ional Risk.<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischi indiretti o di secondo livello;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">Rischio legato all\u2019appartene<span class=\"_ _1\"></span>nza al gruppo;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">Rischio reputazionale;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">Rischi di condotta;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">Rischi ESG;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischi strategici;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischi emergenti.<span class=\"_ _3a1\"> </span></span>Il  processo <span class=\"_ _3d\"> </span>di  identificazione  dei  r<span class=\"_ _1\"></span>ischi  cui  la  Compagnia <span class=\"_ _3d\"> </span>\u00e8  espost<span class=\"_ _1\"></span>a  costituisce <span class=\"_ _3d\"> </span>un  elemento<span class=\"_ _3a1\"> </span>fondamentale <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>corret<span class=\"_ _1\"></span>ta <span class=\"_ _1\"></span>implementazione <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>valutazione <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>pi\u00f9 <span class=\"_ _38\"></span>ampio <span class=\"_ _38\"></span>process<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>gestione<span class=\"_ _3a1\"> </span>dei <span class=\"_ _37\"> </span>rischi. <span class=\"_ _37\"> </span> <span class=\"_ _37\"> </span>Credemassicurazioni, <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>linea <span class=\"_ _37\"> </span>con <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>Normativa <span class=\"_ _37\"> </span>Regolamentare, <span class=\"_ _36\"> </span>ha <span class=\"_ _3d\"> </span>previsto <span class=\"_ _37\"> </span>una<span class=\"_ _3a1\"> </span>procedura di censimento d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>i rischi, <span class=\"_ _2\"></span>da intendersi come strumen<span class=\"_ _2\"></span>to metodologico di <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>upporto nello<span class=\"_ _3a1\"> </span>svolgimento <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>lle <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>individuazione <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>valutazione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>chi <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rmetta <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>raccogliere <span class=\"_ _1\"></span>in<span class=\"_ _3a1\"> </span>via continuativa inform<span class=\"_ _1\"></span>azioni sui r<span class=\"_ _1\"></span>ischi, interni <span class=\"_ _1\"></span>ed esterni, esistent<span class=\"_ _1\"></span>i e <span class=\"_ _1\"></span>prospettici a cui <span class=\"_ _1\"></span>\u00e8 espost<span class=\"_ _1\"></span>a, e<span class=\"_ _3a1\"> </span>che possono interessare <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>utti i <span class=\"_ _2\"></span>processi operativi e l<span class=\"_ _2\"></span>e aree aziend<span class=\"_ _3b\"></span>ali. Per sua natura <span class=\"_ _2\"></span>tale procedura<span class=\"_ _3a1\"> </span>\u00e8 <span class=\"_ _0\"></span>continua <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>evoluzione <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>b<span class=\"_ _2\"></span>ase <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>p<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ogressivo <span class=\"_ _0\"></span>affinamento <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>el <span class=\"_ _0\"></span>sistema <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>ge<span class=\"_ _1\"></span>stione <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span>all\u2019evoluzione del quadro normativo di rifer<span class=\"_ _1\"></span>imento.<span class=\"_ _3a1\"> </span>La procedura di censimento dei rischi di Credemassicurazioni si articola in quattro <span class=\"_ _1\"></span>fasi:<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">analisi del piano strategico azie<span class=\"_ _1\"></span>ndale e individuazione dei fattori di rischio emergenti;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">individuazione dei fattori di rischio esterni;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">individuazione <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>fat<span class=\"_ _1\"></span>tori <span class=\"_ _3b\"></span>di rischi<span class=\"_ _2\"></span>o op<span class=\"_ _2\"></span>erativi <span class=\"_ _3b\"></span>(ivi i<span class=\"_ _2\"></span>nclusi <span class=\"_ _2\"></span>quelli <span class=\"_ _3b\"></span>infor<span class=\"_ _1\"></span>matici <span class=\"_ _2\"></span>e d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>cy<span class=\"_ _1\"></span>ber <span class=\"_ _3b\"></span>risk), <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>non<span class=\"_ _3a1\"> </span></span>conformit\u00e0 alle norme e di secondo livello;<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">individuazione dei fattori di rischio strategico.<span class=\"_ _3a1\"> </span></span>Le <span class=\"_ _0\"></span>modalit\u00e0 <span class=\"_ _0\"></span>adottate <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>l\u2019id<span class=\"_ _2\"></span>entificazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>basano <span class=\"_ _0\"></span>sostanzialmente <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>uno<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _0\"></span>dei<span class=\"_ _3a1\"> </span>seguenti approcci:<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Risk Assessment specifici (per famiglie di rischio);<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Valutazioni delle differenze tra ogni assunzione di r<span class=\"_ _1\"></span>ischio e il risultato attuale;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Eventi perdita o errori accaduti;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Revisione dei processi, della matr<span class=\"_ _1\"></span>ice dei rischi normativa o risk assessment normativi;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Brainstorming con il management e i r<span class=\"_ _1\"></span>isk owner;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Valutazioni di Internal/Exter<span class=\"_ _1\"></span>nal Audi<span class=\"_ _2\"></span>t<span class=\"_ _3a1\"> </span></span><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c49\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Comunicazioni e confronti con i regulator<span class=\"_ _1\"></span>;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c4a\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Altri</span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c4b\"> eventi esterni;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c4c\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Reporting trasmesso dalle arre funzionali della Compagnia.<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c4d\">Una  volta  che  i <span class=\"_ _3d\"> </span>rischi  sono  stati  identificati  essi  vanno  a  costit<span class=\"_ _1\"></span>uire  la  Mappa  dei  rischi  della<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c4e\">Compagnia.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1c4f\">Valutazione <span class=\"_ _1\"></span>dei Rischi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c50\">Il processo di valu<span class=\"_ _2\"></span>tazione dei rischi \u00e8 realizzato <span class=\"_ _2\"></span>sia con</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c51\"> logiche a<span class=\"_ _2\"></span>ttuali sia con logic<span class=\"_ _2\"></span>he prospettiche<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c52\">ed <span class=\"_ _3f\"> </span>integra <span class=\"_ _3f\"> </span>metodologie <span class=\"_ _3f\"> </span>ed <span class=\"_ _3f\"> </span>app<span class=\"_ _2\"></span>rocci <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>carattere <span class=\"_ _3f\"> </span>quantitativo <span class=\"_ _3f\"> </span>(sia <span class=\"_ _3f\"> </span>regolamentare <span class=\"_ _3f\"> </span>sia <span class=\"_ _3f\"> </span>non<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c53\">regolamentare) e qualitativo.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c54\">La <span class=\"_ _0\"> </span>valutazione <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>effettuata <span class=\"_ _35\"> </span>su <span class=\"_ _0\"></span>base <span class=\"_ _35\"> </span>individuale, <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>livello <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>singolo <span class=\"_ _0\"></span>rischio, <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>su <span class=\"_ _0\"></span>base<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c55\">aggregata, per tener conto delle <span class=\"_ _3b\"></span>inte<span class=\"_ _1\"></span>rrelazioni fra le fonti di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio. Vengono inoltre considerati gli<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c56\">effetti indiretti connessi ai rischi pi\u00f9 significativi.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c57\">La <span class=\"_ _1\"></span>fr<span class=\"_ _1\"></span>equenza <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>valutazione <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>rischi <span class=\"_ _38\"></span>dipende <span class=\"_ _1\"></span>dalla <span class=\"_ _38\"></span>tipologia <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>rischi, <span class=\"_ _1\"></span>dagli <span class=\"_ _38\"></span>str<span class=\"_ _1\"></span>umenti <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>dalle<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c58\">metodologie <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valutazione <span class=\"_ _1\"></span>utilizzate<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ed \u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>stabilita <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>coerenza <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>frequenza <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>le e<span class=\"_ _1\"></span>sigenze <span class=\"_ _1\"></span>dei<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c59\">processi <span class=\"_ _38\"></span>strategici <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>decisionali <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>Compagnia. <span class=\"_ _38\"></span>La <span class=\"_ _0\"></span>frequenza <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>valutazione <span class=\"_ _0\"></span>dei <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>ottica<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c5a\">prospettica \u00e8 coerente con il processo annuale di pianificazione st<span class=\"_ _1\"></span>rategica.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c5b\">Accanto <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>gestione <span class=\"_ _35\"> </span>ordinaria <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>proce<span class=\"_ _1\"></span>sso <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>valutazione <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>ischi, <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>prevista <span class=\"_ _35\"> </span>una <span class=\"_ _0\"></span>ge<span class=\"_ _1\"></span>stione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c5c\">all\u2019occorrenza, <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>agione <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>venti <span class=\"_ _3b\"></span>che possano <span class=\"_ _3b\"></span>determinare una <span class=\"_ _184\"></span>variazione significativa <span class=\"_ _3b\"></span>del <span class=\"_ _2\"></span>profilo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c5d\">di rischio. In particolare, sono stati identificati i seguenti principali eventi:  </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c5e\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">l\u2019aggiornamento del piano strategico;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c5f\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">un\u2019acquisizione <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>un <span class=\"_ _35\"> </span>disinvestimento <span class=\"_ _0\"></span>che <span class=\"_ _35\"> </span>modific<span class=\"_ _2\"></span>hi <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>ensibilmente <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>business, <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>profilo <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"><span class=\"_ _2\"></span> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c60\">rischio o la posizione di solvibilit\u00e0;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c61\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">una <span class=\"_ _35\"> </span>variazione  significativa <span class=\"_ _35\"> </span>nei  mercati <span class=\"_ _35\"> </span>finanziari <span class=\"_ _35\"> </span>che  determini <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>notevole  impatto <span class=\"_ _35\"> </span>sul<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c62\">portafoglio attivi della compagnia;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c63\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">una variazione significativa nelle passivit\u00e0 della Compagnia;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c64\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">una riduzione della posizione di solvibilit\u00e0 al di sotto<span class=\"_ _1\"></span> di valori critici;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c65\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">un cambiamento significativo del quadro re<span class=\"_ _1\"></span>golamentare;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c66\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">un cambiamento significativo del pr<span class=\"_ _1\"></span>ofilo di rischio e l\u2019insorgere di nuovi rischi;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c67\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">un cambiamento significativo dei pr<span class=\"_ _1\"></span>ocessi, sistemi e procedure aziendali.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1c68\">Strumenti e<span class=\"_ _1\"></span> Metodologie di Misurazione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c69\">La <span class=\"_ _0\"></span>Compagnia <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>definito <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>sens<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>normativa <span class=\"_ _0\"></span>re</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c6a\">g<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c6b\">o</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c6c\">l</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c6d\">a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c6e\">m</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c6f\">e<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c70\">ntare <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>processo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c71\">analisi <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _35\"> </span>basato <span class=\"_ _35\"> </span>sostanzialmente <span class=\"_ _35\"> </span>sugli <span class=\"_ _35\"> </span>strumenti <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>metodologie <span class=\"_ _35\"> </span>svilu<span class=\"_ _2\"></span>ppate  n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ll\u2019ambito<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c72\">della  procedura  di  p<span class=\"_ _2\"></span>rofilazione  dei  rischi <span class=\"_ _35\"> </span>ovvero  a  indicatori  di <span class=\"_ _35\"> </span>rischio  i  quali  possono<span class=\"_ _2\"></span>  essere<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c73\">costruiti ai seguenti approcci meto<span class=\"_ _1\"></span>dologici:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c74\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">quantitativi <span class=\"_ _39\"> </span>regolamentari <span class=\"_ _39\"> </span>basat<span class=\"_ _1\"></span>i <span class=\"_ _39\"> </span>sui <span class=\"_ _39\"> </span>principi <span class=\"_ _39\"> </span>alla <span class=\"_ _39\"> </span>base <span class=\"_ _39\"> </span>delle <span class=\"_ _39\"> </span>grandezze <span class=\"_ _39\"> </span>re<span class=\"_ _1\"></span>golamentari<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c75\">Solvency tra cui il Requisito di Capitale;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c76\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">quantitativi <span class=\"_ _48\"> </span>non <span class=\"_ _48\"> </span>regolamentari <span class=\"_ _48\"> </span>(o <span class=\"_ _48\"> </span>gestionali) <span class=\"_ _48\"> </span>basati <span class=\"_ _48\"> </span>su <span class=\"_ _48\"> </span>concetti <span class=\"_ _48\"> </span>come <span class=\"_ _48\"> </span>ad <span class=\"_ _48\"> </span>esempio<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c77\">esposizione, <span class=\"_ _38\"></span>concentrazione, <span class=\"_ _38\"></span>volatilit\u00e0, <span class=\"_ _1\"></span>perdita <span class=\"_ _38\"></span>attesa <span class=\"_ _38\"></span>o <span class=\"_ _1\"></span>pote<span class=\"_ _1\"></span>nziale, <span class=\"_ _1\"></span>e/o <span class=\"_ _38\"></span>volti <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>valutare <span class=\"_ _38\"></span>quei<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c78\">rischi non <span class=\"_ _3b\"></span>ricompresi nella <span class=\"_ _3b\"></span>formula standard <span class=\"_ _3b\"></span>e/o ad <span class=\"_ _3b\"></span>inte<span class=\"_ _1\"></span>grare <span class=\"_ _2\"></span>la <span class=\"_ _3b\"></span>valutazione degli stes<span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>rischi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c79\">regolamentari tra cui:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c7a\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischio Liquidit\u00e0;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c7b\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischio ALM;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c7c\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischi Operativi;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c7d\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Cyber e IT;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c7e\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischio di Condotta;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c7f\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischio di Appartenenza al Gr<span class=\"_ _1\"></span>upp<span class=\"_ _2\"></span>o;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c80\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischio ESG (rischio climatico);<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c81\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischio strategico,<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c82\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">qualitativi <span class=\"_ _3f\"> </span>basati <span class=\"_ _3f\"> </span>su <span class=\"_ _3f\"> </span>grandezze <span class=\"_ _3f\"> </span>non <span class=\"_ _3f\"> </span>quantificab<span class=\"_ _2\"></span>ili <span class=\"_ _3f\"> </span>o <span class=\"_ _3f\"> </span>difficilmente <span class=\"_ _3f\"> </span>quantificabili, <span class=\"_ _3f\"> </span>la <span class=\"_ _3f\"> </span>cui<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c83\">valutazione del giudizio esperto \u00e8 prevalente<span class=\"_ _1\"></span>, tra cui:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c84\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischio Modello;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c85\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischio Legale &amp; Non Confor<span class=\"_ _1\"></span>mit\u00e0;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c86\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischio Reputazionale;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c87\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischi Emergenti.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c89\">Oltre <span class=\"_ _37\"> </span>alle <span class=\"_ _37\"> </span>metodologie <span class=\"_ _37\"> </span>alla <span class=\"_ _37\"> </span>base<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>tali <span class=\"_ _37\"> </span>indicatori <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>rischio, <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>misurazione<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>del <span class=\"_ _37\"> </span>rischio <span class=\"_ _37\"> </span>della<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c8a\">Compag</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c8b\">nia, sia <span class=\"_ _1\"></span>attuale <span class=\"_ _1\"></span>che pr<span class=\"_ _1\"></span>ospettica, si <span class=\"_ _1\"></span>basa sulle m<span class=\"_ _1\"></span>etodologie regolame<span class=\"_ _1\"></span>ntari per <span class=\"_ _1\"></span>il calcolo del<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c8c\">Requisito <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>Cap<span class=\"_ _1\"></span>itale <span class=\"_ _38\"></span>(cfr. <span class=\"_ _38\"></span>SCR): <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>met<span class=\"_ _1\"></span>odologia <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iferimento <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>quella <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>lla <span class=\"_ _1\"></span>Fo<span class=\"_ _1\"></span>rmula <span class=\"_ _38\"></span>Standard. <span class=\"_ _38\"></span>Si<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c8d\">precisa <span class=\"_ _0\"></span>inoltra <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>Compagnia <span class=\"_ _0\"></span>adotta <span class=\"_ _35\"> </span>l\u2019ap<span class=\"_ _2\"></span>plicazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Volatility <span class=\"_ _35\"> </span>Adjustments: <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>valutazioni<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c8e\">attuali <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>prospettiche <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>rischi <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>golamentari <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>Compagn<span class=\"_ _2\"></span>ia <span class=\"_ _38\"></span>prevedono <span class=\"_ _0\"></span>l\u2019utili<span class=\"_ _2\"></span>zzo <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>Volatility<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c8f\">Adjustment <span class=\"_ _3b\"></span>come<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>Long <span class=\"_ _3b\"></span>Te<span class=\"_ _1\"></span>rm <span class=\"_ _3b\"></span>G<span class=\"_ _1\"></span>uarantee <span class=\"_ _3b\"></span>measure. <span class=\"_ _3b\"></span>Il <span class=\"_ _3b\"></span>Volatility Ad<span class=\"_ _2\"></span>justme<span class=\"_ _1\"></span>nt <span class=\"_ _3b\"></span>viene ap<span class=\"_ _2\"></span>plicato <span class=\"_ _3b\"></span>sul <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>otale<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c90\">delle <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _0\"></span>detenute <span class=\"_ _0\"></span>dalla <span class=\"_ _0\"></span>Compagnia <span class=\"_ _0\"></span>vendu<span class=\"_ _2\"></span>te <span class=\"_ _0\"></span>interame<span class=\"_ _1\"></span>nte <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>Italia <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>valuta <span class=\"_ _0\"></span>Euro. <span class=\"_ _0\"></span>Non<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c91\">viene <span class=\"_ _0\"></span>app<span class=\"_ _2\"></span>licato <span class=\"_ _0\"></span>dall<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>Compagnia <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>Matching <span class=\"_ _38\"></span>Adjustme<span class=\"_ _1\"></span>nt. <span class=\"_ _0\"></span>Al <span class=\"_ _38\"></span>fine <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>maggiore <span class=\"_ _38\"></span>comprensione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c92\">degli <span class=\"_ _38\"></span>effett<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>derivanti <span class=\"_ _38\"></span>dall\u2019applicazione <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>Volatility <span class=\"_ _0\"></span>Ad<span class=\"_ _2\"></span>justment <span class=\"_ _38\"></span>sulle <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iserve <span class=\"_ _38\"></span>tecniche <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ui <span class=\"_ _38\"></span>fondi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c93\">propri, la <span class=\"_ _3b\"></span>Compagnia effe<span class=\"_ _2\"></span>ttua inol<span class=\"_ _2\"></span>tre analisi <span class=\"_ _3b\"></span>di sensitivity <span class=\"_ _3b\"></span>ogni qualv<span class=\"_ _2\"></span>olta lo <span class=\"_ _3b\"></span>scostamento tra <span class=\"_ _3b\"></span>la curva<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c94\">risk free EIOPA e la curva risk free EIOPA con volatility Adjustement r<span class=\"_ _1\"></span>isulti significativo.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c95\">Tutte queste gr<span class=\"_ _1\"></span>andezze, oltre a costit<span class=\"_ _1\"></span>uire l\u2019impianto per il <span class=\"_ _1\"></span>monitoraggio nel <span class=\"_ _1\"></span>continuo alla base <span class=\"_ _1\"></span>del<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c96\">modello <span class=\"_ _3f\"> </span>organizzativo <span class=\"_ _3a\"> </span>di <span class=\"_ _3f\"> </span>gestione <span class=\"_ _3f\"> </span>del <span class=\"_ _3f\"> </span>r<span class=\"_ _1\"></span>ischio, <span class=\"_ _3f\"> </span>rappresentano <span class=\"_ _3f\"> </span>gli <span class=\"_ _3f\"> </span>e<span class=\"_ _1\"></span>lementi <span class=\"_ _3f\"> </span>alla <span class=\"_ _3f\"> </span>base<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>della<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c97\">metodologia <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>la <span class=\"_ _37\"> </span>profilazione <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>rischio <span class=\"_ _37\"> </span>della <span class=\"_ _3d\"> </span>Compagnia.  Tale<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>ha <span class=\"_ _37\"> </span>come <span class=\"_ _3d\"> </span>obiettivo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c98\">l\u2019individuazione <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>valutazione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>fattori <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>l\u2019attribuzione <span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>ognuno <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>essi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>livello <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c99\">significativit\u00e0.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c9a\">Da un punto di vista metodologico, concorrono alla valutazione dei rischi anche:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c9b\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Sensitivity, <span class=\"_ _1\"></span>stress <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>est <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>scenario <span class=\"_ _38\"></span>test: <span class=\"_ _1\"></span>ai <span class=\"_ _1\"></span>sensi <span class=\"_ _38\"></span>dell\u2019Art. <span class=\"_ _1\"></span>19, <span class=\"_ _1\"></span>comma <span class=\"_ _1\"></span>4 <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Re<span class=\"_ _1\"></span>g. <span class=\"_ _1\"></span>IVASS <span class=\"_ _1\"></span>n.38, <span class=\"_ _1\"></span>la<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c9c\">Funzione <span class=\"_ _1\"></span>Risk <span class=\"_ _1\"></span>Manageme<span class=\"_ _1\"></span>nt, <span class=\"_ _1\"></span>allo <span class=\"_ _38\"></span>scopo <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>valutare <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>ottica <span class=\"_ _38\"></span>attuale <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>prospettica <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>impatti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c9d\">sulla  situazione <span class=\"_ _3d\"> </span>economica  e <span class=\"_ _3d\"> </span>patrimoniale <span class=\"_ _3d\"> </span>derivanti  da  andame<span class=\"_ _1\"></span>nti  avversi <span class=\"_ _3d\"> </span>dei  principali<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c9e\">fattori di <span class=\"_ _2\"></span>rischio, effettua, p<span class=\"_ _2\"></span>er ciascuna <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lle fonti d<span class=\"_ _2\"></span>i rischio<span class=\"_ _2\"></span> identificate come <span class=\"_ _2\"></span>maggiormente<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c9f\">significative, analisi di stress test e sensitivity.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1ca0\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Risk Self Assessment sui rischi operativi (ivi inclusi il rischio informat<span class=\"_ _1\"></span>ico e il cyber risk).<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1ca1\">Gestione dei Risch<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ca2\">L\u2019obiettivo <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>sistem<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>gestio<span class=\"_ _2\"></span>ne <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>rischi <span class=\"_ _0\"></span>consi</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ca3\">s<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ca4\">t</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ca5\">e<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ca6\">n</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ca7\">e<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ca8\">l <span class=\"_ _38\"></span>ma<span class=\"_ _1\"></span>ntenere <span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>rischi <span class=\"_ _0\"></span>cui<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>Compagnia <span class=\"_ _0\"></span>\u00e8<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ca9\">esposta <span class=\"_ _39\"> </span>a <span class=\"_ _39\"> </span>un <span class=\"_ _36\"> </span>livello <span class=\"_ _39\"> </span>definito <span class=\"_ _39\"> </span>accettabile, <span class=\"_ _39\"> </span>attraverso <span class=\"_ _39\"> </span>l\u2019indic<span class=\"_ _2\"></span>azione <span class=\"_ _39\"> </span>della <span class=\"_ _39\"> </span>propensione <span class=\"_ _39\"> </span>e <span class=\"_ _39\"> </span>della<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1caa\">tolleranza al rischio <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>tabilite in coerenza c<span class=\"_ _2\"></span>on l\u2019obiettivo di<span class=\"_ _2\"></span> salvaguardia d<span class=\"_ _2\"></span>el patrimonio delle stess<span class=\"_ _3b\"></span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cab\">a <span class=\"_ _38\"></span>garanzia <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _38\"></span>continuit\u00e0 <span class=\"_ _0\"></span>azie<span class=\"_ _2\"></span>ndale. <span class=\"_ _38\"></span>Le <span class=\"_ _0\"></span>li<span class=\"_ _2\"></span>nee <span class=\"_ _38\"></span>guida <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>ema <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ges<span class=\"_ _1\"></span>tione <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>rischi <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iportate<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cac\">nelle singole <span class=\"_ _3b\"></span>politiche redatte, <span class=\"_ _2\"></span>riviste <span class=\"_ _2\"></span>ed app<span class=\"_ _2\"></span>rovate annualmente <span class=\"_ _3b\"></span>dal Consiglio <span class=\"_ _2\"></span>di Ammin<span class=\"_ _2\"></span>istrazione,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cad\">previo <span class=\"_ _35\"> </span>passaggio <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>Consig<span class=\"_ _1\"></span>liere<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>Incaricato <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>controllo  i<span class=\"_ _2\"></span>nterno <span class=\"_ _35\"> </span>e  ai <span class=\"_ _35\"> </span>rischi <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>Compagnia.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cae\">Elementi costitutivi della gestione dei rischi sono:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1caf\">Risk Appetite <span class=\"_ _1\"></span>Framework<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cb0\">La Compagnia <span class=\"_ _2\"></span>si \u00e8 dotata di<span class=\"_ _2\"></span> un Ri<span class=\"_ _2\"></span>sk Appetite Framework (c<span class=\"_ _2\"></span>fr. RAF) che defin<span class=\"_ _2\"></span>isce la propensione <span class=\"_ _3b\"></span>al<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cb1\">rischio, <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oglie <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>tolleranza, <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>limiti <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rischio, <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>politiche <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>governo <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _1\"></span>nonch\u00e9 <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>processi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cb2\">di r<span class=\"_ _1\"></span>iferimento <span class=\"_ _38\"></span>necessari <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>definirli e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>attuarli. <span class=\"_ _1\"></span>Nell\u2019ambito <span class=\"_ _1\"></span>dell\u2019att<span class=\"_ _1\"></span>ivit\u00e0 di <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>dirizzo s<span class=\"_ _1\"></span>trategico <span class=\"_ _1\"></span>della<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cb3\">Compagnia, il <span class=\"_ _3b\"></span>Co<span class=\"_ _1\"></span>nsiglio di Amministrazione in<span class=\"_ _2\"></span>dividua e app<span class=\"_ _2\"></span>rova la propria propensione <span class=\"_ _2\"></span>al rischio. <span class=\"_ _2\"></span>Il<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cb4\">processo <span class=\"_ _1\"></span>di definizione/revisione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Risk Appetite <span class=\"_ _1\"></span>Framework <span class=\"_ _1\"></span>si affianca <span class=\"_ _1\"></span>pertanto <span class=\"_ _1\"></span>al pro<span class=\"_ _1\"></span>cesso di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cb5\">Pianificazione <span class=\"_ _38\"></span>Strat<span class=\"_ _1\"></span>egica/Operativa <span class=\"_ _1\"></span>(Bud<span class=\"_ _1\"></span>get) <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>tiene <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>o <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>valutazione <span class=\"_ _0\"></span>interna <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cb6\">della solvibilit\u00e0. Tali elementi <span class=\"_ _1\"></span>non sono infatti disgiunti, ma si influenzano a vicenda con l\u2019obiettivo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cb7\">di <span class=\"_ _3b\"></span>ot<span class=\"_ _1\"></span>tenere <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>massimizzazione <span class=\"_ _3b\"></span>del profilo <span class=\"_ _3b\"></span>rischio \u2013 <span class=\"_ _3b\"></span>rendimento d<span class=\"_ _2\"></span>ella <span class=\"_ _3b\"></span>Compagnia. La <span class=\"_ _3b\"></span>definizione del<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cb8\">RAF tiene conto dei seguenti aspett<span class=\"_ _1\"></span>i:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1cb9\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">la <span class=\"_ _1\"></span>strategia <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>Compagnia, <span class=\"_ _1\"></span>ivi <span class=\"_ _1\"></span>inclusi <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>obiettivi <span class=\"_ _1\"></span>organizzativi, <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>piano <span class=\"_ _1\"></span>strate<span class=\"_ _1\"></span>gico, <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>vincoli<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cba\">finanziari, nonch\u00e9 normativi e le aspettative degli stakeholders;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1cbb\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">gli aspetti chiave del business della Compagnia;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1cbc\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">la volont\u00e0 e la capacit\u00e0 di assumere r<span class=\"_ _1\"></span>ischi;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1cbd\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">le  competenze,  le  risorse  e  la  tecnologia <span class=\"_ _3d\"> </span>a  disposizione  della  Compagnia  per  gestire  e<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cbe\">monitorare le esposizioni al rischio.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cbf\">La <span class=\"_ _3b\"></span>pro<span class=\"_ _1\"></span>pensione al <span class=\"_ _184\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _3b\"></span>della Compagnia <span class=\"_ _3b\"></span>congiuntamente<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>alla v<span class=\"_ _2\"></span>alutazione <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>istema d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>gove<span class=\"_ _1\"></span>rno<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cc0\">societario adottato nonch\u00e9 alla <span class=\"_ _3b\"></span>mappatura e identificazione dei fattori di<span class=\"_ _2\"></span> rischio e ad un<span class=\"_ _2\"></span>a generale<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cc1\">applicazione <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>principio <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span>sona <span class=\"_ _0\"></span>prudente, <span class=\"_ _38\"></span>rappresentano <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>principali <span class=\"_ _38\"></span>elem<span class=\"_ _1\"></span>enti <span class=\"_ _38\"></span>cos<span class=\"_ _1\"></span>titutivi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cc2\">alla bas<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>determinazione <span class=\"_ _1\"></span>del m<span class=\"_ _1\"></span>odello or<span class=\"_ _1\"></span>ganizzativo di <span class=\"_ _1\"></span>gestione <span class=\"_ _38\"></span>dei rischi <span class=\"_ _1\"></span>(specifico <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>ogni<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cc3\">classe di rischio).<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cc4\">Nella <span class=\"_ _1\"></span>definizione <span class=\"_ _38\"></span>delle <span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>prie s<span class=\"_ _1\"></span>trategie <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>busines<span class=\"_ _1\"></span>s, <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>Compagnia valuta, <span class=\"_ _38\"></span>su <span class=\"_ _1\"></span>base<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>continuativa, <span class=\"_ _1\"></span>il<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cc5\">rispetto, <span class=\"_ _38\"></span>nei <span class=\"_ _38\"></span>diversi <span class=\"_ _38\"></span>anni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>sviluppo <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>piano, <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>livelli <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>target <span class=\"_ _38\"></span>definiti <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>Risk <span class=\"_ _38\"></span>Appetite<span class=\"_ _3a1\"> </span> </div>Framework <span class=\"_ _38\"></span>(c.d. <span class=\"_ _1\"></span>RAF), <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>fine <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>garantire <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>coerenza <span class=\"_ _38\"></span>tra <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>obiettivi <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>medio-lungo <span class=\"_ _38\"></span>periodo <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>la<span class=\"_ _3a1\"> </span> capacit\u00e0 e la <span class=\"_ _1\"></span>volont\u00e0 di assumere rischi della Compagnia stessa.<span class=\"_ _3a1\"> </span> Si declinano, di seguito, i concetti r<span class=\"_ _1\"></span>ilevanti ai fini della definizione del RAF:<span class=\"_ _3a1\"> </span> -<span class=\"_ _1a9\"> </span><span class=\"ff4\">il <span class=\"_ _35\"> </span>Risk <span class=\"_ _0\"></span>P<span class=\"_ _1\"></span>rofile <span class=\"_ _35\"> </span>rappresenta <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _35\"> </span>effettivo <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>Compagni<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>valu<span class=\"_ _2\"></span>tato <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>determinato<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>istante temporale;<span class=\"_ _3a1\"> </span> -<span class=\"_ _1a9\"> </span><span class=\"ff4\">il <span class=\"_ _3b\"></span>Risk Appetite rapp<span class=\"_ _2\"></span>resenta l<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>vera <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>propria p<span class=\"_ _2\"></span>ropensione al<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>rischio <span class=\"_ _3b\"></span>da parte <span class=\"_ _3b\"></span>della Compagnia<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>e <span class=\"_ _1\"></span>costituisce, <span class=\"_ _1\"></span>quindi, <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>livello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ssa <span class=\"_ _1\"></span>intende <span class=\"_ _1\"></span>assumere <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>perseguiment<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>dei<span class=\"_ _3a1\"> </span> suoi obiettivi strategici;<span class=\"_ _3a1\"> </span> -<span class=\"_ _1a9\"> </span><span class=\"ff4\">la  Risk  Tolerance  indiv<span class=\"_ _2\"></span>idua  la  soglia  massima  d<span class=\"_ _2\"></span>i  tolleranza  d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>l  rischio,  fissata  al<span class=\"_ _3b\"></span>  fine  di<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>assicurare <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>Compagnia <span class=\"_ _1\"></span>margini <span class=\"_ _38\"></span>sufficienti <span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>operare <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ia <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>fase <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>normale <span class=\"_ _1\"></span>corso<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>degli<span class=\"_ _3a1\"> </span> affari sia in condizioni di mercato particolar<span class=\"_ _1\"></span>mente stressate;<span class=\"_ _3a1\"> </span> -<span class=\"_ _1a9\"> </span><span class=\"ff4\">la  Risk  Capacity,  invece, <span class=\"_ _3d\"> </span>rappresenta  il  massimo  ris<span class=\"_ _1\"></span>chio  assumibile  dalla  Compagnia;  \u00e8<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>costituito <span class=\"_ _0\"></span>quindi <span class=\"_ _0\"></span>dal <span class=\"_ _35\"> </span>liv<span class=\"_ _2\"></span>ello <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>rischio <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>essa <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>grado <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>assumere <span class=\"_ _0\"> </span>a <span class=\"_ _35\"> </span>suo <span class=\"_ _0\"></span>carico <span class=\"_ _0\"></span>senza<span class=\"_ _3a1\"> </span> violare i requisiti regolamentari o gli altri vincoli imposti dall\u2019autorit\u00e0 <span class=\"_ _1\"></span>di vigilanza.<span class=\"_ _3a1\"> </span> -<span class=\"_ _1a9\"> </span><span class=\"ff4\">Risk Preferences, <span class=\"_ _3b\"></span>ra<span class=\"_ _1\"></span>ppresentano <span class=\"_ _3b\"></span>le preferenze <span class=\"_ _3b\"></span>in materia <span class=\"_ _2\"></span>di s<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>lezione d<span class=\"_ _2\"></span>ei rischi,<span class=\"_ _2\"></span> sintetizzano<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"><span class=\"_ _2\"></span> </span>il collegamento tra Risk Appetite e <span class=\"_ _1\"></span>Strategia, caratterizzano gli elementi qualitativi del RAF.<span class=\"_ _3a1\"> </span> Nella <span class=\"_ _1\"></span>definizione <span class=\"_ _38\"></span>delle <span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>prie s<span class=\"_ _1\"></span>trategie <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>busines<span class=\"_ _1\"></span>s, <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>Compagnia valuta, <span class=\"_ _38\"></span>su <span class=\"_ _1\"></span>base<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>continuativa, <span class=\"_ _1\"></span>il<span class=\"_ _3a1\"> </span> rispetto, <span class=\"_ _38\"></span>nei <span class=\"_ _38\"></span>diversi <span class=\"_ _38\"></span>anni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>sviluppo <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>piano, <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>livelli <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>target <span class=\"_ _38\"></span>definiti <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>Risk <span class=\"_ _38\"></span>Appetite<span class=\"_ _3a1\"> </span> Framework, <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fine <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>garantire <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>coerenza <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>obiettivi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>medio-lungo <span class=\"_ _1\"></span>periodo <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>capacit\u00e0 <span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span> la volont\u00e0 <span class=\"_ _1\"></span>di ass<span class=\"_ _1\"></span>umere r<span class=\"_ _1\"></span>ischi. In <span class=\"_ _1\"></span>particolare <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>piano str<span class=\"_ _1\"></span>ategico, partendo <span class=\"_ _1\"></span>dal profilo <span class=\"_ _1\"></span>di r<span class=\"_ _1\"></span>ischio dell<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span> Compagnia al momento della redaz<span class=\"_ _2\"></span>ione del piano stesso, tiene conto del rischio <span class=\"_ _2\"></span>assumibile senza<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> violare <span class=\"_ _1\"></span>i requisiti <span class=\"_ _1\"></span>regolament<span class=\"_ _1\"></span>ari o <span class=\"_ _1\"></span>altri <span class=\"_ _1\"></span>vincoli <span class=\"_ _1\"></span>imposti <span class=\"_ _1\"></span>dall\u2019Autorit\u00e0 <span class=\"_ _1\"></span>di Vigilanza, <span class=\"_ _1\"></span>l\u2019appetito <span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>ischio<span class=\"_ _3a1\"> </span> (ovvero <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>livello <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>sa <span class=\"_ _0\"></span>inte<span class=\"_ _1\"></span>nde <span class=\"_ _35\"> </span>a<span class=\"_ _2\"></span>ssumere <span class=\"_ _35\"> </span>per <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>perseguimento <span class=\"_ _0\"></span>dei <span class=\"_ _35\"> </span>suoi <span class=\"_ _35\"> </span>obiettivi<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> strategici) e<span class=\"_ _1\"></span> la <span class=\"_ _1\"></span>tolleranza al <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>(ovvero <span class=\"_ _1\"></span>la so<span class=\"_ _1\"></span>glia massima <span class=\"_ _1\"></span>di scosta<span class=\"_ _1\"></span>mento rispetto <span class=\"_ _1\"></span>all\u2019appetito<span class=\"_ _3a1\"> </span> al rischio) fissate  dal Consiglio di Amministrazione.<span class=\"_ _3a1\"> </span> La <span class=\"_ _38\"></span>Compagnia <span class=\"_ _38\"></span>ha <span class=\"_ _0\"></span>inoltre <span class=\"_ _38\"></span>definito <span class=\"_ _38\"></span>una <span class=\"_ _0\"></span>Politica <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Gestione <span class=\"_ _0\"></span>del <span class=\"_ _1\"></span>Capitale <span class=\"_ _0\"></span>e <span class=\"_ _1\"></span>un <span class=\"_ _0\"></span>Piano <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Gestione <span class=\"_ _38\"></span>del<span class=\"_ _3a1\"> </span> Capitale <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>cui <span class=\"_ _1\"></span>scopo <span class=\"_ _1\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>quello <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>adot<span class=\"_ _1\"></span>tare <span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>cedure <span class=\"_ _1\"></span>atte <span class=\"_ _1\"></span>ad <span class=\"_ _38\"></span>accertare <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>salvaguardia <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>requisiti<span class=\"_ _3a1\"> </span> regolamentari  e  dei<span class=\"_ _3b\"></span>  livelli  obiettivo  d<span class=\"_ _2\"></span>i  Risk <span class=\"_ _35\"> </span>Appetite  nonch\u00e9  d<span class=\"_ _2\"></span>i  garantire  ch<span class=\"_ _2\"></span>e,  sia <span class=\"_ _35\"> </span>al  momento<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> dell\u2019emissione che<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>uccessivamente, g<span class=\"_ _2\"></span>li <span class=\"_ _3b\"></span>elementi dei <span class=\"_ _3b\"></span>Fondi <span class=\"_ _3b\"></span>Propri a <span class=\"_ _3b\"></span>cui <span class=\"_ _3b\"></span>l\u2019impresa intende <span class=\"_ _3b\"></span>attingere<span class=\"_ _3a1\"> </span> al fine di realizzare gli obiettivi di business stabiliti in se<span class=\"_ _1\"></span>de di pianificazione strategica, soddisfino i<span class=\"_ _3a1\"> </span> requisiti <span class=\"_ _35\"> </span>regolamentari <span class=\"_ _0\"></span>definiti <span class=\"_ _0\"></span>da <span class=\"_ _35\"> </span>EIOPA <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>siano <span class=\"_ _0\"></span>correttamente <span class=\"_ _35\"> </span>classificati. <span class=\"_ _0\"></span> <span class=\"_ _35\"> </span>Tale<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>Piano <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>s<span class=\"_ _2\"></span>tato<span class=\"_ _3a1\"> </span> redatto <span class=\"_ _3f\"> </span>coerentemente <span class=\"_ _3f\"> </span>con <span class=\"_ _3f\"> </span>le <span class=\"_ _3f\"> </span>risultanze <span class=\"_ _39\"> </span>de<span class=\"_ _1\"></span>lla <span class=\"_ _3f\"> </span>valutazione <span class=\"_ _3f\"> </span>prospettica <span class=\"_ _3f\"> </span>dei <span class=\"_ _39\"> </span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _3f\"> </span>secondo<span class=\"_ _3a1\"> </span> l\u2019approccio Solvency <span class=\"_ _1\"></span>II <span class=\"_ _1\"></span>(ORSA), <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>obiettivi <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>metodologie s<span class=\"_ _1\"></span>tabilite <span class=\"_ _1\"></span>nella <span class=\"_ _1\"></span>Politica di <span class=\"_ _1\"></span>Gest<span class=\"_ _1\"></span>ion<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span> del <span class=\"_ _35\"> </span>Capitale <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>con <span class=\"_ _0\"> </span>i <span class=\"_ _35\"> </span>re<span class=\"_ _1\"></span>quisiti <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>solvib<span class=\"_ _2\"></span>ilit\u00e0 <span class=\"_ _35\"> </span>stabiliti <span class=\"_ _35\"> </span>dal <span class=\"_ _35\"> </span>Regolatore, <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>fine <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>garantir<span class=\"_ _1\"></span>e <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>solidit\u00e0<span class=\"_ _3a1\"> </span> patrimoniale della Compagnia nell\u2019esercizio della propria <span class=\"_ _1\"></span>attivit\u00e0 e nei suoi possibili sviluppi futuri.<span class=\"_ _3a1\"> </span> Indicatori <span class=\"_ _1\"></span>di Rischio<span class=\"_ _3a1\"> </span><span class=\"fc1 sc2\"> </span>In <span class=\"_ _3a\"> </span>coerenza <span class=\"_ _3a\"> </span>con <span class=\"_ _3f\"> </span>quanto <span class=\"_ _3a\"> </span>disciplinato <span class=\"_ _3a\"> </span>nel <span class=\"_ _3a\"> </span>Regolamento <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>Risk <span class=\"_ _3f\"> </span>Appetit<span class=\"_ _1\"></span>e <span class=\"_ _3a\"> </span>Framework <span class=\"_ _3a\"> </span>della<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> Compagnia, <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>gestione <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>ottica <span class=\"_ _35\"> </span>attuale <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>prospettica <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>Compagnia <span class=\"_ _0\"></span>si <span class=\"_ _35\"> </span>basa <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>ulla<span class=\"_ _3a1\"> </span> definizione di indicatori per ogni categor<span class=\"_ _1\"></span>ia di rischio.<span class=\"_ _3a1\"> </span> Gli indicatori sono ulteriormente suddivisi in:<span class=\"_ _3a1\"> </span> -<span class=\"_ _3a1\"> </span>indicatori <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>I\u00b0 <span class=\"_ _3d\"> </span>livello<span class=\"_ _3a1\"> </span>: <span class=\"_ _3d\"> </span>sono <span class=\"_ _3d\"> </span>indicatori <span class=\"_ _37\"> </span>finalizzati  principalmente <span class=\"_ _37\"> </span>al  r<span class=\"_ _1\"></span>ispetto <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>vincoli <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span> solvibilit\u00e0.  Sono <span class=\"_ _3d\"> </span>indicatori <span class=\"_ _3d\"> </span>di  p<span class=\"_ _1\"></span>ossibili  impatt<span class=\"_ _1\"></span>i  ne<span class=\"_ _1\"></span>gativi  e <span class=\"_ _3d\"> </span>for<span class=\"_ _1\"></span>niscono  avvertimenti <span class=\"_ _3d\"> </span>atti <span class=\"_ _3d\"> </span>ad<span class=\"_ _3a1\"> </span> identificare <span class=\"_ _0\"></span>potenziali <span class=\"_ _0\"></span>eventi <span class=\"_ _0\"></span>dannosi <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>minacciano <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>raggiungimento <span class=\"_ _0\"></span>degli <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>biettivi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>la<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> continuit\u00e0 <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>Business.  Tali<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>indicatori <span class=\"_ _35\"> </span>sono  int<span class=\"_ _2\"></span>egrati <span class=\"_ _35\"> </span>all\u2019interno <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>Regolamento  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>Risk<span class=\"_ _3a1\"> </span> Appetite <span class=\"_ _0\"></span>Framework <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>ad <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ssi <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>iene <span class=\"_ _0\"></span>associato <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>Risk <span class=\"_ _0\"></span>Appetite, <span class=\"_ _38\"></span>una <span class=\"_ _0\"></span>Risk <span class=\"_ _38\"></span>Tolerance <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>una<span class=\"_ _3a1\"> </span> Risk Capacity e il relativo sistema di Risk Appetite St<span class=\"_ _1\"></span>atement;<span class=\"_ _3a1\"> </span> -<span class=\"_ _3a1\"> </span>indicatori <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>early <span class=\"_ _0\"></span>warning<span class=\"_ _3a1\"> </span>: <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>fine <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>ffettuare <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>monitoraggio <span class=\"_ _0\"></span>preventivo <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>nel <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>inuo<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> sugli <span class=\"_ _38\"></span>indicatori <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>so<span class=\"_ _1\"></span>lvibilit\u00e0 <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _38\"></span>stati <span class=\"_ _38\"></span>inoltre <span class=\"_ _38\"></span>definiti <span class=\"_ _38\"></span>degli <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>dicatori <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>early <span class=\"_ _38\"></span>warnig <span class=\"_ _0\"></span>vol<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>ad<span class=\"_ _3a1\"> </span> intercettare fenomeni e/o eventi di potenziale elevata <span class=\"_ _1\"></span>criticit\u00e0 e o attenzione;<span class=\"_ _3a1\"> </span> -<span class=\"_ _3a1\"> </span>indicatori <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>II\u00b0 <span class=\"_ _38\"></span>livello<span class=\"_ _3a1\"> </span>: <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>indicato<span class=\"_ _1\"></span>ri <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ipo <span class=\"_ _38\"></span>operativo/gestionali <span class=\"_ _38\"></span>funzionali <span class=\"_ _1\"></span>ad <span class=\"_ _0\"></span>irrobustire <span class=\"_ _38\"></span>le<span class=\"_ _3a1\"> </span> attivit\u00e0 <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>monitoraggio <span class=\"_ _39\"> </span>dei <span class=\"_ _39\"> </span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _36\"> </span>e<span class=\"_ _1\"></span>d <span class=\"_ _39\"> </span>eventualmente <span class=\"_ _39\"> </span>fornire <span class=\"_ _39\"> </span>segnali <span class=\"_ _39\"> </span>preventivi <span class=\"_ _39\"> </span>ad <span class=\"_ _39\"> </span>un<span class=\"_ _3a1\"> </span> potenziale deterioramento delle <span class=\"_ _3b\"></span>metr<span class=\"_ _1\"></span>iche di I<span class=\"_ _2\"></span>\u00b0 Livello. <span class=\"_ _2\"></span>Tali ind<span class=\"_ _2\"></span>icatori sono integrati<span class=\"_ _2\"></span> all\u2019interno<span class=\"_ _3a1\"> </span> del Regolamento di Risk Appetite Framework della Compagnia.<span class=\"_ _3a1\"> </span> Nell\u2019ambito <span class=\"_ _3b\"></span>gene<span class=\"_ _1\"></span>rale <span class=\"_ _3b\"></span>del <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>istema <span class=\"_ _184\"></span>di <span class=\"_ _2\"></span>gestione d<span class=\"_ _2\"></span>ei <span class=\"_ _3b\"></span>rischi <span class=\"_ _3b\"></span>la <span class=\"_ _2\"></span>Compagnia <span class=\"_ _3b\"></span>definisce <span class=\"_ _3b\"></span>inoltr<span class=\"_ _1\"></span>e <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>pecifici <span class=\"_ _3b\"></span>limiti<span class=\"_ _3a1\"> </span> operativi c<span class=\"_ _2\"></span>he <span class=\"_ _3b\"></span>declinano gli<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>obiettivi <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _3b\"></span>(ad es. <span class=\"_ _3b\"></span>limiti <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>termini <span class=\"_ _3b\"></span>di esposiz<span class=\"_ _2\"></span>ione, <span class=\"_ _2\"></span>concentrazione,<span class=\"_ _3a1\"> </span> <div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cc7\">etc.) <span class=\"_ _0\"></span>coerenti <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>l\u2019appetito <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>Compagnia. <span class=\"_ _0\"></span>Il <span class=\"_ _0\"></span>principale <span class=\"_ _0\"></span>indicatore <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>I\u00b0 <span class=\"_ _0\"></span>Livello <span class=\"_ _0\"></span>della<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cc8\">Compag<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cc9\">nia <span class=\"_ _36\"> </span>\u00e8 <span class=\"_ _39\"> </span>il <span class=\"_ _36\"> </span>Solvency <span class=\"_ _39\"> </span>II <span class=\"_ _36\"> </span>Ratio <span class=\"_ _39\"> </span>ovvero <span class=\"_ _36\"> </span>il <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>apporto <span class=\"_ _36\"> </span>tra <span class=\"_ _39\"> </span>Eligible <span class=\"_ _36\"> </span>Capital <span class=\"_ _36\"> </span>e <span class=\"_ _39\"> </span>Solvency <span class=\"_ _39\"> </span>Capital<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cca\">Requirement. <span class=\"_ _3d\"> </span>La <span class=\"_ _3d\"> </span>Co<span class=\"_ _1\"></span>mpagnia  s<span class=\"_ _1\"></span>i  pre<span class=\"_ _1\"></span>figge <span class=\"_ _3d\"> </span>l\u2019obiettivo <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>avere <span class=\"_ _37\"> </span>un <span class=\"_ _3d\"> </span>livello <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>Capitale <span class=\"_ _3d\"> </span>Economico<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ccb\">adeguato <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>linea <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>obiettivi <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>trategici, <span class=\"_ _1\"></span>superior<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>ad <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>prefissato <span class=\"_ _38\"></span>livello <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>Solvency <span class=\"_ _38\"></span>Ratio<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ccc\">come di seguito riportato:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1ccd\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Risk Appetite: 230%;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1cce\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Risk Tolerance: 180%;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1ccf\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Risk Capacity: 130%.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cd0\">Nell\u2019ambito  della <span class=\"_ _35\"> </span>definizione  del <span class=\"_ _35\"> </span>RAF  risulta  nece<span class=\"_ _2\"></span>ssario  fissare <span class=\"_ _35\"> </span>il  liv<span class=\"_ _2\"></span>ello  di <span class=\"_ _35\"> </span>rischio  che,  se <span class=\"_ _35\"> </span>non<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cd1\">rispettato <span class=\"_ _1\"></span>dal Risk Profile della <span class=\"_ _1\"></span>Compagnia, necessita di <span class=\"_ _1\"></span>interventi correttivi. Le s<span class=\"_ _1\"></span>oglie individuano<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cd2\">dunque <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>binari <span class=\"_ _3d\"> </span>all<span class=\"_ _1\"></span>\u2019interno <span class=\"_ _37\"> </span>dei <span class=\"_ _3d\"> </span>quali <span class=\"_ _37\"> </span>la <span class=\"_ _3d\"> </span>Compagnia <span class=\"_ _37\"> </span>pu\u00f2 <span class=\"_ _37\"> </span>condurre <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>sua <span class=\"_ _3d\"> </span>azione<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>finalizzata <span class=\"_ _37\"> </span>al<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cd3\">raggiungimento <span class=\"_ _38\"></span>degli <span class=\"_ _1\"></span>obiet<span class=\"_ _1\"></span>tivi <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>business. <span class=\"_ _38\"></span>La <span class=\"_ _38\"></span>violazione <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>queste <span class=\"_ _38\"></span>soglie <span class=\"_ _38\"></span>richieda <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>processo <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cd4\">escalation <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>parte della <span class=\"_ _1\"></span>Compagnia <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>definizione <span class=\"_ _1\"></span>di specifici <span class=\"_ _1\"></span>piani di <span class=\"_ _1\"></span>inter<span class=\"_ _1\"></span>vento <span class=\"_ _1\"></span>per fare <span class=\"_ _1\"></span>fronte<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cd5\">alla situazione.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1cd6\">Monitoraggio e<span class=\"_ _1\"></span> Reporting<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cd7\">Il modello organizzativo di gestione<span class=\"_ _1\"></span> del rischio di Cre<span class=\"_ _1\"></span>dem</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cd8\">assicurazioni coinv<span class=\"_ _2\"></span>olge t<span class=\"_ _1\"></span>utte le strutture<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cd9\">aziendali, <span class=\"_ _3d\"> </span>dalle <span class=\"_ _37\"> </span>funzioni <span class=\"_ _3d\"> </span>operative <span class=\"_ _37\"> </span>(coinvolte <span class=\"_ _37\"> </span>nella <span class=\"_ _3d\"> </span>gestione <span class=\"_ _37\"> </span>dei <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _3d\"> </span>sui <span class=\"_ _3d\"> </span>pro<span class=\"_ _1\"></span>cessi <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>propria<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cda\">competenza)  ivi  incluse  le  Fu<span class=\"_ _2\"></span>nzioni  di  Fondamentali,  il  C<span class=\"_ _2\"></span>onsigliere  Incaricato  e  il  Consiglio <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cdb\">Amministrazione.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cdc\">In <span class=\"_ _0\"></span>tale <span class=\"_ _35\"> </span>contesto, <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>funzione <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>Risk <span class=\"_ _0\"></span>Management <span class=\"_ _0\"></span>funge <span class=\"_ _35\"> </span>inoltre <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>coordinatore <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cdd\">monitoraggio <span class=\"_ _3f\"> </span>dei <span class=\"_ _3f\"> </span>ris<span class=\"_ _1\"></span>chi. <span class=\"_ _3f\"> </span>Pi\u00f9 <span class=\"_ _3f\"> </span>in <span class=\"_ _3f\"> </span>particolare, <span class=\"_ _3f\"> </span>concorre <span class=\"_ _3f\"> </span>alla <span class=\"_ _3a\"> </span>defini<span class=\"_ _2\"></span>zione <span class=\"_ _3f\"> </span>delle <span class=\"_ _3a\"> </span>metodologie <span class=\"_ _3f\"> </span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cde\">misurazione <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>limiti <span class=\"_ _0\"></span>(sia <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>RAF <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>operative), <span class=\"_ _38\"></span>definendo <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>ppropriate <span class=\"_ _38\"></span>pr<span class=\"_ _1\"></span>ocedure <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cdf\">verifica,  ed <span class=\"_ _35\"> </span>ha  il <span class=\"_ _35\"> </span>compito  di <span class=\"_ _35\"> </span>validare  i <span class=\"_ _35\"> </span>flussi  informativi <span class=\"_ _35\"> </span>dell\u2019attivit\u00e0  di<span class=\"_ _2\"></span>  monitoraggio <span class=\"_ _35\"> </span>dei  rischi,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ce0\">predisporre la re<span class=\"_ _1\"></span>portistica per i vertici aziendali e ver<span class=\"_ _1\"></span>ificare la coer<span class=\"_ _1\"></span>enza dei modelli di misurazione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ce1\">dei rischi con l\u2019operativit\u00e0 svolta dall\u2019impresa.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ce2\">I rischi <span class=\"_ _1\"></span>sono monitorati <span class=\"_ _1\"></span>in maniera continuativa dalla <span class=\"_ _1\"></span>funzione di Risk <span class=\"_ _1\"></span>Management e <span class=\"_ _1\"></span>dalle s<span class=\"_ _1\"></span>ingole<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ce3\">funzioni co<span class=\"_ _1\"></span>mpetenti; <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fine \u00e8<span class=\"_ _1\"></span> st<span class=\"_ _1\"></span>ato <span class=\"_ _1\"></span>sviluppato e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>affinato <span class=\"_ _1\"></span>progressivamente <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>repor<span class=\"_ _1\"></span>ting <span class=\"_ _1\"></span>relativo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ce4\">all\u2019evoluzione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>rischi <span class=\"_ _1\"></span>nei <span class=\"_ _1\"></span>confr<span class=\"_ _1\"></span>onti <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Consiglio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Amministrazione, <span class=\"_ _1\"></span> <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Co<span class=\"_ _1\"></span>nsigliere <span class=\"_ _1\"></span>Incaricato<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ce5\">per <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>Contro<span class=\"_ _1\"></span>lli <span class=\"_ _1\"></span>Interni <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>Rischi, <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>CRO, <span class=\"_ _1\"></span>dell\u2019Alta <span class=\"_ _1\"></span>Direzione <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>lle <span class=\"_ _1\"></span>strutture <span class=\"_ _1\"></span>operative <span class=\"_ _1\"></span>compete<span class=\"_ _1\"></span>nti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ce6\">al <span class=\"_ _38\"></span>fine <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>migliorare <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>comunicaz<span class=\"_ _2\"></span>ione <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>risultati <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>cons<span class=\"_ _2\"></span>entire <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>maggior <span class=\"_ _0\"></span>comprensione <span class=\"_ _38\"></span>delle<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ce7\">tematiche connesse alla valutazione dei r<span class=\"_ _1\"></span>ischi.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ce8\">Il modello di gestione dei rischi adottato <span class=\"_ _1\"></span>da Credemassicurazioni \u00e8 caratterizzato da:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1ce9\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">una <span class=\"_ _1\"></span>fase <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>aggiorname<span class=\"_ _1\"></span>nto <span class=\"_ _1\"></span>degli <span class=\"_ _1\"></span>indicatori <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _38\"></span>e/o <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>limiti <span class=\"_ _1\"></span>(sia <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>RAF <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>oper<span class=\"_ _1\"></span>ative)<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cea\">per <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>governo <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>seconda <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>esigenze <span class=\"_ _38\"></span>organizzative<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>e/o <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>seguito <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>var<span class=\"_ _1\"></span>iazioni<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ceb\">del <span class=\"_ _3b\"></span>contes<span class=\"_ _1\"></span>to <span class=\"_ _3b\"></span>interno <span class=\"_ _2\"></span>o <span class=\"_ _3b\"></span>esterno, o <span class=\"_ _184\"></span>qualora non <span class=\"_ _3b\"></span>siano <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _3b\"></span>in l<span class=\"_ _2\"></span>inea <span class=\"_ _3b\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>pro<span class=\"_ _1\"></span>filo <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _3b\"></span>richiesto<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cec\">dall\u2019Organo Amministrativo;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1ced\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">una conseguente <span class=\"_ _3b\"></span>attivit\u00e0 di <span class=\"_ _3b\"></span>monitoraggio degli <span class=\"_ _3b\"></span>indicatori e <span class=\"_ _3b\"></span>dei limiti <span class=\"_ _3b\"></span>operat<span class=\"_ _1\"></span>ivi <span class=\"_ _2\"></span>e d<span class=\"_ _2\"></span>i g<span class=\"_ _2\"></span>overno <span class=\"_ _2\"></span>del<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cee\">rischio.  Le <span class=\"_ _35\"> </span>att<span class=\"_ _1\"></span>ivit\u00e0  di <span class=\"_ _35\"> </span>monitoraggio  si <span class=\"_ _35\"> </span>sost<span class=\"_ _1\"></span>anziano  in <span class=\"_ _35\"> </span>specifici  presidi <span class=\"_ _35\"> </span>or<span class=\"_ _1\"></span>ganizzativi <span class=\"_ _35\"> </span>att<span class=\"_ _1\"></span>i  a<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cef\">garantire <span class=\"_ _1\"></span>il r<span class=\"_ _1\"></span>ispetto de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>limiti stessi, <span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>attivare t<span class=\"_ _1\"></span>empestivi <span class=\"_ _1\"></span>processi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>segnalazione <span class=\"_ _1\"></span>a fr<span class=\"_ _1\"></span>onte<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cf0\">di <span class=\"_ _0\"></span>eventuali <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ilevazioni <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>superamento <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>definire <span class=\"_ _0\"></span>specific<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>piani <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>rientro <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>seguito <span class=\"_ _0\"></span>delle<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cf1\">segnalazioni stesse.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cf2\">Nell\u2019ambito <span class=\"_ _39\"> </span>del <span class=\"_ _36\"> </span>sistema <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>gestione <span class=\"_ _39\"> </span>dei <span class=\"_ _39\"> </span>rischi <span class=\"_ _36\"> </span>e <span class=\"_ _39\"> </span>coerentemente <span class=\"_ _36\"> </span>con <span class=\"_ _39\"> </span>quanto <span class=\"_ _39\"> </span>previsto <span class=\"_ _36\"> </span>dalla<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cf3\">Normativa,  il <span class=\"_ _35\"> </span>Consiglio  di <span class=\"_ _35\"> </span>Amministrazione<span class=\"_ _1\"></span>  ha<span class=\"_ _2\"></span>  formalizzato <span class=\"_ _35\"> </span>un  set <span class=\"_ _35\"> </span>di  politiche,  R<span class=\"_ _2\"></span>egolamenti <span class=\"_ _35\"> </span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cf4\">allegati, <span class=\"_ _49\"> </span>che, <span class=\"_ _49\"> </span>re<span class=\"_ _1\"></span>lativamente <span class=\"_ _43\"> </span>ad <span class=\"_ _49\"> </span>o<span class=\"_ _1\"></span>gnuno <span class=\"_ _49\"> </span>degli <span class=\"_ _49\"> </span>ambiti <span class=\"_ _49\"> </span>di <span class=\"_ _49\"> </span>ris<span class=\"_ _1\"></span>chiosit\u00e0 <span class=\"_ _49\"> </span>che <span class=\"_ _49\"> </span>insistono <span class=\"_ _49\"> </span>su<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cf5\">Credemassicurazioni, <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>ttagliano <span class=\"_ _2\"></span>gli <span class=\"_ _3b\"></span>obiet<span class=\"_ _1\"></span>tivi, <span class=\"_ _3b\"></span>i compiti, <span class=\"_ _3b\"></span>le responsabilit\u00e0, <span class=\"_ _3b\"></span>il processo <span class=\"_ _2\"></span>e d<span class=\"_ _2\"></span>efiniscono<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cf6\">gli <span class=\"_ _38\"></span>strumenti <span class=\"_ _0\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>procedu<span class=\"_ _2\"></span>re, <span class=\"_ _0\"></span>an<span class=\"_ _3b\"></span>che <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>eporting, <span class=\"_ _38\"></span>necessarie <span class=\"_ _0\"></span>ad <span class=\"_ _1\"></span>individuare <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>conseguentement<span class=\"_ _3b\"></span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cf7\">gestire ogni <span class=\"_ _1\"></span>ambito di r<span class=\"_ _1\"></span>ischio. Tali documenti, <span class=\"_ _1\"></span>inoltre, <span class=\"_ _1\"></span>hanno l\u2019obiettivo <span class=\"_ _1\"></span>pi\u00f9 genera<span class=\"_ _1\"></span>le di contribuire<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cf8\">alla diffusione della cultura del controllo e di gestione dei rischi all\u2019interno <span class=\"_ _1\"></span>della societ\u00e0.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cf9\">Il <span class=\"_ _0\"></span>rispetto <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>l\u2019appl<span class=\"_ _2\"></span>icazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>docu<span class=\"_ _2\"></span>menti <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>garantiti <span class=\"_ _38\"></span>dalla <span class=\"_ _0\"></span>presenza <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Sistema <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>Controlli<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cfa\">Interni <span class=\"_ _3f\"> </span>costituito <span class=\"_ _3f\"> </span>da <span class=\"_ _3f\"> </span>un <span class=\"_ _3f\"> </span>insieme <span class=\"_ _3a\"> </span>di <span class=\"_ _3f\"> </span>regole, <span class=\"_ _3f\"> </span>procedure <span class=\"_ _3f\"> </span>e <span class=\"_ _3f\"> </span>tecniche <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>controllo <span class=\"_ _3f\"> </span>e <span class=\"_ _3f\"> </span>strutture<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cfb\">organizzative volto ad assicurare il corretto funzionamento<span class=\"_ _1\"></span> ed il buon andamento dell\u2019impresa.  </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1cfc\">Analisi dei risch<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cfd\">La Compagnia <span class=\"_ _2\"></span>ha definito ai s<span class=\"_ _2\"></span>ensi della Regolamentazione d<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cfe\">i settore, un <span class=\"_ _3b\"></span>pr<span class=\"_ _1\"></span>ocesso di <span class=\"_ _2\"></span>valutazione <span class=\"_ _3b\"></span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1cff\">analisi dei <span class=\"_ _1\"></span>rischi che <span class=\"_ _1\"></span>include <span class=\"_ _1\"></span>sia una <span class=\"_ _1\"></span>valutazione <span class=\"_ _1\"></span>qualitativa sia, <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>quelli quantificabili, <span class=\"_ _1\"></span>l\u2019adozione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d01\">di <span class=\"_ _38\"></span>me<span class=\"_ _1\"></span>todologie <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>misurazione <span class=\"_ _38\"></span>dell\u2019esposizione <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischio, <span class=\"_ _38\"></span>incluso, <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>sistema <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>determinazion<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d02\">dell\u2019a</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d03\">mmontare<span class=\"_ _1\"></span> della mas<span class=\"_ _1\"></span>sima perdita <span class=\"_ _1\"></span>potenziale sia <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>ottica attuale <span class=\"_ _1\"></span>che prospett<span class=\"_ _1\"></span>ica. Tali analisi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d04\">consento di <span class=\"_ _3b\"></span>effettuare in <span class=\"_ _3b\"></span>maniera continuativa <span class=\"_ _3b\"></span>una profilazione d<span class=\"_ _2\"></span>ei rischi <span class=\"_ _3b\"></span>a cui <span class=\"_ _3b\"></span>l\u2019impresa \u00e8 <span class=\"_ _3b\"></span>espos<span class=\"_ _1\"></span>ta.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d05\">Si <span class=\"_ _1\"></span>specifica <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>Compagnia <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>valutazioni <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>requisito <span class=\"_ _1\"></span>patrimoniale <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>solvibilit\u00e0 <span class=\"_ _1\"></span>secondo <span class=\"_ _1\"></span>il<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d06\">regime <span class=\"_ _0\"></span>no<span class=\"_ _2\"></span>rmativo <span class=\"_ _38\"></span>So<span class=\"_ _1\"></span>lvency <span class=\"_ _38\"></span>II <span class=\"_ _38\"></span>utilizza <span class=\"_ _38\"></span>la<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>For<span class=\"_ _1\"></span>mula <span class=\"_ _38\"></span>Standard <span class=\"_ _38\"></span>conf<span class=\"_ _1\"></span>ormemente <span class=\"_ _0\"></span>a <span class=\"_ _1\"></span>quanto <span class=\"_ _0\"></span>definito <span class=\"_ _38\"></span>nel<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d07\">Regolamento <span class=\"_ _3f\"> </span>delegato <span class=\"_ _39\"> </span>(UE) <span class=\"_ _39\"> </span>2019/981 <span class=\"_ _3f\"> </span>della <span class=\"_ _39\"> </span>Commissione. <span class=\"_ _39\"> </span>Pe<span class=\"_ _1\"></span>rtanto, <span class=\"_ _39\"> </span>le <span class=\"_ _3f\"> </span>valutazioni <span class=\"_ _39\"> </span>attuali <span class=\"_ _39\"> </span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d08\">prospettiche  dei  rischi  t<span class=\"_ _2\"></span>engono  conto  di  tutti <span class=\"_ _35\"> </span>i  rischi,  compresi  nel  fr<span class=\"_ _2\"></span>amework  della  Formula<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d09\">Standard, a cui l\u2019impresa \u00e8 esposta.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d0a\">Al fine di valutare nel continuo la<span class=\"_ _2\"></span> propria situazione di solvibilit\u00e0, la Compagnia provvede inoltre s<span class=\"_ _2\"></span>u<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d0b\">base <span class=\"_ _0\"></span>trimestrale <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>calcolo <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>pr<span class=\"_ _1\"></span>oprio <span class=\"_ _0\"></span>requ<span class=\"_ _2\"></span>isito <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>capitale, <span class=\"_ _0\"></span>alla <span class=\"_ _38\"></span>determ<span class=\"_ _1\"></span>inazione <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>F<span class=\"_ _1\"></span>ondi <span class=\"_ _38\"></span>Propri<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d0c\">Ammissibili <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>elativa <span class=\"_ _38\"></span>qualit\u00e0 <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>composizione, <span class=\"_ _38\"></span>verificando <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>contempo <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ispetto <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>limiti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d0d\">operativi <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>prope<span class=\"_ _1\"></span>nsione al <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischio. <span class=\"_ _1\"></span>Specifiche <span class=\"_ _1\"></span>valutazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ress <span class=\"_ _1\"></span>test <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>sensitivity <span class=\"_ _1\"></span>vengono<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d0e\">effettuate con la stessa <span class=\"_ _1\"></span>frequenza sulle grandezze patrimo<span class=\"_ _1\"></span>niali. Adeguata documentazione viene<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d0f\">rendicontata <span class=\"_ _39\"> </span>al <span class=\"_ _36\"> </span>Consiglio <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>Amm<span class=\"_ _1\"></span>inistrazione <span class=\"_ _36\"> </span>e <span class=\"_ _39\"> </span>trasmessa <span class=\"_ _36\"> </span>all\u2019Organo <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>Vigilanza <span class=\"_ _36\"> </span>tramite <span class=\"_ _36\"> </span>i<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d10\">Quantitative <span class=\"_ _0\"></span>Reporting <span class=\"_ _38\"></span>Template <span class=\"_ _38\"></span>(QRT). <span class=\"_ _0\"></span>Con <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>tessa <span class=\"_ _0\"></span>fr<span class=\"_ _2\"></span>equenza <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>iene <span class=\"_ _0\"></span>verificato <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ispetto <span class=\"_ _38\"></span>degli<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d11\">indicatori di I\u00b0 e di II\u00b0 Livello declinati nel Rego<span class=\"_ _1\"></span>lamento di Risk Appetite Framework.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d12\">Qualora <span class=\"_ _0\"></span>nell\u2019ambito <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>diverse <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>monitoraggio <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>ffettuate <span class=\"_ _0\"></span>dal<span class=\"_ _2\"></span>la <span class=\"_ _0\"></span>Compagn<span class=\"_ _2\"></span>ia <span class=\"_ _0\"></span>dovessero<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d13\">emergere <span class=\"_ _35\"> </span>scostamenti <span class=\"_ _35\"> </span>continuativi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>/o <span class=\"_ _35\"> </span>significativi <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>profilo <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>rispetto <span class=\"_ _35\"> </span>all\u2019Appetito <span class=\"_ _35\"> </span>al<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d14\">Rischio <span class=\"_ _3b\"></span>dell\u2019impre<span class=\"_ _1\"></span>sa, <span class=\"_ _2\"></span>scostamenti sign<span class=\"_ _2\"></span>ificativi <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ispetto alle <span class=\"_ _3b\"></span>principali <span class=\"_ _3b\"></span>ipote<span class=\"_ _1\"></span>si tecniche/finanzi<span class=\"_ _2\"></span>arie/di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d15\">mercato/di <span class=\"_ _35\"> </span>prodotto <span class=\"_ _0\"></span>definite <span class=\"_ _0\"></span>nell\u2019ambito <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>Piano <span class=\"_ _35\"> </span>Strategico <span class=\"_ _0\"></span>(e <span class=\"_ _0\"></span>quindi <span class=\"_ _35\"> </span>nelle <span class=\"_ _0\"></span>valutazioni <span class=\"_ _35\"> </span>ORS<span class=\"_ _2\"></span>A),<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d16\">viene <span class=\"_ _2\"></span>effettuata <span class=\"_ _2\"></span>un\u2019attivit\u00e0 <span class=\"_ _3b\"></span>di Non-R<span class=\"_ _2\"></span>egular <span class=\"_ _2\"></span>ORSA <span class=\"_ _3b\"></span>al fine <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>valutare gli <span class=\"_ _3b\"></span>impatti d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ali <span class=\"_ _3b\"></span>variazioni anch<span class=\"_ _3b\"></span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d17\">in ottica prospettica.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d18\">La Compagnia nel corso dell\u2019Esercizio 2024 ha adempiuto alle seguenti scadenze <span class=\"_ _1\"></span>normative:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1d19\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Predisposizione <span class=\"_ _3f\"> </span>ed <span class=\"_ _39\"> </span>invio <span class=\"_ _3f\"> </span>all\u2019Autorit\u00e0 <span class=\"_ _39\"> </span>di <span class=\"_ _3f\"> </span>Vigilanza, <span class=\"_ _39\"> </span>entro <span class=\"_ _3f\"> </span>i <span class=\"_ _39\"> </span>ter<span class=\"_ _1\"></span>mini <span class=\"_ _39\"> </span>regolame<span class=\"_ _1\"></span>ntari, <span class=\"_ _39\"> </span>delle<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d1a\">reportistiche trimestrali (QRT) richieste dal Pillar III;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1d1b\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Predisposizione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>Regular <span class=\"_ _35\"> </span>Supervisory <span class=\"_ _35\"> </span>Report <span class=\"_ _35\"> </span>- <span class=\"_ _35\"> </span>RSR <span class=\"_ _35\"> </span>(Relazione <span class=\"_ _35\"> </span>periodica <span class=\"_ _35\"> </span>all\u2019Autorit\u00e0 <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"><span class=\"_ _2\"></span> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d1c\">Vigilanza) <span class=\"_ _37\"> </span>con <span class=\"_ _36\"> </span>rifer<span class=\"_ _1\"></span>imento <span class=\"_ _36\"> </span>alla <span class=\"_ _37\"> </span>data <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>e<span class=\"_ _1\"></span>sercizio <span class=\"_ _36\"> </span>31.12.2023, <span class=\"_ _37\"> </span>deliberat<span class=\"_ _1\"></span>a <span class=\"_ _36\"> </span>dal <span class=\"_ _37\"> </span>Cons<span class=\"_ _1\"></span>iglio <span class=\"_ _37\"> </span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d1d\">Amministrazione di marzo 2024 ed inviati entro il ter<span class=\"_ _1\"></span>mine regolamentare ad IVASS;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1d1e\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Predisposizione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Solvency <span class=\"_ _1\"></span>Financial Condition <span class=\"_ _1\"></span>Repor<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>- <span class=\"_ _1\"></span>SFCR <span class=\"_ _1\"></span>(Relazione <span class=\"_ _1\"></span>sulla <span class=\"_ _1\"></span>solvibilit\u00e0 e<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d1f\">sulla <span class=\"_ _38\"></span>condizione <span class=\"_ _38\"></span>finanziaria) <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _1\"></span>alla <span class=\"_ _0\"></span>data<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>esercizio <span class=\"_ _0\"></span>31.12.2023, <span class=\"_ _1\"></span>deliberata <span class=\"_ _38\"></span>dal<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d20\">Consiglio <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>Amministr<span class=\"_ _1\"></span>azione <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>marzo <span class=\"_ _35\"> </span>2024 <span class=\"_ _35\"> </span>ed <span class=\"_ _0\"></span>inviati <span class=\"_ _35\"> </span>entro <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>termine <span class=\"_ _35\"> </span>regolamentare <span class=\"_ _35\"> </span>ad<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d21\">IVASS;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1d22\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Realizzazione delle elaborazioni ORSA nece<span class=\"_ _1\"></span>ssarie alla valutazione <span class=\"_ _1\"></span>del profilo di solvibilit\u00e0 del<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d23\">piano s<span class=\"_ _1\"></span>trategico <span class=\"_ _1\"></span>2024-2026 e <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>predisposizione <span class=\"_ _1\"></span>del Report <span class=\"_ _1\"></span>ORSA <span class=\"_ _1\"></span>delibero <span class=\"_ _1\"></span>dal <span class=\"_ _1\"></span>Consiglio di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d24\">Amministrazione di aprile 2023 ed inviato, entro la scadenza regolame<span class=\"_ _1\"></span>ntare, ad IVASS.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d25\">Si <span class=\"_ _38\"></span>spe<span class=\"_ _1\"></span>cifica <span class=\"_ _38\"></span>infine <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>continuit\u00e0 <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>gli <span class=\"_ _0\"></span>anni<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>precedenti <span class=\"_ _38\"></span>(attivit\u00e0 <span class=\"_ _0\"></span>avv<span class=\"_ _2\"></span>iata <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>partire <span class=\"_ _38\"></span>dal <span class=\"_ _0\"></span>mese <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d26\">marzo  2020<span class=\"_ _1\"></span>),  la  Compagnia  cont<span class=\"_ _1\"></span>inua  a  parte<span class=\"_ _1\"></span>cipare  su <span class=\"_ _3d\"> </span>richiesta  dell\u2019Autorit\u00e0 <span class=\"_ _3d\"> </span>di  vigilanza  alle<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d27\">seguenti attivit\u00e0:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1d28\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">monitoraggio mensile della pos<span class=\"_ _1\"></span>izione di solvibili<span class=\"_ _2\"></span>t\u00e0.<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1d29\">Rischi di so<span class=\"_ _1\"></span>ttoscrizione NON LIFE (o <span class=\"_ _1\"></span>tecnici assicur<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1d2a\">ativi)<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d2b\">Si <span class=\"_ _0\"></span>definisce <span class=\"_ _38\"></span>Rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Sottoscrizione <span class=\"_ _0\"></span>- <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>perdita <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>variazione <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>favorevole <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>ore<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d2c\">delle <span class=\"_ _35\"> </span>passivit\u00e0 <span class=\"_ _0\"></span>assicurative <span class=\"_ _35\"> </span>dov<span class=\"_ _2\"></span>uto <span class=\"_ _35\"> </span>ad <span class=\"_ _0\"></span>ipotesi <span class=\"_ _35\"> </span>inadeguate <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>m<span class=\"_ _2\"></span>ateria <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>fissazione <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>prezzi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d2d\">costituzione delle riserve tecniche (cfr. articolo 1, com<span class=\"_ _1\"></span>ma 1, lettera vv-bis 4 del CAP).  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d2e\">Nell\u2019ambito  del  F<span class=\"_ _1\"></span>ramework  dei  rischi <span class=\"_ _3d\"> </span>della  Compagnia,  tale  r<span class=\"_ _1\"></span>ischio  pu\u00f2  es<span class=\"_ _1\"></span>sere  ulteriormente<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d2f\">distinto nelle seguenti categorie:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1d30\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>assunzione<span class=\"_ _1\"></span>: <span class=\"_ _35\"> </span>rappre<span class=\"_ _1\"></span>senta  il<span class=\"_ _2\"></span>  rischio <span class=\"_ _35\"> </span>derivante  dal<span class=\"_ _2\"></span>la  s<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>ttoscrizione  dei <span class=\"_ _35\"> </span>contratti <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d31\">assicurazione, collegato ag<span class=\"_ _2\"></span>li eve<span class=\"_ _2\"></span>nti assicurati, <span class=\"_ _2\"></span>ai processi <span class=\"_ _3b\"></span>seguiti per la <span class=\"_ _3b\"></span>tariffazione e selezione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d32\">dei rischi, all\u2019andamento sfavorevole della sinistralit\u00e0 e<span class=\"_ _1\"></span>ffettiva rispetto a quella stimata.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1d33\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio di <span class=\"_ _38\"></span>riser<span class=\"_ _1\"></span>vazione, <span class=\"_ _1\"></span>ovvero <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>rischio <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>nnesso <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>quantificazione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>riserve <span class=\"_ _38\"></span>tecniche <span class=\"_ _1\"></span>non<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d34\">sufficienti a coprire gli impegni assunti nei confronti degli ass<span class=\"_ _1\"></span>icurati e dei danneggiati.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1d35\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio <span class=\"_ _0\"></span>cat<span class=\"_ _1\"></span>astrofale, <span class=\"_ _35\"> </span>ovvero <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>ri<span class=\"_ _2\"></span>schio <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>perdita <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>variazione <span class=\"_ _35\"> </span>sfavorevole <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>val<span class=\"_ _2\"></span>ore <span class=\"_ _35\"> </span>delle<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d36\">passivit\u00e0 <span class=\"_ _17e\"> </span>assicurative, <span class=\"_ _48\"> </span>derivante <span class=\"_ _17e\"> </span>dall\u2019incertezza <span class=\"_ _17e\"> </span>significativa <span class=\"_ _17e\"> </span>delle <span class=\"_ _48\"> </span>ipotesi <span class=\"_ _17e\"> </span>relative <span class=\"_ _17e\"> </span>alla<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d37\">determinazione <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>premi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>costituzione <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>riserve <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>rapporto <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>ver<span class=\"_ _1\"></span>ificarsi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>eventi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d38\">estremi ed eccezionali legati ad eventi nat<span class=\"_ _1\"></span>urali o causati dall\u2019uomo.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1d39\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio lapse, rappresenta il rischio derivante <span class=\"_ _1\"></span>dall\u2019esercizio di opzioni da parte degli assicurati<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d3a\">eventualmente <span class=\"_ _35\"> </span>contenute <span class=\"_ _35\"> </span>nei <span class=\"_ _35\"> </span>c<span class=\"_ _2\"></span>ontratti <span class=\"_ _35\"> </span>non-life, <span class=\"_ _35\"> </span>quali <span class=\"_ _0\"></span>ad <span class=\"_ _35\"> </span>esempio <span class=\"_ _35\"> </span>l\u2019opzione <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>res<span class=\"_ _1\"></span>cindere <span class=\"_ _35\"> </span>il </div>contratto <span class=\"_ _2\"></span>prima <span class=\"_ _2\"></span>della <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>cadenza <span class=\"_ _3b\"></span>pattuita o <span class=\"_ _3b\"></span>l\u2019opzione <span class=\"_ _3b\"></span>di rinnovo <span class=\"_ _3b\"></span>del <span class=\"_ _3b\"></span>contr<span class=\"_ _1\"></span>atto <span class=\"_ _3b\"></span>se<span class=\"_ _1\"></span>condo <span class=\"_ _3b\"></span>condizioni<span class=\"_ _3a1\"> </span>precedentemente stabilite. Da un <span class=\"_ _3b\"></span>punto di <span class=\"_ _3b\"></span>vista della <span class=\"_ _3b\"></span>distr<span class=\"_ _1\"></span>ibu<span class=\"_ _2\"></span>zione dei <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischi d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ottoscrizione di <span class=\"_ _3b\"></span>Credemassicurazioni secondo<span class=\"_ _3a1\"> </span>i <span class=\"_ _3a\"> </span>dettami <span class=\"_ _3a\"> </span>normativi <span class=\"_ _3a\"> </span>Solvency <span class=\"_ _3a\"> </span>II <span class=\"_ _3a\"> </span>si <span class=\"_ _3a\"> </span>riporta <span class=\"_ _3a\"> </span>nella <span class=\"_ _3a\"> </span>t<span class=\"_ _1\"></span>abella <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>seguito <span class=\"_ _3a\"> </span>la <span class=\"_ _3a\"> </span>miglior <span class=\"_ _3a\"> </span>stima <span class=\"_ _3a\"> </span>della<span class=\"_ _3a1\"> </span>rappresentazione <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>redazione <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>presen<span class=\"_ _2\"></span>te <span class=\"_ _38\"></span>se<span class=\"_ _1\"></span>zione <span class=\"_ _38\"></span>(si <span class=\"_ _38\"></span>precisa <span class=\"_ _0\"></span>ch<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>peso<span class=\"_ _3a1\"> </span>complessivo dei rischi NON life e Health NSLT underwriting \u00e8 <span class=\"_ _1\"></span>pari al 81,1%).<span class=\"_ _3a1\"> </span>La Compagnia adotta, nei confronti di tali r<span class=\"_ _1\"></span>ischi, linee guida che:<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">illu<span class=\"_ _2\"></span>strano <span class=\"_ _1\"></span>i tipi di rischi assicurativi che intende assumere;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">evidenziano <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>caratteristiche <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ll\u2019attivit\u00e0 <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>assicurazione <span class=\"_ _38\"></span>(prodotti, <span class=\"_ _0\"></span>canali <span class=\"_ _38\"></span>distributivi, <span class=\"_ _38\"></span>risch<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></span>esclusi);<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">descrivono <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>modalit\u00e0 <span class=\"_ _38\"></span>volte <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>garantire <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>raccolta <span class=\"_ _38\"></span>premi <span class=\"_ _38\"></span>sia <span class=\"_ _1\"></span>adeguata <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>coprire <span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>sinistri<span class=\"_ _3a1\"> </span></span>previsti e le relative spese;<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">illu<span class=\"_ _2\"></span>strano <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>modalit\u00e0 <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>cui <span class=\"_ _38\"></span>l\u2019impresa <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iene <span class=\"_ _1\"></span>conto <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iassicurazione <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>altre <span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>cniche <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span></span>mitigazione <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>rischio <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>processo <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>progettazione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>nuovo <span class=\"_ _1\"></span>prodotto <span class=\"_ _38\"></span>assicurativo <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>del<span class=\"_ _3a1\"> </span>calcolo del relativo premio;<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">illu<span class=\"_ _2\"></span>strano  le  modalit\u00e0  con <span class=\"_ _35\"> </span>cui  l\u2019impresa <span class=\"_ _35\"> </span>tiene<span class=\"_ _1\"></span>  c<span class=\"_ _2\"></span>onto  delle <span class=\"_ _35\"> </span>limitazioni  degli <span class=\"_ _35\"> </span>invest<span class=\"_ _1\"></span>imenti  nel<span class=\"_ _3a1\"> </span></span>processo di progettazione di un nuovo prodott<span class=\"_ _1\"></span>o assicurativo e del calcolo del relativo premio.<span class=\"_ _3a1\"> </span>La <span class=\"_ _1\"></span>Compagnia misur<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>monitora <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>propria <span class=\"_ _1\"></span>esposizione <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>sottos<span class=\"_ _1\"></span>crizione cons<span class=\"_ _1\"></span>iderando<span class=\"_ _3a1\"> </span>il portafoglio complessivo, oltre a verificare la confor<span class=\"_ _1\"></span>mit\u00e0 ai limiti ed alle politiche definite. L\u2019identificazione <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _35\"> </span>vien<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>effettuata <span class=\"_ _35\"> </span>con<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>riferimento <span class=\"_ _0\"></span>ai <span class=\"_ _35\"> </span>nuovi <span class=\"_ _35\"> </span>prodotti <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>portafoglio <span class=\"_ _0\"></span>in<span class=\"_ _3a1\"> </span>essere:<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Nuovi <span class=\"_ _3b\"></span>prodotti: <span class=\"_ _2\"></span>coerentemente <span class=\"_ _2\"></span>con <span class=\"_ _3b\"></span>il <span class=\"_ _3b\"></span>P<span class=\"_ _1\"></span>iano <span class=\"_ _2\"></span>Strategico, <span class=\"_ _3b\"></span>la <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevazione <span class=\"_ _3b\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>connessi <span class=\"_ _3b\"></span>ai n<span class=\"_ _2\"></span>uovi<span class=\"_ _3a1\"> </span></span>prodotti viene <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffettuata sul<span class=\"_ _2\"></span>la base <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lle <span class=\"_ _3b\"></span>lo<span class=\"_ _1\"></span>ro cara<span class=\"_ _2\"></span>tteristiche tecniche <span class=\"_ _3b\"></span>ne<span class=\"_ _1\"></span>ll\u2019ambito d<span class=\"_ _2\"></span>el processo<span class=\"_ _3a1\"> </span>di <span class=\"_ _35\"> </span>ORSA.   <span class=\"_ _35\"> </span>Inoltre,  in <span class=\"_ _35\"> </span>coerenza  con <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>proces<span class=\"_ _1\"></span>so  final<span class=\"_ _2\"></span>izzato  all<span class=\"_ _2\"></span>a  creazione <span class=\"_ _35\"> </span>e  lancio <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>nuovi<span class=\"_ _3a1\"> </span>prodotti <span class=\"_ _48\"> </span>definito <span class=\"_ _48\"> </span>nell\u2019ambito <span class=\"_ _48\"> </span>del <span class=\"_ _48\"> </span>pi\u00f9<span class=\"_ _2\"></span> <span class=\"_ _48\"> </span>generale <span class=\"_ _48\"> </span>processo <span class=\"_ _48\"> </span>POG <span class=\"_ _48\"> </span>(Product <span class=\"_ _48\"> </span>Oversight <span class=\"_ _48\"> </span>and<span class=\"_ _3a1\"> </span>Governance),  la <span class=\"_ _35\"> </span>funzione <span class=\"_ _35\"> </span>Risk <span class=\"_ _35\"> </span>Manageme<span class=\"_ _1\"></span>nt <span class=\"_ _35\"> </span>\u00e8  chiamata <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>redigere  una <span class=\"_ _35\"> </span>specifica <span class=\"_ _35\"> </span>analisi <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span>rischiosit\u00e0 <span class=\"_ _0\"></span>(c.d. <span class=\"_ _0\"></span>scheda <span class=\"_ _0\"></span>rischi) <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>singolo <span class=\"_ _0\"></span>prodot<span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>cui <span class=\"_ _0\"></span>esiti <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>trasmessi <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>Comit<span class=\"_ _1\"></span>ato <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>Product Governance.<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Portafoglio in <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ssere: <span class=\"_ _1\"></span>con r<span class=\"_ _1\"></span>iferimento <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>portafoglio <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>essere, <span class=\"_ _1\"></span>l\u2019identificazione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>rischi <span class=\"_ _1\"></span>viene<span class=\"_ _3a1\"> </span></span>effettuata <span class=\"_ _1\"></span>sulla <span class=\"_ _1\"></span>base <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>dati tecnici <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>portafoglio <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>misure <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>assorbimento <span class=\"_ _1\"></span>di capitale<span class=\"_ _3a1\"> </span>determinate <span class=\"_ _39\"> </span>attraverso <span class=\"_ _39\"> </span>lo <span class=\"_ _39\"> </span>strumento <span class=\"_ _39\"> </span>utilizzato <span class=\"_ _39\"> </span>dalla <span class=\"_ _39\"> </span>Compagnia <span class=\"_ _39\"> </span>per <span class=\"_ _39\"> </span>il <span class=\"_ _39\"> </span>calcolo <span class=\"_ _39\"> </span>del <span class=\"_ _39\"> </span>SCR<span class=\"_ _3a1\"> </span>(Standard Formula). Le infor<span class=\"_ _1\"></span>mazioni relative all\u2019andamento <span class=\"_ _1\"></span>tecnico complessivo rispecchiano<span class=\"_ _3a1\"> </span>sinteticamente <span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>risultati <span class=\"_ _0\"></span>tecnici <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>singoli <span class=\"_ _38\"></span>Rami <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>quindi <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>pr<span class=\"_ _1\"></span>odotti <span class=\"_ _0\"></span>presenti <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>portafoglio<span class=\"_ _3a1\"> </span>(che in generale possono comprendere pi\u00f9 Rami).<span class=\"_ _3a1\"> </span>Si riportano sinteticamente di seguito le principali misure di rischio ut<span class=\"_ _1\"></span>ilizzate:<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">SCR <span class=\"_ _3b\"></span>- Non-life u<span class=\"_ _2\"></span>nderwriting risk<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>relativi sottomodu<span class=\"_ _2\"></span>li d<span class=\"_ _2\"></span>i rischio <span class=\"_ _3b\"></span>(valutato sia <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>lor<span class=\"_ _1\"></span>do <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>al ne<span class=\"_ _2\"></span>tto<span class=\"_ _3a1\"> </span></span>della Riassicurazione);<table class=\"s w154b h2e2\" id=\"_a4eccefd-dc56-43cf-92bd-97cb4440585a\"><tr><td class=\"t m2 x25f4 h12 y69fd ff4 fs7 fc1 sc0 ls0 ws0\">Non Life risk - risk/sum <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>f risk component<span class=\"_ _2\"></span>s - relativo e </td><td></td><td class=\"t m2 x25f5 h12 y69fe ff4 fs7 fc1 sc0 ls0 ws0\">IVQ 2024 </td></tr><tr><td class=\"t m2 x25f6 h12 y69ff ff4 fs7 fc1 sc0 ls0 ws0\">complessivo </td><td class=\"c n x25f7 y6a01 w154c h2e3\"><div class=\"t m5 x2b3 h2a y6a00 ff4 fsd fc1 sc0 ls0 ws0\">% Relativo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25f8 y6a01 w154d h2e3\"><div class=\"t m5 x2b3 h2a y6a00 ff4 fsd fc1 sc0 ls0 ws0\">% <span class=\"_ _1\"></span>Complessivo<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x21a1 h12 y6a02 ff4 fs7 fc1 sc0 ls0 ws0\">Non-Life premium and rese<span class=\"_ _3b\"></span>rve risk </td><td class=\"c n x25f9 y6a03 w154e h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">64,7%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25fa y6a03 w154f h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">33,2%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x21a1 h12 y6a04 ff4 fs7 fc1 sc0 ls0 ws0\">Non-Life lapse risk </td><td class=\"c n x25f9 y5fe3 w1550 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">21,0%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25fb y5fe3 w1551 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10,8%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x21a1 h12 y6a05 ff4 fs7 fc1 sc0 ls0 ws0\">Non-life CAT risk<span class=\"_ _2\"></span> </td><td class=\"c n x25f9 y6a06 w1552 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14,2%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25fc y6a06 w4e4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7,3%<span class=\"_ _3a1\"> </span></div></td></tr></table><table class=\"s w154b h2e4\" id=\"_ade348aa-2566-4327-8530-76caddae1bc2\"><tr><td class=\"t m2 x25fd h12 y6a07 ff4 fs7 fc1 sc0 ls0 ws0\">Health risk - risk/sum <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>f risk compone<span class=\"_ _2\"></span>nts - relativo e </td><td></td><td class=\"t m2 x25f5 h12 y6a08 ff4 fs7 fc1 sc0 ls0 ws0\">IVQ 2024 </td></tr><tr><td class=\"t m2 x25f6 h12 y6a09 ff4 fs7 fc1 sc0 ls0 ws0\">complessivo </td><td></td><td></td></tr><tr><td></td><td class=\"c n x25f7 y6a0a w154c h2e5\"><div class=\"t m5 x2b3 h2a y6334 ff4 fsd fc1 sc0 ls0 ws0\">% Relativo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25f8 y6a0a w154d h2e5\"><div class=\"t m5 x2b3 h2a y6334 ff4 fsd fc1 sc0 ls0 ws0\">% <span class=\"_ _1\"></span>Complessivo<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x21a1 h12 y6a0b ff4 fs7 fc1 sc0 ls0 ws0\">Health premium and <span class=\"_ _2\"></span>reserve risk </td><td class=\"c n x25f9 y6a0c w1553 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">75,6%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25fe y6a0c wa7a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">22,5%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x21a1 h12 y6a0d ff4 fs7 fc1 sc0 ls0 ws0\">Health Lapse risk<span class=\"_ _2\"></span> </td><td class=\"c n x25ff y6a0e w1428 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">21,7%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2600 y6a0e w1554 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6,5%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x21a1 h12 y6a0f ff4 fs7 fc1 sc0 ls0 ws0\">Health CAT </td><td class=\"c n x2601 y6a10 w1555 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2,7%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2602 y6a10 w1556 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,<span class=\"_ _2\"></span>8%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x21a1 h12 y6a11 ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Mortality r<span class=\"_ _2\"></span>isk </td><td class=\"c n x25ff y643e wbef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2603 y643e wbef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x21a1 h12 y6a12 ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Longevity <span class=\"_ _2\"></span>risk </td><td class=\"c n x25ff y6101 wbef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2603 y6101 wbef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x21a1 h12 y6a13 ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Disability m<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>rbidity risk </td><td class=\"c n x25ff y6a14 wbef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2603 y6a14 wbef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x21a1 h12 y6a15 ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Lapse risk<span class=\"_ _2\"></span> </td><td class=\"c n x25ff y6a16 wbef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2603 y6a16 wbef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x21a1 h12 y6a17 ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Expense r<span class=\"_ _2\"></span>isk </td><td class=\"c n x25ff y5fe3 wbef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2603 y5fe3 wbef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x21a1 h12 y6a18 ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Revision ri<span class=\"_ _2\"></span>sk </td><td class=\"c n x25ff y6a06 wbef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2603 y6a06 wbef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td></tr></table>-<span class=\"_ _4b\"> </span><span class=\"ff4\">SCR - Health underwriting r<span class=\"_ _1\"></span>isk e relativi sottomoduli di rischio (va<span class=\"_ _1\"></span>lutato sia al lor<span class=\"_ _1\"></span>do sia al netto<span class=\"_ _3a1\"> </span></span>della Riassicurazione);<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Distribuzione <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>Best <span class=\"_ _38\"></span>Estimate <span class=\"_ _0\"></span>(Non-Life <span class=\"_ _38\"></span>ed <span class=\"_ _0\"></span>Heal<span class=\"_ _2\"></span>th <span class=\"_ _0\"></span>NSLT) <span class=\"_ _38\"></span>valutate <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ia <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>lordo <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>netto<span class=\"_ _3a1\"> </span></span>della Riassicurazione;<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Risk Margin (Non-Life ed Health NSLT);<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Combined Ratio;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Loss Ratio;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Expense Ratio.<span class=\"_ _3a1\"> </span></span>Rischi di me<span class=\"_ _1\"></span>rcato Alla pi\u00f9 generale categoria del Rischio Mercato appartengo<span class=\"_ _3a1\"> </span>no le seguenti sotto-categorie:<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio Mercato;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio Asset &amp; Liability Management;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio di Liquidit\u00e0,<span class=\"_ _3a1\"> </span></span>di seguito meglio esplicitate.<span class=\"_ _3a1\"> </span>Rischi di me<span class=\"_ _1\"></span>rcato<span class=\"_ _3a1\"> </span>Si <span class=\"_ _35\"> </span>definisce <span class=\"_ _35\"> </span>rischio <span class=\"_ _0\"> </span>di <span class=\"_ _35\"> </span>mercato, <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>perdita <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>d<span class=\"_ _3a1\"> </span>i <span class=\"_ _35\"> </span>variazione <span class=\"_ _35\"> </span>sfavorevole <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>situazione<span class=\"_ _3a1\"> </span>finanziaria der<span class=\"_ _1\"></span>ivante, <span class=\"_ _1\"></span>direttamente <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>indirettamente, <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>oscillazioni <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>livello <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>volatilit\u00e0 <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ei<span class=\"_ _3a1\"> </span>prezzi di mercato delle <span class=\"_ _1\"></span>attivit\u00e0, delle passivit\u00e0 e degli str<span class=\"_ _1\"></span>umenti finanziari (cfr. articolo 1, comma 1<span class=\"_ _1\"></span>,<span class=\"_ _3a1\"> </span>lettera vv-bis 3 del CAP).<span class=\"_ _3a1\"> </span>I <span class=\"_ _39\"> </span>rischi <span class=\"_ _3f\"> </span>di <span class=\"_ _36\"> </span>m<span class=\"_ _1\"></span>ercato <span class=\"_ _3f\"> </span>risentono <span class=\"_ _39\"> </span>dell\u2019andamento <span class=\"_ _39\"> </span>congiunturale <span class=\"_ _3f\"> </span>del <span class=\"_ _39\"> </span>ciclo <span class=\"_ _39\"> </span>economico, <span class=\"_ _3f\"> </span>che <span class=\"_ _39\"> </span>pu\u00f2<span class=\"_ _3a1\"> </span>amplificarne <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>event<span class=\"_ _1\"></span>ualmente <span class=\"_ _1\"></span>diminuirne <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>significativit\u00e0, <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oprattutto <span class=\"_ _1\"></span>se <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>portafoglio <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>itoli <span class=\"_ _1\"></span>della<span class=\"_ _3a1\"> </span>Compagnia \u00e8 particolarmente concentrato in determinati sett<span class=\"_ _1\"></span>ori, valu<span class=\"_ _2\"></span>te o <span class=\"_ _1\"></span>aree geografiche. Tale rischio pu\u00f2 essere distinto nei seguent<span class=\"_ _1\"></span>i fattori di rischio:<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>interesse: <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>val<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>re <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>attivi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>impresa <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>assicurazione <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>sensibile <span class=\"_ _0\"></span>a<span class=\"_ _3a1\"> </span></span>variazioni  d<span class=\"_ _2\"></span>ei  tassi  d<span class=\"_ _2\"></span>i  interesse. <span class=\"_ _35\"> </span>Inoltre<span class=\"_ _1\"></span>, <span class=\"_ _35\"> </span>se  i  flu<span class=\"_ _2\"></span>ssi  finanziari <span class=\"_ _35\"> </span>gener<span class=\"_ _1\"></span>ati  d<span class=\"_ _2\"></span>alle  attivit\u00e0 <span class=\"_ _35\"> </span>e  quelli<span class=\"_ _3a1\"> </span>generati <span class=\"_ _3f\"> </span>dalle <span class=\"_ _39\"> </span>passivit\u00e0 <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>un\u2019impresa <span class=\"_ _3f\"> </span>non <span class=\"_ _39\"> </span>sono <span class=\"_ _3f\"> </span>perfettamente <span class=\"_ _39\"> </span>allineati <span class=\"_ _3f\"> </span>per <span class=\"_ _39\"> </span>scadenza,<span class=\"_ _3a1\"> </span>periodicit\u00e0 <span class=\"_ _37\"> </span>degli <span class=\"_ _37\"> </span>eventuali <span class=\"_ _37\"> </span>pagament<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>per <span class=\"_ _37\"> </span>natura <span class=\"_ _37\"> </span>dei <span class=\"_ _37\"> </span>tassi <span class=\"_ _37\"> </span>degli <span class=\"_ _37\"> </span>investiment<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>(maturity<span class=\"_ _3a1\"> </span>mismatching, <span class=\"_ _0\"></span>interest <span class=\"_ _0\"></span>rate <span class=\"_ _0\"></span>mismatching, <span class=\"_ _0\"></span>reset <span class=\"_ _0\"></span>date <span class=\"_ _0\"></span>mismatching, <span class=\"_ _0\"></span>basic <span class=\"_ _0\"></span>mismatching), <span class=\"_ _0\"></span>uno<span class=\"_ _3a1\"> </span>shock (positivo o negativo) dei t<span class=\"_ _1\"></span>assi di inte<span class=\"_ _1\"></span>resse pu\u00f2 produrre <span class=\"_ _1\"></span>variazioni non sincronizzate ne<span class=\"_ _1\"></span>l<span class=\"_ _3a1\"> </span>valore delle <span class=\"_ _3b\"></span>attivit\u00e0 e <span class=\"_ _3b\"></span>delle passivit\u00e0. <span class=\"_ _3b\"></span>Sostanzialmente l'esposizione <span class=\"_ _3b\"></span>al rischio <span class=\"_ _3b\"></span>tasso di <span class=\"_ _3b\"></span>interesse<span class=\"_ _3a1\"> </span>si  riferisce <span class=\"_ _35\"> </span>a  tutte <span class=\"_ _35\"> </span>le  attivit\u00e0<span class=\"_ _2\"></span>  e <span class=\"_ _35\"> </span>le  passivit\u00e0 <span class=\"_ _35\"> </span>il  cui <span class=\"_ _35\"> </span>valore  \u00e8 <span class=\"_ _35\"> </span>\u201csensibile\u201d  ai  c<span class=\"_ _2\"></span>ambiamenti  nella<span class=\"_ _3a1\"> </span>struttura a termine dei tassi di interesse o a<span class=\"_ _1\"></span>lla volatilit\u00e0 dei tassi di interesse;<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio  azionario:  i <span class=\"_ _35\"> </span>valori  di  mercato  delle  posizioni  assunte <span class=\"_ _35\"> </span>dall\u2019impresa  possono  essere<span class=\"_ _3a1\"> </span></span>sensibili <span class=\"_ _3b\"></span>all\u2019andame<span class=\"_ _1\"></span>nto d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>mercati <span class=\"_ _3b\"></span>azionar<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>(per esempio <span class=\"_ _3b\"></span>nel cas<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>contr<span class=\"_ _1\"></span>atti <span class=\"_ _3b\"></span>le cui<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>prestazioni<span class=\"_ _3a1\"> </span>sono collegate al valore di un titolo azionario);<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>asso <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>cambio: <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>ore <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rcato <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>posizioni <span class=\"_ _1\"></span>assunte <span class=\"_ _0\"></span>dall\u2019<span class=\"_ _2\"></span>impresa <span class=\"_ _0\"></span>pu<span class=\"_ _2\"></span>\u00f2 <span class=\"_ _38\"></span>es<span class=\"_ _1\"></span>sere<span class=\"_ _3a1\"> </span></span>sensibile a <span class=\"_ _3b\"></span>var<span class=\"_ _1\"></span>iazioni <span class=\"_ _2\"></span>dei tassi d<span class=\"_ _2\"></span>i camb<span class=\"_ _2\"></span>io (p<span class=\"_ _2\"></span>er esempio nel c<span class=\"_ _2\"></span>aso di<span class=\"_ _2\"></span> titoli <span class=\"_ _2\"></span>azionari o <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>bbligazionari<span class=\"_ _3a1\"> </span>denominati in <span class=\"_ _3b\"></span>valuta estera). Questo <span class=\"_ _2\"></span>fattore di <span class=\"_ _3b\"></span>rischio, quindi, <span class=\"_ _3b\"></span>as<span class=\"_ _1\"></span>sume particolare rilevanza <span class=\"_ _3b\"></span>per<span class=\"_ _3a1\"> </span>le <span class=\"_ _3f\"> </span>imprese <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>assicu<span class=\"_ _2\"></span>razione <span class=\"_ _3f\"> </span>in <span class=\"_ _3f\"> </span>presenza <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>attivit\u00e0<span class=\"_ _2\"></span> <span class=\"_ _3f\"> </span>a <span class=\"_ _3f\"> </span>copertura <span class=\"_ _39\"> </span>delle <span class=\"_ _3f\"> </span>riserve <span class=\"_ _3f\"> </span>tecniche<span class=\"_ _3a1\"> </span>denominate <span class=\"_ _39\"> </span>in <span class=\"_ _36\"> </span>una <span class=\"_ _39\"> </span>valuta <span class=\"_ _36\"> </span>di<span class=\"_ _1\"></span>vers<span class=\"_ _1\"></span>a <span class=\"_ _36\"> </span>da <span class=\"_ _39\"> </span>quella <span class=\"_ _36\"> </span>de<span class=\"_ _1\"></span>i <span class=\"_ _36\"> </span>cor<span class=\"_ _1\"></span>rispondenti <span class=\"_ _36\"> </span>impegni <span class=\"_ _39\"> </span>tecnici <span class=\"_ _36\"> </span>as<span class=\"_ _1\"></span>sunti<span class=\"_ _3a1\"> </span>contrattualmente. <span class=\"_ _0\"></span>Infatti, <span class=\"_ _38\"></span>poich\u00e9 <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>conversione <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>ute <span class=\"_ _0\"></span>avviene <span class=\"_ _38\"></span>alla <span class=\"_ _0\"></span>chiusura <span class=\"_ _38\"></span>d\u2019esercizio <span class=\"_ _0\"></span>al<span class=\"_ _3a1\"> </span>cambio corrente, <span class=\"_ _1\"></span>in corrispondenza di <span class=\"_ _1\"></span>detta dat<span class=\"_ _1\"></span>a possono realizzarsi <span class=\"_ _1\"></span>delle plus/minusvalenze<span class=\"_ _3a1\"> </span>a causa della variazione dei tassi di cambio;<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio i<span class=\"_ _2\"></span>mmobiliare: qualora gli attivi di u<span class=\"_ _2\"></span>n\u2019impresa di assicurazione siano investiti in <span class=\"_ _2\"></span>immobili,<span class=\"_ _3a1\"> </span></span>i valori di tali attivit\u00e0 sono sensibili all\u2019andamento dei prezzi di mercato<span class=\"_ _1\"></span> degli stessi;<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Credit Spread: <span class=\"_ _2\"></span>ogni volta <span class=\"_ _2\"></span>che un\u2019<span class=\"_ _2\"></span>impresa di assicurazione <span class=\"_ _2\"></span>sottoscrive strumenti fi<span class=\"_ _2\"></span>nanziari, pu\u00f2<span class=\"_ _3a1\"> </span></span>incorrere nel <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio di<span class=\"_ _2\"></span> insolvenza <span class=\"_ _3b\"></span>del proprio debito<span class=\"_ _2\"></span>re il <span class=\"_ _2\"></span>quale p<span class=\"_ _2\"></span>otrebbe non <span class=\"_ _3b\"></span>es<span class=\"_ _1\"></span>sere in<span class=\"_ _2\"></span> grado <span class=\"_ _3b\"></span>sia<span class=\"_ _3a1\"> </span>di <span class=\"_ _1\"></span>adempier<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>proprie <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>bbligazioni <span class=\"_ _1\"></span>sia <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>incorrere <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ggioramento <span class=\"_ _38\"></span>merito<span class=\"_ _3a1\"> </span>creditizio, <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>cons<span class=\"_ _2\"></span>eguente <span class=\"_ _0\"></span>riduzi<span class=\"_ _2\"></span>one <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>valore <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>titolo. <span class=\"_ _0\"></span>L\u2019es<span class=\"_ _3b\"></span>pos<span class=\"_ _1\"></span>izione <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>credito <span class=\"_ _0\"></span>si<span class=\"_ _3a1\"> </span>riferisce <span class=\"_ _37\"> </span>ad <span class=\"_ _37\"> </span>attivit\u00e0, <span class=\"_ _37\"> </span>passivit\u00e0 <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>strumenti <span class=\"_ _37\"> </span>finanziari <span class=\"_ _37\"> </span>sensibili <span class=\"_ _37\"> </span>alla <span class=\"_ _37\"> </span>variazione <span class=\"_ _37\"> </span>degli <span class=\"_ _3d\"> </span>spre<span class=\"_ _1\"></span>ad<span class=\"_ _3a1\"> </span>creditizi;<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio <span class=\"_ _3f\"> </span>concentrazione: <span class=\"_ _3f\"> </span>l\u2019esposizione <span class=\"_ _3a\"> </span>al <span class=\"_ _3f\"> </span>rischio <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>concentrazione, <span class=\"_ _3f\"> </span>che <span class=\"_ _3a\"> </span>deriva <span class=\"_ _3f\"> </span>da <span class=\"_ _3f\"> </span>una<span class=\"_ _3a1\"> </span></span>variazione  inattesa  dei <span class=\"_ _35\"> </span>prezzi,  del <span class=\"_ _35\"> </span>valore  delle  esposizioni <span class=\"_ _35\"> </span>verso  emittenti  su  c<span class=\"_ _2\"></span>ui  si <span class=\"_ _35\"> </span>ha  un<span class=\"_ _3a1\"> </span>accumulo di <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>sposizione <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>stessa <span class=\"_ _38\"></span>controparte, si <span class=\"_ _1\"></span>riferis<span class=\"_ _1\"></span>ce alle <span class=\"_ _1\"></span>att<span class=\"_ _1\"></span>ivit\u00e0 soggette <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischio<span class=\"_ _3a1\"> </span>azionario, <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>tasso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>interesse <span class=\"_ _1\"></span>e s<span class=\"_ _1\"></span>pread e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>ischio <span class=\"_ _1\"></span>immobiliare <span class=\"_ _1\"></span>inclusi nel <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rcato,<span class=\"_ _3a1\"> </span>ed esclude <span class=\"_ _3b\"></span>le attivit\u00e0 sogg<span class=\"_ _2\"></span>ette al <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio d<span class=\"_ _2\"></span>i inad<span class=\"_ _2\"></span>empimento di <span class=\"_ _2\"></span>controparte. Al <span class=\"_ _2\"></span>momento a <span class=\"_ _3b\"></span>livello<span class=\"_ _3a1\"> </span>regolamentare sono esclusi anche i t<span class=\"_ _1\"></span>itoli di stato;<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio <span class=\"_ _38\"></span>Sovrano<span class=\"_ _1\"></span>: <span class=\"_ _0\"></span>E\u2019 <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>associato <span class=\"_ _0\"></span>all\u2019eventualit\u00e0 <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>Governo <span class=\"_ _0\"></span>non <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ispetti <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>pr<span class=\"_ _1\"></span>oprie<span class=\"_ _3a1\"> </span></span>obbligazioni <span class=\"_ _0\"></span>finanziarie. <span class=\"_ _0\"></span>Pu\u00f2 <span class=\"_ _0\"></span>dipendere <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>fattor<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>economici, <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>politici. <span class=\"_ _0\"></span>Pu\u00f2 <span class=\"_ _0\"></span>essere<span class=\"_ _3a1\"> </span>legato <span class=\"_ _3b\"></span>alla c<span class=\"_ _2\"></span>ongiuntura <span class=\"_ _3b\"></span>o <span class=\"_ _2\"></span>svilupparsi <span class=\"_ _3b\"></span>nel <span class=\"_ _2\"></span>medio-lungo <span class=\"_ _184\"></span>per<span class=\"_ _1\"></span>iodo. <span class=\"_ _3b\"></span>Il <span class=\"_ _3b\"></span>rischio sovrano <span class=\"_ _3b\"></span>viene <span class=\"_ _3b\"></span>associato<span class=\"_ _3a1\"> </span>ai <span class=\"_ _0\"></span>ren<span class=\"_ _3a1\"> </span>dimenti <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>pubb<span class=\"_ _2\"></span>lici <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>quindi <span class=\"_ _0\"></span>agli <span class=\"_ _0\"></span>interessi <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>uno <span class=\"_ _0\"></span>Stato <span class=\"_ _0\"></span>deve <span class=\"_ _0\"></span>corrispondere <span class=\"_ _0\"></span>agli<span class=\"_ _3a1\"> </span>investitori per potersi finanziare;<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Liquidi<span class=\"_ _2\"></span>t\u00e0 <span class=\"_ _35\"> </span>del  titolo:<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>La <span class=\"_ _35\"> </span>possibilit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>procedere <span class=\"_ _35\"> </span>allo <span class=\"_ _35\"> </span>smobilizz<span class=\"_ _2\"></span>o <span class=\"_ _35\"> </span>tem<span class=\"_ _1\"></span>pestivo <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>portafoglio <span class=\"_ _35\"> </span>\u00e8<span class=\"_ _3a1\"> </span></span>fortemente  condizionata  dalla  liq<span class=\"_ _2\"></span>uidabilit\u00e0  dei  titoli  in  cui<span class=\"_ _2\"></span>  lo  stesso  \u00e8  inv<span class=\"_ _2\"></span>estito.  La  scarsa<span class=\"_ _3a1\"> </span>liquidabilit\u00e0 <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>itoli, <span class=\"_ _0\"></span>infatti, <span class=\"_ _38\"></span>pu\u00f2 <span class=\"_ _0\"></span>esporre <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>Compagn<span class=\"_ _2\"></span>ia <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>conseguire <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>perdite<span class=\"_ _3a1\"> </span>connesse <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>difficolt\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>trovar<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>sul <span class=\"_ _1\"></span>mer<span class=\"_ _1\"></span>cato la <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>ntroparte <span class=\"_ _1\"></span>interessata <span class=\"_ _1\"></span>all\u2019acquisto <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>titoli<span class=\"_ _3a1\"> </span>che si intende smobilizzare. A livello regolamentare non \u00e8 attualmente previsto un requisito di<span class=\"_ _3a1\"> </span>capitale specifico;<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Altre <span class=\"_ _38\"></span>esposizioni <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>assets: <span class=\"_ _38\"></span>Tale <span class=\"_ _0\"></span>fattore <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _38\"></span>si <span class=\"_ _0\"></span>concretizza <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _38\"></span>mercato <span class=\"_ _0\"></span>legato <span class=\"_ _38\"></span>a<span class=\"_ _3a1\"> </span></span>private equity, strumenti alternativi, infrastrut<span class=\"_ _1\"></span>ture, prodotti legati all\u2019inflazione e ibridi.<span class=\"_ _3a1\"> </span>I fatto<span class=\"_ _1\"></span>ri di <span class=\"_ _1\"></span>rischio di <span class=\"_ _1\"></span>mercat<span class=\"_ _1\"></span>o vengono <span class=\"_ _1\"></span>principalmente <span class=\"_ _1\"></span>individuati ne<span class=\"_ _1\"></span>lle classi <span class=\"_ _1\"></span>di bilancio <span class=\"_ _1\"></span>specifiche<span class=\"_ _3a1\"> </span>del Portafoglio di Propriet\u00e0. Da <span class=\"_ _0\"></span>un <span class=\"_ _35\"> </span>pu<span class=\"_ _2\"></span>nto <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>vista <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>distribuz<span class=\"_ _2\"></span>ione <span class=\"_ _0\"></span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _35\"> </span>di<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>Credemassicurazioni <span class=\"_ _0\"></span>secondo <span class=\"_ _0\"></span>i<span class=\"_ _3a1\"> </span>dettami <span class=\"_ _17e\"> </span>normativi <span class=\"_ _48\"> </span>Solvency <span class=\"_ _48\"> </span>II <span class=\"_ _17e\"> </span>si <span class=\"_ _48\"> </span>r<span class=\"_ _1\"></span>iporta <span class=\"_ _48\"> </span>nella <span class=\"_ _48\"> </span>t<span class=\"_ _1\"></span>abella <span class=\"_ _48\"> </span>di <span class=\"_ _48\"> </span>seguito <span class=\"_ _17e\"> </span>la <span class=\"_ _48\"> </span>miglior <span class=\"_ _17e\"> </span>stima <span class=\"_ _48\"> </span>della<span class=\"_ _3a1\"> </span>rappresentazione <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>redazione <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>presen<span class=\"_ _2\"></span>te <span class=\"_ _38\"></span>se<span class=\"_ _1\"></span>zione <span class=\"_ _38\"></span>(si <span class=\"_ _38\"></span>precisa <span class=\"_ _0\"></span>ch<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>peso<span class=\"_ _3a1\"> </span>complessivo dei rischi market \u00e8 pari al 11,4%).<table class=\"s w1557 h2e6\" id=\"_5b8d27ee-9dd9-4f13-9220-edb2a8ec615e\"><tr><td class=\"t m2 x2605 h12 y6a19 ff4 fs7 fc1 sc0 ls0 ws0\">Market risk - risk/sum o<span class=\"_ _2\"></span>f risk compo<span class=\"_ _2\"></span>nents - relativo e </td><td></td><td class=\"t m2 x2606 h12 y6a1a ff4 fs7 fc1 sc0 ls0 ws0\">IVQ 2024 </td></tr><tr><td class=\"t m2 x2607 h12 y6a1b ff4 fs7 fc1 sc0 ls0 ws0\">complessivo </td><td></td><td></td></tr><tr><td></td><td class=\"c n x2608 y6a1c w154c h2e5\"><div class=\"t m5 x2b3 h2a y6334 ff4 fsd fc1 sc0 ls0 ws0\">% Relativo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2609 y6a1c w1558 h2e5\"><div class=\"t m5 x2b3 h2a y6334 ff4 fsd fc1 sc0 ls0 ws0\">% Complessivo<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x260a h12 y6a1d ff4 fs7 fc1 sc0 ls0 ws0\">Interest rate risk<span class=\"_ _2\"></span> </td><td class=\"c n x260b y6963 w1559 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">64,5%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x260c y6963 w155a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7,3<span class=\"_ _1\"></span>%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x260a h12 y6a1e ff4 fs7 fc1 sc0 ls0 ws0\">Equity risk </td><td class=\"c n x260d y5399 w155b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x260e y5399 w155b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x260a h12 y6a1f ff4 fs7 fc1 sc0 ls0 ws0\">Property risk </td><td class=\"c n x260d y685e w155b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x260e y685e w155b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x260a h12 y6a20 ff4 fs7 fc1 sc0 ls0 ws0\">Spread risk </td><td class=\"c n x260b y6a21 w1503 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">25,8%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x260f y6a21 w8a7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2,9%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x260a h12 y6a22 ff4 fs7 fc1 sc0 ls0 ws0\">Currency risk </td><td class=\"c n x260d y6a23 w155c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9,7%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2610 y6a23 w155d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1,1%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x260a h12 y6341 ff4 fs7 fc1 sc0 ls0 ws0\">Concentration risk </td><td class=\"c n x260d y6a24 w155b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x260e y6a24 w155b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td></tr></table>La <span class=\"_ _39\"> </span>Compagnia <span class=\"_ _39\"> </span>adotta, <span class=\"_ _39\"> </span>nei <span class=\"_ _36\"> </span>confronti <span class=\"_ _39\"> </span>dei <span class=\"_ _39\"> </span>fattori <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _36\"> </span>sopra <span class=\"_ _39\"> </span>enunciati, <span class=\"_ _39\"> </span>linee <span class=\"_ _39\"> </span>guida <span class=\"_ _39\"> </span>che<span class=\"_ _3a1\"> </span>definiscono <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>principi gener<span class=\"_ _1\"></span>ali per <span class=\"_ _1\"></span>l\u2019att<span class=\"_ _1\"></span>ivit\u00e0 del <span class=\"_ _1\"></span>Team <span class=\"_ _1\"></span>Finanza, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>periodicit\u00e0 <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>controlli <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>azioni<span class=\"_ _3a1\"> </span>di <span class=\"_ _35\"> </span>ripristino <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>superamento <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>limiti. <span class=\"_ _35\"> </span>N<span class=\"_ _2\"></span>ella <span class=\"_ _35\"> </span>composizione <span class=\"_ _35\"> </span>complessiva <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>portafoglio<span class=\"_ _3a1\"> </span>d\u2019investimento  si <span class=\"_ _35\"> </span>tie<span class=\"_ _1\"></span>ne  conto <span class=\"_ _35\"> </span>dell\u2019esposizione  al  rischio, <span class=\"_ _35\"> </span>dei  vincoli  l<span class=\"_ _2\"></span>egati  alla  c<span class=\"_ _2\"></span>opertura  delle<span class=\"_ _3a1\"> </span>riserve <span class=\"_ _0\"></span>tecniche <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>degli <span class=\"_ _38\"></span>effetti <span class=\"_ _0\"></span>sul <span class=\"_ _38\"></span>Solvency <span class=\"_ _0\"></span>Ratio. <span class=\"_ _0\"></span>I <span class=\"_ _0\"></span>limiti <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>ind<span class=\"_ _2\"></span>icatori <span class=\"_ _0\"></span>relativi <span class=\"_ _0\"></span>agli <span class=\"_ _38\"></span>investime<span class=\"_ _1\"></span>nti<span class=\"_ _3a1\"> </span>sono oggetto di verifica e controll<span class=\"_ _2\"></span>o su base continuativa da parte delle funzioni aziendali prepost<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span>e, <span class=\"_ _0\"></span>con <span class=\"_ _35\"> </span>frequenza <span class=\"_ _0\"></span>periodica, <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>risultati <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tali <span class=\"_ _35\"> </span>controlli <span class=\"_ _0\"></span>sono <span class=\"_ _35\"> </span>portati <span class=\"_ _0\"></span>all\u2019attenzione <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>Consiglio <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>Amministrazione. <span class=\"_ _35\"> </span>Il<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>proce<span class=\"_ _1\"></span>sso <span class=\"_ _0\"></span>prevede <span class=\"_ _35\"> </span>inoltre <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>fase <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>revisione <span class=\"_ _0\"></span>dei <span class=\"_ _35\"> </span>sud<span class=\"_ _2\"></span>detti <span class=\"_ _35\"> </span>limiti <span class=\"_ _0\"></span>realizzata<span class=\"_ _3a1\"> </span>mediante analisi di sensitivit\u00e0 condotte sui port<span class=\"_ _1\"></span>afogli attivi e passivi.<span class=\"_ _3a1\"> </span>La <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _0\"></span>viene <span class=\"_ _38\"></span>effe<span class=\"_ _1\"></span>ttuata <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>investimen<span class=\"_ _2\"></span>ti<span class=\"_ _3a1\"> </span>mobiliare <span class=\"_ _38\"></span>gi\u00e0 <span class=\"_ _38\"></span>acquisito <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>agli <span class=\"_ _38\"></span>scenari <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>investimento <span class=\"_ _38\"></span>futuro. <span class=\"_ _38\"></span>Tale <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>viene <span class=\"_ _38\"></span>realizzata <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ia <span class=\"_ _1\"></span>con<span class=\"_ _3a1\"> </span>logiche di <span class=\"_ _2\"></span>Asset-Liability Management, al fine d<span class=\"_ _2\"></span>i cogliere le <span class=\"_ _3b\"></span>inter<span class=\"_ _1\"></span>relazioni esistenti fra l<span class=\"_ _3b\"></span>e dinamiche<span class=\"_ _3a1\"> </span>dei <span class=\"_ _0\"></span>passivi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>dinamiche <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>attivi <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>riserve <span class=\"_ _0\"></span>tecniche, <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>seguendo <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>principi<span class=\"_ _3a1\"> </span>Solvency <span class=\"_ _38\"></span>II <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>fin<span class=\"_ _2\"></span>e <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>cogli<span class=\"_ _2\"></span>ere <span class=\"_ _0\"></span>l\u2019ev<span class=\"_ _2\"></span>entuale <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>quisito <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>capitale <span class=\"_ _0\"></span>assorbito <span class=\"_ _1\"></span>da <span class=\"_ _0\"></span>ogni <span class=\"_ _1\"></span>singolo <span class=\"_ _0\"></span>modul<span class=\"_ _2\"></span>o <span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span>sottomodulo di rischio. L\u2019identificazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>mercato <span class=\"_ _0\"></span>vita <span class=\"_ _0\"></span>viene <span class=\"_ _38\"></span>effett<span class=\"_ _1\"></span>uata <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>rif<span class=\"_ _2\"></span>erimento <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>nuovi <span class=\"_ _0\"></span>investimenti <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span>asset allocation target, e al portafoglio in essere:<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Nuovi  investimenti: <span class=\"_ _3d\"> </span>con <span class=\"_ _3d\"> </span>riferimento <span class=\"_ _3d\"> </span>ai <span class=\"_ _3d\"> </span>nuovi  invest<span class=\"_ _1\"></span>imenti, <span class=\"_ _3d\"> </span>nell\u2019ambito  del <span class=\"_ _3d\"> </span>proces<span class=\"_ _1\"></span>so  ORSA<span class=\"_ _3a1\"> </span></span>vengono <span class=\"_ _3f\"> </span>effettuate <span class=\"_ _3a\"> </span>analisi <span class=\"_ _3f\"> </span>relative <span class=\"_ _3f\"> </span>a <span class=\"_ _3a\"> </span>scenari <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>investimento <span class=\"_ _3f\"> </span>futur<span class=\"_ _1\"></span>o <span class=\"_ _3f\"> </span>con <span class=\"_ _3f\"> </span>l\u2019obiettivo <span class=\"_ _3f\"> </span>di<span class=\"_ _3a1\"> </span>identificare <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>rischi <span class=\"_ _0\"></span>connessi <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>tali <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>celte <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>investimento <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>valutarne <span class=\"_ _38\"></span>l\u2019impatto<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>sul <span class=\"_ _38\"></span>profilo <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span>rischio <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>termini <span class=\"_ _0\"></span>quantitativi. <span class=\"_ _0\"></span>Inoltre, <span class=\"_ _0\"></span>per<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>investimenti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>\u201cnatura <span class=\"_ _38\"></span>occas<span class=\"_ _1\"></span>ionale\u201d <span class=\"_ _0\"></span>sulla <span class=\"_ _0\"></span>base<span class=\"_ _3a1\"> </span>delle <span class=\"_ _193\"> </span>informazioni <span class=\"_ _193\"> </span>fornite <span class=\"_ _193\"> </span>dal <span class=\"_ _193\"> </span>Team <span class=\"_ _193\"> </span>Finanza <span class=\"_ _193\"> </span>(a <span class=\"_ _193\"> </span>tit<span class=\"_ _1\"></span>olo <span class=\"_ _193\"> </span>esemplificativo: <span class=\"_ _193\"> </span>obiettivo<span class=\"_ _3a1\"> </span>dell\u2019investimento, <span class=\"_ _39\"> </span>por<span class=\"_ _1\"></span>tafoglio <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>rifer<span class=\"_ _1\"></span>imento, <span class=\"_ _39\"> </span>size <span class=\"_ _3f\"> </span>dell\u2019operazione) <span class=\"_ _39\"> </span>viene <span class=\"_ _39\"> </span>effe<span class=\"_ _1\"></span>ttuata <span class=\"_ _39\"> </span>dalla<span class=\"_ _3a1\"> </span>funzione di Risk Management una valutazione quali/quantitativa ex<span class=\"_ _1\"></span>-ante basata sia su logiche<span class=\"_ _3a1\"> </span>gestionali <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>regolamentari. <span class=\"_ _0\"></span>U<span class=\"_ _3b\"></span>n <span class=\"_ _0\"></span>iter <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>utazione <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>rischio <span class=\"_ _38\"></span>ex-ante <span class=\"_ _0\"></span>viene <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ffettuata <span class=\"_ _38\"></span>dalla<span class=\"_ _3a1\"> </span>Funzione di R<span class=\"_ _2\"></span>isk Management anche p<span class=\"_ _2\"></span>er tutti gli <span class=\"_ _2\"></span>OICR non U<span class=\"_ _2\"></span>CITs sulla base della <span class=\"_ _3b\"></span>D<span class=\"_ _1\"></span>ue Diligence<span class=\"_ _3a1\"> </span>predisposta dal Team Finanza.<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Portafoglio in e<span class=\"_ _1\"></span>ssere: <span class=\"_ _1\"></span>Con <span class=\"_ _1\"></span>riferimento al <span class=\"_ _1\"></span>portafoglio in <span class=\"_ _1\"></span>essere<span class=\"_ _1\"></span>, l\u2019identificazione dei <span class=\"_ _1\"></span>rischi <span class=\"_ _1\"></span>viene<span class=\"_ _3a1\"> </span></span>effettuata sulla <span class=\"_ _3b\"></span>base dei dati <span class=\"_ _3b\"></span>tecnici <span class=\"_ _2\"></span>del portafoglio, <span class=\"_ _3b\"></span>dei dati di<span class=\"_ _2\"></span> mercato e<span class=\"_ _2\"></span> delle <span class=\"_ _3b\"></span>misure di <span class=\"_ _2\"></span>rischio<span class=\"_ _3a1\"> </span>determinate attraverso lo strumento<span class=\"_ _1\"></span> di calcolo del SCR adottato.<span class=\"_ _3a1\"> </span>Si riportano di seguito i macro-indicatori analizzati per la valutazione e il monitoraggio dei rischi di<span class=\"_ _3a1\"> </span>mercato:<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">SCR <span class=\"_ _35\"> </span>Interest  Rat<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>\u2013  Based: <span class=\"_ _35\"> </span>indicatori <span class=\"_ _35\"> </span>che  h<span class=\"_ _2\"></span>anno  l<span class=\"_ _2\"></span>o <span class=\"_ _35\"> </span>scopo  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>individuare  l\u2019assorbimento <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span></span>capitale, <span class=\"_ _1\"></span>secondo <span class=\"_ _1\"></span>le metriche <span class=\"_ _1\"></span>Solvency <span class=\"_ _1\"></span>II, <span class=\"_ _1\"></span>del rischio <span class=\"_ _1\"></span>tasso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>interesse secondo <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>approccio<span class=\"_ _3a1\"> </span>sia regolamentare che gestionale;<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Concentrazione relativa su singola controparte;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rating su singola controparte;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Esposizione assoluta in Equity;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Esposizione relativa in Obbligazioni Corporate;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Esposizione assoluta in valuta estera;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Duration;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Sensitivities <span class=\"_ _38\"></span>Spread <span class=\"_ _38\"></span>Goverantivo <span class=\"_ _38\"></span>Italia <span class=\"_ _0\"></span>(al <span class=\"_ _1\"></span>fine <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>catt<span class=\"_ _1\"></span>urare <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>fa<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tore <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _38\"></span>spread <span class=\"_ _38\"></span>sui <span class=\"_ _0\"></span>ti<span class=\"_ _2\"></span>toli<span class=\"_ _3a1\"> </span></span>governativi non incluso nella formula standard);<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Sensitivity sui fattori di rischio mercato (es. tasso).<span class=\"_ _3a1\"> </span></span>Rischio Asse<span class=\"_ _1\"></span>t Liability Management (ALM)<span class=\"_ _3a1\"> </span>Il  rischio  ALM  \u00e8<span class=\"_ _2\"></span>  un  rischio  s<span class=\"_ _2\"></span>trettamente  correlato  ai  d<span class=\"_ _2\"></span>isa<span class=\"_ _3a1\"> </span>llineamenti  tra  attivit\u00e0 <span class=\"_ _35\"> </span>e  passivit\u00e0.  Il<span class=\"_ _3a1\"> </span>processo <span class=\"_ _3f\"> </span>ALM <span class=\"_ _3f\"> </span>include <span class=\"_ _39\"> </span>al <span class=\"_ _3f\"> </span>suo <span class=\"_ _3f\"> </span>inte<span class=\"_ _1\"></span>rno <span class=\"_ _3f\"> </span>dinamiche <span class=\"_ _3f\"> </span>connesse <span class=\"_ _39\"> </span>alla <span class=\"_ _3f\"> </span>gest<span class=\"_ _1\"></span>ione <span class=\"_ _3f\"> </span>dei <span class=\"_ _39\"> </span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _3f\"> </span>e <span class=\"_ _3f\"> </span>alla<span class=\"_ _3a1\"> </span>pianificazione <span class=\"_ _37\"> </span>strategica. <span class=\"_ _37\"> </span>Si <span class=\"_ _37\"> </span>focalizza <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>ul <span class=\"_ _3d\"> </span>m<span class=\"_ _1\"></span>edio <span class=\"_ _37\"> </span>- <span class=\"_ _37\"> </span>lungo <span class=\"_ _3d\"> </span>t<span class=\"_ _1\"></span>ermine <span class=\"_ _3d\"> </span>anzich\u00e9 <span class=\"_ _37\"> </span>o<span class=\"_ _1\"></span>ffrire <span class=\"_ _3d\"> </span>soluzioni <span class=\"_ _37\"> </span>di<span class=\"_ _3a1\"> </span>mitigazione o <span class=\"_ _3b\"></span>cope<span class=\"_ _1\"></span>rtura del <span class=\"_ _3b\"></span>ris<span class=\"_ _1\"></span>chio. <span class=\"_ _3b\"></span>L\u2019obiet<span class=\"_ _1\"></span>tivo di <span class=\"_ _3b\"></span>tale gestione del <span class=\"_ _3b\"></span>rischio \u00e8 quello <span class=\"_ _3b\"></span>di massimizzare<span class=\"_ _3a1\"> </span>le attivit\u00e0 per soddisfare le passivit\u00e0 complesse che possono aument<span class=\"_ _1\"></span>are la redditivit\u00e0.<span class=\"_ _3a1\"> </span>Alla sottocategoria dei Rischi ALM appartengono <span class=\"_ _1\"></span>i seguenti fattori di rischio: -<span class=\"ff16\"> <span class=\"_ _13c\"> </span><span class=\"ff4\">As<span class=\"_ _1\"></span>set <span class=\"_ _19a\"> </span>Allocation <span class=\"_ _19a\"> </span>Strategica <span class=\"_ _19a\"> </span>(AAT): <span class=\"_ _19a\"> </span>consiste <span class=\"_ _19a\"> </span>nel <span class=\"_ _19a\"> </span>rischio <span class=\"_ _19a\"> </span>r<span class=\"_ _1\"></span>isultante<span class=\"_ _3a1\"> </span></span></span>dall\u2019inadeguatezza/incoerenza dell\u2019asset allocation per fare <span class=\"_ _1\"></span>fronte alle passivit\u00e0.<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Asset &amp;<span class=\"_ _2\"></span> Li<span class=\"_ _2\"></span>ability mismatch: <span class=\"_ _3b\"></span>corrisponde al <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di d<span class=\"_ _2\"></span>isallineamento tra <span class=\"_ _3b\"></span>attivi e pas<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ivi <span class=\"_ _2\"></span>che pu\u00f2<span class=\"_ _3a1\"> </span></span>comportare <span class=\"_ _46\"> </span>un\u2019esposizione <span class=\"_ _46\"> </span>dell\u2019<span class=\"_ _2\"></span>impresa <span class=\"_ _46\"> </span>o <span class=\"_ _49\"> </span>a<span class=\"_ _1\"></span>l <span class=\"_ _49\"> </span>rischio <span class=\"_ _46\"> </span>disinvestimento <span class=\"_ _46\"> </span>o <span class=\"_ _49\"> </span>al <span class=\"_ _46\"> </span>rischio<span class=\"_ _3a1\"> </span>reinvestimento.<span class=\"_ _3a1\"> </span>La <span class=\"_ _39\"> </span>Compagnia <span class=\"_ _39\"> </span>adotta, <span class=\"_ _39\"> </span>nei <span class=\"_ _36\"> </span>confronti <span class=\"_ _39\"> </span>dei <span class=\"_ _39\"> </span>fattori <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _36\"> </span>sopra <span class=\"_ _39\"> </span>enunciati, <span class=\"_ _39\"> </span>linee <span class=\"_ _39\"> </span>guida <span class=\"_ _39\"> </span>che<span class=\"_ _3a1\"> </span>definiscono <span class=\"_ _37\"> </span>i <span class=\"_ _36\"> </span>principi <span class=\"_ _37\"> </span>generali, <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>periodicit\u00e0 <span class=\"_ _36\"> </span>dei <span class=\"_ _37\"> </span>controlli <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>le <span class=\"_ _36\"> </span>azioni <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>ripristino <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>cas<span class=\"_ _1\"></span>o <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span>superamento dei limiti. Valutazione <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>AL<span class=\"_ _2\"></span>M <span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>iene <span class=\"_ _0\"></span>effettuata <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>portafoglio <span class=\"_ _0\"></span>investimenti <span class=\"_ _38\"></span>mo<span class=\"_ _1\"></span>biliare<span class=\"_ _3a1\"> </span>gi\u00e0 <span class=\"_ _35\"> </span>acquisito <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>agli <span class=\"_ _0\"></span>sce<span class=\"_ _1\"></span>nari <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>inv<span class=\"_ _2\"></span>estime<span class=\"_ _1\"></span>nto <span class=\"_ _35\"> </span>futuro. <span class=\"_ _35\"> </span>Tale <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>viene <span class=\"_ _35\"> </span>realizzata <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>logic<span class=\"_ _2\"></span>he <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span>Asset-Liability <span class=\"_ _3b\"></span>Manageme<span class=\"_ _1\"></span>nt, <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>fine di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>cogliere <span class=\"_ _3b\"></span>le interrelazioni <span class=\"_ _3b\"></span>esistenti <span class=\"_ _2\"></span>fra <span class=\"_ _3b\"></span>le dinamiche <span class=\"_ _3b\"></span>dei p<span class=\"_ _2\"></span>assivi<span class=\"_ _3a1\"> </span>e le dinamiche degli attivi a copertura delle r<span class=\"_ _1\"></span>iserve tecniche.<span class=\"_ _3a1\"> </span>Per quanto riguarda i macro-indicatori analizzati per la valutazione e mo<span class=\"_ _1\"></span>nitoraggio dei rischi ALM:<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">SCR <span class=\"_ _35\"> </span>Interest  Rat<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>\u2013  Based: <span class=\"_ _35\"> </span>indicatori <span class=\"_ _35\"> </span>che  h<span class=\"_ _2\"></span>anno  l<span class=\"_ _2\"></span>o <span class=\"_ _35\"> </span>scopo  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>individuare  l\u2019assorbimento <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span></span>capitale, <span class=\"_ _1\"></span>secondo <span class=\"_ _1\"></span>le metriche <span class=\"_ _1\"></span>Solvency <span class=\"_ _1\"></span>II, <span class=\"_ _1\"></span>del rischio <span class=\"_ _1\"></span>tasso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>interesse secondo <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>approccio<span class=\"_ _3a1\"> </span>sia regolamentare che gestionale;<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Cash Flow <span class=\"_ _38\"></span>Matching: l\u2019indicatore <span class=\"_ _1\"></span>des<span class=\"_ _1\"></span>crive il <span class=\"_ _1\"></span>disallineamento<span class=\"_ _1\"></span>, te<span class=\"_ _1\"></span>mpo per<span class=\"_ _1\"></span> tempo, <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>Cashflow<span class=\"_ _3a1\"> </span></span>degli attivi e i Cashflow del passivo;<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Duration <span class=\"_ _37\"> </span>Matching: <span class=\"_ _37\"> </span>disallineament<span class=\"_ _1\"></span>o <span class=\"_ _37\"> </span>tra <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>duration <span class=\"_ _36\"> </span>dei <span class=\"_ _37\"> </span>Cashflow <span class=\"_ _37\"> </span>Attivi <span class=\"_ _37\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>durat<span class=\"_ _1\"></span>ion <span class=\"_ _37\"> </span>dei<span class=\"_ _3a1\"> </span></span>Cashflow Passivi.<span class=\"_ _3a1\"> </span>Rischio di li<span class=\"_ _1\"></span>quidit\u00e0<span class=\"_ _3a1\"> </span>Le <span class=\"_ _38\"></span>Compagnie <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>soggette <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>ibili <span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nsioni <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>li<span class=\"_ _3a1\"> </span>qui<span class=\"_ _3a1\"> </span>di<span class=\"_ _3a1\"> </span>t\u00e0 <span class=\"_ _38\"></span>derivanti <span class=\"_ _38\"></span>da <span class=\"_ _38\"></span>scadenze <span class=\"_ _38\"></span>diverse <span class=\"_ _38\"></span>tra <span class=\"_ _38\"></span>gli<span class=\"_ _3a1\"> </span>attivi e <span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>relat<span class=\"_ _1\"></span>ivi <span class=\"_ _3b\"></span>pas<span class=\"_ _1\"></span>sivi. <span class=\"_ _2\"></span>Per rischio <span class=\"_ _3b\"></span>di liqu<span class=\"_ _2\"></span>idit\u00e0 si <span class=\"_ _2\"></span>intende il <span class=\"_ _3b\"></span>rischio che l<span class=\"_ _2\"></span>a Compagnia <span class=\"_ _3b\"></span>non sia i<span class=\"_ _2\"></span>n grad<span class=\"_ _3b\"></span>o<span class=\"_ _3a1\"> </span>di <span class=\"_ _1\"></span>liquidare <span class=\"_ _38\"></span>investimenti <span class=\"_ _38\"></span>ed <span class=\"_ _1\"></span>altre <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ttivit\u00e0 <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>regolare <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>propri <span class=\"_ _38\"></span>impegni <span class=\"_ _1\"></span>finanziari <span class=\"_ _1\"></span>al <span class=\"_ _38\"></span>momento <span class=\"_ _38\"></span>della<span class=\"_ _3a1\"> </span>relativa scadenza (cfr. articolo 1, comma 1, letter<span class=\"_ _1\"></span>a vv-bi<span class=\"_ _2\"></span>s 2 del CAP). La <span class=\"_ _38\"></span>possibilit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>rocedere <span class=\"_ _0\"></span>allo<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>smobilizzo <span class=\"_ _38\"></span>tem<span class=\"_ _1\"></span>pestivo <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>portafoglio <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>fortemente <span class=\"_ _1\"></span>condizionata<span class=\"_ _3a1\"> </span>dalla liquidabilit\u00e0 <span class=\"_ _1\"></span>dei t<span class=\"_ _1\"></span>itoli in cui lo <span class=\"_ _1\"></span>stesso \u00e8 <span class=\"_ _1\"></span>investito. <span class=\"_ _1\"></span>La scarsa liquidabilit\u00e0 <span class=\"_ _1\"></span>dei t<span class=\"_ _1\"></span>itoli in portafoglio,<span class=\"_ _3a1\"> </span>infatti, <span class=\"_ _38\"></span>pu\u00f2 <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>sporre <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>Compagnia <span class=\"_ _1\"></span>al <span class=\"_ _38\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>conseguire <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>perdite <span class=\"_ _38\"></span>connesse <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>difficolt\u00e0 <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span>trovare sul mercato la controparte interessata all\u2019acquisto dei titoli che s<span class=\"_ _1\"></span>i intende smobilizzare.<span class=\"_ _3a1\"> </span>La Compag<span class=\"_ _2\"></span>nia qu<span class=\"_ _2\"></span>antifica la <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ua p<span class=\"_ _2\"></span>osizione di <span class=\"_ _3b\"></span>so<span class=\"_ _1\"></span>lvibilit\u00e0 <span class=\"_ _3b\"></span>con le met<span class=\"_ _2\"></span>riche della <span class=\"_ _3b\"></span>F<span class=\"_ _1\"></span>ormula <span class=\"_ _2\"></span>Standard, ch<span class=\"_ _3b\"></span>e<span class=\"_ _3a1\"> </span>non prevede una quantificazione de<span class=\"_ _1\"></span>l rischio liquidit\u00e0 in termini di assorbimento di capitale.<span class=\"_ _3a1\"> </span>L\u2019identificazione del rischio di <span class=\"_ _1\"></span>liquidit\u00e0 viene effe<span class=\"_ _1\"></span>ttuata con riferimento<span class=\"_ _1\"></span> al portafoglio investimenti<span class=\"_ _3a1\"> </span>sottostanti <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>prodotti <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>gar<span class=\"_ _1\"></span>anzia <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>ca<span class=\"_ _1\"></span>pitale <span class=\"_ _0\"></span>e/<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>rendimento<span class=\"_ _1\"></span>. <span class=\"_ _0\"></span>L\u2019identificazione <span class=\"_ _0\"></span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>viene<span class=\"_ _3a1\"> </span>effettuata <span class=\"_ _3f\"> </span>sulla <span class=\"_ _3f\"> </span>base <span class=\"_ _3f\"> </span>dei <span class=\"_ _3f\"> </span>dati <span class=\"_ _39\"> </span>t<span class=\"_ _1\"></span>ecnici <span class=\"_ _3f\"> </span>dei <span class=\"_ _3f\"> </span>portafogli <span class=\"_ _39\"> </span>e <span class=\"_ _3f\"> </span>delle <span class=\"_ _3f\"> </span>metriche <span class=\"_ _3f\"> </span>definite <span class=\"_ _3f\"> </span>in <span class=\"_ _3f\"> </span>funzione<span class=\"_ _3a1\"> </span>dell\u2019orizzonte temporale con cui viene analizzato e studiato il rischio stesso.<span class=\"_ _3a1\"> </span><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e02\">Si  riportano  di  seguito  gli  indicatori  utilizzati  dalla  Compagnia  per  il  monitoraggio  del  rischio<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e03\">liquid</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e04\">it\u00e0:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1e05\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">importo <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>conti <span class=\"_ _1\"></span>correnti: <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>Compagnia <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>sce<span class=\"_ _1\"></span>lto di <span class=\"_ _38\"></span>monitorare <span class=\"_ _1\"></span>l\u2019importo <span class=\"_ _1\"></span>detenuto <span class=\"_ _38\"></span>nei <span class=\"_ _1\"></span>Conti<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e06\">Correnti  al <span class=\"_ _35\"> </span>fine <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>fissare  un <span class=\"_ _35\"> </span>limite <span class=\"_ _35\"> </span>inferiore  che<span class=\"_ _2\"></span>  rapp<span class=\"_ _2\"></span>resenta <span class=\"_ _35\"> </span>la  Riserva <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>Liquidit\u00e0 <span class=\"_ _35\"> </span>(come<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e07\">prescritta <span class=\"_ _1\"></span>dal <span class=\"_ _1\"></span>Reg. <span class=\"_ _1\"></span>38 IVASS) <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>limite <span class=\"_ _1\"></span>superiore <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>termini <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>importo <span class=\"_ _1\"></span>massimo <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>detenere<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e08\">nei <span class=\"_ _1\"></span>Conti <span class=\"_ _38\"></span>Correnti <span class=\"_ _1\"></span>al <span class=\"_ _38\"></span>fine <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>rendere <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>fficace <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>gestione <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>portafoglio <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>limitare <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>eventuali<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e09\">effetti <span class=\"_ _1\"></span>sull\u2019SCR <span class=\"_ _1\"></span>Default. <span class=\"_ _38\"></span>Nella <span class=\"_ _1\"></span>quantificazione <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>Riserva <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Liquidit\u00e0 <span class=\"_ _1\"></span>concorro<span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>solo <span class=\"_ _1\"></span>le<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e0a\">esposizioni in Conto Corrente ma anche titoli Governativi dell'Area Euro con qualit\u00e0 del credito<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e0b\">superiore a 2 e scadenza inferiore ai 3 mesi.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1e0c\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Liquidi<span class=\"_ _2\"></span>ty <span class=\"_ _36\"> </span>Buffer: <span class=\"_ _37\"> </span>il <span class=\"_ _36\"> </span>numero <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>periodi, <span class=\"_ _37\"> </span>m<span class=\"_ _1\"></span>ensili, <span class=\"_ _37\"> </span>consecutivi <span class=\"_ _36\"> </span>con <span class=\"_ _36\"> </span>Liquidity <span class=\"_ _37\"> </span>Buffer <span class=\"_ _36\"> </span>negativo,<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e0d\">nell\u2019orizzonte <span class=\"_ _3a\"> </span>te<span class=\"_ _1\"></span>mporale <span class=\"_ _3a\"> </span>annuale <span class=\"_ _3a\"> </span>consider<span class=\"_ _1\"></span>ato <span class=\"_ _3a\"> </span>e <span class=\"_ _3a\"> </span>fornisce <span class=\"_ _48\"> </span>u<span class=\"_ _2\"></span>n\u2019indicazione <span class=\"_ _3a\"> </span>sintet<span class=\"_ _1\"></span>ica <span class=\"_ _3a\"> </span>della<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e0e\">situazione di liquidit\u00e0 della Compagnia;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1e0f\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Piano di <span class=\"_ _2\"></span>liquidit\u00e0: l\u2019i<span class=\"_ _2\"></span>ndicatore<span class=\"_ _1\"></span> \u00e8 volto a<span class=\"_ _3b\"></span> dimostrare che la Compagnia <span class=\"_ _2\"></span>ha le risorse finanzi<span class=\"_ _2\"></span>arie su<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e10\">base continuativa per l<span class=\"_ _2\"></span>a gestione del <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio liqu<span class=\"_ _2\"></span>idit\u00e0. Tale condizione risulta <span class=\"_ _3b\"></span>inolt<span class=\"_ _1\"></span>re essere <span class=\"_ _2\"></span>alla<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e11\">base per l\u2019applicazione del Volatility Adjustment a livello Regolame<span class=\"_ _1\"></span>ntare;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1e12\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Contingency di liquidit\u00e0: ovvero titoli facilmente liquidabili;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1e13\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">SCR <span class=\"_ _0\"></span>default <span class=\"_ _35\"> </span>conti <span class=\"_ _0\"></span>corr<span class=\"_ _1\"></span>ente: <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>fine <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>limitare <span class=\"_ _35\"> </span>gli <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>ventuali <span class=\"_ _35\"> </span>effetti <span class=\"_ _35\"> </span>sull<span class=\"_ _2\"></span>\u2019SCR <span class=\"_ _0\"></span>defau<span class=\"_ _1\"></span>lt <span class=\"_ _35\"> </span>derivante<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e14\">dall\u2019aumento <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>volumi <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>conti <span class=\"_ _35\"> </span>corrente, <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>Compagnia <span class=\"_ _35\"> </span>ha <span class=\"_ _35\"> </span>fissato <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>limite <span class=\"_ _35\"> </span>superiore <span class=\"_ _35\"> </span>in<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e15\">termini di SCR Default.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1e16\">Rischio di cre<span class=\"_ _1\"></span>dito (default)<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e17\">Si <span class=\"_ _1\"></span>definisce <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>edito <span class=\"_ _38\"></span>(rischio <span class=\"_ _1\"></span>default) <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>ch<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e18\">io <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>dita <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>variazione <span class=\"_ _38\"></span>sfavorevole <span class=\"_ _38\"></span>della<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e19\">situazione finanzi<span class=\"_ _2\"></span>aria derivante <span class=\"_ _3b\"></span>da oscillazioni <span class=\"_ _2\"></span>del merito di <span class=\"_ _3b\"></span>credito di emittenti <span class=\"_ _3b\"></span>di titoli, <span class=\"_ _2\"></span>controparti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e1a\">e de<span class=\"_ _1\"></span>bitori nei confronti <span class=\"_ _1\"></span>dei quali l\u2019impresa <span class=\"_ _1\"></span>di assicurazione <span class=\"_ _1\"></span>o di riassicurazione \u00e8<span class=\"_ _1\"></span> esposta in <span class=\"_ _1\"></span>forma<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e1b\">di r<span class=\"_ _1\"></span>ischio <span class=\"_ _1\"></span>di inadempiment<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>controparte, <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>spread <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>concentrazione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>chio<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e1c\">di mercato (cfr. articolo 1, comma 1, lettera vv-bis 1 del CAP).<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e1d\">La perdita di valore della posizion<span class=\"_ _2\"></span>e creditoria e collegata principalmente alla qu<span class=\"_ _2\"></span>alit\u00e0 dell\u2019emittente<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e1e\">o<span class=\"_ _3a\"> </span>della  controparte  (in<span class=\"_ _2\"></span>clusi  i  riassicuratori,  coassicu<span class=\"_ _2\"></span>ratori,  assicurati  ed  intermediari)  ma <span class=\"_ _35\"> </span>pu\u00f2<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e1f\">anche <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>erivare <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>deteriora<span class=\"_ _2\"></span>mento <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>condizioni <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>conomico-finanziarie <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>debitore <span class=\"_ _38\"></span>da <span class=\"_ _0\"></span>cui<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e20\">dipende <span class=\"_ _2\"></span>la capaci<span class=\"_ _2\"></span>ta di <span class=\"_ _3b\"></span>far fronte <span class=\"_ _3b\"></span>agli impegni <span class=\"_ _3b\"></span>finanziari assunti, <span class=\"_ _3b\"></span>nonch\u00e9 da caus<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> ind<span class=\"_ _2\"></span>ipendenti dall<span class=\"_ _3b\"></span>a<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e21\">situazione <span class=\"_ _0\"></span>economica <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>aria <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>controparte <span class=\"_ _0\"></span>debitrice, <span class=\"_ _38\"></span>quali <span class=\"_ _38\"></span>ad <span class=\"_ _0\"></span>esempio <span class=\"_ _0\"></span>cause <span class=\"_ _38\"></span>politico-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e22\">militare.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e23\">Da un punto di vista puramente rappresent<span class=\"_ _1\"></span>ativo identifichiamo tre macro aree del rischio credito:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1e24\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Riassicurazione;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1e25\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Intermediarie e altre controparti;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1e26\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Investimenti.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e27\">I fattori di rischio sottostanti alle singole sottocategor<span class=\"_ _1\"></span>ie del rischio credito sono i seguenti:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1e28\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Per quanto riguarda la sottoclasse Rassicurazione:<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs1e29\">o<span class=\"_ _115\"> </span><span class=\"ff4\">Rischio <span class=\"_ _48\"> </span>di <span class=\"_ _17e\"> </span>credito <span class=\"_ _48\"> </span>verso <span class=\"_ _17e\"> </span>riassicuratori: <span class=\"_ _48\"> </span>rappresenta <span class=\"_ _17e\"> </span>il <span class=\"_ _48\"> </span>rischio <span class=\"_ _48\"> </span>di <span class=\"_ _48\"> </span>per<span class=\"_ _1\"></span>dite <span class=\"_ _48\"> </span>derivanti<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e2a\">dall\u2019insolvenza di uno o pi\u00f9 riassicuratori;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs1e2b\">o<span class=\"_ _115\"> </span><span class=\"ff4\">Rischio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>base: <span class=\"_ _38\"></span>der<span class=\"_ _1\"></span>ivante <span class=\"_ _38\"></span>dalle <span class=\"_ _38\"></span>eventuali <span class=\"_ _38\"></span>discrepanze <span class=\"_ _38\"></span>tr<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>sigenze <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rias<span class=\"_ _1\"></span>sicurazione <span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e2c\">l\u2019effettiva copertura prevista dal trattato comportando per la Compag<span class=\"_ _2\"></span>nia un\u2019assunzione di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e2d\">rischio maggiore rispetto a quella pre<span class=\"_ _1\"></span>ventivata.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1e2e\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Per quanto riguarda gli intermediari e le altre controparti:<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs1e2f\">o<span class=\"_ _115\"> </span><span class=\"ff4\">Rischio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>credito <span class=\"_ _1\"></span>verso <span class=\"_ _1\"></span>intermediari <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>altre <span class=\"_ _1\"></span>controparti: <span class=\"_ _1\"></span>rappresenta <span class=\"_ _1\"></span>il r<span class=\"_ _1\"></span>ischio <span class=\"_ _1\"></span>di perdite <span class=\"_ _1\"></span>in<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e30\">conseguenza <span class=\"_ _2\"></span>all\u2019inadempimento <span class=\"_ _2\"></span>contrattuale <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>soggetti terzi <span class=\"_ _3b\"></span>(es. <span class=\"_ _3b\"></span>i crediti <span class=\"_ _3b\"></span>verso a<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>sicurati,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e31\">verso intermediari assicurativi, conti corre<span class=\"_ _1\"></span>nti verso banche).<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e32\">Da <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>unto <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>vista <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span>stribuzione <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>rischi <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>count<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>rparty <span class=\"_ _38\"></span>default <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _38\"></span>Credemassicurazioni<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e33\">secondo <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>dettami <span class=\"_ _35\"> </span>normativi <span class=\"_ _0\"></span>Solvency <span class=\"_ _35\"> </span>II <span class=\"_ _0\"></span>si <span class=\"_ _35\"> </span>riporta <span class=\"_ _35\"> </span>n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>lla <span class=\"_ _0\"> </span>t<span class=\"_ _1\"></span>abella <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>seguito <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>miglior <span class=\"_ _35\"> </span>stima <span class=\"_ _0\"></span>della<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e34\">rappresentazione <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>redazione <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>presen<span class=\"_ _2\"></span>te <span class=\"_ _38\"></span>se<span class=\"_ _1\"></span>zione <span class=\"_ _38\"></span>(si <span class=\"_ _38\"></span>precisa <span class=\"_ _0\"></span>ch<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>peso<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e35\">complessivo dei rischi counterpary default \u00e8 pari al 1,3%). </div><div class=\"gs1e36\"><table class=\"s w155e h2e7\" id=\"_d7c3d707-0f79-49d7-981f-09824734fe4a\"><tr><td class=\"t m2 x2611 h12 y6a25 ff4 fs7 fc1 sc0 ls0 ws0\">Credit risk - risk/sum <span class=\"_ _2\"></span>of risk compon<span class=\"_ _2\"></span>ents - relativo e </td><td></td><td class=\"t m2 x2612 h12 y6a26 ff4 fs7 fc1 sc0 ls0 ws0\">IVQ 2024 </td></tr><tr><td class=\"t m2 x2613 h12 y6a27 ff4 fs7 fc1 sc0 ls0 ws0\">complessivo </td><td></td><td></td></tr><tr><td></td><td class=\"c n x2614 y6a28 w155f h2e8\"><div class=\"t m5 x2b3 h2a y6334 ff4 fsd fc1 sc0 ls0 ws0\">% Relativo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2615 y6a28 w1560 h2e8\"><div class=\"t m5 x2b3 h2a y6334 ff4 fsd fc1 sc0 ls0 ws0\">% Complessivo<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xe96 h12 y6a29 ff4 fs7 fc1 sc0 ls0 ws0\">Type 1 counterpartie<span class=\"_ _2\"></span>s </td><td class=\"c n x2616 y6a2a w1561 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">83,2%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2617 y6a2a w155d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1,1%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xe96 h12 y6a2b ff4 fs7 fc1 sc0 ls0 ws0\">Type 2 counterpartie<span class=\"_ _2\"></span>s </td><td class=\"c n x2616 y6a2c w1562 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">16,8%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2618 y6a2c w1563 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,2%<span class=\"_ _3a1\"> </span></div></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e38\">Le <span class=\"_ _0\"></span>politiche <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lative <span class=\"_ _0\"></span>alla <span class=\"_ _38\"></span>gestione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>rischio<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>cre<span class=\"_ _1\"></span>dito <span class=\"_ _0\"></span>ve<span class=\"_ _2\"></span>rso <span class=\"_ _0\"></span>gli <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>mittenti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>strumenti <span class=\"_ _0\"></span>finanziari<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e39\">sono <span class=\"_ _38\"></span>r<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e3a\">iconducibili <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>quanto <span class=\"_ _38\"></span>so<span class=\"_ _1\"></span>pra <span class=\"_ _0\"></span>riportato <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>p<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>oposito <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _0\"></span>con <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iferimento <span class=\"_ _0\"></span>a<span class=\"_ _3b\"></span>i<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e3b\">principi generali relativi al<span class=\"_ _2\"></span> controllo d<span class=\"_ _2\"></span>egli investimenti di natura <span class=\"_ _2\"></span>finanzi<span class=\"_ _2\"></span>aria. Per quanto concerne l<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e3c\">controparti riassicurative, <span class=\"_ _3b\"></span>Credemass<span class=\"_ _1\"></span>icurazioni <span class=\"_ _2\"></span>ha d<span class=\"_ _2\"></span>efinito politiche <span class=\"_ _3b\"></span>pe<span class=\"_ _1\"></span>r la <span class=\"_ _3b\"></span>gestione e <span class=\"_ _2\"></span>il c<span class=\"_ _2\"></span>ontrollo d<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e3d\">tale rischio in termini di linee guida e limiti <span class=\"_ _1\"></span>relativi alle controparti.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e3e\">L\u2019identificazione <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>Counterpar<span class=\"_ _2\"></span>ty <span class=\"_ _0\"></span>Default <span class=\"_ _35\"> </span>Risk <span class=\"_ _0\"></span>viene <span class=\"_ _0\"></span>effettuata <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _0\"></span>alle <span class=\"_ _35\"> </span>cont<span class=\"_ _2\"></span>roparti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e3f\">verso le quali sussistono posizioni di credito.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e40\">Si riportano sinteticamente di seguito le misure di ris<span class=\"_ _1\"></span>chio utilizzate:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1e41\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">SCR Counterparty Default Risk;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1e42\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Importo Massimo <span class=\"_ _1\"></span>in Conti Correnti: r<span class=\"_ _1\"></span>appresenta l\u2019ammontare <span class=\"_ _1\"></span>massimo in <span class=\"_ _1\"></span>C/C da <span class=\"_ _1\"></span>detenere sul<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e43\">portafoglio;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1e44\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Esposizione <span class=\"_ _193\"> </span>per <span class=\"_ _193\"> </span>Riassicuratore: <span class=\"_ _40\"> </span>l\u2019indi<span class=\"_ _2\"></span>catore <span class=\"_ _40\"> </span>individ<span class=\"_ _2\"></span>ua <span class=\"_ _193\"> </span>l\u2019espos<span class=\"_ _1\"></span>izione <span class=\"_ _193\"> </span>verso <span class=\"_ _193\"> </span>ciascun<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e45\">Riassicuratore in termini di somme assicurate;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1e46\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rating <span class=\"_ _3a\"> </span>o <span class=\"_ _3a\"> </span>Solvency <span class=\"_ _48\"> </span>Ratio <span class=\"_ _3a\"> </span>per <span class=\"_ _3a\"> </span>Riassicuratore: <span class=\"_ _48\"> </span>l\u2019i<span class=\"_ _2\"></span>ndicatore <span class=\"_ _48\"> </span>\u00e8<span class=\"_ _2\"></span> <span class=\"_ _3a\"> </span>pari <span class=\"_ _48\"> </span>al <span class=\"_ _3a\"> </span>Rating <span class=\"_ _3a\"> </span>del <span class=\"_ _3a\"> </span>singolo<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e47\">Riassicuratore o, in caso di controparte non retata, al <span class=\"_ _1\"></span>Solvency Ratio dello stesso.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1e48\">Rischi operat<span class=\"_ _1\"></span>ivi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e49\">Il </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs1e4a\">rischio operativo</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e4b\"> \u00e8 <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>finibile <span class=\"_ _3b\"></span>come<span class=\"_ _1\"></span> il <span class=\"_ _3b\"></span>rischio di <span class=\"_ _2\"></span>subire perdite de<span class=\"_ _2\"></span>rivanti <span class=\"_ _2\"></span>dalla inad<span class=\"_ _2\"></span>eguatezza o d<span class=\"_ _2\"></span>alla<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e4c\">disfunzione <span class=\"_ _35\"> </span>(carenze <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>errori) <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>procedure<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>interne, <span class=\"_ _35\"> </span>risorse <span class=\"_ _35\"> </span>um<span class=\"_ _2\"></span>ane <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>sistemi <span class=\"_ _35\"> </span>oppure <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>even<span class=\"_ _2\"></span>ti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e4d\">esogeni <span class=\"_ _0\"></span>(cfr. <span class=\"_ _0\"></span>art<span class=\"_ _1\"></span>icolo <span class=\"_ _0\"></span>1, <span class=\"_ _0\"></span>comma <span class=\"_ _0\"></span>1, <span class=\"_ _0\"></span>lettera <span class=\"_ _0\"></span>vv-bis <span class=\"_ _0\"></span>5 <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>CAP). <span class=\"_ _0\"></span>Pe<span class=\"_ _1\"></span>rtanto, <span class=\"_ _0\"></span>l\u2019impresa <span class=\"_ _0\"></span>pu\u00f2 <span class=\"_ _0\"></span>incorre<span class=\"_ _1\"></span>re <span class=\"_ _0\"></span>in<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e4e\">perdite <span class=\"_ _3d\"> </span>ope<span class=\"_ _1\"></span>rative, <span class=\"_ _3d\"> </span>definibili <span class=\"_ _3d\"> </span>com<span class=\"_ _1\"></span>e <span class=\"_ _37\"> </span>gli <span class=\"_ _3d\"> </span>effetti <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>conomici <span class=\"_ _3d\"> </span>ne<span class=\"_ _1\"></span>gativi <span class=\"_ _3d\"> </span>derivanti <span class=\"_ _3d\"> </span>da <span class=\"_ _37\"> </span>eventi <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>nat<span class=\"_ _1\"></span>ura<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e4f\">operativa, rilevati nella contabilit\u00e0 aziendale e t<span class=\"_ _1\"></span>ali da avere impatto sul conto economico.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e50\">Alla pi\u00f9 generale categoria dei Rischi Operativi apparte<span class=\"_ _1\"></span>ngono le seguenti sotto-categorie:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1e51\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio Operativi;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1e52\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio Informatico e Cyber Risk;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1e53\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio di non Conformit\u00e0 alle norme;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1e54\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Model Risk;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1e55\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Continuit\u00e0 Operativa;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1e56\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Regulatory Operational Risk,<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e57\">di seguito meglio esplicitate.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1e58\">Rischio Oper<span class=\"_ _1\"></span>ativo e IT &amp; Cyber Risk<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e59\">I principali fattori di rischio che caratterizzano il risc<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e5a\">hio operativo sono:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1e5b\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Persone:  le <span class=\"_ _3d\"> </span>risorse <span class=\"_ _3d\"> </span>umane <span class=\"_ _3d\"> </span>possono  essere <span class=\"_ _3d\"> </span>fonte <span class=\"_ _3d\"> </span>di  rischio <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>l\u2019impresa, <span class=\"_ _3d\"> </span>se  la <span class=\"_ _3d\"> </span>struttura<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e5c\">organizzativa non <span class=\"_ _3b\"></span>\u00e8 effici<span class=\"_ _2\"></span>ente, op<span class=\"_ _2\"></span>pure si <span class=\"_ _3b\"></span>verificano carenze <span class=\"_ _3b\"></span>nella professionalit\u00e0 <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>dipendenti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e5d\">o, <span class=\"_ _3b\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _3b\"></span>esem<span class=\"_ _1\"></span>pio, <span class=\"_ _3b\"></span>se la <span class=\"_ _184\"></span>s<span class=\"_ _1\"></span>truttura <span class=\"_ _2\"></span>retributiva <span class=\"_ _3b\"></span>e il <span class=\"_ _3b\"></span>percorso <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>carriera <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>sono ad<span class=\"_ _3b\"></span>eguati e <span class=\"_ _3b\"></span>se i<span class=\"_ _2\"></span>l <span class=\"_ _3b\"></span>clima<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e5e\">aziendale <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>idoneo. <span class=\"_ _1\"></span>Gli <span class=\"_ _1\"></span>esempi di <span class=\"_ _1\"></span>perdite<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dovute <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>risorse <span class=\"_ _1\"></span>incompetenti <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>negligenti <span class=\"_ _1\"></span>sono<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e5f\">numerosi, <span class=\"_ _0\"> </span>fra <span class=\"_ _35\"> </span>questi <span class=\"_ _0\"></span>emergono <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>casi <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>inserimento <span class=\"_ _0\"></span>erroneo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>dati <span class=\"_ _0\"></span>nei <span class=\"_ _0\"></span>siste<span class=\"_ _1\"></span>mi, <span class=\"_ _0\"></span>errori <span class=\"_ _0\"></span>nella<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e60\">trasposizione dei dati o violazioni di regolamenti.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1e61\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Processi: <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>processi <span class=\"_ _1\"></span>aziendali <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>fonte <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>operativo <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>caso <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>verifichino <span class=\"_ _1\"></span>delle<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e62\">inefficienze <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>disegno, <span class=\"_ _1\"></span>nella <span class=\"_ _1\"></span>formalizzazione <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>nella <span class=\"_ _1\"></span>definizione de<span class=\"_ _1\"></span>lla s<span class=\"_ _1\"></span>truttura <span class=\"_ _1\"></span>degli s<span class=\"_ _1\"></span>tessi <span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e63\">quindi nella defi<span class=\"_ _1\"></span>nizione degli <span class=\"_ _1\"></span>attori <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>vi prendono <span class=\"_ _1\"></span>parte <span class=\"_ _1\"></span>e del <span class=\"_ _1\"></span>relativo livello <span class=\"_ _1\"></span>di re<span class=\"_ _1\"></span>sponsabilit\u00e0<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e64\">e di <span class=\"_ _3b\"></span>autor<span class=\"_ _1\"></span>izzazione. Possono <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>isultare inadegu<span class=\"_ _2\"></span>ati e q<span class=\"_ _2\"></span>uindi <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ssere fonte di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio operativo <span class=\"_ _3b\"></span>tutt<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e65\">i p<span class=\"_ _2\"></span>rocessi aziendal<span class=\"_ _2\"></span>i, c<span class=\"_ _2\"></span>ompresi i <span class=\"_ _3b\"></span>modelli valutativi <span class=\"_ _3b\"></span>e di <span class=\"_ _3b\"></span>calcolo e <span class=\"_ _2\"></span>gli <span class=\"_ _3b\"></span>stessi processi <span class=\"_ _3b\"></span>di gestione <span class=\"_ _2\"></span>del<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e66\">rischio. Sono fonte di rischio operativo:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs1e67\">o<span class=\"_ _115\"> </span><span class=\"ff4\">le <span class=\"_ _36\"> </span>esternalizzazioni <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _37\"> </span>aziendali <span class=\"_ _37\"> </span>nel <span class=\"_ _36\"> </span>caso <span class=\"_ _36\"> </span>in <span class=\"_ _37\"> </span>cui <span class=\"_ _37\"> </span>si <span class=\"_ _37\"> </span>verifichino <span class=\"_ _37\"> </span>delle <span class=\"_ _36\"> </span>carenze <span class=\"_ _36\"> </span>/<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e68\">inadeguatezze nei <span class=\"_ _3b\"></span>processi di <span class=\"_ _3b\"></span>gest<span class=\"_ _1\"></span>ione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rapporto con <span class=\"_ _3b\"></span>gli outsourcer <span class=\"_ _3b\"></span>tali da c<span class=\"_ _2\"></span>ausare <span class=\"_ _2\"></span>delle<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e69\">perdite all\u2019impresa;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs1e6a\">o<span class=\"_ _115\"> </span><span class=\"ff4\">il <span class=\"_ _0\"></span>mancato <span class=\"_ _0\"></span>aggiornamento <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>l\u2019inadeguata <span class=\"_ _0\"></span>archiv<span class=\"_ _2\"></span>iazione <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>procedure <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>normative <span class=\"_ _38\"></span>che<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e6b\">formalizzano i processi interni;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs1e6c\">o<span class=\"_ _115\"> </span><span class=\"ff4\">mancata/<span class=\"_ _1\"></span>inadeguata/intempestiva <span class=\"_ _2\"></span>emanazione di <span class=\"_ _3b\"></span>nor<span class=\"_ _1\"></span>me attuative i<span class=\"_ _2\"></span>nterne in <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>elazione alla<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e6d\">normativa esterna vigente.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1e6e\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">IT <span class=\"_ _0\"></span>Security <span class=\"_ _35\"> </span>Risk <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>IT <span class=\"_ _0\"></span>Risk: <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>sistemi <span class=\"_ _35\"> </span>informativi<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>possono <span class=\"_ _0\"> </span>causare <span class=\"_ _35\"> </span>perdite <span class=\"_ _35\"> </span>all\u2019i<span class=\"_ _2\"></span>mpresa <span class=\"_ _35\"> </span>se <span class=\"_ _0\"></span>non<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e6f\">vengono adott<span class=\"_ _1\"></span>ate adeguate m<span class=\"_ _1\"></span>isure di IT <span class=\"_ _1\"></span>Security oppure <span class=\"_ _1\"></span>nella <span class=\"_ _1\"></span>gestione <span class=\"_ _1\"></span>delle apparecchiature<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e70\">hardware <span class=\"_ _3f\"> </span>e <span class=\"_ _39\"> </span>software. <span class=\"_ _3f\"> </span>La <span class=\"_ _39\"> </span>crescente <span class=\"_ _3f\"> </span>dipendenza <span class=\"_ _39\"> </span>dai <span class=\"_ _3f\"> </span>sistemi <span class=\"_ _3f\"> </span>informativi <span class=\"_ _39\"> </span>e <span class=\"_ _3f\"> </span>dalle <span class=\"_ _39\"> </span>risorse<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e71\">tecnologiche <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>genere <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>reso <span class=\"_ _0\"></span>questo <span class=\"_ _0\"></span>fattore <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>sempre <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _0\"></span>rilevante. <span class=\"_ _0\"></span>Gli <span class=\"_ _0\"></span>esempi <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e72\">perdita <span class=\"_ _38\"></span>legat<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>questo <span class=\"_ _38\"></span>fattore <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>nu<span class=\"_ _2\"></span>merosi, <span class=\"_ _38\"></span>come <span class=\"_ _0\"></span>l\u2019assunzio<span class=\"_ _3b\"></span>ne<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ccessivi <span class=\"_ _38\"></span>dovuti <span class=\"_ _38\"></span>a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e73\">errori di<span class=\"_ _2\"></span> programmi i<span class=\"_ _2\"></span>nformatici, <span class=\"_ _2\"></span>il mancato <span class=\"_ _3b\"></span>rispetto di <span class=\"_ _3b\"></span>adem<span class=\"_ _1\"></span>pimenti <span class=\"_ _2\"></span>contrattuali dovu<span class=\"_ _2\"></span>to a <span class=\"_ _3b\"></span>errori<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e74\">dei sistemi informativi e ancora la perdita di dati rilevanti connessa <span class=\"_ _1\"></span>a fallimenti dei sistemi.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1e75\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Eventi Esterni: gli eventi legati a fattori ester<span class=\"_ _1\"></span>ni possono causare perdite all\u2019impresa a fro<span class=\"_ _1\"></span>nte di<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e76\">calamit\u00e0 <span class=\"_ _0\"></span>naturali, <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>prevenzione <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sicurezza <span class=\"_ _0\"></span>verso <span class=\"_ _35\"> </span>eventi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>natura <span class=\"_ _0\"></span>accidentale, <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>fronte <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> </div>obsolescenza delle <span class=\"_ _1\"></span>infrastrutture, di prevenzione e <span class=\"_ _1\"></span>di sicurezza vers<span class=\"_ _1\"></span>o atti di nat<span class=\"_ _1\"></span>ura criminosa,<span class=\"_ _3a1\"> </span> nei <span class=\"_ _35\"> </span>pa<span class=\"_ _3a1\"> </span>ssaggi <span class=\"_ _35\"> </span>autorizzativi <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>l'esecuzione <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>operative, <span class=\"_ _35\"> </span>nelle <span class=\"_ _35\"> </span>misure <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>controllo<span class=\"_ _3a1\"> </span> verso attivit\u00e0 non <span class=\"_ _3b\"></span>auto<span class=\"_ _1\"></span>rizzate e f<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>odi da parte<span class=\"_ _2\"></span> di di<span class=\"_ _2\"></span>pendenti, di misure <span class=\"_ _2\"></span>preventive verso frodi <span class=\"_ _2\"></span>da<span class=\"_ _3a1\"> </span> parte di <span class=\"_ _1\"></span>esterni, a fr<span class=\"_ _1\"></span>onte di un <span class=\"_ _1\"></span>inadeguato e/o no<span class=\"_ _1\"></span>n tempestivo <span class=\"_ _1\"></span>aggiornamento della <span class=\"_ _1\"></span>normativa<span class=\"_ _3a1\"> </span> interna in relazione ai mutamenti della normat<span class=\"_ _1\"></span>iva esterna da cui deriva.   L\u2019approccio di identificazione del r<span class=\"_ _1\"></span>ischio operativo segue una logica di tipo \u2018<span class=\"_ _1\"></span>bottom <span class=\"_ _1\"></span>up\u2019, basata su<span class=\"_ _3a1\"> </span> una <span class=\"_ _3b\"></span>metodologia <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>Risk <span class=\"_ _2\"></span>Self <span class=\"_ _3b\"></span>Asse<span class=\"_ _1\"></span>ssment <span class=\"_ _3b\"></span>con l\u2019<span class=\"_ _2\"></span>obiettivo <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>valutare <span class=\"_ _3b\"></span>il <span class=\"_ _2\"></span>livello <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>rischiosit\u00e0 e <span class=\"_ _3b\"></span>la <span class=\"_ _3b\"></span>qualit\u00e0<span class=\"_ _3a1\"> </span> dei <span class=\"_ _3b\"></span>cont<span class=\"_ _1\"></span>rolli <span class=\"_ _2\"></span>posti <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>essere <span class=\"_ _3b\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _3b\"></span>mitigare il <span class=\"_ _184\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _2\"></span>afferente <span class=\"_ _3b\"></span>alle a<span class=\"_ _2\"></span>ttivit\u00e0 <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>perative <span class=\"_ _3b\"></span>e ad <span class=\"_ _3b\"></span>ogni <span class=\"_ _3b\"></span>proce<span class=\"_ _1\"></span>sso<span class=\"_ _3a1\"> </span> aziendale.  L\u2019obiettivo <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>tale<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>approccio, <span class=\"_ _3b\"></span>basato <span class=\"_ _2\"></span>sull\u2019analisi <span class=\"_ _3b\"></span>per Team <span class=\"_ _3b\"></span>Funzionale, \u00e8 <span class=\"_ _3b\"></span>l\u2019individuazione <span class=\"_ _2\"></span>degli <span class=\"_ _3b\"></span>eve<span class=\"_ _1\"></span>nti<span class=\"_ _3a1\"> </span> perdita <span class=\"_ _39\"> </span>che <span class=\"_ _36\"> </span>potre<span class=\"_ _1\"></span>bbero <span class=\"_ _36\"> </span>manifestarsi, <span class=\"_ _39\"> </span>la <span class=\"_ _39\"> </span>valutazione <span class=\"_ _36\"> </span>del <span class=\"_ _39\"> </span>possibile <span class=\"_ _36\"> </span>impatto <span class=\"_ _39\"> </span>e <span class=\"_ _39\"> </span>della <span class=\"_ _36\"> </span>poss<span class=\"_ _1\"></span>ibile<span class=\"_ _3a1\"> </span> frequenza <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>realizzazione <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>tali <span class=\"_ _37\"> </span>eventi <span class=\"_ _36\"> </span>(quantificazione <span class=\"_ _37\"> </span>delle <span class=\"_ _36\"> </span>perdite <span class=\"_ _37\"> </span>attese <span class=\"_ _36\"> </span>e <span class=\"_ _36\"> </span>inattese), <span class=\"_ _37\"> </span>la<span class=\"_ _3a1\"> </span> valutazione dell\u2019efficacia dei <span class=\"_ _2\"></span>controlli a presidio e d<span class=\"_ _3b\"></span>ei possibili strumenti organizzativi attivabili <span class=\"_ _2\"></span>per<span class=\"_ _3a1\"> </span> la mitigazione del rischio. La <span class=\"_ _1\"></span>valutazione delle <span class=\"_ _1\"></span>perdite attese<span class=\"_ _1\"></span> e inattese viene fatta s<span class=\"_ _1\"></span>ia in relazione<span class=\"_ _3a1\"> </span> al rischio operativo nella s<span class=\"_ _1\"></span>ua interezza (su cui insistono specifici limiti RAF) sia per <span class=\"_ _1\"></span>la componente<span class=\"_ _3a1\"> </span> relativa al rischio IT/IT Security.<span class=\"_ _3a1\"> </span> La <span class=\"_ _37\"> </span>Compagnia <span class=\"_ _37\"> </span>ha <span class=\"_ _36\"> </span>strutturato, <span class=\"_ _37\"> </span>inoltre, <span class=\"_ _36\"> </span>con <span class=\"_ _37\"> </span>periodicit\u00e0 <span class=\"_ _37\"> </span>annuale <span class=\"_ _36\"> </span>una <span class=\"_ _37\"> </span>valutazione <span class=\"_ _37\"> </span>delle <span class=\"_ _36\"> </span>perdite<span class=\"_ _3a1\"> </span> effettive subite derivanti da risch<span class=\"_ _2\"></span>i operativi (c.d. LDC <span class=\"_ _2\"></span>\u2013 Loss Data Collection). Tale anali<span class=\"_ _2\"></span>si consente<span class=\"_ _3a1\"> </span> inoltre di effettuare un back-test circa la valutazione ex<span class=\"_ _1\"></span>-ante mediante Risk Self-Assessment.<span class=\"_ _3a1\"> </span> Regulatory<span class=\"_ _1\"></span> Operational Risk<span class=\"_ _3a1\"> </span> Per quanto rigu<span class=\"_ _2\"></span>arda la valutazione del <span class=\"_ _3b\"></span>re<span class=\"_ _1\"></span>quisito di cap<span class=\"_ _2\"></span>itale (SCR), <span class=\"_ _3b\"></span>i rischi operativi vengono valutati<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> mediante l\u2019applicazione della Standard <span class=\"_ _2\"></span>Formula. Il peso complessivo dei rischi <span class=\"_ _2\"></span>operative, secondo<span class=\"_ _3a1\"> </span> i dettami normativi Solvency II \u00e8 pari al 6,2% (dato al IVQ 2024).<span class=\"_ _3a1\"> </span> Rischio legale e<span class=\"_ _1\"></span> rischio di non con<span class=\"_ _1\"></span>formit\u00e0 alle norme<span class=\"_ _3a1\"> </span> Il <span class=\"_ _35\"> </span>rischio  normativo <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>compliance  (ovv<span class=\"_ _2\"></span>ero  di <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>conformi<span class=\"_ _3a1\"> </span>t\u00e0 <span class=\"_ _35\"> </span>alle  n<span class=\"_ _2\"></span>orme)  rigu<span class=\"_ _2\"></span>arda  il<span class=\"_ _2\"></span>  rischio <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span> incorrere <span class=\"_ _36\"> </span>in <span class=\"_ _36\"> </span>sanzioni <span class=\"_ _37\"> </span>giudiziarie<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>o <span class=\"_ _37\"> </span>am<span class=\"_ _1\"></span>ministrative, <span class=\"_ _37\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>subire <span class=\"_ _37\"> </span>perdite <span class=\"_ _36\"> </span>o <span class=\"_ _36\"> </span>danni <span class=\"_ _36\"> </span>reputazionali <span class=\"_ _37\"> </span>in<span class=\"_ _3a1\"> </span> conseguenza <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>mancata <span class=\"_ _0\"></span>osse<span class=\"_ _1\"></span>rvanza <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>leggi, <span class=\"_ _0\"></span>regolamenti <span class=\"_ _0\"></span>o <span class=\"_ _35\"> </span>provvedimenti <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>Autorit\u00e0 <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> Vigilanza <span class=\"_ _0\"></span>ovvero <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>norme<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>a<span class=\"_ _1\"></span>utoregolamentazione, <span class=\"_ _0\"></span>quali <span class=\"_ _0\"></span>statuti, <span class=\"_ _0\"></span>codici <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>condotta <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>codici <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> autodisciplina; <span class=\"_ _48\"> </span>rischio <span class=\"_ _48\"> </span>de<span class=\"_ _1\"></span>rivante <span class=\"_ _48\"> </span>da <span class=\"_ _17e\"> </span>modifiche <span class=\"_ _48\"> </span>sfavorevoli <span class=\"_ _48\"> </span>del <span class=\"_ _17e\"> </span>quadro <span class=\"_ _48\"> </span>normat<span class=\"_ _1\"></span>ivo <span class=\"_ _48\"> </span>o <span class=\"_ _48\"> </span>degli<span class=\"_ _3a1\"> </span> orientamenti giurisprudenziali.  Nella gestione del rischio di <span class=\"_ _2\"></span>non conformit\u00e0 normativa, l\u2019azi<span class=\"_ _2\"></span>enda identifica quale fattore prioritario<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> di <span class=\"_ _3b\"></span>success<span class=\"_ _1\"></span>o <span class=\"_ _3b\"></span>il conseguimento <span class=\"_ _3b\"></span>della <span class=\"_ _3b\"></span>conformit<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _3b\"></span>in mate<span class=\"_ _2\"></span>ria <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>trasparenza e<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>corr<span class=\"_ _1\"></span>ettezza <span class=\"_ _3b\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _3b\"></span>rapporto<span class=\"_ _3a1\"> </span> col <span class=\"_ _1\"></span>cliente <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ssicurato <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>danneggiato, <span class=\"_ _38\"></span>nell\u2019informativa <span class=\"_ _1\"></span>precontrattuale <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>contrattuale <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>prodotti,<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> nella <span class=\"_ _38\"></span>corr<span class=\"_ _1\"></span>etta <span class=\"_ _38\"></span>esecuzione <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>contratti, <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>icolare <span class=\"_ _38\"></span>riguardo <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>lla <span class=\"_ _38\"></span>liquidazione <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>sinistri, <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>in<span class=\"_ _3a1\"> </span> generale nella tutela del consumatore.  In <span class=\"_ _1\"></span>sint<span class=\"_ _1\"></span>esi, <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>processo <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>analisi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>confor<span class=\"_ _1\"></span>mit\u00e0 <span class=\"_ _1\"></span>alle <span class=\"_ _0\"></span>no<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>me <span class=\"_ _38\"></span>mira, <span class=\"_ _1\"></span>attr<span class=\"_ _1\"></span>averso <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>formalizzazione <span class=\"_ _38\"></span>della<span class=\"_ _3a1\"> </span> matrice di rischio di compliance, a:  -<span class=\"_ _1a9\"> </span><span class=\"ff4\">migliorare <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>grado <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>sensibilit\u00e0 <span class=\"_ _1\"></span>nei <span class=\"_ _38\"></span>confronti <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>disposto <span class=\"_ _38\"></span>normativo <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>controlli <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>primo livello;<span class=\"_ _3a1\"> </span> -<span class=\"_ _1a9\"> </span><span class=\"ff4\">valutare i presidi di controllo esiste<span class=\"_ _1\"></span>nti sui processi;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">stimolare la rifless<span class=\"_ _1\"></span>ione sui potenziali<span class=\"_ _2\"></span> rischi esis<span class=\"_ _1\"></span>tenti;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">valutare la capacit\u00e0 nel riconoscere o pre<span class=\"_ _1\"></span>venire i rischi medesimi;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">individuare gli interve<span class=\"_ _1\"></span>nti organizzativi utili<span class=\"_ _2\"></span> a colmare<span class=\"_ _1\"></span> i gap eventualmente riscontrati.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>Nell\u2019esercizio <span class=\"_ _3d\"> </span>dei  pro<span class=\"_ _1\"></span>pri  compiti  la <span class=\"_ _3d\"> </span>funzione <span class=\"_ _3d\"> </span>di  Compliance <span class=\"_ _3d\"> </span>opera <span class=\"_ _3d\"> </span>sulla  base <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>un  approccio<span class=\"_ _3a1\"> </span> metodologico <span class=\"_ _35\"> </span>fondato <span class=\"_ _35\"> </span>su <span class=\"_ _35\"> </span>tecniche <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>identificazione, <span class=\"_ _35\"> </span>valutazione, <span class=\"_ _35\"> </span>gest<span class=\"_ _1\"></span>ione <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>moni<span class=\"_ _2\"></span>toraggio <span class=\"_ _35\"> </span>dei<span class=\"_ _3a1\"> </span> rischi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>conformit\u00e0 <span class=\"_ _38\"></span>ispirate <span class=\"_ _1\"></span>alle <span class=\"_ _38\"></span>migliori <span class=\"_ _1\"></span>prassi <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>mercato <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>coerenti <span class=\"_ _38\"></span>con <span class=\"_ _1\"></span>quelli <span class=\"_ _1\"></span>utilizzati <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span> processi di Risk Management e di Revisione Inter<span class=\"_ _1\"></span>na.<span class=\"_ _3a1\"> </span> Modelling Ris<span class=\"_ _1\"></span>k<span class=\"_ _3a1\"> </span> Rischio di <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>dite in <span class=\"_ _1\"></span>materia <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>sviluppo, imp<span class=\"_ _1\"></span>lementazione <span class=\"_ _1\"></span>o usi <span class=\"_ _1\"></span>improprio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>altri <span class=\"_ _1\"></span>modelli <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>parte<span class=\"_ _3a1\"> </span> della Compagnia per il pro<span class=\"_ _1\"></span>cesso decisionale (ad es<span class=\"_ _1\"></span>empio, i prezzi dei prodot<span class=\"_ _1\"></span>ti, la valutazione degli<span class=\"_ _3a1\"> </span> strumenti finanziari, il monitoraggio dei limiti di rischio, et<span class=\"_ _1\"></span>c).<span class=\"_ _3a1\"> </span> Continuit\u00e0 Operat<span class=\"_ _1\"></span>iva<span class=\"_ _3a1\"> </span> Il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>continuit\u00e0 <span class=\"_ _0\"></span>operativa <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>collegato <span class=\"_ _0\"></span>all\u2019utilizz<span class=\"_ _3a1\"> </span>o <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>piano <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>continuit\u00e0 <span class=\"_ _0\"></span>operativa <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la<span class=\"_ _3a1\"> </span> gestione <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>situazioni <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>crisi <span class=\"_ _35\"> </span>c<span class=\"_ _2\"></span>onseguenti <span class=\"_ _35\"> </span>ad <span class=\"_ _0\"></span>incidenti <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>portata <span class=\"_ _35\"> </span>settoriale, <span class=\"_ _0\"></span>aziendale <span class=\"_ _35\"> </span>ovvero<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>a<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> catastrofi estese che colpiscono l\u2019operat<span class=\"_ _1\"></span>ore o le sue controparti rilevanti.<span class=\"_ _3a1\"> </span>La Compagnia ha sviluppato un piano di continuit\u00e0 operativa (Busines<span class=\"_ _1\"></span>s Continuity Plan).<span class=\"_ _3a1\"> </span> Rischi di Secondo L<span class=\"_ _1\"></span>ivello (o indirett<span class=\"_ _1\"></span>i)<span class=\"_ _3a1\"> </span> Secondo  il  modello  adottato  dalla  Compagnia,  inoltre<span class=\"_ _1\"></span>,  esistono  altri  rischi/eventi  perdita  non<span class=\"_ _3a1\"> </span> strettamente ricond<span class=\"_ _2\"></span>ucibili <span class=\"_ _2\"></span>a fattori <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>rischio specifici, <span class=\"_ _3b\"></span>ma che <span class=\"_ _3b\"></span>possono derivare <span class=\"_ _3b\"></span>da fattori <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>rischio<span class=\"_ _3a1\"> </span> riconducibili <span class=\"_ _39\"> </span>alle <span class=\"_ _3f\"> </span>classi <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _39\"> </span>pre<span class=\"_ _1\"></span>cedentemente <span class=\"_ _3f\"> </span>illustrate. <span class=\"_ _39\"> </span>Si <span class=\"_ _3f\"> </span>tratta <span class=\"_ _3f\"> </span>in <span class=\"_ _39\"> </span>particolare<span class=\"_ _1\"></span>, <span class=\"_ _39\"> </span>cos\u00ec<span class=\"_ _3a1\"> </span> identificati dalla normativa di settore, <span class=\"_ _1\"></span>delle classi di rischio:  -<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio legato a<span class=\"_ _1\"></span>ll\u2019appartenenza al gruppo;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio reputazionale;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio di condotta;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Rischi ESG,<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>e di seguito rappresentati.<span class=\"_ _3a1\"> </span> Rischio legato <span class=\"_ _1\"></span>all\u2019appartenenza al gr<span class=\"_ _1\"></span>uppo<span class=\"_ _3a1\"> </span> Il<span class=\"_ _3a1\"> </span> rischio <span class=\"_ _35\"> </span>legato <span class=\"_ _35\"> </span>all\u2019appartenenza <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>gruppo <span class=\"_ _35\"> </span>(rischio <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>\u2018contagio\u2019)<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>inteso <span class=\"_ _35\"> </span>come <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>che, <span class=\"_ _35\"> </span>a<span class=\"_ _3a1\"> </span> seguito <span class=\"_ _0\"></span>dei<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>rapporti <span class=\"_ _38\"></span>intercorrenti <span class=\"_ _38\"></span>tra <span class=\"_ _0\"></span>l\u2019imp<span class=\"_ _2\"></span>resa <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>altre <span class=\"_ _0\"></span>entit\u00e0 <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>gr<span class=\"_ _1\"></span>uppo, <span class=\"_ _38\"></span>situazioni <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>difficolt\u00e0<span class=\"_ _3a1\"> </span> che <span class=\"_ _1\"></span>insor<span class=\"_ _1\"></span>gono <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>una <span class=\"_ _1\"></span>societ\u00e0 <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>medesimo <span class=\"_ _38\"></span>gruppo <span class=\"_ _1\"></span>possano <span class=\"_ _38\"></span>propagarsi <span class=\"_ _1\"></span>con <span class=\"_ _38\"></span>effetti <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>gativi s<span class=\"_ _1\"></span>ulla<span class=\"_ _3a1\"> </span> solvibilit\u00e0 dell\u2019impresa stessa.  In  coerenza <span class=\"_ _35\"> </span>con  la <span class=\"_ _35\"> </span>propria  stra<span class=\"_ _2\"></span>tegia  e <span class=\"_ _35\"> </span>con  le <span class=\"_ _35\"> </span>politiche  in <span class=\"_ _35\"> </span>materia  d<span class=\"_ _2\"></span>egli  investimenti, <span class=\"_ _35\"> </span>adottata<span class=\"_ _3a1\"> </span> dall\u2019Organo  Amministrat<span class=\"_ _1\"></span>ivo  ha  definito  una  propr<span class=\"_ _1\"></span>ia  politica  delle  o<span class=\"_ _1\"></span>perazioni  infragruppo  e <span class=\"_ _3d\"> </span>ha<span class=\"_ _3a1\"> </span> determinato appropriati limiti di operativit\u00e0.<span class=\"_ _3a1\"> </span> L\u2019identificazione  e <span class=\"_ _3d\"> </span>l\u2019analisi  del <span class=\"_ _3d\"> </span>rischio <span class=\"_ _3d\"> </span>\u00e8  effettuata <span class=\"_ _3d\"> </span>pertanto  in <span class=\"_ _3d\"> </span>coerenza <span class=\"_ _3d\"> </span>alle  categorie  e <span class=\"_ _3d\"> </span>alle<span class=\"_ _3a1\"> </span> controparti d<span class=\"_ _2\"></span>elle <span class=\"_ _3b\"></span>operazioni stesse, <span class=\"_ _3b\"></span>con <span class=\"_ _3b\"></span>par<span class=\"_ _1\"></span>ticolare <span class=\"_ _3b\"></span>riguardo alle<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>garanzie eventualmente <span class=\"_ _3b\"></span>rilasciate<span class=\"_ _3a1\"> </span> nell\u2019ambito del Gruppo ed in coere<span class=\"_ _1\"></span>nza con le caratteristiche delle seguenti tipologie di operazioni:<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">Operazioni <span class=\"_ _3d\"> </span>significative <span class=\"_ _3d\"> </span>(compr<span class=\"_ _1\"></span>ese <span class=\"_ _3d\"> </span>tra <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>1<span class=\"_ _1\"></span>%  e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>il  5<span class=\"_ _1\"></span>% <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>Solvency <span class=\"_ _3d\"> </span>Capital <span class=\"_ _3d\"> </span>Re<span class=\"_ _1\"></span>quirement <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>periodo);<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">Operazioni Molto s<span class=\"_ _1\"></span>ignificative (&gt;5% del Solvency Capital Requirement di periodo).<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>Rischio Reputazionale<span class=\"_ _3a1\"> </span> Il<span class=\"_ _3a1\"> </span> rischio <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>eputazionale <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>inteso <span class=\"_ _0\"></span>come <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>deteriorame<span class=\"_ _2\"></span>nto <span class=\"_ _35\"> </span>dell\u2019immagine <span class=\"_ _0\"></span>aziendale <span class=\"_ _0\"> </span>e <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span> aumento <span class=\"_ _35\"> </span>della  conflittualit\u00e0 <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>con  gli <span class=\"_ _35\"> </span>assicurati <span class=\"_ _35\"> </span>(dovuto <span class=\"_ _35\"> </span>anche  alla <span class=\"_ _35\"> </span>scarsa <span class=\"_ _35\"> </span>qualit\u00e0 <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>servizi<span class=\"_ _3a1\"> </span> offerti,  al <span class=\"_ _35\"> </span>collocamento  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>polizze  non <span class=\"_ _35\"> </span>adeguate  o <span class=\"_ _35\"> </span>al  comportamento <span class=\"_ _35\"> </span>in  fas<span class=\"_ _2\"></span>e  di<span class=\"_ _2\"></span>  v<span class=\"_ _2\"></span>endita, <span class=\"_ _35\"> </span>post<span class=\"_ _3a1\"> </span> vendita e di liquidazione) sia con le Autorit\u00e0 <span class=\"_ _1\"></span>di Vigilanza e gli shareholders.  Il rischio <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>eputazionale \u00e8 q<span class=\"_ _2\"></span>uindi strettamente l<span class=\"_ _2\"></span>egato alla v<span class=\"_ _2\"></span>endita del p<span class=\"_ _2\"></span>rodotto e <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>lla prestazione<span class=\"_ _2\"></span> dei<span class=\"_ _3a1\"> </span> servizi <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>esso <span class=\"_ _0\"></span>coll<span class=\"_ _2\"></span>egati. <span class=\"_ _0\"></span>A <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>utela <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>Cliente<span class=\"_ _1\"></span>/Assicurato <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>conseguenza <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>presidio <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>rischio<span class=\"_ _3a1\"> </span> reputazionale sono attivate una serie di misure:<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">le procedure di collocamento ch<span class=\"_ _2\"></span>e contemplano una p<span class=\"_ _2\"></span>reventiva valutazione di adeguatezza d<span class=\"_ _2\"></span>el<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>contratto <span class=\"_ _35\"> </span>finali<span class=\"_ _2\"></span>zzata <span class=\"_ _35\"> </span>ad <span class=\"_ _0\"></span>individuare <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>via <span class=\"_ _35\"> </span>pr<span class=\"_ _2\"></span>eliminare <span class=\"_ _35\"> </span>le<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>esigenze <span class=\"_ _0\"></span>assicurative <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>bi<span class=\"_ _2\"></span>sogni <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> protezione del cliente, nonch\u00e9 a fornire l\u2019adeguata informativa sul prodott<span class=\"_ _1\"></span>o;<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">l\u2019assiste<span class=\"_ _1\"></span>nza e i servizi generali alla rete distributiva;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">il process<span class=\"_ _1\"></span>o di gestione dei reclami;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">il ser<span class=\"_ _1\"></span>vizio di liqu<span class=\"_ _2\"></span>idazione sinistr<span class=\"_ _1\"></span>i.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>Essendo <span class=\"_ _35\"> </span>inoltre <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>ri<span class=\"_ _2\"></span>schio <span class=\"_ _35\"> </span>reputazionale <span class=\"_ _0\"></span>strettamente <span class=\"_ _35\"> </span>connesso <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>ris<span class=\"_ _1\"></span>chi <span class=\"_ _0\"></span>operat<span class=\"_ _1\"></span>ivi, <span class=\"_ _0\"></span>informatici <span class=\"_ _35\"> </span>e<span class=\"_ _3a1\"> </span> cyber <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>condott<span class=\"_ _1\"></span>a, <span class=\"_ _0\"></span>gl<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>specifici <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>sidi <span class=\"_ _0\"></span>operativi <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>rganizzativi <span class=\"_ _0\"></span>posti <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>essere <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la<span class=\"_ _3a1\"> </span> gestione <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>tali <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>rappresentano <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _0\"></span>ul<span class=\"_ _2\"></span>teriore <span class=\"_ _0\"></span>elemento <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>sup<span class=\"_ _2\"></span>porto <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>gestione <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>rischio<span class=\"_ _3a1\"> </span> reputazionale.<span class=\"_ _3a1\"> </span> Rischio di Condott<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span> Il<span class=\"_ _3a1\"> </span> rischio <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>condot<span class=\"_ _2\"></span>ta <span class=\"_ _0\"></span>- <span class=\"_ _38\"></span>quale <span class=\"_ _38\"></span>sottocategor<span class=\"_ _1\"></span>ia <span class=\"_ _1\"></span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _1\"></span>oper<span class=\"_ _1\"></span>ativo, <span class=\"_ _1\"></span>di <span class=\"_ _0\"></span>complian<span class=\"_ _2\"></span>ce <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>putazionale <span class=\"_ _1\"></span>\u2013<span class=\"_ _3a1\"> </span> pu\u00f2 <span class=\"_ _0\"></span>essere <span class=\"_ _35\"> </span>definito <span class=\"_ _0\"></span>come <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>tuale <span class=\"_ _0\"></span>o <span class=\"_ _35\"> </span>pr<span class=\"_ _2\"></span>ospettico <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>pe<span class=\"_ _2\"></span>rdite <span class=\"_ _0\"></span>conseguenti <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>casistiche <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> offerta <span class=\"_ _17e\"> </span>inappropriata <span class=\"_ _48\"> </span>di <span class=\"_ _17e\"> </span>prodot<span class=\"_ _1\"></span>ti <span class=\"_ _48\"> </span>e/o <span class=\"_ _17e\"> </span>servizi, <span class=\"_ _48\"> </span>incluse<span class=\"_ _1\"></span> <span class=\"_ _17e\"> </span>fattispecie <span class=\"_ _48\"> </span>di <span class=\"_ _17e\"> </span>condotta <span class=\"_ _17e\"> </span>inadeguata<span class=\"_ _3a1\"> </span> (dolo/negligenza) da parte dell\u2019impresa.<span class=\"_ _3a1\"> </span> I fattori di rischio presi in esame per la valutazione <span class=\"_ _1\"></span>del rischio di condotta sono:<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">Commer<span class=\"_ _1\"></span>cial development risk: <span class=\"_ _2\"></span>mancanza di visibilit\u00e0/trasparenza e/o scarsa valu<span class=\"_ _2\"></span>tazione delle<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>prospettive <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>sviluppo <span class=\"_ _37\"> </span>o <span class=\"_ _37\"> </span>degli <span class=\"_ _37\"> </span>obiettivi <span class=\"_ _37\"> </span>o <span class=\"_ _37\"> </span>della <span class=\"_ _37\"> </span>redditivit\u00e0 <span class=\"_ _37\"> </span>delle <span class=\"_ _37\"> </span>nuove <span class=\"_ _37\"> </span>attivit\u00e0/prodotti <span class=\"_ _37\"> </span>e<span class=\"_ _3a1\"> </span> misurazione/monitoraggi inadeguati delle per<span class=\"_ _1\"></span>formance commerciali/rischi;<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">Communication  reso<span class=\"_ _1\"></span>urces:  risorse  di  comunicazione  o  strumenti  di  marketing  inadeguati<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>rispetto agli obiettivi definiti. Cattiva gest<span class=\"_ _1\"></span>ione del brand;<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">Commer<span class=\"_ _1\"></span>cial performance: <span class=\"_ _2\"></span>erosione, mancata sostituzione <span class=\"_ _2\"></span>o svilupp<span class=\"_ _2\"></span>o non redditizio della b<span class=\"_ _2\"></span>ase<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>commerciale;<span class=\"_ _3a1\"> </span><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1e78\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Pro<span class=\"_ _1\"></span>fitability &amp; <span class=\"_ _1\"></span>Risk <span class=\"_ _1\"></span>Profile: redditivit\u00e0 <span class=\"_ _1\"></span>insufficiente, <span class=\"_ _1\"></span>care<span class=\"_ _1\"></span>nze delle <span class=\"_ _1\"></span>procedure <span class=\"_ _1\"></span>di fiss<span class=\"_ _1\"></span>azione delle<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e79\">tarif<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e7a\">fe, <span class=\"_ _2\"></span>carenza <span class=\"_ _3b\"></span>o inad<span class=\"_ _2\"></span>eguatezza <span class=\"_ _3b\"></span>dei modelli <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _3b\"></span>(V4M, redditivit\u00e0 <span class=\"_ _3b\"></span>per la <span class=\"_ _3b\"></span>clientela, <span class=\"_ _3b\"></span>etc)<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e7b\">o di applicazione delle deroghe.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e7c\">La <span class=\"_ _38\"></span>gestione<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>rischio <span class=\"_ _1\"></span>di <span class=\"_ _0\"></span>condotta <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>strett<span class=\"_ _1\"></span>amente <span class=\"_ _38\"></span>connessa <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>lle <span class=\"_ _38\"></span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _38\"></span>definite <span class=\"_ _0\"></span>nell\u2019<span class=\"_ _2\"></span>ambito <span class=\"_ _38\"></span>del<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e7d\">processo <span class=\"_ _3b\"></span>P<span class=\"_ _1\"></span>OG <span class=\"_ _2\"></span>(disciplinato <span class=\"_ _3b\"></span>nella rispettiva <span class=\"_ _3b\"></span>Policy d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>POG). La <span class=\"_ _3b\"></span>Compagnia, <span class=\"_ _3b\"></span>nell\u2019ambito della <span class=\"_ _3b\"></span>gestione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e7e\">del rischio di Condotta, si prefigge i seguenti obiettivi:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1e7f\">-<span class=\"_ _41\"> </span><span class=\"ff4\">rendere <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>iniziative <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>business<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>or<span class=\"_ _1\"></span>ientate <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>focalizzate <span class=\"_ _0\"></span>sulla <span class=\"_ _0\"></span>figura <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>cliente <span class=\"_ _35\"> </span>c.d <span class=\"_ _0\"></span>Value <span class=\"_ _0\"></span>for<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e80\">Money). In tale ambito <span class=\"_ _1\"></span>il focus \u00e8 incentrato sul disegno de<span class=\"_ _1\"></span>i prodotti e la definizione di se<span class=\"_ _1\"></span>rvizi in<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e81\">linea con le esigenze della clientela;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1e82\">-<span class=\"_ _41\"> </span><span class=\"ff4\">stabilire  un  codic<span class=\"_ _2\"></span>e/sistema  di <span class=\"_ _35\"> </span>condotta  completamente  radic<span class=\"_ _3b\"></span>at<span class=\"_ _1\"></span>o  all\u2019interno <span class=\"_ _35\"> </span>della  struttura<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e83\">aziendale. <span class=\"_ _0\"></span>In <span class=\"_ _38\"></span>tale <span class=\"_ _0\"></span>ambito <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>f<span class=\"_ _2\"></span>ocus <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>incentrato <span class=\"_ _0\"></span>sulla <span class=\"_ _0\"></span>vendita <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>prodotti <span class=\"_ _0\"></span>/ <span class=\"_ _38\"></span>ero<span class=\"_ _1\"></span>gazone <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>servizi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e84\">assicurando trasparenza informativa verso la clientela,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1e85\">-<span class=\"_ _41\"> </span><span class=\"ff4\">garantire <span class=\"_ _0\"></span>che <span class=\"_ _1\"></span>il <span class=\"_ _0\"></span>bu<span class=\"_ _2\"></span>siness <span class=\"_ _38\"></span>sia <span class=\"_ _0\"></span>nel <span class=\"_ _1\"></span>continuo <span class=\"_ _0\"></span>focaliz<span class=\"_ _2\"></span>zato <span class=\"_ _0\"></span>sul <span class=\"_ _1\"></span>conseguimento <span class=\"_ _0\"></span>del <span class=\"_ _1\"></span>miglior <span class=\"_ _0\"></span>risultato<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e86\">per <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>cliente <span class=\"_ _1\"></span>(cfr. <span class=\"_ _38\"></span>Monitoraggio <span class=\"_ _1\"></span>KPI <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>KRI), <span class=\"_ _1\"></span>tute<span class=\"_ _1\"></span>lando <span class=\"_ _1\"></span>l\u2019integrit\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>condott<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>Compagnia<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e87\">nella relazione con la clientela.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1e88\">Rischio str<span class=\"_ _1\"></span>ategico<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e89\">Per rischio <span class=\"_ _1\"></span>strategico si <span class=\"_ _1\"></span>intende il rischio <span class=\"_ _1\"></span>attuale o <span class=\"_ _1\"></span>pro<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e8a\">spettico di fles<span class=\"_ _1\"></span>sione degli utili o <span class=\"_ _1\"></span>del capitale<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e8b\">e <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>sostenibilit\u00e0 <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>modello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>business, <span class=\"_ _1\"></span>incluso <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iuscire <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>generare <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>adeguato<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e8c\">ritorno  sul  capitale  sulla  base  della  propensione  al  rischio  definita  dall\u2019impresa,  derivante  da<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e8d\">cambiamenti del <span class=\"_ _1\"></span>contesto operativo <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>da decisioni aziendali e<span class=\"_ _1\"></span>rrate, dall\u2019 attuazione <span class=\"_ _1\"></span>inadeguata di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e8e\">decisioni, <span class=\"_ _35\"> </span>impropria <span class=\"_ _35\"> </span>gestione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>appartenenza <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>gruppo, <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>dalla <span class=\"_ _35\"> </span>scarsa <span class=\"_ _35\"> </span>reattivit\u00e0 <span class=\"_ _35\"> </span>a<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e8f\">variazioni del contesto competitivo.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e90\">L\u2019analisi <span class=\"_ _3b\"></span>dei rischi <span class=\"_ _3b\"></span>strategici v<span class=\"_ _2\"></span>iene eff<span class=\"_ _2\"></span>ettuate <span class=\"_ _2\"></span>mediante <span class=\"_ _2\"></span>specifiche <span class=\"_ _3b\"></span>analisi si <span class=\"_ _3b\"></span>sensitivity i<span class=\"_ _2\"></span>n <span class=\"_ _3b\"></span>sede ORSA<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e91\">o<span class=\"_ _3f\"> </span>ogni <span class=\"_ _0\"></span>qualvolta <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>assista <span class=\"_ _35\"> </span>a <span class=\"_ _0\"> </span>variazioni <span class=\"_ _35\"> </span>significative <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>me<span class=\"_ _1\"></span>rcato, <span class=\"_ _35\"> </span>dell\u2019mix <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>produzione <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>delle<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e92\">ipotesi sottostanti le valutazioni.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e93\">In <span class=\"_ _35\"> </span>tale <span class=\"_ _35\"> </span>ambito <span class=\"_ _35\"> </span>viene <span class=\"_ _35\"> </span>altres\u00ec <span class=\"_ _35\"> </span>valutata <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>presenza <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>potenziali<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>rischi <span class=\"_ _35\"> </span>emergenti <span class=\"_ _35\"> </span>sulla <span class=\"_ _35\"> </span>base <span class=\"_ _35\"> </span>delle<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e94\">informazioni derivanti dal piano i<span class=\"_ _1\"></span>ndustriale, dalle evoluzioni di <span class=\"_ _1\"></span>prodotto, dalle variazioni nor<span class=\"_ _1\"></span>mative<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e95\">e da qualsiasi altra variazione potenzialmente impattante s<span class=\"_ _1\"></span>ul profilo di rischio dell\u2019impresa.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e96\">In s<span class=\"_ _1\"></span>eguito <span class=\"_ _1\"></span>ai <span class=\"_ _1\"></span>risultati <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>tale<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>analisi, ve<span class=\"_ _1\"></span>ngono <span class=\"_ _1\"></span>valutati <span class=\"_ _1\"></span>gli e<span class=\"_ _1\"></span>ventuali <span class=\"_ _1\"></span>cambiamenti <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>apport<span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>nella<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e97\">mappa dei rischi aziendali.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e98\">Le valutazioni effettuate dalla Compagnia alla data di valutazione hanno <span class=\"_ _1\"></span>consentito di delineare la<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e99\">mappa dei rischi \u2013 Framework Solvency II - a cui la Compagnia \u00e8 esposta <span class=\"_ _1\"></span>(di seguito riportata). </div><div class=\"gs1e9a\"><table class=\"s w1564 h2e9\" id=\"_5026d4a6-2e2a-4b92-b97b-a64fa6c1626b\"><tr><td class=\"c n x261a y6a2d w1535 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Modulo di rischio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x261b y6a2d w1565 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Sottomodulo di risc<span class=\"_ _2\"></span>hio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x261c y6a2d w1566 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Esposizione<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x261d h12 y6a2e ff4 fs7 fc1 sc0 ls0 ws0\">Non-Life underwriti<span class=\"_ _2\"></span>ng risk </td><td class=\"c n x261e y60af w953 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Non-Life premium and rese<span class=\"_ _3b\"></span>rve risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x261f y60af w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x261e y6a2f w1567 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Non-Life lapse risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2620 y6a2f w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x261e y6013 w1568 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Non-life CAT risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2621 y6013 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x261d h12 y6a30 ff4 fs7 fc1 sc0 ls0 ws0\">Health underwriting <span class=\"_ _2\"></span>risk </td><td class=\"c n x261e y6a31 w1569 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Health premium and <span class=\"_ _2\"></span>reserve risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2622 y6a31 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x261e y6a32 w156a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Health Lapse risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2623 y6a32 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x261e y6a33 w156b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Health CAT<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2624 y6a33 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x261e y6a34 w156c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Mortality r<span class=\"_ _2\"></span>isk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2625 y6a34 w156d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">---<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x261e y6a35 w156e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Longevity <span class=\"_ _2\"></span>risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2626 y6a35 w153b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">---<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x261e y6a36 w156f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Disability m<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>rbidity risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2627 y6a36 w153b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">---<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x261e y6a37 w1570 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Lapse risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2628 y6a37 w153b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">---<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x261e y5710 w1571 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Expense r<span class=\"_ _2\"></span>isk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2629 y5710 w153b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">---<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x261e y5347 w1572 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Revision ri<span class=\"_ _2\"></span>sk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x262a y5347 w156d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">---<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x261d h12 y6a38 ff4 fs7 fc1 sc0 ls0 ws0\">Market risk </td><td class=\"c n x261e y6a39 w1540 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Interest rate risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x262b y6a39 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x261e y63ab w1541 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Equity risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x262c y63ab w153b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">---<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x261e y5aef w1573 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Property risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x262d y5aef w156d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">---<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x261e y558d w1543 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Spread risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2623 y558d w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x261e y658b w1574 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Currency risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x262e y658b w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x261e y6a3a w1575 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Concentration risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x262f y6a3a w153b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">---<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x261d h12 y6a3b ff4 fs7 fc1 sc0 ls0 ws0\">Counterparty defau<span class=\"_ _2\"></span>lt risk </td><td class=\"c n x261e y6a3c w1576 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Type 1 counterpartie<span class=\"_ _2\"></span>s<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2630 y6a3c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x261e y5ff5 w1548 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Type 2 counterpartie<span class=\"_ _2\"></span>s<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2631 y5ff5 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x261d h12 y6a3d ff4 fs7 fc1 sc0 ls0 ws0\">Operational Risk </td><td class=\"c n x261e y539f w1577 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Operational risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2632 y539f w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr></table></div>Le  valutazioni  prospettiche  dei  rischi  n<span class=\"_ _2\"></span>on  hanno  rilevato  da  u<span class=\"_ _2\"></span>n  punto  di  vista  regolamentare<span class=\"_ _3a1\"> </span>(Solve<span class=\"_ _3a1\"> </span>ncy II) r<span class=\"_ _1\"></span>ischi emergent<span class=\"_ _1\"></span>i in ragione <span class=\"_ _1\"></span>delle azioni <span class=\"_ _1\"></span>previste dalle nuove <span class=\"_ _1\"></span>strategie di <span class=\"_ _1\"></span>investimento<span class=\"_ _3a1\"> </span>e di business (da segnalare tuttavia la review Solvency II la cui applicazione \u00e8<span class=\"_ _1\"></span> prevista a partire dal<span class=\"_ _3a1\"> </span>2027). <span class=\"_ _3b\"></span>Con riferimento <span class=\"_ _2\"></span>ai <span class=\"_ _3b\"></span>dat<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>prospet<span class=\"_ _1\"></span>tici <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>monitorat<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>alla data <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>valutazione, <span class=\"_ _3b\"></span>l\u2019analisi ha <span class=\"_ _3b\"></span>perme<span class=\"_ _1\"></span>sso<span class=\"_ _3a1\"> </span>di <span class=\"_ _1\"></span>individuare<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>otto <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>oduli <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>aggiormente <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ignificativi <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>impattanti <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>Com<span class=\"_ _1\"></span>pagnia,<span class=\"_ _3a1\"> </span>che <span class=\"_ _1\"></span>risultano <span class=\"_ _1\"></span>essere <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>sotto mo<span class=\"_ _1\"></span>duli di <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>Non-Life <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>mium <span class=\"_ _1\"></span>and re<span class=\"_ _1\"></span>serve r<span class=\"_ _1\"></span>isk, <span class=\"_ _1\"></span>Health premium<span class=\"_ _3a1\"> </span>and reserve risk, seguiti dal sotto modulo Non <span class=\"_ _1\"></span>Life lapse Risk.<span class=\"_ _3a1\"> </span>Inoltre si evi<span class=\"_ _2\"></span>denzia l\u2019esposizione della <span class=\"_ _3b\"></span>Co<span class=\"_ _1\"></span>mpagnia al <span class=\"_ _2\"></span>rischio Spread sui <span class=\"_ _2\"></span>Governativi ITA (<span class=\"_ _2\"></span>rischio non<span class=\"_ _3a1\"> </span>contemplato <span class=\"_ _48\"> </span>n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>lla <span class=\"_ _3a\"> </span>Formula <span class=\"_ _3a\"> </span>Sta<span class=\"_ _1\"></span>ndard). <span class=\"_ _3a\"> </span>La <span class=\"_ _3a\"> </span>Compagnia <span class=\"_ _3a\"> </span>nelle<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>propr<span class=\"_ _1\"></span>ie <span class=\"_ _3a\"> </span>valutazioni <span class=\"_ _3a\"> </span>pre<span class=\"_ _1\"></span>nde <span class=\"_ _3a\"> </span>in<span class=\"_ _3a1\"> </span>considerazione <span class=\"_ _3f\"> </span>t<span class=\"_ _1\"></span>ale <span class=\"_ _3f\"> </span>fattore <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _3f\"> </span>mediante <span class=\"_ _3a\"> </span>specifiche <span class=\"_ _3f\"> </span>analisi <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>sensitivity <span class=\"_ _3a\"> </span>effettuate<span class=\"_ _3a1\"> </span>periodicamente e all\u2019interno del Report<span class=\"_ _1\"></span> ORSA YE 31.12.2024. Le  analisi  quali/qu<span class=\"_ _2\"></span>antitativa  sull\u2019adeguatezza  del  Profilo  di  Ris<span class=\"_ _2\"></span>chio  della  Compagnia  rispetto <span class=\"_ _35\"> </span>i<span class=\"_ _3a1\"> </span>requisiti sottostanti l\u2019applicazione della Formula Standard sono risultate posit<span class=\"_ _1\"></span>ive. Al <span class=\"_ _35\"> </span>calcolo <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>gli <span class=\"_ _35\"> </span>impatti <span class=\"_ _0\"></span>dovuti <span class=\"_ _35\"> </span>ai <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>natura <span class=\"_ _35\"> </span>quantificabile <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>regolamentare, <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>Compagnia<span class=\"_ _3a1\"> </span>monitora e <span class=\"_ _1\"></span>valuta anche <span class=\"_ _1\"></span>i rischi quantitativi <span class=\"_ _1\"></span>ma non <span class=\"_ _1\"></span>rientranti <span class=\"_ _1\"></span>nell\u2019ambito della For<span class=\"_ _1\"></span>mula Standard,<span class=\"_ _3a1\"> </span>i cosiddetti \u201crischi quantitativi non re<span class=\"_ _1\"></span>golamentari\u201d, quali:<span class=\"_ _3a1\"> </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">rischio spread sui titoli governat<span class=\"_ _1\"></span>ivi;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">rischio di liquidit\u00e0 e ALM;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">rischio oper<span class=\"_ _1\"></span>ativo;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">IT &amp; Cyber Risk;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">rischio condotta;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">rischio di appartene<span class=\"_ _1\"></span>nza al gruppo;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">rischio ESG (con un focus specifico sui r<span class=\"_ _1\"></span>ischi climatici connessi ai rischi ambientali);<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">rischio strategico.<span class=\"_ _3a1\"> </span></span>Oltre <span class=\"_ _1\"></span>alle <span class=\"_ _1\"></span>valutazioni <span class=\"_ _1\"></span>sui r<span class=\"_ _1\"></span>ischi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>natura <span class=\"_ _1\"></span>quantificabile <span class=\"_ _1\"></span>(sia <span class=\"_ _1\"></span>regolament<span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>che no<span class=\"_ _1\"></span>n), la <span class=\"_ _1\"></span>Compagnia<span class=\"_ _3a1\"> </span>gestisce e monitora anche:<span class=\"_ _3a1\"> </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">rischio modello;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">rischio di non conformit<span class=\"_ _1\"></span>\u00e0 alle norme;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">rischio reputazionale;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">rischi emergenti.<span class=\"_ _3a1\"> </span></span>Allo <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>tato <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>ttuale <span class=\"_ _0\"></span>tali <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ipologie <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _38\"></span>hanno <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>livello <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>gestione <span class=\"_ _38\"></span>mo<span class=\"_ _1\"></span>nitoraggio <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>valutazione<span class=\"_ _3a1\"> </span>coerente <span class=\"_ _1\"></span>con <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ilevanza <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>fatto<span class=\"_ _1\"></span>ri <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>rischio <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>li <span class=\"_ _1\"></span>caratter<span class=\"_ _1\"></span>izzano, per<span class=\"_ _1\"></span>iodicamente <span class=\"_ _38\"></span>monitorate e<span class=\"_ _3a1\"> </span>non comportano un add-on in termini di capitale re<span class=\"_ _1\"></span>golamentare.<span class=\"_ _3a1\"> </span>Al  momento  non  vi  sono  risultati  ch<span class=\"_ _2\"></span>e  evidenzino  situazioni  di  criticit\u00e0  in  termini  di  solvib<span class=\"_ _2\"></span>ilit\u00e0<span class=\"_ _3a1\"> </span>deriva<span class=\"_ _3a1\"> </span>nti <span class=\"_ _35\"> </span>dai  rischi <span class=\"_ _35\"> </span>strategici. <span class=\"_ _35\"> </span>Tuttavia,  \u00e8 <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>continuare  a <span class=\"_ _35\"> </span>tenere <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>considera<span class=\"_ _1\"></span>zione <span class=\"_ _35\"> </span>l\u2019effetto  d<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span>possibili <span class=\"_ _0\"></span>variazioni <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>contesto <span class=\"_ _0\"></span>macro-economico <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>possono <span class=\"_ _0\"> </span>a<span class=\"_ _1\"></span>vere <span class=\"_ _0\"></span>impatti <span class=\"_ _0\"></span>significativi <span class=\"_ _0\"></span>sugli<span class=\"_ _3a1\"> </span>Own Funds della Compagnia e sul Requisito di Capitale.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-893": {
   "value": "Sezione <span class=\"_ _1\"></span>8 \u2013 Att<span class=\"_ _1\"></span>ivit\u00e0 assicu<span class=\"_ _1\"></span>rative -<span class=\"_ _1\"></span> Voce 80<span class=\"_ _3a1\"> </span>Dinamica del valore<span class=\"_ _1\"></span> di bilancio delle <span class=\"_ _1\"></span>cessioni in riass<span class=\"_ _1\"></span>icurazione - GMM \u2013 attivit\u00e0 per<span class=\"_ _1\"></span> residua copertura e <span class=\"_ _1\"></span>per sinistri<span class=\"_ _3a1\"> </span>accaduti<span class=\"_ _3a1\"> </span><table class=\"s w7ff h211\" id=\"_ab28fb04-c214-431a-9bf1-767a5cf1a0d3\"><tr><td></td><td></td><td class=\"t m2 xacb h19 y5756 ff4 fsb fc4 sc3 ls0 ws0\">Attivit<span class=\"_ _1\"></span>\u00e0 per residu<span class=\"_ _1\"></span>a copertura<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td class=\"t m2 xacc h19 y5756 ff4 fsb fc4 sc3 ls0 ws0\">Attivit<span class=\"_ _1\"></span>\u00e0 per residu<span class=\"_ _1\"></span>a copertura<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 xacd h19 y5757 ff4 fsb fc4 sc3 ls0 ws0\" colspan=\"2\">31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e6 h19 y5757 ff4 fsb fc4 sc3 ls0 ws0\">Attivit<span class=\"_ _1\"></span>\u00e0 </td><td></td><td></td><td class=\"t m2 xace h19 y5757 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xacf h19 y5757 ff4 fsb fc4 sc3 ls0 ws0\">Attivit<span class=\"_ _1\"></span>\u00e0 </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 xad0 h19 y5758 ff4 fsb fc4 sc3 ls0 ws0\">per si<span class=\"_ _1\"></span>nistri </td><td></td><td></td><td></td><td class=\"t m2 x7d2 h19 y5758 ff4 fsb fc4 sc3 ls0 ws0\">per si<span class=\"_ _1\"></span>nistri </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x7dd h19 y5759 ff4 fsb fc4 sc3 ls0 ws0\">accadu<span class=\"_ _1\"></span>ti<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad1 h19 y5759 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xad2 h19 y5759 ff4 fsb fc4 sc3 ls0 ws0\">accadu<span class=\"_ _1\"></span>ti<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x891 h19 y5759 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td class=\"t m2 x87d h19 y575a ff4 fsb fc4 sc3 ls0 ws0\">Al netto </td><td></td><td class=\"t m2 xad0 h19 y575a ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x881 h19 y575a ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad3 h19 y575a ff4 fsb fc4 sc3 ls0 ws0\">Al netto </td><td></td><td class=\"t m2 x7d2 h19 y575a ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad4 h19 y575a ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 xad5 h19 y575b ff4 fsb fc4 sc3 ls0 ws0\">della </td><td class=\"t m2 x5dd h19 y575b ff4 fsb fc4 sc3 ls0 ws0\" colspan=\"2\">Componente<span class=\"_ _1\"></span> </td><td></td><td></td><td class=\"t m2 xad6 h19 y575b ff4 fsb fc4 sc3 ls0 ws0\">della </td><td class=\"t m2 xad7 h19 y575b ff4 fsb fc4 sc3 ls0 ws0\">Componente<span class=\"_ _1\"></span> </td><td></td><td></td></tr><tr><td></td><td class=\"t m2 xad8 h19 y575c ff4 fsb fc4 sc3 ls0 ws0\" colspan=\"2\">compone<span class=\"_ _1\"></span>nte </td><td class=\"t m2 x7d7 h19 y575c ff4 fsb fc4 sc3 ls0 ws0\" colspan=\"2\">recupero </td><td></td><td></td><td class=\"t m2 xacc h19 y575c ff4 fsb fc4 sc3 ls0 ws0\">compone<span class=\"_ _1\"></span>nte </td><td class=\"t m2 x7c8 h19 y575c ff4 fsb fc4 sc3 ls0 ws0\">recupero </td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x888 h19 y575d ff4 fsb fc4 sc3 ls0 ws0\" colspan=\"2\">recupero </td><td class=\"t m2 x9a4 h19 y575d ff4 fsb fc4 sc3 ls0 ws0\">perdite<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xad9 h19 y575d ff4 fsb fc4 sc3 ls0 ws0\">recupero </td><td class=\"t m2 x88e h19 y575d ff4 fsb fc4 sc3 ls0 ws0\">perdite<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 xada h19 y575e ff4 fsb fc4 sc3 ls0 ws0\" colspan=\"2\">perdite<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x7c3 h19 y575e ff4 fsb fc4 sc3 ls0 ws0\">perdite<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y575f ff4 fs11 fc1 sc2 ls0 ws0\">A. Valore di bilancio<span class=\"_ _1\"></span> iniziale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5762 w800 h212\"><div class=\"t m2 x2b3 h44 y5760 ff4 fs11 fc1 sc0 ls0 ws0\">1. Cessioni in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">riassicurazione che<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xadc y5762 w801 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">14.506<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xadd y5762 w802 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">17<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xade y5762 w803 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">839<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xadf y5762 w804 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">15.362<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae0 y5762 w805 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">18.721<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae1 y5762 w806 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">69<span class=\"_ _1\"></span>7<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae2 y5762 w807 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">988<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae3 y5762 w808 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">20<span class=\"_ _1\"></span>.406<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y5763 ff4 fs11 fc1 sc0 ls0 ws0\">costituiscono attivit\u00e0<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5765 w800 h214\"><div class=\"t m2 x2b3 h44 y5764 ff4 fs11 fc1 sc0 ls0 ws0\">2. Cessioni in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">riassicurazione che<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae5 y5765 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae6 y5765 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xae7 y5765 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae8 y5765 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae9 y5765 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaea y5765 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaeb y5765 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaec y5765 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y5766 ff4 fs11 fc1 sc0 ls0 ws0\">costituiscono passivit\u00e0<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5767 ff4 fs11 fc1 sc2 ls0 ws0\">3. Valore netto di bilanci<span class=\"_ _1\"></span>o al </td><td class=\"c n x944 y5768 w801 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">14.506<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaed y5768 w802 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">17<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xaee y5768 w803 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">839<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaef y5768 w80b h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">1<span class=\"_ _1\"></span>5.362<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaf0 y5768 w80c h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">1<span class=\"_ _1\"></span>8.721<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaf1 y5768 w806 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">69<span class=\"_ _1\"></span>7<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaf2 y5768 w80d h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">98<span class=\"_ _1\"></span>8<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaf3 y5768 w808 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">20<span class=\"_ _1\"></span>.406<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y5769 ff4 fs11 fc1 sc2 ls0 ws0\">1\u00b0 gennaio<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y576a ff4 fs11 fc1 sc2 ls0 ws0\">B. Effetti econom<span class=\"_ _1\"></span>ici connessi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y576b w80e h214\"><div class=\"t m2 x2b3 h44 y5764 ff4 fs11 fc1 sc2 ls0 ws0\">con le cessioni in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">riassicurazione<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y576c ff4 fs11 fc1 sc0 ls0 ws0\">1. Costo della </td><td class=\"c n x970 y576d w80f h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(4.943)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaf4 y576d w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xaf5 y576d w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaf6 y576d w80f h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(4.943)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaf7 y576d w810 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(8.036)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaf8 y576d w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaf9 y576d w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xafa y576d w810 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(8.036)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y576e ff4 fs11 fc1 sc0 ls0 ws0\">riassicurazione<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y576f ff4 fs11 fc1 sc0 ls0 ws0\">2. Sinistri e altri costi<span class=\"_ _3a1\"> </span></td><td class=\"c n xae5 y5770 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae6 y5770 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xafb y5770 w811 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">3.251<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xafc y5770 w812 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>.251<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xafd y5770 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xafe y5770 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaff y5770 w813 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">4.919<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb00 y5770 w813 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">4.919<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y5771 ff4 fs11 fc1 sc0 ls0 ws0\">recuperati<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5772 ff4 fs11 fc1 sc0 ls0 ws0\">3. Variazioni dell\u2019attivit\u00e0 </td><td class=\"c n xae5 y5773 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae6 y5773 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xb01 y5773 w803 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">836<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb02 y5773 w814 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">83<span class=\"_ _1\"></span>6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb03 y5773 w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb04 y5773 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb05 y5773 w816 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(149)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb06 y5773 w817 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(1<span class=\"_ _1\"></span>49)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y5774 ff4 fs11 fc1 sc0 ls0 ws0\">per sinistri accaduti<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5776 w800 h215\"><div class=\"t m2 x2b3 h44 y5775 ff4 fs11 fc1 sc0 ls0 ws0\">4. Cessioni in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">riassicurazione che<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae5 y5776 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb07 y5776 w818 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">46<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xb08 y5776 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb09 y5776 w818 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">46<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb0a y5776 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb0b y5776 w819 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(680)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb0c y5776 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb0d y5776 w819 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(680)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y5777 ff4 fs11 fc1 sc0 ls0 ws0\">coprono contratti onerosi<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h44 y5778 ff4 fs11 fc1 sc0 ls0 ws0\">4.1 Ricavi connessi con </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h44 y5779 ff4 fs11 fc1 sc0 ls0 ws0\">l\u2019iscrizione di contratti </td><td class=\"c n xae5 y577a w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae6 y577a w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xae7 y577a w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae8 y577a w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae9 y577a w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaea y577a w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaeb y577a w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaec y577a w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h44 y577b ff4 fs11 fc1 sc0 ls0 ws0\">assicurativi sottostanti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h44 y577c ff4 fs11 fc1 sc0 ls0 ws0\">onerosi<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x865 y577d w189 h66\"><div class=\"t m2 x0 h44 y15ab ff4 fs11 fc1 sc0 ls0 ws0\">4.2 Rilasci della </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h44 y577e ff4 fs11 fc1 sc0 ls0 ws0\">componente di recupero </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h44 y577f ff4 fs11 fc1 sc0 ls0 ws0\">perdite diversi dalle </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h44 y5780 ff4 fs11 fc1 sc0 ls0 ws0\">variazioni dei flussi </td><td class=\"c n xae5 y5781 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb0e y5781 w81a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(4)<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xb0f y5781 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb10 y5781 w81a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(4)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb11 y5781 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb12 y5781 w81b h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(86)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaeb y5781 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb13 y5781 w81b h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(86)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h44 y5782 ff4 fs11 fc1 sc0 ls0 ws0\">finanziari dei contratti di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x823 y5783 w81c h214\"><div class=\"t m2 x2b3 h44 y5764 ff4 fs11 fc1 sc0 ls0 ws0\">cessione in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">riassicurazione<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h44 y5784 ff4 fs11 fc1 sc0 ls0 ws0\">4.3 Variazioni dei flussi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h44 y5785 ff4 fs11 fc1 sc0 ls0 ws0\">finanziari delle cessioni </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h44 y5786 ff4 fs11 fc1 sc0 ls0 ws0\">in riassicurazione </td><td class=\"c n xae5 y5787 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb07 y5787 w81d h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">50<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xb14 y5787 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb15 y5787 w81d h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">50<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb16 y5787 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb17 y5787 w81f h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(594)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb18 y5787 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb19 y5787 w820 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(594)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h44 y5788 ff4 fs11 fc1 sc0 ls0 ws0\">derivanti dai contratti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h44 y5789 ff4 fs11 fc1 sc0 ls0 ws0\">assicurativi sottostanti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h44 y578a ff4 fs11 fc1 sc0 ls0 ws0\">onerosi<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y578b ff4 fs11 fc1 sc0 ls0 ws0\">5. Effetti del cambiamento<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y578c ff4 fs11 fc1 sc0 ls0 ws0\">del rischio di </td><td class=\"c n xae5 y578d w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae6 y578d w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xae7 y578d w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae8 y578d w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae9 y578d w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaea y578d w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaeb y578d w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaec y578d w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y578e ff4 fs11 fc1 sc0 ls0 ws0\">inadempimento da parte </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y578f ff4 fs11 fc1 sc0 ls0 ws0\">dei riassicuratori<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y5790 w821 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">6. Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb1a y5790 w822 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(4.943<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb1b y5790 w818 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">46<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xb1c y5790 w823 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">4.087<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb1d y5790 w824 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(810)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb1e y5790 w810 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(8.036)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb1f y5790 w825 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(680)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb20 y5790 w826 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">4.770<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb21 y5790 w827 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(3<span class=\"_ _1\"></span>.946)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y5791 ff4 fs11 fc1 sc2 ls0 ws0\">C. Risultato dei servizi<span class=\"_ _3a1\"> </span></td><td class=\"c n x970 y5792 w80f h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(4.943)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb22 y5792 w818 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">46<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xb23 y5792 w828 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">4.087<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb24 y5792 w829 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(810)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb25 y5792 w810 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(8.036)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb26 y5792 w819 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(680)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb27 y5792 w82a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">4.770<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb28 y5792 w82b h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(3.946)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y5793 ff4 fs11 fc1 sc2 ls0 ws0\">assicurativi (To<span class=\"_ _1\"></span>tale B)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5794 ff4 fs11 fc1 sc2 ls0 ws0\">D. Ricavi/cos<span class=\"_ _1\"></span>ti netti di natura </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5795 ff4 fs11 fc1 sc2 ls0 ws0\">finanziaria<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5797 w82c h216\"><div class=\"t m2 x2b3 h44 y5796 ff4 fs11 fc1 sc0 ls0 ws0\">1. Relativi alle cessioni in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">riassicurazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb29 y5798 w82d h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">426<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb2a y5798 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xb2b y5798 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb2c y5798 w82d h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">426<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb2d y5798 w82e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">998<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb2e y5798 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb2f y5798 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb30 y5798 w82e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">998<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h44 y5799 ff4 fs11 fc1 sc0 ls0 ws0\">1.1. Registrati in conto </td><td class=\"c n xb31 y579a w82f h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">98<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb32 y579a w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xb33 y579a w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb34 y579a w82f h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">98<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb35 y579a w830 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">72<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb36 y579a w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb37 y579a w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb38 y579a w830 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">72<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h44 y579b ff4 fs11 fc1 sc0 ls0 ws0\">economico<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h44 y579c ff4 fs11 fc1 sc0 ls0 ws0\">1.2. Registrati nel conto </td><td class=\"c n xb29 y579d w831 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">328<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb39 y579d w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xb3a y579d w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb3b y579d w831 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">328<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb3c y579d w832 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">926<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb3d y579d w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb3e y579d w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb3f y579d w833 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">926<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h44 y579e ff4 fs11 fc1 sc0 ls0 ws0\">economico complessivo<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y579f ff4 fs11 fc1 sc0 ls0 ws0\">2. Effetti connessi con le<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y57a0 ff4 fs11 fc1 sc0 ls0 ws0\">variazioni dei tassi di </td><td class=\"c n xae5 y57a1 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae6 y57a1 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xae7 y57a1 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae8 y57a1 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae9 y57a1 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaea y57a1 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaeb y57a1 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xaec y57a1 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y57a2 ff4 fs11 fc1 sc0 ls0 ws0\">cambio<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y57a3 w834 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">3. Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb40 y57a3 w835 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">42<span class=\"_ _1\"></span>6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb41 y57a3 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xb42 y57a3 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb43 y57a3 w82d h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">426<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb44 y57a3 w82e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">998<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb45 y57a3 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb46 y57a3 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb47 y57a3 w836 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">9<span class=\"_ _1\"></span>98<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x58e y57a4 w18b h66\"><div class=\"t m2 x0 h44 y2697 ff4 fs11 fc1 sc2 ls0 ws0\">E. Componenti di </div></td><td class=\"c n xb48 y57a5 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb49 y57a5 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xb4a y57a5 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb4b y57a5 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb4c y57a5 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb4d y57a5 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb4e y57a5 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb4f y57a5 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y57a6 ff4 fs11 fc1 sc2 ls0 ws0\">investimento<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y57a7 ff4 fs11 fc1 sc2 ls0 ws0\">F. Importo comp<span class=\"_ _1\"></span>lessivo </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y57a8 ff4 fs11 fc1 sc2 ls0 ws0\">registrato in conto<span class=\"_ _1\"></span> </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y57a9 ff4 fs11 fc1 sc2 ls0 ws0\">economico e nel<span class=\"_ _1\"></span> conto </td><td class=\"c n x944 y57aa w837 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(4.517)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb50 y57aa w818 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">46<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xb51 y57aa w823 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">4.087<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb52 y57aa w838 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(384)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb53 y57aa w839 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(7.038)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb54 y57aa w819 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(680)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb55 y57aa w826 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">4.770<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb56 y57aa w83a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(2.948)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y57ab ff4 fs11 fc1 sc2 ls0 ws0\">economico co<span class=\"_ _1\"></span>mplessivo </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y57ac ff4 fs11 fc1 sc2 ls0 ws0\">(C+D+E)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y57ad w83b h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">G. Altre variazion<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb57 y57ad w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb58 y57ad w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xb59 y57ad w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb5a y57ad w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb5b y57ad w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb5c y57ad w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb5d y57ad w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb5e y57ad w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y57ae ff4 fs11 fc1 sc2 ls0 ws0\">H. Movimenti di cassa<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xae4 y57af w18c h66\"><div class=\"t m2 x0 h44 y269d ff4 fs11 fc1 sc0 ls0 ws0\">1. Premi pagati al netto di<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y57b0 w83c h214\"><div class=\"t m2 x2b3 h44 y5764 ff4 fs11 fc1 sc0 ls0 ws0\">importi non connessi con i<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">sinistri recuperati dai<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb5f y57b1 w83d h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(501)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb60 y57b1 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xb61 y57b1 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb62 y57b1 w83e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(501)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb63 y57b1 w83f h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>.823<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb64 y57b1 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb65 y57b1 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb66 y57b1 w840 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">2.823<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y57b2 ff4 fs11 fc1 sc0 ls0 ws0\">riassicuratori<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y57b3 ff4 fs11 fc1 sc0 ls0 ws0\">2. Importo dei sinistri<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y57b4 ff4 fs11 fc1 sc0 ls0 ws0\">recuperato dai </td><td class=\"c n xae5 y57b5 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xae6 y57b5 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xb67 y57b5 w841 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(3.607)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb68 y57b5 w841 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(3.607)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb11 y57b5 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb69 y57b5 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb6a y57b5 w842 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(4.919)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb6b y57b5 w842 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(4.919)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y57b6 ff4 fs11 fc1 sc0 ls0 ws0\">riassicuratori<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y57b7 w843 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">3. Altri movimenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb6c y57b7 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb6d y57b7 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xb6e y57b7 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb6f y57b7 w809 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb70 y57b7 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb71 y57b7 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb72 y57b7 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb73 y57b7 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr></table><table class=\"s w844 h217\" id=\"_eb0f47ed-a6e2-46c3-828c-4c98b9b3dd6d\"><tr><td class=\"c n xadb y57b9 w845 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">4. Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb74 y57b9 w846 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">(501<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb75 y57b9 w80a h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb76 y57b9 w847 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">(3.60<span class=\"_ _1\"></span>7)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb77 y57b9 w848 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">(4.10<span class=\"_ _1\"></span>8)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb78 y57b9 w849 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">2.82<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb79 y57b9 w80a h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb7a y57b9 w842 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">(4.919)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb7b y57b9 w84a h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">(2.096)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y57ba ff4 fs11 fc1 sc2 ls0 ws0\">I. Valore di bilancio ne<span class=\"_ _1\"></span>tto al 31 </td><td class=\"c n xb7c y53af w84b h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">9.488<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb7d y53af w84c h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">6<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb7e y53af w84d h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">1<span class=\"_ _1\"></span>.319<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb7f y53af w84e h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">10.870<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb80 y53af w84f h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">14.506<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb81 y53af w802 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">17<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb82 y53af w803 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">839<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb83 y53af w850 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">15.3<span class=\"_ _1\"></span>62<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y57bb ff4 fs11 fc1 sc2 ls0 ws0\">dicembre (A.3+F+G+H.3)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y57bc ff4 fs11 fc1 sc2 ls0 ws0\">L. Valore di bilancio finale </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y57be w800 h214\"><div class=\"t m2 x2b3 h44 y57bd ff4 fs11 fc1 sc0 ls0 ws0\">1. Cessioni in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">riassicurazione che<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x944 y57be w851 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">11.002<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb84 y57be w818 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">64<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb85 y57be w852 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">186<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb86 y57be w853 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">11.252<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb87 y57be w84f h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">14.506<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb88 y57be w802 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">17<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb89 y57be w803 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">839<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb8a y57be w850 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">1<span class=\"_ _1\"></span>5.362<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y57bf ff4 fs11 fc1 sc0 ls0 ws0\">costituiscono attivit\u00e0<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y57c1 w800 h215\"><div class=\"t m2 x2b3 h44 y57c0 ff4 fs11 fc1 sc0 ls0 ws0\">2. Cessioni in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">riassicurazione che<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x944 y57c1 w854 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">(1.515)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb8b y57c1 w80a h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb8c y57c1 w855 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">1.133<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb8d y57c1 w856 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">(382)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb8e y57c1 w81e h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb8f y57c1 w80a h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb90 y57c1 w80a h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb91 y57c1 w80a h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y57c2 ff4 fs11 fc1 sc0 ls0 ws0\">costituiscono passivit\u00e0<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y57c3 ff4 fs11 fc1 sc2 ls0 ws0\">3. Valore netto di bilanci<span class=\"_ _1\"></span>o al </td><td class=\"c n xb7c y57c4 w857 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">9.487<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb92 y57c4 w818 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">64<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb93 y57c4 w858 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">1.319<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb94 y57c4 w84e h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">10.870<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb95 y57c4 w84f h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">14.506<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb96 y57c4 w802 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">17<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb97 y57c4 w803 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">839<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb98 y57c4 w850 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">15.3<span class=\"_ _1\"></span>62<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y57c5 ff4 fs11 fc1 sc2 ls0 ws0\">31 dicembre<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Dinamica del valore<span class=\"_ _1\"></span> di bilancio delle <span class=\"_ _1\"></span>cessioni in riass<span class=\"_ _1\"></span>icurazione distinta per ele<span class=\"_ _1\"></span>menti sottostanti alla misurazione<span class=\"_ _3a1\"> </span>Elementi<span class=\"_ _1\"></span> sottost<span class=\"_ _1\"></span>anti alla mi<span class=\"_ _1\"></span>surazione del<span class=\"_ _1\"></span> valore <span class=\"_ _1\"></span>di bilancio<span class=\"_ _3a1\"> </span>delle cess<span class=\"_ _1\"></span>ioni in ri<span class=\"_ _1\"></span>assicur<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span>Elementi<span class=\"_ _1\"></span> sottost<span class=\"_ _1\"></span>anti alla mi<span class=\"_ _1\"></span>surazione del<span class=\"_ _1\"></span> valore <span class=\"_ _1\"></span>di bilancio<span class=\"_ _3a1\"> </span>delle cess<span class=\"_ _1\"></span>ioni in ri<span class=\"_ _1\"></span>assicur<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span>Valore<span class=\"_ _3a1\"> </span>Aggius<span class=\"_ _1\"></span>tamento Valore<span class=\"_ _3a1\"> </span>Aggius<span class=\"_ _1\"></span>tamento Voci/Scom<span class=\"_ _1\"></span>posizio<span class=\"_ _1\"></span>ne<span class=\"_ _3a1\"> </span>attuale<span class=\"_ _1\"></span> dei<span class=\"_ _3a1\"> </span>per i ri<span class=\"_ _1\"></span>schi non Margine su<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>attuale<span class=\"_ _1\"></span> dei<span class=\"_ _3a1\"> </span>per i ri<span class=\"_ _1\"></span>schi non Margine su<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>valore <span class=\"_ _1\"></span>di bilancio<span class=\"_ _3a1\"> </span>fluss<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>finanziari<span class=\"_ _3a1\"> </span>servizi<span class=\"_ _3a1\"> </span>Totale<span class=\"_ _3a1\"> </span>fluss<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>finanziari<span class=\"_ _3a1\"> </span>servizi<span class=\"_ _3a1\"> </span>Totale<span class=\"_ _3a1\"> </span>finanziari<span class=\"_ _3a1\"> </span>contratt<span class=\"_ _1\"></span>uali<span class=\"_ _3a1\"> </span>31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span>finanziari<span class=\"_ _3a1\"> </span>contratt<span class=\"_ _1\"></span>uali<span class=\"_ _3a1\"> </span>31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span>31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span>31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span>31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span>31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span>31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span>31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span>A. Valore di bilancio<span class=\"_ _1\"></span> iniziale<span class=\"_ _3a1\"> </span>1. Cessioni in<span class=\"_ _3a1\"> </span>riassicurazione che<span class=\"_ _3a1\"> </span>13.447<span class=\"_ _3a1\"> </span>508<span class=\"_ _3a1\"> </span>1.408<span class=\"_ _3a1\"> </span>15.363<span class=\"_ _3a1\"> </span>17.98<span class=\"_ _1\"></span>9<span class=\"_ _3a1\"> </span>627<span class=\"_ _3a1\"> </span>1.789<span class=\"_ _3a1\"> </span>20.405<span class=\"_ _3a1\"> </span>costituiscono attivit\u00e0<span class=\"_ _3a1\"> </span>2. Cessioni in<span class=\"_ _3a1\"> </span>riassicurazione che<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>costituiscono passivit\u00e0<span class=\"_ _3a1\"> </span>3. Valore netto di bilanci<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span>13.447<span class=\"_ _3a1\"> </span>508<span class=\"_ _3a1\"> </span>1.408<span class=\"_ _3a1\"> </span>1<span class=\"_ _1\"></span>5.363<span class=\"_ _3a1\"> </span>17.99<span class=\"_ _1\"></span>0<span class=\"_ _3a1\"> </span>627<span class=\"_ _3a1\"> </span>1.789<span class=\"_ _3a1\"> </span>20<span class=\"_ _1\"></span>.406<span class=\"_ _3a1\"> </span>al 1\u00b0 gennaio<span class=\"_ _3a1\"> </span>B. Variazioni relative<span class=\"_ _1\"></span> ai servizi<span class=\"_ _3a1\"> </span>attuali<span class=\"_ _3a1\"> </span>1. Margine sui servizi<span class=\"_ _3a1\"> </span>contrattuali registrato in<span class=\"_ _3a1\"> </span>conto economico<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(59<span class=\"_ _1\"></span>5)<span class=\"_ _3a1\"> </span>(595)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(705<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span>(705)<span class=\"_ _3a1\"> </span>2. Variazione per rischi non<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(13<span class=\"_ _1\"></span>8)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(138)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(1<span class=\"_ _1\"></span>62)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(162)<span class=\"_ _3a1\"> </span>finanziari scaduti<span class=\"_ _3a1\"> </span>3. Modifiche connesse con<span class=\"_ _3a1\"> </span>(810)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(810)<span class=\"_ _3a1\"> </span>(1<span class=\"_ _1\"></span>.275)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(1.275)<span class=\"_ _3a1\"> </span>l'esperienza<span class=\"_ _3a1\"> </span>4. Totale<span class=\"_ _3a1\"> </span>(810)<span class=\"_ _3a1\"> </span>(1<span class=\"_ _1\"></span>38)<span class=\"_ _3a1\"> </span>(595)<span class=\"_ _3a1\"> </span>(1.543<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span>1<span class=\"_ _1\"></span>.275<span class=\"_ _3a1\"> </span>162<span class=\"_ _3a1\"> </span>70<span class=\"_ _1\"></span>5<span class=\"_ _3a1\"> </span>2.142<span class=\"_ _3a1\"> </span>C. Variazioni relative<span class=\"_ _1\"></span> a sevizi<span class=\"_ _3a1\"> </span>futuri<span class=\"_ _3a1\"> </span>1. Cambiamenti di stime<span class=\"_ _3a1\"> </span>che modificano il margine<span class=\"_ _3a1\"> </span>(615)<span class=\"_ _3a1\"> </span>(16)<span class=\"_ _3a1\"> </span>483<span class=\"_ _3a1\"> </span>(148)<span class=\"_ _3a1\"> </span>(2.518)<span class=\"_ _3a1\"> </span>(113)<span class=\"_ _3a1\"> </span>1<span class=\"_ _1\"></span>.655<span class=\"_ _3a1\"> </span>(97<span class=\"_ _1\"></span>6)<span class=\"_ _3a1\"> </span>sui servizi contrattuali<span class=\"_ _3a1\"> </span>2. Effetti dei contratti<span class=\"_ _3a1\"> </span>296<span class=\"_ _3a1\"> </span>61<span class=\"_ _3a1\"> </span>(3<span class=\"_ _1\"></span>57)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>514<span class=\"_ _3a1\"> </span>11<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span>(6<span class=\"_ _1\"></span>27)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>iscritti nell'esercizio<span class=\"_ _3a1\"> </span>3. Aggiustamento del<span class=\"_ _3a1\"> </span>margine sui servizi<span class=\"_ _3a1\"> </span>contrattuali connesso con<span class=\"_ _3a1\"> </span>recuperi relativi<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>all\u2019iscrizione iniziale di<span class=\"_ _3a1\"> </span>contratti assicurativi<span class=\"_ _3a1\"> </span>sottostanti onerosi<span class=\"_ _3a1\"> </span>4. Rilasci della<span class=\"_ _3a1\"> </span>componente di recupero<span class=\"_ _3a1\"> </span>perdite diversi dalle<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(4)<span class=\"_ _3a1\"> </span>(4)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(86)<span class=\"_ _3a1\"> </span>(86)<span class=\"_ _3a1\"> </span>variazioni dei flussi<span class=\"_ _3a1\"> </span>finanziari dei contratti di<span class=\"_ _3a1\"> </span>cessione in riassicurazione<span class=\"_ _3a1\"> </span>5. Variazioni dei flussi<span class=\"_ _3a1\"> </span>finanziari delle cessioni in<span class=\"_ _3a1\"> </span>riassicurazione derivanti<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>50<span class=\"_ _3a1\"> </span>50<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(59<span class=\"_ _1\"></span>4)<span class=\"_ _3a1\"> </span>(594)<span class=\"_ _3a1\"> </span>dai contratti assicurativi<span class=\"_ _3a1\"> </span>sottostanti onerosi<span class=\"_ _3a1\"> </span>6. Totale<span class=\"_ _3a1\"> </span>(319<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span>45<span class=\"_ _3a1\"> </span>1<span class=\"_ _1\"></span>72<span class=\"_ _3a1\"> </span>(102)<span class=\"_ _3a1\"> </span>(2.004)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>348<span class=\"_ _3a1\"> </span>(1.656<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span>D. Variazioni rel<span class=\"_ _1\"></span>ative a servizi<span class=\"_ _3a1\"> </span>836<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>836<span class=\"_ _3a1\"> </span>(1<span class=\"_ _1\"></span>49)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(1<span class=\"_ _1\"></span>49)<span class=\"_ _3a1\"> </span>passati<span class=\"_ _3a1\"> </span>1. aggiustamenti all'attivit\u00e0<span class=\"_ _3a1\"> </span>836<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>836<span class=\"_ _3a1\"> </span>(1<span class=\"_ _1\"></span>49)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(1<span class=\"_ _1\"></span>49)<span class=\"_ _3a1\"> </span>per sinistri accaduti<span class=\"_ _3a1\"> </span>E. Effetti delle variazion<span class=\"_ _1\"></span>i del<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>rischio di inadempime<span class=\"_ _1\"></span>nto<span class=\"_ _3a1\"> </span>F. Risultato dei servizi<span class=\"_ _3a1\"> </span>(293)<span class=\"_ _3a1\"> </span>(93)<span class=\"_ _3a1\"> </span>(423)<span class=\"_ _3a1\"> </span>(809)<span class=\"_ _3a1\"> </span>(3.42<span class=\"_ _1\"></span>8)<span class=\"_ _3a1\"> </span>(162)<span class=\"_ _3a1\"> </span>(35<span class=\"_ _1\"></span>7)<span class=\"_ _3a1\"> </span>(3.9<span class=\"_ _1\"></span>47)<span class=\"_ _3a1\"> </span>assicurativi (B+C+D+<span class=\"_ _1\"></span>E)<span class=\"_ _3a1\"> </span>G. Ricavi/costi<span class=\"_ _1\"></span> netti di natura<span class=\"_ _3a1\"> </span>finanziaria<span class=\"_ _3a1\"> </span>1. Relativi alle cessioni in<span class=\"_ _3a1\"> </span>riassicurazione<span class=\"_ _3a1\"> </span>437<span class=\"_ _3a1\"> </span>18<span class=\"_ _3a1\"> </span>(3<span class=\"_ _1\"></span>0)<span class=\"_ _3a1\"> </span>425<span class=\"_ _3a1\"> </span>981<span class=\"_ _3a1\"> </span>43<span class=\"_ _3a1\"> </span>(25)<span class=\"_ _3a1\"> </span>999<span class=\"_ _3a1\"> </span>1.1 Registrati in conto<span class=\"_ _3a1\"> </span>121<span class=\"_ _3a1\"> </span>6<span class=\"_ _3a1\"> </span>(30)<span class=\"_ _3a1\"> </span>97<span class=\"_ _3a1\"> </span>9<span class=\"_ _1\"></span>2<span class=\"_ _3a1\"> </span>6<span class=\"_ _3a1\"> </span>(25)<span class=\"_ _3a1\"> </span>73<span class=\"_ _3a1\"> </span>economico<span class=\"_ _3a1\"> </span>1.2. Registrati nel conto<span class=\"_ _3a1\"> </span>316<span class=\"_ _3a1\"> </span>12<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>328<span class=\"_ _3a1\"> </span>889<span class=\"_ _3a1\"> </span>37<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>926<span class=\"_ _3a1\"> </span>economico complessivo<span class=\"_ _3a1\"> </span>2. Effetti connessi con le<span class=\"_ _3a1\"> </span>variazioni dei tassi di<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>cambio<span class=\"_ _3a1\"> </span>3. Totale<span class=\"_ _3a1\"> </span>437<span class=\"_ _3a1\"> </span>18<span class=\"_ _3a1\"> </span>(3<span class=\"_ _1\"></span>0)<span class=\"_ _3a1\"> </span>425<span class=\"_ _3a1\"> </span>981<span class=\"_ _3a1\"> </span>43<span class=\"_ _3a1\"> </span>(25)<span class=\"_ _3a1\"> </span>999<span class=\"_ _3a1\"> </span>H. Importo comples<span class=\"_ _1\"></span>sivo<span class=\"_ _3a1\"> </span>registrato in conto<span class=\"_ _3a1\"> </span>economico e nel<span class=\"_ _1\"></span> conto<span class=\"_ _3a1\"> </span>144<span class=\"_ _3a1\"> </span>(75)<span class=\"_ _3a1\"> </span>(453)<span class=\"_ _3a1\"> </span>(384)<span class=\"_ _3a1\"> </span>(2.447)<span class=\"_ _3a1\"> </span>(11<span class=\"_ _1\"></span>9)<span class=\"_ _3a1\"> </span>(382)<span class=\"_ _3a1\"> </span>(2<span class=\"_ _1\"></span>.948)<span class=\"_ _3a1\"> </span>economico co<span class=\"_ _1\"></span>mplessivo (F+<span class=\"_ _3a1\"> </span>I. Altre variazioni<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>L. Movimenti di cassa<span class=\"_ _3a1\"> </span>1. Premi pagati al netto di<span class=\"_ _3a1\"> </span>importi non connessi con i<span class=\"_ _3a1\"> </span>sinistri recuperati dai<span class=\"_ _3a1\"> </span>(501)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(501)<span class=\"_ _3a1\"> </span>2.823<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>2.82<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span>riassicuratori<span class=\"_ _3a1\"> </span>2. Importi recuperati dai<span class=\"_ _3a1\"> </span>(3.607)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(3.607)<span class=\"_ _3a1\"> </span>(4.919)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(4.919)<span class=\"_ _3a1\"> </span>riassicuratori<span class=\"_ _3a1\"> </span>3. Altri movimenti<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>4. Totale<span class=\"_ _3a1\"> </span>(4.108)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(4.108)<span class=\"_ _3a1\"> </span>(2.0<span class=\"_ _1\"></span>96)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(2<span class=\"_ _1\"></span>.096)<span class=\"_ _3a1\"> </span><table class=\"s w8d5 h21a\" id=\"_07bc9a1b-8e70-4e44-aa2e-39f623174932\"><tr><td class=\"t m2 x58e h44 y5881 ff4 fs11 fc1 sc2 ls0 ws0\">M. Valore netto<span class=\"_ _1\"></span> di bilancio al </td><td class=\"c n x9a9 y5882 w8d6 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">9.483<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcc5 y5882 w8d7 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">13<span class=\"_ _1\"></span>.447<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcc6 y5882 w8d8 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">433<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcc7 y5882 w8d9 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">1<span class=\"_ _1\"></span>0.871<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcc8 y5882 w8da h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">1<span class=\"_ _1\"></span>3.447<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcc9 y5882 w8db h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">508<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcca y5882 w8dc h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">1<span class=\"_ _1\"></span>.407<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xccb y5882 w8dd h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">15.362<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y5883 ff4 fs11 fc1 sc2 ls0 ws0\">31 dicembre (A.3+<span class=\"_ _1\"></span>H+I+L.3)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5884 ff4 fs11 fc1 sc2 ls0 ws0\">N. Valore di bilancio<span class=\"_ _1\"></span> finale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5885 w800 h214\"><div class=\"t m2 x2b3 h44 y57bd ff4 fs11 fc1 sc0 ls0 ws0\">1. Cessioni in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">riassicurazione che<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xccc y5885 w8de h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">10.161<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xccd y5885 w85a h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">13.447<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcce y5885 w8df h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">235<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xccf y5885 w853 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">11.252<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcd0 y5885 w8e0 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">13<span class=\"_ _1\"></span>.447<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcd1 y5885 w8db h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">508<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcd2 y5885 w8e1 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">1.408<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcd3 y5885 w8e2 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">1<span class=\"_ _1\"></span>5.363<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y5886 ff4 fs11 fc1 sc0 ls0 ws0\">costituiscono attivit\u00e0<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5887 w800 h215\"><div class=\"t m2 x2b3 h44 y57c0 ff4 fs11 fc1 sc0 ls0 ws0\">2. Cessioni in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">riassicurazione che<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xccc y5887 w819 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">(680)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcd4 y5887 w809 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcd5 y5887 w892 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">198<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcd6 y5887 w856 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">(382)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcd7 y5887 w81e h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcd8 y5887 w81e h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcd9 y5887 w80a h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcda y5887 w80a h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y5888 ff4 fs11 fc1 sc0 ls0 ws0\">costituiscono passivit\u00e0<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5889 ff4 fs11 fc1 sc2 ls0 ws0\">3. Valore netto di bilanci<span class=\"_ _1\"></span>o </td><td class=\"c n x9b3 y57c4 w8e3 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">9.481<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcdb y57c4 w8d7 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">13<span class=\"_ _1\"></span>.447<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcdc y57c4 w8e4 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">433<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcdd y57c4 w84e h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">10.870<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcde y57c4 w8e5 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">13.447<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcdf y57c4 w8db h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">508<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xce0 y57c4 w43e h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">1.408<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xce1 y57c4 w8e6 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc2 ls0 ws0\">1<span class=\"_ _1\"></span>5.363<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y588a ff4 fs11 fc1 sc2 ls0 ws0\">al 31 dicembre<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Dinamica del mar<span class=\"_ _1\"></span>gine sui servizi contr<span class=\"_ _1\"></span>attuali delle ces<span class=\"_ _1\"></span>sioni in riassicurazione r<span class=\"_ _1\"></span>ipartito in base ai contrat<span class=\"_ _1\"></span>ti esistenti al momento <span class=\"_ _1\"></span>della transizione all\u2019IFRS 1<span class=\"_ _1\"></span>7 <table class=\"s w8a9 h219\" id=\"_06946690-1a37-4730-ad11-1ad494b8b64c\"><tr><td></td><td></td><td class=\"t m2 x5dd h44 y5831 ff4 fs11 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x7da h44 y5831 ff4 fs11 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 xc50 h44 y5832 ff4 fs11 fc4 sc3 ls0 ws0\">Nuovi contratti </td><td class=\"t m2 xc51 h44 y5832 ff4 fs11 fc4 sc3 ls0 ws0\">Contratti </td><td></td><td></td><td></td><td class=\"t m2 x7cf h44 y5832 ff4 fs11 fc4 sc3 ls0 ws0\">Nuovi contratti </td><td></td><td class=\"t m2 x9d6 h44 y5832 ff4 fs11 fc4 sc3 ls0 ws0\">Contratti </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 xacd h44 y5833 ff4 fs11 fc4 sc3 ls0 ws0\">Contratti </td><td></td><td></td><td></td><td></td><td class=\"t m2 xc52 h44 y5833 ff4 fs11 fc4 sc3 ls0 ws0\">Contratti </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 xc53 h44 y5834 ff4 fs11 fc4 sc3 ls0 ws0\">e contratti </td><td class=\"t m2 xc51 h44 y5834 ff4 fs11 fc4 sc3 ls0 ws0\">misurati </td><td></td><td></td><td></td><td class=\"t m2 xc54 h44 y5834 ff4 fs11 fc4 sc3 ls0 ws0\">e contratti </td><td></td><td class=\"t m2 x9a1 h44 y5834 ff4 fs11 fc4 sc3 ls0 ws0\">misurati </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 xc55 h44 y5835 ff4 fs11 fc4 sc3 ls0 ws0\">misurati alla </td><td></td><td class=\"t m2 x880 h44 y5835 ff4 fs11 fc4 sc3 ls0 ws0\">Contratt<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 x7e1 h44 y5835 ff4 fs11 fc4 sc3 ls0 ws0\">misurati alla </td><td></td><td class=\"t m2 x811 h44 y5835 ff4 fs11 fc4 sc3 ls0 ws0\">Contratt<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"t m2 x879 h44 y5836 ff4 fs11 fc4 sc3 ls0 ws0\">misurati alla </td><td class=\"t m2 xc51 h44 y5836 ff4 fs11 fc4 sc3 ls0 ws0\">alla data </td><td></td><td></td><td></td><td class=\"t m2 x873 h44 y5836 ff4 fs11 fc4 sc3 ls0 ws0\">misurati alla </td><td></td><td class=\"t m2 x9a1 h44 y5836 ff4 fs11 fc4 sc3 ls0 ws0\">alla data </td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x7c5 h44 y5837 ff4 fs11 fc4 sc3 ls0 ws0\">data di </td><td class=\"t m2 x7db h44 y5838 ff4 fs11 fc4 sc3 ls0 ws0\">data di </td><td class=\"t m2 x80e h44 y5837 ff4 fs11 fc4 sc3 ls0 ws0\">di </td><td class=\"t m2 x88b h44 y5838 ff4 fs11 fc4 sc3 ls0 ws0\">i </td><td></td><td class=\"t m2 xc56 h44 y5837 ff4 fs11 fc4 sc3 ls0 ws0\">data di </td><td class=\"t m2 xb9a h44 y5838 ff4 fs11 fc4 sc3 ls0 ws0\">data di </td><td class=\"t m2 xc57 h44 y5837 ff4 fs11 fc4 sc3 ls0 ws0\">di </td><td class=\"t m2 x890 h44 y5838 ff4 fs11 fc4 sc3 ls0 ws0\">i </td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x931 h44 y5839 ff4 fs11 fc4 sc3 ls0 ws0\">transizione<span class=\"_ _1\"></span> con </td><td></td><td class=\"t m2 x880 h44 y5839 ff4 fs11 fc4 sc3 ls0 ws0\">oggetto </td><td class=\"t m2 x881 h44 y5839 ff4 fs11 fc4 sc3 ls0 ws0\">Total<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc58 h44 y5839 ff4 fs11 fc4 sc3 ls0 ws0\">transizione<span class=\"_ _1\"></span> con </td><td></td><td class=\"t m2 x811 h44 y5839 ff4 fs11 fc4 sc3 ls0 ws0\">oggetto </td><td class=\"t m2 xc59 h44 y5839 ff4 fs11 fc4 sc3 ls0 ws0\">Total<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x887 h44 y583a ff4 fs11 fc4 sc3 ls0 ws0\">transizione<span class=\"_ _1\"></span> con </td><td class=\"t m2 xc5a h44 y583a ff4 fs11 fc4 sc3 ls0 ws0\" colspan=\"2\">transizion<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 x88d h44 y583a ff4 fs11 fc4 sc3 ls0 ws0\">transizione<span class=\"_ _1\"></span> con </td><td></td><td class=\"t m2 xc5b h44 y583a ff4 fs11 fc4 sc3 ls0 ws0\">transizion<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 xc5c h44 y583b ff4 fs11 fc4 sc3 ls0 ws0\">il metodo </td><td></td><td class=\"t m2 x99f h44 y583b ff4 fs11 fc4 sc3 ls0 ws0\">di </td><td class=\"t m2 xad1 h44 y583b ff4 fs11 fc4 sc3 ls0 ws0\">e<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc52 h44 y583b ff4 fs11 fc4 sc3 ls0 ws0\">il metodo </td><td></td><td class=\"t m2 xc5d h44 y583b ff4 fs11 fc4 sc3 ls0 ws0\">di </td><td class=\"t m2 xc5e h44 y583b ff4 fs11 fc4 sc3 ls0 ws0\">e<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x97c h44 y583c ff4 fs11 fc4 sc3 ls0 ws0\">il metodo </td><td class=\"t m2 x92f h44 y583c ff4 fs11 fc4 sc3 ls0 ws0\" colspan=\"2\">e con il </td><td></td><td></td><td class=\"t m2 x7e0 h44 y583c ff4 fs11 fc4 sc3 ls0 ws0\">il metodo </td><td></td><td class=\"t m2 x810 h44 y583c ff4 fs11 fc4 sc3 ls0 ws0\">e con il </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x931 h44 y583d ff4 fs11 fc4 sc3 ls0 ws0\">dell\u2019applicazion<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc5f h44 y583d ff4 fs11 fc4 sc3 ls0 ws0\">carve-<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xc60 h44 y583d ff4 fs11 fc4 sc3 ls0 ws0\">dell\u2019applicazion<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7d3 h44 y583d ff4 fs11 fc4 sc3 ls0 ws0\">carve-<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"t m2 x887 h44 y583e ff4 fs11 fc4 sc3 ls0 ws0\">dell\u2019applicazion<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc51 h44 y583e ff4 fs11 fc4 sc3 ls0 ws0\" colspan=\"2\">metodo </td><td></td><td></td><td class=\"t m2 x88d h44 y583e ff4 fs11 fc4 sc3 ls0 ws0\">dell\u2019applicazion<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x9a1 h44 y583e ff4 fs11 fc4 sc3 ls0 ws0\">metodo </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 xc55 h44 y583f ff4 fs11 fc4 sc3 ls0 ws0\">e retroattiva </td><td></td><td class=\"t m2 xc61 h44 y583f ff4 fs11 fc4 sc3 ls0 ws0\">out<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 x7e1 h44 y583f ff4 fs11 fc4 sc3 ls0 ws0\">e retroattiva </td><td></td><td class=\"t m2 xc62 h44 y583f ff4 fs11 fc4 sc3 ls0 ws0\">out<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"t m2 x879 h44 y5840 ff4 fs11 fc4 sc3 ls0 ws0\">e retroattiva </td><td class=\"t m2 x92f h44 y5840 ff4 fs11 fc4 sc3 ls0 ws0\" colspan=\"2\">del fair </td><td></td><td></td><td class=\"t m2 x873 h44 y5840 ff4 fs11 fc4 sc3 ls0 ws0\">e retroattiva </td><td></td><td class=\"t m2 x810 h44 y5840 ff4 fs11 fc4 sc3 ls0 ws0\">del fair </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 xc63 h44 y5841 ff4 fs11 fc4 sc3 ls0 ws0\">modificata </td><td></td><td></td><td></td><td></td><td class=\"t m2 xc64 h44 y5841 ff4 fs11 fc4 sc3 ls0 ws0\">modificata </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x7d5 h44 y5842 ff4 fs11 fc4 sc3 ls0 ws0\">piena<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc65 h44 y5842 ff4 fs11 fc4 sc3 ls0 ws0\" colspan=\"2\">value<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xc66 h44 y5842 ff4 fs11 fc4 sc3 ls0 ws0\">piena<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc67 h44 y5842 ff4 fs11 fc4 sc3 ls0 ws0\">value<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5843 ff4 fs11 fc1 sc2 ls0 ws0\">Margine sui </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5844 ff4 fs11 fc1 sc2 ls0 ws0\">servizi </td><td class=\"c n xc68 y5845 w8aa h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(1.197)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc69 y5845 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc6a y5845 w8ab h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">2.605<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc6b y5845 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc6c y5845 w8ac h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">1<span class=\"_ _1\"></span>.408<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc6d y5845 w8ad h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(225)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc6e y5845 w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc6f y5845 w8ae h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">2.01<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc70 y5845 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc71 y5845 w8af h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">1.789<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y5846 ff4 fs11 fc1 sc2 ls0 ws0\">contrattuali \u2013 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5847 ff4 fs11 fc1 sc2 ls0 ws0\">Esistenze iniziali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x58e y5848 w193 h66\"><div class=\"t m2 x0 h44 y26db ff4 fs11 fc1 sc2 ls0 ws0\">Variazioni </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5849 ff4 fs11 fc1 sc2 ls0 ws0\">riferite ai servizi </td><td class=\"c n xc72 y584a w894 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">696<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc73 y584a w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc74 y584a w8b0 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(1.291)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc75 y584a w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc76 y584a w867 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(595)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc77 y584a w863 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">276<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc78 y584a w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc79 y584a w8b1 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(1.072)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc7a y584a w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc7b y584a w8b2 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(796)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y584b ff4 fs11 fc1 sc2 ls0 ws0\">attuali<span class=\"_ _3a1\"> </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 class=\"t m2 xae4 h44 y584c ff4 fs11 fc1 sc0 ls0 ws0\">- Margine sui </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y584d ff4 fs11 fc1 sc0 ls0 ws0\">servizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y584e ff4 fs11 fc1 sc0 ls0 ws0\">contrattuali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y584f w8b3 h214\"><div class=\"t m2 x2b3 h44 y5764 ff4 fs11 fc1 sc0 ls0 ws0\">rilevato in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">conto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc72 y5850 w894 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">696<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc73 y5850 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc74 y5850 w8b0 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(1.291)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc75 y5850 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc76 y5850 w867 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(595)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc77 y5850 w863 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">276<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc78 y5850 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc79 y5850 w8b1 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(1.072)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc7a y5850 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc7b y5850 w8b2 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(796)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y5851 ff4 fs11 fc1 sc0 ls0 ws0\">economico </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5852 w8b4 h215\"><div class=\"t m2 x2b3 h44 y5775 ff4 fs11 fc1 sc0 ls0 ws0\">per riflettere i<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">servizi ricevuti<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x58e y5853 w193 h66\"><div class=\"t m2 x0 h44 y26e1 ff4 fs11 fc1 sc2 ls0 ws0\">Variazioni </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5854 ff4 fs11 fc1 sc2 ls0 ws0\">riferite ai servizi </td><td class=\"c n xc7c y5855 w8b1 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(1.270)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc7d y5855 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc7e y5855 w8b5 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">1.442<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc7f y5855 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc80 y5855 w8b6 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">172<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc81 y5855 w8b7 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(1.226)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc82 y5855 w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc83 y5855 w8b8 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">1.66<span class=\"_ _1\"></span>1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc84 y5855 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc85 y5855 w8b9 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">435<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y5856 ff4 fs11 fc1 sc2 ls0 ws0\">futuri<span class=\"_ _3a1\"> </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 class=\"t m2 xae4 h44 y5857 ff4 fs11 fc1 sc0 ls0 ws0\">- Variazioni </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5858 ff4 fs11 fc1 sc0 ls0 ws0\">delle stime </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5859 ff4 fs11 fc1 sc0 ls0 ws0\">che </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y585a ff4 fs11 fc1 sc0 ls0 ws0\">modificano il<span class=\"_ _3a1\"> </span></td><td class=\"c n xc86 y585b w8ba h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(913)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc87 y585b w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc88 y585b w8bb h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">1.442<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc89 y585b w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc8a y585b w8bc h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">529<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc8b y585b w8bd h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(599)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc8c y585b w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc8d y585b w8b8 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">1.66<span class=\"_ _1\"></span>1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc8e y585b w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc8f y585b w8be h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">1.062<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y585c ff4 fs11 fc1 sc0 ls0 ws0\">margine sui </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y585d ff4 fs11 fc1 sc0 ls0 ws0\">servizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y585e ff4 fs11 fc1 sc0 ls0 ws0\">contrattuali<span class=\"_ _3a1\"> </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 class=\"c xadb y585f w8bf h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xc90 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">Effetti dei<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5860 ff4 fs11 fc1 sc0 ls0 ws0\">contratti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5861 ff4 fs11 fc1 sc0 ls0 ws0\">inizialmente </td><td class=\"c n xc91 y544c w8c0 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(357)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc92 y544c w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc93 y544c w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc94 y544c w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc95 y544c w867 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(3<span class=\"_ _1\"></span>57)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc96 y544c w8c1 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(62<span class=\"_ _1\"></span>7)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc97 y544c w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc98 y544c w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc99 y544c w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc9a y544c w8c2 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(627)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y5862 ff4 fs11 fc1 sc0 ls0 ws0\">rilevati </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5863 ff4 fs11 fc1 sc0 ls0 ws0\">nell\u2019esercizio </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5864 ff4 fs11 fc1 sc0 ls0 ws0\">di riferimento<span class=\"_ _3a1\"> </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 class=\"c x58e y5865 w195 h66\"><div class=\"t m2 x0 h44 y26e6 ff4 fs11 fc1 sc2 ls0 ws0\">Ricavi/costi<span class=\"_ _1\"></span> netti </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5866 ff4 fs11 fc1 sc2 ls0 ws0\">di natura </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5867 ff4 fs11 fc1 sc2 ls0 ws0\">finanziaria </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5868 ff4 fs11 fc1 sc0 ls0 ws0\">1. Relativi alle </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5869 w8c3 h215\"><div class=\"t m2 x2b3 h44 y5775 ff4 fs11 fc1 sc0 ls0 ws0\">cessioni in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">riassicurazion<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc9b y586a w8c4 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(38)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc9c y586a w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc9d y586a w8c5 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">8<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc9e y586a w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc9f y586a w8c6 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(30)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xca0 y586a w8c7 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(23)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xca1 y586a w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xca2 y586a w8c8 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xca3 y586a w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xca4 y586a w8c9 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(22<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y586b ff4 fs11 fc1 sc0 ls0 ws0\">e<span class=\"_ _3a1\"> </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 class=\"t m2 xae4 h44 y586c ff4 fs11 fc1 sc0 ls0 ws0\">2. Effetti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y586d ff4 fs11 fc1 sc0 ls0 ws0\">connessi con<span class=\"_ _3a1\"> </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 class=\"t m2 xae4 h44 y586e ff4 fs11 fc1 sc0 ls0 ws0\">le variazioni </td><td class=\"c n xca5 y586f w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xca6 y586f w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xca7 y586f w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xca8 y586f w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xca9 y586f w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcaa y586f w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcab y586f w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcac y586f w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcad y586f w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcae y586f w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y5870 ff4 fs11 fc1 sc0 ls0 ws0\">dei tassi di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5871 ff4 fs11 fc1 sc0 ls0 ws0\">cambio<span class=\"_ _3a1\"> </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 class=\"t m2 x800 h9f y5872 ff4 fs23 fc1 sc2 ls0 ws0\">3. Totale<span class=\"_ _3a1\"> </span></td><td class=\"c n xc9b y5485 w8c4 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(38)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc9c y5485 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc9d y5485 w8c5 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">8<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc9e y5485 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc9f y5485 w8c6 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(30)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xca0 y5485 w8ca h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(23<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcaf y5485 w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcb0 y5485 w8c8 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcb1 y5485 w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcb2 y5485 w8cb h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(22)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h9f y5873 ff4 fs23 fc1 sc2 ls0 ws0\">Altri movimenti<span class=\"_ _3a1\"> </span></td><td class=\"c n xca5 y5874 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xca6 y5874 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xca7 y5874 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xca8 y5874 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xca9 y5874 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcaa y5874 w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcab y5874 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcac y5874 w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcad y5874 w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcae y5874 w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y5875 ff4 fs11 fc1 sc2 ls0 ws0\">Totale variazioni<span class=\"_ _1\"></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 class=\"c x2d7 y5876 w8cc h214\"><div class=\"t m2 x2b3 h44 y5764 ff4 fs11 fc1 sc2 ls0 ws0\">riconosciute in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">conto<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5877 ff4 fs11 fc1 sc2 ls0 ws0\">economico e nel<span class=\"_ _1\"></span> </td><td class=\"c n xc86 y5878 w86c h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(612)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcb3 y5878 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcb4 y5878 w661 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">159<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcb5 y5878 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcb6 y5878 w52a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(453)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcb7 y5878 w8bd h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(97<span class=\"_ _1\"></span>3)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcb8 y5878 w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcb9 y5878 w8cd h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">59<span class=\"_ _1\"></span>0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcba y5878 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcbb y5878 w8ce h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(3<span class=\"_ _1\"></span>83)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y5879 ff4 fs11 fc1 sc2 ls0 ws0\">conto </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y587a ff4 fs11 fc1 sc2 ls0 ws0\">economico </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y587b ff4 fs11 fc1 sc2 ls0 ws0\">complessivo<span class=\"_ _3a1\"> </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 class=\"t m2 x58e h44 y587c ff4 fs11 fc1 sc2 ls0 ws0\">Margine sui </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y587d ff4 fs11 fc1 sc2 ls0 ws0\">servizi </td><td class=\"c n xc7c y587e w8cf h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(1.809)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcbc y587e w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcbd y587e w8d0 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">2<span class=\"_ _1\"></span>.764<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcbe y587e w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcbf y587e w8d1 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">9<span class=\"_ _1\"></span>55<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcc0 y587e w8d2 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(1.198)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcc1 y587e w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcc2 y587e w8d3 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">2.604<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcc3 y587e w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcc4 y587e w8d4 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">1.406<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y587f ff4 fs11 fc1 sc2 ls0 ws0\">contrattuali \u2013 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5880 ff4 fs11 fc1 sc2 ls0 ws0\">Rimanenze finali<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsb93\">Element<span class=\"_ _1\"></span>i sottostanti alla misurazione<span class=\"_ _1\"></span> delle cessioni in riass<span class=\"_ _1\"></span>icurazione iscritte<span class=\"_ _1\"></span> nell'esercizio<span class=\"_ _3a1\"> </span></div><div class=\"gsb94\"><table class=\"s w8e7 h21b\" id=\"_0afc47dc-dc43-482f-85c4-9ba91f219f6d\"><tr><td></td><td></td><td class=\"t m2 xce2 h19 y588b ff4 fsb fc4 sc3 ls0 ws0\">Contratti<span class=\"_ _1\"></span> originati<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xce3 h19 y588b ff4 fsb fc4 sc3 ls0 ws0\">Contratti<span class=\"_ _1\"></span> originati<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 xad0 h19 y588c ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xce4 h19 y588c ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 xce5 h19 y588d ff4 fsb fc4 sc3 ls0 ws0\">Voci/Gru<span class=\"_ _1\"></span>ppi di contr<span class=\"_ _1\"></span>atti<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce6 h19 y588d ff4 fsb fc4 sc3 ls0 ws0\">Contratti<span class=\"_ _1\"></span> senza </td><td class=\"t m2 x9a5 h19 y588d ff4 fsb fc4 sc3 ls0 ws0\">Contratti<span class=\"_ _1\"></span> con </td><td></td><td class=\"t m2 x93d h19 y588d ff4 fsb fc4 sc3 ls0 ws0\">Contratti<span class=\"_ _1\"></span> senza </td><td class=\"t m2 xce7 h19 y588d ff4 fsb fc4 sc3 ls0 ws0\">Contratti<span class=\"_ _1\"></span> con </td><td></td></tr><tr><td></td><td class=\"t m2 xce8 h19 y588e ff4 fsb fc4 sc3 ls0 ws0\">compone<span class=\"_ _1\"></span>nte di </td><td class=\"t m2 xce9 h19 y588e ff4 fsb fc4 sc3 ls0 ws0\">compone<span class=\"_ _1\"></span>nte di </td><td class=\"t m2 xcea h19 y588f ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93d h19 y588e ff4 fsb fc4 sc3 ls0 ws0\">compone<span class=\"_ _1\"></span>nte di </td><td class=\"t m2 xceb h19 y588e ff4 fsb fc4 sc3 ls0 ws0\">compone<span class=\"_ _1\"></span>nte di </td><td class=\"t m2 xcec h19 y588f ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x889 h19 y5890 ff4 fsb fc4 sc3 ls0 ws0\">recupero </td><td class=\"t m2 x7dd h19 y5890 ff4 fsb fc4 sc3 ls0 ws0\">recupero </td><td></td><td class=\"t m2 xced h19 y5890 ff4 fsb fc4 sc3 ls0 ws0\">recupero </td><td class=\"t m2 xcee h19 y5890 ff4 fsb fc4 sc3 ls0 ws0\">recupero </td><td></td></tr><tr><td class=\"c x58e y5891 w196 h66\"><div class=\"t m2 x0 h44 y1561 ff4 fs11 fc1 sc0 ls0 ws0\">A. Stima del valore attuale dei flussi<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7c6 h19 y5892 ff4 fsb fc4 sc3 ls0 ws0\">perdite<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e6 h19 y5892 ff4 fsb fc4 sc3 ls0 ws0\">perdita<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xcef h19 y5892 ff4 fsb fc4 sc3 ls0 ws0\">perdite<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d6 h19 y5892 ff4 fsb fc4 sc3 ls0 ws0\">perdita<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"c n xcf0 y5893 w8e8 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">(1.563)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcf1 y5893 w81e h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcf2 y5893 w8e8 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">(1.563)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcf3 y5893 w8e9 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">(2.844)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcf4 y5893 w81e h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcf5 y5893 w8e9 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">(2.844)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y5894 ff4 fs11 fc1 sc0 ls0 ws0\">finanziari in uscita<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5895 ff4 fs11 fc1 sc0 ls0 ws0\">di cui: Flussi finanziari connessi con </td><td class=\"c n xcf6 y5896 w81e h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcf7 y5896 w815 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcf8 y5896 w81e h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcf9 y5896 w81e h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcfa y5896 w81e h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcfb y5896 w815 h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y5897 ff4 fs11 fc1 sc0 ls0 ws0\">l'acquisizione dei contratti<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5898 ff4 fs11 fc1 sc0 ls0 ws0\">B. Stima del valore attuale dei flussi<span class=\"_ _3a1\"> </span></td><td class=\"c n xcf0 y5899 w751 h21c\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(1.859)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcfc y5899 w815 h21c\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcfd y5899 w751 h21c\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(1.859)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcfe y5899 w8ea h21c\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(3.357)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcff y5899 w815 h21c\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd00 y5899 w8eb h21c\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(3.3<span class=\"_ _1\"></span>57)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y589a ff4 fs11 fc1 sc0 ls0 ws0\">finanziari in entrata<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y589b ff4 fs11 fc1 sc2 ls0 ws0\">C. Stima del valore<span class=\"_ _1\"></span> attuale netto dei flussi </td><td class=\"c n xd01 y589c w833 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">296<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd02 y589c w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd03 y589c w8ec h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">2<span class=\"_ _1\"></span>96<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd04 y589c w8ed h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">5<span class=\"_ _1\"></span>13<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd05 y589c w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd06 y589c w8ee h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">513<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y589d ff4 fs11 fc1 sc2 ls0 ws0\">finanziari futuri (A-B<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x58e y589e w133 h66\"><div class=\"t m2 x0 h44 y9f4 ff4 fs11 fc1 sc0 ls0 ws0\">D. Stima aggisutamento per i rischi non<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd07 y589f w8ef h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">61<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd08 y589f w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd09 y589f w8ef h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">61<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd0a y589f w8f0 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">113<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd0b y589f w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd0c y589f w8f1 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">1<span class=\"_ _1\"></span>13<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y58a0 ff4 fs11 fc1 sc0 ls0 ws0\">finanziari<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y58a1 ff4 fs11 fc1 sc0 ls0 ws0\">E. Eliminazione contabile di gi\u00e0 iscritti<span class=\"_ _3a1\"> </span></td><td class=\"c n xcf6 y58a2 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcf7 y58a2 w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcf8 y58a2 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcf9 y58a2 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcfa y58a2 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcfb y58a2 w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y58a3 ff4 fs11 fc1 sc0 ls0 ws0\">flussi finanziari<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y58a4 w8f2 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">F. Margine sui servizi contrattuali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd0d y58a4 w867 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(3<span class=\"_ _1\"></span>57)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd0e y58a4 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd0f y58a4 w8c0 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(357)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd10 y58a4 w8f3 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(627)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd11 y58a4 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd12 y58a4 w8f4 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(6<span class=\"_ _1\"></span>27)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x2d7 y58a5 w8f5 h214\"><div class=\"t m2 x2b3 h44 y5764 ff4 fs11 fc1 sc2 ls0 ws0\">G. Incremento dell'attivit<span class=\"_ _1\"></span>\u00e0 per cessioni in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">riassicurazione reg<span class=\"_ _1\"></span>istrato nell'esercizio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcf6 y58a6 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcf7 y58a6 w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcf8 y58a6 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd13 y58a6 w8f6 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(1<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd14 y58a6 w8f7 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _119\"> </span>(1)<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x58e h44 y58a7 ff4 fs11 fc1 sc2 ls0 ws0\">per efffetto dell'iscrizion<span class=\"_ _1\"></span>e di nuovi </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y58a8 ff4 fs11 fc1 sc2 ls0 ws0\">contratti (C+D+E+F<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsb95\">Cessioni in riass<span class=\"_ _1\"></span>icurazione - Margine <span class=\"_ _1\"></span>sui servizi contrattuali rip<span class=\"_ _1\"></span>artito per tempi att<span class=\"_ _1\"></span>esi di registrazione in cont<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsb96\">economico<span class=\"_ _3a1\"> </span></div><div class=\"gsb97\"><table class=\"s w8f8 h21d\" id=\"_53dc63d4-a1da-4501-ba3e-5379e42b3694\"><tr><td class=\"t m2 xd16 h8e y58a9 ff4 fs18 fc4 sc3 ls0 ws0\">Basi di </td><td></td><td class=\"t m2 xd17 h8e y58a9 ff4 fs18 fc4 sc3 ls0 ws0\">Da oltre 1 </td><td class=\"t m2 xd18 h8e y58aa ff4 fs18 fc4 sc3 ls0 ws0\">Da oltre </td><td class=\"t m2 xd19 h8e y58aa ff4 fs18 fc4 sc3 ls0 ws0\">Da oltre </td><td class=\"t m2 xd1a h8e y58aa ff4 fs18 fc4 sc3 ls0 ws0\">Da oltre </td><td class=\"t m2 xd1b h8e y58aa ff4 fs18 fc4 sc3 ls0 ws0\">Da oltre </td><td class=\"t m2 xd1c h8e y58aa ff4 fs18 fc4 sc3 ls0 ws0\">Da oltre </td><td></td><td></td></tr><tr><td class=\"t m2 xd1d h8e y58ab ff4 fs18 fc4 sc3 ls0 ws0\">aggregazione/Te<span class=\"_ _2\"></span>mpi di </td><td class=\"t m2 xd1e h8e y58ac ff4 fs18 fc4 sc3 ls0 ws0\">Fino a 1 </td><td class=\"t m2 xd17 h8e y58ab ff4 fs18 fc4 sc3 ls0 ws0\">anno fino </td><td class=\"t m2 xd1f h8e y58ac ff4 fs18 fc4 sc3 ls0 ws0\">2 anni </td><td class=\"t m2 xd20 h8e y58ac ff4 fs18 fc4 sc3 ls0 ws0\">3 anni </td><td class=\"t m2 xd21 h8e y58ac ff4 fs18 fc4 sc3 ls0 ws0\">4 anni </td><td class=\"t m2 xd22 h8e y58ac ff4 fs18 fc4 sc3 ls0 ws0\">5 anni </td><td class=\"t m2 xd23 h8e y58ac ff4 fs18 fc4 sc3 ls0 ws0\">10 anni </td><td class=\"t m2 xd24 h8e y58ac ff4 fs18 fc4 sc3 ls0 ws0\">Oltre 20 </td><td class=\"t m2 xd25 h8e y58ab ff4 fs18 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xd16 h8e y58ad ff4 fs18 fc4 sc3 ls0 ws0\">attesa<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd26 h8e y58ae ff4 fs18 fc4 sc3 ls0 ws0\">anno<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd27 h8e y58ad ff4 fs18 fc4 sc3 ls0 ws0\">a 2 anni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd28 h8e y58ae ff4 fs18 fc4 sc3 ls0 ws0\">fino a 3 </td><td class=\"t m2 xd19 h8e y58ae ff4 fs18 fc4 sc3 ls0 ws0\">fino a 4 </td><td class=\"t m2 xd29 h8e y58ae ff4 fs18 fc4 sc3 ls0 ws0\">fino a 5 </td><td class=\"t m2 xd1b h8e y58ae ff4 fs18 fc4 sc3 ls0 ws0\">fino a 10 </td><td class=\"t m2 xd2a h8e y58ae ff4 fs18 fc4 sc3 ls0 ws0\">fino a </td><td class=\"t m2 xd2b h8e y58ae ff4 fs18 fc4 sc3 ls0 ws0\">anni<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 xd2c h8e y58af ff4 fs18 fc4 sc3 ls0 ws0\">anni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd2d h8e y58af ff4 fs18 fc4 sc3 ls0 ws0\">anni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd2e h8e y58af ff4 fs18 fc4 sc3 ls0 ws0\">anni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd2f h8e y58af ff4 fs18 fc4 sc3 ls0 ws0\">anni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd23 h8e y58af ff4 fs18 fc4 sc3 ls0 ws0\">20 anni<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"c n xd30 y58b1 w8f9 h21e\"><div class=\"t m2 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">Segmento Vita<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd31 y58b1 w8fa h21e\"><div class=\"t m2 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">38,82<span class=\"_ _2\"></span>%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd32 y58b1 w8fb h21e\"><div class=\"t m2 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">25,09%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd33 y58b1 w8fc h21e\"><div class=\"t m2 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">15,81%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd34 y58b1 w8fd h21e\"><div class=\"t m2 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">9,57%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd35 y58b1 w8fe h21e\"><div class=\"t m2 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">5,40%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd36 y58b1 w8ff h21e\"><div class=\"t m2 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">4,89%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd37 y58b1 w900 h21e\"><div class=\"t m2 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">0,41%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd38 y58b1 w901 h21e\"><div class=\"t m2 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">0,01%</div></td><td class=\"t m2 xd39 h8e y58b2 ff4 fs18 fc1 sc2 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xd3a h8e y58b3 ff4 fs18 fc1 sc0 ls0 ws0\">Segmento Da<span class=\"_ _2\"></span>nni<span class=\"_ _3a1\"> </span></td><td class=\"c n x94a y58b5 w902 h21f\"><div class=\"t m2 x2b3 h10 y58b4 ff4 fs3 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd3b y58b5 w902 h21f\"><div class=\"t m2 x2b3 h10 y58b4 ff4 fs3 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd3c y58b5 w902 h21f\"><div class=\"t m2 x2b3 h10 y58b4 ff4 fs3 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd3d y58b5 w903 h21f\"><div class=\"t m2 x2b3 h10 y58b4 ff4 fs3 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd3e y58b5 w902 h21f\"><div class=\"t m2 x2b3 h10 y58b4 ff4 fs3 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd3f y58b5 w902 h21f\"><div class=\"t m2 x2b3 h10 y58b4 ff4 fs3 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd40 y58b5 w904 h21f\"><div class=\"t m2 x2b3 h10 y58b4 ff4 fs3 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd41 y58b5 w905 h21f\"><div class=\"t m2 x2b3 h10 y58b4 ff4 fs3 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd42 h10 y58b6 ff4 fs3 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table></div>Sezione <span class=\"_ _1\"></span>11 \u2013 Le a<span class=\"_ _1\"></span>tt<span class=\"_ _3a1\"> </span>ivit\u00e0 fi<span class=\"_ _1\"></span>scali e le<span class=\"_ _1\"></span> passivit<span class=\"_ _1\"></span>\u00e0 fiscali \u2013 <span class=\"_ _1\"></span>Voce 1<span class=\"_ _1\"></span>10 dell\u2019<span class=\"_ _1\"></span>attivo e Vo<span class=\"_ _1\"></span>ce 60 del<span class=\"_ _1\"></span> passivo Le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _38\"></span>fiscali <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _1\"></span>fiscali <span class=\"_ _1\"></span>correnti <span class=\"_ _38\"></span>comprendono <span class=\"_ _1\"></span>l\u2019ammontare <span class=\"_ _38\"></span>netto <span class=\"_ _1\"></span>(debito <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>credito) IRES <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _0\"></span>IRAP, <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>netto <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>rediti <span class=\"_ _0\"></span>d\u2019imposta <span class=\"_ _0\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>degli <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>cconti, <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>l\u2019addizionale <span class=\"_ _0\"></span>IRES, <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>vista <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>g<span class=\"_ _2\"></span>li intermediari finanziari ai sensi dell\u2019art.12, comma 3, del Decreto Legislativo n.142 del 29 novembre 2018.  Ai fini delle imposte dire<span class=\"_ _1\"></span>tte, risultano definiti, per decorrenza dei t<span class=\"_ _1\"></span>ermini di cui all\u2019art. 43 del <span class=\"_ _1\"></span>D.P.R. 29/9/1973, n. 600, i periodi di imposta chiusi al 31/12/2018. I rischi <span class=\"_ _1\"></span>derivanti dal <span class=\"_ _1\"></span>contenzioso fiscale <span class=\"_ _1\"></span>del Gruppo <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>presidiati da ade<span class=\"_ _1\"></span>guati accantonamenti <span class=\"_ _1\"></span>a fondi per rischi e oneri.  Con <span class=\"_ _3b\"></span>riguardo <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>lla <span class=\"_ _3b\"></span>capogruppo, <span class=\"_ _3b\"></span>sono in <span class=\"_ _184\"></span>es<span class=\"_ _1\"></span>sere <span class=\"_ _3b\"></span>11 p<span class=\"_ _3b\"></span>ro<span class=\"_ _1\"></span>cedimenti <span class=\"_ _3b\"></span>contenziosi, <span class=\"_ _3b\"></span>affere<span class=\"_ _1\"></span>nti <span class=\"_ _3b\"></span>principalmente a <span class=\"_ _1\"></span>tributi <span class=\"_ _1\"></span>locali <span class=\"_ _38\"></span>o <span class=\"_ _1\"></span>conseguenti <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>dinieghi <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>istanze <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rimborso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>imposte <span class=\"_ _38\"></span>presentate <span class=\"_ _1\"></span>dalla <span class=\"_ _38\"></span>banca. Relativamente a tali c<span class=\"_ _2\"></span>ontenziosi non sono emersi <span class=\"_ _2\"></span>rischi effettivi o <span class=\"_ _3b\"></span>quanto meno<span class=\"_ _1\"></span> il <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio stimato \u00e8<span class=\"_ _3b\"></span> apparso remoto. Per questa ragione non sono stati e<span class=\"_ _1\"></span>ffettuati accantonamenti specifici.  Per Credemleasing pendono 30<span class=\"_ _2\"></span> procedimenti contenziosi, <span class=\"_ _2\"></span>prevalentemente relativi a <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ributi locali. Iscrizione e<span class=\"_ _1\"></span> misurazione di attivit\u00e0 per<span class=\"_ _1\"></span> imposte differite<span class=\"_ _3a1\"> </span>Nell\u2019attivo <span class=\"_ _0\"></span>dello<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>stato <span class=\"_ _38\"></span>patrimoniale <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>presenti <span class=\"_ _0\"></span>le<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>\u201ca<span class=\"_ _2\"></span>ttivit\u00e0 <span class=\"_ _38\"></span>fiscali <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>impos<span class=\"_ _2\"></span>te <span class=\"_ _0\"></span>anticip<span class=\"_ _2\"></span>ate\u201d, <span class=\"_ _0\"></span>DTA<span class=\"_ _3b\"></span> ovvero  Deferred  Tax  Asset,  principalmente  derivanti  da  differenze  temporanee  tra  la  data  di iscrizione <span class=\"_ _35\"> </span>nel <span class=\"_ _35\"> </span>conto <span class=\"_ _35\"> </span>economico <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>costi <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>data <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>quale <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>costi <span class=\"_ _35\"> </span>medesimi <span class=\"_ _35\"> </span>potranno <span class=\"_ _35\"> </span>essere dedotti. <span class=\"_ _3b\"></span>Tali <span class=\"_ _3b\"></span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _3b\"></span>iscrit<span class=\"_ _1\"></span>te <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>bilancio <span class=\"_ _2\"></span>si <span class=\"_ _3b\"></span>rife<span class=\"_ _1\"></span>riscono <span class=\"_ _3b\"></span>a di<span class=\"_ _2\"></span>fferenze <span class=\"_ _3b\"></span>tempor<span class=\"_ _1\"></span>anee <span class=\"_ _3b\"></span>recuperabili <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>u<span class=\"_ _1\"></span>n <span class=\"_ _3b\"></span>arco temporale <span class=\"_ _1\"></span>abbastanza lungo. Le<span class=\"_ _1\"></span> att<span class=\"_ _1\"></span>ivit\u00e0 per <span class=\"_ _1\"></span>imposte a<span class=\"_ _1\"></span>nticipate vengono <span class=\"_ _1\"></span>svalutate nella <span class=\"_ _1\"></span>misura <span class=\"_ _1\"></span>in<span class=\"_ _2\"></span> cui  le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>stesse <span class=\"_ _37\"> </span>vengono  r<span class=\"_ _1\"></span>itenute <span class=\"_ _3d\"> </span>non <span class=\"_ _3d\"> </span>recuperabili <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>relazione <span class=\"_ _3d\"> </span>alle <span class=\"_ _3d\"> </span>pro<span class=\"_ _1\"></span>spettive <span class=\"_ _3d\"> </span>reddituali  ed <span class=\"_ _37\"> </span>ai conseguenti <span class=\"_ _1\"></span>redditi <span class=\"_ _1\"></span>imponibili att<span class=\"_ _1\"></span>esi, t<span class=\"_ _1\"></span>enuto <span class=\"_ _1\"></span>altres\u00ec <span class=\"_ _1\"></span>conto della <span class=\"_ _1\"></span>normat<span class=\"_ _1\"></span>iva fiscale<span class=\"_ _1\"></span>, che <span class=\"_ _1\"></span>consente <span class=\"_ _1\"></span>la loro <span class=\"_ _37\"> </span>trasformazione <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>crediti <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>imposta, <span class=\"_ _37\"> </span>al <span class=\"_ _3d\"> </span>ricor<span class=\"_ _1\"></span>rere <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>determinate <span class=\"_ _37\"> </span>condizioni. <span class=\"_ _3d\"> </span>Il <span class=\"_ _37\"> </span>processo valutativo \u00e8 fondato sulle prospettive reddituali. Le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _38\"></span>imposte <span class=\"_ _38\"></span>anticipate <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>iscritte <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>bilancio <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>lla <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>isura <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>cui <span class=\"_ _38\"></span>es<span class=\"_ _1\"></span>iste <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>probabilit\u00e0 del <span class=\"_ _0\"></span>loro <span class=\"_ _38\"></span>recuper<span class=\"_ _1\"></span>o, <span class=\"_ _0\"></span>valutata <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>\u201cProbabil<span class=\"_ _2\"></span>ity <span class=\"_ _0\"></span>test\u201d <span class=\"_ _0\"></span>previsto <span class=\"_ _38\"></span>dallo <span class=\"_ _0\"></span>IAS12 <span class=\"_ _0\"></span>sulla <span class=\"_ _38\"></span>base <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>capacit\u00e0<span class=\"_ _3b\"></span> fiscale <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>Banca <span class=\"_ _1\"></span>e delle <span class=\"_ _1\"></span>societ\u00e0 <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Gruppo <span class=\"_ _1\"></span>di ge<span class=\"_ _1\"></span>nerare <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>continui<span class=\"_ _2\"></span>t\u00e0 <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dditi imponibili <span class=\"_ _1\"></span>positivi nei futuri esercizi, tenuto conto delle disposizioni fiscali vigenti. L\u2019ammontare <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>imposte <span class=\"_ _0\"></span>anticip<span class=\"_ _2\"></span>ate <span class=\"_ _0\"></span>iscritto <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>bilancio <span class=\"_ _38\"></span>viene <span class=\"_ _0\"></span>sottoposto <span class=\"_ _0\"></span>a <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>est <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>gni <span class=\"_ _38\"></span>anno, <span class=\"_ _0\"></span>per verificare <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>suss<span class=\"_ _1\"></span>ista <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>meno <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>probabilit\u00e0 <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>societ\u00e0 <span class=\"_ _1\"></span>interessat<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>consegua <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>futuro <span class=\"_ _1\"></span>risultati imponibili <span class=\"_ _35\"> </span>tali <span class=\"_ _0\"></span>da <span class=\"_ _35\"> </span>consent<span class=\"_ _1\"></span>ire <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>riassorbimento <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>imposte <span class=\"_ _0\"></span>anticipate <span class=\"_ _35\"> </span>iscritte <span class=\"_ _35\"> </span>nei <span class=\"_ _35\"> </span>precedenti periodi d\u2019imposta.  Con <span class=\"_ _35\"> </span>riferimento <span class=\"_ _35\"> </span>all\u2019iscrivibilit\u00e0 <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>imposte <span class=\"_ _0\"> </span>a<span class=\"_ _1\"></span>nticipate <span class=\"_ _35\"> </span>ed <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>loro<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>mantenimento <span class=\"_ _35\"> </span>in<span class=\"_ _2\"></span> bilancio <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>opportuno <span class=\"_ _0\"></span>richiamare <span class=\"_ _0\"></span>alcune <span class=\"_ _0\"></span>import<span class=\"_ _1\"></span>anti <span class=\"_ _0\"></span>modifiche <span class=\"_ _0\"></span>normative <span class=\"_ _0\"></span>introdotte<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>partire <span class=\"_ _0\"></span>dal 2011 <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>materia <span class=\"_ _38\"></span>fiscale <span class=\"_ _38\"></span>che, <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>vedendo <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>trasformazione <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>imposte <span class=\"_ _38\"></span>anticipate <span class=\"_ _38\"></span>in crediti <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>imposta <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>predeterminate ipotesi, <span class=\"_ _3b\"></span>hanno <span class=\"_ _3b\"></span>introdotto la<span class=\"_ _3b\"></span> modali<span class=\"_ _2\"></span>t\u00e0 d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>re<span class=\"_ _1\"></span>cupero <span class=\"_ _3b\"></span>delle i<span class=\"_ _2\"></span>mposte anticipate <span class=\"_ _1\"></span>attive t<span class=\"_ _1\"></span>ale <span class=\"_ _1\"></span>da assicurare <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>loro r<span class=\"_ _1\"></span>iassorbimento a <span class=\"_ _1\"></span>prescindere <span class=\"_ _1\"></span>dalla <span class=\"_ _1\"></span>capacit\u00e0 di <span class=\"_ _1\"></span>generare una redditivit\u00e0. Con <span class=\"_ _3b\"></span>la pubblicazione <span class=\"_ _3b\"></span>in Gazzetta <span class=\"_ _3b\"></span>Ufficiale <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lla <span class=\"_ _3b\"></span>Legge 30 <span class=\"_ _3b\"></span>dicembre<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>2024, <span class=\"_ _2\"></span>n. <span class=\"_ _3b\"></span>207<span class=\"_ _1\"></span>, <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ubricata <span class=\"_ _3b\"></span>\u201cB<span class=\"_ _1\"></span>ilancio di <span class=\"_ _2\"></span>previsione dello <span class=\"_ _2\"></span>Stato <span class=\"_ _2\"></span>per l'anno <span class=\"_ _3b\"></span>finanziario 2025 <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> bi<span class=\"_ _2\"></span>lancio p<span class=\"_ _2\"></span>luriennale pe<span class=\"_ _2\"></span>r il <span class=\"_ _3b\"></span>triennio 2025-2027\u201d (cd. <span class=\"_ _1\"></span>\u201cLegge <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>Bilancio <span class=\"_ _1\"></span>2025\u201d<span class=\"_ _1\"></span>), <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>Par<span class=\"_ _1\"></span>lamento <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>intr<span class=\"_ _1\"></span>odotto <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>ser<span class=\"_ _1\"></span>ie <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>misure <span class=\"_ _38\"></span>rilevanti <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>materia fiscale. <span class=\"_ _1\"></span>In par<span class=\"_ _1\"></span>ticolare <span class=\"_ _1\"></span>l\u2019art. 1, <span class=\"_ _1\"></span>commi <span class=\"_ _1\"></span>14-15, <span class=\"_ _1\"></span>prevede <span class=\"_ _1\"></span>un nuovo <span class=\"_ _1\"></span>differime<span class=\"_ _1\"></span>nto per <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>regime <span class=\"_ _1\"></span>transitorio di <span class=\"_ _0\"></span>dedu<span class=\"_ _2\"></span>cibilit\u00e0, <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>fini <span class=\"_ _38\"></span>IRES <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>IRAP, <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>lle <span class=\"_ _0\"></span>svalu<span class=\"_ _2\"></span>tazioni <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>perdite <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>rediti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>banc<span class=\"_ _2\"></span>he, <span class=\"_ _0\"></span>societ\u00e0 finanziarie  e<span class=\"_ _1\"></span>  assicurazioni <span class=\"_ _3d\"> </span>di  cui  all\u2019articolo <span class=\"_ _3d\"> </span>16 <span class=\"_ _3d\"> </span>del  decreto-legge <span class=\"_ _3d\"> </span>27 <span class=\"_ _3d\"> </span>giugno  2015, <span class=\"_ _3d\"> </span>n.  83.Nello specifico, <span class=\"_ _35\"> </span>viene <span class=\"_ _35\"> </span>previsto <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>differimento<span class=\"_ _1\"></span>, <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>quote <span class=\"_ _35\"> </span>costanti, <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>periodo <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>imposta <span class=\"_ _35\"> </span>2026 <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>ai <span class=\"_ _35\"> </span>tre successivi, <span class=\"_ _1\"></span>della de<span class=\"_ _1\"></span>duzione <span class=\"_ _1\"></span>IRES <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>IRAP <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>11% <span class=\"_ _1\"></span>dell\u2019ammontare <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>component<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>negativi <span class=\"_ _1\"></span>prevista per il 20<span class=\"_ _1\"></span>25 e il <span class=\"_ _1\"></span>differimento, in quote costanti, <span class=\"_ _1\"></span>al periodo di <span class=\"_ _1\"></span>imposta 2027 e <span class=\"_ _1\"></span>ai due successivi, della deduzione <span class=\"_ _35\"> </span>IRES <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>IR<span class=\"_ _2\"></span>AP <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>4,7% <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>ll\u2019ammontare <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>componenti <span class=\"_ _35\"> </span>negativi <span class=\"_ _35\"> </span>prevista <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>2026. L\u2019art.1, <span class=\"_ _0\"></span>comma <span class=\"_ _0\"></span>16 <span class=\"_ _0\"></span>prevede <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>differimento, <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>quote <span class=\"_ _0\"></span>costanti,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>periodo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>imposta <span class=\"_ _0\"></span>2026 <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>tr<span class=\"_ _2\"></span>e successivi della dedu<span class=\"_ _2\"></span>zione IRES e I<span class=\"_ _2\"></span>RAP del 13%<span class=\"_ _3b\"></span> del piano di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ientro dello stock dell\u2019<span class=\"_ _2\"></span>ammortamento di <span class=\"_ _0\"></span>avviame<span class=\"_ _1\"></span>nto <span class=\"_ _0\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>altre <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _0\"></span>immateriali  <span class=\"_ _35\"> </span>prevista <span class=\"_ _35\"> </span>per <span class=\"_ _0\"></span>l\u2019anno <span class=\"_ _0\"> </span>20<span class=\"_ _1\"></span>25 <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>fferimento <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>quote costanti <span class=\"_ _1\"></span>al periodo <span class=\"_ _1\"></span>di imposta <span class=\"_ _1\"></span>2027 e <span class=\"_ _1\"></span>i due <span class=\"_ _1\"></span>successivi <span class=\"_ _1\"></span>della quota <span class=\"_ _1\"></span>del 13<span class=\"_ _1\"></span>% deducibile, ai <span class=\"_ _1\"></span>fini IRES <span class=\"_ _1\"></span>e IRAP, <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>l\u2019anno <span class=\"_ _1\"></span>20<span class=\"_ _1\"></span>26; <span class=\"_ _1\"></span>l\u2019art<span class=\"_ _1\"></span>. <span class=\"_ _38\"></span>1, <span class=\"_ _38\"></span>comma <span class=\"_ _38\"></span>17<span class=\"_ _1\"></span>, <span class=\"_ _38\"></span>inoltre, <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>evede <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>differimento <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>piano <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ientro <span class=\"_ _38\"></span>delle quote <span class=\"_ _37\"> </span>deducibili <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>iferibili <span class=\"_ _37\"> </span>ai co<span class=\"_ _1\"></span>mponenti <span class=\"_ _37\"> </span>ne<span class=\"_ _1\"></span>gativi <span class=\"_ _37\"> </span>emers<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>in <span class=\"_ _36\"> </span>sede <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>prima <span class=\"_ _36\"> </span>adozione <span class=\"_ _36\"> </span>dell\u2019IFRS<span class=\"_ _2\"></span> 9 applicabile agli <span class=\"_ _2\"></span>intermediari finanziari. Pi\u00f9 <span class=\"_ _2\"></span>precisamente, si <span class=\"_ _3b\"></span>prevede che la <span class=\"_ _3b\"></span>quota del <span class=\"_ _3b\"></span>1<span class=\"_ _1\"></span>0 <span class=\"_ _2\"></span>per cent<span class=\"_ _3b\"></span>o deducibile, <span class=\"_ _3b\"></span>ai <span class=\"_ _3b\"></span>fini <span class=\"_ _2\"></span>IRES <span class=\"_ _3b\"></span>ed IRA<span class=\"_ _2\"></span>P, <span class=\"_ _3b\"></span>n<span class=\"_ _1\"></span>el <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span>iodo <span class=\"_ _3b\"></span>d\u2019imposta <span class=\"_ _3b\"></span>20<span class=\"_ _1\"></span>25 <span class=\"_ _3b\"></span>sia d<span class=\"_ _2\"></span>ifferita, <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>quote <span class=\"_ _3b\"></span>costanti, <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>periodo<span class=\"_ _3a1\"> </span>d\u2019imposta <span class=\"_ _1\"></span>2026 <span class=\"_ _38\"></span>ed <span class=\"_ _1\"></span>ai <span class=\"_ _38\"></span>successivi <span class=\"_ _1\"></span>tre <span class=\"_ _38\"></span>periodi <span class=\"_ _1\"></span>d\u2019imposta; <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>quota <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>10 <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>cento <span class=\"_ _1\"></span>deducibile, <span class=\"_ _1\"></span>ai <span class=\"_ _38\"></span>fini IRES e<span class=\"_ _3a1\"> </span>d IRAP, n<span class=\"_ _2\"></span>el periodo <span class=\"_ _2\"></span>d\u2019imposta 2026 <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ia differita, <span class=\"_ _2\"></span>in q<span class=\"_ _2\"></span>uote costanti, <span class=\"_ _2\"></span>al periodo d\u2019<span class=\"_ _2\"></span>imposta 2027<span class=\"_ _2\"></span> ed ai <span class=\"_ _3b\"></span>success<span class=\"_ _1\"></span>ivi <span class=\"_ _2\"></span>due p<span class=\"_ _2\"></span>eriodi d\u2019imposta. Con <span class=\"_ _3b\"></span>l\u2019art.1 comma 18, <span class=\"_ _3b\"></span>e con <span class=\"_ _2\"></span>esclusivo riferimento al <span class=\"_ _3b\"></span>periodo d\u2019imposta <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>corso <span class=\"_ _0\"> </span>a<span class=\"_ _1\"></span>l <span class=\"_ _35\"> </span>31 <span class=\"_ _35\"> </span>dicem<span class=\"_ _2\"></span>bre <span class=\"_ _35\"> </span>2025, <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>introduce, <span class=\"_ _0\"></span>anche <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>societ\u00e0 <span class=\"_ _35\"> </span>ch<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>partecipano <span class=\"_ _35\"> </span>al<span class=\"_ _2\"></span> consolidato fiscale <span class=\"_ _1\"></span>nella determinazione <span class=\"_ _1\"></span>del reddito <span class=\"_ _1\"></span>complessivo da a<span class=\"_ _1\"></span>ssoggettare alla t<span class=\"_ _1\"></span>assazione di  g<span class=\"_ _2\"></span>ruppo,  una limitazione  temporanea  all\u2019uso delle perdite  fis<span class=\"_ _2\"></span>cali  p<span class=\"_ _2\"></span>regre<span class=\"_ _1\"></span>sse e  delle eccedenze<span class=\"_ _2\"></span> residue di ACE, <span class=\"_ _2\"></span>che potranno essere utili<span class=\"_ _2\"></span>zzate in misura<span class=\"_ _2\"></span> non sup<span class=\"_ _2\"></span>eriore al 54 per cen<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>o dello stesso<span class=\"_ _2\"></span> maggior  r<span class=\"_ _2\"></span>eddito  i<span class=\"_ _2\"></span>mponibile, <span class=\"_ _35\"> </span>relativo  sempre <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>medesimo  p<span class=\"_ _2\"></span>eriodo <span class=\"_ _35\"> </span>d\u2019imposta,  che<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>emer<span class=\"_ _1\"></span>ge <span class=\"_ _35\"> </span>per effetto <span class=\"_ _39\"> </span>dei <span class=\"_ _39\"> </span>citati <span class=\"_ _39\"> </span>differimenti <span class=\"_ _36\"> </span>delle <span class=\"_ _39\"> </span>de<span class=\"_ _1\"></span>duzioni <span class=\"_ _36\"> </span>re<span class=\"_ _1\"></span>lative <span class=\"_ _39\"> </span>alle <span class=\"_ _36\"> </span>svalutazioni <span class=\"_ _39\"> </span>e <span class=\"_ _39\"> </span>perdite <span class=\"_ _39\"> </span>su <span class=\"_ _39\"> </span>crediti, ammortamento <span class=\"_ _1\"></span>dell\u2019avviamento <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>altre att<span class=\"_ _1\"></span>ivit\u00e0 materiali <span class=\"_ _1\"></span>e, <span class=\"_ _1\"></span>infine, <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>componenti <span class=\"_ _1\"></span>negativi rilevat<span class=\"_ _1\"></span>i<span class=\"_ _2\"></span> in <span class=\"_ _3b\"></span>sede d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>prima <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>pplicazione <span class=\"_ _3b\"></span>del <span class=\"_ _3b\"></span>principio <span class=\"_ _2\"></span>contabile <span class=\"_ _3b\"></span>IFRS <span class=\"_ _3b\"></span>9; l\u2019articolo <span class=\"_ _3b\"></span>1, <span class=\"_ _3b\"></span>commi 862-<span class=\"_ _2\"></span>863, <span class=\"_ _3b\"></span>della <span class=\"_ _3b\"></span>Le<span class=\"_ _1\"></span>gge di <span class=\"_ _3d\"> </span>Bilancio <span class=\"_ _37\"> </span>2025 <span class=\"_ _3d\"> </span>ha <span class=\"_ _3d\"> </span>mo<span class=\"_ _1\"></span>dificato <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>re<span class=\"_ _1\"></span>gime <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>deducibilit\u00e0 <span class=\"_ _3d\"> </span>in <span class=\"_ _37\"> </span>relazione <span class=\"_ _3d\"> </span>ai <span class=\"_ _3d\"> </span>piani <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>stock <span class=\"_ _37\"> </span>option riconosciuti <span class=\"_ _39\"> </span>ai <span class=\"_ _36\"> </span>lavorato<span class=\"_ _1\"></span>ri <span class=\"_ _39\"> </span>dipendenti <span class=\"_ _36\"> </span>e <span class=\"_ _39\"> </span>amministratori. <span class=\"_ _39\"> </span>Viene <span class=\"_ _36\"> </span>introdotto<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>il <span class=\"_ _39\"> </span>nuovo <span class=\"_ _36\"> </span>com<span class=\"_ _1\"></span>ma <span class=\"_ _39\"> </span>6-<span class=\"_ _3a1\"> </span>bis nell\u2019articolo <span class=\"_ _3d\"> </span>95,  Tuir, <span class=\"_ _3d\"> </span>riconoscendo <span class=\"_ _3d\"> </span>ai <span class=\"_ _3d\"> </span>soggetti  che <span class=\"_ _3d\"> </span>redigono  il <span class=\"_ _3d\"> </span>bilancio  in <span class=\"_ _3d\"> </span>base <span class=\"_ _3d\"> </span>ai <span class=\"_ _3d\"> </span>principi contabili <span class=\"_ _2\"></span>internazionali Ias/Ifrs l<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>deducibilit\u00e0 dei <span class=\"_ _3b\"></span>compone<span class=\"_ _1\"></span>nti neg<span class=\"_ _2\"></span>ativi imp<span class=\"_ _2\"></span>utati a <span class=\"_ _2\"></span>Conto economico<span class=\"_ _2\"></span> riferiti  alle <span class=\"_ _35\"> </span>operazioni <span class=\"_ _35\"> </span>con  pagamento <span class=\"_ _35\"> </span>basato  su <span class=\"_ _35\"> </span>azioni <span class=\"_ _35\"> </span>(c.d. stock  option) <span class=\"_ _35\"> </span>regolate  con <span class=\"_ _35\"> </span>propri strumenti rappresentativi <span class=\"_ _3b\"></span>di capitale ovvero <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>n azi<span class=\"_ _2\"></span>oni di <span class=\"_ _3b\"></span>altre<span class=\"_ _1\"></span> soci<span class=\"_ _2\"></span>et\u00e0 del g<span class=\"_ _2\"></span>ruppo solo <span class=\"_ _3b\"></span>al momento di assegnazione di <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ali strumenti. I<span class=\"_ _2\"></span>n tale momento, <span class=\"_ _2\"></span>sono, altres\u00ec, ri<span class=\"_ _2\"></span>conosciuti i maggiori v<span class=\"_ _2\"></span>alori delle partecipazioni iscritti in bilancio dalle societ\u00e0 del gruppo i cui strumenti rappresentativi di capitale sono assegnati a seguito di<span class=\"_ _2\"></span> tali operazioni. Il <span class=\"_ _2\"></span>criterio di deducibilit\u00e0 al momento di <span class=\"_ _2\"></span>assegnazione ai beneficiari del pian<span class=\"_ _2\"></span>o di stock option si ap<span class=\"_ _2\"></span>plica alle op<span class=\"_ _2\"></span>erazioni con <span class=\"_ _2\"></span>pagamento basato su azi<span class=\"_ _2\"></span>oni i <span class=\"_ _2\"></span>cui oneri sono <span class=\"_ _3b\"></span>rilevati per <span class=\"_ _3b\"></span>la prima <span class=\"_ _3b\"></span>volta nei <span class=\"_ _3b\"></span>bilanci riferiti all<span class=\"_ _2\"></span>\u2019esercizio i<span class=\"_ _3b\"></span>n corso alla <span class=\"_ _3b\"></span>data del <span class=\"_ _3b\"></span>31 dicembre<span class=\"_ _2\"></span> 2025 oppure nei successivi. 11.1 Attivit\u00e0 per<span class=\"_ _1\"></span> imposte anticipate: co<span class=\"_ _1\"></span>mposizione <table class=\"s w9de h22f\" id=\"_f2f12f1d-1487-4533-a158-ac898a1401f4\"><tr><td></td><td></td><td></td><td class=\"t m2 x67c h12 y5a30 ff4 fs7 fc1 sc2 ls0 ws0\">IRES <span class=\"_ _5c\"> </span>IRAP <span class=\"_ _19\"> </span>Totale </td></tr><tr><td class=\"c n x2d7 y5578 w9df h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Rettifiche di valore su cred<span class=\"_ _3b\"></span>iti v<span class=\"_ _1\"></span>erso cl<span class=\"_ _2\"></span>ientela<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeb9 y5578 w9e0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">21.780<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xeba h12 y5a31 ff4 fs7 fc1 sc0 ls0 ws0\">2.818<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y5a31 ff4 fs7 fc1 sc0 ls0 ws0\">24.598<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a32 w9e1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Svalutazione di strument<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span> finanziari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xebb y5a32 w9e2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">166.293<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xebc h12 y5a33 ff4 fs7 fc1 sc0 ls0 ws0\">41.010<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x795 h12 y5a33 ff4 fs7 fc1 sc0 ls0 ws0\">207.303<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a34 w9e3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Spese di rappresentanza ed<span class=\"_ _2\"></span> avviamento<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xebd y5a34 w9e4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7.982<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xebe h12 y5a35 ff4 fs7 fc1 sc0 ls0 ws0\">1.614<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e5 h12 y5a35 ff4 fs7 fc1 sc0 ls0 ws0\">9.596<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a36 w9e5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Crediti di firma, revoca<span class=\"_ _2\"></span>torie fallimentari e cau<span class=\"_ _3b\"></span>se l<span class=\"_ _1\"></span>egali in corso<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xebf y5a36 w9e6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.984<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x987 h12 y5a37 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x780 h12 y5a37 ff4 fs7 fc1 sc0 ls0 ws0\">1.984<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5580 w9e7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Accantonamenti per <span class=\"_ _2\"></span>spese per il per<span class=\"_ _2\"></span>sonale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xec0 y5580 w659 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">34.520<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xeba h12 y5a38 ff4 fs7 fc1 sc0 ls0 ws0\">6.813<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y5a38 ff4 fs7 fc1 sc0 ls0 ws0\">41.333<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5582 w9e8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xec1 y5582 w9e9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _2\"></span>10.818<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xeba h12 y5a39 ff4 fs7 fc1 sc0 ls0 ws0\">7.454<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y5a39 ff4 fs7 fc1 sc0 ls0 ws0\">118.272<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x90a h12 y5a3a ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fb h12 y5a3a ff4 fs7 fc1 sc2 ls0 ws0\">343.377<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x746 h12 y5a3a ff4 fs7 fc1 sc2 ls0 ws0\">59.709<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x795 h12 y5a3a ff4 fs7 fc1 sc2 ls0 ws0\">403.086<span class=\"_ _3a1\"> </span></td></tr></table>11.2 Passivit\u00e0 per<span class=\"_ _1\"></span> imposte differite<span class=\"_ _1\"></span>: composizione<span class=\"_ _3a1\"> </span><table class=\"s w9d2 h22e\" id=\"_45f54fb1-561d-467c-909a-a0eaf6965055\"><tr><td></td><td class=\"t m2 xdda h12 y5a2b ff4 fs7 fc1 sc2 ls0 ws0\">IRES<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c8 h12 y5a2b ff4 fs7 fc1 sc2 ls0 ws0\">IRAP<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h12 y5a2b ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a2c w9d3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Plusvalenze strument<span class=\"_ _2\"></span>i finanziari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeae y5a2c w9d4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">32.122<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeaf y5a2c w9d5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9.565<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeb0 y5a2c w9d6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">41.687<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a2d w9d7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Accantonamenti effettu<span class=\"_ _3b\"></span>at<span class=\"_ _1\"></span>i esclusiva<span class=\"_ _2\"></span>mente in ambito fisca<span class=\"_ _2\"></span>le<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeb1 y5a2d w9d8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">64.743<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeb2 y5a2d w9d9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13.113<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeb3 y5a2d w9da h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">77.856<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a2e w9db h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Altre residuali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeb4 y5a2e w9dc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">135.038<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeb5 y5a2e w78b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">36.419<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeb6 y5a2e w9dd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">171.457<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x7c2 h12 y5a2f ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeb7 h12 y5a2f ff4 fs7 fc1 sc2 ls0 ws0\">231.903<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeb8 h12 y5a2f ff4 fs7 fc1 sc2 ls0 ws0\">59.097<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd4c h12 y5a2f ff4 fs7 fc1 sc2 ls0 ws0\">291.000<span class=\"_ _3a1\"> </span></td></tr></table>Gli <span class=\"_ _1\"></span>accant<span class=\"_ _1\"></span>onamenti <span class=\"_ _38\"></span>effettuati <span class=\"_ _38\"></span>esclusivamente <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>ambito <span class=\"_ _38\"></span>fiscale <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iferiti <span class=\"_ _1\"></span>alle <span class=\"_ _0\"></span>imp<span class=\"_ _2\"></span>oste <span class=\"_ _38\"></span>differite su avviamenti. 11.3 Variazioni del<span class=\"_ _1\"></span>le imposte ant<span class=\"_ _1\"></span>icipate (in contropartit<span class=\"_ _1\"></span>a del conto economico)<span class=\"_ _3a1\"> </span><table class=\"s w9ea h230\" id=\"_103c4fb1-3130-4b64-aee0-83cd24a54b44\"><tr><td></td><td class=\"t m2 xec2 h12 y5a3b ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xec3 h12 y5a3b ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"c xec4 y5a3c w17c h11\"><div class=\"t m2 x0 h12 y413 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c x7e3 y5a3c w17c h11\"><div class=\"t m2 x0 h12 y413 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5a3d ff4 fs7 fc1 sc2 ls0 ws0\">1. Importo iniziale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xb9a h12 y5a3d ff4 fs7 fc1 sc2 ls0 ws0\">222.875<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xd53 h12 y5a3d ff4 fs7 fc1 sc2 ls0 ws0\">232.348<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5a3e ff4 fs7 fc1 sc2 ls0 ws0\">2. Aumenti<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x87b h12 y5a3e ff4 fs7 fc1 sc2 ls0 ws0\">45.162<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xe22 h12 y5a3e ff4 fs7 fc1 sc2 ls0 ws0\">46.450<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a3f w9eb h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Imposte anticipate <span class=\"_ _2\"></span>rilevate nell'esercizi<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xec5 y5a3f w9ec h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">45.162<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xec6 y5a3f w9ed h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">46.450<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y59f9 w9ee h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">a) relative a precedent<span class=\"_ _2\"></span>i esercizi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xec8 y59f9 w796 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xec9 y59f9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a40 w9ef h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">b) dovute al mutamen<span class=\"_ _2\"></span>to di criteri co<span class=\"_ _2\"></span>ntabili<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xeca y5a40 w796 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xecb y5a40 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a41 w9f0 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) riprese di valore<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xecc y5a41 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xecd y5a41 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a42 w64c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xece y5a42 w9ec h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">45.162<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xecf y5a42 w9ed h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">46.450<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a43 w9f1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Nuove imposte o <span class=\"_ _2\"></span>incrementi di al<span class=\"_ _2\"></span>iquote fiscali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xed0 y5a43 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xed1 y5a43 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a44 w9f2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altri aumenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xed2 y5a44 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xed3 y5a44 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5a45 ff4 fs7 fc1 sc2 ls0 ws0\">3. Diminuzioni<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x87b h12 y5a45 ff4 fs7 fc1 sc2 ls0 ws0\">61.225<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x874 h12 y5a45 ff4 fs7 fc1 sc2 ls0 ws0\">55.922<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a46 w9f3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Imposte anticipate an<span class=\"_ _3b\"></span>nullat<span class=\"_ _1\"></span>e nell'e<span class=\"_ _2\"></span>sercizio<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xed4 y5a46 w9f4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">61.225<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xed5 y5a46 w9f5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">55.922<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a47 w9f6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) rigiri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xed6 y5a47 w9f4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">61.225<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xed7 y5a47 w9f7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">55<span class=\"_ _1\"></span>.922<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a48 w9f8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) svalutazioni per s<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>pravvenuta irre<span class=\"_ _2\"></span>cuperabilit\u00e0<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xed8 y5a48 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xed9 y5a48 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a49 w9f9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) dovute a mutament<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> di criteri contabili<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xeda y5a49 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xedb y5a49 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a4a w64c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xecc y5a4a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xecd y5a4a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a4b w9fa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Riduzioni di al<span class=\"_ _2\"></span>iquote fiscali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xedc y5a4b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xedd y5a4b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a4c w9fb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.3 Altre diminuzioni:<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xede y5a4c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xedf y5a4c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a4d w9fc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) trasformazione in cre<span class=\"_ _2\"></span>diti d'imposta di cu<span class=\"_ _2\"></span>i alla legge.n.214/2011<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xed8 y5a4d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xed9 y5a4d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y597f w64c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xecc y597f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xecd y597f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5a4e ff4 fs7 fc1 sc2 ls0 ws0\">4. Importo finale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xb9a h12 y5a4e ff4 fs7 fc1 sc2 ls0 ws0\">206.812<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xee0 h12 y5a4e ff4 fs7 fc1 sc2 ls0 ws0\">222.876<span class=\"_ _3a1\"> </span></td></tr></table>11.4 Variazioni de<span class=\"_ _1\"></span>lle imposte <span class=\"_ _1\"></span>anticipate di cui alla L. 214<span class=\"_ _1\"></span>/2011 <table class=\"s w9fd h231\" id=\"_1854d3a5-c135-4406-91af-3a1695f25e6b\"><tr><td></td><td></td><td class=\"t m2 x690 h12 y5a4f ff4 fs7 fc4 sc3 ls0 ws0\">Totale <span class=\"_ _a1\"> </span>Totale </td><td></td></tr><tr><td></td><td class=\"c n xee1 y5a50 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xee2 y5a50 w9fe h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/20<span class=\"_ _2\"></span>23<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x2d7 y5a51 w9ff h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1. Importo iniziale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xee3 y5a51 wa00 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">48.876<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x75a h12 y5a52 ff4 fs7 fc1 sc2 ls0 ws0\">71.730<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a53 wa01 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2. Aumenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xee4 y5a53 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5a54 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a55 wa02 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">3. Diminuzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xee5 y5a55 wa03 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">22.574<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x676 h12 y5a56 ff4 fs7 fc1 sc2 ls0 ws0\">22.855<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54a9 wa04 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Rigiri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xee6 y54a9 wa03 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">22.574<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x676 h12 y5a57 ff4 fs7 fc1 sc0 ls0 ws0\">22.855<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y55bc wa05 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Trasformazione i<span class=\"_ _2\"></span>n crediti d'imposta<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xee7 y55bc w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5a58 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y55be wa06 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) derivante da perd<span class=\"_ _2\"></span>ite di esercizio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xee9 y55be w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5a59 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y56b9 w6ea h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) derivante da perdite<span class=\"_ _2\"></span> fiscali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeea y56b9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5a5a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54b0 wa07 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.3 Altre diminuzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xee4 y54b0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5a5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54f9 wa08 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4. Importo finale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeeb y54f9 wa09 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">26.302<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x676 h12 y5a5c ff4 fs7 fc1 sc2 ls0 ws0\">48.875<span class=\"_ _3a1\"> </span></td></tr></table>Per r<span class=\"_ _1\"></span>agioni di t<span class=\"_ _1\"></span>rasparenza <span class=\"_ _1\"></span>informativa vengono <span class=\"_ _1\"></span>fornite<span class=\"_ _1\"></span> le <span class=\"_ _1\"></span>variazioni delle <span class=\"_ _1\"></span>imposte <span class=\"_ _1\"></span>anticipate <span class=\"_ _1\"></span>di cui alla <span class=\"_ _1\"></span>Legge <span class=\"_ _38\"></span>214/2011; <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>rivenienti <span class=\"_ _1\"></span>principalmente <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>svalutazione <span class=\"_ _38\"></span>su <span class=\"_ _1\"></span>crediti, <span class=\"_ _1\"></span>ex <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rt. <span class=\"_ _1\"></span>106, <span class=\"_ _1\"></span>comma 3, DPR 917/86 (23,5 milioni di euro) e <span class=\"_ _1\"></span>da affrancamento su avviamenti (2,8 milioni di euro).<span class=\"_ _3a1\"> </span>11.5 Variazioni delle <span class=\"_ _1\"></span>imposte differ<span class=\"_ _1\"></span>ite (in contropartita <span class=\"_ _1\"></span>del conto economico)<span class=\"_ _3a1\"> </span><table class=\"s wa0a h232\" id=\"_aa671534-0f8d-4715-af34-b26af607bd47\"><tr><td></td><td class=\"t m2 x7d9 h12 y5a5d ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xeec h12 y5a5d ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x934 h12 y5a5e ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x936 h12 y5a5e ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5a5f ff4 fs7 fc1 sc2 ls0 ws0\">1. Importo iniziale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xba0 h12 y5a5f ff4 fs7 fc1 sc2 ls0 ws0\">148.676<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd4c h12 y5a5f ff4 fs7 fc1 sc2 ls0 ws0\">124.249<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5a60 ff4 fs7 fc1 sc2 ls0 ws0\">2. Aumenti<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xe21 h12 y5a60 ff4 fs7 fc1 sc2 ls0 ws0\">23.291<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe22 h12 y5a60 ff4 fs7 fc1 sc2 ls0 ws0\">24.866<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a61 wa0b h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Imposte differite<span class=\"_ _2\"></span> rilevate nell'eser<span class=\"_ _2\"></span>cizio<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xeed y5a61 wa0c h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">23.291<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeee y5a61 wa0d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">24.866<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a62 w9ee h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">a) relative a precedent<span class=\"_ _2\"></span>i esercizi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xeef y5a62 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xef0 y5a62 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a63 w9ef h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">b) dovute al mutamen<span class=\"_ _2\"></span>to di criteri co<span class=\"_ _2\"></span>ntabili<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xef1 y5a63 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xef2 y5a63 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a46 wa0e h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xef3 y5a46 wa0c h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">23.291<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xef4 y5a46 wa0d h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24.866<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a64 w9f1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Nuove imposte o <span class=\"_ _2\"></span>incrementi di al<span class=\"_ _2\"></span>iquote fiscali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xef5 y5a64 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xef6 y5a64 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a65 w9f2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altri aumenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xef7 y5a65 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xef8 y5a65 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5a66 ff4 fs7 fc1 sc2 ls0 ws0\">3. Diminuzioni<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7bd h12 y5a66 ff4 fs7 fc1 sc2 ls0 ws0\">506<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xef9 h12 y5a66 ff4 fs7 fc1 sc2 ls0 ws0\">439<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a67 wa0f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Imposte differite a<span class=\"_ _2\"></span>nnullate nell'esercizi<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xefa y5a67 wa10 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">506<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xefb y5a67 wa11 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">439<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a68 w9f6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) rigiri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xefc y5a68 wa12 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">506<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xefd y5a68 wa13 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">439<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a69 w9ef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) dovute al mutamen<span class=\"_ _2\"></span>to di criteri co<span class=\"_ _2\"></span>ntabili<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xef1 y5a69 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xef2 y5a69 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a6a wa0e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xefe y5a6a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeff y5a6a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59e1 w9fa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Riduzioni di al<span class=\"_ _2\"></span>iquote fiscali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf00 y59e1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf01 y59e1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y548c wa07 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.3 Altre diminuzioni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf02 y548c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf03 y548c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5a6b ff4 fs7 fc1 sc2 ls0 ws0\">4. Importo finale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x886 h12 y5a6b ff4 fs7 fc1 sc2 ls0 ws0\">171.461<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd4c h12 y5a6b ff4 fs7 fc1 sc2 ls0 ws0\">148.676<span class=\"_ _3a1\"> </span></td></tr></table>11.6 Variazioni <span class=\"_ _1\"></span>delle imposte anticipate <span class=\"_ _1\"></span>(in contropartita del patr<span class=\"_ _1\"></span>imonio netto<span class=\"_ _1\"></span>) <table class=\"s w920 h233\" id=\"_d82803ac-206b-47f2-b340-9d43ba0f1069\"><tr><td></td><td class=\"c n xf04 y5a6c w695 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf05 y5a6c w6c6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n xf06 y5a6d w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf07 y5a6d w65e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x2d7 y5a6e w9ff h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1. Importo iniziale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf08 y5a6e wa14 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">221.264<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x666 h12 y5a6f ff4 fs7 fc1 sc2 ls0 ws0\">308.951<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a70 wa01 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2. Aumenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf09 y5a70 w5f0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">6.594<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x73d h12 y5a71 ff4 fs7 fc1 sc2 ls0 ws0\">132<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5528 w9eb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Imposte anticipate <span class=\"_ _2\"></span>rilevate nell'esercizi<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf0a y5528 w5f0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.594<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x73d h12 y5a72 ff4 fs7 fc1 sc0 ls0 ws0\">132<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y552a w9ee h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) relative a precedent<span class=\"_ _2\"></span>i esercizi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf0b y552a w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5a73 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y552c w9ef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) dovute al mutamen<span class=\"_ _2\"></span>to di criteri co<span class=\"_ _2\"></span>ntabili<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf0c y552c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5a74 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y5481 wa0e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf0d y5481 wa15 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.528<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x73d h12 y5a75 ff4 fs7 fc1 sc0 ls0 ws0\">132<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5482 w9f1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Nuove imposte o <span class=\"_ _2\"></span>incrementi di al<span class=\"_ _2\"></span>iquote fiscali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf0e y5482 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5a76 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5531 w9f2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altri aumenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf0f y5531 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5a77 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a51 wa02 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">3. Diminuzioni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf10 y5a51 wa16 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">31.584<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x67a h12 y5a78 ff4 fs7 fc1 sc2 ls0 ws0\">87.819<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5485 w9f3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Imposte anticipate an<span class=\"_ _3b\"></span>nullat<span class=\"_ _1\"></span>e nell'e<span class=\"_ _2\"></span>sercizio<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf11 y5485 wa17 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">31.584<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x67a h12 y5a79 ff4 fs7 fc1 sc0 ls0 ws0\">87.816<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y5486 w9f6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) rigiri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf12 y5486 wa16 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">31.584<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x67a h12 y5a7a ff4 fs7 fc1 sc0 ls0 ws0\">87.816<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y5537 w9f8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) svalutazioni per s<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>pravvenuta irre<span class=\"_ _2\"></span>cuperabilit\u00e0<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf13 y5537 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5a7b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y5539 wa18 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) dovute al mutamen<span class=\"_ _2\"></span>to di criteri co<span class=\"_ _2\"></span>ntabili<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf14 y5539 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y5513 w64c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf15 y5513 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5a7c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5515 w9fa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Riduzioni di al<span class=\"_ _2\"></span>iquote fiscali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf16 y5515 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5a7d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54b0 wa07 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.3 Altre diminuzioni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf17 y54b0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 xf18 h12 y5a7e ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54f9 wa08 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4. Importo finale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf19 y54f9 wa19 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">196.274<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x6f6 h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">221.264<span class=\"_ _3a1\"> </span></td></tr></table>11.7 Variazioni delle <span class=\"_ _1\"></span>imposte differ<span class=\"_ _1\"></span>ite (in contropartita <span class=\"_ _1\"></span>del patrimonio netto<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span><table class=\"s wa1a h234\" id=\"_3a015020-144c-4414-a562-32a46ebf8716\"><tr><td></td><td class=\"t m2 xf1a h12 y5a7f ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xdde h12 y5a7f ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 xd57 h12 y5a80 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x878 h12 y5a80 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5a81 ff4 fs7 fc1 sc2 ls0 ws0\">1. Importo iniziale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xde6 h12 y5a81 ff4 fs7 fc1 sc2 ls0 ws0\">136.220<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd4c h12 y5a81 ff4 fs7 fc1 sc2 ls0 ws0\">198.236<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5a82 ff4 fs7 fc1 sc2 ls0 ws0\">2. Aumenti<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x876 h12 y5a82 ff4 fs7 fc1 sc2 ls0 ws0\">2.269<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf1b h12 y5a82 ff4 fs7 fc1 sc2 ls0 ws0\">180<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a43 wa1b h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Imposte differite<span class=\"_ _2\"></span> rilevate nell\u2019esercizio<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdf9 y5a43 wa1c h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2.269<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf1c y5a43 w4de h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">180<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a62 w9ee h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">a) relative a precedent<span class=\"_ _2\"></span>i esercizi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf1d y5a62 w796 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf1e y5a62 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a63 wa1d h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) dovute al mutamen<span class=\"_ _2\"></span>to dei criteri cont<span class=\"_ _2\"></span>abili<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf1f y5a63 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf20 y5a63 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a46 wa0e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf21 y5a46 wa1c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.269<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf22 y5a46 wa1e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">180<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a47 w9f1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Nuove imposte o <span class=\"_ _2\"></span>incrementi di al<span class=\"_ _2\"></span>iquote fiscali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf23 y5a47 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf24 y5a47 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a65 w9f2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altri aumenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf25 y5a65 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf26 y5a65 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5a83 ff4 fs7 fc1 sc2 ls0 ws0\">3. Diminuzioni<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xde9 h12 y5a83 ff4 fs7 fc1 sc2 ls0 ws0\">18.950<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x874 h12 y5a83 ff4 fs7 fc1 sc2 ls0 ws0\">62.196<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y589c wa1f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Imposte differite a<span class=\"_ _2\"></span>nnullate nell\u2019esercizi<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf27 y589c wa20 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18.950<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf28 y589c wa21 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">62.196<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y59dd w9f6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) rigiri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf29 y59dd wa20 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18.950<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf2a y59dd wa22 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">62.196<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y59de w9ef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) dovute al mutamen<span class=\"_ _2\"></span>to di criteri co<span class=\"_ _2\"></span>ntabili<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf2b y59de w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf2c y59de w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a84 wa0e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf1d y5a84 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf1e y5a84 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a85 w9fa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Riduzioni di al<span class=\"_ _2\"></span>iquote fiscali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf2d y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf2e y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y548c wa07 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.3 Altre diminuzioni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf2d y548c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf2e y548c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5a86 ff4 fs7 fc1 sc2 ls0 ws0\">4. Importo finale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xe21 h12 y5a86 ff4 fs7 fc1 sc2 ls0 ws0\">119.539<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd4c h12 y5a86 ff4 fs7 fc1 sc2 ls0 ws0\">136.220<span class=\"_ _3a1\"> </span></td></tr></table><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gsd44\">Sezione <span class=\"_ _1\"></span>12 \u2013 Atti<span class=\"_ _1\"></span>vit\u00e0 non <span class=\"_ _1\"></span>correnti<span class=\"_ _1\"></span> e gruppi<span class=\"_ _1\"></span> di attivit<span class=\"_ _1\"></span>\u00e0 in via<span class=\"_ _1\"></span> di dism<span class=\"_ _1\"></span>issione e<span class=\"_ _1\"></span> </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gsd45\">passivit\u00e0<span class=\"_ _1\"></span> associate<span class=\"_ _1\"></span> \u2013 </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gsd46\">Voce <span class=\"_ _1\"></span>120 dell\u2019at<span class=\"_ _1\"></span>tivo e voce<span class=\"_ _1\"></span> 70 del pa<span class=\"_ _1\"></span>ssivo </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsd47\">12.1 Attivit\u00e0 <span class=\"_ _1\"></span>non correnti e gruppi d<span class=\"_ _1\"></span>i attivit\u00e0 in via di <span class=\"_ _1\"></span>dismissione: composizione<span class=\"_ _1\"></span> per tipologia di at<span class=\"_ _1\"></span>tivit\u00e0 </div><div class=\"c wa0 h11 gsd48\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></div><div class=\"c wa0 h11 gsd49\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></div><div class=\"gsd4a\"><table class=\"s wa23 h235\" id=\"_3b033871-7b6c-4458-afb0-75f70c18a620\"><tr><td class=\"c x677 y5a87 w19c h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc1 sc2 ls0 ws0\">A. Attivit\u00e0 possedute per la vendita<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf2f y5a88 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf30 y5a88 wa24 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _2\"></span>3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a89 wa25 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Attivit\u00e0 finanziar<span class=\"_ _2\"></span>ie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf31 y5a89 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5a8a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a8b wa26 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Partecipazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf32 y5a8b w47a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xf33 h12 y5a8c ff4 fs7 fc1 sc0 ls0 ws0\">357<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a8d wa27 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.3 Attivit\u00e0 material<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf34 y5a8d wa28 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>33<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5a8e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y5a8f wa29 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: ottenute trami<span class=\"_ _2\"></span>te l\u2019escussione <span class=\"_ _2\"></span>delle garanzie ricevute<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf35 y5a8f w606 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5a90 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x677 y5a91 w19d h11\"><div class=\"t m2 x0 h12 y75 ff4 fs7 fc1 sc0 ls0 ws0\">A.4 Attivit\u00e0 immater<span class=\"_ _2\"></span>iali<span class=\"_ _3a1\"> </span></div></td><td class=\"c x99a y5a91 w72 h11\"><div class=\"t m2 x0 h12 y75 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x75a y5a91 w72 h11\"><div class=\"t m2 x0 h12 y75 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x677 y5a92 wde h11\"><div class=\"t m2 x0 h12 y75 ff4 fs7 fc1 sc0 ls0 ws0\">A.5 Altre attivit\u00e0 non co<span class=\"_ _2\"></span>rrenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c x99a y5a92 w72 h11\"><div class=\"t m2 x0 h12 y75 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x75a y5a92 w72 h11\"><div class=\"t m2 x0 h12 y75 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xf36 h12 y5a93 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y5a93 ff4 fs7 fc1 sc2 ls0 ws0\">533<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf33 h12 y5a93 ff4 fs7 fc1 sc2 ls0 ws0\">357<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 x71a h2a y5a94 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al c<span class=\"_ _2\"></span>osto<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y5a94 ff4 fs7 fc1 sc0 ls0 ws0\">533<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf33 h12 y5a94 ff4 fs7 fc1 sc0 ls0 ws0\">357<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 x693 h2a y5a95 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5a95 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5a95 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 xf37 h2a y5a96 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5a96 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5a96 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 xf37 h2a y5a97 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5a97 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5a97 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5a98 ff4 fs7 fc1 sc2 ls0 ws0\">B. Attivit\u00e0 operative cessate </td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y5a99 ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Attivit\u00e0 finanziarie <span class=\"_ _2\"></span>valutate al fair value c<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>n impatto a c<span class=\"_ _2\"></span>onto<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5a9a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5a9a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5a9b ff4 fs7 fc1 sc0 ls0 ws0\">economico </td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5a9c w5cd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- attivit\u00e0 finanziarie de<span class=\"_ _2\"></span>tenute per la negoziaz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>one<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf38 y5a9c w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5a9d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a9e wa2a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- attivit\u00e0 finanziarie de<span class=\"_ _2\"></span>signate al fair <span class=\"_ _2\"></span>value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf39 y5a9e w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5a9f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5aa0 w5d0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- altre attivit\u00e0 finanz<span class=\"_ _2\"></span>iarie obbligatoriame<span class=\"_ _2\"></span>nte valutate al fair va<span class=\"_ _2\"></span>lue<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf32 y5aa0 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5aa1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x2d7 y5aa2 wa2b h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Attivit\u00e0 finanziarie <span class=\"_ _2\"></span>valutate al fair<span class=\"_ _2\"></span> value con impatto sulla<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xf3a h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">redditivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x99a h12 y5aa3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5aa3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5aa4 ff4 fs7 fc1 sc0 ls0 ws0\">complessiva </td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5aa5 wa2c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Attivit\u00e0 finanziar<span class=\"_ _2\"></span>ie valutate al costo amm<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>rtizzato<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf3b y5aa5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5aa6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5aa7 wa2d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Partecipazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf3c y5aa7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5aa8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5aa9 wa2e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 Attivit\u00e0 materiali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf32 y5aa9 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5aaa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5aab wa29 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: ottenute trami<span class=\"_ _2\"></span>te l\u2019escussione <span class=\"_ _2\"></span>delle garanzie ricevute<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf3e y5aab w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5aac ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x677 y5aad w19f h11\"><div class=\"t m2 x0 h12 y7f ff4 fs7 fc1 sc0 ls0 ws0\">B.6 Attivit\u00e0 immaterial<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c x99a y5aad w72 h11\"><div class=\"t m2 x0 h12 y7f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x75a y5aad w72 h11\"><div class=\"t m2 x0 h12 y7f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5aae wa2f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.7 Altre attivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf3f y5aae w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5aaf ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xf36 h12 y5ab0 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (B)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y5ab0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5ab0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 x71a h2a y5ab1 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al c<span class=\"_ _2\"></span>osto<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5ab1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5ab1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 x693 h2a y5ab2 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5ab2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5ab2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 xf37 h2a y5ab3 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5ab3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5ab3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 xf37 h2a y5ab4 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5ab4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5ab4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5ab5 ff4 fs7 fc1 sc2 ls0 ws0\">C. Passivit\u00e0 associate ad attivit\u00e0 pos<span class=\"_ _2\"></span>sedute per la vendita </td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5ab6 wa30 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Debiti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf40 y5ab6 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5ab7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ab8 wa31 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Titoli<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf41 y5ab8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5ab9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5aba wa32 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Altre passivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf42 y5aba w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5abb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xf36 h12 y5abc ff4 fs7 fc1 sc2 ls0 ws0\">Totale (C)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y5abc ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5abc ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 x71a h2a y5abd ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al c<span class=\"_ _2\"></span>osto<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5abd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5abd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 x693 h2a y5abe ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5abe ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5abe ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 xf37 h2a y5abf ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5abf ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5abf ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c xf37 y5ac0 w1a0 h11\"><div class=\"t m5 x0 h2a y8a ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 3<span class=\"_ _3a1\"> </span></div></td><td class=\"c x99a y5ac0 w72 h11\"><div class=\"t m2 x0 h12 y8a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x75a y5ac0 w72 h11\"><div class=\"t m2 x0 h12 y8a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x2d7 y5ac1 wa33 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D.<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xf43 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">Passivit\u00e0 associate ad attivit\u00e0 ope<span class=\"_ _2\"></span>rative cessate<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5ac2 wa34 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.1 Passivit\u00e0 finanziar<span class=\"_ _2\"></span>ie valutate al c<span class=\"_ _2\"></span>osto ammortizzato<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf44 y5ac2 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5ac3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ac4 wa35 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.2 Passivit\u00e0 finanz<span class=\"_ _2\"></span>iarie di negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf45 y5ac4 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5ac5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ac6 wa36 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.3 Passivit\u00e0 finanzi<span class=\"_ _2\"></span>arie designate al fair v<span class=\"_ _2\"></span>alue<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf46 y5ac6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5ac7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ac8 wa37 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.4 Fondi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf47 y5ac8 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5ac9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5aca wa38 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.5 Altre passivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf48 y5aca w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5acb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xf36 h12 y5acc ff4 fs7 fc1 sc2 ls0 ws0\">Totale (D)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y5acc ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5acc ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 x71a h2a y5acd ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al c<span class=\"_ _2\"></span>osto<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5acd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5acd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 x693 h2a y5ace ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5ace ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5ace ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c xf37 y5acf w1a0 h11\"><div class=\"t m5 x0 h2a y852 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 2<span class=\"_ _3a1\"> </span></div></td><td class=\"c x99a y5acf w72 h11\"><div class=\"t m2 x0 h12 y852 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x75a y5acf w72 h11\"><div class=\"t m2 x0 h12 y852 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c xf37 y5ad0 w1a0 h11\"><div class=\"t m5 x0 h2a y852 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 3<span class=\"_ _3a1\"> </span></div></td><td class=\"c x99a y5ad0 w72 h11\"><div class=\"t m2 x0 h12 y852 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x75a y5ad0 w72 h11\"><div class=\"t m2 x0 h12 y852 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd4b\">Vengono  class<span class=\"_ _1\"></span>ificate <span class=\"_ _3d\"> </span>nella  voce<span class=\"_ _1\"></span>  dell\u2019att<span class=\"_ _1\"></span>ivo  \u201cAttivit\u00e0 <span class=\"_ _3d\"> </span>non <span class=\"_ _3d\"> </span>correnti <span class=\"_ _3d\"> </span>e <span class=\"_ _3d\"> </span>gruppi<span class=\"_ _2\"></span> <span class=\"_ _3d\"> </span>di  att<span class=\"_ _1\"></span>ivit\u00e0  in <span class=\"_ _3d\"> </span>via <span class=\"_ _3d\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd4c\">dismissione\u201d <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>non <span class=\"_ _1\"></span>correnti <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>ali <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ato <span class=\"_ _38\"></span>avviato <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>processo <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>dismissione <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>cui </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd4d\">vendita <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>itenuta <span class=\"_ _38\"></span>altamente <span class=\"_ _38\"></span>probabile. <span class=\"_ _38\"></span>Trat<span class=\"_ _1\"></span>tasi <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>terreni, <span class=\"_ _0\"></span>per <span class=\"_ _1\"></span>euro <span class=\"_ _0\"></span>migli<span class=\"_ _2\"></span>aia <span class=\"_ _38\"></span>128, <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>fabbricati, <span class=\"_ _1\"></span>per </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd4e\">euro migliaia 405, valutati al minore tra il loro valore di carico ed il prezzo previsto <span class=\"_ _1\"></span>di vendita. </div>Sezione 11\u2013<span class=\"_ _3a1\"> </span>Passivit\u00e0 assicurative\u2013<span class=\"_ _3a1\"> </span>Voce 110<span class=\"_ _3a1\"> </span>Come <span class=\"_ _0\"></span>riport<span class=\"_ _1\"></span>ato <span class=\"_ _0\"></span>nelle <span class=\"_ _0\"></span>tabelle <span class=\"_ _35\"> </span>so<span class=\"_ _2\"></span>tto <span class=\"_ _0\"></span>esposte, <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>Passivit\u00e0 <span class=\"_ _0\"></span>Assicurative <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>isultano <span class=\"_ _0\"></span>iscritte <span class=\"_ _35\"> </span>pe<span class=\"_ _2\"></span>r <span class=\"_ _35\"> </span>u<span class=\"_ _2\"></span>n<span class=\"_ _3a1\"> </span>ammontare <span class=\"_ _1\"></span>complessivo <span class=\"_ _1\"></span>pari <span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>Euro <span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>.993 <span class=\"_ _1\"></span>milioni e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>compongono <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Euro <span class=\"_ _1\"></span>63 <span class=\"_ _1\"></span>milioni <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>elativi<span class=\"_ _3a1\"> </span>a <span class=\"_ _1\"></span>passivit\u00e0 <span class=\"_ _1\"></span>assicurative <span class=\"_ _1\"></span>valutate sulla <span class=\"_ _1\"></span>base <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>modello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valutazione <span class=\"_ _1\"></span>General <span class=\"_ _1\"></span>Model <span class=\"_ _1\"></span>(Contratti<span class=\"_ _3a1\"> </span>assicurativi <span class=\"_ _0\"></span>emess<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>senza <span class=\"_ _0\"></span>elementi <span class=\"_ _0\"> </span>di <span class=\"_ _35\"> </span>partecipazi<span class=\"_ _2\"></span>one <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>retta) <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>Euro <span class=\"_ _35\"> </span>4.930 <span class=\"_ _0\"></span>milioni <span class=\"_ _0\"></span>relativi <span class=\"_ _0\"></span>a<span class=\"_ _3a1\"> </span>passivit\u00e0 <span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>icurative <span class=\"_ _1\"></span>valutate <span class=\"_ _1\"></span>sulla <span class=\"_ _1\"></span>base <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>dello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valutazione <span class=\"_ _38\"></span>Variable <span class=\"_ _1\"></span>Fee <span class=\"_ _38\"></span>Approach <span class=\"_ _1\"></span>(di<span class=\"_ _3a1\"> </span>cui: <span class=\"_ _38\"></span>Cont<span class=\"_ _1\"></span>ratti <span class=\"_ _0\"></span>assicurativi <span class=\"_ _0\"></span>emessi <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>elementi <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>partecipazione <span class=\"_ _0\"></span>diretta <span class=\"_ _0\"></span>- <span class=\"_ _0\"></span>Segmento <span class=\"_ _0\"></span>Vita <span class=\"_ _38\"></span>per<span class=\"_ _3a1\"> </span>Euro <span class=\"_ _1\"></span>4.383 mln <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>Contratti <span class=\"_ _1\"></span>d'investimento em<span class=\"_ _1\"></span>essi con <span class=\"_ _1\"></span>elementi di <span class=\"_ _1\"></span>parte<span class=\"_ _1\"></span>cipazione <span class=\"_ _1\"></span>discrezionali<span class=\"_ _3a1\"> </span>- Segmento Vita per Euro 547 mln).<span class=\"_ _3a1\"> </span>Dinamica del valore<span class=\"_ _1\"></span> di bilancio dei cont<span class=\"_ _1\"></span>ratti di assicurazione<span class=\"_ _1\"></span> emessi - GMM o VFA - <span class=\"_ _1\"></span>passivit\u00e0 per res<span class=\"_ _1\"></span>idua copertura e<span class=\"_ _3a1\"> </span>per sinistr<span class=\"_ _1\"></span>i accaduti<span class=\"_ _3a1\"> </span>Contratti <span class=\"_ _1\"></span>assicurativi emessi con elem<span class=\"_ _1\"></span>enti di partecipazione dire<span class=\"_ _1\"></span>tta - Segmento Vita<table class=\"s wb64 h24c\" id=\"_5d23057c-f5bb-4e8e-b2fa-bee924850532\"><tr><td></td><td></td><td></td><td class=\"t m2 x1129 h19 y5c08 ff4 fsb fc4 sc3 ls0 ws0\">Passiv<span class=\"_ _1\"></span>it\u00e0 </td><td></td><td></td><td></td><td class=\"t m2 x112a h19 y5c08 ff4 fsb fc4 sc3 ls0 ws0\">Passiv<span class=\"_ _1\"></span>it\u00e0 </td><td></td></tr><tr><td class=\"t m2 x58e h19 y5c09 ff4 fsb fc4 sc3 ls0 ws0\">Voci/Pass<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce8 h19 y5c0a ff4 fsb fc4 sc3 ls0 ws0\">Passiv<span class=\"_ _1\"></span>it\u00e0 per resi<span class=\"_ _1\"></span>dua </td><td></td><td class=\"t m2 xc5f h19 y5c09 ff4 fsb fc4 sc3 ls0 ws0\">per si<span class=\"_ _1\"></span>nistri </td><td></td><td class=\"t m2 xd57 h19 y5c0a ff4 fsb fc4 sc3 ls0 ws0\">Passiv<span class=\"_ _1\"></span>it\u00e0 per resi<span class=\"_ _1\"></span>dua </td><td></td><td class=\"t m2 xc57 h19 y5c09 ff4 fsb fc4 sc3 ls0 ws0\">per si<span class=\"_ _1\"></span>nistri </td><td></td></tr><tr><td></td><td class=\"t m2 x5dd h19 y5c0b ff4 fsb fc4 sc3 ls0 ws0\" colspan=\"2\">copertura<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc61 h19 y5c0c ff4 fsb fc4 sc3 ls0 ws0\">accadu<span class=\"_ _1\"></span>ti<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc60 h19 y5c0b ff4 fsb fc4 sc3 ls0 ws0\" colspan=\"2\">copertura<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x942 h19 y5c0c ff4 fsb fc4 sc3 ls0 ws0\">accadu<span class=\"_ _1\"></span>ti<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"t m2 x112b h19 y5c0d ff4 fsb fc4 sc3 ls0 ws0\" colspan=\"2\">31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc5f h19 y5c0d ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xde8 h19 y5c0e ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112c h19 y5c0d ff4 fsb fc4 sc3 ls0 ws0\" colspan=\"2\">31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc57 h19 y5c0d ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x891 h19 y5c0e ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 xce6 h19 y5c0f ff4 fsb fc4 sc3 ls0 ws0\">Al netto </td><td></td><td></td><td class=\"t m2 x112d h19 y5c10 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93d h19 y5c0f ff4 fsb fc4 sc3 ls0 ws0\">Al netto </td><td></td><td></td><td class=\"t m2 xad4 h19 y5c10 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x112e h19 y5c11 ff4 fsb fc4 sc3 ls0 ws0\">della </td><td class=\"t m2 x92f h19 y5c11 ff4 fsb fc4 sc3 ls0 ws0\">Perdita<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 x7d9 h19 y5c11 ff4 fsb fc4 sc3 ls0 ws0\">della </td><td class=\"t m2 xe21 h19 y5c11 ff4 fsb fc4 sc3 ls0 ws0\">Perdita<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 xce8 h19 y5c12 ff4 fsb fc4 sc3 ls0 ws0\">perdita<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 xd57 h19 y5c12 ff4 fsb fc4 sc3 ls0 ws0\">perdita<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y5c13 ff4 fsb fc1 sc2 ls0 ws0\">A. Valore <span class=\"_ _1\"></span>di bilancio<span class=\"_ _1\"></span> iniziale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c14 ff4 fsb fc1 sc0 ls0 ws0\">1. Contratti di as<span class=\"_ _1\"></span>sicurazio<span class=\"_ _1\"></span>ne<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c15 ff4 fsb fc1 sc0 ls0 ws0\">emessi<span class=\"_ _1\"></span> che costituisc<span class=\"_ _1\"></span>ono </td><td class=\"c n xb31 y5c16 wb65 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3.837.771<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x112f y5c16 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1130 y5c16 wb66 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">36.2<span class=\"_ _1\"></span>88<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1131 y5c16 wb67 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3.874.059<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1132 y5c16 wb68 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>.575.841<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1133 y5c16 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1134 y5c16 wb69 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">32.163<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1135 y5c16 wb6a h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3.608.004<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c17 ff4 fsb fc1 sc0 ls0 ws0\">passivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c18 ff4 fsb fc1 sc0 ls0 ws0\">2. Contratti di ass<span class=\"_ _1\"></span>icurazione<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c19 ff4 fsb fc1 sc0 ls0 ws0\">emessi<span class=\"_ _1\"></span> che costituisc<span class=\"_ _1\"></span>ono </td><td class=\"c n x1136 y5c1a wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1137 y5c1a wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1138 y5c1a wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1139 y5c1a wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113a y5c1a wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113b y5c1a wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113c y5c1a wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113d y5c1a wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c1b ff4 fsb fc1 sc0 ls0 ws0\">attivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y5c1c ff4 fsb fc1 sc2 ls0 ws0\">3. Valore<span class=\"_ _1\"></span> netto di<span class=\"_ _1\"></span> bilancio al 1<span class=\"_ _1\"></span>\u00b0 </td><td class=\"t m2 xce6 h19 y5c1d ff4 fsb fc1 sc2 ls0 ws0\">3.837.77<span class=\"_ _1\"></span>1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113e h19 y5c1d ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7de h19 y5c1d ff4 fsb fc1 sc2 ls0 ws0\">36.288<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe5d h19 y5c1d ff4 fsb fc1 sc2 ls0 ws0\">3.874.059<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93d h19 y5c1d ff4 fsb fc1 sc2 ls0 ws0\">3.575.8<span class=\"_ _1\"></span>41<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce4 h19 y5c1d ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e3 h19 y5c1d ff4 fsb fc1 sc2 ls0 ws0\">32.163<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a3 h19 y5c1d ff4 fsb fc1 sc2 ls0 ws0\">3.608.0<span class=\"_ _1\"></span>04<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c1e ff4 fsb fc1 sc2 ls0 ws0\">gennai<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y5c1f ff4 fsb fc1 sc2 ls0 ws0\">B. Ricavi<span class=\"_ _1\"></span> assicur<span class=\"_ _1\"></span>ativi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x87e h19 y5c1f ff4 fsb fc1 sc2 ls0 ws0\">(62.5<span class=\"_ _1\"></span>40)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113e h19 y5c1f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113f h19 y5c1f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xde8 h19 y5c1f ff4 fsb fc1 sc2 ls0 ws0\">(62.5<span class=\"_ _1\"></span>40)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x941 h19 y5c1f ff4 fsb fc1 sc2 ls0 ws0\">(59.368<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce4 h19 y5c1f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1140 h19 y5c1f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x891 h19 y5c1f ff4 fsb fc1 sc2 ls0 ws0\">(59.368<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c20 ff4 fsb fc1 sc2 ls0 ws0\">C. Costi per<span class=\"_ _1\"></span> servizi<span class=\"_ _1\"></span> assic<span class=\"_ _1\"></span>urativi<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c21 ff4 fsb fc1 sc0 ls0 ws0\">1. Sinistri acc<span class=\"_ _1\"></span>aduti e altri co<span class=\"_ _1\"></span>sti<span class=\"_ _3a1\"> </span></td><td class=\"c n x1136 y5c22 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1137 y5c22 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1141 y5c22 wb6b h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">804.023<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1142 y5c22 wb6b h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">804.023<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1143 y5c22 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1144 y5c22 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1145 y5c22 wb6c h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">735.629<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1146 y5c22 wb6d h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">735.629<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c23 ff4 fsb fc1 sc0 ls0 ws0\">direttamente<span class=\"_ _1\"></span> attribuibil<span class=\"_ _1\"></span>i </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c24 ff4 fsb fc1 sc0 ls0 ws0\">2. Variazioni dell<span class=\"_ _1\"></span>a passivi<span class=\"_ _1\"></span>t\u00e0 per<span class=\"_ _3a1\"> </span></td><td class=\"c n x1136 y5c25 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1137 y5c25 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1147 y5c25 wb6e h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(784.503)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1148 y5c25 wb6f h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(784.503)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113a y5c25 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113b y5c25 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1149 y5c25 wb70 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(716.175)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x114a y5c25 wb70 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(716.175)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c26 ff4 fsb fc1 sc0 ls0 ws0\">sinistri accaduti<span class=\"_ _1\"></span> </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c27 ff4 fsb fc1 sc0 ls0 ws0\">3. Perdite e rel<span class=\"_ _1\"></span>ativi rec<span class=\"_ _1\"></span>uperi su<span class=\"_ _3a1\"> </span></td><td class=\"c n x1136 y5c28 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1137 y5c28 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1138 y5c28 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1139 y5c28 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113a y5c28 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113b y5c28 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113c y5c28 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113d y5c28 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c29 ff4 fsb fc1 sc0 ls0 ws0\">contratti one<span class=\"_ _1\"></span>rosi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c2a ff4 fsb fc1 sc0 ls0 ws0\">4. Ammortamento<span class=\"_ _1\"></span> dei costi di<span class=\"_ _3a1\"> </span></td><td class=\"c n x114b y5c2b wb71 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">54<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x114c y5c2b wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x114d y5c2b wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x114e y5c2b wb72 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">54<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x114f y5c2b wb73 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">49<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1150 y5c2b wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1151 y5c2b wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1152 y5c2b wb73 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">49<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c2c ff4 fsb fc1 sc0 ls0 ws0\">acquisizione<span class=\"_ _1\"></span> dei contratti<span class=\"_ _1\"></span> </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c2d ff4 fsb fc1 sc2 ls0 ws0\">5. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7be h19 y5c2d ff4 fsb fc1 sc2 ls0 ws0\">54<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113e h19 y5c2d ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1153 h19 y5c2d ff4 fsb fc1 sc2 ls0 ws0\">19.520<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1154 h19 y5c2d ff4 fsb fc1 sc2 ls0 ws0\">19.574<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e8 h19 y5c2d ff4 fsb fc1 sc2 ls0 ws0\">49<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce4 h19 y5c2d ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e3 h19 y5c2d ff4 fsb fc1 sc2 ls0 ws0\">19.454<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5c h19 y5c2d ff4 fsb fc1 sc2 ls0 ws0\">19.503<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c2e ff4 fsb fc1 sc2 ls0 ws0\">D. Risul<span class=\"_ _1\"></span>tato dei serv<span class=\"_ _1\"></span>izi assicu<span class=\"_ _1\"></span>rativi </td><td class=\"t m2 x87e h19 y5c2f ff4 fsb fc1 sc2 ls0 ws0\">(62.486<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113e h19 y5c2f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1153 h19 y5c2f ff4 fsb fc1 sc2 ls0 ws0\">19.520<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xde8 h19 y5c2f ff4 fsb fc1 sc2 ls0 ws0\">(42.966)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d4 h19 y5c2f ff4 fsb fc1 sc2 ls0 ws0\">(59.319)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce4 h19 y5c2f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e3 h19 y5c2f ff4 fsb fc1 sc2 ls0 ws0\">19.454<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x891 h19 y5c2f ff4 fsb fc1 sc2 ls0 ws0\">(39.865<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c30 ff4 fsb fc1 sc2 ls0 ws0\">(B+C)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y5c31 ff4 fsb fc1 sc2 ls0 ws0\">E. Costi<span class=\"_ _1\"></span>/ricavi netti<span class=\"_ _1\"></span> di natura </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y5c32 ff4 fsb fc1 sc2 ls0 ws0\">finanziari<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c33 ff4 fsb fc1 sc0 ls0 ws0\">1. Relativi ai cont<span class=\"_ _1\"></span>ratti<span class=\"_ _3a1\"> </span></td><td class=\"c n xb48 y5c34 wb74 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">174.484<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1155 y5c34 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1156 y5c34 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1157 y5c34 wb74 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">174.484<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1158 y5c34 wb75 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">295.184<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1159 y5c34 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x115a y5c34 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x115b y5c34 wb75 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">295.184<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c35 ff4 fsb fc1 sc0 ls0 ws0\">assucur<span class=\"_ _1\"></span>ativi emessi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h19 y5c36 ff4 fsb fc1 sc0 ls0 ws0\">1.1 Registrati<span class=\"_ _1\"></span> in conto </td><td class=\"c n x115c y5c37 wb76 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">116.522<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x115d y5c37 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x115e y5c37 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x115f y5c37 wb76 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">116.522<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1160 y5c37 wb77 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">115.937<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1161 y5c37 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1162 y5c37 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1163 y5c37 wb78 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">115.937<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h19 y5c38 ff4 fsb fc1 sc0 ls0 ws0\">economic<span class=\"_ _1\"></span>o </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h19 y5c39 ff4 fsb fc1 sc0 ls0 ws0\">1.2 Registrati nel<span class=\"_ _1\"></span> conto </td><td class=\"c n x1164 y5c3a wb79 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">57.962<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1165 y5c3a wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1166 y5c3a wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1167 y5c3a wb79 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">57.962<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1168 y5c3a wb7a h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">179.2<span class=\"_ _1\"></span>47<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1169 y5c3a wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x116a y5c3a wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x116b y5c3a wb7b h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">179.247<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h19 y5c3b ff4 fsb fc1 sc0 ls0 ws0\">economic<span class=\"_ _1\"></span>o complessiv<span class=\"_ _1\"></span>o </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c3c ff4 fsb fc1 sc0 ls0 ws0\">2. Effetti<span class=\"_ _1\"></span> connessi<span class=\"_ _1\"></span> con le </td><td class=\"c n x1136 y5c3d wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1137 y5c3d wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1138 y5c3d wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1139 y5c3d wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113a y5c3d wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113b y5c3d wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113c y5c3d wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113d y5c3d wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c3e ff4 fsb fc1 sc0 ls0 ws0\">variazioni dei tass<span class=\"_ _1\"></span>i di cambio<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c3f ff4 fsb fc1 sc2 ls0 ws0\">3. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112e h19 y5c3f ff4 fsb fc1 sc2 ls0 ws0\">174.48<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113e h19 y5c3f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113f h19 y5c3f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a7 h19 y5c3f ff4 fsb fc1 sc2 ls0 ws0\">174.48<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d9 h19 y5c3f ff4 fsb fc1 sc2 ls0 ws0\">295.18<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce4 h19 y5c3f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1140 h19 y5c3f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x874 h19 y5c3f ff4 fsb fc1 sc2 ls0 ws0\">295.18<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c40 ff4 fsb fc1 sc2 ls0 ws0\">F. Compo<span class=\"_ _1\"></span>nenti di inv<span class=\"_ _1\"></span>estime<span class=\"_ _1\"></span>nto<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce6 h19 y5c40 ff4 fsb fc1 sc2 ls0 ws0\">(778.42<span class=\"_ _1\"></span>4)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113e h19 y5c40 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x116c h19 y5c40 ff4 fsb fc1 sc2 ls0 ws0\">778.424<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xacc h19 y5c40 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93d h19 y5c40 ff4 fsb fc1 sc2 ls0 ws0\">(720.30<span class=\"_ _1\"></span>0)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce4 h19 y5c40 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba4 h19 y5c40 ff4 fsb fc1 sc2 ls0 ws0\">720.300<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h19 y5c40 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x2d7 y5c42 wb7c h24d\"><div class=\"t m2 x2b3 h19 y5c41 ff4 fsb fc1 sc2 ls0 ws0\">G. Importo<span class=\"_ _1\"></span> totale re<span class=\"_ _1\"></span>gistrato<span class=\"_ _1\"></span> in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc2 ls0 ws0\">conto eco<span class=\"_ _1\"></span>nomico<span class=\"_ _1\"></span> e nel conto<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7db h19 y5c43 ff4 fsb fc1 sc2 ls0 ws0\">(666.426<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113e h19 y5c43 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x116c h19 y5c43 ff4 fsb fc1 sc2 ls0 ws0\">797.944<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x116d h19 y5c43 ff4 fsb fc1 sc2 ls0 ws0\">131.518<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93d h19 y5c43 ff4 fsb fc1 sc2 ls0 ws0\">(484.435<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce4 h19 y5c43 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba4 h19 y5c43 ff4 fsb fc1 sc2 ls0 ws0\">739.75<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x874 h19 y5c43 ff4 fsb fc1 sc2 ls0 ws0\">255.319<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c44 ff4 fsb fc1 sc2 ls0 ws0\">economic<span class=\"_ _1\"></span>o compless<span class=\"_ _1\"></span>ivo (D+E+F<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5c45 wb7d h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc2 ls0 ws0\">H. Altre v<span class=\"_ _1\"></span>ariazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x116e y5c45 wb7e h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc2 ls0 ws0\">(<span class=\"_ _1\"></span>1.930)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x113e h19 y5c46 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113f h19 y5c46 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x116d h19 y5c46 ff4 fsb fc1 sc2 ls0 ws0\">(1.930)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x116f h19 y5c46 ff4 fsb fc1 sc2 ls0 ws0\">1.008<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce4 h19 y5c46 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1140 h19 y5c46 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d4 h19 y5c46 ff4 fsb fc1 sc2 ls0 ws0\">1.008<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c47 ff4 fsb fc1 sc2 ls0 ws0\">I. Movime<span class=\"_ _1\"></span>nti di cass<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y5c48 wb7f h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1. Premi rice<span class=\"_ _1\"></span>vuti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1170 y5c48 wb80 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.183.144<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1171 y5c48 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1172 y5c48 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1173 y5c48 wb81 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.183.14<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1174 y5c48 w65b h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">7<span class=\"_ _1\"></span>45.357<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1175 y5c48 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1176 y5c48 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1177 y5c48 w5c1 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">745.357<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c xadb y5c49 wb82 h24d\"><div class=\"t m2 x2b3 h19 y5c41 ff4 fsb fc1 sc0 ls0 ws0\">2. Pagamenti co<span class=\"_ _1\"></span>nnessi con i<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">costi di acqui<span class=\"_ _1\"></span>sizione dei<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1136 y5c49 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1137 y5c49 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1138 y5c49 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1139 y5c49 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113a y5c49 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113b y5c49 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113c y5c49 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113d y5c49 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c4a ff4 fsb fc1 sc0 ls0 ws0\">contratti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c4b ff4 fsb fc1 sc0 ls0 ws0\">3. Sinistri<span class=\"_ _1\"></span> pagati e altre usci<span class=\"_ _1\"></span>te di<span class=\"_ _3a1\"> </span></td><td class=\"c n x1136 y5c4c wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1137 y5c4c wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1178 y5c4c wb83 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(804.023)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1179 y5c4c wb83 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(804.023)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x117a y5c4c wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x117b y5c4c wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x117c y5c4c wb84 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(735.629)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x117d y5c4c wb85 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(<span class=\"_ _2\"></span>735.629)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c4d ff4 fsb fc1 sc0 ls0 ws0\">cassa </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y539f wb86 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">4. Altri movi<span class=\"_ _1\"></span>menti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x117e y539f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x117f y539f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1180 y539f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1181 y539f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1182 y539f wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1183 y539f wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1184 y539f wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1185 y539f wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr></table><table class=\"s wb87 h24e\" id=\"_11734db3-c144-4c63-a317-ffa06ffb4486\"><tr><td class=\"t m2 xae4 h19 y5c4e ff4 fsb fc1 sc2 ls0 ws0\">5. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x87e h19 y5c4e ff4 fsb fc1 sc2 ls0 ws0\">1.183.1<span class=\"_ _1\"></span>44<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113e h19 y5c4e ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc61 h19 y5c4e ff4 fsb fc1 sc2 ls0 ws0\">(804.02<span class=\"_ _1\"></span>3)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1186 h19 y5c4e ff4 fsb fc1 sc2 ls0 ws0\">379.121<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d4 h19 y5c4e ff4 fsb fc1 sc2 ls0 ws0\">745.357<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce4 h19 y5c4e ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad2 h19 y5c4e ff4 fsb fc1 sc2 ls0 ws0\">(735.629<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba2 h19 y5c4e ff4 fsb fc1 sc2 ls0 ws0\">9.728<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c4f ff4 fsb fc1 sc2 ls0 ws0\">L. Valore<span class=\"_ _1\"></span> netto di bi<span class=\"_ _1\"></span>lancio al 3<span class=\"_ _1\"></span>1 </td><td class=\"t m2 x1187 h19 y5c50 ff4 fsb fc1 sc2 ls0 ws0\">4.352.55<span class=\"_ _1\"></span>9<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113e h19 y5c50 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7de h19 y5c50 ff4 fsb fc1 sc2 ls0 ws0\">30.209<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe5d h19 y5c50 ff4 fsb fc1 sc2 ls0 ws0\">4.382.7<span class=\"_ _1\"></span>68<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xec2 h19 y5c50 ff4 fsb fc1 sc2 ls0 ws0\">3.837.77<span class=\"_ _1\"></span>1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce4 h19 y5c50 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1188 h19 y5c50 ff4 fsb fc1 sc2 ls0 ws0\">36.288<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1189 h19 y5c50 ff4 fsb fc1 sc2 ls0 ws0\">3.874.059<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c51 ff4 fsb fc1 sc2 ls0 ws0\">dicem<span class=\"_ _1\"></span>bre (A.3+G+<span class=\"_ _1\"></span>H+I.4)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y5c52 ff4 fsb fc1 sc2 ls0 ws0\">M. Valore <span class=\"_ _1\"></span>di bilancio f<span class=\"_ _1\"></span>inale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c53 ff4 fsb fc1 sc0 ls0 ws0\">1. Contratti di as<span class=\"_ _1\"></span>sicurazio<span class=\"_ _1\"></span>ne<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c54 ff4 fsb fc1 sc0 ls0 ws0\">emessi<span class=\"_ _1\"></span> che costituisc<span class=\"_ _1\"></span>ono </td><td class=\"c n x960 y5a22 wb88 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">4.352.558<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x118a y5a22 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x118b y5a22 wb89 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>0.209<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x118c y5a22 wb8a h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">4.382.767<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x118d y5a22 wb65 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">3.837.771<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x118e y5a22 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x118f y5a22 wb8b h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">36.288<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1190 y5a22 wb8c h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">3.874.0<span class=\"_ _1\"></span>59<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c55 ff4 fsb fc1 sc0 ls0 ws0\">passivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c56 ff4 fsb fc1 sc0 ls0 ws0\">2. Contratti di ass<span class=\"_ _1\"></span>icurazione<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c57 ff4 fsb fc1 sc0 ls0 ws0\">emessi<span class=\"_ _1\"></span> che costituisc<span class=\"_ _1\"></span>ono </td><td class=\"c n x1136 y5c58 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1137 y5c58 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1138 y5c58 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1139 y5c58 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113a y5c58 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113b y5c58 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113c y5c58 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x113d y5c58 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c59 ff4 fsb fc1 sc0 ls0 ws0\">attivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y5c5a ff4 fsb fc1 sc2 ls0 ws0\">3. Valore<span class=\"_ _1\"></span> netto di<span class=\"_ _1\"></span> bilancio al 3<span class=\"_ _1\"></span>1 </td><td class=\"t m2 x1187 h19 y5c5b ff4 fsb fc1 sc2 ls0 ws0\">4.352.55<span class=\"_ _1\"></span>8<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113e h19 y5c5b ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7de h19 y5c5b ff4 fsb fc1 sc2 ls0 ws0\">30.209<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddb h19 y5c5b ff4 fsb fc1 sc2 ls0 ws0\">4.382.7<span class=\"_ _1\"></span>67<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xec2 h19 y5c5b ff4 fsb fc1 sc2 ls0 ws0\">3.837.77<span class=\"_ _1\"></span>1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce4 h19 y5c5b ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1188 h19 y5c5b ff4 fsb fc1 sc2 ls0 ws0\">36.288<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1189 h19 y5c5b ff4 fsb fc1 sc2 ls0 ws0\">3.874.059<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c5c ff4 fsb fc1 sc2 ls0 ws0\">dicem<span class=\"_ _1\"></span>bre<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Dinamica del valore<span class=\"_ _1\"></span> di bilancio dei cont<span class=\"_ _1\"></span>ratti di assicurazione<span class=\"_ _1\"></span> emessi - GMM o VFA - <span class=\"_ _1\"></span>passivit\u00e0 per res<span class=\"_ _1\"></span>idua copertura e per sinistr<span class=\"_ _1\"></span>i accaduti<span class=\"fc1 sc2\"> </span>Contratti <span class=\"_ _1\"></span>assicurativi emessi senza e<span class=\"_ _1\"></span>lementi di partecipazione<span class=\"_ _1\"></span> diretta - Segmento Vita<span class=\"fc1 sc2\"> </span><table class=\"s wb8d h24f\" id=\"_fd6831f1-ac77-4d36-92b9-fa92eedb969a\"><tr><td></td><td></td><td></td><td class=\"t m2 x9a6 h19 y5c5d ff4 fsb fc4 sc3 ls0 ws0\">Passiv<span class=\"_ _1\"></span>it\u00e0 </td><td></td><td></td><td></td><td class=\"t m2 xec3 h19 y5c5d ff4 fsb fc4 sc3 ls0 ws0\">Passiv<span class=\"_ _1\"></span>it\u00e0 </td><td></td></tr><tr><td class=\"t m2 x58e h19 y5c5e ff4 fsb fc4 sc3 ls0 ws0\">Voci/Pass<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 x1191 h19 y5c5e ff4 fsb fc4 sc3 ls0 ws0\">per si<span class=\"_ _1\"></span>nistri </td><td></td><td></td><td></td><td class=\"t m2 x936 h19 y5c5e ff4 fsb fc4 sc3 ls0 ws0\">per si<span class=\"_ _1\"></span>nistri </td><td></td></tr><tr><td></td><td class=\"t m2 x5df h19 y5c5f ff4 fsb fc4 sc3 ls0 ws0\">Passiv<span class=\"_ _1\"></span>it\u00e0 per resi<span class=\"_ _1\"></span>dua </td><td class=\"t m2 x1192 h19 y5c60 ff4 fsb fc4 sc3 ls0 ws0\">copertura<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a6 h19 y5c61 ff4 fsb fc4 sc3 ls0 ws0\">accadu<span class=\"_ _1\"></span>ti<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc60 h19 y5c5f ff4 fsb fc4 sc3 ls0 ws0\">Passiv<span class=\"_ _1\"></span>it\u00e0 per resi<span class=\"_ _1\"></span>dua </td><td class=\"t m2 x882 h19 y5c60 ff4 fsb fc4 sc3 ls0 ws0\">copertura<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xec3 h19 y5c61 ff4 fsb fc4 sc3 ls0 ws0\">accadu<span class=\"_ _1\"></span>ti<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"t m2 x1193 h19 y5c62 ff4 fsb fc4 sc3 ls0 ws0\" colspan=\"2\">31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1191 h19 y5c62 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc54 h19 y5c63 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1194 h19 y5c62 ff4 fsb fc4 sc3 ls0 ws0\" colspan=\"2\">31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x936 h19 y5c62 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1195 h19 y5c63 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x88d h19 y5c64 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 xc59 h19 y5c64 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 xb9b h19 y5c65 ff4 fsb fc4 sc3 ls0 ws0\">Al netto </td><td></td><td></td><td></td><td class=\"t m2 xd5a h19 y5c65 ff4 fsb fc4 sc3 ls0 ws0\">Al netto </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x112b h19 y5c66 ff4 fsb fc4 sc3 ls0 ws0\">della </td><td class=\"t m2 x1196 h19 y5c66 ff4 fsb fc4 sc3 ls0 ws0\">Perdita<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 x8e8 h19 y5c66 ff4 fsb fc4 sc3 ls0 ws0\">della </td><td class=\"t m2 xceb h19 y5c66 ff4 fsb fc4 sc3 ls0 ws0\">Perdita<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x7cb h19 y5c67 ff4 fsb fc4 sc3 ls0 ws0\">perdita<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x1197 h19 y5c67 ff4 fsb fc4 sc3 ls0 ws0\">perdita<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y5c68 ff4 fsb fc1 sc2 ls0 ws0\">A. Valore <span class=\"_ _1\"></span>di bilancio<span class=\"_ _1\"></span> iniziale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c69 ff4 fsb fc1 sc0 ls0 ws0\">1. Contratti di as<span class=\"_ _1\"></span>sicurazio<span class=\"_ _1\"></span>ne emessi<span class=\"_ _3a1\"> </span></td><td class=\"c n x114b y5c6a wb8e h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">57.100<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1198 y5c6a wb8f h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">36<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1199 y5c6a wb90 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">5.866<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x119a y5c6a wb91 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">63.002<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x119b y5c6a wade h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">58.259<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x119c y5c6a wb92 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.396<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x119d y5c6a w854 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">5.014<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x119e y5c6a w8ff h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">64.669<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c6b ff4 fsb fc1 sc0 ls0 ws0\">che costi<span class=\"_ _1\"></span>tuiscono passi<span class=\"_ _1\"></span>vit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c6c ff4 fsb fc1 sc0 ls0 ws0\">2. Contratti di ass<span class=\"_ _1\"></span>icurazione e<span class=\"_ _1\"></span>messi<span class=\"_ _3a1\"> </span></td><td class=\"c n x119f y5c6d wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a0 y5c6d wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a1 y5c6d wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a2 y5c6d wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a3 y5c6d wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a4 y5c6d wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a5 y5c6d wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a6 y5c6d wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c6e ff4 fsb fc1 sc0 ls0 ws0\">che costi<span class=\"_ _1\"></span>tuiscono attiv<span class=\"_ _1\"></span>it\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y5c6f ff4 fsb fc1 sc2 ls0 ws0\">3. Valore<span class=\"_ _1\"></span> netto di<span class=\"_ _1\"></span> bilancio al 1<span class=\"_ _1\"></span>\u00b0 gennaio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7be h19 y5c6f ff4 fsb fc1 sc2 ls0 ws0\">57.100<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x940 h19 y5c6f ff4 fsb fc1 sc2 ls0 ws0\">36<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113f h19 y5c6f ff4 fsb fc1 sc2 ls0 ws0\">5.866<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc66 h19 y5c6f ff4 fsb fc1 sc2 ls0 ws0\">63.002<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e1 h19 y5c6f ff4 fsb fc1 sc2 ls0 ws0\">58.259<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc5b h19 y5c6f ff4 fsb fc1 sc2 ls0 ws0\">1.396<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc62 h19 y5c6f ff4 fsb fc1 sc2 ls0 ws0\">5.014<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h19 y5c6f ff4 fsb fc1 sc2 ls0 ws0\">64.669<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c70 ff4 fsb fc1 sc2 ls0 ws0\">B. Ricavi<span class=\"_ _1\"></span> assicur<span class=\"_ _1\"></span>ativi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11a7 h19 y5c70 ff4 fsb fc1 sc2 ls0 ws0\">(31.846)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11a8 h19 y5c70 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112d h19 y5c70 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11a9 h19 y5c70 ff4 fsb fc1 sc2 ls0 ws0\">(31.846)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc60 h19 y5c70 ff4 fsb fc1 sc2 ls0 ws0\">(33.337)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11aa h19 y5c70 ff4 fsb fc1 sc2 ls0 ws0\">(7)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcec h19 y5c70 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1195 h19 y5c70 ff4 fsb fc1 sc2 ls0 ws0\">(33.344<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c71 ff4 fsb fc1 sc2 ls0 ws0\">C. Costi per<span class=\"_ _1\"></span> servizi<span class=\"_ _1\"></span> assic<span class=\"_ _1\"></span>urativi<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c72 ff4 fsb fc1 sc0 ls0 ws0\">1. Sinistri acc<span class=\"_ _1\"></span>aduti e altri co<span class=\"_ _1\"></span>sti<span class=\"_ _3a1\"> </span></td><td class=\"c n x119f y5c73 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a0 y5c73 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11ab y5c73 wb93 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">10.306<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11ac y5c73 wb93 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">10.306<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11ad y5c73 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11ae y5c73 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11af y5c73 wb94 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">11.473<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11b0 y5c73 wb95 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">11.473<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c74 ff4 fsb fc1 sc0 ls0 ws0\">direttamente<span class=\"_ _1\"></span> attribuibil<span class=\"_ _1\"></span>i </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c75 ff4 fsb fc1 sc0 ls0 ws0\">2. Variazioni dell<span class=\"_ _1\"></span>a passivi<span class=\"_ _1\"></span>t\u00e0 per<span class=\"_ _3a1\"> </span></td><td class=\"c n x119f y5c76 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a0 y5c76 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11b1 y5c76 wb96 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.285<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11b2 y5c76 wb96 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.285<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11b3 y5c76 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11b4 y5c76 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11b5 y5c76 wb97 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">852<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11b6 y5c76 wb98 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">852<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c77 ff4 fsb fc1 sc0 ls0 ws0\">sinistri accaduti<span class=\"_ _1\"></span> </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c78 ff4 fsb fc1 sc0 ls0 ws0\">3. Perdite e rel<span class=\"_ _1\"></span>ativi rec<span class=\"_ _1\"></span>uperi su<span class=\"_ _3a1\"> </span></td><td class=\"c n x119f y5c79 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11b7 y5c79 wb8f h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">93<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11b8 y5c79 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11b9 y5c79 wb99 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">93<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11ba y5c79 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11bb y5c79 wb9a h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(1.360)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11bc y5c79 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11bd y5c79 wb9a h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(1.360)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c7a ff4 fsb fc1 sc0 ls0 ws0\">contratti one<span class=\"_ _1\"></span>rosi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c7b ff4 fsb fc1 sc0 ls0 ws0\">4. Ammortamento<span class=\"_ _1\"></span> dei costi di<span class=\"_ _3a1\"> </span></td><td class=\"c n x11be y5c7c wb9b h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3.683<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11bf y5c7c wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11c0 y5c7c wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11c1 y5c7c wb9c h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3.683<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11c2 y5c7c wb9d h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>.553<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11c3 y5c7c wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11c4 y5c7c wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11c5 y5c7c wb9d h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>.553<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c7d ff4 fsb fc1 sc0 ls0 ws0\">acquisizione<span class=\"_ _1\"></span> dei contratti<span class=\"_ _1\"></span> </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c7e ff4 fsb fc1 sc2 ls0 ws0\">5. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e5 h19 y5c7e ff4 fsb fc1 sc2 ls0 ws0\">3.683<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x940 h19 y5c7e ff4 fsb fc1 sc2 ls0 ws0\">93<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113f h19 y5c7e ff4 fsb fc1 sc2 ls0 ws0\">11.591<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c6 h19 y5c7e ff4 fsb fc1 sc2 ls0 ws0\">15.367<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc52 h19 y5c7e ff4 fsb fc1 sc2 ls0 ws0\">2.553<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce4 h19 y5c7e ff4 fsb fc1 sc2 ls0 ws0\">(1.360)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93e h19 y5c7e ff4 fsb fc1 sc2 ls0 ws0\">12.325<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c7 h19 y5c7e ff4 fsb fc1 sc2 ls0 ws0\">13.518<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c7f ff4 fsb fc1 sc2 ls0 ws0\">D. Risul<span class=\"_ _1\"></span>tato dei serv<span class=\"_ _1\"></span>izi assicu<span class=\"_ _1\"></span>rativi </td><td class=\"t m2 x112b h19 y5c80 ff4 fsb fc1 sc2 ls0 ws0\">(28.163)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x940 h19 y5c80 ff4 fsb fc1 sc2 ls0 ws0\">93<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113f h19 y5c80 ff4 fsb fc1 sc2 ls0 ws0\">11.591<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeb7 h19 y5c80 ff4 fsb fc1 sc2 ls0 ws0\">(16.479)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc60 h19 y5c80 ff4 fsb fc1 sc2 ls0 ws0\">(30.784<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce4 h19 y5c80 ff4 fsb fc1 sc2 ls0 ws0\">(1.367)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93e h19 y5c80 ff4 fsb fc1 sc2 ls0 ws0\">12.325<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c8 h19 y5c80 ff4 fsb fc1 sc2 ls0 ws0\">(19.826)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c81 ff4 fsb fc1 sc2 ls0 ws0\">(B+C)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y5c82 ff4 fsb fc1 sc2 ls0 ws0\">E. Costi<span class=\"_ _1\"></span>/ricavi netti<span class=\"_ _1\"></span> di natura </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y5c83 ff4 fsb fc1 sc2 ls0 ws0\">finanziari<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c84 ff4 fsb fc1 sc0 ls0 ws0\">1. Relativi ai cont<span class=\"_ _1\"></span>ratti assuc<span class=\"_ _1\"></span>urativi<span class=\"_ _3a1\"> </span></td><td class=\"c n x11c9 y5c85 wb9e h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.799<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11ca y5c85 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11cb y5c85 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11cc y5c85 wb9e h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.799<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11cd y5c85 wb9f h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3.07<span class=\"_ _1\"></span>9<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11ce y5c85 wba0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">7<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11cf y5c85 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11d0 y5c85 wba1 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3.086<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c86 ff4 fsb fc1 sc0 ls0 ws0\">emessi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x823 y5c87 wba2 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.1 Registrati<span class=\"_ _1\"></span> in conto eco<span class=\"_ _1\"></span>nomico<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11d1 y5c87 wba3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.047<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11d2 y5c87 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11d3 y5c87 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11d4 y5c87 wba4 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.047<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11d5 y5c87 wba5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">531<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11d6 y5c87 wba0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">7<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11d7 y5c87 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11d8 y5c87 wba6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">538<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h19 y5c88 ff4 fsb fc1 sc0 ls0 ws0\">1.2 Registrati nel<span class=\"_ _1\"></span> conto econo<span class=\"_ _1\"></span>mico </td><td class=\"c n x11d9 y5c89 wba7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">752<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11da y5c89 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11db y5c89 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11dc y5c89 wba7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">752<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11dd y5c89 wba8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2.548<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11de y5c89 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11df y5c89 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11e0 y5c89 wba8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2.548<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h19 y5c8a ff4 fsb fc1 sc0 ls0 ws0\">compless<span class=\"_ _1\"></span>ivo </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c8b ff4 fsb fc1 sc0 ls0 ws0\">2. Effetti<span class=\"_ _1\"></span> connessi<span class=\"_ _1\"></span> con le variazioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x119f y5c8c wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a0 y5c8c wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a1 y5c8c wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a2 y5c8c wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a3 y5c8c wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a4 y5c8c wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a5 y5c8c wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a6 y5c8c wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c8d ff4 fsb fc1 sc0 ls0 ws0\">dei tassi di cam<span class=\"_ _1\"></span>bio </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c8e ff4 fsb fc1 sc2 ls0 ws0\">3. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x5c4 h19 y5c8e ff4 fsb fc1 sc2 ls0 ws0\">1.799<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11a8 h19 y5c8e ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112d h19 y5c8e ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11e1 h19 y5c8e ff4 fsb fc1 sc2 ls0 ws0\">1.799<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc52 h19 y5c8e ff4 fsb fc1 sc2 ls0 ws0\">3.079<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112a h19 y5c8e ff4 fsb fc1 sc2 ls0 ws0\">7<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcec h19 y5c8e ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11e2 h19 y5c8e ff4 fsb fc1 sc2 ls0 ws0\">3.086<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c8f ff4 fsb fc1 sc2 ls0 ws0\">F. Compo<span class=\"_ _1\"></span>nenti di inv<span class=\"_ _1\"></span>estime<span class=\"_ _1\"></span>nto<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dc h19 y5c8f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11a8 h19 y5c8f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112d h19 y5c8f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x934 h19 y5c8f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88e h19 y5c8f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x942 h19 y5c8f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcec h19 y5c8f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11e3 h19 y5c8f ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c90 ff4 fsb fc1 sc2 ls0 ws0\">G. Importo<span class=\"_ _1\"></span> totale re<span class=\"_ _1\"></span>gistrato<span class=\"_ _1\"></span> in conto </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y5c91 ff4 fsb fc1 sc2 ls0 ws0\">economic<span class=\"_ _1\"></span>o e nel c<span class=\"_ _1\"></span>onto econom<span class=\"_ _1\"></span>ico </td><td class=\"t m2 x5df h19 y5c91 ff4 fsb fc1 sc2 ls0 ws0\">(26.36<span class=\"_ _1\"></span>4)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x940 h19 y5c91 ff4 fsb fc1 sc2 ls0 ws0\">93<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113f h19 y5c91 ff4 fsb fc1 sc2 ls0 ws0\">11.591<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11a9 h19 y5c91 ff4 fsb fc1 sc2 ls0 ws0\">(14.680)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc58 h19 y5c91 ff4 fsb fc1 sc2 ls0 ws0\">(27.705)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce4 h19 y5c91 ff4 fsb fc1 sc2 ls0 ws0\">(1.360)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93e h19 y5c91 ff4 fsb fc1 sc2 ls0 ws0\">12.325<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c8 h19 y5c91 ff4 fsb fc1 sc2 ls0 ws0\">(16.740<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c92 ff4 fsb fc1 sc2 ls0 ws0\">compless<span class=\"_ _1\"></span>ivo (D+E+F<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5c93 wb7d h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc2 ls0 ws0\">H. Altre v<span class=\"_ _1\"></span>ariazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11e4 y5c93 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x11a8 h19 y5c94 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112d h19 y5c94 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x934 h19 y5c94 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88e h19 y5c94 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x942 h19 y5c94 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcec h19 y5c94 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11e3 h19 y5c94 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c95 ff4 fsb fc1 sc2 ls0 ws0\">I. Movime<span class=\"_ _1\"></span>nti di cass<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y5a62 wb7f h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1. Premi rice<span class=\"_ _1\"></span>vuti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11e5 y5a62 w4ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">24.666<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11e6 y5a62 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11e7 y5a62 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11e8 y5a62 wba9 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>4.666<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11e9 y5a62 wbaa h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>6.560<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11ea y5a62 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11eb y5a62 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11ec y5a62 wbab h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">26.560<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c96 ff4 fsb fc1 sc0 ls0 ws0\">2. Pagamenti co<span class=\"_ _1\"></span>nnessi con i<span class=\"_ _1\"></span> costi di<span class=\"_ _3a1\"> </span></td><td class=\"c n x119f y5c97 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a0 y5c97 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a1 y5c97 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a2 y5c97 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11ed y5c97 wbac h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(14)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11ee y5c97 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11ef y5c97 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11f0 y5c97 wbad h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(14)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c98 ff4 fsb fc1 sc0 ls0 ws0\">acquisizione<span class=\"_ _1\"></span> dei contratti<span class=\"_ _1\"></span> </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5c99 ff4 fsb fc1 sc0 ls0 ws0\">3. Sinistri<span class=\"_ _1\"></span> pagati e altre usci<span class=\"_ _1\"></span>te di<span class=\"_ _3a1\"> </span></td><td class=\"c n x119f y5c9a wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a0 y5c9a wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11f1 y5c9a wbae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(10.306)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11f2 y5c9a wbae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(10.306)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11f3 y5c9a wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11f4 y5c9a wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11f5 y5c9a wbaf h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(11.473)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11f6 y5c9a wbb0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(11.473)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c9b ff4 fsb fc1 sc0 ls0 ws0\">cassa </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y5c9c wb86 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">4. Altri movi<span class=\"_ _1\"></span>menti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11f7 y5c9c wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11e6 y5c9c wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11e7 y5c9c wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11f8 y5c9c wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11f9 y5c9c wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11fa y5c9c wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11fb y5c9c wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11fc y5c9c wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5c9d ff4 fsb fc1 sc2 ls0 ws0\">5. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x875 h19 y5c9d ff4 fsb fc1 sc2 ls0 ws0\">24.666<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11a8 h19 y5c9d ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93c h19 y5c9d ff4 fsb fc1 sc2 ls0 ws0\">(10.306<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11fd h19 y5c9d ff4 fsb fc1 sc2 ls0 ws0\">14.360<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e1 h19 y5c9d ff4 fsb fc1 sc2 ls0 ws0\">26.546<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x942 h19 y5c9d ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x811 h19 y5c9d ff4 fsb fc1 sc2 ls0 ws0\">(11.473)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11fe h19 y5c9d ff4 fsb fc1 sc2 ls0 ws0\">15.073<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5c9e ff4 fsb fc1 sc2 ls0 ws0\">L. Valore<span class=\"_ _1\"></span> netto di bi<span class=\"_ _1\"></span>lancio al 3<span class=\"_ _1\"></span>1 </td><td class=\"t m2 x875 h19 y5c9f ff4 fsb fc1 sc2 ls0 ws0\">55.402<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e6 h19 y5c9f ff4 fsb fc1 sc2 ls0 ws0\">129<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ce h19 y5c9f ff4 fsb fc1 sc2 ls0 ws0\">7.151<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc66 h19 y5c9f ff4 fsb fc1 sc2 ls0 ws0\">62.682<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc64 h19 y5c9f ff4 fsb fc1 sc2 ls0 ws0\">57.100<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11aa h19 y5c9f ff4 fsb fc1 sc2 ls0 ws0\">36<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11ff h19 y5c9f ff4 fsb fc1 sc2 ls0 ws0\">5.866<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h19 y5c9f ff4 fsb fc1 sc2 ls0 ws0\">63.002<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5ca0 ff4 fsb fc1 sc2 ls0 ws0\">dicem<span class=\"_ _1\"></span>bre (A.3+G+<span class=\"_ _1\"></span>H+I.4)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y5ca1 ff4 fsb fc1 sc2 ls0 ws0\">M. Valore <span class=\"_ _1\"></span>di bilancio f<span class=\"_ _1\"></span>inale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5ca2 ff4 fsb fc1 sc0 ls0 ws0\">1. Contratti di as<span class=\"_ _1\"></span>sicurazio<span class=\"_ _1\"></span>ne emessi<span class=\"_ _3a1\"> </span></td><td class=\"c n x1200 y58ce wbb1 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">55.402<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1201 y58ce wbb2 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">130<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1202 y58ce wbb3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">7.151<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1203 y58ce wbb4 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">62.683<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1204 y58ce wbb5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">57<span class=\"_ _1\"></span>.100<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1205 y58ce wb99 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">36<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1206 y58ce wb90 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">5.866<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1207 y58ce wbb6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">63.002<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5ca3 ff4 fsb fc1 sc0 ls0 ws0\">che costi<span class=\"_ _1\"></span>tuiscono passi<span class=\"_ _1\"></span>vit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5ca4 ff4 fsb fc1 sc0 ls0 ws0\">2. Contratti di ass<span class=\"_ _1\"></span>icurazione e<span class=\"_ _1\"></span>messi<span class=\"_ _3a1\"> </span></td><td class=\"c n x119f y5461 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a0 y5461 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a1 y5461 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a2 y5461 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a3 y5461 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a4 y5461 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a5 y5461 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x11a6 y5461 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5ca5 ff4 fsb fc1 sc0 ls0 ws0\">che costi<span class=\"_ _1\"></span>tuiscono attiv<span class=\"_ _1\"></span>it\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y5ca6 ff4 fsb fc1 sc2 ls0 ws0\">3. Valore<span class=\"_ _1\"></span> netto di<span class=\"_ _1\"></span> bilancio al 3<span class=\"_ _1\"></span>1 </td><td class=\"t m2 x875 h19 y5ca7 ff4 fsb fc1 sc2 ls0 ws0\">55.402<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e6 h19 y5ca7 ff4 fsb fc1 sc2 ls0 ws0\">130<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ce h19 y5ca7 ff4 fsb fc1 sc2 ls0 ws0\">7.151<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc66 h19 y5ca7 ff4 fsb fc1 sc2 ls0 ws0\">62.683<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc64 h19 y5ca7 ff4 fsb fc1 sc2 ls0 ws0\">57.100<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11aa h19 y5ca7 ff4 fsb fc1 sc2 ls0 ws0\">36<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11ff h19 y5ca7 ff4 fsb fc1 sc2 ls0 ws0\">5.866<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h19 y5ca7 ff4 fsb fc1 sc2 ls0 ws0\">63.002<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5ca8 ff4 fsb fc1 sc2 ls0 ws0\">dicem<span class=\"_ _1\"></span>bre<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Dinamica del valore<span class=\"_ _1\"></span> di bilancio dei cont<span class=\"_ _1\"></span>ratti di assicurazione<span class=\"_ _1\"></span> emessi - GMM o VFA - <span class=\"_ _1\"></span>passivit\u00e0 per res<span class=\"_ _1\"></span>idua copertura e per sinistr<span class=\"_ _1\"></span>i accaduti<span class=\"fc1 sc2\"> </span>Contratti <span class=\"_ _1\"></span>d'investimento emess<span class=\"_ _1\"></span>i con elementi di partecipazione discr<span class=\"_ _1\"></span>ezionali - Segmento <span class=\"_ _1\"></span>Vita<span class=\"fc1 sc2\"> </span><table class=\"s wbb7 h250\" id=\"_0a10d396-5d00-4eb1-8b95-c7888e3e8c66\"><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x1208 h19 y5ca9 ff4 fsb fc4 sc3 ls0 ws0\">Passiv<span class=\"_ _1\"></span>it\u00e0 </td><td></td><td></td><td></td><td></td><td class=\"t m2 xc5d h19 y5ca9 ff4 fsb fc4 sc3 ls0 ws0\">Passiv<span class=\"_ _1\"></span>it\u00e0 </td><td></td></tr><tr><td class=\"t m2 x58e h19 y5caa ff4 fsb fc4 sc3 ls0 ws0\">Voci/Pass<span class=\"_ _1\"></span>ivit\u00e0<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x93c h19 y5caa ff4 fsb fc4 sc3 ls0 ws0\">per si<span class=\"_ _1\"></span>nistri </td><td></td><td></td><td></td><td></td><td class=\"t m2 xc62 h19 y5caa ff4 fsb fc4 sc3 ls0 ws0\">per si<span class=\"_ _1\"></span>nistri </td><td></td></tr><tr><td></td><td class=\"t m2 xba5 h19 y5cab ff4 fsb fc4 sc3 ls0 ws0\">Passiv<span class=\"_ _1\"></span>it\u00e0 per resi<span class=\"_ _1\"></span>dua </td><td class=\"t m2 xd6d h19 y5cac ff4 fsb fc4 sc3 ls0 ws0\">copertura<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x1208 h19 y5cad ff4 fsb fc4 sc3 ls0 ws0\">accadu<span class=\"_ _1\"></span>ti<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xb9d h19 y5cab ff4 fsb fc4 sc3 ls0 ws0\">Passiv<span class=\"_ _1\"></span>it\u00e0 per resi<span class=\"_ _1\"></span>dua </td><td class=\"t m2 x7bf h19 y5cac ff4 fsb fc4 sc3 ls0 ws0\">copertura<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc5d h19 y5cad ff4 fsb fc4 sc3 ls0 ws0\">accadu<span class=\"_ _1\"></span>ti<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"t m2 x1209 h19 y5cae ff4 fsb fc4 sc3 ls0 ws0\" colspan=\"2\">31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x93c h19 y5cae ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x120a h19 y5caf ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xde9 h19 y5cae ff4 fsb fc4 sc3 ls0 ws0\" colspan=\"2\">31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc62 h19 y5cae ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x120b h19 y5caf ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 xeb7 h19 y5cb0 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td class=\"t m2 x120c h19 y5cb0 ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>023<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x5df h19 y5cb1 ff4 fsb fc4 sc3 ls0 ws0\">Al netto </td><td></td><td></td><td></td><td></td><td class=\"t m2 xc52 h19 y5cb1 ff4 fsb fc4 sc3 ls0 ws0\">Al netto </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x875 h19 y5cb2 ff4 fsb fc4 sc3 ls0 ws0\">della </td><td class=\"t m2 xce9 h19 y5cb2 ff4 fsb fc4 sc3 ls0 ws0\">Perdita<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x1194 h19 y5cb2 ff4 fsb fc4 sc3 ls0 ws0\">della </td><td class=\"t m2 x9a1 h19 y5cb2 ff4 fsb fc4 sc3 ls0 ws0\">Perdita<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x112b h19 y5cb3 ff4 fsb fc4 sc3 ls0 ws0\">perdita<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td class=\"t m2 x9d5 h19 y5cb3 ff4 fsb fc4 sc3 ls0 ws0\">perdita<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y5cb4 ff4 fsb fc1 sc2 ls0 ws0\">A. Valore <span class=\"_ _1\"></span>di bilancio<span class=\"_ _1\"></span> iniziale<span class=\"_ _3a1\"> </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 class=\"t m2 xae4 h19 y5cb5 ff4 fsb fc1 sc0 ls0 ws0\">1. Contratti di as<span class=\"_ _1\"></span>sicurazio<span class=\"_ _1\"></span>ne emessi<span class=\"_ _3a1\"> </span></td><td class=\"c n x11be y5cb6 wbb8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">348.611<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x120d y5cb6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x120e y5cb6 w490 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2.319<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x120f y5cb6 wbb9 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">350.930<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1210 y5cb6 wb3b h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">279.829<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1211 y5cb6 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1212 y5cb6 wbba h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">365<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1213 y5cb6 wbbb h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">280.194<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5cb7 ff4 fsb fc1 sc0 ls0 ws0\">che costi<span class=\"_ _1\"></span>tuiscono passi<span class=\"_ _1\"></span>vit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5cb8 ff4 fsb fc1 sc0 ls0 ws0\">2. Contratti di ass<span class=\"_ _1\"></span>icurazione e<span class=\"_ _1\"></span>messi<span class=\"_ _3a1\"> </span></td><td class=\"c n x1214 y5cb9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1215 y5cb9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1216 y5cb9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1217 y5cb9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1218 y5cb9 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1219 y5cb9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x121a y5cb9 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x121b y5cb9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5cba ff4 fsb fc1 sc0 ls0 ws0\">che costi<span class=\"_ _1\"></span>tuiscono attiv<span class=\"_ _1\"></span>it\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y5cbb ff4 fsb fc1 sc2 ls0 ws0\">3. Valore<span class=\"_ _1\"></span> netto di<span class=\"_ _1\"></span> bilancio al 1<span class=\"_ _1\"></span>\u00b0 gennaio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e5 h19 y5cbb ff4 fsb fc1 sc2 ls0 ws0\">348.611<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x99f h19 y5cbb ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd9 h19 y5cbb ff4 fsb fc1 sc2 ls0 ws0\">2.319<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xb9e h19 y5cbb ff4 fsb fc1 sc2 ls0 ws0\">350.93<span class=\"_ _1\"></span>0<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1194 h19 y5cbb ff4 fsb fc1 sc2 ls0 ws0\">279.829<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x936 h19 y5cbb ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e5 h19 y5cbb ff4 fsb fc1 sc2 ls0 ws0\">365<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x121c h19 y5cbb ff4 fsb fc1 sc2 ls0 ws0\">280.194<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5cbc ff4 fsb fc1 sc2 ls0 ws0\">B. Ricavi<span class=\"_ _1\"></span> assicur<span class=\"_ _1\"></span>ativi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x121d h19 y5cbc ff4 fsb fc1 sc2 ls0 ws0\">(5.960)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x99f h19 y5cbc ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdda h19 y5cbc ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad3 h19 y5cbc ff4 fsb fc1 sc2 ls0 ws0\">(5.960)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d1 h19 y5cbc ff4 fsb fc1 sc2 ls0 ws0\">(4.406)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x936 h19 y5cbc ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf1b h19 y5cbc ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x121e h19 y5cbc ff4 fsb fc1 sc2 ls0 ws0\">(4.406)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5cbd ff4 fsb fc1 sc2 ls0 ws0\">C. Costi per<span class=\"_ _1\"></span> servizi<span class=\"_ _1\"></span> assic<span class=\"_ _1\"></span>urativi<span class=\"_ _3a1\"> </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 class=\"t m2 xae4 h19 y5cbe ff4 fsb fc1 sc0 ls0 ws0\">1. Sinistri acc<span class=\"_ _1\"></span>aduti e altri co<span class=\"_ _1\"></span>sti<span class=\"_ _3a1\"> </span></td><td class=\"c n x1214 y5cbf wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1215 y5cbf wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x121f y5cbf wbbc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">44.335<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1220 y5cbf wbbd h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">44.335<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1221 y5cbf wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1222 y5cbf wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1223 y5cbf wbbe h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">24.814<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1224 y5cbf wbbf h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">24.814<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5cc0 ff4 fsb fc1 sc0 ls0 ws0\">direttamente<span class=\"_ _1\"></span> attribuibil<span class=\"_ _1\"></span>i </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5cc1 ff4 fsb fc1 sc0 ls0 ws0\">2. Variazioni dell<span class=\"_ _1\"></span>a passivi<span class=\"_ _1\"></span>t\u00e0 per<span class=\"_ _3a1\"> </span></td><td class=\"c n x1214 y5cc2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1215 y5cc2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1225 y5cc2 wbc0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(41.619)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1226 y5cc2 wbc0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(41.619)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1227 y5cc2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1228 y5cc2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1229 y5cc2 wbc1 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(22<span class=\"_ _1\"></span>.717)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x122a y5cc2 w7a4 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(22.717)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5cc3 ff4 fsb fc1 sc0 ls0 ws0\">sinistri accaduti<span class=\"_ _1\"></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 class=\"t m2 xae4 h19 y5cc4 ff4 fsb fc1 sc0 ls0 ws0\">3. Perdite e rel<span class=\"_ _1\"></span>ativi rec<span class=\"_ _1\"></span>uperi su<span class=\"_ _3a1\"> </span></td><td class=\"c n x1214 y5cc5 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1215 y5cc5 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1216 y5cc5 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1217 y5cc5 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1218 y5cc5 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1219 y5cc5 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x121a y5cc5 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x121b y5cc5 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5cc6 ff4 fsb fc1 sc0 ls0 ws0\">contratti one<span class=\"_ _1\"></span>rosi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5cc7 ff4 fsb fc1 sc0 ls0 ws0\">4. Ammortamento<span class=\"_ _1\"></span> dei costi di<span class=\"_ _3a1\"> </span></td><td class=\"c n xd01 y5cc8 w524 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">14<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x122b y5cc8 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x122c y5cc8 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x122d y5cc8 w524 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">14<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x122e y5cc8 w524 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">14<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x122f y5cc8 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1230 y5cc8 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1231 y5cc8 w524 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">14<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5cc9 ff4 fsb fc1 sc0 ls0 ws0\">acquisizione<span class=\"_ _1\"></span> dei contratti<span class=\"_ _1\"></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 class=\"t m2 xae4 h19 y5cca ff4 fsb fc1 sc2 ls0 ws0\">5. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1232 h19 y5cca ff4 fsb fc1 sc2 ls0 ws0\">14<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x99f h19 y5cca ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xb9f h19 y5cca ff4 fsb fc1 sc2 ls0 ws0\">2.716<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad6 h19 y5cca ff4 fsb fc1 sc2 ls0 ws0\">2.730<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1233 h19 y5cca ff4 fsb fc1 sc2 ls0 ws0\">14<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x936 h19 y5cca ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x891 h19 y5cca ff4 fsb fc1 sc2 ls0 ws0\">2.097<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1234 h19 y5cca ff4 fsb fc1 sc2 ls0 ws0\">2.111<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5ccb ff4 fsb fc1 sc2 ls0 ws0\">D. Risul<span class=\"_ _1\"></span>tato dei serv<span class=\"_ _1\"></span>izi assicu<span class=\"_ _1\"></span>rativi </td><td class=\"t m2 x121d h19 y5ccc ff4 fsb fc1 sc2 ls0 ws0\">(5.946)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x99f h19 y5ccc ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xb9f h19 y5ccc ff4 fsb fc1 sc2 ls0 ws0\">2.716<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad3 h19 y5ccc ff4 fsb fc1 sc2 ls0 ws0\">(3.230<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d1 h19 y5ccc ff4 fsb fc1 sc2 ls0 ws0\">(4.392)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x936 h19 y5ccc ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x891 h19 y5ccc ff4 fsb fc1 sc2 ls0 ws0\">2.097<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x121e h19 y5ccc ff4 fsb fc1 sc2 ls0 ws0\">(2.295)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5ccd ff4 fsb fc1 sc2 ls0 ws0\">(B+C)<span class=\"_ _3a1\"> </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 class=\"t m2 x58e h19 y5cce ff4 fsb fc1 sc2 ls0 ws0\">E. Costi<span class=\"_ _1\"></span>/ricavi netti<span class=\"_ _1\"></span> di natura fi<span class=\"_ _1\"></span>nanziari<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </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 class=\"t m2 xae4 h19 y5ccf ff4 fsb fc1 sc0 ls0 ws0\">1. Relativi ai cont<span class=\"_ _1\"></span>ratti assuc<span class=\"_ _1\"></span>urativi<span class=\"_ _3a1\"> </span></td><td class=\"c n x1235 y5cd0 wbc2 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">33.586<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1236 y5cd0 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1237 y5cd0 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1238 y5cd0 wbc3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">33.586<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1239 y5cd0 wbc4 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">25.909<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x123a y5cd0 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x123b y5cd0 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x123c y5cd0 wbc4 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">25.909<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5cd1 ff4 fsb fc1 sc0 ls0 ws0\">emessi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x823 y5cd2 wba2 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.1 Registrati<span class=\"_ _1\"></span> in conto eco<span class=\"_ _1\"></span>nomico<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x123d y5cd2 wbc5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">31.181<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x123e y5cd2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x123f y5cd2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1240 y5cd2 wbc5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">31.181<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1241 y5cd2 wbc6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">20.379<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1242 y5cd2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1243 y5cd2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1244 y5cd2 wbc7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>0.379<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h19 y5cd3 ff4 fsb fc1 sc0 ls0 ws0\">1.2 Registrati nel<span class=\"_ _1\"></span> conto econo<span class=\"_ _1\"></span>mico </td><td class=\"c n x1245 y5cd4 wbc8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2.405<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1246 y5cd4 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1247 y5cd4 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1248 y5cd4 wbc9 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>.405<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1249 y5cd4 wbca h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">5.530<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x124a y5cd4 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x124b y5cd4 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x124c y5cd4 wbca h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">5.530<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h19 y5cd5 ff4 fsb fc1 sc0 ls0 ws0\">compless<span class=\"_ _1\"></span>ivo </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5cd6 ff4 fsb fc1 sc0 ls0 ws0\">2. Effetti<span class=\"_ _1\"></span> connessi<span class=\"_ _1\"></span> con le variazioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x1214 y5cd7 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1215 y5cd7 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1216 y5cd7 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1217 y5cd7 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1218 y5cd7 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1219 y5cd7 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x121a y5cd7 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x121b y5cd7 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5cd8 ff4 fsb fc1 sc0 ls0 ws0\">dei tassi di cam<span class=\"_ _1\"></span>bio </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5cd9 ff4 fsb fc1 sc2 ls0 ws0\">3. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x121d h19 y5cd9 ff4 fsb fc1 sc2 ls0 ws0\">33.586<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x99f h19 y5cd9 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdda h19 y5cd9 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c3 h19 y5cd9 ff4 fsb fc1 sc2 ls0 ws0\">33.586<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d1 h19 y5cd9 ff4 fsb fc1 sc2 ls0 ws0\">25.909<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x936 h19 y5cd9 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf1b h19 y5cd9 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x121e h19 y5cd9 ff4 fsb fc1 sc2 ls0 ws0\">25.909<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5cda ff4 fsb fc1 sc2 ls0 ws0\">F. Compo<span class=\"_ _1\"></span>nenti di inv<span class=\"_ _1\"></span>estime<span class=\"_ _1\"></span>nto<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x875 h19 y5cda ff4 fsb fc1 sc2 ls0 ws0\">(39.977)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x99f h19 y5cda ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x124d h19 y5cda ff4 fsb fc1 sc2 ls0 ws0\">39.977<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xced h19 y5cda ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1194 h19 y5cda ff4 fsb fc1 sc2 ls0 ws0\">(24.672<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x936 h19 y5cda ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcec h19 y5cda ff4 fsb fc1 sc2 ls0 ws0\">24.672<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x124e h19 y5cda ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5cdb ff4 fsb fc1 sc2 ls0 ws0\">G. Importo<span class=\"_ _1\"></span> totale re<span class=\"_ _1\"></span>gistrato<span class=\"_ _1\"></span> in conto </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y5cdc ff4 fsb fc1 sc2 ls0 ws0\">economic<span class=\"_ _1\"></span>o e nel c<span class=\"_ _1\"></span>onto econom<span class=\"_ _1\"></span>ico </td><td class=\"t m2 x7be h19 y5cdc ff4 fsb fc1 sc2 ls0 ws0\">(12.337)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x99f h19 y5cdc ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba3 h19 y5cdc ff4 fsb fc1 sc2 ls0 ws0\">42.693<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c3 h19 y5cdc ff4 fsb fc1 sc2 ls0 ws0\">30.356<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c8 h19 y5cdc ff4 fsb fc1 sc2 ls0 ws0\">(3.155)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x936 h19 y5cdc ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcec h19 y5cdc ff4 fsb fc1 sc2 ls0 ws0\">26.769<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x124f h19 y5cdc ff4 fsb fc1 sc2 ls0 ws0\">23.614<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5cdd ff4 fsb fc1 sc2 ls0 ws0\">compless<span class=\"_ _1\"></span>ivo (D+E+F<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </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 class=\"c n x2d7 y5cde wb7d h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc2 ls0 ws0\">H. Altre v<span class=\"_ _1\"></span>ariazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1250 y5cde wbcb h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc2 ls0 ws0\">1.93<span class=\"_ _1\"></span>1<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x99f h19 y5cdf ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdda h19 y5cdf ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x934 h19 y5cdf ff4 fsb fc1 sc2 ls0 ws0\">1.931<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d1 h19 y5cdf ff4 fsb fc1 sc2 ls0 ws0\">(1.008)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x936 h19 y5cdf ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf1b h19 y5cdf ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1251 h19 y5cdf ff4 fsb fc1 sc2 ls0 ws0\">(1.008)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5ce0 ff4 fsb fc1 sc2 ls0 ws0\">I. Movime<span class=\"_ _1\"></span>nti di cass<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </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 class=\"c n xadb y5ce1 wb7f h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1. Premi rice<span class=\"_ _1\"></span>vuti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1252 y5ce1 wbcc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">208.285<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1253 y5ce1 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1254 y5ce1 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1255 y5ce1 wbcd h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>08.285<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1256 y5ce1 wbce h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">72.945<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1257 y5ce1 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1258 y5ce1 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1259 y5ce1 wbcf h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">72.945<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5ce2 ff4 fsb fc1 sc0 ls0 ws0\">2. Pagamenti co<span class=\"_ _1\"></span>nnessi con i<span class=\"_ _1\"></span> costi di<span class=\"_ _3a1\"> </span></td><td class=\"c n x1214 y5ce3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1215 y5ce3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1216 y5ce3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1217 y5ce3 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1218 y5ce3 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1219 y5ce3 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x121a y5ce3 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x121b y5ce3 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5ce4 ff4 fsb fc1 sc0 ls0 ws0\">acquisizione<span class=\"_ _1\"></span> dei contratti<span class=\"_ _1\"></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 class=\"t m2 xae4 h19 y5ce5 ff4 fsb fc1 sc0 ls0 ws0\">3. Sinistri<span class=\"_ _1\"></span> pagati e altre usci<span class=\"_ _1\"></span>te di<span class=\"_ _3a1\"> </span></td><td class=\"c n x1214 y5ce6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1215 y5ce6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x125a y5ce6 wbd0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(44.33<span class=\"_ _1\"></span>5)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x125b y5ce6 wbd1 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(44.335)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x125c y5ce6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x125d y5ce6 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x125e y5ce6 wae0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(24.814)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x125f y5ce6 wbd2 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">(24.814<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5ce7 ff4 fsb fc1 sc0 ls0 ws0\">cassa </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y5ce8 wb86 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">4. Altri movi<span class=\"_ _1\"></span>menti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1260 y5ce8 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1261 y5ce8 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1262 y5ce8 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1263 y5ce8 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1264 y5ce8 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1265 y5ce8 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1266 y5ce8 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1267 y5ce8 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5ce9 ff4 fsb fc1 sc2 ls0 ws0\">5. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x875 h19 y5ce9 ff4 fsb fc1 sc2 ls0 ws0\">208.285<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x99f h19 y5ce9 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113f h19 y5ce9 ff4 fsb fc1 sc2 ls0 ws0\">(44.335<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1268 h19 y5ce9 ff4 fsb fc1 sc2 ls0 ws0\">163.950<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c8 h19 y5ce9 ff4 fsb fc1 sc2 ls0 ws0\">72.945<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x936 h19 y5ce9 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddf h19 y5ce9 ff4 fsb fc1 sc2 ls0 ws0\">(24.81<span class=\"_ _1\"></span>4)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1269 h19 y5ce9 ff4 fsb fc1 sc2 ls0 ws0\">48.131<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5cea ff4 fsb fc1 sc2 ls0 ws0\">L. Valore<span class=\"_ _1\"></span> netto di bi<span class=\"_ _1\"></span>lancio al 3<span class=\"_ _1\"></span>1 </td><td class=\"t m2 x875 h19 y5ceb ff4 fsb fc1 sc2 ls0 ws0\">546.490<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x99f h19 y5ceb ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112d h19 y5ceb ff4 fsb fc1 sc2 ls0 ws0\">677<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad3 h19 y5ceb ff4 fsb fc1 sc2 ls0 ws0\">547.167<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x87b h19 y5ceb ff4 fsb fc1 sc2 ls0 ws0\">348.611<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x936 h19 y5ceb ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x891 h19 y5ceb ff4 fsb fc1 sc2 ls0 ws0\">2.320<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x121c h19 y5ceb ff4 fsb fc1 sc2 ls0 ws0\">350.93<span class=\"_ _1\"></span>1<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5cec ff4 fsb fc1 sc2 ls0 ws0\">dicem<span class=\"_ _1\"></span>bre (A.3+G+<span class=\"_ _1\"></span>H+I.4)<span class=\"_ _3a1\"> </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 class=\"t m2 x58e h19 y5ced ff4 fsb fc1 sc2 ls0 ws0\">M. Valore <span class=\"_ _1\"></span>di bilancio f<span class=\"_ _1\"></span>inale<span class=\"_ _3a1\"> </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 class=\"t m2 xae4 h19 y5cee ff4 fsb fc1 sc0 ls0 ws0\">1. Contratti di as<span class=\"_ _1\"></span>sicurazio<span class=\"_ _1\"></span>ne emessi<span class=\"_ _3a1\"> </span></td><td class=\"c n x1200 y5cef wbd3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">546.489<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x126a y5cef wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x126b y5cef wbd4 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">678<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x126c y5cef wbd5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">547.167<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x126d y5cef wbb8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">348.611<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x126e y5cef wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x126f y5cef w490 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2.319<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1270 y5cef wbb9 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">350.930<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5cf0 ff4 fsb fc1 sc0 ls0 ws0\">che costi<span class=\"_ _1\"></span>tuiscono passi<span class=\"_ _1\"></span>vit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h19 y5cf1 ff4 fsb fc1 sc0 ls0 ws0\">2. Contratti di ass<span class=\"_ _1\"></span>icurazione e<span class=\"_ _1\"></span>messi<span class=\"_ _3a1\"> </span></td><td class=\"c n x1214 y5cf2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1215 y5cf2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1216 y5cf2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1217 y5cf2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1218 y5cf2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1219 y5cf2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x121a y5cf2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x121b y5cf2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h19 y5cf3 ff4 fsb fc1 sc0 ls0 ws0\">che costi<span class=\"_ _1\"></span>tuiscono attiv<span class=\"_ _1\"></span>it\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y5cf4 ff4 fsb fc1 sc2 ls0 ws0\">3. Valore<span class=\"_ _1\"></span> netto di<span class=\"_ _1\"></span> bilancio al 3<span class=\"_ _1\"></span>1 </td><td class=\"t m2 x875 h19 y5cf5 ff4 fsb fc1 sc2 ls0 ws0\">546.48<span class=\"_ _1\"></span>9<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x99f h19 y5cf5 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112d h19 y5cf5 ff4 fsb fc1 sc2 ls0 ws0\">678<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad3 h19 y5cf5 ff4 fsb fc1 sc2 ls0 ws0\">547.167<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x87b h19 y5cf5 ff4 fsb fc1 sc2 ls0 ws0\">348.611<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x936 h19 y5cf5 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1271 h19 y5cf5 ff4 fsb fc1 sc2 ls0 ws0\">2.319<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1272 h19 y5cf5 ff4 fsb fc1 sc2 ls0 ws0\">350.93<span class=\"_ _1\"></span>0<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y5cf6 ff4 fsb fc1 sc2 ls0 ws0\">dicem<span class=\"_ _1\"></span>bre<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Dinamica del valore<span class=\"_ _1\"></span> di bilancio dei cont<span class=\"_ _1\"></span>ratti di assicurazione<span class=\"_ _1\"></span> emessi distinta per e<span class=\"_ _1\"></span>lementi sottostanti alla misuraz<span class=\"_ _1\"></span>ione<span class=\"fc1 sc2\"> </span>Contratti <span class=\"_ _1\"></span>assicurativi emessi con elem<span class=\"_ _1\"></span>enti di partecipazione dire<span class=\"_ _1\"></span>tta - Segmento Vita<span class=\"fc1 sc2\"> </span><table class=\"s wbd6 h251\" id=\"_c5e12316-2d5a-4d2d-8d8f-89ed07ea836d\"><tr><td></td><td class=\"t m2 x87d h5a y5cf7 ff4 fs16 fc4 sc3 ls0 ws0\">Elementi sot<span class=\"_ _1\"></span>tostanti alla mis<span class=\"_ _1\"></span>urazione del valore <span class=\"_ _1\"></span>di bilancio dei </td><td class=\"t m2 x11a7 h5a y5cf8 ff4 fs16 fc4 sc3 ls0 ws0\">contratti di<span class=\"_ _1\"></span> assicurazione emess<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 x939 h5a y5cf7 ff4 fs16 fc4 sc3 ls0 ws0\">Elementi sot<span class=\"_ _1\"></span>tostanti alla mis<span class=\"_ _1\"></span>urazione del valore <span class=\"_ _1\"></span>di bilancio dei </td><td class=\"t m2 x7d1 h5a y5cf8 ff4 fs16 fc4 sc3 ls0 ws0\">contratti di<span class=\"_ _1\"></span> assicurazione emess<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"c x1273 y5cf9 wc8 h9e\"><div class=\"t m2 x0 h5a y15b6 ff4 fs16 fc4 sc3 ls0 ws0\">Valore </div></td><td class=\"t m2 x112b h5a y5cfa ff4 fs16 fc4 sc3 ls0 ws0\">Aggiustamen<span class=\"_ _1\"></span>to </td><td class=\"t m2 x9d2 h5a y5cfa ff4 fs16 fc4 sc3 ls0 ws0\">Margine sui </td><td></td><td class=\"c x95f y5cf9 wc8 h9e\"><div class=\"t m2 x0 h5a y15b6 ff4 fs16 fc4 sc3 ls0 ws0\">Valore </div></td><td class=\"t m2 x7c8 h5a y5cfa ff4 fs16 fc4 sc3 ls0 ws0\">Aggiustamen<span class=\"_ _1\"></span>to </td><td class=\"t m2 xba1 h5a y5cfa ff4 fs16 fc4 sc3 ls0 ws0\">Margine sui </td><td></td></tr><tr><td class=\"t m2 x58e h5a y5cfb ff4 fs16 fc4 sc3 ls0 ws0\">Voci/Ele<span class=\"_ _1\"></span>menti sottostanti </td><td class=\"t m2 xd76 h5a y5cfb ff4 fs16 fc4 sc3 ls0 ws0\">attuale dei<span class=\"_ _1\"></span> </td><td class=\"t m2 x5dd h5a y5cfc ff4 fs16 fc4 sc3 ls0 ws0\">per i rischi non </td><td class=\"t m2 xc5f h5a y5cfc ff4 fs16 fc4 sc3 ls0 ws0\">servizi </td><td class=\"t m2 xe5d h5a y5cfd ff4 fs16 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xb9c h5a y5cfb ff4 fs16 fc4 sc3 ls0 ws0\">attuale dei<span class=\"_ _1\"></span> </td><td class=\"t m2 x1274 h5a y5cfc ff4 fs16 fc4 sc3 ls0 ws0\">per i rischi non </td><td class=\"t m2 x592 h5a y5cfc ff4 fs16 fc4 sc3 ls0 ws0\">servizi </td><td class=\"t m2 xc5e h5a y5cfd ff4 fs16 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5cfe ff4 fs16 fc4 sc3 ls0 ws0\">alla misura<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd43 h5a y5cfe ff4 fs16 fc4 sc3 ls0 ws0\">flussi </td><td class=\"t m2 x5c4 h5a y5cff ff4 fs16 fc4 sc3 ls0 ws0\">finanziari<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d2 h5a y5cff ff4 fs16 fc4 sc3 ls0 ws0\">contrattuali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xb9f h5a y5d00 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93d h5a y5cfe ff4 fs16 fc4 sc3 ls0 ws0\">flussi </td><td class=\"t m2 xde9 h5a y5cff ff4 fs16 fc4 sc3 ls0 ws0\">finanziari<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba1 h5a y5cff ff4 fs16 fc4 sc3 ls0 ws0\">contrattuali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d4 h5a y5d00 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x888 h5a y5d01 ff4 fs16 fc4 sc3 ls0 ws0\">finanziari<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 xad6 h5a y5d01 ff4 fs16 fc4 sc3 ls0 ws0\">finanziari<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 xd76 h5a y5d02 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x121d h5a y5d02 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x940 h5a y5d02 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xb9c h5a y5d02 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe21 h5a y5d02 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1275 h5a y5d02 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5d03 ff4 fs16 fc1 sc2 ls0 ws0\">A. Valore di bil<span class=\"_ _1\"></span>ancio inizi<span class=\"_ _1\"></span>ale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5d04 wbd7 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1. Contra<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1276 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">tti di<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d05 ff4 fs16 fc1 sc0 ls0 ws0\">assicurazione emessi che<span class=\"_ _3a1\"> </span></td><td class=\"c n x1277 y5d06 wbd8 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">3.638.143<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1278 y5d06 wbd9 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">48.456<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1279 y5d06 wbda h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">187.460<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x127a y5d06 wbdb h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">3.874.059<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x127b y5d06 w63f h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">3.350.67<span class=\"_ _1\"></span>1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x127c y5d06 wbdc h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">23.429<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x127d y5d06 wbdd h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">233.905<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x127e y5d06 wbde h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>.608.005<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d07 ff4 fs16 fc1 sc0 ls0 ws0\">costituiscono passi<span class=\"_ _1\"></span>vit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d08 ff4 fs16 fc1 sc0 ls0 ws0\">2. Contratti di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d09 ff4 fs16 fc1 sc0 ls0 ws0\">assicurazione emessi che<span class=\"_ _3a1\"> </span></td><td class=\"c n xb31 y5d0a w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x127f y5d0a w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1280 y5d0a wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1281 y5d0a wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1282 y5d0a w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1283 y5d0a w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1284 y5d0a w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1285 y5d0a w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d0b ff4 fs16 fc1 sc0 ls0 ws0\">costituiscono attivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y5d0c wbe0 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc2 ls0 ws0\">3. Valore<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1286 h5a y5611 ff4 fs16 fc1 sc2 ls0 ws0\">netto di bilan<span class=\"_ _1\"></span>cio al<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xada h5a y5d0d ff4 fs16 fc1 sc2 ls0 ws0\">3.638.143<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc51 h5a y5d0d ff4 fs16 fc1 sc2 ls0 ws0\">48.456<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99f h5a y5d0d ff4 fs16 fc1 sc2 ls0 ws0\">187.460<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1287 h5a y5d0d ff4 fs16 fc1 sc2 ls0 ws0\">3.874.059<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x934 h5a y5d0d ff4 fs16 fc1 sc2 ls0 ws0\">3.350.671<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce7 h5a y5d0d ff4 fs16 fc1 sc2 ls0 ws0\">23.429<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeec h5a y5d0d ff4 fs16 fc1 sc2 ls0 ws0\">233.905<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1288 h5a y5d0d ff4 fs16 fc1 sc2 ls0 ws0\">3.608.005<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5d0e ff4 fs16 fc1 sc2 ls0 ws0\">1\u00b0 gennaio<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5d0f ff4 fs16 fc1 sc2 ls0 ws0\">B. Variazioni<span class=\"_ _1\"></span> relative ai </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5d10 ff4 fs16 fc1 sc2 ls0 ws0\">servizi attu<span class=\"_ _1\"></span>ali<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d11 ff4 fs16 fc1 sc0 ls0 ws0\">1. Margine sui servizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5d12 wbe1 h1fe\"><div class=\"t m2 x2b3 h5a y5610 ff4 fs16 fc1 sc0 ls0 ws0\">contrattuali registrato in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">conto economic<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb31 y5d13 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x127f y5d13 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1289 y5d13 wbe2 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(36.320)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x128a y5d13 wbe2 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(36.320)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x128b y5d13 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x128c y5d13 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x128d y5d13 wbe3 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(38.166)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x128e y5d13 wbe3 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(38.166)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c xadb y5d14 wbe4 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">2. Variaz<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x128f h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">ione per risch<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb31 y5d15 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1290 y5d15 wbe5 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(7.777)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1291 y5d15 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1292 y5d15 wbe6 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(7.777)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1293 y5d15 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1294 y5d15 wbe7 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(2.987)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1295 y5d15 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1296 y5d15 wbe7 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(2.987)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d16 ff4 fs16 fc1 sc0 ls0 ws0\">non finanziari scaduti<span class=\"_ _1\"></span> </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d17 ff4 fs16 fc1 sc0 ls0 ws0\">3. Modifiche connes<span class=\"_ _1\"></span>se<span class=\"_ _3a1\"> </span></td><td class=\"c n x1297 y5d18 wbe8 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">757.986<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1298 y5d18 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1299 y5d18 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x129a y5d18 wbe8 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">757.986<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x129b y5d18 wbe9 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(19.240)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x129c y5d18 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x129d y5d18 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x129e y5d18 wbe9 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(19.240)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d19 ff4 fs16 fc1 sc0 ls0 ws0\">con l\u2019esperienza </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d1a ff4 fs16 fc1 sc2 ls0 ws0\">4. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x129f h5a y5d1a ff4 fs16 fc1 sc2 ls0 ws0\">757.986<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x92f h5a y5d1a ff4 fs16 fc1 sc2 ls0 ws0\">(7.777)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc61 h5a y5d1a ff4 fs16 fc1 sc2 ls0 ws0\">(36.320)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12a0 h5a y5d1a ff4 fs16 fc1 sc2 ls0 ws0\">713.889<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd57 h5a y5d1a ff4 fs16 fc1 sc2 ls0 ws0\">(19.240)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce7 h5a y5d1a ff4 fs16 fc1 sc2 ls0 ws0\">(2.987)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeec h5a y5d1a ff4 fs16 fc1 sc2 ls0 ws0\">(38.166)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1195 h5a y5d1a ff4 fs16 fc1 sc2 ls0 ws0\">(60.393)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x2d7 y5d1c wbea h252\"><div class=\"t m2 x2b3 h5a y5d1b ff4 fs16 fc1 sc2 ls0 ws0\">C. Variazion<span class=\"_ _1\"></span>i relative a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc2 ls0 ws0\">servizi futu<span class=\"_ _1\"></span>ri<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d1d ff4 fs16 fc1 sc0 ls0 ws0\">1. Variazioni del margine<span class=\"_ _3a1\"> </span></td><td class=\"c n xc38 y5d1e wbeb h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">126.424<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12a1 y5d1e wbec h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(5.693)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12a2 y5d1e wbed h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(93.082)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12a3 y5d1e wbee h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>7.649<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12a4 y5d1e wbef h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">12.349<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12a5 y5d1e w973 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">25.800<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12a6 y5d1e wbf0 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(37.076)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12a7 y5d1e wbf1 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1.073<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d1f ff4 fs16 fc1 sc0 ls0 ws0\">sui servizi contrattuali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d20 ff4 fs16 fc1 sc0 ls0 ws0\">2. Perdite su gruppi di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d21 ff4 fs16 fc1 sc0 ls0 ws0\">contratti onerosi e relativi<span class=\"_ _3a1\"> </span></td><td class=\"c n xb31 y5d22 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x127f y5d22 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1280 y5d22 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1281 y5d22 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1282 y5d22 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1283 y5d22 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1284 y5d22 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1285 y5d22 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d23 ff4 fs16 fc1 sc0 ls0 ws0\">recuperi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xae4 y5d24 w1bf h9e\"><div class=\"t m2 x0 h5a y255f ff4 fs16 fc1 sc0 ls0 ws0\">3. Effetti dei contratti<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d25 ff4 fs16 fc1 sc0 ls0 ws0\">inizialmente rilevati </td><td class=\"c n xba6 y5d26 wbf2 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(71.913)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12a8 y5d26 wbf3 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">14.446<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12a9 y5d26 wbf4 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">57.467<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12aa y5d26 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12ab y5d26 wbf5 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(56.161)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12ac y5d26 wbf6 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">3.628<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12ad y5d26 wbf7 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">52<span class=\"_ _1\"></span>.534<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12ae y5d26 wbf8 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d27 ff4 fs16 fc1 sc0 ls0 ws0\">nell\u2019esercizio<span class=\"_ _1\"></span> di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d28 ff4 fs16 fc1 sc0 ls0 ws0\">riferimento </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d29 ff4 fs16 fc1 sc2 ls0 ws0\">4. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x95d h5a y5d29 ff4 fs16 fc1 sc2 ls0 ws0\">54.511<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc65 h5a y5d29 ff4 fs16 fc1 sc2 ls0 ws0\">8.753<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cd h5a y5d29 ff4 fs16 fc1 sc2 ls0 ws0\">(35.615)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdda h5a y5d29 ff4 fs16 fc1 sc2 ls0 ws0\">27.649<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd57 h5a y5d29 ff4 fs16 fc1 sc2 ls0 ws0\">(43.812)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce7 h5a y5d29 ff4 fs16 fc1 sc2 ls0 ws0\">29.428<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1140 h5a y5d29 ff4 fs16 fc1 sc2 ls0 ws0\">15.458<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12af h5a y5d29 ff4 fs16 fc1 sc2 ls0 ws0\">1.074<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x2d7 y5d2a wbf9 h200\"><div class=\"t m2 x2b3 h5a y5629 ff4 fs16 fc1 sc2 ls0 ws0\">D. Variaz<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x12b0 h5a y5629 ff4 fs16 fc1 sc2 ls0 ws0\">ioni relative<span class=\"_ _1\"></span> a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">servizi passa<span class=\"_ _1\"></span>ti<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5d2b wbfa h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1. Aggius<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1276 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">tamenti alla<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d2c ff4 fs16 fc1 sc0 ls0 ws0\">passivit\u00e0 per sinistri </td><td class=\"c n x1277 y5d2d wbfb h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(784.503)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12b1 y5d2d wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12b2 y5d2d wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12b3 y5d2d wbfc h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(784.503)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12b4 y5d2d wbfd h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">4.125<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12b5 y5d2d w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12b6 y5d2d w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12b7 y5d2d wbfe h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">4.125<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d2e ff4 fs16 fc1 sc0 ls0 ws0\">accaduti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5d2f wbff h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2.<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x12b8 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">Modifiche connes<span class=\"_ _1\"></span>se<span class=\"_ _3a1\"> </span></div></td><td class=\"c xce6 y5d30 w178 h9e\"><div class=\"t m2 x0 h5a y2566 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x12b9 y5d30 w178 h9e\"><div class=\"t m2 x0 h5a y2566 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x1208 y5d30 w178 h9e\"><div class=\"t m2 x0 h5a y2566 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c xeb7 y5d30 w178 h9e\"><div class=\"t m2 x0 h5a y2566 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12ba y5d31 wc00 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">15.330<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12bb y5d31 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x9a3 h5a y5d32 ff4 fs16 fc1 sc0 ls0 ws0\">-</td><td class=\"t m2 xd53 h5a y5d33 ff4 fs16 fc1 sc2 ls0 ws0\"> <span class=\"_ _133\"> </span>15.330<span class=\"_ _1\"></span> </td></tr><tr><td class=\"t m2 xae4 h5a y5d34 ff4 fs16 fc1 sc0 ls0 ws0\">con l\u2019esperienza </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y5d35 wc01 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">E. Ris<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x12bc h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">ultato dei<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x12bd h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">servizi di<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x12be h5a y5d36 ff4 fs16 fc1 sc2 ls0 ws0\">27.994<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x80e h5a y5d36 ff4 fs16 fc1 sc2 ls0 ws0\">976<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99f h5a y5d36 ff4 fs16 fc1 sc2 ls0 ws0\">(71.935)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcea h5a y5d36 ff4 fs16 fc1 sc2 ls0 ws0\">(42.965)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xec2 h5a y5d36 ff4 fs16 fc1 sc2 ls0 ws0\">(43.597)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12bf h5a y5d36 ff4 fs16 fc1 sc2 ls0 ws0\">26.441<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeec h5a y5d36 ff4 fs16 fc1 sc2 ls0 ws0\">(22.708)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1195 h5a y5d36 ff4 fs16 fc1 sc2 ls0 ws0\">(39.864)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5d37 ff4 fs16 fc1 sc2 ls0 ws0\">assicurazio<span class=\"_ _1\"></span>ne(B+C+D)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y5d38 wc02 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">F. Costi/<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x12c0 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">ricavi di natura<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5d39 ff4 fs16 fc1 sc2 ls0 ws0\">finanziaria<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d3a ff4 fs16 fc1 sc0 ls0 ws0\">1. Relativi ai contratti di<span class=\"_ _3a1\"> </span></td><td class=\"c n xba6 y5d3b wc03 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">70.580<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12c1 y5d3b wc04 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1.365<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12c2 y5d3b wc05 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">102.540<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12c3 y5d3b wc06 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">174.485<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12c4 y5d3b w450 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">347.780<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12c5 y5d3b wc07 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(1.220)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12c6 y5d3b wc08 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(51.376)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12c7 y5d3b wc09 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>95.184<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d3c ff4 fs16 fc1 sc0 ls0 ws0\">assicurazione emessi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h5a y5d3d ff4 fs16 fc1 sc0 ls0 ws0\">1.1 Registrati in conto </td><td class=\"c n xba6 y5d3e wc03 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">70.580<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12c1 y5d3e wc04 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1.365<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12c8 y5d3e wc0a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">44.57<span class=\"_ _1\"></span>8<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12c9 y5d3e wc0b h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">116.523<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12ca y5d3e w450 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">347.780<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12cb y5d3e wc07 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(1.220)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12cc y5d3e w671 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(230.623)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12cd y5d3e wc0c h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">115.937<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h5a y5d3f ff4 fs16 fc1 sc0 ls0 ws0\">economico </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h5a y5d40 ff4 fs16 fc1 sc0 ls0 ws0\">1.2 Registrati nel conto </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h5a y5d41 ff4 fs16 fc1 sc0 ls0 ws0\">economico<span class=\"_ _1\"></span> </td><td class=\"c n xb31 y5d42 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x127f y5d42 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12ce y5d42 wc0d h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">57.962<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12cf y5d42 wc0e h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">57.962<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12d0 y5d42 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12d1 y5d42 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12d2 y5d42 w6d6 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">179.247<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12d3 y5d42 wc0f h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">179.2<span class=\"_ _1\"></span>47<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h5a y5d43 ff4 fs16 fc1 sc0 ls0 ws0\">complessivo </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d44 ff4 fs16 fc1 sc0 ls0 ws0\">2. Effetti connessi con le<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d45 ff4 fs16 fc1 sc0 ls0 ws0\">variazioni dei tassi di </td><td class=\"c n xb31 y5d46 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x127f y5d46 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1280 y5d46 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1281 y5d46 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1282 y5d46 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1283 y5d46 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1284 y5d46 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1285 y5d46 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d47 ff4 fs16 fc1 sc0 ls0 ws0\">cambio </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d48 ff4 fs16 fc1 sc2 ls0 ws0\">3. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ca h5a y5d48 ff4 fs16 fc1 sc2 ls0 ws0\">70.580<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x932 h5a y5d48 ff4 fs16 fc1 sc2 ls0 ws0\">1.365<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99f h5a y5d48 ff4 fs16 fc1 sc2 ls0 ws0\">102.540<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12a0 h5a y5d48 ff4 fs16 fc1 sc2 ls0 ws0\">174.485<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd57 h5a y5d48 ff4 fs16 fc1 sc2 ls0 ws0\">347.780<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12bf h5a y5d48 ff4 fs16 fc1 sc2 ls0 ws0\">(1.220)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdde h5a y5d48 ff4 fs16 fc1 sc2 ls0 ws0\">(51.376)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c8 h5a y5d48 ff4 fs16 fc1 sc2 ls0 ws0\">295.184<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5d49 ff4 fs16 fc1 sc2 ls0 ws0\">G. Importo to<span class=\"_ _1\"></span>tale delle </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y5d4b wc10 h253\"><div class=\"t m2 x2b3 h5a y5d4a ff4 fs16 fc1 sc2 ls0 ws0\">variazioni<span class=\"_ _1\"></span> registrate in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">conto economic<span class=\"_ _1\"></span>o e nel<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7ca h5a y5d4c ff4 fs16 fc1 sc2 ls0 ws0\">98.574<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x932 h5a y5d4c ff4 fs16 fc1 sc2 ls0 ws0\">2.341<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88b h5a y5d4c ff4 fs16 fc1 sc2 ls0 ws0\">30.605<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xde8 h5a y5d4c ff4 fs16 fc1 sc2 ls0 ws0\">131.520<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd57 h5a y5d4c ff4 fs16 fc1 sc2 ls0 ws0\">304.183<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12d4 h5a y5d4c ff4 fs16 fc1 sc2 ls0 ws0\">25.221<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12d5 h5a y5d4c ff4 fs16 fc1 sc2 ls0 ws0\">(74.084)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c8 h5a y5d4c ff4 fs16 fc1 sc2 ls0 ws0\">255.320<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5d4d ff4 fs16 fc1 sc2 ls0 ws0\">conto economic<span class=\"_ _1\"></span>o </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5d4e ff4 fs16 fc1 sc2 ls0 ws0\">complessiv<span class=\"_ _1\"></span>o (E+F)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5d4f wc11 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">H. Altre varia<span class=\"_ _1\"></span>zioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12d6 y5d4f wc12 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">(69.054)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x932 h5a y5d50 ff4 fs16 fc1 sc2 ls0 ws0\">(982)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x116c h5a y5d50 ff4 fs16 fc1 sc2 ls0 ws0\">68.106<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdda h5a y5d50 ff4 fs16 fc1 sc2 ls0 ws0\">(1.930)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xec2 h5a y5d50 ff4 fs16 fc1 sc2 ls0 ws0\">(26.438)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcee h5a y5d50 ff4 fs16 fc1 sc2 ls0 ws0\">(193)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1140 h5a y5d50 ff4 fs16 fc1 sc2 ls0 ws0\">27.639<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11e2 h5a y5d50 ff4 fs16 fc1 sc2 ls0 ws0\">1.008<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5d51 ff4 fs16 fc1 sc2 ls0 ws0\">I. Movimenti di c<span class=\"_ _1\"></span>assa<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y5d52 wc13 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1. Premi ricevuti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12d7 y5d52 wc14 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1.183.144<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12d8 y5d52 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12d9 y5d52 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12da y5d52 wc15 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1.183.144<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12db y5d52 wc16 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">745.357<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12dc y5d52 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12dd y5d52 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12de y5d52 wc16 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">745.357<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d53 ff4 fs16 fc1 sc0 ls0 ws0\">2. Pagamenti conness<span class=\"_ _1\"></span>i </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d54 ff4 fs16 fc1 sc0 ls0 ws0\">con i costi di acquisizione<span class=\"_ _3a1\"> </span></td><td class=\"c n xb31 y5393 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x127f y5393 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1280 y5393 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1281 y5393 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1282 y5393 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1283 y5393 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1284 y5393 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1285 y5393 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d55 ff4 fs16 fc1 sc0 ls0 ws0\">dei contratti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xae4 y5d56 w1c7 h9e\"><div class=\"t m2 x0 h5a y2b13 ff4 fs16 fc1 sc0 ls0 ws0\">3. Sinistri pagati e altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1277 y5d57 w909 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(804.023)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12df y5d57 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12e0 y5d57 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12e1 y5d57 w909 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(804.023)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12e2 y5d57 wc17 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(735.629<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12e3 y5d57 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12e4 y5d57 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12e5 y5d57 wc18 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(735.629)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d58 ff4 fs16 fc1 sc0 ls0 ws0\">uscite di cassa </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y5d59 wc19 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">4. Altri movimenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12e6 y5d59 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12e7 y5d59 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12e8 y5d59 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12e9 y5d59 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12ea y5d59 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12eb y5d59 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12ec y5d59 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12ed y5d59 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d5a ff4 fs16 fc1 sc2 ls0 ws0\">5. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ca h5a y5d5a ff4 fs16 fc1 sc2 ls0 ws0\">379.121<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cc h5a y5d5a ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1208 h5a y5d5a ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdda h5a y5d5a ff4 fs16 fc1 sc2 ls0 ws0\">379.121<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xced h5a y5d5a ff4 fs16 fc1 sc2 ls0 ws0\">9.728<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a0 h5a y5d5a ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a3 h5a y5d5a ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c7 h5a y5d5a ff4 fs16 fc1 sc2 ls0 ws0\">9.728<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5d5b ff4 fs16 fc1 sc2 ls0 ws0\">L. Valore net<span class=\"_ _1\"></span>to di bilancio<span class=\"_ _1\"></span> al </td><td class=\"t m2 x87d h5a y5d5c ff4 fs16 fc1 sc2 ls0 ws0\">4.046.784<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x92f h5a y5d5c ff4 fs16 fc1 sc2 ls0 ws0\">49.815<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88b h5a y5d5c ff4 fs16 fc1 sc2 ls0 ws0\">286.171<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112d h5a y5d5c ff4 fs16 fc1 sc2 ls0 ws0\">4.382.770<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x934 h5a y5d5c ff4 fs16 fc1 sc2 ls0 ws0\">3.638.144<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce7 h5a y5d5c ff4 fs16 fc1 sc2 ls0 ws0\">48.457<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdde h5a y5d5c ff4 fs16 fc1 sc2 ls0 ws0\">187.460<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12ee h5a y5d5c ff4 fs16 fc1 sc2 ls0 ws0\">3.874.061<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5d5d ff4 fs16 fc1 sc2 ls0 ws0\">31 dicembre <span class=\"_ _1\"></span>(A.3+G+H+I<span class=\"_ _1\"></span>.4)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5d5e ff4 fs16 fc1 sc2 ls0 ws0\">M. Valore <span class=\"_ _1\"></span>di bilancio finale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d5f ff4 fs16 fc1 sc0 ls0 ws0\">1. Contratti di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d60 ff4 fs16 fc1 sc0 ls0 ws0\">assicurazione emessi che<span class=\"_ _3a1\"> </span></td><td class=\"c n x12ef y5d61 wc1a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">4.046.784<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12f0 y5d61 wc1b h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">49.814<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12f1 y5d61 wc1c h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">286.170<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12f2 y5d61 wc1d h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">4.382.7<span class=\"_ _1\"></span>68<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12f3 y5d61 wc1e h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">3.63<span class=\"_ _1\"></span>8.143<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12f4 y5d61 wc1f h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">48.456<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12f5 y5d61 wbda h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">187.460<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12f6 y5d61 wc20 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">3.874.059<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d62 ff4 fs16 fc1 sc0 ls0 ws0\">costituiscono passi<span class=\"_ _1\"></span>vit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d63 ff4 fs16 fc1 sc0 ls0 ws0\">2. Contratti di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d64 ff4 fs16 fc1 sc0 ls0 ws0\">assicurazione emessi che<span class=\"_ _3a1\"> </span></td><td class=\"c n xb31 y5d65 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x127f y5d65 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1280 y5d65 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1281 y5d65 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1282 y5d65 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1283 y5d65 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1284 y5d65 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1285 y5d65 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d66 ff4 fs16 fc1 sc0 ls0 ws0\">costituiscono attivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xae4 y5d67 w1c8 h9e\"><div class=\"t m2 x0 h5a y2b1e ff4 fs16 fc1 sc2 ls0 ws0\">3. Valore net<span class=\"_ _1\"></span>to di bilancio<span class=\"_ _1\"></span> </div></td><td class=\"t m2 x87d h5a y5d68 ff4 fs16 fc1 sc2 ls0 ws0\">4.046.784<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x92f h5a y5d68 ff4 fs16 fc1 sc2 ls0 ws0\">49.814<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99f h5a y5d68 ff4 fs16 fc1 sc2 ls0 ws0\">286.170<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1287 h5a y5d68 ff4 fs16 fc1 sc2 ls0 ws0\">4.382.768<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x934 h5a y5d68 ff4 fs16 fc1 sc2 ls0 ws0\">3.638.143<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce7 h5a y5d68 ff4 fs16 fc1 sc2 ls0 ws0\">48.456<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdde h5a y5d68 ff4 fs16 fc1 sc2 ls0 ws0\">187.460<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1288 h5a y5d68 ff4 fs16 fc1 sc2 ls0 ws0\">3.874.059<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xae4 h5a y5d69 ff4 fs16 fc1 sc2 ls0 ws0\">al 31 dicemb<span class=\"_ _1\"></span>re<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Dinamica del valore<span class=\"_ _1\"></span> di bilancio dei cont<span class=\"_ _1\"></span>ratti di assicurazione<span class=\"_ _1\"></span> emessi distinta per e<span class=\"_ _1\"></span>lementi sottostanti alla misuraz<span class=\"_ _1\"></span>ione Come <span class=\"_ _38\"></span>riportato <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>seguito, <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>margine <span class=\"_ _38\"></span>sui <span class=\"_ _1\"></span>servizi <span class=\"_ _38\"></span>contrattuali <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>31 <span class=\"_ _38\"></span>dicembre <span class=\"_ _38\"></span>2024 <span class=\"_ _1\"></span>risulta <span class=\"_ _38\"></span>pari <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>Euro <span class=\"_ _38\"></span>341<span class=\"_ _2\"></span> milioni <span class=\"_ _38\"></span>ed <span class=\"_ _38\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>composto <span class=\"_ _0\"></span>da <span class=\"_ _1\"></span>circa <span class=\"_ _38\"></span>286 <span class=\"_ _0\"></span>mln <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>elativamente <span class=\"_ _38\"></span>ai <span class=\"_ _38\"></span>Co<span class=\"_ _1\"></span>ntratti <span class=\"_ _38\"></span>assicurativi <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>messi <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>lementi <span class=\"_ _38\"></span>di partecipazione <span class=\"_ _35\"> </span>diretta, <span class=\"_ _35\"> </span>circa <span class=\"_ _35\"> </span>24 <span class=\"_ _35\"> </span>mln <span class=\"_ _35\"> </span>relativamente <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>Contratti <span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>icurativi <span class=\"_ _35\"> </span>emessi <span class=\"_ _35\"> </span>senza <span class=\"_ _35\"> </span>elementi <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> partecipazione <span class=\"_ _0\"></span>diretta <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>circa <span class=\"_ _38\"></span>31 <span class=\"_ _38\"></span>mln <span class=\"_ _0\"></span>relativamente <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>Contratti <span class=\"_ _38\"></span>d'investime<span class=\"_ _1\"></span>nto <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>messi <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>elementi <span class=\"_ _38\"></span>di partecipazione discrezionali. Contratti <span class=\"_ _1\"></span>assicurativi emessi senza e<span class=\"_ _1\"></span>lementi di partecipazione<span class=\"_ _1\"></span> diretta - Segmento Vita<span class=\"fc1 sc2\"> </span><table class=\"s wc21 h254\" id=\"_a23766d1-b1cc-473f-9681-9e61fb6fb729\"><tr><td></td><td class=\"t m2 x93b h5a y5d6a ff4 fs16 fc4 sc3 ls0 ws0\">Elementi sot<span class=\"_ _1\"></span>tostanti alla mis<span class=\"_ _1\"></span>urazione del valore <span class=\"_ _1\"></span>di bilancio dei </td><td></td><td></td><td></td><td class=\"t m2 x12f7 h5a y5d6a ff4 fs16 fc4 sc3 ls0 ws0\">Elementi sot<span class=\"_ _1\"></span>tostanti alla mis<span class=\"_ _1\"></span>urazione del valore <span class=\"_ _1\"></span>di bilancio dei </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x12f8 h5a y5d6b ff4 fs16 fc4 sc3 ls0 ws0\" colspan=\"2\">contratti di<span class=\"_ _1\"></span> assicurazione emess<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 x7bd h5a y5d6b ff4 fs16 fc4 sc3 ls0 ws0\" colspan=\"2\">contratti di<span class=\"_ _1\"></span> assicurazione emess<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x93f h5a y5d6c ff4 fs16 fc4 sc3 ls0 ws0\">Valore </td><td class=\"t m2 x12f9 h5a y5d6d ff4 fs16 fc4 sc3 ls0 ws0\">Aggiustamen<span class=\"_ _1\"></span>to </td><td class=\"t m2 x116c h5a y5d6d ff4 fs16 fc4 sc3 ls0 ws0\">Margine sui </td><td></td><td class=\"t m2 x1197 h5a y5d6c ff4 fs16 fc4 sc3 ls0 ws0\">Valore </td><td class=\"t m2 x7bd h5a y5d6d ff4 fs16 fc4 sc3 ls0 ws0\">Aggiustamen<span class=\"_ _1\"></span>to </td><td class=\"t m2 x7d3 h5a y5d6d ff4 fs16 fc4 sc3 ls0 ws0\">Margine sui </td><td></td></tr><tr><td class=\"t m2 x58e h5a y5d6e ff4 fs16 fc4 sc3 ls0 ws0\">Voci/Ele<span class=\"_ _1\"></span>menti sottostanti all<span class=\"_ _1\"></span>a </td><td class=\"t m2 x95d h5a y5d6e ff4 fs16 fc4 sc3 ls0 ws0\">attuale dei<span class=\"_ _1\"></span> </td><td class=\"t m2 x12fa h5a y5d6f ff4 fs16 fc4 sc3 ls0 ws0\">per i rischi non </td><td class=\"t m2 x12fb h5a y5d6f ff4 fs16 fc4 sc3 ls0 ws0\">servizi </td><td class=\"t m2 x873 h5a y5d70 ff4 fs16 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf1a h5a y5d6e ff4 fs16 fc4 sc3 ls0 ws0\">attuale dei<span class=\"_ _1\"></span> </td><td class=\"t m2 x93a h5a y5d6f ff4 fs16 fc4 sc3 ls0 ws0\">per i rischi non </td><td class=\"t m2 x12fc h5a y5d6f ff4 fs16 fc4 sc3 ls0 ws0\">servizi </td><td class=\"t m2 x12fd h5a y5d70 ff4 fs16 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5d71 ff4 fs16 fc4 sc3 ls0 ws0\">misurazione<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc63 h5a y5d71 ff4 fs16 fc4 sc3 ls0 ws0\">flussi </td><td class=\"t m2 xc5a h5a y5d72 ff4 fs16 fc4 sc3 ls0 ws0\">finanziari<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88b h5a y5d72 ff4 fs16 fc4 sc3 ls0 ws0\">contrattuali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1186 h5a y5d73 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112c h5a y5d71 ff4 fs16 fc4 sc3 ls0 ws0\">flussi </td><td class=\"t m2 xce7 h5a y5d72 ff4 fs16 fc4 sc3 ls0 ws0\">finanziari<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h5a y5d72 ff4 fs16 fc4 sc3 ls0 ws0\">contrattuali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12af h5a y5d73 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x931 h5a y5d74 ff4 fs16 fc4 sc3 ls0 ws0\">finanziari<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 xcef h5a y5d74 ff4 fs16 fc4 sc3 ls0 ws0\">finanziari<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x95d h5a y5d75 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1232 h5a y5d75 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x933 h5a y5d75 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xf1a h5a y5d75 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e2 h5a y5d75 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11ff h5a y5d75 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5d76 ff4 fs16 fc1 sc2 ls0 ws0\">A. Valore di bil<span class=\"_ _1\"></span>ancio inizi<span class=\"_ _1\"></span>ale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5d77 wc22 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1. Contra<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1276 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">tti di assicurazione<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d78 ff4 fs16 fc1 sc0 ls0 ws0\">emessi che co<span class=\"_ _1\"></span>stituiscono </td><td class=\"c n x94a y5d79 wc23 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">40.325<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12fe y5d79 wc24 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1.570<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x12ff y5d79 wc25 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>1.108<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1300 y5d79 wc26 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">63.003<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1301 y5d79 w46c h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">48.839<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1302 y5d79 wc27 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1.76<span class=\"_ _1\"></span>6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1303 y5d79 wc28 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">14.064<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1304 y5d79 wc29 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">64.669<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d7a ff4 fs16 fc1 sc0 ls0 ws0\">passivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d7b ff4 fs16 fc1 sc0 ls0 ws0\">2. Contratti di assicurazione<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d7c ff4 fs16 fc1 sc0 ls0 ws0\">emessi che co<span class=\"_ _1\"></span>stituiscono </td><td class=\"c n x1305 y5d7d wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1306 y5d7d wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1307 y5d7d wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1308 y5d7d w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1309 y5d7d w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x130a y5d7d w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x130b y5d7d w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x130c y5d7d w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d7e ff4 fs16 fc1 sc0 ls0 ws0\">attivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y5d7f wc2a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc2 ls0 ws0\">3. Valore<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1286 h5a y5611 ff4 fs16 fc1 sc2 ls0 ws0\">netto di bilan<span class=\"_ _1\"></span>cio al 1\u00b0<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xce6 h5a y5d80 ff4 fs16 fc1 sc2 ls0 ws0\">40.325<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x130d h5a y5d80 ff4 fs16 fc1 sc2 ls0 ws0\">1.570<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7df h5a y5d80 ff4 fs16 fc1 sc2 ls0 ws0\">21.108<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeb7 h5a y5d80 ff4 fs16 fc1 sc2 ls0 ws0\">63.003<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x130e h5a y5d80 ff4 fs16 fc1 sc2 ls0 ws0\">48.840<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad2 h5a y5d80 ff4 fs16 fc1 sc2 ls0 ws0\">1.767<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1189 h5a y5d80 ff4 fs16 fc1 sc2 ls0 ws0\">14.064<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x121e h5a y5d80 ff4 fs16 fc1 sc2 ls0 ws0\">64.671<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5d81 ff4 fs16 fc1 sc2 ls0 ws0\">gennaio<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5d82 ff4 fs16 fc1 sc2 ls0 ws0\">B. Variazioni<span class=\"_ _1\"></span> relative ai se<span class=\"_ _1\"></span>rvizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5d83 ff4 fs16 fc1 sc2 ls0 ws0\">attuali<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d84 ff4 fs16 fc1 sc0 ls0 ws0\">1. Margine sui servizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d85 ff4 fs16 fc1 sc0 ls0 ws0\">contrattuali registrato in conto<span class=\"_ _3a1\"> </span></td><td class=\"c n x1305 y5d86 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1306 y5d86 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x130f y5d86 wc2b h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(6.401)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1310 y5d86 wc2b h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(6.401)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1311 y5d86 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1312 y5d86 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1313 y5d86 wc2c h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(6.244)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1314 y5d86 wc2c h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(6.244)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d87 ff4 fs16 fc1 sc0 ls0 ws0\">economico </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5d88 wc2d h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">2. Variaz<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x128f h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">ione per risch<span class=\"_ _1\"></span>i non<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1305 y5d89 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1315 y5d89 wc2e h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(466)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1316 y5d89 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1317 y5d89 wc2f h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(466)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1318 y5d89 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1319 y5d89 wc30 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(501<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x131a y5d89 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x131b y5d89 wc31 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(<span class=\"_ _2\"></span>501)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d8a ff4 fs16 fc1 sc0 ls0 ws0\">finanziari scaduti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d8b ff4 fs16 fc1 sc0 ls0 ws0\">3. Modifiche connes<span class=\"_ _1\"></span>se con<span class=\"_ _3a1\"> </span></td><td class=\"c n xb29 y5d8c wc32 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(10.554)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x131c y5d8c wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x131d y5d8c w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x131e y5d8c wc16 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(10.554)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x131f y5d8c wc33 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(25.1<span class=\"_ _1\"></span>03)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1320 y5d8c w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1321 y5d8c w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1322 y5d8c wc34 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(25.103<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d8d ff4 fs16 fc1 sc0 ls0 ws0\">l\u2019esperienza </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d8e ff4 fs16 fc1 sc2 ls0 ws0\">4. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xacd h5a y5d8e ff4 fs16 fc1 sc2 ls0 ws0\">(10.554)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce9 h5a y5d8e ff4 fs16 fc1 sc2 ls0 ws0\">(466)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1323 h5a y5d8e ff4 fs16 fc1 sc2 ls0 ws0\">(6.401)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11a9 h5a y5d8e ff4 fs16 fc1 sc2 ls0 ws0\">(17.421)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc58 h5a y5d8e ff4 fs16 fc1 sc2 ls0 ws0\">(25.103)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad2 h5a y5d8e ff4 fs16 fc1 sc2 ls0 ws0\">(501)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a3 h5a y5d8e ff4 fs16 fc1 sc2 ls0 ws0\">(6.244)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1324 h5a y5d8e ff4 fs16 fc1 sc2 ls0 ws0\">(31.848)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5d8f ff4 fs16 fc1 sc2 ls0 ws0\">C. Variazion<span class=\"_ _1\"></span>i relative a se<span class=\"_ _1\"></span>rvizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5d90 ff4 fs16 fc1 sc2 ls0 ws0\">futuri<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d91 ff4 fs16 fc1 sc0 ls0 ws0\">1. Variazioni del margine sui<span class=\"_ _3a1\"> </span></td><td class=\"c n xb31 y5d92 wc35 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(1.663)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1325 y5d92 wc36 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(59)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1326 y5d92 wc37 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1.285<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1327 y5d92 wc38 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(437)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1328 y5d92 wc39 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(6.768)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1329 y5d92 wc3a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(2<span class=\"_ _1\"></span>56)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x132a y5d92 wc3b h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">7.465<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x132b y5d92 wc3c h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">441<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d93 ff4 fs16 fc1 sc0 ls0 ws0\">servizi contrattuali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d94 ff4 fs16 fc1 sc0 ls0 ws0\">2. Perdite su gruppi di contrat<span class=\"_ _1\"></span>ti<span class=\"_ _3a1\"> </span></td><td class=\"c n x132c y5d95 wc3d h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">109<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x132d y5d95 wc3e h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(15<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x132e y5d95 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x132f y5d95 wc3f h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">94<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1330 y5d95 wc40 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(791)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1331 y5d95 wc41 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">48<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1332 y5d95 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1333 y5d95 wc38 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(743)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d96 ff4 fs16 fc1 sc0 ls0 ws0\">onerosi e relativi recuperi<span class=\"_ _1\"></span> </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xae4 y5d97 w1bf h9e\"><div class=\"t m2 x0 h5a y2568 ff4 fs16 fc1 sc0 ls0 ws0\">3. Effetti dei contratti </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d98 ff4 fs16 fc1 sc0 ls0 ws0\">inizialmente rilevati </td><td class=\"c n xb31 y5d99 wc42 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(7.207)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1334 y5d99 wc43 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">283<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1335 y5d99 wc44 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">6.925<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1336 y5d99 wbf8 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1337 y5d99 wc45 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(5.995)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1338 y5d99 wc46 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">400<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1339 y5d99 wc47 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">5.595<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x133a y5d99 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5d9a ff4 fs16 fc1 sc0 ls0 ws0\">nell\u2019esercizio<span class=\"_ _1\"></span> di riferimento<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d9b ff4 fs16 fc1 sc2 ls0 ws0\">4. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce6 h5a y5d9b ff4 fs16 fc1 sc2 ls0 ws0\">(8.761)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd56 h5a y5d9b ff4 fs16 fc1 sc2 ls0 ws0\">209<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d3 h5a y5d9b ff4 fs16 fc1 sc2 ls0 ws0\">8.210<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x133b h5a y5d9b ff4 fs16 fc1 sc2 ls0 ws0\">(342)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc58 h5a y5d9b ff4 fs16 fc1 sc2 ls0 ws0\">(13.554)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba4 h5a y5d9b ff4 fs16 fc1 sc2 ls0 ws0\">192<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1189 h5a y5d9b ff4 fs16 fc1 sc2 ls0 ws0\">13.060<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x124f h5a y5d9b ff4 fs16 fc1 sc2 ls0 ws0\">(302)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5d9c ff4 fs16 fc1 sc2 ls0 ws0\">D. Variazion<span class=\"_ _1\"></span>i relative a servi<span class=\"_ _1\"></span>zi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5d9d ff4 fs16 fc1 sc2 ls0 ws0\">passati<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5d9e ff4 fs16 fc1 sc0 ls0 ws0\">1. Aggiustamenti alla passi<span class=\"_ _1\"></span>vit\u00e0 </td><td class=\"c n xae5 y5d9f wc37 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1.285<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x133c y5d9f w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x133d y5d9f wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x133e y5d9f wc37 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1.285<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x133f y5d9f wc48 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">852<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1340 y5d9f w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1341 y5d9f w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1342 y5d9f wc49 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">852<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5da0 ff4 fs16 fc1 sc0 ls0 ws0\">per sinistri accaduti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y5da1 wc4a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2.<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1343 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">Modifiche connes<span class=\"_ _1\"></span>se con<span class=\"_ _3a1\"> </span></div></td><td class=\"c x112b y5da2 w178 h9e\"><div class=\"t m2 x0 h5a y25bc ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x9d2 y5da2 w178 h9e\"><div class=\"t m2 x0 h5a y25bc ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c xdd9 y5da2 w178 h9e\"><div class=\"t m2 x0 h5a y25bc ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c xec4 y5da2 w178 h9e\"><div class=\"t m2 x0 h5a y25bc ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xc64 h5a y5da3 ff4 fs16 fc1 sc0 ls0 ws0\">11.473 </td><td class=\"c n x1344 y5da4 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1345 y5da4 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1346 y5da4 w5fd h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">11.473<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h5a y5da5 ff4 fs16 fc1 sc0 ls0 ws0\">l\u2019esperienza<span class=\"_ _3a1\"> </span></td><td></td><td class=\"c x9d2 y5da6 w178 h9e\"><div class=\"t m2 x0 h5a y25bc ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c xdd9 y5da6 w178 h9e\"><div class=\"t m2 x0 h5a y25bc ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5da7 wc4b h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">3. Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1347 y5da7 wc37 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">1.285<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x1348 y5da7 wc4c h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">1.285<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1349 y5da7 wc4d h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">12<span class=\"_ _1\"></span>.325<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x134a y5da7 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x134b y5da7 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x134c y5da7 w775 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">12<span class=\"_ _1\"></span>.325<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x58e y5da8 w1cc h9e\"><div class=\"t m2 x0 h5a y161c ff4 fs16 fc1 sc2 ls0 ws0\">E. Risultato dei<span class=\"_ _1\"></span> servizi di </div></td><td class=\"t m2 xc5c h5a y5da9 ff4 fs16 fc1 sc2 ls0 ws0\">(18.030)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x130d h5a y5da9 ff4 fs16 fc1 sc2 ls0 ws0\">(257)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d3 h5a y5da9 ff4 fs16 fc1 sc2 ls0 ws0\">1.809<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e0 h5a y5da9 ff4 fs16 fc1 sc2 ls0 ws0\">(16.478)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc60 h5a y5da9 ff4 fs16 fc1 sc2 ls0 ws0\">(26.332)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x942 h5a y5da9 ff4 fs16 fc1 sc2 ls0 ws0\">(309)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd4c h5a y5da9 ff4 fs16 fc1 sc2 ls0 ws0\">6.816<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x134d h5a y5da9 ff4 fs16 fc1 sc2 ls0 ws0\">(19.825)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5daa ff4 fs16 fc1 sc2 ls0 ws0\">assicurazio<span class=\"_ _1\"></span>ne(B+C+D.1)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5dab ff4 fs16 fc1 sc2 ls0 ws0\">F. Costi/ricavi<span class=\"_ _1\"></span> di natura </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5dac ff4 fs16 fc1 sc2 ls0 ws0\">finanziaria<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5dad ff4 fs16 fc1 sc0 ls0 ws0\">1. Relativi ai contratti di<span class=\"_ _3a1\"> </span></td><td class=\"c n xb48 y5dae wc4e h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1.202<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x134e y5dae wc4f h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">60<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x134f y5dae wc50 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">537<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1350 y5dae wc51 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1.799<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1351 y5dae wc52 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2.745<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1352 y5dae wc53 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">113<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1353 y5dae wc54 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">228<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1354 y5dae wc55 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">3.086<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5daf ff4 fs16 fc1 sc0 ls0 ws0\">assicurazione emessi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h5a y5db0 ff4 fs16 fc1 sc0 ls0 ws0\">1.1 Registrati in conto </td><td class=\"c n x1164 y5db1 wc56 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">486<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1355 y5db1 wc57 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1356 y5db1 wc58 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">537<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1357 y5db1 wc59 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1.047<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1358 y5db1 wc5a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">292<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1359 y5db1 wc5b h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">18<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x135a y5db1 wc5c h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">22<span class=\"_ _1\"></span>8<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x135b y5db1 wc5d h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">538<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h5a y5db2 ff4 fs16 fc1 sc0 ls0 ws0\">economico </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x823 y5d4f wc5e h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1.2 Regis<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x135c h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">trati nel conto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x132c y5db3 wc5f h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">716<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x135d y5db3 wc60 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">36<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x135e y5db3 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x135f y5db3 wc61 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">7<span class=\"_ _1\"></span>52<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1360 y5db3 wc62 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2.453<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1361 y5db3 wc63 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">95<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1362 y5db3 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1363 y5db3 wc64 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2.548<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h5a y5db4 ff4 fs16 fc1 sc0 ls0 ws0\">economico<span class=\"_ _1\"></span> complessivo </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5db5 wc65 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2.<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x12b8 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">Effetti connessi con le<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1305 y5db6 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1306 y5db6 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1307 y5db6 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1308 y5db6 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1309 y5db6 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x130a y5db6 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x130b y5db6 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x130c y5db6 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5db7 ff4 fs16 fc1 sc0 ls0 ws0\">variazioni dei tassi di cambio<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5db8 ff4 fs16 fc1 sc2 ls0 ws0\">3. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112e h5a y5db8 ff4 fs16 fc1 sc2 ls0 ws0\">1.202<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad0 h5a y5db8 ff4 fs16 fc1 sc2 ls0 ws0\">60<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ce h5a y5db8 ff4 fs16 fc1 sc2 ls0 ws0\">537<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x133b h5a y5db8 ff4 fs16 fc1 sc2 ls0 ws0\">1.799<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1364 h5a y5db8 ff4 fs16 fc1 sc2 ls0 ws0\">2.745<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1365 h5a y5db8 ff4 fs16 fc1 sc2 ls0 ws0\">113<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x874 h5a y5db8 ff4 fs16 fc1 sc2 ls0 ws0\">228<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1251 h5a y5db8 ff4 fs16 fc1 sc2 ls0 ws0\">3.086<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x58e y5db9 w1d0 h9e\"><div class=\"t m2 x0 h5a y178e ff4 fs16 fc1 sc2 ls0 ws0\">G. Importo to<span class=\"_ _1\"></span>tale delle va<span class=\"_ _1\"></span>riazioni </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5dba ff4 fs16 fc1 sc2 ls0 ws0\">registrate in co<span class=\"_ _1\"></span>nto econo<span class=\"_ _1\"></span>mico e </td><td class=\"t m2 xacd h5a y5dbb ff4 fs16 fc1 sc2 ls0 ws0\">(16.828)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1366 h5a y5dbb ff4 fs16 fc1 sc2 ls0 ws0\">(197)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x80f h5a y5dbb ff4 fs16 fc1 sc2 ls0 ws0\">2.346<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e0 h5a y5dbb ff4 fs16 fc1 sc2 ls0 ws0\">(14.679)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc60 h5a y5dbb ff4 fs16 fc1 sc2 ls0 ws0\">(23.587)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad2 h5a y5dbb ff4 fs16 fc1 sc2 ls0 ws0\">(196)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xee0 h5a y5dbb ff4 fs16 fc1 sc2 ls0 ws0\">7.044<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x134d h5a y5dbb ff4 fs16 fc1 sc2 ls0 ws0\">(16.739)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5dbc ff4 fs16 fc1 sc2 ls0 ws0\">nel conto econo<span class=\"_ _1\"></span>mico </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5dbd ff4 fs16 fc1 sc2 ls0 ws0\">complessiv<span class=\"_ _1\"></span>o (E+F)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5dbe wc11 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">H. Altre varia<span class=\"_ _1\"></span>zioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1367 y5dbe wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x9d2 h5a y5dbf ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd9 h5a y5dbf ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xec4 h5a y5dbf ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1274 h5a y5dbf ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1275 h5a y5dbf ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc59 h5a y5dbf ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1368 h5a y5dbf ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5dc0 ff4 fs16 fc1 sc2 ls0 ws0\">I. Movimenti di c<span class=\"_ _1\"></span>assa<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y5dc1 wc13 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1. Premi ricevuti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1369 y5dc1 w900 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">24.666<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x136a y5dc1 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x136b y5dc1 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x136c y5dc1 wc66 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">24.666<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x136d y5dc1 wc67 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">26.560<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x136e y5dc1 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x136f y5dc1 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1370 y5dc1 wc68 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">26<span class=\"_ _1\"></span>.560<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c xadb y5dc2 wc69 h200\"><div class=\"t m2 x2b3 h5a y5629 ff4 fs16 fc1 sc0 ls0 ws0\">2. Pagamenti conness<span class=\"_ _1\"></span>i con i<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">costi di acquisizione dei<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1305 y5dc2 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1306 y5dc2 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1307 y5dc2 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1308 y5dc2 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1371 y5dc2 wc6a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(14)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1372 y5dc2 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1373 y5dc2 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1374 y5dc2 wc6a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(14)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5dc3 ff4 fs16 fc1 sc0 ls0 ws0\">contratti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5dc4 ff4 fs16 fc1 sc0 ls0 ws0\">3. Sinistri pagati e altre uscite<span class=\"_ _3a1\"> </span></td><td class=\"c n x9fa y5dc5 wc6b h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(10.306)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1375 y5dc5 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1376 y5dc5 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1377 y5dc5 wc6b h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(10.306)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1378 y5dc5 w4b2 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(11.473<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1379 y5dc5 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x137a y5dc5 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x137b y5dc5 w4b2 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(1<span class=\"_ _1\"></span>1.473)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5dc6 ff4 fs16 fc1 sc0 ls0 ws0\">di cassa </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y5dc7 wc19 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">4. Altri movimenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x137c y5dc7 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x137d y5dc7 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x137e y5dc7 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x137f y5dc7 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1380 y5dc7 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1381 y5dc7 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1382 y5dc7 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1383 y5dc7 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5dc8 ff4 fs16 fc1 sc2 ls0 ws0\">5. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce6 h5a y5dc8 ff4 fs16 fc1 sc2 ls0 ws0\">14.360<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d2 h5a y5dc8 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd9 h5a y5dc8 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc56 h5a y5dc8 ff4 fs16 fc1 sc2 ls0 ws0\">14.360<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e1 h5a y5dc8 ff4 fs16 fc1 sc2 ls0 ws0\">15.073<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1275 h5a y5dc8 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc59 h5a y5dc8 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x121e h5a y5dc8 ff4 fs16 fc1 sc2 ls0 ws0\">15.073<span class=\"_ _3a1\"> </span></td></tr></table><table class=\"s wc6c h255\" id=\"_21a4eb63-4ec5-4077-bcf6-ac22cda9e0ab\"><tr><td class=\"t m2 x58e h5a y5dc9 ff4 fs16 fc1 sc2 ls0 ws0\">L. Valore net<span class=\"_ _1\"></span>to di bilancio<span class=\"_ _1\"></span> al 31 </td><td class=\"t m2 xce6 h5a y5dca ff4 fs16 fc1 sc2 ls0 ws0\">37.857<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x130d h5a y5dca ff4 fs16 fc1 sc2 ls0 ws0\">1.373<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1323 h5a y5dca ff4 fs16 fc1 sc2 ls0 ws0\">23.454<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeb7 h5a y5dca ff4 fs16 fc1 sc2 ls0 ws0\">62.684<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x130e h5a y5dca ff4 fs16 fc1 sc2 ls0 ws0\">40.326<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xacf h5a y5dca ff4 fs16 fc1 sc2 ls0 ws0\">1.571<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd53 h5a y5dca ff4 fs16 fc1 sc2 ls0 ws0\">21.108<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x121c h5a y5dca ff4 fs16 fc1 sc2 ls0 ws0\">63.005<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5dcb ff4 fs16 fc1 sc2 ls0 ws0\">dicembre (A.3+G+<span class=\"_ _1\"></span>H+I.5)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5dcc ff4 fs16 fc1 sc2 ls0 ws0\">M. Valore <span class=\"_ _1\"></span>di bilancio finale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5dcd ff4 fs16 fc1 sc0 ls0 ws0\">1. Contratti di assicurazion<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5dce ff4 fs16 fc1 sc0 ls0 ws0\">emessi che co<span class=\"_ _1\"></span>stituiscono </td><td class=\"c n xb31 y5d61 wc6d h1e3\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">37.856<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1384 y5d61 wc6e h1e3\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1.372<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1385 y5d61 wc6f h1e3\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>3.454<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1386 y5d61 wbd9 h1e3\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">62<span class=\"_ _1\"></span>.682<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1387 y5d61 wc23 h1e3\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">40.325<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1388 y5d61 wc70 h1e3\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1.570<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1389 y5d61 wc71 h1e3\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">21<span class=\"_ _1\"></span>.108<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x138a y5d61 wc72 h1e3\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">63.003<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5dcf ff4 fs16 fc1 sc0 ls0 ws0\">passivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5dd0 ff4 fs16 fc1 sc0 ls0 ws0\">2. Contratti di assicurazione<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5dd1 ff4 fs16 fc1 sc0 ls0 ws0\">emessi che co<span class=\"_ _1\"></span>stituiscono </td><td class=\"c n x1305 y5d65 wbdf h1e3\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1306 y5d65 wbdf h1e3\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1307 y5d65 wbdf h1e3\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1308 y5d65 w713 h1e3\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1309 y5d65 w713 h1e3\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x130a y5d65 w713 h1e3\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x130b y5d65 w71a h1e3\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x130c y5d65 w71a h1e3\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5dd2 ff4 fs16 fc1 sc0 ls0 ws0\">attivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xae4 y5dd3 w1d3 h9e\"><div class=\"t m2 x0 h5a y1561 ff4 fs16 fc1 sc2 ls0 ws0\">3. Valore net<span class=\"_ _1\"></span>to di bilancio<span class=\"_ _1\"></span> al 31 </div></td><td class=\"t m2 xce6 h5a y5dd4 ff4 fs16 fc1 sc2 ls0 ws0\">37.856<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x130d h5a y5dd4 ff4 fs16 fc1 sc2 ls0 ws0\">1.372<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1323 h5a y5dd4 ff4 fs16 fc1 sc2 ls0 ws0\">23.454<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeb7 h5a y5dd4 ff4 fs16 fc1 sc2 ls0 ws0\">62.682<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x130e h5a y5dd4 ff4 fs16 fc1 sc2 ls0 ws0\">40.325<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad2 h5a y5dd4 ff4 fs16 fc1 sc2 ls0 ws0\">1.570<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd53 h5a y5dd4 ff4 fs16 fc1 sc2 ls0 ws0\">21.108<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x121c h5a y5dd4 ff4 fs16 fc1 sc2 ls0 ws0\">63.003<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xae4 h5a y5dd5 ff4 fs16 fc1 sc2 ls0 ws0\">dicembre<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Dinamica del valore<span class=\"_ _1\"></span> di bilancio dei cont<span class=\"_ _1\"></span>ratti di assicurazione<span class=\"_ _1\"></span> emessi distinta per e<span class=\"_ _1\"></span>lementi sottostanti alla misuraz<span class=\"_ _1\"></span>ione<span class=\"fc1 sc2\"> </span>Contratti <span class=\"_ _1\"></span>d'investimento emess<span class=\"_ _1\"></span>i con elementi di partecipazione discr<span class=\"_ _1\"></span>ezionali - Segmento <span class=\"_ _1\"></span>Vita<span class=\"fc1 sc2\"> </span><table class=\"s wc73 h256\" id=\"_6b514689-92b0-4c1a-bbab-f43a52aab87e\"><tr><td></td><td class=\"c x95d y5dd6 w1d5 h9e\"><div class=\"t m2 x0 h5a y15b6 ff4 fs16 fc4 sc3 ls0 ws0\">Elementi sot<span class=\"_ _1\"></span>tostanti alla mis<span class=\"_ _1\"></span>urazione del valore <span class=\"_ _1\"></span>di bilancio dei </div></td><td></td><td></td><td></td><td class=\"c x7d9 y5dd6 w1d5 h9e\"><div class=\"t m2 x0 h5a y15b6 ff4 fs16 fc4 sc3 ls0 ws0\">Elementi sot<span class=\"_ _1\"></span>tostanti alla mis<span class=\"_ _1\"></span>urazione del valore <span class=\"_ _1\"></span>di bilancio dei </div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x9a4 h5a y5dd7 ff4 fs16 fc4 sc3 ls0 ws0\" colspan=\"2\">contratti di<span class=\"_ _1\"></span> assicurazione emess<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xde9 h5a y5dd7 ff4 fs16 fc4 sc3 ls0 ws0\" colspan=\"2\">contratti di<span class=\"_ _1\"></span> assicurazione emess<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x8e4 h5a y5dd8 ff4 fs16 fc4 sc3 ls0 ws0\">Valore </td><td class=\"t m2 x7bc h5a y5dd9 ff4 fs16 fc4 sc3 ls0 ws0\">Aggiustamen<span class=\"_ _1\"></span>to </td><td class=\"t m2 xc61 h5a y5dd9 ff4 fs16 fc4 sc3 ls0 ws0\">Margine sui </td><td></td><td class=\"t m2 xced h5a y5dd8 ff4 fs16 fc4 sc3 ls0 ws0\">Valore </td><td class=\"t m2 x7bf h5a y5dd9 ff4 fs16 fc4 sc3 ls0 ws0\">Aggiustamen<span class=\"_ _1\"></span>to </td><td class=\"t m2 x9d7 h5a y5dd9 ff4 fs16 fc4 sc3 ls0 ws0\">Margine sui </td><td></td></tr><tr><td class=\"t m2 x58e h5a y5dda ff4 fs16 fc4 sc3 ls0 ws0\">Voci/Ele<span class=\"_ _1\"></span>menti sottostanti all<span class=\"_ _1\"></span>a </td><td class=\"t m2 x7ca h5a y5dda ff4 fs16 fc4 sc3 ls0 ws0\">attuale dei<span class=\"_ _1\"></span> </td><td class=\"t m2 x1193 h5a y5ddb ff4 fs16 fc4 sc3 ls0 ws0\">per i rischi non </td><td class=\"t m2 x138b h5a y5ddb ff4 fs16 fc4 sc3 ls0 ws0\">servizi </td><td class=\"t m2 x1186 h5a y5ddc ff4 fs16 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x941 h5a y5dda ff4 fs16 fc4 sc3 ls0 ws0\">attuale dei<span class=\"_ _1\"></span> </td><td class=\"t m2 x7da h5a y5ddb ff4 fs16 fc4 sc3 ls0 ws0\">per i rischi non </td><td class=\"t m2 x1140 h5a y5ddb ff4 fs16 fc4 sc3 ls0 ws0\">servizi </td><td class=\"t m2 x8ea h5a y5ddc ff4 fs16 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5ddd ff4 fs16 fc4 sc3 ls0 ws0\">misurazione<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93b h5a y5ddd ff4 fs16 fc4 sc3 ls0 ws0\">flussi </td><td class=\"t m2 x138c h5a y5dde ff4 fs16 fc4 sc3 ls0 ws0\">finanziari<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc61 h5a y5dde ff4 fs16 fc4 sc3 ls0 ws0\">contrattuali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12a0 h5a y5ddf ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xace h5a y5ddd ff4 fs16 fc4 sc3 ls0 ws0\">flussi </td><td class=\"t m2 x93a h5a y5dde ff4 fs16 fc4 sc3 ls0 ws0\">finanziari<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d7 h5a y5dde ff4 fs16 fc4 sc3 ls0 ws0\">contrattuali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1195 h5a y5ddf ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x937 h5a y5de0 ff4 fs16 fc4 sc3 ls0 ws0\">finanziari<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x7d9 h5a y5de0 ff4 fs16 fc4 sc3 ls0 ws0\">finanziari<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x7ca y5de1 w1d6 h9e\"><div class=\"t m2 x0 h5a y1561 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>4</div></td><td class=\"c x1209 y5de1 w1d6 h9e\"><div class=\"t m2 x0 h5a y1561 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>4</div></td><td class=\"c x7cd y5de1 w1d6 h9e\"><div class=\"t m2 x0 h5a y1561 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c x941 y5de1 w1d6 h9e\"><div class=\"t m2 x0 h5a y1561 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>3</div></td><td class=\"c x7bd y5de1 w1d6 h9e\"><div class=\"t m2 x0 h5a y1561 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>3</div></td><td class=\"c x138d y5de1 w1d6 h9e\"><div class=\"t m2 x0 h5a y1561 ff4 fs16 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5de2 ff4 fs16 fc1 sc2 ls0 ws0\">A. Valore di bil<span class=\"_ _1\"></span>ancio inizi<span class=\"_ _1\"></span>ale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5de3 wc22 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1. Contra<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1276 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">tti di assicurazione<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5de4 ff4 fs16 fc1 sc0 ls0 ws0\">emessi che co<span class=\"_ _1\"></span>stituiscono </td><td class=\"c n xc13 y5de5 wc74 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">329.467<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x138e y5de5 wc75 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2.21<span class=\"_ _1\"></span>8<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x138f y5de5 wc76 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1<span class=\"_ _1\"></span>9.245<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1390 y5de5 wc77 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">350.930<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1391 y5de5 wc78 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">267.546<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1392 y5de5 wc3a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1.069<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1393 y5de5 wc79 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">11<span class=\"_ _1\"></span>.579<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1394 y5de5 wc7a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">280.194<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5de6 ff4 fs16 fc1 sc0 ls0 ws0\">passivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xae4 y5de7 w1d1 h9e\"><div class=\"t m2 x0 h5a y2556 ff4 fs16 fc1 sc0 ls0 ws0\">2. Contratti di assicurazione<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5de8 ff4 fs16 fc1 sc0 ls0 ws0\">emessi che co<span class=\"_ _1\"></span>stituiscono </td><td class=\"c n x957 y5de9 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1395 y5de9 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1396 y5de9 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1397 y5de9 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1398 y5de9 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1399 y5de9 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x139a y5de9 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x139b y5de9 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5dea ff4 fs16 fc1 sc0 ls0 ws0\">attivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5deb ff4 fs16 fc1 sc2 ls0 ws0\">3. Valore net<span class=\"_ _1\"></span>to di bilancio<span class=\"_ _1\"></span> al 1\u00b0 </td><td class=\"t m2 x93f h5a y5dec ff4 fs16 fc1 sc2 ls0 ws0\">329.467<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88a h5a y5dec ff4 fs16 fc1 sc2 ls0 ws0\">2.218<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x938 h5a y5dec ff4 fs16 fc1 sc2 ls0 ws0\">19.245<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88d h5a y5dec ff4 fs16 fc1 sc2 ls0 ws0\">350.930<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x116f h5a y5dec ff4 fs16 fc1 sc2 ls0 ws0\">267.546<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x883 h5a y5dec ff4 fs16 fc1 sc2 ls0 ws0\">1.069<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e4 h5a y5dec ff4 fs16 fc1 sc2 ls0 ws0\">11.579<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12af h5a y5dec ff4 fs16 fc1 sc2 ls0 ws0\">280.194<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5ded ff4 fs16 fc1 sc2 ls0 ws0\">gennaio<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5dee ff4 fs16 fc1 sc2 ls0 ws0\">B. Variazioni<span class=\"_ _1\"></span> relative ai se<span class=\"_ _1\"></span>rvizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5def ff4 fs16 fc1 sc2 ls0 ws0\">attuali<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xae4 y5df0 w1d7 h9e\"><div class=\"t m2 x0 h5a y2558 ff4 fs16 fc1 sc0 ls0 ws0\">1. Margine sui servizi<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5df1 wbe1 h1ff\"><div class=\"t m2 x2b3 h5a y5622 ff4 fs16 fc1 sc0 ls0 ws0\">contrattuali registrato in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">conto economic<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x957 y5df2 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1395 y5df2 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x139c y5df2 wc7b h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(3.117)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x139d y5df2 wc7c h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(3.117)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x139e y5df2 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x139f y5df2 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13a0 y5df2 wc7d h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(2.173)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13a1 y5df2 wc7e h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(2.17<span class=\"_ _1\"></span>3)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5df3 ff4 fs16 fc1 sc0 ls0 ws0\">2. Variazione per rischi no<span class=\"_ _1\"></span>n<span class=\"_ _3a1\"> </span></td><td class=\"c n x957 y5df4 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13a2 y5df4 wc7f h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(197)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13a3 y5df4 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13a4 y5df4 wc80 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(197)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13a5 y5df4 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13a6 y5df4 wc81 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(83)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13a7 y5df4 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13a8 y5df4 wc82 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(83)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5df5 ff4 fs16 fc1 sc0 ls0 ws0\">finanziari scaduti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5df6 ff4 fs16 fc1 sc0 ls0 ws0\">3. Modifiche connes<span class=\"_ _1\"></span>se con<span class=\"_ _3a1\"> </span></td><td class=\"c n x9fa y5df7 wc83 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">28.584<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13a9 y5df7 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13aa y5df7 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13ab y5df7 wc84 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">28.584<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13ac y5df7 wc85 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(15.743<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13ad y5df7 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13ae y5df7 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13af y5df7 wc85 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(15<span class=\"_ _1\"></span>.743)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5df8 ff4 fs16 fc1 sc0 ls0 ws0\">l\u2019esperienza </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5df9 ff4 fs16 fc1 sc2 ls0 ws0\">4. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc5c h5a y5df9 ff4 fs16 fc1 sc2 ls0 ws0\">28.584<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12b9 h5a y5df9 ff4 fs16 fc1 sc2 ls0 ws0\">(197)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88c h5a y5df9 ff4 fs16 fc1 sc2 ls0 ws0\">(3.117)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h5a y5df9 ff4 fs16 fc1 sc2 ls0 ws0\">25.270<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x116f h5a y5df9 ff4 fs16 fc1 sc2 ls0 ws0\">(15.743)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a0 h5a y5df9 ff4 fs16 fc1 sc2 ls0 ws0\">(83)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x890 h5a y5df9 ff4 fs16 fc1 sc2 ls0 ws0\">(2.173)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12af h5a y5df9 ff4 fs16 fc1 sc2 ls0 ws0\">(17.999)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x58e y5dfa w1d8 h9e\"><div class=\"t m2 x0 h5a y1754 ff4 fs16 fc1 sc2 ls0 ws0\">C. Variazion<span class=\"_ _1\"></span>i relative a se<span class=\"_ _1\"></span>rvizi </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5dfb ff4 fs16 fc1 sc2 ls0 ws0\">futuri<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5dfc wc86 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1. Variaz<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x128f h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">ioni del margine sui<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x94a y5dfd wc87 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">15.157<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13b0 y5dfd wc88 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(121)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13b1 y5dfd w84e h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(1.917)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13b2 y5dfd wc62 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">13.11<span class=\"_ _1\"></span>9<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13b3 y5dfd w900 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(5.763)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13b4 y5dfd wc89 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">969<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13b5 y5dfd wc8a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">18.400<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13b6 y5dfd wc8b h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">13.606<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5dfe ff4 fs16 fc1 sc0 ls0 ws0\">servizi contrattuali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xae4 y5dff w1db h9e\"><div class=\"t m2 x0 h5a y255f ff4 fs16 fc1 sc0 ls0 ws0\">2. Perdite su gruppi di<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5e00 ff4 fs16 fc1 sc0 ls0 ws0\">contratti onerosi e relativi<span class=\"_ _3a1\"> </span></td><td class=\"c n x957 y5e01 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1395 y5e01 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1396 y5e01 wbdf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1397 y5e01 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1398 y5e01 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1399 y5e01 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x139a y5e01 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x139b y5e01 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5e02 ff4 fs16 fc1 sc0 ls0 ws0\">recuperi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5e03 wc8c h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">3.<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x12b8 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">Effetti dei contratti<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5e04 ff4 fs16 fc1 sc0 ls0 ws0\">inizialmente rilevati </td><td class=\"c n x13b7 y5e05 wc8d h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(11.375)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13b8 y5e05 wc8e h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">532<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13b9 y5e05 wc8f h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1<span class=\"_ _1\"></span>0.843<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13ba y5e05 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13bb y5e05 wc90 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">(4.133)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13bc y5e05 wc91 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">257<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13bd y5e05 wc92 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">3.876<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13be y5e05 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5e06 ff4 fs16 fc1 sc0 ls0 ws0\">nell\u2019esercizio<span class=\"_ _1\"></span> di riferimento<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5e07 ff4 fs16 fc1 sc2 ls0 ws0\">4. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce6 h5a y5e07 ff4 fs16 fc1 sc2 ls0 ws0\">3.782<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a5 h5a y5e07 ff4 fs16 fc1 sc2 ls0 ws0\">411<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88c h5a y5e07 ff4 fs16 fc1 sc2 ls0 ws0\">8.926<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e0 h5a y5e07 ff4 fs16 fc1 sc2 ls0 ws0\">13.119<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5a h5a y5e07 ff4 fs16 fc1 sc2 ls0 ws0\">(9.896)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x883 h5a y5e07 ff4 fs16 fc1 sc2 ls0 ws0\">1.226<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12fc h5a y5e07 ff4 fs16 fc1 sc2 ls0 ws0\">22.276<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x13bf h5a y5e07 ff4 fs16 fc1 sc2 ls0 ws0\">13.606<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5e08 ff4 fs16 fc1 sc2 ls0 ws0\">D. Variazion<span class=\"_ _1\"></span>i relative a servi<span class=\"_ _1\"></span>zi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5e09 ff4 fs16 fc1 sc2 ls0 ws0\">passati<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5e0a ff4 fs16 fc1 sc0 ls0 ws0\">1. Aggiustamenti alla passi<span class=\"_ _1\"></span>vit\u00e0 </td><td class=\"c n xb5f y5e0b wa42 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(41.619)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13c0 y5e0b wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13c1 y5e0b wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13c2 y5e0b wc93 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(41.619)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13c3 y5e0b wc94 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1<span class=\"_ _1\"></span>.955<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13c4 y5e0b w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13c5 y5e0b w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13c6 y5e0b wbfe h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1.955<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5e0c ff4 fs16 fc1 sc0 ls0 ws0\">per sinistri accaduti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y5e0d wc95 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2.<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1343 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">Modifi<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x12c0 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">che conness<span class=\"_ _1\"></span>e con<span class=\"_ _3a1\"> </span></div></td><td class=\"c x7cb y5e0e w178 h9e\"><div class=\"t m2 x0 h5a y2566 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x9a2 y5e0e w178 h9e\"><div class=\"t m2 x0 h5a y2566 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c xba3 y5e0e w178 h9e\"><div class=\"t m2 x0 h5a y2566 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x1268 y5e0e w178 h9e\"><div class=\"t m2 x0 h5a y2566 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13c7 y5e0f wc96 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">142<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13c8 y5e0f w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13c9 y5e10 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13ca y5e10 wc96 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">142<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h5a y5e11 ff4 fs16 fc1 sc0 ls0 ws0\">l\u2019esperienza<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5e12 wc4b h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">3. Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13cb y5e12 wa42 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">(41.619)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13cc y5e12 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13cd y5e12 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13ce y5e12 wc97 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">(41.619)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13cf y5e12 wc98 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">2.097<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13d0 y5e12 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13d1 y5e12 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13d2 y5e12 wc99 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">2<span class=\"_ _1\"></span>.097<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x58e y5e13 w1cc h9e\"><div class=\"t m2 x0 h5a y15e3 ff4 fs16 fc1 sc2 ls0 ws0\">E. Risultato dei<span class=\"_ _1\"></span> servizi di </div></td><td class=\"t m2 xc5c h5a y5e14 ff4 fs16 fc1 sc2 ls0 ws0\">(9.253)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x130d h5a y5e14 ff4 fs16 fc1 sc2 ls0 ws0\">214<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88c h5a y5e14 ff4 fs16 fc1 sc2 ls0 ws0\">5.809<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x873 h5a y5e14 ff4 fs16 fc1 sc2 ls0 ws0\">(3.230)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcef h5a y5e14 ff4 fs16 fc1 sc2 ls0 ws0\">(23.542)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc67 h5a y5e14 ff4 fs16 fc1 sc2 ls0 ws0\">1.143<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12fc h5a y5e14 ff4 fs16 fc1 sc2 ls0 ws0\">20.103<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x120c h5a y5e14 ff4 fs16 fc1 sc2 ls0 ws0\">(2.296)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5e15 ff4 fs16 fc1 sc2 ls0 ws0\">assicurazio<span class=\"_ _1\"></span>ne(B+C+D.1)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5e16 ff4 fs16 fc1 sc2 ls0 ws0\">F. Costi/ricavi<span class=\"_ _1\"></span> di natura </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5e17 ff4 fs16 fc1 sc2 ls0 ws0\">finanziaria<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5e18 ff4 fs16 fc1 sc0 ls0 ws0\">1. Relativi ai contratti di<span class=\"_ _3a1\"> </span></td><td class=\"c n xb29 y5e19 wc9a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">30.138<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13d3 y5e19 wc9b h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">178<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe50 y5e19 wc6e h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">3.271<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13d4 y5e19 wc9c h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">33.587<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13d5 y5e19 wc9d h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">39.474<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13d6 y5e19 wc9e h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">17<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13d7 y5e19 w727 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(13.582)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13d8 y5e19 wc9f h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>5.909<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5e1a ff4 fs16 fc1 sc0 ls0 ws0\">assicurazione emessi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h5a y5e1b ff4 fs16 fc1 sc0 ls0 ws0\">1.1 Registrati in conto </td><td class=\"c n xb29 y5e1c wc9a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">30.138<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13d3 y5e1c wc9b h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">178<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13d9 y5e1c wca0 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">866<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13da y5e1c w837 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">31.182<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13db y5e1c wca1 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">39.474<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13dc y5e1c wca2 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">17<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13dd y5e1c wca3 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(19.112<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13de y5e1c wca4 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">20.379<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h5a y5e1d ff4 fs16 fc1 sc0 ls0 ws0\">economico </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h5a y5e1e ff4 fs16 fc1 sc0 ls0 ws0\">1.2 Registrati nel conto </td><td class=\"c n x957 y5e1f wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1395 y5e1f w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13df y5e1f wca5 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2.405<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13e0 y5e1f wca6 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>.405<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13e1 y5e1f w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13e2 y5e1f w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13e3 y5e1f w9b3 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">5.530<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13e4 y5e1f w4d4 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">5.530<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h5a y5e20 ff4 fs16 fc1 sc0 ls0 ws0\">economico<span class=\"_ _1\"></span> complessivo </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xae4 y5e21 wdb h9e\"><div class=\"t m2 x0 h5a y25bc ff4 fs16 fc1 sc0 ls0 ws0\">2. Effetti connessi con le<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x957 y5e22 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1395 y5e22 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1396 y5e22 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1397 y5e22 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1398 y5e22 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1399 y5e22 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x139a y5e22 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x139b y5e22 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5e23 ff4 fs16 fc1 sc0 ls0 ws0\">variazioni dei tassi di cambio<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5e24 ff4 fs16 fc1 sc2 ls0 ws0\">3. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xacd h5a y5e24 ff4 fs16 fc1 sc2 ls0 ws0\">30.138<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x130d h5a y5e24 ff4 fs16 fc1 sc2 ls0 ws0\">178<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1323 h5a y5e24 ff4 fs16 fc1 sc2 ls0 ws0\">3.271<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h5a y5e24 ff4 fs16 fc1 sc2 ls0 ws0\">33.587<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1197 h5a y5e24 ff4 fs16 fc1 sc2 ls0 ws0\">39.474<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad2 h5a y5e24 ff4 fs16 fc1 sc2 ls0 ws0\">17<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc62 h5a y5e24 ff4 fs16 fc1 sc2 ls0 ws0\">(13.582)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x120c h5a y5e24 ff4 fs16 fc1 sc2 ls0 ws0\">25.909<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x58e y5e25 w1d0 h9e\"><div class=\"t m2 x0 h5a y17cf ff4 fs16 fc1 sc2 ls0 ws0\">G. Importo to<span class=\"_ _1\"></span>tale delle va<span class=\"_ _1\"></span>riazioni </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5e26 ff4 fs16 fc1 sc2 ls0 ws0\">registrate in co<span class=\"_ _1\"></span>nto econo<span class=\"_ _1\"></span>mico e </td><td class=\"t m2 xc5c h5a y5e27 ff4 fs16 fc1 sc2 ls0 ws0\">20.885<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce9 h5a y5e27 ff4 fs16 fc1 sc2 ls0 ws0\">392<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88c h5a y5e27 ff4 fs16 fc1 sc2 ls0 ws0\">9.080<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h5a y5e27 ff4 fs16 fc1 sc2 ls0 ws0\">30.357<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112c h5a y5e27 ff4 fs16 fc1 sc2 ls0 ws0\">15.932<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc67 h5a y5e27 ff4 fs16 fc1 sc2 ls0 ws0\">1.160<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x13e5 h5a y5e27 ff4 fs16 fc1 sc2 ls0 ws0\">6.521<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x13bf h5a y5e27 ff4 fs16 fc1 sc2 ls0 ws0\">23.613<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5e28 ff4 fs16 fc1 sc2 ls0 ws0\">nel conto econo<span class=\"_ _1\"></span>mico </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5e29 ff4 fs16 fc1 sc2 ls0 ws0\">complessiv<span class=\"_ _1\"></span>o (E+F)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5e2a wc11 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">H. Altre varia<span class=\"_ _1\"></span>zioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13e6 y5e2a wca7 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">(861)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x9a5 h5a y5e2b ff4 fs16 fc1 sc2 ls0 ws0\">(3)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93c h5a y5e2b ff4 fs16 fc1 sc2 ls0 ws0\">2.795<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeb7 h5a y5e2b ff4 fs16 fc1 sc2 ls0 ws0\">1.931<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1197 h5a y5e2b ff4 fs16 fc1 sc2 ls0 ws0\">(2.143)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112a h5a y5e2b ff4 fs16 fc1 sc2 ls0 ws0\">(9)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddf h5a y5e2b ff4 fs16 fc1 sc2 ls0 ws0\">1.144<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x13bf h5a y5e2b ff4 fs16 fc1 sc2 ls0 ws0\">(1.008)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5e2c ff4 fs16 fc1 sc2 ls0 ws0\">I. Movimenti di c<span class=\"_ _1\"></span>assa<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y56ca wc13 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1. Premi ricevuti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13e7 y56ca wca8 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">208.2<span class=\"_ _1\"></span>85<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13e8 y56ca wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13e9 y56ca w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13ea y56ca wca9 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">208.285<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13eb y56ca wcaa h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">7<span class=\"_ _1\"></span>2.945<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13ec y56ca w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13ed y56ca w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13ee y56ca wcab h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">72.945<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c xadb y5ce3 wc69 h200\"><div class=\"t m2 x2b3 h5a y5629 ff4 fs16 fc1 sc0 ls0 ws0\">2. Pagamenti conness<span class=\"_ _1\"></span>i con i<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">costi di acquisizione dei<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x957 y5ce3 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1395 y5ce3 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1396 y5ce3 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1397 y5ce3 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1398 y5ce3 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1399 y5ce3 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x139a y5ce3 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x139b y5ce3 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5e2d ff4 fs16 fc1 sc0 ls0 ws0\">contratti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5e2e ff4 fs16 fc1 sc0 ls0 ws0\">3. Sinistri pagati e altre uscite<span class=\"_ _3a1\"> </span></td><td class=\"c n xb7c y5e2f wcac h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(44.335)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13ef y5e2f wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13f0 y5e2f wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13f1 y5e2f wcac h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(44.335)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13f2 y5e2f wcad h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(24.814)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13f3 y5e2f w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13f4 y5e2f w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13f5 y5e2f wcad h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">(24.814)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5e30 ff4 fs16 fc1 sc0 ls0 ws0\">di cassa </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y5e31 wc19 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">4. Altri movimenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13f6 y5e31 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13f7 y5e31 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13f8 y5e31 wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13f9 y5e31 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13fa y5e31 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13fb y5e31 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13fc y5e31 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x13fd y5e31 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5e32 ff4 fs16 fc1 sc2 ls0 ws0\">5. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93f h5a y5e32 ff4 fs16 fc1 sc2 ls0 ws0\">163.950<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a2 h5a y5e32 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba3 h5a y5e32 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x13fe h5a y5e32 ff4 fs16 fc1 sc2 ls0 ws0\">163.950<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc60 h5a y5e32 ff4 fs16 fc1 sc2 ls0 ws0\">48.131<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88f h5a y5e32 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x874 h5a y5e32 ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x13ff h5a y5e32 ff4 fs16 fc1 sc2 ls0 ws0\">48.131<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x2d7 y5e33 wcae h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">L. Valore<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1286 h5a y562a ff4 fs16 fc1 sc2 ls0 ws0\">netto di bil<span class=\"_ _1\"></span>ancio al 31<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1400 h5a y5e34 ff4 fs16 fc1 sc2 ls0 ws0\">513.441<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1196 h5a y5e34 ff4 fs16 fc1 sc2 ls0 ws0\">2.607<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88c h5a y5e34 ff4 fs16 fc1 sc2 ls0 ws0\">31.120<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c7 h5a y5e34 ff4 fs16 fc1 sc2 ls0 ws0\">547.168<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcef h5a y5e34 ff4 fs16 fc1 sc2 ls0 ws0\">329.466<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x810 h5a y5e34 ff4 fs16 fc1 sc2 ls0 ws0\">2.220<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x890 h5a y5e34 ff4 fs16 fc1 sc2 ls0 ws0\">19.244<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11e2 h5a y5e34 ff4 fs16 fc1 sc2 ls0 ws0\">350.930<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h5a y5e35 ff4 fs16 fc1 sc2 ls0 ws0\">dicembre (A.3+G+<span class=\"_ _1\"></span>H+I.5)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y5e36 ff4 fs16 fc1 sc2 ls0 ws0\">M. Valore <span class=\"_ _1\"></span>di bilancio finale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5e37 wc22 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1. Contra<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1276 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">tti di assicurazione<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5e38 ff4 fs16 fc1 sc0 ls0 ws0\">emessi che co<span class=\"_ _1\"></span>stituiscono </td><td class=\"c n x13b7 y5e39 wcaf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">513.441<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1401 y5e39 wcb0 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2.607<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1402 y5e39 wcb1 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">31.119<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1403 y5e39 wcb2 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">547.167<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1404 y5e39 wa17 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">329.467<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1405 y5e39 wcb3 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2.218<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1406 y5e39 wcb4 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">19.245<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1407 y5e39 wcb5 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">350.930<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5e3a ff4 fs16 fc1 sc0 ls0 ws0\">passivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c xadb y5e3b wcb6 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">2. Contra<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1408 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">tti di assicurazione<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5e3c ff4 fs16 fc1 sc0 ls0 ws0\">emessi che co<span class=\"_ _1\"></span>stituiscono </td><td class=\"c n x957 y565f wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1395 y565f w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1396 y565f wbdf h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1397 y565f w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1398 y565f w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1399 y565f w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x139a y565f w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x139b y565f w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h5a y5e3d ff4 fs16 fc1 sc0 ls0 ws0\">attivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h5a y5e3e ff4 fs16 fc1 sc2 ls0 ws0\">3. Valore net<span class=\"_ _1\"></span>to di bilancio<span class=\"_ _1\"></span> al 31 </td><td class=\"t m2 x1400 h5a y5e3f ff4 fs16 fc1 sc2 ls0 ws0\">513.441<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1196 h5a y5e3f ff4 fs16 fc1 sc2 ls0 ws0\">2.607<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93c h5a y5e3f ff4 fs16 fc1 sc2 ls0 ws0\">31.119<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c7 h5a y5e3f ff4 fs16 fc1 sc2 ls0 ws0\">547.167<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x116f h5a y5e3f ff4 fs16 fc1 sc2 ls0 ws0\">329.467<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x883 h5a y5e3f ff4 fs16 fc1 sc2 ls0 ws0\">2.218<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x890 h5a y5e3f ff4 fs16 fc1 sc2 ls0 ws0\">19.245<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11e2 h5a y5e3f ff4 fs16 fc1 sc2 ls0 ws0\">350.930<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xae4 h5a y5e40 ff4 fs16 fc1 sc2 ls0 ws0\">dicembre<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Dinamica dei r<span class=\"_ _1\"></span>icavi assicurativi e del <span class=\"_ _1\"></span>margine sui se<span class=\"_ _1\"></span>rvizi contrattuali dei contrat<span class=\"_ _1\"></span>ti assicurativi emess<span class=\"_ _1\"></span>i ripartiti in base ai cont<span class=\"_ _1\"></span>ratti esistenti al mo<span class=\"_ _1\"></span>mento della tra<span class=\"_ _1\"></span>nsizione all\u2019IFRS 17<span class=\"fc1 sc2\"> </span>Contratti <span class=\"_ _1\"></span>assicurativi emessi con elem<span class=\"_ _1\"></span>enti di partecipazione dire<span class=\"_ _1\"></span>tta - Segmento Vita<span class=\"fc1 sc2\"> </span>31/12/202<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span>31/12/202<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span>Nuovi cont<span class=\"_ _1\"></span>ratti e Contratti Contratti Nuovi cont<span class=\"_ _1\"></span>ratti e Contratti Contratti contratti misurati <span class=\"_ _1\"></span>alla misurati contratti misurati <span class=\"_ _1\"></span>alla misurati misurati <span class=\"_ _1\"></span>alla data di alla data di Contratti misurati <span class=\"_ _1\"></span>alla data di alla data di Contratti data di transizio<span class=\"_ _1\"></span>ne con transizio<span class=\"_ _1\"></span>ne oggetto Totale<span class=\"_ _3a1\"> </span>data di transizio<span class=\"_ _1\"></span>ne con transizio<span class=\"_ _1\"></span>ne oggetto Totale<span class=\"_ _3a1\"> </span>transizio<span class=\"_ _1\"></span>ne con il metodo con il di carve-<span class=\"_ _3a1\"> </span>transizio<span class=\"_ _1\"></span>ne con il metodo con il di carve-<span class=\"_ _3a1\"> </span>il metodo dell\u2019applicazion<span class=\"_ _1\"></span>e metodo out<span class=\"_ _3a1\"> </span>il metodo dell\u2019applicazion<span class=\"_ _1\"></span>e metodo out<span class=\"_ _3a1\"> </span>dell\u2019applicazion<span class=\"_ _1\"></span>e retroattiv<span class=\"_ _1\"></span>a del fair dell\u2019applicazion<span class=\"_ _1\"></span>e retroattiv<span class=\"_ _1\"></span>a del fair retroattiv<span class=\"_ _1\"></span>a piena<span class=\"_ _3a1\"> </span>modificata value<span class=\"_ _3a1\"> </span>retroattiv<span class=\"_ _1\"></span>a piena<span class=\"_ _3a1\"> </span>modificata value<span class=\"_ _3a1\"> </span>Ricavi -<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>62.540<span class=\"_ _3a1\"> </span>62.540<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>59.366<span class=\"_ _3a1\"> </span>59.366<span class=\"_ _3a1\"> </span>assicurativi<span class=\"_ _3a1\"> </span>Margine sui servizi contrattuali \u2013<span class=\"_ _1\"></span> -<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>187.460<span class=\"_ _3a1\"> </span>187.460<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>233.905<span class=\"_ _3a1\"> </span>233.905<span class=\"_ _3a1\"> </span>Esistenze iniziali<span class=\"_ _3a1\"> </span>Variazioni riferite ai -<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(36.320)<span class=\"_ _3a1\"> </span>(36.320)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(38.166)<span class=\"_ _3a1\"> </span>(38.166)<span class=\"_ _3a1\"> </span>servizi attu<span class=\"_ _1\"></span>ali<span class=\"_ _3a1\"> </span>- Margine sui<span class=\"_ _3a1\"> </span>servizi contrattuali rilevato in<span class=\"_ _3a1\"> </span>conto<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(36.320)<span class=\"_ _3a1\"> </span>(36.320<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(38.166)<span class=\"_ _3a1\"> </span>(38.166)<span class=\"_ _3a1\"> </span>economico<span class=\"_ _1\"></span> per riflettere i servizi prestati Variazioni riferite ai -<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(35.615)<span class=\"_ _3a1\"> </span>(35.615)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(8.567)<span class=\"_ _3a1\"> </span>(8.567)<span class=\"_ _3a1\"> </span>servizi futu<span class=\"_ _1\"></span>ri<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>Variazioni<span class=\"_ _3a1\"> </span>delle stime che modificano il<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(93.082)<span class=\"_ _3a1\"> </span>(93.082)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(61.101)<span class=\"_ _3a1\"> </span>(61.101)<span class=\"_ _3a1\"> </span>margine sui servizi contrattuali -<span class=\"_ _3a1\"> </span>Effetti dei<span class=\"_ _3a1\"> </span>contratti inizialmente rilevati -<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>57.467<span class=\"_ _3a1\"> </span>57.467<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>52.534<span class=\"_ _3a1\"> </span>52.53<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span>nell\u2019esercizio di riferimento Ricavi/costi di<span class=\"_ _1\"></span> natura finanziaria 1. Relativi ai<span class=\"_ _3a1\"> </span>contratti -<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>170.645<span class=\"_ _3a1\"> </span>17<span class=\"_ _1\"></span>0.645<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>289<span class=\"_ _3a1\"> </span>289<span class=\"_ _3a1\"> </span>assicurativi<span class=\"_ _3a1\"> </span>emessi 2. Effetti<span class=\"_ _3a1\"> </span>connessi<span class=\"_ _1\"></span> con le -<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>variazioni dei<span class=\"_ _3a1\"> </span>tassi di cambio 3. Totale<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>170.645<span class=\"_ _3a1\"> </span>170.645<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>289<span class=\"_ _3a1\"> </span>2<span class=\"_ _1\"></span>89<span class=\"_ _3a1\"> </span>Altri -<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>movimenti<span class=\"_ _3a1\"> </span>Totale variazioni<span class=\"_ _1\"></span> riconosciute<span class=\"_ _1\"></span> in<span class=\"_ _3a1\"> </span>conto<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>98.710<span class=\"_ _3a1\"> </span>98.710<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(46.444)<span class=\"_ _3a1\"> </span>(46.444)<span class=\"_ _3a1\"> </span>economico<span class=\"_ _1\"></span> e nel conto economico<span class=\"_ _1\"></span> complessiv<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span>Margine sui servizi contrattuali \u2013<span class=\"_ _1\"></span> -<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>286.170<span class=\"_ _3a1\"> </span>286.170<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>187.461<span class=\"_ _3a1\"> </span>187.46<span class=\"_ _3a1\"> </span>Rimanenze finali<span class=\"_ _3a1\"> </span>Dinamica dei r<span class=\"_ _1\"></span>icavi assicurativi e del <span class=\"_ _1\"></span>margine sui se<span class=\"_ _1\"></span>rvizi contrattuali dei contrat<span class=\"_ _1\"></span>ti assicurativi emess<span class=\"_ _1\"></span>i ripartiti in base ai contratti es<span class=\"_ _1\"></span>istenti al momento della tr<span class=\"_ _1\"></span>ansizione all\u2019IFRS 17<span class=\"_ _3a1\"> </span>Contratti <span class=\"_ _1\"></span>assicurativi emessi senza e<span class=\"_ _1\"></span>lementi di partecipazione<span class=\"_ _1\"></span> diretta - Segmento Vita<span class=\"_ _3a1\"> </span><table class=\"s wcca h259\" id=\"_6de5f399-63d6-4c25-b92e-54c62b20d4c4\"><tr><td></td><td></td><td></td><td class=\"t m2 x12f8 h44 y5e91 ff4 fs11 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td class=\"t m2 x9a1 h44 y5e91 ff4 fs11 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x97c h44 y5e92 ff4 fs11 fc4 sc3 ls0 ws0\">Nuovi contratti e </td><td class=\"t m2 xd58 h44 y5e92 ff4 fs11 fc4 sc3 ls0 ws0\">Contratti </td><td class=\"t m2 x1196 h44 y5e93 ff4 fs11 fc4 sc3 ls0 ws0\">Contratti </td><td></td><td></td><td class=\"t m2 xb9e h44 y5e92 ff4 fs11 fc4 sc3 ls0 ws0\">Nuovi contratti e </td><td class=\"t m2 x1233 h44 y5e92 ff4 fs11 fc4 sc3 ls0 ws0\">Contratti </td><td class=\"t m2 x936 h44 y5e93 ff4 fs11 fc4 sc3 ls0 ws0\">Contratti </td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x1443 h44 y5e94 ff4 fs11 fc4 sc3 ls0 ws0\">contratti </td><td class=\"t m2 x87a h44 y5e94 ff4 fs11 fc4 sc3 ls0 ws0\">misurati alla </td><td class=\"t m2 x1196 h44 y5e95 ff4 fs11 fc4 sc3 ls0 ws0\">misurati </td><td></td><td></td><td class=\"t m2 x939 h44 y5e94 ff4 fs11 fc4 sc3 ls0 ws0\">contratti </td><td class=\"t m2 x7bf h44 y5e94 ff4 fs11 fc4 sc3 ls0 ws0\">misurati alla </td><td class=\"t m2 x936 h44 y5e95 ff4 fs11 fc4 sc3 ls0 ws0\">misurati </td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x1444 h44 y5e96 ff4 fs11 fc4 sc3 ls0 ws0\">misurati alla </td><td class=\"t m2 xb9b h44 y5e96 ff4 fs11 fc4 sc3 ls0 ws0\">data di </td><td class=\"t m2 x95e h44 y5e97 ff4 fs11 fc4 sc3 ls0 ws0\">alla data di </td><td class=\"t m2 x1410 h44 y5e96 ff4 fs11 fc4 sc3 ls0 ws0\">Contratti </td><td></td><td class=\"t m2 xb9c h44 y5e96 ff4 fs11 fc4 sc3 ls0 ws0\">misurati alla </td><td class=\"t m2 x7bd h44 y5e96 ff4 fs11 fc4 sc3 ls0 ws0\">data di </td><td class=\"t m2 x1275 h44 y5e97 ff4 fs11 fc4 sc3 ls0 ws0\">alla data di </td><td class=\"t m2 x812 h44 y5e96 ff4 fs11 fc4 sc3 ls0 ws0\">Contratti </td><td></td></tr><tr><td></td><td class=\"t m2 x1445 h44 y5e98 ff4 fs11 fc4 sc3 ls0 ws0\">data di </td><td class=\"t m2 x1187 h44 y5e98 ff4 fs11 fc4 sc3 ls0 ws0\">transizione<span class=\"_ _1\"></span> con il </td><td class=\"t m2 x95e h44 y5e99 ff4 fs11 fc4 sc3 ls0 ws0\">transizione<span class=\"_ _1\"></span> </td><td class=\"t m2 x1191 h44 y5e98 ff4 fs11 fc4 sc3 ls0 ws0\">oggetto </td><td class=\"t m2 xcea h44 y5e99 ff4 fs11 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x95f h44 y5e98 ff4 fs11 fc4 sc3 ls0 ws0\">data di </td><td class=\"t m2 x88e h44 y5e98 ff4 fs11 fc4 sc3 ls0 ws0\">transizione<span class=\"_ _1\"></span> con il </td><td class=\"t m2 xba1 h44 y5e99 ff4 fs11 fc4 sc3 ls0 ws0\">transizione<span class=\"_ _1\"></span> </td><td class=\"t m2 x7e5 h44 y5e98 ff4 fs11 fc4 sc3 ls0 ws0\">oggetto </td><td class=\"t m2 x121c h44 y5e99 ff4 fs11 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x97c h44 y5e9a ff4 fs11 fc4 sc3 ls0 ws0\">transizione<span class=\"_ _1\"></span> con il </td><td class=\"t m2 x1446 h44 y5e9a ff4 fs11 fc4 sc3 ls0 ws0\">metodo </td><td class=\"t m2 xce9 h44 y5e9b ff4 fs11 fc4 sc3 ls0 ws0\">con il </td><td class=\"t m2 x1153 h44 y5e9a ff4 fs11 fc4 sc3 ls0 ws0\">di carve-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x11e1 h44 y5e9a ff4 fs11 fc4 sc3 ls0 ws0\">transizione<span class=\"_ _1\"></span> con il </td><td class=\"t m2 xeb8 h44 y5e9a ff4 fs11 fc4 sc3 ls0 ws0\">metodo </td><td class=\"t m2 x9d7 h44 y5e9b ff4 fs11 fc4 sc3 ls0 ws0\">con il </td><td class=\"t m2 x7e5 h44 y5e9a ff4 fs11 fc4 sc3 ls0 ws0\">di carve-<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"t m2 x1447 h44 y5e9c ff4 fs11 fc4 sc3 ls0 ws0\">metodo </td><td class=\"t m2 x1187 h44 y5e9c ff4 fs11 fc4 sc3 ls0 ws0\">dell\u2019applicazion<span class=\"_ _1\"></span>e </td><td class=\"t m2 x95e h44 y5e9d ff4 fs11 fc4 sc3 ls0 ws0\">metodo del </td><td class=\"t m2 x88c h44 y5e9c ff4 fs11 fc4 sc3 ls0 ws0\">out<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x934 h44 y5e9c ff4 fs11 fc4 sc3 ls0 ws0\">metodo </td><td class=\"t m2 x88e h44 y5e9c ff4 fs11 fc4 sc3 ls0 ws0\">dell\u2019applicazion<span class=\"_ _1\"></span>e </td><td class=\"t m2 xba1 h44 y5e9d ff4 fs11 fc4 sc3 ls0 ws0\">metodo del </td><td class=\"t m2 xc59 h44 y5e9c ff4 fs11 fc4 sc3 ls0 ws0\">out<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"t m2 x97c h44 y5e9e ff4 fs11 fc4 sc3 ls0 ws0\">dell\u2019applicazion<span class=\"_ _1\"></span>e </td><td class=\"t m2 x5d7 h44 y5e9e ff4 fs11 fc4 sc3 ls0 ws0\">retroattiva </td><td class=\"t m2 x1196 h44 y5e9f ff4 fs11 fc4 sc3 ls0 ws0\">fair value<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xb9e h44 y5e9e ff4 fs11 fc4 sc3 ls0 ws0\">dell\u2019applicazion<span class=\"_ _1\"></span>e </td><td class=\"t m2 x876 h44 y5e9e ff4 fs11 fc4 sc3 ls0 ws0\">retroattiva </td><td class=\"t m2 x936 h44 y5e9f ff4 fs11 fc4 sc3 ls0 ws0\">fair value<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x97c h44 y5ea0 ff4 fs11 fc4 sc3 ls0 ws0\">retroattiva piena<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x5d7 h44 y5ea0 ff4 fs11 fc4 sc3 ls0 ws0\">modificata </td><td></td><td></td><td></td><td class=\"t m2 xb9e h44 y5ea0 ff4 fs11 fc4 sc3 ls0 ws0\">retroattiva piena<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7da h44 y5ea0 ff4 fs11 fc4 sc3 ls0 ws0\">modificata </td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5ea1 wccb h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">Ricavi assicurativi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1448 y5ea1 wccc h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">19.95<span class=\"_ _1\"></span>8<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1449 h44 y5ea2 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113e h44 y5ea2 ff4 fs11 fc1 sc2 ls0 ws0\">11.889<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba3 h44 y5ea2 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcea h44 y5ea2 ff4 fs11 fc1 sc2 ls0 ws0\">31.847<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x116f h44 y5ea2 ff4 fs11 fc1 sc2 ls0 ws0\">16.487<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d2 h44 y5ea2 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdde h44 y5ea2 ff4 fs11 fc1 sc2 ls0 ws0\">16.858<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c7 h44 y5ea2 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x121c h44 y5ea2 ff4 fs11 fc1 sc2 ls0 ws0\">33.345<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h44 y5ea3 ff4 fs11 fc1 sc2 ls0 ws0\">Margine sui servizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5ea4 ff4 fs11 fc1 sc2 ls0 ws0\">contrattuali \u2013 </td><td class=\"t m2 xb99 h44 y5ea4 ff4 fs11 fc1 sc2 ls0 ws0\">10.507<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1449 h44 y5ea4 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113e h44 y5ea4 ff4 fs11 fc1 sc2 ls0 ws0\">10.601<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba3 h44 y5ea4 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12a0 h44 y5ea4 ff4 fs11 fc1 sc2 ls0 ws0\">21.108<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5a h44 y5ea4 ff4 fs11 fc1 sc2 ls0 ws0\">4.954<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d2 h44 y5ea4 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93e h44 y5ea4 ff4 fs11 fc1 sc2 ls0 ws0\">9.110<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c7 h44 y5ea4 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11e3 h44 y5ea4 ff4 fs11 fc1 sc2 ls0 ws0\">14.064<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h44 y5ea5 ff4 fs11 fc1 sc2 ls0 ws0\">Esistenze iniziali<span class=\"_ _3a1\"> </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 class=\"t m2 x58e h44 y5ea6 ff4 fs11 fc1 sc2 ls0 ws0\">Variazioni riferite ai </td><td class=\"t m2 xad8 h44 y5ea7 ff4 fs11 fc1 sc2 ls0 ws0\">(3.630)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1449 h44 y5ea7 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a8 h44 y5ea7 ff4 fs11 fc1 sc2 ls0 ws0\">(2.771)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba3 h44 y5ea7 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcea h44 y5ea7 ff4 fs11 fc1 sc2 ls0 ws0\">(6.401)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcef h44 y5ea7 ff4 fs11 fc1 sc2 ls0 ws0\">(2.449)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d2 h44 y5ea7 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdde h44 y5ea7 ff4 fs11 fc1 sc2 ls0 ws0\">(3.795)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c7 h44 y5ea7 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1272 h44 y5ea7 ff4 fs11 fc1 sc2 ls0 ws0\">(6.244)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h44 y5ea8 ff4 fs11 fc1 sc2 ls0 ws0\">servizi attuali<span class=\"_ _3a1\"> </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 class=\"t m2 xae4 h44 y5ea9 ff4 fs11 fc1 sc0 ls0 ws0\">- Margine sui </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5eaa ff4 fs11 fc1 sc0 ls0 ws0\">servizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5eab ff4 fs11 fc1 sc0 ls0 ws0\">contrattuali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5eac ff4 fs11 fc1 sc0 ls0 ws0\">rilevato in conto </td><td class=\"c n x7e7 y5ead wccd h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(3.630)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x144a y5ead w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x144b y5ead wcce h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(2.771<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x144c y5ead w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x144d y5ead wccf h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(6.401<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x144e y5ead wcd0 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(2<span class=\"_ _1\"></span>.449)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x144f y5ead w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1450 y5ead wcd1 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(3.795)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1451 y5ead w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1452 y5ead wcd2 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(6.244)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y5eae ff4 fs11 fc1 sc0 ls0 ws0\">economico per </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5eaf ff4 fs11 fc1 sc0 ls0 ws0\">riflettere i servizi<span class=\"_ _3a1\"> </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 class=\"t m2 xae4 h44 y5eb0 ff4 fs11 fc1 sc0 ls0 ws0\">prestati </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5eb1 ff4 fs11 fc1 sc2 ls0 ws0\">Variazioni riferite ai </td><td class=\"t m2 x1453 h44 y5eb2 ff4 fs11 fc1 sc2 ls0 ws0\">7.947<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1449 h44 y5eb2 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e6 h44 y5eb2 ff4 fs11 fc1 sc2 ls0 ws0\">263<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba3 h44 y5eb2 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdda h44 y5eb2 ff4 fs11 fc1 sc2 ls0 ws0\">8.210<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1197 h44 y5eb2 ff4 fs11 fc1 sc2 ls0 ws0\">7.779<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d2 h44 y5eb2 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h44 y5eb2 ff4 fs11 fc1 sc2 ls0 ws0\">5.281<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c7 h44 y5eb2 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11e3 h44 y5eb2 ff4 fs11 fc1 sc2 ls0 ws0\">13.060<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h44 y5eb3 ff4 fs11 fc1 sc2 ls0 ws0\">servizi futuri<span class=\"_ _3a1\"> </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 class=\"t m2 xae4 h44 y5eb4 ff4 fs11 fc1 sc0 ls0 ws0\">- Variazioni delle<span class=\"_ _3a1\"> </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 class=\"t m2 xae4 h44 y5eb5 ff4 fs11 fc1 sc0 ls0 ws0\">stime che </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5eb6 ff4 fs11 fc1 sc0 ls0 ws0\">modificano il </td><td class=\"c n xca5 y5eb7 w486 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">1.022<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1454 y5eb7 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1455 y5eb7 wcd3 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">263<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1456 y5eb7 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1457 y5eb7 wcd4 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">1.2<span class=\"_ _1\"></span>85<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1458 y5eb7 wcd5 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">2.1<span class=\"_ _1\"></span>84<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1459 y5eb7 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x145a y5eb7 wcd6 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">5.281<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x145b y5eb7 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x145c y5eb7 wcd7 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">7.465<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y5eb8 ff4 fs11 fc1 sc0 ls0 ws0\">margine sui </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5eb9 ff4 fs11 fc1 sc0 ls0 ws0\">servizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5eba ff4 fs11 fc1 sc0 ls0 ws0\">contrattuali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5ebb ff4 fs11 fc1 sc0 ls0 ws0\">- Effetti dei </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5ebc ff4 fs11 fc1 sc0 ls0 ws0\">contratti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5ebd ff4 fs11 fc1 sc0 ls0 ws0\">inizialmente </td><td class=\"c n x145d y5ebe wcd8 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">6.925<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x145e y5ebe w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x145f y5ebe w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1460 y5ebe w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1461 y5ebe wcd9 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">6.92<span class=\"_ _1\"></span>5<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1462 y5ebe wcda h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">5.595<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1463 y5ebe w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1464 y5ebe w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1465 y5ebe w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1466 y5ebe wcda h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">5.595<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y5ebf ff4 fs11 fc1 sc0 ls0 ws0\">rilevati </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5ec0 ff4 fs11 fc1 sc0 ls0 ws0\">nell\u2019esercizio di<span class=\"_ _3a1\"> </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 class=\"t m2 xae4 h44 y5ec1 ff4 fs11 fc1 sc0 ls0 ws0\">riferimento </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5ec2 ff4 fs11 fc1 sc2 ls0 ws0\">Ricavi/costi<span class=\"_ _1\"></span> di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5ec3 ff4 fs11 fc1 sc2 ls0 ws0\">natura finanziaria </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5ec4 ff4 fs11 fc1 sc0 ls0 ws0\">1. Relativi ai<span class=\"_ _3a1\"> </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 class=\"t m2 xae4 h44 y5ec5 ff4 fs11 fc1 sc0 ls0 ws0\">contratti </td><td class=\"c n x1277 y5ec6 wcdb h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">503<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1467 y5ec6 w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1468 y5ec6 w893 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">34<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1469 y5ec6 w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x146a y5ec6 wcdc h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">537<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x146b y5ec6 w686 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">223<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x146c y5ec6 w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x146d y5ec6 wcdd h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x146e y5ec6 w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x146f y5ec6 wcde h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">22<span class=\"_ _1\"></span>9<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y5ec7 ff4 fs11 fc1 sc0 ls0 ws0\">assicurativi<span class=\"_ _3a1\"> </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 class=\"t m2 xae4 h44 y5ec8 ff4 fs11 fc1 sc0 ls0 ws0\">emessi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5ec9 ff4 fs11 fc1 sc0 ls0 ws0\">2. Effetti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5eca ff4 fs11 fc1 sc0 ls0 ws0\">connessi con le<span class=\"_ _3a1\"> </span></td><td class=\"c n xba6 y5ecb w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1470 y5ecb w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1471 y5ecb w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1472 y5ecb w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1473 y5ecb w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1474 y5ecb w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1475 y5ecb w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1476 y5ecb w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1477 y5ecb w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1478 y5ecb w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h44 y5ecc ff4 fs11 fc1 sc0 ls0 ws0\">variazioni dei </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h44 y5ecd ff4 fs11 fc1 sc0 ls0 ws0\">tassi di cambio </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y5ece wcdf h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">3. Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1479 y5ece wce0 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">50<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x147a y5ece w80a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x147b y5ece w893 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">34<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x147c y5ece w815 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x147d y5ece wcdc h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">537<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x147e y5ece w686 h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">223<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x147f y5ece w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1480 y5ece w89a h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1481 y5ece w81e h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1482 y5ece wcde h213\"><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">22<span class=\"_ _1\"></span>9<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h44 y5ecf ff4 fs11 fc1 sc2 ls0 ws0\">Altri movimenti<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12be h44 y5ecf ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1449 h44 y5ecf ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11a8 h44 y5ecf ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba3 h44 y5ecf ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h44 y5ecf ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc52 h44 y5ecf ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d2 h44 y5ecf ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x13e5 h44 y5ecf ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c7 h44 y5ecf ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x140f h44 y5ecf ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h44 y5ed0 ff4 fs11 fc1 sc2 ls0 ws0\">Totale variazioni<span class=\"_ _1\"></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 class=\"c x2d7 y5ed1 wce1 h215\"><div class=\"t m2 x2b3 h44 y5775 ff4 fs11 fc1 sc2 ls0 ws0\">riconosciute in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">conto economi<span class=\"_ _1\"></span>co e<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd76 h44 y5ed2 ff4 fs11 fc1 sc2 ls0 ws0\">4.820<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1449 h44 y5ed2 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a5 h44 y5ed2 ff4 fs11 fc1 sc2 ls0 ws0\">(2.474)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba3 h44 y5ed2 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xde8 h44 y5ed2 ff4 fs11 fc1 sc2 ls0 ws0\">2.346<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5a h44 y5ed2 ff4 fs11 fc1 sc2 ls0 ws0\">5.553<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d2 h44 y5ed2 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h44 y5ed2 ff4 fs11 fc1 sc2 ls0 ws0\">1.492<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c7 h44 y5ed2 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1251 h44 y5ed2 ff4 fs11 fc1 sc2 ls0 ws0\">7.045<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h44 y5ed3 ff4 fs11 fc1 sc2 ls0 ws0\">nel conto </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5ed4 ff4 fs11 fc1 sc2 ls0 ws0\">economico </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5ed5 ff4 fs11 fc1 sc2 ls0 ws0\">complessivo<span class=\"_ _3a1\"> </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 class=\"t m2 x58e h44 y5ed6 ff4 fs11 fc1 sc2 ls0 ws0\">Margine sui servizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h44 y5ed7 ff4 fs11 fc1 sc2 ls0 ws0\">contrattuali \u2013 </td><td class=\"t m2 xb99 h44 y5ed7 ff4 fs11 fc1 sc2 ls0 ws0\">15.327<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1449 h44 y5ed7 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a2 h44 y5ed7 ff4 fs11 fc1 sc2 ls0 ws0\">8.127<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba3 h44 y5ed7 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddb h44 y5ed7 ff4 fs11 fc1 sc2 ls0 ws0\">23.454<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x116f h44 y5ed7 ff4 fs11 fc1 sc2 ls0 ws0\">10.507<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d2 h44 y5ed7 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdde h44 y5ed7 ff4 fs11 fc1 sc2 ls0 ws0\">10.602<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c7 h44 y5ed7 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x121e h44 y5ed7 ff4 fs11 fc1 sc2 ls0 ws0\">21.109<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h44 y5ed8 ff4 fs11 fc1 sc2 ls0 ws0\">Rimanenze finali<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Dinamica d<span class=\"_ _2\"></span>ei ricavi assicurativi e del <span class=\"_ _2\"></span>margine sui <span class=\"_ _3b\"></span>servizi contra<span class=\"ls2 ws16\">ttuali dei contratti assicurativi <span class=\"ls3 ws17\">emessi ripartiti in ba<span class=\"_ _2\"></span>se ai </span></span>contratti esistenti al momento della transizione all\u2019<span class=\"_ _1\"></span>IFRS 17<span class=\"fc1 sc2 ls0 ws0\"> </span>Contratti d'investimento emessi<span class=\"ls6 ws1a\"> con elementi di <span class=\"_ _2\"></span>partecipazion<span class=\"ls7 ws1b\">e discrezionali - Segmento <span class=\"_ _2\"></span>Vita<span class=\"fc1 sc2 ls0 ws0\"> </span></span></span><table class=\"s wce2 h25a\" id=\"_c16edb60-1c6e-4671-8097-536b5f104444\"><tr><td></td><td></td><td></td><td class=\"c n x1483 y5ed9 wce3 h213\"><div class=\"t m0 x2b3 h44 y57b8 ff4 fs11 fc4 sc3 ls8 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n x1484 y5ed9 wce4 h213\"><div class=\"t m0 x2b3 h44 y57b8 ff4 fs11 fc4 sc3 ls9 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x1485 h44 y5eda ff4 fs11 fc4 sc3 lsa ws1c\">Nuovi contratti e </td><td class=\"t m0 x1486 h44 y5eda ff4 fs11 fc4 sc3 ls10 ws0\">Contratti </td><td class=\"t m0 x1487 h44 y5eda ff4 fs11 fc4 sc3 ls10 ws0\">Contratti </td><td></td><td></td><td class=\"t m0 x1488 h44 y5eda ff4 fs11 fc4 sc3 lsa ws1c\">Nuovi contratti e </td><td class=\"t m0 x1489 h44 y5eda ff4 fs11 fc4 sc3 ls10 ws0\">Contratti </td><td class=\"t m0 xe74 h44 y5eda ff4 fs11 fc4 sc3 ls10 ws0\">Contratti </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x148a h44 y5edb ff4 fs11 fc4 sc3 lsb ws0\">contratti </td><td class=\"t m0 x148b h44 y5edb ff4 fs11 fc4 sc3 lsc ws1d\">misurati alla </td><td class=\"t m0 x148c h44 y5edb ff4 fs11 fc4 sc3 ls11 ws0\">misurati </td><td></td><td></td><td class=\"t m0 x148d h44 y5edb ff4 fs11 fc4 sc3 lsb ws0\">contratti </td><td class=\"t m0 x148e h44 y5edb ff4 fs11 fc4 sc3 lsc ws1d\">misurati alla </td><td class=\"t m0 x148f h44 y5edb ff4 fs11 fc4 sc3 ls11 ws0\">misurati </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x1490 h44 y5edc ff4 fs11 fc4 sc3 lsc ws1d\">misurati alla </td><td class=\"t m0 x1491 h44 y5edc ff4 fs11 fc4 sc3 lsb ws1e\">data di </td><td class=\"t m0 x1492 h44 y5edc ff4 fs11 fc4 sc3 lse ws22\">alla data di </td><td class=\"t m0 x1493 h44 y5edd ff4 fs11 fc4 sc3 ls10 ws0\">Contratti </td><td></td><td class=\"t m0 x1494 h44 y5edc ff4 fs11 fc4 sc3 lsc ws1d\">misurati alla </td><td class=\"t m0 x1495 h44 y5edc ff4 fs11 fc4 sc3 lsb ws1e\">data di </td><td class=\"t m0 xe6e h44 y5edc ff4 fs11 fc4 sc3 lse ws22\">alla data di </td><td class=\"t m0 xe6d h44 y5edd ff4 fs11 fc4 sc3 ls10 ws0\">Contratti </td><td></td></tr><tr><td></td><td class=\"t m0 x1496 h44 y5ede ff4 fs11 fc4 sc3 lsb ws1e\">data di </td><td class=\"t m0 x1497 h44 y5ede ff4 fs11 fc4 sc3 lsa ws1f\">transizione con </td><td class=\"t m0 x1498 h44 y5ede ff4 fs11 fc4 sc3 ls12 ws0\">transizione </td><td class=\"t m0 x1499 h44 y5edf ff4 fs11 fc4 sc3 ls15 ws25\">oggetto di </td><td class=\"t m0 x149a h44 y5edf ff4 fs11 fc4 sc3 ls16 ws0\">Totale<span class=\"fc1 sc0 ls0\"> </span></td><td class=\"t m0 x149b h44 y5ede ff4 fs11 fc4 sc3 lsb ws1e\">data di </td><td class=\"t m0 x149c h44 y5ede ff4 fs11 fc4 sc3 lsa ws1f\">transizione con </td><td class=\"t m0 xe6e h44 y5ede ff4 fs11 fc4 sc3 ls12 ws0\">transizione </td><td class=\"t m0 x149d h44 y5edf ff4 fs11 fc4 sc3 ls15 ws25\">oggetto di </td><td class=\"t m0 x149e h44 y5edf ff4 fs11 fc4 sc3 ls16 ws0\">Totale<span class=\"fc1 sc0 ls0\"> </span></td></tr><tr><td></td><td class=\"t m0 x149f h44 y5ee0 ff4 fs11 fc4 sc3 lsa ws1f\">transizione con </td><td class=\"t m0 x1486 h44 y5ee0 ff4 fs11 fc4 sc3 lsd ws20\">il me<span class=\"_ _2\"></span>todo </td><td class=\"t m0 x14a0 h44 y5ee0 ff4 fs11 fc4 sc3 ls13 ws23\">con il </td><td class=\"t m0 x14a1 h44 y5ee1 ff4 fs11 fc4 sc3 ls12 ws0\">carve-out<span class=\"fc1 sc0 ls0\"> </span></td><td></td><td class=\"t m0 x14a2 h44 y5ee0 ff4 fs11 fc4 sc3 lsa ws1f\">transizione con </td><td class=\"t m0 x1489 h44 y5ee0 ff4 fs11 fc4 sc3 lsd ws20\">il me<span class=\"_ _2\"></span>todo </td><td class=\"t m0 x14a3 h44 y5ee0 ff4 fs11 fc4 sc3 ls13 ws23\">con il </td><td class=\"t m0 xe6d h44 y5ee1 ff4 fs11 fc4 sc3 ls12 ws0\">carve-out<span class=\"fc1 sc0 ls0\"> </span></td><td></td></tr><tr><td></td><td class=\"t m0 x14a4 h44 y5ee2 ff4 fs11 fc4 sc3 lsd ws20\">il me<span class=\"_ _2\"></span>todo </td><td class=\"t m0 x14a5 h44 y5ee2 ff4 fs11 fc4 sc3 lse ws0\">dell\u2019applicazione </td><td class=\"t m0 x148c h44 y5ee2 ff4 fs11 fc4 sc3 ls0 ws0\">metodo<span class=\"_ _2\"></span> </td><td></td><td></td><td class=\"t m0 x14a6 h44 y5ee2 ff4 fs11 fc4 sc3 lsd ws20\">il me<span class=\"_ _2\"></span>todo </td><td class=\"t m0 x14a7 h44 y5ee2 ff4 fs11 fc4 sc3 lse ws0\">dell\u2019applicazione </td><td class=\"t m0 x14a8 h44 y5ee2 ff4 fs11 fc4 sc3 ls0 ws0\">metodo<span class=\"_ _2\"></span> </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x1485 h44 y5ee3 ff4 fs11 fc4 sc3 lse ws0\">dell\u2019applicazione </td><td class=\"t m0 x14a9 h44 y5ee3 ff4 fs11 fc4 sc3 ls0 ws0\">retroatti<span class=\"_ _2\"></span>va </td><td class=\"t m0 x14aa h44 y5ee3 ff4 fs11 fc4 sc3 ls14 ws24\">del fair </td><td></td><td></td><td class=\"t m0 x1488 h44 y5ee3 ff4 fs11 fc4 sc3 lse ws0\">dell\u2019applicazione </td><td class=\"t m0 x14ab h44 y5ee3 ff4 fs11 fc4 sc3 ls0 ws0\">retroatti<span class=\"_ _2\"></span>va </td><td class=\"t m0 x14ac h44 y5ee3 ff4 fs11 fc4 sc3 ls14 ws24\">del fair </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x1485 h44 y5ee4 ff4 fs11 fc4 sc3 lsf ws21\">retroatti<span class=\"_ _2\"></span>va piena<span class=\"_ _3b\"></span><span class=\"fc1 sc0 ls0 ws0\"> </span></td><td class=\"t m0 x14ad h44 y5ee4 ff4 fs11 fc4 sc3 lsa ws0\">modificata <span class=\"fc1 sc0 ls0\"> </span></td><td class=\"t m0 x14a0 h44 y5ee4 ff4 fs11 fc4 sc3 ls13 ws0\">value<span class=\"fc1 sc0 ls0\"> </span></td><td></td><td></td><td class=\"t m0 x1488 h44 y5ee4 ff4 fs11 fc4 sc3 lsf ws21\">retroatti<span class=\"_ _2\"></span>va piena<span class=\"_ _3b\"></span><span class=\"fc1 sc0 ls0 ws0\"> </span></td><td class=\"t m0 x14ab h44 y5ee4 ff4 fs11 fc4 sc3 lsa ws0\">modificata <span class=\"fc1 sc0 ls0\"> </span></td><td class=\"t m0 x14a3 h44 y5ee4 ff4 fs11 fc4 sc3 ls13 ws0\">value<span class=\"fc1 sc0 ls0\"> </span></td><td></td><td></td></tr><tr><td class=\"t m0 xe6a h44 y5ee5 ff4 fs11 fc1 sc2 ls17 ws0\">Ricavi </td><td class=\"c n x14ae y5ee6 wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14af y5ee6 wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14b0 y5ee6 wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14b1 y5ee6 wce6 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls19 ws0\">5.960<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14b2 y5ee6 wce6 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls19 ws0\">5.960<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14b3 y5ee6 wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14b4 y5ee6 wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14b5 y5ee6 wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14b6 y5ee6 wce7 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls1a ws0\">4.406<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14b7 y5ee6 wce7 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls1a ws0\">4.406<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m0 xe6a h44 y5ee7 ff4 fs11 fc1 sc2 ls18 ws0\">assicurativ<span class=\"_ _2\"></span>i<span class=\"sc0 ls0\"> </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 class=\"t m0 xe6a h44 y5ee8 ff4 fs11 fc1 sc2 ls1b ws26\">Margine sui </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 xe6a h44 y5ee9 ff4 fs11 fc1 sc2 ls1c ws0\">servizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 xe6a h44 y5eea ff4 fs11 fc1 sc2 ls1 ws27\">contrattuali \u2013 </td><td class=\"c n x14ae y5eeb wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14af y5eeb wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14b0 y5eeb wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14b8 y5eeb wce8 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls1a ws0\">19.245<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14b9 y5eeb wce8 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls1a ws0\">19.245<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14ba y5eeb wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14bb y5eeb wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14bc y5eeb wce9 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14bd y5eeb wcea h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls1f ws0\">11.579<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14be y5eeb wceb h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls1f ws0\">11.579<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m0 xe6a h44 y5eec ff4 fs11 fc1 sc2 ls1d ws0\">Esistenze </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 xe6a h44 y5eed ff4 fs11 fc1 sc2 ls1e ws0\">iniziali<span class=\"sc0 ls0\"> </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 class=\"t m0 xe6a h44 y5eee ff4 fs11 fc1 sc2 ls13 ws0\">Variazioni </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 xe6a h44 y5eef ff4 fs11 fc1 sc2 ls0 ws28\">riferite a<span class=\"_ _2\"></span>i servi<span class=\"_ _2\"></span>zi </td><td class=\"c n x14ae y5ef0 wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14af y5ef0 wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14b0 y5ef0 wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14bf y5ef0 wcec h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls20 ws0\">(3.117)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14c0 y5ef0 wcec h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls20 ws0\">(3.117)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14c1 y5ef0 wce9 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14c2 y5ef0 wce9 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14c3 y5ef0 wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14c4 y5ef0 wced h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls20 ws0\">(2.173)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14c5 y5ef0 wced h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls20 ws0\">(2.173)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m0 xe6a h44 y5ef1 ff4 fs11 fc1 sc2 lsa ws0\">attuali<span class=\"sc0 ls0\"> </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 class=\"t m0 x14c6 h44 y5ef2 ff4 fs11 fc1 sc0 ls21 ws29\">- Margine sui </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5ef3 ff4 fs11 fc1 sc0 ls22 ws0\">servizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5ef4 ff4 fs11 fc1 sc0 ls23 ws0\">contrattuali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x14c7 y5ef6 wcee h25b\"><div class=\"t m0 x2b3 h44 y5ef5 ff4 fs11 fc1 sc0 ls24 ws2a\">rilevato in<span class=\"_ _3a1\"> </span></div><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls25 ws0\">conto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14ae y5ef6 wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14c8 y5ef6 wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14c9 y5ef6 wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14ca y5ef6 wcf0 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls29 ws0\">(3.117)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14cb y5ef6 wcf1 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls29 ws0\">(3.117)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14cc y5ef6 wcf2 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14cd y5ef6 wcf3 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14ce y5ef6 wcf2 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14cf y5ef6 wcf4 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls29 ws0\">(2.173)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14d0 y5ef6 wcf4 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls29 ws0\">(2.173)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m0 x14c6 h44 y5ef7 ff4 fs11 fc1 sc0 ls26 ws0\">economico </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5ef8 ff4 fs11 fc1 sc0 ls20 ws2b\">per riflettere </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5ef9 ff4 fs11 fc1 sc0 ls27 ws2c\">i servizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5efa ff4 fs11 fc1 sc0 ls24 ws0\">prestati </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 xe6a h44 y5efb ff4 fs11 fc1 sc2 ls13 ws0\">Variazioni </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 xe6a h44 y5efc ff4 fs11 fc1 sc2 ls0 ws28\">riferite a<span class=\"_ _2\"></span>i servi<span class=\"_ _2\"></span>zi </td><td class=\"c n x14ae y5efd wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14af y5efd wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14b0 y5efd wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14b1 y5efd wcf5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls1c ws0\">8.925<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14d1 y5efd wcf6 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls1c ws0\">8.925<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14d2 y5efd wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14d3 y5efd wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14d4 y5efd wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14d5 y5efd wcf7 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls1a ws0\">21.645<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14d6 y5efd wcf8 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls1a ws0\">21<span class=\"_ _1\"></span>.645<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m0 xe6a h44 y5efe ff4 fs11 fc1 sc2 ls2a ws0\">futuri<span class=\"sc0 ls0\"> </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 class=\"t m0 x14c6 h44 y5eff ff4 fs11 fc1 sc0 ls2b ws2d\">- Variazioni </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5f00 ff4 fs11 fc1 sc0 ls23 ws2e\">delle stime </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5f01 ff4 fs11 fc1 sc0 ls28 ws0\">che </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5f02 ff4 fs11 fc1 sc0 ls2c ws0\">modificano il<span class=\"_ _3a1\"> </span></td><td class=\"c n x14ae y5f03 wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14c8 y5f03 wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14c9 y5f03 wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14d7 y5f03 wcf9 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls2e ws0\">(1.918)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14d8 y5f03 wcf9 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls2e ws0\">(1.918)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14d9 y5f03 wcf3 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14da y5f03 wcf3 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14db y5f03 wcf3 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14dc y5f03 wcfa h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls2f ws0\">17.769<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14dd y5f03 wcfa h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls2f ws0\">17.769<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m0 x14c6 h44 y5f04 ff4 fs11 fc1 sc0 ls2d ws2f\">margine sui </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5f05 ff4 fs11 fc1 sc0 ls22 ws0\">servizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5f06 ff4 fs11 fc1 sc0 ls2c ws0\">contrattuali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5f07 ff4 fs11 fc1 sc0 ls30 ws30\">-<span class=\"_ _2de\"></span>- Effetti dei<span class=\"_ _3a1\"> </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 class=\"t m0 x14c6 h44 y5f08 ff4 fs11 fc1 sc0 ls26 ws0\">contratti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5f09 ff4 fs11 fc1 sc0 ls2c ws0\">inizialmente </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5f0a ff4 fs11 fc1 sc0 ls31 ws0\">rilevati </td><td class=\"c n x14ae y5f0b wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14c8 y5f0b wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14c9 y5f0b wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14de y5f0b wcfb h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls2a ws0\">10.843<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14df y5f0b wcfb h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls2a ws0\">10.843<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14e0 y5f0b wcf2 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14e1 y5f0b wcf3 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14e2 y5f0b wcf2 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14e3 y5f0b wcfc h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls33 ws0\">3.876<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14e4 y5f0b wcfd h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls33 ws0\">3.87<span class=\"_ _1\"></span>6<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m0 x14c6 h44 y5f0c ff4 fs11 fc1 sc0 ls32 ws0\">nell\u2019esercizio </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5f0d ff4 fs11 fc1 sc0 ls2c ws0\">di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5f0e ff4 fs11 fc1 sc0 ls29 ws0\">riferimento </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 xe6a h44 y5f0f ff4 fs11 fc1 sc2 lse ws22\">Ricavi/costi di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 xe6a h44 y5f10 ff4 fs11 fc1 sc2 ls34 ws0\">natur<span class=\"_ _1\"></span>a </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 xe6a h44 y5f11 ff4 fs11 fc1 sc2 ls35 ws0\">finanziaria <span class=\"sc0 ls0\"> </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 class=\"t m0 x14c6 h44 y5f12 ff4 fs11 fc1 sc0 ls36 ws31\">1.<span class=\"_ _2df\"></span>1. Relativ<span class=\"_ _37\"> </span>ai </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5f13 ff4 fs11 fc1 sc0 ls26 ws0\">contratti </td><td class=\"c n x14ae y5f14 wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14c8 y5f14 wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14c9 y5f14 wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14e5 y5f14 wcfe h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls37 ws0\">6<span class=\"_ _1\"></span>.066<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14e6 y5f14 wcff h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls37 ws0\">6.066<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14e7 y5f14 wcf2 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14e8 y5f14 wcf3 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14e9 y5f14 wcf2 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14ea y5f14 wd00 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls38 ws0\">(11.806)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14eb y5f14 wd01 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls38 ws0\">(11.806)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m0 x14c6 h44 y5f15 ff4 fs11 fc1 sc0 ls26 ws0\">assicurativi<span class=\"_ _3a1\"> </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 class=\"t m0 x14c6 h44 y5f16 ff4 fs11 fc1 sc0 ls1f ws0\">emessi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5f17 ff4 fs11 fc1 sc0 ls39 ws32\">2.<span class=\"_ _2e0\"></span><span class=\"_ _3a1\"> </span>2. Effett<span class=\"_ _3a1\"> </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 class=\"t m0 x14c6 h44 y5f18 ff4 fs11 fc1 sc0 ls3a ws33\">connessi con </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5f19 ff4 fs11 fc1 sc0 ls3b ws34\">le variazioni </td><td class=\"c n x14ae y5f1a wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14c8 y5f1a wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14c9 y5f1a wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14ec y5f1a wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14ed y5f1a wcf3 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14ee y5f1a wcf2 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14ef y5f1a wcf3 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14f0 y5f1a wcf2 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14f1 y5f1a wcf2 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14f2 y5f1a wcf2 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m0 x14c6 h44 y5f1b ff4 fs11 fc1 sc0 ls23 ws2e\">dei tassi di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 x14c6 h44 y5f1c ff4 fs11 fc1 sc0 ls3c ws0\">cambio </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x14c7 y5f1d wd02 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws28\">3.<span class=\"_ _2e0\"></span><span class=\"_ _3a1\"> </span>3. Total<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14f3 y5f1d wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14f4 y5f1d wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14f5 y5f1d wcef h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14f6 y5f1d wcff h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls37 ws0\">6.066<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14f7 y5f1d wcff h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls37 ws0\">6.066<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14f8 y5f1d wcf3 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14f9 y5f1d wcf2 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14fa y5f1d wcf3 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls28 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14fb y5f1d wd00 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls38 ws0\">(11.806)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14fc y5f1d wd00 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls38 ws0\">(11.806)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5f1e wd03 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls3d ws35\">Altri mov<span class=\"_ _2\"></span>imen<span class=\"_ _2\"></span>ti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14fd y5f1e wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14fe y5f1e wd04 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14ff y5f1e wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1500 y5f1e wd04 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1501 y5f1e wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1502 y5f1e wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1503 y5f1e wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1504 y5f1e wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1505 y5f1e wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1506 y5f1e wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m0 xe6a h44 y5f1f ff4 fs11 fc1 sc2 ls16 ws0\">Totale </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 xe6a h44 y5f20 ff4 fs11 fc1 sc2 ls1 ws0\">variazioni </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y5f21 wd05 h25b\"><div class=\"t m0 x2b3 h44 y5ef5 ff4 fs11 fc1 sc2 lsc ws36\">riconosciute in<span class=\"_ _3a1\"> </span></div><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls3e ws0\">conto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14ae y5f22 wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14af y5f22 wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14b0 y5f22 wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1507 y5f22 wd06 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls1f ws0\">11.874<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1508 y5f22 wd06 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls1f ws0\">11.874<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1509 y5f22 wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x150a y5f22 wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x150b y5f22 wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x150c y5f22 wd07 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls19 ws0\">7.666<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x150d y5f22 wd07 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls19 ws0\">7.666<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m0 xe6a h44 y5f23 ff4 fs11 fc1 sc2 ls3f ws37\">economico e </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 xe6a h44 y5f24 ff4 fs11 fc1 sc2 ls17 ws38\">nel conto </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 xe6a h44 y5f25 ff4 fs11 fc1 sc2 ls40 ws0\">economico </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 xe6a h44 y5f26 ff4 fs11 fc1 sc2 ls17 ws0\">complessivo<span class=\"sc0 ls0\"> </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 class=\"t m0 xe6a h44 y5f27 ff4 fs11 fc1 sc2 ls1b ws26\">Margine sui </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 xe6a h44 y5f28 ff4 fs11 fc1 sc2 ls1c ws0\">servizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 xe6a h44 y5f29 ff4 fs11 fc1 sc2 ls1 ws27\">contrattuali \u2013 </td><td class=\"c n x14ae y5f2a wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14af y5f2a wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x14b0 y5f2a wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x150e y5f2a wd08 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls42 ws0\">31.119<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x150f y5f2a wd09 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls42 ws0\">31.119<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1510 y5f2a wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1511 y5f2a wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1512 y5f2a wce5 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1513 y5f2a wd0a h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls1a ws0\">19.245<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1514 y5f2a wcf8 h213\"><div class=\"t m0 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls1a ws0\">19.<span class=\"_ _1\"></span>245<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m0 xe6a h44 y5f2b ff4 fs11 fc1 sc2 ls9 ws0\">Rimanenze </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m0 xe6a h44 y5f2c ff4 fs11 fc1 sc2 ls41 ws0\">finali<span class=\"sc0 ls0\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Element<span class=\"_ _1\"></span>i sottostante alla misurazione <span class=\"_ _1\"></span>dei contratti di ass<span class=\"_ _1\"></span>icurazione emessi iscr<span class=\"_ _1\"></span>itti nell'esercizio<span class=\"fc1 sc2\"> </span>Contratti <span class=\"_ _1\"></span>assicurativi emessi con elem<span class=\"_ _1\"></span>enti di partecipazione dire<span class=\"_ _1\"></span>tta - Segmento Vita<span class=\"fc1 sc2\"> </span><table class=\"s wd0b h25c\" id=\"_f32647c4-29bd-4972-bede-33e500cb801c\"><tr><td></td><td></td><td></td><td class=\"t m2 x1515 h12 y5f2d ff4 fs7 fc4 sc3 ls0 ws0\">Contratti originati<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 x935 h12 y5f2d ff4 fs7 fc4 sc3 ls0 ws0\">Contratti originati<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"t m2 xd55 h12 y5f2e ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Gruppi di contratti<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 x116c h12 y5f2f ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xcee h12 y5f2f ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">31/12/2023<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"t m2 xc5a h12 y5f30 ff4 fs7 fc4 sc3 ls0 ws0\">Contratti </td><td></td><td class=\"t m2 x138b h12 y5f30 ff4 fs7 fc4 sc3 ls0 ws0\">Contratti </td><td></td><td class=\"t m2 x130e h12 y5f30 ff4 fs7 fc4 sc3 ls0 ws0\">Contratti </td><td class=\"t m2 x9d6 h12 y59fa ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">Contratti </td><td></td></tr><tr><td></td><td class=\"t m2 x92f h12 y5f31 ff4 fs7 fc4 sc3 ls0 ws0\">onerosi<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x99f h12 y5f31 ff4 fs7 fc4 sc3 ls0 ws0\">non onerosi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11a9 h12 y5f32 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc64 h12 y5f31 ff4 fs7 fc4 sc3 ls0 ws0\">onerosi<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc57 h12 y5f32 ff4 fs7 fc4 sc3 ls0 ws0\">non </td><td class=\"t m2 x1189 h12 y5f32 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5f33 ff4 fs7 fc1 sc2 ls0 ws0\">A. Stima del valore attuale dei flussi </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x9a1 h12 y5f34 ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">onerosi<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f35 ff4 fs7 fc1 sc2 ls0 ws0\">finanziari futuri in uscita<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y5f36 wd0c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Costi di acquisizi<span class=\"_ _2\"></span>one dei contratti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1516 y5f36 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1517 y5f36 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1518 y5f36 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1519 y5f36 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x151a y5f36 wd0d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">390<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x151b y5f36 wd0d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">390<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h12 y5f37 ff4 fs7 fc1 sc0 ls0 ws0\">2. Importo dei sinistri<span class=\"_ _2\"></span> e altri costi </td><td></td><td class=\"c n x151c y5f38 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x151d y5f38 wd0e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.026.512<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x151e y5f38 wd0f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.026.512<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x151f y5f38 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1520 y5f38 wa9a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">617.690<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1521 y5f38 wa9a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">617.690<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h12 y5f39 ff4 fs7 fc1 sc0 ls0 ws0\">direttamente attribui<span class=\"_ _2\"></span>bili </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y5f3a wd10 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1522 y5f3a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1523 y5f3a wd0e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.026.512<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1524 y5f3a wd0f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.026.512<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1525 y5f3a w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1526 y5f3a wd11 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">618.080<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1527 y5f3a wd12 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">618.080<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5f3b ff4 fs7 fc1 sc2 ls0 ws0\">B. Stima del valore attuale dei flussi </td><td></td><td class=\"c n x151c y5f3c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1528 y5f3c wd13 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(1.098.426)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1529 y5f3c wd13 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(1.098.426)<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x152a y5f3c w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x152b y5f3c wd14 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(674.240)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x152c y5f3c wd15 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(67<span class=\"_ _1\"></span>4.240)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5f3d ff4 fs7 fc1 sc2 ls0 ws0\">finanziari futuri in entrata<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f3e ff4 fs7 fc1 sc2 ls0 ws0\">C. Stima del valore attuale netto dei flussi </td><td></td><td class=\"t m2 x8e6 h12 y5f3f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88c h12 y5f3f ff4 fs7 fc1 sc2 ls0 ws0\">(71.914)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x133b h12 y5f3f ff4 fs7 fc1 sc2 ls0 ws0\">(71.914)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7bd h12 y5f3f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a0 h12 y5f3f ff4 fs7 fc1 sc2 ls0 ws0\">(56.160)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xee0 h12 y5f3f ff4 fs7 fc1 sc2 ls0 ws0\">(56.160)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5f40 ff4 fs7 fc1 sc2 ls0 ws0\">finanziari futuri (A-B)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f41 ff4 fs7 fc1 sc2 ls0 ws0\">D. Stima aggiustamento per i rischi non </td><td></td><td class=\"c n x151c y5f42 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x152d y5f42 wd16 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.446<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x152e y5f42 wd16 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.446<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x152f y5f42 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1530 y5f42 wd17 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.628<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1531 y5f42 wd18 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.628<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5f43 ff4 fs7 fc1 sc2 ls0 ws0\">finanziari<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x58e y5f44 w1e6 h11\"><div class=\"t m2 x0 h12 y2d9 ff4 fs7 fc1 sc2 ls0 ws0\">E. Eliminazione contabile di </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f45 ff4 fs7 fc1 sc2 ls0 ws0\">attivit\u00e0/passivit\u00e0 gi\u00e0 iscritte a fronte di </td><td></td><td class=\"c n x151c y5f46 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1532 y5f46 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1533 y5f46 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x151f y5f46 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1534 y5f46 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1535 y5f46 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5f47 ff4 fs7 fc1 sc2 ls0 ws0\">flussi finanziari connessi con i contr<span class=\"_ _2\"></span>atti di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f48 ff4 fs7 fc1 sc2 ls0 ws0\">assicurazione emessi<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f49 ff4 fs7 fc1 sc2 ls0 ws0\">F. Margine sui servizi contrattuali<span class=\"_ _3a1\"> </span></td><td></td><td class=\"c n x1536 y5f4a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1537 y5f4a wd19 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">57.467<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1538 y5f4a wd19 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">57.467<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1539 y5f4a w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x153a y5f4a wd1a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>2.534<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x153b y5f4a wd1b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">52.534<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x2d7 y5f4b wd1c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">G.<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x153c h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">Aumento incluso nella passivit\u00e0 pe<span class=\"_ _2\"></span>r<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f4c ff4 fs7 fc1 sc2 ls0 ws0\">contratti di assicurazione emessi </td><td></td><td class=\"t m2 x8e6 h12 y5f4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd9 h12 y5f4c ff4 fs7 fc1 sc2 ls0 ws0\">(1)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x95f h12 y5f4c ff4 fs7 fc1 sc2 ls0 ws0\">(1)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7bd h12 y5f4c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d7 h12 y5f4c ff4 fs7 fc1 sc2 ls0 ws0\">2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x153d h12 y5f4c ff4 fs7 fc1 sc2 ls0 ws0\">2<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5f4d ff4 fs7 fc1 sc2 ls0 ws0\">nell'esercizio (C+D+E+F)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Element<span class=\"_ _1\"></span>i sottostante alla misurazione <span class=\"_ _1\"></span>dei contratti di ass<span class=\"_ _1\"></span>icurazione emessi iscr<span class=\"_ _1\"></span>itti nell'esercizio<span class=\"fc1 sc2\"> </span>Contratti <span class=\"_ _1\"></span>assicurativi emessi senza e<span class=\"_ _1\"></span>lementi di partecipazione<span class=\"_ _1\"></span> diretta - Segmento Vita<span class=\"fc1 sc2\"> </span><table class=\"s wd1d h25d\" id=\"_05ae6f73-3a21-4f13-8406-01679ca55f77\"><tr><td></td><td></td><td class=\"t m2 x11a8 h12 y5f4e ff4 fs7 fc4 sc3 ls0 ws0\">Contratti originati<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 x935 h12 y5f4e ff4 fs7 fc4 sc3 ls0 ws0\">Contratti originati<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"t m2 x153e h12 y5f4f ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Gruppi di contratti<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x138b h12 y5f50 ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">31/12/2024<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xcee h12 y5f50 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x1153 h12 y5f51 ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">Contratti </td><td></td><td class=\"t m2 x9d6 h12 y5f51 ff4 fs7 fc4 sc3 ls0 ws0\">Contratti </td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x92f h12 y5f52 ff4 fs7 fc4 sc3 ls0 ws0\">Contratti </td><td></td><td class=\"t m2 x93c h12 y5f53 ff4 fs7 fc4 sc3 ls0 ws0\">non </td><td class=\"t m2 xeb7 h12 y5f53 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x130e h12 y5f52 ff4 fs7 fc4 sc3 ls0 ws0\">Contratti </td><td class=\"t m2 xc57 h12 y5f53 ff4 fs7 fc4 sc3 ls0 ws0\">non </td><td class=\"t m2 x1189 h12 y5f53 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 xc65 h12 y5f54 ff4 fs7 fc4 sc3 ls0 ws0\">onerosi<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 xc64 h12 y5f54 ff4 fs7 fc4 sc3 ls0 ws0\">onerosi<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"c x58e y5f55 w1e7 h11\"><div class=\"t m2 x0 h12 y2ee ff4 fs7 fc1 sc2 ls0 ws0\">A. Stima del valore attuale dei flussi </div></td><td></td><td class=\"t m2 x9a6 h12 y5f56 ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">onerosi<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x810 h12 y5f56 ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">onerosi<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f57 ff4 fs7 fc1 sc2 ls0 ws0\">finanziari futuri in uscita<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y5f58 wd0c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Costi di acquisizi<span class=\"_ _2\"></span>one dei contratti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x153f y5f58 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1540 y5f58 wd1e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.682<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1541 y5f58 w707 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.682<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1542 y5f58 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1543 y5f58 w451 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.098<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1544 y5f58 w451 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.098<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c xae4 y5f59 w1e8 h11\"><div class=\"t m2 x0 h12 y8e ff4 fs7 fc1 sc0 ls0 ws0\">2. Importo dei sinistri<span class=\"_ _2\"></span> e altri costi </div></td><td></td><td class=\"c n x1545 y5f5a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1546 y5f5a wd1f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.901<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1547 y5f5a wa3f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.901<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1548 y5f5a wd20 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">815<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1549 y5f5a wd21 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">19.210<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x154a y5f5a wd22 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">20.025<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h12 y5f5b ff4 fs7 fc1 sc0 ls0 ws0\">direttamente attribui<span class=\"_ _2\"></span>bili </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y5f5c wd10 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x154b y5f5c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x154c y5f5c wd23 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">16.583<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x154d y5f5c wd24 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">16.583<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x154e y5f5c wd25 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">815<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x154f y5f5c wd26 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">21.308<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1550 y5f5c wc09 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">22.123<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5f5d ff4 fs7 fc1 sc2 ls0 ws0\">B. Stima del valore attuale dei flussi </td><td></td><td class=\"c n x1545 y5f3c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1551 y5f3c wd27 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(23.790)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1552 y5f3c wd27 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(23.790)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1553 y5f3c wd28 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(857)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1554 y5f3c wd29 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(27.325)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1555 y5f3c wd2a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(28.182)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5f5e ff4 fs7 fc1 sc2 ls0 ws0\">finanziari futuri in entrata<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f5f ff4 fs7 fc1 sc2 ls0 ws0\">C. Stima del valore attuale netto dei flussi </td><td></td><td class=\"t m2 x7c2 h12 y5f60 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7df h12 y5f60 ff4 fs7 fc1 sc2 ls0 ws0\">(7.207)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x120a h12 y5f60 ff4 fs7 fc1 sc2 ls0 ws0\">(7.207)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe21 h12 y5f60 ff4 fs7 fc1 sc2 ls0 ws0\">(42)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad2 h12 y5f60 ff4 fs7 fc1 sc2 ls0 ws0\">(6.017)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1271 h12 y5f60 ff4 fs7 fc1 sc2 ls0 ws0\">(6.059)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5f61 ff4 fs7 fc1 sc2 ls0 ws0\">finanziari futuri (A-B)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f62 ff4 fs7 fc1 sc2 ls0 ws0\">D. Stima aggiustamento per i rischi non </td><td></td><td class=\"c n x1545 y5f42 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1556 y5f42 w479 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">283<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1557 y5f42 w479 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">283<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1558 y5f42 w6c0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1559 y5f42 wd2b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">400<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x155a y5f42 wd2c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">424<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5f63 ff4 fs7 fc1 sc2 ls0 ws0\">finanziari<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f64 ff4 fs7 fc1 sc2 ls0 ws0\">E. Eliminazione contabile di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f65 ff4 fs7 fc1 sc2 ls0 ws0\">attivit\u00e0/passivit\u00e0 gi\u00e0 iscritte a fronte di </td><td></td><td class=\"c n x1545 y5f66 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x155b y5f66 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x155c y5f66 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x155d y5f66 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x155e y5f66 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x155f y5f66 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5f67 ff4 fs7 fc1 sc2 ls0 ws0\">flussi finanziari connessi con i contr<span class=\"_ _2\"></span>atti di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f68 ff4 fs7 fc1 sc2 ls0 ws0\">assicurazione emessi<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f69 ff4 fs7 fc1 sc2 ls0 ws0\">F. Margine sui servizi contrattuali<span class=\"_ _3a1\"> </span></td><td></td><td class=\"c n x1560 y5f4a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1561 y5f4a wb1f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.925<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1562 y5f4a wd2d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.925<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1563 y5f4a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1564 y5f4a wd2e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.595<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1565 y5f4a wd2f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.595<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5f6a ff4 fs7 fc1 sc2 ls0 ws0\">G. Aumento incluso nella passivit\u00e0 pe<span class=\"_ _2\"></span>r </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f6b ff4 fs7 fc1 sc2 ls0 ws0\">contratti di assicurazione emessi </td><td></td><td class=\"t m2 x7c2 h12 y5f6b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e7 h12 y5f6b ff4 fs7 fc1 sc2 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d4 h12 y5f6b ff4 fs7 fc1 sc2 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xde9 h12 y5f6b ff4 fs7 fc1 sc2 ls0 ws0\">(18)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e3 h12 y5f6b ff4 fs7 fc1 sc2 ls0 ws0\">(22)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc59 h12 y5f6b ff4 fs7 fc1 sc2 ls0 ws0\">(40)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5f6c ff4 fs7 fc1 sc2 ls0 ws0\">nell'esercizio (C+D+E+F)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Element<span class=\"_ _1\"></span>i sottostante alla misurazione <span class=\"_ _1\"></span>dei contratti di ass<span class=\"_ _1\"></span>icurazione emessi iscr<span class=\"_ _1\"></span>itti nell'esercizio<span class=\"fc1 sc2\"> </span>Contratti <span class=\"_ _1\"></span>d'investimento emess<span class=\"_ _1\"></span>i con elementi di partecipazione discr<span class=\"_ _1\"></span>ezionali - Segmento <span class=\"_ _1\"></span>Vita<span class=\"fc1 sc2\"> </span>Contratti originati<span class=\"_ _3a1\"> </span>Contratti originati<span class=\"_ _3a1\"> </span><table class=\"s wd30 h25e\" id=\"_283392cd-b8ff-4d10-b164-569a0a45d26c\"><tr><td class=\"t m2 x153e h12 y5f6d ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Gruppi di contratti<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 x933 h12 y5f6d ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 xcee h12 y5f6d ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"t m2 x92f h12 y5f6e ff4 fs7 fc4 sc3 ls0 ws0\">Contratti </td><td></td><td class=\"t m2 x1410 h12 y5f6f ff4 fs7 fc4 sc3 ls0 ws0\">Contratti </td><td></td><td class=\"t m2 x130e h12 y5f6e ff4 fs7 fc4 sc3 ls0 ws0\">Contratti </td><td></td><td class=\"t m2 x9d6 h12 y5f6f ff4 fs7 fc4 sc3 ls0 ws0\">Contratti </td><td></td></tr><tr><td></td><td class=\"t m2 xc65 h12 y5f70 ff4 fs7 fc4 sc3 ls0 ws0\">onerosi<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x93c h12 y5f71 ff4 fs7 fc4 sc3 ls0 ws0\">non </td><td class=\"t m2 x11a9 h12 y5f71 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc64 h12 y5f70 ff4 fs7 fc4 sc3 ls0 ws0\">onerosi<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc57 h12 y5f71 ff4 fs7 fc4 sc3 ls0 ws0\">non </td><td class=\"t m2 x1189 h12 y5f71 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5f72 ff4 fs7 fc1 sc2 ls0 ws0\">A. Stima del valore attuale dei flussi </td><td></td><td></td><td class=\"t m2 x12fb h12 y5f73 ff4 fs7 fc4 sc3 ls0 ws0\">onerosi<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x810 h12 y5f73 ff4 fs7 fc4 sc3 ls0 ws0\">onerosi<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f74 ff4 fs7 fc1 sc2 ls0 ws0\">finanziari futuri in uscita<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y5f36 wd0c h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Costi di acquisizi<span class=\"_ _2\"></span>one dei contratti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1566 y5f36 w6cb h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1567 y5f36 wd31 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1568 y5f36 wd32 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1569 y5f36 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x156a y5f36 w405 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">17<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x156b y5f36 w405 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">17<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c xadb y5f75 wd33 h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Importo dei<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x156c h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">sinistri e altri costi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x156d y5f38 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x156e y5f38 wd34 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">182.435<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x156f y5f38 wd35 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">182.435<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1570 y5f38 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1571 y5f38 wd36 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>4.712<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1572 y5f38 wd37 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">54.712<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h12 y5f76 ff4 fs7 fc1 sc0 ls0 ws0\">direttamente attribui<span class=\"_ _2\"></span>bili </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y5f3a wd38 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1573 y5f3a w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1574 y5f3a wd39 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">182.<span class=\"_ _2\"></span>441<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1575 y5f3a wd3a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">182.441<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1576 y5f3a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1577 y5f3a wa45 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">54.729<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1578 y5f3a wa45 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">54.729<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5f77 ff4 fs7 fc1 sc2 ls0 ws0\">B. Stima del valore attuale dei flussi </td><td></td><td class=\"c n x156d y5f3c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1579 y5f3c wd3b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(193.816)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x157a y5f3c wd3c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(193<span class=\"_ _1\"></span>.816)<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x157b y5f3c w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x157c y5f3c wd3d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(58.862)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x157d y5f3c wd3e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(58.862)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5f78 ff4 fs7 fc1 sc2 ls0 ws0\">finanziari futuri in entrata<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y5f79 wd3f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">C. Stima del<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x12bd h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">valore attuale netto dei <span class=\"_ _2\"></span>flussi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x940 h12 y5f7a ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1323 h12 y5f7a ff4 fs7 fc1 sc2 ls0 ws0\">(11.375)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x133b h12 y5f7a ff4 fs7 fc1 sc2 ls0 ws0\">(11.375)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7bd h12 y5f7a ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad2 h12 y5f7a ff4 fs7 fc1 sc2 ls0 ws0\">(4.133)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x874 h12 y5f7a ff4 fs7 fc1 sc2 ls0 ws0\">(4.133)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5f7b ff4 fs7 fc1 sc2 ls0 ws0\">finanziari futuri (A-B)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f7c ff4 fs7 fc1 sc2 ls0 ws0\">D. Stima aggiustamento per i rischi non </td><td></td><td class=\"c n x156d y5f42 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x157e y5f42 wd40 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">532<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x157f y5f42 wd40 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">532<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1580 y5f42 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1581 y5f42 wd41 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">257<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1582 y5f42 wd41 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">257<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5f7d ff4 fs7 fc1 sc2 ls0 ws0\">finanziari<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f7e ff4 fs7 fc1 sc2 ls0 ws0\">E. Eliminazione contabile di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f7f ff4 fs7 fc1 sc2 ls0 ws0\">attivit\u00e0/passivit\u00e0 gi\u00e0 iscritte a fronte di </td><td></td><td class=\"c n x156d y5f46 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1583 y5f46 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1584 y5f46 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1585 y5f46 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1586 y5f46 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1587 y5f46 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5f80 ff4 fs7 fc1 sc2 ls0 ws0\">flussi finanziari connessi con i contr<span class=\"_ _2\"></span>atti di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f81 ff4 fs7 fc1 sc2 ls0 ws0\">assicurazione emessi<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f82 ff4 fs7 fc1 sc2 ls0 ws0\">F. Margine sui servizi contrattuali<span class=\"_ _3a1\"> </span></td><td></td><td class=\"c n x1588 y5f4a w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1589 y5f4a wd42 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10.843<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x158a y5f4a wd43 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10.843<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x158b y5f4a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x158c y5f4a wd44 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.876<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x158d y5f4a wd45 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>.876<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5f83 ff4 fs7 fc1 sc2 ls0 ws0\">G. Aumento incluso nella passivit\u00e0 pe<span class=\"_ _2\"></span>r </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5f84 ff4 fs7 fc1 sc2 ls0 ws0\">contratti di assicurazione emessi </td><td></td><td class=\"t m2 x940 h12 y5f84 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112d h12 y5f84 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x941 h12 y5f84 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7bd h12 y5f84 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x138d h12 y5f84 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h12 y5f84 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5f85 ff4 fs7 fc1 sc2 ls0 ws0\">nell'esercizio (C+D+E+F)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Riserve tecniche<span class=\"_ _1\"></span> di cui all\u2019articolo 10 <span class=\"_ _1\"></span>del Regolamento ISVAP n. 7 del 13 <span class=\"_ _1\"></span>luglio 2007<span class=\"_ _3a1\"> </span><table class=\"s wd46 h25f\" id=\"_3c71d1ac-20be-4251-aa42-4c7e6b4ea90f\"><tr><td></td><td class=\"t m2 x811 h12 y5f86 ff4 fs7 fc4 sc3 ls0 ws0\">Importo<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x138d h12 y5f87 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5f88 ff4 fs7 fc1 sc2 ls0 ws0\">C. Riserve tecniche<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad4 h12 y5f88 ff4 fs7 fc1 sc2 ls0 ws0\">5.061.457<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xadb y5f89 wd47 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">I. Ramo Danni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x158e y5f89 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x823 y5f8a wd48 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Riserva premi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x158f y5f8a w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x823 y5f8b wd49 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Riserva sinistri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1590 y5f8b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x823 y5f8c wd4a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Riserva per parteci<span class=\"_ _2\"></span>pazione agli util<span class=\"_ _2\"></span>i e ristorni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1591 y5f8c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x823 y5db6 wd4b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Altre riserve tecnic<span class=\"_ _2\"></span>he<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1592 y5db6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x823 y5f8d wd4c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Riserve di perequ<span class=\"_ _2\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1592 y5f8d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h12 y5f8e ff4 fs7 fc1 sc2 ls0 ws0\">II. Ramo vita<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad4 h12 y5f8e ff4 fs7 fc1 sc2 ls0 ws0\">5.061.457<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x823 y5f8f wd4d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Riserve matemat<span class=\"_ _2\"></span>iche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1593 y5f8f wd4e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.989.493<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x823 y5f90 wd4f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Riserva premi de<span class=\"_ _2\"></span>lle assicurazioni c<span class=\"_ _2\"></span>omplementari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1594 y5f90 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x823 y5f91 wd50 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Riserve per somme da p<span class=\"_ _3b\"></span>agare<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1595 y5f91 wd51 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>0.931<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x823 y5f92 wd52 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Riserva per partec<span class=\"_ _2\"></span>ipazione agli uti<span class=\"_ _2\"></span>li e ristorni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1596 y5f92 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x823 y5f93 wd53 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Altre riserve tecniche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1597 y5f93 wd54 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.033<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5f94 ff4 fs7 fc1 sc2 ls0 ws0\">D. Riserve tecniche allorch\u00e9 il rischio de<span class=\"_ _2\"></span>ll'investimento \u00e8 sopportato dagli assicurati e riserve derivan<span class=\"_ _2\"></span>ti dalla </td><td class=\"t m2 xad4 h12 y5f95 ff4 fs7 fc1 sc2 ls0 ws0\">4.731.286<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5f96 ff4 fs7 fc1 sc2 ls0 ws0\">gestione dei fondi pensione<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"c n xadb y5f97 wd55 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">I. Riserve relative a c<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>ntratti le cui prestazi<span class=\"_ _2\"></span>oni sono connesse c<span class=\"_ _2\"></span>on fondi di investimento e <span class=\"_ _2\"></span>indici di mercato<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1598 y5f97 wd56 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.204<span class=\"_ _2\"></span>.803<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xadb y539f wd57 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">II. Riserve derivanti dal<span class=\"_ _2\"></span>la gestione dei fond<span class=\"_ _2\"></span>i pensione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1599 y539f w6ff h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">526.483<span class=\"_ _3a1\"> </span></div></td></tr></table>Contratti <span class=\"_ _1\"></span>assicurativi emessi - Margine<span class=\"_ _1\"></span> sui servizi contratt<span class=\"_ _1\"></span>uali ripartito per tempi at<span class=\"_ _1\"></span>tesi di registrazione <span class=\"_ _1\"></span>in conto economico<span class=\"_ _3a1\"> </span><table class=\"s wd58 h260\" id=\"_87c2e029-4492-449d-ae2a-9dcfa7d7b9ea\"><tr><td class=\"t m2 x159a h8e y5f98 ff4 fs18 fc4 sc3 ls0 ws0\">Basi di </td><td></td><td class=\"t m2 x112b h8e y5f98 ff4 fs18 fc4 sc3 ls0 ws0\">Da oltre 1 </td><td class=\"t m2 x12b9 h8e y5f99 ff4 fs18 fc4 sc3 ls0 ws0\">Da oltre </td><td class=\"t m2 x9a6 h8e y5f99 ff4 fs18 fc4 sc3 ls0 ws0\">Da oltre </td><td class=\"t m2 x1186 h8e y5f99 ff4 fs18 fc4 sc3 ls0 ws0\">Da oltre </td><td class=\"t m2 x9d4 h8e y5f99 ff4 fs18 fc4 sc3 ls0 ws0\">Da oltre </td><td class=\"t m2 xde9 h8e y5f99 ff4 fs18 fc4 sc3 ls0 ws0\">Da oltre </td><td></td><td></td></tr><tr><td class=\"t m2 x800 h8e y5f9a ff4 fs18 fc4 sc3 ls0 ws0\">aggregazione/Te<span class=\"_ _2\"></span>mpi di </td><td class=\"t m2 xd43 h8e y5f9b ff4 fs18 fc4 sc3 ls0 ws0\">Fino a 1 </td><td class=\"t m2 x112b h8e y5f9a ff4 fs18 fc4 sc3 ls0 ws0\">anno fino </td><td class=\"t m2 xce9 h8e y5f9b ff4 fs18 fc4 sc3 ls0 ws0\">2 anni </td><td class=\"t m2 x938 h8e y5f9b ff4 fs18 fc4 sc3 ls0 ws0\">3 anni </td><td class=\"t m2 x88d h8e y5f9b ff4 fs18 fc4 sc3 ls0 ws0\">4 anni </td><td class=\"t m2 x159b h8e y5f9b ff4 fs18 fc4 sc3 ls0 ws0\">5 anni </td><td class=\"t m2 x7bf h8e y5f9b ff4 fs18 fc4 sc3 ls0 ws0\">10 anni </td><td class=\"t m2 xad2 h8e y5f9b ff4 fs18 fc4 sc3 ls0 ws0\">Oltre 20 </td><td class=\"t m2 xee0 h8e y5f9a ff4 fs18 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x159a h8e y5f9c ff4 fs18 fc4 sc3 ls0 ws0\">attesa<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d6 h8e y5f9d ff4 fs18 fc4 sc3 ls0 ws0\">anno<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba5 h8e y5f9c ff4 fs18 fc4 sc3 ls0 ws0\">a 2 anni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cc h8e y5f9d ff4 fs18 fc4 sc3 ls0 ws0\">fino a 3 </td><td class=\"t m2 x1442 h8e y5f9d ff4 fs18 fc4 sc3 ls0 ws0\">fino a 4 </td><td class=\"t m2 x116d h8e y5f9d ff4 fs18 fc4 sc3 ls0 ws0\">fino a 5 </td><td class=\"t m2 x941 h8e y5f9d ff4 fs18 fc4 sc3 ls0 ws0\">fino a 10 </td><td class=\"t m2 xe21 h8e y5f9d ff4 fs18 fc4 sc3 ls0 ws0\">fino a 20 </td><td class=\"t m2 x140d h8e y5f9d ff4 fs18 fc4 sc3 ls0 ws0\">anni<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x9a5 h8e y5f9e ff4 fs18 fc4 sc3 ls0 ws0\">anni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93c h8e y5f9e ff4 fs18 fc4 sc3 ls0 ws0\">anni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x873 h8e y5f9e ff4 fs18 fc4 sc3 ls0 ws0\">anni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xace h8e y5f9e ff4 fs18 fc4 sc3 ls0 ws0\">anni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce3 h8e y5f9e ff4 fs18 fc4 sc3 ls0 ws0\">anni<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5f9f wd59 h21e\"><div class=\"t m2 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">Segmento Vita<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x159c y5f9f wd5a h21e\"><div class=\"t m2 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">11,66%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x159d y5f9f wd5b h21e\"><div class=\"t m2 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">10,40%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x159e y5f9f wd5c h21e\"><div class=\"t m2 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">8,99%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x159f y5f9f wd5d h21e\"><div class=\"t m2 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">7,90%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15a0 y5f9f wd5e h21e\"><div class=\"t m2 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">6,95%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15a1 y5f9f wd5f h21e\"><div class=\"t m2 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">24,61%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15a2 y5f9f w8fb h21e\"><div class=\"t m2 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">22,04%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15a3 y5f9f wd60 h21e\"><div class=\"t m2 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">7,45%</div></td><td class=\"t m2 xee0 h8e y5fa0 ff4 fs18 fc1 sc2 ls0 ws0\">100,00%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h8e y5fa1 ff4 fs18 fc1 sc0 ls0 ws0\">Segmento Da<span class=\"_ _2\"></span>nni<span class=\"_ _3a1\"> </span></td><td class=\"c n xb31 y54f9 wd61 h21f\"><div class=\"t m2 x2b3 h10 y58b4 ff4 fs3 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15a4 y54f9 wd61 h21f\"><div class=\"t m2 x2b3 h10 y58b4 ff4 fs3 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15a5 y54f9 wd61 h21f\"><div class=\"t m2 x2b3 h10 y58b4 ff4 fs3 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15a6 y54f9 wd61 h21f\"><div class=\"t m2 x2b3 h10 y58b4 ff4 fs3 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15a7 y54f9 w902 h21f\"><div class=\"t m2 x2b3 h10 y58b4 ff4 fs3 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15a8 y54f9 w903 h21f\"><div class=\"t m2 x2b3 h10 y58b4 ff4 fs3 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x599 y54f9 w903 h21f\"><div class=\"t m2 x2b3 h10 y58b4 ff4 fs3 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15a9 y54f9 w902 h21f\"><div class=\"t m2 x2b3 h10 y58b4 ff4 fs3 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x140e h10 y5fa2 ff4 fs3 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table>3.1 Rischi<span class=\"_ _1\"></span> assicu<span class=\"_ _1\"></span>rativi<span class=\"_ _3a1\"> </span>CREDEM<span class=\"_ _3a1\"> </span>VITA S.P<span class=\"_ _1\"></span>.A.<span class=\"_ _3a1\"> </span>Approc<span class=\"_ _1\"></span>cio alla ge<span class=\"_ _1\"></span>stione de<span class=\"_ _1\"></span>l rischio<span class=\"_ _1\"></span> di Crede<span class=\"_ _1\"></span>mvita<span class=\"_ _3a1\"> </span>Strategie e <span class=\"_ _1\"></span>gestione del rischio<span class=\"_ _3a1\"> </span>Credem<span class=\"_ _3a1\"> </span>vita S.p.A oper<span class=\"_ _1\"></span>a sulla <span class=\"_ _1\"></span>scorta <span class=\"_ _1\"></span>di una s<span class=\"_ _1\"></span>trategia di as<span class=\"_ _1\"></span>sunzione e<span class=\"_ _1\"></span> gestione <span class=\"_ _1\"></span>dei r<span class=\"_ _1\"></span>ischi basata su<span class=\"_ _3a1\"> </span>criteri di <span class=\"_ _3b\"></span>sana e <span class=\"_ _3b\"></span>prudente gestione <span class=\"_ _3b\"></span>e coerente con<span class=\"_ _3b\"></span> il l<span class=\"_ _2\"></span>ivello p<span class=\"_ _2\"></span>atrimoniale dell\u2019imp<span class=\"_ _2\"></span>resa. Tale <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>trategia<span class=\"_ _3a1\"> </span>si <span class=\"_ _39\"> </span>fonda <span class=\"_ _3f\"> </span>su <span class=\"_ _39\"> </span>principi <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>valutazione<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>dei <span class=\"_ _3f\"> </span>rischi <span class=\"_ _39\"> </span>che <span class=\"_ _39\"> </span>considerano <span class=\"_ _3f\"> </span>gli <span class=\"_ _39\"> </span>aspetti <span class=\"_ _39\"> </span>r<span class=\"_ _1\"></span>elativi <span class=\"_ _39\"> </span>alla <span class=\"_ _39\"> </span>loro<span class=\"_ _3a1\"> </span>rilevanza/significativit\u00e0. L\u2019approccio  seguito  nella <span class=\"_ _3d\"> </span>gestione <span class=\"_ _3d\"> </span>dei  rischi  \u00e8<span class=\"_ _1\"></span>  fondato  sul  criter<span class=\"_ _1\"></span>io  di  proporzionalit\u00e0  e<span class=\"_ _1\"></span>  viene<span class=\"_ _3a1\"> </span>delineato in <span class=\"_ _3b\"></span>apposite<span class=\"_ _1\"></span> politiche <span class=\"_ _3b\"></span>interne<span class=\"_ _1\"></span> ai <span class=\"_ _3b\"></span>sensi del <span class=\"_ _2\"></span>Regolamento IVASS<span class=\"_ _2\"></span> n.38/2018, per <span class=\"_ _3b\"></span>ognuno degli<span class=\"_ _3a1\"> </span>ambiti di rischiosit\u00e0 che insistono sulla Compagnia.<span class=\"_ _3a1\"> </span>Gli elementi<span class=\"_ _2\"></span> chiav<span class=\"_ _2\"></span>e attraverso <span class=\"_ _2\"></span>cui <span class=\"_ _3b\"></span>viene definita <span class=\"_ _3b\"></span>la strategia <span class=\"_ _3b\"></span>e le <span class=\"_ _3b\"></span>modalit\u00e0 di <span class=\"_ _3b\"></span>gestione dei <span class=\"_ _3b\"></span>rischi della<span class=\"_ _3a1\"> </span>Compagnia sono i seguenti:<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">identificazione e classificazione dei rischi \u2013 mappa dei rischi;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">valutazione dei rischi;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">strumenti e metodologie di misurazione;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">gestione dei rischi;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">monitoraggio e reporting.<span class=\"_ _3a1\"> </span></span>I principi g<span class=\"_ _2\"></span>enerali adottat<span class=\"_ _1\"></span>i per la <span class=\"_ _3b\"></span>definizione del sistema di gestione d<span class=\"_ _2\"></span>el rischio considerano qui<span class=\"_ _2\"></span>ndi:<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">la <span class=\"_ _0\"></span>verifica <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>coerenza <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>livello <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _0\"></span>assunto <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>livello <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>patrimonio <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>isponibile<span class=\"_ _3a1\"> </span></span>atteso (c.d Risk Appetite);<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">la <span class=\"_ _48\"> </span>misurabilit\u00e0 <span class=\"_ _48\"> </span>/ <span class=\"_ _48\"> </span>valutazione <span class=\"_ _48\"> </span>dei <span class=\"_ _48\"> </span>rischi <span class=\"_ _48\"> </span>(per <span class=\"_ _48\"> </span>quelli <span class=\"_ _48\"> </span>quantificabili) <span class=\"_ _48\"> </span>per <span class=\"_ _48\"> </span>per<span class=\"_ _1\"></span>mettere <span class=\"_ _48\"> </span>al<span class=\"_ _3a1\"> </span></span>management di valutare l\u2019impatto degli stessi sull\u2019andamento aziendale;<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">la determinazione di processi e presidi oper<span class=\"_ _1\"></span>ativi per quelli non quantificabili;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">la <span class=\"_ _3d\"> </span>prese<span class=\"_ _1\"></span>nza <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>un <span class=\"_ _3d\"> </span>sistem<span class=\"_ _1\"></span>a <span class=\"_ _3d\"> </span>di  m<span class=\"_ _1\"></span>onitoraggio <span class=\"_ _3d\"> </span>continuativo <span class=\"_ _3d\"> </span>del <span class=\"_ _37\"> </span>profilo <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>rischio <span class=\"_ _3d\"> </span>att<span class=\"_ _1\"></span>uale <span class=\"_ _3d\"> </span>e<span class=\"_ _3a1\"> </span></span>prospettico e dei relativi indicatori di rischio e/o rendimento <span class=\"_ _1\"></span>identificati.<span class=\"_ _3a1\"> </span>Credemvita <span class=\"_ _1\"></span>nell\u2019ambito del pr<span class=\"_ _1\"></span>oprio sistema di <span class=\"_ _1\"></span>gestione dei r<span class=\"_ _1\"></span>ischi, ha <span class=\"_ _1\"></span>strutturato ed <span class=\"_ _1\"></span>implementato<span class=\"_ _3a1\"> </span>un <span class=\"_ _3a\"> </span>autonomo <span class=\"_ _48\"> </span>processo <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>valutazione <span class=\"_ _3a\"> </span>de<span class=\"_ _1\"></span>lla <span class=\"_ _3a\"> </span>propria <span class=\"_ _3a\"> </span>a<span class=\"_ _1\"></span>deguatezza <span class=\"_ _48\"> </span>patrimonial<span class=\"_ _2\"></span>e, <span class=\"_ _3a\"> </span>at<span class=\"_ _1\"></span>tuale <span class=\"_ _3a\"> </span>e<span class=\"_ _3a1\"> </span>prospettica, <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>relazione <span class=\"_ _35\"> </span>ai <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>rilevanti <span class=\"_ _35\"> </span>verso <span class=\"_ _35\"> </span>i<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>ali <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>Compagnia <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>isulta <span class=\"_ _35\"> </span>esposta <span class=\"_ _0\"></span>(processo<span class=\"_ _3a1\"> </span>ORSA \u2013 Own Risk and Solvency Assessment). Tale <span class=\"_ _1\"></span>processo ha le seguenti fasi: -<span class=\"_ _1a9\"> </span><span class=\"ff4\">Valutazione prospettica del Solvency <span class=\"_ _1\"></span>II Ratio;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Stress Test;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Piano di Liquidit\u00e0 prospettico;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Adeguatezza della Formula Standard rispe<span class=\"_ _1\"></span>tto il profilo di rischio della Compagnia;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Back Testing;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Predisposizione ORSA Report e invio.<span class=\"_ _3a1\"> </span></span>Tra  essi  sono  incl<span class=\"_ _2\"></span>use  inoltre  le  valu<span class=\"_ _2\"></span>tazioni  dei  rischi  ESG  (<span class=\"_ _2\"></span>con  un  focu<span class=\"_ _2\"></span>s  particolare  sui  risc<span class=\"_ _2\"></span>hi<span class=\"_ _3a1\"> </span>climatici).<span class=\"_ _3a1\"> </span>Parte integrante del processo ORSA sono anche i seguenti <span class=\"_ _1\"></span>processi:<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Definizione del piano preliminare e del budget azie<span class=\"_ _1\"></span>ndale;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Definizione del Risk Appetite<span class=\"_ _1\"></span>;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Individuazione e valutazione dei rischi e Co<span class=\"_ _1\"></span>ntinuous Monitoring.<span class=\"_ _3a1\"> </span></span>Nell\u2019ambito <span class=\"_ _35\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>indi<span class=\"_ _2\"></span>rizzo <span class=\"_ _35\"> </span>strategico <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>Compagnia, <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>Consiglio <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>Amministrazione<span class=\"_ _3a1\"> </span>individua <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>approva <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>corre<span class=\"_ _1\"></span>tto <span class=\"_ _35\"> </span>dimensionamento  della <span class=\"_ _35\"> </span>dotazion<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>compless<span class=\"_ _1\"></span>iva <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>capitale <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>gli<span class=\"_ _3a1\"> </span>obiettivi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>redditivit\u00e0 <span class=\"_ _1\"></span>corre<span class=\"_ _1\"></span>tta <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>rischio. <span class=\"_ _1\"></span>La <span class=\"_ _1\"></span>formulazione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>eliminari <span class=\"_ _1\"></span>linee <span class=\"_ _1\"></span>guida <span class=\"_ _1\"></span>strategiche<span class=\"_ _3a1\"> </span>da <span class=\"_ _0\"></span>part<span class=\"_ _1\"></span>e <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>Consiglio <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>Amministra<span class=\"_ _1\"></span>zione <span class=\"_ _35\"> </span>ind<span class=\"_ _2\"></span>irizza <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>calibrazione <span class=\"_ _35\"> </span>degli <span class=\"_ _0\"></span>obiett<span class=\"_ _1\"></span>ivi <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>rischio <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>l<span class=\"_ _3b\"></span>o<span class=\"_ _3a1\"> </span>sviluppo del <span class=\"_ _1\"></span>piano str<span class=\"_ _1\"></span>ategico. Tali attivit\u00e0 <span class=\"_ _1\"></span>sono s<span class=\"_ _1\"></span>ignificativamente connesse e <span class=\"_ _1\"></span>vengono entrambe<span class=\"_ _3a1\"> </span>sviluppate  consid<span class=\"_ _2\"></span>erando  la <span class=\"_ _35\"> </span>situazione <span class=\"_ _35\"> </span>di  p<span class=\"_ _2\"></span>artenza  della <span class=\"_ _35\"> </span>Compagnia, <span class=\"_ _35\"> </span>la  visione <span class=\"_ _35\"> </span>pros<span class=\"_ _1\"></span>pettica <span class=\"_ _35\"> </span>del<span class=\"_ _3a1\"> </span>contesto esterno, i profili di rischio e gli or<span class=\"_ _1\"></span>ientamenti in termini di rischio/rendimento. Nel <span class=\"_ _38\"></span>continuo, <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>Funzione <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Risk <span class=\"_ _1\"></span>Manageme<span class=\"_ _1\"></span>nt <span class=\"_ _1\"></span>support<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>gli <span class=\"_ _38\"></span>organi <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ziendali <span class=\"_ _1\"></span>nelle <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>celte <span class=\"_ _1\"></span>derivanti dall\u2019a<span class=\"_ _3a1\"> </span>ttuazione <span class=\"_ _69\"> </span>del <span class=\"_ _43\"> </span>piano <span class=\"_ _44\"> </span>agevolando <span class=\"_ _69\"> </span>la <span class=\"_ _43\"> </span>comprensione <span class=\"_ _69\"> </span>e <span class=\"_ _69\"> </span>la <span class=\"_ _69\"> </span>consapevolezza <span class=\"_ _69\"> </span>de<span class=\"_ _1\"></span>i <span class=\"_ _44\"> </span>r<span class=\"_ _1\"></span>ischi assunti/assumibili e il presidio degli stessi.   Identificazione e<span class=\"_ _1\"></span> classificazione dei risch<span class=\"_ _1\"></span>i \u2013 mappa dei r<span class=\"_ _1\"></span>ischi La <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>egolamentazione <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>settore, <span class=\"_ _38\"></span>recante <span class=\"_ _38\"></span>disposizioni <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>ma<span class=\"_ _3a1\"> </span>teria <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>istema <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>gestione <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>rischi, richiede <span class=\"_ _39\"> </span>alle <span class=\"_ _3f\"> </span>imprese <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>e<span class=\"_ _1\"></span>ffettuare <span class=\"_ _39\"> </span>una <span class=\"_ _3f\"> </span>catalogazione <span class=\"_ _39\"> </span>dei <span class=\"_ _39\"> </span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _39\"> </span>a <span class=\"_ _39\"> </span>cui <span class=\"_ _39\"> </span>es<span class=\"_ _1\"></span>se <span class=\"_ _39\"> </span>so<span class=\"_ _1\"></span>no <span class=\"_ _39\"> </span>esposte indipendentemente <span class=\"_ _37\"> </span>dalla <span class=\"_ _37\"> </span>circostanza <span class=\"_ _37\"> </span>che <span class=\"_ _3d\"> </span>siano <span class=\"_ _37\"> </span>quantificabili, <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>funzione <span class=\"_ _37\"> </span>della <span class=\"_ _37\"> </span>natura, <span class=\"_ _3d\"> </span>della portata <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>complessit\u00e0 <span class=\"_ _38\"></span>inerenti <span class=\"_ _38\"></span>all\u2019attivit\u00e0 <span class=\"_ _38\"></span>svolta, <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>ottica <span class=\"_ _38\"></span>attuale <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>prospettica, <span class=\"_ _38\"></span>nonch\u00e9 <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ffetti indiretti connessi ai rischi significativi. Tale <span class=\"_ _2\"></span>catalogazione c<span class=\"_ _2\"></span>ostituisce il <span class=\"_ _3b\"></span>linguaggio <span class=\"_ _3b\"></span>comune per <span class=\"_ _2\"></span>lo <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>volgimento d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>utte <span class=\"_ _2\"></span>le a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _2\"></span>connesse con il sistema di gestione dei rischi aziendali. I rischi della Compagnia sono classificati ne<span class=\"_ _1\"></span>lle seguenti principali classi: -<span class=\"_ _13e\"> </span><span class=\"ff4\">Rischi sottoscrizione <span class=\"_ _1\"></span>life (o tecnici assicurativi):<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">Rischi assunzione e tar<span class=\"_ _1\"></span>iffazione; </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">Rischio riser<span class=\"_ _1\"></span>vazione; </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">Rischi di mercato: </span>o<span class=\"_ _4a\"> </span><span class=\"ff4\">Rischi Mercato; </span>o<span class=\"_ _4a\"> </span><span class=\"ff4\">Rischio ALM;<span class=\"_ _3a1\"> </span></span>o<span class=\"_ _4a\"> </span><span class=\"ff4\">Rischio Liquidit\u00e0.;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">Rischi di credito e <span class=\"_ _1\"></span>counterparty: </span>o<span class=\"_ _4a\"> </span><span class=\"ff4\">Investimenti; </span>o<span class=\"_ _4a\"> </span><span class=\"ff4\">Riassicurazione; </span>o<span class=\"_ _4a\"> </span><span class=\"ff4\">Intermediari e controparti. </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">Rischi operativi: </span>o<span class=\"_ _4a\"> </span><span class=\"ff4\">Rischi Operativi;<span class=\"_ _3a1\"> </span></span>o<span class=\"_ _4a\"> </span><span class=\"ff4\">Rischio Informatico e Cyber Risk; </span>o<span class=\"_ _4a\"> </span><span class=\"ff4\">Rischi di non conformit\u00e0 alle norme; </span>o<span class=\"_ _4a\"> </span><span class=\"ff4\">Model Risk;<span class=\"_ _3a1\"> </span></span>o<span class=\"_ _4a\"> </span><span class=\"ff4\">Continuit\u00e0 Operativa; </span>o<span class=\"_ _4a\"> </span><span class=\"ff4\">Regulatory Operational Risk; </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">Rischi di secondo livello;<span class=\"_ _3a1\"> </span></span>o<span class=\"_ _4a\"> </span><span class=\"ff4\">Rischio legato all\u2019appartene<span class=\"_ _1\"></span>nza al gruppo;<span class=\"_ _3a1\"> </span></span>o<span class=\"_ _4a\"> </span><span class=\"ff4\">Rischio reputazionale; </span>o<span class=\"_ _4a\"> </span><span class=\"ff4\">Rischi di condotta; </span>o<span class=\"_ _4a\"> </span><span class=\"ff4\">Rischi ESG<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">Rischi strategici </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">Rischi emergenti </span>Il  processo  di  identificazione  dei  rischi  a  cui <span class=\"_ _35\"> </span>la  Compagnia  \u00e8  esposta  costituisce  un  elemento fondamentale per la corretta im<span class=\"_ _2\"></span>plementazione e valutazione del pi<span class=\"_ _2\"></span>\u00f9 ampio processo di gestione <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>i rischi. <span class=\"_ _39\"> </span>Credemvita, <span class=\"_ _39\"> </span>in <span class=\"_ _3f\"> </span>linea <span class=\"_ _39\"> </span>con <span class=\"_ _39\"> </span>la <span class=\"_ _39\"> </span>Normativa <span class=\"_ _39\"> </span>Regolamentare, <span class=\"_ _39\"> </span>ha <span class=\"_ _39\"> </span>pre<span class=\"_ _1\"></span>visto <span class=\"_ _39\"> </span>una <span class=\"_ _39\"> </span>procedura <span class=\"_ _39\"> </span>di censimento <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>rischi, <span class=\"_ _38\"></span>da <span class=\"_ _38\"></span>intender<span class=\"_ _1\"></span>si <span class=\"_ _38\"></span>come <span class=\"_ _38\"></span>strumento <span class=\"_ _38\"></span>metodologico <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>su<span class=\"_ _1\"></span>pporto <span class=\"_ _38\"></span>nello <span class=\"_ _38\"></span>svolgimento delle attivit\u00e0 di ind<span class=\"_ _2\"></span>ividuazione e valutazione d<span class=\"_ _2\"></span>ei rischi che permetta di <span class=\"_ _2\"></span>raccogliere in via <span class=\"_ _2\"></span>continuativa informazioni <span class=\"_ _35\"> </span>sui <span class=\"_ _35\"> </span>rischi, <span class=\"_ _0\"></span>interni <span class=\"_ _35\"> </span>ed <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>sterni, <span class=\"_ _35\"> </span>esistenti <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>prospettici <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>cui<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>posta, <span class=\"_ _0\"> </span>e <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>possono interessare <span class=\"_ _1\"></span>tutti <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>processi <span class=\"_ _1\"></span>operativi <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>aree <span class=\"_ _1\"></span>aziendali. <span class=\"_ _1\"></span>Per <span class=\"_ _1\"></span>sua <span class=\"_ _1\"></span>natura <span class=\"_ _1\"></span>tale<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>procedura <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>continua evoluzione <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>base a<span class=\"_ _1\"></span>l progressivo <span class=\"_ _1\"></span>affinamento <span class=\"_ _1\"></span>del sistema <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>gestione <span class=\"_ _1\"></span>dei r<span class=\"_ _1\"></span>ischi e <span class=\"_ _1\"></span>all\u2019evoluzione del quadro normativo di riferimento. La procedura di censimento dei rischi di Credemvita si articola in quattr<span class=\"_ _1\"></span>o fasi: -<span class=\"_ _13e\"> </span><span class=\"ff4\">analisi del piano strate<span class=\"_ _1\"></span>gico aziendale e individuazione dei fattori di rischio emergenti; </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">individuazione dei fattori di ris<span class=\"_ _1\"></span>chio esterni; </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">individuazione <span class=\"_ _2\"></span>dei <span class=\"_ _3b\"></span>fat<span class=\"_ _1\"></span>tori <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _3b\"></span>operativi <span class=\"_ _2\"></span>(ivi <span class=\"_ _3b\"></span>inclusi q<span class=\"_ _2\"></span>uelli <span class=\"_ _3b\"></span>infor<span class=\"_ _1\"></span>matici e <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>cyber risk),<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>non </span>conformit\u00e0 alle norme e di secondo livello; -<span class=\"_ _13e\"> </span><span class=\"ff4\">individuazione dei fattori di ris<span class=\"_ _1\"></span>chio strategico. </span>Le <span class=\"_ _0\"></span>modalit\u00e0 <span class=\"_ _0\"></span>adottate <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>l\u2019id<span class=\"_ _2\"></span>entificazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>basano <span class=\"_ _0\"></span>sostanzialmente <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>uno<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _0\"></span>dei<span class=\"_ _2\"></span> seguenti approcci: -<span class=\"_ _13e\"> </span><span class=\"ff4\">Risk Assessme<span class=\"_ _1\"></span>nt specifici (p<span class=\"_ _2\"></span>er famiglie di rischio);<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">Valutazioni delle differenze tra <span class=\"_ _1\"></span>ogni assunzione di rischio e il risultato attuale; </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">Eventi perdita o errori a<span class=\"_ _1\"></span>ccaduti; </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">Revisione dei process<span class=\"_ _1\"></span>i, della matrice dei rischi normativa o risk assessment normativi;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">Brain<span class=\"_ _3a1\"> </span></span>storming con il management e i risk owner; -<span class=\"_ _13e\"> </span><span class=\"ff4\">Valutazioni di Internal/Exter<span class=\"_ _1\"></span>nal Audit<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">Comunicazioni e confro<span class=\"_ _1\"></span>nti con i regulator; </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">Altri eventi esterni; </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">Reporting trasmesso <span class=\"_ _1\"></span>dalle arre funzionali della Compagnia.<span class=\"_ _3a1\"> </span></span>Una  volta  che  i<span class=\"_ _3b\"></span>  r<span class=\"_ _1\"></span>ischi  sono  s<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ati  identificati  essi <span class=\"_ _35\"> </span>vanno  a  costituire  la <span class=\"_ _35\"> </span>Mappa  dei  Rischi  della<span class=\"_ _2\"></span> Compagnia. Valutazione <span class=\"_ _1\"></span>dei Rischi Il processo di valu<span class=\"_ _2\"></span>tazione dei rischi \u00e8 realizzato <span class=\"_ _2\"></span>sia con logiche a<span class=\"_ _2\"></span>ttuali sia con logic<span class=\"_ _2\"></span>he prospettiche ed <span class=\"_ _3f\"> </span>integra <span class=\"_ _3f\"> </span>metodologie <span class=\"_ _3f\"> </span>ed <span class=\"_ _3f\"> </span>app<span class=\"_ _2\"></span>rocci <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>carattere <span class=\"_ _3f\"> </span>quantitativo <span class=\"_ _3f\"> </span>(sia <span class=\"_ _3f\"> </span>regolamentare <span class=\"_ _3f\"> </span>sia <span class=\"_ _3f\"> </span>non<span class=\"_ _2\"></span> regolamentare) e qualitativo. La <span class=\"_ _0\"> </span>valutazione <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>effettuata <span class=\"_ _35\"> </span>su <span class=\"_ _0\"></span>base <span class=\"_ _35\"> </span>individuale, <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>livello <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>singolo <span class=\"_ _0\"></span>rischio, <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>su <span class=\"_ _0\"></span>base aggregata, per tener conto delle <span class=\"_ _3b\"></span>inte<span class=\"_ _1\"></span>rrelazioni fra le fonti di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio. Vengono inoltre considerati gli<span class=\"_ _3b\"></span> effetti indiretti connessi ai rischi pi\u00f9 significativi. La <span class=\"_ _1\"></span>fr<span class=\"_ _1\"></span>equenza <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>valutazione <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>rischi <span class=\"_ _38\"></span>dipende <span class=\"_ _1\"></span>dalla <span class=\"_ _38\"></span>tipologia <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>rischi, <span class=\"_ _1\"></span>dagli <span class=\"_ _38\"></span>str<span class=\"_ _1\"></span>umenti <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>dalle metodologie <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valutazione <span class=\"_ _1\"></span>utilizzate<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ed \u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>stabilita <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>coerenza <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>frequenza <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>le e<span class=\"_ _1\"></span>sigenze <span class=\"_ _1\"></span>dei processi <span class=\"_ _38\"></span>strategici <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>decisionali <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>Compagnia. <span class=\"_ _38\"></span>La <span class=\"_ _0\"></span>frequenza <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>valutazione <span class=\"_ _0\"></span>dei <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>ottica prospettica \u00e8 coerente con il processo annuale di pianificazione st<span class=\"_ _1\"></span>rategica.  Accanto <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>gestione <span class=\"_ _35\"> </span>ordinaria <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>proce<span class=\"_ _1\"></span>sso <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>valutazione <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>ischi, <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>prevista <span class=\"_ _35\"> </span>una <span class=\"_ _0\"></span>ge<span class=\"_ _1\"></span>stione all\u2019occorrenza, <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>agione <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>venti <span class=\"_ _3b\"></span>che possano <span class=\"_ _3b\"></span>determinare una <span class=\"_ _184\"></span>variazione significativa <span class=\"_ _3b\"></span>del <span class=\"_ _2\"></span>profilo di rischio. In particolare, sono stati identificati i seguenti principali eventi:  -<span class=\"_ _13e\"> </span><span class=\"ff4\">l\u2019aggiornamento del piano str<span class=\"_ _1\"></span>ategico; </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">un\u2019acquisizione <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>un <span class=\"_ _35\"> </span>disinvestimento <span class=\"_ _0\"></span>che <span class=\"_ _35\"> </span>modifich<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>sensibilmente <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>business, <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>profilo <span class=\"_ _0\"></span>di </span>rischio o la posizione di solvibilit\u00e0; -<span class=\"_ _13e\"> </span><span class=\"ff4\">una <span class=\"_ _35\"> </span>variazione  significativa <span class=\"_ _35\"> </span>nei  mercati <span class=\"_ _35\"> </span>finanziari <span class=\"_ _35\"> </span>che  determini <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>notevole  impatto <span class=\"_ _35\"> </span>sul </span>portafoglio attivi della compagnia; -<span class=\"_ _13e\"> </span><span class=\"ff4\">una variazione significativa nelle passivit\u00e0 della Compagnia; </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">una riduzione della posizione di solvibilit\u00e0 al di sotto<span class=\"_ _1\"></span> di valori critici; </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">un cambiamento significativo de<span class=\"_ _1\"></span>l quadro regolamentare; </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">un cambiamento significativo de<span class=\"_ _1\"></span>l profilo di rischio e l\u2019insorgere di nuovi rischi; </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">un cambiamento significativo de<span class=\"_ _1\"></span>i processi, sistemi e procedure aziendali. </span>Strumenti e<span class=\"_ _1\"></span> Metodologie di Misurazione<span class=\"_ _3a1\"> </span>La <span class=\"_ _0\"></span>Comp<span class=\"_ _3a1\"> </span>agnia <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>definito <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>sensi <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>normat<span class=\"_ _1\"></span>iva <span class=\"_ _0\"></span>regolamentare <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>processo <span class=\"_ _0\"> </span>di <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>e analisi <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _35\"> </span>basato <span class=\"_ _35\"> </span>sostanzialmente <span class=\"_ _35\"> </span>sugli <span class=\"_ _35\"> </span>strumenti <span class=\"_ _0\"></span>e  me<span class=\"_ _2\"></span>todologie <span class=\"_ _35\"> </span>sviluppate <span class=\"_ _35\"> </span>nell\u2019ambito della  procedura  di  p<span class=\"_ _2\"></span>rofilazione  d<span class=\"_ _2\"></span>ei  rischi  ovvero  a <span class=\"_ _35\"> </span>indicatori  di  rischio  i<span class=\"_ _3b\"></span>  quali  possono  essere costruiti dai seguenti approcci metodologici: -<span class=\"_ _13e\"> </span><span class=\"ff4\">quantitativi <span class=\"_ _39\"> </span>regolament<span class=\"_ _1\"></span>ari <span class=\"_ _39\"> </span>basati <span class=\"_ _39\"> </span>sui <span class=\"_ _39\"> </span>principi <span class=\"_ _39\"> </span>alla <span class=\"_ _39\"> </span>base <span class=\"_ _39\"> </span>delle <span class=\"_ _39\"> </span>grandezze <span class=\"_ _39\"> </span>r<span class=\"_ _1\"></span>egolamentari </span>Solvency tra cui il Requisito di Capitale; -<span class=\"_ _13e\"> </span><span class=\"ff4\">quantitativi <span class=\"_ _48\"> </span>non <span class=\"_ _48\"> </span>regolamentari <span class=\"_ _48\"> </span>(o <span class=\"_ _48\"> </span>gestionali) <span class=\"_ _48\"> </span>basati <span class=\"_ _48\"> </span>su <span class=\"_ _48\"> </span>concetti <span class=\"_ _48\"> </span>come <span class=\"_ _48\"> </span>ad <span class=\"_ _48\"> </span>esempio </span>esposizione, <span class=\"_ _38\"></span>concentrazione, <span class=\"_ _38\"></span>volatilit\u00e0, <span class=\"_ _1\"></span>perdita <span class=\"_ _38\"></span>attesa <span class=\"_ _38\"></span>o <span class=\"_ _1\"></span>pote<span class=\"_ _1\"></span>nziale, <span class=\"_ _1\"></span>e/o <span class=\"_ _38\"></span>volti <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>valutare <span class=\"_ _38\"></span>quei rischi non <span class=\"_ _3b\"></span>ricompresi nella <span class=\"_ _3b\"></span>formula standard <span class=\"_ _3b\"></span>e/o ad <span class=\"_ _3b\"></span>inte<span class=\"_ _1\"></span>grare <span class=\"_ _2\"></span>la <span class=\"_ _3b\"></span>valutazione degli stes<span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>rischi regolamentari tra cui: o<span class=\"_ _115\"> </span><span class=\"ff4\">Rischio Liquidit\u00e0; </span>o<span class=\"_ _115\"> </span><span class=\"ff4\">Rischio ALM;<span class=\"_ _3a1\"> </span></span>o<span class=\"_ _115\"> </span><span class=\"ff4\">Rischi Operativi;<span class=\"_ _3a1\"> </span></span>o<span class=\"_ _115\"> </span><span class=\"ff4\">Cyber e IT </span>o<span class=\"_ _115\"> </span><span class=\"ff4\">Rischio di Condotta<span class=\"_ _3a1\"> </span></span>o<span class=\"_ _115\"> </span><span class=\"ff4\">Rischio di Appartenenza al Gr<span class=\"_ _1\"></span>upp<span class=\"_ _2\"></span>o; </span>o<span class=\"_ _115\"> </span><span class=\"ff4\">Rischio ESG (rischio climatico);<span class=\"_ _3a1\"> </span></span>o<span class=\"_ _115\"> </span><span class=\"ff4\">Rischio strategico </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">qualitativi <span class=\"_ _3f\"> </span>basati <span class=\"_ _3f\"> </span>su <span class=\"_ _3f\"> </span>grandezze <span class=\"_ _3f\"> </span>non <span class=\"_ _3f\"> </span>quantificabi<span class=\"_ _2\"></span>li <span class=\"_ _3f\"> </span>o <span class=\"_ _3f\"> </span>difficilmente <span class=\"_ _3f\"> </span>quantificabili, <span class=\"_ _3f\"> </span>la <span class=\"_ _3f\"> </span>cui </span>valutazione del giudizio esperto \u00e8 prevalente<span class=\"_ _1\"></span>, tra cui: o<span class=\"_ _115\"> </span><span class=\"ff4\">Rischio Modello;<span class=\"_ _3a1\"> </span></span>o<span class=\"_ _115\"> </span><span class=\"ff4\">Rischio Legale &amp; Non Confor<span class=\"_ _1\"></span>mit\u00e0; </span>o<span class=\"_ _115\"> </span><span class=\"ff4\">Rischio Reputazionale;<span class=\"_ _3a1\"> </span></span><div class=\"t m2 h8 ff15 fs2 fc1 sc0 ls0 ws0 gs1950\">o<span class=\"_ _115\"> </span><span class=\"ff4\">Rischi Emergenti.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1951\">Oltre</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1952\"> <span class=\"_ _37\"> </span>alle <span class=\"_ _37\"> </span>metodologie <span class=\"_ _37\"> </span>alla <span class=\"_ _37\"> </span>base <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>tali <span class=\"_ _37\"> </span>indicatori <span class=\"_ _36\"> </span>di <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>ischio, <span class=\"_ _3d\"> </span>la <span class=\"_ _36\"> </span>misurazione <span class=\"_ _37\"> </span>del <span class=\"_ _37\"> </span>rischio <span class=\"_ _37\"> </span>della<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1953\">Compagnia, sia <span class=\"_ _1\"></span>attuale <span class=\"_ _1\"></span>che prospettica, <span class=\"_ _1\"></span>si basa <span class=\"_ _1\"></span>sulle meto<span class=\"_ _1\"></span>dologie regolamentari <span class=\"_ _1\"></span>per il <span class=\"_ _1\"></span>calcolo del<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1954\">Requisito <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Capitale<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>(cfr. <span class=\"_ _1\"></span>SCR): <span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>meto<span class=\"_ _1\"></span>dologia <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rifer<span class=\"_ _1\"></span>imento <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>quella de<span class=\"_ _1\"></span>lla <span class=\"_ _1\"></span>Formula <span class=\"_ _38\"></span>Standard. <span class=\"_ _1\"></span> <span class=\"_ _38\"></span>Si<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1955\">precisa <span class=\"_ _0\"></span>inoltra <span class=\"_ _35\"> </span>ch<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>Com<span class=\"_ _1\"></span>pagnia <span class=\"_ _0\"></span>adotta <span class=\"_ _0\"></span>l\u2019applicazione <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>Volatili<span class=\"_ _2\"></span>ty <span class=\"_ _35\"> </span>Adj<span class=\"_ _2\"></span>ustments: <span class=\"_ _35\"> </span>l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>valutazioni<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1956\">attuali <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>prospettiche <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>rischi <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>golamentari <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>Compagn<span class=\"_ _2\"></span>ia <span class=\"_ _38\"></span>prevedono <span class=\"_ _0\"></span>l\u2019utili<span class=\"_ _2\"></span>zzo <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>Volatility<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1957\">Adjustment <span class=\"_ _3b\"></span>come<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>Long <span class=\"_ _3b\"></span>Te<span class=\"_ _1\"></span>rm <span class=\"_ _3b\"></span>Guarantee m<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>asure. <span class=\"_ _3b\"></span>Il <span class=\"_ _3b\"></span>Volatility Ad<span class=\"_ _2\"></span>justme<span class=\"_ _1\"></span>nt <span class=\"_ _3b\"></span>viene <span class=\"_ _3b\"></span>applicato <span class=\"_ _2\"></span>sul <span class=\"_ _3b\"></span>tota<span class=\"_ _1\"></span>le<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1958\">delle <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _0\"></span>detenute <span class=\"_ _0\"></span>dalla <span class=\"_ _0\"></span>Compagnia <span class=\"_ _0\"></span>vendu<span class=\"_ _2\"></span>te <span class=\"_ _0\"></span>interamente <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>Italia <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>valuta <span class=\"_ _0\"></span>Euro. <span class=\"_ _0\"></span>No<span class=\"_ _2\"></span>n<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1959\">viene <span class=\"_ _0\"></span>app<span class=\"_ _2\"></span>licato <span class=\"_ _0\"></span>dall<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>Compagnia <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>Matching<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>Adjustment. <span class=\"_ _0\"></span>Al<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>fine <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>una <span class=\"_ _0\"></span>maggiore <span class=\"_ _0\"></span>comprension<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs195a\">degli <span class=\"_ _38\"></span>effett<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>derivanti <span class=\"_ _38\"></span>dall\u2019applicazione <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>Volatility <span class=\"_ _0\"></span>Ad<span class=\"_ _2\"></span>justment <span class=\"_ _38\"></span>sulle <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iserve <span class=\"_ _38\"></span>tecniche <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ui <span class=\"_ _38\"></span>fondi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs195b\">propri, <span class=\"_ _3b\"></span>la Compagnia <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffettua in<span class=\"_ _2\"></span>oltre analisi <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>sensitivity ogni <span class=\"_ _3b\"></span>qualvolta l<span class=\"_ _2\"></span>o scostamento <span class=\"_ _3b\"></span>tra la <span class=\"_ _3b\"></span>curva<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs195c\">risk free EIOPA e la curva risk free EIOPA con volatility Adjustement r<span class=\"_ _1\"></span>isulti significativo.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs195d\">Tutte queste gr<span class=\"_ _1\"></span>andezze, oltre a costit<span class=\"_ _1\"></span>uire l\u2019impianto per il <span class=\"_ _1\"></span>monitoraggio nel <span class=\"_ _1\"></span>continuo alla base <span class=\"_ _1\"></span>del<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs195e\">modello <span class=\"_ _3f\"> </span>organizzativo <span class=\"_ _3a\"> </span>di <span class=\"_ _3f\"> </span>gestione <span class=\"_ _3f\"> </span>del <span class=\"_ _3f\"> </span>r<span class=\"_ _1\"></span>ischio, <span class=\"_ _3f\"> </span>rappresentano <span class=\"_ _3f\"> </span>gli <span class=\"_ _3f\"> </span>e<span class=\"_ _1\"></span>lementi <span class=\"_ _3f\"> </span>alla <span class=\"_ _3f\"> </span>base<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>della<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs195f\">metodologia <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>la <span class=\"_ _37\"> </span>profilazione <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>rischio <span class=\"_ _37\"> </span>della <span class=\"_ _3d\"> </span>Compagnia.  Tale<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>ha <span class=\"_ _37\"> </span>come <span class=\"_ _3d\"> </span>obiettivo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1960\">l\u2019individuazione <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>valutazione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>fattori <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>l\u2019attribuzione <span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>ognuno <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>essi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>livello <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1961\">significativit\u00e0.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1962\">Da un punto di vista metodologico, concorrono alla valutazione dei rischi anche:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1963\">-<span class=\"_ _1a2\"> </span><span class=\"ff4\">Sensitivity, <span class=\"_ _1\"></span>stress <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>est e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>scenario <span class=\"_ _1\"></span>test: <span class=\"_ _38\"></span>ai <span class=\"_ _1\"></span>sensi <span class=\"_ _1\"></span>dell\u2019Art<span class=\"_ _1\"></span>. 1<span class=\"_ _1\"></span>9, <span class=\"_ _1\"></span>comma <span class=\"_ _1\"></span>4 <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Reg. <span class=\"_ _38\"></span>IVASS <span class=\"_ _1\"></span>n.38, <span class=\"_ _1\"></span>la<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1964\">Funzione <span class=\"_ _1\"></span>Risk <span class=\"_ _1\"></span>Manageme<span class=\"_ _1\"></span>nt, <span class=\"_ _1\"></span>allo <span class=\"_ _38\"></span>scopo <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>valutare <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>ottica <span class=\"_ _38\"></span>attuale <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>prospettica <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>impatti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1965\">sulla  situazione <span class=\"_ _3d\"> </span>economica  e <span class=\"_ _3d\"> </span>patrimoniale <span class=\"_ _3d\"> </span>derivanti  da  andame<span class=\"_ _1\"></span>nti  avversi <span class=\"_ _3d\"> </span>dei  principali<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1966\">fattori di <span class=\"_ _2\"></span>rischio, effettua, p<span class=\"_ _2\"></span>er ciascuna <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lle fonti d<span class=\"_ _2\"></span>i rischio<span class=\"_ _2\"></span> identificate come <span class=\"_ _2\"></span>maggiormente<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1967\">significative, analisi di stress test e sensitivity.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1968\">-<span class=\"_ _1a2\"> </span><span class=\"ff4\">Risk Self Assessment sui rischi operativi (ivi inclusi il rischio informatico e <span class=\"_ _1\"></span>il cyber risk).<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1969\">Gestione dei Risch<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs196a\">L</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs196b\">\u2019<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs196c\">o</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs196d\">b<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs196e\">i</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs196f\">e</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1970\">t<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1971\">tivo <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>sistem<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>gestione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _1\"></span>consiste <span class=\"_ _1\"></span>nel <span class=\"_ _38\"></span>mantenere <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>rischi <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>Compagnia <span class=\"_ _1\"></span>\u00e8<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1972\">esposta <span class=\"_ _39\"> </span>a <span class=\"_ _39\"> </span>un <span class=\"_ _36\"> </span>livello <span class=\"_ _39\"> </span>definito <span class=\"_ _39\"> </span>accettabile, <span class=\"_ _39\"> </span>attraverso <span class=\"_ _39\"> </span>l\u2019indic<span class=\"_ _2\"></span>azione <span class=\"_ _39\"> </span>della <span class=\"_ _39\"> </span>propensione <span class=\"_ _39\"> </span>e <span class=\"_ _39\"> </span>della<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1973\">tolleranza al rischio <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>tabilite in coerenza c<span class=\"_ _2\"></span>on l\u2019obiettivo di<span class=\"_ _2\"></span> salvaguardia d<span class=\"_ _2\"></span>el patrimonio delle stess<span class=\"_ _3b\"></span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1974\">a <span class=\"_ _38\"></span>garanzia <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _38\"></span>continuit\u00e0 <span class=\"_ _0\"></span>azie<span class=\"_ _2\"></span>ndale. <span class=\"_ _38\"></span>Le <span class=\"_ _0\"></span>li<span class=\"_ _2\"></span>nee <span class=\"_ _38\"></span>guida <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>ema <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ges<span class=\"_ _1\"></span>tione <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>rischi <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iportate<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1975\">nelle singole <span class=\"_ _3b\"></span>politiche redatte, <span class=\"_ _2\"></span>riviste <span class=\"_ _2\"></span>ed app<span class=\"_ _2\"></span>rovate annualmente <span class=\"_ _3b\"></span>dal Consiglio <span class=\"_ _2\"></span>di Ammin<span class=\"_ _2\"></span>istrazione,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1976\">previo <span class=\"_ _36\"> </span>passaggio <span class=\"_ _36\"> </span>da <span class=\"_ _39\"> </span>parte <span class=\"_ _39\"> </span>del <span class=\"_ _37\"> </span>Comit<span class=\"_ _1\"></span>ato <span class=\"_ _36\"> </span>Consiliare <span class=\"_ _39\"> </span>per <span class=\"_ _36\"> </span>il <span class=\"_ _36\"> </span>Controllo <span class=\"_ _36\"> </span>Interno <span class=\"_ _36\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>i <span class=\"_ _36\"> </span>Rischi <span class=\"_ _36\"> </span>della<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1977\">Compagnia.  Elementi costitutivi della gestione de<span class=\"_ _1\"></span>i rischi sono:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h29 ff15 fs2 fc1 sc0 ls0 ws0 gs1978\">o<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1979\">Risk Appetite <span class=\"_ _1\"></span>Framework<span class=\"_ _3a1\"> </span><span class=\"fc1 sc2\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs197a\">La Compagnia <span class=\"_ _2\"></span>si \u00e8 dotata di<span class=\"_ _2\"></span> un Ri<span class=\"_ _2\"></span>sk Appetite Framework (c<span class=\"_ _2\"></span>fr. RAF) che defin<span class=\"_ _2\"></span>isce la propensione <span class=\"_ _3b\"></span>al<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs197b\">rischio, <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oglie <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>tolleranza, <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>limiti <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rischio, <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>politiche <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>governo <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _1\"></span>nonch\u00e9 <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>processi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs197c\">di r<span class=\"_ _1\"></span>iferimento <span class=\"_ _38\"></span>necessari <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>definirli e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>attuarli. <span class=\"_ _1\"></span>Nell\u2019ambito <span class=\"_ _1\"></span>dell\u2019att<span class=\"_ _1\"></span>ivit\u00e0 di <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>dirizzo s<span class=\"_ _1\"></span>trategico <span class=\"_ _1\"></span>della<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs197d\">Compagnia, il <span class=\"_ _3b\"></span>Co<span class=\"_ _1\"></span>nsiglio di Amministrazione in<span class=\"_ _2\"></span>dividua e app<span class=\"_ _2\"></span>rova la propria propensione <span class=\"_ _2\"></span>al rischio. <span class=\"_ _2\"></span>Il<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs197e\">processo <span class=\"_ _1\"></span>di definizione/revisione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Risk Appetite <span class=\"_ _1\"></span>Framework <span class=\"_ _1\"></span>si affianca <span class=\"_ _1\"></span>pertanto <span class=\"_ _1\"></span>al pro<span class=\"_ _1\"></span>cesso di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs197f\">Pianificazione <span class=\"_ _38\"></span>Strat<span class=\"_ _1\"></span>egica/Operativa <span class=\"_ _1\"></span>(Bud<span class=\"_ _1\"></span>get) <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>tiene <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>o <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>valutazione <span class=\"_ _0\"></span>interna <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1980\">della solvibilit\u00e0. Tali elementi <span class=\"_ _1\"></span>non sono infatti disgiunti, ma si influenzano a vicenda con l\u2019obiettivo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1981\">di <span class=\"_ _3b\"></span>ot<span class=\"_ _1\"></span>tenere <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>massimizzazione <span class=\"_ _3b\"></span>del profilo <span class=\"_ _3b\"></span>rischio \u2013 <span class=\"_ _3b\"></span>rendimento d<span class=\"_ _2\"></span>ella <span class=\"_ _3b\"></span>Compagnia. La <span class=\"_ _3b\"></span>definizione del<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1982\">RAF tiene conto dei seguenti aspett<span class=\"_ _1\"></span>i:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1983\">-<span class=\"_ _1a2\"> </span><span class=\"ff4\">la <span class=\"_ _1\"></span>strategia <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>Compagnia, <span class=\"_ _1\"></span>ivi <span class=\"_ _1\"></span>inclusi <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>obiettivi <span class=\"_ _1\"></span>organizzativi, <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>piano s<span class=\"_ _1\"></span>trate<span class=\"_ _1\"></span>gico, i <span class=\"_ _1\"></span>vincoli<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1984\">finanziari, nonch\u00e9 normativi e le aspettative degli stakeholders;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1985\">-<span class=\"_ _1a2\"> </span><span class=\"ff4\">gli aspetti chiave del business della Compagnia;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1986\">-<span class=\"_ _1a2\"> </span><span class=\"ff4\">la volont\u00e0 e la capacit\u00e0 di assumere rischi;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1987\">-<span class=\"_ _1a2\"> </span><span class=\"ff4\">le  competenze,  le  risorse  e  la  tecnologia  a  disposizione  della  Co<span class=\"_ _1\"></span>mpagnia  per  gestire  e<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"><span class=\"_ _2\"></span> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1988\">monitorare le esposizioni al rischio.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1989\">La <span class=\"_ _3b\"></span>pro<span class=\"_ _1\"></span>pensione al <span class=\"_ _184\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _3b\"></span>della Compagnia <span class=\"_ _3b\"></span>congiuntamente alla <span class=\"_ _3b\"></span>valutazione <span class=\"_ _3b\"></span>del sistema <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>governo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs198a\">societario adottato nonch\u00e9 alla <span class=\"_ _3b\"></span>mappatura e identificazione dei fattori di<span class=\"_ _2\"></span> rischio e ad un<span class=\"_ _2\"></span>a generale<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs198b\">applicazione <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>principio <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span>sona <span class=\"_ _0\"></span>prudente, <span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ppresentano <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>principali <span class=\"_ _38\"></span>element<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>costitut<span class=\"_ _1\"></span>ivi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs198c\">alla bas<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>determinazione <span class=\"_ _1\"></span>del m<span class=\"_ _1\"></span>odello or<span class=\"_ _1\"></span>ganizzativo di <span class=\"_ _1\"></span>gestione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>rischi <span class=\"_ _1\"></span>(specifico <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>ogni<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs198d\">classe di rischio).<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs198e\">Nella <span class=\"_ _1\"></span>definizione <span class=\"_ _38\"></span>delle <span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>prie s<span class=\"_ _1\"></span>trategie <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>busines<span class=\"_ _1\"></span>s, <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>Compagnia valuta, <span class=\"_ _38\"></span>su <span class=\"_ _1\"></span>base<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>continuativa, <span class=\"_ _1\"></span>il<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs198f\">rispetto, <span class=\"_ _38\"></span>nei <span class=\"_ _38\"></span>diversi <span class=\"_ _38\"></span>anni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>sviluppo <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>piano, <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>livelli <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>target <span class=\"_ _38\"></span>definiti <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>Risk <span class=\"_ _38\"></span>Appetite<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1991\">Framework <span class=\"_ _38\"></span>(c.d. <span class=\"_ _1\"></span>RAF), <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>fine <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>garantire <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>coerenza <span class=\"_ _38\"></span>tra <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>obiettivi <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>medio-lungo <span class=\"_ _38\"></span>periodo <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>la<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1992\">capaci</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1993\">t\u00e0 e la <span class=\"_ _1\"></span>volont\u00e0 di assumere rischi della Compagnia stessa.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1994\">Si declinano, di seguito, i concetti r<span class=\"_ _1\"></span>ilevanti ai fini della definizione del RAF:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1995\">-<span class=\"_ _1a2\"> </span><span class=\"ff4\">il <span class=\"_ _35\"> </span>Risk <span class=\"_ _0\"></span>P<span class=\"_ _1\"></span>rofile <span class=\"_ _35\"> </span>rappresenta <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _35\"> </span>effettivo <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>Com<span class=\"_ _1\"></span>pagnia <span class=\"_ _0\"></span>valutato <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>determinato<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1996\">istante temporale;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1997\">-<span class=\"_ _1a2\"> </span><span class=\"ff4\">il <span class=\"_ _3b\"></span>Risk Appetite <span class=\"_ _2\"></span>rappresenta <span class=\"_ _2\"></span>la <span class=\"_ _3b\"></span>vera e <span class=\"_ _3b\"></span>pro<span class=\"_ _1\"></span>pria <span class=\"_ _3b\"></span>propensione al <span class=\"_ _3b\"></span>rischio d<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>parte della <span class=\"_ _3b\"></span>Compagnia<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1998\">e <span class=\"_ _1\"></span>costituisce, <span class=\"_ _1\"></span>quindi, <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>livello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ssa <span class=\"_ _1\"></span>intende <span class=\"_ _1\"></span>assumere <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>perseguiment<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>dei<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1999\">suoi obiettivi strategici;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs199a\">-<span class=\"_ _1a2\"> </span><span class=\"ff4\">la  Risk  Tolerance  indi<span class=\"_ _2\"></span>vidua  la  soglia  mas<span class=\"_ _2\"></span>sima  di  tolleranza  d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>l  rischio,  fissata  al<span class=\"_ _3b\"></span>  fine  di<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs199b\">assicurare <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>Compagnia <span class=\"_ _1\"></span>margini <span class=\"_ _38\"></span>sufficienti <span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>operare <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ia <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>fase <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>normale <span class=\"_ _1\"></span>corso<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>degli<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs199c\">affari sia in condizioni di mercato particolar<span class=\"_ _1\"></span>mente stressate;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs199d\">-<span class=\"_ _1a2\"> </span><span class=\"ff4\">la  Risk  Capacity,  invece,  r<span class=\"_ _1\"></span>appresenta  il  massimo  rischio  assumibile <span class=\"_ _3d\"> </span>dalla  Compagnia;  \u00e8<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs199e\">costituito <span class=\"_ _0\"></span>quindi <span class=\"_ _0\"></span>dal <span class=\"_ _35\"> </span>liv<span class=\"_ _2\"></span>ello <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>rischio <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>essa <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>grado <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>assumere <span class=\"_ _0\"> </span>a <span class=\"_ _35\"> </span>suo <span class=\"_ _0\"></span>carico <span class=\"_ _0\"></span>senza<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs199f\">violare i requisiti regolamentari o gli altri vincoli imposti dall\u2019autorit\u00e0 <span class=\"_ _1\"></span>di vigilanza.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19a0\">Nella <span class=\"_ _1\"></span>definizione <span class=\"_ _38\"></span>delle <span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>prie s<span class=\"_ _1\"></span>trategie <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>busines<span class=\"_ _1\"></span>s, <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>Compagnia valuta, <span class=\"_ _38\"></span>su <span class=\"_ _1\"></span>base<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>continuativa, <span class=\"_ _1\"></span>il<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19a1\">rispetto, <span class=\"_ _38\"></span>nei <span class=\"_ _38\"></span>diversi <span class=\"_ _38\"></span>anni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>sviluppo <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>piano, <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>livelli <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>target <span class=\"_ _38\"></span>definiti <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>Risk <span class=\"_ _38\"></span>Appetite<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19a2\">Framework, <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fine <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>garantire <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>coerenza <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>obiettivi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>medio-lungo <span class=\"_ _1\"></span>periodo <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>capacit\u00e0 <span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19a3\">la volont\u00e0 <span class=\"_ _1\"></span>di ass<span class=\"_ _1\"></span>umere r<span class=\"_ _1\"></span>ischi. In <span class=\"_ _1\"></span>particolare <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>piano str<span class=\"_ _1\"></span>ategico, partendo <span class=\"_ _1\"></span>dal profilo <span class=\"_ _1\"></span>di r<span class=\"_ _1\"></span>ischio dell<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19a4\">Compagnia al momento della redaz<span class=\"_ _2\"></span>ione del piano stesso, tiene conto del rischio <span class=\"_ _2\"></span>assumibile senza<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19a5\">violare <span class=\"_ _1\"></span>i requisiti <span class=\"_ _1\"></span>regolament<span class=\"_ _1\"></span>ari o <span class=\"_ _1\"></span>altri <span class=\"_ _1\"></span>vincoli <span class=\"_ _1\"></span>imposti <span class=\"_ _1\"></span>dall\u2019Autorit\u00e0 <span class=\"_ _1\"></span>di Vigilanza, <span class=\"_ _1\"></span>l\u2019appetito <span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>ischio<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19a6\">(ovvero <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>livello <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>sa <span class=\"_ _0\"></span>inte<span class=\"_ _1\"></span>nde <span class=\"_ _35\"> </span>a<span class=\"_ _2\"></span>ssumere <span class=\"_ _35\"> </span>per <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>perseguimento <span class=\"_ _0\"></span>dei <span class=\"_ _35\"> </span>suoi <span class=\"_ _35\"> </span>obiettivi<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19a7\">strategici) e<span class=\"_ _1\"></span> la <span class=\"_ _1\"></span>tolleranza al <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>(ovvero <span class=\"_ _1\"></span>la so<span class=\"_ _1\"></span>glia massima <span class=\"_ _1\"></span>di scosta<span class=\"_ _1\"></span>mento rispetto <span class=\"_ _1\"></span>all\u2019appetito<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19a8\">al rischio) fissate  dal Consiglio di Amministrazione.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19a9\">La <span class=\"_ _38\"></span>Compagnia <span class=\"_ _38\"></span>ha <span class=\"_ _0\"></span>inoltre <span class=\"_ _38\"></span>definito <span class=\"_ _38\"></span>una <span class=\"_ _0\"></span>Politica <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Gestione <span class=\"_ _0\"></span>del <span class=\"_ _1\"></span>Capitale <span class=\"_ _0\"></span>e <span class=\"_ _1\"></span>un <span class=\"_ _0\"></span>Piano <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Gestione <span class=\"_ _38\"></span>del<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19aa\">Capitale <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>cui <span class=\"_ _1\"></span>scopo <span class=\"_ _1\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>quello <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>adot<span class=\"_ _1\"></span>tare <span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>cedure <span class=\"_ _1\"></span>atte <span class=\"_ _1\"></span>ad <span class=\"_ _38\"></span>accertare <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>salvaguardia <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>requisiti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19ab\">regolamentari  e  dei<span class=\"_ _3b\"></span>  livelli  obiettivo  d<span class=\"_ _2\"></span>i  Risk <span class=\"_ _35\"> </span>Appetite  nonch\u00e9  d<span class=\"_ _2\"></span>i  garantire  ch<span class=\"_ _2\"></span>e,  sia <span class=\"_ _35\"> </span>al  momento<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19ac\">dell\u2019emissione che<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>uccessivamente, g<span class=\"_ _2\"></span>li <span class=\"_ _3b\"></span>elementi dei <span class=\"_ _3b\"></span>Fondi <span class=\"_ _3b\"></span>Propri a <span class=\"_ _3b\"></span>cui <span class=\"_ _3b\"></span>l\u2019impresa intende <span class=\"_ _3b\"></span>attingere<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19ad\">al fine di realizzare gli obiettivi di business stabiliti in se<span class=\"_ _1\"></span>de di pianificazione strategica, soddisfino i<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19ae\">requisiti <span class=\"_ _0\"></span>regolamentari <span class=\"_ _38\"></span>definiti <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>EIOPA <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>siano <span class=\"_ _0\"></span>correttamente <span class=\"_ _38\"></span>classificati. <span class=\"_ _38\"></span>Tale <span class=\"_ _0\"></span>Piano <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>redatto<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19af\">coerentemente  co<span class=\"_ _1\"></span>n  le  r<span class=\"_ _1\"></span>isultanze  della  valutazione  prospe<span class=\"_ _1\"></span>ttica  dei  rischi  s<span class=\"_ _1\"></span>econdo  l\u2019approccio<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19b0\">Solvency <span class=\"_ _35\"> </span>II <span class=\"_ _0\"></span>(c.d <span class=\"_ _35\"> </span>ORSA), <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>gli <span class=\"_ _35\"> </span>obiettivi <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>metodologie <span class=\"_ _35\"> </span>stabilite <span class=\"_ _35\"> </span>nella <span class=\"_ _35\"> </span>Politica <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>Gestione <span class=\"_ _35\"> </span>del<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19b1\">Capitale <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>con <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>quisiti <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>solvibilit\u00e0 <span class=\"_ _37\"> </span>stabiliti <span class=\"_ _37\"> </span>dal <span class=\"_ _37\"> </span>Regolatore, <span class=\"_ _37\"> </span>al <span class=\"_ _3d\"> </span>fine <span class=\"_ _36\"> </span>di <span class=\"_ _3d\"> </span>garantire <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>solidit\u00e0<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19b2\">patrimoniale della Compagnia nell\u2019esercizio della propria <span class=\"_ _1\"></span>attivit\u00e0 e nei suoi possibili sviluppi futuri.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h29 ff15 fs2 fc4 sc0 ls0 ws0 gs19b3\">o<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs19b4\">Indicatori <span class=\"_ _1\"></span>di Rischio<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19b5\">In <span class=\"_ _3a\"> </span>coerenza <span class=\"_ _3a\"> </span>con <span class=\"_ _3f\"> </span>quanto <span class=\"_ _3a\"> </span>disciplinato <span class=\"_ _3a\"> </span>nel <span class=\"_ _3a\"> </span>Regolamento <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>Risk <span class=\"_ _3f\"> </span>Appetit<span class=\"_ _1\"></span>e <span class=\"_ _3a\"> </span>Framework <span class=\"_ _3a\"> </span>della<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19b6\">Compagnia, <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>gestione <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>ottica <span class=\"_ _35\"> </span>attuale <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>prospettica <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>Compagnia <span class=\"_ _0\"></span>si <span class=\"_ _35\"> </span>basa <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>ulla<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19b7\">definizione di indicatori per ogni categor<span class=\"_ _1\"></span>ia di rischio valutata come rilevante.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19b8\">Gli indicatori sono ulteriormente suddivisi in:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs19b9\">-<span class=\"_ _1a2\"> </span><span class=\"ff4\">indicatori <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>I\u00b0 <span class=\"_ _3d\"> </span>livello:  s<span class=\"_ _1\"></span>ono <span class=\"_ _3d\"> </span>indicatori <span class=\"_ _3d\"> </span>finalizzati <span class=\"_ _3d\"> </span>principalmente <span class=\"_ _37\"> </span>al  ris<span class=\"_ _1\"></span>petto <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>vincoli <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19ba\">solvibilit\u00e0, <span class=\"_ _35\"> </span>liquidit\u00e0  e <span class=\"_ _35\"> </span>redditivit\u00e0.  Sono <span class=\"_ _35\"> </span>indicatori  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>poss<span class=\"_ _1\"></span>ibili <span class=\"_ _35\"> </span>impat<span class=\"_ _1\"></span>ti  n<span class=\"_ _2\"></span>egativi  e <span class=\"_ _35\"> </span>forniscono<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19bb\">avvertimenti <span class=\"_ _1\"></span>atti ad <span class=\"_ _1\"></span>identificare <span class=\"_ _1\"></span>potenziali e<span class=\"_ _1\"></span>venti dannosi <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>minacciano il r<span class=\"_ _1\"></span>aggiungimento<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19bc\">degli  obiettivi  e  la  continu<span class=\"_ _2\"></span>it\u00e0  del  Business.  Tali  indic<span class=\"_ _2\"></span>atori  sono  integrati  all\u2019interno  della<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19bd\">Regolamento di Risk <span class=\"_ _2\"></span>Appetire Framework della Compagnia <span class=\"_ _2\"></span>e ad <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ssi viene associato <span class=\"_ _2\"></span>un Risk<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19be\">Appetite,  una  Risk  To<span class=\"_ _1\"></span>lerance  e  una  Risk  Capacity  e  il  relativo  sistema  di  Risk  Appetite<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19bf\">Statement;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs19c0\">-<span class=\"_ _1a2\"> </span><span class=\"ff4\">indicatori <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>ear<span class=\"_ _1\"></span>ly <span class=\"_ _0\"></span>warning: <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>fine <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>effettuare <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>monitoraggio <span class=\"_ _0\"></span>preventivo <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>nel <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>inuo<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"><span class=\"_ _2\"></span> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19c1\">sugli <span class=\"_ _38\"></span>indicatori <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>so<span class=\"_ _1\"></span>lvibilit\u00e0 <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _38\"></span>stati <span class=\"_ _38\"></span>inoltre <span class=\"_ _38\"></span>definiti <span class=\"_ _38\"></span>degli <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>dicatori <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>early <span class=\"_ _38\"></span>warnig <span class=\"_ _0\"></span>vol<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>ad<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19c2\">intercettare fenomeni e/o eventi di potenziale elevata <span class=\"_ _1\"></span>criticit\u00e0 e/o attenzione;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs19c3\">-<span class=\"_ _1a2\"> </span><span class=\"ff4\">indicatori <span class=\"_ _1\"></span>di <span class=\"_ _0\"></span>II<span class=\"_ _2\"></span>\u00b0 <span class=\"_ _38\"></span>livello: <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>indicat<span class=\"_ _1\"></span>ori <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>tipo <span class=\"_ _38\"></span>operativo/gestionali <span class=\"_ _38\"></span>funzionali <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>irrobustir<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>le<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19c4\">attivit\u00e0 <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>monitoraggio <span class=\"_ _39\"> </span>dei <span class=\"_ _39\"> </span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _36\"> </span>e<span class=\"_ _1\"></span>d <span class=\"_ _39\"> </span>eventualmente <span class=\"_ _39\"> </span>fornire <span class=\"_ _39\"> </span>segnali <span class=\"_ _39\"> </span>preventivi <span class=\"_ _39\"> </span>ad <span class=\"_ _39\"> </span>un<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19c5\">potenziale deterioramento delle <span class=\"_ _3b\"></span>metr<span class=\"_ _1\"></span>iche di I<span class=\"_ _2\"></span>\u00b0 Livello. <span class=\"_ _2\"></span>Tali ind<span class=\"_ _2\"></span>icatori sono integrati<span class=\"_ _2\"></span> all\u2019interno<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19c6\">del Regolamento di Risk Appetite Framework della Compagnia.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19c7\">Nell\u2019ambito <span class=\"_ _3b\"></span>gene<span class=\"_ _1\"></span>rale <span class=\"_ _3b\"></span>del <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>istema <span class=\"_ _184\"></span>di <span class=\"_ _2\"></span>gestione d<span class=\"_ _2\"></span>ei <span class=\"_ _3b\"></span>rischi <span class=\"_ _3b\"></span>la <span class=\"_ _2\"></span>Compagnia <span class=\"_ _3b\"></span>definisce <span class=\"_ _3b\"></span>inoltr<span class=\"_ _1\"></span>e <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>pecifici <span class=\"_ _3b\"></span>limiti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19c8\">operativi  funzionali<span class=\"_ _2\"></span>  alla <span class=\"_ _35\"> </span>gest<span class=\"_ _1\"></span>ione  (ad <span class=\"_ _35\"> </span>es<span class=\"_ _1\"></span>.  limi<span class=\"_ _2\"></span>ti  in <span class=\"_ _35\"> </span>term<span class=\"_ _1\"></span>ini  d<span class=\"_ _2\"></span>i  esposizione, <span class=\"_ _35\"> </span>concentr<span class=\"_ _1\"></span>azione, <span class=\"_ _35\"> </span>et<span class=\"_ _1\"></span>c.)<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19c9\">coerenti con l\u2019appetito al rischio della Compagnia.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19ca\">Il <span class=\"_ _35\"> </span>princip<span class=\"_ _2\"></span>ale <span class=\"_ _35\"> </span>indicatore <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>I\u00b0 <span class=\"_ _0\"></span>Livello <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>Compagnia <span class=\"_ _0\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>Solv<span class=\"_ _2\"></span>ency <span class=\"_ _35\"> </span>II <span class=\"_ _0\"></span>Ratio <span class=\"_ _35\"> </span>ovvero <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>rapporto <span class=\"_ _0\"></span>tra<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs19cb\">Eligible Capital <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Solvency <span class=\"_ _1\"></span>Capital <span class=\"_ _1\"></span>Requirement. <span class=\"_ _1\"></span>La <span class=\"_ _1\"></span>Com<span class=\"_ _1\"></span>pagnia, nel <span class=\"_ _1\"></span>2024, <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>prefigge <span class=\"_ _1\"></span>l\u2019obiettivo <span class=\"_ _1\"></span>di </div>avere <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>livello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Capitale <span class=\"_ _1\"></span>Economico <span class=\"_ _1\"></span>ade<span class=\"_ _1\"></span>guato <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>linea <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>biettivi <span class=\"_ _1\"></span>strategici, <span class=\"_ _1\"></span>superiore<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ad un pre<span class=\"_ _3a1\"> </span>fissato livello di Solvency Ratio come di se<span class=\"_ _1\"></span>guito riportato: -<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Risk Appetite<span class=\"_ _1\"></span>: 150%; </span></span>-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Risk Toler<span class=\"_ _1\"></span>ance: 125%; </span></span>-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Risk Capacity: 10<span class=\"_ _1\"></span>5%. </span></span>Nell\u2019ambito  della <span class=\"_ _35\"> </span>definizione  del <span class=\"_ _35\"> </span>RAF  risulta  nece<span class=\"_ _2\"></span>ssario  fissare <span class=\"_ _35\"> </span>il  liv<span class=\"_ _2\"></span>ello  di <span class=\"_ _35\"> </span>rischio  che,  se <span class=\"_ _35\"> </span>non rispettato <span class=\"_ _1\"></span>dal Risk Profile della <span class=\"_ _1\"></span>Compagnia, necessita di <span class=\"_ _1\"></span>interventi correttivi. Le s<span class=\"_ _1\"></span>oglie individuano dunque <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>binari <span class=\"_ _3d\"> </span>all<span class=\"_ _1\"></span>\u2019interno <span class=\"_ _37\"> </span>dei <span class=\"_ _3d\"> </span>quali <span class=\"_ _37\"> </span>la <span class=\"_ _3d\"> </span>Compagnia <span class=\"_ _37\"> </span>pu\u00f2 <span class=\"_ _37\"> </span>condurre <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>sua <span class=\"_ _3d\"> </span>azione<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>finalizzata <span class=\"_ _37\"> </span>al raggiungimento <span class=\"_ _38\"></span>degli <span class=\"_ _1\"></span>obiet<span class=\"_ _1\"></span>tivi <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>business. <span class=\"_ _38\"></span>La <span class=\"_ _38\"></span>violazione <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>queste <span class=\"_ _38\"></span>soglie <span class=\"_ _38\"></span>richieda <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>processo <span class=\"_ _38\"></span>di escalation <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>parte della <span class=\"_ _1\"></span>Compagnia <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>definizione <span class=\"_ _1\"></span>di specifici <span class=\"_ _1\"></span>piani di <span class=\"_ _1\"></span>inter<span class=\"_ _1\"></span>vento <span class=\"_ _1\"></span>per fare <span class=\"_ _1\"></span>fronte alla situazione. Monitoraggio e<span class=\"_ _1\"></span> Reporting Il modello organizzativo d<span class=\"_ _2\"></span>i gestione del rischio di <span class=\"_ _2\"></span>Credem<span class=\"_ _3a1\"> </span>vita coinv<span class=\"_ _2\"></span>olge tutte le strutture aziendali<span class=\"_ _2\"></span>, dalle <span class=\"_ _1\"></span>funzioni <span class=\"_ _1\"></span>operat<span class=\"_ _1\"></span>ive <span class=\"_ _1\"></span>(coinvolte <span class=\"_ _1\"></span>nella <span class=\"_ _38\"></span>gestione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>chi s<span class=\"_ _1\"></span>ui <span class=\"_ _1\"></span>processi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>propr<span class=\"_ _1\"></span>ia <span class=\"_ _1\"></span>competenza) <span class=\"_ _1\"></span>ai Comitati fino al Consiglio di Amministrazione, ivi incluse le F<span class=\"_ _1\"></span>unzioni Fondamentali. In <span class=\"_ _0\"></span>tale <span class=\"_ _35\"> </span>contesto, <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>funzione <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>Risk <span class=\"_ _0\"></span>Management <span class=\"_ _0\"></span>funge <span class=\"_ _35\"> </span>inoltre <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>coordinatore <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>di monitoraggio <span class=\"_ _3f\"> </span>dei <span class=\"_ _3f\"> </span>ris<span class=\"_ _1\"></span>chi. <span class=\"_ _3f\"> </span>Pi\u00f9 <span class=\"_ _3f\"> </span>in <span class=\"_ _3f\"> </span>particolare, <span class=\"_ _3f\"> </span>concorre <span class=\"_ _3f\"> </span>alla <span class=\"_ _3a\"> </span>defini<span class=\"_ _2\"></span>zione <span class=\"_ _3f\"> </span>delle <span class=\"_ _3a\"> </span>metodologie <span class=\"_ _3f\"> </span>di misurazione <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>limiti <span class=\"_ _0\"></span>(sia <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>RAF <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>operativi<span class=\"_ _2\"></span>), <span class=\"_ _0\"></span>definendo <span class=\"_ _38\"></span>appropriat<span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>procedure <span class=\"_ _38\"></span>di verifica,  ed <span class=\"_ _35\"> </span>ha  il <span class=\"_ _35\"> </span>compito  di <span class=\"_ _35\"> </span>validare  i <span class=\"_ _35\"> </span>flussi  informativi <span class=\"_ _35\"> </span>dell\u2019attivit\u00e0  di<span class=\"_ _2\"></span>  monitoraggio <span class=\"_ _35\"> </span>dei  rischi, predisporre la re<span class=\"_ _1\"></span>portistica per i vertici aziendali e ver<span class=\"_ _1\"></span>ificare la coer<span class=\"_ _1\"></span>enza dei modelli di misurazione dei rischi con l\u2019operativit\u00e0 svolta dall\u2019impresa. I rischi <span class=\"_ _1\"></span>sono monitorati <span class=\"_ _1\"></span>in maniera continuativa dalla <span class=\"_ _1\"></span>funzione di Risk <span class=\"_ _1\"></span>Management e <span class=\"_ _1\"></span>dalle s<span class=\"_ _1\"></span>ingole<span class=\"_ _2\"></span> funzioni co<span class=\"_ _1\"></span>mpetenti; <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fine \u00e8<span class=\"_ _1\"></span> st<span class=\"_ _1\"></span>ato <span class=\"_ _1\"></span>sviluppato e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>affinato <span class=\"_ _1\"></span>progressivamente <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>repor<span class=\"_ _1\"></span>ting <span class=\"_ _1\"></span>relativo all\u2019evoluzione dei <span class=\"_ _3b\"></span>ris<span class=\"_ _1\"></span>chi <span class=\"_ _2\"></span>nei conf<span class=\"_ _2\"></span>ronti d<span class=\"_ _2\"></span>el Consiglio <span class=\"_ _3b\"></span>di Amministrazione, <span class=\"_ _2\"></span> del <span class=\"_ _3b\"></span>Comitato Consiliare <span class=\"_ _3b\"></span>pe<span class=\"_ _1\"></span>r i Controlli Interni e i Rischi della Compagnia, del Comitato <span class=\"_ _1\"></span>Investimenti e ALM, dell\u2019Alta Direzione e delle <span class=\"_ _2\"></span>strutture ope<span class=\"_ _2\"></span>rative co<span class=\"_ _2\"></span>mpetenti <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>fine <span class=\"_ _3b\"></span>di migli<span class=\"_ _2\"></span>orare<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _3b\"></span>com<span class=\"_ _1\"></span>unic<span class=\"_ _2\"></span>azione d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>risultati e <span class=\"_ _3b\"></span>consentire una maggior comprensione delle tematiche connesse alla valutazione dei r<span class=\"_ _1\"></span>ischi. Il modello di gestione dei rischi adottato <span class=\"_ _1\"></span>da Credemvita \u00e8 caratterizzato da: -<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">una fase di aggiornamento degli <span class=\"_ _2\"></span>indicatori di rischio e/o dei <span class=\"_ _2\"></span>limiti (sia <span class=\"_ _2\"></span>di RAF sia <span class=\"_ _2\"></span>operativi) per il </span></span>governo  del <span class=\"_ _35\"> </span>rischio  a <span class=\"_ _35\"> </span>seconda <span class=\"_ _35\"> </span>delle  esigenze  organizzative<span class=\"_ _2\"></span>  e/o  a<span class=\"_ _3b\"></span>  seguito  di<span class=\"_ _2\"></span>  variazioni <span class=\"_ _35\"> </span>del contesto <span class=\"_ _0\"></span>interno <span class=\"_ _0\"></span>o <span class=\"_ _38\"></span>esterno, <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>qualora <span class=\"_ _0\"></span>non <span class=\"_ _38\"></span>siano <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>linea <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>profilo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>richiesto dall\u2019Organo Amministrativo; -<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">una <span class=\"_ _1\"></span>conseguent<span class=\"_ _1\"></span>e a<span class=\"_ _1\"></span>ttivit\u00e0 di <span class=\"_ _1\"></span>monitoraggio <span class=\"_ _1\"></span>degli <span class=\"_ _1\"></span>indicatori <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>limiti <span class=\"_ _1\"></span>operativi <span class=\"_ _1\"></span>e di <span class=\"_ _1\"></span>gover<span class=\"_ _1\"></span>no del </span></span>rischio. <span class=\"_ _3d\"> </span>Le <span class=\"_ _37\"> </span>attivit\u00e0 <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>monito<span class=\"_ _1\"></span>raggio <span class=\"_ _3d\"> </span>si <span class=\"_ _37\"> </span>sostanziano <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>specifici <span class=\"_ _37\"> </span>presidi <span class=\"_ _37\"> </span>organizzativi <span class=\"_ _3d\"> </span>att<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>a garantire il r<span class=\"_ _1\"></span>ispetto dei <span class=\"_ _1\"></span>limiti stessi, ad <span class=\"_ _1\"></span>attivare tempestivi <span class=\"_ _1\"></span>processi di segnalazione <span class=\"_ _1\"></span>a fronte di eventuali  r<span class=\"_ _1\"></span>ilevazioni  di <span class=\"_ _3d\"> </span>superame<span class=\"_ _1\"></span>nto  e<span class=\"_ _1\"></span>  a<span class=\"_ _1\"></span>  definire<span class=\"_ _1\"></span>  s<span class=\"_ _1\"></span>pecifici  piani <span class=\"_ _3d\"> </span>di  rie<span class=\"_ _1\"></span>ntro <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>seguito <span class=\"_ _3d\"> </span>delle segnalazioni stesse. Nell\u2019ambito <span class=\"_ _39\"> </span>del <span class=\"_ _36\"> </span>sistem<span class=\"_ _1\"></span>a <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>gestione <span class=\"_ _39\"> </span>dei <span class=\"_ _36\"> </span>rischi <span class=\"_ _39\"> </span>e <span class=\"_ _36\"> </span>coerentemente <span class=\"_ _39\"> </span>con <span class=\"_ _39\"> </span>quanto <span class=\"_ _36\"> </span>previsto <span class=\"_ _39\"> </span>dalla Normativa,  il  Consiglio  di  Amministrazione  ha  formalizzato  un  set  di  politiche,  regolamenti  e allegati, <span class=\"_ _38\"></span>che, <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>elativamente <span class=\"_ _0\"></span>ad <span class=\"_ _1\"></span>ognuno <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>gli <span class=\"_ _38\"></span>ambiti <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischiosit\u00e0 <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>insistono <span class=\"_ _38\"></span>sulla <span class=\"_ _38\"></span>Com<span class=\"_ _1\"></span>pagnia, dettagliano <span class=\"_ _0\"></span>gli <span class=\"_ _35\"> </span>obiettivi, <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>compi<span class=\"_ _1\"></span>ti, <span class=\"_ _0\"></span>le <span class=\"_ _35\"> </span>responsabilit\u00e0, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>proce<span class=\"_ _1\"></span>sso <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>definiscono <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>str<span class=\"_ _1\"></span>umenti <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>le procedure, anc<span class=\"_ _2\"></span>he d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>eporting, necessarie <span class=\"_ _3b\"></span>ad ind<span class=\"_ _2\"></span>ividuare e <span class=\"_ _3b\"></span>conseguentemente gestire <span class=\"_ _3b\"></span>ogni ambi<span class=\"_ _2\"></span>to di rischio. <span class=\"_ _1\"></span>Tali doc<span class=\"_ _1\"></span>umenti, inoltr<span class=\"_ _1\"></span>e, hanno <span class=\"_ _1\"></span>l\u2019obiettivo <span class=\"_ _1\"></span>pi\u00f9 gene<span class=\"_ _1\"></span>rale di <span class=\"_ _1\"></span>contribuire <span class=\"_ _1\"></span>alla diffusione <span class=\"_ _1\"></span>della cultura del controllo e di gestione dei rischi all\u2019interno <span class=\"_ _1\"></span>della societ\u00e0. Il <span class=\"_ _0\"></span>rispetto <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>l\u2019appl<span class=\"_ _2\"></span>icazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>documenti <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>garant<span class=\"_ _1\"></span>iti <span class=\"_ _0\"></span>dal<span class=\"_ _2\"></span>la <span class=\"_ _0\"></span>presenza <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>Sistema <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>Controlli<span class=\"_ _2\"></span> Interni <span class=\"_ _3f\"> </span>costituito <span class=\"_ _3f\"> </span>da <span class=\"_ _3a\"> </span>un<span class=\"_ _2\"></span> <span class=\"_ _3f\"> </span>insieme <span class=\"_ _3a\"> </span>di <span class=\"_ _39\"> </span>r<span class=\"_ _1\"></span>egole, <span class=\"_ _3f\"> </span>procedure <span class=\"_ _3f\"> </span>e <span class=\"_ _3f\"> </span>tecniche <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>controllo <span class=\"_ _3f\"> </span>e <span class=\"_ _3a\"> </span>strutture organizzative volto ad assicurare il corretto funzionamento<span class=\"_ _1\"></span> ed il buon andamento dell\u2019impresa.  Analisi dei risch<span class=\"_ _1\"></span>i La Compagnia <span class=\"_ _2\"></span>ha definito ai sensi <span class=\"_ _2\"></span>della Regolamentaz<span class=\"_ _3a1\"> </span>ione d<span class=\"_ _3a1\"> </span>i settore, un <span class=\"_ _3b\"></span>pr<span class=\"_ _1\"></span>ocesso di <span class=\"_ _2\"></span>valutazione e analisi dei <span class=\"_ _1\"></span>rischi che <span class=\"_ _1\"></span>include <span class=\"_ _1\"></span>sia una <span class=\"_ _1\"></span>valutazione <span class=\"_ _1\"></span>qualitativa sia, <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>quelli quantificabili, <span class=\"_ _1\"></span>l\u2019adozione di <span class=\"_ _38\"></span>me<span class=\"_ _1\"></span>todologie <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>misurazione <span class=\"_ _38\"></span>dell\u2019esposizione <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischio, <span class=\"_ _38\"></span>incluso, <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>sistema <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>determinazione dell\u2019ammontare <span class=\"_ _1\"></span>della massima <span class=\"_ _1\"></span>perdita <span class=\"_ _1\"></span>potenziale sia <span class=\"_ _1\"></span>in ottica <span class=\"_ _1\"></span>attuale <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>prospettica. Tali anali<span class=\"_ _1\"></span>si consento di <span class=\"_ _3b\"></span>effett<span class=\"_ _1\"></span>uare <span class=\"_ _3b\"></span>in maniera c<span class=\"_ _2\"></span>ontinuativa un<span class=\"_ _2\"></span>a profilazione <span class=\"_ _3b\"></span>dei rischi a<span class=\"_ _2\"></span> cu<span class=\"_ _2\"></span>i l\u2019i<span class=\"_ _2\"></span>mpresa \u00e8 <span class=\"_ _3b\"></span>es<span class=\"_ _1\"></span>posta.<span class=\"_ _2\"></span> Si <span class=\"_ _1\"></span>specifica <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>Com<span class=\"_ _1\"></span>pagnia <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>valutazioni <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>requisito <span class=\"_ _38\"></span>patrimoniale <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>lvibilit\u00e0 s<span class=\"_ _1\"></span>econdo <span class=\"_ _1\"></span>il regime <span class=\"_ _0\"></span>no<span class=\"_ _2\"></span>rmativo <span class=\"_ _38\"></span>So<span class=\"_ _1\"></span>lvency <span class=\"_ _38\"></span>II <span class=\"_ _0\"></span>utili<span class=\"_ _2\"></span>zza <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>Formula <span class=\"_ _38\"></span>Sta<span class=\"_ _1\"></span>ndard <span class=\"_ _38\"></span>conformemente <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>anto <span class=\"_ _0\"></span>definito <span class=\"_ _38\"></span>nel Regolamento <span class=\"_ _3f\"> </span>delegato <span class=\"_ _39\"> </span>(UE) <span class=\"_ _39\"> </span>201<span class=\"_ _1\"></span>9/981 <span class=\"_ _39\"> </span>de<span class=\"_ _1\"></span>lla <span class=\"_ _39\"> </span>Commissione. <span class=\"_ _39\"> </span>Pe<span class=\"_ _1\"></span>rtanto, <span class=\"_ _39\"> </span>le <span class=\"_ _3f\"> </span>valutazioni <span class=\"_ _39\"> </span>attuali <span class=\"_ _39\"> </span>e<div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs586\">prospettiche  dei  rischi  tengono  c<span class=\"_ _2\"></span>onto  di  tutti <span class=\"_ _35\"> </span>i  rischi,  compresi  nel  fra<span class=\"_ _2\"></span>mework  della  Formula<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a0a\">Standa</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a0b\">rd, a cui l\u2019impresa \u00e8 esposta.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a0c\">Al fine di valutare nel continuo la propria situazione di solvib<span class=\"_ _2\"></span>ilit\u00e0, la Compagnia provvede inoltre su<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a0d\">base <span class=\"_ _38\"></span>trimestrale <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>calcolo <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>proprio <span class=\"_ _38\"></span>Requisito <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Capitale, <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>determinazione <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>Fondi <span class=\"_ _38\"></span>Propri<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a0e\">Ammissibili <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>elativa <span class=\"_ _38\"></span>qualit\u00e0 <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>composizione, <span class=\"_ _38\"></span>verificando <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>contempo <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>ris<span class=\"_ _1\"></span>petto <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>limiti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a0f\">operativi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>propensione<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>ris<span class=\"_ _1\"></span>chio. <span class=\"_ _0\"></span>Specifiche <span class=\"_ _0\"></span>valutazioni <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>stress <span class=\"_ _0\"></span>test <span class=\"_ _0\"> </span>e <span class=\"_ _35\"> </span>sensitivity <span class=\"_ _0\"></span>vengo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a10\">effettuate con la stes<span class=\"_ _1\"></span>sa frequenza sulle grandezze patrimo<span class=\"_ _1\"></span>niali. Adeguata documentazione viene<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a11\">rendicontata <span class=\"_ _39\"> </span>al <span class=\"_ _36\"> </span>Consiglio <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>Amm<span class=\"_ _1\"></span>inistrazione <span class=\"_ _36\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>trasmessa <span class=\"_ _39\"> </span>all\u2019<span class=\"_ _2\"></span>Organo <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>Vigilanza <span class=\"_ _36\"> </span>tramite<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>i<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a12\">Quantitative <span class=\"_ _0\"></span>Reporting <span class=\"_ _38\"></span>Template <span class=\"_ _0\"></span>(QRT).<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>Con <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>stessa<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>frequ<span class=\"_ _2\"></span>enza <span class=\"_ _0\"></span>viene <span class=\"_ _38\"></span>verificato <span class=\"_ _0\"></span>il <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ispetto <span class=\"_ _38\"></span>degli<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a13\">indicatori di I\u00b0 e di II\u00b0 Livello declinati nel Rego<span class=\"_ _1\"></span>lamento di Risk Appetite Framework.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a14\">Qualora <span class=\"_ _0\"></span>nell\u2019ambito <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>diverse <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>monitoraggio <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>ffettuate <span class=\"_ _0\"></span>dalla <span class=\"_ _38\"></span>Compagnia <span class=\"_ _0\"></span>dovessero<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a15\">emergere <span class=\"_ _35\"> </span>scostamenti <span class=\"_ _35\"> </span>continuativi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>/o <span class=\"_ _35\"> </span>significativi <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>profilo  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>rispetto <span class=\"_ _35\"> </span>all\u2019App<span class=\"_ _2\"></span>etito <span class=\"_ _35\"> </span>al<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a16\">Rischio d<span class=\"_ _2\"></span>ell\u2019impresa, scostamenti <span class=\"_ _3b\"></span>significativi rispetto <span class=\"_ _3b\"></span>alle princip<span class=\"_ _2\"></span>ali i<span class=\"_ _2\"></span>potesi tecnich<span class=\"_ _2\"></span>e/finanziarie/di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a17\">mercato/di <span class=\"_ _35\"> </span>prodotto <span class=\"_ _0\"></span>definite <span class=\"_ _35\"> </span>n<span class=\"_ _3b\"></span>ell\u2019ambito <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>P<span class=\"_ _1\"></span>iano <span class=\"_ _0\"></span>Strategico <span class=\"_ _35\"> </span>(<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>quin<span class=\"_ _2\"></span>di <span class=\"_ _0\"> </span>ne<span class=\"_ _1\"></span>lle <span class=\"_ _35\"> </span>valu<span class=\"_ _2\"></span>tazioni <span class=\"_ _35\"> </span>ORS<span class=\"_ _2\"></span>A),<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a18\">viene <span class=\"_ _2\"></span>effettuata <span class=\"_ _2\"></span>un\u2019attivit\u00e0 <span class=\"_ _3b\"></span>di Non-R<span class=\"_ _2\"></span>egular <span class=\"_ _2\"></span>ORSA <span class=\"_ _3b\"></span>al fine <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>valutare gli <span class=\"_ _3b\"></span>impatti d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ali <span class=\"_ _3b\"></span>variazioni anche<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a19\">in ottica prospettica.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a1a\">La Compagnia nel corso del 2024 ha adempiuto <span class=\"_ _1\"></span>alle seguenti scadenze normative:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1a1b\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Predisposizione <span class=\"_ _48\"> </span>ed <span class=\"_ _3a\"> </span>invio <span class=\"_ _3a\"> </span>a<span class=\"_ _1\"></span>ll\u2019Autorit\u00e0 <span class=\"_ _3a\"> </span>di <span class=\"_ _48\"> </span>Vigi<span class=\"_ _2\"></span>lanza, <span class=\"_ _3a\"> </span>e<span class=\"_ _1\"></span>ntro <span class=\"_ _48\"> </span>i <span class=\"_ _3f\"> </span>ter<span class=\"_ _1\"></span>mini <span class=\"_ _3a\"> </span>regolamentar<span class=\"_ _1\"></span>i, <span class=\"_ _3a\"> </span>delle<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a1c\">reportistiche trimestrali (QRT) richieste dal Pillar III;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1a1d\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Predisposizione <span class=\"_ _3d\"> </span>de<span class=\"_ _1\"></span>l  Regular <span class=\"_ _3d\"> </span>Supervisory <span class=\"_ _3d\"> </span>Report <span class=\"_ _3d\"> </span>- <span class=\"_ _3d\"> </span>RSR <span class=\"_ _3d\"> </span>(Relazione <span class=\"_ _3d\"> </span>periodica <span class=\"_ _3d\"> </span>all\u2019Autorit\u00e0 <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a1e\">Vigilanza) <span class=\"_ _39\"> </span>con <span class=\"_ _3f\"> </span>riferimento<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>alla<span class=\"_ _2\"></span> <span class=\"_ _3f\"> </span>data <span class=\"_ _39\"> </span>di <span class=\"_ _3f\"> </span>esercizio <span class=\"_ _3f\"> </span>31.12.2023, <span class=\"_ _39\"> </span>deliberata <span class=\"_ _3f\"> </span>dal <span class=\"_ _3f\"> </span>Consiglio <span class=\"_ _39\"> </span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a1f\">Amministrazione di Marzo 2024 ed inviati entro il termine regolamentare a<span class=\"_ _1\"></span>d IVASS;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1a20\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Predisposizione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Solvency <span class=\"_ _0\"></span>Financial<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>Condition <span class=\"_ _0\"></span>Report <span class=\"_ _0\"></span>- <span class=\"_ _0\"></span>SFCR <span class=\"_ _38\"></span>(Relazione <span class=\"_ _0\"></span>sulla <span class=\"_ _0\"></span>solvibilit\u00e0 <span class=\"_ _0\"></span>e<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a21\">sulla <span class=\"_ _0\"></span>condizione<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>fin<span class=\"_ _2\"></span>anziaria) <span class=\"_ _0\"> </span>co<span class=\"_ _1\"></span>n <span class=\"_ _35\"> </span>riferimento <span class=\"_ _0\"></span>alla <span class=\"_ _35\"> </span>data <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>esercizi<span class=\"_ _2\"></span>o <span class=\"_ _35\"> </span>31.12.2023, <span class=\"_ _0\"></span>deliberata <span class=\"_ _35\"> </span>dal<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a22\">Consiglio d<span class=\"_ _2\"></span>i Ammini<span class=\"_ _2\"></span>strazione di <span class=\"_ _3b\"></span>Marzo 2023 ed <span class=\"_ _3b\"></span>inviati entro <span class=\"_ _2\"></span>il t<span class=\"_ _2\"></span>ermine regolamentare <span class=\"_ _2\"></span>ad I<span class=\"_ _2\"></span>VASS;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1a23\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Realizzazione <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>elaborazioni <span class=\"_ _0\"></span>ORS<span class=\"_ _2\"></span>A <span class=\"_ _0\"></span>necessarie<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>alla <span class=\"_ _38\"></span>valutazione <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _38\"></span>pro<span class=\"_ _1\"></span>filo <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>olvibilit\u00e0 <span class=\"_ _38\"></span>del<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a24\">piano <span class=\"_ _0\"></span>strategico <span class=\"_ _38\"></span>20<span class=\"_ _1\"></span>24-2026 <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>predisposizione <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>Report <span class=\"_ _38\"></span>ORSA <span class=\"_ _0\"></span>delibero <span class=\"_ _0\"></span>dal <span class=\"_ _38\"></span>Consiglio <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a25\">Amministrazione di Aprile 2024 ed inviato, entro <span class=\"_ _1\"></span>la scadenza regolamentare, ad IVASS.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a26\">Si specifica infine che in continuit\u00e0 con quanto<span class=\"_ _2\"></span> avvenuto dal 2020 con l\u2019emergenza Covid-19 e con<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a27\">le <span class=\"_ _38\"></span>successive <span class=\"_ _38\"></span>tensioni <span class=\"_ _38\"></span>legate <span class=\"_ _38\"></span>alla <span class=\"_ _1\"></span>guerr<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Russo-Ucraina, <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>Compagnia <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>inua <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>ecipare <span class=\"_ _38\"></span>su<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a28\">richiesta dell\u2019Autorit\u00e0 di vigilanza alle seguenti attivit\u00e0:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1a29\">-<span class=\"_ _41\"> </span><span class=\"ff4\">monitora<span class=\"_ _1\"></span>ggio mensile <span class=\"_ _1\"></span>della posizione di <span class=\"_ _1\"></span>solvibilit\u00e0 (attivit\u00e0 <span class=\"_ _1\"></span>avviata <span class=\"_ _1\"></span>a par<span class=\"_ _1\"></span>tire dal me<span class=\"_ _1\"></span>se di <span class=\"_ _1\"></span>marzo<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a2a\">2020);<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1a2b\">-<span class=\"_ _41\"> </span><span class=\"ff4\">monitora<span class=\"_ _1\"></span>ggio <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>rimestrale <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischi<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>li<span class=\"_ _2\"></span>quidit\u00e0 <span class=\"_ _0\"></span>(attivit\u00e0 <span class=\"_ _0\"></span>avviata <span class=\"_ _38\"></span>nel <span class=\"_ _0\"></span>mese <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>gi<span class=\"_ _2\"></span>ugno <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>artire<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a2c\">dalla base dati del 31.03.2020).<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1a2d\">Rischi di so<span class=\"_ _1\"></span>ttoscrizione life (o tecnic<span class=\"_ _1\"></span>i assicurativ</div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1a2e\">i)  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a2f\">Si<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a30\">definisce <span class=\"_ _0\"></span>Rischio <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>Sottos<span class=\"_ _1\"></span>crizione <span class=\"_ _0\"></span>- <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>er<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a31\">dita <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>variazione <span class=\"_ _0\"></span>sfavorevole <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>valore<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a32\">delle <span class=\"_ _35\"> </span>passivit\u00e0 <span class=\"_ _0\"></span>assicurative <span class=\"_ _35\"> </span>dov<span class=\"_ _2\"></span>uto <span class=\"_ _35\"> </span>ad <span class=\"_ _0\"></span>ipotesi <span class=\"_ _35\"> </span>inadeguate <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>m<span class=\"_ _2\"></span>ateria <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>fissazione <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>prezzi <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a33\">costituzione delle riserve tecniche (cfr. articolo 1, com<span class=\"_ _1\"></span>ma 1, lettera vv-bis 4 del CAP).  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a34\">Nell\u2019ambito  del  F<span class=\"_ _1\"></span>ramework  dei  rischi <span class=\"_ _3d\"> </span>della  Compagnia,  tale  r<span class=\"_ _1\"></span>ischio  pu\u00f2  es<span class=\"_ _1\"></span>sere  ulteriormente<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a35\">distinto nelle seguenti categorie:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1a36\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>ass<span class=\"_ _1\"></span>unzione:  rappresenta <span class=\"_ _35\"> </span>il  rischio <span class=\"_ _35\"> </span>derivante  dall<span class=\"_ _2\"></span>a  s<span class=\"_ _2\"></span>ottoscrizione  dei <span class=\"_ _35\"> </span>contratti  d<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a37\">assicurazione, collegato ag<span class=\"_ _2\"></span>li eve<span class=\"_ _2\"></span>nti assicurati, <span class=\"_ _2\"></span>ai processi <span class=\"_ _3b\"></span>seguiti per la <span class=\"_ _3b\"></span>tariffazione e selezione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a38\">dei <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischi, <span class=\"_ _38\"></span>all\u2019andamento <span class=\"_ _0\"></span>sfavorevole <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>sinistrosit\u00e0 <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ffettiva <span class=\"_ _38\"></span>rispetto <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>quella <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>timata <span class=\"_ _0\"></span>(tali<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a39\">rischi <span class=\"_ _38\"></span>si <span class=\"_ _0\"></span>sostanziano <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>particolar <span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>do <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>risultante <span class=\"_ _38\"></span>da <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>default <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>prezzo <span class=\"_ _38\"></span>legato<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a3a\">alla valutazione del rischio e in ipotesi di prezzo <span class=\"_ _1\"></span>iniziale inadatta all\u2019<span class=\"_ _2\"></span>evoluzione del r<span class=\"_ _1\"></span>ischio);<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1a3b\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>riservazione: <span class=\"_ _38\"></span>ovvero <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>rischio <span class=\"_ _1\"></span>connesso <span class=\"_ _38\"></span>alla <span class=\"_ _1\"></span>quantificazione <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>riserve <span class=\"_ _38\"></span>tecniche <span class=\"_ _1\"></span>non<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a3c\">sufficienti a coprire gli impegni assunti nei confronti degli ass<span class=\"_ _1\"></span>icurati.<span class=\"_ _3a1\"> </span> </div>Tale classe di rischio pu\u00f2 essere distinta nei seguenti fattori di rischio:<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">mort<span class=\"_ _1\"></span>alit\u00e0: ossia <span class=\"_ _1\"></span>il rischio <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>deriva da <span class=\"_ _1\"></span>un aument<span class=\"_ _1\"></span>o inatt<span class=\"_ _1\"></span>eso dei <span class=\"_ _1\"></span>tassi <span class=\"_ _1\"></span>di mort<span class=\"_ _1\"></span>alit\u00e0, \u00e8<span class=\"_ _1\"></span> associato<span class=\"_ _3a1\"> </span></span>alle  polizze  (come  ad <span class=\"_ _35\"> </span>esempio  le  assicurazioni  caso  morte <span class=\"_ _35\"> </span>o  le  polizze  miste)  n<span class=\"_ _2\"></span>elle  quali<span class=\"_ _3a1\"> </span>l\u2019impresa <span class=\"_ _3a\"> </span>garant<span class=\"_ _1\"></span>isce <span class=\"_ _3a\"> </span>una <span class=\"_ _3a\"> </span>se<span class=\"_ _1\"></span>rie <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>pagament<span class=\"_ _1\"></span>i <span class=\"_ _3a\"> </span>singoli <span class=\"_ _3a\"> </span>o <span class=\"_ _48\"> </span>ricorrenti <span class=\"_ _3a\"> </span>in <span class=\"_ _3a\"> </span>caso<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>dece<span class=\"_ _1\"></span>sso<span class=\"_ _3a1\"> </span>dell\u2019assicurato o nel corso della durata della polizza;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">sopravvivenza:  il  rischio <span class=\"_ _3d\"> </span>di  longevit\u00e0,  che  deriva  da  una  diminuzione  inattesa  dei  tassi  di<span class=\"_ _3a1\"> </span></span>mortalit\u00e0, <span class=\"_ _39\"> </span>\u00e8 <span class=\"_ _3f\"> </span>associato <span class=\"_ _39\"> </span>alle <span class=\"_ _39\"> </span>polizze <span class=\"_ _39\"> </span>(ad <span class=\"_ _39\"> </span>esem<span class=\"_ _1\"></span>pio, <span class=\"_ _39\"> </span>rendite) <span class=\"_ _39\"> </span>che <span class=\"_ _39\"> </span>prevedono <span class=\"_ _3f\"> </span>che <span class=\"_ _39\"> </span>l\u2019impresa<span class=\"_ _3a1\"> </span>garantisca <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>serie <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>pagamenti <span class=\"_ _0\"></span>fino <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>morte <span class=\"_ _0\"></span>dell\u2019assicurato <span class=\"_ _0\"></span>o <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>polizze <span class=\"_ _0\"></span>(ad <span class=\"_ _0\"></span>esempio <span class=\"_ _0\"></span>le<span class=\"_ _3a1\"> </span>polizze miste) che prevedono <span class=\"_ _1\"></span>la garanzia da parte dell\u2019impresa di un unico pagamento <span class=\"_ _1\"></span>in caso<span class=\"_ _3a1\"> </span>di sopravvivenza dell\u2019assicurato per t<span class=\"_ _1\"></span>utta la durata prevista dalla polizza;<span class=\"_ _3a1\"> </span><div class=\"t m2 h23 ff1a fs2 fc1 sc0 ls0 ws0 gs1a3e\">-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">invalidit\u00e0 \u2013 morbilit\u00e0: il <span class=\"_ _2\"></span>rischio di inv<span class=\"_ _2\"></span>alidit\u00e0 \u2013 morbilit\u00e0, che d<span class=\"_ _2\"></span>eriva d<span class=\"_ _2\"></span>a una variazione i<span class=\"_ _2\"></span>nattesa del<span class=\"_ _3a1\"> </span></span></span><span class=\"ff16\"><span class=\"ff4\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a3f\">livel<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a40\">lo, <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>rend <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>volatilit\u00e0 <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>assi <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>sabilit\u00e0 <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>morbil<span class=\"_ _2\"></span>it\u00e0, <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>applicabile <span class=\"_ _35\"> </span>alle <span class=\"_ _0\"></span>polizze<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a41\">associate alla disabilit\u00e0;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h23 ff1a fs2 fc1 sc0 ls0 ws0 gs1a42\">-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">malatt<span class=\"_ _1\"></span>ia: il <span class=\"_ _1\"></span>rischio malat<span class=\"_ _1\"></span>tia pu\u00f2 <span class=\"_ _1\"></span>essere <span class=\"_ _1\"></span>commercializzato <span class=\"_ _1\"></span>come form<span class=\"_ _1\"></span>a compleme<span class=\"_ _1\"></span>ntare ad <span class=\"_ _1\"></span>una<span class=\"_ _3a1\"> </span></span></span><span class=\"ff16\"><span class=\"ff4\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a43\">prestazione caso mo<span class=\"_ _2\"></span>rte. E\u2019 facol<span class=\"_ _2\"></span>t\u00e0, nel risp<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>tto delle no<span class=\"_ _2\"></span>rmative vigenti, <span class=\"_ _2\"></span>utilizzare basi <span class=\"_ _2\"></span>tecniche<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a44\">di  esperienza  desumibil<span class=\"_ _2\"></span>i  dal <span class=\"_ _35\"> </span>proprio  portafoglio  ovvero  da <span class=\"_ _35\"> </span>operator<span class=\"_ _1\"></span>i  qu<span class=\"_ _2\"></span>alificati  di<span class=\"_ _2\"></span>  mercato<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a45\">ovvero <span class=\"_ _1\"></span>dal <span class=\"_ _38\"></span>mercato. <span class=\"_ _38\"></span>In <span class=\"_ _1\"></span>ogni <span class=\"_ _1\"></span>caso <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>basi <span class=\"_ _38\"></span>tecniche <span class=\"_ _1\"></span>utilizzate <span class=\"_ _38\"></span>devono <span class=\"_ _38\"></span>essere <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>abili <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>provata<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a46\">tenuta;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h23 ff1a fs2 fc1 sc0 ls0 ws0 gs1a47\">-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">mutualit\u00e0: <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>fattore <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>\u201cMutualit\u00e0\u201d <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>intende <span class=\"_ _35\"> </span>il<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>fatto <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>una <span class=\"_ _35\"> </span>diminuzione <span class=\"_ _35\"> </span>della<span class=\"_ _3a1\"> </span></span></span><span class=\"ff16\"><span class=\"ff4\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a48\">numerosit\u00e0  delle <span class=\"_ _35\"> </span>polizze <span class=\"_ _35\"> </span>in  por<span class=\"_ _2\"></span>tafoglio  potrebbe <span class=\"_ _35\"> </span>avere <span class=\"_ _35\"> </span>effetti  n<span class=\"_ _2\"></span>egativi  i<span class=\"_ _2\"></span>nattes<span class=\"_ _1\"></span>i <span class=\"_ _35\"> </span>sui <span class=\"_ _35\"> </span>benefici<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a49\">provenienti dalla <span class=\"_ _3b\"></span>mutualit\u00e0. Un\u2019elevata <span class=\"_ _3b\"></span>numeros<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _2\"></span>di p<span class=\"_ _2\"></span>olizze pe<span class=\"_ _2\"></span>rmette d<span class=\"_ _2\"></span>i \u201cattuti<span class=\"_ _2\"></span>re\u201d il <span class=\"_ _3b\"></span>verificarsi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a4a\">di <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>venti <span class=\"_ _35\"> </span>sinistrosi <span class=\"_ _0\"></span>sull\u2019intera <span class=\"_ _35\"> </span>popolazione; <span class=\"_ _0\"></span>nel <span class=\"_ _35\"> </span>business <span class=\"_ _0\"> </span>Vita <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>dimin<span class=\"_ _2\"></span>uzione <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>numer<span class=\"_ _1\"></span>o <span class=\"_ _35\"> </span>dei<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a4b\">contratti p<span class=\"_ _2\"></span>orta <span class=\"_ _3b\"></span>per <span class=\"_ _2\"></span>esempio <span class=\"_ _2\"></span>ad <span class=\"_ _3b\"></span>un <span class=\"_ _2\"></span>incremento <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>fluttuazioni <span class=\"_ _3b\"></span>casuali <span class=\"_ _3b\"></span>della mortalit\u00e0. <span class=\"_ _3b\"></span>Il f<span class=\"_ _2\"></span>attore<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a4c\">di  rischio <span class=\"_ _35\"> </span>mutualit\u00e0,  quind<span class=\"_ _2\"></span>i,  \u00e8 <span class=\"_ _35\"> </span>strettamente  correlato <span class=\"_ _35\"> </span>ai  fattori<span class=\"_ _2\"></span>  di <span class=\"_ _35\"> </span>rischio  \u201cComportamento<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a4d\">dell\u2019assicurato\u201d e \u201cControparte\u201d;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h23 ff1a fs2 fc1 sc0 ls0 ws0 gs1a4e\">-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">es<span class=\"_ _1\"></span>tinzione <span class=\"_ _36\"> </span>anticipata <span class=\"_ _39\"> </span>/riscatti <span class=\"_ _36\"> </span>\u2013 <span class=\"_ _39\"> </span>comportamento <span class=\"_ _39\"> </span>degli <span class=\"_ _36\"> </span>assicurati: <span class=\"_ _36\"> </span>il <span class=\"_ _39\"> </span>rischio <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>estinzione<span class=\"_ _3a1\"> </span></span></span><span class=\"ff16\"><span class=\"ff4\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a4f\">anticipata, <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>deriva <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>va<span class=\"_ _1\"></span>riazione <span class=\"_ _0\"></span>inattesa <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>tassi <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>sercizio <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>opzioni <span class=\"_ _38\"></span>da <span class=\"_ _0\"></span>parte<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a50\">degli <span class=\"_ _1\"></span>assicurati, <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _1\"></span>applicabile <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>tutte <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>opzioni <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>viste <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>ass<span class=\"_ _1\"></span>icurati, <span class=\"_ _1\"></span>legali <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>contrattuali,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a51\">che <span class=\"_ _37\"> </span>possono <span class=\"_ _37\"> </span>modificare <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>ensibilmente <span class=\"_ _37\"> </span>il <span class=\"_ _37\"> </span>valore <span class=\"_ _3d\"> </span>de<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>cassa <span class=\"_ _37\"> </span>futuri, <span class=\"_ _37\"> </span>le <span class=\"_ _37\"> </span>opzioni <span class=\"_ _37\"> </span>per<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a52\">interrompere <span class=\"_ _3d\"> </span>completamente  o <span class=\"_ _3d\"> </span>parzialmente<span class=\"_ _1\"></span>,  ridurre, <span class=\"_ _3d\"> </span>limitare  o <span class=\"_ _3d\"> </span>sospendere <span class=\"_ _3d\"> </span>la <span class=\"_ _3d\"> </span>copertura<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a53\">assicurativa <span class=\"_ _38\"></span>cos\u00ec <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>opzioni <span class=\"_ _1\"></span>che <span class=\"_ _0\"></span>cons<span class=\"_ _2\"></span>entono <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>modifica <span class=\"_ _38\"></span>completa <span class=\"_ _38\"></span>o <span class=\"_ _38\"></span>parziale, <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>innovo,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a54\">l\u2019aumento, l'estensione o la ripresa della copertura <span class=\"_ _1\"></span>assicurativa;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h23 ff1a fs2 fc1 sc0 ls0 ws0 gs1a55\">-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">garanzia/coper<span class=\"_ _1\"></span>tura: la rischiosit\u00e0 <span class=\"_ _2\"></span>dei prodotti Vita d<span class=\"_ _2\"></span>ipende dalle \u201cgaranzie/coperture\u201d previste<span class=\"_ _3a1\"> </span></span></span><span class=\"ff16\"><span class=\"ff4\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a56\">dai contratti <span class=\"_ _1\"></span>stessi e <span class=\"_ _1\"></span>in base <span class=\"_ _1\"></span>alle quali la <span class=\"_ _1\"></span>societ\u00e0 <span class=\"_ _1\"></span>si impegna <span class=\"_ _1\"></span>a pagare <span class=\"_ _1\"></span>le prest<span class=\"_ _1\"></span>azioni assicurate<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a57\">ai <span class=\"_ _1\"></span>beneficiari. <span class=\"_ _1\"></span>Se <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>verificarsi <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>fatt<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>dannoso <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>quale <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>prestata <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>garanzia <span class=\"_ _1\"></span>assicurativa<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a58\">non <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>correttamente <span class=\"_ _35\"> </span>monitorato <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>corrisponde <span class=\"_ _35\"> </span>alle <span class=\"_ _35\"> </span>stime <span class=\"_ _35\"> </span>fatte <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>fase <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>tariffazione,<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a59\">questo costituisce un elemento di rischiosit\u00e0 del pro<span class=\"_ _1\"></span>dotto stesso;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h23 ff1a fs2 fc1 sc0 ls0 ws0 gs1a5a\">-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">inflazione/spes<span class=\"_ _1\"></span>e:  i<span class=\"_ _2\"></span>l <span class=\"_ _35\"> </span>fattore  di<span class=\"_ _2\"></span>  ri<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>chio, <span class=\"_ _35\"> </span>che  deriva <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>una  v<span class=\"_ _2\"></span>ariazione  inattese <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>spese, <span class=\"_ _35\"> </span>si<span class=\"_ _3a1\"> </span></span></span><span class=\"ff16\"><span class=\"ff4\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a5b\">riferisce ai costi di gestione dei contratti di assicurazione;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h23 ff1a fs2 fc1 sc0 ls0 ws0 gs1a5c\">-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">catas<span class=\"_ _1\"></span>trofale: <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>fa<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tore <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _0\"></span>catastrofale, <span class=\"_ _0\"></span>che <span class=\"_ _35\"> </span>deriva <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>eventi <span class=\"_ _0\"></span>estrem<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>irregolar<span class=\"_ _1\"></span>i, <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>cui<span class=\"_ _3a1\"> </span></span></span><span class=\"ff16\"><span class=\"ff4\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a5d\">effetti  non  sono <span class=\"_ _35\"> </span>sufficientemente  catturati  negli <span class=\"_ _35\"> </span>altr<span class=\"_ _1\"></span>i <span class=\"_ _35\"> </span>rischi  di  sottoscrizione  (ad <span class=\"_ _35\"> </span>esempio<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a5e\">evento <span class=\"_ _36\"> </span>pandemico <span class=\"_ _36\"> </span>o <span class=\"_ _36\"> </span>esplosione <span class=\"_ _37\"> </span>nucleare<span class=\"_ _1\"></span>), <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>rifer<span class=\"_ _1\"></span>isce <span class=\"_ _37\"> </span>a<span class=\"_ _1\"></span>lle <span class=\"_ _37\"> </span>polizze <span class=\"_ _36\"> </span>che <span class=\"_ _36\"> </span>sono <span class=\"_ _36\"> </span>legate <span class=\"_ _36\"> </span>alla<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a5f\">mortalit\u00e0;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h23 ff1a fs2 fc1 sc0 ls0 ws0 gs1a60\">-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Revisione: <span class=\"_ _36\"> </span>Il <span class=\"_ _37\"> </span>fattore <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>rischio <span class=\"_ _37\"> </span>revisione <span class=\"_ _36\"> </span>ha <span class=\"_ _37\"> </span>lo <span class=\"_ _37\"> </span>scopo <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>catturare <span class=\"_ _36\"> </span>il <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>var<span class=\"_ _1\"></span>iazione<span class=\"_ _3a1\"> </span></span></span><span class=\"ff16\"><span class=\"ff4\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a61\">sfavorevole <span class=\"_ _38\"></span>dell'import<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>rendita, <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>seguito <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span>a <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>visione <span class=\"_ _38\"></span>imprevista <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>pr<span class=\"_ _2\"></span>ocesso <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a62\">richiesta di risarcimento.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a63\">Per <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>prodotti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>tipo <span class=\"_ _0\"></span>prote<span class=\"_ _1\"></span>ction <span class=\"_ _0\"></span>(p<span class=\"_ _2\"></span>uro <span class=\"_ _0\"></span>rischio) <span class=\"_ _0\"></span>si <span class=\"_ _38\"></span>pos<span class=\"_ _1\"></span>sono <span class=\"_ _0\"></span>identificare <span class=\"_ _0\"></span>inoltre <span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>eguenti <span class=\"_ _0\"></span>fattori <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a64\">rischio:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h23 ff1a fs2 fc1 sc0 ls0 ws0 gs1a65\">-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Risk <span class=\"_ _43\"> </span>Volatility: <span class=\"_ _43\"> </span>ta<span class=\"_ _1\"></span>le <span class=\"_ _43\"> </span>fattore <span class=\"_ _43\"> </span>di <span class=\"_ _43\"> </span>rischio <span class=\"_ _43\"> </span>nell\u2019ambito <span class=\"_ _43\"> </span>del <span class=\"_ _43\"> </span>proce<span class=\"_ _1\"></span>sso <span class=\"_ _43\"> </span>assuntivo <span class=\"_ _43\"> </span>dipende<span class=\"_ _3a1\"> </span></span></span><span class=\"ff16\"><span class=\"ff4\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a66\">sostanzialmente <span class=\"_ _0\"></span>dalla <span class=\"_ _38\"></span>presenza <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>basi <span class=\"_ _0\"></span>tecniche <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>aggiornate <span class=\"_ _0\"></span>correttamente <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>momento<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a67\">della <span class=\"_ _3b\"></span>determinazione <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>prezzo; <span class=\"_ _3b\"></span>da <span class=\"_ _2\"></span>un <span class=\"_ _3b\"></span>margine <span class=\"_ _2\"></span>tecnico <span class=\"_ _3b\"></span>mo<span class=\"_ _1\"></span>lto <span class=\"_ _3b\"></span>basso <span class=\"_ _3b\"></span>e/o <span class=\"_ _2\"></span>da <span class=\"_ _3b\"></span>basi <span class=\"_ _3b\"></span>tecniche <span class=\"_ _2\"></span>molto<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a68\">strette; <span class=\"_ _0\"></span>dalla <span class=\"_ _0\"></span>presenza <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>nuovi <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>considerati <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>momento <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>lla <span class=\"_ _0\"></span>determinazione <span class=\"_ _0\"></span>del<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a69\">prezzo; <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>controparte <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>levato <span class=\"_ _0\"></span>(da <span class=\"_ _0\"></span>parte <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>partner/distributore<span class=\"_ _1\"></span>, <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>oprattutto <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>caso <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a6a\">commissioni upfront / goodwill)<span class=\"_ _2\"></span>. Nell\u2019ambito del processo di riservaz<span class=\"_ _2\"></span>ione tale fattore di rischio<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a6b\">dipende dal <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>chio di <span class=\"_ _38\"></span>pagamento <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ccessivo della <span class=\"_ _1\"></span>quota <span class=\"_ _38\"></span>di pro<span class=\"_ _1\"></span>fitto <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>parametri <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iserve<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a6c\">sono fissati in modo improprio;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h23 ff1a fs2 fc1 sc0 ls0 ws0 gs1a6d\">-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Po<span class=\"_ _1\"></span>pulation: <span class=\"_ _0\"></span>nell\u2019<span class=\"_ _2\"></span>ambito <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>processo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tariffazione <span class=\"_ _0\"></span>tale <span class=\"_ _0\"></span>fattore <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>sostanzialmente<span class=\"_ _3a1\"> </span></span></span><span class=\"ff16\"><span class=\"ff4\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a6e\">correlato ad una tariffazione unica per una<span class=\"_ _2\"></span> vasta popolazione di fasce d\u2019et\u00e0 (specialmente p<span class=\"_ _2\"></span>er<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a6f\">il rischio m<span class=\"_ _2\"></span>orte) o <span class=\"_ _2\"></span>fascia di <span class=\"_ _3b\"></span>durata / fascia <span class=\"_ _2\"></span>di tasso d<span class=\"_ _2\"></span>i in<span class=\"_ _2\"></span>teresse; alto <span class=\"_ _2\"></span>rischio di <span class=\"_ _2\"></span>selezione avversa<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a70\">nella <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>truttura d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>l <span class=\"_ _3b\"></span>pro<span class=\"_ _1\"></span>dotto. <span class=\"_ _3b\"></span>Nel c<span class=\"_ _2\"></span>aso del <span class=\"_ _3b\"></span>processo <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>riservazione tale <span class=\"_ _3b\"></span>fattore <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _3b\"></span>dipende<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a71\">sostanzialmente <span class=\"_ _48\"> </span>da: <span class=\"_ _48\"> </span>adeguate<span class=\"_ _2\"></span>zza <span class=\"_ _48\"> </span>delle <span class=\"_ _48\"> </span>riserve <span class=\"_ _48\"> </span>fo<span class=\"_ _2\"></span>rtemente <span class=\"_ _48\"> </span>legata <span class=\"_ _48\"> </span>alla <span class=\"_ _3a\"> </span>struttura <span class=\"_ _48\"> </span>della<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a72\">popolazione <span class=\"_ _0\"></span>(sopratt<span class=\"_ _1\"></span>utto <span class=\"_ _0\"></span>riserve <span class=\"_ _35\"> </span>matematiche <span class=\"_ _0\"></span>/ <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>lungo <span class=\"_ _0\"></span>termine); <span class=\"_ _0\"></span>riserve <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>non<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a73\">includono <span class=\"_ _3b\"></span>il costo <span class=\"_ _3b\"></span>reale delle <span class=\"_ _3b\"></span>opzioni <span class=\"_ _3b\"></span>della p<span class=\"_ _2\"></span>opolazione <span class=\"_ _2\"></span>come l\u2019esti<span class=\"_ _3b\"></span>nzione, il <span class=\"_ _3b\"></span>riscatt<span class=\"_ _1\"></span>o; <span class=\"_ _3b\"></span>riserve ch<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a74\">non includono il giusto livello di spese <span class=\"_ _1\"></span>generali per la specifica popolazione/prodotto.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a75\">Da un <span class=\"_ _3b\"></span>punto di <span class=\"_ _3b\"></span>v<span class=\"_ _1\"></span>ista della <span class=\"_ _2\"></span>distribuzione dei <span class=\"_ _3b\"></span>rischi di <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ottos<span class=\"_ _1\"></span>crizione <span class=\"_ _2\"></span>di C<span class=\"_ _2\"></span>redemvita secondo i <span class=\"_ _3b\"></span>dett<span class=\"_ _1\"></span>ami<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a76\">normativi <span class=\"_ _38\"></span>Solvency <span class=\"_ _1\"></span>II <span class=\"_ _38\"></span>si <span class=\"_ _38\"></span>riporta <span class=\"_ _38\"></span>nella <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>abella <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>seguito <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>miglior <span class=\"_ _38\"></span>stima <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>rappresentazione <span class=\"_ _1\"></span>del<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a77\">rischio <span class=\"_ _3d\"> </span>disponibile <span class=\"_ _3d\"> </span>alla <span class=\"_ _3d\"> </span>data <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>valutazione <span class=\"_ _3d\"> </span>(si <span class=\"_ _3d\"> </span>precisa <span class=\"_ _3d\"> </span>che <span class=\"_ _3d\"> </span>il  peso<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>complessivo <span class=\"_ _3d\"> </span>dei  r<span class=\"_ _1\"></span>ischi <span class=\"_ _3d\"> </span>life<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1a78\">underwriting \u00e8 pari al 42,7%). </div>Life risk - risk/sum of risk components - relativo e complessivo <table class=\"s w14e6 h2d9\" id=\"_912f1218-1f4c-47e3-8e2a-bbc19050652a\"><tr><td></td><td class=\"c n x257f y69a4 w14e7 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc4 sc3 ls0 ws0\">Relativo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2580 y69a4 w14e8 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc4 sc3 ls0 ws0\">Complessivo<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x2581 h8 y69a5 ff4 fs2 fc1 sc0 ls0 ws0\">Mortality risk </td><td class=\"t m2 x2582 h8 y69a6 ff4 fs2 fc1 sc0 ls0 ws0\">9,0%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2583 h8 y69a6 ff4 fs2 fc1 sc0 ls0 ws0\">3,9%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x2581 h8 y69a7 ff4 fs2 fc1 sc0 ls0 ws0\">Longevity risk </td><td class=\"t m2 x2582 h8 y69a8 ff4 fs2 fc1 sc0 ls0 ws0\">0,5%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2583 h8 y69a8 ff4 fs2 fc1 sc0 ls0 ws0\">0,2%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x2581 h8 y69a9 ff4 fs2 fc1 sc0 ls0 ws0\">Disability morbidity risk </td><td class=\"t m2 x2582 h8 y69aa ff4 fs2 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2583 h8 y69aa ff4 fs2 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x2581 h8 y69ab ff4 fs2 fc1 sc0 ls0 ws0\">Life Lapse risk </td><td class=\"t m2 x2584 h8 y69ac ff4 fs2 fc1 sc0 ls0 ws0\">79,7%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2585 h8 y69ac ff4 fs2 fc1 sc0 ls0 ws0\">34,0%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x2581 h8 y69ad ff4 fs2 fc1 sc0 ls0 ws0\">Expense risk </td><td class=\"t m2 x2586 h8 y69ae ff4 fs2 fc1 sc0 ls0 ws0\">7,7%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2583 h8 y69ae ff4 fs2 fc1 sc0 ls0 ws0\">3,3%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x2581 h8 y69af ff4 fs2 fc1 sc0 ls0 ws0\">Revisionary risk </td><td class=\"t m2 x2582 h8 y69b0 ff4 fs2 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2583 h8 y69b0 ff4 fs2 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x2581 h8 y69b1 ff4 fs2 fc1 sc0 ls0 ws0\">CAT risk </td><td class=\"t m2 x2587 h8 y69b2 ff4 fs2 fc1 sc0 ls0 ws0\">3,1%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x155e h8 y69b3 ff4 fs2 fc1 sc0 ls0 ws0\">1,3%<span class=\"_ _3a1\"> </span></td></tr></table>La Compagnia adotta, nei confronti di tali r<span class=\"_ _1\"></span>ischi, linee guida che: -<span class=\"_ _41\"> </span><span class=\"ff4\">definiscono <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>modello <span class=\"_ _38\"></span>organizzativo <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>governance, <span class=\"_ _0\"></span>nonch\u00e9 <span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>ruoli <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>responsabilit\u00e0 <span class=\"_ _0\"></span>delle<span class=\"_ _2\"></span> </span>strutture <span class=\"_ _35\"> </span>aziendali <span class=\"_ _35\"> </span>coinvolte <span class=\"_ _35\"> </span>nel<span class=\"_ _2\"></span>l\u2019assunzione <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>nel <span class=\"_ _0\"></span>mo<span class=\"_ _1\"></span>nitoraggio <span class=\"_ _35\"> </span>del <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _35\"> </span>assunto <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>nelle attivit\u00e0 di riservazione; -<span class=\"_ _41\"> </span><span class=\"ff4\">descrivono  le <span class=\"_ _35\"> </span>procedure <span class=\"_ _35\"> </span>di  reporting <span class=\"_ _35\"> </span>applicate <span class=\"_ _35\"> </span>ed  i <span class=\"_ _35\"> </span>flussi  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>comunicazione <span class=\"_ _35\"> </span>tr<span class=\"_ _1\"></span>a <span class=\"_ _35\"> </span>le  fun<span class=\"_ _2\"></span>zioni<span class=\"_ _3a1\"> </span></span>coinvolte nei processi di sottoscrizione e r<span class=\"_ _1\"></span>iservazione; -<span class=\"_ _41\"> </span><span class=\"ff4\">illustrano <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>modalit\u00e0 <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>cui <span class=\"_ _38\"></span>l\u2019impresa <span class=\"_ _38\"></span>tiene <span class=\"_ _38\"></span>conto <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>lla <span class=\"_ _1\"></span>riassicurazione <span class=\"_ _38\"></span>o <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>altre <span class=\"_ _38\"></span>tecniche <span class=\"_ _38\"></span>di </span>mitigazione <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>rischio <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>processo <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>progettazione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>nuovo <span class=\"_ _1\"></span>prodotto <span class=\"_ _38\"></span>assicurativo <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>del calcolo del relativo premio. La <span class=\"_ _1\"></span>Compagnia misur<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>monitora <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>propria <span class=\"_ _1\"></span>esposizione <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischio di <span class=\"_ _1\"></span>sottos<span class=\"_ _1\"></span>crizione cons<span class=\"_ _1\"></span>iderando il portafoglio complessivo, oltre a verificare la confor<span class=\"_ _1\"></span>mit\u00e0 ai limiti ed alle politiche definite.  La <span class=\"_ _1\"></span>valutazione <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>rischi <span class=\"_ _1\"></span>tecnici <span class=\"_ _1\"></span>viene <span class=\"_ _38\"></span>realizzata <span class=\"_ _1\"></span>sia <span class=\"_ _38\"></span>con <span class=\"_ _1\"></span>logiche <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>carattere <span class=\"_ _38\"></span>ALM <span class=\"_ _1\"></span>\u2013 <span class=\"_ _1\"></span>Asset<span class=\"_ _1\"></span>-Liability Management <span class=\"_ _3d\"> </span>\u2013 <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>fine <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>cogliere <span class=\"_ _37\"> </span>le <span class=\"_ _3d\"> </span>interrelazioni <span class=\"_ _3d\"> </span>esistenti <span class=\"_ _3d\"> </span>fra <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>dinamiche <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>passivi <span class=\"_ _3d\"> </span>e <span class=\"_ _3d\"> </span>le dinamiche <span class=\"_ _3d\"> </span>degli <span class=\"_ _3d\"> </span>at<span class=\"_ _1\"></span>tivi <span class=\"_ _3d\"> </span>a <span class=\"_ _37\"> </span>copertura, <span class=\"_ _37\"> </span>sia <span class=\"_ _37\"> </span>seguendo <span class=\"_ _37\"> </span>i <span class=\"_ _3d\"> </span>principi <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>Solvibilit\u00e0 <span class=\"_ _37\"> </span>\u2013 <span class=\"_ _37\"> </span>al <span class=\"_ _3d\"> </span>fine <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>cogliere l\u2019eventuale requisito capitale assor<span class=\"_ _1\"></span>bito da ogni singolo fattore di rischio.  L\u2019identificazione <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _35\"> </span>viene <span class=\"_ _0\"></span>effett<span class=\"_ _1\"></span>uata <span class=\"_ _35\"> </span>con<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>riferimento <span class=\"_ _35\"> </span>ai <span class=\"_ _0\"></span>nuovi <span class=\"_ _35\"> </span>prodotti <span class=\"_ _0\"> </span>e <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>portafoglio <span class=\"_ _35\"> </span>in<span class=\"_ _3b\"></span> essere: -<span class=\"_ _41\"> </span><span class=\"ff4\">Nuovi <span class=\"_ _2\"></span>prodotti: <span class=\"_ _3b\"></span>coer<span class=\"_ _1\"></span>entemente <span class=\"_ _3b\"></span>con il<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>Piano Strategico, <span class=\"_ _3b\"></span>la <span class=\"_ _3b\"></span>rilevazione d<span class=\"_ _2\"></span>ei <span class=\"_ _3b\"></span>rischi c<span class=\"_ _2\"></span>onnessi <span class=\"_ _2\"></span>ai <span class=\"_ _3b\"></span>nuovi </span>prodotti viene <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffettuata sul<span class=\"_ _2\"></span>la base <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lle <span class=\"_ _3b\"></span>lo<span class=\"_ _1\"></span>ro cara<span class=\"_ _2\"></span>tteristiche tecniche <span class=\"_ _3b\"></span>ne<span class=\"_ _1\"></span>ll\u2019ambito d<span class=\"_ _2\"></span>el processo<span class=\"_ _2\"></span> di <span class=\"_ _35\"> </span>ORSA.   <span class=\"_ _35\"> </span>Inoltre,  in <span class=\"_ _35\"> </span>coerenza  con <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>proces<span class=\"_ _1\"></span>so  final<span class=\"_ _2\"></span>izzato  all<span class=\"_ _2\"></span>a  creazione <span class=\"_ _35\"> </span>e  lancio <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>nuovi prodotti <span class=\"_ _48\"> </span>definito <span class=\"_ _48\"> </span>nell\u2019ambito <span class=\"_ _48\"> </span>del <span class=\"_ _48\"> </span>pi\u00f9<span class=\"_ _2\"></span> <span class=\"_ _48\"> </span>generale <span class=\"_ _48\"> </span>processo <span class=\"_ _48\"> </span>POG <span class=\"_ _48\"> </span>(Product <span class=\"_ _48\"> </span>Oversight <span class=\"_ _48\"> </span>and<span class=\"_ _2\"></span> Governance),  la <span class=\"_ _35\"> </span>funzione <span class=\"_ _35\"> </span>Risk <span class=\"_ _35\"> </span>Manageme<span class=\"_ _1\"></span>nt <span class=\"_ _35\"> </span>\u00e8  chiamata <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>redigere  una <span class=\"_ _35\"> </span>specifica <span class=\"_ _35\"> </span>analisi <span class=\"_ _35\"> </span>di rischiosit\u00e0 <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>singolo <span class=\"_ _0\"></span>pro<span class=\"_ _1\"></span>dotto <span class=\"_ _0\"></span>me<span class=\"_ _1\"></span>ntre <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>Funzione<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>Attuariale <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>chiamata <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>esprimersi <span class=\"_ _35\"> </span>su pricing <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ulle <span class=\"_ _1\"></span>valutazioni <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>materia <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>profit <span class=\"_ _1\"></span>test. <span class=\"_ _1\"></span>Inoltre, <span class=\"_ _1\"></span>par<span class=\"_ _1\"></span>te <span class=\"_ _1\"></span>integrante <span class=\"_ _38\"></span>delle <span class=\"_ _1\"></span>valutazioni <span class=\"_ _1\"></span>di redditivit\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>di rischio <span class=\"_ _1\"></span>connessi ai <span class=\"_ _1\"></span>nuovi <span class=\"_ _1\"></span>prodotti, <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>il pro<span class=\"_ _1\"></span>fit test, <span class=\"_ _1\"></span>i t<span class=\"_ _1\"></span>est di <span class=\"_ _1\"></span>prodotto <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>il Value for Money effettuati dalla Compagnia. -<span class=\"_ _41\"> </span><span class=\"ff4\">Portafoglio <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>essere<span class=\"_ _1\"></span>: <span class=\"_ _1\"></span>con riferiment<span class=\"_ _1\"></span>o al <span class=\"_ _1\"></span>por<span class=\"_ _1\"></span>tafoglio in <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ssere, <span class=\"_ _1\"></span>l\u2019identificazione dei <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _1\"></span>viene </span>effettuata <span class=\"_ _1\"></span>sulla <span class=\"_ _1\"></span>base <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>dati tecnici <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>portafoglio <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>misure <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>assorbimento <span class=\"_ _1\"></span>di capitale determinate <span class=\"_ _39\"> </span>attraverso <span class=\"_ _39\"> </span>lo <span class=\"_ _39\"> </span>strumento <span class=\"_ _39\"> </span>utilizzato <span class=\"_ _39\"> </span>dalla <span class=\"_ _39\"> </span>Compagnia <span class=\"_ _39\"> </span>per <span class=\"_ _39\"> </span>il <span class=\"_ _39\"> </span>calcolo <span class=\"_ _39\"> </span>del <span class=\"_ _39\"> </span>SCR (Standard Formula). Le informazioni re<span class=\"_ _1\"></span>lative all\u2019andamento tecnico compless<span class=\"_ _1\"></span>ivo del ramo vita rispecchiano <span class=\"_ _1\"></span>sinteticamente <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>risultati <span class=\"_ _1\"></span>tecnici dei <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ingoli Rami <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>quindi de<span class=\"_ _1\"></span>i pr<span class=\"_ _1\"></span>odotti <span class=\"_ _1\"></span>presenti <span class=\"_ _1\"></span>in portafoglio  (che  in <span class=\"_ _3d\"> </span>generale  possono <span class=\"_ _3d\"> </span>comprendere  pi\u00f9  Rami).  Sem<span class=\"_ _1\"></span>pre  con  riferiment<span class=\"_ _1\"></span>o  al portafoglio in essere, vengono effett<span class=\"_ _1\"></span>uate dalla Compagnia valutazioni di back testing. Si riportano sinteticamente di seguito le principali misure di rischio ut<span class=\"_ _1\"></span>ilizzate: -<span class=\"_ _41\"> </span><span class=\"ff4\">SCR Life in valore assoluto<span class=\"_ _1\"></span>: fornisce un\u2019indicazione dell\u2019assorbimento di capitale; </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">SCR <span class=\"_ _0\"></span>Li<span class=\"_ _2\"></span>fe <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>termini <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>ratio: <span class=\"_ _0\"></span>fo<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>nisce <span class=\"_ _0\"></span>un\u2019i<span class=\"_ _2\"></span>ndicazione <span class=\"_ _38\"></span>dell\u2019assor<span class=\"_ _1\"></span>bimento <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>cap<span class=\"_ _2\"></span>itale <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>unit\u00e0 <span class=\"_ _38\"></span>di </span>Best Estimate Life Lorde; -<span class=\"_ _41\"> </span><span class=\"ff4\">SCR <span class=\"_ _38\"></span>Lapse <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>rmini <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ratio: <span class=\"_ _0\"></span>fornisce <span class=\"_ _38\"></span>un\u2019indic<span class=\"_ _2\"></span>azione <span class=\"_ _0\"></span>dell\u2019assorbimento <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>capitale <span class=\"_ _0\"></span>derivante </span>dal rischio Lapse per unit\u00e0 di Best Estimate Life Lorde; -<span class=\"_ _41\"> </span><span class=\"ff4\">SCR <span class=\"_ _38\"></span>Lapse <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>valore <span class=\"_ _1\"></span>assoluto: <span class=\"_ _38\"></span>fornisce <span class=\"_ _38\"></span>un\u2019indicazione <span class=\"_ _1\"></span>dell\u2019asso<span class=\"_ _1\"></span>rbimento <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>capitale <span class=\"_ _38\"></span>derivante </span>dal rischio Lapse; -<span class=\"_ _41\"> </span><span class=\"ff4\">PVFP <span class=\"_ _36\"> </span>portafoglio <span class=\"_ _37\"> </span>in <span class=\"_ _36\"> </span>force: <span class=\"_ _37\"> </span>Present<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>Value <span class=\"_ _36\"> </span>Future <span class=\"_ _37\"> </span>Profit <span class=\"_ _37\"> </span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>un <span class=\"_ _36\"> </span>indicatore <span class=\"_ _36\"> </span>che <span class=\"_ _37\"> </span>consente <span class=\"_ _36\"> </span>di </span>monitorare, <span class=\"_ _36\"> </span>per <span class=\"_ _37\"> </span>ciascuna <span class=\"_ _37\"> </span>Lob <span class=\"_ _37\"> </span>Solvency <span class=\"_ _36\"> </span>II <span class=\"_ _37\"> </span>del <span class=\"_ _36\"> </span>portafoglio <span class=\"_ _37\"> </span>in-force <span class=\"_ _36\"> </span>il <span class=\"_ _37\"> </span>contributo <span class=\"_ _36\"> </span>dato <span class=\"_ _37\"> </span>alla creazione del valore economico aziendale; -<span class=\"_ _41\"> </span><span class=\"ff4\">SCR per LoB (Line of B<span class=\"_ _1\"></span>usiness). </span>Di se<span class=\"_ _1\"></span>guito si <span class=\"_ _1\"></span>riportano le <span class=\"_ _1\"></span>informazioni sulla se<span class=\"_ _1\"></span>nsitivit\u00e0 alle <span class=\"_ _1\"></span>variazioni delle <span class=\"_ _1\"></span>variabili legate <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>rischio<span class=\"_ _3a1\"> </span>assicu<span class=\"_ _3a1\"> </span>rativo <span class=\"_ _35\"> </span>derivanti <span class=\"_ _0\"></span>dai <span class=\"_ _35\"> </span>cont<span class=\"_ _2\"></span>ratti <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>ientranti <span class=\"_ _0\"></span>nell\u2019ambito <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>applicazione <span class=\"_ _35\"> </span>dell\u2019I<span class=\"_ _2\"></span>FRS <span class=\"_ _35\"> </span>17. <span class=\"_ _0\"></span> <span class=\"_ _35\"> </span>Le<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>analisi<span class=\"_ _3a1\"> </span>condotte hanno <span class=\"_ _1\"></span>identificato <span class=\"_ _1\"></span>nella dinamica delle <span class=\"_ _1\"></span>estinzioni anticipate <span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>i costi <span class=\"_ _1\"></span>i principali fattori<span class=\"_ _3a1\"> </span>di  rischio  a <span class=\"_ _3d\"> </span>cui  la  Compagnia  \u00e8  esposta.  Di  conse<span class=\"_ _1\"></span>guenza  sono  state  identificate  le  seguenti<span class=\"_ _3a1\"> </span>sensitivites:<span class=\"_ _3a1\"> </span><span class=\"_ _36\"> </span><span class=\"ff4\">Incre<span class=\"_ _1\"></span>mento ipotesi di estizioni anticipate (lapse r<span class=\"_ _1\"></span>isk) +10%<span class=\"_ _3a1\"> </span></span><span class=\"_ _36\"> </span><span class=\"ff4\">Incre<span class=\"_ _1\"></span>mento ipotesi di spesa +10%<span class=\"_ _3a1\"> </span></span>In <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>elazione <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>tali <span class=\"_ _38\"></span>sensitivit\u00e0 <span class=\"_ _38\"></span>si <span class=\"_ _1\"></span>fornisce <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>seguito <span class=\"_ _38\"></span>l\u2019impatto <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>termini <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>sto<span class=\"_ _1\"></span>ck <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>CSM, <span class=\"_ _1\"></span>contr<span class=\"_ _1\"></span>ibuto<span class=\"_ _3a1\"> </span>all\u2019utile <span class=\"_ _0\"></span>consolidato <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>Patrimonio <span class=\"_ _0\"></span>Netto. <span class=\"_ _0\"></span>La <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>stess <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>stata <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>ffettuata <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>lordo <span class=\"_ _0\"></span>della<span class=\"_ _3a1\"> </span>riassicurazione <span class=\"_ _38\"></span>passiva <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>quanto <span class=\"_ _1\"></span>poco <span class=\"_ _1\"></span>significativa <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>petto <span class=\"_ _1\"></span>agli <span class=\"_ _1\"></span>scenari <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>stress <span class=\"_ _1\"></span>individuati <span class=\"_ _1\"></span>ed <span class=\"_ _38\"></span>\u00e8<span class=\"_ _3a1\"> </span>da int<span class=\"_ _1\"></span>endersi <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>lordo <span class=\"_ _1\"></span>dell\u2019impatto fiscale <span class=\"_ _38\"></span>con riferimento <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>CSM e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>netto dell\u2019effetto <span class=\"_ _1\"></span>fiscale <span class=\"_ _1\"></span>con<span class=\"_ _3a1\"> </span>riferimento a Patrimonio Netto e Contributo all\u2019Utile Consolidato.<span class=\"_ _3a1\"> </span>Analisi di sensitivit\u00e0 \u2013 Variazioni di CSM, Contributo al Consolidato <span class=\"_ _1\"></span>di Gruppo e Patrimonio Netto<table class=\"s w14e9 h2da\" id=\"_0e704059-7a9c-47b0-943c-4d7556a325eb\"><tr><td class=\"t m5 x2589 h2a y69b4 ff4 fsd fc1 sc0 ls0 ws0\">(in migliaia di eur<span class=\"_ _2\"></span>o)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x258a h8 y69b5 ff4 fs2 fc1 sc0 ls0 ws0\">Variazione di<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x258b h8 y69b5 ff4 fs2 fc1 sc0 ls0 ws0\">Variazione di Contributo </td><td class=\"t m2 x258c h8 y69b5 ff4 fs2 fc1 sc0 ls0 ws0\">Variazione di </td></tr><tr><td class=\"t m2 x2589 h8 y69b6 ff4 fs2 fc1 sc0 ls0 ws0\">Analisi di Sensitivit\u00e0 </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x258d h8 y69b7 ff4 fs2 fc1 sc0 ls0 ws0\">CSM </td><td class=\"t m2 x258e h8 y69b7 ff4 fs2 fc1 sc0 ls0 ws0\">all\u2019Utile Consolidato di Gruppo<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x258f h8 y69b7 ff4 fs2 fc1 sc0 ls0 ws0\">Patrimonio Netto </td></tr><tr><td class=\"c n x5e6 y69b8 w14ea h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Estinzioni anticipate +10%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2590 y69b8 w14eb h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-18.34<span class=\"_ _1\"></span>7<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2591 y69b8 w14ec h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-321<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2592 y69b8 w75b h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-321<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x5e6 y69b9 w14ed h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Spese + 10%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2593 y69b9 w14ee h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-4.929<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2594 y69b9 w14ef h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-765<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2595 y69b9 w14f0 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-765<span class=\"_ _3a1\"> </span></div></td></tr></table>Rischi di me<span class=\"_ _1\"></span>rcato<span class=\"_ _3a1\"> </span>Alla pi\u00f9 generale categoria del Rischio Mercato appartengo<span class=\"_ _3a1\"> </span>no le seguenti sotto-categorie:<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio Mercato<span class=\"_ _1\"></span>;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio Asset &amp;<span class=\"_ _1\"></span> Liability Management;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4 fc1\">Rischio di Liquidit\u00e0,<span class=\"_ _3a1\"> </span></span>di seguito meglio esplicitate.<span class=\"_ _3a1\"> </span>Si <span class=\"_ _35\"> </span>definisce <span class=\"_ _35\"> </span>rischio <span class=\"_ _0\"> </span>di <span class=\"_ _35\"> </span>mercato, <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>perdita <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>d<span class=\"_ _3a1\"> </span>i <span class=\"_ _35\"> </span>variazione <span class=\"_ _35\"> </span>sfavorevole <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>situazione<span class=\"_ _3a1\"> </span>finanziaria der<span class=\"_ _1\"></span>ivante, <span class=\"_ _1\"></span>direttamente <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>indirettamente, <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>oscillazioni <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>livello <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>volatilit\u00e0 <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ei<span class=\"_ _3a1\"> </span>prezzi di mercato delle <span class=\"_ _1\"></span>attivit\u00e0, delle passivit\u00e0 e degli str<span class=\"_ _1\"></span>umenti finanziari (cfr. articolo 1, comma 1<span class=\"_ _1\"></span>,<span class=\"_ _3a1\"> </span>lettera vv-bis 3 del CAP). I <span class=\"_ _39\"> </span>rischi <span class=\"_ _3f\"> </span>di <span class=\"_ _36\"> </span>m<span class=\"_ _1\"></span>ercato <span class=\"_ _3f\"> </span>risentono <span class=\"_ _39\"> </span>dell\u2019andamento <span class=\"_ _39\"> </span>congiunturale <span class=\"_ _3f\"> </span>del <span class=\"_ _39\"> </span>ciclo <span class=\"_ _39\"> </span>economico, <span class=\"_ _3f\"> </span>che <span class=\"_ _39\"> </span>pu\u00f2<span class=\"_ _3a1\"> </span>amplificarne <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>event<span class=\"_ _1\"></span>ualmente <span class=\"_ _1\"></span>diminuirne <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>significativit\u00e0, <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oprattutto <span class=\"_ _1\"></span>se <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>portafoglio <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>itoli <span class=\"_ _1\"></span>della<span class=\"_ _3a1\"> </span>Compagnia <span class=\"_ _3d\"> </span>\u00e8 <span class=\"_ _3d\"> </span>particolarm<span class=\"_ _1\"></span>ente <span class=\"_ _3d\"> </span>concentrato <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>det<span class=\"_ _1\"></span>erminati <span class=\"_ _3d\"> </span>settori, <span class=\"_ _3d\"> </span>valute <span class=\"_ _37\"> </span>o <span class=\"_ _3d\"> </span>aree <span class=\"_ _37\"> </span>geografiche.<span class=\"_ _3a1\"> </span>Conseguentemente, <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>imprese <span class=\"_ _3d\"> </span>sono <span class=\"_ _3d\"> </span>esposte <span class=\"_ _3d\"> </span>al  ris<span class=\"_ _1\"></span>chio <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>conseguire  re<span class=\"_ _1\"></span>ndimenti <span class=\"_ _3d\"> </span>diversi, <span class=\"_ _3d\"> </span>ed<span class=\"_ _3a1\"> </span>eventualmente <span class=\"_ _3f\"> </span>anche <span class=\"_ _3f\"> </span>inferiori, <span class=\"_ _3f\"> </span>rispetto <span class=\"_ _3f\"> </span>al <span class=\"_ _3f\"> </span>rendimento <span class=\"_ _3f\"> </span>atteso <span class=\"_ _3f\"> </span>al <span class=\"_ _3f\"> </span>momento <span class=\"_ _3f\"> </span>de<span class=\"_ _1\"></span>ll\u2019assunzione<span class=\"_ _3a1\"> </span>dell\u2019impegno, oppure rispetto ad un re<span class=\"_ _1\"></span>ndimento minimo definito contrattualmente. Tale rischio pu\u00f2 essere distinto nei seguent<span class=\"_ _1\"></span>i fattori di rischio:<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>interesse: <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>valore <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>attivi <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>impresa <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>assicurazione <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>sensibil<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>a<span class=\"_ _3a1\"> </span></span>variazioni  d<span class=\"_ _2\"></span>ei  tassi  d<span class=\"_ _2\"></span>i  interesse. <span class=\"_ _35\"> </span>Inoltre<span class=\"_ _1\"></span>, <span class=\"_ _35\"> </span>se  i  flu<span class=\"_ _2\"></span>ssi  finanziari <span class=\"_ _35\"> </span>gener<span class=\"_ _1\"></span>ati  d<span class=\"_ _2\"></span>alle  attivit\u00e0 <span class=\"_ _35\"> </span>e  quelli<span class=\"_ _3a1\"> </span>generati <span class=\"_ _3f\"> </span>dalle <span class=\"_ _39\"> </span>passivit\u00e0 <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>un\u2019impresa <span class=\"_ _3f\"> </span>non <span class=\"_ _39\"> </span>sono <span class=\"_ _3f\"> </span>perfettamente <span class=\"_ _39\"> </span>allineati <span class=\"_ _3f\"> </span>per <span class=\"_ _39\"> </span>scadenza,<span class=\"_ _3a1\"> </span>periodicit\u00e0 <span class=\"_ _37\"> </span>degli <span class=\"_ _37\"> </span>eventuali <span class=\"_ _37\"> </span>pagament<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>per <span class=\"_ _37\"> </span>natura <span class=\"_ _37\"> </span>dei <span class=\"_ _37\"> </span>tassi <span class=\"_ _37\"> </span>degli <span class=\"_ _37\"> </span>investiment<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>(maturity<span class=\"_ _3a1\"> </span>mismatching, <span class=\"_ _0\"></span>interest <span class=\"_ _0\"></span>rate <span class=\"_ _0\"></span>mismatching, <span class=\"_ _0\"></span>reset <span class=\"_ _0\"></span>date <span class=\"_ _0\"></span>mismatching, <span class=\"_ _0\"></span>basic <span class=\"_ _0\"></span>mismatching), <span class=\"_ _0\"></span>uno<span class=\"_ _3a1\"> </span>shock (positivo o negativo) dei t<span class=\"_ _1\"></span>assi di inte<span class=\"_ _1\"></span>resse pu\u00f2 produrre <span class=\"_ _1\"></span>variazioni non sincronizzate ne<span class=\"_ _1\"></span>l<span class=\"_ _3a1\"> </span>valore delle <span class=\"_ _3b\"></span>attivit\u00e0 e <span class=\"_ _3b\"></span>delle passivit\u00e0. <span class=\"_ _3b\"></span>Sostanzialmente l'esposizione <span class=\"_ _3b\"></span>al rischio <span class=\"_ _3b\"></span>tasso di <span class=\"_ _3b\"></span>interesse<span class=\"_ _3a1\"> </span>si  riferisce <span class=\"_ _35\"> </span>a  tutte <span class=\"_ _35\"> </span>le  attivit\u00e0<span class=\"_ _2\"></span>  e <span class=\"_ _35\"> </span>le  passivit\u00e0 <span class=\"_ _35\"> </span>il  cui <span class=\"_ _35\"> </span>valore  \u00e8 <span class=\"_ _35\"> </span>\u201csensibile\u201d  ai  c<span class=\"_ _2\"></span>ambiamenti  nella<span class=\"_ _3a1\"> </span>struttura a termine dei tassi di interesse o a<span class=\"_ _1\"></span>lla volatilit\u00e0 dei tassi di interesse;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio  azionario:  i  valori  di  m<span class=\"_ _2\"></span>ercato  delle  posizioni  assunte  d<span class=\"_ _2\"></span>all\u2019impresa  possono  essere<span class=\"_ _3a1\"> </span></span>sensibili <span class=\"_ _3b\"></span>all\u2019andame<span class=\"_ _1\"></span>nto d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>mercati <span class=\"_ _3b\"></span>azionar<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>(per esempio <span class=\"_ _3b\"></span>nel cas<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>contr<span class=\"_ _1\"></span>atti <span class=\"_ _3b\"></span>le cui<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>prestazioni<span class=\"_ _3a1\"> </span>sono collegate al valore di un titolo azionario);<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio <span class=\"_ _38\"></span>tas<span class=\"_ _1\"></span>so <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>cambio: <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>valore<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>me<span class=\"_ _1\"></span>rcato <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>posizioni <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sunte <span class=\"_ _38\"></span>dall\u2019impresa <span class=\"_ _38\"></span>pu\u00f2 <span class=\"_ _0\"></span>essere<span class=\"_ _3a1\"> </span></span>sensibile a <span class=\"_ _3b\"></span>var<span class=\"_ _1\"></span>iazioni <span class=\"_ _2\"></span>dei tassi d<span class=\"_ _2\"></span>i camb<span class=\"_ _2\"></span>io (p<span class=\"_ _2\"></span>er esempio nel c<span class=\"_ _2\"></span>aso di<span class=\"_ _2\"></span> titoli <span class=\"_ _2\"></span>azionari o <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>bbligazionari<span class=\"_ _3a1\"> </span>denominati in <span class=\"_ _3b\"></span>valuta estera). Questo <span class=\"_ _2\"></span>fattore di <span class=\"_ _3b\"></span>rischio, quindi, <span class=\"_ _3b\"></span>as<span class=\"_ _1\"></span>sume particolare rilevanza <span class=\"_ _3b\"></span>per<span class=\"_ _3a1\"> </span>le <span class=\"_ _3f\"> </span>imprese <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>assicu<span class=\"_ _2\"></span>razione <span class=\"_ _3f\"> </span>in <span class=\"_ _3f\"> </span>presenza <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>attivit\u00e0<span class=\"_ _2\"></span> <span class=\"_ _3f\"> </span>a <span class=\"_ _3f\"> </span>copertura <span class=\"_ _39\"> </span>delle <span class=\"_ _3f\"> </span>riserve <span class=\"_ _3f\"> </span>tecniche<span class=\"_ _3a1\"> </span>denominate <span class=\"_ _39\"> </span>in <span class=\"_ _36\"> </span>una <span class=\"_ _39\"> </span>valuta <span class=\"_ _36\"> </span>di<span class=\"_ _1\"></span>vers<span class=\"_ _1\"></span>a <span class=\"_ _36\"> </span>da <span class=\"_ _39\"> </span>quella <span class=\"_ _36\"> </span>de<span class=\"_ _1\"></span>i <span class=\"_ _36\"> </span>cor<span class=\"_ _1\"></span>rispondenti <span class=\"_ _36\"> </span>impegni <span class=\"_ _39\"> </span>tecnici <span class=\"_ _36\"> </span>as<span class=\"_ _1\"></span>sunti<span class=\"_ _3a1\"> </span>contrattualmente. <span class=\"_ _0\"></span>Infatti, <span class=\"_ _38\"></span>poich\u00e9 <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>conversione <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>ute <span class=\"_ _0\"></span>avviene <span class=\"_ _38\"></span>alla <span class=\"_ _0\"></span>chiusura <span class=\"_ _38\"></span>d\u2019esercizio <span class=\"_ _0\"></span>al<span class=\"_ _3a1\"> </span>cambio corrente, <span class=\"_ _1\"></span>in corrispondenza di <span class=\"_ _1\"></span>detta dat<span class=\"_ _1\"></span>a possono realizzarsi <span class=\"_ _1\"></span>delle plus/minusvalenze<span class=\"_ _3a1\"> </span>a causa della variazione dei tassi di cambio;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio immobiliare: qualora gli attivi di <span class=\"_ _3b\"></span>un\u2019impr<span class=\"_ _1\"></span>esa di assicurazione siano investiti i<span class=\"_ _2\"></span>n im<span class=\"_ _3a1\"> </span></span>i val<span class=\"_ _3a1\"> </span>ori di tali att<span class=\"_ _1\"></span>ivit\u00e0 sono sensibili all\u2019<span class=\"_ _2\"></span>andamento <span class=\"_ _1\"></span>dei prezzi di mercato degli stessi;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Credit Spread: ogni v<span class=\"_ _2\"></span>olta che <span class=\"_ _2\"></span>un\u2019impresa di <span class=\"_ _2\"></span>assicurazione sottoscrive s<span class=\"_ _2\"></span>trumenti finanzia<span class=\"_ _3a1\"> </span></span>incorrere nel <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio di<span class=\"_ _2\"></span> insolvenza <span class=\"_ _3b\"></span>del proprio debito<span class=\"_ _2\"></span>re il <span class=\"_ _2\"></span>quale p<span class=\"_ _2\"></span>otrebbe non <span class=\"_ _3b\"></span>es<span class=\"_ _1\"></span>sere in<span class=\"_ _2\"></span> gr<span class=\"_ _3a1\"> </span>di <span class=\"_ _1\"></span>adempier<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>proprie <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>bbligazioni <span class=\"_ _1\"></span>sia <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>incorrere <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ggioramento creditizio, <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>cons<span class=\"_ _2\"></span>eguente <span class=\"_ _0\"></span>riduzi<span class=\"_ _2\"></span>one <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>valore <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>titolo. <span class=\"_ _0\"></span>L\u2019es<span class=\"_ _3b\"></span>pos<span class=\"_ _1\"></span>izione <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>cre<span class=\"_ _3a1\"> </span>riferisce <span class=\"_ _37\"> </span>ad <span class=\"_ _37\"> </span>attivit\u00e0, <span class=\"_ _37\"> </span>passivit\u00e0 <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>strumenti <span class=\"_ _37\"> </span>finanziari <span class=\"_ _37\"> </span>sensibili <span class=\"_ _37\"> </span>alla <span class=\"_ _37\"> </span>variazione <span class=\"_ _37\"> </span>degli <span class=\"_ _3d\"> </span>s<span class=\"_ _3a1\"> </span>creditizi;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio <span class=\"_ _3f\"> </span>concentr<span class=\"_ _1\"></span>azione: <span class=\"_ _3f\"> </span>l\u2019esposizione <span class=\"_ _3f\"> </span>al <span class=\"_ _3a\"> </span>rischio <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>concentrazione, <span class=\"_ _3f\"> </span>che <span class=\"_ _3f\"> </span>de<span class=\"_ _1\"></span>riva <span class=\"_ _3f\"> </span>d<span class=\"_ _3a1\"> </span></span>variazione  inattesa  dei <span class=\"_ _35\"> </span>prezzi,  del <span class=\"_ _35\"> </span>valore  delle  esposizioni <span class=\"_ _35\"> </span>verso  emittenti  su  c<span class=\"_ _2\"></span>ui  si accumulo di <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>sposizione <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>stessa <span class=\"_ _38\"></span>controparte, si <span class=\"_ _1\"></span>riferis<span class=\"_ _1\"></span>ce alle <span class=\"_ _1\"></span>att<span class=\"_ _1\"></span>ivit\u00e0 soggette <span class=\"_ _1\"></span>al azionario, <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>tasso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>interesse <span class=\"_ _1\"></span>e s<span class=\"_ _1\"></span>pread e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>ischio <span class=\"_ _1\"></span>immobiliare <span class=\"_ _1\"></span>inclusi nel <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>me<span class=\"_ _3a1\"> </span>ed esclude <span class=\"_ _3b\"></span>le attivit\u00e0 sogg<span class=\"_ _2\"></span>ette al <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio d<span class=\"_ _2\"></span>i inad<span class=\"_ _2\"></span>empimento di <span class=\"_ _2\"></span>controparte. Al <span class=\"_ _2\"></span>momento a<span class=\"_ _3a1\"> </span>regolamentare sono esclusi anche i t<span class=\"_ _1\"></span>itoli di stato;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio <span class=\"_ _0\"></span>Sovrano: <span class=\"_ _0\"></span>E\u2019 <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>associato <span class=\"_ _0\"></span>all\u2019eventualit\u00e0 <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>Governo <span class=\"_ _0\"></span>non <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ispetti <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>p<span class=\"_ _3a1\"> </span></span>obbligazioni <span class=\"_ _0\"></span>finanziarie. <span class=\"_ _0\"></span>Pu\u00f2 <span class=\"_ _0\"></span>dipendere <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>fattor<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>economici, <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>politici. <span class=\"_ _0\"></span>Pu\u00f2 legato <span class=\"_ _3b\"></span>alla c<span class=\"_ _2\"></span>ongiuntura <span class=\"_ _3b\"></span>o <span class=\"_ _2\"></span>svilupparsi <span class=\"_ _3b\"></span>nel <span class=\"_ _2\"></span>medio-lungo <span class=\"_ _184\"></span>per<span class=\"_ _1\"></span>iodo. <span class=\"_ _3b\"></span>Il <span class=\"_ _3b\"></span>rischio sovrano <span class=\"_ _3b\"></span>viene <span class=\"_ _3b\"></span>ass<span class=\"_ _3a1\"> </span>ai <span class=\"_ _0\"></span>rendimenti <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>pubblici <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>quind<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>agli <span class=\"_ _0\"></span>interessi <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>uno <span class=\"_ _0\"></span>Stato <span class=\"_ _0\"></span>deve <span class=\"_ _0\"></span>corrisponde<span class=\"_ _3a1\"> </span>investitori per potersi finanziare;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Liquidit\u00e0 <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>titolo: <span class=\"_ _35\"> </span>La <span class=\"_ _35\"> </span>possibilit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>procedere <span class=\"_ _35\"> </span>allo <span class=\"_ _35\"> </span>smobilizzo <span class=\"_ _35\"> </span>tempestivo <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>portaf<span class=\"_ _3a1\"> </span></span>fortemente  condizionata  dalla  liq<span class=\"_ _2\"></span>uidabilit\u00e0  dei  titoli  in  cui<span class=\"_ _2\"></span>  lo  stesso  \u00e8  inv<span class=\"_ _2\"></span>estito.  La  liquidabilit\u00e0 <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>itoli, <span class=\"_ _0\"></span>infatti, <span class=\"_ _38\"></span>pu\u00f2 <span class=\"_ _0\"></span>esporre <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>Compagn<span class=\"_ _2\"></span>ia <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>conseguire <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>p<span class=\"_ _3a1\"> </span>connesse <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>difficolt\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>trovar<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>sul <span class=\"_ _1\"></span>mer<span class=\"_ _1\"></span>cato la <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>ntroparte <span class=\"_ _1\"></span>interessata <span class=\"_ _1\"></span>all\u2019acquisto <span class=\"_ _1\"></span>d<span class=\"_ _3a1\"> </span>che si intende smobilizzare. A livello regolamentare non \u00e8 attualmente previsto un requ<span class=\"_ _3a1\"> </span>capitale specifico;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Altre <span class=\"_ _0\"></span>esposizioni <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>as<span class=\"_ _2\"></span>sets: <span class=\"_ _38\"></span>Tale <span class=\"_ _0\"></span>fattore <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>rischio<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>si <span class=\"_ _38\"></span>concretizza <span class=\"_ _38\"></span>nel <span class=\"_ _0\"></span>rischio <span class=\"_ _38\"></span>mercato <span class=\"_ _0\"></span>le<span class=\"_ _3a1\"> </span></span>private equity, strumenti alternativi, infrastrut<span class=\"_ _1\"></span>ture, prodotti legati all\u2019inflazione e ibridi.<span class=\"_ _3a1\"> </span>I fat<span class=\"_ _1\"></span>tori di <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>mercato vengono <span class=\"_ _1\"></span>principalmente <span class=\"_ _1\"></span>individuati ne<span class=\"_ _1\"></span>lle <span class=\"_ _1\"></span>classi di <span class=\"_ _1\"></span>bilancio <span class=\"_ _1\"></span>spe<span class=\"_ _3a1\"> </span>delle Gestioni Separate, Specifiche Provviste e del Portafo<span class=\"_ _1\"></span>glio di Propriet\u00e0. La <span class=\"_ _1\"></span>tabella r<span class=\"_ _1\"></span>iportata di <span class=\"_ _1\"></span>seguito <span class=\"_ _1\"></span>rappresenta <span class=\"_ _1\"></span>la dist<span class=\"_ _1\"></span>ribuzione <span class=\"_ _1\"></span>degli str<span class=\"_ _1\"></span>umenti nei <span class=\"_ _1\"></span>suddetti <span class=\"_ _1\"></span>port<span class=\"_ _3a1\"> </span>alla <span class=\"_ _35\"> </span>data <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>valutazione <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>tipologia, <span class=\"_ _35\"> </span>espressi <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>per<span class=\"_ _1\"></span>centuale <span class=\"_ _35\"> </span>rispetto <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>contro<span class=\"_ _1\"></span>valore <span class=\"_ _0\"> </span>t<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span>mercato.<table class=\"s w1500 h2dc\" id=\"_52fc8577-62ed-4cde-938f-8fb96dd7dde4\"><tr><td class=\"c n x25a0 y69c1 w1501 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc4 sc3 ls0 ws0\">Tipo Titolo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25a1 y69c1 w1502 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc4 sc3 ls0 ws0\">T<span class=\"_ _1\"></span>ipo Cedola<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x25a2 y69c1 w1503 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc4 sc3 ls0 ws0\">Totali<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69c2 w1504 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Emittenti Governativi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25a3 y69c2 w1505 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Fixed<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25a4 y69c2 w1506 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">69,87%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n x25a5 y69c3 w1507 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Floating<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25a6 y69c3 w1508 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">0,08%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n x25a5 y69c4 w1509 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x25a7 y69c4 w150a h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">69,95%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69c5 w150b h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Emittenti Obbligazionari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25a8 y69c5 w150c h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">F<span class=\"_ _1\"></span>ixed<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25a9 y69c5 w150d h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">12,38%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n x25a5 y69c6 w1507 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Floating<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25aa y69c6 w150e h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">4,58%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n x25a5 y69c7 w1509 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x25ab y69c7 w150f h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">16,96%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69c8 w1510 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">OICR<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25ac y69c8 w1509 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x25ad h8 y69c9 ff4 fs2 fc1 sc0 ls0 ws0\">12,69%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y69b9 w1511 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">C/C<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25ae y69b9 w1512 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x25af h8 y69ca ff4 fs2 fc1 sc0 ls0 ws0\">0,40%<span class=\"_ _3a1\"> </span></td></tr></table>Di cui la ripartizione in OICR risulta <span class=\"_ _1\"></span>cos\u00ec composta:<table class=\"s w14f1 h2db\" id=\"_3f1836a5-4ded-4a58-9ce1-92d7c2a98b7f\"><tr><td class=\"c n x2597 y69ba w14f2 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc4 sc3 ls0 ws0\">Tipo OICR<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2598 y69ba w14f3 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc4 sc3 ls0 ws0\">%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69bb w14f4 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">OICR Azionario<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2599 y69bb w14f5 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">1<span class=\"_ _1\"></span>5,83%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69bc w14f6 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">OICR Governativo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x259a y69bc w14f7 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">22,54%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69bd w14f8 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">OICR Immobiliare<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x259b y69bd w14f9 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">9,27%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69be w14fa h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">OICR Loans<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x259c y69be w14fb h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">26,38%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69bf w14fc h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">OICR Corporate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x259d y69bf w4f3 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">15,32%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69c0 w14fd h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">OICR Infrastrutturali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x259e y69c0 wae4 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">6,07%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69b9 w14fe h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">OICR Private Equity<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x259f y69b9 w14ff h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">4,59%<span class=\"_ _3a1\"> </span></div></td></tr></table>La percentuale esposta in valuta sul totale <span class=\"_ _1\"></span>di portafoglio assets \u00e8 del 2,96%.<span class=\"_ _3a1\"> </span>Da <span class=\"_ _35\"> </span>un<span class=\"_ _3a1\"> </span>punto <span class=\"_ _0\"> </span>di <span class=\"_ _35\"> </span>vista <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>dist<span class=\"_ _2\"></span>ribuzione <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>ris<span class=\"_ _1\"></span>chi <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>Credemvita <span class=\"_ _0\"></span>secondo <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>dettami<span class=\"_ _3a1\"> </span>normativi <span class=\"_ _38\"></span>Solvency <span class=\"_ _38\"></span>II <span class=\"_ _1\"></span>si <span class=\"_ _38\"></span>riporta <span class=\"_ _38\"></span>nella <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>abella <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>seguito <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>miglior <span class=\"_ _38\"></span>stima <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>rappresentazione <span class=\"_ _1\"></span>del<span class=\"_ _3a1\"> </span>rischio <span class=\"_ _38\"></span>disponibile <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>valutazione <span class=\"_ _38\"></span>(si <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>cisa <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>peso <span class=\"_ _38\"></span>complessivo <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>rischi <span class=\"_ _38\"></span>market <span class=\"_ _38\"></span>\u00e8<span class=\"_ _3a1\"> </span>pari al 37,9).<span class=\"_ _3a1\"> </span>Market risk - risk/sum of risk components <span class=\"_ _1\"></span>- relativo e complessivo<table class=\"s w1513 h2dd\" id=\"_1f37c303-7f86-4d55-bc69-b02f27e9976e\"><tr><td></td><td class=\"t m2 x25b0 h8 y69cb ff4 fs2 fc4 sc3 ls0 ws0\">Relativo<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x25b1 h8 y69cb ff4 fs2 fc4 sc3 ls0 ws0\">Complessivo<span class=\"fc1 sc2\"> </span></td></tr><tr><td class=\"t m2 x25b2 h8 y69cc ff4 fs2 fc1 sc0 ls0 ws0\">Interest rate risk </td><td class=\"t m2 x25b3 h8 y69cd ff4 fs2 fc1 sc0 ls0 ws0\">4,4%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x25b4 h8 y69cd ff4 fs2 fc1 sc0 ls0 ws0\">1,7%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x25b2 h8 y69ce ff4 fs2 fc1 sc0 ls0 ws0\">Equity risk </td><td class=\"t m2 x25b5 h8 y69cf ff4 fs2 fc1 sc0 ls0 ws0\">41,5%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x25b6 h8 y69cf ff4 fs2 fc1 sc0 ls0 ws0\">15,7%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x25b2 h8 y69d0 ff4 fs2 fc1 sc0 ls0 ws0\">Property risk </td><td class=\"t m2 x25b7 h8 y69d1 ff4 fs2 fc1 sc0 ls0 ws0\">5,1%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x25b4 h8 y69d1 ff4 fs2 fc1 sc0 ls0 ws0\">1,9%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x25b2 h8 y69d2 ff4 fs2 fc1 sc0 ls0 ws0\">Spread risk </td><td class=\"t m2 x25b5 h8 y69d3 ff4 fs2 fc1 sc0 ls0 ws0\">31,0%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x25b8 h8 y69d3 ff4 fs2 fc1 sc0 ls0 ws0\">11,8%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x25b2 h8 y69d4 ff4 fs2 fc1 sc0 ls0 ws0\">Currency risk </td><td class=\"t m2 x25b5 h8 y69d5 ff4 fs2 fc1 sc0 ls0 ws0\">18,0%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x25b9 h8 y69d5 ff4 fs2 fc1 sc0 ls0 ws0\">6,8%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x25b2 h8 y69d6 ff4 fs2 fc1 sc0 ls0 ws0\">Concentration risk </td><td class=\"t m2 x25b3 h8 y69d7 ff4 fs2 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x25b8 h8 y69d7 ff4 fs2 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></td></tr></table>La <span class=\"_ _39\"> </span>Compagnia <span class=\"_ _39\"> </span>adotta, <span class=\"_ _39\"> </span>nei <span class=\"_ _36\"> </span>confronti <span class=\"_ _39\"> </span>dei <span class=\"_ _39\"> </span>fattori <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _36\"> </span>sopra <span class=\"_ _39\"> </span>enunciati, <span class=\"_ _39\"> </span>linee <span class=\"_ _39\"> </span>guida <span class=\"_ _39\"> </span>che<span class=\"_ _3a1\"> </span>definiscono <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>principi gener<span class=\"_ _1\"></span>ali pe<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>l\u2019attivit\u00e0 <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Team <span class=\"_ _1\"></span>Finanza, la <span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>riodicit\u00e0 <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>controlli <span class=\"_ _1\"></span>e le <span class=\"_ _1\"></span>azioni<span class=\"_ _3a1\"> </span>di <span class=\"_ _39\"> </span>ripristino <span class=\"_ _39\"> </span>in <span class=\"_ _39\"> </span>caso <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>super<span class=\"_ _1\"></span>amento <span class=\"_ _39\"> </span>dei <span class=\"_ _39\"> </span>limiti <span class=\"_ _39\"> </span>(sia <span class=\"_ _39\"> </span>RAF <span class=\"_ _3f\"> </span>sia <span class=\"_ _36\"> </span>o<span class=\"_ _1\"></span>perativi). <span class=\"_ _39\"> </span>Nella <span class=\"_ _39\"> </span>composizione<span class=\"_ _3a1\"> </span>complessiva <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>po<span class=\"_ _2\"></span>rtafoglio <span class=\"_ _0\"></span>d\u2019investimento <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>iene <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>dell\u2019esposizione <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>ischio, <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>vincoli<span class=\"_ _3a1\"> </span>legati <span class=\"_ _38\"></span>alla <span class=\"_ _1\"></span>copertura <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>riserve <span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>cniche <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>degli <span class=\"_ _1\"></span>effetti <span class=\"_ _38\"></span>sul <span class=\"_ _38\"></span>Solvency <span class=\"_ _1\"></span>Rat<span class=\"_ _1\"></span>io. <span class=\"_ _1\"></span>I <span class=\"_ _38\"></span>limiti <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>indicatori<span class=\"_ _3a1\"> </span>relativi <span class=\"_ _0\"></span>agli <span class=\"_ _38\"></span>inves<span class=\"_ _1\"></span>timenti <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span>ggetto <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>ve<span class=\"_ _1\"></span>rifica <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span>trollo <span class=\"_ _0\"></span>su <span class=\"_ _38\"></span>base <span class=\"_ _0\"></span>continuativa <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>delle<span class=\"_ _3a1\"> </span>funzioni  aziendali  preposte  e,  con  frequenza  periodica,  i  risultati  di  tali  controlli  sono  portati<span class=\"_ _3a1\"> </span>all\u2019attenzione <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>Consiglio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Amm<span class=\"_ _1\"></span>inistrazione. <span class=\"_ _38\"></span>Il <span class=\"_ _0\"></span>processo <span class=\"_ _38\"></span>prevede <span class=\"_ _38\"></span>inoltre <span class=\"_ _38\"></span>una <span class=\"_ _0\"></span>fase <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>revisione<span class=\"_ _3a1\"> </span>dei suddetti limiti realizzata mediante a<span class=\"_ _1\"></span>nalisi di sensitivit\u00e0 condotte sui portafogli attivi e passivi.<span class=\"_ _3a1\"> </span>La <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _0\"></span>viene <span class=\"_ _0\"></span>effettuata <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>riferi<span class=\"_ _2\"></span>mento <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>investimenti<span class=\"_ _3a1\"> </span>mobiliare <span class=\"_ _38\"></span>gi\u00e0 <span class=\"_ _38\"></span>acquisito <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>agli <span class=\"_ _38\"></span>scenari <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>investimento <span class=\"_ _38\"></span>futuro. <span class=\"_ _38\"></span>Tale <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>viene <span class=\"_ _38\"></span>realizzata <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ia <span class=\"_ _1\"></span>con<span class=\"_ _3a1\"> </span>logiche di <span class=\"_ _2\"></span>Asset-Liability Management, al fine d<span class=\"_ _2\"></span>i cogliere le in<span class=\"_ _2\"></span>terrelazioni esistenti fra l<span class=\"_ _2\"></span>e dinamiche<span class=\"_ _3a1\"> </span>dei <span class=\"_ _0\"></span>passivi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>dinamiche <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>attivi <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>riserve <span class=\"_ _0\"></span>tecniche, <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>seguendo <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>principi<span class=\"_ _3a1\"> </span>Solvency <span class=\"_ _38\"></span>II <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>fin<span class=\"_ _2\"></span>e <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>cogli<span class=\"_ _2\"></span>ere <span class=\"_ _0\"></span>l\u2019ev<span class=\"_ _2\"></span>entuale <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>quisito <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>capitale <span class=\"_ _0\"></span>assorbito <span class=\"_ _1\"></span>da <span class=\"_ _0\"></span>ogni <span class=\"_ _1\"></span>singolo <span class=\"_ _0\"></span>modul<span class=\"_ _2\"></span>o <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span>sottomodulo di rischio. L\u2019identificazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>mercato <span class=\"_ _0\"></span>vita <span class=\"_ _0\"></span>viene <span class=\"_ _38\"></span>effett<span class=\"_ _1\"></span>uata <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>nuovi <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>vestimenti <span class=\"_ _0\"></span>e<span class=\"_ _3a1\"> </span>asset allocation target, e al portafoglio in essere:<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Nuovi <span class=\"_ _3d\"> </span>investimenti: <span class=\"_ _3d\"> </span>con <span class=\"_ _3d\"> </span>riferimento <span class=\"_ _3d\"> </span>ai <span class=\"_ _3d\"> </span>nuovi  investime<span class=\"_ _1\"></span>nti,  nell\u2019ambito <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>processo <span class=\"_ _3d\"> </span>ORSA<span class=\"_ _3a1\"> </span></span>vengono <span class=\"_ _3f\"> </span>effettuate <span class=\"_ _3a\"> </span>analisi <span class=\"_ _3f\"> </span>relative <span class=\"_ _3f\"> </span>a <span class=\"_ _3a\"> </span>scenari <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>investimento <span class=\"_ _3f\"> </span>futur<span class=\"_ _1\"></span>o <span class=\"_ _3f\"> </span>con <span class=\"_ _3f\"> </span>l\u2019obiettivo <span class=\"_ _3f\"> </span>di<span class=\"_ _3a1\"> </span>identificare <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>rischi <span class=\"_ _0\"></span>connessi <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>tali <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>celte <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>investimento <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>valutarne <span class=\"_ _38\"></span>l\u2019impatto<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>sul <span class=\"_ _38\"></span>profilo <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span>rischio <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>termini <span class=\"_ _38\"></span>quantitativi. <span class=\"_ _1\"></span>Inoltr<span class=\"_ _1\"></span>e, <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>investiment<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>\u201cnatura <span class=\"_ _38\"></span>occasionale\u201d <span class=\"_ _38\"></span>(secondo <span class=\"_ _38\"></span>la<span class=\"_ _3a1\"> </span>definizione data <span class=\"_ _1\"></span>nella P<span class=\"_ _1\"></span>olicy e <span class=\"_ _1\"></span>Regolamento Investimenti) <span class=\"_ _1\"></span>sulla base <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>informazioni fornite<span class=\"_ _3a1\"> </span>dal <span class=\"_ _37\"> </span>Team <span class=\"_ _36\"> </span>Finanza <span class=\"_ _37\"> </span>viene <span class=\"_ _37\"> </span>e<span class=\"_ _1\"></span>ffettuata <span class=\"_ _37\"> </span>dalla <span class=\"_ _37\"> </span>F<span class=\"_ _1\"></span>unzione <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>Risk <span class=\"_ _36\"> </span>Management <span class=\"_ _36\"> </span>una <span class=\"_ _37\"> </span>valutazione<span class=\"_ _3a1\"> </span>quali/quantitativa <span class=\"_ _37\"> </span>ex-ante <span class=\"_ _36\"> </span>basata <span class=\"_ _37\"> </span>sia <span class=\"_ _37\"> </span>su <span class=\"_ _37\"> </span>logiche <span class=\"_ _37\"> </span>gest<span class=\"_ _1\"></span>ionali <span class=\"_ _37\"> </span>che <span class=\"_ _37\"> </span>regolamentari. <span class=\"_ _37\"> </span>Un <span class=\"_ _37\"> </span>iter<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>di<span class=\"_ _3a1\"> </span>valutazione del <span class=\"_ _1\"></span>rischio ex-ante <span class=\"_ _1\"></span>viene effettuata <span class=\"_ _1\"></span>dalla Funzione di <span class=\"_ _1\"></span>Risk Management <span class=\"_ _1\"></span>anche per<span class=\"_ _3a1\"> </span>tutti <span class=\"_ _35\"> </span>gli <span class=\"_ _35\"> </span>attivi  c<span class=\"_ _2\"></span>lassificati <span class=\"_ _35\"> </span>come  complessi, <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>focus <span class=\"_ _35\"> </span>particolare<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>su <span class=\"_ _35\"> </span>OICR <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>UCITs  (<span class=\"_ _2\"></span>in<span class=\"_ _3a1\"> </span>particolare i FIA).<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Portafoglio <span class=\"_ _1\"></span>in es<span class=\"_ _1\"></span>sere: <span class=\"_ _1\"></span>Con r<span class=\"_ _1\"></span>iferimento al <span class=\"_ _1\"></span>portafoglio in <span class=\"_ _1\"></span>essere, <span class=\"_ _1\"></span>l\u2019identificazione dei <span class=\"_ _1\"></span>rischi <span class=\"_ _1\"></span>viene<span class=\"_ _3a1\"> </span></span>effettuata sulla <span class=\"_ _3b\"></span>base dei dati <span class=\"_ _3b\"></span>tecnici <span class=\"_ _2\"></span>del portafoglio, <span class=\"_ _3b\"></span>dei dati di<span class=\"_ _2\"></span> mercato e<span class=\"_ _2\"></span> delle <span class=\"_ _3b\"></span>misure di <span class=\"_ _2\"></span>rischio<span class=\"_ _3a1\"> </span>determinate attraverso lo strumento<span class=\"_ _1\"></span> di calcolo del SCR adottato.<span class=\"_ _3a1\"> </span>Si riportano di seguito i macro-indicatori analizzati per la valutazione e il monitoraggio dei rischi di<span class=\"_ _3a1\"> </span>mercato:<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">SCR Maket <span class=\"_ _1\"></span>Risk- B<span class=\"_ _1\"></span>ased: indicator<span class=\"_ _1\"></span>i basati <span class=\"_ _1\"></span>sulle <span class=\"_ _1\"></span>grandezze regolamentari relative <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>requisito di<span class=\"_ _3a1\"> </span></span>capitale afferenti alla classe di rischio mercato<span class=\"_ _1\"></span>;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Percentuale  di  Esposizione  i<span class=\"_ _2\"></span>n  Asset  Class: <span class=\"_ _35\"> </span>indicatore  volto  a<span class=\"_ _2\"></span>  quantificare <span class=\"_ _35\"> </span>e  monitorare  le<span class=\"_ _3a1\"> </span></span>esposizioni nelle principali asset class declinate all\u2019interno <span class=\"_ _1\"></span>della Policy degli Investimenti;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Percentuale <span class=\"_ _1\"></span>di Concentrazione Emitte<span class=\"_ _1\"></span>nti Financial e Corporate: indicatore <span class=\"_ _1\"></span>volto a <span class=\"_ _1\"></span>quantificare<span class=\"_ _3a1\"> </span></span>e <span class=\"_ _1\"></span>monitorare <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>concentrazione <span class=\"_ _1\"></span>degli e<span class=\"_ _1\"></span>mittenti <span class=\"_ _1\"></span>Corporate <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>base <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>specifiche <span class=\"_ _1\"></span>fasce <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>merito<span class=\"_ _3a1\"> </span>creditizio;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Limite esposizione <span class=\"_ _1\"></span>in OICR e limite esposizione per strategia in OICR;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Sensitivities <span class=\"_ _0\"></span>Spr<span class=\"_ _2\"></span>ead <span class=\"_ _38\"></span>Go<span class=\"_ _1\"></span>verantivo <span class=\"_ _1\"></span>It<span class=\"_ _1\"></span>alia <span class=\"_ _38\"></span>(al <span class=\"_ _38\"></span>fine <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>catt<span class=\"_ _1\"></span>urare <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>fattore <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>spread <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ui <span class=\"_ _38\"></span>titoli<span class=\"_ _3a1\"> </span></span>governativi non incluso nella formula standard);<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Sensitivity s<span class=\"_ _1\"></span>ui fattori di rischio mercato (es. tasso).<span class=\"_ _3a1\"> </span></span>Di se<span class=\"_ _1\"></span>guito si <span class=\"_ _1\"></span>riportano le <span class=\"_ _1\"></span>informazioni sulla se<span class=\"_ _1\"></span>nsitivit\u00e0 alle <span class=\"_ _1\"></span>variazioni delle <span class=\"_ _1\"></span>variabili legate <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>rischio<span class=\"_ _3a1\"> </span>di mercat<span class=\"_ _1\"></span>o derivanti <span class=\"_ _1\"></span>dai contra<span class=\"_ _1\"></span>tti rientranti <span class=\"_ _1\"></span>nell\u2019ambito di <span class=\"_ _1\"></span>applicazione dell\u2019IFRS 17<span class=\"_ _1\"></span>. Con <span class=\"_ _1\"></span>l\u2019obiettivo<span class=\"_ _3a1\"> </span>di <span class=\"_ _3b\"></span>valutare la <span class=\"_ _184\"></span>r<span class=\"_ _1\"></span>eattivit\u00e0 <span class=\"_ _3b\"></span>del pat<span class=\"_ _2\"></span>rimonio <span class=\"_ _3b\"></span>nett<span class=\"_ _1\"></span>o <span class=\"_ _3b\"></span>e <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _3b\"></span>risultato d\u2019<span class=\"_ _2\"></span>esercizio <span class=\"_ _3b\"></span>al verifi<span class=\"_ _2\"></span>carsi d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>specifici <span class=\"_ _2\"></span>eventi<span class=\"_ _3a1\"> </span>di <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ress, <span class=\"_ _38\"></span>partendo <span class=\"_ _0\"></span>dalla <span class=\"_ _38\"></span>composizione <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>portafoglio <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ssere <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>31 <span class=\"_ _38\"></span>dicembre <span class=\"_ _0\"></span>2024, <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>tati<span class=\"_ _3a1\"> </span>definiti diversi livelli di sensitivities rispetto ai seguenti fattori di rischio:<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Increment<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>dei c<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>edit spread <span class=\"_ _3b\"></span>di +100 <span class=\"_ _3b\"></span>bps, +200 b<span class=\"_ _2\"></span>ps e <span class=\"_ _3b\"></span>+300 bps <span class=\"_ _3b\"></span>da applicare <span class=\"_ _2\"></span>ai titoli<span class=\"_ _2\"></span> governativi<span class=\"_ _3a1\"> </span></span>italiani e <span class=\"_ _1\"></span>del Sud <span class=\"_ _1\"></span>Europa; vengono <span class=\"_ _1\"></span>esclusi dall\u2019analisi i <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>di emittenti <span class=\"_ _1\"></span>Core <span class=\"_ _1\"></span>Europe ed <span class=\"_ _1\"></span>USA in<span class=\"_ _3a1\"> </span>ragione dell\u2019elevato rating e dell\u2019assenza di volatilit\u00e0 storiche cos\u00ec accentuate.<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Increment<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>curve <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>assi <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>isk <span class=\"_ _38\"></span>free <span class=\"_ _0\"></span>EUR <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>+100 <span class=\"_ _38\"></span>bps <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>+200 <span class=\"_ _38\"></span>bps <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>applicare <span class=\"_ _0\"></span>a <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>utto <span class=\"_ _38\"></span>il<span class=\"_ _3a1\"> </span></span>portafoglio titoli<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Increment<span class=\"_ _1\"></span>o/diminuzi<span class=\"_ _2\"></span>one del r<span class=\"_ _1\"></span>apporto di cambio EUR/USD del +/- 10%<span class=\"_ _3a1\"> </span></span>Tali <span class=\"_ _3b\"></span>se<span class=\"_ _1\"></span>nsitivites app<span class=\"_ _2\"></span>artengono al <span class=\"_ _3b\"></span>pi\u00f9 <span class=\"_ _3b\"></span>ampio sistema di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>monitoraggio <span class=\"_ _2\"></span>e c<span class=\"_ _2\"></span>ontrollo <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>Gr<span class=\"_ _1\"></span>uppo<span class=\"_ _3a1\"> </span>oggetto di reporting trimestrale al Consiglio di Amministrazione della controllante<span class=\"_ _1\"></span>.<span class=\"_ _3a1\"> </span>Di seguito vengono riepilogate le variazioni perce<span class=\"_ _1\"></span>ntuali conseguenti agli eventi sopra dettagliati.<span class=\"_ _3a1\"> </span>Analisi di se<span class=\"_ _1\"></span>nsitivit\u00e0 \u2013 Variazioni d<span class=\"_ _1\"></span>i CSM, Contributo al Cons<span class=\"_ _1\"></span>olidato di Gruppo e<span class=\"_ _1\"></span> Patrimonio Netto<table class=\"s w1514 h2de\" id=\"_7325847e-fff6-4223-8a21-2c99911e2822\"><tr><td class=\"t m2 x677 h8 y69d8 ff4 fs7 fc1 sc0 ls0 ws0\">(in migliaia di eur<span class=\"_ _2\"></span>o)<span class=\"fs2\"> </span></td><td class=\"c x25bb y69d9 w1515 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Variaz<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x25ba h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">ione<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x698 h8 y69da ff4 fs2 fc1 sc0 ls0 ws0\">Variazione di Contributo </td><td class=\"t m2 x7a1 h8 y69db ff4 fs2 fc1 sc0 ls0 ws0\">Variazione di </td></tr><tr><td class=\"t m2 x25bc h8 y69dc ff4 fs2 fc1 sc0 ls0 ws0\">Analisi di Sensitivit\u00e0 </td><td class=\"t m2 x7ae h8 y69dd ff4 fs2 fc1 sc0 ls0 ws0\">di </td><td class=\"t m2 x71d h8 y69dd ff4 fs2 fc1 sc0 ls0 ws0\">all\u2019Utile Consolidato di </td><td class=\"t m2 xac8 h8 y69de ff4 fs2 fc1 sc0 ls0 ws0\">Patrimonio Netto </td></tr><tr><td></td><td class=\"t m2 x97f h8 y69df ff4 fs2 fc1 sc0 ls0 ws0\">CSM </td><td class=\"t m2 x7a4 h8 y69df ff4 fs2 fc1 sc0 ls0 ws0\">Gruppo </td><td></td></tr><tr><td class=\"c n x2d7 y69e0 w1516 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Credit Spread + 100bps<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25bd y69e0 w1517 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-11.15<span class=\"_ _1\"></span>0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25be y69e0 w14ef h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-795<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25bf y69e0 w1518 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-13.863<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69e1 w1519 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Credit Spread + 200bps<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25c0 y69e1 w4c5 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-22.301<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25c1 y69e1 w151a h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-1.591<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25c2 y69e1 w151b h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-27.727<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69e2 w151c h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Credit Spread + 300bps<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25c3 y69e2 w151d h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-33.451<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25c4 y69e2 w151e h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-2.386<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25c5 y69e2 w151f h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-41.590<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69e3 w1520 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Rischio Tasso EUR +100bps<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25c6 y69e3 w1521 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-14.567<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25c7 y69e3 wf8b h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-1.131<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25c8 y69e3 w1522 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-17.046<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69e4 w1523 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Rischio Tasso EUR +200bps<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25c9 y69e4 w650 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-29.134<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25ca y69e4 w1524 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-2.262<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25cb y69e4 w45a h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-34.091<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69e5 w1525 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Rischio Cambio EUR/USD -10%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25cc y69e5 w1526 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-4.164<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25cd y69e5 wc07 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-289<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25ce y69e5 w1527 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-854<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69b9 w1528 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Rischio Cambio EUR/USD +10%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25cf y69b9 w1529 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">4.164<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25d0 y69b9 w152a h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">289<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25d1 y69b9 w152b h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">854<span class=\"_ _3a1\"> </span></div></td></tr></table>Le <span class=\"_ _0\"></span>analisi <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>se<span class=\"_ _1\"></span>nsitivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>cu<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>sopra <span class=\"_ _35\"> </span>sono <span class=\"_ _0\"></span>state <span class=\"_ _0\"></span>effettuate <span class=\"_ _0\"></span>tramite <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>laborazioni <span class=\"_ _0\"></span>integrate <span class=\"_ _35\"> </span>atti<span class=\"_ _3b\"></span>vo-<span class=\"_ _3a1\"> </span>passivo <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>tenessero <span class=\"_ _38\"></span>pertanto <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>congiuntamente <span class=\"_ _1\"></span>degli <span class=\"_ _38\"></span>effetti <span class=\"_ _38\"></span>dei <span class=\"_ _1\"></span>relativi <span class=\"_ _38\"></span>stress <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>mercato<span class=\"_ _3a1\"> </span>sia <span class=\"_ _1\"></span>sul <span class=\"_ _38\"></span>portafoglio <span class=\"_ _1\"></span>polizze <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>sul <span class=\"_ _1\"></span>port<span class=\"_ _1\"></span>afoglio <span class=\"_ _1\"></span>titoli. <span class=\"_ _1\"></span>La <span class=\"_ _1\"></span>valutazione <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>stata <span class=\"_ _1\"></span>effettuata <span class=\"_ _1\"></span>al <span class=\"_ _38\"></span>lordo <span class=\"_ _1\"></span>della<span class=\"_ _3a1\"> </span>riassicurazione <span class=\"_ _38\"></span>passiva <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>quanto <span class=\"_ _1\"></span>poco <span class=\"_ _1\"></span>significativa <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>petto <span class=\"_ _1\"></span>agli <span class=\"_ _1\"></span>scenari <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>stress <span class=\"_ _1\"></span>individuati <span class=\"_ _1\"></span>ed <span class=\"_ _38\"></span>\u00e8<span class=\"_ _3a1\"> </span>da int<span class=\"_ _1\"></span>endersi <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>lordo <span class=\"_ _1\"></span>dell\u2019impatto fiscale <span class=\"_ _38\"></span>con riferimento <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>CSM e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>netto dell\u2019effetto <span class=\"_ _1\"></span>fiscale <span class=\"_ _1\"></span>con<span class=\"_ _3a1\"> </span>riferimento a Patrimonio Netto e Contributo all\u2019Utile Consolidato.<span class=\"_ _3a1\"> </span>Rischio Asse<span class=\"_ _1\"></span>t Liability Management (ALM)<span class=\"_ _3a1\"> </span>Il  rischio  ALM  \u00e8<span class=\"_ _2\"></span>  un  rischio  strettamente  correlato  ai<span class=\"_ _2\"></span>  disa<span class=\"_ _3a1\"> </span>llineamenti  tra  a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0  e  passivit\u00e0.  I<span class=\"_ _2\"></span>l<span class=\"_ _3a1\"> </span>processo <span class=\"_ _3f\"> </span>ALM <span class=\"_ _3f\"> </span>include <span class=\"_ _3f\"> </span>al <span class=\"_ _3f\"> </span>suo <span class=\"_ _3f\"> </span>interno <span class=\"_ _3f\"> </span>dinamiche <span class=\"_ _39\"> </span>co<span class=\"_ _1\"></span>nnesse <span class=\"_ _3f\"> </span>alla <span class=\"_ _3f\"> </span>gestione <span class=\"_ _3f\"> </span>dei <span class=\"_ _3f\"> </span>rischi <span class=\"_ _3f\"> </span>e <span class=\"_ _3f\"> </span>alla<span class=\"_ _3a1\"> </span>pianificazione <span class=\"_ _37\"> </span>strategica. <span class=\"_ _37\"> </span>Si <span class=\"_ _37\"> </span>focalizza <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>ul <span class=\"_ _3d\"> </span>m<span class=\"_ _1\"></span>edio <span class=\"_ _37\"> </span>- <span class=\"_ _37\"> </span>lungo <span class=\"_ _37\"> </span>termine <span class=\"_ _37\"> </span>anzich\u00e9 <span class=\"_ _37\"> </span>offrire <span class=\"_ _37\"> </span>soluzioni <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span>mitigazione o <span class=\"_ _3b\"></span>cope<span class=\"_ _1\"></span>rtura del <span class=\"_ _3b\"></span>ris<span class=\"_ _1\"></span>chio. <span class=\"_ _2\"></span>L\u2019obiettivo di <span class=\"_ _2\"></span>tale gestione d<span class=\"_ _2\"></span>el rischio <span class=\"_ _2\"></span>\u00e8 quello <span class=\"_ _3b\"></span>di massimizzare<span class=\"_ _3a1\"> </span>le attivit\u00e0 per soddisfare le passivit\u00e0 complesse che possono aument<span class=\"_ _1\"></span>are la redditivit\u00e0.<span class=\"_ _3a1\"> </span>Alla sottocategoria dei Rischi ALM appartengono <span class=\"_ _1\"></span>i seguenti fattori di rischio: -<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Ass<span class=\"_ _1\"></span>et <span class=\"_ _19a\"> </span>Allocation <span class=\"_ _19a\"> </span>Strategica <span class=\"_ _19a\"> </span>(AAT): <span class=\"_ _19a\"> </span>consiste <span class=\"_ _19a\"> </span>nel <span class=\"_ _19a\"> </span>rischio <span class=\"_ _19a\"> </span>risultante<span class=\"_ _3a1\"> </span></span></span>dall\u2019inadeguatezza/incoerenza dell\u2019asset allocation per fare <span class=\"_ _1\"></span>fronte alle passivit\u00e0.<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Asset &amp; <span class=\"_ _2\"></span>Liability <span class=\"_ _2\"></span>mismatch: corri<span class=\"_ _2\"></span>sponde al <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _3b\"></span>di disallineamento <span class=\"_ _2\"></span>tra attivi <span class=\"_ _3b\"></span>e passivi <span class=\"_ _3b\"></span>che pu\u00f2<span class=\"_ _3a1\"> </span></span>comportare <span class=\"_ _46\"> </span>un\u2019esposizione <span class=\"_ _46\"> </span>dell\u2019<span class=\"_ _2\"></span>impresa <span class=\"_ _46\"> </span>o <span class=\"_ _49\"> </span>a<span class=\"_ _1\"></span>l <span class=\"_ _49\"> </span>rischio <span class=\"_ _46\"> </span>disinvestimento <span class=\"_ _46\"> </span>o <span class=\"_ _49\"> </span>al <span class=\"_ _46\"> </span>rischio<span class=\"_ _3a1\"> </span>reinvestimento.<span class=\"_ _3a1\"> </span>La <span class=\"_ _39\"> </span>Compagnia <span class=\"_ _39\"> </span>adotta, <span class=\"_ _39\"> </span>nei <span class=\"_ _36\"> </span>confronti <span class=\"_ _39\"> </span>dei <span class=\"_ _39\"> </span>fattori <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _36\"> </span>sopra <span class=\"_ _39\"> </span>enunciati, <span class=\"_ _39\"> </span>linee <span class=\"_ _39\"> </span>guida <span class=\"_ _39\"> </span>che<span class=\"_ _3a1\"> </span>definiscono <span class=\"_ _37\"> </span>i <span class=\"_ _36\"> </span>principi <span class=\"_ _37\"> </span>generali, <span class=\"_ _37\"> </span>la <span class=\"_ _36\"> </span>periodicit\u00e0 <span class=\"_ _37\"> </span>dei <span class=\"_ _37\"> </span>controlli <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>le <span class=\"_ _37\"> </span>azioni <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>ipristino <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>di<span class=\"_ _3a1\"> </span>superamento dei limiti. Valutazione <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>AL<span class=\"_ _2\"></span>M <span class=\"_ _0\"></span>viene <span class=\"_ _0\"></span>effettuata <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>portafoglio <span class=\"_ _38\"></span>inves<span class=\"_ _1\"></span>timenti <span class=\"_ _0\"></span>mobil<span class=\"_ _2\"></span>iare<span class=\"_ _3a1\"> </span>gi\u00e0 <span class=\"_ _35\"> </span>acquisito <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>agli <span class=\"_ _0\"></span>sce<span class=\"_ _1\"></span>nari <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>inv<span class=\"_ _2\"></span>estime<span class=\"_ _1\"></span>nto <span class=\"_ _35\"> </span>futuro. <span class=\"_ _35\"> </span>Tale <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>viene <span class=\"_ _35\"> </span>realizzata <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>logiche <span class=\"_ _35\"> </span>d<span class=\"_ _3a1\"> </span>i<span class=\"_ _3a1\"> </span>Asset-Liability <span class=\"_ _3b\"></span>Manageme<span class=\"_ _1\"></span>nt, <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>fine di <span class=\"_ _3b\"></span>cogliere l<span class=\"_ _2\"></span>e in<span class=\"_ _2\"></span>terrelazioni <span class=\"_ _2\"></span>esistenti <span class=\"_ _2\"></span>fra <span class=\"_ _3b\"></span>le dinamiche <span class=\"_ _3b\"></span>dei <span class=\"_ _2\"></span>passivi<span class=\"_ _3a1\"> </span>e le d<span class=\"_ _3a1\"> </span>inamiche degli attivi a copertura delle riserve tecniche. Per quanto riguarda i macro-indicatori analizzati per la valutazione e mo<span class=\"_ _1\"></span>nitoraggio dei rischi ALM:<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">SCR  I<span class=\"_ _2\"></span>nterest  Rate <span class=\"_ _35\"> </span>\u2013 <span class=\"_ _35\"> </span>Based: <span class=\"_ _35\"> </span>indicatori  che <span class=\"_ _35\"> </span>hanno <span class=\"_ _35\"> </span>lo <span class=\"_ _35\"> </span>scopo  di<span class=\"_ _2\"></span>  i<span class=\"_ _2\"></span>ndividuare  l<span class=\"_ _2\"></span>\u2019assorbimento  di<span class=\"_ _3a1\"> </span></span>capitale, <span class=\"_ _1\"></span>secondo <span class=\"_ _1\"></span>le metriche <span class=\"_ _1\"></span>Solvency <span class=\"_ _1\"></span>II, <span class=\"_ _1\"></span>del rischio <span class=\"_ _1\"></span>tasso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>interesse secondo <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>approccio<span class=\"_ _3a1\"> </span>sia regolamentare che gestionale;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Disallineament<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>rendimenti <span class=\"_ _35\"> </span>dell<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>ge<span class=\"_ _1\"></span>stioni <span class=\"_ _0\"></span>separate: <span class=\"_ _35\"> </span>l\u2019ind<span class=\"_ _2\"></span>icatore <span class=\"_ _0\"></span>mis<span class=\"_ _1\"></span>ura <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>d<span class=\"_ _2\"></span>isallinement<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>tra<span class=\"_ _3a1\"> </span></span>rendimenti dalle gestioni separate e re<span class=\"_ _1\"></span>ndimenti minimi garantiti agli assicurati;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Cash <span class=\"_ _1\"></span>Flow <span class=\"_ _1\"></span>Matching: <span class=\"_ _1\"></span>l\u2019indicatore <span class=\"_ _1\"></span>descrive <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>disallineamento, <span class=\"_ _1\"></span>tempo <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>tempo, <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>Cashflow<span class=\"_ _3a1\"> </span></span>degli attivi e i Cashflow del passivo;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Duration <span class=\"_ _36\"> </span>Matching: <span class=\"_ _37\"> </span>disallineamento <span class=\"_ _36\"> </span>tra <span class=\"_ _37\"> </span>la <span class=\"_ _36\"> </span>duration <span class=\"_ _37\"> </span>dei <span class=\"_ _37\"> </span>Cashflow <span class=\"_ _37\"> </span>At<span class=\"_ _1\"></span>tivi <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>duration <span class=\"_ _36\"> </span>dei<span class=\"_ _3a1\"> </span></span>Cashflow Passivi;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Future <span class=\"_ _0\"></span>Discretionary <span class=\"_ _0\"></span>Be<span class=\"_ _1\"></span>nefit <span class=\"_ _0\"></span>(cd<span class=\"_ _2\"></span>. <span class=\"_ _0\"></span>FDB): <span class=\"_ _0\"></span>indicatore <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>lo <span class=\"_ _0\"></span>scopo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>monitorare <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>maniera<span class=\"_ _3a1\"> </span></span>indiretta <span class=\"_ _36\"> </span>la <span class=\"_ _36\"> </span>capacit\u00e0 <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>as<span class=\"_ _1\"></span>sorbimento <span class=\"_ _36\"> </span>delle <span class=\"_ _36\"> </span>perdite <span class=\"_ _36\"> </span>Solvency <span class=\"_ _36\"> </span>II <span class=\"_ _37\"> </span>da <span class=\"_ _36\"> </span>parte<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>delle <span class=\"_ _36\"> </span>Technical<span class=\"_ _3a1\"> </span>Provisions;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Sensitivities <span class=\"_ _1\"></span>Spread Goverantivo Italia;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Sensitivity s<span class=\"_ _1\"></span>ui fattori di rischio mercato e tecnici (es. tasso e riscatti).<span class=\"_ _3a1\"> </span></span>Rischio di li<span class=\"_ _1\"></span>quidit\u00e0<span class=\"_ _3a1\"> </span>Le <span class=\"_ _38\"></span>Compagnie <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>soggette <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>ibili <span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nsioni <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>liquidi<span class=\"_ _3a1\"> </span>t\u00e0 <span class=\"_ _38\"></span>derivanti <span class=\"_ _38\"></span>da <span class=\"_ _38\"></span>scadenze <span class=\"_ _38\"></span>diverse<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>tra <span class=\"_ _38\"></span>gli<span class=\"_ _3a1\"> </span>attivi e <span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>elativi <span class=\"_ _3b\"></span>pas<span class=\"_ _1\"></span>sivi. <span class=\"_ _2\"></span>Per rischio <span class=\"_ _2\"></span>di l<span class=\"_ _2\"></span>iquidit\u00e0 si <span class=\"_ _3b\"></span>intende il rischio <span class=\"_ _3b\"></span>che la <span class=\"_ _3b\"></span>Com<span class=\"_ _1\"></span>pagnia <span class=\"_ _2\"></span>non sia <span class=\"_ _3b\"></span>in grado<span class=\"_ _3a1\"> </span>di <span class=\"_ _1\"></span>liquidare <span class=\"_ _38\"></span>investimenti <span class=\"_ _38\"></span>ed <span class=\"_ _1\"></span>altre <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ttivit\u00e0 <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>regolare <span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>propri <span class=\"_ _38\"></span>impegni <span class=\"_ _1\"></span>finanziari <span class=\"_ _1\"></span>al <span class=\"_ _38\"></span>momento <span class=\"_ _38\"></span>della<span class=\"_ _3a1\"> </span>relativa scadenza (cfr. articolo 1, comma 1, letter<span class=\"_ _1\"></span>a vv-bi<span class=\"_ _2\"></span>s 2 del CAP). La <span class=\"_ _38\"></span>possibilit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>rocedere <span class=\"_ _0\"></span>allo <span class=\"_ _1\"></span>smobilizzo <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>empestivo <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>po<span class=\"_ _2\"></span>rtafoglio <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>fo<span class=\"_ _2\"></span>rtemente <span class=\"_ _0\"></span>c<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>ndizionata<span class=\"_ _3a1\"> </span>dalla liquidabilit\u00e0 <span class=\"_ _1\"></span>dei t<span class=\"_ _1\"></span>itoli in cui lo <span class=\"_ _1\"></span>stesso \u00e8 <span class=\"_ _1\"></span>investito. <span class=\"_ _1\"></span>La scarsa liquidabilit\u00e0 <span class=\"_ _1\"></span>dei t<span class=\"_ _1\"></span>itoli in port<span class=\"_ _1\"></span>afoglio,<span class=\"_ _3a1\"> </span>infatti, <span class=\"_ _38\"></span>pu\u00f2 <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>sporre <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>Compagnia <span class=\"_ _1\"></span>al <span class=\"_ _38\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>conseguire <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>perdite <span class=\"_ _38\"></span>connesse <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>difficolt\u00e0 <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span>trovare sul mercato la controparte interessata all\u2019acquisto dei titoli che s<span class=\"_ _1\"></span>i intende smobilizzare.<span class=\"_ _3a1\"> </span>Alla sottocategoria dei Rischi di Liquidit\u00e0 appartengono i se<span class=\"_ _1\"></span>guenti fattori di rischio: -<span class=\"_ _41\"> </span><span class=\"ff4\">Market <span class=\"_ _0\"></span>Liquidity <span class=\"_ _0\"></span>Risk: <span class=\"_ _0\"></span>Rischio <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>Compagnia <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>grado <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>liquidare<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>finanziare <span class=\"_ _0\"></span>le<span class=\"_ _3a1\"> </span></span>proprie <span class=\"_ _38\"></span>riserve <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>liquidit\u00e0 <span class=\"_ _38\"></span>senza <span class=\"_ _38\"></span>incorrere <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>perdite <span class=\"_ _0\"></span>a <span class=\"_ _1\"></span>causa <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>scar<span class=\"_ _1\"></span>sa <span class=\"_ _38\"></span>liquidit\u00e0 <span class=\"_ _38\"></span>o <span class=\"_ _38\"></span>chiusura<span class=\"_ _3a1\"> </span>dei mercati;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Liquidity <span class=\"_ _39\"> </span>Mismatch <span class=\"_ _3f\"> </span>Risk: <span class=\"_ _39\"> </span>Rischio <span class=\"_ _39\"> </span>che <span class=\"_ _3f\"> </span>il <span class=\"_ _39\"> </span>profilo <span class=\"_ _39\"> </span>dei <span class=\"_ _39\"> </span>flussi <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>cass<span class=\"_ _1\"></span>a <span class=\"_ _39\"> </span>in <span class=\"_ _39\"> </span>uscita <span class=\"_ _39\"> </span>non <span class=\"_ _39\"> </span>r<span class=\"_ _1\"></span>isulti<span class=\"_ _3a1\"> </span></span>adeguatamente <span class=\"_ _0\"></span>compensato <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>al <span class=\"_ _0\"></span>profilo <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>flu<span class=\"_ _2\"></span>ssi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>ca<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>sa <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>entrara <span class=\"_ _0\"></span>nel <span class=\"_ _38\"></span>breve <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>brevissimo<span class=\"_ _3a1\"> </span>termine;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Contingency <span class=\"_ _1\"></span>Liquidity Risk: Risc<span class=\"_ _1\"></span>hio der<span class=\"_ _1\"></span>ivante da <span class=\"_ _1\"></span>un\u2019evoluzione de<span class=\"_ _1\"></span>lle pass<span class=\"_ _1\"></span>ivit\u00e0 a <span class=\"_ _1\"></span>breve termine<span class=\"_ _3a1\"> </span></span>che genera una situazione di incapacit\u00e0 da parte dell\u2019attivo corrente.<span class=\"_ _3a1\"> </span>La Compag<span class=\"_ _2\"></span>nia qu<span class=\"_ _2\"></span>antifica la <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ua p<span class=\"_ _2\"></span>osizione di <span class=\"_ _3b\"></span>so<span class=\"_ _1\"></span>lvibilit\u00e0 <span class=\"_ _3b\"></span>con le met<span class=\"_ _2\"></span>riche della <span class=\"_ _3b\"></span>F<span class=\"_ _1\"></span>ormula <span class=\"_ _2\"></span>Standard, che<span class=\"_ _3a1\"> </span>non prevede una quantificazione de<span class=\"_ _1\"></span>l rischio liquidit\u00e0 in termini di assorbimento di capitale.<span class=\"_ _3a1\"> </span>L\u2019identificazione <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>quidit\u00e0 <span class=\"_ _38\"></span>viene <span class=\"_ _38\"></span>effettuata <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>riferimento <span class=\"_ _38\"></span>ai <span class=\"_ _38\"></span>portafogli <span class=\"_ _38\"></span>investimenti<span class=\"_ _3a1\"> </span>sottostanti <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>prodotti <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>gar<span class=\"_ _1\"></span>anzia <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>ca<span class=\"_ _1\"></span>pitale <span class=\"_ _0\"></span>e/<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>rendimento<span class=\"_ _1\"></span>. <span class=\"_ _0\"></span>L\u2019identificazione <span class=\"_ _0\"></span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>viene<span class=\"_ _3a1\"> </span>effettuata <span class=\"_ _3f\"> </span>sulla <span class=\"_ _3f\"> </span>base <span class=\"_ _3f\"> </span>dei <span class=\"_ _3f\"> </span>dati <span class=\"_ _39\"> </span>t<span class=\"_ _1\"></span>ecnici <span class=\"_ _3f\"> </span>dei <span class=\"_ _3f\"> </span>portafogli <span class=\"_ _39\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>delle <span class=\"_ _3f\"> </span>metriche <span class=\"_ _3f\"> </span>definite <span class=\"_ _3f\"> </span>in <span class=\"_ _39\"> </span>funzione<span class=\"_ _3a1\"> </span>dell\u2019orizzonte temporale con cui viene analizzato e studiato il rischio stesso.<span class=\"_ _3a1\"> </span>Si  riportano  di  seguito  gli  indicatori  utilizzati  dalla  Compagnia  per  il  monitoraggio  del  rischio<span class=\"_ _3a1\"> </span>liquidit\u00e0:<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">importo <span class=\"_ _38\"></span>dei <span class=\"_ _1\"></span>conti <span class=\"_ _1\"></span>correnti: <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>Compagnia ha <span class=\"_ _38\"></span>scelto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>onitorare <span class=\"_ _1\"></span>l\u2019importo <span class=\"_ _1\"></span>detenuto <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>Conti<span class=\"_ _3a1\"> </span></span>Correnti  al <span class=\"_ _35\"> </span>fine <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>fissare  un <span class=\"_ _35\"> </span>limite <span class=\"_ _35\"> </span>inferiore  che<span class=\"_ _2\"></span>  rapp<span class=\"_ _2\"></span>resenta <span class=\"_ _35\"> </span>la  Riserva <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>Liquidit\u00e0 <span class=\"_ _35\"> </span>(come<span class=\"_ _3a1\"> </span>prescritta <span class=\"_ _1\"></span>dal <span class=\"_ _1\"></span>Reg. <span class=\"_ _1\"></span>38 IVASS) <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>limite <span class=\"_ _1\"></span>superiore <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>termini <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>importo <span class=\"_ _1\"></span>massimo <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>detenere<span class=\"_ _3a1\"> </span>nei <span class=\"_ _1\"></span>Conti <span class=\"_ _38\"></span>Correnti <span class=\"_ _1\"></span>al <span class=\"_ _38\"></span>fine <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>rendere <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>fficace <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>gestione <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>portafoglio <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>limitare <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>eventuali<span class=\"_ _3a1\"> </span>effetti <span class=\"_ _1\"></span>sull\u2019SCR <span class=\"_ _1\"></span>Default. <span class=\"_ _38\"></span>Nella <span class=\"_ _1\"></span>quantificazione <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>Riserva <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Liquidit\u00e0 <span class=\"_ _1\"></span>concorro<span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>solo <span class=\"_ _1\"></span>le<span class=\"_ _3a1\"> </span>esposizioni in Conto Corrente ma anche titoli Governativi dell'Area Euro con qualit\u00e0 del credito<span class=\"_ _3a1\"> </span>superiore a 2 e scadenza inferiore ai 3 mesi.<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Liquidity <span class=\"_ _37\"> </span>B<span class=\"_ _1\"></span>uffer: <span class=\"_ _37\"> </span>il <span class=\"_ _36\"> </span>numero <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>periodi, <span class=\"_ _37\"> </span>me<span class=\"_ _1\"></span>nsili, <span class=\"_ _37\"> </span>consecutivi <span class=\"_ _37\"> </span>c<span class=\"_ _1\"></span>on <span class=\"_ _37\"> </span>Liquidity <span class=\"_ _36\"> </span>Buffer <span class=\"_ _36\"> </span>negativo,<span class=\"_ _3a1\"> </span></span>nell\u2019orizzonte <span class=\"_ _3a\"> </span>te<span class=\"_ _1\"></span>mporale <span class=\"_ _3a\"> </span>annuale <span class=\"_ _3a\"> </span>consider<span class=\"_ _1\"></span>ato <span class=\"_ _3a\"> </span>e <span class=\"_ _3a\"> </span>fornisce <span class=\"_ _48\"> </span>u<span class=\"_ _2\"></span>n\u2019indicazione <span class=\"_ _3a\"> </span>sintet<span class=\"_ _1\"></span>ica <span class=\"_ _3a\"> </span>della<span class=\"_ _3a1\"> </span>situazione di liquidit\u00e0 della Compagnia;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Piano <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Liquidit\u00e0: <span class=\"_ _1\"></span>l\u2019indicator<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>volto<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>dimostrare <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>Compagnia <span class=\"_ _1\"></span>ha <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>isorse <span class=\"_ _1\"></span>finanziarie<span class=\"_ _3a1\"> </span></span>su base <span class=\"_ _1\"></span>continuativa <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>la gest<span class=\"_ _1\"></span>ione del <span class=\"_ _1\"></span>rischio liquidit\u00e0. <span class=\"_ _1\"></span>Tale condizione <span class=\"_ _1\"></span>risulta <span class=\"_ _1\"></span>inoltre <span class=\"_ _1\"></span>essere<span class=\"_ _3a1\"> </span>alla base per l\u2019applicazione del Volatility Adjustme<span class=\"_ _1\"></span>nt a livello Regolamentare;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Contingency di liquidit\u00e0: ovvero titoli facilmente<span class=\"_ _1\"></span> liquidabili;<span class=\"_ _3a1\"> </span></span>-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">SCR <span class=\"_ _35\"> </span>default <span class=\"_ _0\"></span>conti <span class=\"_ _35\"> </span>corrente: <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>fine <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>limitar<span class=\"_ _1\"></span>e <span class=\"_ _35\"> </span>gli <span class=\"_ _0\"></span>eventuali <span class=\"_ _35\"> </span>effetti <span class=\"_ _35\"> </span>sull\u2019SC<span class=\"_ _2\"></span>R <span class=\"_ _35\"> </span>default <span class=\"_ _0\"></span>der<span class=\"_ _1\"></span>ivante<span class=\"_ _3a1\"> </span></span></span>dall\u2019<span class=\"_ _3a1\"> </span>aumento  dei<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>volumi <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>conti <span class=\"_ _35\"> </span>corrente, <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>Compagnia <span class=\"_ _35\"> </span>ha <span class=\"_ _35\"> </span>fissato <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>limite <span class=\"_ _35\"> </span>superiore <span class=\"_ _35\"> </span>in<span class=\"_ _3a1\"> </span>termini di SCR Default.<span class=\"_ _3a1\"> </span>Con <span class=\"_ _38\"></span>l\u2019introduzione <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>principio <span class=\"_ _38\"></span>IFRS17 <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>voluto <span class=\"_ _38\"></span>dare <span class=\"_ _38\"></span>specifica <span class=\"_ _38\"></span>attenzione <span class=\"_ _0\"></span>alle <span class=\"_ _1\"></span>aspettative <span class=\"_ _38\"></span>delle<span class=\"_ _3a1\"> </span>compagnie assicurative rispetto ai flussi di cassa <span class=\"_ _1\"></span>attesi sottostanti le valutazioni di riserva.   Rischio di cre<span class=\"_ _1\"></span>dito o counterparty default<span class=\"_ _3a1\"> </span>Si <span class=\"_ _1\"></span>definisce <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>edito <span class=\"_ _38\"></span>(rischio <span class=\"_ _1\"></span>default) <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>risch<span class=\"_ _3a1\"> </span>io <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>dita <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>variazione <span class=\"_ _38\"></span>sfavorevole <span class=\"_ _38\"></span>della<span class=\"_ _3a1\"> </span>situazione finanzi<span class=\"_ _2\"></span>aria derivante <span class=\"_ _3b\"></span>da oscillazioni del <span class=\"_ _3b\"></span>me<span class=\"_ _1\"></span>rito di <span class=\"_ _3b\"></span>credito di emittenti <span class=\"_ _3b\"></span>di titoli, <span class=\"_ _2\"></span>controparti<span class=\"_ _3a1\"> </span>e de<span class=\"_ _1\"></span>bitori nei confront<span class=\"_ _1\"></span>i dei quali l\u2019impresa <span class=\"_ _1\"></span>di a<span class=\"_ _1\"></span>ssicurazione o di <span class=\"_ _1\"></span>riassicurazione \u00e8 e<span class=\"_ _1\"></span>sposta in <span class=\"_ _1\"></span>forma<span class=\"_ _3a1\"> </span>di r<span class=\"_ _1\"></span>ischio <span class=\"_ _1\"></span>di inadempiment<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>controparte, <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>spread <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>concentrazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>del ris<span class=\"_ _1\"></span>chio<span class=\"_ _3a1\"> </span>di mercato (cfr. articolo 1, comma 1, lettera vv-bis 1 del CAP).<span class=\"_ _3a1\"> </span>La perdita di valore della posizion<span class=\"_ _2\"></span>e creditoria e collegata principalmente alla qualit\u00e0 dell\u2019emittente<span class=\"_ _3a1\"> </span>o<span class=\"_ _3a\"> </span>della  controparte  (in<span class=\"_ _2\"></span>clusi  i  riassicuratori,  coassicuratori,  assicu<span class=\"_ _2\"></span>rati  ed  intermediari)  ma  pu<span class=\"_ _2\"></span>\u00f2<span class=\"_ _3a1\"> </span>anche <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>erivare <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>deterioramento <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>condizioni <span class=\"_ _38\"></span>economico-finanziarie <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>debitore<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>ui<span class=\"_ _3a1\"> </span>dipende <span class=\"_ _2\"></span>la capaci<span class=\"_ _2\"></span>ta di <span class=\"_ _3b\"></span>far fronte <span class=\"_ _3b\"></span>agli impegni <span class=\"_ _3b\"></span>finanziari assunti, <span class=\"_ _3b\"></span>nonch\u00e9 da caus<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> ind<span class=\"_ _2\"></span>ipendenti dall<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span>situazione <span class=\"_ _0\"></span>economica <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>finanziaria <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>controparte <span class=\"_ _38\"></span>debitr<span class=\"_ _1\"></span>ice, <span class=\"_ _38\"></span>quali <span class=\"_ _38\"></span>ad <span class=\"_ _0\"></span>esempio <span class=\"_ _0\"></span>cause <span class=\"_ _38\"></span>politico-<span class=\"_ _3a1\"> </span>militare.<span class=\"_ _3a1\"> </span>Da un punto di vista puramente rappresent<span class=\"_ _1\"></span>ativo identifichiamo tre macro aree del rischio credito:<span class=\"_ _3a1\"> </span>-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Riassicurazione;<span class=\"_ _3a1\"> </span></span></span>-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Inter<span class=\"_ _1\"></span>mediarie e altre controparti; </span></span>-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Investime<span class=\"_ _1\"></span>nti.<span class=\"_ _3a1\"> </span></span></span>I fattori di rischio sottostanti alle singole sottocategor<span class=\"_ _1\"></span>ie del rischio credito sono i seguenti:<span class=\"_ _3a1\"> </span>-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Per <span class=\"_ _1\"></span>quanto riguarda la sottoclasse Rassicurazione:<span class=\"_ _3a1\"> </span></span></span>o<span class=\"_ _115\"> </span><span class=\"ff4\">Rischio <span class=\"_ _48\"> </span>di <span class=\"_ _17e\"> </span>credito <span class=\"_ _48\"> </span>verso <span class=\"_ _17e\"> </span>riassicuratori: <span class=\"_ _48\"> </span>rappresenta <span class=\"_ _17e\"> </span>il <span class=\"_ _48\"> </span>rischio <span class=\"_ _48\"> </span>di <span class=\"_ _48\"> </span>per<span class=\"_ _1\"></span>dite <span class=\"_ _48\"> </span>derivanti<span class=\"_ _3a1\"> </span></span>dall\u2019insolvenza di uno o pi\u00f9 riassicuratori;<span class=\"_ _3a1\"> </span>o<span class=\"_ _115\"> </span><span class=\"ff4\">Rischio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>base: <span class=\"_ _38\"></span>der<span class=\"_ _1\"></span>ivante <span class=\"_ _38\"></span>dalle <span class=\"_ _38\"></span>eventuali <span class=\"_ _38\"></span>discrepanze <span class=\"_ _38\"></span>tr<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>sigenze <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rias<span class=\"_ _1\"></span>sicurazione <span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></span>l\u2019effettiva copertura prevista dal trattato comportando per la Compag<span class=\"_ _2\"></span>nia un\u2019assunzione di<span class=\"_ _3a1\"> </span>rischio maggiore rispetto a quella pre<span class=\"_ _1\"></span>ventivata.<span class=\"_ _3a1\"> </span>-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Per <span class=\"_ _1\"></span>quanto riguarda gli intermediari e le altre controparti:<span class=\"_ _3a1\"> </span></span></span>o<span class=\"_ _115\"> </span><span class=\"ff4\">Rischio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>credito <span class=\"_ _1\"></span>verso <span class=\"_ _1\"></span>intermediari <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>altre <span class=\"_ _1\"></span>controparti: <span class=\"_ _1\"></span>rappresenta <span class=\"_ _1\"></span>il r<span class=\"_ _1\"></span>ischio <span class=\"_ _1\"></span>di perdite <span class=\"_ _1\"></span>in<span class=\"_ _3a1\"> </span></span>conseguenza <span class=\"_ _2\"></span>all\u2019inadempimento <span class=\"_ _2\"></span>contrattuale <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>soggetti terzi <span class=\"_ _3b\"></span>(es. <span class=\"_ _3b\"></span>i crediti <span class=\"_ _3b\"></span>verso a<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>sicurati,<span class=\"_ _3a1\"> </span>verso intermediari assicurativi, conti corre<span class=\"_ _1\"></span>nti verso banche).<span class=\"_ _3a1\"> </span>-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Per <span class=\"_ _0\"></span>q<span class=\"_ _2\"></span>uanto <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iguarda <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>sottoclasse <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>credito <span class=\"_ _1\"></span>degli <span class=\"_ _38\"></span>investimenti <span class=\"_ _38\"></span>(correlato <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>processo<span class=\"_ _3a1\"> </span></span></span>di <span class=\"_ _1\"></span>asset<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>management) <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ssa <span class=\"_ _1\"></span>rapprese<span class=\"_ _1\"></span>nta <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>perdite<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>derivanti <span class=\"_ _1\"></span>dall\u2019insolvenza <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>una <span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span>pi\u00f9 obbligazioni pertanto si identificano i seguenti fattori di r<span class=\"_ _1\"></span>ischio:<span class=\"_ _3a1\"> </span>o<span class=\"_ _115\"> </span><span class=\"ff4\">Bo<span class=\"_ _1\"></span>nd default: <span class=\"_ _2\"></span>rischio legato all\u2019inad<span class=\"_ _2\"></span>empienza dell\u2019emittente prima della realizzazione d<span class=\"_ _2\"></span>ella<span class=\"_ _3a1\"> </span></span>sua obbligazione;<span class=\"_ _3a1\"> </span>o<span class=\"_ _115\"> </span><span class=\"ff4\">Altre<span class=\"_ _1\"></span> investment assets: rischio credito verso altri assets.<span class=\"_ _3a1\"> </span></span>Da <span class=\"_ _1\"></span>un <span class=\"_ _38\"></span>punto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>vista <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>distribuzione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>chi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>counterparty <span class=\"_ _1\"></span>default <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>Credemvita <span class=\"_ _1\"></span>secondo <span class=\"_ _38\"></span>i<span class=\"_ _3a1\"> </span>dettami <span class=\"_ _17e\"> </span>normativi <span class=\"_ _48\"> </span>Solvency <span class=\"_ _48\"> </span>II <span class=\"_ _17e\"> </span>si <span class=\"_ _48\"> </span>r<span class=\"_ _1\"></span>iporta <span class=\"_ _48\"> </span>nella <span class=\"_ _48\"> </span>t<span class=\"_ _1\"></span>abella <span class=\"_ _48\"> </span>di <span class=\"_ _48\"> </span>s<span class=\"_ _1\"></span>eguito <span class=\"_ _48\"> </span>la <span class=\"_ _17e\"> </span>miglior <span class=\"_ _48\"> </span>stima <span class=\"_ _17e\"> </span>della<span class=\"_ _3a1\"> </span>rappresentazione del <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio d<span class=\"_ _2\"></span>isponibile al<span class=\"_ _2\"></span>la data <span class=\"_ _3b\"></span>di valutazione <span class=\"_ _2\"></span>(si p<span class=\"_ _2\"></span>recisa che <span class=\"_ _3b\"></span>il peso compl<span class=\"_ _2\"></span>essivo<span class=\"_ _3a1\"> </span>dei rischi counterpary default \u00e8 pari al 1,8%).<span class=\"_ _3a1\"> </span>Credit risk - risk/sum of risk components <span class=\"_ _1\"></span>- relativo e complessivo<table class=\"s w152c h2df\" id=\"_a2e6774e-d139-4bd2-b222-8ffe1388467e\"><tr><td></td><td class=\"c n x25d2 y5bab w14e7 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc4 sc3 ls0 ws0\">Relativo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25d3 y5bab w14e8 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc4 sc3 ls0 ws0\">Complessivo<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6221 w152d h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Type 1 counterparties<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25d4 y6221 w152e h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">100,0%<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x155e h8 y69e6 ff4 fs2 fc1 sc0 ls0 ws0\">1,8%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54f9 w152f h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Type 2 counterparties<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25d5 y54f9 w1530 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">0,0<span class=\"_ _1\"></span>%<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x2583 h8 y69e7 ff4 fs2 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></td></tr></table>Di <span class=\"_ _48\"> </span>tale <span class=\"_ _48\"> </span>requ<span class=\"_ _2\"></span>isito <span class=\"_ _48\"> </span>regolamentare <span class=\"_ _48\"> </span>la <span class=\"_ _3a\"> </span>quota <span class=\"_ _48\"> </span>parte <span class=\"_ _48\"> </span>assorbita <span class=\"_ _3a\"> </span>dal <span class=\"_ _48\"> </span>rischio <span class=\"_ _48\"> </span>default <span class=\"_ _3a\"> </span>legato <span class=\"_ _48\"> </span>alla<span class=\"_ _3a1\"> </span>riassicurazione <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>pari <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>1<span class=\"_ _1\"></span>,10%. <span class=\"_ _38\"></span>I <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rattati <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>riassicurazione <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>essere <span class=\"_ _0\"></span>hanno<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>qualit\u00e0 <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>credito<span class=\"_ _3a1\"> </span>pari <span class=\"_ _35\"> </span>a  AA <span class=\"_ _35\"> </span>(si  p<span class=\"_ _2\"></span>recisa  che <span class=\"_ _35\"> </span>la  Compagn<span class=\"_ _2\"></span>ia <span class=\"_ _35\"> </span>pu\u00f2  sottoscrivere  trat<span class=\"_ _2\"></span>tati  di <span class=\"_ _35\"> </span>riassicurazione  sono <span class=\"_ _35\"> </span>con<span class=\"_ _3a1\"> </span>riassicurazioni aventi una qualit\u00e0 del cre<span class=\"_ _1\"></span>dito maggiore o uguale a BBB).<span class=\"_ _3a1\"> </span>Le <span class=\"_ _0\"></span>politiche <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lative <span class=\"_ _0\"></span>alla <span class=\"_ _38\"></span>gestione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>credito <span class=\"_ _0\"></span>verso<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>gli <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>mittenti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>strumenti <span class=\"_ _0\"></span>finanziari<span class=\"_ _3a1\"> </span>sono <span class=\"_ _0\"></span>riconduci<span class=\"_ _2\"></span>bili <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>quanto <span class=\"_ _0\"></span>sopra <span class=\"_ _38\"></span>riportato <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>proposito <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>mercato <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>riferimento <span class=\"_ _0\"></span>ai<span class=\"_ _3a1\"> </span>principi generali relativi al<span class=\"_ _2\"></span> controllo d<span class=\"_ _2\"></span>egli investimenti di natura <span class=\"_ _2\"></span>finanziaria. Per qu<span class=\"_ _2\"></span>anto concerne le<span class=\"_ _3a1\"> </span>controparti <span class=\"_ _35\"> </span>riassicurative, <span class=\"_ _35\"> </span>Credemvita <span class=\"_ _35\"> </span>ha <span class=\"_ _35\"> </span>defini<span class=\"_ _2\"></span>to <span class=\"_ _35\"> </span>politiche <span class=\"_ _35\"> </span>per <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>gestione <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>con<span class=\"_ _2\"></span>trollo <span class=\"_ _35\"> </span>di <span class=\"_ _0\"> </span>t<span class=\"_ _1\"></span>ale<span class=\"_ _3a1\"> </span>rischi<span class=\"_ _3a1\"> </span>o in termini di linee guida e limiti relat<span class=\"_ _1\"></span>ivi alle controparti. L\u2019identificazione <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>Counterpar<span class=\"_ _2\"></span>ty <span class=\"_ _0\"></span>De<span class=\"_ _1\"></span>fault <span class=\"_ _0\"></span>Risk <span class=\"_ _0\"></span>viene <span class=\"_ _0\"></span>effett<span class=\"_ _1\"></span>uata <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _0\"></span>alle <span class=\"_ _35\"> </span>con<span class=\"_ _2\"></span>troparti<span class=\"_ _3a1\"> </span>verso le quali sussistono posizioni di credito.<span class=\"_ _3a1\"> </span>Si riportano sinteticamente di seguito le misure di ris<span class=\"_ _1\"></span>chio utilizzate:<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Importo <span class=\"_ _1\"></span>Mas<span class=\"_ _1\"></span>simo in <span class=\"_ _1\"></span>Cont<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>Correnti: r<span class=\"_ _1\"></span>appresenta <span class=\"_ _1\"></span>l\u2019ammontare <span class=\"_ _1\"></span>massimo <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>C/C <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>detenere<span class=\"_ _1\"></span> su<span class=\"_ _3a1\"> </span></span>singolo portafoglio;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">SCR <span class=\"_ _35\"> </span>default <span class=\"_ _0\"></span>conti <span class=\"_ _35\"> </span>corrente: <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>fine <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>limitare <span class=\"_ _35\"> </span>gli <span class=\"_ _0\"> </span>e<span class=\"_ _1\"></span>ventuali <span class=\"_ _35\"> </span>effetti <span class=\"_ _35\"> </span>sull<span class=\"_ _2\"></span>\u2019SCR <span class=\"_ _0\"></span>defau<span class=\"_ _1\"></span>lt <span class=\"_ _35\"> </span>derivante<span class=\"_ _3a1\"> </span></span>dall\u2019aumento <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>volumi <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>conti <span class=\"_ _35\"> </span>corrente, <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>Compagnia <span class=\"_ _35\"> </span>ha <span class=\"_ _35\"> </span>fissato <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>limite <span class=\"_ _35\"> </span>superiore <span class=\"_ _35\"> </span>in<span class=\"_ _3a1\"> </span>termini di SCR Default;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">SCR <span class=\"_ _3f\"> </span>Co<span class=\"_ _1\"></span>unterparty <span class=\"_ _3f\"> </span>D<span class=\"_ _1\"></span>efault <span class=\"_ _3a\"> </span>Risk <span class=\"_ _3f\"> </span>Riassicurativo/Recoverables <span class=\"_ _3f\"> </span>SII: <span class=\"_ _3a\"> </span>l\u2019indicatore <span class=\"_ _3a\"> </span>\u00e8 <span class=\"_ _3a\"> </span>costruito<span class=\"_ _3a1\"> </span></span>rapportando  l\u2019SCR  Counterparty  Default  Risk  verso  Riassicuratori  (pre-diversificazione),  ai<span class=\"_ _3a1\"> </span>Recoverables (somma tra le riserve cedute e crediti netti verso riassicuratori);<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Esposizione <span class=\"_ _193\"> </span>pe<span class=\"_ _1\"></span>r <span class=\"_ _193\"> </span>Riassicuratore: <span class=\"_ _193\"> </span>l\u2019indicatore <span class=\"_ _40\"> </span>individ<span class=\"_ _2\"></span>ua <span class=\"_ _193\"> </span>l\u2019espos<span class=\"_ _1\"></span>izione <span class=\"_ _193\"> </span>verso <span class=\"_ _193\"> </span>ciascun<span class=\"_ _3a1\"> </span></span>Riassicuratore in termini di somme assicurate;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Anzianit\u00e0 <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>crediti <span class=\"_ _38\"></span>netti <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>Riassicuratore: <span class=\"_ _38\"></span>l\u2019indicatore <span class=\"_ _38\"></span>individua <span class=\"_ _38\"></span>l\u2019anzianit\u00e0 <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>crediti <span class=\"_ _38\"></span>netti<span class=\"_ _3a1\"> </span></span>verso ciascuna controparte riassicurativa;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Ammontare <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>ei <span class=\"_ _38\"></span>crediti <span class=\"_ _38\"></span>nett<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>Riass<span class=\"_ _1\"></span>icuratore: <span class=\"_ _38\"></span>l\u2019indicatore <span class=\"_ _38\"></span>individua <span class=\"_ _38\"></span>l\u2019ammontare <span class=\"_ _0\"></span>dei <span class=\"_ _1\"></span>crediti<span class=\"_ _3a1\"> </span></span>netti verso ciascuna controparte r<span class=\"_ _1\"></span>iassicurativa<span class=\"_ _3a1\"> </span>Rischi Oper<span class=\"_ _1\"></span>ativi<span class=\"_ _3a1\"> </span>Il <span class=\"_ _2\"></span>rischio operativo \u00e8 <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>finibile <span class=\"_ _3b\"></span>com<span class=\"_ _1\"></span>e il <span class=\"_ _3b\"></span>rischio di <span class=\"_ _2\"></span>subir<span class=\"_ _3a1\"> </span>e perdite de<span class=\"_ _2\"></span>rivanti <span class=\"_ _3b\"></span>dalla inadeguatezza o <span class=\"_ _2\"></span>dalla<span class=\"_ _3a1\"> </span>disfunzione <span class=\"_ _35\"> </span>(carenze <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>errori) <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>procedure<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>interne, <span class=\"_ _35\"> </span>risorse <span class=\"_ _35\"> </span>um<span class=\"_ _2\"></span>ane <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>sistemi <span class=\"_ _35\"> </span>oppure <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>even<span class=\"_ _2\"></span>ti<span class=\"_ _3a1\"> </span>esogeni <span class=\"_ _0\"></span>(cfr. <span class=\"_ _0\"></span>art<span class=\"_ _1\"></span>icolo <span class=\"_ _0\"></span>1, <span class=\"_ _0\"></span>comma <span class=\"_ _0\"></span>1, <span class=\"_ _0\"></span>lettera <span class=\"_ _0\"></span>vv-bis <span class=\"_ _0\"></span>5 <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>CAP). <span class=\"_ _0\"></span>Pe<span class=\"_ _1\"></span>rtanto, <span class=\"_ _0\"></span>l\u2019impresa <span class=\"_ _0\"></span>pu\u00f2 <span class=\"_ _0\"></span>incorre<span class=\"_ _1\"></span>re <span class=\"_ _0\"></span>in<span class=\"_ _3a1\"> </span>perdite <span class=\"_ _3d\"> </span>ope<span class=\"_ _1\"></span>rative, <span class=\"_ _3d\"> </span>definibili <span class=\"_ _3d\"> </span>com<span class=\"_ _1\"></span>e <span class=\"_ _37\"> </span>gli <span class=\"_ _3d\"> </span>effetti <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>conomici <span class=\"_ _3d\"> </span>ne<span class=\"_ _1\"></span>gativi <span class=\"_ _3d\"> </span>derivanti <span class=\"_ _3d\"> </span>da <span class=\"_ _37\"> </span>eventi <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>nat<span class=\"_ _1\"></span>ura<span class=\"_ _3a1\"> </span>operativa, rilevati nella contabilit\u00e0 aziendale e t<span class=\"_ _1\"></span>ali da avere impatto sul conto economico.<span class=\"_ _3a1\"> </span>Alla pi\u00f9 generale categoria dei Rischi Operativi apparte<span class=\"_ _1\"></span>ngono le seguenti sotto-categorie:<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio Operativi;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio Informatico e Cybe<span class=\"_ _1\"></span>r Risk;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio di non Conformit\u00e0 <span class=\"_ _1\"></span>alle norme;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Model Risk;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Continuit\u00e0 Operat<span class=\"_ _1\"></span>iva;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Regulatory <span class=\"_ _1\"></span>Operational Risk,<span class=\"_ _3a1\"> </span></span>di seguito meglio esplicitate.<span class=\"_ _3a1\"> </span>Rischio Oper<span class=\"_ _1\"></span>ativo e IT &amp; Cyber Risk<span class=\"_ _3a1\"> </span>I principali fattori di rischio che caratterizzano il risc<span class=\"_ _3a1\"> </span>hio operativo sono:<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Persone<span class=\"_ _1\"></span>:  le  r<span class=\"_ _1\"></span>isorse  umane<span class=\"_ _1\"></span>  possono <span class=\"_ _3d\"> </span>essere <span class=\"_ _3d\"> </span>fonte  di <span class=\"_ _3d\"> </span>rischio <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>l\u2019impresa,  se <span class=\"_ _3d\"> </span>la <span class=\"_ _3d\"> </span>struttura<span class=\"_ _3a1\"> </span></span>organizzativa non <span class=\"_ _3b\"></span>\u00e8 effici<span class=\"_ _2\"></span>ente, op<span class=\"_ _2\"></span>pure si <span class=\"_ _3b\"></span>verificano carenze <span class=\"_ _3b\"></span>nella professionalit\u00e0 <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>dipendenti<span class=\"_ _3a1\"> </span>o, <span class=\"_ _3b\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _3b\"></span>esem<span class=\"_ _1\"></span>pio, <span class=\"_ _3b\"></span>se la <span class=\"_ _184\"></span>s<span class=\"_ _1\"></span>truttura <span class=\"_ _2\"></span>retributiva <span class=\"_ _3b\"></span>e il <span class=\"_ _3b\"></span>percorso <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>carriera <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>sono ad<span class=\"_ _3b\"></span>eguati e <span class=\"_ _3b\"></span>se i<span class=\"_ _2\"></span>l <span class=\"_ _3b\"></span>clima<span class=\"_ _3a1\"> </span>aziendale <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>idoneo. <span class=\"_ _1\"></span>Gli <span class=\"_ _1\"></span>esempi di <span class=\"_ _1\"></span>perdite<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dovute <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>risorse <span class=\"_ _1\"></span>incompetenti <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>negligenti <span class=\"_ _1\"></span>sono<span class=\"_ _3a1\"> </span>numerosi, <span class=\"_ _0\"> </span>fra <span class=\"_ _35\"> </span>questi <span class=\"_ _0\"></span>emergono <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>casi <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>inserimento <span class=\"_ _0\"></span>erroneo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>dati <span class=\"_ _0\"></span>nei <span class=\"_ _0\"></span>siste<span class=\"_ _1\"></span>mi, <span class=\"_ _0\"></span>errori <span class=\"_ _0\"></span>nella<span class=\"_ _3a1\"> </span>trasposizione dei dati o violazioni di regolamenti.<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Pro<span class=\"_ _1\"></span>cessi: i <span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>cessi <span class=\"_ _1\"></span>aziendali s<span class=\"_ _1\"></span>ono font<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>operativo <span class=\"_ _1\"></span>nel cas<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>cui s<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>verifichino de<span class=\"_ _1\"></span>lle<span class=\"_ _3a1\"> </span></span>inefficienze <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>disegno, <span class=\"_ _1\"></span>nella <span class=\"_ _1\"></span>formalizzazione <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>nella <span class=\"_ _1\"></span>definizione de<span class=\"_ _1\"></span>lla s<span class=\"_ _1\"></span>truttura <span class=\"_ _1\"></span>degli s<span class=\"_ _1\"></span>tessi <span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span>quindi nella defi<span class=\"_ _1\"></span>nizione degli <span class=\"_ _1\"></span>attori <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>vi prendono <span class=\"_ _1\"></span>parte <span class=\"_ _1\"></span>e del <span class=\"_ _1\"></span>relativo livello <span class=\"_ _1\"></span>di re<span class=\"_ _1\"></span>sponsabilit\u00e0<span class=\"_ _3a1\"> </span>e di <span class=\"_ _3b\"></span>autor<span class=\"_ _1\"></span>izzazione. Possono <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>isultare inadegu<span class=\"_ _2\"></span>ati e q<span class=\"_ _2\"></span>uindi <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ssere fonte di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio operativo <span class=\"_ _3b\"></span>tutt<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>i p<span class=\"_ _2\"></span>rocessi aziendal<span class=\"_ _2\"></span>i, c<span class=\"_ _2\"></span>ompresi i <span class=\"_ _3b\"></span>modelli valutativi <span class=\"_ _3b\"></span>e di <span class=\"_ _3b\"></span>calcolo e <span class=\"_ _2\"></span>gli <span class=\"_ _3b\"></span>stessi processi <span class=\"_ _3b\"></span>di gestione <span class=\"_ _2\"></span>del<span class=\"_ _3a1\"> </span>rischio. Sono fonte di rischio operativo:<span class=\"_ _3a1\"> </span>o<span class=\"_ _115\"> </span><span class=\"ff4\">le <span class=\"_ _36\"> </span>esternalizzazioni <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _37\"> </span>aziendali <span class=\"_ _37\"> </span>nel <span class=\"_ _36\"> </span>caso <span class=\"_ _36\"> </span>in <span class=\"_ _37\"> </span>cui <span class=\"_ _37\"> </span>si <span class=\"_ _37\"> </span>verifichino <span class=\"_ _37\"> </span>delle <span class=\"_ _36\"> </span>carenze <span class=\"_ _36\"> </span>/<span class=\"_ _3a1\"> </span></span>inadeguatezze nei <span class=\"_ _3b\"></span>processi di <span class=\"_ _3b\"></span>gest<span class=\"_ _1\"></span>ione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rapporto con <span class=\"_ _3b\"></span>gli outsourcer <span class=\"_ _3b\"></span>tali da c<span class=\"_ _2\"></span>ausare <span class=\"_ _2\"></span>delle<span class=\"_ _3a1\"> </span>perdite all\u2019impresa;<span class=\"_ _3a1\"> </span>o<span class=\"_ _115\"> </span><span class=\"ff4\">il <span class=\"_ _0\"></span>mancato <span class=\"_ _0\"></span>aggiornamento <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>l\u2019inadeguata <span class=\"_ _0\"></span>archiv<span class=\"_ _2\"></span>iazione <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>procedure <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>normative <span class=\"_ _38\"></span>che<span class=\"_ _3a1\"> </span></span>formalizzano i processi interni;<span class=\"_ _3a1\"> </span>o<span class=\"_ _115\"> </span><span class=\"ff4\">mancata/<span class=\"_ _1\"></span>inadeguata/intempestiva <span class=\"_ _2\"></span>emanazione di <span class=\"_ _3b\"></span>nor<span class=\"_ _1\"></span>me attuative i<span class=\"_ _2\"></span>nterne in <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>elazione alla<span class=\"_ _3a1\"> </span></span>normativa esterna vigente.<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">IT Security e<span class=\"_ _1\"></span> IT Risk: i sistemi informativi possono causare <span class=\"_ _1\"></span>perdite all\u2019impresa se non vengono<span class=\"_ _3a1\"> </span></span>adottate adeguate misure<span class=\"_ _2\"></span> di I<span class=\"_ _2\"></span>T Security <span class=\"_ _2\"></span>oppure nella g<span class=\"_ _2\"></span>estione delle ap<span class=\"_ _2\"></span>parecchiature hardware<span class=\"_ _3a1\"> </span>e <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>oftware. <span class=\"_ _0\"></span>La <span class=\"_ _35\"> </span>crescente <span class=\"_ _0\"></span>dipendenza <span class=\"_ _0\"></span>dai <span class=\"_ _0\"></span>sis<span class=\"_ _1\"></span>temi <span class=\"_ _35\"> </span>inf<span class=\"_ _2\"></span>ormativi <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>dalle <span class=\"_ _0\"></span>risor<span class=\"_ _1\"></span>se <span class=\"_ _0\"></span>tecnologiche <span class=\"_ _35\"> </span>in<span class=\"_ _3a1\"> </span>genere <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>reso <span class=\"_ _0\"> </span>questo <span class=\"_ _35\"> </span>fa<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tore <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>sempre <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _0\"></span>rilevante. <span class=\"_ _0\"></span>Gli <span class=\"_ _0\"></span>esem<span class=\"_ _1\"></span>pi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>perdita <span class=\"_ _0\"></span>legati <span class=\"_ _0\"></span>a<span class=\"_ _3a1\"> </span>questo <span class=\"_ _39\"> </span>fattore <span class=\"_ _36\"> </span>sono <span class=\"_ _39\"> </span>numerosi, <span class=\"_ _36\"> </span>come <span class=\"_ _39\"> </span>l\u2019assunzione <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>rischi <span class=\"_ _39\"> </span>eccessivi <span class=\"_ _39\"> </span>dovuti <span class=\"_ _36\"> </span>a <span class=\"_ _39\"> </span>errori <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span>progra<span class=\"_ _3a1\"> </span>mmi <span class=\"_ _35\"> </span>informatici, <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>mancat<span class=\"_ _1\"></span>o <span class=\"_ _35\"> </span>rispetto <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>adem<span class=\"_ _1\"></span>pimenti <span class=\"_ _35\"> </span>contrattuali <span class=\"_ _0\"> </span>dovuto <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>errori <span class=\"_ _35\"> </span>dei<span class=\"_ _3a1\"> </span>sistemi informativi e ancora la perdita di dati rilevanti connessa a fallimenti dei s<span class=\"_ _1\"></span>istemi.<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Eventi Esterni: gli event<span class=\"_ _1\"></span>i legati a fattori esterni pos<span class=\"_ _1\"></span>sono causare perdite all\u2019impresa a fronte <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span></span>calamit\u00e0 <span class=\"_ _0\"></span>naturali, <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>prevenzione <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sicurezza <span class=\"_ _0\"></span>verso <span class=\"_ _35\"> </span>eventi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>natura <span class=\"_ _0\"></span>accidentale, <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>fronte <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>obsolescenza delle <span class=\"_ _1\"></span>infrastrutture, di prevenzione e <span class=\"_ _1\"></span>di sicurezza vers<span class=\"_ _1\"></span>o atti di nat<span class=\"_ _1\"></span>ura criminosa,<span class=\"_ _3a1\"> </span>nei <span class=\"_ _35\"> </span>passaggi <span class=\"_ _35\"> </span>aut<span class=\"_ _2\"></span>orizzativi <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>l'<span class=\"_ _2\"></span>esecuzione <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>attiv<span class=\"_ _2\"></span>it\u00e0 <span class=\"_ _35\"> </span>operative, <span class=\"_ _35\"> </span>nelle <span class=\"_ _0\"></span>misure <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>controllo<span class=\"_ _3a1\"> </span>verso attivit\u00e0 non <span class=\"_ _3b\"></span>auto<span class=\"_ _1\"></span>rizzate e f<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>odi da parte<span class=\"_ _2\"></span> di di<span class=\"_ _2\"></span>pendenti, di misure <span class=\"_ _2\"></span>preventive verso frodi <span class=\"_ _2\"></span>da<span class=\"_ _3a1\"> </span>parte di <span class=\"_ _1\"></span>esterni, a fr<span class=\"_ _1\"></span>onte di un <span class=\"_ _1\"></span>inadeguato e/o no<span class=\"_ _1\"></span>n tempestivo <span class=\"_ _1\"></span>aggiornamento della <span class=\"_ _1\"></span>normativa<span class=\"_ _3a1\"> </span>interna in relazione ai mutamenti della normat<span class=\"_ _1\"></span>iva esterna da cui deriva.<span class=\"_ _3a1\"> </span>L\u2019approccio di identificazione del r<span class=\"_ _1\"></span>ischio operativo segue una logica di tipo \u2018<span class=\"_ _1\"></span>bottom <span class=\"_ _1\"></span>up\u2019, basata su<span class=\"_ _3a1\"> </span>una <span class=\"_ _3b\"></span>metodologia <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>Risk <span class=\"_ _2\"></span>Self <span class=\"_ _3b\"></span>Asse<span class=\"_ _1\"></span>ssment <span class=\"_ _3b\"></span>con l\u2019<span class=\"_ _2\"></span>obiettivo <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>valutare <span class=\"_ _3b\"></span>il <span class=\"_ _2\"></span>livello <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>rischiosit\u00e0 e <span class=\"_ _3b\"></span>la <span class=\"_ _3b\"></span>qualit\u00e0<span class=\"_ _3a1\"> </span>dei <span class=\"_ _3b\"></span>cont<span class=\"_ _1\"></span>rolli <span class=\"_ _2\"></span>posti <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>essere <span class=\"_ _3b\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _3b\"></span>mitigare il <span class=\"_ _184\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _2\"></span>afferente <span class=\"_ _3b\"></span>alle a<span class=\"_ _2\"></span>ttivit\u00e0 <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>perative <span class=\"_ _3b\"></span>e ad <span class=\"_ _3b\"></span>ogni <span class=\"_ _3b\"></span>proce<span class=\"_ _1\"></span>sso<span class=\"_ _3a1\"> </span>aziendale. L\u2019obiettivo di tale <span class=\"_ _2\"></span>approccio, basato sull<span class=\"_ _2\"></span>\u2019analisi per Team <span class=\"_ _2\"></span>Funzionali, \u00e8 l\u2019<span class=\"_ _2\"></span>individuazione degli eventi<span class=\"_ _3a1\"> </span>perdita <span class=\"_ _39\"> </span>che <span class=\"_ _36\"> </span>potre<span class=\"_ _1\"></span>bbero <span class=\"_ _36\"> </span>manifestarsi, <span class=\"_ _39\"> </span>la <span class=\"_ _39\"> </span>valutazione <span class=\"_ _36\"> </span>del <span class=\"_ _39\"> </span>possibile <span class=\"_ _36\"> </span>impatto <span class=\"_ _39\"> </span>e <span class=\"_ _39\"> </span>della <span class=\"_ _36\"> </span>poss<span class=\"_ _1\"></span>ibile<span class=\"_ _3a1\"> </span>frequenza <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>realizzazione <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>tali <span class=\"_ _37\"> </span>eventi <span class=\"_ _36\"> </span>(quantificazione <span class=\"_ _37\"> </span>delle <span class=\"_ _36\"> </span>perdite <span class=\"_ _37\"> </span>attese <span class=\"_ _36\"> </span>e <span class=\"_ _36\"> </span>inattese), <span class=\"_ _37\"> </span>la<span class=\"_ _3a1\"> </span>valutazione dell\u2019efficacia dei <span class=\"_ _2\"></span>controlli a presidio e d<span class=\"_ _3b\"></span>ei possibili strumenti organizzativi attivabili <span class=\"_ _2\"></span>per<span class=\"_ _3a1\"> </span>la mitigazione del rischio. La <span class=\"_ _1\"></span>valutazione delle <span class=\"_ _1\"></span>perdite attese<span class=\"_ _1\"></span> e inattese viene fatta s<span class=\"_ _1\"></span>ia in relazione<span class=\"_ _3a1\"> </span>al rischio operativo nella s<span class=\"_ _1\"></span>ua interezza (su cui insistono specifici limiti RAF) sia per <span class=\"_ _1\"></span>la componente<span class=\"_ _3a1\"> </span>relativa al rischio IT/IT Security.<span class=\"_ _3a1\"> </span>La <span class=\"_ _37\"> </span>Compagnia <span class=\"_ _37\"> </span>ha <span class=\"_ _36\"> </span>strutturato, <span class=\"_ _37\"> </span>inoltre, <span class=\"_ _36\"> </span>con <span class=\"_ _37\"> </span>periodicit\u00e0 <span class=\"_ _37\"> </span>annuale <span class=\"_ _36\"> </span>una <span class=\"_ _37\"> </span>valutazione <span class=\"_ _37\"> </span>delle <span class=\"_ _36\"> </span>perdite<span class=\"_ _3a1\"> </span>effettive subite derivanti da risch<span class=\"_ _2\"></span>i operativi (c.d. LDC <span class=\"_ _2\"></span>\u2013 Loss Data Collection). Tale anali<span class=\"_ _2\"></span>si consente<span class=\"_ _3a1\"> </span>inoltre di effettuare un back-test circa la valutazione ex<span class=\"_ _1\"></span>-ante mediante Risk Self-Assessment.<span class=\"_ _3a1\"> </span>Regulatory<span class=\"_ _1\"></span> Operational Risk<span class=\"_ _3a1\"> </span>Per quanto rigu<span class=\"_ _2\"></span>arda la valutazione del <span class=\"_ _3b\"></span>re<span class=\"_ _1\"></span>quisito dic<span class=\"_ _3a1\"> </span>ap<span class=\"_ _3a1\"> </span>i<span class=\"_ _3a1\"> </span>t<span class=\"_ _3a1\"> </span>ale (SCR), <span class=\"_ _3b\"></span>i rischi operativi vengono valutati<span class=\"_ _3a1\"> </span>mediante l\u2019appl<span class=\"_ _2\"></span>icazione della <span class=\"_ _2\"></span>Standard Formula. <span class=\"_ _3b\"></span>D<span class=\"_ _1\"></span>a un <span class=\"_ _3b\"></span>punto di vista <span class=\"_ _2\"></span>della di<span class=\"_ _2\"></span>stribuzione del <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio<span class=\"_ _3a1\"> </span>operativo di <span class=\"_ _3b\"></span>Cr<span class=\"_ _1\"></span>edemvita secondo <span class=\"_ _3b\"></span>i dettami normativi <span class=\"_ _2\"></span>Solvency II<span class=\"_ _2\"></span> si riporta <span class=\"_ _2\"></span>nella tabella <span class=\"_ _3b\"></span>di seguito la<span class=\"_ _3a1\"> </span>miglior st<span class=\"_ _1\"></span>ima della r<span class=\"_ _1\"></span>appresentazione del ris<span class=\"_ _1\"></span>chio disponibile alla <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>di valutazione <span class=\"_ _1\"></span>(si precisa <span class=\"_ _1\"></span>che<span class=\"_ _3a1\"> </span>il peso complessivo del rischio operativo \u00e8 pari al 17,6%).<span class=\"_ _3a1\"> </span>Operational <span class=\"_ _1\"></span>risk - risk/sum of risk com<span class=\"_ _1\"></span>ponents - relat<span class=\"_ _1\"></span>ivo e complessivo<table class=\"s w1531 h2e0\" id=\"_74cbd99b-1de3-464a-ac60-a28cf5d06a3d\"><tr><td></td><td class=\"c n x25d7 y63b7 w14e7 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc4 sc3 ls0 ws0\">Relativo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25d8 y63b7 w800 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc4 sc3 ls0 ws0\">Co<span class=\"_ _1\"></span>mplessivo<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y54f9 w1532 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Operational risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25d9 y54f9 w1533 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">17,6%<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x25da h8 y69e8 ff4 fs2 fc1 sc0 ls0 ws0\">17,6%<span class=\"_ _3a1\"> </span></td></tr></table>Rischio legale e<span class=\"_ _1\"></span> rischio di non con<span class=\"_ _1\"></span>formit\u00e0 alle norme<span class=\"_ _3a1\"> </span>Il <span class=\"_ _35\"> </span>rischio  normativo <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>compliance  (ovv<span class=\"_ _2\"></span>ero  di <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>conformit\u00e0 <span class=\"_ _35\"> </span>alle  norme) <span class=\"_ _35\"> </span>riguarda <span class=\"_ _35\"> </span>il  rischio <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span>incorrere <span class=\"_ _36\"> </span>in <span class=\"_ _36\"> </span>sanzioni <span class=\"_ _37\"> </span>giudiziarie<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>o <span class=\"_ _37\"> </span>am<span class=\"_ _1\"></span>ministrative, <span class=\"_ _37\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>subire <span class=\"_ _37\"> </span>perdite <span class=\"_ _36\"> </span>o <span class=\"_ _36\"> </span>danni <span class=\"_ _36\"> </span>reputazionali <span class=\"_ _37\"> </span>in<span class=\"_ _3a1\"> </span>conseguenza <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>mancata <span class=\"_ _0\"></span>osse<span class=\"_ _1\"></span>rvanza <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>leggi, <span class=\"_ _0\"></span>regolamenti <span class=\"_ _0\"></span>o <span class=\"_ _35\"> </span>provvedimenti <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>Autorit\u00e0 <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>Vigilanza <span class=\"_ _0\"></span>ovvero <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>norme<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>a<span class=\"_ _1\"></span>utoregolamentazione, <span class=\"_ _0\"></span>quali <span class=\"_ _0\"></span>statuti, <span class=\"_ _0\"></span>codici <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>condotta <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>codici <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>autodisciplina; <span class=\"_ _48\"> </span>rischio <span class=\"_ _48\"> </span>de<span class=\"_ _1\"></span>rivante <span class=\"_ _48\"> </span>da <span class=\"_ _17e\"> </span>modifiche <span class=\"_ _48\"> </span>sfavorevoli <span class=\"_ _48\"> </span>del <span class=\"_ _17e\"> </span>quadro <span class=\"_ _48\"> </span>normat<span class=\"_ _1\"></span>ivo <span class=\"_ _48\"> </span>o <span class=\"_ _48\"> </span>degli<span class=\"_ _3a1\"> </span>orientamenti giurisprudenziali. I<span class=\"_ _2\"></span>l rischio normativo di ricicl<span class=\"_ _2\"></span>aggio e di <span class=\"_ _2\"></span>finanziamento del terrorismo:<span class=\"_ _3a1\"> </span>rischio di mancata <span class=\"_ _3b\"></span>prevenzione, da parte della<span class=\"_ _3b\"></span> Compagnia, della realizzazione d<span class=\"_ _2\"></span>i attivit\u00e0 a<span class=\"_ _3b\"></span> scopo di<span class=\"_ _3a1\"> </span>riciclaggio <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>proventi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>criminose <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>finanziamento <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>terr<span class=\"_ _1\"></span>orismo; ris<span class=\"_ _1\"></span>chio di <span class=\"_ _1\"></span>incorr<span class=\"_ _1\"></span>ere<span class=\"_ _3a1\"> </span>in sanzioni g<span class=\"_ _1\"></span>iudiziarie <span class=\"_ _1\"></span>o amm<span class=\"_ _1\"></span>inistrative, subire <span class=\"_ _1\"></span>perdite <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>danni reputazionali <span class=\"_ _1\"></span>in conse<span class=\"_ _1\"></span>guenza della<span class=\"_ _3a1\"> </span>mancata <span class=\"_ _0\"></span>osservanza <span class=\"_ _0\"></span>di<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>leggi, <span class=\"_ _0\"></span>regolamenti <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>provvedimenti <span class=\"_ _0\"></span>dell<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>Autorit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>Vigilanza <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>materia<span class=\"_ _3a1\"> </span>antiriciclaggio e antiterrorismo.<span class=\"_ _3a1\"> </span>I fattori di rischio legale e di non conformit\u00e0 alle norme sono riconducibili a:<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Legal e<span class=\"_ _1\"></span>nviroment: <span class=\"_ _1\"></span>rischio le<span class=\"_ _1\"></span>gato in gener<span class=\"_ _1\"></span>ale al <span class=\"_ _1\"></span>mancato <span class=\"_ _1\"></span>rispetto delle <span class=\"_ _1\"></span>leggi, sia <span class=\"_ _1\"></span>ess<span class=\"_ _1\"></span>o di <span class=\"_ _1\"></span>natura<span class=\"_ _3a1\"> </span></span>fiscale o <span class=\"_ _1\"></span>di t<span class=\"_ _1\"></span>rattamento dati <span class=\"_ _1\"></span>personali. Rischio di <span class=\"_ _1\"></span>controvers<span class=\"_ _1\"></span>ia causato <span class=\"_ _1\"></span>da un <span class=\"_ _1\"></span>vuoto giuridico o<span class=\"_ _3a1\"> </span>da un inquadramento incompleto o <span class=\"_ _1\"></span>inadeguato degli obblighi e delle responsabilit\u00e0 assegnate<span class=\"_ _3a1\"> </span>alle  parti.  Assenza  di  con<span class=\"_ _2\"></span>tratti,  condizioni  carenti  di  conservazi<span class=\"_ _2\"></span>one  della  documentazione<span class=\"_ _3a1\"> </span>legale. <span class=\"_ _38\"></span>Rischio <span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>gato <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>rispetto <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>leggi <span class=\"_ _38\"></span>sulle <span class=\"_ _38\"></span>imposte <span class=\"_ _0\"></span>l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>gate <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>Compagnia. <span class=\"_ _1\"></span>Rischio<span class=\"_ _3a1\"> </span>legato <span class=\"_ _35\"> </span>all\u2019antiriciclag<span class=\"_ _2\"></span>gio. <span class=\"_ _0\"> </span>Risch<span class=\"_ _1\"></span>io <span class=\"_ _35\"> </span>legato <span class=\"_ _0\"> </span>a<span class=\"_ _1\"></span>lla <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>icurezza <span class=\"_ _0\"></span>sul <span class=\"_ _35\"> </span>lavoro. <span class=\"_ _0\"></span>Rischio <span class=\"_ _35\"> </span>legato <span class=\"_ _35\"> </span>al<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>mancato<span class=\"_ _3a1\"> </span>rispetto della normativa sulla privacy;<span class=\"_ _3a1\"> </span>-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Compliance <span class=\"_ _38\"></span>with <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>gulations: <span class=\"_ _1\"></span>inosservanza <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>regolamenti <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>provvedimenti <span class=\"_ _38\"></span>applicabili <span class=\"_ _1\"></span>(leggi<span class=\"_ _3a1\"> </span></span></span>assi<span class=\"_ _3a1\"> </span>curative, <span class=\"_ _3d\"> </span>aziendali <span class=\"_ _3d\"> </span>o <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>lavoro<span class=\"_ _1\"></span>). <span class=\"_ _3d\"> </span>Mancanza <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>follow-up <span class=\"_ _37\"> </span>delle <span class=\"_ _3d\"> </span>questioni <span class=\"_ _3d\"> </span>nor<span class=\"_ _1\"></span>mative. <span class=\"_ _3d\"> </span>In<span class=\"_ _3a1\"> </span>particolare <span class=\"_ _3a\"> </span>il <span class=\"_ _3f\"> </span>fattore <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>rischio <span class=\"_ _3f\"> </span>Compliance <span class=\"_ _3f\"> </span>wit<span class=\"_ _1\"></span>h <span class=\"_ _3f\"> </span>regulations <span class=\"_ _3f\"> </span>(di <span class=\"_ _3f\"> </span>se<span class=\"_ _1\"></span>guito <span class=\"_ _3f\"> </span>anche <span class=\"_ _3f\"> </span>r<span class=\"_ _1\"></span>ischio<span class=\"_ _3a1\"> </span>\u201cNormativa\u201d) <span class=\"_ _35\"> </span>pu\u00f2 <span class=\"_ _35\"> </span>esporre <span class=\"_ _0\"></span>l\u2019impres<span class=\"_ _1\"></span>a <span class=\"_ _35\"> </span>a<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>specifici <span class=\"_ _0\"> </span>e<span class=\"_ _1\"></span>venti <span class=\"_ _35\"> </span>perdita, <span class=\"_ _35\"> </span>l<span class=\"_ _2\"></span>egati <span class=\"_ _35\"> </span>appunto <span class=\"_ _35\"> </span>all\u2019evolu<span class=\"_ _2\"></span>zione<span class=\"_ _3a1\"> </span>della <span class=\"_ _29\"> </span>stessa. <span class=\"_ _29\"> </span>Mutamenti <span class=\"_ _29\"> </span>sfavore<span class=\"_ _1\"></span>voli <span class=\"_ _29\"> </span>del <span class=\"_ _29\"> </span>quadro <span class=\"_ _29\"> </span>normativo <span class=\"_ _29\"> </span>o <span class=\"_ _29\"> </span>degli <span class=\"_ _29\"> </span>orient<span class=\"_ _1\"></span>amenti<span class=\"_ _3a1\"> </span>giurisprudenziali, possono, infatti, riguardare:<span class=\"_ _3a1\"> </span>o<span class=\"ff16\"> <span class=\"_ _188\"> </span><span class=\"ff4\">rapporti con <span class=\"_ _1\"></span>l\u2019Autorit\u00e0 di Vigilanza;<span class=\"_ _3a1\"> </span></span></span>o<span class=\"ff16\"> <span class=\"_ _188\"> </span><span class=\"ff4\">rapporti con <span class=\"_ _1\"></span>i clienti;<span class=\"_ _3a1\"> </span></span></span>o<span class=\"ff16\"> <span class=\"_ _188\"> </span><span class=\"ff4\">rapporti con <span class=\"_ _1\"></span>i dipendenti;<span class=\"_ _3a1\"> </span></span></span>o<span class=\"ff16\"> <span class=\"_ _188\"> </span><span class=\"ff4\">sicurezza sui luoghi di lavoro;<span class=\"_ _3a1\"> </span></span></span>o<span class=\"ff16\"> <span class=\"_ _188\"> </span><span class=\"ff4\">rapporti con <span class=\"_ _1\"></span>altri Organi.<span class=\"_ _3a1\"> </span></span></span>In <span class=\"_ _1\"></span>particolare, <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ale <span class=\"_ _1\"></span>fattore <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>riguarda <span class=\"_ _38\"></span>l\u2019incorrere <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>sanzioni <span class=\"_ _1\"></span>giudiziarie <span class=\"_ _38\"></span>o <span class=\"_ _1\"></span>amministrat<span class=\"_ _1\"></span>ive, <span class=\"_ _1\"></span>il<span class=\"_ _3a1\"> </span>subire <span class=\"_ _3a\"> </span>perdite <span class=\"_ _3a\"> </span>o <span class=\"_ _3a\"> </span>danni <span class=\"_ _3f\"> </span>r<span class=\"_ _1\"></span>eputazionali <span class=\"_ _3f\"> </span>in <span class=\"_ _3a\"> </span>conse<span class=\"_ _1\"></span>guenza <span class=\"_ _3a\"> </span>della <span class=\"_ _3a\"> </span>mancata <span class=\"_ _3a\"> </span>osservanza <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>leggi,<span class=\"_ _3a1\"> </span>regolamenti o provvedimenti delle Autorit\u00e0 di Vigil<span class=\"_ _2\"></span>anza ovvero di norme di autoregolamentazione,<span class=\"_ _3a1\"> </span>con <span class=\"_ _1\"></span> <span class=\"_ _38\"></span>particolare <span class=\"_ _38\"></span>attenzione <span class=\"_ _38\"></span>alle <span class=\"_ _1\"></span>norme<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>relative <span class=\"_ _38\"></span>alla <span class=\"_ _1\"></span>trasparenza <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>correttezza <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>comportamenti<span class=\"_ _3a1\"> </span>nei <span class=\"_ _35\"> </span>confronti  d<span class=\"_ _2\"></span>egli <span class=\"_ _35\"> </span>assicurati  e <span class=\"_ _35\"> </span>danneggiati, <span class=\"_ _35\"> </span>all\u2019informativa <span class=\"_ _35\"> </span>precontrattuale  e <span class=\"_ _35\"> </span>contrattuale, <span class=\"_ _35\"> </span>alla<span class=\"_ _3a1\"> </span>corretta <span class=\"_ _35\"> </span>esecuzione <span class=\"_ _35\"> </span>dei<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>contratti, <span class=\"_ _35\"> </span>con <span class=\"_ _0\"></span>particolare <span class=\"_ _35\"> </span>riferimento <span class=\"_ _35\"> </span>all<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>gestione <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>inistri <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>, <span class=\"_ _0\"> </span>pi\u00f9 <span class=\"_ _35\"> </span>in<span class=\"_ _3a1\"> </span>generale, alla tutela del consumatore.<span class=\"_ _3a1\"> </span>Modelling Ris<span class=\"_ _1\"></span>k<span class=\"_ _3a1\"> </span>Rischio di <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>dite in <span class=\"_ _1\"></span>materia <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>sviluppo, imp<span class=\"_ _1\"></span>lementazion<span class=\"_ _3a1\"> </span>e o <span class=\"_ _1\"></span>usi <span class=\"_ _1\"></span>improprio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>altri <span class=\"_ _1\"></span>modelli da <span class=\"_ _1\"></span>parte<span class=\"_ _3a1\"> </span>della Compagnia per il pro<span class=\"_ _1\"></span>cesso decisionale (ad es<span class=\"_ _1\"></span>empio, i prezzi dei prodot<span class=\"_ _1\"></span>ti, la valutazione degli<span class=\"_ _3a1\"> </span>strumenti finanziari, il monitoraggio dei limiti di rischio, et<span class=\"_ _1\"></span>c).<span class=\"_ _3a1\"> </span>Continuit\u00e0 Operat<span class=\"_ _1\"></span>iva<span class=\"_ _3a1\"> </span>Il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>continuit\u00e0 <span class=\"_ _0\"></span>operativa <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>collegato <span class=\"_ _0\"></span>all\u2019utiliz<span class=\"_ _3a1\"> </span>zo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>piano <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>continuit\u00e0 <span class=\"_ _0\"></span>operativa <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la<span class=\"_ _3a1\"> </span>gestione <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>situazioni <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>crisi <span class=\"_ _35\"> </span>c<span class=\"_ _2\"></span>onseguenti <span class=\"_ _35\"> </span>ad <span class=\"_ _0\"></span>incidenti <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>portata <span class=\"_ _35\"> </span>settoriale, <span class=\"_ _0\"></span>aziendale <span class=\"_ _35\"> </span>ovvero<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>a<span class=\"_ _3a1\"> </span>catastrofi estese che colpiscono l\u2019operat<span class=\"_ _1\"></span>ore o le sue controparti rilevanti.<span class=\"_ _3a1\"> </span>La Compagnia ha sviluppato un piano di continuit\u00e0 operativa (Busines<span class=\"_ _1\"></span>s Continuity Plan).<span class=\"_ _3a1\"> </span>Rischi di Secondo L<span class=\"_ _1\"></span>ivello (o indiret<span class=\"_ _1\"></span>ti)<span class=\"_ _3a1\"> </span>Secondo  il  modello  adottato  dalla  Compagnia,  inoltre<span class=\"_ _1\"></span>,  esi<span class=\"_ _3a1\"> </span>stono  altri  rischi/eventi  perdita  non<span class=\"_ _3a1\"> </span>strettamente ricond<span class=\"_ _2\"></span>ucibili <span class=\"_ _2\"></span>a fattori <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>rischio specifici, <span class=\"_ _3b\"></span>ma che <span class=\"_ _3b\"></span>possono derivare <span class=\"_ _3b\"></span>da fattori <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>rischio<span class=\"_ _3a1\"> </span>riconducibili <span class=\"_ _39\"> </span>alle <span class=\"_ _3f\"> </span>classi <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _39\"> </span>pre<span class=\"_ _1\"></span>cedentemente <span class=\"_ _3f\"> </span>illustrate. <span class=\"_ _39\"> </span>Si <span class=\"_ _3f\"> </span>tratta <span class=\"_ _3f\"> </span>in <span class=\"_ _39\"> </span>particolare<span class=\"_ _1\"></span>, <span class=\"_ _39\"> </span>cos\u00ec<span class=\"_ _3a1\"> </span>identificati dalla normativa di settore, <span class=\"_ _1\"></span>delle classi di rischio: -<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Rischio legato<span class=\"_ _1\"></span> all\u2019appartenenza al gruppo;<span class=\"_ _3a1\"> </span></span></span>-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Rischio re<span class=\"_ _1\"></span>putazionale;<span class=\"_ _3a1\"> </span></span></span>-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Rischio di condotta;<span class=\"_ _3a1\"> </span></span></span>-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Rischi ESG,<span class=\"_ _3a1\"> </span></span></span>e di seguito rappresentati.<span class=\"_ _3a1\"> </span>Rischio legato <span class=\"_ _1\"></span>all\u2019appartenenza al gr<span class=\"_ _1\"></span>uppo<span class=\"_ _3a1\"> </span>Il <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>legato <span class=\"_ _35\"> </span>all\u2019appartenenza <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>grupp<span class=\"_ _2\"></span>o <span class=\"_ _35\"> </span>(rischio <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span>\u2018contagio\u2019) <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>inteso <span class=\"_ _35\"> </span>come <span class=\"_ _0\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _35\"> </span>che, <span class=\"_ _35\"> </span>a<span class=\"_ _3a1\"> </span>seguito <span class=\"_ _0\"></span>dei<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>rapporti <span class=\"_ _38\"></span>intercorrenti <span class=\"_ _38\"></span>tra <span class=\"_ _0\"></span>l\u2019imp<span class=\"_ _2\"></span>resa <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>altre <span class=\"_ _0\"></span>entit\u00e0 <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>gr<span class=\"_ _1\"></span>uppo, <span class=\"_ _38\"></span>situazioni <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>difficolt\u00e0<span class=\"_ _3a1\"> </span>che <span class=\"_ _1\"></span>insor<span class=\"_ _1\"></span>gono <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>una <span class=\"_ _1\"></span>societ\u00e0 <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>medesimo <span class=\"_ _38\"></span>gruppo <span class=\"_ _1\"></span>possano <span class=\"_ _38\"></span>propagarsi <span class=\"_ _1\"></span>con <span class=\"_ _38\"></span>effetti <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>gativi s<span class=\"_ _1\"></span>ulla<span class=\"_ _3a1\"> </span>solvibilit\u00e0 dell\u2019impresa stessa. In  coerenza <span class=\"_ _35\"> </span>con  la <span class=\"_ _35\"> </span>propria  stra<span class=\"_ _2\"></span>tegia  e <span class=\"_ _35\"> </span>con  le <span class=\"_ _35\"> </span>politiche  in <span class=\"_ _35\"> </span>materia  d<span class=\"_ _2\"></span>egli  investimenti, <span class=\"_ _35\"> </span>adottata<span class=\"_ _3a1\"> </span>dall\u2019Organo  Amministrat<span class=\"_ _1\"></span>ivo  ha  definito  una  propr<span class=\"_ _1\"></span>ia  politica  delle  o<span class=\"_ _1\"></span>perazioni  infragruppo  e <span class=\"_ _3d\"> </span>ha<span class=\"_ _3a1\"> </span>determinato appropriati limiti di operativit\u00e0.<span class=\"_ _3a1\"> </span>L\u2019identificazione  e <span class=\"_ _3d\"> </span>l\u2019analisi  del <span class=\"_ _3d\"> </span>rischio <span class=\"_ _3d\"> </span>\u00e8  effettuata <span class=\"_ _3d\"> </span>pertanto  in <span class=\"_ _3d\"> </span>coerenza <span class=\"_ _3d\"> </span>alle  categorie  e <span class=\"_ _3d\"> </span>alle<span class=\"_ _3a1\"> </span>controparti d<span class=\"_ _2\"></span>elle <span class=\"_ _3b\"></span>operazioni stesse, <span class=\"_ _3b\"></span>con <span class=\"_ _3b\"></span>par<span class=\"_ _1\"></span>ticolare <span class=\"_ _3b\"></span>riguardo alle<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>garanzie eventualmente <span class=\"_ _3b\"></span>rilasciate<span class=\"_ _3a1\"> </span>nell\u2019ambito del Gruppo ed in coere<span class=\"_ _1\"></span>nza con le caratteristiche delle seguenti tipologie di operazioni:<span class=\"_ _3a1\"> </span>-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Operazioni <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>ignificative  (compr<span class=\"_ _1\"></span>ese <span class=\"_ _3d\"> </span>tra <span class=\"_ _37\"> </span>il <span class=\"_ _3d\"> </span>1% <span class=\"_ _3d\"> </span>e <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>5% <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>Solvency <span class=\"_ _37\"> </span>Capital <span class=\"_ _3d\"> </span>Requirement <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span></span></span>periodo);<span class=\"_ _3a1\"> </span>-<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Operazioni Molto<span class=\"_ _1\"></span> significative (&gt;5% del Solvency Capital Requirement di periodo).<span class=\"_ _3a1\"> </span></span></span>Rischio Reputazionale<span class=\"_ _3a1\"> </span>Il <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _0\"></span>reputazionale <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>inteso <span class=\"_ _35\"> </span>come <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>dete<span class=\"_ _3a1\"> </span>rioramento <span class=\"_ _0\"></span>dell\u2019immagine <span class=\"_ _35\"> </span>aziendale <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>aumento <span class=\"_ _35\"> </span>della  conflittualit\u00e0 <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>con  gli <span class=\"_ _35\"> </span>assicurati <span class=\"_ _35\"> </span>(dovuto <span class=\"_ _35\"> </span>anche  alla <span class=\"_ _35\"> </span>scarsa <span class=\"_ _35\"> </span>qualit\u00e0 <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>servizi<span class=\"_ _3a1\"> </span>offerti,  al <span class=\"_ _35\"> </span>collocamento  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>polizze  non <span class=\"_ _35\"> </span>adeguate  o <span class=\"_ _35\"> </span>al  comportamento <span class=\"_ _35\"> </span>in  fas<span class=\"_ _2\"></span>e  di<span class=\"_ _2\"></span>  v<span class=\"_ _2\"></span>endita, <span class=\"_ _35\"> </span>post<span class=\"_ _3a1\"> </span>vendita e <span class=\"_ _1\"></span>di liquidazione) <span class=\"_ _1\"></span>sia con <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>Autorit\u00e0 di Vigilanza <span class=\"_ _1\"></span>e gli <span class=\"_ _1\"></span>shareholders. <span class=\"_ _1\"></span>Il rischio <span class=\"_ _1\"></span>reputazionale<span class=\"_ _3a1\"> </span>\u00e8 gene<span class=\"_ _3a1\"> </span>ralmente classificato in:<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">rischio <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>putazionale <span class=\"_ _1\"></span>dirett<span class=\"_ _1\"></span>o: <span class=\"_ _38\"></span>incentrato <span class=\"_ _38\"></span>su <span class=\"_ _38\"></span>business <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ensibili, <span class=\"_ _1\"></span>sulla <span class=\"_ _38\"></span>base <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ESG <span class=\"_ _38\"></span>(Ambientale<span class=\"_ _1\"></span>,<span class=\"_ _3a1\"> </span></span>Sociale e Governance);<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">rischio <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>eputazionale <span class=\"_ _38\"></span>indiretto: <span class=\"_ _38\"></span>basat<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>sulla <span class=\"_ _38\"></span>gest<span class=\"_ _1\"></span>ione <span class=\"_ _38\"></span>dell\u2019impatto <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>putazionale <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>altri <span class=\"_ _38\"></span>tipi <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span></span>rischio (eg: rischio operativo, cyber r<span class=\"_ _1\"></span>isk, rischio legale, etc).<span class=\"_ _3a1\"> </span>Si <span class=\"_ _2\"></span>specifica che <span class=\"_ _3b\"></span>la valutazione d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>rischio reputazionale <span class=\"_ _3b\"></span>avviene nell\u2019ambito <span class=\"_ _2\"></span>della c<span class=\"_ _2\"></span>ampagna di<span class=\"_ _2\"></span> Risk<span class=\"_ _3a1\"> </span>Self <span class=\"_ _3d\"> </span>Asses<span class=\"_ _1\"></span>sment <span class=\"_ _3d\"> </span>afferente <span class=\"_ _3d\"> </span>alla <span class=\"_ _37\"> </span>gestione <span class=\"_ _37\"> </span>del <span class=\"_ _3d\"> </span>rischio <span class=\"_ _37\"> </span>operativo. <span class=\"_ _3d\"> </span>L\u2019identificazione <span class=\"_ _3d\"> </span>del <span class=\"_ _37\"> </span>rischio <span class=\"_ _3d\"> </span>\u00e8<span class=\"_ _3a1\"> </span>effettuata gestionalmente me<span class=\"_ _1\"></span>diante l\u2019analisi: -<span class=\"_ _41\"> </span><span class=\"ff4\">delle <span class=\"_ _1\"></span>procedure di <span class=\"_ _1\"></span>collocamento che contemplano <span class=\"_ _1\"></span>una preventiva valutazione <span class=\"_ _1\"></span>di adeguatezza<span class=\"_ _3a1\"> </span></span>del contr<span class=\"_ _1\"></span>atto finalizzata ad <span class=\"_ _1\"></span>individuare <span class=\"_ _1\"></span>in via pr<span class=\"_ _1\"></span>eliminare <span class=\"_ _1\"></span>le esigenze <span class=\"_ _1\"></span>assicurative e<span class=\"_ _1\"></span> i <span class=\"_ _1\"></span>bisogni di<span class=\"_ _3a1\"> </span>protezione del cliente, nonch\u00e9 a fornire l\u2019adeguata informativa sul prodott<span class=\"_ _1\"></span>o;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">dei servizi di assiste<span class=\"_ _1\"></span>nza da parte della rete distributiva;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4\">del processo <span class=\"_ _1\"></span>di gestione dei reclami;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4\">del processo <span class=\"_ _1\"></span>di liquid<span class=\"_ _2\"></span>azione de<span class=\"_ _1\"></span>i sinistri.<span class=\"_ _3a1\"> </span></span>Essendo <span class=\"_ _35\"> </span>inoltre <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _35\"> </span>reputazionale <span class=\"_ _0\"></span>strettamente <span class=\"_ _35\"> </span>connesso <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _0\"></span>o<span class=\"_ _1\"></span>perativi, <span class=\"_ _0\"></span>informatici <span class=\"_ _35\"> </span>e<span class=\"_ _3a1\"> </span>cyber <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>condott<span class=\"_ _1\"></span>a, <span class=\"_ _0\"></span>gl<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>specifici <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>sidi <span class=\"_ _0\"></span>operativi <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>rganizzativi <span class=\"_ _0\"></span>posti <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>essere <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la<span class=\"_ _3a1\"> </span>gestione  di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>tali <span class=\"_ _35\"> </span>rischi  rappresento <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>ulteriore <span class=\"_ _35\"> </span>elemento  a <span class=\"_ _35\"> </span>supp<span class=\"_ _2\"></span>orto  della <span class=\"_ _35\"> </span>gestione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>rischio<span class=\"_ _3a1\"> </span>reputazionale.<span class=\"_ _3a1\"> </span>Rischio di Condott<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span>Il <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>cond<span class=\"_ _2\"></span>otta <span class=\"_ _38\"></span>- <span class=\"_ _38\"></span>quale <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ottocategoria <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span>perativo, <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>compliance <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>putazionale <span class=\"_ _1\"></span>\u2013<span class=\"_ _3a1\"> </span>pu\u00f2 <span class=\"_ _0\"></span>essere <span class=\"_ _35\"> </span>definito <span class=\"_ _0\"></span>come <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>tuale <span class=\"_ _0\"></span>o <span class=\"_ _35\"> </span>pr<span class=\"_ _2\"></span>ospettico <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>pe<span class=\"_ _2\"></span>rdite <span class=\"_ _0\"></span>conseguenti <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>casistiche <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>offerta <span class=\"_ _17e\"> </span>inappropriata <span class=\"_ _48\"> </span>di <span class=\"_ _17e\"> </span>prodot<span class=\"_ _1\"></span>ti <span class=\"_ _48\"> </span>e/o <span class=\"_ _17e\"> </span>servizi, <span class=\"_ _48\"> </span>incluse<span class=\"_ _1\"></span> <span class=\"_ _17e\"> </span>fattispecie <span class=\"_ _48\"> </span>di <span class=\"_ _17e\"> </span>condotta <span class=\"_ _17e\"> </span>inadeguata<span class=\"_ _3a1\"> </span>(dolo/negligenza) da parte dell\u2019impresa.<span class=\"_ _3a1\"> </span>I fattori di rischio presi in esame per la valutazione <span class=\"_ _1\"></span>del rischio di condotta sono:<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Commer<span class=\"_ _1\"></span>cial development risk: <span class=\"_ _2\"></span>mancanza di visibilit\u00e0/trasparenza e/o scarsa valu<span class=\"_ _2\"></span>tazione delle<span class=\"_ _3a1\"> </span></span>prospettive <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>sviluppo <span class=\"_ _37\"> </span>o <span class=\"_ _37\"> </span>degli <span class=\"_ _37\"> </span>obiettivi <span class=\"_ _37\"> </span>o <span class=\"_ _37\"> </span>della <span class=\"_ _37\"> </span>redditivit\u00e0 <span class=\"_ _37\"> </span>delle <span class=\"_ _37\"> </span>nuove <span class=\"_ _37\"> </span>attivit\u00e0/prodotti <span class=\"_ _37\"> </span>e<span class=\"_ _3a1\"> </span>misurazione/monitoraggi inadeguati delle per<span class=\"_ _1\"></span>formance commerciali/rischi;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Communication  reso<span class=\"_ _1\"></span>urces:  risorse  di  comunicazione  o  strumenti  di  marketing  inadeguati<span class=\"_ _3a1\"> </span></span>rispetto agli obiettivi definiti. Cattiva gest<span class=\"_ _1\"></span>ione del brand;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Commer<span class=\"_ _1\"></span>cial performance: <span class=\"_ _2\"></span>erosione, mancata sostituzione <span class=\"_ _2\"></span>o svilupp<span class=\"_ _2\"></span>o non redditizio della b<span class=\"_ _2\"></span>ase<span class=\"_ _3a1\"> </span></span>commerciale;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Pro<span class=\"_ _1\"></span>fitability &amp; <span class=\"_ _1\"></span>Risk <span class=\"_ _1\"></span>Profile: redditivit\u00e0 <span class=\"_ _1\"></span>insufficiente, <span class=\"_ _1\"></span>care<span class=\"_ _1\"></span>nze delle <span class=\"_ _1\"></span>procedure <span class=\"_ _1\"></span>di fiss<span class=\"_ _1\"></span>azione delle<span class=\"_ _3a1\"> </span></span>tariffe, ca<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>enza <span class=\"_ _3b\"></span>o inadeguatezza <span class=\"_ _3b\"></span>dei <span class=\"_ _3b\"></span>m<span class=\"_ _1\"></span>odelli <span class=\"_ _3b\"></span>di val<span class=\"_ _2\"></span>utazione (<span class=\"_ _2\"></span>V4M, <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>edditivit\u00e0 <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _3b\"></span>clientela, etc)<span class=\"_ _3a1\"> </span>o di applicazione delle deroghe.<span class=\"_ _3a1\"> </span>La <span class=\"_ _38\"></span>gestione<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>rischio <span class=\"_ _1\"></span>di <span class=\"_ _0\"></span>condotta <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>strett<span class=\"_ _1\"></span>amente <span class=\"_ _38\"></span>connessa <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>lle <span class=\"_ _38\"></span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _38\"></span>definite <span class=\"_ _0\"></span>nell\u2019<span class=\"_ _2\"></span>ambito <span class=\"_ _38\"></span>del<span class=\"_ _3a1\"> </span>processo <span class=\"_ _0\"></span>POG <span class=\"_ _0\"></span>(disciplinato <span class=\"_ _35\"> </span>nella <span class=\"_ _0\"></span>rispettiva <span class=\"_ _0\"></span>Regolamento <span class=\"_ _0\"></span>POG). <span class=\"_ _35\"> </span>La <span class=\"_ _0\"></span>Compagnia, <span class=\"_ _0\"></span>nell\u2019ambito <span class=\"_ _0\"></span>della<span class=\"_ _3a1\"> </span>gestione del rischio di Condotta, si prefigge i se<span class=\"_ _1\"></span>guenti obiettivi:<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">rendere <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>iniziative <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>business <span class=\"_ _0\"></span>orientate <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>focalizzate <span class=\"_ _0\"></span>sulla <span class=\"_ _0\"></span>figura <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>cliente <span class=\"_ _0\"></span>(c.d<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>Value <span class=\"_ _0\"></span>for<span class=\"_ _3a1\"> </span></span>Money). In tale ambito <span class=\"_ _1\"></span>il focus \u00e8 incentrato sul disegno de<span class=\"_ _1\"></span>i prodotti e la definizione di se<span class=\"_ _1\"></span>rvizi in<span class=\"_ _3a1\"> </span>linea con le esigenze della clientela;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">stabilire  un  codic<span class=\"_ _2\"></span>e/sistema  di <span class=\"_ _35\"> </span>condotta  completamente  radic<span class=\"_ _3b\"></span>at<span class=\"_ _1\"></span>o  all\u2019interno <span class=\"_ _35\"> </span>della  struttura<span class=\"_ _3a1\"> </span></span>aziendale. <span class=\"_ _0\"></span>In <span class=\"_ _38\"></span>tale <span class=\"_ _0\"></span>ambito <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>f<span class=\"_ _2\"></span>ocus <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>incentrato <span class=\"_ _0\"></span>sulla <span class=\"_ _0\"></span>vendita <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>prodotti <span class=\"_ _0\"></span>/ <span class=\"_ _38\"></span>ero<span class=\"_ _1\"></span>gazone <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>servizi<span class=\"_ _3a1\"> </span>assicurando trasparenza informativa verso la clientela,<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">garantire <span class=\"_ _0\"></span>che <span class=\"_ _1\"></span>il <span class=\"_ _0\"></span>bu<span class=\"_ _2\"></span>siness <span class=\"_ _38\"></span>sia <span class=\"_ _0\"></span>nel <span class=\"_ _1\"></span>continuo <span class=\"_ _0\"></span>focaliz<span class=\"_ _2\"></span>zato <span class=\"_ _0\"></span>sul <span class=\"_ _1\"></span>conseguimento <span class=\"_ _0\"></span>del <span class=\"_ _1\"></span>miglior <span class=\"_ _0\"></span>risultato<span class=\"_ _3a1\"> </span></span>per <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>cliente <span class=\"_ _1\"></span>(cfr. <span class=\"_ _38\"></span>Monitoraggio <span class=\"_ _1\"></span>KPI <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>KRI), <span class=\"_ _1\"></span>tute<span class=\"_ _1\"></span>lando <span class=\"_ _1\"></span>l\u2019integrit\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>condott<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>Compagnia<span class=\"_ _3a1\"> </span>nella relazione con la clientela.<span class=\"_ _3a1\"> </span>Rischio str<span class=\"_ _1\"></span>ategico<span class=\"_ _3a1\"> </span>Per rischio <span class=\"_ _1\"></span>strategico si <span class=\"_ _1\"></span>intende il rischio <span class=\"_ _1\"></span>attuale o <span class=\"_ _1\"></span>pro<span class=\"_ _3a1\"> </span>spettico di fles<span class=\"_ _1\"></span>sione degli utili <span class=\"_ _1\"></span>o del <span class=\"_ _1\"></span>capitale<span class=\"_ _3a1\"> </span>e <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>sostenibilit\u00e0 <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>modello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>business, <span class=\"_ _1\"></span>incluso <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iuscire <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>generare <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>adeguato<span class=\"_ _3a1\"> </span>ritorno  sul  capitale  sulla  base  della  propensione  al  rischio  definita  dall\u2019impresa,  derivante  da<span class=\"_ _3a1\"> </span>cambiamenti del <span class=\"_ _1\"></span>contesto operativo <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>da decisioni aziendali e<span class=\"_ _1\"></span>rrate, dall\u2019 attuazione <span class=\"_ _1\"></span>inadeguata di<span class=\"_ _3a1\"> </span>decisioni, <span class=\"_ _35\"> </span>impropria <span class=\"_ _35\"> </span>gestione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>appartenenza <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>gruppo, <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>dalla <span class=\"_ _35\"> </span>scarsa <span class=\"_ _35\"> </span>reattivit\u00e0 <span class=\"_ _35\"> </span>a<span class=\"_ _3a1\"> </span>variazioni del contesto competitivo.<span class=\"_ _3a1\"> </span>La Compagnia distingue tre principali fattori di rischio: -<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Str<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span></span></span>tegic <span class=\"_ _39\"> </span>risk: <span class=\"_ _39\"> </span>incapacit\u00e0 <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>avere<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>una <span class=\"_ _39\"> </span>strategia <span class=\"_ _39\"> </span>aziendale <span class=\"_ _39\"> </span>completamente <span class=\"_ _39\"> </span>elaborat<span class=\"_ _1\"></span>a <span class=\"_ _39\"> </span>e concordata  o <span class=\"_ _3d\"> </span>l\u2019incapacit\u00e0  di <span class=\"_ _3d\"> </span>seguire  t<span class=\"_ _1\"></span>ale  strategia  tale <span class=\"_ _3d\"> </span>da <span class=\"_ _3d\"> </span>creare  valore <span class=\"_ _3d\"> </span>nel  medio <span class=\"_ _3d\"> </span>lungo periodo. -<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Busines<span class=\"_ _1\"></span>s <span class=\"_ _36\"> </span>environmental <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>isk: <span class=\"_ _37\"> </span>Espos<span class=\"_ _1\"></span>izione <span class=\"_ _36\"> </span>a <span class=\"_ _36\"> </span>for<span class=\"_ _1\"></span>ze <span class=\"_ _36\"> </span>provenienti <span class=\"_ _36\"> </span>dal <span class=\"_ _36\"> </span>conte<span class=\"_ _1\"></span>sto <span class=\"_ _36\"> </span>esterno <span class=\"_ _36\"> </span>che </span></span>potrebbero <span class=\"_ _35\"> </span>cambi<span class=\"_ _2\"></span>are <span class=\"_ _35\"> </span>signifi<span class=\"_ _2\"></span>cativamente <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>fondamenti <span class=\"_ _0\"></span>che <span class=\"_ _35\"> </span>guidano <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>obiettivi <span class=\"_ _0\"></span>gene<span class=\"_ _1\"></span>rali <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>la strategia aziendale. -<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Rischio <span class=\"_ _1\"></span>Reddituale: <span class=\"_ _1\"></span>relat<span class=\"_ _1\"></span>ivo <span class=\"_ _1\"></span>alla co<span class=\"_ _1\"></span>erenza <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>componente <span class=\"_ _1\"></span>reddituale de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>portafogli <span class=\"_ _1\"></span>verso <span class=\"_ _1\"></span>gli </span></span>obblighi assunti nei confronti degli assicurati e la mar<span class=\"_ _1\"></span>ginalit\u00e0 finanziaria attesa dagli azionisti. L\u2019analisi <span class=\"_ _3b\"></span>dei rischi <span class=\"_ _3b\"></span>strategici v<span class=\"_ _2\"></span>iene eff<span class=\"_ _2\"></span>ettuate <span class=\"_ _2\"></span>mediante <span class=\"_ _2\"></span>specifiche <span class=\"_ _3b\"></span>analisi si <span class=\"_ _3b\"></span>sensitivity i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>sede <span class=\"_ _3b\"></span>ORSA o <span class=\"_ _35\"> </span>ogni <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>alvolta <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>assista <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>variazioni <span class=\"_ _35\"> </span>significative <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _35\"> </span>mercato, <span class=\"_ _35\"> </span>dell\u2019mix <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>produzione <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>dell<span class=\"_ _3b\"></span>e ipotesi <span class=\"_ _1\"></span>sottostanti le <span class=\"_ _1\"></span>valutazioni (a <span class=\"_ _1\"></span>titolo <span class=\"_ _1\"></span>esemplificativo, tassi <span class=\"_ _1\"></span>di riscat<span class=\"_ _1\"></span>to best e<span class=\"_ _1\"></span>stimate, <span class=\"_ _1\"></span>ipotesi di minimo garantito, etc). In <span class=\"_ _35\"> </span>tale <span class=\"_ _35\"> </span>ambito <span class=\"_ _35\"> </span>viene <span class=\"_ _35\"> </span>altres\u00ec <span class=\"_ _35\"> </span>valutata <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>presenza <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>potenziali<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>rischi <span class=\"_ _35\"> </span>emergenti <span class=\"_ _35\"> </span>sulla <span class=\"_ _35\"> </span>base <span class=\"_ _35\"> </span>delle informazioni derivanti dal piano i<span class=\"_ _1\"></span>ndustriale, dalle evoluzioni di <span class=\"_ _1\"></span>prodotto, dalle variazioni nor<span class=\"_ _1\"></span>mative e da qualsiasi altra variazione potenzialmente impattante s<span class=\"_ _1\"></span>ul profilo di rischio dell\u2019impresa. In s<span class=\"_ _1\"></span>eguito <span class=\"_ _1\"></span>ai <span class=\"_ _1\"></span>risultati <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>tale<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>analisi, ve<span class=\"_ _1\"></span>ngono <span class=\"_ _1\"></span>valutati <span class=\"_ _1\"></span>gli e<span class=\"_ _1\"></span>ventuali <span class=\"_ _38\"></span>cambiamenti <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>apportare<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>nella mappa dei rischi aziendali. Le valutazioni effettuate dalla Compagnia alla data di valutazione hanno <span class=\"_ _1\"></span>consentito di delineare la mappa dei ri<span class=\"_ _2\"></span>schi regolamentari <span class=\"_ _3b\"></span>\u2013 Framework Solvency I<span class=\"_ _2\"></span>I - a<span class=\"_ _3b\"></span> cui la Compagn<span class=\"_ _2\"></span>ia \u00e8 <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>sposta (di <span class=\"_ _3b\"></span>seguito riportata).  <table class=\"s w1534 h2e1\" id=\"_ea62da2a-46c9-4b91-96aa-8cc87e52537a\"><tr><td class=\"c n x25db y69e9 w1535 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Modulo di rischio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25dc y69e9 w1536 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Sottomodulo di rischio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25dd y69e9 w1537 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">E<span class=\"_ _1\"></span>sposizione<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x25de y69ea w1538 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Mortality risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25df y69ea w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x25de y69eb w1539 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Longevity risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25e0 y69eb w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x25de y69ec w153a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Disability morbidity r<span class=\"_ _2\"></span>isk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25e1 y69ec w153b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">---<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x25e2 h12 y69ed ff4 fs7 fc1 sc0 ls0 ws0\">Underwriting Risk<span class=\"_ _2\"></span> </td><td class=\"c n x25de y69ee w153c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Life Lapse risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25e3 y69ee w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x25de y69ef w153d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Expense risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25e4 y69ef w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x25de y69f0 w153e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Revisionary risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25e5 y69f0 w153b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">---<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x25de y69f1 w153f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">CAT risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25e6 y69f1 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x25de y69f2 w1540 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Interest rate risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25e7 y69f2 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x25de y69f3 w1541 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Equity risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25e8 y69f3 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x25e9 h12 y69f4 ff4 fs7 fc1 sc0 ls0 ws0\">Market risk </td><td class=\"c n x25de y69f5 w1542 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Property risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25ea y69f5 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x25de y69f6 w1543 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Spread risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25eb y69f6 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x25de y69f7 w1544 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Currency risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25ec y69f7 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x25de y69f8 w1545 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Concentration risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25ed y69f8 w1546 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">---<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x25ee h12 y69f9 ff4 fs7 fc1 sc0 ls0 ws0\">Counterparty defau<span class=\"_ _2\"></span>lt risk </td><td class=\"c n x25de y69fa w1547 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Type 1 counterpartie<span class=\"_ _2\"></span>s<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25ef y69fa w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x25de y69fb w1548 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Type 2 counterpartie<span class=\"_ _2\"></span>s<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25f0 y69fb w153b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">---<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x25f1 y69fc w1549 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Operational Risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25f2 y69fc w154a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Operational risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25f3 y69fc w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr></table>Le  valutazioni  prospettiche  dei  rischi  n<span class=\"_ _2\"></span>on  hanno  rilevato  da  u<span class=\"_ _2\"></span>n  punto  di  vista  regolamentare<span class=\"_ _2\"></span> (Solvency II) rischi <span class=\"_ _1\"></span>emergenti in <span class=\"_ _1\"></span>ragione delle <span class=\"_ _1\"></span>azioni previste dalle <span class=\"_ _1\"></span>nuove <span class=\"_ _1\"></span>strategie di investimento e di business (da segnalare tuttavia la review Solvency II la cui applicazione \u00e8 prevista a partire dal 2027). Si evi<span class=\"_ _2\"></span>denzia tuttavia una l<span class=\"_ _3b\"></span>or<span class=\"_ _1\"></span>o differente <span class=\"_ _2\"></span>composizione in t<span class=\"_ _2\"></span>ermini di rilevanza <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ispetto al dat<span class=\"_ _2\"></span>o consuntivo. I<span class=\"_ _2\"></span>n p<span class=\"_ _2\"></span>articolare<span class=\"_ _1\"></span>, p<span class=\"_ _2\"></span>ur confermandosi i<span class=\"_ _2\"></span> rischi <span class=\"_ _3b\"></span>Life Underwriting <span class=\"_ _2\"></span>superiori ai <span class=\"_ _2\"></span>rischi Marke<span class=\"_ _2\"></span>t, si inizia ad osservare un ribilanciamento tra le due classi di <span class=\"_ _2\"></span>rischio guidato in particolar modo da una<span class=\"_ _3b\"></span> riduzione <span class=\"_ _37\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _36\"> </span>rischio <span class=\"_ _36\"> </span>Lapse <span class=\"_ _36\"> </span>Mass <span class=\"_ _37\"> </span>come <span class=\"_ _36\"> </span>conseguenza <span class=\"_ _36\"> </span>indiretta <span class=\"_ _36\"> </span>delle <span class=\"_ _36\"> </span>dinamiche <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>tassi <span class=\"_ _36\"> </span>in progressiva riduzione rispetto al 2023.  Con <span class=\"_ _3d\"> </span>rife<span class=\"_ _1\"></span>rimento <span class=\"_ _37\"> </span>ai <span class=\"_ _3d\"> </span>dati <span class=\"_ _3d\"> </span>pr<span class=\"_ _1\"></span>ospettici <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>a <span class=\"_ _37\"> </span>quelli <span class=\"_ _3d\"> </span>monitora<span class=\"_ _1\"></span>ti <span class=\"_ _3d\"> </span>alla <span class=\"_ _37\"> </span>data <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>valutazione, <span class=\"_ _3d\"> </span>l\u2019analisi <span class=\"_ _37\"> </span>ha permesso <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>ind<span class=\"_ _2\"></span>ividuare <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>sotto<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>moduli <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>rischio <span class=\"_ _0\"></span>maggiormente <span class=\"_ _0\"></span>significativi <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>impattanti <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la Compagnia, <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>isultano <span class=\"_ _1\"></span>essere <span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>sotto <span class=\"_ _1\"></span>mo<span class=\"_ _1\"></span>duli di <span class=\"_ _38\"></span>rischio <span class=\"_ _1\"></span>Equity, <span class=\"_ _38\"></span>Spread, <span class=\"_ _1\"></span>Curre<span class=\"_ _1\"></span>ncy, <span class=\"_ _1\"></span>Operational e Lapse <span class=\"_ _38\"></span>Mass. <span class=\"_ _0\"></span>Anche <span class=\"_ _1\"></span>se <span class=\"_ _0\"></span>da <span class=\"_ _1\"></span>un <span class=\"_ _0\"></span>pu<span class=\"_ _2\"></span>nto <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>vi<span class=\"_ _2\"></span>sta <span class=\"_ _0\"></span>del <span class=\"_ _1\"></span>requisito <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>capitale <span class=\"_ _38\"></span>generato <span class=\"_ _0\"></span>il <span class=\"_ _1\"></span>modulo <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>rischio Interest <span class=\"_ _38\"></span>Rate, <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>valutazione, <span class=\"_ _38\"></span>non <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>appresenta <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>modulo <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _1\"></span>rilevante <span class=\"_ _38\"></span>(anche <span class=\"_ _38\"></span>per via <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>un <span class=\"_ _0\"></span>gap <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>duration <span class=\"_ _35\"> </span>tra <span class=\"_ _0\"></span>attivi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>passivi <span class=\"_ _0\"></span>sostanzialmente <span class=\"_ _35\"> </span>contenuto), <span class=\"_ _0\"></span>tuttavia <span class=\"_ _35\"> </span>per <span class=\"_ _0\"></span>gli <span class=\"_ _35\"> </span>eff<span class=\"_ _2\"></span>etti<span class=\"_ _3a1\"> </span>indiretti  che <span class=\"_ _35\"> </span>esso  pu<span class=\"_ _2\"></span>\u00f2  generare, <span class=\"_ _35\"> </span>tale  fattore <span class=\"_ _35\"> </span>di  rischio <span class=\"_ _35\"> </span>viene  considerato <span class=\"_ _35\"> </span>tr<span class=\"_ _1\"></span>a  i<span class=\"_ _2\"></span>  rischi <span class=\"_ _35\"> </span>principali<span class=\"_ _2\"></span> d\u2019atte<span class=\"_ _3a1\"> </span>nzionare. Inoltre si <span class=\"_ _3b\"></span>confer<span class=\"_ _1\"></span>ma l<span class=\"_ _2\"></span>\u2019esposizione della <span class=\"_ _3b\"></span>Compagnia al <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio Sp<span class=\"_ _2\"></span>read sui <span class=\"_ _3b\"></span>G<span class=\"_ _1\"></span>overnativi ITA <span class=\"_ _3b\"></span>(rischio non contemplato <span class=\"_ _48\"> </span>n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>lla <span class=\"_ _3a\"> </span>Formula <span class=\"_ _3a\"> </span>Sta<span class=\"_ _1\"></span>ndard). <span class=\"_ _3a\"> </span>La <span class=\"_ _3a\"> </span>Compagnia <span class=\"_ _3a\"> </span>nelle<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>propr<span class=\"_ _1\"></span>ie <span class=\"_ _3a\"> </span>valutazioni <span class=\"_ _3a\"> </span>pre<span class=\"_ _1\"></span>nde <span class=\"_ _3a\"> </span>in considerazione <span class=\"_ _3f\"> </span>t<span class=\"_ _1\"></span>ale <span class=\"_ _3f\"> </span>fattore <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _3f\"> </span>mediante <span class=\"_ _3a\"> </span>specifiche <span class=\"_ _3f\"> </span>analisi <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>sensitivity <span class=\"_ _3a\"> </span>effettuate periodicamente (almeno con frequenza trime<span class=\"_ _1\"></span>strale) e all\u2019interno del Report ORSA.  Le  analisi  quali/qu<span class=\"_ _2\"></span>antitativa  sull\u2019adeguatezza  del  Profilo  di  Ris<span class=\"_ _2\"></span>chio  della  Compagnia  rispetto <span class=\"_ _35\"> </span>i requisiti sottostanti l\u2019applicazione della Formula Standard sono risultate posit<span class=\"_ _1\"></span>ive. Le r<span class=\"_ _1\"></span>isultanze delle <span class=\"_ _1\"></span>attivit\u00e0 di valutazione <span class=\"_ _1\"></span>dei rischi <span class=\"_ _1\"></span>hanno e<span class=\"_ _1\"></span>videnziato una <span class=\"_ _1\"></span>volatilit\u00e0 nell\u2019evoluzione della <span class=\"_ _36\"> </span>solvibilit\u00e0 <span class=\"_ _36\"> </span>della <span class=\"_ _36\"> </span>Compagnia <span class=\"_ _39\"> </span>derivante <span class=\"_ _36\"> </span>dalle <span class=\"_ _36\"> </span>fluttuazioni <span class=\"_ _36\"> </span>dello <span class=\"_ _36\"> </span>s<span class=\"_ _1\"></span>pread <span class=\"_ _36\"> </span>BTP/Bund <span class=\"_ _36\"> </span>e <span class=\"_ _36\"> </span>dalle dinamiche <span class=\"_ _2\"></span>collegate ai <span class=\"_ _3b\"></span>tassi di <span class=\"_ _3b\"></span>interessi. Tuttavia, <span class=\"_ _3b\"></span>tale volatili<span class=\"_ _2\"></span>t\u00e0 dell\u2019<span class=\"_ _2\"></span>indice di <span class=\"_ _3b\"></span>solvibilit\u00e0, \u00e8 <span class=\"_ _3b\"></span>governata dalla Compagnia mediante l\u2019attivazione di specifici presidi or<span class=\"_ _1\"></span>ganizzativi e di monitoraggio. Al <span class=\"_ _35\"> </span>calcolo <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>gli <span class=\"_ _35\"> </span>impatti <span class=\"_ _0\"></span>dovuti <span class=\"_ _35\"> </span>ai <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>natura <span class=\"_ _35\"> </span>quantificabile <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>regolamentare, <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>Compagnia<span class=\"_ _3b\"></span> monitora e <span class=\"_ _1\"></span>valuta anche <span class=\"_ _1\"></span>i rischi quantitativi <span class=\"_ _1\"></span>ma non <span class=\"_ _1\"></span>rientranti <span class=\"_ _1\"></span>nell\u2019ambito della For<span class=\"_ _1\"></span>mula Standard, i cosiddetti \u201crischi quantitativi non re<span class=\"_ _1\"></span>golamentari\u201d, quali: -<span class=\"_ _41\"> </span><span class=\"ff4\">rischio spread sui t<span class=\"_ _1\"></span>itoli governativi;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4\">rischio di liquidit\u00e0;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4\">rischio ALM;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4\">rischio oper<span class=\"_ _1\"></span>ativo </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">IT &amp; Cyber Risk </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">rischio condott<span class=\"_ _1\"></span>a </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">rischio di apparte<span class=\"_ _1\"></span>nenza al gruppo; </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">rischio ESG (con un focus s<span class=\"_ _1\"></span>pecifico sui rischi climatici connessi ai rischi ambientali); </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">rischio strategico. </span>Oltre <span class=\"_ _1\"></span>alle <span class=\"_ _1\"></span>valutazioni <span class=\"_ _1\"></span>sui r<span class=\"_ _1\"></span>ischi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>natura <span class=\"_ _1\"></span>quantificabile <span class=\"_ _1\"></span>(sia <span class=\"_ _1\"></span>regolament<span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>che no<span class=\"_ _1\"></span>n), la <span class=\"_ _1\"></span>Compagnia gestisce e monitora anche: -<span class=\"_ _41\"> </span><span class=\"ff4\">rischio modello; </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">rischio di non confor<span class=\"_ _1\"></span>mit\u00e0 alle norme; </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">rischio reputazionale; </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">rischi emerge<span class=\"_ _1\"></span>nti. </span>Allo <span class=\"_ _1\"></span>stat<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>attuale, <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ali <span class=\"_ _1\"></span>tipologie <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _38\"></span>hanno <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>ivello <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>gestione<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>monitoraggio <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>valutazione coerente <span class=\"_ _1\"></span>con <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ilevanza. <span class=\"_ _1\"></span>E <span class=\"_ _1\"></span>dalle <span class=\"_ _38\"></span>valutazioni <span class=\"_ _1\"></span>condotte <span class=\"_ _38\"></span>non <span class=\"_ _1\"></span>comport<span class=\"_ _1\"></span>ano <span class=\"_ _1\"></span>un <span class=\"_ _38\"></span>add-on <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>term<span class=\"_ _1\"></span>ini di capitale regolamentare. Al  momento  non  vi  sono  risultati  ch<span class=\"_ _2\"></span>e  evidenzino  situazioni  di  criticit\u00e0  in  termini  di  solvib<span class=\"_ _2\"></span>ilit\u00e0 derivanti <span class=\"_ _0\"></span>dai<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>rischi<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>trategici. <span class=\"_ _38\"></span>Tuttavia, <span class=\"_ _0\"></span>anche <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>luce <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>contesto <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>ttuale, <span class=\"_ _38\"></span>verr\u00e0 <span class=\"_ _0\"></span>mantenuto <span class=\"_ _38\"></span>un attento mo<span class=\"_ _1\"></span>nitoraggio con il fine di <span class=\"_ _1\"></span>intercettare possibili variazioni <span class=\"_ _1\"></span>del contesto <span class=\"_ _1\"></span>macro-economico e/o <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>business <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>possono <span class=\"_ _0\"></span>avere <span class=\"_ _0\"></span>impatt<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>significativi <span class=\"_ _0\"></span>sugli <span class=\"_ _0\"></span>Own <span class=\"_ _35\"> </span>Funds <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>Compagnia <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>sul Requisito di Capitale. <div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1bdb\">CREDEM<span class=\"_ _1\"></span>ASSICURAZ<span class=\"_ _1\"></span>IONI S<span class=\"_ _1\"></span>.P.A.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1bdc\">Approc<span class=\"_ _1\"></span>c<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1bdd\">io alla ge<span class=\"_ _1\"></span>stione de<span class=\"_ _1\"></span>l rischio<span class=\"_ _1\"></span> di Crede<span class=\"_ _1\"></span>massicu<span class=\"_ _1\"></span>razioni<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1bde\">Strategie<span class=\"_ _1\"></span> e ges<span class=\"_ _1\"></span>tione del <span class=\"_ _1\"></span>rischio<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bdf\">Credemassicurazioni <span class=\"_ _1\"></span>S.p.A <span class=\"_ _1\"></span>oper<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>sulla <span class=\"_ _38\"></span>scorta <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>una <span class=\"_ _1\"></span>str<span class=\"_ _1\"></span>ategia <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sunzione <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>gestione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1be0\">basata</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1be1\"> <span class=\"_ _0\"></span>su <span class=\"_ _38\"></span>criteri <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>sana <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>prudente <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>coerente <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>il<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>livello <span class=\"_ _38\"></span>patr<span class=\"_ _1\"></span>imoniale <span class=\"_ _0\"></span>dell\u2019impresa.<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1be2\">Tale <span class=\"_ _38\"></span>strategia <span class=\"_ _1\"></span>si <span class=\"_ _38\"></span>fonda <span class=\"_ _38\"></span>su <span class=\"_ _38\"></span>principi <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>valutazione <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>rischi <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>considerano <span class=\"_ _1\"></span>gli <span class=\"_ _38\"></span>aspetti <span class=\"_ _38\"></span>relativi <span class=\"_ _1\"></span>alla<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1be3\">loro <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ilevanza/significativit\u00e0. <span class=\"_ _1\"></span>L\u2019approccio <span class=\"_ _38\"></span>se<span class=\"_ _1\"></span>guito <span class=\"_ _38\"></span>nella <span class=\"_ _1\"></span>gestione <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>fondato <span class=\"_ _38\"></span>sul <span class=\"_ _38\"></span>criterio <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1be4\">proporzionalit\u00e0 <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>viene <span class=\"_ _35\"> </span>delineato <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>apposite <span class=\"_ _35\"> </span>politiche <span class=\"_ _35\"> </span>interne <span class=\"_ _35\"> </span>ai <span class=\"_ _35\"> </span>sensi <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>Rego<span class=\"_ _1\"></span>lamento <span class=\"_ _35\"> </span>IVASS<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1be5\">n.38/2018, per ognuno degli ambiti di rischiosit\u00e0 che insistono sulla Compagnia.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1be6\">Gli elementi<span class=\"_ _2\"></span> chiav<span class=\"_ _2\"></span>e attraverso <span class=\"_ _2\"></span>cui <span class=\"_ _3b\"></span>viene definita <span class=\"_ _3b\"></span>la strategia <span class=\"_ _2\"></span>e l<span class=\"_ _2\"></span>e m<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>dalit\u00e0 d<span class=\"_ _2\"></span>i gestione <span class=\"_ _3b\"></span>dei rischi <span class=\"_ _3b\"></span>della<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1be7\">Compagnia sono i seguenti:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1be8\">-<span class=\"_ _41\"> </span><span class=\"ff4\">identificazione e class<span class=\"_ _1\"></span>ificazione dei rischi \u2013 mappa dei rischi;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1be9\">-<span class=\"_ _41\"> </span><span class=\"ff4\">valutazione dei rischi;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1bea\">-<span class=\"_ _41\"> </span><span class=\"ff4\">str<span class=\"_ _1\"></span>umenti e metodologie di misurazione;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1beb\">-<span class=\"_ _41\"> </span><span class=\"ff4\">gestione dei rischi;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1bec\">-<span class=\"_ _41\"> </span><span class=\"ff4\">monitora<span class=\"_ _1\"></span>ggio e reporting.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bed\">I principi g<span class=\"_ _2\"></span>enerali adottat<span class=\"_ _1\"></span>i per la <span class=\"_ _3b\"></span>definizione del sistema di gestione d<span class=\"_ _2\"></span>el rischio considerano qui<span class=\"_ _2\"></span>ndi:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1bee\">-<span class=\"_ _41\"> </span><span class=\"ff4\">la <span class=\"_ _3b\"></span>ver<span class=\"_ _1\"></span>ifica <span class=\"_ _3b\"></span>della <span class=\"_ _3b\"></span>coer<span class=\"_ _1\"></span>enza <span class=\"_ _3b\"></span>tr<span class=\"_ _1\"></span>a <span class=\"_ _3b\"></span>il <span class=\"_ _3b\"></span>live<span class=\"_ _1\"></span>llo <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>rischio assunto <span class=\"_ _3b\"></span>e <span class=\"_ _3b\"></span>il <span class=\"_ _2\"></span>livello <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>patr<span class=\"_ _1\"></span>imonio <span class=\"_ _3b\"></span>disponibile <span class=\"_ _2\"></span>atteso<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bef\">(c.d. Risk Appetite);<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1bf0\">-<span class=\"_ _41\"> </span><span class=\"ff4\">la <span class=\"_ _38\"></span>misurabilit\u00e0/valutazione <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>rischi <span class=\"_ _1\"></span>(per<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>quelli <span class=\"_ _1\"></span>quantificabili) <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>permettere <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>management<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bf1\">di valutare l\u2019impatto degli stessi sull\u2019andamento <span class=\"_ _1\"></span>aziendale;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1bf2\">-<span class=\"_ _41\"> </span><span class=\"ff4\">la determinazione <span class=\"_ _1\"></span>di processi e presidi operativi per quelli non quantificabili;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1bf3\">-<span class=\"_ _41\"> </span><span class=\"ff4\">la <span class=\"_ _36\"> </span>pre<span class=\"_ _1\"></span>senza <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>un <span class=\"_ _36\"> </span>sistema <span class=\"_ _39\"> </span>di <span class=\"_ _37\"> </span>mo<span class=\"_ _1\"></span>nitoraggio <span class=\"_ _36\"> </span>continuativo <span class=\"_ _39\"> </span>del <span class=\"_ _37\"> </span>pro<span class=\"_ _1\"></span>filo <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>rischio <span class=\"_ _36\"> </span>attuale <span class=\"_ _36\"> </span>e<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bf4\">prospettico e dei relativi indicatori di rischio ident<span class=\"_ _1\"></span>ificati.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bf5\">Credemassicurazioni  nell\u2019ambito  del  proprio  s<span class=\"_ _1\"></span>istema  di  gestione  dei  rischi,  ha  strutturato  ed<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bf6\">implementato <span class=\"_ _3d\"> </span>un  autono<span class=\"_ _1\"></span>mo  processo <span class=\"_ _3d\"> </span>di  valutazione <span class=\"_ _3d\"> </span>della <span class=\"_ _3d\"> </span>propria <span class=\"_ _3d\"> </span>adeguatezza <span class=\"_ _3d\"> </span>patrimoniale,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bf7\">attuale <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>prospettica, <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>relazione  ai<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>rischi <span class=\"_ _35\"> </span>rilevanti <span class=\"_ _35\"> </span>verso  i<span class=\"_ _3b\"></span>  q<span class=\"_ _2\"></span>uali <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>Compagnia <span class=\"_ _35\"> </span>risulta <span class=\"_ _35\"> </span>esposta<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bf8\">(processo ORSA \u2013 Own Risk and Solvency Assessment). Tale process<span class=\"_ _1\"></span>o ha le seguenti fasi:  </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1bf9\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Valutazione prospettica de<span class=\"_ _1\"></span>l Solvency II Ratio;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1bfa\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Stress <span class=\"_ _1\"></span>Test;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1bfb\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Piano di Liquidit\u00e0 prospettico;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1bfc\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Adeguatezza della Formula Standard r<span class=\"_ _1\"></span>ispetto il profilo di rischio della Compagnia;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1bfd\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Back Test<span class=\"_ _1\"></span>ing;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1bfe\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Predisposizione ORSA Repor<span class=\"_ _1\"></span>t e invio.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1bff\">Tra  essi  sono  incl<span class=\"_ _2\"></span>use  inoltre  le  valu<span class=\"_ _2\"></span>tazioni  dei  rischi  ESG  (<span class=\"_ _2\"></span>con  un  focu<span class=\"_ _2\"></span>s  particolare  sui  risc<span class=\"_ _2\"></span>hi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c00\">climatici).<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c01\">Parte integrante del processo ORSA sono anche i seguenti <span class=\"_ _1\"></span>processi:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1c02\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Definizione del piano pre<span class=\"_ _1\"></span>liminare e del budget aziendale;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1c03\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Definizione del Risk Appetit<span class=\"_ _1\"></span>e;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1c04\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Individuazione e valutazione dei rischi e<span class=\"_ _1\"></span> Continuous Monitoring.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c05\">Nell\u2019ambito <span class=\"_ _35\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>indi<span class=\"_ _2\"></span>rizzo <span class=\"_ _35\"> </span>strategico <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>Compagnia, <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>Consiglio <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>Amministrazione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c06\">individua  e  approva <span class=\"_ _3d\"> </span>il  corr<span class=\"_ _1\"></span>etto  dimensionament<span class=\"_ _1\"></span>o  della  dotazione <span class=\"_ _3d\"> </span>complessiva  di  capitale.  L<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c07\">formulazione  di  preliminari  li<span class=\"_ _2\"></span>nee  guida  strategiche  da  p<span class=\"_ _2\"></span>arte  del  Consiglio  di  A<span class=\"_ _2\"></span>mministrazione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c08\">indirizza la calibrazione degli obiettivi di rischio e lo<span class=\"_ _2\"></span> sviluppo del piano strategico. Tali attivit\u00e0 sono<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c09\">significativamente <span class=\"_ _36\"> </span>connesse <span class=\"_ _39\"> </span>e <span class=\"_ _36\"> </span>vengono <span class=\"_ _36\"> </span>e<span class=\"_ _1\"></span>ntrambe <span class=\"_ _36\"> </span>sviluppate <span class=\"_ _36\"> </span>consider<span class=\"_ _1\"></span>ando <span class=\"_ _36\"> </span>la <span class=\"_ _36\"> </span>situazione <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c0a\">partenza della Compagnia, la visione pros<span class=\"_ _1\"></span>pettica del contesto esterno e il profilo di rischio.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c0b\">Nel <span class=\"_ _38\"></span>continuo, <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>Funzione <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Risk <span class=\"_ _1\"></span>Manageme<span class=\"_ _1\"></span>nt <span class=\"_ _1\"></span>support<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>gli <span class=\"_ _38\"></span>organi <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ziendali <span class=\"_ _1\"></span>nelle <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>celte <span class=\"_ _1\"></span>derivanti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c0c\">dall\u2019attuazione <span class=\"_ _69\"> </span>del <span class=\"_ _69\"> </span>piano <span class=\"_ _69\"> </span>agevolando <span class=\"_ _69\"> </span>la <span class=\"_ _43\"> </span>comprensione <span class=\"_ _69\"> </span>e <span class=\"_ _69\"> </span>la <span class=\"_ _69\"> </span>consapevolezza <span class=\"_ _43\"> </span>dei <span class=\"_ _44\"> </span>rischi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c0d\">assunti/assumibili e il presidio degli stessi.   </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1c0f\">Identificazione e<span class=\"_ _1\"></span> classificazione dei risch<span class=\"_ _1\"></span>i \u2013 mappa<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1c10\">dei rischi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c11\">La <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>egolamentazione <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>settore, <span class=\"_ _38\"></span>recante <span class=\"_ _38\"></span>disposizioni <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>mater<span class=\"_ _1\"></span>ia <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>siste<span class=\"_ _1\"></span>ma <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>stione <span class=\"_ _38\"></span>dei <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c12\">richiede <span class=\"_ _39\"> </span>alle <span class=\"_ _3f\"> </span>imprese <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>e<span class=\"_ _1\"></span>ffettuare <span class=\"_ _39\"> </span>una <span class=\"_ _3f\"> </span>catalogazione <span class=\"_ _39\"> </span>dei <span class=\"_ _39\"> </span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _39\"> </span>a <span class=\"_ _39\"> </span>cui <span class=\"_ _39\"> </span>es<span class=\"_ _1\"></span>se <span class=\"_ _39\"> </span>so<span class=\"_ _1\"></span>no <span class=\"_ _39\"> </span>esposte<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c13\">indipendentemente <span class=\"_ _37\"> </span>dalla <span class=\"_ _37\"> </span>circostanza <span class=\"_ _37\"> </span>che <span class=\"_ _3d\"> </span>siano <span class=\"_ _37\"> </span>quantificabili, <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>funzione <span class=\"_ _37\"> </span>della <span class=\"_ _37\"> </span>natura, <span class=\"_ _3d\"> </span>della<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c14\">portata <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>complessit\u00e0 <span class=\"_ _38\"></span>inerenti <span class=\"_ _38\"></span>all\u2019attivit\u00e0 <span class=\"_ _38\"></span>svolta, <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>ottica <span class=\"_ _38\"></span>attuale <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>prospettica, <span class=\"_ _38\"></span>nonch\u00e9 <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ffetti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c15\">indiretti <span class=\"_ _1\"></span>connessi <span class=\"_ _38\"></span>ai <span class=\"_ _1\"></span>rischi <span class=\"_ _38\"></span>significativi. Tale <span class=\"_ _38\"></span>catalogazione <span class=\"_ _38\"></span>costituisce <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>linguaggio <span class=\"_ _38\"></span>comune <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>lo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c16\">svolgimento di tutte le attivit\u00e0 connesse con <span class=\"_ _1\"></span>il sistema di gestione dei rischi aziendali.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c17\">I rischi della Compagnia sono classificati ne<span class=\"_ _1\"></span>lle seguenti principali classi:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c18\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischi sottoscrizione (o tecnici assicurativi);<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c19\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischi assunzione e tariffazione;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c1a\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischio riservazione;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c1b\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischi di mercato:<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c1c\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischi Mercato;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c1d\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischio ALM;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c1e\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischio Liquidit\u00e0.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c1f\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischi di credito e counter<span class=\"_ _1\"></span>party;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c20\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Investimenti;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c21\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Riassicurazione;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c22\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Intermediari e controparti.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c23\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischi operativi:<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c24\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischi Operativi;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1c25\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">Rischio Informatico e Cyber Risk;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1c26\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">Rischi di non conformit\u00e0 alle <span class=\"_ _1\"></span>norme;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1c27\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">Model Risk;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1c28\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">Continuit\u00e0 Operativa;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1c29\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">Regulatory Operat<span class=\"_ _1\"></span>ional Risk.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c2a\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischi indiretti o di secondo livello;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1c2b\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">Rischio legato all\u2019appartene<span class=\"_ _1\"></span>nza al gruppo;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1c2c\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">Rischio reputazionale;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1c2d\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">Rischi di condotta;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1c2e\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">Rischi ESG;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c2f\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischi strategici;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c30\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischi emergenti.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c31\">Il  processo <span class=\"_ _3d\"> </span>di  identificazione  dei  r<span class=\"_ _1\"></span>ischi  cui  la  Compagnia <span class=\"_ _3d\"> </span>\u00e8  espost<span class=\"_ _1\"></span>a  costituisce <span class=\"_ _3d\"> </span>un  elemento<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c32\">fondamentale <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>corret<span class=\"_ _1\"></span>ta <span class=\"_ _1\"></span>implementazione <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>valutazione <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>pi\u00f9 <span class=\"_ _38\"></span>ampio <span class=\"_ _38\"></span>process<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>gestione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c33\">dei <span class=\"_ _37\"> </span>rischi. <span class=\"_ _37\"> </span> <span class=\"_ _37\"> </span>Credemassicurazioni, <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>linea <span class=\"_ _37\"> </span>con <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>Normativa <span class=\"_ _37\"> </span>Regolamentare, <span class=\"_ _36\"> </span>ha <span class=\"_ _3d\"> </span>previsto <span class=\"_ _37\"> </span>una<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c34\">procedura di censimento d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>i rischi, <span class=\"_ _2\"></span>da intendersi come strumen<span class=\"_ _2\"></span>to metodologico di <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>upporto nello<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c35\">svolgimento <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>lle <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>individuazione <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>valutazione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>chi <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>rmetta <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>raccogliere <span class=\"_ _1\"></span>in<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c36\">via continuativa inform<span class=\"_ _1\"></span>azioni sui r<span class=\"_ _1\"></span>ischi, interni <span class=\"_ _1\"></span>ed esterni, esistent<span class=\"_ _1\"></span>i e <span class=\"_ _1\"></span>prospettici a cui <span class=\"_ _1\"></span>\u00e8 espost<span class=\"_ _1\"></span>a, e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c37\">che possono interessare <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>utti i <span class=\"_ _2\"></span>processi operativi e l<span class=\"_ _2\"></span>e aree aziend<span class=\"_ _3b\"></span>ali. Per sua natura <span class=\"_ _2\"></span>tale procedura<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c38\">\u00e8 <span class=\"_ _0\"></span>continua <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>evoluzione <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>b<span class=\"_ _2\"></span>ase <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>p<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ogressivo <span class=\"_ _0\"></span>affinamento <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>el <span class=\"_ _0\"></span>sistema <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>ge<span class=\"_ _1\"></span>stione <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c39\">all\u2019evoluzione del quadro normativo di rifer<span class=\"_ _1\"></span>imento.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c3a\">La procedura di censimento dei rischi di Credemassicurazioni si articola in quattro <span class=\"_ _1\"></span>fasi:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c3b\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">analisi del piano strategico azie<span class=\"_ _1\"></span>ndale e individuazione dei fattori di rischio emergenti;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c3c\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">individuazione dei fattori di rischio esterni;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c3d\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">individuazione <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>fat<span class=\"_ _1\"></span>tori <span class=\"_ _3b\"></span>di rischi<span class=\"_ _2\"></span>o op<span class=\"_ _2\"></span>erativi <span class=\"_ _3b\"></span>(ivi i<span class=\"_ _2\"></span>nclusi <span class=\"_ _2\"></span>quelli <span class=\"_ _3b\"></span>infor<span class=\"_ _1\"></span>matici <span class=\"_ _2\"></span>e d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>cy<span class=\"_ _1\"></span>ber <span class=\"_ _3b\"></span>risk), <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>non<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c3e\">conformit\u00e0 alle norme e di secondo livello;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c3f\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">individuazione dei fattori di rischio strategico.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c40\">Le <span class=\"_ _0\"></span>modalit\u00e0 <span class=\"_ _0\"></span>adottate <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>l\u2019id<span class=\"_ _2\"></span>entificazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>basano <span class=\"_ _0\"></span>sostanzialmente <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>uno<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _0\"></span>dei<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1c41\">seguenti approcci:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c42\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Risk Assessment specifici (per famiglie di rischio);<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c43\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Valutazioni delle differenze tra ogni assunzione di r<span class=\"_ _1\"></span>ischio e il risultato attuale;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c44\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Eventi perdita o errori accaduti;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c45\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Revisione dei processi, della matr<span class=\"_ _1\"></span>ice dei rischi normativa o risk assessment normativi;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c46\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Brainstorming con il management e i r<span class=\"_ _1\"></span>isk owner;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1c47\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Valutazioni di Internal/Exter<span class=\"_ _1\"></span>nal Audi<span class=\"_ _2\"></span>t<span class=\"_ _3a1\"> </span></span></div>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Comunicazioni e confronti con i regulator<span class=\"_ _1\"></span>;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Altri</span> eventi esterni;<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Reporting trasmesso dalle arre funzionali della Compagnia.<span class=\"_ _3a1\"> </span></span>Una  volta  che  i <span class=\"_ _3d\"> </span>rischi  sono  stati  identificati  essi  vanno  a  costit<span class=\"_ _1\"></span>uire  la  Mappa  dei  rischi  della<span class=\"_ _3a1\"> </span>Compagnia.<span class=\"_ _3a1\"> </span>Valutazione <span class=\"_ _1\"></span>dei Rischi<span class=\"_ _3a1\"> </span>Il processo di valu<span class=\"_ _2\"></span>tazione dei rischi \u00e8 realizzato <span class=\"_ _2\"></span>sia con logiche a<span class=\"_ _2\"></span>ttuali sia con logic<span class=\"_ _2\"></span>he prospettiche<span class=\"_ _3a1\"> </span>ed <span class=\"_ _3f\"> </span>integra <span class=\"_ _3f\"> </span>metodologie <span class=\"_ _3f\"> </span>ed <span class=\"_ _3f\"> </span>app<span class=\"_ _2\"></span>rocci <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>carattere <span class=\"_ _3f\"> </span>quantitativo <span class=\"_ _3f\"> </span>(sia <span class=\"_ _3f\"> </span>regolamentare <span class=\"_ _3f\"> </span>sia <span class=\"_ _3f\"> </span>non<span class=\"_ _3a1\"> </span>regolamentare) e qualitativo.<span class=\"_ _3a1\"> </span>La <span class=\"_ _0\"> </span>valutazione <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>effettuata <span class=\"_ _35\"> </span>su <span class=\"_ _0\"></span>base <span class=\"_ _35\"> </span>individuale, <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>livello <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>singolo <span class=\"_ _0\"></span>rischio, <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>su <span class=\"_ _0\"></span>base<span class=\"_ _3a1\"> </span>aggregata, per tener conto delle <span class=\"_ _3b\"></span>inte<span class=\"_ _1\"></span>rrelazioni fra le fonti di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio. Vengono inoltre considerati gli<span class=\"_ _3a1\"> </span>effetti indiretti connessi ai rischi pi\u00f9 significativi.<span class=\"_ _3a1\"> </span>La <span class=\"_ _1\"></span>fr<span class=\"_ _1\"></span>equenza <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>valutazione <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>rischi <span class=\"_ _38\"></span>dipende <span class=\"_ _1\"></span>dalla <span class=\"_ _38\"></span>tipologia <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>rischi, <span class=\"_ _1\"></span>dagli <span class=\"_ _38\"></span>str<span class=\"_ _1\"></span>umenti <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>dalle<span class=\"_ _3a1\"> </span>metodologie <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valutazione <span class=\"_ _1\"></span>utilizzate<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ed \u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>stabilita <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>coerenza <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>frequenza <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>le e<span class=\"_ _1\"></span>sigenze <span class=\"_ _1\"></span>dei<span class=\"_ _3a1\"> </span>processi <span class=\"_ _38\"></span>strategici <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>decisionali <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>Compagnia. <span class=\"_ _38\"></span>La <span class=\"_ _0\"></span>frequenza <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>valutazione <span class=\"_ _0\"></span>dei <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>ottica<span class=\"_ _3a1\"> </span>prospettica \u00e8 coerente con il processo annuale di pianificazione st<span class=\"_ _1\"></span>rategica. Accanto <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>gestione <span class=\"_ _35\"> </span>ordinaria <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>proce<span class=\"_ _1\"></span>sso <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>valutazione <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>ischi, <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>prevista <span class=\"_ _35\"> </span>una <span class=\"_ _0\"></span>ge<span class=\"_ _1\"></span>stione<span class=\"_ _3a1\"> </span>all\u2019occorrenza, <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>agione <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>venti <span class=\"_ _3b\"></span>che possano <span class=\"_ _3b\"></span>determinare una <span class=\"_ _184\"></span>variazione significativa <span class=\"_ _3b\"></span>del <span class=\"_ _2\"></span>profilo<span class=\"_ _3a1\"> </span>di rischio. In particolare, sono stati identificati i seguenti principali eventi: -<span class=\"_ _1a9\"> </span><span class=\"ff4\">l\u2019aggiornamento del piano strategico;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">un\u2019acquisizione <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>un <span class=\"_ _35\"> </span>disinvestimento <span class=\"_ _0\"></span>che <span class=\"_ _35\"> </span>modific<span class=\"_ _2\"></span>hi <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>ensibilmente <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>business, <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>profilo <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span></span>rischio o la posizione di solvibilit\u00e0;<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">una <span class=\"_ _35\"> </span>variazione  significativa <span class=\"_ _35\"> </span>nei  mercati <span class=\"_ _35\"> </span>finanziari <span class=\"_ _35\"> </span>che  determini <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>notevole  impatto <span class=\"_ _35\"> </span>sul<span class=\"_ _3a1\"> </span></span>portafoglio attivi della compagnia;<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">una variazione significativa nelle passivit\u00e0 della Compagnia;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">una riduzione della posizione di solvibilit\u00e0 al di sotto<span class=\"_ _1\"></span> di valori critici;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">un cambiamento significativo del quadro re<span class=\"_ _1\"></span>golamentare;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">un cambiamento significativo del pr<span class=\"_ _1\"></span>ofilo di rischio e l\u2019insorgere di nuovi rischi;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">un cambiamento significativo dei pr<span class=\"_ _1\"></span>ocessi, sistemi e procedure aziendali.<span class=\"_ _3a1\"> </span></span>Strumenti e<span class=\"_ _1\"></span> Metodologie di Misurazione<span class=\"_ _3a1\"> </span>La <span class=\"_ _0\"></span>Compagnia <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>definito <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>sens<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>normativa <span class=\"_ _0\"></span>reg<span class=\"_ _3a1\"> </span>ola<span class=\"_ _3a1\"> </span>me<span class=\"_ _3a1\"> </span>ntare <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>processo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>e<span class=\"_ _3a1\"> </span>analisi <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _35\"> </span>basato <span class=\"_ _35\"> </span>sostanzialmente <span class=\"_ _35\"> </span>sugli <span class=\"_ _35\"> </span>strumenti <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>metodologie <span class=\"_ _35\"> </span>svilu<span class=\"_ _2\"></span>ppate  n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ll\u2019ambito<span class=\"_ _3a1\"> </span>della  procedura  di  p<span class=\"_ _2\"></span>rofilazione  dei  rischi <span class=\"_ _35\"> </span>ovvero  a  indicatori  di <span class=\"_ _35\"> </span>rischio  i  quali  possono<span class=\"_ _2\"></span>  essere<span class=\"_ _3a1\"> </span>costruiti ai seguenti approcci meto<span class=\"_ _1\"></span>dologici:<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">quantitativi <span class=\"_ _39\"> </span>regolamentari <span class=\"_ _39\"> </span>basat<span class=\"_ _1\"></span>i <span class=\"_ _39\"> </span>sui <span class=\"_ _39\"> </span>principi <span class=\"_ _39\"> </span>alla <span class=\"_ _39\"> </span>base <span class=\"_ _39\"> </span>delle <span class=\"_ _39\"> </span>grandezze <span class=\"_ _39\"> </span>re<span class=\"_ _1\"></span>golamentari<span class=\"_ _3a1\"> </span></span>Solvency tra cui il Requisito di Capitale;<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">quantitativi <span class=\"_ _48\"> </span>non <span class=\"_ _48\"> </span>regolamentari <span class=\"_ _48\"> </span>(o <span class=\"_ _48\"> </span>gestionali) <span class=\"_ _48\"> </span>basati <span class=\"_ _48\"> </span>su <span class=\"_ _48\"> </span>concetti <span class=\"_ _48\"> </span>come <span class=\"_ _48\"> </span>ad <span class=\"_ _48\"> </span>esempio<span class=\"_ _3a1\"> </span></span>esposizione, <span class=\"_ _38\"></span>concentrazione, <span class=\"_ _38\"></span>volatilit\u00e0, <span class=\"_ _1\"></span>perdita <span class=\"_ _38\"></span>attesa <span class=\"_ _38\"></span>o <span class=\"_ _1\"></span>pote<span class=\"_ _1\"></span>nziale, <span class=\"_ _1\"></span>e/o <span class=\"_ _38\"></span>volti <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>valutare <span class=\"_ _38\"></span>quei<span class=\"_ _3a1\"> </span>rischi non <span class=\"_ _3b\"></span>ricompresi nella <span class=\"_ _3b\"></span>formula standard <span class=\"_ _3b\"></span>e/o ad <span class=\"_ _3b\"></span>inte<span class=\"_ _1\"></span>grare <span class=\"_ _2\"></span>la <span class=\"_ _3b\"></span>valutazione degli stes<span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>rischi<span class=\"_ _3a1\"> </span>regolamentari tra cui:<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischio Liquidit\u00e0;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischio ALM;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischi Operativi;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Cyber e IT;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischio di Condotta;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischio di Appartenenza al Gr<span class=\"_ _1\"></span>upp<span class=\"_ _2\"></span>o;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischio ESG (rischio climatico);<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischio strategico,<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">qualitativi <span class=\"_ _3f\"> </span>basati <span class=\"_ _3f\"> </span>su <span class=\"_ _3f\"> </span>grandezze <span class=\"_ _3f\"> </span>non <span class=\"_ _3f\"> </span>quantificab<span class=\"_ _2\"></span>ili <span class=\"_ _3f\"> </span>o <span class=\"_ _3f\"> </span>difficilmente <span class=\"_ _3f\"> </span>quantificabili, <span class=\"_ _3f\"> </span>la <span class=\"_ _3f\"> </span>cui<span class=\"_ _3a1\"> </span></span>valutazione del giudizio esperto \u00e8 prevalente<span class=\"_ _1\"></span>, tra cui:<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischio Modello;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischio Legale &amp; Non Confor<span class=\"_ _1\"></span>mit\u00e0;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischio Reputazionale;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Rischi Emergenti.<span class=\"_ _3a1\"> </span></span>Oltre <span class=\"_ _37\"> </span>alle <span class=\"_ _37\"> </span>metodologie <span class=\"_ _37\"> </span>alla <span class=\"_ _37\"> </span>base<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>tali <span class=\"_ _37\"> </span>indicatori <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>rischio, <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>misurazione<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>del <span class=\"_ _37\"> </span>rischio <span class=\"_ _37\"> </span>della<span class=\"_ _3a1\"> </span>Compagnia, sia <span class=\"_ _1\"></span>attuale <span class=\"_ _1\"></span>che pr<span class=\"_ _1\"></span>ospettica, si <span class=\"_ _1\"></span>basa sulle m<span class=\"_ _1\"></span>etodologie regolame<span class=\"_ _1\"></span>ntari per <span class=\"_ _1\"></span>il calcolo del<span class=\"_ _3a1\"> </span>Requisito <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>Cap<span class=\"_ _1\"></span>itale <span class=\"_ _38\"></span>(cfr. <span class=\"_ _38\"></span>SCR): <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>met<span class=\"_ _1\"></span>odologia <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iferimento <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>quella <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>lla <span class=\"_ _1\"></span>Fo<span class=\"_ _1\"></span>rmula <span class=\"_ _38\"></span>Standard. <span class=\"_ _38\"></span>Si<span class=\"_ _3a1\"> </span>precisa <span class=\"_ _0\"></span>inoltra <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>Compagnia <span class=\"_ _0\"></span>adotta <span class=\"_ _35\"> </span>l\u2019ap<span class=\"_ _2\"></span>plicazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Volatility <span class=\"_ _35\"> </span>Adjustments: <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>valutazioni<span class=\"_ _3a1\"> </span>attuali <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>prospettiche <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>rischi <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>golamentari <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>Compagn<span class=\"_ _2\"></span>ia <span class=\"_ _38\"></span>prevedono <span class=\"_ _0\"></span>l\u2019utili<span class=\"_ _2\"></span>zzo <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>Volatility<span class=\"_ _3a1\"> </span>Adjustment <span class=\"_ _3b\"></span>come<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>Long <span class=\"_ _3b\"></span>Te<span class=\"_ _1\"></span>rm <span class=\"_ _3b\"></span>G<span class=\"_ _1\"></span>uarantee <span class=\"_ _3b\"></span>measure. <span class=\"_ _3b\"></span>Il <span class=\"_ _3b\"></span>Volatility Ad<span class=\"_ _2\"></span>justme<span class=\"_ _1\"></span>nt <span class=\"_ _3b\"></span>viene ap<span class=\"_ _2\"></span>plicato <span class=\"_ _3b\"></span>sul <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>otale<span class=\"_ _3a1\"> </span>delle <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _0\"></span>detenute <span class=\"_ _0\"></span>dalla <span class=\"_ _0\"></span>Compagnia <span class=\"_ _0\"></span>vendu<span class=\"_ _2\"></span>te <span class=\"_ _0\"></span>interame<span class=\"_ _1\"></span>nte <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>Italia <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>valuta <span class=\"_ _0\"></span>Euro. <span class=\"_ _0\"></span>Non<span class=\"_ _3a1\"> </span>viene <span class=\"_ _0\"></span>app<span class=\"_ _2\"></span>licato <span class=\"_ _0\"></span>dall<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>Compagnia <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>Matching <span class=\"_ _38\"></span>Adjustme<span class=\"_ _1\"></span>nt. <span class=\"_ _0\"></span>Al <span class=\"_ _38\"></span>fine <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>maggiore <span class=\"_ _38\"></span>comprensione<span class=\"_ _3a1\"> </span>degli <span class=\"_ _38\"></span>effett<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>derivanti <span class=\"_ _38\"></span>dall\u2019applicazione <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>Volatility <span class=\"_ _0\"></span>Ad<span class=\"_ _2\"></span>justment <span class=\"_ _38\"></span>sulle <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iserve <span class=\"_ _38\"></span>tecniche <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ui <span class=\"_ _38\"></span>fondi<span class=\"_ _3a1\"> </span>propri, la <span class=\"_ _3b\"></span>Compagnia effe<span class=\"_ _2\"></span>ttua inol<span class=\"_ _2\"></span>tre analisi <span class=\"_ _3b\"></span>di sensitivity <span class=\"_ _3b\"></span>ogni qualv<span class=\"_ _2\"></span>olta lo <span class=\"_ _3b\"></span>scostamento tra <span class=\"_ _3b\"></span>la curva<span class=\"_ _3a1\"> </span>risk free EIOPA e la curva risk free EIOPA con volatility Adjustement r<span class=\"_ _1\"></span>isulti significativo.<span class=\"_ _3a1\"> </span>Tutte queste gr<span class=\"_ _1\"></span>andezze, oltre a costit<span class=\"_ _1\"></span>uire l\u2019impianto per il <span class=\"_ _1\"></span>monitoraggio nel <span class=\"_ _1\"></span>continuo alla base <span class=\"_ _1\"></span>del<span class=\"_ _3a1\"> </span>modello <span class=\"_ _3f\"> </span>organizzativo <span class=\"_ _3a\"> </span>di <span class=\"_ _3f\"> </span>gestione <span class=\"_ _3f\"> </span>del <span class=\"_ _3f\"> </span>r<span class=\"_ _1\"></span>ischio, <span class=\"_ _3f\"> </span>rappresentano <span class=\"_ _3f\"> </span>gli <span class=\"_ _3f\"> </span>e<span class=\"_ _1\"></span>lementi <span class=\"_ _3f\"> </span>alla <span class=\"_ _3f\"> </span>base<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>della<span class=\"_ _3a1\"> </span>metodologia <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>la <span class=\"_ _37\"> </span>profilazione <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>rischio <span class=\"_ _37\"> </span>della <span class=\"_ _3d\"> </span>Compagnia.  Tale<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>ha <span class=\"_ _37\"> </span>come <span class=\"_ _3d\"> </span>obiettivo<span class=\"_ _3a1\"> </span>l\u2019individuazione <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>valutazione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>fattori <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>l\u2019attribuzione <span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>ognuno <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>essi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>livello <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span>significativit\u00e0. Da un punto di vista metodologico, concorrono alla valutazione dei rischi anche:<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Sensitivity, <span class=\"_ _1\"></span>stress <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>est <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>scenario <span class=\"_ _38\"></span>test: <span class=\"_ _1\"></span>ai <span class=\"_ _1\"></span>sensi <span class=\"_ _38\"></span>dell\u2019Art. <span class=\"_ _1\"></span>19, <span class=\"_ _1\"></span>comma <span class=\"_ _1\"></span>4 <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Re<span class=\"_ _1\"></span>g. <span class=\"_ _1\"></span>IVASS <span class=\"_ _1\"></span>n.38, <span class=\"_ _1\"></span>la<span class=\"_ _3a1\"> </span></span>Funzione <span class=\"_ _1\"></span>Risk <span class=\"_ _1\"></span>Manageme<span class=\"_ _1\"></span>nt, <span class=\"_ _1\"></span>allo <span class=\"_ _38\"></span>scopo <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>valutare <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>ottica <span class=\"_ _38\"></span>attuale <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>prospettica <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>impatti<span class=\"_ _3a1\"> </span>sulla  situazione <span class=\"_ _3d\"> </span>economica  e <span class=\"_ _3d\"> </span>patrimoniale <span class=\"_ _3d\"> </span>derivanti  da  andame<span class=\"_ _1\"></span>nti  avversi <span class=\"_ _3d\"> </span>dei  principali<span class=\"_ _3a1\"> </span>fattori di <span class=\"_ _2\"></span>rischio, effettua, p<span class=\"_ _2\"></span>er ciascuna <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lle fonti d<span class=\"_ _2\"></span>i rischio<span class=\"_ _2\"></span> identificate come <span class=\"_ _2\"></span>maggiormente<span class=\"_ _3a1\"> </span>significative, analisi di stress test e sensitivity.<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Risk Self Assessment sui rischi operativi (ivi inclusi il rischio informat<span class=\"_ _1\"></span>ico e il cyber risk).<span class=\"_ _3a1\"> </span></span>Gestione dei Risch<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>L\u2019obiettivo <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>sistem<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>gestio<span class=\"_ _2\"></span>ne <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>rischi <span class=\"_ _0\"></span>consis<span class=\"_ _3a1\"> </span>te<span class=\"_ _3a1\"> </span>ne<span class=\"_ _3a1\"> </span>l <span class=\"_ _38\"></span>ma<span class=\"_ _1\"></span>ntenere <span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>rischi <span class=\"_ _0\"></span>cui<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>Compagnia <span class=\"_ _0\"></span>\u00e8<span class=\"_ _3a1\"> </span>esposta <span class=\"_ _39\"> </span>a <span class=\"_ _39\"> </span>un <span class=\"_ _36\"> </span>livello <span class=\"_ _39\"> </span>definito <span class=\"_ _39\"> </span>accettabile, <span class=\"_ _39\"> </span>attraverso <span class=\"_ _39\"> </span>l\u2019indic<span class=\"_ _2\"></span>azione <span class=\"_ _39\"> </span>della <span class=\"_ _39\"> </span>propensione <span class=\"_ _39\"> </span>e <span class=\"_ _39\"> </span>della<span class=\"_ _3a1\"> </span>tolleranza al rischio <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>tabilite in coerenza c<span class=\"_ _2\"></span>on l\u2019obiettivo di<span class=\"_ _2\"></span> salvaguardia d<span class=\"_ _2\"></span>el patrimonio delle stess<span class=\"_ _3b\"></span>e<span class=\"_ _3a1\"> </span>a <span class=\"_ _38\"></span>garanzia <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _38\"></span>continuit\u00e0 <span class=\"_ _0\"></span>azie<span class=\"_ _2\"></span>ndale. <span class=\"_ _38\"></span>Le <span class=\"_ _0\"></span>li<span class=\"_ _2\"></span>nee <span class=\"_ _38\"></span>guida <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>ema <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ges<span class=\"_ _1\"></span>tione <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>rischi <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iportate<span class=\"_ _3a1\"> </span>nelle singole <span class=\"_ _3b\"></span>politiche redatte, <span class=\"_ _2\"></span>riviste <span class=\"_ _2\"></span>ed app<span class=\"_ _2\"></span>rovate annualmente <span class=\"_ _3b\"></span>dal Consiglio <span class=\"_ _2\"></span>di Ammin<span class=\"_ _2\"></span>istrazione,<span class=\"_ _3a1\"> </span>previo <span class=\"_ _35\"> </span>passaggio <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>Consig<span class=\"_ _1\"></span>liere<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>Incaricato <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>controllo  i<span class=\"_ _2\"></span>nterno <span class=\"_ _35\"> </span>e  ai <span class=\"_ _35\"> </span>rischi <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>Compagnia. Elementi costitutivi della gestione dei rischi sono:<span class=\"_ _3a1\"> </span>Risk Appetite <span class=\"_ _1\"></span>Framework<span class=\"_ _3a1\"> </span>La Compagnia <span class=\"_ _2\"></span>si \u00e8 dotata di<span class=\"_ _2\"></span> un Ri<span class=\"_ _2\"></span>sk Appetite Framework (c<span class=\"_ _2\"></span>fr. RAF) che defin<span class=\"_ _2\"></span>isce la propensione <span class=\"_ _3b\"></span>al<span class=\"_ _3a1\"> </span>rischio, <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oglie <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>tolleranza, <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>limiti <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rischio, <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>politiche <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>governo <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _1\"></span>nonch\u00e9 <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>processi<span class=\"_ _3a1\"> </span>di r<span class=\"_ _1\"></span>iferimento <span class=\"_ _38\"></span>necessari <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>definirli e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>attuarli. <span class=\"_ _1\"></span>Nell\u2019ambito <span class=\"_ _1\"></span>dell\u2019att<span class=\"_ _1\"></span>ivit\u00e0 di <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>dirizzo s<span class=\"_ _1\"></span>trategico <span class=\"_ _1\"></span>della<span class=\"_ _3a1\"> </span>Compagnia, il <span class=\"_ _3b\"></span>Co<span class=\"_ _1\"></span>nsiglio di Amministrazione in<span class=\"_ _2\"></span>dividua e app<span class=\"_ _2\"></span>rova la propria propensione <span class=\"_ _2\"></span>al rischio. <span class=\"_ _2\"></span>Il<span class=\"_ _3a1\"> </span>processo <span class=\"_ _1\"></span>di definizione/revisione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Risk Appetite <span class=\"_ _1\"></span>Framework <span class=\"_ _1\"></span>si affianca <span class=\"_ _1\"></span>pertanto <span class=\"_ _1\"></span>al pro<span class=\"_ _1\"></span>cesso di<span class=\"_ _3a1\"> </span>Pianificazione <span class=\"_ _38\"></span>Strat<span class=\"_ _1\"></span>egica/Operativa <span class=\"_ _1\"></span>(Bud<span class=\"_ _1\"></span>get) <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>tiene <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>o <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>valutazione <span class=\"_ _0\"></span>interna <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span>della solvibilit\u00e0. Tali elementi <span class=\"_ _1\"></span>non sono infatti disgiunti, ma si influenzano a vicenda con l\u2019obiettivo<span class=\"_ _3a1\"> </span>di <span class=\"_ _3b\"></span>ot<span class=\"_ _1\"></span>tenere <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>massimizzazione <span class=\"_ _3b\"></span>del profilo <span class=\"_ _3b\"></span>rischio \u2013 <span class=\"_ _3b\"></span>rendimento d<span class=\"_ _2\"></span>ella <span class=\"_ _3b\"></span>Compagnia. La <span class=\"_ _3b\"></span>definizione del<span class=\"_ _3a1\"> </span>RAF tiene conto dei seguenti aspett<span class=\"_ _1\"></span>i:<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">la <span class=\"_ _1\"></span>strategia <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>Compagnia, <span class=\"_ _1\"></span>ivi <span class=\"_ _1\"></span>inclusi <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>obiettivi <span class=\"_ _1\"></span>organizzativi, <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>piano <span class=\"_ _1\"></span>strate<span class=\"_ _1\"></span>gico, <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>vincoli<span class=\"_ _3a1\"> </span></span>finanziari, nonch\u00e9 normativi e le aspettative degli stakeholders;<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">gli aspetti chiave del business della Compagnia;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">la volont\u00e0 e la capacit\u00e0 di assumere r<span class=\"_ _1\"></span>ischi;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">le  competenze,  le  risorse  e  la  tecnologia <span class=\"_ _3d\"> </span>a  disposizione  della  Compagnia  per  gestire  e<span class=\"_ _3a1\"> </span></span>monitorare le esposizioni al rischio.<span class=\"_ _3a1\"> </span>La <span class=\"_ _3b\"></span>pro<span class=\"_ _1\"></span>pensione al <span class=\"_ _184\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _3b\"></span>della Compagnia <span class=\"_ _3b\"></span>congiuntamente<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>alla v<span class=\"_ _2\"></span>alutazione <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>istema d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>gove<span class=\"_ _1\"></span>rno<span class=\"_ _3a1\"> </span>societario adottato nonch\u00e9 alla <span class=\"_ _3b\"></span>mappatura e identificazione dei fattori di<span class=\"_ _2\"></span> rischio e ad un<span class=\"_ _2\"></span>a generale<span class=\"_ _3a1\"> </span>applicazione <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>principio <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span>sona <span class=\"_ _0\"></span>prudente, <span class=\"_ _38\"></span>rappresentano <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>principali <span class=\"_ _38\"></span>elem<span class=\"_ _1\"></span>enti <span class=\"_ _38\"></span>cos<span class=\"_ _1\"></span>titutivi<span class=\"_ _3a1\"> </span>alla bas<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>determinazione <span class=\"_ _1\"></span>del m<span class=\"_ _1\"></span>odello or<span class=\"_ _1\"></span>ganizzativo di <span class=\"_ _1\"></span>gestione <span class=\"_ _38\"></span>dei rischi <span class=\"_ _1\"></span>(specifico <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>ogni<span class=\"_ _3a1\"> </span>classe di rischio).<span class=\"_ _3a1\"> </span>Nella <span class=\"_ _1\"></span>definizione <span class=\"_ _38\"></span>delle <span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>prie s<span class=\"_ _1\"></span>trategie <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>busines<span class=\"_ _1\"></span>s, <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>Compagnia valuta, <span class=\"_ _38\"></span>su <span class=\"_ _1\"></span>base<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>continuativa, <span class=\"_ _1\"></span>il<span class=\"_ _3a1\"> </span>rispetto, <span class=\"_ _38\"></span>nei <span class=\"_ _38\"></span>diversi <span class=\"_ _38\"></span>anni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>sviluppo <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>piano, <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>livelli <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>target <span class=\"_ _38\"></span>definiti <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>Risk <span class=\"_ _38\"></span>Appetite<span class=\"_ _3a1\"> </span>Framework <span class=\"_ _38\"></span>(c.d. <span class=\"_ _1\"></span>RAF), <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>fine <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>garantire <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>coerenza <span class=\"_ _38\"></span>tra <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>obiettivi <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>medio-lungo <span class=\"_ _38\"></span>periodo <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>la<span class=\"_ _3a1\"> </span>capacit\u00e0 e la <span class=\"_ _1\"></span>volont\u00e0 di assumere rischi della Compagnia stessa.<span class=\"_ _3a1\"> </span>Si declinano, di seguito, i concetti r<span class=\"_ _1\"></span>ilevanti ai fini della definizione del RAF:<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">il <span class=\"_ _35\"> </span>Risk <span class=\"_ _0\"></span>P<span class=\"_ _1\"></span>rofile <span class=\"_ _35\"> </span>rappresenta <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _35\"> </span>effettivo <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>Compagni<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>valu<span class=\"_ _2\"></span>tato <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>determinato<span class=\"_ _3a1\"> </span></span>istante temporale;<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">il <span class=\"_ _3b\"></span>Risk Appetite rapp<span class=\"_ _2\"></span>resenta l<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>vera <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>propria p<span class=\"_ _2\"></span>ropensione al<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>rischio <span class=\"_ _3b\"></span>da parte <span class=\"_ _3b\"></span>della Compagnia<span class=\"_ _3a1\"> </span></span>e <span class=\"_ _1\"></span>costituisce, <span class=\"_ _1\"></span>quindi, <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>livello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ssa <span class=\"_ _1\"></span>intende <span class=\"_ _1\"></span>assumere <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>perseguiment<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>dei<span class=\"_ _3a1\"> </span>suoi obiettivi strategici;<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">la  Risk  Tolerance  indiv<span class=\"_ _2\"></span>idua  la  soglia  massima  d<span class=\"_ _2\"></span>i  tolleranza  d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>l  rischio,  fissata  al<span class=\"_ _3b\"></span>  fine  di<span class=\"_ _3a1\"> </span></span>assicurare <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>Compagnia <span class=\"_ _1\"></span>margini <span class=\"_ _38\"></span>sufficienti <span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>operare <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ia <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>fase <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>normale <span class=\"_ _1\"></span>corso<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>degli<span class=\"_ _3a1\"> </span>affari sia in condizioni di mercato particolar<span class=\"_ _1\"></span>mente stressate;<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">la  Risk  Capacity,  invece, <span class=\"_ _3d\"> </span>rappresenta  il  massimo  ris<span class=\"_ _1\"></span>chio  assumibile  dalla  Compagnia;  \u00e8<span class=\"_ _3a1\"> </span></span>costituito <span class=\"_ _0\"></span>quindi <span class=\"_ _0\"></span>dal <span class=\"_ _35\"> </span>liv<span class=\"_ _2\"></span>ello <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>rischio <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>essa <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>grado <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>assumere <span class=\"_ _0\"> </span>a <span class=\"_ _35\"> </span>suo <span class=\"_ _0\"></span>carico <span class=\"_ _0\"></span>senza<span class=\"_ _3a1\"> </span>violare i requisiti regolamentari o gli altri vincoli imposti dall\u2019autorit\u00e0 <span class=\"_ _1\"></span>di vigilanza.<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Risk Preferences, <span class=\"_ _3b\"></span>ra<span class=\"_ _1\"></span>ppresentano <span class=\"_ _3b\"></span>le preferenze <span class=\"_ _3b\"></span>in materia <span class=\"_ _2\"></span>di s<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>lezione d<span class=\"_ _2\"></span>ei rischi,<span class=\"_ _2\"></span> sintetizzano<span class=\"_ _3a1\"> </span></span>il collegamento tra Risk Appetite e <span class=\"_ _1\"></span>Strategia, caratterizzano gli elementi qualitativi del RAF.<span class=\"_ _3a1\"> </span>Nella <span class=\"_ _1\"></span>definizione <span class=\"_ _38\"></span>delle <span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>prie s<span class=\"_ _1\"></span>trategie <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>busines<span class=\"_ _1\"></span>s, <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>Compagnia valuta, <span class=\"_ _38\"></span>su <span class=\"_ _1\"></span>base<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>continuativa, <span class=\"_ _1\"></span>il<span class=\"_ _3a1\"> </span>rispetto, <span class=\"_ _38\"></span>nei <span class=\"_ _38\"></span>diversi <span class=\"_ _38\"></span>anni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>sviluppo <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>piano, <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>livelli <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>target <span class=\"_ _38\"></span>definiti <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>Risk <span class=\"_ _38\"></span>Appetite<span class=\"_ _3a1\"> </span>Framework, <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fine <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>garantire <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>coerenza <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>obiettivi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>medio-lungo <span class=\"_ _1\"></span>periodo <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>capacit\u00e0 <span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span>la volont\u00e0 <span class=\"_ _1\"></span>di ass<span class=\"_ _1\"></span>umere r<span class=\"_ _1\"></span>ischi. In <span class=\"_ _1\"></span>particolare <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>piano str<span class=\"_ _1\"></span>ategico, partendo <span class=\"_ _1\"></span>dal profilo <span class=\"_ _1\"></span>di r<span class=\"_ _1\"></span>ischio dell<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span>Compagnia al momento della redaz<span class=\"_ _2\"></span>ione del piano stesso, tiene conto del rischio <span class=\"_ _2\"></span>assumibile senza<span class=\"_ _3a1\"> </span>violare <span class=\"_ _1\"></span>i requisiti <span class=\"_ _1\"></span>regolament<span class=\"_ _1\"></span>ari o <span class=\"_ _1\"></span>altri <span class=\"_ _1\"></span>vincoli <span class=\"_ _1\"></span>imposti <span class=\"_ _1\"></span>dall\u2019Autorit\u00e0 <span class=\"_ _1\"></span>di Vigilanza, <span class=\"_ _1\"></span>l\u2019appetito <span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>ischio<span class=\"_ _3a1\"> </span>(ovvero <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>livello <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>es<span class=\"_ _1\"></span>sa <span class=\"_ _0\"></span>inte<span class=\"_ _1\"></span>nde <span class=\"_ _35\"> </span>a<span class=\"_ _2\"></span>ssumere <span class=\"_ _35\"> </span>per <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>perseguimento <span class=\"_ _0\"></span>dei <span class=\"_ _35\"> </span>suoi <span class=\"_ _35\"> </span>obiettivi<span class=\"_ _3a1\"> </span>strategici) e<span class=\"_ _1\"></span> la <span class=\"_ _1\"></span>tolleranza al <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>(ovvero <span class=\"_ _1\"></span>la so<span class=\"_ _1\"></span>glia massima <span class=\"_ _1\"></span>di scosta<span class=\"_ _1\"></span>mento rispetto <span class=\"_ _1\"></span>all\u2019appetito<span class=\"_ _3a1\"> </span>al rischio) fissate  dal Consiglio di Amministrazione.<span class=\"_ _3a1\"> </span>La <span class=\"_ _38\"></span>Compagnia <span class=\"_ _38\"></span>ha <span class=\"_ _0\"></span>inoltre <span class=\"_ _38\"></span>definito <span class=\"_ _38\"></span>una <span class=\"_ _0\"></span>Politica <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Gestione <span class=\"_ _0\"></span>del <span class=\"_ _1\"></span>Capitale <span class=\"_ _0\"></span>e <span class=\"_ _1\"></span>un <span class=\"_ _0\"></span>Piano <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Gestione <span class=\"_ _38\"></span>del<span class=\"_ _3a1\"> </span>Capitale <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>cui <span class=\"_ _1\"></span>scopo <span class=\"_ _1\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>quello <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>adot<span class=\"_ _1\"></span>tare <span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>cedure <span class=\"_ _1\"></span>atte <span class=\"_ _1\"></span>ad <span class=\"_ _38\"></span>accertare <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>salvaguardia <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>requisiti<span class=\"_ _3a1\"> </span>regolamentari  e  dei<span class=\"_ _3b\"></span>  livelli  obiettivo  d<span class=\"_ _2\"></span>i  Risk <span class=\"_ _35\"> </span>Appetite  nonch\u00e9  d<span class=\"_ _2\"></span>i  garantire  ch<span class=\"_ _2\"></span>e,  sia <span class=\"_ _35\"> </span>al  momento<span class=\"_ _3a1\"> </span>dell\u2019emissione che<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>uccessivamente, g<span class=\"_ _2\"></span>li <span class=\"_ _3b\"></span>elementi dei <span class=\"_ _3b\"></span>Fondi <span class=\"_ _3b\"></span>Propri a <span class=\"_ _3b\"></span>cui <span class=\"_ _3b\"></span>l\u2019impresa intende <span class=\"_ _3b\"></span>attingere<span class=\"_ _3a1\"> </span>al fine di realizzare gli obiettivi di business stabiliti in se<span class=\"_ _1\"></span>de di pianificazione strategica, soddisfino i<span class=\"_ _3a1\"> </span>requisiti <span class=\"_ _35\"> </span>regolamentari <span class=\"_ _0\"></span>definiti <span class=\"_ _0\"></span>da <span class=\"_ _35\"> </span>EIOPA <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>siano <span class=\"_ _0\"></span>correttamente <span class=\"_ _35\"> </span>classificati. <span class=\"_ _0\"></span> <span class=\"_ _35\"> </span>Tale<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>Piano <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>s<span class=\"_ _2\"></span>tato<span class=\"_ _3a1\"> </span>redatto <span class=\"_ _3f\"> </span>coerentemente <span class=\"_ _3f\"> </span>con <span class=\"_ _3f\"> </span>le <span class=\"_ _3f\"> </span>risultanze <span class=\"_ _39\"> </span>de<span class=\"_ _1\"></span>lla <span class=\"_ _3f\"> </span>valutazione <span class=\"_ _3f\"> </span>prospettica <span class=\"_ _3f\"> </span>dei <span class=\"_ _39\"> </span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _3f\"> </span>secondo<span class=\"_ _3a1\"> </span>l\u2019approccio Solvency <span class=\"_ _1\"></span>II <span class=\"_ _1\"></span>(ORSA), <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>obiettivi <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>metodologie s<span class=\"_ _1\"></span>tabilite <span class=\"_ _1\"></span>nella <span class=\"_ _1\"></span>Politica di <span class=\"_ _1\"></span>Gest<span class=\"_ _1\"></span>ion<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span>del <span class=\"_ _35\"> </span>Capitale <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>con <span class=\"_ _0\"> </span>i <span class=\"_ _35\"> </span>re<span class=\"_ _1\"></span>quisiti <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>solvib<span class=\"_ _2\"></span>ilit\u00e0 <span class=\"_ _35\"> </span>stabiliti <span class=\"_ _35\"> </span>dal <span class=\"_ _35\"> </span>Regolatore, <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>fine <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>garantir<span class=\"_ _1\"></span>e <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>solidit\u00e0<span class=\"_ _3a1\"> </span>patrimoniale della Compagnia nell\u2019esercizio della propria <span class=\"_ _1\"></span>attivit\u00e0 e nei suoi possibili sviluppi futuri.<span class=\"_ _3a1\"> </span>Indicatori <span class=\"_ _1\"></span>di Rischio<span class=\"_ _3a1\"> </span>In <span class=\"_ _3a\"> </span>coerenza <span class=\"_ _3a\"> </span>con <span class=\"_ _3f\"> </span>quanto <span class=\"_ _3a\"> </span>disciplinato <span class=\"_ _3a\"> </span>nel <span class=\"_ _3a\"> </span>Regolamento <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>Risk <span class=\"_ _3f\"> </span>Appetit<span class=\"_ _1\"></span>e <span class=\"_ _3a\"> </span>Framework <span class=\"_ _3a\"> </span>della<span class=\"_ _3a1\"> </span>Compagnia, <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>gestione <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>ottica <span class=\"_ _35\"> </span>attuale <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>prospettica <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>Compagnia <span class=\"_ _0\"></span>si <span class=\"_ _35\"> </span>basa <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>ulla<span class=\"_ _3a1\"> </span>definizione di indicatori per ogni categor<span class=\"_ _1\"></span>ia di rischio.<span class=\"_ _3a1\"> </span>Gli indicatori sono ulteriormente suddivisi in:<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>indicatori <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>I\u00b0 <span class=\"_ _3d\"> </span>livello<span class=\"_ _3a1\"> </span>: <span class=\"_ _3d\"> </span>sono <span class=\"_ _3d\"> </span>indicatori <span class=\"_ _37\"> </span>finalizzati  principalmente <span class=\"_ _37\"> </span>al  r<span class=\"_ _1\"></span>ispetto <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>vincoli <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span>solvibilit\u00e0.  Sono <span class=\"_ _3d\"> </span>indicatori <span class=\"_ _3d\"> </span>di  p<span class=\"_ _1\"></span>ossibili  impatt<span class=\"_ _1\"></span>i  ne<span class=\"_ _1\"></span>gativi  e <span class=\"_ _3d\"> </span>for<span class=\"_ _1\"></span>niscono  avvertimenti <span class=\"_ _3d\"> </span>atti <span class=\"_ _3d\"> </span>ad<span class=\"_ _3a1\"> </span>identificare <span class=\"_ _0\"></span>potenziali <span class=\"_ _0\"></span>eventi <span class=\"_ _0\"></span>dannosi <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>minacciano <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>raggiungimento <span class=\"_ _0\"></span>degli <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>biettivi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>la<span class=\"_ _3a1\"> </span>continuit\u00e0 <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>Business.  Tali<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>indicatori <span class=\"_ _35\"> </span>sono  int<span class=\"_ _2\"></span>egrati <span class=\"_ _35\"> </span>all\u2019interno <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>Regolamento  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>Risk<span class=\"_ _3a1\"> </span>Appetite <span class=\"_ _0\"></span>Framework <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>ad <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ssi <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>iene <span class=\"_ _0\"></span>associato <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>Risk <span class=\"_ _0\"></span>Appetite, <span class=\"_ _38\"></span>una <span class=\"_ _0\"></span>Risk <span class=\"_ _38\"></span>Tolerance <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>una<span class=\"_ _3a1\"> </span>Risk Capacity e il relativo sistema di Risk Appetite St<span class=\"_ _1\"></span>atement;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>indicatori <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>early <span class=\"_ _0\"></span>warning<span class=\"_ _3a1\"> </span>: <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>fine <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>ffettuare <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>monitoraggio <span class=\"_ _0\"></span>preventivo <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>nel <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>inuo<span class=\"_ _3a1\"> </span>sugli <span class=\"_ _38\"></span>indicatori <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>so<span class=\"_ _1\"></span>lvibilit\u00e0 <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _38\"></span>stati <span class=\"_ _38\"></span>inoltre <span class=\"_ _38\"></span>definiti <span class=\"_ _38\"></span>degli <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>dicatori <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>early <span class=\"_ _38\"></span>warnig <span class=\"_ _0\"></span>vol<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>ad<span class=\"_ _3a1\"> </span>intercettare fenomeni e/o eventi di potenziale elevata <span class=\"_ _1\"></span>criticit\u00e0 e o attenzione;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>indicatori <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>II\u00b0 <span class=\"_ _38\"></span>livello<span class=\"_ _3a1\"> </span>: <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>indicato<span class=\"_ _1\"></span>ri <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ipo <span class=\"_ _38\"></span>operativo/gestionali <span class=\"_ _38\"></span>funzionali <span class=\"_ _1\"></span>ad <span class=\"_ _0\"></span>irrobustire <span class=\"_ _38\"></span>le<span class=\"_ _3a1\"> </span>attivit\u00e0 <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>monitoraggio <span class=\"_ _39\"> </span>dei <span class=\"_ _39\"> </span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _36\"> </span>e<span class=\"_ _1\"></span>d <span class=\"_ _39\"> </span>eventualmente <span class=\"_ _39\"> </span>fornire <span class=\"_ _39\"> </span>segnali <span class=\"_ _39\"> </span>preventivi <span class=\"_ _39\"> </span>ad <span class=\"_ _39\"> </span>un<span class=\"_ _3a1\"> </span>potenziale deterioramento delle <span class=\"_ _3b\"></span>metr<span class=\"_ _1\"></span>iche di I<span class=\"_ _2\"></span>\u00b0 Livello. <span class=\"_ _2\"></span>Tali ind<span class=\"_ _2\"></span>icatori sono integrati<span class=\"_ _2\"></span> all\u2019interno<span class=\"_ _3a1\"> </span>del Regolamento di Risk Appetite Framework della Compagnia.<span class=\"_ _3a1\"> </span>Nell\u2019ambito <span class=\"_ _3b\"></span>gene<span class=\"_ _1\"></span>rale <span class=\"_ _3b\"></span>del <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>istema <span class=\"_ _184\"></span>di <span class=\"_ _2\"></span>gestione d<span class=\"_ _2\"></span>ei <span class=\"_ _3b\"></span>rischi <span class=\"_ _3b\"></span>la <span class=\"_ _2\"></span>Compagnia <span class=\"_ _3b\"></span>definisce <span class=\"_ _3b\"></span>inoltr<span class=\"_ _1\"></span>e <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>pecifici <span class=\"_ _3b\"></span>limiti<span class=\"_ _3a1\"> </span>operativi c<span class=\"_ _2\"></span>he <span class=\"_ _3b\"></span>declinano gli<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>obiettivi <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _3b\"></span>(ad es. <span class=\"_ _3b\"></span>limiti <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>termini <span class=\"_ _3b\"></span>di esposiz<span class=\"_ _2\"></span>ione, <span class=\"_ _2\"></span>concentrazione,<span class=\"_ _3a1\"> </span>etc.) <span class=\"_ _0\"></span>coerenti <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>l\u2019appetito <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>Compagnia. <span class=\"_ _0\"></span>Il <span class=\"_ _0\"></span>principale <span class=\"_ _0\"></span>indicatore <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>I\u00b0 <span class=\"_ _0\"></span>Livello <span class=\"_ _0\"></span>della<span class=\"_ _3a1\"> </span>Compag<span class=\"_ _3a1\"> </span>nia <span class=\"_ _36\"> </span>\u00e8 <span class=\"_ _39\"> </span>il <span class=\"_ _36\"> </span>Solvency <span class=\"_ _39\"> </span>II <span class=\"_ _36\"> </span>Ratio <span class=\"_ _39\"> </span>ovvero <span class=\"_ _36\"> </span>il <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>apporto <span class=\"_ _36\"> </span>tra <span class=\"_ _39\"> </span>Eligible <span class=\"_ _36\"> </span>Capital <span class=\"_ _36\"> </span>e <span class=\"_ _39\"> </span>Solvency <span class=\"_ _39\"> </span>Capital<span class=\"_ _3a1\"> </span>Requirement. <span class=\"_ _3d\"> </span>La <span class=\"_ _3d\"> </span>Co<span class=\"_ _1\"></span>mpagnia  s<span class=\"_ _1\"></span>i  pre<span class=\"_ _1\"></span>figge <span class=\"_ _3d\"> </span>l\u2019obiettivo <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>avere <span class=\"_ _37\"> </span>un <span class=\"_ _3d\"> </span>livello <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>Capitale <span class=\"_ _3d\"> </span>Economico<span class=\"_ _3a1\"> </span>adeguato <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>linea <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>obiettivi <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>trategici, <span class=\"_ _1\"></span>superior<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>ad <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>prefissato <span class=\"_ _38\"></span>livello <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>Solvency <span class=\"_ _38\"></span>Ratio<span class=\"_ _3a1\"> </span>come di seguito riportato:<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Risk Appetite: 230%;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Risk Tolerance: 180%;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Risk Capacity: 130%.<span class=\"_ _3a1\"> </span></span>Nell\u2019ambito  della <span class=\"_ _35\"> </span>definizione  del <span class=\"_ _35\"> </span>RAF  risulta  nece<span class=\"_ _2\"></span>ssario  fissare <span class=\"_ _35\"> </span>il  liv<span class=\"_ _2\"></span>ello  di <span class=\"_ _35\"> </span>rischio  che,  se <span class=\"_ _35\"> </span>non<span class=\"_ _3a1\"> </span>rispettato <span class=\"_ _1\"></span>dal Risk Profile della <span class=\"_ _1\"></span>Compagnia, necessita di <span class=\"_ _1\"></span>interventi correttivi. Le s<span class=\"_ _1\"></span>oglie individuano<span class=\"_ _3a1\"> </span>dunque <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>binari <span class=\"_ _3d\"> </span>all<span class=\"_ _1\"></span>\u2019interno <span class=\"_ _37\"> </span>dei <span class=\"_ _3d\"> </span>quali <span class=\"_ _37\"> </span>la <span class=\"_ _3d\"> </span>Compagnia <span class=\"_ _37\"> </span>pu\u00f2 <span class=\"_ _37\"> </span>condurre <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>sua <span class=\"_ _3d\"> </span>azione<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>finalizzata <span class=\"_ _37\"> </span>al<span class=\"_ _3a1\"> </span>raggiungimento <span class=\"_ _38\"></span>degli <span class=\"_ _1\"></span>obiet<span class=\"_ _1\"></span>tivi <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>business. <span class=\"_ _38\"></span>La <span class=\"_ _38\"></span>violazione <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>queste <span class=\"_ _38\"></span>soglie <span class=\"_ _38\"></span>richieda <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>processo <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span>escalation <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>parte della <span class=\"_ _1\"></span>Compagnia <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>definizione <span class=\"_ _1\"></span>di specifici <span class=\"_ _1\"></span>piani di <span class=\"_ _1\"></span>inter<span class=\"_ _1\"></span>vento <span class=\"_ _1\"></span>per fare <span class=\"_ _1\"></span>fronte<span class=\"_ _3a1\"> </span>alla situazione.<span class=\"_ _3a1\"> </span>Monitoraggio e<span class=\"_ _1\"></span> Reporting<span class=\"_ _3a1\"> </span>Il modello organizzativo di gestione<span class=\"_ _1\"></span> del rischio di Cre<span class=\"_ _1\"></span>demassicurazioni coinv<span class=\"_ _2\"></span>olge t<span class=\"_ _1\"></span>utte le strutture<span class=\"_ _3a1\"> </span>aziendali, <span class=\"_ _3d\"> </span>dalle <span class=\"_ _37\"> </span>funzioni <span class=\"_ _3d\"> </span>operative <span class=\"_ _37\"> </span>(coinvolte <span class=\"_ _37\"> </span>nella <span class=\"_ _3d\"> </span>gestione <span class=\"_ _37\"> </span>dei <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _3d\"> </span>sui <span class=\"_ _3d\"> </span>pro<span class=\"_ _1\"></span>cessi <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>propria<span class=\"_ _3a1\"> </span>competenza)  ivi  incluse  le  Fu<span class=\"_ _2\"></span>nzioni  di  Fondamentali,  il  C<span class=\"_ _2\"></span>onsigliere  Incaricato  e  il  Consiglio <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span>Amministrazione. In <span class=\"_ _0\"></span>tale <span class=\"_ _35\"> </span>contesto, <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>funzione <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>Risk <span class=\"_ _0\"></span>Management <span class=\"_ _0\"></span>funge <span class=\"_ _35\"> </span>inoltre <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>coordinatore <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>monitoraggio <span class=\"_ _3f\"> </span>dei <span class=\"_ _3f\"> </span>ris<span class=\"_ _1\"></span>chi. <span class=\"_ _3f\"> </span>Pi\u00f9 <span class=\"_ _3f\"> </span>in <span class=\"_ _3f\"> </span>particolare, <span class=\"_ _3f\"> </span>concorre <span class=\"_ _3f\"> </span>alla <span class=\"_ _3a\"> </span>defini<span class=\"_ _2\"></span>zione <span class=\"_ _3f\"> </span>delle <span class=\"_ _3a\"> </span>metodologie <span class=\"_ _3f\"> </span>di<span class=\"_ _3a1\"> </span>misurazione <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>limiti <span class=\"_ _0\"></span>(sia <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>RAF <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>operative), <span class=\"_ _38\"></span>definendo <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>ppropriate <span class=\"_ _38\"></span>pr<span class=\"_ _1\"></span>ocedure <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span>verifica,  ed <span class=\"_ _35\"> </span>ha  il <span class=\"_ _35\"> </span>compito  di <span class=\"_ _35\"> </span>validare  i <span class=\"_ _35\"> </span>flussi  informativi <span class=\"_ _35\"> </span>dell\u2019attivit\u00e0  di<span class=\"_ _2\"></span>  monitoraggio <span class=\"_ _35\"> </span>dei  rischi,<span class=\"_ _3a1\"> </span>predisporre la re<span class=\"_ _1\"></span>portistica per i vertici aziendali e ver<span class=\"_ _1\"></span>ificare la coer<span class=\"_ _1\"></span>enza dei modelli di misurazione<span class=\"_ _3a1\"> </span>dei rischi con l\u2019operativit\u00e0 svolta dall\u2019impresa.<span class=\"_ _3a1\"> </span>I rischi <span class=\"_ _1\"></span>sono monitorati <span class=\"_ _1\"></span>in maniera continuativa dalla <span class=\"_ _1\"></span>funzione di Risk <span class=\"_ _1\"></span>Management e <span class=\"_ _1\"></span>dalle s<span class=\"_ _1\"></span>ingole<span class=\"_ _3a1\"> </span>funzioni co<span class=\"_ _1\"></span>mpetenti; <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fine \u00e8<span class=\"_ _1\"></span> st<span class=\"_ _1\"></span>ato <span class=\"_ _1\"></span>sviluppato e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>affinato <span class=\"_ _1\"></span>progressivamente <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>repor<span class=\"_ _1\"></span>ting <span class=\"_ _1\"></span>relativo<span class=\"_ _3a1\"> </span>all\u2019evoluzione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>rischi <span class=\"_ _1\"></span>nei <span class=\"_ _1\"></span>confr<span class=\"_ _1\"></span>onti <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Consiglio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Amministrazione, <span class=\"_ _1\"></span> <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Co<span class=\"_ _1\"></span>nsigliere <span class=\"_ _1\"></span>Incaricato<span class=\"_ _3a1\"> </span>per <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>Contro<span class=\"_ _1\"></span>lli <span class=\"_ _1\"></span>Interni <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>Rischi, <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>CRO, <span class=\"_ _1\"></span>dell\u2019Alta <span class=\"_ _1\"></span>Direzione <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>lle <span class=\"_ _1\"></span>strutture <span class=\"_ _1\"></span>operative <span class=\"_ _1\"></span>compete<span class=\"_ _1\"></span>nti<span class=\"_ _3a1\"> </span>al <span class=\"_ _38\"></span>fine <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>migliorare <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>comunicaz<span class=\"_ _2\"></span>ione <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>risultati <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>cons<span class=\"_ _2\"></span>entire <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>maggior <span class=\"_ _0\"></span>comprensione <span class=\"_ _38\"></span>delle<span class=\"_ _3a1\"> </span>tematiche connesse alla valutazione dei r<span class=\"_ _1\"></span>ischi.<span class=\"_ _3a1\"> </span>Il modello di gestione dei rischi adottato <span class=\"_ _1\"></span>da Credemassicurazioni \u00e8 caratterizzato da:<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">una <span class=\"_ _1\"></span>fase <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>aggiorname<span class=\"_ _1\"></span>nto <span class=\"_ _1\"></span>degli <span class=\"_ _1\"></span>indicatori <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _38\"></span>e/o <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>limiti <span class=\"_ _1\"></span>(sia <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>RAF <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>oper<span class=\"_ _1\"></span>ative)<span class=\"_ _3a1\"> </span></span>per <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>governo <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>seconda <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>esigenze <span class=\"_ _38\"></span>organizzative<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>e/o <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>seguito <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>var<span class=\"_ _1\"></span>iazioni<span class=\"_ _3a1\"> </span>del <span class=\"_ _3b\"></span>contes<span class=\"_ _1\"></span>to <span class=\"_ _3b\"></span>interno <span class=\"_ _2\"></span>o <span class=\"_ _3b\"></span>esterno, o <span class=\"_ _184\"></span>qualora non <span class=\"_ _3b\"></span>siano <span class=\"_ _2\"></span>pi\u00f9 <span class=\"_ _3b\"></span>in l<span class=\"_ _2\"></span>inea <span class=\"_ _3b\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>pro<span class=\"_ _1\"></span>filo <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _3b\"></span>richiesto<span class=\"_ _3a1\"> </span>dall\u2019Organo Amministrativo;<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">una conseguente <span class=\"_ _3b\"></span>attivit\u00e0 di <span class=\"_ _3b\"></span>monitoraggio degli <span class=\"_ _3b\"></span>indicatori e <span class=\"_ _3b\"></span>dei limiti <span class=\"_ _3b\"></span>operat<span class=\"_ _1\"></span>ivi <span class=\"_ _2\"></span>e d<span class=\"_ _2\"></span>i g<span class=\"_ _2\"></span>overno <span class=\"_ _2\"></span>del<span class=\"_ _3a1\"> </span></span>rischio.  Le <span class=\"_ _35\"> </span>att<span class=\"_ _1\"></span>ivit\u00e0  di <span class=\"_ _35\"> </span>monitoraggio  si <span class=\"_ _35\"> </span>sost<span class=\"_ _1\"></span>anziano  in <span class=\"_ _35\"> </span>specifici  presidi <span class=\"_ _35\"> </span>or<span class=\"_ _1\"></span>ganizzativi <span class=\"_ _35\"> </span>att<span class=\"_ _1\"></span>i  a<span class=\"_ _3a1\"> </span>garantire <span class=\"_ _1\"></span>il r<span class=\"_ _1\"></span>ispetto de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>limiti stessi, <span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>attivare t<span class=\"_ _1\"></span>empestivi <span class=\"_ _1\"></span>processi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>segnalazione <span class=\"_ _1\"></span>a fr<span class=\"_ _1\"></span>onte<span class=\"_ _3a1\"> </span>di <span class=\"_ _0\"></span>eventuali <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ilevazioni <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>superamento <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>definire <span class=\"_ _0\"></span>specific<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>piani <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>rientro <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>seguito <span class=\"_ _0\"></span>delle<span class=\"_ _3a1\"> </span>segnalazioni stesse.<span class=\"_ _3a1\"> </span>Nell\u2019ambito <span class=\"_ _39\"> </span>del <span class=\"_ _36\"> </span>sistema <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>gestione <span class=\"_ _39\"> </span>dei <span class=\"_ _39\"> </span>rischi <span class=\"_ _36\"> </span>e <span class=\"_ _39\"> </span>coerentemente <span class=\"_ _36\"> </span>con <span class=\"_ _39\"> </span>quanto <span class=\"_ _39\"> </span>previsto <span class=\"_ _36\"> </span>dalla<span class=\"_ _3a1\"> </span>Normativa,  il <span class=\"_ _35\"> </span>Consiglio  di <span class=\"_ _35\"> </span>Amministrazione<span class=\"_ _1\"></span>  ha<span class=\"_ _2\"></span>  formalizzato <span class=\"_ _35\"> </span>un  set <span class=\"_ _35\"> </span>di  politiche,  R<span class=\"_ _2\"></span>egolamenti <span class=\"_ _35\"> </span>e<span class=\"_ _3a1\"> </span>allegati, <span class=\"_ _49\"> </span>che, <span class=\"_ _49\"> </span>re<span class=\"_ _1\"></span>lativamente <span class=\"_ _43\"> </span>ad <span class=\"_ _49\"> </span>o<span class=\"_ _1\"></span>gnuno <span class=\"_ _49\"> </span>degli <span class=\"_ _49\"> </span>ambiti <span class=\"_ _49\"> </span>di <span class=\"_ _49\"> </span>ris<span class=\"_ _1\"></span>chiosit\u00e0 <span class=\"_ _49\"> </span>che <span class=\"_ _49\"> </span>insistono <span class=\"_ _49\"> </span>su<span class=\"_ _3a1\"> </span>Credemassicurazioni, <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>ttagliano <span class=\"_ _2\"></span>gli <span class=\"_ _3b\"></span>obiet<span class=\"_ _1\"></span>tivi, <span class=\"_ _3b\"></span>i compiti, <span class=\"_ _3b\"></span>le responsabilit\u00e0, <span class=\"_ _3b\"></span>il processo <span class=\"_ _2\"></span>e d<span class=\"_ _2\"></span>efiniscono<span class=\"_ _3a1\"> </span>gli <span class=\"_ _38\"></span>strumenti <span class=\"_ _0\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>procedu<span class=\"_ _2\"></span>re, <span class=\"_ _0\"></span>an<span class=\"_ _3b\"></span>che <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>eporting, <span class=\"_ _38\"></span>necessarie <span class=\"_ _0\"></span>ad <span class=\"_ _1\"></span>individuare <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>conseguentement<span class=\"_ _3b\"></span>e<span class=\"_ _3a1\"> </span>gestire ogni <span class=\"_ _1\"></span>ambito di r<span class=\"_ _1\"></span>ischio. Tali documenti, <span class=\"_ _1\"></span>inoltre, <span class=\"_ _1\"></span>hanno l\u2019obiettivo <span class=\"_ _1\"></span>pi\u00f9 genera<span class=\"_ _1\"></span>le di contribuire<span class=\"_ _3a1\"> </span>alla diffusione della cultura del controllo e di gestione dei rischi all\u2019interno <span class=\"_ _1\"></span>della societ\u00e0.<span class=\"_ _3a1\"> </span>Il <span class=\"_ _0\"></span>rispetto <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>l\u2019appl<span class=\"_ _2\"></span>icazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>docu<span class=\"_ _2\"></span>menti <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>garantiti <span class=\"_ _38\"></span>dalla <span class=\"_ _0\"></span>presenza <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Sistema <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>Controlli<span class=\"_ _3a1\"> </span>Interni <span class=\"_ _3f\"> </span>costituito <span class=\"_ _3f\"> </span>da <span class=\"_ _3f\"> </span>un <span class=\"_ _3f\"> </span>insieme <span class=\"_ _3a\"> </span>di <span class=\"_ _3f\"> </span>regole, <span class=\"_ _3f\"> </span>procedure <span class=\"_ _3f\"> </span>e <span class=\"_ _3f\"> </span>tecniche <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>controllo <span class=\"_ _3f\"> </span>e <span class=\"_ _3f\"> </span>strutture<span class=\"_ _3a1\"> </span>organizzative volto ad assicurare il corretto funzionamento<span class=\"_ _1\"></span> ed il buon andamento dell\u2019impresa. Analisi dei risch<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>La Compagnia <span class=\"_ _2\"></span>ha definito ai s<span class=\"_ _2\"></span>ensi della Regolamentazione d<span class=\"_ _3a1\"> </span>i settore, un <span class=\"_ _3b\"></span>pr<span class=\"_ _1\"></span>ocesso di <span class=\"_ _2\"></span>valutazione <span class=\"_ _3b\"></span>e<span class=\"_ _3a1\"> </span>analisi dei <span class=\"_ _1\"></span>rischi che <span class=\"_ _1\"></span>include <span class=\"_ _1\"></span>sia una <span class=\"_ _1\"></span>valutazione <span class=\"_ _1\"></span>qualitativa sia, <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>quelli quantificabili, <span class=\"_ _1\"></span>l\u2019adozione<span class=\"_ _3a1\"> </span>di <span class=\"_ _38\"></span>me<span class=\"_ _1\"></span>todologie <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>misurazione <span class=\"_ _38\"></span>dell\u2019esposizione <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischio, <span class=\"_ _38\"></span>incluso, <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>sistema <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>determinazion<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span>dell\u2019ammontare<span class=\"_ _1\"></span> della mas<span class=\"_ _1\"></span>sima perdita <span class=\"_ _1\"></span>potenziale sia <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>ottica attuale <span class=\"_ _1\"></span>che prospett<span class=\"_ _1\"></span>ica. Tali analisi<span class=\"_ _3a1\"> </span>consento di <span class=\"_ _3b\"></span>effettuare in <span class=\"_ _3b\"></span>maniera continuativa <span class=\"_ _3b\"></span>una profilazione d<span class=\"_ _2\"></span>ei rischi <span class=\"_ _3b\"></span>a cui <span class=\"_ _3b\"></span>l\u2019impresa \u00e8 <span class=\"_ _3b\"></span>espos<span class=\"_ _1\"></span>ta.<span class=\"_ _3a1\"> </span>Si <span class=\"_ _1\"></span>specifica <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>Compagnia <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>valutazioni <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>requisito <span class=\"_ _1\"></span>patrimoniale <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>solvibilit\u00e0 <span class=\"_ _1\"></span>secondo <span class=\"_ _1\"></span>il<span class=\"_ _3a1\"> </span>regime <span class=\"_ _0\"></span>no<span class=\"_ _2\"></span>rmativo <span class=\"_ _38\"></span>So<span class=\"_ _1\"></span>lvency <span class=\"_ _38\"></span>II <span class=\"_ _38\"></span>utilizza <span class=\"_ _38\"></span>la<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>For<span class=\"_ _1\"></span>mula <span class=\"_ _38\"></span>Standard <span class=\"_ _38\"></span>conf<span class=\"_ _1\"></span>ormemente <span class=\"_ _0\"></span>a <span class=\"_ _1\"></span>quanto <span class=\"_ _0\"></span>definito <span class=\"_ _38\"></span>nel<span class=\"_ _3a1\"> </span>Regolamento <span class=\"_ _3f\"> </span>delegato <span class=\"_ _39\"> </span>(UE) <span class=\"_ _39\"> </span>2019/981 <span class=\"_ _3f\"> </span>della <span class=\"_ _39\"> </span>Commissione. <span class=\"_ _39\"> </span>Pe<span class=\"_ _1\"></span>rtanto, <span class=\"_ _39\"> </span>le <span class=\"_ _3f\"> </span>valutazioni <span class=\"_ _39\"> </span>attuali <span class=\"_ _39\"> </span>e<span class=\"_ _3a1\"> </span>prospettiche  dei  rischi  t<span class=\"_ _2\"></span>engono  conto  di  tutti <span class=\"_ _35\"> </span>i  rischi,  compresi  nel  fr<span class=\"_ _2\"></span>amework  della  Formula<span class=\"_ _3a1\"> </span>Standard, a cui l\u2019impresa \u00e8 esposta. Al fine di valutare nel continuo la<span class=\"_ _2\"></span> propria situazione di solvibilit\u00e0, la Compagnia provvede inoltre s<span class=\"_ _2\"></span>u<span class=\"_ _3a1\"> </span>base <span class=\"_ _0\"></span>trimestrale <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>calcolo <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>pr<span class=\"_ _1\"></span>oprio <span class=\"_ _0\"></span>requ<span class=\"_ _2\"></span>isito <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>capitale, <span class=\"_ _0\"></span>alla <span class=\"_ _38\"></span>determ<span class=\"_ _1\"></span>inazione <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>F<span class=\"_ _1\"></span>ondi <span class=\"_ _38\"></span>Propri<span class=\"_ _3a1\"> </span>Ammissibili <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>elativa <span class=\"_ _38\"></span>qualit\u00e0 <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>composizione, <span class=\"_ _38\"></span>verificando <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>contempo <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ispetto <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>limiti<span class=\"_ _3a1\"> </span>operativi <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>prope<span class=\"_ _1\"></span>nsione al <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischio. <span class=\"_ _1\"></span>Specifiche <span class=\"_ _1\"></span>valutazioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ress <span class=\"_ _1\"></span>test <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>sensitivity <span class=\"_ _1\"></span>vengono<span class=\"_ _3a1\"> </span>effettuate con la stessa <span class=\"_ _1\"></span>frequenza sulle grandezze patrimo<span class=\"_ _1\"></span>niali. Adeguata documentazione viene<span class=\"_ _3a1\"> </span>rendicontata <span class=\"_ _39\"> </span>al <span class=\"_ _36\"> </span>Consiglio <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>Amm<span class=\"_ _1\"></span>inistrazione <span class=\"_ _36\"> </span>e <span class=\"_ _39\"> </span>trasmessa <span class=\"_ _36\"> </span>all\u2019Organo <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>Vigilanza <span class=\"_ _36\"> </span>tramite <span class=\"_ _36\"> </span>i<span class=\"_ _3a1\"> </span>Quantitative <span class=\"_ _0\"></span>Reporting <span class=\"_ _38\"></span>Template <span class=\"_ _38\"></span>(QRT). <span class=\"_ _0\"></span>Con <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>tessa <span class=\"_ _0\"></span>fr<span class=\"_ _2\"></span>equenza <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>iene <span class=\"_ _0\"></span>verificato <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ispetto <span class=\"_ _38\"></span>degli<span class=\"_ _3a1\"> </span>indicatori di I\u00b0 e di II\u00b0 Livello declinati nel Rego<span class=\"_ _1\"></span>lamento di Risk Appetite Framework. Qualora <span class=\"_ _0\"></span>nell\u2019ambito <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>diverse <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>monitoraggio <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>ffettuate <span class=\"_ _0\"></span>dal<span class=\"_ _2\"></span>la <span class=\"_ _0\"></span>Compagn<span class=\"_ _2\"></span>ia <span class=\"_ _0\"></span>dovessero<span class=\"_ _3a1\"> </span>emergere <span class=\"_ _35\"> </span>scostamenti <span class=\"_ _35\"> </span>continuativi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>/o <span class=\"_ _35\"> </span>significativi <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>profilo <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>rispetto <span class=\"_ _35\"> </span>all\u2019Appetito <span class=\"_ _35\"> </span>al<span class=\"_ _3a1\"> </span>Rischio <span class=\"_ _3b\"></span>dell\u2019impre<span class=\"_ _1\"></span>sa, <span class=\"_ _2\"></span>scostamenti sign<span class=\"_ _2\"></span>ificativi <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ispetto alle <span class=\"_ _3b\"></span>principali <span class=\"_ _3b\"></span>ipote<span class=\"_ _1\"></span>si tecniche/finanzi<span class=\"_ _2\"></span>arie/di<span class=\"_ _3a1\"> </span>mercato/di <span class=\"_ _35\"> </span>prodotto <span class=\"_ _0\"></span>definite <span class=\"_ _0\"></span>nell\u2019ambito <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>Piano <span class=\"_ _35\"> </span>Strategico <span class=\"_ _0\"></span>(e <span class=\"_ _0\"></span>quindi <span class=\"_ _35\"> </span>nelle <span class=\"_ _0\"></span>valutazioni <span class=\"_ _35\"> </span>ORS<span class=\"_ _2\"></span>A),<span class=\"_ _3a1\"> </span>viene <span class=\"_ _2\"></span>effettuata <span class=\"_ _2\"></span>un\u2019attivit\u00e0 <span class=\"_ _3b\"></span>di Non-R<span class=\"_ _2\"></span>egular <span class=\"_ _2\"></span>ORSA <span class=\"_ _3b\"></span>al fine <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>valutare gli <span class=\"_ _3b\"></span>impatti d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ali <span class=\"_ _3b\"></span>variazioni anch<span class=\"_ _3b\"></span>e<span class=\"_ _3a1\"> </span>in ottica prospettica. La Compagnia nel corso dell\u2019Esercizio 2024 ha adempiuto alle seguenti scadenze <span class=\"_ _1\"></span>normative:<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Predisposizione <span class=\"_ _3f\"> </span>ed <span class=\"_ _39\"> </span>invio <span class=\"_ _3f\"> </span>all\u2019Autorit\u00e0 <span class=\"_ _39\"> </span>di <span class=\"_ _3f\"> </span>Vigilanza, <span class=\"_ _39\"> </span>entro <span class=\"_ _3f\"> </span>i <span class=\"_ _39\"> </span>ter<span class=\"_ _1\"></span>mini <span class=\"_ _39\"> </span>regolame<span class=\"_ _1\"></span>ntari, <span class=\"_ _39\"> </span>delle<span class=\"_ _3a1\"> </span></span>reportistiche trimestrali (QRT) richieste dal Pillar III;<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Predisposizione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>Regular <span class=\"_ _35\"> </span>Supervisory <span class=\"_ _35\"> </span>Report <span class=\"_ _35\"> </span>- <span class=\"_ _35\"> </span>RSR <span class=\"_ _35\"> </span>(Relazione <span class=\"_ _35\"> </span>periodica <span class=\"_ _35\"> </span>all\u2019Autorit\u00e0 <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span></span>Vigilanza) <span class=\"_ _37\"> </span>con <span class=\"_ _36\"> </span>rifer<span class=\"_ _1\"></span>imento <span class=\"_ _36\"> </span>alla <span class=\"_ _37\"> </span>data <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>e<span class=\"_ _1\"></span>sercizio <span class=\"_ _36\"> </span>31.12.2023, <span class=\"_ _37\"> </span>deliberat<span class=\"_ _1\"></span>a <span class=\"_ _36\"> </span>dal <span class=\"_ _37\"> </span>Cons<span class=\"_ _1\"></span>iglio <span class=\"_ _37\"> </span>di<span class=\"_ _3a1\"> </span>Amministrazione di marzo 2024 ed inviati entro il ter<span class=\"_ _1\"></span>mine regolamentare ad IVASS;<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Predisposizione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Solvency <span class=\"_ _1\"></span>Financial Condition <span class=\"_ _1\"></span>Repor<span class=\"_ _1\"></span>t <span class=\"_ _1\"></span>- <span class=\"_ _1\"></span>SFCR <span class=\"_ _1\"></span>(Relazione <span class=\"_ _1\"></span>sulla <span class=\"_ _1\"></span>solvibilit\u00e0 e<span class=\"_ _3a1\"> </span></span>sulla <span class=\"_ _38\"></span>condizione <span class=\"_ _38\"></span>finanziaria) <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _1\"></span>alla <span class=\"_ _0\"></span>data<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>esercizio <span class=\"_ _0\"></span>31.12.2023, <span class=\"_ _1\"></span>deliberata <span class=\"_ _38\"></span>dal<span class=\"_ _3a1\"> </span>Consiglio <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>Amministr<span class=\"_ _1\"></span>azione <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>marzo <span class=\"_ _35\"> </span>2024 <span class=\"_ _35\"> </span>ed <span class=\"_ _0\"></span>inviati <span class=\"_ _35\"> </span>entro <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>termine <span class=\"_ _35\"> </span>regolamentare <span class=\"_ _35\"> </span>ad<span class=\"_ _3a1\"> </span>IVASS;<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Realizzazione delle elaborazioni ORSA nece<span class=\"_ _1\"></span>ssarie alla valutazione <span class=\"_ _1\"></span>del profilo di solvibilit\u00e0 del<span class=\"_ _3a1\"> </span></span>piano s<span class=\"_ _1\"></span>trategico <span class=\"_ _1\"></span>2024-2026 e <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>predisposizione <span class=\"_ _1\"></span>del Report <span class=\"_ _1\"></span>ORSA <span class=\"_ _1\"></span>delibero <span class=\"_ _1\"></span>dal <span class=\"_ _1\"></span>Consiglio di<span class=\"_ _3a1\"> </span>Amministrazione di aprile 2023 ed inviato, entro la scadenza regolame<span class=\"_ _1\"></span>ntare, ad IVASS.<span class=\"_ _3a1\"> </span>Si <span class=\"_ _38\"></span>spe<span class=\"_ _1\"></span>cifica <span class=\"_ _38\"></span>infine <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>continuit\u00e0 <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>gli <span class=\"_ _0\"></span>anni<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>precedenti <span class=\"_ _38\"></span>(attivit\u00e0 <span class=\"_ _0\"></span>avv<span class=\"_ _2\"></span>iata <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>partire <span class=\"_ _38\"></span>dal <span class=\"_ _0\"></span>mese <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span>marzo  2020<span class=\"_ _1\"></span>),  la  Compagnia  cont<span class=\"_ _1\"></span>inua  a  parte<span class=\"_ _1\"></span>cipare  su <span class=\"_ _3d\"> </span>richiesta  dell\u2019Autorit\u00e0 <span class=\"_ _3d\"> </span>di  vigilanza  alle<span class=\"_ _3a1\"> </span>seguenti attivit\u00e0:<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">monitoraggio mensile della pos<span class=\"_ _1\"></span>izione di solvibili<span class=\"_ _2\"></span>t\u00e0.<span class=\"_ _3a1\"> </span></span>Rischi di so<span class=\"_ _1\"></span>ttoscrizione NON LIFE (o <span class=\"_ _1\"></span>tecnici assicur<span class=\"_ _3a1\"> </span>ativi)<span class=\"_ _3a1\"> </span>Si <span class=\"_ _0\"></span>definisce <span class=\"_ _38\"></span>Rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Sottoscrizione <span class=\"_ _0\"></span>- <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>perdita <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>variazione <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>favorevole <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>ore<span class=\"_ _3a1\"> </span>delle <span class=\"_ _35\"> </span>passivit\u00e0 <span class=\"_ _0\"></span>assicurative <span class=\"_ _35\"> </span>dov<span class=\"_ _2\"></span>uto <span class=\"_ _35\"> </span>ad <span class=\"_ _0\"></span>ipotesi <span class=\"_ _35\"> </span>inadeguate <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>m<span class=\"_ _2\"></span>ateria <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>fissazione <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>prezzi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>costituzione delle riserve tecniche (cfr. articolo 1, com<span class=\"_ _1\"></span>ma 1, lettera vv-bis 4 del CAP). Nell\u2019ambito  del  F<span class=\"_ _1\"></span>ramework  dei  rischi <span class=\"_ _3d\"> </span>della  Compagnia,  tale  r<span class=\"_ _1\"></span>ischio  pu\u00f2  es<span class=\"_ _1\"></span>sere  ulteriormente<span class=\"_ _3a1\"> </span>distinto nelle seguenti categorie:<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>assunzione<span class=\"_ _1\"></span>: <span class=\"_ _35\"> </span>rappre<span class=\"_ _1\"></span>senta  il<span class=\"_ _2\"></span>  rischio <span class=\"_ _35\"> </span>derivante  dal<span class=\"_ _2\"></span>la  s<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>ttoscrizione  dei <span class=\"_ _35\"> </span>contratti <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span></span>assicurazione, collegato ag<span class=\"_ _2\"></span>li eve<span class=\"_ _2\"></span>nti assicurati, <span class=\"_ _2\"></span>ai processi <span class=\"_ _3b\"></span>seguiti per la <span class=\"_ _3b\"></span>tariffazione e selezione<span class=\"_ _3a1\"> </span>dei rischi, all\u2019andamento sfavorevole della sinistralit\u00e0 e<span class=\"_ _1\"></span>ffettiva rispetto a quella stimata.<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio di <span class=\"_ _38\"></span>riser<span class=\"_ _1\"></span>vazione, <span class=\"_ _1\"></span>ovvero <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>rischio <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>nnesso <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>quantificazione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>riserve <span class=\"_ _38\"></span>tecniche <span class=\"_ _1\"></span>non<span class=\"_ _3a1\"> </span></span>sufficienti a coprire gli impegni assunti nei confronti degli ass<span class=\"_ _1\"></span>icurati e dei danneggiati.<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio <span class=\"_ _0\"></span>cat<span class=\"_ _1\"></span>astrofale, <span class=\"_ _35\"> </span>ovvero <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>ri<span class=\"_ _2\"></span>schio <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>perdita <span class=\"_ _35\"> </span>o <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>variazione <span class=\"_ _35\"> </span>sfavorevole <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>val<span class=\"_ _2\"></span>ore <span class=\"_ _35\"> </span>delle<span class=\"_ _3a1\"> </span></span>passivit\u00e0 <span class=\"_ _17e\"> </span>assicurative, <span class=\"_ _48\"> </span>derivante <span class=\"_ _17e\"> </span>dall\u2019incertezza <span class=\"_ _17e\"> </span>significativa <span class=\"_ _17e\"> </span>delle <span class=\"_ _48\"> </span>ipotesi <span class=\"_ _17e\"> </span>relative <span class=\"_ _17e\"> </span>alla<span class=\"_ _3a1\"> </span>determinazione <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>premi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>costituzione <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>riserve <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>rapporto <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>ver<span class=\"_ _1\"></span>ificarsi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>eventi<span class=\"_ _3a1\"> </span>estremi ed eccezionali legati ad eventi nat<span class=\"_ _1\"></span>urali o causati dall\u2019uomo.<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio lapse, rappresenta il rischio derivante <span class=\"_ _1\"></span>dall\u2019esercizio di opzioni da parte degli assicurati<span class=\"_ _3a1\"> </span></span>eventualmente <span class=\"_ _35\"> </span>contenute <span class=\"_ _35\"> </span>nei <span class=\"_ _35\"> </span>c<span class=\"_ _2\"></span>ontratti <span class=\"_ _35\"> </span>non-life, <span class=\"_ _35\"> </span>quali <span class=\"_ _0\"></span>ad <span class=\"_ _35\"> </span>esempio <span class=\"_ _35\"> </span>l\u2019opzione <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>res<span class=\"_ _1\"></span>cindere <span class=\"_ _35\"> </span>il<div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d3c\">contratto <span class=\"_ _2\"></span>prima <span class=\"_ _2\"></span>della <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>cadenza <span class=\"_ _3b\"></span>pattuita o <span class=\"_ _3b\"></span>l\u2019opzione <span class=\"_ _3b\"></span>di rinnovo <span class=\"_ _3b\"></span>del <span class=\"_ _3b\"></span>contr<span class=\"_ _1\"></span>atto <span class=\"_ _3b\"></span>se<span class=\"_ _1\"></span>condo <span class=\"_ _3b\"></span>condizioni<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d3d\">preced</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d3e\">entemente stabilite.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d3f\">Da un <span class=\"_ _3b\"></span>punto di <span class=\"_ _3b\"></span>vista della <span class=\"_ _3b\"></span>distr<span class=\"_ _1\"></span>ibu<span class=\"_ _2\"></span>zione dei <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischi d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ottoscrizione di <span class=\"_ _3b\"></span>Credemassicurazioni secondo<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d40\">i <span class=\"_ _3a\"> </span>dettami <span class=\"_ _3a\"> </span>normativi <span class=\"_ _3a\"> </span>Solvency <span class=\"_ _3a\"> </span>II <span class=\"_ _3a\"> </span>si <span class=\"_ _3a\"> </span>riporta <span class=\"_ _3a\"> </span>nella <span class=\"_ _3a\"> </span>t<span class=\"_ _1\"></span>abella <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>seguito <span class=\"_ _3a\"> </span>la <span class=\"_ _3a\"> </span>miglior <span class=\"_ _3a\"> </span>stima <span class=\"_ _3a\"> </span>della<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d41\">rappresentazione <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>redazione <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>presen<span class=\"_ _2\"></span>te <span class=\"_ _38\"></span>se<span class=\"_ _1\"></span>zione <span class=\"_ _38\"></span>(si <span class=\"_ _38\"></span>precisa <span class=\"_ _0\"></span>ch<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>peso<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d42\">complessivo dei rischi NON life e Health NSLT underwriting \u00e8 <span class=\"_ _1\"></span>pari al 81,1%).<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d43\">La Compagnia adotta, nei confronti di tali r<span class=\"_ _1\"></span>ischi, linee guida che:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1d44\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">illu<span class=\"_ _2\"></span>strano <span class=\"_ _1\"></span>i tipi di rischi assicurativi che intende assumere;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1d45\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">evidenziano <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>caratteristiche <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ll\u2019attivit\u00e0 <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>assicurazione <span class=\"_ _38\"></span>(prodotti, <span class=\"_ _0\"></span>canali <span class=\"_ _38\"></span>distributivi, <span class=\"_ _38\"></span>risch<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d46\">esclusi);<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1d47\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">descrivono <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>modalit\u00e0 <span class=\"_ _38\"></span>volte <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>garantire <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>raccolta <span class=\"_ _38\"></span>premi <span class=\"_ _38\"></span>sia <span class=\"_ _1\"></span>adeguata <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>coprire <span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>sinistri<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d48\">previsti e le relative spese;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1d49\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">illu<span class=\"_ _2\"></span>strano <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>modalit\u00e0 <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>cui <span class=\"_ _38\"></span>l\u2019impresa <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>iene <span class=\"_ _1\"></span>conto <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iassicurazione <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>altre <span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>cniche <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d4a\">mitigazione <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>rischio <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>processo <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>progettazione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>nuovo <span class=\"_ _1\"></span>prodotto <span class=\"_ _38\"></span>assicurativo <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>del<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d4b\">calcolo del relativo premio;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1d4c\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">illu<span class=\"_ _2\"></span>strano  le  modalit\u00e0  con <span class=\"_ _35\"> </span>cui  l\u2019impresa <span class=\"_ _35\"> </span>tiene<span class=\"_ _1\"></span>  c<span class=\"_ _2\"></span>onto  delle <span class=\"_ _35\"> </span>limitazioni  degli <span class=\"_ _35\"> </span>invest<span class=\"_ _1\"></span>imenti  nel<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d4d\">processo di progettazione di un nuovo prodott<span class=\"_ _1\"></span>o assicurativo e del calcolo del relativo premio.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d4e\">La <span class=\"_ _1\"></span>Compagnia misur<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>monitora <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>propria <span class=\"_ _1\"></span>esposizione <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>sottos<span class=\"_ _1\"></span>crizione cons<span class=\"_ _1\"></span>iderando<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d4f\">il portafoglio complessivo, oltre a verificare la confor<span class=\"_ _1\"></span>mit\u00e0 ai limiti ed alle politiche definite.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d50\">L\u2019identificazione <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _35\"> </span>vien<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>effettuata <span class=\"_ _35\"> </span>con<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>riferimento <span class=\"_ _0\"></span>ai <span class=\"_ _35\"> </span>nuovi <span class=\"_ _35\"> </span>prodotti <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>portafoglio <span class=\"_ _0\"></span>in<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d51\">essere:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1d52\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Nuovi <span class=\"_ _3b\"></span>prodotti: <span class=\"_ _2\"></span>coerentemente <span class=\"_ _2\"></span>con <span class=\"_ _3b\"></span>il <span class=\"_ _3b\"></span>P<span class=\"_ _1\"></span>iano <span class=\"_ _2\"></span>Strategico, <span class=\"_ _3b\"></span>la <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevazione <span class=\"_ _3b\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>connessi <span class=\"_ _3b\"></span>ai n<span class=\"_ _2\"></span>uovi<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d53\">prodotti viene <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ffettuata sul<span class=\"_ _2\"></span>la base <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lle <span class=\"_ _3b\"></span>lo<span class=\"_ _1\"></span>ro cara<span class=\"_ _2\"></span>tteristiche tecniche <span class=\"_ _3b\"></span>ne<span class=\"_ _1\"></span>ll\u2019ambito d<span class=\"_ _2\"></span>el processo<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d54\">di <span class=\"_ _35\"> </span>ORSA.   <span class=\"_ _35\"> </span>Inoltre,  in <span class=\"_ _35\"> </span>coerenza  con <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>proces<span class=\"_ _1\"></span>so  final<span class=\"_ _2\"></span>izzato  all<span class=\"_ _2\"></span>a  creazione <span class=\"_ _35\"> </span>e  lancio <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>nuovi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d55\">prodotti <span class=\"_ _48\"> </span>definito <span class=\"_ _48\"> </span>nell\u2019ambito <span class=\"_ _48\"> </span>del <span class=\"_ _48\"> </span>pi\u00f9<span class=\"_ _2\"></span> <span class=\"_ _48\"> </span>generale <span class=\"_ _48\"> </span>processo <span class=\"_ _48\"> </span>POG <span class=\"_ _48\"> </span>(Product <span class=\"_ _48\"> </span>Oversight <span class=\"_ _48\"> </span>and<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d56\">Governance),  la <span class=\"_ _35\"> </span>funzione <span class=\"_ _35\"> </span>Risk <span class=\"_ _35\"> </span>Manageme<span class=\"_ _1\"></span>nt <span class=\"_ _35\"> </span>\u00e8  chiamata <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>redigere  una <span class=\"_ _35\"> </span>specifica <span class=\"_ _35\"> </span>analisi <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d57\">rischiosit\u00e0 <span class=\"_ _0\"></span>(c.d. <span class=\"_ _0\"></span>scheda <span class=\"_ _0\"></span>rischi) <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>singolo <span class=\"_ _0\"></span>prodot<span class=\"_ _1\"></span>to <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>cui <span class=\"_ _0\"></span>esiti <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>trasmessi <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>Comit<span class=\"_ _1\"></span>ato <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d58\">Product Governance.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1d59\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Portafoglio in <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ssere: <span class=\"_ _1\"></span>con r<span class=\"_ _1\"></span>iferimento <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>portafoglio <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>essere, <span class=\"_ _1\"></span>l\u2019identificazione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>rischi <span class=\"_ _1\"></span>viene<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d5a\">effettuata <span class=\"_ _1\"></span>sulla <span class=\"_ _1\"></span>base <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>dati tecnici <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>portafoglio <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>misure <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>assorbimento <span class=\"_ _1\"></span>di capitale<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d5b\">determinate <span class=\"_ _39\"> </span>attraverso <span class=\"_ _39\"> </span>lo <span class=\"_ _39\"> </span>strumento <span class=\"_ _39\"> </span>utilizzato <span class=\"_ _39\"> </span>dalla <span class=\"_ _39\"> </span>Compagnia <span class=\"_ _39\"> </span>per <span class=\"_ _39\"> </span>il <span class=\"_ _39\"> </span>calcolo <span class=\"_ _39\"> </span>del <span class=\"_ _39\"> </span>SCR<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d5c\">(Standard Formula). Le infor<span class=\"_ _1\"></span>mazioni relative all\u2019andamento <span class=\"_ _1\"></span>tecnico complessivo rispecchiano<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d5d\">sinteticamente <span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>risultati <span class=\"_ _0\"></span>tecnici <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>singoli <span class=\"_ _38\"></span>Rami <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>quindi <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>pr<span class=\"_ _1\"></span>odotti <span class=\"_ _0\"></span>presenti <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>portafoglio<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d5e\">(che in generale possono comprendere pi\u00f9 Rami).<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d5f\">Si riportano sinteticamente di seguito le principali misure di rischio ut<span class=\"_ _1\"></span>ilizzate:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1d60\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">SCR <span class=\"_ _3b\"></span>- Non-life u<span class=\"_ _2\"></span>nderwriting risk<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>relativi sottomodu<span class=\"_ _2\"></span>li d<span class=\"_ _2\"></span>i rischio <span class=\"_ _3b\"></span>(valutato sia <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>lor<span class=\"_ _1\"></span>do <span class=\"_ _2\"></span>sia <span class=\"_ _2\"></span>al ne<span class=\"_ _2\"></span>tto<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d61\">della Riassicurazione); </div><div class=\"gs1d62\"><table class=\"s w154b h2e2\" id=\"_a4eccefd-dc56-43cf-92bd-97cb4440585a\"><tr><td class=\"t m2 x25f4 h12 y69fd ff4 fs7 fc1 sc0 ls0 ws0\">Non Life risk - risk/sum <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>f risk component<span class=\"_ _2\"></span>s - relativo e </td><td></td><td class=\"t m2 x25f5 h12 y69fe ff4 fs7 fc1 sc0 ls0 ws0\">IVQ 2024 </td></tr><tr><td class=\"t m2 x25f6 h12 y69ff ff4 fs7 fc1 sc0 ls0 ws0\">complessivo </td><td class=\"c n x25f7 y6a01 w154c h2e3\"><div class=\"t m5 x2b3 h2a y6a00 ff4 fsd fc1 sc0 ls0 ws0\">% Relativo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25f8 y6a01 w154d h2e3\"><div class=\"t m5 x2b3 h2a y6a00 ff4 fsd fc1 sc0 ls0 ws0\">% <span class=\"_ _1\"></span>Complessivo<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x21a1 h12 y6a02 ff4 fs7 fc1 sc0 ls0 ws0\">Non-Life premium and rese<span class=\"_ _3b\"></span>rve risk </td><td class=\"c n x25f9 y6a03 w154e h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">64,7%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25fa y6a03 w154f h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">33,2%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x21a1 h12 y6a04 ff4 fs7 fc1 sc0 ls0 ws0\">Non-Life lapse risk </td><td class=\"c n x25f9 y5fe3 w1550 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">21,0%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25fb y5fe3 w1551 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10,8%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x21a1 h12 y6a05 ff4 fs7 fc1 sc0 ls0 ws0\">Non-life CAT risk<span class=\"_ _2\"></span> </td><td class=\"c n x25f9 y6a06 w1552 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14,2%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25fc y6a06 w4e4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7,3%<span class=\"_ _3a1\"> </span></div></td></tr></table></div><div class=\"gs1d63\"><table class=\"s w154b h2e4\" id=\"_ade348aa-2566-4327-8530-76caddae1bc2\"><tr><td class=\"t m2 x25fd h12 y6a07 ff4 fs7 fc1 sc0 ls0 ws0\">Health risk - risk/sum <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>f risk compone<span class=\"_ _2\"></span>nts - relativo e </td><td></td><td class=\"t m2 x25f5 h12 y6a08 ff4 fs7 fc1 sc0 ls0 ws0\">IVQ 2024 </td></tr><tr><td class=\"t m2 x25f6 h12 y6a09 ff4 fs7 fc1 sc0 ls0 ws0\">complessivo </td><td></td><td></td></tr><tr><td></td><td class=\"c n x25f7 y6a0a w154c h2e5\"><div class=\"t m5 x2b3 h2a y6334 ff4 fsd fc1 sc0 ls0 ws0\">% Relativo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25f8 y6a0a w154d h2e5\"><div class=\"t m5 x2b3 h2a y6334 ff4 fsd fc1 sc0 ls0 ws0\">% <span class=\"_ _1\"></span>Complessivo<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x21a1 h12 y6a0b ff4 fs7 fc1 sc0 ls0 ws0\">Health premium and <span class=\"_ _2\"></span>reserve risk </td><td class=\"c n x25f9 y6a0c w1553 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">75,6%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25fe y6a0c wa7a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">22,5%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x21a1 h12 y6a0d ff4 fs7 fc1 sc0 ls0 ws0\">Health Lapse risk<span class=\"_ _2\"></span> </td><td class=\"c n x25ff y6a0e w1428 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">21,7%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2600 y6a0e w1554 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6,5%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x21a1 h12 y6a0f ff4 fs7 fc1 sc0 ls0 ws0\">Health CAT </td><td class=\"c n x2601 y6a10 w1555 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2,7%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2602 y6a10 w1556 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,<span class=\"_ _2\"></span>8%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x21a1 h12 y6a11 ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Mortality r<span class=\"_ _2\"></span>isk </td><td class=\"c n x25ff y643e wbef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2603 y643e wbef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x21a1 h12 y6a12 ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Longevity <span class=\"_ _2\"></span>risk </td><td class=\"c n x25ff y6101 wbef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2603 y6101 wbef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x21a1 h12 y6a13 ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Disability m<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>rbidity risk </td><td class=\"c n x25ff y6a14 wbef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2603 y6a14 wbef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x21a1 h12 y6a15 ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Lapse risk<span class=\"_ _2\"></span> </td><td class=\"c n x25ff y6a16 wbef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2603 y6a16 wbef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x21a1 h12 y6a17 ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Expense r<span class=\"_ _2\"></span>isk </td><td class=\"c n x25ff y5fe3 wbef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2603 y5fe3 wbef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x21a1 h12 y6a18 ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Revision ri<span class=\"_ _2\"></span>sk </td><td class=\"c n x25ff y6a06 wbef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2603 y6a06 wbef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td></tr></table></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1d65\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">SCR - Health underwriting r<span class=\"_ _1\"></span>isk e relativi sottomoduli di rischio (va<span class=\"_ _1\"></span>lutato sia al lor<span class=\"_ _1\"></span>do sia al netto<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d66\">della</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d67\"> Riassicurazione);<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1d68\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Distribuzione <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>Best <span class=\"_ _38\"></span>Estimate <span class=\"_ _0\"></span>(Non-Life <span class=\"_ _38\"></span>ed <span class=\"_ _0\"></span>Heal<span class=\"_ _2\"></span>th <span class=\"_ _0\"></span>NSLT) <span class=\"_ _38\"></span>valutate <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ia <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>lordo <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>netto<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d69\">della Riassicurazione;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1d6a\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Risk Margin (Non-Life ed Health NSLT);<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1d6b\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Combined Ratio;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1d6c\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Loss Ratio;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1d6d\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Expense Ratio.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1d6e\">Rischi di me<span class=\"_ _1\"></span>rcato  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d6f\">Alla pi\u00f9 generale categoria del Rischio Mercato appartengo<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d70\">no le seguenti sotto-categorie:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1d71\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio Mercato;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1d72\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio Asset &amp; Liability Management;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1d73\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio di Liquidit\u00e0,<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d74\">di seguito meglio esplicitate.<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1d75\">Rischi di me<span class=\"_ _1\"></span>rcato<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d76\">Si <span class=\"_ _35\"> </span>definisce <span class=\"_ _35\"> </span>rischio <span class=\"_ _0\"> </span>di <span class=\"_ _35\"> </span>mercato, <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>perdita <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>d<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d77\">i <span class=\"_ _35\"> </span>variazione <span class=\"_ _35\"> </span>sfavorevole <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>situazione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d78\">finanziaria der<span class=\"_ _1\"></span>ivante, <span class=\"_ _1\"></span>direttamente <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>indirettamente, <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>oscillazioni <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>livello <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>volatilit\u00e0 <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ei<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d79\">prezzi di mercato delle <span class=\"_ _1\"></span>attivit\u00e0, delle passivit\u00e0 e degli str<span class=\"_ _1\"></span>umenti finanziari (cfr. articolo 1, comma 1<span class=\"_ _1\"></span>,<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d7a\">lettera vv-bis 3 del CAP).<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d7b\">I <span class=\"_ _39\"> </span>rischi <span class=\"_ _3f\"> </span>di <span class=\"_ _36\"> </span>m<span class=\"_ _1\"></span>ercato <span class=\"_ _3f\"> </span>risentono <span class=\"_ _39\"> </span>dell\u2019andamento <span class=\"_ _39\"> </span>congiunturale <span class=\"_ _3f\"> </span>del <span class=\"_ _39\"> </span>ciclo <span class=\"_ _39\"> </span>economico, <span class=\"_ _3f\"> </span>che <span class=\"_ _39\"> </span>pu\u00f2<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d7c\">amplificarne <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>event<span class=\"_ _1\"></span>ualmente <span class=\"_ _1\"></span>diminuirne <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>significativit\u00e0, <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oprattutto <span class=\"_ _1\"></span>se <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>portafoglio <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>itoli <span class=\"_ _1\"></span>della<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d7d\">Compagnia \u00e8 particolarmente concentrato in determinati sett<span class=\"_ _1\"></span>ori, valu<span class=\"_ _2\"></span>te o <span class=\"_ _1\"></span>aree geografiche.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d7e\">Tale rischio pu\u00f2 essere distinto nei seguent<span class=\"_ _1\"></span>i fattori di rischio:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1d7f\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>interesse: <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>val<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>re <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>attivi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>impresa <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>assicurazione <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>sensibile <span class=\"_ _0\"></span>a<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d80\">variazioni  d<span class=\"_ _2\"></span>ei  tassi  d<span class=\"_ _2\"></span>i  interesse. <span class=\"_ _35\"> </span>Inoltre<span class=\"_ _1\"></span>, <span class=\"_ _35\"> </span>se  i  flu<span class=\"_ _2\"></span>ssi  finanziari <span class=\"_ _35\"> </span>gener<span class=\"_ _1\"></span>ati  d<span class=\"_ _2\"></span>alle  attivit\u00e0 <span class=\"_ _35\"> </span>e  quelli<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d81\">generati <span class=\"_ _3f\"> </span>dalle <span class=\"_ _39\"> </span>passivit\u00e0 <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>un\u2019impresa <span class=\"_ _3f\"> </span>non <span class=\"_ _39\"> </span>sono <span class=\"_ _3f\"> </span>perfettamente <span class=\"_ _39\"> </span>allineati <span class=\"_ _3f\"> </span>per <span class=\"_ _39\"> </span>scadenza,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d82\">periodicit\u00e0 <span class=\"_ _37\"> </span>degli <span class=\"_ _37\"> </span>eventuali <span class=\"_ _37\"> </span>pagament<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>per <span class=\"_ _37\"> </span>natura <span class=\"_ _37\"> </span>dei <span class=\"_ _37\"> </span>tassi <span class=\"_ _37\"> </span>degli <span class=\"_ _37\"> </span>investiment<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>(maturity<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d83\">mismatching, <span class=\"_ _0\"></span>interest <span class=\"_ _0\"></span>rate <span class=\"_ _0\"></span>mismatching, <span class=\"_ _0\"></span>reset <span class=\"_ _0\"></span>date <span class=\"_ _0\"></span>mismatching, <span class=\"_ _0\"></span>basic <span class=\"_ _0\"></span>mismatching), <span class=\"_ _0\"></span>uno<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d84\">shock (positivo o negativo) dei t<span class=\"_ _1\"></span>assi di inte<span class=\"_ _1\"></span>resse pu\u00f2 produrre <span class=\"_ _1\"></span>variazioni non sincronizzate ne<span class=\"_ _1\"></span>l<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d85\">valore delle <span class=\"_ _3b\"></span>attivit\u00e0 e <span class=\"_ _3b\"></span>delle passivit\u00e0. <span class=\"_ _3b\"></span>Sostanzialmente l'esposizione <span class=\"_ _3b\"></span>al rischio <span class=\"_ _3b\"></span>tasso di <span class=\"_ _3b\"></span>interesse<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d86\">si  riferisce <span class=\"_ _35\"> </span>a  tutte <span class=\"_ _35\"> </span>le  attivit\u00e0<span class=\"_ _2\"></span>  e <span class=\"_ _35\"> </span>le  passivit\u00e0 <span class=\"_ _35\"> </span>il  cui <span class=\"_ _35\"> </span>valore  \u00e8 <span class=\"_ _35\"> </span>\u201csensibile\u201d  ai  c<span class=\"_ _2\"></span>ambiamenti  nella<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d87\">struttura a termine dei tassi di interesse o a<span class=\"_ _1\"></span>lla volatilit\u00e0 dei tassi di interesse;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1d88\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio  azionario:  i <span class=\"_ _35\"> </span>valori  di  mercato  delle  posizioni  assunte <span class=\"_ _35\"> </span>dall\u2019impresa  possono  essere<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d89\">sensibili <span class=\"_ _3b\"></span>all\u2019andame<span class=\"_ _1\"></span>nto d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>mercati <span class=\"_ _3b\"></span>azionar<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>(per esempio <span class=\"_ _3b\"></span>nel cas<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>contr<span class=\"_ _1\"></span>atti <span class=\"_ _3b\"></span>le cui<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>prestazioni<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d8a\">sono collegate al valore di un titolo azionario);<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1d8b\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>asso <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>cambio: <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>ore <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rcato <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>posizioni <span class=\"_ _1\"></span>assunte <span class=\"_ _0\"></span>dall\u2019<span class=\"_ _2\"></span>impresa <span class=\"_ _0\"></span>pu<span class=\"_ _2\"></span>\u00f2 <span class=\"_ _38\"></span>es<span class=\"_ _1\"></span>sere<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d8c\">sensibile a <span class=\"_ _3b\"></span>var<span class=\"_ _1\"></span>iazioni <span class=\"_ _2\"></span>dei tassi d<span class=\"_ _2\"></span>i camb<span class=\"_ _2\"></span>io (p<span class=\"_ _2\"></span>er esempio nel c<span class=\"_ _2\"></span>aso di<span class=\"_ _2\"></span> titoli <span class=\"_ _2\"></span>azionari o <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>bbligazionari<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d8d\">denominati in <span class=\"_ _3b\"></span>valuta estera). Questo <span class=\"_ _2\"></span>fattore di <span class=\"_ _3b\"></span>rischio, quindi, <span class=\"_ _3b\"></span>as<span class=\"_ _1\"></span>sume particolare rilevanza <span class=\"_ _3b\"></span>per<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d8e\">le <span class=\"_ _3f\"> </span>imprese <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>assicu<span class=\"_ _2\"></span>razione <span class=\"_ _3f\"> </span>in <span class=\"_ _3f\"> </span>presenza <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>attivit\u00e0<span class=\"_ _2\"></span> <span class=\"_ _3f\"> </span>a <span class=\"_ _3f\"> </span>copertura <span class=\"_ _39\"> </span>delle <span class=\"_ _3f\"> </span>riserve <span class=\"_ _3f\"> </span>tecniche<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d8f\">denominate <span class=\"_ _39\"> </span>in <span class=\"_ _36\"> </span>una <span class=\"_ _39\"> </span>valuta <span class=\"_ _36\"> </span>di<span class=\"_ _1\"></span>vers<span class=\"_ _1\"></span>a <span class=\"_ _36\"> </span>da <span class=\"_ _39\"> </span>quella <span class=\"_ _36\"> </span>de<span class=\"_ _1\"></span>i <span class=\"_ _36\"> </span>cor<span class=\"_ _1\"></span>rispondenti <span class=\"_ _36\"> </span>impegni <span class=\"_ _39\"> </span>tecnici <span class=\"_ _36\"> </span>as<span class=\"_ _1\"></span>sunti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d90\">contrattualmente. <span class=\"_ _0\"></span>Infatti, <span class=\"_ _38\"></span>poich\u00e9 <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>conversione <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>ute <span class=\"_ _0\"></span>avviene <span class=\"_ _38\"></span>alla <span class=\"_ _0\"></span>chiusura <span class=\"_ _38\"></span>d\u2019esercizio <span class=\"_ _0\"></span>al<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d91\">cambio corrente, <span class=\"_ _1\"></span>in corrispondenza di <span class=\"_ _1\"></span>detta dat<span class=\"_ _1\"></span>a possono realizzarsi <span class=\"_ _1\"></span>delle plus/minusvalenze<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d92\">a causa della variazione dei tassi di cambio;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1d93\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio i<span class=\"_ _2\"></span>mmobiliare: qualora gli attivi di u<span class=\"_ _2\"></span>n\u2019impresa di assicurazione siano investiti in <span class=\"_ _2\"></span>immobili,<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d94\">i valori di tali attivit\u00e0 sono sensibili all\u2019andamento dei prezzi di mercato<span class=\"_ _1\"></span> degli stessi;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1d95\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Credit Spread: <span class=\"_ _2\"></span>ogni volta <span class=\"_ _2\"></span>che un\u2019<span class=\"_ _2\"></span>impresa di assicurazione <span class=\"_ _2\"></span>sottoscrive strumenti fi<span class=\"_ _2\"></span>nanziari, pu\u00f2<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d96\">incorrere nel <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio di<span class=\"_ _2\"></span> insolvenza <span class=\"_ _3b\"></span>del proprio debito<span class=\"_ _2\"></span>re il <span class=\"_ _2\"></span>quale p<span class=\"_ _2\"></span>otrebbe non <span class=\"_ _3b\"></span>es<span class=\"_ _1\"></span>sere in<span class=\"_ _2\"></span> grado <span class=\"_ _3b\"></span>sia<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d97\">di <span class=\"_ _1\"></span>adempier<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>proprie <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>bbligazioni <span class=\"_ _1\"></span>sia <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>incorrere <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ggioramento <span class=\"_ _38\"></span>merito<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d98\">creditizio, <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>cons<span class=\"_ _2\"></span>eguente <span class=\"_ _0\"></span>riduzi<span class=\"_ _2\"></span>one <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>valore <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>titolo. <span class=\"_ _0\"></span>L\u2019es<span class=\"_ _3b\"></span>pos<span class=\"_ _1\"></span>izione <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>credito <span class=\"_ _0\"></span>si<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d99\">riferisce <span class=\"_ _37\"> </span>ad <span class=\"_ _37\"> </span>attivit\u00e0, <span class=\"_ _37\"> </span>passivit\u00e0 <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>strumenti <span class=\"_ _37\"> </span>finanziari <span class=\"_ _37\"> </span>sensibili <span class=\"_ _37\"> </span>alla <span class=\"_ _37\"> </span>variazione <span class=\"_ _37\"> </span>degli <span class=\"_ _3d\"> </span>spre<span class=\"_ _1\"></span>ad<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d9a\">creditizi;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1d9b\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio <span class=\"_ _3f\"> </span>concentrazione: <span class=\"_ _3f\"> </span>l\u2019esposizione <span class=\"_ _3a\"> </span>al <span class=\"_ _3f\"> </span>rischio <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>concentrazione, <span class=\"_ _3f\"> </span>che <span class=\"_ _3a\"> </span>deriva <span class=\"_ _3f\"> </span>da <span class=\"_ _3f\"> </span>una<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d9c\">variazione  inattesa  dei <span class=\"_ _35\"> </span>prezzi,  del <span class=\"_ _35\"> </span>valore  delle  esposizioni <span class=\"_ _35\"> </span>verso  emittenti  su  c<span class=\"_ _2\"></span>ui  si <span class=\"_ _35\"> </span>ha  un<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d9d\">accumulo di <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>sposizione <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>stessa <span class=\"_ _38\"></span>controparte, si <span class=\"_ _1\"></span>riferis<span class=\"_ _1\"></span>ce alle <span class=\"_ _1\"></span>att<span class=\"_ _1\"></span>ivit\u00e0 soggette <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischio<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d9e\">azionario, <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>tasso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>interesse <span class=\"_ _1\"></span>e s<span class=\"_ _1\"></span>pread e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>ischio <span class=\"_ _1\"></span>immobiliare <span class=\"_ _1\"></span>inclusi nel <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rcato,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1d9f\">ed esclude <span class=\"_ _3b\"></span>le attivit\u00e0 sogg<span class=\"_ _2\"></span>ette al <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio d<span class=\"_ _2\"></span>i inad<span class=\"_ _2\"></span>empimento di <span class=\"_ _2\"></span>controparte. Al <span class=\"_ _2\"></span>momento a <span class=\"_ _3b\"></span>livello<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1da0\">regolamentare sono esclusi anche i t<span class=\"_ _1\"></span>itoli di stato;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1da1\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio <span class=\"_ _38\"></span>Sovrano<span class=\"_ _1\"></span>: <span class=\"_ _0\"></span>E\u2019 <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>associato <span class=\"_ _0\"></span>all\u2019eventualit\u00e0 <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>Governo <span class=\"_ _0\"></span>non <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ispetti <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>pr<span class=\"_ _1\"></span>oprie<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1da2\">obbligazioni <span class=\"_ _0\"></span>finanziarie. <span class=\"_ _0\"></span>Pu\u00f2 <span class=\"_ _0\"></span>dipendere <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>fattor<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>economici, <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>politici. <span class=\"_ _0\"></span>Pu\u00f2 <span class=\"_ _0\"></span>essere<span class=\"_ _3a1\"> </span> </div>legato <span class=\"_ _3b\"></span>alla c<span class=\"_ _2\"></span>ongiuntura <span class=\"_ _3b\"></span>o <span class=\"_ _2\"></span>svilupparsi <span class=\"_ _3b\"></span>nel <span class=\"_ _2\"></span>medio-lungo <span class=\"_ _184\"></span>per<span class=\"_ _1\"></span>iodo. <span class=\"_ _3b\"></span>Il <span class=\"_ _3b\"></span>rischio sovrano <span class=\"_ _3b\"></span>viene <span class=\"_ _3b\"></span>associato<span class=\"_ _3a1\"> </span>ai <span class=\"_ _0\"></span>ren<span class=\"_ _3a1\"> </span>dimenti <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>pubb<span class=\"_ _2\"></span>lici <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>quindi <span class=\"_ _0\"></span>agli <span class=\"_ _0\"></span>interessi <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>uno <span class=\"_ _0\"></span>Stato <span class=\"_ _0\"></span>deve <span class=\"_ _0\"></span>corrispondere <span class=\"_ _0\"></span>agli<span class=\"_ _3a1\"> </span>investitori per potersi finanziare;<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Liquidi<span class=\"_ _2\"></span>t\u00e0 <span class=\"_ _35\"> </span>del  titolo:<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>La <span class=\"_ _35\"> </span>possibilit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>procedere <span class=\"_ _35\"> </span>allo <span class=\"_ _35\"> </span>smobilizz<span class=\"_ _2\"></span>o <span class=\"_ _35\"> </span>tem<span class=\"_ _1\"></span>pestivo <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>portafoglio <span class=\"_ _35\"> </span>\u00e8<span class=\"_ _3a1\"> </span></span>fortemente  condizionata  dalla  liq<span class=\"_ _2\"></span>uidabilit\u00e0  dei  titoli  in  cui<span class=\"_ _2\"></span>  lo  stesso  \u00e8  inv<span class=\"_ _2\"></span>estito.  La  scarsa<span class=\"_ _3a1\"> </span>liquidabilit\u00e0 <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>itoli, <span class=\"_ _0\"></span>infatti, <span class=\"_ _38\"></span>pu\u00f2 <span class=\"_ _0\"></span>esporre <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>Compagn<span class=\"_ _2\"></span>ia <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>conseguire <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>perdite<span class=\"_ _3a1\"> </span>connesse <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>difficolt\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>trovar<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>sul <span class=\"_ _1\"></span>mer<span class=\"_ _1\"></span>cato la <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>ntroparte <span class=\"_ _1\"></span>interessata <span class=\"_ _1\"></span>all\u2019acquisto <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>titoli<span class=\"_ _3a1\"> </span>che si intende smobilizzare. A livello regolamentare non \u00e8 attualmente previsto un requisito di<span class=\"_ _3a1\"> </span>capitale specifico;<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Altre <span class=\"_ _38\"></span>esposizioni <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>assets: <span class=\"_ _38\"></span>Tale <span class=\"_ _0\"></span>fattore <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _38\"></span>si <span class=\"_ _0\"></span>concretizza <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _38\"></span>mercato <span class=\"_ _0\"></span>legato <span class=\"_ _38\"></span>a<span class=\"_ _3a1\"> </span></span>private equity, strumenti alternativi, infrastrut<span class=\"_ _1\"></span>ture, prodotti legati all\u2019inflazione e ibridi.<span class=\"_ _3a1\"> </span>I fatto<span class=\"_ _1\"></span>ri di <span class=\"_ _1\"></span>rischio di <span class=\"_ _1\"></span>mercat<span class=\"_ _1\"></span>o vengono <span class=\"_ _1\"></span>principalmente <span class=\"_ _1\"></span>individuati ne<span class=\"_ _1\"></span>lle classi <span class=\"_ _1\"></span>di bilancio <span class=\"_ _1\"></span>specifiche<span class=\"_ _3a1\"> </span>del Portafoglio di Propriet\u00e0. Da <span class=\"_ _0\"></span>un <span class=\"_ _35\"> </span>pu<span class=\"_ _2\"></span>nto <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>vista <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>distribuz<span class=\"_ _2\"></span>ione <span class=\"_ _0\"></span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _35\"> </span>di<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>Credemassicurazioni <span class=\"_ _0\"></span>secondo <span class=\"_ _0\"></span>i<span class=\"_ _3a1\"> </span>dettami <span class=\"_ _17e\"> </span>normativi <span class=\"_ _48\"> </span>Solvency <span class=\"_ _48\"> </span>II <span class=\"_ _17e\"> </span>si <span class=\"_ _48\"> </span>r<span class=\"_ _1\"></span>iporta <span class=\"_ _48\"> </span>nella <span class=\"_ _48\"> </span>t<span class=\"_ _1\"></span>abella <span class=\"_ _48\"> </span>di <span class=\"_ _48\"> </span>seguito <span class=\"_ _17e\"> </span>la <span class=\"_ _48\"> </span>miglior <span class=\"_ _17e\"> </span>stima <span class=\"_ _48\"> </span>della<span class=\"_ _3a1\"> </span>rappresentazione <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>redazione <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>presen<span class=\"_ _2\"></span>te <span class=\"_ _38\"></span>se<span class=\"_ _1\"></span>zione <span class=\"_ _38\"></span>(si <span class=\"_ _38\"></span>precisa <span class=\"_ _0\"></span>ch<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>peso<span class=\"_ _3a1\"> </span>complessivo dei rischi market \u00e8 pari al 11,4%).<table class=\"s w1557 h2e6\" id=\"_5b8d27ee-9dd9-4f13-9220-edb2a8ec615e\"><tr><td class=\"t m2 x2605 h12 y6a19 ff4 fs7 fc1 sc0 ls0 ws0\">Market risk - risk/sum o<span class=\"_ _2\"></span>f risk compo<span class=\"_ _2\"></span>nents - relativo e </td><td></td><td class=\"t m2 x2606 h12 y6a1a ff4 fs7 fc1 sc0 ls0 ws0\">IVQ 2024 </td></tr><tr><td class=\"t m2 x2607 h12 y6a1b ff4 fs7 fc1 sc0 ls0 ws0\">complessivo </td><td></td><td></td></tr><tr><td></td><td class=\"c n x2608 y6a1c w154c h2e5\"><div class=\"t m5 x2b3 h2a y6334 ff4 fsd fc1 sc0 ls0 ws0\">% Relativo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2609 y6a1c w1558 h2e5\"><div class=\"t m5 x2b3 h2a y6334 ff4 fsd fc1 sc0 ls0 ws0\">% Complessivo<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x260a h12 y6a1d ff4 fs7 fc1 sc0 ls0 ws0\">Interest rate risk<span class=\"_ _2\"></span> </td><td class=\"c n x260b y6963 w1559 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">64,5%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x260c y6963 w155a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7,3<span class=\"_ _1\"></span>%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x260a h12 y6a1e ff4 fs7 fc1 sc0 ls0 ws0\">Equity risk </td><td class=\"c n x260d y5399 w155b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x260e y5399 w155b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x260a h12 y6a1f ff4 fs7 fc1 sc0 ls0 ws0\">Property risk </td><td class=\"c n x260d y685e w155b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x260e y685e w155b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x260a h12 y6a20 ff4 fs7 fc1 sc0 ls0 ws0\">Spread risk </td><td class=\"c n x260b y6a21 w1503 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">25,8%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x260f y6a21 w8a7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2,9%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x260a h12 y6a22 ff4 fs7 fc1 sc0 ls0 ws0\">Currency risk </td><td class=\"c n x260d y6a23 w155c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9,7%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2610 y6a23 w155d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1,1%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x260a h12 y6341 ff4 fs7 fc1 sc0 ls0 ws0\">Concentration risk </td><td class=\"c n x260d y6a24 w155b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x260e y6a24 w155b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td></tr></table>La <span class=\"_ _39\"> </span>Compagnia <span class=\"_ _39\"> </span>adotta, <span class=\"_ _39\"> </span>nei <span class=\"_ _36\"> </span>confronti <span class=\"_ _39\"> </span>dei <span class=\"_ _39\"> </span>fattori <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _36\"> </span>sopra <span class=\"_ _39\"> </span>enunciati, <span class=\"_ _39\"> </span>linee <span class=\"_ _39\"> </span>guida <span class=\"_ _39\"> </span>che<span class=\"_ _3a1\"> </span>definiscono <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>principi gener<span class=\"_ _1\"></span>ali per <span class=\"_ _1\"></span>l\u2019att<span class=\"_ _1\"></span>ivit\u00e0 del <span class=\"_ _1\"></span>Team <span class=\"_ _1\"></span>Finanza, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>periodicit\u00e0 <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>controlli <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>azioni<span class=\"_ _3a1\"> </span>di <span class=\"_ _35\"> </span>ripristino <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>superamento <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>limiti. <span class=\"_ _35\"> </span>N<span class=\"_ _2\"></span>ella <span class=\"_ _35\"> </span>composizione <span class=\"_ _35\"> </span>complessiva <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>portafoglio<span class=\"_ _3a1\"> </span>d\u2019investimento  si <span class=\"_ _35\"> </span>tie<span class=\"_ _1\"></span>ne  conto <span class=\"_ _35\"> </span>dell\u2019esposizione  al  rischio, <span class=\"_ _35\"> </span>dei  vincoli  l<span class=\"_ _2\"></span>egati  alla  c<span class=\"_ _2\"></span>opertura  delle<span class=\"_ _3a1\"> </span>riserve <span class=\"_ _0\"></span>tecniche <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>degli <span class=\"_ _38\"></span>effetti <span class=\"_ _0\"></span>sul <span class=\"_ _38\"></span>Solvency <span class=\"_ _0\"></span>Ratio. <span class=\"_ _0\"></span>I <span class=\"_ _0\"></span>limiti <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>ind<span class=\"_ _2\"></span>icatori <span class=\"_ _0\"></span>relativi <span class=\"_ _0\"></span>agli <span class=\"_ _38\"></span>investime<span class=\"_ _1\"></span>nti<span class=\"_ _3a1\"> </span>sono oggetto di verifica e controll<span class=\"_ _2\"></span>o su base continuativa da parte delle funzioni aziendali prepost<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span>e, <span class=\"_ _0\"></span>con <span class=\"_ _35\"> </span>frequenza <span class=\"_ _0\"></span>periodica, <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>risultati <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tali <span class=\"_ _35\"> </span>controlli <span class=\"_ _0\"></span>sono <span class=\"_ _35\"> </span>portati <span class=\"_ _0\"></span>all\u2019attenzione <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>Consiglio <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>Amministrazione. <span class=\"_ _35\"> </span>Il<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>proce<span class=\"_ _1\"></span>sso <span class=\"_ _0\"></span>prevede <span class=\"_ _35\"> </span>inoltre <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>fase <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>revisione <span class=\"_ _0\"></span>dei <span class=\"_ _35\"> </span>sud<span class=\"_ _2\"></span>detti <span class=\"_ _35\"> </span>limiti <span class=\"_ _0\"></span>realizzata<span class=\"_ _3a1\"> </span>mediante analisi di sensitivit\u00e0 condotte sui port<span class=\"_ _1\"></span>afogli attivi e passivi.<span class=\"_ _3a1\"> </span>La <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _0\"></span>viene <span class=\"_ _38\"></span>effe<span class=\"_ _1\"></span>ttuata <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>investimen<span class=\"_ _2\"></span>ti<span class=\"_ _3a1\"> </span>mobiliare <span class=\"_ _38\"></span>gi\u00e0 <span class=\"_ _38\"></span>acquisito <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>agli <span class=\"_ _38\"></span>scenari <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>investimento <span class=\"_ _38\"></span>futuro. <span class=\"_ _38\"></span>Tale <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>viene <span class=\"_ _38\"></span>realizzata <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ia <span class=\"_ _1\"></span>con<span class=\"_ _3a1\"> </span>logiche di <span class=\"_ _2\"></span>Asset-Liability Management, al fine d<span class=\"_ _2\"></span>i cogliere le <span class=\"_ _3b\"></span>inter<span class=\"_ _1\"></span>relazioni esistenti fra l<span class=\"_ _3b\"></span>e dinamiche<span class=\"_ _3a1\"> </span>dei <span class=\"_ _0\"></span>passivi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>dinamiche <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>attivi <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>riserve <span class=\"_ _0\"></span>tecniche, <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>seguendo <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>principi<span class=\"_ _3a1\"> </span>Solvency <span class=\"_ _38\"></span>II <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>fin<span class=\"_ _2\"></span>e <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>cogli<span class=\"_ _2\"></span>ere <span class=\"_ _0\"></span>l\u2019ev<span class=\"_ _2\"></span>entuale <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>quisito <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>capitale <span class=\"_ _0\"></span>assorbito <span class=\"_ _1\"></span>da <span class=\"_ _0\"></span>ogni <span class=\"_ _1\"></span>singolo <span class=\"_ _0\"></span>modul<span class=\"_ _2\"></span>o <span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span>sottomodulo di rischio. L\u2019identificazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>mercato <span class=\"_ _0\"></span>vita <span class=\"_ _0\"></span>viene <span class=\"_ _38\"></span>effett<span class=\"_ _1\"></span>uata <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>rif<span class=\"_ _2\"></span>erimento <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>nuovi <span class=\"_ _0\"></span>investimenti <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span>asset allocation target, e al portafoglio in essere:<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Nuovi  investimenti: <span class=\"_ _3d\"> </span>con <span class=\"_ _3d\"> </span>riferimento <span class=\"_ _3d\"> </span>ai <span class=\"_ _3d\"> </span>nuovi  invest<span class=\"_ _1\"></span>imenti, <span class=\"_ _3d\"> </span>nell\u2019ambito  del <span class=\"_ _3d\"> </span>proces<span class=\"_ _1\"></span>so  ORSA<span class=\"_ _3a1\"> </span></span>vengono <span class=\"_ _3f\"> </span>effettuate <span class=\"_ _3a\"> </span>analisi <span class=\"_ _3f\"> </span>relative <span class=\"_ _3f\"> </span>a <span class=\"_ _3a\"> </span>scenari <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>investimento <span class=\"_ _3f\"> </span>futur<span class=\"_ _1\"></span>o <span class=\"_ _3f\"> </span>con <span class=\"_ _3f\"> </span>l\u2019obiettivo <span class=\"_ _3f\"> </span>di<span class=\"_ _3a1\"> </span>identificare <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>rischi <span class=\"_ _0\"></span>connessi <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>tali <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>celte <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>investimento <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>valutarne <span class=\"_ _38\"></span>l\u2019impatto<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>sul <span class=\"_ _38\"></span>profilo <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span>rischio <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>termini <span class=\"_ _0\"></span>quantitativi. <span class=\"_ _0\"></span>Inoltre, <span class=\"_ _0\"></span>per<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>investimenti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>\u201cnatura <span class=\"_ _38\"></span>occas<span class=\"_ _1\"></span>ionale\u201d <span class=\"_ _0\"></span>sulla <span class=\"_ _0\"></span>base<span class=\"_ _3a1\"> </span>delle <span class=\"_ _193\"> </span>informazioni <span class=\"_ _193\"> </span>fornite <span class=\"_ _193\"> </span>dal <span class=\"_ _193\"> </span>Team <span class=\"_ _193\"> </span>Finanza <span class=\"_ _193\"> </span>(a <span class=\"_ _193\"> </span>tit<span class=\"_ _1\"></span>olo <span class=\"_ _193\"> </span>esemplificativo: <span class=\"_ _193\"> </span>obiettivo<span class=\"_ _3a1\"> </span>dell\u2019investimento, <span class=\"_ _39\"> </span>por<span class=\"_ _1\"></span>tafoglio <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>rifer<span class=\"_ _1\"></span>imento, <span class=\"_ _39\"> </span>size <span class=\"_ _3f\"> </span>dell\u2019operazione) <span class=\"_ _39\"> </span>viene <span class=\"_ _39\"> </span>effe<span class=\"_ _1\"></span>ttuata <span class=\"_ _39\"> </span>dalla<span class=\"_ _3a1\"> </span>funzione di Risk Management una valutazione quali/quantitativa ex<span class=\"_ _1\"></span>-ante basata sia su logiche<span class=\"_ _3a1\"> </span>gestionali <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>regolamentari. <span class=\"_ _0\"></span>U<span class=\"_ _3b\"></span>n <span class=\"_ _0\"></span>iter <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>utazione <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>rischio <span class=\"_ _38\"></span>ex-ante <span class=\"_ _0\"></span>viene <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ffettuata <span class=\"_ _38\"></span>dalla<span class=\"_ _3a1\"> </span>Funzione di R<span class=\"_ _2\"></span>isk Management anche p<span class=\"_ _2\"></span>er tutti gli <span class=\"_ _2\"></span>OICR non U<span class=\"_ _2\"></span>CITs sulla base della <span class=\"_ _3b\"></span>D<span class=\"_ _1\"></span>ue Diligence<span class=\"_ _3a1\"> </span>predisposta dal Team Finanza.<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Portafoglio in e<span class=\"_ _1\"></span>ssere: <span class=\"_ _1\"></span>Con <span class=\"_ _1\"></span>riferimento al <span class=\"_ _1\"></span>portafoglio in <span class=\"_ _1\"></span>essere<span class=\"_ _1\"></span>, l\u2019identificazione dei <span class=\"_ _1\"></span>rischi <span class=\"_ _1\"></span>viene<span class=\"_ _3a1\"> </span></span>effettuata sulla <span class=\"_ _3b\"></span>base dei dati <span class=\"_ _3b\"></span>tecnici <span class=\"_ _2\"></span>del portafoglio, <span class=\"_ _3b\"></span>dei dati di<span class=\"_ _2\"></span> mercato e<span class=\"_ _2\"></span> delle <span class=\"_ _3b\"></span>misure di <span class=\"_ _2\"></span>rischio<span class=\"_ _3a1\"> </span>determinate attraverso lo strumento<span class=\"_ _1\"></span> di calcolo del SCR adottato.<span class=\"_ _3a1\"> </span>Si riportano di seguito i macro-indicatori analizzati per la valutazione e il monitoraggio dei rischi di<span class=\"_ _3a1\"> </span>mercato:<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">SCR <span class=\"_ _35\"> </span>Interest  Rat<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>\u2013  Based: <span class=\"_ _35\"> </span>indicatori <span class=\"_ _35\"> </span>che  h<span class=\"_ _2\"></span>anno  l<span class=\"_ _2\"></span>o <span class=\"_ _35\"> </span>scopo  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>individuare  l\u2019assorbimento <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span></span>capitale, <span class=\"_ _1\"></span>secondo <span class=\"_ _1\"></span>le metriche <span class=\"_ _1\"></span>Solvency <span class=\"_ _1\"></span>II, <span class=\"_ _1\"></span>del rischio <span class=\"_ _1\"></span>tasso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>interesse secondo <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>approccio<span class=\"_ _3a1\"> </span>sia regolamentare che gestionale;<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Concentrazione relativa su singola controparte;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rating su singola controparte;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Esposizione assoluta in Equity;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Esposizione relativa in Obbligazioni Corporate;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Esposizione assoluta in valuta estera;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Duration;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Sensitivities <span class=\"_ _38\"></span>Spread <span class=\"_ _38\"></span>Goverantivo <span class=\"_ _38\"></span>Italia <span class=\"_ _0\"></span>(al <span class=\"_ _1\"></span>fine <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>catt<span class=\"_ _1\"></span>urare <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>fa<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tore <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _38\"></span>spread <span class=\"_ _38\"></span>sui <span class=\"_ _0\"></span>ti<span class=\"_ _2\"></span>toli<span class=\"_ _3a1\"> </span></span>governativi non incluso nella formula standard);<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Sensitivity sui fattori di rischio mercato (es. tasso).<span class=\"_ _3a1\"> </span></span>Rischio Asse<span class=\"_ _1\"></span>t Liability Management (ALM)<span class=\"_ _3a1\"> </span>Il  rischio  ALM  \u00e8<span class=\"_ _2\"></span>  un  rischio  s<span class=\"_ _2\"></span>trettamente  correlato  ai  d<span class=\"_ _2\"></span>isa<span class=\"_ _3a1\"> </span>llineamenti  tra  attivit\u00e0 <span class=\"_ _35\"> </span>e  passivit\u00e0.  Il<span class=\"_ _3a1\"> </span>processo <span class=\"_ _3f\"> </span>ALM <span class=\"_ _3f\"> </span>include <span class=\"_ _39\"> </span>al <span class=\"_ _3f\"> </span>suo <span class=\"_ _3f\"> </span>inte<span class=\"_ _1\"></span>rno <span class=\"_ _3f\"> </span>dinamiche <span class=\"_ _3f\"> </span>connesse <span class=\"_ _39\"> </span>alla <span class=\"_ _3f\"> </span>gest<span class=\"_ _1\"></span>ione <span class=\"_ _3f\"> </span>dei <span class=\"_ _39\"> </span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _3f\"> </span>e <span class=\"_ _3f\"> </span>alla<span class=\"_ _3a1\"> </span>pianificazione <span class=\"_ _37\"> </span>strategica. <span class=\"_ _37\"> </span>Si <span class=\"_ _37\"> </span>focalizza <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>ul <span class=\"_ _3d\"> </span>m<span class=\"_ _1\"></span>edio <span class=\"_ _37\"> </span>- <span class=\"_ _37\"> </span>lungo <span class=\"_ _3d\"> </span>t<span class=\"_ _1\"></span>ermine <span class=\"_ _3d\"> </span>anzich\u00e9 <span class=\"_ _37\"> </span>o<span class=\"_ _1\"></span>ffrire <span class=\"_ _3d\"> </span>soluzioni <span class=\"_ _37\"> </span>di<span class=\"_ _3a1\"> </span>mitigazione o <span class=\"_ _3b\"></span>cope<span class=\"_ _1\"></span>rtura del <span class=\"_ _3b\"></span>ris<span class=\"_ _1\"></span>chio. <span class=\"_ _3b\"></span>L\u2019obiet<span class=\"_ _1\"></span>tivo di <span class=\"_ _3b\"></span>tale gestione del <span class=\"_ _3b\"></span>rischio \u00e8 quello <span class=\"_ _3b\"></span>di massimizzare<span class=\"_ _3a1\"> </span>le attivit\u00e0 per soddisfare le passivit\u00e0 complesse che possono aument<span class=\"_ _1\"></span>are la redditivit\u00e0.<span class=\"_ _3a1\"> </span>Alla sottocategoria dei Rischi ALM appartengono <span class=\"_ _1\"></span>i seguenti fattori di rischio: -<span class=\"ff16\"> <span class=\"_ _13c\"> </span><span class=\"ff4\">As<span class=\"_ _1\"></span>set <span class=\"_ _19a\"> </span>Allocation <span class=\"_ _19a\"> </span>Strategica <span class=\"_ _19a\"> </span>(AAT): <span class=\"_ _19a\"> </span>consiste <span class=\"_ _19a\"> </span>nel <span class=\"_ _19a\"> </span>rischio <span class=\"_ _19a\"> </span>r<span class=\"_ _1\"></span>isultante<span class=\"_ _3a1\"> </span></span></span>dall\u2019inadeguatezza/incoerenza dell\u2019asset allocation per fare <span class=\"_ _1\"></span>fronte alle passivit\u00e0.<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Asset &amp;<span class=\"_ _2\"></span> Li<span class=\"_ _2\"></span>ability mismatch: <span class=\"_ _3b\"></span>corrisponde al <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di d<span class=\"_ _2\"></span>isallineamento tra <span class=\"_ _3b\"></span>attivi e pas<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ivi <span class=\"_ _2\"></span>che pu\u00f2<span class=\"_ _3a1\"> </span></span>comportare <span class=\"_ _46\"> </span>un\u2019esposizione <span class=\"_ _46\"> </span>dell\u2019<span class=\"_ _2\"></span>impresa <span class=\"_ _46\"> </span>o <span class=\"_ _49\"> </span>a<span class=\"_ _1\"></span>l <span class=\"_ _49\"> </span>rischio <span class=\"_ _46\"> </span>disinvestimento <span class=\"_ _46\"> </span>o <span class=\"_ _49\"> </span>al <span class=\"_ _46\"> </span>rischio<span class=\"_ _3a1\"> </span>reinvestimento.<span class=\"_ _3a1\"> </span>La <span class=\"_ _39\"> </span>Compagnia <span class=\"_ _39\"> </span>adotta, <span class=\"_ _39\"> </span>nei <span class=\"_ _36\"> </span>confronti <span class=\"_ _39\"> </span>dei <span class=\"_ _39\"> </span>fattori <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _36\"> </span>sopra <span class=\"_ _39\"> </span>enunciati, <span class=\"_ _39\"> </span>linee <span class=\"_ _39\"> </span>guida <span class=\"_ _39\"> </span>che<span class=\"_ _3a1\"> </span>definiscono <span class=\"_ _37\"> </span>i <span class=\"_ _36\"> </span>principi <span class=\"_ _37\"> </span>generali, <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>periodicit\u00e0 <span class=\"_ _36\"> </span>dei <span class=\"_ _37\"> </span>controlli <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>le <span class=\"_ _36\"> </span>azioni <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>ripristino <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>cas<span class=\"_ _1\"></span>o <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span>superamento dei limiti. Valutazione <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>AL<span class=\"_ _2\"></span>M <span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>iene <span class=\"_ _0\"></span>effettuata <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>portafoglio <span class=\"_ _0\"></span>investimenti <span class=\"_ _38\"></span>mo<span class=\"_ _1\"></span>biliare<span class=\"_ _3a1\"> </span>gi\u00e0 <span class=\"_ _35\"> </span>acquisito <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>agli <span class=\"_ _0\"></span>sce<span class=\"_ _1\"></span>nari <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>inv<span class=\"_ _2\"></span>estime<span class=\"_ _1\"></span>nto <span class=\"_ _35\"> </span>futuro. <span class=\"_ _35\"> </span>Tale <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>viene <span class=\"_ _35\"> </span>realizzata <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>logic<span class=\"_ _2\"></span>he <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span>Asset-Liability <span class=\"_ _3b\"></span>Manageme<span class=\"_ _1\"></span>nt, <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>fine di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>cogliere <span class=\"_ _3b\"></span>le interrelazioni <span class=\"_ _3b\"></span>esistenti <span class=\"_ _2\"></span>fra <span class=\"_ _3b\"></span>le dinamiche <span class=\"_ _3b\"></span>dei p<span class=\"_ _2\"></span>assivi<span class=\"_ _3a1\"> </span>e le dinamiche degli attivi a copertura delle r<span class=\"_ _1\"></span>iserve tecniche.<span class=\"_ _3a1\"> </span>Per quanto riguarda i macro-indicatori analizzati per la valutazione e mo<span class=\"_ _1\"></span>nitoraggio dei rischi ALM:<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">SCR <span class=\"_ _35\"> </span>Interest  Rat<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>\u2013  Based: <span class=\"_ _35\"> </span>indicatori <span class=\"_ _35\"> </span>che  h<span class=\"_ _2\"></span>anno  l<span class=\"_ _2\"></span>o <span class=\"_ _35\"> </span>scopo  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>individuare  l\u2019assorbimento <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span></span>capitale, <span class=\"_ _1\"></span>secondo <span class=\"_ _1\"></span>le metriche <span class=\"_ _1\"></span>Solvency <span class=\"_ _1\"></span>II, <span class=\"_ _1\"></span>del rischio <span class=\"_ _1\"></span>tasso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>interesse secondo <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>approccio<span class=\"_ _3a1\"> </span>sia regolamentare che gestionale;<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Cash Flow <span class=\"_ _38\"></span>Matching: l\u2019indicatore <span class=\"_ _1\"></span>des<span class=\"_ _1\"></span>crive il <span class=\"_ _1\"></span>disallineamento<span class=\"_ _1\"></span>, te<span class=\"_ _1\"></span>mpo per<span class=\"_ _1\"></span> tempo, <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>Cashflow<span class=\"_ _3a1\"> </span></span>degli attivi e i Cashflow del passivo;<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Duration <span class=\"_ _37\"> </span>Matching: <span class=\"_ _37\"> </span>disallineament<span class=\"_ _1\"></span>o <span class=\"_ _37\"> </span>tra <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>duration <span class=\"_ _36\"> </span>dei <span class=\"_ _37\"> </span>Cashflow <span class=\"_ _37\"> </span>Attivi <span class=\"_ _37\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>durat<span class=\"_ _1\"></span>ion <span class=\"_ _37\"> </span>dei<span class=\"_ _3a1\"> </span></span>Cashflow Passivi.<span class=\"_ _3a1\"> </span>Rischio di li<span class=\"_ _1\"></span>quidit\u00e0<span class=\"_ _3a1\"> </span>Le <span class=\"_ _38\"></span>Compagnie <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>soggette <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>ibili <span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>nsioni <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>li<span class=\"_ _3a1\"> </span>qui<span class=\"_ _3a1\"> </span>di<span class=\"_ _3a1\"> </span>t\u00e0 <span class=\"_ _38\"></span>derivanti <span class=\"_ _38\"></span>da <span class=\"_ _38\"></span>scadenze <span class=\"_ _38\"></span>diverse <span class=\"_ _38\"></span>tra <span class=\"_ _38\"></span>gli<span class=\"_ _3a1\"> </span>attivi e <span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>relat<span class=\"_ _1\"></span>ivi <span class=\"_ _3b\"></span>pas<span class=\"_ _1\"></span>sivi. <span class=\"_ _2\"></span>Per rischio <span class=\"_ _3b\"></span>di liqu<span class=\"_ _2\"></span>idit\u00e0 si <span class=\"_ _2\"></span>intende il <span class=\"_ _3b\"></span>rischio che l<span class=\"_ _2\"></span>a Compagnia <span class=\"_ _3b\"></span>non sia i<span class=\"_ _2\"></span>n grad<span class=\"_ _3b\"></span>o<span class=\"_ _3a1\"> </span>di <span class=\"_ _1\"></span>liquidare <span class=\"_ _38\"></span>investimenti <span class=\"_ _38\"></span>ed <span class=\"_ _1\"></span>altre <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ttivit\u00e0 <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>regolare <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>propri <span class=\"_ _38\"></span>impegni <span class=\"_ _1\"></span>finanziari <span class=\"_ _1\"></span>al <span class=\"_ _38\"></span>momento <span class=\"_ _38\"></span>della<span class=\"_ _3a1\"> </span>relativa scadenza (cfr. articolo 1, comma 1, letter<span class=\"_ _1\"></span>a vv-bi<span class=\"_ _2\"></span>s 2 del CAP). La <span class=\"_ _38\"></span>possibilit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>rocedere <span class=\"_ _0\"></span>allo<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>smobilizzo <span class=\"_ _38\"></span>tem<span class=\"_ _1\"></span>pestivo <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>portafoglio <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>fortemente <span class=\"_ _1\"></span>condizionata<span class=\"_ _3a1\"> </span>dalla liquidabilit\u00e0 <span class=\"_ _1\"></span>dei t<span class=\"_ _1\"></span>itoli in cui lo <span class=\"_ _1\"></span>stesso \u00e8 <span class=\"_ _1\"></span>investito. <span class=\"_ _1\"></span>La scarsa liquidabilit\u00e0 <span class=\"_ _1\"></span>dei t<span class=\"_ _1\"></span>itoli in portafoglio,<span class=\"_ _3a1\"> </span>infatti, <span class=\"_ _38\"></span>pu\u00f2 <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>sporre <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>Compagnia <span class=\"_ _1\"></span>al <span class=\"_ _38\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>conseguire <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>perdite <span class=\"_ _38\"></span>connesse <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>difficolt\u00e0 <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span>trovare sul mercato la controparte interessata all\u2019acquisto dei titoli che s<span class=\"_ _1\"></span>i intende smobilizzare.<span class=\"_ _3a1\"> </span>La Compag<span class=\"_ _2\"></span>nia qu<span class=\"_ _2\"></span>antifica la <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ua p<span class=\"_ _2\"></span>osizione di <span class=\"_ _3b\"></span>so<span class=\"_ _1\"></span>lvibilit\u00e0 <span class=\"_ _3b\"></span>con le met<span class=\"_ _2\"></span>riche della <span class=\"_ _3b\"></span>F<span class=\"_ _1\"></span>ormula <span class=\"_ _2\"></span>Standard, ch<span class=\"_ _3b\"></span>e<span class=\"_ _3a1\"> </span>non prevede una quantificazione de<span class=\"_ _1\"></span>l rischio liquidit\u00e0 in termini di assorbimento di capitale.<span class=\"_ _3a1\"> </span>L\u2019identificazione del rischio di <span class=\"_ _1\"></span>liquidit\u00e0 viene effe<span class=\"_ _1\"></span>ttuata con riferimento<span class=\"_ _1\"></span> al portafoglio investimenti<span class=\"_ _3a1\"> </span>sottostanti <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>prodotti <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>gar<span class=\"_ _1\"></span>anzia <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>ca<span class=\"_ _1\"></span>pitale <span class=\"_ _0\"></span>e/<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>rendimento<span class=\"_ _1\"></span>. <span class=\"_ _0\"></span>L\u2019identificazione <span class=\"_ _0\"></span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>viene<span class=\"_ _3a1\"> </span>effettuata <span class=\"_ _3f\"> </span>sulla <span class=\"_ _3f\"> </span>base <span class=\"_ _3f\"> </span>dei <span class=\"_ _3f\"> </span>dati <span class=\"_ _39\"> </span>t<span class=\"_ _1\"></span>ecnici <span class=\"_ _3f\"> </span>dei <span class=\"_ _3f\"> </span>portafogli <span class=\"_ _39\"> </span>e <span class=\"_ _3f\"> </span>delle <span class=\"_ _3f\"> </span>metriche <span class=\"_ _3f\"> </span>definite <span class=\"_ _3f\"> </span>in <span class=\"_ _3f\"> </span>funzione<span class=\"_ _3a1\"> </span>dell\u2019orizzonte temporale con cui viene analizzato e studiato il rischio stesso.<span class=\"_ _3a1\"> </span>Si  riportano  di  seguito  gli  indicatori  utilizzati  dalla  Compagnia  per  il  monitoraggio  del  rischio<span class=\"_ _3a1\"> </span>liquidit\u00e0:<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">importo <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>conti <span class=\"_ _1\"></span>correnti: <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>Compagnia <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>sce<span class=\"_ _1\"></span>lto di <span class=\"_ _38\"></span>monitorare <span class=\"_ _1\"></span>l\u2019importo <span class=\"_ _1\"></span>detenuto <span class=\"_ _38\"></span>nei <span class=\"_ _1\"></span>Conti<span class=\"_ _3a1\"> </span></span>Correnti  al <span class=\"_ _35\"> </span>fine <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>fissare  un <span class=\"_ _35\"> </span>limite <span class=\"_ _35\"> </span>inferiore  che<span class=\"_ _2\"></span>  rapp<span class=\"_ _2\"></span>resenta <span class=\"_ _35\"> </span>la  Riserva <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>Liquidit\u00e0 <span class=\"_ _35\"> </span>(come<span class=\"_ _3a1\"> </span>prescritta <span class=\"_ _1\"></span>dal <span class=\"_ _1\"></span>Reg. <span class=\"_ _1\"></span>38 IVASS) <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>limite <span class=\"_ _1\"></span>superiore <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>termini <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>importo <span class=\"_ _1\"></span>massimo <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>detenere<span class=\"_ _3a1\"> </span>nei <span class=\"_ _1\"></span>Conti <span class=\"_ _38\"></span>Correnti <span class=\"_ _1\"></span>al <span class=\"_ _38\"></span>fine <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>rendere <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>fficace <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>gestione <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>portafoglio <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>limitare <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>eventuali<span class=\"_ _3a1\"> </span>effetti <span class=\"_ _1\"></span>sull\u2019SCR <span class=\"_ _1\"></span>Default. <span class=\"_ _38\"></span>Nella <span class=\"_ _1\"></span>quantificazione <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>Riserva <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Liquidit\u00e0 <span class=\"_ _1\"></span>concorro<span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>solo <span class=\"_ _1\"></span>le<span class=\"_ _3a1\"> </span>esposizioni in Conto Corrente ma anche titoli Governativi dell'Area Euro con qualit\u00e0 del credito<span class=\"_ _3a1\"> </span>superiore a 2 e scadenza inferiore ai 3 mesi.<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Liquidi<span class=\"_ _2\"></span>ty <span class=\"_ _36\"> </span>Buffer: <span class=\"_ _37\"> </span>il <span class=\"_ _36\"> </span>numero <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>periodi, <span class=\"_ _37\"> </span>m<span class=\"_ _1\"></span>ensili, <span class=\"_ _37\"> </span>consecutivi <span class=\"_ _36\"> </span>con <span class=\"_ _36\"> </span>Liquidity <span class=\"_ _37\"> </span>Buffer <span class=\"_ _36\"> </span>negativo,<span class=\"_ _3a1\"> </span></span>nell\u2019orizzonte <span class=\"_ _3a\"> </span>te<span class=\"_ _1\"></span>mporale <span class=\"_ _3a\"> </span>annuale <span class=\"_ _3a\"> </span>consider<span class=\"_ _1\"></span>ato <span class=\"_ _3a\"> </span>e <span class=\"_ _3a\"> </span>fornisce <span class=\"_ _48\"> </span>u<span class=\"_ _2\"></span>n\u2019indicazione <span class=\"_ _3a\"> </span>sintet<span class=\"_ _1\"></span>ica <span class=\"_ _3a\"> </span>della<span class=\"_ _3a1\"> </span>situazione di liquidit\u00e0 della Compagnia;<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Piano di <span class=\"_ _2\"></span>liquidit\u00e0: l\u2019i<span class=\"_ _2\"></span>ndicatore<span class=\"_ _1\"></span> \u00e8 volto a<span class=\"_ _3b\"></span> dimostrare che la Compagnia <span class=\"_ _2\"></span>ha le risorse finanzi<span class=\"_ _2\"></span>arie su<span class=\"_ _3a1\"> </span></span>base continuativa per l<span class=\"_ _2\"></span>a gestione del <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio liqu<span class=\"_ _2\"></span>idit\u00e0. Tale condizione risulta <span class=\"_ _3b\"></span>inolt<span class=\"_ _1\"></span>re essere <span class=\"_ _2\"></span>alla<span class=\"_ _3a1\"> </span>base per l\u2019applicazione del Volatility Adjustment a livello Regolame<span class=\"_ _1\"></span>ntare;<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Contingency di liquidit\u00e0: ovvero titoli facilmente liquidabili;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">SCR <span class=\"_ _0\"></span>default <span class=\"_ _35\"> </span>conti <span class=\"_ _0\"></span>corr<span class=\"_ _1\"></span>ente: <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>fine <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>limitare <span class=\"_ _35\"> </span>gli <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>ventuali <span class=\"_ _35\"> </span>effetti <span class=\"_ _35\"> </span>sull<span class=\"_ _2\"></span>\u2019SCR <span class=\"_ _0\"></span>defau<span class=\"_ _1\"></span>lt <span class=\"_ _35\"> </span>derivante<span class=\"_ _3a1\"> </span></span>dall\u2019aumento <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>volumi <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>conti <span class=\"_ _35\"> </span>corrente, <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>Compagnia <span class=\"_ _35\"> </span>ha <span class=\"_ _35\"> </span>fissato <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>limite <span class=\"_ _35\"> </span>superiore <span class=\"_ _35\"> </span>in<span class=\"_ _3a1\"> </span>termini di SCR Default.<span class=\"_ _3a1\"> </span>Rischio di cre<span class=\"_ _1\"></span>dito (default)<span class=\"_ _3a1\"> </span>Si <span class=\"_ _1\"></span>definisce <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>edito <span class=\"_ _38\"></span>(rischio <span class=\"_ _1\"></span>default) <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>ch<span class=\"_ _3a1\"> </span>io <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>dita <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>variazione <span class=\"_ _38\"></span>sfavorevole <span class=\"_ _38\"></span>della<span class=\"_ _3a1\"> </span>situazione finanzi<span class=\"_ _2\"></span>aria derivante <span class=\"_ _3b\"></span>da oscillazioni <span class=\"_ _2\"></span>del merito di <span class=\"_ _3b\"></span>credito di emittenti <span class=\"_ _3b\"></span>di titoli, <span class=\"_ _2\"></span>controparti<span class=\"_ _3a1\"> </span>e de<span class=\"_ _1\"></span>bitori nei confronti <span class=\"_ _1\"></span>dei quali l\u2019impresa <span class=\"_ _1\"></span>di assicurazione <span class=\"_ _1\"></span>o di riassicurazione \u00e8<span class=\"_ _1\"></span> esposta in <span class=\"_ _1\"></span>forma<span class=\"_ _3a1\"> </span>di r<span class=\"_ _1\"></span>ischio <span class=\"_ _1\"></span>di inadempiment<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>controparte, <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>spread <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>concentrazione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>chio<span class=\"_ _3a1\"> </span>di mercato (cfr. articolo 1, comma 1, lettera vv-bis 1 del CAP).<span class=\"_ _3a1\"> </span>La perdita di valore della posizion<span class=\"_ _2\"></span>e creditoria e collegata principalmente alla qu<span class=\"_ _2\"></span>alit\u00e0 dell\u2019emittente<span class=\"_ _3a1\"> </span>o<span class=\"_ _3a\"> </span>della  controparte  (in<span class=\"_ _2\"></span>clusi  i  riassicuratori,  coassicu<span class=\"_ _2\"></span>ratori,  assicurati  ed  intermediari)  ma <span class=\"_ _35\"> </span>pu\u00f2<span class=\"_ _3a1\"> </span>anche <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>erivare <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>deteriora<span class=\"_ _2\"></span>mento <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>condizioni <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>conomico-finanziarie <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>debitore <span class=\"_ _38\"></span>da <span class=\"_ _0\"></span>cui<span class=\"_ _3a1\"> </span>dipende <span class=\"_ _2\"></span>la capaci<span class=\"_ _2\"></span>ta di <span class=\"_ _3b\"></span>far fronte <span class=\"_ _3b\"></span>agli impegni <span class=\"_ _3b\"></span>finanziari assunti, <span class=\"_ _3b\"></span>nonch\u00e9 da caus<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> ind<span class=\"_ _2\"></span>ipendenti dall<span class=\"_ _3b\"></span>a<span class=\"_ _3a1\"> </span>situazione <span class=\"_ _0\"></span>economica <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>finanzi<span class=\"_ _2\"></span>aria <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>controparte <span class=\"_ _0\"></span>debitrice, <span class=\"_ _38\"></span>quali <span class=\"_ _38\"></span>ad <span class=\"_ _0\"></span>esempio <span class=\"_ _0\"></span>cause <span class=\"_ _38\"></span>politico-<span class=\"_ _3a1\"> </span>militare.<span class=\"_ _3a1\"> </span>Da un punto di vista puramente rappresent<span class=\"_ _1\"></span>ativo identifichiamo tre macro aree del rischio credito:<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Riassicurazione;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Intermediarie e altre controparti;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Investimenti.<span class=\"_ _3a1\"> </span></span>I fattori di rischio sottostanti alle singole sottocategor<span class=\"_ _1\"></span>ie del rischio credito sono i seguenti:<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Per quanto riguarda la sottoclasse Rassicurazione:<span class=\"_ _3a1\"> </span></span>o<span class=\"_ _115\"> </span><span class=\"ff4\">Rischio <span class=\"_ _48\"> </span>di <span class=\"_ _17e\"> </span>credito <span class=\"_ _48\"> </span>verso <span class=\"_ _17e\"> </span>riassicuratori: <span class=\"_ _48\"> </span>rappresenta <span class=\"_ _17e\"> </span>il <span class=\"_ _48\"> </span>rischio <span class=\"_ _48\"> </span>di <span class=\"_ _48\"> </span>per<span class=\"_ _1\"></span>dite <span class=\"_ _48\"> </span>derivanti<span class=\"_ _3a1\"> </span></span>dall\u2019insolvenza di uno o pi\u00f9 riassicuratori;<span class=\"_ _3a1\"> </span>o<span class=\"_ _115\"> </span><span class=\"ff4\">Rischio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>base: <span class=\"_ _38\"></span>der<span class=\"_ _1\"></span>ivante <span class=\"_ _38\"></span>dalle <span class=\"_ _38\"></span>eventuali <span class=\"_ _38\"></span>discrepanze <span class=\"_ _38\"></span>tr<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>sigenze <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rias<span class=\"_ _1\"></span>sicurazione <span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></span>l\u2019effettiva copertura prevista dal trattato comportando per la Compag<span class=\"_ _2\"></span>nia un\u2019assunzione di<span class=\"_ _3a1\"> </span>rischio maggiore rispetto a quella pre<span class=\"_ _1\"></span>ventivata.<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Per quanto riguarda gli intermediari e le altre controparti:<span class=\"_ _3a1\"> </span></span>o<span class=\"_ _115\"> </span><span class=\"ff4\">Rischio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>credito <span class=\"_ _1\"></span>verso <span class=\"_ _1\"></span>intermediari <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>altre <span class=\"_ _1\"></span>controparti: <span class=\"_ _1\"></span>rappresenta <span class=\"_ _1\"></span>il r<span class=\"_ _1\"></span>ischio <span class=\"_ _1\"></span>di perdite <span class=\"_ _1\"></span>in<span class=\"_ _3a1\"> </span></span>conseguenza <span class=\"_ _2\"></span>all\u2019inadempimento <span class=\"_ _2\"></span>contrattuale <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>soggetti terzi <span class=\"_ _3b\"></span>(es. <span class=\"_ _3b\"></span>i crediti <span class=\"_ _3b\"></span>verso a<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>sicurati,<span class=\"_ _3a1\"> </span>verso intermediari assicurativi, conti corre<span class=\"_ _1\"></span>nti verso banche).<span class=\"_ _3a1\"> </span>Da <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>unto <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>vista <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span>stribuzione <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>rischi <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>count<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>rparty <span class=\"_ _38\"></span>default <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _38\"></span>Credemassicurazioni<span class=\"_ _3a1\"> </span>secondo <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>dettami <span class=\"_ _35\"> </span>normativi <span class=\"_ _0\"></span>Solvency <span class=\"_ _35\"> </span>II <span class=\"_ _0\"></span>si <span class=\"_ _35\"> </span>riporta <span class=\"_ _35\"> </span>n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>lla <span class=\"_ _0\"> </span>t<span class=\"_ _1\"></span>abella <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>seguito <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>miglior <span class=\"_ _35\"> </span>stima <span class=\"_ _0\"></span>della<span class=\"_ _3a1\"> </span>rappresentazione <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>redazione <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>presen<span class=\"_ _2\"></span>te <span class=\"_ _38\"></span>se<span class=\"_ _1\"></span>zione <span class=\"_ _38\"></span>(si <span class=\"_ _38\"></span>precisa <span class=\"_ _0\"></span>ch<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>peso<span class=\"_ _3a1\"> </span>complessivo dei rischi counterpary default \u00e8 pari al 1,3%).<table class=\"s w155e h2e7\" id=\"_d7c3d707-0f79-49d7-981f-09824734fe4a\"><tr><td class=\"t m2 x2611 h12 y6a25 ff4 fs7 fc1 sc0 ls0 ws0\">Credit risk - risk/sum <span class=\"_ _2\"></span>of risk compon<span class=\"_ _2\"></span>ents - relativo e </td><td></td><td class=\"t m2 x2612 h12 y6a26 ff4 fs7 fc1 sc0 ls0 ws0\">IVQ 2024 </td></tr><tr><td class=\"t m2 x2613 h12 y6a27 ff4 fs7 fc1 sc0 ls0 ws0\">complessivo </td><td></td><td></td></tr><tr><td></td><td class=\"c n x2614 y6a28 w155f h2e8\"><div class=\"t m5 x2b3 h2a y6334 ff4 fsd fc1 sc0 ls0 ws0\">% Relativo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2615 y6a28 w1560 h2e8\"><div class=\"t m5 x2b3 h2a y6334 ff4 fsd fc1 sc0 ls0 ws0\">% Complessivo<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xe96 h12 y6a29 ff4 fs7 fc1 sc0 ls0 ws0\">Type 1 counterpartie<span class=\"_ _2\"></span>s </td><td class=\"c n x2616 y6a2a w1561 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">83,2%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2617 y6a2a w155d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1,1%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xe96 h12 y6a2b ff4 fs7 fc1 sc0 ls0 ws0\">Type 2 counterpartie<span class=\"_ _2\"></span>s </td><td class=\"c n x2616 y6a2c w1562 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">16,8%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2618 y6a2c w1563 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,2%<span class=\"_ _3a1\"> </span></div></td></tr></table>Le <span class=\"_ _0\"></span>politiche <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lative <span class=\"_ _0\"></span>alla <span class=\"_ _38\"></span>gestione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>rischio<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>cre<span class=\"_ _1\"></span>dito <span class=\"_ _0\"></span>ve<span class=\"_ _2\"></span>rso <span class=\"_ _0\"></span>gli <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>mittenti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>strumenti <span class=\"_ _0\"></span>finanziari<span class=\"_ _3a1\"> </span>sono <span class=\"_ _38\"></span>r<span class=\"_ _3a1\"> </span>iconducibili <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>quanto <span class=\"_ _38\"></span>so<span class=\"_ _1\"></span>pra <span class=\"_ _0\"></span>riportato <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>p<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>oposito <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _0\"></span>con <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iferimento <span class=\"_ _0\"></span>a<span class=\"_ _3b\"></span>i<span class=\"_ _3a1\"> </span>principi generali relativi al<span class=\"_ _2\"></span> controllo d<span class=\"_ _2\"></span>egli investimenti di natura <span class=\"_ _2\"></span>finanzi<span class=\"_ _2\"></span>aria. Per quanto concerne l<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span>controparti riassicurative, <span class=\"_ _3b\"></span>Credemass<span class=\"_ _1\"></span>icurazioni <span class=\"_ _2\"></span>ha d<span class=\"_ _2\"></span>efinito politiche <span class=\"_ _3b\"></span>pe<span class=\"_ _1\"></span>r la <span class=\"_ _3b\"></span>gestione e <span class=\"_ _2\"></span>il c<span class=\"_ _2\"></span>ontrollo d<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span>tale rischio in termini di linee guida e limiti <span class=\"_ _1\"></span>relativi alle controparti. L\u2019identificazione <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>Counterpar<span class=\"_ _2\"></span>ty <span class=\"_ _0\"></span>Default <span class=\"_ _35\"> </span>Risk <span class=\"_ _0\"></span>viene <span class=\"_ _0\"></span>effettuata <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _0\"></span>alle <span class=\"_ _35\"> </span>cont<span class=\"_ _2\"></span>roparti<span class=\"_ _3a1\"> </span>verso le quali sussistono posizioni di credito.<span class=\"_ _3a1\"> </span>Si riportano sinteticamente di seguito le misure di ris<span class=\"_ _1\"></span>chio utilizzate:<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">SCR Counterparty Default Risk;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Importo Massimo <span class=\"_ _1\"></span>in Conti Correnti: r<span class=\"_ _1\"></span>appresenta l\u2019ammontare <span class=\"_ _1\"></span>massimo in <span class=\"_ _1\"></span>C/C da <span class=\"_ _1\"></span>detenere sul<span class=\"_ _3a1\"> </span></span>portafoglio;<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Esposizione <span class=\"_ _193\"> </span>per <span class=\"_ _193\"> </span>Riassicuratore: <span class=\"_ _40\"> </span>l\u2019indi<span class=\"_ _2\"></span>catore <span class=\"_ _40\"> </span>individ<span class=\"_ _2\"></span>ua <span class=\"_ _193\"> </span>l\u2019espos<span class=\"_ _1\"></span>izione <span class=\"_ _193\"> </span>verso <span class=\"_ _193\"> </span>ciascun<span class=\"_ _3a1\"> </span></span>Riassicuratore in termini di somme assicurate;<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rating <span class=\"_ _3a\"> </span>o <span class=\"_ _3a\"> </span>Solvency <span class=\"_ _48\"> </span>Ratio <span class=\"_ _3a\"> </span>per <span class=\"_ _3a\"> </span>Riassicuratore: <span class=\"_ _48\"> </span>l\u2019i<span class=\"_ _2\"></span>ndicatore <span class=\"_ _48\"> </span>\u00e8<span class=\"_ _2\"></span> <span class=\"_ _3a\"> </span>pari <span class=\"_ _48\"> </span>al <span class=\"_ _3a\"> </span>Rating <span class=\"_ _3a\"> </span>del <span class=\"_ _3a\"> </span>singolo<span class=\"_ _3a1\"> </span></span>Riassicuratore o, in caso di controparte non retata, al <span class=\"_ _1\"></span>Solvency Ratio dello stesso.<span class=\"_ _3a1\"> </span>Rischi operat<span class=\"_ _1\"></span>ivi<span class=\"_ _3a1\"> </span>Ilrischio operativo \u00e8 <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>finibile <span class=\"_ _3b\"></span>come<span class=\"_ _1\"></span> il <span class=\"_ _3b\"></span>rischio di <span class=\"_ _2\"></span>subire perdite de<span class=\"_ _2\"></span>rivanti <span class=\"_ _2\"></span>dalla inad<span class=\"_ _2\"></span>eguatezza o d<span class=\"_ _2\"></span>alla<span class=\"_ _3a1\"> </span>disfunzione <span class=\"_ _35\"> </span>(carenze <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>errori) <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>procedure<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>interne, <span class=\"_ _35\"> </span>risorse <span class=\"_ _35\"> </span>um<span class=\"_ _2\"></span>ane <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>sistemi <span class=\"_ _35\"> </span>oppure <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>even<span class=\"_ _2\"></span>ti<span class=\"_ _3a1\"> </span>esogeni <span class=\"_ _0\"></span>(cfr. <span class=\"_ _0\"></span>art<span class=\"_ _1\"></span>icolo <span class=\"_ _0\"></span>1, <span class=\"_ _0\"></span>comma <span class=\"_ _0\"></span>1, <span class=\"_ _0\"></span>lettera <span class=\"_ _0\"></span>vv-bis <span class=\"_ _0\"></span>5 <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>CAP). <span class=\"_ _0\"></span>Pe<span class=\"_ _1\"></span>rtanto, <span class=\"_ _0\"></span>l\u2019impresa <span class=\"_ _0\"></span>pu\u00f2 <span class=\"_ _0\"></span>incorre<span class=\"_ _1\"></span>re <span class=\"_ _0\"></span>in<span class=\"_ _3a1\"> </span>perdite <span class=\"_ _3d\"> </span>ope<span class=\"_ _1\"></span>rative, <span class=\"_ _3d\"> </span>definibili <span class=\"_ _3d\"> </span>com<span class=\"_ _1\"></span>e <span class=\"_ _37\"> </span>gli <span class=\"_ _3d\"> </span>effetti <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>conomici <span class=\"_ _3d\"> </span>ne<span class=\"_ _1\"></span>gativi <span class=\"_ _3d\"> </span>derivanti <span class=\"_ _3d\"> </span>da <span class=\"_ _37\"> </span>eventi <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>nat<span class=\"_ _1\"></span>ura<span class=\"_ _3a1\"> </span>operativa, rilevati nella contabilit\u00e0 aziendale e t<span class=\"_ _1\"></span>ali da avere impatto sul conto economico.<span class=\"_ _3a1\"> </span>Alla pi\u00f9 generale categoria dei Rischi Operativi apparte<span class=\"_ _1\"></span>ngono le seguenti sotto-categorie:<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio Operativi;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio Informatico e Cyber Risk;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio di non Conformit\u00e0 alle norme;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Model Risk;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Continuit\u00e0 Operativa;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Regulatory Operational Risk,<span class=\"_ _3a1\"> </span></span>di seguito meglio esplicitate.<span class=\"_ _3a1\"> </span>Rischio Oper<span class=\"_ _1\"></span>ativo e IT &amp; Cyber Risk<span class=\"_ _3a1\"> </span>I principali fattori di rischio che caratterizzano il risc<span class=\"_ _3a1\"> </span>hio operativo sono:<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Persone:  le <span class=\"_ _3d\"> </span>risorse <span class=\"_ _3d\"> </span>umane <span class=\"_ _3d\"> </span>possono  essere <span class=\"_ _3d\"> </span>fonte <span class=\"_ _3d\"> </span>di  rischio <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>l\u2019impresa, <span class=\"_ _3d\"> </span>se  la <span class=\"_ _3d\"> </span>struttura<span class=\"_ _3a1\"> </span></span>organizzativa non <span class=\"_ _3b\"></span>\u00e8 effici<span class=\"_ _2\"></span>ente, op<span class=\"_ _2\"></span>pure si <span class=\"_ _3b\"></span>verificano carenze <span class=\"_ _3b\"></span>nella professionalit\u00e0 <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>dipendenti<span class=\"_ _3a1\"> </span>o, <span class=\"_ _3b\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _3b\"></span>esem<span class=\"_ _1\"></span>pio, <span class=\"_ _3b\"></span>se la <span class=\"_ _184\"></span>s<span class=\"_ _1\"></span>truttura <span class=\"_ _2\"></span>retributiva <span class=\"_ _3b\"></span>e il <span class=\"_ _3b\"></span>percorso <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>carriera <span class=\"_ _2\"></span>non <span class=\"_ _2\"></span>sono ad<span class=\"_ _3b\"></span>eguati e <span class=\"_ _3b\"></span>se i<span class=\"_ _2\"></span>l <span class=\"_ _3b\"></span>clima<span class=\"_ _3a1\"> </span>aziendale <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>idoneo. <span class=\"_ _1\"></span>Gli <span class=\"_ _1\"></span>esempi di <span class=\"_ _1\"></span>perdite<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dovute <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>risorse <span class=\"_ _1\"></span>incompetenti <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>negligenti <span class=\"_ _1\"></span>sono<span class=\"_ _3a1\"> </span>numerosi, <span class=\"_ _0\"> </span>fra <span class=\"_ _35\"> </span>questi <span class=\"_ _0\"></span>emergono <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>casi <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>inserimento <span class=\"_ _0\"></span>erroneo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>dati <span class=\"_ _0\"></span>nei <span class=\"_ _0\"></span>siste<span class=\"_ _1\"></span>mi, <span class=\"_ _0\"></span>errori <span class=\"_ _0\"></span>nella<span class=\"_ _3a1\"> </span>trasposizione dei dati o violazioni di regolamenti.<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Processi: <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>processi <span class=\"_ _1\"></span>aziendali <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>fonte <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>operativo <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>caso <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>verifichino <span class=\"_ _1\"></span>delle<span class=\"_ _3a1\"> </span></span>inefficienze <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>disegno, <span class=\"_ _1\"></span>nella <span class=\"_ _1\"></span>formalizzazione <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>nella <span class=\"_ _1\"></span>definizione de<span class=\"_ _1\"></span>lla s<span class=\"_ _1\"></span>truttura <span class=\"_ _1\"></span>degli s<span class=\"_ _1\"></span>tessi <span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span>quindi nella defi<span class=\"_ _1\"></span>nizione degli <span class=\"_ _1\"></span>attori <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>vi prendono <span class=\"_ _1\"></span>parte <span class=\"_ _1\"></span>e del <span class=\"_ _1\"></span>relativo livello <span class=\"_ _1\"></span>di re<span class=\"_ _1\"></span>sponsabilit\u00e0<span class=\"_ _3a1\"> </span>e di <span class=\"_ _3b\"></span>autor<span class=\"_ _1\"></span>izzazione. Possono <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>isultare inadegu<span class=\"_ _2\"></span>ati e q<span class=\"_ _2\"></span>uindi <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ssere fonte di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio operativo <span class=\"_ _3b\"></span>tutt<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>i p<span class=\"_ _2\"></span>rocessi aziendal<span class=\"_ _2\"></span>i, c<span class=\"_ _2\"></span>ompresi i <span class=\"_ _3b\"></span>modelli valutativi <span class=\"_ _3b\"></span>e di <span class=\"_ _3b\"></span>calcolo e <span class=\"_ _2\"></span>gli <span class=\"_ _3b\"></span>stessi processi <span class=\"_ _3b\"></span>di gestione <span class=\"_ _2\"></span>del<span class=\"_ _3a1\"> </span>rischio. Sono fonte di rischio operativo:<span class=\"_ _3a1\"> </span>o<span class=\"_ _115\"> </span><span class=\"ff4\">le <span class=\"_ _36\"> </span>esternalizzazioni <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _37\"> </span>aziendali <span class=\"_ _37\"> </span>nel <span class=\"_ _36\"> </span>caso <span class=\"_ _36\"> </span>in <span class=\"_ _37\"> </span>cui <span class=\"_ _37\"> </span>si <span class=\"_ _37\"> </span>verifichino <span class=\"_ _37\"> </span>delle <span class=\"_ _36\"> </span>carenze <span class=\"_ _36\"> </span>/<span class=\"_ _3a1\"> </span></span>inadeguatezze nei <span class=\"_ _3b\"></span>processi di <span class=\"_ _3b\"></span>gest<span class=\"_ _1\"></span>ione <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>rapporto con <span class=\"_ _3b\"></span>gli outsourcer <span class=\"_ _3b\"></span>tali da c<span class=\"_ _2\"></span>ausare <span class=\"_ _2\"></span>delle<span class=\"_ _3a1\"> </span>perdite all\u2019impresa;<span class=\"_ _3a1\"> </span>o<span class=\"_ _115\"> </span><span class=\"ff4\">il <span class=\"_ _0\"></span>mancato <span class=\"_ _0\"></span>aggiornamento <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>l\u2019inadeguata <span class=\"_ _0\"></span>archiv<span class=\"_ _2\"></span>iazione <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>procedure <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>normative <span class=\"_ _38\"></span>che<span class=\"_ _3a1\"> </span></span>formalizzano i processi interni;<span class=\"_ _3a1\"> </span>o<span class=\"_ _115\"> </span><span class=\"ff4\">mancata/<span class=\"_ _1\"></span>inadeguata/intempestiva <span class=\"_ _2\"></span>emanazione di <span class=\"_ _3b\"></span>nor<span class=\"_ _1\"></span>me attuative i<span class=\"_ _2\"></span>nterne in <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>elazione alla<span class=\"_ _3a1\"> </span></span>normativa esterna vigente.<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">IT <span class=\"_ _0\"></span>Security <span class=\"_ _35\"> </span>Risk <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>IT <span class=\"_ _0\"></span>Risk: <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>sistemi <span class=\"_ _35\"> </span>informativi<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>possono <span class=\"_ _0\"> </span>causare <span class=\"_ _35\"> </span>perdite <span class=\"_ _35\"> </span>all\u2019i<span class=\"_ _2\"></span>mpresa <span class=\"_ _35\"> </span>se <span class=\"_ _0\"></span>non<span class=\"_ _3a1\"> </span></span>vengono adott<span class=\"_ _1\"></span>ate adeguate m<span class=\"_ _1\"></span>isure di IT <span class=\"_ _1\"></span>Security oppure <span class=\"_ _1\"></span>nella <span class=\"_ _1\"></span>gestione <span class=\"_ _1\"></span>delle apparecchiature<span class=\"_ _3a1\"> </span>hardware <span class=\"_ _3f\"> </span>e <span class=\"_ _39\"> </span>software. <span class=\"_ _3f\"> </span>La <span class=\"_ _39\"> </span>crescente <span class=\"_ _3f\"> </span>dipendenza <span class=\"_ _39\"> </span>dai <span class=\"_ _3f\"> </span>sistemi <span class=\"_ _3f\"> </span>informativi <span class=\"_ _39\"> </span>e <span class=\"_ _3f\"> </span>dalle <span class=\"_ _39\"> </span>risorse<span class=\"_ _3a1\"> </span>tecnologiche <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>genere <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>reso <span class=\"_ _0\"></span>questo <span class=\"_ _0\"></span>fattore <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>sempre <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _0\"></span>rilevante. <span class=\"_ _0\"></span>Gli <span class=\"_ _0\"></span>esempi <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>perdita <span class=\"_ _38\"></span>legat<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>questo <span class=\"_ _38\"></span>fattore <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>nu<span class=\"_ _2\"></span>merosi, <span class=\"_ _38\"></span>come <span class=\"_ _0\"></span>l\u2019assunzio<span class=\"_ _3b\"></span>ne<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ccessivi <span class=\"_ _38\"></span>dovuti <span class=\"_ _38\"></span>a<span class=\"_ _3a1\"> </span>errori di<span class=\"_ _2\"></span> programmi i<span class=\"_ _2\"></span>nformatici, <span class=\"_ _2\"></span>il mancato <span class=\"_ _3b\"></span>rispetto di <span class=\"_ _3b\"></span>adem<span class=\"_ _1\"></span>pimenti <span class=\"_ _2\"></span>contrattuali dovu<span class=\"_ _2\"></span>to a <span class=\"_ _3b\"></span>errori<span class=\"_ _3a1\"> </span>dei sistemi informativi e ancora la perdita di dati rilevanti connessa <span class=\"_ _1\"></span>a fallimenti dei sistemi.<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Eventi Esterni: gli eventi legati a fattori ester<span class=\"_ _1\"></span>ni possono causare perdite all\u2019impresa a fro<span class=\"_ _1\"></span>nte di<span class=\"_ _3a1\"> </span></span>calamit\u00e0 <span class=\"_ _0\"></span>naturali, <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>prevenzione <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>sicurezza <span class=\"_ _0\"></span>verso <span class=\"_ _35\"> </span>eventi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>natura <span class=\"_ _0\"></span>accidentale, <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>fronte <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>obsolescenza delle <span class=\"_ _1\"></span>infrastrutture, di prevenzione e <span class=\"_ _1\"></span>di sicurezza vers<span class=\"_ _1\"></span>o atti di nat<span class=\"_ _1\"></span>ura criminosa,<span class=\"_ _3a1\"> </span>nei <span class=\"_ _35\"> </span>pa<span class=\"_ _3a1\"> </span>ssaggi <span class=\"_ _35\"> </span>autorizzativi <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>l'esecuzione <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>operative, <span class=\"_ _35\"> </span>nelle <span class=\"_ _35\"> </span>misure <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>controllo<span class=\"_ _3a1\"> </span>verso attivit\u00e0 non <span class=\"_ _3b\"></span>auto<span class=\"_ _1\"></span>rizzate e f<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>odi da parte<span class=\"_ _2\"></span> di di<span class=\"_ _2\"></span>pendenti, di misure <span class=\"_ _2\"></span>preventive verso frodi <span class=\"_ _2\"></span>da<span class=\"_ _3a1\"> </span>parte di <span class=\"_ _1\"></span>esterni, a fr<span class=\"_ _1\"></span>onte di un <span class=\"_ _1\"></span>inadeguato e/o no<span class=\"_ _1\"></span>n tempestivo <span class=\"_ _1\"></span>aggiornamento della <span class=\"_ _1\"></span>normativa<span class=\"_ _3a1\"> </span>interna in relazione ai mutamenti della normat<span class=\"_ _1\"></span>iva esterna da cui deriva.  L\u2019approccio di identificazione del r<span class=\"_ _1\"></span>ischio operativo segue una logica di tipo \u2018<span class=\"_ _1\"></span>bottom <span class=\"_ _1\"></span>up\u2019, basata su<span class=\"_ _3a1\"> </span>una <span class=\"_ _3b\"></span>metodologia <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>Risk <span class=\"_ _2\"></span>Self <span class=\"_ _3b\"></span>Asse<span class=\"_ _1\"></span>ssment <span class=\"_ _3b\"></span>con l\u2019<span class=\"_ _2\"></span>obiettivo <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>valutare <span class=\"_ _3b\"></span>il <span class=\"_ _2\"></span>livello <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>rischiosit\u00e0 e <span class=\"_ _3b\"></span>la <span class=\"_ _3b\"></span>qualit\u00e0<span class=\"_ _3a1\"> </span>dei <span class=\"_ _3b\"></span>cont<span class=\"_ _1\"></span>rolli <span class=\"_ _2\"></span>posti <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>essere <span class=\"_ _3b\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _3b\"></span>mitigare il <span class=\"_ _184\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _2\"></span>afferente <span class=\"_ _3b\"></span>alle a<span class=\"_ _2\"></span>ttivit\u00e0 <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>perative <span class=\"_ _3b\"></span>e ad <span class=\"_ _3b\"></span>ogni <span class=\"_ _3b\"></span>proce<span class=\"_ _1\"></span>sso<span class=\"_ _3a1\"> </span>aziendale. L\u2019obiettivo <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>tale<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>approccio, <span class=\"_ _3b\"></span>basato <span class=\"_ _2\"></span>sull\u2019analisi <span class=\"_ _3b\"></span>per Team <span class=\"_ _3b\"></span>Funzionale, \u00e8 <span class=\"_ _3b\"></span>l\u2019individuazione <span class=\"_ _2\"></span>degli <span class=\"_ _3b\"></span>eve<span class=\"_ _1\"></span>nti<span class=\"_ _3a1\"> </span>perdita <span class=\"_ _39\"> </span>che <span class=\"_ _36\"> </span>potre<span class=\"_ _1\"></span>bbero <span class=\"_ _36\"> </span>manifestarsi, <span class=\"_ _39\"> </span>la <span class=\"_ _39\"> </span>valutazione <span class=\"_ _36\"> </span>del <span class=\"_ _39\"> </span>possibile <span class=\"_ _36\"> </span>impatto <span class=\"_ _39\"> </span>e <span class=\"_ _39\"> </span>della <span class=\"_ _36\"> </span>poss<span class=\"_ _1\"></span>ibile<span class=\"_ _3a1\"> </span>frequenza <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>realizzazione <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>tali <span class=\"_ _37\"> </span>eventi <span class=\"_ _36\"> </span>(quantificazione <span class=\"_ _37\"> </span>delle <span class=\"_ _36\"> </span>perdite <span class=\"_ _37\"> </span>attese <span class=\"_ _36\"> </span>e <span class=\"_ _36\"> </span>inattese), <span class=\"_ _37\"> </span>la<span class=\"_ _3a1\"> </span>valutazione dell\u2019efficacia dei <span class=\"_ _2\"></span>controlli a presidio e d<span class=\"_ _3b\"></span>ei possibili strumenti organizzativi attivabili <span class=\"_ _2\"></span>per<span class=\"_ _3a1\"> </span>la mitigazione del rischio. La <span class=\"_ _1\"></span>valutazione delle <span class=\"_ _1\"></span>perdite attese<span class=\"_ _1\"></span> e inattese viene fatta s<span class=\"_ _1\"></span>ia in relazione<span class=\"_ _3a1\"> </span>al rischio operativo nella s<span class=\"_ _1\"></span>ua interezza (su cui insistono specifici limiti RAF) sia per <span class=\"_ _1\"></span>la componente<span class=\"_ _3a1\"> </span>relativa al rischio IT/IT Security.<span class=\"_ _3a1\"> </span>La <span class=\"_ _37\"> </span>Compagnia <span class=\"_ _37\"> </span>ha <span class=\"_ _36\"> </span>strutturato, <span class=\"_ _37\"> </span>inoltre, <span class=\"_ _36\"> </span>con <span class=\"_ _37\"> </span>periodicit\u00e0 <span class=\"_ _37\"> </span>annuale <span class=\"_ _36\"> </span>una <span class=\"_ _37\"> </span>valutazione <span class=\"_ _37\"> </span>delle <span class=\"_ _36\"> </span>perdite<span class=\"_ _3a1\"> </span>effettive subite derivanti da risch<span class=\"_ _2\"></span>i operativi (c.d. LDC <span class=\"_ _2\"></span>\u2013 Loss Data Collection). Tale anali<span class=\"_ _2\"></span>si consente<span class=\"_ _3a1\"> </span>inoltre di effettuare un back-test circa la valutazione ex<span class=\"_ _1\"></span>-ante mediante Risk Self-Assessment.<span class=\"_ _3a1\"> </span>Regulatory<span class=\"_ _1\"></span> Operational Risk<span class=\"_ _3a1\"> </span>Per quanto rigu<span class=\"_ _2\"></span>arda la valutazione del <span class=\"_ _3b\"></span>re<span class=\"_ _1\"></span>quisito di cap<span class=\"_ _2\"></span>itale (SCR), <span class=\"_ _3b\"></span>i rischi operativi vengono valutati<span class=\"_ _3a1\"> </span>mediante l\u2019applicazione della Standard <span class=\"_ _2\"></span>Formula. Il peso complessivo dei rischi <span class=\"_ _2\"></span>operative, secondo<span class=\"_ _3a1\"> </span>i dettami normativi Solvency II \u00e8 pari al 6,2% (dato al IVQ 2024).<span class=\"_ _3a1\"> </span>Rischio legale e<span class=\"_ _1\"></span> rischio di non con<span class=\"_ _1\"></span>formit\u00e0 alle norme<span class=\"_ _3a1\"> </span>Il <span class=\"_ _35\"> </span>rischio  normativo <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>compliance  (ovv<span class=\"_ _2\"></span>ero  di <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>conformi<span class=\"_ _3a1\"> </span>t\u00e0 <span class=\"_ _35\"> </span>alle  n<span class=\"_ _2\"></span>orme)  rigu<span class=\"_ _2\"></span>arda  il<span class=\"_ _2\"></span>  rischio <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span>incorrere <span class=\"_ _36\"> </span>in <span class=\"_ _36\"> </span>sanzioni <span class=\"_ _37\"> </span>giudiziarie<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>o <span class=\"_ _37\"> </span>am<span class=\"_ _1\"></span>ministrative, <span class=\"_ _37\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>subire <span class=\"_ _37\"> </span>perdite <span class=\"_ _36\"> </span>o <span class=\"_ _36\"> </span>danni <span class=\"_ _36\"> </span>reputazionali <span class=\"_ _37\"> </span>in<span class=\"_ _3a1\"> </span>conseguenza <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>mancata <span class=\"_ _0\"></span>osse<span class=\"_ _1\"></span>rvanza <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>leggi, <span class=\"_ _0\"></span>regolamenti <span class=\"_ _0\"></span>o <span class=\"_ _35\"> </span>provvedimenti <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>Autorit\u00e0 <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>Vigilanza <span class=\"_ _0\"></span>ovvero <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>norme<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>a<span class=\"_ _1\"></span>utoregolamentazione, <span class=\"_ _0\"></span>quali <span class=\"_ _0\"></span>statuti, <span class=\"_ _0\"></span>codici <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>condotta <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>codici <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>autodisciplina; <span class=\"_ _48\"> </span>rischio <span class=\"_ _48\"> </span>de<span class=\"_ _1\"></span>rivante <span class=\"_ _48\"> </span>da <span class=\"_ _17e\"> </span>modifiche <span class=\"_ _48\"> </span>sfavorevoli <span class=\"_ _48\"> </span>del <span class=\"_ _17e\"> </span>quadro <span class=\"_ _48\"> </span>normat<span class=\"_ _1\"></span>ivo <span class=\"_ _48\"> </span>o <span class=\"_ _48\"> </span>degli<span class=\"_ _3a1\"> </span>orientamenti giurisprudenziali. Nella gestione del rischio di <span class=\"_ _2\"></span>non conformit\u00e0 normativa, l\u2019azi<span class=\"_ _2\"></span>enda identifica quale fattore prioritario<span class=\"_ _3a1\"> </span>di <span class=\"_ _3b\"></span>success<span class=\"_ _1\"></span>o <span class=\"_ _3b\"></span>il conseguimento <span class=\"_ _3b\"></span>della <span class=\"_ _3b\"></span>conformit<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _3b\"></span>in mate<span class=\"_ _2\"></span>ria <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>trasparenza e<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>corr<span class=\"_ _1\"></span>ettezza <span class=\"_ _3b\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _3b\"></span>rapporto<span class=\"_ _3a1\"> </span>col <span class=\"_ _1\"></span>cliente <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ssicurato <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>danneggiato, <span class=\"_ _38\"></span>nell\u2019informativa <span class=\"_ _1\"></span>precontrattuale <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>contrattuale <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>prodotti,<span class=\"_ _3a1\"> </span>nella <span class=\"_ _38\"></span>corr<span class=\"_ _1\"></span>etta <span class=\"_ _38\"></span>esecuzione <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>contratti, <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>icolare <span class=\"_ _38\"></span>riguardo <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>lla <span class=\"_ _38\"></span>liquidazione <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>sinistri, <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>in<span class=\"_ _3a1\"> </span>generale nella tutela del consumatore. In <span class=\"_ _1\"></span>sint<span class=\"_ _1\"></span>esi, <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>processo <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>analisi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>confor<span class=\"_ _1\"></span>mit\u00e0 <span class=\"_ _1\"></span>alle <span class=\"_ _0\"></span>no<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>me <span class=\"_ _38\"></span>mira, <span class=\"_ _1\"></span>attr<span class=\"_ _1\"></span>averso <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>formalizzazione <span class=\"_ _38\"></span>della<span class=\"_ _3a1\"> </span>matrice di rischio di compliance, a: -<span class=\"_ _1a9\"> </span><span class=\"ff4\">migliorare <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>grado <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>sensibilit\u00e0 <span class=\"_ _1\"></span>nei <span class=\"_ _38\"></span>confronti <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>disposto <span class=\"_ _38\"></span>normativo <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>controlli <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span></span>primo livello;<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">valutare i presidi di controllo esiste<span class=\"_ _1\"></span>nti sui processi;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">stimolare la rifless<span class=\"_ _1\"></span>ione sui potenziali<span class=\"_ _2\"></span> rischi esis<span class=\"_ _1\"></span>tenti;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">valutare la capacit\u00e0 nel riconoscere o pre<span class=\"_ _1\"></span>venire i rischi medesimi;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">individuare gli interve<span class=\"_ _1\"></span>nti organizzativi utili<span class=\"_ _2\"></span> a colmare<span class=\"_ _1\"></span> i gap eventualmente riscontrati.<span class=\"_ _3a1\"> </span></span>Nell\u2019esercizio <span class=\"_ _3d\"> </span>dei  pro<span class=\"_ _1\"></span>pri  compiti  la <span class=\"_ _3d\"> </span>funzione <span class=\"_ _3d\"> </span>di  Compliance <span class=\"_ _3d\"> </span>opera <span class=\"_ _3d\"> </span>sulla  base <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>un  approccio<span class=\"_ _3a1\"> </span>metodologico <span class=\"_ _35\"> </span>fondato <span class=\"_ _35\"> </span>su <span class=\"_ _35\"> </span>tecniche <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>identificazione, <span class=\"_ _35\"> </span>valutazione, <span class=\"_ _35\"> </span>gest<span class=\"_ _1\"></span>ione <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>moni<span class=\"_ _2\"></span>toraggio <span class=\"_ _35\"> </span>dei<span class=\"_ _3a1\"> </span>rischi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>conformit\u00e0 <span class=\"_ _38\"></span>ispirate <span class=\"_ _1\"></span>alle <span class=\"_ _38\"></span>migliori <span class=\"_ _1\"></span>prassi <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>mercato <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>coerenti <span class=\"_ _38\"></span>con <span class=\"_ _1\"></span>quelli <span class=\"_ _1\"></span>utilizzati <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>processi di Risk Management e di Revisione Inter<span class=\"_ _1\"></span>na.<span class=\"_ _3a1\"> </span>Modelling Ris<span class=\"_ _1\"></span>k<span class=\"_ _3a1\"> </span>Rischio di <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>dite in <span class=\"_ _1\"></span>materia <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>sviluppo, imp<span class=\"_ _1\"></span>lementazione <span class=\"_ _1\"></span>o usi <span class=\"_ _1\"></span>improprio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>altri <span class=\"_ _1\"></span>modelli <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>parte<span class=\"_ _3a1\"> </span>della Compagnia per il pro<span class=\"_ _1\"></span>cesso decisionale (ad es<span class=\"_ _1\"></span>empio, i prezzi dei prodot<span class=\"_ _1\"></span>ti, la valutazione degli<span class=\"_ _3a1\"> </span>strumenti finanziari, il monitoraggio dei limiti di rischio, et<span class=\"_ _1\"></span>c).<span class=\"_ _3a1\"> </span>Continuit\u00e0 Operat<span class=\"_ _1\"></span>iva<span class=\"_ _3a1\"> </span>Il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>continuit\u00e0 <span class=\"_ _0\"></span>operativa <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>collegato <span class=\"_ _0\"></span>all\u2019utilizz<span class=\"_ _3a1\"> </span>o <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>piano <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>continuit\u00e0 <span class=\"_ _0\"></span>operativa <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la<span class=\"_ _3a1\"> </span>gestione <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>situazioni <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>crisi <span class=\"_ _35\"> </span>c<span class=\"_ _2\"></span>onseguenti <span class=\"_ _35\"> </span>ad <span class=\"_ _0\"></span>incidenti <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>portata <span class=\"_ _35\"> </span>settoriale, <span class=\"_ _0\"></span>aziendale <span class=\"_ _35\"> </span>ovvero<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>a<span class=\"_ _3a1\"> </span>catastrofi estese che colpiscono l\u2019operat<span class=\"_ _1\"></span>ore o le sue controparti rilevanti.<span class=\"_ _3a1\"> </span>La Compagnia ha sviluppato un piano di continuit\u00e0 operativa (Busines<span class=\"_ _1\"></span>s Continuity Plan).<span class=\"_ _3a1\"> </span>Rischi di Secondo L<span class=\"_ _1\"></span>ivello (o indirett<span class=\"_ _1\"></span>i)<span class=\"_ _3a1\"> </span>Secondo  il  modello  adottato  dalla  Compagnia,  inoltre<span class=\"_ _1\"></span>,  esistono  altri  rischi/eventi  perdita  non<span class=\"_ _3a1\"> </span>strettamente ricond<span class=\"_ _2\"></span>ucibili <span class=\"_ _2\"></span>a fattori <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>rischio specifici, <span class=\"_ _3b\"></span>ma che <span class=\"_ _3b\"></span>possono derivare <span class=\"_ _3b\"></span>da fattori <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>rischio<span class=\"_ _3a1\"> </span>riconducibili <span class=\"_ _39\"> </span>alle <span class=\"_ _3f\"> </span>classi <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _39\"> </span>pre<span class=\"_ _1\"></span>cedentemente <span class=\"_ _3f\"> </span>illustrate. <span class=\"_ _39\"> </span>Si <span class=\"_ _3f\"> </span>tratta <span class=\"_ _3f\"> </span>in <span class=\"_ _39\"> </span>particolare<span class=\"_ _1\"></span>, <span class=\"_ _39\"> </span>cos\u00ec<span class=\"_ _3a1\"> </span>identificati dalla normativa di settore, <span class=\"_ _1\"></span>delle classi di rischio: -<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio legato a<span class=\"_ _1\"></span>ll\u2019appartenenza al gruppo;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio reputazionale;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio di condotta;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Rischi ESG,<span class=\"_ _3a1\"> </span></span>e di seguito rappresentati.<span class=\"_ _3a1\"> </span>Rischio legato <span class=\"_ _1\"></span>all\u2019appartenenza al gr<span class=\"_ _1\"></span>uppo<span class=\"_ _3a1\"> </span>Il<span class=\"_ _3a1\"> </span>rischio <span class=\"_ _35\"> </span>legato <span class=\"_ _35\"> </span>all\u2019appartenenza <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>gruppo <span class=\"_ _35\"> </span>(rischio <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>\u2018contagio\u2019)<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>inteso <span class=\"_ _35\"> </span>come <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>che, <span class=\"_ _35\"> </span>a<span class=\"_ _3a1\"> </span>seguito <span class=\"_ _0\"></span>dei<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>rapporti <span class=\"_ _38\"></span>intercorrenti <span class=\"_ _38\"></span>tra <span class=\"_ _0\"></span>l\u2019imp<span class=\"_ _2\"></span>resa <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>altre <span class=\"_ _0\"></span>entit\u00e0 <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>gr<span class=\"_ _1\"></span>uppo, <span class=\"_ _38\"></span>situazioni <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>difficolt\u00e0<span class=\"_ _3a1\"> </span>che <span class=\"_ _1\"></span>insor<span class=\"_ _1\"></span>gono <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>una <span class=\"_ _1\"></span>societ\u00e0 <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>medesimo <span class=\"_ _38\"></span>gruppo <span class=\"_ _1\"></span>possano <span class=\"_ _38\"></span>propagarsi <span class=\"_ _1\"></span>con <span class=\"_ _38\"></span>effetti <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>gativi s<span class=\"_ _1\"></span>ulla<span class=\"_ _3a1\"> </span>solvibilit\u00e0 dell\u2019impresa stessa. In  coerenza <span class=\"_ _35\"> </span>con  la <span class=\"_ _35\"> </span>propria  stra<span class=\"_ _2\"></span>tegia  e <span class=\"_ _35\"> </span>con  le <span class=\"_ _35\"> </span>politiche  in <span class=\"_ _35\"> </span>materia  d<span class=\"_ _2\"></span>egli  investimenti, <span class=\"_ _35\"> </span>adottata<span class=\"_ _3a1\"> </span>dall\u2019Organo  Amministrat<span class=\"_ _1\"></span>ivo  ha  definito  una  propr<span class=\"_ _1\"></span>ia  politica  delle  o<span class=\"_ _1\"></span>perazioni  infragruppo  e <span class=\"_ _3d\"> </span>ha<span class=\"_ _3a1\"> </span>determinato appropriati limiti di operativit\u00e0.<span class=\"_ _3a1\"> </span>L\u2019identificazione  e <span class=\"_ _3d\"> </span>l\u2019analisi  del <span class=\"_ _3d\"> </span>rischio <span class=\"_ _3d\"> </span>\u00e8  effettuata <span class=\"_ _3d\"> </span>pertanto  in <span class=\"_ _3d\"> </span>coerenza <span class=\"_ _3d\"> </span>alle  categorie  e <span class=\"_ _3d\"> </span>alle<span class=\"_ _3a1\"> </span>controparti d<span class=\"_ _2\"></span>elle <span class=\"_ _3b\"></span>operazioni stesse, <span class=\"_ _3b\"></span>con <span class=\"_ _3b\"></span>par<span class=\"_ _1\"></span>ticolare <span class=\"_ _3b\"></span>riguardo alle<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>garanzie eventualmente <span class=\"_ _3b\"></span>rilasciate<span class=\"_ _3a1\"> </span>nell\u2019ambito del Gruppo ed in coere<span class=\"_ _1\"></span>nza con le caratteristiche delle seguenti tipologie di operazioni:<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Operazioni <span class=\"_ _3d\"> </span>significative <span class=\"_ _3d\"> </span>(compr<span class=\"_ _1\"></span>ese <span class=\"_ _3d\"> </span>tra <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>1<span class=\"_ _1\"></span>%  e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>il  5<span class=\"_ _1\"></span>% <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>Solvency <span class=\"_ _3d\"> </span>Capital <span class=\"_ _3d\"> </span>Re<span class=\"_ _1\"></span>quirement <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span></span>periodo);<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Operazioni Molto s<span class=\"_ _1\"></span>ignificative (&gt;5% del Solvency Capital Requirement di periodo).<span class=\"_ _3a1\"> </span></span>Rischio Reputazionale<span class=\"_ _3a1\"> </span>Il<span class=\"_ _3a1\"> </span>rischio <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>eputazionale <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>inteso <span class=\"_ _0\"></span>come <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>deteriorame<span class=\"_ _2\"></span>nto <span class=\"_ _35\"> </span>dell\u2019immagine <span class=\"_ _0\"></span>aziendale <span class=\"_ _0\"> </span>e <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span>aumento <span class=\"_ _35\"> </span>della  conflittualit\u00e0 <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>con  gli <span class=\"_ _35\"> </span>assicurati <span class=\"_ _35\"> </span>(dovuto <span class=\"_ _35\"> </span>anche  alla <span class=\"_ _35\"> </span>scarsa <span class=\"_ _35\"> </span>qualit\u00e0 <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>servizi<span class=\"_ _3a1\"> </span>offerti,  al <span class=\"_ _35\"> </span>collocamento  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>polizze  non <span class=\"_ _35\"> </span>adeguate  o <span class=\"_ _35\"> </span>al  comportamento <span class=\"_ _35\"> </span>in  fas<span class=\"_ _2\"></span>e  di<span class=\"_ _2\"></span>  v<span class=\"_ _2\"></span>endita, <span class=\"_ _35\"> </span>post<span class=\"_ _3a1\"> </span>vendita e di liquidazione) sia con le Autorit\u00e0 <span class=\"_ _1\"></span>di Vigilanza e gli shareholders. Il rischio <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>eputazionale \u00e8 q<span class=\"_ _2\"></span>uindi strettamente l<span class=\"_ _2\"></span>egato alla v<span class=\"_ _2\"></span>endita del p<span class=\"_ _2\"></span>rodotto e <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>lla prestazione<span class=\"_ _2\"></span> dei<span class=\"_ _3a1\"> </span>servizi <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>esso <span class=\"_ _0\"></span>coll<span class=\"_ _2\"></span>egati. <span class=\"_ _0\"></span>A <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>utela <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>Cliente<span class=\"_ _1\"></span>/Assicurato <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>conseguenza <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>presidio <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>rischio<span class=\"_ _3a1\"> </span>reputazionale sono attivate una serie di misure:<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">le procedure di collocamento ch<span class=\"_ _2\"></span>e contemplano una p<span class=\"_ _2\"></span>reventiva valutazione di adeguatezza d<span class=\"_ _2\"></span>el<span class=\"_ _3a1\"> </span></span>contratto <span class=\"_ _35\"> </span>finali<span class=\"_ _2\"></span>zzata <span class=\"_ _35\"> </span>ad <span class=\"_ _0\"></span>individuare <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>via <span class=\"_ _35\"> </span>pr<span class=\"_ _2\"></span>eliminare <span class=\"_ _35\"> </span>le<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>esigenze <span class=\"_ _0\"></span>assicurative <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>bi<span class=\"_ _2\"></span>sogni <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span>protezione del cliente, nonch\u00e9 a fornire l\u2019adeguata informativa sul prodott<span class=\"_ _1\"></span>o;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">l\u2019assiste<span class=\"_ _1\"></span>nza e i servizi generali alla rete distributiva;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4\">il process<span class=\"_ _1\"></span>o di gestione dei reclami;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4\">il ser<span class=\"_ _1\"></span>vizio di liqu<span class=\"_ _2\"></span>idazione sinistr<span class=\"_ _1\"></span>i.<span class=\"_ _3a1\"> </span></span>Essendo <span class=\"_ _35\"> </span>inoltre <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>ri<span class=\"_ _2\"></span>schio <span class=\"_ _35\"> </span>reputazionale <span class=\"_ _0\"></span>strettamente <span class=\"_ _35\"> </span>connesso <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>ris<span class=\"_ _1\"></span>chi <span class=\"_ _0\"></span>operat<span class=\"_ _1\"></span>ivi, <span class=\"_ _0\"></span>informatici <span class=\"_ _35\"> </span>e<span class=\"_ _3a1\"> </span>cyber <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>condott<span class=\"_ _1\"></span>a, <span class=\"_ _0\"></span>gl<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>specifici <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>sidi <span class=\"_ _0\"></span>operativi <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>rganizzativi <span class=\"_ _0\"></span>posti <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>essere <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la<span class=\"_ _3a1\"> </span>gestione <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>tali <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>rappresentano <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _0\"></span>ul<span class=\"_ _2\"></span>teriore <span class=\"_ _0\"></span>elemento <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>sup<span class=\"_ _2\"></span>porto <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>gestione <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>rischio<span class=\"_ _3a1\"> </span>reputazionale.<span class=\"_ _3a1\"> </span>Rischio di Condott<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span>Il<span class=\"_ _3a1\"> </span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>condot<span class=\"_ _2\"></span>ta <span class=\"_ _0\"></span>- <span class=\"_ _38\"></span>quale <span class=\"_ _38\"></span>sottocategor<span class=\"_ _1\"></span>ia <span class=\"_ _1\"></span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _1\"></span>oper<span class=\"_ _1\"></span>ativo, <span class=\"_ _1\"></span>di <span class=\"_ _0\"></span>complian<span class=\"_ _2\"></span>ce <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>putazionale <span class=\"_ _1\"></span>\u2013<span class=\"_ _3a1\"> </span>pu\u00f2 <span class=\"_ _0\"></span>essere <span class=\"_ _35\"> </span>definito <span class=\"_ _0\"></span>come <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>tuale <span class=\"_ _0\"></span>o <span class=\"_ _35\"> </span>pr<span class=\"_ _2\"></span>ospettico <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>pe<span class=\"_ _2\"></span>rdite <span class=\"_ _0\"></span>conseguenti <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>casistiche <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>offerta <span class=\"_ _17e\"> </span>inappropriata <span class=\"_ _48\"> </span>di <span class=\"_ _17e\"> </span>prodot<span class=\"_ _1\"></span>ti <span class=\"_ _48\"> </span>e/o <span class=\"_ _17e\"> </span>servizi, <span class=\"_ _48\"> </span>incluse<span class=\"_ _1\"></span> <span class=\"_ _17e\"> </span>fattispecie <span class=\"_ _48\"> </span>di <span class=\"_ _17e\"> </span>condotta <span class=\"_ _17e\"> </span>inadeguata<span class=\"_ _3a1\"> </span>(dolo/negligenza) da parte dell\u2019impresa.<span class=\"_ _3a1\"> </span>I fattori di rischio presi in esame per la valutazione <span class=\"_ _1\"></span>del rischio di condotta sono:<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Commer<span class=\"_ _1\"></span>cial development risk: <span class=\"_ _2\"></span>mancanza di visibilit\u00e0/trasparenza e/o scarsa valu<span class=\"_ _2\"></span>tazione delle<span class=\"_ _3a1\"> </span></span>prospettive <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>sviluppo <span class=\"_ _37\"> </span>o <span class=\"_ _37\"> </span>degli <span class=\"_ _37\"> </span>obiettivi <span class=\"_ _37\"> </span>o <span class=\"_ _37\"> </span>della <span class=\"_ _37\"> </span>redditivit\u00e0 <span class=\"_ _37\"> </span>delle <span class=\"_ _37\"> </span>nuove <span class=\"_ _37\"> </span>attivit\u00e0/prodotti <span class=\"_ _37\"> </span>e<span class=\"_ _3a1\"> </span>misurazione/monitoraggi inadeguati delle per<span class=\"_ _1\"></span>formance commerciali/rischi;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Communication  reso<span class=\"_ _1\"></span>urces:  risorse  di  comunicazione  o  strumenti  di  marketing  inadeguati<span class=\"_ _3a1\"> </span></span>rispetto agli obiettivi definiti. Cattiva gest<span class=\"_ _1\"></span>ione del brand;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Commer<span class=\"_ _1\"></span>cial performance: <span class=\"_ _2\"></span>erosione, mancata sostituzione <span class=\"_ _2\"></span>o svilupp<span class=\"_ _2\"></span>o non redditizio della b<span class=\"_ _2\"></span>ase<span class=\"_ _3a1\"> </span></span>commerciale;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Pro<span class=\"_ _1\"></span>fitability &amp; <span class=\"_ _1\"></span>Risk <span class=\"_ _1\"></span>Profile: redditivit\u00e0 <span class=\"_ _1\"></span>insufficiente, <span class=\"_ _1\"></span>care<span class=\"_ _1\"></span>nze delle <span class=\"_ _1\"></span>procedure <span class=\"_ _1\"></span>di fiss<span class=\"_ _1\"></span>azione delle<span class=\"_ _3a1\"> </span></span>tarif<span class=\"_ _3a1\"> </span>fe, <span class=\"_ _2\"></span>carenza <span class=\"_ _3b\"></span>o inad<span class=\"_ _2\"></span>eguatezza <span class=\"_ _3b\"></span>dei modelli <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>valutazione <span class=\"_ _3b\"></span>(V4M, redditivit\u00e0 <span class=\"_ _3b\"></span>per la <span class=\"_ _3b\"></span>clientela, <span class=\"_ _3b\"></span>etc)<span class=\"_ _3a1\"> </span>o di applicazione delle deroghe.<span class=\"_ _3a1\"> </span>La <span class=\"_ _38\"></span>gestione<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>rischio <span class=\"_ _1\"></span>di <span class=\"_ _0\"></span>condotta <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>strett<span class=\"_ _1\"></span>amente <span class=\"_ _38\"></span>connessa <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>lle <span class=\"_ _38\"></span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _38\"></span>definite <span class=\"_ _0\"></span>nell\u2019<span class=\"_ _2\"></span>ambito <span class=\"_ _38\"></span>del<span class=\"_ _3a1\"> </span>processo <span class=\"_ _3b\"></span>P<span class=\"_ _1\"></span>OG <span class=\"_ _2\"></span>(disciplinato <span class=\"_ _3b\"></span>nella rispettiva <span class=\"_ _3b\"></span>Policy d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>POG). La <span class=\"_ _3b\"></span>Compagnia, <span class=\"_ _3b\"></span>nell\u2019ambito della <span class=\"_ _3b\"></span>gestione<span class=\"_ _3a1\"> </span>del rischio di Condotta, si prefigge i seguenti obiettivi:<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">rendere <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>iniziative <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>business<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>or<span class=\"_ _1\"></span>ientate <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>focalizzate <span class=\"_ _0\"></span>sulla <span class=\"_ _0\"></span>figura <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>cliente <span class=\"_ _35\"> </span>c.d <span class=\"_ _0\"></span>Value <span class=\"_ _0\"></span>for<span class=\"_ _3a1\"> </span></span>Money). In tale ambito <span class=\"_ _1\"></span>il focus \u00e8 incentrato sul disegno de<span class=\"_ _1\"></span>i prodotti e la definizione di se<span class=\"_ _1\"></span>rvizi in<span class=\"_ _3a1\"> </span>linea con le esigenze della clientela;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">stabilire  un  codic<span class=\"_ _2\"></span>e/sistema  di <span class=\"_ _35\"> </span>condotta  completamente  radic<span class=\"_ _3b\"></span>at<span class=\"_ _1\"></span>o  all\u2019interno <span class=\"_ _35\"> </span>della  struttura<span class=\"_ _3a1\"> </span></span>aziendale. <span class=\"_ _0\"></span>In <span class=\"_ _38\"></span>tale <span class=\"_ _0\"></span>ambito <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>f<span class=\"_ _2\"></span>ocus <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>incentrato <span class=\"_ _0\"></span>sulla <span class=\"_ _0\"></span>vendita <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>prodotti <span class=\"_ _0\"></span>/ <span class=\"_ _38\"></span>ero<span class=\"_ _1\"></span>gazone <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>servizi<span class=\"_ _3a1\"> </span>assicurando trasparenza informativa verso la clientela,<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">garantire <span class=\"_ _0\"></span>che <span class=\"_ _1\"></span>il <span class=\"_ _0\"></span>bu<span class=\"_ _2\"></span>siness <span class=\"_ _38\"></span>sia <span class=\"_ _0\"></span>nel <span class=\"_ _1\"></span>continuo <span class=\"_ _0\"></span>focaliz<span class=\"_ _2\"></span>zato <span class=\"_ _0\"></span>sul <span class=\"_ _1\"></span>conseguimento <span class=\"_ _0\"></span>del <span class=\"_ _1\"></span>miglior <span class=\"_ _0\"></span>risultato<span class=\"_ _3a1\"> </span></span>per <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>cliente <span class=\"_ _1\"></span>(cfr. <span class=\"_ _38\"></span>Monitoraggio <span class=\"_ _1\"></span>KPI <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>KRI), <span class=\"_ _1\"></span>tute<span class=\"_ _1\"></span>lando <span class=\"_ _1\"></span>l\u2019integrit\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>condott<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>Compagnia<span class=\"_ _3a1\"> </span>nella relazione con la clientela.<span class=\"_ _3a1\"> </span>Rischio str<span class=\"_ _1\"></span>ategico<span class=\"_ _3a1\"> </span>Per rischio <span class=\"_ _1\"></span>strategico si <span class=\"_ _1\"></span>intende il rischio <span class=\"_ _1\"></span>attuale o <span class=\"_ _1\"></span>pro<span class=\"_ _3a1\"> </span>spettico di fles<span class=\"_ _1\"></span>sione degli utili o <span class=\"_ _1\"></span>del capitale<span class=\"_ _3a1\"> </span>e <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>sostenibilit\u00e0 <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>modello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>business, <span class=\"_ _1\"></span>incluso <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iuscire <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>generare <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>adeguato<span class=\"_ _3a1\"> </span>ritorno  sul  capitale  sulla  base  della  propensione  al  rischio  definita  dall\u2019impresa,  derivante  da<span class=\"_ _3a1\"> </span>cambiamenti del <span class=\"_ _1\"></span>contesto operativo <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>da decisioni aziendali e<span class=\"_ _1\"></span>rrate, dall\u2019 attuazione <span class=\"_ _1\"></span>inadeguata di<span class=\"_ _3a1\"> </span>decisioni, <span class=\"_ _35\"> </span>impropria <span class=\"_ _35\"> </span>gestione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>appartenenza <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>gruppo, <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>dalla <span class=\"_ _35\"> </span>scarsa <span class=\"_ _35\"> </span>reattivit\u00e0 <span class=\"_ _35\"> </span>a<span class=\"_ _3a1\"> </span>variazioni del contesto competitivo.<span class=\"_ _3a1\"> </span>L\u2019analisi <span class=\"_ _3b\"></span>dei rischi <span class=\"_ _3b\"></span>strategici v<span class=\"_ _2\"></span>iene eff<span class=\"_ _2\"></span>ettuate <span class=\"_ _2\"></span>mediante <span class=\"_ _2\"></span>specifiche <span class=\"_ _3b\"></span>analisi si <span class=\"_ _3b\"></span>sensitivity i<span class=\"_ _2\"></span>n <span class=\"_ _3b\"></span>sede ORSA<span class=\"_ _3a1\"> </span>o<span class=\"_ _3f\"> </span>ogni <span class=\"_ _0\"></span>qualvolta <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>assista <span class=\"_ _35\"> </span>a <span class=\"_ _0\"> </span>variazioni <span class=\"_ _35\"> </span>significative <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>me<span class=\"_ _1\"></span>rcato, <span class=\"_ _35\"> </span>dell\u2019mix <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>produzione <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>delle<span class=\"_ _3a1\"> </span>ipotesi sottostanti le valutazioni.<span class=\"_ _3a1\"> </span>In <span class=\"_ _35\"> </span>tale <span class=\"_ _35\"> </span>ambito <span class=\"_ _35\"> </span>viene <span class=\"_ _35\"> </span>altres\u00ec <span class=\"_ _35\"> </span>valutata <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>presenza <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>potenziali<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>rischi <span class=\"_ _35\"> </span>emergenti <span class=\"_ _35\"> </span>sulla <span class=\"_ _35\"> </span>base <span class=\"_ _35\"> </span>delle<span class=\"_ _3a1\"> </span>informazioni derivanti dal piano i<span class=\"_ _1\"></span>ndustriale, dalle evoluzioni di <span class=\"_ _1\"></span>prodotto, dalle variazioni nor<span class=\"_ _1\"></span>mative<span class=\"_ _3a1\"> </span>e da qualsiasi altra variazione potenzialmente impattante s<span class=\"_ _1\"></span>ul profilo di rischio dell\u2019impresa.<span class=\"_ _3a1\"> </span>In s<span class=\"_ _1\"></span>eguito <span class=\"_ _1\"></span>ai <span class=\"_ _1\"></span>risultati <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>tale<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>analisi, ve<span class=\"_ _1\"></span>ngono <span class=\"_ _1\"></span>valutati <span class=\"_ _1\"></span>gli e<span class=\"_ _1\"></span>ventuali <span class=\"_ _1\"></span>cambiamenti <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>apport<span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>nella<span class=\"_ _3a1\"> </span>mappa dei rischi aziendali.<span class=\"_ _3a1\"> </span>Le valutazioni effettuate dalla Compagnia alla data di valutazione hanno <span class=\"_ _1\"></span>consentito di delineare la<span class=\"_ _3a1\"> </span>mappa dei rischi \u2013 Framework Solvency II - a cui la Compagnia \u00e8 esposta <span class=\"_ _1\"></span>(di seguito riportata).<table class=\"s w1564 h2e9\" id=\"_5026d4a6-2e2a-4b92-b97b-a64fa6c1626b\"><tr><td class=\"c n x261a y6a2d w1535 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Modulo di rischio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x261b y6a2d w1565 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Sottomodulo di risc<span class=\"_ _2\"></span>hio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x261c y6a2d w1566 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Esposizione<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x261d h12 y6a2e ff4 fs7 fc1 sc0 ls0 ws0\">Non-Life underwriti<span class=\"_ _2\"></span>ng risk </td><td class=\"c n x261e y60af w953 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Non-Life premium and rese<span class=\"_ _3b\"></span>rve risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x261f y60af w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x261e y6a2f w1567 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Non-Life lapse risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2620 y6a2f w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x261e y6013 w1568 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Non-life CAT risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2621 y6013 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x261d h12 y6a30 ff4 fs7 fc1 sc0 ls0 ws0\">Health underwriting <span class=\"_ _2\"></span>risk </td><td class=\"c n x261e y6a31 w1569 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Health premium and <span class=\"_ _2\"></span>reserve risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2622 y6a31 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x261e y6a32 w156a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Health Lapse risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2623 y6a32 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x261e y6a33 w156b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Health CAT<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2624 y6a33 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x261e y6a34 w156c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Mortality r<span class=\"_ _2\"></span>isk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2625 y6a34 w156d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">---<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x261e y6a35 w156e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Longevity <span class=\"_ _2\"></span>risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2626 y6a35 w153b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">---<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x261e y6a36 w156f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Disability m<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>rbidity risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2627 y6a36 w153b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">---<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x261e y6a37 w1570 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Lapse risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2628 y6a37 w153b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">---<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x261e y5710 w1571 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Expense r<span class=\"_ _2\"></span>isk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2629 y5710 w153b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">---<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x261e y5347 w1572 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Health SLT Revision ri<span class=\"_ _2\"></span>sk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x262a y5347 w156d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">---<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x261d h12 y6a38 ff4 fs7 fc1 sc0 ls0 ws0\">Market risk </td><td class=\"c n x261e y6a39 w1540 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Interest rate risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x262b y6a39 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x261e y63ab w1541 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Equity risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x262c y63ab w153b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">---<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x261e y5aef w1573 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Property risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x262d y5aef w156d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">---<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x261e y558d w1543 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Spread risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2623 y558d w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x261e y658b w1574 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Currency risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x262e y658b w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x261e y6a3a w1575 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Concentration risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x262f y6a3a w153b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">---<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x261d h12 y6a3b ff4 fs7 fc1 sc0 ls0 ws0\">Counterparty defau<span class=\"_ _2\"></span>lt risk </td><td class=\"c n x261e y6a3c w1576 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Type 1 counterpartie<span class=\"_ _2\"></span>s<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2630 y6a3c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x261e y5ff5 w1548 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Type 2 counterpartie<span class=\"_ _2\"></span>s<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2631 y5ff5 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x261d h12 y6a3d ff4 fs7 fc1 sc0 ls0 ws0\">Operational Risk </td><td class=\"c n x261e y539f w1577 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Operational risk<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2632 y539f w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr></table><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e9c\">Le  valutazioni  prospettiche  dei  rischi  n<span class=\"_ _2\"></span>on  hanno  rilevato  da  u<span class=\"_ _2\"></span>n  punto  di  vista  regolamentare<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e9d\">(Solve<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e9e\">ncy II) r<span class=\"_ _1\"></span>ischi emergent<span class=\"_ _1\"></span>i in ragione <span class=\"_ _1\"></span>delle azioni <span class=\"_ _1\"></span>previste dalle nuove <span class=\"_ _1\"></span>strategie di <span class=\"_ _1\"></span>investimento<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e9f\">e di business (da segnalare tuttavia la review Solvency II la cui applicazione \u00e8<span class=\"_ _1\"></span> prevista a partire dal<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ea0\">2027). <span class=\"_ _3b\"></span>Con riferimento <span class=\"_ _2\"></span>ai <span class=\"_ _3b\"></span>dat<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>prospet<span class=\"_ _1\"></span>tici <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>monitorat<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>alla data <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>valutazione, <span class=\"_ _3b\"></span>l\u2019analisi ha <span class=\"_ _3b\"></span>perme<span class=\"_ _1\"></span>sso<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ea1\">di <span class=\"_ _1\"></span>individuare<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>otto <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>oduli <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>aggiormente <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ignificativi <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>impattanti <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>Com<span class=\"_ _1\"></span>pagnia,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ea2\">che <span class=\"_ _1\"></span>risultano <span class=\"_ _1\"></span>essere <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>sotto mo<span class=\"_ _1\"></span>duli di <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>Non-Life <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>mium <span class=\"_ _1\"></span>and re<span class=\"_ _1\"></span>serve r<span class=\"_ _1\"></span>isk, <span class=\"_ _1\"></span>Health premium<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ea3\">and reserve risk, seguiti dal sotto modulo Non <span class=\"_ _1\"></span>Life lapse Risk.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ea4\">Inoltre si evi<span class=\"_ _2\"></span>denzia l\u2019esposizione della <span class=\"_ _3b\"></span>Co<span class=\"_ _1\"></span>mpagnia al <span class=\"_ _2\"></span>rischio Spread sui <span class=\"_ _2\"></span>Governativi ITA (<span class=\"_ _2\"></span>rischio non<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ea5\">contemplato <span class=\"_ _48\"> </span>n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>lla <span class=\"_ _3a\"> </span>Formula <span class=\"_ _3a\"> </span>Sta<span class=\"_ _1\"></span>ndard). <span class=\"_ _3a\"> </span>La <span class=\"_ _3a\"> </span>Compagnia <span class=\"_ _3a\"> </span>nelle<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>propr<span class=\"_ _1\"></span>ie <span class=\"_ _3a\"> </span>valutazioni <span class=\"_ _3a\"> </span>pre<span class=\"_ _1\"></span>nde <span class=\"_ _3a\"> </span>in<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ea6\">considerazione <span class=\"_ _3f\"> </span>t<span class=\"_ _1\"></span>ale <span class=\"_ _3f\"> </span>fattore <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _3f\"> </span>mediante <span class=\"_ _3a\"> </span>specifiche <span class=\"_ _3f\"> </span>analisi <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>sensitivity <span class=\"_ _3a\"> </span>effettuate<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ea7\">periodicamente e all\u2019interno del Report<span class=\"_ _1\"></span> ORSA YE 31.12.2024.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ea8\">Le  analisi  quali/qu<span class=\"_ _2\"></span>antitativa  sull\u2019adeguatezza  del  Profilo  di  Ris<span class=\"_ _2\"></span>chio  della  Compagnia  rispetto <span class=\"_ _35\"> </span>i<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ea9\">requisiti sottostanti l\u2019applicazione della Formula Standard sono risultate posit<span class=\"_ _1\"></span>ive.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1eaa\">Al <span class=\"_ _35\"> </span>calcolo <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>gli <span class=\"_ _35\"> </span>impatti <span class=\"_ _0\"></span>dovuti <span class=\"_ _35\"> </span>ai <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>natura <span class=\"_ _35\"> </span>quantificabile <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>regolamentare, <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>Compagnia<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1eab\">monitora e <span class=\"_ _1\"></span>valuta anche <span class=\"_ _1\"></span>i rischi quantitativi <span class=\"_ _1\"></span>ma non <span class=\"_ _1\"></span>rientranti <span class=\"_ _1\"></span>nell\u2019ambito della For<span class=\"_ _1\"></span>mula Standard,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1eac\">i cosiddetti \u201crischi quantitativi non re<span class=\"_ _1\"></span>golamentari\u201d, quali:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1ead\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">rischio spread sui titoli governat<span class=\"_ _1\"></span>ivi;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1eae\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">rischio di liquidit\u00e0 e ALM;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1eaf\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">rischio oper<span class=\"_ _1\"></span>ativo;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1eb0\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">IT &amp; Cyber Risk;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1eb1\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">rischio condotta;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1eb2\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">rischio di appartene<span class=\"_ _1\"></span>nza al gruppo;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1eb3\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">rischio ESG (con un focus specifico sui r<span class=\"_ _1\"></span>ischi climatici connessi ai rischi ambientali);<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1eb4\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">rischio strategico.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1eb5\">Oltre <span class=\"_ _1\"></span>alle <span class=\"_ _1\"></span>valutazioni <span class=\"_ _1\"></span>sui r<span class=\"_ _1\"></span>ischi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>natura <span class=\"_ _1\"></span>quantificabile <span class=\"_ _1\"></span>(sia <span class=\"_ _1\"></span>regolament<span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>che no<span class=\"_ _1\"></span>n), la <span class=\"_ _1\"></span>Compagnia<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1eb6\">gestisce e monitora anche:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1eb7\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">rischio modello;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1eb8\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">rischio di non conformit<span class=\"_ _1\"></span>\u00e0 alle norme;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1eb9\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">rischio reputazionale;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1eba\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">rischi emergenti.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ebb\">Allo <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>tato <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>ttuale <span class=\"_ _0\"></span>tali <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ipologie <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _38\"></span>hanno <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>livello <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>gestione <span class=\"_ _38\"></span>mo<span class=\"_ _1\"></span>nitoraggio <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>valutazione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ebc\">coerente <span class=\"_ _1\"></span>con <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ilevanza <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>fatto<span class=\"_ _1\"></span>ri <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>rischio <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>li <span class=\"_ _1\"></span>caratter<span class=\"_ _1\"></span>izzano, per<span class=\"_ _1\"></span>iodicamente <span class=\"_ _38\"></span>monitorate e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ebd\">non comportano un add-on in termini di capitale re<span class=\"_ _1\"></span>golamentare.<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ebe\">Al  momento  non  vi  sono  risultati  ch<span class=\"_ _2\"></span>e  evidenzino  situazioni  di  criticit\u00e0  in  termini  di  solvib<span class=\"_ _2\"></span>ilit\u00e0<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ebf\">deriva<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ec0\">nti <span class=\"_ _35\"> </span>dai  rischi <span class=\"_ _35\"> </span>strategici. <span class=\"_ _35\"> </span>Tuttavia,  \u00e8 <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>continuare  a <span class=\"_ _35\"> </span>tenere <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>considera<span class=\"_ _1\"></span>zione <span class=\"_ _35\"> </span>l\u2019effetto  d<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ec1\">possibili <span class=\"_ _0\"></span>variazioni <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>contesto <span class=\"_ _0\"></span>macro-economico <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>possono <span class=\"_ _0\"> </span>a<span class=\"_ _1\"></span>vere <span class=\"_ _0\"></span>impatti <span class=\"_ _0\"></span>significativi <span class=\"_ _0\"></span>sugli<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ec2\">Own Funds della Compagnia e sul Requisito di Capitale. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReinsuranceExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-751": {
   "value": "<div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gsb99\">Sezione <span class=\"_ _1\"></span>9 \u2013 Attivi<span class=\"_ _1\"></span>t<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gsb9a\">\u00e0 materi<span class=\"_ _1\"></span>ali \u2013 Voce <span class=\"_ _1\"></span>90<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsb9b\">9.1 Attivit\u00e0 <span class=\"_ _1\"></span>materiali ad uso funzionale: com<span class=\"_ _1\"></span>posizione delle a<span class=\"_ _1\"></span>ttivit\u00e0 valutate <span class=\"_ _1\"></span>al costo<span class=\"_ _3a1\"> </span></div><div class=\"gsb9c\"><table class=\"s w906 h220\" id=\"_89603dc1-a67a-4a16-bcf1-64b6d5552b63\"><tr><td class=\"t m2 xd43 h12 y58b7 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0/Valori<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x934 h12 y58b8 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x878 h12 y58b8 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x7c3 h12 y58b9 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7e3 h12 y58b9 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 x58e h12 y58ba ff4 fs7 fc1 sc2 ls0 ws0\">1. Attivit\u00e0 di propriet\u00e0<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xb9a h12 y58bb ff4 fs7 fc1 sc2 ls0 ws0\">312.813<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x891 h12 y58bb ff4 fs7 fc1 sc2 ls0 ws0\">311.800<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x598 h12 y58bc ff4 fs7 fc1 sc0 ls0 ws0\">a) terreni </td><td></td><td></td><td class=\"c n x9ee y58bd w907 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">134.838<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd44 y58bd w908 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">135.310<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58be ff4 fs7 fc1 sc0 ls0 ws0\">b) fabbricati </td><td></td><td></td><td class=\"c n x9ee y58bf w909 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">108.548<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd45 y58bf w90a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">111.686<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58c0 ff4 fs7 fc1 sc0 ls0 ws0\">c) mobili </td><td></td><td></td><td class=\"c n xd46 y58c1 w90b h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.769<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd47 y58c1 w90c h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.037<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58c2 ff4 fs7 fc1 sc0 ls0 ws0\">d) impianti elettron<span class=\"_ _2\"></span>ici </td><td></td><td></td><td class=\"c n xd48 y58c3 w90d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">19.620<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd49 y58c3 w90e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18.573<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58c4 ff4 fs7 fc1 sc0 ls0 ws0\">e) altre </td><td></td><td></td><td class=\"c n xd4a y58c5 w90f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">38.038<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd4b y58c5 w450 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">34.194<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y58c6 ff4 fs7 fc1 sc2 ls0 ws0\">2. Diritti d'uso acquisiti con il leasing<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xb9d h12 y58c7 ff4 fs7 fc1 sc2 ls0 ws0\">125.951<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xd4c h12 y58c7 ff4 fs7 fc1 sc2 ls0 ws0\">130.206<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x598 h12 y58c8 ff4 fs7 fc1 sc0 ls0 ws0\">a) terreni </td><td></td><td></td><td class=\"c n xd4d y571b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd4e y571b w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58c9 ff4 fs7 fc1 sc0 ls0 ws0\">b) fabbricati </td><td></td><td></td><td class=\"c n xd4f y58ca w910 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">122.081<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd50 y58ca w911 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">127.009<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58cb ff4 fs7 fc1 sc0 ls0 ws0\">c) mobili </td><td></td><td></td><td class=\"c n xd4d y58cc w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd4e y58cc w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58cd ff4 fs7 fc1 sc0 ls0 ws0\">d) impianti elettron<span class=\"_ _2\"></span>ici </td><td></td><td></td><td class=\"c n xd4d y58ce w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd4e y58ce w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58cf ff4 fs7 fc1 sc0 ls0 ws0\">e) altre </td><td></td><td></td><td class=\"c n xd51 y534e w912 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.870<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd52 y534e w913 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>.197<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 x88c h12 y58d0 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc52 h12 y58d1 ff4 fs7 fc1 sc2 ls0 ws0\">438.764<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xd53 h12 y58d1 ff4 fs7 fc1 sc2 ls0 ws0\">442.006<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y58d2 ff4 fs7 fc1 sc0 ls0 ws0\">di cui: ottenute trami<span class=\"_ _2\"></span>te l\u2019escussione <span class=\"_ _2\"></span>delle garanzie ricevute </td><td></td><td></td><td class=\"c n xd4d y58d3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd4e y58d3 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb9d\">Le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>materiali <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>valutate <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>costo, <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>tto <span class=\"_ _1\"></span>degli <span class=\"_ _1\"></span>ammortamenti <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>qualsiasi <span class=\"_ _1\"></span>perdita <span class=\"_ _1\"></span>per<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb9e\">riduzione di valore accumulate.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb9f\">Nelle <span class=\"_ _38\"></span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _38\"></span>materiali <span class=\"_ _38\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>anche <span class=\"_ _38\"></span>ricompres<span class=\"_ _1\"></span>o, <span class=\"_ _38\"></span>ai <span class=\"_ _38\"></span>sens<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>principio <span class=\"_ _0\"></span>IFRS16, <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>D<span class=\"_ _1\"></span>iritto <span class=\"_ _0\"></span>d\u2019Uso <span class=\"_ _1\"></span>(Right <span class=\"_ _0\"></span>of<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsba0\">Use) dei beni oggetti di contratti di leasing operat<span class=\"_ _1\"></span>ivo.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsba1\">9.2 Attivit\u00e0 mat<span class=\"_ _1\"></span>eriali detenute <span class=\"_ _1\"></span>a scopo di investimento: c<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsba2\">omposizione delle attivit\u00e0 val<span class=\"_ _1\"></span>utate al costo<span class=\"_ _3a1\"> </span></div><div class=\"gsba3\"><table class=\"s w914 h221\" id=\"_dfe8cc6d-088f-4b9c-b420-532c4fe93ad7\"><tr><td></td><td></td><td></td><td></td><td class=\"t m2 xd54 h12 y58d4 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x8e9 h12 y58d4 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 xd55 h12 y58d5 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0/Valori<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x5d7 h12 y58d6 ff4 fs7 fc4 sc3 ls0 ws0\">Valore di </td><td></td><td class=\"t m2 xd56 h12 y58d7 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88b h12 y58d8 ff4 fs7 fc4 sc3 ls0 ws0\">Fair value<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xd57 h12 y58d6 ff4 fs7 fc4 sc3 ls0 ws0\">Valore di </td><td class=\"t m2 x7e2 h12 y58d7 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x942 h12 y58d8 ff4 fs7 fc4 sc3 ls0 ws0\">Fair value<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"t m2 xd58 h12 y58d9 ff4 fs7 fc4 sc3 ls0 ws0\">bilancio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd59 h12 y58da ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x938 h12 y58da ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c7 h12 y58da ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d4 h12 y58d9 ff4 fs7 fc4 sc3 ls0 ws0\">bilancio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93a h12 y58da ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba1 h12 y58da ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e5 h12 y58da ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">1. Attivit\u00e0 di propriet\u00e0<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x875 h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">4.768<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x940 h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba3 h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">7.108<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5a h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">4.995<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5b h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5c h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">8.695<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x595 y58dc w915 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) terreni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd5d y58dc w916 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.378<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd5e y58dc w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd5f y58dc w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd60 y58dc w917 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.568<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd61 y58dc w918 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.414<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd62 y58dc w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd63 y58dc w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd64 y58dc w919 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.990<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y58dd w91a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) fabbricati<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd65 y58dd w91b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.390<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd66 y58dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd67 y58dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd68 y58dd w91c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.539<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd69 y58dd w91d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.581<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd6a y58dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd6b y58dd w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd6c y58dd w91e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.705<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y58de ff4 fs7 fc1 sc2 ls0 ws0\">2. Diritti d'uso acquisiti con il </td><td class=\"t m2 xd6d h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x940 h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba3 h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xb9e h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xb9d h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5b h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y58e0 ff4 fs7 fc1 sc2 ls0 ws0\">leasing<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x598 h12 y58e1 ff4 fs7 fc1 sc0 ls0 ws0\">a) terreni </td><td class=\"c n xd6e y58e2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd6f y58e2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd70 y58e2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd71 y58e2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd72 y58e2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd73 y58e2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd74 y58e2 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd75 y58e2 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58e3 ff4 fs7 fc1 sc0 ls0 ws0\">b) fabbricati </td><td class=\"c n xd6e y58e4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd6f y58e4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd70 y58e4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd71 y58e4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd72 y58e4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd73 y58e4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd74 y58e4 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd75 y58e4 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xd76 h12 y58e5 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x875 h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">4.768<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x940 h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba3 h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">7.108<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5a h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">4.995<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5b h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5c h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">8.695<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x58e y58e7 w198 h11\"><div class=\"t m2 x0 h12 y8e ff4 fs7 fc1 sc0 ls0 ws0\">di cui: ottenute trami<span class=\"_ _2\"></span>te </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y58e8 ff4 fs7 fc1 sc0 ls0 ws0\">l\u2019escussione delle gara<span class=\"_ _3b\"></span>n<span class=\"_ _1\"></span>zie </td><td class=\"c n xd6e y58e9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd6f y58e9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd70 y58e9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd71 y58e9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd72 y58ea w91f h20a\"><div class=\"t m2 x2b3 h12 y56d8 ff4 fs7 fc1 sc0 ls0 ws0\">- <span class=\"_ _118\"> </span>- <span class=\"_ _1b0\"> </span>- <span class=\"_ _eb\"> </span>- </div></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y58eb ff4 fs7 fc1 sc0 ls0 ws0\">ricevute </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsba4\">Legenda:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gsba5\">L1= Livello 1<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gsba6\">L2= Livello 2<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs7 fc1 sc0 ls0 ws0 gsba7\">L3= Livello 3<span class=\"_ _3a1\"> </span><span class=\"fs2\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsba8\">Le <span class=\"_ _1\"></span>att<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsba9\">ivit\u00e0 <span class=\"_ _1\"></span>materiali <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>valutate <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>costo. <span class=\"_ _38\"></span>Il <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _1\"></span>materiali <span class=\"_ _1\"></span>detenute <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>scopo <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbaa\">investimento ammonta a 7,1 <span class=\"_ _2\"></span>milioni di <span class=\"_ _2\"></span>euro, ed \u00e8 stato d<span class=\"_ _2\"></span>eterminato da valutatori e<span class=\"_ _2\"></span>sperti esterni ed<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbab\">indipendenti.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbac\">Il <span class=\"_ _0\"></span>fair <span class=\"_ _38\"></span>val<span class=\"_ _1\"></span>ue <span class=\"_ _0\"></span>indica <span class=\"_ _0\"></span>l\u2019<span class=\"_ _2\"></span>ammontare<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>stimato <span class=\"_ _0\"></span>cu<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>propriet\u00e0 <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>passiv<span class=\"_ _2\"></span>it\u00e0 <span class=\"_ _0\"></span>dovrebbe <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>ceduta <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbad\">acquistata, <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>valutazione, <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>venditore<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>acquirente<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>privi <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>legami <span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>icolari,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbae\">entrambi <span class=\"_ _48\"> </span>interessati <span class=\"_ _48\"> </span>alla <span class=\"_ _3a\"> </span>compravendita, <span class=\"_ _48\"> </span>a <span class=\"_ _48\"> </span>condi<span class=\"_ _2\"></span>zioni <span class=\"_ _48\"> </span>concorrenziali, <span class=\"_ _48\"> </span>d<span class=\"_ _2\"></span>opo <span class=\"_ _48\"> </span>un\u2018 <span class=\"_ _3a\"> </span>adeguata<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbb0\">commercializzazione <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>cui <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>parti <span class=\"_ _35\"> </span>abbi<span class=\"_ _2\"></span>ano <span class=\"_ _35\"> </span>agito <span class=\"_ _0\"></span>entrambe <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>modo <span class=\"_ _0\"> </span>infor<span class=\"_ _1\"></span>mato, <span class=\"_ _0\"> </span>co<span class=\"_ _1\"></span>nsapevole <span class=\"_ _0\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbb1\">senza </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbb2\">coercizioni\u201d. (RICS Red Book VS 3.2, ed. italiana, Marzo 2012). </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsbb3\">9.6 Attivit\u00e0 ma<span class=\"_ _1\"></span>teriali ad uso funzionale<span class=\"_ _1\"></span>: variazioni annue </div><div class=\"gsbb4\"><table class=\"s w920 h222\" id=\"_84b83855-8936-4bab-a009-93f96420a6fb\"><tr><td></td><td class=\"c n xd77 y58ec w921 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Terreni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd78 y58ec w922 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Fabbricati<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd79 y58ec w923 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Mobili<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6c6 h12 y58ed ff4 fs7 fc4 sc3 ls0 ws0\">Impianti </td><td class=\"c n xd7a y58ec w924 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd7b y58ec w925 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x679 h12 y58ee ff4 fs7 fc4 sc3 ls0 ws0\">elettronici </td><td></td><td></td></tr><tr><td class=\"c n x2d7 y58ef w926 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A. Esistenze iniziali lorde<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd7c y58ef w927 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">135.310<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd7d h12 y58f0 ff4 fs7 fc1 sc2 ls0 ws0\">324.444<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e7 h12 y58f0 ff4 fs7 fc1 sc2 ls0 ws0\">42.669<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x776 h12 y58f0 ff4 fs7 fc1 sc2 ls0 ws0\">65.218<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd7e h12 y58f0 ff4 fs7 fc1 sc2 ls0 ws0\">153.048<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x795 h12 y58f0 ff4 fs7 fc1 sc2 ls0 ws0\">720.689<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y58f1 w928 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Riduzioni di valore<span class=\"_ _2\"></span> totali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd7f y58f1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x989 h12 y58f2 ff4 fs7 fc1 sc0 ls0 ws0\">212.758<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e7 h12 y58f2 ff4 fs7 fc1 sc0 ls0 ws0\">30.632<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x754 h12 y58f2 ff4 fs7 fc1 sc0 ls0 ws0\">46.645<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd80 h12 y58f2 ff4 fs7 fc1 sc0 ls0 ws0\">118.854<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd81 h12 y58f2 ff4 fs7 fc1 sc0 ls0 ws0\">408.889<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y58f3 w929 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A.2 Esistenze iniziali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd82 y58f3 w927 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">135.310<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x757 h12 y58f4 ff4 fs7 fc1 sc2 ls0 ws0\">111.686<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x78f h12 y58f4 ff4 fs7 fc1 sc2 ls0 ws0\">12.037<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y58f4 ff4 fs7 fc1 sc2 ls0 ws0\">18.573<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd83 h12 y58f4 ff4 fs7 fc1 sc2 ls0 ws0\">34.194<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f6 h12 y58f4 ff4 fs7 fc1 sc2 ls0 ws0\">311.800<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y58f5 w92a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">B. Aumenti:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x715 y58f5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd84 h12 y58f6 ff4 fs7 fc1 sc2 ls0 ws0\">6.375<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fb h12 y58f6 ff4 fs7 fc1 sc2 ls0 ws0\">2.070<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70f h12 y58f6 ff4 fs7 fc1 sc2 ls0 ws0\">4.871<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd83 h12 y58f6 ff4 fs7 fc1 sc2 ls0 ws0\">10.304<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y58f6 ff4 fs7 fc1 sc2 ls0 ws0\">23.620<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y58f7 w92b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Acquisti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd85 y58f7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x65b y58f7 w92c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.187<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd86 y58f7 w79e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.059<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x70f h12 y58f8 ff4 fs7 fc1 sc0 ls0 ws0\">4.871<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y58f8 ff4 fs7 fc1 sc0 ls0 ws0\">9.769<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y58f8 ff4 fs7 fc1 sc0 ls0 ws0\">22.886<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y58f9 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione </td><td class=\"t m2 xd87 h12 y58fa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y58fa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y58fa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y58fa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y58fa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y58fa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y58fb ff4 fs7 fc1 sc0 ls0 ws0\">aziendale </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y58fc w92d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Spese per mig<span class=\"_ _2\"></span>liorie capitalizzate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd88 y58fc w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e3 h12 y58fd ff4 fs7 fc1 sc0 ls0 ws0\">12<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y58fd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y58fd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y58fd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x750 h12 y58fd ff4 fs7 fc1 sc0 ls0 ws0\">12<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y58fe w92e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Riprese di valore<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd89 y58fe w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y58ff ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y58ff ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y58ff ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y58ff ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y58ff ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5900 ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Variazioni pos<span class=\"_ _2\"></span>itive di fair value </td><td class=\"c n x7a2 y5901 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8a y5901 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8b y5901 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8c y5901 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8d y5901 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8e y5901 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x734 y5903 w92f h223\"><div class=\"t m2 x2b3 h12 y5902 ff4 fs7 fc1 sc0 ls0 ws0\">imputate a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xd8f h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) patrimonio netto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd90 y5903 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5904 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5904 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5904 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5904 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5904 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5905 w930 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) conto economic<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd91 y5905 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5906 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5906 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5906 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5906 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5906 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5907 w931 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 Differenze pos<span class=\"_ _2\"></span>itive di cambio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd92 y5907 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5908 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5908 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5908 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5908 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5908 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5909 ff4 fs7 fc1 sc0 ls0 ws0\">B.6 Trasferimenti da im<span class=\"_ _2\"></span>mobili </td><td class=\"t m2 xd87 h12 y590a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y590a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xd93 y590b w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd94 y590b w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd95 y590b w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd96 y590b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xac9 h12 y590c ff4 fs7 fc1 sc0 ls0 ws0\">detenuti a scopo di <span class=\"_ _2\"></span>investimento </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y590d w932 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.7 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd97 y590d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd98 h12 y590e ff4 fs7 fc1 sc0 ls0 ws0\">176<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x98a h12 y590e ff4 fs7 fc1 sc0 ls0 ws0\">11<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y590e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y590e ff4 fs7 fc1 sc0 ls0 ws0\">535<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e8 h12 y590e ff4 fs7 fc1 sc0 ls0 ws0\">722<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y590f w933 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">C. Diminuzioni:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd99 y590f w934 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4<span class=\"_ _2\"></span>72<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd84 h12 y5910 ff4 fs7 fc1 sc2 ls0 ws0\">9.543<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fb h12 y5910 ff4 fs7 fc1 sc2 ls0 ws0\">2.338<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f2 h12 y5910 ff4 fs7 fc1 sc2 ls0 ws0\">3.824<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74f h12 y5910 ff4 fs7 fc1 sc2 ls0 ws0\">6.460<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y5910 ff4 fs7 fc1 sc2 ls0 ws0\">22.607<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5911 ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Vendite </td><td class=\"t m2 x97f h12 y5912 ff4 fs7 fc1 sc0 ls0 ws0\">197<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd9a h12 y5912 ff4 fs7 fc1 sc0 ls0 ws0\">500<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x691 h12 y5912 ff4 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5912 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70b h12 y5912 ff4 fs7 fc1 sc0 ls0 ws0\">40<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e8 h12 y5912 ff4 fs7 fc1 sc0 ls0 ws0\">745<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y5913 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione </td><td class=\"t m2 xd87 h12 y5914 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y5914 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5914 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5914 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5914 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5914 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y5915 ff4 fs7 fc1 sc0 ls0 ws0\">aziendale </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y5916 w935 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Ammortamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd9b y5916 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6a7 h12 y5917 ff4 fs7 fc1 sc0 ls0 ws0\">8.541<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd9c h12 y5917 ff4 fs7 fc1 sc0 ls0 ws0\">2.319<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70f h12 y5917 ff4 fs7 fc1 sc0 ls0 ws0\">3.813<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y5917 ff4 fs7 fc1 sc0 ls0 ws0\">5.822<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y5917 ff4 fs7 fc1 sc0 ls0 ws0\">20.495<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5918 ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Rettifiche di val<span class=\"_ _2\"></span>ore da </td><td class=\"c n x7a2 y5919 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8a y5919 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8b y5919 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8c y5919 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8d y5919 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8e y5919 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x734 y591a w936 h223\"><div class=\"t m2 x2b3 h12 y5902 ff4 fs7 fc1 sc0 ls0 ws0\">deterioramento imput<span class=\"_ _2\"></span>ate a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xd8f h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) patrimonio netto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd90 y591a w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y591b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y591b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y591b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y591b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y591b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y591c w930 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) conto economic<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd91 y591c w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y591d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y591d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y591d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y591d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y591d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y591e ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Variazioni negat<span class=\"_ _2\"></span>ive di fair value </td><td class=\"c n x7a2 y591f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8a y591f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8b y591f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8c y591f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8d y591f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8e y591f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x734 y5921 w92f h224\"><div class=\"t m2 x2b3 h12 y5920 ff4 fs7 fc1 sc0 ls0 ws0\">imputate a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xd8f h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) patrimonio netto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd90 y5921 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5922 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5922 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5922 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5922 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5922 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5923 w930 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) conto economic<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd91 y5923 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5924 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5924 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5924 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5924 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5924 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5925 w937 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.5 Differenze negat<span class=\"_ _2\"></span>ive di cambio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd9d y5925 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5926 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5926 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5926 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5926 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5926 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5927 w938 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.6 Trasferimenti a:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd9e y5927 w939 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">128<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd9a h12 y5928 ff4 fs7 fc1 sc0 ls0 ws0\">405<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5928 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5928 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5928 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e8 h12 y5928 ff4 fs7 fc1 sc0 ls0 ws0\">533<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x73a y592a w93a h225\"><div class=\"t m2 x2b3 h12 y5929 ff4 fs7 fc1 sc0 ls0 ws0\">a) attivit\u00e0 materiali de<span class=\"_ _2\"></span>tenute a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">scopo di investiment<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd87 h12 y592b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y592b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xd93 y592c w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd94 y592c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd95 y592c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd96 y592c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xaca h12 y592d ff4 fs7 fc1 sc0 ls0 ws0\">b) attivit\u00e0 non corrent<span class=\"_ _2\"></span>i e gruppi di<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x694 h12 y592e ff4 fs7 fc1 sc0 ls0 ws0\">128<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd9a h12 y592e ff4 fs7 fc1 sc0 ls0 ws0\">405<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y592e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y592e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y592e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e8 h12 y592e ff4 fs7 fc1 sc0 ls0 ws0\">533<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y592f ff4 fs7 fc1 sc0 ls0 ws0\">attivit\u00e0 in via di dism<span class=\"_ _2\"></span>issione </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y5930 w93b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.7 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd9f y5930 w93c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">147<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e3 h12 y5931 ff4 fs7 fc1 sc0 ls0 ws0\">97<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x98a h12 y5931 ff4 fs7 fc1 sc0 ls0 ws0\">11<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y5931 ff4 fs7 fc1 sc0 ls0 ws0\">11<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y5931 ff4 fs7 fc1 sc0 ls0 ws0\">598<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x788 h12 y5931 ff4 fs7 fc1 sc0 ls0 ws0\">864<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5932 w93d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D. Rimanenze finali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda0 y5932 w93e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">134.838<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x698 h12 y5933 ff4 fs7 fc1 sc2 ls0 ws0\">108.518<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c5 h12 y5933 ff4 fs7 fc1 sc2 ls0 ws0\">11.769<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x776 h12 y5933 ff4 fs7 fc1 sc2 ls0 ws0\">19.620<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y5933 ff4 fs7 fc1 sc2 ls0 ws0\">38.038<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f6 h12 y5933 ff4 fs7 fc1 sc2 ls0 ws0\">312.783<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5934 w93f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.1 Riduzioni di valore <span class=\"_ _2\"></span>totali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda1 y5934 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 xd7d h12 y5935 ff4 fs7 fc1 sc0 ls0 ws0\">220.794<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e7 h12 y5935 ff4 fs7 fc1 sc0 ls0 ws0\">32.858<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x754 h12 y5935 ff4 fs7 fc1 sc0 ls0 ws0\">50.063<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y5935 ff4 fs7 fc1 sc0 ls0 ws0\">123.172<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x795 h12 y5935 ff4 fs7 fc1 sc0 ls0 ws0\">426.887<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5936 w940 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D.2 Rimanenze finali lorde<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda2 y5936 w93e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">134.838<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x989 h12 y5937 ff4 fs7 fc1 sc2 ls0 ws0\">329.312<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e7 h12 y5937 ff4 fs7 fc1 sc2 ls0 ws0\">44.627<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x754 h12 y5937 ff4 fs7 fc1 sc2 ls0 ws0\">69.683<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a2 h12 y5937 ff4 fs7 fc1 sc2 ls0 ws0\">161.210<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xda3 h12 y5937 ff4 fs7 fc1 sc2 ls0 ws0\">739.670<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y53a2 w941 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">E. Valutazione al c<span class=\"_ _2\"></span>osto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda4 y53a2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5938 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5938 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5938 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5938 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5938 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbb5\">Nelle  voci  A.1  e  D.1  -  Riduzioni  di  v<span class=\"_ _2\"></span>alore  tot<span class=\"_ _1\"></span>ali  nette  sono  riportati  gli  imp<span class=\"_ _2\"></span>orti  re<span class=\"_ _1\"></span>lativi  ai <span class=\"_ _35\"> </span>fon<span class=\"_ _1\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbb6\">ammortamento. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbb7\">La <span class=\"_ _38\"></span>sottovoce <span class=\"_ _0\"></span>\u201cE <span class=\"_ _1\"></span>- <span class=\"_ _38\"></span>Valutazione <span class=\"_ _0\"></span>al<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>costo\u201d <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>valorizzata <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>anto, <span class=\"_ _38\"></span>come <span class=\"_ _0\"></span>da <span class=\"_ _1\"></span>istruzioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>Banc<span class=\"_ _2\"></span>a </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbb8\">d\u2019Italia, la sua compilazione \u00e8 prevista solo <span class=\"_ _1\"></span>per le attivit\u00e0 materiali valutate in bilancio al fair value.<span class=\"_ _3a1\"> </span></div>9.6 bis Attivit\u00e0 m<span class=\"_ _1\"></span>ateriali ad uso <span class=\"_ _1\"></span>funzionale (diritti d'uso acquisiti con il leas<span class=\"_ _1\"></span>ing): variazioni annue <table class=\"s w942 h226\" id=\"_57fc2504-6ace-4f1a-b438-29966a9f1a9c\"><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x68f h12 y5939 ff4 fs7 fc4 sc3 ls0 ws0\">Terreni <span class=\"_ _1a4\"> </span>Fabbricati <span class=\"_ _104\"> </span>Mobili </td><td class=\"t m2 x6c6 h12 y593a ff4 fs7 fc4 sc3 ls0 ws0\">Impianti </td><td></td><td class=\"c n xd7a y593b w924 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd7b y593b w925 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x679 h12 y593c ff4 fs7 fc4 sc3 ls0 ws0\">elettronici </td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y593d w926 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A. Esistenze iniziali lorde<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda5 y593d w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x698 h12 y593e ff4 fs7 fc1 sc2 ls0 ws0\">222.731<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y593e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y593e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x755 h12 y593e ff4 fs7 fc1 sc2 ls0 ws0\">6.019<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xda3 h12 y593e ff4 fs7 fc1 sc2 ls0 ws0\">228.749<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y593f w928 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Riduzioni di valore<span class=\"_ _2\"></span> totali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd7f y593f w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71d h12 y5940 ff4 fs7 fc1 sc0 ls0 ws0\">95.722<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5940 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5940 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y5940 ff4 fs7 fc1 sc0 ls0 ws0\">2.822<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y5940 ff4 fs7 fc1 sc0 ls0 ws0\">98.544<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5941 w929 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A.2 Esistenze iniziali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x71c y5941 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x989 h12 y5942 ff4 fs7 fc1 sc2 ls0 ws0\">127.008<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5942 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5942 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x755 h12 y5942 ff4 fs7 fc1 sc2 ls0 ws0\">3.197<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y5942 ff4 fs7 fc1 sc2 ls0 ws0\">130.205<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5943 w92a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">B. Aumenti:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x715 y5943 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x980 h12 y5944 ff4 fs7 fc1 sc2 ls0 ws0\">34.088<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5944 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5944 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x755 h12 y5944 ff4 fs7 fc1 sc2 ls0 ws0\">3.551<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y5944 ff4 fs7 fc1 sc2 ls0 ws0\">37.639<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5945 w92b h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Acquisti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd85 y5945 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda6 y5945 w943 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">27.426<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xda7 y5945 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x714 h12 y5946 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x755 h12 y5946 ff4 fs7 fc1 sc0 ls0 ws0\">2.415<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y5946 ff4 fs7 fc1 sc0 ls0 ws0\">29.841<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y5947 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione </td><td class=\"t m2 xd87 h12 y5948 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y5948 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5948 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5948 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5948 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5948 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y5949 ff4 fs7 fc1 sc0 ls0 ws0\">aziendale </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y594a w92d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Spese per mig<span class=\"_ _2\"></span>liorie capitalizzate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd88 y594a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y594b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y594b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y594b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y594b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y594b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y594c w92e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Riprese di valore<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd89 y594c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xda8 h12 y594d ff4 fs7 fc1 sc0 ls0 ws0\">136<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y594d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y594d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y594d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x73d h12 y594d ff4 fs7 fc1 sc0 ls0 ws0\">136<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y594e ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Variazioni pos<span class=\"_ _2\"></span>itive di fair value </td><td class=\"c n x7a2 y594f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8a y594f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd8b y594f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd8c y594f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8d y594f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8e y594f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x734 y5950 w92f h223\"><div class=\"t m2 x2b3 h12 y5902 ff4 fs7 fc1 sc0 ls0 ws0\">imputate a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xd8f h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) patrimonio netto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd90 y5950 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5951 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5951 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5951 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5951 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5951 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5952 w930 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) conto economic<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd91 y5952 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5953 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5953 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5953 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5953 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5953 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5954 w931 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 Differenze pos<span class=\"_ _2\"></span>itive di cambio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd92 y5954 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5955 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5955 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5955 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5955 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5955 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5956 ff4 fs7 fc1 sc0 ls0 ws0\">B.6 Trasferimenti da im<span class=\"_ _2\"></span>mobili </td><td class=\"t m2 xd87 h12 y5957 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y5957 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xd93 y5958 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd94 y5958 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd95 y5958 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd96 y5958 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xac9 h12 y5959 ff4 fs7 fc1 sc0 ls0 ws0\">detenuti a scopo di <span class=\"_ _2\"></span>investimento </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y5443 w932 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.7 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd97 y5443 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd84 h12 y595a ff4 fs7 fc1 sc0 ls0 ws0\">6.526<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y595a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y595a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x685 h12 y595a ff4 fs7 fc1 sc0 ls0 ws0\">1.136<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x780 h12 y595a ff4 fs7 fc1 sc0 ls0 ws0\">7.662<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y595b w933 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">C. Diminuzioni:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda9 y595b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71d h12 y595c ff4 fs7 fc1 sc2 ls0 ws0\">39.016<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y595c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y595c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y595c ff4 fs7 fc1 sc2 ls0 ws0\">2.878<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y595c ff4 fs7 fc1 sc2 ls0 ws0\">41.894<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y595d ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Vendite </td><td class=\"t m2 xd87 h12 y595e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a7 h12 y595e ff4 fs7 fc1 sc0 ls0 ws0\">5.124<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y595e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y595e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y595e ff4 fs7 fc1 sc0 ls0 ws0\">326<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e5 h12 y595e ff4 fs7 fc1 sc0 ls0 ws0\">5.450<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y595f ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione </td><td class=\"t m2 xd87 h12 y5960 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y5960 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5960 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5960 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5960 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5960 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y5961 ff4 fs7 fc1 sc0 ls0 ws0\">aziendale </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y5962 w935 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Ammortamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd9b y5962 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x757 h12 y5963 ff4 fs7 fc1 sc0 ls0 ws0\">22.343<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5963 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5963 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x755 h12 y5963 ff4 fs7 fc1 sc0 ls0 ws0\">1.605<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y5963 ff4 fs7 fc1 sc0 ls0 ws0\">23.948<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5964 ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Rettifiche di val<span class=\"_ _2\"></span>ore da </td><td class=\"c n x7a2 y5965 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdaa y5965 w944 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">21<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd8b y5965 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd8c y5965 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8d y5965 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdab y5965 w944 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">21<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x734 y5966 w936 h224\"><div class=\"t m2 x2b3 h12 y5920 ff4 fs7 fc1 sc0 ls0 ws0\">deterioramento imput<span class=\"_ _2\"></span>ate a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xd8f h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) patrimonio netto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd90 y5966 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5967 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5967 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5967 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5967 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5967 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5968 w930 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) conto economic<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd91 y5968 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e3 h12 y5969 ff4 fs7 fc1 sc0 ls0 ws0\">21<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5969 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5969 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5969 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x750 h12 y5969 ff4 fs7 fc1 sc0 ls0 ws0\">21<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y596a ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Variazioni negat<span class=\"_ _2\"></span>ive di fair value </td><td class=\"c n x7a2 y596b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8a y596b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd8b y596b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd8c y596b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8d y596b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8e y596b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x734 y596c w92f h223\"><div class=\"t m2 x2b3 h12 y5902 ff4 fs7 fc1 sc0 ls0 ws0\">imputate a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xd8f h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) patrimonio netto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd90 y596c w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y596d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y596d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y596d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y596d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y596d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y596e w930 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) conto economic<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd91 y596e w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y596f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y596f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y596f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y596f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y596f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5970 w937 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.5 Differenze negat<span class=\"_ _2\"></span>ive di cambio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd9d y5970 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5971 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5971 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5971 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5971 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5971 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5972 w938 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.6 Trasferimenti a:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdac y5972 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5973 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5973 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5973 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5973 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5973 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x73a y5974 w93a h1e7\"><div class=\"t m2 x2b3 h12 y543a ff4 fs7 fc1 sc0 ls0 ws0\">a) attivit\u00e0 materiali de<span class=\"_ _2\"></span>tenute a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">scopo di investiment<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd87 h12 y5975 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y5975 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xd93 y5976 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd94 y5976 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd95 y5976 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd96 y5976 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xaca h12 y5977 ff4 fs7 fc1 sc0 ls0 ws0\">b) attivit\u00e0 non corrent<span class=\"_ _2\"></span>i e gruppi di<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd87 h12 y5978 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y5978 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5978 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5978 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5978 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5978 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y5979 ff4 fs7 fc1 sc0 ls0 ws0\">attivit\u00e0 in via di dism<span class=\"_ _2\"></span>issione </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y597a w93b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.7 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdad y597a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x789 h12 y597b ff4 fs7 fc1 sc0 ls0 ws0\">11.528<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y597b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y597b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y597b ff4 fs7 fc1 sc0 ls0 ws0\">947<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y597b ff4 fs7 fc1 sc0 ls0 ws0\">12.475<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y548a w93d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D. Rimanenze finali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdae y548a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x698 h12 y597c ff4 fs7 fc1 sc2 ls0 ws0\">122.081<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y597c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y597c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y597c ff4 fs7 fc1 sc2 ls0 ws0\">3.870<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y597c ff4 fs7 fc1 sc2 ls0 ws0\">125.951<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y597d w93f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.1 Riduzioni di valore <span class=\"_ _2\"></span>totali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda1 y597d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x980 h12 y597e ff4 fs7 fc1 sc0 ls0 ws0\">110.252<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y597e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y597e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y597e ff4 fs7 fc1 sc0 ls0 ws0\">2.965<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y597e ff4 fs7 fc1 sc0 ls0 ws0\">113.217<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y597f w940 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D.2 Rimanenze finali lorde<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x715 y597f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd7d h12 y5980 ff4 fs7 fc1 sc2 ls0 ws0\">232.333<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5980 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5980 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74f h12 y5980 ff4 fs7 fc1 sc2 ls0 ws0\">6.835<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y5980 ff4 fs7 fc1 sc2 ls0 ws0\">239.168<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54f9 w941 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">E. Valutazione al c<span class=\"_ _2\"></span>osto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda4 y54f9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5981 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5981 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5981 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5981 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5981 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table>Si fornisce anche la tabella di m<span class=\"_ _2\"></span>ovimentazione dei diritti d\u2019uso acqu<span class=\"_ _2\"></span>isiti con il leasing in quanto tali attivit\u00e0 sono rilevanti.<span class=\"_ _3a1\"> </span><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsbc0\">9.7 Attivit\u00e0 <span class=\"_ _1\"></span>materiali detenute a scopo d<span class=\"_ _1\"></span>i investimento<span class=\"_ _1\"></span>: variazioni annue </div><div class=\"gsbc1\"><table class=\"s w945 h227\" id=\"_1ccc2094-793b-45f5-bb4f-6ecdd123a042\"><tr><td></td><td class=\"t m2 x6b9 h12 y5982 ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td><td></td></tr><tr><td></td><td class=\"c n xdaf y5983 w921 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Terreni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb0 y5983 w922 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Fabbricati<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5984 w946 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A. Esistenze iniziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb1 y5984 w947 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">2.414<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x738 h12 y5985 ff4 fs7 fc1 sc2 ls0 ws0\">2.581<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54cd w948 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">B. Aumenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb2 y54cd w949 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">36<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66b h12 y5986 ff4 fs7 fc1 sc2 ls0 ws0\">37<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5987 w94a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Acquisti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb3 y5987 w796 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5988 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5989 w94b h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione a<span class=\"_ _2\"></span>ziendale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb4 y5989 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y598a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y598b w92d h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Spese per mig<span class=\"_ _2\"></span>liorie capitalizzate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb5 y598b w796 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y598c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5522 w94c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Variazioni positive d<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span> fair value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb6 y5522 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y598d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y598e w94d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Riprese di val<span class=\"_ _2\"></span>ore<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb7 y598e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y598f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5990 w94e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 Differenze di camb<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>o positive<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb8 y5990 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5991 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y547e w94f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.6 Trasferimenti da im<span class=\"_ _2\"></span>mobili ad us<span class=\"_ _2\"></span>o funzionale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb7 y547e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5992 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5993 w932 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.7 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb9 y5993 w950 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">36<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66b h12 y5994 ff4 fs7 fc1 sc0 ls0 ws0\">37<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5995 w951 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">C. Diminuzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdba y5995 w952 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">72<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e8 h12 y5996 ff4 fs7 fc1 sc2 ls0 ws0\">228<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5997 ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Vendite </td><td class=\"t m2 xdbb h12 y5998 ff4 fs7 fc1 sc0 ls0 ws0\">72<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y5998 ff4 fs7 fc1 sc0 ls0 ws0\">73<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5999 w94b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione a<span class=\"_ _2\"></span>ziendale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb4 y5999 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y599a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y599b w935 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Ammortamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdbc y599b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x73d h12 y599c ff4 fs7 fc1 sc0 ls0 ws0\">155<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55ab w953 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Variazioni negati<span class=\"_ _2\"></span>ve di fair value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdbd y55ab w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y599d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y599e w954 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Rettifiche di valore d<span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span> deteriorame<span class=\"_ _2\"></span>nto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb6 y599e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y599f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y59a0 ff4 fs7 fc1 sc0 ls0 ws0\">C.5 Differenze di camb<span class=\"_ _2\"></span>io negative </td><td class=\"t m2 x66f h12 y59a1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y59a1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5537 w955 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.6 Trasferimenti a:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x735 y5537 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y59a2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y59a3 w956 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) immobili ad uso funz<span class=\"_ _2\"></span>ionale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdbe y59a3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y59a4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y59a5 w957 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) attivit\u00e0 non corrent<span class=\"_ _2\"></span>i e gruppi di attivit\u00e0 <span class=\"_ _2\"></span>in via di dismissi<span class=\"_ _2\"></span>one<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdbf y59a5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y59a6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y597d w958 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.7 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x735 y597d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y59a7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y597f w959 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D. Rimanenze finali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdc0 y597f w95a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2.378<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e5 h12 y59a8 ff4 fs7 fc1 sc2 ls0 ws0\">2.390<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y539f w95b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">E. Valutazione al fai<span class=\"_ _2\"></span>r value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdc1 y539f w95c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.568<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e5 h12 y59a9 ff4 fs7 fc1 sc0 ls0 ws0\">5.539<span class=\"_ _3a1\"> </span></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-880": {
   "value": "Sezione <span class=\"_ _1\"></span>9 \u2013 Attivi<span class=\"_ _1\"></span>t<span class=\"_ _3a1\"> </span>\u00e0 materi<span class=\"_ _1\"></span>ali \u2013 Voce <span class=\"_ _1\"></span>90<span class=\"_ _3a1\"> </span> 9.1 Attivit\u00e0 <span class=\"_ _1\"></span>materiali ad uso funzionale: com<span class=\"_ _1\"></span>posizione delle a<span class=\"_ _1\"></span>ttivit\u00e0 valutate <span class=\"_ _1\"></span>al costo<span class=\"_ _3a1\"> </span><table class=\"s w906 h220\" id=\"_89603dc1-a67a-4a16-bcf1-64b6d5552b63\"><tr><td class=\"t m2 xd43 h12 y58b7 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0/Valori<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x934 h12 y58b8 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x878 h12 y58b8 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x7c3 h12 y58b9 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7e3 h12 y58b9 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 x58e h12 y58ba ff4 fs7 fc1 sc2 ls0 ws0\">1. Attivit\u00e0 di propriet\u00e0<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xb9a h12 y58bb ff4 fs7 fc1 sc2 ls0 ws0\">312.813<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x891 h12 y58bb ff4 fs7 fc1 sc2 ls0 ws0\">311.800<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x598 h12 y58bc ff4 fs7 fc1 sc0 ls0 ws0\">a) terreni </td><td></td><td></td><td class=\"c n x9ee y58bd w907 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">134.838<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd44 y58bd w908 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">135.310<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58be ff4 fs7 fc1 sc0 ls0 ws0\">b) fabbricati </td><td></td><td></td><td class=\"c n x9ee y58bf w909 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">108.548<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd45 y58bf w90a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">111.686<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58c0 ff4 fs7 fc1 sc0 ls0 ws0\">c) mobili </td><td></td><td></td><td class=\"c n xd46 y58c1 w90b h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.769<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd47 y58c1 w90c h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.037<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58c2 ff4 fs7 fc1 sc0 ls0 ws0\">d) impianti elettron<span class=\"_ _2\"></span>ici </td><td></td><td></td><td class=\"c n xd48 y58c3 w90d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">19.620<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd49 y58c3 w90e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18.573<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58c4 ff4 fs7 fc1 sc0 ls0 ws0\">e) altre </td><td></td><td></td><td class=\"c n xd4a y58c5 w90f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">38.038<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd4b y58c5 w450 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">34.194<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y58c6 ff4 fs7 fc1 sc2 ls0 ws0\">2. Diritti d'uso acquisiti con il leasing<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xb9d h12 y58c7 ff4 fs7 fc1 sc2 ls0 ws0\">125.951<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xd4c h12 y58c7 ff4 fs7 fc1 sc2 ls0 ws0\">130.206<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x598 h12 y58c8 ff4 fs7 fc1 sc0 ls0 ws0\">a) terreni </td><td></td><td></td><td class=\"c n xd4d y571b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd4e y571b w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58c9 ff4 fs7 fc1 sc0 ls0 ws0\">b) fabbricati </td><td></td><td></td><td class=\"c n xd4f y58ca w910 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">122.081<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd50 y58ca w911 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">127.009<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58cb ff4 fs7 fc1 sc0 ls0 ws0\">c) mobili </td><td></td><td></td><td class=\"c n xd4d y58cc w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd4e y58cc w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58cd ff4 fs7 fc1 sc0 ls0 ws0\">d) impianti elettron<span class=\"_ _2\"></span>ici </td><td></td><td></td><td class=\"c n xd4d y58ce w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd4e y58ce w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58cf ff4 fs7 fc1 sc0 ls0 ws0\">e) altre </td><td></td><td></td><td class=\"c n xd51 y534e w912 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.870<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd52 y534e w913 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>.197<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 x88c h12 y58d0 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc52 h12 y58d1 ff4 fs7 fc1 sc2 ls0 ws0\">438.764<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xd53 h12 y58d1 ff4 fs7 fc1 sc2 ls0 ws0\">442.006<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y58d2 ff4 fs7 fc1 sc0 ls0 ws0\">di cui: ottenute trami<span class=\"_ _2\"></span>te l\u2019escussione <span class=\"_ _2\"></span>delle garanzie ricevute </td><td></td><td></td><td class=\"c n xd4d y58d3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd4e y58d3 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr></table>Le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>materiali <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>valutate <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>costo, <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>tto <span class=\"_ _1\"></span>degli <span class=\"_ _1\"></span>ammortamenti <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>qualsiasi <span class=\"_ _1\"></span>perdita <span class=\"_ _1\"></span>per<span class=\"_ _3a1\"> </span> riduzione di valore accumulate.<span class=\"_ _3a1\"> </span> Nelle <span class=\"_ _38\"></span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _38\"></span>materiali <span class=\"_ _38\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>anche <span class=\"_ _38\"></span>ricompres<span class=\"_ _1\"></span>o, <span class=\"_ _38\"></span>ai <span class=\"_ _38\"></span>sens<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>principio <span class=\"_ _0\"></span>IFRS16, <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>D<span class=\"_ _1\"></span>iritto <span class=\"_ _0\"></span>d\u2019Uso <span class=\"_ _1\"></span>(Right <span class=\"_ _0\"></span>of<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> Use) dei beni oggetti di contratti di leasing operat<span class=\"_ _1\"></span>ivo.<span class=\"_ _3a1\"> </span> 9.2 Attivit\u00e0 mat<span class=\"_ _1\"></span>eriali detenute <span class=\"_ _1\"></span>a scopo di investimento: c<span class=\"_ _3a1\"> </span>omposizione delle attivit\u00e0 val<span class=\"_ _1\"></span>utate al costo<span class=\"_ _3a1\"> </span><table class=\"s w914 h221\" id=\"_dfe8cc6d-088f-4b9c-b420-532c4fe93ad7\"><tr><td></td><td></td><td></td><td></td><td class=\"t m2 xd54 h12 y58d4 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x8e9 h12 y58d4 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 xd55 h12 y58d5 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0/Valori<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x5d7 h12 y58d6 ff4 fs7 fc4 sc3 ls0 ws0\">Valore di </td><td></td><td class=\"t m2 xd56 h12 y58d7 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88b h12 y58d8 ff4 fs7 fc4 sc3 ls0 ws0\">Fair value<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xd57 h12 y58d6 ff4 fs7 fc4 sc3 ls0 ws0\">Valore di </td><td class=\"t m2 x7e2 h12 y58d7 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x942 h12 y58d8 ff4 fs7 fc4 sc3 ls0 ws0\">Fair value<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"t m2 xd58 h12 y58d9 ff4 fs7 fc4 sc3 ls0 ws0\">bilancio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd59 h12 y58da ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x938 h12 y58da ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c7 h12 y58da ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d4 h12 y58d9 ff4 fs7 fc4 sc3 ls0 ws0\">bilancio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93a h12 y58da ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba1 h12 y58da ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e5 h12 y58da ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">1. Attivit\u00e0 di propriet\u00e0<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x875 h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">4.768<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x940 h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba3 h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">7.108<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5a h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">4.995<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5b h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5c h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">8.695<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x595 y58dc w915 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) terreni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd5d y58dc w916 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.378<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd5e y58dc w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd5f y58dc w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd60 y58dc w917 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.568<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd61 y58dc w918 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.414<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd62 y58dc w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd63 y58dc w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd64 y58dc w919 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.990<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y58dd w91a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) fabbricati<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd65 y58dd w91b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.390<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd66 y58dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd67 y58dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd68 y58dd w91c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.539<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd69 y58dd w91d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.581<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd6a y58dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd6b y58dd w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd6c y58dd w91e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.705<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y58de ff4 fs7 fc1 sc2 ls0 ws0\">2. Diritti d'uso acquisiti con il </td><td class=\"t m2 xd6d h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x940 h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba3 h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xb9e h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xb9d h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5b h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y58e0 ff4 fs7 fc1 sc2 ls0 ws0\">leasing<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x598 h12 y58e1 ff4 fs7 fc1 sc0 ls0 ws0\">a) terreni </td><td class=\"c n xd6e y58e2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd6f y58e2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd70 y58e2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd71 y58e2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd72 y58e2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd73 y58e2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd74 y58e2 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd75 y58e2 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58e3 ff4 fs7 fc1 sc0 ls0 ws0\">b) fabbricati </td><td class=\"c n xd6e y58e4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd6f y58e4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd70 y58e4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd71 y58e4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd72 y58e4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd73 y58e4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd74 y58e4 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd75 y58e4 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xd76 h12 y58e5 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x875 h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">4.768<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x940 h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba3 h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">7.108<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5a h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">4.995<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5b h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5c h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">8.695<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x58e y58e7 w198 h11\"><div class=\"t m2 x0 h12 y8e ff4 fs7 fc1 sc0 ls0 ws0\">di cui: ottenute trami<span class=\"_ _2\"></span>te </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y58e8 ff4 fs7 fc1 sc0 ls0 ws0\">l\u2019escussione delle gara<span class=\"_ _3b\"></span>n<span class=\"_ _1\"></span>zie </td><td class=\"c n xd6e y58e9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd6f y58e9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd70 y58e9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd71 y58e9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd72 y58ea w91f h20a\"><div class=\"t m2 x2b3 h12 y56d8 ff4 fs7 fc1 sc0 ls0 ws0\">- <span class=\"_ _118\"> </span>- <span class=\"_ _1b0\"> </span>- <span class=\"_ _eb\"> </span>- </div></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y58eb ff4 fs7 fc1 sc0 ls0 ws0\">ricevute </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Legenda:<span class=\"_ _3a1\"> </span> L1= Livello 1<span class=\"_ _3a1\"> </span> L2= Livello 2<span class=\"_ _3a1\"> </span> L3= Livello 3<span class=\"_ _3a1\"> </span><span class=\"fs2\"> </span>Le <span class=\"_ _1\"></span>att<span class=\"_ _3a1\"> </span>ivit\u00e0 <span class=\"_ _1\"></span>materiali <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>valutate <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>costo. <span class=\"_ _38\"></span>Il <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _1\"></span>materiali <span class=\"_ _1\"></span>detenute <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>scopo <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> investimento ammonta a 7,1 <span class=\"_ _2\"></span>milioni di <span class=\"_ _2\"></span>euro, ed \u00e8 stato d<span class=\"_ _2\"></span>eterminato da valutatori e<span class=\"_ _2\"></span>sperti esterni ed<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> indipendenti.<span class=\"_ _3a1\"> </span> Il <span class=\"_ _0\"></span>fair <span class=\"_ _38\"></span>val<span class=\"_ _1\"></span>ue <span class=\"_ _0\"></span>indica <span class=\"_ _0\"></span>l\u2019<span class=\"_ _2\"></span>ammontare<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>stimato <span class=\"_ _0\"></span>cu<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>propriet\u00e0 <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>passiv<span class=\"_ _2\"></span>it\u00e0 <span class=\"_ _0\"></span>dovrebbe <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>ceduta <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span> acquistata, <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>valutazione, <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>venditore<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>acquirente<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>privi <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>legami <span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>icolari,<span class=\"_ _3a1\"> </span> entrambi <span class=\"_ _48\"> </span>interessati <span class=\"_ _48\"> </span>alla <span class=\"_ _3a\"> </span>compravendita, <span class=\"_ _48\"> </span>a <span class=\"_ _48\"> </span>condi<span class=\"_ _2\"></span>zioni <span class=\"_ _48\"> </span>concorrenziali, <span class=\"_ _48\"> </span>d<span class=\"_ _2\"></span>opo <span class=\"_ _48\"> </span>un\u2018 <span class=\"_ _3a\"> </span>adeguata<span class=\"_ _3a1\"> </span>commercializzazione <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>cui <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>parti <span class=\"_ _35\"> </span>abbi<span class=\"_ _2\"></span>ano <span class=\"_ _35\"> </span>agito <span class=\"_ _0\"></span>entrambe <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>modo <span class=\"_ _0\"> </span>infor<span class=\"_ _1\"></span>mato, <span class=\"_ _0\"> </span>co<span class=\"_ _1\"></span>nsapevole <span class=\"_ _0\"></span>e senza coercizioni\u201d. (RICS Red Book VS 3.2, ed. italiana, Marzo 2012). 9.6 Attivit\u00e0 ma<span class=\"_ _1\"></span>teriali ad uso funzionale<span class=\"_ _1\"></span>: variazioni annue <table class=\"s w920 h222\" id=\"_84b83855-8936-4bab-a009-93f96420a6fb\"><tr><td></td><td class=\"c n xd77 y58ec w921 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Terreni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd78 y58ec w922 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Fabbricati<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd79 y58ec w923 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Mobili<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6c6 h12 y58ed ff4 fs7 fc4 sc3 ls0 ws0\">Impianti </td><td class=\"c n xd7a y58ec w924 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd7b y58ec w925 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x679 h12 y58ee ff4 fs7 fc4 sc3 ls0 ws0\">elettronici </td><td></td><td></td></tr><tr><td class=\"c n x2d7 y58ef w926 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A. Esistenze iniziali lorde<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd7c y58ef w927 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">135.310<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd7d h12 y58f0 ff4 fs7 fc1 sc2 ls0 ws0\">324.444<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e7 h12 y58f0 ff4 fs7 fc1 sc2 ls0 ws0\">42.669<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x776 h12 y58f0 ff4 fs7 fc1 sc2 ls0 ws0\">65.218<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd7e h12 y58f0 ff4 fs7 fc1 sc2 ls0 ws0\">153.048<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x795 h12 y58f0 ff4 fs7 fc1 sc2 ls0 ws0\">720.689<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y58f1 w928 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Riduzioni di valore<span class=\"_ _2\"></span> totali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd7f y58f1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x989 h12 y58f2 ff4 fs7 fc1 sc0 ls0 ws0\">212.758<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e7 h12 y58f2 ff4 fs7 fc1 sc0 ls0 ws0\">30.632<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x754 h12 y58f2 ff4 fs7 fc1 sc0 ls0 ws0\">46.645<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd80 h12 y58f2 ff4 fs7 fc1 sc0 ls0 ws0\">118.854<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd81 h12 y58f2 ff4 fs7 fc1 sc0 ls0 ws0\">408.889<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y58f3 w929 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A.2 Esistenze iniziali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd82 y58f3 w927 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">135.310<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x757 h12 y58f4 ff4 fs7 fc1 sc2 ls0 ws0\">111.686<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x78f h12 y58f4 ff4 fs7 fc1 sc2 ls0 ws0\">12.037<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y58f4 ff4 fs7 fc1 sc2 ls0 ws0\">18.573<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd83 h12 y58f4 ff4 fs7 fc1 sc2 ls0 ws0\">34.194<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f6 h12 y58f4 ff4 fs7 fc1 sc2 ls0 ws0\">311.800<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y58f5 w92a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">B. Aumenti:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x715 y58f5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd84 h12 y58f6 ff4 fs7 fc1 sc2 ls0 ws0\">6.375<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fb h12 y58f6 ff4 fs7 fc1 sc2 ls0 ws0\">2.070<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70f h12 y58f6 ff4 fs7 fc1 sc2 ls0 ws0\">4.871<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd83 h12 y58f6 ff4 fs7 fc1 sc2 ls0 ws0\">10.304<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y58f6 ff4 fs7 fc1 sc2 ls0 ws0\">23.620<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y58f7 w92b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Acquisti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd85 y58f7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x65b y58f7 w92c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.187<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd86 y58f7 w79e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.059<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x70f h12 y58f8 ff4 fs7 fc1 sc0 ls0 ws0\">4.871<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y58f8 ff4 fs7 fc1 sc0 ls0 ws0\">9.769<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y58f8 ff4 fs7 fc1 sc0 ls0 ws0\">22.886<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y58f9 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione </td><td class=\"t m2 xd87 h12 y58fa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y58fa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y58fa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y58fa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y58fa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y58fa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y58fb ff4 fs7 fc1 sc0 ls0 ws0\">aziendale </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y58fc w92d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Spese per mig<span class=\"_ _2\"></span>liorie capitalizzate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd88 y58fc w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e3 h12 y58fd ff4 fs7 fc1 sc0 ls0 ws0\">12<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y58fd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y58fd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y58fd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x750 h12 y58fd ff4 fs7 fc1 sc0 ls0 ws0\">12<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y58fe w92e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Riprese di valore<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd89 y58fe w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y58ff ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y58ff ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y58ff ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y58ff ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y58ff ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5900 ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Variazioni pos<span class=\"_ _2\"></span>itive di fair value </td><td class=\"c n x7a2 y5901 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8a y5901 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8b y5901 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8c y5901 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8d y5901 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8e y5901 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x734 y5903 w92f h223\"><div class=\"t m2 x2b3 h12 y5902 ff4 fs7 fc1 sc0 ls0 ws0\">imputate a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xd8f h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) patrimonio netto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd90 y5903 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5904 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5904 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5904 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5904 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5904 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5905 w930 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) conto economic<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd91 y5905 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5906 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5906 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5906 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5906 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5906 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5907 w931 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 Differenze pos<span class=\"_ _2\"></span>itive di cambio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd92 y5907 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5908 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5908 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5908 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5908 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5908 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5909 ff4 fs7 fc1 sc0 ls0 ws0\">B.6 Trasferimenti da im<span class=\"_ _2\"></span>mobili </td><td class=\"t m2 xd87 h12 y590a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y590a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xd93 y590b w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd94 y590b w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd95 y590b w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd96 y590b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xac9 h12 y590c ff4 fs7 fc1 sc0 ls0 ws0\">detenuti a scopo di <span class=\"_ _2\"></span>investimento </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y590d w932 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.7 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd97 y590d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd98 h12 y590e ff4 fs7 fc1 sc0 ls0 ws0\">176<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x98a h12 y590e ff4 fs7 fc1 sc0 ls0 ws0\">11<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y590e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y590e ff4 fs7 fc1 sc0 ls0 ws0\">535<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e8 h12 y590e ff4 fs7 fc1 sc0 ls0 ws0\">722<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y590f w933 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">C. Diminuzioni:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd99 y590f w934 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4<span class=\"_ _2\"></span>72<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd84 h12 y5910 ff4 fs7 fc1 sc2 ls0 ws0\">9.543<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fb h12 y5910 ff4 fs7 fc1 sc2 ls0 ws0\">2.338<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f2 h12 y5910 ff4 fs7 fc1 sc2 ls0 ws0\">3.824<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74f h12 y5910 ff4 fs7 fc1 sc2 ls0 ws0\">6.460<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y5910 ff4 fs7 fc1 sc2 ls0 ws0\">22.607<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5911 ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Vendite </td><td class=\"t m2 x97f h12 y5912 ff4 fs7 fc1 sc0 ls0 ws0\">197<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd9a h12 y5912 ff4 fs7 fc1 sc0 ls0 ws0\">500<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x691 h12 y5912 ff4 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5912 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70b h12 y5912 ff4 fs7 fc1 sc0 ls0 ws0\">40<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e8 h12 y5912 ff4 fs7 fc1 sc0 ls0 ws0\">745<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y5913 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione </td><td class=\"t m2 xd87 h12 y5914 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y5914 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5914 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5914 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5914 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5914 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y5915 ff4 fs7 fc1 sc0 ls0 ws0\">aziendale </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y5916 w935 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Ammortamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd9b y5916 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6a7 h12 y5917 ff4 fs7 fc1 sc0 ls0 ws0\">8.541<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd9c h12 y5917 ff4 fs7 fc1 sc0 ls0 ws0\">2.319<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70f h12 y5917 ff4 fs7 fc1 sc0 ls0 ws0\">3.813<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y5917 ff4 fs7 fc1 sc0 ls0 ws0\">5.822<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y5917 ff4 fs7 fc1 sc0 ls0 ws0\">20.495<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5918 ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Rettifiche di val<span class=\"_ _2\"></span>ore da </td><td class=\"c n x7a2 y5919 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8a y5919 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8b y5919 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8c y5919 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8d y5919 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8e y5919 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x734 y591a w936 h223\"><div class=\"t m2 x2b3 h12 y5902 ff4 fs7 fc1 sc0 ls0 ws0\">deterioramento imput<span class=\"_ _2\"></span>ate a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xd8f h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) patrimonio netto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd90 y591a w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y591b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y591b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y591b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y591b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y591b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y591c w930 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) conto economic<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd91 y591c w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y591d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y591d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y591d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y591d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y591d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y591e ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Variazioni negat<span class=\"_ _2\"></span>ive di fair value </td><td class=\"c n x7a2 y591f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8a y591f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8b y591f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8c y591f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8d y591f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8e y591f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x734 y5921 w92f h224\"><div class=\"t m2 x2b3 h12 y5920 ff4 fs7 fc1 sc0 ls0 ws0\">imputate a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xd8f h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) patrimonio netto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd90 y5921 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5922 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5922 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5922 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5922 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5922 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5923 w930 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) conto economic<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd91 y5923 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5924 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5924 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5924 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5924 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5924 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5925 w937 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.5 Differenze negat<span class=\"_ _2\"></span>ive di cambio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd9d y5925 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5926 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5926 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5926 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5926 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5926 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5927 w938 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.6 Trasferimenti a:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd9e y5927 w939 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">128<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd9a h12 y5928 ff4 fs7 fc1 sc0 ls0 ws0\">405<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5928 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5928 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5928 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e8 h12 y5928 ff4 fs7 fc1 sc0 ls0 ws0\">533<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x73a y592a w93a h225\"><div class=\"t m2 x2b3 h12 y5929 ff4 fs7 fc1 sc0 ls0 ws0\">a) attivit\u00e0 materiali de<span class=\"_ _2\"></span>tenute a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">scopo di investiment<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd87 h12 y592b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y592b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xd93 y592c w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd94 y592c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd95 y592c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd96 y592c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xaca h12 y592d ff4 fs7 fc1 sc0 ls0 ws0\">b) attivit\u00e0 non corrent<span class=\"_ _2\"></span>i e gruppi di<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x694 h12 y592e ff4 fs7 fc1 sc0 ls0 ws0\">128<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd9a h12 y592e ff4 fs7 fc1 sc0 ls0 ws0\">405<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y592e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y592e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y592e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e8 h12 y592e ff4 fs7 fc1 sc0 ls0 ws0\">533<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y592f ff4 fs7 fc1 sc0 ls0 ws0\">attivit\u00e0 in via di dism<span class=\"_ _2\"></span>issione </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y5930 w93b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.7 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd9f y5930 w93c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">147<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e3 h12 y5931 ff4 fs7 fc1 sc0 ls0 ws0\">97<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x98a h12 y5931 ff4 fs7 fc1 sc0 ls0 ws0\">11<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y5931 ff4 fs7 fc1 sc0 ls0 ws0\">11<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y5931 ff4 fs7 fc1 sc0 ls0 ws0\">598<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x788 h12 y5931 ff4 fs7 fc1 sc0 ls0 ws0\">864<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5932 w93d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D. Rimanenze finali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda0 y5932 w93e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">134.838<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x698 h12 y5933 ff4 fs7 fc1 sc2 ls0 ws0\">108.518<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c5 h12 y5933 ff4 fs7 fc1 sc2 ls0 ws0\">11.769<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x776 h12 y5933 ff4 fs7 fc1 sc2 ls0 ws0\">19.620<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y5933 ff4 fs7 fc1 sc2 ls0 ws0\">38.038<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f6 h12 y5933 ff4 fs7 fc1 sc2 ls0 ws0\">312.783<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5934 w93f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.1 Riduzioni di valore <span class=\"_ _2\"></span>totali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda1 y5934 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 xd7d h12 y5935 ff4 fs7 fc1 sc0 ls0 ws0\">220.794<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e7 h12 y5935 ff4 fs7 fc1 sc0 ls0 ws0\">32.858<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x754 h12 y5935 ff4 fs7 fc1 sc0 ls0 ws0\">50.063<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y5935 ff4 fs7 fc1 sc0 ls0 ws0\">123.172<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x795 h12 y5935 ff4 fs7 fc1 sc0 ls0 ws0\">426.887<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5936 w940 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D.2 Rimanenze finali lorde<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda2 y5936 w93e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">134.838<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x989 h12 y5937 ff4 fs7 fc1 sc2 ls0 ws0\">329.312<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e7 h12 y5937 ff4 fs7 fc1 sc2 ls0 ws0\">44.627<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x754 h12 y5937 ff4 fs7 fc1 sc2 ls0 ws0\">69.683<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a2 h12 y5937 ff4 fs7 fc1 sc2 ls0 ws0\">161.210<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xda3 h12 y5937 ff4 fs7 fc1 sc2 ls0 ws0\">739.670<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y53a2 w941 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">E. Valutazione al c<span class=\"_ _2\"></span>osto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda4 y53a2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5938 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5938 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5938 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5938 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5938 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table>Nelle  voci  A.1  e  D.1  -  Riduzioni  di  v<span class=\"_ _2\"></span>alore  tot<span class=\"_ _1\"></span>ali  nette  sono  riportati  gli  imp<span class=\"_ _2\"></span>orti  re<span class=\"_ _1\"></span>lativi  ai <span class=\"_ _35\"> </span>fon<span class=\"_ _1\"></span>di ammortamento. La <span class=\"_ _38\"></span>sottovoce <span class=\"_ _0\"></span>\u201cE <span class=\"_ _1\"></span>- <span class=\"_ _38\"></span>Valutazione <span class=\"_ _0\"></span>al<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>costo\u201d <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>valorizzata <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>anto, <span class=\"_ _38\"></span>come <span class=\"_ _0\"></span>da <span class=\"_ _1\"></span>istruzioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>Banc<span class=\"_ _2\"></span>a d\u2019Italia, la sua compilazione \u00e8 prevista solo <span class=\"_ _1\"></span>per le attivit\u00e0 materiali valutate in bilancio al fair value.<span class=\"_ _3a1\"> </span>9.6 bis Attivit\u00e0 m<span class=\"_ _1\"></span>ateriali ad uso <span class=\"_ _1\"></span>funzionale (diritti d'uso acquisiti con il leas<span class=\"_ _1\"></span>ing): variazioni annue <table class=\"s w942 h226\" id=\"_57fc2504-6ace-4f1a-b438-29966a9f1a9c\"><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x68f h12 y5939 ff4 fs7 fc4 sc3 ls0 ws0\">Terreni <span class=\"_ _1a4\"> </span>Fabbricati <span class=\"_ _104\"> </span>Mobili </td><td class=\"t m2 x6c6 h12 y593a ff4 fs7 fc4 sc3 ls0 ws0\">Impianti </td><td></td><td class=\"c n xd7a y593b w924 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd7b y593b w925 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x679 h12 y593c ff4 fs7 fc4 sc3 ls0 ws0\">elettronici </td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y593d w926 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A. Esistenze iniziali lorde<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda5 y593d w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x698 h12 y593e ff4 fs7 fc1 sc2 ls0 ws0\">222.731<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y593e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y593e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x755 h12 y593e ff4 fs7 fc1 sc2 ls0 ws0\">6.019<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xda3 h12 y593e ff4 fs7 fc1 sc2 ls0 ws0\">228.749<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y593f w928 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Riduzioni di valore<span class=\"_ _2\"></span> totali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd7f y593f w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71d h12 y5940 ff4 fs7 fc1 sc0 ls0 ws0\">95.722<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5940 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5940 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y5940 ff4 fs7 fc1 sc0 ls0 ws0\">2.822<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y5940 ff4 fs7 fc1 sc0 ls0 ws0\">98.544<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5941 w929 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A.2 Esistenze iniziali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x71c y5941 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x989 h12 y5942 ff4 fs7 fc1 sc2 ls0 ws0\">127.008<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5942 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5942 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x755 h12 y5942 ff4 fs7 fc1 sc2 ls0 ws0\">3.197<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y5942 ff4 fs7 fc1 sc2 ls0 ws0\">130.205<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5943 w92a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">B. Aumenti:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x715 y5943 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x980 h12 y5944 ff4 fs7 fc1 sc2 ls0 ws0\">34.088<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5944 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5944 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x755 h12 y5944 ff4 fs7 fc1 sc2 ls0 ws0\">3.551<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y5944 ff4 fs7 fc1 sc2 ls0 ws0\">37.639<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5945 w92b h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Acquisti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd85 y5945 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda6 y5945 w943 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">27.426<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xda7 y5945 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x714 h12 y5946 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x755 h12 y5946 ff4 fs7 fc1 sc0 ls0 ws0\">2.415<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y5946 ff4 fs7 fc1 sc0 ls0 ws0\">29.841<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y5947 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione </td><td class=\"t m2 xd87 h12 y5948 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y5948 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5948 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5948 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5948 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5948 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y5949 ff4 fs7 fc1 sc0 ls0 ws0\">aziendale </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y594a w92d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Spese per mig<span class=\"_ _2\"></span>liorie capitalizzate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd88 y594a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y594b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y594b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y594b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y594b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y594b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y594c w92e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Riprese di valore<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd89 y594c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xda8 h12 y594d ff4 fs7 fc1 sc0 ls0 ws0\">136<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y594d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y594d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y594d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x73d h12 y594d ff4 fs7 fc1 sc0 ls0 ws0\">136<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y594e ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Variazioni pos<span class=\"_ _2\"></span>itive di fair value </td><td class=\"c n x7a2 y594f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8a y594f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd8b y594f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd8c y594f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8d y594f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8e y594f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x734 y5950 w92f h223\"><div class=\"t m2 x2b3 h12 y5902 ff4 fs7 fc1 sc0 ls0 ws0\">imputate a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xd8f h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) patrimonio netto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd90 y5950 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5951 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5951 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5951 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5951 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5951 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5952 w930 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) conto economic<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd91 y5952 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5953 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5953 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5953 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5953 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5953 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5954 w931 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 Differenze pos<span class=\"_ _2\"></span>itive di cambio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd92 y5954 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5955 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5955 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5955 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5955 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5955 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5956 ff4 fs7 fc1 sc0 ls0 ws0\">B.6 Trasferimenti da im<span class=\"_ _2\"></span>mobili </td><td class=\"t m2 xd87 h12 y5957 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y5957 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xd93 y5958 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd94 y5958 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd95 y5958 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd96 y5958 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xac9 h12 y5959 ff4 fs7 fc1 sc0 ls0 ws0\">detenuti a scopo di <span class=\"_ _2\"></span>investimento </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y5443 w932 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.7 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd97 y5443 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd84 h12 y595a ff4 fs7 fc1 sc0 ls0 ws0\">6.526<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y595a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y595a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x685 h12 y595a ff4 fs7 fc1 sc0 ls0 ws0\">1.136<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x780 h12 y595a ff4 fs7 fc1 sc0 ls0 ws0\">7.662<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y595b w933 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">C. Diminuzioni:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda9 y595b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71d h12 y595c ff4 fs7 fc1 sc2 ls0 ws0\">39.016<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y595c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y595c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y595c ff4 fs7 fc1 sc2 ls0 ws0\">2.878<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y595c ff4 fs7 fc1 sc2 ls0 ws0\">41.894<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y595d ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Vendite </td><td class=\"t m2 xd87 h12 y595e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a7 h12 y595e ff4 fs7 fc1 sc0 ls0 ws0\">5.124<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y595e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y595e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y595e ff4 fs7 fc1 sc0 ls0 ws0\">326<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e5 h12 y595e ff4 fs7 fc1 sc0 ls0 ws0\">5.450<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y595f ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione </td><td class=\"t m2 xd87 h12 y5960 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y5960 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5960 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5960 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5960 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5960 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y5961 ff4 fs7 fc1 sc0 ls0 ws0\">aziendale </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y5962 w935 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Ammortamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd9b y5962 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x757 h12 y5963 ff4 fs7 fc1 sc0 ls0 ws0\">22.343<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5963 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5963 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x755 h12 y5963 ff4 fs7 fc1 sc0 ls0 ws0\">1.605<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y5963 ff4 fs7 fc1 sc0 ls0 ws0\">23.948<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5964 ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Rettifiche di val<span class=\"_ _2\"></span>ore da </td><td class=\"c n x7a2 y5965 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdaa y5965 w944 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">21<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd8b y5965 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd8c y5965 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8d y5965 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdab y5965 w944 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">21<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x734 y5966 w936 h224\"><div class=\"t m2 x2b3 h12 y5920 ff4 fs7 fc1 sc0 ls0 ws0\">deterioramento imput<span class=\"_ _2\"></span>ate a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xd8f h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) patrimonio netto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd90 y5966 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5967 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5967 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5967 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5967 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5967 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5968 w930 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) conto economic<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd91 y5968 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e3 h12 y5969 ff4 fs7 fc1 sc0 ls0 ws0\">21<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5969 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5969 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5969 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x750 h12 y5969 ff4 fs7 fc1 sc0 ls0 ws0\">21<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y596a ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Variazioni negat<span class=\"_ _2\"></span>ive di fair value </td><td class=\"c n x7a2 y596b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8a y596b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd8b y596b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd8c y596b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8d y596b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8e y596b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x734 y596c w92f h223\"><div class=\"t m2 x2b3 h12 y5902 ff4 fs7 fc1 sc0 ls0 ws0\">imputate a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xd8f h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) patrimonio netto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd90 y596c w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y596d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y596d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y596d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y596d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y596d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y596e w930 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) conto economic<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd91 y596e w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y596f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y596f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y596f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y596f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y596f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5970 w937 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.5 Differenze negat<span class=\"_ _2\"></span>ive di cambio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd9d y5970 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5971 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5971 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5971 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5971 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5971 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5972 w938 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.6 Trasferimenti a:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdac y5972 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5973 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5973 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5973 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5973 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5973 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x73a y5974 w93a h1e7\"><div class=\"t m2 x2b3 h12 y543a ff4 fs7 fc1 sc0 ls0 ws0\">a) attivit\u00e0 materiali de<span class=\"_ _2\"></span>tenute a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">scopo di investiment<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd87 h12 y5975 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y5975 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xd93 y5976 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd94 y5976 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd95 y5976 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd96 y5976 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xaca h12 y5977 ff4 fs7 fc1 sc0 ls0 ws0\">b) attivit\u00e0 non corrent<span class=\"_ _2\"></span>i e gruppi di<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd87 h12 y5978 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y5978 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5978 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5978 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5978 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5978 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y5979 ff4 fs7 fc1 sc0 ls0 ws0\">attivit\u00e0 in via di dism<span class=\"_ _2\"></span>issione </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y597a w93b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.7 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdad y597a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x789 h12 y597b ff4 fs7 fc1 sc0 ls0 ws0\">11.528<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y597b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y597b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y597b ff4 fs7 fc1 sc0 ls0 ws0\">947<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y597b ff4 fs7 fc1 sc0 ls0 ws0\">12.475<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y548a w93d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D. Rimanenze finali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdae y548a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x698 h12 y597c ff4 fs7 fc1 sc2 ls0 ws0\">122.081<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y597c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y597c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y597c ff4 fs7 fc1 sc2 ls0 ws0\">3.870<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y597c ff4 fs7 fc1 sc2 ls0 ws0\">125.951<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y597d w93f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.1 Riduzioni di valore <span class=\"_ _2\"></span>totali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda1 y597d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x980 h12 y597e ff4 fs7 fc1 sc0 ls0 ws0\">110.252<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y597e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y597e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y597e ff4 fs7 fc1 sc0 ls0 ws0\">2.965<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y597e ff4 fs7 fc1 sc0 ls0 ws0\">113.217<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y597f w940 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D.2 Rimanenze finali lorde<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x715 y597f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd7d h12 y5980 ff4 fs7 fc1 sc2 ls0 ws0\">232.333<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5980 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5980 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74f h12 y5980 ff4 fs7 fc1 sc2 ls0 ws0\">6.835<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y5980 ff4 fs7 fc1 sc2 ls0 ws0\">239.168<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54f9 w941 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">E. Valutazione al c<span class=\"_ _2\"></span>osto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda4 y54f9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5981 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5981 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5981 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5981 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5981 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table>Si fornisce anche la tabella di m<span class=\"_ _2\"></span>ovimentazione dei diritti d\u2019uso acqu<span class=\"_ _2\"></span>isiti con il leasing in quanto tali attivit\u00e0 sono rilevanti.<span class=\"_ _3a1\"> </span>9.7 Attivit\u00e0 <span class=\"_ _1\"></span>materiali detenute a scopo d<span class=\"_ _1\"></span>i investimento<span class=\"_ _1\"></span>: variazioni annue <table class=\"s w945 h227\" id=\"_1ccc2094-793b-45f5-bb4f-6ecdd123a042\"><tr><td></td><td class=\"t m2 x6b9 h12 y5982 ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td><td></td></tr><tr><td></td><td class=\"c n xdaf y5983 w921 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Terreni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb0 y5983 w922 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Fabbricati<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5984 w946 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A. Esistenze iniziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb1 y5984 w947 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">2.414<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x738 h12 y5985 ff4 fs7 fc1 sc2 ls0 ws0\">2.581<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54cd w948 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">B. Aumenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb2 y54cd w949 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">36<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66b h12 y5986 ff4 fs7 fc1 sc2 ls0 ws0\">37<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5987 w94a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Acquisti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb3 y5987 w796 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5988 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5989 w94b h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione a<span class=\"_ _2\"></span>ziendale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb4 y5989 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y598a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y598b w92d h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Spese per mig<span class=\"_ _2\"></span>liorie capitalizzate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb5 y598b w796 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y598c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5522 w94c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Variazioni positive d<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span> fair value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb6 y5522 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y598d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y598e w94d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Riprese di val<span class=\"_ _2\"></span>ore<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb7 y598e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y598f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5990 w94e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 Differenze di camb<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>o positive<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb8 y5990 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5991 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y547e w94f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.6 Trasferimenti da im<span class=\"_ _2\"></span>mobili ad us<span class=\"_ _2\"></span>o funzionale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb7 y547e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5992 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5993 w932 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.7 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb9 y5993 w950 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">36<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66b h12 y5994 ff4 fs7 fc1 sc0 ls0 ws0\">37<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5995 w951 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">C. Diminuzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdba y5995 w952 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">72<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e8 h12 y5996 ff4 fs7 fc1 sc2 ls0 ws0\">228<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5997 ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Vendite </td><td class=\"t m2 xdbb h12 y5998 ff4 fs7 fc1 sc0 ls0 ws0\">72<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y5998 ff4 fs7 fc1 sc0 ls0 ws0\">73<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5999 w94b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione a<span class=\"_ _2\"></span>ziendale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb4 y5999 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y599a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y599b w935 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Ammortamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdbc y599b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x73d h12 y599c ff4 fs7 fc1 sc0 ls0 ws0\">155<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55ab w953 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Variazioni negati<span class=\"_ _2\"></span>ve di fair value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdbd y55ab w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y599d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y599e w954 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Rettifiche di valore d<span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span> deteriorame<span class=\"_ _2\"></span>nto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb6 y599e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y599f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y59a0 ff4 fs7 fc1 sc0 ls0 ws0\">C.5 Differenze di camb<span class=\"_ _2\"></span>io negative </td><td class=\"t m2 x66f h12 y59a1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y59a1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5537 w955 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.6 Trasferimenti a:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x735 y5537 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y59a2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y59a3 w956 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) immobili ad uso funz<span class=\"_ _2\"></span>ionale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdbe y59a3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y59a4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y59a5 w957 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) attivit\u00e0 non corrent<span class=\"_ _2\"></span>i e gruppi di attivit\u00e0 <span class=\"_ _2\"></span>in via di dismissi<span class=\"_ _2\"></span>one<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdbf y59a5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y59a6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y597d w958 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.7 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x735 y597d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y59a7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y597f w959 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D. Rimanenze finali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdc0 y597f w95a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2.378<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e5 h12 y59a8 ff4 fs7 fc1 sc2 ls0 ws0\">2.390<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y539f w95b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">E. Valutazione al fai<span class=\"_ _2\"></span>r value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdc1 y539f w95c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.568<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e5 h12 y59a9 ff4 fs7 fc1 sc0 ls0 ws0\">5.539<span class=\"_ _3a1\"> </span></td></tr></table>Sezione 1 \u2013 Passivit\u00e0 finanziarie valutate al costo ammortizzato \u2013 Voce 10<span class=\"_ _3a1\"> </span> 1.1 Passivit\u00e0 <span class=\"_ _1\"></span>finanziarie valutate al cost<span class=\"_ _1\"></span>o ammortizzato: co<span class=\"_ _1\"></span>mposizione merce<span class=\"_ _1\"></span>ologica dei debiti verso <span class=\"_ _1\"></span>banche <table class=\"s wa68 h23a\" id=\"_4a6ad7af-1900-4fba-a5ff-1ac36dc2fb30\"><tr><td></td><td></td><td></td><td></td><td class=\"c n xf6c y5af7 w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n xf6d y5af7 w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 xf6e h12 y5af8 ff4 fs7 fc4 sc3 ls0 ws0\">Tipologia operazioni/Valori </td><td></td><td></td><td class=\"c n xf6f y5af9 w65d h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n xf70 y5af9 wa69 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12<span class=\"_ _2\"></span>/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m2 xf71 h12 y5afa ff4 fs7 fc4 sc3 ls0 ws0\">VB </td><td></td><td class=\"t m2 x6ed h12 y5afb ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">Fair Value </td><td></td><td class=\"t m2 x6a1 h12 y5afa ff4 fs7 fc4 sc3 ls0 ws0\">VB </td><td></td><td></td><td class=\"t m2 x915 h12 y5afb ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value </td><td></td></tr><tr><td></td><td></td><td class=\"c n xf72 y5afc w65f h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf73 y5afc w662 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf74 y5afc w661 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf75 y5afc w697 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf76 y5afc w662 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf77 y5afc w68a h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5afd wa6a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1. Debiti verso banche centrali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf78 y5afd wa6b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">500.044<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5afe w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5afe w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5afe w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b8 h12 y5aff ff4 fs7 fc1 sc2 ls0 ws0\">2.149.620<span class=\"_ _3a1\"> </span></td><td class=\"c n xf7c y5afe w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5afe w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5afe w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b00 wa6c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2. Debiti verso banche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7f y5b00 wa6d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">5.044.513<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b01 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b01 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b01 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X</div></td><td class=\"t m2 x776 h12 y5b02 ff4 fs7 fc1 sc2 ls0 ws0\">3.636.697<span class=\"_ _3a1\"> </span></td><td class=\"c n xf7c y5b01 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b01 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b01 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5b03 wa6e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Conti correnti e depo<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>iti a vista<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf80 y5b03 wa6f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">74.766<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b03 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b03 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b03 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf81 y5b03 wa70 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">231.8<span class=\"_ _2\"></span>03<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b03 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b03 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b03 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5b04 wa71 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Depositi a scadenz<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf82 y5b04 wa72 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.260<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b04 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b04 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b04 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf83 y5b04 wa73 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">33<span class=\"_ _1\"></span>.758<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b04 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b04 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b04 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5b05 wa74 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf84 y5b05 wa75 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.965.062<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b05 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b05 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b05 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf85 y5b05 wa76 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.370.471<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b05 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b05 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b05 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xf86 y5b06 w94c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3.1 Pronti contro term<span class=\"_ _2\"></span>ine passivi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf87 y5b06 wa77 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.954.536<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b06 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b06 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b06 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf88 y5b06 wa78 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.355.734<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b06 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b06 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b06 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xf86 y5b07 wa79 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3.2 Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf89 y5b07 wa5d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10.526<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b07 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b07 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b07 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf8a y5b07 wa7a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.737<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b07 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b07 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b07 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x997 y5b08 wa7b h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.4 Debiti per impegn<span class=\"_ _2\"></span>i di<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xf8b h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">riacquisto d<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xf8c h12 y5b09 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xf79 y5b0a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b0a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b0a w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf8d y5b0a w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b0a w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b0a w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b0a w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x6d4 h12 y5b0b ff4 fs7 fc1 sc0 ls0 ws0\">propri strumenti patr<span class=\"_ _2\"></span>imoniali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x997 y5b0c wa7c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.5 Debiti per leasing<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf8e y5b0c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b0c w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b0c w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b0c w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf8d y5b0c w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b0c w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b0c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b0c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5630 wa7d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.6 Altri debiti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf8f y5630 wa7e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.425<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5630 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5630 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5630 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf90 y5630 wa7f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">665<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5630 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5630 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5630 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xf91 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6bb h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">5.544.557<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x789 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf92 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">4.954.536<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74d h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">590.020<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x711 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">5.786.317<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xd83 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">3.355.734<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x738 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">2.430.583<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y539f w695 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc12 sc0 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf93 y539f wa80 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc12 sc0 ls0 ws0\">5544555<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n xf94 y539f wa81 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc12 sc0 ls0 ws0\">5786317 </div></td><td></td><td></td><td></td><td></td></tr></table>Legenda:<span class=\"_ _3a1\"> </span> VB= Valore di bilanc<span class=\"_ _2\"></span>io<span class=\"_ _3a1\"> </span> L1= Livello 1<span class=\"_ _3a1\"> </span> L2= Livello 2<span class=\"_ _3a1\"> </span> L3= Livello 3<span class=\"_ _3a1\"> </span> I debiti sono iscr<span class=\"_ _1\"></span>itti al loro valore nominale, corrispondente al loro fair value.<span class=\"_ _3a1\"> </span> I debiti verso banche s<span class=\"_ _1\"></span>ono rappresentati principalmente<span class=\"_ _1\"></span> da debiti a vista a tas<span class=\"_ _1\"></span>so variabile, e non \u00e8<span class=\"_ _3a1\"> </span> stata posta in essere alcun tipo di copertura.<span class=\"_ _3a1\"> </span> La voce \u201c1.Debiti verso banche centrali\u201d accoglie le oper<span class=\"_ _1\"></span>azioni di rifinanzi<span class=\"_ _2\"></span>amento e<span class=\"_ _1\"></span>ffettuate con la<span class=\"_ _3a1\"> </span> Banca Centrale Europea.  L\u2019utilizzo de<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>canale <span class=\"_ _1\"></span>di r<span class=\"_ _1\"></span>ifinanziament<span class=\"_ _1\"></span>o t<span class=\"_ _1\"></span>ramite la <span class=\"_ _38\"></span>BCE, <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>fine <span class=\"_ _1\"></span>2024, <span class=\"_ _1\"></span>\u00e8 r<span class=\"_ _1\"></span>appresentato <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>operazioni<span class=\"_ _3a1\"> </span> MRO, con scadenza ad 1 set<span class=\"_ _1\"></span>timana, per un valore pari <span class=\"_ _1\"></span>a 500 milioni di euro di valore nom<span class=\"_ _1\"></span>inale.  Nel<span class=\"_ _3a1\"> </span> mese <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>marzo 2024 <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>stata <span class=\"_ _1\"></span>rimborsata <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>naturale <span class=\"_ _1\"></span>scadenza <span class=\"_ _1\"></span>l\u2019ultima <span class=\"_ _1\"></span>tranche <span class=\"_ _1\"></span>TLTRO III.7 <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>un<span class=\"_ _3a1\"> </span> importo nominale di 740 milioni di euro.<span class=\"_ _3a1\"> </span>1.2 Passivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie valutate al costo<span class=\"_ _1\"></span> ammortizzato: compos<span class=\"_ _1\"></span>izione merceo<span class=\"_ _1\"></span>logica dei debiti verso client<span class=\"_ _1\"></span>ela <table class=\"s wa82 h23b\" id=\"_20e7be8a-bf32-4477-aa57-b062cd79a6b4\"><tr><td></td><td></td><td></td><td class=\"c n xf95 y5b0e w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n xf96 y5b0e w925 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xf97 h12 y5b0f ff4 fs7 fc4 sc3 ls0 ws0\">Tipologia operazioni/Valori </td><td></td><td></td><td class=\"c n xf98 y5b10 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xf99 y5b10 w68d h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 xf9a h12 y5b11 ff4 fs7 fc4 sc3 ls0 ws0\">VB </td><td></td><td class=\"t m2 x6af h12 y5b12 ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value </td><td></td><td class=\"t m2 xdd2 h12 y5b11 ff4 fs7 fc4 sc3 ls0 ws0\">VB </td><td></td><td class=\"t m2 xf9b h12 y5b12 ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">Fair Value </td></tr><tr><td></td><td></td><td class=\"t m2 x789 h12 y5b13 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></td><td class=\"c n xf9c y5b14 w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf9d y5b14 w68a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf9e y5b14 w687 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf9f y5b14 w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa0 y5b14 w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b15 wa83 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1. Conti correnti e depo<span class=\"_ _2\"></span>siti a vista<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa1 y5b15 wa84 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">32.845.465<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b15 w63d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b15 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b15 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa5 y5b15 wa85 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">31.780.656<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b15 w649 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b15 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b15 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b16 wa86 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2. Depositi a scadenza<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa9 y5b16 wa87 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">5.833.720<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b16 w63d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b16 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b16 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfaa y5b16 wa88 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">5.136.382<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b16 w649 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b16 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b16 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b17 w70a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfab y5b17 wa89 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.400.311<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b17 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b17 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b17 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfac y5b17 wa8a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.042.202<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b17 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b17 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b17 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5b18 wa8b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Pronti contro termi<span class=\"_ _2\"></span>ne passivi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfad y5b18 wa8c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.853.665<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b18 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b18 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b18 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfae y5b18 wa8d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.470.001<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b18 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b18 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b18 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5b19 w5eb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfaf y5b19 wa8e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">546.646<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b19 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b19 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b19 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb0 y5b19 wa8f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">572.201<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b19 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b19 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b19 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y5b1a ff4 fs7 fc1 sc0 ls0 ws0\">4. Debiti per impegn<span class=\"_ _2\"></span>i di riacquisto di propri<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf36 h12 y5b1b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfa2 y5b1c w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b1c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b1c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb1 y5b1c w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b1c w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b1c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b1c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y5b1d ff4 fs7 fc1 sc0 ls0 ws0\">strumenti patrimoni<span class=\"_ _2\"></span>ali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5b1e wa90 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Debiti per leasing<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb2 y5b1e wa91 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13<span class=\"_ _1\"></span>1.567<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b1e w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b1e w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b1e w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb3 y5b1e w433 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">135.807<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b1e w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b1e w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b1e w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b1f wa92 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Altri debiti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb4 y5b1f wa93 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">281.904<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b1f w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b1f w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b1f w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb5 y5b1f wa94 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">314.314<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b1f w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b1f w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b1f w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x909 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">Totale </td><td class=\"t m2 x694 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">41.492.967<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfb6 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68b h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">1.853.665<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74d h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">41.492.901<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x684 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">42.409.361<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x685 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">4.470.001<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x73d h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">37.939.360<span class=\"_ _3a1\"> </span></td></tr></table>Legenda:<span class=\"_ _3a1\"> </span> VB= Valore di bilanc<span class=\"_ _2\"></span>io<span class=\"_ _3a1\"> </span> L1= Livello 1<span class=\"_ _3a1\"> </span> L2= Livello 2<span class=\"_ _3a1\"> </span> L3= Livello 3<span class=\"_ _3a1\"> </span> I de<span class=\"_ _1\"></span>bi<span class=\"_ _3a1\"> </span>ti <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>iscrit<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>valore nom<span class=\"_ _1\"></span>inale, cor<span class=\"_ _1\"></span>rispondente <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>il livello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value<span class=\"_ _3a1\"> </span> attribuito risulta essere pari a <span class=\"_ _2\"></span>3, ad <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ccezione del livello d<span class=\"_ _2\"></span>i fair value dei p<span class=\"_ _2\"></span>ronti contro termine a cui<span class=\"_ _3a1\"> </span> \u00e8 attributo il valore 2.<span class=\"_ _3a1\"> </span> Nella voce <span class=\"_ _2\"></span>Debiti per l<span class=\"_ _3b\"></span>eas<span class=\"_ _1\"></span>ing \u00e8 <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>icompreso, <span class=\"_ _3b\"></span>ai sensi del <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>IFRS16, il <span class=\"_ _3b\"></span>De<span class=\"_ _1\"></span>bito per <span class=\"_ _2\"></span>leasing (L<span class=\"_ _2\"></span>ease<span class=\"_ _3a1\"> </span> Liability), pari <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>attuale <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>canoni <span class=\"_ _1\"></span>previsti <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>ancora <span class=\"_ _1\"></span>pagati dei <span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>ni o<span class=\"_ _1\"></span>ggetti <span class=\"_ _1\"></span>di contratti<span class=\"_ _3a1\"> </span> di leasing operativo.<span class=\"_ _3a1\"> </span> La  principale <span class=\"_ _3d\"> </span>novit\u00e0 <span class=\"_ _3d\"> </span>introdot<span class=\"_ _1\"></span>ta  dal <span class=\"_ _3d\"> </span>principio <span class=\"_ _3d\"> </span>\u00e8 <span class=\"_ _3d\"> </span>rappresentata <span class=\"_ _3d\"> </span>dalla  modif<span class=\"_ _1\"></span>ica  delle <span class=\"_ _3d\"> </span>modalit\u00e0 <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span> contabilizzazione <span class=\"_ _36\"> </span>delle <span class=\"_ _36\"> </span>operazioni <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>leasing <span class=\"_ _36\"> </span>oper<span class=\"_ _1\"></span>ativo <span class=\"_ _36\"> </span>nel <span class=\"_ _36\"> </span>bilancio <span class=\"_ _37\"> </span>del <span class=\"_ _36\"> </span>locatario/<span class=\"_ _1\"></span>utilizzatore,<span class=\"_ _3a1\"> </span> attraverso <span class=\"_ _1\"></span>l\u2019introduzione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>unico <span class=\"_ _1\"></span>modello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>contabilizzazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>contratti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>leasing <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>parte<span class=\"_ _3a1\"> </span> del locatario siano essi classificati come leas<span class=\"_ _1\"></span>ing operativi o finanziari.  I de<span class=\"_ _1\"></span>biti ve<span class=\"_ _1\"></span>rso <span class=\"_ _1\"></span>clientela <span class=\"_ _1\"></span>sono rappre<span class=\"_ _1\"></span>sentati pr<span class=\"_ _1\"></span>incipalmente da <span class=\"_ _1\"></span>debiti <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>vista <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>tasso <span class=\"_ _1\"></span>variabile, <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>non<span class=\"_ _3a1\"> </span> \u00e8  stata <span class=\"_ _35\"> </span>post<span class=\"_ _1\"></span>a <span class=\"_ _35\"> </span>in  essere  alcu<span class=\"_ _2\"></span>n  tip<span class=\"_ _2\"></span>o  di <span class=\"_ _35\"> </span>copert<span class=\"_ _1\"></span>ura  specific<span class=\"_ _2\"></span>a,  mentre  sono <span class=\"_ _35\"> </span>state  poste  i<span class=\"_ _2\"></span>n  essere<span class=\"_ _3a1\"> </span> coperture di Macro Fair Value Hed<span class=\"_ _2\"></span>ge delle poste a vista, cos\u00ec come descritto nella parte E,<span class=\"_ _2\"></span> sezione<span class=\"_ _3a1\"> </span> 2.2 della presente nota.  Si <span class=\"_ _38\"></span>segnala <span class=\"_ _0\"></span>ch<span class=\"_ _2\"></span>e, <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>eguito <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>modifiche <span class=\"_ _38\"></span>apporta<span class=\"_ _1\"></span>te <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>funzionament<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>mercato <span class=\"_ _0\"></span>int<span class=\"_ _2\"></span>erbancario<span class=\"_ _3a1\"> </span> collateralizzato, <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>conseguente <span class=\"_ _38\"></span>trasfer<span class=\"_ _1\"></span>imento <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>Cassa <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Compensa<span class=\"_ _1\"></span>zione <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>Garanzia <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>alla<span class=\"_ _3a1\"> </span> Monte <span class=\"_ _38\"></span>Tito<span class=\"_ _1\"></span>li <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>funzioni <span class=\"_ _38\"></span>finora <span class=\"_ _0\"></span>svolte <span class=\"_ _38\"></span>dalla <span class=\"_ _38\"></span>B<span class=\"_ _1\"></span>anca <span class=\"_ _38\"></span>d\u2019Italia, <span class=\"_ _38\"></span>nella <span class=\"_ _38\"></span>voce <span class=\"_ _0\"></span>3.1 <span class=\"_ _38\"></span>\u201cPronti <span class=\"_ _38\"></span>contro <span class=\"_ _0\"></span>termine<span class=\"_ _3a1\"> </span> passivi\u201d sono presenti i finanziamenti, per 1.853,7 m<span class=\"_ _1\"></span>ilioni di euro, ricevuti dal suddetto mercato.<span class=\"_ _3a1\"> </span> Secondo <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>dati <span class=\"_ _38\"></span>ABI, <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>Italia, <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>dinamica <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>raccolta<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>diretta <span class=\"_ _38\"></span>da <span class=\"_ _38\"></span>clientela <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>tot<span class=\"_ _1\"></span>ale <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>banche<span class=\"_ _3a1\"> </span> operanti in Italia \u00e8<span class=\"_ _1\"></span> stata in aumento del 2,4% <span class=\"_ _1\"></span>su base annua, con <span class=\"_ _1\"></span>una variazione pi\u00f9 contenuta <span class=\"_ _1\"></span>dei<span class=\"_ _3a1\"> </span> depositi (+1,7%) e un\u2019espansione delle obbligazioni.<span class=\"_ _3a1\"> </span>SEZIONE 1 \u2013 LOCATARIO Informazi<span class=\"_ _1\"></span>oni quali<span class=\"_ _1\"></span>tative In <span class=\"_ _0\"></span>data <span class=\"_ _35\"> </span>13 <span class=\"_ _0\"> </span>ge<span class=\"_ _1\"></span>nnaio <span class=\"_ _0\"> </span>2016 <span class=\"_ _35\"> </span>lo <span class=\"_ _0\"></span>IASB <span class=\"_ _35\"> </span>ha <span class=\"_ _0\"></span>pubblicato <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>principi<span class=\"_ _2\"></span>o <span class=\"_ _35\"> </span>\u201cIFRS <span class=\"_ _0\"> </span>1<span class=\"_ _1\"></span>6 <span class=\"_ _35\"> </span>L<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ases\u201d, <span class=\"_ _0\"></span>che <span class=\"_ _35\"> </span>ha <span class=\"_ _0\"></span>sost<span class=\"_ _1\"></span>ituito <span class=\"_ _0\"></span>il princi<span class=\"_ _3a1\"> </span>pio <span class=\"_ _0\"></span>IAS <span class=\"_ _0\"></span>17 <span class=\"_ _38\"></span>Leases, <span class=\"_ _0\"></span>nonch\u00e9 <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>interpretazioni <span class=\"_ _0\"></span>IFRIC <span class=\"_ _0\"></span>4 <span class=\"_ _38\"></span>Determining <span class=\"_ _0\"></span>whether <span class=\"_ _0\"></span>an <span class=\"_ _0\"></span>A<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>rangement contains <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>Lease, <span class=\"_ _37\"> </span>SIC15 <span class=\"_ _37\"> </span>Operating <span class=\"_ _37\"> </span>Leases <span class=\"_ _36\"> </span>Incentives <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>SIC-27 <span class=\"_ _36\"> </span>Evaluating <span class=\"_ _3d\"> </span>t<span class=\"_ _1\"></span>he <span class=\"_ _37\"> </span>Substance <span class=\"_ _37\"> </span>of Transactions Inv<span class=\"_ _2\"></span>olving <span class=\"_ _3b\"></span>the Legal <span class=\"_ _3b\"></span>For<span class=\"_ _1\"></span>m <span class=\"_ _3b\"></span>of a <span class=\"_ _3b\"></span>Lease. I<span class=\"_ _2\"></span>l <span class=\"_ _3b\"></span>pr<span class=\"_ _1\"></span>incipio <span class=\"_ _3b\"></span>\u00e8 stato <span class=\"_ _3b\"></span>omologato dalla <span class=\"_ _3b\"></span>Commissione Europea con Regolamento n. 2017/1986 e si applica a partire dal 1\u00b0 gennaio 2019.  Il <span class=\"_ _0\"></span>principio <span class=\"_ _0\"></span>fornisce <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>nuova <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>finizione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>lease <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _0\"></span>introduce <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>criterio <span class=\"_ _0\"> </span>bas<span class=\"_ _1\"></span>ato <span class=\"_ _0\"></span>sul <span class=\"_ _0\"></span>controllo (right of <span class=\"_ _1\"></span>use) di un <span class=\"_ _1\"></span>bene per <span class=\"_ _1\"></span>distinguere i cont<span class=\"_ _1\"></span>ratti di leas<span class=\"_ _1\"></span>ing dai contratti <span class=\"_ _1\"></span>per servizi, individuando quali <span class=\"_ _35\"> </span>discriminanti: <span class=\"_ _35\"> </span>l\u2019identificazione <span class=\"_ _35\"> </span>del  b<span class=\"_ _2\"></span>ene, <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>diritto <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>sostituzione <span class=\"_ _35\"> </span>dello <span class=\"_ _35\"> </span>stesso, <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>diritto  a<span class=\"_ _3b\"></span>d<span class=\"_ _1\"></span> ottenere <span class=\"_ _2\"></span>sostanzialmente tut<span class=\"_ _2\"></span>ti <span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>be<span class=\"_ _1\"></span>nefici <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>conomici <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ivenienti <span class=\"_ _3b\"></span>dall<span class=\"_ _1\"></span>\u2019uso <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _3b\"></span>bene<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>e i<span class=\"_ _2\"></span>l <span class=\"_ _3b\"></span>diritt<span class=\"_ _1\"></span>o <span class=\"_ _3b\"></span>di di<span class=\"_ _2\"></span>rigere l\u2019uso del bene sottostante il contratto. La  principale <span class=\"_ _3d\"> </span>novit\u00e0 <span class=\"_ _3d\"> </span>introdot<span class=\"_ _1\"></span>ta  dal <span class=\"_ _3d\"> </span>principio <span class=\"_ _3d\"> </span>\u00e8 <span class=\"_ _3d\"> </span>rappresentata <span class=\"_ _3d\"> </span>dalla  modif<span class=\"_ _1\"></span>ica  delle <span class=\"_ _3d\"> </span>modalit\u00e0 <span class=\"_ _3d\"> </span>di contabilizzazione <span class=\"_ _36\"> </span>delle <span class=\"_ _36\"> </span>operazioni <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>leasing <span class=\"_ _36\"> </span>oper<span class=\"_ _1\"></span>ativo <span class=\"_ _36\"> </span>nel <span class=\"_ _36\"> </span>bilancio <span class=\"_ _37\"> </span>del <span class=\"_ _36\"> </span>locatario/<span class=\"_ _1\"></span>utilizzatore, attraverso <span class=\"_ _1\"></span>l\u2019introduzione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>unico <span class=\"_ _1\"></span>modello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>contabilizzazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>contratti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>leasing <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>parte del locatario siano essi classificati come leas<span class=\"_ _1\"></span>ing operativi o finanziari.  Ai <span class=\"_ _3b\"></span>se<span class=\"_ _1\"></span>nsi <span class=\"_ _2\"></span>della <span class=\"_ _3b\"></span>contabilizzazione <span class=\"_ _2\"></span>prevista, il<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>locatario <span class=\"_ _3b\"></span>rileva, n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>llo <span class=\"_ _3b\"></span>Stato<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>patrimoniale Attivo, <span class=\"_ _3b\"></span>un <span class=\"_ _3b\"></span>D<span class=\"_ _1\"></span>iritto d\u2019Uso <span class=\"_ _1\"></span>(Right <span class=\"_ _1\"></span>of <span class=\"_ _38\"></span>Use) <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>bene <span class=\"_ _38\"></span>oggetto <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>contratto <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>nello <span class=\"_ _38\"></span>Stato patr<span class=\"_ _1\"></span>imoniale <span class=\"_ _1\"></span>Passivo, <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>Debito per <span class=\"_ _38\"></span>leasing <span class=\"_ _1\"></span>(Leas<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>Liability) <span class=\"_ _38\"></span>pari <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>valore <span class=\"_ _38\"></span>attuale <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>canoni <span class=\"_ _38\"></span>previsti <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>contratto <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>ancora pagati. <span class=\"_ _35\"> </span>Nel <span class=\"_ _35\"> </span>conto  economico <span class=\"_ _35\"> </span>vengono <span class=\"_ _35\"> </span>rilevati <span class=\"_ _35\"> </span>l\u2019ammortamento <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>Diritto  d<span class=\"_ _2\"></span>'Uso <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>gli <span class=\"_ _35\"> </span>inter<span class=\"_ _1\"></span>essi passivi derivanti dall\u2019attualizzazione de<span class=\"_ _1\"></span>l Debito per leasing. Approc<span class=\"_ _1\"></span>c<span class=\"_ _3a1\"> </span>io metodol<span class=\"_ _1\"></span>ogico e<span class=\"_ _1\"></span> scelte d<span class=\"_ _1\"></span>i transizi<span class=\"_ _1\"></span>one Rispetto <span class=\"_ _0\"></span>alle <span class=\"_ _0\"></span>modalit\u00e0 <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>transizione <span class=\"_ _0\"></span>consentite <span class=\"_ _0\"></span>dall\u2019IFRS <span class=\"_ _38\"></span>16, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>Gruppo <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>deciso <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>effe<span class=\"_ _1\"></span>ttuare <span class=\"_ _0\"></span>la transizione <span class=\"_ _49\"> </span>in <span class=\"_ _46\"> </span>base <span class=\"_ _49\"> </span>al <span class=\"_ _46\"> </span>Modified <span class=\"_ _49\"> </span>retrospective <span class=\"_ _49\"> </span>approach <span class=\"_ _46\"> </span>rilevando <span class=\"_ _49\"> </span>l\u2019impatto <span class=\"_ _49\"> </span>cumulato dell\u2019applicazione <span class=\"_ _0\"></span>iniziale <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>principio <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>contratti <span class=\"_ _0\"> </span>di <span class=\"_ _0\"></span>leas<span class=\"_ _1\"></span>ing <span class=\"_ _0\"></span>operativo <span class=\"_ _0\"></span>esistenti <span class=\"_ _0\"></span>determinandone l\u2019impatto  sui  saldi  di  ap<span class=\"_ _2\"></span>ertura  al  1\u00b0  gennaio  2019,  senza  procedere  alla  riesposizione  dei  da<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>i comparativi. Alla data di prima applicazione il saldo dei Diritti d\u2019<span class=\"_ _2\"></span>Uso \u00e8 quindi pari a quello dei Debiti per <span class=\"_ _38\"></span>leasing <span class=\"_ _38\"></span>aggiustato <span class=\"_ _0\"></span>pe<span class=\"_ _2\"></span>r <span class=\"_ _38\"></span>considerare <span class=\"_ _38\"></span>eventuali <span class=\"_ _38\"></span>riscont<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>pas<span class=\"_ _1\"></span>sivi <span class=\"_ _38\"></span>o <span class=\"_ _38\"></span>ratei <span class=\"_ _38\"></span>attivi. <span class=\"_ _38\"></span>I <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>biti <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>leasing sono  stati  determinati  come  attualizzazione  alla  data  di<span class=\"_ _2\"></span>  prima  applicazione  dei  canoni  futuri contrattuali utilizzando il tasso di finanziamento marginale (Incremental Borro<span class=\"_ _1\"></span>wing Rate). Tra le principali scelte operative che il Gr<span class=\"_ _1\"></span>uppo ha utilizzato durante la transizione si evidenzia: <span class=\"_ _42\"> </span><span class=\"ff4\">la <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>celta <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>rideterminare <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>erimetro<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>rima <span class=\"_ _0\"></span>appli<span class=\"_ _2\"></span>cazione, <span class=\"_ _0\"></span>b<span class=\"_ _2\"></span>ens\u00ec <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>applicare <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>nuovo<span class=\"_ _3a1\"> </span></span>principio a tutti i<span class=\"_ _2\"></span> contratti <span class=\"_ _2\"></span>di leasing <span class=\"_ _3b\"></span>gi\u00e0 individuati sulla base della<span class=\"_ _2\"></span> definizione contenuta n<span class=\"_ _2\"></span>ello<span class=\"_ _3a1\"> </span>IAS 17; <span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019esclusione <span class=\"_ _0\"></span>dal<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>perimetro <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>ap<span class=\"_ _3b\"></span>plicazione<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>ei <span class=\"_ _0\"></span>contratti <span class=\"_ _38\"></span>\u201cshort-term\u201d, <span class=\"_ _0\"></span>ovvero <span class=\"_ _38\"></span>aventi <span class=\"_ _38\"></span>una <span class=\"_ _0\"></span>vita<span class=\"_ _3a1\"> </span></span>residua alla data di prima applicazione inferiore a<span class=\"_ _1\"></span>i 12 mesi; <span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019esclusione <span class=\"_ _0\"></span>dal<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>perimetro <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>appl<span class=\"_ _2\"></span>icazione <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>contr<span class=\"_ _1\"></span>atti <span class=\"_ _38\"></span>\u201clow-value\u201d, <span class=\"_ _0\"></span>ovvero <span class=\"_ _38\"></span>aventi <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>valore </span>stimato dell\u2019asset inferiore a Euro 5<span class=\"_ _1\"></span>.000; <span class=\"_ _42\"> </span><span class=\"ff4\">fatto  affidamento  all\u2019assessment  IAS  37 <span class=\"_ _3d\"> </span>alla  data  di  fine  esercizio  come  alternat<span class=\"_ _1\"></span>iva  alla<span class=\"_ _3a1\"> </span></span>verifica di impairment. Con <span class=\"_ _38\"></span>riferimento <span class=\"_ _38\"></span>alle <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>celte <span class=\"_ _1\"></span>adottate <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>Gruppo <span class=\"_ _38\"></span>nell\u2019applicazione <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>principio <span class=\"_ _38\"></span>si <span class=\"_ _38\"></span>evidenzia <span class=\"_ _38\"></span>inoltre che: <span class=\"_ _42\"> </span><span class=\"ff4\">con <span class=\"_ _35\"> </span>rifer<span class=\"_ _1\"></span>imento  al <span class=\"_ _35\"> </span>leasing <span class=\"_ _35\"> </span>operativo  i<span class=\"_ _2\"></span>l <span class=\"_ _35\"> </span>perime<span class=\"_ _1\"></span>tro  di<span class=\"_ _2\"></span>  ap<span class=\"_ _2\"></span>plicazione  \u00e8 <span class=\"_ _35\"> </span>riferibile <span class=\"_ _35\"> </span>ai  contratti <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span></span>locazione immobiliare e noleggio di autoveicoli; <span class=\"_ _42\"> </span><span class=\"ff4\">il <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _35\"> </span>ha <span class=\"_ _35\"> </span>deter<span class=\"_ _1\"></span>minato <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>tasso <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>finanziamento  marginal<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>sulla <span class=\"_ _35\"> </span>base <span class=\"_ _35\"> </span>delle  cu<span class=\"_ _2\"></span>rve <span class=\"_ _35\"> </span>tassi </span>relative  alle  emissioni  Senior  unsecured <span class=\"_ _3d\"> </span>del  Gruppo.  Il  tasso  determinato,  contenente  la componente del rischio credito del Gruppo, considera inoltre <span class=\"_ _1\"></span>le diff<span class=\"_ _2\"></span>erent<span class=\"_ _1\"></span>i durate contrattuali; <span class=\"_ _42\"> </span><span class=\"ff4\">con riferimento alla durata dei leasing immobiliari, in generale il Gruppo ha considerato come </span>ragionevolmente certo solo il primo periodo di rinnovo contr<span class=\"_ _1\"></span>attuale. Altre<span class=\"_ _1\"></span> informazion<span class=\"_ _1\"></span>i<span class=\"fc7 sc6\"> </span>I contratti di locazione commerciale sono<span class=\"_ _1\"></span> regolati dalla legge per cui al conduttore \u00e8 cons<span class=\"_ _1\"></span>entito di disdettare la locazione <span class=\"_ _1\"></span>ad ogni <span class=\"_ _1\"></span>scadenza (normalmente o<span class=\"_ _1\"></span>gni sei anni) con <span class=\"_ _1\"></span>un preavviso <span class=\"_ _1\"></span>di almeno dodici mesi. Analogo <span class=\"_ _37\"> </span>diritto <span class=\"_ _37\"> </span>\u00e8 <span class=\"_ _36\"> </span>in <span class=\"_ _37\"> </span>capo al <span class=\"_ _37\"> </span>locatore. <span class=\"_ _37\"> </span>Questo <span class=\"_ _37\"> </span>comporta <span class=\"_ _37\"> </span>che, <span class=\"_ _37\"> </span>ad <span class=\"_ _37\"> </span>ogni <span class=\"_ _37\"> </span>mes<span class=\"_ _1\"></span>e <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>ogni <span class=\"_ _37\"> </span>anno, <span class=\"_ _37\"> </span>\u00e8 potenzialmente <span class=\"_ _1\"></span>possibile inviare (o <span class=\"_ _1\"></span>ricevere <span class=\"_ _1\"></span>dal locat<span class=\"_ _1\"></span>ore) la <span class=\"_ _1\"></span>disdetta dai <span class=\"_ _1\"></span>contratti di <span class=\"_ _1\"></span>locazione che<span class=\"_ _1\"></span> scadono <span class=\"_ _0\"></span>dopo <span class=\"_ _38\"></span>dodici <span class=\"_ _38\"></span>mesi. <span class=\"_ _0\"></span>Negli <span class=\"_ _38\"></span>ultimi <span class=\"_ _38\"></span>anni <span class=\"_ _0\"></span>per\u00f2, <span class=\"_ _38\"></span>visto <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>contesto <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>mercato<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>immobil<span class=\"_ _2\"></span>iare, <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>\u00e8 assistito a pochissime disdette annue da parte dei locat<span class=\"_ _1\"></span>ori. La <span class=\"_ _3d\"> </span>quasi <span class=\"_ _3d\"> </span>totalit\u00e0 <span class=\"_ _37\"> </span>dei  nostr<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>contratti <span class=\"_ _3d\"> </span>\u00e8 <span class=\"_ _3d\"> </span>regolamentato <span class=\"_ _3d\"> </span>tra <span class=\"_ _37\"> </span>le  parti <span class=\"_ _37\"> </span>il <span class=\"_ _3d\"> </span>recesso <span class=\"_ _3d\"> </span>che <span class=\"_ _3d\"> </span>pu\u00f2 <span class=\"_ _3d\"> </span>essere esercitato <span class=\"_ _38\"></span>solo <span class=\"_ _1\"></span>dal <span class=\"_ _38\"></span>conduttore <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>ogni <span class=\"_ _38\"></span>momento <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>preavviso <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>mesi <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ei. <span class=\"_ _1\"></span>Ne<span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>ultimi <span class=\"_ _38\"></span>anni <span class=\"_ _38\"></span>la banca  ha <span class=\"_ _35\"> </span>esercitat<span class=\"_ _1\"></span>o  spe<span class=\"_ _2\"></span>sso  questa <span class=\"_ _35\"> </span>facolt\u00e0  per  poter <span class=\"_ _35\"> </span>gestire  al <span class=\"_ _35\"> </span>meglio  le  chiu<span class=\"_ _2\"></span>sure  delle  filiali previste.  Inoltre <span class=\"_ _1\"></span>nelle <span class=\"_ _1\"></span>parti <span class=\"_ _1\"></span>B<span class=\"_ _1\"></span> e <span class=\"_ _38\"></span>C <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>presente <span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>ota <span class=\"_ _1\"></span>integrativa <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>riportate <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>informazioni patr<span class=\"_ _1\"></span>imoniali ed economiche richieste dal principio IFRS16. Informazi<span class=\"_ _1\"></span>oni quan<span class=\"_ _1\"></span>titative <table class=\"s w15cc h2f9\" id=\"_5cea820e-1f2f-4da1-b93e-79219eafc672\"><tr><td></td><td></td><td class=\"c n x278a y6b30 w695 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x278b y6b30 w695 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 xa1e h12 y6b31 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0 materiali ad uso funzionale </td><td></td><td class=\"c x278d y6b32 w15cd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x278c h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c x278e y6b32 w15ce h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1c38 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">3<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n x278f y6b33 w922 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Fabbricati<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2790 y6b33 w924 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2791 y6b33 w925 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2792 y6b33 w922 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Fabbricati<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2793 y6b33 w15cf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Altr<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2794 y6b33 w696 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xa1e h12 y6b34 ff4 fs7 fc1 sc2 ls0 ws0\">Right of Use saldo iniziale </td><td class=\"t m2 x2795 h12 y6b35 ff4 fs7 fc1 sc2 ls0 ws0\">127.009<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2796 h12 y6b35 ff4 fs7 fc1 sc2 ls0 ws0\">3.197<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa4c h12 y6b35 ff4 fs7 fc1 sc2 ls0 ws0\">130.206<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2797 h12 y6b35 ff4 fs7 fc1 sc2 ls0 ws0\">124.919<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2798 h12 y6b35 ff4 fs7 fc1 sc2 ls0 ws0\">2.215<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf4d h12 y6b35 ff4 fs7 fc1 sc2 ls0 ws0\">127.134<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x2799 h12 y6b36 ff4 fs7 fc1 sc0 ls0 ws0\">- Quote ammortament<span class=\"_ _3b\"></span>o<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2795 h12 y6b37 ff4 fs7 fc1 sc0 ls0 ws0\">-22.343<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x279a h12 y6b37 ff4 fs7 fc1 sc0 ls0 ws0\">-1.605<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa4c h12 y6b37 ff4 fs7 fc1 sc0 ls0 ws0\">-23.948<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf49 h12 y6b37 ff4 fs7 fc1 sc0 ls0 ws0\">-23.010<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x279b h12 y6b37 ff4 fs7 fc1 sc0 ls0 ws0\">-1.570<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x279c h12 y6b37 ff4 fs7 fc1 sc0 ls0 ws0\">-24.580</td></tr><tr><td class=\"t m2 xa1e h12 y6b38 ff4 fs7 fc1 sc0 ls0 ws0\"> +/- Altre variazion<span class=\"_ _2\"></span>i  </td><td class=\"t m2 x279d h12 y6b39 ff4 fs7 fc1 sc0 ls0 ws0\">17.415<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x279e h12 y6b39 ff4 fs7 fc1 sc0 ls0 ws0\">2.278<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x279f h12 y6b39 ff4 fs7 fc1 sc0 ls0 ws0\">19.693<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x27a0 h12 y6b39 ff4 fs7 fc1 sc0 ls0 ws0\">25.100<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa58 h12 y6b39 ff4 fs7 fc1 sc0 ls0 ws0\">2.552<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa33 h12 y6b39 ff4 fs7 fc1 sc0 ls0 ws0\">27.652<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54f9 w15d0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">Valore contabile saldo finale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27a1 y54f9 w15d1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">122<span class=\"_ _1\"></span>.081<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x27a2 h12 y6b3a ff4 fs7 fc1 sc2 ls0 ws0\">3.870<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa3c h12 y6b3a ff4 fs7 fc1 sc2 ls0 ws0\">125.951<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf49 h12 y6b3a ff4 fs7 fc1 sc2 ls0 ws0\">127.009<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2798 h12 y6b3a ff4 fs7 fc1 sc2 ls0 ws0\">3.197<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x279c h12 y6b3a ff4 fs7 fc1 sc2 ls0 ws0\">130.206<span class=\"_ _3a1\"> </span></td></tr></table><table class=\"s w15d2 h2fa\" id=\"_b0acdb6e-6fc9-42b6-8620-3f2de5290aa6\"><tr><td class=\"t m2 xa1e h12 y6b3b ff4 fs7 fc4 sc3 ls0 ws0\">Debiti per leasing </td><td class=\"t m2 x2797 h12 y6b3c ff4 fs7 fc4 sc3 ls0 ws0\">Totale  </td><td class=\"t m2 x27a3 h12 y6b3c ff4 fs7 fc4 sc3 ls0 ws0\">Totale  </td></tr><tr><td></td><td class=\"t m2 x27a4 h12 y6b3d ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024 </td><td class=\"t m2 x27a5 h12 y6b3d ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023 </td></tr><tr><td class=\"t m2 xa1e h12 y6b3e ff4 fs7 fc1 sc2 ls0 ws0\">Lease Liability saldo iniziale </td><td class=\"t m2 x27a6 h12 y6b3f ff4 fs7 fc1 sc2 ls0 ws0\">135.807<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf4d h12 y6b3f ff4 fs7 fc1 sc2 ls0 ws0\">131.035<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x27a7 h12 y6b40 ff4 fs7 fc1 sc0 ls0 ws0\">- canoni erogat<span class=\"_ _2\"></span>i per i leasing </td><td class=\"t m2 x27a6 h12 y6b41 ff4 fs7 fc1 sc0 ls0 ws0\">-27.389<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x279c h12 y6b41 ff4 fs7 fc1 sc0 ls0 ws0\">-27.506<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x2799 h12 y6b42 ff4 fs7 fc1 sc0 ls0 ws0\">+ Interessi Passivi m<span class=\"_ _2\"></span>aturati nell'eser<span class=\"_ _2\"></span>cizio </td><td class=\"t m2 xa4e h12 y6b43 ff4 fs7 fc1 sc0 ls0 ws0\">4.477<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x27a8 h12 y6b43 ff4 fs7 fc1 sc0 ls0 ws0\">3.587</td></tr><tr><td class=\"t m2 xa1e h12 y6b44 ff4 fs7 fc1 sc0 ls0 ws0\"> +/-  Altre variazioni <span class=\"_ _2\"></span> </td><td class=\"t m2 x27a9 h12 y6b45 ff4 fs7 fc1 sc0 ls0 ws0\">18.672<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf4d h12 y6b45 ff4 fs7 fc1 sc0 ls0 ws0\">28.690<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xa1e h12 y6b46 ff4 fs7 fc1 sc2 ls0 ws0\">Lease Liability saldo finale </td><td class=\"t m2 x27aa h12 y6b47 ff4 fs7 fc1 sc2 ls0 ws0\">131.567<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x279c h12 y6b47 ff4 fs7 fc1 sc2 ls0 ws0\">135.807<span class=\"_ _3a1\"> </span></td></tr></table><table class=\"s w15d3 h2fb\" id=\"_5cc6d54e-fd3a-4729-a9c8-e7830555fc1c\"><tr><td class=\"t m2 xa1e h12 y6b48 ff4 fs7 fc4 sc3 ls0 ws0\">Altre Informazioni </td><td class=\"t m2 x2797 h12 y6b49 ff4 fs7 fc4 sc3 ls0 ws0\">Totale  </td><td></td><td class=\"t m2 x27a3 h12 y6b49 ff4 fs7 fc4 sc3 ls0 ws0\">Totale  </td><td></td></tr><tr><td></td><td class=\"t m2 x27a4 h12 y6b4a ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024 </td><td></td><td class=\"t m2 x27ab h12 y6b4a ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023 </td><td></td></tr><tr><td class=\"t m2 xa1e h12 y6b4b ff4 fs7 fc1 sc0 ls0 ws0\">Costi per leasing low <span class=\"_ _2\"></span>value </td><td></td><td class=\"t m2 xa86 h12 y6b4c ff4 fs7 fc1 sc0 ls0 ws0\">147<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xa27 h12 y6b4c ff4 fs7 fc1 sc0 ls0 ws0\">140<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xa1e h12 y6b4d ff4 fs7 fc1 sc0 ls0 ws0\">Costi per leasing sho<span class=\"_ _2\"></span>rt term </td><td></td><td class=\"t m2 x27ac h12 y6b4e ff4 fs7 fc1 sc0 ls0 ws0\">56<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x27ad h12 y6b4e ff4 fs7 fc1 sc0 ls0 ws0\">74<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xa1e h12 y6b4f ff4 fs7 fc1 sc0 ls0 ws0\">Altre spese sui leasing<span class=\"_ _2\"></span> </td><td></td><td class=\"t m2 xa4e h12 y6b50 ff4 fs7 fc1 sc0 ls0 ws0\">3.321<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x27a8 h12 y6b50 ff4 fs7 fc1 sc0 ls0 ws0\">2.865<span class=\"_ _3a1\"> </span></td></tr></table>La voce altre spese sui leasing \u00e8 riconducibile all\u2019Iva indetraibile ed alt<span class=\"_ _1\"></span>ri servizi.  SEZIONE 2 \u2013 LOCATORE Informazi<span class=\"_ _1\"></span>oni quali<span class=\"_ _1\"></span>tative Nel <span class=\"_ _0\"></span>2024 <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>ercato <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>leasing <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>nole<span class=\"_ _1\"></span>ggio <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>lung<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>termine <span class=\"_ _38\"></span>ha <span class=\"_ _0\"></span>finaliz<span class=\"_ _2\"></span>zato <span class=\"_ _0\"></span>complessivamente investimenti <span class=\"_ _36\"> </span>per <span class=\"_ _37\"> </span>un <span class=\"_ _37\"> </span>valor<span class=\"_ _1\"></span>e <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>33,4<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>miliardi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>euro, <span class=\"_ _36\"> </span>in <span class=\"_ _37\"> </span>leggera <span class=\"_ _37\"> </span>co<span class=\"_ _1\"></span>ntrazione <span class=\"_ _37\"> </span>rispetto <span class=\"_ _37\"> </span>all\u2019anno precedente <span class=\"_ _1\"></span>(-3,9%). <span class=\"_ _1\"></span>Il <span class=\"_ _1\"></span>mercato<span class=\"_ _1\"></span> \u00e8 <span class=\"_ _38\"></span>sostenuto <span class=\"_ _1\"></span>principalmente <span class=\"_ _1\"></span>dal <span class=\"_ _1\"></span>comparto<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>veicoli che<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>rappresenta il 61,4% <span class=\"_ _1\"></span>dello stipulato totale <span class=\"_ _1\"></span>(il 54,6% del <span class=\"_ _1\"></span>comparto \u00e8 rappresentato <span class=\"_ _1\"></span>dalla componente del <span class=\"_ _1\"></span>NLT) e consuntiva <span class=\"_ _37\"> </span>una <span class=\"_ _36\"> </span>lieve <span class=\"_ _36\"> </span>fless<span class=\"_ _1\"></span>ione <span class=\"_ _37\"> </span>ne<span class=\"_ _1\"></span>i <span class=\"_ _36\"> </span>volumi <span class=\"_ _37\"> </span>(-2,5%), <span class=\"_ _37\"> </span>p<span class=\"_ _1\"></span>i\u00f9 <span class=\"_ _36\"> </span>marcata <span class=\"_ _36\"> </span>nei <span class=\"_ _36\"> </span>numeri <span class=\"_ _36\"> </span>(-11,3%); <span class=\"_ _37\"> </span>queste dinamiche <span class=\"_ _3b\"></span>risultano influenzate <span class=\"_ _3b\"></span>dalla <span class=\"_ _3b\"></span>cont<span class=\"_ _1\"></span>razione d<span class=\"_ _2\"></span>el <span class=\"_ _3b\"></span>12,5% n<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>volumi <span class=\"_ _3b\"></span>del noleggio <span class=\"_ _3b\"></span>a l<span class=\"_ _2\"></span>ungo <span class=\"_ _3b\"></span>termine di <span class=\"_ _35\"> </span>autovetture. <span class=\"_ _35\"> </span>Lo <span class=\"_ _35\"> </span>strumentale, <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>rappresenta <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>27,4% <span class=\"_ _35\"> </span>del <span class=\"_ _0\"> </span>m<span class=\"_ _1\"></span>ercato, <span class=\"_ _35\"> </span>risulta <span class=\"_ _35\"> </span>rispetto <span class=\"_ _35\"> </span>all\u2019anno precedente in contr<span class=\"_ _1\"></span>azione nel valore (-9,5%) e in legger<span class=\"_ _1\"></span>o incremento nel numero di pezzi s<span class=\"_ _1\"></span>tipulati (+1,5%), <span class=\"_ _0\"></span>influenzato <span class=\"_ _0\"></span>sos<span class=\"_ _2\"></span>tanzialmente <span class=\"_ _0\"></span>dall\u2019andamento <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>egativo <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>leasing<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>finanziario <span class=\"_ _0\"></span>(<span class=\"_ _2\"></span>-12,9%). <span class=\"_ _0\"></span>Il comparto immobiliare r<span class=\"_ _2\"></span>egistra una crescita<span class=\"_ _2\"></span> nei volumi <span class=\"_ _2\"></span>(+5,3%) <span class=\"_ _2\"></span>e una fl<span class=\"_ _2\"></span>essione nel numero d<span class=\"_ _2\"></span>i pezzi (-5,1%),  beneficiando  in  particolare  dalla  dinamica  evidenziata <span class=\"_ _3d\"> </span>dal  costruito  (+18,2%),  mentre l\u2019immobiliare <span class=\"_ _35\"> </span>costruendo  risulta<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>contrazione  (-11%).<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>Lo <span class=\"_ _35\"> </span>stipulat<span class=\"_ _1\"></span>o <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>compart<span class=\"_ _1\"></span>o <span class=\"_ _35\"> </span>aeronavale <span class=\"_ _35\"> </span>e ferroviario mostra una crescita sia in termini di volumi (+19,7%) che di numer<span class=\"_ _1\"></span>i (+9,3%). <span class=\"fc8\"> </span>Credemleasing, <span class=\"_ _37\"> </span>att<span class=\"_ _1\"></span>iva <span class=\"_ _37\"> </span>es<span class=\"_ _1\"></span>clusivamente <span class=\"_ _37\"> </span>nel <span class=\"_ _36\"> </span>leasing <span class=\"_ _37\"> </span>finanziario, <span class=\"_ _36\"> </span>incrementa <span class=\"_ _36\"> </span>del <span class=\"_ _36\"> </span>6,6%, <span class=\"_ _37\"> </span>rispetto all\u2019anno precedente, il valore complessivo degli invest<span class=\"_ _1\"></span>imenti finanziati; in linea il numero dei nuovi contratti <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>tipulati <span class=\"_ _3b\"></span>(-0,6%). <span class=\"_ _2\"></span>Per l<span class=\"_ _2\"></span>a <span class=\"_ _3b\"></span>Societ\u00e0 il<span class=\"_ _3b\"></span> comparto <span class=\"_ _3b\"></span>mobiliare <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>appresenta <span class=\"_ _3b\"></span>quasi il<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>62% <span class=\"_ _3b\"></span>delle nu<span class=\"_ _2\"></span>ove stipule  e  continua  a  m<span class=\"_ _2\"></span>ostrare  una  p<span class=\"_ _2\"></span>revalenza  di  beni  strumentali  (circa  il<span class=\"_ _2\"></span>  55%  del  totale  del<span class=\"_ _2\"></span> comparto) <span class=\"_ _35\"> </span>seguito <span class=\"_ _35\"> </span>dal <span class=\"_ _35\"> </span>settore <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>veicoli <span class=\"_ _35\"> </span>(29%) <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>nautico <span class=\"_ _35\"> </span>(16%). <span class=\"_ _35\"> </span>Il <span class=\"_ _35\"> </span>leasing <span class=\"_ _35\"> </span>targato <span class=\"_ _35\"> </span>mostra <span class=\"_ _35\"> </span>una variazione positiva rispetto al <span class=\"_ _2\"></span>2023 <span class=\"_ _2\"></span>con un signi<span class=\"_ _2\"></span>ficativo incremento nel v<span class=\"_ _2\"></span>alore finanziato (+30,8%)<span class=\"_ _2\"></span>, per contro lo strumentale evidenzia una contrazione analoga all\u2019<span class=\"_ _2\"></span>andamento del mercato (-12,9%). Il  comparto <span class=\"_ _3d\"> </span>immobiliare  mostra  una <span class=\"_ _3d\"> </span>dinamica  migliore<span class=\"_ _1\"></span>  rispetto  al <span class=\"_ _3d\"> </span>Sistema  evidenziando  una crescita <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>36,9% <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>mini <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>volumi <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>18,6% <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>numero <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>contratti <span class=\"_ _38\"></span>stipulati. <span class=\"_ _1\"></span>In <span class=\"_ _38\"></span>entr<span class=\"_ _1\"></span>ambi <span class=\"_ _1\"></span>i segmenti  \u201ccostruito\u201d  e  \u201c<span class=\"_ _1\"></span>costruendo\u201d,  che  rappresentano  rispettivamente <span class=\"_ _3d\"> </span>il  51%  e  il  49%  del comparto, <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>Societ\u00e0 <span class=\"_ _38\"></span>performa <span class=\"_ _38\"></span>meglio <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ispetto <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>mercato <span class=\"_ _38\"></span>(rispettivamente <span class=\"_ _38\"></span>+31<span class=\"_ _1\"></span>,9% <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>+42,4%). <span class=\"_ _0\"></span>Il \u201ccostruendo\u201d <span class=\"_ _2\"></span>evidenzia <span class=\"_ _3b\"></span>maggiori <span class=\"_ _3b\"></span>invest<span class=\"_ _1\"></span>imenti <span class=\"_ _3b\"></span>nella f<span class=\"_ _2\"></span>ascia <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>impo<span class=\"_ _1\"></span>rto <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>uperiore <span class=\"_ _3b\"></span>a <span class=\"_ _2\"></span>2,5 <span class=\"_ _3b\"></span>milioni <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>uro, mentre <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>\u201ccostruito\u201d <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>concentra <span class=\"_ _35\"> </span>principalmente <span class=\"_ _35\"> </span>negli <span class=\"_ _35\"> </span>investimenti <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>importo <span class=\"_ _35\"> </span>inferiore <span class=\"_ _35\"> </span>ai <span class=\"_ _35\"> </span>2,5 milioni di euro. Le <span class=\"_ _35\"> </span>principali <span class=\"_ _35\"> </span>dinamiche <span class=\"_ _35\"> </span>riferite <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>gestione <span class=\"_ _35\"> </span>caratteristica <span class=\"_ _35\"> </span>ved<span class=\"_ _2\"></span>ono <span class=\"_ _35\"> </span>l\u2019incremento <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>margine <span class=\"_ _35\"> </span>di intermediazione <span class=\"_ _0\"></span>(+10,7%) <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>ul <span class=\"_ _0\"></span>quale <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>influito <span class=\"_ _35\"> </span>p<span class=\"_ _2\"></span>ositivamente <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>margine <span class=\"_ _35\"> </span>d<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>interessi <span class=\"_ _0\"></span>supportato dalla <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span>namica <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>capitali <span class=\"_ _38\"></span>me<span class=\"_ _1\"></span>di <span class=\"_ _0\"></span>produttivi <span class=\"_ _38\"></span>(+3,4% <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>2023)<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>oltre <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>pos<span class=\"_ _1\"></span>itivo <span class=\"_ _0\"></span>andamento delle <span class=\"_ _35\"> </span>commissioni  a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tive <span class=\"_ _35\"> </span>connesse <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>gestione <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>contratti. <span class=\"_ _35\"> </span>Le <span class=\"_ _35\"> </span>rettifiche <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>valore  su <span class=\"_ _35\"> </span>c<span class=\"_ _2\"></span>rediti consuntivano <span class=\"_ _35\"> </span>complessivamente <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>\u20ac<span class=\"_ _1\"></span>k <span class=\"_ _35\"> </span>2.311; <span class=\"_ _0\"> </span>la <span class=\"_ _35\"> </span>componente <span class=\"_ _35\"> </span>\"bonis\" <span class=\"_ _35\"> </span>risulta <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>rett<span class=\"_ _1\"></span>ifica <span class=\"_ _35\"> </span>(\u20ack <span class=\"_ _0\"></span>5<span class=\"_ _1\"></span>49) assorbendo gli effetti stimati rivenienti dall\u2019appl<span class=\"_ _2\"></span>icazione dei fattori di rischio climatici e ambientali nei <span class=\"_ _0\"></span>modelli <span class=\"_ _0\"></span>contabili <span class=\"_ _0\"></span>IFRS9, <span class=\"_ _0\"></span>mentre <span class=\"_ _0\"></span>quella <span class=\"_ _0\"></span>\"default\" <span class=\"_ _0\"></span>registra <span class=\"_ _0\"></span>rettifiche <span class=\"_ _0\"></span>nette <span class=\"_ _0\"></span>complessive <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>\u20ack 1.762, <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iconducibili <span class=\"_ _3b\"></span>sia ai<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>nuovi <span class=\"_ _3b\"></span>flussi a<span class=\"_ _3b\"></span> NPL<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>che <span class=\"_ _3b\"></span>a r<span class=\"_ _2\"></span>evisioni <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>u <span class=\"_ _3b\"></span>posizioni <span class=\"_ _3b\"></span>gi\u00e0 a <span class=\"_ _3b\"></span>default, <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>parte <span class=\"_ _3b\"></span>mitigate da riprese su<span class=\"_ _3b\"></span> quest\u2019ultime. Le spese am<span class=\"_ _2\"></span>ministrative registrano u<span class=\"_ _3b\"></span>n leggero incremento<span class=\"ff1a\"> </span>in <span class=\"_ _3b\"></span>linea con l\u2019evoluzione <span class=\"_ _3b\"></span>st<span class=\"_ _1\"></span>rutturale d<span class=\"_ _2\"></span>ella <span class=\"_ _2\"></span>Societ\u00e0. <span class=\"_ _3b\"></span>ll Cost/Income <span class=\"_ _3b\"></span>al <span class=\"_ _3b\"></span>25<span class=\"_ _1\"></span>,8% <span class=\"_ _3b\"></span>conferma u<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>buon <span class=\"_ _3b\"></span>livello d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>fficienza operativa. L\u2019utile netto si attesta a 39,2 milioni di euro, in aumento r<span class=\"_ _1\"></span>ispetto ai 36,1 del 2023. Credemleasing <span class=\"_ _0\"></span>ha <span class=\"_ _38\"></span>ra<span class=\"_ _1\"></span>ggiunto <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>ota <span class=\"_ _0\"></span>1.196 <span class=\"_ _0\"></span>milioni<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>euro <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>stip<span class=\"_ _2\"></span>ulato <span class=\"_ _0\"></span>complessivo <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>aumento <span class=\"_ _0\"></span>del<span class=\"_ _3b\"></span> 6,6% rispetto all'anno precedente.  Informazi<span class=\"_ _1\"></span>oni quan<span class=\"_ _1\"></span>titative 1.<span class=\"_ _19f\"> </span>Informazioni di st<span class=\"_ _1\"></span>ato patrimoniale e di conto<span class=\"_ _1\"></span> economico<span class=\"_ _3a1\"> </span>2.<span class=\"_ _4b\"> </span>Lea<span class=\"_ _3a1\"> </span>sing finanziario<span class=\"_ _3a1\"> </span>Si riportano le in<span class=\"_ _2\"></span>formazioni relative ai crediti per l<span class=\"_ _2\"></span>ocazione finanziaria (ripartizione pe<span class=\"_ _2\"></span>r fasce di <span class=\"_ _2\"></span>vita residua <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>crediti <span class=\"_ _0\"></span>futuri <span class=\"_ _35\"> </span>comprensivi <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>quota <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>riscatto, <span class=\"_ _35\"> </span>relativi <span class=\"_ _35\"> </span>ai <span class=\"_ _0\"></span>so<span class=\"_ _1\"></span>li <span class=\"_ _35\"> </span>contratti <span class=\"_ _0\"></span>attivi) <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>la suddivisione delle medesime informazioni distinte tra es<span class=\"_ _1\"></span>posizioni deteriorate e non deteriorate:<span class=\"_ _3a1\"> </span>2.1  Classificaz<span class=\"_ _1\"></span>ione per fasce temporal<span class=\"_ _1\"></span>i dei pagamenti da riceve<span class=\"_ _1\"></span>re e riconcilazione<span class=\"_ _1\"></span> con finanziamenti per<span class=\"_ _1\"></span> leasing iscritti nell\u2019attivo<span class=\"_ _3a1\"> </span><table class=\"s w15d4 h2fc\" id=\"_2599a706-250a-448f-b8ad-5a1eb4709870\"><tr><td></td><td class=\"t m2 xb9a h12 y6b51 ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td><td class=\"t m2 x1140 h12 y6b51 ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td></tr><tr><td></td><td class=\"t m2 x130e h12 y6b52 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x138d h12 y6b52 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x1400 h12 y6b53 ff4 fs7 fc4 sc3 ls0 ws0\">Fasce temporali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1197 h12 y6b53 ff4 fs7 fc4 sc3 ls0 ws0\">Pagamenti da </td><td class=\"t m2 x2505 h12 y6b53 ff4 fs7 fc4 sc3 ls0 ws0\">Pagamenti da </td></tr><tr><td></td><td class=\"t m2 x112c h12 y6b54 ff4 fs7 fc4 sc3 ls0 ws0\">ricevere per il </td><td class=\"t m2 x936 h12 y6b54 ff4 fs7 fc4 sc3 ls0 ws0\">ricevere per il </td></tr><tr><td></td><td class=\"t m2 xc52 h12 y6b55 ff4 fs7 fc4 sc3 ls0 ws0\">leasing<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x811 h12 y6b55 ff4 fs7 fc4 sc3 ls0 ws0\">leasing<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a46 w15d5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Fino a 1 anno<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27ae y5a46 w15d6 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">923.578<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27af y5a46 w15d7 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">851.921<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a47 w15d8 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 1 anno fino a 2 a<span class=\"_ _3b\"></span>n<span class=\"_ _1\"></span>ni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27b0 y5a47 w15d9 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">692.316<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27b1 y5a47 w428 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">655.905<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a65 w15da h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 2 anno fino a <span class=\"_ _3b\"></span>3<span class=\"_ _1\"></span> anni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27b2 y5a65 w15db h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">559.593<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27b3 y5a65 w15dc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">535.809<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a49 w15dd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 3 anno fino a<span class=\"_ _2\"></span> 4 anni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27b4 y5a49 wce4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">406.612<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27b5 y5a49 w15de h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">405.466<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a4a w15df h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 4 anno fino a <span class=\"_ _3b\"></span>5<span class=\"_ _1\"></span> anni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27b6 y5a4a w15e0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">273.272<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27b7 y5a4a w15e1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">26<span class=\"_ _1\"></span>7.773<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y60b6 w15e2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 5 anni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27b8 y60b6 w15e3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">819.009<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27b9 y60b6 w15e4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">779.610<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6b56 ff4 fs7 fc1 sc2 ls0 ws0\">Totale dei pagamenti da ricevere pe<span class=\"_ _2\"></span>r leasing<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddd h12 y6b56 ff4 fs7 fc1 sc2 ls0 ws0\">3.674.380<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x13e5 h12 y6b56 ff4 fs7 fc1 sc2 ls0 ws0\">3.496.484<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6b57 ff4 fs7 fc1 sc2 ls0 ws0\">Riconciliazione con finanziamenti<span class=\"_ _3a1\"> </span></td><td class=\"c n x27ba y5a84 w15e5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(461.56<span class=\"_ _2\"></span>3)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27bb y5a84 w15e6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(37<span class=\"_ _1\"></span>0.050)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a85 w15e7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Utili finanziari non matu<span class=\"_ _2\"></span>rati (-)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27bc y5a85 w15e8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(461.563)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27bd y5a85 w15e9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(370.050)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y548c w15ea h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Valore residuo non g<span class=\"_ _2\"></span>arantito (-)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27be y548c w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27bf y548c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6b58 ff4 fs7 fc1 sc2 ls0 ws0\">Finanziamenti per leasing<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xde9 h12 y6b58 ff4 fs7 fc1 sc2 ls0 ws0\">3.212.817<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddf h12 y6b58 ff4 fs7 fc1 sc2 ls0 ws0\">3.126.434<span class=\"_ _3a1\"> </span></td></tr></table><table class=\"s w15eb h2fd\" id=\"_f7aa420f-2609-4b4e-b2f1-6236933d4c97\"><tr><td></td><td class=\"c n x27c0 y6b59 w15ec h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale 2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x27c1 y6b59 w15ed h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale 2023<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x10bb h12 y6b5a ff4 fs7 fc1 sc0 ls0 ws0\">Pagamenti da riceve<span class=\"_ _2\"></span>re per il </td><td></td><td></td><td class=\"t m2 x6c8 h12 y6b5a ff4 fs7 fc1 sc0 ls0 ws0\">Pagamenti da riceve<span class=\"_ _2\"></span>re per il </td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x24b5 h12 y6b5b ff4 fs7 fc1 sc0 ls0 ws0\">leasing </td><td></td><td class=\"t m2 x6ec h12 y6b5c ff4 fs7 fc1 sc0 ls0 ws0\">Totale </td><td class=\"t m2 x699 h12 y6b5b ff4 fs7 fc1 sc0 ls0 ws0\">leasing </td><td></td><td class=\"t m2 x1106 h12 y6b5d ff4 fs7 fc1 sc0 ls0 ws0\">Totale pagamenti </td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x1b25 h12 y6b5e ff4 fs7 fc1 sc0 ls0 ws0\">pagamenti da </td><td></td><td></td><td class=\"t m2 x987 h12 y6b5f ff4 fs7 fc1 sc0 ls0 ws0\">da ricevere per il </td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x1b25 h12 y6b60 ff4 fs7 fc1 sc0 ls0 ws0\">ricevere per il </td><td></td><td></td><td class=\"t m2 x1654 h12 y6b61 ff4 fs7 fc1 sc0 ls0 ws0\">leasing </td></tr><tr><td></td><td class=\"t m2 x6e1 h12 y6b62 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni </td><td></td><td class=\"t m2 x90a h12 y6b63 ff4 fs7 fc1 sc0 ls0 ws0\">leasing </td><td class=\"t m2 x6b5 h12 y6b62 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni </td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x1902 h12 y6b64 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni </td><td></td><td></td><td class=\"t m2 x6af h12 y6b64 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni </td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6b65 ff4 fs7 fc1 sc0 ls0 ws0\">Fasce temporali<span class=\"_ _2\"></span> </td><td></td><td class=\"t m2 x27c2 h12 y6b65 ff4 fs7 fc1 sc0 ls0 ws0\">non </td><td></td><td class=\"t m2 x70f h12 y6b65 ff4 fs7 fc1 sc0 ls0 ws0\">non </td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x1902 h12 y6b66 ff4 fs7 fc1 sc0 ls0 ws0\">Deteriorate </td><td></td><td></td><td class=\"t m2 x6af h12 y6b66 ff4 fs7 fc1 sc0 ls0 ws0\">Deteriorate </td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x6e1 h12 y6b67 ff4 fs7 fc1 sc0 ls0 ws0\" colspan=\"2\">deteriorate </td><td></td><td class=\"t m2 x6b5 h12 y6b67 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate </td><td></td><td></td></tr><tr><td class=\"c n x2d7 y62b6 w15ee h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Fino a 1 anno<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27c3 y62b6 w15ef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">23.723<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x790 h12 y6b68 ff4 fs7 fc1 sc0 ls0 ws0\">899.855<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6de h12 y6b68 ff4 fs7 fc1 sc0 ls0 ws0\">923.578<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f1 h12 y6b68 ff4 fs7 fc1 sc0 ls0 ws0\">23.980<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y6b68 ff4 fs7 fc1 sc0 ls0 ws0\">827.941<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x670 h12 y6b68 ff4 fs7 fc1 sc0 ls0 ws0\">851.921<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x2d7 y6b69 w15f0 h225\"><div class=\"t m2 x2b3 h12 y5929 ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 1 anno fino a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2 anni<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7ad h12 y6b6a ff4 fs7 fc1 sc0 ls0 ws0\">5.021<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x790 h12 y6b6a ff4 fs7 fc1 sc0 ls0 ws0\">687.296<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd7d h12 y6b6a ff4 fs7 fc1 sc0 ls0 ws0\">692.317<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a0 h12 y6b6a ff4 fs7 fc1 sc0 ls0 ws0\">5.417<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xac8 h12 y6b6a ff4 fs7 fc1 sc0 ls0 ws0\">650.488<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99b h12 y6b6a ff4 fs7 fc1 sc0 ls0 ws0\">655.905<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x2d7 y6b6b w9fb h225\"><div class=\"t m2 x2b3 h12 y5929 ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 2 anno fino a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3 anni<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x15fe h12 y6b6c ff4 fs7 fc1 sc0 ls0 ws0\">4.067<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75c h12 y6b6c ff4 fs7 fc1 sc0 ls0 ws0\">555.527<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6de h12 y6b6c ff4 fs7 fc1 sc0 ls0 ws0\">559.594<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x981 h12 y6b6c ff4 fs7 fc1 sc0 ls0 ws0\">4.049<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y6b6c ff4 fs7 fc1 sc0 ls0 ws0\">531.760<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b6 h12 y6b6c ff4 fs7 fc1 sc0 ls0 ws0\">535.809<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x2d7 y6a36 w15f1 h2fe\"><div class=\"t m2 x2b3 h12 y6b6d ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 3 anno fino a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4 anni<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x15fe h12 y6b6e ff4 fs7 fc1 sc0 ls0 ws0\">3.642<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x790 h12 y6b6e ff4 fs7 fc1 sc0 ls0 ws0\">402.969<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a8 h12 y6b6e ff4 fs7 fc1 sc0 ls0 ws0\">406.611<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74d h12 y6b6e ff4 fs7 fc1 sc0 ls0 ws0\">3.121<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xac8 h12 y6b6e ff4 fs7 fc1 sc0 ls0 ws0\">402.345<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b6 h12 y6b6e ff4 fs7 fc1 sc0 ls0 ws0\">405.466<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x2d7 y6b6f w15f2 h2fe\"><div class=\"t m2 x2b3 h12 y6b6d ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 4 anno fino a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5 anni<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7ad h12 y6b70 ff4 fs7 fc1 sc0 ls0 ws0\">3.461<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75c h12 y6b70 ff4 fs7 fc1 sc0 ls0 ws0\">269.810<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a8 h12 y6b70 ff4 fs7 fc1 sc0 ls0 ws0\">273.271<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x981 h12 y6b70 ff4 fs7 fc1 sc0 ls0 ws0\">2.958<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y6b70 ff4 fs7 fc1 sc0 ls0 ws0\">264.815<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x910 h12 y6b70 ff4 fs7 fc1 sc0 ls0 ws0\">267.773<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6b71 w15f3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 5 anni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27c4 y6b71 w15f4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.327<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75c h12 y6b72 ff4 fs7 fc1 sc0 ls0 ws0\">810.682<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x162f h12 y6b72 ff4 fs7 fc1 sc0 ls0 ws0\">819.009<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x981 h12 y6b72 ff4 fs7 fc1 sc0 ls0 ws0\">8.692<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y6b72 ff4 fs7 fc1 sc0 ls0 ws0\">770.918<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x670 h12 y6b72 ff4 fs7 fc1 sc0 ls0 ws0\">779.610<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y6b73 ff4 fs7 fc1 sc2 ls0 ws0\">Totale pagamenti da </td><td class=\"t m2 xdc3 h12 y6b74 ff4 fs7 fc1 sc2 ls0 ws0\">48.241<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x985 h12 y6b74 ff4 fs7 fc1 sc2 ls0 ws0\">3.626.139<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y6b74 ff4 fs7 fc1 sc2 ls0 ws0\">3.674.380<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66d h12 y6b74 ff4 fs7 fc1 sc2 ls0 ws0\">48.217<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x711 h12 y6b74 ff4 fs7 fc1 sc2 ls0 ws0\">3.448.267<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b0 h12 y6b74 ff4 fs7 fc1 sc2 ls0 ws0\">3.496.484<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y6b75 ff4 fs7 fc1 sc2 ls0 ws0\">ricevere per leasing </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6b76 ff4 fs7 fc1 sc2 ls0 ws0\">RICONCILIAZIONE </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6b77 ff4 fs7 fc1 sc0 ls0 ws0\">Utili finanziari non </td><td class=\"t m2 xdc3 h12 y6b78 ff4 fs7 fc1 sc0 ls0 ws0\">(5.227)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x985 h12 y6b78 ff4 fs7 fc1 sc0 ls0 ws0\">(456.336)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x681 h12 y6b78 ff4 fs7 fc1 sc0 ls0 ws0\">(461.563)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f1 h12 y6b78 ff4 fs7 fc1 sc0 ls0 ws0\">(4.372)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70f h12 y6b78 ff4 fs7 fc1 sc0 ls0 ws0\">(365.678)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x915 h12 y6b78 ff4 fs7 fc1 sc0 ls0 ws0\">(370.050)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y6b79 ff4 fs7 fc1 sc0 ls0 ws0\">maturati (-) </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6b7a ff4 fs7 fc1 sc0 ls0 ws0\">Valore residuo non </td><td class=\"t m2 x6a4 h12 y6b7b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x697 h12 y6b7b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15e4 h12 y6b7b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1b3a h12 y6b7b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeba h12 y6b7b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y6b7b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y6b7c ff4 fs7 fc1 sc0 ls0 ws0\">garantito </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6b7d ff4 fs7 fc1 sc2 ls0 ws0\">Finanziamenti per </td><td class=\"t m2 xdc3 h12 y6b7e ff4 fs7 fc1 sc2 ls0 ws0\">43.014<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x985 h12 y6b7e ff4 fs7 fc1 sc2 ls0 ws0\">3.169.803<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf36 h12 y6b7e ff4 fs7 fc1 sc2 ls0 ws0\">3.212.817<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f1 h12 y6b7e ff4 fs7 fc1 sc2 ls0 ws0\">43.845<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x711 h12 y6b7e ff4 fs7 fc1 sc2 ls0 ws0\">3.082.589<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x915 h12 y6b7e ff4 fs7 fc1 sc2 ls0 ws0\">3.126.434<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y6b7f ff4 fs7 fc1 sc2 ls0 ws0\">leasing </td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>2.2<span class=\"_ _3a1\"> </span>Altre<span class=\"_ _1\"></span> informazion<span class=\"_ _1\"></span>i I <span class=\"_ _0\"></span>con<span class=\"_ _3a1\"> </span>tratti <span class=\"_ _35\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>locazione <span class=\"_ _0\"></span>finanziaria <span class=\"_ _35\"> </span>prevedono <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>l\u2019utilizzatore, <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>termine <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>periodo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>durat<span class=\"_ _1\"></span>a contrattuale indicato <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> sempre c<span class=\"_ _3b\"></span>he abbia <span class=\"_ _2\"></span>integralmente<span class=\"_ _1\"></span> a<span class=\"_ _2\"></span>ssolto a <span class=\"_ _3b\"></span>tutt<span class=\"_ _1\"></span>i gli<span class=\"_ _2\"></span> obbl<span class=\"_ _2\"></span>ighi assunti, <span class=\"_ _3b\"></span>ab<span class=\"_ _1\"></span>bia la facolt\u00e0 di scegliere di: <span class=\"_ _42\"> </span><span class=\"ff4\">acquisire la propriet\u00e0 del bene contro versame<span class=\"_ _1\"></span>nto di un prezzo definito; </span><span class=\"_ _42\"> </span><span class=\"ff4\">restituire il bene oggetto del contratt<span class=\"_ _1\"></span>o. </span>La d<span class=\"_ _2\"></span>urata dei <span class=\"_ _3b\"></span>contr<span class=\"_ _1\"></span>atti, i<span class=\"_ _2\"></span>n <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>apporto alla <span class=\"_ _3b\"></span>vita economica <span class=\"_ _3b\"></span>dei beni, <span class=\"_ _3b\"></span>ed il <span class=\"_ _3b\"></span>valore prefissato <span class=\"_ _3b\"></span>pe<span class=\"_ _1\"></span>r i<span class=\"_ _2\"></span>l ri<span class=\"_ _2\"></span>scatto dei beni s<span class=\"_ _2\"></span>tessi sono tali <span class=\"_ _2\"></span>da indurre gl<span class=\"_ _2\"></span>i utilizzatori, nella <span class=\"_ _2\"></span>generalit\u00e0 d<span class=\"_ _2\"></span>ei casi, all\u2019acq<span class=\"_ _2\"></span>uisto del bene all<span class=\"_ _2\"></span>a scadenza contrattuale. I b<span class=\"_ _2\"></span>eni finanziati <span class=\"_ _3b\"></span>variano a seconda <span class=\"_ _2\"></span>del soggetto <span class=\"_ _3b\"></span>richiedent<span class=\"_ _1\"></span>e e/o <span class=\"_ _3b\"></span>natura di <span class=\"_ _2\"></span>attivit\u00e0 svolta. <span class=\"_ _3b\"></span>In generale i beni finanziati rientr<span class=\"_ _1\"></span>ano in 4 comparti: veicoli (automobili, veicoli commer<span class=\"_ _1\"></span>ciali, veicoli industriali), aeroferronavale (aeromobili, motonavi e imbarcazioni da diporto, vagoni ferroviari), strumentale e immobiliare (edifici ad uso commerciale, industr<span class=\"_ _1\"></span>iale e residenziale sia costruiti che da realizzare). 3.<span class=\"_ _188\"> </span>Le<span class=\"_ _1\"></span>asing opera<span class=\"_ _1\"></span>tivo<span class=\"_ _3a1\"> </span>Si fo<span class=\"_ _3a1\"> </span>rnisce la classificazione per fasce tem<span class=\"_ _1\"></span>porali dei pagamenti da ricevere. 3.1 Classificazione<span class=\"_ _1\"></span> per fasce temporal<span class=\"_ _1\"></span>i dei pagamenti da riceve<span class=\"_ _1\"></span>re<span class=\"_ _3a1\"> </span><table class=\"s w15f5 h2ff\" id=\"_60fb4a7f-d486-416d-8d0e-1c1b3d37e6bd\"><tr><td></td><td></td><td class=\"t m2 xb9a h12 y6b80 ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td><td class=\"t m2 x1140 h12 y6b80 ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td></tr><tr><td></td><td></td><td class=\"t m2 x130e h12 y6b81 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x138d h12 y6b81 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x1400 h12 y6b82 ff4 fs7 fc4 sc3 ls0 ws0\">Fasce temporali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1197 h12 y6b82 ff4 fs7 fc4 sc3 ls0 ws0\">Pagamenti da </td><td class=\"t m2 x2505 h12 y6b82 ff4 fs7 fc4 sc3 ls0 ws0\">Pagamenti da </td></tr><tr><td></td><td></td><td class=\"t m2 x112c h12 y6b83 ff4 fs7 fc4 sc3 ls0 ws0\">ricevere per il </td><td class=\"t m2 x936 h12 y6b83 ff4 fs7 fc4 sc3 ls0 ws0\">ricevere per il </td></tr><tr><td></td><td></td><td class=\"t m2 xc52 h12 y6b84 ff4 fs7 fc4 sc3 ls0 ws0\">leasing<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x811 h12 y6b84 ff4 fs7 fc4 sc3 ls0 ws0\">leasing<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y589c w15d5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Fino a 1 anno<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x27c5 y589c w15f6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.268<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27c6 y589c w9cc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.463<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y60b6 w15d8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 1 anno fino a 2 a<span class=\"_ _3b\"></span>n<span class=\"_ _1\"></span>ni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf67 y60b6 w15f6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.298<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27c7 y60b6 w15f7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.441<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59de w15f8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 2 anni fino a 3<span class=\"_ _2\"></span> anni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x27c8 y59de w15f9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.232<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27c9 y59de wc04 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _2\"></span>.411<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a84 w15fa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 3 anni fino a 4<span class=\"_ _2\"></span> anni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x27ca y5a84 w1556 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.224<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27cb y5a84 w15fb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.376<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a85 w15fc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 4 anni fino a <span class=\"_ _3b\"></span>5<span class=\"_ _1\"></span> anni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x27cc y5a85 w12cd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.150<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27cd y5a85 w15fd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.261<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y548c w15e2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 5 anni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x27ce y548c w15fe h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.358<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27cf y548c w9cf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.313<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6b58 ff4 fs7 fc1 sc2 ls0 ws0\">Totale </td><td></td><td class=\"t m2 x93a h12 y6b58 ff4 fs7 fc1 sc2 ls0 ws0\">11.530<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x812 h12 y6b58 ff4 fs7 fc1 sc2 ls0 ws0\">13.265<span class=\"_ _3a1\"> </span></td></tr></table>3.2 Al<span class=\"_ _1\"></span>tre informazi<span class=\"_ _1\"></span>oni Sono presenti contratti di locazione, in qualit\u00e0 di<span class=\"_ _2\"></span> locatore, per gli immobili di propriet\u00e0, mentre per alcuni immobili di ter<span class=\"_ _1\"></span>zi presi in affitto sono stati stipulati contratti di sublocazione<span class=\"_ _3a1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLeasePrepaymentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-869": {
   "value": "Sezione <span class=\"_ _1\"></span>9 \u2013 Attivi<span class=\"_ _1\"></span>t<span class=\"_ _3a1\"> </span>\u00e0 materi<span class=\"_ _1\"></span>ali \u2013 Voce <span class=\"_ _1\"></span>90<span class=\"_ _3a1\"> </span> 9.1 Attivit\u00e0 <span class=\"_ _1\"></span>materiali ad uso funzionale: com<span class=\"_ _1\"></span>posizione delle a<span class=\"_ _1\"></span>ttivit\u00e0 valutate <span class=\"_ _1\"></span>al costo<span class=\"_ _3a1\"> </span><table class=\"s w906 h220\" id=\"_89603dc1-a67a-4a16-bcf1-64b6d5552b63\"><tr><td class=\"t m2 xd43 h12 y58b7 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0/Valori<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x934 h12 y58b8 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x878 h12 y58b8 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x7c3 h12 y58b9 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7e3 h12 y58b9 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 x58e h12 y58ba ff4 fs7 fc1 sc2 ls0 ws0\">1. Attivit\u00e0 di propriet\u00e0<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xb9a h12 y58bb ff4 fs7 fc1 sc2 ls0 ws0\">312.813<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x891 h12 y58bb ff4 fs7 fc1 sc2 ls0 ws0\">311.800<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x598 h12 y58bc ff4 fs7 fc1 sc0 ls0 ws0\">a) terreni </td><td></td><td></td><td class=\"c n x9ee y58bd w907 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">134.838<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd44 y58bd w908 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">135.310<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58be ff4 fs7 fc1 sc0 ls0 ws0\">b) fabbricati </td><td></td><td></td><td class=\"c n x9ee y58bf w909 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">108.548<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd45 y58bf w90a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">111.686<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58c0 ff4 fs7 fc1 sc0 ls0 ws0\">c) mobili </td><td></td><td></td><td class=\"c n xd46 y58c1 w90b h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.769<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd47 y58c1 w90c h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.037<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58c2 ff4 fs7 fc1 sc0 ls0 ws0\">d) impianti elettron<span class=\"_ _2\"></span>ici </td><td></td><td></td><td class=\"c n xd48 y58c3 w90d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">19.620<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd49 y58c3 w90e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18.573<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58c4 ff4 fs7 fc1 sc0 ls0 ws0\">e) altre </td><td></td><td></td><td class=\"c n xd4a y58c5 w90f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">38.038<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd4b y58c5 w450 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">34.194<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y58c6 ff4 fs7 fc1 sc2 ls0 ws0\">2. Diritti d'uso acquisiti con il leasing<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xb9d h12 y58c7 ff4 fs7 fc1 sc2 ls0 ws0\">125.951<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xd4c h12 y58c7 ff4 fs7 fc1 sc2 ls0 ws0\">130.206<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x598 h12 y58c8 ff4 fs7 fc1 sc0 ls0 ws0\">a) terreni </td><td></td><td></td><td class=\"c n xd4d y571b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd4e y571b w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58c9 ff4 fs7 fc1 sc0 ls0 ws0\">b) fabbricati </td><td></td><td></td><td class=\"c n xd4f y58ca w910 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">122.081<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd50 y58ca w911 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">127.009<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58cb ff4 fs7 fc1 sc0 ls0 ws0\">c) mobili </td><td></td><td></td><td class=\"c n xd4d y58cc w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd4e y58cc w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58cd ff4 fs7 fc1 sc0 ls0 ws0\">d) impianti elettron<span class=\"_ _2\"></span>ici </td><td></td><td></td><td class=\"c n xd4d y58ce w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd4e y58ce w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58cf ff4 fs7 fc1 sc0 ls0 ws0\">e) altre </td><td></td><td></td><td class=\"c n xd51 y534e w912 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.870<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd52 y534e w913 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>.197<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 x88c h12 y58d0 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc52 h12 y58d1 ff4 fs7 fc1 sc2 ls0 ws0\">438.764<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xd53 h12 y58d1 ff4 fs7 fc1 sc2 ls0 ws0\">442.006<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y58d2 ff4 fs7 fc1 sc0 ls0 ws0\">di cui: ottenute trami<span class=\"_ _2\"></span>te l\u2019escussione <span class=\"_ _2\"></span>delle garanzie ricevute </td><td></td><td></td><td class=\"c n xd4d y58d3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd4e y58d3 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr></table>Le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>materiali <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>valutate <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>costo, <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>tto <span class=\"_ _1\"></span>degli <span class=\"_ _1\"></span>ammortamenti <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>qualsiasi <span class=\"_ _1\"></span>perdita <span class=\"_ _1\"></span>per<span class=\"_ _3a1\"> </span> riduzione di valore accumulate.<span class=\"_ _3a1\"> </span> Nelle <span class=\"_ _38\"></span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _38\"></span>materiali <span class=\"_ _38\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>anche <span class=\"_ _38\"></span>ricompres<span class=\"_ _1\"></span>o, <span class=\"_ _38\"></span>ai <span class=\"_ _38\"></span>sens<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>principio <span class=\"_ _0\"></span>IFRS16, <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>D<span class=\"_ _1\"></span>iritto <span class=\"_ _0\"></span>d\u2019Uso <span class=\"_ _1\"></span>(Right <span class=\"_ _0\"></span>of<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> Use) dei beni oggetti di contratti di leasing operat<span class=\"_ _1\"></span>ivo.<span class=\"_ _3a1\"> </span> 9.2 Attivit\u00e0 mat<span class=\"_ _1\"></span>eriali detenute <span class=\"_ _1\"></span>a scopo di investimento: c<span class=\"_ _3a1\"> </span>omposizione delle attivit\u00e0 val<span class=\"_ _1\"></span>utate al costo<span class=\"_ _3a1\"> </span><table class=\"s w914 h221\" id=\"_dfe8cc6d-088f-4b9c-b420-532c4fe93ad7\"><tr><td></td><td></td><td></td><td></td><td class=\"t m2 xd54 h12 y58d4 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x8e9 h12 y58d4 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 xd55 h12 y58d5 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0/Valori<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x5d7 h12 y58d6 ff4 fs7 fc4 sc3 ls0 ws0\">Valore di </td><td></td><td class=\"t m2 xd56 h12 y58d7 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88b h12 y58d8 ff4 fs7 fc4 sc3 ls0 ws0\">Fair value<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xd57 h12 y58d6 ff4 fs7 fc4 sc3 ls0 ws0\">Valore di </td><td class=\"t m2 x7e2 h12 y58d7 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x942 h12 y58d8 ff4 fs7 fc4 sc3 ls0 ws0\">Fair value<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"t m2 xd58 h12 y58d9 ff4 fs7 fc4 sc3 ls0 ws0\">bilancio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd59 h12 y58da ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x938 h12 y58da ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c7 h12 y58da ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d4 h12 y58d9 ff4 fs7 fc4 sc3 ls0 ws0\">bilancio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93a h12 y58da ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba1 h12 y58da ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e5 h12 y58da ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">1. Attivit\u00e0 di propriet\u00e0<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x875 h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">4.768<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x940 h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba3 h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">7.108<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5a h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">4.995<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5b h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5c h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">8.695<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x595 y58dc w915 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) terreni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd5d y58dc w916 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.378<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd5e y58dc w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd5f y58dc w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd60 y58dc w917 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.568<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd61 y58dc w918 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.414<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd62 y58dc w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd63 y58dc w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd64 y58dc w919 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.990<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y58dd w91a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) fabbricati<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd65 y58dd w91b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.390<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd66 y58dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd67 y58dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd68 y58dd w91c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.539<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd69 y58dd w91d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.581<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd6a y58dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd6b y58dd w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd6c y58dd w91e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.705<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y58de ff4 fs7 fc1 sc2 ls0 ws0\">2. Diritti d'uso acquisiti con il </td><td class=\"t m2 xd6d h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x940 h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba3 h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xb9e h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xb9d h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5b h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y58e0 ff4 fs7 fc1 sc2 ls0 ws0\">leasing<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x598 h12 y58e1 ff4 fs7 fc1 sc0 ls0 ws0\">a) terreni </td><td class=\"c n xd6e y58e2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd6f y58e2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd70 y58e2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd71 y58e2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd72 y58e2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd73 y58e2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd74 y58e2 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd75 y58e2 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58e3 ff4 fs7 fc1 sc0 ls0 ws0\">b) fabbricati </td><td class=\"c n xd6e y58e4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd6f y58e4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd70 y58e4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd71 y58e4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd72 y58e4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd73 y58e4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd74 y58e4 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd75 y58e4 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xd76 h12 y58e5 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x875 h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">4.768<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x940 h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba3 h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">7.108<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5a h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">4.995<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5b h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5c h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">8.695<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x58e y58e7 w198 h11\"><div class=\"t m2 x0 h12 y8e ff4 fs7 fc1 sc0 ls0 ws0\">di cui: ottenute trami<span class=\"_ _2\"></span>te </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y58e8 ff4 fs7 fc1 sc0 ls0 ws0\">l\u2019escussione delle gara<span class=\"_ _3b\"></span>n<span class=\"_ _1\"></span>zie </td><td class=\"c n xd6e y58e9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd6f y58e9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd70 y58e9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd71 y58e9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd72 y58ea w91f h20a\"><div class=\"t m2 x2b3 h12 y56d8 ff4 fs7 fc1 sc0 ls0 ws0\">- <span class=\"_ _118\"> </span>- <span class=\"_ _1b0\"> </span>- <span class=\"_ _eb\"> </span>- </div></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y58eb ff4 fs7 fc1 sc0 ls0 ws0\">ricevute </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Legenda:<span class=\"_ _3a1\"> </span> L1= Livello 1<span class=\"_ _3a1\"> </span> L2= Livello 2<span class=\"_ _3a1\"> </span> L3= Livello 3<span class=\"_ _3a1\"> </span><span class=\"fs2\"> </span>Le <span class=\"_ _1\"></span>att<span class=\"_ _3a1\"> </span>ivit\u00e0 <span class=\"_ _1\"></span>materiali <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>valutate <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>costo. <span class=\"_ _38\"></span>Il <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _1\"></span>materiali <span class=\"_ _1\"></span>detenute <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>scopo <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> investimento ammonta a 7,1 <span class=\"_ _2\"></span>milioni di <span class=\"_ _2\"></span>euro, ed \u00e8 stato d<span class=\"_ _2\"></span>eterminato da valutatori e<span class=\"_ _2\"></span>sperti esterni ed<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> indipendenti.<span class=\"_ _3a1\"> </span> Il <span class=\"_ _0\"></span>fair <span class=\"_ _38\"></span>val<span class=\"_ _1\"></span>ue <span class=\"_ _0\"></span>indica <span class=\"_ _0\"></span>l\u2019<span class=\"_ _2\"></span>ammontare<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>stimato <span class=\"_ _0\"></span>cu<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>propriet\u00e0 <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>passiv<span class=\"_ _2\"></span>it\u00e0 <span class=\"_ _0\"></span>dovrebbe <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>ceduta <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span> acquistata, <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>valutazione, <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>venditore<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>acquirente<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>privi <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>legami <span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>icolari,<span class=\"_ _3a1\"> </span> entrambi <span class=\"_ _48\"> </span>interessati <span class=\"_ _48\"> </span>alla <span class=\"_ _3a\"> </span>compravendita, <span class=\"_ _48\"> </span>a <span class=\"_ _48\"> </span>condi<span class=\"_ _2\"></span>zioni <span class=\"_ _48\"> </span>concorrenziali, <span class=\"_ _48\"> </span>d<span class=\"_ _2\"></span>opo <span class=\"_ _48\"> </span>un\u2018 <span class=\"_ _3a\"> </span>adeguata<span class=\"_ _3a1\"> </span>commercializzazione <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>cui <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>parti <span class=\"_ _35\"> </span>abbi<span class=\"_ _2\"></span>ano <span class=\"_ _35\"> </span>agito <span class=\"_ _0\"></span>entrambe <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>modo <span class=\"_ _0\"> </span>infor<span class=\"_ _1\"></span>mato, <span class=\"_ _0\"> </span>co<span class=\"_ _1\"></span>nsapevole <span class=\"_ _0\"></span>e senza coercizioni\u201d. (RICS Red Book VS 3.2, ed. italiana, Marzo 2012). 9.6 Attivit\u00e0 ma<span class=\"_ _1\"></span>teriali ad uso funzionale<span class=\"_ _1\"></span>: variazioni annue <table class=\"s w920 h222\" id=\"_84b83855-8936-4bab-a009-93f96420a6fb\"><tr><td></td><td class=\"c n xd77 y58ec w921 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Terreni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd78 y58ec w922 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Fabbricati<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd79 y58ec w923 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Mobili<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6c6 h12 y58ed ff4 fs7 fc4 sc3 ls0 ws0\">Impianti </td><td class=\"c n xd7a y58ec w924 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd7b y58ec w925 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x679 h12 y58ee ff4 fs7 fc4 sc3 ls0 ws0\">elettronici </td><td></td><td></td></tr><tr><td class=\"c n x2d7 y58ef w926 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A. Esistenze iniziali lorde<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd7c y58ef w927 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">135.310<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd7d h12 y58f0 ff4 fs7 fc1 sc2 ls0 ws0\">324.444<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e7 h12 y58f0 ff4 fs7 fc1 sc2 ls0 ws0\">42.669<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x776 h12 y58f0 ff4 fs7 fc1 sc2 ls0 ws0\">65.218<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd7e h12 y58f0 ff4 fs7 fc1 sc2 ls0 ws0\">153.048<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x795 h12 y58f0 ff4 fs7 fc1 sc2 ls0 ws0\">720.689<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y58f1 w928 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Riduzioni di valore<span class=\"_ _2\"></span> totali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd7f y58f1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x989 h12 y58f2 ff4 fs7 fc1 sc0 ls0 ws0\">212.758<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e7 h12 y58f2 ff4 fs7 fc1 sc0 ls0 ws0\">30.632<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x754 h12 y58f2 ff4 fs7 fc1 sc0 ls0 ws0\">46.645<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd80 h12 y58f2 ff4 fs7 fc1 sc0 ls0 ws0\">118.854<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd81 h12 y58f2 ff4 fs7 fc1 sc0 ls0 ws0\">408.889<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y58f3 w929 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A.2 Esistenze iniziali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd82 y58f3 w927 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">135.310<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x757 h12 y58f4 ff4 fs7 fc1 sc2 ls0 ws0\">111.686<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x78f h12 y58f4 ff4 fs7 fc1 sc2 ls0 ws0\">12.037<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y58f4 ff4 fs7 fc1 sc2 ls0 ws0\">18.573<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd83 h12 y58f4 ff4 fs7 fc1 sc2 ls0 ws0\">34.194<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f6 h12 y58f4 ff4 fs7 fc1 sc2 ls0 ws0\">311.800<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y58f5 w92a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">B. Aumenti:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x715 y58f5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd84 h12 y58f6 ff4 fs7 fc1 sc2 ls0 ws0\">6.375<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fb h12 y58f6 ff4 fs7 fc1 sc2 ls0 ws0\">2.070<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70f h12 y58f6 ff4 fs7 fc1 sc2 ls0 ws0\">4.871<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd83 h12 y58f6 ff4 fs7 fc1 sc2 ls0 ws0\">10.304<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y58f6 ff4 fs7 fc1 sc2 ls0 ws0\">23.620<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y58f7 w92b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Acquisti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd85 y58f7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x65b y58f7 w92c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.187<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd86 y58f7 w79e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.059<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x70f h12 y58f8 ff4 fs7 fc1 sc0 ls0 ws0\">4.871<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y58f8 ff4 fs7 fc1 sc0 ls0 ws0\">9.769<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y58f8 ff4 fs7 fc1 sc0 ls0 ws0\">22.886<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y58f9 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione </td><td class=\"t m2 xd87 h12 y58fa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y58fa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y58fa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y58fa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y58fa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y58fa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y58fb ff4 fs7 fc1 sc0 ls0 ws0\">aziendale </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y58fc w92d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Spese per mig<span class=\"_ _2\"></span>liorie capitalizzate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd88 y58fc w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e3 h12 y58fd ff4 fs7 fc1 sc0 ls0 ws0\">12<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y58fd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y58fd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y58fd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x750 h12 y58fd ff4 fs7 fc1 sc0 ls0 ws0\">12<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y58fe w92e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Riprese di valore<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd89 y58fe w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y58ff ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y58ff ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y58ff ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y58ff ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y58ff ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5900 ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Variazioni pos<span class=\"_ _2\"></span>itive di fair value </td><td class=\"c n x7a2 y5901 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8a y5901 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8b y5901 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8c y5901 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8d y5901 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8e y5901 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x734 y5903 w92f h223\"><div class=\"t m2 x2b3 h12 y5902 ff4 fs7 fc1 sc0 ls0 ws0\">imputate a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xd8f h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) patrimonio netto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd90 y5903 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5904 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5904 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5904 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5904 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5904 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5905 w930 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) conto economic<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd91 y5905 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5906 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5906 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5906 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5906 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5906 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5907 w931 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 Differenze pos<span class=\"_ _2\"></span>itive di cambio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd92 y5907 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5908 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5908 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5908 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5908 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5908 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5909 ff4 fs7 fc1 sc0 ls0 ws0\">B.6 Trasferimenti da im<span class=\"_ _2\"></span>mobili </td><td class=\"t m2 xd87 h12 y590a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y590a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xd93 y590b w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd94 y590b w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd95 y590b w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd96 y590b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xac9 h12 y590c ff4 fs7 fc1 sc0 ls0 ws0\">detenuti a scopo di <span class=\"_ _2\"></span>investimento </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y590d w932 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.7 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd97 y590d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd98 h12 y590e ff4 fs7 fc1 sc0 ls0 ws0\">176<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x98a h12 y590e ff4 fs7 fc1 sc0 ls0 ws0\">11<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y590e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y590e ff4 fs7 fc1 sc0 ls0 ws0\">535<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e8 h12 y590e ff4 fs7 fc1 sc0 ls0 ws0\">722<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y590f w933 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">C. Diminuzioni:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd99 y590f w934 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4<span class=\"_ _2\"></span>72<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd84 h12 y5910 ff4 fs7 fc1 sc2 ls0 ws0\">9.543<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fb h12 y5910 ff4 fs7 fc1 sc2 ls0 ws0\">2.338<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f2 h12 y5910 ff4 fs7 fc1 sc2 ls0 ws0\">3.824<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74f h12 y5910 ff4 fs7 fc1 sc2 ls0 ws0\">6.460<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y5910 ff4 fs7 fc1 sc2 ls0 ws0\">22.607<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5911 ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Vendite </td><td class=\"t m2 x97f h12 y5912 ff4 fs7 fc1 sc0 ls0 ws0\">197<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd9a h12 y5912 ff4 fs7 fc1 sc0 ls0 ws0\">500<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x691 h12 y5912 ff4 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5912 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70b h12 y5912 ff4 fs7 fc1 sc0 ls0 ws0\">40<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e8 h12 y5912 ff4 fs7 fc1 sc0 ls0 ws0\">745<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y5913 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione </td><td class=\"t m2 xd87 h12 y5914 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y5914 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5914 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5914 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5914 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5914 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y5915 ff4 fs7 fc1 sc0 ls0 ws0\">aziendale </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y5916 w935 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Ammortamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd9b y5916 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6a7 h12 y5917 ff4 fs7 fc1 sc0 ls0 ws0\">8.541<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd9c h12 y5917 ff4 fs7 fc1 sc0 ls0 ws0\">2.319<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70f h12 y5917 ff4 fs7 fc1 sc0 ls0 ws0\">3.813<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y5917 ff4 fs7 fc1 sc0 ls0 ws0\">5.822<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y5917 ff4 fs7 fc1 sc0 ls0 ws0\">20.495<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5918 ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Rettifiche di val<span class=\"_ _2\"></span>ore da </td><td class=\"c n x7a2 y5919 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8a y5919 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8b y5919 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8c y5919 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8d y5919 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8e y5919 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x734 y591a w936 h223\"><div class=\"t m2 x2b3 h12 y5902 ff4 fs7 fc1 sc0 ls0 ws0\">deterioramento imput<span class=\"_ _2\"></span>ate a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xd8f h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) patrimonio netto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd90 y591a w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y591b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y591b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y591b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y591b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y591b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y591c w930 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) conto economic<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd91 y591c w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y591d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y591d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y591d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y591d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y591d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y591e ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Variazioni negat<span class=\"_ _2\"></span>ive di fair value </td><td class=\"c n x7a2 y591f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8a y591f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8b y591f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8c y591f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8d y591f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8e y591f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x734 y5921 w92f h224\"><div class=\"t m2 x2b3 h12 y5920 ff4 fs7 fc1 sc0 ls0 ws0\">imputate a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xd8f h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) patrimonio netto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd90 y5921 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5922 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5922 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5922 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5922 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5922 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5923 w930 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) conto economic<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd91 y5923 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5924 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5924 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5924 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5924 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5924 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5925 w937 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.5 Differenze negat<span class=\"_ _2\"></span>ive di cambio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd9d y5925 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5926 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5926 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5926 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5926 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5926 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5927 w938 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.6 Trasferimenti a:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd9e y5927 w939 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">128<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd9a h12 y5928 ff4 fs7 fc1 sc0 ls0 ws0\">405<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5928 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5928 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5928 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e8 h12 y5928 ff4 fs7 fc1 sc0 ls0 ws0\">533<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x73a y592a w93a h225\"><div class=\"t m2 x2b3 h12 y5929 ff4 fs7 fc1 sc0 ls0 ws0\">a) attivit\u00e0 materiali de<span class=\"_ _2\"></span>tenute a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">scopo di investiment<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd87 h12 y592b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y592b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xd93 y592c w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd94 y592c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd95 y592c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd96 y592c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xaca h12 y592d ff4 fs7 fc1 sc0 ls0 ws0\">b) attivit\u00e0 non corrent<span class=\"_ _2\"></span>i e gruppi di<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x694 h12 y592e ff4 fs7 fc1 sc0 ls0 ws0\">128<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd9a h12 y592e ff4 fs7 fc1 sc0 ls0 ws0\">405<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y592e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y592e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y592e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e8 h12 y592e ff4 fs7 fc1 sc0 ls0 ws0\">533<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y592f ff4 fs7 fc1 sc0 ls0 ws0\">attivit\u00e0 in via di dism<span class=\"_ _2\"></span>issione </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y5930 w93b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.7 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd9f y5930 w93c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">147<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e3 h12 y5931 ff4 fs7 fc1 sc0 ls0 ws0\">97<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x98a h12 y5931 ff4 fs7 fc1 sc0 ls0 ws0\">11<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y5931 ff4 fs7 fc1 sc0 ls0 ws0\">11<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y5931 ff4 fs7 fc1 sc0 ls0 ws0\">598<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x788 h12 y5931 ff4 fs7 fc1 sc0 ls0 ws0\">864<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5932 w93d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D. Rimanenze finali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda0 y5932 w93e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">134.838<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x698 h12 y5933 ff4 fs7 fc1 sc2 ls0 ws0\">108.518<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c5 h12 y5933 ff4 fs7 fc1 sc2 ls0 ws0\">11.769<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x776 h12 y5933 ff4 fs7 fc1 sc2 ls0 ws0\">19.620<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y5933 ff4 fs7 fc1 sc2 ls0 ws0\">38.038<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f6 h12 y5933 ff4 fs7 fc1 sc2 ls0 ws0\">312.783<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5934 w93f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.1 Riduzioni di valore <span class=\"_ _2\"></span>totali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda1 y5934 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 xd7d h12 y5935 ff4 fs7 fc1 sc0 ls0 ws0\">220.794<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e7 h12 y5935 ff4 fs7 fc1 sc0 ls0 ws0\">32.858<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x754 h12 y5935 ff4 fs7 fc1 sc0 ls0 ws0\">50.063<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y5935 ff4 fs7 fc1 sc0 ls0 ws0\">123.172<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x795 h12 y5935 ff4 fs7 fc1 sc0 ls0 ws0\">426.887<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5936 w940 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D.2 Rimanenze finali lorde<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda2 y5936 w93e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">134.838<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x989 h12 y5937 ff4 fs7 fc1 sc2 ls0 ws0\">329.312<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e7 h12 y5937 ff4 fs7 fc1 sc2 ls0 ws0\">44.627<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x754 h12 y5937 ff4 fs7 fc1 sc2 ls0 ws0\">69.683<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a2 h12 y5937 ff4 fs7 fc1 sc2 ls0 ws0\">161.210<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xda3 h12 y5937 ff4 fs7 fc1 sc2 ls0 ws0\">739.670<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y53a2 w941 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">E. Valutazione al c<span class=\"_ _2\"></span>osto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda4 y53a2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5938 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5938 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5938 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5938 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5938 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table>Nelle  voci  A.1  e  D.1  -  Riduzioni  di  v<span class=\"_ _2\"></span>alore  tot<span class=\"_ _1\"></span>ali  nette  sono  riportati  gli  imp<span class=\"_ _2\"></span>orti  re<span class=\"_ _1\"></span>lativi  ai <span class=\"_ _35\"> </span>fon<span class=\"_ _1\"></span>di ammortamento. La <span class=\"_ _38\"></span>sottovoce <span class=\"_ _0\"></span>\u201cE <span class=\"_ _1\"></span>- <span class=\"_ _38\"></span>Valutazione <span class=\"_ _0\"></span>al<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>costo\u201d <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>valorizzata <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>anto, <span class=\"_ _38\"></span>come <span class=\"_ _0\"></span>da <span class=\"_ _1\"></span>istruzioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>Banc<span class=\"_ _2\"></span>a d\u2019Italia, la sua compilazione \u00e8 prevista solo <span class=\"_ _1\"></span>per le attivit\u00e0 materiali valutate in bilancio al fair value.<span class=\"_ _3a1\"> </span>9.6 bis Attivit\u00e0 m<span class=\"_ _1\"></span>ateriali ad uso <span class=\"_ _1\"></span>funzionale (diritti d'uso acquisiti con il leas<span class=\"_ _1\"></span>ing): variazioni annue <table class=\"s w942 h226\" id=\"_57fc2504-6ace-4f1a-b438-29966a9f1a9c\"><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x68f h12 y5939 ff4 fs7 fc4 sc3 ls0 ws0\">Terreni <span class=\"_ _1a4\"> </span>Fabbricati <span class=\"_ _104\"> </span>Mobili </td><td class=\"t m2 x6c6 h12 y593a ff4 fs7 fc4 sc3 ls0 ws0\">Impianti </td><td></td><td class=\"c n xd7a y593b w924 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd7b y593b w925 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x679 h12 y593c ff4 fs7 fc4 sc3 ls0 ws0\">elettronici </td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y593d w926 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A. Esistenze iniziali lorde<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda5 y593d w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x698 h12 y593e ff4 fs7 fc1 sc2 ls0 ws0\">222.731<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y593e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y593e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x755 h12 y593e ff4 fs7 fc1 sc2 ls0 ws0\">6.019<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xda3 h12 y593e ff4 fs7 fc1 sc2 ls0 ws0\">228.749<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y593f w928 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Riduzioni di valore<span class=\"_ _2\"></span> totali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd7f y593f w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71d h12 y5940 ff4 fs7 fc1 sc0 ls0 ws0\">95.722<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5940 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5940 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y5940 ff4 fs7 fc1 sc0 ls0 ws0\">2.822<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y5940 ff4 fs7 fc1 sc0 ls0 ws0\">98.544<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5941 w929 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A.2 Esistenze iniziali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x71c y5941 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x989 h12 y5942 ff4 fs7 fc1 sc2 ls0 ws0\">127.008<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5942 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5942 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x755 h12 y5942 ff4 fs7 fc1 sc2 ls0 ws0\">3.197<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y5942 ff4 fs7 fc1 sc2 ls0 ws0\">130.205<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5943 w92a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">B. Aumenti:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x715 y5943 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x980 h12 y5944 ff4 fs7 fc1 sc2 ls0 ws0\">34.088<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5944 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5944 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x755 h12 y5944 ff4 fs7 fc1 sc2 ls0 ws0\">3.551<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y5944 ff4 fs7 fc1 sc2 ls0 ws0\">37.639<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5945 w92b h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Acquisti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd85 y5945 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda6 y5945 w943 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">27.426<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xda7 y5945 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x714 h12 y5946 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x755 h12 y5946 ff4 fs7 fc1 sc0 ls0 ws0\">2.415<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y5946 ff4 fs7 fc1 sc0 ls0 ws0\">29.841<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y5947 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione </td><td class=\"t m2 xd87 h12 y5948 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y5948 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5948 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5948 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5948 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5948 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y5949 ff4 fs7 fc1 sc0 ls0 ws0\">aziendale </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y594a w92d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Spese per mig<span class=\"_ _2\"></span>liorie capitalizzate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd88 y594a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y594b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y594b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y594b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y594b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y594b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y594c w92e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Riprese di valore<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd89 y594c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xda8 h12 y594d ff4 fs7 fc1 sc0 ls0 ws0\">136<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y594d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y594d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y594d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x73d h12 y594d ff4 fs7 fc1 sc0 ls0 ws0\">136<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y594e ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Variazioni pos<span class=\"_ _2\"></span>itive di fair value </td><td class=\"c n x7a2 y594f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8a y594f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd8b y594f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd8c y594f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8d y594f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8e y594f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x734 y5950 w92f h223\"><div class=\"t m2 x2b3 h12 y5902 ff4 fs7 fc1 sc0 ls0 ws0\">imputate a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xd8f h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) patrimonio netto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd90 y5950 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5951 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5951 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5951 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5951 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5951 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5952 w930 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) conto economic<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd91 y5952 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5953 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5953 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5953 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5953 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5953 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5954 w931 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 Differenze pos<span class=\"_ _2\"></span>itive di cambio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd92 y5954 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5955 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5955 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5955 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5955 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5955 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5956 ff4 fs7 fc1 sc0 ls0 ws0\">B.6 Trasferimenti da im<span class=\"_ _2\"></span>mobili </td><td class=\"t m2 xd87 h12 y5957 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y5957 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xd93 y5958 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd94 y5958 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd95 y5958 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd96 y5958 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xac9 h12 y5959 ff4 fs7 fc1 sc0 ls0 ws0\">detenuti a scopo di <span class=\"_ _2\"></span>investimento </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y5443 w932 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.7 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd97 y5443 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd84 h12 y595a ff4 fs7 fc1 sc0 ls0 ws0\">6.526<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y595a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y595a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x685 h12 y595a ff4 fs7 fc1 sc0 ls0 ws0\">1.136<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x780 h12 y595a ff4 fs7 fc1 sc0 ls0 ws0\">7.662<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y595b w933 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">C. Diminuzioni:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda9 y595b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71d h12 y595c ff4 fs7 fc1 sc2 ls0 ws0\">39.016<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y595c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y595c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y595c ff4 fs7 fc1 sc2 ls0 ws0\">2.878<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y595c ff4 fs7 fc1 sc2 ls0 ws0\">41.894<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y595d ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Vendite </td><td class=\"t m2 xd87 h12 y595e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a7 h12 y595e ff4 fs7 fc1 sc0 ls0 ws0\">5.124<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y595e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y595e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y595e ff4 fs7 fc1 sc0 ls0 ws0\">326<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e5 h12 y595e ff4 fs7 fc1 sc0 ls0 ws0\">5.450<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y595f ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione </td><td class=\"t m2 xd87 h12 y5960 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y5960 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5960 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5960 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5960 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5960 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y5961 ff4 fs7 fc1 sc0 ls0 ws0\">aziendale </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y5962 w935 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Ammortamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd9b y5962 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x757 h12 y5963 ff4 fs7 fc1 sc0 ls0 ws0\">22.343<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5963 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5963 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x755 h12 y5963 ff4 fs7 fc1 sc0 ls0 ws0\">1.605<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y5963 ff4 fs7 fc1 sc0 ls0 ws0\">23.948<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5964 ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Rettifiche di val<span class=\"_ _2\"></span>ore da </td><td class=\"c n x7a2 y5965 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdaa y5965 w944 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">21<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd8b y5965 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd8c y5965 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8d y5965 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdab y5965 w944 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">21<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x734 y5966 w936 h224\"><div class=\"t m2 x2b3 h12 y5920 ff4 fs7 fc1 sc0 ls0 ws0\">deterioramento imput<span class=\"_ _2\"></span>ate a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xd8f h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) patrimonio netto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd90 y5966 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5967 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5967 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5967 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5967 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5967 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5968 w930 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) conto economic<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd91 y5968 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e3 h12 y5969 ff4 fs7 fc1 sc0 ls0 ws0\">21<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5969 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5969 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5969 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x750 h12 y5969 ff4 fs7 fc1 sc0 ls0 ws0\">21<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y596a ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Variazioni negat<span class=\"_ _2\"></span>ive di fair value </td><td class=\"c n x7a2 y596b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8a y596b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd8b y596b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd8c y596b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8d y596b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8e y596b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x734 y596c w92f h223\"><div class=\"t m2 x2b3 h12 y5902 ff4 fs7 fc1 sc0 ls0 ws0\">imputate a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xd8f h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) patrimonio netto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd90 y596c w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y596d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y596d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y596d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y596d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y596d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y596e w930 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) conto economic<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd91 y596e w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y596f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y596f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y596f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y596f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y596f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5970 w937 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.5 Differenze negat<span class=\"_ _2\"></span>ive di cambio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd9d y5970 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5971 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5971 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5971 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5971 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5971 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5972 w938 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.6 Trasferimenti a:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdac y5972 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5973 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5973 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5973 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5973 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5973 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x73a y5974 w93a h1e7\"><div class=\"t m2 x2b3 h12 y543a ff4 fs7 fc1 sc0 ls0 ws0\">a) attivit\u00e0 materiali de<span class=\"_ _2\"></span>tenute a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">scopo di investiment<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd87 h12 y5975 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y5975 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xd93 y5976 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd94 y5976 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd95 y5976 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd96 y5976 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xaca h12 y5977 ff4 fs7 fc1 sc0 ls0 ws0\">b) attivit\u00e0 non corrent<span class=\"_ _2\"></span>i e gruppi di<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd87 h12 y5978 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y5978 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5978 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5978 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5978 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5978 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y5979 ff4 fs7 fc1 sc0 ls0 ws0\">attivit\u00e0 in via di dism<span class=\"_ _2\"></span>issione </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y597a w93b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.7 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdad y597a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x789 h12 y597b ff4 fs7 fc1 sc0 ls0 ws0\">11.528<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y597b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y597b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y597b ff4 fs7 fc1 sc0 ls0 ws0\">947<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y597b ff4 fs7 fc1 sc0 ls0 ws0\">12.475<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y548a w93d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D. Rimanenze finali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdae y548a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x698 h12 y597c ff4 fs7 fc1 sc2 ls0 ws0\">122.081<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y597c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y597c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y597c ff4 fs7 fc1 sc2 ls0 ws0\">3.870<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y597c ff4 fs7 fc1 sc2 ls0 ws0\">125.951<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y597d w93f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.1 Riduzioni di valore <span class=\"_ _2\"></span>totali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda1 y597d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x980 h12 y597e ff4 fs7 fc1 sc0 ls0 ws0\">110.252<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y597e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y597e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y597e ff4 fs7 fc1 sc0 ls0 ws0\">2.965<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y597e ff4 fs7 fc1 sc0 ls0 ws0\">113.217<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y597f w940 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D.2 Rimanenze finali lorde<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x715 y597f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd7d h12 y5980 ff4 fs7 fc1 sc2 ls0 ws0\">232.333<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5980 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5980 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74f h12 y5980 ff4 fs7 fc1 sc2 ls0 ws0\">6.835<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y5980 ff4 fs7 fc1 sc2 ls0 ws0\">239.168<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54f9 w941 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">E. Valutazione al c<span class=\"_ _2\"></span>osto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda4 y54f9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5981 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5981 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5981 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5981 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5981 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table>Si fornisce anche la tabella di m<span class=\"_ _2\"></span>ovimentazione dei diritti d\u2019uso acqu<span class=\"_ _2\"></span>isiti con il leasing in quanto tali attivit\u00e0 sono rilevanti.<span class=\"_ _3a1\"> </span>9.7 Attivit\u00e0 <span class=\"_ _1\"></span>materiali detenute a scopo d<span class=\"_ _1\"></span>i investimento<span class=\"_ _1\"></span>: variazioni annue <table class=\"s w945 h227\" id=\"_1ccc2094-793b-45f5-bb4f-6ecdd123a042\"><tr><td></td><td class=\"t m2 x6b9 h12 y5982 ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td><td></td></tr><tr><td></td><td class=\"c n xdaf y5983 w921 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Terreni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb0 y5983 w922 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Fabbricati<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5984 w946 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A. Esistenze iniziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb1 y5984 w947 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">2.414<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x738 h12 y5985 ff4 fs7 fc1 sc2 ls0 ws0\">2.581<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54cd w948 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">B. Aumenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb2 y54cd w949 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">36<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66b h12 y5986 ff4 fs7 fc1 sc2 ls0 ws0\">37<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5987 w94a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Acquisti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb3 y5987 w796 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5988 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5989 w94b h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione a<span class=\"_ _2\"></span>ziendale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb4 y5989 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y598a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y598b w92d h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Spese per mig<span class=\"_ _2\"></span>liorie capitalizzate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb5 y598b w796 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y598c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5522 w94c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Variazioni positive d<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span> fair value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb6 y5522 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y598d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y598e w94d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Riprese di val<span class=\"_ _2\"></span>ore<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb7 y598e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y598f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5990 w94e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 Differenze di camb<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>o positive<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb8 y5990 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5991 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y547e w94f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.6 Trasferimenti da im<span class=\"_ _2\"></span>mobili ad us<span class=\"_ _2\"></span>o funzionale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb7 y547e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5992 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5993 w932 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.7 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb9 y5993 w950 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">36<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66b h12 y5994 ff4 fs7 fc1 sc0 ls0 ws0\">37<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5995 w951 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">C. Diminuzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdba y5995 w952 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">72<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e8 h12 y5996 ff4 fs7 fc1 sc2 ls0 ws0\">228<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5997 ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Vendite </td><td class=\"t m2 xdbb h12 y5998 ff4 fs7 fc1 sc0 ls0 ws0\">72<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y5998 ff4 fs7 fc1 sc0 ls0 ws0\">73<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5999 w94b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione a<span class=\"_ _2\"></span>ziendale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb4 y5999 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y599a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y599b w935 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Ammortamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdbc y599b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x73d h12 y599c ff4 fs7 fc1 sc0 ls0 ws0\">155<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55ab w953 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Variazioni negati<span class=\"_ _2\"></span>ve di fair value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdbd y55ab w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y599d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y599e w954 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Rettifiche di valore d<span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span> deteriorame<span class=\"_ _2\"></span>nto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb6 y599e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y599f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y59a0 ff4 fs7 fc1 sc0 ls0 ws0\">C.5 Differenze di camb<span class=\"_ _2\"></span>io negative </td><td class=\"t m2 x66f h12 y59a1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y59a1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5537 w955 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.6 Trasferimenti a:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x735 y5537 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y59a2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y59a3 w956 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) immobili ad uso funz<span class=\"_ _2\"></span>ionale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdbe y59a3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y59a4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y59a5 w957 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) attivit\u00e0 non corrent<span class=\"_ _2\"></span>i e gruppi di attivit\u00e0 <span class=\"_ _2\"></span>in via di dismissi<span class=\"_ _2\"></span>one<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdbf y59a5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y59a6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y597d w958 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.7 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x735 y597d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y59a7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y597f w959 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D. Rimanenze finali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdc0 y597f w95a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2.378<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e5 h12 y59a8 ff4 fs7 fc1 sc2 ls0 ws0\">2.390<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y539f w95b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">E. Valutazione al fai<span class=\"_ _2\"></span>r value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdc1 y539f w95c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.568<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e5 h12 y59a9 ff4 fs7 fc1 sc0 ls0 ws0\">5.539<span class=\"_ _3a1\"> </span></td></tr></table>Sezione 1 \u2013 Passivit\u00e0 finanziarie valutate al costo ammortizzato \u2013 Voce 10<span class=\"_ _3a1\"> </span> 1.1 Passivit\u00e0 <span class=\"_ _1\"></span>finanziarie valutate al cost<span class=\"_ _1\"></span>o ammortizzato: co<span class=\"_ _1\"></span>mposizione merce<span class=\"_ _1\"></span>ologica dei debiti verso <span class=\"_ _1\"></span>banche <table class=\"s wa68 h23a\" id=\"_4a6ad7af-1900-4fba-a5ff-1ac36dc2fb30\"><tr><td></td><td></td><td></td><td></td><td class=\"c n xf6c y5af7 w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n xf6d y5af7 w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 xf6e h12 y5af8 ff4 fs7 fc4 sc3 ls0 ws0\">Tipologia operazioni/Valori </td><td></td><td></td><td class=\"c n xf6f y5af9 w65d h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n xf70 y5af9 wa69 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12<span class=\"_ _2\"></span>/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m2 xf71 h12 y5afa ff4 fs7 fc4 sc3 ls0 ws0\">VB </td><td></td><td class=\"t m2 x6ed h12 y5afb ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">Fair Value </td><td></td><td class=\"t m2 x6a1 h12 y5afa ff4 fs7 fc4 sc3 ls0 ws0\">VB </td><td></td><td></td><td class=\"t m2 x915 h12 y5afb ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value </td><td></td></tr><tr><td></td><td></td><td class=\"c n xf72 y5afc w65f h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf73 y5afc w662 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf74 y5afc w661 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf75 y5afc w697 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf76 y5afc w662 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf77 y5afc w68a h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5afd wa6a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1. Debiti verso banche centrali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf78 y5afd wa6b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">500.044<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5afe w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5afe w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5afe w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b8 h12 y5aff ff4 fs7 fc1 sc2 ls0 ws0\">2.149.620<span class=\"_ _3a1\"> </span></td><td class=\"c n xf7c y5afe w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5afe w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5afe w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b00 wa6c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2. Debiti verso banche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7f y5b00 wa6d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">5.044.513<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b01 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b01 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b01 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X</div></td><td class=\"t m2 x776 h12 y5b02 ff4 fs7 fc1 sc2 ls0 ws0\">3.636.697<span class=\"_ _3a1\"> </span></td><td class=\"c n xf7c y5b01 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b01 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b01 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5b03 wa6e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Conti correnti e depo<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>iti a vista<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf80 y5b03 wa6f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">74.766<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b03 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b03 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b03 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf81 y5b03 wa70 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">231.8<span class=\"_ _2\"></span>03<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b03 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b03 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b03 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5b04 wa71 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Depositi a scadenz<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf82 y5b04 wa72 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.260<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b04 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b04 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b04 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf83 y5b04 wa73 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">33<span class=\"_ _1\"></span>.758<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b04 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b04 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b04 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5b05 wa74 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf84 y5b05 wa75 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.965.062<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b05 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b05 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b05 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf85 y5b05 wa76 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.370.471<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b05 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b05 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b05 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xf86 y5b06 w94c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3.1 Pronti contro term<span class=\"_ _2\"></span>ine passivi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf87 y5b06 wa77 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.954.536<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b06 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b06 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b06 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf88 y5b06 wa78 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.355.734<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b06 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b06 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b06 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xf86 y5b07 wa79 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3.2 Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf89 y5b07 wa5d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10.526<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b07 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b07 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b07 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf8a y5b07 wa7a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.737<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b07 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b07 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b07 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x997 y5b08 wa7b h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.4 Debiti per impegn<span class=\"_ _2\"></span>i di<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xf8b h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">riacquisto d<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xf8c h12 y5b09 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xf79 y5b0a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b0a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b0a w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf8d y5b0a w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b0a w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b0a w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b0a w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x6d4 h12 y5b0b ff4 fs7 fc1 sc0 ls0 ws0\">propri strumenti patr<span class=\"_ _2\"></span>imoniali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x997 y5b0c wa7c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.5 Debiti per leasing<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf8e y5b0c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b0c w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b0c w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b0c w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf8d y5b0c w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b0c w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b0c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b0c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5630 wa7d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.6 Altri debiti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf8f y5630 wa7e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.425<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5630 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5630 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5630 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf90 y5630 wa7f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">665<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5630 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5630 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5630 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xf91 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6bb h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">5.544.557<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x789 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf92 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">4.954.536<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74d h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">590.020<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x711 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">5.786.317<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xd83 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">3.355.734<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x738 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">2.430.583<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y539f w695 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc12 sc0 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf93 y539f wa80 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc12 sc0 ls0 ws0\">5544555<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n xf94 y539f wa81 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc12 sc0 ls0 ws0\">5786317 </div></td><td></td><td></td><td></td><td></td></tr></table>Legenda:<span class=\"_ _3a1\"> </span> VB= Valore di bilanc<span class=\"_ _2\"></span>io<span class=\"_ _3a1\"> </span> L1= Livello 1<span class=\"_ _3a1\"> </span> L2= Livello 2<span class=\"_ _3a1\"> </span> L3= Livello 3<span class=\"_ _3a1\"> </span> I debiti sono iscr<span class=\"_ _1\"></span>itti al loro valore nominale, corrispondente al loro fair value.<span class=\"_ _3a1\"> </span> I debiti verso banche s<span class=\"_ _1\"></span>ono rappresentati principalmente<span class=\"_ _1\"></span> da debiti a vista a tas<span class=\"_ _1\"></span>so variabile, e non \u00e8<span class=\"_ _3a1\"> </span> stata posta in essere alcun tipo di copertura.<span class=\"_ _3a1\"> </span> La voce \u201c1.Debiti verso banche centrali\u201d accoglie le oper<span class=\"_ _1\"></span>azioni di rifinanzi<span class=\"_ _2\"></span>amento e<span class=\"_ _1\"></span>ffettuate con la<span class=\"_ _3a1\"> </span> Banca Centrale Europea.  L\u2019utilizzo de<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>canale <span class=\"_ _1\"></span>di r<span class=\"_ _1\"></span>ifinanziament<span class=\"_ _1\"></span>o t<span class=\"_ _1\"></span>ramite la <span class=\"_ _38\"></span>BCE, <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>fine <span class=\"_ _1\"></span>2024, <span class=\"_ _1\"></span>\u00e8 r<span class=\"_ _1\"></span>appresentato <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>operazioni<span class=\"_ _3a1\"> </span> MRO, con scadenza ad 1 set<span class=\"_ _1\"></span>timana, per un valore pari <span class=\"_ _1\"></span>a 500 milioni di euro di valore nom<span class=\"_ _1\"></span>inale.  Nel<span class=\"_ _3a1\"> </span> mese <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>marzo 2024 <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>stata <span class=\"_ _1\"></span>rimborsata <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>naturale <span class=\"_ _1\"></span>scadenza <span class=\"_ _1\"></span>l\u2019ultima <span class=\"_ _1\"></span>tranche <span class=\"_ _1\"></span>TLTRO III.7 <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>un<span class=\"_ _3a1\"> </span> importo nominale di 740 milioni di euro.<span class=\"_ _3a1\"> </span>1.2 Passivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie valutate al costo<span class=\"_ _1\"></span> ammortizzato: compos<span class=\"_ _1\"></span>izione merceo<span class=\"_ _1\"></span>logica dei debiti verso client<span class=\"_ _1\"></span>ela <table class=\"s wa82 h23b\" id=\"_20e7be8a-bf32-4477-aa57-b062cd79a6b4\"><tr><td></td><td></td><td></td><td class=\"c n xf95 y5b0e w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n xf96 y5b0e w925 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xf97 h12 y5b0f ff4 fs7 fc4 sc3 ls0 ws0\">Tipologia operazioni/Valori </td><td></td><td></td><td class=\"c n xf98 y5b10 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xf99 y5b10 w68d h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 xf9a h12 y5b11 ff4 fs7 fc4 sc3 ls0 ws0\">VB </td><td></td><td class=\"t m2 x6af h12 y5b12 ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value </td><td></td><td class=\"t m2 xdd2 h12 y5b11 ff4 fs7 fc4 sc3 ls0 ws0\">VB </td><td></td><td class=\"t m2 xf9b h12 y5b12 ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">Fair Value </td></tr><tr><td></td><td></td><td class=\"t m2 x789 h12 y5b13 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></td><td class=\"c n xf9c y5b14 w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf9d y5b14 w68a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf9e y5b14 w687 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf9f y5b14 w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa0 y5b14 w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b15 wa83 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1. Conti correnti e depo<span class=\"_ _2\"></span>siti a vista<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa1 y5b15 wa84 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">32.845.465<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b15 w63d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b15 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b15 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa5 y5b15 wa85 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">31.780.656<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b15 w649 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b15 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b15 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b16 wa86 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2. Depositi a scadenza<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa9 y5b16 wa87 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">5.833.720<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b16 w63d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b16 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b16 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfaa y5b16 wa88 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">5.136.382<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b16 w649 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b16 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b16 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b17 w70a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfab y5b17 wa89 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.400.311<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b17 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b17 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b17 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfac y5b17 wa8a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.042.202<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b17 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b17 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b17 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5b18 wa8b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Pronti contro termi<span class=\"_ _2\"></span>ne passivi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfad y5b18 wa8c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.853.665<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b18 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b18 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b18 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfae y5b18 wa8d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.470.001<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b18 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b18 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b18 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5b19 w5eb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfaf y5b19 wa8e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">546.646<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b19 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b19 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b19 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb0 y5b19 wa8f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">572.201<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b19 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b19 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b19 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y5b1a ff4 fs7 fc1 sc0 ls0 ws0\">4. Debiti per impegn<span class=\"_ _2\"></span>i di riacquisto di propri<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf36 h12 y5b1b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfa2 y5b1c w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b1c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b1c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb1 y5b1c w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b1c w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b1c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b1c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y5b1d ff4 fs7 fc1 sc0 ls0 ws0\">strumenti patrimoni<span class=\"_ _2\"></span>ali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5b1e wa90 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Debiti per leasing<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb2 y5b1e wa91 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13<span class=\"_ _1\"></span>1.567<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b1e w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b1e w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b1e w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb3 y5b1e w433 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">135.807<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b1e w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b1e w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b1e w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b1f wa92 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Altri debiti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb4 y5b1f wa93 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">281.904<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b1f w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b1f w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b1f w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb5 y5b1f wa94 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">314.314<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b1f w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b1f w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b1f w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x909 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">Totale </td><td class=\"t m2 x694 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">41.492.967<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfb6 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68b h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">1.853.665<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74d h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">41.492.901<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x684 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">42.409.361<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x685 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">4.470.001<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x73d h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">37.939.360<span class=\"_ _3a1\"> </span></td></tr></table>Legenda:<span class=\"_ _3a1\"> </span> VB= Valore di bilanc<span class=\"_ _2\"></span>io<span class=\"_ _3a1\"> </span> L1= Livello 1<span class=\"_ _3a1\"> </span> L2= Livello 2<span class=\"_ _3a1\"> </span> L3= Livello 3<span class=\"_ _3a1\"> </span> I de<span class=\"_ _1\"></span>bi<span class=\"_ _3a1\"> </span>ti <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>iscrit<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>valore nom<span class=\"_ _1\"></span>inale, cor<span class=\"_ _1\"></span>rispondente <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>il livello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value<span class=\"_ _3a1\"> </span> attribuito risulta essere pari a <span class=\"_ _2\"></span>3, ad <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ccezione del livello d<span class=\"_ _2\"></span>i fair value dei p<span class=\"_ _2\"></span>ronti contro termine a cui<span class=\"_ _3a1\"> </span> \u00e8 attributo il valore 2.<span class=\"_ _3a1\"> </span> Nella voce <span class=\"_ _2\"></span>Debiti per l<span class=\"_ _3b\"></span>eas<span class=\"_ _1\"></span>ing \u00e8 <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>icompreso, <span class=\"_ _3b\"></span>ai sensi del <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>IFRS16, il <span class=\"_ _3b\"></span>De<span class=\"_ _1\"></span>bito per <span class=\"_ _2\"></span>leasing (L<span class=\"_ _2\"></span>ease<span class=\"_ _3a1\"> </span> Liability), pari <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>attuale <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>canoni <span class=\"_ _1\"></span>previsti <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>ancora <span class=\"_ _1\"></span>pagati dei <span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>ni o<span class=\"_ _1\"></span>ggetti <span class=\"_ _1\"></span>di contratti<span class=\"_ _3a1\"> </span> di leasing operativo.<span class=\"_ _3a1\"> </span> La  principale <span class=\"_ _3d\"> </span>novit\u00e0 <span class=\"_ _3d\"> </span>introdot<span class=\"_ _1\"></span>ta  dal <span class=\"_ _3d\"> </span>principio <span class=\"_ _3d\"> </span>\u00e8 <span class=\"_ _3d\"> </span>rappresentata <span class=\"_ _3d\"> </span>dalla  modif<span class=\"_ _1\"></span>ica  delle <span class=\"_ _3d\"> </span>modalit\u00e0 <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span> contabilizzazione <span class=\"_ _36\"> </span>delle <span class=\"_ _36\"> </span>operazioni <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>leasing <span class=\"_ _36\"> </span>oper<span class=\"_ _1\"></span>ativo <span class=\"_ _36\"> </span>nel <span class=\"_ _36\"> </span>bilancio <span class=\"_ _37\"> </span>del <span class=\"_ _36\"> </span>locatario/<span class=\"_ _1\"></span>utilizzatore,<span class=\"_ _3a1\"> </span> attraverso <span class=\"_ _1\"></span>l\u2019introduzione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>unico <span class=\"_ _1\"></span>modello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>contabilizzazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>contratti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>leasing <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>parte<span class=\"_ _3a1\"> </span> del locatario siano essi classificati come leas<span class=\"_ _1\"></span>ing operativi o finanziari.  I de<span class=\"_ _1\"></span>biti ve<span class=\"_ _1\"></span>rso <span class=\"_ _1\"></span>clientela <span class=\"_ _1\"></span>sono rappre<span class=\"_ _1\"></span>sentati pr<span class=\"_ _1\"></span>incipalmente da <span class=\"_ _1\"></span>debiti <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>vista <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>tasso <span class=\"_ _1\"></span>variabile, <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>non<span class=\"_ _3a1\"> </span> \u00e8  stata <span class=\"_ _35\"> </span>post<span class=\"_ _1\"></span>a <span class=\"_ _35\"> </span>in  essere  alcu<span class=\"_ _2\"></span>n  tip<span class=\"_ _2\"></span>o  di <span class=\"_ _35\"> </span>copert<span class=\"_ _1\"></span>ura  specific<span class=\"_ _2\"></span>a,  mentre  sono <span class=\"_ _35\"> </span>state  poste  i<span class=\"_ _2\"></span>n  essere<span class=\"_ _3a1\"> </span> coperture di Macro Fair Value Hed<span class=\"_ _2\"></span>ge delle poste a vista, cos\u00ec come descritto nella parte E,<span class=\"_ _2\"></span> sezione<span class=\"_ _3a1\"> </span> 2.2 della presente nota.  Si <span class=\"_ _38\"></span>segnala <span class=\"_ _0\"></span>ch<span class=\"_ _2\"></span>e, <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>eguito <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>modifiche <span class=\"_ _38\"></span>apporta<span class=\"_ _1\"></span>te <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>funzionament<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>mercato <span class=\"_ _0\"></span>int<span class=\"_ _2\"></span>erbancario<span class=\"_ _3a1\"> </span> collateralizzato, <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>conseguente <span class=\"_ _38\"></span>trasfer<span class=\"_ _1\"></span>imento <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>Cassa <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Compensa<span class=\"_ _1\"></span>zione <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>Garanzia <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>alla<span class=\"_ _3a1\"> </span> Monte <span class=\"_ _38\"></span>Tito<span class=\"_ _1\"></span>li <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>funzioni <span class=\"_ _38\"></span>finora <span class=\"_ _0\"></span>svolte <span class=\"_ _38\"></span>dalla <span class=\"_ _38\"></span>B<span class=\"_ _1\"></span>anca <span class=\"_ _38\"></span>d\u2019Italia, <span class=\"_ _38\"></span>nella <span class=\"_ _38\"></span>voce <span class=\"_ _0\"></span>3.1 <span class=\"_ _38\"></span>\u201cPronti <span class=\"_ _38\"></span>contro <span class=\"_ _0\"></span>termine<span class=\"_ _3a1\"> </span> passivi\u201d sono presenti i finanziamenti, per 1.853,7 m<span class=\"_ _1\"></span>ilioni di euro, ricevuti dal suddetto mercato.<span class=\"_ _3a1\"> </span> Secondo <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>dati <span class=\"_ _38\"></span>ABI, <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>Italia, <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>dinamica <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>raccolta<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>diretta <span class=\"_ _38\"></span>da <span class=\"_ _38\"></span>clientela <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>tot<span class=\"_ _1\"></span>ale <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>banche<span class=\"_ _3a1\"> </span> operanti in Italia \u00e8<span class=\"_ _1\"></span> stata in aumento del 2,4% <span class=\"_ _1\"></span>su base annua, con <span class=\"_ _1\"></span>una variazione pi\u00f9 contenuta <span class=\"_ _1\"></span>dei<span class=\"_ _3a1\"> </span> depositi (+1,7%) e un\u2019espansione delle obbligazioni.<span class=\"_ _3a1\"> </span>1.3 Passivit\u00e0 finan<span class=\"_ _1\"></span>ziarie valutate al cost<span class=\"_ _1\"></span>o ammortizzato: com<span class=\"_ _1\"></span>posizione merce<span class=\"_ _1\"></span>ologica dei titoli in circola<span class=\"_ _1\"></span>zione <table class=\"s wa95 h23c\" id=\"_03b1c390-1a9c-481e-97a6-af4cea5c3c26\"><tr><td></td><td></td><td></td><td></td><td class=\"c n xfb7 y5b21 w6c5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xfb8 y5b21 w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c n xfb9 y5b22 w65d h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n xfba y5b22 w65e h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 xfbb h12 y5b23 ff4 fs7 fc4 sc3 ls0 ws0\">Tipologia titoli/Valori </td><td></td><td class=\"t m2 x6e6 h12 y5b24 ff4 fs7 fc4 sc3 ls0 ws0\">VB </td><td></td><td class=\"t m2 xd7d h12 y5b25 ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value </td><td></td><td class=\"t m2 x6d0 h12 y5b24 ff4 fs7 fc4 sc3 ls0 ws0\">VB </td><td></td><td class=\"t m2 xd83 h12 y5b25 ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c n xfbc y5b26 w65f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfbd y5b26 w660 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfbe y5b26 w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfbf y5b26 w65f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfc0 y5b26 w688 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfc1 y5b26 w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y5b27 ff4 fs7 fc1 sc2 ls0 ws0\">A. Titoli </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x70c y5486 wa96 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. obbligazioni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfc2 y5486 wa97 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.233.961</div></td><td class=\"t m2 xfc3 h12 y5b28 ff4 fs7 fc1 sc0 ls0 ws0\">4.149.806<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd84 h12 y5b28 ff4 fs7 fc1 sc0 ls0 ws0\">183.433<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x981 h12 y5b28 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h12 y5b28 ff4 fs7 fc1 sc0 ls0 ws0\">4.581.551<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x695 h12 y5b28 ff4 fs7 fc1 sc0 ls0 ws0\">4.169.898<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y5b28 ff4 fs7 fc1 sc0 ls0 ws0\">445.445<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5b28 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y54a9 wa98 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1 strutturate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfc4 y54a9 wa99 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">927.585</div></td><td class=\"t m2 x6a9 h12 y5b29 ff4 fs7 fc1 sc0 ls0 ws0\">994.931<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc5 h12 y5b29 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x981 h12 y5b29 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x663 h12 y5b29 ff4 fs7 fc1 sc0 ls0 ws0\">749.693<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd2 h12 y5b29 ff4 fs7 fc1 sc0 ls0 ws0\">763.278<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc6 h12 y5b29 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5b29 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y55b0 wa9a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfc7 y55b0 wa9b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>.306.376</div></td><td class=\"t m2 x990 h12 y5b2a ff4 fs7 fc1 sc0 ls0 ws0\">3.154.875<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd84 h12 y5b2a ff4 fs7 fc1 sc0 ls0 ws0\">183.433<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x981 h12 y5b2a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc8 h12 y5b2a ff4 fs7 fc1 sc0 ls0 ws0\">3.831.858<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x664 h12 y5b2a ff4 fs7 fc1 sc0 ls0 ws0\">3.406.620<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y5b2a ff4 fs7 fc1 sc0 ls0 ws0\">445.445<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5b2a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5513 wa9c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. altri titoli<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfc9 y5513 wa45 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">211.194<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6ae h12 y5b2b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc5 h12 y5b2b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75d h12 y5b2b ff4 fs7 fc1 sc0 ls0 ws0\">211.194<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74e h12 y5b2b ff4 fs7 fc1 sc0 ls0 ws0\">84<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b9 h12 y5b2b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc6 h12 y5b2b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y5b2b ff4 fs7 fc1 sc0 ls0 ws0\">84<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y5515 wa9d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 strutturate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfca y5515 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6ae h12 y5b2c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc5 h12 y5b2c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x981 h12 y5b2c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x711 h12 y5b2c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b9 h12 y5b2c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc6 h12 y5b2c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5b2c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y54b0 wa9e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfcb y54b0 wa45 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">211.194<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6ae h12 y5b2d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc5 h12 y5b2d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75d h12 y5b2d ff4 fs7 fc1 sc0 ls0 ws0\">211.194<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74e h12 y5b2d ff4 fs7 fc1 sc0 ls0 ws0\">84<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b9 h12 y5b2d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc6 h12 y5b2d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y5b2d ff4 fs7 fc1 sc0 ls0 ws0\">84<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 xdc3 h12 y5b2e ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfcc h12 y5b2e ff4 fs7 fc1 sc2 ls0 ws0\">4.445.155<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc3 h12 y5b2e ff4 fs7 fc1 sc2 ls0 ws0\">4.149.806<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd84 h12 y5b2e ff4 fs7 fc1 sc2 ls0 ws0\">183.433<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75d h12 y5b2e ff4 fs7 fc1 sc2 ls0 ws0\">211.194<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x674 h12 y5b2e ff4 fs7 fc1 sc2 ls0 ws0\">4.581.635<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x695 h12 y5b2e ff4 fs7 fc1 sc2 ls0 ws0\">4.169.898<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y5b2e ff4 fs7 fc1 sc2 ls0 ws0\">445.445<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y5b2e ff4 fs7 fc1 sc2 ls0 ws0\">84<span class=\"_ _3a1\"> </span></td></tr></table>Legenda: VB= Valore di bilanc<span class=\"_ _2\"></span>io L1= Livello 1 L2= Livello 2 L3= Livello 3 Nella voce \u201caltri titoli\u201d sono classificati le operazioni di Commercial paper. A  gennaio  2024  \u00e8  stato  collocato  un  prestito  obbligazionario  nell\u2019ambito  del Green,  Social  &amp; Sustainability <span class=\"_ _0\"></span>Bonds <span class=\"_ _0\"></span>Framework <span class=\"_ _0\"></span>destinato <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>investitori <span class=\"_ _0\"></span>istituzionali <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>no<span class=\"_ _1\"></span>minali <span class=\"_ _0\"></span>500 <span class=\"_ _0\"></span>milioni <span class=\"_ _38\"></span>di euro.  In <span class=\"_ _35\"> </span>relazione  alle <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>emissione  di <span class=\"_ _35\"> </span>strumenti <span class=\"_ _35\"> </span>obbligazionari,  n<span class=\"_ _2\"></span>el  m<span class=\"_ _2\"></span>ese  di<span class=\"_ _2\"></span>  l<span class=\"_ _2\"></span>uglio <span class=\"_ _35\"> </span>2024  si <span class=\"_ _35\"> </span>\u00e8 perfezionato <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>rinnovo <span class=\"_ _0\"></span>annual<span class=\"_ _2\"></span>e <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>Programma <span class=\"_ _0\"></span>EM<span class=\"_ _2\"></span>TN. <span class=\"_ _0\"></span>L'agg<span class=\"_ _2\"></span>iornamento <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>Base <span class=\"_ _0\"></span>Prospectus <span class=\"_ _38\"></span>ha permesso  l'in<span class=\"_ _2\"></span>troduzione <span class=\"_ _35\"> </span>della  possibilit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>emettere  anche<span class=\"_ _2\"></span>  tit<span class=\"_ _2\"></span>oli  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>diritto  italiano <span class=\"_ _35\"> </span>nella <span class=\"_ _35\"> </span>forma dematerializzata e accentrata su Monte Titoli, in linea con <span class=\"_ _1\"></span>la prassi di mercato. Nell\u2019ambito <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>programma <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>Obbligazioni <span class=\"_ _38\"></span>Bancarie <span class=\"_ _0\"></span>Garantite <span class=\"_ _38\"></span>da <span class=\"_ _0\"></span>Credem <span class=\"_ _38\"></span>CB<span class=\"_ _1\"></span>, <span class=\"_ _0\"></span>il<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>ore <span class=\"_ _0\"></span>nominale<span class=\"_ _3b\"></span> delle <span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>issioni <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>circolazione <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>fine <span class=\"_ _38\"></span>dicembre <span class=\"_ _1\"></span>2024 <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>risultat<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>pari <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>2,85 <span class=\"_ _1\"></span>miliardi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>euro, <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>cui 1 miliardo di euro rappresentato da <span class=\"_ _2\"></span>un\u2019emissione retained. Nel mese di <span class=\"_ _2\"></span>gennaio 2024, in conformit\u00e0 alla  nuova  di<span class=\"_ _2\"></span>rett<span class=\"_ _1\"></span>iva  europea  recepita  in  I<span class=\"_ _2\"></span>talia  il  30  marzo  2023,  sono  sta<span class=\"_ _2\"></span>ti  emessi  due  nuovi European Covered <span class=\"_ _3b\"></span>Bond (Premiu<span class=\"_ _2\"></span>m). L<span class=\"_ _2\"></span>a prima <span class=\"_ _3b\"></span>emissione, destinata <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>l c<span class=\"_ _2\"></span>ollocamento p<span class=\"_ _2\"></span>ubblico <span class=\"_ _3b\"></span>ver<span class=\"_ _1\"></span>so investitori <span class=\"_ _38\"></span>istituzionali, <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>tata <span class=\"_ _1\"></span>emes<span class=\"_ _1\"></span>sa <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>valore <span class=\"_ _38\"></span>nominale <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>500 <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>ilioni <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>euro. <span class=\"_ _38\"></span>La <span class=\"_ _38\"></span>seconda<span class=\"_ _2\"></span> emissione, <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>tipo <span class=\"_ _1\"></span>retained, <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>raggiunto <span class=\"_ _1\"></span>un va<span class=\"_ _1\"></span>lore <span class=\"_ _1\"></span>nom<span class=\"_ _1\"></span>inale <span class=\"_ _1\"></span>di 1.000<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>milioni di <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>uro. <span class=\"_ _1\"></span>Quest\u2019ultima risulta idonea <span class=\"_ _3b\"></span>per operazioni <span class=\"_ _3b\"></span>di rifinan<span class=\"_ _2\"></span>ziamento presso <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>Centrale Europea <span class=\"_ _3b\"></span>e si <span class=\"_ _3b\"></span>presta com<span class=\"_ _3b\"></span>e attivit\u00e0 <span class=\"_ _3d\"> </span>di  livello <span class=\"_ _3d\"> </span>1  ai <span class=\"_ _3d\"> </span>fini  de<span class=\"_ _1\"></span>l  Liquidity <span class=\"_ _3d\"> </span>Coverage <span class=\"_ _3d\"> </span>Ratio  per <span class=\"_ _3d\"> </span>potenziali  contr<span class=\"_ _1\"></span>oparti  pre<span class=\"_ _1\"></span>nditrici  in operazioni di Repo. Ad <span class=\"_ _36\"> </span>agost<span class=\"_ _1\"></span>o <span class=\"_ _39\"> </span>2024, <span class=\"_ _36\"> </span>successivamente <span class=\"_ _39\"> </span>all'autorizzazione <span class=\"_ _36\"> </span>rilasciata <span class=\"_ _39\"> </span>dal <span class=\"_ _36\"> </span>Single <span class=\"_ _39\"> </span>Resolution <span class=\"_ _39\"> </span>Board, Credem  ha <span class=\"_ _35\"> </span>annunciato <span class=\"_ _35\"> </span>l\u2019intenzione  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>esercitare  l\u2019opzione <span class=\"_ _35\"> </span>volontaria  di <span class=\"_ _35\"> </span>rimborso <span class=\"_ _35\"> </span>anticipato  i<span class=\"_ _3b\"></span>n<span class=\"_ _1\"></span> relazione <span class=\"_ _1\"></span>alle pro<span class=\"_ _1\"></span>prie Obbligazioni <span class=\"_ _1\"></span>Senior <span class=\"_ _1\"></span>Non-Preferred <span class=\"_ _1\"></span>da 500 <span class=\"_ _1\"></span>milioni e<span class=\"_ _1\"></span>uro, e <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rimborsare <span class=\"_ _1\"></span>tutte le <span class=\"_ _1\"></span>proprie <span class=\"_ _1\"></span>Note <span class=\"_ _1\"></span>ancora <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>circolazione: <span class=\"_ _1\"></span>rimanevano <span class=\"_ _1\"></span>338 <span class=\"_ _1\"></span>milioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>euro, <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>guito <span class=\"_ _1\"></span>del riacquisto <span class=\"_ _1\"></span>da parte dell'Emittente d<span class=\"_ _2\"></span>i 162 <span class=\"_ _2\"></span>milioni di <span class=\"_ _2\"></span>euro, nell'ambito d<span class=\"_ _2\"></span>ell'Offerta Pub<span class=\"_ _2\"></span>blica di Acq<span class=\"_ _2\"></span>uisto conclusa n<span class=\"_ _2\"></span>el settembre 2023. Nel  mese <span class=\"_ _35\"> </span>di  Novembre <span class=\"_ _35\"> </span>2024  \u00e8<span class=\"_ _2\"></span>  stato <span class=\"_ _35\"> </span>perfezionato  il <span class=\"_ _35\"> </span>rinnovo  annu<span class=\"_ _2\"></span>ale  del  P<span class=\"_ _2\"></span>rogramma  OBG. <span class=\"_ _35\"> </span>Le modifiche al<span class=\"_ _2\"></span> Base <span class=\"_ _2\"></span>Prospectus hanno <span class=\"_ _3b\"></span>riguardato<span class=\"_ _1\"></span> princ<span class=\"_ _2\"></span>ipalmente l\u2019aggiornamento dei <span class=\"_ _3b\"></span>dati finanziari e l\u2019adeguamento normativo della documentazione d\u2019offerta alla migli<span class=\"_ _2\"></span>or prass<span class=\"_ _1\"></span>i di mercato vi<span class=\"_ _2\"></span>gente. Per <span class=\"_ _0\"></span>quanto <span class=\"_ _0\"></span>riguarda <span class=\"_ _0\"></span>l\u2019operativit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _0\"></span>monetario <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>vale<span class=\"_ _2\"></span>re <span class=\"_ _0\"></span>sul <span class=\"_ _0\"></span>Programma <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Emissione <span class=\"_ _38\"></span>di Cambia<span class=\"_ _3a1\"> </span>li F<span class=\"_ _1\"></span>inanziarie <span class=\"_ _1\"></span>di Cr<span class=\"_ _1\"></span>edito <span class=\"_ _1\"></span>Emiliano ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>corso <span class=\"_ _1\"></span>del 2024 <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no state <span class=\"_ _1\"></span>collocate <span class=\"_ _1\"></span>22 <span class=\"_ _1\"></span>emissioni, <span class=\"_ _1\"></span>per un <span class=\"_ _2\"></span>ammontare complessivo di <span class=\"_ _3b\"></span>circa 708 mil<span class=\"_ _2\"></span>ioni d<span class=\"_ _2\"></span>i euro <span class=\"_ _2\"></span>e per <span class=\"_ _3b\"></span>un valore nominale <span class=\"_ _3b\"></span>outstanding a <span class=\"_ _3b\"></span>fine dicembre 2024 di 211 milioni di euro. 1.4 Dettaglio de<span class=\"_ _1\"></span>i debiti/titoli subordinat<span class=\"_ _1\"></span>i  Gruppo Bancar<span class=\"_ _1\"></span>io Principali caratteristiche contrattuali delle passivit\u00e0 s<span class=\"_ _1\"></span>ubordinate: <span class=\"_ _3e\"> </span><span class=\"ff4\">\u201cCREDITO E<span class=\"_ _2\"></span>MILIANO 20/30 <span class=\"_ _2\"></span>SUBORDINATO <span class=\"_ _3b\"></span>3<span class=\"_ _1\"></span>,5% SU<span class=\"_ _2\"></span>B\u201d (IS<span class=\"_ _2\"></span>IN IT0005421539) <span class=\"_ _2\"></span>per 2<span class=\"_ _3b\"></span>0<span class=\"_ _1\"></span>0.000.000,00 </span>\u20ac costituito da n. 2.000.000,00 obbligazioni del valore nominale di 100<span class=\"_ _1\"></span> \u20ac cadauna. Le <span class=\"_ _36\"> </span>obbligazioni <span class=\"_ _36\"> </span>corrisponderanno <span class=\"_ _39\"> </span>cedole <span class=\"_ _36\"> </span>fisse <span class=\"_ _36\"> </span>annuali <span class=\"_ _36\"> </span>pari <span class=\"_ _36\"> </span>al <span class=\"_ _36\"> </span>3,5% <span class=\"_ _39\"> </span>annuo <span class=\"_ _36\"> </span>lordo <span class=\"_ _36\"> </span>fino <span class=\"_ _36\"> </span>al 16/12/2025 poi tasso IRS  5Y + 3,897% annuo lordo. Il <span class=\"_ _39\"> </span>prestito <span class=\"_ _39\"> </span>scade <span class=\"_ _39\"> </span>il <span class=\"_ _39\"> </span>16/12/2030 <span class=\"_ _36\"> </span>s<span class=\"_ _1\"></span>e <span class=\"_ _39\"> </span>non <span class=\"_ _39\"> </span>verr\u00e0 <span class=\"_ _36\"> </span>eser<span class=\"_ _1\"></span>citata <span class=\"_ _39\"> </span>l\u2019opzione <span class=\"_ _39\"> </span>call <span class=\"_ _36\"> </span>al <span class=\"_ _39\"> </span>1<span class=\"_ _1\"></span>6/12/2025 <span class=\"_ _39\"> </span>che significher\u00e0 il rimborso anticipato. Al <span class=\"_ _0\"></span>31/12/20<span class=\"_ _1\"></span>24 <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>antit\u00e0 <span class=\"_ _0\"></span>residua <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>isulta <span class=\"_ _0\"></span>pari <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>200.000.000,00 <span class=\"_ _0\"></span>\u20ac <span class=\"_ _0\"></span>costituita <span class=\"_ _35\"> </span>da <span class=\"_ _0\"></span>n. <span class=\"_ _0\"></span>2.000.000 obbligazioni del valore nominale di 100 \u20ac cadauna. L\u2019obbligazione \u00e8 stata interamente sottos<span class=\"_ _1\"></span>critta da Credemholding. <span class=\"_ _3e\"> </span><span class=\"ff4\">\u201cCREDITO EMILIANO 22/32 S<span class=\"_ _2\"></span>UBORDINATO 7,625 SUB\u201d (ISIN IT0005497117) per 200.000.000,00 </span>\u20ac costituito da n. 2.000.000,00 obbligazioni del valore nominale di 100<span class=\"_ _1\"></span> \u20ac cadauna. Le  o<span class=\"_ _1\"></span>bbligazioni  corrisponderanno <span class=\"_ _3d\"> </span>cedole  fisse <span class=\"_ _3d\"> </span>annuali  pari <span class=\"_ _3d\"> </span>al  7<span class=\"_ _1\"></span>,625%  annuo <span class=\"_ _3d\"> </span>lordo  fino <span class=\"_ _3d\"> </span>al 05/10/2027 poi tasso MS  5Y + 5,514% annuo lordo. Il <span class=\"_ _37\"> </span>pre<span class=\"_ _1\"></span>stito <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>cade <span class=\"_ _37\"> </span>il <span class=\"_ _36\"> </span>05/10/2032 <span class=\"_ _36\"> </span>se <span class=\"_ _36\"> </span>non <span class=\"_ _37\"> </span>verr\u00e0 <span class=\"_ _36\"> </span>esercitata <span class=\"_ _36\"> </span>l\u2019opzione <span class=\"_ _36\"> </span>call <span class=\"_ _37\"> </span>al <span class=\"_ _36\"> </span>05/07/2027 <span class=\"_ _36\"> </span>che significher\u00e0 il rimborso anticipato. Al <span class=\"_ _0\"></span>31/12/20<span class=\"_ _1\"></span>24 <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>antit\u00e0 <span class=\"_ _0\"></span>residua <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>isulta <span class=\"_ _0\"></span>pari <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>200.000.000,00 <span class=\"_ _0\"></span>\u20ac <span class=\"_ _0\"></span>costituita <span class=\"_ _35\"> </span>da <span class=\"_ _0\"></span>n. <span class=\"_ _0\"></span>2.000.000 obbligazioni del valore nominale di 100 \u20ac cadauna L\u2019obbligazione \u00e8 stata interamente sottos<span class=\"_ _1\"></span>critta da Credemholding. In <span class=\"_ _1\"></span>caso<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>iquidazione <span class=\"_ _38\"></span>tutte <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>obbligazioni <span class=\"_ _38\"></span>subordinate <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>aranno <span class=\"_ _38\"></span>rimborsate <span class=\"_ _38\"></span>solo <span class=\"_ _38\"></span>dopo <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>siano stati soddisfatti tutti gli altri creditori non ugualmente subordinati. Le obbligazioni non sono coperte dalla garanzia del <span class=\"_ _1\"></span>Fondo Interbancario di Tutela dei Depositi. Imprese di ass<span class=\"_ _1\"></span>icurazione<span class=\"_ _3a1\"> </span>O<span class=\"_ _3a1\"> </span>bb<span class=\"_ _3a1\"> </span>li<span class=\"_ _3a1\"> </span>ga<span class=\"_ _3a1\"> </span>zione <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>convertibile, <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>fisso, <span class=\"_ _0\"></span>emissione <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>98,330% <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>data <span class=\"_ _0\"></span>18 <span class=\"_ _0\"></span>novembre <span class=\"_ _0\"></span>2020 <span class=\"_ _38\"></span>e denominato <span class=\"_ _35\"> </span>\u201cCredemvita  s.p.a.\u201d, <span class=\"_ _35\"> </span>codice  I<span class=\"_ _2\"></span>SIN <span class=\"_ _35\"> </span>XS2253071216  in <span class=\"_ _35\"> </span>valu<span class=\"_ _2\"></span>ta  euro. <span class=\"_ _35\"> </span>Il <span class=\"_ _35\"> </span>titolo  p<span class=\"_ _2\"></span>resenta  l<span class=\"_ _3b\"></span>e seguenti caratteristiche: <span class=\"_ _3e\"> </span><span class=\"ff4\">Valore nominale: 107.500.000 di euro; </span><span class=\"_ _3e\"> </span><span class=\"ff4\">Scadenza: 18/02/2031; </span><span class=\"_ _3e\"> </span><span class=\"ff4\">Cedola: Tasso<span class=\"_ _1\"></span> fisso <span class=\"_ _1\"></span>annuale, fissato<span class=\"_ _1\"></span> al mo<span class=\"_ _1\"></span>mento dell\u2019emissione <span class=\"_ _1\"></span>pari al <span class=\"_ _1\"></span>3,5% per<span class=\"_ _1\"></span> i <span class=\"_ _1\"></span>primi 5 <span class=\"_ _1\"></span>anni. </span>Il  tasso  di  interesse  viene <span class=\"_ _35\"> </span>rivisto  al  termine  del  quinto  anno, <span class=\"_ _35\"> </span>se<span class=\"_ _1\"></span>nza  applicazi<span class=\"_ _2\"></span>one  di  alcun meccanismo di step-up; <span class=\"_ _3e\"> </span><span class=\"ff4\">Rating: BBB- by Fitch. </span>Il rimborso del P<span class=\"_ _1\"></span>restito potr\u00e0 avvenire <span class=\"_ _1\"></span>- oltre che <span class=\"_ _1\"></span>alla scadenza naturale - alla scadenza del quint<span class=\"_ _1\"></span>o anno, ovvero <span class=\"_ _1\"></span>al verificars<span class=\"_ _1\"></span>i di un \"Regulatory <span class=\"_ _1\"></span>Event\" (ossia <span class=\"_ _1\"></span>nell'ipotesi in cui <span class=\"_ _1\"></span>i titoli <span class=\"_ _1\"></span>non avessero <span class=\"_ _1\"></span>pi\u00f9 le <span class=\"_ _38\"></span>caratteristiche <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ammissibilit\u00e0 <span class=\"_ _38\"></span>- <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>computabilit\u00e0 <span class=\"_ _1\"></span>\u2013<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>ad <span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sere <span class=\"_ _38\"></span>inclusi <span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>lementi <span class=\"_ _1\"></span>dei fondi propri di<span class=\"_ _2\"></span> base di<span class=\"_ _2\"></span> livello 2<span class=\"_ _3b\"></span> della Compagnia, ov<span class=\"_ _2\"></span>vero, conformemente alla <span class=\"_ _2\"></span>prassi di<span class=\"_ _2\"></span> mercato, n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>l caso <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>cui<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>Compagnia <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>fos<span class=\"_ _1\"></span>se <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>oggettata <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>sup<span class=\"_ _2\"></span>ervisione <span class=\"_ _35\"> </span>dell'IVAS<span class=\"_ _2\"></span>S) <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>\"Tax<span class=\"_ _3a1\"> </span>Event\" <span class=\"_ _0\"></span>(ossia <span class=\"_ _0\"></span>qualora, <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>causa <span class=\"_ _0\"></span>dell'introduzione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>nuove <span class=\"_ _0\"></span>norme <span class=\"_ _0\"></span>fiscali, <span class=\"_ _0\"></span>ovvero <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>modifica <span class=\"_ _0\"></span>di quelle <span class=\"_ _38\"></span>esistent<span class=\"_ _1\"></span>i, <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>Compagnia <span class=\"_ _38\"></span>fo<span class=\"_ _1\"></span>sse <span class=\"_ _38\"></span>assoggettat<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>pagamento <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>ul<span class=\"_ _2\"></span>terior<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>imposte <span class=\"_ _38\"></span>sul <span class=\"_ _0\"></span>Prestito ovvero non fosse pi\u00f9 in condizioni di dedurre gli intere<span class=\"_ _1\"></span>ssi pagati sul Prestito). 1.5 Dettaglio dei <span class=\"_ _1\"></span>debiti strutt<span class=\"_ _1\"></span>urati Non esistono, alla d<span class=\"_ _2\"></span>ata del bilancio,<span class=\"_ _2\"></span> n\u00e9 al 31 di<span class=\"_ _2\"></span>cembre 20<span class=\"_ _3a1\"> </span>23, debiti<span class=\"_ _2\"></span> strutturati verso banche <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> verso clientela.<span class=\"_ _3a1\"> </span>1.6 Debiti per <span class=\"_ _1\"></span>leasing  Alla <span class=\"_ _1\"></span>d<span class=\"_ _3a1\"> </span>ata <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>1 <span class=\"_ _1\"></span>dicembre <span class=\"_ _1\"></span>2024 <span class=\"_ _38\"></span>sono <span class=\"_ _1\"></span>presenti <span class=\"_ _1\"></span>debiti <span class=\"_ _1\"></span>per<span class=\"fc14\"> <span class=\"_ _38\"></span></span>leasing <span class=\"_ _1\"></span>IFRS16 <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>131,6 <span class=\"_ _1\"></span>milioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>uro. <span class=\"_ _1\"></span>Si allegano i flussi finanziari per i leasing con l'analisi delle s<span class=\"_ _1\"></span>cadenze: <table class=\"s wa9f h23d\" id=\"_1f441055-92e5-4434-a4f9-a20b6c9652f5\"><tr><td class=\"c n x2d7 y5b2f waa0 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Fino a 1 mese<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfce y5b2f waa1 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">5.627<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b30 waa2 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Oltre 1 mese e fino a 3<span class=\"_ _2\"></span> mesi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfcf y5b30 waa3 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">404<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b31 waa4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Oltre 3 mesi fino a 1 <span class=\"_ _2\"></span>anno<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfd0 y5b31 waa5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">16.043<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b32 waa6 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Oltre 1 anno fino a 5 a<span class=\"_ _2\"></span>nni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfd1 y5b32 waa7 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">67.727<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c xfd2 y5b33 w1a9 h11\"><div class=\"t m2 x0 h12 y3d4 ff4 fs7 fc1 sc0 ls0 ws0\">Oltre 5 anni<span class=\"_ _3a1\"> </span></div></td><td class=\"c xfd3 y5b33 wbf h11\"><div class=\"t m2 x0 h12 y3d4 ff4 fs7 fc1 sc0 ls0 ws0\">41.780<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y539f w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfd4 y539f w6e5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">131.567<span class=\"_ _3a1\"> </span></div></td></tr></table>Titoli in circola<span class=\"_ _1\"></span>zione oggetto di coper<span class=\"_ _1\"></span>tura specifica  Si <span class=\"_ _38\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>dottata <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>metodologia <span class=\"_ _38\"></span>contabile <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>Micro <span class=\"_ _0\"></span>F<span class=\"_ _2\"></span>air <span class=\"_ _0\"></span>Valu<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>H<span class=\"_ _2\"></span>edge <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>cope<span class=\"_ _2\"></span>rtura <span class=\"_ _0\"></span>del <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span> tasso <span class=\"_ _0\"></span>associato <span class=\"_ _0\"></span>all\u2019emissione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>prestiti <span class=\"_ _0\"></span>obbligazionari <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>fisso <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>ammontare <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>circa 2.050 milioni di euro.<span class=\"_ _3a1\"> </span><div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gs2009\">SEZION</div><div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gs200a\">E 1 \u2013 LOCATARIO </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs200b\">Informazi<span class=\"_ _1\"></span>oni quali<span class=\"_ _1\"></span>tative </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs200c\">In <span class=\"_ _0\"></span>data <span class=\"_ _35\"> </span>13 <span class=\"_ _0\"> </span>ge<span class=\"_ _1\"></span>nnaio <span class=\"_ _0\"> </span>2016 <span class=\"_ _35\"> </span>lo <span class=\"_ _0\"></span>IASB <span class=\"_ _35\"> </span>ha <span class=\"_ _0\"></span>pubblicato <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>principi<span class=\"_ _2\"></span>o <span class=\"_ _35\"> </span>\u201cIFRS <span class=\"_ _0\"> </span>1<span class=\"_ _1\"></span>6 <span class=\"_ _35\"> </span>L<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ases\u201d, <span class=\"_ _0\"></span>che <span class=\"_ _35\"> </span>ha <span class=\"_ _0\"></span>sost<span class=\"_ _1\"></span>ituito <span class=\"_ _0\"></span>il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs200d\">princi<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs200e\">pio <span class=\"_ _0\"></span>IAS <span class=\"_ _0\"></span>17 <span class=\"_ _38\"></span>Leases, <span class=\"_ _0\"></span>nonch\u00e9 <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>interpretazioni <span class=\"_ _0\"></span>IFRIC <span class=\"_ _0\"></span>4 <span class=\"_ _38\"></span>Determining <span class=\"_ _0\"></span>whether <span class=\"_ _0\"></span>an <span class=\"_ _0\"></span>A<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>rangement </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs200f\">contains <span class=\"_ _37\"> </span>a <span class=\"_ _36\"> </span>Lease, <span class=\"_ _37\"> </span>SIC15 <span class=\"_ _37\"> </span>Operating <span class=\"_ _37\"> </span>Leases <span class=\"_ _36\"> </span>Incentives <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>SIC-27 <span class=\"_ _36\"> </span>Evaluating <span class=\"_ _3d\"> </span>t<span class=\"_ _1\"></span>he <span class=\"_ _37\"> </span>Substance <span class=\"_ _37\"> </span>of </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2010\">Transactions Inv<span class=\"_ _2\"></span>olving <span class=\"_ _3b\"></span>the Legal <span class=\"_ _3b\"></span>For<span class=\"_ _1\"></span>m <span class=\"_ _3b\"></span>of a <span class=\"_ _3b\"></span>Lease. I<span class=\"_ _2\"></span>l <span class=\"_ _3b\"></span>pr<span class=\"_ _1\"></span>incipio <span class=\"_ _3b\"></span>\u00e8 stato <span class=\"_ _3b\"></span>omologato dalla <span class=\"_ _3b\"></span>Commissione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2011\">Europea con Regolamento n. 2017/1986 e si applica a partire dal 1\u00b0 gennaio 2019.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2012\">Il <span class=\"_ _0\"></span>principio <span class=\"_ _0\"></span>fornisce <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>nuova <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>finizione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>lease <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _0\"></span>introduce <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>criterio <span class=\"_ _0\"> </span>bas<span class=\"_ _1\"></span>ato <span class=\"_ _0\"></span>sul <span class=\"_ _0\"></span>controllo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2013\">(right of <span class=\"_ _1\"></span>use) di un <span class=\"_ _1\"></span>bene per <span class=\"_ _1\"></span>distinguere i cont<span class=\"_ _1\"></span>ratti di leas<span class=\"_ _1\"></span>ing dai contratti <span class=\"_ _1\"></span>per servizi, individuando </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2014\">quali <span class=\"_ _35\"> </span>discriminanti: <span class=\"_ _35\"> </span>l\u2019identificazione <span class=\"_ _35\"> </span>del  b<span class=\"_ _2\"></span>ene, <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>diritto <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>sostituzione <span class=\"_ _35\"> </span>dello <span class=\"_ _35\"> </span>stesso, <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>diritto  a<span class=\"_ _3b\"></span>d<span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2015\">ottenere <span class=\"_ _2\"></span>sostanzialmente tut<span class=\"_ _2\"></span>ti <span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>be<span class=\"_ _1\"></span>nefici <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>conomici <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ivenienti <span class=\"_ _3b\"></span>dall<span class=\"_ _1\"></span>\u2019uso <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _3b\"></span>bene<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>e i<span class=\"_ _2\"></span>l <span class=\"_ _3b\"></span>diritt<span class=\"_ _1\"></span>o <span class=\"_ _3b\"></span>di di<span class=\"_ _2\"></span>rigere </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2016\">l\u2019uso del bene sottostante il contratto. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2017\">La  principale <span class=\"_ _3d\"> </span>novit\u00e0 <span class=\"_ _3d\"> </span>introdot<span class=\"_ _1\"></span>ta  dal <span class=\"_ _3d\"> </span>principio <span class=\"_ _3d\"> </span>\u00e8 <span class=\"_ _3d\"> </span>rappresentata <span class=\"_ _3d\"> </span>dalla  modif<span class=\"_ _1\"></span>ica  delle <span class=\"_ _3d\"> </span>modalit\u00e0 <span class=\"_ _3d\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2018\">contabilizzazione <span class=\"_ _36\"> </span>delle <span class=\"_ _36\"> </span>operazioni <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>leasing <span class=\"_ _36\"> </span>oper<span class=\"_ _1\"></span>ativo <span class=\"_ _36\"> </span>nel <span class=\"_ _36\"> </span>bilancio <span class=\"_ _37\"> </span>del <span class=\"_ _36\"> </span>locatario/<span class=\"_ _1\"></span>utilizzatore, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2019\">attraverso <span class=\"_ _1\"></span>l\u2019introduzione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>unico <span class=\"_ _1\"></span>modello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>contabilizzazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>contratti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>leasing <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>parte </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs201a\">del locatario siano essi classificati come leas<span class=\"_ _1\"></span>ing operativi o finanziari.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs201b\">Ai <span class=\"_ _3b\"></span>se<span class=\"_ _1\"></span>nsi <span class=\"_ _2\"></span>della <span class=\"_ _3b\"></span>contabilizzazione <span class=\"_ _2\"></span>prevista, il<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>locatario <span class=\"_ _3b\"></span>rileva, n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>llo <span class=\"_ _3b\"></span>Stato<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>patrimoniale Attivo, <span class=\"_ _3b\"></span>un <span class=\"_ _3b\"></span>D<span class=\"_ _1\"></span>iritto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs201c\">d\u2019Uso <span class=\"_ _1\"></span>(Right <span class=\"_ _1\"></span>of <span class=\"_ _38\"></span>Use) <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>bene <span class=\"_ _38\"></span>oggetto <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>contratto <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>nello <span class=\"_ _38\"></span>Stato patr<span class=\"_ _1\"></span>imoniale <span class=\"_ _1\"></span>Passivo, <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>Debito </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs201d\">per <span class=\"_ _38\"></span>leasing <span class=\"_ _1\"></span>(Leas<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>Liability) <span class=\"_ _38\"></span>pari <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>valore <span class=\"_ _38\"></span>attuale <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>canoni <span class=\"_ _38\"></span>previsti <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>contratto <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>ancora </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs201e\">pagati. <span class=\"_ _35\"> </span>Nel <span class=\"_ _35\"> </span>conto  economico <span class=\"_ _35\"> </span>vengono <span class=\"_ _35\"> </span>rilevati <span class=\"_ _35\"> </span>l\u2019ammortamento <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>Diritto  d<span class=\"_ _2\"></span>'Uso <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>gli <span class=\"_ _35\"> </span>inter<span class=\"_ _1\"></span>essi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs201f\">passivi derivanti dall\u2019attualizzazione de<span class=\"_ _1\"></span>l Debito per leasing. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs2020\">Approc<span class=\"_ _1\"></span>c<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs2021\">io metodol<span class=\"_ _1\"></span>ogico e<span class=\"_ _1\"></span> scelte d<span class=\"_ _1\"></span>i transizi<span class=\"_ _1\"></span>one </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2022\">Rispetto <span class=\"_ _0\"></span>alle <span class=\"_ _0\"></span>modalit\u00e0 <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>transizione <span class=\"_ _0\"></span>consentite <span class=\"_ _0\"></span>dall\u2019IFRS <span class=\"_ _38\"></span>16, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>Gruppo <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>deciso <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>effe<span class=\"_ _1\"></span>ttuare <span class=\"_ _0\"></span>la </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2023\">transizione <span class=\"_ _49\"> </span>in <span class=\"_ _46\"> </span>base <span class=\"_ _49\"> </span>al <span class=\"_ _46\"> </span>Modified <span class=\"_ _49\"> </span>retrospective <span class=\"_ _49\"> </span>approach <span class=\"_ _46\"> </span>rilevando <span class=\"_ _49\"> </span>l\u2019impatto <span class=\"_ _49\"> </span>cumulato </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2024\">dell\u2019applicazione <span class=\"_ _0\"></span>iniziale <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>principio <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>contratti <span class=\"_ _0\"> </span>di <span class=\"_ _0\"></span>leas<span class=\"_ _1\"></span>ing <span class=\"_ _0\"></span>operativo <span class=\"_ _0\"></span>esistenti <span class=\"_ _0\"></span>determinandone </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2025\">l\u2019impatto  sui  saldi  di  ap<span class=\"_ _2\"></span>ertura  al  1\u00b0  gennaio  2019,  senza  procedere  alla  riesposizione  dei  da<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2026\">comparativi. Alla data di prima applicazione il saldo dei Diritti d\u2019<span class=\"_ _2\"></span>Uso \u00e8 quindi pari a quello dei Debiti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2027\">per <span class=\"_ _38\"></span>leasing <span class=\"_ _38\"></span>aggiustato <span class=\"_ _0\"></span>pe<span class=\"_ _2\"></span>r <span class=\"_ _38\"></span>considerare <span class=\"_ _38\"></span>eventuali <span class=\"_ _38\"></span>riscont<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>pas<span class=\"_ _1\"></span>sivi <span class=\"_ _38\"></span>o <span class=\"_ _38\"></span>ratei <span class=\"_ _38\"></span>attivi. <span class=\"_ _38\"></span>I <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>biti <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>leasing </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsef\">sono  stati  determinati  come  attualizzazione  alla  data  di<span class=\"_ _2\"></span>  prima  applicazione  dei  canoni  futuri </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2028\">contrattuali utilizzando il tasso di finanziamento marginale (Incremental Borro<span class=\"_ _1\"></span>wing Rate). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2029\">Tra le principali scelte operative che il Gr<span class=\"_ _1\"></span>uppo ha utilizzato durante la transizione si evidenzia: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsf2\"><span class=\"_ _42\"> </span><span class=\"ff4\">la <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>celta <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>rideterminare <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>erimetro<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>rima <span class=\"_ _0\"></span>appli<span class=\"_ _2\"></span>cazione, <span class=\"_ _0\"></span>b<span class=\"_ _2\"></span>ens\u00ec <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>applicare <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>nuovo<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs202a\">principio a tutti i<span class=\"_ _2\"></span> contratti <span class=\"_ _2\"></span>di leasing <span class=\"_ _3b\"></span>gi\u00e0 individuati sulla base della<span class=\"_ _2\"></span> definizione contenuta n<span class=\"_ _2\"></span>ello<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs202b\">IAS 17; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs202c\"><span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019esclusione <span class=\"_ _0\"></span>dal<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>perimetro <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>ap<span class=\"_ _3b\"></span>plicazione<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>ei <span class=\"_ _0\"></span>contratti <span class=\"_ _38\"></span>\u201cshort-term\u201d, <span class=\"_ _0\"></span>ovvero <span class=\"_ _38\"></span>aventi <span class=\"_ _38\"></span>una <span class=\"_ _0\"></span>vita<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs202d\">residua alla data di prima applicazione inferiore a<span class=\"_ _1\"></span>i 12 mesi; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsf7\"><span class=\"_ _42\"> </span><span class=\"ff4\">l\u2019esclusione <span class=\"_ _0\"></span>dal<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>perimetro <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>appl<span class=\"_ _2\"></span>icazione <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>contr<span class=\"_ _1\"></span>atti <span class=\"_ _38\"></span>\u201clow-value\u201d, <span class=\"_ _0\"></span>ovvero <span class=\"_ _38\"></span>aventi <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>valore </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs202e\">stimato dell\u2019asset inferiore a Euro 5<span class=\"_ _1\"></span>.000; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs202f\"><span class=\"_ _42\"> </span><span class=\"ff4\">fatto  affidamento  all\u2019assessment  IAS  37 <span class=\"_ _3d\"> </span>alla  data  di  fine  esercizio  come  alternat<span class=\"_ _1\"></span>iva  alla<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2030\">verifica di impairment. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2031\">Con <span class=\"_ _38\"></span>riferimento <span class=\"_ _38\"></span>alle <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>celte <span class=\"_ _1\"></span>adottate <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>Gruppo <span class=\"_ _38\"></span>nell\u2019applicazione <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>principio <span class=\"_ _38\"></span>si <span class=\"_ _38\"></span>evidenzia <span class=\"_ _38\"></span>inoltre </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsfc\">che: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs2032\"><span class=\"_ _42\"> </span><span class=\"ff4\">con <span class=\"_ _35\"> </span>rifer<span class=\"_ _1\"></span>imento  al <span class=\"_ _35\"> </span>leasing <span class=\"_ _35\"> </span>operativo  i<span class=\"_ _2\"></span>l <span class=\"_ _35\"> </span>perime<span class=\"_ _1\"></span>tro  di<span class=\"_ _2\"></span>  ap<span class=\"_ _2\"></span>plicazione  \u00e8 <span class=\"_ _35\"> </span>riferibile <span class=\"_ _35\"> </span>ai  contratti <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2033\">locazione immobiliare e noleggio di autoveicoli; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs2034\"><span class=\"_ _42\"> </span><span class=\"ff4\">il <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _35\"> </span>ha <span class=\"_ _35\"> </span>deter<span class=\"_ _1\"></span>minato <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>tasso <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>finanziamento  marginal<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>sulla <span class=\"_ _35\"> </span>base <span class=\"_ _35\"> </span>delle  cu<span class=\"_ _2\"></span>rve <span class=\"_ _35\"> </span>tassi </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2035\">relative  alle  emissioni  Senior  unsecured <span class=\"_ _3d\"> </span>del  Gruppo.  Il  tasso  determinato,  contenente  la </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2036\">componente del rischio credito del Gruppo, considera inoltre <span class=\"_ _1\"></span>le diff<span class=\"_ _2\"></span>erent<span class=\"_ _1\"></span>i durate contrattuali; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs102\"><span class=\"_ _42\"> </span><span class=\"ff4\">con riferimento alla durata dei leasing immobiliari, in generale il Gruppo ha considerato come </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2037\">ragionevolmente certo solo il primo periodo di rinnovo contr<span class=\"_ _1\"></span>attuale. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs2039\">Altre<span class=\"_ _1\"></span> informazion<span class=\"_ _1\"></span>i<span class=\"fc7 sc6\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs203a\">I contratti di locazione commerciale sono<span class=\"_ _1\"></span> regolati dalla legge per cui al conduttore \u00e8 cons<span class=\"_ _1\"></span>entito di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs203b\">disdett</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs203c\">are la locazione <span class=\"_ _1\"></span>ad ogni <span class=\"_ _1\"></span>scadenza (normalmente o<span class=\"_ _1\"></span>gni sei anni) con <span class=\"_ _1\"></span>un preavviso <span class=\"_ _1\"></span>di almeno </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs203d\">dodici mesi. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs203e\">Analogo <span class=\"_ _37\"> </span>diritto <span class=\"_ _37\"> </span>\u00e8 <span class=\"_ _36\"> </span>in <span class=\"_ _37\"> </span>capo al <span class=\"_ _37\"> </span>locatore. <span class=\"_ _37\"> </span>Questo <span class=\"_ _37\"> </span>comporta <span class=\"_ _37\"> </span>che, <span class=\"_ _37\"> </span>ad <span class=\"_ _37\"> </span>ogni <span class=\"_ _37\"> </span>mes<span class=\"_ _1\"></span>e <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>ogni <span class=\"_ _37\"> </span>anno, <span class=\"_ _37\"> </span>\u00e8 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs203f\">potenzialmente <span class=\"_ _1\"></span>possibile inviare (o <span class=\"_ _1\"></span>ricevere <span class=\"_ _1\"></span>dal locat<span class=\"_ _1\"></span>ore) la <span class=\"_ _1\"></span>disdetta dai <span class=\"_ _1\"></span>contratti di <span class=\"_ _1\"></span>locazione che<span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2040\">scadono <span class=\"_ _0\"></span>dopo <span class=\"_ _38\"></span>dodici <span class=\"_ _38\"></span>mesi. <span class=\"_ _0\"></span>Negli <span class=\"_ _38\"></span>ultimi <span class=\"_ _38\"></span>anni <span class=\"_ _0\"></span>per\u00f2, <span class=\"_ _38\"></span>visto <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>contesto <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>mercato<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>immobil<span class=\"_ _2\"></span>iare, <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>\u00e8 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2041\">assistito a pochissime disdette annue da parte dei locat<span class=\"_ _1\"></span>ori. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2042\">La <span class=\"_ _3d\"> </span>quasi <span class=\"_ _3d\"> </span>totalit\u00e0 <span class=\"_ _37\"> </span>dei  nostr<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>contratti <span class=\"_ _3d\"> </span>\u00e8 <span class=\"_ _3d\"> </span>regolamentato <span class=\"_ _3d\"> </span>tra <span class=\"_ _37\"> </span>le  parti <span class=\"_ _37\"> </span>il <span class=\"_ _3d\"> </span>recesso <span class=\"_ _3d\"> </span>che <span class=\"_ _3d\"> </span>pu\u00f2 <span class=\"_ _3d\"> </span>essere </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2043\">esercitato <span class=\"_ _38\"></span>solo <span class=\"_ _1\"></span>dal <span class=\"_ _38\"></span>conduttore <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>ogni <span class=\"_ _38\"></span>momento <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>preavviso <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>mesi <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ei. <span class=\"_ _1\"></span>Ne<span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>ultimi <span class=\"_ _38\"></span>anni <span class=\"_ _38\"></span>la </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2044\">banca  ha <span class=\"_ _35\"> </span>esercitat<span class=\"_ _1\"></span>o  spe<span class=\"_ _2\"></span>sso  questa <span class=\"_ _35\"> </span>facolt\u00e0  per  poter <span class=\"_ _35\"> </span>gestire  al <span class=\"_ _35\"> </span>meglio  le  chiu<span class=\"_ _2\"></span>sure  delle  filiali </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2045\">previste.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2046\">Inoltre <span class=\"_ _1\"></span>nelle <span class=\"_ _1\"></span>parti <span class=\"_ _1\"></span>B<span class=\"_ _1\"></span> e <span class=\"_ _38\"></span>C <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>presente <span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>ota <span class=\"_ _1\"></span>integrativa <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>riportate <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>informazioni patr<span class=\"_ _1\"></span>imoniali </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2047\">ed economiche richieste dal principio IFRS16. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs2048\">Informazi<span class=\"_ _1\"></span>oni quan<span class=\"_ _1\"></span>titative </div><div class=\"gs2049\"><table class=\"s w15cc h2f9\" id=\"_5cea820e-1f2f-4da1-b93e-79219eafc672\"><tr><td></td><td></td><td class=\"c n x278a y6b30 w695 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x278b y6b30 w695 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 xa1e h12 y6b31 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0 materiali ad uso funzionale </td><td></td><td class=\"c x278d y6b32 w15cd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x278c h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c x278e y6b32 w15ce h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1c38 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">3<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n x278f y6b33 w922 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Fabbricati<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2790 y6b33 w924 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2791 y6b33 w925 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2792 y6b33 w922 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Fabbricati<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2793 y6b33 w15cf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Altr<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2794 y6b33 w696 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xa1e h12 y6b34 ff4 fs7 fc1 sc2 ls0 ws0\">Right of Use saldo iniziale </td><td class=\"t m2 x2795 h12 y6b35 ff4 fs7 fc1 sc2 ls0 ws0\">127.009<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2796 h12 y6b35 ff4 fs7 fc1 sc2 ls0 ws0\">3.197<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa4c h12 y6b35 ff4 fs7 fc1 sc2 ls0 ws0\">130.206<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2797 h12 y6b35 ff4 fs7 fc1 sc2 ls0 ws0\">124.919<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2798 h12 y6b35 ff4 fs7 fc1 sc2 ls0 ws0\">2.215<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf4d h12 y6b35 ff4 fs7 fc1 sc2 ls0 ws0\">127.134<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x2799 h12 y6b36 ff4 fs7 fc1 sc0 ls0 ws0\">- Quote ammortament<span class=\"_ _3b\"></span>o<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2795 h12 y6b37 ff4 fs7 fc1 sc0 ls0 ws0\">-22.343<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x279a h12 y6b37 ff4 fs7 fc1 sc0 ls0 ws0\">-1.605<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa4c h12 y6b37 ff4 fs7 fc1 sc0 ls0 ws0\">-23.948<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf49 h12 y6b37 ff4 fs7 fc1 sc0 ls0 ws0\">-23.010<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x279b h12 y6b37 ff4 fs7 fc1 sc0 ls0 ws0\">-1.570<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x279c h12 y6b37 ff4 fs7 fc1 sc0 ls0 ws0\">-24.580</td></tr><tr><td class=\"t m2 xa1e h12 y6b38 ff4 fs7 fc1 sc0 ls0 ws0\"> +/- Altre variazion<span class=\"_ _2\"></span>i  </td><td class=\"t m2 x279d h12 y6b39 ff4 fs7 fc1 sc0 ls0 ws0\">17.415<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x279e h12 y6b39 ff4 fs7 fc1 sc0 ls0 ws0\">2.278<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x279f h12 y6b39 ff4 fs7 fc1 sc0 ls0 ws0\">19.693<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x27a0 h12 y6b39 ff4 fs7 fc1 sc0 ls0 ws0\">25.100<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa58 h12 y6b39 ff4 fs7 fc1 sc0 ls0 ws0\">2.552<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa33 h12 y6b39 ff4 fs7 fc1 sc0 ls0 ws0\">27.652<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54f9 w15d0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">Valore contabile saldo finale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27a1 y54f9 w15d1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">122<span class=\"_ _1\"></span>.081<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x27a2 h12 y6b3a ff4 fs7 fc1 sc2 ls0 ws0\">3.870<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa3c h12 y6b3a ff4 fs7 fc1 sc2 ls0 ws0\">125.951<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf49 h12 y6b3a ff4 fs7 fc1 sc2 ls0 ws0\">127.009<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2798 h12 y6b3a ff4 fs7 fc1 sc2 ls0 ws0\">3.197<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x279c h12 y6b3a ff4 fs7 fc1 sc2 ls0 ws0\">130.206<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"gs204a\"><table class=\"s w15d2 h2fa\" id=\"_b0acdb6e-6fc9-42b6-8620-3f2de5290aa6\"><tr><td class=\"t m2 xa1e h12 y6b3b ff4 fs7 fc4 sc3 ls0 ws0\">Debiti per leasing </td><td class=\"t m2 x2797 h12 y6b3c ff4 fs7 fc4 sc3 ls0 ws0\">Totale  </td><td class=\"t m2 x27a3 h12 y6b3c ff4 fs7 fc4 sc3 ls0 ws0\">Totale  </td></tr><tr><td></td><td class=\"t m2 x27a4 h12 y6b3d ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024 </td><td class=\"t m2 x27a5 h12 y6b3d ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023 </td></tr><tr><td class=\"t m2 xa1e h12 y6b3e ff4 fs7 fc1 sc2 ls0 ws0\">Lease Liability saldo iniziale </td><td class=\"t m2 x27a6 h12 y6b3f ff4 fs7 fc1 sc2 ls0 ws0\">135.807<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf4d h12 y6b3f ff4 fs7 fc1 sc2 ls0 ws0\">131.035<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x27a7 h12 y6b40 ff4 fs7 fc1 sc0 ls0 ws0\">- canoni erogat<span class=\"_ _2\"></span>i per i leasing </td><td class=\"t m2 x27a6 h12 y6b41 ff4 fs7 fc1 sc0 ls0 ws0\">-27.389<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x279c h12 y6b41 ff4 fs7 fc1 sc0 ls0 ws0\">-27.506<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x2799 h12 y6b42 ff4 fs7 fc1 sc0 ls0 ws0\">+ Interessi Passivi m<span class=\"_ _2\"></span>aturati nell'eser<span class=\"_ _2\"></span>cizio </td><td class=\"t m2 xa4e h12 y6b43 ff4 fs7 fc1 sc0 ls0 ws0\">4.477<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x27a8 h12 y6b43 ff4 fs7 fc1 sc0 ls0 ws0\">3.587</td></tr><tr><td class=\"t m2 xa1e h12 y6b44 ff4 fs7 fc1 sc0 ls0 ws0\"> +/-  Altre variazioni <span class=\"_ _2\"></span> </td><td class=\"t m2 x27a9 h12 y6b45 ff4 fs7 fc1 sc0 ls0 ws0\">18.672<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf4d h12 y6b45 ff4 fs7 fc1 sc0 ls0 ws0\">28.690<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xa1e h12 y6b46 ff4 fs7 fc1 sc2 ls0 ws0\">Lease Liability saldo finale </td><td class=\"t m2 x27aa h12 y6b47 ff4 fs7 fc1 sc2 ls0 ws0\">131.567<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x279c h12 y6b47 ff4 fs7 fc1 sc2 ls0 ws0\">135.807<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"gs204b\"><table class=\"s w15d3 h2fb\" id=\"_5cc6d54e-fd3a-4729-a9c8-e7830555fc1c\"><tr><td class=\"t m2 xa1e h12 y6b48 ff4 fs7 fc4 sc3 ls0 ws0\">Altre Informazioni </td><td class=\"t m2 x2797 h12 y6b49 ff4 fs7 fc4 sc3 ls0 ws0\">Totale  </td><td></td><td class=\"t m2 x27a3 h12 y6b49 ff4 fs7 fc4 sc3 ls0 ws0\">Totale  </td><td></td></tr><tr><td></td><td class=\"t m2 x27a4 h12 y6b4a ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024 </td><td></td><td class=\"t m2 x27ab h12 y6b4a ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023 </td><td></td></tr><tr><td class=\"t m2 xa1e h12 y6b4b ff4 fs7 fc1 sc0 ls0 ws0\">Costi per leasing low <span class=\"_ _2\"></span>value </td><td></td><td class=\"t m2 xa86 h12 y6b4c ff4 fs7 fc1 sc0 ls0 ws0\">147<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xa27 h12 y6b4c ff4 fs7 fc1 sc0 ls0 ws0\">140<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xa1e h12 y6b4d ff4 fs7 fc1 sc0 ls0 ws0\">Costi per leasing sho<span class=\"_ _2\"></span>rt term </td><td></td><td class=\"t m2 x27ac h12 y6b4e ff4 fs7 fc1 sc0 ls0 ws0\">56<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x27ad h12 y6b4e ff4 fs7 fc1 sc0 ls0 ws0\">74<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xa1e h12 y6b4f ff4 fs7 fc1 sc0 ls0 ws0\">Altre spese sui leasing<span class=\"_ _2\"></span> </td><td></td><td class=\"t m2 xa4e h12 y6b50 ff4 fs7 fc1 sc0 ls0 ws0\">3.321<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x27a8 h12 y6b50 ff4 fs7 fc1 sc0 ls0 ws0\">2.865<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs204c\">La voce altre spese sui leasing \u00e8 riconducibile all\u2019Iva indetraibile ed alt<span class=\"_ _1\"></span>ri servizi.  </div><div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gs204e\">SEZIONE 2 \u2013 LOCATORE </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs204f\">Informazi<span class=\"_ _1\"></span>oni quali<span class=\"_ _1\"></span>tative </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2050\">Nel <span class=\"_ _0\"></span>2024 <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>ercato <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>leasing <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>nole<span class=\"_ _1\"></span>ggio <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>lung<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>termine <span class=\"_ _38\"></span>ha <span class=\"_ _0\"></span>finaliz<span class=\"_ _2\"></span>zato <span class=\"_ _0\"></span>complessivamente </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2051\">investimenti <span class=\"_ _36\"> </span>per <span class=\"_ _37\"> </span>un <span class=\"_ _37\"> </span>valor<span class=\"_ _1\"></span>e <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>33,4<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>miliardi <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>euro, <span class=\"_ _36\"> </span>in <span class=\"_ _37\"> </span>leggera <span class=\"_ _37\"> </span>co<span class=\"_ _1\"></span>ntrazione <span class=\"_ _37\"> </span>rispetto <span class=\"_ _37\"> </span>all\u2019anno </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2052\">precedente <span class=\"_ _1\"></span>(-3,9%). <span class=\"_ _1\"></span>Il <span class=\"_ _1\"></span>mercato<span class=\"_ _1\"></span> \u00e8 <span class=\"_ _38\"></span>sostenuto <span class=\"_ _1\"></span>principalmente <span class=\"_ _1\"></span>dal <span class=\"_ _1\"></span>comparto<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>veicoli che<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>rappresenta </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2053\">il 61,4% <span class=\"_ _1\"></span>dello stipulato totale <span class=\"_ _1\"></span>(il 54,6% del <span class=\"_ _1\"></span>comparto \u00e8 rappresentato <span class=\"_ _1\"></span>dalla componente del <span class=\"_ _1\"></span>NLT) e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2054\">consuntiva <span class=\"_ _37\"> </span>una <span class=\"_ _36\"> </span>lieve <span class=\"_ _36\"> </span>fless<span class=\"_ _1\"></span>ione <span class=\"_ _37\"> </span>ne<span class=\"_ _1\"></span>i <span class=\"_ _36\"> </span>volumi <span class=\"_ _37\"> </span>(-2,5%), <span class=\"_ _37\"> </span>p<span class=\"_ _1\"></span>i\u00f9 <span class=\"_ _36\"> </span>marcata <span class=\"_ _36\"> </span>nei <span class=\"_ _36\"> </span>numeri <span class=\"_ _36\"> </span>(-11,3%); <span class=\"_ _37\"> </span>queste </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2055\">dinamiche <span class=\"_ _3b\"></span>risultano influenzate <span class=\"_ _3b\"></span>dalla <span class=\"_ _3b\"></span>cont<span class=\"_ _1\"></span>razione d<span class=\"_ _2\"></span>el <span class=\"_ _3b\"></span>12,5% n<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>volumi <span class=\"_ _3b\"></span>del noleggio <span class=\"_ _3b\"></span>a l<span class=\"_ _2\"></span>ungo <span class=\"_ _3b\"></span>termine </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2056\">di <span class=\"_ _35\"> </span>autovetture. <span class=\"_ _35\"> </span>Lo <span class=\"_ _35\"> </span>strumentale, <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>rappresenta <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>27,4% <span class=\"_ _35\"> </span>del <span class=\"_ _0\"> </span>m<span class=\"_ _1\"></span>ercato, <span class=\"_ _35\"> </span>risulta <span class=\"_ _35\"> </span>rispetto <span class=\"_ _35\"> </span>all\u2019anno </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2057\">precedente in contr<span class=\"_ _1\"></span>azione nel valore (-9,5%) e in legger<span class=\"_ _1\"></span>o incremento nel numero di pezzi s<span class=\"_ _1\"></span>tipulati </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2058\">(+1,5%), <span class=\"_ _0\"></span>influenzato <span class=\"_ _0\"></span>sos<span class=\"_ _2\"></span>tanzialmente <span class=\"_ _0\"></span>dall\u2019andamento <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>egativo <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>leasing<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>finanziario <span class=\"_ _0\"></span>(<span class=\"_ _2\"></span>-12,9%). <span class=\"_ _0\"></span>Il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2059\">comparto immobiliare r<span class=\"_ _2\"></span>egistra una crescita<span class=\"_ _2\"></span> nei volumi <span class=\"_ _2\"></span>(+5,3%) <span class=\"_ _2\"></span>e una fl<span class=\"_ _2\"></span>essione nel numero d<span class=\"_ _2\"></span>i pezzi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs205a\">(-5,1%),  beneficiando  in  particolare  dalla  dinamica  evidenziata <span class=\"_ _3d\"> </span>dal  costruito  (+18,2%),  mentre </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs205b\">l\u2019immobiliare <span class=\"_ _35\"> </span>costruendo  risulta<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>contrazione  (-11%).<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>Lo <span class=\"_ _35\"> </span>stipulat<span class=\"_ _1\"></span>o <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>compart<span class=\"_ _1\"></span>o <span class=\"_ _35\"> </span>aeronavale <span class=\"_ _35\"> </span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs205c\">ferroviario mostra una crescita sia in termini di volumi (+19,7%) che di numer<span class=\"_ _1\"></span>i (+9,3%). <span class=\"fc8\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs205d\">Credemleasing, <span class=\"_ _37\"> </span>att<span class=\"_ _1\"></span>iva <span class=\"_ _37\"> </span>es<span class=\"_ _1\"></span>clusivamente <span class=\"_ _37\"> </span>nel <span class=\"_ _36\"> </span>leasing <span class=\"_ _37\"> </span>finanziario, <span class=\"_ _36\"> </span>incrementa <span class=\"_ _36\"> </span>del <span class=\"_ _36\"> </span>6,6%, <span class=\"_ _37\"> </span>rispetto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs205e\">all\u2019anno precedente, il valore complessivo degli invest<span class=\"_ _1\"></span>imenti finanziati; in linea il numero dei nuovi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs205f\">contratti <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>tipulati <span class=\"_ _3b\"></span>(-0,6%). <span class=\"_ _2\"></span>Per l<span class=\"_ _2\"></span>a <span class=\"_ _3b\"></span>Societ\u00e0 il<span class=\"_ _3b\"></span> comparto <span class=\"_ _3b\"></span>mobiliare <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>appresenta <span class=\"_ _3b\"></span>quasi il<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>62% <span class=\"_ _3b\"></span>delle nu<span class=\"_ _2\"></span>ove </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2060\">stipule  e  continua  a  m<span class=\"_ _2\"></span>ostrare  una  p<span class=\"_ _2\"></span>revalenza  di  beni  strumentali  (circa  il<span class=\"_ _2\"></span>  55%  del  totale  del<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2061\">comparto) <span class=\"_ _35\"> </span>seguito <span class=\"_ _35\"> </span>dal <span class=\"_ _35\"> </span>settore <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>veicoli <span class=\"_ _35\"> </span>(29%) <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>nautico <span class=\"_ _35\"> </span>(16%). <span class=\"_ _35\"> </span>Il <span class=\"_ _35\"> </span>leasing <span class=\"_ _35\"> </span>targato <span class=\"_ _35\"> </span>mostra <span class=\"_ _35\"> </span>una </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2062\">variazione positiva rispetto al <span class=\"_ _2\"></span>2023 <span class=\"_ _2\"></span>con un signi<span class=\"_ _2\"></span>ficativo incremento nel v<span class=\"_ _2\"></span>alore finanziato (+30,8%)<span class=\"_ _2\"></span>, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2063\">per contro lo strumentale evidenzia una contrazione analoga all\u2019<span class=\"_ _2\"></span>andamento del mercato (-12,9%). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2064\">Il  comparto <span class=\"_ _3d\"> </span>immobiliare  mostra  una <span class=\"_ _3d\"> </span>dinamica  migliore<span class=\"_ _1\"></span>  rispetto  al <span class=\"_ _3d\"> </span>Sistema  evidenziando  una </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2065\">crescita <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>36,9% <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>mini <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>volumi <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>18,6% <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>numero <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>contratti <span class=\"_ _38\"></span>stipulati. <span class=\"_ _1\"></span>In <span class=\"_ _38\"></span>entr<span class=\"_ _1\"></span>ambi <span class=\"_ _1\"></span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2066\">segmenti  \u201ccostruito\u201d  e  \u201c<span class=\"_ _1\"></span>costruendo\u201d,  che  rappresentano  rispettivamente <span class=\"_ _3d\"> </span>il  51%  e  il  49%  del </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2067\">comparto, <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>Societ\u00e0 <span class=\"_ _38\"></span>performa <span class=\"_ _38\"></span>meglio <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ispetto <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>mercato <span class=\"_ _38\"></span>(rispettivamente <span class=\"_ _38\"></span>+31<span class=\"_ _1\"></span>,9% <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>+42,4%). <span class=\"_ _0\"></span>Il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2068\">\u201ccostruendo\u201d <span class=\"_ _2\"></span>evidenzia <span class=\"_ _3b\"></span>maggiori <span class=\"_ _3b\"></span>invest<span class=\"_ _1\"></span>imenti <span class=\"_ _3b\"></span>nella f<span class=\"_ _2\"></span>ascia <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>impo<span class=\"_ _1\"></span>rto <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>uperiore <span class=\"_ _3b\"></span>a <span class=\"_ _2\"></span>2,5 <span class=\"_ _3b\"></span>milioni <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>uro, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2069\">mentre <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>\u201ccostruito\u201d <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>concentra <span class=\"_ _35\"> </span>principalmente <span class=\"_ _35\"> </span>negli <span class=\"_ _35\"> </span>investimenti <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>importo <span class=\"_ _35\"> </span>inferiore <span class=\"_ _35\"> </span>ai <span class=\"_ _35\"> </span>2,5 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs206a\">milioni di euro. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs206b\">Le <span class=\"_ _35\"> </span>principali <span class=\"_ _35\"> </span>dinamiche <span class=\"_ _35\"> </span>riferite <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>gestione <span class=\"_ _35\"> </span>caratteristica <span class=\"_ _35\"> </span>ved<span class=\"_ _2\"></span>ono <span class=\"_ _35\"> </span>l\u2019incremento <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>margine <span class=\"_ _35\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs206c\">intermediazione <span class=\"_ _0\"></span>(+10,7%) <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>ul <span class=\"_ _0\"></span>quale <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>influito <span class=\"_ _35\"> </span>p<span class=\"_ _2\"></span>ositivamente <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>margine <span class=\"_ _35\"> </span>d<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>interessi <span class=\"_ _0\"></span>supportato </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs206d\">dalla <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span>namica <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>capitali <span class=\"_ _38\"></span>me<span class=\"_ _1\"></span>di <span class=\"_ _0\"></span>produttivi <span class=\"_ _38\"></span>(+3,4% <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>2023)<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>oltre <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>pos<span class=\"_ _1\"></span>itivo <span class=\"_ _0\"></span>andamento </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs206e\">delle <span class=\"_ _35\"> </span>commissioni  a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tive <span class=\"_ _35\"> </span>connesse <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>gestione <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>contratti. <span class=\"_ _35\"> </span>Le <span class=\"_ _35\"> </span>rettifiche <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>valore  su <span class=\"_ _35\"> </span>c<span class=\"_ _2\"></span>rediti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs206f\">consuntivano <span class=\"_ _35\"> </span>complessivamente <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>\u20ac<span class=\"_ _1\"></span>k <span class=\"_ _35\"> </span>2.311; <span class=\"_ _0\"> </span>la <span class=\"_ _35\"> </span>componente <span class=\"_ _35\"> </span>\"bonis\" <span class=\"_ _35\"> </span>risulta <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>rett<span class=\"_ _1\"></span>ifica <span class=\"_ _35\"> </span>(\u20ack <span class=\"_ _0\"></span>5<span class=\"_ _1\"></span>49) </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2070\">assorbendo gli effetti stimati rivenienti dall\u2019appl<span class=\"_ _2\"></span>icazione dei fattori di rischio climatici e ambientali </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2071\">nei <span class=\"_ _0\"></span>modelli <span class=\"_ _0\"></span>contabili <span class=\"_ _0\"></span>IFRS9, <span class=\"_ _0\"></span>mentre <span class=\"_ _0\"></span>quella <span class=\"_ _0\"></span>\"default\" <span class=\"_ _0\"></span>registra <span class=\"_ _0\"></span>rettifiche <span class=\"_ _0\"></span>nette <span class=\"_ _0\"></span>complessive <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>\u20ack </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2072\">1.762, <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iconducibili <span class=\"_ _3b\"></span>sia ai<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>nuovi <span class=\"_ _3b\"></span>flussi a<span class=\"_ _3b\"></span> NPL<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>che <span class=\"_ _3b\"></span>a r<span class=\"_ _2\"></span>evisioni <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>u <span class=\"_ _3b\"></span>posizioni <span class=\"_ _3b\"></span>gi\u00e0 a <span class=\"_ _3b\"></span>default, <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>parte <span class=\"_ _3b\"></span>mitigate </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2073\">da riprese su<span class=\"_ _3b\"></span> quest\u2019ultime. Le spese am<span class=\"_ _2\"></span>ministrative registrano u<span class=\"_ _3b\"></span>n leggero incremento<span class=\"ff1a\"> </span>in <span class=\"_ _3b\"></span>linea con </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2074\">l\u2019evoluzione <span class=\"_ _3b\"></span>st<span class=\"_ _1\"></span>rutturale d<span class=\"_ _2\"></span>ella <span class=\"_ _2\"></span>Societ\u00e0. <span class=\"_ _3b\"></span>ll Cost/Income <span class=\"_ _3b\"></span>al <span class=\"_ _3b\"></span>25<span class=\"_ _1\"></span>,8% <span class=\"_ _3b\"></span>conferma u<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>buon <span class=\"_ _3b\"></span>livello d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>fficienza </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2075\">operativa. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2076\">L\u2019utile netto si attesta a 39,2 milioni di euro, in aumento r<span class=\"_ _1\"></span>ispetto ai 36,1 del 2023. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2077\">Credemleasing <span class=\"_ _0\"></span>ha <span class=\"_ _38\"></span>ra<span class=\"_ _1\"></span>ggiunto <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>ota <span class=\"_ _0\"></span>1.196 <span class=\"_ _0\"></span>milioni<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>euro <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>stip<span class=\"_ _2\"></span>ulato <span class=\"_ _0\"></span>complessivo <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>aumento <span class=\"_ _0\"></span>del<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2078\">6,6% rispetto all'anno precedente.  </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs2079\">Informazi<span class=\"_ _1\"></span>oni quan<span class=\"_ _1\"></span>titative </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs207a\">1.<span class=\"_ _19f\"> </span>Informazioni di st<span class=\"_ _1\"></span>ato patrimoniale e di conto<span class=\"_ _1\"></span> economico<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs207b\">2.<span class=\"_ _4b\"> </span>Lea<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs207c\">sing finanziario<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs207d\">Si riportano le in<span class=\"_ _2\"></span>formazioni relative ai crediti per l<span class=\"_ _2\"></span>ocaz</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs207e\">ione finanziaria (ripartizione pe<span class=\"_ _2\"></span>r fasce di <span class=\"_ _2\"></span>vita </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs207f\">residua <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>crediti <span class=\"_ _0\"></span>futuri <span class=\"_ _35\"> </span>comprensivi <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>quota <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>riscatto, <span class=\"_ _35\"> </span>relativi <span class=\"_ _35\"> </span>ai <span class=\"_ _0\"></span>so<span class=\"_ _1\"></span>li <span class=\"_ _35\"> </span>contratti <span class=\"_ _0\"></span>attivi) <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>la </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2080\">suddivisione delle medesime informazioni distinte tra es<span class=\"_ _1\"></span>posizioni deteriorate e non deteriorate:<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs2082\">2.1  Classificaz<span class=\"_ _1\"></span>ione per fasce temporal<span class=\"_ _1\"></span>i dei pagamenti da riceve<span class=\"_ _1\"></span>re e riconcilazione<span class=\"_ _1\"></span> con finanziamenti per<span class=\"_ _1\"></span> leasing </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs2083\">iscritti nell\u2019attivo<span class=\"_ _3a1\"> </span></div><div class=\"gs2084\"><table class=\"s w15d4 h2fc\" id=\"_2599a706-250a-448f-b8ad-5a1eb4709870\"><tr><td></td><td class=\"t m2 xb9a h12 y6b51 ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td><td class=\"t m2 x1140 h12 y6b51 ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td></tr><tr><td></td><td class=\"t m2 x130e h12 y6b52 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x138d h12 y6b52 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x1400 h12 y6b53 ff4 fs7 fc4 sc3 ls0 ws0\">Fasce temporali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1197 h12 y6b53 ff4 fs7 fc4 sc3 ls0 ws0\">Pagamenti da </td><td class=\"t m2 x2505 h12 y6b53 ff4 fs7 fc4 sc3 ls0 ws0\">Pagamenti da </td></tr><tr><td></td><td class=\"t m2 x112c h12 y6b54 ff4 fs7 fc4 sc3 ls0 ws0\">ricevere per il </td><td class=\"t m2 x936 h12 y6b54 ff4 fs7 fc4 sc3 ls0 ws0\">ricevere per il </td></tr><tr><td></td><td class=\"t m2 xc52 h12 y6b55 ff4 fs7 fc4 sc3 ls0 ws0\">leasing<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x811 h12 y6b55 ff4 fs7 fc4 sc3 ls0 ws0\">leasing<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a46 w15d5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Fino a 1 anno<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27ae y5a46 w15d6 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">923.578<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27af y5a46 w15d7 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">851.921<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a47 w15d8 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 1 anno fino a 2 a<span class=\"_ _3b\"></span>n<span class=\"_ _1\"></span>ni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27b0 y5a47 w15d9 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">692.316<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27b1 y5a47 w428 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">655.905<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a65 w15da h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 2 anno fino a <span class=\"_ _3b\"></span>3<span class=\"_ _1\"></span> anni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27b2 y5a65 w15db h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">559.593<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27b3 y5a65 w15dc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">535.809<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a49 w15dd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 3 anno fino a<span class=\"_ _2\"></span> 4 anni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27b4 y5a49 wce4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">406.612<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27b5 y5a49 w15de h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">405.466<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a4a w15df h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 4 anno fino a <span class=\"_ _3b\"></span>5<span class=\"_ _1\"></span> anni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27b6 y5a4a w15e0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">273.272<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27b7 y5a4a w15e1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">26<span class=\"_ _1\"></span>7.773<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y60b6 w15e2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 5 anni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27b8 y60b6 w15e3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">819.009<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27b9 y60b6 w15e4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">779.610<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6b56 ff4 fs7 fc1 sc2 ls0 ws0\">Totale dei pagamenti da ricevere pe<span class=\"_ _2\"></span>r leasing<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddd h12 y6b56 ff4 fs7 fc1 sc2 ls0 ws0\">3.674.380<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x13e5 h12 y6b56 ff4 fs7 fc1 sc2 ls0 ws0\">3.496.484<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6b57 ff4 fs7 fc1 sc2 ls0 ws0\">Riconciliazione con finanziamenti<span class=\"_ _3a1\"> </span></td><td class=\"c n x27ba y5a84 w15e5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(461.56<span class=\"_ _2\"></span>3)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27bb y5a84 w15e6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(37<span class=\"_ _1\"></span>0.050)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a85 w15e7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Utili finanziari non matu<span class=\"_ _2\"></span>rati (-)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27bc y5a85 w15e8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(461.563)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27bd y5a85 w15e9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(370.050)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y548c w15ea h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Valore residuo non g<span class=\"_ _2\"></span>arantito (-)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27be y548c w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27bf y548c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6b58 ff4 fs7 fc1 sc2 ls0 ws0\">Finanziamenti per leasing<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xde9 h12 y6b58 ff4 fs7 fc1 sc2 ls0 ws0\">3.212.817<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddf h12 y6b58 ff4 fs7 fc1 sc2 ls0 ws0\">3.126.434<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"gs2085\"><table class=\"s w15eb h2fd\" id=\"_f7aa420f-2609-4b4e-b2f1-6236933d4c97\"><tr><td></td><td class=\"c n x27c0 y6b59 w15ec h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale 2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x27c1 y6b59 w15ed h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale 2023<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x10bb h12 y6b5a ff4 fs7 fc1 sc0 ls0 ws0\">Pagamenti da riceve<span class=\"_ _2\"></span>re per il </td><td></td><td></td><td class=\"t m2 x6c8 h12 y6b5a ff4 fs7 fc1 sc0 ls0 ws0\">Pagamenti da riceve<span class=\"_ _2\"></span>re per il </td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x24b5 h12 y6b5b ff4 fs7 fc1 sc0 ls0 ws0\">leasing </td><td></td><td class=\"t m2 x6ec h12 y6b5c ff4 fs7 fc1 sc0 ls0 ws0\">Totale </td><td class=\"t m2 x699 h12 y6b5b ff4 fs7 fc1 sc0 ls0 ws0\">leasing </td><td></td><td class=\"t m2 x1106 h12 y6b5d ff4 fs7 fc1 sc0 ls0 ws0\">Totale pagamenti </td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x1b25 h12 y6b5e ff4 fs7 fc1 sc0 ls0 ws0\">pagamenti da </td><td></td><td></td><td class=\"t m2 x987 h12 y6b5f ff4 fs7 fc1 sc0 ls0 ws0\">da ricevere per il </td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x1b25 h12 y6b60 ff4 fs7 fc1 sc0 ls0 ws0\">ricevere per il </td><td></td><td></td><td class=\"t m2 x1654 h12 y6b61 ff4 fs7 fc1 sc0 ls0 ws0\">leasing </td></tr><tr><td></td><td class=\"t m2 x6e1 h12 y6b62 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni </td><td></td><td class=\"t m2 x90a h12 y6b63 ff4 fs7 fc1 sc0 ls0 ws0\">leasing </td><td class=\"t m2 x6b5 h12 y6b62 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni </td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x1902 h12 y6b64 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni </td><td></td><td></td><td class=\"t m2 x6af h12 y6b64 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni </td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6b65 ff4 fs7 fc1 sc0 ls0 ws0\">Fasce temporali<span class=\"_ _2\"></span> </td><td></td><td class=\"t m2 x27c2 h12 y6b65 ff4 fs7 fc1 sc0 ls0 ws0\">non </td><td></td><td class=\"t m2 x70f h12 y6b65 ff4 fs7 fc1 sc0 ls0 ws0\">non </td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x1902 h12 y6b66 ff4 fs7 fc1 sc0 ls0 ws0\">Deteriorate </td><td></td><td></td><td class=\"t m2 x6af h12 y6b66 ff4 fs7 fc1 sc0 ls0 ws0\">Deteriorate </td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x6e1 h12 y6b67 ff4 fs7 fc1 sc0 ls0 ws0\" colspan=\"2\">deteriorate </td><td></td><td class=\"t m2 x6b5 h12 y6b67 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate </td><td></td><td></td></tr><tr><td class=\"c n x2d7 y62b6 w15ee h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Fino a 1 anno<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27c3 y62b6 w15ef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">23.723<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x790 h12 y6b68 ff4 fs7 fc1 sc0 ls0 ws0\">899.855<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6de h12 y6b68 ff4 fs7 fc1 sc0 ls0 ws0\">923.578<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f1 h12 y6b68 ff4 fs7 fc1 sc0 ls0 ws0\">23.980<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y6b68 ff4 fs7 fc1 sc0 ls0 ws0\">827.941<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x670 h12 y6b68 ff4 fs7 fc1 sc0 ls0 ws0\">851.921<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x2d7 y6b69 w15f0 h225\"><div class=\"t m2 x2b3 h12 y5929 ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 1 anno fino a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2 anni<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7ad h12 y6b6a ff4 fs7 fc1 sc0 ls0 ws0\">5.021<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x790 h12 y6b6a ff4 fs7 fc1 sc0 ls0 ws0\">687.296<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd7d h12 y6b6a ff4 fs7 fc1 sc0 ls0 ws0\">692.317<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a0 h12 y6b6a ff4 fs7 fc1 sc0 ls0 ws0\">5.417<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xac8 h12 y6b6a ff4 fs7 fc1 sc0 ls0 ws0\">650.488<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99b h12 y6b6a ff4 fs7 fc1 sc0 ls0 ws0\">655.905<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x2d7 y6b6b w9fb h225\"><div class=\"t m2 x2b3 h12 y5929 ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 2 anno fino a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3 anni<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x15fe h12 y6b6c ff4 fs7 fc1 sc0 ls0 ws0\">4.067<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75c h12 y6b6c ff4 fs7 fc1 sc0 ls0 ws0\">555.527<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6de h12 y6b6c ff4 fs7 fc1 sc0 ls0 ws0\">559.594<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x981 h12 y6b6c ff4 fs7 fc1 sc0 ls0 ws0\">4.049<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y6b6c ff4 fs7 fc1 sc0 ls0 ws0\">531.760<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b6 h12 y6b6c ff4 fs7 fc1 sc0 ls0 ws0\">535.809<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x2d7 y6a36 w15f1 h2fe\"><div class=\"t m2 x2b3 h12 y6b6d ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 3 anno fino a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4 anni<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x15fe h12 y6b6e ff4 fs7 fc1 sc0 ls0 ws0\">3.642<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x790 h12 y6b6e ff4 fs7 fc1 sc0 ls0 ws0\">402.969<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a8 h12 y6b6e ff4 fs7 fc1 sc0 ls0 ws0\">406.611<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74d h12 y6b6e ff4 fs7 fc1 sc0 ls0 ws0\">3.121<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xac8 h12 y6b6e ff4 fs7 fc1 sc0 ls0 ws0\">402.345<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b6 h12 y6b6e ff4 fs7 fc1 sc0 ls0 ws0\">405.466<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x2d7 y6b6f w15f2 h2fe\"><div class=\"t m2 x2b3 h12 y6b6d ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 4 anno fino a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5 anni<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7ad h12 y6b70 ff4 fs7 fc1 sc0 ls0 ws0\">3.461<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75c h12 y6b70 ff4 fs7 fc1 sc0 ls0 ws0\">269.810<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a8 h12 y6b70 ff4 fs7 fc1 sc0 ls0 ws0\">273.271<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x981 h12 y6b70 ff4 fs7 fc1 sc0 ls0 ws0\">2.958<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y6b70 ff4 fs7 fc1 sc0 ls0 ws0\">264.815<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x910 h12 y6b70 ff4 fs7 fc1 sc0 ls0 ws0\">267.773<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6b71 w15f3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 5 anni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27c4 y6b71 w15f4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.327<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75c h12 y6b72 ff4 fs7 fc1 sc0 ls0 ws0\">810.682<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x162f h12 y6b72 ff4 fs7 fc1 sc0 ls0 ws0\">819.009<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x981 h12 y6b72 ff4 fs7 fc1 sc0 ls0 ws0\">8.692<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y6b72 ff4 fs7 fc1 sc0 ls0 ws0\">770.918<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x670 h12 y6b72 ff4 fs7 fc1 sc0 ls0 ws0\">779.610<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y6b73 ff4 fs7 fc1 sc2 ls0 ws0\">Totale pagamenti da </td><td class=\"t m2 xdc3 h12 y6b74 ff4 fs7 fc1 sc2 ls0 ws0\">48.241<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x985 h12 y6b74 ff4 fs7 fc1 sc2 ls0 ws0\">3.626.139<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y6b74 ff4 fs7 fc1 sc2 ls0 ws0\">3.674.380<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66d h12 y6b74 ff4 fs7 fc1 sc2 ls0 ws0\">48.217<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x711 h12 y6b74 ff4 fs7 fc1 sc2 ls0 ws0\">3.448.267<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b0 h12 y6b74 ff4 fs7 fc1 sc2 ls0 ws0\">3.496.484<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y6b75 ff4 fs7 fc1 sc2 ls0 ws0\">ricevere per leasing </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6b76 ff4 fs7 fc1 sc2 ls0 ws0\">RICONCILIAZIONE </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6b77 ff4 fs7 fc1 sc0 ls0 ws0\">Utili finanziari non </td><td class=\"t m2 xdc3 h12 y6b78 ff4 fs7 fc1 sc0 ls0 ws0\">(5.227)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x985 h12 y6b78 ff4 fs7 fc1 sc0 ls0 ws0\">(456.336)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x681 h12 y6b78 ff4 fs7 fc1 sc0 ls0 ws0\">(461.563)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f1 h12 y6b78 ff4 fs7 fc1 sc0 ls0 ws0\">(4.372)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70f h12 y6b78 ff4 fs7 fc1 sc0 ls0 ws0\">(365.678)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x915 h12 y6b78 ff4 fs7 fc1 sc0 ls0 ws0\">(370.050)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y6b79 ff4 fs7 fc1 sc0 ls0 ws0\">maturati (-) </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6b7a ff4 fs7 fc1 sc0 ls0 ws0\">Valore residuo non </td><td class=\"t m2 x6a4 h12 y6b7b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x697 h12 y6b7b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15e4 h12 y6b7b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1b3a h12 y6b7b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeba h12 y6b7b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y6b7b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y6b7c ff4 fs7 fc1 sc0 ls0 ws0\">garantito </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6b7d ff4 fs7 fc1 sc2 ls0 ws0\">Finanziamenti per </td><td class=\"t m2 xdc3 h12 y6b7e ff4 fs7 fc1 sc2 ls0 ws0\">43.014<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x985 h12 y6b7e ff4 fs7 fc1 sc2 ls0 ws0\">3.169.803<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf36 h12 y6b7e ff4 fs7 fc1 sc2 ls0 ws0\">3.212.817<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f1 h12 y6b7e ff4 fs7 fc1 sc2 ls0 ws0\">43.845<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x711 h12 y6b7e ff4 fs7 fc1 sc2 ls0 ws0\">3.082.589<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x915 h12 y6b7e ff4 fs7 fc1 sc2 ls0 ws0\">3.126.434<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y6b7f ff4 fs7 fc1 sc2 ls0 ws0\">leasing </td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div>2.2<span class=\"_ _3a1\"> </span>Altre<span class=\"_ _1\"></span> informazion<span class=\"_ _1\"></span>i I <span class=\"_ _0\"></span>con<span class=\"_ _3a1\"> </span>tratti <span class=\"_ _35\"> </span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>locazione <span class=\"_ _0\"></span>finanziaria <span class=\"_ _35\"> </span>prevedono <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>l\u2019utilizzatore, <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>termine <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>periodo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>durat<span class=\"_ _1\"></span>a contrattuale indicato <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> sempre c<span class=\"_ _3b\"></span>he abbia <span class=\"_ _2\"></span>integralmente<span class=\"_ _1\"></span> a<span class=\"_ _2\"></span>ssolto a <span class=\"_ _3b\"></span>tutt<span class=\"_ _1\"></span>i gli<span class=\"_ _2\"></span> obbl<span class=\"_ _2\"></span>ighi assunti, <span class=\"_ _3b\"></span>ab<span class=\"_ _1\"></span>bia la facolt\u00e0 di scegliere di: <span class=\"_ _42\"> </span><span class=\"ff4\">acquisire la propriet\u00e0 del bene contro versame<span class=\"_ _1\"></span>nto di un prezzo definito; </span><span class=\"_ _42\"> </span><span class=\"ff4\">restituire il bene oggetto del contratt<span class=\"_ _1\"></span>o. </span>La d<span class=\"_ _2\"></span>urata dei <span class=\"_ _3b\"></span>contr<span class=\"_ _1\"></span>atti, i<span class=\"_ _2\"></span>n <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>apporto alla <span class=\"_ _3b\"></span>vita economica <span class=\"_ _3b\"></span>dei beni, <span class=\"_ _3b\"></span>ed il <span class=\"_ _3b\"></span>valore prefissato <span class=\"_ _3b\"></span>pe<span class=\"_ _1\"></span>r i<span class=\"_ _2\"></span>l ri<span class=\"_ _2\"></span>scatto dei beni s<span class=\"_ _2\"></span>tessi sono tali <span class=\"_ _2\"></span>da indurre gl<span class=\"_ _2\"></span>i utilizzatori, nella <span class=\"_ _2\"></span>generalit\u00e0 d<span class=\"_ _2\"></span>ei casi, all\u2019acq<span class=\"_ _2\"></span>uisto del bene all<span class=\"_ _2\"></span>a scadenza contrattuale. I b<span class=\"_ _2\"></span>eni finanziati <span class=\"_ _3b\"></span>variano a seconda <span class=\"_ _2\"></span>del soggetto <span class=\"_ _3b\"></span>richiedent<span class=\"_ _1\"></span>e e/o <span class=\"_ _3b\"></span>natura di <span class=\"_ _2\"></span>attivit\u00e0 svolta. <span class=\"_ _3b\"></span>In generale i beni finanziati rientr<span class=\"_ _1\"></span>ano in 4 comparti: veicoli (automobili, veicoli commer<span class=\"_ _1\"></span>ciali, veicoli industriali), aeroferronavale (aeromobili, motonavi e imbarcazioni da diporto, vagoni ferroviari), strumentale e immobiliare (edifici ad uso commerciale, industr<span class=\"_ _1\"></span>iale e residenziale sia costruiti che da realizzare). 3.<span class=\"_ _188\"> </span>Le<span class=\"_ _1\"></span>asing opera<span class=\"_ _1\"></span>tivo<span class=\"_ _3a1\"> </span>Si fo<span class=\"_ _3a1\"> </span>rnisce la classificazione per fasce tem<span class=\"_ _1\"></span>porali dei pagamenti da ricevere. 3.1 Classificazione<span class=\"_ _1\"></span> per fasce temporal<span class=\"_ _1\"></span>i dei pagamenti da riceve<span class=\"_ _1\"></span>re<span class=\"_ _3a1\"> </span><table class=\"s w15f5 h2ff\" id=\"_60fb4a7f-d486-416d-8d0e-1c1b3d37e6bd\"><tr><td></td><td></td><td class=\"t m2 xb9a h12 y6b80 ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td><td class=\"t m2 x1140 h12 y6b80 ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td></tr><tr><td></td><td></td><td class=\"t m2 x130e h12 y6b81 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x138d h12 y6b81 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x1400 h12 y6b82 ff4 fs7 fc4 sc3 ls0 ws0\">Fasce temporali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1197 h12 y6b82 ff4 fs7 fc4 sc3 ls0 ws0\">Pagamenti da </td><td class=\"t m2 x2505 h12 y6b82 ff4 fs7 fc4 sc3 ls0 ws0\">Pagamenti da </td></tr><tr><td></td><td></td><td class=\"t m2 x112c h12 y6b83 ff4 fs7 fc4 sc3 ls0 ws0\">ricevere per il </td><td class=\"t m2 x936 h12 y6b83 ff4 fs7 fc4 sc3 ls0 ws0\">ricevere per il </td></tr><tr><td></td><td></td><td class=\"t m2 xc52 h12 y6b84 ff4 fs7 fc4 sc3 ls0 ws0\">leasing<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x811 h12 y6b84 ff4 fs7 fc4 sc3 ls0 ws0\">leasing<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y589c w15d5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Fino a 1 anno<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x27c5 y589c w15f6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.268<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27c6 y589c w9cc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.463<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y60b6 w15d8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 1 anno fino a 2 a<span class=\"_ _3b\"></span>n<span class=\"_ _1\"></span>ni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf67 y60b6 w15f6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.298<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27c7 y60b6 w15f7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.441<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59de w15f8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 2 anni fino a 3<span class=\"_ _2\"></span> anni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x27c8 y59de w15f9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.232<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27c9 y59de wc04 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _2\"></span>.411<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a84 w15fa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 3 anni fino a 4<span class=\"_ _2\"></span> anni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x27ca y5a84 w1556 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.224<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27cb y5a84 w15fb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.376<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a85 w15fc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 4 anni fino a <span class=\"_ _3b\"></span>5<span class=\"_ _1\"></span> anni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x27cc y5a85 w12cd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.150<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27cd y5a85 w15fd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.261<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y548c w15e2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Da oltre 5 anni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x27ce y548c w15fe h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.358<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x27cf y548c w9cf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.313<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6b58 ff4 fs7 fc1 sc2 ls0 ws0\">Totale </td><td></td><td class=\"t m2 x93a h12 y6b58 ff4 fs7 fc1 sc2 ls0 ws0\">11.530<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x812 h12 y6b58 ff4 fs7 fc1 sc2 ls0 ws0\">13.265<span class=\"_ _3a1\"> </span></td></tr></table>3.2 Al<span class=\"_ _1\"></span>tre informazi<span class=\"_ _1\"></span>oni Sono presenti contratti di locazione, in qualit\u00e0 di<span class=\"_ _2\"></span> locatore, per gli immobili di propriet\u00e0, mentre per alcuni immobili di ter<span class=\"_ _1\"></span>zi presi in affitto sono stati stipulati contratti di sublocazione<span class=\"_ _3a1\"> </span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLeasesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-781": {
   "value": "Sezione <span class=\"_ _1\"></span>9 \u2013 Attivi<span class=\"_ _1\"></span>t<span class=\"_ _3a1\"> </span>\u00e0 materi<span class=\"_ _1\"></span>ali \u2013 Voce <span class=\"_ _1\"></span>90<span class=\"_ _3a1\"> </span>9.1 Attivit\u00e0 <span class=\"_ _1\"></span>materiali ad uso funzionale: com<span class=\"_ _1\"></span>posizione delle a<span class=\"_ _1\"></span>ttivit\u00e0 valutate <span class=\"_ _1\"></span>al costo<span class=\"_ _3a1\"> </span><table class=\"s w906 h220\" id=\"_89603dc1-a67a-4a16-bcf1-64b6d5552b63\"><tr><td class=\"t m2 xd43 h12 y58b7 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0/Valori<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x934 h12 y58b8 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x878 h12 y58b8 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x7c3 h12 y58b9 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7e3 h12 y58b9 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 x58e h12 y58ba ff4 fs7 fc1 sc2 ls0 ws0\">1. Attivit\u00e0 di propriet\u00e0<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xb9a h12 y58bb ff4 fs7 fc1 sc2 ls0 ws0\">312.813<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x891 h12 y58bb ff4 fs7 fc1 sc2 ls0 ws0\">311.800<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x598 h12 y58bc ff4 fs7 fc1 sc0 ls0 ws0\">a) terreni </td><td></td><td></td><td class=\"c n x9ee y58bd w907 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">134.838<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd44 y58bd w908 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">135.310<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58be ff4 fs7 fc1 sc0 ls0 ws0\">b) fabbricati </td><td></td><td></td><td class=\"c n x9ee y58bf w909 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">108.548<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd45 y58bf w90a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">111.686<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58c0 ff4 fs7 fc1 sc0 ls0 ws0\">c) mobili </td><td></td><td></td><td class=\"c n xd46 y58c1 w90b h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.769<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd47 y58c1 w90c h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.037<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58c2 ff4 fs7 fc1 sc0 ls0 ws0\">d) impianti elettron<span class=\"_ _2\"></span>ici </td><td></td><td></td><td class=\"c n xd48 y58c3 w90d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">19.620<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd49 y58c3 w90e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18.573<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58c4 ff4 fs7 fc1 sc0 ls0 ws0\">e) altre </td><td></td><td></td><td class=\"c n xd4a y58c5 w90f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">38.038<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd4b y58c5 w450 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">34.194<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y58c6 ff4 fs7 fc1 sc2 ls0 ws0\">2. Diritti d'uso acquisiti con il leasing<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xb9d h12 y58c7 ff4 fs7 fc1 sc2 ls0 ws0\">125.951<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xd4c h12 y58c7 ff4 fs7 fc1 sc2 ls0 ws0\">130.206<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x598 h12 y58c8 ff4 fs7 fc1 sc0 ls0 ws0\">a) terreni </td><td></td><td></td><td class=\"c n xd4d y571b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd4e y571b w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58c9 ff4 fs7 fc1 sc0 ls0 ws0\">b) fabbricati </td><td></td><td></td><td class=\"c n xd4f y58ca w910 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">122.081<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd50 y58ca w911 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">127.009<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58cb ff4 fs7 fc1 sc0 ls0 ws0\">c) mobili </td><td></td><td></td><td class=\"c n xd4d y58cc w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd4e y58cc w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58cd ff4 fs7 fc1 sc0 ls0 ws0\">d) impianti elettron<span class=\"_ _2\"></span>ici </td><td></td><td></td><td class=\"c n xd4d y58ce w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd4e y58ce w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58cf ff4 fs7 fc1 sc0 ls0 ws0\">e) altre </td><td></td><td></td><td class=\"c n xd51 y534e w912 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.870<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd52 y534e w913 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>.197<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 x88c h12 y58d0 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc52 h12 y58d1 ff4 fs7 fc1 sc2 ls0 ws0\">438.764<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xd53 h12 y58d1 ff4 fs7 fc1 sc2 ls0 ws0\">442.006<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y58d2 ff4 fs7 fc1 sc0 ls0 ws0\">di cui: ottenute trami<span class=\"_ _2\"></span>te l\u2019escussione <span class=\"_ _2\"></span>delle garanzie ricevute </td><td></td><td></td><td class=\"c n xd4d y58d3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd4e y58d3 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr></table>Le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>materiali <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>valutate <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>costo, <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>tto <span class=\"_ _1\"></span>degli <span class=\"_ _1\"></span>ammortamenti <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>qualsiasi <span class=\"_ _1\"></span>perdita <span class=\"_ _1\"></span>per<span class=\"_ _3a1\"> </span>riduzione di valore accumulate.<span class=\"_ _3a1\"> </span>Nelle <span class=\"_ _38\"></span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _38\"></span>materiali <span class=\"_ _38\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>anche <span class=\"_ _38\"></span>ricompres<span class=\"_ _1\"></span>o, <span class=\"_ _38\"></span>ai <span class=\"_ _38\"></span>sens<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>principio <span class=\"_ _0\"></span>IFRS16, <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>D<span class=\"_ _1\"></span>iritto <span class=\"_ _0\"></span>d\u2019Uso <span class=\"_ _1\"></span>(Right <span class=\"_ _0\"></span>of<span class=\"_ _3a1\"> </span>Use) dei beni oggetti di contratti di leasing operat<span class=\"_ _1\"></span>ivo.<span class=\"_ _3a1\"> </span>9.2 Attivit\u00e0 mat<span class=\"_ _1\"></span>eriali detenute <span class=\"_ _1\"></span>a scopo di investimento: c<span class=\"_ _3a1\"> </span>omposizione delle attivit\u00e0 val<span class=\"_ _1\"></span>utate al costo<span class=\"_ _3a1\"> </span><table class=\"s w914 h221\" id=\"_dfe8cc6d-088f-4b9c-b420-532c4fe93ad7\"><tr><td></td><td></td><td></td><td></td><td class=\"t m2 xd54 h12 y58d4 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x8e9 h12 y58d4 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 xd55 h12 y58d5 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0/Valori<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x5d7 h12 y58d6 ff4 fs7 fc4 sc3 ls0 ws0\">Valore di </td><td></td><td class=\"t m2 xd56 h12 y58d7 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88b h12 y58d8 ff4 fs7 fc4 sc3 ls0 ws0\">Fair value<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xd57 h12 y58d6 ff4 fs7 fc4 sc3 ls0 ws0\">Valore di </td><td class=\"t m2 x7e2 h12 y58d7 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x942 h12 y58d8 ff4 fs7 fc4 sc3 ls0 ws0\">Fair value<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"t m2 xd58 h12 y58d9 ff4 fs7 fc4 sc3 ls0 ws0\">bilancio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd59 h12 y58da ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x938 h12 y58da ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c7 h12 y58da ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d4 h12 y58d9 ff4 fs7 fc4 sc3 ls0 ws0\">bilancio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93a h12 y58da ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba1 h12 y58da ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e5 h12 y58da ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">1. Attivit\u00e0 di propriet\u00e0<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x875 h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">4.768<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x940 h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba3 h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">7.108<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5a h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">4.995<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5b h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5c h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">8.695<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x595 y58dc w915 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) terreni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd5d y58dc w916 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.378<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd5e y58dc w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd5f y58dc w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd60 y58dc w917 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.568<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd61 y58dc w918 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.414<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd62 y58dc w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd63 y58dc w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd64 y58dc w919 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.990<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y58dd w91a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) fabbricati<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd65 y58dd w91b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.390<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd66 y58dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd67 y58dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd68 y58dd w91c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.539<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd69 y58dd w91d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.581<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd6a y58dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd6b y58dd w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd6c y58dd w91e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.705<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y58de ff4 fs7 fc1 sc2 ls0 ws0\">2. Diritti d'uso acquisiti con il </td><td class=\"t m2 xd6d h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x940 h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba3 h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xb9e h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xb9d h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5b h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y58e0 ff4 fs7 fc1 sc2 ls0 ws0\">leasing<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x598 h12 y58e1 ff4 fs7 fc1 sc0 ls0 ws0\">a) terreni </td><td class=\"c n xd6e y58e2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd6f y58e2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd70 y58e2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd71 y58e2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd72 y58e2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd73 y58e2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd74 y58e2 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd75 y58e2 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58e3 ff4 fs7 fc1 sc0 ls0 ws0\">b) fabbricati </td><td class=\"c n xd6e y58e4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd6f y58e4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd70 y58e4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd71 y58e4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd72 y58e4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd73 y58e4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd74 y58e4 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd75 y58e4 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xd76 h12 y58e5 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x875 h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">4.768<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x940 h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba3 h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">7.108<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5a h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">4.995<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5b h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5c h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">8.695<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x58e y58e7 w198 h11\"><div class=\"t m2 x0 h12 y8e ff4 fs7 fc1 sc0 ls0 ws0\">di cui: ottenute trami<span class=\"_ _2\"></span>te </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y58e8 ff4 fs7 fc1 sc0 ls0 ws0\">l\u2019escussione delle gara<span class=\"_ _3b\"></span>n<span class=\"_ _1\"></span>zie </td><td class=\"c n xd6e y58e9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd6f y58e9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd70 y58e9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd71 y58e9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd72 y58ea w91f h20a\"><div class=\"t m2 x2b3 h12 y56d8 ff4 fs7 fc1 sc0 ls0 ws0\">- <span class=\"_ _118\"> </span>- <span class=\"_ _1b0\"> </span>- <span class=\"_ _eb\"> </span>- </div></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y58eb ff4 fs7 fc1 sc0 ls0 ws0\">ricevute </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Legenda:<span class=\"_ _3a1\"> </span>L1= Livello 1<span class=\"_ _3a1\"> </span>L2= Livello 2<span class=\"_ _3a1\"> </span>L3= Livello 3<span class=\"_ _3a1\"> </span>Le <span class=\"_ _1\"></span>att<span class=\"_ _3a1\"> </span>ivit\u00e0 <span class=\"_ _1\"></span>materiali <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>valutate <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>costo. <span class=\"_ _38\"></span>Il <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _1\"></span>materiali <span class=\"_ _1\"></span>detenute <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>scopo <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span>investimento ammonta a 7,1 <span class=\"_ _2\"></span>milioni di <span class=\"_ _2\"></span>euro, ed \u00e8 stato d<span class=\"_ _2\"></span>eterminato da valutatori e<span class=\"_ _2\"></span>sperti esterni ed<span class=\"_ _3a1\"> </span>indipendenti.<span class=\"_ _3a1\"> </span>Il <span class=\"_ _0\"></span>fair <span class=\"_ _38\"></span>val<span class=\"_ _1\"></span>ue <span class=\"_ _0\"></span>indica <span class=\"_ _0\"></span>l\u2019<span class=\"_ _2\"></span>ammontare<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>stimato <span class=\"_ _0\"></span>cu<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>propriet\u00e0 <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>passiv<span class=\"_ _2\"></span>it\u00e0 <span class=\"_ _0\"></span>dovrebbe <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>ceduta <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span>acquistata, <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>valutazione, <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>venditore<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>acquirente<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>privi <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>legami <span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>icolari,<span class=\"_ _3a1\"> </span>entrambi <span class=\"_ _48\"> </span>interessati <span class=\"_ _48\"> </span>alla <span class=\"_ _3a\"> </span>compravendita, <span class=\"_ _48\"> </span>a <span class=\"_ _48\"> </span>condi<span class=\"_ _2\"></span>zioni <span class=\"_ _48\"> </span>concorrenziali, <span class=\"_ _48\"> </span>d<span class=\"_ _2\"></span>opo <span class=\"_ _48\"> </span>un\u2018 <span class=\"_ _3a\"> </span>adeguata<span class=\"_ _3a1\"> </span>commercializzazione <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>cui <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>parti <span class=\"_ _35\"> </span>abbi<span class=\"_ _2\"></span>ano <span class=\"_ _35\"> </span>agito <span class=\"_ _0\"></span>entrambe <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>modo <span class=\"_ _0\"> </span>infor<span class=\"_ _1\"></span>mato, <span class=\"_ _0\"> </span>co<span class=\"_ _1\"></span>nsapevole <span class=\"_ _0\"></span>e senza coercizioni\u201d. (RICS Red Book VS 3.2, ed. italiana, Marzo 2012). 9.6 Attivit\u00e0 ma<span class=\"_ _1\"></span>teriali ad uso funzionale<span class=\"_ _1\"></span>: variazioni annue <table class=\"s w920 h222\" id=\"_84b83855-8936-4bab-a009-93f96420a6fb\"><tr><td></td><td class=\"c n xd77 y58ec w921 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Terreni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd78 y58ec w922 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Fabbricati<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd79 y58ec w923 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Mobili<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6c6 h12 y58ed ff4 fs7 fc4 sc3 ls0 ws0\">Impianti </td><td class=\"c n xd7a y58ec w924 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd7b y58ec w925 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x679 h12 y58ee ff4 fs7 fc4 sc3 ls0 ws0\">elettronici </td><td></td><td></td></tr><tr><td class=\"c n x2d7 y58ef w926 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A. Esistenze iniziali lorde<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd7c y58ef w927 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">135.310<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd7d h12 y58f0 ff4 fs7 fc1 sc2 ls0 ws0\">324.444<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e7 h12 y58f0 ff4 fs7 fc1 sc2 ls0 ws0\">42.669<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x776 h12 y58f0 ff4 fs7 fc1 sc2 ls0 ws0\">65.218<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd7e h12 y58f0 ff4 fs7 fc1 sc2 ls0 ws0\">153.048<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x795 h12 y58f0 ff4 fs7 fc1 sc2 ls0 ws0\">720.689<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y58f1 w928 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Riduzioni di valore<span class=\"_ _2\"></span> totali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd7f y58f1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x989 h12 y58f2 ff4 fs7 fc1 sc0 ls0 ws0\">212.758<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e7 h12 y58f2 ff4 fs7 fc1 sc0 ls0 ws0\">30.632<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x754 h12 y58f2 ff4 fs7 fc1 sc0 ls0 ws0\">46.645<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd80 h12 y58f2 ff4 fs7 fc1 sc0 ls0 ws0\">118.854<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd81 h12 y58f2 ff4 fs7 fc1 sc0 ls0 ws0\">408.889<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y58f3 w929 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A.2 Esistenze iniziali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd82 y58f3 w927 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">135.310<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x757 h12 y58f4 ff4 fs7 fc1 sc2 ls0 ws0\">111.686<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x78f h12 y58f4 ff4 fs7 fc1 sc2 ls0 ws0\">12.037<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y58f4 ff4 fs7 fc1 sc2 ls0 ws0\">18.573<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd83 h12 y58f4 ff4 fs7 fc1 sc2 ls0 ws0\">34.194<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f6 h12 y58f4 ff4 fs7 fc1 sc2 ls0 ws0\">311.800<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y58f5 w92a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">B. Aumenti:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x715 y58f5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd84 h12 y58f6 ff4 fs7 fc1 sc2 ls0 ws0\">6.375<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fb h12 y58f6 ff4 fs7 fc1 sc2 ls0 ws0\">2.070<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70f h12 y58f6 ff4 fs7 fc1 sc2 ls0 ws0\">4.871<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd83 h12 y58f6 ff4 fs7 fc1 sc2 ls0 ws0\">10.304<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y58f6 ff4 fs7 fc1 sc2 ls0 ws0\">23.620<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y58f7 w92b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Acquisti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd85 y58f7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x65b y58f7 w92c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.187<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd86 y58f7 w79e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.059<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x70f h12 y58f8 ff4 fs7 fc1 sc0 ls0 ws0\">4.871<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y58f8 ff4 fs7 fc1 sc0 ls0 ws0\">9.769<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y58f8 ff4 fs7 fc1 sc0 ls0 ws0\">22.886<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y58f9 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione </td><td class=\"t m2 xd87 h12 y58fa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y58fa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y58fa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y58fa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y58fa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y58fa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y58fb ff4 fs7 fc1 sc0 ls0 ws0\">aziendale </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y58fc w92d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Spese per mig<span class=\"_ _2\"></span>liorie capitalizzate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd88 y58fc w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e3 h12 y58fd ff4 fs7 fc1 sc0 ls0 ws0\">12<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y58fd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y58fd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y58fd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x750 h12 y58fd ff4 fs7 fc1 sc0 ls0 ws0\">12<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y58fe w92e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Riprese di valore<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd89 y58fe w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y58ff ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y58ff ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y58ff ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y58ff ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y58ff ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5900 ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Variazioni pos<span class=\"_ _2\"></span>itive di fair value </td><td class=\"c n x7a2 y5901 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8a y5901 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8b y5901 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8c y5901 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8d y5901 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8e y5901 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x734 y5903 w92f h223\"><div class=\"t m2 x2b3 h12 y5902 ff4 fs7 fc1 sc0 ls0 ws0\">imputate a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xd8f h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) patrimonio netto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd90 y5903 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5904 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5904 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5904 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5904 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5904 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5905 w930 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) conto economic<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd91 y5905 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5906 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5906 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5906 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5906 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5906 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5907 w931 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 Differenze pos<span class=\"_ _2\"></span>itive di cambio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd92 y5907 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5908 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5908 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5908 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5908 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5908 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5909 ff4 fs7 fc1 sc0 ls0 ws0\">B.6 Trasferimenti da im<span class=\"_ _2\"></span>mobili </td><td class=\"t m2 xd87 h12 y590a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y590a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xd93 y590b w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd94 y590b w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd95 y590b w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd96 y590b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xac9 h12 y590c ff4 fs7 fc1 sc0 ls0 ws0\">detenuti a scopo di <span class=\"_ _2\"></span>investimento </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y590d w932 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.7 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd97 y590d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd98 h12 y590e ff4 fs7 fc1 sc0 ls0 ws0\">176<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x98a h12 y590e ff4 fs7 fc1 sc0 ls0 ws0\">11<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y590e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y590e ff4 fs7 fc1 sc0 ls0 ws0\">535<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e8 h12 y590e ff4 fs7 fc1 sc0 ls0 ws0\">722<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y590f w933 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">C. Diminuzioni:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd99 y590f w934 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4<span class=\"_ _2\"></span>72<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd84 h12 y5910 ff4 fs7 fc1 sc2 ls0 ws0\">9.543<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fb h12 y5910 ff4 fs7 fc1 sc2 ls0 ws0\">2.338<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f2 h12 y5910 ff4 fs7 fc1 sc2 ls0 ws0\">3.824<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74f h12 y5910 ff4 fs7 fc1 sc2 ls0 ws0\">6.460<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y5910 ff4 fs7 fc1 sc2 ls0 ws0\">22.607<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5911 ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Vendite </td><td class=\"t m2 x97f h12 y5912 ff4 fs7 fc1 sc0 ls0 ws0\">197<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd9a h12 y5912 ff4 fs7 fc1 sc0 ls0 ws0\">500<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x691 h12 y5912 ff4 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5912 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70b h12 y5912 ff4 fs7 fc1 sc0 ls0 ws0\">40<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e8 h12 y5912 ff4 fs7 fc1 sc0 ls0 ws0\">745<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y5913 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione </td><td class=\"t m2 xd87 h12 y5914 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y5914 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5914 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5914 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5914 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5914 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y5915 ff4 fs7 fc1 sc0 ls0 ws0\">aziendale </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y5916 w935 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Ammortamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd9b y5916 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6a7 h12 y5917 ff4 fs7 fc1 sc0 ls0 ws0\">8.541<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd9c h12 y5917 ff4 fs7 fc1 sc0 ls0 ws0\">2.319<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70f h12 y5917 ff4 fs7 fc1 sc0 ls0 ws0\">3.813<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y5917 ff4 fs7 fc1 sc0 ls0 ws0\">5.822<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y5917 ff4 fs7 fc1 sc0 ls0 ws0\">20.495<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5918 ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Rettifiche di val<span class=\"_ _2\"></span>ore da </td><td class=\"c n x7a2 y5919 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8a y5919 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8b y5919 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8c y5919 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8d y5919 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8e y5919 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x734 y591a w936 h223\"><div class=\"t m2 x2b3 h12 y5902 ff4 fs7 fc1 sc0 ls0 ws0\">deterioramento imput<span class=\"_ _2\"></span>ate a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xd8f h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) patrimonio netto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd90 y591a w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y591b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y591b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y591b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y591b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y591b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y591c w930 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) conto economic<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd91 y591c w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y591d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y591d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y591d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y591d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y591d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y591e ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Variazioni negat<span class=\"_ _2\"></span>ive di fair value </td><td class=\"c n x7a2 y591f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8a y591f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8b y591f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8c y591f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8d y591f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8e y591f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x734 y5921 w92f h224\"><div class=\"t m2 x2b3 h12 y5920 ff4 fs7 fc1 sc0 ls0 ws0\">imputate a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xd8f h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) patrimonio netto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd90 y5921 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5922 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5922 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5922 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5922 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5922 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5923 w930 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) conto economic<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd91 y5923 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5924 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5924 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5924 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5924 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5924 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5925 w937 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.5 Differenze negat<span class=\"_ _2\"></span>ive di cambio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd9d y5925 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5926 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5926 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5926 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5926 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5926 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5927 w938 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.6 Trasferimenti a:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd9e y5927 w939 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">128<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd9a h12 y5928 ff4 fs7 fc1 sc0 ls0 ws0\">405<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5928 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5928 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5928 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e8 h12 y5928 ff4 fs7 fc1 sc0 ls0 ws0\">533<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x73a y592a w93a h225\"><div class=\"t m2 x2b3 h12 y5929 ff4 fs7 fc1 sc0 ls0 ws0\">a) attivit\u00e0 materiali de<span class=\"_ _2\"></span>tenute a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">scopo di investiment<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd87 h12 y592b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y592b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xd93 y592c w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd94 y592c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd95 y592c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd96 y592c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xaca h12 y592d ff4 fs7 fc1 sc0 ls0 ws0\">b) attivit\u00e0 non corrent<span class=\"_ _2\"></span>i e gruppi di<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x694 h12 y592e ff4 fs7 fc1 sc0 ls0 ws0\">128<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd9a h12 y592e ff4 fs7 fc1 sc0 ls0 ws0\">405<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y592e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y592e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y592e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e8 h12 y592e ff4 fs7 fc1 sc0 ls0 ws0\">533<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y592f ff4 fs7 fc1 sc0 ls0 ws0\">attivit\u00e0 in via di dism<span class=\"_ _2\"></span>issione </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y5930 w93b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.7 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd9f y5930 w93c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">147<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e3 h12 y5931 ff4 fs7 fc1 sc0 ls0 ws0\">97<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x98a h12 y5931 ff4 fs7 fc1 sc0 ls0 ws0\">11<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y5931 ff4 fs7 fc1 sc0 ls0 ws0\">11<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y5931 ff4 fs7 fc1 sc0 ls0 ws0\">598<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x788 h12 y5931 ff4 fs7 fc1 sc0 ls0 ws0\">864<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5932 w93d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D. Rimanenze finali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda0 y5932 w93e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">134.838<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x698 h12 y5933 ff4 fs7 fc1 sc2 ls0 ws0\">108.518<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c5 h12 y5933 ff4 fs7 fc1 sc2 ls0 ws0\">11.769<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x776 h12 y5933 ff4 fs7 fc1 sc2 ls0 ws0\">19.620<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y5933 ff4 fs7 fc1 sc2 ls0 ws0\">38.038<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f6 h12 y5933 ff4 fs7 fc1 sc2 ls0 ws0\">312.783<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5934 w93f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.1 Riduzioni di valore <span class=\"_ _2\"></span>totali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda1 y5934 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 xd7d h12 y5935 ff4 fs7 fc1 sc0 ls0 ws0\">220.794<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e7 h12 y5935 ff4 fs7 fc1 sc0 ls0 ws0\">32.858<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x754 h12 y5935 ff4 fs7 fc1 sc0 ls0 ws0\">50.063<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y5935 ff4 fs7 fc1 sc0 ls0 ws0\">123.172<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x795 h12 y5935 ff4 fs7 fc1 sc0 ls0 ws0\">426.887<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5936 w940 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D.2 Rimanenze finali lorde<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda2 y5936 w93e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">134.838<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x989 h12 y5937 ff4 fs7 fc1 sc2 ls0 ws0\">329.312<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e7 h12 y5937 ff4 fs7 fc1 sc2 ls0 ws0\">44.627<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x754 h12 y5937 ff4 fs7 fc1 sc2 ls0 ws0\">69.683<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a2 h12 y5937 ff4 fs7 fc1 sc2 ls0 ws0\">161.210<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xda3 h12 y5937 ff4 fs7 fc1 sc2 ls0 ws0\">739.670<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y53a2 w941 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">E. Valutazione al c<span class=\"_ _2\"></span>osto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda4 y53a2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5938 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5938 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5938 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5938 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5938 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table>Nelle  voci  A.1  e  D.1  -  Riduzioni  di  v<span class=\"_ _2\"></span>alore  tot<span class=\"_ _1\"></span>ali  nette  sono  riportati  gli  imp<span class=\"_ _2\"></span>orti  re<span class=\"_ _1\"></span>lativi  ai <span class=\"_ _35\"> </span>fon<span class=\"_ _1\"></span>di ammortamento. La <span class=\"_ _38\"></span>sottovoce <span class=\"_ _0\"></span>\u201cE <span class=\"_ _1\"></span>- <span class=\"_ _38\"></span>Valutazione <span class=\"_ _0\"></span>al<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>costo\u201d <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>valorizzata <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>anto, <span class=\"_ _38\"></span>come <span class=\"_ _0\"></span>da <span class=\"_ _1\"></span>istruzioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>Banc<span class=\"_ _2\"></span>a d\u2019Italia, la sua compilazione \u00e8 prevista solo <span class=\"_ _1\"></span>per le attivit\u00e0 materiali valutate in bilancio al fair value.<span class=\"_ _3a1\"> </span><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsbba\">9.6 bis Attivit\u00e0 m<span class=\"_ _1\"></span>ateriali ad uso <span class=\"_ _1\"></span>funzionale (diritti d'uso acquis</div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsbbb\">iti con il leas<span class=\"_ _1\"></span>ing): variazioni annue </div><div class=\"gsbbc\"><table class=\"s w942 h226\" id=\"_57fc2504-6ace-4f1a-b438-29966a9f1a9c\"><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x68f h12 y5939 ff4 fs7 fc4 sc3 ls0 ws0\">Terreni <span class=\"_ _1a4\"> </span>Fabbricati <span class=\"_ _104\"> </span>Mobili </td><td class=\"t m2 x6c6 h12 y593a ff4 fs7 fc4 sc3 ls0 ws0\">Impianti </td><td></td><td class=\"c n xd7a y593b w924 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd7b y593b w925 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x679 h12 y593c ff4 fs7 fc4 sc3 ls0 ws0\">elettronici </td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y593d w926 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A. Esistenze iniziali lorde<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda5 y593d w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x698 h12 y593e ff4 fs7 fc1 sc2 ls0 ws0\">222.731<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y593e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y593e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x755 h12 y593e ff4 fs7 fc1 sc2 ls0 ws0\">6.019<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xda3 h12 y593e ff4 fs7 fc1 sc2 ls0 ws0\">228.749<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y593f w928 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Riduzioni di valore<span class=\"_ _2\"></span> totali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd7f y593f w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71d h12 y5940 ff4 fs7 fc1 sc0 ls0 ws0\">95.722<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5940 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5940 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y5940 ff4 fs7 fc1 sc0 ls0 ws0\">2.822<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y5940 ff4 fs7 fc1 sc0 ls0 ws0\">98.544<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5941 w929 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A.2 Esistenze iniziali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x71c y5941 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x989 h12 y5942 ff4 fs7 fc1 sc2 ls0 ws0\">127.008<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5942 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5942 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x755 h12 y5942 ff4 fs7 fc1 sc2 ls0 ws0\">3.197<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y5942 ff4 fs7 fc1 sc2 ls0 ws0\">130.205<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5943 w92a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">B. Aumenti:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x715 y5943 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x980 h12 y5944 ff4 fs7 fc1 sc2 ls0 ws0\">34.088<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5944 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5944 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x755 h12 y5944 ff4 fs7 fc1 sc2 ls0 ws0\">3.551<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y5944 ff4 fs7 fc1 sc2 ls0 ws0\">37.639<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5945 w92b h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Acquisti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd85 y5945 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda6 y5945 w943 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">27.426<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xda7 y5945 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x714 h12 y5946 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x755 h12 y5946 ff4 fs7 fc1 sc0 ls0 ws0\">2.415<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y5946 ff4 fs7 fc1 sc0 ls0 ws0\">29.841<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y5947 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione </td><td class=\"t m2 xd87 h12 y5948 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y5948 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5948 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5948 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5948 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5948 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y5949 ff4 fs7 fc1 sc0 ls0 ws0\">aziendale </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y594a w92d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Spese per mig<span class=\"_ _2\"></span>liorie capitalizzate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd88 y594a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y594b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y594b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y594b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y594b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y594b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y594c w92e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Riprese di valore<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd89 y594c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xda8 h12 y594d ff4 fs7 fc1 sc0 ls0 ws0\">136<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y594d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y594d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y594d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x73d h12 y594d ff4 fs7 fc1 sc0 ls0 ws0\">136<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y594e ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Variazioni pos<span class=\"_ _2\"></span>itive di fair value </td><td class=\"c n x7a2 y594f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8a y594f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd8b y594f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd8c y594f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8d y594f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8e y594f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x734 y5950 w92f h223\"><div class=\"t m2 x2b3 h12 y5902 ff4 fs7 fc1 sc0 ls0 ws0\">imputate a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xd8f h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) patrimonio netto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd90 y5950 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5951 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5951 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5951 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5951 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5951 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5952 w930 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) conto economic<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd91 y5952 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5953 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5953 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5953 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5953 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5953 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5954 w931 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 Differenze pos<span class=\"_ _2\"></span>itive di cambio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd92 y5954 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5955 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5955 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5955 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5955 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5955 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5956 ff4 fs7 fc1 sc0 ls0 ws0\">B.6 Trasferimenti da im<span class=\"_ _2\"></span>mobili </td><td class=\"t m2 xd87 h12 y5957 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y5957 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xd93 y5958 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd94 y5958 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd95 y5958 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd96 y5958 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xac9 h12 y5959 ff4 fs7 fc1 sc0 ls0 ws0\">detenuti a scopo di <span class=\"_ _2\"></span>investimento </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y5443 w932 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.7 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd97 y5443 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd84 h12 y595a ff4 fs7 fc1 sc0 ls0 ws0\">6.526<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y595a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y595a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x685 h12 y595a ff4 fs7 fc1 sc0 ls0 ws0\">1.136<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x780 h12 y595a ff4 fs7 fc1 sc0 ls0 ws0\">7.662<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y595b w933 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">C. Diminuzioni:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda9 y595b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71d h12 y595c ff4 fs7 fc1 sc2 ls0 ws0\">39.016<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y595c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y595c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y595c ff4 fs7 fc1 sc2 ls0 ws0\">2.878<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y595c ff4 fs7 fc1 sc2 ls0 ws0\">41.894<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y595d ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Vendite </td><td class=\"t m2 xd87 h12 y595e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a7 h12 y595e ff4 fs7 fc1 sc0 ls0 ws0\">5.124<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y595e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y595e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y595e ff4 fs7 fc1 sc0 ls0 ws0\">326<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e5 h12 y595e ff4 fs7 fc1 sc0 ls0 ws0\">5.450<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y595f ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione </td><td class=\"t m2 xd87 h12 y5960 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y5960 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5960 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5960 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5960 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5960 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y5961 ff4 fs7 fc1 sc0 ls0 ws0\">aziendale </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y5962 w935 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Ammortamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd9b y5962 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x757 h12 y5963 ff4 fs7 fc1 sc0 ls0 ws0\">22.343<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5963 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5963 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x755 h12 y5963 ff4 fs7 fc1 sc0 ls0 ws0\">1.605<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y5963 ff4 fs7 fc1 sc0 ls0 ws0\">23.948<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5964 ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Rettifiche di val<span class=\"_ _2\"></span>ore da </td><td class=\"c n x7a2 y5965 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdaa y5965 w944 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">21<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd8b y5965 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd8c y5965 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8d y5965 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdab y5965 w944 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">21<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x734 y5966 w936 h224\"><div class=\"t m2 x2b3 h12 y5920 ff4 fs7 fc1 sc0 ls0 ws0\">deterioramento imput<span class=\"_ _2\"></span>ate a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xd8f h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) patrimonio netto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd90 y5966 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5967 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5967 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5967 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5967 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5967 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5968 w930 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) conto economic<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd91 y5968 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e3 h12 y5969 ff4 fs7 fc1 sc0 ls0 ws0\">21<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5969 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5969 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5969 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x750 h12 y5969 ff4 fs7 fc1 sc0 ls0 ws0\">21<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y596a ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Variazioni negat<span class=\"_ _2\"></span>ive di fair value </td><td class=\"c n x7a2 y596b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8a y596b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd8b y596b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd8c y596b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8d y596b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8e y596b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x734 y596c w92f h223\"><div class=\"t m2 x2b3 h12 y5902 ff4 fs7 fc1 sc0 ls0 ws0\">imputate a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xd8f h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) patrimonio netto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd90 y596c w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y596d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y596d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y596d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y596d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y596d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y596e w930 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) conto economic<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd91 y596e w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y596f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y596f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y596f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y596f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y596f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5970 w937 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.5 Differenze negat<span class=\"_ _2\"></span>ive di cambio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd9d y5970 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5971 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5971 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5971 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5971 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5971 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5972 w938 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.6 Trasferimenti a:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdac y5972 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5973 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5973 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5973 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5973 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5973 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x73a y5974 w93a h1e7\"><div class=\"t m2 x2b3 h12 y543a ff4 fs7 fc1 sc0 ls0 ws0\">a) attivit\u00e0 materiali de<span class=\"_ _2\"></span>tenute a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">scopo di investiment<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd87 h12 y5975 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y5975 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xd93 y5976 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd94 y5976 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd95 y5976 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd96 y5976 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xaca h12 y5977 ff4 fs7 fc1 sc0 ls0 ws0\">b) attivit\u00e0 non corrent<span class=\"_ _2\"></span>i e gruppi di<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd87 h12 y5978 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y5978 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5978 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5978 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5978 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5978 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y5979 ff4 fs7 fc1 sc0 ls0 ws0\">attivit\u00e0 in via di dism<span class=\"_ _2\"></span>issione </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y597a w93b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.7 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdad y597a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x789 h12 y597b ff4 fs7 fc1 sc0 ls0 ws0\">11.528<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y597b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y597b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y597b ff4 fs7 fc1 sc0 ls0 ws0\">947<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y597b ff4 fs7 fc1 sc0 ls0 ws0\">12.475<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y548a w93d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D. Rimanenze finali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdae y548a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x698 h12 y597c ff4 fs7 fc1 sc2 ls0 ws0\">122.081<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y597c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y597c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y597c ff4 fs7 fc1 sc2 ls0 ws0\">3.870<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y597c ff4 fs7 fc1 sc2 ls0 ws0\">125.951<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y597d w93f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.1 Riduzioni di valore <span class=\"_ _2\"></span>totali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda1 y597d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x980 h12 y597e ff4 fs7 fc1 sc0 ls0 ws0\">110.252<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y597e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y597e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y597e ff4 fs7 fc1 sc0 ls0 ws0\">2.965<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y597e ff4 fs7 fc1 sc0 ls0 ws0\">113.217<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y597f w940 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D.2 Rimanenze finali lorde<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x715 y597f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd7d h12 y5980 ff4 fs7 fc1 sc2 ls0 ws0\">232.333<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5980 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5980 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74f h12 y5980 ff4 fs7 fc1 sc2 ls0 ws0\">6.835<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y5980 ff4 fs7 fc1 sc2 ls0 ws0\">239.168<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54f9 w941 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">E. Valutazione al c<span class=\"_ _2\"></span>osto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda4 y54f9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5981 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5981 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5981 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5981 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5981 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbbd\">Si fornisce anche la tabella di m<span class=\"_ _2\"></span>ovimentazione dei diritti d\u2019uso acqu<span class=\"_ _2\"></span>isiti con il leasing in quanto tali </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbbe\">attivit\u00e0 sono rilevanti.<span class=\"_ _3a1\"> </span>  </div>9.7 Attivit\u00e0 <span class=\"_ _1\"></span>materiali detenute a scopo d<span class=\"_ _1\"></span>i investimento<span class=\"_ _1\"></span>: variazioni annue<table class=\"s w945 h227\" id=\"_1ccc2094-793b-45f5-bb4f-6ecdd123a042\"><tr><td></td><td class=\"t m2 x6b9 h12 y5982 ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td><td></td></tr><tr><td></td><td class=\"c n xdaf y5983 w921 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Terreni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb0 y5983 w922 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Fabbricati<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5984 w946 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A. Esistenze iniziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb1 y5984 w947 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">2.414<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x738 h12 y5985 ff4 fs7 fc1 sc2 ls0 ws0\">2.581<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54cd w948 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">B. Aumenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb2 y54cd w949 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">36<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66b h12 y5986 ff4 fs7 fc1 sc2 ls0 ws0\">37<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5987 w94a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Acquisti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb3 y5987 w796 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5988 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5989 w94b h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione a<span class=\"_ _2\"></span>ziendale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb4 y5989 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y598a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y598b w92d h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Spese per mig<span class=\"_ _2\"></span>liorie capitalizzate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb5 y598b w796 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y598c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5522 w94c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Variazioni positive d<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span> fair value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb6 y5522 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y598d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y598e w94d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Riprese di val<span class=\"_ _2\"></span>ore<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb7 y598e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y598f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5990 w94e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 Differenze di camb<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>o positive<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb8 y5990 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5991 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y547e w94f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.6 Trasferimenti da im<span class=\"_ _2\"></span>mobili ad us<span class=\"_ _2\"></span>o funzionale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb7 y547e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5992 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5993 w932 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.7 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb9 y5993 w950 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">36<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66b h12 y5994 ff4 fs7 fc1 sc0 ls0 ws0\">37<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5995 w951 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">C. Diminuzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdba y5995 w952 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">72<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e8 h12 y5996 ff4 fs7 fc1 sc2 ls0 ws0\">228<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5997 ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Vendite </td><td class=\"t m2 xdbb h12 y5998 ff4 fs7 fc1 sc0 ls0 ws0\">72<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y5998 ff4 fs7 fc1 sc0 ls0 ws0\">73<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5999 w94b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione a<span class=\"_ _2\"></span>ziendale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb4 y5999 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y599a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y599b w935 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Ammortamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdbc y599b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x73d h12 y599c ff4 fs7 fc1 sc0 ls0 ws0\">155<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55ab w953 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Variazioni negati<span class=\"_ _2\"></span>ve di fair value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdbd y55ab w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y599d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y599e w954 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Rettifiche di valore d<span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span> deteriorame<span class=\"_ _2\"></span>nto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb6 y599e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y599f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y59a0 ff4 fs7 fc1 sc0 ls0 ws0\">C.5 Differenze di camb<span class=\"_ _2\"></span>io negative </td><td class=\"t m2 x66f h12 y59a1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y59a1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5537 w955 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.6 Trasferimenti a:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x735 y5537 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y59a2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y59a3 w956 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) immobili ad uso funz<span class=\"_ _2\"></span>ionale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdbe y59a3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y59a4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y59a5 w957 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) attivit\u00e0 non corrent<span class=\"_ _2\"></span>i e gruppi di attivit\u00e0 <span class=\"_ _2\"></span>in via di dismissi<span class=\"_ _2\"></span>one<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdbf y59a5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y59a6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y597d w958 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.7 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x735 y597d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y59a7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y597f w959 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D. Rimanenze finali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdc0 y597f w95a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2.378<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e5 h12 y59a8 ff4 fs7 fc1 sc2 ls0 ws0\">2.390<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y539f w95b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">E. Valutazione al fai<span class=\"_ _2\"></span>r value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdc1 y539f w95c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.568<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e5 h12 y59a9 ff4 fs7 fc1 sc0 ls0 ws0\">5.539<span class=\"_ _3a1\"> </span></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-810": {
   "value": "Sezione <span class=\"_ _1\"></span>9 \u2013 Attivi<span class=\"_ _1\"></span>t<span class=\"_ _3a1\"> </span>\u00e0 materi<span class=\"_ _1\"></span>ali \u2013 Voce <span class=\"_ _1\"></span>90<span class=\"_ _3a1\"> </span>9.1 Attivit\u00e0 <span class=\"_ _1\"></span>materiali ad uso funzionale: com<span class=\"_ _1\"></span>posizione delle a<span class=\"_ _1\"></span>ttivit\u00e0 valutate <span class=\"_ _1\"></span>al costo<span class=\"_ _3a1\"> </span><table class=\"s w906 h220\" id=\"_89603dc1-a67a-4a16-bcf1-64b6d5552b63\"><tr><td class=\"t m2 xd43 h12 y58b7 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0/Valori<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x934 h12 y58b8 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x878 h12 y58b8 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x7c3 h12 y58b9 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7e3 h12 y58b9 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 x58e h12 y58ba ff4 fs7 fc1 sc2 ls0 ws0\">1. Attivit\u00e0 di propriet\u00e0<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xb9a h12 y58bb ff4 fs7 fc1 sc2 ls0 ws0\">312.813<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x891 h12 y58bb ff4 fs7 fc1 sc2 ls0 ws0\">311.800<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x598 h12 y58bc ff4 fs7 fc1 sc0 ls0 ws0\">a) terreni </td><td></td><td></td><td class=\"c n x9ee y58bd w907 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">134.838<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd44 y58bd w908 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">135.310<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58be ff4 fs7 fc1 sc0 ls0 ws0\">b) fabbricati </td><td></td><td></td><td class=\"c n x9ee y58bf w909 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">108.548<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd45 y58bf w90a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">111.686<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58c0 ff4 fs7 fc1 sc0 ls0 ws0\">c) mobili </td><td></td><td></td><td class=\"c n xd46 y58c1 w90b h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.769<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd47 y58c1 w90c h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.037<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58c2 ff4 fs7 fc1 sc0 ls0 ws0\">d) impianti elettron<span class=\"_ _2\"></span>ici </td><td></td><td></td><td class=\"c n xd48 y58c3 w90d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">19.620<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd49 y58c3 w90e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18.573<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58c4 ff4 fs7 fc1 sc0 ls0 ws0\">e) altre </td><td></td><td></td><td class=\"c n xd4a y58c5 w90f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">38.038<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd4b y58c5 w450 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">34.194<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y58c6 ff4 fs7 fc1 sc2 ls0 ws0\">2. Diritti d'uso acquisiti con il leasing<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xb9d h12 y58c7 ff4 fs7 fc1 sc2 ls0 ws0\">125.951<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xd4c h12 y58c7 ff4 fs7 fc1 sc2 ls0 ws0\">130.206<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x598 h12 y58c8 ff4 fs7 fc1 sc0 ls0 ws0\">a) terreni </td><td></td><td></td><td class=\"c n xd4d y571b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd4e y571b w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58c9 ff4 fs7 fc1 sc0 ls0 ws0\">b) fabbricati </td><td></td><td></td><td class=\"c n xd4f y58ca w910 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">122.081<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd50 y58ca w911 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">127.009<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58cb ff4 fs7 fc1 sc0 ls0 ws0\">c) mobili </td><td></td><td></td><td class=\"c n xd4d y58cc w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd4e y58cc w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58cd ff4 fs7 fc1 sc0 ls0 ws0\">d) impianti elettron<span class=\"_ _2\"></span>ici </td><td></td><td></td><td class=\"c n xd4d y58ce w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd4e y58ce w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58cf ff4 fs7 fc1 sc0 ls0 ws0\">e) altre </td><td></td><td></td><td class=\"c n xd51 y534e w912 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.870<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd52 y534e w913 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>.197<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 x88c h12 y58d0 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc52 h12 y58d1 ff4 fs7 fc1 sc2 ls0 ws0\">438.764<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xd53 h12 y58d1 ff4 fs7 fc1 sc2 ls0 ws0\">442.006<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y58d2 ff4 fs7 fc1 sc0 ls0 ws0\">di cui: ottenute trami<span class=\"_ _2\"></span>te l\u2019escussione <span class=\"_ _2\"></span>delle garanzie ricevute </td><td></td><td></td><td class=\"c n xd4d y58d3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd4e y58d3 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr></table>Le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>materiali <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>valutate <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>costo, <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>tto <span class=\"_ _1\"></span>degli <span class=\"_ _1\"></span>ammortamenti <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>qualsiasi <span class=\"_ _1\"></span>perdita <span class=\"_ _1\"></span>per<span class=\"_ _3a1\"> </span>riduzione di valore accumulate.<span class=\"_ _3a1\"> </span>Nelle <span class=\"_ _38\"></span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _38\"></span>materiali <span class=\"_ _38\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>anche <span class=\"_ _38\"></span>ricompres<span class=\"_ _1\"></span>o, <span class=\"_ _38\"></span>ai <span class=\"_ _38\"></span>sens<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>principio <span class=\"_ _0\"></span>IFRS16, <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>D<span class=\"_ _1\"></span>iritto <span class=\"_ _0\"></span>d\u2019Uso <span class=\"_ _1\"></span>(Right <span class=\"_ _0\"></span>of<span class=\"_ _3a1\"> </span>Use) dei beni oggetti di contratti di leasing operat<span class=\"_ _1\"></span>ivo.<span class=\"_ _3a1\"> </span>9.2 Attivit\u00e0 mat<span class=\"_ _1\"></span>eriali detenute <span class=\"_ _1\"></span>a scopo di investimento: c<span class=\"_ _3a1\"> </span>omposizione delle attivit\u00e0 val<span class=\"_ _1\"></span>utate al costo<span class=\"_ _3a1\"> </span><table class=\"s w914 h221\" id=\"_dfe8cc6d-088f-4b9c-b420-532c4fe93ad7\"><tr><td></td><td></td><td></td><td></td><td class=\"t m2 xd54 h12 y58d4 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x8e9 h12 y58d4 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 xd55 h12 y58d5 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0/Valori<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x5d7 h12 y58d6 ff4 fs7 fc4 sc3 ls0 ws0\">Valore di </td><td></td><td class=\"t m2 xd56 h12 y58d7 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88b h12 y58d8 ff4 fs7 fc4 sc3 ls0 ws0\">Fair value<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xd57 h12 y58d6 ff4 fs7 fc4 sc3 ls0 ws0\">Valore di </td><td class=\"t m2 x7e2 h12 y58d7 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x942 h12 y58d8 ff4 fs7 fc4 sc3 ls0 ws0\">Fair value<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"t m2 xd58 h12 y58d9 ff4 fs7 fc4 sc3 ls0 ws0\">bilancio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd59 h12 y58da ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x938 h12 y58da ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c7 h12 y58da ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d4 h12 y58d9 ff4 fs7 fc4 sc3 ls0 ws0\">bilancio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93a h12 y58da ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba1 h12 y58da ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e5 h12 y58da ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">1. Attivit\u00e0 di propriet\u00e0<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x875 h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">4.768<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x940 h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba3 h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">7.108<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5a h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">4.995<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5b h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5c h12 y58db ff4 fs7 fc1 sc2 ls0 ws0\">8.695<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x595 y58dc w915 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) terreni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd5d y58dc w916 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.378<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd5e y58dc w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd5f y58dc w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd60 y58dc w917 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.568<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd61 y58dc w918 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.414<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd62 y58dc w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd63 y58dc w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd64 y58dc w919 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.990<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y58dd w91a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) fabbricati<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd65 y58dd w91b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.390<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd66 y58dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd67 y58dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd68 y58dd w91c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.539<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd69 y58dd w91d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.581<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd6a y58dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd6b y58dd w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd6c y58dd w91e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.705<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y58de ff4 fs7 fc1 sc2 ls0 ws0\">2. Diritti d'uso acquisiti con il </td><td class=\"t m2 xd6d h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x940 h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba3 h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xb9e h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xb9d h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5b h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h12 y58df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y58e0 ff4 fs7 fc1 sc2 ls0 ws0\">leasing<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x598 h12 y58e1 ff4 fs7 fc1 sc0 ls0 ws0\">a) terreni </td><td class=\"c n xd6e y58e2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd6f y58e2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd70 y58e2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd71 y58e2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd72 y58e2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd73 y58e2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd74 y58e2 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd75 y58e2 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y58e3 ff4 fs7 fc1 sc0 ls0 ws0\">b) fabbricati </td><td class=\"c n xd6e y58e4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd6f y58e4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd70 y58e4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd71 y58e4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd72 y58e4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd73 y58e4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd74 y58e4 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd75 y58e4 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xd76 h12 y58e5 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x875 h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">4.768<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x940 h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba3 h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">7.108<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5a h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">4.995<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5b h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5c h12 y58e6 ff4 fs7 fc1 sc2 ls0 ws0\">8.695<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x58e y58e7 w198 h11\"><div class=\"t m2 x0 h12 y8e ff4 fs7 fc1 sc0 ls0 ws0\">di cui: ottenute trami<span class=\"_ _2\"></span>te </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y58e8 ff4 fs7 fc1 sc0 ls0 ws0\">l\u2019escussione delle gara<span class=\"_ _3b\"></span>n<span class=\"_ _1\"></span>zie </td><td class=\"c n xd6e y58e9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd6f y58e9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd70 y58e9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd71 y58e9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd72 y58ea w91f h20a\"><div class=\"t m2 x2b3 h12 y56d8 ff4 fs7 fc1 sc0 ls0 ws0\">- <span class=\"_ _118\"> </span>- <span class=\"_ _1b0\"> </span>- <span class=\"_ _eb\"> </span>- </div></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y58eb ff4 fs7 fc1 sc0 ls0 ws0\">ricevute </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Legenda:<span class=\"_ _3a1\"> </span>L1= Livello 1<span class=\"_ _3a1\"> </span>L2= Livello 2<span class=\"_ _3a1\"> </span>L3= Livello 3<span class=\"_ _3a1\"> </span>Le <span class=\"_ _1\"></span>att<span class=\"_ _3a1\"> </span>ivit\u00e0 <span class=\"_ _1\"></span>materiali <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>valutate <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>costo. <span class=\"_ _38\"></span>Il <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _1\"></span>materiali <span class=\"_ _1\"></span>detenute <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>scopo <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span>investimento ammonta a 7,1 <span class=\"_ _2\"></span>milioni di <span class=\"_ _2\"></span>euro, ed \u00e8 stato d<span class=\"_ _2\"></span>eterminato da valutatori e<span class=\"_ _2\"></span>sperti esterni ed<span class=\"_ _3a1\"> </span>indipendenti.<span class=\"_ _3a1\"> </span>Il <span class=\"_ _0\"></span>fair <span class=\"_ _38\"></span>val<span class=\"_ _1\"></span>ue <span class=\"_ _0\"></span>indica <span class=\"_ _0\"></span>l\u2019<span class=\"_ _2\"></span>ammontare<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>stimato <span class=\"_ _0\"></span>cu<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>propriet\u00e0 <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>passiv<span class=\"_ _2\"></span>it\u00e0 <span class=\"_ _0\"></span>dovrebbe <span class=\"_ _0\"></span>essere <span class=\"_ _0\"></span>ceduta <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span>acquistata, <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>valutazione, <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>venditore<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>acquirente<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>privi <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>legami <span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>icolari,<span class=\"_ _3a1\"> </span>entrambi <span class=\"_ _48\"> </span>interessati <span class=\"_ _48\"> </span>alla <span class=\"_ _3a\"> </span>compravendita, <span class=\"_ _48\"> </span>a <span class=\"_ _48\"> </span>condi<span class=\"_ _2\"></span>zioni <span class=\"_ _48\"> </span>concorrenziali, <span class=\"_ _48\"> </span>d<span class=\"_ _2\"></span>opo <span class=\"_ _48\"> </span>un\u2018 <span class=\"_ _3a\"> </span>adeguata<span class=\"_ _3a1\"> </span>commercializzazione <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>cui <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>parti <span class=\"_ _35\"> </span>abbi<span class=\"_ _2\"></span>ano <span class=\"_ _35\"> </span>agito <span class=\"_ _0\"></span>entrambe <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>modo <span class=\"_ _0\"> </span>infor<span class=\"_ _1\"></span>mato, <span class=\"_ _0\"> </span>co<span class=\"_ _1\"></span>nsapevole <span class=\"_ _0\"></span>e senza coercizioni\u201d. (RICS Red Book VS 3.2, ed. italiana, Marzo 2012). 9.6 Attivit\u00e0 ma<span class=\"_ _1\"></span>teriali ad uso funzionale<span class=\"_ _1\"></span>: variazioni annue <table class=\"s w920 h222\" id=\"_84b83855-8936-4bab-a009-93f96420a6fb\"><tr><td></td><td class=\"c n xd77 y58ec w921 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Terreni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd78 y58ec w922 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Fabbricati<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd79 y58ec w923 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Mobili<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6c6 h12 y58ed ff4 fs7 fc4 sc3 ls0 ws0\">Impianti </td><td class=\"c n xd7a y58ec w924 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd7b y58ec w925 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x679 h12 y58ee ff4 fs7 fc4 sc3 ls0 ws0\">elettronici </td><td></td><td></td></tr><tr><td class=\"c n x2d7 y58ef w926 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A. Esistenze iniziali lorde<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd7c y58ef w927 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">135.310<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd7d h12 y58f0 ff4 fs7 fc1 sc2 ls0 ws0\">324.444<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e7 h12 y58f0 ff4 fs7 fc1 sc2 ls0 ws0\">42.669<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x776 h12 y58f0 ff4 fs7 fc1 sc2 ls0 ws0\">65.218<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd7e h12 y58f0 ff4 fs7 fc1 sc2 ls0 ws0\">153.048<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x795 h12 y58f0 ff4 fs7 fc1 sc2 ls0 ws0\">720.689<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y58f1 w928 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Riduzioni di valore<span class=\"_ _2\"></span> totali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd7f y58f1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x989 h12 y58f2 ff4 fs7 fc1 sc0 ls0 ws0\">212.758<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e7 h12 y58f2 ff4 fs7 fc1 sc0 ls0 ws0\">30.632<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x754 h12 y58f2 ff4 fs7 fc1 sc0 ls0 ws0\">46.645<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd80 h12 y58f2 ff4 fs7 fc1 sc0 ls0 ws0\">118.854<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd81 h12 y58f2 ff4 fs7 fc1 sc0 ls0 ws0\">408.889<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y58f3 w929 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A.2 Esistenze iniziali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd82 y58f3 w927 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">135.310<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x757 h12 y58f4 ff4 fs7 fc1 sc2 ls0 ws0\">111.686<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x78f h12 y58f4 ff4 fs7 fc1 sc2 ls0 ws0\">12.037<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y58f4 ff4 fs7 fc1 sc2 ls0 ws0\">18.573<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd83 h12 y58f4 ff4 fs7 fc1 sc2 ls0 ws0\">34.194<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f6 h12 y58f4 ff4 fs7 fc1 sc2 ls0 ws0\">311.800<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y58f5 w92a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">B. Aumenti:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x715 y58f5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd84 h12 y58f6 ff4 fs7 fc1 sc2 ls0 ws0\">6.375<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fb h12 y58f6 ff4 fs7 fc1 sc2 ls0 ws0\">2.070<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70f h12 y58f6 ff4 fs7 fc1 sc2 ls0 ws0\">4.871<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd83 h12 y58f6 ff4 fs7 fc1 sc2 ls0 ws0\">10.304<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y58f6 ff4 fs7 fc1 sc2 ls0 ws0\">23.620<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y58f7 w92b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Acquisti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd85 y58f7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x65b y58f7 w92c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.187<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd86 y58f7 w79e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.059<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x70f h12 y58f8 ff4 fs7 fc1 sc0 ls0 ws0\">4.871<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y58f8 ff4 fs7 fc1 sc0 ls0 ws0\">9.769<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y58f8 ff4 fs7 fc1 sc0 ls0 ws0\">22.886<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y58f9 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione </td><td class=\"t m2 xd87 h12 y58fa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y58fa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y58fa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y58fa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y58fa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y58fa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y58fb ff4 fs7 fc1 sc0 ls0 ws0\">aziendale </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y58fc w92d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Spese per mig<span class=\"_ _2\"></span>liorie capitalizzate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd88 y58fc w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e3 h12 y58fd ff4 fs7 fc1 sc0 ls0 ws0\">12<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y58fd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y58fd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y58fd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x750 h12 y58fd ff4 fs7 fc1 sc0 ls0 ws0\">12<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y58fe w92e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Riprese di valore<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd89 y58fe w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y58ff ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y58ff ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y58ff ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y58ff ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y58ff ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5900 ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Variazioni pos<span class=\"_ _2\"></span>itive di fair value </td><td class=\"c n x7a2 y5901 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8a y5901 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8b y5901 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8c y5901 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8d y5901 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8e y5901 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x734 y5903 w92f h223\"><div class=\"t m2 x2b3 h12 y5902 ff4 fs7 fc1 sc0 ls0 ws0\">imputate a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xd8f h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) patrimonio netto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd90 y5903 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5904 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5904 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5904 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5904 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5904 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5905 w930 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) conto economic<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd91 y5905 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5906 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5906 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5906 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5906 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5906 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5907 w931 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 Differenze pos<span class=\"_ _2\"></span>itive di cambio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd92 y5907 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5908 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5908 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5908 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5908 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5908 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5909 ff4 fs7 fc1 sc0 ls0 ws0\">B.6 Trasferimenti da im<span class=\"_ _2\"></span>mobili </td><td class=\"t m2 xd87 h12 y590a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y590a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xd93 y590b w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd94 y590b w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd95 y590b w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd96 y590b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xac9 h12 y590c ff4 fs7 fc1 sc0 ls0 ws0\">detenuti a scopo di <span class=\"_ _2\"></span>investimento </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y590d w932 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.7 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd97 y590d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd98 h12 y590e ff4 fs7 fc1 sc0 ls0 ws0\">176<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x98a h12 y590e ff4 fs7 fc1 sc0 ls0 ws0\">11<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y590e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y590e ff4 fs7 fc1 sc0 ls0 ws0\">535<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e8 h12 y590e ff4 fs7 fc1 sc0 ls0 ws0\">722<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y590f w933 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">C. Diminuzioni:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd99 y590f w934 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4<span class=\"_ _2\"></span>72<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd84 h12 y5910 ff4 fs7 fc1 sc2 ls0 ws0\">9.543<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fb h12 y5910 ff4 fs7 fc1 sc2 ls0 ws0\">2.338<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f2 h12 y5910 ff4 fs7 fc1 sc2 ls0 ws0\">3.824<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74f h12 y5910 ff4 fs7 fc1 sc2 ls0 ws0\">6.460<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y5910 ff4 fs7 fc1 sc2 ls0 ws0\">22.607<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5911 ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Vendite </td><td class=\"t m2 x97f h12 y5912 ff4 fs7 fc1 sc0 ls0 ws0\">197<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd9a h12 y5912 ff4 fs7 fc1 sc0 ls0 ws0\">500<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x691 h12 y5912 ff4 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5912 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70b h12 y5912 ff4 fs7 fc1 sc0 ls0 ws0\">40<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e8 h12 y5912 ff4 fs7 fc1 sc0 ls0 ws0\">745<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y5913 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione </td><td class=\"t m2 xd87 h12 y5914 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y5914 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5914 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5914 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5914 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5914 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y5915 ff4 fs7 fc1 sc0 ls0 ws0\">aziendale </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y5916 w935 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Ammortamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd9b y5916 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6a7 h12 y5917 ff4 fs7 fc1 sc0 ls0 ws0\">8.541<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd9c h12 y5917 ff4 fs7 fc1 sc0 ls0 ws0\">2.319<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70f h12 y5917 ff4 fs7 fc1 sc0 ls0 ws0\">3.813<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y5917 ff4 fs7 fc1 sc0 ls0 ws0\">5.822<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y5917 ff4 fs7 fc1 sc0 ls0 ws0\">20.495<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5918 ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Rettifiche di val<span class=\"_ _2\"></span>ore da </td><td class=\"c n x7a2 y5919 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8a y5919 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8b y5919 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8c y5919 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8d y5919 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8e y5919 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x734 y591a w936 h223\"><div class=\"t m2 x2b3 h12 y5902 ff4 fs7 fc1 sc0 ls0 ws0\">deterioramento imput<span class=\"_ _2\"></span>ate a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xd8f h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) patrimonio netto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd90 y591a w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y591b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y591b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y591b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y591b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y591b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y591c w930 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) conto economic<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd91 y591c w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y591d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y591d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y591d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y591d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y591d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y591e ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Variazioni negat<span class=\"_ _2\"></span>ive di fair value </td><td class=\"c n x7a2 y591f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8a y591f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8b y591f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8c y591f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8d y591f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8e y591f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x734 y5921 w92f h224\"><div class=\"t m2 x2b3 h12 y5920 ff4 fs7 fc1 sc0 ls0 ws0\">imputate a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xd8f h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) patrimonio netto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd90 y5921 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5922 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5922 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5922 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5922 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5922 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5923 w930 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) conto economic<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd91 y5923 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5924 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5924 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5924 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5924 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5924 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5925 w937 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.5 Differenze negat<span class=\"_ _2\"></span>ive di cambio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd9d y5925 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5926 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5926 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5926 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5926 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5926 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5927 w938 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.6 Trasferimenti a:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd9e y5927 w939 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">128<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd9a h12 y5928 ff4 fs7 fc1 sc0 ls0 ws0\">405<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5928 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5928 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5928 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e8 h12 y5928 ff4 fs7 fc1 sc0 ls0 ws0\">533<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x73a y592a w93a h225\"><div class=\"t m2 x2b3 h12 y5929 ff4 fs7 fc1 sc0 ls0 ws0\">a) attivit\u00e0 materiali de<span class=\"_ _2\"></span>tenute a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">scopo di investiment<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd87 h12 y592b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y592b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xd93 y592c w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd94 y592c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd95 y592c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd96 y592c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xaca h12 y592d ff4 fs7 fc1 sc0 ls0 ws0\">b) attivit\u00e0 non corrent<span class=\"_ _2\"></span>i e gruppi di<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x694 h12 y592e ff4 fs7 fc1 sc0 ls0 ws0\">128<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd9a h12 y592e ff4 fs7 fc1 sc0 ls0 ws0\">405<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y592e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y592e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y592e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e8 h12 y592e ff4 fs7 fc1 sc0 ls0 ws0\">533<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y592f ff4 fs7 fc1 sc0 ls0 ws0\">attivit\u00e0 in via di dism<span class=\"_ _2\"></span>issione </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y5930 w93b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.7 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd9f y5930 w93c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">147<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e3 h12 y5931 ff4 fs7 fc1 sc0 ls0 ws0\">97<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x98a h12 y5931 ff4 fs7 fc1 sc0 ls0 ws0\">11<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y5931 ff4 fs7 fc1 sc0 ls0 ws0\">11<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y5931 ff4 fs7 fc1 sc0 ls0 ws0\">598<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x788 h12 y5931 ff4 fs7 fc1 sc0 ls0 ws0\">864<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5932 w93d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D. Rimanenze finali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda0 y5932 w93e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">134.838<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x698 h12 y5933 ff4 fs7 fc1 sc2 ls0 ws0\">108.518<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c5 h12 y5933 ff4 fs7 fc1 sc2 ls0 ws0\">11.769<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x776 h12 y5933 ff4 fs7 fc1 sc2 ls0 ws0\">19.620<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y5933 ff4 fs7 fc1 sc2 ls0 ws0\">38.038<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f6 h12 y5933 ff4 fs7 fc1 sc2 ls0 ws0\">312.783<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5934 w93f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.1 Riduzioni di valore <span class=\"_ _2\"></span>totali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda1 y5934 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 xd7d h12 y5935 ff4 fs7 fc1 sc0 ls0 ws0\">220.794<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e7 h12 y5935 ff4 fs7 fc1 sc0 ls0 ws0\">32.858<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x754 h12 y5935 ff4 fs7 fc1 sc0 ls0 ws0\">50.063<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y5935 ff4 fs7 fc1 sc0 ls0 ws0\">123.172<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x795 h12 y5935 ff4 fs7 fc1 sc0 ls0 ws0\">426.887<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5936 w940 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D.2 Rimanenze finali lorde<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda2 y5936 w93e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">134.838<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x989 h12 y5937 ff4 fs7 fc1 sc2 ls0 ws0\">329.312<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e7 h12 y5937 ff4 fs7 fc1 sc2 ls0 ws0\">44.627<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x754 h12 y5937 ff4 fs7 fc1 sc2 ls0 ws0\">69.683<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a2 h12 y5937 ff4 fs7 fc1 sc2 ls0 ws0\">161.210<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xda3 h12 y5937 ff4 fs7 fc1 sc2 ls0 ws0\">739.670<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y53a2 w941 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">E. Valutazione al c<span class=\"_ _2\"></span>osto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda4 y53a2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5938 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x699 h12 y5938 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y5938 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5938 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5938 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table>Nelle  voci  A.1  e  D.1  -  Riduzioni  di  v<span class=\"_ _2\"></span>alore  tot<span class=\"_ _1\"></span>ali  nette  sono  riportati  gli  imp<span class=\"_ _2\"></span>orti  re<span class=\"_ _1\"></span>lativi  ai <span class=\"_ _35\"> </span>fon<span class=\"_ _1\"></span>di ammortamento. La <span class=\"_ _38\"></span>sottovoce <span class=\"_ _0\"></span>\u201cE <span class=\"_ _1\"></span>- <span class=\"_ _38\"></span>Valutazione <span class=\"_ _0\"></span>al<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>costo\u201d <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>valorizzata <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>anto, <span class=\"_ _38\"></span>come <span class=\"_ _0\"></span>da <span class=\"_ _1\"></span>istruzioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>Banc<span class=\"_ _2\"></span>a d\u2019Italia, la sua compilazione \u00e8 prevista solo <span class=\"_ _1\"></span>per le attivit\u00e0 materiali valutate in bilancio al fair value.<span class=\"_ _3a1\"> </span>9.6 bis Attivit\u00e0 m<span class=\"_ _1\"></span>ateriali ad uso <span class=\"_ _1\"></span>funzionale (diritti d'uso acquisiti con il leas<span class=\"_ _1\"></span>ing): variazioni annue <table class=\"s w942 h226\" id=\"_57fc2504-6ace-4f1a-b438-29966a9f1a9c\"><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x68f h12 y5939 ff4 fs7 fc4 sc3 ls0 ws0\">Terreni <span class=\"_ _1a4\"> </span>Fabbricati <span class=\"_ _104\"> </span>Mobili </td><td class=\"t m2 x6c6 h12 y593a ff4 fs7 fc4 sc3 ls0 ws0\">Impianti </td><td></td><td class=\"c n xd7a y593b w924 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd7b y593b w925 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x679 h12 y593c ff4 fs7 fc4 sc3 ls0 ws0\">elettronici </td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y593d w926 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A. Esistenze iniziali lorde<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda5 y593d w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x698 h12 y593e ff4 fs7 fc1 sc2 ls0 ws0\">222.731<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y593e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y593e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x755 h12 y593e ff4 fs7 fc1 sc2 ls0 ws0\">6.019<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xda3 h12 y593e ff4 fs7 fc1 sc2 ls0 ws0\">228.749<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y593f w928 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Riduzioni di valore<span class=\"_ _2\"></span> totali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd7f y593f w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71d h12 y5940 ff4 fs7 fc1 sc0 ls0 ws0\">95.722<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5940 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5940 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y5940 ff4 fs7 fc1 sc0 ls0 ws0\">2.822<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y5940 ff4 fs7 fc1 sc0 ls0 ws0\">98.544<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5941 w929 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A.2 Esistenze iniziali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x71c y5941 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x989 h12 y5942 ff4 fs7 fc1 sc2 ls0 ws0\">127.008<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5942 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5942 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x755 h12 y5942 ff4 fs7 fc1 sc2 ls0 ws0\">3.197<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y5942 ff4 fs7 fc1 sc2 ls0 ws0\">130.205<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5943 w92a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">B. Aumenti:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x715 y5943 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x980 h12 y5944 ff4 fs7 fc1 sc2 ls0 ws0\">34.088<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5944 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5944 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x755 h12 y5944 ff4 fs7 fc1 sc2 ls0 ws0\">3.551<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y5944 ff4 fs7 fc1 sc2 ls0 ws0\">37.639<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5945 w92b h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Acquisti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd85 y5945 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda6 y5945 w943 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">27.426<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xda7 y5945 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x714 h12 y5946 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x755 h12 y5946 ff4 fs7 fc1 sc0 ls0 ws0\">2.415<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y5946 ff4 fs7 fc1 sc0 ls0 ws0\">29.841<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y5947 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione </td><td class=\"t m2 xd87 h12 y5948 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y5948 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5948 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5948 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5948 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5948 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y5949 ff4 fs7 fc1 sc0 ls0 ws0\">aziendale </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y594a w92d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Spese per mig<span class=\"_ _2\"></span>liorie capitalizzate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd88 y594a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y594b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y594b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y594b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y594b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y594b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y594c w92e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Riprese di valore<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd89 y594c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xda8 h12 y594d ff4 fs7 fc1 sc0 ls0 ws0\">136<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y594d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y594d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y594d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x73d h12 y594d ff4 fs7 fc1 sc0 ls0 ws0\">136<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y594e ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Variazioni pos<span class=\"_ _2\"></span>itive di fair value </td><td class=\"c n x7a2 y594f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8a y594f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd8b y594f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd8c y594f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8d y594f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8e y594f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x734 y5950 w92f h223\"><div class=\"t m2 x2b3 h12 y5902 ff4 fs7 fc1 sc0 ls0 ws0\">imputate a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xd8f h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) patrimonio netto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd90 y5950 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5951 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5951 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5951 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5951 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5951 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5952 w930 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) conto economic<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd91 y5952 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5953 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5953 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5953 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5953 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5953 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5954 w931 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 Differenze pos<span class=\"_ _2\"></span>itive di cambio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd92 y5954 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5955 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5955 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5955 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5955 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5955 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5956 ff4 fs7 fc1 sc0 ls0 ws0\">B.6 Trasferimenti da im<span class=\"_ _2\"></span>mobili </td><td class=\"t m2 xd87 h12 y5957 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y5957 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xd93 y5958 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd94 y5958 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd95 y5958 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd96 y5958 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xac9 h12 y5959 ff4 fs7 fc1 sc0 ls0 ws0\">detenuti a scopo di <span class=\"_ _2\"></span>investimento </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y5443 w932 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.7 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd97 y5443 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd84 h12 y595a ff4 fs7 fc1 sc0 ls0 ws0\">6.526<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y595a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y595a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x685 h12 y595a ff4 fs7 fc1 sc0 ls0 ws0\">1.136<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x780 h12 y595a ff4 fs7 fc1 sc0 ls0 ws0\">7.662<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y595b w933 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">C. Diminuzioni:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda9 y595b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71d h12 y595c ff4 fs7 fc1 sc2 ls0 ws0\">39.016<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y595c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y595c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y595c ff4 fs7 fc1 sc2 ls0 ws0\">2.878<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y595c ff4 fs7 fc1 sc2 ls0 ws0\">41.894<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y595d ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Vendite </td><td class=\"t m2 xd87 h12 y595e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a7 h12 y595e ff4 fs7 fc1 sc0 ls0 ws0\">5.124<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y595e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y595e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y595e ff4 fs7 fc1 sc0 ls0 ws0\">326<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e5 h12 y595e ff4 fs7 fc1 sc0 ls0 ws0\">5.450<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y595f ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione </td><td class=\"t m2 xd87 h12 y5960 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y5960 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5960 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5960 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5960 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5960 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y5961 ff4 fs7 fc1 sc0 ls0 ws0\">aziendale </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y5962 w935 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Ammortamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd9b y5962 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x757 h12 y5963 ff4 fs7 fc1 sc0 ls0 ws0\">22.343<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5963 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5963 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x755 h12 y5963 ff4 fs7 fc1 sc0 ls0 ws0\">1.605<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y5963 ff4 fs7 fc1 sc0 ls0 ws0\">23.948<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5964 ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Rettifiche di val<span class=\"_ _2\"></span>ore da </td><td class=\"c n x7a2 y5965 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdaa y5965 w944 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">21<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd8b y5965 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd8c y5965 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8d y5965 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdab y5965 w944 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">21<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x734 y5966 w936 h224\"><div class=\"t m2 x2b3 h12 y5920 ff4 fs7 fc1 sc0 ls0 ws0\">deterioramento imput<span class=\"_ _2\"></span>ate a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xd8f h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) patrimonio netto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd90 y5966 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5967 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5967 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5967 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5967 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5967 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5968 w930 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) conto economic<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd91 y5968 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e3 h12 y5969 ff4 fs7 fc1 sc0 ls0 ws0\">21<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5969 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5969 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5969 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x750 h12 y5969 ff4 fs7 fc1 sc0 ls0 ws0\">21<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y596a ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Variazioni negat<span class=\"_ _2\"></span>ive di fair value </td><td class=\"c n x7a2 y596b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8a y596b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd8b y596b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd8c y596b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8d y596b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd8e y596b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x734 y596c w92f h223\"><div class=\"t m2 x2b3 h12 y5902 ff4 fs7 fc1 sc0 ls0 ws0\">imputate a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xd8f h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) patrimonio netto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd90 y596c w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y596d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y596d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y596d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y596d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y596d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y596e w930 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) conto economic<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd91 y596e w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y596f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y596f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y596f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y596f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y596f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5970 w937 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.5 Differenze negat<span class=\"_ _2\"></span>ive di cambio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd9d y5970 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5971 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5971 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5971 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5971 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5971 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5972 w938 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.6 Trasferimenti a:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdac y5972 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5973 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5973 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5973 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5973 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5973 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x73a y5974 w93a h1e7\"><div class=\"t m2 x2b3 h12 y543a ff4 fs7 fc1 sc0 ls0 ws0\">a) attivit\u00e0 materiali de<span class=\"_ _2\"></span>tenute a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">scopo di investiment<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd87 h12 y5975 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y5975 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xd93 y5976 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd94 y5976 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd95 y5976 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xd96 y5976 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xaca h12 y5977 ff4 fs7 fc1 sc0 ls0 ws0\">b) attivit\u00e0 non corrent<span class=\"_ _2\"></span>i e gruppi di<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd87 h12 y5978 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6aa h12 y5978 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5978 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5978 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5978 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5978 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xaca h12 y5979 ff4 fs7 fc1 sc0 ls0 ws0\">attivit\u00e0 in via di dism<span class=\"_ _2\"></span>issione </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y597a w93b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.7 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdad y597a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x789 h12 y597b ff4 fs7 fc1 sc0 ls0 ws0\">11.528<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y597b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y597b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y597b ff4 fs7 fc1 sc0 ls0 ws0\">947<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y597b ff4 fs7 fc1 sc0 ls0 ws0\">12.475<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y548a w93d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D. Rimanenze finali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdae y548a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x698 h12 y597c ff4 fs7 fc1 sc2 ls0 ws0\">122.081<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y597c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y597c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y597c ff4 fs7 fc1 sc2 ls0 ws0\">3.870<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y597c ff4 fs7 fc1 sc2 ls0 ws0\">125.951<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y597d w93f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.1 Riduzioni di valore <span class=\"_ _2\"></span>totali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda1 y597d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x980 h12 y597e ff4 fs7 fc1 sc0 ls0 ws0\">110.252<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y597e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y597e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y597e ff4 fs7 fc1 sc0 ls0 ws0\">2.965<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y597e ff4 fs7 fc1 sc0 ls0 ws0\">113.217<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y597f w940 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D.2 Rimanenze finali lorde<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x715 y597f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd7d h12 y5980 ff4 fs7 fc1 sc2 ls0 ws0\">232.333<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5980 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5980 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74f h12 y5980 ff4 fs7 fc1 sc2 ls0 ws0\">6.835<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y5980 ff4 fs7 fc1 sc2 ls0 ws0\">239.168<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54f9 w941 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">E. Valutazione al c<span class=\"_ _2\"></span>osto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xda4 y54f9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6aa h12 y5981 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x699 h12 y5981 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x714 h12 y5981 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5981 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5981 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table>Si fornisce anche la tabella di m<span class=\"_ _2\"></span>ovimentazione dei diritti d\u2019uso acqu<span class=\"_ _2\"></span>isiti con il leasing in quanto tali attivit\u00e0 sono rilevanti.<span class=\"_ _3a1\"> </span>  9.7 Attivit\u00e0 <span class=\"_ _1\"></span>materiali detenute a scopo d<span class=\"_ _1\"></span>i investimento<span class=\"_ _1\"></span>: variazioni annue<table class=\"s w945 h227\" id=\"_1ccc2094-793b-45f5-bb4f-6ecdd123a042\"><tr><td></td><td class=\"t m2 x6b9 h12 y5982 ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td><td></td></tr><tr><td></td><td class=\"c n xdaf y5983 w921 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Terreni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb0 y5983 w922 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Fabbricati<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5984 w946 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A. Esistenze iniziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb1 y5984 w947 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">2.414<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x738 h12 y5985 ff4 fs7 fc1 sc2 ls0 ws0\">2.581<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54cd w948 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">B. Aumenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb2 y54cd w949 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">36<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66b h12 y5986 ff4 fs7 fc1 sc2 ls0 ws0\">37<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5987 w94a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Acquisti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb3 y5987 w796 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5988 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5989 w94b h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione a<span class=\"_ _2\"></span>ziendale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb4 y5989 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y598a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y598b w92d h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Spese per mig<span class=\"_ _2\"></span>liorie capitalizzate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb5 y598b w796 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y598c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5522 w94c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Variazioni positive d<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span> fair value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb6 y5522 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y598d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y598e w94d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Riprese di val<span class=\"_ _2\"></span>ore<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb7 y598e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y598f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5990 w94e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 Differenze di camb<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>o positive<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb8 y5990 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5991 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y547e w94f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.6 Trasferimenti da im<span class=\"_ _2\"></span>mobili ad us<span class=\"_ _2\"></span>o funzionale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb7 y547e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5992 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5993 w932 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.7 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb9 y5993 w950 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">36<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66b h12 y5994 ff4 fs7 fc1 sc0 ls0 ws0\">37<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5995 w951 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">C. Diminuzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdba y5995 w952 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">72<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e8 h12 y5996 ff4 fs7 fc1 sc2 ls0 ws0\">228<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y5997 ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Vendite </td><td class=\"t m2 xdbb h12 y5998 ff4 fs7 fc1 sc0 ls0 ws0\">72<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y5998 ff4 fs7 fc1 sc0 ls0 ws0\">73<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5999 w94b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione a<span class=\"_ _2\"></span>ziendale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb4 y5999 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y599a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y599b w935 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Ammortamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdbc y599b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x73d h12 y599c ff4 fs7 fc1 sc0 ls0 ws0\">155<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y55ab w953 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Variazioni negati<span class=\"_ _2\"></span>ve di fair value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdbd y55ab w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y599d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y599e w954 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Rettifiche di valore d<span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span> deteriorame<span class=\"_ _2\"></span>nto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdb6 y599e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y599f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y59a0 ff4 fs7 fc1 sc0 ls0 ws0\">C.5 Differenze di camb<span class=\"_ _2\"></span>io negative </td><td class=\"t m2 x66f h12 y59a1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y59a1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5537 w955 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.6 Trasferimenti a:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x735 y5537 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y59a2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y59a3 w956 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) immobili ad uso funz<span class=\"_ _2\"></span>ionale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdbe y59a3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y59a4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y59a5 w957 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) attivit\u00e0 non corrent<span class=\"_ _2\"></span>i e gruppi di attivit\u00e0 <span class=\"_ _2\"></span>in via di dismissi<span class=\"_ _2\"></span>one<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdbf y59a5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y59a6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y597d w958 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.7 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x735 y597d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y59a7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y597f w959 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D. Rimanenze finali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdc0 y597f w95a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2.378<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e5 h12 y59a8 ff4 fs7 fc1 sc2 ls0 ws0\">2.390<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y539f w95b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">E. Valutazione al fai<span class=\"_ _2\"></span>r value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdc1 y539f w95c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.568<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e5 h12 y59a9 ff4 fs7 fc1 sc0 ls0 ws0\">5.539<span class=\"_ _3a1\"> </span></td></tr></table>Sezione<span class=\"_ _1\"></span>13 \u2013 Alt<span class=\"_ _1\"></span>re attivit\u00e0 \u2013 Vo<span class=\"_ _1\"></span>ce 130<span class=\"_ _3a1\"> </span>13.1 Altre <span class=\"_ _1\"></span>attivit\u00e0: composizione<table class=\"s wa43 h238\" id=\"_ff4ce759-6250-4f6e-b2dc-3f24194008c4\"><tr><td></td><td></td><td class=\"c n x731 y5ad9 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x732 y5ad9 w65e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5ada wa44 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Assegni negoziati da c<span class=\"_ _2\"></span>ompensare<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf53 y5ada wa45 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">67.556<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y5adb ff4 fs7 fc1 sc0 ls0 ws0\">48.603<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5adc wa46 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Operazioni su tit<span class=\"_ _2\"></span>oli in lavorazione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf54 y5adc wa47 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">7.814<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x780 h12 y5add ff4 fs7 fc1 sc0 ls0 ws0\">1.836<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ade wa48 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Assegni in corso di <span class=\"_ _2\"></span>lavorazione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf55 y5ade wa49 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">3.076<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e5 h12 y5adf ff4 fs7 fc1 sc0 ls0 ws0\">6.980<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ae0 wa4a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Operazioni relative a ser<span class=\"_ _3b\"></span>v<span class=\"_ _1\"></span>izi di pagame<span class=\"_ _2\"></span>nto in corso di lavorazio<span class=\"_ _2\"></span>ne<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf56 y5ae0 wa4b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">77.327<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e5 h12 y5ae1 ff4 fs7 fc1 sc0 ls0 ws0\">86.111<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ae2 wa4c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Operazioni relative a ser<span class=\"_ _3b\"></span>v<span class=\"_ _1\"></span>izi di pagame<span class=\"_ _2\"></span>nto in corso di maturaz<span class=\"_ _2\"></span>ione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf57 y5ae2 wa4d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">71.562<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x676 h12 y5ae3 ff4 fs7 fc1 sc0 ls0 ws0\">29.346<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ae4 wa4e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Ratei attivi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf58 y5ae4 wa4f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.847<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x780 h12 y5ae5 ff4 fs7 fc1 sc0 ls0 ws0\">4.041<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ae6 wa50 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Risconti attivi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf59 y5ae6 w6e5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">46.038<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5ae7 ff4 fs7 fc1 sc0 ls0 ws0\">31.180<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y558b wa51 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Assegni ed effetti in<span class=\"_ _2\"></span>soluti ad al protesto tra<span class=\"_ _2\"></span>tti sull'azienda e su <span class=\"_ _2\"></span>terzi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf5a y558b wa52 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.669<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x73d h12 y5ae8 ff4 fs7 fc1 sc0 ls0 ws0\">751<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y55ea wa53 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Migliorie e spese incremen<span class=\"_ _3b\"></span>tative su beni di terzi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf5b y55ea wa54 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">20.139<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x676 h12 y5ae9 ff4 fs7 fc1 sc0 ls0 ws0\">20.243<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y55ec wa55 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Depositi cauzional<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf5c y55ec w6ad h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66b h12 y5aea ff4 fs7 fc1 sc0 ls0 ws0\">26<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5591 wa56 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Debitori diversi per fa<span class=\"_ _2\"></span>tture emesse<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf5d y5591 wa57 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">47.690<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5aeb ff4 fs7 fc1 sc0 ls0 ws0\">45.271<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5593 wa58 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Debitori diversi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xeb5 y5593 wa59 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">958.720<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xda3 h12 y5aec ff4 fs7 fc1 sc0 ls0 ws0\">744.457<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5541 wa5a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Partite viaggianti con<span class=\"_ _2\"></span> le filiali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf5e y5541 wa5b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.497<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x676 h12 y5aed ff4 fs7 fc1 sc0 ls0 ws0\">20.755<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x6e7 h12 y5aee ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y5aee ff4 fs7 fc1 sc2 ls0 ws0\">1.314.959<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fd h12 y5aee ff4 fs7 fc1 sc2 ls0 ws0\">1.039.600<span class=\"_ _3a1\"> </span></td></tr></table>Le operazioni <span class=\"_ _1\"></span>relative a servizi <span class=\"_ _1\"></span>di pagament<span class=\"_ _1\"></span>o in corso <span class=\"_ _1\"></span>di lavorazione/maturazione so<span class=\"_ _1\"></span>no relative <span class=\"_ _1\"></span>ad<span class=\"_ _3a1\"> </span>addebiti ricevuti ma non ancora addebitati sui conti della cliente<span class=\"_ _1\"></span>la.<span class=\"_ _3a1\"> </span>Non sono presenti impairment loss (IFRS 9) su crediti relativi a contratti con la clientela e contract<span class=\"_ _3a1\"> </span>assets.<span class=\"_ _3a1\"> </span>Nella <span class=\"_ _35\"> </span>voce <span class=\"_ _0\"></span>\u201cRiscont<span class=\"_ _1\"></span>i <span class=\"_ _0\"> </span>attivi\u201d <span class=\"_ _35\"> </span>sono <span class=\"_ _0\"> </span>pr<span class=\"_ _1\"></span>esenti <span class=\"_ _35\"> </span>anche <span class=\"_ _0\"></span>costi <span class=\"_ _35\"> </span>sostenuti <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>l\u2019ottenimento <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>contr<span class=\"_ _1\"></span>atti<span class=\"_ _3a1\"> </span>verso <span class=\"_ _3f\"> </span>promotori <span class=\"_ _39\"> </span>finanziari, <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>competenza <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>esercizi <span class=\"_ _39\"> </span>futuri, <span class=\"_ _3f\"> </span>pari <span class=\"_ _3f\"> </span>a <span class=\"_ _39\"> </span>21 <span class=\"_ _39\"> </span>milioni <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>euro<span class=\"_ _1\"></span>. <span class=\"_ _39\"> </span>La<span class=\"_ _3a1\"> </span>movimentazione della voce \u00e8 la seguente:  <table class=\"s wa39 h237\" id=\"_31f2d9f1-e319-4fdb-90ed-e4ab6aeb9493\"><tr><td></td><td></td><td class=\"t m2 xf49 h12 y5ad1 ff4 fs7 fc4 sc3 ls0 ws0\">Totale <span class=\"_ _1ff\"> </span>To<span class=\"_ _1\"></span>tale </td></tr><tr><td></td><td class=\"c n xf4a y5ad2 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf4b y5ad2 w68d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5537 wa3a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1. Importo iniziale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf4c y5537 w6c4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">19.599<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xf4d h12 y5ad3 ff4 fs7 fc1 sc2 ls0 ws0\">18.908<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5539 w672 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2. Aumenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf4e y5539 wa3b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">12.932<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa33 h12 y5ad4 ff4 fs7 fc1 sc2 ls0 ws0\">13.463<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y55be wa3c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Altri aumenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf4f y55be wa3d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.932<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xf4d h12 y5ad5 ff4 fs7 fc1 sc0 ls0 ws0\">13.463<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5515 wa3e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">3. Diminuzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf50 y5515 wa3f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">11.490<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa33 h12 y5ad6 ff4 fs7 fc1 sc2 ls0 ws0\">12.772<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54b0 wa40 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 ammortament<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf51 y54b0 wa3f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.490<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa33 h12 y5ad7 ff4 fs7 fc1 sc0 ls0 ws0\">12.772<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54f9 wa41 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4. Importo finale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf52 y54f9 wa42 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">21.041<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa33 h12 y5ad8 ff4 fs7 fc1 sc2 ls0 ws0\">19.599<span class=\"_ _3a1\"> </span></td></tr></table>Di seguito si riporta il dettaglio dei \u201cDebitori diversi:<table class=\"s wa5c h239\" id=\"_10e7af11-bc9b-426a-84be-4337a01dd973\"><tr><td></td><td></td><td class=\"c n xf5f y5aef w6c6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf60 y5aef wa5d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c xf62 y5af0 wa5e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xf61 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c xf64 y5af0 wa5f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xf63 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y55ec wa60 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Crediti d\u2019imposta<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf65 y55ec wa61 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">844.386<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x775 h12 y5af1 ff4 fs7 fc1 sc0 ls0 ws0\">636.515<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5af2 wa62 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Contenzioso non cred<span class=\"_ _2\"></span>itizio<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf66 y5af2 wa63 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">980<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x72b h12 y5af3 ff4 fs7 fc1 sc0 ls0 ws0\">1.300<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5593 wa64 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Altri debitori diversi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf67 y5593 wa65 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">73.289<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xf68 h12 y5af4 ff4 fs7 fc1 sc0 ls0 ws0\">76.660<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5541 wa66 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Anticipi a fornitori<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf69 y5541 wa67 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">40.065<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xf68 h12 y5af5 ff4 fs7 fc1 sc0 ls0 ws0\">29.983<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 xf6a h12 y5af6 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf6b h12 y5af6 ff4 fs7 fc1 sc2 ls0 ws0\">958.720<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x775 h12 y5af6 ff4 fs7 fc1 sc2 ls0 ws0\">744.457<span class=\"_ _3a1\"> </span></td></tr></table>Nella <span class=\"_ _0\"></span>voce <span class=\"_ _38\"></span>\u201ccrediti <span class=\"_ _38\"></span>d\u2019imposta\u201d <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>presenti <span class=\"_ _0\"></span>le<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>ttivit\u00e0 <span class=\"_ _0\"></span>fiscali <span class=\"_ _38\"></span>connesse <span class=\"_ _0\"></span>con<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>l\u2019attivit\u00e0 <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>sostit<span class=\"_ _1\"></span>uto<span class=\"_ _3a1\"> </span>d\u2019imposta.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _1\"></span>presenti <span class=\"_ _1\"></span>crediti di <span class=\"_ _1\"></span>imposta ai <span class=\"_ _1\"></span>sens<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>del D.L. <span class=\"_ _1\"></span>n.18/2020 <span class=\"_ _1\"></span>(Cura Italia) <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>D.L. <span class=\"_ _1\"></span>n.34/2020 (Rilancio)<span class=\"_ _3a1\"> </span>(eco bonus e sisma bonus) per un controvalore complessivo di 424,4 m<span class=\"_ _1\"></span>ilioni di euro. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-782": {
   "value": "<div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gsbc3\">Sezione <span class=\"_ _1\"></span>10 - At<span class=\"_ _1\"></span>tivit\u00e0 imm<span class=\"_ _1\"></span>ateriali \u2013 V<span class=\"_ _1\"></span>oce 100<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsbc4\">10.1<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsbc5\">Attivit\u00e0 immateriali: <span class=\"_ _1\"></span>composizione per tipologia di at<span class=\"_ _1\"></span>tivit\u00e0 </div><div class=\"gsbc6\"><table class=\"s w95d h228\" id=\"_82970971-784b-4bb3-9b82-c6e31fe073d2\"><tr><td></td><td></td><td></td><td class=\"c n xd8b y59aa w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdc2 y59aa w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xdc3 h12 y59ab ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0/Valori </td><td></td><td></td><td class=\"c n xdc4 y59ac w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdc5 y59ac w95e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">3<span class=\"_ _1\"></span>1/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m2 xdc6 h12 y59ad ff4 fs7 fc4 sc3 ls0 ws0\">Durata </td><td class=\"t m2 x6c9 h12 y59ad ff4 fs7 fc4 sc3 ls0 ws0\">Durata </td><td class=\"t m2 x6b0 h12 y59ad ff4 fs7 fc4 sc3 ls0 ws0\">Durata </td><td class=\"t m2 x68a h12 y59ad ff4 fs7 fc4 sc3 ls0 ws0\">Durata </td></tr><tr><td></td><td></td><td class=\"t m2 x678 h12 y59ae ff4 fs7 fc4 sc3 ls0 ws0\">definita </td><td class=\"t m2 x6cc h12 y59ae ff4 fs7 fc4 sc3 ls0 ws0\">indefinita </td><td class=\"t m2 x6b9 h12 y59ae ff4 fs7 fc4 sc3 ls0 ws0\">definita </td><td class=\"t m2 x6a3 h12 y59ae ff4 fs7 fc4 sc3 ls0 ws0\">indefinita </td></tr><tr><td class=\"t m2 x677 h12 y59af ff4 fs7 fc1 sc2 ls0 ws0\">A.1 Avviamento </td><td></td><td class=\"t m2 x78f h12 y59b0 ff4 fs7 fc1 sc0 ls0 ws0\">X </td><td class=\"t m2 x754 h12 y59af ff4 fs7 fc1 sc2 ls0 ws0\">291.342<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a2 h12 y59b0 ff4 fs7 fc1 sc0 ls0 ws0\">X </td><td class=\"t m2 x666 h12 y59af ff4 fs7 fc1 sc2 ls0 ws0\">291.342<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y55a8 w95f h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.1.1 di pertinenza del g<span class=\"_ _2\"></span>ruppo<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdc7 y55a8 w48e h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdc8 y55a8 w960 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">291.342<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdc9 y55a8 w649 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdca y55a8 w42f h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">291.342<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59b1 w961 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.1.2 di pertinenza di <span class=\"_ _2\"></span>terzi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdcb y59b1 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdcc y59b1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdc9 y59b1 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdcd y59b1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y55ab w962 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">A.2 Altre attivit\u00e0 immateriali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdce y55ab w963 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">209.309<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a9 h12 y59b2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd80 h12 y59b2 ff4 fs7 fc1 sc2 ls0 ws0\">199.440<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y59b2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y5485 w964 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: software<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdd0 y5485 w965 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">196.821<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a9 h12 y59b3 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd80 h12 y59b4 ff4 fs7 fc1 sc0 ls0 ws0\">184.923<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y59b3 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5486 w966 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.2.1 Attivit\u00e0 valutate a<span class=\"_ _2\"></span>l costo:<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdd1 y5486 w967 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">209.309<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xdd2 h12 y59b5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd80 h12 y59b5 ff4 fs7 fc1 sc0 ls0 ws0\">199.440<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y59b5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y54a9 w968 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Attivit\u00e0 immaterial<span class=\"_ _2\"></span>i generate intername<span class=\"_ _2\"></span>nte<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdd3 y54a9 w969 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24.086<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xdd2 h12 y59b6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd83 h12 y59b6 ff4 fs7 fc1 sc0 ls0 ws0\">22.052<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y59b6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y55b0 w96a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre attivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdd4 y55b0 w96b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">185.223<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xdd2 h12 y59b7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd80 h12 y59b7 ff4 fs7 fc1 sc0 ls0 ws0\">177.388<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y59b7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54ac w96c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.2.2 Attivit\u00e0 valutate a<span class=\"_ _2\"></span>l fair value:<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdd5 y54ac w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xdd2 h12 y59b8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd6 h12 y59b8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y59b8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y5515 w968 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Attivit\u00e0 immaterial<span class=\"_ _2\"></span>i generate intername<span class=\"_ _2\"></span>nte<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdd7 y5515 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xdd2 h12 y59b9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd6 h12 y59b9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y59b9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y54b0 w96a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre attivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdd8 y54b0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xdd2 h12 y5517 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd6 h12 y5517 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5517 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x692 h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x907 h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">209.309<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x754 h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">291.342<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd80 h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">199.440<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">291.342<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbc7\">La voce \u201dAltre attivit\u00e0\u201d \u00e8 composta prevalentemente da software e<span class=\"_ _2\"></span> dalla \u201cCustomer Relationship\u201d<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs9d5\">relativa alle acquisizioni degli sportelli dei r<span class=\"_ _1\"></span>ami d\u2019azienda e alla fusione della Cas<span class=\"_ _1\"></span>sa di Risparmio di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbc8\">Cento.<span class=\"_ _3a1\"> </span> </div>10.2 Attivit\u00e0 immat<span class=\"_ _1\"></span>eriali: variazion<span class=\"_ _1\"></span>i annue<span class=\"_ _3a1\"> </span><table class=\"s w96d h229\" id=\"_fb237ced-24e9-490d-aa54-4efd1374a042\"><tr><td></td><td></td><td></td><td class=\"t m2 x9a7 h12 y59ba ff4 fs7 fc4 sc3 ls0 ws0\">Altre attivit\u00e0 </td><td></td><td class=\"t m2 xce3 h12 y59bb ff4 fs7 fc4 sc3 ls0 ws0\">Altre attivit\u00e0 </td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x9a8 h12 y59bc ff4 fs7 fc4 sc3 ls0 ws0\">Avviamento<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xdd9 h12 y59bd ff4 fs7 fc4 sc3 ls0 ws0\">immateriali: generate </td><td class=\"t m2 x886 h12 y59be ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">immateriali: altre<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xd53 h12 y59bc ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 xdda h12 y59bf ff4 fs7 fc4 sc3 ls0 ws0\">internamente<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 xddb h12 y59c0 ff4 fs7 fc4 sc3 ls0 ws0\">DEF<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x939 h12 y59c0 ff4 fs7 fc4 sc3 ls0 ws0\">INDEF<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x886 h12 y59c0 ff4 fs7 fc4 sc3 ls0 ws0\">DEF<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x942 h12 y59c0 ff4 fs7 fc4 sc3 ls0 ws0\">INDEF<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y59c1 w96e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A. Esistenze iniziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xddc y59c1 w96f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">291.342</div></td><td class=\"t m2 xddb h12 y59c2 ff4 fs7 fc1 sc2 ls0 ws0\">79.072<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc58 h12 y59c2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddd h12 y59c2 ff4 fs7 fc1 sc2 ls0 ws0\">656.130<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xdde h12 y59c2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddf h12 y59c2 ff4 fs7 fc1 sc2 ls0 ws0\">1.026.544<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59c3 w928 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Riduzioni di valore<span class=\"_ _2\"></span> totali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xde0 y59c3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xde1 y59c3 w970 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>7.020<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xde2 y59c3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xde3 y59c3 w971 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">478.742<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xde4 y59c3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xde5 y59c3 w41b h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">535.762<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y59c4 ff4 fs7 fc1 sc2 ls0 ws0\">A.2 Esistenze iniziali nette<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc5f h12 y59c4 ff4 fs7 fc1 sc2 ls0 ws0\">291.342<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddb h12 y59c4 ff4 fs7 fc1 sc2 ls0 ws0\">22.052<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc58 h12 y59c4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xde6 h12 y59c4 ff4 fs7 fc1 sc2 ls0 ws0\">177.390<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xdde h12 y59c4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd53 h12 y59c4 ff4 fs7 fc1 sc2 ls0 ws0\">490.782<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59c5 w972 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">B. Aumenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xde7 y59c5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-</div></td><td class=\"t m2 xde8 h12 y59c6 ff4 fs7 fc1 sc2 ls0 ws0\">9.255<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc58 h12 y59c6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xde9 h12 y59c6 ff4 fs7 fc1 sc2 ls0 ws0\">64.415<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xdde h12 y59c6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x874 h12 y59c6 ff4 fs7 fc1 sc2 ls0 ws0\">73.670<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59c7 w92b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Acquisti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdea y59c7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdeb y59c7 w973 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.642<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdec y59c7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xded y59c7 w974 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">60.405<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdee y59c7 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdef y59c7 w975 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">67.047<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y59c8 w94b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione a<span class=\"_ _2\"></span>ziendale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf0 y59c8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf1 y59c8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf2 y59c8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf3 y59c8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdf4 y59c8 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf5 y59c8 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59c9 w976 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Incrementi di att<span class=\"_ _2\"></span>ivit\u00e0 immateriali<span class=\"_ _2\"></span> interne<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf6 y59c9 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf7 y59c9 w977 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.568<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf8 y59c9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf9 y59c9 w978 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.010<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdfa y59c9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdfb y59c9 w979 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.578<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59ca w92e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Riprese di valore<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdfc y59ca w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdfd y59ca w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdfe y59ca w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdff y59ca w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe00 y59ca w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe01 y59ca w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59cb w97a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Variazioni pos<span class=\"_ _2\"></span>itive di fair value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe02 y59cb w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe03 y59cb w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe04 y59cb w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe05 y59cb w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe06 y59cb w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe07 y59cb w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe08 y59cc w97b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a patrimonio nett<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe09 y59cc w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0a y59cc w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0b y59cc w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0c y59cc w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe0d y59cc w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0e y59cc w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe08 y59cd w97c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a conto economico<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0f y59cd w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe10 y59cd w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe11 y59cd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe12 y59cd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe13 y59cd w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe14 y59cd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59ce w97d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 Differenze di camb<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>o positive<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe15 y59ce w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe16 y59ce w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe17 y59ce w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe18 y59ce w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe19 y59ce w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe1a y59ce w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59cf w97e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.6 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xde0 y59cf w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe1b y59cf w97f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">45<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe1c y59cf w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe1d y59cf w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe1e y59cf w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe1f y59cf w97f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">45<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y544b w980 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">C. Diminuzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe20 y544b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x9a7 h12 y59d0 ff4 fs7 fc1 sc2 ls0 ws0\">7.221<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc58 h12 y59d0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe21 h12 y59d0 ff4 fs7 fc1 sc2 ls0 ws0\">56.582<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xdde h12 y59d0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe22 h12 y59d0 ff4 fs7 fc1 sc2 ls0 ws0\">63.803<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59d1 w981 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Vendite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe23 y59d1 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdfd y59d1 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdfe y59d1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe24 y59d1 w5f9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">145<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe25 y59d1 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe26 y59d1 w982 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">145<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y59d2 w94b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione a<span class=\"_ _2\"></span>ziendale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf0 y59d2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf1 y59d2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf2 y59d2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf3 y59d2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdf4 y59d2 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf5 y59d2 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59d3 w983 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Rettifiche di valore<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe27 y59d3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe28 y59d3 w984 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7.221<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe29 y59d3 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe2a y59d3 w985 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">55.833<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe2b y59d3 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe2c y59d3 w986 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">63.054<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe08 y59d4 w987 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Ammortamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe2d y59d4 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe2e y59d4 w988 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7.221<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe2f y59d4 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe30 y59d4 w989 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">55<span class=\"_ _1\"></span>.833<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe31 y59d4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe32 y59d4 w98a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">63.054<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe08 y59d5 w98b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Svalutazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe33 y59d5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe34 y59d5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe35 y59d5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe36 y59d5 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe37 y59d5 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe38 y59d5 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe39 y59d6 w98c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">+ patrimonio netto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe3a y59d6 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe3b y59d6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe3c y59d6 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe3d y59d6 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe3e y59d6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe3f y59d6 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe39 y59d7 w98d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">+ conto economic<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe40 y59d7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe41 y59d7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe42 y59d7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe43 y59d7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe44 y59d7 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe45 y59d7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59d8 w98e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Variazioni negati<span class=\"_ _2\"></span>ve di fair value:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xde0 y59d8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe46 y59d8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe47 y59d8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe48 y59d8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdfa y59d8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe49 y59d8 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe08 y59d9 w97b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a patrimonio nett<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe09 y59d9 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0a y59d9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0b y59d9 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0c y59d9 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe0d y59d9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0e y59d9 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe08 y5366 w97c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a conto economico<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0f y5366 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe10 y5366 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe11 y5366 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe12 y5366 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe13 y5366 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe14 y5366 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y59da ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Trasferimenti al<span class=\"_ _2\"></span>le attivit\u00e0 non co<span class=\"_ _2\"></span>rrenti in via di<span class=\"_ _3a1\"> </span></td><td class=\"c n xe4a y59db w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe4b y59db w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe4c y59db w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe4d y59db w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe4e y59db w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe4f y59db w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y59dc ff4 fs7 fc1 sc0 ls0 ws0\">dismissione </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y59dd w937 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.5 Differenze di camb<span class=\"_ _2\"></span>io negative<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe50 y59dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe51 y59dd w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe52 y59dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe53 y59dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe54 y59dd w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe55 y59dd w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59de w98f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.6 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe56 y59de w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe57 y59de w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe58 y59de w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe59 y59de w990 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">604<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe5a y59de w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe5b y59de w991 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>04<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59df w93d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D. Rimanenze finali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe5c y59df w42f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">291.342</div></td><td class=\"t m2 xe5d h12 y59e0 ff4 fs7 fc1 sc2 ls0 ws0\">24.086<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc58 h12 y59e0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddd h12 y59e0 ff4 fs7 fc1 sc2 ls0 ws0\">185.223<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xdde h12 y59e0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd4c h12 y59e0 ff4 fs7 fc1 sc2 ls0 ws0\">500.651<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59e1 w992 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.1 Rettifiche di val<span class=\"_ _2\"></span>ori totali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe5e y59e1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe5f y59e1 w467 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">64.241<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe47 y59e1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe60 y59e1 w993 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>25.570<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe61 y59e1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe62 y59e1 w994 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>89.811<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59e2 w995 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">E. Rimanenze finali lorde<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe63 y59e2 w996 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">291.<span class=\"_ _2\"></span>342</div></td><td class=\"t m2 xddb h12 y59e3 ff4 fs7 fc1 sc2 ls0 ws0\">88.327<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc58 h12 y59e3 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xde6 h12 y59e3 ff4 fs7 fc1 sc2 ls0 ws0\">710.793<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xdde h12 y59e3 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddf h12 y59e3 ff4 fs7 fc1 sc2 ls0 ws0\">1.090.462<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y539f w997 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">F. Valutazione al cos<span class=\"_ _2\"></span>to<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe64 y539f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe65 y539f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe66 y539f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe67 y59e4 w998 h20a\"><div class=\"t m2 x2b3 h12 y56d8 ff4 fs7 fc1 sc0 ls0 ws0\">- <span class=\"_ _fb\"> </span>- <span class=\"_ _62\"> </span>- </div></td><td></td><td></td><td></td></tr></table>Legenda DEF: a durata definita<span class=\"_ _2\"></span> INDEF: a durata indef<span class=\"_ _2\"></span>inita La <span class=\"_ _38\"></span>sottovoce <span class=\"_ _0\"></span>\u201cF <span class=\"_ _1\"></span>- <span class=\"_ _0\"></span>Val<span class=\"_ _2\"></span>utazione <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>costo\u201d<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>valorizzata<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>quanto, <span class=\"_ _0\"></span>come <span class=\"_ _1\"></span>da <span class=\"_ _0\"></span>istruzi<span class=\"_ _2\"></span>oni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>B<span class=\"_ _1\"></span>anca d\u2019Italia, <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>sua <span class=\"_ _35\"> </span>compil<span class=\"_ _2\"></span>azione <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>p<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>evista <span class=\"_ _0\"></span>solo <span class=\"_ _35\"> </span>p<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>r <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>imm<span class=\"_ _2\"></span>ateriali <span class=\"_ _0\"></span>valutate <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>bilanci<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>fa<span class=\"_ _2\"></span>ir value. Gli incrementi delle attivit\u00e0 immateriali sono <span class=\"_ _1\"></span>principalmente riferibi<span class=\"_ _2\"></span>li a nuovi sviluppi applicativi.<span class=\"_ _3a1\"> </span><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbd3\">Si <span class=\"_ _35\"> </span>fornisce <span class=\"_ _35\"> </span>il <span class=\"_ _0\"> </span>dett<span class=\"_ _1\"></span>aglio <span class=\"_ _35\"> </span>degli <span class=\"_ _0\"></span>avviamenti <span class=\"_ _35\"> </span>consolidati <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>riferiment<span class=\"_ _1\"></span>o <span class=\"_ _35\"> </span>all\u2019anno <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>acquisizione <span class=\"_ _35\"> </span>o </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbd4\">fusio</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbd5\">ne della entit\u00e0 relativa: </div><div class=\"gsbd6\"><table class=\"s w999 h22a\" id=\"_567a2a0f-77c4-4f74-a5b3-927c29774574\"><tr><td class=\"c n x2d7 y59e5 w99a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Gruppi filiali/banche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe69 y59e5 w99b h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Anno di fusione</div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 xe6a h12 y59e6 ff4 fs7 fc1 sc0 ls0 ws0\">  <span class=\"_ _1f9\"> </span>o di acquisizione <span class=\"_ _1b1\"> </span> </td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y59e7 w99c h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Filiali Deutsche Bank<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe6b y59e7 w99d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1998<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe6c h12 y59e8 ff4 fs7 fc1 sc0 ls0 ws0\">2.695</td><td class=\"t m2 xe6d h12 y59e9 ff4 fs7 fc1 sc0 ls0 ws0\"> CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59ea w99e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">B.C.C. Curinga<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe6b y59ea w99d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1998<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe6e h12 y59eb ff4 fs7 fc1 sc0 ls0 ws0\">917<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y59ec ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59ed w99f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">B.C.C. San Giovann<span class=\"_ _2\"></span>i Gemini<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe70 y59ed w99d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1998<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe71 h12 y59ee ff4 fs7 fc1 sc0 ls0 ws0\">452<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y59ef ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59f0 w9a0 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Banca dei Comuni No<span class=\"_ _2\"></span>lani<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe6b y59f0 w99d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1998<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe72 h12 y59f1 ff4 fs7 fc1 sc0 ls0 ws0\">2.361<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y59f2 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59f3 w9a1 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Banca della Provincia di<span class=\"_ _2\"></span> Napoli<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe73 y59f3 w99d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1998<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe74 h12 y59f4 ff4 fs7 fc1 sc0 ls0 ws0\">58<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y59f5 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59f6 w9a2 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.C.C. Alto Crotonese<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe75 y59f6 w9a3 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1999<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe74 h12 y59f7 ff4 fs7 fc1 sc0 ls0 ws0\">161<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y59f8 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59f9 w9a4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.C.C. Fortore Miscan<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe76 y59f9 w8d2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1999<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe77 h12 y59fa ff4 fs7 fc1 sc0 ls0 ws0\">1.377<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y59fb ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59fc w9a5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Banca Popolare Andr<span class=\"_ _2\"></span>iese<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe78 y59fc w9a6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2000<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe79 h12 y59fd ff4 fs7 fc1 sc0 ls0 ws0\">17.669<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y59fe ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59ff w9a7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Banca di Latina<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe7a y59ff w9a8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2003<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe6c h12 y5a00 ff4 fs7 fc1 sc0 ls0 ws0\">3.028<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y5a01 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a02 w9a9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Filiali Citibank Internat<span class=\"_ _2\"></span>ional PLC<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe7b y5a02 w9aa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2008<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe7c h12 y5a03 ff4 fs7 fc1 sc0 ls0 ws0\">36.307<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y5a04 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a05 w9ab h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Filiali Banco Popo<span class=\"_ _2\"></span>lare<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe7d y5a05 w9ac h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2008<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe7e h12 y5a06 ff4 fs7 fc1 sc0 ls0 ws0\">119.926<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y5a07 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y561e w9ad h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Filiali Unicredit<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe7b y561e w9aa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2008<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe7f h12 y5a08 ff4 fs7 fc1 sc0 ls0 ws0\">94.433<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y5a09 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xe80 h12 y5a0a ff4 fs7 fc4 sc3 ls0 ws0\">TOTALE BANCHE INCORPORATE<span class=\"_ _2\"></span> <span class=\"_ _98\"> </span> </td><td></td><td></td><td class=\"t m2 xe81 h12 y5a0a ff4 fs7 fc4 sc3 ls0 ws0\">279.384<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 xe6a h12 y5a0b ff4 fs7 fc1 sc0 ls0 ws0\">Euromobiliare A.<span class=\"_ _2\"></span>M. Sgr (ramo ceduto da <span class=\"_ _2\"></span>Credem Internati<span class=\"_ _2\"></span>onal Lux)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xe82 h12 y5a0b ff4 fs7 fc1 sc0 ls0 ws0\">2000<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe72 h12 y5a0b ff4 fs7 fc1 sc0 ls0 ws0\">2.166<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y5a0c ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xe80 h12 y5a0d ff4 fs7 fc4 sc3 ls0 ws0\">TOTALI AVVIAMENTI BANCHE<span class=\"_ _2\"></span> <span class=\"_ _34\"> </span> </td><td></td><td></td><td class=\"t m2 xe83 h12 y5a0d ff4 fs7 fc4 sc3 ls0 ws0\">281.550<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 xe6a h12 y5a0e ff4 fs7 fc1 sc0 ls0 ws0\">So.em.ro (incorporata d<span class=\"_ _2\"></span>a MGT) </td><td></td><td class=\"c xe84 y5a0f w109 h25\"><div class=\"t m2 x0 h12 y370 ff4 fs7 fc1 sc0 ls0 ws0\">1998 </div></td><td class=\"c xe85 y5a0f w74 h25\"><div class=\"t m2 x0 h12 y370 ff4 fs7 fc1 sc0 ls0 ws0\">294 </div></td><td class=\"t m2 xe6f h12 y5a10 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xe6a h12 y5a11 ff4 fs7 fc1 sc0 ls0 ws0\">Netium  </td><td></td><td class=\"c xe84 y5a12 w10c h25\"><div class=\"t m2 x0 h12 y370 ff4 fs7 fc1 sc0 ls0 ws0\">2001 </div></td><td class=\"c xe86 y5a12 w58 h25\"><div class=\"t m2 x0 h12 y370 ff4 fs7 fc1 sc0 ls0 ws0\">9 </div></td><td class=\"t m2 xe6f h12 y5a13 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a14 w9ae h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credemvita<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe87 y5a14 w9aa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2008<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe6c h12 y5a15 ff4 fs7 fc1 sc0 ls0 ws0\">4.092<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe88 h12 y5a16 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Insurance<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5876 w9af h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.S. Inform (incorp<span class=\"_ _2\"></span>orata da Credemt<span class=\"_ _2\"></span>el)<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe89 y5876 w9b0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2010<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe72 h12 y5a17 ff4 fs7 fc1 sc0 ls0 ws0\">1.350<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y5a18 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5591 w9b1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Topkey (incorporata da <span class=\"_ _3b\"></span>C<span class=\"_ _1\"></span>redemtel)<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe8a y5591 w9b2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2014<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe85 h12 y5a19 ff4 fs7 fc1 sc0 ls0 ws0\">835<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y5a1a ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a1b w9b3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Sata<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe8b y5a1b w9b4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2020<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe72 h12 y5a1c ff4 fs7 fc1 sc0 ls0 ws0\">1.656<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y5a1d ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a1e w9b5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Blue Eye<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe8c y5a1e w9b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2021<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe72 h12 y5a1f ff4 fs7 fc1 sc0 ls0 ws0\">1.556<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y5a20 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xe80 h12 y5a21 ff4 fs7 fc4 sc3 ls0 ws0\">TOTALI AVVIAMENTI  </td><td></td><td></td><td class=\"t m2 xe8d h12 y5a21 ff4 fs7 fc4 sc3 ls0 ws0\">291.342<span class=\"_ _3a1\"> </span></td><td></td></tr></table></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gsbd7\">Avviamen<span class=\"_ _1\"></span>ti relativ<span class=\"_ _1\"></span>i alle Fil<span class=\"_ _1\"></span>iali Ban<span class=\"_ _1\"></span>co Popol<span class=\"_ _1\"></span>are e Grup<span class=\"_ _1\"></span>po Unic<span class=\"_ _1\"></span>redit<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbd8\">Per <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>definitiva <span class=\"_ _35\"> </span>allocazione <span class=\"_ _35\"> </span>de<span class=\"_ _1\"></span>gli <span class=\"_ _35\"> </span>avviamenti <span class=\"_ _35\"> </span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _35\"> </span>agli <span class=\"_ _35\"> </span>sportelli <span class=\"_ _35\"> </span>acquisiti <span class=\"_ _35\"> </span>nel <span class=\"_ _35\"> </span>2008<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>rinvia <span class=\"_ _35\"> </span>a </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbd9\">quanto gi\u00e0 esposto nel bilancio 2009.<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gsbda\">Impairme<span class=\"_ _1\"></span>nt test <span class=\"_ _1\"></span>sugli avv<span class=\"_ _1\"></span>iamenti </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gsbdb\">Definizion<span class=\"_ _1\"></span>e delle<span class=\"_ _1\"></span> CGU </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbdc\">Lo IAS 3<span class=\"_ _1\"></span>6 preve<span class=\"_ _1\"></span>de che, anche <span class=\"_ _1\"></span>nell\u2019ottica della <span class=\"_ _1\"></span>verifica di e<span class=\"_ _1\"></span>ventuali riduzioni di <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>(\u201cImpairment </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbdd\">Test\u201d<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbde\">),  gli <span class=\"_ _3d\"> </span>avviamenti  acquisiti <span class=\"_ _3d\"> </span>in  aggre<span class=\"_ _1\"></span>gazioni  aziendali <span class=\"_ _3d\"> </span>siano  allocati  ad <span class=\"_ _3d\"> </span>unit\u00e0 <span class=\"_ _3d\"> </span>organizzative </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbdf\">relativamente <span class=\"_ _3a\"> </span>autonome <span class=\"_ _3a\"> </span>nel <span class=\"_ _3f\"> </span>pro<span class=\"_ _1\"></span>filo <span class=\"_ _3a\"> </span>gestionale <span class=\"_ _3a\"> </span>e <span class=\"_ _3a\"> </span>che <span class=\"_ _3a\"> </span>benefician<span class=\"_ _2\"></span>o <span class=\"_ _3a\"> </span>delle <span class=\"_ _3a\"> </span>sinergie <span class=\"_ _3a\"> </span>derivanti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbe0\">dall\u2019acquisizione. <span class=\"_ _35\"> </span>Tali  u<span class=\"_ _2\"></span>nit\u00e0  o<span class=\"_ _2\"></span>rganizzative, <span class=\"_ _35\"> </span>denominate  Cash <span class=\"_ _35\"> </span>Generating <span class=\"_ _35\"> </span>Units <span class=\"_ _35\"> </span>(\u201cCGU\u201d),  d<span class=\"_ _2\"></span>evono </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbe1\">presentare le seguenti caratteristiche: </div><div class=\"t m2 h23 ffc fs2 fc1 sc0 ls0 ws0 gsbe2\"><span class=\"ff16\"> <span class=\"_ _19e\"> </span><span class=\"ff4\">rappresentare il <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>minimo con riferimento <span class=\"_ _2\"></span>al qu<span class=\"_ _2\"></span>ale l\u2019av<span class=\"_ _2\"></span>viamento stesso \u00e8 <span class=\"_ _3b\"></span>m<span class=\"_ _1\"></span>onitorato ai <span class=\"_ _2\"></span>fini </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbe3\">del controllo di gestione interno;  </div><div class=\"t m2 h23 ffc fs2 fc1 sc0 ls0 ws0 gsbe4\"><span class=\"ff16\"> <span class=\"_ _19e\"> </span><span class=\"ff4\">non essere superiori a un Segmento <span class=\"_ _1\"></span>Operativo definito ai sensi del principi<span class=\"_ _2\"></span>o IFRS 8. <span class=\"_ _1\"></span> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbe5\">Nel <span class=\"_ _38\"></span>Gruppo <span class=\"_ _38\"></span>Cre<span class=\"_ _1\"></span>dem <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>CGU <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>hanno <span class=\"_ _0\"></span>beneficiato <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>ch<span class=\"_ _3b\"></span>e <span class=\"_ _0\"></span>continu<span class=\"_ _2\"></span>ano <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>beneficiarie <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>sinergie </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbe6\">derivanti dai processi di aggregazione effettuati nel tempo sono <span class=\"_ _1\"></span>le seguenti: </div><div class=\"t m2 h23 ffc fs2 fc1 sc0 ls0 ws0 gsbe7\"><span class=\"ff16\"> <span class=\"_ _40\"> </span><span class=\"ff4\">Banking; </span></span></div><div class=\"t m2 h23 ffc fs2 fc1 sc0 ls0 ws0 gsbe8\"><span class=\"ff16\"> <span class=\"_ _40\"> </span><span class=\"ff4\">Insurance. </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbe9\">Il <span class=\"_ _2\"></span>sistema di<span class=\"_ _2\"></span> reportistica <span class=\"_ _3b\"></span>utilizzato dalla <span class=\"_ _3b\"></span>Direzione \u00e8<span class=\"_ _2\"></span> coerente <span class=\"_ _3b\"></span>con <span class=\"_ _2\"></span>tali CGU<span class=\"_ _2\"></span> (si <span class=\"_ _3b\"></span>veda la <span class=\"_ _3b\"></span>Parte L<span class=\"_ _2\"></span> relativa<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbea\">all\u2019Informativa <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>Settore) <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>inoltre, <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>flussi <span class=\"_ _1\"></span>finanziari <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>esse <span class=\"_ _1\"></span>prodotti <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>ultano <span class=\"_ _1\"></span>omogenei <span class=\"_ _1\"></span>quanto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbeb\">alla <span class=\"_ _39\"> </span>natura <span class=\"_ _3f\"> </span>della <span class=\"_ _39\"> </span>clientela <span class=\"_ _39\"> </span>ed <span class=\"_ _39\"> </span>alla <span class=\"_ _3f\"> </span>tipologia <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>prodotti <span class=\"_ _3f\"> </span>e <span class=\"_ _39\"> </span>servizi <span class=\"_ _39\"> </span>forniti. <span class=\"_ _39\"> </span>Tali <span class=\"_ _3f\"> </span>CGU <span class=\"_ _39\"> </span>pertanto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbec\">rappresentano <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>pi\u00f9 <span class=\"_ _1\"></span>piccolo <span class=\"_ _38\"></span>gruppo <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>genera <span class=\"_ _38\"></span>flussi <span class=\"_ _1\"></span>finanziari <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>entra<span class=\"_ _1\"></span>ta <span class=\"_ _1\"></span>indipendenti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbed\">ed il <span class=\"_ _1\"></span>livello minimo <span class=\"_ _1\"></span>al quale <span class=\"_ _1\"></span>l\u2019avviame<span class=\"_ _1\"></span>nto <span class=\"_ _1\"></span>pu\u00f2 essere <span class=\"_ _1\"></span>allocato secondo <span class=\"_ _1\"></span>criteri non <span class=\"_ _1\"></span>arbitrari. <span class=\"_ _1\"></span>\u00c8 a <span class=\"_ _1\"></span>tale </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbee\">livello <span class=\"_ _2\"></span>che le <span class=\"_ _2\"></span>dinamiche <span class=\"_ _2\"></span>di v<span class=\"_ _2\"></span>alore dell\u2019<span class=\"_ _2\"></span>avviamento assumono signif<span class=\"_ _2\"></span>icato e <span class=\"_ _3b\"></span>vengono controllate nell<span class=\"_ _3b\"></span>a </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbef\">gestione del Gruppo Credem.  </div>Definizion<span class=\"_ _1\"></span>e del<span class=\"_ _1\"></span> valore con<span class=\"_ _1\"></span>tabile de<span class=\"_ _1\"></span>lle CGU  Nel <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>aziende <span class=\"_ _36\"> </span>bancarie <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>ass<span class=\"_ _1\"></span>icurative <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>, <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>generale, <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>aziende <span class=\"_ _37\"> </span>oper<span class=\"_ _1\"></span>anti <span class=\"_ _37\"> </span>nel <span class=\"_ _37\"> </span>settore finanziario, le attivit\u00e0 <span class=\"_ _3b\"></span>e passivit\u00e0 fin<span class=\"_ _2\"></span>anziarie, in linea d<span class=\"_ _2\"></span>i principi<span class=\"_ _2\"></span>o escluse dall\u2019ambi<span class=\"_ _2\"></span>to di applic<span class=\"_ _2\"></span>azione dello I<span class=\"_ _2\"></span>AS 36, <span class=\"_ _3b\"></span>cost<span class=\"_ _1\"></span>ituiscono parte <span class=\"_ _3b\"></span>integrante del co<span class=\"_ _2\"></span>re business. <span class=\"_ _3b\"></span>Al fine d<span class=\"_ _2\"></span>i id<span class=\"_ _2\"></span>entificare i <span class=\"_ _2\"></span>flussi di<span class=\"_ _2\"></span> cassa<span class=\"_ _3b\"></span> delle <span class=\"_ _2\"></span>CGU <span class=\"_ _3b\"></span>\u00e8 pertanto<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>necessario <span class=\"_ _3b\"></span>considera<span class=\"_ _1\"></span>re <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>nche <span class=\"_ _3b\"></span>i fl<span class=\"_ _2\"></span>ussi <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>cassa <span class=\"_ _2\"></span>associati <span class=\"_ _2\"></span>alle <span class=\"_ _3b\"></span>attivit\u00e0 <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>passivit\u00e0 finanziarie.  Sulla <span class=\"_ _38\"></span>base <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>tale<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>impostazione<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>l\u2019impairment<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>te<span class=\"_ _1\"></span>st <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>CGU <span class=\"_ _0\"></span>operanti <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>ambito <span class=\"_ _38\"></span>finanz<span class=\"_ _1\"></span>iario <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>pu\u00f2 che <span class=\"_ _35\"> </span>essere <span class=\"_ _35\"> </span>svolto <span class=\"_ _35\"> </span>secondo <span class=\"_ _35\"> </span>una <span class=\"_ _35\"> </span>prospettiva <span class=\"_ _35\"> </span>cosiddetta <span class=\"_ _35\"> </span>\u201cequ<span class=\"_ _2\"></span>ity <span class=\"_ _35\"> </span>side\u201d. <span class=\"_ _35\"> </span>Coerentemente, <span class=\"_ _35\"> </span>anche <span class=\"_ _35\"> </span>il valore contabile delle CGU deve essere determinato secondo la stessa pros<span class=\"_ _1\"></span>pettiva.  In particolare, il valore contabile delle CGU \u00e8 stat<span class=\"_ _1\"></span>o determinato nel seguente modo: <span class=\"_ _3e\"> </span><span class=\"ff4\">Per <span class=\"_ _48\"> </span>la <span class=\"_ _48\"> </span>CGU <span class=\"_ _48\"> </span>Insurance, <span class=\"_ _3a\"> </span>composta <span class=\"_ _48\"> </span>integralmente <span class=\"_ _48\"> </span>dalle <span class=\"_ _48\"> </span>entit\u00e0 <span class=\"_ _3a\"> </span>giuridiche <span class=\"_ _48\"> </span>Credemvita <span class=\"_ _48\"> </span>e<span class=\"_ _2\"></span> </span>Credemassicurazioni, <span class=\"_ _35\"> </span>il<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>valore <span class=\"_ _0\"></span>cont<span class=\"_ _1\"></span>abile <span class=\"_ _0\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>stato <span class=\"_ _0\"></span>determinato <span class=\"_ _35\"> </span>analiticamente, <span class=\"_ _0\"></span>sulla <span class=\"_ _35\"> </span>base <span class=\"_ _35\"> </span>del<span class=\"_ _2\"></span> contributo al patrimonio netto consolidato di ciascuna societ<span class=\"_ _1\"></span>\u00e0. <span class=\"_ _3e\"> </span><span class=\"ff4\">Per <span class=\"_ _69\"> </span>la <span class=\"_ _44\"> </span>CGU <span class=\"_ _44\"> </span>Banking, composta <span class=\"_ _44\"> </span>integralmente <span class=\"_ _44\"> </span>dalle <span class=\"_ _44\"> </span>ent<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _44\"> </span>giuridiche <span class=\"_ _44\"> </span>individuate <span class=\"_ _44\"> </span>nel </span>corrispondente <span class=\"_ _3b\"></span>setto<span class=\"_ _1\"></span>re <span class=\"_ _3b\"></span>operativo <span class=\"_ _3b\"></span>(si <span class=\"_ _3b\"></span>ve<span class=\"_ _1\"></span>da <span class=\"_ _3b\"></span>la <span class=\"_ _3b\"></span>P<span class=\"_ _1\"></span>arte <span class=\"_ _3b\"></span>L <span class=\"_ _2\"></span>relativa <span class=\"_ _3b\"></span>all\u2019Infor<span class=\"_ _1\"></span>mativa <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>Set<span class=\"_ _1\"></span>tore), <span class=\"_ _3b\"></span>il <span class=\"_ _3b\"></span>relat<span class=\"_ _1\"></span>ivo valore contabile \u00e8 stato determinato: -<span class=\"_ _3f\"> </span><span class=\"ff4\">allocando analiticamente gli avviame<span class=\"_ _1\"></span>nti di pertinenza; </span>-<span class=\"_ _3f\"> </span><span class=\"ff4\">allocando <span class=\"_ _43\"> </span>il <span class=\"_ _43\"> </span>patrimonio <span class=\"_ _43\"> </span>netto <span class=\"_ _43\"> </span>consolidato <span class=\"_ _43\"> </span>\u201cresiduo\u201d <span class=\"_ _43\"> </span>in <span class=\"_ _69\"> </span>propor<span class=\"_ _1\"></span>zione <span class=\"_ _43\"> </span>al <span class=\"_ _43\"> </span>capitale </span>regolamentare richiesto <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>l\u2019operativit\u00e0 della <span class=\"_ _1\"></span>CGU.  L\u2019utilizzo di <span class=\"_ _1\"></span>tale indicatore <span class=\"_ _1\"></span>gestionale risulta <span class=\"_ _1\"></span>giustificato <span class=\"_ _1\"></span>dalla <span class=\"_ _1\"></span>considerazione <span class=\"_ _1\"></span>che, ne<span class=\"_ _1\"></span>ll\u2019ambito <span class=\"_ _1\"></span>dell\u2019attivit\u00e0 finanziaria, <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>fattori <span class=\"_ _1\"></span>di rischio <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>i r<span class=\"_ _1\"></span>elativi <span class=\"_ _1\"></span>assorbimenti di <span class=\"_ _1\"></span>capitale <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>egolamentare <span class=\"_ _1\"></span>incidono <span class=\"_ _1\"></span>nella <span class=\"_ _1\"></span>generazione <span class=\"_ _1\"></span>dei flussi <span class=\"_ _35\"> </span>finanziari <span class=\"_ _35\"> </span>prospettici <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>indi <span class=\"_ _35\"> </span>nella <span class=\"_ _35\"> </span>determinazione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>recuperabile <span class=\"_ _35\"> </span>con <span class=\"_ _0\"></span>il<span class=\"_ _1\"></span> quale il valore contabile deve risultare <span class=\"_ _1\"></span>coerente. Di se<span class=\"_ _1\"></span>guito si <span class=\"_ _1\"></span>riporta <span class=\"_ _1\"></span>il pros<span class=\"_ _1\"></span>petto di sint<span class=\"_ _1\"></span>esi r<span class=\"_ _1\"></span>elativo ai <span class=\"_ _1\"></span>valori conta<span class=\"_ _1\"></span>bili delle <span class=\"_ _1\"></span>CGU e<span class=\"_ _1\"></span> ai <span class=\"_ _1\"></span>relat<span class=\"_ _1\"></span>ivi valori di bilancio degli avviamenti (in milioni di euro):  <table class=\"s w9b7 h22b\" id=\"_532be68e-c03e-4427-8a23-e238a15b9fc1\"><tr><td></td><td class=\"c xe91 y5a22 w9b8 h20e\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xe8f h12 y571a ff4 fs7 fc1 sc0 ls0 ws0\">G<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xe90 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">U<span class=\"_ _3a1\"> </span></div></td><td class=\"c xe94 y5a22 w9b9 h20e\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xe92 h12 y571a ff4 fs7 fc1 sc0 ls0 ws0\">a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xe93 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">nking<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe95 y5a22 w9ba h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">CGU Insurance<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xe96 h12 y5a23 ff4 fs7 fc1 sc0 ls0 ws0\">Valore </td><td></td><td class=\"c n xe97 y5a24 w9bb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.020,1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe98 y5a24 w9bc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">663,2<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xe96 h12 y5a25 ff4 fs7 fc1 sc0 ls0 ws0\">contabile CGU<span class=\"_ _2\"></span> </td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xe96 h12 y5a26 ff4 fs7 fc1 sc0 ls0 ws0\">Avviamenti </td><td></td><td class=\"c n xe99 y5a27 w9bd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">288,9<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe9a y5a27 w9be h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14,4<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xe96 h12 y5a28 ff4 fs7 fc1 sc0 ls0 ws0\">allocati </td><td></td><td></td><td></td></tr></table>Oltre <span class=\"_ _39\"> </span>all\u2019importo <span class=\"_ _39\"> </span>di <span class=\"_ _3f\"> </span>291,3 <span class=\"_ _39\"> </span>milioni <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>euro <span class=\"_ _3f\"> </span>contabilizzato <span class=\"_ _39\"> </span>alla <span class=\"_ _39\"> </span>voce <span class=\"_ _39\"> </span>\u201cAttivit\u00e0 <span class=\"_ _39\"> </span>Immateriali\u201d, <span class=\"_ _39\"> </span>gli avviamenti <span class=\"_ _38\"></span>allocati <span class=\"_ _38\"></span>comprendono <span class=\"_ _1\"></span>anche <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>avviamenti <span class=\"_ _38\"></span>relativi <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>Credemassicurazioni, <span class=\"_ _38\"></span>pari <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>10<span class=\"_ _1\"></span>,3 milioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>euro, ad <span class=\"_ _3b\"></span>An<span class=\"_ _1\"></span>dxor, pari <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>1,1 milioni <span class=\"_ _3b\"></span>di euro, <span class=\"_ _2\"></span>a Flairbit, <span class=\"_ _3b\"></span>pari a 0,4 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>di euro <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>a Mynet, <span class=\"_ _3b\"></span>pari a 0,2 milioni di euro inclusi nella voce partecipazioni. Definizion<span class=\"_ _1\"></span>e del<span class=\"_ _1\"></span> valore re<span class=\"_ _1\"></span>cuperabile<span class=\"_ _1\"></span> delle<span class=\"_ _1\"></span> CGU Il  principio  contabile  IAS  36  richiede  che,  almeno  annualmente,  l\u2019ammontare  dell\u2019avviamento iscritto <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>bilancio <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>sottopos<span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>Impairment <span class=\"_ _0\"></span>Test. <span class=\"_ _1\"></span>Il <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>est <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>impairment<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>volto <span class=\"_ _38\"></span>raffrontando <span class=\"_ _38\"></span>il valore <span class=\"_ _0\"></span>contabile <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>CGU <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>cu<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"> </span>allocat<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>valore <span class=\"_ _0\"></span>re<span class=\"_ _1\"></span>cuperabile <span class=\"_ _0\"></span>dalle <span class=\"_ _0\"></span>stesse. <span class=\"_ _0\"></span>Laddove <span class=\"_ _0\"></span>tale valore risultasse inferiore al valore contabile deve essere rilevata una rett<span class=\"_ _1\"></span>ifica di valore.  Il <span class=\"_ _1\"></span>valore<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>recuperabile <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>CGU <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>maggiore <span class=\"_ _38\"></span>tra <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>suo <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _1\"></span>al <span class=\"_ _38\"></span>netto <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>costi <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>vendita <span class=\"_ _38\"></span>ed <span class=\"_ _38\"></span>il suo <span class=\"_ _37\"> </span>valore <span class=\"_ _37\"> </span>d\u2019uso. <span class=\"_ _37\"> </span>Il <span class=\"_ _37\"> </span>principio <span class=\"_ _3d\"> </span>aggiunge <span class=\"_ _37\"> </span>che<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>nello <span class=\"_ _37\"> </span>svolgimento <span class=\"_ _37\"> </span>del <span class=\"_ _3d\"> </span>t<span class=\"_ _1\"></span>est <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>impairme<span class=\"_ _1\"></span>nt <span class=\"_ _37\"> </span>non <span class=\"_ _3d\"> </span>\u00e8 necessario definire <span class=\"_ _1\"></span>sia il valore <span class=\"_ _1\"></span>d\u2019uso che il fair <span class=\"_ _1\"></span>value, ma \u00e8 <span class=\"_ _1\"></span>sufficiente che a<span class=\"_ _1\"></span>lmeno uno dei <span class=\"_ _1\"></span>due sia superiore <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>valore <span class=\"_ _0\"></span>contabile <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>confermare <span class=\"_ _0\"></span>l\u2019assenza <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>una <span class=\"_ _0\"> </span>pe<span class=\"_ _1\"></span>rdita <span class=\"_ _0\"></span>durevole <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>valore. <span class=\"_ _0\"></span>Ai <span class=\"_ _35\"> </span>fi<span class=\"_ _3b\"></span>ni dell\u2019individuazione del valore recuperabile delle singole <span class=\"_ _1\"></span>CGU \u00e8 stato individuato il valore d\u2019uso.  CGU Ban<span class=\"_ _1\"></span>king Per la<span class=\"_ _2\"></span> CGU<span class=\"_ _2\"></span> Banking<span class=\"_ _2\"></span>, il <span class=\"_ _3b\"></span>valore d\u2019uso <span class=\"_ _3b\"></span>\u00e8 stato <span class=\"_ _3b\"></span>determinato attraverso <span class=\"_ _3b\"></span>lo svilu<span class=\"_ _2\"></span>ppo d<span class=\"_ _2\"></span>el Dividend<span class=\"_ _2\"></span> Discoun<span class=\"_ _2\"></span>t Model (DDM). <span class=\"_ _3f\"> </span>Tale <span class=\"_ _3a\"> </span>metodo <span class=\"_ _3f\"> </span>determina <span class=\"_ _3a\"> </span>il <span class=\"_ _3f\"> </span>valore <span class=\"_ _3a\"> </span>in <span class=\"_ _3f\"> </span>funzione <span class=\"_ _3f\"> </span>del <span class=\"_ _3a\"> </span>flusso <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>dividendi <span class=\"_ _3a\"> </span>attesi potenzialmente <span class=\"_ _38\"></span>distribuibili. <span class=\"_ _38\"></span>Nella <span class=\"_ _0\"></span>fattispecie,<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>meto<span class=\"_ _1\"></span>do <span class=\"_ _38\"></span>utilizzato <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>DDM <span class=\"_ _1\"></span>nella <span class=\"_ _38\"></span>variante <span class=\"_ _38\"></span>\u201cExcess Capital\u201d, <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>unemente <span class=\"_ _38\"></span>adottata <span class=\"_ _38\"></span>nella <span class=\"_ _38\"></span>prassi <span class=\"_ _38\"></span>valutativa <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>settore <span class=\"_ _1\"></span>bancario, <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>base <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>quale <span class=\"_ _38\"></span>il valore economico \u00e8 pari alla sommatoria dei seguenti elementi: <span class=\"_ _3e\"> </span><span class=\"ff4\">valore attuale <span class=\"_ _3b\"></span>dei flu<span class=\"_ _2\"></span>ssi d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>cas<span class=\"_ _1\"></span>sa <span class=\"_ _3b\"></span>futuri generati <span class=\"_ _3b\"></span>nell\u2019arco di <span class=\"_ _3b\"></span>un <span class=\"_ _3b\"></span>det<span class=\"_ _1\"></span>erminato <span class=\"_ _3b\"></span>or<span class=\"_ _1\"></span>izzonte <span class=\"_ _3b\"></span>te<span class=\"_ _1\"></span>mporale<span class=\"_ _2\"></span> </span>di <span class=\"_ _188\"> </span>pianificazione <span class=\"_ _29\"> </span>es<span class=\"_ _1\"></span>plicita <span class=\"_ _188\"> </span>e <span class=\"_ _29\"> </span>distr<span class=\"_ _1\"></span>ibuibili <span class=\"_ _188\"> </span>agli <span class=\"_ _29\"> </span>azionisti <span class=\"_ _29\"> </span>mante<span class=\"_ _1\"></span>nendo <span class=\"_ _188\"> </span>un <span class=\"_ _29\"> </span>livello <span class=\"_ _188\"> </span>di<span class=\"_ _3a1\"> </span>patrimonializzazione, <span class=\"_ _38\"></span>coerente <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>le<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>istruzioni <span class=\"_ _38\"></span>dettate <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>materia <span class=\"_ _1\"></span>dall\u2019Autorit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>Vi<span class=\"_ _2\"></span>gilanza <span class=\"_ _1\"></span>e compat<span class=\"_ _3a1\"> </span>ibile con la natura e l\u2019evoluzione attesa delle attivit\u00e0; <span class=\"_ _3e\"> </span><span class=\"ff4\">valore <span class=\"_ _0\"> </span>attuale <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>rendita <span class=\"_ _0\"></span>perpet<span class=\"_ _1\"></span>ua <span class=\"_ _0\"></span>definita <span class=\"_ _0\"></span>sulla <span class=\"_ _0\"></span>base <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>dividendo <span class=\"_ _0\"></span>sostenibile <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>gl<span class=\"_ _2\"></span>i </span>esercizi <span class=\"_ _43\"> </span>successivi <span class=\"_ _43\"> </span>al <span class=\"_ _43\"> </span>periodo <span class=\"_ _43\"> </span>di <span class=\"_ _43\"> </span>pianificazione <span class=\"_ _43\"> </span>esplicita, <span class=\"_ _43\"> </span>coerente <span class=\"_ _43\"> </span>con <span class=\"_ _43\"> </span>i <span class=\"_ _43\"> </span>livelli <span class=\"_ _43\"> </span>di patrimonializzazione richiesti dall\u2019Autorit\u00e0 di Vigilanza. Nonostante <span class=\"_ _0\"></span>l\u2019espressione <span class=\"_ _0\"></span>Divi<span class=\"_ _2\"></span>dend <span class=\"_ _0\"></span>Discount <span class=\"_ _38\"></span>Model <span class=\"_ _0\"></span>richiami <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>parola <span class=\"_ _0\"></span>dividendo, <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>cassa considerati <span class=\"_ _1\"></span>dal <span class=\"_ _1\"></span>modello <span class=\"_ _1\"></span>non s<span class=\"_ _1\"></span>ono i <span class=\"_ _1\"></span>dividendi <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>prevede <span class=\"_ _1\"></span>verranno <span class=\"_ _1\"></span>distribuiti <span class=\"_ _1\"></span>agli a<span class=\"_ _1\"></span>zionisti, <span class=\"_ _1\"></span>ma <span class=\"_ _1\"></span>i flussi <span class=\"_ _1\"></span>di cass<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>azionista <span class=\"_ _1\"></span>pot<span class=\"_ _1\"></span>enzialmente <span class=\"_ _1\"></span>potrebbe <span class=\"_ _1\"></span>beneficiare <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>petto dei <span class=\"_ _1\"></span>limiti <span class=\"_ _1\"></span>delle dotazioni patrimoniali richieste dall\u2019operativit\u00e0 aziendale. I flussi per l\u2019applicazione della metodologia valutativa sono stati desunti dal Preconsuntivo 2024 e Budget <span class=\"_ _1\"></span>2025<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>Gruppo <span class=\"_ _1\"></span>Credem, <span class=\"_ _1\"></span>approvati <span class=\"_ _38\"></span>dal <span class=\"_ _1\"></span>Consiglio <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>Amministr<span class=\"_ _1\"></span>azione <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>Capogruppo <span class=\"_ _1\"></span>il 20 dicembre 2024 e da <span class=\"_ _2\"></span>proiezioni, app<span class=\"_ _2\"></span>rovate in data 8 febbraio 2025 e <span class=\"_ _2\"></span>redatte ai soli fini<span class=\"_ _2\"></span> del test di impairment sugli avviamenti, relative agli eser<span class=\"_ _1\"></span>cizi dal 2026 al 2028. Per q<span class=\"_ _2\"></span>uanto <span class=\"_ _3b\"></span>riguarda gli<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>impatti <span class=\"_ _3b\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _3b\"></span>climatico su<span class=\"_ _2\"></span>lle <span class=\"_ _2\"></span>stime <span class=\"_ _3b\"></span>e <span class=\"_ _2\"></span>sugli <span class=\"_ _3b\"></span>aspet<span class=\"_ _1\"></span>ti <span class=\"_ _3b\"></span>valutativi, <span class=\"_ _2\"></span>si <span class=\"_ _3b\"></span>evidenzia che <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>effetti <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>piano <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>transizione <span class=\"_ _0\"></span>adottato <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>incorporati <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>pianifi<span class=\"_ _2\"></span>cazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>risultati economici <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>patrimoniali <span class=\"_ _37\"> </span>del <span class=\"_ _37\"> </span>gruppo. <span class=\"_ _37\"> </span>I <span class=\"_ _36\"> </span>flussi <span class=\"_ _37\"> </span>per <span class=\"_ _37\"> </span>l\u2019applicazione <span class=\"_ _36\"> </span>della <span class=\"_ _37\"> </span>metodologia <span class=\"_ _37\"> </span>valutativa incorporano <span class=\"_ _3d\"> </span>anche <span class=\"_ _3d\"> </span>le  stime <span class=\"_ _3d\"> </span>dei  r<span class=\"_ _1\"></span>ischi  e <span class=\"_ _3d\"> </span>degli <span class=\"_ _3d\"> </span>assorbimenti <span class=\"_ _3d\"> </span>patrimoniali,  calcolati <span class=\"_ _3d\"> </span>tene<span class=\"_ _1\"></span>ndo  in considerazione anche <span class=\"_ _3b\"></span>l\u2019integrazione delle <span class=\"_ _3b\"></span>tematiche ESG <span class=\"_ _3b\"></span>all\u2019interno del <span class=\"_ _2\"></span>processo di <span class=\"_ _3b\"></span>pianificazione, tramite <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>declinazione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>obiettivi <span class=\"_ _35\"> </span>riconducibili <span class=\"_ _35\"> </span>ad <span class=\"_ _35\"> </span>orizzonti <span class=\"_ _35\"> </span>temporali <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>breve,  m<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>dio <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>lungo termine inerente la Rendicontazione Societaria di sostenibilit\u00e0. Il livello di <span class=\"_ _1\"></span>patrimonializzazione, ai <span class=\"_ _1\"></span>fini della dete<span class=\"_ _1\"></span>rminazione del flusso <span class=\"_ _1\"></span>di dividendi potenzialmente distribuibili, \u00e8 <span class=\"_ _38\"></span>stato <span class=\"_ _1\"></span>ipotizzato <span class=\"_ _1\"></span>pari al <span class=\"_ _1\"></span>10,30% <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Tier <span class=\"_ _1\"></span>1 <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>all\u201912,55% di <span class=\"_ _1\"></span>Tier <span class=\"_ _38\"></span>Total (livelli <span class=\"_ _1\"></span>calcolati <span class=\"_ _1\"></span>sulla base della Final SREP decision della BCE e regole <span class=\"_ _1\"></span>della CRR2)<span class=\"_ _2\"></span>.  Il tass<span class=\"_ _1\"></span>o di <span class=\"_ _1\"></span>sconto dei <span class=\"_ _1\"></span>flussi \u00e8<span class=\"_ _1\"></span> stato <span class=\"_ _1\"></span>stimato s<span class=\"_ _1\"></span>ulla base <span class=\"_ _1\"></span>del \u201c<span class=\"_ _1\"></span>Capital Asset <span class=\"_ _1\"></span>Pricing Model\u201d, che <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ima il <span class=\"_ _0\"></span>costo <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>capitale <span class=\"_ _0\"></span>come <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>sommatoria <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>rendimento<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>invest<span class=\"_ _1\"></span>imenti <span class=\"_ _0\"></span>privi <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>un premio <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>rischio  correla<span class=\"_ _2\"></span>to <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>rischiosit\u00e0  specifica <span class=\"_ _35\"> </span>dell\u2019<span class=\"_ _2\"></span>attivit\u00e0. <span class=\"_ _35\"> </span>Nello <span class=\"_ _35\"> </span>specifico <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>cost<span class=\"_ _1\"></span>o <span class=\"_ _35\"> </span>del capitale \u00e8 stato determinato nella misura dell\u20198,19%, sulla base dei seguenti parametri: <span class=\"_ _3e\"> </span><span class=\"ff4\">Tasso <span class=\"_ _1\"></span>privo di rischio: <span class=\"_ _1\"></span>pari al 3,58%, <span class=\"_ _1\"></span>corrispondente alla <span class=\"_ _1\"></span>media semplice del <span class=\"_ _1\"></span>rendimento lordo </span>dei BTP a 10 anni emessi negli ultimi 6 mesi; <span class=\"_ _3e\"> </span><span class=\"ff4\">Coefficiente<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>Beta: <span class=\"_ _0\"></span>pari <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>0,838 <span class=\"_ _0\"></span>corrispondente <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>coeffici<span class=\"_ _2\"></span>ente <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Cre<span class=\"_ _1\"></span>dem <span class=\"_ _0\"></span>(Beta <span class=\"_ _35\"> </span>5Y <span class=\"_ _0\"></span>Adjusted </span>31.12.2019/31.12.2024, con rilevazione sett<span class=\"_ _1\"></span>imanale); <span class=\"_ _3e\"> </span><span class=\"ff4\">Premio <span class=\"_ _0\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _0\"></span>ri<span class=\"_ _2\"></span>schio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>ercato: <span class=\"_ _38\"></span>pari <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>5,50%, <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>linea <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>prassi <span class=\"_ _38\"></span>valutativa <span class=\"_ _0\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>mer<span class=\"_ _1\"></span>cato </span>italiano e con <span class=\"_ _2\"></span>la comune ap<span class=\"_ _2\"></span>plicazione nel settore d<span class=\"_ _2\"></span>elle assicurazioni;<span class=\"_ _2\"></span> tale valore \u00e8<span class=\"_ _2\"></span> depurato del<span class=\"_ _3b\"></span> \u201crischio <span class=\"_ _1\"></span>paese\u201d in <span class=\"_ _1\"></span>quanto <span class=\"_ _1\"></span>implicitamente <span class=\"_ _1\"></span>compreso <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>sopracitato tasso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rendimento <span class=\"_ _1\"></span>delle attivit\u00e0 <span class=\"_ _0\"> </span>pr<span class=\"_ _1\"></span>ivo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rischio. <span class=\"_ _35\"> </span>Con <span class=\"_ _0\"></span>riferimento<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>pr<span class=\"_ _2\"></span>emio <span class=\"_ _0\"> </span>pe<span class=\"_ _1\"></span>r <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _35\"> </span>sono <span class=\"_ _0\"></span>state <span class=\"_ _35\"> </span>fa<span class=\"_ _2\"></span>tte verifiche con <span class=\"_ _3b\"></span>fonti alternative, qual<span class=\"_ _2\"></span>i Damodaran, <span class=\"_ _2\"></span>Fernandez e <span class=\"_ _2\"></span>Kroll, <span class=\"_ _2\"></span>provvedendo, ove <span class=\"_ _3b\"></span>del caso, a correggere <span class=\"_ _3b\"></span>per il <span class=\"_ _3b\"></span>differenziale di <span class=\"_ _3b\"></span>inflazione dei <span class=\"_ _3b\"></span>mercat<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span> cu<span class=\"_ _2\"></span>i i<span class=\"_ _3b\"></span> valori <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>i riferivan<span class=\"_ _2\"></span>o. Il <span class=\"_ _3b\"></span>livello scelto dal Gruppo si pone all\u2019interno dell\u2019intervallo di valori alternat<span class=\"_ _1\"></span>ivi. Il <span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>minal <span class=\"_ _1\"></span>value, <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>fine <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>periodo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>pianificazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>plicito, <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>stato <span class=\"_ _1\"></span>determinato <span class=\"_ _38\"></span>sulla <span class=\"_ _1\"></span>base <span class=\"_ _1\"></span>di un <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>crescita <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>lungo <span class=\"_ _0\"></span>periodo <span class=\"_ _0\"></span>soste<span class=\"_ _1\"></span>nibile, <span class=\"_ _0\"></span>assunto <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>misura <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>2,0%, <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>linea <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>le aspettative <span class=\"_ _3d\"> </span>di  crescita <span class=\"_ _3d\"> </span>di  lungo <span class=\"_ _3d\"> </span>termine <span class=\"_ _3d\"> </span>dell\u2019economia  e <span class=\"_ _3d\"> </span>con <span class=\"_ _3d\"> </span>la  prassi <span class=\"_ _3d\"> </span>valutativa <span class=\"_ _3d\"> </span>(Prometeia, Rapporto <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>Previsione <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>dicembre <span class=\"_ _3f\"> </span>20<span class=\"_ _1\"></span>24, <span class=\"_ _3f\"> </span>Inflazione <span class=\"_ _3a\"> </span>Italia <span class=\"_ _3a\"> </span>al <span class=\"_ _3a\"> </span>2027, <span class=\"_ _3a\"> </span>ultimo <span class=\"_ _3a\"> </span>anno <span class=\"_ _3a\"> </span>stimato dall\u2019Associazione). Nella <span class=\"_ _2\"></span>tabella c<span class=\"_ _2\"></span>he s<span class=\"_ _2\"></span>egue <span class=\"_ _2\"></span>viene <span class=\"_ _3b\"></span>ripor<span class=\"_ _1\"></span>tata <span class=\"_ _2\"></span>la <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>intesi <span class=\"_ _3b\"></span>delle valutazioni <span class=\"_ _3b\"></span>effettuate. In <span class=\"_ _3b\"></span>particolare la <span class=\"_ _3b\"></span>tabella pone <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>confronto <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>valori <span class=\"_ _0\"></span>conta<span class=\"_ _2\"></span>bili <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>CGU <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ispettivo <span class=\"_ _0\"></span>valore <span class=\"_ _0\"></span>d\u2019<span class=\"_ _2\"></span>uso <span class=\"_ _0\"></span>ottenuto <span class=\"_ _0\"></span>(in <span class=\"_ _0\"></span>milioni <span class=\"_ _38\"></span>di euro): <table class=\"s w9bf h22c\" id=\"_8ec9ed53-d09f-4ef2-a57b-31b7937824ac\"><tr><td></td><td class=\"c xe9d y5a29 w9c0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">CGU Ba<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xe9c h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">nking<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a2a w9c1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Valore d\u2019uso della CGU<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe9e y5a2a w9c2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.850<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5582 w9c3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Valore contabile CGU<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe9f y5582 w7aa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.020<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y539f w9c4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Delta<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xea0 y539f w9c5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.830<span class=\"_ _3a1\"> </span></div></td></tr></table>Il <span class=\"_ _1\"></span>mode<span class=\"_ _1\"></span>llo <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>determinazione <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>valore <span class=\"_ _38\"></span>d\u2019uso <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>stato <span class=\"_ _38\"></span>inoltre <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ottoposto <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>analisi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>sens<span class=\"_ _1\"></span>itivit\u00e0 <span class=\"_ _1\"></span>al fine <span class=\"_ _3b\"></span>di apprezzare <span class=\"_ _3b\"></span>la variazione <span class=\"_ _3b\"></span>dei <span class=\"_ _2\"></span>risultati <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>ttenuti <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>var<span class=\"_ _1\"></span>iare <span class=\"_ _3b\"></span>dei p<span class=\"_ _2\"></span>arametri valu<span class=\"_ _2\"></span>tativi <span class=\"_ _2\"></span>adottati. Dall<span class=\"_ _2\"></span>e analisi svolte, <span class=\"_ _3b\"></span>non sono emerse i<span class=\"_ _3b\"></span>ndicazioni di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iduzione di <span class=\"_ _2\"></span>valore con <span class=\"_ _2\"></span>riferimento alla <span class=\"_ _2\"></span>CGU in <span class=\"_ _3b\"></span>esa<span class=\"_ _1\"></span>me fino alla considerazione di un tasso <span class=\"_ _1\"></span>di attualizzazione del 19,5%. Si <span class=\"_ _36\"> </span>se<span class=\"_ _1\"></span>gnala <span class=\"_ _36\"> </span>che, <span class=\"_ _39\"> </span>considerando <span class=\"_ _36\"> </span>congiuntamente <span class=\"_ _39\"> </span>un <span class=\"_ _36\"> </span>tasso <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>crescita <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>lungo <span class=\"_ _36\"> </span>periodo <span class=\"_ _39\"> </span>nullo<span class=\"_ _3b\"></span> (decremento <span class=\"_ _1\"></span>di 200 bps) e<span class=\"_ _1\"></span> un tasso <span class=\"_ _1\"></span>di attualizzazione del <span class=\"_ _1\"></span>19,45% non <span class=\"_ _1\"></span>si rileverebber<span class=\"_ _1\"></span>o rettifiche di valore sulla <span class=\"_ _3b\"></span>CGU. Si <span class=\"_ _2\"></span>segnala i<span class=\"_ _2\"></span>nfine che <span class=\"_ _3b\"></span>anche abbattendo i<span class=\"_ _2\"></span> flu<span class=\"_ _2\"></span>ssi d<span class=\"_ _2\"></span>i cassa <span class=\"_ _2\"></span>futuri a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tesi d<span class=\"_ _2\"></span>i ci<span class=\"_ _2\"></span>rca il <span class=\"_ _3b\"></span>50% per <span class=\"_ _0\"></span>ciascun <span class=\"_ _38\"></span>anno <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>proi<span class=\"_ _2\"></span>ezione <span class=\"_ _0\"></span>(<span class=\"_ _2\"></span>incluso <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>terminal <span class=\"_ _0\"></span>valu<span class=\"_ _2\"></span>e) <span class=\"_ _0\"></span>non <span class=\"_ _1\"></span>si <span class=\"_ _0\"></span>rileverebbero <span class=\"_ _38\"></span>rettifiche <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>valore sulla CGU. Le analisi evidenziano altres\u00ec come le differe<span class=\"_ _1\"></span>nze rilevate nelle analisi di sensitivit\u00e0 sopra descritte assorbano in maniera <span class=\"_ _1\"></span>estensiva, in relazione al climate ris<span class=\"_ _1\"></span>k del Gruppo Credem, gli impatti st<span class=\"_ _1\"></span>imati in uno scenario avverso. CGU In<span class=\"_ _1\"></span>surance Per l<span class=\"_ _3a1\"> </span>a CGU Insurance il valore d\u2019<span class=\"_ _2\"></span>uso \u00e8 stato determinato, considerando specificamente il business \u201cDanni\u201d e il business \u201cVita\u201d, anche attra<span class=\"_ _1\"></span>verso il supporto di un consulente esterno.  CGU In<span class=\"_ _1\"></span>surance \u2013<span class=\"_ _1\"></span> Busines<span class=\"_ _1\"></span>s Danni  Per i<span class=\"_ _3a1\"> </span>l business \u201cDanni\u201d, ai <span class=\"_ _1\"></span>fini della s<span class=\"_ _1\"></span>tima del <span class=\"_ _1\"></span>valore d\u2019uso, \u00e8 stato <span class=\"_ _1\"></span>utilizzato il met<span class=\"_ _1\"></span>odo del Dividend Discount  Model<span class=\"_ _3b\"></span>  (DDM) <span class=\"_ _35\"> </span>nella <span class=\"_ _35\"> </span>variante  \u201cExcess<span class=\"_ _2\"></span>  Cap<span class=\"_ _2\"></span>ital\u201d,  d<span class=\"_ _2\"></span>escritto  p<span class=\"_ _2\"></span>rima <span class=\"_ _35\"> </span>e  in <span class=\"_ _35\"> </span>base <span class=\"_ _35\"> </span>ai <span class=\"_ _35\"> </span>criteri  ch<span class=\"_ _2\"></span>e seguono. I <span class=\"_ _3b\"></span>flussi per <span class=\"_ _3b\"></span>l\u2019applicazione <span class=\"_ _3b\"></span>della metodologia <span class=\"_ _3b\"></span>valutativa si<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>estendono <span class=\"_ _3b\"></span>ad un <span class=\"_ _3b\"></span>arco <span class=\"_ _2\"></span>temporale <span class=\"_ _3b\"></span>di quattr<span class=\"_ _2\"></span>o esercizi (2025-2028) e<span class=\"_ _1\"></span> si bas<span class=\"_ _1\"></span>ano sul budget <span class=\"_ _1\"></span>2025, approvato dal Consiglio <span class=\"_ _1\"></span>di Amministr<span class=\"_ _1\"></span>azione del 10 <span class=\"_ _19e\"> </span>dicembre <span class=\"_ _47\"> </span>2024 <span class=\"_ _19e\"> </span>e <span class=\"_ _19e\"> </span>dai <span class=\"_ _19e\"> </span>pre<span class=\"_ _1\"></span>visionali <span class=\"_ _40\"> </span>20<span class=\"_ _1\"></span>26-2028 <span class=\"_ _19e\"> </span>elaborati <span class=\"_ _47\"> </span>dall\u2019Ufficio <span class=\"_ _19e\"> </span>tecnico <span class=\"_ _19e\"> </span>di Credemassicurazioni. Il <span class=\"_ _37\"> </span>livello <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>patrimonializzazione<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>minimo, <span class=\"_ _37\"> </span>ai <span class=\"_ _36\"> </span>fini <span class=\"_ _36\"> </span>della <span class=\"_ _36\"> </span>determinazione <span class=\"_ _36\"> </span>del <span class=\"_ _36\"> </span>flusso <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>dividendi potenzialmente <span class=\"_ _37\"> </span>distribuibili, <span class=\"_ _37\"> </span>\u00e8 <span class=\"_ _37\"> </span>stato <span class=\"_ _37\"> </span>definito <span class=\"_ _37\"> </span>coerenteme<span class=\"_ _1\"></span>nte <span class=\"_ _3d\"> </span>con <span class=\"_ _37\"> </span>le <span class=\"_ _37\"> </span>istruzioni <span class=\"_ _37\"> </span>dell\u2019Autorit\u00e0 <span class=\"_ _37\"> </span>di Vigilanza ed in linea con la prassi valutativa nel settore di riferiment<span class=\"_ _1\"></span>o. Il <span class=\"_ _2\"></span>costo del cap<span class=\"_ _2\"></span>itale, stimato sul<span class=\"_ _2\"></span>la base <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>l \u201cCapi<span class=\"_ _2\"></span>tal Asset P<span class=\"_ _2\"></span>ricing M<span class=\"_ _2\"></span>odel\u201d, \u00e8 <span class=\"_ _2\"></span>stato determinato nell<span class=\"_ _3b\"></span>a misura del 6,50%, sulla base dei seguenti par<span class=\"_ _1\"></span>ametri: <span class=\"_ _3e\"> </span><span class=\"ff4\">tasso privo d<span class=\"_ _2\"></span>i rischio: <span class=\"_ _3b\"></span>pari al 3,58%, <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>rrispondente al rendi<span class=\"_ _2\"></span>mento medio <span class=\"_ _2\"></span>registrato negli <span class=\"_ _3b\"></span>ultimi </span>6 mesi dai BTP con scadenza residua decennale; <span class=\"_ _3e\"> </span><span class=\"ff4\">coefficiente<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>Beta: <span class=\"_ _48\"> </span>pari <span class=\"_ _3a\"> </span>a <span class=\"_ _3a\"> </span>0,53, <span class=\"_ _3a\"> </span>corr<span class=\"_ _1\"></span>ispondente <span class=\"_ _48\"> </span>al <span class=\"_ _3a\"> </span>coefficiente <span class=\"_ _3a\"> </span>medio <span class=\"_ _3a\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _3a\"> </span>societ\u00e0 <span class=\"_ _48\"> </span>di<span class=\"_ _3b\"></span> </span>assicurazione italiane quotate; <span class=\"_ _3e\"> </span><span class=\"ff4\">premio <span class=\"_ _0\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>mercato: <span class=\"_ _38\"></span>pari <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>5,5<span class=\"_ _2\"></span>0%, <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>linea <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>prassi <span class=\"_ _38\"></span>valutativa <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>mercato </span>italiano e con <span class=\"_ _2\"></span>la comune ap<span class=\"_ _2\"></span>plicazione nel settore d<span class=\"_ _2\"></span>elle assicurazioni;<span class=\"_ _2\"></span> tale valore \u00e8<span class=\"_ _2\"></span> depurato del<span class=\"_ _3b\"></span> \u201crischio <span class=\"_ _1\"></span>paese\u201d in <span class=\"_ _1\"></span>quanto <span class=\"_ _1\"></span>implicitamente <span class=\"_ _1\"></span>compreso <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>sopracitato tasso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rendimento <span class=\"_ _1\"></span>delle attivit\u00e0 <span class=\"_ _0\"> </span>pr<span class=\"_ _1\"></span>ivo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rischio. <span class=\"_ _35\"> </span>Con <span class=\"_ _0\"></span>riferimento<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>pr<span class=\"_ _2\"></span>emio <span class=\"_ _0\"> </span>pe<span class=\"_ _1\"></span>r <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _35\"> </span>sono <span class=\"_ _0\"></span>state <span class=\"_ _35\"> </span>fa<span class=\"_ _2\"></span>tte verifiche con <span class=\"_ _3b\"></span>fonti alternative, qual<span class=\"_ _2\"></span>i Damodaran, <span class=\"_ _2\"></span>Fernandez e <span class=\"_ _2\"></span>Kroll, <span class=\"_ _2\"></span>provvedendo, ove <span class=\"_ _3b\"></span>del caso, a correggere <span class=\"_ _3b\"></span>per il <span class=\"_ _3b\"></span>differenziale di <span class=\"_ _3b\"></span>inflazione dei <span class=\"_ _3b\"></span>mercat<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span> cu<span class=\"_ _2\"></span>i i<span class=\"_ _3b\"></span> valori <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>i riferivan<span class=\"_ _2\"></span>o. Il <span class=\"_ _3b\"></span>livello scelto dal Gruppo si pone all\u2019interno dell\u2019intervallo di valori alternat<span class=\"_ _1\"></span>ivi. Il valore terminale \u00e8 stato determinato pari <span class=\"_ _1\"></span>al valore dell\u2019ultimo periodo di pianificazione esplicito. CGU I<span class=\"_ _3a1\"> </span>nsuran<span class=\"_ _1\"></span>ce \u2013 Bu<span class=\"_ _1\"></span>siness Vita Il<span class=\"_ _3a1\"> </span>va<span class=\"_ _3a1\"> </span>lore <span class=\"_ _35\"> </span>d\u2019uso <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>business <span class=\"_ _35\"> </span>\u201cVita\u201d <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>stato <span class=\"_ _35\"> </span>stimato <span class=\"_ _0\"></span>se<span class=\"_ _1\"></span>condo <span class=\"_ _35\"> </span>l\u2019ap<span class=\"_ _2\"></span>proccio <span class=\"_ _35\"> </span>denominato <span class=\"_ _35\"> </span>\u201cAppraisal Value\u201d,  sommando  al <span class=\"_ _35\"> </span>Patrimonio  Netto  secondo <span class=\"_ _35\"> </span>i  principi <span class=\"_ _35\"> </span>contabili  IFRS <span class=\"_ _35\"> </span>il  Business  in-Force, determinato <span class=\"_ _3d\"> </span>attraverso <span class=\"_ _3d\"> </span>l\u2019att<span class=\"_ _1\"></span>ualizzazione  dei <span class=\"_ _37\"> </span>futuri <span class=\"_ _3d\"> </span>margini <span class=\"_ _3d\"> </span>tecnici  der<span class=\"_ _1\"></span>ivanti <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>portafoglio <span class=\"_ _3d\"> </span>in essere, e il New Business Value, derivante dal portafoglio di futura <span class=\"_ _1\"></span>produzione prevedibile.  I <span class=\"_ _3d\"> </span>flussi <span class=\"_ _37\"> </span>per <span class=\"_ _37\"> </span>la <span class=\"_ _3d\"> </span>determinazione <span class=\"_ _3d\"> </span>del <span class=\"_ _37\"> </span>valore <span class=\"_ _3d\"> </span>der<span class=\"_ _1\"></span>ivante <span class=\"_ _3d\"> </span>dal <span class=\"_ _37\"> </span>Business <span class=\"_ _3d\"> </span>in-Force <span class=\"_ _37\"> </span>sono <span class=\"_ _3d\"> </span>stati <span class=\"_ _37\"> </span>stimati, attraverso <span class=\"_ _38\"></span>l\u2019utilizzo <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>met<span class=\"_ _1\"></span>odologia <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>base <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>Traditional <span class=\"_ _38\"></span>Embedded <span class=\"_ _1\"></span>Value, <span class=\"_ _1\"></span>considerando <span class=\"_ _38\"></span>la composizione del portafoglio assicurati e le <span class=\"_ _1\"></span>caratteristiche tecniche del portafoglio prodotti. I <span class=\"_ _3b\"></span>flussi per <span class=\"_ _3b\"></span>l\u2019applicazione <span class=\"_ _3b\"></span>della metodologia <span class=\"_ _3b\"></span>valutativa si<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>estendono <span class=\"_ _3b\"></span>ad un <span class=\"_ _3b\"></span>arco <span class=\"_ _2\"></span>temporale <span class=\"_ _3b\"></span>di quattr<span class=\"_ _2\"></span>o esercizi (2025-2028) e<span class=\"_ _1\"></span> si bas<span class=\"_ _1\"></span>ano sul budget <span class=\"_ _1\"></span>2025, approvato dal Consiglio <span class=\"_ _1\"></span>di Amministr<span class=\"_ _1\"></span>azione del 12 dicembre 2024 e dai previsionali 2026-2028. Il <span class=\"_ _2\"></span>costo del cap<span class=\"_ _2\"></span>itale, stimato sul<span class=\"_ _2\"></span>la base <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>l \u201cCapi<span class=\"_ _2\"></span>tal Asset P<span class=\"_ _2\"></span>ricing M<span class=\"_ _2\"></span>odel\u201d, \u00e8 <span class=\"_ _2\"></span>stato determinato nell<span class=\"_ _3b\"></span>a misura del 6,50%, sulla base dei seguenti par<span class=\"_ _1\"></span>ametri: <span class=\"_ _3e\"> </span><span class=\"ff4\">Tasso privo <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>rischio: <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>3,58%, corrispondente <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>rendimento <span class=\"_ _2\"></span>medio r<span class=\"_ _2\"></span>egistrato n<span class=\"_ _2\"></span>egli <span class=\"_ _3b\"></span>ultimi<span class=\"_ _3a1\"> </span></span>6 mesi dai BTP con scadenza residua decennale; <span class=\"_ _3e\"> </span><span class=\"ff4\">Coefficiente<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>Beta: <span class=\"_ _3a\"> </span>pari <span class=\"_ _3a\"> </span>a <span class=\"_ _3a\"> </span>0<span class=\"_ _1\"></span>,53, <span class=\"_ _3a\"> </span>corrispondente <span class=\"_ _3a\"> </span>al <span class=\"_ _48\"> </span>coefficie<span class=\"_ _2\"></span>nte <span class=\"_ _3a\"> </span>medio <span class=\"_ _48\"> </span>delle<span class=\"_ _2\"></span> <span class=\"_ _3a\"> </span>societ\u00e0 <span class=\"_ _48\"> </span>di<span class=\"_ _3b\"></span> </span>assicurazione italiane quotate; <span class=\"_ _3e\"> </span><span class=\"ff4\">Premio <span class=\"_ _0\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _0\"></span>ri<span class=\"_ _2\"></span>schio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>ercato: <span class=\"_ _38\"></span>pari <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>5,50%, <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>linea <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>prassi <span class=\"_ _38\"></span>valutativa <span class=\"_ _0\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>mer<span class=\"_ _1\"></span>cato </span>italiano e con <span class=\"_ _2\"></span>la comune ap<span class=\"_ _2\"></span>plicazione nel settore d<span class=\"_ _2\"></span>elle assicurazioni;<span class=\"_ _2\"></span> tale valore \u00e8<span class=\"_ _2\"></span> depurato del<span class=\"_ _3b\"></span> \u201crischio <span class=\"_ _1\"></span>paese\u201d in <span class=\"_ _1\"></span>quanto <span class=\"_ _1\"></span>implicitamente <span class=\"_ _1\"></span>compreso <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>sopracitato tasso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rendimento <span class=\"_ _1\"></span>delle attivit\u00e0 <span class=\"_ _0\"> </span>pr<span class=\"_ _1\"></span>ivo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rischio. <span class=\"_ _35\"> </span>Con <span class=\"_ _0\"></span>riferimento<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>pr<span class=\"_ _2\"></span>emio <span class=\"_ _0\"> </span>pe<span class=\"_ _1\"></span>r <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _35\"> </span>sono <span class=\"_ _0\"></span>state <span class=\"_ _35\"> </span>fa<span class=\"_ _2\"></span>tte verifiche con <span class=\"_ _3b\"></span>fonti alternative, qual<span class=\"_ _2\"></span>i Damodaran, <span class=\"_ _2\"></span>Fernandez e <span class=\"_ _2\"></span>Kroll, <span class=\"_ _2\"></span>provvedendo, ove <span class=\"_ _3b\"></span>del caso, a corre<span class=\"_ _3a1\"> </span>ggere <span class=\"_ _2\"></span>per i<span class=\"_ _2\"></span>l di<span class=\"_ _2\"></span>fferenziale d<span class=\"_ _3b\"></span>i inflazione d<span class=\"_ _2\"></span>ei mercati <span class=\"_ _3b\"></span>a cui <span class=\"_ _3b\"></span>i valori <span class=\"_ _3b\"></span>si riferivano. <span class=\"_ _3b\"></span>Il livello <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>celto dal Gruppo si pone all\u2019interno dell\u2019intervallo di valori alternat<span class=\"_ _1\"></span>ivi. Nella <span class=\"_ _0\"></span>tabella <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>segue <span class=\"_ _38\"></span>viene <span class=\"_ _0\"></span>riportata <span class=\"_ _0\"></span>la <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>intesi <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>lle <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>alutazioni <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>ffettuate <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>riferimento <span class=\"_ _0\"></span>alla CGU Insurance (dati in milioni di euro):  <table class=\"s w9c6 h22d\" id=\"_60ca4684-97e1-49b7-87c2-6dd2aa90f2f7\"><tr><td></td><td class=\"c xea2 y5720 w9c7 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Busines<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xea1 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">s Danni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xea3 y5720 w9c8 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">B<span class=\"_ _1\"></span>usiness Vita<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xea4 y5720 w9c9 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale CGU Insurance<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y567b w9c1 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Valore d\u2019uso della CGU<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xea5 y567b w9ca h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">240,6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xea6 y567b w9cb h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">693.5<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xea7 y567b w9cc h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">934,1<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y58a6 w9c3 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Valore contabile CGU<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xea8 y58a6 w9cd h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">114<span class=\"_ _2\"></span>,6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xea9 y58a6 w5f4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">548,6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeaa y58a6 w9ce h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">633,2<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y539f w9c4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Delta<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeab y539f w9cf h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">126,0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeac y539f w9d0 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">144,9<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xead y539f w9d1 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">270,9 </div></td></tr></table>Il <span class=\"_ _1\"></span>mode<span class=\"_ _1\"></span>llo <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>determinazione <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>valore <span class=\"_ _38\"></span>d\u2019uso <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>stato <span class=\"_ _38\"></span>inoltre <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ottoposto <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>analisi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>sens<span class=\"_ _1\"></span>itivit\u00e0 <span class=\"_ _1\"></span>al fine di apprezzare la variazione dei risultati ottenuti al <span class=\"_ _1\"></span>variare dei parametri valutativi adottati.  Dalle <span class=\"_ _1\"></span>analisi <span class=\"_ _1\"></span>svolte, <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ono eme<span class=\"_ _1\"></span>rse <span class=\"_ _1\"></span>indicazioni di <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iduzione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valore <span class=\"_ _38\"></span>con <span class=\"_ _1\"></span>riferimento <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>CGU <span class=\"_ _1\"></span>in esame, considerando:  <span class=\"_ _3e\"> </span><span class=\"ff4\">per il business D<span class=\"_ _1\"></span>anni, tasso di attualizzazione Ke (+/-100 bps); </span><span class=\"_ _3e\"> </span><span class=\"ff4\">per il business Vita: </span><span class=\"_ _3e\"> </span><span class=\"ff4\">Business<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>In <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>orce, <span class=\"_ _1\"></span>tas<span class=\"_ _1\"></span>so <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>att<span class=\"_ _1\"></span>ualizzazi<span class=\"_ _2\"></span>one <span class=\"_ _38\"></span>Ke <span class=\"_ _38\"></span>(+/<span class=\"_ _1\"></span>-100 <span class=\"_ _38\"></span>bps), <span class=\"_ _1\"></span>riscat<span class=\"_ _1\"></span>ti <span class=\"_ _38\"></span>(+/-50 <span class=\"_ _38\"></span>bps), <span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>se <span class=\"_ _38\"></span>(+/-50 </span>bps) e tasso di crescita g (+/-100 bps); <span class=\"_ _3e\"> </span><span class=\"ff4\">New <span class=\"_ _1\"></span>Business, t<span class=\"_ _1\"></span>asso di <span class=\"_ _1\"></span>attualizzazione Ke<span class=\"_ _1\"></span> (+/-100 <span class=\"_ _1\"></span>bps), tasso <span class=\"_ _1\"></span>di cre<span class=\"_ _1\"></span>scita g (+/<span class=\"_ _1\"></span>-100 bps) <span class=\"_ _1\"></span>e New </span>Business Margin APE (+/-100 bps). In <span class=\"_ _48\"> </span>una <span class=\"_ _3a\"> </span>logica <span class=\"_ _48\"> </span>complessiva <span class=\"_ _48\"> </span>di <span class=\"_ _3a\"> </span>ulte<span class=\"_ _1\"></span>riore <span class=\"_ _48\"> </span>stress <span class=\"_ _3a\"> </span>test, <span class=\"_ _48\"> </span>si <span class=\"_ _3a\"> </span>s<span class=\"_ _1\"></span>egnala <span class=\"_ _48\"> </span>ch<span class=\"_ _2\"></span>e <span class=\"_ _48\"> </span>anche <span class=\"_ _48\"> </span>considerando<span class=\"_ _3b\"></span> congiuntamente: <span class=\"_ _3e\"> </span><span class=\"ff4\">per il business<span class=\"_ _1\"></span> Danni, un tasso<span class=\"_ _1\"></span> di attualizzazione dell\u20197,50% (incre<span class=\"_ _1\"></span>mento di circa 100<span class=\"_ _1\"></span> bps) e un </span>incremento del Sovency Capital Requireme<span class=\"_ _1\"></span>nt del 10% (incremento di circa 1000 bps); <span class=\"_ _3e\"> </span><span class=\"ff4\">per <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>business <span class=\"_ _1\"></span>Vita, <span class=\"_ _1\"></span>un t<span class=\"_ _1\"></span>asso <span class=\"_ _1\"></span>di at<span class=\"_ _1\"></span>tualizzazione de<span class=\"_ _1\"></span>ll\u20197,50% <span class=\"_ _1\"></span>(incremento di <span class=\"_ _1\"></span>circa <span class=\"_ _1\"></span>100 <span class=\"_ _1\"></span>bps) <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>una </span>minore marginalit\u00e0 sul New Business <span class=\"_ _1\"></span>di 100 bps; non si rileverebbero rettifiche di valore sulla CGU Insurance. Nota sulle<span class=\"_ _1\"></span> valu<span class=\"_ _1\"></span>tazioni esp<span class=\"_ _1\"></span>resse dal<span class=\"_ _1\"></span> mercato<span class=\"_ _1\"></span> Negli ultimi <span class=\"_ _1\"></span>sei <span class=\"_ _1\"></span>mesi del <span class=\"_ _1\"></span>2024 le azioni <span class=\"_ _1\"></span>Credem so<span class=\"_ _1\"></span>no state <span class=\"_ _1\"></span>scambiate ad <span class=\"_ _1\"></span>un controvalore <span class=\"_ _1\"></span>medio di 10,10 euro per azione<span class=\"_ _1\"></span>, corrispondente ad <span class=\"_ _1\"></span>un multiplo s<span class=\"_ _1\"></span>ul patrimonio ne<span class=\"_ _1\"></span>tto contabile <span class=\"_ _1\"></span>della Banca al 31 dicembre 2024 di circa 0,80x. I report degli analisti indicano un \u201ctarget price\u201d m<span class=\"_ _2\"></span>edio per il titolo Credem di 12,44 euro per azione,<span class=\"_ _3b\"></span> corrispondente ad un multiplo sul<span class=\"_ _2\"></span> patrimonio netto contabile della Banca al 31<span class=\"_ _2\"></span> dicembre 2024 pari a circa 0,99x. Dall\u2019analisi <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>quotazione <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>borsa <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>titolo <span class=\"_ _0\"></span>Credem <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>febbraio <span class=\"_ _0\"></span>2025 <span class=\"_ _0\"></span>(12,46 <span class=\"_ _0\"></span>euro <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>prezzo <span class=\"_ _0\"></span>di chiusura  al <span class=\"_ _35\"> </span>28  febbraio<span class=\"_ _2\"></span>  2025) <span class=\"_ _35\"> </span>\u00e8  emersa <span class=\"_ _35\"> </span>una  capitaliz<span class=\"_ _2\"></span>zazione  di <span class=\"_ _35\"> </span>borsa  pari <span class=\"_ _35\"> </span>ad  un <span class=\"_ _35\"> </span>multiplo  de<span class=\"_ _2\"></span>l patrimonio netto contabile al 31 dicembre 2024 di circa 0<span class=\"_ _1\"></span>,99x. Verifica<span class=\"_ _1\"></span> di ragione<span class=\"_ _1\"></span>volezza <span class=\"_ _1\"></span>comple<span class=\"_ _1\"></span>ssiva Come <span class=\"_ _37\"> </span>messo <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>videnza <span class=\"_ _3d\"> </span>nei <span class=\"_ _3d\"> </span>paragr<span class=\"_ _1\"></span>afi <span class=\"_ _3d\"> </span>pre<span class=\"_ _1\"></span>cedenti <span class=\"_ _3d\"> </span>del <span class=\"_ _37\"> </span>documento, <span class=\"_ _3d\"> </span>sono<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>state <span class=\"_ _37\"> </span>individuate <span class=\"_ _3d\"> </span>e sottoposte ad impairment test la CGU Banking e la CGU Insurance. A <span class=\"_ _3d\"> </span>completamento <span class=\"_ _3d\"> </span>delle <span class=\"_ _3d\"> </span>analisi <span class=\"_ _3d\"> </span>prece<span class=\"_ _1\"></span>dentemente <span class=\"_ _3d\"> </span>descritte <span class=\"_ _3d\"> </span>si  \u00e8<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>proceduto <span class=\"_ _3d\"> </span>ad <span class=\"_ _3d\"> </span>effettuare <span class=\"_ _3d\"> </span>una \u201cverifica <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>ragionevolezza <span class=\"_ _35\"> </span>complessiva\u201d <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>prevede <span class=\"_ _35\"> </span>un <span class=\"_ _0\"></span>confronto <span class=\"_ _35\"> </span>tra <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>contabile <span class=\"_ _0\"> </span>e<span class=\"_ _1\"></span>d <span class=\"_ _35\"> </span>il valore recuperabile del Gruppo Credem<span class=\"_ _1\"></span>. Ai <span class=\"_ _38\"></span>fini <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>tale<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>verifica <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>tato <span class=\"_ _38\"></span>utilizzato <span class=\"_ _38\"></span>quale <span class=\"_ _38\"></span>met<span class=\"_ _1\"></span>odo <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>valutazione <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>D<span class=\"_ _2\"></span>DM <span class=\"_ _38\"></span>nella <span class=\"_ _0\"></span>va<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iante <span class=\"_ _38\"></span>\u201cexcess capital\u201d <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ati <span class=\"_ _38\"></span>utilizzati <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>stessi <span class=\"_ _0\"></span>par<span class=\"_ _2\"></span>ametri <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>costo <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>apitale, <span class=\"_ _38\"></span>tasso <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>cr<span class=\"_ _2\"></span>escita <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>lungo periodo <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>requisiti <span class=\"_ _35\"> </span>patrimoniali <span class=\"_ _35\"> </span>richiesti <span class=\"_ _35\"> </span>dall\u2019Autorit\u00e0  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>Vigilanza <span class=\"_ _35\"> </span>utilizzati <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>test <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>CGU Banking. I flussi per l\u2019applicazione della metodologia valutativa sono stati desunti dal Preconsuntivo 2024 e Budget 20<span class=\"_ _1\"></span>25 del <span class=\"_ _1\"></span>Gruppo Credem, <span class=\"_ _1\"></span>approvato <span class=\"_ _1\"></span>dal Consiglio di <span class=\"_ _1\"></span>Amministr<span class=\"_ _1\"></span>azione della <span class=\"_ _1\"></span>Capogruppo il 20 <span class=\"_ _3b\"></span>dicembre 2024 <span class=\"_ _3b\"></span>e <span class=\"_ _3b\"></span>da <span class=\"_ _3b\"></span>pr<span class=\"_ _1\"></span>oiezioni, <span class=\"_ _3b\"></span>redatte <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>soli <span class=\"_ _3b\"></span>fini <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _3b\"></span>tes<span class=\"_ _1\"></span>t <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>impairme<span class=\"_ _1\"></span>nt <span class=\"_ _3b\"></span>sugli <span class=\"_ _3b\"></span>avviamenti, <span class=\"_ _2\"></span>relative agli esercizi dal 2026 al 2028. Dal <span class=\"_ _37\"> </span>confro<span class=\"_ _1\"></span>nto <span class=\"_ _37\"> </span>del <span class=\"_ _36\"> </span>valore <span class=\"_ _37\"> </span>contabile <span class=\"_ _37\"> </span>complessivo <span class=\"_ _36\"> </span>relativo <span class=\"_ _37\"> </span>al <span class=\"_ _37\"> </span>Gr<span class=\"_ _1\"></span>uppo <span class=\"_ _37\"> </span>Credem <span class=\"_ _36\"> </span>ed <span class=\"_ _37\"> </span>il <span class=\"_ _36\"> </span>suo <span class=\"_ _37\"> </span>valore recuperabile, non sono emerse indicazioni di riduzione di valore. Anche <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>questo <span class=\"_ _1\"></span>caso s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>tate <span class=\"_ _1\"></span>effettuate <span class=\"_ _1\"></span>analisi di <span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nsitivit\u00e0 rispetto <span class=\"_ _38\"></span>a variazioni <span class=\"_ _1\"></span>nei <span class=\"_ _1\"></span>valori <span class=\"_ _1\"></span>dei principali <span class=\"_ _48\"> </span>parametr<span class=\"_ _1\"></span>i <span class=\"_ _48\"> </span>al <span class=\"_ _17e\"> </span>fine <span class=\"_ _48\"> </span>di <span class=\"_ _48\"> </span>indivi<span class=\"_ _1\"></span>duare <span class=\"_ _48\"> </span>le <span class=\"_ _17e\"> </span>condizioni <span class=\"_ _48\"> </span>so<span class=\"_ _1\"></span>tto <span class=\"_ _17e\"> </span>cui <span class=\"_ _48\"> </span>il <span class=\"_ _48\"> </span>valore<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>re<span class=\"_ _1\"></span>cuperabile<span class=\"_ _2\"></span> dell\u2019avviamento a <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>di Grupp<span class=\"_ _2\"></span>o risulta <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al suo <span class=\"_ _3b\"></span>valore di <span class=\"_ _3b\"></span>bilancio. Le <span class=\"_ _2\"></span>analisi evi<span class=\"_ _2\"></span>denziano anche come <span class=\"_ _37\"> </span>le <span class=\"_ _37\"> </span>differenze <span class=\"_ _37\"> </span>rilevate <span class=\"_ _37\"> </span>nelle <span class=\"_ _37\"> </span>analisi <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>sensitivit\u00e0 <span class=\"_ _37\"> </span>sopra <span class=\"_ _37\"> </span>descritte <span class=\"_ _37\"> </span>assorbano <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>maniera<span class=\"_ _3a1\"> </span>estensiva, <span class=\"_ _17e\"> </span>in <span class=\"_ _17e\"> </span>relazione <span class=\"_ _17e\"> </span>al <span class=\"_ _44\"> </span>climate <span class=\"_ _17e\"> </span>risk <span class=\"_ _17e\"> </span>del <span class=\"_ _17e\"> </span>Gruppo <span class=\"_ _44\"> </span>Credem, <span class=\"_ _44\"> </span>gli <span class=\"_ _17e\"> </span>impatti <span class=\"_ _17e\"> </span>stimati <span class=\"_ _17e\"> </span>in <span class=\"_ _17e\"> </span>uno scenario avverso.<span class=\"_ _3a1\"> </span>Alla <span class=\"_ _3d\"> </span>luce <span class=\"_ _37\"> </span>dei <span class=\"_ _37\"> </span>risultati <span class=\"_ _37\"> </span>sopra <span class=\"_ _37\"> </span>descritti <span class=\"_ _3d\"> </span>in <span class=\"_ _37\"> </span>relazione <span class=\"_ _37\"> </span>alla <span class=\"_ _37\"> </span>verifica <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>ragionevolezza <span class=\"_ _37\"> </span>complessiva effettuata <span class=\"_ _3a\"> </span>con <span class=\"_ _3f\"> </span>riferimento <span class=\"_ _3a\"> </span>al <span class=\"_ _3a\"> </span>Gruppo <span class=\"_ _3a\"> </span>Credem, <span class=\"_ _3a\"> </span>si <span class=\"_ _3f\"> </span>pu\u00f2 <span class=\"_ _3a\"> </span>concludere <span class=\"_ _3a\"> </span>che <span class=\"_ _3a\"> </span>non <span class=\"_ _3a\"> </span>sono <span class=\"_ _3a\"> </span>emerse indicazioni di riduzione di valore.<span class=\"_ _3a1\"> </span>Il <span class=\"_ _1\"></span>modello <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>determinazione <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>valore <span class=\"_ _1\"></span>d\u2019uso <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>stato <span class=\"_ _1\"></span>inoltre <span class=\"_ _38\"></span>sottoposto <span class=\"_ _38\"></span>ad <span class=\"_ _1\"></span>analisi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>sensitivit\u00e0 <span class=\"_ _0\"></span>al fine <span class=\"_ _48\"> </span>di <span class=\"_ _48\"> </span>apprezzare <span class=\"_ _3a\"> </span>la <span class=\"_ _48\"> </span>variazione <span class=\"_ _48\"> </span>dei <span class=\"_ _48\"> </span>risultati <span class=\"_ _48\"> </span>ottenuti <span class=\"_ _48\"> </span>al <span class=\"_ _48\"> </span>variare <span class=\"_ _3a\"> </span>dei <span class=\"_ _48\"> </span>parametri <span class=\"_ _48\"> </span>valutativi adottati. <span class=\"_ _17e\"> </span>Dalle <span class=\"_ _44\"> </span>analisi <span class=\"_ _44\"> </span>svolte, <span class=\"_ _44\"> </span>non <span class=\"_ _44\"> </span>sono <span class=\"_ _44\"> </span>emerse <span class=\"_ _44\"> </span>indicazioni <span class=\"_ _17e\"> </span>di <span class=\"_ _44\"> </span>riduzione <span class=\"_ _44\"> </span>di <span class=\"_ _44\"> </span>valore <span class=\"_ _44\"> </span>con riferimento <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>CGU <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>esame <span class=\"_ _38\"></span>considerando <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>variazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>costo <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>capitale <span class=\"_ _0\"></span>(ke) <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>+/- <span class=\"_ _1\"></span>50 bps. <span class=\"_ _36\"> </span>Inoltre, <span class=\"_ _39\"> </span>In <span class=\"_ _36\"> </span>una <span class=\"_ _36\"> </span>logica <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>stress <span class=\"_ _36\"> </span>test, <span class=\"_ _39\"> </span>si <span class=\"_ _36\"> </span>segnala <span class=\"_ _36\"> </span>che <span class=\"_ _39\"> </span>anche <span class=\"_ _36\"> </span>considerando <span class=\"_ _39\"> </span>un <span class=\"_ _36\"> </span>tasso <span class=\"_ _36\"> </span>di attualizzazione  del  7,50%  (incremento <span class=\"_ _3d\"> </span>di  circa <span class=\"_ _3d\"> </span>100  bps)  nonch\u00e9 <span class=\"_ _3d\"> </span>un  incremento <span class=\"_ _3d\"> </span>del  Solvency Capital <span class=\"_ _3f\"> </span>Requirement <span class=\"_ _3f\"> </span>atteso <span class=\"_ _3f\"> </span>del <span class=\"_ _39\"> </span>10% <span class=\"_ _3f\"> </span>(incremento <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>circa <span class=\"_ _3f\"> </span>1000 <span class=\"_ _39\"> </span>bps) <span class=\"_ _3a\"> </span>non <span class=\"_ _39\"> </span>si <span class=\"_ _3f\"> </span>rileverebbero rettifiche di valore.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-752": {
   "value": "Sezione <span class=\"_ _1\"></span>10 - At<span class=\"_ _1\"></span>tivit\u00e0 imm<span class=\"_ _1\"></span>ateriali \u2013 V<span class=\"_ _1\"></span>oce 100<span class=\"_ _3a1\"> </span> 10.1<span class=\"_ _3a1\"> </span> Attivit\u00e0 immateriali: <span class=\"_ _1\"></span>composizione per tipologia di at<span class=\"_ _1\"></span>tivit\u00e0 <table class=\"s w95d h228\" id=\"_82970971-784b-4bb3-9b82-c6e31fe073d2\"><tr><td></td><td></td><td></td><td class=\"c n xd8b y59aa w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdc2 y59aa w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xdc3 h12 y59ab ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0/Valori </td><td></td><td></td><td class=\"c n xdc4 y59ac w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdc5 y59ac w95e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">3<span class=\"_ _1\"></span>1/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m2 xdc6 h12 y59ad ff4 fs7 fc4 sc3 ls0 ws0\">Durata </td><td class=\"t m2 x6c9 h12 y59ad ff4 fs7 fc4 sc3 ls0 ws0\">Durata </td><td class=\"t m2 x6b0 h12 y59ad ff4 fs7 fc4 sc3 ls0 ws0\">Durata </td><td class=\"t m2 x68a h12 y59ad ff4 fs7 fc4 sc3 ls0 ws0\">Durata </td></tr><tr><td></td><td></td><td class=\"t m2 x678 h12 y59ae ff4 fs7 fc4 sc3 ls0 ws0\">definita </td><td class=\"t m2 x6cc h12 y59ae ff4 fs7 fc4 sc3 ls0 ws0\">indefinita </td><td class=\"t m2 x6b9 h12 y59ae ff4 fs7 fc4 sc3 ls0 ws0\">definita </td><td class=\"t m2 x6a3 h12 y59ae ff4 fs7 fc4 sc3 ls0 ws0\">indefinita </td></tr><tr><td class=\"t m2 x677 h12 y59af ff4 fs7 fc1 sc2 ls0 ws0\">A.1 Avviamento </td><td></td><td class=\"t m2 x78f h12 y59b0 ff4 fs7 fc1 sc0 ls0 ws0\">X </td><td class=\"t m2 x754 h12 y59af ff4 fs7 fc1 sc2 ls0 ws0\">291.342<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a2 h12 y59b0 ff4 fs7 fc1 sc0 ls0 ws0\">X </td><td class=\"t m2 x666 h12 y59af ff4 fs7 fc1 sc2 ls0 ws0\">291.342<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y55a8 w95f h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.1.1 di pertinenza del g<span class=\"_ _2\"></span>ruppo<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdc7 y55a8 w48e h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdc8 y55a8 w960 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">291.342<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdc9 y55a8 w649 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdca y55a8 w42f h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">291.342<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59b1 w961 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.1.2 di pertinenza di <span class=\"_ _2\"></span>terzi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdcb y59b1 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdcc y59b1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdc9 y59b1 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdcd y59b1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y55ab w962 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">A.2 Altre attivit\u00e0 immateriali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdce y55ab w963 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">209.309<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a9 h12 y59b2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd80 h12 y59b2 ff4 fs7 fc1 sc2 ls0 ws0\">199.440<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y59b2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y5485 w964 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: software<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdd0 y5485 w965 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">196.821<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a9 h12 y59b3 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd80 h12 y59b4 ff4 fs7 fc1 sc0 ls0 ws0\">184.923<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y59b3 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5486 w966 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.2.1 Attivit\u00e0 valutate a<span class=\"_ _2\"></span>l costo:<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdd1 y5486 w967 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">209.309<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xdd2 h12 y59b5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd80 h12 y59b5 ff4 fs7 fc1 sc0 ls0 ws0\">199.440<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y59b5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y54a9 w968 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Attivit\u00e0 immaterial<span class=\"_ _2\"></span>i generate intername<span class=\"_ _2\"></span>nte<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdd3 y54a9 w969 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24.086<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xdd2 h12 y59b6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd83 h12 y59b6 ff4 fs7 fc1 sc0 ls0 ws0\">22.052<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y59b6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y55b0 w96a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre attivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdd4 y55b0 w96b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">185.223<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xdd2 h12 y59b7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd80 h12 y59b7 ff4 fs7 fc1 sc0 ls0 ws0\">177.388<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y59b7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54ac w96c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.2.2 Attivit\u00e0 valutate a<span class=\"_ _2\"></span>l fair value:<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdd5 y54ac w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xdd2 h12 y59b8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd6 h12 y59b8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y59b8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y5515 w968 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Attivit\u00e0 immaterial<span class=\"_ _2\"></span>i generate intername<span class=\"_ _2\"></span>nte<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdd7 y5515 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xdd2 h12 y59b9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd6 h12 y59b9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y59b9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y54b0 w96a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre attivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdd8 y54b0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xdd2 h12 y5517 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd6 h12 y5517 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5517 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x692 h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x907 h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">209.309<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x754 h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">291.342<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd80 h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">199.440<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">291.342<span class=\"_ _3a1\"> </span></td></tr></table>La voce \u201dAltre attivit\u00e0\u201d \u00e8 composta prevalentemente da software e<span class=\"_ _2\"></span> dalla \u201cCustomer Relationship\u201d<span class=\"_ _3a1\"> </span> relativa alle acquisizioni degli sportelli dei r<span class=\"_ _1\"></span>ami d\u2019azienda e alla fusione della Cas<span class=\"_ _1\"></span>sa di Risparmio di<span class=\"_ _3a1\"> </span> Cento.<span class=\"_ _3a1\"> </span> <div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsbca\">10.2 Attivit\u00e0 immat<span class=\"_ _1\"></span>eriali: variazion<span class=\"_ _1\"></span>i annue<span class=\"_ _3a1\"> </span></div><div class=\"gsa3d\"><table class=\"s w96d h229\" id=\"_fb237ced-24e9-490d-aa54-4efd1374a042\"><tr><td></td><td></td><td></td><td class=\"t m2 x9a7 h12 y59ba ff4 fs7 fc4 sc3 ls0 ws0\">Altre attivit\u00e0 </td><td></td><td class=\"t m2 xce3 h12 y59bb ff4 fs7 fc4 sc3 ls0 ws0\">Altre attivit\u00e0 </td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x9a8 h12 y59bc ff4 fs7 fc4 sc3 ls0 ws0\">Avviamento<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xdd9 h12 y59bd ff4 fs7 fc4 sc3 ls0 ws0\">immateriali: generate </td><td class=\"t m2 x886 h12 y59be ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">immateriali: altre<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xd53 h12 y59bc ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 xdda h12 y59bf ff4 fs7 fc4 sc3 ls0 ws0\">internamente<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 xddb h12 y59c0 ff4 fs7 fc4 sc3 ls0 ws0\">DEF<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x939 h12 y59c0 ff4 fs7 fc4 sc3 ls0 ws0\">INDEF<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x886 h12 y59c0 ff4 fs7 fc4 sc3 ls0 ws0\">DEF<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x942 h12 y59c0 ff4 fs7 fc4 sc3 ls0 ws0\">INDEF<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y59c1 w96e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A. Esistenze iniziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xddc y59c1 w96f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">291.342</div></td><td class=\"t m2 xddb h12 y59c2 ff4 fs7 fc1 sc2 ls0 ws0\">79.072<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc58 h12 y59c2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddd h12 y59c2 ff4 fs7 fc1 sc2 ls0 ws0\">656.130<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xdde h12 y59c2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddf h12 y59c2 ff4 fs7 fc1 sc2 ls0 ws0\">1.026.544<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59c3 w928 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Riduzioni di valore<span class=\"_ _2\"></span> totali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xde0 y59c3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xde1 y59c3 w970 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>7.020<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xde2 y59c3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xde3 y59c3 w971 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">478.742<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xde4 y59c3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xde5 y59c3 w41b h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">535.762<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y59c4 ff4 fs7 fc1 sc2 ls0 ws0\">A.2 Esistenze iniziali nette<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc5f h12 y59c4 ff4 fs7 fc1 sc2 ls0 ws0\">291.342<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddb h12 y59c4 ff4 fs7 fc1 sc2 ls0 ws0\">22.052<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc58 h12 y59c4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xde6 h12 y59c4 ff4 fs7 fc1 sc2 ls0 ws0\">177.390<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xdde h12 y59c4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd53 h12 y59c4 ff4 fs7 fc1 sc2 ls0 ws0\">490.782<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59c5 w972 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">B. Aumenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xde7 y59c5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-</div></td><td class=\"t m2 xde8 h12 y59c6 ff4 fs7 fc1 sc2 ls0 ws0\">9.255<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc58 h12 y59c6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xde9 h12 y59c6 ff4 fs7 fc1 sc2 ls0 ws0\">64.415<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xdde h12 y59c6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x874 h12 y59c6 ff4 fs7 fc1 sc2 ls0 ws0\">73.670<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59c7 w92b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Acquisti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdea y59c7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdeb y59c7 w973 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.642<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdec y59c7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xded y59c7 w974 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">60.405<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdee y59c7 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdef y59c7 w975 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">67.047<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y59c8 w94b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione a<span class=\"_ _2\"></span>ziendale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf0 y59c8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf1 y59c8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf2 y59c8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf3 y59c8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdf4 y59c8 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf5 y59c8 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59c9 w976 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Incrementi di att<span class=\"_ _2\"></span>ivit\u00e0 immateriali<span class=\"_ _2\"></span> interne<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf6 y59c9 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf7 y59c9 w977 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.568<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf8 y59c9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf9 y59c9 w978 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.010<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdfa y59c9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdfb y59c9 w979 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.578<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59ca w92e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Riprese di valore<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdfc y59ca w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdfd y59ca w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdfe y59ca w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdff y59ca w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe00 y59ca w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe01 y59ca w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59cb w97a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Variazioni pos<span class=\"_ _2\"></span>itive di fair value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe02 y59cb w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe03 y59cb w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe04 y59cb w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe05 y59cb w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe06 y59cb w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe07 y59cb w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe08 y59cc w97b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a patrimonio nett<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe09 y59cc w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0a y59cc w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0b y59cc w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0c y59cc w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe0d y59cc w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0e y59cc w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe08 y59cd w97c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a conto economico<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0f y59cd w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe10 y59cd w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe11 y59cd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe12 y59cd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe13 y59cd w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe14 y59cd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59ce w97d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 Differenze di camb<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>o positive<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe15 y59ce w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe16 y59ce w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe17 y59ce w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe18 y59ce w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe19 y59ce w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe1a y59ce w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59cf w97e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.6 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xde0 y59cf w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe1b y59cf w97f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">45<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe1c y59cf w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe1d y59cf w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe1e y59cf w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe1f y59cf w97f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">45<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y544b w980 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">C. Diminuzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe20 y544b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x9a7 h12 y59d0 ff4 fs7 fc1 sc2 ls0 ws0\">7.221<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc58 h12 y59d0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe21 h12 y59d0 ff4 fs7 fc1 sc2 ls0 ws0\">56.582<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xdde h12 y59d0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe22 h12 y59d0 ff4 fs7 fc1 sc2 ls0 ws0\">63.803<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59d1 w981 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Vendite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe23 y59d1 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdfd y59d1 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdfe y59d1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe24 y59d1 w5f9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">145<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe25 y59d1 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe26 y59d1 w982 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">145<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y59d2 w94b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione a<span class=\"_ _2\"></span>ziendale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf0 y59d2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf1 y59d2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf2 y59d2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf3 y59d2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdf4 y59d2 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf5 y59d2 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59d3 w983 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Rettifiche di valore<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe27 y59d3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe28 y59d3 w984 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7.221<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe29 y59d3 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe2a y59d3 w985 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">55.833<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe2b y59d3 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe2c y59d3 w986 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">63.054<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe08 y59d4 w987 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Ammortamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe2d y59d4 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe2e y59d4 w988 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7.221<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe2f y59d4 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe30 y59d4 w989 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">55<span class=\"_ _1\"></span>.833<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe31 y59d4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe32 y59d4 w98a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">63.054<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe08 y59d5 w98b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Svalutazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe33 y59d5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe34 y59d5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe35 y59d5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe36 y59d5 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe37 y59d5 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe38 y59d5 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe39 y59d6 w98c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">+ patrimonio netto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe3a y59d6 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe3b y59d6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe3c y59d6 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe3d y59d6 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe3e y59d6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe3f y59d6 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe39 y59d7 w98d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">+ conto economic<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe40 y59d7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe41 y59d7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe42 y59d7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe43 y59d7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe44 y59d7 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe45 y59d7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59d8 w98e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Variazioni negati<span class=\"_ _2\"></span>ve di fair value:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xde0 y59d8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe46 y59d8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe47 y59d8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe48 y59d8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdfa y59d8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe49 y59d8 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe08 y59d9 w97b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a patrimonio nett<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe09 y59d9 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0a y59d9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0b y59d9 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0c y59d9 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe0d y59d9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0e y59d9 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe08 y5366 w97c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a conto economico<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0f y5366 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe10 y5366 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe11 y5366 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe12 y5366 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe13 y5366 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe14 y5366 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y59da ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Trasferimenti al<span class=\"_ _2\"></span>le attivit\u00e0 non co<span class=\"_ _2\"></span>rrenti in via di<span class=\"_ _3a1\"> </span></td><td class=\"c n xe4a y59db w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe4b y59db w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe4c y59db w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe4d y59db w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe4e y59db w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe4f y59db w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y59dc ff4 fs7 fc1 sc0 ls0 ws0\">dismissione </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y59dd w937 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.5 Differenze di camb<span class=\"_ _2\"></span>io negative<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe50 y59dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe51 y59dd w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe52 y59dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe53 y59dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe54 y59dd w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe55 y59dd w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59de w98f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.6 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe56 y59de w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe57 y59de w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe58 y59de w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe59 y59de w990 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">604<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe5a y59de w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe5b y59de w991 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>04<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59df w93d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D. Rimanenze finali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe5c y59df w42f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">291.342</div></td><td class=\"t m2 xe5d h12 y59e0 ff4 fs7 fc1 sc2 ls0 ws0\">24.086<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc58 h12 y59e0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddd h12 y59e0 ff4 fs7 fc1 sc2 ls0 ws0\">185.223<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xdde h12 y59e0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd4c h12 y59e0 ff4 fs7 fc1 sc2 ls0 ws0\">500.651<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59e1 w992 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.1 Rettifiche di val<span class=\"_ _2\"></span>ori totali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe5e y59e1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe5f y59e1 w467 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">64.241<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe47 y59e1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe60 y59e1 w993 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>25.570<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe61 y59e1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe62 y59e1 w994 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>89.811<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59e2 w995 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">E. Rimanenze finali lorde<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe63 y59e2 w996 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">291.<span class=\"_ _2\"></span>342</div></td><td class=\"t m2 xddb h12 y59e3 ff4 fs7 fc1 sc2 ls0 ws0\">88.327<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc58 h12 y59e3 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xde6 h12 y59e3 ff4 fs7 fc1 sc2 ls0 ws0\">710.793<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xdde h12 y59e3 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddf h12 y59e3 ff4 fs7 fc1 sc2 ls0 ws0\">1.090.462<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y539f w997 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">F. Valutazione al cos<span class=\"_ _2\"></span>to<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe64 y539f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe65 y539f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe66 y539f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe67 y59e4 w998 h20a\"><div class=\"t m2 x2b3 h12 y56d8 ff4 fs7 fc1 sc0 ls0 ws0\">- <span class=\"_ _fb\"> </span>- <span class=\"_ _62\"> </span>- </div></td><td></td><td></td><td></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsbcb\">Legenda </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gsbcc\">DEF: a durata definita<span class=\"_ _2\"></span> </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gsbcd\">INDEF: a durata indef<span class=\"_ _2\"></span>inita </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbce\">La <span class=\"_ _38\"></span>sottovoce <span class=\"_ _0\"></span>\u201cF <span class=\"_ _1\"></span>- <span class=\"_ _0\"></span>Val<span class=\"_ _2\"></span>utazione <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>costo\u201d<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>valorizzata<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>quanto, <span class=\"_ _0\"></span>come <span class=\"_ _1\"></span>da <span class=\"_ _0\"></span>istruzi<span class=\"_ _2\"></span>oni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>B<span class=\"_ _1\"></span>anca </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbcf\">d\u2019Italia, <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>sua <span class=\"_ _35\"> </span>compil<span class=\"_ _2\"></span>azione <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>p<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>evista <span class=\"_ _0\"></span>solo <span class=\"_ _35\"> </span>p<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>r <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>imm<span class=\"_ _2\"></span>ateriali <span class=\"_ _0\"></span>valutate <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>bilanci<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>fa<span class=\"_ _2\"></span>ir </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbd0\">value. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbd1\">Gli incrementi delle attivit\u00e0 immateriali sono <span class=\"_ _1\"></span>principalmente riferibi<span class=\"_ _2\"></span>li a nuovi sviluppi applicativi.<span class=\"_ _3a1\"> </span>  </div>Si <span class=\"_ _35\"> </span>fornisce <span class=\"_ _35\"> </span>il <span class=\"_ _0\"> </span>dett<span class=\"_ _1\"></span>aglio <span class=\"_ _35\"> </span>degli <span class=\"_ _0\"></span>avviamenti <span class=\"_ _35\"> </span>consolidati <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>riferiment<span class=\"_ _1\"></span>o <span class=\"_ _35\"> </span>all\u2019anno <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>acquisizione <span class=\"_ _35\"> </span>o fusione della entit\u00e0 relativa: <table class=\"s w999 h22a\" id=\"_567a2a0f-77c4-4f74-a5b3-927c29774574\"><tr><td class=\"c n x2d7 y59e5 w99a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Gruppi filiali/banche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe69 y59e5 w99b h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Anno di fusione</div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 xe6a h12 y59e6 ff4 fs7 fc1 sc0 ls0 ws0\">  <span class=\"_ _1f9\"> </span>o di acquisizione <span class=\"_ _1b1\"> </span> </td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y59e7 w99c h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Filiali Deutsche Bank<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe6b y59e7 w99d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1998<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe6c h12 y59e8 ff4 fs7 fc1 sc0 ls0 ws0\">2.695</td><td class=\"t m2 xe6d h12 y59e9 ff4 fs7 fc1 sc0 ls0 ws0\"> CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59ea w99e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">B.C.C. Curinga<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe6b y59ea w99d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1998<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe6e h12 y59eb ff4 fs7 fc1 sc0 ls0 ws0\">917<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y59ec ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59ed w99f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">B.C.C. San Giovann<span class=\"_ _2\"></span>i Gemini<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe70 y59ed w99d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1998<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe71 h12 y59ee ff4 fs7 fc1 sc0 ls0 ws0\">452<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y59ef ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59f0 w9a0 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Banca dei Comuni No<span class=\"_ _2\"></span>lani<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe6b y59f0 w99d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1998<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe72 h12 y59f1 ff4 fs7 fc1 sc0 ls0 ws0\">2.361<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y59f2 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59f3 w9a1 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Banca della Provincia di<span class=\"_ _2\"></span> Napoli<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe73 y59f3 w99d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1998<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe74 h12 y59f4 ff4 fs7 fc1 sc0 ls0 ws0\">58<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y59f5 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59f6 w9a2 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.C.C. Alto Crotonese<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe75 y59f6 w9a3 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1999<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe74 h12 y59f7 ff4 fs7 fc1 sc0 ls0 ws0\">161<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y59f8 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59f9 w9a4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.C.C. Fortore Miscan<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe76 y59f9 w8d2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1999<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe77 h12 y59fa ff4 fs7 fc1 sc0 ls0 ws0\">1.377<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y59fb ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59fc w9a5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Banca Popolare Andr<span class=\"_ _2\"></span>iese<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe78 y59fc w9a6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2000<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe79 h12 y59fd ff4 fs7 fc1 sc0 ls0 ws0\">17.669<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y59fe ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59ff w9a7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Banca di Latina<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe7a y59ff w9a8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2003<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe6c h12 y5a00 ff4 fs7 fc1 sc0 ls0 ws0\">3.028<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y5a01 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a02 w9a9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Filiali Citibank Internat<span class=\"_ _2\"></span>ional PLC<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe7b y5a02 w9aa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2008<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe7c h12 y5a03 ff4 fs7 fc1 sc0 ls0 ws0\">36.307<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y5a04 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a05 w9ab h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Filiali Banco Popo<span class=\"_ _2\"></span>lare<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe7d y5a05 w9ac h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2008<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe7e h12 y5a06 ff4 fs7 fc1 sc0 ls0 ws0\">119.926<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y5a07 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y561e w9ad h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Filiali Unicredit<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe7b y561e w9aa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2008<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe7f h12 y5a08 ff4 fs7 fc1 sc0 ls0 ws0\">94.433<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y5a09 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xe80 h12 y5a0a ff4 fs7 fc4 sc3 ls0 ws0\">TOTALE BANCHE INCORPORATE<span class=\"_ _2\"></span> <span class=\"_ _98\"> </span> </td><td></td><td></td><td class=\"t m2 xe81 h12 y5a0a ff4 fs7 fc4 sc3 ls0 ws0\">279.384<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 xe6a h12 y5a0b ff4 fs7 fc1 sc0 ls0 ws0\">Euromobiliare A.<span class=\"_ _2\"></span>M. Sgr (ramo ceduto da <span class=\"_ _2\"></span>Credem Internati<span class=\"_ _2\"></span>onal Lux)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xe82 h12 y5a0b ff4 fs7 fc1 sc0 ls0 ws0\">2000<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe72 h12 y5a0b ff4 fs7 fc1 sc0 ls0 ws0\">2.166<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y5a0c ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xe80 h12 y5a0d ff4 fs7 fc4 sc3 ls0 ws0\">TOTALI AVVIAMENTI BANCHE<span class=\"_ _2\"></span> <span class=\"_ _34\"> </span> </td><td></td><td></td><td class=\"t m2 xe83 h12 y5a0d ff4 fs7 fc4 sc3 ls0 ws0\">281.550<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 xe6a h12 y5a0e ff4 fs7 fc1 sc0 ls0 ws0\">So.em.ro (incorporata d<span class=\"_ _2\"></span>a MGT) </td><td></td><td class=\"c xe84 y5a0f w109 h25\"><div class=\"t m2 x0 h12 y370 ff4 fs7 fc1 sc0 ls0 ws0\">1998 </div></td><td class=\"c xe85 y5a0f w74 h25\"><div class=\"t m2 x0 h12 y370 ff4 fs7 fc1 sc0 ls0 ws0\">294 </div></td><td class=\"t m2 xe6f h12 y5a10 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xe6a h12 y5a11 ff4 fs7 fc1 sc0 ls0 ws0\">Netium  </td><td></td><td class=\"c xe84 y5a12 w10c h25\"><div class=\"t m2 x0 h12 y370 ff4 fs7 fc1 sc0 ls0 ws0\">2001 </div></td><td class=\"c xe86 y5a12 w58 h25\"><div class=\"t m2 x0 h12 y370 ff4 fs7 fc1 sc0 ls0 ws0\">9 </div></td><td class=\"t m2 xe6f h12 y5a13 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a14 w9ae h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credemvita<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe87 y5a14 w9aa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2008<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe6c h12 y5a15 ff4 fs7 fc1 sc0 ls0 ws0\">4.092<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe88 h12 y5a16 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Insurance<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5876 w9af h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.S. Inform (incorp<span class=\"_ _2\"></span>orata da Credemt<span class=\"_ _2\"></span>el)<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe89 y5876 w9b0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2010<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe72 h12 y5a17 ff4 fs7 fc1 sc0 ls0 ws0\">1.350<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y5a18 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5591 w9b1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Topkey (incorporata da <span class=\"_ _3b\"></span>C<span class=\"_ _1\"></span>redemtel)<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe8a y5591 w9b2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2014<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe85 h12 y5a19 ff4 fs7 fc1 sc0 ls0 ws0\">835<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y5a1a ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a1b w9b3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Sata<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe8b y5a1b w9b4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2020<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe72 h12 y5a1c ff4 fs7 fc1 sc0 ls0 ws0\">1.656<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y5a1d ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a1e w9b5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Blue Eye<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe8c y5a1e w9b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2021<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe72 h12 y5a1f ff4 fs7 fc1 sc0 ls0 ws0\">1.556<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y5a20 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xe80 h12 y5a21 ff4 fs7 fc4 sc3 ls0 ws0\">TOTALI AVVIAMENTI  </td><td></td><td></td><td class=\"t m2 xe8d h12 y5a21 ff4 fs7 fc4 sc3 ls0 ws0\">291.342<span class=\"_ _3a1\"> </span></td><td></td></tr></table>Avviamen<span class=\"_ _1\"></span>ti relativ<span class=\"_ _1\"></span>i alle Fil<span class=\"_ _1\"></span>iali Ban<span class=\"_ _1\"></span>co Popol<span class=\"_ _1\"></span>are e Grup<span class=\"_ _1\"></span>po Unic<span class=\"_ _1\"></span>redit<span class=\"_ _3a1\"> </span>Per <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>definitiva <span class=\"_ _35\"> </span>allocazione <span class=\"_ _35\"> </span>de<span class=\"_ _1\"></span>gli <span class=\"_ _35\"> </span>avviamenti <span class=\"_ _35\"> </span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _35\"> </span>agli <span class=\"_ _35\"> </span>sportelli <span class=\"_ _35\"> </span>acquisiti <span class=\"_ _35\"> </span>nel <span class=\"_ _35\"> </span>2008<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>rinvia <span class=\"_ _35\"> </span>a quanto gi\u00e0 esposto nel bilancio 2009.<span class=\"_ _3a1\"> </span>Impairme<span class=\"_ _1\"></span>nt test <span class=\"_ _1\"></span>sugli avv<span class=\"_ _1\"></span>iamenti Definizion<span class=\"_ _1\"></span>e delle<span class=\"_ _1\"></span> CGU Lo IAS 3<span class=\"_ _1\"></span>6 preve<span class=\"_ _1\"></span>de che, anche <span class=\"_ _1\"></span>nell\u2019ottica della <span class=\"_ _1\"></span>verifica di e<span class=\"_ _1\"></span>ventuali riduzioni di <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>(\u201cImpairment Test\u201d<span class=\"_ _3a1\"> </span>),  gli <span class=\"_ _3d\"> </span>avviamenti  acquisiti <span class=\"_ _3d\"> </span>in  aggre<span class=\"_ _1\"></span>gazioni  aziendali <span class=\"_ _3d\"> </span>siano  allocati  ad <span class=\"_ _3d\"> </span>unit\u00e0 <span class=\"_ _3d\"> </span>organizzative relativamente <span class=\"_ _3a\"> </span>autonome <span class=\"_ _3a\"> </span>nel <span class=\"_ _3f\"> </span>pro<span class=\"_ _1\"></span>filo <span class=\"_ _3a\"> </span>gestionale <span class=\"_ _3a\"> </span>e <span class=\"_ _3a\"> </span>che <span class=\"_ _3a\"> </span>benefician<span class=\"_ _2\"></span>o <span class=\"_ _3a\"> </span>delle <span class=\"_ _3a\"> </span>sinergie <span class=\"_ _3a\"> </span>derivanti dall\u2019acquisizione. <span class=\"_ _35\"> </span>Tali  u<span class=\"_ _2\"></span>nit\u00e0  o<span class=\"_ _2\"></span>rganizzative, <span class=\"_ _35\"> </span>denominate  Cash <span class=\"_ _35\"> </span>Generating <span class=\"_ _35\"> </span>Units <span class=\"_ _35\"> </span>(\u201cCGU\u201d),  d<span class=\"_ _2\"></span>evono presentare le seguenti caratteristiche: <span class=\"ff16\"> <span class=\"_ _19e\"> </span><span class=\"ff4\">rappresentare il <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>minimo con riferimento <span class=\"_ _2\"></span>al qu<span class=\"_ _2\"></span>ale l\u2019av<span class=\"_ _2\"></span>viamento stesso \u00e8 <span class=\"_ _3b\"></span>m<span class=\"_ _1\"></span>onitorato ai <span class=\"_ _2\"></span>fini </span></span>del controllo di gestione interno;  <span class=\"ff16\"> <span class=\"_ _19e\"> </span><span class=\"ff4\">non essere superiori a un Segmento <span class=\"_ _1\"></span>Operativo definito ai sensi del principi<span class=\"_ _2\"></span>o IFRS 8. <span class=\"_ _1\"></span> </span></span>Nel <span class=\"_ _38\"></span>Gruppo <span class=\"_ _38\"></span>Cre<span class=\"_ _1\"></span>dem <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>CGU <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>hanno <span class=\"_ _0\"></span>beneficiato <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>ch<span class=\"_ _3b\"></span>e <span class=\"_ _0\"></span>continu<span class=\"_ _2\"></span>ano <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>beneficiarie <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>sinergie derivanti dai processi di aggregazione effettuati nel tempo sono <span class=\"_ _1\"></span>le seguenti: <span class=\"ff16\"> <span class=\"_ _40\"> </span><span class=\"ff4\">Banking; </span></span><span class=\"ff16\"> <span class=\"_ _40\"> </span><span class=\"ff4\">Insurance. </span></span>Il <span class=\"_ _2\"></span>sistema di<span class=\"_ _2\"></span> reportistica <span class=\"_ _3b\"></span>utilizzato dalla <span class=\"_ _3b\"></span>Direzione \u00e8<span class=\"_ _2\"></span> coerente <span class=\"_ _3b\"></span>con <span class=\"_ _2\"></span>tali CGU<span class=\"_ _2\"></span> (si <span class=\"_ _3b\"></span>veda la <span class=\"_ _3b\"></span>Parte L<span class=\"_ _2\"></span> relativa<span class=\"_ _3b\"></span> all\u2019Informativa <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>Settore) <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>inoltre, <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>flussi <span class=\"_ _1\"></span>finanziari <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>esse <span class=\"_ _1\"></span>prodotti <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>ultano <span class=\"_ _1\"></span>omogenei <span class=\"_ _1\"></span>quanto alla <span class=\"_ _39\"> </span>natura <span class=\"_ _3f\"> </span>della <span class=\"_ _39\"> </span>clientela <span class=\"_ _39\"> </span>ed <span class=\"_ _39\"> </span>alla <span class=\"_ _3f\"> </span>tipologia <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>prodotti <span class=\"_ _3f\"> </span>e <span class=\"_ _39\"> </span>servizi <span class=\"_ _39\"> </span>forniti. <span class=\"_ _39\"> </span>Tali <span class=\"_ _3f\"> </span>CGU <span class=\"_ _39\"> </span>pertanto rappresentano <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>pi\u00f9 <span class=\"_ _1\"></span>piccolo <span class=\"_ _38\"></span>gruppo <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>genera <span class=\"_ _38\"></span>flussi <span class=\"_ _1\"></span>finanziari <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>entra<span class=\"_ _1\"></span>ta <span class=\"_ _1\"></span>indipendenti ed il <span class=\"_ _1\"></span>livello minimo <span class=\"_ _1\"></span>al quale <span class=\"_ _1\"></span>l\u2019avviame<span class=\"_ _1\"></span>nto <span class=\"_ _1\"></span>pu\u00f2 essere <span class=\"_ _1\"></span>allocato secondo <span class=\"_ _1\"></span>criteri non <span class=\"_ _1\"></span>arbitrari. <span class=\"_ _1\"></span>\u00c8 a <span class=\"_ _1\"></span>tale livello <span class=\"_ _2\"></span>che le <span class=\"_ _2\"></span>dinamiche <span class=\"_ _2\"></span>di v<span class=\"_ _2\"></span>alore dell\u2019<span class=\"_ _2\"></span>avviamento assumono signif<span class=\"_ _2\"></span>icato e <span class=\"_ _3b\"></span>vengono controllate nell<span class=\"_ _3b\"></span>a gestione del Gruppo Credem.<div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gsbf1\">Definizion<span class=\"_ _1\"></span>e del<span class=\"_ _1\"></span> valore con<span class=\"_ _1\"></span>tabile de<span class=\"_ _1\"></span>lle CGU  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbf2\">Nel <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>aziende <span class=\"_ _36\"> </span>bancarie <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>ass<span class=\"_ _1\"></span>icurative <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>, <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>generale, <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>aziende <span class=\"_ _37\"> </span>oper<span class=\"_ _1\"></span>anti <span class=\"_ _37\"> </span>nel <span class=\"_ _37\"> </span>settore </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbf3\">finanz</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbf4\">iario, le attivit\u00e0 <span class=\"_ _3b\"></span>e passivit\u00e0 fin<span class=\"_ _2\"></span>anziarie, in linea d<span class=\"_ _2\"></span>i principi<span class=\"_ _2\"></span>o escluse dall\u2019ambi<span class=\"_ _2\"></span>to di applic<span class=\"_ _2\"></span>azione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbf5\">dello I<span class=\"_ _2\"></span>AS 36, <span class=\"_ _3b\"></span>cost<span class=\"_ _1\"></span>ituiscono parte <span class=\"_ _3b\"></span>integrante del co<span class=\"_ _2\"></span>re business. <span class=\"_ _3b\"></span>Al fine d<span class=\"_ _2\"></span>i id<span class=\"_ _2\"></span>entificare i <span class=\"_ _2\"></span>flussi di<span class=\"_ _2\"></span> cassa<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbf6\">delle <span class=\"_ _2\"></span>CGU <span class=\"_ _3b\"></span>\u00e8 pertanto<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>necessario <span class=\"_ _3b\"></span>considera<span class=\"_ _1\"></span>re <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>nche <span class=\"_ _3b\"></span>i fl<span class=\"_ _2\"></span>ussi <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>cassa <span class=\"_ _2\"></span>associati <span class=\"_ _2\"></span>alle <span class=\"_ _3b\"></span>attivit\u00e0 <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>passivit\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbf7\">finanziarie.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbf8\">Sulla <span class=\"_ _38\"></span>base <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>tale<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>impostazione<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>l\u2019impairment<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>te<span class=\"_ _1\"></span>st <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>CGU <span class=\"_ _0\"></span>operanti <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>ambito <span class=\"_ _38\"></span>finanz<span class=\"_ _1\"></span>iario <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>pu\u00f2 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbf9\">che <span class=\"_ _35\"> </span>essere <span class=\"_ _35\"> </span>svolto <span class=\"_ _35\"> </span>secondo <span class=\"_ _35\"> </span>una <span class=\"_ _35\"> </span>prospettiva <span class=\"_ _35\"> </span>cosiddetta <span class=\"_ _35\"> </span>\u201cequ<span class=\"_ _2\"></span>ity <span class=\"_ _35\"> </span>side\u201d. <span class=\"_ _35\"> </span>Coerentemente, <span class=\"_ _35\"> </span>anche <span class=\"_ _35\"> </span>il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbfa\">valore contabile delle CGU deve essere determinato secondo la stessa pros<span class=\"_ _1\"></span>pettiva.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbfb\">In particolare, il valore contabile delle CGU \u00e8 stat<span class=\"_ _1\"></span>o determinato nel seguente modo: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsbfc\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Per <span class=\"_ _48\"> </span>la <span class=\"_ _48\"> </span>CGU <span class=\"_ _48\"> </span>Insurance, <span class=\"_ _3a\"> </span>composta <span class=\"_ _48\"> </span>integralmente <span class=\"_ _48\"> </span>dalle <span class=\"_ _48\"> </span>entit\u00e0 <span class=\"_ _3a\"> </span>giuridiche <span class=\"_ _48\"> </span>Credemvita <span class=\"_ _48\"> </span>e<span class=\"_ _2\"></span> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbfd\">Credemassicurazioni, <span class=\"_ _35\"> </span>il<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>valore <span class=\"_ _0\"></span>cont<span class=\"_ _1\"></span>abile <span class=\"_ _0\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>stato <span class=\"_ _0\"></span>determinato <span class=\"_ _35\"> </span>analiticamente, <span class=\"_ _0\"></span>sulla <span class=\"_ _35\"> </span>base <span class=\"_ _35\"> </span>del<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbfe\">contributo al patrimonio netto consolidato di ciascuna societ<span class=\"_ _1\"></span>\u00e0. </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsbff\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Per <span class=\"_ _69\"> </span>la <span class=\"_ _44\"> </span>CGU <span class=\"_ _44\"> </span>Banking, composta <span class=\"_ _44\"> </span>integralmente <span class=\"_ _44\"> </span>dalle <span class=\"_ _44\"> </span>ent<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _44\"> </span>giuridiche <span class=\"_ _44\"> </span>individuate <span class=\"_ _44\"> </span>nel </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc00\">corrispondente <span class=\"_ _3b\"></span>setto<span class=\"_ _1\"></span>re <span class=\"_ _3b\"></span>operativo <span class=\"_ _3b\"></span>(si <span class=\"_ _3b\"></span>ve<span class=\"_ _1\"></span>da <span class=\"_ _3b\"></span>la <span class=\"_ _3b\"></span>P<span class=\"_ _1\"></span>arte <span class=\"_ _3b\"></span>L <span class=\"_ _2\"></span>relativa <span class=\"_ _3b\"></span>all\u2019Infor<span class=\"_ _1\"></span>mativa <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>Set<span class=\"_ _1\"></span>tore), <span class=\"_ _3b\"></span>il <span class=\"_ _3b\"></span>relat<span class=\"_ _1\"></span>ivo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc01\">valore contabile \u00e8 stato determinato: </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gsc02\">-<span class=\"_ _3f\"> </span><span class=\"ff4\">allocando analiticamente gli avviame<span class=\"_ _1\"></span>nti di pertinenza; </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gsc03\">-<span class=\"_ _3f\"> </span><span class=\"ff4\">allocando <span class=\"_ _43\"> </span>il <span class=\"_ _43\"> </span>patrimonio <span class=\"_ _43\"> </span>netto <span class=\"_ _43\"> </span>consolidato <span class=\"_ _43\"> </span>\u201cresiduo\u201d <span class=\"_ _43\"> </span>in <span class=\"_ _69\"> </span>propor<span class=\"_ _1\"></span>zione <span class=\"_ _43\"> </span>al <span class=\"_ _43\"> </span>capitale </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc04\">regolamentare richiesto <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>l\u2019operativit\u00e0 della <span class=\"_ _1\"></span>CGU.  L\u2019utilizzo di <span class=\"_ _1\"></span>tale indicatore <span class=\"_ _1\"></span>gestionale </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc05\">risulta <span class=\"_ _1\"></span>giustificato <span class=\"_ _1\"></span>dalla <span class=\"_ _1\"></span>considerazione <span class=\"_ _1\"></span>che, ne<span class=\"_ _1\"></span>ll\u2019ambito <span class=\"_ _1\"></span>dell\u2019attivit\u00e0 finanziaria, <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>fattori <span class=\"_ _1\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc06\">rischio <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>i r<span class=\"_ _1\"></span>elativi <span class=\"_ _1\"></span>assorbimenti di <span class=\"_ _1\"></span>capitale <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>egolamentare <span class=\"_ _1\"></span>incidono <span class=\"_ _1\"></span>nella <span class=\"_ _1\"></span>generazione <span class=\"_ _1\"></span>dei </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc07\">flussi <span class=\"_ _35\"> </span>finanziari <span class=\"_ _35\"> </span>prospettici <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>indi <span class=\"_ _35\"> </span>nella <span class=\"_ _35\"> </span>determinazione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>recuperabile <span class=\"_ _35\"> </span>con <span class=\"_ _0\"></span>il<span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc08\">quale il valore contabile deve risultare <span class=\"_ _1\"></span>coerente. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc09\">Di se<span class=\"_ _1\"></span>guito si <span class=\"_ _1\"></span>riporta <span class=\"_ _1\"></span>il pros<span class=\"_ _1\"></span>petto di sint<span class=\"_ _1\"></span>esi r<span class=\"_ _1\"></span>elativo ai <span class=\"_ _1\"></span>valori conta<span class=\"_ _1\"></span>bili delle <span class=\"_ _1\"></span>CGU e<span class=\"_ _1\"></span> ai <span class=\"_ _1\"></span>relat<span class=\"_ _1\"></span>ivi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc0a\">valori di bilancio degli avviamenti (in milioni di euro):  </div><div class=\"gsc0b\"><table class=\"s w9b7 h22b\" id=\"_532be68e-c03e-4427-8a23-e238a15b9fc1\"><tr><td></td><td class=\"c xe91 y5a22 w9b8 h20e\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xe8f h12 y571a ff4 fs7 fc1 sc0 ls0 ws0\">G<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xe90 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">U<span class=\"_ _3a1\"> </span></div></td><td class=\"c xe94 y5a22 w9b9 h20e\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xe92 h12 y571a ff4 fs7 fc1 sc0 ls0 ws0\">a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xe93 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">nking<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe95 y5a22 w9ba h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">CGU Insurance<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xe96 h12 y5a23 ff4 fs7 fc1 sc0 ls0 ws0\">Valore </td><td></td><td class=\"c n xe97 y5a24 w9bb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.020,1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe98 y5a24 w9bc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">663,2<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xe96 h12 y5a25 ff4 fs7 fc1 sc0 ls0 ws0\">contabile CGU<span class=\"_ _2\"></span> </td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xe96 h12 y5a26 ff4 fs7 fc1 sc0 ls0 ws0\">Avviamenti </td><td></td><td class=\"c n xe99 y5a27 w9bd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">288,9<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe9a y5a27 w9be h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14,4<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xe96 h12 y5a28 ff4 fs7 fc1 sc0 ls0 ws0\">allocati </td><td></td><td></td><td></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc0c\">Oltre <span class=\"_ _39\"> </span>all\u2019importo <span class=\"_ _39\"> </span>di <span class=\"_ _3f\"> </span>291,3 <span class=\"_ _39\"> </span>milioni <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>euro <span class=\"_ _3f\"> </span>contabilizzato <span class=\"_ _39\"> </span>alla <span class=\"_ _39\"> </span>voce <span class=\"_ _39\"> </span>\u201cAttivit\u00e0 <span class=\"_ _39\"> </span>Immateriali\u201d, <span class=\"_ _39\"> </span>gli </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc0d\">avviamenti <span class=\"_ _38\"></span>allocati <span class=\"_ _38\"></span>comprendono <span class=\"_ _1\"></span>anche <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>avviamenti <span class=\"_ _38\"></span>relativi <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>Credemassicurazioni, <span class=\"_ _38\"></span>pari <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>10<span class=\"_ _1\"></span>,3 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc0e\">milioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>euro, ad <span class=\"_ _3b\"></span>An<span class=\"_ _1\"></span>dxor, pari <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>1,1 milioni <span class=\"_ _3b\"></span>di euro, <span class=\"_ _2\"></span>a Flairbit, <span class=\"_ _3b\"></span>pari a 0,4 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>di euro <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>a Mynet, <span class=\"_ _3b\"></span>pari </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc0f\">a 0,2 milioni di euro inclusi nella voce partecipazioni. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gsc10\">Definizion<span class=\"_ _1\"></span>e del<span class=\"_ _1\"></span> valore re<span class=\"_ _1\"></span>cuperabile<span class=\"_ _1\"></span> delle<span class=\"_ _1\"></span> CGU </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc11\">Il  p</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc12\">rincipio  contabile  IAS  36  richiede  che,  almeno  annualmente,  l\u2019ammontare  dell\u2019avviamento </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc13\">iscritto <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>bilancio <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>sottopos<span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>Impairment <span class=\"_ _0\"></span>Test. <span class=\"_ _1\"></span>Il <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>est <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>impairment<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>volto <span class=\"_ _38\"></span>raffrontando <span class=\"_ _38\"></span>il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc14\">valore <span class=\"_ _0\"></span>contabile <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>CGU <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>cu<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"> </span>allocat<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>valore <span class=\"_ _0\"></span>re<span class=\"_ _1\"></span>cuperabile <span class=\"_ _0\"></span>dalle <span class=\"_ _0\"></span>stesse. <span class=\"_ _0\"></span>Laddove <span class=\"_ _0\"></span>tale </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc15\">valore risultasse inferiore al valore contabile deve essere rilevata una rett<span class=\"_ _1\"></span>ifica di valore.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc16\">Il <span class=\"_ _1\"></span>valore<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>recuperabile <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>CGU <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>maggiore <span class=\"_ _38\"></span>tra <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>suo <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _1\"></span>al <span class=\"_ _38\"></span>netto <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>costi <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>vendita <span class=\"_ _38\"></span>ed <span class=\"_ _38\"></span>il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc17\">suo <span class=\"_ _37\"> </span>valore <span class=\"_ _37\"> </span>d\u2019uso. <span class=\"_ _37\"> </span>Il <span class=\"_ _37\"> </span>principio <span class=\"_ _3d\"> </span>aggiunge <span class=\"_ _37\"> </span>che<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>nello <span class=\"_ _37\"> </span>svolgimento <span class=\"_ _37\"> </span>del <span class=\"_ _3d\"> </span>t<span class=\"_ _1\"></span>est <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>impairme<span class=\"_ _1\"></span>nt <span class=\"_ _37\"> </span>non <span class=\"_ _3d\"> </span>\u00e8 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc18\">necessario definire <span class=\"_ _1\"></span>sia il valore <span class=\"_ _1\"></span>d\u2019uso che il fair <span class=\"_ _1\"></span>value, ma \u00e8 <span class=\"_ _1\"></span>sufficiente che a<span class=\"_ _1\"></span>lmeno uno dei <span class=\"_ _1\"></span>due sia </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc19\">superiore <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>valore <span class=\"_ _0\"></span>contabile <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>confermare <span class=\"_ _0\"></span>l\u2019assenza <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>una <span class=\"_ _0\"> </span>pe<span class=\"_ _1\"></span>rdita <span class=\"_ _0\"></span>durevole <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>valore. <span class=\"_ _0\"></span>Ai <span class=\"_ _35\"> </span>fi<span class=\"_ _3b\"></span>ni </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc1a\">dell\u2019individuazione del valore recuperabile delle singole <span class=\"_ _1\"></span>CGU \u00e8 stato individuato il valore d\u2019uso.  </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gsc1b\">CGU Ban<span class=\"_ _1\"></span>king </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc1c\">Per la<span class=\"_ _2\"></span> CGU<span class=\"_ _2\"></span> Banking<span class=\"_ _2\"></span>, il <span class=\"_ _3b\"></span>valore d\u2019uso <span class=\"_ _3b\"></span>\u00e8 stato <span class=\"_ _3b\"></span>determinato attraverso <span class=\"_ _3b\"></span>lo svilu<span class=\"_ _2\"></span>ppo d<span class=\"_ _2\"></span>el Dividend<span class=\"_ _2\"></span> Discoun<span class=\"_ _2\"></span>t </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc1d\">Model </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc1e\">(DDM). <span class=\"_ _3f\"> </span>Tale <span class=\"_ _3a\"> </span>metodo <span class=\"_ _3f\"> </span>determina <span class=\"_ _3a\"> </span>il <span class=\"_ _3f\"> </span>valore <span class=\"_ _3a\"> </span>in <span class=\"_ _3f\"> </span>funzione <span class=\"_ _3f\"> </span>del <span class=\"_ _3a\"> </span>flusso <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>dividendi <span class=\"_ _3a\"> </span>attesi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc1f\">potenzialmente <span class=\"_ _38\"></span>distribuibili. <span class=\"_ _38\"></span>Nella <span class=\"_ _0\"></span>fattispecie,<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>meto<span class=\"_ _1\"></span>do <span class=\"_ _38\"></span>utilizzato <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>DDM <span class=\"_ _1\"></span>nella <span class=\"_ _38\"></span>variante <span class=\"_ _38\"></span>\u201cExcess </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc20\">Capital\u201d, <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>unemente <span class=\"_ _38\"></span>adottata <span class=\"_ _38\"></span>nella <span class=\"_ _38\"></span>prassi <span class=\"_ _38\"></span>valutativa <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>settore <span class=\"_ _1\"></span>bancario, <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>base <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>quale <span class=\"_ _38\"></span>il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc21\">valore economico \u00e8 pari alla sommatoria dei seguenti elementi: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsc22\"><span class=\"_ _3e\"> </span><span class=\"ff4\">valore attuale <span class=\"_ _3b\"></span>dei flu<span class=\"_ _2\"></span>ssi d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>cas<span class=\"_ _1\"></span>sa <span class=\"_ _3b\"></span>futuri generati <span class=\"_ _3b\"></span>nell\u2019arco di <span class=\"_ _3b\"></span>un <span class=\"_ _3b\"></span>det<span class=\"_ _1\"></span>erminato <span class=\"_ _3b\"></span>or<span class=\"_ _1\"></span>izzonte <span class=\"_ _3b\"></span>te<span class=\"_ _1\"></span>mporale<span class=\"_ _2\"></span> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc23\">di <span class=\"_ _188\"> </span>pianificazione <span class=\"_ _29\"> </span>es<span class=\"_ _1\"></span>plicita <span class=\"_ _188\"> </span>e <span class=\"_ _29\"> </span>distr<span class=\"_ _1\"></span>ibuibili <span class=\"_ _188\"> </span>agli <span class=\"_ _29\"> </span>azionisti <span class=\"_ _29\"> </span>mante<span class=\"_ _1\"></span>nendo <span class=\"_ _188\"> </span>un <span class=\"_ _29\"> </span>livello <span class=\"_ _188\"> </span>di<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc25\">patrimonializzazione, <span class=\"_ _38\"></span>coerente <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>le<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>istruzioni <span class=\"_ _38\"></span>dettate <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>materia <span class=\"_ _1\"></span>dall\u2019Autorit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>Vi<span class=\"_ _2\"></span>gilanza <span class=\"_ _1\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc26\">compat<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc27\">ibile con la natura e l\u2019evoluzione attesa delle attivit\u00e0; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsc28\"><span class=\"_ _3e\"> </span><span class=\"ff4\">valore <span class=\"_ _0\"> </span>attuale <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>rendita <span class=\"_ _0\"></span>perpet<span class=\"_ _1\"></span>ua <span class=\"_ _0\"></span>definita <span class=\"_ _0\"></span>sulla <span class=\"_ _0\"></span>base <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>dividendo <span class=\"_ _0\"></span>sostenibile <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>gl<span class=\"_ _2\"></span>i </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc29\">esercizi <span class=\"_ _43\"> </span>successivi <span class=\"_ _43\"> </span>al <span class=\"_ _43\"> </span>periodo <span class=\"_ _43\"> </span>di <span class=\"_ _43\"> </span>pianificazione <span class=\"_ _43\"> </span>esplicita, <span class=\"_ _43\"> </span>coerente <span class=\"_ _43\"> </span>con <span class=\"_ _43\"> </span>i <span class=\"_ _43\"> </span>livelli <span class=\"_ _43\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc2a\">patrimonializzazione richiesti dall\u2019Autorit\u00e0 di Vigilanza. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc2b\">Nonostante <span class=\"_ _0\"></span>l\u2019espressione <span class=\"_ _0\"></span>Divi<span class=\"_ _2\"></span>dend <span class=\"_ _0\"></span>Discount <span class=\"_ _38\"></span>Model <span class=\"_ _0\"></span>richiami <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>parola <span class=\"_ _0\"></span>dividendo, <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>cassa </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc2c\">considerati <span class=\"_ _1\"></span>dal <span class=\"_ _1\"></span>modello <span class=\"_ _1\"></span>non s<span class=\"_ _1\"></span>ono i <span class=\"_ _1\"></span>dividendi <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>prevede <span class=\"_ _1\"></span>verranno <span class=\"_ _1\"></span>distribuiti <span class=\"_ _1\"></span>agli a<span class=\"_ _1\"></span>zionisti, <span class=\"_ _1\"></span>ma <span class=\"_ _1\"></span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc2d\">flussi <span class=\"_ _1\"></span>di cass<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>azionista <span class=\"_ _1\"></span>pot<span class=\"_ _1\"></span>enzialmente <span class=\"_ _1\"></span>potrebbe <span class=\"_ _1\"></span>beneficiare <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>petto dei <span class=\"_ _1\"></span>limiti <span class=\"_ _1\"></span>delle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc2e\">dotazioni patrimoniali richieste dall\u2019operativit\u00e0 aziendale. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc2f\">I flussi per l\u2019applicazione della metodologia valutativa sono stati desunti dal Preconsuntivo 2024 e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc30\">Budget <span class=\"_ _1\"></span>2025<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>Gruppo <span class=\"_ _1\"></span>Credem, <span class=\"_ _1\"></span>approvati <span class=\"_ _38\"></span>dal <span class=\"_ _1\"></span>Consiglio <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>Amministr<span class=\"_ _1\"></span>azione <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>Capogruppo <span class=\"_ _1\"></span>il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc31\">20 dicembre 2024 e da <span class=\"_ _2\"></span>proiezioni, app<span class=\"_ _2\"></span>rovate in data 8 febbraio 2025 e <span class=\"_ _2\"></span>redatte ai soli fini<span class=\"_ _2\"></span> del test di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc32\">impairment sugli avviamenti, relative agli eser<span class=\"_ _1\"></span>cizi dal 2026 al 2028. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc33\">Per q<span class=\"_ _2\"></span>uanto <span class=\"_ _3b\"></span>riguarda gli<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>impatti <span class=\"_ _3b\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _3b\"></span>climatico su<span class=\"_ _2\"></span>lle <span class=\"_ _2\"></span>stime <span class=\"_ _3b\"></span>e <span class=\"_ _2\"></span>sugli <span class=\"_ _3b\"></span>aspet<span class=\"_ _1\"></span>ti <span class=\"_ _3b\"></span>valutativi, <span class=\"_ _2\"></span>si <span class=\"_ _3b\"></span>evidenzia </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc34\">che <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>effetti <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>piano <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>transizione <span class=\"_ _0\"></span>adottato <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>incorporati <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>pianifi<span class=\"_ _2\"></span>cazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>risultati </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc35\">economici <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>patrimoniali <span class=\"_ _37\"> </span>del <span class=\"_ _37\"> </span>gruppo. <span class=\"_ _37\"> </span>I <span class=\"_ _36\"> </span>flussi <span class=\"_ _37\"> </span>per <span class=\"_ _37\"> </span>l\u2019applicazione <span class=\"_ _36\"> </span>della <span class=\"_ _37\"> </span>metodologia <span class=\"_ _37\"> </span>valutativa </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc36\">incorporano <span class=\"_ _3d\"> </span>anche <span class=\"_ _3d\"> </span>le  stime <span class=\"_ _3d\"> </span>dei  r<span class=\"_ _1\"></span>ischi  e <span class=\"_ _3d\"> </span>degli <span class=\"_ _3d\"> </span>assorbimenti <span class=\"_ _3d\"> </span>patrimoniali,  calcolati <span class=\"_ _3d\"> </span>tene<span class=\"_ _1\"></span>ndo  in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc37\">considerazione anche <span class=\"_ _3b\"></span>l\u2019integrazione delle <span class=\"_ _3b\"></span>tematiche ESG <span class=\"_ _3b\"></span>all\u2019interno del <span class=\"_ _2\"></span>processo di <span class=\"_ _3b\"></span>pianificazione, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc38\">tramite <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>declinazione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>obiettivi <span class=\"_ _35\"> </span>riconducibili <span class=\"_ _35\"> </span>ad <span class=\"_ _35\"> </span>orizzonti <span class=\"_ _35\"> </span>temporali <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>breve,  m<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>dio <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>lungo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc39\">termine inerente la Rendicontazione Societaria di sostenibilit\u00e0. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc3a\">Il livello di <span class=\"_ _1\"></span>patrimonializzazione, ai <span class=\"_ _1\"></span>fini della dete<span class=\"_ _1\"></span>rminazione del flusso <span class=\"_ _1\"></span>di dividendi potenzialmente </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc3b\">distribuibili, \u00e8 <span class=\"_ _38\"></span>stato <span class=\"_ _1\"></span>ipotizzato <span class=\"_ _1\"></span>pari al <span class=\"_ _1\"></span>10,30% <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Tier <span class=\"_ _1\"></span>1 <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>all\u201912,55% di <span class=\"_ _1\"></span>Tier <span class=\"_ _38\"></span>Total (livelli <span class=\"_ _1\"></span>calcolati <span class=\"_ _1\"></span>sulla </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc3c\">base della Final SREP decision della BCE e regole <span class=\"_ _1\"></span>della CRR2)<span class=\"_ _2\"></span>.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc3d\">Il tass<span class=\"_ _1\"></span>o di <span class=\"_ _1\"></span>sconto dei <span class=\"_ _1\"></span>flussi \u00e8<span class=\"_ _1\"></span> stato <span class=\"_ _1\"></span>stimato s<span class=\"_ _1\"></span>ulla base <span class=\"_ _1\"></span>del \u201c<span class=\"_ _1\"></span>Capital Asset <span class=\"_ _1\"></span>Pricing Model\u201d, che <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ima </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc3e\">il <span class=\"_ _0\"></span>costo <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>capitale <span class=\"_ _0\"></span>come <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>sommatoria <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>rendimento<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>invest<span class=\"_ _1\"></span>imenti <span class=\"_ _0\"></span>privi <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>un </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc3f\">premio <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>rischio  correla<span class=\"_ _2\"></span>to <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>rischiosit\u00e0  specifica <span class=\"_ _35\"> </span>dell\u2019<span class=\"_ _2\"></span>attivit\u00e0. <span class=\"_ _35\"> </span>Nello <span class=\"_ _35\"> </span>specifico <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>cost<span class=\"_ _1\"></span>o <span class=\"_ _35\"> </span>del </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc40\">capitale \u00e8 stato determinato nella misura dell\u20198,19%, sulla base dei seguenti parametri: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsc41\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Tasso <span class=\"_ _1\"></span>privo di rischio: <span class=\"_ _1\"></span>pari al 3,58%, <span class=\"_ _1\"></span>corrispondente alla <span class=\"_ _1\"></span>media semplice del <span class=\"_ _1\"></span>rendimento lordo </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc42\">dei BTP a 10 anni emessi negli ultimi 6 mesi; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsc43\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Coefficiente<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>Beta: <span class=\"_ _0\"></span>pari <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>0,838 <span class=\"_ _0\"></span>corrispondente <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>coeffici<span class=\"_ _2\"></span>ente <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Cre<span class=\"_ _1\"></span>dem <span class=\"_ _0\"></span>(Beta <span class=\"_ _35\"> </span>5Y <span class=\"_ _0\"></span>Adjusted </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc44\">31.12.2019/31.12.2024, con rilevazione sett<span class=\"_ _1\"></span>imanale); </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsc45\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Premio <span class=\"_ _0\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _0\"></span>ri<span class=\"_ _2\"></span>schio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>ercato: <span class=\"_ _38\"></span>pari <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>5,50%, <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>linea <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>prassi <span class=\"_ _38\"></span>valutativa <span class=\"_ _0\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>mer<span class=\"_ _1\"></span>cato </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc46\">italiano e con <span class=\"_ _2\"></span>la comune ap<span class=\"_ _2\"></span>plicazione nel settore d<span class=\"_ _2\"></span>elle assicurazioni;<span class=\"_ _2\"></span> tale valore \u00e8<span class=\"_ _2\"></span> depurato del<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc47\">\u201crischio <span class=\"_ _1\"></span>paese\u201d in <span class=\"_ _1\"></span>quanto <span class=\"_ _1\"></span>implicitamente <span class=\"_ _1\"></span>compreso <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>sopracitato tasso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rendimento <span class=\"_ _1\"></span>delle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc48\">attivit\u00e0 <span class=\"_ _0\"> </span>pr<span class=\"_ _1\"></span>ivo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rischio. <span class=\"_ _35\"> </span>Con <span class=\"_ _0\"></span>riferimento<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>pr<span class=\"_ _2\"></span>emio <span class=\"_ _0\"> </span>pe<span class=\"_ _1\"></span>r <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _35\"> </span>sono <span class=\"_ _0\"></span>state <span class=\"_ _35\"> </span>fa<span class=\"_ _2\"></span>tte </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc49\">verifiche con <span class=\"_ _3b\"></span>fonti alternative, qual<span class=\"_ _2\"></span>i Damodaran, <span class=\"_ _2\"></span>Fernandez e <span class=\"_ _2\"></span>Kroll, <span class=\"_ _2\"></span>provvedendo, ove <span class=\"_ _3b\"></span>del caso, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc4a\">a correggere <span class=\"_ _3b\"></span>per il <span class=\"_ _3b\"></span>differenziale di <span class=\"_ _3b\"></span>inflazione dei <span class=\"_ _3b\"></span>mercat<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span> cu<span class=\"_ _2\"></span>i i<span class=\"_ _3b\"></span> valori <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>i riferivan<span class=\"_ _2\"></span>o. Il <span class=\"_ _3b\"></span>livello scelto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc4b\">dal Gruppo si pone all\u2019interno dell\u2019intervallo di valori alternat<span class=\"_ _1\"></span>ivi. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc4c\">Il <span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>minal <span class=\"_ _1\"></span>value, <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>fine <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>periodo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>pianificazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>plicito, <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>stato <span class=\"_ _1\"></span>determinato <span class=\"_ _38\"></span>sulla <span class=\"_ _1\"></span>base <span class=\"_ _1\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc4d\">un <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>crescita <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>lungo <span class=\"_ _0\"></span>periodo <span class=\"_ _0\"></span>soste<span class=\"_ _1\"></span>nibile, <span class=\"_ _0\"></span>assunto <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>misura <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>2,0%, <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>linea <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>le </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc4e\">aspettative <span class=\"_ _3d\"> </span>di  crescita <span class=\"_ _3d\"> </span>di  lungo <span class=\"_ _3d\"> </span>termine <span class=\"_ _3d\"> </span>dell\u2019economia  e <span class=\"_ _3d\"> </span>con <span class=\"_ _3d\"> </span>la  prassi <span class=\"_ _3d\"> </span>valutativa <span class=\"_ _3d\"> </span>(Prometeia, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc4f\">Rapporto <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>Previsione <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>dicembre <span class=\"_ _3f\"> </span>20<span class=\"_ _1\"></span>24, <span class=\"_ _3f\"> </span>Inflazione <span class=\"_ _3a\"> </span>Italia <span class=\"_ _3a\"> </span>al <span class=\"_ _3a\"> </span>2027, <span class=\"_ _3a\"> </span>ultimo <span class=\"_ _3a\"> </span>anno <span class=\"_ _3a\"> </span>stimato </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc50\">dall\u2019Associazione). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc51\">Nella <span class=\"_ _2\"></span>tabella c<span class=\"_ _2\"></span>he s<span class=\"_ _2\"></span>egue <span class=\"_ _2\"></span>viene <span class=\"_ _3b\"></span>ripor<span class=\"_ _1\"></span>tata <span class=\"_ _2\"></span>la <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>intesi <span class=\"_ _3b\"></span>delle valutazioni <span class=\"_ _3b\"></span>effettuate. In <span class=\"_ _3b\"></span>particolare la <span class=\"_ _3b\"></span>tabella </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc52\">pone <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>confronto <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>valori <span class=\"_ _0\"></span>conta<span class=\"_ _2\"></span>bili <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>CGU <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ispettivo <span class=\"_ _0\"></span>valore <span class=\"_ _0\"></span>d\u2019<span class=\"_ _2\"></span>uso <span class=\"_ _0\"></span>ottenuto <span class=\"_ _0\"></span>(in <span class=\"_ _0\"></span>milioni <span class=\"_ _38\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc53\">euro): </div><div class=\"gsc54\"><table class=\"s w9bf h22c\" id=\"_8ec9ed53-d09f-4ef2-a57b-31b7937824ac\"><tr><td></td><td class=\"c xe9d y5a29 w9c0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">CGU Ba<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xe9c h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">nking<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a2a w9c1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Valore d\u2019uso della CGU<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe9e y5a2a w9c2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.850<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5582 w9c3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Valore contabile CGU<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe9f y5582 w7aa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.020<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y539f w9c4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Delta<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xea0 y539f w9c5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.830<span class=\"_ _3a1\"> </span></div></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc55\">Il <span class=\"_ _1\"></span>mode<span class=\"_ _1\"></span>llo <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>determinazione <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>valore <span class=\"_ _38\"></span>d\u2019uso <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>stato <span class=\"_ _38\"></span>inoltre <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ottoposto <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>analisi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>sens<span class=\"_ _1\"></span>itivit\u00e0 <span class=\"_ _1\"></span>al </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc56\">fine <span class=\"_ _3b\"></span>di apprezzare <span class=\"_ _3b\"></span>la variazione <span class=\"_ _3b\"></span>dei <span class=\"_ _2\"></span>risultati <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>ttenuti <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>var<span class=\"_ _1\"></span>iare <span class=\"_ _3b\"></span>dei p<span class=\"_ _2\"></span>arametri valu<span class=\"_ _2\"></span>tativi <span class=\"_ _2\"></span>adottati. Dall<span class=\"_ _2\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc57\">analisi svolte, <span class=\"_ _3b\"></span>non sono emerse i<span class=\"_ _3b\"></span>ndicazioni di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iduzione di <span class=\"_ _2\"></span>valore con <span class=\"_ _2\"></span>riferimento alla <span class=\"_ _2\"></span>CGU in <span class=\"_ _3b\"></span>esa<span class=\"_ _1\"></span>me </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc58\">fino alla considerazione di un tasso <span class=\"_ _1\"></span>di attualizzazione del 19,5%. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc59\">Si <span class=\"_ _36\"> </span>se<span class=\"_ _1\"></span>gnala <span class=\"_ _36\"> </span>che, <span class=\"_ _39\"> </span>considerando <span class=\"_ _36\"> </span>congiuntamente <span class=\"_ _39\"> </span>un <span class=\"_ _36\"> </span>tasso <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>crescita <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>lungo <span class=\"_ _36\"> </span>periodo <span class=\"_ _39\"> </span>nullo<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc5a\">(decremento <span class=\"_ _1\"></span>di 200 bps) e<span class=\"_ _1\"></span> un tasso <span class=\"_ _1\"></span>di attualizzazione del <span class=\"_ _1\"></span>19,45% non <span class=\"_ _1\"></span>si rileverebber<span class=\"_ _1\"></span>o rettifiche di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc5b\">valore sulla <span class=\"_ _3b\"></span>CGU. Si <span class=\"_ _2\"></span>segnala i<span class=\"_ _2\"></span>nfine che <span class=\"_ _3b\"></span>anche abbattendo i<span class=\"_ _2\"></span> flu<span class=\"_ _2\"></span>ssi d<span class=\"_ _2\"></span>i cassa <span class=\"_ _2\"></span>futuri a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tesi d<span class=\"_ _2\"></span>i ci<span class=\"_ _2\"></span>rca il <span class=\"_ _3b\"></span>50% </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc5d\">per <span class=\"_ _0\"></span>ciascun <span class=\"_ _38\"></span>anno <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>proi<span class=\"_ _2\"></span>ezione <span class=\"_ _0\"></span>(<span class=\"_ _2\"></span>incluso <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>terminal <span class=\"_ _0\"></span>valu<span class=\"_ _2\"></span>e) <span class=\"_ _0\"></span>non <span class=\"_ _1\"></span>si <span class=\"_ _0\"></span>rileverebbero <span class=\"_ _38\"></span>rettifiche <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>valore </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc5e\">sulla </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc5f\">CGU. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc60\">Le analisi evidenziano altres\u00ec come le differe<span class=\"_ _1\"></span>nze rilevate nelle analisi di sensitivit\u00e0 sopra descritte </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc61\">assorbano in maniera <span class=\"_ _1\"></span>estensiva, in relazione al climate ris<span class=\"_ _1\"></span>k del Gruppo Credem, gli impatti st<span class=\"_ _1\"></span>imati </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc62\">in uno scenario avverso. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gsc63\">CGU In<span class=\"_ _1\"></span>surance </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc64\">Per l<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc65\">a CGU Insurance il valore d\u2019<span class=\"_ _2\"></span>uso \u00e8 stato determinato, considerando specificamente il business </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc66\">\u201cDanni\u201d e il business \u201cVita\u201d, anche attra<span class=\"_ _1\"></span>verso il supporto di un consulente esterno.  </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gsc67\">CGU In<span class=\"_ _1\"></span>surance \u2013<span class=\"_ _1\"></span> Busines<span class=\"_ _1\"></span>s Danni  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc68\">Per i<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc69\">l business \u201cDanni\u201d, ai <span class=\"_ _1\"></span>fini della s<span class=\"_ _1\"></span>tima del <span class=\"_ _1\"></span>valore d\u2019uso, \u00e8 stato <span class=\"_ _1\"></span>utilizzato il met<span class=\"_ _1\"></span>odo del Dividend </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc6a\">Discount  Model<span class=\"_ _3b\"></span>  (DDM) <span class=\"_ _35\"> </span>nella <span class=\"_ _35\"> </span>variante  \u201cExcess<span class=\"_ _2\"></span>  Cap<span class=\"_ _2\"></span>ital\u201d,  d<span class=\"_ _2\"></span>escritto  p<span class=\"_ _2\"></span>rima <span class=\"_ _35\"> </span>e  in <span class=\"_ _35\"> </span>base <span class=\"_ _35\"> </span>ai <span class=\"_ _35\"> </span>criteri  ch<span class=\"_ _2\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc6b\">seguono. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc6c\">I <span class=\"_ _3b\"></span>flussi per <span class=\"_ _3b\"></span>l\u2019applicazione <span class=\"_ _3b\"></span>della metodologia <span class=\"_ _3b\"></span>valutativa si<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>estendono <span class=\"_ _3b\"></span>ad un <span class=\"_ _3b\"></span>arco <span class=\"_ _2\"></span>temporale <span class=\"_ _3b\"></span>di quattr<span class=\"_ _2\"></span>o </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc6d\">esercizi (2025-2028) e<span class=\"_ _1\"></span> si bas<span class=\"_ _1\"></span>ano sul budget <span class=\"_ _1\"></span>2025, approvato dal Consiglio <span class=\"_ _1\"></span>di Amministr<span class=\"_ _1\"></span>azione del </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc6e\">10 <span class=\"_ _19e\"> </span>dicembre <span class=\"_ _47\"> </span>2024 <span class=\"_ _19e\"> </span>e <span class=\"_ _19e\"> </span>dai <span class=\"_ _19e\"> </span>pre<span class=\"_ _1\"></span>visionali <span class=\"_ _40\"> </span>20<span class=\"_ _1\"></span>26-2028 <span class=\"_ _19e\"> </span>elaborati <span class=\"_ _47\"> </span>dall\u2019Ufficio <span class=\"_ _19e\"> </span>tecnico <span class=\"_ _19e\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc6f\">Credemassicurazioni. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc70\">Il <span class=\"_ _37\"> </span>livello <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>patrimonializzazione<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>minimo, <span class=\"_ _37\"> </span>ai <span class=\"_ _36\"> </span>fini <span class=\"_ _36\"> </span>della <span class=\"_ _36\"> </span>determinazione <span class=\"_ _36\"> </span>del <span class=\"_ _36\"> </span>flusso <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>dividendi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc71\">potenzialmente <span class=\"_ _37\"> </span>distribuibili, <span class=\"_ _37\"> </span>\u00e8 <span class=\"_ _37\"> </span>stato <span class=\"_ _37\"> </span>definito <span class=\"_ _37\"> </span>coerenteme<span class=\"_ _1\"></span>nte <span class=\"_ _3d\"> </span>con <span class=\"_ _37\"> </span>le <span class=\"_ _37\"> </span>istruzioni <span class=\"_ _37\"> </span>dell\u2019Autorit\u00e0 <span class=\"_ _37\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc72\">Vigilanza ed in linea con la prassi valutativa nel settore di riferiment<span class=\"_ _1\"></span>o. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc73\">Il <span class=\"_ _2\"></span>costo del cap<span class=\"_ _2\"></span>itale, stimato sul<span class=\"_ _2\"></span>la base <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>l \u201cCapi<span class=\"_ _2\"></span>tal Asset P<span class=\"_ _2\"></span>ricing M<span class=\"_ _2\"></span>odel\u201d, \u00e8 <span class=\"_ _2\"></span>stato determinato nell<span class=\"_ _3b\"></span>a </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc74\">misura del 6,50%, sulla base dei seguenti par<span class=\"_ _1\"></span>ametri: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsc75\"><span class=\"_ _3e\"> </span><span class=\"ff4\">tasso privo d<span class=\"_ _2\"></span>i rischio: <span class=\"_ _3b\"></span>pari al 3,58%, <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>rrispondente al rendi<span class=\"_ _2\"></span>mento medio <span class=\"_ _2\"></span>registrato negli <span class=\"_ _3b\"></span>ultimi </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc76\">6 mesi dai BTP con scadenza residua decennale; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsc77\"><span class=\"_ _3e\"> </span><span class=\"ff4\">coefficiente<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>Beta: <span class=\"_ _48\"> </span>pari <span class=\"_ _3a\"> </span>a <span class=\"_ _3a\"> </span>0,53, <span class=\"_ _3a\"> </span>corr<span class=\"_ _1\"></span>ispondente <span class=\"_ _48\"> </span>al <span class=\"_ _3a\"> </span>coefficiente <span class=\"_ _3a\"> </span>medio <span class=\"_ _3a\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _3a\"> </span>societ\u00e0 <span class=\"_ _48\"> </span>di<span class=\"_ _3b\"></span> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc78\">assicurazione italiane quotate; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsc79\"><span class=\"_ _3e\"> </span><span class=\"ff4\">premio <span class=\"_ _0\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>mercato: <span class=\"_ _38\"></span>pari <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>5,5<span class=\"_ _2\"></span>0%, <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>linea <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>prassi <span class=\"_ _38\"></span>valutativa <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>mercato </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc7a\">italiano e con <span class=\"_ _2\"></span>la comune ap<span class=\"_ _2\"></span>plicazione nel settore d<span class=\"_ _2\"></span>elle assicurazioni;<span class=\"_ _2\"></span> tale valore \u00e8<span class=\"_ _2\"></span> depurato del<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc7b\">\u201crischio <span class=\"_ _1\"></span>paese\u201d in <span class=\"_ _1\"></span>quanto <span class=\"_ _1\"></span>implicitamente <span class=\"_ _1\"></span>compreso <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>sopracitato tasso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rendimento <span class=\"_ _1\"></span>delle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc7c\">attivit\u00e0 <span class=\"_ _0\"> </span>pr<span class=\"_ _1\"></span>ivo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rischio. <span class=\"_ _35\"> </span>Con <span class=\"_ _0\"></span>riferimento<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>pr<span class=\"_ _2\"></span>emio <span class=\"_ _0\"> </span>pe<span class=\"_ _1\"></span>r <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _35\"> </span>sono <span class=\"_ _0\"></span>state <span class=\"_ _35\"> </span>fa<span class=\"_ _2\"></span>tte </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc7d\">verifiche con <span class=\"_ _3b\"></span>fonti alternative, qual<span class=\"_ _2\"></span>i Damodaran, <span class=\"_ _2\"></span>Fernandez e <span class=\"_ _2\"></span>Kroll, <span class=\"_ _2\"></span>provvedendo, ove <span class=\"_ _3b\"></span>del caso, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc7e\">a correggere <span class=\"_ _3b\"></span>per il <span class=\"_ _3b\"></span>differenziale di <span class=\"_ _3b\"></span>inflazione dei <span class=\"_ _3b\"></span>mercat<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span> cu<span class=\"_ _2\"></span>i i<span class=\"_ _3b\"></span> valori <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>i riferivan<span class=\"_ _2\"></span>o. Il <span class=\"_ _3b\"></span>livello scelto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc7f\">dal Gruppo si pone all\u2019interno dell\u2019intervallo di valori alternat<span class=\"_ _1\"></span>ivi. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc80\">Il valore terminale \u00e8 stato determinato pari <span class=\"_ _1\"></span>al valore dell\u2019ultimo periodo di pianificazione esplicito. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gsc81\">CGU I<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gsc82\">nsuran<span class=\"_ _1\"></span>ce \u2013 Bu<span class=\"_ _1\"></span>siness Vita </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc83\">I</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc84\">l<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc85\">v</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc86\">a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc87\">lore <span class=\"_ _35\"> </span>d\u2019uso <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>business <span class=\"_ _35\"> </span>\u201cVita\u201d <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>stato <span class=\"_ _35\"> </span>stimato <span class=\"_ _0\"></span>se<span class=\"_ _1\"></span>condo <span class=\"_ _35\"> </span>l\u2019ap<span class=\"_ _2\"></span>proccio <span class=\"_ _35\"> </span>denominato <span class=\"_ _35\"> </span>\u201cAppraisal </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc88\">Value\u201d,  sommando  al <span class=\"_ _35\"> </span>Patrimonio  Netto  secondo <span class=\"_ _35\"> </span>i  principi <span class=\"_ _35\"> </span>contabili  IFRS <span class=\"_ _35\"> </span>il  Business  in-Force, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc89\">determinato <span class=\"_ _3d\"> </span>attraverso <span class=\"_ _3d\"> </span>l\u2019att<span class=\"_ _1\"></span>ualizzazione  dei <span class=\"_ _37\"> </span>futuri <span class=\"_ _3d\"> </span>margini <span class=\"_ _3d\"> </span>tecnici  der<span class=\"_ _1\"></span>ivanti <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>portafoglio <span class=\"_ _3d\"> </span>in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc8a\">essere, e il New Business Value, derivante dal portafoglio di futura <span class=\"_ _1\"></span>produzione prevedibile.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc8b\">I <span class=\"_ _3d\"> </span>flussi <span class=\"_ _37\"> </span>per <span class=\"_ _37\"> </span>la <span class=\"_ _3d\"> </span>determinazione <span class=\"_ _3d\"> </span>del <span class=\"_ _37\"> </span>valore <span class=\"_ _3d\"> </span>der<span class=\"_ _1\"></span>ivante <span class=\"_ _3d\"> </span>dal <span class=\"_ _37\"> </span>Business <span class=\"_ _3d\"> </span>in-Force <span class=\"_ _37\"> </span>sono <span class=\"_ _3d\"> </span>stati <span class=\"_ _37\"> </span>stimati, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsab6\">attraverso <span class=\"_ _38\"></span>l\u2019utilizzo <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>met<span class=\"_ _1\"></span>odologia <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>base <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>Traditional <span class=\"_ _38\"></span>Embedded <span class=\"_ _1\"></span>Value, <span class=\"_ _1\"></span>considerando <span class=\"_ _38\"></span>la </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc8c\">composizione del portafoglio assicurati e le <span class=\"_ _1\"></span>caratteristiche tecniche del portafoglio prodotti. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc8d\">I <span class=\"_ _3b\"></span>flussi per <span class=\"_ _3b\"></span>l\u2019applicazione <span class=\"_ _3b\"></span>della metodologia <span class=\"_ _3b\"></span>valutativa si<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>estendono <span class=\"_ _3b\"></span>ad un <span class=\"_ _3b\"></span>arco <span class=\"_ _2\"></span>temporale <span class=\"_ _3b\"></span>di quattr<span class=\"_ _2\"></span>o </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc8e\">esercizi (2025-2028) e<span class=\"_ _1\"></span> si bas<span class=\"_ _1\"></span>ano sul budget <span class=\"_ _1\"></span>2025, approvato dal Consiglio <span class=\"_ _1\"></span>di Amministr<span class=\"_ _1\"></span>azione del </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc8f\">12 dicembre 2024 e dai previsionali 2026-2028. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs82c\">Il <span class=\"_ _2\"></span>costo del cap<span class=\"_ _2\"></span>itale, stimato sul<span class=\"_ _2\"></span>la base <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>l \u201cCapi<span class=\"_ _2\"></span>tal Asset P<span class=\"_ _2\"></span>ricing M<span class=\"_ _2\"></span>odel\u201d, \u00e8 <span class=\"_ _2\"></span>stato determinato nell<span class=\"_ _3b\"></span>a </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc90\">misura del 6,50%, sulla base dei seguenti par<span class=\"_ _1\"></span>ametri: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsc91\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Tasso privo <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>rischio: <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>3,58%, corrispondente <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>rendimento <span class=\"_ _2\"></span>medio r<span class=\"_ _2\"></span>egistrato n<span class=\"_ _2\"></span>egli <span class=\"_ _3b\"></span>ultimi<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc92\">6 mesi dai BTP con scadenza residua decennale; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsc93\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Coefficiente<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>Beta: <span class=\"_ _3a\"> </span>pari <span class=\"_ _3a\"> </span>a <span class=\"_ _3a\"> </span>0<span class=\"_ _1\"></span>,53, <span class=\"_ _3a\"> </span>corrispondente <span class=\"_ _3a\"> </span>al <span class=\"_ _48\"> </span>coefficie<span class=\"_ _2\"></span>nte <span class=\"_ _3a\"> </span>medio <span class=\"_ _48\"> </span>delle<span class=\"_ _2\"></span> <span class=\"_ _3a\"> </span>societ\u00e0 <span class=\"_ _48\"> </span>di<span class=\"_ _3b\"></span> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc94\">assicurazione italiane quotate; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsc95\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Premio <span class=\"_ _0\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _0\"></span>ri<span class=\"_ _2\"></span>schio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>ercato: <span class=\"_ _38\"></span>pari <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>5,50%, <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>linea <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>prassi <span class=\"_ _38\"></span>valutativa <span class=\"_ _0\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>mer<span class=\"_ _1\"></span>cato </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc96\">italiano e con <span class=\"_ _2\"></span>la comune ap<span class=\"_ _2\"></span>plicazione nel settore d<span class=\"_ _2\"></span>elle assicurazioni;<span class=\"_ _2\"></span> tale valore \u00e8<span class=\"_ _2\"></span> depurato del<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc97\">\u201crischio <span class=\"_ _1\"></span>paese\u201d in <span class=\"_ _1\"></span>quanto <span class=\"_ _1\"></span>implicitamente <span class=\"_ _1\"></span>compreso <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>sopracitato tasso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rendimento <span class=\"_ _1\"></span>delle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc98\">attivit\u00e0 <span class=\"_ _0\"> </span>pr<span class=\"_ _1\"></span>ivo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rischio. <span class=\"_ _35\"> </span>Con <span class=\"_ _0\"></span>riferimento<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>pr<span class=\"_ _2\"></span>emio <span class=\"_ _0\"> </span>pe<span class=\"_ _1\"></span>r <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _35\"> </span>sono <span class=\"_ _0\"></span>state <span class=\"_ _35\"> </span>fa<span class=\"_ _2\"></span>tte </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc9a\">verifiche con <span class=\"_ _3b\"></span>fonti alternative, qual<span class=\"_ _2\"></span>i Damodaran, <span class=\"_ _2\"></span>Fernandez e <span class=\"_ _2\"></span>Kroll, <span class=\"_ _2\"></span>provvedendo, ove <span class=\"_ _3b\"></span>del caso, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc9b\">a corre<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc9c\">ggere <span class=\"_ _2\"></span>per i<span class=\"_ _2\"></span>l di<span class=\"_ _2\"></span>fferenziale d<span class=\"_ _3b\"></span>i inflazione d<span class=\"_ _2\"></span>ei mercati <span class=\"_ _3b\"></span>a cui <span class=\"_ _3b\"></span>i valori <span class=\"_ _3b\"></span>si riferivano. <span class=\"_ _3b\"></span>Il livello <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>celto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc9d\">dal Gruppo si pone all\u2019interno dell\u2019intervallo di valori alternat<span class=\"_ _1\"></span>ivi. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc9e\">Nella <span class=\"_ _0\"></span>tabella <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>segue <span class=\"_ _38\"></span>viene <span class=\"_ _0\"></span>riportata <span class=\"_ _0\"></span>la <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>intesi <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>lle <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>alutazioni <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>ffettuate <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>riferimento <span class=\"_ _0\"></span>alla </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsc9f\">CGU Insurance (dati in milioni di euro):  </div><div class=\"gsca0\"><table class=\"s w9c6 h22d\" id=\"_60ca4684-97e1-49b7-87c2-6dd2aa90f2f7\"><tr><td></td><td class=\"c xea2 y5720 w9c7 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Busines<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xea1 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">s Danni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xea3 y5720 w9c8 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">B<span class=\"_ _1\"></span>usiness Vita<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xea4 y5720 w9c9 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale CGU Insurance<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y567b w9c1 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Valore d\u2019uso della CGU<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xea5 y567b w9ca h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">240,6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xea6 y567b w9cb h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">693.5<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xea7 y567b w9cc h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">934,1<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y58a6 w9c3 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Valore contabile CGU<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xea8 y58a6 w9cd h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">114<span class=\"_ _2\"></span>,6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xea9 y58a6 w5f4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">548,6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeaa y58a6 w9ce h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">633,2<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y539f w9c4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Delta<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeab y539f w9cf h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">126,0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeac y539f w9d0 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">144,9<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xead y539f w9d1 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">270,9 </div></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsca1\">Il <span class=\"_ _1\"></span>mode<span class=\"_ _1\"></span>llo <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>determinazione <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>valore <span class=\"_ _38\"></span>d\u2019uso <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>stato <span class=\"_ _38\"></span>inoltre <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ottoposto <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>analisi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>sens<span class=\"_ _1\"></span>itivit\u00e0 <span class=\"_ _1\"></span>al </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsca2\">fine di apprezzare la variazione dei risultati ottenuti al <span class=\"_ _1\"></span>variare dei parametri valutativi adottati.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsca3\">Dalle <span class=\"_ _1\"></span>analisi <span class=\"_ _1\"></span>svolte, <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ono eme<span class=\"_ _1\"></span>rse <span class=\"_ _1\"></span>indicazioni di <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iduzione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valore <span class=\"_ _38\"></span>con <span class=\"_ _1\"></span>riferimento <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>CGU <span class=\"_ _1\"></span>in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsca4\">esame, considerando:  </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsca5\"><span class=\"_ _3e\"> </span><span class=\"ff4\">per il business D<span class=\"_ _1\"></span>anni, tasso di attualizzazione Ke (+/-100 bps); </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsca6\"><span class=\"_ _3e\"> </span><span class=\"ff4\">per il business Vita: </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsca7\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Business<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>In <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>orce, <span class=\"_ _1\"></span>tas<span class=\"_ _1\"></span>so <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>att<span class=\"_ _1\"></span>ualizzazi<span class=\"_ _2\"></span>one <span class=\"_ _38\"></span>Ke <span class=\"_ _38\"></span>(+/<span class=\"_ _1\"></span>-100 <span class=\"_ _38\"></span>bps), <span class=\"_ _1\"></span>riscat<span class=\"_ _1\"></span>ti <span class=\"_ _38\"></span>(+/-50 <span class=\"_ _38\"></span>bps), <span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>se <span class=\"_ _38\"></span>(+/-50 </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsca8\">bps) e tasso di crescita g (+/-100 bps); </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsca9\"><span class=\"_ _3e\"> </span><span class=\"ff4\">New <span class=\"_ _1\"></span>Business, t<span class=\"_ _1\"></span>asso di <span class=\"_ _1\"></span>attualizzazione Ke<span class=\"_ _1\"></span> (+/-100 <span class=\"_ _1\"></span>bps), tasso <span class=\"_ _1\"></span>di cre<span class=\"_ _1\"></span>scita g (+/<span class=\"_ _1\"></span>-100 bps) <span class=\"_ _1\"></span>e New </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscaa\">Business Margin APE (+/-100 bps). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscab\">In <span class=\"_ _48\"> </span>una <span class=\"_ _3a\"> </span>logica <span class=\"_ _48\"> </span>complessiva <span class=\"_ _48\"> </span>di <span class=\"_ _3a\"> </span>ulte<span class=\"_ _1\"></span>riore <span class=\"_ _48\"> </span>stress <span class=\"_ _3a\"> </span>test, <span class=\"_ _48\"> </span>si <span class=\"_ _3a\"> </span>s<span class=\"_ _1\"></span>egnala <span class=\"_ _48\"> </span>ch<span class=\"_ _2\"></span>e <span class=\"_ _48\"> </span>anche <span class=\"_ _48\"> </span>considerando<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscac\">congiuntamente: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gscad\"><span class=\"_ _3e\"> </span><span class=\"ff4\">per il business<span class=\"_ _1\"></span> Danni, un tasso<span class=\"_ _1\"></span> di attualizzazione dell\u20197,50% (incre<span class=\"_ _1\"></span>mento di circa 100<span class=\"_ _1\"></span> bps) e un </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscae\">incremento del Sovency Capital Requireme<span class=\"_ _1\"></span>nt del 10% (incremento di circa 1000 bps); </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gscaf\"><span class=\"_ _3e\"> </span><span class=\"ff4\">per <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>business <span class=\"_ _1\"></span>Vita, <span class=\"_ _1\"></span>un t<span class=\"_ _1\"></span>asso <span class=\"_ _1\"></span>di at<span class=\"_ _1\"></span>tualizzazione de<span class=\"_ _1\"></span>ll\u20197,50% <span class=\"_ _1\"></span>(incremento di <span class=\"_ _1\"></span>circa <span class=\"_ _1\"></span>100 <span class=\"_ _1\"></span>bps) <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>una </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscb0\">minore marginalit\u00e0 sul New Business <span class=\"_ _1\"></span>di 100 bps; </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscb1\">non si rileverebbero rettifiche di valore sulla CGU Insurance. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gscb2\">Nota sulle<span class=\"_ _1\"></span> valu<span class=\"_ _1\"></span>tazioni esp<span class=\"_ _1\"></span>resse dal<span class=\"_ _1\"></span> mercato<span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscb3\">Negli ultimi <span class=\"_ _1\"></span>sei <span class=\"_ _1\"></span>mesi del <span class=\"_ _1\"></span>2024 le azioni <span class=\"_ _1\"></span>Credem so<span class=\"_ _1\"></span>no state <span class=\"_ _1\"></span>scambiate ad <span class=\"_ _1\"></span>un controvalore <span class=\"_ _1\"></span>medio di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscb4\">10,10 e</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscb5\">uro per azione<span class=\"_ _1\"></span>, corrispondente ad <span class=\"_ _1\"></span>un multiplo s<span class=\"_ _1\"></span>ul patrimonio ne<span class=\"_ _1\"></span>tto contabile <span class=\"_ _1\"></span>della Banca al </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscb6\">31 dicembre 2024 di circa 0,80x. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscb7\">I report degli analisti indicano un \u201ctarget price\u201d m<span class=\"_ _2\"></span>edio per il titolo Credem di 12,44 euro per azione,<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscb8\">corrispondente ad un multiplo sul<span class=\"_ _2\"></span> patrimonio netto contabile della Banca al 31<span class=\"_ _2\"></span> dicembre 2024 pari </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscb9\">a circa 0,99x. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscba\">Dall\u2019analisi <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>quotazione <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>borsa <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>titolo <span class=\"_ _0\"></span>Credem <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>febbraio <span class=\"_ _0\"></span>2025 <span class=\"_ _0\"></span>(12,46 <span class=\"_ _0\"></span>euro <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>prezzo <span class=\"_ _0\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscbb\">chiusura  al <span class=\"_ _35\"> </span>28  febbraio<span class=\"_ _2\"></span>  2025) <span class=\"_ _35\"> </span>\u00e8  emersa <span class=\"_ _35\"> </span>una  capitaliz<span class=\"_ _2\"></span>zazione  di <span class=\"_ _35\"> </span>borsa  pari <span class=\"_ _35\"> </span>ad  un <span class=\"_ _35\"> </span>multiplo  de<span class=\"_ _2\"></span>l </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscbc\">patrimonio netto contabile al 31 dicembre 2024 di circa 0<span class=\"_ _1\"></span>,99x. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gscbd\">Verifica<span class=\"_ _1\"></span> di ragione<span class=\"_ _1\"></span>volezza <span class=\"_ _1\"></span>comple<span class=\"_ _1\"></span>ssiva </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscbe\">Come <span class=\"_ _37\"> </span>messo <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>videnza <span class=\"_ _3d\"> </span>nei <span class=\"_ _3d\"> </span>paragr<span class=\"_ _1\"></span>afi <span class=\"_ _3d\"> </span>pre<span class=\"_ _1\"></span>cedenti <span class=\"_ _3d\"> </span>del <span class=\"_ _37\"> </span>documento, <span class=\"_ _3d\"> </span>sono<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>state <span class=\"_ _37\"> </span>individuate <span class=\"_ _3d\"> </span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscbf\">sottopo</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscc0\">ste ad impairment test la CGU Banking e la CGU Insurance. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscc1\">A <span class=\"_ _3d\"> </span>completamento <span class=\"_ _3d\"> </span>delle <span class=\"_ _3d\"> </span>analisi <span class=\"_ _3d\"> </span>prece<span class=\"_ _1\"></span>dentemente <span class=\"_ _3d\"> </span>descritte <span class=\"_ _3d\"> </span>si  \u00e8<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>proceduto <span class=\"_ _3d\"> </span>ad <span class=\"_ _3d\"> </span>effettuare <span class=\"_ _3d\"> </span>una </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscc2\">\u201cverifica <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>ragionevolezza <span class=\"_ _35\"> </span>complessiva\u201d <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>prevede <span class=\"_ _35\"> </span>un <span class=\"_ _0\"></span>confronto <span class=\"_ _35\"> </span>tra <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>contabile <span class=\"_ _0\"> </span>e<span class=\"_ _1\"></span>d <span class=\"_ _35\"> </span>il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscc3\">valore recuperabile del Gruppo Credem<span class=\"_ _1\"></span>. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscc4\">Ai <span class=\"_ _38\"></span>fini <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>tale<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>verifica <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>tato <span class=\"_ _38\"></span>utilizzato <span class=\"_ _38\"></span>quale <span class=\"_ _38\"></span>met<span class=\"_ _1\"></span>odo <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>valutazione <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>D<span class=\"_ _2\"></span>DM <span class=\"_ _38\"></span>nella <span class=\"_ _0\"></span>va<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iante <span class=\"_ _38\"></span>\u201cexcess </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscc5\">capital\u201d <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ati <span class=\"_ _38\"></span>utilizzati <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>stessi <span class=\"_ _0\"></span>par<span class=\"_ _2\"></span>ametri <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>costo <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>apitale, <span class=\"_ _38\"></span>tasso <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>cr<span class=\"_ _2\"></span>escita <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>lungo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscc6\">periodo <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>requisiti <span class=\"_ _35\"> </span>patrimoniali <span class=\"_ _35\"> </span>richiesti <span class=\"_ _35\"> </span>dall\u2019Autorit\u00e0  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>Vigilanza <span class=\"_ _35\"> </span>utilizzati <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>test <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>CGU </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscc7\">Banking. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscc8\">I flussi per l\u2019applicazione della metodologia valutativa sono stati desunti dal Preconsuntivo 2024 e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscc9\">Budget 20<span class=\"_ _1\"></span>25 del <span class=\"_ _1\"></span>Gruppo Credem, <span class=\"_ _1\"></span>approvato <span class=\"_ _1\"></span>dal Consiglio di <span class=\"_ _1\"></span>Amministr<span class=\"_ _1\"></span>azione della <span class=\"_ _1\"></span>Capogruppo il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscca\">20 <span class=\"_ _3b\"></span>dicembre 2024 <span class=\"_ _3b\"></span>e <span class=\"_ _3b\"></span>da <span class=\"_ _3b\"></span>pr<span class=\"_ _1\"></span>oiezioni, <span class=\"_ _3b\"></span>redatte <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>soli <span class=\"_ _3b\"></span>fini <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _3b\"></span>tes<span class=\"_ _1\"></span>t <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>impairme<span class=\"_ _1\"></span>nt <span class=\"_ _3b\"></span>sugli <span class=\"_ _3b\"></span>avviamenti, <span class=\"_ _2\"></span>relative </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsccb\">agli esercizi dal 2026 al 2028. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsccc\">Dal <span class=\"_ _37\"> </span>confro<span class=\"_ _1\"></span>nto <span class=\"_ _37\"> </span>del <span class=\"_ _36\"> </span>valore <span class=\"_ _37\"> </span>contabile <span class=\"_ _37\"> </span>complessivo <span class=\"_ _36\"> </span>relativo <span class=\"_ _37\"> </span>al <span class=\"_ _37\"> </span>Gr<span class=\"_ _1\"></span>uppo <span class=\"_ _37\"> </span>Credem <span class=\"_ _36\"> </span>ed <span class=\"_ _37\"> </span>il <span class=\"_ _36\"> </span>suo <span class=\"_ _37\"> </span>valore </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsccd\">recuperabile, non sono emerse indicazioni di riduzione di valore. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscce\">Anche <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>questo <span class=\"_ _1\"></span>caso s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>tate <span class=\"_ _1\"></span>effettuate <span class=\"_ _1\"></span>analisi di <span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nsitivit\u00e0 rispetto <span class=\"_ _38\"></span>a variazioni <span class=\"_ _1\"></span>nei <span class=\"_ _1\"></span>valori <span class=\"_ _1\"></span>dei </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsccf\">principali <span class=\"_ _48\"> </span>parametr<span class=\"_ _1\"></span>i <span class=\"_ _48\"> </span>al <span class=\"_ _17e\"> </span>fine <span class=\"_ _48\"> </span>di <span class=\"_ _48\"> </span>indivi<span class=\"_ _1\"></span>duare <span class=\"_ _48\"> </span>le <span class=\"_ _17e\"> </span>condizioni <span class=\"_ _48\"> </span>so<span class=\"_ _1\"></span>tto <span class=\"_ _17e\"> </span>cui <span class=\"_ _48\"> </span>il <span class=\"_ _48\"> </span>valore<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>re<span class=\"_ _1\"></span>cuperabile<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscd0\">dell\u2019avviamento a <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>di Grupp<span class=\"_ _2\"></span>o risulta <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al suo <span class=\"_ _3b\"></span>valore di <span class=\"_ _3b\"></span>bilancio. Le <span class=\"_ _2\"></span>analisi evi<span class=\"_ _2\"></span>denziano anche </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscd1\">come <span class=\"_ _37\"> </span>le <span class=\"_ _37\"> </span>differenze <span class=\"_ _37\"> </span>rilevate <span class=\"_ _37\"> </span>nelle <span class=\"_ _37\"> </span>analisi <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>sensitivit\u00e0 <span class=\"_ _37\"> </span>sopra <span class=\"_ _37\"> </span>descritte <span class=\"_ _37\"> </span>assorbano <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>maniera<span class=\"_ _3a1\"> </span></div><div class=\"t m3 h8 ff1b fs2 fc1 sc0 ls0 ws0 gscd3\">estensiva, <span class=\"_ _17e\"> </span>in <span class=\"_ _17e\"> </span>relazione <span class=\"_ _17e\"> </span>al <span class=\"_ _44\"> </span>climate <span class=\"_ _17e\"> </span>risk <span class=\"_ _17e\"> </span>del <span class=\"_ _17e\"> </span>Gruppo <span class=\"_ _44\"> </span>Credem, <span class=\"_ _44\"> </span>gli <span class=\"_ _17e\"> </span>impatti <span class=\"_ _17e\"> </span>stimati <span class=\"_ _17e\"> </span>in <span class=\"_ _17e\"> </span>uno </div><div class=\"t m3 h8 ff1b fs2 fc1 sc0 ls0 ws0 gscd4\">scenario avverso.<span class=\"_ _3a1\"> </span></div><div class=\"t m3 h8 ff1b fs2 fc1 sc0 ls0 ws0 gscd5\">Alla <span class=\"_ _3d\"> </span>luce <span class=\"_ _37\"> </span>dei <span class=\"_ _37\"> </span>risultati <span class=\"_ _37\"> </span>sopra <span class=\"_ _37\"> </span>descritti <span class=\"_ _3d\"> </span>in <span class=\"_ _37\"> </span>relazione <span class=\"_ _37\"> </span>alla <span class=\"_ _37\"> </span>verifica <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>ragionevolezza <span class=\"_ _37\"> </span>complessiva </div><div class=\"t m3 h8 ff1b fs2 fc1 sc0 ls0 ws0 gscd6\">effettuata <span class=\"_ _3a\"> </span>con <span class=\"_ _3f\"> </span>riferimento <span class=\"_ _3a\"> </span>al <span class=\"_ _3a\"> </span>Gruppo <span class=\"_ _3a\"> </span>Credem, <span class=\"_ _3a\"> </span>si <span class=\"_ _3f\"> </span>pu\u00f2 <span class=\"_ _3a\"> </span>concludere <span class=\"_ _3a\"> </span>che <span class=\"_ _3a\"> </span>non <span class=\"_ _3a\"> </span>sono <span class=\"_ _3a\"> </span>emerse </div><div class=\"t m3 h8 ff1b fs2 fc1 sc0 ls0 ws0 gscd7\">indicazioni di riduzione di valore.<span class=\"_ _3a1\"> </span></div><div class=\"t m3 h8 ff1c fs2 fca sc0 ls0 ws0 gscd8\">Il <span class=\"_ _1\"></span>modello <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>determinazione <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>valore <span class=\"_ _1\"></span>d\u2019uso <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>stato <span class=\"_ _1\"></span>inoltre <span class=\"_ _38\"></span>sottoposto <span class=\"_ _38\"></span>ad <span class=\"_ _1\"></span>analisi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>sensitivit\u00e0 <span class=\"_ _0\"></span>al </div><div class=\"t m3 h8 ff1c fs2 fca sc0 ls0 ws0 gscd9\">fine <span class=\"_ _48\"> </span>di <span class=\"_ _48\"> </span>apprezzare <span class=\"_ _3a\"> </span>la <span class=\"_ _48\"> </span>variazione <span class=\"_ _48\"> </span>dei <span class=\"_ _48\"> </span>risultati <span class=\"_ _48\"> </span>ottenuti <span class=\"_ _48\"> </span>al <span class=\"_ _48\"> </span>variare <span class=\"_ _3a\"> </span>dei <span class=\"_ _48\"> </span>parametri <span class=\"_ _48\"> </span>valutativi </div><div class=\"t m3 h8 ff1c fs2 fca sc0 ls0 ws0 gscda\">adottati. <span class=\"_ _17e\"> </span>Dalle <span class=\"_ _44\"> </span>analisi <span class=\"_ _44\"> </span>svolte, <span class=\"_ _44\"> </span>non <span class=\"_ _44\"> </span>sono <span class=\"_ _44\"> </span>emerse <span class=\"_ _44\"> </span>indicazioni <span class=\"_ _17e\"> </span>di <span class=\"_ _44\"> </span>riduzione <span class=\"_ _44\"> </span>di <span class=\"_ _44\"> </span>valore <span class=\"_ _44\"> </span>con </div><div class=\"t m3 h8 ff1c fs2 fca sc0 ls0 ws0 gscdb\">riferimento <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>CGU <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>esame <span class=\"_ _38\"></span>considerando <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>variazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>costo <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>capitale <span class=\"_ _0\"></span>(ke) <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>+/- <span class=\"_ _1\"></span>50 </div><div class=\"t m3 h8 ff1c fs2 fca sc0 ls0 ws0 gscdc\">bps. <span class=\"_ _36\"> </span>Inoltre, <span class=\"_ _39\"> </span>In <span class=\"_ _36\"> </span>una <span class=\"_ _36\"> </span>logica <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>stress <span class=\"_ _36\"> </span>test, <span class=\"_ _39\"> </span>si <span class=\"_ _36\"> </span>segnala <span class=\"_ _36\"> </span>che <span class=\"_ _39\"> </span>anche <span class=\"_ _36\"> </span>considerando <span class=\"_ _39\"> </span>un <span class=\"_ _36\"> </span>tasso <span class=\"_ _36\"> </span>di </div><div class=\"t m3 h8 ff1c fs2 fca sc0 ls0 ws0 gscdd\">attualizzazione  del  7,50%  (incremento <span class=\"_ _3d\"> </span>di  circa <span class=\"_ _3d\"> </span>100  bps)  nonch\u00e9 <span class=\"_ _3d\"> </span>un  incremento <span class=\"_ _3d\"> </span>del  Solvency </div><div class=\"t m3 h8 ff1c fs2 fca sc0 ls0 ws0 gscde\">Capital <span class=\"_ _3f\"> </span>Requirement <span class=\"_ _3f\"> </span>atteso <span class=\"_ _3f\"> </span>del <span class=\"_ _39\"> </span>10% <span class=\"_ _3f\"> </span>(incremento <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>circa <span class=\"_ _3f\"> </span>1000 <span class=\"_ _39\"> </span>bps) <span class=\"_ _3a\"> </span>non <span class=\"_ _39\"> </span>si <span class=\"_ _3f\"> </span>rileverebbero </div><div class=\"t m3 h8 ff1c fs2 fca sc0 ls0 ws0 gscdf\">rettifiche di valore.<span class=\"fc1 ws14\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-838": {
   "value": "Sezione <span class=\"_ _1\"></span>10 - At<span class=\"_ _1\"></span>tivit\u00e0 imm<span class=\"_ _1\"></span>ateriali \u2013 V<span class=\"_ _1\"></span>oce 100<span class=\"_ _3a1\"> </span> 10.1<span class=\"_ _3a1\"> </span> Attivit\u00e0 immateriali: <span class=\"_ _1\"></span>composizione per tipologia di at<span class=\"_ _1\"></span>tivit\u00e0 <table class=\"s w95d h228\" id=\"_82970971-784b-4bb3-9b82-c6e31fe073d2\"><tr><td></td><td></td><td></td><td class=\"c n xd8b y59aa w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdc2 y59aa w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xdc3 h12 y59ab ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0/Valori </td><td></td><td></td><td class=\"c n xdc4 y59ac w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdc5 y59ac w95e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">3<span class=\"_ _1\"></span>1/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m2 xdc6 h12 y59ad ff4 fs7 fc4 sc3 ls0 ws0\">Durata </td><td class=\"t m2 x6c9 h12 y59ad ff4 fs7 fc4 sc3 ls0 ws0\">Durata </td><td class=\"t m2 x6b0 h12 y59ad ff4 fs7 fc4 sc3 ls0 ws0\">Durata </td><td class=\"t m2 x68a h12 y59ad ff4 fs7 fc4 sc3 ls0 ws0\">Durata </td></tr><tr><td></td><td></td><td class=\"t m2 x678 h12 y59ae ff4 fs7 fc4 sc3 ls0 ws0\">definita </td><td class=\"t m2 x6cc h12 y59ae ff4 fs7 fc4 sc3 ls0 ws0\">indefinita </td><td class=\"t m2 x6b9 h12 y59ae ff4 fs7 fc4 sc3 ls0 ws0\">definita </td><td class=\"t m2 x6a3 h12 y59ae ff4 fs7 fc4 sc3 ls0 ws0\">indefinita </td></tr><tr><td class=\"t m2 x677 h12 y59af ff4 fs7 fc1 sc2 ls0 ws0\">A.1 Avviamento </td><td></td><td class=\"t m2 x78f h12 y59b0 ff4 fs7 fc1 sc0 ls0 ws0\">X </td><td class=\"t m2 x754 h12 y59af ff4 fs7 fc1 sc2 ls0 ws0\">291.342<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a2 h12 y59b0 ff4 fs7 fc1 sc0 ls0 ws0\">X </td><td class=\"t m2 x666 h12 y59af ff4 fs7 fc1 sc2 ls0 ws0\">291.342<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y55a8 w95f h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.1.1 di pertinenza del g<span class=\"_ _2\"></span>ruppo<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdc7 y55a8 w48e h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdc8 y55a8 w960 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">291.342<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdc9 y55a8 w649 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdca y55a8 w42f h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">291.342<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59b1 w961 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.1.2 di pertinenza di <span class=\"_ _2\"></span>terzi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdcb y59b1 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdcc y59b1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdc9 y59b1 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdcd y59b1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y55ab w962 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">A.2 Altre attivit\u00e0 immateriali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdce y55ab w963 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">209.309<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a9 h12 y59b2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd80 h12 y59b2 ff4 fs7 fc1 sc2 ls0 ws0\">199.440<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y59b2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y5485 w964 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: software<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdd0 y5485 w965 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">196.821<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a9 h12 y59b3 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd80 h12 y59b4 ff4 fs7 fc1 sc0 ls0 ws0\">184.923<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y59b3 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5486 w966 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.2.1 Attivit\u00e0 valutate a<span class=\"_ _2\"></span>l costo:<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdd1 y5486 w967 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">209.309<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xdd2 h12 y59b5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd80 h12 y59b5 ff4 fs7 fc1 sc0 ls0 ws0\">199.440<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y59b5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y54a9 w968 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Attivit\u00e0 immaterial<span class=\"_ _2\"></span>i generate intername<span class=\"_ _2\"></span>nte<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdd3 y54a9 w969 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24.086<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xdd2 h12 y59b6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd83 h12 y59b6 ff4 fs7 fc1 sc0 ls0 ws0\">22.052<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y59b6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y55b0 w96a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre attivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdd4 y55b0 w96b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">185.223<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xdd2 h12 y59b7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd80 h12 y59b7 ff4 fs7 fc1 sc0 ls0 ws0\">177.388<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y59b7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54ac w96c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.2.2 Attivit\u00e0 valutate a<span class=\"_ _2\"></span>l fair value:<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdd5 y54ac w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xdd2 h12 y59b8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd6 h12 y59b8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y59b8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y5515 w968 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Attivit\u00e0 immaterial<span class=\"_ _2\"></span>i generate intername<span class=\"_ _2\"></span>nte<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdd7 y5515 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xdd2 h12 y59b9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd6 h12 y59b9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y59b9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y54b0 w96a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre attivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdd8 y54b0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xdd2 h12 y5517 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd6 h12 y5517 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5517 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x692 h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x907 h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">209.309<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x754 h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">291.342<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd80 h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">199.440<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">291.342<span class=\"_ _3a1\"> </span></td></tr></table>La voce \u201dAltre attivit\u00e0\u201d \u00e8 composta prevalentemente da software e<span class=\"_ _2\"></span> dalla \u201cCustomer Relationship\u201d<span class=\"_ _3a1\"> </span> relativa alle acquisizioni degli sportelli dei r<span class=\"_ _1\"></span>ami d\u2019azienda e alla fusione della Cas<span class=\"_ _1\"></span>sa di Risparmio di<span class=\"_ _3a1\"> </span> Cento.<span class=\"_ _3a1\"> </span>10.2 Attivit\u00e0 immat<span class=\"_ _1\"></span>eriali: variazion<span class=\"_ _1\"></span>i annue<span class=\"_ _3a1\"> </span><table class=\"s w96d h229\" id=\"_fb237ced-24e9-490d-aa54-4efd1374a042\"><tr><td></td><td></td><td></td><td class=\"t m2 x9a7 h12 y59ba ff4 fs7 fc4 sc3 ls0 ws0\">Altre attivit\u00e0 </td><td></td><td class=\"t m2 xce3 h12 y59bb ff4 fs7 fc4 sc3 ls0 ws0\">Altre attivit\u00e0 </td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x9a8 h12 y59bc ff4 fs7 fc4 sc3 ls0 ws0\">Avviamento<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xdd9 h12 y59bd ff4 fs7 fc4 sc3 ls0 ws0\">immateriali: generate </td><td class=\"t m2 x886 h12 y59be ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">immateriali: altre<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xd53 h12 y59bc ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 xdda h12 y59bf ff4 fs7 fc4 sc3 ls0 ws0\">internamente<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 xddb h12 y59c0 ff4 fs7 fc4 sc3 ls0 ws0\">DEF<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x939 h12 y59c0 ff4 fs7 fc4 sc3 ls0 ws0\">INDEF<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x886 h12 y59c0 ff4 fs7 fc4 sc3 ls0 ws0\">DEF<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x942 h12 y59c0 ff4 fs7 fc4 sc3 ls0 ws0\">INDEF<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y59c1 w96e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A. Esistenze iniziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xddc y59c1 w96f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">291.342</div></td><td class=\"t m2 xddb h12 y59c2 ff4 fs7 fc1 sc2 ls0 ws0\">79.072<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc58 h12 y59c2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddd h12 y59c2 ff4 fs7 fc1 sc2 ls0 ws0\">656.130<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xdde h12 y59c2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddf h12 y59c2 ff4 fs7 fc1 sc2 ls0 ws0\">1.026.544<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59c3 w928 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Riduzioni di valore<span class=\"_ _2\"></span> totali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xde0 y59c3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xde1 y59c3 w970 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>7.020<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xde2 y59c3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xde3 y59c3 w971 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">478.742<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xde4 y59c3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xde5 y59c3 w41b h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">535.762<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y59c4 ff4 fs7 fc1 sc2 ls0 ws0\">A.2 Esistenze iniziali nette<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc5f h12 y59c4 ff4 fs7 fc1 sc2 ls0 ws0\">291.342<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddb h12 y59c4 ff4 fs7 fc1 sc2 ls0 ws0\">22.052<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc58 h12 y59c4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xde6 h12 y59c4 ff4 fs7 fc1 sc2 ls0 ws0\">177.390<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xdde h12 y59c4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd53 h12 y59c4 ff4 fs7 fc1 sc2 ls0 ws0\">490.782<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59c5 w972 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">B. Aumenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xde7 y59c5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-</div></td><td class=\"t m2 xde8 h12 y59c6 ff4 fs7 fc1 sc2 ls0 ws0\">9.255<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc58 h12 y59c6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xde9 h12 y59c6 ff4 fs7 fc1 sc2 ls0 ws0\">64.415<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xdde h12 y59c6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x874 h12 y59c6 ff4 fs7 fc1 sc2 ls0 ws0\">73.670<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59c7 w92b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Acquisti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdea y59c7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdeb y59c7 w973 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.642<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdec y59c7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xded y59c7 w974 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">60.405<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdee y59c7 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdef y59c7 w975 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">67.047<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y59c8 w94b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione a<span class=\"_ _2\"></span>ziendale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf0 y59c8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf1 y59c8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf2 y59c8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf3 y59c8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdf4 y59c8 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf5 y59c8 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59c9 w976 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Incrementi di att<span class=\"_ _2\"></span>ivit\u00e0 immateriali<span class=\"_ _2\"></span> interne<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf6 y59c9 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf7 y59c9 w977 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.568<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf8 y59c9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf9 y59c9 w978 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.010<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdfa y59c9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdfb y59c9 w979 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.578<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59ca w92e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Riprese di valore<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdfc y59ca w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdfd y59ca w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdfe y59ca w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdff y59ca w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe00 y59ca w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe01 y59ca w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59cb w97a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Variazioni pos<span class=\"_ _2\"></span>itive di fair value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe02 y59cb w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe03 y59cb w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe04 y59cb w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe05 y59cb w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe06 y59cb w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe07 y59cb w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe08 y59cc w97b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a patrimonio nett<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe09 y59cc w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0a y59cc w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0b y59cc w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0c y59cc w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe0d y59cc w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0e y59cc w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe08 y59cd w97c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a conto economico<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0f y59cd w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe10 y59cd w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe11 y59cd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe12 y59cd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe13 y59cd w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe14 y59cd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59ce w97d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 Differenze di camb<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>o positive<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe15 y59ce w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe16 y59ce w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe17 y59ce w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe18 y59ce w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe19 y59ce w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe1a y59ce w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59cf w97e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.6 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xde0 y59cf w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe1b y59cf w97f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">45<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe1c y59cf w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe1d y59cf w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe1e y59cf w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe1f y59cf w97f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">45<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y544b w980 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">C. Diminuzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe20 y544b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x9a7 h12 y59d0 ff4 fs7 fc1 sc2 ls0 ws0\">7.221<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc58 h12 y59d0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe21 h12 y59d0 ff4 fs7 fc1 sc2 ls0 ws0\">56.582<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xdde h12 y59d0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe22 h12 y59d0 ff4 fs7 fc1 sc2 ls0 ws0\">63.803<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59d1 w981 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Vendite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe23 y59d1 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdfd y59d1 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdfe y59d1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe24 y59d1 w5f9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">145<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe25 y59d1 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe26 y59d1 w982 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">145<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y59d2 w94b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione a<span class=\"_ _2\"></span>ziendale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf0 y59d2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf1 y59d2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf2 y59d2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf3 y59d2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdf4 y59d2 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf5 y59d2 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59d3 w983 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Rettifiche di valore<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe27 y59d3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe28 y59d3 w984 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7.221<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe29 y59d3 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe2a y59d3 w985 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">55.833<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe2b y59d3 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe2c y59d3 w986 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">63.054<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe08 y59d4 w987 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Ammortamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe2d y59d4 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe2e y59d4 w988 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7.221<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe2f y59d4 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe30 y59d4 w989 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">55<span class=\"_ _1\"></span>.833<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe31 y59d4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe32 y59d4 w98a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">63.054<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe08 y59d5 w98b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Svalutazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe33 y59d5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe34 y59d5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe35 y59d5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe36 y59d5 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe37 y59d5 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe38 y59d5 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe39 y59d6 w98c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">+ patrimonio netto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe3a y59d6 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe3b y59d6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe3c y59d6 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe3d y59d6 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe3e y59d6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe3f y59d6 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe39 y59d7 w98d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">+ conto economic<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe40 y59d7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe41 y59d7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe42 y59d7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe43 y59d7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe44 y59d7 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe45 y59d7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59d8 w98e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Variazioni negati<span class=\"_ _2\"></span>ve di fair value:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xde0 y59d8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe46 y59d8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe47 y59d8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe48 y59d8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdfa y59d8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe49 y59d8 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe08 y59d9 w97b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a patrimonio nett<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe09 y59d9 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0a y59d9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0b y59d9 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0c y59d9 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe0d y59d9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0e y59d9 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe08 y5366 w97c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a conto economico<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0f y5366 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe10 y5366 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe11 y5366 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe12 y5366 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe13 y5366 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe14 y5366 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y59da ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Trasferimenti al<span class=\"_ _2\"></span>le attivit\u00e0 non co<span class=\"_ _2\"></span>rrenti in via di<span class=\"_ _3a1\"> </span></td><td class=\"c n xe4a y59db w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe4b y59db w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe4c y59db w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe4d y59db w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe4e y59db w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe4f y59db w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y59dc ff4 fs7 fc1 sc0 ls0 ws0\">dismissione </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y59dd w937 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.5 Differenze di camb<span class=\"_ _2\"></span>io negative<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe50 y59dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe51 y59dd w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe52 y59dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe53 y59dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe54 y59dd w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe55 y59dd w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59de w98f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.6 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe56 y59de w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe57 y59de w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe58 y59de w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe59 y59de w990 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">604<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe5a y59de w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe5b y59de w991 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>04<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59df w93d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D. Rimanenze finali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe5c y59df w42f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">291.342</div></td><td class=\"t m2 xe5d h12 y59e0 ff4 fs7 fc1 sc2 ls0 ws0\">24.086<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc58 h12 y59e0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddd h12 y59e0 ff4 fs7 fc1 sc2 ls0 ws0\">185.223<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xdde h12 y59e0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd4c h12 y59e0 ff4 fs7 fc1 sc2 ls0 ws0\">500.651<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59e1 w992 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.1 Rettifiche di val<span class=\"_ _2\"></span>ori totali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe5e y59e1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe5f y59e1 w467 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">64.241<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe47 y59e1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe60 y59e1 w993 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>25.570<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe61 y59e1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe62 y59e1 w994 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>89.811<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59e2 w995 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">E. Rimanenze finali lorde<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe63 y59e2 w996 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">291.<span class=\"_ _2\"></span>342</div></td><td class=\"t m2 xddb h12 y59e3 ff4 fs7 fc1 sc2 ls0 ws0\">88.327<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc58 h12 y59e3 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xde6 h12 y59e3 ff4 fs7 fc1 sc2 ls0 ws0\">710.793<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xdde h12 y59e3 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddf h12 y59e3 ff4 fs7 fc1 sc2 ls0 ws0\">1.090.462<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y539f w997 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">F. Valutazione al cos<span class=\"_ _2\"></span>to<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe64 y539f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe65 y539f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe66 y539f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe67 y59e4 w998 h20a\"><div class=\"t m2 x2b3 h12 y56d8 ff4 fs7 fc1 sc0 ls0 ws0\">- <span class=\"_ _fb\"> </span>- <span class=\"_ _62\"> </span>- </div></td><td></td><td></td><td></td></tr></table>Legenda DEF: a durata definita<span class=\"_ _2\"></span> INDEF: a durata indef<span class=\"_ _2\"></span>inita La <span class=\"_ _38\"></span>sottovoce <span class=\"_ _0\"></span>\u201cF <span class=\"_ _1\"></span>- <span class=\"_ _0\"></span>Val<span class=\"_ _2\"></span>utazione <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>costo\u201d<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>valorizzata<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>quanto, <span class=\"_ _0\"></span>come <span class=\"_ _1\"></span>da <span class=\"_ _0\"></span>istruzi<span class=\"_ _2\"></span>oni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>B<span class=\"_ _1\"></span>anca d\u2019Italia, <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>sua <span class=\"_ _35\"> </span>compil<span class=\"_ _2\"></span>azione <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>p<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>evista <span class=\"_ _0\"></span>solo <span class=\"_ _35\"> </span>p<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>r <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>imm<span class=\"_ _2\"></span>ateriali <span class=\"_ _0\"></span>valutate <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>bilanci<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>fa<span class=\"_ _2\"></span>ir value. Gli incrementi delle attivit\u00e0 immateriali sono <span class=\"_ _1\"></span>principalmente riferibi<span class=\"_ _2\"></span>li a nuovi sviluppi applicativi.<span class=\"_ _3a1\"> </span>  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-811": {
   "value": "Sezione <span class=\"_ _1\"></span>10 - At<span class=\"_ _1\"></span>tivit\u00e0 imm<span class=\"_ _1\"></span>ateriali \u2013 V<span class=\"_ _1\"></span>oce 100<span class=\"_ _3a1\"> </span>10.1<span class=\"_ _3a1\"> </span>Attivit\u00e0 immateriali: <span class=\"_ _1\"></span>composizione per tipologia di at<span class=\"_ _1\"></span>tivit\u00e0<table class=\"s w95d h228\" id=\"_82970971-784b-4bb3-9b82-c6e31fe073d2\"><tr><td></td><td></td><td></td><td class=\"c n xd8b y59aa w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdc2 y59aa w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xdc3 h12 y59ab ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0/Valori </td><td></td><td></td><td class=\"c n xdc4 y59ac w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdc5 y59ac w95e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">3<span class=\"_ _1\"></span>1/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m2 xdc6 h12 y59ad ff4 fs7 fc4 sc3 ls0 ws0\">Durata </td><td class=\"t m2 x6c9 h12 y59ad ff4 fs7 fc4 sc3 ls0 ws0\">Durata </td><td class=\"t m2 x6b0 h12 y59ad ff4 fs7 fc4 sc3 ls0 ws0\">Durata </td><td class=\"t m2 x68a h12 y59ad ff4 fs7 fc4 sc3 ls0 ws0\">Durata </td></tr><tr><td></td><td></td><td class=\"t m2 x678 h12 y59ae ff4 fs7 fc4 sc3 ls0 ws0\">definita </td><td class=\"t m2 x6cc h12 y59ae ff4 fs7 fc4 sc3 ls0 ws0\">indefinita </td><td class=\"t m2 x6b9 h12 y59ae ff4 fs7 fc4 sc3 ls0 ws0\">definita </td><td class=\"t m2 x6a3 h12 y59ae ff4 fs7 fc4 sc3 ls0 ws0\">indefinita </td></tr><tr><td class=\"t m2 x677 h12 y59af ff4 fs7 fc1 sc2 ls0 ws0\">A.1 Avviamento </td><td></td><td class=\"t m2 x78f h12 y59b0 ff4 fs7 fc1 sc0 ls0 ws0\">X </td><td class=\"t m2 x754 h12 y59af ff4 fs7 fc1 sc2 ls0 ws0\">291.342<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a2 h12 y59b0 ff4 fs7 fc1 sc0 ls0 ws0\">X </td><td class=\"t m2 x666 h12 y59af ff4 fs7 fc1 sc2 ls0 ws0\">291.342<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y55a8 w95f h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.1.1 di pertinenza del g<span class=\"_ _2\"></span>ruppo<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdc7 y55a8 w48e h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdc8 y55a8 w960 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">291.342<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdc9 y55a8 w649 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdca y55a8 w42f h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">291.342<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59b1 w961 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.1.2 di pertinenza di <span class=\"_ _2\"></span>terzi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdcb y59b1 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdcc y59b1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdc9 y59b1 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdcd y59b1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y55ab w962 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">A.2 Altre attivit\u00e0 immateriali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdce y55ab w963 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">209.309<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a9 h12 y59b2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd80 h12 y59b2 ff4 fs7 fc1 sc2 ls0 ws0\">199.440<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y59b2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y5485 w964 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: software<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdd0 y5485 w965 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">196.821<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a9 h12 y59b3 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd80 h12 y59b4 ff4 fs7 fc1 sc0 ls0 ws0\">184.923<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y59b3 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5486 w966 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.2.1 Attivit\u00e0 valutate a<span class=\"_ _2\"></span>l costo:<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdd1 y5486 w967 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">209.309<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xdd2 h12 y59b5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd80 h12 y59b5 ff4 fs7 fc1 sc0 ls0 ws0\">199.440<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y59b5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y54a9 w968 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Attivit\u00e0 immaterial<span class=\"_ _2\"></span>i generate intername<span class=\"_ _2\"></span>nte<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdd3 y54a9 w969 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24.086<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xdd2 h12 y59b6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd83 h12 y59b6 ff4 fs7 fc1 sc0 ls0 ws0\">22.052<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y59b6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y55b0 w96a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre attivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdd4 y55b0 w96b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">185.223<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xdd2 h12 y59b7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd80 h12 y59b7 ff4 fs7 fc1 sc0 ls0 ws0\">177.388<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y59b7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54ac w96c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.2.2 Attivit\u00e0 valutate a<span class=\"_ _2\"></span>l fair value:<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdd5 y54ac w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xdd2 h12 y59b8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd6 h12 y59b8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y59b8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y5515 w968 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Attivit\u00e0 immaterial<span class=\"_ _2\"></span>i generate intername<span class=\"_ _2\"></span>nte<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdd7 y5515 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xdd2 h12 y59b9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd6 h12 y59b9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y59b9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y54b0 w96a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Altre attivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdd8 y54b0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xdd2 h12 y5517 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd6 h12 y5517 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5517 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x692 h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x907 h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">209.309<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x754 h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">291.342<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd80 h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">199.440<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">291.342<span class=\"_ _3a1\"> </span></td></tr></table>La voce \u201dAltre attivit\u00e0\u201d \u00e8 composta prevalentemente da software e<span class=\"_ _2\"></span> dalla \u201cCustomer Relationship\u201d<span class=\"_ _3a1\"> </span>relativa alle acquisizioni degli sportelli dei r<span class=\"_ _1\"></span>ami d\u2019azienda e alla fusione della Cas<span class=\"_ _1\"></span>sa di Risparmio di<span class=\"_ _3a1\"> </span>Cento.<span class=\"_ _3a1\"> </span>10.2 Attivit\u00e0 immat<span class=\"_ _1\"></span>eriali: variazion<span class=\"_ _1\"></span>i annue<span class=\"_ _3a1\"> </span><table class=\"s w96d h229\" id=\"_fb237ced-24e9-490d-aa54-4efd1374a042\"><tr><td></td><td></td><td></td><td class=\"t m2 x9a7 h12 y59ba ff4 fs7 fc4 sc3 ls0 ws0\">Altre attivit\u00e0 </td><td></td><td class=\"t m2 xce3 h12 y59bb ff4 fs7 fc4 sc3 ls0 ws0\">Altre attivit\u00e0 </td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x9a8 h12 y59bc ff4 fs7 fc4 sc3 ls0 ws0\">Avviamento<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xdd9 h12 y59bd ff4 fs7 fc4 sc3 ls0 ws0\">immateriali: generate </td><td class=\"t m2 x886 h12 y59be ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">immateriali: altre<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xd53 h12 y59bc ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 xdda h12 y59bf ff4 fs7 fc4 sc3 ls0 ws0\">internamente<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 xddb h12 y59c0 ff4 fs7 fc4 sc3 ls0 ws0\">DEF<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x939 h12 y59c0 ff4 fs7 fc4 sc3 ls0 ws0\">INDEF<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x886 h12 y59c0 ff4 fs7 fc4 sc3 ls0 ws0\">DEF<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x942 h12 y59c0 ff4 fs7 fc4 sc3 ls0 ws0\">INDEF<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y59c1 w96e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A. Esistenze iniziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xddc y59c1 w96f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">291.342</div></td><td class=\"t m2 xddb h12 y59c2 ff4 fs7 fc1 sc2 ls0 ws0\">79.072<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc58 h12 y59c2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddd h12 y59c2 ff4 fs7 fc1 sc2 ls0 ws0\">656.130<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xdde h12 y59c2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddf h12 y59c2 ff4 fs7 fc1 sc2 ls0 ws0\">1.026.544<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59c3 w928 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Riduzioni di valore<span class=\"_ _2\"></span> totali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xde0 y59c3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xde1 y59c3 w970 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>7.020<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xde2 y59c3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xde3 y59c3 w971 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">478.742<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xde4 y59c3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xde5 y59c3 w41b h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">535.762<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y59c4 ff4 fs7 fc1 sc2 ls0 ws0\">A.2 Esistenze iniziali nette<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc5f h12 y59c4 ff4 fs7 fc1 sc2 ls0 ws0\">291.342<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddb h12 y59c4 ff4 fs7 fc1 sc2 ls0 ws0\">22.052<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc58 h12 y59c4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xde6 h12 y59c4 ff4 fs7 fc1 sc2 ls0 ws0\">177.390<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xdde h12 y59c4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd53 h12 y59c4 ff4 fs7 fc1 sc2 ls0 ws0\">490.782<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59c5 w972 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">B. Aumenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xde7 y59c5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-</div></td><td class=\"t m2 xde8 h12 y59c6 ff4 fs7 fc1 sc2 ls0 ws0\">9.255<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc58 h12 y59c6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xde9 h12 y59c6 ff4 fs7 fc1 sc2 ls0 ws0\">64.415<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xdde h12 y59c6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x874 h12 y59c6 ff4 fs7 fc1 sc2 ls0 ws0\">73.670<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59c7 w92b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Acquisti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdea y59c7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdeb y59c7 w973 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.642<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdec y59c7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xded y59c7 w974 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">60.405<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdee y59c7 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdef y59c7 w975 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">67.047<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y59c8 w94b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione a<span class=\"_ _2\"></span>ziendale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf0 y59c8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf1 y59c8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf2 y59c8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf3 y59c8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdf4 y59c8 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf5 y59c8 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59c9 w976 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Incrementi di att<span class=\"_ _2\"></span>ivit\u00e0 immateriali<span class=\"_ _2\"></span> interne<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf6 y59c9 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf7 y59c9 w977 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.568<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf8 y59c9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf9 y59c9 w978 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.010<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdfa y59c9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdfb y59c9 w979 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.578<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59ca w92e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Riprese di valore<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdfc y59ca w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdfd y59ca w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdfe y59ca w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdff y59ca w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe00 y59ca w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe01 y59ca w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59cb w97a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Variazioni pos<span class=\"_ _2\"></span>itive di fair value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe02 y59cb w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe03 y59cb w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe04 y59cb w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe05 y59cb w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe06 y59cb w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe07 y59cb w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe08 y59cc w97b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a patrimonio nett<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe09 y59cc w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0a y59cc w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0b y59cc w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0c y59cc w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe0d y59cc w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0e y59cc w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe08 y59cd w97c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a conto economico<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0f y59cd w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe10 y59cd w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe11 y59cd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe12 y59cd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe13 y59cd w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe14 y59cd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59ce w97d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 Differenze di camb<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>o positive<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe15 y59ce w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe16 y59ce w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe17 y59ce w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe18 y59ce w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe19 y59ce w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe1a y59ce w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59cf w97e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.6 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xde0 y59cf w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe1b y59cf w97f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">45<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe1c y59cf w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe1d y59cf w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe1e y59cf w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe1f y59cf w97f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">45<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y544b w980 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">C. Diminuzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe20 y544b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x9a7 h12 y59d0 ff4 fs7 fc1 sc2 ls0 ws0\">7.221<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc58 h12 y59d0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe21 h12 y59d0 ff4 fs7 fc1 sc2 ls0 ws0\">56.582<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xdde h12 y59d0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe22 h12 y59d0 ff4 fs7 fc1 sc2 ls0 ws0\">63.803<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59d1 w981 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Vendite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe23 y59d1 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdfd y59d1 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdfe y59d1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe24 y59d1 w5f9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">145<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe25 y59d1 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe26 y59d1 w982 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">145<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y59d2 w94b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione a<span class=\"_ _2\"></span>ziendale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf0 y59d2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf1 y59d2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf2 y59d2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf3 y59d2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdf4 y59d2 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xdf5 y59d2 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59d3 w983 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Rettifiche di valore<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe27 y59d3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe28 y59d3 w984 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7.221<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe29 y59d3 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe2a y59d3 w985 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">55.833<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe2b y59d3 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe2c y59d3 w986 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">63.054<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe08 y59d4 w987 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Ammortamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe2d y59d4 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe2e y59d4 w988 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7.221<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe2f y59d4 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe30 y59d4 w989 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">55<span class=\"_ _1\"></span>.833<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe31 y59d4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe32 y59d4 w98a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">63.054<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe08 y59d5 w98b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Svalutazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe33 y59d5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe34 y59d5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe35 y59d5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe36 y59d5 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe37 y59d5 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe38 y59d5 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe39 y59d6 w98c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">+ patrimonio netto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe3a y59d6 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe3b y59d6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe3c y59d6 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe3d y59d6 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe3e y59d6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe3f y59d6 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe39 y59d7 w98d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">+ conto economic<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe40 y59d7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe41 y59d7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe42 y59d7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe43 y59d7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe44 y59d7 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe45 y59d7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59d8 w98e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Variazioni negati<span class=\"_ _2\"></span>ve di fair value:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xde0 y59d8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe46 y59d8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe47 y59d8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe48 y59d8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdfa y59d8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe49 y59d8 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe08 y59d9 w97b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a patrimonio nett<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe09 y59d9 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0a y59d9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0b y59d9 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0c y59d9 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe0d y59d9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0e y59d9 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe08 y5366 w97c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a conto economico<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe0f y5366 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe10 y5366 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe11 y5366 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe12 y5366 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe13 y5366 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe14 y5366 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y59da ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Trasferimenti al<span class=\"_ _2\"></span>le attivit\u00e0 non co<span class=\"_ _2\"></span>rrenti in via di<span class=\"_ _3a1\"> </span></td><td class=\"c n xe4a y59db w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe4b y59db w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe4c y59db w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe4d y59db w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe4e y59db w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe4f y59db w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y59dc ff4 fs7 fc1 sc0 ls0 ws0\">dismissione </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y59dd w937 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.5 Differenze di camb<span class=\"_ _2\"></span>io negative<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe50 y59dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe51 y59dd w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe52 y59dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe53 y59dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe54 y59dd w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe55 y59dd w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59de w98f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.6 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe56 y59de w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe57 y59de w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe58 y59de w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe59 y59de w990 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">604<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe5a y59de w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe5b y59de w991 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>04<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59df w93d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D. Rimanenze finali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe5c y59df w42f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">291.342</div></td><td class=\"t m2 xe5d h12 y59e0 ff4 fs7 fc1 sc2 ls0 ws0\">24.086<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc58 h12 y59e0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddd h12 y59e0 ff4 fs7 fc1 sc2 ls0 ws0\">185.223<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xdde h12 y59e0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd4c h12 y59e0 ff4 fs7 fc1 sc2 ls0 ws0\">500.651<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59e1 w992 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.1 Rettifiche di val<span class=\"_ _2\"></span>ori totali nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe5e y59e1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe5f y59e1 w467 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">64.241<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe47 y59e1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe60 y59e1 w993 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>25.570<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe61 y59e1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe62 y59e1 w994 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>89.811<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59e2 w995 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">E. Rimanenze finali lorde<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe63 y59e2 w996 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">291.<span class=\"_ _2\"></span>342</div></td><td class=\"t m2 xddb h12 y59e3 ff4 fs7 fc1 sc2 ls0 ws0\">88.327<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc58 h12 y59e3 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xde6 h12 y59e3 ff4 fs7 fc1 sc2 ls0 ws0\">710.793<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xdde h12 y59e3 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddf h12 y59e3 ff4 fs7 fc1 sc2 ls0 ws0\">1.090.462<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y539f w997 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">F. Valutazione al cos<span class=\"_ _2\"></span>to<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe64 y539f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe65 y539f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe66 y539f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe67 y59e4 w998 h20a\"><div class=\"t m2 x2b3 h12 y56d8 ff4 fs7 fc1 sc0 ls0 ws0\">- <span class=\"_ _fb\"> </span>- <span class=\"_ _62\"> </span>- </div></td><td></td><td></td><td></td></tr></table>Legenda DEF: a durata definita<span class=\"_ _2\"></span> INDEF: a durata indef<span class=\"_ _2\"></span>inita La <span class=\"_ _38\"></span>sottovoce <span class=\"_ _0\"></span>\u201cF <span class=\"_ _1\"></span>- <span class=\"_ _0\"></span>Val<span class=\"_ _2\"></span>utazione <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>costo\u201d<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>valorizzata<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>quanto, <span class=\"_ _0\"></span>come <span class=\"_ _1\"></span>da <span class=\"_ _0\"></span>istruzi<span class=\"_ _2\"></span>oni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>B<span class=\"_ _1\"></span>anca d\u2019Italia, <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>sua <span class=\"_ _35\"> </span>compil<span class=\"_ _2\"></span>azione <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>p<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>evista <span class=\"_ _0\"></span>solo <span class=\"_ _35\"> </span>p<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>r <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>imm<span class=\"_ _2\"></span>ateriali <span class=\"_ _0\"></span>valutate <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>bilanci<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>fa<span class=\"_ _2\"></span>ir value. Gli incrementi delle attivit\u00e0 immateriali sono <span class=\"_ _1\"></span>principalmente riferibi<span class=\"_ _2\"></span>li a nuovi sviluppi applicativi.<span class=\"_ _3a1\"> </span>Si <span class=\"_ _35\"> </span>fornisce <span class=\"_ _35\"> </span>il <span class=\"_ _0\"> </span>dett<span class=\"_ _1\"></span>aglio <span class=\"_ _35\"> </span>degli <span class=\"_ _0\"></span>avviamenti <span class=\"_ _35\"> </span>consolidati <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>riferiment<span class=\"_ _1\"></span>o <span class=\"_ _35\"> </span>all\u2019anno <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>acquisizione <span class=\"_ _35\"> </span>o fusione della entit\u00e0 relativa: <table class=\"s w999 h22a\" id=\"_567a2a0f-77c4-4f74-a5b3-927c29774574\"><tr><td class=\"c n x2d7 y59e5 w99a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Gruppi filiali/banche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe69 y59e5 w99b h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Anno di fusione</div></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 xe6a h12 y59e6 ff4 fs7 fc1 sc0 ls0 ws0\">  <span class=\"_ _1f9\"> </span>o di acquisizione <span class=\"_ _1b1\"> </span> </td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y59e7 w99c h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Filiali Deutsche Bank<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe6b y59e7 w99d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1998<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe6c h12 y59e8 ff4 fs7 fc1 sc0 ls0 ws0\">2.695</td><td class=\"t m2 xe6d h12 y59e9 ff4 fs7 fc1 sc0 ls0 ws0\"> CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59ea w99e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">B.C.C. Curinga<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe6b y59ea w99d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1998<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe6e h12 y59eb ff4 fs7 fc1 sc0 ls0 ws0\">917<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y59ec ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59ed w99f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">B.C.C. San Giovann<span class=\"_ _2\"></span>i Gemini<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe70 y59ed w99d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1998<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe71 h12 y59ee ff4 fs7 fc1 sc0 ls0 ws0\">452<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y59ef ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59f0 w9a0 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Banca dei Comuni No<span class=\"_ _2\"></span>lani<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe6b y59f0 w99d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1998<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe72 h12 y59f1 ff4 fs7 fc1 sc0 ls0 ws0\">2.361<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y59f2 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59f3 w9a1 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Banca della Provincia di<span class=\"_ _2\"></span> Napoli<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe73 y59f3 w99d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1998<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe74 h12 y59f4 ff4 fs7 fc1 sc0 ls0 ws0\">58<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y59f5 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59f6 w9a2 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.C.C. Alto Crotonese<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe75 y59f6 w9a3 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1999<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe74 h12 y59f7 ff4 fs7 fc1 sc0 ls0 ws0\">161<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y59f8 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59f9 w9a4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.C.C. Fortore Miscan<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe76 y59f9 w8d2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1999<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe77 h12 y59fa ff4 fs7 fc1 sc0 ls0 ws0\">1.377<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y59fb ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59fc w9a5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Banca Popolare Andr<span class=\"_ _2\"></span>iese<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe78 y59fc w9a6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2000<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe79 h12 y59fd ff4 fs7 fc1 sc0 ls0 ws0\">17.669<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y59fe ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59ff w9a7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Banca di Latina<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe7a y59ff w9a8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2003<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe6c h12 y5a00 ff4 fs7 fc1 sc0 ls0 ws0\">3.028<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y5a01 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a02 w9a9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Filiali Citibank Internat<span class=\"_ _2\"></span>ional PLC<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe7b y5a02 w9aa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2008<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe7c h12 y5a03 ff4 fs7 fc1 sc0 ls0 ws0\">36.307<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y5a04 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a05 w9ab h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Filiali Banco Popo<span class=\"_ _2\"></span>lare<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe7d y5a05 w9ac h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2008<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe7e h12 y5a06 ff4 fs7 fc1 sc0 ls0 ws0\">119.926<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y5a07 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y561e w9ad h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Filiali Unicredit<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe7b y561e w9aa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2008<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe7f h12 y5a08 ff4 fs7 fc1 sc0 ls0 ws0\">94.433<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y5a09 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xe80 h12 y5a0a ff4 fs7 fc4 sc3 ls0 ws0\">TOTALE BANCHE INCORPORATE<span class=\"_ _2\"></span> <span class=\"_ _98\"> </span> </td><td></td><td></td><td class=\"t m2 xe81 h12 y5a0a ff4 fs7 fc4 sc3 ls0 ws0\">279.384<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 xe6a h12 y5a0b ff4 fs7 fc1 sc0 ls0 ws0\">Euromobiliare A.<span class=\"_ _2\"></span>M. Sgr (ramo ceduto da <span class=\"_ _2\"></span>Credem Internati<span class=\"_ _2\"></span>onal Lux)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xe82 h12 y5a0b ff4 fs7 fc1 sc0 ls0 ws0\">2000<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe72 h12 y5a0b ff4 fs7 fc1 sc0 ls0 ws0\">2.166<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y5a0c ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xe80 h12 y5a0d ff4 fs7 fc4 sc3 ls0 ws0\">TOTALI AVVIAMENTI BANCHE<span class=\"_ _2\"></span> <span class=\"_ _34\"> </span> </td><td></td><td></td><td class=\"t m2 xe83 h12 y5a0d ff4 fs7 fc4 sc3 ls0 ws0\">281.550<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 xe6a h12 y5a0e ff4 fs7 fc1 sc0 ls0 ws0\">So.em.ro (incorporata d<span class=\"_ _2\"></span>a MGT) </td><td></td><td class=\"c xe84 y5a0f w109 h25\"><div class=\"t m2 x0 h12 y370 ff4 fs7 fc1 sc0 ls0 ws0\">1998 </div></td><td class=\"c xe85 y5a0f w74 h25\"><div class=\"t m2 x0 h12 y370 ff4 fs7 fc1 sc0 ls0 ws0\">294 </div></td><td class=\"t m2 xe6f h12 y5a10 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xe6a h12 y5a11 ff4 fs7 fc1 sc0 ls0 ws0\">Netium  </td><td></td><td class=\"c xe84 y5a12 w10c h25\"><div class=\"t m2 x0 h12 y370 ff4 fs7 fc1 sc0 ls0 ws0\">2001 </div></td><td class=\"c xe86 y5a12 w58 h25\"><div class=\"t m2 x0 h12 y370 ff4 fs7 fc1 sc0 ls0 ws0\">9 </div></td><td class=\"t m2 xe6f h12 y5a13 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a14 w9ae h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Credemvita<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe87 y5a14 w9aa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2008<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe6c h12 y5a15 ff4 fs7 fc1 sc0 ls0 ws0\">4.092<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe88 h12 y5a16 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Insurance<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5876 w9af h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.S. Inform (incorp<span class=\"_ _2\"></span>orata da Credemt<span class=\"_ _2\"></span>el)<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe89 y5876 w9b0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2010<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe72 h12 y5a17 ff4 fs7 fc1 sc0 ls0 ws0\">1.350<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y5a18 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5591 w9b1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Topkey (incorporata da <span class=\"_ _3b\"></span>C<span class=\"_ _1\"></span>redemtel)<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe8a y5591 w9b2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2014<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe85 h12 y5a19 ff4 fs7 fc1 sc0 ls0 ws0\">835<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y5a1a ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a1b w9b3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Sata<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe8b y5a1b w9b4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2020<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe72 h12 y5a1c ff4 fs7 fc1 sc0 ls0 ws0\">1.656<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y5a1d ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a1e w9b5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Blue Eye<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xe8c y5a1e w9b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2021<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe72 h12 y5a1f ff4 fs7 fc1 sc0 ls0 ws0\">1.556<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe6f h12 y5a20 ff4 fs7 fc1 sc0 ls0 ws0\">CGU Banking<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xe80 h12 y5a21 ff4 fs7 fc4 sc3 ls0 ws0\">TOTALI AVVIAMENTI  </td><td></td><td></td><td class=\"t m2 xe8d h12 y5a21 ff4 fs7 fc4 sc3 ls0 ws0\">291.342<span class=\"_ _3a1\"> </span></td><td></td></tr></table>Avviamen<span class=\"_ _1\"></span>ti relativ<span class=\"_ _1\"></span>i alle Fil<span class=\"_ _1\"></span>iali Ban<span class=\"_ _1\"></span>co Popol<span class=\"_ _1\"></span>are e Grup<span class=\"_ _1\"></span>po Unic<span class=\"_ _1\"></span>redit<span class=\"_ _3a1\"> </span>Per <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>definitiva <span class=\"_ _35\"> </span>allocazione <span class=\"_ _35\"> </span>de<span class=\"_ _1\"></span>gli <span class=\"_ _35\"> </span>avviamenti <span class=\"_ _35\"> </span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _35\"> </span>agli <span class=\"_ _35\"> </span>sportelli <span class=\"_ _35\"> </span>acquisiti <span class=\"_ _35\"> </span>nel <span class=\"_ _35\"> </span>2008<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>rinvia <span class=\"_ _35\"> </span>a quanto gi\u00e0 esposto nel bilancio 2009.<span class=\"_ _3a1\"> </span>Impairme<span class=\"_ _1\"></span>nt test <span class=\"_ _1\"></span>sugli avv<span class=\"_ _1\"></span>iamenti Definizion<span class=\"_ _1\"></span>e delle<span class=\"_ _1\"></span> CGU Lo IAS 3<span class=\"_ _1\"></span>6 preve<span class=\"_ _1\"></span>de che, anche <span class=\"_ _1\"></span>nell\u2019ottica della <span class=\"_ _1\"></span>verifica di e<span class=\"_ _1\"></span>ventuali riduzioni di <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>(\u201cImpairment Test\u201d<span class=\"_ _3a1\"> </span>),  gli <span class=\"_ _3d\"> </span>avviamenti  acquisiti <span class=\"_ _3d\"> </span>in  aggre<span class=\"_ _1\"></span>gazioni  aziendali <span class=\"_ _3d\"> </span>siano  allocati  ad <span class=\"_ _3d\"> </span>unit\u00e0 <span class=\"_ _3d\"> </span>organizzative relativamente <span class=\"_ _3a\"> </span>autonome <span class=\"_ _3a\"> </span>nel <span class=\"_ _3f\"> </span>pro<span class=\"_ _1\"></span>filo <span class=\"_ _3a\"> </span>gestionale <span class=\"_ _3a\"> </span>e <span class=\"_ _3a\"> </span>che <span class=\"_ _3a\"> </span>benefician<span class=\"_ _2\"></span>o <span class=\"_ _3a\"> </span>delle <span class=\"_ _3a\"> </span>sinergie <span class=\"_ _3a\"> </span>derivanti dall\u2019acquisizione. <span class=\"_ _35\"> </span>Tali  u<span class=\"_ _2\"></span>nit\u00e0  o<span class=\"_ _2\"></span>rganizzative, <span class=\"_ _35\"> </span>denominate  Cash <span class=\"_ _35\"> </span>Generating <span class=\"_ _35\"> </span>Units <span class=\"_ _35\"> </span>(\u201cCGU\u201d),  d<span class=\"_ _2\"></span>evono presentare le seguenti caratteristiche: <span class=\"ff16\"> <span class=\"_ _19e\"> </span><span class=\"ff4\">rappresentare il <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>minimo con riferimento <span class=\"_ _2\"></span>al qu<span class=\"_ _2\"></span>ale l\u2019av<span class=\"_ _2\"></span>viamento stesso \u00e8 <span class=\"_ _3b\"></span>m<span class=\"_ _1\"></span>onitorato ai <span class=\"_ _2\"></span>fini </span></span>del controllo di gestione interno;  <span class=\"ff16\"> <span class=\"_ _19e\"> </span><span class=\"ff4\">non essere superiori a un Segmento <span class=\"_ _1\"></span>Operativo definito ai sensi del principi<span class=\"_ _2\"></span>o IFRS 8. <span class=\"_ _1\"></span> </span></span>Nel <span class=\"_ _38\"></span>Gruppo <span class=\"_ _38\"></span>Cre<span class=\"_ _1\"></span>dem <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>CGU <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>hanno <span class=\"_ _0\"></span>beneficiato <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>ch<span class=\"_ _3b\"></span>e <span class=\"_ _0\"></span>continu<span class=\"_ _2\"></span>ano <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>beneficiarie <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>sinergie derivanti dai processi di aggregazione effettuati nel tempo sono <span class=\"_ _1\"></span>le seguenti: <span class=\"ff16\"> <span class=\"_ _40\"> </span><span class=\"ff4\">Banking; </span></span><span class=\"ff16\"> <span class=\"_ _40\"> </span><span class=\"ff4\">Insurance. </span></span>Il <span class=\"_ _2\"></span>sistema di<span class=\"_ _2\"></span> reportistica <span class=\"_ _3b\"></span>utilizzato dalla <span class=\"_ _3b\"></span>Direzione \u00e8<span class=\"_ _2\"></span> coerente <span class=\"_ _3b\"></span>con <span class=\"_ _2\"></span>tali CGU<span class=\"_ _2\"></span> (si <span class=\"_ _3b\"></span>veda la <span class=\"_ _3b\"></span>Parte L<span class=\"_ _2\"></span> relativa<span class=\"_ _3b\"></span> all\u2019Informativa <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>Settore) <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>inoltre, <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>flussi <span class=\"_ _1\"></span>finanziari <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>esse <span class=\"_ _1\"></span>prodotti <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>ultano <span class=\"_ _1\"></span>omogenei <span class=\"_ _1\"></span>quanto alla <span class=\"_ _39\"> </span>natura <span class=\"_ _3f\"> </span>della <span class=\"_ _39\"> </span>clientela <span class=\"_ _39\"> </span>ed <span class=\"_ _39\"> </span>alla <span class=\"_ _3f\"> </span>tipologia <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>prodotti <span class=\"_ _3f\"> </span>e <span class=\"_ _39\"> </span>servizi <span class=\"_ _39\"> </span>forniti. <span class=\"_ _39\"> </span>Tali <span class=\"_ _3f\"> </span>CGU <span class=\"_ _39\"> </span>pertanto rappresentano <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>pi\u00f9 <span class=\"_ _1\"></span>piccolo <span class=\"_ _38\"></span>gruppo <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>genera <span class=\"_ _38\"></span>flussi <span class=\"_ _1\"></span>finanziari <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>entra<span class=\"_ _1\"></span>ta <span class=\"_ _1\"></span>indipendenti ed il <span class=\"_ _1\"></span>livello minimo <span class=\"_ _1\"></span>al quale <span class=\"_ _1\"></span>l\u2019avviame<span class=\"_ _1\"></span>nto <span class=\"_ _1\"></span>pu\u00f2 essere <span class=\"_ _1\"></span>allocato secondo <span class=\"_ _1\"></span>criteri non <span class=\"_ _1\"></span>arbitrari. <span class=\"_ _1\"></span>\u00c8 a <span class=\"_ _1\"></span>tale livello <span class=\"_ _2\"></span>che le <span class=\"_ _2\"></span>dinamiche <span class=\"_ _2\"></span>di v<span class=\"_ _2\"></span>alore dell\u2019<span class=\"_ _2\"></span>avviamento assumono signif<span class=\"_ _2\"></span>icato e <span class=\"_ _3b\"></span>vengono controllate nell<span class=\"_ _3b\"></span>a gestione del Gruppo Credem.  Definizion<span class=\"_ _1\"></span>e del<span class=\"_ _1\"></span> valore con<span class=\"_ _1\"></span>tabile de<span class=\"_ _1\"></span>lle CGU  Nel <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>aziende <span class=\"_ _36\"> </span>bancarie <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>ass<span class=\"_ _1\"></span>icurative <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>, <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>generale, <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>aziende <span class=\"_ _37\"> </span>oper<span class=\"_ _1\"></span>anti <span class=\"_ _37\"> </span>nel <span class=\"_ _37\"> </span>settore finanziario, le attivit\u00e0 <span class=\"_ _3b\"></span>e passivit\u00e0 fin<span class=\"_ _2\"></span>anziarie, in linea d<span class=\"_ _2\"></span>i principi<span class=\"_ _2\"></span>o escluse dall\u2019ambi<span class=\"_ _2\"></span>to di applic<span class=\"_ _2\"></span>azione dello I<span class=\"_ _2\"></span>AS 36, <span class=\"_ _3b\"></span>cost<span class=\"_ _1\"></span>ituiscono parte <span class=\"_ _3b\"></span>integrante del co<span class=\"_ _2\"></span>re business. <span class=\"_ _3b\"></span>Al fine d<span class=\"_ _2\"></span>i id<span class=\"_ _2\"></span>entificare i <span class=\"_ _2\"></span>flussi di<span class=\"_ _2\"></span> cassa<span class=\"_ _3b\"></span> delle <span class=\"_ _2\"></span>CGU <span class=\"_ _3b\"></span>\u00e8 pertanto<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>necessario <span class=\"_ _3b\"></span>considera<span class=\"_ _1\"></span>re <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>nche <span class=\"_ _3b\"></span>i fl<span class=\"_ _2\"></span>ussi <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>cassa <span class=\"_ _2\"></span>associati <span class=\"_ _2\"></span>alle <span class=\"_ _3b\"></span>attivit\u00e0 <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>passivit\u00e0 finanziarie.  Sulla <span class=\"_ _38\"></span>base <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>tale<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>impostazione<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>l\u2019impairment<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>te<span class=\"_ _1\"></span>st <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>CGU <span class=\"_ _0\"></span>operanti <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>ambito <span class=\"_ _38\"></span>finanz<span class=\"_ _1\"></span>iario <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>pu\u00f2 che <span class=\"_ _35\"> </span>essere <span class=\"_ _35\"> </span>svolto <span class=\"_ _35\"> </span>secondo <span class=\"_ _35\"> </span>una <span class=\"_ _35\"> </span>prospettiva <span class=\"_ _35\"> </span>cosiddetta <span class=\"_ _35\"> </span>\u201cequ<span class=\"_ _2\"></span>ity <span class=\"_ _35\"> </span>side\u201d. <span class=\"_ _35\"> </span>Coerentemente, <span class=\"_ _35\"> </span>anche <span class=\"_ _35\"> </span>il valore contabile delle CGU deve essere determinato secondo la stessa pros<span class=\"_ _1\"></span>pettiva.  In particolare, il valore contabile delle CGU \u00e8 stat<span class=\"_ _1\"></span>o determinato nel seguente modo: <span class=\"_ _3e\"> </span><span class=\"ff4\">Per <span class=\"_ _48\"> </span>la <span class=\"_ _48\"> </span>CGU <span class=\"_ _48\"> </span>Insurance, <span class=\"_ _3a\"> </span>composta <span class=\"_ _48\"> </span>integralmente <span class=\"_ _48\"> </span>dalle <span class=\"_ _48\"> </span>entit\u00e0 <span class=\"_ _3a\"> </span>giuridiche <span class=\"_ _48\"> </span>Credemvita <span class=\"_ _48\"> </span>e<span class=\"_ _2\"></span> </span>Credemassicurazioni, <span class=\"_ _35\"> </span>il<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>valore <span class=\"_ _0\"></span>cont<span class=\"_ _1\"></span>abile <span class=\"_ _0\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>stato <span class=\"_ _0\"></span>determinato <span class=\"_ _35\"> </span>analiticamente, <span class=\"_ _0\"></span>sulla <span class=\"_ _35\"> </span>base <span class=\"_ _35\"> </span>del<span class=\"_ _2\"></span> contributo al patrimonio netto consolidato di ciascuna societ<span class=\"_ _1\"></span>\u00e0. <span class=\"_ _3e\"> </span><span class=\"ff4\">Per <span class=\"_ _69\"> </span>la <span class=\"_ _44\"> </span>CGU <span class=\"_ _44\"> </span>Banking, composta <span class=\"_ _44\"> </span>integralmente <span class=\"_ _44\"> </span>dalle <span class=\"_ _44\"> </span>ent<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _44\"> </span>giuridiche <span class=\"_ _44\"> </span>individuate <span class=\"_ _44\"> </span>nel </span>corrispondente <span class=\"_ _3b\"></span>setto<span class=\"_ _1\"></span>re <span class=\"_ _3b\"></span>operativo <span class=\"_ _3b\"></span>(si <span class=\"_ _3b\"></span>ve<span class=\"_ _1\"></span>da <span class=\"_ _3b\"></span>la <span class=\"_ _3b\"></span>P<span class=\"_ _1\"></span>arte <span class=\"_ _3b\"></span>L <span class=\"_ _2\"></span>relativa <span class=\"_ _3b\"></span>all\u2019Infor<span class=\"_ _1\"></span>mativa <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>Set<span class=\"_ _1\"></span>tore), <span class=\"_ _3b\"></span>il <span class=\"_ _3b\"></span>relat<span class=\"_ _1\"></span>ivo valore contabile \u00e8 stato determinato: -<span class=\"_ _3f\"> </span><span class=\"ff4\">allocando analiticamente gli avviame<span class=\"_ _1\"></span>nti di pertinenza; </span>-<span class=\"_ _3f\"> </span><span class=\"ff4\">allocando <span class=\"_ _43\"> </span>il <span class=\"_ _43\"> </span>patrimonio <span class=\"_ _43\"> </span>netto <span class=\"_ _43\"> </span>consolidato <span class=\"_ _43\"> </span>\u201cresiduo\u201d <span class=\"_ _43\"> </span>in <span class=\"_ _69\"> </span>propor<span class=\"_ _1\"></span>zione <span class=\"_ _43\"> </span>al <span class=\"_ _43\"> </span>capitale </span>regolamentare richiesto <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>l\u2019operativit\u00e0 della <span class=\"_ _1\"></span>CGU.  L\u2019utilizzo di <span class=\"_ _1\"></span>tale indicatore <span class=\"_ _1\"></span>gestionale risulta <span class=\"_ _1\"></span>giustificato <span class=\"_ _1\"></span>dalla <span class=\"_ _1\"></span>considerazione <span class=\"_ _1\"></span>che, ne<span class=\"_ _1\"></span>ll\u2019ambito <span class=\"_ _1\"></span>dell\u2019attivit\u00e0 finanziaria, <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>fattori <span class=\"_ _1\"></span>di rischio <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>i r<span class=\"_ _1\"></span>elativi <span class=\"_ _1\"></span>assorbimenti di <span class=\"_ _1\"></span>capitale <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>egolamentare <span class=\"_ _1\"></span>incidono <span class=\"_ _1\"></span>nella <span class=\"_ _1\"></span>generazione <span class=\"_ _1\"></span>dei flussi <span class=\"_ _35\"> </span>finanziari <span class=\"_ _35\"> </span>prospettici <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>indi <span class=\"_ _35\"> </span>nella <span class=\"_ _35\"> </span>determinazione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>recuperabile <span class=\"_ _35\"> </span>con <span class=\"_ _0\"></span>il<span class=\"_ _1\"></span> quale il valore contabile deve risultare <span class=\"_ _1\"></span>coerente. Di se<span class=\"_ _1\"></span>guito si <span class=\"_ _1\"></span>riporta <span class=\"_ _1\"></span>il pros<span class=\"_ _1\"></span>petto di sint<span class=\"_ _1\"></span>esi r<span class=\"_ _1\"></span>elativo ai <span class=\"_ _1\"></span>valori conta<span class=\"_ _1\"></span>bili delle <span class=\"_ _1\"></span>CGU e<span class=\"_ _1\"></span> ai <span class=\"_ _1\"></span>relat<span class=\"_ _1\"></span>ivi valori di bilancio degli avviamenti (in milioni di euro):  <table class=\"s w9b7 h22b\" id=\"_532be68e-c03e-4427-8a23-e238a15b9fc1\"><tr><td></td><td class=\"c xe91 y5a22 w9b8 h20e\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xe8f h12 y571a ff4 fs7 fc1 sc0 ls0 ws0\">G<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xe90 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">U<span class=\"_ _3a1\"> </span></div></td><td class=\"c xe94 y5a22 w9b9 h20e\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xe92 h12 y571a ff4 fs7 fc1 sc0 ls0 ws0\">a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xe93 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">nking<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe95 y5a22 w9ba h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">CGU Insurance<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xe96 h12 y5a23 ff4 fs7 fc1 sc0 ls0 ws0\">Valore </td><td></td><td class=\"c n xe97 y5a24 w9bb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.020,1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe98 y5a24 w9bc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">663,2<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xe96 h12 y5a25 ff4 fs7 fc1 sc0 ls0 ws0\">contabile CGU<span class=\"_ _2\"></span> </td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xe96 h12 y5a26 ff4 fs7 fc1 sc0 ls0 ws0\">Avviamenti </td><td></td><td class=\"c n xe99 y5a27 w9bd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">288,9<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe9a y5a27 w9be h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14,4<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xe96 h12 y5a28 ff4 fs7 fc1 sc0 ls0 ws0\">allocati </td><td></td><td></td><td></td></tr></table>Oltre <span class=\"_ _39\"> </span>all\u2019importo <span class=\"_ _39\"> </span>di <span class=\"_ _3f\"> </span>291,3 <span class=\"_ _39\"> </span>milioni <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>euro <span class=\"_ _3f\"> </span>contabilizzato <span class=\"_ _39\"> </span>alla <span class=\"_ _39\"> </span>voce <span class=\"_ _39\"> </span>\u201cAttivit\u00e0 <span class=\"_ _39\"> </span>Immateriali\u201d, <span class=\"_ _39\"> </span>gli avviamenti <span class=\"_ _38\"></span>allocati <span class=\"_ _38\"></span>comprendono <span class=\"_ _1\"></span>anche <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>avviamenti <span class=\"_ _38\"></span>relativi <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>Credemassicurazioni, <span class=\"_ _38\"></span>pari <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>10<span class=\"_ _1\"></span>,3 milioni <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>euro, ad <span class=\"_ _3b\"></span>An<span class=\"_ _1\"></span>dxor, pari <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>1,1 milioni <span class=\"_ _3b\"></span>di euro, <span class=\"_ _2\"></span>a Flairbit, <span class=\"_ _3b\"></span>pari a 0,4 <span class=\"_ _2\"></span>milioni <span class=\"_ _2\"></span>di euro <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>a Mynet, <span class=\"_ _3b\"></span>pari a 0,2 milioni di euro inclusi nella voce partecipazioni. Definizion<span class=\"_ _1\"></span>e del<span class=\"_ _1\"></span> valore re<span class=\"_ _1\"></span>cuperabile<span class=\"_ _1\"></span> delle<span class=\"_ _1\"></span> CGU Il  principio  contabile  IAS  36  richiede  che,  almeno  annualmente,  l\u2019ammontare  dell\u2019avviamento iscritto <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>bilancio <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>sottopos<span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>Impairment <span class=\"_ _0\"></span>Test. <span class=\"_ _1\"></span>Il <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>est <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>impairment<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>volto <span class=\"_ _38\"></span>raffrontando <span class=\"_ _38\"></span>il valore <span class=\"_ _0\"></span>contabile <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>CGU <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>cu<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"> </span>allocat<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>valore <span class=\"_ _0\"></span>re<span class=\"_ _1\"></span>cuperabile <span class=\"_ _0\"></span>dalle <span class=\"_ _0\"></span>stesse. <span class=\"_ _0\"></span>Laddove <span class=\"_ _0\"></span>tale valore risultasse inferiore al valore contabile deve essere rilevata una rett<span class=\"_ _1\"></span>ifica di valore.  Il <span class=\"_ _1\"></span>valore<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>recuperabile <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>CGU <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>maggiore <span class=\"_ _38\"></span>tra <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>suo <span class=\"_ _38\"></span>fair <span class=\"_ _38\"></span>value <span class=\"_ _1\"></span>al <span class=\"_ _38\"></span>netto <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>costi <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>vendita <span class=\"_ _38\"></span>ed <span class=\"_ _38\"></span>il suo <span class=\"_ _37\"> </span>valore <span class=\"_ _37\"> </span>d\u2019uso. <span class=\"_ _37\"> </span>Il <span class=\"_ _37\"> </span>principio <span class=\"_ _3d\"> </span>aggiunge <span class=\"_ _37\"> </span>che<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>nello <span class=\"_ _37\"> </span>svolgimento <span class=\"_ _37\"> </span>del <span class=\"_ _3d\"> </span>t<span class=\"_ _1\"></span>est <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>impairme<span class=\"_ _1\"></span>nt <span class=\"_ _37\"> </span>non <span class=\"_ _3d\"> </span>\u00e8 necessario definire <span class=\"_ _1\"></span>sia il valore <span class=\"_ _1\"></span>d\u2019uso che il fair <span class=\"_ _1\"></span>value, ma \u00e8 <span class=\"_ _1\"></span>sufficiente che a<span class=\"_ _1\"></span>lmeno uno dei <span class=\"_ _1\"></span>due sia superiore <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>valore <span class=\"_ _0\"></span>contabile <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>confermare <span class=\"_ _0\"></span>l\u2019assenza <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>una <span class=\"_ _0\"> </span>pe<span class=\"_ _1\"></span>rdita <span class=\"_ _0\"></span>durevole <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>valore. <span class=\"_ _0\"></span>Ai <span class=\"_ _35\"> </span>fi<span class=\"_ _3b\"></span>ni dell\u2019individuazione del valore recuperabile delle singole <span class=\"_ _1\"></span>CGU \u00e8 stato individuato il valore d\u2019uso.  CGU Ban<span class=\"_ _1\"></span>king Per la<span class=\"_ _2\"></span> CGU<span class=\"_ _2\"></span> Banking<span class=\"_ _2\"></span>, il <span class=\"_ _3b\"></span>valore d\u2019uso <span class=\"_ _3b\"></span>\u00e8 stato <span class=\"_ _3b\"></span>determinato attraverso <span class=\"_ _3b\"></span>lo svilu<span class=\"_ _2\"></span>ppo d<span class=\"_ _2\"></span>el Dividend<span class=\"_ _2\"></span> Discoun<span class=\"_ _2\"></span>t Model (DDM). <span class=\"_ _3f\"> </span>Tale <span class=\"_ _3a\"> </span>metodo <span class=\"_ _3f\"> </span>determina <span class=\"_ _3a\"> </span>il <span class=\"_ _3f\"> </span>valore <span class=\"_ _3a\"> </span>in <span class=\"_ _3f\"> </span>funzione <span class=\"_ _3f\"> </span>del <span class=\"_ _3a\"> </span>flusso <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>dividendi <span class=\"_ _3a\"> </span>attesi potenzialmente <span class=\"_ _38\"></span>distribuibili. <span class=\"_ _38\"></span>Nella <span class=\"_ _0\"></span>fattispecie,<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>meto<span class=\"_ _1\"></span>do <span class=\"_ _38\"></span>utilizzato <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>DDM <span class=\"_ _1\"></span>nella <span class=\"_ _38\"></span>variante <span class=\"_ _38\"></span>\u201cExcess Capital\u201d, <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>unemente <span class=\"_ _38\"></span>adottata <span class=\"_ _38\"></span>nella <span class=\"_ _38\"></span>prassi <span class=\"_ _38\"></span>valutativa <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>settore <span class=\"_ _1\"></span>bancario, <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>base <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>quale <span class=\"_ _38\"></span>il valore economico \u00e8 pari alla sommatoria dei seguenti elementi: <span class=\"_ _3e\"> </span><span class=\"ff4\">valore attuale <span class=\"_ _3b\"></span>dei flu<span class=\"_ _2\"></span>ssi d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>cas<span class=\"_ _1\"></span>sa <span class=\"_ _3b\"></span>futuri generati <span class=\"_ _3b\"></span>nell\u2019arco di <span class=\"_ _3b\"></span>un <span class=\"_ _3b\"></span>det<span class=\"_ _1\"></span>erminato <span class=\"_ _3b\"></span>or<span class=\"_ _1\"></span>izzonte <span class=\"_ _3b\"></span>te<span class=\"_ _1\"></span>mporale<span class=\"_ _2\"></span> </span>di <span class=\"_ _188\"> </span>pianificazione <span class=\"_ _29\"> </span>es<span class=\"_ _1\"></span>plicita <span class=\"_ _188\"> </span>e <span class=\"_ _29\"> </span>distr<span class=\"_ _1\"></span>ibuibili <span class=\"_ _188\"> </span>agli <span class=\"_ _29\"> </span>azionisti <span class=\"_ _29\"> </span>mante<span class=\"_ _1\"></span>nendo <span class=\"_ _188\"> </span>un <span class=\"_ _29\"> </span>livello <span class=\"_ _188\"> </span>di<span class=\"_ _3a1\"> </span>patrimonializzazione, <span class=\"_ _38\"></span>coerente <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>le<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>istruzioni <span class=\"_ _38\"></span>dettate <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>materia <span class=\"_ _1\"></span>dall\u2019Autorit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>Vi<span class=\"_ _2\"></span>gilanza <span class=\"_ _1\"></span>e compat<span class=\"_ _3a1\"> </span>ibile con la natura e l\u2019evoluzione attesa delle attivit\u00e0; <span class=\"_ _3e\"> </span><span class=\"ff4\">valore <span class=\"_ _0\"> </span>attuale <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>rendita <span class=\"_ _0\"></span>perpet<span class=\"_ _1\"></span>ua <span class=\"_ _0\"></span>definita <span class=\"_ _0\"></span>sulla <span class=\"_ _0\"></span>base <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>dividendo <span class=\"_ _0\"></span>sostenibile <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>gl<span class=\"_ _2\"></span>i </span>esercizi <span class=\"_ _43\"> </span>successivi <span class=\"_ _43\"> </span>al <span class=\"_ _43\"> </span>periodo <span class=\"_ _43\"> </span>di <span class=\"_ _43\"> </span>pianificazione <span class=\"_ _43\"> </span>esplicita, <span class=\"_ _43\"> </span>coerente <span class=\"_ _43\"> </span>con <span class=\"_ _43\"> </span>i <span class=\"_ _43\"> </span>livelli <span class=\"_ _43\"> </span>di patrimonializzazione richiesti dall\u2019Autorit\u00e0 di Vigilanza. Nonostante <span class=\"_ _0\"></span>l\u2019espressione <span class=\"_ _0\"></span>Divi<span class=\"_ _2\"></span>dend <span class=\"_ _0\"></span>Discount <span class=\"_ _38\"></span>Model <span class=\"_ _0\"></span>richiami <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>parola <span class=\"_ _0\"></span>dividendo, <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>cassa considerati <span class=\"_ _1\"></span>dal <span class=\"_ _1\"></span>modello <span class=\"_ _1\"></span>non s<span class=\"_ _1\"></span>ono i <span class=\"_ _1\"></span>dividendi <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>prevede <span class=\"_ _1\"></span>verranno <span class=\"_ _1\"></span>distribuiti <span class=\"_ _1\"></span>agli a<span class=\"_ _1\"></span>zionisti, <span class=\"_ _1\"></span>ma <span class=\"_ _1\"></span>i flussi <span class=\"_ _1\"></span>di cass<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>cui <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>azionista <span class=\"_ _1\"></span>pot<span class=\"_ _1\"></span>enzialmente <span class=\"_ _1\"></span>potrebbe <span class=\"_ _1\"></span>beneficiare <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>petto dei <span class=\"_ _1\"></span>limiti <span class=\"_ _1\"></span>delle dotazioni patrimoniali richieste dall\u2019operativit\u00e0 aziendale. I flussi per l\u2019applicazione della metodologia valutativa sono stati desunti dal Preconsuntivo 2024 e Budget <span class=\"_ _1\"></span>2025<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>Gruppo <span class=\"_ _1\"></span>Credem, <span class=\"_ _1\"></span>approvati <span class=\"_ _38\"></span>dal <span class=\"_ _1\"></span>Consiglio <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>Amministr<span class=\"_ _1\"></span>azione <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>Capogruppo <span class=\"_ _1\"></span>il 20 dicembre 2024 e da <span class=\"_ _2\"></span>proiezioni, app<span class=\"_ _2\"></span>rovate in data 8 febbraio 2025 e <span class=\"_ _2\"></span>redatte ai soli fini<span class=\"_ _2\"></span> del test di impairment sugli avviamenti, relative agli eser<span class=\"_ _1\"></span>cizi dal 2026 al 2028. Per q<span class=\"_ _2\"></span>uanto <span class=\"_ _3b\"></span>riguarda gli<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>impatti <span class=\"_ _3b\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _3b\"></span>climatico su<span class=\"_ _2\"></span>lle <span class=\"_ _2\"></span>stime <span class=\"_ _3b\"></span>e <span class=\"_ _2\"></span>sugli <span class=\"_ _3b\"></span>aspet<span class=\"_ _1\"></span>ti <span class=\"_ _3b\"></span>valutativi, <span class=\"_ _2\"></span>si <span class=\"_ _3b\"></span>evidenzia che <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>effetti <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>piano <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>transizione <span class=\"_ _0\"></span>adottato <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>incorporati <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>pianifi<span class=\"_ _2\"></span>cazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>risultati economici <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>patrimoniali <span class=\"_ _37\"> </span>del <span class=\"_ _37\"> </span>gruppo. <span class=\"_ _37\"> </span>I <span class=\"_ _36\"> </span>flussi <span class=\"_ _37\"> </span>per <span class=\"_ _37\"> </span>l\u2019applicazione <span class=\"_ _36\"> </span>della <span class=\"_ _37\"> </span>metodologia <span class=\"_ _37\"> </span>valutativa incorporano <span class=\"_ _3d\"> </span>anche <span class=\"_ _3d\"> </span>le  stime <span class=\"_ _3d\"> </span>dei  r<span class=\"_ _1\"></span>ischi  e <span class=\"_ _3d\"> </span>degli <span class=\"_ _3d\"> </span>assorbimenti <span class=\"_ _3d\"> </span>patrimoniali,  calcolati <span class=\"_ _3d\"> </span>tene<span class=\"_ _1\"></span>ndo  in considerazione anche <span class=\"_ _3b\"></span>l\u2019integrazione delle <span class=\"_ _3b\"></span>tematiche ESG <span class=\"_ _3b\"></span>all\u2019interno del <span class=\"_ _2\"></span>processo di <span class=\"_ _3b\"></span>pianificazione, tramite <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>declinazione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>obiettivi <span class=\"_ _35\"> </span>riconducibili <span class=\"_ _35\"> </span>ad <span class=\"_ _35\"> </span>orizzonti <span class=\"_ _35\"> </span>temporali <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>breve,  m<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>dio <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>lungo termine inerente la Rendicontazione Societaria di sostenibilit\u00e0. Il livello di <span class=\"_ _1\"></span>patrimonializzazione, ai <span class=\"_ _1\"></span>fini della dete<span class=\"_ _1\"></span>rminazione del flusso <span class=\"_ _1\"></span>di dividendi potenzialmente distribuibili, \u00e8 <span class=\"_ _38\"></span>stato <span class=\"_ _1\"></span>ipotizzato <span class=\"_ _1\"></span>pari al <span class=\"_ _1\"></span>10,30% <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Tier <span class=\"_ _1\"></span>1 <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>all\u201912,55% di <span class=\"_ _1\"></span>Tier <span class=\"_ _38\"></span>Total (livelli <span class=\"_ _1\"></span>calcolati <span class=\"_ _1\"></span>sulla base della Final SREP decision della BCE e regole <span class=\"_ _1\"></span>della CRR2)<span class=\"_ _2\"></span>.  Il tass<span class=\"_ _1\"></span>o di <span class=\"_ _1\"></span>sconto dei <span class=\"_ _1\"></span>flussi \u00e8<span class=\"_ _1\"></span> stato <span class=\"_ _1\"></span>stimato s<span class=\"_ _1\"></span>ulla base <span class=\"_ _1\"></span>del \u201c<span class=\"_ _1\"></span>Capital Asset <span class=\"_ _1\"></span>Pricing Model\u201d, che <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ima il <span class=\"_ _0\"></span>costo <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>capitale <span class=\"_ _0\"></span>come <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>sommatoria <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>rendimento<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>invest<span class=\"_ _1\"></span>imenti <span class=\"_ _0\"></span>privi <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>un premio <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>rischio  correla<span class=\"_ _2\"></span>to <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>rischiosit\u00e0  specifica <span class=\"_ _35\"> </span>dell\u2019<span class=\"_ _2\"></span>attivit\u00e0. <span class=\"_ _35\"> </span>Nello <span class=\"_ _35\"> </span>specifico <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>cost<span class=\"_ _1\"></span>o <span class=\"_ _35\"> </span>del capitale \u00e8 stato determinato nella misura dell\u20198,19%, sulla base dei seguenti parametri: <span class=\"_ _3e\"> </span><span class=\"ff4\">Tasso <span class=\"_ _1\"></span>privo di rischio: <span class=\"_ _1\"></span>pari al 3,58%, <span class=\"_ _1\"></span>corrispondente alla <span class=\"_ _1\"></span>media semplice del <span class=\"_ _1\"></span>rendimento lordo </span>dei BTP a 10 anni emessi negli ultimi 6 mesi; <span class=\"_ _3e\"> </span><span class=\"ff4\">Coefficiente<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>Beta: <span class=\"_ _0\"></span>pari <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>0,838 <span class=\"_ _0\"></span>corrispondente <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>coeffici<span class=\"_ _2\"></span>ente <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Cre<span class=\"_ _1\"></span>dem <span class=\"_ _0\"></span>(Beta <span class=\"_ _35\"> </span>5Y <span class=\"_ _0\"></span>Adjusted </span>31.12.2019/31.12.2024, con rilevazione sett<span class=\"_ _1\"></span>imanale); <span class=\"_ _3e\"> </span><span class=\"ff4\">Premio <span class=\"_ _0\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _0\"></span>ri<span class=\"_ _2\"></span>schio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>ercato: <span class=\"_ _38\"></span>pari <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>5,50%, <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>linea <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>prassi <span class=\"_ _38\"></span>valutativa <span class=\"_ _0\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>mer<span class=\"_ _1\"></span>cato </span>italiano e con <span class=\"_ _2\"></span>la comune ap<span class=\"_ _2\"></span>plicazione nel settore d<span class=\"_ _2\"></span>elle assicurazioni;<span class=\"_ _2\"></span> tale valore \u00e8<span class=\"_ _2\"></span> depurato del<span class=\"_ _3b\"></span> \u201crischio <span class=\"_ _1\"></span>paese\u201d in <span class=\"_ _1\"></span>quanto <span class=\"_ _1\"></span>implicitamente <span class=\"_ _1\"></span>compreso <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>sopracitato tasso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rendimento <span class=\"_ _1\"></span>delle attivit\u00e0 <span class=\"_ _0\"> </span>pr<span class=\"_ _1\"></span>ivo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rischio. <span class=\"_ _35\"> </span>Con <span class=\"_ _0\"></span>riferimento<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>pr<span class=\"_ _2\"></span>emio <span class=\"_ _0\"> </span>pe<span class=\"_ _1\"></span>r <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _35\"> </span>sono <span class=\"_ _0\"></span>state <span class=\"_ _35\"> </span>fa<span class=\"_ _2\"></span>tte verifiche con <span class=\"_ _3b\"></span>fonti alternative, qual<span class=\"_ _2\"></span>i Damodaran, <span class=\"_ _2\"></span>Fernandez e <span class=\"_ _2\"></span>Kroll, <span class=\"_ _2\"></span>provvedendo, ove <span class=\"_ _3b\"></span>del caso, a correggere <span class=\"_ _3b\"></span>per il <span class=\"_ _3b\"></span>differenziale di <span class=\"_ _3b\"></span>inflazione dei <span class=\"_ _3b\"></span>mercat<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span> cu<span class=\"_ _2\"></span>i i<span class=\"_ _3b\"></span> valori <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>i riferivan<span class=\"_ _2\"></span>o. Il <span class=\"_ _3b\"></span>livello scelto dal Gruppo si pone all\u2019interno dell\u2019intervallo di valori alternat<span class=\"_ _1\"></span>ivi. Il <span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>minal <span class=\"_ _1\"></span>value, <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>fine <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>periodo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>pianificazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>plicito, <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>stato <span class=\"_ _1\"></span>determinato <span class=\"_ _38\"></span>sulla <span class=\"_ _1\"></span>base <span class=\"_ _1\"></span>di un <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>crescita <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>lungo <span class=\"_ _0\"></span>periodo <span class=\"_ _0\"></span>soste<span class=\"_ _1\"></span>nibile, <span class=\"_ _0\"></span>assunto <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>misura <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>2,0%, <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>linea <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>le aspettative <span class=\"_ _3d\"> </span>di  crescita <span class=\"_ _3d\"> </span>di  lungo <span class=\"_ _3d\"> </span>termine <span class=\"_ _3d\"> </span>dell\u2019economia  e <span class=\"_ _3d\"> </span>con <span class=\"_ _3d\"> </span>la  prassi <span class=\"_ _3d\"> </span>valutativa <span class=\"_ _3d\"> </span>(Prometeia, Rapporto <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>Previsione <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>dicembre <span class=\"_ _3f\"> </span>20<span class=\"_ _1\"></span>24, <span class=\"_ _3f\"> </span>Inflazione <span class=\"_ _3a\"> </span>Italia <span class=\"_ _3a\"> </span>al <span class=\"_ _3a\"> </span>2027, <span class=\"_ _3a\"> </span>ultimo <span class=\"_ _3a\"> </span>anno <span class=\"_ _3a\"> </span>stimato dall\u2019Associazione). Nella <span class=\"_ _2\"></span>tabella c<span class=\"_ _2\"></span>he s<span class=\"_ _2\"></span>egue <span class=\"_ _2\"></span>viene <span class=\"_ _3b\"></span>ripor<span class=\"_ _1\"></span>tata <span class=\"_ _2\"></span>la <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>intesi <span class=\"_ _3b\"></span>delle valutazioni <span class=\"_ _3b\"></span>effettuate. In <span class=\"_ _3b\"></span>particolare la <span class=\"_ _3b\"></span>tabella pone <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>confronto <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>valori <span class=\"_ _0\"></span>conta<span class=\"_ _2\"></span>bili <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>CGU <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ispettivo <span class=\"_ _0\"></span>valore <span class=\"_ _0\"></span>d\u2019<span class=\"_ _2\"></span>uso <span class=\"_ _0\"></span>ottenuto <span class=\"_ _0\"></span>(in <span class=\"_ _0\"></span>milioni <span class=\"_ _38\"></span>di euro): <table class=\"s w9bf h22c\" id=\"_8ec9ed53-d09f-4ef2-a57b-31b7937824ac\"><tr><td></td><td class=\"c xe9d y5a29 w9c0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">CGU Ba<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xe9c h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">nking<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a2a w9c1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Valore d\u2019uso della CGU<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe9e y5a2a w9c2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.850<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5582 w9c3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Valore contabile CGU<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe9f y5582 w7aa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.020<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y539f w9c4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Delta<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xea0 y539f w9c5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.830<span class=\"_ _3a1\"> </span></div></td></tr></table>Il <span class=\"_ _1\"></span>mode<span class=\"_ _1\"></span>llo <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>determinazione <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>valore <span class=\"_ _38\"></span>d\u2019uso <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>stato <span class=\"_ _38\"></span>inoltre <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ottoposto <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>analisi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>sens<span class=\"_ _1\"></span>itivit\u00e0 <span class=\"_ _1\"></span>al fine <span class=\"_ _3b\"></span>di apprezzare <span class=\"_ _3b\"></span>la variazione <span class=\"_ _3b\"></span>dei <span class=\"_ _2\"></span>risultati <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>ttenuti <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>var<span class=\"_ _1\"></span>iare <span class=\"_ _3b\"></span>dei p<span class=\"_ _2\"></span>arametri valu<span class=\"_ _2\"></span>tativi <span class=\"_ _2\"></span>adottati. Dall<span class=\"_ _2\"></span>e analisi svolte, <span class=\"_ _3b\"></span>non sono emerse i<span class=\"_ _3b\"></span>ndicazioni di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iduzione di <span class=\"_ _2\"></span>valore con <span class=\"_ _2\"></span>riferimento alla <span class=\"_ _2\"></span>CGU in <span class=\"_ _3b\"></span>esa<span class=\"_ _1\"></span>me fino alla considerazione di un tasso <span class=\"_ _1\"></span>di attualizzazione del 19,5%. Si <span class=\"_ _36\"> </span>se<span class=\"_ _1\"></span>gnala <span class=\"_ _36\"> </span>che, <span class=\"_ _39\"> </span>considerando <span class=\"_ _36\"> </span>congiuntamente <span class=\"_ _39\"> </span>un <span class=\"_ _36\"> </span>tasso <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>crescita <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>lungo <span class=\"_ _36\"> </span>periodo <span class=\"_ _39\"> </span>nullo<span class=\"_ _3b\"></span> (decremento <span class=\"_ _1\"></span>di 200 bps) e<span class=\"_ _1\"></span> un tasso <span class=\"_ _1\"></span>di attualizzazione del <span class=\"_ _1\"></span>19,45% non <span class=\"_ _1\"></span>si rileverebber<span class=\"_ _1\"></span>o rettifiche di valore sulla <span class=\"_ _3b\"></span>CGU. Si <span class=\"_ _2\"></span>segnala i<span class=\"_ _2\"></span>nfine che <span class=\"_ _3b\"></span>anche abbattendo i<span class=\"_ _2\"></span> flu<span class=\"_ _2\"></span>ssi d<span class=\"_ _2\"></span>i cassa <span class=\"_ _2\"></span>futuri a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tesi d<span class=\"_ _2\"></span>i ci<span class=\"_ _2\"></span>rca il <span class=\"_ _3b\"></span>50% per <span class=\"_ _0\"></span>ciascun <span class=\"_ _38\"></span>anno <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>proi<span class=\"_ _2\"></span>ezione <span class=\"_ _0\"></span>(<span class=\"_ _2\"></span>incluso <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>terminal <span class=\"_ _0\"></span>valu<span class=\"_ _2\"></span>e) <span class=\"_ _0\"></span>non <span class=\"_ _1\"></span>si <span class=\"_ _0\"></span>rileverebbero <span class=\"_ _38\"></span>rettifiche <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>valore sulla CGU. Le analisi evidenziano altres\u00ec come le differe<span class=\"_ _1\"></span>nze rilevate nelle analisi di sensitivit\u00e0 sopra descritte assorbano in maniera <span class=\"_ _1\"></span>estensiva, in relazione al climate ris<span class=\"_ _1\"></span>k del Gruppo Credem, gli impatti st<span class=\"_ _1\"></span>imati in uno scenario avverso. CGU In<span class=\"_ _1\"></span>surance Per l<span class=\"_ _3a1\"> </span>a CGU Insurance il valore d\u2019<span class=\"_ _2\"></span>uso \u00e8 stato determinato, considerando specificamente il business \u201cDanni\u201d e il business \u201cVita\u201d, anche attra<span class=\"_ _1\"></span>verso il supporto di un consulente esterno.  CGU In<span class=\"_ _1\"></span>surance \u2013<span class=\"_ _1\"></span> Busines<span class=\"_ _1\"></span>s Danni  Per i<span class=\"_ _3a1\"> </span>l business \u201cDanni\u201d, ai <span class=\"_ _1\"></span>fini della s<span class=\"_ _1\"></span>tima del <span class=\"_ _1\"></span>valore d\u2019uso, \u00e8 stato <span class=\"_ _1\"></span>utilizzato il met<span class=\"_ _1\"></span>odo del Dividend Discount  Model<span class=\"_ _3b\"></span>  (DDM) <span class=\"_ _35\"> </span>nella <span class=\"_ _35\"> </span>variante  \u201cExcess<span class=\"_ _2\"></span>  Cap<span class=\"_ _2\"></span>ital\u201d,  d<span class=\"_ _2\"></span>escritto  p<span class=\"_ _2\"></span>rima <span class=\"_ _35\"> </span>e  in <span class=\"_ _35\"> </span>base <span class=\"_ _35\"> </span>ai <span class=\"_ _35\"> </span>criteri  ch<span class=\"_ _2\"></span>e seguono. I <span class=\"_ _3b\"></span>flussi per <span class=\"_ _3b\"></span>l\u2019applicazione <span class=\"_ _3b\"></span>della metodologia <span class=\"_ _3b\"></span>valutativa si<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>estendono <span class=\"_ _3b\"></span>ad un <span class=\"_ _3b\"></span>arco <span class=\"_ _2\"></span>temporale <span class=\"_ _3b\"></span>di quattr<span class=\"_ _2\"></span>o esercizi (2025-2028) e<span class=\"_ _1\"></span> si bas<span class=\"_ _1\"></span>ano sul budget <span class=\"_ _1\"></span>2025, approvato dal Consiglio <span class=\"_ _1\"></span>di Amministr<span class=\"_ _1\"></span>azione del 10 <span class=\"_ _19e\"> </span>dicembre <span class=\"_ _47\"> </span>2024 <span class=\"_ _19e\"> </span>e <span class=\"_ _19e\"> </span>dai <span class=\"_ _19e\"> </span>pre<span class=\"_ _1\"></span>visionali <span class=\"_ _40\"> </span>20<span class=\"_ _1\"></span>26-2028 <span class=\"_ _19e\"> </span>elaborati <span class=\"_ _47\"> </span>dall\u2019Ufficio <span class=\"_ _19e\"> </span>tecnico <span class=\"_ _19e\"> </span>di Credemassicurazioni. Il <span class=\"_ _37\"> </span>livello <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>patrimonializzazione<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>minimo, <span class=\"_ _37\"> </span>ai <span class=\"_ _36\"> </span>fini <span class=\"_ _36\"> </span>della <span class=\"_ _36\"> </span>determinazione <span class=\"_ _36\"> </span>del <span class=\"_ _36\"> </span>flusso <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>dividendi potenzialmente <span class=\"_ _37\"> </span>distribuibili, <span class=\"_ _37\"> </span>\u00e8 <span class=\"_ _37\"> </span>stato <span class=\"_ _37\"> </span>definito <span class=\"_ _37\"> </span>coerenteme<span class=\"_ _1\"></span>nte <span class=\"_ _3d\"> </span>con <span class=\"_ _37\"> </span>le <span class=\"_ _37\"> </span>istruzioni <span class=\"_ _37\"> </span>dell\u2019Autorit\u00e0 <span class=\"_ _37\"> </span>di Vigilanza ed in linea con la prassi valutativa nel settore di riferiment<span class=\"_ _1\"></span>o. Il <span class=\"_ _2\"></span>costo del cap<span class=\"_ _2\"></span>itale, stimato sul<span class=\"_ _2\"></span>la base <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>l \u201cCapi<span class=\"_ _2\"></span>tal Asset P<span class=\"_ _2\"></span>ricing M<span class=\"_ _2\"></span>odel\u201d, \u00e8 <span class=\"_ _2\"></span>stato determinato nell<span class=\"_ _3b\"></span>a misura del 6,50%, sulla base dei seguenti par<span class=\"_ _1\"></span>ametri: <span class=\"_ _3e\"> </span><span class=\"ff4\">tasso privo d<span class=\"_ _2\"></span>i rischio: <span class=\"_ _3b\"></span>pari al 3,58%, <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>rrispondente al rendi<span class=\"_ _2\"></span>mento medio <span class=\"_ _2\"></span>registrato negli <span class=\"_ _3b\"></span>ultimi </span>6 mesi dai BTP con scadenza residua decennale; <span class=\"_ _3e\"> </span><span class=\"ff4\">coefficiente<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>Beta: <span class=\"_ _48\"> </span>pari <span class=\"_ _3a\"> </span>a <span class=\"_ _3a\"> </span>0,53, <span class=\"_ _3a\"> </span>corr<span class=\"_ _1\"></span>ispondente <span class=\"_ _48\"> </span>al <span class=\"_ _3a\"> </span>coefficiente <span class=\"_ _3a\"> </span>medio <span class=\"_ _3a\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _3a\"> </span>societ\u00e0 <span class=\"_ _48\"> </span>di<span class=\"_ _3b\"></span> </span>assicurazione italiane quotate; <span class=\"_ _3e\"> </span><span class=\"ff4\">premio <span class=\"_ _0\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>mercato: <span class=\"_ _38\"></span>pari <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>5,5<span class=\"_ _2\"></span>0%, <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>linea <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>prassi <span class=\"_ _38\"></span>valutativa <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>mercato </span>italiano e con <span class=\"_ _2\"></span>la comune ap<span class=\"_ _2\"></span>plicazione nel settore d<span class=\"_ _2\"></span>elle assicurazioni;<span class=\"_ _2\"></span> tale valore \u00e8<span class=\"_ _2\"></span> depurato del<span class=\"_ _3b\"></span> \u201crischio <span class=\"_ _1\"></span>paese\u201d in <span class=\"_ _1\"></span>quanto <span class=\"_ _1\"></span>implicitamente <span class=\"_ _1\"></span>compreso <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>sopracitato tasso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rendimento <span class=\"_ _1\"></span>delle attivit\u00e0 <span class=\"_ _0\"> </span>pr<span class=\"_ _1\"></span>ivo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rischio. <span class=\"_ _35\"> </span>Con <span class=\"_ _0\"></span>riferimento<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>pr<span class=\"_ _2\"></span>emio <span class=\"_ _0\"> </span>pe<span class=\"_ _1\"></span>r <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _35\"> </span>sono <span class=\"_ _0\"></span>state <span class=\"_ _35\"> </span>fa<span class=\"_ _2\"></span>tte verifiche con <span class=\"_ _3b\"></span>fonti alternative, qual<span class=\"_ _2\"></span>i Damodaran, <span class=\"_ _2\"></span>Fernandez e <span class=\"_ _2\"></span>Kroll, <span class=\"_ _2\"></span>provvedendo, ove <span class=\"_ _3b\"></span>del caso, a correggere <span class=\"_ _3b\"></span>per il <span class=\"_ _3b\"></span>differenziale di <span class=\"_ _3b\"></span>inflazione dei <span class=\"_ _3b\"></span>mercat<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span> cu<span class=\"_ _2\"></span>i i<span class=\"_ _3b\"></span> valori <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>i riferivan<span class=\"_ _2\"></span>o. Il <span class=\"_ _3b\"></span>livello scelto dal Gruppo si pone all\u2019interno dell\u2019intervallo di valori alternat<span class=\"_ _1\"></span>ivi. Il valore terminale \u00e8 stato determinato pari <span class=\"_ _1\"></span>al valore dell\u2019ultimo periodo di pianificazione esplicito. CGU I<span class=\"_ _3a1\"> </span>nsuran<span class=\"_ _1\"></span>ce \u2013 Bu<span class=\"_ _1\"></span>siness Vita Il<span class=\"_ _3a1\"> </span>va<span class=\"_ _3a1\"> </span>lore <span class=\"_ _35\"> </span>d\u2019uso <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>business <span class=\"_ _35\"> </span>\u201cVita\u201d <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>stato <span class=\"_ _35\"> </span>stimato <span class=\"_ _0\"></span>se<span class=\"_ _1\"></span>condo <span class=\"_ _35\"> </span>l\u2019ap<span class=\"_ _2\"></span>proccio <span class=\"_ _35\"> </span>denominato <span class=\"_ _35\"> </span>\u201cAppraisal Value\u201d,  sommando  al <span class=\"_ _35\"> </span>Patrimonio  Netto  secondo <span class=\"_ _35\"> </span>i  principi <span class=\"_ _35\"> </span>contabili  IFRS <span class=\"_ _35\"> </span>il  Business  in-Force, determinato <span class=\"_ _3d\"> </span>attraverso <span class=\"_ _3d\"> </span>l\u2019att<span class=\"_ _1\"></span>ualizzazione  dei <span class=\"_ _37\"> </span>futuri <span class=\"_ _3d\"> </span>margini <span class=\"_ _3d\"> </span>tecnici  der<span class=\"_ _1\"></span>ivanti <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>portafoglio <span class=\"_ _3d\"> </span>in essere, e il New Business Value, derivante dal portafoglio di futura <span class=\"_ _1\"></span>produzione prevedibile.  I <span class=\"_ _3d\"> </span>flussi <span class=\"_ _37\"> </span>per <span class=\"_ _37\"> </span>la <span class=\"_ _3d\"> </span>determinazione <span class=\"_ _3d\"> </span>del <span class=\"_ _37\"> </span>valore <span class=\"_ _3d\"> </span>der<span class=\"_ _1\"></span>ivante <span class=\"_ _3d\"> </span>dal <span class=\"_ _37\"> </span>Business <span class=\"_ _3d\"> </span>in-Force <span class=\"_ _37\"> </span>sono <span class=\"_ _3d\"> </span>stati <span class=\"_ _37\"> </span>stimati, attraverso <span class=\"_ _38\"></span>l\u2019utilizzo <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>met<span class=\"_ _1\"></span>odologia <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>base <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>Traditional <span class=\"_ _38\"></span>Embedded <span class=\"_ _1\"></span>Value, <span class=\"_ _1\"></span>considerando <span class=\"_ _38\"></span>la composizione del portafoglio assicurati e le <span class=\"_ _1\"></span>caratteristiche tecniche del portafoglio prodotti. I <span class=\"_ _3b\"></span>flussi per <span class=\"_ _3b\"></span>l\u2019applicazione <span class=\"_ _3b\"></span>della metodologia <span class=\"_ _3b\"></span>valutativa si<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>estendono <span class=\"_ _3b\"></span>ad un <span class=\"_ _3b\"></span>arco <span class=\"_ _2\"></span>temporale <span class=\"_ _3b\"></span>di quattr<span class=\"_ _2\"></span>o esercizi (2025-2028) e<span class=\"_ _1\"></span> si bas<span class=\"_ _1\"></span>ano sul budget <span class=\"_ _1\"></span>2025, approvato dal Consiglio <span class=\"_ _1\"></span>di Amministr<span class=\"_ _1\"></span>azione del 12 dicembre 2024 e dai previsionali 2026-2028. Il <span class=\"_ _2\"></span>costo del cap<span class=\"_ _2\"></span>itale, stimato sul<span class=\"_ _2\"></span>la base <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>l \u201cCapi<span class=\"_ _2\"></span>tal Asset P<span class=\"_ _2\"></span>ricing M<span class=\"_ _2\"></span>odel\u201d, \u00e8 <span class=\"_ _2\"></span>stato determinato nell<span class=\"_ _3b\"></span>a misura del 6,50%, sulla base dei seguenti par<span class=\"_ _1\"></span>ametri: <span class=\"_ _3e\"> </span><span class=\"ff4\">Tasso privo <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>rischio: <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>3,58%, corrispondente <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>rendimento <span class=\"_ _2\"></span>medio r<span class=\"_ _2\"></span>egistrato n<span class=\"_ _2\"></span>egli <span class=\"_ _3b\"></span>ultimi<span class=\"_ _3a1\"> </span></span>6 mesi dai BTP con scadenza residua decennale; <span class=\"_ _3e\"> </span><span class=\"ff4\">Coefficiente<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>Beta: <span class=\"_ _3a\"> </span>pari <span class=\"_ _3a\"> </span>a <span class=\"_ _3a\"> </span>0<span class=\"_ _1\"></span>,53, <span class=\"_ _3a\"> </span>corrispondente <span class=\"_ _3a\"> </span>al <span class=\"_ _48\"> </span>coefficie<span class=\"_ _2\"></span>nte <span class=\"_ _3a\"> </span>medio <span class=\"_ _48\"> </span>delle<span class=\"_ _2\"></span> <span class=\"_ _3a\"> </span>societ\u00e0 <span class=\"_ _48\"> </span>di<span class=\"_ _3b\"></span> </span>assicurazione italiane quotate; <span class=\"_ _3e\"> </span><span class=\"ff4\">Premio <span class=\"_ _0\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _0\"></span>ri<span class=\"_ _2\"></span>schio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>ercato: <span class=\"_ _38\"></span>pari <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>5,50%, <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>linea <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>prassi <span class=\"_ _38\"></span>valutativa <span class=\"_ _0\"></span>per <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>mer<span class=\"_ _1\"></span>cato </span>italiano e con <span class=\"_ _2\"></span>la comune ap<span class=\"_ _2\"></span>plicazione nel settore d<span class=\"_ _2\"></span>elle assicurazioni;<span class=\"_ _2\"></span> tale valore \u00e8<span class=\"_ _2\"></span> depurato del<span class=\"_ _3b\"></span> \u201crischio <span class=\"_ _1\"></span>paese\u201d in <span class=\"_ _1\"></span>quanto <span class=\"_ _1\"></span>implicitamente <span class=\"_ _1\"></span>compreso <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>sopracitato tasso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rendimento <span class=\"_ _1\"></span>delle attivit\u00e0 <span class=\"_ _0\"> </span>pr<span class=\"_ _1\"></span>ivo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rischio. <span class=\"_ _35\"> </span>Con <span class=\"_ _0\"></span>riferimento<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>pr<span class=\"_ _2\"></span>emio <span class=\"_ _0\"> </span>pe<span class=\"_ _1\"></span>r <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _35\"> </span>sono <span class=\"_ _0\"></span>state <span class=\"_ _35\"> </span>fa<span class=\"_ _2\"></span>tte verifiche con <span class=\"_ _3b\"></span>fonti alternative, qual<span class=\"_ _2\"></span>i Damodaran, <span class=\"_ _2\"></span>Fernandez e <span class=\"_ _2\"></span>Kroll, <span class=\"_ _2\"></span>provvedendo, ove <span class=\"_ _3b\"></span>del caso, a corre<span class=\"_ _3a1\"> </span>ggere <span class=\"_ _2\"></span>per i<span class=\"_ _2\"></span>l di<span class=\"_ _2\"></span>fferenziale d<span class=\"_ _3b\"></span>i inflazione d<span class=\"_ _2\"></span>ei mercati <span class=\"_ _3b\"></span>a cui <span class=\"_ _3b\"></span>i valori <span class=\"_ _3b\"></span>si riferivano. <span class=\"_ _3b\"></span>Il livello <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>celto dal Gruppo si pone all\u2019interno dell\u2019intervallo di valori alternat<span class=\"_ _1\"></span>ivi. Nella <span class=\"_ _0\"></span>tabella <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>segue <span class=\"_ _38\"></span>viene <span class=\"_ _0\"></span>riportata <span class=\"_ _0\"></span>la <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>intesi <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>lle <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>alutazioni <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>ffettuate <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>riferimento <span class=\"_ _0\"></span>alla CGU Insurance (dati in milioni di euro):  <table class=\"s w9c6 h22d\" id=\"_60ca4684-97e1-49b7-87c2-6dd2aa90f2f7\"><tr><td></td><td class=\"c xea2 y5720 w9c7 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Busines<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xea1 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">s Danni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xea3 y5720 w9c8 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">B<span class=\"_ _1\"></span>usiness Vita<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xea4 y5720 w9c9 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale CGU Insurance<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y567b w9c1 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Valore d\u2019uso della CGU<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xea5 y567b w9ca h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">240,6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xea6 y567b w9cb h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">693.5<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xea7 y567b w9cc h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">934,1<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y58a6 w9c3 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Valore contabile CGU<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xea8 y58a6 w9cd h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">114<span class=\"_ _2\"></span>,6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xea9 y58a6 w5f4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">548,6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeaa y58a6 w9ce h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">633,2<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y539f w9c4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Delta<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeab y539f w9cf h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">126,0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeac y539f w9d0 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">144,9<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xead y539f w9d1 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">270,9 </div></td></tr></table>Il <span class=\"_ _1\"></span>mode<span class=\"_ _1\"></span>llo <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>determinazione <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>valore <span class=\"_ _38\"></span>d\u2019uso <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>stato <span class=\"_ _38\"></span>inoltre <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ottoposto <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>analisi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>sens<span class=\"_ _1\"></span>itivit\u00e0 <span class=\"_ _1\"></span>al fine di apprezzare la variazione dei risultati ottenuti al <span class=\"_ _1\"></span>variare dei parametri valutativi adottati.  Dalle <span class=\"_ _1\"></span>analisi <span class=\"_ _1\"></span>svolte, <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ono eme<span class=\"_ _1\"></span>rse <span class=\"_ _1\"></span>indicazioni di <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iduzione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valore <span class=\"_ _38\"></span>con <span class=\"_ _1\"></span>riferimento <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>CGU <span class=\"_ _1\"></span>in esame, considerando:  <span class=\"_ _3e\"> </span><span class=\"ff4\">per il business D<span class=\"_ _1\"></span>anni, tasso di attualizzazione Ke (+/-100 bps); </span><span class=\"_ _3e\"> </span><span class=\"ff4\">per il business Vita: </span><span class=\"_ _3e\"> </span><span class=\"ff4\">Business<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>In <span class=\"_ _1\"></span>F<span class=\"_ _1\"></span>orce, <span class=\"_ _1\"></span>tas<span class=\"_ _1\"></span>so <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>att<span class=\"_ _1\"></span>ualizzazi<span class=\"_ _2\"></span>one <span class=\"_ _38\"></span>Ke <span class=\"_ _38\"></span>(+/<span class=\"_ _1\"></span>-100 <span class=\"_ _38\"></span>bps), <span class=\"_ _1\"></span>riscat<span class=\"_ _1\"></span>ti <span class=\"_ _38\"></span>(+/-50 <span class=\"_ _38\"></span>bps), <span class=\"_ _1\"></span>spe<span class=\"_ _1\"></span>se <span class=\"_ _38\"></span>(+/-50 </span>bps) e tasso di crescita g (+/-100 bps); <span class=\"_ _3e\"> </span><span class=\"ff4\">New <span class=\"_ _1\"></span>Business, t<span class=\"_ _1\"></span>asso di <span class=\"_ _1\"></span>attualizzazione Ke<span class=\"_ _1\"></span> (+/-100 <span class=\"_ _1\"></span>bps), tasso <span class=\"_ _1\"></span>di cre<span class=\"_ _1\"></span>scita g (+/<span class=\"_ _1\"></span>-100 bps) <span class=\"_ _1\"></span>e New </span>Business Margin APE (+/-100 bps). In <span class=\"_ _48\"> </span>una <span class=\"_ _3a\"> </span>logica <span class=\"_ _48\"> </span>complessiva <span class=\"_ _48\"> </span>di <span class=\"_ _3a\"> </span>ulte<span class=\"_ _1\"></span>riore <span class=\"_ _48\"> </span>stress <span class=\"_ _3a\"> </span>test, <span class=\"_ _48\"> </span>si <span class=\"_ _3a\"> </span>s<span class=\"_ _1\"></span>egnala <span class=\"_ _48\"> </span>ch<span class=\"_ _2\"></span>e <span class=\"_ _48\"> </span>anche <span class=\"_ _48\"> </span>considerando<span class=\"_ _3b\"></span> congiuntamente: <span class=\"_ _3e\"> </span><span class=\"ff4\">per il business<span class=\"_ _1\"></span> Danni, un tasso<span class=\"_ _1\"></span> di attualizzazione dell\u20197,50% (incre<span class=\"_ _1\"></span>mento di circa 100<span class=\"_ _1\"></span> bps) e un </span>incremento del Sovency Capital Requireme<span class=\"_ _1\"></span>nt del 10% (incremento di circa 1000 bps); <span class=\"_ _3e\"> </span><span class=\"ff4\">per <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>business <span class=\"_ _1\"></span>Vita, <span class=\"_ _1\"></span>un t<span class=\"_ _1\"></span>asso <span class=\"_ _1\"></span>di at<span class=\"_ _1\"></span>tualizzazione de<span class=\"_ _1\"></span>ll\u20197,50% <span class=\"_ _1\"></span>(incremento di <span class=\"_ _1\"></span>circa <span class=\"_ _1\"></span>100 <span class=\"_ _1\"></span>bps) <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>una </span>minore marginalit\u00e0 sul New Business <span class=\"_ _1\"></span>di 100 bps; non si rileverebbero rettifiche di valore sulla CGU Insurance. Nota sulle<span class=\"_ _1\"></span> valu<span class=\"_ _1\"></span>tazioni esp<span class=\"_ _1\"></span>resse dal<span class=\"_ _1\"></span> mercato<span class=\"_ _1\"></span> Negli ultimi <span class=\"_ _1\"></span>sei <span class=\"_ _1\"></span>mesi del <span class=\"_ _1\"></span>2024 le azioni <span class=\"_ _1\"></span>Credem so<span class=\"_ _1\"></span>no state <span class=\"_ _1\"></span>scambiate ad <span class=\"_ _1\"></span>un controvalore <span class=\"_ _1\"></span>medio di 10,10 euro per azione<span class=\"_ _1\"></span>, corrispondente ad <span class=\"_ _1\"></span>un multiplo s<span class=\"_ _1\"></span>ul patrimonio ne<span class=\"_ _1\"></span>tto contabile <span class=\"_ _1\"></span>della Banca al 31 dicembre 2024 di circa 0,80x. I report degli analisti indicano un \u201ctarget price\u201d m<span class=\"_ _2\"></span>edio per il titolo Credem di 12,44 euro per azione,<span class=\"_ _3b\"></span> corrispondente ad un multiplo sul<span class=\"_ _2\"></span> patrimonio netto contabile della Banca al 31<span class=\"_ _2\"></span> dicembre 2024 pari a circa 0,99x. Dall\u2019analisi <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>quotazione <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>borsa <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>titolo <span class=\"_ _0\"></span>Credem <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>febbraio <span class=\"_ _0\"></span>2025 <span class=\"_ _0\"></span>(12,46 <span class=\"_ _0\"></span>euro <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>prezzo <span class=\"_ _0\"></span>di chiusura  al <span class=\"_ _35\"> </span>28  febbraio<span class=\"_ _2\"></span>  2025) <span class=\"_ _35\"> </span>\u00e8  emersa <span class=\"_ _35\"> </span>una  capitaliz<span class=\"_ _2\"></span>zazione  di <span class=\"_ _35\"> </span>borsa  pari <span class=\"_ _35\"> </span>ad  un <span class=\"_ _35\"> </span>multiplo  de<span class=\"_ _2\"></span>l patrimonio netto contabile al 31 dicembre 2024 di circa 0<span class=\"_ _1\"></span>,99x. Verifica<span class=\"_ _1\"></span> di ragione<span class=\"_ _1\"></span>volezza <span class=\"_ _1\"></span>comple<span class=\"_ _1\"></span>ssiva Come <span class=\"_ _37\"> </span>messo <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>videnza <span class=\"_ _3d\"> </span>nei <span class=\"_ _3d\"> </span>paragr<span class=\"_ _1\"></span>afi <span class=\"_ _3d\"> </span>pre<span class=\"_ _1\"></span>cedenti <span class=\"_ _3d\"> </span>del <span class=\"_ _37\"> </span>documento, <span class=\"_ _3d\"> </span>sono<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>state <span class=\"_ _37\"> </span>individuate <span class=\"_ _3d\"> </span>e sottoposte ad impairment test la CGU Banking e la CGU Insurance. A <span class=\"_ _3d\"> </span>completamento <span class=\"_ _3d\"> </span>delle <span class=\"_ _3d\"> </span>analisi <span class=\"_ _3d\"> </span>prece<span class=\"_ _1\"></span>dentemente <span class=\"_ _3d\"> </span>descritte <span class=\"_ _3d\"> </span>si  \u00e8<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>proceduto <span class=\"_ _3d\"> </span>ad <span class=\"_ _3d\"> </span>effettuare <span class=\"_ _3d\"> </span>una \u201cverifica <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>ragionevolezza <span class=\"_ _35\"> </span>complessiva\u201d <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>prevede <span class=\"_ _35\"> </span>un <span class=\"_ _0\"></span>confronto <span class=\"_ _35\"> </span>tra <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>contabile <span class=\"_ _0\"> </span>e<span class=\"_ _1\"></span>d <span class=\"_ _35\"> </span>il valore recuperabile del Gruppo Credem<span class=\"_ _1\"></span>. Ai <span class=\"_ _38\"></span>fini <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>tale<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>verifica <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>tato <span class=\"_ _38\"></span>utilizzato <span class=\"_ _38\"></span>quale <span class=\"_ _38\"></span>met<span class=\"_ _1\"></span>odo <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>valutazione <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>D<span class=\"_ _2\"></span>DM <span class=\"_ _38\"></span>nella <span class=\"_ _0\"></span>va<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iante <span class=\"_ _38\"></span>\u201cexcess capital\u201d <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>ati <span class=\"_ _38\"></span>utilizzati <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>stessi <span class=\"_ _0\"></span>par<span class=\"_ _2\"></span>ametri <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>costo <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>apitale, <span class=\"_ _38\"></span>tasso <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>cr<span class=\"_ _2\"></span>escita <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>lungo periodo <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>requisiti <span class=\"_ _35\"> </span>patrimoniali <span class=\"_ _35\"> </span>richiesti <span class=\"_ _35\"> </span>dall\u2019Autorit\u00e0  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>Vigilanza <span class=\"_ _35\"> </span>utilizzati <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>test <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>CGU Banking. I flussi per l\u2019applicazione della metodologia valutativa sono stati desunti dal Preconsuntivo 2024 e Budget 20<span class=\"_ _1\"></span>25 del <span class=\"_ _1\"></span>Gruppo Credem, <span class=\"_ _1\"></span>approvato <span class=\"_ _1\"></span>dal Consiglio di <span class=\"_ _1\"></span>Amministr<span class=\"_ _1\"></span>azione della <span class=\"_ _1\"></span>Capogruppo il 20 <span class=\"_ _3b\"></span>dicembre 2024 <span class=\"_ _3b\"></span>e <span class=\"_ _3b\"></span>da <span class=\"_ _3b\"></span>pr<span class=\"_ _1\"></span>oiezioni, <span class=\"_ _3b\"></span>redatte <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>soli <span class=\"_ _3b\"></span>fini <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _3b\"></span>tes<span class=\"_ _1\"></span>t <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>impairme<span class=\"_ _1\"></span>nt <span class=\"_ _3b\"></span>sugli <span class=\"_ _3b\"></span>avviamenti, <span class=\"_ _2\"></span>relative agli esercizi dal 2026 al 2028. Dal <span class=\"_ _37\"> </span>confro<span class=\"_ _1\"></span>nto <span class=\"_ _37\"> </span>del <span class=\"_ _36\"> </span>valore <span class=\"_ _37\"> </span>contabile <span class=\"_ _37\"> </span>complessivo <span class=\"_ _36\"> </span>relativo <span class=\"_ _37\"> </span>al <span class=\"_ _37\"> </span>Gr<span class=\"_ _1\"></span>uppo <span class=\"_ _37\"> </span>Credem <span class=\"_ _36\"> </span>ed <span class=\"_ _37\"> </span>il <span class=\"_ _36\"> </span>suo <span class=\"_ _37\"> </span>valore recuperabile, non sono emerse indicazioni di riduzione di valore. Anche <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>questo <span class=\"_ _1\"></span>caso s<span class=\"_ _1\"></span>ono s<span class=\"_ _1\"></span>tate <span class=\"_ _1\"></span>effettuate <span class=\"_ _1\"></span>analisi di <span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nsitivit\u00e0 rispetto <span class=\"_ _38\"></span>a variazioni <span class=\"_ _1\"></span>nei <span class=\"_ _1\"></span>valori <span class=\"_ _1\"></span>dei principali <span class=\"_ _48\"> </span>parametr<span class=\"_ _1\"></span>i <span class=\"_ _48\"> </span>al <span class=\"_ _17e\"> </span>fine <span class=\"_ _48\"> </span>di <span class=\"_ _48\"> </span>indivi<span class=\"_ _1\"></span>duare <span class=\"_ _48\"> </span>le <span class=\"_ _17e\"> </span>condizioni <span class=\"_ _48\"> </span>so<span class=\"_ _1\"></span>tto <span class=\"_ _17e\"> </span>cui <span class=\"_ _48\"> </span>il <span class=\"_ _48\"> </span>valore<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>re<span class=\"_ _1\"></span>cuperabile<span class=\"_ _2\"></span> dell\u2019avviamento a <span class=\"_ _2\"></span>livello <span class=\"_ _2\"></span>di Grupp<span class=\"_ _2\"></span>o risulta <span class=\"_ _2\"></span>pari <span class=\"_ _2\"></span>al suo <span class=\"_ _3b\"></span>valore di <span class=\"_ _3b\"></span>bilancio. Le <span class=\"_ _2\"></span>analisi evi<span class=\"_ _2\"></span>denziano anche come <span class=\"_ _37\"> </span>le <span class=\"_ _37\"> </span>differenze <span class=\"_ _37\"> </span>rilevate <span class=\"_ _37\"> </span>nelle <span class=\"_ _37\"> </span>analisi <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>sensitivit\u00e0 <span class=\"_ _37\"> </span>sopra <span class=\"_ _37\"> </span>descritte <span class=\"_ _37\"> </span>assorbano <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>maniera<span class=\"_ _3a1\"> </span>estensiva, <span class=\"_ _17e\"> </span>in <span class=\"_ _17e\"> </span>relazione <span class=\"_ _17e\"> </span>al <span class=\"_ _44\"> </span>climate <span class=\"_ _17e\"> </span>risk <span class=\"_ _17e\"> </span>del <span class=\"_ _17e\"> </span>Gruppo <span class=\"_ _44\"> </span>Credem, <span class=\"_ _44\"> </span>gli <span class=\"_ _17e\"> </span>impatti <span class=\"_ _17e\"> </span>stimati <span class=\"_ _17e\"> </span>in <span class=\"_ _17e\"> </span>uno scenario avverso.<span class=\"_ _3a1\"> </span>Alla <span class=\"_ _3d\"> </span>luce <span class=\"_ _37\"> </span>dei <span class=\"_ _37\"> </span>risultati <span class=\"_ _37\"> </span>sopra <span class=\"_ _37\"> </span>descritti <span class=\"_ _3d\"> </span>in <span class=\"_ _37\"> </span>relazione <span class=\"_ _37\"> </span>alla <span class=\"_ _37\"> </span>verifica <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>ragionevolezza <span class=\"_ _37\"> </span>complessiva effettuata <span class=\"_ _3a\"> </span>con <span class=\"_ _3f\"> </span>riferimento <span class=\"_ _3a\"> </span>al <span class=\"_ _3a\"> </span>Gruppo <span class=\"_ _3a\"> </span>Credem, <span class=\"_ _3a\"> </span>si <span class=\"_ _3f\"> </span>pu\u00f2 <span class=\"_ _3a\"> </span>concludere <span class=\"_ _3a\"> </span>che <span class=\"_ _3a\"> </span>non <span class=\"_ _3a\"> </span>sono <span class=\"_ _3a\"> </span>emerse indicazioni di riduzione di valore.<span class=\"_ _3a1\"> </span>Il <span class=\"_ _1\"></span>modello <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>determinazione <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>valore <span class=\"_ _1\"></span>d\u2019uso <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>stato <span class=\"_ _1\"></span>inoltre <span class=\"_ _38\"></span>sottoposto <span class=\"_ _38\"></span>ad <span class=\"_ _1\"></span>analisi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>sensitivit\u00e0 <span class=\"_ _0\"></span>al fine <span class=\"_ _48\"> </span>di <span class=\"_ _48\"> </span>apprezzare <span class=\"_ _3a\"> </span>la <span class=\"_ _48\"> </span>variazione <span class=\"_ _48\"> </span>dei <span class=\"_ _48\"> </span>risultati <span class=\"_ _48\"> </span>ottenuti <span class=\"_ _48\"> </span>al <span class=\"_ _48\"> </span>variare <span class=\"_ _3a\"> </span>dei <span class=\"_ _48\"> </span>parametri <span class=\"_ _48\"> </span>valutativi adottati. <span class=\"_ _17e\"> </span>Dalle <span class=\"_ _44\"> </span>analisi <span class=\"_ _44\"> </span>svolte, <span class=\"_ _44\"> </span>non <span class=\"_ _44\"> </span>sono <span class=\"_ _44\"> </span>emerse <span class=\"_ _44\"> </span>indicazioni <span class=\"_ _17e\"> </span>di <span class=\"_ _44\"> </span>riduzione <span class=\"_ _44\"> </span>di <span class=\"_ _44\"> </span>valore <span class=\"_ _44\"> </span>con riferimento <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>CGU <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>esame <span class=\"_ _38\"></span>considerando <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>variazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>costo <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>capitale <span class=\"_ _0\"></span>(ke) <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>+/- <span class=\"_ _1\"></span>50 bps. <span class=\"_ _36\"> </span>Inoltre, <span class=\"_ _39\"> </span>In <span class=\"_ _36\"> </span>una <span class=\"_ _36\"> </span>logica <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>stress <span class=\"_ _36\"> </span>test, <span class=\"_ _39\"> </span>si <span class=\"_ _36\"> </span>segnala <span class=\"_ _36\"> </span>che <span class=\"_ _39\"> </span>anche <span class=\"_ _36\"> </span>considerando <span class=\"_ _39\"> </span>un <span class=\"_ _36\"> </span>tasso <span class=\"_ _36\"> </span>di attualizzazione  del  7,50%  (incremento <span class=\"_ _3d\"> </span>di  circa <span class=\"_ _3d\"> </span>100  bps)  nonch\u00e9 <span class=\"_ _3d\"> </span>un  incremento <span class=\"_ _3d\"> </span>del  Solvency Capital <span class=\"_ _3f\"> </span>Requirement <span class=\"_ _3f\"> </span>atteso <span class=\"_ _3f\"> </span>del <span class=\"_ _39\"> </span>10% <span class=\"_ _3f\"> </span>(incremento <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>circa <span class=\"_ _3f\"> </span>1000 <span class=\"_ _39\"> </span>bps) <span class=\"_ _3a\"> </span>non <span class=\"_ _39\"> </span>si <span class=\"_ _3f\"> </span>rileverebbero rettifiche di valore.<span class=\"fc1 ws14\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-870": {
   "value": "<div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gsce1\">Sezione <span class=\"_ _1\"></span>11 \u2013 Le a<span class=\"_ _1\"></span>tt<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gsce2\">ivit\u00e0 fi<span class=\"_ _1\"></span>scali e le<span class=\"_ _1\"></span> passivit<span class=\"_ _1\"></span>\u00e0 fiscali \u2013 <span class=\"_ _1\"></span>Voce 1<span class=\"_ _1\"></span>10 dell\u2019<span class=\"_ _1\"></span>attivo e Vo<span class=\"_ _1\"></span>ce 60 del<span class=\"_ _1\"></span> passivo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsce3\">Le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _38\"></span>fiscali <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _1\"></span>fiscali <span class=\"_ _1\"></span>correnti <span class=\"_ _38\"></span>comprendono <span class=\"_ _1\"></span>l\u2019ammontare <span class=\"_ _38\"></span>netto <span class=\"_ _1\"></span>(debito <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>credito) </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsce4\">IRES <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _0\"></span>IRAP, <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>netto <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>rediti <span class=\"_ _0\"></span>d\u2019imposta <span class=\"_ _0\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>degli <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>cconti, <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>l\u2019addizionale <span class=\"_ _0\"></span>IRES, <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>vista <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>g<span class=\"_ _2\"></span>li </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsce5\">intermediari finanziari ai sensi dell\u2019art.12, comma 3, del Decreto Legislativo n.142 del 29 novembre </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsce6\">2018.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsce7\">Ai fini delle imposte dire<span class=\"_ _1\"></span>tte, risultano definiti, per decorrenza dei t<span class=\"_ _1\"></span>ermini di cui all\u2019art. 43 del <span class=\"_ _1\"></span>D.P.R. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsce8\">29/9/1973, n. 600, i periodi di imposta chiusi al 31/12/2018. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsce9\">I rischi <span class=\"_ _1\"></span>derivanti dal <span class=\"_ _1\"></span>contenzioso fiscale <span class=\"_ _1\"></span>del Gruppo <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>presidiati da ade<span class=\"_ _1\"></span>guati accantonamenti <span class=\"_ _1\"></span>a </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscea\">fondi per rischi e oneri.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsceb\">Con <span class=\"_ _3b\"></span>riguardo <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>lla <span class=\"_ _3b\"></span>capogruppo, <span class=\"_ _3b\"></span>sono in <span class=\"_ _184\"></span>es<span class=\"_ _1\"></span>sere <span class=\"_ _3b\"></span>11 p<span class=\"_ _3b\"></span>ro<span class=\"_ _1\"></span>cedimenti <span class=\"_ _3b\"></span>contenziosi, <span class=\"_ _3b\"></span>affere<span class=\"_ _1\"></span>nti <span class=\"_ _3b\"></span>principalmente </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscec\">a <span class=\"_ _1\"></span>tributi <span class=\"_ _1\"></span>locali <span class=\"_ _38\"></span>o <span class=\"_ _1\"></span>conseguenti <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>dinieghi <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>istanze <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rimborso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>imposte <span class=\"_ _38\"></span>presentate <span class=\"_ _1\"></span>dalla <span class=\"_ _38\"></span>banca. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsced\">Relativamente a tali c<span class=\"_ _2\"></span>ontenziosi non sono emersi <span class=\"_ _2\"></span>rischi effettivi o <span class=\"_ _3b\"></span>quanto meno<span class=\"_ _1\"></span> il <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio stimato \u00e8<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscee\">apparso remoto. Per questa ragione non sono stati e<span class=\"_ _1\"></span>ffettuati accantonamenti specifici.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscef\">Per Credemleasing pendono 30<span class=\"_ _2\"></span> procedimenti contenziosi, <span class=\"_ _2\"></span>prevalentemente relativi a <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ributi locali. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gscf0\">Iscrizione e<span class=\"_ _1\"></span> misurazione di attivit\u00e0 per<span class=\"_ _1\"></span> imposte differite<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs634\">Nell\u2019attivo <span class=\"_ _0\"></span>dello<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>stato <span class=\"_ _38\"></span>patrimoniale <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>presenti <span class=\"_ _0\"></span>le<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>\u201ca<span class=\"_ _2\"></span>ttivit\u00e0 <span class=\"_ _38\"></span>fiscali <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>impos<span class=\"_ _2\"></span>te <span class=\"_ _0\"></span>anticip<span class=\"_ _2\"></span>ate\u201d, <span class=\"_ _0\"></span>DTA<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs635\">ovvero  Deferred  Tax  Asset,  principalmente  derivanti  da  differenze  temporanee  tra  la  data  di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscf1\">iscrizione <span class=\"_ _35\"> </span>nel <span class=\"_ _35\"> </span>conto <span class=\"_ _35\"> </span>economico <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>costi <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>data <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>quale <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>costi <span class=\"_ _35\"> </span>medesimi <span class=\"_ _35\"> </span>potranno <span class=\"_ _35\"> </span>essere </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscf2\">dedotti. <span class=\"_ _3b\"></span>Tali <span class=\"_ _3b\"></span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _3b\"></span>iscrit<span class=\"_ _1\"></span>te <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>bilancio <span class=\"_ _2\"></span>si <span class=\"_ _3b\"></span>rife<span class=\"_ _1\"></span>riscono <span class=\"_ _3b\"></span>a di<span class=\"_ _2\"></span>fferenze <span class=\"_ _3b\"></span>tempor<span class=\"_ _1\"></span>anee <span class=\"_ _3b\"></span>recuperabili <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>u<span class=\"_ _1\"></span>n <span class=\"_ _3b\"></span>arco </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscf3\">temporale <span class=\"_ _1\"></span>abbastanza lungo. Le<span class=\"_ _1\"></span> att<span class=\"_ _1\"></span>ivit\u00e0 per <span class=\"_ _1\"></span>imposte a<span class=\"_ _1\"></span>nticipate vengono <span class=\"_ _1\"></span>svalutate nella <span class=\"_ _1\"></span>misura <span class=\"_ _1\"></span>in<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscf4\">cui  le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>stesse <span class=\"_ _37\"> </span>vengono  r<span class=\"_ _1\"></span>itenute <span class=\"_ _3d\"> </span>non <span class=\"_ _3d\"> </span>recuperabili <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>relazione <span class=\"_ _3d\"> </span>alle <span class=\"_ _3d\"> </span>pro<span class=\"_ _1\"></span>spettive <span class=\"_ _3d\"> </span>reddituali  ed <span class=\"_ _37\"> </span>ai </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscf5\">conseguenti <span class=\"_ _1\"></span>redditi <span class=\"_ _1\"></span>imponibili att<span class=\"_ _1\"></span>esi, t<span class=\"_ _1\"></span>enuto <span class=\"_ _1\"></span>altres\u00ec <span class=\"_ _1\"></span>conto della <span class=\"_ _1\"></span>normat<span class=\"_ _1\"></span>iva fiscale<span class=\"_ _1\"></span>, che <span class=\"_ _1\"></span>consente <span class=\"_ _1\"></span>la </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscf6\">loro <span class=\"_ _37\"> </span>trasformazione <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>crediti <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>imposta, <span class=\"_ _37\"> </span>al <span class=\"_ _3d\"> </span>ricor<span class=\"_ _1\"></span>rere <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>determinate <span class=\"_ _37\"> </span>condizioni. <span class=\"_ _3d\"> </span>Il <span class=\"_ _37\"> </span>processo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs63c\">valutativo \u00e8 fondato sulle prospettive reddituali. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscf7\">Le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _38\"></span>imposte <span class=\"_ _38\"></span>anticipate <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>iscritte <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>bilancio <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>lla <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>isura <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>cui <span class=\"_ _38\"></span>es<span class=\"_ _1\"></span>iste <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>probabilit\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscf8\">del <span class=\"_ _0\"></span>loro <span class=\"_ _38\"></span>recuper<span class=\"_ _1\"></span>o, <span class=\"_ _0\"></span>valutata <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>\u201cProbabil<span class=\"_ _2\"></span>ity <span class=\"_ _0\"></span>test\u201d <span class=\"_ _0\"></span>previsto <span class=\"_ _38\"></span>dallo <span class=\"_ _0\"></span>IAS12 <span class=\"_ _0\"></span>sulla <span class=\"_ _38\"></span>base <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>capacit\u00e0<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscf9\">fiscale <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>Banca <span class=\"_ _1\"></span>e delle <span class=\"_ _1\"></span>societ\u00e0 <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Gruppo <span class=\"_ _1\"></span>di ge<span class=\"_ _1\"></span>nerare <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>continui<span class=\"_ _2\"></span>t\u00e0 <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dditi imponibili <span class=\"_ _1\"></span>positivi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscfa\">nei futuri esercizi, tenuto conto delle disposizioni fiscali vigenti. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscfb\">L\u2019ammontare <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>imposte <span class=\"_ _0\"></span>anticip<span class=\"_ _2\"></span>ate <span class=\"_ _0\"></span>iscritto <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>bilancio <span class=\"_ _38\"></span>viene <span class=\"_ _0\"></span>sottoposto <span class=\"_ _0\"></span>a <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>est <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>gni <span class=\"_ _38\"></span>anno, <span class=\"_ _0\"></span>per </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs642\">verificare <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>suss<span class=\"_ _1\"></span>ista <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>meno <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>probabilit\u00e0 <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>societ\u00e0 <span class=\"_ _1\"></span>interessat<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>consegua <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>futuro <span class=\"_ _1\"></span>risultati </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscfc\">imponibili <span class=\"_ _35\"> </span>tali <span class=\"_ _0\"></span>da <span class=\"_ _35\"> </span>consent<span class=\"_ _1\"></span>ire <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>riassorbimento <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>imposte <span class=\"_ _0\"></span>anticipate <span class=\"_ _35\"> </span>iscritte <span class=\"_ _35\"> </span>nei <span class=\"_ _35\"> </span>precedenti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscfd\">periodi d\u2019imposta.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscfe\">Con <span class=\"_ _35\"> </span>riferimento <span class=\"_ _35\"> </span>all\u2019iscrivibilit\u00e0 <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>imposte <span class=\"_ _0\"> </span>a<span class=\"_ _1\"></span>nticipate <span class=\"_ _35\"> </span>ed <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>loro<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>mantenimento <span class=\"_ _35\"> </span>in<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gscff\">bilancio <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>opportuno <span class=\"_ _0\"></span>richiamare <span class=\"_ _0\"></span>alcune <span class=\"_ _0\"></span>import<span class=\"_ _1\"></span>anti <span class=\"_ _0\"></span>modifiche <span class=\"_ _0\"></span>normative <span class=\"_ _0\"></span>introdotte<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>partire <span class=\"_ _0\"></span>dal </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd00\">2011 <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>materia <span class=\"_ _38\"></span>fiscale <span class=\"_ _38\"></span>che, <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>vedendo <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>trasformazione <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>imposte <span class=\"_ _38\"></span>anticipate <span class=\"_ _38\"></span>in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd01\">crediti <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>imposta <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>predeterminate ipotesi, <span class=\"_ _3b\"></span>hanno <span class=\"_ _3b\"></span>introdotto la<span class=\"_ _3b\"></span> modali<span class=\"_ _2\"></span>t\u00e0 d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>re<span class=\"_ _1\"></span>cupero <span class=\"_ _3b\"></span>delle i<span class=\"_ _2\"></span>mposte </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd02\">anticipate <span class=\"_ _1\"></span>attive t<span class=\"_ _1\"></span>ale <span class=\"_ _1\"></span>da assicurare <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>loro r<span class=\"_ _1\"></span>iassorbimento a <span class=\"_ _1\"></span>prescindere <span class=\"_ _1\"></span>dalla <span class=\"_ _1\"></span>capacit\u00e0 di <span class=\"_ _1\"></span>generare </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd03\">una redditivit\u00e0. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd04\">Con <span class=\"_ _3b\"></span>la pubblicazione <span class=\"_ _3b\"></span>in Gazzetta <span class=\"_ _3b\"></span>Ufficiale <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lla <span class=\"_ _3b\"></span>Legge 30 <span class=\"_ _3b\"></span>dicembre<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>2024, <span class=\"_ _2\"></span>n. <span class=\"_ _3b\"></span>207<span class=\"_ _1\"></span>, <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ubricata <span class=\"_ _3b\"></span>\u201cB<span class=\"_ _1\"></span>ilancio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs64c\">di <span class=\"_ _2\"></span>previsione dello <span class=\"_ _2\"></span>Stato <span class=\"_ _2\"></span>per l'anno <span class=\"_ _3b\"></span>finanziario 2025 <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> bi<span class=\"_ _2\"></span>lancio p<span class=\"_ _2\"></span>luriennale pe<span class=\"_ _2\"></span>r il <span class=\"_ _3b\"></span>triennio 2025-2027\u201d </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd05\">(cd. <span class=\"_ _1\"></span>\u201cLegge <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>Bilancio <span class=\"_ _1\"></span>2025\u201d<span class=\"_ _1\"></span>), <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>Par<span class=\"_ _1\"></span>lamento <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>intr<span class=\"_ _1\"></span>odotto <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>ser<span class=\"_ _1\"></span>ie <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>misure <span class=\"_ _38\"></span>rilevanti <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>materia </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd06\">fiscale. <span class=\"_ _1\"></span>In par<span class=\"_ _1\"></span>ticolare <span class=\"_ _1\"></span>l\u2019art. 1, <span class=\"_ _1\"></span>commi <span class=\"_ _1\"></span>14-15, <span class=\"_ _1\"></span>prevede <span class=\"_ _1\"></span>un nuovo <span class=\"_ _1\"></span>differime<span class=\"_ _1\"></span>nto per <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>regime <span class=\"_ _1\"></span>transitorio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd07\">di <span class=\"_ _0\"></span>dedu<span class=\"_ _2\"></span>cibilit\u00e0, <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>fini <span class=\"_ _38\"></span>IRES <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>IRAP, <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>lle <span class=\"_ _0\"></span>svalu<span class=\"_ _2\"></span>tazioni <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>perdite <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>rediti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>banc<span class=\"_ _2\"></span>he, <span class=\"_ _0\"></span>societ\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd08\">finanziarie  e<span class=\"_ _1\"></span>  assicurazioni <span class=\"_ _3d\"> </span>di  cui  all\u2019articolo <span class=\"_ _3d\"> </span>16 <span class=\"_ _3d\"> </span>del  decreto-legge <span class=\"_ _3d\"> </span>27 <span class=\"_ _3d\"> </span>giugno  2015, <span class=\"_ _3d\"> </span>n.  83.Nello </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd09\">specifico, <span class=\"_ _35\"> </span>viene <span class=\"_ _35\"> </span>previsto <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>differimento<span class=\"_ _1\"></span>, <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>quote <span class=\"_ _35\"> </span>costanti, <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>periodo <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>imposta <span class=\"_ _35\"> </span>2026 <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>ai <span class=\"_ _35\"> </span>tre </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd0a\">successivi, <span class=\"_ _1\"></span>della de<span class=\"_ _1\"></span>duzione <span class=\"_ _1\"></span>IRES <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>IRAP <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>11% <span class=\"_ _1\"></span>dell\u2019ammontare <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>component<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>negativi <span class=\"_ _1\"></span>prevista </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd0b\">per il 20<span class=\"_ _1\"></span>25 e il <span class=\"_ _1\"></span>differimento, in quote costanti, <span class=\"_ _1\"></span>al periodo di <span class=\"_ _1\"></span>imposta 2027 e <span class=\"_ _1\"></span>ai due successivi, della </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd0c\">deduzione <span class=\"_ _35\"> </span>IRES <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>IR<span class=\"_ _2\"></span>AP <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>4,7% <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>ll\u2019ammontare <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>componenti <span class=\"_ _35\"> </span>negativi <span class=\"_ _35\"> </span>prevista <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>2026. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd0d\">L\u2019art.1, <span class=\"_ _0\"></span>comma <span class=\"_ _0\"></span>16 <span class=\"_ _0\"></span>prevede <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>differimento, <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>quote <span class=\"_ _0\"></span>costanti,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>periodo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>imposta <span class=\"_ _0\"></span>2026 <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>tr<span class=\"_ _2\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd0e\">successivi della dedu<span class=\"_ _2\"></span>zione IRES e I<span class=\"_ _2\"></span>RAP del 13%<span class=\"_ _3b\"></span> del piano di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ientro dello stock dell\u2019<span class=\"_ _2\"></span>ammortamento </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs657\">di <span class=\"_ _0\"></span>avviame<span class=\"_ _1\"></span>nto <span class=\"_ _0\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>altre <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _0\"></span>immateriali  <span class=\"_ _35\"> </span>prevista <span class=\"_ _35\"> </span>per <span class=\"_ _0\"></span>l\u2019anno <span class=\"_ _0\"> </span>20<span class=\"_ _1\"></span>25 <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>fferimento <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>quote </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd0f\">costanti <span class=\"_ _1\"></span>al periodo <span class=\"_ _1\"></span>di imposta <span class=\"_ _1\"></span>2027 e <span class=\"_ _1\"></span>i due <span class=\"_ _1\"></span>successivi <span class=\"_ _1\"></span>della quota <span class=\"_ _1\"></span>del 13<span class=\"_ _1\"></span>% deducibile, ai <span class=\"_ _1\"></span>fini IRES <span class=\"_ _1\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd10\">IRAP, <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>l\u2019anno <span class=\"_ _1\"></span>20<span class=\"_ _1\"></span>26; <span class=\"_ _1\"></span>l\u2019art<span class=\"_ _1\"></span>. <span class=\"_ _38\"></span>1, <span class=\"_ _38\"></span>comma <span class=\"_ _38\"></span>17<span class=\"_ _1\"></span>, <span class=\"_ _38\"></span>inoltre, <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>evede <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>differimento <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>piano <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ientro <span class=\"_ _38\"></span>delle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd11\">quote <span class=\"_ _37\"> </span>deducibili <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>iferibili <span class=\"_ _37\"> </span>ai co<span class=\"_ _1\"></span>mponenti <span class=\"_ _37\"> </span>ne<span class=\"_ _1\"></span>gativi <span class=\"_ _37\"> </span>emers<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>in <span class=\"_ _36\"> </span>sede <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>prima <span class=\"_ _36\"> </span>adozione <span class=\"_ _36\"> </span>dell\u2019IFRS<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd12\">9 applicabile agli <span class=\"_ _2\"></span>intermediari finanziari. Pi\u00f9 <span class=\"_ _2\"></span>precisamente, si <span class=\"_ _3b\"></span>prevede che la <span class=\"_ _3b\"></span>quota del <span class=\"_ _3b\"></span>1<span class=\"_ _1\"></span>0 <span class=\"_ _2\"></span>per cent<span class=\"_ _3b\"></span>o </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd13\">deducibile, <span class=\"_ _3b\"></span>ai <span class=\"_ _3b\"></span>fini <span class=\"_ _2\"></span>IRES <span class=\"_ _3b\"></span>ed IRA<span class=\"_ _2\"></span>P, <span class=\"_ _3b\"></span>n<span class=\"_ _1\"></span>el <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span>iodo <span class=\"_ _3b\"></span>d\u2019imposta <span class=\"_ _3b\"></span>20<span class=\"_ _1\"></span>25 <span class=\"_ _3b\"></span>sia d<span class=\"_ _2\"></span>ifferita, <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>quote <span class=\"_ _3b\"></span>costanti, <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>periodo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd15\">d\u2019imposta <span class=\"_ _1\"></span>2026 <span class=\"_ _38\"></span>ed <span class=\"_ _1\"></span>ai <span class=\"_ _38\"></span>successivi <span class=\"_ _1\"></span>tre <span class=\"_ _38\"></span>periodi <span class=\"_ _1\"></span>d\u2019imposta; <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>quota <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>10 <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>cento <span class=\"_ _1\"></span>deducibile, <span class=\"_ _1\"></span>ai <span class=\"_ _38\"></span>fini </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd16\">IRES e<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd17\">d IRAP, n<span class=\"_ _2\"></span>el periodo <span class=\"_ _2\"></span>d\u2019imposta 2026 <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ia differita, <span class=\"_ _2\"></span>in q<span class=\"_ _2\"></span>uote costanti, <span class=\"_ _2\"></span>al periodo d\u2019<span class=\"_ _2\"></span>imposta 2027<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd18\">ed ai <span class=\"_ _3b\"></span>success<span class=\"_ _1\"></span>ivi <span class=\"_ _2\"></span>due p<span class=\"_ _2\"></span>eriodi d\u2019imposta. Con <span class=\"_ _3b\"></span>l\u2019art.1 comma 18, <span class=\"_ _3b\"></span>e con <span class=\"_ _2\"></span>esclusivo riferimento al <span class=\"_ _3b\"></span>periodo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd19\">d\u2019imposta <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>corso <span class=\"_ _0\"> </span>a<span class=\"_ _1\"></span>l <span class=\"_ _35\"> </span>31 <span class=\"_ _35\"> </span>dicem<span class=\"_ _2\"></span>bre <span class=\"_ _35\"> </span>2025, <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>introduce, <span class=\"_ _0\"></span>anche <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>societ\u00e0 <span class=\"_ _35\"> </span>ch<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>partecipano <span class=\"_ _35\"> </span>al<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd1a\">consolidato fiscale <span class=\"_ _1\"></span>nella determinazione <span class=\"_ _1\"></span>del reddito <span class=\"_ _1\"></span>complessivo da a<span class=\"_ _1\"></span>ssoggettare alla t<span class=\"_ _1\"></span>assazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd1b\">di  g<span class=\"_ _2\"></span>ruppo,  una limitazione  temporanea  all\u2019uso delle perdite  fis<span class=\"_ _2\"></span>cali  p<span class=\"_ _2\"></span>regre<span class=\"_ _1\"></span>sse e  delle eccedenze<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd1c\">residue di ACE, <span class=\"_ _2\"></span>che potranno essere utili<span class=\"_ _2\"></span>zzate in misura<span class=\"_ _2\"></span> non sup<span class=\"_ _2\"></span>eriore al 54 per cen<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>o dello stesso<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd1d\">maggior  r<span class=\"_ _2\"></span>eddito  i<span class=\"_ _2\"></span>mponibile, <span class=\"_ _35\"> </span>relativo  sempre <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>medesimo  p<span class=\"_ _2\"></span>eriodo <span class=\"_ _35\"> </span>d\u2019imposta,  che<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>emer<span class=\"_ _1\"></span>ge <span class=\"_ _35\"> </span>per </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd1e\">effetto <span class=\"_ _39\"> </span>dei <span class=\"_ _39\"> </span>citati <span class=\"_ _39\"> </span>differimenti <span class=\"_ _36\"> </span>delle <span class=\"_ _39\"> </span>de<span class=\"_ _1\"></span>duzioni <span class=\"_ _36\"> </span>re<span class=\"_ _1\"></span>lative <span class=\"_ _39\"> </span>alle <span class=\"_ _36\"> </span>svalutazioni <span class=\"_ _39\"> </span>e <span class=\"_ _39\"> </span>perdite <span class=\"_ _39\"> </span>su <span class=\"_ _39\"> </span>crediti, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd1f\">ammortamento <span class=\"_ _1\"></span>dell\u2019avviamento <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>altre att<span class=\"_ _1\"></span>ivit\u00e0 materiali <span class=\"_ _1\"></span>e, <span class=\"_ _1\"></span>infine, <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>componenti <span class=\"_ _1\"></span>negativi rilevat<span class=\"_ _1\"></span>i<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd20\">in <span class=\"_ _3b\"></span>sede d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>prima <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>pplicazione <span class=\"_ _3b\"></span>del <span class=\"_ _3b\"></span>principio <span class=\"_ _2\"></span>contabile <span class=\"_ _3b\"></span>IFRS <span class=\"_ _3b\"></span>9; l\u2019articolo <span class=\"_ _3b\"></span>1, <span class=\"_ _3b\"></span>commi 862-<span class=\"_ _2\"></span>863, <span class=\"_ _3b\"></span>della <span class=\"_ _3b\"></span>Le<span class=\"_ _1\"></span>gge </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd21\">di <span class=\"_ _3d\"> </span>Bilancio <span class=\"_ _37\"> </span>2025 <span class=\"_ _3d\"> </span>ha <span class=\"_ _3d\"> </span>mo<span class=\"_ _1\"></span>dificato <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>re<span class=\"_ _1\"></span>gime <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>deducibilit\u00e0 <span class=\"_ _3d\"> </span>in <span class=\"_ _37\"> </span>relazione <span class=\"_ _3d\"> </span>ai <span class=\"_ _3d\"> </span>piani <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>stock <span class=\"_ _37\"> </span>option </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd22\">riconosciuti <span class=\"_ _39\"> </span>ai <span class=\"_ _36\"> </span>lavorato<span class=\"_ _1\"></span>ri <span class=\"_ _39\"> </span>dipendenti <span class=\"_ _36\"> </span>e <span class=\"_ _39\"> </span>amministratori. <span class=\"_ _39\"> </span>Viene <span class=\"_ _36\"> </span>introdotto<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>il <span class=\"_ _39\"> </span>nuovo <span class=\"_ _36\"> </span>com<span class=\"_ _1\"></span>ma <span class=\"_ _39\"> </span>6-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd23\">bis nell\u2019articolo <span class=\"_ _3d\"> </span>95,  Tuir, <span class=\"_ _3d\"> </span>riconoscendo <span class=\"_ _3d\"> </span>ai <span class=\"_ _3d\"> </span>soggetti  che <span class=\"_ _3d\"> </span>redigono  il <span class=\"_ _3d\"> </span>bilancio  in <span class=\"_ _3d\"> </span>base <span class=\"_ _3d\"> </span>ai <span class=\"_ _3d\"> </span>principi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd24\">contabili <span class=\"_ _2\"></span>internazionali Ias/Ifrs l<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>deducibilit\u00e0 dei <span class=\"_ _3b\"></span>compone<span class=\"_ _1\"></span>nti neg<span class=\"_ _2\"></span>ativi imp<span class=\"_ _2\"></span>utati a <span class=\"_ _2\"></span>Conto economico<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd25\">riferiti  alle <span class=\"_ _35\"> </span>operazioni <span class=\"_ _35\"> </span>con  pagamento <span class=\"_ _35\"> </span>basato  su <span class=\"_ _35\"> </span>azioni <span class=\"_ _35\"> </span>(c.d. stock  option) <span class=\"_ _35\"> </span>regolate  con <span class=\"_ _35\"> </span>propri </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd26\">strumenti rappresentativi <span class=\"_ _3b\"></span>di capitale ovvero <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>n azi<span class=\"_ _2\"></span>oni di <span class=\"_ _3b\"></span>altre<span class=\"_ _1\"></span> soci<span class=\"_ _2\"></span>et\u00e0 del g<span class=\"_ _2\"></span>ruppo solo <span class=\"_ _3b\"></span>al momento </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd27\">di assegnazione di <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ali strumenti. I<span class=\"_ _2\"></span>n tale momento, <span class=\"_ _2\"></span>sono, altres\u00ec, ri<span class=\"_ _2\"></span>conosciuti i maggiori v<span class=\"_ _2\"></span>alori delle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd28\">partecipazioni iscritti in bilancio dalle societ\u00e0 del gruppo i cui strumenti rappresentativi di capitale </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd29\">sono assegnati a seguito di<span class=\"_ _2\"></span> tali operazioni. Il <span class=\"_ _2\"></span>criterio di deducibilit\u00e0 al momento di <span class=\"_ _2\"></span>assegnazione ai </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd2a\">beneficiari del pian<span class=\"_ _2\"></span>o di stock option si ap<span class=\"_ _2\"></span>plica alle op<span class=\"_ _2\"></span>erazioni con <span class=\"_ _2\"></span>pagamento basato su azi<span class=\"_ _2\"></span>oni i <span class=\"_ _2\"></span>cui </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd2b\">oneri sono <span class=\"_ _3b\"></span>rilevati per <span class=\"_ _3b\"></span>la prima <span class=\"_ _3b\"></span>volta nei <span class=\"_ _3b\"></span>bilanci riferiti all<span class=\"_ _2\"></span>\u2019esercizio i<span class=\"_ _3b\"></span>n corso alla <span class=\"_ _3b\"></span>data del <span class=\"_ _3b\"></span>31 dicembre<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd2c\">2025 oppure nei successivi. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsd2d\">11.1 Attivit\u00e0 per<span class=\"_ _1\"></span> imposte anticipate: co<span class=\"_ _1\"></span>mposizione </div><div class=\"gsd2e\"><table class=\"s w9de h22f\" id=\"_f2f12f1d-1487-4533-a158-ac898a1401f4\"><tr><td></td><td></td><td></td><td class=\"t m2 x67c h12 y5a30 ff4 fs7 fc1 sc2 ls0 ws0\">IRES <span class=\"_ _5c\"> </span>IRAP <span class=\"_ _19\"> </span>Totale </td></tr><tr><td class=\"c n x2d7 y5578 w9df h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Rettifiche di valore su cred<span class=\"_ _3b\"></span>iti v<span class=\"_ _1\"></span>erso cl<span class=\"_ _2\"></span>ientela<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeb9 y5578 w9e0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">21.780<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xeba h12 y5a31 ff4 fs7 fc1 sc0 ls0 ws0\">2.818<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y5a31 ff4 fs7 fc1 sc0 ls0 ws0\">24.598<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a32 w9e1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Svalutazione di strument<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span> finanziari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xebb y5a32 w9e2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">166.293<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xebc h12 y5a33 ff4 fs7 fc1 sc0 ls0 ws0\">41.010<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x795 h12 y5a33 ff4 fs7 fc1 sc0 ls0 ws0\">207.303<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a34 w9e3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Spese di rappresentanza ed<span class=\"_ _2\"></span> avviamento<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xebd y5a34 w9e4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7.982<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xebe h12 y5a35 ff4 fs7 fc1 sc0 ls0 ws0\">1.614<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e5 h12 y5a35 ff4 fs7 fc1 sc0 ls0 ws0\">9.596<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a36 w9e5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Crediti di firma, revoca<span class=\"_ _2\"></span>torie fallimentari e cau<span class=\"_ _3b\"></span>se l<span class=\"_ _1\"></span>egali in corso<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xebf y5a36 w9e6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.984<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x987 h12 y5a37 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x780 h12 y5a37 ff4 fs7 fc1 sc0 ls0 ws0\">1.984<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5580 w9e7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Accantonamenti per <span class=\"_ _2\"></span>spese per il per<span class=\"_ _2\"></span>sonale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xec0 y5580 w659 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">34.520<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xeba h12 y5a38 ff4 fs7 fc1 sc0 ls0 ws0\">6.813<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y5a38 ff4 fs7 fc1 sc0 ls0 ws0\">41.333<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5582 w9e8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xec1 y5582 w9e9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _2\"></span>10.818<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xeba h12 y5a39 ff4 fs7 fc1 sc0 ls0 ws0\">7.454<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y5a39 ff4 fs7 fc1 sc0 ls0 ws0\">118.272<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x90a h12 y5a3a ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fb h12 y5a3a ff4 fs7 fc1 sc2 ls0 ws0\">343.377<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x746 h12 y5a3a ff4 fs7 fc1 sc2 ls0 ws0\">59.709<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x795 h12 y5a3a ff4 fs7 fc1 sc2 ls0 ws0\">403.086<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsd2f\">11.2 Passivit\u00e0 per<span class=\"_ _1\"></span> imposte differite<span class=\"_ _1\"></span>: composizione<span class=\"_ _3a1\"> </span></div><div class=\"gsd30\"><table class=\"s w9d2 h22e\" id=\"_45f54fb1-561d-467c-909a-a0eaf6965055\"><tr><td></td><td class=\"t m2 xdda h12 y5a2b ff4 fs7 fc1 sc2 ls0 ws0\">IRES<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c8 h12 y5a2b ff4 fs7 fc1 sc2 ls0 ws0\">IRAP<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h12 y5a2b ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a2c w9d3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Plusvalenze strument<span class=\"_ _2\"></span>i finanziari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeae y5a2c w9d4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">32.122<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeaf y5a2c w9d5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9.565<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeb0 y5a2c w9d6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">41.687<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a2d w9d7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Accantonamenti effettu<span class=\"_ _3b\"></span>at<span class=\"_ _1\"></span>i esclusiva<span class=\"_ _2\"></span>mente in ambito fisca<span class=\"_ _2\"></span>le<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeb1 y5a2d w9d8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">64.743<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeb2 y5a2d w9d9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13.113<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeb3 y5a2d w9da h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">77.856<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a2e w9db h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Altre residuali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeb4 y5a2e w9dc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">135.038<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeb5 y5a2e w78b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">36.419<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeb6 y5a2e w9dd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">171.457<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x7c2 h12 y5a2f ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeb7 h12 y5a2f ff4 fs7 fc1 sc2 ls0 ws0\">231.903<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeb8 h12 y5a2f ff4 fs7 fc1 sc2 ls0 ws0\">59.097<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd4c h12 y5a2f ff4 fs7 fc1 sc2 ls0 ws0\">291.000<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd31\">Gli <span class=\"_ _1\"></span>accant<span class=\"_ _1\"></span>onamenti <span class=\"_ _38\"></span>effettuati <span class=\"_ _38\"></span>esclusivamente <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>ambito <span class=\"_ _38\"></span>fiscale <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iferiti <span class=\"_ _1\"></span>alle <span class=\"_ _0\"></span>imp<span class=\"_ _2\"></span>oste <span class=\"_ _38\"></span>differite </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd32\">su avviamenti. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsd34\">11.3 Variazioni del<span class=\"_ _1\"></span>le imposte ant<span class=\"_ _1\"></span>icipate (in contropartit<span class=\"_ _1\"></span>a del conto economico)<span class=\"_ _3a1\"> </span></div><div class=\"gsd35\"><table class=\"s w9ea h230\" id=\"_103c4fb1-3130-4b64-aee0-83cd24a54b44\"><tr><td></td><td class=\"t m2 xec2 h12 y5a3b ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xec3 h12 y5a3b ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"c xec4 y5a3c w17c h11\"><div class=\"t m2 x0 h12 y413 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c x7e3 y5a3c w17c h11\"><div class=\"t m2 x0 h12 y413 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5a3d ff4 fs7 fc1 sc2 ls0 ws0\">1. Importo iniziale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xb9a h12 y5a3d ff4 fs7 fc1 sc2 ls0 ws0\">222.875<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xd53 h12 y5a3d ff4 fs7 fc1 sc2 ls0 ws0\">232.348<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5a3e ff4 fs7 fc1 sc2 ls0 ws0\">2. Aumenti<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x87b h12 y5a3e ff4 fs7 fc1 sc2 ls0 ws0\">45.162<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xe22 h12 y5a3e ff4 fs7 fc1 sc2 ls0 ws0\">46.450<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a3f w9eb h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Imposte anticipate <span class=\"_ _2\"></span>rilevate nell'esercizi<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xec5 y5a3f w9ec h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">45.162<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xec6 y5a3f w9ed h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">46.450<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y59f9 w9ee h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">a) relative a precedent<span class=\"_ _2\"></span>i esercizi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xec8 y59f9 w796 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xec9 y59f9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a40 w9ef h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">b) dovute al mutamen<span class=\"_ _2\"></span>to di criteri co<span class=\"_ _2\"></span>ntabili<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xeca y5a40 w796 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xecb y5a40 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a41 w9f0 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) riprese di valore<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xecc y5a41 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xecd y5a41 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a42 w64c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xece y5a42 w9ec h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">45.162<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xecf y5a42 w9ed h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">46.450<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a43 w9f1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Nuove imposte o <span class=\"_ _2\"></span>incrementi di al<span class=\"_ _2\"></span>iquote fiscali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xed0 y5a43 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xed1 y5a43 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a44 w9f2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altri aumenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xed2 y5a44 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xed3 y5a44 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5a45 ff4 fs7 fc1 sc2 ls0 ws0\">3. Diminuzioni<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x87b h12 y5a45 ff4 fs7 fc1 sc2 ls0 ws0\">61.225<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x874 h12 y5a45 ff4 fs7 fc1 sc2 ls0 ws0\">55.922<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a46 w9f3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Imposte anticipate an<span class=\"_ _3b\"></span>nullat<span class=\"_ _1\"></span>e nell'e<span class=\"_ _2\"></span>sercizio<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xed4 y5a46 w9f4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">61.225<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xed5 y5a46 w9f5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">55.922<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a47 w9f6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) rigiri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xed6 y5a47 w9f4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">61.225<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xed7 y5a47 w9f7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">55<span class=\"_ _1\"></span>.922<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a48 w9f8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) svalutazioni per s<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>pravvenuta irre<span class=\"_ _2\"></span>cuperabilit\u00e0<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xed8 y5a48 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xed9 y5a48 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a49 w9f9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) dovute a mutament<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> di criteri contabili<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xeda y5a49 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xedb y5a49 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a4a w64c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xecc y5a4a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xecd y5a4a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a4b w9fa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Riduzioni di al<span class=\"_ _2\"></span>iquote fiscali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xedc y5a4b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xedd y5a4b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a4c w9fb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.3 Altre diminuzioni:<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xede y5a4c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xedf y5a4c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a4d w9fc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) trasformazione in cre<span class=\"_ _2\"></span>diti d'imposta di cu<span class=\"_ _2\"></span>i alla legge.n.214/2011<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xed8 y5a4d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xed9 y5a4d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y597f w64c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xecc y597f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xecd y597f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5a4e ff4 fs7 fc1 sc2 ls0 ws0\">4. Importo finale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xb9a h12 y5a4e ff4 fs7 fc1 sc2 ls0 ws0\">206.812<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xee0 h12 y5a4e ff4 fs7 fc1 sc2 ls0 ws0\">222.876<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsd36\">11.4 Variazioni de<span class=\"_ _1\"></span>lle imposte <span class=\"_ _1\"></span>anticipate di cui alla L. 214<span class=\"_ _1\"></span>/2011 </div><div class=\"gsd37\"><table class=\"s w9fd h231\" id=\"_1854d3a5-c135-4406-91af-3a1695f25e6b\"><tr><td></td><td></td><td class=\"t m2 x690 h12 y5a4f ff4 fs7 fc4 sc3 ls0 ws0\">Totale <span class=\"_ _a1\"> </span>Totale </td><td></td></tr><tr><td></td><td class=\"c n xee1 y5a50 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xee2 y5a50 w9fe h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/20<span class=\"_ _2\"></span>23<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x2d7 y5a51 w9ff h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1. Importo iniziale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xee3 y5a51 wa00 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">48.876<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x75a h12 y5a52 ff4 fs7 fc1 sc2 ls0 ws0\">71.730<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a53 wa01 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2. Aumenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xee4 y5a53 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5a54 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a55 wa02 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">3. Diminuzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xee5 y5a55 wa03 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">22.574<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x676 h12 y5a56 ff4 fs7 fc1 sc2 ls0 ws0\">22.855<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54a9 wa04 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Rigiri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xee6 y54a9 wa03 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">22.574<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x676 h12 y5a57 ff4 fs7 fc1 sc0 ls0 ws0\">22.855<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y55bc wa05 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Trasformazione i<span class=\"_ _2\"></span>n crediti d'imposta<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xee7 y55bc w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5a58 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y55be wa06 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) derivante da perd<span class=\"_ _2\"></span>ite di esercizio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xee9 y55be w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5a59 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y56b9 w6ea h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) derivante da perdite<span class=\"_ _2\"></span> fiscali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeea y56b9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5a5a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54b0 wa07 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.3 Altre diminuzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xee4 y54b0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5a5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54f9 wa08 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4. Importo finale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeeb y54f9 wa09 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">26.302<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x676 h12 y5a5c ff4 fs7 fc1 sc2 ls0 ws0\">48.875<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd38\">Per r<span class=\"_ _1\"></span>agioni di t<span class=\"_ _1\"></span>rasparenza <span class=\"_ _1\"></span>informativa vengono <span class=\"_ _1\"></span>fornite<span class=\"_ _1\"></span> le <span class=\"_ _1\"></span>variazioni delle <span class=\"_ _1\"></span>imposte <span class=\"_ _1\"></span>anticipate <span class=\"_ _1\"></span>di cui </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd39\">alla <span class=\"_ _1\"></span>Legge <span class=\"_ _38\"></span>214/2011; <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>rivenienti <span class=\"_ _1\"></span>principalmente <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>svalutazione <span class=\"_ _38\"></span>su <span class=\"_ _1\"></span>crediti, <span class=\"_ _1\"></span>ex <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rt. <span class=\"_ _1\"></span>106, <span class=\"_ _1\"></span>comma </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd3a\">3, DPR 917/86 (23,5 milioni di euro) e <span class=\"_ _1\"></span>da affrancamento su avviamenti (2,8 milioni di euro).<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsd3c\">11.5 Variazioni delle <span class=\"_ _1\"></span>imposte differ<span class=\"_ _1\"></span>ite (in contropartita <span class=\"_ _1\"></span>del conto economico)<span class=\"_ _3a1\"> </span></div><div class=\"gsd3d\"><table class=\"s wa0a h232\" id=\"_aa671534-0f8d-4715-af34-b26af607bd47\"><tr><td></td><td class=\"t m2 x7d9 h12 y5a5d ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xeec h12 y5a5d ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x934 h12 y5a5e ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x936 h12 y5a5e ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5a5f ff4 fs7 fc1 sc2 ls0 ws0\">1. Importo iniziale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xba0 h12 y5a5f ff4 fs7 fc1 sc2 ls0 ws0\">148.676<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd4c h12 y5a5f ff4 fs7 fc1 sc2 ls0 ws0\">124.249<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5a60 ff4 fs7 fc1 sc2 ls0 ws0\">2. Aumenti<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xe21 h12 y5a60 ff4 fs7 fc1 sc2 ls0 ws0\">23.291<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe22 h12 y5a60 ff4 fs7 fc1 sc2 ls0 ws0\">24.866<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a61 wa0b h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Imposte differite<span class=\"_ _2\"></span> rilevate nell'eser<span class=\"_ _2\"></span>cizio<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xeed y5a61 wa0c h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">23.291<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeee y5a61 wa0d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">24.866<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a62 w9ee h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">a) relative a precedent<span class=\"_ _2\"></span>i esercizi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xeef y5a62 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xef0 y5a62 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a63 w9ef h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">b) dovute al mutamen<span class=\"_ _2\"></span>to di criteri co<span class=\"_ _2\"></span>ntabili<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xef1 y5a63 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xef2 y5a63 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a46 wa0e h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xef3 y5a46 wa0c h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">23.291<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xef4 y5a46 wa0d h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24.866<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a64 w9f1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Nuove imposte o <span class=\"_ _2\"></span>incrementi di al<span class=\"_ _2\"></span>iquote fiscali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xef5 y5a64 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xef6 y5a64 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a65 w9f2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altri aumenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xef7 y5a65 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xef8 y5a65 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5a66 ff4 fs7 fc1 sc2 ls0 ws0\">3. Diminuzioni<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7bd h12 y5a66 ff4 fs7 fc1 sc2 ls0 ws0\">506<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xef9 h12 y5a66 ff4 fs7 fc1 sc2 ls0 ws0\">439<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a67 wa0f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Imposte differite a<span class=\"_ _2\"></span>nnullate nell'esercizi<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xefa y5a67 wa10 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">506<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xefb y5a67 wa11 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">439<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a68 w9f6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) rigiri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xefc y5a68 wa12 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">506<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xefd y5a68 wa13 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">439<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a69 w9ef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) dovute al mutamen<span class=\"_ _2\"></span>to di criteri co<span class=\"_ _2\"></span>ntabili<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xef1 y5a69 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xef2 y5a69 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a6a wa0e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xefe y5a6a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeff y5a6a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59e1 w9fa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Riduzioni di al<span class=\"_ _2\"></span>iquote fiscali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf00 y59e1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf01 y59e1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y548c wa07 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.3 Altre diminuzioni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf02 y548c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf03 y548c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5a6b ff4 fs7 fc1 sc2 ls0 ws0\">4. Importo finale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x886 h12 y5a6b ff4 fs7 fc1 sc2 ls0 ws0\">171.461<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd4c h12 y5a6b ff4 fs7 fc1 sc2 ls0 ws0\">148.676<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsd3e\">11.6 Variazioni <span class=\"_ _1\"></span>delle imposte anticipate <span class=\"_ _1\"></span>(in contropartita del patr<span class=\"_ _1\"></span>imonio netto<span class=\"_ _1\"></span>) </div><div class=\"gsd3f\"><table class=\"s w920 h233\" id=\"_d82803ac-206b-47f2-b340-9d43ba0f1069\"><tr><td></td><td class=\"c n xf04 y5a6c w695 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf05 y5a6c w6c6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n xf06 y5a6d w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf07 y5a6d w65e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x2d7 y5a6e w9ff h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1. Importo iniziale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf08 y5a6e wa14 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">221.264<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x666 h12 y5a6f ff4 fs7 fc1 sc2 ls0 ws0\">308.951<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a70 wa01 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2. Aumenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf09 y5a70 w5f0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">6.594<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x73d h12 y5a71 ff4 fs7 fc1 sc2 ls0 ws0\">132<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5528 w9eb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Imposte anticipate <span class=\"_ _2\"></span>rilevate nell'esercizi<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf0a y5528 w5f0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.594<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x73d h12 y5a72 ff4 fs7 fc1 sc0 ls0 ws0\">132<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y552a w9ee h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) relative a precedent<span class=\"_ _2\"></span>i esercizi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf0b y552a w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5a73 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y552c w9ef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) dovute al mutamen<span class=\"_ _2\"></span>to di criteri co<span class=\"_ _2\"></span>ntabili<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf0c y552c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5a74 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y5481 wa0e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf0d y5481 wa15 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.528<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x73d h12 y5a75 ff4 fs7 fc1 sc0 ls0 ws0\">132<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5482 w9f1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Nuove imposte o <span class=\"_ _2\"></span>incrementi di al<span class=\"_ _2\"></span>iquote fiscali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf0e y5482 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5a76 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5531 w9f2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altri aumenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf0f y5531 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5a77 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a51 wa02 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">3. Diminuzioni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf10 y5a51 wa16 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">31.584<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x67a h12 y5a78 ff4 fs7 fc1 sc2 ls0 ws0\">87.819<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5485 w9f3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Imposte anticipate an<span class=\"_ _3b\"></span>nullat<span class=\"_ _1\"></span>e nell'e<span class=\"_ _2\"></span>sercizio<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf11 y5485 wa17 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">31.584<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x67a h12 y5a79 ff4 fs7 fc1 sc0 ls0 ws0\">87.816<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y5486 w9f6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) rigiri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf12 y5486 wa16 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">31.584<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x67a h12 y5a7a ff4 fs7 fc1 sc0 ls0 ws0\">87.816<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y5537 w9f8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) svalutazioni per s<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>pravvenuta irre<span class=\"_ _2\"></span>cuperabilit\u00e0<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf13 y5537 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5a7b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y5539 wa18 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) dovute al mutamen<span class=\"_ _2\"></span>to di criteri co<span class=\"_ _2\"></span>ntabili<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf14 y5539 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y5513 w64c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf15 y5513 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5a7c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5515 w9fa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Riduzioni di al<span class=\"_ _2\"></span>iquote fiscali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf16 y5515 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5a7d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54b0 wa07 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.3 Altre diminuzioni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf17 y54b0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 xf18 h12 y5a7e ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54f9 wa08 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4. Importo finale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf19 y54f9 wa19 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">196.274<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x6f6 h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">221.264<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsd41\">11.7 Variazioni delle <span class=\"_ _1\"></span>imposte differ<span class=\"_ _1\"></span>ite (in contropartita <span class=\"_ _1\"></span>del patrimonio netto<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div><div class=\"gsd42\"><table class=\"s wa1a h234\" id=\"_3a015020-144c-4414-a562-32a46ebf8716\"><tr><td></td><td class=\"t m2 xf1a h12 y5a7f ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xdde h12 y5a7f ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 xd57 h12 y5a80 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x878 h12 y5a80 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5a81 ff4 fs7 fc1 sc2 ls0 ws0\">1. Importo iniziale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xde6 h12 y5a81 ff4 fs7 fc1 sc2 ls0 ws0\">136.220<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd4c h12 y5a81 ff4 fs7 fc1 sc2 ls0 ws0\">198.236<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5a82 ff4 fs7 fc1 sc2 ls0 ws0\">2. Aumenti<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x876 h12 y5a82 ff4 fs7 fc1 sc2 ls0 ws0\">2.269<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf1b h12 y5a82 ff4 fs7 fc1 sc2 ls0 ws0\">180<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a43 wa1b h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Imposte differite<span class=\"_ _2\"></span> rilevate nell\u2019esercizio<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdf9 y5a43 wa1c h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2.269<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf1c y5a43 w4de h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">180<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a62 w9ee h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">a) relative a precedent<span class=\"_ _2\"></span>i esercizi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf1d y5a62 w796 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf1e y5a62 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a63 wa1d h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) dovute al mutamen<span class=\"_ _2\"></span>to dei criteri cont<span class=\"_ _2\"></span>abili<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf1f y5a63 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf20 y5a63 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a46 wa0e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf21 y5a46 wa1c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.269<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf22 y5a46 wa1e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">180<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a47 w9f1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Nuove imposte o <span class=\"_ _2\"></span>incrementi di al<span class=\"_ _2\"></span>iquote fiscali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf23 y5a47 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf24 y5a47 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a65 w9f2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altri aumenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf25 y5a65 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf26 y5a65 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5a83 ff4 fs7 fc1 sc2 ls0 ws0\">3. Diminuzioni<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xde9 h12 y5a83 ff4 fs7 fc1 sc2 ls0 ws0\">18.950<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x874 h12 y5a83 ff4 fs7 fc1 sc2 ls0 ws0\">62.196<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y589c wa1f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Imposte differite a<span class=\"_ _2\"></span>nnullate nell\u2019esercizi<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf27 y589c wa20 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18.950<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf28 y589c wa21 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">62.196<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y59dd w9f6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) rigiri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf29 y59dd wa20 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18.950<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf2a y59dd wa22 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">62.196<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y59de w9ef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) dovute al mutamen<span class=\"_ _2\"></span>to di criteri co<span class=\"_ _2\"></span>ntabili<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf2b y59de w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf2c y59de w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a84 wa0e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf1d y5a84 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf1e y5a84 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a85 w9fa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Riduzioni di al<span class=\"_ _2\"></span>iquote fiscali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf2d y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf2e y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y548c wa07 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.3 Altre diminuzioni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf2d y548c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf2e y548c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5a86 ff4 fs7 fc1 sc2 ls0 ws0\">4. Importo finale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xe21 h12 y5a86 ff4 fs7 fc1 sc2 ls0 ws0\">119.539<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd4c h12 y5a86 ff4 fs7 fc1 sc2 ls0 ws0\">136.220<span class=\"_ _3a1\"> </span></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-881": {
   "value": "Sezione <span class=\"_ _1\"></span>11 \u2013 Le a<span class=\"_ _1\"></span>tt<span class=\"_ _3a1\"> </span>ivit\u00e0 fi<span class=\"_ _1\"></span>scali e le<span class=\"_ _1\"></span> passivit<span class=\"_ _1\"></span>\u00e0 fiscali \u2013 <span class=\"_ _1\"></span>Voce 1<span class=\"_ _1\"></span>10 dell\u2019<span class=\"_ _1\"></span>attivo e Vo<span class=\"_ _1\"></span>ce 60 del<span class=\"_ _1\"></span> passivo Le <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _38\"></span>fiscali <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>passivit\u00e0 <span class=\"_ _1\"></span>fiscali <span class=\"_ _1\"></span>correnti <span class=\"_ _38\"></span>comprendono <span class=\"_ _1\"></span>l\u2019ammontare <span class=\"_ _38\"></span>netto <span class=\"_ _1\"></span>(debito <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>credito) IRES <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _0\"></span>IRAP, <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>netto <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>rediti <span class=\"_ _0\"></span>d\u2019imposta <span class=\"_ _0\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>degli <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>cconti, <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>l\u2019addizionale <span class=\"_ _0\"></span>IRES, <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>vista <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>g<span class=\"_ _2\"></span>li intermediari finanziari ai sensi dell\u2019art.12, comma 3, del Decreto Legislativo n.142 del 29 novembre 2018.  Ai fini delle imposte dire<span class=\"_ _1\"></span>tte, risultano definiti, per decorrenza dei t<span class=\"_ _1\"></span>ermini di cui all\u2019art. 43 del <span class=\"_ _1\"></span>D.P.R. 29/9/1973, n. 600, i periodi di imposta chiusi al 31/12/2018. I rischi <span class=\"_ _1\"></span>derivanti dal <span class=\"_ _1\"></span>contenzioso fiscale <span class=\"_ _1\"></span>del Gruppo <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>presidiati da ade<span class=\"_ _1\"></span>guati accantonamenti <span class=\"_ _1\"></span>a fondi per rischi e oneri.  Con <span class=\"_ _3b\"></span>riguardo <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>lla <span class=\"_ _3b\"></span>capogruppo, <span class=\"_ _3b\"></span>sono in <span class=\"_ _184\"></span>es<span class=\"_ _1\"></span>sere <span class=\"_ _3b\"></span>11 p<span class=\"_ _3b\"></span>ro<span class=\"_ _1\"></span>cedimenti <span class=\"_ _3b\"></span>contenziosi, <span class=\"_ _3b\"></span>affere<span class=\"_ _1\"></span>nti <span class=\"_ _3b\"></span>principalmente a <span class=\"_ _1\"></span>tributi <span class=\"_ _1\"></span>locali <span class=\"_ _38\"></span>o <span class=\"_ _1\"></span>conseguenti <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>dinieghi <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>istanze <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rimborso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>imposte <span class=\"_ _38\"></span>presentate <span class=\"_ _1\"></span>dalla <span class=\"_ _38\"></span>banca. Relativamente a tali c<span class=\"_ _2\"></span>ontenziosi non sono emersi <span class=\"_ _2\"></span>rischi effettivi o <span class=\"_ _3b\"></span>quanto meno<span class=\"_ _1\"></span> il <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio stimato \u00e8<span class=\"_ _3b\"></span> apparso remoto. Per questa ragione non sono stati e<span class=\"_ _1\"></span>ffettuati accantonamenti specifici.  Per Credemleasing pendono 30<span class=\"_ _2\"></span> procedimenti contenziosi, <span class=\"_ _2\"></span>prevalentemente relativi a <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ributi locali. Iscrizione e<span class=\"_ _1\"></span> misurazione di attivit\u00e0 per<span class=\"_ _1\"></span> imposte differite<span class=\"_ _3a1\"> </span>Nell\u2019attivo <span class=\"_ _0\"></span>dello<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>stato <span class=\"_ _38\"></span>patrimoniale <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>presenti <span class=\"_ _0\"></span>le<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>\u201ca<span class=\"_ _2\"></span>ttivit\u00e0 <span class=\"_ _38\"></span>fiscali <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>impos<span class=\"_ _2\"></span>te <span class=\"_ _0\"></span>anticip<span class=\"_ _2\"></span>ate\u201d, <span class=\"_ _0\"></span>DTA<span class=\"_ _3b\"></span> ovvero  Deferred  Tax  Asset,  principalmente  derivanti  da  differenze  temporanee  tra  la  data  di iscrizione <span class=\"_ _35\"> </span>nel <span class=\"_ _35\"> </span>conto <span class=\"_ _35\"> </span>economico <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>costi <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>data <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>quale <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>costi <span class=\"_ _35\"> </span>medesimi <span class=\"_ _35\"> </span>potranno <span class=\"_ _35\"> </span>essere dedotti. <span class=\"_ _3b\"></span>Tali <span class=\"_ _3b\"></span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _3b\"></span>iscrit<span class=\"_ _1\"></span>te <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>bilancio <span class=\"_ _2\"></span>si <span class=\"_ _3b\"></span>rife<span class=\"_ _1\"></span>riscono <span class=\"_ _3b\"></span>a di<span class=\"_ _2\"></span>fferenze <span class=\"_ _3b\"></span>tempor<span class=\"_ _1\"></span>anee <span class=\"_ _3b\"></span>recuperabili <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>u<span class=\"_ _1\"></span>n <span class=\"_ _3b\"></span>arco temporale <span class=\"_ _1\"></span>abbastanza lungo. Le<span class=\"_ _1\"></span> att<span class=\"_ _1\"></span>ivit\u00e0 per <span class=\"_ _1\"></span>imposte a<span class=\"_ _1\"></span>nticipate vengono <span class=\"_ _1\"></span>svalutate nella <span class=\"_ _1\"></span>misura <span class=\"_ _1\"></span>in<span class=\"_ _2\"></span> cui  le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>stesse <span class=\"_ _37\"> </span>vengono  r<span class=\"_ _1\"></span>itenute <span class=\"_ _3d\"> </span>non <span class=\"_ _3d\"> </span>recuperabili <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>relazione <span class=\"_ _3d\"> </span>alle <span class=\"_ _3d\"> </span>pro<span class=\"_ _1\"></span>spettive <span class=\"_ _3d\"> </span>reddituali  ed <span class=\"_ _37\"> </span>ai conseguenti <span class=\"_ _1\"></span>redditi <span class=\"_ _1\"></span>imponibili att<span class=\"_ _1\"></span>esi, t<span class=\"_ _1\"></span>enuto <span class=\"_ _1\"></span>altres\u00ec <span class=\"_ _1\"></span>conto della <span class=\"_ _1\"></span>normat<span class=\"_ _1\"></span>iva fiscale<span class=\"_ _1\"></span>, che <span class=\"_ _1\"></span>consente <span class=\"_ _1\"></span>la loro <span class=\"_ _37\"> </span>trasformazione <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>crediti <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>imposta, <span class=\"_ _37\"> </span>al <span class=\"_ _3d\"> </span>ricor<span class=\"_ _1\"></span>rere <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>determinate <span class=\"_ _37\"> </span>condizioni. <span class=\"_ _3d\"> </span>Il <span class=\"_ _37\"> </span>processo valutativo \u00e8 fondato sulle prospettive reddituali. Le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _38\"></span>imposte <span class=\"_ _38\"></span>anticipate <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>iscritte <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>bilancio <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>lla <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>isura <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>cui <span class=\"_ _38\"></span>es<span class=\"_ _1\"></span>iste <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>probabilit\u00e0 del <span class=\"_ _0\"></span>loro <span class=\"_ _38\"></span>recuper<span class=\"_ _1\"></span>o, <span class=\"_ _0\"></span>valutata <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>\u201cProbabil<span class=\"_ _2\"></span>ity <span class=\"_ _0\"></span>test\u201d <span class=\"_ _0\"></span>previsto <span class=\"_ _38\"></span>dallo <span class=\"_ _0\"></span>IAS12 <span class=\"_ _0\"></span>sulla <span class=\"_ _38\"></span>base <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>capacit\u00e0<span class=\"_ _3b\"></span> fiscale <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>Banca <span class=\"_ _1\"></span>e delle <span class=\"_ _1\"></span>societ\u00e0 <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Gruppo <span class=\"_ _1\"></span>di ge<span class=\"_ _1\"></span>nerare <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>continui<span class=\"_ _2\"></span>t\u00e0 <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>dditi imponibili <span class=\"_ _1\"></span>positivi nei futuri esercizi, tenuto conto delle disposizioni fiscali vigenti. L\u2019ammontare <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>imposte <span class=\"_ _0\"></span>anticip<span class=\"_ _2\"></span>ate <span class=\"_ _0\"></span>iscritto <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>bilancio <span class=\"_ _38\"></span>viene <span class=\"_ _0\"></span>sottoposto <span class=\"_ _0\"></span>a <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>est <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>gni <span class=\"_ _38\"></span>anno, <span class=\"_ _0\"></span>per verificare <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>suss<span class=\"_ _1\"></span>ista <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>meno <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>probabilit\u00e0 <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>societ\u00e0 <span class=\"_ _1\"></span>interessat<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>consegua <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>futuro <span class=\"_ _1\"></span>risultati imponibili <span class=\"_ _35\"> </span>tali <span class=\"_ _0\"></span>da <span class=\"_ _35\"> </span>consent<span class=\"_ _1\"></span>ire <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>riassorbimento <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>imposte <span class=\"_ _0\"></span>anticipate <span class=\"_ _35\"> </span>iscritte <span class=\"_ _35\"> </span>nei <span class=\"_ _35\"> </span>precedenti periodi d\u2019imposta.  Con <span class=\"_ _35\"> </span>riferimento <span class=\"_ _35\"> </span>all\u2019iscrivibilit\u00e0 <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>imposte <span class=\"_ _0\"> </span>a<span class=\"_ _1\"></span>nticipate <span class=\"_ _35\"> </span>ed <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>loro<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>mantenimento <span class=\"_ _35\"> </span>in<span class=\"_ _2\"></span> bilancio <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>opportuno <span class=\"_ _0\"></span>richiamare <span class=\"_ _0\"></span>alcune <span class=\"_ _0\"></span>import<span class=\"_ _1\"></span>anti <span class=\"_ _0\"></span>modifiche <span class=\"_ _0\"></span>normative <span class=\"_ _0\"></span>introdotte<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>partire <span class=\"_ _0\"></span>dal 2011 <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>materia <span class=\"_ _38\"></span>fiscale <span class=\"_ _38\"></span>che, <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>vedendo <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>trasformazione <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>imposte <span class=\"_ _38\"></span>anticipate <span class=\"_ _38\"></span>in crediti <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>imposta <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>predeterminate ipotesi, <span class=\"_ _3b\"></span>hanno <span class=\"_ _3b\"></span>introdotto la<span class=\"_ _3b\"></span> modali<span class=\"_ _2\"></span>t\u00e0 d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>re<span class=\"_ _1\"></span>cupero <span class=\"_ _3b\"></span>delle i<span class=\"_ _2\"></span>mposte anticipate <span class=\"_ _1\"></span>attive t<span class=\"_ _1\"></span>ale <span class=\"_ _1\"></span>da assicurare <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>loro r<span class=\"_ _1\"></span>iassorbimento a <span class=\"_ _1\"></span>prescindere <span class=\"_ _1\"></span>dalla <span class=\"_ _1\"></span>capacit\u00e0 di <span class=\"_ _1\"></span>generare una redditivit\u00e0. Con <span class=\"_ _3b\"></span>la pubblicazione <span class=\"_ _3b\"></span>in Gazzetta <span class=\"_ _3b\"></span>Ufficiale <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lla <span class=\"_ _3b\"></span>Legge 30 <span class=\"_ _3b\"></span>dicembre<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>2024, <span class=\"_ _2\"></span>n. <span class=\"_ _3b\"></span>207<span class=\"_ _1\"></span>, <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ubricata <span class=\"_ _3b\"></span>\u201cB<span class=\"_ _1\"></span>ilancio di <span class=\"_ _2\"></span>previsione dello <span class=\"_ _2\"></span>Stato <span class=\"_ _2\"></span>per l'anno <span class=\"_ _3b\"></span>finanziario 2025 <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> bi<span class=\"_ _2\"></span>lancio p<span class=\"_ _2\"></span>luriennale pe<span class=\"_ _2\"></span>r il <span class=\"_ _3b\"></span>triennio 2025-2027\u201d (cd. <span class=\"_ _1\"></span>\u201cLegge <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>Bilancio <span class=\"_ _1\"></span>2025\u201d<span class=\"_ _1\"></span>), <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>Par<span class=\"_ _1\"></span>lamento <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>intr<span class=\"_ _1\"></span>odotto <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>ser<span class=\"_ _1\"></span>ie <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>misure <span class=\"_ _38\"></span>rilevanti <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>materia fiscale. <span class=\"_ _1\"></span>In par<span class=\"_ _1\"></span>ticolare <span class=\"_ _1\"></span>l\u2019art. 1, <span class=\"_ _1\"></span>commi <span class=\"_ _1\"></span>14-15, <span class=\"_ _1\"></span>prevede <span class=\"_ _1\"></span>un nuovo <span class=\"_ _1\"></span>differime<span class=\"_ _1\"></span>nto per <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>regime <span class=\"_ _1\"></span>transitorio di <span class=\"_ _0\"></span>dedu<span class=\"_ _2\"></span>cibilit\u00e0, <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>fini <span class=\"_ _38\"></span>IRES <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>IRAP, <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>lle <span class=\"_ _0\"></span>svalu<span class=\"_ _2\"></span>tazioni <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>perdite <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>rediti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>banc<span class=\"_ _2\"></span>he, <span class=\"_ _0\"></span>societ\u00e0 finanziarie  e<span class=\"_ _1\"></span>  assicurazioni <span class=\"_ _3d\"> </span>di  cui  all\u2019articolo <span class=\"_ _3d\"> </span>16 <span class=\"_ _3d\"> </span>del  decreto-legge <span class=\"_ _3d\"> </span>27 <span class=\"_ _3d\"> </span>giugno  2015, <span class=\"_ _3d\"> </span>n.  83.Nello specifico, <span class=\"_ _35\"> </span>viene <span class=\"_ _35\"> </span>previsto <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>differimento<span class=\"_ _1\"></span>, <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>quote <span class=\"_ _35\"> </span>costanti, <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>periodo <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>imposta <span class=\"_ _35\"> </span>2026 <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>ai <span class=\"_ _35\"> </span>tre successivi, <span class=\"_ _1\"></span>della de<span class=\"_ _1\"></span>duzione <span class=\"_ _1\"></span>IRES <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>IRAP <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>11% <span class=\"_ _1\"></span>dell\u2019ammontare <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>component<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>negativi <span class=\"_ _1\"></span>prevista per il 20<span class=\"_ _1\"></span>25 e il <span class=\"_ _1\"></span>differimento, in quote costanti, <span class=\"_ _1\"></span>al periodo di <span class=\"_ _1\"></span>imposta 2027 e <span class=\"_ _1\"></span>ai due successivi, della deduzione <span class=\"_ _35\"> </span>IRES <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>IR<span class=\"_ _2\"></span>AP <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>4,7% <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>ll\u2019ammontare <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>componenti <span class=\"_ _35\"> </span>negativi <span class=\"_ _35\"> </span>prevista <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>2026. L\u2019art.1, <span class=\"_ _0\"></span>comma <span class=\"_ _0\"></span>16 <span class=\"_ _0\"></span>prevede <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>differimento, <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>quote <span class=\"_ _0\"></span>costanti,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>periodo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>imposta <span class=\"_ _0\"></span>2026 <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>tr<span class=\"_ _2\"></span>e successivi della dedu<span class=\"_ _2\"></span>zione IRES e I<span class=\"_ _2\"></span>RAP del 13%<span class=\"_ _3b\"></span> del piano di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ientro dello stock dell\u2019<span class=\"_ _2\"></span>ammortamento di <span class=\"_ _0\"></span>avviame<span class=\"_ _1\"></span>nto <span class=\"_ _0\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>altre <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _0\"></span>immateriali  <span class=\"_ _35\"> </span>prevista <span class=\"_ _35\"> </span>per <span class=\"_ _0\"></span>l\u2019anno <span class=\"_ _0\"> </span>20<span class=\"_ _1\"></span>25 <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>fferimento <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>quote costanti <span class=\"_ _1\"></span>al periodo <span class=\"_ _1\"></span>di imposta <span class=\"_ _1\"></span>2027 e <span class=\"_ _1\"></span>i due <span class=\"_ _1\"></span>successivi <span class=\"_ _1\"></span>della quota <span class=\"_ _1\"></span>del 13<span class=\"_ _1\"></span>% deducibile, ai <span class=\"_ _1\"></span>fini IRES <span class=\"_ _1\"></span>e IRAP, <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>l\u2019anno <span class=\"_ _1\"></span>20<span class=\"_ _1\"></span>26; <span class=\"_ _1\"></span>l\u2019art<span class=\"_ _1\"></span>. <span class=\"_ _38\"></span>1, <span class=\"_ _38\"></span>comma <span class=\"_ _38\"></span>17<span class=\"_ _1\"></span>, <span class=\"_ _38\"></span>inoltre, <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>evede <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>differimento <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>piano <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ientro <span class=\"_ _38\"></span>delle quote <span class=\"_ _37\"> </span>deducibili <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>iferibili <span class=\"_ _37\"> </span>ai co<span class=\"_ _1\"></span>mponenti <span class=\"_ _37\"> </span>ne<span class=\"_ _1\"></span>gativi <span class=\"_ _37\"> </span>emers<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>in <span class=\"_ _36\"> </span>sede <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>prima <span class=\"_ _36\"> </span>adozione <span class=\"_ _36\"> </span>dell\u2019IFRS<span class=\"_ _2\"></span> 9 applicabile agli <span class=\"_ _2\"></span>intermediari finanziari. Pi\u00f9 <span class=\"_ _2\"></span>precisamente, si <span class=\"_ _3b\"></span>prevede che la <span class=\"_ _3b\"></span>quota del <span class=\"_ _3b\"></span>1<span class=\"_ _1\"></span>0 <span class=\"_ _2\"></span>per cent<span class=\"_ _3b\"></span>o deducibile, <span class=\"_ _3b\"></span>ai <span class=\"_ _3b\"></span>fini <span class=\"_ _2\"></span>IRES <span class=\"_ _3b\"></span>ed IRA<span class=\"_ _2\"></span>P, <span class=\"_ _3b\"></span>n<span class=\"_ _1\"></span>el <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span>iodo <span class=\"_ _3b\"></span>d\u2019imposta <span class=\"_ _3b\"></span>20<span class=\"_ _1\"></span>25 <span class=\"_ _3b\"></span>sia d<span class=\"_ _2\"></span>ifferita, <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>quote <span class=\"_ _3b\"></span>costanti, <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>periodo<span class=\"_ _3a1\"> </span>d\u2019imposta <span class=\"_ _1\"></span>2026 <span class=\"_ _38\"></span>ed <span class=\"_ _1\"></span>ai <span class=\"_ _38\"></span>successivi <span class=\"_ _1\"></span>tre <span class=\"_ _38\"></span>periodi <span class=\"_ _1\"></span>d\u2019imposta; <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>quota <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>10 <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>cento <span class=\"_ _1\"></span>deducibile, <span class=\"_ _1\"></span>ai <span class=\"_ _38\"></span>fini IRES e<span class=\"_ _3a1\"> </span>d IRAP, n<span class=\"_ _2\"></span>el periodo <span class=\"_ _2\"></span>d\u2019imposta 2026 <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ia differita, <span class=\"_ _2\"></span>in q<span class=\"_ _2\"></span>uote costanti, <span class=\"_ _2\"></span>al periodo d\u2019<span class=\"_ _2\"></span>imposta 2027<span class=\"_ _2\"></span> ed ai <span class=\"_ _3b\"></span>success<span class=\"_ _1\"></span>ivi <span class=\"_ _2\"></span>due p<span class=\"_ _2\"></span>eriodi d\u2019imposta. Con <span class=\"_ _3b\"></span>l\u2019art.1 comma 18, <span class=\"_ _3b\"></span>e con <span class=\"_ _2\"></span>esclusivo riferimento al <span class=\"_ _3b\"></span>periodo d\u2019imposta <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>corso <span class=\"_ _0\"> </span>a<span class=\"_ _1\"></span>l <span class=\"_ _35\"> </span>31 <span class=\"_ _35\"> </span>dicem<span class=\"_ _2\"></span>bre <span class=\"_ _35\"> </span>2025, <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>introduce, <span class=\"_ _0\"></span>anche <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>societ\u00e0 <span class=\"_ _35\"> </span>ch<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>partecipano <span class=\"_ _35\"> </span>al<span class=\"_ _2\"></span> consolidato fiscale <span class=\"_ _1\"></span>nella determinazione <span class=\"_ _1\"></span>del reddito <span class=\"_ _1\"></span>complessivo da a<span class=\"_ _1\"></span>ssoggettare alla t<span class=\"_ _1\"></span>assazione di  g<span class=\"_ _2\"></span>ruppo,  una limitazione  temporanea  all\u2019uso delle perdite  fis<span class=\"_ _2\"></span>cali  p<span class=\"_ _2\"></span>regre<span class=\"_ _1\"></span>sse e  delle eccedenze<span class=\"_ _2\"></span> residue di ACE, <span class=\"_ _2\"></span>che potranno essere utili<span class=\"_ _2\"></span>zzate in misura<span class=\"_ _2\"></span> non sup<span class=\"_ _2\"></span>eriore al 54 per cen<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>o dello stesso<span class=\"_ _2\"></span> maggior  r<span class=\"_ _2\"></span>eddito  i<span class=\"_ _2\"></span>mponibile, <span class=\"_ _35\"> </span>relativo  sempre <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>medesimo  p<span class=\"_ _2\"></span>eriodo <span class=\"_ _35\"> </span>d\u2019imposta,  che<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>emer<span class=\"_ _1\"></span>ge <span class=\"_ _35\"> </span>per effetto <span class=\"_ _39\"> </span>dei <span class=\"_ _39\"> </span>citati <span class=\"_ _39\"> </span>differimenti <span class=\"_ _36\"> </span>delle <span class=\"_ _39\"> </span>de<span class=\"_ _1\"></span>duzioni <span class=\"_ _36\"> </span>re<span class=\"_ _1\"></span>lative <span class=\"_ _39\"> </span>alle <span class=\"_ _36\"> </span>svalutazioni <span class=\"_ _39\"> </span>e <span class=\"_ _39\"> </span>perdite <span class=\"_ _39\"> </span>su <span class=\"_ _39\"> </span>crediti, ammortamento <span class=\"_ _1\"></span>dell\u2019avviamento <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>altre att<span class=\"_ _1\"></span>ivit\u00e0 materiali <span class=\"_ _1\"></span>e, <span class=\"_ _1\"></span>infine, <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>componenti <span class=\"_ _1\"></span>negativi rilevat<span class=\"_ _1\"></span>i<span class=\"_ _2\"></span> in <span class=\"_ _3b\"></span>sede d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>prima <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>pplicazione <span class=\"_ _3b\"></span>del <span class=\"_ _3b\"></span>principio <span class=\"_ _2\"></span>contabile <span class=\"_ _3b\"></span>IFRS <span class=\"_ _3b\"></span>9; l\u2019articolo <span class=\"_ _3b\"></span>1, <span class=\"_ _3b\"></span>commi 862-<span class=\"_ _2\"></span>863, <span class=\"_ _3b\"></span>della <span class=\"_ _3b\"></span>Le<span class=\"_ _1\"></span>gge di <span class=\"_ _3d\"> </span>Bilancio <span class=\"_ _37\"> </span>2025 <span class=\"_ _3d\"> </span>ha <span class=\"_ _3d\"> </span>mo<span class=\"_ _1\"></span>dificato <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>re<span class=\"_ _1\"></span>gime <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>deducibilit\u00e0 <span class=\"_ _3d\"> </span>in <span class=\"_ _37\"> </span>relazione <span class=\"_ _3d\"> </span>ai <span class=\"_ _3d\"> </span>piani <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>stock <span class=\"_ _37\"> </span>option riconosciuti <span class=\"_ _39\"> </span>ai <span class=\"_ _36\"> </span>lavorato<span class=\"_ _1\"></span>ri <span class=\"_ _39\"> </span>dipendenti <span class=\"_ _36\"> </span>e <span class=\"_ _39\"> </span>amministratori. <span class=\"_ _39\"> </span>Viene <span class=\"_ _36\"> </span>introdotto<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>il <span class=\"_ _39\"> </span>nuovo <span class=\"_ _36\"> </span>com<span class=\"_ _1\"></span>ma <span class=\"_ _39\"> </span>6-<span class=\"_ _3a1\"> </span>bis nell\u2019articolo <span class=\"_ _3d\"> </span>95,  Tuir, <span class=\"_ _3d\"> </span>riconoscendo <span class=\"_ _3d\"> </span>ai <span class=\"_ _3d\"> </span>soggetti  che <span class=\"_ _3d\"> </span>redigono  il <span class=\"_ _3d\"> </span>bilancio  in <span class=\"_ _3d\"> </span>base <span class=\"_ _3d\"> </span>ai <span class=\"_ _3d\"> </span>principi contabili <span class=\"_ _2\"></span>internazionali Ias/Ifrs l<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>deducibilit\u00e0 dei <span class=\"_ _3b\"></span>compone<span class=\"_ _1\"></span>nti neg<span class=\"_ _2\"></span>ativi imp<span class=\"_ _2\"></span>utati a <span class=\"_ _2\"></span>Conto economico<span class=\"_ _2\"></span> riferiti  alle <span class=\"_ _35\"> </span>operazioni <span class=\"_ _35\"> </span>con  pagamento <span class=\"_ _35\"> </span>basato  su <span class=\"_ _35\"> </span>azioni <span class=\"_ _35\"> </span>(c.d. stock  option) <span class=\"_ _35\"> </span>regolate  con <span class=\"_ _35\"> </span>propri strumenti rappresentativi <span class=\"_ _3b\"></span>di capitale ovvero <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>n azi<span class=\"_ _2\"></span>oni di <span class=\"_ _3b\"></span>altre<span class=\"_ _1\"></span> soci<span class=\"_ _2\"></span>et\u00e0 del g<span class=\"_ _2\"></span>ruppo solo <span class=\"_ _3b\"></span>al momento di assegnazione di <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ali strumenti. I<span class=\"_ _2\"></span>n tale momento, <span class=\"_ _2\"></span>sono, altres\u00ec, ri<span class=\"_ _2\"></span>conosciuti i maggiori v<span class=\"_ _2\"></span>alori delle partecipazioni iscritti in bilancio dalle societ\u00e0 del gruppo i cui strumenti rappresentativi di capitale sono assegnati a seguito di<span class=\"_ _2\"></span> tali operazioni. Il <span class=\"_ _2\"></span>criterio di deducibilit\u00e0 al momento di <span class=\"_ _2\"></span>assegnazione ai beneficiari del pian<span class=\"_ _2\"></span>o di stock option si ap<span class=\"_ _2\"></span>plica alle op<span class=\"_ _2\"></span>erazioni con <span class=\"_ _2\"></span>pagamento basato su azi<span class=\"_ _2\"></span>oni i <span class=\"_ _2\"></span>cui oneri sono <span class=\"_ _3b\"></span>rilevati per <span class=\"_ _3b\"></span>la prima <span class=\"_ _3b\"></span>volta nei <span class=\"_ _3b\"></span>bilanci riferiti all<span class=\"_ _2\"></span>\u2019esercizio i<span class=\"_ _3b\"></span>n corso alla <span class=\"_ _3b\"></span>data del <span class=\"_ _3b\"></span>31 dicembre<span class=\"_ _2\"></span> 2025 oppure nei successivi. 11.1 Attivit\u00e0 per<span class=\"_ _1\"></span> imposte anticipate: co<span class=\"_ _1\"></span>mposizione <table class=\"s w9de h22f\" id=\"_f2f12f1d-1487-4533-a158-ac898a1401f4\"><tr><td></td><td></td><td></td><td class=\"t m2 x67c h12 y5a30 ff4 fs7 fc1 sc2 ls0 ws0\">IRES <span class=\"_ _5c\"> </span>IRAP <span class=\"_ _19\"> </span>Totale </td></tr><tr><td class=\"c n x2d7 y5578 w9df h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Rettifiche di valore su cred<span class=\"_ _3b\"></span>iti v<span class=\"_ _1\"></span>erso cl<span class=\"_ _2\"></span>ientela<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeb9 y5578 w9e0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">21.780<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xeba h12 y5a31 ff4 fs7 fc1 sc0 ls0 ws0\">2.818<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y5a31 ff4 fs7 fc1 sc0 ls0 ws0\">24.598<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a32 w9e1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Svalutazione di strument<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span> finanziari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xebb y5a32 w9e2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">166.293<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xebc h12 y5a33 ff4 fs7 fc1 sc0 ls0 ws0\">41.010<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x795 h12 y5a33 ff4 fs7 fc1 sc0 ls0 ws0\">207.303<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a34 w9e3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Spese di rappresentanza ed<span class=\"_ _2\"></span> avviamento<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xebd y5a34 w9e4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7.982<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xebe h12 y5a35 ff4 fs7 fc1 sc0 ls0 ws0\">1.614<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e5 h12 y5a35 ff4 fs7 fc1 sc0 ls0 ws0\">9.596<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a36 w9e5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Crediti di firma, revoca<span class=\"_ _2\"></span>torie fallimentari e cau<span class=\"_ _3b\"></span>se l<span class=\"_ _1\"></span>egali in corso<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xebf y5a36 w9e6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.984<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x987 h12 y5a37 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x780 h12 y5a37 ff4 fs7 fc1 sc0 ls0 ws0\">1.984<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5580 w9e7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Accantonamenti per <span class=\"_ _2\"></span>spese per il per<span class=\"_ _2\"></span>sonale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xec0 y5580 w659 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">34.520<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xeba h12 y5a38 ff4 fs7 fc1 sc0 ls0 ws0\">6.813<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y5a38 ff4 fs7 fc1 sc0 ls0 ws0\">41.333<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5582 w9e8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xec1 y5582 w9e9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _2\"></span>10.818<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xeba h12 y5a39 ff4 fs7 fc1 sc0 ls0 ws0\">7.454<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y5a39 ff4 fs7 fc1 sc0 ls0 ws0\">118.272<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x90a h12 y5a3a ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fb h12 y5a3a ff4 fs7 fc1 sc2 ls0 ws0\">343.377<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x746 h12 y5a3a ff4 fs7 fc1 sc2 ls0 ws0\">59.709<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x795 h12 y5a3a ff4 fs7 fc1 sc2 ls0 ws0\">403.086<span class=\"_ _3a1\"> </span></td></tr></table>11.2 Passivit\u00e0 per<span class=\"_ _1\"></span> imposte differite<span class=\"_ _1\"></span>: composizione<span class=\"_ _3a1\"> </span><table class=\"s w9d2 h22e\" id=\"_45f54fb1-561d-467c-909a-a0eaf6965055\"><tr><td></td><td class=\"t m2 xdda h12 y5a2b ff4 fs7 fc1 sc2 ls0 ws0\">IRES<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c8 h12 y5a2b ff4 fs7 fc1 sc2 ls0 ws0\">IRAP<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h12 y5a2b ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a2c w9d3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Plusvalenze strument<span class=\"_ _2\"></span>i finanziari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeae y5a2c w9d4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">32.122<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeaf y5a2c w9d5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9.565<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeb0 y5a2c w9d6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">41.687<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a2d w9d7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Accantonamenti effettu<span class=\"_ _3b\"></span>at<span class=\"_ _1\"></span>i esclusiva<span class=\"_ _2\"></span>mente in ambito fisca<span class=\"_ _2\"></span>le<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeb1 y5a2d w9d8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">64.743<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeb2 y5a2d w9d9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13.113<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeb3 y5a2d w9da h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">77.856<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a2e w9db h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Altre residuali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeb4 y5a2e w9dc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">135.038<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeb5 y5a2e w78b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">36.419<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeb6 y5a2e w9dd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">171.457<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x7c2 h12 y5a2f ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeb7 h12 y5a2f ff4 fs7 fc1 sc2 ls0 ws0\">231.903<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeb8 h12 y5a2f ff4 fs7 fc1 sc2 ls0 ws0\">59.097<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd4c h12 y5a2f ff4 fs7 fc1 sc2 ls0 ws0\">291.000<span class=\"_ _3a1\"> </span></td></tr></table>Gli <span class=\"_ _1\"></span>accant<span class=\"_ _1\"></span>onamenti <span class=\"_ _38\"></span>effettuati <span class=\"_ _38\"></span>esclusivamente <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>ambito <span class=\"_ _38\"></span>fiscale <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iferiti <span class=\"_ _1\"></span>alle <span class=\"_ _0\"></span>imp<span class=\"_ _2\"></span>oste <span class=\"_ _38\"></span>differite su avviamenti. 11.3 Variazioni del<span class=\"_ _1\"></span>le imposte ant<span class=\"_ _1\"></span>icipate (in contropartit<span class=\"_ _1\"></span>a del conto economico)<span class=\"_ _3a1\"> </span><table class=\"s w9ea h230\" id=\"_103c4fb1-3130-4b64-aee0-83cd24a54b44\"><tr><td></td><td class=\"t m2 xec2 h12 y5a3b ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xec3 h12 y5a3b ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"c xec4 y5a3c w17c h11\"><div class=\"t m2 x0 h12 y413 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c x7e3 y5a3c w17c h11\"><div class=\"t m2 x0 h12 y413 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5a3d ff4 fs7 fc1 sc2 ls0 ws0\">1. Importo iniziale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xb9a h12 y5a3d ff4 fs7 fc1 sc2 ls0 ws0\">222.875<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xd53 h12 y5a3d ff4 fs7 fc1 sc2 ls0 ws0\">232.348<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5a3e ff4 fs7 fc1 sc2 ls0 ws0\">2. Aumenti<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x87b h12 y5a3e ff4 fs7 fc1 sc2 ls0 ws0\">45.162<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xe22 h12 y5a3e ff4 fs7 fc1 sc2 ls0 ws0\">46.450<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a3f w9eb h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Imposte anticipate <span class=\"_ _2\"></span>rilevate nell'esercizi<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xec5 y5a3f w9ec h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">45.162<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xec6 y5a3f w9ed h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">46.450<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y59f9 w9ee h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">a) relative a precedent<span class=\"_ _2\"></span>i esercizi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xec8 y59f9 w796 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xec9 y59f9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a40 w9ef h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">b) dovute al mutamen<span class=\"_ _2\"></span>to di criteri co<span class=\"_ _2\"></span>ntabili<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xeca y5a40 w796 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xecb y5a40 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a41 w9f0 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) riprese di valore<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xecc y5a41 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xecd y5a41 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a42 w64c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xece y5a42 w9ec h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">45.162<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xecf y5a42 w9ed h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">46.450<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a43 w9f1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Nuove imposte o <span class=\"_ _2\"></span>incrementi di al<span class=\"_ _2\"></span>iquote fiscali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xed0 y5a43 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xed1 y5a43 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a44 w9f2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altri aumenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xed2 y5a44 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xed3 y5a44 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5a45 ff4 fs7 fc1 sc2 ls0 ws0\">3. Diminuzioni<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x87b h12 y5a45 ff4 fs7 fc1 sc2 ls0 ws0\">61.225<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x874 h12 y5a45 ff4 fs7 fc1 sc2 ls0 ws0\">55.922<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a46 w9f3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Imposte anticipate an<span class=\"_ _3b\"></span>nullat<span class=\"_ _1\"></span>e nell'e<span class=\"_ _2\"></span>sercizio<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xed4 y5a46 w9f4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">61.225<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xed5 y5a46 w9f5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">55.922<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a47 w9f6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) rigiri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xed6 y5a47 w9f4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">61.225<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xed7 y5a47 w9f7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">55<span class=\"_ _1\"></span>.922<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a48 w9f8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) svalutazioni per s<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>pravvenuta irre<span class=\"_ _2\"></span>cuperabilit\u00e0<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xed8 y5a48 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xed9 y5a48 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a49 w9f9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) dovute a mutament<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> di criteri contabili<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xeda y5a49 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xedb y5a49 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a4a w64c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xecc y5a4a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xecd y5a4a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a4b w9fa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Riduzioni di al<span class=\"_ _2\"></span>iquote fiscali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xedc y5a4b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xedd y5a4b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a4c w9fb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.3 Altre diminuzioni:<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xede y5a4c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xedf y5a4c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a4d w9fc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) trasformazione in cre<span class=\"_ _2\"></span>diti d'imposta di cu<span class=\"_ _2\"></span>i alla legge.n.214/2011<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xed8 y5a4d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xed9 y5a4d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y597f w64c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xecc y597f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xecd y597f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5a4e ff4 fs7 fc1 sc2 ls0 ws0\">4. Importo finale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xb9a h12 y5a4e ff4 fs7 fc1 sc2 ls0 ws0\">206.812<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xee0 h12 y5a4e ff4 fs7 fc1 sc2 ls0 ws0\">222.876<span class=\"_ _3a1\"> </span></td></tr></table>11.4 Variazioni de<span class=\"_ _1\"></span>lle imposte <span class=\"_ _1\"></span>anticipate di cui alla L. 214<span class=\"_ _1\"></span>/2011 <table class=\"s w9fd h231\" id=\"_1854d3a5-c135-4406-91af-3a1695f25e6b\"><tr><td></td><td></td><td class=\"t m2 x690 h12 y5a4f ff4 fs7 fc4 sc3 ls0 ws0\">Totale <span class=\"_ _a1\"> </span>Totale </td><td></td></tr><tr><td></td><td class=\"c n xee1 y5a50 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xee2 y5a50 w9fe h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/20<span class=\"_ _2\"></span>23<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x2d7 y5a51 w9ff h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1. Importo iniziale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xee3 y5a51 wa00 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">48.876<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x75a h12 y5a52 ff4 fs7 fc1 sc2 ls0 ws0\">71.730<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a53 wa01 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2. Aumenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xee4 y5a53 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5a54 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a55 wa02 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">3. Diminuzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xee5 y5a55 wa03 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">22.574<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x676 h12 y5a56 ff4 fs7 fc1 sc2 ls0 ws0\">22.855<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54a9 wa04 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Rigiri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xee6 y54a9 wa03 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">22.574<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x676 h12 y5a57 ff4 fs7 fc1 sc0 ls0 ws0\">22.855<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y55bc wa05 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Trasformazione i<span class=\"_ _2\"></span>n crediti d'imposta<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xee7 y55bc w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5a58 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y55be wa06 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) derivante da perd<span class=\"_ _2\"></span>ite di esercizio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xee9 y55be w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5a59 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y56b9 w6ea h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) derivante da perdite<span class=\"_ _2\"></span> fiscali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeea y56b9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5a5a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54b0 wa07 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.3 Altre diminuzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xee4 y54b0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5a5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54f9 wa08 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4. Importo finale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeeb y54f9 wa09 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">26.302<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x676 h12 y5a5c ff4 fs7 fc1 sc2 ls0 ws0\">48.875<span class=\"_ _3a1\"> </span></td></tr></table>Per r<span class=\"_ _1\"></span>agioni di t<span class=\"_ _1\"></span>rasparenza <span class=\"_ _1\"></span>informativa vengono <span class=\"_ _1\"></span>fornite<span class=\"_ _1\"></span> le <span class=\"_ _1\"></span>variazioni delle <span class=\"_ _1\"></span>imposte <span class=\"_ _1\"></span>anticipate <span class=\"_ _1\"></span>di cui alla <span class=\"_ _1\"></span>Legge <span class=\"_ _38\"></span>214/2011; <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>rivenienti <span class=\"_ _1\"></span>principalmente <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>svalutazione <span class=\"_ _38\"></span>su <span class=\"_ _1\"></span>crediti, <span class=\"_ _1\"></span>ex <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>rt. <span class=\"_ _1\"></span>106, <span class=\"_ _1\"></span>comma 3, DPR 917/86 (23,5 milioni di euro) e <span class=\"_ _1\"></span>da affrancamento su avviamenti (2,8 milioni di euro).<span class=\"_ _3a1\"> </span>11.5 Variazioni delle <span class=\"_ _1\"></span>imposte differ<span class=\"_ _1\"></span>ite (in contropartita <span class=\"_ _1\"></span>del conto economico)<span class=\"_ _3a1\"> </span><table class=\"s wa0a h232\" id=\"_aa671534-0f8d-4715-af34-b26af607bd47\"><tr><td></td><td class=\"t m2 x7d9 h12 y5a5d ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xeec h12 y5a5d ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x934 h12 y5a5e ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x936 h12 y5a5e ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5a5f ff4 fs7 fc1 sc2 ls0 ws0\">1. Importo iniziale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xba0 h12 y5a5f ff4 fs7 fc1 sc2 ls0 ws0\">148.676<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd4c h12 y5a5f ff4 fs7 fc1 sc2 ls0 ws0\">124.249<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5a60 ff4 fs7 fc1 sc2 ls0 ws0\">2. Aumenti<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xe21 h12 y5a60 ff4 fs7 fc1 sc2 ls0 ws0\">23.291<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe22 h12 y5a60 ff4 fs7 fc1 sc2 ls0 ws0\">24.866<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a61 wa0b h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Imposte differite<span class=\"_ _2\"></span> rilevate nell'eser<span class=\"_ _2\"></span>cizio<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xeed y5a61 wa0c h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">23.291<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeee y5a61 wa0d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">24.866<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a62 w9ee h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">a) relative a precedent<span class=\"_ _2\"></span>i esercizi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xeef y5a62 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xef0 y5a62 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a63 w9ef h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">b) dovute al mutamen<span class=\"_ _2\"></span>to di criteri co<span class=\"_ _2\"></span>ntabili<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xef1 y5a63 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xef2 y5a63 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a46 wa0e h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xef3 y5a46 wa0c h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">23.291<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xef4 y5a46 wa0d h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24.866<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a64 w9f1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Nuove imposte o <span class=\"_ _2\"></span>incrementi di al<span class=\"_ _2\"></span>iquote fiscali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xef5 y5a64 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xef6 y5a64 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a65 w9f2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altri aumenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xef7 y5a65 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xef8 y5a65 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5a66 ff4 fs7 fc1 sc2 ls0 ws0\">3. Diminuzioni<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7bd h12 y5a66 ff4 fs7 fc1 sc2 ls0 ws0\">506<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xef9 h12 y5a66 ff4 fs7 fc1 sc2 ls0 ws0\">439<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a67 wa0f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Imposte differite a<span class=\"_ _2\"></span>nnullate nell'esercizi<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xefa y5a67 wa10 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">506<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xefb y5a67 wa11 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">439<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a68 w9f6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) rigiri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xefc y5a68 wa12 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">506<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xefd y5a68 wa13 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">439<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a69 w9ef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) dovute al mutamen<span class=\"_ _2\"></span>to di criteri co<span class=\"_ _2\"></span>ntabili<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xef1 y5a69 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xef2 y5a69 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a6a wa0e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xefe y5a6a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeff y5a6a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59e1 w9fa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Riduzioni di al<span class=\"_ _2\"></span>iquote fiscali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf00 y59e1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf01 y59e1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y548c wa07 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.3 Altre diminuzioni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf02 y548c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf03 y548c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5a6b ff4 fs7 fc1 sc2 ls0 ws0\">4. Importo finale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x886 h12 y5a6b ff4 fs7 fc1 sc2 ls0 ws0\">171.461<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd4c h12 y5a6b ff4 fs7 fc1 sc2 ls0 ws0\">148.676<span class=\"_ _3a1\"> </span></td></tr></table>11.6 Variazioni <span class=\"_ _1\"></span>delle imposte anticipate <span class=\"_ _1\"></span>(in contropartita del patr<span class=\"_ _1\"></span>imonio netto<span class=\"_ _1\"></span>) <table class=\"s w920 h233\" id=\"_d82803ac-206b-47f2-b340-9d43ba0f1069\"><tr><td></td><td class=\"c n xf04 y5a6c w695 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf05 y5a6c w6c6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n xf06 y5a6d w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf07 y5a6d w65e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x2d7 y5a6e w9ff h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1. Importo iniziale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf08 y5a6e wa14 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">221.264<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x666 h12 y5a6f ff4 fs7 fc1 sc2 ls0 ws0\">308.951<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a70 wa01 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2. Aumenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf09 y5a70 w5f0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">6.594<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x73d h12 y5a71 ff4 fs7 fc1 sc2 ls0 ws0\">132<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5528 w9eb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Imposte anticipate <span class=\"_ _2\"></span>rilevate nell'esercizi<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf0a y5528 w5f0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.594<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x73d h12 y5a72 ff4 fs7 fc1 sc0 ls0 ws0\">132<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y552a w9ee h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) relative a precedent<span class=\"_ _2\"></span>i esercizi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf0b y552a w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5a73 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y552c w9ef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) dovute al mutamen<span class=\"_ _2\"></span>to di criteri co<span class=\"_ _2\"></span>ntabili<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf0c y552c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5a74 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y5481 wa0e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf0d y5481 wa15 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.528<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x73d h12 y5a75 ff4 fs7 fc1 sc0 ls0 ws0\">132<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5482 w9f1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Nuove imposte o <span class=\"_ _2\"></span>incrementi di al<span class=\"_ _2\"></span>iquote fiscali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf0e y5482 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5a76 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5531 w9f2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altri aumenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf0f y5531 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5a77 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a51 wa02 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">3. Diminuzioni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf10 y5a51 wa16 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">31.584<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x67a h12 y5a78 ff4 fs7 fc1 sc2 ls0 ws0\">87.819<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5485 w9f3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Imposte anticipate an<span class=\"_ _3b\"></span>nullat<span class=\"_ _1\"></span>e nell'e<span class=\"_ _2\"></span>sercizio<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf11 y5485 wa17 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">31.584<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x67a h12 y5a79 ff4 fs7 fc1 sc0 ls0 ws0\">87.816<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y5486 w9f6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) rigiri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf12 y5486 wa16 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">31.584<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x67a h12 y5a7a ff4 fs7 fc1 sc0 ls0 ws0\">87.816<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y5537 w9f8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) svalutazioni per s<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>pravvenuta irre<span class=\"_ _2\"></span>cuperabilit\u00e0<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf13 y5537 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5a7b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y5539 wa18 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) dovute al mutamen<span class=\"_ _2\"></span>to di criteri co<span class=\"_ _2\"></span>ntabili<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf14 y5539 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y553a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y5513 w64c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf15 y5513 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5a7c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5515 w9fa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Riduzioni di al<span class=\"_ _2\"></span>iquote fiscali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf16 y5515 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5a7d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54b0 wa07 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.3 Altre diminuzioni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf17 y54b0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 xf18 h12 y5a7e ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54f9 wa08 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4. Importo finale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf19 y54f9 wa19 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">196.274<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x6f6 h12 y553e ff4 fs7 fc1 sc2 ls0 ws0\">221.264<span class=\"_ _3a1\"> </span></td></tr></table>11.7 Variazioni delle <span class=\"_ _1\"></span>imposte differ<span class=\"_ _1\"></span>ite (in contropartita <span class=\"_ _1\"></span>del patrimonio netto<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span><table class=\"s wa1a h234\" id=\"_3a015020-144c-4414-a562-32a46ebf8716\"><tr><td></td><td class=\"t m2 xf1a h12 y5a7f ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xdde h12 y5a7f ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 xd57 h12 y5a80 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x878 h12 y5a80 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5a81 ff4 fs7 fc1 sc2 ls0 ws0\">1. Importo iniziale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xde6 h12 y5a81 ff4 fs7 fc1 sc2 ls0 ws0\">136.220<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd4c h12 y5a81 ff4 fs7 fc1 sc2 ls0 ws0\">198.236<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5a82 ff4 fs7 fc1 sc2 ls0 ws0\">2. Aumenti<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x876 h12 y5a82 ff4 fs7 fc1 sc2 ls0 ws0\">2.269<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf1b h12 y5a82 ff4 fs7 fc1 sc2 ls0 ws0\">180<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a43 wa1b h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Imposte differite<span class=\"_ _2\"></span> rilevate nell\u2019esercizio<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xdf9 y5a43 wa1c h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2.269<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf1c y5a43 w4de h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">180<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a62 w9ee h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">a) relative a precedent<span class=\"_ _2\"></span>i esercizi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf1d y5a62 w796 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf1e y5a62 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a63 wa1d h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) dovute al mutamen<span class=\"_ _2\"></span>to dei criteri cont<span class=\"_ _2\"></span>abili<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf1f y5a63 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf20 y5a63 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a46 wa0e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf21 y5a46 wa1c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.269<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf22 y5a46 wa1e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">180<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a47 w9f1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Nuove imposte o <span class=\"_ _2\"></span>incrementi di al<span class=\"_ _2\"></span>iquote fiscali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf23 y5a47 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf24 y5a47 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a65 w9f2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altri aumenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf25 y5a65 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf26 y5a65 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5a83 ff4 fs7 fc1 sc2 ls0 ws0\">3. Diminuzioni<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xde9 h12 y5a83 ff4 fs7 fc1 sc2 ls0 ws0\">18.950<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x874 h12 y5a83 ff4 fs7 fc1 sc2 ls0 ws0\">62.196<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y589c wa1f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Imposte differite a<span class=\"_ _2\"></span>nnullate nell\u2019esercizi<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf27 y589c wa20 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18.950<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf28 y589c wa21 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">62.196<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y59dd w9f6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) rigiri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf29 y59dd wa20 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18.950<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf2a y59dd wa22 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">62.196<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y59de w9ef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) dovute al mutamen<span class=\"_ _2\"></span>to di criteri co<span class=\"_ _2\"></span>ntabili<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf2b y59de w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf2c y59de w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xec7 y5a84 wa0e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf1d y5a84 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf1e y5a84 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a85 w9fa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Riduzioni di al<span class=\"_ _2\"></span>iquote fiscali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf2d y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf2e y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y548c wa07 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.3 Altre diminuzioni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf2d y548c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf2e y548c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y5a86 ff4 fs7 fc1 sc2 ls0 ws0\">4. Importo finale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xe21 h12 y5a86 ff4 fs7 fc1 sc2 ls0 ws0\">119.539<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd4c h12 y5a86 ff4 fs7 fc1 sc2 ls0 ws0\">136.220<span class=\"_ _3a1\"> </span></td></tr></table>Sono <span class=\"_ _1\"></span>presenti <span class=\"_ _1\"></span>crediti di <span class=\"_ _1\"></span>imposta ai <span class=\"_ _1\"></span>sens<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>del D.L. <span class=\"_ _1\"></span>n.18/2020 <span class=\"_ _1\"></span>(Cura Italia) <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>D.L. <span class=\"_ _1\"></span>n.34/2020 (Rilancio)<span class=\"_ _3a1\"> </span> (eco bonus e sisma bonus) per un controvalore complessivo di 424,4 m<span class=\"_ _1\"></span>ilioni di euro. Sezione <span class=\"_ _1\"></span>8 \u2013 Alt<span class=\"_ _1\"></span>re p<span class=\"_ _3a1\"> </span>assivi<span class=\"_ _1\"></span>t\u00e0 \u2013 Voce 80 8.1 Altre <span class=\"_ _1\"></span>passivit\u00e0: composizione<span class=\"_ _3a1\"> </span><table class=\"s waf1 h243\" id=\"_03682ebc-5195-4e4f-805a-0fc1198e1a1a\"><tr><td></td><td></td><td class=\"t m2 xe21 h12 y5bb0 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10bc h12 y5bb0 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td class=\"t m2 x7c8 h12 y5bb1 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x811 h12 y5bb1 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5bb2 waf2 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Debiti verso l'erario<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10bd y5bb2 waf3 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">298.677<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10be y5bb2 waf4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">255.601<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bb3 waf5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Scarto valuta su operaz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>oni di portafogli<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10bf y5bb3 waf6 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">411.167<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10c0 y5bb3 waf7 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">414.985<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bb4 waf8 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Somme a disposizione de<span class=\"_ _3b\"></span>ll<span class=\"_ _1\"></span>a clientela<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10c1 y5bb4 waf9 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">15.898<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10c2 y5bb4 wafa h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">21.855<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bb5 wafb h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Risconti passivi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10c3 y5bb5 wafc h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.543<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10c4 y5bb5 wafd h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13.326<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bb6 wafe h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Retribuzioni da c<span class=\"_ _2\"></span>orrispondere e relativi contr<span class=\"_ _2\"></span>ibuti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10c5 y5bb6 w703 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">23.610<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeb0 y5bb6 w9e0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">22.914<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bb7 waff h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Ratei passivi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10c6 y5bb7 wb00 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.713<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10c7 y5bb7 wb01 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.815<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bb8 wb02 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Partite in lavorazione <span class=\"_ _2\"></span>su estero<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10c8 y5bb8 wb03 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9.935<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10c9 y5bb8 wb04 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.285<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bb9 wb05 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Fornitori<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10ca y5bb9 wb06 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">211.708<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10cb y5bb9 wb07 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">199.261<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bba wa5a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Partite viaggianti con<span class=\"_ _2\"></span> le filiali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10cc y5bba wb08 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.262<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10cd y5bba wb09 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.986<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bbb wb0a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Somme da accred<span class=\"_ _2\"></span>itare a enti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10ce y5bbb wb0b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.900<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10cf y5bbb wb0c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.847<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bbc wb0d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Partite in lavorazione <span class=\"_ _2\"></span>titoli<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10d0 y5bbc wb0e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9.02<span class=\"_ _2\"></span>9<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10d1 y5bbc wb0f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">25.959<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bbd wb10 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Altre partite<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10d2 y5bbd wb11 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12<span class=\"_ _2\"></span>6.058<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10d3 y5bbd wb12 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">149.571<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5600 wb13 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Somme da accred<span class=\"_ _2\"></span>itare a banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10d4 y5600 wb14 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">325.624<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10d5 y5600 wb15 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">505.114<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 xb9c h12 y5bbe ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x591 h12 y5bbe ff4 fs7 fc1 sc2 ls0 ws0\">1.459.124<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a3 h12 y5bbe ff4 fs7 fc1 sc2 ls0 ws0\">1.635.519<span class=\"_ _3a1\"> </span></td></tr></table>La <span class=\"_ _38\"></span>voce<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>\u201c<span class=\"_ _1\"></span>Scarto <span class=\"_ _38\"></span>valuta <span class=\"_ _0\"></span>su <span class=\"_ _38\"></span>operazioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>portafoglio\u201d <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>da <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>icondurre <span class=\"_ _38\"></span>agli <span class=\"_ _0\"></span>sbil<span class=\"_ _2\"></span>anci <span class=\"_ _38\"></span>degli <span class=\"_ _0\"></span>effetti <span class=\"_ _0\"></span>del portafoglio proprio e di terzi",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-812": {
   "value": "Sezione <span class=\"_ _1\"></span>12 \u2013 Atti<span class=\"_ _1\"></span>vit\u00e0 non <span class=\"_ _1\"></span>correnti<span class=\"_ _1\"></span> e gruppi<span class=\"_ _1\"></span> di attivit<span class=\"_ _1\"></span>\u00e0 in via<span class=\"_ _1\"></span> di dism<span class=\"_ _1\"></span>issione e<span class=\"_ _1\"></span> passivit\u00e0<span class=\"_ _1\"></span> associate<span class=\"_ _1\"></span> \u2013 Voce <span class=\"_ _1\"></span>120 dell\u2019at<span class=\"_ _1\"></span>tivo e voce<span class=\"_ _1\"></span> 70 del pa<span class=\"_ _1\"></span>ssivo 12.1 Attivit\u00e0 <span class=\"_ _1\"></span>non correnti e gruppi d<span class=\"_ _1\"></span>i attivit\u00e0 in via di <span class=\"_ _1\"></span>dismissione: composizione<span class=\"_ _1\"></span> per tipologia di at<span class=\"_ _1\"></span>tivit\u00e0 Totale<span class=\"_ _3a1\"> </span>Totale<span class=\"_ _3a1\"> </span><table class=\"s wa23 h235\" id=\"_3b033871-7b6c-4458-afb0-75f70c18a620\"><tr><td class=\"c x677 y5a87 w19c h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc1 sc2 ls0 ws0\">A. Attivit\u00e0 possedute per la vendita<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf2f y5a88 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf30 y5a88 wa24 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _2\"></span>3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a89 wa25 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Attivit\u00e0 finanziar<span class=\"_ _2\"></span>ie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf31 y5a89 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5a8a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a8b wa26 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Partecipazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf32 y5a8b w47a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xf33 h12 y5a8c ff4 fs7 fc1 sc0 ls0 ws0\">357<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a8d wa27 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.3 Attivit\u00e0 material<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf34 y5a8d wa28 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>33<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5a8e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y5a8f wa29 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: ottenute trami<span class=\"_ _2\"></span>te l\u2019escussione <span class=\"_ _2\"></span>delle garanzie ricevute<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf35 y5a8f w606 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5a90 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x677 y5a91 w19d h11\"><div class=\"t m2 x0 h12 y75 ff4 fs7 fc1 sc0 ls0 ws0\">A.4 Attivit\u00e0 immater<span class=\"_ _2\"></span>iali<span class=\"_ _3a1\"> </span></div></td><td class=\"c x99a y5a91 w72 h11\"><div class=\"t m2 x0 h12 y75 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x75a y5a91 w72 h11\"><div class=\"t m2 x0 h12 y75 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x677 y5a92 wde h11\"><div class=\"t m2 x0 h12 y75 ff4 fs7 fc1 sc0 ls0 ws0\">A.5 Altre attivit\u00e0 non co<span class=\"_ _2\"></span>rrenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c x99a y5a92 w72 h11\"><div class=\"t m2 x0 h12 y75 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x75a y5a92 w72 h11\"><div class=\"t m2 x0 h12 y75 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xf36 h12 y5a93 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y5a93 ff4 fs7 fc1 sc2 ls0 ws0\">533<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf33 h12 y5a93 ff4 fs7 fc1 sc2 ls0 ws0\">357<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 x71a h2a y5a94 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al c<span class=\"_ _2\"></span>osto<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y5a94 ff4 fs7 fc1 sc0 ls0 ws0\">533<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf33 h12 y5a94 ff4 fs7 fc1 sc0 ls0 ws0\">357<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 x693 h2a y5a95 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5a95 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5a95 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 xf37 h2a y5a96 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5a96 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5a96 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 xf37 h2a y5a97 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5a97 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5a97 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5a98 ff4 fs7 fc1 sc2 ls0 ws0\">B. Attivit\u00e0 operative cessate </td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y5a99 ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Attivit\u00e0 finanziarie <span class=\"_ _2\"></span>valutate al fair value c<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>n impatto a c<span class=\"_ _2\"></span>onto<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5a9a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5a9a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5a9b ff4 fs7 fc1 sc0 ls0 ws0\">economico </td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5a9c w5cd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- attivit\u00e0 finanziarie de<span class=\"_ _2\"></span>tenute per la negoziaz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>one<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf38 y5a9c w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5a9d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a9e wa2a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- attivit\u00e0 finanziarie de<span class=\"_ _2\"></span>signate al fair <span class=\"_ _2\"></span>value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf39 y5a9e w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5a9f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5aa0 w5d0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- altre attivit\u00e0 finanz<span class=\"_ _2\"></span>iarie obbligatoriame<span class=\"_ _2\"></span>nte valutate al fair va<span class=\"_ _2\"></span>lue<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf32 y5aa0 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5aa1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x2d7 y5aa2 wa2b h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Attivit\u00e0 finanziarie <span class=\"_ _2\"></span>valutate al fair<span class=\"_ _2\"></span> value con impatto sulla<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xf3a h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">redditivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x99a h12 y5aa3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5aa3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5aa4 ff4 fs7 fc1 sc0 ls0 ws0\">complessiva </td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5aa5 wa2c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Attivit\u00e0 finanziar<span class=\"_ _2\"></span>ie valutate al costo amm<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>rtizzato<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf3b y5aa5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5aa6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5aa7 wa2d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Partecipazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf3c y5aa7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5aa8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5aa9 wa2e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 Attivit\u00e0 materiali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf32 y5aa9 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5aaa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5aab wa29 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: ottenute trami<span class=\"_ _2\"></span>te l\u2019escussione <span class=\"_ _2\"></span>delle garanzie ricevute<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf3e y5aab w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5aac ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x677 y5aad w19f h11\"><div class=\"t m2 x0 h12 y7f ff4 fs7 fc1 sc0 ls0 ws0\">B.6 Attivit\u00e0 immaterial<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c x99a y5aad w72 h11\"><div class=\"t m2 x0 h12 y7f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x75a y5aad w72 h11\"><div class=\"t m2 x0 h12 y7f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5aae wa2f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.7 Altre attivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf3f y5aae w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5aaf ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xf36 h12 y5ab0 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (B)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y5ab0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5ab0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 x71a h2a y5ab1 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al c<span class=\"_ _2\"></span>osto<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5ab1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5ab1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 x693 h2a y5ab2 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5ab2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5ab2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 xf37 h2a y5ab3 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5ab3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5ab3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 xf37 h2a y5ab4 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5ab4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5ab4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5ab5 ff4 fs7 fc1 sc2 ls0 ws0\">C. Passivit\u00e0 associate ad attivit\u00e0 pos<span class=\"_ _2\"></span>sedute per la vendita </td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5ab6 wa30 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Debiti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf40 y5ab6 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5ab7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ab8 wa31 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Titoli<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf41 y5ab8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5ab9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5aba wa32 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Altre passivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf42 y5aba w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5abb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xf36 h12 y5abc ff4 fs7 fc1 sc2 ls0 ws0\">Totale (C)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y5abc ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5abc ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 x71a h2a y5abd ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al c<span class=\"_ _2\"></span>osto<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5abd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5abd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 x693 h2a y5abe ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5abe ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5abe ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 xf37 h2a y5abf ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5abf ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5abf ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c xf37 y5ac0 w1a0 h11\"><div class=\"t m5 x0 h2a y8a ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 3<span class=\"_ _3a1\"> </span></div></td><td class=\"c x99a y5ac0 w72 h11\"><div class=\"t m2 x0 h12 y8a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x75a y5ac0 w72 h11\"><div class=\"t m2 x0 h12 y8a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x2d7 y5ac1 wa33 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D.<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xf43 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">Passivit\u00e0 associate ad attivit\u00e0 ope<span class=\"_ _2\"></span>rative cessate<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5ac2 wa34 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.1 Passivit\u00e0 finanziar<span class=\"_ _2\"></span>ie valutate al c<span class=\"_ _2\"></span>osto ammortizzato<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf44 y5ac2 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5ac3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ac4 wa35 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.2 Passivit\u00e0 finanz<span class=\"_ _2\"></span>iarie di negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf45 y5ac4 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5ac5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ac6 wa36 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.3 Passivit\u00e0 finanzi<span class=\"_ _2\"></span>arie designate al fair v<span class=\"_ _2\"></span>alue<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf46 y5ac6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5ac7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ac8 wa37 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.4 Fondi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf47 y5ac8 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5ac9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5aca wa38 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.5 Altre passivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf48 y5aca w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5acb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xf36 h12 y5acc ff4 fs7 fc1 sc2 ls0 ws0\">Totale (D)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y5acc ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5acc ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 x71a h2a y5acd ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al c<span class=\"_ _2\"></span>osto<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5acd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5acd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 x693 h2a y5ace ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5ace ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5ace ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c xf37 y5acf w1a0 h11\"><div class=\"t m5 x0 h2a y852 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 2<span class=\"_ _3a1\"> </span></div></td><td class=\"c x99a y5acf w72 h11\"><div class=\"t m2 x0 h12 y852 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x75a y5acf w72 h11\"><div class=\"t m2 x0 h12 y852 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c xf37 y5ad0 w1a0 h11\"><div class=\"t m5 x0 h2a y852 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 3<span class=\"_ _3a1\"> </span></div></td><td class=\"c x99a y5ad0 w72 h11\"><div class=\"t m2 x0 h12 y852 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x75a y5ad0 w72 h11\"><div class=\"t m2 x0 h12 y852 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr></table>Vengono  class<span class=\"_ _1\"></span>ificate <span class=\"_ _3d\"> </span>nella  voce<span class=\"_ _1\"></span>  dell\u2019att<span class=\"_ _1\"></span>ivo  \u201cAttivit\u00e0 <span class=\"_ _3d\"> </span>non <span class=\"_ _3d\"> </span>correnti <span class=\"_ _3d\"> </span>e <span class=\"_ _3d\"> </span>gruppi<span class=\"_ _2\"></span> <span class=\"_ _3d\"> </span>di  att<span class=\"_ _1\"></span>ivit\u00e0  in <span class=\"_ _3d\"> </span>via <span class=\"_ _3d\"> </span>di dismissione\u201d <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>non <span class=\"_ _1\"></span>correnti <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>ali <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ato <span class=\"_ _38\"></span>avviato <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>processo <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>dismissione <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>cui vendita <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>itenuta <span class=\"_ _38\"></span>altamente <span class=\"_ _38\"></span>probabile. <span class=\"_ _38\"></span>Trat<span class=\"_ _1\"></span>tasi <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>terreni, <span class=\"_ _0\"></span>per <span class=\"_ _1\"></span>euro <span class=\"_ _0\"></span>migli<span class=\"_ _2\"></span>aia <span class=\"_ _38\"></span>128, <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>fabbricati, <span class=\"_ _1\"></span>per euro migliaia 405, valutati al minore tra il loro valore di carico",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-783": {
   "value": "Sezione <span class=\"_ _1\"></span>12 \u2013 Atti<span class=\"_ _1\"></span>vit\u00e0 non <span class=\"_ _1\"></span>correnti<span class=\"_ _1\"></span> e gruppi<span class=\"_ _1\"></span> di attivit<span class=\"_ _1\"></span>\u00e0 in via<span class=\"_ _1\"></span> di dism<span class=\"_ _1\"></span>issione e<span class=\"_ _1\"></span> passivit\u00e0<span class=\"_ _1\"></span> associate<span class=\"_ _1\"></span> \u2013 Voce <span class=\"_ _1\"></span>120 dell\u2019at<span class=\"_ _1\"></span>tivo e voce<span class=\"_ _1\"></span> 70 del pa<span class=\"_ _1\"></span>ssivo 12.1 Attivit\u00e0 <span class=\"_ _1\"></span>non correnti e gruppi d<span class=\"_ _1\"></span>i attivit\u00e0 in via di <span class=\"_ _1\"></span>dismissione: composizione<span class=\"_ _1\"></span> per tipologia di at<span class=\"_ _1\"></span>tivit\u00e0 Totale<span class=\"_ _3a1\"> </span>Totale<span class=\"_ _3a1\"> </span><table class=\"s wa23 h235\" id=\"_3b033871-7b6c-4458-afb0-75f70c18a620\"><tr><td class=\"c x677 y5a87 w19c h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc1 sc2 ls0 ws0\">A. Attivit\u00e0 possedute per la vendita<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf2f y5a88 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf30 y5a88 wa24 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _2\"></span>3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a89 wa25 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Attivit\u00e0 finanziar<span class=\"_ _2\"></span>ie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf31 y5a89 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5a8a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a8b wa26 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Partecipazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf32 y5a8b w47a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xf33 h12 y5a8c ff4 fs7 fc1 sc0 ls0 ws0\">357<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a8d wa27 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.3 Attivit\u00e0 material<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf34 y5a8d wa28 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>33<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5a8e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y5a8f wa29 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: ottenute trami<span class=\"_ _2\"></span>te l\u2019escussione <span class=\"_ _2\"></span>delle garanzie ricevute<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf35 y5a8f w606 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5a90 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x677 y5a91 w19d h11\"><div class=\"t m2 x0 h12 y75 ff4 fs7 fc1 sc0 ls0 ws0\">A.4 Attivit\u00e0 immater<span class=\"_ _2\"></span>iali<span class=\"_ _3a1\"> </span></div></td><td class=\"c x99a y5a91 w72 h11\"><div class=\"t m2 x0 h12 y75 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x75a y5a91 w72 h11\"><div class=\"t m2 x0 h12 y75 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x677 y5a92 wde h11\"><div class=\"t m2 x0 h12 y75 ff4 fs7 fc1 sc0 ls0 ws0\">A.5 Altre attivit\u00e0 non co<span class=\"_ _2\"></span>rrenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c x99a y5a92 w72 h11\"><div class=\"t m2 x0 h12 y75 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x75a y5a92 w72 h11\"><div class=\"t m2 x0 h12 y75 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xf36 h12 y5a93 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y5a93 ff4 fs7 fc1 sc2 ls0 ws0\">533<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf33 h12 y5a93 ff4 fs7 fc1 sc2 ls0 ws0\">357<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 x71a h2a y5a94 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al c<span class=\"_ _2\"></span>osto<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y5a94 ff4 fs7 fc1 sc0 ls0 ws0\">533<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf33 h12 y5a94 ff4 fs7 fc1 sc0 ls0 ws0\">357<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 x693 h2a y5a95 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5a95 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5a95 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 xf37 h2a y5a96 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5a96 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5a96 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 xf37 h2a y5a97 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5a97 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5a97 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5a98 ff4 fs7 fc1 sc2 ls0 ws0\">B. Attivit\u00e0 operative cessate </td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y5a99 ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Attivit\u00e0 finanziarie <span class=\"_ _2\"></span>valutate al fair value c<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>n impatto a c<span class=\"_ _2\"></span>onto<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5a9a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5a9a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5a9b ff4 fs7 fc1 sc0 ls0 ws0\">economico </td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5a9c w5cd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- attivit\u00e0 finanziarie de<span class=\"_ _2\"></span>tenute per la negoziaz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>one<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf38 y5a9c w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5a9d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a9e wa2a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- attivit\u00e0 finanziarie de<span class=\"_ _2\"></span>signate al fair <span class=\"_ _2\"></span>value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf39 y5a9e w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5a9f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5aa0 w5d0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- altre attivit\u00e0 finanz<span class=\"_ _2\"></span>iarie obbligatoriame<span class=\"_ _2\"></span>nte valutate al fair va<span class=\"_ _2\"></span>lue<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf32 y5aa0 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5aa1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x2d7 y5aa2 wa2b h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Attivit\u00e0 finanziarie <span class=\"_ _2\"></span>valutate al fair<span class=\"_ _2\"></span> value con impatto sulla<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xf3a h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">redditivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x99a h12 y5aa3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5aa3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5aa4 ff4 fs7 fc1 sc0 ls0 ws0\">complessiva </td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5aa5 wa2c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Attivit\u00e0 finanziar<span class=\"_ _2\"></span>ie valutate al costo amm<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>rtizzato<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf3b y5aa5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5aa6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5aa7 wa2d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Partecipazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf3c y5aa7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5aa8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5aa9 wa2e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 Attivit\u00e0 materiali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf32 y5aa9 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5aaa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5aab wa29 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: ottenute trami<span class=\"_ _2\"></span>te l\u2019escussione <span class=\"_ _2\"></span>delle garanzie ricevute<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf3e y5aab w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5aac ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x677 y5aad w19f h11\"><div class=\"t m2 x0 h12 y7f ff4 fs7 fc1 sc0 ls0 ws0\">B.6 Attivit\u00e0 immaterial<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c x99a y5aad w72 h11\"><div class=\"t m2 x0 h12 y7f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x75a y5aad w72 h11\"><div class=\"t m2 x0 h12 y7f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5aae wa2f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.7 Altre attivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf3f y5aae w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5aaf ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xf36 h12 y5ab0 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (B)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y5ab0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5ab0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 x71a h2a y5ab1 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al c<span class=\"_ _2\"></span>osto<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5ab1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5ab1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 x693 h2a y5ab2 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5ab2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5ab2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 xf37 h2a y5ab3 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5ab3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5ab3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 xf37 h2a y5ab4 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5ab4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5ab4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5ab5 ff4 fs7 fc1 sc2 ls0 ws0\">C. Passivit\u00e0 associate ad attivit\u00e0 pos<span class=\"_ _2\"></span>sedute per la vendita </td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5ab6 wa30 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Debiti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf40 y5ab6 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5ab7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ab8 wa31 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Titoli<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf41 y5ab8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5ab9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5aba wa32 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Altre passivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf42 y5aba w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5abb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xf36 h12 y5abc ff4 fs7 fc1 sc2 ls0 ws0\">Totale (C)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y5abc ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5abc ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 x71a h2a y5abd ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al c<span class=\"_ _2\"></span>osto<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5abd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5abd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 x693 h2a y5abe ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5abe ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5abe ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 xf37 h2a y5abf ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5abf ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5abf ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c xf37 y5ac0 w1a0 h11\"><div class=\"t m5 x0 h2a y8a ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 3<span class=\"_ _3a1\"> </span></div></td><td class=\"c x99a y5ac0 w72 h11\"><div class=\"t m2 x0 h12 y8a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x75a y5ac0 w72 h11\"><div class=\"t m2 x0 h12 y8a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x2d7 y5ac1 wa33 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D.<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xf43 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">Passivit\u00e0 associate ad attivit\u00e0 ope<span class=\"_ _2\"></span>rative cessate<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5ac2 wa34 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.1 Passivit\u00e0 finanziar<span class=\"_ _2\"></span>ie valutate al c<span class=\"_ _2\"></span>osto ammortizzato<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf44 y5ac2 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5ac3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ac4 wa35 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.2 Passivit\u00e0 finanz<span class=\"_ _2\"></span>iarie di negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf45 y5ac4 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5ac5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ac6 wa36 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.3 Passivit\u00e0 finanzi<span class=\"_ _2\"></span>arie designate al fair v<span class=\"_ _2\"></span>alue<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf46 y5ac6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5ac7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ac8 wa37 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.4 Fondi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf47 y5ac8 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5ac9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5aca wa38 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.5 Altre passivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf48 y5aca w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5acb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xf36 h12 y5acc ff4 fs7 fc1 sc2 ls0 ws0\">Totale (D)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y5acc ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5acc ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 x71a h2a y5acd ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al c<span class=\"_ _2\"></span>osto<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5acd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5acd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 x693 h2a y5ace ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5ace ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5ace ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c xf37 y5acf w1a0 h11\"><div class=\"t m5 x0 h2a y852 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 2<span class=\"_ _3a1\"> </span></div></td><td class=\"c x99a y5acf w72 h11\"><div class=\"t m2 x0 h12 y852 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x75a y5acf w72 h11\"><div class=\"t m2 x0 h12 y852 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c xf37 y5ad0 w1a0 h11\"><div class=\"t m5 x0 h2a y852 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 3<span class=\"_ _3a1\"> </span></div></td><td class=\"c x99a y5ad0 w72 h11\"><div class=\"t m2 x0 h12 y852 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x75a y5ad0 w72 h11\"><div class=\"t m2 x0 h12 y852 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr></table>Vengono  class<span class=\"_ _1\"></span>ificate <span class=\"_ _3d\"> </span>nella  voce<span class=\"_ _1\"></span>  dell\u2019att<span class=\"_ _1\"></span>ivo  \u201cAttivit\u00e0 <span class=\"_ _3d\"> </span>non <span class=\"_ _3d\"> </span>correnti <span class=\"_ _3d\"> </span>e <span class=\"_ _3d\"> </span>gruppi<span class=\"_ _2\"></span> <span class=\"_ _3d\"> </span>di  att<span class=\"_ _1\"></span>ivit\u00e0  in <span class=\"_ _3d\"> </span>via <span class=\"_ _3d\"> </span>di dismissione\u201d <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>non <span class=\"_ _1\"></span>correnti <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>ali <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ato <span class=\"_ _38\"></span>avviato <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>processo <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>dismissione <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>cui vendita <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>itenuta <span class=\"_ _38\"></span>altamente <span class=\"_ _38\"></span>probabile. <span class=\"_ _38\"></span>Trat<span class=\"_ _1\"></span>tasi <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>terreni, <span class=\"_ _0\"></span>per <span class=\"_ _1\"></span>euro <span class=\"_ _0\"></span>migli<span class=\"_ _2\"></span>aia <span class=\"_ _38\"></span>128, <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>fabbricati, <span class=\"_ _1\"></span>per euro migliaia 405, valutati al minore tra il loro valore di carico ed il prezzo previsto <span class=\"_ _1\"></span>di vendita. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-753": {
   "value": "Sezione <span class=\"_ _1\"></span>12 \u2013 Atti<span class=\"_ _1\"></span>vit\u00e0 non <span class=\"_ _1\"></span>correnti<span class=\"_ _1\"></span> e gruppi<span class=\"_ _1\"></span> di attivit<span class=\"_ _1\"></span>\u00e0 in via<span class=\"_ _1\"></span> di dism<span class=\"_ _1\"></span>issione e<span class=\"_ _1\"></span> passivit\u00e0<span class=\"_ _1\"></span> associate<span class=\"_ _1\"></span> \u2013 Voce <span class=\"_ _1\"></span>120 dell\u2019at<span class=\"_ _1\"></span>tivo e voce<span class=\"_ _1\"></span> 70 del pa<span class=\"_ _1\"></span>ssivo 12.1 Attivit\u00e0 <span class=\"_ _1\"></span>non correnti e gruppi d<span class=\"_ _1\"></span>i attivit\u00e0 in via di <span class=\"_ _1\"></span>dismissione: composizione<span class=\"_ _1\"></span> per tipologia di at<span class=\"_ _1\"></span>tivit\u00e0 Totale<span class=\"_ _3a1\"> </span>Totale<span class=\"_ _3a1\"> </span><table class=\"s wa23 h235\" id=\"_3b033871-7b6c-4458-afb0-75f70c18a620\"><tr><td class=\"c x677 y5a87 w19c h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc1 sc2 ls0 ws0\">A. Attivit\u00e0 possedute per la vendita<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf2f y5a88 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf30 y5a88 wa24 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _2\"></span>3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a89 wa25 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Attivit\u00e0 finanziar<span class=\"_ _2\"></span>ie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf31 y5a89 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5a8a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a8b wa26 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Partecipazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf32 y5a8b w47a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xf33 h12 y5a8c ff4 fs7 fc1 sc0 ls0 ws0\">357<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a8d wa27 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.3 Attivit\u00e0 material<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf34 y5a8d wa28 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>33<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5a8e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y5a8f wa29 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: ottenute trami<span class=\"_ _2\"></span>te l\u2019escussione <span class=\"_ _2\"></span>delle garanzie ricevute<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf35 y5a8f w606 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5a90 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x677 y5a91 w19d h11\"><div class=\"t m2 x0 h12 y75 ff4 fs7 fc1 sc0 ls0 ws0\">A.4 Attivit\u00e0 immater<span class=\"_ _2\"></span>iali<span class=\"_ _3a1\"> </span></div></td><td class=\"c x99a y5a91 w72 h11\"><div class=\"t m2 x0 h12 y75 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x75a y5a91 w72 h11\"><div class=\"t m2 x0 h12 y75 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x677 y5a92 wde h11\"><div class=\"t m2 x0 h12 y75 ff4 fs7 fc1 sc0 ls0 ws0\">A.5 Altre attivit\u00e0 non co<span class=\"_ _2\"></span>rrenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c x99a y5a92 w72 h11\"><div class=\"t m2 x0 h12 y75 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x75a y5a92 w72 h11\"><div class=\"t m2 x0 h12 y75 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xf36 h12 y5a93 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y5a93 ff4 fs7 fc1 sc2 ls0 ws0\">533<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf33 h12 y5a93 ff4 fs7 fc1 sc2 ls0 ws0\">357<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 x71a h2a y5a94 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al c<span class=\"_ _2\"></span>osto<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h12 y5a94 ff4 fs7 fc1 sc0 ls0 ws0\">533<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf33 h12 y5a94 ff4 fs7 fc1 sc0 ls0 ws0\">357<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 x693 h2a y5a95 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5a95 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5a95 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 xf37 h2a y5a96 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5a96 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5a96 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 xf37 h2a y5a97 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5a97 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5a97 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5a98 ff4 fs7 fc1 sc2 ls0 ws0\">B. Attivit\u00e0 operative cessate </td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y5a99 ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Attivit\u00e0 finanziarie <span class=\"_ _2\"></span>valutate al fair value c<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>n impatto a c<span class=\"_ _2\"></span>onto<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5a9a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5a9a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5a9b ff4 fs7 fc1 sc0 ls0 ws0\">economico </td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5a9c w5cd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- attivit\u00e0 finanziarie de<span class=\"_ _2\"></span>tenute per la negoziaz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>one<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf38 y5a9c w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5a9d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a9e wa2a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- attivit\u00e0 finanziarie de<span class=\"_ _2\"></span>signate al fair <span class=\"_ _2\"></span>value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf39 y5a9e w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5a9f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5aa0 w5d0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- altre attivit\u00e0 finanz<span class=\"_ _2\"></span>iarie obbligatoriame<span class=\"_ _2\"></span>nte valutate al fair va<span class=\"_ _2\"></span>lue<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf32 y5aa0 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5aa1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x2d7 y5aa2 wa2b h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Attivit\u00e0 finanziarie <span class=\"_ _2\"></span>valutate al fair<span class=\"_ _2\"></span> value con impatto sulla<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xf3a h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">redditivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x99a h12 y5aa3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5aa3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5aa4 ff4 fs7 fc1 sc0 ls0 ws0\">complessiva </td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5aa5 wa2c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Attivit\u00e0 finanziar<span class=\"_ _2\"></span>ie valutate al costo amm<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>rtizzato<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf3b y5aa5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5aa6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5aa7 wa2d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Partecipazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf3c y5aa7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5aa8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5aa9 wa2e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 Attivit\u00e0 materiali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf32 y5aa9 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5aaa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5aab wa29 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: ottenute trami<span class=\"_ _2\"></span>te l\u2019escussione <span class=\"_ _2\"></span>delle garanzie ricevute<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf3e y5aab w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5aac ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x677 y5aad w19f h11\"><div class=\"t m2 x0 h12 y7f ff4 fs7 fc1 sc0 ls0 ws0\">B.6 Attivit\u00e0 immaterial<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c x99a y5aad w72 h11\"><div class=\"t m2 x0 h12 y7f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x75a y5aad w72 h11\"><div class=\"t m2 x0 h12 y7f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5aae wa2f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.7 Altre attivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf3f y5aae w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5aaf ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xf36 h12 y5ab0 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (B)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y5ab0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5ab0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 x71a h2a y5ab1 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al c<span class=\"_ _2\"></span>osto<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5ab1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5ab1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 x693 h2a y5ab2 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5ab2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5ab2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 xf37 h2a y5ab3 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5ab3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5ab3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 xf37 h2a y5ab4 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5ab4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5ab4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5ab5 ff4 fs7 fc1 sc2 ls0 ws0\">C. Passivit\u00e0 associate ad attivit\u00e0 pos<span class=\"_ _2\"></span>sedute per la vendita </td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5ab6 wa30 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Debiti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf40 y5ab6 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5ab7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ab8 wa31 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Titoli<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf41 y5ab8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5ab9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5aba wa32 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Altre passivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf42 y5aba w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5abb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xf36 h12 y5abc ff4 fs7 fc1 sc2 ls0 ws0\">Totale (C)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y5abc ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5abc ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 x71a h2a y5abd ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al c<span class=\"_ _2\"></span>osto<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5abd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5abd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 x693 h2a y5abe ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5abe ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5abe ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 xf37 h2a y5abf ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5abf ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5abf ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c xf37 y5ac0 w1a0 h11\"><div class=\"t m5 x0 h2a y8a ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 3<span class=\"_ _3a1\"> </span></div></td><td class=\"c x99a y5ac0 w72 h11\"><div class=\"t m2 x0 h12 y8a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x75a y5ac0 w72 h11\"><div class=\"t m2 x0 h12 y8a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x2d7 y5ac1 wa33 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D.<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xf43 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">Passivit\u00e0 associate ad attivit\u00e0 ope<span class=\"_ _2\"></span>rative cessate<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5ac2 wa34 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.1 Passivit\u00e0 finanziar<span class=\"_ _2\"></span>ie valutate al c<span class=\"_ _2\"></span>osto ammortizzato<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf44 y5ac2 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5ac3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ac4 wa35 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.2 Passivit\u00e0 finanz<span class=\"_ _2\"></span>iarie di negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf45 y5ac4 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5ac5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ac6 wa36 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.3 Passivit\u00e0 finanzi<span class=\"_ _2\"></span>arie designate al fair v<span class=\"_ _2\"></span>alue<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf46 y5ac6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5ac7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ac8 wa37 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.4 Fondi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf47 y5ac8 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5ac9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5aca wa38 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.5 Altre passivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf48 y5aca w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5acb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xf36 h12 y5acc ff4 fs7 fc1 sc2 ls0 ws0\">Totale (D)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y5acc ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5acc ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 x71a h2a y5acd ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al c<span class=\"_ _2\"></span>osto<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5acd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5acd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m5 x693 h2a y5ace ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y5ace ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y5ace ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c xf37 y5acf w1a0 h11\"><div class=\"t m5 x0 h2a y852 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 2<span class=\"_ _3a1\"> </span></div></td><td class=\"c x99a y5acf w72 h11\"><div class=\"t m2 x0 h12 y852 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x75a y5acf w72 h11\"><div class=\"t m2 x0 h12 y852 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c xf37 y5ad0 w1a0 h11\"><div class=\"t m5 x0 h2a y852 ff4 fsd fc1 sc0 ls0 ws0\">di cui valutate al fa<span class=\"_ _2\"></span>ir value livello 3<span class=\"_ _3a1\"> </span></div></td><td class=\"c x99a y5ad0 w72 h11\"><div class=\"t m2 x0 h12 y852 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x75a y5ad0 w72 h11\"><div class=\"t m2 x0 h12 y852 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr></table>Vengono  class<span class=\"_ _1\"></span>ificate <span class=\"_ _3d\"> </span>nella  voce<span class=\"_ _1\"></span>  dell\u2019att<span class=\"_ _1\"></span>ivo  \u201cAttivit\u00e0 <span class=\"_ _3d\"> </span>non <span class=\"_ _3d\"> </span>correnti <span class=\"_ _3d\"> </span>e <span class=\"_ _3d\"> </span>gruppi<span class=\"_ _2\"></span> <span class=\"_ _3d\"> </span>di  att<span class=\"_ _1\"></span>ivit\u00e0  in <span class=\"_ _3d\"> </span>via <span class=\"_ _3d\"> </span>di dismissione\u201d <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _0\"></span>non <span class=\"_ _1\"></span>correnti <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>ali <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ato <span class=\"_ _38\"></span>avviato <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>processo <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>dismissione <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>cui vendita <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>itenuta <span class=\"_ _38\"></span>altamente <span class=\"_ _38\"></span>probabile. <span class=\"_ _38\"></span>Trat<span class=\"_ _1\"></span>tasi <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>terreni, <span class=\"_ _0\"></span>per <span class=\"_ _1\"></span>euro <span class=\"_ _0\"></span>migli<span class=\"_ _2\"></span>aia <span class=\"_ _38\"></span>128, <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>fabbricati, <span class=\"_ _1\"></span>per euro migliaia 405, valutati al minore tra il loro valore di carico",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-784": {
   "value": "<div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gsd50\">Sezione<span class=\"_ _1\"></span>13 \u2013 Alt<span class=\"_ _1\"></span>re a</div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gsd51\">ttivit\u00e0 \u2013 Vo<span class=\"_ _1\"></span>ce 130<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsd52\">13.1 Altre <span class=\"_ _1\"></span>attivit\u00e0: composizione </div><div class=\"gsd53\"><table class=\"s wa43 h238\" id=\"_ff4ce759-6250-4f6e-b2dc-3f24194008c4\"><tr><td></td><td></td><td class=\"c n x731 y5ad9 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x732 y5ad9 w65e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5ada wa44 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Assegni negoziati da c<span class=\"_ _2\"></span>ompensare<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf53 y5ada wa45 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">67.556<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y5adb ff4 fs7 fc1 sc0 ls0 ws0\">48.603<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5adc wa46 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Operazioni su tit<span class=\"_ _2\"></span>oli in lavorazione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf54 y5adc wa47 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">7.814<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x780 h12 y5add ff4 fs7 fc1 sc0 ls0 ws0\">1.836<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ade wa48 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Assegni in corso di <span class=\"_ _2\"></span>lavorazione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf55 y5ade wa49 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">3.076<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e5 h12 y5adf ff4 fs7 fc1 sc0 ls0 ws0\">6.980<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ae0 wa4a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Operazioni relative a ser<span class=\"_ _3b\"></span>v<span class=\"_ _1\"></span>izi di pagame<span class=\"_ _2\"></span>nto in corso di lavorazio<span class=\"_ _2\"></span>ne<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf56 y5ae0 wa4b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">77.327<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e5 h12 y5ae1 ff4 fs7 fc1 sc0 ls0 ws0\">86.111<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ae2 wa4c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Operazioni relative a ser<span class=\"_ _3b\"></span>v<span class=\"_ _1\"></span>izi di pagame<span class=\"_ _2\"></span>nto in corso di maturaz<span class=\"_ _2\"></span>ione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf57 y5ae2 wa4d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">71.562<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x676 h12 y5ae3 ff4 fs7 fc1 sc0 ls0 ws0\">29.346<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ae4 wa4e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Ratei attivi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf58 y5ae4 wa4f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.847<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x780 h12 y5ae5 ff4 fs7 fc1 sc0 ls0 ws0\">4.041<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ae6 wa50 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Risconti attivi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf59 y5ae6 w6e5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">46.038<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5ae7 ff4 fs7 fc1 sc0 ls0 ws0\">31.180<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y558b wa51 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Assegni ed effetti in<span class=\"_ _2\"></span>soluti ad al protesto tra<span class=\"_ _2\"></span>tti sull'azienda e su <span class=\"_ _2\"></span>terzi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf5a y558b wa52 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.669<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x73d h12 y5ae8 ff4 fs7 fc1 sc0 ls0 ws0\">751<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y55ea wa53 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Migliorie e spese incremen<span class=\"_ _3b\"></span>tative su beni di terzi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf5b y55ea wa54 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">20.139<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x676 h12 y5ae9 ff4 fs7 fc1 sc0 ls0 ws0\">20.243<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y55ec wa55 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Depositi cauzional<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf5c y55ec w6ad h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66b h12 y5aea ff4 fs7 fc1 sc0 ls0 ws0\">26<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5591 wa56 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Debitori diversi per fa<span class=\"_ _2\"></span>tture emesse<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf5d y5591 wa57 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">47.690<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5aeb ff4 fs7 fc1 sc0 ls0 ws0\">45.271<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5593 wa58 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Debitori diversi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xeb5 y5593 wa59 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">958.720<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xda3 h12 y5aec ff4 fs7 fc1 sc0 ls0 ws0\">744.457<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5541 wa5a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Partite viaggianti con<span class=\"_ _2\"></span> le filiali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf5e y5541 wa5b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.497<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x676 h12 y5aed ff4 fs7 fc1 sc0 ls0 ws0\">20.755<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x6e7 h12 y5aee ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y5aee ff4 fs7 fc1 sc2 ls0 ws0\">1.314.959<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fd h12 y5aee ff4 fs7 fc1 sc2 ls0 ws0\">1.039.600<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd54\">Le operazioni <span class=\"_ _1\"></span>relative a servizi <span class=\"_ _1\"></span>di pagament<span class=\"_ _1\"></span>o in corso <span class=\"_ _1\"></span>di lavorazione/maturazione so<span class=\"_ _1\"></span>no relative <span class=\"_ _1\"></span>ad<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd55\">addebiti ricevuti ma non ancora addebitati sui conti della cliente<span class=\"_ _1\"></span>la.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd56\">Non sono presenti impairment loss (IFRS 9) su crediti relativi a contratti con la clientela e contract<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd57\">assets.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd58\">Nella <span class=\"_ _35\"> </span>voce <span class=\"_ _0\"></span>\u201cRiscont<span class=\"_ _1\"></span>i <span class=\"_ _0\"> </span>attivi\u201d <span class=\"_ _35\"> </span>sono <span class=\"_ _0\"> </span>pr<span class=\"_ _1\"></span>esenti <span class=\"_ _35\"> </span>anche <span class=\"_ _0\"></span>costi <span class=\"_ _35\"> </span>sostenuti <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>l\u2019ottenimento <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>contr<span class=\"_ _1\"></span>atti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd59\">verso <span class=\"_ _3f\"> </span>promotori <span class=\"_ _39\"> </span>finanziari, <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>competenza <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>esercizi <span class=\"_ _39\"> </span>futuri, <span class=\"_ _3f\"> </span>pari <span class=\"_ _3f\"> </span>a <span class=\"_ _39\"> </span>21 <span class=\"_ _39\"> </span>milioni <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>euro<span class=\"_ _1\"></span>. <span class=\"_ _39\"> </span>La<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd5a\">movimentazione della voce \u00e8 la seguente:   </div><div class=\"gsd5b\"><table class=\"s wa39 h237\" id=\"_31f2d9f1-e319-4fdb-90ed-e4ab6aeb9493\"><tr><td></td><td></td><td class=\"t m2 xf49 h12 y5ad1 ff4 fs7 fc4 sc3 ls0 ws0\">Totale <span class=\"_ _1ff\"> </span>To<span class=\"_ _1\"></span>tale </td></tr><tr><td></td><td class=\"c n xf4a y5ad2 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf4b y5ad2 w68d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5537 wa3a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1. Importo iniziale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf4c y5537 w6c4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">19.599<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xf4d h12 y5ad3 ff4 fs7 fc1 sc2 ls0 ws0\">18.908<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5539 w672 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2. Aumenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf4e y5539 wa3b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">12.932<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa33 h12 y5ad4 ff4 fs7 fc1 sc2 ls0 ws0\">13.463<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y55be wa3c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Altri aumenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf4f y55be wa3d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.932<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xf4d h12 y5ad5 ff4 fs7 fc1 sc0 ls0 ws0\">13.463<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5515 wa3e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">3. Diminuzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf50 y5515 wa3f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">11.490<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa33 h12 y5ad6 ff4 fs7 fc1 sc2 ls0 ws0\">12.772<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54b0 wa40 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 ammortament<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf51 y54b0 wa3f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.490<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa33 h12 y5ad7 ff4 fs7 fc1 sc0 ls0 ws0\">12.772<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54f9 wa41 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4. Importo finale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf52 y54f9 wa42 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">21.041<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa33 h12 y5ad8 ff4 fs7 fc1 sc2 ls0 ws0\">19.599<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd5c\">Di seguito si riporta il dettaglio dei \u201cDebitori diversi: </div><div class=\"gsd5d\"><table class=\"s wa5c h239\" id=\"_10e7af11-bc9b-426a-84be-4337a01dd973\"><tr><td></td><td></td><td class=\"c n xf5f y5aef w6c6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf60 y5aef wa5d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c xf62 y5af0 wa5e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xf61 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c xf64 y5af0 wa5f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xf63 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y55ec wa60 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Crediti d\u2019imposta<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf65 y55ec wa61 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">844.386<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x775 h12 y5af1 ff4 fs7 fc1 sc0 ls0 ws0\">636.515<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5af2 wa62 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Contenzioso non cred<span class=\"_ _2\"></span>itizio<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf66 y5af2 wa63 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">980<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x72b h12 y5af3 ff4 fs7 fc1 sc0 ls0 ws0\">1.300<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5593 wa64 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Altri debitori diversi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf67 y5593 wa65 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">73.289<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xf68 h12 y5af4 ff4 fs7 fc1 sc0 ls0 ws0\">76.660<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5541 wa66 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Anticipi a fornitori<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf69 y5541 wa67 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">40.065<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xf68 h12 y5af5 ff4 fs7 fc1 sc0 ls0 ws0\">29.983<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 xf6a h12 y5af6 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf6b h12 y5af6 ff4 fs7 fc1 sc2 ls0 ws0\">958.720<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x775 h12 y5af6 ff4 fs7 fc1 sc2 ls0 ws0\">744.457<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd5e\">Nella <span class=\"_ _0\"></span>voce <span class=\"_ _38\"></span>\u201ccrediti <span class=\"_ _38\"></span>d\u2019imposta\u201d <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>presenti <span class=\"_ _0\"></span>le<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>ttivit\u00e0 <span class=\"_ _0\"></span>fiscali <span class=\"_ _38\"></span>connesse <span class=\"_ _0\"></span>con<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>l\u2019attivit\u00e0 <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>sostit<span class=\"_ _1\"></span>uto<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd5f\">d\u2019imposta.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd60\">Sono <span class=\"_ _1\"></span>presenti <span class=\"_ _1\"></span>crediti di <span class=\"_ _1\"></span>imposta ai <span class=\"_ _1\"></span>sens<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>del D.L. <span class=\"_ _1\"></span>n.18/2020 <span class=\"_ _1\"></span>(Cura Italia) <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>D.L. <span class=\"_ _1\"></span>n.34/2020 (Rilancio)<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd61\">(eco bonus e sisma bonus) per un controvalore complessivo di 424,4 m<span class=\"_ _1\"></span>ilioni di euro.  <span class=\"_ _25a\"></span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-839": {
   "value": "Sezione<span class=\"_ _1\"></span>13 \u2013 Alt<span class=\"_ _1\"></span>re attivit\u00e0 \u2013 Vo<span class=\"_ _1\"></span>ce 130<span class=\"_ _3a1\"> </span> 13.1 Altre <span class=\"_ _1\"></span>attivit\u00e0: composizione <table class=\"s wa43 h238\" id=\"_ff4ce759-6250-4f6e-b2dc-3f24194008c4\"><tr><td></td><td></td><td class=\"c n x731 y5ad9 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x732 y5ad9 w65e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5ada wa44 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Assegni negoziati da c<span class=\"_ _2\"></span>ompensare<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf53 y5ada wa45 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">67.556<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y5adb ff4 fs7 fc1 sc0 ls0 ws0\">48.603<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5adc wa46 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Operazioni su tit<span class=\"_ _2\"></span>oli in lavorazione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf54 y5adc wa47 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">7.814<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x780 h12 y5add ff4 fs7 fc1 sc0 ls0 ws0\">1.836<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ade wa48 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Assegni in corso di <span class=\"_ _2\"></span>lavorazione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf55 y5ade wa49 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">3.076<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e5 h12 y5adf ff4 fs7 fc1 sc0 ls0 ws0\">6.980<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ae0 wa4a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Operazioni relative a ser<span class=\"_ _3b\"></span>v<span class=\"_ _1\"></span>izi di pagame<span class=\"_ _2\"></span>nto in corso di lavorazio<span class=\"_ _2\"></span>ne<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf56 y5ae0 wa4b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">77.327<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e5 h12 y5ae1 ff4 fs7 fc1 sc0 ls0 ws0\">86.111<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ae2 wa4c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Operazioni relative a ser<span class=\"_ _3b\"></span>v<span class=\"_ _1\"></span>izi di pagame<span class=\"_ _2\"></span>nto in corso di maturaz<span class=\"_ _2\"></span>ione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf57 y5ae2 wa4d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">71.562<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x676 h12 y5ae3 ff4 fs7 fc1 sc0 ls0 ws0\">29.346<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ae4 wa4e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Ratei attivi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf58 y5ae4 wa4f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.847<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x780 h12 y5ae5 ff4 fs7 fc1 sc0 ls0 ws0\">4.041<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ae6 wa50 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Risconti attivi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf59 y5ae6 w6e5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">46.038<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5ae7 ff4 fs7 fc1 sc0 ls0 ws0\">31.180<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y558b wa51 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Assegni ed effetti in<span class=\"_ _2\"></span>soluti ad al protesto tra<span class=\"_ _2\"></span>tti sull'azienda e su <span class=\"_ _2\"></span>terzi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf5a y558b wa52 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.669<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x73d h12 y5ae8 ff4 fs7 fc1 sc0 ls0 ws0\">751<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y55ea wa53 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Migliorie e spese incremen<span class=\"_ _3b\"></span>tative su beni di terzi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf5b y55ea wa54 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">20.139<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x676 h12 y5ae9 ff4 fs7 fc1 sc0 ls0 ws0\">20.243<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y55ec wa55 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Depositi cauzional<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf5c y55ec w6ad h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66b h12 y5aea ff4 fs7 fc1 sc0 ls0 ws0\">26<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5591 wa56 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Debitori diversi per fa<span class=\"_ _2\"></span>tture emesse<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf5d y5591 wa57 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">47.690<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5aeb ff4 fs7 fc1 sc0 ls0 ws0\">45.271<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5593 wa58 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Debitori diversi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xeb5 y5593 wa59 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">958.720<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xda3 h12 y5aec ff4 fs7 fc1 sc0 ls0 ws0\">744.457<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5541 wa5a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Partite viaggianti con<span class=\"_ _2\"></span> le filiali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf5e y5541 wa5b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.497<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x676 h12 y5aed ff4 fs7 fc1 sc0 ls0 ws0\">20.755<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x6e7 h12 y5aee ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y5aee ff4 fs7 fc1 sc2 ls0 ws0\">1.314.959<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fd h12 y5aee ff4 fs7 fc1 sc2 ls0 ws0\">1.039.600<span class=\"_ _3a1\"> </span></td></tr></table>Le operazioni <span class=\"_ _1\"></span>relative a servizi <span class=\"_ _1\"></span>di pagament<span class=\"_ _1\"></span>o in corso <span class=\"_ _1\"></span>di lavorazione/maturazione so<span class=\"_ _1\"></span>no relative <span class=\"_ _1\"></span>ad<span class=\"_ _3a1\"> </span> addebiti ricevuti ma non ancora addebitati sui conti della cliente<span class=\"_ _1\"></span>la.<span class=\"_ _3a1\"> </span> Non sono presenti impairment loss (IFRS 9) su crediti relativi a contratti con la clientela e contract<span class=\"_ _3a1\"> </span> assets.<span class=\"_ _3a1\"> </span> Nella <span class=\"_ _35\"> </span>voce <span class=\"_ _0\"></span>\u201cRiscont<span class=\"_ _1\"></span>i <span class=\"_ _0\"> </span>attivi\u201d <span class=\"_ _35\"> </span>sono <span class=\"_ _0\"> </span>pr<span class=\"_ _1\"></span>esenti <span class=\"_ _35\"> </span>anche <span class=\"_ _0\"></span>costi <span class=\"_ _35\"> </span>sostenuti <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>l\u2019ottenimento <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>contr<span class=\"_ _1\"></span>atti<span class=\"_ _3a1\"> </span> verso <span class=\"_ _3f\"> </span>promotori <span class=\"_ _39\"> </span>finanziari, <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>competenza <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>esercizi <span class=\"_ _39\"> </span>futuri, <span class=\"_ _3f\"> </span>pari <span class=\"_ _3f\"> </span>a <span class=\"_ _39\"> </span>21 <span class=\"_ _39\"> </span>milioni <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>euro<span class=\"_ _1\"></span>. <span class=\"_ _39\"> </span>La<span class=\"_ _3a1\"> </span> movimentazione della voce \u00e8 la seguente:   <table class=\"s wa39 h237\" id=\"_31f2d9f1-e319-4fdb-90ed-e4ab6aeb9493\"><tr><td></td><td></td><td class=\"t m2 xf49 h12 y5ad1 ff4 fs7 fc4 sc3 ls0 ws0\">Totale <span class=\"_ _1ff\"> </span>To<span class=\"_ _1\"></span>tale </td></tr><tr><td></td><td class=\"c n xf4a y5ad2 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf4b y5ad2 w68d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5537 wa3a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1. Importo iniziale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf4c y5537 w6c4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">19.599<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xf4d h12 y5ad3 ff4 fs7 fc1 sc2 ls0 ws0\">18.908<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5539 w672 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2. Aumenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf4e y5539 wa3b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">12.932<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa33 h12 y5ad4 ff4 fs7 fc1 sc2 ls0 ws0\">13.463<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y55be wa3c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Altri aumenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf4f y55be wa3d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.932<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xf4d h12 y5ad5 ff4 fs7 fc1 sc0 ls0 ws0\">13.463<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5515 wa3e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">3. Diminuzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf50 y5515 wa3f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">11.490<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa33 h12 y5ad6 ff4 fs7 fc1 sc2 ls0 ws0\">12.772<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54b0 wa40 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 ammortament<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf51 y54b0 wa3f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.490<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa33 h12 y5ad7 ff4 fs7 fc1 sc0 ls0 ws0\">12.772<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54f9 wa41 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4. Importo finale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf52 y54f9 wa42 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">21.041<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa33 h12 y5ad8 ff4 fs7 fc1 sc2 ls0 ws0\">19.599<span class=\"_ _3a1\"> </span></td></tr></table>Di seguito si riporta il dettaglio dei \u201cDebitori diversi: <table class=\"s wa5c h239\" id=\"_10e7af11-bc9b-426a-84be-4337a01dd973\"><tr><td></td><td></td><td class=\"c n xf5f y5aef w6c6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf60 y5aef wa5d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c xf62 y5af0 wa5e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xf61 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c xf64 y5af0 wa5f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xf63 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y55ec wa60 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Crediti d\u2019imposta<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf65 y55ec wa61 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">844.386<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x775 h12 y5af1 ff4 fs7 fc1 sc0 ls0 ws0\">636.515<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5af2 wa62 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Contenzioso non cred<span class=\"_ _2\"></span>itizio<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf66 y5af2 wa63 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">980<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x72b h12 y5af3 ff4 fs7 fc1 sc0 ls0 ws0\">1.300<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5593 wa64 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Altri debitori diversi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf67 y5593 wa65 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">73.289<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xf68 h12 y5af4 ff4 fs7 fc1 sc0 ls0 ws0\">76.660<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5541 wa66 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Anticipi a fornitori<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf69 y5541 wa67 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">40.065<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xf68 h12 y5af5 ff4 fs7 fc1 sc0 ls0 ws0\">29.983<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 xf6a h12 y5af6 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf6b h12 y5af6 ff4 fs7 fc1 sc2 ls0 ws0\">958.720<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x775 h12 y5af6 ff4 fs7 fc1 sc2 ls0 ws0\">744.457<span class=\"_ _3a1\"> </span></td></tr></table>Nella <span class=\"_ _0\"></span>voce <span class=\"_ _38\"></span>\u201ccrediti <span class=\"_ _38\"></span>d\u2019imposta\u201d <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>presenti <span class=\"_ _0\"></span>le<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>ttivit\u00e0 <span class=\"_ _0\"></span>fiscali <span class=\"_ _38\"></span>connesse <span class=\"_ _0\"></span>con<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>l\u2019attivit\u00e0 <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>sostit<span class=\"_ _1\"></span>uto<span class=\"_ _3a1\"> </span> d\u2019imposta.<span class=\"_ _3a1\"> </span> Sono <span class=\"_ _1\"></span>presenti <span class=\"_ _1\"></span>crediti di <span class=\"_ _1\"></span>imposta ai <span class=\"_ _1\"></span>sens<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>del D.L. <span class=\"_ _1\"></span>n.18/2020 <span class=\"_ _1\"></span>(Cura Italia) <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>D.L. <span class=\"_ _1\"></span>n.34/2020 (Rilancio)<span class=\"_ _3a1\"> </span> (eco bonus e sisma bonus) per un controvalore complessivo di 424,4 m<span class=\"_ _1\"></span>ilioni di euro. 2.1 Commiss<span class=\"_ _1\"></span>ioni attive: composizione<span class=\"_ _3a1\"> </span><table class=\"s we04 h26c\" id=\"_90d67d51-4b3c-4b94-9edb-e10da1ab7bdc\"><tr><td class=\"t m2 xd43 h12 y6093 ff4 fs7 fc4 sc3 ls0 ws0\">Tipologia servizi/Valori<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e8 h12 y6094 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdde h12 y6094 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"c x116f y6095 w17c h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c x878 y6095 w17c h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6096 we05 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">a) Strumenti finanz<span class=\"_ _2\"></span>iari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x165b y6096 we06 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">229.191<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x165c y6096 we07 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">204.167<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe08 y6097 we08 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1. Collocamento titoli<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x165d y6097 w643 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">105.338<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x165e y6097 we09 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">94.476<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y6098 we0a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Con assunzione a <span class=\"_ _2\"></span>fermo e/o sulla base di u<span class=\"_ _3b\"></span>n<span class=\"_ _1\"></span> impegno irrev<span class=\"_ _2\"></span>ocabile<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1660 y6098 w606 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1661 y6098 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y6099 we0b h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Senza impegno <span class=\"_ _2\"></span>irrevocabile<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1662 y6099 w643 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">105.338<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1663 y6099 we09 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">94.476<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x7c0 h12 y609a ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 di ricezione e t<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>asmissione<span class=\"_ _2\"></span> di ordini e esecuzione d<span class=\"_ _2\"></span>i ordini per<span class=\"_ _3a1\"> </span></td><td class=\"c n x1664 y609b we0c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">20.292<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1665 y609b we0d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">19.014<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x7c0 h12 y609c ff4 fs7 fc1 sc0 ls0 ws0\">conto dei clienti </td><td></td><td></td></tr><tr><td class=\"c n x165f y609d we0e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Ricezione e trasm<span class=\"_ _2\"></span>issione di ordini di un<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> o pi\u00f9 strumenti f<span class=\"_ _2\"></span>inanziari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1666 y609d we0f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.404<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1667 y609d we10 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.259<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y609e we11 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Esecuzione di <span class=\"_ _2\"></span>ordini per conto de<span class=\"_ _2\"></span>i clienti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1668 y609e we12 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.888<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1669 y609e we13 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.755<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe08 y609f we14 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Altre commissi<span class=\"_ _2\"></span>oni connesse con attivit\u00e0 leg<span class=\"_ _2\"></span>ate a strumenti f<span class=\"_ _2\"></span>inanziari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x166a y609f we15 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">103<span class=\"_ _1\"></span>.561<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x166b y609f we16 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">90.677<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60a0 we17 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: negoziazione pe<span class=\"_ _2\"></span>r conto proprio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x166c y60a0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x166d y60a0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60a1 we18 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: gestione di p<span class=\"_ _2\"></span>ortafogli individuali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x166e y60a1 w965 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">103.561<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x166f y60a1 we19 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">90.677<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y60a2 wd7a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Corporate Finance<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1670 y60a2 w7dd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.410<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1671 y60a2 w860 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.835<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60a3 we1a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Consulenza in mater<span class=\"_ _2\"></span>ia di fusioni e ac<span class=\"_ _2\"></span>quisizioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1672 y60a3 we1b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.410<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1673 y60a3 w860 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.835<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60a4 we1c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Servizi di tesorer<span class=\"_ _2\"></span>ia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1674 y60a4 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1675 y60a4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60a5 we1d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Altre commissi<span class=\"_ _2\"></span>oni connesse con servizi di c<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>rporate finance<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1676 y60a5 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1677 y60a5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y60a6 we1e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Attivit\u00e0 di consulenza <span class=\"_ _2\"></span>in materia di invest<span class=\"_ _2\"></span>imenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1678 y60a6 we1f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">17.<span class=\"_ _2\"></span>306<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1679 y60a6 we20 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13.585<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y60a7 we21 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Compensazione e reg<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>lamento<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x167a y60a7 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x167b y60a7 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y60a8 we22 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Gestione di portaf<span class=\"_ _2\"></span>ogli collettive<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x167c y60a8 we23 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">265.425<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x167d y60a8 w432 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">214.734<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y60a9 we24 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">f) Custodia e ammin<span class=\"_ _2\"></span>istrazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x167e y60a9 we25 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.964<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x167f y60a9 w860 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.851<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60aa we26 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Banca depositaria<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1680 y60aa w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1681 y60aa w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60ab we27 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Altre commissioni <span class=\"_ _2\"></span>legate all\u2019attivit\u00e0 di cus<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>odia e amministraz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>one<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1682 y60ab w6de h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.964<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1683 y60ab w860 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.851<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y60ac we28 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">g) Servizi amministra<span class=\"_ _2\"></span>tivi centrali per <span class=\"_ _2\"></span>gestioni di portafogl<span class=\"_ _2\"></span>i collettive<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1684 y60ac w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1685 y60ac w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5c85 we29 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">h) Attivit\u00e0 fiduciaria<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1686 y5c85 we2a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.252<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1687 y5c85 we2b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.193<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y60ad we2c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">i) Servizi di pagamen<span class=\"_ _2\"></span>to<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1688 y60ad we2d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">213.583<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1689 y60ad wae2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">213.304<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60ae wadb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Conti correnti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x168a y60ae w6a1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">120.266<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x168b y60ae we2e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">122.175<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60af we2f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Carte di credito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x168c y60af we30 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">30.076<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x168d y60af we31 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">30.306<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60b0 we32 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Carte di debito ed <span class=\"_ _2\"></span>altre carte di pa<span class=\"_ _2\"></span>gamento<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x168e y60b0 we33 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24.22<span class=\"_ _2\"></span>9<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x168f y60b0 we34 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">23.299<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y5477 we35 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Bonifici e altri ordin<span class=\"_ _2\"></span>i di pagamento<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1690 y5477 waa7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">16.966<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1691 y5477 we36 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">15.711<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60b1 we37 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Altre commission<span class=\"_ _2\"></span>i legate ai servizi di pagame<span class=\"_ _2\"></span>nto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1692 y60b1 we38 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">22.046<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1693 y60b1 we39 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">21.813<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y60b2 we3a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">j) Distribuzione di serv<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>zi di terzi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1694 y60b2 we3b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">66.943<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1695 y60b2 wa45 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">70.857<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60b3 we3c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Gestioni di portafo<span class=\"_ _2\"></span>gli collettive<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1696 y60b3 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1697 y60b3 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y5a41 we3d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Prodotti assicurat<span class=\"_ _2\"></span>ivi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1698 y5a41 we3e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">64.679<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1699 y5a41 we3f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">67.862<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y5a42 we40 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Altri prodotti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x169a y5a42 wb1f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.264<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x169b y5a42 wb1f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.995<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x169c y5a43 we41 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: gestioni di po<span class=\"_ _2\"></span>rtafogli individuali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x169d y5a43 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x169e y5a43 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a44 we42 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">k) Finanza struttura<span class=\"_ _2\"></span>ta<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x169f y5a44 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16a0 y5a44 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a63 we43 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">l) Attivit\u00e0 di servicing pe<span class=\"_ _2\"></span>r operazioni di car<span class=\"_ _2\"></span>tolarizzazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16a1 y5a63 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16a2 y5a63 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a46 we44 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">m) Impegni a erogare f<span class=\"_ _2\"></span>ondi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16a3 y5a46 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16a4 y5a46 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a47 we45 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">n) Garanzie finanziarie <span class=\"_ _2\"></span>rilasciate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16a5 y5a47 we46 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.877<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16a6 y5a47 we47 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>.046<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60b4 we48 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: derivati su credi<span class=\"_ _2\"></span>ti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16a7 y60b4 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16a8 y60b4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y60b5 we49 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">o) Operazioni di finanz<span class=\"_ _2\"></span>iamento<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16a9 y60b5 we4a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">15.128<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16aa y60b5 we4b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">17.038<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y589c we4c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: per operazioni d<span class=\"_ _2\"></span>i factoring<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16ab y589c we4d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">15<span class=\"_ _1\"></span>.128<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16ac y589c we4e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">17.038<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y60b6 we4f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">p) Negoziazione di v<span class=\"_ _2\"></span>alute<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16ad y60b6 we50 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.939<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16ae y60b6 we51 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.606<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59de we52 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">q) Merci<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf52 y59de w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16af y59de w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a84 we53 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">r) Altre commission<span class=\"_ _2\"></span>i attive<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16b0 y5a84 we54 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">38.303<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16b1 y5a84 we55 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">30.207<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y5a85 we56 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: per attivit\u00e0 di ge<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>tione di sistemi mul<span class=\"_ _2\"></span>tilaterali di scambi<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16b2 y5a85 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16b3 y5a85 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y597f we57 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: per attivit\u00e0 di ge<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>tione di sistemi orga<span class=\"_ _2\"></span>nizzati di negoziazi<span class=\"_ _2\"></span>one<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16b4 y597f w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16b5 y597f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xdda h12 y60b7 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x886 h12 y60b7 ff4 fs7 fc1 sc2 ls0 ws0\">862.321<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xee0 h12 y60b7 ff4 fs7 fc1 sc2 ls0 ws0\">779.423<span class=\"_ _3a1\"> </span></td></tr></table><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsfa7\">Si <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iporta <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>disaggregazione <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>commis<span class=\"_ _1\"></span>sioni <span class=\"_ _38\"></span>distribuite <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>forma <span class=\"_ _38\"></span>tecnica <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>linea <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>quanto<span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsfa8\">richie<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsfa9\">sto da <span class=\"_ _1\"></span>IFRS 15 <span class=\"_ _1\"></span>par. 114. Le <span class=\"_ _1\"></span>principal<span class=\"_ _2\"></span>i tipologie <span class=\"_ _1\"></span>commissionali <span class=\"_ _1\"></span>sono riconducibili a <span class=\"_ _1\"></span>(IFRS 15 <span class=\"_ _1\"></span>par. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsfaa\">119): </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gsfab\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">Gestione dei portafogli individuali e collettivi: la performance obbligation si sostanzia in 7.367 </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsfac\">mila euro e viene tipicamente soddisfatta over time; </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gsfad\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">Collocamento titoli: si tr<span class=\"_ _1\"></span>atta di commissioni in sede di collocamento fondi/sicav incassati per </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsfae\">un importo pari a 21.594 mila euro; </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gsfaf\">-<span class=\"_ _13e\"> </span><span class=\"ff4\"> Distribuzione <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>servizi <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>terzi: <span class=\"_ _0\"></span>si <span class=\"_ _0\"> </span>t<span class=\"_ _1\"></span>ratta <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>commissioni <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>ac<span class=\"_ _3b\"></span>quisizione <span class=\"_ _35\"> </span>relative <span class=\"_ _0\"> </span>a <span class=\"_ _35\"> </span>polizze<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsfb0\">assicurative per un importo pari a 17<span class=\"_ _1\"></span>.168 mila euro. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsfb1\">Il Gruppo percepisce vari tipi di commissioni variabili come: </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gsfb2\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">Success Fee e retainer fee; </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gsfb3\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">Performance/Overperfor<span class=\"_ _1\"></span>mance; </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gsfb4\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">Rappel. </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsfb5\">Tali <span class=\"_ _17e\"> </span>commissioni <span class=\"_ _17e\"> </span>ve<span class=\"_ _1\"></span>ngono <span class=\"_ _48\"> </span>pe<span class=\"_ _1\"></span>rcepite <span class=\"_ _17e\"> </span>al <span class=\"_ _17e\"> </span>raggiungimento <span class=\"_ _44\"> </span>di <span class=\"_ _48\"> </span>deter<span class=\"_ _1\"></span>minati <span class=\"_ _17e\"> </span>obiettivi, <span class=\"_ _17e\"> </span>previsti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsfb6\">contrattualmente <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>contabilizzate <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>momento <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>cui <span class=\"_ _0\"> </span>viene<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>meno<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>l'incertezza <span class=\"_ _0\"></span>relat<span class=\"_ _1\"></span>iva <span class=\"_ _0\"></span>alla<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsfb7\">determinazione dell'importo variabile. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsfb8\">Nella <span class=\"_ _38\"></span>parte <span class=\"_ _38\"></span>L <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>lla <span class=\"_ _38\"></span>nota <span class=\"_ _38\"></span>integrativa <span class=\"_ _38\"></span>viene <span class=\"_ _0\"></span>presentata <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>disaggregazione <span class=\"_ _0\"></span>dei <span class=\"_ _1\"></span>Ricavi <span class=\"_ _38\"></span>per <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>egmento </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsfb9\">operativo. </div>PA<span class=\"_ _3b\"></span>RTE<span class=\"_ _3a1\"> </span>L<span class=\"_ _3a1\"> </span>\u2013<span class=\"_ _3a1\"> </span>IN<span class=\"_ _3b\"></span>FO<span class=\"_ _2\"></span>RM<span class=\"_ _3b\"></span>ATI<span class=\"_ _3b\"></span>VA<span class=\"_ _3a1\"> </span>DI<span class=\"_ _3a1\"> </span>SE<span class=\"_ _3b\"></span>TTOR<span class=\"_ _3b\"></span>E<span class=\"fc1 sc2\"> </span>IN<span class=\"_ _2\"></span>FO<span class=\"_ _3b\"></span>RMA<span class=\"_ _3b\"></span>TIV<span class=\"_ _3b\"></span>A<span class=\"_ _3a1\"> </span>DI<span class=\"_ _3a1\"> </span>SE<span class=\"_ _3b\"></span>TT<span class=\"_ _2\"></span>OR<span class=\"_ _2\"></span>E<span class=\"_ _3a1\"> </span>\u2013<span class=\"_ _3a1\"> </span>di<span class=\"_ _3b\"></span>str<span class=\"_ _3b\"></span>ibu<span class=\"_ _3b\"></span>zio<span class=\"_ _3b\"></span>ne<span class=\"_ _3a1\"> </span>pe<span class=\"_ _3b\"></span>r<span class=\"_ _3a1\"> </span>se<span class=\"_ _3b\"></span>ttor<span class=\"_ _3b\"></span>i<span class=\"_ _3a1\"> </span>op<span class=\"_ _3b\"></span>er<span class=\"_ _2\"></span>at<span class=\"_ _3b\"></span>ivi<span class=\"_ _3b\"></span><span class=\"fc1 sc2\"> </span>Nel Gr<span class=\"_ _3a1\"> </span>uppo Credem operano due settori operativi, Banking e Wealth Management: \u2022<span class=\"_ _3a1\"> </span>Banking: <span class=\"_ _49\"> </span>Commer<span class=\"_ _1\"></span>cial <span class=\"_ _49\"> </span>Banking, <span class=\"_ _49\"> </span>P<span class=\"_ _1\"></span>rivate <span class=\"_ _49\"> </span>B<span class=\"_ _1\"></span>anking, <span class=\"_ _49\"> </span>Parabancario, <span class=\"_ _49\"> </span>Cons<span class=\"_ _1\"></span>umer <span class=\"_ _49\"> </span>Credit <span class=\"_ _46\"> </span>e Altro/Technology \u2022<span class=\"_ _3a1\"> </span>Wealth Manageme<span class=\"_ _1\"></span>nt: Asset Management e Insurance. Questi <span class=\"_ _35\"> </span>due <span class=\"_ _35\"> </span>settori <span class=\"_ _35\"> </span>operativi <span class=\"_ _0\"></span>aggregano <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>principali <span class=\"_ _35\"> </span>ambiti <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>business <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _35\"> </span>operano <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>diverse societ\u00e0 del Gruppo. In particolare:  Commercial Banki<span class=\"_ _1\"></span>ng<span class=\"_ _3a1\"> </span>: - <span class=\"_ _115\"> </span>Cre<span class=\"_ _1\"></span>dito <span class=\"_ _3d\"> </span>Emiliano  S.p.A.:  \u00e8<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>la  Capogruppo <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>Gruppo  Cre<span class=\"_ _1\"></span>dem <span class=\"_ _3d\"> </span>specializzata  ne<span class=\"_ _1\"></span>ll\u2019attivit\u00e0  di commercial <span class=\"_ _38\"></span>banking attr<span class=\"_ _1\"></span>averso l\u2019er<span class=\"_ _1\"></span>ogazione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>servizi <span class=\"_ _38\"></span>indirizzati <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>cliente<span class=\"_ _1\"></span>la reta<span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>corporate. Tali <span class=\"_ _0\"></span>servizi <span class=\"_ _35\"> </span>sono <span class=\"_ _0\"></span>forniti <span class=\"_ _0\"></span>anche <span class=\"_ _0\"></span>attraverso <span class=\"_ _0\"></span>ret<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>consulenti <span class=\"_ _35\"> </span>finanziari <span class=\"_ _0\"></span>abilitati <span class=\"_ _0\"></span>all\u2019offerta <span class=\"_ _35\"> </span>fuori<span class=\"_ _2\"></span> sede <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>rapporto <span class=\"_ _1\"></span>agenziale. <span class=\"_ _1\"></span>La <span class=\"_ _1\"></span>Capogruppo ges<span class=\"_ _1\"></span>tisce, <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>modalit\u00e0 <span class=\"_ _1\"></span>accentrata, <span class=\"_ _1\"></span>la teso<span class=\"_ _1\"></span>reria e<span class=\"_ _1\"></span>d il rischio di tasso del Gruppo, interfacciandosi con i mer<span class=\"_ _1\"></span>cati finanziari istituzionali; - <span class=\"_ _115\"> </span>Cre<span class=\"_ _1\"></span>dem CB S.r.l.: societ\u00e0 veicolo<span class=\"_ _2\"></span> ex L. 130 del 30 aprile 1999 pe<span class=\"_ _2\"></span>r supportare la strutturazione di specifici programmi di emissione di Obbligazioni Bancarie <span class=\"_ _1\"></span>Garantite (Covered Bonds). Private Banking<span class=\"_ _1\"></span>: - <span class=\"_ _115\"> </span>Cre<span class=\"_ _1\"></span>dem - Euromobiliare Private <span class=\"_ _3b\"></span>B<span class=\"_ _1\"></span>anking S.p.A.: <span class=\"_ _2\"></span>\u00e8 la Private Bank del Grupp<span class=\"_ _2\"></span>o Bancario Credem, attiva sia nel private banking che nella promozione <span class=\"_ _1\"></span>finanziaria. Parabancario, Cons<span class=\"_ _1\"></span>umer Credit e Altr<span class=\"_ _1\"></span>o/Technology - <span class=\"_ _115\"> </span>Credemleasing <span class=\"_ _38\"></span>S.p.A.: <span class=\"_ _38\"></span>societ\u00e0 <span class=\"_ _38\"></span>specializzata <span class=\"_ _38\"></span>nello <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>viluppo <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>nell\u2019offerta <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _38\"></span>pacchetti <span class=\"_ _38\"></span>integrati di <span class=\"_ _35\"> </span>leasing. <span class=\"_ _0\"></span>La <span class=\"_ _35\"> </span>ste<span class=\"_ _1\"></span>ssa <span class=\"_ _35\"> </span>opera <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>tutti <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>comparti <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>l<span class=\"_ _2\"></span>ocazione <span class=\"_ _35\"> </span>finanziaria: <span class=\"_ _35\"> </span>targato (leasing, long renting, leasing a privati), strumenta<span class=\"_ _1\"></span>le, immobiliare e navale; - <span class=\"_ _115\"> </span>Credemfactor <span class=\"_ _1\"></span>S.p.A.: societ\u00e0 specializzata nell\u2019attivit\u00e0 di factoring, offre una gamma di servizi che <span class=\"_ _2\"></span>va <span class=\"_ _3b\"></span>dalla g<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>stione <span class=\"_ _3b\"></span>dei crediti <span class=\"_ _3b\"></span>commerciali, <span class=\"_ _3b\"></span>al <span class=\"_ _2\"></span>monitoraggio <span class=\"_ _2\"></span>continuo <span class=\"_ _3b\"></span>del <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio, <span class=\"_ _3b\"></span>alla ga<span class=\"_ _2\"></span>ranzia e <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>anticipazione <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>credito. <span class=\"_ _1\"></span>Cr<span class=\"_ _1\"></span>edemfactor <span class=\"_ _38\"></span>S.p.A. <span class=\"_ _1\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>inoltre <span class=\"_ _38\"></span>specializzata <span class=\"_ _38\"></span>nella <span class=\"_ _38\"></span>gestione<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>dei crediti verso gli Enti Pubblici e nello s<span class=\"_ _1\"></span>vilupp<span class=\"_ _2\"></span>o di convenzioni con i<span class=\"_ _1\"></span> fornitori; - <span class=\"_ _115\"> </span>Avvera <span class=\"_ _1\"></span>S.p.A.: <span class=\"_ _1\"></span>societ<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>credito <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>consumo, <span class=\"_ _1\"></span>specializzata <span class=\"_ _1\"></span>nell\u2019in<span class=\"_ _1\"></span>termediazione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>mutui <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>nel collocamento di prodotti di cessione del quinto e erogazione <span class=\"_ _1\"></span>di prestiti personali e finalizzati; - <span class=\"_ _115\"> </span>Magazzini Generali <span class=\"_ _3b\"></span>delle Tagliate <span class=\"_ _2\"></span>S.p.A.: <span class=\"_ _3b\"></span>azienda operante nel <span class=\"_ _3b\"></span>settore della <span class=\"_ _2\"></span>stagionatura e<span class=\"_ _2\"></span> dello<span class=\"_ _3b\"></span> stoccaggio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>formaggio <span class=\"_ _1\"></span>Parmigiano-Reggiano <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>Grana <span class=\"_ _1\"></span>Padano. <span class=\"_ _1\"></span>La <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ciet\u00e0 <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>parte <span class=\"_ _1\"></span>integrante del Gruppo <span class=\"_ _1\"></span>in quanto <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>\u201cforme\u201d di <span class=\"_ _1\"></span>formaggio r<span class=\"_ _1\"></span>appresentano <span class=\"_ _1\"></span>il collaterale <span class=\"_ _1\"></span>per finanziamenti <span class=\"_ _1\"></span>ai produttori; - <span class=\"_ _115\"> </span>Cre<span class=\"_ _1\"></span>demtel <span class=\"_ _35\"> </span>S.p<span class=\"_ _2\"></span>.A.: <span class=\"_ _0\"></span>az<span class=\"_ _1\"></span>ienda <span class=\"_ _35\"> </span>attiva <span class=\"_ _0\"></span>nell\u2019offert<span class=\"_ _1\"></span>a <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>servizi <span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>elematici <span class=\"_ _35\"> </span>rivolti <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>banche, <span class=\"_ _0\"></span>azie<span class=\"_ _1\"></span>nde <span class=\"_ _35\"> </span>e<span class=\"_ _3a1\"> </span>Pubblica Amministrazione e sue eventuali Societ\u00e0 <span class=\"_ _1\"></span>controllate. Asset Managem<span class=\"_ _1\"></span>ent - <span class=\"_ _115\"> </span>Euromo<span class=\"_ _1\"></span>biliare <span class=\"_ _3b\"></span>Asset M<span class=\"_ _2\"></span>anagement <span class=\"_ _2\"></span>SGR <span class=\"_ _3b\"></span>S.p.A.: <span class=\"_ _3b\"></span>socie<span class=\"_ _1\"></span>t\u00e0 <span class=\"_ _3b\"></span>attiva nel<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>cam<span class=\"_ _1\"></span>po <span class=\"_ _3b\"></span>della gestione <span class=\"_ _3b\"></span>collettiva (fondi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>com<span class=\"_ _1\"></span>parti <span class=\"_ _0\"></span>SICAV). <span class=\"_ _0\"></span>Svol<span class=\"_ _1\"></span>ge <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>ruoli <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>\u201cManageme<span class=\"_ _1\"></span>nt <span class=\"_ _0\"> </span>Com<span class=\"_ _1\"></span>pany\u201d <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>\u201cF<span class=\"_ _1\"></span>und <span class=\"_ _0\"></span>Administrator\u201d della  SICAV  Lussemburghese  Euromobiliare  International  Fund  Sicav,  i  cui  comparti  sono distribuiti <span class=\"_ _3d\"> </span>attraverso <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>filiali <span class=\"_ _3d\"> </span>ed <span class=\"_ _3d\"> </span>i <span class=\"_ _3d\"> </span>consulenti <span class=\"_ _3d\"> </span>finanziari <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>Cr<span class=\"_ _1\"></span>edito <span class=\"_ _3d\"> </span>Emiliano <span class=\"_ _3d\"> </span>e <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>Credem <span class=\"_ _3d\"> </span>- Euromobiliare Private Banking; - <span class=\"_ _115\"> </span>Euromo<span class=\"_ _1\"></span>biliare <span class=\"_ _48\"> </span>Advisory <span class=\"_ _48\"> </span>SIM <span class=\"_ _48\"> </span>S.p.A.: <span class=\"_ _48\"> </span>societ\u00e0 <span class=\"_ _48\"> </span>il <span class=\"_ _48\"> </span>cui <span class=\"_ _48\"> </span>oggetto<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>sociale <span class=\"_ _48\"> </span>prevede <span class=\"_ _48\"> </span>l\u2019esercizio<span class=\"_ _3a1\"> </span>professionale d<span class=\"_ _2\"></span>ei <span class=\"_ _3b\"></span>servizi di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>gestione d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>portafogli, ricezione <span class=\"_ _184\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>tr<span class=\"_ _1\"></span>asmissione <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>rdini, <span class=\"_ _3b\"></span>consulenza<span class=\"_ _3a1\"> </span>in <span class=\"_ _35\"> </span>materia  di <span class=\"_ _35\"> </span>investimenti <span class=\"_ _35\"> </span>e  pa<span class=\"_ _2\"></span>trimoniale,  anche <span class=\"_ _35\"> </span>mediante <span class=\"_ _35\"> </span>lo <span class=\"_ _35\"> </span>sviluppo <span class=\"_ _35\"> </span>di  prodotti <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>servizi<span class=\"_ _3a1\"> </span>innovativi ad alto valore tecnologico nei confronti de<span class=\"_ _1\"></span>l pubblic<span class=\"_ _2\"></span>o ed alle r<span class=\"_ _1\"></span>eti Credem; - <span class=\"_ _115\"> </span>Euromo<span class=\"_ _1\"></span>biliare <span class=\"_ _3b\"></span>F<span class=\"_ _1\"></span>iduciaria <span class=\"_ _3b\"></span>S.p.A.: <span class=\"_ _3b\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>un <span class=\"_ _3b\"></span>ope<span class=\"_ _1\"></span>ratore <span class=\"_ _2\"></span>che <span class=\"_ _3b\"></span>rientra tra <span class=\"_ _3b\"></span>le <span class=\"_ _3b\"></span>societ\u00e0 fidu<span class=\"_ _2\"></span>ciarie <span class=\"_ _2\"></span>previste d<span class=\"_ _2\"></span>alla Legge <span class=\"_ _1\"></span>n. <span class=\"_ _1\"></span>1966 <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>23 <span class=\"_ _1\"></span>novembre <span class=\"_ _1\"></span>1939 <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>svolge <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>custodia <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>amministr<span class=\"_ _1\"></span>azione dei <span class=\"_ _1\"></span>beni affidati dai fiducianti sulla base di un mandato fiduciario; - <span class=\"_ _115\"> </span>Cre<span class=\"_ _1\"></span>dem Private <span class=\"_ _1\"></span>Equity SGR <span class=\"_ _1\"></span>S.p.A.: societ\u00e0 <span class=\"_ _1\"></span>autorizzata <span class=\"_ _1\"></span>alla prestazione del <span class=\"_ _1\"></span>servizio di <span class=\"_ _1\"></span>gestione<span class=\"_ _3a1\"> </span>collet<span class=\"_ _3a1\"> </span>tiva <span class=\"_ _35\"> </span>del  risparmio, <span class=\"_ _35\"> </span>che  svolge <span class=\"_ _35\"> </span>attivit\u00e0  di <span class=\"_ _35\"> </span>investimento  in <span class=\"_ _35\"> </span>capitale <span class=\"_ _35\"> </span>di  rischio <span class=\"_ _35\"> </span>mediante<span class=\"_ _3a1\"> </span>l\u2019istituzione e l\u2019organizzazione di fondi comuni di invest<span class=\"_ _1\"></span>imento mobiliare chiusi. Insurance: - <span class=\"_ _115\"> </span>Cre<span class=\"_ _1\"></span>demvita <span class=\"_ _35\"> </span>S.p.A.: <span class=\"_ _35\"> </span>impres<span class=\"_ _1\"></span>a  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>assicurazioni  attiva <span class=\"_ _35\"> </span>nei <span class=\"_ _35\"> </span>rami  v<span class=\"_ _2\"></span>ita <span class=\"_ _35\"> </span>e  p<span class=\"_ _2\"></span>revidenziale,  ch<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>oper<span class=\"_ _1\"></span>a esclusivamente attraverso le reti distributive del Gr<span class=\"_ _1\"></span>uppo Credem; - <span class=\"_ _115\"> </span>Cre<span class=\"_ _1\"></span>demassicurazioni <span class=\"_ _3f\"> </span>S.p.A.: <span class=\"_ _39\"> </span>i<span class=\"_ _1\"></span>mpresa <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>assicurazioni <span class=\"_ _3f\"> </span>attiva <span class=\"_ _3f\"> </span>nei <span class=\"_ _3f\"> </span>rami <span class=\"_ _3f\"> </span>danni, <span class=\"_ _3f\"> </span>che <span class=\"_ _3f\"> </span>opera esclusivamente <span class=\"_ _35\"> </span>attraverso <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>reti <span class=\"_ _0\"></span>distr<span class=\"_ _1\"></span>ibutive <span class=\"_ _35\"> </span>del <span class=\"_ _0\"> </span>G<span class=\"_ _1\"></span>ruppo <span class=\"_ _35\"> </span>Credem. <span class=\"_ _35\"> </span>La <span class=\"_ _0\"></span>so<span class=\"_ _1\"></span>ciet\u00e0 <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>partecipata pariteticamente da Credito Emiliano S.p.A. e da Reale <span class=\"_ _1\"></span>Mutua Assicurazioni S.p.A. INF<span class=\"_ _2\"></span>ORMAT<span class=\"_ _3b\"></span>IVA DI<span class=\"_ _3b\"></span> SETTO<span class=\"_ _2\"></span>RE -<span class=\"_ _2\"></span> co<span class=\"_ _2\"></span>mme<span class=\"_ _2\"></span>nto Si<span class=\"_ _2\"></span><span class=\"ff5\"> <span class=\"ff4\">fa</span> <span class=\"ff4\">ri<span class=\"_ _2\"></span>feri<span class=\"_ _3b\"></span>mento<span class=\"_ _2\"></span><span class=\"ff5\"> <span class=\"ff4\">a</span> <span class=\"ff4\">qua<span class=\"_ _3b\"></span>nto<span class=\"ff5\"> </span>amp<span class=\"_ _3b\"></span>iament<span class=\"_ _2\"></span>e<span class=\"ff5\"> </span>rip<span class=\"_ _3b\"></span>ortato<span class=\"_ _2\"></span><span class=\"ff5\"> <span class=\"ff4\">nel<span class=\"_ _2\"></span>la<span class=\"ff5\"> </span>r<span class=\"_ _2\"></span>ela<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>one<span class=\"_ _2\"></span><span class=\"ff5\"> <span class=\"ff4\">sull<span class=\"_ _2\"></span>a<span class=\"ff5\"> </span>ges<span class=\"_ _3b\"></span>tione<span class=\"_ _2\"></span><span class=\"ff5\"> <span class=\"ff4\">sui</span> <span class=\"ff4\">v<span class=\"_ _3b\"></span>ari<span class=\"ff5\"> </span></span></span></span></span></span></span></span></span></span></span>setto<span class=\"_ _3b\"></span>ri<span class=\"ff5\"> <span class=\"_ _3b\"></span><span class=\"ff4\">di<span class=\"_ _3b\"></span><span class=\"ff5\"> <span class=\"ff4\">at<span class=\"_ _2\"></span>tivi<span class=\"_ _3b\"></span>t\u00e0<span class=\"ff5\"> <span class=\"_ _3b\"></span><span class=\"ff4\">e<span class=\"ff5\"> <span class=\"_ _2\"></span><span class=\"ff4\">all<span class=\"_ _3b\"></span>e<span class=\"ff5\"> </span>s<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>gol<span class=\"_ _2\"></span>e<span class=\"ff5\"> <span class=\"_ _3b\"></span><span class=\"ff4\">soci<span class=\"_ _2\"></span>et\u00e0<span class=\"ff5\"> <span class=\"_ _3b\"></span><span class=\"ff4\">del<span class=\"_ _3b\"></span><span class=\"ff5\"> G<span class=\"_ _3b\"></span><span class=\"ff4\">rupp<span class=\"_ _2\"></span>o.</span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff5\"><span class=\"ff4\"><span class=\"ff5\"><span class=\"ff4\"><span class=\"ff5\"><span class=\"ff4\"><span class=\"ff5\"><span class=\"ff4\"><span class=\"ff5\"><span class=\"ff4\"><span class=\"ff5\"><span class=\"ff4\"><span class=\"ff5\"><span class=\"ff4\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span>SEGMENT REPORTING<table class=\"s w15c6 h2f6\" id=\"_fc713ae9-9e14-4d1e-adfe-257261a96d78\"><tr><td></td><td></td><td></td><td class=\"t ma x26e1 h144 y6ac8 ff4 fs45 fc1 sc0 ls0 ws0\">Parabancario, </td><td></td><td></td><td></td><td></td><td class=\"t ma x26e2 h144 y6ac9 ff4 fs45 fc1 sc0 ls0 ws0\">Elisioni, </td><td></td></tr><tr><td class=\"c x26e4 y6aca w15c7 h1eb\"><div class=\"t m9 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">DICEMB<span class=\"_ _3a1\"> </span></div><div class=\"t m9 x26e3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">RE 2024<span class=\"_ _3a1\"> </span></div></td><td class=\"t ma x26e5 h144 y6acb ff4 fs45 fc1 sc0 ls0 ws0\">Commercial </td><td class=\"t ma x26e6 h144 y6acb ff4 fs45 fc1 sc0 ls0 ws0\">Private </td><td class=\"t ma x26e7 h144 y6acc ff4 fs45 fc1 sc0 ls0 ws0\">Consumer </td><td class=\"t m9 x26e8 h8 y6acd ff4 fs2 fc1 sc2 ls0 ws0\">BANKING </td><td class=\"t ma x26e9 h144 y6acb ff4 fs45 fc1 sc0 ls0 ws0\">Asset </td><td class=\"t ma x26ea h144 y6ace ff4 fs45 fc1 sc0 ls0 ws0\">Insurance </td><td class=\"t m9 x26eb h8 y6acf ff4 fs2 fc1 sc2 ls0 ws0\">Wealth </td><td class=\"t ma x26ec h144 y6ad0 ff4 fs45 fc1 sc0 ls0 ws0\">rettifiche e </td><td class=\"t m9 x26ed h8 y6acd ff4 fs2 fc1 sc2 ls0 ws0\">Consolidato </td></tr><tr><td></td><td class=\"t ma x26ee h144 y6ad1 ff4 fs45 fc1 sc0 ls0 ws0\">Banking </td><td class=\"t ma x26ef h144 y6ad1 ff4 fs45 fc1 sc0 ls0 ws0\">Banking </td><td class=\"t ma x26f0 h144 y6ad2 ff4 fs45 fc1 sc0 ls0 ws0\">Credit, IT </td><td></td><td class=\"t ma x26f1 h144 y6ad1 ff4 fs45 fc1 sc0 ls0 ws0\">Management</td><td></td><td class=\"t m9 x26f2 h8 y6ad3 ff4 fs2 fc1 sc2 ls0 ws0\">Management </td><td class=\"t ma x26f3 h144 y6ad4 ff4 fs45 fc1 sc0 ls0 ws0\">riclassifiche </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t ma x26f4 h144 y6ad5 ff4 fs45 fc1 sc0 ls0 ws0\">Technology </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m9 x26f5 h8 y6ad6 ff4 fs2 fc1 sc2 ls0 ws0\">IMPIEGHI A CLIENTELA </td><td class=\"t ma x26f6 h144 y6ad6 ff4 fs45 fc1 sc2 ls0 ws0\">34.998</td><td class=\"t ma x26f7 h144 y6ad6 ff4 fs45 fc1 sc2 ls0 ws0\">706</td><td class=\"t ma x26f8 h144 y6ad6 ff4 fs45 fc1 sc2 ls0 ws0\">8.007</td><td class=\"t m9 x26f9 h8 y6ad6 ff4 fs2 fc1 sc2 ls0 ws0\">43.711<span class=\"_ _3a1\"> </span></td><td class=\"t ma x26fa h144 y6ad6 ff4 fs45 fc1 sc2 ls0 ws0\">40</td><td></td><td class=\"t m9 x26fb h8 y6ad6 ff4 fs2 fc1 sc2 ls0 ws0\">40<span class=\"_ _3a1\"> </span></td><td class=\"t ma x26fc h144 y6ad6 ff4 fs45 fc1 sc2 ls0 ws0\">-7.388</td><td class=\"t m9 x26fd h8 y6ad6 ff4 fs2 fc1 sc2 ls0 ws0\">36.363<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6ad7 ff4 fs2 fc1 sc0 ls0 ws0\">Raccolta ASSICURATIVA </td><td></td><td></td><td></td><td></td><td></td><td class=\"t ma x26fe h144 y6ad7 ff4 fs45 fc1 sc0 ls0 ws0\">9.396</td><td class=\"t m9 x26ff h8 y6ad8 ff4 fs2 fc1 sc2 ls0 ws0\">9.396<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x2700 h8 y6ad7 ff4 fs2 fc1 sc0 ls0 ws0\">9.396<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6ad9 ff4 fs2 fc1 sc0 ls0 ws0\">Raccolta DIRETTA BANCARIA </td><td class=\"t ma x2701 h144 y6ad9 ff4 fs45 fc1 sc0 ls0 ws0\">31.611</td><td class=\"t ma x2702 h144 y6ad9 ff4 fs45 fc1 sc0 ls0 ws0\">7.888</td><td class=\"t ma x2703 h144 y6ad9 ff4 fs45 fc1 sc0 ls0 ws0\">123</td><td class=\"t m9 x2704 h8 y6ad9 ff4 fs2 fc1 sc0 ls0 ws0\">39.623<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t ma x2705 h144 y6ad9 ff4 fs45 fc1 sc0 ls0 ws0\">-374</td><td class=\"t m9 x26fd h8 y6ad9 ff4 fs2 fc1 sc0 ls0 ws0\">39.249<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6ada ff4 fs2 fc1 sc2 ls0 ws0\">TOTALE RACCOLTA DIRETTA C<span class=\"_ _1\"></span>LIENTELA </td><td class=\"t ma x2701 h144 y6ada ff4 fs45 fc1 sc2 ls0 ws0\">31.611</td><td class=\"t ma x2702 h144 y6ada ff4 fs45 fc1 sc2 ls0 ws0\">7.888</td><td class=\"t ma x2703 h144 y6ada ff4 fs45 fc1 sc2 ls0 ws0\">123</td><td class=\"t m9 x2704 h8 y6ada ff4 fs2 fc1 sc2 ls0 ws0\">39.623<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2706 h144 y6ada ff4 fs45 fc1 sc2 ls0 ws0\">0</td><td class=\"t ma x26fe h144 y6ada ff4 fs45 fc1 sc2 ls0 ws0\">9.396</td><td class=\"t m9 x26ff h8 y6ada ff4 fs2 fc1 sc2 ls0 ws0\">9.396<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2705 h144 y6ada ff4 fs45 fc1 sc2 ls0 ws0\">-374</td><td class=\"t m9 x26fd h8 y6ada ff4 fs2 fc1 sc2 ls0 ws0\">48.645<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6adb ff4 fs2 fc1 sc0 ls0 ws0\">Raccolta GESTITA </td><td class=\"t ma x2707 h144 y6adb ff4 fs45 fc1 sc0 ls0 ws0\">20.744</td><td class=\"t ma x2708 h144 y6adb ff4 fs45 fc1 sc0 ls0 ws0\">23.186</td><td></td><td class=\"t m9 x2704 h8 y6adb ff4 fs2 fc1 sc0 ls0 ws0\">43.929<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2709 h144 y6adb ff4 fs45 fc1 sc0 ls0 ws0\">15.111</td><td></td><td class=\"t m9 x270a h8 y6adc ff4 fs2 fc1 sc2 ls0 ws0\">15.111<span class=\"_ _3a1\"> </span></td><td class=\"t ma x270b h144 y6adb ff4 fs45 fc1 sc0 ls0 ws0\">-24.393</td><td class=\"t m9 x26fd h8 y6adb ff4 fs2 fc1 sc0 ls0 ws0\">34.647<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6add ff4 fs2 fc1 sc0 ls0 ws0\">Raccolta AMMINISTRATA </td><td class=\"t ma x270c h144 y6add ff4 fs45 fc1 sc0 ls0 ws0\">8.109</td><td class=\"t ma x2708 h144 y6add ff4 fs45 fc1 sc0 ls0 ws0\">13.824</td><td></td><td class=\"t m9 x270d h8 y6add ff4 fs2 fc1 sc0 ls0 ws0\">21.933<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t ma x270e h144 y6add ff4 fs45 fc1 sc0 ls0 ws0\">-10</td><td class=\"t m9 x270f h8 y6add ff4 fs2 fc1 sc0 ls0 ws0\">21.923<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6ade ff4 fs2 fc1 sc2 ls0 ws0\">TOTALE RACCOLTA INDIRETTA C<span class=\"_ _1\"></span>LIENTELA </td><td class=\"t ma x2707 h144 y6ade ff4 fs45 fc1 sc2 ls0 ws0\">28.853</td><td class=\"t ma x2708 h144 y6ade ff4 fs45 fc1 sc2 ls0 ws0\">37.010</td><td></td><td class=\"t m9 x2704 h8 y6ade ff4 fs2 fc1 sc2 ls0 ws0\">65.862<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2709 h144 y6ade ff4 fs45 fc1 sc2 ls0 ws0\">15.111</td><td class=\"t ma x2710 h144 y6ade ff4 fs45 fc1 sc2 ls0 ws0\">0</td><td class=\"t m9 x270a h8 y6ade ff4 fs2 fc1 sc2 ls0 ws0\">15.111<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2711 h144 y6ade ff4 fs45 fc1 sc2 ls0 ws0\">-24.403</td><td class=\"t m9 x2712 h8 y6ade ff4 fs2 fc1 sc2 ls0 ws0\">56.570<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6adf ff4 fs2 fc1 sc2 ls0 ws0\">TOTALE RACCOLTA CLIENTELA </td><td class=\"t ma x26f6 h144 y6adf ff4 fs45 fc1 sc2 ls0 ws0\">60.464</td><td class=\"t ma x2713 h144 y6adf ff4 fs45 fc1 sc2 ls0 ws0\">44.898</td><td class=\"t ma x2703 h144 y6adf ff4 fs45 fc1 sc2 ls0 ws0\">123</td><td class=\"t m9 x2714 h8 y6adf ff4 fs2 fc1 sc2 ls0 ws0\">105.485<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2709 h144 y6adf ff4 fs45 fc1 sc2 ls0 ws0\">15.111</td><td class=\"t ma x26fe h144 y6adf ff4 fs45 fc1 sc2 ls0 ws0\">9.396</td><td class=\"t m9 x2715 h8 y6adf ff4 fs2 fc1 sc2 ls0 ws0\">24.506<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2716 h144 y6adf ff4 fs45 fc1 sc2 ls0 ws0\">-24.777</td><td class=\"t m9 x2717 h8 y6adf ff4 fs2 fc1 sc2 ls0 ws0\">105.214<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6ae0 ff4 fs2 fc1 sc2 ls0 ws0\">TOTAL BUSINESS CLIENTE<span class=\"_ _1\"></span>LA </td><td class=\"t ma x2718 h144 y6ae0 ff4 fs45 fc1 sc2 ls0 ws0\">95.461</td><td class=\"t ma x2713 h144 y6ae0 ff4 fs45 fc1 sc2 ls0 ws0\">45.604</td><td class=\"t ma x2719 h144 y6ae0 ff4 fs45 fc1 sc2 ls0 ws0\">8.131</td><td class=\"t m9 x271a h8 y6ae0 ff4 fs2 fc1 sc2 ls0 ws0\">149.196<span class=\"_ _3a1\"> </span></td><td class=\"t ma x271b h144 y6ae0 ff4 fs45 fc1 sc2 ls0 ws0\">15.151</td><td class=\"t ma x26fe h144 y6ae0 ff4 fs45 fc1 sc2 ls0 ws0\">9.396</td><td class=\"t m9 x2715 h8 y6ae0 ff4 fs2 fc1 sc2 ls0 ws0\">24.547<span class=\"_ _3a1\"> </span></td><td class=\"t ma x271c h144 y6ae0 ff4 fs45 fc1 sc2 ls0 ws0\">-32.166</td><td class=\"t m9 x26fd h8 y6ae0 ff4 fs2 fc1 sc2 ls0 ws0\">141.577<span class=\"_ _3a1\"> </span></td></tr></table><table class=\"s w15c8 h2f6\" id=\"_f15ba931-3aa7-4b48-94e5-26b53a4c6290\"><tr><td></td><td></td><td></td><td class=\"t ma x26e1 h144 y6ae1 ff4 fs45 fc1 sc0 ls0 ws0\">Parabancario, </td><td></td><td></td><td></td><td></td><td class=\"t ma x26e2 h144 y6ae2 ff4 fs45 fc1 sc0 ls0 ws0\">Elisioni, </td><td></td></tr><tr><td class=\"t m9 x271d h8 y6ae3 ff4 fs2 fc1 sc2 ls0 ws0\">DICEMBRE 2023 </td><td class=\"t ma x26e5 h144 y6ae4 ff4 fs45 fc1 sc0 ls0 ws0\">Commercial </td><td class=\"t ma x26e6 h144 y6ae4 ff4 fs45 fc1 sc0 ls0 ws0\">Private </td><td class=\"t ma x26e7 h144 y6ae5 ff4 fs45 fc1 sc0 ls0 ws0\">Consumer </td><td class=\"t m9 x271e h8 y6ae6 ff4 fs2 fc1 sc2 ls0 ws0\">Banking </td><td class=\"t ma x26e9 h144 y6ae4 ff4 fs45 fc1 sc0 ls0 ws0\">Asset </td><td class=\"t ma x26ea h144 y6ae7 ff4 fs45 fc1 sc0 ls0 ws0\">Insurance </td><td class=\"t m9 x26eb h8 y6ae8 ff4 fs2 fc1 sc2 ls0 ws0\">Wealth </td><td class=\"t ma x26ec h144 y6ae7 ff4 fs45 fc1 sc0 ls0 ws0\">rettifiche e </td><td class=\"t m9 x26ed h8 y6ae6 ff4 fs2 fc1 sc2 ls0 ws0\">Consolidato </td></tr><tr><td></td><td class=\"t ma x26ee h144 y6ae9 ff4 fs45 fc1 sc0 ls0 ws0\">Banking </td><td class=\"t ma x26ef h144 y6ae9 ff4 fs45 fc1 sc0 ls0 ws0\">Banking </td><td class=\"t ma x26f0 h144 y6aea ff4 fs45 fc1 sc0 ls0 ws0\">Credit, IT </td><td></td><td class=\"t ma x26f1 h144 y6ae9 ff4 fs45 fc1 sc0 ls0 ws0\">Management</td><td></td><td class=\"t m9 x26f2 h8 y6aeb ff4 fs2 fc1 sc2 ls0 ws0\">Management </td><td class=\"t ma x26f3 h144 y6aec ff4 fs45 fc1 sc0 ls0 ws0\">riclassifiche </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t ma x26f4 h144 y6aed ff4 fs45 fc1 sc0 ls0 ws0\">Technology </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m9 x26f5 h8 y6aee ff4 fs2 fc1 sc2 ls0 ws0\">IMPIEGHI A CLIENTELA </td><td class=\"t ma x26f6 h144 y6aee ff4 fs45 fc1 sc2 ls0 ws0\">34.364</td><td class=\"t ma x271f h144 y6aee ff4 fs45 fc1 sc2 ls0 ws0\">737</td><td class=\"t ma x2720 h144 y6aee ff4 fs45 fc1 sc2 ls0 ws0\">7.275</td><td class=\"t ma x2704 h144 y6aee ff4 fs45 fc1 sc2 ls0 ws0\">42.376</td><td></td><td></td><td></td><td class=\"t ma x2721 h144 y6aee ff4 fs45 fc1 sc2 ls0 ws0\">-6.661</td><td class=\"t m9 x270f h8 y6aee ff4 fs2 fc1 sc2 ls0 ws0\">35.715<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6aef ff4 fs2 fc1 sc0 ls0 ws0\">Raccolta ASSICURATIVA </td><td></td><td></td><td></td><td></td><td></td><td class=\"t ma x2722 h144 y6aef ff4 fs45 fc1 sc0 ls0 ws0\">8.173</td><td class=\"t ma x270a h144 y6aef ff4 fs45 fc1 sc0 ls0 ws0\">8.173</td><td></td><td class=\"t m9 x2723 h8 y6aef ff4 fs2 fc1 sc0 ls0 ws0\">8.173<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6af0 ff4 fs2 fc1 sc0 ls0 ws0\">Raccolta DIRETTA BANCARIA </td><td class=\"t ma x26f6 h144 y6af0 ff4 fs45 fc1 sc0 ls0 ws0\">30.443</td><td class=\"t ma x2702 h144 y6af0 ff4 fs45 fc1 sc0 ls0 ws0\">6.907</td><td class=\"t ma x2724 h144 y6af0 ff4 fs45 fc1 sc0 ls0 ws0\">140</td><td class=\"t ma x2704 h144 y6af0 ff4 fs45 fc1 sc0 ls0 ws0\">37.489</td><td></td><td></td><td></td><td class=\"t ma x2705 h144 y6af0 ff4 fs45 fc1 sc0 ls0 ws0\">-327</td><td class=\"t m9 x270f h8 y6af0 ff4 fs2 fc1 sc0 ls0 ws0\">37.163<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6af1 ff4 fs2 fc1 sc2 ls0 ws0\">TOTALE RACCOLTA DIRETTA C<span class=\"_ _1\"></span>LIENTELA </td><td class=\"t ma x26f6 h144 y6af1 ff4 fs45 fc1 sc2 ls0 ws0\">30.443</td><td class=\"t ma x2725 h144 y6af1 ff4 fs45 fc1 sc2 ls0 ws0\">6.907</td><td class=\"t ma x2724 h144 y6af1 ff4 fs45 fc1 sc2 ls0 ws0\">140</td><td class=\"t ma x2704 h144 y6af1 ff4 fs45 fc1 sc2 ls0 ws0\">37.489</td><td></td><td class=\"t ma x2722 h144 y6af1 ff4 fs45 fc1 sc2 ls0 ws0\">8.173</td><td class=\"t ma x270a h144 y6af1 ff4 fs45 fc1 sc2 ls0 ws0\">8.173</td><td class=\"t ma x2705 h144 y6af1 ff4 fs45 fc1 sc2 ls0 ws0\">-327</td><td class=\"t m9 x26fd h8 y6af1 ff4 fs2 fc1 sc2 ls0 ws0\">45.336<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6af2 ff4 fs2 fc1 sc0 ls0 ws0\">Raccolta GESTITA </td><td class=\"t ma x2718 h144 y6af2 ff4 fs45 fc1 sc0 ls0 ws0\">18.980</td><td class=\"t ma x2713 h144 y6af2 ff4 fs45 fc1 sc0 ls0 ws0\">20.908</td><td></td><td class=\"t ma x2704 h144 y6af2 ff4 fs45 fc1 sc0 ls0 ws0\">39.888</td><td class=\"t ma x2726 h144 y6af2 ff4 fs45 fc1 sc0 ls0 ws0\">13.929</td><td></td><td class=\"t ma x2727 h144 y6af2 ff4 fs45 fc1 sc0 ls0 ws0\">13.929</td><td class=\"t ma x271c h144 y6af2 ff4 fs45 fc1 sc0 ls0 ws0\">-22.103</td><td class=\"t m9 x2728 h8 y6af2 ff4 fs2 fc1 sc0 ls0 ws0\">31.714<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6af3 ff4 fs2 fc1 sc0 ls0 ws0\">Raccolta AMMINISTRATA </td><td class=\"t ma x2729 h144 y6af3 ff4 fs45 fc1 sc0 ls0 ws0\">7.197</td><td class=\"t ma x2708 h144 y6af3 ff4 fs45 fc1 sc0 ls0 ws0\">12.288</td><td></td><td class=\"t ma x270d h144 y6af3 ff4 fs45 fc1 sc0 ls0 ws0\">19.485</td><td></td><td></td><td></td><td class=\"t ma x270e h144 y6af3 ff4 fs45 fc1 sc0 ls0 ws0\">-10</td><td class=\"t m9 x270f h8 y6af3 ff4 fs2 fc1 sc0 ls0 ws0\">19.475<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6af4 ff4 fs2 fc1 sc2 ls0 ws0\">TOTALE RACCOLTA INDIRETTA C<span class=\"_ _1\"></span>LIENTELA </td><td class=\"t ma x272a h144 y6af4 ff4 fs45 fc1 sc2 ls0 ws0\">26.177</td><td class=\"t ma x2708 h144 y6af4 ff4 fs45 fc1 sc2 ls0 ws0\">33.196</td><td></td><td class=\"t ma x2704 h144 y6af4 ff4 fs45 fc1 sc2 ls0 ws0\">59.373</td><td class=\"t ma x2726 h144 y6af4 ff4 fs45 fc1 sc2 ls0 ws0\">13.929</td><td></td><td class=\"t ma x2727 h144 y6af4 ff4 fs45 fc1 sc2 ls0 ws0\">13.929</td><td class=\"t ma x272b h144 y6af4 ff4 fs45 fc1 sc2 ls0 ws0\">-22.113</td><td class=\"t m9 x270f h8 y6af4 ff4 fs2 fc1 sc2 ls0 ws0\">51.189<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6af5 ff4 fs2 fc1 sc2 ls0 ws0\">TOTALE RACCOLTA CLIENTELA </td><td class=\"t ma x2707 h144 y6af5 ff4 fs45 fc1 sc2 ls0 ws0\">56.620</td><td class=\"t ma x2708 h144 y6af5 ff4 fs45 fc1 sc2 ls0 ws0\">40.103</td><td class=\"t ma x2724 h144 y6af5 ff4 fs45 fc1 sc2 ls0 ws0\">140</td><td class=\"t ma x2704 h144 y6af5 ff4 fs45 fc1 sc2 ls0 ws0\">96.862</td><td class=\"t ma x2726 h144 y6af5 ff4 fs45 fc1 sc2 ls0 ws0\">13.929</td><td class=\"t ma x2722 h144 y6af5 ff4 fs45 fc1 sc2 ls0 ws0\">8.173</td><td class=\"t ma x2727 h144 y6af5 ff4 fs45 fc1 sc2 ls0 ws0\">22.102</td><td class=\"t ma x270b h144 y6af5 ff4 fs45 fc1 sc2 ls0 ws0\">-22.440</td><td class=\"t m9 x26fd h8 y6af5 ff4 fs2 fc1 sc2 ls0 ws0\">96.525<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6af6 ff4 fs2 fc1 sc2 ls0 ws0\">TOTAL BUSINESS CLIENTE<span class=\"_ _1\"></span>LA </td><td class=\"t ma x26f6 h144 y6af6 ff4 fs45 fc1 sc2 ls0 ws0\">90.984</td><td class=\"t ma x2713 h144 y6af6 ff4 fs45 fc1 sc2 ls0 ws0\">40.840</td><td class=\"t ma x272c h144 y6af6 ff4 fs45 fc1 sc2 ls0 ws0\">7.415</td><td class=\"t ma x2714 h144 y6af6 ff4 fs45 fc1 sc2 ls0 ws0\">139.238</td><td class=\"t ma x2726 h144 y6af6 ff4 fs45 fc1 sc2 ls0 ws0\">13.929</td><td class=\"t ma x2722 h144 y6af6 ff4 fs45 fc1 sc2 ls0 ws0\">8.173</td><td class=\"t ma x2727 h144 y6af6 ff4 fs45 fc1 sc2 ls0 ws0\">22.102</td><td class=\"t ma x272b h144 y6af6 ff4 fs45 fc1 sc2 ls0 ws0\">-29.101</td><td class=\"t m9 x272d h8 y6af6 ff4 fs2 fc1 sc2 ls0 ws0\">132.240<span class=\"_ _3a1\"> </span></td></tr></table>I numeri relativi al 2023 sono stati oggetto di riclassifica interna per un importo non significativo con la <span class=\"_ _2\"></span>finalit\u00e0 di una migliore rappresentazione.<span class=\"_ _3a1\"> </span> SEGMENT REPORTING <table class=\"s w15c9 h2f7\" id=\"_a31ba6ba-4e66-416c-b3f8-9d24490718dc\"><tr><td></td><td></td><td></td><td class=\"t ma x272e h144 y6af7 ff4 fs45 fc1 sc0 ls0 ws0\">Parabancario, </td><td></td><td></td><td></td><td></td><td class=\"t ma x272f h144 y6af8 ff4 fs45 fc1 sc0 ls0 ws0\">Elisioni, </td><td></td></tr><tr><td class=\"c x2731 y6af9 w15ca h1eb\"><div class=\"t m9 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">DICEMB<span class=\"_ _3a1\"> </span></div><div class=\"t m9 x2730 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">RE 2024<span class=\"_ _3a1\"> </span></div></td><td class=\"t ma x2732 h144 y6afa ff4 fs45 fc1 sc0 ls0 ws0\">Commercial </td><td class=\"t ma x2733 h144 y6afb ff4 fs45 fc1 sc0 ls0 ws0\">Private Banking</td><td class=\"t ma x2734 h144 y6afc ff4 fs45 fc1 sc0 ls0 ws0\">Consumer </td><td class=\"t m9 x2735 h8 y6afd ff4 fs2 fc1 sc2 ls0 ws0\">BANKING </td><td class=\"t ma x2736 h144 y6afa ff4 fs45 fc1 sc0 ls0 ws0\">Asset </td><td class=\"t ma x2737 h144 y6afb ff4 fs45 fc1 sc0 ls0 ws0\">Insurance </td><td class=\"t m9 x26f2 h8 y6afe ff4 fs2 fc1 sc2 ls0 ws0\">Wealth </td><td class=\"t ma x2738 h144 y6aff ff4 fs45 fc1 sc0 ls0 ws0\">rettifiche e </td><td class=\"t m9 x2739 h8 y6afe ff4 fs2 fc1 sc2 ls0 ws0\">Consolidato </td></tr><tr><td></td><td class=\"t ma x273a h144 y6b00 ff4 fs45 fc1 sc0 ls0 ws0\">Banking </td><td></td><td class=\"t ma x273b h144 y6b01 ff4 fs45 fc1 sc0 ls0 ws0\">Credit, IT </td><td></td><td class=\"t ma x273c h144 y6b00 ff4 fs45 fc1 sc0 ls0 ws0\">Management </td><td></td><td class=\"t m9 x273d h8 y6b02 ff4 fs2 fc1 sc2 ls0 ws0\">Management </td><td class=\"t ma x273e h144 y6b03 ff4 fs45 fc1 sc0 ls0 ws0\">riclassifiche </td><td class=\"t m9 x273f h8 y6b02 ff4 fs2 fc1 sc2 ls0 ws0\">riclassificato </td></tr><tr><td></td><td></td><td></td><td class=\"t ma x2740 h144 y6b04 ff4 fs45 fc1 sc0 ls0 ws0\">Technology </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m9 x26f5 h8 y6b05 ff4 fs2 fc1 sc0 ls0 ws0\">Margine finanziario </td><td class=\"t ma x2741 h144 y6b05 ff4 fs45 fc1 sc0 ls0 ws0\">855,0</td><td class=\"t ma x2742 h144 y6b05 ff4 fs45 fc1 sc0 ls0 ws0\">96,7</td><td class=\"t ma x2743 h144 y6b05 ff4 fs45 fc1 sc0 ls0 ws0\">138,2</td><td class=\"t m9 x2744 h8 y6b05 ff4 fs2 fc1 sc0 ls0 ws0\">1.089,9<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2745 h144 y6b05 ff4 fs45 fc1 sc0 ls0 ws0\">16,7</td><td class=\"t ma x2746 h144 y6b05 ff4 fs45 fc1 sc0 ls0 ws0\">7,5</td><td class=\"t m9 x2747 h8 y6b05 ff4 fs2 fc1 sc0 ls0 ws0\">24,2<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2748 h144 y6b05 ff4 fs45 fc1 sc0 ls0 ws0\">5,4</td><td class=\"t m9 x272d h8 y6b05 ff4 fs2 fc1 sc0 ls0 ws0\">1.119,5<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b06 ff4 fs2 fc1 sc0 ls0 ws0\">Margine servizi </td><td class=\"t ma x2741 h144 y6b06 ff4 fs45 fc1 sc0 ls0 ws0\">487,3</td><td class=\"t ma x2749 h144 y6b06 ff4 fs45 fc1 sc0 ls0 ws0\">207,0</td><td class=\"t ma x274a h144 y6b06 ff4 fs45 fc1 sc0 ls0 ws0\">115,3</td><td class=\"t m9 x274b h8 y6b06 ff4 fs2 fc1 sc0 ls0 ws0\">809,6<span class=\"_ _3a1\"> </span></td><td class=\"t ma x274c h144 y6b06 ff4 fs45 fc1 sc0 ls0 ws0\">144,3</td><td class=\"t ma x274d h144 y6b06 ff4 fs45 fc1 sc0 ls0 ws0\">87,8</td><td class=\"t m9 x274e h8 y6b06 ff4 fs2 fc1 sc0 ls0 ws0\">232,2<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2711 h144 y6b06 ff4 fs45 fc1 sc0 ls0 ws0\">-128,9</td><td class=\"t m9 x2717 h8 y6b06 ff4 fs2 fc1 sc0 ls0 ws0\">912,8<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b07 ff4 fs2 fc1 sc2 ls0 ws0\">Margine d'intermediazione </td><td class=\"t ma x274f h144 y6b07 ff4 fs45 fc1 sc2 ls0 ws0\">1.342,2</td><td class=\"t ma x2749 h144 y6b07 ff4 fs45 fc1 sc2 ls0 ws0\">303,7</td><td class=\"t ma x2750 h144 y6b07 ff4 fs45 fc1 sc2 ls0 ws0\">253,5</td><td class=\"t m9 x2744 h8 y6b07 ff4 fs2 fc1 sc2 ls0 ws0\">1.899,5<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2751 h144 y6b07 ff4 fs45 fc1 sc2 ls0 ws0\">161,1</td><td class=\"t ma x274d h144 y6b07 ff4 fs45 fc1 sc2 ls0 ws0\">95,3</td><td class=\"t m9 x274e h8 y6b07 ff4 fs2 fc1 sc2 ls0 ws0\">256,4<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2711 h144 y6b07 ff4 fs45 fc1 sc2 ls0 ws0\">-123,6</td><td class=\"t m9 x2752 h8 y6b07 ff4 fs2 fc1 sc2 ls0 ws0\">2.032,3<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b08 ff4 fs2 fc1 sc0 ls0 ws0\">Spese personale </td><td class=\"t ma x2753 h144 y6b08 ff4 fs45 fc1 sc0 ls0 ws0\">-452,9</td><td class=\"t ma x2754 h144 y6b08 ff4 fs45 fc1 sc0 ls0 ws0\">-99,4</td><td class=\"t ma x2743 h144 y6b08 ff4 fs45 fc1 sc0 ls0 ws0\">-53,3</td><td class=\"t m9 x2755 h8 y6b08 ff4 fs2 fc1 sc0 ls0 ws0\">-605,6<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2756 h144 y6b08 ff4 fs45 fc1 sc0 ls0 ws0\">-19,2</td><td class=\"t ma x2757 h144 y6b08 ff4 fs45 fc1 sc0 ls0 ws0\">-3,3</td><td class=\"t m9 x2758 h8 y6b08 ff4 fs2 fc1 sc0 ls0 ws0\">-22,4<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2759 h144 y6b08 ff4 fs45 fc1 sc0 ls0 ws0\">14,3</td><td class=\"t m9 x275a h8 y6b08 ff4 fs2 fc1 sc0 ls0 ws0\">-613,8<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b09 ff4 fs2 fc1 sc0 ls0 ws0\">Spese amministrative </td><td class=\"t ma x2753 h144 y6b09 ff4 fs45 fc1 sc0 ls0 ws0\">-234,6</td><td class=\"t ma x275b h144 y6b09 ff4 fs45 fc1 sc0 ls0 ws0\">-67,7</td><td class=\"t ma x2743 h144 y6b09 ff4 fs45 fc1 sc0 ls0 ws0\">-45,6</td><td class=\"t m9 x275c h8 y6b09 ff4 fs2 fc1 sc0 ls0 ws0\">-347,9<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2756 h144 y6b09 ff4 fs45 fc1 sc0 ls0 ws0\">-20,1</td><td class=\"t ma x2757 h144 y6b09 ff4 fs45 fc1 sc0 ls0 ws0\">-6,6</td><td class=\"t m9 x2758 h8 y6b09 ff4 fs2 fc1 sc0 ls0 ws0\">-26,7<span class=\"_ _3a1\"> </span></td><td class=\"t ma x26fc h144 y6b09 ff4 fs45 fc1 sc0 ls0 ws0\">84,8</td><td class=\"t m9 x275d h8 y6b09 ff4 fs2 fc1 sc0 ls0 ws0\">-289,8<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b0a ff4 fs2 fc1 sc2 ls0 ws0\">Costi operativi </td><td class=\"t ma x275e h144 y6b0a ff4 fs45 fc1 sc2 ls0 ws0\">-687,5</td><td class=\"t ma x275f h144 y6b0a ff4 fs45 fc1 sc2 ls0 ws0\">-167,0</td><td class=\"t ma x2750 h144 y6b0a ff4 fs45 fc1 sc2 ls0 ws0\">-99,0</td><td class=\"t m9 x275c h8 y6b0a ff4 fs2 fc1 sc2 ls0 ws0\">-953,5<span class=\"_ _3a1\"> </span></td><td class=\"t ma x274c h144 y6b0a ff4 fs45 fc1 sc2 ls0 ws0\">-39,3</td><td class=\"t ma x2757 h144 y6b0a ff4 fs45 fc1 sc2 ls0 ws0\">-9,8</td><td class=\"t m9 x2760 h8 y6b0a ff4 fs2 fc1 sc2 ls0 ws0\">-49,1<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2759 h144 y6b0a ff4 fs45 fc1 sc2 ls0 ws0\">99,1</td><td class=\"t m9 x275d h8 y6b0a ff4 fs2 fc1 sc2 ls0 ws0\">-903,5<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b0b ff4 fs2 fc1 sc2 ls0 ws0\">Risultato lordo <span class=\"_ _1\"></span>di gestione </td><td class=\"t ma x2761 h144 y6b0b ff4 fs45 fc1 sc2 ls0 ws0\">654,7</td><td class=\"t ma x275b h144 y6b0b ff4 fs45 fc1 sc2 ls0 ws0\">136,7</td><td class=\"t ma x2743 h144 y6b0b ff4 fs45 fc1 sc2 ls0 ws0\">154,6</td><td class=\"t m9 x274b h8 y6b0b ff4 fs2 fc1 sc2 ls0 ws0\">946,0<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2756 h144 y6b0b ff4 fs45 fc1 sc2 ls0 ws0\">121,8</td><td class=\"t ma x274d h144 y6b0b ff4 fs45 fc1 sc2 ls0 ws0\">85,5</td><td class=\"t m9 x274e h8 y6b0b ff4 fs2 fc1 sc2 ls0 ws0\">207,3<span class=\"_ _3a1\"> </span></td><td class=\"t ma x271c h144 y6b0b ff4 fs45 fc1 sc2 ls0 ws0\">-24,4</td><td class=\"t m9 x275d h8 y6b0b ff4 fs2 fc1 sc2 ls0 ws0\">1.128,8<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b0c ff4 fs2 fc1 sc0 ls0 ws0\">Ammortamenti </td><td class=\"t ma x2762 h144 y6b0c ff4 fs45 fc1 sc0 ls0 ws0\">-87,5</td><td class=\"t ma x2763 h144 y6b0c ff4 fs45 fc1 sc0 ls0 ws0\">-8,2</td><td class=\"t ma x2764 h144 y6b0c ff4 fs45 fc1 sc0 ls0 ws0\">-13,4</td><td class=\"t m9 x274b h8 y6b0c ff4 fs2 fc1 sc0 ls0 ws0\">-109,1<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2751 h144 y6b0c ff4 fs45 fc1 sc0 ls0 ws0\">-0,8</td><td class=\"t ma x2757 h144 y6b0c ff4 fs45 fc1 sc0 ls0 ws0\">-2,0</td><td class=\"t m9 x2765 h8 y6b0c ff4 fs2 fc1 sc0 ls0 ws0\">-2,8<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2766 h144 y6b0c ff4 fs45 fc1 sc0 ls0 ws0\">4,6</td><td class=\"t m9 x275a h8 y6b0c ff4 fs2 fc1 sc0 ls0 ws0\">-107,4<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b0d ff4 fs2 fc1 sc2 ls0 ws0\">Risultato operativo </td><td class=\"t ma x2761 h144 y6b0d ff4 fs45 fc1 sc2 ls0 ws0\">567,2</td><td class=\"t ma x275b h144 y6b0d ff4 fs45 fc1 sc2 ls0 ws0\">128,5</td><td class=\"t ma x274a h144 y6b0d ff4 fs45 fc1 sc2 ls0 ws0\">141,2</td><td class=\"t m9 x274b h8 y6b0d ff4 fs2 fc1 sc2 ls0 ws0\">836,8<span class=\"_ _3a1\"> </span></td><td class=\"t ma x274c h144 y6b0d ff4 fs45 fc1 sc2 ls0 ws0\">120,9</td><td class=\"t ma x274d h144 y6b0d ff4 fs45 fc1 sc2 ls0 ws0\">83,5</td><td class=\"t m9 x274e h8 y6b0d ff4 fs2 fc1 sc2 ls0 ws0\">204,4<span class=\"_ _3a1\"> </span></td><td class=\"t ma x272b h144 y6b0d ff4 fs45 fc1 sc2 ls0 ws0\">-19,9</td><td class=\"t m9 x275d h8 y6b0d ff4 fs2 fc1 sc2 ls0 ws0\">1.021,4<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b0e ff4 fs2 fc1 sc0 ls0 ws0\">Rettifiche nette su crediti </td><td class=\"t ma x2762 h144 y6b0e ff4 fs45 fc1 sc0 ls0 ws0\">-24,8</td><td class=\"t ma x2767 h144 y6b0e ff4 fs45 fc1 sc0 ls0 ws0\">0,1</td><td class=\"t ma x2768 h144 y6b0e ff4 fs45 fc1 sc0 ls0 ws0\">-18,1</td><td class=\"t m9 x2769 h8 y6b0e ff4 fs2 fc1 sc0 ls0 ws0\">-42,8<span class=\"_ _3a1\"> </span></td><td class=\"t ma x276a h144 y6b0e ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x276b h144 y6b0e ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t m9 x276c h8 y6b0e ff4 fs2 fc1 sc0 ls0 ws0\">0,0<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2766 h144 y6b0e ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t m9 x2717 h8 y6b0e ff4 fs2 fc1 sc0 ls0 ws0\">-42,8<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b0f ff4 fs2 fc1 sc0 ls0 ws0\">Accantonamenti per rischi ed oneri </td><td class=\"t ma x276d h144 y6b0f ff4 fs45 fc1 sc0 ls0 ws0\">-12,1</td><td class=\"t ma x2763 h144 y6b0f ff4 fs45 fc1 sc0 ls0 ws0\">-4,0</td><td class=\"t ma x276e h144 y6b0f ff4 fs45 fc1 sc0 ls0 ws0\">-2,8</td><td class=\"t m9 x276f h8 y6b0f ff4 fs2 fc1 sc0 ls0 ws0\">-18,9<span class=\"_ _3a1\"> </span></td><td class=\"t ma x26e9 h144 y6b0f ff4 fs45 fc1 sc0 ls0 ws0\">-1,6</td><td class=\"t ma x2770 h144 y6b0f ff4 fs45 fc1 sc0 ls0 ws0\">0,1</td><td class=\"t m9 x2715 h8 y6b0f ff4 fs2 fc1 sc0 ls0 ws0\">-1,6<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2766 h144 y6b0f ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t m9 x2717 h8 y6b0f ff4 fs2 fc1 sc0 ls0 ws0\">-20,4<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b10 ff4 fs2 fc1 sc0 ls0 ws0\">Proventi / oneri straordinari </td><td class=\"t ma x2762 h144 y6b10 ff4 fs45 fc1 sc0 ls0 ws0\">-38,5</td><td class=\"t ma x2763 h144 y6b10 ff4 fs45 fc1 sc0 ls0 ws0\">-5,0</td><td class=\"t ma x26e1 h144 y6b10 ff4 fs45 fc1 sc0 ls0 ws0\">0,1</td><td class=\"t m9 x2769 h8 y6b10 ff4 fs2 fc1 sc0 ls0 ws0\">-43,4<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2751 h144 y6b10 ff4 fs45 fc1 sc0 ls0 ws0\">-0,5</td><td class=\"t ma x2771 h144 y6b10 ff4 fs45 fc1 sc0 ls0 ws0\">-3,1</td><td class=\"t m9 x2765 h8 y6b10 ff4 fs2 fc1 sc0 ls0 ws0\">-3,6<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2766 h144 y6b10 ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t m9 x2717 h8 y6b10 ff4 fs2 fc1 sc0 ls0 ws0\">-47,0<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b11 ff4 fs2 fc1 sc2 ls0 ws0\">Utile prima delle <span class=\"_ _1\"></span>imposte </td><td class=\"t ma x2762 h144 y6b11 ff4 fs45 fc1 sc2 ls0 ws0\">491,9</td><td class=\"t ma x2772 h144 y6b11 ff4 fs45 fc1 sc2 ls0 ws0\">119,5</td><td class=\"t ma x2743 h144 y6b11 ff4 fs45 fc1 sc2 ls0 ws0\">120,3</td><td class=\"t m9 x276f h8 y6b11 ff4 fs2 fc1 sc2 ls0 ws0\">731,7<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2756 h144 y6b11 ff4 fs45 fc1 sc2 ls0 ws0\">118,8</td><td class=\"t ma x2773 h144 y6b11 ff4 fs45 fc1 sc2 ls0 ws0\">80,4</td><td class=\"t m9 x2758 h8 y6b11 ff4 fs2 fc1 sc2 ls0 ws0\">199,3<span class=\"_ _3a1\"> </span></td><td class=\"t ma x272b h144 y6b11 ff4 fs45 fc1 sc2 ls0 ws0\">-19,9</td><td class=\"t m9 x270f h8 y6b11 ff4 fs2 fc1 sc2 ls0 ws0\">911,1<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b12 ff4 fs2 fc1 sc0 ls0 ws0\">Utile di terzi </td><td class=\"t ma x2774 h144 y6b12 ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x2775 h144 y6b12 ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x2776 h144 y6b12 ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t m9 x2777 h8 y6b12 ff4 fs2 fc1 sc0 ls0 ws0\">0,0<span class=\"_ _3a1\"> </span></td><td class=\"t ma x276a h144 y6b12 ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x276b h144 y6b12 ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t m9 x276c h8 y6b12 ff4 fs2 fc1 sc0 ls0 ws0\">0,0<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2766 h144 y6b12 ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t m9 x2723 h8 y6b12 ff4 fs2 fc1 sc0 ls0 ws0\">0,0<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b13 ff4 fs2 fc1 sc0 ls0 ws0\">Imposte sul reddito </td><td class=\"t ma x2761 h144 y6b13 ff4 fs45 fc1 sc0 ls0 ws0\">-157,1</td><td class=\"t ma x2754 h144 y6b13 ff4 fs45 fc1 sc0 ls0 ws0\">-40,8</td><td class=\"t ma x2750 h144 y6b13 ff4 fs45 fc1 sc0 ls0 ws0\">-39,6</td><td class=\"t m9 x275c h8 y6b13 ff4 fs2 fc1 sc0 ls0 ws0\">-237,5<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2778 h144 y6b13 ff4 fs45 fc1 sc0 ls0 ws0\">-34,8</td><td class=\"t ma x2779 h144 y6b13 ff4 fs45 fc1 sc0 ls0 ws0\">-24,2</td><td class=\"t m9 x2758 h8 y6b13 ff4 fs2 fc1 sc0 ls0 ws0\">-59,0<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2748 h144 y6b13 ff4 fs45 fc1 sc0 ls0 ws0\">5,4</td><td class=\"t m9 x275a h8 y6b13 ff4 fs2 fc1 sc0 ls0 ws0\">-291,0<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b14 ff4 fs2 fc1 sc2 ls0 ws0\">Utile netto </td><td class=\"t ma x2741 h144 y6b14 ff4 fs45 fc1 sc2 ls0 ws0\">334,8</td><td class=\"t ma x2763 h144 y6b14 ff4 fs45 fc1 sc2 ls0 ws0\">78,7</td><td class=\"t ma x2768 h144 y6b14 ff4 fs45 fc1 sc2 ls0 ws0\">80,7</td><td class=\"t m9 x274b h8 y6b14 ff4 fs2 fc1 sc2 ls0 ws0\">494,2<span class=\"_ _3a1\"> </span></td><td class=\"t ma x277a h144 y6b14 ff4 fs45 fc1 sc2 ls0 ws0\">84,0</td><td class=\"t ma x274d h144 y6b14 ff4 fs45 fc1 sc2 ls0 ws0\">56,3</td><td class=\"t m9 x2758 h8 y6b14 ff4 fs2 fc1 sc2 ls0 ws0\">140,3<span class=\"_ _3a1\"> </span></td><td class=\"t ma x272b h144 y6b14 ff4 fs45 fc1 sc2 ls0 ws0\">-14,4</td><td class=\"t m9 x2717 h8 y6b14 ff4 fs2 fc1 sc2 ls0 ws0\">620,1<span class=\"_ _3a1\"> </span></td></tr></table><table class=\"s w15cb h2f8\" id=\"_7338c5c1-4929-4e56-8cd0-9817b9e6fd34\"><tr><td></td><td></td><td></td><td class=\"t ma x272e h144 y6b15 ff4 fs45 fc1 sc0 ls0 ws0\">Parabancario, </td><td></td><td></td><td></td><td></td><td class=\"t ma x272f h144 y6b16 ff4 fs45 fc1 sc0 ls0 ws0\">Elisioni, </td><td></td></tr><tr><td class=\"t m9 x277b h8 y6b17 ff4 fs2 fc1 sc2 ls0 ws0\">DICEMBRE 2023 </td><td class=\"t ma x2732 h144 y6b18 ff4 fs45 fc1 sc0 ls0 ws0\">Commercial </td><td class=\"t ma x2733 h144 y6b19 ff4 fs45 fc1 sc0 ls0 ws0\">Private Banking</td><td class=\"t ma x2734 h144 y6b18 ff4 fs45 fc1 sc0 ls0 ws0\">Consumer </td><td class=\"t m9 x2720 h8 y6b1a ff4 fs2 fc1 sc2 ls0 ws0\">Banking </td><td class=\"t ma x2736 h144 y6b18 ff4 fs45 fc1 sc0 ls0 ws0\">Asset </td><td class=\"t ma x2737 h144 y6b19 ff4 fs45 fc1 sc0 ls0 ws0\">Insurance </td><td class=\"t m9 x26f2 h8 y6b1b ff4 fs2 fc1 sc2 ls0 ws0\">Wealth </td><td class=\"t ma x2738 h144 y6b19 ff4 fs45 fc1 sc0 ls0 ws0\">rettifiche e </td><td class=\"t m9 x2739 h8 y6b1b ff4 fs2 fc1 sc2 ls0 ws0\">Consolidato </td></tr><tr><td></td><td class=\"t ma x273a h144 y6b1c ff4 fs45 fc1 sc0 ls0 ws0\">Banking </td><td></td><td class=\"t ma x273b h144 y6b1c ff4 fs45 fc1 sc0 ls0 ws0\">Credit, IT </td><td></td><td class=\"t ma x273c h144 y6b1c ff4 fs45 fc1 sc0 ls0 ws0\">Management </td><td></td><td class=\"t m9 x273d h8 y6b1d ff4 fs2 fc1 sc2 ls0 ws0\">Management </td><td class=\"t ma x273e h144 y6b1e ff4 fs45 fc1 sc0 ls0 ws0\">riclassifiche </td><td class=\"t m9 x273f h8 y6b1d ff4 fs2 fc1 sc2 ls0 ws0\">riclassificato </td></tr><tr><td></td><td></td><td></td><td class=\"t ma x2740 h144 y6b1f ff4 fs45 fc1 sc0 ls0 ws0\">Technology </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m9 x26f5 h8 y6b20 ff4 fs2 fc1 sc0 ls0 ws0\">Margine finanziario </td><td class=\"t ma x2741 h144 y6b20 ff4 fs45 fc1 sc0 ls0 ws0\">866,2</td><td class=\"t ma x2742 h144 y6b20 ff4 fs45 fc1 sc0 ls0 ws0\">90,6</td><td class=\"t ma x2768 h144 y6b20 ff4 fs45 fc1 sc0 ls0 ws0\">111,4</td><td class=\"t ma x2744 h144 y6b20 ff4 fs45 fc1 sc0 ls0 ws0\">1.068,2</td><td class=\"t ma x26e9 h144 y6b20 ff4 fs45 fc1 sc0 ls0 ws0\">11,3</td><td class=\"t ma x2770 h144 y6b20 ff4 fs45 fc1 sc0 ls0 ws0\">5,1</td><td class=\"t ma x2765 h144 y6b20 ff4 fs45 fc1 sc0 ls0 ws0\">16,4</td><td class=\"t ma x2748 h144 y6b20 ff4 fs45 fc1 sc0 ls0 ws0\">6,7</td><td class=\"t m9 x275d h8 y6b20 ff4 fs2 fc1 sc0 ls0 ws0\">1.091,3<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b21 ff4 fs2 fc1 sc0 ls0 ws0\">Margine servizi </td><td class=\"t ma x2761 h144 y6b21 ff4 fs45 fc1 sc0 ls0 ws0\">495,7</td><td class=\"t ma x2754 h144 y6b21 ff4 fs45 fc1 sc0 ls0 ws0\">168,9</td><td class=\"t ma x274a h144 y6b21 ff4 fs45 fc1 sc0 ls0 ws0\">112,8</td><td class=\"t ma x2769 h144 y6b21 ff4 fs45 fc1 sc0 ls0 ws0\">777,4</td><td class=\"t ma x277a h144 y6b21 ff4 fs45 fc1 sc0 ls0 ws0\">98,3</td><td class=\"t ma x274d h144 y6b21 ff4 fs45 fc1 sc0 ls0 ws0\">93,6</td><td class=\"t ma x2760 h144 y6b21 ff4 fs45 fc1 sc0 ls0 ws0\">191,9</td><td class=\"t ma x2711 h144 y6b21 ff4 fs45 fc1 sc0 ls0 ws0\">-137,5</td><td class=\"t m9 x2717 h8 y6b21 ff4 fs2 fc1 sc0 ls0 ws0\">831,7<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b22 ff4 fs2 fc1 sc2 ls0 ws0\">Margine d'intermediazione </td><td class=\"t ma x2753 h144 y6b22 ff4 fs45 fc1 sc2 ls0 ws0\">1.361,9</td><td class=\"t ma x2754 h144 y6b22 ff4 fs45 fc1 sc2 ls0 ws0\">259,5</td><td class=\"t ma x2750 h144 y6b22 ff4 fs45 fc1 sc2 ls0 ws0\">224,2</td><td class=\"t ma x2744 h144 y6b22 ff4 fs45 fc1 sc2 ls0 ws0\">1.845,6</td><td class=\"t ma x274c h144 y6b22 ff4 fs45 fc1 sc2 ls0 ws0\">109,6</td><td class=\"t ma x274d h144 y6b22 ff4 fs45 fc1 sc2 ls0 ws0\">98,7</td><td class=\"t ma x277c h144 y6b22 ff4 fs45 fc1 sc2 ls0 ws0\">208,3</td><td class=\"t ma x2711 h144 y6b22 ff4 fs45 fc1 sc2 ls0 ws0\">-130,8</td><td class=\"t m9 x277d h8 y6b22 ff4 fs2 fc1 sc2 ls0 ws0\">1.923,0<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b23 ff4 fs2 fc1 sc0 ls0 ws0\">Spese personale </td><td class=\"t ma x2753 h144 y6b23 ff4 fs45 fc1 sc0 ls0 ws0\">-435,6</td><td class=\"t ma x2754 h144 y6b23 ff4 fs45 fc1 sc0 ls0 ws0\">-89,3</td><td class=\"t ma x2750 h144 y6b23 ff4 fs45 fc1 sc0 ls0 ws0\">-48,3</td><td class=\"t ma x275c h144 y6b23 ff4 fs45 fc1 sc0 ls0 ws0\">-573,2</td><td class=\"t ma x277e h144 y6b23 ff4 fs45 fc1 sc0 ls0 ws0\">-16,8</td><td class=\"t ma x274d h144 y6b23 ff4 fs45 fc1 sc0 ls0 ws0\">-17,1</td><td class=\"t ma x2758 h144 y6b23 ff4 fs45 fc1 sc0 ls0 ws0\">-33,9</td><td class=\"t ma x2721 h144 y6b23 ff4 fs45 fc1 sc0 ls0 ws0\">14,0</td><td class=\"t m9 x275a h8 y6b23 ff4 fs2 fc1 sc0 ls0 ws0\">-593,1<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b24 ff4 fs2 fc1 sc0 ls0 ws0\">Spese amministrative </td><td class=\"t ma x2753 h144 y6b24 ff4 fs45 fc1 sc0 ls0 ws0\">-206,0</td><td class=\"t ma x2754 h144 y6b24 ff4 fs45 fc1 sc0 ls0 ws0\">-63,9</td><td class=\"t ma x2764 h144 y6b24 ff4 fs45 fc1 sc0 ls0 ws0\">-41,8</td><td class=\"t ma x274b h144 y6b24 ff4 fs45 fc1 sc0 ls0 ws0\">-311,7</td><td class=\"t ma x277e h144 y6b24 ff4 fs45 fc1 sc0 ls0 ws0\">-18,6</td><td class=\"t ma x2757 h144 y6b24 ff4 fs45 fc1 sc0 ls0 ws0\">-5,9</td><td class=\"t ma x2758 h144 y6b24 ff4 fs45 fc1 sc0 ls0 ws0\">-24,5</td><td class=\"t ma x26fc h144 y6b24 ff4 fs45 fc1 sc0 ls0 ws0\">83,3</td><td class=\"t m9 x275d h8 y6b24 ff4 fs2 fc1 sc0 ls0 ws0\">-252,9<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b25 ff4 fs2 fc1 sc2 ls0 ws0\">Costi operativi </td><td class=\"t ma x277f h144 y6b25 ff4 fs45 fc1 sc2 ls0 ws0\">-641,6</td><td class=\"t ma x275f h144 y6b25 ff4 fs45 fc1 sc2 ls0 ws0\">-153,2</td><td class=\"t ma x2764 h144 y6b25 ff4 fs45 fc1 sc2 ls0 ws0\">-90,1</td><td class=\"t ma x2755 h144 y6b25 ff4 fs45 fc1 sc2 ls0 ws0\">-884,9</td><td class=\"t ma x274c h144 y6b25 ff4 fs45 fc1 sc2 ls0 ws0\">-35,4</td><td class=\"t ma x2779 h144 y6b25 ff4 fs45 fc1 sc2 ls0 ws0\">-23,0</td><td class=\"t ma x2758 h144 y6b25 ff4 fs45 fc1 sc2 ls0 ws0\">-58,4</td><td class=\"t ma x2721 h144 y6b25 ff4 fs45 fc1 sc2 ls0 ws0\">97,3</td><td class=\"t m9 x275d h8 y6b25 ff4 fs2 fc1 sc2 ls0 ws0\">-846,0<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b26 ff4 fs2 fc1 sc2 ls0 ws0\">Risultato lordo <span class=\"_ _1\"></span>di gestione </td><td class=\"t ma x2761 h144 y6b26 ff4 fs45 fc1 sc2 ls0 ws0\">720,3</td><td class=\"t ma x2754 h144 y6b26 ff4 fs45 fc1 sc2 ls0 ws0\">106,3</td><td class=\"t ma x274a h144 y6b26 ff4 fs45 fc1 sc2 ls0 ws0\">134,1</td><td class=\"t ma x274b h144 y6b26 ff4 fs45 fc1 sc2 ls0 ws0\">960,7</td><td class=\"t ma x2751 h144 y6b26 ff4 fs45 fc1 sc2 ls0 ws0\">74,2</td><td class=\"t ma x2757 h144 y6b26 ff4 fs45 fc1 sc2 ls0 ws0\">75,7</td><td class=\"t ma x2758 h144 y6b26 ff4 fs45 fc1 sc2 ls0 ws0\">149,9</td><td class=\"t ma x271c h144 y6b26 ff4 fs45 fc1 sc2 ls0 ws0\">-33,6</td><td class=\"t m9 x277d h8 y6b26 ff4 fs2 fc1 sc2 ls0 ws0\">1.077,0<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b27 ff4 fs2 fc1 sc0 ls0 ws0\">Ammortamenti </td><td class=\"t ma x2762 h144 y6b27 ff4 fs45 fc1 sc0 ls0 ws0\">-87,4</td><td class=\"t ma x2780 h144 y6b27 ff4 fs45 fc1 sc0 ls0 ws0\">-7,7</td><td class=\"t ma x2768 h144 y6b27 ff4 fs45 fc1 sc0 ls0 ws0\">-11,4</td><td class=\"t ma x2781 h144 y6b27 ff4 fs45 fc1 sc0 ls0 ws0\">-106,5</td><td class=\"t ma x2751 h144 y6b27 ff4 fs45 fc1 sc0 ls0 ws0\">-0,9</td><td class=\"t ma x2771 h144 y6b27 ff4 fs45 fc1 sc0 ls0 ws0\">-1,8</td><td class=\"t ma x2782 h144 y6b27 ff4 fs45 fc1 sc0 ls0 ws0\">-2,7</td><td class=\"t ma x2748 h144 y6b27 ff4 fs45 fc1 sc0 ls0 ws0\">4,2</td><td class=\"t m9 x275a h8 y6b27 ff4 fs2 fc1 sc0 ls0 ws0\">-105,0<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b28 ff4 fs2 fc1 sc2 ls0 ws0\">Risultato operativo </td><td class=\"t ma x2741 h144 y6b28 ff4 fs45 fc1 sc2 ls0 ws0\">632,9</td><td class=\"t ma x2742 h144 y6b28 ff4 fs45 fc1 sc2 ls0 ws0\">98,6</td><td class=\"t ma x2764 h144 y6b28 ff4 fs45 fc1 sc2 ls0 ws0\">122,7</td><td class=\"t ma x274b h144 y6b28 ff4 fs45 fc1 sc2 ls0 ws0\">854,2</td><td class=\"t ma x2751 h144 y6b28 ff4 fs45 fc1 sc2 ls0 ws0\">73,3</td><td class=\"t ma x274d h144 y6b28 ff4 fs45 fc1 sc2 ls0 ws0\">73,9</td><td class=\"t ma x2783 h144 y6b28 ff4 fs45 fc1 sc2 ls0 ws0\">147,2</td><td class=\"t ma x271c h144 y6b28 ff4 fs45 fc1 sc2 ls0 ws0\">-29,4</td><td class=\"t m9 x2784 h8 y6b28 ff4 fs2 fc1 sc2 ls0 ws0\">972,0<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b29 ff4 fs2 fc1 sc0 ls0 ws0\">Rettifiche nette su crediti </td><td class=\"t ma x2762 h144 y6b29 ff4 fs45 fc1 sc0 ls0 ws0\">-33,9</td><td class=\"t ma x2785 h144 y6b29 ff4 fs45 fc1 sc0 ls0 ws0\">-0,1</td><td class=\"t ma x274a h144 y6b29 ff4 fs45 fc1 sc0 ls0 ws0\">-17,6</td><td class=\"t ma x2786 h144 y6b29 ff4 fs45 fc1 sc0 ls0 ws0\">-51,6</td><td class=\"t ma x276a h144 y6b29 ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x276b h144 y6b29 ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x276c h144 y6b29 ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x2766 h144 y6b29 ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t m9 x2712 h8 y6b29 ff4 fs2 fc1 sc0 ls0 ws0\">-51,6<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b2a ff4 fs2 fc1 sc0 ls0 ws0\">Accantonamenti per rischi ed oneri </td><td class=\"t ma x2762 h144 y6b2a ff4 fs45 fc1 sc0 ls0 ws0\">-26,4</td><td class=\"t ma x2785 h144 y6b2a ff4 fs45 fc1 sc0 ls0 ws0\">-1,0</td><td class=\"t ma x276e h144 y6b2a ff4 fs45 fc1 sc0 ls0 ws0\">-2,4</td><td class=\"t ma x2769 h144 y6b2a ff4 fs45 fc1 sc0 ls0 ws0\">-29,8</td><td class=\"t ma x2751 h144 y6b2a ff4 fs45 fc1 sc0 ls0 ws0\">-0,2</td><td class=\"t ma x276b h144 y6b2a ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x2765 h144 y6b2a ff4 fs45 fc1 sc0 ls0 ws0\">-0,2</td><td class=\"t ma x2766 h144 y6b2a ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t m9 x2784 h8 y6b2a ff4 fs2 fc1 sc0 ls0 ws0\">-30,0<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b2b ff4 fs2 fc1 sc0 ls0 ws0\">Proventi / oneri straordinari </td><td class=\"t ma x2761 h144 y6b2b ff4 fs45 fc1 sc0 ls0 ws0\">-60,0</td><td class=\"t ma x2780 h144 y6b2b ff4 fs45 fc1 sc0 ls0 ws0\">-5,2</td><td class=\"t ma x26e1 h144 y6b2b ff4 fs45 fc1 sc0 ls0 ws0\">0,1</td><td class=\"t ma x2786 h144 y6b2b ff4 fs45 fc1 sc0 ls0 ws0\">-65,1</td><td class=\"t ma x276a h144 y6b2b ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x2770 h144 y6b2b ff4 fs45 fc1 sc0 ls0 ws0\">0,1</td><td class=\"t ma x2787 h144 y6b2b ff4 fs45 fc1 sc0 ls0 ws0\">0,1</td><td class=\"t ma x2721 h144 y6b2b ff4 fs45 fc1 sc0 ls0 ws0\">-0,3</td><td class=\"t m9 x2717 h8 y6b2b ff4 fs2 fc1 sc0 ls0 ws0\">-65,3<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b2c ff4 fs2 fc1 sc2 ls0 ws0\">Utile prima delle <span class=\"_ _1\"></span>imposte </td><td class=\"t ma x2788 h144 y6b2c ff4 fs45 fc1 sc2 ls0 ws0\">512,6</td><td class=\"t ma x2742 h144 y6b2c ff4 fs45 fc1 sc2 ls0 ws0\">92,3</td><td class=\"t ma x2743 h144 y6b2c ff4 fs45 fc1 sc2 ls0 ws0\">102,8</td><td class=\"t ma x2769 h144 y6b2c ff4 fs45 fc1 sc2 ls0 ws0\">707,7</td><td class=\"t ma x2745 h144 y6b2c ff4 fs45 fc1 sc2 ls0 ws0\">73,1</td><td class=\"t ma x274d h144 y6b2c ff4 fs45 fc1 sc2 ls0 ws0\">74,0</td><td class=\"t ma x2760 h144 y6b2c ff4 fs45 fc1 sc2 ls0 ws0\">147,1</td><td class=\"t ma x2789 h144 y6b2c ff4 fs45 fc1 sc2 ls0 ws0\">-29,7</td><td class=\"t m9 x2717 h8 y6b2c ff4 fs2 fc1 sc2 ls0 ws0\">825,1<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b2d ff4 fs2 fc1 sc0 ls0 ws0\">Utile di terzi </td><td class=\"t ma x2774 h144 y6b2d ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x2775 h144 y6b2d ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x2776 h144 y6b2d ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x2777 h144 y6b2d ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x276a h144 y6b2d ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x276b h144 y6b2d ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x276c h144 y6b2d ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x2766 h144 y6b2d ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t m9 x2723 h8 y6b2d ff4 fs2 fc1 sc0 ls0 ws0\">0,0<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b2e ff4 fs2 fc1 sc0 ls0 ws0\">Imposte sul reddito </td><td class=\"t ma x277f h144 y6b2e ff4 fs45 fc1 sc0 ls0 ws0\">-166,3</td><td class=\"t ma x2772 h144 y6b2e ff4 fs45 fc1 sc0 ls0 ws0\">-31,5</td><td class=\"t ma x2764 h144 y6b2e ff4 fs45 fc1 sc0 ls0 ws0\">-33,1</td><td class=\"t ma x2755 h144 y6b2e ff4 fs45 fc1 sc0 ls0 ws0\">-230,9</td><td class=\"t ma x274c h144 y6b2e ff4 fs45 fc1 sc0 ls0 ws0\">-20,2</td><td class=\"t ma x2779 h144 y6b2e ff4 fs45 fc1 sc0 ls0 ws0\">-20,8</td><td class=\"t ma x2783 h144 y6b2e ff4 fs45 fc1 sc0 ls0 ws0\">-41,0</td><td class=\"t ma x2766 h144 y6b2e ff4 fs45 fc1 sc0 ls0 ws0\">8,9</td><td class=\"t m9 x275d h8 y6b2e ff4 fs2 fc1 sc0 ls0 ws0\">-263,0<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b2f ff4 fs2 fc1 sc2 ls0 ws0\">Utile netto </td><td class=\"t ma x2741 h144 y6b2f ff4 fs45 fc1 sc2 ls0 ws0\">346,3</td><td class=\"t ma x2772 h144 y6b2f ff4 fs45 fc1 sc2 ls0 ws0\">60,8</td><td class=\"t ma x2768 h144 y6b2f ff4 fs45 fc1 sc2 ls0 ws0\">69,7</td><td class=\"t ma x274b h144 y6b2f ff4 fs45 fc1 sc2 ls0 ws0\">476,8</td><td class=\"t ma x2751 h144 y6b2f ff4 fs45 fc1 sc2 ls0 ws0\">52,9</td><td class=\"t ma x274d h144 y6b2f ff4 fs45 fc1 sc2 ls0 ws0\">53,2</td><td class=\"t ma x2760 h144 y6b2f ff4 fs45 fc1 sc2 ls0 ws0\">106,1</td><td class=\"t ma x271c h144 y6b2f ff4 fs45 fc1 sc2 ls0 ws0\">-20,8</td><td class=\"t m9 x2717 h8 y6b2f ff4 fs2 fc1 sc2 ls0 ws0\">562,1<span class=\"_ _3a1\"> </span></td></tr></table>LEGENDA: Margine finanziario + Voce 30 Margine d\u2019interesse + Voce 70 Divid<span class=\"_ _2\"></span>endi e proventi simili (<span class=\"_ _2\"></span>per la sola quota relativa ai di<span class=\"_ _2\"></span>videndi dei titoli di cap<span class=\"_ _2\"></span>itale nelle attivit\u00e0 finanziarie classificate in HTCs e HTC)) +<span class=\"_ _13c\"> </span>Voce <span class=\"_ _188\"> </span>250 <span class=\"_ _29\"> </span>Utile/perdita <span class=\"_ _188\"> </span>delle <span class=\"_ _29\"> </span>partecipazioni <span class=\"_ _188\"> </span>e<span class=\"_ _1\"></span>scluso <span class=\"_ _188\"> </span>gli <span class=\"_ _29\"> </span>utile/perdite <span class=\"_ _188\"> </span>derivanti <span class=\"_ _188\"> </span>da<span class=\"_ _3a1\"> </span>cessioni/valutazioni -  Margine d\u2019interesse Credemvita<span class=\"_ _3a1\"> </span>Margine serviz<span class=\"_ _1\"></span>i + Voce 60 Commissioni nette + Voce 80 Risultato netto dell'attivit\u00e0 di negoziazione<span class=\"_ _3a1\"> </span>+ Voce 90 Risultato netto dell\u2019attivit\u00e0 di copertura + Voce 100 Utili (perdite) da cessione o riacquisto<span class=\"_ _3a1\"> </span>+ Voce 110 Risultato netto delle attivit\u00e0 e passivit\u00e0 <span class=\"_ _1\"></span>finanziarie valutate al fair value<span class=\"_ _3a1\"> </span>+ Voce <span class=\"_ _1\"></span>130 a) Rettifiche di <span class=\"_ _1\"></span>valore nette per <span class=\"_ _1\"></span>rischio di <span class=\"_ _1\"></span>credito di attivit\u00e0 finanziarie <span class=\"_ _1\"></span>valutate al costo ammortizzato (per la parte relativa a t<span class=\"_ _1\"></span>itoli iscritti in tale categoria di attivit\u00e0 finanziarie) +<span class=\"_ _37\"> </span>Voce <span class=\"_ _38\"></span>130 <span class=\"_ _0\"></span>b) <span class=\"_ _1\"></span>Rettifiche <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _38\"></span>valore <span class=\"_ _38\"></span>nette <span class=\"_ _38\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>cre<span class=\"_ _1\"></span>dito <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _0\"></span>valu<span class=\"_ _2\"></span>tate <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>fair<span class=\"_ _3a1\"> </span>value con impatto sulla redditivit\u00e0 + Voce 160 Risultato dei servizi assicurativi + Voce 170 Saldo dei ricavi e costi di natura finanziaria relativi alla gestione <span class=\"_ _1\"></span>assicurativa + Voce 230 Altri oneri/proventi di gest<span class=\"_ _1\"></span>ione (al netto delle componenti di natura straordinaria) +<span class=\"_ _37\"> </span>Voce <span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>0 <span class=\"_ _1\"></span>D<span class=\"_ _1\"></span>ividendi <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>provent<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>simili <span class=\"_ _38\"></span>(al <span class=\"_ _38\"></span>netto <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>quota <span class=\"_ _38\"></span>relat<span class=\"_ _1\"></span>iva <span class=\"_ _1\"></span>ai <span class=\"_ _38\"></span>dividendi <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>itoli <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>capitale<span class=\"_ _3a1\"> </span>classificate in HTCs e HTC)) + Margine d\u2019interesse Credemvita<span class=\"_ _3a1\"> </span>Risultato o<span class=\"_ _1\"></span>perativo + Margine d\u2019intermediazione<span class=\"_ _3a1\"> </span>+ Voce 190 Spese amministrative (spese <span class=\"_ _1\"></span>per il personale e altre spese amministrative) + Voce 210 Rettifiche /riprese di valore nette su attivit\u00e0 m<span class=\"_ _1\"></span>ateriali + Voce 220 Rettifiche /riprese di valore nette su attivit\u00e0 immater<span class=\"_ _1\"></span>iali<span class=\"_ _3a1\"> </span>Utile prima <span class=\"_ _1\"></span>delle imposte + Risul<span class=\"_ _3a1\"> </span>tato operativo<span class=\"_ _3a1\"> </span>+<span class=\"_ _36\"> </span>Voce <span class=\"_ _0\"></span>130 <span class=\"_ _0\"></span>R<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ttifiche/Riprese <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>nette <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>credito <span class=\"_ _0\"></span>(al <span class=\"_ _0\"></span>ne<span class=\"_ _2\"></span>tto <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>quelle <span class=\"_ _0\"></span>iscritte <span class=\"_ _0\"></span>nel margine servizi) + Voce 140 Utili/perdite da modifiche contr<span class=\"_ _1\"></span>attuali senza cancellazioni<span class=\"_ _3a1\"> </span>+ Voce 200 Accantonamenti netti a fondi per r<span class=\"_ _1\"></span>ischi ed oneri + Oneri/proventi straordinari: +<span class=\"_ _39\"> </span>Voce <span class=\"_ _0\"></span>230 <span class=\"_ _35\"> </span>Alt<span class=\"_ _2\"></span>ri <span class=\"_ _0\"></span>oneri/proventi <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>ge<span class=\"_ _1\"></span>stione <span class=\"_ _0\"></span>(solo <span class=\"_ _35\"> </span>componenti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>natura <span class=\"_ _0\"></span>straordinaria <span class=\"_ _0\"></span>- <span class=\"_ _35\"> </span>sbilanci<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span>sopravvenienze) + Voce 270 Rettifiche di valore dell\u2019avviamento<span class=\"_ _3a1\"> </span>+ Voce 280 Utili/perdite da cessione di investimenti + Voce 320 Utili/perdite delle attivit\u00e0 oper<span class=\"_ _1\"></span>ative cessate al netto delle imposte La riclassifica \u00e8 stata effettuata considerando<span class=\"_ _2\"></span> anche dati gestionali non desumibili direttamente<span class=\"_ _2\"></span> dagli schemi di bil<span class=\"_ _3a1\"> </span>ancio e dalla no<span class=\"_ _2\"></span>ta integrativa",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-734": {
   "value": "Sezione<span class=\"_ _1\"></span>13 \u2013 Alt<span class=\"_ _1\"></span>re attivit\u00e0 \u2013 Vo<span class=\"_ _1\"></span>ce 130<span class=\"_ _3a1\"> </span>13.1 Altre <span class=\"_ _1\"></span>attivit\u00e0: composizione<table class=\"s wa43 h238\" id=\"_ff4ce759-6250-4f6e-b2dc-3f24194008c4\"><tr><td></td><td></td><td class=\"c n x731 y5ad9 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x732 y5ad9 w65e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5ada wa44 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Assegni negoziati da c<span class=\"_ _2\"></span>ompensare<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf53 y5ada wa45 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">67.556<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y5adb ff4 fs7 fc1 sc0 ls0 ws0\">48.603<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5adc wa46 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Operazioni su tit<span class=\"_ _2\"></span>oli in lavorazione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf54 y5adc wa47 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">7.814<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x780 h12 y5add ff4 fs7 fc1 sc0 ls0 ws0\">1.836<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ade wa48 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Assegni in corso di <span class=\"_ _2\"></span>lavorazione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf55 y5ade wa49 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">3.076<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e5 h12 y5adf ff4 fs7 fc1 sc0 ls0 ws0\">6.980<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ae0 wa4a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Operazioni relative a ser<span class=\"_ _3b\"></span>v<span class=\"_ _1\"></span>izi di pagame<span class=\"_ _2\"></span>nto in corso di lavorazio<span class=\"_ _2\"></span>ne<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf56 y5ae0 wa4b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">77.327<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e5 h12 y5ae1 ff4 fs7 fc1 sc0 ls0 ws0\">86.111<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ae2 wa4c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Operazioni relative a ser<span class=\"_ _3b\"></span>v<span class=\"_ _1\"></span>izi di pagame<span class=\"_ _2\"></span>nto in corso di maturaz<span class=\"_ _2\"></span>ione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf57 y5ae2 wa4d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">71.562<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x676 h12 y5ae3 ff4 fs7 fc1 sc0 ls0 ws0\">29.346<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ae4 wa4e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Ratei attivi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf58 y5ae4 wa4f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.847<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x780 h12 y5ae5 ff4 fs7 fc1 sc0 ls0 ws0\">4.041<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ae6 wa50 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Risconti attivi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf59 y5ae6 w6e5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">46.038<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5ae7 ff4 fs7 fc1 sc0 ls0 ws0\">31.180<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y558b wa51 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Assegni ed effetti in<span class=\"_ _2\"></span>soluti ad al protesto tra<span class=\"_ _2\"></span>tti sull'azienda e su <span class=\"_ _2\"></span>terzi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf5a y558b wa52 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.669<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x73d h12 y5ae8 ff4 fs7 fc1 sc0 ls0 ws0\">751<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y55ea wa53 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Migliorie e spese incremen<span class=\"_ _3b\"></span>tative su beni di terzi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf5b y55ea wa54 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">20.139<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x676 h12 y5ae9 ff4 fs7 fc1 sc0 ls0 ws0\">20.243<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y55ec wa55 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Depositi cauzional<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf5c y55ec w6ad h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66b h12 y5aea ff4 fs7 fc1 sc0 ls0 ws0\">26<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5591 wa56 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Debitori diversi per fa<span class=\"_ _2\"></span>tture emesse<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf5d y5591 wa57 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">47.690<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5aeb ff4 fs7 fc1 sc0 ls0 ws0\">45.271<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5593 wa58 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Debitori diversi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xeb5 y5593 wa59 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">958.720<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xda3 h12 y5aec ff4 fs7 fc1 sc0 ls0 ws0\">744.457<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5541 wa5a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Partite viaggianti con<span class=\"_ _2\"></span> le filiali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf5e y5541 wa5b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.497<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x676 h12 y5aed ff4 fs7 fc1 sc0 ls0 ws0\">20.755<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x6e7 h12 y5aee ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y5aee ff4 fs7 fc1 sc2 ls0 ws0\">1.314.959<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fd h12 y5aee ff4 fs7 fc1 sc2 ls0 ws0\">1.039.600<span class=\"_ _3a1\"> </span></td></tr></table>Le operazioni <span class=\"_ _1\"></span>relative a servizi <span class=\"_ _1\"></span>di pagament<span class=\"_ _1\"></span>o in corso <span class=\"_ _1\"></span>di lavorazione/maturazione so<span class=\"_ _1\"></span>no relative <span class=\"_ _1\"></span>ad<span class=\"_ _3a1\"> </span>addebiti ricevuti ma non ancora addebitati sui conti della cliente<span class=\"_ _1\"></span>la.<span class=\"_ _3a1\"> </span>Non sono presenti impairment loss (IFRS 9) su crediti relativi a contratti con la clientela e contract<span class=\"_ _3a1\"> </span>assets.<span class=\"_ _3a1\"> </span>Nella <span class=\"_ _35\"> </span>voce <span class=\"_ _0\"></span>\u201cRiscont<span class=\"_ _1\"></span>i <span class=\"_ _0\"> </span>attivi\u201d <span class=\"_ _35\"> </span>sono <span class=\"_ _0\"> </span>pr<span class=\"_ _1\"></span>esenti <span class=\"_ _35\"> </span>anche <span class=\"_ _0\"></span>costi <span class=\"_ _35\"> </span>sostenuti <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>l\u2019ottenimento <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>contr<span class=\"_ _1\"></span>atti<span class=\"_ _3a1\"> </span>verso <span class=\"_ _3f\"> </span>promotori <span class=\"_ _39\"> </span>finanziari, <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>competenza <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>esercizi <span class=\"_ _39\"> </span>futuri, <span class=\"_ _3f\"> </span>pari <span class=\"_ _3f\"> </span>a <span class=\"_ _39\"> </span>21 <span class=\"_ _39\"> </span>milioni <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>euro<span class=\"_ _1\"></span>. <span class=\"_ _39\"> </span>La<span class=\"_ _3a1\"> </span>movimentazione della voce \u00e8 la seguente:  <table class=\"s wa39 h237\" id=\"_31f2d9f1-e319-4fdb-90ed-e4ab6aeb9493\"><tr><td></td><td></td><td class=\"t m2 xf49 h12 y5ad1 ff4 fs7 fc4 sc3 ls0 ws0\">Totale <span class=\"_ _1ff\"> </span>To<span class=\"_ _1\"></span>tale </td></tr><tr><td></td><td class=\"c n xf4a y5ad2 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf4b y5ad2 w68d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5537 wa3a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1. Importo iniziale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf4c y5537 w6c4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">19.599<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xf4d h12 y5ad3 ff4 fs7 fc1 sc2 ls0 ws0\">18.908<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5539 w672 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2. Aumenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf4e y5539 wa3b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">12.932<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa33 h12 y5ad4 ff4 fs7 fc1 sc2 ls0 ws0\">13.463<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y55be wa3c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Altri aumenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf4f y55be wa3d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.932<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xf4d h12 y5ad5 ff4 fs7 fc1 sc0 ls0 ws0\">13.463<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5515 wa3e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">3. Diminuzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf50 y5515 wa3f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">11.490<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa33 h12 y5ad6 ff4 fs7 fc1 sc2 ls0 ws0\">12.772<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54b0 wa40 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 ammortament<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf51 y54b0 wa3f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.490<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa33 h12 y5ad7 ff4 fs7 fc1 sc0 ls0 ws0\">12.772<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54f9 wa41 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4. Importo finale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf52 y54f9 wa42 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">21.041<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa33 h12 y5ad8 ff4 fs7 fc1 sc2 ls0 ws0\">19.599<span class=\"_ _3a1\"> </span></td></tr></table>Di seguito si riporta il dettaglio dei \u201cDebitori diversi:<table class=\"s wa5c h239\" id=\"_10e7af11-bc9b-426a-84be-4337a01dd973\"><tr><td></td><td></td><td class=\"c n xf5f y5aef w6c6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf60 y5aef wa5d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c xf62 y5af0 wa5e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xf61 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c xf64 y5af0 wa5f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xf63 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y55ec wa60 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Crediti d\u2019imposta<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf65 y55ec wa61 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">844.386<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x775 h12 y5af1 ff4 fs7 fc1 sc0 ls0 ws0\">636.515<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5af2 wa62 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Contenzioso non cred<span class=\"_ _2\"></span>itizio<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf66 y5af2 wa63 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">980<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x72b h12 y5af3 ff4 fs7 fc1 sc0 ls0 ws0\">1.300<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5593 wa64 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Altri debitori diversi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf67 y5593 wa65 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">73.289<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xf68 h12 y5af4 ff4 fs7 fc1 sc0 ls0 ws0\">76.660<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5541 wa66 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Anticipi a fornitori<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf69 y5541 wa67 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">40.065<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xf68 h12 y5af5 ff4 fs7 fc1 sc0 ls0 ws0\">29.983<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 xf6a h12 y5af6 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf6b h12 y5af6 ff4 fs7 fc1 sc2 ls0 ws0\">958.720<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x775 h12 y5af6 ff4 fs7 fc1 sc2 ls0 ws0\">744.457<span class=\"_ _3a1\"> </span></td></tr></table>Nella <span class=\"_ _0\"></span>voce <span class=\"_ _38\"></span>\u201ccrediti <span class=\"_ _38\"></span>d\u2019imposta\u201d <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>presenti <span class=\"_ _0\"></span>le<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>ttivit\u00e0 <span class=\"_ _0\"></span>fiscali <span class=\"_ _38\"></span>connesse <span class=\"_ _0\"></span>con<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>l\u2019attivit\u00e0 <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>sostit<span class=\"_ _1\"></span>uto<span class=\"_ _3a1\"> </span>d\u2019imposta.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _1\"></span>presenti <span class=\"_ _1\"></span>crediti di <span class=\"_ _1\"></span>imposta ai <span class=\"_ _1\"></span>sens<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>del D.L. <span class=\"_ _1\"></span>n.18/2020 <span class=\"_ _1\"></span>(Cura Italia) <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>D.L. <span class=\"_ _1\"></span>n.34/2020 (Rilancio)<span class=\"_ _3a1\"> </span>(eco bonus e sisma bonus) per un controvalore complessivo di 424,4 m<span class=\"_ _1\"></span>ilioni di euro. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-855": {
   "value": "Sezione<span class=\"_ _1\"></span>13 \u2013 Alt<span class=\"_ _1\"></span>re attivit\u00e0 \u2013 Vo<span class=\"_ _1\"></span>ce 130<span class=\"_ _3a1\"> </span>13.1 Altre <span class=\"_ _1\"></span>attivit\u00e0: composizione<table class=\"s wa43 h238\" id=\"_ff4ce759-6250-4f6e-b2dc-3f24194008c4\"><tr><td></td><td></td><td class=\"c n x731 y5ad9 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x732 y5ad9 w65e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5ada wa44 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Assegni negoziati da c<span class=\"_ _2\"></span>ompensare<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf53 y5ada wa45 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">67.556<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y5adb ff4 fs7 fc1 sc0 ls0 ws0\">48.603<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5adc wa46 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Operazioni su tit<span class=\"_ _2\"></span>oli in lavorazione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf54 y5adc wa47 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">7.814<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x780 h12 y5add ff4 fs7 fc1 sc0 ls0 ws0\">1.836<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ade wa48 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Assegni in corso di <span class=\"_ _2\"></span>lavorazione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf55 y5ade wa49 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">3.076<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e5 h12 y5adf ff4 fs7 fc1 sc0 ls0 ws0\">6.980<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ae0 wa4a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Operazioni relative a ser<span class=\"_ _3b\"></span>v<span class=\"_ _1\"></span>izi di pagame<span class=\"_ _2\"></span>nto in corso di lavorazio<span class=\"_ _2\"></span>ne<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf56 y5ae0 wa4b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">77.327<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e5 h12 y5ae1 ff4 fs7 fc1 sc0 ls0 ws0\">86.111<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ae2 wa4c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Operazioni relative a ser<span class=\"_ _3b\"></span>v<span class=\"_ _1\"></span>izi di pagame<span class=\"_ _2\"></span>nto in corso di maturaz<span class=\"_ _2\"></span>ione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf57 y5ae2 wa4d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">71.562<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x676 h12 y5ae3 ff4 fs7 fc1 sc0 ls0 ws0\">29.346<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ae4 wa4e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Ratei attivi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf58 y5ae4 wa4f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.847<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x780 h12 y5ae5 ff4 fs7 fc1 sc0 ls0 ws0\">4.041<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ae6 wa50 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Risconti attivi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf59 y5ae6 w6e5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">46.038<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5ae7 ff4 fs7 fc1 sc0 ls0 ws0\">31.180<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y558b wa51 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Assegni ed effetti in<span class=\"_ _2\"></span>soluti ad al protesto tra<span class=\"_ _2\"></span>tti sull'azienda e su <span class=\"_ _2\"></span>terzi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf5a y558b wa52 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.669<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x73d h12 y5ae8 ff4 fs7 fc1 sc0 ls0 ws0\">751<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y55ea wa53 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Migliorie e spese incremen<span class=\"_ _3b\"></span>tative su beni di terzi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf5b y55ea wa54 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">20.139<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x676 h12 y5ae9 ff4 fs7 fc1 sc0 ls0 ws0\">20.243<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y55ec wa55 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Depositi cauzional<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf5c y55ec w6ad h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66b h12 y5aea ff4 fs7 fc1 sc0 ls0 ws0\">26<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5591 wa56 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Debitori diversi per fa<span class=\"_ _2\"></span>tture emesse<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf5d y5591 wa57 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">47.690<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y5aeb ff4 fs7 fc1 sc0 ls0 ws0\">45.271<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5593 wa58 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Debitori diversi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xeb5 y5593 wa59 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">958.720<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xda3 h12 y5aec ff4 fs7 fc1 sc0 ls0 ws0\">744.457<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5541 wa5a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Partite viaggianti con<span class=\"_ _2\"></span> le filiali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf5e y5541 wa5b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.497<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x676 h12 y5aed ff4 fs7 fc1 sc0 ls0 ws0\">20.755<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x6e7 h12 y5aee ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y5aee ff4 fs7 fc1 sc2 ls0 ws0\">1.314.959<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fd h12 y5aee ff4 fs7 fc1 sc2 ls0 ws0\">1.039.600<span class=\"_ _3a1\"> </span></td></tr></table>Le operazioni <span class=\"_ _1\"></span>relative a servizi <span class=\"_ _1\"></span>di pagament<span class=\"_ _1\"></span>o in corso <span class=\"_ _1\"></span>di lavorazione/maturazione so<span class=\"_ _1\"></span>no relative <span class=\"_ _1\"></span>ad<span class=\"_ _3a1\"> </span>addebiti ricevuti ma non ancora addebitati sui conti della cliente<span class=\"_ _1\"></span>la.<span class=\"_ _3a1\"> </span>Non sono presenti impairment loss (IFRS 9) su crediti relativi a contratti con la clientela e contract<span class=\"_ _3a1\"> </span>assets.<span class=\"_ _3a1\"> </span>Nella <span class=\"_ _35\"> </span>voce <span class=\"_ _0\"></span>\u201cRiscont<span class=\"_ _1\"></span>i <span class=\"_ _0\"> </span>attivi\u201d <span class=\"_ _35\"> </span>sono <span class=\"_ _0\"> </span>pr<span class=\"_ _1\"></span>esenti <span class=\"_ _35\"> </span>anche <span class=\"_ _0\"></span>costi <span class=\"_ _35\"> </span>sostenuti <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>l\u2019ottenimento <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>contr<span class=\"_ _1\"></span>atti<span class=\"_ _3a1\"> </span>verso <span class=\"_ _3f\"> </span>promotori <span class=\"_ _39\"> </span>finanziari, <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>competenza <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>esercizi <span class=\"_ _39\"> </span>futuri, <span class=\"_ _3f\"> </span>pari <span class=\"_ _3f\"> </span>a <span class=\"_ _39\"> </span>21 <span class=\"_ _39\"> </span>milioni <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>euro<span class=\"_ _1\"></span>. <span class=\"_ _39\"> </span>La<span class=\"_ _3a1\"> </span>movimentazione della voce \u00e8 la seguente:  <table class=\"s wa39 h237\" id=\"_31f2d9f1-e319-4fdb-90ed-e4ab6aeb9493\"><tr><td></td><td></td><td class=\"t m2 xf49 h12 y5ad1 ff4 fs7 fc4 sc3 ls0 ws0\">Totale <span class=\"_ _1ff\"> </span>To<span class=\"_ _1\"></span>tale </td></tr><tr><td></td><td class=\"c n xf4a y5ad2 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf4b y5ad2 w68d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5537 wa3a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1. Importo iniziale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf4c y5537 w6c4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">19.599<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xf4d h12 y5ad3 ff4 fs7 fc1 sc2 ls0 ws0\">18.908<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5539 w672 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2. Aumenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf4e y5539 wa3b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">12.932<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa33 h12 y5ad4 ff4 fs7 fc1 sc2 ls0 ws0\">13.463<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y55be wa3c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Altri aumenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf4f y55be wa3d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.932<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xf4d h12 y5ad5 ff4 fs7 fc1 sc0 ls0 ws0\">13.463<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5515 wa3e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">3. Diminuzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf50 y5515 wa3f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">11.490<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa33 h12 y5ad6 ff4 fs7 fc1 sc2 ls0 ws0\">12.772<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54b0 wa40 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 ammortament<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf51 y54b0 wa3f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.490<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa33 h12 y5ad7 ff4 fs7 fc1 sc0 ls0 ws0\">12.772<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54f9 wa41 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4. Importo finale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf52 y54f9 wa42 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">21.041<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xa33 h12 y5ad8 ff4 fs7 fc1 sc2 ls0 ws0\">19.599<span class=\"_ _3a1\"> </span></td></tr></table>Di seguito si riporta il dettaglio dei \u201cDebitori diversi:<table class=\"s wa5c h239\" id=\"_10e7af11-bc9b-426a-84be-4337a01dd973\"><tr><td></td><td></td><td class=\"c n xf5f y5aef w6c6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf60 y5aef wa5d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c xf62 y5af0 wa5e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xf61 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c xf64 y5af0 wa5f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xf63 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y55ec wa60 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Crediti d\u2019imposta<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf65 y55ec wa61 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">844.386<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x775 h12 y5af1 ff4 fs7 fc1 sc0 ls0 ws0\">636.515<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5af2 wa62 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Contenzioso non cred<span class=\"_ _2\"></span>itizio<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf66 y5af2 wa63 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">980<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x72b h12 y5af3 ff4 fs7 fc1 sc0 ls0 ws0\">1.300<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5593 wa64 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Altri debitori diversi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf67 y5593 wa65 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">73.289<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xf68 h12 y5af4 ff4 fs7 fc1 sc0 ls0 ws0\">76.660<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5541 wa66 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Anticipi a fornitori<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf69 y5541 wa67 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">40.065<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xf68 h12 y5af5 ff4 fs7 fc1 sc0 ls0 ws0\">29.983<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 xf6a h12 y5af6 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf6b h12 y5af6 ff4 fs7 fc1 sc2 ls0 ws0\">958.720<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x775 h12 y5af6 ff4 fs7 fc1 sc2 ls0 ws0\">744.457<span class=\"_ _3a1\"> </span></td></tr></table>Nella <span class=\"_ _0\"></span>voce <span class=\"_ _38\"></span>\u201ccrediti <span class=\"_ _38\"></span>d\u2019imposta\u201d <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>presenti <span class=\"_ _0\"></span>le<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>ttivit\u00e0 <span class=\"_ _0\"></span>fiscali <span class=\"_ _38\"></span>connesse <span class=\"_ _0\"></span>con<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>l\u2019attivit\u00e0 <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>sostit<span class=\"_ _1\"></span>uto<span class=\"_ _3a1\"> </span>d\u2019imposta.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _1\"></span>presenti <span class=\"_ _1\"></span>crediti di <span class=\"_ _1\"></span>imposta ai <span class=\"_ _1\"></span>sens<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>del D.L. <span class=\"_ _1\"></span>n.18/2020 <span class=\"_ _1\"></span>(Cura Italia) <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>D.L. <span class=\"_ _1\"></span>n.34/2020 (Rilancio)<span class=\"_ _3a1\"> </span>(eco bonus e sisma bonus) per un controvalore complessivo di 424,4 m<span class=\"_ _1\"></span>ilioni di euro. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-871": {
   "value": "Sono <span class=\"_ _1\"></span>presenti <span class=\"_ _1\"></span>crediti di <span class=\"_ _1\"></span>imposta ai <span class=\"_ _1\"></span>sens<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>del D.L. <span class=\"_ _1\"></span>n.18/2020 <span class=\"_ _1\"></span>(Cura Italia) <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>D.L. <span class=\"_ _1\"></span>n.34/2020 (Rilancio)<span class=\"_ _3a1\"> </span> (eco bonus e sisma bonus) per un controvalore complessivo di 424,4 m<span class=\"_ _1\"></span>ilioni di euro. Sezione <span class=\"_ _1\"></span>8 \u2013 Alt<span class=\"_ _1\"></span>re p<span class=\"_ _3a1\"> </span>assivi<span class=\"_ _1\"></span>t\u00e0 \u2013 Voce 80 8.1 Altre <span class=\"_ _1\"></span>passivit\u00e0: composizione<span class=\"_ _3a1\"> </span><table class=\"s waf1 h243\" id=\"_03682ebc-5195-4e4f-805a-0fc1198e1a1a\"><tr><td></td><td></td><td class=\"t m2 xe21 h12 y5bb0 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10bc h12 y5bb0 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td class=\"t m2 x7c8 h12 y5bb1 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x811 h12 y5bb1 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5bb2 waf2 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Debiti verso l'erario<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10bd y5bb2 waf3 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">298.677<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10be y5bb2 waf4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">255.601<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bb3 waf5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Scarto valuta su operaz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>oni di portafogli<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10bf y5bb3 waf6 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">411.167<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10c0 y5bb3 waf7 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">414.985<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bb4 waf8 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Somme a disposizione de<span class=\"_ _3b\"></span>ll<span class=\"_ _1\"></span>a clientela<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10c1 y5bb4 waf9 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">15.898<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10c2 y5bb4 wafa h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">21.855<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bb5 wafb h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Risconti passivi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10c3 y5bb5 wafc h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.543<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10c4 y5bb5 wafd h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13.326<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bb6 wafe h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Retribuzioni da c<span class=\"_ _2\"></span>orrispondere e relativi contr<span class=\"_ _2\"></span>ibuti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10c5 y5bb6 w703 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">23.610<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeb0 y5bb6 w9e0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">22.914<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bb7 waff h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Ratei passivi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10c6 y5bb7 wb00 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.713<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10c7 y5bb7 wb01 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.815<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bb8 wb02 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Partite in lavorazione <span class=\"_ _2\"></span>su estero<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10c8 y5bb8 wb03 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9.935<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10c9 y5bb8 wb04 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.285<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bb9 wb05 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Fornitori<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10ca y5bb9 wb06 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">211.708<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10cb y5bb9 wb07 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">199.261<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bba wa5a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Partite viaggianti con<span class=\"_ _2\"></span> le filiali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10cc y5bba wb08 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.262<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10cd y5bba wb09 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.986<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bbb wb0a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Somme da accred<span class=\"_ _2\"></span>itare a enti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10ce y5bbb wb0b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.900<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10cf y5bbb wb0c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.847<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bbc wb0d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Partite in lavorazione <span class=\"_ _2\"></span>titoli<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10d0 y5bbc wb0e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9.02<span class=\"_ _2\"></span>9<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10d1 y5bbc wb0f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">25.959<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bbd wb10 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Altre partite<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10d2 y5bbd wb11 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12<span class=\"_ _2\"></span>6.058<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10d3 y5bbd wb12 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">149.571<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5600 wb13 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Somme da accred<span class=\"_ _2\"></span>itare a banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10d4 y5600 wb14 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">325.624<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10d5 y5600 wb15 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">505.114<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 xb9c h12 y5bbe ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x591 h12 y5bbe ff4 fs7 fc1 sc2 ls0 ws0\">1.459.124<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a3 h12 y5bbe ff4 fs7 fc1 sc2 ls0 ws0\">1.635.519<span class=\"_ _3a1\"> </span></td></tr></table>La <span class=\"_ _38\"></span>voce<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>\u201c<span class=\"_ _1\"></span>Scarto <span class=\"_ _38\"></span>valuta <span class=\"_ _0\"></span>su <span class=\"_ _38\"></span>operazioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>portafoglio\u201d <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>da <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>icondurre <span class=\"_ _38\"></span>agli <span class=\"_ _0\"></span>sbil<span class=\"_ _2\"></span>anci <span class=\"_ _38\"></span>degli <span class=\"_ _0\"></span>effetti <span class=\"_ _0\"></span>del portafoglio proprio e di terzi",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-890": {
   "value": "Sezione 1 \u2013 Passivit\u00e0 finanziarie valutate al costo ammortizzato \u2013 Voce 10<span class=\"_ _3a1\"> </span> 1.1 Passivit\u00e0 <span class=\"_ _1\"></span>finanziarie valutate al cost<span class=\"_ _1\"></span>o ammortizzato: co<span class=\"_ _1\"></span>mposizione merce<span class=\"_ _1\"></span>ologica dei debiti verso <span class=\"_ _1\"></span>banche <table class=\"s wa68 h23a\" id=\"_4a6ad7af-1900-4fba-a5ff-1ac36dc2fb30\"><tr><td></td><td></td><td></td><td></td><td class=\"c n xf6c y5af7 w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n xf6d y5af7 w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 xf6e h12 y5af8 ff4 fs7 fc4 sc3 ls0 ws0\">Tipologia operazioni/Valori </td><td></td><td></td><td class=\"c n xf6f y5af9 w65d h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n xf70 y5af9 wa69 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12<span class=\"_ _2\"></span>/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m2 xf71 h12 y5afa ff4 fs7 fc4 sc3 ls0 ws0\">VB </td><td></td><td class=\"t m2 x6ed h12 y5afb ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">Fair Value </td><td></td><td class=\"t m2 x6a1 h12 y5afa ff4 fs7 fc4 sc3 ls0 ws0\">VB </td><td></td><td></td><td class=\"t m2 x915 h12 y5afb ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value </td><td></td></tr><tr><td></td><td></td><td class=\"c n xf72 y5afc w65f h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf73 y5afc w662 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf74 y5afc w661 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf75 y5afc w697 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf76 y5afc w662 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf77 y5afc w68a h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5afd wa6a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1. Debiti verso banche centrali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf78 y5afd wa6b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">500.044<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5afe w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5afe w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5afe w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b8 h12 y5aff ff4 fs7 fc1 sc2 ls0 ws0\">2.149.620<span class=\"_ _3a1\"> </span></td><td class=\"c n xf7c y5afe w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5afe w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5afe w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b00 wa6c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2. Debiti verso banche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7f y5b00 wa6d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">5.044.513<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b01 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b01 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b01 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X</div></td><td class=\"t m2 x776 h12 y5b02 ff4 fs7 fc1 sc2 ls0 ws0\">3.636.697<span class=\"_ _3a1\"> </span></td><td class=\"c n xf7c y5b01 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b01 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b01 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5b03 wa6e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Conti correnti e depo<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>iti a vista<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf80 y5b03 wa6f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">74.766<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b03 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b03 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b03 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf81 y5b03 wa70 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">231.8<span class=\"_ _2\"></span>03<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b03 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b03 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b03 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5b04 wa71 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Depositi a scadenz<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf82 y5b04 wa72 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.260<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b04 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b04 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b04 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf83 y5b04 wa73 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">33<span class=\"_ _1\"></span>.758<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b04 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b04 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b04 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5b05 wa74 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf84 y5b05 wa75 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.965.062<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b05 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b05 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b05 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf85 y5b05 wa76 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.370.471<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b05 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b05 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b05 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xf86 y5b06 w94c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3.1 Pronti contro term<span class=\"_ _2\"></span>ine passivi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf87 y5b06 wa77 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.954.536<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b06 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b06 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b06 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf88 y5b06 wa78 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.355.734<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b06 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b06 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b06 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xf86 y5b07 wa79 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3.2 Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf89 y5b07 wa5d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10.526<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b07 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b07 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b07 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf8a y5b07 wa7a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.737<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b07 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b07 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b07 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x997 y5b08 wa7b h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.4 Debiti per impegn<span class=\"_ _2\"></span>i di<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xf8b h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">riacquisto d<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xf8c h12 y5b09 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xf79 y5b0a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b0a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b0a w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf8d y5b0a w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b0a w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b0a w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b0a w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x6d4 h12 y5b0b ff4 fs7 fc1 sc0 ls0 ws0\">propri strumenti patr<span class=\"_ _2\"></span>imoniali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x997 y5b0c wa7c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.5 Debiti per leasing<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf8e y5b0c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b0c w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b0c w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b0c w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf8d y5b0c w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b0c w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b0c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b0c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5630 wa7d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.6 Altri debiti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf8f y5630 wa7e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.425<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5630 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5630 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5630 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf90 y5630 wa7f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">665<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5630 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5630 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5630 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xf91 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6bb h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">5.544.557<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x789 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf92 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">4.954.536<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74d h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">590.020<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x711 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">5.786.317<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xd83 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">3.355.734<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x738 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">2.430.583<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y539f w695 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc12 sc0 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf93 y539f wa80 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc12 sc0 ls0 ws0\">5544555<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n xf94 y539f wa81 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc12 sc0 ls0 ws0\">5786317 </div></td><td></td><td></td><td></td><td></td></tr></table>Legenda:<span class=\"_ _3a1\"> </span> VB= Valore di bilanc<span class=\"_ _2\"></span>io<span class=\"_ _3a1\"> </span> L1= Livello 1<span class=\"_ _3a1\"> </span> L2= Livello 2<span class=\"_ _3a1\"> </span> L3= Livello 3<span class=\"_ _3a1\"> </span> I debiti sono iscr<span class=\"_ _1\"></span>itti al loro valore nominale, corrispondente al loro fair value.<span class=\"_ _3a1\"> </span> I debiti verso banche s<span class=\"_ _1\"></span>ono rappresentati principalmente<span class=\"_ _1\"></span> da debiti a vista a tas<span class=\"_ _1\"></span>so variabile, e non \u00e8<span class=\"_ _3a1\"> </span> stata posta in essere alcun tipo di copertura.<span class=\"_ _3a1\"> </span> La voce \u201c1.Debiti verso banche centrali\u201d accoglie le oper<span class=\"_ _1\"></span>azioni di rifinanzi<span class=\"_ _2\"></span>amento e<span class=\"_ _1\"></span>ffettuate con la<span class=\"_ _3a1\"> </span> Banca Centrale Europea.  L\u2019utilizzo de<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>canale <span class=\"_ _1\"></span>di r<span class=\"_ _1\"></span>ifinanziament<span class=\"_ _1\"></span>o t<span class=\"_ _1\"></span>ramite la <span class=\"_ _38\"></span>BCE, <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>fine <span class=\"_ _1\"></span>2024, <span class=\"_ _1\"></span>\u00e8 r<span class=\"_ _1\"></span>appresentato <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>operazioni<span class=\"_ _3a1\"> </span> MRO, con scadenza ad 1 set<span class=\"_ _1\"></span>timana, per un valore pari <span class=\"_ _1\"></span>a 500 milioni di euro di valore nom<span class=\"_ _1\"></span>inale.  Nel<span class=\"_ _3a1\"> </span> mese <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>marzo 2024 <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>stata <span class=\"_ _1\"></span>rimborsata <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>naturale <span class=\"_ _1\"></span>scadenza <span class=\"_ _1\"></span>l\u2019ultima <span class=\"_ _1\"></span>tranche <span class=\"_ _1\"></span>TLTRO III.7 <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>un<span class=\"_ _3a1\"> </span> importo nominale di 740 milioni di euro.<span class=\"_ _3a1\"> </span>1.2 Passivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie valutate al costo<span class=\"_ _1\"></span> ammortizzato: compos<span class=\"_ _1\"></span>izione merceo<span class=\"_ _1\"></span>logica dei debiti verso client<span class=\"_ _1\"></span>ela<table class=\"s wa82 h23b\" id=\"_20e7be8a-bf32-4477-aa57-b062cd79a6b4\"><tr><td></td><td></td><td></td><td class=\"c n xf95 y5b0e w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n xf96 y5b0e w925 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xf97 h12 y5b0f ff4 fs7 fc4 sc3 ls0 ws0\">Tipologia operazioni/Valori </td><td></td><td></td><td class=\"c n xf98 y5b10 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xf99 y5b10 w68d h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 xf9a h12 y5b11 ff4 fs7 fc4 sc3 ls0 ws0\">VB </td><td></td><td class=\"t m2 x6af h12 y5b12 ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value </td><td></td><td class=\"t m2 xdd2 h12 y5b11 ff4 fs7 fc4 sc3 ls0 ws0\">VB </td><td></td><td class=\"t m2 xf9b h12 y5b12 ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">Fair Value </td></tr><tr><td></td><td></td><td class=\"t m2 x789 h12 y5b13 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></td><td class=\"c n xf9c y5b14 w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf9d y5b14 w68a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf9e y5b14 w687 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf9f y5b14 w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa0 y5b14 w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b15 wa83 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1. Conti correnti e depo<span class=\"_ _2\"></span>siti a vista<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa1 y5b15 wa84 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">32.845.465<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b15 w63d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b15 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b15 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa5 y5b15 wa85 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">31.780.656<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b15 w649 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b15 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b15 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b16 wa86 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2. Depositi a scadenza<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa9 y5b16 wa87 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">5.833.720<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b16 w63d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b16 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b16 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfaa y5b16 wa88 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">5.136.382<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b16 w649 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b16 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b16 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b17 w70a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfab y5b17 wa89 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.400.311<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b17 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b17 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b17 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfac y5b17 wa8a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.042.202<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b17 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b17 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b17 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5b18 wa8b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Pronti contro termi<span class=\"_ _2\"></span>ne passivi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfad y5b18 wa8c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.853.665<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b18 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b18 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b18 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfae y5b18 wa8d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.470.001<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b18 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b18 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b18 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5b19 w5eb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfaf y5b19 wa8e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">546.646<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b19 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b19 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b19 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb0 y5b19 wa8f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">572.201<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b19 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b19 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b19 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y5b1a ff4 fs7 fc1 sc0 ls0 ws0\">4. Debiti per impegn<span class=\"_ _2\"></span>i di riacquisto di propri<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf36 h12 y5b1b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfa2 y5b1c w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b1c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b1c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb1 y5b1c w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b1c w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b1c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b1c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y5b1d ff4 fs7 fc1 sc0 ls0 ws0\">strumenti patrimoni<span class=\"_ _2\"></span>ali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5b1e wa90 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Debiti per leasing<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb2 y5b1e wa91 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13<span class=\"_ _1\"></span>1.567<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b1e w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b1e w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b1e w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb3 y5b1e w433 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">135.807<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b1e w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b1e w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b1e w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b1f wa92 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Altri debiti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb4 y5b1f wa93 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">281.904<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b1f w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b1f w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b1f w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb5 y5b1f wa94 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">314.314<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b1f w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b1f w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b1f w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x909 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">Totale </td><td class=\"t m2 x694 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">41.492.967<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfb6 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68b h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">1.853.665<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74d h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">41.492.901<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x684 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">42.409.361<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x685 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">4.470.001<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x73d h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">37.939.360<span class=\"_ _3a1\"> </span></td></tr></table>Legenda:<span class=\"_ _3a1\"> </span>VB= Valore di bilanc<span class=\"_ _2\"></span>io<span class=\"_ _3a1\"> </span>L1= Livello 1<span class=\"_ _3a1\"> </span>L2= Livello 2<span class=\"_ _3a1\"> </span>L3= Livello 3<span class=\"_ _3a1\"> </span>I de<span class=\"_ _1\"></span>bi<span class=\"_ _3a1\"> </span>ti <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>iscrit<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>valore nom<span class=\"_ _1\"></span>inale, cor<span class=\"_ _1\"></span>rispondente <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>il livello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value<span class=\"_ _3a1\"> </span>attribuito risulta essere pari a <span class=\"_ _2\"></span>3, ad <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ccezione del livello d<span class=\"_ _2\"></span>i fair value dei p<span class=\"_ _2\"></span>ronti contro termine a cui<span class=\"_ _3a1\"> </span>\u00e8 attributo il valore 2.<span class=\"_ _3a1\"> </span>Nella voce <span class=\"_ _2\"></span>Debiti per l<span class=\"_ _3b\"></span>eas<span class=\"_ _1\"></span>ing \u00e8 <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>icompreso, <span class=\"_ _3b\"></span>ai sensi del <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>IFRS16, il <span class=\"_ _3b\"></span>De<span class=\"_ _1\"></span>bito per <span class=\"_ _2\"></span>leasing (L<span class=\"_ _2\"></span>ease<span class=\"_ _3a1\"> </span>Liability), pari <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>attuale <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>canoni <span class=\"_ _1\"></span>previsti <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>ancora <span class=\"_ _1\"></span>pagati dei <span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>ni o<span class=\"_ _1\"></span>ggetti <span class=\"_ _1\"></span>di contratti<span class=\"_ _3a1\"> </span>di leasing operativo.<span class=\"_ _3a1\"> </span>La  principale <span class=\"_ _3d\"> </span>novit\u00e0 <span class=\"_ _3d\"> </span>introdot<span class=\"_ _1\"></span>ta  dal <span class=\"_ _3d\"> </span>principio <span class=\"_ _3d\"> </span>\u00e8 <span class=\"_ _3d\"> </span>rappresentata <span class=\"_ _3d\"> </span>dalla  modif<span class=\"_ _1\"></span>ica  delle <span class=\"_ _3d\"> </span>modalit\u00e0 <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span>contabilizzazione <span class=\"_ _36\"> </span>delle <span class=\"_ _36\"> </span>operazioni <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>leasing <span class=\"_ _36\"> </span>oper<span class=\"_ _1\"></span>ativo <span class=\"_ _36\"> </span>nel <span class=\"_ _36\"> </span>bilancio <span class=\"_ _37\"> </span>del <span class=\"_ _36\"> </span>locatario/<span class=\"_ _1\"></span>utilizzatore,<span class=\"_ _3a1\"> </span>attraverso <span class=\"_ _1\"></span>l\u2019introduzione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>unico <span class=\"_ _1\"></span>modello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>contabilizzazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>contratti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>leasing <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>parte<span class=\"_ _3a1\"> </span>del locatario siano essi classificati come leas<span class=\"_ _1\"></span>ing operativi o finanziari. I de<span class=\"_ _1\"></span>biti ve<span class=\"_ _1\"></span>rso <span class=\"_ _1\"></span>clientela <span class=\"_ _1\"></span>sono rappre<span class=\"_ _1\"></span>sentati pr<span class=\"_ _1\"></span>incipalmente da <span class=\"_ _1\"></span>debiti <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>vista <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>tasso <span class=\"_ _1\"></span>variabile, <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>non<span class=\"_ _3a1\"> </span>\u00e8  stata <span class=\"_ _35\"> </span>post<span class=\"_ _1\"></span>a <span class=\"_ _35\"> </span>in  essere  alcu<span class=\"_ _2\"></span>n  tip<span class=\"_ _2\"></span>o  di <span class=\"_ _35\"> </span>copert<span class=\"_ _1\"></span>ura  specific<span class=\"_ _2\"></span>a,  mentre  sono <span class=\"_ _35\"> </span>state  poste  i<span class=\"_ _2\"></span>n  essere<span class=\"_ _3a1\"> </span>coperture di Macro Fair Value Hed<span class=\"_ _2\"></span>ge delle poste a vista, cos\u00ec come descritto nella parte E,<span class=\"_ _2\"></span> sezione<span class=\"_ _3a1\"> </span>2.2 della presente nota. Si <span class=\"_ _38\"></span>segnala <span class=\"_ _0\"></span>ch<span class=\"_ _2\"></span>e, <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>eguito <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>modifiche <span class=\"_ _38\"></span>apporta<span class=\"_ _1\"></span>te <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>funzionament<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>mercato <span class=\"_ _0\"></span>int<span class=\"_ _2\"></span>erbancario<span class=\"_ _3a1\"> </span>collateralizzato, <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>conseguente <span class=\"_ _38\"></span>trasfer<span class=\"_ _1\"></span>imento <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>Cassa <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Compensa<span class=\"_ _1\"></span>zione <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>Garanzia <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>alla<span class=\"_ _3a1\"> </span>Monte <span class=\"_ _38\"></span>Tito<span class=\"_ _1\"></span>li <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>funzioni <span class=\"_ _38\"></span>finora <span class=\"_ _0\"></span>svolte <span class=\"_ _38\"></span>dalla <span class=\"_ _38\"></span>B<span class=\"_ _1\"></span>anca <span class=\"_ _38\"></span>d\u2019Italia, <span class=\"_ _38\"></span>nella <span class=\"_ _38\"></span>voce <span class=\"_ _0\"></span>3.1 <span class=\"_ _38\"></span>\u201cPronti <span class=\"_ _38\"></span>contro <span class=\"_ _0\"></span>termine<span class=\"_ _3a1\"> </span>passivi\u201d sono presenti i finanziamenti, per 1.853,7 m<span class=\"_ _1\"></span>ilioni di euro, ricevuti dal suddetto mercato.<span class=\"_ _3a1\"> </span>Secondo <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>dati <span class=\"_ _38\"></span>ABI, <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>Italia, <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>dinamica <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>raccolta<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>diretta <span class=\"_ _38\"></span>da <span class=\"_ _38\"></span>clientela <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>tot<span class=\"_ _1\"></span>ale <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>banche<span class=\"_ _3a1\"> </span>operanti in Italia \u00e8<span class=\"_ _1\"></span> stata in aumento del 2,4% <span class=\"_ _1\"></span>su base annua, con <span class=\"_ _1\"></span>una variazione pi\u00f9 contenuta <span class=\"_ _1\"></span>dei<span class=\"_ _3a1\"> </span>depositi (+1,7%) e un\u2019espansione delle obbligazioni.<span class=\"_ _3a1\"> </span>1.3 Passivit\u00e0 finan<span class=\"_ _1\"></span>ziarie valutate al cost<span class=\"_ _1\"></span>o ammortizzato: com<span class=\"_ _1\"></span>posizione merce<span class=\"_ _1\"></span>ologica dei titoli in circola<span class=\"_ _1\"></span>zione <table class=\"s wa95 h23c\" id=\"_03b1c390-1a9c-481e-97a6-af4cea5c3c26\"><tr><td></td><td></td><td></td><td></td><td class=\"c n xfb7 y5b21 w6c5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xfb8 y5b21 w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c n xfb9 y5b22 w65d h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n xfba y5b22 w65e h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 xfbb h12 y5b23 ff4 fs7 fc4 sc3 ls0 ws0\">Tipologia titoli/Valori </td><td></td><td class=\"t m2 x6e6 h12 y5b24 ff4 fs7 fc4 sc3 ls0 ws0\">VB </td><td></td><td class=\"t m2 xd7d h12 y5b25 ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value </td><td></td><td class=\"t m2 x6d0 h12 y5b24 ff4 fs7 fc4 sc3 ls0 ws0\">VB </td><td></td><td class=\"t m2 xd83 h12 y5b25 ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"c n xfbc y5b26 w65f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfbd y5b26 w660 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfbe y5b26 w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfbf y5b26 w65f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfc0 y5b26 w688 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfc1 y5b26 w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y5b27 ff4 fs7 fc1 sc2 ls0 ws0\">A. Titoli </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x70c y5486 wa96 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. obbligazioni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfc2 y5486 wa97 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.233.961</div></td><td class=\"t m2 xfc3 h12 y5b28 ff4 fs7 fc1 sc0 ls0 ws0\">4.149.806<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd84 h12 y5b28 ff4 fs7 fc1 sc0 ls0 ws0\">183.433<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x981 h12 y5b28 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h12 y5b28 ff4 fs7 fc1 sc0 ls0 ws0\">4.581.551<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x695 h12 y5b28 ff4 fs7 fc1 sc0 ls0 ws0\">4.169.898<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y5b28 ff4 fs7 fc1 sc0 ls0 ws0\">445.445<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5b28 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y54a9 wa98 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1 strutturate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfc4 y54a9 wa99 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">927.585</div></td><td class=\"t m2 x6a9 h12 y5b29 ff4 fs7 fc1 sc0 ls0 ws0\">994.931<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc5 h12 y5b29 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x981 h12 y5b29 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x663 h12 y5b29 ff4 fs7 fc1 sc0 ls0 ws0\">749.693<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd2 h12 y5b29 ff4 fs7 fc1 sc0 ls0 ws0\">763.278<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc6 h12 y5b29 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5b29 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y55b0 wa9a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfc7 y55b0 wa9b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>.306.376</div></td><td class=\"t m2 x990 h12 y5b2a ff4 fs7 fc1 sc0 ls0 ws0\">3.154.875<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd84 h12 y5b2a ff4 fs7 fc1 sc0 ls0 ws0\">183.433<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x981 h12 y5b2a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc8 h12 y5b2a ff4 fs7 fc1 sc0 ls0 ws0\">3.831.858<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x664 h12 y5b2a ff4 fs7 fc1 sc0 ls0 ws0\">3.406.620<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y5b2a ff4 fs7 fc1 sc0 ls0 ws0\">445.445<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5b2a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5513 wa9c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. altri titoli<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfc9 y5513 wa45 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">211.194<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6ae h12 y5b2b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc5 h12 y5b2b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75d h12 y5b2b ff4 fs7 fc1 sc0 ls0 ws0\">211.194<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74e h12 y5b2b ff4 fs7 fc1 sc0 ls0 ws0\">84<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b9 h12 y5b2b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc6 h12 y5b2b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y5b2b ff4 fs7 fc1 sc0 ls0 ws0\">84<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y5515 wa9d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 strutturate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfca y5515 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6ae h12 y5b2c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc5 h12 y5b2c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x981 h12 y5b2c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x711 h12 y5b2c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b9 h12 y5b2c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc6 h12 y5b2c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5b2c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y54b0 wa9e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 altre<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfcb y54b0 wa45 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">211.194<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6ae h12 y5b2d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc5 h12 y5b2d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75d h12 y5b2d ff4 fs7 fc1 sc0 ls0 ws0\">211.194<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74e h12 y5b2d ff4 fs7 fc1 sc0 ls0 ws0\">84<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b9 h12 y5b2d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc6 h12 y5b2d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y5b2d ff4 fs7 fc1 sc0 ls0 ws0\">84<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 xdc3 h12 y5b2e ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfcc h12 y5b2e ff4 fs7 fc1 sc2 ls0 ws0\">4.445.155<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc3 h12 y5b2e ff4 fs7 fc1 sc2 ls0 ws0\">4.149.806<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd84 h12 y5b2e ff4 fs7 fc1 sc2 ls0 ws0\">183.433<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75d h12 y5b2e ff4 fs7 fc1 sc2 ls0 ws0\">211.194<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x674 h12 y5b2e ff4 fs7 fc1 sc2 ls0 ws0\">4.581.635<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x695 h12 y5b2e ff4 fs7 fc1 sc2 ls0 ws0\">4.169.898<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y5b2e ff4 fs7 fc1 sc2 ls0 ws0\">445.445<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y5b2e ff4 fs7 fc1 sc2 ls0 ws0\">84<span class=\"_ _3a1\"> </span></td></tr></table>Legenda: VB= Valore di bilanc<span class=\"_ _2\"></span>io L1= Livello 1 L2= Livello 2 L3= Livello 3 Nella voce \u201caltri titoli\u201d sono classificati le operazioni di Commercial paper. A  gennaio  2024  \u00e8  stato  collocato  un  prestito  obbligazionario  nell\u2019ambito  del Green,  Social  &amp; Sustainability <span class=\"_ _0\"></span>Bonds <span class=\"_ _0\"></span>Framework <span class=\"_ _0\"></span>destinato <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>investitori <span class=\"_ _0\"></span>istituzionali <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>no<span class=\"_ _1\"></span>minali <span class=\"_ _0\"></span>500 <span class=\"_ _0\"></span>milioni <span class=\"_ _38\"></span>di euro.  In <span class=\"_ _35\"> </span>relazione  alle <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>emissione  di <span class=\"_ _35\"> </span>strumenti <span class=\"_ _35\"> </span>obbligazionari,  n<span class=\"_ _2\"></span>el  m<span class=\"_ _2\"></span>ese  di<span class=\"_ _2\"></span>  l<span class=\"_ _2\"></span>uglio <span class=\"_ _35\"> </span>2024  si <span class=\"_ _35\"> </span>\u00e8 perfezionato <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>rinnovo <span class=\"_ _0\"></span>annual<span class=\"_ _2\"></span>e <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>Programma <span class=\"_ _0\"></span>EM<span class=\"_ _2\"></span>TN. <span class=\"_ _0\"></span>L'agg<span class=\"_ _2\"></span>iornamento <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>Base <span class=\"_ _0\"></span>Prospectus <span class=\"_ _38\"></span>ha permesso  l'in<span class=\"_ _2\"></span>troduzione <span class=\"_ _35\"> </span>della  possibilit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>emettere  anche<span class=\"_ _2\"></span>  tit<span class=\"_ _2\"></span>oli  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>diritto  italiano <span class=\"_ _35\"> </span>nella <span class=\"_ _35\"> </span>forma dematerializzata e accentrata su Monte Titoli, in linea con <span class=\"_ _1\"></span>la prassi di mercato. Nell\u2019ambito <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>programma <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>Obbligazioni <span class=\"_ _38\"></span>Bancarie <span class=\"_ _0\"></span>Garantite <span class=\"_ _38\"></span>da <span class=\"_ _0\"></span>Credem <span class=\"_ _38\"></span>CB<span class=\"_ _1\"></span>, <span class=\"_ _0\"></span>il<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>ore <span class=\"_ _0\"></span>nominale<span class=\"_ _3b\"></span> delle <span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>issioni <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>circolazione <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>fine <span class=\"_ _38\"></span>dicembre <span class=\"_ _1\"></span>2024 <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>risultat<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>pari <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>2,85 <span class=\"_ _1\"></span>miliardi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>euro, <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>cui 1 miliardo di euro rappresentato da <span class=\"_ _2\"></span>un\u2019emissione retained. Nel mese di <span class=\"_ _2\"></span>gennaio 2024, in conformit\u00e0 alla  nuova  di<span class=\"_ _2\"></span>rett<span class=\"_ _1\"></span>iva  europea  recepita  in  I<span class=\"_ _2\"></span>talia  il  30  marzo  2023,  sono  sta<span class=\"_ _2\"></span>ti  emessi  due  nuovi European Covered <span class=\"_ _3b\"></span>Bond (Premiu<span class=\"_ _2\"></span>m). L<span class=\"_ _2\"></span>a prima <span class=\"_ _3b\"></span>emissione, destinata <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>l c<span class=\"_ _2\"></span>ollocamento p<span class=\"_ _2\"></span>ubblico <span class=\"_ _3b\"></span>ver<span class=\"_ _1\"></span>so investitori <span class=\"_ _38\"></span>istituzionali, <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>tata <span class=\"_ _1\"></span>emes<span class=\"_ _1\"></span>sa <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>valore <span class=\"_ _38\"></span>nominale <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>500 <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>ilioni <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>euro. <span class=\"_ _38\"></span>La <span class=\"_ _38\"></span>seconda<span class=\"_ _2\"></span> emissione, <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>tipo <span class=\"_ _1\"></span>retained, <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>raggiunto <span class=\"_ _1\"></span>un va<span class=\"_ _1\"></span>lore <span class=\"_ _1\"></span>nom<span class=\"_ _1\"></span>inale <span class=\"_ _1\"></span>di 1.000<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>milioni di <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>uro. <span class=\"_ _1\"></span>Quest\u2019ultima risulta idonea <span class=\"_ _3b\"></span>per operazioni <span class=\"_ _3b\"></span>di rifinan<span class=\"_ _2\"></span>ziamento presso <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>Centrale Europea <span class=\"_ _3b\"></span>e si <span class=\"_ _3b\"></span>presta com<span class=\"_ _3b\"></span>e attivit\u00e0 <span class=\"_ _3d\"> </span>di  livello <span class=\"_ _3d\"> </span>1  ai <span class=\"_ _3d\"> </span>fini  de<span class=\"_ _1\"></span>l  Liquidity <span class=\"_ _3d\"> </span>Coverage <span class=\"_ _3d\"> </span>Ratio  per <span class=\"_ _3d\"> </span>potenziali  contr<span class=\"_ _1\"></span>oparti  pre<span class=\"_ _1\"></span>nditrici  in operazioni di Repo. Ad <span class=\"_ _36\"> </span>agost<span class=\"_ _1\"></span>o <span class=\"_ _39\"> </span>2024, <span class=\"_ _36\"> </span>successivamente <span class=\"_ _39\"> </span>all'autorizzazione <span class=\"_ _36\"> </span>rilasciata <span class=\"_ _39\"> </span>dal <span class=\"_ _36\"> </span>Single <span class=\"_ _39\"> </span>Resolution <span class=\"_ _39\"> </span>Board, Credem  ha <span class=\"_ _35\"> </span>annunciato <span class=\"_ _35\"> </span>l\u2019intenzione  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>esercitare  l\u2019opzione <span class=\"_ _35\"> </span>volontaria  di <span class=\"_ _35\"> </span>rimborso <span class=\"_ _35\"> </span>anticipato  i<span class=\"_ _3b\"></span>n<span class=\"_ _1\"></span> relazione <span class=\"_ _1\"></span>alle pro<span class=\"_ _1\"></span>prie Obbligazioni <span class=\"_ _1\"></span>Senior <span class=\"_ _1\"></span>Non-Preferred <span class=\"_ _1\"></span>da 500 <span class=\"_ _1\"></span>milioni e<span class=\"_ _1\"></span>uro, e <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rimborsare <span class=\"_ _1\"></span>tutte le <span class=\"_ _1\"></span>proprie <span class=\"_ _1\"></span>Note <span class=\"_ _1\"></span>ancora <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>circolazione: <span class=\"_ _1\"></span>rimanevano <span class=\"_ _1\"></span>338 <span class=\"_ _1\"></span>milioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>euro, <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>guito <span class=\"_ _1\"></span>del riacquisto <span class=\"_ _1\"></span>da parte dell'Emittente d<span class=\"_ _2\"></span>i 162 <span class=\"_ _2\"></span>milioni di <span class=\"_ _2\"></span>euro, nell'ambito d<span class=\"_ _2\"></span>ell'Offerta Pub<span class=\"_ _2\"></span>blica di Acq<span class=\"_ _2\"></span>uisto conclusa n<span class=\"_ _2\"></span>el settembre 2023. Nel  mese <span class=\"_ _35\"> </span>di  Novembre <span class=\"_ _35\"> </span>2024  \u00e8<span class=\"_ _2\"></span>  stato <span class=\"_ _35\"> </span>perfezionato  il <span class=\"_ _35\"> </span>rinnovo  annu<span class=\"_ _2\"></span>ale  del  P<span class=\"_ _2\"></span>rogramma  OBG. <span class=\"_ _35\"> </span>Le modifiche al<span class=\"_ _2\"></span> Base <span class=\"_ _2\"></span>Prospectus hanno <span class=\"_ _3b\"></span>riguardato<span class=\"_ _1\"></span> princ<span class=\"_ _2\"></span>ipalmente l\u2019aggiornamento dei <span class=\"_ _3b\"></span>dati finanziari e l\u2019adeguamento normativo della documentazione d\u2019offerta alla migli<span class=\"_ _2\"></span>or prass<span class=\"_ _1\"></span>i di mercato vi<span class=\"_ _2\"></span>gente. Per <span class=\"_ _0\"></span>quanto <span class=\"_ _0\"></span>riguarda <span class=\"_ _0\"></span>l\u2019operativit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _0\"></span>monetario <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>vale<span class=\"_ _2\"></span>re <span class=\"_ _0\"></span>sul <span class=\"_ _0\"></span>Programma <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Emissione <span class=\"_ _38\"></span>di Cambia<span class=\"_ _3a1\"> </span>li F<span class=\"_ _1\"></span>inanziarie <span class=\"_ _1\"></span>di Cr<span class=\"_ _1\"></span>edito <span class=\"_ _1\"></span>Emiliano ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>corso <span class=\"_ _1\"></span>del 2024 <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no state <span class=\"_ _1\"></span>collocate <span class=\"_ _1\"></span>22 <span class=\"_ _1\"></span>emissioni, <span class=\"_ _1\"></span>per un <span class=\"_ _2\"></span>ammontare complessivo di <span class=\"_ _3b\"></span>circa 708 mil<span class=\"_ _2\"></span>ioni d<span class=\"_ _2\"></span>i euro <span class=\"_ _2\"></span>e per <span class=\"_ _3b\"></span>un valore nominale <span class=\"_ _3b\"></span>outstanding a <span class=\"_ _3b\"></span>fine dicembre 2024 di 211 milioni di euro. 1.4 Dettaglio de<span class=\"_ _1\"></span>i debiti/titoli subordinat<span class=\"_ _1\"></span>i  Gruppo Bancar<span class=\"_ _1\"></span>io Principali caratteristiche contrattuali delle passivit\u00e0 s<span class=\"_ _1\"></span>ubordinate: <span class=\"_ _3e\"> </span><span class=\"ff4\">\u201cCREDITO E<span class=\"_ _2\"></span>MILIANO 20/30 <span class=\"_ _2\"></span>SUBORDINATO <span class=\"_ _3b\"></span>3<span class=\"_ _1\"></span>,5% SU<span class=\"_ _2\"></span>B\u201d (IS<span class=\"_ _2\"></span>IN IT0005421539) <span class=\"_ _2\"></span>per 2<span class=\"_ _3b\"></span>0<span class=\"_ _1\"></span>0.000.000,00 </span>\u20ac costituito da n. 2.000.000,00 obbligazioni del valore nominale di 100<span class=\"_ _1\"></span> \u20ac cadauna. Le <span class=\"_ _36\"> </span>obbligazioni <span class=\"_ _36\"> </span>corrisponderanno <span class=\"_ _39\"> </span>cedole <span class=\"_ _36\"> </span>fisse <span class=\"_ _36\"> </span>annuali <span class=\"_ _36\"> </span>pari <span class=\"_ _36\"> </span>al <span class=\"_ _36\"> </span>3,5% <span class=\"_ _39\"> </span>annuo <span class=\"_ _36\"> </span>lordo <span class=\"_ _36\"> </span>fino <span class=\"_ _36\"> </span>al 16/12/2025 poi tasso IRS  5Y + 3,897% annuo lordo. Il <span class=\"_ _39\"> </span>prestito <span class=\"_ _39\"> </span>scade <span class=\"_ _39\"> </span>il <span class=\"_ _39\"> </span>16/12/2030 <span class=\"_ _36\"> </span>s<span class=\"_ _1\"></span>e <span class=\"_ _39\"> </span>non <span class=\"_ _39\"> </span>verr\u00e0 <span class=\"_ _36\"> </span>eser<span class=\"_ _1\"></span>citata <span class=\"_ _39\"> </span>l\u2019opzione <span class=\"_ _39\"> </span>call <span class=\"_ _36\"> </span>al <span class=\"_ _39\"> </span>1<span class=\"_ _1\"></span>6/12/2025 <span class=\"_ _39\"> </span>che significher\u00e0 il rimborso anticipato. Al <span class=\"_ _0\"></span>31/12/20<span class=\"_ _1\"></span>24 <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>antit\u00e0 <span class=\"_ _0\"></span>residua <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>isulta <span class=\"_ _0\"></span>pari <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>200.000.000,00 <span class=\"_ _0\"></span>\u20ac <span class=\"_ _0\"></span>costituita <span class=\"_ _35\"> </span>da <span class=\"_ _0\"></span>n. <span class=\"_ _0\"></span>2.000.000 obbligazioni del valore nominale di 100 \u20ac cadauna. L\u2019obbligazione \u00e8 stata interamente sottos<span class=\"_ _1\"></span>critta da Credemholding. <span class=\"_ _3e\"> </span><span class=\"ff4\">\u201cCREDITO EMILIANO 22/32 S<span class=\"_ _2\"></span>UBORDINATO 7,625 SUB\u201d (ISIN IT0005497117) per 200.000.000,00 </span>\u20ac costituito da n. 2.000.000,00 obbligazioni del valore nominale di 100<span class=\"_ _1\"></span> \u20ac cadauna. Le  o<span class=\"_ _1\"></span>bbligazioni  corrisponderanno <span class=\"_ _3d\"> </span>cedole  fisse <span class=\"_ _3d\"> </span>annuali  pari <span class=\"_ _3d\"> </span>al  7<span class=\"_ _1\"></span>,625%  annuo <span class=\"_ _3d\"> </span>lordo  fino <span class=\"_ _3d\"> </span>al 05/10/2027 poi tasso MS  5Y + 5,514% annuo lordo. Il <span class=\"_ _37\"> </span>pre<span class=\"_ _1\"></span>stito <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>cade <span class=\"_ _37\"> </span>il <span class=\"_ _36\"> </span>05/10/2032 <span class=\"_ _36\"> </span>se <span class=\"_ _36\"> </span>non <span class=\"_ _37\"> </span>verr\u00e0 <span class=\"_ _36\"> </span>esercitata <span class=\"_ _36\"> </span>l\u2019opzione <span class=\"_ _36\"> </span>call <span class=\"_ _37\"> </span>al <span class=\"_ _36\"> </span>05/07/2027 <span class=\"_ _36\"> </span>che significher\u00e0 il rimborso anticipato. Al <span class=\"_ _0\"></span>31/12/20<span class=\"_ _1\"></span>24 <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>antit\u00e0 <span class=\"_ _0\"></span>residua <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>isulta <span class=\"_ _0\"></span>pari <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>200.000.000,00 <span class=\"_ _0\"></span>\u20ac <span class=\"_ _0\"></span>costituita <span class=\"_ _35\"> </span>da <span class=\"_ _0\"></span>n. <span class=\"_ _0\"></span>2.000.000 obbligazioni del valore nominale di 100 \u20ac cadauna L\u2019obbligazione \u00e8 stata interamente sottos<span class=\"_ _1\"></span>critta da Credemholding. In <span class=\"_ _1\"></span>caso<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>iquidazione <span class=\"_ _38\"></span>tutte <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>obbligazioni <span class=\"_ _38\"></span>subordinate <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>aranno <span class=\"_ _38\"></span>rimborsate <span class=\"_ _38\"></span>solo <span class=\"_ _38\"></span>dopo <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>siano stati soddisfatti tutti gli altri creditori non ugualmente subordinati. Le obbligazioni non sono coperte dalla garanzia del <span class=\"_ _1\"></span>Fondo Interbancario di Tutela dei Depositi. Imprese di ass<span class=\"_ _1\"></span>icurazione<span class=\"_ _3a1\"> </span>O<span class=\"_ _3a1\"> </span>bb<span class=\"_ _3a1\"> </span>li<span class=\"_ _3a1\"> </span>ga<span class=\"_ _3a1\"> </span>zione <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>convertibile, <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>fisso, <span class=\"_ _0\"></span>emissione <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>98,330% <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>data <span class=\"_ _0\"></span>18 <span class=\"_ _0\"></span>novembre <span class=\"_ _0\"></span>2020 <span class=\"_ _38\"></span>e denominato <span class=\"_ _35\"> </span>\u201cCredemvita  s.p.a.\u201d, <span class=\"_ _35\"> </span>codice  I<span class=\"_ _2\"></span>SIN <span class=\"_ _35\"> </span>XS2253071216  in <span class=\"_ _35\"> </span>valu<span class=\"_ _2\"></span>ta  euro. <span class=\"_ _35\"> </span>Il <span class=\"_ _35\"> </span>titolo  p<span class=\"_ _2\"></span>resenta  l<span class=\"_ _3b\"></span>e seguenti caratteristiche: <span class=\"_ _3e\"> </span><span class=\"ff4\">Valore nominale: 107.500.000 di euro; </span><span class=\"_ _3e\"> </span><span class=\"ff4\">Scadenza: 18/02/2031; </span><span class=\"_ _3e\"> </span><span class=\"ff4\">Cedola: Tasso<span class=\"_ _1\"></span> fisso <span class=\"_ _1\"></span>annuale, fissato<span class=\"_ _1\"></span> al mo<span class=\"_ _1\"></span>mento dell\u2019emissione <span class=\"_ _1\"></span>pari al <span class=\"_ _1\"></span>3,5% per<span class=\"_ _1\"></span> i <span class=\"_ _1\"></span>primi 5 <span class=\"_ _1\"></span>anni. </span>Il  tasso  di  interesse  viene <span class=\"_ _35\"> </span>rivisto  al  termine  del  quinto  anno, <span class=\"_ _35\"> </span>se<span class=\"_ _1\"></span>nza  applicazi<span class=\"_ _2\"></span>one  di  alcun meccanismo di step-up; <span class=\"_ _3e\"> </span><span class=\"ff4\">Rating: BBB- by Fitch. </span>Il rimborso del P<span class=\"_ _1\"></span>restito potr\u00e0 avvenire <span class=\"_ _1\"></span>- oltre che <span class=\"_ _1\"></span>alla scadenza naturale - alla scadenza del quint<span class=\"_ _1\"></span>o anno, ovvero <span class=\"_ _1\"></span>al verificars<span class=\"_ _1\"></span>i di un \"Regulatory <span class=\"_ _1\"></span>Event\" (ossia <span class=\"_ _1\"></span>nell'ipotesi in cui <span class=\"_ _1\"></span>i titoli <span class=\"_ _1\"></span>non avessero <span class=\"_ _1\"></span>pi\u00f9 le <span class=\"_ _38\"></span>caratteristiche <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ammissibilit\u00e0 <span class=\"_ _38\"></span>- <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>computabilit\u00e0 <span class=\"_ _1\"></span>\u2013<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>ad <span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sere <span class=\"_ _38\"></span>inclusi <span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>lementi <span class=\"_ _1\"></span>dei fondi propri di<span class=\"_ _2\"></span> base di<span class=\"_ _2\"></span> livello 2<span class=\"_ _3b\"></span> della Compagnia, ov<span class=\"_ _2\"></span>vero, conformemente alla <span class=\"_ _2\"></span>prassi di<span class=\"_ _2\"></span> mercato, n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>l caso <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>cui<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>Compagnia <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>fos<span class=\"_ _1\"></span>se <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>oggettata <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>sup<span class=\"_ _2\"></span>ervisione <span class=\"_ _35\"> </span>dell'IVAS<span class=\"_ _2\"></span>S) <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>\"Tax<span class=\"_ _3a1\"> </span>Event\" <span class=\"_ _0\"></span>(ossia <span class=\"_ _0\"></span>qualora, <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>causa <span class=\"_ _0\"></span>dell'introduzione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>nuove <span class=\"_ _0\"></span>norme <span class=\"_ _0\"></span>fiscali, <span class=\"_ _0\"></span>ovvero <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>modifica <span class=\"_ _0\"></span>di quelle <span class=\"_ _38\"></span>esistent<span class=\"_ _1\"></span>i, <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>Compagnia <span class=\"_ _38\"></span>fo<span class=\"_ _1\"></span>sse <span class=\"_ _38\"></span>assoggettat<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>pagamento <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>ul<span class=\"_ _2\"></span>terior<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>imposte <span class=\"_ _38\"></span>sul <span class=\"_ _0\"></span>Prestito ovvero non fosse pi\u00f9 in condizioni di dedurre gli intere<span class=\"_ _1\"></span>ssi pagati sul Prestito). 1.5 Dettaglio dei <span class=\"_ _1\"></span>debiti strutt<span class=\"_ _1\"></span>urati Non esistono, alla d<span class=\"_ _2\"></span>ata del bilancio,<span class=\"_ _2\"></span> n\u00e9 al 31 di<span class=\"_ _2\"></span>cembre 20<span class=\"_ _3a1\"> </span>23, debiti<span class=\"_ _2\"></span> strutturati verso banche <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> verso clientela.<span class=\"_ _3a1\"> </span>1.6 Debiti per <span class=\"_ _1\"></span>leasing  Alla <span class=\"_ _1\"></span>d<span class=\"_ _3a1\"> </span>ata <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>1 <span class=\"_ _1\"></span>dicembre <span class=\"_ _1\"></span>2024 <span class=\"_ _38\"></span>sono <span class=\"_ _1\"></span>presenti <span class=\"_ _1\"></span>debiti <span class=\"_ _1\"></span>per<span class=\"fc14\"> <span class=\"_ _38\"></span></span>leasing <span class=\"_ _1\"></span>IFRS16 <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>131,6 <span class=\"_ _1\"></span>milioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>uro. <span class=\"_ _1\"></span>Si allegano i flussi finanziari per i leasing con l'analisi delle s<span class=\"_ _1\"></span>cadenze: <table class=\"s wa9f h23d\" id=\"_1f441055-92e5-4434-a4f9-a20b6c9652f5\"><tr><td class=\"c n x2d7 y5b2f waa0 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Fino a 1 mese<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfce y5b2f waa1 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">5.627<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b30 waa2 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Oltre 1 mese e fino a 3<span class=\"_ _2\"></span> mesi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfcf y5b30 waa3 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">404<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b31 waa4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Oltre 3 mesi fino a 1 <span class=\"_ _2\"></span>anno<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfd0 y5b31 waa5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">16.043<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b32 waa6 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Oltre 1 anno fino a 5 a<span class=\"_ _2\"></span>nni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfd1 y5b32 waa7 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">67.727<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c xfd2 y5b33 w1a9 h11\"><div class=\"t m2 x0 h12 y3d4 ff4 fs7 fc1 sc0 ls0 ws0\">Oltre 5 anni<span class=\"_ _3a1\"> </span></div></td><td class=\"c xfd3 y5b33 wbf h11\"><div class=\"t m2 x0 h12 y3d4 ff4 fs7 fc1 sc0 ls0 ws0\">41.780<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y539f w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfd4 y539f w6e5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">131.567<span class=\"_ _3a1\"> </span></div></td></tr></table>Titoli in circola<span class=\"_ _1\"></span>zione oggetto di coper<span class=\"_ _1\"></span>tura specifica  Si <span class=\"_ _38\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>dottata <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>metodologia <span class=\"_ _38\"></span>contabile <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>Micro <span class=\"_ _0\"></span>F<span class=\"_ _2\"></span>air <span class=\"_ _0\"></span>Valu<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>H<span class=\"_ _2\"></span>edge <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>cope<span class=\"_ _2\"></span>rtura <span class=\"_ _0\"></span>del <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span> tasso <span class=\"_ _0\"></span>associato <span class=\"_ _0\"></span>all\u2019emissione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>prestiti <span class=\"_ _0\"></span>obbligazionari <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>fisso <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>ammontare <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>circa 2.050 milioni di euro.<span class=\"_ _3a1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-754": {
   "value": "<div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsd63\">1.1 Passivit\u00e0 <span class=\"_ _1\"></span>finanziarie valutate al cost<span class=\"_ _1\"></span>o ammortizzato: co<span class=\"_ _1\"></span>mposizione merce<span class=\"_ _1\"></span>ologica dei debiti verso <span class=\"_ _1\"></span>banche </div><div class=\"gsd64\"><table class=\"s wa68 h23a\" id=\"_4a6ad7af-1900-4fba-a5ff-1ac36dc2fb30\"><tr><td></td><td></td><td></td><td></td><td class=\"c n xf6c y5af7 w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n xf6d y5af7 w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 xf6e h12 y5af8 ff4 fs7 fc4 sc3 ls0 ws0\">Tipologia operazioni/Valori </td><td></td><td></td><td class=\"c n xf6f y5af9 w65d h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n xf70 y5af9 wa69 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12<span class=\"_ _2\"></span>/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"t m2 xf71 h12 y5afa ff4 fs7 fc4 sc3 ls0 ws0\">VB </td><td></td><td class=\"t m2 x6ed h12 y5afb ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">Fair Value </td><td></td><td class=\"t m2 x6a1 h12 y5afa ff4 fs7 fc4 sc3 ls0 ws0\">VB </td><td></td><td></td><td class=\"t m2 x915 h12 y5afb ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value </td><td></td></tr><tr><td></td><td></td><td class=\"c n xf72 y5afc w65f h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf73 y5afc w662 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf74 y5afc w661 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf75 y5afc w697 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf76 y5afc w662 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf77 y5afc w68a h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5afd wa6a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1. Debiti verso banche centrali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf78 y5afd wa6b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">500.044<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5afe w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5afe w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5afe w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b8 h12 y5aff ff4 fs7 fc1 sc2 ls0 ws0\">2.149.620<span class=\"_ _3a1\"> </span></td><td class=\"c n xf7c y5afe w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5afe w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5afe w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b00 wa6c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2. Debiti verso banche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7f y5b00 wa6d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">5.044.513<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b01 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b01 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b01 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X</div></td><td class=\"t m2 x776 h12 y5b02 ff4 fs7 fc1 sc2 ls0 ws0\">3.636.697<span class=\"_ _3a1\"> </span></td><td class=\"c n xf7c y5b01 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b01 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b01 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5b03 wa6e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Conti correnti e depo<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>iti a vista<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf80 y5b03 wa6f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">74.766<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b03 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b03 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b03 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf81 y5b03 wa70 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">231.8<span class=\"_ _2\"></span>03<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b03 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b03 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b03 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5b04 wa71 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Depositi a scadenz<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf82 y5b04 wa72 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.260<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b04 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b04 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b04 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf83 y5b04 wa73 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">33<span class=\"_ _1\"></span>.758<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b04 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b04 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b04 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5b05 wa74 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf84 y5b05 wa75 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.965.062<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b05 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b05 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b05 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf85 y5b05 wa76 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.370.471<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b05 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b05 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b05 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xf86 y5b06 w94c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3.1 Pronti contro term<span class=\"_ _2\"></span>ine passivi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf87 y5b06 wa77 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.954.536<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b06 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b06 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b06 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf88 y5b06 wa78 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.355.734<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b06 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b06 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b06 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xf86 y5b07 wa79 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3.2 Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf89 y5b07 wa5d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10.526<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b07 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b07 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b07 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf8a y5b07 wa7a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.737<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b07 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b07 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b07 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x997 y5b08 wa7b h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.4 Debiti per impegn<span class=\"_ _2\"></span>i di<span class=\"_ _3a1\"> </span></div><div class=\"t m2 xf8b h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">riacquisto d<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xf8c h12 y5b09 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xf79 y5b0a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b0a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b0a w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf8d y5b0a w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b0a w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b0a w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b0a w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x6d4 h12 y5b0b ff4 fs7 fc1 sc0 ls0 ws0\">propri strumenti patr<span class=\"_ _2\"></span>imoniali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x997 y5b0c wa7c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.5 Debiti per leasing<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf8e y5b0c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5b0c w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5b0c w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5b0c w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf8d y5b0c w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5b0c w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5b0c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5b0c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5630 wa7d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.6 Altri debiti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf8f y5630 wa7e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.425<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf79 y5630 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7a y5630 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7b y5630 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf90 y5630 wa7f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">665<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7c y5630 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf7d y5630 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf7e y5630 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xf91 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6bb h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">5.544.557<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x789 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf92 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">4.954.536<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74d h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">590.020<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x711 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">5.786.317<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xd83 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">3.355.734<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x738 h12 y5b0d ff4 fs7 fc1 sc2 ls0 ws0\">2.430.583<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y539f w695 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc12 sc0 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf93 y539f wa80 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc12 sc0 ls0 ws0\">5544555<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n xf94 y539f wa81 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc12 sc0 ls0 ws0\">5786317 </div></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsd65\">Legenda:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gsd66\">VB= Valore di bilanc<span class=\"_ _2\"></span>io<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gsd67\">L1= Livello 1<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gsd68\">L2= Livello 2<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gsd69\">L3= Livello 3<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd6a\">I debi</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd6b\">ti sono iscr<span class=\"_ _1\"></span>itti al loro valore nominale, corrispondente al loro fair value.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd6c\">I debiti verso banche s<span class=\"_ _1\"></span>ono rappresentati principalmente<span class=\"_ _1\"></span> da debiti a vista a tas<span class=\"_ _1\"></span>so variabile, e non \u00e8<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd6d\">stata posta in essere alcun tipo di copertura.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd6e\">La voce</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd6f\"> \u201c1.Debiti verso banche centrali\u201d accoglie le oper<span class=\"_ _1\"></span>azioni di rifinanzi<span class=\"_ _2\"></span>amento e<span class=\"_ _1\"></span>ffettuate con la<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd70\">Banca Centrale Europea.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd71\">L\u2019utilizzo de<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>canale <span class=\"_ _1\"></span>di r<span class=\"_ _1\"></span>ifinanziament<span class=\"_ _1\"></span>o t<span class=\"_ _1\"></span>ramite la <span class=\"_ _38\"></span>BCE, <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>fine <span class=\"_ _1\"></span>2024, <span class=\"_ _1\"></span>\u00e8 r<span class=\"_ _1\"></span>appresentato <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>operazioni<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd72\">MRO, con scadenza ad 1 set<span class=\"_ _1\"></span>timana, per un valore pari <span class=\"_ _1\"></span>a 500 milioni di euro di valore nom<span class=\"_ _1\"></span>inale.  Nel<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd73\">mese <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>marzo 2024 <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>stata <span class=\"_ _1\"></span>rimborsata <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>naturale <span class=\"_ _1\"></span>scadenza <span class=\"_ _1\"></span>l\u2019ultima <span class=\"_ _1\"></span>tranche <span class=\"_ _1\"></span>TLTRO III.7 <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>un<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd74\">importo nominale di 740 milioni di euro.<span class=\"_ _3a1\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-755": {
   "value": "<div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsd76\">1.2 Passivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie valutate al costo<span class=\"_ _1\"></span> ammortizzato: compos<span class=\"_ _1\"></span>izione merceo<span class=\"_ _1\"></span>logica dei debiti verso client<span class=\"_ _1\"></span>ela </div><div class=\"gsd77\"><table class=\"s wa82 h23b\" id=\"_20e7be8a-bf32-4477-aa57-b062cd79a6b4\"><tr><td></td><td></td><td></td><td class=\"c n xf95 y5b0e w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td class=\"c n xf96 y5b0e w925 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xf97 h12 y5b0f ff4 fs7 fc4 sc3 ls0 ws0\">Tipologia operazioni/Valori </td><td></td><td></td><td class=\"c n xf98 y5b10 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xf99 y5b10 w68d h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 xf9a h12 y5b11 ff4 fs7 fc4 sc3 ls0 ws0\">VB </td><td></td><td class=\"t m2 x6af h12 y5b12 ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value </td><td></td><td class=\"t m2 xdd2 h12 y5b11 ff4 fs7 fc4 sc3 ls0 ws0\">VB </td><td></td><td class=\"t m2 xf9b h12 y5b12 ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">Fair Value </td></tr><tr><td></td><td></td><td class=\"t m2 x789 h12 y5b13 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></td><td class=\"c n xf9c y5b14 w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf9d y5b14 w68a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xf9e y5b14 w687 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf9f y5b14 w662 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa0 y5b14 w661 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b15 wa83 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1. Conti correnti e depo<span class=\"_ _2\"></span>siti a vista<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa1 y5b15 wa84 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">32.845.465<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b15 w63d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b15 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b15 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa5 y5b15 wa85 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">31.780.656<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b15 w649 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b15 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b15 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b16 wa86 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2. Depositi a scadenza<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa9 y5b16 wa87 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">5.833.720<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b16 w63d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b16 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b16 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfaa y5b16 wa88 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">5.136.382<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b16 w649 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b16 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b16 w48e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b17 w70a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfab y5b17 wa89 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.400.311<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b17 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b17 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b17 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfac y5b17 wa8a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.042.202<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b17 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b17 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b17 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5b18 wa8b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Pronti contro termi<span class=\"_ _2\"></span>ne passivi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfad y5b18 wa8c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.853.665<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b18 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b18 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b18 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfae y5b18 wa8d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.470.001<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b18 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b18 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b18 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y5b19 w5eb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfaf y5b19 wa8e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">546.646<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b19 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b19 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b19 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb0 y5b19 wa8f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">572.201<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b19 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b19 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b19 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y5b1a ff4 fs7 fc1 sc0 ls0 ws0\">4. Debiti per impegn<span class=\"_ _2\"></span>i di riacquisto di propri<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf36 h12 y5b1b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfa2 y5b1c w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b1c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b1c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb1 y5b1c w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b1c w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b1c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b1c w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y5b1d ff4 fs7 fc1 sc0 ls0 ws0\">strumenti patrimoni<span class=\"_ _2\"></span>ali </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5b1e wa90 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Debiti per leasing<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb2 y5b1e wa91 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13<span class=\"_ _1\"></span>1.567<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b1e w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b1e w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b1e w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb3 y5b1e w433 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">135.807<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b1e w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b1e w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b1e w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5b1f wa92 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Altri debiti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb4 y5b1f wa93 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">281.904<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa2 y5b1f w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa3 y5b1f w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa4 y5b1f w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfb5 y5b1f wa94 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">314.314<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa6 y5b1f w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa7 y5b1f w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfa8 y5b1f w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x909 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">Totale </td><td class=\"t m2 x694 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">41.492.967<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfb6 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68b h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">1.853.665<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74d h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">41.492.901<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x684 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">42.409.361<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x685 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">4.470.001<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x73d h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">37.939.360<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsd78\">Legenda:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gsd79\">VB= Valore di bilanc<span class=\"_ _2\"></span>io<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gsd7a\">L1= Livello 1<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gsd7b\">L2= Livello 2<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gsd7c\">L3= Livello 3<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd7d\">I de<span class=\"_ _1\"></span>bi<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd7e\">ti <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>iscrit<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>valore nom<span class=\"_ _1\"></span>inale, cor<span class=\"_ _1\"></span>rispondente <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>loro <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>il livello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>fair <span class=\"_ _1\"></span>value<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd7f\">attribuito risulta essere pari a <span class=\"_ _2\"></span>3, ad <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ccezione del livello d<span class=\"_ _2\"></span>i fair value dei p<span class=\"_ _2\"></span>ronti contro termine a cui<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd80\">\u00e8 attributo il valore 2.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd81\">Nella voce <span class=\"_ _2\"></span>Debiti per l<span class=\"_ _3b\"></span>eas<span class=\"_ _1\"></span>ing \u00e8 <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>icompreso, <span class=\"_ _3b\"></span>ai sensi del <span class=\"_ _2\"></span>principio <span class=\"_ _2\"></span>IFRS16, il <span class=\"_ _3b\"></span>De<span class=\"_ _1\"></span>bito per <span class=\"_ _2\"></span>leasing (L<span class=\"_ _2\"></span>ease<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd82\">Liability), pari <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>attuale <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>canoni <span class=\"_ _1\"></span>previsti <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>ancora <span class=\"_ _1\"></span>pagati dei <span class=\"_ _1\"></span>be<span class=\"_ _1\"></span>ni o<span class=\"_ _1\"></span>ggetti <span class=\"_ _1\"></span>di contratti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd83\">di leasing operativo.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd84\">La  principale <span class=\"_ _3d\"> </span>novit\u00e0 <span class=\"_ _3d\"> </span>introdot<span class=\"_ _1\"></span>ta  dal <span class=\"_ _3d\"> </span>principio <span class=\"_ _3d\"> </span>\u00e8 <span class=\"_ _3d\"> </span>rappresentata <span class=\"_ _3d\"> </span>dalla  modif<span class=\"_ _1\"></span>ica  delle <span class=\"_ _3d\"> </span>modalit\u00e0 <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd85\">contabilizzazione <span class=\"_ _36\"> </span>delle <span class=\"_ _36\"> </span>operazioni <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>leasing <span class=\"_ _36\"> </span>oper<span class=\"_ _1\"></span>ativo <span class=\"_ _36\"> </span>nel <span class=\"_ _36\"> </span>bilancio <span class=\"_ _37\"> </span>del <span class=\"_ _36\"> </span>locatario/<span class=\"_ _1\"></span>utilizzatore,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd86\">attraverso <span class=\"_ _1\"></span>l\u2019introduzione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>unico <span class=\"_ _1\"></span>modello <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>contabilizzazione<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>contratti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>leasing <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>parte<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd87\">del locatario siano essi classificati come leas<span class=\"_ _1\"></span>ing operativi o finanziari.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd88\">I de<span class=\"_ _1\"></span>biti ve<span class=\"_ _1\"></span>rso <span class=\"_ _1\"></span>clientela <span class=\"_ _1\"></span>sono rappre<span class=\"_ _1\"></span>sentati pr<span class=\"_ _1\"></span>incipalmente da <span class=\"_ _1\"></span>debiti <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>vista <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>tasso <span class=\"_ _1\"></span>variabile, <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>non<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd89\">\u00e8  stata <span class=\"_ _35\"> </span>post<span class=\"_ _1\"></span>a <span class=\"_ _35\"> </span>in  essere  alcu<span class=\"_ _2\"></span>n  tip<span class=\"_ _2\"></span>o  di <span class=\"_ _35\"> </span>copert<span class=\"_ _1\"></span>ura  specific<span class=\"_ _2\"></span>a,  mentre  sono <span class=\"_ _35\"> </span>state  poste  i<span class=\"_ _2\"></span>n  essere<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd8a\">coperture di Macro Fair Value Hed<span class=\"_ _2\"></span>ge delle poste a vista, cos\u00ec come descritto nella parte E,<span class=\"_ _2\"></span> sezione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd8b\">2.2 della presente nota.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd8c\">Si <span class=\"_ _38\"></span>segnala <span class=\"_ _0\"></span>ch<span class=\"_ _2\"></span>e, <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>eguito <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>modifiche <span class=\"_ _38\"></span>apporta<span class=\"_ _1\"></span>te <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>funzionament<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>mercato <span class=\"_ _0\"></span>int<span class=\"_ _2\"></span>erbancario<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd8d\">collateralizzato, <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>conseguente <span class=\"_ _38\"></span>trasfer<span class=\"_ _1\"></span>imento <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>Cassa <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Compensa<span class=\"_ _1\"></span>zione <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>Garanzia <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>alla<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd8e\">Monte <span class=\"_ _38\"></span>Tito<span class=\"_ _1\"></span>li <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>funzioni <span class=\"_ _38\"></span>finora <span class=\"_ _0\"></span>svolte <span class=\"_ _38\"></span>dalla <span class=\"_ _38\"></span>B<span class=\"_ _1\"></span>anca <span class=\"_ _38\"></span>d\u2019Italia, <span class=\"_ _38\"></span>nella <span class=\"_ _38\"></span>voce <span class=\"_ _0\"></span>3.1 <span class=\"_ _38\"></span>\u201cPronti <span class=\"_ _38\"></span>contro <span class=\"_ _0\"></span>termine<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd8f\">passivi\u201d sono presenti i finanziamenti, per 1.853,7 m<span class=\"_ _1\"></span>ilioni di euro, ricevuti dal suddetto mercato.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd90\">Secondo <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>dati <span class=\"_ _38\"></span>ABI, <span class=\"_ _1\"></span>in <span class=\"_ _0\"></span>Italia, <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>dinamica <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>raccolta<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>diretta <span class=\"_ _38\"></span>da <span class=\"_ _38\"></span>clientela <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>tot<span class=\"_ _1\"></span>ale <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>banche<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd91\">operanti in Italia \u00e8<span class=\"_ _1\"></span> stata in aumento del 2,4% <span class=\"_ _1\"></span>su base annua, con <span class=\"_ _1\"></span>una variazione pi\u00f9 contenuta <span class=\"_ _1\"></span>dei<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsd92\">depositi (+1,7%) e un\u2019espansione delle obbligazioni.<span class=\"_ _3a1\"> </span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-813": {
   "value": "<div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsdbb\">1.4 Dettaglio de<span class=\"_ _1\"></span>i debiti/titoli subordinat<span class=\"_ _1\"></span>i  </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsdbc\">Gruppo Bancar<span class=\"_ _1\"></span>io </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdbd\">Principali caratteristiche contrattuali delle passivit\u00e0 s<span class=\"_ _1\"></span>u</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdbe\">bordinate: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsdbf\"><span class=\"_ _3e\"> </span><span class=\"ff4\">\u201cCREDITO E<span class=\"_ _2\"></span>MILIANO 20/30 <span class=\"_ _2\"></span>SUBORDINATO <span class=\"_ _3b\"></span>3<span class=\"_ _1\"></span>,5% SU<span class=\"_ _2\"></span>B\u201d (IS<span class=\"_ _2\"></span>IN IT0005421539) <span class=\"_ _2\"></span>per 2<span class=\"_ _3b\"></span>0<span class=\"_ _1\"></span>0.000.000,00 </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdc0\">\u20ac costituito da n. 2.000.000,00 obbligazioni del valore nominale di 100<span class=\"_ _1\"></span> \u20ac cadauna. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdc1\">Le <span class=\"_ _36\"> </span>obbligazioni <span class=\"_ _36\"> </span>corrisponderanno <span class=\"_ _39\"> </span>cedole <span class=\"_ _36\"> </span>fisse <span class=\"_ _36\"> </span>annuali <span class=\"_ _36\"> </span>pari <span class=\"_ _36\"> </span>al <span class=\"_ _36\"> </span>3,5% <span class=\"_ _39\"> </span>annuo <span class=\"_ _36\"> </span>lordo <span class=\"_ _36\"> </span>fino <span class=\"_ _36\"> </span>al </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdc2\">16/12/2025 poi tasso IRS  5Y + 3,897% annuo lordo. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdc3\">Il <span class=\"_ _39\"> </span>prestito <span class=\"_ _39\"> </span>scade <span class=\"_ _39\"> </span>il <span class=\"_ _39\"> </span>16/12/2030 <span class=\"_ _36\"> </span>s<span class=\"_ _1\"></span>e <span class=\"_ _39\"> </span>non <span class=\"_ _39\"> </span>verr\u00e0 <span class=\"_ _36\"> </span>eser<span class=\"_ _1\"></span>citata <span class=\"_ _39\"> </span>l\u2019opzione <span class=\"_ _39\"> </span>call <span class=\"_ _36\"> </span>al <span class=\"_ _39\"> </span>1<span class=\"_ _1\"></span>6/12/2025 <span class=\"_ _39\"> </span>che </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdc4\">significher\u00e0 il rimborso anticipato. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdc5\">Al <span class=\"_ _0\"></span>31/12/20<span class=\"_ _1\"></span>24 <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>antit\u00e0 <span class=\"_ _0\"></span>residua <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>isulta <span class=\"_ _0\"></span>pari <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>200.000.000,00 <span class=\"_ _0\"></span>\u20ac <span class=\"_ _0\"></span>costituita <span class=\"_ _35\"> </span>da <span class=\"_ _0\"></span>n. <span class=\"_ _0\"></span>2.000.000 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdc6\">obbligazioni del valore nominale di 100 \u20ac cadauna. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdc7\">L\u2019obbligazione \u00e8 stata interamente sottos<span class=\"_ _1\"></span>critta da Credemholding. </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsdc8\"><span class=\"_ _3e\"> </span><span class=\"ff4\">\u201cCREDITO EMILIANO 22/32 S<span class=\"_ _2\"></span>UBORDINATO 7,625 SUB\u201d (ISIN IT0005497117) per 200.000.000,00 </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdc9\">\u20ac costituito da n. 2.000.000,00 obbligazioni del valore nominale di 100<span class=\"_ _1\"></span> \u20ac cadauna. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdca\">Le  o<span class=\"_ _1\"></span>bbligazioni  corrisponderanno <span class=\"_ _3d\"> </span>cedole  fisse <span class=\"_ _3d\"> </span>annuali  pari <span class=\"_ _3d\"> </span>al  7<span class=\"_ _1\"></span>,625%  annuo <span class=\"_ _3d\"> </span>lordo  fino <span class=\"_ _3d\"> </span>al </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdcb\">05/10/2027 poi tasso MS  5Y + 5,514% annuo lordo. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdcc\">Il <span class=\"_ _37\"> </span>pre<span class=\"_ _1\"></span>stito <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>cade <span class=\"_ _37\"> </span>il <span class=\"_ _36\"> </span>05/10/2032 <span class=\"_ _36\"> </span>se <span class=\"_ _36\"> </span>non <span class=\"_ _37\"> </span>verr\u00e0 <span class=\"_ _36\"> </span>esercitata <span class=\"_ _36\"> </span>l\u2019opzione <span class=\"_ _36\"> </span>call <span class=\"_ _37\"> </span>al <span class=\"_ _36\"> </span>05/07/2027 <span class=\"_ _36\"> </span>che </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdcd\">significher\u00e0 il rimborso anticipato. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdce\">Al <span class=\"_ _0\"></span>31/12/20<span class=\"_ _1\"></span>24 <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>antit\u00e0 <span class=\"_ _0\"></span>residua <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>isulta <span class=\"_ _0\"></span>pari <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>200.000.000,00 <span class=\"_ _0\"></span>\u20ac <span class=\"_ _0\"></span>costituita <span class=\"_ _35\"> </span>da <span class=\"_ _0\"></span>n. <span class=\"_ _0\"></span>2.000.000 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdcf\">obbligazioni del valore nominale di 100 \u20ac cadauna </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdd0\">L\u2019obbligazione \u00e8 stata interamente sottos<span class=\"_ _1\"></span>critta da Credemholding. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdd1\">In <span class=\"_ _1\"></span>caso<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>iquidazione <span class=\"_ _38\"></span>tutte <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>obbligazioni <span class=\"_ _38\"></span>subordinate <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>aranno <span class=\"_ _38\"></span>rimborsate <span class=\"_ _38\"></span>solo <span class=\"_ _38\"></span>dopo <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>siano </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdd2\">stati soddisfatti tutti gli altri creditori non ugualmente subordinati. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdd3\">Le obbligazioni non sono coperte dalla garanzia del <span class=\"_ _1\"></span>Fondo Interbancario di Tutela dei Depositi. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsdd4\">Imprese di ass<span class=\"_ _1\"></span>icurazione<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdd5\">O<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdd6\">b</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdd7\">b<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdd8\">l</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdd9\">i<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdda\">g</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsddb\">a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsddc\">zione <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>convertibile, <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>fisso, <span class=\"_ _0\"></span>emissione <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>98,330% <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>data <span class=\"_ _0\"></span>18 <span class=\"_ _0\"></span>novembre <span class=\"_ _0\"></span>2020 <span class=\"_ _38\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsddd\">denominato <span class=\"_ _35\"> </span>\u201cCredemvita  s.p.a.\u201d, <span class=\"_ _35\"> </span>codice  I<span class=\"_ _2\"></span>SIN <span class=\"_ _35\"> </span>XS2253071216  in <span class=\"_ _35\"> </span>valu<span class=\"_ _2\"></span>ta  euro. <span class=\"_ _35\"> </span>Il <span class=\"_ _35\"> </span>titolo  p<span class=\"_ _2\"></span>resenta  l<span class=\"_ _3b\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdde\">seguenti caratteristiche: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsddf\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Valore nominale: 107.500.000 di euro; </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsde0\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Scadenza: 18/02/2031; </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsde1\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Cedola: Tasso<span class=\"_ _1\"></span> fisso <span class=\"_ _1\"></span>annuale, fissato<span class=\"_ _1\"></span> al mo<span class=\"_ _1\"></span>mento dell\u2019emissione <span class=\"_ _1\"></span>pari al <span class=\"_ _1\"></span>3,5% per<span class=\"_ _1\"></span> i <span class=\"_ _1\"></span>primi 5 <span class=\"_ _1\"></span>anni. </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsde2\">Il  tasso  di  interesse  viene <span class=\"_ _35\"> </span>rivisto  al  termine  del  quinto  anno, <span class=\"_ _35\"> </span>se<span class=\"_ _1\"></span>nza  applicazi<span class=\"_ _2\"></span>one  di  alcun </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsde3\">meccanismo di step-up; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsde4\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Rating: BBB- by Fitch. </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsde5\">Il rimborso del P<span class=\"_ _1\"></span>restito potr\u00e0 avvenire <span class=\"_ _1\"></span>- oltre che <span class=\"_ _1\"></span>alla scadenza naturale - alla scadenza del quint<span class=\"_ _1\"></span>o </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsde6\">anno, ovvero <span class=\"_ _1\"></span>al verificars<span class=\"_ _1\"></span>i di un \"Regulatory <span class=\"_ _1\"></span>Event\" (ossia <span class=\"_ _1\"></span>nell'ipotesi in cui <span class=\"_ _1\"></span>i titoli <span class=\"_ _1\"></span>non avessero <span class=\"_ _1\"></span>pi\u00f9 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsde7\">le <span class=\"_ _38\"></span>caratteristiche <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ammissibilit\u00e0 <span class=\"_ _38\"></span>- <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>computabilit\u00e0 <span class=\"_ _1\"></span>\u2013<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>ad <span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>sere <span class=\"_ _38\"></span>inclusi <span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>lementi <span class=\"_ _1\"></span>dei </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsde8\">fondi propri di<span class=\"_ _2\"></span> base di<span class=\"_ _2\"></span> livello 2<span class=\"_ _3b\"></span> della Compagnia, ov<span class=\"_ _2\"></span>vero, conformemente alla <span class=\"_ _2\"></span>prassi di<span class=\"_ _2\"></span> mercato, n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>l </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsde9\">caso <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>cui<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>Compagnia <span class=\"_ _0\"></span>non <span class=\"_ _0\"></span>fos<span class=\"_ _1\"></span>se <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _0\"></span>ass<span class=\"_ _1\"></span>oggettata <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>sup<span class=\"_ _2\"></span>ervisione <span class=\"_ _35\"> </span>dell'IVAS<span class=\"_ _2\"></span>S) <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>\"Tax<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdea\">Event\" <span class=\"_ _0\"></span>(ossia <span class=\"_ _0\"></span>qualora, <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>causa <span class=\"_ _0\"></span>dell'introduzione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>nuove <span class=\"_ _0\"></span>norme <span class=\"_ _0\"></span>fiscali, <span class=\"_ _0\"></span>ovvero <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>modifica <span class=\"_ _0\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdeb\">quelle <span class=\"_ _38\"></span>esistent<span class=\"_ _1\"></span>i, <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>Compagnia <span class=\"_ _38\"></span>fo<span class=\"_ _1\"></span>sse <span class=\"_ _38\"></span>assoggettat<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>pagamento <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>ul<span class=\"_ _2\"></span>terior<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>imposte <span class=\"_ _38\"></span>sul <span class=\"_ _0\"></span>Prestito </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsdec\">ovvero non fosse pi\u00f9 in condizioni di dedurre gli intere<span class=\"_ _1\"></span>ssi pagati sul Prestito). </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-756": {
   "value": "Sezione 2 \u2013 Passivit\u00e0 finanziarie di negoziazione \u2013 Voce 20 2.1 Passivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie di negoziaz<span class=\"_ _1\"></span>ione: composizione me<span class=\"_ _1\"></span>rceologica <table class=\"s w684 h23e\" id=\"_d259a1e0-4d45-4832-ab9d-6542f41c5faa\"><tr><td></td><td></td><td></td><td></td><td class=\"c n xfd5 y5b34 w6c5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n xfd6 y5b34 wa5d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c n xfd7 y5b35 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n xfd8 y5b35 w65e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td class=\"t m2 xfd9 h12 y5b36 ff4 fs7 fc4 sc3 ls0 ws0\">Tipologia operazioni/Valori </td><td class=\"t m2 xfda h12 y5b37 ff4 fs7 fc4 sc3 ls0 ws0\">VN </td><td></td><td></td><td class=\"t m2 x6a5 h12 y5b38 ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value </td><td></td><td class=\"t m2 x6af h12 y5b39 ff4 fs7 fc4 sc3 ls0 ws0\">Fair </td><td class=\"t m2 x699 h12 y5b37 ff4 fs7 fc4 sc3 ls0 ws0\">VN </td><td></td><td></td><td class=\"t m2 x749 h12 y5b38 ff4 fs7 fc4 sc3 ls0 ws0\">Fair Value </td><td></td><td class=\"t m2 x75a h12 y5b39 ff4 fs7 fc4 sc3 ls0 ws0\">Fair </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x6cf h12 y5b3a ff4 fs7 fc4 sc3 ls0 ws0\">Value * </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x6f6 h12 y5b3a ff4 fs7 fc4 sc3 ls0 ws0\">Value * </td></tr><tr><td></td><td></td><td></td><td class=\"c n xfdb y5b3b w65f h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfdc y5b3b w660 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfdd y5b3b w6c7 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td class=\"c n xfde y5b3b w65f h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfdf y5b3b w688 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfe0 y5b3b waa8 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">L3<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x677 h12 y5b3c ff4 fs7 fc1 sc2 ls0 ws0\">A. Passivit\u00e0 per cassa </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 class=\"c n x70c y5b3d waa9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Debiti verso banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe1 y5b3d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xfe2 h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5b3e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5b3f waaa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Debiti verso clientela<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe3 y5b3f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xfe2 h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5b40 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y5b41 waab h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe4 y5b41 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xfe2 h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b42 ff4 fs7 fc1 sc0 ls0 ws0\">- </td></tr><tr><td class=\"c n xdcf y5b43 waac h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Obbligazioni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe5 y5b43 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xfe2 h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b44 ff4 fs7 fc1 sc0 ls0 ws0\">- </td></tr><tr><td class=\"c n xfe6 y5b45 waad h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1.1 Strutturate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe7 y5b45 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b45 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe9 y5b45 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a5 h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b46 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"t m2 xfea h12 y5b47 ff4 fs7 fc1 sc0 ls0 ws0\">3.1.2 Altre </td><td></td><td class=\"t m2 x99d h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71a h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b49 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe9 y5b49 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a5 h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b48 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"t m2 xfea h12 y5b4a ff4 fs7 fc1 sc0 ls0 ws0\">obbligazioni  </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 class=\"c n xdcf y5b4b waae h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Altri titoli<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfeb y5b4b w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xfe2 h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b4c ff4 fs7 fc1 sc0 ls0 ws0\">- </td></tr><tr><td class=\"c n xfe6 y5b4d waaf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2.1 Strutturati<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfec y5b4d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b4d w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe9 y5b4d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a5 h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b4e ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c n xfe6 y5b4f wab0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2.2 Altri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfed y5b4f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x71a h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b4f w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfe9 y5b4f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a5 h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b50 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"t m2 x90e h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x99d h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71a h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90a h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xfe2 h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5b51 ff4 fs7 fc1 sc2 ls0 ws0\">-</td></tr><tr><td class=\"t m2 x677 h12 y5b52 ff4 fs7 fc1 sc2 ls0 ws0\"> B. Strumenti derivati </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 class=\"c n x70c y5b53 wab1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Derivati finanziari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfee y5b53 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xfef y5b53 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x7ae h12 y5b54 ff4 fs7 fc1 sc0 ls0 ws0\">14.463<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b54 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b54 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xff0 y5b53 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff1 y5b53 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 xff2 h12 y5b54 ff4 fs7 fc1 sc0 ls0 ws0\">27.211<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b54 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b54 ff4 fs7 fc1 sc0 ls0 ws0\">- </td></tr><tr><td class=\"c n xdcf y5b55 wab2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Di negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff3 y5b55 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff4 y5b55 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x7ae h12 y5b56 ff4 fs7 fc1 sc0 ls0 ws0\">14.463<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b56 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b55 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5b55 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5b55 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 xff2 h12 y5b56 ff4 fs7 fc1 sc0 ls0 ws0\">27.211<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b56 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b56 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c xdcf y5b57 wab3 h1e7\"><div class=\"t m2 x2b3 h12 y543a ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Connessi con la fai<span class=\"_ _2\"></span>r<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">value option<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff7 y5b58 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff8 y5b58 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90a h12 y5b59 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b59 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b58 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5b58 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5b58 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y5b59 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b59 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b59 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c n xdcf y5b5a wab4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff9 y5b5a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xffa y5b5a w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90a h12 y5b5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b5a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5b5a w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5b5a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y5b5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b5b ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c n x70c y5b5c wab5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Derivati creditiz<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xffb y5b5c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xffc y5b5c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90a h12 y5b5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y5b5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xff0 y5b5c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff1 y5b5c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y5b5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b5d ff4 fs7 fc1 sc0 ls0 ws0\">- </td></tr><tr><td class=\"c n xdcf y5b5e wab6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Di negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xffd y5b5e wab7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xffe y5b5e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90a h12 y5b5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b5e w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5b5e w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5b5e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y5b5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b5f ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c xdcf y5a36 wab8 h225\"><div class=\"t m2 x2b3 h12 y5929 ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Connessi con la f<span class=\"_ _2\"></span>air<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">value option<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff7 y5b60 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff8 y5b60 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90a h12 y5b61 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b61 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5b60 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5b60 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5b60 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y5b61 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b61 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b61 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"c n xdcf y5515 wab9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xfff y5515 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1000 y5515 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90a h12 y5b62 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b62 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5515 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5515 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5515 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y5b62 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b62 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b62 ff4 fs7 fc1 sc0 ls0 ws0\">X </td></tr><tr><td class=\"t m2 x1001 h12 y5b63 ff4 fs7 fc1 sc2 ls0 ws0\">Totale B<span class=\"_ _3a1\"> </span></td><td class=\"c n xff7 y5600 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff8 y5600 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-</div></td><td class=\"t m2 x7ae h12 y5b63 ff4 fs7 fc1 sc2 ls0 ws0\">14.463<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b63 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y5600 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y5600 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y5600 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-</div></td><td class=\"t m2 x1002 h12 y5b63 ff4 fs7 fc1 sc2 ls0 ws0\">27.211<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b63 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b63 ff4 fs7 fc1 sc2 ls0 ws0\">X </td></tr><tr><td class=\"t m2 x1003 h12 y5b64 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B)<span class=\"_ _3a1\"> </span></td><td class=\"c n xff7 y54f9 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff8 y54f9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-</div></td><td class=\"t m2 x7ae h12 y5b64 ff4 fs7 fc1 sc2 ls0 ws0\">14.463<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70e h12 y5b64 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n xfe8 y54f9 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xff5 y54f9 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xff6 y54f9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-</div></td><td class=\"t m2 x1002 h12 y5b64 ff4 fs7 fc1 sc2 ls0 ws0\">27.211<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a3 h12 y5b64 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5b64 ff4 fs7 fc1 sc2 ls0 ws0\">X </td></tr></table>Legenda: VN = valore nominale <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> nozionale  L1 = Livello 1  L2 = Livello 2  L3 = Livello 3  Fair value*=Fair value calcolato esclude<span class=\"_ _2\"></span>ndo le variazioni di valore dovute al cambiamento del merito creditizio dell'emittente rispe<span class=\"_ _2\"></span>tto alla data di emiss<span class=\"_ _2\"></span>ione. 2.2 De<span class=\"_ _3a1\"> </span>ttaglio delle \u201cP<span class=\"_ _1\"></span>assivit\u00e0 finanziarie<span class=\"_ _1\"></span> di negoziazione\u201d: pass<span class=\"_ _1\"></span>ivit\u00e0 subordinate  2.3 Dett<span class=\"_ _1\"></span>aglio delle \u201cPassivit\u00e0 finanziarie<span class=\"_ _1\"></span> di negoziazione\u201d: debiti str<span class=\"_ _1\"></span>utturati Non <span class=\"_ _3d\"> </span>esistono, <span class=\"_ _37\"> </span>alla <span class=\"_ _3d\"> </span>data <span class=\"_ _37\"> </span>del <span class=\"_ _3d\"> </span>bilancio, <span class=\"_ _3d\"> </span>n\u00e9 <span class=\"_ _37\"> </span>al <span class=\"_ _3d\"> </span>31 <span class=\"_ _37\"> </span>dicembre <span class=\"_ _3d\"> </span>20<span class=\"_ _1\"></span>23, <span class=\"_ _3d\"> </span>passivit\u00e0 <span class=\"_ _3d\"> </span>subordinate <span class=\"_ _37\"> </span>e <span class=\"_ _3d\"> </span>debiti strutturati.<span class=\"_ _3a1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-882": {
   "value": "2.3 Dett<span class=\"_ _1\"></span>aglio delle \u201cPassivit\u00e0 finanziarie<span class=\"_ _1\"></span> di negoziazione\u201d: debiti str<span class=\"_ _1\"></span>utturati Non <span class=\"_ _3d\"> </span>esistono, <span class=\"_ _37\"> </span>alla <span class=\"_ _3d\"> </span>data <span class=\"_ _37\"> </span>del <span class=\"_ _3d\"> </span>bilancio, <span class=\"_ _3d\"> </span>n\u00e9 <span class=\"_ _37\"> </span>al <span class=\"_ _3d\"> </span>31 <span class=\"_ _37\"> </span>dicembre <span class=\"_ _3d\"> </span>20<span class=\"_ _1\"></span>23, <span class=\"_ _3d\"> </span>passivit\u00e0 <span class=\"_ _3d\"> </span>subordinate <span class=\"_ _37\"> </span>e <span class=\"_ _3d\"> </span>debiti strutturati",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-856": {
   "value": "Sezione <span class=\"_ _1\"></span>8 \u2013 Alt<span class=\"_ _1\"></span>re p<span class=\"_ _3a1\"> </span>assivi<span class=\"_ _1\"></span>t\u00e0 \u2013 Voce 80 8.1 Altre <span class=\"_ _1\"></span>passivit\u00e0: composizione<span class=\"_ _3a1\"> </span><table class=\"s waf1 h243\" id=\"_03682ebc-5195-4e4f-805a-0fc1198e1a1a\"><tr><td></td><td></td><td class=\"t m2 xe21 h12 y5bb0 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10bc h12 y5bb0 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td class=\"t m2 x7c8 h12 y5bb1 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x811 h12 y5bb1 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5bb2 waf2 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Debiti verso l'erario<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10bd y5bb2 waf3 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">298.677<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10be y5bb2 waf4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">255.601<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bb3 waf5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Scarto valuta su operaz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>oni di portafogli<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10bf y5bb3 waf6 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">411.167<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10c0 y5bb3 waf7 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">414.985<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bb4 waf8 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Somme a disposizione de<span class=\"_ _3b\"></span>ll<span class=\"_ _1\"></span>a clientela<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10c1 y5bb4 waf9 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">15.898<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10c2 y5bb4 wafa h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">21.855<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bb5 wafb h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Risconti passivi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10c3 y5bb5 wafc h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.543<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10c4 y5bb5 wafd h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13.326<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bb6 wafe h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Retribuzioni da c<span class=\"_ _2\"></span>orrispondere e relativi contr<span class=\"_ _2\"></span>ibuti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10c5 y5bb6 w703 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">23.610<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeb0 y5bb6 w9e0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">22.914<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bb7 waff h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Ratei passivi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10c6 y5bb7 wb00 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.713<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10c7 y5bb7 wb01 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.815<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bb8 wb02 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Partite in lavorazione <span class=\"_ _2\"></span>su estero<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10c8 y5bb8 wb03 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9.935<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10c9 y5bb8 wb04 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.285<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bb9 wb05 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Fornitori<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10ca y5bb9 wb06 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">211.708<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10cb y5bb9 wb07 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">199.261<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bba wa5a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Partite viaggianti con<span class=\"_ _2\"></span> le filiali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10cc y5bba wb08 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.262<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10cd y5bba wb09 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.986<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bbb wb0a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Somme da accred<span class=\"_ _2\"></span>itare a enti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10ce y5bbb wb0b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.900<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10cf y5bbb wb0c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.847<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bbc wb0d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Partite in lavorazione <span class=\"_ _2\"></span>titoli<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10d0 y5bbc wb0e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9.02<span class=\"_ _2\"></span>9<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10d1 y5bbc wb0f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">25.959<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bbd wb10 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Altre partite<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10d2 y5bbd wb11 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12<span class=\"_ _2\"></span>6.058<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10d3 y5bbd wb12 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">149.571<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5600 wb13 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Somme da accred<span class=\"_ _2\"></span>itare a banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10d4 y5600 wb14 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">325.624<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10d5 y5600 wb15 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">505.114<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 xb9c h12 y5bbe ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x591 h12 y5bbe ff4 fs7 fc1 sc2 ls0 ws0\">1.459.124<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a3 h12 y5bbe ff4 fs7 fc1 sc2 ls0 ws0\">1.635.519<span class=\"_ _3a1\"> </span></td></tr></table>La <span class=\"_ _38\"></span>voce<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>\u201c<span class=\"_ _1\"></span>Scarto <span class=\"_ _38\"></span>valuta <span class=\"_ _0\"></span>su <span class=\"_ _38\"></span>operazioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>portafoglio\u201d <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>da <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>icondurre <span class=\"_ _38\"></span>agli <span class=\"_ _0\"></span>sbil<span class=\"_ _2\"></span>anci <span class=\"_ _38\"></span>degli <span class=\"_ _0\"></span>effetti <span class=\"_ _0\"></span>del portafoglio proprio e di terzi. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-814": {
   "value": "Sezione <span class=\"_ _1\"></span>8 \u2013 Alt<span class=\"_ _1\"></span>re p<span class=\"_ _3a1\"> </span>assivi<span class=\"_ _1\"></span>t\u00e0 \u2013 Voce 80 8.1 Altre <span class=\"_ _1\"></span>passivit\u00e0: composizione<span class=\"_ _3a1\"> </span><table class=\"s waf1 h243\" id=\"_03682ebc-5195-4e4f-805a-0fc1198e1a1a\"><tr><td></td><td></td><td class=\"t m2 xe21 h12 y5bb0 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10bc h12 y5bb0 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td class=\"t m2 x7c8 h12 y5bb1 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x811 h12 y5bb1 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5bb2 waf2 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Debiti verso l'erario<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10bd y5bb2 waf3 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">298.677<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10be y5bb2 waf4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">255.601<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bb3 waf5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Scarto valuta su operaz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>oni di portafogli<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10bf y5bb3 waf6 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">411.167<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10c0 y5bb3 waf7 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">414.985<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bb4 waf8 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Somme a disposizione de<span class=\"_ _3b\"></span>ll<span class=\"_ _1\"></span>a clientela<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10c1 y5bb4 waf9 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">15.898<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10c2 y5bb4 wafa h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">21.855<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bb5 wafb h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Risconti passivi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10c3 y5bb5 wafc h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.543<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10c4 y5bb5 wafd h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13.326<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bb6 wafe h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Retribuzioni da c<span class=\"_ _2\"></span>orrispondere e relativi contr<span class=\"_ _2\"></span>ibuti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10c5 y5bb6 w703 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">23.610<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeb0 y5bb6 w9e0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">22.914<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bb7 waff h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Ratei passivi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10c6 y5bb7 wb00 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.713<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10c7 y5bb7 wb01 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.815<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bb8 wb02 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Partite in lavorazione <span class=\"_ _2\"></span>su estero<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10c8 y5bb8 wb03 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9.935<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10c9 y5bb8 wb04 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.285<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bb9 wb05 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Fornitori<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10ca y5bb9 wb06 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">211.708<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10cb y5bb9 wb07 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">199.261<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bba wa5a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Partite viaggianti con<span class=\"_ _2\"></span> le filiali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10cc y5bba wb08 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.262<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10cd y5bba wb09 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.986<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bbb wb0a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Somme da accred<span class=\"_ _2\"></span>itare a enti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10ce y5bbb wb0b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.900<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10cf y5bbb wb0c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.847<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bbc wb0d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Partite in lavorazione <span class=\"_ _2\"></span>titoli<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10d0 y5bbc wb0e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9.02<span class=\"_ _2\"></span>9<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10d1 y5bbc wb0f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">25.959<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bbd wb10 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Altre partite<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10d2 y5bbd wb11 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12<span class=\"_ _2\"></span>6.058<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10d3 y5bbd wb12 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">149.571<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5600 wb13 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Somme da accred<span class=\"_ _2\"></span>itare a banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10d4 y5600 wb14 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">325.624<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10d5 y5600 wb15 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">505.114<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 xb9c h12 y5bbe ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x591 h12 y5bbe ff4 fs7 fc1 sc2 ls0 ws0\">1.459.124<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a3 h12 y5bbe ff4 fs7 fc1 sc2 ls0 ws0\">1.635.519<span class=\"_ _3a1\"> </span></td></tr></table>La <span class=\"_ _38\"></span>voce<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>\u201c<span class=\"_ _1\"></span>Scarto <span class=\"_ _38\"></span>valuta <span class=\"_ _0\"></span>su <span class=\"_ _38\"></span>operazioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>portafoglio\u201d <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>da <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>icondurre <span class=\"_ _38\"></span>agli <span class=\"_ _0\"></span>sbil<span class=\"_ _2\"></span>anci <span class=\"_ _38\"></span>degli <span class=\"_ _0\"></span>effetti <span class=\"_ _0\"></span>del portafoglio proprio e di terzi.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-840": {
   "value": "Sezione <span class=\"_ _1\"></span>8 \u2013 Alt<span class=\"_ _1\"></span>re p<span class=\"_ _3a1\"> </span>assivi<span class=\"_ _1\"></span>t\u00e0 \u2013 Voce 80 8.1 Altre <span class=\"_ _1\"></span>passivit\u00e0: composizione<span class=\"_ _3a1\"> </span><table class=\"s waf1 h243\" id=\"_03682ebc-5195-4e4f-805a-0fc1198e1a1a\"><tr><td></td><td></td><td class=\"t m2 xe21 h12 y5bb0 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10bc h12 y5bb0 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td class=\"t m2 x7c8 h12 y5bb1 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x811 h12 y5bb1 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5bb2 waf2 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Debiti verso l'erario<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10bd y5bb2 waf3 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">298.677<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10be y5bb2 waf4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">255.601<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bb3 waf5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Scarto valuta su operaz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>oni di portafogli<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10bf y5bb3 waf6 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">411.167<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10c0 y5bb3 waf7 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">414.985<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bb4 waf8 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Somme a disposizione de<span class=\"_ _3b\"></span>ll<span class=\"_ _1\"></span>a clientela<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10c1 y5bb4 waf9 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">15.898<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10c2 y5bb4 wafa h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">21.855<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bb5 wafb h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Risconti passivi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10c3 y5bb5 wafc h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.543<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10c4 y5bb5 wafd h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13.326<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bb6 wafe h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Retribuzioni da c<span class=\"_ _2\"></span>orrispondere e relativi contr<span class=\"_ _2\"></span>ibuti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10c5 y5bb6 w703 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">23.610<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xeb0 y5bb6 w9e0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">22.914<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bb7 waff h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Ratei passivi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10c6 y5bb7 wb00 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.713<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10c7 y5bb7 wb01 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.815<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bb8 wb02 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Partite in lavorazione <span class=\"_ _2\"></span>su estero<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10c8 y5bb8 wb03 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9.935<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10c9 y5bb8 wb04 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.285<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bb9 wb05 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Fornitori<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10ca y5bb9 wb06 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">211.708<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10cb y5bb9 wb07 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">199.261<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bba wa5a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Partite viaggianti con<span class=\"_ _2\"></span> le filiali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10cc y5bba wb08 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.262<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10cd y5bba wb09 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.986<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bbb wb0a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Somme da accred<span class=\"_ _2\"></span>itare a enti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10ce y5bbb wb0b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.900<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10cf y5bbb wb0c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.847<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bbc wb0d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Partite in lavorazione <span class=\"_ _2\"></span>titoli<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10d0 y5bbc wb0e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9.02<span class=\"_ _2\"></span>9<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10d1 y5bbc wb0f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">25.959<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bbd wb10 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Altre partite<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10d2 y5bbd wb11 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12<span class=\"_ _2\"></span>6.058<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10d3 y5bbd wb12 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">149.571<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5600 wb13 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Somme da accred<span class=\"_ _2\"></span>itare a banche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10d4 y5600 wb14 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">325.624<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10d5 y5600 wb15 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">505.114<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 xb9c h12 y5bbe ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x591 h12 y5bbe ff4 fs7 fc1 sc2 ls0 ws0\">1.459.124<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a3 h12 y5bbe ff4 fs7 fc1 sc2 ls0 ws0\">1.635.519<span class=\"_ _3a1\"> </span></td></tr></table>La <span class=\"_ _38\"></span>voce<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>\u201c<span class=\"_ _1\"></span>Scarto <span class=\"_ _38\"></span>valuta <span class=\"_ _0\"></span>su <span class=\"_ _38\"></span>operazioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>portafoglio\u201d <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>da <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>icondurre <span class=\"_ _38\"></span>agli <span class=\"_ _0\"></span>sbil<span class=\"_ _2\"></span>anci <span class=\"_ _38\"></span>degli <span class=\"_ _0\"></span>effetti <span class=\"_ _0\"></span>del portafoglio proprio e di terzi.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-815": {
   "value": "<div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gse40\">Sezione 9 <span class=\"ffc\"></span> Trattamento di fine rapporto del personale <span class=\"ffc\"></span> Voce 90 </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gse41\">9.1 Trattame<span class=\"_ _1\"></span>nto di fine rapporto del <span class=\"_ _1\"></span>personale: variazioni ann<span class=\"_ _1\"></span>ue </div><div class=\"gse42\"><table class=\"s wb16 h244\" id=\"_85f2caca-300c-425d-86ba-af286a68c7c8\"><tr><td></td><td></td><td></td><td class=\"t m2 xa03 h12 y5bbf ff4 fs7 fc4 sc3 ls0 ws0\">Totale <span class=\"_ _1be\"> </span>Totale </td><td></td></tr><tr><td></td><td></td><td class=\"c n xac6 y5bc0 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xac7 y5bc0 w685 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x2d7 y564b w96e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A. Esistenze iniziali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10d6 y564b wb17 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">52.952<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x6fa h12 y5bc1 ff4 fs7 fc1 sc2 ls0 ws0\">56.086<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5bc2 w972 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">B. Aumenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10d7 y5bc2 wb18 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">2.110<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x6e5 h12 y5bc3 ff4 fs7 fc1 sc2 ls0 ws0\">3.226<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5bc4 wb19 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Accantonamenti de<span class=\"_ _3b\"></span>l<span class=\"_ _1\"></span>l'esercizio<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10d8 y5bc4 wb1a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.903<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x780 h12 y5bc5 ff4 fs7 fc1 sc0 ls0 ws0\">2.274<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5bc6 wb1b h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10d9 y5bc6 wb1c h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">207<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x6e8 h12 y5bc7 ff4 fs7 fc1 sc0 ls0 ws0\">952<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y5ba3 w94b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione a<span class=\"_ _2\"></span>ziendale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10da y5ba3 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5bc8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ba5 w980 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">C. Diminuzioni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10db y5ba5 wb1d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">28.918<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x6e5 h12 y5bc9 ff4 fs7 fc1 sc2 ls0 ws0\">6.360<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5ba7 wb1e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Liquidazioni ef<span class=\"_ _2\"></span>fettuate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10dc y5ba7 wb1f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.965<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x738 h12 y5bca ff4 fs7 fc1 sc0 ls0 ws0\">6.134<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5bcb wb20 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10dd y5bcb wb21 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">25.953<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x6e8 h12 y5bcc ff4 fs7 fc1 sc0 ls0 ws0\">226<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y5bcd w94b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione a<span class=\"_ _2\"></span>ziendale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10da y5bcd w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5bce ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5633 wb22 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D. Rimanenze finali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10de y5633 wb23 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">26.144<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x676 h12 y5bcf ff4 fs7 fc1 sc2 ls0 ws0\">52.952<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x10df h12 y5bd0 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10e0 h12 y5bd0 ff4 fs7 fc1 sc2 ls0 ws0\">26.144<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x676 h12 y5bd0 ff4 fs7 fc1 sc2 ls0 ws0\">52.952<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse43\">Nel <span class=\"_ _1\"></span>corso <span class=\"_ _1\"></span>dell\u2019esercizio <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>state <span class=\"_ _1\"></span>trasferite <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>quote <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>TFR <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>Fondo <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>ensione <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>25,7 <span class=\"_ _1\"></span>milioni <span class=\"_ _1\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse44\">euro. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse45\">Come <span class=\"_ _3a\"> </span>previsto <span class=\"_ _3f\"> </span>dalle <span class=\"_ _3a\"> </span>disposizioni <span class=\"_ _3a\"> </span>in <span class=\"_ _3f\"> </span>mat<span class=\"_ _1\"></span>eria <span class=\"_ _3a\"> </span>introdotte <span class=\"_ _3a\"> </span>dall\u2019Ordine <span class=\"_ _3f\"> </span>Nazionale <span class=\"_ _3a\"> </span>degli <span class=\"_ _3f\"> </span>Att<span class=\"_ _1\"></span>uari </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse46\">congiuntamente agli<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>organi <span class=\"_ _2\"></span>competenti OIC, <span class=\"_ _3b\"></span>Assirevi ed <span class=\"_ _3b\"></span>ABI, <span class=\"_ _2\"></span>per l<span class=\"_ _3b\"></span>e Societ\u00e0 <span class=\"_ _2\"></span>con <span class=\"_ _3b\"></span>pi\u00f9 di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>50 d<span class=\"_ _2\"></span>ipendenti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse47\">al <span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>1 <span class=\"_ _38\"></span>dicembre <span class=\"_ _38\"></span>2006 <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>stata <span class=\"_ _38\"></span>delineata <span class=\"_ _1\"></span>una <span class=\"_ _38\"></span>metodologia <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>calcolo <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>pu\u00f2 <span class=\"_ _38\"></span>essere <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>chematizzata </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse48\">nelle seguenti fasi: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gse49\"><span class=\"_ _95\"> </span><span class=\"ff4\">proiezione <span class=\"_ _0\"></span>fino <span class=\"_ _35\"> </span>all\u2019epoca <span class=\"_ _0\"></span>aleatoria <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>corresponsione <span class=\"_ _35\"> </span>p<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>r <span class=\"_ _0\"></span>ciascun <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>pendente <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>TFR, <span class=\"_ _35\"> </span>gi\u00e0<span class=\"_ _3b\"></span> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse4a\">accantonato al 31 dicembre 2006 e rivalutato alla data di valutazione; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gse4b\"><span class=\"_ _95\"> </span><span class=\"ff4\">determinazione <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ciascun<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span>pendente <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>pagamenti <span class=\"_ _0\"></span>probabili<span class=\"_ _2\"></span>zzati <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>TFR <span class=\"_ _38\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>dovra<span class=\"_ _1\"></span>nno<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse4c\">essere <span class=\"_ _36\"> </span>effettuati <span class=\"_ _36\"> </span>dalla <span class=\"_ _36\"> </span>Societ<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _36\"> </span>in <span class=\"_ _36\"> </span>caso <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>uscita <span class=\"_ _36\"> </span>del <span class=\"_ _36\"> </span>dipendente <span class=\"_ _39\"> </span>causa <span class=\"_ _37\"> </span>licenziament<span class=\"_ _1\"></span>o, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse4d\">dimissioni, inabilit\u00e0, morte e pensionamento nonch\u00e9 a fronte <span class=\"_ _1\"></span>di richiesta di anticipi; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gse4e\"><span class=\"_ _95\"> </span><span class=\"ff4\">attualizzazione, alla data di valutazione, di ciascun pagamento probabilizzato. </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse4f\">Quanto esposto <span class=\"_ _1\"></span>\u00e8 applicabile al F<span class=\"_ _1\"></span>ondo TFR <span class=\"_ _1\"></span>maturato al 1/1/<span class=\"_ _1\"></span>2007 per i dipendenti <span class=\"_ _1\"></span>che hanno <span class=\"_ _1\"></span>scelto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse50\">di <span class=\"_ _1\"></span>mant<span class=\"_ _1\"></span>enere <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>TFR <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>azienda <span class=\"_ _38\"></span>(e <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>cons<span class=\"_ _1\"></span>eguenza <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>destinarlo <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>Tesorer<span class=\"_ _1\"></span>ia <span class=\"_ _38\"></span>INPS), <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _38\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse51\">scelta nel corso del 2007, per i dipendenti che hanno <span class=\"_ _1\"></span>optato per la previdenza complementare. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse52\">Ovviamente <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>Fondo <span class=\"_ _1\"></span>TFR <span class=\"_ _0\"></span>valu<span class=\"_ _2\"></span>tato <span class=\"_ _0\"></span>alla <span class=\"_ _1\"></span>suddett<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>data <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>stato <span class=\"_ _1\"></span>incrementato <span class=\"_ _0\"></span>della <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ivalutazione <span class=\"_ _38\"></span>(al </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse53\">netto dell\u2019imposta sostitutiva) e ridotto di eve<span class=\"_ _1\"></span>ntuali anticipazioni e liquidazioni erogate. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse54\">La valutazione <span class=\"_ _1\"></span>attuariale <span class=\"_ _1\"></span>del TFR, pe<span class=\"_ _1\"></span>r le<span class=\"_ _1\"></span> societ\u00e0 <span class=\"_ _1\"></span>italiane con <span class=\"_ _1\"></span>meno di 5<span class=\"_ _1\"></span>0 dipendenti <span class=\"_ _1\"></span>al 31<span class=\"_ _1\"></span> dicembre </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse55\">2006, <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>realizzata <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>base <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>meto<span class=\"_ _1\"></span>dologia <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>\u201cbenefici <span class=\"_ _38\"></span>maturati\u201d <span class=\"_ _1\"></span>mediante <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>criterio <span class=\"_ _1\"></span>\u201cProjected </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse56\">Unit Credit\u201d (PUC) come previsto ai paragrafi 64-66 dello </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gse57\">IAS 19</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse58\">. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse59\">Tale <span class=\"_ _3f\"> </span>metodologia <span class=\"_ _3f\"> </span>si <span class=\"_ _3f\"> </span>sostanzia <span class=\"_ _3f\"> </span>in <span class=\"_ _39\"> </span>valutazioni <span class=\"_ _3f\"> </span>che <span class=\"_ _3f\"> </span>esprimono <span class=\"_ _3f\"> </span>il <span class=\"_ _3f\"> </span>valore <span class=\"_ _3f\"> </span>attuale <span class=\"_ _39\"> </span>medio <span class=\"_ _3f\"> </span>delle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse5a\">obbligazioni di TFR maturate<span class=\"_ _1\"></span> in base al servizio che il lavorat<span class=\"_ _1\"></span>ore ha prestato fino <span class=\"_ _1\"></span>all\u2019epoca in cui la<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse5b\">valutazione stessa \u00e8 realizzata. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse5c\">La metodologia di calcolo pu\u00f2 essere sche<span class=\"_ _1\"></span>matizzata nelle seguenti fasi: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gse5d\"><span class=\"_ _95\"> </span><span class=\"ff4\">proiezione per <span class=\"_ _1\"></span>ciascun dipendente<span class=\"_ _1\"></span> in <span class=\"_ _1\"></span>forza alla <span class=\"_ _1\"></span>data di <span class=\"_ _1\"></span>valutazione, del <span class=\"_ _1\"></span>TFR gi\u00e0 <span class=\"_ _1\"></span>accantonato </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse5e\">e delle future qu<span class=\"_ _2\"></span>ote di TFR <span class=\"_ _2\"></span>che verranno maturate fino al<span class=\"_ _2\"></span>l\u2019epoca aleatoria di corresponsione,<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse5f\">proiettando le retribuzioni del lavoratore; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gse60\"><span class=\"_ _95\"> </span><span class=\"ff4\">determinazione <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ciascun<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span>pendente <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>pagamenti <span class=\"_ _0\"></span>probabili<span class=\"_ _2\"></span>zzati <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>TFR <span class=\"_ _38\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>dovra<span class=\"_ _1\"></span>nno<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse61\">essere <span class=\"_ _36\"> </span>effettuati <span class=\"_ _36\"> </span>dalla <span class=\"_ _36\"> </span>Societ<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _36\"> </span>in <span class=\"_ _36\"> </span>caso <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>uscita <span class=\"_ _36\"> </span>del <span class=\"_ _36\"> </span>dipendente <span class=\"_ _39\"> </span>causa <span class=\"_ _37\"> </span>licenziament<span class=\"_ _1\"></span>o, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse62\">dimissioni, inabilit\u00e0, morte e pensionamento nonch\u00e9 a fronte <span class=\"_ _1\"></span>di richiesta di anticipi; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gse63\"><span class=\"_ _95\"> </span><span class=\"ff4\">attualizzazione, alla data di valutazione, di ciascun pagamento probabilizzato; </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gse64\"><span class=\"_ _95\"> </span><span class=\"ff4\">riproporzionamento, p<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>ciascun <span class=\"_ _2\"></span>dipendente, d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>lle pres<span class=\"_ _2\"></span>tazioni pr<span class=\"_ _2\"></span>obabilizzate ed <span class=\"_ _3b\"></span>attualizzate </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse65\">in <span class=\"_ _39\"> </span>base <span class=\"_ _3f\"> </span>all\u2019anziani<span class=\"_ _2\"></span>t\u00e0 <span class=\"_ _39\"> </span>m<span class=\"_ _1\"></span>aturata <span class=\"_ _39\"> </span>alla <span class=\"_ _3f\"> </span>data <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>valutazione <span class=\"_ _3f\"> </span>rispetto <span class=\"_ _39\"> </span>a <span class=\"_ _3f\"> </span>quella <span class=\"_ _39\"> </span>complessiva </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse66\">corrispondente alla data aleatoria di liquidazione. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gse68\">9.2 Altre<span class=\"_ _1\"></span> informaz<span class=\"_ _1\"></span>ioni </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse69\">Il <span class=\"_ _1\"></span>mo<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse6a\">dello <span class=\"_ _38\"></span>attuariale <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iferimento <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>valutazione <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>TFR <span class=\"_ _38\"></span>poggia <span class=\"_ _38\"></span>su <span class=\"_ _38\"></span>diverse <span class=\"_ _38\"></span>ipotesi <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ipo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse6b\">demografico che economico. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse6c\">Per <span class=\"_ _3b\"></span>alcune <span class=\"_ _2\"></span>delle <span class=\"_ _3b\"></span>ipotes<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>utilizzate, <span class=\"_ _3b\"></span>ove <span class=\"_ _2\"></span>possibile, <span class=\"_ _3b\"></span>si <span class=\"_ _3b\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>fatto <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>splicito <span class=\"_ _3b\"></span>riferimento <span class=\"_ _2\"></span>all\u2019esperienza <span class=\"_ _3b\"></span>diretta </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse6d\">del Gruppo, mentre per le altre si \u00e8 tenuto conto della best <span class=\"_ _1\"></span>practice di riferimento. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse6e\">Di seguito sono riportate le principali ipotes<span class=\"_ _1\"></span>i del modello. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gse6f\">Tasso di<span class=\"_ _1\"></span> attuali<span class=\"_ _1\"></span>zzazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse70\">Il <span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>asso <span class=\"_ _35\"> </span>d\u2019<span class=\"_ _2\"></span>interesse <span class=\"_ _35\"> </span>utilizzato <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>determinazione <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>valore <span class=\"_ _35\"> </span>attuale <span class=\"_ _0\"></span>dell\u2019obbligazione <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>s<span class=\"_ _2\"></span>tato </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse71\">determ<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse72\">inato <span class=\"_ _1\"></span>coere<span class=\"_ _1\"></span>ntemente <span class=\"_ _1\"></span>con <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>par.83 <span class=\"_ _38\"></span>dello <span class=\"_ _38\"></span>IAS <span class=\"_ _1\"></span>19, <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>riferimento <span class=\"_ _1\"></span>all\u2019indice <span class=\"_ _38\"></span>Iboxx <span class=\"_ _38\"></span> <span class=\"_ _38\"></span>Corporate </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse73\">AA con duration 10+ (in linea con la duration del collettivo in esame). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse74\">Per <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>valutazione <span class=\"_ _1\"></span>puntuale <span class=\"_ _38\"></span>al <span class=\"_ _1\"></span>31/12/2024 <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>scelto <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>rendimento <span class=\"_ _1\"></span>avente <span class=\"_ _38\"></span>durata <span class=\"_ _1\"></span>comparabile <span class=\"_ _38\"></span>alla </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse75\">duration del collettivo di <span class=\"_ _2\"></span>lavoratori oggetto della valutazione, che ha dato luogo <span class=\"_ _2\"></span>ad un tasso annuo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse76\">costante pari allo 3,18%. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gse77\">Inflazion<span class=\"_ _1\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse78\">Il tasso annuo di inflazione utilizzato \u00e8 pari al <span class=\"_ _1\"></span>2,00%. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gse79\">Tasso ann<span class=\"_ _1\"></span>uo di inc<span class=\"_ _1\"></span>remen<span class=\"_ _1\"></span>to del TFR </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse7a\">Come <span class=\"_ _38\"></span>previsto <span class=\"_ _38\"></span>dall\u2019art. <span class=\"_ _38\"></span>2120 <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>Codice <span class=\"_ _38\"></span>Civile, <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>TFR <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ivaluta <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>gni <span class=\"_ _1\"></span>anno <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>tass<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>pari <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>75% </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse7b\">dell\u2019i<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse7c\">nflazione <span class=\"_ _0\"> </span>pi\u00f9 <span class=\"_ _0\"> </span>un <span class=\"_ _35\"> </span>punto <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>mezzo <span class=\"_ _35\"> </span>percentuale, <span class=\"_ _0\"></span>pertanto <span class=\"_ _0\"></span>l\u2019ipotesi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rivalutazione, <span class=\"_ _35\"> </span>u<span class=\"_ _2\"></span>tile <span class=\"_ _35\"> </span>pe<span class=\"_ _2\"></span>r <span class=\"_ _0\"></span>le </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse7d\">valutazioni attuariali, viene determinata in base al tasso so<span class=\"_ _1\"></span>pra indicato. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gse7e\">Tasso ann<span class=\"_ _1\"></span>uo reale<span class=\"_ _1\"></span> di inc<span class=\"_ _1\"></span>remento<span class=\"_ _1\"></span> salariale<span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse7f\">Il tasso applicato \u00e8 stato pari all\u20191,00%. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gse80\">Mortali<span class=\"_ _1\"></span>t\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse81\">Per <span class=\"_ _35\"> </span>la<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>stima <span class=\"_ _0\"></span>del <span class=\"_ _0\"> </span>fe<span class=\"_ _1\"></span>nomeno <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>mortalit\u00e0 <span class=\"_ _0\"></span>all\u2019interno <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>collettivo <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>dipendenti <span class=\"_ _0\"></span>oggetto <span class=\"_ _35\"> </span>della </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse82\">valuta<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse83\">zione <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>stata <span class=\"_ _38\"></span>utilizzata <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>tavola <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>pravvivenza <span class=\"_ _1\"></span>RG48<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>utilizzata <span class=\"_ _38\"></span>dalla <span class=\"_ _1\"></span>Ragioneria <span class=\"_ _38\"></span>Generale </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse84\">dello Stato per la stima degli oneri pensionist<span class=\"_ _1\"></span>ici della popolazione italiana. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gse85\">Inabilit<span class=\"_ _1\"></span>\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse86\">Per <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>stima <span class=\"_ _37\"> </span>del <span class=\"_ _37\"> </span>fenomeno <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>inabilit\u00e0 <span class=\"_ _3d\"> </span>all\u2019inter<span class=\"_ _1\"></span>no <span class=\"_ _37\"> </span>del <span class=\"_ _37\"> </span>collettivo <span class=\"_ _37\"> </span>dei <span class=\"_ _37\"> </span>dipendenti <span class=\"_ _37\"> </span>oggetto <span class=\"_ _37\"> </span>della </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse87\">valuta</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse88\">zione \u00e8 stat<span class=\"_ _1\"></span>a utilizzata una tavola INPS differenziata in funzione dell\u2019et\u00e0 e del sesso. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gse89\">Requi<span class=\"_ _1\"></span>siti di pen<span class=\"_ _1\"></span>sionamento </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse8a\">Raggiungimento dei requisiti minimi previsti dell\u2019Assicurazione Generale <span class=\"_ _1\"></span>Obbligatoria. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gse8b\">Freque<span class=\"_ _1\"></span>nze di ant<span class=\"_ _1\"></span>icipazion<span class=\"_ _1\"></span>e del TFR<span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse8c\">Le <span class=\"_ _0\"></span>frequenze <span class=\"_ _35\"> </span>annue <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>accesso <span class=\"_ _0\"></span>al <span class=\"_ _0\"> </span>diritt<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>state <span class=\"_ _35\"> </span>ip<span class=\"_ _2\"></span>otizzate <span class=\"_ _0\"></span>all\u20191,50%, <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>fun<span class=\"_ _2\"></span>zione <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>serie </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse8d\">storic</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse8e\">he sulle anticipazioni di TFR richieste dai lavoratori dipendenti della banca. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gse8f\">Freque<span class=\"_ _1\"></span>nze di u<span class=\"_ _1\"></span>scita anticip<span class=\"_ _1\"></span>ata (turn<span class=\"_ _1\"></span>-over) </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse90\">Per le probabil<span class=\"_ _2\"></span>it\u00e0 di uscita d<span class=\"_ _2\"></span>all\u2019attivit\u00e0 lavorativa per le cause d<span class=\"_ _2\"></span>i dimissioni e l<span class=\"_ _2\"></span>icenziamento, si son<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse91\">ipotiz<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse92\">zate uscite all\u20191,80%, facendo ricorso ad un\u2019analisi statistica sulle serie storiche della banca. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gse93\">Informazi<span class=\"_ _1\"></span>oni aggiu<span class=\"_ _1\"></span>ntive </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse94\">Il <span class=\"_ _38\"></span>principio <span class=\"_ _38\"></span>contabile <span class=\"_ _0\"></span>IAS19,<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>per <span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>piani <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>beneficio <span class=\"_ _0\"></span>defini<span class=\"_ _2\"></span>to <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _38\"></span>tipo <span class=\"_ _0\"></span>post-employment, <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ichiede <span class=\"_ _38\"></span>una </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse95\">serie </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse96\">di informazioni aggiuntive, quali:  </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gse97\"><span class=\"_ _95\"> </span><span class=\"ff4\">analisi <span class=\"_ _3f\"> </span>di <span class=\"_ _3a\"> </span>sensit<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _3a\"> </span>per <span class=\"_ _3a\"> </span>ciascuna <span class=\"_ _3f\"> </span>ipotesi <span class=\"_ _3a\"> </span>attuar<span class=\"_ _1\"></span>iale <span class=\"_ _3f\"> </span>r<span class=\"_ _1\"></span>ilevante <span class=\"_ _3a\"> </span>alla <span class=\"_ _3a\"> </span>fine <span class=\"_ _3a\"> </span>dell\u2019esercizio, </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse98\">mostrando <span class=\"_ _1\"></span>gli <span class=\"_ _38\"></span>effetti <span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ci <span class=\"_ _38\"></span>sarebbero <span class=\"_ _1\"></span>stati <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>seguito <span class=\"_ _38\"></span>delle <span class=\"_ _1\"></span>variazioni <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>ipotes<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>attuariale </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse99\">ragionevolmente possibili a tale data, in termini assoluti; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gse9a\"><span class=\"_ _95\"> </span><span class=\"ff4\">indi<span class=\"_ _2\"></span>cazione del <span class=\"_ _1\"></span>contributo per l'esercizio successivo; </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gse9b\"><span class=\"_ _95\"> </span><span class=\"ff4\">indi<span class=\"_ _2\"></span>cazione della durat<span class=\"_ _1\"></span>a media finanziaria dell'obbligazione per i piani a beneficio definito; </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gse9d\"><span class=\"_ _95\"> </span><span class=\"ff4\">erogazioni previste dal piano. </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse9e\">Di <span class=\"_ _1\"></span>se<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse9f\">guito <span class=\"_ _1\"></span>si r<span class=\"_ _1\"></span>iportano <span class=\"_ _1\"></span>tali <span class=\"_ _1\"></span>informazioni, evidenziando <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>uovo <span class=\"_ _1\"></span>valore <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>TFR <span class=\"_ _1\"></span>utilizzando un <span class=\"_ _1\"></span>tass<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsea0\">di <span class=\"_ _2\"></span>turnover di <span class=\"_ _3b\"></span>ulteriori 100 <span class=\"_ _3b\"></span>bps, u<span class=\"_ _3b\"></span>na variazione d<span class=\"_ _2\"></span>i +/-<span class=\"_ _2\"></span> 25<span class=\"_ _2\"></span> bp<span class=\"_ _2\"></span>s per<span class=\"_ _2\"></span> il <span class=\"_ _3b\"></span>tasso d<span class=\"_ _2\"></span>i in<span class=\"_ _2\"></span>flazione <span class=\"_ _2\"></span>e u<span class=\"_ _2\"></span>na variazione<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsea1\">di +/- 25 bps per il tasso di attualizzazione. </div><div class=\"t m2 h12 ff4 fs7 fc4 sc3 ls0 ws0 gsea2\">Analisi di sensitivit\u00e0 dei principali parametri valutativi del TF<span class=\"_ _2\"></span>R <span class=\"fc1 sc2\"> </span></div><div class=\"gsea3\"><table class=\"s wb24 h245\" id=\"_62d1dfa2-2bc6-4e5c-ac35-ac17fd31dd59\"><tr><td></td><td></td><td></td><td class=\"c x10e3 y5bd1 wb25 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">variaz<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x10e2 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">ione delle ipote<span class=\"_ _2\"></span>si<span class=\"_ _3a1\"> </span></div></td><td></td><td></td></tr><tr><td class=\"c n x10e4 y56d6 wb26 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">frequenza tu<span class=\"_ _2\"></span>rnover<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10e5 y56d6 wb27 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">tasso inf<span class=\"_ _2\"></span>lazione<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x10e6 y56d6 wb28 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">tasso attualizzazione<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe93 y5bd2 wb29 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">+ 100 bps<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10e7 y5bd2 wb2a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-100 bps<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10e8 y5bd2 wb2b h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">+0,25 bps<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10e9 y5bd2 wb2c h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-0,25 bps<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10ea y5bd2 wb2d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">+0,25 bps<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10eb y5bd2 wb2e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-0,25 bps<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x10ec y539f wb2f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">26.212<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10ed y539f w6a5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">26.068<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10ee y539f wb30 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">26.456<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10ef y539f w4d1 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">25.837<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10f0 y539f wb31 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">25.679<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10f1 y539f wb32 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">26.622<span class=\"_ _3a1\"> </span></div></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsea4\">La <span class=\"_ _1\"></span>durata me<span class=\"_ _1\"></span>dia finanziaria <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>di circa <span class=\"_ _1\"></span>10<span class=\"_ _1\"></span>,7 anni, <span class=\"_ _1\"></span>il ser<span class=\"_ _1\"></span>vice cost <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>l\u2019anno <span class=\"_ _1\"></span>2024 \u00e8 <span class=\"_ _1\"></span>0,4 <span class=\"_ _1\"></span>milioni <span class=\"_ _1\"></span>di e<span class=\"_ _1\"></span>uro </div><div class=\"t m2 h23 ff4 fs2 fc1 sc0 ls0 ws0 gsea5\">e le erogazioni stimate per i prossimi cinque anni ammontano <span class=\"_ _1\"></span>a circa 2,4 milioni di euro.<span class=\"ff16\"> </span></div>10.5 Fond<span class=\"_ _1\"></span>i di p<span class=\"_ _1\"></span>revidenza <span class=\"_ _1\"></span>aziendali<span class=\"_ _1\"></span> a benefic<span class=\"_ _1\"></span>i defin<span class=\"_ _1\"></span>iti V<span class=\"_ _3a1\"> </span>iene <span class=\"_ _37\"> </span>gest<span class=\"_ _1\"></span>ito <span class=\"_ _37\"> </span>un <span class=\"_ _3d\"> </span>F<span class=\"_ _1\"></span>ondo <span class=\"_ _37\"> </span>interno <span class=\"_ _37\"> </span>a <span class=\"_ _37\"> </span>Cre<span class=\"_ _1\"></span>dem <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>a <span class=\"_ _37\"> </span>Credemlea<span class=\"_ _1\"></span>sing <span class=\"_ _3d\"> </span>che <span class=\"_ _37\"> </span>e<span class=\"_ _1\"></span>rogano <span class=\"_ _37\"> </span>un <span class=\"_ _37\"> </span>tr<span class=\"_ _1\"></span>attamento previdenziale aggiuntivo alle prestazioni erogate <span class=\"_ _1\"></span>dall\u2019INPS. Si t<span class=\"_ _1\"></span>ratta <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>\u201cFondo <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>prestazione <span class=\"_ _1\"></span>definita\u201d<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>cui import<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>soggetti <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>stessa <span class=\"_ _1\"></span>perequazione prevista per l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> Pensioni <span class=\"_ _3b\"></span>INPS, come pure <span class=\"_ _2\"></span>al censimento <span class=\"_ _2\"></span>presso i<span class=\"_ _2\"></span>l Casellario <span class=\"_ _2\"></span>Centrale delle <span class=\"_ _3b\"></span>Pe<span class=\"_ _1\"></span>nsioni.  Su tale posta di bilancio viene effettuata la valutazione attuariale. <span class=\"_ _25a\"></span> I beneficiari di tali trattamenti sono coloro che: <span class=\"_ _36\"> </span><span class=\"ff4\">r<span class=\"_ _1\"></span>isultavano <span class=\"_ _2\"></span>eredi <span class=\"_ _3b\"></span>di pe<span class=\"_ _2\"></span>rsone <span class=\"_ _3b\"></span>dece<span class=\"_ _1\"></span>dute <span class=\"_ _2\"></span>durante <span class=\"_ _3b\"></span>il s<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>rvizio <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>n <span class=\"_ _3b\"></span>Credem e <span class=\"_ _3b\"></span>Credemleasing <span class=\"_ _3b\"></span>(sostituito </span>dall\u2019attuale Cassa di Previdenza dal 1/1/1996); <span class=\"_ _36\"> </span><span class=\"ff4\">r<span class=\"_ _1\"></span>isultavano <span class=\"_ _0\"></span>ex <span class=\"_ _35\"> </span>dip<span class=\"_ _2\"></span>endenti <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>lla <span class=\"_ _0\"></span>Banca <span class=\"_ _0\"></span>Po<span class=\"_ _1\"></span>polare <span class=\"_ _0\"></span>Dauna <span class=\"_ _0\"></span>gi\u00e0 <span class=\"_ _0\"> </span>in <span class=\"_ _35\"> </span>q<span class=\"_ _2\"></span>uiescenza <span class=\"_ _0\"></span>oppure <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>avevano </span>inoltrato le dimissioni entro il 30/11/<span class=\"_ _1\"></span>1999. La Banca Popolare Dauna \u00e8 confluita in Cre<span class=\"_ _1\"></span>dem in data 11/12/1999 a seguito di fusione per incorporazione. Per le valutazioni att<span class=\"_ _1\"></span>uariali del Fondo al 31 dicembre 2024, tenendo conto <span class=\"_ _1\"></span>di quanto disposto dalle linee <span class=\"_ _3b\"></span>guida <span class=\"_ _2\"></span>per <span class=\"_ _3b\"></span>la <span class=\"_ _2\"></span>redazione <span class=\"_ _2\"></span>dei <span class=\"_ _3b\"></span>bilanci <span class=\"_ _3b\"></span>tecnici d<span class=\"_ _2\"></span>egli <span class=\"_ _3b\"></span>Enti d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>previde<span class=\"_ _1\"></span>nza, <span class=\"_ _3b\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _2\"></span>adottate <span class=\"_ _3b\"></span>le <span class=\"_ _2\"></span>ipotesi demografiche ed economico-finanziarie descr<span class=\"_ _1\"></span>itte nei successivi due paragrafi. Nel corso dell\u2019esercizio il fondo ha subito un decr<span class=\"_ _1\"></span>emento netto di circa 113 mila euro.  Ipotesi de<span class=\"_ _1\"></span>mografiche<span class=\"fc5 sc4\"> </span>Sono state utilizzate le seguenti probabilit\u00e0: -<span class=\"_ _41\"> </span><span class=\"ff4\">per <span class=\"_ _1\"></span>le </span>probabilit\u00e0 di <span class=\"_ _1\"></span>mor<span class=\"_ _1\"></span>te <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>personale <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>pensione <span class=\"_ _38\"></span>\u00e8 s<span class=\"_ _1\"></span>tata <span class=\"_ _1\"></span>utilizzata <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>tavola <span class=\"_ _1\"></span>IPS55, <span class=\"_ _1\"></span>distint<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span>per sesso; -<span class=\"_ _41\"> </span><span class=\"ff4\">per <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>probabil<span class=\"_ _2\"></span>it\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>morte <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>pers<span class=\"_ _1\"></span>onale <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>pensione <span class=\"_ _35\"> </span>per <span class=\"_ _0\"></span>invalidit\u00e0 <span class=\"_ _35\"> </span>assoluta <span class=\"_ _0\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>permanente, </span>quelle adottate nel modello INPS per le proiezioni 2010, dist<span class=\"_ _1\"></span>inte per sesso; -<span class=\"_ _41\"> </span><span class=\"ff4\">per <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>babilit\u00e0 di <span class=\"_ _1\"></span>lasciare <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>famiglia quelle, <span class=\"_ _1\"></span>distinte<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>sesso, <span class=\"_ _1\"></span>pubblicate <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>modello <span class=\"_ _1\"></span>INPS </span>per le proiezioni al 2010 aggiornate. Ipotesi economico-f<span class=\"_ _1\"></span>inanziarie Le <span class=\"_ _0\"></span>ip<span class=\"_ _2\"></span>otesi <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>oggetto <span class=\"_ _0\"></span>riguardano <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>tasso <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>attualizzazio<span class=\"_ _3a1\"> </span>ne, <span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>tassi <span class=\"_ _0\"></span>d\u2019<span class=\"_ _2\"></span>inflazione <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>tassi <span class=\"_ _0\"></span>annui <span class=\"_ _38\"></span>di rivalutazione delle pensioni Fondo e Inps. Per <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>tasso <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>rivalutazione <span class=\"_ _0\"></span>si <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>utilizzata <span class=\"_ _38\"></span>una <span class=\"_ _0\"></span>variazione <span class=\"_ _38\"></span>media <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ispetto <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>tasso <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>inflazione <span class=\"_ _38\"></span>del<span class=\"_ _1\"></span> 75%  ricavata da un elevato numero di casi<span class=\"_ _2\"></span> analoghi a quello in esame ed a fronte degli incrementi previsti <span class=\"_ _38\"></span>dalla <span class=\"_ _38\"></span>no<span class=\"_ _1\"></span>rmativa <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>vi<span class=\"_ _2\"></span>gore<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>decorrere <span class=\"_ _38\"></span>dall\u2019anno <span class=\"_ _38\"></span>2009 <span class=\"_ _0\"></span>(100% <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>tasso <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>inflazione <span class=\"_ _38\"></span>IS<span class=\"_ _1\"></span>TAT per <span class=\"_ _1\"></span>pensioni <span class=\"_ _1\"></span>annue <span class=\"_ _1\"></span>compless<span class=\"_ _1\"></span>ive inferior<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>a 5 <span class=\"_ _38\"></span>volte <span class=\"_ _1\"></span>il minimo <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>75% per<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>parte <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>pensione <span class=\"_ _1\"></span>annua compresa <span class=\"_ _38\"></span>tra <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>pr<span class=\"_ _2\"></span>ecedente <span class=\"_ _38\"></span>importo <span class=\"_ _38\"></span>ed <span class=\"_ _0\"></span>8<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>volte <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>minimo); <span class=\"_ _0\"></span>si<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>precisa <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>pensione <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>ca<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ico <span class=\"_ _38\"></span>del Fondo \u00e8 integrativa di quella dell\u2019INPS solo <span class=\"_ _1\"></span>per alcuni pensionati. Per il <span class=\"_ _1\"></span>tasso di <span class=\"_ _1\"></span>attualizzazione, in for<span class=\"_ _1\"></span>za della <span class=\"_ _1\"></span>normativa IAS, s<span class=\"_ _1\"></span>i \u00e8 <span class=\"_ _1\"></span>adottato <span class=\"_ _1\"></span>un tasso <span class=\"_ _1\"></span>che risultasse in linea con la vita media probabile del collett<span class=\"_ _1\"></span>ivo in esame. Tabella delle<span class=\"_ _1\"></span> basi economico \u2013 fina<span class=\"_ _1\"></span>nziarie <table class=\"s wb4d h249\" id=\"_ccdb1009-fa6e-47e3-b28a-79284fab8323\"><tr><td class=\"c n x1110 y5b32 wb4e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Variabili<span class=\"_ _3a1\"> </span></div></td><td class=\"c x1112 y5b32 wb4f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Valori<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1111 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x1114 y5bfd wb50 h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Tassi di<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1113 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">inflazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c x1117 y5bfd wb51 h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2,<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1115 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1116 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y539f wb52 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Tasso annuo di attua<span class=\"_ _2\"></span>lizzazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1118 y539f wb53 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3,18%<span class=\"_ _3a1\"> </span></div></td></tr></table>Informazioni aggi<span class=\"_ _1\"></span>untive  Il <span class=\"_ _0\"></span>principio <span class=\"_ _0\"></span>conta<span class=\"_ _1\"></span>bile <span class=\"_ _0\"></span>IAS19, <span class=\"_ _35\"> </span>per <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>piani <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>benefici <span class=\"_ _0\"></span>definiti, <span class=\"_ _0\"></span>rich<span class=\"_ _1\"></span>iede <span class=\"_ _0\"></span>una <span class=\"_ _35\"> </span>sensitivity <span class=\"_ _0\"></span>sulle <span class=\"_ _35\"> </span>princi<span class=\"_ _2\"></span>pali ipotesi attuariali.  Di <span class=\"_ _35\"> </span>segui<span class=\"_ _2\"></span>to <span class=\"_ _35\"> </span>si <span class=\"_ _0\"></span>riportano <span class=\"_ _0\"></span>tali <span class=\"_ _35\"> </span>informazioni, <span class=\"_ _0\"></span>evidenziando <span class=\"_ _0\"> </span>il <span class=\"_ _35\"> </span>nuovo <span class=\"_ _0\"></span>valore<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>del<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>fondo <span class=\"_ _0\"></span>utilizzando <span class=\"_ _0\"></span>una variazione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>+<span class=\"_ _2\"></span>/- <span class=\"_ _35\"> </span>25 <span class=\"_ _35\"> </span>bp<span class=\"_ _2\"></span>s <span class=\"_ _35\"> </span>per <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>tasso <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>inflazione <span class=\"_ _35\"> </span>e <span class=\"_ _0\"> </span>una <span class=\"_ _35\"> </span>variazione <span class=\"_ _35\"> </span>di <span class=\"_ _0\"> </span>+<span class=\"_ _1\"></span>/- <span class=\"_ _35\"> </span>25<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>bps <span class=\"_ _35\"> </span>per<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>tas<span class=\"_ _1\"></span>so <span class=\"_ _0\"></span>di attualizzazione.  La durata media finanziaria \u00e8 di circa 8,8 anni. Analisi di sensitivit\u00e0 dei principali parametri valutativi<span class=\"fc1 sc2\"> </span><table class=\"s wb54 h24a\" id=\"_12106139-59d2-4c26-957c-37092d6d6e59\"><tr><td></td><td></td><td></td><td class=\"c x111b y5bfe wb55 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">variaz<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x111a h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">ione delle ipote<span class=\"_ _2\"></span>si<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x111c y5bff wb56 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">tasso inflazione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x111d y5bff wb28 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">tasso attualizzazione<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5c00 wb57 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">+ 0,25 bps<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x111e y5c00 wb58 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- 0,25 bps<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x111f y5c00 wb59 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">+ <span class=\"_ _3b\"></span>0,25 bps<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1120 y5c00 wb58 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- 0,25 bps<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1121 y53a2 w6f6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.108<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1122 y53a2 wb5a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.072<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1123 y53a2 wb5b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.068<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1124 y53a2 wb5c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.113<span class=\"_ _3a1\"> </span></div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-857": {
   "value": "Sezione 10 \u2013 Fondi per rischi e oneri - Voce 100 10.1 F<span class=\"_ _3a1\"> </span>ondi per rischi e oner<span class=\"_ _1\"></span>i: composizione <table class=\"s w684 h246\" id=\"_d991ad14-4c6f-4287-aa05-d6d9e97ebfe0\"><tr><td class=\"t m2 x98d h12 y5bd3 ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Componenti </td><td class=\"c n x10f2 y5bd4 w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10f3 y5bd4 w696 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n xac6 y5bd5 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xac7 y5bd5 w685 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c x677 y5bd6 w1ad h11\"><div class=\"t m2 x0 h12 y3d4 ff4 fs7 fc1 sc0 ls0 ws0\">1. Fondi per rischio d<span class=\"_ _2\"></span>i credito relativo<span class=\"_ _2\"></span> a impegni e garanzie f<span class=\"_ _2\"></span>inanziarie </div></td><td></td><td class=\"t m2 xac8 h12 y5bd7 ff4 fs7 fc1 sc0 ls0 ws0\">4.509<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6e5 h12 y5bd7 ff4 fs7 fc1 sc0 ls0 ws0\">5.228<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5bd8 ff4 fs7 fc1 sc0 ls0 ws0\">rilasciate </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5ba3 wb33 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2. Fondi su altri impeg<span class=\"_ _2\"></span>ni e altre gara<span class=\"_ _2\"></span>nzie rilasciate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10f4 y5ba3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5bd9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5bda wb34 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">3. Fondi di quiescenza <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>ziendali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10f5 y5bda wb35 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.090<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x7b1 h12 y5bdb ff4 fs7 fc1 sc0 ls0 ws0\">1.194<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5bdc wb36 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Altri fondi per risc<span class=\"_ _2\"></span>hi ed oneri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10f6 y5bdc w472 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">235.292<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x666 h12 y5bdd ff4 fs7 fc1 sc0 ls0 ws0\">212.943<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5bcb wb37 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.1 controversie lega<span class=\"_ _2\"></span>li e fiscali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10f7 y5bcb wade h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">16.951<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x67a h12 y5bde ff4 fs7 fc1 sc0 ls0 ws0\">19.096<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5bab wb38 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.2 oneri per il perso<span class=\"_ _2\"></span>nale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10f8 y5bab wb39 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">133.395<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x676 h12 y5bdf ff4 fs7 fc1 sc0 ls0 ws0\">116.901<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5a1e wb3a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.3 altri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10f9 y5a1e wb3b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">84<span class=\"_ _2\"></span>.946<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x676 h12 y5be0 ff4 fs7 fc1 sc0 ls0 ws0\">76.946<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x10df h12 y5be1 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6b8 h12 y5be1 ff4 fs7 fc1 sc2 ls0 ws0\">240.891<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x666 h12 y5be1 ff4 fs7 fc1 sc2 ls0 ws0\">219.365<span class=\"_ _3a1\"> </span></td></tr></table>10.2 Fondi per<span class=\"_ _1\"></span> rischi e oneri: variazioni ann<span class=\"_ _1\"></span>ue <table class=\"s wb42 h248\" id=\"_718d8bf3-9b65-4faf-ae9f-da8ffb32ae51\"><tr><td></td><td class=\"t m2 xf36 h12 y5bea ff4 fs7 fc4 sc3 ls0 ws0\">Fondi su altri </td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x10ff h12 y5beb ff4 fs7 fc4 sc3 ls0 ws0\">impegni e altre </td><td class=\"t m2 x66d h12 y5beb ff4 fs7 fc4 sc3 ls0 ws0\">Fondi di </td><td class=\"t m2 x675 h12 y5beb ff4 fs7 fc4 sc3 ls0 ws0\">Altri fondi per </td><td class=\"t m2 x1100 h12 y5bec ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td></tr><tr><td></td><td class=\"t m2 x698 h12 y5bed ff4 fs7 fc4 sc3 ls0 ws0\">garanzie </td><td class=\"t m2 x6c3 h12 y5bed ff4 fs7 fc4 sc3 ls0 ws0\">quiescenza </td><td class=\"t m2 x6a1 h12 y5bed ff4 fs7 fc4 sc3 ls0 ws0\">rischi ed oneri </td><td></td></tr><tr><td></td><td class=\"t m2 x989 h12 y5bee ff4 fs7 fc4 sc3 ls0 ws0\">rilasciate </td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5bef w946 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">A. Esistenze iniziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1101 y5bef wb43 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">5.228<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6d0 h12 y5bf0 ff4 fs7 fc1 sc2 ls0 ws0\">1.194<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1002 h12 y5bf0 ff4 fs7 fc1 sc2 ls0 ws0\">212.943<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y5bf0 ff4 fs7 fc1 sc2 ls0 ws0\">219.365<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5481 w948 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">B. Aumenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1102 y5481 wb44 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">336<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6c9 h12 y5bf1 ff4 fs7 fc1 sc2 ls0 ws0\">43<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdbb h12 y5bf1 ff4 fs7 fc1 sc2 ls0 ws0\">118.184<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y5bf1 ff4 fs7 fc1 sc2 ls0 ws0\">118.563<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y55a8 wb45 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Accantonamento <span class=\"_ _2\"></span>dell'esercizio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1103 y55a8 wb44 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">336<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6c9 h12 y5bf2 ff4 fs7 fc1 sc0 ls0 ws0\">33<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1104 h12 y5bf2 ff4 fs7 fc1 sc0 ls0 ws0\">116.202<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y5bf2 ff4 fs7 fc1 sc0 ls0 ws0\">116.571<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5531 wb46 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Variazioni dovute <span class=\"_ _2\"></span>al passare del t<span class=\"_ _2\"></span>empo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1105 y5531 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x74e h12 y5bf3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1106 h12 y5bf3 ff4 fs7 fc1 sc0 ls0 ws0\">1.368<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x738 h12 y5bf3 ff4 fs7 fc1 sc0 ls0 ws0\">1.368<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5533 wb47 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Variazioni dovute a m<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>difiche de<span class=\"_ _2\"></span>l tasso di sconto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1107 y5533 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x74e h12 y5bf4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a2 h12 y5bf4 ff4 fs7 fc1 sc0 ls0 ws0\">401<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x73d h12 y5bf4 ff4 fs7 fc1 sc0 ls0 ws0\">401<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5485 wb48 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1108 y5485 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b5 h12 y5bf5 ff4 fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a2 h12 y5bf5 ff4 fs7 fc1 sc0 ls0 ws0\">213<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e8 h12 y5bf5 ff4 fs7 fc1 sc0 ls0 ws0\">223<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y5486 w94b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione a<span class=\"_ _2\"></span>ziendale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1109 y5486 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x74e h12 y5bf6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y5bf6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5bf6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5537 w951 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">C. Diminuzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x110a y5537 wb49 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1.055<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75e h12 y5bf7 ff4 fs7 fc1 sc2 ls0 ws0\">147<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdbb h12 y5bf7 ff4 fs7 fc1 sc2 ls0 ws0\">95.835<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y5bf7 ff4 fs7 fc1 sc2 ls0 ws0\">97.037<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y55bc wb4a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Utilizzo nell'eserciz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x110b y55bc wb49 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.055<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b5 h12 y5bf8 ff4 fs7 fc1 sc0 ls0 ws0\">91<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b0 h12 y5bf8 ff4 fs7 fc1 sc0 ls0 ws0\">95.271<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y5bf8 ff4 fs7 fc1 sc0 ls0 ws0\">96.417<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5513 wb4b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Variazioni dovute<span class=\"_ _2\"></span> a modifiche del tass<span class=\"_ _2\"></span>o di sconto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x110c y5513 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x74e h12 y5bf9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x685 h12 y5bf9 ff4 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf18 h12 y5bf9 ff4 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5515 wb4c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Altre variazion<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x110d y5515 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6c9 h12 y5bfa ff4 fs7 fc1 sc0 ls0 ws0\">56<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h12 y5bfa ff4 fs7 fc1 sc0 ls0 ws0\">562<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x73d h12 y5bfa ff4 fs7 fc1 sc0 ls0 ws0\">618<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y54b0 w94b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui operazioni di a<span class=\"_ _2\"></span>ggregazione a<span class=\"_ _2\"></span>ziendale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1109 y54b0 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x74e h12 y5bfb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y5bfb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5bfb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54f9 w959 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D. Rimanenze finali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x110e y54f9 w46c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4.509<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x679 h12 y5bfc ff4 fs7 fc1 sc2 ls0 ws0\">1.090<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xff2 h12 y5bfc ff4 fs7 fc1 sc2 ls0 ws0\">235.292<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y5bfc ff4 fs7 fc1 sc2 ls0 ws0\">240.891<span class=\"_ _3a1\"> </span></td></tr></table>10.3 Fondi per <span class=\"_ _1\"></span>rischio di credito relat<span class=\"_ _1\"></span>ivo a impegni e <span class=\"_ _1\"></span>garanzie finanziarie <span class=\"_ _1\"></span>rilasciate <table class=\"s wb3c h247\" id=\"_c03936f8-833b-4170-abfc-3f364378654e\"><tr><td></td><td></td><td class=\"t m2 x6a5 h12 y5be2 ff4 fs7 fc4 sc3 ls0 ws0\">Fondi per rischio di credito relativo a<span class=\"_ _2\"></span> impegni e garanzie finanziarie rilasciate<span class=\"_ _2\"></span> </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x69a h12 y5be3 ff4 fs7 fc4 sc3 ls0 ws0\">Impaired </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"c n x10fa y5be4 wb3d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Primo stadio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x10fb y5be4 wb3e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Secondo<span class=\"_ _1\"></span> stadio</div></td><td class=\"t m2 x66d h12 y5be5 ff4 fs7 fc4 sc3 ls0 ws0\">Terzo stadio </td><td class=\"t m2 x714 h12 y5be5 ff4 fs7 fc4 sc3 ls0 ws0\">acquisiti/e o </td><td class=\"t m2 x6a3 h12 y5be5 ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td></tr><tr><td></td><td></td><td class=\"t m2 x7a9 h12 y5be6 ff4 fs7 fc4 sc3 ls0 ws0\">originati/e </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y56b9 wb3f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Impegni a erogare f<span class=\"_ _2\"></span>ondi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10fc y56b9 wb40 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.181<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6c8 h12 y5be7 ff4 fs7 fc1 sc0 ls0 ws0\">686<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x754 h12 y5be7 ff4 fs7 fc1 sc0 ls0 ws0\">18<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x665 h12 y5be7 ff4 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x738 h12 y5be7 ff4 fs7 fc1 sc0 ls0 ws0\">2.891<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54b0 wb41 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Garanzie finanziarie r<span class=\"_ _2\"></span>ilasciate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10fd y54b0 wa1e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">108<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6c8 h12 y5be8 ff4 fs7 fc1 sc0 ls0 ws0\">369<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75e h12 y5be8 ff4 fs7 fc1 sc0 ls0 ws0\">1.029<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y5be8 ff4 fs7 fc1 sc0 ls0 ws0\">112<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y5be8 ff4 fs7 fc1 sc0 ls0 ws0\">1.618<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 xf91 h12 y5be9 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1012 h12 y5be9 ff4 fs7 fc1 sc2 ls0 ws0\">2.289<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10fe h12 y5be9 ff4 fs7 fc1 sc2 ls0 ws0\">1.055<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75e h12 y5be9 ff4 fs7 fc1 sc2 ls0 ws0\">1.047<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y5be9 ff4 fs7 fc1 sc2 ls0 ws0\">118<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e5 h12 y5be9 ff4 fs7 fc1 sc2 ls0 ws0\">4.509<span class=\"_ _3a1\"> </span></td></tr></table>10.5 Fond<span class=\"_ _1\"></span>i di p<span class=\"_ _1\"></span>revidenza <span class=\"_ _1\"></span>aziendali<span class=\"_ _1\"></span> a benefic<span class=\"_ _1\"></span>i defin<span class=\"_ _1\"></span>iti V<span class=\"_ _3a1\"> </span>iene <span class=\"_ _37\"> </span>gest<span class=\"_ _1\"></span>ito <span class=\"_ _37\"> </span>un <span class=\"_ _3d\"> </span>F<span class=\"_ _1\"></span>ondo <span class=\"_ _37\"> </span>interno <span class=\"_ _37\"> </span>a <span class=\"_ _37\"> </span>Cre<span class=\"_ _1\"></span>dem <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>a <span class=\"_ _37\"> </span>Credemlea<span class=\"_ _1\"></span>sing <span class=\"_ _3d\"> </span>che <span class=\"_ _37\"> </span>e<span class=\"_ _1\"></span>rogano <span class=\"_ _37\"> </span>un <span class=\"_ _37\"> </span>tr<span class=\"_ _1\"></span>attamento previdenziale aggiuntivo alle prestazioni erogate <span class=\"_ _1\"></span>dall\u2019INPS. Si t<span class=\"_ _1\"></span>ratta <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>\u201cFondo <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>prestazione <span class=\"_ _1\"></span>definita\u201d<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>cui import<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>soggetti <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>stessa <span class=\"_ _1\"></span>perequazione prevista per l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> Pensioni <span class=\"_ _3b\"></span>INPS, come pure <span class=\"_ _2\"></span>al censimento <span class=\"_ _2\"></span>presso i<span class=\"_ _2\"></span>l Casellario <span class=\"_ _2\"></span>Centrale delle <span class=\"_ _3b\"></span>Pe<span class=\"_ _1\"></span>nsioni.  Su tale posta di bilancio viene effettuata la valutazione attuariale. <span class=\"_ _25a\"></span> I beneficiari di tali trattamenti sono coloro che: <span class=\"_ _36\"> </span><span class=\"ff4\">r<span class=\"_ _1\"></span>isultavano <span class=\"_ _2\"></span>eredi <span class=\"_ _3b\"></span>di pe<span class=\"_ _2\"></span>rsone <span class=\"_ _3b\"></span>dece<span class=\"_ _1\"></span>dute <span class=\"_ _2\"></span>durante <span class=\"_ _3b\"></span>il s<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>rvizio <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>n <span class=\"_ _3b\"></span>Credem e <span class=\"_ _3b\"></span>Credemleasing <span class=\"_ _3b\"></span>(sostituito </span>dall\u2019attuale Cassa di Previdenza dal 1/1/1996); <span class=\"_ _36\"> </span><span class=\"ff4\">r<span class=\"_ _1\"></span>isultavano <span class=\"_ _0\"></span>ex <span class=\"_ _35\"> </span>dip<span class=\"_ _2\"></span>endenti <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>lla <span class=\"_ _0\"></span>Banca <span class=\"_ _0\"></span>Po<span class=\"_ _1\"></span>polare <span class=\"_ _0\"></span>Dauna <span class=\"_ _0\"></span>gi\u00e0 <span class=\"_ _0\"> </span>in <span class=\"_ _35\"> </span>q<span class=\"_ _2\"></span>uiescenza <span class=\"_ _0\"></span>oppure <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>avevano </span>inoltrato le dimissioni entro il 30/11/<span class=\"_ _1\"></span>1999. La Banca Popolare Dauna \u00e8 confluita in Cre<span class=\"_ _1\"></span>dem in data 11/12/1999 a seguito di fusione per incorporazione. Per le valutazioni att<span class=\"_ _1\"></span>uariali del Fondo al 31 dicembre 2024, tenendo conto <span class=\"_ _1\"></span>di quanto disposto dalle linee <span class=\"_ _3b\"></span>guida <span class=\"_ _2\"></span>per <span class=\"_ _3b\"></span>la <span class=\"_ _2\"></span>redazione <span class=\"_ _2\"></span>dei <span class=\"_ _3b\"></span>bilanci <span class=\"_ _3b\"></span>tecnici d<span class=\"_ _2\"></span>egli <span class=\"_ _3b\"></span>Enti d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>previde<span class=\"_ _1\"></span>nza, <span class=\"_ _3b\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _2\"></span>adottate <span class=\"_ _3b\"></span>le <span class=\"_ _2\"></span>ipotesi demografiche ed economico-finanziarie descr<span class=\"_ _1\"></span>itte nei successivi due paragrafi. Nel corso dell\u2019esercizio il fondo ha subito un decr<span class=\"_ _1\"></span>emento netto di circa 113 mila euro.  Ipotesi de<span class=\"_ _1\"></span>mografiche<span class=\"fc5 sc4\"> </span>Sono state utilizzate le seguenti probabilit\u00e0: -<span class=\"_ _41\"> </span><span class=\"ff4\">per <span class=\"_ _1\"></span>le </span>probabilit\u00e0 di <span class=\"_ _1\"></span>mor<span class=\"_ _1\"></span>te <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>personale <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>pensione <span class=\"_ _38\"></span>\u00e8 s<span class=\"_ _1\"></span>tata <span class=\"_ _1\"></span>utilizzata <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>tavola <span class=\"_ _1\"></span>IPS55, <span class=\"_ _1\"></span>distint<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span>per sesso; -<span class=\"_ _41\"> </span><span class=\"ff4\">per <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>probabil<span class=\"_ _2\"></span>it\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>morte <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>pers<span class=\"_ _1\"></span>onale <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>pensione <span class=\"_ _35\"> </span>per <span class=\"_ _0\"></span>invalidit\u00e0 <span class=\"_ _35\"> </span>assoluta <span class=\"_ _0\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>permanente, </span>quelle adottate nel modello INPS per le proiezioni 2010, dist<span class=\"_ _1\"></span>inte per sesso; -<span class=\"_ _41\"> </span><span class=\"ff4\">per <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>babilit\u00e0 di <span class=\"_ _1\"></span>lasciare <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>famiglia quelle, <span class=\"_ _1\"></span>distinte<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>sesso, <span class=\"_ _1\"></span>pubblicate <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>modello <span class=\"_ _1\"></span>INPS </span>per le proiezioni al 2010 aggiornate. Ipotesi economico-f<span class=\"_ _1\"></span>inanziarie Le <span class=\"_ _0\"></span>ip<span class=\"_ _2\"></span>otesi <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>oggetto <span class=\"_ _0\"></span>riguardano <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>tasso <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>attualizzazio<span class=\"_ _3a1\"> </span>ne, <span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>tassi <span class=\"_ _0\"></span>d\u2019<span class=\"_ _2\"></span>inflazione <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>tassi <span class=\"_ _0\"></span>annui <span class=\"_ _38\"></span>di rivalutazione delle pensioni Fondo e Inps. Per <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>tasso <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>rivalutazione <span class=\"_ _0\"></span>si <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>utilizzata <span class=\"_ _38\"></span>una <span class=\"_ _0\"></span>variazione <span class=\"_ _38\"></span>media <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ispetto <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>tasso <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>inflazione <span class=\"_ _38\"></span>del<span class=\"_ _1\"></span> 75%  ricavata da un elevato numero di casi<span class=\"_ _2\"></span> analoghi a quello in esame ed a fronte degli incrementi previsti <span class=\"_ _38\"></span>dalla <span class=\"_ _38\"></span>no<span class=\"_ _1\"></span>rmativa <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>vi<span class=\"_ _2\"></span>gore<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>decorrere <span class=\"_ _38\"></span>dall\u2019anno <span class=\"_ _38\"></span>2009 <span class=\"_ _0\"></span>(100% <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>tasso <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>inflazione <span class=\"_ _38\"></span>IS<span class=\"_ _1\"></span>TAT per <span class=\"_ _1\"></span>pensioni <span class=\"_ _1\"></span>annue <span class=\"_ _1\"></span>compless<span class=\"_ _1\"></span>ive inferior<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>a 5 <span class=\"_ _38\"></span>volte <span class=\"_ _1\"></span>il minimo <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>75% per<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>parte <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>pensione <span class=\"_ _1\"></span>annua compresa <span class=\"_ _38\"></span>tra <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>pr<span class=\"_ _2\"></span>ecedente <span class=\"_ _38\"></span>importo <span class=\"_ _38\"></span>ed <span class=\"_ _0\"></span>8<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>volte <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>minimo); <span class=\"_ _0\"></span>si<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>precisa <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>pensione <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>ca<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ico <span class=\"_ _38\"></span>del Fondo \u00e8 integrativa di quella dell\u2019INPS solo <span class=\"_ _1\"></span>per alcuni pensionati. Per il <span class=\"_ _1\"></span>tasso di <span class=\"_ _1\"></span>attualizzazione, in for<span class=\"_ _1\"></span>za della <span class=\"_ _1\"></span>normativa IAS, s<span class=\"_ _1\"></span>i \u00e8 <span class=\"_ _1\"></span>adottato <span class=\"_ _1\"></span>un tasso <span class=\"_ _1\"></span>che risultasse in linea con la vita media probabile del collett<span class=\"_ _1\"></span>ivo in esame. Tabella delle<span class=\"_ _1\"></span> basi economico \u2013 fina<span class=\"_ _1\"></span>nziarie <table class=\"s wb4d h249\" id=\"_ccdb1009-fa6e-47e3-b28a-79284fab8323\"><tr><td class=\"c n x1110 y5b32 wb4e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Variabili<span class=\"_ _3a1\"> </span></div></td><td class=\"c x1112 y5b32 wb4f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Valori<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1111 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x1114 y5bfd wb50 h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Tassi di<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1113 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">inflazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c x1117 y5bfd wb51 h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2,<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1115 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1116 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y539f wb52 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Tasso annuo di attua<span class=\"_ _2\"></span>lizzazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1118 y539f wb53 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3,18%<span class=\"_ _3a1\"> </span></div></td></tr></table>Informazioni aggi<span class=\"_ _1\"></span>untive  Il <span class=\"_ _0\"></span>principio <span class=\"_ _0\"></span>conta<span class=\"_ _1\"></span>bile <span class=\"_ _0\"></span>IAS19, <span class=\"_ _35\"> </span>per <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>piani <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>benefici <span class=\"_ _0\"></span>definiti, <span class=\"_ _0\"></span>rich<span class=\"_ _1\"></span>iede <span class=\"_ _0\"></span>una <span class=\"_ _35\"> </span>sensitivity <span class=\"_ _0\"></span>sulle <span class=\"_ _35\"> </span>princi<span class=\"_ _2\"></span>pali ipotesi attuariali.  Di <span class=\"_ _35\"> </span>segui<span class=\"_ _2\"></span>to <span class=\"_ _35\"> </span>si <span class=\"_ _0\"></span>riportano <span class=\"_ _0\"></span>tali <span class=\"_ _35\"> </span>informazioni, <span class=\"_ _0\"></span>evidenziando <span class=\"_ _0\"> </span>il <span class=\"_ _35\"> </span>nuovo <span class=\"_ _0\"></span>valore<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>del<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>fondo <span class=\"_ _0\"></span>utilizzando <span class=\"_ _0\"></span>una variazione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>+<span class=\"_ _2\"></span>/- <span class=\"_ _35\"> </span>25 <span class=\"_ _35\"> </span>bp<span class=\"_ _2\"></span>s <span class=\"_ _35\"> </span>per <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>tasso <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>inflazione <span class=\"_ _35\"> </span>e <span class=\"_ _0\"> </span>una <span class=\"_ _35\"> </span>variazione <span class=\"_ _35\"> </span>di <span class=\"_ _0\"> </span>+<span class=\"_ _1\"></span>/- <span class=\"_ _35\"> </span>25<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>bps <span class=\"_ _35\"> </span>per<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>tas<span class=\"_ _1\"></span>so <span class=\"_ _0\"></span>di attualizzazione.  La durata media finanziaria \u00e8 di circa 8,8 anni. Analisi di sensitivit\u00e0 dei principali parametri valutativi<span class=\"fc1 sc2\"> </span><table class=\"s wb54 h24a\" id=\"_12106139-59d2-4c26-957c-37092d6d6e59\"><tr><td></td><td></td><td></td><td class=\"c x111b y5bfe wb55 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">variaz<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x111a h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">ione delle ipote<span class=\"_ _2\"></span>si<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x111c y5bff wb56 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">tasso inflazione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x111d y5bff wb28 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">tasso attualizzazione<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5c00 wb57 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">+ 0,25 bps<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x111e y5c00 wb58 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- 0,25 bps<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x111f y5c00 wb59 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">+ <span class=\"_ _3b\"></span>0,25 bps<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1120 y5c00 wb58 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- 0,25 bps<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1121 y53a2 w6f6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.108<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1122 y53a2 wb5a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.072<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1123 y53a2 wb5b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.068<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1124 y53a2 wb5c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.113<span class=\"_ _3a1\"> </span></div></td></tr></table>10.6 Fondi per r<span class=\"_ _1\"></span>ischi e oneri: altri fon<span class=\"_ _1\"></span>di  <table class=\"s wb5d h24b\" id=\"_a059dc76-fb1d-4066-ae93-ce19f1ba02f2\"><tr><td></td><td></td><td></td><td class=\"t m2 x776 h12 y5c01 ff4 fs7 fc4 sc3 ls0 ws0\">Totale <span class=\"_ _14e\"> </span>T<span class=\"_ _1\"></span>otale </td></tr><tr><td></td><td></td><td class=\"c n x731 y5c02 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x732 y5c02 w68d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5539 wb5e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A fronte di garanzie ed impegni:<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1125 y5539 w7aa h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">4.469<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x780 h12 y5c03 ff4 fs7 fc1 sc2 ls0 ws0\">5.207<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5513 wb5f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A fronte di altri diversi rischi ed oneri:<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1126 y5513 wb60 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">235.332<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x666 h12 y5c04 ff4 fs7 fc1 sc2 ls0 ws0\">212.964<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y54ae wb61 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">- per cause legali in co<span class=\"_ _2\"></span>rso e contenzioso dive<span class=\"_ _2\"></span>rso<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1127 y54ae wb62 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">67.758<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67a h12 y5c05 ff4 fs7 fc1 sc0 ls0 ws0\">69.401<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y54b0 wb63 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">- per oneri finanziari d<span class=\"_ _2\"></span>iversi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1128 y54b0 w6a9 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">167.574<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x666 h12 y5c06 ff4 fs7 fc1 sc0 ls0 ws0\">143.563<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x6e7 h12 y5c07 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd2 h12 y5c07 ff4 fs7 fc1 sc2 ls0 ws0\">239.801<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y5c07 ff4 fs7 fc1 sc2 ls0 ws0\">218.171<span class=\"_ _3a1\"> </span></td></tr></table>Il Gruppo, nel normale svolgimento de<span class=\"_ _1\"></span>lla propria attivit\u00e0 d\u2019impresa, \u00e8 parte di diversi procedimenti giudiziari <span class=\"_ _0\"></span>dai <span class=\"_ _38\"></span>qua<span class=\"_ _1\"></span>li <span class=\"_ _0\"></span>potrebbero <span class=\"_ _0\"></span>anche <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>erivare <span class=\"_ _0\"></span>obblighi <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>nat<span class=\"_ _1\"></span>ura <span class=\"_ _0\"></span>risarcitoria <span class=\"_ _0\"></span>e/o <span class=\"_ _0\"></span>restitutoria, <span class=\"_ _38\"></span>con conseguente possibile esborso di risorse economiche (c.d. rischio legale). Tutte le controversie in essere <span class=\"_ _35\"> </span>sono <span class=\"_ _35\"> </span>state <span class=\"_ _0\"></span>debitam<span class=\"_ _1\"></span>ente <span class=\"_ _35\"> </span>analizzate <span class=\"_ _35\"> </span>dal<span class=\"_ _2\"></span>la <span class=\"_ _35\"> </span>Banca <span class=\"_ _35\"> </span>e, <span class=\"_ _0\"></span>alla <span class=\"_ _35\"> </span>luce <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>tale <span class=\"_ _35\"> </span>analisi, <span class=\"_ _0\"></span>nonch\u00e9 <span class=\"_ _35\"> </span>delle indicazioni <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>pr<span class=\"_ _1\"></span>ovenienti <span class=\"_ _37\"> </span>dai <span class=\"_ _36\"> </span>Legali <span class=\"_ _37\"> </span>Fiduciari <span class=\"_ _36\"> </span>esterni, <span class=\"_ _36\"> </span>sono <span class=\"_ _37\"> </span>stati <span class=\"_ _36\"> </span>effettuati, <span class=\"_ _37\"> </span>ove <span class=\"_ _36\"> </span>ritenuto necessario, accan<span class=\"_ _2\"></span>tonamenti a <span class=\"_ _3b\"></span>bilanci<span class=\"_ _2\"></span>o n<span class=\"_ _2\"></span>ella <span class=\"_ _2\"></span>misura i<span class=\"_ _2\"></span>donea ed <span class=\"_ _3b\"></span>appropriata <span class=\"_ _3b\"></span>alle singole <span class=\"_ _3b\"></span>circostanze. Pi\u00f9 <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>icolare <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>stituito <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>fond<span class=\"_ _2\"></span>o <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>ed <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>neri <span class=\"_ _38\"></span>diversi <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>presidio <span class=\"_ _0\"></span>delle <span class=\"_ _1\"></span>potenziali <span class=\"_ _38\"></span>pass<span class=\"_ _1\"></span>ivit\u00e0 che potrebbero scaturire dalle cause pe<span class=\"_ _1\"></span>ndenti. La <span class=\"_ _37\"> </span>maggior <span class=\"_ _36\"> </span>parte <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>tali <span class=\"_ _36\"> </span>controversie <span class=\"_ _37\"> </span>sono <span class=\"_ _36\"> </span>riconducibili <span class=\"_ _3d\"> </span>a<span class=\"_ _1\"></span>lle <span class=\"_ _36\"> </span>principali <span class=\"_ _37\"> </span>attivit\u00e0 <span class=\"_ _36\"> </span>del <span class=\"_ _37\"> </span>Gr<span class=\"_ _1\"></span>uppo <span class=\"_ _37\"> </span>e riguardano, in particolare, le aree dei servizi di investimento, dell\u2019anatocismo e fiscali. Di <span class=\"_ _3f\"> </span>rilevanza <span class=\"_ _39\"> </span>minore <span class=\"_ _3f\"> </span>sono <span class=\"_ _3f\"> </span>le <span class=\"_ _39\"> </span>controversie <span class=\"_ _3f\"> </span>relative <span class=\"_ _3f\"> </span>all\u2019ambi<span class=\"_ _2\"></span>to <span class=\"_ _3f\"> </span>immobiliare, <span class=\"_ _3f\"> </span>amministrativo <span class=\"_ _39\"> </span>e all\u2019operativit\u00e0 di sportello. Si for<span class=\"_ _1\"></span>nisce <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>seguito <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>descr<span class=\"_ _1\"></span>izione <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>principali <span class=\"_ _1\"></span>classi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>passivit\u00e0 <span class=\"_ _1\"></span>pote<span class=\"_ _1\"></span>nziali che, <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>caso <span class=\"_ _1\"></span>in cui <span class=\"_ _2\"></span>la relativa <span class=\"_ _3b\"></span>pas<span class=\"_ _1\"></span>sivit\u00e0 <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ia s<span class=\"_ _2\"></span>tata <span class=\"_ _2\"></span>giudicata probabil<span class=\"_ _2\"></span>e, hanno <span class=\"_ _3b\"></span>dato<span class=\"_ _1\"></span> l<span class=\"_ _3b\"></span>uogo ad acc<span class=\"_ _2\"></span>antonamenti agli <span class=\"_ _3b\"></span>altri fondi per rischi ed oneri. Contenzioso <span class=\"_ _36\"> </span>lavoristico: <span class=\"_ _36\"> </span>Contenzioso <span class=\"_ _37\"> </span>lavorist<span class=\"_ _1\"></span>ico: <span class=\"_ _36\"> </span>i <span class=\"_ _37\"> </span>rischi <span class=\"_ _36\"> </span>connessi <span class=\"_ _36\"> </span>al <span class=\"_ _37\"> </span>cont<span class=\"_ _1\"></span>enzioso <span class=\"_ _36\"> </span>lavoristico<span class=\"_ _2\"></span> vengono <span class=\"_ _3b\"></span>valutati <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>rimestralmente <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>base <span class=\"_ _2\"></span>a <span class=\"_ _3b\"></span>flussi <span class=\"_ _3b\"></span>delle caus<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>(nuove, <span class=\"_ _3b\"></span>chiuse, <span class=\"_ _2\"></span>andamento <span class=\"_ _3b\"></span>ne<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>diversi gradi di giudizio) e conseguentemente vengono <span class=\"_ _1\"></span>aggiornati i relativi accantonamenti. Revocatorie  Fallimentari: si <span class=\"_ _35\"> </span>tratta  di <span class=\"_ _35\"> </span>controversie <span class=\"_ _35\"> </span>nelle <span class=\"_ _35\"> </span>quali <span class=\"_ _35\"> </span>la  Banca <span class=\"_ _35\"> </span>pu\u00f2 <span class=\"_ _35\"> </span>essere coinvolta <span class=\"_ _35\"> </span>in ragione del norm<span class=\"_ _1\"></span>ale svolgimento della propria attivit\u00e0 d\u2019impresa quando client<span class=\"_ _1\"></span>i assoggettabili alla Liquidazione <span class=\"_ _0\"></span>Giudiziale <span class=\"_ _35\"> </span>dispongono <span class=\"_ _0\"></span>pagamenti <span class=\"_ _0\"> </span>in <span class=\"_ _35\"> </span>favore <span class=\"_ _0\"></span>della <span class=\"_ _0\"> </span>B<span class=\"_ _1\"></span>anca, <span class=\"_ _0\"></span>effettuano <span class=\"_ _35\"> </span>rimesse <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>un conto <span class=\"_ _39\"> </span>corrente <span class=\"_ _39\"> </span>bancario <span class=\"_ _39\"> </span>in <span class=\"_ _36\"> </span>un <span class=\"_ _39\"> </span>arco <span class=\"_ _39\"> </span>temporale <span class=\"_ _39\"> </span>prossimo <span class=\"_ _39\"> </span>alla <span class=\"_ _36\"> </span>dichiarazione <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>Liquidazione Giudiziale. L'azione revocatoria \u00e8 uno strumento utilizzabile dal curat<span class=\"_ _1\"></span>ore fallimentare allo scopo di ricostituire <span class=\"_ _37\"> </span>il <span class=\"_ _37\"> </span>patrimonio <span class=\"_ _36\"> </span>del <span class=\"_ _37\"> </span>fallito <span class=\"_ _3d\"> </span>des<span class=\"_ _1\"></span>tinato <span class=\"_ _37\"> </span>alla <span class=\"_ _37\"> </span>soddisfazione <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>suoi <span class=\"_ _37\"> </span>creditori, <span class=\"_ _37\"> </span>facendovi rientrare q<span class=\"_ _2\"></span>uanto n<span class=\"_ _2\"></span>e era <span class=\"_ _3b\"></span>uscito n<span class=\"_ _2\"></span>el <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span>iodo <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>ntecedente alla <span class=\"_ _3b\"></span>dichiarazione d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>Liquidazione <span class=\"_ _2\"></span>Giudiziale (il <span class=\"_ _1\"></span>cosiddett<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>periodo <span class=\"_ _1\"></span>sos<span class=\"_ _1\"></span>petto).<span class=\"_ _3a1\"> </span>Il <span class=\"_ _1\"></span>grup<span class=\"_ _3a1\"> </span>po <span class=\"_ _38\"></span>procede <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>una <span class=\"_ _1\"></span>valutazione <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>singole <span class=\"_ _38\"></span>posizioni <span class=\"_ _1\"></span>caso per <span class=\"_ _38\"></span>caso, <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>fatto <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>diritto, <span class=\"_ _38\"></span>prestando <span class=\"_ _38\"></span>particolare <span class=\"_ _38\"></span>attenzione <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>dato <span class=\"_ _38\"></span>documentale/<span class=\"_ _1\"></span>fattuale. <span class=\"_ _1\"></span>Per effetto <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>detta <span class=\"_ _0\"></span>anali<span class=\"_ _2\"></span>si, <span class=\"_ _0\"></span>ove <span class=\"_ _0\"></span>opp<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>rtuno, <span class=\"_ _0\"></span>vengono <span class=\"_ _0\"></span>pertanto <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>volta <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>volta <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>isposti <span class=\"_ _0\"></span>(e <span class=\"_ _0\"></span>tempo <span class=\"_ _38\"></span>per tempo <span class=\"_ _1\"></span>modificati, o<span class=\"_ _1\"></span>ve <span class=\"_ _1\"></span>necessario) <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>accantonamenti <span class=\"_ _1\"></span>ritenuti <span class=\"_ _1\"></span>congrui <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>lazione <span class=\"_ _1\"></span>alle <span class=\"_ _1\"></span>specifiche circostanze <span class=\"_ _37\"> </span>della <span class=\"_ _3d\"> </span>fattis<span class=\"_ _1\"></span>pecie <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>same. <span class=\"_ _3d\"> </span>Tutt<span class=\"_ _1\"></span>e <span class=\"_ _3d\"> </span>le <span class=\"_ _37\"> </span>cause <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>m<span class=\"_ _1\"></span>ateria <span class=\"_ _3d\"> </span>sono <span class=\"_ _37\"> </span>oggetto <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>cost<span class=\"_ _1\"></span>ante monitoraggio <span class=\"_ _48\"> </span>e <span class=\"_ _48\"> </span>i <span class=\"_ _3a\"> </span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _48\"> </span>che <span class=\"_ _3a\"> </span>ne <span class=\"_ _48\"> </span>derivano, <span class=\"_ _48\"> </span>ove <span class=\"_ _48\"> </span>opportuno, <span class=\"_ _3a\"> </span>so<span class=\"_ _1\"></span>no <span class=\"_ _48\"> </span>fronteggiati <span class=\"_ _48\"> </span>da <span class=\"_ _3a\"> </span>appositi accantonamenti al Fondo rischi ed oneri diversi, in applicazione di quanto previsto<span class=\"_ _1\"></span> dallo IAS 37. Malversazioni: si <span class=\"_ _0\"></span>tratta <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>controversie <span class=\"_ _0\"></span>nelle <span class=\"_ _35\"> </span>quali<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _0\"></span>pu\u00f2 <span class=\"_ _35\"> </span>essere <span class=\"_ _0\"></span>coinvolta <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>ragione <span class=\"_ _0\"></span>del normale <span class=\"_ _35\"> </span>svolgimento <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>propria <span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _35\"> </span>d\u2019impresa, <span class=\"_ _35\"> </span>vi <span class=\"_ _0\"></span>so<span class=\"_ _1\"></span>no <span class=\"_ _0\"></span>alcuni <span class=\"_ _35\"> </span>reclami <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>alcune <span class=\"_ _35\"> </span>vertenze<span class=\"_ _2\"></span> giudiziali derivanti da <span class=\"_ _2\"></span>comportament<span class=\"_ _1\"></span>i anomali posti in <span class=\"_ _2\"></span>essere da di<span class=\"_ _2\"></span>pendenti o consulenti finanziari nello <span class=\"_ _48\"> </span>svolgimento <span class=\"_ _48\"> </span>d<span class=\"_ _2\"></span>elle <span class=\"_ _48\"> </span>mansioni <span class=\"_ _3a\"> </span>loro<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>affidate <span class=\"_ _3a\"> </span>o <span class=\"_ _48\"> </span>dell\u2019attivit\u00e0 <span class=\"_ _48\"> </span>espletata, <span class=\"_ _48\"> </span>con<span class=\"_ _3b\"></span> <span class=\"_ _48\"> </span>conseguenti contestazioni <span class=\"_ _35\"> </span>da <span class=\"_ _0\"></span>parte <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>cli<span class=\"_ _2\"></span>entela <span class=\"_ _35\"> </span>nei <span class=\"_ _0\"></span>confront<span class=\"_ _1\"></span>i <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>Gruppo <span class=\"_ _35\"> </span>stesso, <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>pu<span class=\"_ _2\"></span>\u00f2 <span class=\"_ _35\"> </span>eventualment<span class=\"_ _3b\"></span>e essere ritenuta responsabile di tali comport<span class=\"_ _1\"></span>amenti.<span class=\"_ _3a1\"> </span>Il <span class=\"_ _35\"> </span>grup<span class=\"_ _3a1\"> </span>po <span class=\"_ _35\"> </span>procede <span class=\"_ _35\"> </span>a <span class=\"_ _0\"> </span>una <span class=\"_ _35\"> </span>valutazione <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>singole <span class=\"_ _35\"> </span>posizioni<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>pe<span class=\"_ _2\"></span>r <span class=\"_ _35\"> </span>caso, <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>fatto <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>ritto, prestando particolare attenzione al dato documenta<span class=\"_ _1\"></span>le/fattuale. Per effetto di d<span class=\"_ _2\"></span>etta analisi, ove op<span class=\"_ _2\"></span>portuno, vengono pertanto di volta i<span class=\"_ _2\"></span>n volta disposti (e<span class=\"_ _2\"></span> tempo pe<span class=\"_ _3b\"></span>r tempo <span class=\"_ _1\"></span>modificati, o<span class=\"_ _1\"></span>ve <span class=\"_ _1\"></span>necessario) <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>accantonamenti <span class=\"_ _1\"></span>ritenuti <span class=\"_ _1\"></span>congrui <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>lazione <span class=\"_ _1\"></span>alle <span class=\"_ _1\"></span>specifiche circostanze della fattispecie in esame. Contenzioso <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>materia <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>anatocismo: tutte le <span class=\"_ _0\"></span>cause <span class=\"_ _35\"> </span>in<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>materia <span class=\"_ _35\"> </span>- <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>volte <span class=\"_ _35\"> </span>comprendenti <span class=\"_ _0\"></span>anche contestazioni <span class=\"_ _39\"> </span>relative <span class=\"_ _36\"> </span>al <span class=\"_ _39\"> </span>superamento <span class=\"_ _36\"> </span>del <span class=\"_ _36\"> </span>Tass<span class=\"_ _1\"></span>o <span class=\"_ _36\"> </span>Soglia <span class=\"_ _39\"> </span>Usura <span class=\"_ _36\"> </span>\u2013 <span class=\"_ _36\"> </span>sono <span class=\"_ _39\"> </span>oggetto <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>costante monitoraggio <span class=\"_ _48\"> </span>e <span class=\"_ _48\"> </span>i <span class=\"_ _3a\"> </span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _48\"> </span>che <span class=\"_ _3a\"> </span>ne <span class=\"_ _48\"> </span>derivano, <span class=\"_ _48\"> </span>ove <span class=\"_ _48\"> </span>opportuno, <span class=\"_ _3a\"> </span>so<span class=\"_ _1\"></span>no <span class=\"_ _48\"> </span>fronteggiati <span class=\"_ _48\"> </span>da <span class=\"_ _3a\"> </span>appositi accantonamenti al Fondo rischi ed oneri diversi, in applicazione di quanto previsto<span class=\"_ _1\"></span> dallo IAS 37. Contenzioso  i<span class=\"_ _2\"></span>n <span class=\"_ _35\"> </span>materia  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>servizi <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>invest<span class=\"_ _1\"></span>imento: quanto <span class=\"_ _35\"> </span>alle <span class=\"_ _0\"></span>contr<span class=\"_ _1\"></span>oversie <span class=\"_ _35\"> </span>giudiziali <span class=\"_ _35\"> </span>aventi <span class=\"_ _35\"> </span>ad oggetto <span class=\"_ _1\"></span>servizi <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>investimento <span class=\"_ _38\"></span>\u2013 <span class=\"_ _1\"></span>bond <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>default, <span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>ivati, <span class=\"_ _1\"></span>ecc. <span class=\"_ _38\"></span>\u2013 <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>policy <span class=\"_ _1\"></span>adott<span class=\"_ _1\"></span>ata <span class=\"_ _1\"></span>dalla <span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>anca <span class=\"_ _1\"></span>in materia \u00e8<span class=\"_ _1\"></span> quella <span class=\"_ _1\"></span>di proceder<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>ad una valutazione <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>singole <span class=\"_ _1\"></span>posizioni caso <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>caso, <span class=\"_ _1\"></span>prestando particolare <span class=\"_ _36\"> </span>attenzione <span class=\"_ _36\"> </span>al <span class=\"_ _39\"> </span>dato <span class=\"_ _36\"> </span>documentale <span class=\"_ _36\"> </span>e <span class=\"_ _39\"> </span>al <span class=\"_ _36\"> </span>profilo <span class=\"_ _36\"> </span>dell\u2019adeguatezza <span class=\"_ _36\"> </span>degli <span class=\"_ _36\"> </span>investime<span class=\"_ _1\"></span>nti contestati rispetto <span class=\"_ _3b\"></span>alla posizione <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lla sin<span class=\"_ _2\"></span>gola controparte.<span class=\"_ _2\"></span> Per <span class=\"_ _3b\"></span>effetto di <span class=\"_ _2\"></span>detta <span class=\"_ _2\"></span>analisi, <span class=\"_ _2\"></span>ove rit<span class=\"_ _2\"></span>enuto necessario,  vengono  pertanto <span class=\"_ _35\"> </span>di  volta  i<span class=\"_ _2\"></span>n  volta <span class=\"_ _35\"> </span>disposti  gli  accantonamenti  ritenuti  congrui<span class=\"_ _2\"></span>  in<span class=\"_ _2\"></span> relazione alle specifiche circostanze. Reclami <span class=\"_ _36\"> </span>formulati <span class=\"_ _37\"> </span>dalla <span class=\"_ _36\"> </span>clientela: <span class=\"_ _37\"> </span>con <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>iferimento <span class=\"_ _37\"> </span>alle <span class=\"_ _36\"> </span>contestazioni <span class=\"_ _37\"> </span>avanzate <span class=\"_ _37\"> </span>dalla <span class=\"_ _36\"> </span>cliente<span class=\"_ _3a1\"> </span>la vengono effettuati gli opportuni accantonamenti; in particolare<span class=\"_ _1\"></span>, nel caso in cui il danno lamentato<span class=\"_ _2\"></span> sia <span class=\"_ _2\"></span>superiore a <span class=\"_ _3b\"></span>una <span class=\"_ _3b\"></span>pre<span class=\"_ _1\"></span>determinata <span class=\"_ _3b\"></span>soglia di <span class=\"_ _3b\"></span>rilevanza <span class=\"_ _2\"></span>(ad oggi <span class=\"_ _3b\"></span>fis<span class=\"_ _1\"></span>sata in <span class=\"_ _3b\"></span>25 <span class=\"_ _2\"></span>mila <span class=\"_ _3b\"></span>euro), la <span class=\"_ _3b\"></span>previsione di  perdita <span class=\"_ _3d\"> </span>\u00e8  fatta <span class=\"_ _3d\"> </span>analiticamente. <span class=\"_ _3d\"> </span>Qualora  il <span class=\"_ _3d\"> </span>danno  lamentato <span class=\"_ _3d\"> </span>sia,  invece, <span class=\"_ _3d\"> </span>entro  detta  s<span class=\"_ _1\"></span>oglia, l\u2019accantonamento <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3b\"></span>determinato <span class=\"_ _3b\"></span>applicando <span class=\"_ _2\"></span>una <span class=\"_ _3b\"></span>percentuale forf<span class=\"_ _2\"></span>ettaria/statistica <span class=\"_ _2\"></span>stabilita <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>base alla <span class=\"_ _0\"></span>media <span class=\"_ _35\"> </span>delle<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>perdite <span class=\"_ _0\"></span>effettivamente <span class=\"_ _0\"></span>subite <span class=\"_ _35\"> </span>sul <span class=\"_ _0\"></span>totale <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>reclami <span class=\"_ _0\"></span>analoghi <span class=\"_ _0\"></span>ricevuti <span class=\"_ _0\"> </span>ne<span class=\"_ _1\"></span>gli <span class=\"_ _0\"></span>anni precedenti. Contenzioso fiscale I rischi <span class=\"_ _1\"></span>derivanti dal <span class=\"_ _1\"></span>contenzioso <span class=\"_ _1\"></span>fiscale del <span class=\"_ _1\"></span>Gruppo sono presidiati <span class=\"_ _1\"></span>da adeguati <span class=\"_ _1\"></span>accantonamenti a fondi per rischi e oneri.  Con <span class=\"_ _3b\"></span>riguardo <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>lla <span class=\"_ _3b\"></span>capogruppo, <span class=\"_ _3b\"></span>sono in <span class=\"_ _184\"></span>es<span class=\"_ _1\"></span>sere <span class=\"_ _3b\"></span>11 p<span class=\"_ _2\"></span>rocedimenti <span class=\"_ _3b\"></span>contenziosi, <span class=\"_ _2\"></span>afferenti <span class=\"_ _3b\"></span>principalmente a <span class=\"_ _1\"></span>tributi <span class=\"_ _1\"></span>locali <span class=\"_ _38\"></span>o <span class=\"_ _1\"></span>conseguenti <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>dinieghi <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>istanze <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rimborso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>imposte <span class=\"_ _38\"></span>presentate <span class=\"_ _1\"></span>dalla <span class=\"_ _38\"></span>banca. Relativamente a tali contenziosi <span class=\"_ _3b\"></span>non sono emersi rischi effettivi o<span class=\"_ _2\"></span> quanto meno il ri<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>chio stimato \u00e8<span class=\"_ _2\"></span> apparso remoto. Per questa ragione non sono stati e<span class=\"_ _1\"></span>ffettuati accantonamenti specifici.  Per Credemleasing pendono 30 <span class=\"_ _3b\"></span>proce<span class=\"_ _1\"></span>dimenti contenziosi, preval<span class=\"_ _2\"></span>entemente relativi a tributi <span class=\"_ _2\"></span>locali. Piano di remuner<span class=\"_ _1\"></span>azione variabile del pers<span class=\"_ _1\"></span>onale Trattasi <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>stime <span class=\"_ _0\"></span>sul <span class=\"_ _0\"> </span>costo<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>personale <span class=\"_ _35\"> </span>dipendente <span class=\"_ _0\"></span>re<span class=\"_ _3a1\"> </span>lative <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>Sistema <span class=\"_ _0\"></span>Premiante <span class=\"_ _0\"></span>(SISPRE) definito <span class=\"_ _35\"> </span>dal  Grup<span class=\"_ _2\"></span>po <span class=\"_ _35\"> </span>nel  merito <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>proprio <span class=\"_ _35\"> </span>piano  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>remunerazione  annu<span class=\"_ _2\"></span>ale. <span class=\"_ _35\"> </span>Il <span class=\"_ _35\"> </span>Gr<span class=\"_ _1\"></span>uppo <span class=\"_ _35\"> </span>Credem prevede <span class=\"_ _3f\"> </span>l\u2019erogazione <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>un <span class=\"_ _39\"> </span>pr<span class=\"_ _1\"></span>emio <span class=\"_ _39\"> </span>di <span class=\"_ _3f\"> </span>performance <span class=\"_ _39\"> </span>per <span class=\"_ _3f\"> </span>i <span class=\"_ _39\"> </span>propri <span class=\"_ _39\"> </span>dipendenti <span class=\"_ _39\"> </span>s<span class=\"_ _1\"></span>ulla <span class=\"_ _39\"> </span>base <span class=\"_ _3f\"> </span>del raggiungimento,  in  tutto  o<span class=\"_ _3b\"></span>  in  parte,  degli  obi<span class=\"_ _2\"></span>ettivi  di 1. Impegni e gar<span class=\"_ _1\"></span>anzie finanziarie rilasciat<span class=\"_ _1\"></span>e <table class=\"s wd99 h265\" id=\"_1f677d85-c345-47a8-b866-2caa091933b1\"><tr><td></td><td></td><td class=\"t m2 x69f h12 y5ff8 ff4 fs7 fc7 sc6 ls0 ws0\">Valore nominale su impegni e garan<span class=\"_ _2\"></span>zie finanziarie </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x15d7 h12 y5ff9 ff4 fs7 fc7 sc6 ls0 ws0\">rilasciate </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n xd7a y5ffa w6c6 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15d8 y5ffa w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xff2 y5ffb w17c h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024</div></td><td class=\"c x1100 y5ffb w17c h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 x6bb h12 y5ffc ff4 fs7 fc4 sc3 ls0 ws0\">Primo stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c9 h12 y5ffd ff4 fs7 fc4 sc3 ls0 ws0\">Impaired </td><td class=\"t m2 x71d h12 y5ffe ff4 fs7 fc4 sc3 ls0 ws0\">Secondo </td><td class=\"t m2 x904 h12 y5ffe ff4 fs7 fc4 sc3 ls0 ws0\">Terzo </td><td class=\"t m2 x6c6 h12 y5ffc ff4 fs7 fc4 sc3 ls0 ws0\">acquisiti/e o </td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x6a7 h12 y5fff ff4 fs7 fc4 sc3 ls0 ws0\">stadio </td><td class=\"t m2 x904 h12 y5fff ff4 fs7 fc4 sc3 ls0 ws0\">stadio </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x75e h12 y6000 ff4 fs7 fc4 sc3 ls0 ws0\">originati/e </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5993 wd9a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1. Impegni a erogare fondi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15d9 y5993 wd9b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">12.468.198<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x906 h12 y6001 ff4 fs7 fc1 sc2 ls0 ws0\">424.877<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f1 h12 y6001 ff4 fs7 fc1 sc2 ls0 ws0\">38.124<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x695 h12 y6001 ff4 fs7 fc1 sc2 ls0 ws0\">366<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b0 h12 y6001 ff4 fs7 fc1 sc2 ls0 ws0\">12.931.565<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6eb h12 y6001 ff4 fs7 fc1 sc2 ls0 ws0\">12.333.453<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5bef w6b1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche Centrali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15da y5bef w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66a h12 y6002 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10fe h12 y6002 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h12 y6002 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7b0 h12 y6002 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6002 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5b14 w6b2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazioni pubb<span class=\"_ _3b\"></span>li<span class=\"_ _1\"></span>che<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15db y5b14 wd9c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.717<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66a h12 y6003 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10fe h12 y6003 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x674 h12 y6003 ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x755 h12 y6003 ff4 fs7 fc1 sc0 ls0 ws0\">8.720<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e5 h12 y6003 ff4 fs7 fc1 sc0 ls0 ws0\">7.889<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5482 wd9d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15dc y5482 wd9e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.070<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66a h12 y6004 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15d7 h12 y6004 ff4 fs7 fc1 sc0 ls0 ws0\">356<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h12 y6004 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x755 h12 y6004 ff4 fs7 fc1 sc0 ls0 ws0\">2.426<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y6004 ff4 fs7 fc1 sc0 ls0 ws0\">28.242<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5531 w6b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15dd y5531 wd9f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">387.314<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66a h12 y6005 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70a h12 y6005 ff4 fs7 fc1 sc0 ls0 ws0\">14.326<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x689 h12 y6005 ff4 fs7 fc1 sc0 ls0 ws0\">119<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6ef h12 y6005 ff4 fs7 fc1 sc0 ls0 ws0\">401.759<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x795 h12 y6005 ff4 fs7 fc1 sc0 ls0 ws0\">467.690<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5533 wda0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15de y5533 wda1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10.577.674<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x664 h12 y6006 ff4 fs7 fc1 sc0 ls0 ws0\">286<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x906 h12 y6006 ff4 fs7 fc1 sc0 ls0 ws0\">249.729<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f1 h12 y6006 ff4 fs7 fc1 sc0 ls0 ws0\">25.772<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6b9 h12 y6006 ff4 fs7 fc1 sc0 ls0 ws0\">10.853.461<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68a h12 y6006 ff4 fs7 fc1 sc0 ls0 ws0\">10.146.681<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5566 wda2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">f) Famiglie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15df y5566 wda3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.492.423<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a5 h12 y6007 ff4 fs7 fc1 sc0 ls0 ws0\">80<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd9a h12 y6007 ff4 fs7 fc1 sc0 ls0 ws0\">160.466<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f1 h12 y6007 ff4 fs7 fc1 sc0 ls0 ws0\">12.230<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x1106 h12 y6007 ff4 fs7 fc1 sc0 ls0 ws0\">1.665.199<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ab h12 y6007 ff4 fs7 fc1 sc0 ls0 ws0\">1.682.951<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6008 wda4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2. Garanzie finanziarie rilasciate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15e0 y6008 wda5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">56<span class=\"_ _1\"></span>0.713<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x664 h12 y6009 ff4 fs7 fc1 sc2 ls0 ws0\">638<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd98 h12 y6009 ff4 fs7 fc1 sc2 ls0 ws0\">38.829<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15e1 h12 y6009 ff4 fs7 fc1 sc2 ls0 ws0\">3.205<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xd7e h12 y6009 ff4 fs7 fc1 sc2 ls0 ws0\">603.385<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y6009 ff4 fs7 fc1 sc2 ls0 ws0\">561.505<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5537 w6b1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche Centrali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15da y5537 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66a h12 y600a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10fe h12 y600a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h12 y600a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7b0 h12 y600a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y600a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5539 w6b2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazioni pubb<span class=\"_ _3b\"></span>li<span class=\"_ _1\"></span>che<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15e2 y5539 wda6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">83<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66a h12 y600b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10fe h12 y600b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h12 y600b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x687 h12 y600b ff4 fs7 fc1 sc0 ls0 ws0\">83<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y600b ff4 fs7 fc1 sc0 ls0 ws0\">98<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y556b wd9d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15e3 y556b wda7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7.768<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66a h12 y600c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15e4 h12 y600c ff4 fs7 fc1 sc0 ls0 ws0\">3.258<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h12 y600c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6e0 h12 y600c ff4 fs7 fc1 sc0 ls0 ws0\">11.026<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x738 h12 y600c ff4 fs7 fc1 sc0 ls0 ws0\">8.271<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5515 w6b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15e5 y5515 w76a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.748<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66a h12 y600d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ed h12 y600d ff4 fs7 fc1 sc0 ls0 ws0\">918<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h12 y600d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x755 h12 y600d ff4 fs7 fc1 sc0 ls0 ws0\">9.666<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y600d ff4 fs7 fc1 sc0 ls0 ws0\">11.303<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y54b0 wda0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15e6 y54b0 wda8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">48<span class=\"_ _2\"></span>2.171<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x695 h12 y600e ff4 fs7 fc1 sc0 ls0 ws0\">618<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e3 h12 y600e ff4 fs7 fc1 sc0 ls0 ws0\">27.616<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15e1 h12 y600e ff4 fs7 fc1 sc0 ls0 ws0\">2.782<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xd83 h12 y600e ff4 fs7 fc1 sc0 ls0 ws0\">513.187<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xda3 h12 y600e ff4 fs7 fc1 sc0 ls0 ws0\">465.247<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y54f9 wda2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">f) Famiglie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15e7 y54f9 w78b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">61.943<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a5 h12 y600f ff4 fs7 fc1 sc0 ls0 ws0\">20<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15e4 h12 y600f ff4 fs7 fc1 sc0 ls0 ws0\">7.037<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x691 h12 y600f ff4 fs7 fc1 sc0 ls0 ws0\">423<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x69b h12 y600f ff4 fs7 fc1 sc0 ls0 ws0\">69.423<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y600f ff4 fs7 fc1 sc0 ls0 ws0\">76.586<span class=\"_ _3a1\"> </span></td></tr></table>3. Attivit\u00e0 <span class=\"_ _1\"></span>costituite a garanzia di <span class=\"_ _1\"></span>proprie pass<span class=\"_ _1\"></span>ivit\u00e0 e impegni 1.5 Rischi operativi Informazi<span class=\"_ _1\"></span>oni di na<span class=\"_ _1\"></span>tura quali<span class=\"_ _1\"></span>tativa A. Aspet<span class=\"_ _1\"></span>ti general<span class=\"_ _1\"></span>i, proce<span class=\"_ _1\"></span>ssi di ge<span class=\"_ _1\"></span>stione e me<span class=\"_ _1\"></span>todi di<span class=\"_ _1\"></span> misuraz<span class=\"_ _1\"></span>ione del <span class=\"_ _1\"></span>rischio ope<span class=\"_ _1\"></span>rativo<span class=\"_ _3a1\"> </span>Il <span class=\"_ _3d\"> </span>Gruppo <span class=\"_ _3d\"> </span>ha <span class=\"_ _3d\"> </span>sviluppato <span class=\"_ _3d\"> </span>un <span class=\"_ _3d\"> </span>siste<span class=\"_ _1\"></span>ma <span class=\"_ _3d\"> </span>integrato <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>gestione <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>rischi <span class=\"_ _3d\"> </span>operativi <span class=\"_ _3d\"> </span>assunti <span class=\"_ _3d\"> </span>che, <span class=\"_ _3d\"> </span>in attuaz<span class=\"_ _3a1\"> </span>ione <span class=\"_ _1\"></span>degli <span class=\"_ _1\"></span>indirizzi st<span class=\"_ _1\"></span>rategici, consente<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rafforzare <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>capacit\u00e0 <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>Unit\u00e0 <span class=\"_ _1\"></span>Organizzative <span class=\"_ _1\"></span>di gestirli <span class=\"_ _0\"></span>consapevolmente, <span class=\"_ _0\"></span>introdu<span class=\"_ _2\"></span>cendo <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rilevazione, <span class=\"_ _38\"></span>misurazione<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>controllo <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>ali <span class=\"_ _0\"></span>da<span class=\"_ _2\"></span> garantire un\u2019assunzione dei <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischi consapevole <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> compatibil<span class=\"_ _2\"></span>e con le <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>trategie di G<span class=\"_ _2\"></span>overnance e co<span class=\"_ _2\"></span>n le <span class=\"_ _1\"></span>condizioni e<span class=\"_ _1\"></span>conomiche e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>patrimoniali, nel <span class=\"_ _1\"></span>rispetto <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>indicazioni <span class=\"_ _1\"></span>provenienti <span class=\"_ _1\"></span>dalle <span class=\"_ _1\"></span>Autorit\u00e0 <span class=\"_ _1\"></span>di Vigilanza. Il Consiglio di Amministrazione della Capogruppo ha approvato il<span class=\"_ _3b\"></span> re<span class=\"_ _1\"></span>golamento \u201cGestione dei rischi operativi\u201d <span class=\"_ _35\"> </span>(Regolamento <span class=\"_ _0\"></span>ORM) <span class=\"_ _35\"> </span>con <span class=\"_ _0\"></span>cui <span class=\"_ _35\"> </span>definisce <span class=\"_ _0\"> </span>le<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>politich<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>ge<span class=\"_ _1\"></span>stione <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>rischio <span class=\"_ _35\"> </span>operativo <span class=\"_ _0\"></span>a livello <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>G<span class=\"_ _1\"></span>ruppo <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>Banca <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>det<span class=\"_ _1\"></span>ermina <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>sist<span class=\"_ _1\"></span>ema <span class=\"_ _0\"></span>comune <span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>ordinato <span class=\"_ _38\"></span>car<span class=\"_ _1\"></span>atterizzato <span class=\"_ _38\"></span>da <span class=\"_ _0\"></span>regol<span class=\"_ _2\"></span>e condivise per l\u2019allocazione di compiti e res<span class=\"_ _1\"></span>ponsabilit\u00e0. Il regolamento definisce c<span class=\"_ _2\"></span>ome rischio operativo <span class=\"_ _2\"></span>\u201cil rischio d<span class=\"_ _2\"></span>i perdite derivan<span class=\"_ _2\"></span>ti dall\u2019inadeguatezza o dalla  disfu<span class=\"_ _1\"></span>nzione <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>process<span class=\"_ _1\"></span>i, <span class=\"_ _3d\"> </span>risorse <span class=\"_ _3d\"> </span>umane <span class=\"_ _3d\"> </span>e <span class=\"_ _3d\"> </span>sistemi <span class=\"_ _37\"> </span>interni,  oppure <span class=\"_ _3d\"> </span>da <span class=\"_ _37\"> </span>eventi <span class=\"_ _3d\"> </span>esogeni, <span class=\"_ _3d\"> </span>ivi compreso il rischio giuridico; non sono inclusi quelli strategici e di re<span class=\"_ _1\"></span>putazione\u201d. Inoltre, il <span class=\"_ _3b\"></span>Consiglio di <span class=\"_ _3b\"></span>Amm<span class=\"_ _1\"></span>inistrazione della <span class=\"_ _3b\"></span>Capogruppo ha <span class=\"_ _3b\"></span>approvato<span class=\"_ _1\"></span>, ai<span class=\"_ _2\"></span> fini<span class=\"_ _2\"></span> della <span class=\"_ _3b\"></span>deter<span class=\"_ _1\"></span>minazione del <span class=\"_ _0\"></span>requisito <span class=\"_ _0\"></span>patrimoniale, <span class=\"_ _0\"></span>l\u2019utilizzo <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>met<span class=\"_ _1\"></span>odo <span class=\"_ _0\"></span>TSA <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>tutte <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ociet\u00e0 <span class=\"_ _0\"></span>appartenenti <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>Gr<span class=\"_ _1\"></span>uppo<span class=\"_ _3b\"></span> Bancario.  Non <span class=\"_ _37\"> </span>sono <span class=\"_ _37\"> </span>intervenute <span class=\"_ _3d\"> </span>variazioni <span class=\"_ _3d\"> </span>significative <span class=\"_ _37\"> </span>rispetto<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>all\u2019esercizio <span class=\"_ _3d\"> </span>pre<span class=\"_ _1\"></span>cedente <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>re<span class=\"_ _1\"></span>lazione <span class=\"_ _3d\"> </span>al modello <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>gestione <span class=\"_ _37\"> </span>de<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>rischi <span class=\"_ _37\"> </span>oper<span class=\"_ _1\"></span>ativi <span class=\"_ _37\"> </span>che <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>seguito <span class=\"_ _37\"> </span>viene <span class=\"_ _36\"> </span>rappresentato <span class=\"_ _37\"> </span>sinteticamente: l\u2019Organo <span class=\"_ _39\"> </span>con <span class=\"_ _3f\"> </span>funzioni <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>s<span class=\"_ _1\"></span>upervisione <span class=\"_ _3f\"> </span>strategica <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>Gruppo <span class=\"_ _3f\"> </span>\u00e8 <span class=\"_ _3f\"> </span>identificato <span class=\"_ _3f\"> </span>nel <span class=\"_ _39\"> </span>Consiglio <span class=\"_ _3f\"> </span>di Amministrazione <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>Credito <span class=\"_ _35\"> </span>Emi<span class=\"_ _3b\"></span>liano <span class=\"_ _35\"> </span>SpA, <span class=\"_ _0\"></span>Capogruppo <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>Gruppo <span class=\"_ _35\"> </span>Bancario <span class=\"_ _35\"> </span>C<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>edito <span class=\"_ _35\"> </span>Emil<span class=\"_ _2\"></span>iano <span class=\"_ _0\"></span>\u2013 CREDEM. L\u2019azione viene eser<span class=\"_ _1\"></span>citata con il supporto del Comitato Consiliare Rischi e <span class=\"_ _1\"></span>Sostenibilit\u00e0 di Gruppo <span class=\"_ _35\"> </span>(Comitato <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>Governance, <span class=\"_ _35\"> </span>privo <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>deleghe, <span class=\"_ _35\"> </span>istituito <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>finalit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>volgere <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>ruolo<span class=\"_ _2\"></span> istruttorio). A <span class=\"_ _35\"> </span>livello  di<span class=\"_ _2\"></span>  Grupp<span class=\"_ _2\"></span>o  sono <span class=\"_ _35\"> </span>stati <span class=\"_ _35\"> </span>individuati <span class=\"_ _35\"> </span>pi\u00f9  organi <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>funzioni <span class=\"_ _35\"> </span>di  gestione, <span class=\"_ _35\"> </span>coincidenti <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>i Consigli <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>Amministrazione <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>singole <span class=\"_ _35\"> </span>controllate, <span class=\"_ _0\"></span>che <span class=\"_ _35\"> </span>hanno <span class=\"_ _35\"> </span>adottato <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>Regolamento <span class=\"_ _0\"></span>ORM traducendo il relativo \u201cschema\u201d nella specifica <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ealt\u00e0 aziendale ed individuando concretamente le funzioni \u201clocali\u201d richieste per il buon esito del processo. Dal punto <span class=\"_ _1\"></span>di vista <span class=\"_ _1\"></span>operativo gli <span class=\"_ _1\"></span>organi con funzione <span class=\"_ _1\"></span>di supervisione <span class=\"_ _1\"></span>strategica e <span class=\"_ _1\"></span>quelli con <span class=\"_ _1\"></span>funzioni di <span class=\"_ _36\"> </span>gestione <span class=\"_ _39\"> </span>sono <span class=\"_ _36\"> </span>supportati <span class=\"_ _36\"> </span>dall\u2019attivit\u00e0 <span class=\"_ _36\"> </span>dell\u2019ufficio <span class=\"_ _36\"> </span>G<span class=\"_ _1\"></span>overnance, <span class=\"_ _36\"> </span>Raf <span class=\"_ _39\"> </span>Esg <span class=\"_ _36\"> </span>e <span class=\"_ _36\"> </span>Oper<span class=\"_ _1\"></span>ativi <span class=\"_ _36\"> </span>(GEO). Nell\u2019ambito <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>processo <span class=\"_ _0\"></span>coordin<span class=\"_ _2\"></span>ato <span class=\"_ _0\"></span>centralmente <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>GEO <span class=\"_ _0\"></span>(<span class=\"_ _2\"></span>c.d. <span class=\"_ _0\"></span>\u201cORM <span class=\"_ _0\"></span>Centrale\u201d), <span class=\"_ _38\"></span>l\u2019att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _0\"></span>vien<span class=\"_ _2\"></span>e svolta c<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>upporto <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>alcune<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>funzioni \u201cORM <span class=\"_ _3b\"></span>Per<span class=\"_ _1\"></span>iferico\u201d <span class=\"_ _2\"></span>appartenenti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>diversi <span class=\"_ _2\"></span>servizi <span class=\"_ _3b\"></span>della banca. L\u2019Organo <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>funzioni <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>controllo  \u00e8 <span class=\"_ _35\"> </span>identificato <span class=\"_ _35\"> </span>nel <span class=\"_ _35\"> </span>Collegio <span class=\"_ _35\"> </span>Sindacale, <span class=\"_ _35\"> </span>coerentemente  c<span class=\"_ _2\"></span>on <span class=\"_ _35\"> </span>la disciplina <span class=\"_ _39\"> </span>vigente <span class=\"_ _3f\"> </span>relativa <span class=\"_ _39\"> </span>agli <span class=\"_ _39\"> </span>ent<span class=\"_ _1\"></span>i <span class=\"_ _39\"> </span>che <span class=\"_ _3f\"> </span>adottano <span class=\"_ _39\"> </span>un <span class=\"_ _39\"> </span>modello <span class=\"_ _39\"> </span>\u201c<span class=\"_ _1\"></span>tradizionale\u201d <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>gover<span class=\"_ _1\"></span>nance societaria. Pi\u00f9 in p<span class=\"_ _2\"></span>articolare, il Collegio d<span class=\"_ _2\"></span>ella Capogruppo \u00e8 responsabil<span class=\"_ _2\"></span>e di vigilare sull\u2019osservanza<span class=\"_ _2\"></span> delle norme di legge, regolamentari e statutarie, sulla corretta amministrazione, sull\u2019adeguatezza degli asse<span class=\"_ _1\"></span>tti organizzativi <span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>abili del <span class=\"_ _1\"></span>Gruppo anche <span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>amite <span class=\"_ _1\"></span>il coor<span class=\"_ _1\"></span>dinamento con <span class=\"_ _1\"></span>gli om<span class=\"_ _1\"></span>ologhi organi collegiali presenti nelle contro<span class=\"_ _1\"></span>llate. Nell\u2019espletamento delle proprie att<span class=\"_ _1\"></span>ivit\u00e0 tale organo viene supportato dal Servizio Audit di Gruppo. Il <span class=\"_ _1\"></span>Regolame<span class=\"_ _1\"></span>nto <span class=\"_ _38\"></span>ORM <span class=\"_ _38\"></span>istituisce, <span class=\"_ _38\"></span>inoltre, <span class=\"_ _38\"></span>specifici <span class=\"_ _1\"></span>flussi <span class=\"_ _38\"></span>informat<span class=\"_ _1\"></span>ivi <span class=\"_ _38\"></span>verso <span class=\"_ _38\"></span>l\u2019organo <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>controllo <span class=\"_ _38\"></span>delle societ\u00e0  interessate  dal  modell<span class=\"_ _2\"></span>o  TSA  (a  livello  in<span class=\"_ _2\"></span>dividuale  e  consolidato,  secondo  le<span class=\"_ _2\"></span>  rispettive competenze). Il <span class=\"_ _1\"></span>Siste<span class=\"_ _1\"></span>ma <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Gestione <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>Rischi <span class=\"_ _1\"></span>Oper<span class=\"_ _1\"></span>ativi <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>iodicamente <span class=\"_ _1\"></span>sottopost<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>revisione <span class=\"_ _38\"></span>indipendente da parte del Servizio Audit della Capogruppo. Il <span class=\"_ _2\"></span>sistema di <span class=\"_ _3b\"></span>ge<span class=\"_ _1\"></span>stione dei <span class=\"_ _3b\"></span>ris<span class=\"_ _1\"></span>chi <span class=\"_ _2\"></span>operativi \u00e8 <span class=\"_ _3b\"></span>definito come l\u2019i<span class=\"_ _2\"></span>nsieme strutturato <span class=\"_ _3b\"></span>dei processi funzi<span class=\"_ _2\"></span>oni e <span class=\"_ _0\"></span>risorse <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>l\u2019identificazione, <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>controllo <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>operativi <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>articolato <span class=\"_ _0\"></span>nei seguenti sottoprocessi: -<span class=\"_ _1a9\"> </span><span class=\"ff4\">Identificazione;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Misurazione; </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Monitoraggio e Controllo; </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Mitigazione.<span class=\"_ _3a1\"> </span></span>Le  societ<span class=\"_ _1\"></span>\u00e0  incluse  nei <span class=\"_ _3d\"> </span>processi  di  misurazione,  mo<span class=\"_ _1\"></span>nitoraggio  e <span class=\"_ _3d\"> </span>mitigazione,  sono <span class=\"_ _3d\"> </span>quelle  che risultano <span class=\"_ _38\"></span>annualmente <span class=\"_ _38\"></span>rilevanti <span class=\"_ _38\"></span>ai <span class=\"_ _38\"></span>fini <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>operativo <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>inform<span class=\"_ _1\"></span>atico <span class=\"_ _38\"></span>dall\u2019analisi <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>rilevanza<span class=\"_ _3a1\"> </span> <div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1800\">effettuata <span class=\"_ _35\"> </span>nell\u2019ambito  dell\u2019app<span class=\"_ _2\"></span>rovazione  del <span class=\"_ _35\"> </span>Risk <span class=\"_ _35\"> </span>Appetite <span class=\"_ _35\"> </span>Framework  (<span class=\"_ _2\"></span>RAF) <span class=\"_ _35\"> </span>e  del<span class=\"_ _3b\"></span>  processo <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1801\">determ</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1802\">inazione dell\u2019adeguatezza patrimoniale (ICAAP) svolto dalla Capogruppo.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1803\">Il processo di \u201cIdentificazione\u201d \u00e8 composto <span class=\"_ _1\"></span>dalle seguenti procedure:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1804\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Loss  Data  Collection:  consiste  nella  r<span class=\"_ _1\"></span>accolta  dei  dati  di  perdita  operativa  interna  con  il<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1805\">coinvolgimento  diretto  di  tutte  le  unit\u00e0  di <span class=\"_ _35\"> </span>business.  In  tale  ambito,  gli  eventi  di  perdita<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1806\">operativa <span class=\"_ _1\"></span>(inclusi quelli <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>natura <span class=\"_ _1\"></span>informat<span class=\"_ _1\"></span>ica) sono <span class=\"_ _1\"></span>classificati <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>Business <span class=\"_ _1\"></span>Line <span class=\"_ _1\"></span>(corporate<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1807\">finance, <span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>rading <span class=\"_ _0\"></span>and <span class=\"_ _35\"> </span>sales, <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>etail <span class=\"_ _0\"></span>banking, <span class=\"_ _35\"> </span>commercial <span class=\"_ _0\"></span>banking, <span class=\"_ _35\"> </span>payment <span class=\"_ _0\"></span>and <span class=\"_ _35\"> </span>settlement,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1808\">agency <span class=\"_ _0\"></span>services<span class=\"_ _1\"></span>, <span class=\"_ _0\"></span>asset <span class=\"_ _0\"></span>management, <span class=\"_ _0\"></span>ret<span class=\"_ _1\"></span>ail <span class=\"_ _0\"></span>Brokerage) <span class=\"_ _0\"></span>ed <span class=\"_ _35\"> </span>Ev<span class=\"_ _2\"></span>ent <span class=\"_ _0\"></span>Type <span class=\"_ _0\"></span>(fro<span class=\"_ _1\"></span>di <span class=\"_ _0\"></span>interne, <span class=\"_ _0\"> </span>frodi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1809\">esterne, rapporto di<span class=\"_ _3b\"></span> impiego e si<span class=\"_ _3b\"></span>cure<span class=\"_ _1\"></span>zza sul <span class=\"_ _2\"></span>lavoro, clientela <span class=\"_ _2\"></span>- pro<span class=\"_ _2\"></span>dotti e p<span class=\"_ _2\"></span>rassi professionali,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs180a\">danni <span class=\"_ _0\"></span>da <span class=\"_ _35\"> </span>eventi <span class=\"_ _35\"> </span>esterni, <span class=\"_ _0\"></span>inte<span class=\"_ _1\"></span>rruzioni <span class=\"_ _0\"></span>dell\u2019oper<span class=\"_ _1\"></span>ativit\u00e0 <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>disfunzioni <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>siste<span class=\"_ _1\"></span>mi, <span class=\"_ _0\"> </span>e<span class=\"_ _1\"></span>secuzione,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs180b\">consegna e gestione dei processi);<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs180c\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Risk <span class=\"_ _38\"></span>Self <span class=\"_ _38\"></span>As<span class=\"_ _1\"></span>sessment: <span class=\"_ _38\"></span>consiste <span class=\"_ _38\"></span>nella <span class=\"_ _0\"></span>raccolta, <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ttraverso <span class=\"_ _38\"></span>questionario, <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>stime <span class=\"_ _1\"></span>sogget<span class=\"_ _1\"></span>tive<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs180d\">espresse dai <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>isk <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>wner con <span class=\"_ _3b\"></span>riferimento agli <span class=\"_ _2\"></span>eventi d<span class=\"_ _2\"></span>i natura <span class=\"_ _3b\"></span>operativa (inclusi <span class=\"_ _3b\"></span>quelli di <span class=\"_ _2\"></span>natura<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs180e\">informatica) <span class=\"_ _0\"></span>potenzialmente <span class=\"_ _0\"></span>rilevanti <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>proprie <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>nit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>business <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>tenuto <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>delle<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs180f\">linee guida di sviluppo emerse dal processo di pianificazione preliminare di gruppo;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1810\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Data <span class=\"_ _0\"></span>Pooling/Comunicazione <span class=\"_ _0\"></span>verso <span class=\"_ _0\"></span>enti <span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>sterni: <span class=\"_ _0\"></span>consiste <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>partecipazione <span class=\"_ _0\"></span>ad <span class=\"_ _38\"></span>iniziative<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1811\">consortili <span class=\"_ _1\"></span>esterne e <span class=\"_ _1\"></span>nella <span class=\"_ _1\"></span>gestione delle <span class=\"_ _1\"></span>relative <span class=\"_ _1\"></span>interrelazioni (ad <span class=\"_ _1\"></span>es. <span class=\"_ _1\"></span>consorzio D<span class=\"_ _1\"></span>IPO) ed <span class=\"_ _1\"></span>alla<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1812\">comunicazione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>dita <span class=\"_ _1\"></span>operativa <span class=\"_ _1\"></span>raccolti <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>Organi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Vigilanza <span class=\"_ _38\"></span>(Banca <span class=\"_ _1\"></span>d\u2019Italia <span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1813\">Banca Centrale Europea).<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1814\">Il <span class=\"_ _0\"></span>proce<span class=\"_ _1\"></span>sso <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>\u201cMisurazione\u201d<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>rappresentato <span class=\"_ _35\"> </span>dalla <span class=\"_ _0\"></span>quantificazione<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>Capitale <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>Rischio <span class=\"_ _35\"> </span>(CaR)<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1815\">mediante <span class=\"_ _0\"></span>stime <span class=\"_ _0\"></span>soggettive. <span class=\"_ _0\"></span>Le <span class=\"_ _38\"></span>meto<span class=\"_ _1\"></span>dologie <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>misura<span class=\"_ _1\"></span>zione <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span>dite <span class=\"_ _0\"></span>attese <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>inattese <span class=\"_ _0\"></span>sono<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1816\">finalizzate <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>un\u2019attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>controllo <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>individuazione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>situazioni <span class=\"_ _0\"></span>potenzialmente <span class=\"_ _0\"></span>critiche <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>si<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1817\">basano <span class=\"_ _37\"> </span>sulla <span class=\"_ _37\"> </span>esecuzione <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>questionari <span class=\"_ _37\"> </span>Risk <span class=\"_ _37\"> </span>Self <span class=\"_ _37\"> </span>Assessment <span class=\"_ _37\"> </span>(RSA), <span class=\"_ _3d\"> </span>con <span class=\"_ _37\"> </span>fr<span class=\"_ _1\"></span>equenza <span class=\"_ _37\"> </span>almeno<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1818\">annuale, <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>ogni <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ipologia di <span class=\"_ _38\"></span>evento <span class=\"_ _1\"></span>richiedono <span class=\"_ _38\"></span>ai <span class=\"_ _1\"></span>responsabili <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>unit\u00e0 <span class=\"_ _38\"></span>organizzative <span class=\"_ _38\"></span>(UO)<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1819\">che possono generare/gestire i rischi operat<span class=\"_ _1\"></span>ivi, una stima soggettiva di alcuni fattori di rischio:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs181a\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">\u201cfrequenza tipica\u201d, il numero medio atteso di eventi <span class=\"_ _1\"></span>nell\u2019arco temporale di riferimento;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs181b\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">\u201cimpatto tipico\u201d, la per<span class=\"_ _1\"></span>dita media attesa per tipologia di evento;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs181c\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">\u201cimpatto peggiore\u201d<span class=\"_ _1\"></span>, l\u2019impatto del singolo evento qualora esso si manifesti nel peggior modo<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs181d\">(ragionevolmente) concepibile.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs181e\">L\u2019analisi <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>volta <span class=\"_ _1\"></span>su <span class=\"_ _38\"></span>pi\u00f9 <span class=\"_ _1\"></span>livelli: <span class=\"_ _38\"></span>unit\u00e0 <span class=\"_ _38\"></span>organizzativa, <span class=\"_ _1\"></span>business <span class=\"_ _38\"></span>units, <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ciet\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>gruppo <span class=\"_ _1\"></span>consolidato <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs181f\">per o<span class=\"_ _1\"></span>gni livello so<span class=\"_ _1\"></span>no prodot<span class=\"_ _1\"></span>ti: un <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>di perdita <span class=\"_ _1\"></span>attesa <span class=\"_ _1\"></span>ed un <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>di perdita <span class=\"_ _1\"></span>inattesa. <span class=\"_ _1\"></span>I r<span class=\"_ _1\"></span>isultati<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1820\">della <span class=\"_ _35\"> </span>valutazione  sono  u<span class=\"_ _2\"></span>tilizzati <span class=\"_ _35\"> </span>a  fini <span class=\"_ _35\"> </span>gestionali  per <span class=\"_ _35\"> </span>la  p<span class=\"_ _2\"></span>revenzione  e <span class=\"_ _35\"> </span>la  mitigazione <span class=\"_ _35\"> </span>dei  rischi<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1821\">operativi <span class=\"_ _39\"> </span>e <span class=\"_ _3f\"> </span>nel <span class=\"_ _39\"> </span>processo <span class=\"_ _39\"> </span>di <span class=\"_ _3f\"> </span>piani<span class=\"_ _2\"></span>ficazione <span class=\"_ _39\"> </span>oper<span class=\"_ _1\"></span>ativa, <span class=\"_ _39\"> </span>coerenteme<span class=\"_ _1\"></span>nte <span class=\"_ _39\"> </span>a <span class=\"_ _39\"> </span>quanto <span class=\"_ _3f\"> </span>definito <span class=\"_ _39\"> </span>dal<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1822\">\u201cRegolamento pianificazione, programmazione e contro<span class=\"_ _1\"></span>llo di Grup<span class=\"_ _2\"></span>po\u201d.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1823\">Il <span class=\"_ _3b\"></span>proce<span class=\"_ _1\"></span>sso di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>\u201cMonitoraggio e <span class=\"_ _3b\"></span>controllo\u201d mi<span class=\"_ _2\"></span>ra a <span class=\"_ _3b\"></span>identificare t<span class=\"_ _2\"></span>empestivamente <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ventuali <span class=\"_ _3b\"></span>disfunzioni<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1824\">nei <span class=\"_ _38\"></span>processi <span class=\"_ _38\"></span>aziendali <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>nelle <span class=\"_ _38\"></span>procedure <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>gestione <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>fine <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>cons<span class=\"_ _2\"></span>entire <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>valutare <span class=\"_ _0\"></span>l<span class=\"_ _3b\"></span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1825\">necessarie azioni di mitigazione.<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1826\">I  Rischi <span class=\"_ _3d\"> </span>Operativi <span class=\"_ _3d\"> </span>sono  inoltre <span class=\"_ _3d\"> </span>monitorati <span class=\"_ _3d\"> </span>all\u2019interno  de<span class=\"_ _1\"></span>l  pi\u00f9 <span class=\"_ _3d\"> </span>ampio  processo <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>Risk  Appetite<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1827\">Framew<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1828\">ork (RAF) di Gruppo (monitoraggio trimestr<span class=\"_ _1\"></span>ale).<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1829\">Al fine di assicurare un presidio nel continuo, \u00e8 <span class=\"_ _1\"></span>prevista una rendicontazione per singolo evento di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs182a\">perdita <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>perativa <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>cui <span class=\"_ _38\"></span>autonomia <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>delibera <span class=\"_ _38\"></span>(definita <span class=\"_ _1\"></span>all\u2019interno<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>regolamenti <span class=\"_ _38\"></span>gi\u00e0 <span class=\"_ _1\"></span>vigenti <span class=\"_ _1\"></span>o, <span class=\"_ _1\"></span>in<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs182b\">mancanza, oltre la soglia di<span class=\"_ _2\"></span> 100.000\u20ac) spetta al Comitato Es<span class=\"_ _2\"></span>ecutivo/Consiglio di<span class=\"_ _2\"></span> Amministrazione,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs182c\">dei <span class=\"_ _3d\"> </span>contr<span class=\"_ _1\"></span>olli <span class=\"_ _3d\"> </span>che <span class=\"_ _37\"> </span>non <span class=\"_ _3d\"> </span>sono <span class=\"_ _37\"> </span>andati <span class=\"_ _3d\"> </span>a <span class=\"_ _37\"> </span>buon <span class=\"_ _3d\"> </span>fine <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _3d\"> </span>azioni <span class=\"_ _3d\"> </span>corrett<span class=\"_ _1\"></span>ive <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>ventuali <span class=\"_ _3d\"> </span>carenze<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs182d\">organizzative <span class=\"_ _3d\"> </span>e/o <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>processo/prodotto<span class=\"_ _1\"></span>. <span class=\"_ _3d\"> </span>Qualora <span class=\"_ _3d\"> </span>disponibili, <span class=\"_ _3d\"> </span>l\u2019ORM <span class=\"_ _37\"> </span>periferico <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>volta <span class=\"_ _3d\"> </span>in <span class=\"_ _37\"> </span>volta<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs182e\">competente, <span class=\"_ _38\"></span>inserisce <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>informazioni <span class=\"_ _1\"></span>ogget<span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>rendicontazione <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>seno <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>proposte <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>invia<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs182f\">alle <span class=\"_ _37\"> </span>Funzioni <span class=\"_ _37\"> </span>pre<span class=\"_ _1\"></span>poste <span class=\"_ _36\"> </span>a <span class=\"_ _37\"> </span>seconda <span class=\"_ _37\"> </span>delle <span class=\"_ _36\"> </span>casistiche <span class=\"_ _36\"> </span>(a <span class=\"_ _37\"> </span>titolo <span class=\"_ _37\"> </span>es<span class=\"_ _1\"></span>emplificativo, <span class=\"_ _3d\"> </span>Se<span class=\"_ _1\"></span>rvizio <span class=\"_ _37\"> </span>Audit <span class=\"_ _36\"> </span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1830\">Compliance). In ogni caso, le delibere<span class=\"_ _1\"></span> assunte dal CE/CA sono inviate, per opport<span class=\"_ _1\"></span>una conoscenza,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1831\">al <span class=\"_ _1\"></span>Risk <span class=\"_ _38\"></span>Off<span class=\"_ _1\"></span>icer <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>Capogruppo <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>GEO. <span class=\"_ _38\"></span>GEO <span class=\"_ _38\"></span>verifica <span class=\"_ _38\"></span>sem<span class=\"_ _1\"></span>estralmente <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>Funzioni <span class=\"_ _38\"></span>preposte<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1832\">siano state <span class=\"_ _1\"></span>attivate dagli ORM Per<span class=\"_ _1\"></span>iferici e laddove <span class=\"_ _1\"></span>questo non sia accaduto, <span class=\"_ _1\"></span>attiva direttamente le<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1833\">Funzioni preposte eventualmente coordinandosi con gli ORM Periferici.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1834\">Inoltre, <span class=\"_ _1\"></span>GEO <span class=\"_ _1\"></span>controlla <span class=\"_ _1\"></span>semes<span class=\"_ _1\"></span>tralmente, <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>BU/Servizio <span class=\"_ _1\"></span>di Cr<span class=\"_ _1\"></span>edembanca e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ociet\u00e0 r<span class=\"_ _1\"></span>ilevanti,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1835\">che <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ispettive <span class=\"_ _0\"></span>perdite <span class=\"_ _38\"></span>contabilizzate <span class=\"_ _0\"></span>nel <span class=\"_ _0\"></span>semestre/anno <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>riferimento <span class=\"_ _0\"></span>non <span class=\"_ _38\"></span>superino <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>relativ<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1836\">valore <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>Perdita <span class=\"_ _35\"> </span>Attesa <span class=\"_ _0\"></span>stimato <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>ambito <span class=\"_ _35\"> </span>Risk <span class=\"_ _0\"></span>Self <span class=\"_ _35\"> </span>Assessm<span class=\"_ _2\"></span>ent <span class=\"_ _35\"> </span>e, <span class=\"_ _0\"></span>nel <span class=\"_ _35\"> </span>caso <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>ci\u00f2 <span class=\"_ _35\"> </span>accad<span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1837\">rendiconta nel CE di Credembanca<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1838\">le moti<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1839\">vazioni dello scostamento fornite dai Responsabili delle<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs183a\">BU/Capi Servizio di <span class=\"_ _2\"></span>Credembanca. Per l<span class=\"_ _2\"></span>e singole societ\u00e0 <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevanti, nel caso <span class=\"_ _2\"></span>in cui <span class=\"_ _2\"></span>le perdite ri<span class=\"_ _2\"></span>sultino<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs183b\">superiori alla <span class=\"_ _3b\"></span>Per<span class=\"_ _1\"></span>dita Attesa, <span class=\"_ _3b\"></span>l\u2019ORM periferico d<span class=\"_ _2\"></span>ella societ\u00e0 <span class=\"_ _3b\"></span>rendiconta nel proprio <span class=\"_ _2\"></span>CA l<span class=\"_ _2\"></span>e motivazioni<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs183c\">dello scostamento e ne d\u00e0 comunicazione al Risk Officer della Capogruppo.<span class=\"_ _3a1\"> </span> </div>Il <span class=\"_ _0\"></span>sistema <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>porting <span class=\"_ _0\"></span>fornisce <span class=\"_ _38\"></span>agli <span class=\"_ _0\"></span>organi <span class=\"_ _0\"></span>aziendali <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _0\"></span>ai <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>esponsabili <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>funzioni <span class=\"_ _38\"></span>inter<span class=\"_ _1\"></span>essate inform<span class=\"_ _3a1\"> </span>azioni <span class=\"_ _1\"></span>sul <span class=\"_ _1\"></span>livello <span class=\"_ _38\"></span>di e<span class=\"_ _1\"></span>sposizione <span class=\"_ _1\"></span>ai <span class=\"_ _1\"></span>rischi <span class=\"_ _38\"></span>operativi <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>rappresenta <span class=\"_ _38\"></span>uno <span class=\"_ _1\"></span>strumento <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>supporto per la loro gestione attiva ed \u00e8 la sintesi dei pro<span class=\"_ _1\"></span>cessi di misurazione, monitoraggio e controllo.  Il <span class=\"_ _2\"></span>processo di <span class=\"_ _3b\"></span>\u201cMitigazione\u201d definisce <span class=\"_ _3b\"></span>le azioni <span class=\"_ _3b\"></span>da intraprendere <span class=\"_ _2\"></span>per <span class=\"_ _3b\"></span>la prevenzione <span class=\"_ _2\"></span>e l<span class=\"_ _2\"></span>\u2019attenuazione dei rischi operativi ed \u00e8 composto dalle seguenti proce<span class=\"_ _1\"></span>dure: -<span class=\"_ _1a9\"> </span><span class=\"ff4\">Analisi <span class=\"_ _3b\"></span>ges<span class=\"_ _1\"></span>tionale: c<span class=\"_ _2\"></span>onsiste nell\u2019<span class=\"_ _3b\"></span>analisi delle <span class=\"_ _3b\"></span>criticit\u00e0 emerse <span class=\"_ _3b\"></span>e d<span class=\"_ _2\"></span>elle <span class=\"_ _3b\"></span>divers<span class=\"_ _1\"></span>e p<span class=\"_ _2\"></span>ossibili <span class=\"_ _3b\"></span>soluzioni </span>a <span class=\"_ _3d\"> </span>disposizione <span class=\"_ _37\"> </span>nell\u2019ambito <span class=\"_ _3d\"> </span>delle <span class=\"_ _37\"> </span>tradizionali <span class=\"_ _3d\"> </span>modalit\u00e0 <span class=\"_ _37\"> </span>alternative <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>gestione <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>ischio<span class=\"_ _2\"></span> (ritenzione, trasferimento, mitigazione), in ottica costi-benefici; -<span class=\"_ _1a9\"> </span><span class=\"ff4\">Gestione <span class=\"_ _1\"></span>dell\u2019attivit\u00e0 <span class=\"_ _1\"></span>di mitigazione: co<span class=\"_ _1\"></span>nsiste ne<span class=\"_ _1\"></span>lla scelta, <span class=\"_ _1\"></span>pianificazione, avvio delle <span class=\"_ _1\"></span>attivit\u00e0, </span>implementazione e <span class=\"_ _3b\"></span>completamento <span class=\"_ _2\"></span>degli <span class=\"_ _3b\"></span>inte<span class=\"_ _1\"></span>rventi <span class=\"_ _3b\"></span>di mitigazione <span class=\"_ _3b\"></span>mess<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>in atto <span class=\"_ _3b\"></span>e suc<span class=\"_ _2\"></span>cessivo controllo dell\u2019avanzamento e dell\u2019efficacia degli interve<span class=\"_ _1\"></span>nti di mitigazione del rischio attuati; -<span class=\"_ _1a9\"> </span><span class=\"ff4\">Gestione <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>forme <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>trasferimento: <span class=\"_ _35\"> </span>consiste <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>individuazione, <span class=\"_ _0\"></span>valutazione, <span class=\"_ _35\"> </span>scelta <span class=\"_ _0\"></span>e </span>gestione delle diverse forme di trasferime<span class=\"_ _1\"></span>nto del rischio. Le <span class=\"_ _2\"></span>azioni <span class=\"_ _3b\"></span>di mi<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>igazione <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>finite <span class=\"_ _3b\"></span>nel <span class=\"_ _2\"></span>reporting <span class=\"_ _3b\"></span>vengono inoltre <span class=\"_ _3b\"></span>incluse <span class=\"_ _3b\"></span>nel proc<span class=\"_ _2\"></span>esso d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>pianificazione operativa. La classificazione delle attivit\u00e0 nelle linee di business regolamentari<span class=\"_ _3a1\"> </span>\u00e8 declinata nelle fasi di: -<span class=\"_ _1a9\"> </span><span class=\"ff4\">mappatura dati; </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">determinazione requisito patrimoniale individuale. </span>La <span class=\"_ _0\"> </span>m<span class=\"_ _1\"></span>appatura <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>dati <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>delinea <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>livello <span class=\"_ _35\"> </span>indivi<span class=\"_ _2\"></span>duale <span class=\"_ _35\"> </span>attraverso <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>collocamento <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>ciascuno <span class=\"_ _0\"></span>dei centri <span class=\"_ _35\"> </span>g<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>stionali <span class=\"_ _0\"></span>nella business <span class=\"_ _0\"></span>line regolamentare <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>pertine<span class=\"_ _1\"></span>nza <span class=\"_ _0\"></span>seguendo <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>princip<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>sanciti <span class=\"_ _35\"> </span>dal<span class=\"_ _3b\"></span> Regolamento <span class=\"_ _35\"> </span>UE <span class=\"_ _35\"> </span>n. <span class=\"_ _35\"> </span>575/2013; <span class=\"_ _35\"> </span>segue <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>indi <span class=\"_ _35\"> </span>l\u2019individuazione <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>fonti <span class=\"_ _35\"> </span>dati <span class=\"_ _35\"> </span>che <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>iportano <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>dati reddituali di tali centri e gli eventuali criteri di ripartizione. In <span class=\"_ _1\"></span>applicazione <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>mappatura <span class=\"_ _1\"></span>definita, <span class=\"_ _1\"></span>ciascuna <span class=\"_ _38\"></span>societ\u00e0 <span class=\"_ _1\"></span>procede <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>deter<span class=\"_ _1\"></span>minazione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>valori per <span class=\"_ _37\"> </span>centro, <span class=\"_ _3d\"> </span>alla <span class=\"_ _37\"> </span>collocazione <span class=\"_ _3d\"> </span>sulle <span class=\"_ _3d\"> </span>business <span class=\"_ _37\"> </span>line <span class=\"_ _3d\"> </span>previste <span class=\"_ _37\"> </span>e <span class=\"_ _3d\"> </span>alla <span class=\"_ _3d\"> </span>deter<span class=\"_ _1\"></span>minazione <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>re<span class=\"_ _1\"></span>quisito individuale. Le <span class=\"_ _36\"> </span>attivit\u00e0 <span class=\"_ _36\"> </span>definite<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>per <span class=\"_ _36\"> </span>la <span class=\"_ _36\"> </span>determinazione <span class=\"_ _39\"> </span>del <span class=\"_ _36\"> </span>requisito <span class=\"_ _36\"> </span>patrimoniale <span class=\"_ _36\"> </span>consolidato <span class=\"_ _39\"> </span>prevedono l\u2019identificazione <span class=\"_ _0\"></span>dell\u2019<span class=\"_ _2\"></span>\u201dIndicatore<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>Rilevante\u201d <span class=\"_ _0\"></span>individuale <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>component<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iconducibile <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>ciascuna<span class=\"_ _2\"></span> societ\u00e0 <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _35\"> </span>per business <span class=\"_ _35\"> </span>line regolamentare <span class=\"_ _35\"> </span>(da <span class=\"_ _35\"> </span>determinarsi <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>coerenza  con<span class=\"_ _3b\"></span>  i <span class=\"_ _35\"> </span>crite<span class=\"_ _2\"></span>ri sanciti nella mappatura utilizzata a fini individuali). Il requisito patrimoniale a <span class=\"_ _2\"></span>fronte d<span class=\"_ _2\"></span>ei rischi operativi, c<span class=\"_ _2\"></span>alcolato sull\u2019 Ind<span class=\"_ _2\"></span>icator<span class=\"_ _1\"></span>e Rilevante del <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>riennio 2022 - 2024, \u00e8 pari a 212,1 milioni di euro. RISCHI LEGALI Il Gruppo, nel normale svolgimento de<span class=\"_ _1\"></span>lla propria attivit\u00e0 d\u2019impresa, \u00e8 parte di diversi procedimenti giudiziari <span class=\"_ _0\"></span>dai <span class=\"_ _38\"></span>qua<span class=\"_ _1\"></span>li <span class=\"_ _0\"></span>potrebbero <span class=\"_ _0\"></span>anche <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>erivare <span class=\"_ _0\"></span>obblighi <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>nat<span class=\"_ _1\"></span>ura <span class=\"_ _0\"></span>risarcitoria <span class=\"_ _0\"></span>e/o <span class=\"_ _0\"></span>restitutoria, <span class=\"_ _38\"></span>con conseguente possibile esborso di risorse economiche (c.d. rischio legale). Tutte le controversie in essere <span class=\"_ _35\"> </span>sono <span class=\"_ _35\"> </span>state <span class=\"_ _0\"></span>debitam<span class=\"_ _1\"></span>ente <span class=\"_ _35\"> </span>analizzate <span class=\"_ _35\"> </span>dal<span class=\"_ _2\"></span>la <span class=\"_ _35\"> </span>Banca <span class=\"_ _35\"> </span>e, <span class=\"_ _0\"></span>alla <span class=\"_ _35\"> </span>luce <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>tale <span class=\"_ _35\"> </span>analisi, <span class=\"_ _0\"></span>nonch\u00e9 <span class=\"_ _35\"> </span>delle indicazioni <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>pr<span class=\"_ _1\"></span>ovenienti <span class=\"_ _37\"> </span>dai <span class=\"_ _36\"> </span>Legali <span class=\"_ _37\"> </span>Fiduciari <span class=\"_ _36\"> </span>esterni, <span class=\"_ _36\"> </span>sono <span class=\"_ _37\"> </span>stati <span class=\"_ _36\"> </span>effettuati, <span class=\"_ _37\"> </span>ove <span class=\"_ _36\"> </span>ritenuto necessario, accan<span class=\"_ _2\"></span>tonamenti a <span class=\"_ _3b\"></span>bilanci<span class=\"_ _2\"></span>o n<span class=\"_ _2\"></span>ella <span class=\"_ _2\"></span>misura i<span class=\"_ _2\"></span>donea ed <span class=\"_ _3b\"></span>appropriata <span class=\"_ _3b\"></span>alle singole <span class=\"_ _3b\"></span>circostanze. Pi\u00f9 <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>icolare <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>stituito <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>fond<span class=\"_ _2\"></span>o <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>ed <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>neri <span class=\"_ _38\"></span>diversi <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>presidio <span class=\"_ _0\"></span>delle <span class=\"_ _1\"></span>potenziali <span class=\"_ _38\"></span>pass<span class=\"_ _1\"></span>ivit\u00e0 che potrebbero scaturire dalle cause pe<span class=\"_ _1\"></span>ndenti. La <span class=\"_ _37\"> </span>maggior <span class=\"_ _36\"> </span>parte <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>tali <span class=\"_ _36\"> </span>controversie <span class=\"_ _37\"> </span>sono <span class=\"_ _36\"> </span>riconducibili <span class=\"_ _3d\"> </span>a<span class=\"_ _1\"></span>lle <span class=\"_ _36\"> </span>principali <span class=\"_ _37\"> </span>attivit\u00e0 <span class=\"_ _36\"> </span>del <span class=\"_ _37\"> </span>Gr<span class=\"_ _1\"></span>uppo <span class=\"_ _37\"> </span>e riguardano, in particolare, le aree dei servizi di investimento, dell\u2019anatocismo e fiscali. Di <span class=\"_ _3f\"> </span>rilevanza <span class=\"_ _39\"> </span>minore <span class=\"_ _3f\"> </span>sono <span class=\"_ _3f\"> </span>le <span class=\"_ _39\"> </span>controversie <span class=\"_ _3f\"> </span>relative <span class=\"_ _3f\"> </span>all\u2019ambi<span class=\"_ _2\"></span>to <span class=\"_ _3f\"> </span>immobiliare, <span class=\"_ _3f\"> </span>amministrativo <span class=\"_ _39\"> </span>e all\u2019operativit\u00e0 di sportello. Si for<span class=\"_ _1\"></span>nisce <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>seguito <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>descr<span class=\"_ _1\"></span>izione <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>principali <span class=\"_ _1\"></span>classi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>passivit\u00e0 <span class=\"_ _1\"></span>pote<span class=\"_ _1\"></span>nziali che, <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>caso <span class=\"_ _1\"></span>in cui <span class=\"_ _2\"></span>la relativa <span class=\"_ _3b\"></span>pas<span class=\"_ _1\"></span>sivit\u00e0 <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ia s<span class=\"_ _2\"></span>tata <span class=\"_ _2\"></span>giudicata probabil<span class=\"_ _2\"></span>e, hanno <span class=\"_ _3b\"></span>dato<span class=\"_ _1\"></span> l<span class=\"_ _3b\"></span>uogo ad acc<span class=\"_ _2\"></span>antonamenti agli <span class=\"_ _3b\"></span>altri fondi per rischi ed oneri. Per <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>dettaglio s<span class=\"_ _1\"></span>ulle fattispe<span class=\"_ _1\"></span>cie correlate <span class=\"_ _1\"></span>ai <span class=\"_ _1\"></span>rischi s<span class=\"_ _1\"></span>opra illustr<span class=\"_ _1\"></span>ati s<span class=\"_ _1\"></span>i rimanda <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>Nota <span class=\"_ _1\"></span>Integrativa \u2013 Parte B \u2013 Sezione 10. Linee evolutive <span class=\"_ _1\"></span>nella gestione della component<span class=\"_ _1\"></span>e di rischio oper<span class=\"_ _1\"></span>ativo  Nel <span class=\"_ _35\"> </span>corso  d<span class=\"_ _2\"></span>ella <span class=\"_ _35\"> </span>campagna <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>R<span class=\"_ _1\"></span>SA <span class=\"_ _35\"> </span>svolta <span class=\"_ _35\"> </span>nel  2<span class=\"_ _2\"></span>024 <span class=\"_ _35\"> </span>\u00e8  stata <span class=\"_ _35\"> </span>me<span class=\"_ _3a1\"> </span>glio <span class=\"_ _35\"> </span>implementata  u<span class=\"_ _2\"></span>n\u2019evoluzione metodologica <span class=\"_ _1\"></span>che ha permesso di evidenziare<span class=\"_ _1\"></span>, in modo e<span class=\"_ _1\"></span>splicito, le <span class=\"_ _1\"></span>categorie di rischio <span class=\"_ _1\"></span>all\u2019interno delle  quali <span class=\"_ _3d\"> </span>sono <span class=\"_ _3d\"> </span>riflessi <span class=\"_ _3d\"> </span>i  rischi <span class=\"_ _3d\"> </span>operativi  Environme<span class=\"_ _1\"></span>ntal  (distinti <span class=\"_ _3d\"> </span>tra  rischio <span class=\"_ _3d\"> </span>fisico  e<span class=\"_ _1\"></span>  rischio  di transizione), <span class=\"_ _37\"> </span>Social <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>Governane <span class=\"_ _37\"> </span>(ESG). <span class=\"_ _37\"> </span>Con <span class=\"_ _37\"> </span>particolare <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>iferimento <span class=\"_ _3d\"> </span>al <span class=\"_ _37\"> </span>pro<span class=\"_ _1\"></span>cesso <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>Risk <span class=\"_ _37\"> </span>Self Assessment, \u00e8 stato <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>seguito un<span class=\"_ _2\"></span> aggiornamento del <span class=\"_ _2\"></span>repository, sono stati i<span class=\"_ _2\"></span>ntrodotti nuovi <span class=\"_ _2\"></span>scenari <div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1880\">e <span class=\"_ _0\"></span>ne <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>stati <span class=\"_ _0\"></span>modificati <span class=\"_ _0\"></span>altri <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>fin<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>meglio <span class=\"_ _0\"></span>esplicitare <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>potenziale <span class=\"_ _0\"></span>legame <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>fattori <span class=\"_ _0\"></span>ESG. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1881\">Inoltr<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1882\">e, <span class=\"_ _1\"></span>nel 20<span class=\"_ _1\"></span>24 sono <span class=\"_ _1\"></span>stati <span class=\"_ _1\"></span>introdotti <span class=\"_ _1\"></span>specifici s<span class=\"_ _1\"></span>cenari <span class=\"_ _1\"></span>per il <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>chio di <span class=\"_ _1\"></span>Outsourcing, <span class=\"_ _1\"></span>volti <span class=\"_ _1\"></span>a valutare </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1883\">il <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>ibile <span class=\"_ _1\"></span>impatt<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>dell\u2019interruzione, <span class=\"_ _38\"></span>ritar<span class=\"_ _1\"></span>di, <span class=\"_ _1\"></span>inadempienze <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ervizi <span class=\"_ _38\"></span>esternalizzati <span class=\"_ _38\"></span>(legati <span class=\"_ _38\"></span>anche </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1884\">ad eventi climatici). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1885\">A partir<span class=\"_ _1\"></span>e da <span class=\"_ _1\"></span>gennaio <span class=\"_ _1\"></span>2025, la <span class=\"_ _1\"></span>metodologia <span class=\"_ _1\"></span>di calcolo del <span class=\"_ _1\"></span>requisito<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>per il <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>operativo nonch\u00e9 <span class=\"_ _1\"></span>il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1886\">processo di <span class=\"_ _3b\"></span>Loss Data<span class=\"_ _2\"></span> Collection <span class=\"_ _3b\"></span>verranno aggiornati <span class=\"_ _3b\"></span>coerentemente alle <span class=\"_ _3b\"></span>indicazioni in<span class=\"_ _2\"></span>ternazionali </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1887\">recepite <span class=\"_ _39\"> </span>primariamente <span class=\"_ _39\"> </span>con <span class=\"_ _39\"> </span>la <span class=\"_ _36\"> </span>CRR3 <span class=\"_ _36\"> </span>(i.e<span class=\"_ _1\"></span>. <span class=\"_ _36\"> </span>Capital <span class=\"_ _39\"> </span>Requirements<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>Re<span class=\"_ _1\"></span>gulation <span class=\"_ _36\"> </span>che <span class=\"_ _39\"> </span>modifica <span class=\"_ _36\"> </span>il<span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1888\">regolamento <span class=\"_ _0\"></span>(U<span class=\"_ _2\"></span>E) <span class=\"_ _38\"></span>n. <span class=\"_ _38\"></span>57<span class=\"_ _1\"></span>5/2013 <span class=\"_ _0\"></span>p<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>r <span class=\"_ _38\"></span>quanto <span class=\"_ _0\"></span>concerne <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>requisiti <span class=\"_ _38\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>credito, <span class=\"_ _0\"></span>il <span class=\"_ _1\"></span>rischio <span class=\"_ _38\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1889\">aggiustamento <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>valu<span class=\"_ _2\"></span>tazione <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>credito, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>operativo, <span class=\"_ _35\"> </span>il<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"> </span>di <span class=\"_ _35\"> </span>mercato <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>l\u2019output </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs188a\">floor) <span class=\"_ _0\"></span>\u201c <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>modifica <span class=\"_ _0\"></span>le <span class=\"_ _35\"> </span>regole <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>calcolo <span class=\"_ _0\"></span>dei <span class=\"_ _35\"> </span>requisiti <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>rischio <span class=\"_ _0\"></span>operativo, <span class=\"_ _35\"> </span>introducendo <span class=\"_ _0\"></span>una </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs188b\">nuova metodologia di tipo standardizzato, che s<span class=\"_ _1\"></span>ostituisce tutte le metodologie precedentemente </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs188c\">esistenti. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs188d\">Informazi<span class=\"_ _1\"></span>oni di na<span class=\"_ _1\"></span>tura quan<span class=\"_ _1\"></span>titativa </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs188e\">Si <span class=\"_ _38\"></span>riporta <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>seguito <span class=\"_ _1\"></span>la <span class=\"_ _0\"></span>composi<span class=\"_ _2\"></span>zione <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span>centuale <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>perdite <span class=\"_ _38\"></span>oper<span class=\"_ _1\"></span>ative <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>Gruppo <span class=\"_ _38\"></span>Cre<span class=\"_ _1\"></span>dem <span class=\"_ _38\"></span>per </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs188f\">tipolo</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1890\">gie di evento: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1891\"><span class=\"_ _42\"> </span><span class=\"ff4\">ET 01 - Frodi Interne </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1892\"><span class=\"_ _42\"> </span><span class=\"ff4\">ET 02 - Frodi esterne </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1893\"><span class=\"_ _42\"> </span><span class=\"ff4\">ET 03 - Relazioni con il personale e sicurezza de<span class=\"_ _1\"></span>ll'ambiente di lavoro </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1894\"><span class=\"_ _42\"> </span><span class=\"ff4\">ET 04 - Rapporti con clienti, prestazioni di ser<span class=\"_ _1\"></span>vizi o prodotti </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1895\"><span class=\"_ _42\"> </span><span class=\"ff4\">ET 05 - Disastri ed altri eventi </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1896\"><span class=\"_ _42\"> </span><span class=\"ff4\">ET 06 - Sistemi </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1897\"><span class=\"_ _42\"> </span><span class=\"ff4\">ET 07 - Esecuzione, gestione, consegna di prodotti o servizi </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1898\">Nel corso <span class=\"_ _2\"></span>del 202<span class=\"_ _2\"></span>4, la <span class=\"_ _3b\"></span>principale fonte di<span class=\"_ _2\"></span> rischio <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>perativo, <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span> importo <span class=\"_ _3b\"></span>di perdita, \u00e8 <span class=\"_ _3b\"></span>risultata essere </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs709\">la <span class=\"_ _1\"></span>tip<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1899\">ologia <span class=\"_ _1\"></span>di e<span class=\"_ _1\"></span>vento <span class=\"_ _1\"></span>\u201cEsecuzione, <span class=\"_ _1\"></span>gest<span class=\"_ _1\"></span>ione e <span class=\"_ _1\"></span>conse<span class=\"_ _1\"></span>gna <span class=\"_ _1\"></span>di pro<span class=\"_ _1\"></span>dotti <span class=\"_ _1\"></span>o ser<span class=\"_ _1\"></span>vizi\u201d (ET <span class=\"_ _1\"></span>07). <span class=\"_ _1\"></span>La <span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>conda </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs189a\">fonte <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>rischio <span class=\"_ _0\"></span>operativo <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>riferisce <span class=\"_ _0\"></span>alle <span class=\"_ _35\"> </span>perdite <span class=\"_ _0\"></span>dovute <span class=\"_ _35\"> </span>a<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>\u201cFrod<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>esterne\u201d <span class=\"_ _0\"></span>(ET <span class=\"_ _35\"> </span>02)\u201d,<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>seguita <span class=\"_ _35\"> </span>d<span class=\"_ _3b\"></span>a </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs189b\">\u201cRapporti <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>Clienti, <span class=\"_ _38\"></span>prestazioni <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>ser<span class=\"_ _1\"></span>vizi <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>pro<span class=\"_ _1\"></span>dotti\u201d <span class=\"_ _38\"></span>(ET <span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>4), <span class=\"_ _1\"></span>\u201c<span class=\"_ _1\"></span>Frodi <span class=\"_ _38\"></span>Interne\u201d <span class=\"_ _38\"></span>(ET <span class=\"_ _38\"></span>01), <span class=\"_ _38\"></span>\u201cRelazioni </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs189c\">con il personale e sicurezza dell'ambiente <span class=\"_ _1\"></span>di lavoro\u201d (ET 03)\u201d, e \u201cDisastri ed altri eventi\u201d (ET 05). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs189d\">L\u2019incidenza <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>perdite <span class=\"_ _35\"> </span>legate<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>malfunzionamento <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>sistemi <span class=\"_ _35\"> </span>tecnologici <span class=\"_ _0\"></span>(ET <span class=\"_ _35\"> </span>06) <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>risultata </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs189e\">marginale.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs189f\">Infine, la <span class=\"_ _1\"></span>quasi <span class=\"_ _1\"></span>totalit\u00e0 <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>perdite r<span class=\"_ _1\"></span>iconducibili al <span class=\"_ _1\"></span>\u201cConduct <span class=\"_ _1\"></span>Risk\u201d <span class=\"_ _1\"></span>si r<span class=\"_ _1\"></span>iferisce agli <span class=\"_ _1\"></span>Event <span class=\"_ _1\"></span>Type 01 <span class=\"_ _1\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs18a0\">04. </div><div class=\"t m0 hb ff4 fs6 fc12 scc ls0 ws0 gs18a1\">9%<span class=\"_ _3a1\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-841": {
   "value": "<div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gseaf\">10.5 Fond<span class=\"_ _1\"></span>i di p<span class=\"_ _1\"></span>revidenza <span class=\"_ _1\"></span>aziendali<span class=\"_ _1\"></span> a benefic<span class=\"_ _1\"></span>i defin<span class=\"_ _1\"></span>iti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gseb0\">V<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gseb1\">iene <span class=\"_ _37\"> </span>gest<span class=\"_ _1\"></span>ito <span class=\"_ _37\"> </span>un <span class=\"_ _3d\"> </span>F<span class=\"_ _1\"></span>ondo <span class=\"_ _37\"> </span>interno <span class=\"_ _37\"> </span>a <span class=\"_ _37\"> </span>Cre<span class=\"_ _1\"></span>dem <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>a <span class=\"_ _37\"> </span>Credemlea<span class=\"_ _1\"></span>sing <span class=\"_ _3d\"> </span>che <span class=\"_ _37\"> </span>e<span class=\"_ _1\"></span>rogano <span class=\"_ _37\"> </span>un <span class=\"_ _37\"> </span>tr<span class=\"_ _1\"></span>attamento </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gseb2\">previdenziale aggiuntivo alle prestazioni erogate <span class=\"_ _1\"></span>dall\u2019INPS. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gseb3\">Si t<span class=\"_ _1\"></span>ratta <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>\u201cFondo <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>prestazione <span class=\"_ _1\"></span>definita\u201d<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>cui import<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>soggetti <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>stessa <span class=\"_ _1\"></span>perequazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gseb4\">prevista per l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> Pensioni <span class=\"_ _3b\"></span>INPS, come pure <span class=\"_ _2\"></span>al censimento <span class=\"_ _2\"></span>presso i<span class=\"_ _2\"></span>l Casellario <span class=\"_ _2\"></span>Centrale delle <span class=\"_ _3b\"></span>Pe<span class=\"_ _1\"></span>nsioni.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gseb5\">Su tale posta di bilancio viene effettuata la valutazione attuariale. <span class=\"_ _25a\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gseb6\">I beneficiari di tali trattamenti sono coloro che: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gseb7\"><span class=\"_ _36\"> </span><span class=\"ff4\">r<span class=\"_ _1\"></span>isultavano <span class=\"_ _2\"></span>eredi <span class=\"_ _3b\"></span>di pe<span class=\"_ _2\"></span>rsone <span class=\"_ _3b\"></span>dece<span class=\"_ _1\"></span>dute <span class=\"_ _2\"></span>durante <span class=\"_ _3b\"></span>il s<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>rvizio <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>n <span class=\"_ _3b\"></span>Credem e <span class=\"_ _3b\"></span>Credemleasing <span class=\"_ _3b\"></span>(sostituito </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gseb8\">dall\u2019attuale Cassa di Previdenza dal 1/1/1996); </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gseb9\"><span class=\"_ _36\"> </span><span class=\"ff4\">r<span class=\"_ _1\"></span>isultavano <span class=\"_ _0\"></span>ex <span class=\"_ _35\"> </span>dip<span class=\"_ _2\"></span>endenti <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>lla <span class=\"_ _0\"></span>Banca <span class=\"_ _0\"></span>Po<span class=\"_ _1\"></span>polare <span class=\"_ _0\"></span>Dauna <span class=\"_ _0\"></span>gi\u00e0 <span class=\"_ _0\"> </span>in <span class=\"_ _35\"> </span>q<span class=\"_ _2\"></span>uiescenza <span class=\"_ _0\"></span>oppure <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>avevano </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gseba\">inoltrato le dimissioni entro il 30/11/<span class=\"_ _1\"></span>1999. La Banca Popolare Dauna \u00e8 confluita in Cre<span class=\"_ _1\"></span>dem in data </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsebb\">11/12/1999 a seguito di fusione per incorporazione. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsebc\">Per le valutazioni att<span class=\"_ _1\"></span>uariali del Fondo al 31 dicembre 2024, tenendo conto <span class=\"_ _1\"></span>di quanto disposto dalle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsebd\">linee <span class=\"_ _3b\"></span>guida <span class=\"_ _2\"></span>per <span class=\"_ _3b\"></span>la <span class=\"_ _2\"></span>redazione <span class=\"_ _2\"></span>dei <span class=\"_ _3b\"></span>bilanci <span class=\"_ _3b\"></span>tecnici d<span class=\"_ _2\"></span>egli <span class=\"_ _3b\"></span>Enti d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>previde<span class=\"_ _1\"></span>nza, <span class=\"_ _3b\"></span>sono <span class=\"_ _2\"></span>state <span class=\"_ _2\"></span>adottate <span class=\"_ _3b\"></span>le <span class=\"_ _2\"></span>ipotesi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsebe\">demografiche ed economico-finanziarie descr<span class=\"_ _1\"></span>itte nei successivi due paragrafi. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsebf\">Nel corso dell\u2019esercizio il fondo ha subito un decr<span class=\"_ _1\"></span>emento netto di circa 113 mila euro.  </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsec0\">Ipotesi de<span class=\"_ _1\"></span>mografiche<span class=\"fc5 sc4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsec1\">Sono state utilizzate le seguenti probabilit\u00e0: </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gsec2\">-<span class=\"_ _41\"> </span><span class=\"ff4\">per <span class=\"_ _1\"></span>le </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsec3\">probabilit\u00e0 di <span class=\"_ _1\"></span>mor<span class=\"_ _1\"></span>te <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>personale <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>pensione <span class=\"_ _38\"></span>\u00e8 s<span class=\"_ _1\"></span>tata <span class=\"_ _1\"></span>utilizzata <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>tavola <span class=\"_ _1\"></span>IPS55, <span class=\"_ _1\"></span>distint<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsec4\">per sesso; </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gsec5\">-<span class=\"_ _41\"> </span><span class=\"ff4\">per <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>probabil<span class=\"_ _2\"></span>it\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>morte <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>pers<span class=\"_ _1\"></span>onale <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>pensione <span class=\"_ _35\"> </span>per <span class=\"_ _0\"></span>invalidit\u00e0 <span class=\"_ _35\"> </span>assoluta <span class=\"_ _0\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>permanente, </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsec6\">quelle adottate nel modello INPS per le proiezioni 2010, dist<span class=\"_ _1\"></span>inte per sesso; </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gsec7\">-<span class=\"_ _41\"> </span><span class=\"ff4\">per <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>babilit\u00e0 di <span class=\"_ _1\"></span>lasciare <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>famiglia quelle, <span class=\"_ _1\"></span>distinte<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>sesso, <span class=\"_ _1\"></span>pubblicate <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>modello <span class=\"_ _1\"></span>INPS </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsec8\">per le proiezioni al 2010 aggiornate. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsec9\">Ipotesi economico-f<span class=\"_ _1\"></span>inanziarie </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gseca\">Le <span class=\"_ _0\"></span>ip<span class=\"_ _2\"></span>otesi <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>oggetto <span class=\"_ _0\"></span>riguardano <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>tasso <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>attualizzazio<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsecb\">ne, <span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>tassi <span class=\"_ _0\"></span>d\u2019<span class=\"_ _2\"></span>inflazione <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>tassi <span class=\"_ _0\"></span>annui <span class=\"_ _38\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsecc\">rivalutazione delle pensioni Fondo e Inps. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsecd\">Per <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>tasso <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>rivalutazione <span class=\"_ _0\"></span>si <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>utilizzata <span class=\"_ _38\"></span>una <span class=\"_ _0\"></span>variazione <span class=\"_ _38\"></span>media <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ispetto <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>tasso <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>inflazione <span class=\"_ _38\"></span>del<span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsece\">75%  ricavata da un elevato numero di casi<span class=\"_ _2\"></span> analoghi a quello in esame ed a fronte degli incrementi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsecf\">previsti <span class=\"_ _38\"></span>dalla <span class=\"_ _38\"></span>no<span class=\"_ _1\"></span>rmativa <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>vi<span class=\"_ _2\"></span>gore<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>decorrere <span class=\"_ _38\"></span>dall\u2019anno <span class=\"_ _38\"></span>2009 <span class=\"_ _0\"></span>(100% <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>tasso <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>inflazione <span class=\"_ _38\"></span>IS<span class=\"_ _1\"></span>TAT </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsed0\">per <span class=\"_ _1\"></span>pensioni <span class=\"_ _1\"></span>annue <span class=\"_ _1\"></span>compless<span class=\"_ _1\"></span>ive inferior<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>a 5 <span class=\"_ _38\"></span>volte <span class=\"_ _1\"></span>il minimo <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>75% per<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>parte <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>pensione <span class=\"_ _1\"></span>annua </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsed1\">compresa <span class=\"_ _38\"></span>tra <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>pr<span class=\"_ _2\"></span>ecedente <span class=\"_ _38\"></span>importo <span class=\"_ _38\"></span>ed <span class=\"_ _0\"></span>8<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>volte <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>minimo); <span class=\"_ _0\"></span>si<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>precisa <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>pensione <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>ca<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ico <span class=\"_ _38\"></span>del </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsed2\">Fondo \u00e8 integrativa di quella dell\u2019INPS solo <span class=\"_ _1\"></span>per alcuni pensionati. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsed3\">Per il <span class=\"_ _1\"></span>tasso di <span class=\"_ _1\"></span>attualizzazione, in for<span class=\"_ _1\"></span>za della <span class=\"_ _1\"></span>normativa IAS, s<span class=\"_ _1\"></span>i \u00e8 <span class=\"_ _1\"></span>adottato <span class=\"_ _1\"></span>un tasso <span class=\"_ _1\"></span>che risultasse in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsed4\">linea con la vita media probabile del collett<span class=\"_ _1\"></span>ivo in esame. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsed5\">Tabella delle<span class=\"_ _1\"></span> basi economico \u2013 fina<span class=\"_ _1\"></span>nziarie </div><div class=\"gsed6\"><table class=\"s wb4d h249\" id=\"_ccdb1009-fa6e-47e3-b28a-79284fab8323\"><tr><td class=\"c n x1110 y5b32 wb4e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Variabili<span class=\"_ _3a1\"> </span></div></td><td class=\"c x1112 y5b32 wb4f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Valori<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1111 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x1114 y5bfd wb50 h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Tassi di<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1113 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">inflazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c x1117 y5bfd wb51 h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2,<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1115 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1116 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y539f wb52 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Tasso annuo di attua<span class=\"_ _2\"></span>lizzazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1118 y539f wb53 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3,18%<span class=\"_ _3a1\"> </span></div></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsed7\">Informazioni aggi<span class=\"_ _1\"></span>untive  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsed8\">Il <span class=\"_ _0\"></span>principio <span class=\"_ _0\"></span>conta<span class=\"_ _1\"></span>bile <span class=\"_ _0\"></span>IAS19, <span class=\"_ _35\"> </span>per <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>piani <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>benefici <span class=\"_ _0\"></span>definiti, <span class=\"_ _0\"></span>rich<span class=\"_ _1\"></span>iede <span class=\"_ _0\"></span>una <span class=\"_ _35\"> </span>sensitivity <span class=\"_ _0\"></span>sulle <span class=\"_ _35\"> </span>princi<span class=\"_ _2\"></span>pali </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsed9\">ipotesi attuariali.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gseda\">Di <span class=\"_ _35\"> </span>segui<span class=\"_ _2\"></span>to <span class=\"_ _35\"> </span>si <span class=\"_ _0\"></span>riportano <span class=\"_ _0\"></span>tali <span class=\"_ _35\"> </span>informazioni, <span class=\"_ _0\"></span>evidenziando <span class=\"_ _0\"> </span>il <span class=\"_ _35\"> </span>nuovo <span class=\"_ _0\"></span>valore<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>del<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>fondo <span class=\"_ _0\"></span>utilizzando <span class=\"_ _0\"></span>una </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsedb\">variazione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>+<span class=\"_ _2\"></span>/- <span class=\"_ _35\"> </span>25 <span class=\"_ _35\"> </span>bp<span class=\"_ _2\"></span>s <span class=\"_ _35\"> </span>per <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>tasso <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>inflazione <span class=\"_ _35\"> </span>e <span class=\"_ _0\"> </span>una <span class=\"_ _35\"> </span>variazione <span class=\"_ _35\"> </span>di <span class=\"_ _0\"> </span>+<span class=\"_ _1\"></span>/- <span class=\"_ _35\"> </span>25<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>bps <span class=\"_ _35\"> </span>per<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>tas<span class=\"_ _1\"></span>so <span class=\"_ _0\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsedc\">attualizzazione.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsedd\">La durata media finanziaria \u00e8 di circa 8,8 anni. </div><div class=\"t m2 h12 ff4 fs7 fc4 sc3 ls0 ws0 gsede\">Analisi di sensitivit\u00e0 dei principali parametri valutativi<span class=\"fc1 sc2\"> </span></div><div class=\"gsedf\"><table class=\"s wb54 h24a\" id=\"_12106139-59d2-4c26-957c-37092d6d6e59\"><tr><td></td><td></td><td></td><td class=\"c x111b y5bfe wb55 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">variaz<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x111a h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">ione delle ipote<span class=\"_ _2\"></span>si<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x111c y5bff wb56 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">tasso inflazione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x111d y5bff wb28 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">tasso attualizzazione<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5c00 wb57 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">+ 0,25 bps<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x111e y5c00 wb58 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- 0,25 bps<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x111f y5c00 wb59 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">+ <span class=\"_ _3b\"></span>0,25 bps<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1120 y5c00 wb58 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- 0,25 bps<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1121 y53a2 w6f6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.108<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1122 y53a2 wb5a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.072<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1123 y53a2 wb5b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.068<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1124 y53a2 wb5c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.113<span class=\"_ _3a1\"> </span></div></td></tr></table></div><div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gs17c7\">1.5 Rischi operativi </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs17c8\">Informazi<span class=\"_ _1\"></span>oni di na<span class=\"_ _1\"></span>tura quali<span class=\"_ _1\"></span>tativa </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs17c9\">A. Aspet<span class=\"_ _1\"></span>ti general<span class=\"_ _1\"></span>i, proce<span class=\"_ _1\"></span>ssi di ge<span class=\"_ _1\"></span>stione e me<span class=\"_ _1\"></span>todi di<span class=\"_ _1\"></span> misuraz<span class=\"_ _1\"></span>ione del <span class=\"_ _1\"></span>rischio ope<span class=\"_ _1\"></span>rativo<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17ca\">Il <span class=\"_ _3d\"> </span>Gruppo <span class=\"_ _3d\"> </span>ha <span class=\"_ _3d\"> </span>sviluppato <span class=\"_ _3d\"> </span>un <span class=\"_ _3d\"> </span>siste<span class=\"_ _1\"></span>ma <span class=\"_ _3d\"> </span>integrato <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>gestione <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>rischi <span class=\"_ _3d\"> </span>operativi <span class=\"_ _3d\"> </span>assunti <span class=\"_ _3d\"> </span>che, <span class=\"_ _3d\"> </span>in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17cb\">attuaz<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17cc\">ione <span class=\"_ _1\"></span>degli <span class=\"_ _1\"></span>indirizzi st<span class=\"_ _1\"></span>rategici, consente<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rafforzare <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>capacit\u00e0 <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>Unit\u00e0 <span class=\"_ _1\"></span>Organizzative <span class=\"_ _1\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17cd\">gestirli <span class=\"_ _0\"></span>consapevolmente, <span class=\"_ _0\"></span>introdu<span class=\"_ _2\"></span>cendo <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rilevazione, <span class=\"_ _38\"></span>misurazione<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>controllo <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>ali <span class=\"_ _0\"></span>da<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17ce\">garantire un\u2019assunzione dei <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischi consapevole <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> compatibil<span class=\"_ _2\"></span>e con le <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>trategie di G<span class=\"_ _2\"></span>overnance e co<span class=\"_ _2\"></span>n </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17cf\">le <span class=\"_ _1\"></span>condizioni e<span class=\"_ _1\"></span>conomiche e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>patrimoniali, nel <span class=\"_ _1\"></span>rispetto <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>indicazioni <span class=\"_ _1\"></span>provenienti <span class=\"_ _1\"></span>dalle <span class=\"_ _1\"></span>Autorit\u00e0 <span class=\"_ _1\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17d0\">Vigilanza. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17d1\">Il Consiglio di Amministrazione della Capogruppo ha approvato il<span class=\"_ _3b\"></span> re<span class=\"_ _1\"></span>golamento \u201cGestione dei rischi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17d2\">operativi\u201d <span class=\"_ _35\"> </span>(Regolamento <span class=\"_ _0\"></span>ORM) <span class=\"_ _35\"> </span>con <span class=\"_ _0\"></span>cui <span class=\"_ _35\"> </span>definisce <span class=\"_ _0\"> </span>le<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>politich<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>ge<span class=\"_ _1\"></span>stione <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>rischio <span class=\"_ _35\"> </span>operativo <span class=\"_ _0\"></span>a </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17d3\">livello <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>G<span class=\"_ _1\"></span>ruppo <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>Banca <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>det<span class=\"_ _1\"></span>ermina <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>sist<span class=\"_ _1\"></span>ema <span class=\"_ _0\"></span>comune <span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>ordinato <span class=\"_ _38\"></span>car<span class=\"_ _1\"></span>atterizzato <span class=\"_ _38\"></span>da <span class=\"_ _0\"></span>regol<span class=\"_ _2\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17d4\">condivise per l\u2019allocazione di compiti e res<span class=\"_ _1\"></span>ponsabilit\u00e0. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17d5\">Il regolamento definisce c<span class=\"_ _2\"></span>ome rischio operativo <span class=\"_ _2\"></span>\u201cil rischio d<span class=\"_ _2\"></span>i perdite derivan<span class=\"_ _2\"></span>ti dall\u2019inadeguatezza o </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17d6\">dalla  disfu<span class=\"_ _1\"></span>nzione <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>process<span class=\"_ _1\"></span>i, <span class=\"_ _3d\"> </span>risorse <span class=\"_ _3d\"> </span>umane <span class=\"_ _3d\"> </span>e <span class=\"_ _3d\"> </span>sistemi <span class=\"_ _37\"> </span>interni,  oppure <span class=\"_ _3d\"> </span>da <span class=\"_ _37\"> </span>eventi <span class=\"_ _3d\"> </span>esogeni, <span class=\"_ _3d\"> </span>ivi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17d7\">compreso il rischio giuridico; non sono inclusi quelli strategici e di re<span class=\"_ _1\"></span>putazione\u201d. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17d8\">Inoltre, il <span class=\"_ _3b\"></span>Consiglio di <span class=\"_ _3b\"></span>Amm<span class=\"_ _1\"></span>inistrazione della <span class=\"_ _3b\"></span>Capogruppo ha <span class=\"_ _3b\"></span>approvato<span class=\"_ _1\"></span>, ai<span class=\"_ _2\"></span> fini<span class=\"_ _2\"></span> della <span class=\"_ _3b\"></span>deter<span class=\"_ _1\"></span>minazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17d9\">del <span class=\"_ _0\"></span>requisito <span class=\"_ _0\"></span>patrimoniale, <span class=\"_ _0\"></span>l\u2019utilizzo <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>met<span class=\"_ _1\"></span>odo <span class=\"_ _0\"></span>TSA <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>tutte <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ociet\u00e0 <span class=\"_ _0\"></span>appartenenti <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>Gr<span class=\"_ _1\"></span>uppo<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17da\">Bancario.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17db\">Non <span class=\"_ _37\"> </span>sono <span class=\"_ _37\"> </span>intervenute <span class=\"_ _3d\"> </span>variazioni <span class=\"_ _3d\"> </span>significative <span class=\"_ _37\"> </span>rispetto<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>all\u2019esercizio <span class=\"_ _3d\"> </span>pre<span class=\"_ _1\"></span>cedente <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>re<span class=\"_ _1\"></span>lazione <span class=\"_ _3d\"> </span>al </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17dc\">modello <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>gestione <span class=\"_ _37\"> </span>de<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>rischi <span class=\"_ _37\"> </span>oper<span class=\"_ _1\"></span>ativi <span class=\"_ _37\"> </span>che <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>seguito <span class=\"_ _37\"> </span>viene <span class=\"_ _36\"> </span>rappresentato <span class=\"_ _37\"> </span>sinteticamente: </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17dd\">l\u2019Organo <span class=\"_ _39\"> </span>con <span class=\"_ _3f\"> </span>funzioni <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>s<span class=\"_ _1\"></span>upervisione <span class=\"_ _3f\"> </span>strategica <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>Gruppo <span class=\"_ _3f\"> </span>\u00e8 <span class=\"_ _3f\"> </span>identificato <span class=\"_ _3f\"> </span>nel <span class=\"_ _39\"> </span>Consiglio <span class=\"_ _3f\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17de\">Amministrazione <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>Credito <span class=\"_ _35\"> </span>Emi<span class=\"_ _3b\"></span>liano <span class=\"_ _35\"> </span>SpA, <span class=\"_ _0\"></span>Capogruppo <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>Gruppo <span class=\"_ _35\"> </span>Bancario <span class=\"_ _35\"> </span>C<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>edito <span class=\"_ _35\"> </span>Emil<span class=\"_ _2\"></span>iano <span class=\"_ _0\"></span>\u2013 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17df\">CREDEM. L\u2019azione viene eser<span class=\"_ _1\"></span>citata con il supporto del Comitato Consiliare Rischi e <span class=\"_ _1\"></span>Sostenibilit\u00e0 di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17e0\">Gruppo <span class=\"_ _35\"> </span>(Comitato <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>Governance, <span class=\"_ _35\"> </span>privo <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>deleghe, <span class=\"_ _35\"> </span>istituito <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>finalit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>volgere <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>ruolo<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17e1\">istruttorio). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17e2\">A <span class=\"_ _35\"> </span>livello  di<span class=\"_ _2\"></span>  Grupp<span class=\"_ _2\"></span>o  sono <span class=\"_ _35\"> </span>stati <span class=\"_ _35\"> </span>individuati <span class=\"_ _35\"> </span>pi\u00f9  organi <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>funzioni <span class=\"_ _35\"> </span>di  gestione, <span class=\"_ _35\"> </span>coincidenti <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17e3\">Consigli <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>Amministrazione <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>singole <span class=\"_ _35\"> </span>controllate, <span class=\"_ _0\"></span>che <span class=\"_ _35\"> </span>hanno <span class=\"_ _35\"> </span>adottato <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>Regolamento <span class=\"_ _0\"></span>ORM </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17e4\">traducendo il relativo \u201cschema\u201d nella specifica <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ealt\u00e0 aziendale ed individuando concretamente le </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17e5\">funzioni \u201clocali\u201d richieste per il buon esito del processo. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17e6\">Dal punto <span class=\"_ _1\"></span>di vista <span class=\"_ _1\"></span>operativo gli <span class=\"_ _1\"></span>organi con funzione <span class=\"_ _1\"></span>di supervisione <span class=\"_ _1\"></span>strategica e <span class=\"_ _1\"></span>quelli con <span class=\"_ _1\"></span>funzioni </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17e7\">di <span class=\"_ _36\"> </span>gestione <span class=\"_ _39\"> </span>sono <span class=\"_ _36\"> </span>supportati <span class=\"_ _36\"> </span>dall\u2019attivit\u00e0 <span class=\"_ _36\"> </span>dell\u2019ufficio <span class=\"_ _36\"> </span>G<span class=\"_ _1\"></span>overnance, <span class=\"_ _36\"> </span>Raf <span class=\"_ _39\"> </span>Esg <span class=\"_ _36\"> </span>e <span class=\"_ _36\"> </span>Oper<span class=\"_ _1\"></span>ativi <span class=\"_ _36\"> </span>(GEO). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17e8\">Nell\u2019ambito <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>processo <span class=\"_ _0\"></span>coordin<span class=\"_ _2\"></span>ato <span class=\"_ _0\"></span>centralmente <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>GEO <span class=\"_ _0\"></span>(<span class=\"_ _2\"></span>c.d. <span class=\"_ _0\"></span>\u201cORM <span class=\"_ _0\"></span>Centrale\u201d), <span class=\"_ _38\"></span>l\u2019att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _0\"></span>vien<span class=\"_ _2\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17e9\">svolta c<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>upporto <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>alcune<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>funzioni \u201cORM <span class=\"_ _3b\"></span>Per<span class=\"_ _1\"></span>iferico\u201d <span class=\"_ _2\"></span>appartenenti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>diversi <span class=\"_ _2\"></span>servizi <span class=\"_ _3b\"></span>della banca. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17ea\">L\u2019Organo <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>funzioni <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>controllo  \u00e8 <span class=\"_ _35\"> </span>identificato <span class=\"_ _35\"> </span>nel <span class=\"_ _35\"> </span>Collegio <span class=\"_ _35\"> </span>Sindacale, <span class=\"_ _35\"> </span>coerentemente  c<span class=\"_ _2\"></span>on <span class=\"_ _35\"> </span>la </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17eb\">disciplina <span class=\"_ _39\"> </span>vigente <span class=\"_ _3f\"> </span>relativa <span class=\"_ _39\"> </span>agli <span class=\"_ _39\"> </span>ent<span class=\"_ _1\"></span>i <span class=\"_ _39\"> </span>che <span class=\"_ _3f\"> </span>adottano <span class=\"_ _39\"> </span>un <span class=\"_ _39\"> </span>modello <span class=\"_ _39\"> </span>\u201c<span class=\"_ _1\"></span>tradizionale\u201d <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>gover<span class=\"_ _1\"></span>nance </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17ec\">societaria. Pi\u00f9 in p<span class=\"_ _2\"></span>articolare, il Collegio d<span class=\"_ _2\"></span>ella Capogruppo \u00e8 responsabil<span class=\"_ _2\"></span>e di vigilare sull\u2019osservanza<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17ed\">delle norme di legge, regolamentari e statutarie, sulla corretta amministrazione, sull\u2019adeguatezza </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17ee\">degli asse<span class=\"_ _1\"></span>tti organizzativi <span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>abili del <span class=\"_ _1\"></span>Gruppo anche <span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>amite <span class=\"_ _1\"></span>il coor<span class=\"_ _1\"></span>dinamento con <span class=\"_ _1\"></span>gli om<span class=\"_ _1\"></span>ologhi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17ef\">organi collegiali presenti nelle contro<span class=\"_ _1\"></span>llate. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17f0\">Nell\u2019espletamento delle proprie att<span class=\"_ _1\"></span>ivit\u00e0 tale organo viene supportato dal Servizio Audit di Gruppo. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17f1\">Il <span class=\"_ _1\"></span>Regolame<span class=\"_ _1\"></span>nto <span class=\"_ _38\"></span>ORM <span class=\"_ _38\"></span>istituisce, <span class=\"_ _38\"></span>inoltre, <span class=\"_ _38\"></span>specifici <span class=\"_ _1\"></span>flussi <span class=\"_ _38\"></span>informat<span class=\"_ _1\"></span>ivi <span class=\"_ _38\"></span>verso <span class=\"_ _38\"></span>l\u2019organo <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>controllo <span class=\"_ _38\"></span>delle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17f2\">societ\u00e0  interessate  dal  modell<span class=\"_ _2\"></span>o  TSA  (a  livello  in<span class=\"_ _2\"></span>dividuale  e  consolidato,  secondo  le<span class=\"_ _2\"></span>  rispettive </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17f3\">competenze). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17f4\">Il <span class=\"_ _1\"></span>Siste<span class=\"_ _1\"></span>ma <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Gestione <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>Rischi <span class=\"_ _1\"></span>Oper<span class=\"_ _1\"></span>ativi <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>iodicamente <span class=\"_ _1\"></span>sottopost<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>revisione <span class=\"_ _38\"></span>indipendente </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17f5\">da parte del Servizio Audit della Capogruppo. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17f6\">Il <span class=\"_ _2\"></span>sistema di <span class=\"_ _3b\"></span>ge<span class=\"_ _1\"></span>stione dei <span class=\"_ _3b\"></span>ris<span class=\"_ _1\"></span>chi <span class=\"_ _2\"></span>operativi \u00e8 <span class=\"_ _3b\"></span>definito come l\u2019i<span class=\"_ _2\"></span>nsieme strutturato <span class=\"_ _3b\"></span>dei processi funzi<span class=\"_ _2\"></span>oni </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17f7\">e <span class=\"_ _0\"></span>risorse <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>l\u2019identificazione, <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>controllo <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>operativi <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>articolato <span class=\"_ _0\"></span>nei </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17f8\">seguenti sottoprocessi: </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs17f9\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Identificazione;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs17fa\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Misurazione; </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs17fb\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Monitoraggio e Controllo; </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs17fc\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Mitigazione.<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17fd\">Le  societ<span class=\"_ _1\"></span>\u00e0  incluse  nei <span class=\"_ _3d\"> </span>processi  di  misurazione,  mo<span class=\"_ _1\"></span>nitoraggio  e <span class=\"_ _3d\"> </span>mitigazione,  sono <span class=\"_ _3d\"> </span>quelle  che </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17fe\">risultano <span class=\"_ _38\"></span>annualmente <span class=\"_ _38\"></span>rilevanti <span class=\"_ _38\"></span>ai <span class=\"_ _38\"></span>fini <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>operativo <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>inform<span class=\"_ _1\"></span>atico <span class=\"_ _38\"></span>dall\u2019analisi <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>rilevanza<span class=\"_ _3a1\"> </span> </div>effettuata <span class=\"_ _35\"> </span>nell\u2019ambito  dell\u2019app<span class=\"_ _2\"></span>rovazione  del <span class=\"_ _35\"> </span>Risk <span class=\"_ _35\"> </span>Appetite <span class=\"_ _35\"> </span>Framework  (<span class=\"_ _2\"></span>RAF) <span class=\"_ _35\"> </span>e  del<span class=\"_ _3b\"></span>  processo <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span> determinazione dell\u2019adeguatezza patrimoniale (ICAAP) svolto dalla Capogruppo.<span class=\"_ _3a1\"> </span> Il processo di \u201cIdentificazione\u201d \u00e8 composto <span class=\"_ _1\"></span>dalle seguenti procedure:<span class=\"_ _3a1\"> </span> -<span class=\"_ _1a9\"> </span><span class=\"ff4\">Loss  Data  Collection:  consiste  nella  r<span class=\"_ _1\"></span>accolta  dei  dati  di  perdita  operativa  interna  con  il<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>coinvolgimento  diretto  di  tutte  le  unit\u00e0  di <span class=\"_ _35\"> </span>business.  In  tale  ambito,  gli  eventi  di  perdita<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> operativa <span class=\"_ _1\"></span>(inclusi quelli <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>natura <span class=\"_ _1\"></span>informat<span class=\"_ _1\"></span>ica) sono <span class=\"_ _1\"></span>classificati <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>Business <span class=\"_ _1\"></span>Line <span class=\"_ _1\"></span>(corporate<span class=\"_ _3a1\"> </span> finance, <span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>rading <span class=\"_ _0\"></span>and <span class=\"_ _35\"> </span>sales, <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>etail <span class=\"_ _0\"></span>banking, <span class=\"_ _35\"> </span>commercial <span class=\"_ _0\"></span>banking, <span class=\"_ _35\"> </span>payment <span class=\"_ _0\"></span>and <span class=\"_ _35\"> </span>settlement,<span class=\"_ _3a1\"> </span> agency <span class=\"_ _0\"></span>services<span class=\"_ _1\"></span>, <span class=\"_ _0\"></span>asset <span class=\"_ _0\"></span>management, <span class=\"_ _0\"></span>ret<span class=\"_ _1\"></span>ail <span class=\"_ _0\"></span>Brokerage) <span class=\"_ _0\"></span>ed <span class=\"_ _35\"> </span>Ev<span class=\"_ _2\"></span>ent <span class=\"_ _0\"></span>Type <span class=\"_ _0\"></span>(fro<span class=\"_ _1\"></span>di <span class=\"_ _0\"></span>interne, <span class=\"_ _0\"> </span>frodi<span class=\"_ _3a1\"> </span> esterne, rapporto di<span class=\"_ _3b\"></span> impiego e si<span class=\"_ _3b\"></span>cure<span class=\"_ _1\"></span>zza sul <span class=\"_ _2\"></span>lavoro, clientela <span class=\"_ _2\"></span>- pro<span class=\"_ _2\"></span>dotti e p<span class=\"_ _2\"></span>rassi professionali,<span class=\"_ _3a1\"> </span> danni <span class=\"_ _0\"></span>da <span class=\"_ _35\"> </span>eventi <span class=\"_ _35\"> </span>esterni, <span class=\"_ _0\"></span>inte<span class=\"_ _1\"></span>rruzioni <span class=\"_ _0\"></span>dell\u2019oper<span class=\"_ _1\"></span>ativit\u00e0 <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>disfunzioni <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>siste<span class=\"_ _1\"></span>mi, <span class=\"_ _0\"> </span>e<span class=\"_ _1\"></span>secuzione,<span class=\"_ _3a1\"> </span> consegna e gestione dei processi);<span class=\"_ _3a1\"> </span> -<span class=\"_ _1a9\"> </span><span class=\"ff4\">Risk <span class=\"_ _38\"></span>Self <span class=\"_ _38\"></span>As<span class=\"_ _1\"></span>sessment: <span class=\"_ _38\"></span>consiste <span class=\"_ _38\"></span>nella <span class=\"_ _0\"></span>raccolta, <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ttraverso <span class=\"_ _38\"></span>questionario, <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>stime <span class=\"_ _1\"></span>sogget<span class=\"_ _1\"></span>tive<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>espresse dai <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>isk <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>wner con <span class=\"_ _3b\"></span>riferimento agli <span class=\"_ _2\"></span>eventi d<span class=\"_ _2\"></span>i natura <span class=\"_ _3b\"></span>operativa (inclusi <span class=\"_ _3b\"></span>quelli di <span class=\"_ _2\"></span>natura<span class=\"_ _3a1\"> </span> informatica) <span class=\"_ _0\"></span>potenzialmente <span class=\"_ _0\"></span>rilevanti <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>proprie <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>nit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>business <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>tenuto <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>delle<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> linee guida di sviluppo emerse dal processo di pianificazione preliminare di gruppo;<span class=\"_ _3a1\"> </span> -<span class=\"_ _1a9\"> </span><span class=\"ff4\">Data <span class=\"_ _0\"></span>Pooling/Comunicazione <span class=\"_ _0\"></span>verso <span class=\"_ _0\"></span>enti <span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>sterni: <span class=\"_ _0\"></span>consiste <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>partecipazione <span class=\"_ _0\"></span>ad <span class=\"_ _38\"></span>iniziative<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>consortili <span class=\"_ _1\"></span>esterne e <span class=\"_ _1\"></span>nella <span class=\"_ _1\"></span>gestione delle <span class=\"_ _1\"></span>relative <span class=\"_ _1\"></span>interrelazioni (ad <span class=\"_ _1\"></span>es. <span class=\"_ _1\"></span>consorzio D<span class=\"_ _1\"></span>IPO) ed <span class=\"_ _1\"></span>alla<span class=\"_ _3a1\"> </span> comunicazione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>dita <span class=\"_ _1\"></span>operativa <span class=\"_ _1\"></span>raccolti <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>Organi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Vigilanza <span class=\"_ _38\"></span>(Banca <span class=\"_ _1\"></span>d\u2019Italia <span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span> Banca Centrale Europea).<span class=\"_ _3a1\"> </span> Il <span class=\"_ _0\"></span>proce<span class=\"_ _1\"></span>sso <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>\u201cMisurazione\u201d<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>rappresentato <span class=\"_ _35\"> </span>dalla <span class=\"_ _0\"></span>quantificazione<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>Capitale <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>Rischio <span class=\"_ _35\"> </span>(CaR)<span class=\"_ _3a1\"> </span> mediante <span class=\"_ _0\"></span>stime <span class=\"_ _0\"></span>soggettive. <span class=\"_ _0\"></span>Le <span class=\"_ _38\"></span>meto<span class=\"_ _1\"></span>dologie <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>misura<span class=\"_ _1\"></span>zione <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span>dite <span class=\"_ _0\"></span>attese <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>inattese <span class=\"_ _0\"></span>sono<span class=\"_ _3a1\"> </span> finalizzate <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>un\u2019attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>controllo <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>individuazione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>situazioni <span class=\"_ _0\"></span>potenzialmente <span class=\"_ _0\"></span>critiche <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>si<span class=\"_ _3a1\"> </span> basano <span class=\"_ _37\"> </span>sulla <span class=\"_ _37\"> </span>esecuzione <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>questionari <span class=\"_ _37\"> </span>Risk <span class=\"_ _37\"> </span>Self <span class=\"_ _37\"> </span>Assessment <span class=\"_ _37\"> </span>(RSA), <span class=\"_ _3d\"> </span>con <span class=\"_ _37\"> </span>fr<span class=\"_ _1\"></span>equenza <span class=\"_ _37\"> </span>almeno<span class=\"_ _3a1\"> </span> annuale, <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>ogni <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ipologia di <span class=\"_ _38\"></span>evento <span class=\"_ _1\"></span>richiedono <span class=\"_ _38\"></span>ai <span class=\"_ _1\"></span>responsabili <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>unit\u00e0 <span class=\"_ _38\"></span>organizzative <span class=\"_ _38\"></span>(UO)<span class=\"_ _3a1\"> </span> che possono generare/gestire i rischi operat<span class=\"_ _1\"></span>ivi, una stima soggettiva di alcuni fattori di rischio:<span class=\"_ _3a1\"> </span> -<span class=\"_ _1a9\"> </span><span class=\"ff4\">\u201cfrequenza tipica\u201d, il numero medio atteso di eventi <span class=\"_ _1\"></span>nell\u2019arco temporale di riferimento;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">\u201cimpatto tipico\u201d, la per<span class=\"_ _1\"></span>dita media attesa per tipologia di evento;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">\u201cimpatto peggiore\u201d<span class=\"_ _1\"></span>, l\u2019impatto del singolo evento qualora esso si manifesti nel peggior modo<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>(ragionevolmente) concepibile.<span class=\"_ _3a1\"> </span> L\u2019analisi <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>volta <span class=\"_ _1\"></span>su <span class=\"_ _38\"></span>pi\u00f9 <span class=\"_ _1\"></span>livelli: <span class=\"_ _38\"></span>unit\u00e0 <span class=\"_ _38\"></span>organizzativa, <span class=\"_ _1\"></span>business <span class=\"_ _38\"></span>units, <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ciet\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>gruppo <span class=\"_ _1\"></span>consolidato <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span> per o<span class=\"_ _1\"></span>gni livello so<span class=\"_ _1\"></span>no prodot<span class=\"_ _1\"></span>ti: un <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>di perdita <span class=\"_ _1\"></span>attesa <span class=\"_ _1\"></span>ed un <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>di perdita <span class=\"_ _1\"></span>inattesa. <span class=\"_ _1\"></span>I r<span class=\"_ _1\"></span>isultati<span class=\"_ _3a1\"> </span> della <span class=\"_ _35\"> </span>valutazione  sono  u<span class=\"_ _2\"></span>tilizzati <span class=\"_ _35\"> </span>a  fini <span class=\"_ _35\"> </span>gestionali  per <span class=\"_ _35\"> </span>la  p<span class=\"_ _2\"></span>revenzione  e <span class=\"_ _35\"> </span>la  mitigazione <span class=\"_ _35\"> </span>dei  rischi<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> operativi <span class=\"_ _39\"> </span>e <span class=\"_ _3f\"> </span>nel <span class=\"_ _39\"> </span>processo <span class=\"_ _39\"> </span>di <span class=\"_ _3f\"> </span>piani<span class=\"_ _2\"></span>ficazione <span class=\"_ _39\"> </span>oper<span class=\"_ _1\"></span>ativa, <span class=\"_ _39\"> </span>coerenteme<span class=\"_ _1\"></span>nte <span class=\"_ _39\"> </span>a <span class=\"_ _39\"> </span>quanto <span class=\"_ _3f\"> </span>definito <span class=\"_ _39\"> </span>dal<span class=\"_ _3a1\"> </span> \u201cRegolamento pianificazione, programmazione e contro<span class=\"_ _1\"></span>llo di Grup<span class=\"_ _2\"></span>po\u201d.<span class=\"_ _3a1\"> </span> Il <span class=\"_ _3b\"></span>proce<span class=\"_ _1\"></span>sso di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>\u201cMonitoraggio e <span class=\"_ _3b\"></span>controllo\u201d mi<span class=\"_ _2\"></span>ra a <span class=\"_ _3b\"></span>identificare t<span class=\"_ _2\"></span>empestivamente <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ventuali <span class=\"_ _3b\"></span>disfunzioni<span class=\"_ _3a1\"> </span> nei <span class=\"_ _38\"></span>processi <span class=\"_ _38\"></span>aziendali <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>nelle <span class=\"_ _38\"></span>procedure <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>gestione <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>fine <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>cons<span class=\"_ _2\"></span>entire <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>valutare <span class=\"_ _0\"></span>l<span class=\"_ _3b\"></span>e<span class=\"_ _3a1\"> </span> necessarie azioni di mitigazione.<span class=\"_ _3a1\"> </span>I  Rischi <span class=\"_ _3d\"> </span>Operativi <span class=\"_ _3d\"> </span>sono  inoltre <span class=\"_ _3d\"> </span>monitorati <span class=\"_ _3d\"> </span>all\u2019interno  de<span class=\"_ _1\"></span>l  pi\u00f9 <span class=\"_ _3d\"> </span>ampio  processo <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>Risk  Appetite<span class=\"_ _3a1\"> </span> Framew<span class=\"_ _3a1\"> </span>ork (RAF) di Gruppo (monitoraggio trimestr<span class=\"_ _1\"></span>ale).<span class=\"_ _3a1\"> </span> Al fine di assicurare un presidio nel continuo, \u00e8 <span class=\"_ _1\"></span>prevista una rendicontazione per singolo evento di<span class=\"_ _3a1\"> </span> perdita <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>perativa <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>cui <span class=\"_ _38\"></span>autonomia <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>delibera <span class=\"_ _38\"></span>(definita <span class=\"_ _1\"></span>all\u2019interno<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>regolamenti <span class=\"_ _38\"></span>gi\u00e0 <span class=\"_ _1\"></span>vigenti <span class=\"_ _1\"></span>o, <span class=\"_ _1\"></span>in<span class=\"_ _3a1\"> </span> mancanza, oltre la soglia di<span class=\"_ _2\"></span> 100.000\u20ac) spetta al Comitato Es<span class=\"_ _2\"></span>ecutivo/Consiglio di<span class=\"_ _2\"></span> Amministrazione,<span class=\"_ _3a1\"> </span> dei <span class=\"_ _3d\"> </span>contr<span class=\"_ _1\"></span>olli <span class=\"_ _3d\"> </span>che <span class=\"_ _37\"> </span>non <span class=\"_ _3d\"> </span>sono <span class=\"_ _37\"> </span>andati <span class=\"_ _3d\"> </span>a <span class=\"_ _37\"> </span>buon <span class=\"_ _3d\"> </span>fine <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _3d\"> </span>azioni <span class=\"_ _3d\"> </span>corrett<span class=\"_ _1\"></span>ive <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>ventuali <span class=\"_ _3d\"> </span>carenze<span class=\"_ _3a1\"> </span> organizzative <span class=\"_ _3d\"> </span>e/o <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>processo/prodotto<span class=\"_ _1\"></span>. <span class=\"_ _3d\"> </span>Qualora <span class=\"_ _3d\"> </span>disponibili, <span class=\"_ _3d\"> </span>l\u2019ORM <span class=\"_ _37\"> </span>periferico <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>volta <span class=\"_ _3d\"> </span>in <span class=\"_ _37\"> </span>volta<span class=\"_ _3a1\"> </span> competente, <span class=\"_ _38\"></span>inserisce <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>informazioni <span class=\"_ _1\"></span>ogget<span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>rendicontazione <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>seno <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>proposte <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>invia<span class=\"_ _3a1\"> </span> alle <span class=\"_ _37\"> </span>Funzioni <span class=\"_ _37\"> </span>pre<span class=\"_ _1\"></span>poste <span class=\"_ _36\"> </span>a <span class=\"_ _37\"> </span>seconda <span class=\"_ _37\"> </span>delle <span class=\"_ _36\"> </span>casistiche <span class=\"_ _36\"> </span>(a <span class=\"_ _37\"> </span>titolo <span class=\"_ _37\"> </span>es<span class=\"_ _1\"></span>emplificativo, <span class=\"_ _3d\"> </span>Se<span class=\"_ _1\"></span>rvizio <span class=\"_ _37\"> </span>Audit <span class=\"_ _36\"> </span>e<span class=\"_ _3a1\"> </span> Compliance). In ogni caso, le delibere<span class=\"_ _1\"></span> assunte dal CE/CA sono inviate, per opport<span class=\"_ _1\"></span>una conoscenza,<span class=\"_ _3a1\"> </span> al <span class=\"_ _1\"></span>Risk <span class=\"_ _38\"></span>Off<span class=\"_ _1\"></span>icer <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>Capogruppo <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>GEO. <span class=\"_ _38\"></span>GEO <span class=\"_ _38\"></span>verifica <span class=\"_ _38\"></span>sem<span class=\"_ _1\"></span>estralmente <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>Funzioni <span class=\"_ _38\"></span>preposte<span class=\"_ _3a1\"> </span> siano state <span class=\"_ _1\"></span>attivate dagli ORM Per<span class=\"_ _1\"></span>iferici e laddove <span class=\"_ _1\"></span>questo non sia accaduto, <span class=\"_ _1\"></span>attiva direttamente le<span class=\"_ _3a1\"> </span> Funzioni preposte eventualmente coordinandosi con gli ORM Periferici.<span class=\"_ _3a1\"> </span> Inoltre, <span class=\"_ _1\"></span>GEO <span class=\"_ _1\"></span>controlla <span class=\"_ _1\"></span>semes<span class=\"_ _1\"></span>tralmente, <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>BU/Servizio <span class=\"_ _1\"></span>di Cr<span class=\"_ _1\"></span>edembanca e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ociet\u00e0 r<span class=\"_ _1\"></span>ilevanti,<span class=\"_ _3a1\"> </span> che <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ispettive <span class=\"_ _0\"></span>perdite <span class=\"_ _38\"></span>contabilizzate <span class=\"_ _0\"></span>nel <span class=\"_ _0\"></span>semestre/anno <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>riferimento <span class=\"_ _0\"></span>non <span class=\"_ _38\"></span>superino <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>relativ<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span> valore <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>Perdita <span class=\"_ _35\"> </span>Attesa <span class=\"_ _0\"></span>stimato <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>ambito <span class=\"_ _35\"> </span>Risk <span class=\"_ _0\"></span>Self <span class=\"_ _35\"> </span>Assessm<span class=\"_ _2\"></span>ent <span class=\"_ _35\"> </span>e, <span class=\"_ _0\"></span>nel <span class=\"_ _35\"> </span>caso <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>ci\u00f2 <span class=\"_ _35\"> </span>accad<span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>,<span class=\"_ _3a1\"> </span> rendiconta nel CE di Credembanca<span class=\"_ _3a1\"> </span>le moti<span class=\"_ _3a1\"> </span>vazioni dello scostamento fornite dai Responsabili delle<span class=\"_ _3a1\"> </span> BU/Capi Servizio di <span class=\"_ _2\"></span>Credembanca. Per l<span class=\"_ _2\"></span>e singole societ\u00e0 <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevanti, nel caso <span class=\"_ _2\"></span>in cui <span class=\"_ _2\"></span>le perdite ri<span class=\"_ _2\"></span>sultino<span class=\"_ _3a1\"> </span> superiori alla <span class=\"_ _3b\"></span>Per<span class=\"_ _1\"></span>dita Attesa, <span class=\"_ _3b\"></span>l\u2019ORM periferico d<span class=\"_ _2\"></span>ella societ\u00e0 <span class=\"_ _3b\"></span>rendiconta nel proprio <span class=\"_ _2\"></span>CA l<span class=\"_ _2\"></span>e motivazioni<span class=\"_ _3a1\"> </span> dello scostamento e ne d\u00e0 comunicazione al Risk Officer della Capogruppo.<span class=\"_ _3a1\"> </span> Il <span class=\"_ _0\"></span>sistema <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>porting <span class=\"_ _0\"></span>fornisce <span class=\"_ _38\"></span>agli <span class=\"_ _0\"></span>organi <span class=\"_ _0\"></span>aziendali <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _0\"></span>ai <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>esponsabili <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>funzioni <span class=\"_ _38\"></span>inter<span class=\"_ _1\"></span>essate inform<span class=\"_ _3a1\"> </span>azioni <span class=\"_ _1\"></span>sul <span class=\"_ _1\"></span>livello <span class=\"_ _38\"></span>di e<span class=\"_ _1\"></span>sposizione <span class=\"_ _1\"></span>ai <span class=\"_ _1\"></span>rischi <span class=\"_ _38\"></span>operativi <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>rappresenta <span class=\"_ _38\"></span>uno <span class=\"_ _1\"></span>strumento <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>supporto per la loro gestione attiva ed \u00e8 la sintesi dei pro<span class=\"_ _1\"></span>cessi di misurazione, monitoraggio e controllo.  Il <span class=\"_ _2\"></span>processo di <span class=\"_ _3b\"></span>\u201cMitigazione\u201d definisce <span class=\"_ _3b\"></span>le azioni <span class=\"_ _3b\"></span>da intraprendere <span class=\"_ _2\"></span>per <span class=\"_ _3b\"></span>la prevenzione <span class=\"_ _2\"></span>e l<span class=\"_ _2\"></span>\u2019attenuazione dei rischi operativi ed \u00e8 composto dalle seguenti proce<span class=\"_ _1\"></span>dure: -<span class=\"_ _1a9\"> </span><span class=\"ff4\">Analisi <span class=\"_ _3b\"></span>ges<span class=\"_ _1\"></span>tionale: c<span class=\"_ _2\"></span>onsiste nell\u2019<span class=\"_ _3b\"></span>analisi delle <span class=\"_ _3b\"></span>criticit\u00e0 emerse <span class=\"_ _3b\"></span>e d<span class=\"_ _2\"></span>elle <span class=\"_ _3b\"></span>divers<span class=\"_ _1\"></span>e p<span class=\"_ _2\"></span>ossibili <span class=\"_ _3b\"></span>soluzioni </span>a <span class=\"_ _3d\"> </span>disposizione <span class=\"_ _37\"> </span>nell\u2019ambito <span class=\"_ _3d\"> </span>delle <span class=\"_ _37\"> </span>tradizionali <span class=\"_ _3d\"> </span>modalit\u00e0 <span class=\"_ _37\"> </span>alternative <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>gestione <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>ischio<span class=\"_ _2\"></span> (ritenzione, trasferimento, mitigazione), in ottica costi-benefici; -<span class=\"_ _1a9\"> </span><span class=\"ff4\">Gestione <span class=\"_ _1\"></span>dell\u2019attivit\u00e0 <span class=\"_ _1\"></span>di mitigazione: co<span class=\"_ _1\"></span>nsiste ne<span class=\"_ _1\"></span>lla scelta, <span class=\"_ _1\"></span>pianificazione, avvio delle <span class=\"_ _1\"></span>attivit\u00e0, </span>implementazione e <span class=\"_ _3b\"></span>completamento <span class=\"_ _2\"></span>degli <span class=\"_ _3b\"></span>inte<span class=\"_ _1\"></span>rventi <span class=\"_ _3b\"></span>di mitigazione <span class=\"_ _3b\"></span>mess<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>in atto <span class=\"_ _3b\"></span>e suc<span class=\"_ _2\"></span>cessivo controllo dell\u2019avanzamento e dell\u2019efficacia degli interve<span class=\"_ _1\"></span>nti di mitigazione del rischio attuati; -<span class=\"_ _1a9\"> </span><span class=\"ff4\">Gestione <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>forme <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>trasferimento: <span class=\"_ _35\"> </span>consiste <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>individuazione, <span class=\"_ _0\"></span>valutazione, <span class=\"_ _35\"> </span>scelta <span class=\"_ _0\"></span>e </span>gestione delle diverse forme di trasferime<span class=\"_ _1\"></span>nto del rischio. Le <span class=\"_ _2\"></span>azioni <span class=\"_ _3b\"></span>di mi<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>igazione <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>finite <span class=\"_ _3b\"></span>nel <span class=\"_ _2\"></span>reporting <span class=\"_ _3b\"></span>vengono inoltre <span class=\"_ _3b\"></span>incluse <span class=\"_ _3b\"></span>nel proc<span class=\"_ _2\"></span>esso d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>pianificazione operativa. La classificazione delle attivit\u00e0 nelle linee di business regolamentari<span class=\"_ _3a1\"> </span>\u00e8 declinata nelle fasi di: -<span class=\"_ _1a9\"> </span><span class=\"ff4\">mappatura dati; </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">determinazione requisito patrimoniale individuale. </span>La <span class=\"_ _0\"> </span>m<span class=\"_ _1\"></span>appatura <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>dati <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>delinea <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>livello <span class=\"_ _35\"> </span>indivi<span class=\"_ _2\"></span>duale <span class=\"_ _35\"> </span>attraverso <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>collocamento <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>ciascuno <span class=\"_ _0\"></span>dei centri <span class=\"_ _35\"> </span>g<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>stionali <span class=\"_ _0\"></span>nella business <span class=\"_ _0\"></span>line regolamentare <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>pertine<span class=\"_ _1\"></span>nza <span class=\"_ _0\"></span>seguendo <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>princip<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>sanciti <span class=\"_ _35\"> </span>dal<span class=\"_ _3b\"></span> Regolamento <span class=\"_ _35\"> </span>UE <span class=\"_ _35\"> </span>n. <span class=\"_ _35\"> </span>575/2013; <span class=\"_ _35\"> </span>segue <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>indi <span class=\"_ _35\"> </span>l\u2019individuazione <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>fonti <span class=\"_ _35\"> </span>dati <span class=\"_ _35\"> </span>che <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>iportano <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>dati reddituali di tali centri e gli eventuali criteri di ripartizione. In <span class=\"_ _1\"></span>applicazione <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>mappatura <span class=\"_ _1\"></span>definita, <span class=\"_ _1\"></span>ciascuna <span class=\"_ _38\"></span>societ\u00e0 <span class=\"_ _1\"></span>procede <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>deter<span class=\"_ _1\"></span>minazione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>valori per <span class=\"_ _37\"> </span>centro, <span class=\"_ _3d\"> </span>alla <span class=\"_ _37\"> </span>collocazione <span class=\"_ _3d\"> </span>sulle <span class=\"_ _3d\"> </span>business <span class=\"_ _37\"> </span>line <span class=\"_ _3d\"> </span>previste <span class=\"_ _37\"> </span>e <span class=\"_ _3d\"> </span>alla <span class=\"_ _3d\"> </span>deter<span class=\"_ _1\"></span>minazione <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>re<span class=\"_ _1\"></span>quisito individuale. Le <span class=\"_ _36\"> </span>attivit\u00e0 <span class=\"_ _36\"> </span>definite<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>per <span class=\"_ _36\"> </span>la <span class=\"_ _36\"> </span>determinazione <span class=\"_ _39\"> </span>del <span class=\"_ _36\"> </span>requisito <span class=\"_ _36\"> </span>patrimoniale <span class=\"_ _36\"> </span>consolidato <span class=\"_ _39\"> </span>prevedono l\u2019identificazione <span class=\"_ _0\"></span>dell\u2019<span class=\"_ _2\"></span>\u201dIndicatore<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>Rilevante\u201d <span class=\"_ _0\"></span>individuale <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>component<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iconducibile <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>ciascuna<span class=\"_ _2\"></span> societ\u00e0 <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _35\"> </span>per business <span class=\"_ _35\"> </span>line regolamentare <span class=\"_ _35\"> </span>(da <span class=\"_ _35\"> </span>determinarsi <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>coerenza  con<span class=\"_ _3b\"></span>  i <span class=\"_ _35\"> </span>crite<span class=\"_ _2\"></span>ri sanciti nella mappatura utilizzata a fini individuali). Il requisito patrimoniale a <span class=\"_ _2\"></span>fronte d<span class=\"_ _2\"></span>ei rischi operativi, c<span class=\"_ _2\"></span>alcolato sull\u2019 Ind<span class=\"_ _2\"></span>icator<span class=\"_ _1\"></span>e Rilevante del <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>riennio 2022 - 2024, \u00e8 pari a 212,1 milioni di euro. RISCHI LEGALI Il Gruppo, nel normale svolgimento de<span class=\"_ _1\"></span>lla propria attivit\u00e0 d\u2019impresa, \u00e8 parte di diversi procedimenti giudiziari <span class=\"_ _0\"></span>dai <span class=\"_ _38\"></span>qua<span class=\"_ _1\"></span>li <span class=\"_ _0\"></span>potrebbero <span class=\"_ _0\"></span>anche <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>erivare <span class=\"_ _0\"></span>obblighi <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>nat<span class=\"_ _1\"></span>ura <span class=\"_ _0\"></span>risarcitoria <span class=\"_ _0\"></span>e/o <span class=\"_ _0\"></span>restitutoria, <span class=\"_ _38\"></span>con conseguente possibile esborso di risorse economiche (c.d. rischio legale). Tutte le controversie in essere <span class=\"_ _35\"> </span>sono <span class=\"_ _35\"> </span>state <span class=\"_ _0\"></span>debitam<span class=\"_ _1\"></span>ente <span class=\"_ _35\"> </span>analizzate <span class=\"_ _35\"> </span>dal<span class=\"_ _2\"></span>la <span class=\"_ _35\"> </span>Banca <span class=\"_ _35\"> </span>e, <span class=\"_ _0\"></span>alla <span class=\"_ _35\"> </span>luce <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>tale <span class=\"_ _35\"> </span>analisi, <span class=\"_ _0\"></span>nonch\u00e9 <span class=\"_ _35\"> </span>delle indicazioni <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>pr<span class=\"_ _1\"></span>ovenienti <span class=\"_ _37\"> </span>dai <span class=\"_ _36\"> </span>Legali <span class=\"_ _37\"> </span>Fiduciari <span class=\"_ _36\"> </span>esterni, <span class=\"_ _36\"> </span>sono <span class=\"_ _37\"> </span>stati <span class=\"_ _36\"> </span>effettuati, <span class=\"_ _37\"> </span>ove <span class=\"_ _36\"> </span>ritenuto necessario, accan<span class=\"_ _2\"></span>tonamenti a <span class=\"_ _3b\"></span>bilanci<span class=\"_ _2\"></span>o n<span class=\"_ _2\"></span>ella <span class=\"_ _2\"></span>misura i<span class=\"_ _2\"></span>donea ed <span class=\"_ _3b\"></span>appropriata <span class=\"_ _3b\"></span>alle singole <span class=\"_ _3b\"></span>circostanze. Pi\u00f9 <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>icolare <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>stituito <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>fond<span class=\"_ _2\"></span>o <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>ed <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>neri <span class=\"_ _38\"></span>diversi <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>presidio <span class=\"_ _0\"></span>delle <span class=\"_ _1\"></span>potenziali <span class=\"_ _38\"></span>pass<span class=\"_ _1\"></span>ivit\u00e0 che potrebbero scaturire dalle cause pe<span class=\"_ _1\"></span>ndenti. La <span class=\"_ _37\"> </span>maggior <span class=\"_ _36\"> </span>parte <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>tali <span class=\"_ _36\"> </span>controversie <span class=\"_ _37\"> </span>sono <span class=\"_ _36\"> </span>riconducibili <span class=\"_ _3d\"> </span>a<span class=\"_ _1\"></span>lle <span class=\"_ _36\"> </span>principali <span class=\"_ _37\"> </span>attivit\u00e0 <span class=\"_ _36\"> </span>del <span class=\"_ _37\"> </span>Gr<span class=\"_ _1\"></span>uppo <span class=\"_ _37\"> </span>e riguardano, in particolare, le aree dei servizi di investimento, dell\u2019anatocismo e fiscali. Di <span class=\"_ _3f\"> </span>rilevanza <span class=\"_ _39\"> </span>minore <span class=\"_ _3f\"> </span>sono <span class=\"_ _3f\"> </span>le <span class=\"_ _39\"> </span>controversie <span class=\"_ _3f\"> </span>relative <span class=\"_ _3f\"> </span>all\u2019ambi<span class=\"_ _2\"></span>to <span class=\"_ _3f\"> </span>immobiliare, <span class=\"_ _3f\"> </span>amministrativo <span class=\"_ _39\"> </span>e all\u2019operativit\u00e0 di sportello. Si for<span class=\"_ _1\"></span>nisce <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>seguito <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>descr<span class=\"_ _1\"></span>izione <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>principali <span class=\"_ _1\"></span>classi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>passivit\u00e0 <span class=\"_ _1\"></span>pote<span class=\"_ _1\"></span>nziali che, <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>caso <span class=\"_ _1\"></span>in cui <span class=\"_ _2\"></span>la relativa <span class=\"_ _3b\"></span>pas<span class=\"_ _1\"></span>sivit\u00e0 <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ia s<span class=\"_ _2\"></span>tata <span class=\"_ _2\"></span>giudicata probabil<span class=\"_ _2\"></span>e, hanno <span class=\"_ _3b\"></span>dato<span class=\"_ _1\"></span> l<span class=\"_ _3b\"></span>uogo ad acc<span class=\"_ _2\"></span>antonamenti agli <span class=\"_ _3b\"></span>altri fondi per rischi ed oneri. Per <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>dettaglio s<span class=\"_ _1\"></span>ulle fattispe<span class=\"_ _1\"></span>cie correlate <span class=\"_ _1\"></span>ai <span class=\"_ _1\"></span>rischi s<span class=\"_ _1\"></span>opra illustr<span class=\"_ _1\"></span>ati s<span class=\"_ _1\"></span>i rimanda <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>Nota <span class=\"_ _1\"></span>Integrativa \u2013 Parte B \u2013 Sezione 10. Linee evolutive <span class=\"_ _1\"></span>nella gestione della component<span class=\"_ _1\"></span>e di rischio oper<span class=\"_ _1\"></span>ativo  Nel <span class=\"_ _35\"> </span>corso  d<span class=\"_ _2\"></span>ella <span class=\"_ _35\"> </span>campagna <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>R<span class=\"_ _1\"></span>SA <span class=\"_ _35\"> </span>svolta <span class=\"_ _35\"> </span>nel  2<span class=\"_ _2\"></span>024 <span class=\"_ _35\"> </span>\u00e8  stata <span class=\"_ _35\"> </span>me<span class=\"_ _3a1\"> </span>glio <span class=\"_ _35\"> </span>implementata  u<span class=\"_ _2\"></span>n\u2019evoluzione metodologica <span class=\"_ _1\"></span>che ha permesso di evidenziare<span class=\"_ _1\"></span>, in modo e<span class=\"_ _1\"></span>splicito, le <span class=\"_ _1\"></span>categorie di rischio <span class=\"_ _1\"></span>all\u2019interno delle  quali <span class=\"_ _3d\"> </span>sono <span class=\"_ _3d\"> </span>riflessi <span class=\"_ _3d\"> </span>i  rischi <span class=\"_ _3d\"> </span>operativi  Environme<span class=\"_ _1\"></span>ntal  (distinti <span class=\"_ _3d\"> </span>tra  rischio <span class=\"_ _3d\"> </span>fisico  e<span class=\"_ _1\"></span>  rischio  di transizione), <span class=\"_ _37\"> </span>Social <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>Governane <span class=\"_ _37\"> </span>(ESG). <span class=\"_ _37\"> </span>Con <span class=\"_ _37\"> </span>particolare <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>iferimento <span class=\"_ _3d\"> </span>al <span class=\"_ _37\"> </span>pro<span class=\"_ _1\"></span>cesso <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>Risk <span class=\"_ _37\"> </span>Self Assessment, \u00e8 stato <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>seguito un<span class=\"_ _2\"></span> aggiornamento del <span class=\"_ _2\"></span>repository, sono stati i<span class=\"_ _2\"></span>ntrodotti nuovi <span class=\"_ _2\"></span>scenari e <span class=\"_ _0\"></span>ne <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>stati <span class=\"_ _0\"></span>modificati <span class=\"_ _0\"></span>altri <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>fin<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>meglio <span class=\"_ _0\"></span>esplicitare <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>potenziale <span class=\"_ _0\"></span>legame <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>fattori <span class=\"_ _0\"></span>ESG. Inoltr<span class=\"_ _3a1\"> </span>e, <span class=\"_ _1\"></span>nel 20<span class=\"_ _1\"></span>24 sono <span class=\"_ _1\"></span>stati <span class=\"_ _1\"></span>introdotti <span class=\"_ _1\"></span>specifici s<span class=\"_ _1\"></span>cenari <span class=\"_ _1\"></span>per il <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>chio di <span class=\"_ _1\"></span>Outsourcing, <span class=\"_ _1\"></span>volti <span class=\"_ _1\"></span>a valutare il <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>ibile <span class=\"_ _1\"></span>impatt<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>dell\u2019interruzione, <span class=\"_ _38\"></span>ritar<span class=\"_ _1\"></span>di, <span class=\"_ _1\"></span>inadempienze <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ervizi <span class=\"_ _38\"></span>esternalizzati <span class=\"_ _38\"></span>(legati <span class=\"_ _38\"></span>anche ad eventi climatici). A partir<span class=\"_ _1\"></span>e da <span class=\"_ _1\"></span>gennaio <span class=\"_ _1\"></span>2025, la <span class=\"_ _1\"></span>metodologia <span class=\"_ _1\"></span>di calcolo del <span class=\"_ _1\"></span>requisito<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>per il <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>operativo nonch\u00e9 <span class=\"_ _1\"></span>il processo di <span class=\"_ _3b\"></span>Loss Data<span class=\"_ _2\"></span> Collection <span class=\"_ _3b\"></span>verranno aggiornati <span class=\"_ _3b\"></span>coerentemente alle <span class=\"_ _3b\"></span>indicazioni in<span class=\"_ _2\"></span>ternazionali recepite <span class=\"_ _39\"> </span>primariamente <span class=\"_ _39\"> </span>con <span class=\"_ _39\"> </span>la <span class=\"_ _36\"> </span>CRR3 <span class=\"_ _36\"> </span>(i.e<span class=\"_ _1\"></span>. <span class=\"_ _36\"> </span>Capital <span class=\"_ _39\"> </span>Requirements<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>Re<span class=\"_ _1\"></span>gulation <span class=\"_ _36\"> </span>che <span class=\"_ _39\"> </span>modifica <span class=\"_ _36\"> </span>il<span class=\"_ _1\"></span> regolamento <span class=\"_ _0\"></span>(U<span class=\"_ _2\"></span>E) <span class=\"_ _38\"></span>n. <span class=\"_ _38\"></span>57<span class=\"_ _1\"></span>5/2013 <span class=\"_ _0\"></span>p<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>r <span class=\"_ _38\"></span>quanto <span class=\"_ _0\"></span>concerne <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>requisiti <span class=\"_ _38\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>credito, <span class=\"_ _0\"></span>il <span class=\"_ _1\"></span>rischio <span class=\"_ _38\"></span>di aggiustamento <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>valu<span class=\"_ _2\"></span>tazione <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>credito, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>operativo, <span class=\"_ _35\"> </span>il<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"> </span>di <span class=\"_ _35\"> </span>mercato <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>l\u2019output floor) <span class=\"_ _0\"></span>\u201c <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>modifica <span class=\"_ _0\"></span>le <span class=\"_ _35\"> </span>regole <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>calcolo <span class=\"_ _0\"></span>dei <span class=\"_ _35\"> </span>requisiti <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>rischio <span class=\"_ _0\"></span>operativo, <span class=\"_ _35\"> </span>introducendo <span class=\"_ _0\"></span>una nuova metodologia di tipo standardizzato, che s<span class=\"_ _1\"></span>ostituisce tutte le metodologie precedentemente esistenti. Informazi<span class=\"_ _1\"></span>oni di na<span class=\"_ _1\"></span>tura quan<span class=\"_ _1\"></span>titativa Si <span class=\"_ _38\"></span>riporta <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>seguito <span class=\"_ _1\"></span>la <span class=\"_ _0\"></span>composi<span class=\"_ _2\"></span>zione <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span>centuale <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>perdite <span class=\"_ _38\"></span>oper<span class=\"_ _1\"></span>ative <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>Gruppo <span class=\"_ _38\"></span>Cre<span class=\"_ _1\"></span>dem <span class=\"_ _38\"></span>per tipologie di evento: <span class=\"_ _42\"> </span><span class=\"ff4\">ET 01 - Frodi Interne </span><span class=\"_ _42\"> </span><span class=\"ff4\">ET 02 - Frodi esterne </span><span class=\"_ _42\"> </span><span class=\"ff4\">ET 03 - Relazioni con il personale e sicurezza de<span class=\"_ _1\"></span>ll'ambiente di lavoro </span><span class=\"_ _42\"> </span><span class=\"ff4\">ET 04 - Rapporti con clienti, prestazioni di ser<span class=\"_ _1\"></span>vizi o prodotti </span><span class=\"_ _42\"> </span><span class=\"ff4\">ET 05 - Disastri ed altri eventi </span><span class=\"_ _42\"> </span><span class=\"ff4\">ET 06 - Sistemi </span><span class=\"_ _42\"> </span><span class=\"ff4\">ET 07 - Esecuzione, gestione, consegna di prodotti o servizi </span>Nel corso <span class=\"_ _2\"></span>del 202<span class=\"_ _2\"></span>4, la <span class=\"_ _3b\"></span>principale fonte di<span class=\"_ _2\"></span> rischio <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>perativo, <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span> importo <span class=\"_ _3b\"></span>di perdita, \u00e8 <span class=\"_ _3b\"></span>risultata essere la <span class=\"_ _1\"></span>tip<span class=\"_ _3a1\"> </span>ologia <span class=\"_ _1\"></span>di e<span class=\"_ _1\"></span>vento <span class=\"_ _1\"></span>\u201cEsecuzione, <span class=\"_ _1\"></span>gest<span class=\"_ _1\"></span>ione e <span class=\"_ _1\"></span>conse<span class=\"_ _1\"></span>gna <span class=\"_ _1\"></span>di pro<span class=\"_ _1\"></span>dotti <span class=\"_ _1\"></span>o ser<span class=\"_ _1\"></span>vizi\u201d (ET <span class=\"_ _1\"></span>07). <span class=\"_ _1\"></span>La <span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>conda fonte <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>rischio <span class=\"_ _0\"></span>operativo <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>riferisce <span class=\"_ _0\"></span>alle <span class=\"_ _35\"> </span>perdite <span class=\"_ _0\"></span>dovute <span class=\"_ _35\"> </span>a<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>\u201cFrod<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>esterne\u201d <span class=\"_ _0\"></span>(ET <span class=\"_ _35\"> </span>02)\u201d,<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>seguita <span class=\"_ _35\"> </span>d<span class=\"_ _3b\"></span>a \u201cRapporti <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>Clienti, <span class=\"_ _38\"></span>prestazioni <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>ser<span class=\"_ _1\"></span>vizi <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>pro<span class=\"_ _1\"></span>dotti\u201d <span class=\"_ _38\"></span>(ET <span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>4), <span class=\"_ _1\"></span>\u201c<span class=\"_ _1\"></span>Frodi <span class=\"_ _38\"></span>Interne\u201d <span class=\"_ _38\"></span>(ET <span class=\"_ _38\"></span>01), <span class=\"_ _38\"></span>\u201cRelazioni con il personale e sicurezza dell'ambiente <span class=\"_ _1\"></span>di lavoro\u201d (ET 03)\u201d, e \u201cDisastri ed altri eventi\u201d (ET 05). L\u2019incidenza <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>perdite <span class=\"_ _35\"> </span>legate<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>malfunzionamento <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>sistemi <span class=\"_ _35\"> </span>tecnologici <span class=\"_ _0\"></span>(ET <span class=\"_ _35\"> </span>06) <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>risultata marginale.  Infine, la <span class=\"_ _1\"></span>quasi <span class=\"_ _1\"></span>totalit\u00e0 <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>perdite r<span class=\"_ _1\"></span>iconducibili al <span class=\"_ _1\"></span>\u201cConduct <span class=\"_ _1\"></span>Risk\u201d <span class=\"_ _1\"></span>si r<span class=\"_ _1\"></span>iferisce agli <span class=\"_ _1\"></span>Event <span class=\"_ _1\"></span>Type 01 <span class=\"_ _1\"></span>e 04. 9%<span class=\"_ _3a1\"> </span>31%<span class=\"_ _3a1\"> </span>7%<span class=\"_ _3a1\"> </span>15%<span class=\"_ _3a1\"> </span>1%<span class=\"_ _3a1\"> </span>\u22480%<span class=\"_ _3a1\"> </span>36%<span class=\"_ _3a1\"> </span>Perdi<span class=\"_ _2\"></span>te oper<span class=\"_ _2\"></span>ati<span class=\"_ _2\"></span>ve<span class=\"_ _3b\"></span> anno<span class=\"_ _3b\"></span> 2<span class=\"_ _2\"></span>024<span class=\"_ _3b\"></span> <span class=\"fs3\">per <span class=\"_ _3b\"></span>Event <span class=\"_ _3b\"></span>Ty<span class=\"_ _1\"></span>pe <span class=\"_ _3b\"></span>(%)<span class=\"_ _3a1\"> </span></span>Grup<span class=\"_ _2\"></span>po<span class=\"_ _3a1\"> </span>01 - Frodi Interne<span class=\"_ _3a1\"> </span>02 - Frodi Esterne<span class=\"_ _3a1\"> </span>03 - Relazi",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-816": {
   "value": "<div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gsf56\">Sezione 13 \u2013 Patrimonio del gruppo \u2013 Voci 120, 130, 140, 150, 160, 170 e 180 </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsf57\">13.1 \"<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsf58\">Capitale\" e \"Azioni <span class=\"_ _1\"></span>proprie\": composizione </div><div class=\"gsf59\"><table class=\"s w684 h261\" id=\"_32da0657-feb7-401d-8d51-5f637a02bb13\"><tr><td></td><td></td><td class=\"t m2 xa03 h12 y5fa3 ff4 fs7 fc4 sc3 ls0 ws0\">Totale <span class=\"_ _1be\"> </span>Totale </td><td></td></tr><tr><td></td><td class=\"c n xac6 y5c3d w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xac7 y5c3d w685 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x677 h12 y5fa4 ff4 fs7 fc1 sc2 ls0 ws0\">A. Capitale </td><td></td><td></td><td></td></tr><tr><td class=\"c n xf3d y5972 wd62 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Azioni ordinarie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15aa y5972 wae2 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">341.320<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x666 h12 y5fa5 ff4 fs7 fc1 sc0 ls0 ws0\">341.320<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5fa6 wd63 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Azioni di risparm<span class=\"_ _2\"></span>io<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15ab y5fa6 w47a h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5fa7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5fa8 wd64 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.3 Azioni privilegia<span class=\"_ _2\"></span>te<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15ac y5fa8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5fa9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5537 wd65 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.4 Azioni altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15ad y5537 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5faa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5fab ff4 fs7 fc1 sc2 ls0 ws0\">B. Azioni proprie </td><td></td><td></td><td></td></tr><tr><td class=\"c n xf3d y556b wd66 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Azioni ordinarie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15ae y556b wd67 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.845<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x6e5 h12 y5fac ff4 fs7 fc1 sc0 ls0 ws0\">6.674<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5515 wd68 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Azioni di risparmi<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15af y5515 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5fad ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y54b0 wd69 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Azioni privileg<span class=\"_ _2\"></span>iate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15b0 y54b0 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5fae ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y54f9 wd6a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Azioni altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15b1 y54f9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5faf ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf5a\">Sono <span class=\"_ _35\"> </span>presenti <span class=\"_ _35\"> </span>693.575 <span class=\"_ _35\"> </span>azioni <span class=\"_ _35\"> </span>proprie <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>portafoglio, <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>co<span class=\"_ _2\"></span>ntrovalore  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>3,8 <span class=\"_ _35\"> </span>milioni <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>euro, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf5b\">acquistate <span class=\"_ _0\"></span>nell\u2019ambito <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>programma <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>ha <span class=\"_ _38\"></span>dato<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>esecuzi<span class=\"_ _2\"></span>one <span class=\"_ _0\"></span>alle <span class=\"_ _38\"></span>delibere<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ad<span class=\"_ _2\"></span>ottate <span class=\"_ _0\"></span>dalle <span class=\"_ _38\"></span>varie </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf5c\">Assemblee <span class=\"_ _0\"></span>Ordinarie; <span class=\"_ _38\"></span>tali <span class=\"_ _0\"></span>programmi <span class=\"_ _0\"></span>hanno <span class=\"_ _0\"></span>lo<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>scopo <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>acquistare <span class=\"_ _0\"></span>azioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>Credito <span class=\"_ _0\"></span>Emili<span class=\"_ _2\"></span>ano <span class=\"_ _0\"></span>ad </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf5d\">integrale <span class=\"_ _35\"> </span>copertura  d<span class=\"_ _3b\"></span>ei  p<span class=\"_ _2\"></span>iani <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>remunerazione <span class=\"_ _35\"> </span>basati <span class=\"_ _35\"> </span>su <span class=\"_ _35\"> </span>strumenti <span class=\"_ _35\"> </span>finanziari <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>destinare <span class=\"_ _35\"> </span>alla </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf5e\">categoria <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>dirigenti <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>res<span class=\"_ _1\"></span>ponsabilit\u00e0 <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>trategiche <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>\u201c<span class=\"_ _1\"></span>personale <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ilevante\u201d <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>grup<span class=\"_ _2\"></span>po </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf5f\">bancario. <span class=\"_ _0\"></span>Ai <span class=\"_ _35\"> </span>sensi <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>nor<span class=\"_ _1\"></span>me <span class=\"_ _0\"> </span>vigenti, <span class=\"_ _35\"> </span>gli <span class=\"_ _35\"> </span>estremi <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>programma <span class=\"_ _35\"> </span>sono <span class=\"_ _35\"> </span>gi<span class=\"_ _2\"></span>\u00e0 <span class=\"_ _35\"> </span>stati <span class=\"_ _0\"></span>comunicati <span class=\"_ _35\"> </span>al </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf60\">mercato. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf61\">Nel corso dell\u2019esercizio sono state<span class=\"_ _1\"></span> assegnate 510.334 azioni. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf62\">Per <span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ggiori <span class=\"_ _1\"></span>dettagli <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iguardo <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>piani <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>munerazione <span class=\"_ _38\"></span>basati <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>rumenti <span class=\"_ _1\"></span>finanziari <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>rinvia <span class=\"_ _1\"></span>alla </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf63\">\u201cParte I\u201d della presente nota integrativa. </div>13.2 Capitale - N<span class=\"_ _1\"></span>umero azioni della capogru<span class=\"_ _1\"></span>ppo: variazioni annue <table class=\"s w684 h262\" id=\"_c4fc4447-6766-4739-9137-3741f5eb77bf\"><tr><td class=\"c n x15b2 y5fb0 wd6b h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Tipologie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15b3 y5fb0 wd6c h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Ordi<span class=\"_ _1\"></span>narie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15b4 y5fb0 wd6d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Altr<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5fb1 wd6e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A. Azioni esistenti all'inizio dell'esercizio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15b5 y5fb1 wd6f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">341.320.065<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fb2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5fb3 wd70 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">- interamente liberate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15b6 y5fb3 wd6f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">341.320.065<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fb4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5fb5 wd71 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">- non interamente libe<span class=\"_ _2\"></span>rate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15b7 y5fb5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fb6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fb7 wd72 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.1  Azioni proprie (-)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15b8 y5fb7 wd73 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(1.203.909)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fb8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fb9 wd74 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">A.2 Azioni in circolazione: esistenze iniziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15b9 y5fb9 wd75 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">340.116.156<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fba ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fbb w948 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">B. Aumenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15ba y5fbb wd76 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">510.334<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fbc ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fbd wd77 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Nuove emissioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15bb y5fbd wd76 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">510.334<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fbe ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y5fbf wd78 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a pagamento:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15bc y5fbf w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fc0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x15bd y5fc1 wd79 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- conversione di <span class=\"_ _2\"></span>obbligazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15be y5fc1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fc2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x15bd y5fc3 wd7a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- esercizio di warrant<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15bf y5fc3 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fc4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x15bd y5fc5 wd7b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c0 y5fc5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fc6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y5fc7 wd7c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a titolo gratuito:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c1 y5fc7 wd7d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>10.334<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fc8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x15bd y5fc9 wd7e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a favore dei dipendent<span class=\"_ _3b\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c2 y5fc9 wd7f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">502.961<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fca ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x15bd y5fcb wd80 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a favore degli amm<span class=\"_ _2\"></span>inistratori<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c3 y5fcb wd81 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7.373<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fcc ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x15bd y5fcd wd7b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c0 y5fcd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fce ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fcf wd82 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Vendita di azion<span class=\"_ _2\"></span>i proprie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c4 y5fcf w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fd0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fd1 wd83 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c5 y5fd1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fd2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5fd3 ff4 fs7 fc1 sc2 ls0 ws0\">C. Diminuzioni </td><td class=\"t m2 x66f h12 y5fd4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5fd3 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5fd5 ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Annullamento </td><td class=\"t m2 x7b9 h12 y5fd6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5fd5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fd7 wd84 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Acquisto di azioni p<span class=\"_ _2\"></span>roprie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c6 y5fd7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fd8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fd9 wd85 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Operazioni di ces<span class=\"_ _2\"></span>sione di impres<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c7 y5fd9 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fda ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fdb w7d7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c8 y5fdb w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fdc ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fdd wd86 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D. Azioni in circolazione: rimanenze<span class=\"_ _2\"></span> finali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c9 y5fdd wd87 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">340.626.490<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fde ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fdf wd88 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.1 Azioni proprie (+)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15ca y5fdf wd89 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">69<span class=\"_ _1\"></span>3.575<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fe0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fe1 wd8a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.2 Azioni esistenti al<span class=\"_ _2\"></span>la fine dell'esercizio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15cb y5fe1 wd8b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">341.320.065<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fe2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y5fe3 wd70 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- interamente liberate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15cc y5fe3 wd8c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">341.320.06<span class=\"_ _3b\"></span>5<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fe4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x15cd h12 y5fe5 ff4 fs7 fc1 sc0 ls0 ws0\">- non interamente libe<span class=\"_ _2\"></span>rate </td><td></td><td></td></tr></table>13.4 Ri<span class=\"_ _1\"></span>serve di u<span class=\"_ _1\"></span>tili: altre<span class=\"_ _1\"></span> informaz<span class=\"_ _1\"></span>ioni In <span class=\"_ _38\"></span>ta<span class=\"_ _1\"></span>le <span class=\"_ _0\"></span>categoria <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>inclusi <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>riserva <span class=\"_ _38\"></span>legale, <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>ris<span class=\"_ _1\"></span>erva <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>traordinaria, <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>fondo <span class=\"_ _38\"></span>per <span class=\"_ _0\"></span>rischi <span class=\"_ _38\"></span>bancari<span class=\"_ _1\"></span> precedentemente <span class=\"_ _38\"></span>iscritto <span class=\"_ _0\"></span>n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>bilancio <span class=\"_ _38\"></span>redatto <span class=\"_ _0\"></span>ai<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>sensi<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>pr<span class=\"_ _2\"></span>evigente <span class=\"_ _38\"></span>D.Lgs.87/92 <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>riclassificato secondo i principi IAS.  La <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iserva <span class=\"_ _0\"></span>l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>gale, <span class=\"_ _38\"></span>costit<span class=\"_ _1\"></span>uita <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>norma <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>egge, <span class=\"_ _0\"></span>deve<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>ess<span class=\"_ _2\"></span>ere <span class=\"_ _0\"></span>alme<span class=\"_ _2\"></span>no <span class=\"_ _0\"></span>pari <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>qui<span class=\"_ _2\"></span>nto <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>capitale sociale; <span class=\"_ _35\"> </span>essa  \u00e8 <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>tata <span class=\"_ _35\"> </span>costituita <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>passato <span class=\"_ _35\"> </span>tram<span class=\"_ _1\"></span>ite <span class=\"_ _35\"> </span>accantonamenti <span class=\"_ _35\"> </span>degli <span class=\"_ _35\"> </span>utili <span class=\"_ _35\"> </span>netti  annu<span class=\"_ _2\"></span>ali <span class=\"_ _35\"> </span>per almeno <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>decimo <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>stessi, <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>norma <span class=\"_ _0\"></span>dell\u2019articolo <span class=\"_ _0\"></span>29 <span class=\"_ _0\"></span>dello <span class=\"_ _0\"></span>statuto <span class=\"_ _0\"></span>sociale. <span class=\"_ _0\"></span>Nel <span class=\"_ _0\"></span>caso <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>cui <span class=\"_ _0\"></span>la riserva <span class=\"_ _36\"> </span>dovesse <span class=\"_ _37\"> </span>diminuire, <span class=\"_ _36\"> </span>occorre <span class=\"_ _36\"> </span>reintegrarla <span class=\"_ _37\"> </span>tr<span class=\"_ _1\"></span>amite <span class=\"_ _37\"> </span>l\u2019obbligo <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>des<span class=\"_ _1\"></span>tinarvi <span class=\"_ _37\"> </span>un <span class=\"_ _36\"> </span>ventesimo dell\u2019utile. La <span class=\"_ _1\"></span>riserva s<span class=\"_ _1\"></span>tatutaria o <span class=\"_ _1\"></span>straordinaria \u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>costituita in <span class=\"_ _1\"></span>base <span class=\"_ _1\"></span>allo s<span class=\"_ _1\"></span>tatuto dalla <span class=\"_ _1\"></span>destinazione <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>quota di utile residuale a seguito della distribuzione dell\u2019utile alle azioni or<span class=\"_ _1\"></span>dinarie.  Le  riserve  da  concen<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>razione  ex  L.30<span class=\"_ _2\"></span>  luglio  1990 <span class=\"_ _35\"> </span>n.  218  sono <span class=\"_ _35\"> </span>st<span class=\"_ _1\"></span>ate  costituite  in<span class=\"_ _3b\"></span>  occasione  di operazioni di riorganizzazione o concentr<span class=\"_ _1\"></span>azione effettuate ai sensi della citata legge. Le altre riserve comprendono <span class=\"_ _2\"></span>la riserva costitui<span class=\"_ _2\"></span>ta a fronte del p<span class=\"_ _2\"></span>iano di stock option <span class=\"_ _3b\"></span>ed altre riserve costituite nel passato a fronte di specifiche disposizioni norm<span class=\"_ _1\"></span>ative.<span class=\"_ _3a1\"> </span>E\u2019 presente la riserva non d<span class=\"_ _2\"></span>istribuibile costituita ai sensi d<span class=\"_ _2\"></span>el DL 10 agosto 2023, n.4, <span class=\"_ _2\"></span>convertito con modifi<span class=\"_ _3a1\"> </span>cazioni dalla Legge 9 ot<span class=\"_ _1\"></span>tobre 2023, n.136.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _3a\"> </span>presenti, <span class=\"_ _3a\"> </span>altres\u00ec, <span class=\"_ _48\"> </span>d<span class=\"_ _2\"></span>ue <span class=\"_ _3a\"> </span>riser<span class=\"_ _1\"></span>ve <span class=\"_ _3a\"> </span>in <span class=\"_ _3a\"> </span>sospensione <span class=\"_ _3a\"> </span>d\u2019imposta <span class=\"_ _3a\"> </span>distinte <span class=\"_ _48\"> </span>p<span class=\"_ _2\"></span>er <span class=\"_ _3a\"> </span>la <span class=\"_ _3a\"> </span>tipologia <span class=\"_ _3a\"> </span>di riallineamento <span class=\"_ _2\"></span>effettuato ai <span class=\"_ _3b\"></span>sensi <span class=\"_ _3b\"></span>dell\u2019art. 110 <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>D<span class=\"_ _1\"></span>L <span class=\"_ _3b\"></span>1<span class=\"_ _1\"></span>4 ag<span class=\"_ _2\"></span>osto 202<span class=\"_ _3b\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>oggetto d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>uccessiva <span class=\"_ _3b\"></span>m<span class=\"_ _1\"></span>odifica con la Legge 178/2020. Infine la voce include gli effetti generati dalla transizione ai principi contabili internazionali. In <span class=\"_ _38\"></span>particolare <span class=\"_ _0\"></span>tra <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>riserve <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>utili <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _38\"></span>confluiti <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>ffetti <span class=\"_ _0\"></span>derivanti <span class=\"_ _1\"></span>dal <span class=\"_ _0\"></span>cambiamento <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>principi contabili <span class=\"_ _3b\"></span>che non <span class=\"_ _3b\"></span>prevedono n<span class=\"_ _2\"></span>ei <span class=\"_ _3b\"></span>pros<span class=\"_ _1\"></span>simi <span class=\"_ _3b\"></span>eser<span class=\"_ _1\"></span>cizi <span class=\"_ _3b\"></span>un conf<span class=\"_ _2\"></span>erimento al<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>conto <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>conomico. <span class=\"_ _3b\"></span>Gli u<span class=\"_ _2\"></span>lteriori effetti <span class=\"_ _0\"></span>generati <span class=\"_ _0\"></span>dall<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>transizione <span class=\"_ _0\"></span>agli <span class=\"_ _38\"></span>IAS/IFRS <span class=\"_ _0\"></span>destinati <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>modificarsi <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>empo <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>confluire <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> conto <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>conomico <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>momento <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>re<span class=\"_ _1\"></span>alizzo <span class=\"_ _0\"></span>o <span class=\"_ _35\"> </span>estinzione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>corr<span class=\"_ _1\"></span>ispondenti <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>passivit\u00e0 sono <span class=\"_ _1\"></span>stati invece <span class=\"_ _1\"></span>appostati <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>le \u201cRiserve <span class=\"_ _1\"></span>da valutazione\u201d<span class=\"_ _1\"></span>. Si t<span class=\"_ _1\"></span>ratta <span class=\"_ _1\"></span>della valutazione <span class=\"_ _1\"></span>delle at<span class=\"_ _1\"></span>tivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _35\"> </span>con <span class=\"_ _0\"></span>impatto <span class=\"_ _0\"></span>sulla <span class=\"_ _0\"></span>re<span class=\"_ _1\"></span>dditivit\u00e0 <span class=\"_ _0\"></span>complessiva, <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>lla <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>dei contratti <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rivati <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>pertura <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>flussi <span class=\"_ _1\"></span>finanziari, <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>riser<span class=\"_ _1\"></span>va <span class=\"_ _1\"></span>connessa <span class=\"_ _38\"></span>agli <span class=\"_ _1\"></span>utili/perdite <span class=\"_ _38\"></span>attuariali su <span class=\"_ _38\"></span>piani <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>ben<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>fici <span class=\"_ _38\"></span>definiti <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>leggi<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>speciali <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _38\"></span>rivalutazione. <span class=\"_ _38\"></span>Le <span class=\"_ _0\"></span>variazioni<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>annue <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>tali <span class=\"_ _38\"></span>riserve confluiscono nella redditivit\u00e0 complessiva.<span class=\"_ _3a1\"> </span>Sezione 14 \u2013 Patr<span class=\"_ _3a1\"> </span>imonio di pertinenza di terzi Voce 190 14.1 Dett<span class=\"_ _1\"></span>aglio della voce 210 \"patrimonio d<span class=\"_ _1\"></span>i pertinenza di t<span class=\"_ _1\"></span>erzi\"<span class=\"_ _3a1\"> </span><table class=\"s wd8d h263\" id=\"_cb42a0fa-2b01-4a99-aaf5-439c1bd804fd\"><tr><td class=\"t m2 x87e h12 y5fe6 ff4 fs7 fc4 sc3 ls0 ws0\">Denominazione imprese<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x92e h12 y5fe7 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x15ce h12 y5fe7 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"t m2 x7bd h12 y5fe8 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc62 h12 y5fe8 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5fe9 ff4 fs7 fc1 sc0 ls0 ws0\">Partecipazioni in soc<span class=\"_ _2\"></span>iet\u00e0 consolidate<span class=\"_ _2\"></span> con interessenze di terz<span class=\"_ _2\"></span>i significative<span class=\"_ _2\"></span> </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5fea wd8e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">CREDEM CB Srl<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x15cf y5fea w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x15d0 y5fea w48f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y53a2 w695 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x15cf y53a2 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x153d h12 y5feb ff4 fs7 fc1 sc2 ls0 ws0\">3<span class=\"_ _3a1\"> </span></td></tr></table>Sezione 1 \u2013 Il patrimonio consolidato A.<span class=\"_ _19c\"> </span>Informaz<span class=\"_ _1\"></span>ioni di na<span class=\"_ _1\"></span>tura qu<span class=\"_ _1\"></span>alitativa<span class=\"_ _3a1\"> </span>Dal 1<span class=\"_ _3a1\"> </span>\u00b0 g<span class=\"_ _2\"></span>ennaio 2014 <span class=\"_ _3b\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>entrato in <span class=\"_ _2\"></span>vigore i<span class=\"_ _2\"></span>l regolamento <span class=\"_ _3b\"></span>(UE) n. <span class=\"_ _3b\"></span>57<span class=\"_ _1\"></span>5/2013 (\u201cCRR\u201d) <span class=\"_ _2\"></span>con il <span class=\"_ _3b\"></span>quale vengono<span class=\"_ _3a1\"> </span>introdotte <span class=\"_ _38\"></span>nell\u2019Unione <span class=\"_ _38\"></span>Europea <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>gole <span class=\"_ _1\"></span>definite <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>Comitato <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>asilea <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>vigilanza <span class=\"_ _1\"></span>bancaria con <span class=\"_ _36\"> </span>l\u2019art<span class=\"_ _1\"></span>icolato <span class=\"_ _39\"> </span>insieme <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>documenti <span class=\"_ _39\"> </span>unitariamente<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>de<span class=\"_ _1\"></span>nominato <span class=\"_ _36\"> </span>\u201cBasilea <span class=\"_ _39\"> </span>3\u201d <span class=\"_ _39\"> </span>in <span class=\"_ _39\"> </span>materia <span class=\"_ _36\"> </span>di adeguatezza patrimoniale (Primo pilastro<span class=\"_ _1\"></span>) e informativa al pubblico (Terzo pilastro). Il <span class=\"_ _0\"></span>regolamento <span class=\"_ _38\"></span>(UE) <span class=\"_ _0\"></span>n. <span class=\"_ _0\"></span>575/2013<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>la<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>direttiva <span class=\"_ _0\"></span>2013/36/UE <span class=\"_ _38\"></span>(\u201cCRD <span class=\"_ _0\"></span>IV\u201d) <span class=\"_ _38\"></span>definiscono <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>nuovo <span class=\"_ _0\"></span>q<span class=\"_ _2\"></span>uadro normativo di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iferimento nell\u2019<span class=\"_ _2\"></span>Unione Europea pe<span class=\"_ _2\"></span>r banche <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> impr<span class=\"_ _2\"></span>ese di <span class=\"_ _3b\"></span>investime<span class=\"_ _1\"></span>nto. Dal <span class=\"_ _3b\"></span>1\u00b0 gennaio 2014. <span class=\"_ _36\"> </span>CRR <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>CRDIV <span class=\"_ _37\"> </span>sono <span class=\"_ _36\"> </span>integrati <span class=\"_ _37\"> </span>da <span class=\"_ _36\"> </span>norme <span class=\"_ _36\"> </span>tecniche <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>regolamentazione <span class=\"_ _36\"> </span>o <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>attuazione approvate dalla <span class=\"_ _3b\"></span>Commiss<span class=\"_ _1\"></span>ione Eu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>opea su <span class=\"_ _2\"></span>proposta d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>lle Autorit\u00e0 <span class=\"_ _3b\"></span>europee di <span class=\"_ _2\"></span>supervisione (\u201cESA\u201d), che danno attuazione alla normativa primaria. Con <span class=\"_ _35\"> </span>l\u2019adozione  del <span class=\"_ _35\"> </span>regolamento  di <span class=\"_ _35\"> </span>esecuzione  (UE)<span class=\"_ _2\"></span>  n<span class=\"_ _2\"></span>. <span class=\"_ _35\"> </span>680<span class=\"_ _1\"></span>/2014  s<span class=\"_ _2\"></span>ono  s<span class=\"_ _2\"></span>tate  s<span class=\"_ _2\"></span>tabilite  le <span class=\"_ _35\"> </span>norme tecniche <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>attuazione <span class=\"_ _0\"></span>(I<span class=\"_ _2\"></span>mplementing <span class=\"_ _0\"></span>Technical <span class=\"_ _38\"></span>Standards) <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>incolanti <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>materia <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>segnalazioni prudenziali <span class=\"_ _35\"> </span>armo<span class=\"_ _1\"></span>nizzate  delle  b<span class=\"_ _3b\"></span>anche  e  delle <span class=\"_ _35\"> </span>imprese  di <span class=\"_ _35\"> </span>investime<span class=\"_ _1\"></span>nto  relative <span class=\"_ _35\"> </span>a:  fondi <span class=\"_ _35\"> </span>propri, rischio <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>credito <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>roparte, <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>mercato, <span class=\"_ _0\"></span>rischio <span class=\"_ _38\"></span>operativo, <span class=\"_ _0\"></span>grandi <span class=\"_ _38\"></span>rischi, <span class=\"_ _0\"></span>rilevazione <span class=\"_ _38\"></span>su perdite ipotecarie, posizione patrimoniale complessiva, monitoraggio liquidit\u00e0 <span class=\"_ _1\"></span>e leva finanziaria. Inoltre, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>Banca d\u2019Italia <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>emanato <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>Circolari <span class=\"_ _1\"></span>n. 286 <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>n. 1<span class=\"_ _1\"></span>54 <span class=\"_ _1\"></span>che traducono <span class=\"_ _1\"></span>secondo <span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>schema matriciale, attualmente adottato nelle segnalazioni di vigilanza, i citati ITS. Il  Grupp<span class=\"_ _2\"></span>o  ritiene  prioritario <span class=\"_ _35\"> </span>valutare  la  prop<span class=\"_ _2\"></span>ria  struttura  p<span class=\"_ _2\"></span>atrimoniale  e <span class=\"_ _35\"> </span>tali  analisi <span class=\"_ _35\"> </span>sono  svolte all\u2019interno degli <span class=\"_ _3b\"></span>specifici Comitati d<span class=\"_ _2\"></span>i Governance d<span class=\"_ _2\"></span>i Grupp<span class=\"_ _2\"></span>o. In <span class=\"_ _3b\"></span>tale<span class=\"_ _1\"></span> sede <span class=\"_ _2\"></span>vengono anche<span class=\"_ _2\"></span> evidenziati i  principali  impatti  le<span class=\"_ _1\"></span>gati  alle  normat<span class=\"_ _1\"></span>ive  in  via  di  definizione  (es<span class=\"_ _1\"></span>.  potenziali  impatti  legat<span class=\"_ _1\"></span>i  alla finalizzazione <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iforma <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Basilea <span class=\"_ _0\"></span>II<span class=\"_ _2\"></span>I <span class=\"_ _38\"></span>come <span class=\"_ _38\"></span>da <span class=\"_ _0\"></span>recente <span class=\"_ _1\"></span>accordo <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>sede <span class=\"_ _1\"></span>di <span class=\"_ _0\"></span>Comitato <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>B<span class=\"_ _1\"></span>asilea del <span class=\"_ _38\"></span>14 <span class=\"_ _0\"></span>gennaio <span class=\"_ _38\"></span>2019) <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>quelle <span class=\"_ _38\"></span>gi\u00e0 <span class=\"_ _38\"></span>approvate <span class=\"_ _0\"></span>ma <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>attualmente <span class=\"_ _0\"></span>applic<span class=\"_ _2\"></span>abili <span class=\"_ _38\"></span>(es. <span class=\"_ _0\"></span>il <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>golamento (UE) n. 876/2019 e la d<span class=\"_ _2\"></span>irettiva (UE) n<span class=\"_ _2\"></span>. 787/2019 che modificano rispettivamente il regolamento (UE)<span class=\"_ _2\"></span> n. 575<span class=\"_ _1\"></span>/2013 e <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>direttiva 2013/36/UE /8<span class=\"_ _1\"></span>76, cos\u00ec <span class=\"_ _1\"></span>come <span class=\"_ _1\"></span>il rego<span class=\"_ _1\"></span>lamento (UE) n. <span class=\"_ _1\"></span>877/20<span class=\"_ _1\"></span>19 e <span class=\"_ _1\"></span>la direttiva<span class=\"_ _3a1\"> </span>(UE) n. 879/2019). I <span class=\"_ _37\"> </span>Comitat<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>Governance <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>Gruppo <span class=\"_ _37\"> </span>presentano<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>sempre <span class=\"_ _37\"> </span>dei <span class=\"_ _37\"> </span>me<span class=\"_ _1\"></span>mbri <span class=\"_ _37\"> </span>nominati <span class=\"_ _36\"> </span>dal <span class=\"_ _37\"> </span>Consiglio d\u2019Amministrazione <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>Capogruppo, <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>celti <span class=\"_ _35\"> </span>tra <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>componenti <span class=\"_ _0\"></span>il <span class=\"_ _0\"> </span>Co<span class=\"_ _1\"></span>nsiglio <span class=\"_ _0\"></span>stesso<span class=\"_ _1\"></span>, <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>rispettive analisi vengono successivamente pro<span class=\"_ _1\"></span>dotte al Consiglio d\u2019Amministrazione della Capogruppo. Sotto <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>profilo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Vigilanza <span class=\"_ _1\"></span>l\u2019asso<span class=\"_ _1\"></span>rbimento <span class=\"_ _1\"></span>viene <span class=\"_ _38\"></span>determinato <span class=\"_ _1\"></span>tenendo <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>considerazione <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>attuali \u201cregole\u201d di segnalazione.  Sotto <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>pro<span class=\"_ _1\"></span>filo <span class=\"_ _3b\"></span>gestionale l\u2019assorbi<span class=\"_ _2\"></span>mento viene <span class=\"_ _3b\"></span>calcolato c<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>l\u2019utilizzo <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>modelli <span class=\"_ _3b\"></span>int<span class=\"_ _1\"></span>erni p<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>ris<span class=\"_ _1\"></span>chio di credito e di mercato e l\u2019utilizzo di un metodo standard \u201cgest<span class=\"_ _1\"></span>ionale\u201d. I <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _3b\"></span>vengono esamin<span class=\"_ _2\"></span>ati sia<span class=\"_ _3b\"></span> compl<span class=\"_ _2\"></span>essivamente che <span class=\"_ _3b\"></span>dettagliatamente <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>ll\u2019interno <span class=\"_ _3b\"></span>delle soci<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>t\u00e0 <span class=\"_ _3b\"></span>del Gruppo (analisi dei portafogli specifici). Al <span class=\"_ _38\"></span>31 <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>icembre <span class=\"_ _0\"></span>2024 <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>Fondi <span class=\"_ _38\"></span>Propri <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>stati <span class=\"_ _38\"></span>determinati <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>base <span class=\"_ _0\"></span>alle <span class=\"_ _38\"></span>disposizioni <span class=\"_ _38\"></span>contenute <span class=\"_ _0\"></span>nel Regolamento (UE) n.575/2013 (CRR).<span class=\"_ _3a1\"> </span>B. Inform<span class=\"_ _1\"></span>azioni di<span class=\"_ _1\"></span> natura qu<span class=\"_ _1\"></span>antitativa<span class=\"_ _3a1\"> </span>B.1 Patrimonio co<span class=\"_ _1\"></span>nsolidato: ripartizione<span class=\"_ _1\"></span> per tipologia di impre<span class=\"_ _1\"></span>sa <table class=\"s w1578 h2ea\" id=\"_49c07ea8-2588-498b-97cc-4d4c95ac4395\"><tr><td></td><td class=\"t m2 x160a h12 y6a3e ff4 fs7 fc4 sc3 ls0 ws0\">Voci del patrimonio netto </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y537e w1579 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Capitale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2633 y537e w157a h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">341.323<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e4 h12 y6a3f ff4 fs7 fc1 sc0 ls0 ws0\">221.600<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a3f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b0 h12 y6a3f ff4 fs7 fc1 sc0 ls0 ws0\">(221.600)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y6a3f ff4 fs7 fc1 sc0 ls0 ws0\">341.323<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6a40 w157b h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Sovrapprezzi di emi<span class=\"_ _2\"></span>ssione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2634 y6a40 w157c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">321.801<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x2410 h12 y6a41 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a41 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a41 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y6a41 ff4 fs7 fc1 sc0 ls0 ws0\">321.801<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6a42 w157d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Riserve<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2635 y6a42 w480 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.108.935<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e4 h12 y6a43 ff4 fs7 fc1 sc0 ls0 ws0\">267.772<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70f h12 y6a43 ff4 fs7 fc1 sc0 ls0 ws0\">(144)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b0 h12 y6a43 ff4 fs7 fc1 sc0 ls0 ws0\">(267.628)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fd h12 y6a43 ff4 fs7 fc1 sc0 ls0 ws0\">3.108.935<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6a44 w157e h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Strumenti di cap<span class=\"_ _2\"></span>itale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2636 y6a44 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x2410 h12 y6a45 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a45 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a45 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a45 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6a46 w157f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2637 y6a46 w1580 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(Azioni proprie)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2638 y6a46 w1581 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(3.845)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x2410 h12 y6a47 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a47 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a47 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y6a47 ff4 fs7 fc1 sc0 ls0 ws0\">(3.845)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6a48 w1582 h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6. Riserve da valutaz<span class=\"_ _2\"></span>ione:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2639 y6a48 w1583 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(95.755)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6c5 h12 y6a49 ff4 fs7 fc1 sc0 ls0 ws0\">6.325<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a49 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd80 h12 y6a49 ff4 fs7 fc1 sc0 ls0 ws0\">(6.325)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xda3 h12 y6a49 ff4 fs7 fc1 sc0 ls0 ws0\">(95.755)<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"c x997 y6a4a w1584 h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1bee h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Titoli di<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x263a h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">capitale designa<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>i al fair value<span class=\"_ _2\"></span> con impatto<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x789 h12 y6a4b ff4 fs7 fc1 sc0 ls0 ws0\">9.579<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2410 h12 y6a4b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a4b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a4b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x780 h12 y6a4b ff4 fs7 fc1 sc0 ls0 ws0\">9.579<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"c x6d4 y6a4c w260 h11\"><div class=\"t m2 x0 h12 y807 ff4 fs7 fc1 sc0 ls0 ws0\">sulla redditivit\u00e0 c<span class=\"_ _2\"></span>omplessiva<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x997 y6a4d w1585 h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1bee h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Coperture di titoli d<span class=\"_ _2\"></span>i capitale desig<span class=\"_ _2\"></span>nati al fair value<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x70e h12 y6a4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2410 h12 y6a4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"c x6d4 y6a4f w262 h11\"><div class=\"t m2 x0 h12 y807 ff4 fs7 fc1 sc0 ls0 ws0\">con impatto sulla re<span class=\"_ _2\"></span>dditivit\u00e0 comple<span class=\"_ _2\"></span>ssiva<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x997 y6a50 w1586 h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1bee h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Attivit\u00e0 finanziarie (d<span class=\"_ _2\"></span>iverse dai titoli di cap<span class=\"_ _2\"></span>itale)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x10ff h12 y6a51 ff4 fs7 fc1 sc0 ls0 ws0\">(386.539)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x673 h12 y6a51 ff4 fs7 fc1 sc0 ls0 ws0\">(251.902)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a51 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd7e h12 y6a51 ff4 fs7 fc1 sc0 ls0 ws0\">251.902<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fd h12 y6a51 ff4 fs7 fc1 sc0 ls0 ws0\">(386.539)<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"c x6d4 y6a52 w264 h11\"><div class=\"t m2 x0 h12 y2d9 ff4 fs7 fc1 sc0 ls0 ws0\">valutate al fair value co<span class=\"_ _2\"></span>n impatto sull<span class=\"_ _2\"></span>a redditivit\u00e0 </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x997 y6a53 w1587 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Attivit\u00e0 material<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x263b y6a53 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x2410 h12 y6a54 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a54 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a54 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a54 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"c n x997 y6a55 w1588 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Attivit\u00e0 immateria<span class=\"_ _2\"></span>li<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x263c y6a55 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x2410 h12 y6a56 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a56 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a56 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a56 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"c n x997 y59ff w1589 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Copertura di invest<span class=\"_ _2\"></span>imenti esteri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x263d y59ff w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x2410 h12 y6a57 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a57 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a57 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a57 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"c n x997 y6a58 w158a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Copertura dei flussi<span class=\"_ _2\"></span> finanziari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x263e y6a58 w158b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(23.466)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x2410 h12 y6a59 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a59 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a59 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x795 h12 y6a59 ff4 fs7 fc1 sc0 ls0 ws0\">(23.466)<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"c n x997 y6a5a w158c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Strumenti di copertur<span class=\"_ _2\"></span>a [elementi n<span class=\"_ _2\"></span>on designati]<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x263f y6a5a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x2410 h12 y6a5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"c n x997 y6a5c w158d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Differenze di camb<span class=\"_ _2\"></span>io<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2640 y6a5c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x2410 h12 y6a5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x6d4 h12 y6a5e ff4 fs7 fc1 sc0 ls0 ws0\">- Attivit\u00e0 non correnti e <span class=\"_ _2\"></span>gruppi di atti<span class=\"_ _2\"></span>vit\u00e0 in via di </td><td class=\"t m2 x70e h12 y6a5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2410 h12 y6a5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x6d4 h12 y6a60 ff4 fs7 fc1 sc0 ls0 ws0\">dismissione </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x997 y6a61 w158e h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1bee h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Passivit\u00e0 finanziar<span class=\"_ _2\"></span>ie designate al fair value c<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x6d4 h12 y6a62 ff4 fs7 fc1 sc0 ls0 ws0\">impatto a conto eco<span class=\"_ _2\"></span>nomico (variazioni del pr<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>prio </td><td class=\"t m2 x70e h12 y6a63 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2410 h12 y6a63 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a63 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a63 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a63 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x6d4 h12 y6a64 ff4 fs7 fc1 sc0 ls0 ws0\">- Utili (perdite) attuari<span class=\"_ _2\"></span>ali su piani previdenzi<span class=\"_ _2\"></span>ali a </td><td class=\"t m2 x989 h12 y6a65 ff4 fs7 fc1 sc0 ls0 ws0\">(6.578)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x981 h12 y6a65 ff4 fs7 fc1 sc0 ls0 ws0\">58<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a65 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y6a65 ff4 fs7 fc1 sc0 ls0 ws0\">(58)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y6a65 ff4 fs7 fc1 sc0 ls0 ws0\">(6.578)<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x6d4 h12 y6a66 ff4 fs7 fc1 sc0 ls0 ws0\">benefici definiti </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x997 y6a67 w158f h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1bee h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Quote delle<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2641 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">riserve da valutaz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>one delle<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x70e h12 y6a68 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2410 h12 y6a68 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a68 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a68 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a68 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"c x997 y6a69 w1590 h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2642 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Ricavi o costi di natur<span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span> finanziaria r<span class=\"_ _2\"></span>elativi ai<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd7d h12 y6a6a ff4 fs7 fc1 sc0 ls0 ws0\">258.318<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e4 h12 y6a6a ff4 fs7 fc1 sc0 ls0 ws0\">258.318<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a6a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b0 h12 y6a6a ff4 fs7 fc1 sc0 ls0 ws0\">(258.318)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y6a6a ff4 fs7 fc1 sc0 ls0 ws0\">258.318<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"c x997 y6a6b w1591 h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1bee h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Ricavi o costi di natura<span class=\"_ _2\"></span> finanziaria<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2643 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">relativi alle<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6a7 h12 y6a6c ff4 fs7 fc1 sc0 ls0 ws0\">(149)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd9c h12 y6a6c ff4 fs7 fc1 sc0 ls0 ws0\">(149)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a6c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n x2644 y6a6d w551 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">149<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2645 y6a6d w1592 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(149)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x997 y597d w1593 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Leggi speciali di riva<span class=\"_ _2\"></span>lutazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2646 y597d w11a0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>3.080<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x2410 h12 y6a6e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a6e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a6e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y6a6e ff4 fs7 fc1 sc0 ls0 ws0\">53.080<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y597f w1594 h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7. Utile (Perdita) d'eserc<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>zio (+/-) del gruppo e d<span class=\"_ _2\"></span>i terzi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2647 y597f w1595 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">620.052<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x907 h12 y6a6f ff4 fs7 fc1 sc0 ls0 ws0\">48.769<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x684 h12 y6a6f ff4 fs7 fc1 sc0 ls0 ws0\">144<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x987 h12 y6a6f ff4 fs7 fc1 sc0 ls0 ws0\">(48.913)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x795 h12 y6a6f ff4 fs7 fc1 sc0 ls0 ws0\">620.052<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x1039 h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf36 h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">4.292.511<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75d h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">544.466<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">(544.466)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf33 h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">4.292.511<span class=\"_ _3a1\"> </span></td></tr></table>Cons<span class=\"_ _3b\"></span>olidato prud<span class=\"_ _2\"></span>enz<span class=\"_ _2\"></span>iale<span class=\"_ _2\"></span> Impre<span class=\"_ _3b\"></span>se di ass<span class=\"_ _2\"></span>icuraz<span class=\"_ _3b\"></span>ione Altre<span class=\"_ _3b\"></span> i<span class=\"_ _1\"></span>mp<span class=\"_ _3b\"></span>rese Elision<span class=\"_ _3b\"></span>i e agg<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>usta<span class=\"_ _3b\"></span>menti d<span class=\"_ _3b\"></span>a con<span class=\"_ _3b\"></span>solidam<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>toTota<span class=\"_ _3b\"></span>l<span class=\"_ _1\"></span>e merito creditizio) partecipazioni valuta<span class=\"_ _2\"></span>te a patrimonio <span class=\"_ _2\"></span>netto<span class=\"_ _3a1\"> </span>contratti assicurativ<span class=\"_ _2\"></span>i emessi<span class=\"_ _3a1\"> </span>cessioni in riassicuraz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>one<span class=\"_ _3a1\"> </span>Nella <span class=\"_ _3f\"> </span>tavola <span class=\"_ _3f\"> </span>so<span class=\"_ _1\"></span>pra <span class=\"_ _3f\"> </span>riportata <span class=\"_ _3f\"> </span>sono <span class=\"_ _3f\"> </span>indicate <span class=\"_ _3a\"> </span>le <span class=\"_ _3f\"> </span>componenti <span class=\"_ _3f\"> </span>del <span class=\"_ _3f\"> </span>patrimonio <span class=\"_ _3f\"> </span>netto <span class=\"_ _3f\"> </span>contabile, sommando  qu<span class=\"_ _2\"></span>elle  del <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _35\"> </span>con  quelle <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>ter<span class=\"_ _1\"></span>zi, <span class=\"_ _35\"> </span>ripartit<span class=\"_ _1\"></span>e  pe<span class=\"_ _2\"></span>r <span class=\"_ _35\"> </span>tipologia  di<span class=\"_ _2\"></span>  i<span class=\"_ _2\"></span>mpre<span class=\"_ _1\"></span>se  oggetto <span class=\"_ _35\"> </span>di consolidamento. <span class=\"_ _37\"> </span>Pi\u00f9 <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>dettaglio, <span class=\"_ _37\"> </span>nella <span class=\"_ _37\"> </span>colonna <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>iferita <span class=\"_ _37\"> </span>al <span class=\"_ _37\"> </span>Consolidamento <span class=\"_ _37\"> </span>prudenziale <span class=\"_ _37\"> </span>viene indicato l\u2019importo che risulta <span class=\"_ _2\"></span>dal consolidamento delle <span class=\"_ _2\"></span>societ\u00e0 appartenenti al G<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>uppo bancario, <span class=\"_ _2\"></span>al lordo <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>effetti <span class=\"_ _0\"> </span>e<span class=\"_ _1\"></span>conomici <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>trans<span class=\"_ _1\"></span>azioni <span class=\"_ _0\"></span>effettuate <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>altre <span class=\"_ _0\"></span>societ\u00e0 <span class=\"_ _0\"></span>incluse <span class=\"_ _35\"> </span>nel <span class=\"_ _0\"></span>perimetro <span class=\"_ _0\"></span>di consolidamento; <span class=\"_ _3d\"> </span>le <span class=\"_ _37\"> </span>societ\u00e0 <span class=\"_ _3d\"> </span>controllate, <span class=\"_ _3d\"> </span>diverse<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>da <span class=\"_ _3d\"> </span>quelle <span class=\"_ _3d\"> </span>apparte<span class=\"_ _1\"></span>nenti <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>Gruppo <span class=\"_ _3d\"> </span>bancario <span class=\"_ _37\"> </span>e consolidate <span class=\"_ _1\"></span>integralmente <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no qui va<span class=\"_ _1\"></span>lorizzate <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>todo <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>patrimonio <span class=\"_ _1\"></span>netto. <span class=\"_ _1\"></span>Nella <span class=\"_ _1\"></span>colonna Imprese di <span class=\"_ _1\"></span>assicurazione sono r<span class=\"_ _1\"></span>iportati gli importi che <span class=\"_ _1\"></span>risultano dal consolidament<span class=\"_ _1\"></span>o, al lor<span class=\"_ _1\"></span>do degli effetti <span class=\"_ _36\"> </span>economici <span class=\"_ _36\"> </span>derivanti <span class=\"_ _36\"> </span>da <span class=\"_ _37\"> </span>t<span class=\"_ _1\"></span>ransazioni <span class=\"_ _37\"> </span>e<span class=\"_ _1\"></span>ffettuate <span class=\"_ _36\"> </span>con <span class=\"_ _36\"> </span>le <span class=\"_ _37\"> </span>so<span class=\"_ _1\"></span>ciet\u00e0 <span class=\"_ _36\"> </span>appartenenti <span class=\"_ _36\"> </span>al <span class=\"_ _37\"> </span>Gruppo bancario. Nelle colonne Elisioni ed Aggiustamenti sono invece indicate le rettifiche necessarie per ottenere il dato rappresentato in bilancio.<span class=\"_ _3a1\"> </span>B.2 Riserve da val<span class=\"_ _1\"></span>utazione delle attivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie valutate al fair<span class=\"_ _1\"></span> value con impatt<span class=\"_ _1\"></span>o sulla redditivit\u00e0 comp<span class=\"_ _1\"></span>lessiva:<span class=\"_ _3a1\"> </span>compos<span class=\"_ _3a1\"> </span>izione<span class=\"_ _3a1\"> </span>Attivit\u00e0/valori<span class=\"_ _3a1\"> </span>olidato ialese di ioneresei e menti da toerva itivarva ativarva itivarva ativarva itivarva ativarva itivarva ativarva itivarva ativa<table class=\"s w1596 h2eb\" id=\"_14957edf-0eec-4216-ab32-a02009514d37\"><tr><td class=\"c n x2d7 y59de w699 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2648 y59de w1597 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7.067<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2649 y59de w7b0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">141.703<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x264a y59de w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x264b y59de w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x264c y59de w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x264d y59de w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x264e y59de w528 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24.331<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x264f y59de w1598 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">276.233<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2650 y59de w1599 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>1.398<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2651 y59de w14d2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">417.936<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a84 w69d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capitale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2652 y5a84 w159a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.937<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2653 y5a84 w159b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.359<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2654 y5a84 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2655 y5a84 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2656 y5a84 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2657 y5a84 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2658 y5a84 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2659 y5a84 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x265a y5a84 w159c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.937<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x265b y5a84 w159d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.359<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a85 w70a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x265c y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x265d y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x265e y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x265f y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2660 y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x264d y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2661 y5a85 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2662 y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2663 y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2664 y5a85 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x244a h12 y6a70 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2665 h12 y6a70 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x129f h12 y6a70 ff4 fs7 fc1 sc2 ls0 ws0\">19.004<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112b h12 y6a70 ff4 fs7 fc1 sc2 ls0 ws0\">144.062<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c2 h12 y6a70 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ce h12 y6a70 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h12 y6a70 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xec2 h12 y6a70 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc60 h12 y6a70 ff4 fs7 fc1 sc2 ls0 ws0\">24.331<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeb8 h12 y6a70 ff4 fs7 fc1 sc2 ls0 ws0\">276.233<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e3 h12 y6a70 ff4 fs7 fc1 sc2 ls0 ws0\">43.335<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd53 h12 y6a70 ff4 fs7 fc1 sc2 ls0 ws0\">420.295<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x244a h12 y6a71 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2665 h12 y6a71 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ca h12 y6a71 ff4 fs7 fc1 sc2 ls0 ws0\">12.178<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112b h12 y6a71 ff4 fs7 fc1 sc2 ls0 ws0\">129.655<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1196 h12 y6a71 ff4 fs7 fc1 sc2 ls0 ws0\">12.380<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x933 h12 y6a71 ff4 fs7 fc1 sc2 ls0 ws0\">318.052<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h12 y6a71 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xec2 h12 y6a71 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c8 h12 y6a71 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc67 h12 y6a71 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e3 h12 y6a71 ff4 fs7 fc1 sc2 ls0 ws0\">24.558<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xee0 h12 y6a71 ff4 fs7 fc1 sc2 ls0 ws0\">447.707<span class=\"_ _3a1\"> </span></td></tr></table>B.3 Riserve <span class=\"_ _1\"></span>da valutazione delle att<span class=\"_ _1\"></span>ivit\u00e0 finanziarie valutat<span class=\"_ _1\"></span>e al fair value con <span class=\"_ _1\"></span>impatto sulla redditivit\u00e0 comp<span class=\"_ _1\"></span>lessiva:<span class=\"_ _3a1\"> </span>variazioni annue<span class=\"_ _3a1\"> </span>Titoli di<span class=\"_ _3a1\"> </span><table class=\"s w159e h2ec\" id=\"_16f2958c-ee58-4d24-a197-4ab6b39d5c4e\"><tr><td></td><td></td><td class=\"t m2 xff2 h12 y6a72 ff4 fs7 fc4 sc3 ls0 ws0\">Titoli di<span class=\"_ _3a1\"> </span> </td><td class=\"t m2 x6b1 h12 y6a73 ff4 fs7 fc4 sc3 ls0 ws0\">Finanziamenti<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x6c6 h12 y6a74 ff4 fs7 fc4 sc3 ls0 ws0\">debito  </td><td class=\"t m2 xebe h12 y6a74 ff4 fs7 fc4 sc3 ls0 ws0\">capitale<span class=\"_ _3a1\"> </span> </td><td></td></tr><tr><td class=\"c n x2d7 y6a75 w670 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1. Esistenze iniziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2666 y6a75 w159f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">(430.671)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y6a76 ff4 fs7 fc1 sc2 ls0 ws0\">7.522<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a76 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6a77 w15a0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2. Variazioni positive<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2667 y6a77 w5ea h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">110.789<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd83 h12 y6a78 ff4 fs7 fc1 sc2 ls0 ws0\">4.942<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a78 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6a79 w15a1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Incrementi di fair va<span class=\"_ _3b\"></span>l<span class=\"_ _1\"></span>ue<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2668 y6a79 wb3b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">66.633<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69b h12 y6a7a ff4 fs7 fc1 sc0 ls0 ws0\">3.774<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a7a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6a7b w15a2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Rettifiche di va<span class=\"_ _2\"></span>lore per rischio di credit<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2669 y6a7b w15a3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">62<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x266a y6a7b w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x266b y6a7b w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6a7c w15a4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Rigiro a conto eco<span class=\"_ _2\"></span>nomico di riser<span class=\"_ _2\"></span>ve negative da realizzo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x266c y6a7c we5b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">31.986<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x266a y6a7c w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x266b y6a7c w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6a7d w15a5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.4 Trasferimenti ad a<span class=\"_ _2\"></span>ltre componenti d<span class=\"_ _2\"></span>i patrimonio netto (tito<span class=\"_ _2\"></span>li di capitale)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x266d y6a7d w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x16d9 h12 y6a7e ff4 fs7 fc1 sc0 ls0 ws0\">715<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a7e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6a7f w636 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.5 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x266e y6a7f w15a6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.108<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x685 h12 y6a80 ff4 fs7 fc1 sc0 ls0 ws0\">453<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a80 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6a81 w15a7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">3. Variazioni negative<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x266f y6a81 w15a8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">66.656<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd83 h12 y6a82 ff4 fs7 fc1 sc2 ls0 ws0\">2.886<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a82 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6a83 w15a9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Riduzioni di fa<span class=\"_ _2\"></span>ir value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2670 y6a83 w15aa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">51.426<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd83 h12 y6a84 ff4 fs7 fc1 sc0 ls0 ws0\">2.520<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a85 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6a86 w15ab h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Riprese di valore per <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio di cre<span class=\"_ _2\"></span>dito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2671 y6a86 w939 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">182<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x18e5 h12 y6a87 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a88 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6a89 w15ac h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.3 Rigiro a conto ec<span class=\"_ _2\"></span>onomico da rise<span class=\"_ _2\"></span>rve positive: da rea<span class=\"_ _2\"></span>lizzo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2672 y6a89 w15ad h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>.493<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x987 h12 y6a8a ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span> </td><td class=\"t m2 x671 h12 y6a8b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y6a8c ff4 fs7 fc1 sc0 ls0 ws0\">3.4 Trasferimenti ad<span class=\"_ _2\"></span> altre componen<span class=\"_ _2\"></span>ti di patrimonio netto (<span class=\"_ _2\"></span>titoli di capitale<span class=\"_ _2\"></span>)<span class=\"_ _3a1\"> </span> </td><td class=\"t m2 x6fc h12 y6a8d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x18e5 h12 y6a8d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a8d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6a8e w15ae h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.5 Altre variazion<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2673 y6a8e w90b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.555<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x685 h12 y6a8f ff4 fs7 fc1 sc0 ls0 ws0\">366<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a90 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54f9 w682 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4. Rimanenze finali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2674 y54f9 w481 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">(386.538)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd83 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">9.578<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5b20 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table>Relativamente ai mercati finanziari:<span class=\"_ _3a1\"> </span><span class=\"_ _188\"> </span><span class=\"ff4\">N<span class=\"_ _1\"></span>el primo <span class=\"_ _3b\"></span>trimestre del <span class=\"_ _3b\"></span>20<span class=\"_ _1\"></span>24 i<span class=\"_ _3b\"></span> mercati fi<span class=\"_ _2\"></span>nanziari hann<span class=\"_ _2\"></span>o registrato <span class=\"_ _3b\"></span>piccoli segnali <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ripresa legati<span class=\"_ _3a1\"> </span></span>alle <span class=\"_ _38\"></span>attese <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>u <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>allentamento <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>politica <span class=\"_ _0\"></span>monetaria <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>maggiore <span class=\"_ _38\"></span>pro<span class=\"_ _1\"></span>pensione <span class=\"_ _1\"></span>al <span class=\"_ _0\"></span>rischio<span class=\"_ _3a1\"> </span>degli <span class=\"_ _39\"> </span>invest<span class=\"_ _1\"></span>itori. <span class=\"_ _39\"> </span>Il <span class=\"_ _3f\"> </span>differenziale <span class=\"_ _39\"> </span>di <span class=\"_ _3f\"> </span>rendimento <span class=\"_ _39\"> </span>tra <span class=\"_ _39\"> </span>i <span class=\"_ _3f\"> </span>titoli <span class=\"_ _3f\"> </span>di<span class=\"_ _3b\"></span> <span class=\"_ _3f\"> </span>Stato <span class=\"_ _3f\"> </span>decennali <span class=\"_ _39\"> </span>italiani <span class=\"_ _39\"> </span>e <span class=\"_ _3f\"> </span>i<span class=\"_ _3a1\"> </span>corrispondenti  titoli <span class=\"_ _3d\"> </span>tedeschi  si  \u00e8 <span class=\"_ _3d\"> </span>ridotto,  chiudendo  il  trime<span class=\"_ _1\"></span>stre  a  138 <span class=\"_ _3d\"> </span>punti  base,  questo<span class=\"_ _3a1\"> </span>andamento <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>beneficiato <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>grande <span class=\"_ _0\"></span>richiesta<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Stato<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>decennali <span class=\"_ _0\"></span>italiani <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>parte<span class=\"_ _3a1\"> </span>degli <span class=\"_ _39\"> </span>investitori. <span class=\"_ _39\"> </span>I <span class=\"_ _39\"> </span>corsi <span class=\"_ _36\"> </span>azionari <span class=\"_ _39\"> </span>sono <span class=\"_ _39\"> </span>migliorati <span class=\"_ _36\"> </span>notevolme<span class=\"_ _1\"></span>nte <span class=\"_ _36\"> </span>s<span class=\"_ _1\"></span>oprattutto <span class=\"_ _39\"> </span>nel <span class=\"_ _36\"> </span>comparto<span class=\"_ _3a1\"> </span>bancario.<span class=\"_ _3a1\"> </span><span class=\"_ _188\"> </span><span class=\"ff4\">N<span class=\"_ _1\"></span>el secondo trimestre del 2024, i mercati finanziari nell'area dell'euro hanno ri<span class=\"_ _2\"></span>sentito degli esiti<span class=\"_ _3a1\"> </span></span>delle <span class=\"_ _3f\"> </span>elezioni <span class=\"_ _39\"> </span>eur<span class=\"_ _1\"></span>opee <span class=\"_ _3f\"> </span>prima <span class=\"_ _39\"> </span>e <span class=\"_ _3f\"> </span>dell'incertezza <span class=\"_ _3f\"> </span>politica <span class=\"_ _39\"> </span>in <span class=\"_ _3f\"> </span>Francia <span class=\"_ _39\"> </span>dopo. <span class=\"_ _3f\"> </span>I <span class=\"_ _3f\"> </span>corsi <span class=\"_ _3f\"> </span>azionari<span class=\"_ _3a1\"> </span>statunitensi <span class=\"_ _35\"> </span>hanno <span class=\"_ _35\"> </span>invece <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>egistrato <span class=\"_ _35\"> </span>nuovi <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>ialzi, <span class=\"_ _35\"> </span>sostenuti <span class=\"_ _35\"> </span>dall<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>redditivit\u00e0 <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>imprese, <span class=\"_ _0\"></span>in<span class=\"_ _3a1\"> </span>particolare del settor<span class=\"_ _2\"></span>e tecnologico. I<span class=\"_ _2\"></span>n Italia, l<span class=\"_ _2\"></span>ospread BTP/BUND, mant<span class=\"_ _2\"></span>enutosi stabile nel<span class=\"_ _3b\"></span> corso<span class=\"_ _3a1\"> </span>dei <span class=\"_ _3f\"> </span>primi <span class=\"_ _3a\"> </span>mesi <span class=\"_ _3a\"> </span>dell\u2019anno, <span class=\"_ _3f\"> </span>ha <span class=\"_ _3a\"> </span>registrato <span class=\"_ _3a\"> </span>un <span class=\"_ _3f\"> </span>tempor<span class=\"_ _1\"></span>aneo <span class=\"_ _3f\"> </span>aumento <span class=\"_ _3a\"> </span>a <span class=\"_ _3f\"> </span>1<span class=\"_ _1\"></span>59 <span class=\"_ _3f\"> </span>punti <span class=\"_ _3a\"> </span>base <span class=\"_ _3a\"> </span>in<span class=\"_ _3a1\"> </span>concomitanza <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>elezioni <span class=\"_ _38\"></span>francesi, <span class=\"_ _38\"></span>ed <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>poi <span class=\"_ _38\"></span>rientrato <span class=\"_ _38\"></span>gradualmente <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>soglia <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>130<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>punti<span class=\"_ _3a1\"> </span>base ne<span class=\"_ _1\"></span>lle settimane <span class=\"_ _1\"></span>successive. La <span class=\"_ _1\"></span>riduzione dei <span class=\"_ _1\"></span>tassi <span class=\"_ _1\"></span>di intere<span class=\"_ _1\"></span>sse da <span class=\"_ _1\"></span>parte <span class=\"_ _1\"></span>della BCE, a <span class=\"_ _1\"></span>lungo<span class=\"_ _3a1\"> </span>attesa, non ha avuto rilevanti conseguenze.<span class=\"_ _3a1\"> </span><span class=\"_ _188\"> </span><span class=\"ff4\">N<span class=\"_ _1\"></span>el <span class=\"_ _38\"></span>terzo <span class=\"_ _0\"></span>trimestre <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>2024, <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>condizioni <span class=\"_ _0\"></span>dei <span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rcati <span class=\"_ _38\"></span>finanziari <span class=\"_ _0\"></span>sono <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>ultate <span class=\"_ _38\"></span>nel <span class=\"_ _0\"></span>comples<span class=\"_ _2\"></span>so<span class=\"_ _3a1\"> </span></span>distese anche <span class=\"_ _1\"></span>per effetto dell\u2019allentamento <span class=\"_ _1\"></span>monetario da parte della <span class=\"_ _1\"></span>Federal Reserve<span class=\"_ _1\"></span>. All\u2019inizio<span class=\"_ _3a1\"> </span>di agosto si sono verificate cadute dei corsi azionari, in particolare negli Stati Uni<span class=\"_ _2\"></span>ti per il settore<span class=\"_ _3a1\"> </span> tecnol<span class=\"_ _3a1\"> </span>ogico, <span class=\"_ _35\"> </span>e  dei <span class=\"_ _35\"> </span>rendimenti  dei <span class=\"_ _35\"> </span>titoli  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>Stat<span class=\"_ _1\"></span>o,  i<span class=\"_ _2\"></span>n <span class=\"_ _35\"> </span>un  contesto <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>repe<span class=\"_ _1\"></span>ntino  au<span class=\"_ _2\"></span>mento  d<span class=\"_ _2\"></span>ella<span class=\"_ _3a1\"> </span> volatilit\u00e0. <span class=\"_ _3b\"></span>Vi hanno <span class=\"_ _3b\"></span>contribuito i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>timori di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>una <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ecessione <span class=\"_ _2\"></span>negli <span class=\"_ _3b\"></span>Stati Uniti <span class=\"_ _3b\"></span>e la <span class=\"_ _3b\"></span>pubblicazione <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>dati<span class=\"_ _3a1\"> </span> di bilancio trimestrali deludenti da parte di alcune imprese tecnologiche. Questi fenomeni sono<span class=\"_ _3a1\"> </span> in  larga <span class=\"_ _3d\"> </span>misura <span class=\"_ _3d\"> </span>rient<span class=\"_ _1\"></span>rati  a <span class=\"_ _3d\"> </span>se<span class=\"_ _1\"></span>guito  della <span class=\"_ _3d\"> </span>pubblicazione  d<span class=\"_ _1\"></span>i  dat<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>macroeconom<span class=\"_ _1\"></span>ici  che <span class=\"_ _3d\"> </span>hanno<span class=\"_ _3a1\"> </span> rassicurato <span class=\"_ _35\"> </span>gl<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>oper<span class=\"_ _1\"></span>atori <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>me<span class=\"_ _1\"></span>rcato <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>ull\u2019andamento <span class=\"_ _0\"></span>dell\u2019economia <span class=\"_ _35\"> </span>statunitense. <span class=\"_ _0\"></span>Rientrate <span class=\"_ _35\"> </span>le<span class=\"_ _3a1\"> </span> tensioni, lo spread BTP/BUND \u00e8 tornato a contrarsi.<span class=\"_ _3a1\"> </span> <span class=\"_ _188\"> </span><span class=\"ff4\">N<span class=\"_ _1\"></span>el <span class=\"_ _35\"> </span>quarto <span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>rimestre, <span class=\"_ _35\"> </span>i <span class=\"_ _0\"> </span>mer<span class=\"_ _1\"></span>cati <span class=\"_ _0\"></span>azionari <span class=\"_ _35\"> </span>hanno <span class=\"_ _35\"> </span>mostrato <span class=\"_ _35\"> </span>dinamiche <span class=\"_ _0\"> </span>e<span class=\"_ _1\"></span>terogenee, <span class=\"_ _35\"> </span>registrando<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>rialzi <span class=\"_ _3b\"></span>dei <span class=\"_ _3b\"></span>cor<span class=\"_ _1\"></span>si <span class=\"_ _3b\"></span>sta<span class=\"_ _1\"></span>tunitensi, <span class=\"_ _3b\"></span>una <span class=\"_ _3b\"></span>sost<span class=\"_ _1\"></span>anziale <span class=\"_ _3b\"></span>stabilit\u00e0 <span class=\"_ _3b\"></span>nelle altre <span class=\"_ _3b\"></span>economie <span class=\"_ _3b\"></span>avanzate <span class=\"_ _2\"></span>ed <span class=\"_ _3b\"></span>emergenti<span class=\"_ _3a1\"> </span> e u<span class=\"_ _2\"></span>n <span class=\"_ _3b\"></span>calo in <span class=\"_ _3b\"></span>Cina. <span class=\"_ _3b\"></span>L\u2019increme<span class=\"_ _1\"></span>nto <span class=\"_ _3b\"></span>negli S<span class=\"_ _2\"></span>tati Uni<span class=\"_ _2\"></span>ti h<span class=\"_ _2\"></span>a <span class=\"_ _3b\"></span>riflesso u<span class=\"_ _2\"></span>na <span class=\"_ _2\"></span>redditivit\u00e0 <span class=\"_ _3b\"></span>delle imprese <span class=\"_ _3b\"></span>superiore<span class=\"_ _3a1\"> </span> alle <span class=\"_ _1\"></span>attes<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>una <span class=\"_ _1\"></span>rispos<span class=\"_ _1\"></span>ta <span class=\"_ _1\"></span>positiva <span class=\"_ _1\"></span>ai <span class=\"_ _38\"></span>risultati <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>lettorali. <span class=\"_ _1\"></span>I <span class=\"_ _38\"></span>corsi <span class=\"_ _38\"></span>azionari <span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>aliani <span class=\"_ _1\"></span>hanno <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>gistrato<span class=\"_ _3a1\"> </span> un  au<span class=\"_ _2\"></span>mento,  in  controtendenza  rispetto  all<span class=\"_ _2\"></span>\u2019area  dell\u2019euro, <span class=\"_ _35\"> </span>principalmente  per  via  d<span class=\"_ _2\"></span>el  buon<span class=\"_ _3a1\"> </span> andamento <span class=\"_ _1\"></span>del settore <span class=\"_ _1\"></span>finanziario. I r<span class=\"_ _1\"></span>endimenti dei <span class=\"_ _1\"></span>titoli pubblici a <span class=\"_ _1\"></span>dieci anni <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>saliti <span class=\"_ _1\"></span>in tutte<span class=\"_ _3a1\"> </span> le <span class=\"_ _35\"> </span>principali <span class=\"_ _35\"> </span>economie. <span class=\"_ _35\"> </span>Il <span class=\"_ _0\"></span>rialzo  \u00e8 <span class=\"_ _35\"> </span>stato <span class=\"_ _35\"> </span>par<span class=\"_ _2\"></span>ticolarmente <span class=\"_ _35\"> </span>marcato <span class=\"_ _35\"> </span>negli <span class=\"_ _35\"> </span>Stati <span class=\"_ _35\"> </span>Uniti, <span class=\"_ _0\"></span>guidato <span class=\"_ _35\"> </span>in<span class=\"_ _3a1\"> </span> prevalenza dalla <span class=\"_ _1\"></span>solidit\u00e0 della <span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>scita econom<span class=\"_ _1\"></span>ica e <span class=\"_ _1\"></span>da attese<span class=\"_ _1\"></span> di una <span class=\"_ _1\"></span>riduzione <span class=\"_ _1\"></span>pi\u00f9 graduale <span class=\"_ _1\"></span>dei<span class=\"_ _3a1\"> </span> tassi  di  rife<span class=\"_ _2\"></span>rimento.  Anche  i<span class=\"_ _2\"></span>  rendimenti <span class=\"_ _35\"> </span>dei  titoli  decennali  d<span class=\"_ _2\"></span>ei  paesi  della <span class=\"_ _35\"> </span>zona  euro  sono<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> aumentati <span class=\"_ _38\"></span>nel <span class=\"_ _1\"></span>mentre <span class=\"_ _1\"></span>iI <span class=\"_ _38\"></span>differenziale <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ndimento <span class=\"_ _1\"></span>tra <span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>degli <span class=\"_ _1\"></span>altri <span class=\"_ _38\"></span>paesi <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>ll\u2019area e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>quello<span class=\"_ _3a1\"> </span> tedesco  si  sono  rid<span class=\"_ _2\"></span>otti  ovunque  tranne  che  i<span class=\"_ _2\"></span>n  Francia,  per  l\u2019<span class=\"_ _2\"></span>incertezza  politica.  Lo  spread<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> BTP/BUND ha chiuso l\u2019anno a 114 punti base.<span class=\"_ _3a1\"> </span> B.4 Riserve<span class=\"_ _1\"></span> da valut<span class=\"_ _1\"></span>azione <span class=\"_ _1\"></span>relative <span class=\"_ _1\"></span>a piani a<span class=\"_ _1\"></span> benefici de<span class=\"_ _1\"></span>finiti: <span class=\"_ _1\"></span>variaz<span class=\"_ _3a1\"> </span>ioni ann<span class=\"_ _1\"></span>ue<span class=\"_ _3a1\"> </span>Le variazioni nette dell\u2019esercizio evidenziano un saldo sos<span class=\"_ _1\"></span>tanzialmente invariato.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-858": {
   "value": "Sezione 13 \u2013 Patrimonio del gruppo \u2013 Voci 120, 130, 140, 150, 160, 170 e 180 13.1 \"<span class=\"_ _3a1\"> </span>Capitale\" e \"Azioni <span class=\"_ _1\"></span>proprie\": composizione <table class=\"s w684 h261\" id=\"_32da0657-feb7-401d-8d51-5f637a02bb13\"><tr><td></td><td></td><td class=\"t m2 xa03 h12 y5fa3 ff4 fs7 fc4 sc3 ls0 ws0\">Totale <span class=\"_ _1be\"> </span>Totale </td><td></td></tr><tr><td></td><td class=\"c n xac6 y5c3d w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xac7 y5c3d w685 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x677 h12 y5fa4 ff4 fs7 fc1 sc2 ls0 ws0\">A. Capitale </td><td></td><td></td><td></td></tr><tr><td class=\"c n xf3d y5972 wd62 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Azioni ordinarie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15aa y5972 wae2 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">341.320<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x666 h12 y5fa5 ff4 fs7 fc1 sc0 ls0 ws0\">341.320<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5fa6 wd63 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Azioni di risparm<span class=\"_ _2\"></span>io<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15ab y5fa6 w47a h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5fa7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5fa8 wd64 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.3 Azioni privilegia<span class=\"_ _2\"></span>te<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15ac y5fa8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5fa9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5537 wd65 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.4 Azioni altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15ad y5537 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5faa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5fab ff4 fs7 fc1 sc2 ls0 ws0\">B. Azioni proprie </td><td></td><td></td><td></td></tr><tr><td class=\"c n xf3d y556b wd66 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Azioni ordinarie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15ae y556b wd67 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.845<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x6e5 h12 y5fac ff4 fs7 fc1 sc0 ls0 ws0\">6.674<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5515 wd68 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Azioni di risparmi<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15af y5515 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5fad ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y54b0 wd69 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Azioni privileg<span class=\"_ _2\"></span>iate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15b0 y54b0 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5fae ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y54f9 wd6a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Azioni altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15b1 y54f9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5faf ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table>Sono <span class=\"_ _35\"> </span>presenti <span class=\"_ _35\"> </span>693.575 <span class=\"_ _35\"> </span>azioni <span class=\"_ _35\"> </span>proprie <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>portafoglio, <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>co<span class=\"_ _2\"></span>ntrovalore  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>3,8 <span class=\"_ _35\"> </span>milioni <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>euro, acquistate <span class=\"_ _0\"></span>nell\u2019ambito <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>programma <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>ha <span class=\"_ _38\"></span>dato<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>esecuzi<span class=\"_ _2\"></span>one <span class=\"_ _0\"></span>alle <span class=\"_ _38\"></span>delibere<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ad<span class=\"_ _2\"></span>ottate <span class=\"_ _0\"></span>dalle <span class=\"_ _38\"></span>varie Assemblee <span class=\"_ _0\"></span>Ordinarie; <span class=\"_ _38\"></span>tali <span class=\"_ _0\"></span>programmi <span class=\"_ _0\"></span>hanno <span class=\"_ _0\"></span>lo<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>scopo <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>acquistare <span class=\"_ _0\"></span>azioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>Credito <span class=\"_ _0\"></span>Emili<span class=\"_ _2\"></span>ano <span class=\"_ _0\"></span>ad integrale <span class=\"_ _35\"> </span>copertura  d<span class=\"_ _3b\"></span>ei  p<span class=\"_ _2\"></span>iani <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>remunerazione <span class=\"_ _35\"> </span>basati <span class=\"_ _35\"> </span>su <span class=\"_ _35\"> </span>strumenti <span class=\"_ _35\"> </span>finanziari <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>destinare <span class=\"_ _35\"> </span>alla categoria <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>dirigenti <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>res<span class=\"_ _1\"></span>ponsabilit\u00e0 <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>trategiche <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>\u201c<span class=\"_ _1\"></span>personale <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ilevante\u201d <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>grup<span class=\"_ _2\"></span>po bancario. <span class=\"_ _0\"></span>Ai <span class=\"_ _35\"> </span>sensi <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>nor<span class=\"_ _1\"></span>me <span class=\"_ _0\"> </span>vigenti, <span class=\"_ _35\"> </span>gli <span class=\"_ _35\"> </span>estremi <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>programma <span class=\"_ _35\"> </span>sono <span class=\"_ _35\"> </span>gi<span class=\"_ _2\"></span>\u00e0 <span class=\"_ _35\"> </span>stati <span class=\"_ _0\"></span>comunicati <span class=\"_ _35\"> </span>al mercato. Nel corso dell\u2019esercizio sono state<span class=\"_ _1\"></span> assegnate 510.334 azioni. Per <span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ggiori <span class=\"_ _1\"></span>dettagli <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iguardo <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>piani <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>munerazione <span class=\"_ _38\"></span>basati <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>rumenti <span class=\"_ _1\"></span>finanziari <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>rinvia <span class=\"_ _1\"></span>alla \u201cParte I\u201d della presente nota integrativa. 13.2 Capitale - N<span class=\"_ _1\"></span>umero azioni della capogru<span class=\"_ _1\"></span>ppo: variazioni annue <table class=\"s w684 h262\" id=\"_c4fc4447-6766-4739-9137-3741f5eb77bf\"><tr><td class=\"c n x15b2 y5fb0 wd6b h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Tipologie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15b3 y5fb0 wd6c h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Ordi<span class=\"_ _1\"></span>narie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15b4 y5fb0 wd6d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Altr<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5fb1 wd6e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A. Azioni esistenti all'inizio dell'esercizio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15b5 y5fb1 wd6f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">341.320.065<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fb2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5fb3 wd70 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">- interamente liberate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15b6 y5fb3 wd6f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">341.320.065<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fb4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5fb5 wd71 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">- non interamente libe<span class=\"_ _2\"></span>rate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15b7 y5fb5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fb6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fb7 wd72 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.1  Azioni proprie (-)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15b8 y5fb7 wd73 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(1.203.909)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fb8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fb9 wd74 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">A.2 Azioni in circolazione: esistenze iniziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15b9 y5fb9 wd75 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">340.116.156<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fba ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fbb w948 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">B. Aumenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15ba y5fbb wd76 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">510.334<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fbc ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fbd wd77 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Nuove emissioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15bb y5fbd wd76 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">510.334<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fbe ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y5fbf wd78 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a pagamento:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15bc y5fbf w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fc0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x15bd y5fc1 wd79 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- conversione di <span class=\"_ _2\"></span>obbligazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15be y5fc1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fc2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x15bd y5fc3 wd7a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- esercizio di warrant<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15bf y5fc3 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fc4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x15bd y5fc5 wd7b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c0 y5fc5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fc6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y5fc7 wd7c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a titolo gratuito:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c1 y5fc7 wd7d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>10.334<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fc8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x15bd y5fc9 wd7e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a favore dei dipendent<span class=\"_ _3b\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c2 y5fc9 wd7f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">502.961<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fca ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x15bd y5fcb wd80 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a favore degli amm<span class=\"_ _2\"></span>inistratori<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c3 y5fcb wd81 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7.373<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fcc ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x15bd y5fcd wd7b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c0 y5fcd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fce ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fcf wd82 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Vendita di azion<span class=\"_ _2\"></span>i proprie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c4 y5fcf w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fd0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fd1 wd83 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c5 y5fd1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fd2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5fd3 ff4 fs7 fc1 sc2 ls0 ws0\">C. Diminuzioni </td><td class=\"t m2 x66f h12 y5fd4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5fd3 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5fd5 ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Annullamento </td><td class=\"t m2 x7b9 h12 y5fd6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5fd5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fd7 wd84 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Acquisto di azioni p<span class=\"_ _2\"></span>roprie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c6 y5fd7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fd8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fd9 wd85 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Operazioni di ces<span class=\"_ _2\"></span>sione di impres<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c7 y5fd9 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fda ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fdb w7d7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c8 y5fdb w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fdc ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fdd wd86 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D. Azioni in circolazione: rimanenze<span class=\"_ _2\"></span> finali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c9 y5fdd wd87 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">340.626.490<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fde ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fdf wd88 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.1 Azioni proprie (+)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15ca y5fdf wd89 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">69<span class=\"_ _1\"></span>3.575<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fe0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fe1 wd8a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.2 Azioni esistenti al<span class=\"_ _2\"></span>la fine dell'esercizio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15cb y5fe1 wd8b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">341.320.065<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fe2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y5fe3 wd70 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- interamente liberate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15cc y5fe3 wd8c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">341.320.06<span class=\"_ _3b\"></span>5<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fe4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x15cd h12 y5fe5 ff4 fs7 fc1 sc0 ls0 ws0\">- non interamente libe<span class=\"_ _2\"></span>rate </td><td></td><td></td></tr></table>13.4 Ri<span class=\"_ _1\"></span>serve di u<span class=\"_ _1\"></span>tili: altre<span class=\"_ _1\"></span> informaz<span class=\"_ _1\"></span>ioni In <span class=\"_ _38\"></span>ta<span class=\"_ _1\"></span>le <span class=\"_ _0\"></span>categoria <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>inclusi <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>riserva <span class=\"_ _38\"></span>legale, <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>ris<span class=\"_ _1\"></span>erva <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>traordinaria, <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>fondo <span class=\"_ _38\"></span>per <span class=\"_ _0\"></span>rischi <span class=\"_ _38\"></span>bancari<span class=\"_ _1\"></span> precedentemente <span class=\"_ _38\"></span>iscritto <span class=\"_ _0\"></span>n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>bilancio <span class=\"_ _38\"></span>redatto <span class=\"_ _0\"></span>ai<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>sensi<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>pr<span class=\"_ _2\"></span>evigente <span class=\"_ _38\"></span>D.Lgs.87/92 <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>riclassificato secondo i principi IAS.  La <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iserva <span class=\"_ _0\"></span>l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>gale, <span class=\"_ _38\"></span>costit<span class=\"_ _1\"></span>uita <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>norma <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>egge, <span class=\"_ _0\"></span>deve<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>ess<span class=\"_ _2\"></span>ere <span class=\"_ _0\"></span>alme<span class=\"_ _2\"></span>no <span class=\"_ _0\"></span>pari <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>qui<span class=\"_ _2\"></span>nto <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>capitale sociale; <span class=\"_ _35\"> </span>essa  \u00e8 <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>tata <span class=\"_ _35\"> </span>costituita <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>passato <span class=\"_ _35\"> </span>tram<span class=\"_ _1\"></span>ite <span class=\"_ _35\"> </span>accantonamenti <span class=\"_ _35\"> </span>degli <span class=\"_ _35\"> </span>utili <span class=\"_ _35\"> </span>netti  annu<span class=\"_ _2\"></span>ali <span class=\"_ _35\"> </span>per almeno <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>decimo <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>stessi, <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>norma <span class=\"_ _0\"></span>dell\u2019articolo <span class=\"_ _0\"></span>29 <span class=\"_ _0\"></span>dello <span class=\"_ _0\"></span>statuto <span class=\"_ _0\"></span>sociale. <span class=\"_ _0\"></span>Nel <span class=\"_ _0\"></span>caso <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>cui <span class=\"_ _0\"></span>la riserva <span class=\"_ _36\"> </span>dovesse <span class=\"_ _37\"> </span>diminuire, <span class=\"_ _36\"> </span>occorre <span class=\"_ _36\"> </span>reintegrarla <span class=\"_ _37\"> </span>tr<span class=\"_ _1\"></span>amite <span class=\"_ _37\"> </span>l\u2019obbligo <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>des<span class=\"_ _1\"></span>tinarvi <span class=\"_ _37\"> </span>un <span class=\"_ _36\"> </span>ventesimo dell\u2019utile. La <span class=\"_ _1\"></span>riserva s<span class=\"_ _1\"></span>tatutaria o <span class=\"_ _1\"></span>straordinaria \u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>costituita in <span class=\"_ _1\"></span>base <span class=\"_ _1\"></span>allo s<span class=\"_ _1\"></span>tatuto dalla <span class=\"_ _1\"></span>destinazione <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>quota di utile residuale a seguito della distribuzione dell\u2019utile alle azioni or<span class=\"_ _1\"></span>dinarie.  Le  riserve  da  concen<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>razione  ex  L.30<span class=\"_ _2\"></span>  luglio  1990 <span class=\"_ _35\"> </span>n.  218  sono <span class=\"_ _35\"> </span>st<span class=\"_ _1\"></span>ate  costituite  in<span class=\"_ _3b\"></span>  occasione  di operazioni di riorganizzazione o concentr<span class=\"_ _1\"></span>azione effettuate ai sensi della citata legge. Le altre riserve comprendono <span class=\"_ _2\"></span>la riserva costitui<span class=\"_ _2\"></span>ta a fronte del p<span class=\"_ _2\"></span>iano di stock option <span class=\"_ _3b\"></span>ed altre riserve costituite nel passato a fronte di specifiche disposizioni norm<span class=\"_ _1\"></span>ative.<span class=\"_ _3a1\"> </span>E\u2019 presente la riserva non d<span class=\"_ _2\"></span>istribuibile costituita ai sensi d<span class=\"_ _2\"></span>el DL 10 agosto 2023, n.4, <span class=\"_ _2\"></span>convertito con modifi<span class=\"_ _3a1\"> </span>cazioni dalla Legge 9 ot<span class=\"_ _1\"></span>tobre 2023, n.136.<span class=\"_ _3a1\"> </span>Sono <span class=\"_ _3a\"> </span>presenti, <span class=\"_ _3a\"> </span>altres\u00ec, <span class=\"_ _48\"> </span>d<span class=\"_ _2\"></span>ue <span class=\"_ _3a\"> </span>riser<span class=\"_ _1\"></span>ve <span class=\"_ _3a\"> </span>in <span class=\"_ _3a\"> </span>sospensione <span class=\"_ _3a\"> </span>d\u2019imposta <span class=\"_ _3a\"> </span>distinte <span class=\"_ _48\"> </span>p<span class=\"_ _2\"></span>er <span class=\"_ _3a\"> </span>la <span class=\"_ _3a\"> </span>tipologia <span class=\"_ _3a\"> </span>di riallineamento <span class=\"_ _2\"></span>effettuato ai <span class=\"_ _3b\"></span>sensi <span class=\"_ _3b\"></span>dell\u2019art. 110 <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>D<span class=\"_ _1\"></span>L <span class=\"_ _3b\"></span>1<span class=\"_ _1\"></span>4 ag<span class=\"_ _2\"></span>osto 202<span class=\"_ _3b\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>oggetto d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>uccessiva <span class=\"_ _3b\"></span>m<span class=\"_ _1\"></span>odifica con la Legge 178/2020. Infine la voce include gli effetti generati dalla transizione ai principi contabili internazionali. In <span class=\"_ _38\"></span>particolare <span class=\"_ _0\"></span>tra <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>riserve <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>utili <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _38\"></span>confluiti <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>ffetti <span class=\"_ _0\"></span>derivanti <span class=\"_ _1\"></span>dal <span class=\"_ _0\"></span>cambiamento <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>principi contabili <span class=\"_ _3b\"></span>che non <span class=\"_ _3b\"></span>prevedono n<span class=\"_ _2\"></span>ei <span class=\"_ _3b\"></span>pros<span class=\"_ _1\"></span>simi <span class=\"_ _3b\"></span>eser<span class=\"_ _1\"></span>cizi <span class=\"_ _3b\"></span>un conf<span class=\"_ _2\"></span>erimento al<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>conto <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>conomico. <span class=\"_ _3b\"></span>Gli u<span class=\"_ _2\"></span>lteriori effetti <span class=\"_ _0\"></span>generati <span class=\"_ _0\"></span>dall<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>transizione <span class=\"_ _0\"></span>agli <span class=\"_ _38\"></span>IAS/IFRS <span class=\"_ _0\"></span>destinati <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>modificarsi <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>empo <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>confluire <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> conto <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>conomico <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>momento <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>re<span class=\"_ _1\"></span>alizzo <span class=\"_ _0\"></span>o <span class=\"_ _35\"> </span>estinzione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>corr<span class=\"_ _1\"></span>ispondenti <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>passivit\u00e0 sono <span class=\"_ _1\"></span>stati invece <span class=\"_ _1\"></span>appostati <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>le \u201cRiserve <span class=\"_ _1\"></span>da valutazione\u201d<span class=\"_ _1\"></span>. Si t<span class=\"_ _1\"></span>ratta <span class=\"_ _1\"></span>della valutazione <span class=\"_ _1\"></span>delle at<span class=\"_ _1\"></span>tivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _35\"> </span>con <span class=\"_ _0\"></span>impatto <span class=\"_ _0\"></span>sulla <span class=\"_ _0\"></span>re<span class=\"_ _1\"></span>dditivit\u00e0 <span class=\"_ _0\"></span>complessiva, <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>lla <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>dei contratti <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rivati <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>pertura <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>flussi <span class=\"_ _1\"></span>finanziari, <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>riser<span class=\"_ _1\"></span>va <span class=\"_ _1\"></span>connessa <span class=\"_ _38\"></span>agli <span class=\"_ _1\"></span>utili/perdite <span class=\"_ _38\"></span>attuariali su <span class=\"_ _38\"></span>piani <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>ben<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>fici <span class=\"_ _38\"></span>definiti <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>leggi<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>speciali <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _38\"></span>rivalutazione. <span class=\"_ _38\"></span>Le <span class=\"_ _0\"></span>variazioni<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>annue <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>tali <span class=\"_ _38\"></span>riserve confluiscono nella redditivit\u00e0 complessiva.<span class=\"_ _3a1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-842": {
   "value": "Sezione 13 \u2013 Patrimonio del gruppo \u2013 Voci 120, 130, 140, 150, 160, 170 e 180 13.1 \"<span class=\"_ _3a1\"> </span>Capitale\" e \"Azioni <span class=\"_ _1\"></span>proprie\": composizione <table class=\"s w684 h261\" id=\"_32da0657-feb7-401d-8d51-5f637a02bb13\"><tr><td></td><td></td><td class=\"t m2 xa03 h12 y5fa3 ff4 fs7 fc4 sc3 ls0 ws0\">Totale <span class=\"_ _1be\"> </span>Totale </td><td></td></tr><tr><td></td><td class=\"c n xac6 y5c3d w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xac7 y5c3d w685 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x677 h12 y5fa4 ff4 fs7 fc1 sc2 ls0 ws0\">A. Capitale </td><td></td><td></td><td></td></tr><tr><td class=\"c n xf3d y5972 wd62 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Azioni ordinarie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15aa y5972 wae2 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">341.320<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x666 h12 y5fa5 ff4 fs7 fc1 sc0 ls0 ws0\">341.320<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5fa6 wd63 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Azioni di risparm<span class=\"_ _2\"></span>io<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15ab y5fa6 w47a h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5fa7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5fa8 wd64 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.3 Azioni privilegia<span class=\"_ _2\"></span>te<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15ac y5fa8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5fa9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5537 wd65 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.4 Azioni altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15ad y5537 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5faa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5fab ff4 fs7 fc1 sc2 ls0 ws0\">B. Azioni proprie </td><td></td><td></td><td></td></tr><tr><td class=\"c n xf3d y556b wd66 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Azioni ordinarie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15ae y556b wd67 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.845<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x6e5 h12 y5fac ff4 fs7 fc1 sc0 ls0 ws0\">6.674<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5515 wd68 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Azioni di risparmi<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15af y5515 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5fad ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y54b0 wd69 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Azioni privileg<span class=\"_ _2\"></span>iate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15b0 y54b0 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5fae ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y54f9 wd6a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Azioni altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15b1 y54f9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5faf ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table>Sono <span class=\"_ _35\"> </span>presenti <span class=\"_ _35\"> </span>693.575 <span class=\"_ _35\"> </span>azioni <span class=\"_ _35\"> </span>proprie <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>portafoglio, <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>co<span class=\"_ _2\"></span>ntrovalore  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>3,8 <span class=\"_ _35\"> </span>milioni <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>euro, acquistate <span class=\"_ _0\"></span>nell\u2019ambito <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>programma <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>ha <span class=\"_ _38\"></span>dato<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>esecuzi<span class=\"_ _2\"></span>one <span class=\"_ _0\"></span>alle <span class=\"_ _38\"></span>delibere<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ad<span class=\"_ _2\"></span>ottate <span class=\"_ _0\"></span>dalle <span class=\"_ _38\"></span>varie Assemblee <span class=\"_ _0\"></span>Ordinarie; <span class=\"_ _38\"></span>tali <span class=\"_ _0\"></span>programmi <span class=\"_ _0\"></span>hanno <span class=\"_ _0\"></span>lo<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>scopo <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>acquistare <span class=\"_ _0\"></span>azioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>Credito <span class=\"_ _0\"></span>Emili<span class=\"_ _2\"></span>ano <span class=\"_ _0\"></span>ad integrale <span class=\"_ _35\"> </span>copertura  d<span class=\"_ _3b\"></span>ei  p<span class=\"_ _2\"></span>iani <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>remunerazione <span class=\"_ _35\"> </span>basati <span class=\"_ _35\"> </span>su <span class=\"_ _35\"> </span>strumenti <span class=\"_ _35\"> </span>finanziari <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>destinare <span class=\"_ _35\"> </span>alla categoria <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>dirigenti <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>res<span class=\"_ _1\"></span>ponsabilit\u00e0 <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>trategiche <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>\u201c<span class=\"_ _1\"></span>personale <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ilevante\u201d <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>grup<span class=\"_ _2\"></span>po bancario. <span class=\"_ _0\"></span>Ai <span class=\"_ _35\"> </span>sensi <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>nor<span class=\"_ _1\"></span>me <span class=\"_ _0\"> </span>vigenti, <span class=\"_ _35\"> </span>gli <span class=\"_ _35\"> </span>estremi <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>programma <span class=\"_ _35\"> </span>sono <span class=\"_ _35\"> </span>gi<span class=\"_ _2\"></span>\u00e0 <span class=\"_ _35\"> </span>stati <span class=\"_ _0\"></span>comunicati <span class=\"_ _35\"> </span>al mercato. Nel corso dell\u2019esercizio sono state<span class=\"_ _1\"></span> assegnate 510.334 azioni. Per <span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ggiori <span class=\"_ _1\"></span>dettagli <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iguardo <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>piani <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>munerazione <span class=\"_ _38\"></span>basati <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>rumenti <span class=\"_ _1\"></span>finanziari <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>rinvia <span class=\"_ _1\"></span>alla \u201cParte I\u201d della presente nota integrativa. 13.2 Capitale - N<span class=\"_ _1\"></span>umero azioni della capogru<span class=\"_ _1\"></span>ppo: variazioni annue <table class=\"s w684 h262\" id=\"_c4fc4447-6766-4739-9137-3741f5eb77bf\"><tr><td class=\"c n x15b2 y5fb0 wd6b h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Tipologie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15b3 y5fb0 wd6c h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Ordi<span class=\"_ _1\"></span>narie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15b4 y5fb0 wd6d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Altr<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5fb1 wd6e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A. Azioni esistenti all'inizio dell'esercizio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15b5 y5fb1 wd6f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">341.320.065<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fb2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5fb3 wd70 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">- interamente liberate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15b6 y5fb3 wd6f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">341.320.065<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fb4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5fb5 wd71 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">- non interamente libe<span class=\"_ _2\"></span>rate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15b7 y5fb5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fb6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fb7 wd72 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.1  Azioni proprie (-)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15b8 y5fb7 wd73 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(1.203.909)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fb8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fb9 wd74 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">A.2 Azioni in circolazione: esistenze iniziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15b9 y5fb9 wd75 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">340.116.156<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fba ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fbb w948 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">B. Aumenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15ba y5fbb wd76 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">510.334<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fbc ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fbd wd77 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Nuove emissioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15bb y5fbd wd76 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">510.334<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fbe ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y5fbf wd78 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a pagamento:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15bc y5fbf w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fc0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x15bd y5fc1 wd79 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- conversione di <span class=\"_ _2\"></span>obbligazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15be y5fc1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fc2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x15bd y5fc3 wd7a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- esercizio di warrant<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15bf y5fc3 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fc4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x15bd y5fc5 wd7b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c0 y5fc5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fc6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y5fc7 wd7c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a titolo gratuito:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c1 y5fc7 wd7d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>10.334<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fc8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x15bd y5fc9 wd7e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a favore dei dipendent<span class=\"_ _3b\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c2 y5fc9 wd7f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">502.961<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fca ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x15bd y5fcb wd80 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a favore degli amm<span class=\"_ _2\"></span>inistratori<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c3 y5fcb wd81 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7.373<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fcc ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x15bd y5fcd wd7b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c0 y5fcd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fce ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fcf wd82 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Vendita di azion<span class=\"_ _2\"></span>i proprie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c4 y5fcf w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fd0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fd1 wd83 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c5 y5fd1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fd2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5fd3 ff4 fs7 fc1 sc2 ls0 ws0\">C. Diminuzioni </td><td class=\"t m2 x66f h12 y5fd4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5fd3 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5fd5 ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Annullamento </td><td class=\"t m2 x7b9 h12 y5fd6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5fd5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fd7 wd84 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Acquisto di azioni p<span class=\"_ _2\"></span>roprie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c6 y5fd7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fd8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fd9 wd85 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Operazioni di ces<span class=\"_ _2\"></span>sione di impres<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c7 y5fd9 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fda ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fdb w7d7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c8 y5fdb w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fdc ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fdd wd86 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D. Azioni in circolazione: rimanenze<span class=\"_ _2\"></span> finali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c9 y5fdd wd87 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">340.626.490<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fde ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fdf wd88 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.1 Azioni proprie (+)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15ca y5fdf wd89 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">69<span class=\"_ _1\"></span>3.575<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fe0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fe1 wd8a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.2 Azioni esistenti al<span class=\"_ _2\"></span>la fine dell'esercizio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15cb y5fe1 wd8b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">341.320.065<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fe2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y5fe3 wd70 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- interamente liberate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15cc y5fe3 wd8c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">341.320.06<span class=\"_ _3b\"></span>5<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fe4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x15cd h12 y5fe5 ff4 fs7 fc1 sc0 ls0 ws0\">- non interamente libe<span class=\"_ _2\"></span>rate </td><td></td><td></td></tr></table>13.4 Ri<span class=\"_ _1\"></span>serve di u<span class=\"_ _1\"></span>tili: altre<span class=\"_ _1\"></span> informaz<span class=\"_ _1\"></span>ioni In <span class=\"_ _38\"></span>ta<span class=\"_ _1\"></span>le <span class=\"_ _0\"></span>categoria <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>inclusi <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>riserva <span class=\"_ _38\"></span>legale, <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>ris<span class=\"_ _1\"></span>erva <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>traordinaria, <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>fondo <span class=\"_ _38\"></span>per <span class=\"_ _0\"></span>rischi <span class=\"_ _38\"></span>bancari<span class=\"_ _1\"></span> precedentemente <span class=\"_ _38\"></span>iscritto <span class=\"_ _0\"></span>n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>bilancio <span class=\"_ _38\"></span>redatto <span class=\"_ _0\"></span>ai<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>sensi<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>pr<span class=\"_ _2\"></span>evigente <span class=\"_ _38\"></span>D.Lgs.87/92 <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>riclassificato secondo i principi IAS.  La <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iserva <span class=\"_ _0\"></span>l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>gale, <span class=\"_ _38\"></span>costit<span class=\"_ _1\"></span>uita <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>norma <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>egge, <span class=\"_ _0\"></span>deve<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>ess<span class=\"_ _2\"></span>ere <span class=\"_ _0\"></span>alme<span class=\"_ _2\"></span>no <span class=\"_ _0\"></span>pari <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>qui<span class=\"_ _2\"></span>nto <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>capitale sociale; <span class=\"_ _35\"> </span>essa  \u00e8 <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>tata <span class=\"_ _35\"> </span>costituita <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>passato <span class=\"_ _35\"> </span>tram<span class=\"_ _1\"></span>ite <span class=\"_ _35\"> </span>accantonamenti <span class=\"_ _35\"> </span>degli <span class=\"_ _35\"> </span>utili <span class=\"_ _35\"> </span>netti  annu<span class=\"_ _2\"></span>ali <span class=\"_ _35\"> </span>per almeno <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>decimo <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>stessi, <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>norma <span class=\"_ _0\"></span>dell\u2019articolo <span class=\"_ _0\"></span>29 <span class=\"_ _0\"></span>dello <span class=\"_ _0\"></span>statuto <span class=\"_ _0\"></span>sociale. <span class=\"_ _0\"></span>Nel <span class=\"_ _0\"></span>caso <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>cui <span class=\"_ _0\"></span>la riserva <span class=\"_ _36\"> </span>dovesse <span class=\"_ _37\"> </span>diminuire, <span class=\"_ _36\"> </span>occorre <span class=\"_ _36\"> </span>reintegrarla <span class=\"_ _37\"> </span>tr<span class=\"_ _1\"></span>amite <span class=\"_ _37\"> </span>l\u2019obbligo <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>des<span class=\"_ _1\"></span>tinarvi <span class=\"_ _37\"> </span>un <span class=\"_ _36\"> </span>ventesimo dell\u2019utile. La <span class=\"_ _1\"></span>riserva s<span class=\"_ _1\"></span>tatutaria o <span class=\"_ _1\"></span>straordinaria \u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>costituita in <span class=\"_ _1\"></span>base <span class=\"_ _1\"></span>allo s<span class=\"_ _1\"></span>tatuto dalla <span class=\"_ _1\"></span>destinazione <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>quota di utile residuale a seguito della distribuzione dell\u2019utile alle azioni or<span class=\"_ _1\"></span>dinarie.  Le  riserve  da  concen<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>razione  ex  L.30<span class=\"_ _2\"></span>  luglio  1990 <span class=\"_ _35\"> </span>n.  218  sono <span class=\"_ _35\"> </span>st<span class=\"_ _1\"></span>ate  costituite  in<span class=\"_ _3b\"></span>  occasione  di operazioni di riorganizzazione o concentr<span class=\"_ _1\"></span>azione effettuate ai sensi della citata legge. Le altre riserve comprendono <span class=\"_ _2\"></span>la riserva costitui<span class=\"_ _2\"></span>ta a fronte del p<span class=\"_ _2\"></span>iano di stock option <span class=\"_ _3b\"></span>ed altre riserve costituite nel passato a fronte di specifiche disposizioni norm<span class=\"_ _1\"></span>ative.<span class=\"_ _3a1\"> </span><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf7b\">Sono <span class=\"_ _3a\"> </span>presenti, <span class=\"_ _3a\"> </span>altres\u00ec, <span class=\"_ _48\"> </span>d<span class=\"_ _2\"></span>ue <span class=\"_ _3a\"> </span>riser<span class=\"_ _1\"></span>ve <span class=\"_ _3a\"> </span>in <span class=\"_ _3a\"> </span>sospensione <span class=\"_ _3a\"> </span>d\u2019imposta <span class=\"_ _3a\"> </span>distinte <span class=\"_ _48\"> </span>p<span class=\"_ _2\"></span>er <span class=\"_ _3a\"> </span>la <span class=\"_ _3a\"> </span>tipologia <span class=\"_ _3a\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf7c\">riallineamento <span class=\"_ _2\"></span>effettuato ai <span class=\"_ _3b\"></span>sensi <span class=\"_ _3b\"></span>dell\u2019art. 110 <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>D<span class=\"_ _1\"></span>L <span class=\"_ _3b\"></span>1<span class=\"_ _1\"></span>4 ag<span class=\"_ _2\"></span>osto 202<span class=\"_ _3b\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>oggetto d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>uccessiva <span class=\"_ _3b\"></span>m<span class=\"_ _1\"></span>odifica </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf7d\">con la Legge 178/2020. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf7e\">Infine la voce include gli effetti generati dalla transizione ai principi contabili internazionali. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf7f\">In <span class=\"_ _38\"></span>particolare <span class=\"_ _0\"></span>tra <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>riserve <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>utili <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _38\"></span>confluiti <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>ffetti <span class=\"_ _0\"></span>derivanti <span class=\"_ _1\"></span>dal <span class=\"_ _0\"></span>cambiamento <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>principi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf80\">contabili <span class=\"_ _3b\"></span>che non <span class=\"_ _3b\"></span>prevedono n<span class=\"_ _2\"></span>ei <span class=\"_ _3b\"></span>pros<span class=\"_ _1\"></span>simi <span class=\"_ _3b\"></span>eser<span class=\"_ _1\"></span>cizi <span class=\"_ _3b\"></span>un conf<span class=\"_ _2\"></span>erimento al<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>conto <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>conomico. <span class=\"_ _3b\"></span>Gli u<span class=\"_ _2\"></span>lteriori </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf81\">effetti <span class=\"_ _0\"></span>generati <span class=\"_ _0\"></span>dall<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>transizione <span class=\"_ _0\"></span>agli <span class=\"_ _38\"></span>IAS/IFRS <span class=\"_ _0\"></span>destinati <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>modificarsi <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>empo <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>confluire <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf82\">conto <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>conomico <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>momento <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>re<span class=\"_ _1\"></span>alizzo <span class=\"_ _0\"></span>o <span class=\"_ _35\"> </span>estinzione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>corr<span class=\"_ _1\"></span>ispondenti <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>passivit\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf83\">sono <span class=\"_ _1\"></span>stati invece <span class=\"_ _1\"></span>appostati <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>le \u201cRiserve <span class=\"_ _1\"></span>da valutazione\u201d<span class=\"_ _1\"></span>. Si t<span class=\"_ _1\"></span>ratta <span class=\"_ _1\"></span>della valutazione <span class=\"_ _1\"></span>delle at<span class=\"_ _1\"></span>tivit\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf84\">finanziarie <span class=\"_ _0\"></span>valutate <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _35\"> </span>con <span class=\"_ _0\"></span>impatto <span class=\"_ _0\"></span>sulla <span class=\"_ _0\"></span>re<span class=\"_ _1\"></span>dditivit\u00e0 <span class=\"_ _0\"></span>complessiva, <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>lla <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>dei </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf85\">contratti <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rivati <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>pertura <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>flussi <span class=\"_ _1\"></span>finanziari, <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>riser<span class=\"_ _1\"></span>va <span class=\"_ _1\"></span>connessa <span class=\"_ _38\"></span>agli <span class=\"_ _1\"></span>utili/perdite <span class=\"_ _38\"></span>attuariali </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf86\">su <span class=\"_ _38\"></span>piani <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>ben<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>fici <span class=\"_ _38\"></span>definiti <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>leggi<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>speciali <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _38\"></span>rivalutazione. <span class=\"_ _38\"></span>Le <span class=\"_ _0\"></span>variazioni<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>annue <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>tali <span class=\"_ _38\"></span>riserve </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf87\">confluiscono nella redditivit\u00e0 complessiva.<span class=\"_ _3a1\"> </span></div>Sezione 1 \u2013 Il patrimonio consolidato A.<span class=\"_ _19c\"> </span>Informaz<span class=\"_ _1\"></span>ioni di na<span class=\"_ _1\"></span>tura qu<span class=\"_ _1\"></span>alitativa<span class=\"_ _3a1\"> </span>Dal 1<span class=\"_ _3a1\"> </span>\u00b0 g<span class=\"_ _2\"></span>ennaio 2014 <span class=\"_ _3b\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>entrato in <span class=\"_ _2\"></span>vigore i<span class=\"_ _2\"></span>l regolamento <span class=\"_ _3b\"></span>(UE) n. <span class=\"_ _3b\"></span>57<span class=\"_ _1\"></span>5/2013 (\u201cCRR\u201d) <span class=\"_ _2\"></span>con il <span class=\"_ _3b\"></span>quale vengono<span class=\"_ _3a1\"> </span>introdotte <span class=\"_ _38\"></span>nell\u2019Unione <span class=\"_ _38\"></span>Europea <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>gole <span class=\"_ _1\"></span>definite <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>Comitato <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>asilea <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>vigilanza <span class=\"_ _1\"></span>bancaria con <span class=\"_ _36\"> </span>l\u2019art<span class=\"_ _1\"></span>icolato <span class=\"_ _39\"> </span>insieme <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>documenti <span class=\"_ _39\"> </span>unitariamente<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>de<span class=\"_ _1\"></span>nominato <span class=\"_ _36\"> </span>\u201cBasilea <span class=\"_ _39\"> </span>3\u201d <span class=\"_ _39\"> </span>in <span class=\"_ _39\"> </span>materia <span class=\"_ _36\"> </span>di adeguatezza patrimoniale (Primo pilastro<span class=\"_ _1\"></span>) e informativa al pubblico (Terzo pilastro). Il <span class=\"_ _0\"></span>regolamento <span class=\"_ _38\"></span>(UE) <span class=\"_ _0\"></span>n. <span class=\"_ _0\"></span>575/2013<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>la<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>direttiva <span class=\"_ _0\"></span>2013/36/UE <span class=\"_ _38\"></span>(\u201cCRD <span class=\"_ _0\"></span>IV\u201d) <span class=\"_ _38\"></span>definiscono <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>nuovo <span class=\"_ _0\"></span>q<span class=\"_ _2\"></span>uadro normativo di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iferimento nell\u2019<span class=\"_ _2\"></span>Unione Europea pe<span class=\"_ _2\"></span>r banche <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> impr<span class=\"_ _2\"></span>ese di <span class=\"_ _3b\"></span>investime<span class=\"_ _1\"></span>nto. Dal <span class=\"_ _3b\"></span>1\u00b0 gennaio 2014. <span class=\"_ _36\"> </span>CRR <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>CRDIV <span class=\"_ _37\"> </span>sono <span class=\"_ _36\"> </span>integrati <span class=\"_ _37\"> </span>da <span class=\"_ _36\"> </span>norme <span class=\"_ _36\"> </span>tecniche <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>regolamentazione <span class=\"_ _36\"> </span>o <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>attuazione approvate dalla <span class=\"_ _3b\"></span>Commiss<span class=\"_ _1\"></span>ione Eu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>opea su <span class=\"_ _2\"></span>proposta d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>lle Autorit\u00e0 <span class=\"_ _3b\"></span>europee di <span class=\"_ _2\"></span>supervisione (\u201cESA\u201d), che danno attuazione alla normativa primaria. Con <span class=\"_ _35\"> </span>l\u2019adozione  del <span class=\"_ _35\"> </span>regolamento  di <span class=\"_ _35\"> </span>esecuzione  (UE)<span class=\"_ _2\"></span>  n<span class=\"_ _2\"></span>. <span class=\"_ _35\"> </span>680<span class=\"_ _1\"></span>/2014  s<span class=\"_ _2\"></span>ono  s<span class=\"_ _2\"></span>tate  s<span class=\"_ _2\"></span>tabilite  le <span class=\"_ _35\"> </span>norme tecniche <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>attuazione <span class=\"_ _0\"></span>(I<span class=\"_ _2\"></span>mplementing <span class=\"_ _0\"></span>Technical <span class=\"_ _38\"></span>Standards) <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>incolanti <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>materia <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>segnalazioni prudenziali <span class=\"_ _35\"> </span>armo<span class=\"_ _1\"></span>nizzate  delle  b<span class=\"_ _3b\"></span>anche  e  delle <span class=\"_ _35\"> </span>imprese  di <span class=\"_ _35\"> </span>investime<span class=\"_ _1\"></span>nto  relative <span class=\"_ _35\"> </span>a:  fondi <span class=\"_ _35\"> </span>propri, rischio <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>credito <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>roparte, <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>mercato, <span class=\"_ _0\"></span>rischio <span class=\"_ _38\"></span>operativo, <span class=\"_ _0\"></span>grandi <span class=\"_ _38\"></span>rischi, <span class=\"_ _0\"></span>rilevazione <span class=\"_ _38\"></span>su perdite ipotecarie, posizione patrimoniale complessiva, monitoraggio liquidit\u00e0 <span class=\"_ _1\"></span>e leva finanziaria. Inoltre, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>Banca d\u2019Italia <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>emanato <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>Circolari <span class=\"_ _1\"></span>n. 286 <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>n. 1<span class=\"_ _1\"></span>54 <span class=\"_ _1\"></span>che traducono <span class=\"_ _1\"></span>secondo <span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>schema matriciale, attualmente adottato nelle segnalazioni di vigilanza, i citati ITS. Il  Grupp<span class=\"_ _2\"></span>o  ritiene  prioritario <span class=\"_ _35\"> </span>valutare  la  prop<span class=\"_ _2\"></span>ria  struttura  p<span class=\"_ _2\"></span>atrimoniale  e <span class=\"_ _35\"> </span>tali  analisi <span class=\"_ _35\"> </span>sono  svolte all\u2019interno degli <span class=\"_ _3b\"></span>specifici Comitati d<span class=\"_ _2\"></span>i Governance d<span class=\"_ _2\"></span>i Grupp<span class=\"_ _2\"></span>o. In <span class=\"_ _3b\"></span>tale<span class=\"_ _1\"></span> sede <span class=\"_ _2\"></span>vengono anche<span class=\"_ _2\"></span> evidenziati i  principali  impatti  le<span class=\"_ _1\"></span>gati  alle  normat<span class=\"_ _1\"></span>ive  in  via  di  definizione  (es<span class=\"_ _1\"></span>.  potenziali  impatti  legat<span class=\"_ _1\"></span>i  alla finalizzazione <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iforma <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Basilea <span class=\"_ _0\"></span>II<span class=\"_ _2\"></span>I <span class=\"_ _38\"></span>come <span class=\"_ _38\"></span>da <span class=\"_ _0\"></span>recente <span class=\"_ _1\"></span>accordo <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>sede <span class=\"_ _1\"></span>di <span class=\"_ _0\"></span>Comitato <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>B<span class=\"_ _1\"></span>asilea del <span class=\"_ _38\"></span>14 <span class=\"_ _0\"></span>gennaio <span class=\"_ _38\"></span>2019) <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>quelle <span class=\"_ _38\"></span>gi\u00e0 <span class=\"_ _38\"></span>approvate <span class=\"_ _0\"></span>ma <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>attualmente <span class=\"_ _0\"></span>applic<span class=\"_ _2\"></span>abili <span class=\"_ _38\"></span>(es. <span class=\"_ _0\"></span>il <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>golamento (UE) n. 876/2019 e la d<span class=\"_ _2\"></span>irettiva (UE) n<span class=\"_ _2\"></span>. 787/2019 che modificano rispettivamente il regolamento (UE)<span class=\"_ _2\"></span> n. 575<span class=\"_ _1\"></span>/2013 e <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>direttiva 2013/36/UE /8<span class=\"_ _1\"></span>76, cos\u00ec <span class=\"_ _1\"></span>come <span class=\"_ _1\"></span>il rego<span class=\"_ _1\"></span>lamento (UE) n. <span class=\"_ _1\"></span>877/20<span class=\"_ _1\"></span>19 e <span class=\"_ _1\"></span>la direttiva<span class=\"_ _3a1\"> </span>(UE) n. 879/2019). I <span class=\"_ _37\"> </span>Comitat<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>Governance <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>Gruppo <span class=\"_ _37\"> </span>presentano<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>sempre <span class=\"_ _37\"> </span>dei <span class=\"_ _37\"> </span>me<span class=\"_ _1\"></span>mbri <span class=\"_ _37\"> </span>nominati <span class=\"_ _36\"> </span>dal <span class=\"_ _37\"> </span>Consiglio d\u2019Amministrazione <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>Capogruppo, <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>celti <span class=\"_ _35\"> </span>tra <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>componenti <span class=\"_ _0\"></span>il <span class=\"_ _0\"> </span>Co<span class=\"_ _1\"></span>nsiglio <span class=\"_ _0\"></span>stesso<span class=\"_ _1\"></span>, <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>rispettive analisi vengono successivamente pro<span class=\"_ _1\"></span>dotte al Consiglio d\u2019Amministrazione della Capogruppo. Sotto <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>profilo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Vigilanza <span class=\"_ _1\"></span>l\u2019asso<span class=\"_ _1\"></span>rbimento <span class=\"_ _1\"></span>viene <span class=\"_ _38\"></span>determinato <span class=\"_ _1\"></span>tenendo <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>considerazione <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>attuali \u201cregole\u201d di segnalazione.  Sotto <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>pro<span class=\"_ _1\"></span>filo <span class=\"_ _3b\"></span>gestionale l\u2019assorbi<span class=\"_ _2\"></span>mento viene <span class=\"_ _3b\"></span>calcolato c<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>l\u2019utilizzo <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>modelli <span class=\"_ _3b\"></span>int<span class=\"_ _1\"></span>erni p<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>ris<span class=\"_ _1\"></span>chio di credito e di mercato e l\u2019utilizzo di un metodo standard \u201cgest<span class=\"_ _1\"></span>ionale\u201d. I <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _3b\"></span>vengono esamin<span class=\"_ _2\"></span>ati sia<span class=\"_ _3b\"></span> compl<span class=\"_ _2\"></span>essivamente che <span class=\"_ _3b\"></span>dettagliatamente <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>ll\u2019interno <span class=\"_ _3b\"></span>delle soci<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>t\u00e0 <span class=\"_ _3b\"></span>del Gruppo (analisi dei portafogli specifici). Al <span class=\"_ _38\"></span>31 <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>icembre <span class=\"_ _0\"></span>2024 <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>Fondi <span class=\"_ _38\"></span>Propri <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>stati <span class=\"_ _38\"></span>determinati <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>base <span class=\"_ _0\"></span>alle <span class=\"_ _38\"></span>disposizioni <span class=\"_ _38\"></span>contenute <span class=\"_ _0\"></span>nel Regolamento (UE) n.575/2013 (CRR).<span class=\"_ _3a1\"> </span>B. Inform<span class=\"_ _1\"></span>azioni di<span class=\"_ _1\"></span> natura qu<span class=\"_ _1\"></span>antitativa<span class=\"_ _3a1\"> </span>B.1 Patrimonio co<span class=\"_ _1\"></span>nsolidato: ripartizione<span class=\"_ _1\"></span> per tipologia di impre<span class=\"_ _1\"></span>sa <table class=\"s w1578 h2ea\" id=\"_49c07ea8-2588-498b-97cc-4d4c95ac4395\"><tr><td></td><td class=\"t m2 x160a h12 y6a3e ff4 fs7 fc4 sc3 ls0 ws0\">Voci del patrimonio netto </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y537e w1579 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Capitale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2633 y537e w157a h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">341.323<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e4 h12 y6a3f ff4 fs7 fc1 sc0 ls0 ws0\">221.600<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a3f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b0 h12 y6a3f ff4 fs7 fc1 sc0 ls0 ws0\">(221.600)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y6a3f ff4 fs7 fc1 sc0 ls0 ws0\">341.323<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6a40 w157b h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Sovrapprezzi di emi<span class=\"_ _2\"></span>ssione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2634 y6a40 w157c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">321.801<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x2410 h12 y6a41 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a41 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a41 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y6a41 ff4 fs7 fc1 sc0 ls0 ws0\">321.801<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6a42 w157d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Riserve<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2635 y6a42 w480 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.108.935<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e4 h12 y6a43 ff4 fs7 fc1 sc0 ls0 ws0\">267.772<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70f h12 y6a43 ff4 fs7 fc1 sc0 ls0 ws0\">(144)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b0 h12 y6a43 ff4 fs7 fc1 sc0 ls0 ws0\">(267.628)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fd h12 y6a43 ff4 fs7 fc1 sc0 ls0 ws0\">3.108.935<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6a44 w157e h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Strumenti di cap<span class=\"_ _2\"></span>itale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2636 y6a44 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x2410 h12 y6a45 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a45 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a45 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a45 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6a46 w157f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2637 y6a46 w1580 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(Azioni proprie)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2638 y6a46 w1581 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(3.845)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x2410 h12 y6a47 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a47 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a47 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y6a47 ff4 fs7 fc1 sc0 ls0 ws0\">(3.845)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6a48 w1582 h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6. Riserve da valutaz<span class=\"_ _2\"></span>ione:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2639 y6a48 w1583 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(95.755)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6c5 h12 y6a49 ff4 fs7 fc1 sc0 ls0 ws0\">6.325<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a49 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd80 h12 y6a49 ff4 fs7 fc1 sc0 ls0 ws0\">(6.325)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xda3 h12 y6a49 ff4 fs7 fc1 sc0 ls0 ws0\">(95.755)<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"c x997 y6a4a w1584 h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1bee h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Titoli di<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x263a h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">capitale designa<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>i al fair value<span class=\"_ _2\"></span> con impatto<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x789 h12 y6a4b ff4 fs7 fc1 sc0 ls0 ws0\">9.579<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2410 h12 y6a4b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a4b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a4b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x780 h12 y6a4b ff4 fs7 fc1 sc0 ls0 ws0\">9.579<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"c x6d4 y6a4c w260 h11\"><div class=\"t m2 x0 h12 y807 ff4 fs7 fc1 sc0 ls0 ws0\">sulla redditivit\u00e0 c<span class=\"_ _2\"></span>omplessiva<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x997 y6a4d w1585 h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1bee h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Coperture di titoli d<span class=\"_ _2\"></span>i capitale desig<span class=\"_ _2\"></span>nati al fair value<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x70e h12 y6a4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2410 h12 y6a4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"c x6d4 y6a4f w262 h11\"><div class=\"t m2 x0 h12 y807 ff4 fs7 fc1 sc0 ls0 ws0\">con impatto sulla re<span class=\"_ _2\"></span>dditivit\u00e0 comple<span class=\"_ _2\"></span>ssiva<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x997 y6a50 w1586 h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1bee h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Attivit\u00e0 finanziarie (d<span class=\"_ _2\"></span>iverse dai titoli di cap<span class=\"_ _2\"></span>itale)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x10ff h12 y6a51 ff4 fs7 fc1 sc0 ls0 ws0\">(386.539)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x673 h12 y6a51 ff4 fs7 fc1 sc0 ls0 ws0\">(251.902)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a51 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd7e h12 y6a51 ff4 fs7 fc1 sc0 ls0 ws0\">251.902<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fd h12 y6a51 ff4 fs7 fc1 sc0 ls0 ws0\">(386.539)<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"c x6d4 y6a52 w264 h11\"><div class=\"t m2 x0 h12 y2d9 ff4 fs7 fc1 sc0 ls0 ws0\">valutate al fair value co<span class=\"_ _2\"></span>n impatto sull<span class=\"_ _2\"></span>a redditivit\u00e0 </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x997 y6a53 w1587 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Attivit\u00e0 material<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x263b y6a53 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x2410 h12 y6a54 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a54 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a54 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a54 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"c n x997 y6a55 w1588 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Attivit\u00e0 immateria<span class=\"_ _2\"></span>li<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x263c y6a55 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x2410 h12 y6a56 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a56 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a56 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a56 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"c n x997 y59ff w1589 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Copertura di invest<span class=\"_ _2\"></span>imenti esteri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x263d y59ff w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x2410 h12 y6a57 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a57 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a57 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a57 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"c n x997 y6a58 w158a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Copertura dei flussi<span class=\"_ _2\"></span> finanziari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x263e y6a58 w158b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(23.466)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x2410 h12 y6a59 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a59 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a59 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x795 h12 y6a59 ff4 fs7 fc1 sc0 ls0 ws0\">(23.466)<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"c n x997 y6a5a w158c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Strumenti di copertur<span class=\"_ _2\"></span>a [elementi n<span class=\"_ _2\"></span>on designati]<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x263f y6a5a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x2410 h12 y6a5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"c n x997 y6a5c w158d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Differenze di camb<span class=\"_ _2\"></span>io<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2640 y6a5c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x2410 h12 y6a5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x6d4 h12 y6a5e ff4 fs7 fc1 sc0 ls0 ws0\">- Attivit\u00e0 non correnti e <span class=\"_ _2\"></span>gruppi di atti<span class=\"_ _2\"></span>vit\u00e0 in via di </td><td class=\"t m2 x70e h12 y6a5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2410 h12 y6a5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x6d4 h12 y6a60 ff4 fs7 fc1 sc0 ls0 ws0\">dismissione </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x997 y6a61 w158e h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1bee h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Passivit\u00e0 finanziar<span class=\"_ _2\"></span>ie designate al fair value c<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x6d4 h12 y6a62 ff4 fs7 fc1 sc0 ls0 ws0\">impatto a conto eco<span class=\"_ _2\"></span>nomico (variazioni del pr<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>prio </td><td class=\"t m2 x70e h12 y6a63 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2410 h12 y6a63 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a63 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a63 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a63 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x6d4 h12 y6a64 ff4 fs7 fc1 sc0 ls0 ws0\">- Utili (perdite) attuari<span class=\"_ _2\"></span>ali su piani previdenzi<span class=\"_ _2\"></span>ali a </td><td class=\"t m2 x989 h12 y6a65 ff4 fs7 fc1 sc0 ls0 ws0\">(6.578)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x981 h12 y6a65 ff4 fs7 fc1 sc0 ls0 ws0\">58<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a65 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y6a65 ff4 fs7 fc1 sc0 ls0 ws0\">(58)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y6a65 ff4 fs7 fc1 sc0 ls0 ws0\">(6.578)<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x6d4 h12 y6a66 ff4 fs7 fc1 sc0 ls0 ws0\">benefici definiti </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x997 y6a67 w158f h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1bee h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Quote delle<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2641 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">riserve da valutaz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>one delle<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x70e h12 y6a68 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2410 h12 y6a68 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a68 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a68 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a68 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"c x997 y6a69 w1590 h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2642 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Ricavi o costi di natur<span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span> finanziaria r<span class=\"_ _2\"></span>elativi ai<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd7d h12 y6a6a ff4 fs7 fc1 sc0 ls0 ws0\">258.318<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e4 h12 y6a6a ff4 fs7 fc1 sc0 ls0 ws0\">258.318<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a6a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b0 h12 y6a6a ff4 fs7 fc1 sc0 ls0 ws0\">(258.318)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y6a6a ff4 fs7 fc1 sc0 ls0 ws0\">258.318<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"c x997 y6a6b w1591 h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1bee h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Ricavi o costi di natura<span class=\"_ _2\"></span> finanziaria<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2643 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">relativi alle<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6a7 h12 y6a6c ff4 fs7 fc1 sc0 ls0 ws0\">(149)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd9c h12 y6a6c ff4 fs7 fc1 sc0 ls0 ws0\">(149)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a6c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n x2644 y6a6d w551 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">149<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2645 y6a6d w1592 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(149)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x997 y597d w1593 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Leggi speciali di riva<span class=\"_ _2\"></span>lutazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2646 y597d w11a0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>3.080<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x2410 h12 y6a6e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a6e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a6e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y6a6e ff4 fs7 fc1 sc0 ls0 ws0\">53.080<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y597f w1594 h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7. Utile (Perdita) d'eserc<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>zio (+/-) del gruppo e d<span class=\"_ _2\"></span>i terzi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2647 y597f w1595 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">620.052<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x907 h12 y6a6f ff4 fs7 fc1 sc0 ls0 ws0\">48.769<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x684 h12 y6a6f ff4 fs7 fc1 sc0 ls0 ws0\">144<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x987 h12 y6a6f ff4 fs7 fc1 sc0 ls0 ws0\">(48.913)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x795 h12 y6a6f ff4 fs7 fc1 sc0 ls0 ws0\">620.052<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x1039 h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf36 h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">4.292.511<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75d h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">544.466<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">(544.466)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf33 h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">4.292.511<span class=\"_ _3a1\"> </span></td></tr></table>Cons<span class=\"_ _3b\"></span>olidato prud<span class=\"_ _2\"></span>enz<span class=\"_ _2\"></span>iale<span class=\"_ _2\"></span> Impre<span class=\"_ _3b\"></span>se di ass<span class=\"_ _2\"></span>icuraz<span class=\"_ _3b\"></span>ione Altre<span class=\"_ _3b\"></span> i<span class=\"_ _1\"></span>mp<span class=\"_ _3b\"></span>rese Elision<span class=\"_ _3b\"></span>i e agg<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>usta<span class=\"_ _3b\"></span>menti d<span class=\"_ _3b\"></span>a con<span class=\"_ _3b\"></span>solidam<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>toTota<span class=\"_ _3b\"></span>l<span class=\"_ _1\"></span>e merito creditizio) partecipazioni valuta<span class=\"_ _2\"></span>te a patrimonio <span class=\"_ _2\"></span>netto<span class=\"_ _3a1\"> </span>contratti assicurativ<span class=\"_ _2\"></span>i emessi<span class=\"_ _3a1\"> </span>cessioni in riassicuraz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>one<span class=\"_ _3a1\"> </span>Nella <span class=\"_ _3f\"> </span>tavola <span class=\"_ _3f\"> </span>so<span class=\"_ _1\"></span>pra <span class=\"_ _3f\"> </span>riportata <span class=\"_ _3f\"> </span>sono <span class=\"_ _3f\"> </span>indicate <span class=\"_ _3a\"> </span>le <span class=\"_ _3f\"> </span>componenti <span class=\"_ _3f\"> </span>del <span class=\"_ _3f\"> </span>patrimonio <span class=\"_ _3f\"> </span>netto <span class=\"_ _3f\"> </span>contabile, sommando  qu<span class=\"_ _2\"></span>elle  del <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _35\"> </span>con  quelle <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>ter<span class=\"_ _1\"></span>zi, <span class=\"_ _35\"> </span>ripartit<span class=\"_ _1\"></span>e  pe<span class=\"_ _2\"></span>r <span class=\"_ _35\"> </span>tipologia  di<span class=\"_ _2\"></span>  i<span class=\"_ _2\"></span>mpre<span class=\"_ _1\"></span>se  oggetto <span class=\"_ _35\"> </span>di consolidamento. <span class=\"_ _37\"> </span>Pi\u00f9 <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>dettaglio, <span class=\"_ _37\"> </span>nella <span class=\"_ _37\"> </span>colonna <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>iferita <span class=\"_ _37\"> </span>al <span class=\"_ _37\"> </span>Consolidamento <span class=\"_ _37\"> </span>prudenziale <span class=\"_ _37\"> </span>viene indicato l\u2019importo che risulta <span class=\"_ _2\"></span>dal consolidamento delle <span class=\"_ _2\"></span>societ\u00e0 appartenenti al G<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>uppo bancario, <span class=\"_ _2\"></span>al lordo <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>effetti <span class=\"_ _0\"> </span>e<span class=\"_ _1\"></span>conomici <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>trans<span class=\"_ _1\"></span>azioni <span class=\"_ _0\"></span>effettuate <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>altre <span class=\"_ _0\"></span>societ\u00e0 <span class=\"_ _0\"></span>incluse <span class=\"_ _35\"> </span>nel <span class=\"_ _0\"></span>perimetro <span class=\"_ _0\"></span>di consolidamento; <span class=\"_ _3d\"> </span>le <span class=\"_ _37\"> </span>societ\u00e0 <span class=\"_ _3d\"> </span>controllate, <span class=\"_ _3d\"> </span>diverse<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>da <span class=\"_ _3d\"> </span>quelle <span class=\"_ _3d\"> </span>apparte<span class=\"_ _1\"></span>nenti <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>Gruppo <span class=\"_ _3d\"> </span>bancario <span class=\"_ _37\"> </span>e consolidate <span class=\"_ _1\"></span>integralmente <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no qui va<span class=\"_ _1\"></span>lorizzate <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>todo <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>patrimonio <span class=\"_ _1\"></span>netto. <span class=\"_ _1\"></span>Nella <span class=\"_ _1\"></span>colonna Imprese di <span class=\"_ _1\"></span>assicurazione sono r<span class=\"_ _1\"></span>iportati gli importi che <span class=\"_ _1\"></span>risultano dal consolidament<span class=\"_ _1\"></span>o, al lor<span class=\"_ _1\"></span>do degli effetti <span class=\"_ _36\"> </span>economici <span class=\"_ _36\"> </span>derivanti <span class=\"_ _36\"> </span>da <span class=\"_ _37\"> </span>t<span class=\"_ _1\"></span>ransazioni <span class=\"_ _37\"> </span>e<span class=\"_ _1\"></span>ffettuate <span class=\"_ _36\"> </span>con <span class=\"_ _36\"> </span>le <span class=\"_ _37\"> </span>so<span class=\"_ _1\"></span>ciet\u00e0 <span class=\"_ _36\"> </span>appartenenti <span class=\"_ _36\"> </span>al <span class=\"_ _37\"> </span>Gruppo bancario. Nelle colonne Elisioni ed Aggiustamenti sono invece indicate le rettifiche necessarie per ottenere il dato rappresentato in bilancio.<span class=\"_ _3a1\"> </span><span class=\"ff16\"> </span>B.2 Riserve da val<span class=\"_ _1\"></span>utazione delle attivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie valutate al fair<span class=\"_ _1\"></span> value con impatt<span class=\"_ _1\"></span>o sulla redditivit\u00e0 comp<span class=\"_ _1\"></span>lessiva:<span class=\"_ _3a1\"> </span>compos<span class=\"_ _3a1\"> </span>izione<span class=\"_ _3a1\"> </span>Attivit\u00e0/valori<span class=\"_ _3a1\"> </span>olidato ialese di ioneresei e menti da toerva itivarva ativarva itivarva ativarva itivarva ativarva itivarva ativarva itivarva ativa<table class=\"s w1596 h2eb\" id=\"_14957edf-0eec-4216-ab32-a02009514d37\"><tr><td class=\"c n x2d7 y59de w699 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2648 y59de w1597 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7.067<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2649 y59de w7b0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">141.703<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x264a y59de w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x264b y59de w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x264c y59de w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x264d y59de w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x264e y59de w528 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24.331<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x264f y59de w1598 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">276.233<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2650 y59de w1599 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>1.398<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2651 y59de w14d2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">417.936<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a84 w69d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capitale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2652 y5a84 w159a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.937<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2653 y5a84 w159b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.359<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2654 y5a84 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2655 y5a84 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2656 y5a84 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2657 y5a84 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2658 y5a84 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2659 y5a84 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x265a y5a84 w159c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.937<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x265b y5a84 w159d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.359<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a85 w70a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x265c y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x265d y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x265e y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x265f y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2660 y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x264d y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2661 y5a85 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2662 y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2663 y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2664 y5a85 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x244a h12 y6a70 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2665 h12 y6a70 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x129f h12 y6a70 ff4 fs7 fc1 sc2 ls0 ws0\">19.004<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112b h12 y6a70 ff4 fs7 fc1 sc2 ls0 ws0\">144.062<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c2 h12 y6a70 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ce h12 y6a70 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h12 y6a70 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xec2 h12 y6a70 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc60 h12 y6a70 ff4 fs7 fc1 sc2 ls0 ws0\">24.331<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeb8 h12 y6a70 ff4 fs7 fc1 sc2 ls0 ws0\">276.233<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e3 h12 y6a70 ff4 fs7 fc1 sc2 ls0 ws0\">43.335<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd53 h12 y6a70 ff4 fs7 fc1 sc2 ls0 ws0\">420.295<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x244a h12 y6a71 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2665 h12 y6a71 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ca h12 y6a71 ff4 fs7 fc1 sc2 ls0 ws0\">12.178<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112b h12 y6a71 ff4 fs7 fc1 sc2 ls0 ws0\">129.655<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1196 h12 y6a71 ff4 fs7 fc1 sc2 ls0 ws0\">12.380<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x933 h12 y6a71 ff4 fs7 fc1 sc2 ls0 ws0\">318.052<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h12 y6a71 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xec2 h12 y6a71 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c8 h12 y6a71 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc67 h12 y6a71 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e3 h12 y6a71 ff4 fs7 fc1 sc2 ls0 ws0\">24.558<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xee0 h12 y6a71 ff4 fs7 fc1 sc2 ls0 ws0\">447.707<span class=\"_ _3a1\"> </span></td></tr></table>B.3 Riserve <span class=\"_ _1\"></span>da valutazione delle att<span class=\"_ _1\"></span>ivit\u00e0 finanziarie valutat<span class=\"_ _1\"></span>e al fair value con <span class=\"_ _1\"></span>impatto sulla redditivit\u00e0 comp<span class=\"_ _1\"></span>lessiva:<span class=\"_ _3a1\"> </span>variazioni annue<span class=\"_ _3a1\"> </span>Titoli di<span class=\"_ _3a1\"> </span>Titoli di<span class=\"_ _3a1\"> </span>Finanziamenti<span class=\"_ _3a1\"> </span>debito capitale<span class=\"_ _3a1\"> </span>. Esistenze iniziali<span class=\"_ _3a1\"> </span>(430.671)<span class=\"_ _3a1\"> </span>7.522<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>2. Variazioni positive<span class=\"_ _3a1\"> </span>110.789<span class=\"_ _3a1\"> </span>4.942<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>2.1 Incrementi di fair va<span class=\"_ _3b\"></span>l<span class=\"_ _1\"></span>ue<span class=\"_ _3a1\"> </span>66.633<span class=\"_ _3a1\"> </span>3.774<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>2.2 Rettifiche di va<span class=\"_ _2\"></span>lore per rischio di credit<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span>62<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>2.3 Rigiro a conto eco<span class=\"_ _2\"></span>nomico di riser<span class=\"_ _2\"></span>ve negative da realizzo<span class=\"_ _3a1\"> </span>31.986<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>2.4 Trasferimenti ad a<span class=\"_ _2\"></span>ltre componenti d<span class=\"_ _2\"></span>i patrimonio netto (tito<span class=\"_ _2\"></span>li di capitale)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>715<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>2.5 Altre variazioni<span class=\"_ _3a1\"> </span>12.108<span class=\"_ _3a1\"> </span>453<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>3. Variazioni negative<span class=\"_ _3a1\"> </span>66.656<span class=\"_ _3a1\"> </span>2.886<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>3.1 Riduzioni di fa<span class=\"_ _2\"></span>ir value<span class=\"_ _3a1\"> </span>51.426<span class=\"_ _3a1\"> </span>2.520<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>3.2 Riprese di valore per <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio di cre<span class=\"_ _2\"></span>dito<span class=\"_ _3a1\"> </span>182<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>3.3 Rigiro a conto ec<span class=\"_ _2\"></span>onomico da rise<span class=\"_ _2\"></span>rve positive: da rea<span class=\"_ _2\"></span>lizzo<span class=\"_ _3a1\"> </span>3<span class=\"_ _1\"></span>.493<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>3.4 Trasferimenti ad<span class=\"_ _2\"></span> altre componen<span class=\"_ _2\"></span>ti di patrimonio netto (<span class=\"_ _2\"></span>titoli di capitale<span class=\"_ _2\"></span>)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>3.5 Altre variazion<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span>11.555<span class=\"_ _3a1\"> </span>366<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>4. Rimanenze finali<span class=\"_ _3a1\"> </span>(386.538)<span class=\"_ _3a1\"> </span>9.578<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>Relativamente ai mercati finanziari:<span class=\"_ _3a1\"> </span><span class=\"_ _188\"> </span><span class=\"ff4\">N<span class=\"_ _1\"></span>el primo <span class=\"_ _3b\"></span>trimestre del <span class=\"_ _3b\"></span>20<span class=\"_ _1\"></span>24 i<span class=\"_ _3b\"></span> mercati fi<span class=\"_ _2\"></span>nanziari hann<span class=\"_ _2\"></span>o registrato <span class=\"_ _3b\"></span>piccoli segnali <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ripresa legati<span class=\"_ _3a1\"> </span></span>alle <span class=\"_ _38\"></span>attese <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>u <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>allentamento <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>politica <span class=\"_ _0\"></span>monetaria <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>maggiore <span class=\"_ _38\"></span>pro<span class=\"_ _1\"></span>pensione <span class=\"_ _1\"></span>al <span class=\"_ _0\"></span>rischio<span class=\"_ _3a1\"> </span>degli <span class=\"_ _39\"> </span>invest<span class=\"_ _1\"></span>itori. <span class=\"_ _39\"> </span>Il <span class=\"_ _3f\"> </span>differenziale <span class=\"_ _39\"> </span>di <span class=\"_ _3f\"> </span>rendimento <span class=\"_ _39\"> </span>tra <span class=\"_ _39\"> </span>i <span class=\"_ _3f\"> </span>titoli <span class=\"_ _3f\"> </span>di<span class=\"_ _3b\"></span> <span class=\"_ _3f\"> </span>Stato <span class=\"_ _3f\"> </span>decennali <span class=\"_ _39\"> </span>italiani <span class=\"_ _39\"> </span>e <span class=\"_ _3f\"> </span>i<span class=\"_ _3a1\"> </span>corrispondenti  titoli <span class=\"_ _3d\"> </span>tedeschi  si  \u00e8 <span class=\"_ _3d\"> </span>ridotto,  chiudendo  il  trime<span class=\"_ _1\"></span>stre  a  138 <span class=\"_ _3d\"> </span>punti  base,  questo<span class=\"_ _3a1\"> </span>andamento <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>beneficiato <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>grande <span class=\"_ _0\"></span>richiesta<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Stato<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>decennali <span class=\"_ _0\"></span>italiani <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>parte<span class=\"_ _3a1\"> </span>degli <span class=\"_ _39\"> </span>investitori. <span class=\"_ _39\"> </span>I <span class=\"_ _39\"> </span>corsi <span class=\"_ _36\"> </span>azionari <span class=\"_ _39\"> </span>sono <span class=\"_ _39\"> </span>migliorati <span class=\"_ _36\"> </span>notevolme<span class=\"_ _1\"></span>nte <span class=\"_ _36\"> </span>s<span class=\"_ _1\"></span>oprattutto <span class=\"_ _39\"> </span>nel <span class=\"_ _36\"> </span>comparto<span class=\"_ _3a1\"> </span>bancario.<span class=\"_ _3a1\"> </span><span class=\"_ _188\"> </span><span class=\"ff4\">N<span class=\"_ _1\"></span>el secondo trimestre del 2024, i mercati finanziari nell'area dell'euro hanno ri<span class=\"_ _2\"></span>sentito degli esiti<span class=\"_ _3a1\"> </span></span>delle <span class=\"_ _3f\"> </span>elezioni <span class=\"_ _39\"> </span>eur<span class=\"_ _1\"></span>opee <span class=\"_ _3f\"> </span>prima <span class=\"_ _39\"> </span>e <span class=\"_ _3f\"> </span>dell'incertezza <span class=\"_ _3f\"> </span>politica <span class=\"_ _39\"> </span>in <span class=\"_ _3f\"> </span>Francia <span class=\"_ _39\"> </span>dopo. <span class=\"_ _3f\"> </span>I <span class=\"_ _3f\"> </span>corsi <span class=\"_ _3f\"> </span>azionari<span class=\"_ _3a1\"> </span>statunitensi <span class=\"_ _35\"> </span>hanno <span class=\"_ _35\"> </span>invece <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>egistrato <span class=\"_ _35\"> </span>nuovi <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>ialzi, <span class=\"_ _35\"> </span>sostenuti <span class=\"_ _35\"> </span>dall<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>redditivit\u00e0 <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>imprese, <span class=\"_ _0\"></span>in<span class=\"_ _3a1\"> </span>particolare del settor<span class=\"_ _2\"></span>e tecnologico. I<span class=\"_ _2\"></span>n Italia, l<span class=\"_ _2\"></span>ospread BTP/BUND, mant<span class=\"_ _2\"></span>enutosi stabile nel<span class=\"_ _3b\"></span> corso<span class=\"_ _3a1\"> </span>dei <span class=\"_ _3f\"> </span>primi <span class=\"_ _3a\"> </span>mesi <span class=\"_ _3a\"> </span>dell\u2019anno, <span class=\"_ _3f\"> </span>ha <span class=\"_ _3a\"> </span>registrato <span class=\"_ _3a\"> </span>un <span class=\"_ _3f\"> </span>tempor<span class=\"_ _1\"></span>aneo <span class=\"_ _3f\"> </span>aumento <span class=\"_ _3a\"> </span>a <span class=\"_ _3f\"> </span>1<span class=\"_ _1\"></span>59 <span class=\"_ _3f\"> </span>punti <span class=\"_ _3a\"> </span>base <span class=\"_ _3a\"> </span>in<span class=\"_ _3a1\"> </span>concomitanza <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>elezioni <span class=\"_ _38\"></span>francesi, <span class=\"_ _38\"></span>ed <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>poi <span class=\"_ _38\"></span>rientrato <span class=\"_ _38\"></span>gradualmente <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>soglia <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>130<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>punti<span class=\"_ _3a1\"> </span>base ne<span class=\"_ _1\"></span>lle settimane <span class=\"_ _1\"></span>successive. La <span class=\"_ _1\"></span>riduzione dei <span class=\"_ _1\"></span>tassi <span class=\"_ _1\"></span>di intere<span class=\"_ _1\"></span>sse da <span class=\"_ _1\"></span>parte <span class=\"_ _1\"></span>della BCE, a <span class=\"_ _1\"></span>lungo<span class=\"_ _3a1\"> </span>attesa, non ha avuto rilevanti conseguenze.<span class=\"_ _3a1\"> </span><span class=\"_ _188\"> </span><span class=\"ff4\">N<span class=\"_ _1\"></span>el <span class=\"_ _38\"></span>terzo <span class=\"_ _0\"></span>trimestre <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>2024, <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>condizioni <span class=\"_ _0\"></span>dei <span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rcati <span class=\"_ _38\"></span>finanziari <span class=\"_ _0\"></span>sono <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>ultate <span class=\"_ _38\"></span>nel <span class=\"_ _0\"></span>comples<span class=\"_ _2\"></span>so<span class=\"_ _3a1\"> </span></span>distese anche <span class=\"_ _1\"></span>per effetto dell\u2019allentamento <span class=\"_ _1\"></span>monetario da parte della <span class=\"_ _1\"></span>Federal Reserve<span class=\"_ _1\"></span>. All\u2019inizio<span class=\"_ _3a1\"> </span>di agosto si sono verificate cadute dei corsi azionari, in particolare negli Stati Uni<span class=\"_ _2\"></span>ti per il settore<span class=\"_ _3a1\"> </span>tecnol<span class=\"_ _3a1\"> </span>ogico, <span class=\"_ _35\"> </span>e  dei <span class=\"_ _35\"> </span>rendimenti  dei <span class=\"_ _35\"> </span>titoli  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>Stat<span class=\"_ _1\"></span>o,  i<span class=\"_ _2\"></span>n <span class=\"_ _35\"> </span>un  contesto <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>repe<span class=\"_ _1\"></span>ntino  au<span class=\"_ _2\"></span>mento  d<span class=\"_ _2\"></span>ella<span class=\"_ _3a1\"> </span>volatilit\u00e0. <span class=\"_ _3b\"></span>Vi hanno <span class=\"_ _3b\"></span>contribuito i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>timori di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>una <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ecessione <span class=\"_ _2\"></span>negli <span class=\"_ _3b\"></span>Stati Uniti <span class=\"_ _3b\"></span>e la <span class=\"_ _3b\"></span>pubblicazione <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>dati<span class=\"_ _3a1\"> </span>di bilancio trimestrali deludenti da parte di alcune imprese tecnologiche. Questi fenomeni sono<span class=\"_ _3a1\"> </span>in  larga <span class=\"_ _3d\"> </span>misura <span class=\"_ _3d\"> </span>rient<span class=\"_ _1\"></span>rati  a <span class=\"_ _3d\"> </span>se<span class=\"_ _1\"></span>guito  della <span class=\"_ _3d\"> </span>pubblicazione  d<span class=\"_ _1\"></span>i  dat<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>macroeconom<span class=\"_ _1\"></span>ici  che <span class=\"_ _3d\"> </span>hanno<span class=\"_ _3a1\"> </span>rassicurato <span class=\"_ _35\"> </span>gl<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>oper<span class=\"_ _1\"></span>atori <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>me<span class=\"_ _1\"></span>rcato <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>ull\u2019andamento <span class=\"_ _0\"></span>dell\u2019economia <span class=\"_ _35\"> </span>statunitense. <span class=\"_ _0\"></span>Rientrate <span class=\"_ _35\"> </span>le<span class=\"_ _3a1\"> </span>tensioni, lospread BTP/BUND \u00e8 tornato a contrarsi.<span class=\"_ _3a1\"> </span><span class=\"_ _188\"> </span><span class=\"ff4\">N<span class=\"_ _1\"></span>el <span class=\"_ _35\"> </span>quarto <span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>rimestre, <span class=\"_ _35\"> </span>i <span class=\"_ _0\"> </span>mer<span class=\"_ _1\"></span>cati <span class=\"_ _0\"></span>azionari <span class=\"_ _35\"> </span>hanno <span class=\"_ _35\"> </span>mostrato <span class=\"_ _35\"> </span>dinamiche <span class=\"_ _0\"> </span>e<span class=\"_ _1\"></span>terogenee, <span class=\"_ _35\"> </span>registrando<span class=\"_ _3a1\"> </span></span>rialzi <span class=\"_ _3b\"></span>dei <span class=\"_ _3b\"></span>cor<span class=\"_ _1\"></span>si <span class=\"_ _3b\"></span>sta<span class=\"_ _1\"></span>tunitensi, <span class=\"_ _3b\"></span>una <span class=\"_ _3b\"></span>sost<span class=\"_ _1\"></span>anziale <span class=\"_ _3b\"></span>stabilit\u00e0 <span class=\"_ _3b\"></span>nelle altre <span class=\"_ _3b\"></span>economie <span class=\"_ _3b\"></span>avanzate <span class=\"_ _2\"></span>ed <span class=\"_ _3b\"></span>emergenti<span class=\"_ _3a1\"> </span>e u<span class=\"_ _2\"></span>n <span class=\"_ _3b\"></span>calo in <span class=\"_ _3b\"></span>Cina. <span class=\"_ _3b\"></span>L\u2019increme<span class=\"_ _1\"></span>nto <span class=\"_ _3b\"></span>negli S<span class=\"_ _2\"></span>tati Uni<span class=\"_ _2\"></span>ti h<span class=\"_ _2\"></span>a <span class=\"_ _3b\"></span>riflesso u<span class=\"_ _2\"></span>na <span class=\"_ _2\"></span>redditivit\u00e0 <span class=\"_ _3b\"></span>delle imprese <span class=\"_ _3b\"></span>superiore<span class=\"_ _3a1\"> </span>alle <span class=\"_ _1\"></span>attes<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>una <span class=\"_ _1\"></span>rispos<span class=\"_ _1\"></span>ta <span class=\"_ _1\"></span>positiva <span class=\"_ _1\"></span>ai <span class=\"_ _38\"></span>risultati <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>lettorali. <span class=\"_ _1\"></span>I <span class=\"_ _38\"></span>corsi <span class=\"_ _38\"></span>azionari <span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>aliani <span class=\"_ _1\"></span>hanno <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>gistrato<span class=\"_ _3a1\"> </span>un  au<span class=\"_ _2\"></span>mento,  in  controtendenza  rispetto  all<span class=\"_ _2\"></span>\u2019area  dell\u2019euro, <span class=\"_ _35\"> </span>principalmente  per  via  d<span class=\"_ _2\"></span>el  buon<span class=\"_ _3a1\"> </span>andamento <span class=\"_ _1\"></span>del settore <span class=\"_ _1\"></span>finanziario. I r<span class=\"_ _1\"></span>endimenti dei <span class=\"_ _1\"></span>titoli pubblici a <span class=\"_ _1\"></span>dieci anni <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>saliti <span class=\"_ _1\"></span>in tutte<span class=\"_ _3a1\"> </span>le <span class=\"_ _35\"> </span>principali <span class=\"_ _35\"> </span>economie. <span class=\"_ _35\"> </span>Il <span class=\"_ _0\"></span>rialzo  \u00e8 <span class=\"_ _35\"> </span>stato <span class=\"_ _35\"> </span>par<span class=\"_ _2\"></span>ticolarmente <span class=\"_ _35\"> </span>marcato <span class=\"_ _35\"> </span>negli <span class=\"_ _35\"> </span>Stati <span class=\"_ _35\"> </span>Uniti, <span class=\"_ _0\"></span>guidato <span class=\"_ _35\"> </span>in<span class=\"_ _3a1\"> </span>prevalenza dalla <span class=\"_ _1\"></span>solidit\u00e0 della <span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>scita econom<span class=\"_ _1\"></span>ica e <span class=\"_ _1\"></span>da attese<span class=\"_ _1\"></span> di una <span class=\"_ _1\"></span>riduzione <span class=\"_ _1\"></span>pi\u00f9 graduale <span class=\"_ _1\"></span>dei<span class=\"_ _3a1\"> </span>tassi  di  rife<span class=\"_ _2\"></span>rimento.  Anche  i<span class=\"_ _2\"></span>  rendimenti <span class=\"_ _35\"> </span>dei  titoli  decennali  d<span class=\"_ _2\"></span>ei  paesi  della <span class=\"_ _35\"> </span>zona  euro  sono<span class=\"_ _3a1\"> </span>aumentati <span class=\"_ _38\"></span>nel <span class=\"_ _1\"></span>mentre <span class=\"_ _1\"></span>iI <span class=\"_ _38\"></span>differenziale <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ndimento <span class=\"_ _1\"></span>tra <span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>degli <span class=\"_ _1\"></span>altri <span class=\"_ _38\"></span>paesi <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>ll\u2019area e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>quello<span class=\"_ _3a1\"> </span>tedesco  si  sono  rid<span class=\"_ _2\"></span>otti  ovunque  tranne  che  i<span class=\"_ _2\"></span>n  Francia,  per  l\u2019<span class=\"_ _2\"></span>incertezza  politica.  Lo  spread<span class=\"_ _3a1\"> </span>BTP/BUND ha chiuso l\u2019anno a 114 punti base.<span class=\"_ _3a1\"> </span>B.4 Riserve<span class=\"_ _1\"></span> da valut<span class=\"_ _1\"></span>azione <span class=\"_ _1\"></span>relative <span class=\"_ _1\"></span>a piani a<span class=\"_ _1\"></span> benefici de<span class=\"_ _1\"></span>finiti: <span class=\"_ _1\"></span>variaz<span class=\"_ _3a1\"> </span>ioni ann<span class=\"_ _1\"></span>ue<span class=\"_ _3a1\"> </span>Le variazioni nette dell\u2019esercizio evidenziano un saldo sos<span class=\"_ _1\"></span>tanzialmente invariato.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-785": {
   "value": "Sezione 13 \u2013 Patrimonio del gruppo \u2013 Voci 120, 130, 140, 150, 160, 170 e 180 13.1 \"<span class=\"_ _3a1\"> </span>Capitale\" e \"Azioni <span class=\"_ _1\"></span>proprie\": composizione <table class=\"s w684 h261\" id=\"_32da0657-feb7-401d-8d51-5f637a02bb13\"><tr><td></td><td></td><td class=\"t m2 xa03 h12 y5fa3 ff4 fs7 fc4 sc3 ls0 ws0\">Totale <span class=\"_ _1be\"> </span>Totale </td><td></td></tr><tr><td></td><td class=\"c n xac6 y5c3d w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xac7 y5c3d w685 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x677 h12 y5fa4 ff4 fs7 fc1 sc2 ls0 ws0\">A. Capitale </td><td></td><td></td><td></td></tr><tr><td class=\"c n xf3d y5972 wd62 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Azioni ordinarie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15aa y5972 wae2 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">341.320<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x666 h12 y5fa5 ff4 fs7 fc1 sc0 ls0 ws0\">341.320<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5fa6 wd63 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Azioni di risparm<span class=\"_ _2\"></span>io<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15ab y5fa6 w47a h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5fa7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5fa8 wd64 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.3 Azioni privilegia<span class=\"_ _2\"></span>te<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15ac y5fa8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5fa9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5537 wd65 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.4 Azioni altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15ad y5537 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5faa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5fab ff4 fs7 fc1 sc2 ls0 ws0\">B. Azioni proprie </td><td></td><td></td><td></td></tr><tr><td class=\"c n xf3d y556b wd66 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Azioni ordinarie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15ae y556b wd67 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.845<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x6e5 h12 y5fac ff4 fs7 fc1 sc0 ls0 ws0\">6.674<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5515 wd68 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Azioni di risparmi<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15af y5515 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5fad ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y54b0 wd69 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Azioni privileg<span class=\"_ _2\"></span>iate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15b0 y54b0 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5fae ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y54f9 wd6a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Azioni altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15b1 y54f9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y5faf ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table>Sono <span class=\"_ _35\"> </span>presenti <span class=\"_ _35\"> </span>693.575 <span class=\"_ _35\"> </span>azioni <span class=\"_ _35\"> </span>proprie <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>portafoglio, <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>co<span class=\"_ _2\"></span>ntrovalore  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>3,8 <span class=\"_ _35\"> </span>milioni <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>euro, acquistate <span class=\"_ _0\"></span>nell\u2019ambito <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>programma <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>ha <span class=\"_ _38\"></span>dato<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>esecuzi<span class=\"_ _2\"></span>one <span class=\"_ _0\"></span>alle <span class=\"_ _38\"></span>delibere<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>ad<span class=\"_ _2\"></span>ottate <span class=\"_ _0\"></span>dalle <span class=\"_ _38\"></span>varie Assemblee <span class=\"_ _0\"></span>Ordinarie; <span class=\"_ _38\"></span>tali <span class=\"_ _0\"></span>programmi <span class=\"_ _0\"></span>hanno <span class=\"_ _0\"></span>lo<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>scopo <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>acquistare <span class=\"_ _0\"></span>azioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>Credito <span class=\"_ _0\"></span>Emili<span class=\"_ _2\"></span>ano <span class=\"_ _0\"></span>ad integrale <span class=\"_ _35\"> </span>copertura  d<span class=\"_ _3b\"></span>ei  p<span class=\"_ _2\"></span>iani <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>remunerazione <span class=\"_ _35\"> </span>basati <span class=\"_ _35\"> </span>su <span class=\"_ _35\"> </span>strumenti <span class=\"_ _35\"> </span>finanziari <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>destinare <span class=\"_ _35\"> </span>alla categoria <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>dirigenti <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>res<span class=\"_ _1\"></span>ponsabilit\u00e0 <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>trategiche <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>\u201c<span class=\"_ _1\"></span>personale <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ilevante\u201d <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>grup<span class=\"_ _2\"></span>po bancario. <span class=\"_ _0\"></span>Ai <span class=\"_ _35\"> </span>sensi <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>nor<span class=\"_ _1\"></span>me <span class=\"_ _0\"> </span>vigenti, <span class=\"_ _35\"> </span>gli <span class=\"_ _35\"> </span>estremi <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>programma <span class=\"_ _35\"> </span>sono <span class=\"_ _35\"> </span>gi<span class=\"_ _2\"></span>\u00e0 <span class=\"_ _35\"> </span>stati <span class=\"_ _0\"></span>comunicati <span class=\"_ _35\"> </span>al mercato. Nel corso dell\u2019esercizio sono state<span class=\"_ _1\"></span> assegnate 510.334 azioni. Per <span class=\"_ _1\"></span>ma<span class=\"_ _1\"></span>ggiori <span class=\"_ _1\"></span>dettagli <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iguardo <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>piani <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>munerazione <span class=\"_ _38\"></span>basati <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>rumenti <span class=\"_ _1\"></span>finanziari <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>rinvia <span class=\"_ _1\"></span>alla \u201cParte I\u201d della presente nota integrativa. <div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsf65\">13.2 Capitale - N<span class=\"_ _1\"></span>umero azioni della capogru<span class=\"_ _1\"></span>ppo: variazioni annue </div><div class=\"gsf66\"><table class=\"s w684 h262\" id=\"_c4fc4447-6766-4739-9137-3741f5eb77bf\"><tr><td class=\"c n x15b2 y5fb0 wd6b h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Tipologie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15b3 y5fb0 wd6c h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Ordi<span class=\"_ _1\"></span>narie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15b4 y5fb0 wd6d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Altr<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5fb1 wd6e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A. Azioni esistenti all'inizio dell'esercizio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15b5 y5fb1 wd6f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">341.320.065<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fb2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5fb3 wd70 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">- interamente liberate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15b6 y5fb3 wd6f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">341.320.065<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fb4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y5fb5 wd71 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">- non interamente libe<span class=\"_ _2\"></span>rate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15b7 y5fb5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fb6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fb7 wd72 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.1  Azioni proprie (-)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15b8 y5fb7 wd73 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(1.203.909)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fb8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fb9 wd74 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">A.2 Azioni in circolazione: esistenze iniziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15b9 y5fb9 wd75 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">340.116.156<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fba ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fbb w948 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">B. Aumenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15ba y5fbb wd76 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">510.334<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fbc ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fbd wd77 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Nuove emissioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15bb y5fbd wd76 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">510.334<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fbe ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y5fbf wd78 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a pagamento:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15bc y5fbf w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fc0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x15bd y5fc1 wd79 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- conversione di <span class=\"_ _2\"></span>obbligazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15be y5fc1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fc2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x15bd y5fc3 wd7a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- esercizio di warrant<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15bf y5fc3 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fc4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x15bd y5fc5 wd7b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c0 y5fc5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fc6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y5fc7 wd7c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a titolo gratuito:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c1 y5fc7 wd7d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>10.334<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fc8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x15bd y5fc9 wd7e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a favore dei dipendent<span class=\"_ _3b\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c2 y5fc9 wd7f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">502.961<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fca ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x15bd y5fcb wd80 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a favore degli amm<span class=\"_ _2\"></span>inistratori<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c3 y5fcb wd81 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7.373<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fcc ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x15bd y5fcd wd7b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c0 y5fcd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fce ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fcf wd82 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Vendita di azion<span class=\"_ _2\"></span>i proprie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c4 y5fcf w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fd0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fd1 wd83 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c5 y5fd1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fd2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5fd3 ff4 fs7 fc1 sc2 ls0 ws0\">C. Diminuzioni </td><td class=\"t m2 x66f h12 y5fd4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5fd3 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5fd5 ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Annullamento </td><td class=\"t m2 x7b9 h12 y5fd6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y5fd5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fd7 wd84 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Acquisto di azioni p<span class=\"_ _2\"></span>roprie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c6 y5fd7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fd8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fd9 wd85 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Operazioni di ces<span class=\"_ _2\"></span>sione di impres<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c7 y5fd9 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fda ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fdb w7d7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c8 y5fdb w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fdc ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fdd wd86 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">D. Azioni in circolazione: rimanenze<span class=\"_ _2\"></span> finali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15c9 y5fdd wd87 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">340.626.490<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fde ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fdf wd88 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.1 Azioni proprie (+)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15ca y5fdf wd89 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">69<span class=\"_ _1\"></span>3.575<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fe0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fe1 wd8a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D.2 Azioni esistenti al<span class=\"_ _2\"></span>la fine dell'esercizio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15cb y5fe1 wd8b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">341.320.065<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fe2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y5fe3 wd70 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- interamente liberate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15cc y5fe3 wd8c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">341.320.06<span class=\"_ _3b\"></span>5<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y5fe4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x15cd h12 y5fe5 ff4 fs7 fc1 sc0 ls0 ws0\">- non interamente libe<span class=\"_ _2\"></span>rate </td><td></td><td></td></tr></table></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gsf67\">13.4 Ri<span class=\"_ _1\"></span>serve di u<span class=\"_ _1\"></span>tili: altre<span class=\"_ _1\"></span> informaz<span class=\"_ _1\"></span>ioni </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf68\">In <span class=\"_ _38\"></span>ta<span class=\"_ _1\"></span>le <span class=\"_ _0\"></span>categoria <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>inclusi <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>riserva <span class=\"_ _38\"></span>legale, <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>ris<span class=\"_ _1\"></span>erva <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>traordinaria, <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>fondo <span class=\"_ _38\"></span>per <span class=\"_ _0\"></span>rischi <span class=\"_ _38\"></span>bancari<span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf69\">precedentemente <span class=\"_ _38\"></span>iscritto <span class=\"_ _0\"></span>n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>bilancio <span class=\"_ _38\"></span>redatto <span class=\"_ _0\"></span>ai<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>sensi<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>pr<span class=\"_ _2\"></span>evigente <span class=\"_ _38\"></span>D.Lgs.87/92 <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>riclassificato </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf6a\">secondo i principi IAS.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf6b\">La <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iserva <span class=\"_ _0\"></span>l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>gale, <span class=\"_ _38\"></span>costit<span class=\"_ _1\"></span>uita <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>norma <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>egge, <span class=\"_ _0\"></span>deve<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>ess<span class=\"_ _2\"></span>ere <span class=\"_ _0\"></span>alme<span class=\"_ _2\"></span>no <span class=\"_ _0\"></span>pari <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>qui<span class=\"_ _2\"></span>nto <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>capitale </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf6c\">sociale; <span class=\"_ _35\"> </span>essa  \u00e8 <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>tata <span class=\"_ _35\"> </span>costituita <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>passato <span class=\"_ _35\"> </span>tram<span class=\"_ _1\"></span>ite <span class=\"_ _35\"> </span>accantonamenti <span class=\"_ _35\"> </span>degli <span class=\"_ _35\"> </span>utili <span class=\"_ _35\"> </span>netti  annu<span class=\"_ _2\"></span>ali <span class=\"_ _35\"> </span>per </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf6d\">almeno <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>decimo <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>stessi, <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>norma <span class=\"_ _0\"></span>dell\u2019articolo <span class=\"_ _0\"></span>29 <span class=\"_ _0\"></span>dello <span class=\"_ _0\"></span>statuto <span class=\"_ _0\"></span>sociale. <span class=\"_ _0\"></span>Nel <span class=\"_ _0\"></span>caso <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>cui <span class=\"_ _0\"></span>la </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf6e\">riserva <span class=\"_ _36\"> </span>dovesse <span class=\"_ _37\"> </span>diminuire, <span class=\"_ _36\"> </span>occorre <span class=\"_ _36\"> </span>reintegrarla <span class=\"_ _37\"> </span>tr<span class=\"_ _1\"></span>amite <span class=\"_ _37\"> </span>l\u2019obbligo <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>des<span class=\"_ _1\"></span>tinarvi <span class=\"_ _37\"> </span>un <span class=\"_ _36\"> </span>ventesimo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf6f\">dell\u2019utile. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf70\">La <span class=\"_ _1\"></span>riserva s<span class=\"_ _1\"></span>tatutaria o <span class=\"_ _1\"></span>straordinaria \u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>costituita in <span class=\"_ _1\"></span>base <span class=\"_ _1\"></span>allo s<span class=\"_ _1\"></span>tatuto dalla <span class=\"_ _1\"></span>destinazione <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>quota </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf71\">di utile residuale a seguito della distribuzione dell\u2019utile alle azioni or<span class=\"_ _1\"></span>dinarie.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf72\">Le  riserve  da  concen<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>razione  ex  L.30<span class=\"_ _2\"></span>  luglio  1990 <span class=\"_ _35\"> </span>n.  218  sono <span class=\"_ _35\"> </span>st<span class=\"_ _1\"></span>ate  costituite  in<span class=\"_ _3b\"></span>  occasione  di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf73\">operazioni di riorganizzazione o concentr<span class=\"_ _1\"></span>azione effettuate ai sensi della citata legge. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf74\">Le altre riserve comprendono <span class=\"_ _2\"></span>la riserva costitui<span class=\"_ _2\"></span>ta a fronte del p<span class=\"_ _2\"></span>iano di stock option <span class=\"_ _3b\"></span>ed altre riserve </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf75\">costituite nel passato a fronte di specifiche disposizioni norm<span class=\"_ _1\"></span>ative.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf77\">E\u2019 presente la riserva non d<span class=\"_ _2\"></span>istribuibile costituita ai sensi d<span class=\"_ _2\"></span>el DL 10 agosto 2023, n.4, <span class=\"_ _2\"></span>convertito con </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf78\">modifi<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf79\">cazioni dalla Legge 9 ot<span class=\"_ _1\"></span>tobre 2023, n.136.<span class=\"_ _3a1\"> </span>  </div>Sono <span class=\"_ _3a\"> </span>presenti, <span class=\"_ _3a\"> </span>altres\u00ec, <span class=\"_ _48\"> </span>d<span class=\"_ _2\"></span>ue <span class=\"_ _3a\"> </span>riser<span class=\"_ _1\"></span>ve <span class=\"_ _3a\"> </span>in <span class=\"_ _3a\"> </span>sospensione <span class=\"_ _3a\"> </span>d\u2019imposta <span class=\"_ _3a\"> </span>distinte <span class=\"_ _48\"> </span>p<span class=\"_ _2\"></span>er <span class=\"_ _3a\"> </span>la <span class=\"_ _3a\"> </span>tipologia <span class=\"_ _3a\"> </span>di riallineamento <span class=\"_ _2\"></span>effettuato ai <span class=\"_ _3b\"></span>sensi <span class=\"_ _3b\"></span>dell\u2019art. 110 <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>D<span class=\"_ _1\"></span>L <span class=\"_ _3b\"></span>1<span class=\"_ _1\"></span>4 ag<span class=\"_ _2\"></span>osto 202<span class=\"_ _3b\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>oggetto d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>uccessiva <span class=\"_ _3b\"></span>m<span class=\"_ _1\"></span>odifica con la Legge 178/2020. Infine la voce include gli effetti generati dalla transizione ai principi contabili internazionali. In <span class=\"_ _38\"></span>particolare <span class=\"_ _0\"></span>tra <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>riserve <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>utili <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _38\"></span>confluiti <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>ffetti <span class=\"_ _0\"></span>derivanti <span class=\"_ _1\"></span>dal <span class=\"_ _0\"></span>cambiamento <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>principi contabili <span class=\"_ _3b\"></span>che non <span class=\"_ _3b\"></span>prevedono n<span class=\"_ _2\"></span>ei <span class=\"_ _3b\"></span>pros<span class=\"_ _1\"></span>simi <span class=\"_ _3b\"></span>eser<span class=\"_ _1\"></span>cizi <span class=\"_ _3b\"></span>un conf<span class=\"_ _2\"></span>erimento al<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>conto <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>conomico. <span class=\"_ _3b\"></span>Gli u<span class=\"_ _2\"></span>lteriori effetti <span class=\"_ _0\"></span>generati <span class=\"_ _0\"></span>dall<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>transizione <span class=\"_ _0\"></span>agli <span class=\"_ _38\"></span>IAS/IFRS <span class=\"_ _0\"></span>destinati <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>modificarsi <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>empo <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>confluire <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> conto <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>conomico <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>momento <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>re<span class=\"_ _1\"></span>alizzo <span class=\"_ _0\"></span>o <span class=\"_ _35\"> </span>estinzione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>corr<span class=\"_ _1\"></span>ispondenti <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>passivit\u00e0 sono <span class=\"_ _1\"></span>stati invece <span class=\"_ _1\"></span>appostati <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>le \u201cRiserve <span class=\"_ _1\"></span>da valutazione\u201d<span class=\"_ _1\"></span>. Si t<span class=\"_ _1\"></span>ratta <span class=\"_ _1\"></span>della valutazione <span class=\"_ _1\"></span>delle at<span class=\"_ _1\"></span>tivit\u00e0 finanziarie <span class=\"_ _0\"></span>valutate <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>fair <span class=\"_ _0\"></span>value <span class=\"_ _35\"> </span>con <span class=\"_ _0\"></span>impatto <span class=\"_ _0\"></span>sulla <span class=\"_ _0\"></span>re<span class=\"_ _1\"></span>dditivit\u00e0 <span class=\"_ _0\"></span>complessiva, <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>lla <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>dei contratti <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>rivati <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>pertura <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>flussi <span class=\"_ _1\"></span>finanziari, <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>riser<span class=\"_ _1\"></span>va <span class=\"_ _1\"></span>connessa <span class=\"_ _38\"></span>agli <span class=\"_ _1\"></span>utili/perdite <span class=\"_ _38\"></span>attuariali su <span class=\"_ _38\"></span>piani <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>ben<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>fici <span class=\"_ _38\"></span>definiti <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>leggi<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>speciali <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _38\"></span>rivalutazione. <span class=\"_ _38\"></span>Le <span class=\"_ _0\"></span>variazioni<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>annue <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>tali <span class=\"_ _38\"></span>riserve confluiscono nella redditivit\u00e0 complessiva.<span class=\"_ _3a1\"> </span>Sezione 14 \u2013 Patr<span class=\"_ _3a1\"> </span>imonio di pertinenza di terzi Voce 190 14.1 Dett<span class=\"_ _1\"></span>aglio della voce 210 \"patrimonio d<span class=\"_ _1\"></span>i pertinenza di t<span class=\"_ _1\"></span>erzi\"<span class=\"_ _3a1\"> </span><table class=\"s wd8d h263\" id=\"_cb42a0fa-2b01-4a99-aaf5-439c1bd804fd\"><tr><td class=\"t m2 x87e h12 y5fe6 ff4 fs7 fc4 sc3 ls0 ws0\">Denominazione imprese<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x92e h12 y5fe7 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x15ce h12 y5fe7 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"t m2 x7bd h12 y5fe8 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc62 h12 y5fe8 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 x58e h12 y5fe9 ff4 fs7 fc1 sc0 ls0 ws0\">Partecipazioni in soc<span class=\"_ _2\"></span>iet\u00e0 consolidate<span class=\"_ _2\"></span> con interessenze di terz<span class=\"_ _2\"></span>i significative<span class=\"_ _2\"></span> </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5fea wd8e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">CREDEM CB Srl<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x15cf y5fea w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x15d0 y5fea w48f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y53a2 w695 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x15cf y53a2 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x153d h12 y5feb ff4 fs7 fc1 sc2 ls0 ws0\">3<span class=\"_ _3a1\"> </span></td></tr></table><div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gs1ec4\">Sezione 1 \u2013 Il patrimonio consolidato </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1ec5\">A.<span class=\"_ _19c\"> </span>Informaz<span class=\"_ _1\"></span>ioni di na<span class=\"_ _1\"></span>tura qu<span class=\"_ _1\"></span>alitativa<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ec6\">Dal 1<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ec7\">\u00b0 g<span class=\"_ _2\"></span>ennaio 2014 <span class=\"_ _3b\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>entrato in <span class=\"_ _2\"></span>vigore i<span class=\"_ _2\"></span>l regolamento <span class=\"_ _3b\"></span>(UE) n. <span class=\"_ _3b\"></span>57<span class=\"_ _1\"></span>5/2013 (\u201cCRR\u201d) <span class=\"_ _2\"></span>con il <span class=\"_ _3b\"></span>quale vengono<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ec8\">introdotte <span class=\"_ _38\"></span>nell\u2019Unione <span class=\"_ _38\"></span>Europea <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>gole <span class=\"_ _1\"></span>definite <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>Comitato <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>asilea <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>vigilanza <span class=\"_ _1\"></span>bancaria </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ec9\">con <span class=\"_ _36\"> </span>l\u2019art<span class=\"_ _1\"></span>icolato <span class=\"_ _39\"> </span>insieme <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>documenti <span class=\"_ _39\"> </span>unitariamente<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>de<span class=\"_ _1\"></span>nominato <span class=\"_ _36\"> </span>\u201cBasilea <span class=\"_ _39\"> </span>3\u201d <span class=\"_ _39\"> </span>in <span class=\"_ _39\"> </span>materia <span class=\"_ _36\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1eca\">adeguatezza patrimoniale (Primo pilastro<span class=\"_ _1\"></span>) e informativa al pubblico (Terzo pilastro). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ecb\">Il <span class=\"_ _0\"></span>regolamento <span class=\"_ _38\"></span>(UE) <span class=\"_ _0\"></span>n. <span class=\"_ _0\"></span>575/2013<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>la<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>direttiva <span class=\"_ _0\"></span>2013/36/UE <span class=\"_ _38\"></span>(\u201cCRD <span class=\"_ _0\"></span>IV\u201d) <span class=\"_ _38\"></span>definiscono <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>nuovo <span class=\"_ _0\"></span>q<span class=\"_ _2\"></span>uadro </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ecc\">normativo di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iferimento nell\u2019<span class=\"_ _2\"></span>Unione Europea pe<span class=\"_ _2\"></span>r banche <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> impr<span class=\"_ _2\"></span>ese di <span class=\"_ _3b\"></span>investime<span class=\"_ _1\"></span>nto. Dal <span class=\"_ _3b\"></span>1\u00b0 gennaio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ecd\">2014. <span class=\"_ _36\"> </span>CRR <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>CRDIV <span class=\"_ _37\"> </span>sono <span class=\"_ _36\"> </span>integrati <span class=\"_ _37\"> </span>da <span class=\"_ _36\"> </span>norme <span class=\"_ _36\"> </span>tecniche <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>regolamentazione <span class=\"_ _36\"> </span>o <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>attuazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ece\">approvate dalla <span class=\"_ _3b\"></span>Commiss<span class=\"_ _1\"></span>ione Eu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>opea su <span class=\"_ _2\"></span>proposta d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>lle Autorit\u00e0 <span class=\"_ _3b\"></span>europee di <span class=\"_ _2\"></span>supervisione (\u201cESA\u201d), </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ecf\">che danno attuazione alla normativa primaria. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ed0\">Con <span class=\"_ _35\"> </span>l\u2019adozione  del <span class=\"_ _35\"> </span>regolamento  di <span class=\"_ _35\"> </span>esecuzione  (UE)<span class=\"_ _2\"></span>  n<span class=\"_ _2\"></span>. <span class=\"_ _35\"> </span>680<span class=\"_ _1\"></span>/2014  s<span class=\"_ _2\"></span>ono  s<span class=\"_ _2\"></span>tate  s<span class=\"_ _2\"></span>tabilite  le <span class=\"_ _35\"> </span>norme </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ed1\">tecniche <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>attuazione <span class=\"_ _0\"></span>(I<span class=\"_ _2\"></span>mplementing <span class=\"_ _0\"></span>Technical <span class=\"_ _38\"></span>Standards) <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>incolanti <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>materia <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>segnalazioni </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ed2\">prudenziali <span class=\"_ _35\"> </span>armo<span class=\"_ _1\"></span>nizzate  delle  b<span class=\"_ _3b\"></span>anche  e  delle <span class=\"_ _35\"> </span>imprese  di <span class=\"_ _35\"> </span>investime<span class=\"_ _1\"></span>nto  relative <span class=\"_ _35\"> </span>a:  fondi <span class=\"_ _35\"> </span>propri, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ed3\">rischio <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>credito <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>roparte, <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>mercato, <span class=\"_ _0\"></span>rischio <span class=\"_ _38\"></span>operativo, <span class=\"_ _0\"></span>grandi <span class=\"_ _38\"></span>rischi, <span class=\"_ _0\"></span>rilevazione <span class=\"_ _38\"></span>su </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ed4\">perdite ipotecarie, posizione patrimoniale complessiva, monitoraggio liquidit\u00e0 <span class=\"_ _1\"></span>e leva finanziaria. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ed5\">Inoltre, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>Banca d\u2019Italia <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>emanato <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>Circolari <span class=\"_ _1\"></span>n. 286 <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>n. 1<span class=\"_ _1\"></span>54 <span class=\"_ _1\"></span>che traducono <span class=\"_ _1\"></span>secondo <span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>schema </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ed6\">matriciale, attualmente adottato nelle segnalazioni di vigilanza, i citati ITS. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ed7\">Il  Grupp<span class=\"_ _2\"></span>o  ritiene  prioritario <span class=\"_ _35\"> </span>valutare  la  prop<span class=\"_ _2\"></span>ria  struttura  p<span class=\"_ _2\"></span>atrimoniale  e <span class=\"_ _35\"> </span>tali  analisi <span class=\"_ _35\"> </span>sono  svolte </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ed8\">all\u2019interno degli <span class=\"_ _3b\"></span>specifici Comitati d<span class=\"_ _2\"></span>i Governance d<span class=\"_ _2\"></span>i Grupp<span class=\"_ _2\"></span>o. In <span class=\"_ _3b\"></span>tale<span class=\"_ _1\"></span> sede <span class=\"_ _2\"></span>vengono anche<span class=\"_ _2\"></span> evidenziati </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ed9\">i  principali  impatti  le<span class=\"_ _1\"></span>gati  alle  normat<span class=\"_ _1\"></span>ive  in  via  di  definizione  (es<span class=\"_ _1\"></span>.  potenziali  impatti  legat<span class=\"_ _1\"></span>i  alla </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1eda\">finalizzazione <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iforma <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Basilea <span class=\"_ _0\"></span>II<span class=\"_ _2\"></span>I <span class=\"_ _38\"></span>come <span class=\"_ _38\"></span>da <span class=\"_ _0\"></span>recente <span class=\"_ _1\"></span>accordo <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>sede <span class=\"_ _1\"></span>di <span class=\"_ _0\"></span>Comitato <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>B<span class=\"_ _1\"></span>asilea </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1edb\">del <span class=\"_ _38\"></span>14 <span class=\"_ _0\"></span>gennaio <span class=\"_ _38\"></span>2019) <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>quelle <span class=\"_ _38\"></span>gi\u00e0 <span class=\"_ _38\"></span>approvate <span class=\"_ _0\"></span>ma <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>attualmente <span class=\"_ _0\"></span>applic<span class=\"_ _2\"></span>abili <span class=\"_ _38\"></span>(es. <span class=\"_ _0\"></span>il <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>golamento </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1edc\">(UE) n. 876/2019 e la d<span class=\"_ _2\"></span>irettiva (UE) n<span class=\"_ _2\"></span>. 787/2019 che modificano rispettivamente il regolamento (UE)<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1edd\">n. 575<span class=\"_ _1\"></span>/2013 e <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>direttiva 2013/36/UE /8<span class=\"_ _1\"></span>76, cos\u00ec <span class=\"_ _1\"></span>come <span class=\"_ _1\"></span>il rego<span class=\"_ _1\"></span>lamento (UE) n. <span class=\"_ _1\"></span>877/20<span class=\"_ _1\"></span>19 e <span class=\"_ _1\"></span>la direttiva<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ede\">(UE) n. 879/2019). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1edf\">I <span class=\"_ _37\"> </span>Comitat<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>Governance <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>Gruppo <span class=\"_ _37\"> </span>presentano<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>sempre <span class=\"_ _37\"> </span>dei <span class=\"_ _37\"> </span>me<span class=\"_ _1\"></span>mbri <span class=\"_ _37\"> </span>nominati <span class=\"_ _36\"> </span>dal <span class=\"_ _37\"> </span>Consiglio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ee0\">d\u2019Amministrazione <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>Capogruppo, <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>celti <span class=\"_ _35\"> </span>tra <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>componenti <span class=\"_ _0\"></span>il <span class=\"_ _0\"> </span>Co<span class=\"_ _1\"></span>nsiglio <span class=\"_ _0\"></span>stesso<span class=\"_ _1\"></span>, <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>rispettive </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ee1\">analisi vengono successivamente pro<span class=\"_ _1\"></span>dotte al Consiglio d\u2019Amministrazione della Capogruppo. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ee2\">Sotto <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>profilo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Vigilanza <span class=\"_ _1\"></span>l\u2019asso<span class=\"_ _1\"></span>rbimento <span class=\"_ _1\"></span>viene <span class=\"_ _38\"></span>determinato <span class=\"_ _1\"></span>tenendo <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>considerazione <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>attuali </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ee3\">\u201cregole\u201d di segnalazione.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ee4\">Sotto <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>pro<span class=\"_ _1\"></span>filo <span class=\"_ _3b\"></span>gestionale l\u2019assorbi<span class=\"_ _2\"></span>mento viene <span class=\"_ _3b\"></span>calcolato c<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>l\u2019utilizzo <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>modelli <span class=\"_ _3b\"></span>int<span class=\"_ _1\"></span>erni p<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>ris<span class=\"_ _1\"></span>chio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ee5\">di credito e di mercato e l\u2019utilizzo di un metodo standard \u201cgest<span class=\"_ _1\"></span>ionale\u201d. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ee6\">I <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _3b\"></span>vengono esamin<span class=\"_ _2\"></span>ati sia<span class=\"_ _3b\"></span> compl<span class=\"_ _2\"></span>essivamente che <span class=\"_ _3b\"></span>dettagliatamente <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>ll\u2019interno <span class=\"_ _3b\"></span>delle soci<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>t\u00e0 <span class=\"_ _3b\"></span>del </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ee7\">Gruppo (analisi dei portafogli specifici). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ee8\">Al <span class=\"_ _38\"></span>31 <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>icembre <span class=\"_ _0\"></span>2024 <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>Fondi <span class=\"_ _38\"></span>Propri <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>stati <span class=\"_ _38\"></span>determinati <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>base <span class=\"_ _0\"></span>alle <span class=\"_ _38\"></span>disposizioni <span class=\"_ _38\"></span>contenute <span class=\"_ _0\"></span>nel </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ee9\">Regolamento (UE) n.575/2013 (CRR).<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1eeb\">B. Inform<span class=\"_ _1\"></span>azioni di<span class=\"_ _1\"></span> natura qu<span class=\"_ _1\"></span>antitativa<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1eec\">B.1 Patrimonio co<span class=\"_ _1\"></span>nsolidato: ripartizione<span class=\"_ _1\"></span> per tipologia di impre<span class=\"_ _1\"></span>sa </div><div class=\"gs1eed\"><table class=\"s w1578 h2ea\" id=\"_49c07ea8-2588-498b-97cc-4d4c95ac4395\"><tr><td></td><td class=\"t m2 x160a h12 y6a3e ff4 fs7 fc4 sc3 ls0 ws0\">Voci del patrimonio netto </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y537e w1579 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Capitale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2633 y537e w157a h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">341.323<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e4 h12 y6a3f ff4 fs7 fc1 sc0 ls0 ws0\">221.600<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a3f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b0 h12 y6a3f ff4 fs7 fc1 sc0 ls0 ws0\">(221.600)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y6a3f ff4 fs7 fc1 sc0 ls0 ws0\">341.323<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6a40 w157b h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Sovrapprezzi di emi<span class=\"_ _2\"></span>ssione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2634 y6a40 w157c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">321.801<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x2410 h12 y6a41 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a41 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a41 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y6a41 ff4 fs7 fc1 sc0 ls0 ws0\">321.801<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6a42 w157d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Riserve<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2635 y6a42 w480 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.108.935<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e4 h12 y6a43 ff4 fs7 fc1 sc0 ls0 ws0\">267.772<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70f h12 y6a43 ff4 fs7 fc1 sc0 ls0 ws0\">(144)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b0 h12 y6a43 ff4 fs7 fc1 sc0 ls0 ws0\">(267.628)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fd h12 y6a43 ff4 fs7 fc1 sc0 ls0 ws0\">3.108.935<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6a44 w157e h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Strumenti di cap<span class=\"_ _2\"></span>itale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2636 y6a44 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x2410 h12 y6a45 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a45 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a45 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a45 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6a46 w157f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2637 y6a46 w1580 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(Azioni proprie)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2638 y6a46 w1581 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(3.845)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x2410 h12 y6a47 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a47 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a47 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y6a47 ff4 fs7 fc1 sc0 ls0 ws0\">(3.845)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6a48 w1582 h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6. Riserve da valutaz<span class=\"_ _2\"></span>ione:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2639 y6a48 w1583 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(95.755)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6c5 h12 y6a49 ff4 fs7 fc1 sc0 ls0 ws0\">6.325<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a49 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd80 h12 y6a49 ff4 fs7 fc1 sc0 ls0 ws0\">(6.325)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xda3 h12 y6a49 ff4 fs7 fc1 sc0 ls0 ws0\">(95.755)<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"c x997 y6a4a w1584 h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1bee h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Titoli di<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x263a h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">capitale designa<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>i al fair value<span class=\"_ _2\"></span> con impatto<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x789 h12 y6a4b ff4 fs7 fc1 sc0 ls0 ws0\">9.579<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2410 h12 y6a4b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a4b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a4b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x780 h12 y6a4b ff4 fs7 fc1 sc0 ls0 ws0\">9.579<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"c x6d4 y6a4c w260 h11\"><div class=\"t m2 x0 h12 y807 ff4 fs7 fc1 sc0 ls0 ws0\">sulla redditivit\u00e0 c<span class=\"_ _2\"></span>omplessiva<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x997 y6a4d w1585 h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1bee h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Coperture di titoli d<span class=\"_ _2\"></span>i capitale desig<span class=\"_ _2\"></span>nati al fair value<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x70e h12 y6a4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2410 h12 y6a4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a4e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"c x6d4 y6a4f w262 h11\"><div class=\"t m2 x0 h12 y807 ff4 fs7 fc1 sc0 ls0 ws0\">con impatto sulla re<span class=\"_ _2\"></span>dditivit\u00e0 comple<span class=\"_ _2\"></span>ssiva<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x997 y6a50 w1586 h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1bee h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Attivit\u00e0 finanziarie (d<span class=\"_ _2\"></span>iverse dai titoli di cap<span class=\"_ _2\"></span>itale)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x10ff h12 y6a51 ff4 fs7 fc1 sc0 ls0 ws0\">(386.539)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x673 h12 y6a51 ff4 fs7 fc1 sc0 ls0 ws0\">(251.902)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a51 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd7e h12 y6a51 ff4 fs7 fc1 sc0 ls0 ws0\">251.902<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fd h12 y6a51 ff4 fs7 fc1 sc0 ls0 ws0\">(386.539)<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"c x6d4 y6a52 w264 h11\"><div class=\"t m2 x0 h12 y2d9 ff4 fs7 fc1 sc0 ls0 ws0\">valutate al fair value co<span class=\"_ _2\"></span>n impatto sull<span class=\"_ _2\"></span>a redditivit\u00e0 </div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x997 y6a53 w1587 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Attivit\u00e0 material<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x263b y6a53 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x2410 h12 y6a54 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a54 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a54 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a54 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"c n x997 y6a55 w1588 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Attivit\u00e0 immateria<span class=\"_ _2\"></span>li<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x263c y6a55 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x2410 h12 y6a56 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a56 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a56 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a56 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"c n x997 y59ff w1589 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Copertura di invest<span class=\"_ _2\"></span>imenti esteri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x263d y59ff w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x2410 h12 y6a57 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a57 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a57 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a57 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"c n x997 y6a58 w158a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Copertura dei flussi<span class=\"_ _2\"></span> finanziari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x263e y6a58 w158b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(23.466)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x2410 h12 y6a59 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a59 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a59 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x795 h12 y6a59 ff4 fs7 fc1 sc0 ls0 ws0\">(23.466)<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"c n x997 y6a5a w158c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Strumenti di copertur<span class=\"_ _2\"></span>a [elementi n<span class=\"_ _2\"></span>on designati]<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x263f y6a5a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x2410 h12 y6a5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a5b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"c n x997 y6a5c w158d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Differenze di camb<span class=\"_ _2\"></span>io<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2640 y6a5c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x2410 h12 y6a5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a5d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x6d4 h12 y6a5e ff4 fs7 fc1 sc0 ls0 ws0\">- Attivit\u00e0 non correnti e <span class=\"_ _2\"></span>gruppi di atti<span class=\"_ _2\"></span>vit\u00e0 in via di </td><td class=\"t m2 x70e h12 y6a5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2410 h12 y6a5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a5f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x6d4 h12 y6a60 ff4 fs7 fc1 sc0 ls0 ws0\">dismissione </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x997 y6a61 w158e h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1bee h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Passivit\u00e0 finanziar<span class=\"_ _2\"></span>ie designate al fair value c<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x6d4 h12 y6a62 ff4 fs7 fc1 sc0 ls0 ws0\">impatto a conto eco<span class=\"_ _2\"></span>nomico (variazioni del pr<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>prio </td><td class=\"t m2 x70e h12 y6a63 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2410 h12 y6a63 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a63 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a63 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a63 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x6d4 h12 y6a64 ff4 fs7 fc1 sc0 ls0 ws0\">- Utili (perdite) attuari<span class=\"_ _2\"></span>ali su piani previdenzi<span class=\"_ _2\"></span>ali a </td><td class=\"t m2 x989 h12 y6a65 ff4 fs7 fc1 sc0 ls0 ws0\">(6.578)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x981 h12 y6a65 ff4 fs7 fc1 sc0 ls0 ws0\">58<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a65 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y6a65 ff4 fs7 fc1 sc0 ls0 ws0\">(58)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y6a65 ff4 fs7 fc1 sc0 ls0 ws0\">(6.578)<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x6d4 h12 y6a66 ff4 fs7 fc1 sc0 ls0 ws0\">benefici definiti </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c x997 y6a67 w158f h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1bee h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Quote delle<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2641 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">riserve da valutaz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>one delle<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x70e h12 y6a68 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2410 h12 y6a68 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a68 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a68 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a68 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"c x997 y6a69 w1590 h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2642 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Ricavi o costi di natur<span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span> finanziaria r<span class=\"_ _2\"></span>elativi ai<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd7d h12 y6a6a ff4 fs7 fc1 sc0 ls0 ws0\">258.318<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e4 h12 y6a6a ff4 fs7 fc1 sc0 ls0 ws0\">258.318<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a6a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b0 h12 y6a6a ff4 fs7 fc1 sc0 ls0 ws0\">(258.318)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y6a6a ff4 fs7 fc1 sc0 ls0 ws0\">258.318<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"c x997 y6a6b w1591 h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1bee h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Ricavi o costi di natura<span class=\"_ _2\"></span> finanziaria<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2643 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">relativi alle<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6a7 h12 y6a6c ff4 fs7 fc1 sc0 ls0 ws0\">(149)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd9c h12 y6a6c ff4 fs7 fc1 sc0 ls0 ws0\">(149)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a6c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n x2644 y6a6d w551 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">149<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2645 y6a6d w1592 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(149)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x997 y597d w1593 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Leggi speciali di riva<span class=\"_ _2\"></span>lutazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2646 y597d w11a0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>3.080<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x2410 h12 y6a6e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y6a6e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h12 y6a6e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y6a6e ff4 fs7 fc1 sc0 ls0 ws0\">53.080<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y597f w1594 h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7. Utile (Perdita) d'eserc<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>zio (+/-) del gruppo e d<span class=\"_ _2\"></span>i terzi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2647 y597f w1595 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">620.052<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x907 h12 y6a6f ff4 fs7 fc1 sc0 ls0 ws0\">48.769<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x684 h12 y6a6f ff4 fs7 fc1 sc0 ls0 ws0\">144<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x987 h12 y6a6f ff4 fs7 fc1 sc0 ls0 ws0\">(48.913)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x795 h12 y6a6f ff4 fs7 fc1 sc0 ls0 ws0\">620.052<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x1039 h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf36 h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">4.292.511<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75d h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">544.466<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">(544.466)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf33 h12 y5518 ff4 fs7 fc1 sc2 ls0 ws0\">4.292.511<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t mc h12 ff4 fs7 fc4 sc3 ls0 ws0 gs1eee\">Cons<span class=\"_ _3b\"></span>olidato </div><div class=\"t mc h12 ff4 fs7 fc4 sc3 ls0 ws0 gs1eef\">prud<span class=\"_ _2\"></span>enz<span class=\"_ _2\"></span>iale<span class=\"_ _2\"></span> </div><div class=\"t mc h12 ff4 fs7 fc4 sc3 ls0 ws0 gs1ef0\">Impre<span class=\"_ _3b\"></span>se di </div><div class=\"t mc h12 ff4 fs7 fc4 sc3 ls0 ws0 gs1ef1\">ass<span class=\"_ _2\"></span>icuraz<span class=\"_ _3b\"></span>ione </div><div class=\"t mc h12 ff4 fs7 fc4 sc3 ls0 ws0 gs1ef2\">Altre<span class=\"_ _3b\"></span> i<span class=\"_ _1\"></span>mp<span class=\"_ _3b\"></span>rese </div><div class=\"t mc h12 ff4 fs7 fc4 sc3 ls0 ws0 gs1ef3\">Elision<span class=\"_ _3b\"></span>i e </div><div class=\"c wcd h139 gs1ef4\"><div class=\"t mc x27a h12 y313f ff4 fs7 fc4 sc3 ls0 ws0\">agg<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>usta<span class=\"_ _3b\"></span>menti d<span class=\"_ _3b\"></span>a </div></div><div class=\"t mc h12 ff4 fs7 fc4 sc3 ls0 ws0 gs1ef5\">con<span class=\"_ _3b\"></span>solidam<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>to</div><div class=\"t mc h12 ff4 fs7 fc4 sc3 ls0 ws0 gs1ef6\">Tota<span class=\"_ _3b\"></span>l<span class=\"_ _1\"></span>e </div><div class=\"c w266 h13a gs1ef7\"><div class=\"t m2 x0 h12 y3be3 ff4 fs7 fc1 sc0 ls0 ws0\">merito creditizio) </div></div><div class=\"c w268 h13b gs1ef8\"><div class=\"t m2 x0 h12 y3be7 ff4 fs7 fc1 sc0 ls0 ws0\">partecipazioni valuta<span class=\"_ _2\"></span>te a patrimonio <span class=\"_ _2\"></span>netto<span class=\"_ _3a1\"> </span></div></div><div class=\"c w26a h13b gs1ef9\"><div class=\"t m2 x0 h12 y3be7 ff4 fs7 fc1 sc0 ls0 ws0\">contratti assicurativ<span class=\"_ _2\"></span>i emessi<span class=\"_ _3a1\"> </span></div></div><div class=\"c w26c h13b gs1efa\"><div class=\"t m2 x0 h12 y3bee ff4 fs7 fc1 sc0 ls0 ws0\">cessioni in riassicuraz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>one<span class=\"_ _3a1\"> </span></div></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1efb\">Nella <span class=\"_ _3f\"> </span>tavola <span class=\"_ _3f\"> </span>so<span class=\"_ _1\"></span>pra <span class=\"_ _3f\"> </span>riportata <span class=\"_ _3f\"> </span>sono <span class=\"_ _3f\"> </span>indicate <span class=\"_ _3a\"> </span>le <span class=\"_ _3f\"> </span>componenti <span class=\"_ _3f\"> </span>del <span class=\"_ _3f\"> </span>patrimonio <span class=\"_ _3f\"> </span>netto <span class=\"_ _3f\"> </span>contabile, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1efc\">sommando  qu<span class=\"_ _2\"></span>elle  del <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _35\"> </span>con  quelle <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>ter<span class=\"_ _1\"></span>zi, <span class=\"_ _35\"> </span>ripartit<span class=\"_ _1\"></span>e  pe<span class=\"_ _2\"></span>r <span class=\"_ _35\"> </span>tipologia  di<span class=\"_ _2\"></span>  i<span class=\"_ _2\"></span>mpre<span class=\"_ _1\"></span>se  oggetto <span class=\"_ _35\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1efd\">consolidamento. <span class=\"_ _37\"> </span>Pi\u00f9 <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>dettaglio, <span class=\"_ _37\"> </span>nella <span class=\"_ _37\"> </span>colonna <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>iferita <span class=\"_ _37\"> </span>al <span class=\"_ _37\"> </span>Consolidamento <span class=\"_ _37\"> </span>prudenziale <span class=\"_ _37\"> </span>viene </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1efe\">indicato l\u2019importo che risulta <span class=\"_ _2\"></span>dal consolidamento delle <span class=\"_ _2\"></span>societ\u00e0 appartenenti al G<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>uppo bancario, <span class=\"_ _2\"></span>al </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1eff\">lordo <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>effetti <span class=\"_ _0\"> </span>e<span class=\"_ _1\"></span>conomici <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>trans<span class=\"_ _1\"></span>azioni <span class=\"_ _0\"></span>effettuate <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>altre <span class=\"_ _0\"></span>societ\u00e0 <span class=\"_ _0\"></span>incluse <span class=\"_ _35\"> </span>nel <span class=\"_ _0\"></span>perimetro <span class=\"_ _0\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f00\">consolidamento; <span class=\"_ _3d\"> </span>le <span class=\"_ _37\"> </span>societ\u00e0 <span class=\"_ _3d\"> </span>controllate, <span class=\"_ _3d\"> </span>diverse<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>da <span class=\"_ _3d\"> </span>quelle <span class=\"_ _3d\"> </span>apparte<span class=\"_ _1\"></span>nenti <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>Gruppo <span class=\"_ _3d\"> </span>bancario <span class=\"_ _37\"> </span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f01\">consolidate <span class=\"_ _1\"></span>integralmente <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no qui va<span class=\"_ _1\"></span>lorizzate <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>todo <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>patrimonio <span class=\"_ _1\"></span>netto. <span class=\"_ _1\"></span>Nella <span class=\"_ _1\"></span>colonna </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f02\">Imprese di <span class=\"_ _1\"></span>assicurazione sono r<span class=\"_ _1\"></span>iportati gli importi che <span class=\"_ _1\"></span>risultano dal consolidament<span class=\"_ _1\"></span>o, al lor<span class=\"_ _1\"></span>do degli </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f03\">effetti <span class=\"_ _36\"> </span>economici <span class=\"_ _36\"> </span>derivanti <span class=\"_ _36\"> </span>da <span class=\"_ _37\"> </span>t<span class=\"_ _1\"></span>ransazioni <span class=\"_ _37\"> </span>e<span class=\"_ _1\"></span>ffettuate <span class=\"_ _36\"> </span>con <span class=\"_ _36\"> </span>le <span class=\"_ _37\"> </span>so<span class=\"_ _1\"></span>ciet\u00e0 <span class=\"_ _36\"> </span>appartenenti <span class=\"_ _36\"> </span>al <span class=\"_ _37\"> </span>Gruppo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f04\">bancario. Nelle colonne Elisioni ed Aggiustamenti sono invece indicate le rettifiche necessarie per </div><div class=\"t m2 h23 ff4 fs2 fc1 sc0 ls0 ws0 gs1f05\">ottenere il dato rappresentato in bilancio.<span class=\"_ _3a1\"> </span><span class=\"ff16\"> </span></div>B.2 Riserve da val<span class=\"_ _1\"></span>utazione delle attivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie valutate al fair<span class=\"_ _1\"></span> value con impatt<span class=\"_ _1\"></span>o sulla redditivit\u00e0 comp<span class=\"_ _1\"></span>lessiva:<span class=\"_ _3a1\"> </span>compos<span class=\"_ _3a1\"> </span>izione<span class=\"_ _3a1\"> </span>Attivit\u00e0/valori<span class=\"_ _3a1\"> </span>olidato ialese di ioneresei e menti da toerva itivarva ativarva itivarva ativarva itivarva ativarva itivarva ativarva itivarva ativa<table class=\"s w1596 h2eb\" id=\"_14957edf-0eec-4216-ab32-a02009514d37\"><tr><td class=\"c n x2d7 y59de w699 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2648 y59de w1597 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7.067<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2649 y59de w7b0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">141.703<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x264a y59de w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x264b y59de w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x264c y59de w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x264d y59de w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x264e y59de w528 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24.331<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x264f y59de w1598 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">276.233<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2650 y59de w1599 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>1.398<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2651 y59de w14d2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">417.936<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a84 w69d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capitale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2652 y5a84 w159a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.937<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2653 y5a84 w159b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.359<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2654 y5a84 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2655 y5a84 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2656 y5a84 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2657 y5a84 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2658 y5a84 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2659 y5a84 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x265a y5a84 w159c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.937<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x265b y5a84 w159d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.359<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a85 w70a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x265c y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x265d y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x265e y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x265f y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2660 y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x264d y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2661 y5a85 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2662 y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2663 y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2664 y5a85 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x244a h12 y6a70 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2665 h12 y6a70 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x129f h12 y6a70 ff4 fs7 fc1 sc2 ls0 ws0\">19.004<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112b h12 y6a70 ff4 fs7 fc1 sc2 ls0 ws0\">144.062<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c2 h12 y6a70 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ce h12 y6a70 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h12 y6a70 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xec2 h12 y6a70 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc60 h12 y6a70 ff4 fs7 fc1 sc2 ls0 ws0\">24.331<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeb8 h12 y6a70 ff4 fs7 fc1 sc2 ls0 ws0\">276.233<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e3 h12 y6a70 ff4 fs7 fc1 sc2 ls0 ws0\">43.335<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd53 h12 y6a70 ff4 fs7 fc1 sc2 ls0 ws0\">420.295<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x244a h12 y6a71 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2665 h12 y6a71 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ca h12 y6a71 ff4 fs7 fc1 sc2 ls0 ws0\">12.178<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112b h12 y6a71 ff4 fs7 fc1 sc2 ls0 ws0\">129.655<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1196 h12 y6a71 ff4 fs7 fc1 sc2 ls0 ws0\">12.380<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x933 h12 y6a71 ff4 fs7 fc1 sc2 ls0 ws0\">318.052<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h12 y6a71 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xec2 h12 y6a71 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c8 h12 y6a71 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc67 h12 y6a71 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e3 h12 y6a71 ff4 fs7 fc1 sc2 ls0 ws0\">24.558<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xee0 h12 y6a71 ff4 fs7 fc1 sc2 ls0 ws0\">447.707<span class=\"_ _3a1\"> </span></td></tr></table>B.3 Riserve <span class=\"_ _1\"></span>da valutazione delle att<span class=\"_ _1\"></span>ivit\u00e0 finanziarie valutat<span class=\"_ _1\"></span>e al fair value con <span class=\"_ _1\"></span>impatto sulla redditivit\u00e0 comp<span class=\"_ _1\"></span>lessiva:<span class=\"_ _3a1\"> </span>variazioni annue<span class=\"_ _3a1\"> </span>Titoli di<span class=\"_ _3a1\"> </span>Titoli di<span class=\"_ _3a1\"> </span>Finanziamenti<span class=\"_ _3a1\"> </span>debito capitale<span class=\"_ _3a1\"> </span>. Esistenze iniziali<span class=\"_ _3a1\"> </span>(430.671)<span class=\"_ _3a1\"> </span>7.522<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>2. Variazioni positive<span class=\"_ _3a1\"> </span>110.789<span class=\"_ _3a1\"> </span>4.942<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>2.1 Incrementi di fair va<span class=\"_ _3b\"></span>l<span class=\"_ _1\"></span>ue<span class=\"_ _3a1\"> </span>66.633<span class=\"_ _3a1\"> </span>3.774<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>2.2 Rettifiche di va<span class=\"_ _2\"></span>lore per rischio di credit<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span>62<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>2.3 Rigiro a conto eco<span class=\"_ _2\"></span>nomico di riser<span class=\"_ _2\"></span>ve negative da realizzo<span class=\"_ _3a1\"> </span>31.986<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>2.4 Trasferimenti ad a<span class=\"_ _2\"></span>ltre componenti d<span class=\"_ _2\"></span>i patrimonio netto (tito<span class=\"_ _2\"></span>li di capitale)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>715<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>2.5 Altre variazioni<span class=\"_ _3a1\"> </span>12.108<span class=\"_ _3a1\"> </span>453<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>3. Variazioni negative<span class=\"_ _3a1\"> </span>66.656<span class=\"_ _3a1\"> </span>2.886<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>3.1 Riduzioni di fa<span class=\"_ _2\"></span>ir value<span class=\"_ _3a1\"> </span>51.426<span class=\"_ _3a1\"> </span>2.520<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>3.2 Riprese di valore per <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio di cre<span class=\"_ _2\"></span>dito<span class=\"_ _3a1\"> </span>182<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>3.3 Rigiro a conto ec<span class=\"_ _2\"></span>onomico da rise<span class=\"_ _2\"></span>rve positive: da rea<span class=\"_ _2\"></span>lizzo<span class=\"_ _3a1\"> </span>3<span class=\"_ _1\"></span>.493<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>3.4 Trasferimenti ad<span class=\"_ _2\"></span> altre componen<span class=\"_ _2\"></span>ti di patrimonio netto (<span class=\"_ _2\"></span>titoli di capitale<span class=\"_ _2\"></span>)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>3.5 Altre variazion<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span>11.555<span class=\"_ _3a1\"> </span>366<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>4. Rimanenze finali<span class=\"_ _3a1\"> </span>(386.538)<span class=\"_ _3a1\"> </span>9.578<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>Relativamente ai mercati finanziari:<span class=\"_ _3a1\"> </span><span class=\"_ _188\"> </span><span class=\"ff4\">N<span class=\"_ _1\"></span>el primo <span class=\"_ _3b\"></span>trimestre del <span class=\"_ _3b\"></span>20<span class=\"_ _1\"></span>24 i<span class=\"_ _3b\"></span> mercati fi<span class=\"_ _2\"></span>nanziari hann<span class=\"_ _2\"></span>o registrato <span class=\"_ _3b\"></span>piccoli segnali <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>ripresa legati<span class=\"_ _3a1\"> </span></span>alle <span class=\"_ _38\"></span>attese <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>u <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>allentamento <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>politica <span class=\"_ _0\"></span>monetaria <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>maggiore <span class=\"_ _38\"></span>pro<span class=\"_ _1\"></span>pensione <span class=\"_ _1\"></span>al <span class=\"_ _0\"></span>rischio<span class=\"_ _3a1\"> </span>degli <span class=\"_ _39\"> </span>invest<span class=\"_ _1\"></span>itori. <span class=\"_ _39\"> </span>Il <span class=\"_ _3f\"> </span>differenziale <span class=\"_ _39\"> </span>di <span class=\"_ _3f\"> </span>rendimento <span class=\"_ _39\"> </span>tra <span class=\"_ _39\"> </span>i <span class=\"_ _3f\"> </span>titoli <span class=\"_ _3f\"> </span>di<span class=\"_ _3b\"></span> <span class=\"_ _3f\"> </span>Stato <span class=\"_ _3f\"> </span>decennali <span class=\"_ _39\"> </span>italiani <span class=\"_ _39\"> </span>e <span class=\"_ _3f\"> </span>i<span class=\"_ _3a1\"> </span>corrispondenti  titoli <span class=\"_ _3d\"> </span>tedeschi  si  \u00e8 <span class=\"_ _3d\"> </span>ridotto,  chiudendo  il  trime<span class=\"_ _1\"></span>stre  a  138 <span class=\"_ _3d\"> </span>punti  base,  questo<span class=\"_ _3a1\"> </span>andamento <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>beneficiato <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>grande <span class=\"_ _0\"></span>richiesta<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Stato<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>decennali <span class=\"_ _0\"></span>italiani <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>parte<span class=\"_ _3a1\"> </span>degli <span class=\"_ _39\"> </span>investitori. <span class=\"_ _39\"> </span>I <span class=\"_ _39\"> </span>corsi <span class=\"_ _36\"> </span>azionari <span class=\"_ _39\"> </span>sono <span class=\"_ _39\"> </span>migliorati <span class=\"_ _36\"> </span>notevolme<span class=\"_ _1\"></span>nte <span class=\"_ _36\"> </span>s<span class=\"_ _1\"></span>oprattutto <span class=\"_ _39\"> </span>nel <span class=\"_ _36\"> </span>comparto<span class=\"_ _3a1\"> </span>bancario.<span class=\"_ _3a1\"> </span><span class=\"_ _188\"> </span><span class=\"ff4\">N<span class=\"_ _1\"></span>el secondo trimestre del 2024, i mercati finanziari nell'area dell'euro hanno ri<span class=\"_ _2\"></span>sentito degli esiti<span class=\"_ _3a1\"> </span></span>delle <span class=\"_ _3f\"> </span>elezioni <span class=\"_ _39\"> </span>eur<span class=\"_ _1\"></span>opee <span class=\"_ _3f\"> </span>prima <span class=\"_ _39\"> </span>e <span class=\"_ _3f\"> </span>dell'incertezza <span class=\"_ _3f\"> </span>politica <span class=\"_ _39\"> </span>in <span class=\"_ _3f\"> </span>Francia <span class=\"_ _39\"> </span>dopo. <span class=\"_ _3f\"> </span>I <span class=\"_ _3f\"> </span>corsi <span class=\"_ _3f\"> </span>azionari<span class=\"_ _3a1\"> </span>statunitensi <span class=\"_ _35\"> </span>hanno <span class=\"_ _35\"> </span>invece <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>egistrato <span class=\"_ _35\"> </span>nuovi <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>ialzi, <span class=\"_ _35\"> </span>sostenuti <span class=\"_ _35\"> </span>dall<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>redditivit\u00e0 <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>imprese, <span class=\"_ _0\"></span>in<span class=\"_ _3a1\"> </span>particolare del settor<span class=\"_ _2\"></span>e tecnologico. I<span class=\"_ _2\"></span>n Italia, l<span class=\"_ _2\"></span>ospread BTP/BUND, mant<span class=\"_ _2\"></span>enutosi stabile nel<span class=\"_ _3b\"></span> corso<span class=\"_ _3a1\"> </span>dei <span class=\"_ _3f\"> </span>primi <span class=\"_ _3a\"> </span>mesi <span class=\"_ _3a\"> </span>dell\u2019anno, <span class=\"_ _3f\"> </span>ha <span class=\"_ _3a\"> </span>registrato <span class=\"_ _3a\"> </span>un <span class=\"_ _3f\"> </span>tempor<span class=\"_ _1\"></span>aneo <span class=\"_ _3f\"> </span>aumento <span class=\"_ _3a\"> </span>a <span class=\"_ _3f\"> </span>1<span class=\"_ _1\"></span>59 <span class=\"_ _3f\"> </span>punti <span class=\"_ _3a\"> </span>base <span class=\"_ _3a\"> </span>in<span class=\"_ _3a1\"> </span>concomitanza <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>elezioni <span class=\"_ _38\"></span>francesi, <span class=\"_ _38\"></span>ed <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>poi <span class=\"_ _38\"></span>rientrato <span class=\"_ _38\"></span>gradualmente <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>soglia <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>130<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>punti<span class=\"_ _3a1\"> </span>base ne<span class=\"_ _1\"></span>lle settimane <span class=\"_ _1\"></span>successive. La <span class=\"_ _1\"></span>riduzione dei <span class=\"_ _1\"></span>tassi <span class=\"_ _1\"></span>di intere<span class=\"_ _1\"></span>sse da <span class=\"_ _1\"></span>parte <span class=\"_ _1\"></span>della BCE, a <span class=\"_ _1\"></span>lungo<span class=\"_ _3a1\"> </span>attesa, non ha avuto rilevanti conseguenze.<span class=\"_ _3a1\"> </span><span class=\"_ _188\"> </span><span class=\"ff4\">N<span class=\"_ _1\"></span>el <span class=\"_ _38\"></span>terzo <span class=\"_ _0\"></span>trimestre <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>2024, <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>condizioni <span class=\"_ _0\"></span>dei <span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rcati <span class=\"_ _38\"></span>finanziari <span class=\"_ _0\"></span>sono <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>ultate <span class=\"_ _38\"></span>nel <span class=\"_ _0\"></span>comples<span class=\"_ _2\"></span>so<span class=\"_ _3a1\"> </span></span>distese anche <span class=\"_ _1\"></span>per effetto dell\u2019allentamento <span class=\"_ _1\"></span>monetario da parte della <span class=\"_ _1\"></span>Federal Reserve<span class=\"_ _1\"></span>. All\u2019inizio<span class=\"_ _3a1\"> </span><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f07\">di agosto si sono verificate cadute dei corsi azionari, in particolare negli Stati Uni<span class=\"_ _2\"></span>ti per il settore<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f08\">tecnol<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f09\">ogico, <span class=\"_ _35\"> </span>e  dei <span class=\"_ _35\"> </span>rendimenti  dei <span class=\"_ _35\"> </span>titoli  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>Stat<span class=\"_ _1\"></span>o,  i<span class=\"_ _2\"></span>n <span class=\"_ _35\"> </span>un  contesto <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>repe<span class=\"_ _1\"></span>ntino  au<span class=\"_ _2\"></span>mento  d<span class=\"_ _2\"></span>ella<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f0a\">volatilit\u00e0. <span class=\"_ _3b\"></span>Vi hanno <span class=\"_ _3b\"></span>contribuito i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>timori di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>una <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ecessione <span class=\"_ _2\"></span>negli <span class=\"_ _3b\"></span>Stati Uniti <span class=\"_ _3b\"></span>e la <span class=\"_ _3b\"></span>pubblicazione <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>dati<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f0b\">di bilancio trimestrali deludenti da parte di alcune imprese tecnologiche. Questi fenomeni sono<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f0c\">in  larga <span class=\"_ _3d\"> </span>misura <span class=\"_ _3d\"> </span>rient<span class=\"_ _1\"></span>rati  a <span class=\"_ _3d\"> </span>se<span class=\"_ _1\"></span>guito  della <span class=\"_ _3d\"> </span>pubblicazione  d<span class=\"_ _1\"></span>i  dat<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>macroeconom<span class=\"_ _1\"></span>ici  che <span class=\"_ _3d\"> </span>hanno<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f0d\">rassicurato <span class=\"_ _35\"> </span>gl<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>oper<span class=\"_ _1\"></span>atori <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>me<span class=\"_ _1\"></span>rcato <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>ull\u2019andamento <span class=\"_ _0\"></span>dell\u2019economia <span class=\"_ _35\"> </span>statunitense. <span class=\"_ _0\"></span>Rientrate <span class=\"_ _35\"> </span>le<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f0e\">tensioni, lo </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs1f0f\">spread</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f10\"> BTP/BUND \u00e8 tornato a contrarsi.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1f11\"><span class=\"_ _188\"> </span><span class=\"ff4\">N<span class=\"_ _1\"></span>el <span class=\"_ _35\"> </span>quarto <span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>rimestre, <span class=\"_ _35\"> </span>i <span class=\"_ _0\"> </span>mer<span class=\"_ _1\"></span>cati <span class=\"_ _0\"></span>azionari <span class=\"_ _35\"> </span>hanno <span class=\"_ _35\"> </span>mostrato <span class=\"_ _35\"> </span>dinamiche <span class=\"_ _0\"> </span>e<span class=\"_ _1\"></span>terogenee, <span class=\"_ _35\"> </span>registrando<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f12\">rialzi <span class=\"_ _3b\"></span>dei <span class=\"_ _3b\"></span>cor<span class=\"_ _1\"></span>si <span class=\"_ _3b\"></span>sta<span class=\"_ _1\"></span>tunitensi, <span class=\"_ _3b\"></span>una <span class=\"_ _3b\"></span>sost<span class=\"_ _1\"></span>anziale <span class=\"_ _3b\"></span>stabilit\u00e0 <span class=\"_ _3b\"></span>nelle altre <span class=\"_ _3b\"></span>economie <span class=\"_ _3b\"></span>avanzate <span class=\"_ _2\"></span>ed <span class=\"_ _3b\"></span>emergenti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f13\">e u<span class=\"_ _2\"></span>n <span class=\"_ _3b\"></span>calo in <span class=\"_ _3b\"></span>Cina. <span class=\"_ _3b\"></span>L\u2019increme<span class=\"_ _1\"></span>nto <span class=\"_ _3b\"></span>negli S<span class=\"_ _2\"></span>tati Uni<span class=\"_ _2\"></span>ti h<span class=\"_ _2\"></span>a <span class=\"_ _3b\"></span>riflesso u<span class=\"_ _2\"></span>na <span class=\"_ _2\"></span>redditivit\u00e0 <span class=\"_ _3b\"></span>delle imprese <span class=\"_ _3b\"></span>superiore<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f14\">alle <span class=\"_ _1\"></span>attes<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>una <span class=\"_ _1\"></span>rispos<span class=\"_ _1\"></span>ta <span class=\"_ _1\"></span>positiva <span class=\"_ _1\"></span>ai <span class=\"_ _38\"></span>risultati <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>lettorali. <span class=\"_ _1\"></span>I <span class=\"_ _38\"></span>corsi <span class=\"_ _38\"></span>azionari <span class=\"_ _1\"></span>it<span class=\"_ _1\"></span>aliani <span class=\"_ _1\"></span>hanno <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>gistrato<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f15\">un  au<span class=\"_ _2\"></span>mento,  in  controtendenza  rispetto  all<span class=\"_ _2\"></span>\u2019area  dell\u2019euro, <span class=\"_ _35\"> </span>principalmente  per  via  d<span class=\"_ _2\"></span>el  buon<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f16\">andamento <span class=\"_ _1\"></span>del settore <span class=\"_ _1\"></span>finanziario. I r<span class=\"_ _1\"></span>endimenti dei <span class=\"_ _1\"></span>titoli pubblici a <span class=\"_ _1\"></span>dieci anni <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>saliti <span class=\"_ _1\"></span>in tutte<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f17\">le <span class=\"_ _35\"> </span>principali <span class=\"_ _35\"> </span>economie. <span class=\"_ _35\"> </span>Il <span class=\"_ _0\"></span>rialzo  \u00e8 <span class=\"_ _35\"> </span>stato <span class=\"_ _35\"> </span>par<span class=\"_ _2\"></span>ticolarmente <span class=\"_ _35\"> </span>marcato <span class=\"_ _35\"> </span>negli <span class=\"_ _35\"> </span>Stati <span class=\"_ _35\"> </span>Uniti, <span class=\"_ _0\"></span>guidato <span class=\"_ _35\"> </span>in<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f18\">prevalenza dalla <span class=\"_ _1\"></span>solidit\u00e0 della <span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>scita econom<span class=\"_ _1\"></span>ica e <span class=\"_ _1\"></span>da attese<span class=\"_ _1\"></span> di una <span class=\"_ _1\"></span>riduzione <span class=\"_ _1\"></span>pi\u00f9 graduale <span class=\"_ _1\"></span>dei<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f19\">tassi  di  rife<span class=\"_ _2\"></span>rimento.  Anche  i<span class=\"_ _2\"></span>  rendimenti <span class=\"_ _35\"> </span>dei  titoli  decennali  d<span class=\"_ _2\"></span>ei  paesi  della <span class=\"_ _35\"> </span>zona  euro  sono<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f1a\">aumentati <span class=\"_ _38\"></span>nel <span class=\"_ _1\"></span>mentre <span class=\"_ _1\"></span>iI <span class=\"_ _38\"></span>differenziale <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ndimento <span class=\"_ _1\"></span>tra <span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>degli <span class=\"_ _1\"></span>altri <span class=\"_ _38\"></span>paesi <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>ll\u2019area e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>quello<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f1b\">tedesco  si  sono  rid<span class=\"_ _2\"></span>otti  ovunque  tranne  che  i<span class=\"_ _2\"></span>n  Francia,  per  l\u2019<span class=\"_ _2\"></span>incertezza  politica.  Lo  spread<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f1c\">BTP/BUND ha chiuso l\u2019anno a 114 punti base.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1f1d\">B.4 Riserve<span class=\"_ _1\"></span> da valut<span class=\"_ _1\"></span>azione <span class=\"_ _1\"></span>relative <span class=\"_ _1\"></span>a piani a<span class=\"_ _1\"></span> benefici de<span class=\"_ _1\"></span>finiti: <span class=\"_ _1\"></span>variaz<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1f1e\">ioni ann<span class=\"_ _1\"></span>ue<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f1f\">Le variazioni nette dell\u2019esercizio evidenziano un saldo sos<span class=\"_ _1\"></span>tanzialmente invariato.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-757": {
   "value": "<div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsf89\">1. Impegni e gar<span class=\"_ _1\"></span>anzie finanziarie rilasciat<span class=\"_ _1\"></span>e </div><div class=\"gsf8a\"><table class=\"s wd99 h265\" id=\"_1f677d85-c345-47a8-b866-2caa091933b1\"><tr><td></td><td></td><td class=\"t m2 x69f h12 y5ff8 ff4 fs7 fc7 sc6 ls0 ws0\">Valore nominale su impegni e garan<span class=\"_ _2\"></span>zie finanziarie </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x15d7 h12 y5ff9 ff4 fs7 fc7 sc6 ls0 ws0\">rilasciate </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n xd7a y5ffa w6c6 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15d8 y5ffa w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c xff2 y5ffb w17c h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024</div></td><td class=\"c x1100 y5ffb w17c h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 x6bb h12 y5ffc ff4 fs7 fc4 sc3 ls0 ws0\">Primo stadio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c9 h12 y5ffd ff4 fs7 fc4 sc3 ls0 ws0\">Impaired </td><td class=\"t m2 x71d h12 y5ffe ff4 fs7 fc4 sc3 ls0 ws0\">Secondo </td><td class=\"t m2 x904 h12 y5ffe ff4 fs7 fc4 sc3 ls0 ws0\">Terzo </td><td class=\"t m2 x6c6 h12 y5ffc ff4 fs7 fc4 sc3 ls0 ws0\">acquisiti/e o </td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x6a7 h12 y5fff ff4 fs7 fc4 sc3 ls0 ws0\">stadio </td><td class=\"t m2 x904 h12 y5fff ff4 fs7 fc4 sc3 ls0 ws0\">stadio </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x75e h12 y6000 ff4 fs7 fc4 sc3 ls0 ws0\">originati/e </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5993 wd9a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1. Impegni a erogare fondi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15d9 y5993 wd9b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">12.468.198<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x906 h12 y6001 ff4 fs7 fc1 sc2 ls0 ws0\">424.877<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f1 h12 y6001 ff4 fs7 fc1 sc2 ls0 ws0\">38.124<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x695 h12 y6001 ff4 fs7 fc1 sc2 ls0 ws0\">366<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b0 h12 y6001 ff4 fs7 fc1 sc2 ls0 ws0\">12.931.565<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6eb h12 y6001 ff4 fs7 fc1 sc2 ls0 ws0\">12.333.453<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5bef w6b1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche Centrali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15da y5bef w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66a h12 y6002 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10fe h12 y6002 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h12 y6002 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7b0 h12 y6002 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6002 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5b14 w6b2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazioni pubb<span class=\"_ _3b\"></span>li<span class=\"_ _1\"></span>che<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15db y5b14 wd9c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.717<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66a h12 y6003 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10fe h12 y6003 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x674 h12 y6003 ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x755 h12 y6003 ff4 fs7 fc1 sc0 ls0 ws0\">8.720<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e5 h12 y6003 ff4 fs7 fc1 sc0 ls0 ws0\">7.889<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5482 wd9d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15dc y5482 wd9e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.070<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66a h12 y6004 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15d7 h12 y6004 ff4 fs7 fc1 sc0 ls0 ws0\">356<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h12 y6004 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x755 h12 y6004 ff4 fs7 fc1 sc0 ls0 ws0\">2.426<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y6004 ff4 fs7 fc1 sc0 ls0 ws0\">28.242<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5531 w6b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15dd y5531 wd9f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">387.314<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66a h12 y6005 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70a h12 y6005 ff4 fs7 fc1 sc0 ls0 ws0\">14.326<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x689 h12 y6005 ff4 fs7 fc1 sc0 ls0 ws0\">119<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6ef h12 y6005 ff4 fs7 fc1 sc0 ls0 ws0\">401.759<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x795 h12 y6005 ff4 fs7 fc1 sc0 ls0 ws0\">467.690<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5533 wda0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15de y5533 wda1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10.577.674<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x664 h12 y6006 ff4 fs7 fc1 sc0 ls0 ws0\">286<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x906 h12 y6006 ff4 fs7 fc1 sc0 ls0 ws0\">249.729<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f1 h12 y6006 ff4 fs7 fc1 sc0 ls0 ws0\">25.772<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6b9 h12 y6006 ff4 fs7 fc1 sc0 ls0 ws0\">10.853.461<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68a h12 y6006 ff4 fs7 fc1 sc0 ls0 ws0\">10.146.681<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5566 wda2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">f) Famiglie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15df y5566 wda3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.492.423<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a5 h12 y6007 ff4 fs7 fc1 sc0 ls0 ws0\">80<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd9a h12 y6007 ff4 fs7 fc1 sc0 ls0 ws0\">160.466<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f1 h12 y6007 ff4 fs7 fc1 sc0 ls0 ws0\">12.230<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x1106 h12 y6007 ff4 fs7 fc1 sc0 ls0 ws0\">1.665.199<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ab h12 y6007 ff4 fs7 fc1 sc0 ls0 ws0\">1.682.951<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6008 wda4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2. Garanzie finanziarie rilasciate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15e0 y6008 wda5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">56<span class=\"_ _1\"></span>0.713<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x664 h12 y6009 ff4 fs7 fc1 sc2 ls0 ws0\">638<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd98 h12 y6009 ff4 fs7 fc1 sc2 ls0 ws0\">38.829<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15e1 h12 y6009 ff4 fs7 fc1 sc2 ls0 ws0\">3.205<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xd7e h12 y6009 ff4 fs7 fc1 sc2 ls0 ws0\">603.385<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y6009 ff4 fs7 fc1 sc2 ls0 ws0\">561.505<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5537 w6b1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Banche Centrali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15da y5537 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66a h12 y600a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10fe h12 y600a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h12 y600a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7b0 h12 y600a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y600a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5539 w6b2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Amministrazioni pubb<span class=\"_ _3b\"></span>li<span class=\"_ _1\"></span>che<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15e2 y5539 wda6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">83<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66a h12 y600b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10fe h12 y600b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h12 y600b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x687 h12 y600b ff4 fs7 fc1 sc0 ls0 ws0\">83<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66b h12 y600b ff4 fs7 fc1 sc0 ls0 ws0\">98<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y556b wd9d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Banche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15e3 y556b wda7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7.768<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66a h12 y600c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15e4 h12 y600c ff4 fs7 fc1 sc0 ls0 ws0\">3.258<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h12 y600c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6e0 h12 y600c ff4 fs7 fc1 sc0 ls0 ws0\">11.026<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x738 h12 y600c ff4 fs7 fc1 sc0 ls0 ws0\">8.271<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y5515 w6b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Altre societ\u00e0 finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15e5 y5515 w76a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.748<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66a h12 y600d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ed h12 y600d ff4 fs7 fc1 sc0 ls0 ws0\">918<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h12 y600d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x755 h12 y600d ff4 fs7 fc1 sc0 ls0 ws0\">9.666<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y600d ff4 fs7 fc1 sc0 ls0 ws0\">11.303<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y54b0 wda0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Societ\u00e0 non finanzi<span class=\"_ _2\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15e6 y54b0 wda8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">48<span class=\"_ _2\"></span>2.171<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x695 h12 y600e ff4 fs7 fc1 sc0 ls0 ws0\">618<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e3 h12 y600e ff4 fs7 fc1 sc0 ls0 ws0\">27.616<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15e1 h12 y600e ff4 fs7 fc1 sc0 ls0 ws0\">2.782<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xd83 h12 y600e ff4 fs7 fc1 sc0 ls0 ws0\">513.187<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xda3 h12 y600e ff4 fs7 fc1 sc0 ls0 ws0\">465.247<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y54f9 wda2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">f) Famiglie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x15e7 y54f9 w78b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">61.943<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7a5 h12 y600f ff4 fs7 fc1 sc0 ls0 ws0\">20<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15e4 h12 y600f ff4 fs7 fc1 sc0 ls0 ws0\">7.037<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x691 h12 y600f ff4 fs7 fc1 sc0 ls0 ws0\">423<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x69b h12 y600f ff4 fs7 fc1 sc0 ls0 ws0\">69.423<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y600f ff4 fs7 fc1 sc0 ls0 ws0\">76.586<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsf8b\">3. Attivit\u00e0 <span class=\"_ _1\"></span>costituite a garanzia di <span class=\"_ _1\"></span>proprie pass<span class=\"_ _1\"></span>ivit\u00e0 e impegni </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-817": {
   "value": "<div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gsf92\">Sezione 1 \u2013 Gli interessi - Voci 10 e 20 </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsf93\">1.1 Interessi <span class=\"_ _1\"></span>attivi e proventi ass<span class=\"_ _1\"></span>imilati: composizione  </div><div class=\"gsf94\"><table class=\"s wdd9 h269\" id=\"_ec5e3e7b-0ca3-4c77-9623-0416726290d3\"><tr><td class=\"t m2 x1629 h12 y6057 ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Forme tecniche </td><td class=\"t m2 x162a h12 y6058 ff4 fs7 fc4 sc3 ls0 ws0\">Titoli di </td><td class=\"t m2 x68b h12 y6057 ff4 fs7 fc4 sc3 ls0 ws0\">Finanziamenti<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x78a h12 y6058 ff4 fs7 fc4 sc3 ls0 ws0\">Altre </td><td class=\"c n x162b y6059 w696 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x162c y6059 w528 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 x162d h12 y605a ff4 fs7 fc4 sc3 ls0 ws0\">debito </td><td></td><td class=\"t m2 x663 h12 y605a ff4 fs7 fc4 sc3 ls0 ws0\">operazioni </td><td class=\"c x1013 y605b w17c h11\"><div class=\"t m2 x0 h12 y463 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024</div></td><td class=\"c x162e y605b w17c h11\"><div class=\"t m2 x0 h12 y463 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y605c ff4 fs7 fc1 sc2 ls0 ws0\">1. Attivit\u00e0 finanziarie valutate al fair value con </td><td class=\"t m2 x162f h12 y605d ff4 fs7 fc1 sc2 ls0 ws0\">15.025<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd9c h12 y605d ff4 fs7 fc1 sc2 ls0 ws0\">928<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y605d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a2 h12 y605d ff4 fs7 fc1 sc2 ls0 ws0\">15.953<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y605d ff4 fs7 fc1 sc2 ls0 ws0\">12.775<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y605e ff4 fs7 fc1 sc2 ls0 ws0\">impatto a conto economico: </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x6d4 h12 y605f ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Attivit\u00e0 finanziarie de<span class=\"_ _2\"></span>tenute per la negozi<span class=\"_ _2\"></span>azione<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x698 h12 y605f ff4 fs7 fc1 sc0 ls0 ws0\">1.035<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a0 h12 y605f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fc h12 y605f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74f h12 y605f ff4 fs7 fc1 sc0 ls0 ws0\">1.035<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x788 h12 y605f ff4 fs7 fc1 sc0 ls0 ws0\">644<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6060 wdda h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Attivit\u00e0 finanziarie de<span class=\"_ _2\"></span>signate al fair value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1630 y6060 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6a0 h12 y6061 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fc h12 y6061 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x984 h12 y6061 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6061 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h12 y6062 ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Altre attivit\u00e0 finanz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>arie obbligatoriamen<span class=\"_ _2\"></span>te </td><td class=\"t m2 x6de h12 y6063 ff4 fs7 fc1 sc0 ls0 ws0\">13.990<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd9c h12 y6063 ff4 fs7 fc1 sc0 ls0 ws0\">928<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fc h12 y6063 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd83 h12 y6063 ff4 fs7 fc1 sc0 ls0 ws0\">14.918<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x780 h12 y6063 ff4 fs7 fc1 sc0 ls0 ws0\">12.131<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y6064 ff4 fs7 fc1 sc2 ls0 ws0\">2. Attivit\u00e0 finanziarie valutate al fair value con </td><td class=\"t m2 x681 h12 y6065 ff4 fs7 fc1 sc2 ls0 ws0\">192.203<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a0 h12 y6065 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n x731 y5bb5 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1631 y5bb5 wddb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">192.203<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y6065 ff4 fs7 fc1 sc2 ls0 ws0\">154.513<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y6066 ff4 fs7 fc1 sc2 ls0 ws0\">impatto sulla redditivit\u00e0 complessiv<span class=\"_ _2\"></span>a </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6067 ff4 fs7 fc1 sc2 ls0 ws0\">3. Attivit\u00e0 finanziarie valutate al costo </td><td class=\"t m2 x681 h12 y6068 ff4 fs7 fc1 sc2 ls0 ws0\">196.788<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68c h12 y6068 ff4 fs7 fc1 sc2 ls0 ws0\">1.536.781<span class=\"_ _3a1\"> </span></td><td class=\"c n x731 y6069 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1632 y6069 wddc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1.733.569</div></td><td class=\"t m2 x7ab h12 y6068 ff4 fs7 fc1 sc2 ls0 ws0\">1.609.813<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y606a ff4 fs7 fc1 sc2 ls0 ws0\">ammortizzato: </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x997 y599e wddd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Crediti verso banche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1633 y599e wd5f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">35.<span class=\"_ _2\"></span>570<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75d h12 y606b ff4 fs7 fc1 sc0 ls0 ws0\">190.195<span class=\"_ _3a1\"> </span></td><td class=\"c n x731 y599e w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1634 y599e wd2a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">225.765<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x795 h12 y606b ff4 fs7 fc1 sc0 ls0 ws0\">263.905<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y55b9 wdde h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Crediti verso cl<span class=\"_ _2\"></span>ientela<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1635 y55b9 wddf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">161.218</div></td><td class=\"t m2 x6c8 h12 y606c ff4 fs7 fc1 sc0 ls0 ws0\">1.346.586<span class=\"_ _3a1\"> </span></td><td class=\"c n x731 y55b9 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1636 y55b9 wde0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.507.804</div></td><td class=\"t m2 x6fd h12 y606c ff4 fs7 fc1 sc0 ls0 ws0\">1.345.908<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y606d wde1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4. Derivati di copertura<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1637 y606d w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1638 y606d w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1639 y606d wde2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">134.064<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x987 h12 y606e ff4 fs7 fc1 sc2 ls0 ws0\">134.064<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y606e ff4 fs7 fc1 sc2 ls0 ws0\">116.170<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59a3 wde3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">5. Altre attivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x163a y59a3 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x163b y59a3 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x163c y59a3 wde4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">487<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67d h12 y606f ff4 fs7 fc1 sc2 ls0 ws0\">487<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x788 h12 y606f ff4 fs7 fc1 sc2 ls0 ws0\">909<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59a5 wde5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">6. Passivit\u00e0 finanziarie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x163d y59a5 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x163e y59a5 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x163f y59a5 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1640 y59a5 wde6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">11<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66b h12 y6070 ff4 fs7 fc1 sc2 ls0 ws0\">34<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6ad h12 y6071 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x681 h12 y6071 ff4 fs7 fc1 sc2 ls0 ws0\">404.016<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h12 y6071 ff4 fs7 fc1 sc2 ls0 ws0\">1.537.709<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x78c h12 y6071 ff4 fs7 fc1 sc2 ls0 ws0\">134.551<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdbb h12 y6071 ff4 fs7 fc1 sc2 ls0 ws0\">2.076.287<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ab h12 y6071 ff4 fs7 fc1 sc2 ls0 ws0\">1.894.214<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5600 wde7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: interessi attiv<span class=\"_ _2\"></span>i su attivit\u00e0 finanziarie impa<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>red<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1641 y5600 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x907 h12 y6072 ff4 fs7 fc1 sc0 ls0 ws0\">11.953<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fc h12 y6072 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd83 h12 y6072 ff4 fs7 fc1 sc0 ls0 ws0\">11.953<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y6072 ff4 fs7 fc1 sc0 ls0 ws0\">12.087<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y539f wde8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: interessi attiv<span class=\"_ _2\"></span>i su leasing finanz<span class=\"_ _2\"></span>iario<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1642 y539f w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1643 y539f wde9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">178.402<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x731 y539f w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1631 y539f wdea h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">178.402<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x666 h12 y6073 ff4 fs7 fc1 sc0 ls0 ws0\">157.058<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"c w1ec hbd gsf95\"><div class=\"t m2 x0 h12 y2ca9 ff4 fs7 fc1 sc0 ls0 ws0\">valutate al fair value<span class=\"_ _3a1\"> </span></div></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsf96\">1.2 Interes<span class=\"_ _1\"></span>si attivi e proventi assimi<span class=\"_ _1\"></span>lati: altre informazion<span class=\"_ _1\"></span>i </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsf97\">1.2.1 Interes<span class=\"_ _1\"></span>si attivi su attivit\u00e0 finanziarie<span class=\"_ _1\"></span> in valuta </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf98\">Gl</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf99\">i interessi attivi maturati ammontano a 44<span class=\"_ _1\"></span>.659 mila euro<span class=\"_ _3a1\"> </span>. </div>1.5 Differe<span class=\"_ _1\"></span>nziali relativi alle o<span class=\"_ _1\"></span>perazioni di copertura<table class=\"s wdfd h26b\" id=\"_9d6f0ebd-7478-4f31-8139-90d84f401ed1\"><tr><td class=\"t m2 x1656 h12 y608f ff4 fs7 fc4 sc3 ls0 ws0\">Voci </td><td class=\"c n x72f y5ba7 w6c6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1657 y5ba7 w6af h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">T<span class=\"_ _1\"></span>otale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x731 y553f w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x732 y553f w65e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bab wdfe h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A. Differenziali p<span class=\"_ _2\"></span>ositivi relativi a operazioni d<span class=\"_ _2\"></span>i copertura<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1658 y5bab wdff h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.212.619<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6f6 h12 y6090 ff4 fs7 fc1 sc0 ls0 ws0\">796.124<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a1e we00 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B. Differenziali negat<span class=\"_ _2\"></span>ivi relativi a ope<span class=\"_ _2\"></span>razioni di copertura<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1659 y5a1e we01 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(1.078.555)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69c h12 y6091 ff4 fs7 fc1 sc0 ls0 ws0\">(679.955)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y539f we02 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">C. Saldo (A-B)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x165a y539f we03 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">134.064<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x676 h12 y6092 ff4 fs7 fc1 sc2 ls0 ws0\">116.169<span class=\"_ _3a1\"> </span></td></tr></table>Sezione 2 \u2013 Le commissioni - Voci 40 e 50<span class=\"_ _3a1\"> </span>2.1 Commiss<span class=\"_ _1\"></span>ioni attive: composizione<span class=\"_ _3a1\"> </span><table class=\"s we04 h26c\" id=\"_90d67d51-4b3c-4b94-9edb-e10da1ab7bdc\"><tr><td class=\"t m2 xd43 h12 y6093 ff4 fs7 fc4 sc3 ls0 ws0\">Tipologia servizi/Valori<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e8 h12 y6094 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdde h12 y6094 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"c x116f y6095 w17c h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c x878 y6095 w17c h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6096 we05 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">a) Strumenti finanz<span class=\"_ _2\"></span>iari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x165b y6096 we06 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">229.191<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x165c y6096 we07 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">204.167<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe08 y6097 we08 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1. Collocamento titoli<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x165d y6097 w643 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">105.338<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x165e y6097 we09 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">94.476<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y6098 we0a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Con assunzione a <span class=\"_ _2\"></span>fermo e/o sulla base di u<span class=\"_ _3b\"></span>n<span class=\"_ _1\"></span> impegno irrev<span class=\"_ _2\"></span>ocabile<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1660 y6098 w606 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1661 y6098 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y6099 we0b h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Senza impegno <span class=\"_ _2\"></span>irrevocabile<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1662 y6099 w643 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">105.338<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1663 y6099 we09 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">94.476<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x7c0 h12 y609a ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 di ricezione e t<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>asmissione<span class=\"_ _2\"></span> di ordini e esecuzione d<span class=\"_ _2\"></span>i ordini per<span class=\"_ _3a1\"> </span></td><td class=\"c n x1664 y609b we0c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">20.292<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1665 y609b we0d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">19.014<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x7c0 h12 y609c ff4 fs7 fc1 sc0 ls0 ws0\">conto dei clienti </td><td></td><td></td></tr><tr><td class=\"c n x165f y609d we0e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Ricezione e trasm<span class=\"_ _2\"></span>issione di ordini di un<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> o pi\u00f9 strumenti f<span class=\"_ _2\"></span>inanziari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1666 y609d we0f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.404<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1667 y609d we10 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.259<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y609e we11 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Esecuzione di <span class=\"_ _2\"></span>ordini per conto de<span class=\"_ _2\"></span>i clienti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1668 y609e we12 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.888<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1669 y609e we13 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.755<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe08 y609f we14 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Altre commissi<span class=\"_ _2\"></span>oni connesse con attivit\u00e0 leg<span class=\"_ _2\"></span>ate a strumenti f<span class=\"_ _2\"></span>inanziari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x166a y609f we15 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">103<span class=\"_ _1\"></span>.561<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x166b y609f we16 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">90.677<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60a0 we17 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: negoziazione pe<span class=\"_ _2\"></span>r conto proprio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x166c y60a0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x166d y60a0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60a1 we18 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: gestione di p<span class=\"_ _2\"></span>ortafogli individuali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x166e y60a1 w965 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">103.561<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x166f y60a1 we19 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">90.677<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y60a2 wd7a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Corporate Finance<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1670 y60a2 w7dd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.410<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1671 y60a2 w860 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.835<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60a3 we1a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Consulenza in mater<span class=\"_ _2\"></span>ia di fusioni e ac<span class=\"_ _2\"></span>quisizioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1672 y60a3 we1b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.410<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1673 y60a3 w860 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.835<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60a4 we1c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Servizi di tesorer<span class=\"_ _2\"></span>ia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1674 y60a4 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1675 y60a4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60a5 we1d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Altre commissi<span class=\"_ _2\"></span>oni connesse con servizi di c<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>rporate finance<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1676 y60a5 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1677 y60a5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y60a6 we1e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Attivit\u00e0 di consulenza <span class=\"_ _2\"></span>in materia di invest<span class=\"_ _2\"></span>imenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1678 y60a6 we1f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">17.<span class=\"_ _2\"></span>306<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1679 y60a6 we20 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13.585<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y60a7 we21 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Compensazione e reg<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>lamento<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x167a y60a7 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x167b y60a7 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y60a8 we22 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Gestione di portaf<span class=\"_ _2\"></span>ogli collettive<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x167c y60a8 we23 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">265.425<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x167d y60a8 w432 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">214.734<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y60a9 we24 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">f) Custodia e ammin<span class=\"_ _2\"></span>istrazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x167e y60a9 we25 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.964<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x167f y60a9 w860 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.851<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60aa we26 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Banca depositaria<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1680 y60aa w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1681 y60aa w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60ab we27 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Altre commissioni <span class=\"_ _2\"></span>legate all\u2019attivit\u00e0 di cus<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>odia e amministraz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>one<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1682 y60ab w6de h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.964<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1683 y60ab w860 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.851<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y60ac we28 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">g) Servizi amministra<span class=\"_ _2\"></span>tivi centrali per <span class=\"_ _2\"></span>gestioni di portafogl<span class=\"_ _2\"></span>i collettive<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1684 y60ac w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1685 y60ac w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5c85 we29 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">h) Attivit\u00e0 fiduciaria<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1686 y5c85 we2a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.252<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1687 y5c85 we2b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.193<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y60ad we2c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">i) Servizi di pagamen<span class=\"_ _2\"></span>to<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1688 y60ad we2d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">213.583<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1689 y60ad wae2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">213.304<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60ae wadb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Conti correnti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x168a y60ae w6a1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">120.266<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x168b y60ae we2e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">122.175<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60af we2f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Carte di credito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x168c y60af we30 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">30.076<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x168d y60af we31 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">30.306<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60b0 we32 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Carte di debito ed <span class=\"_ _2\"></span>altre carte di pa<span class=\"_ _2\"></span>gamento<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x168e y60b0 we33 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24.22<span class=\"_ _2\"></span>9<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x168f y60b0 we34 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">23.299<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y5477 we35 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Bonifici e altri ordin<span class=\"_ _2\"></span>i di pagamento<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1690 y5477 waa7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">16.966<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1691 y5477 we36 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">15.711<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60b1 we37 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Altre commission<span class=\"_ _2\"></span>i legate ai servizi di pagame<span class=\"_ _2\"></span>nto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1692 y60b1 we38 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">22.046<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1693 y60b1 we39 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">21.813<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y60b2 we3a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">j) Distribuzione di serv<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>zi di terzi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1694 y60b2 we3b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">66.943<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1695 y60b2 wa45 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">70.857<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60b3 we3c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Gestioni di portafo<span class=\"_ _2\"></span>gli collettive<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1696 y60b3 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1697 y60b3 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y5a41 we3d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Prodotti assicurat<span class=\"_ _2\"></span>ivi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1698 y5a41 we3e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">64.679<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1699 y5a41 we3f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">67.862<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y5a42 we40 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Altri prodotti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x169a y5a42 wb1f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.264<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x169b y5a42 wb1f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.995<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x169c y5a43 we41 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: gestioni di po<span class=\"_ _2\"></span>rtafogli individuali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x169d y5a43 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x169e y5a43 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a44 we42 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">k) Finanza struttura<span class=\"_ _2\"></span>ta<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x169f y5a44 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16a0 y5a44 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a63 we43 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">l) Attivit\u00e0 di servicing pe<span class=\"_ _2\"></span>r operazioni di car<span class=\"_ _2\"></span>tolarizzazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16a1 y5a63 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16a2 y5a63 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a46 we44 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">m) Impegni a erogare f<span class=\"_ _2\"></span>ondi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16a3 y5a46 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16a4 y5a46 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a47 we45 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">n) Garanzie finanziarie <span class=\"_ _2\"></span>rilasciate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16a5 y5a47 we46 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.877<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16a6 y5a47 we47 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>.046<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60b4 we48 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: derivati su credi<span class=\"_ _2\"></span>ti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16a7 y60b4 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16a8 y60b4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y60b5 we49 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">o) Operazioni di finanz<span class=\"_ _2\"></span>iamento<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16a9 y60b5 we4a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">15.128<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16aa y60b5 we4b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">17.038<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y589c we4c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: per operazioni d<span class=\"_ _2\"></span>i factoring<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16ab y589c we4d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">15<span class=\"_ _1\"></span>.128<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16ac y589c we4e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">17.038<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y60b6 we4f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">p) Negoziazione di v<span class=\"_ _2\"></span>alute<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16ad y60b6 we50 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.939<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16ae y60b6 we51 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.606<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59de we52 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">q) Merci<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf52 y59de w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16af y59de w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a84 we53 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">r) Altre commission<span class=\"_ _2\"></span>i attive<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16b0 y5a84 we54 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">38.303<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16b1 y5a84 we55 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">30.207<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y5a85 we56 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: per attivit\u00e0 di ge<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>tione di sistemi mul<span class=\"_ _2\"></span>tilaterali di scambi<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16b2 y5a85 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16b3 y5a85 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y597f we57 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: per attivit\u00e0 di ge<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>tione di sistemi orga<span class=\"_ _2\"></span>nizzati di negoziazi<span class=\"_ _2\"></span>one<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16b4 y597f w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16b5 y597f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xdda h12 y60b7 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x886 h12 y60b7 ff4 fs7 fc1 sc2 ls0 ws0\">862.321<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xee0 h12 y60b7 ff4 fs7 fc1 sc2 ls0 ws0\">779.423<span class=\"_ _3a1\"> </span></td></tr></table>Si <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iporta <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>disaggregazione <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>commis<span class=\"_ _1\"></span>sioni <span class=\"_ _38\"></span>distribuite <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>forma <span class=\"_ _38\"></span>tecnica <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>linea <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>quanto<span class=\"_ _1\"></span> richie<span class=\"_ _3a1\"> </span>sto da <span class=\"_ _1\"></span>IFRS 15 <span class=\"_ _1\"></span>par. 114. Le <span class=\"_ _1\"></span>principal<span class=\"_ _2\"></span>i tipologie <span class=\"_ _1\"></span>commissionali <span class=\"_ _1\"></span>sono riconducibili a <span class=\"_ _1\"></span>(IFRS 15 <span class=\"_ _1\"></span>par. 119): -<span class=\"_ _13e\"> </span><span class=\"ff4\">Gestione dei portafogli individuali e collettivi: la performance obbligation si sostanzia in 7.367 </span>mila euro e viene tipicamente soddisfatta over time; -<span class=\"_ _13e\"> </span><span class=\"ff4\">Collocamento titoli: si tr<span class=\"_ _1\"></span>atta di commissioni in sede di collocamento fondi/sicav incassati per </span>un importo pari a 21.594 mila euro; -<span class=\"_ _13e\"> </span><span class=\"ff4\"> Distribuzione <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>servizi <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>terzi: <span class=\"_ _0\"></span>si <span class=\"_ _0\"> </span>t<span class=\"_ _1\"></span>ratta <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>commissioni <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>ac<span class=\"_ _3b\"></span>quisizione <span class=\"_ _35\"> </span>relative <span class=\"_ _0\"> </span>a <span class=\"_ _35\"> </span>polizze<span class=\"_ _3a1\"> </span></span>assicurative per un importo pari a 17<span class=\"_ _1\"></span>.168 mila euro. Il Gruppo percepisce vari tipi di commissioni variabili come: -<span class=\"_ _13e\"> </span><span class=\"ff4\">Success Fee e retainer fee; </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">Performance/Overperfor<span class=\"_ _1\"></span>mance; </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">Rappel. </span>Tali <span class=\"_ _17e\"> </span>commissioni <span class=\"_ _17e\"> </span>ve<span class=\"_ _1\"></span>ngono <span class=\"_ _48\"> </span>pe<span class=\"_ _1\"></span>rcepite <span class=\"_ _17e\"> </span>al <span class=\"_ _17e\"> </span>raggiungimento <span class=\"_ _44\"> </span>di <span class=\"_ _48\"> </span>deter<span class=\"_ _1\"></span>minati <span class=\"_ _17e\"> </span>obiettivi, <span class=\"_ _17e\"> </span>previsti contrattualmente <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>contabilizzate <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>momento <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>cui <span class=\"_ _0\"> </span>viene<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>meno<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>l'incertezza <span class=\"_ _0\"></span>relat<span class=\"_ _1\"></span>iva <span class=\"_ _0\"></span>alla<span class=\"_ _3a1\"> </span>determinazione dell'importo variabile. Nella <span class=\"_ _38\"></span>parte <span class=\"_ _38\"></span>L <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>lla <span class=\"_ _38\"></span>nota <span class=\"_ _38\"></span>integrativa <span class=\"_ _38\"></span>viene <span class=\"_ _0\"></span>presentata <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>disaggregazione <span class=\"_ _0\"></span>dei <span class=\"_ _1\"></span>Ricavi <span class=\"_ _38\"></span>per <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>egmento operativo. 2.2 Commissioni pass<span class=\"_ _1\"></span>ive: composizio<span class=\"_ _1\"></span>ne <table class=\"s we58 h26d\" id=\"_b05b60fe-631a-4531-815f-c0e5fabf8287\"><tr><td class=\"t m2 x6dd h12 y60b8 ff4 fs7 fc4 sc3 ls0 ws0\">Tipologia servizi/Valori<span class=\"_ _3a1\"> </span></td><td></td><td class=\"c n x16b6 y60b9 w696 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16b7 y60b9 w696 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x7b5 y60ba w17c h11\"><div class=\"t m2 x0 h12 y2df ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c x16b8 y60ba w17c h11\"><div class=\"t m2 x0 h12 y2df ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5556 we05 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Strumenti finanz<span class=\"_ _2\"></span>iari<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16b9 y5556 we59 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(5.413)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y60bb ff4 fs7 fc1 sc0 ls0 ws0\">(6.229)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y551e we5a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: negoziazione di <span class=\"_ _2\"></span>strumenti finanz<span class=\"_ _2\"></span>iari<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16ba y551e we5b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(2.651)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y60bc ff4 fs7 fc1 sc0 ls0 ws0\">(2.268)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5520 we5c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: collocament<span class=\"_ _2\"></span>o di strumenti finanziar<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16bb y5520 we5d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(358)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x780 h12 y60bd ff4 fs7 fc1 sc0 ls0 ws0\">(848)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y555a we18 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: gestione di p<span class=\"_ _2\"></span>ortafogli individuali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16bc y555a we5e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(2.355)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67a h12 y60be ff4 fs7 fc1 sc0 ls0 ws0\">(2.213)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x16bd y5524 we5f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Proprie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16be y5524 w92c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(637)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x738 h12 y60bf ff4 fs7 fc1 sc0 ls0 ws0\">(945)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x16bd y5526 we60 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Delegate a terzi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16bf y5526 wa3f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(1.718)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67a h12 y60c0 ff4 fs7 fc1 sc0 ls0 ws0\">(1.268)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5528 we21 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Compensazione e reg<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>lamento<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16c0 y5528 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y60c1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y552a we61 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Gestione di portaf<span class=\"_ _2\"></span>ogli collettive<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16c1 y552a wa57 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(9.778)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y60c2 ff4 fs7 fc1 sc0 ls0 ws0\">(5.560)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y552c we62 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Proprie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16c2 y552c w74f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(65<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x788 h12 y60c3 ff4 fs7 fc1 sc0 ls0 ws0\">(78)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5561 we63 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Delegate a terzi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16c3 y5561 we64 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(9.713)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y60c4 ff4 fs7 fc1 sc0 ls0 ws0\">(5.482)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5482 we65 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Custodia e ammi<span class=\"_ _2\"></span>nistrazione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16c4 y5482 we66 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(3.656)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y60c5 ff4 fs7 fc1 sc0 ls0 ws0\">(3.028)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5531 we67 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Servizi di incasso e pag<span class=\"_ _3b\"></span>amento<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16c5 y5531 we68 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(19.679)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xda3 h12 y60c6 ff4 fs7 fc1 sc0 ls0 ws0\">(18.434)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5533 we69 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: carte di credi<span class=\"_ _2\"></span>to, carte di debito e a<span class=\"_ _2\"></span>ltre carte di pagament<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16c6 y5533 we6a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(12.745)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6f6 h12 y60c7 ff4 fs7 fc1 sc0 ls0 ws0\">(11.850)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5566 we6b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">f) Attivit\u00e0 di servicing pe<span class=\"_ _2\"></span>r operazioni di car<span class=\"_ _2\"></span>tolarizzazione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16c7 y5566 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y60c8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5486 we6c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">g) Impegni a ricevere<span class=\"_ _2\"></span> fondi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16c8 y5486 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y60c9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54a9 we6d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">h) Garanzie finanziarie <span class=\"_ _2\"></span>ricevute<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16c9 y54a9 we6e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(1.203)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67a h12 y60ca ff4 fs7 fc1 sc0 ls0 ws0\">(1.856)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5539 we48 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: derivati su credi<span class=\"_ _2\"></span>ti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16ca y5539 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y60cb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y556b we6f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">i) Offerta fuori sede di<span class=\"_ _2\"></span> strumenti finanziar<span class=\"_ _2\"></span>i, prodotti e servizi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16cb y556b we70 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(118.379)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd81 h12 y60cc ff4 fs7 fc1 sc0 ls0 ws0\">(109.261)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5515 we71 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">l) Negoziazione di va<span class=\"_ _2\"></span>lute<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16cc y5515 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y60cd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54b0 we72 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">m) Altre commissi<span class=\"_ _2\"></span>oni passive<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16cd y54b0 we73 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(45.558)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x666 h12 y60ce ff4 fs7 fc1 sc0 ls0 ws0\">(31.759)<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x691 h12 y60cf ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69a h12 y60cf ff4 fs7 fc1 sc2 ls0 ws0\">(203.666)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x795 h12 y60cf ff4 fs7 fc1 sc2 ls0 ws0\">(176.127)<span class=\"_ _3a1\"> </span></td></tr></table><div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gsfbb\">Sezione 3 \u2013 Dividendi e proventi simili - Voci 70 </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsfbc\">3.1 Dividendi e<span class=\"_ _1\"></span> proventi simili: composi<span class=\"_ _1\"></span>zione </div><div class=\"gsfbd\"><table class=\"s w684 h26e\" id=\"_77f0442a-cda8-4201-b2eb-d4801de5ab0b\"><tr><td></td><td></td><td class=\"c n x16ce y60d0 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16cf y5970 w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16d0 y60d0 w68d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16d1 y5970 w696 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x16d2 h12 y60d1 ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Proventi </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x16d3 y60d2 we74 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Dividendi</div></td><td class=\"c n x16d4 y60d2 we75 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Proventi simili<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16d5 y60d2 we76 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Di<span class=\"_ _1\"></span>videndi</div></td><td class=\"c n x16d6 y60d2 we77 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Pro<span class=\"_ _1\"></span>venti simili<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x2d7 y60d3 we78 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A. Attivit\u00e0 finanziar<span class=\"_ _2\"></span>ie di negoziazione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x6b5 h12 y60d4 ff4 fs7 fc1 sc0 ls0 ws0\">62<span class=\"_ _3a1\"> </span></td><td class=\"c n x16d7 y60d3 we79 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">130<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 xf18 h12 y60d4 ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74f h12 y60d4 ff4 fs7 fc1 sc0 ls0 ws0\">89<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y60d5 ff4 fs7 fc1 sc0 ls0 ws0\">B. Altre attivit\u00e0 finanz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>arie obbligatoriamente <span class=\"_ _2\"></span>valutate al<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x663 h12 y60d6 ff4 fs7 fc1 sc0 ls0 ws0\">35.033<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ed h12 y60d6 ff4 fs7 fc1 sc0 ls0 ws0\">6.225<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x676 h12 y60d6 ff4 fs7 fc1 sc0 ls0 ws0\">33.795<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1106 h12 y60d6 ff4 fs7 fc1 sc0 ls0 ws0\">4.747<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y60d7 ff4 fs7 fc1 sc0 ls0 ws0\">fair value </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y60d8 ff4 fs7 fc1 sc0 ls0 ws0\">C. Attivit\u00e0 finanziar<span class=\"_ _2\"></span>ie valutate al fair value c<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>n impatto </td><td></td><td class=\"t m2 x754 h12 y60d9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc5 h12 y60d9 ff4 fs7 fc1 sc0 ls0 ws0\">1.546<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x671 h12 y60d9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x987 h12 y60d9 ff4 fs7 fc1 sc0 ls0 ws0\">1.758<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y60da ff4 fs7 fc1 sc0 ls0 ws0\">sulla redditivit\u00e0 c<span class=\"_ _2\"></span>omplessiva </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y60db we7a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">D. Partecipazioni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x754 h12 y60dc ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n x16d8 y60db w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y60dc ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x16d9 h12 y60dc ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x97f h12 y5bbe ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x663 h12 y5bbe ff4 fs7 fc1 sc2 ls0 ws0\">35.095<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc5 h12 y5bbe ff4 fs7 fc1 sc2 ls0 ws0\">7.901<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x676 h12 y5bbe ff4 fs7 fc1 sc2 ls0 ws0\">33.799<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b9 h12 y5bbe ff4 fs7 fc1 sc2 ls0 ws0\">6.594<span class=\"_ _3a1\"> </span></td></tr></table></div>16.2 Altri pro<span class=\"_ _1\"></span>venti di gestione: <span class=\"_ _1\"></span>composizione<span class=\"_ _3a1\"> </span><table class=\"s wfc0 h28a\" id=\"_2690a8b1-1c6a-4322-a902-0f8fb2dddc74\"><tr><td></td><td class=\"t m2 xb9d h12 y62a6 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h12 y62a6 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x7e1 h12 y62a7 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x138d h12 y62a7 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fdb wfc1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Fitti attivi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18c3 y5fdb wfc2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.762<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18c4 y5fdb wfc3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.599<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y62a3 wfc4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Recupero di imposte<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18c5 y62a3 wfc5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">142.579<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18c6 y62a3 wa14 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">125.992<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bbb wfc6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Recupero interesse per <span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>ncassi e pagame<span class=\"_ _2\"></span>nti in stanza di compe<span class=\"_ _3b\"></span>ns<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9ea y5bbb wfc7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18c7 y5bbb wfc8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y62a8 wfc9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Sopravvenienze atti<span class=\"_ _2\"></span>ve<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18c8 y62a8 wfca h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.214<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18c9 y62a8 wfcb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.292<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y62a4 wfcc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Insussistenze<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18ca y62a4 wfcd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.681<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18cb y62a4 wfce h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">869<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y548c wfcf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Altri proventi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18cc y548c wfd0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">67.129<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18cd y548c wfd1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">50.391<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1442 h12 y5350 ff4 fs7 fc1 sc2 ls0 ws0\">Totale Altri proventi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1233 h12 y5350 ff4 fs7 fc1 sc2 ls0 ws0\">216.372<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1271 h12 y5350 ff4 fs7 fc1 sc2 ls0 ws0\">184.150<span class=\"_ _3a1\"> </span></td></tr></table>La <span class=\"_ _37\"> </span>voce <span class=\"_ _37\"> </span>\u201cRecupero <span class=\"_ _36\"> </span>di <span class=\"_ _3d\"> </span>impost<span class=\"_ _1\"></span>e\u201d <span class=\"_ _37\"> </span>recepisce <span class=\"_ _37\"> </span>il <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>cupero <span class=\"_ _37\"> </span>del <span class=\"_ _37\"> </span>maggior <span class=\"_ _37\"> </span>onere <span class=\"_ _37\"> </span>relativo <span class=\"_ _37\"> </span>al <span class=\"_ _37\"> </span>calcolo dell\u2019imposta di bollo sui dossier titoli. Nella <span class=\"_ _0\"></span>voce <span class=\"_ _38\"></span>\u201cAltri <span class=\"_ _0\"></span>proventi\u201d <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>compresi <span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>ricavi <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>Societ\u00e0 <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>Gruppo <span class=\"_ _0\"></span>Credemtel <span class=\"_ _38\"></span>ed <span class=\"_ _0\"></span>anche <span class=\"_ _38\"></span>i recuperi <span class=\"_ _3d\"> </span>della <span class=\"_ _3d\"> </span>\u201cCommissione <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>istruttoria <span class=\"_ _3d\"> </span>veloce\u201d, <span class=\"_ _3d\"> </span>disciplinata <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>comma <span class=\"_ _3d\"> </span>2 <span class=\"_ _3d\"> </span>della <span class=\"_ _3d\"> </span>Legge <span class=\"_ _3d\"> </span>23 dicembre 2011.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRevenueExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-758": {
   "value": "Sezione 1 \u2013 Gli interessi - Voci 10 e 20 1.1 Interessi <span class=\"_ _1\"></span>attivi e proventi ass<span class=\"_ _1\"></span>imilati: composizione  <table class=\"s wdd9 h269\" id=\"_ec5e3e7b-0ca3-4c77-9623-0416726290d3\"><tr><td class=\"t m2 x1629 h12 y6057 ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Forme tecniche </td><td class=\"t m2 x162a h12 y6058 ff4 fs7 fc4 sc3 ls0 ws0\">Titoli di </td><td class=\"t m2 x68b h12 y6057 ff4 fs7 fc4 sc3 ls0 ws0\">Finanziamenti<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x78a h12 y6058 ff4 fs7 fc4 sc3 ls0 ws0\">Altre </td><td class=\"c n x162b y6059 w696 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x162c y6059 w528 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 x162d h12 y605a ff4 fs7 fc4 sc3 ls0 ws0\">debito </td><td></td><td class=\"t m2 x663 h12 y605a ff4 fs7 fc4 sc3 ls0 ws0\">operazioni </td><td class=\"c x1013 y605b w17c h11\"><div class=\"t m2 x0 h12 y463 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024</div></td><td class=\"c x162e y605b w17c h11\"><div class=\"t m2 x0 h12 y463 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y605c ff4 fs7 fc1 sc2 ls0 ws0\">1. Attivit\u00e0 finanziarie valutate al fair value con </td><td class=\"t m2 x162f h12 y605d ff4 fs7 fc1 sc2 ls0 ws0\">15.025<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd9c h12 y605d ff4 fs7 fc1 sc2 ls0 ws0\">928<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y605d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a2 h12 y605d ff4 fs7 fc1 sc2 ls0 ws0\">15.953<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y605d ff4 fs7 fc1 sc2 ls0 ws0\">12.775<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y605e ff4 fs7 fc1 sc2 ls0 ws0\">impatto a conto economico: </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x6d4 h12 y605f ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Attivit\u00e0 finanziarie de<span class=\"_ _2\"></span>tenute per la negozi<span class=\"_ _2\"></span>azione<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x698 h12 y605f ff4 fs7 fc1 sc0 ls0 ws0\">1.035<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a0 h12 y605f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fc h12 y605f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74f h12 y605f ff4 fs7 fc1 sc0 ls0 ws0\">1.035<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x788 h12 y605f ff4 fs7 fc1 sc0 ls0 ws0\">644<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6060 wdda h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Attivit\u00e0 finanziarie de<span class=\"_ _2\"></span>signate al fair value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1630 y6060 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6a0 h12 y6061 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fc h12 y6061 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x984 h12 y6061 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6061 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h12 y6062 ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Altre attivit\u00e0 finanz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>arie obbligatoriamen<span class=\"_ _2\"></span>te </td><td class=\"t m2 x6de h12 y6063 ff4 fs7 fc1 sc0 ls0 ws0\">13.990<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd9c h12 y6063 ff4 fs7 fc1 sc0 ls0 ws0\">928<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fc h12 y6063 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd83 h12 y6063 ff4 fs7 fc1 sc0 ls0 ws0\">14.918<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x780 h12 y6063 ff4 fs7 fc1 sc0 ls0 ws0\">12.131<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y6064 ff4 fs7 fc1 sc2 ls0 ws0\">2. Attivit\u00e0 finanziarie valutate al fair value con </td><td class=\"t m2 x681 h12 y6065 ff4 fs7 fc1 sc2 ls0 ws0\">192.203<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a0 h12 y6065 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n x731 y5bb5 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1631 y5bb5 wddb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">192.203<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y6065 ff4 fs7 fc1 sc2 ls0 ws0\">154.513<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y6066 ff4 fs7 fc1 sc2 ls0 ws0\">impatto sulla redditivit\u00e0 complessiv<span class=\"_ _2\"></span>a </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6067 ff4 fs7 fc1 sc2 ls0 ws0\">3. Attivit\u00e0 finanziarie valutate al costo </td><td class=\"t m2 x681 h12 y6068 ff4 fs7 fc1 sc2 ls0 ws0\">196.788<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68c h12 y6068 ff4 fs7 fc1 sc2 ls0 ws0\">1.536.781<span class=\"_ _3a1\"> </span></td><td class=\"c n x731 y6069 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1632 y6069 wddc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1.733.569</div></td><td class=\"t m2 x7ab h12 y6068 ff4 fs7 fc1 sc2 ls0 ws0\">1.609.813<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y606a ff4 fs7 fc1 sc2 ls0 ws0\">ammortizzato: </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x997 y599e wddd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Crediti verso banche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1633 y599e wd5f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">35.<span class=\"_ _2\"></span>570<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75d h12 y606b ff4 fs7 fc1 sc0 ls0 ws0\">190.195<span class=\"_ _3a1\"> </span></td><td class=\"c n x731 y599e w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1634 y599e wd2a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">225.765<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x795 h12 y606b ff4 fs7 fc1 sc0 ls0 ws0\">263.905<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y55b9 wdde h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Crediti verso cl<span class=\"_ _2\"></span>ientela<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1635 y55b9 wddf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">161.218</div></td><td class=\"t m2 x6c8 h12 y606c ff4 fs7 fc1 sc0 ls0 ws0\">1.346.586<span class=\"_ _3a1\"> </span></td><td class=\"c n x731 y55b9 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1636 y55b9 wde0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.507.804</div></td><td class=\"t m2 x6fd h12 y606c ff4 fs7 fc1 sc0 ls0 ws0\">1.345.908<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y606d wde1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4. Derivati di copertura<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1637 y606d w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1638 y606d w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1639 y606d wde2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">134.064<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x987 h12 y606e ff4 fs7 fc1 sc2 ls0 ws0\">134.064<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y606e ff4 fs7 fc1 sc2 ls0 ws0\">116.170<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59a3 wde3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">5. Altre attivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x163a y59a3 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x163b y59a3 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x163c y59a3 wde4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">487<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67d h12 y606f ff4 fs7 fc1 sc2 ls0 ws0\">487<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x788 h12 y606f ff4 fs7 fc1 sc2 ls0 ws0\">909<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59a5 wde5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">6. Passivit\u00e0 finanziarie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x163d y59a5 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x163e y59a5 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x163f y59a5 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1640 y59a5 wde6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">11<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66b h12 y6070 ff4 fs7 fc1 sc2 ls0 ws0\">34<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6ad h12 y6071 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x681 h12 y6071 ff4 fs7 fc1 sc2 ls0 ws0\">404.016<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h12 y6071 ff4 fs7 fc1 sc2 ls0 ws0\">1.537.709<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x78c h12 y6071 ff4 fs7 fc1 sc2 ls0 ws0\">134.551<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdbb h12 y6071 ff4 fs7 fc1 sc2 ls0 ws0\">2.076.287<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ab h12 y6071 ff4 fs7 fc1 sc2 ls0 ws0\">1.894.214<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5600 wde7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: interessi attiv<span class=\"_ _2\"></span>i su attivit\u00e0 finanziarie impa<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>red<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1641 y5600 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x907 h12 y6072 ff4 fs7 fc1 sc0 ls0 ws0\">11.953<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fc h12 y6072 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd83 h12 y6072 ff4 fs7 fc1 sc0 ls0 ws0\">11.953<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y6072 ff4 fs7 fc1 sc0 ls0 ws0\">12.087<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y539f wde8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: interessi attiv<span class=\"_ _2\"></span>i su leasing finanz<span class=\"_ _2\"></span>iario<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1642 y539f w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1643 y539f wde9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">178.402<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x731 y539f w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1631 y539f wdea h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">178.402<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x666 h12 y6073 ff4 fs7 fc1 sc0 ls0 ws0\">157.058<span class=\"_ _3a1\"> </span></td></tr></table>valutate al fair value<span class=\"_ _3a1\"> </span>1.2 Interes<span class=\"_ _1\"></span>si attivi e proventi assimi<span class=\"_ _1\"></span>lati: altre informazion<span class=\"_ _1\"></span>i 1.2.1 Interes<span class=\"_ _1\"></span>si attivi su attivit\u00e0 finanziarie<span class=\"_ _1\"></span> in valuta Gli interessi attivi maturati ammontano a 44<span class=\"_ _1\"></span>.659 mila euro<span class=\"_ _3a1\"> </span>1.3 Interessi pass<span class=\"_ _1\"></span>ivi e oneri assimilati: compos<span class=\"_ _1\"></span>izione <table class=\"s wdeb h26a\" id=\"_3b63c537-3a4e-4b39-a405-3ae1e4d8af8c\"><tr><td class=\"c n x1644 y6074 wdec h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Forme tecniche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1645 y6074 wded h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Debiti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1646 y6074 wdee h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Ti<span class=\"_ _1\"></span>toli<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x78a h12 y6075 ff4 fs7 fc4 sc3 ls0 ws0\">Altre </td><td class=\"c n x1647 y6076 w696 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1648 y6076 w528 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x663 h12 y6077 ff4 fs7 fc4 sc3 ls0 ws0\">operazioni </td><td class=\"c n x1649 y6078 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x164a y6078 w95e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">3<span class=\"_ _1\"></span>1/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y6079 ff4 fs7 fc1 sc0 ls0 ws0\">1. Passivit\u00e0 finanziarie <span class=\"_ _2\"></span>valutate al costo<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y607a ff4 fs7 fc1 sc0 ls0 ws0\">(716.219)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68c h12 y607a ff4 fs7 fc1 sc0 ls0 ws0\">(139.166)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x695 h12 y607a ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdbb h12 y607a ff4 fs7 fc1 sc0 ls0 ws0\">(855.385)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fd h12 y607a ff4 fs7 fc1 sc0 ls0 ws0\">(722.808)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y607b ff4 fs7 fc1 sc0 ls0 ws0\">ammortizzato </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x997 y607c wdef h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Debiti verso banche ce<span class=\"_ _2\"></span>ntrali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x164b y607c wdf0 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(14.910)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x981 h12 y607d ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x695 h12 y607d ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x987 h12 y607d ff4 fs7 fc1 sc0 ls0 ws0\">(14.910)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd81 h12 y607d ff4 fs7 fc1 sc0 ls0 ws0\">(85.408)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y607e wdf1 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Debiti verso banche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x164c y607e wdf2 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(208.961)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x981 h12 y607f ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x695 h12 y607f ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b0 h12 y607f ff4 fs7 fc1 sc0 ls0 ws0\">(208.961)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69c h12 y607f ff4 fs7 fc1 sc0 ls0 ws0\">(180.364)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6080 wdf3 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Debiti verso cliente<span class=\"_ _3b\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x164d y6080 wdf4 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(492.348)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x981 h12 y6081 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x695 h12 y6081 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdbb h12 y6081 ff4 fs7 fc1 sc0 ls0 ws0\">(492.348)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69c h12 y6081 ff4 fs7 fc1 sc0 ls0 ws0\">(374.857)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6082 wdf5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.4 Titoli in circolazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x164e y6082 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x68c h12 y6083 ff4 fs7 fc1 sc0 ls0 ws0\">(139.166)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x695 h12 y6083 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y6083 ff4 fs7 fc1 sc0 ls0 ws0\">(139.166)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y6083 ff4 fs7 fc1 sc0 ls0 ws0\">(82.179)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6084 wdf6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Passivit\u00e0 finanziarie d<span class=\"_ _2\"></span>i negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x164f y6084 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6a0 h12 y6085 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fc h12 y6085 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x984 h12 y6085 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6085 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6086 wdf7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Passivit\u00e0 finanziar<span class=\"_ _2\"></span>ie designate al fair value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1650 y6086 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6a0 h12 y6087 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fc h12 y6087 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x984 h12 y6087 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6087 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5930 wdf8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Altre passivit\u00e0 e <span class=\"_ _2\"></span>fondi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1651 y5930 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x981 h12 y6088 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70f h12 y6088 ff4 fs7 fc1 sc0 ls0 ws0\">(39)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x685 h12 y6088 ff4 fs7 fc1 sc0 ls0 ws0\">(39)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6088 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6089 wdf9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Derivati di copertu<span class=\"_ _2\"></span>ra<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1652 y6089 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x981 h12 y608a ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fc h12 y608a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x984 h12 y608a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y608a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y608b wdfa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6. Attivit\u00e0 finanziarie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1653 y608b w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x981 h12 y608c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x695 h12 y608c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1654 h12 y608c ff4 fs7 fc1 sc0 ls0 ws0\">(5)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x73d h12 y608c ff4 fs7 fc1 sc0 ls0 ws0\">(13)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6ad h12 y608d ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y608d ff4 fs7 fc1 sc2 ls0 ws0\">(716.219)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68c h12 y608d ff4 fs7 fc1 sc2 ls0 ws0\">(139.166)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10e0 h12 y608d ff4 fs7 fc1 sc2 ls0 ws0\">(39)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y608d ff4 fs7 fc1 sc2 ls0 ws0\">(855.429)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf33 h12 y608d ff4 fs7 fc1 sc2 ls0 ws0\">(722.821)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y53a2 wdfb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: interessi pass<span class=\"_ _2\"></span>ivi relativi ai debiti per <span class=\"_ _2\"></span>leasing<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1655 y53a2 wdfc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(4.475)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x981 h12 y608e ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x695 h12 y608e ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd80 h12 y608e ff4 fs7 fc1 sc0 ls0 ws0\">(4.475)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y608e ff4 fs7 fc1 sc0 ls0 ws0\">(3.587)<span class=\"_ _3a1\"> </span></td></tr></table>.4 Intere<span class=\"_ _1\"></span>ssi pa<span class=\"_ _1\"></span>ssivi e one<span class=\"_ _1\"></span>ri assim<span class=\"_ _1\"></span>ilati: alt<span class=\"_ _1\"></span>re inform<span class=\"_ _1\"></span>azioni<span class=\"_ _3a1\"> </span>.4.1 Inte<span class=\"_ _1\"></span>ressi pa<span class=\"_ _1\"></span>ssivi su<span class=\"_ _1\"></span> passivit\u00e0<span class=\"_ _1\"></span> finanzia<span class=\"_ _1\"></span>rie in valut<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span>Gli interessi passivi maturati ammontano a 62.620 mila eur<span class=\"_ _1\"></span>o.<span class=\"_ _3a1\"> </span>1.5 Differe<span class=\"_ _1\"></span>nziali relativi alle o<span class=\"_ _1\"></span>perazioni di copertura<table class=\"s wdfd h26b\" id=\"_9d6f0ebd-7478-4f31-8139-90d84f401ed1\"><tr><td class=\"t m2 x1656 h12 y608f ff4 fs7 fc4 sc3 ls0 ws0\">Voci </td><td class=\"c n x72f y5ba7 w6c6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1657 y5ba7 w6af h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">T<span class=\"_ _1\"></span>otale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x731 y553f w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x732 y553f w65e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bab wdfe h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A. Differenziali p<span class=\"_ _2\"></span>ositivi relativi a operazioni d<span class=\"_ _2\"></span>i copertura<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1658 y5bab wdff h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.212.619<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6f6 h12 y6090 ff4 fs7 fc1 sc0 ls0 ws0\">796.124<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a1e we00 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B. Differenziali negat<span class=\"_ _2\"></span>ivi relativi a ope<span class=\"_ _2\"></span>razioni di copertura<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1659 y5a1e we01 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(1.078.555)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69c h12 y6091 ff4 fs7 fc1 sc0 ls0 ws0\">(679.955)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y539f we02 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">C. Saldo (A-B)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x165a y539f we03 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">134.064<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x676 h12 y6092 ff4 fs7 fc1 sc2 ls0 ws0\">116.169<span class=\"_ _3a1\"> </span></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-786": {
   "value": "1.1 Interessi <span class=\"_ _1\"></span>attivi e proventi ass<span class=\"_ _1\"></span>imilati: composizione  <table class=\"s wdd9 h269\" id=\"_ec5e3e7b-0ca3-4c77-9623-0416726290d3\"><tr><td class=\"t m2 x1629 h12 y6057 ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Forme tecniche </td><td class=\"t m2 x162a h12 y6058 ff4 fs7 fc4 sc3 ls0 ws0\">Titoli di </td><td class=\"t m2 x68b h12 y6057 ff4 fs7 fc4 sc3 ls0 ws0\">Finanziamenti<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x78a h12 y6058 ff4 fs7 fc4 sc3 ls0 ws0\">Altre </td><td class=\"c n x162b y6059 w696 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x162c y6059 w528 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 x162d h12 y605a ff4 fs7 fc4 sc3 ls0 ws0\">debito </td><td></td><td class=\"t m2 x663 h12 y605a ff4 fs7 fc4 sc3 ls0 ws0\">operazioni </td><td class=\"c x1013 y605b w17c h11\"><div class=\"t m2 x0 h12 y463 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024</div></td><td class=\"c x162e y605b w17c h11\"><div class=\"t m2 x0 h12 y463 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y605c ff4 fs7 fc1 sc2 ls0 ws0\">1. Attivit\u00e0 finanziarie valutate al fair value con </td><td class=\"t m2 x162f h12 y605d ff4 fs7 fc1 sc2 ls0 ws0\">15.025<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd9c h12 y605d ff4 fs7 fc1 sc2 ls0 ws0\">928<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y605d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a2 h12 y605d ff4 fs7 fc1 sc2 ls0 ws0\">15.953<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75a h12 y605d ff4 fs7 fc1 sc2 ls0 ws0\">12.775<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y605e ff4 fs7 fc1 sc2 ls0 ws0\">impatto a conto economico: </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x6d4 h12 y605f ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Attivit\u00e0 finanziarie de<span class=\"_ _2\"></span>tenute per la negozi<span class=\"_ _2\"></span>azione<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x698 h12 y605f ff4 fs7 fc1 sc0 ls0 ws0\">1.035<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a0 h12 y605f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fc h12 y605f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74f h12 y605f ff4 fs7 fc1 sc0 ls0 ws0\">1.035<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x788 h12 y605f ff4 fs7 fc1 sc0 ls0 ws0\">644<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6060 wdda h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Attivit\u00e0 finanziarie de<span class=\"_ _2\"></span>signate al fair value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1630 y6060 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6a0 h12 y6061 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fc h12 y6061 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x984 h12 y6061 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6061 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h12 y6062 ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Altre attivit\u00e0 finanz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>arie obbligatoriamen<span class=\"_ _2\"></span>te </td><td class=\"t m2 x6de h12 y6063 ff4 fs7 fc1 sc0 ls0 ws0\">13.990<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd9c h12 y6063 ff4 fs7 fc1 sc0 ls0 ws0\">928<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fc h12 y6063 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd83 h12 y6063 ff4 fs7 fc1 sc0 ls0 ws0\">14.918<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x780 h12 y6063 ff4 fs7 fc1 sc0 ls0 ws0\">12.131<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y6064 ff4 fs7 fc1 sc2 ls0 ws0\">2. Attivit\u00e0 finanziarie valutate al fair value con </td><td class=\"t m2 x681 h12 y6065 ff4 fs7 fc1 sc2 ls0 ws0\">192.203<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a0 h12 y6065 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n x731 y5bb5 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1631 y5bb5 wddb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">192.203<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y6065 ff4 fs7 fc1 sc2 ls0 ws0\">154.513<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y6066 ff4 fs7 fc1 sc2 ls0 ws0\">impatto sulla redditivit\u00e0 complessiv<span class=\"_ _2\"></span>a </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6067 ff4 fs7 fc1 sc2 ls0 ws0\">3. Attivit\u00e0 finanziarie valutate al costo </td><td class=\"t m2 x681 h12 y6068 ff4 fs7 fc1 sc2 ls0 ws0\">196.788<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68c h12 y6068 ff4 fs7 fc1 sc2 ls0 ws0\">1.536.781<span class=\"_ _3a1\"> </span></td><td class=\"c n x731 y6069 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1632 y6069 wddc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1.733.569</div></td><td class=\"t m2 x7ab h12 y6068 ff4 fs7 fc1 sc2 ls0 ws0\">1.609.813<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y606a ff4 fs7 fc1 sc2 ls0 ws0\">ammortizzato: </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x997 y599e wddd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.1 Crediti verso banche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1633 y599e wd5f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">35.<span class=\"_ _2\"></span>570<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75d h12 y606b ff4 fs7 fc1 sc0 ls0 ws0\">190.195<span class=\"_ _3a1\"> </span></td><td class=\"c n x731 y599e w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1634 y599e wd2a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">225.765<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x795 h12 y606b ff4 fs7 fc1 sc0 ls0 ws0\">263.905<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y55b9 wdde h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.2 Crediti verso cl<span class=\"_ _2\"></span>ientela<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1635 y55b9 wddf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">161.218</div></td><td class=\"t m2 x6c8 h12 y606c ff4 fs7 fc1 sc0 ls0 ws0\">1.346.586<span class=\"_ _3a1\"> </span></td><td class=\"c n x731 y55b9 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1636 y55b9 wde0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.507.804</div></td><td class=\"t m2 x6fd h12 y606c ff4 fs7 fc1 sc0 ls0 ws0\">1.345.908<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y606d wde1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4. Derivati di copertura<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1637 y606d w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1638 y606d w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1639 y606d wde2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">134.064<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x987 h12 y606e ff4 fs7 fc1 sc2 ls0 ws0\">134.064<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y606e ff4 fs7 fc1 sc2 ls0 ws0\">116.170<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59a3 wde3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">5. Altre attivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x163a y59a3 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x163b y59a3 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x163c y59a3 wde4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">487<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67d h12 y606f ff4 fs7 fc1 sc2 ls0 ws0\">487<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x788 h12 y606f ff4 fs7 fc1 sc2 ls0 ws0\">909<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y59a5 wde5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">6. Passivit\u00e0 finanziarie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x163d y59a5 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x163e y59a5 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x163f y59a5 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1640 y59a5 wde6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">11<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66b h12 y6070 ff4 fs7 fc1 sc2 ls0 ws0\">34<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6ad h12 y6071 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x681 h12 y6071 ff4 fs7 fc1 sc2 ls0 ws0\">404.016<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h12 y6071 ff4 fs7 fc1 sc2 ls0 ws0\">1.537.709<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x78c h12 y6071 ff4 fs7 fc1 sc2 ls0 ws0\">134.551<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdbb h12 y6071 ff4 fs7 fc1 sc2 ls0 ws0\">2.076.287<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ab h12 y6071 ff4 fs7 fc1 sc2 ls0 ws0\">1.894.214<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5600 wde7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: interessi attiv<span class=\"_ _2\"></span>i su attivit\u00e0 finanziarie impa<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>red<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1641 y5600 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x907 h12 y6072 ff4 fs7 fc1 sc0 ls0 ws0\">11.953<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fc h12 y6072 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd83 h12 y6072 ff4 fs7 fc1 sc0 ls0 ws0\">11.953<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y6072 ff4 fs7 fc1 sc0 ls0 ws0\">12.087<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y539f wde8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: interessi attiv<span class=\"_ _2\"></span>i su leasing finanz<span class=\"_ _2\"></span>iario<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1642 y539f w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1643 y539f wde9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">178.402<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x731 y539f w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1631 y539f wdea h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">178.402<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x666 h12 y6073 ff4 fs7 fc1 sc0 ls0 ws0\">157.058<span class=\"_ _3a1\"> </span></td></tr></table>valutate al fair value<span class=\"_ _3a1\"> </span>1.2 Interes<span class=\"_ _1\"></span>si attivi e proventi assimi<span class=\"_ _1\"></span>lati: altre informazion<span class=\"_ _1\"></span>i 1.2.1 Interes<span class=\"_ _1\"></span>si attivi su attivit\u00e0 finanziarie<span class=\"_ _1\"></span> in valuta Gli interessi attivi maturati ammontano a 44<span class=\"_ _1\"></span>.659 mila euro<span class=\"_ _3a1\"> </span>. <div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsfa0\">1.5 Differe<span class=\"_ _1\"></span>nziali relativi alle o<span class=\"_ _1\"></span>perazioni di copertura </div><div class=\"gsfa1\"><table class=\"s wdfd h26b\" id=\"_9d6f0ebd-7478-4f31-8139-90d84f401ed1\"><tr><td class=\"t m2 x1656 h12 y608f ff4 fs7 fc4 sc3 ls0 ws0\">Voci </td><td class=\"c n x72f y5ba7 w6c6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1657 y5ba7 w6af h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">T<span class=\"_ _1\"></span>otale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x731 y553f w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x732 y553f w65e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bab wdfe h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A. Differenziali p<span class=\"_ _2\"></span>ositivi relativi a operazioni d<span class=\"_ _2\"></span>i copertura<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1658 y5bab wdff h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.212.619<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6f6 h12 y6090 ff4 fs7 fc1 sc0 ls0 ws0\">796.124<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a1e we00 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B. Differenziali negat<span class=\"_ _2\"></span>ivi relativi a ope<span class=\"_ _2\"></span>razioni di copertura<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1659 y5a1e we01 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(1.078.555)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69c h12 y6091 ff4 fs7 fc1 sc0 ls0 ws0\">(679.955)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y539f we02 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">C. Saldo (A-B)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x165a y539f we03 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">134.064<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x676 h12 y6092 ff4 fs7 fc1 sc2 ls0 ws0\">116.169<span class=\"_ _3a1\"> </span></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-818": {
   "value": "<div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsf9b\">1.3 Interessi pass<span class=\"_ _1\"></span>ivi e oneri assimilati: compos<span class=\"_ _1\"></span>izione  </div><div class=\"gsf9c\"><table class=\"s wdeb h26a\" id=\"_3b63c537-3a4e-4b39-a405-3ae1e4d8af8c\"><tr><td class=\"c n x1644 y6074 wdec h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Forme tecniche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1645 y6074 wded h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Debiti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1646 y6074 wdee h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Ti<span class=\"_ _1\"></span>toli<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x78a h12 y6075 ff4 fs7 fc4 sc3 ls0 ws0\">Altre </td><td class=\"c n x1647 y6076 w696 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1648 y6076 w528 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x663 h12 y6077 ff4 fs7 fc4 sc3 ls0 ws0\">operazioni </td><td class=\"c n x1649 y6078 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x164a y6078 w95e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">3<span class=\"_ _1\"></span>1/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y6079 ff4 fs7 fc1 sc0 ls0 ws0\">1. Passivit\u00e0 finanziarie <span class=\"_ _2\"></span>valutate al costo<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y607a ff4 fs7 fc1 sc0 ls0 ws0\">(716.219)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68c h12 y607a ff4 fs7 fc1 sc0 ls0 ws0\">(139.166)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x695 h12 y607a ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdbb h12 y607a ff4 fs7 fc1 sc0 ls0 ws0\">(855.385)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fd h12 y607a ff4 fs7 fc1 sc0 ls0 ws0\">(722.808)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y607b ff4 fs7 fc1 sc0 ls0 ws0\">ammortizzato </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x997 y607c wdef h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Debiti verso banche ce<span class=\"_ _2\"></span>ntrali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x164b y607c wdf0 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(14.910)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x981 h12 y607d ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x695 h12 y607d ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x987 h12 y607d ff4 fs7 fc1 sc0 ls0 ws0\">(14.910)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd81 h12 y607d ff4 fs7 fc1 sc0 ls0 ws0\">(85.408)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y607e wdf1 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Debiti verso banche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x164c y607e wdf2 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(208.961)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x981 h12 y607f ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x695 h12 y607f ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b0 h12 y607f ff4 fs7 fc1 sc0 ls0 ws0\">(208.961)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69c h12 y607f ff4 fs7 fc1 sc0 ls0 ws0\">(180.364)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6080 wdf3 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Debiti verso cliente<span class=\"_ _3b\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x164d y6080 wdf4 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(492.348)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x981 h12 y6081 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x695 h12 y6081 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdbb h12 y6081 ff4 fs7 fc1 sc0 ls0 ws0\">(492.348)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69c h12 y6081 ff4 fs7 fc1 sc0 ls0 ws0\">(374.857)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6082 wdf5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.4 Titoli in circolazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x164e y6082 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x68c h12 y6083 ff4 fs7 fc1 sc0 ls0 ws0\">(139.166)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x695 h12 y6083 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y6083 ff4 fs7 fc1 sc0 ls0 ws0\">(139.166)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y6083 ff4 fs7 fc1 sc0 ls0 ws0\">(82.179)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6084 wdf6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Passivit\u00e0 finanziarie d<span class=\"_ _2\"></span>i negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x164f y6084 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6a0 h12 y6085 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fc h12 y6085 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x984 h12 y6085 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6085 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6086 wdf7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Passivit\u00e0 finanziar<span class=\"_ _2\"></span>ie designate al fair value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1650 y6086 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6a0 h12 y6087 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fc h12 y6087 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x984 h12 y6087 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6087 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5930 wdf8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Altre passivit\u00e0 e <span class=\"_ _2\"></span>fondi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1651 y5930 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x981 h12 y6088 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70f h12 y6088 ff4 fs7 fc1 sc0 ls0 ws0\">(39)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x685 h12 y6088 ff4 fs7 fc1 sc0 ls0 ws0\">(39)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6088 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6089 wdf9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Derivati di copertu<span class=\"_ _2\"></span>ra<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1652 y6089 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x981 h12 y608a ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fc h12 y608a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x984 h12 y608a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y608a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y608b wdfa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6. Attivit\u00e0 finanziarie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1653 y608b w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x981 h12 y608c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x695 h12 y608c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1654 h12 y608c ff4 fs7 fc1 sc0 ls0 ws0\">(5)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x73d h12 y608c ff4 fs7 fc1 sc0 ls0 ws0\">(13)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6ad h12 y608d ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y608d ff4 fs7 fc1 sc2 ls0 ws0\">(716.219)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68c h12 y608d ff4 fs7 fc1 sc2 ls0 ws0\">(139.166)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10e0 h12 y608d ff4 fs7 fc1 sc2 ls0 ws0\">(39)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y608d ff4 fs7 fc1 sc2 ls0 ws0\">(855.429)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf33 h12 y608d ff4 fs7 fc1 sc2 ls0 ws0\">(722.821)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y53a2 wdfb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: interessi pass<span class=\"_ _2\"></span>ivi relativi ai debiti per <span class=\"_ _2\"></span>leasing<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1655 y53a2 wdfc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(4.475)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x981 h12 y608e ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x695 h12 y608e ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd80 h12 y608e ff4 fs7 fc1 sc0 ls0 ws0\">(4.475)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y608e ff4 fs7 fc1 sc0 ls0 ws0\">(3.587)<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gsf9d\">1.4 Intere<span class=\"_ _1\"></span>ssi pa<span class=\"_ _1\"></span>ssivi e one<span class=\"_ _1\"></span>ri assim<span class=\"_ _1\"></span>ilati: alt<span class=\"_ _1\"></span>re inform<span class=\"_ _1\"></span>azioni<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gsf9e\">1.4.1 Inte<span class=\"_ _1\"></span>ressi pa<span class=\"_ _1\"></span>ssivi su<span class=\"_ _1\"></span> passivit\u00e0<span class=\"_ _1\"></span> finanzia<span class=\"_ _1\"></span>rie in valut<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbc8\">Gli interessi passivi maturati ammontano a 62.620 mila eur<span class=\"_ _1\"></span>o.<span class=\"_ _3a1\"> </span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-843": {
   "value": "1.3 Interessi pass<span class=\"_ _1\"></span>ivi e oneri assimilati: compos<span class=\"_ _1\"></span>izione  <table class=\"s wdeb h26a\" id=\"_3b63c537-3a4e-4b39-a405-3ae1e4d8af8c\"><tr><td class=\"c n x1644 y6074 wdec h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Forme tecniche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1645 y6074 wded h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Debiti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1646 y6074 wdee h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Ti<span class=\"_ _1\"></span>toli<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x78a h12 y6075 ff4 fs7 fc4 sc3 ls0 ws0\">Altre </td><td class=\"c n x1647 y6076 w696 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1648 y6076 w528 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">To<span class=\"_ _1\"></span>tale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x663 h12 y6077 ff4 fs7 fc4 sc3 ls0 ws0\">operazioni </td><td class=\"c n x1649 y6078 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x164a y6078 w95e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">3<span class=\"_ _1\"></span>1/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y6079 ff4 fs7 fc1 sc0 ls0 ws0\">1. Passivit\u00e0 finanziarie <span class=\"_ _2\"></span>valutate al costo<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y607a ff4 fs7 fc1 sc0 ls0 ws0\">(716.219)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68c h12 y607a ff4 fs7 fc1 sc0 ls0 ws0\">(139.166)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x695 h12 y607a ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdbb h12 y607a ff4 fs7 fc1 sc0 ls0 ws0\">(855.385)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fd h12 y607a ff4 fs7 fc1 sc0 ls0 ws0\">(722.808)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y607b ff4 fs7 fc1 sc0 ls0 ws0\">ammortizzato </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x997 y607c wdef h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Debiti verso banche ce<span class=\"_ _2\"></span>ntrali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x164b y607c wdf0 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(14.910)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x981 h12 y607d ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x695 h12 y607d ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x987 h12 y607d ff4 fs7 fc1 sc0 ls0 ws0\">(14.910)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd81 h12 y607d ff4 fs7 fc1 sc0 ls0 ws0\">(85.408)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y607e wdf1 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Debiti verso banche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x164c y607e wdf2 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(208.961)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x981 h12 y607f ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x695 h12 y607f ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b0 h12 y607f ff4 fs7 fc1 sc0 ls0 ws0\">(208.961)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69c h12 y607f ff4 fs7 fc1 sc0 ls0 ws0\">(180.364)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6080 wdf3 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Debiti verso cliente<span class=\"_ _3b\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x164d y6080 wdf4 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(492.348)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x981 h12 y6081 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x695 h12 y6081 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdbb h12 y6081 ff4 fs7 fc1 sc0 ls0 ws0\">(492.348)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69c h12 y6081 ff4 fs7 fc1 sc0 ls0 ws0\">(374.857)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6082 wdf5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.4 Titoli in circolazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x164e y6082 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x68c h12 y6083 ff4 fs7 fc1 sc0 ls0 ws0\">(139.166)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x695 h12 y6083 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y6083 ff4 fs7 fc1 sc0 ls0 ws0\">(139.166)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y6083 ff4 fs7 fc1 sc0 ls0 ws0\">(82.179)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6084 wdf6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Passivit\u00e0 finanziarie d<span class=\"_ _2\"></span>i negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x164f y6084 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6a0 h12 y6085 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fc h12 y6085 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x984 h12 y6085 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6085 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6086 wdf7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Passivit\u00e0 finanziar<span class=\"_ _2\"></span>ie designate al fair value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1650 y6086 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6a0 h12 y6087 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fc h12 y6087 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x984 h12 y6087 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6087 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5930 wdf8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Altre passivit\u00e0 e <span class=\"_ _2\"></span>fondi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1651 y5930 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x981 h12 y6088 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70f h12 y6088 ff4 fs7 fc1 sc0 ls0 ws0\">(39)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x685 h12 y6088 ff4 fs7 fc1 sc0 ls0 ws0\">(39)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6088 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6089 wdf9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Derivati di copertu<span class=\"_ _2\"></span>ra<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1652 y6089 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x981 h12 y608a ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fc h12 y608a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x984 h12 y608a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y608a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y608b wdfa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6. Attivit\u00e0 finanziarie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1653 y608b w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x981 h12 y608c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x695 h12 y608c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1654 h12 y608c ff4 fs7 fc1 sc0 ls0 ws0\">(5)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x73d h12 y608c ff4 fs7 fc1 sc0 ls0 ws0\">(13)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6ad h12 y608d ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ae h12 y608d ff4 fs7 fc1 sc2 ls0 ws0\">(716.219)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x68c h12 y608d ff4 fs7 fc1 sc2 ls0 ws0\">(139.166)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10e0 h12 y608d ff4 fs7 fc1 sc2 ls0 ws0\">(39)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b9 h12 y608d ff4 fs7 fc1 sc2 ls0 ws0\">(855.429)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf33 h12 y608d ff4 fs7 fc1 sc2 ls0 ws0\">(722.821)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y53a2 wdfb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: interessi pass<span class=\"_ _2\"></span>ivi relativi ai debiti per <span class=\"_ _2\"></span>leasing<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1655 y53a2 wdfc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(4.475)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x981 h12 y608e ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x695 h12 y608e ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd80 h12 y608e ff4 fs7 fc1 sc0 ls0 ws0\">(4.475)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y608e ff4 fs7 fc1 sc0 ls0 ws0\">(3.587)<span class=\"_ _3a1\"> </span></td></tr></table>1.4 Intere<span class=\"_ _1\"></span>ssi pa<span class=\"_ _1\"></span>ssivi e one<span class=\"_ _1\"></span>ri assim<span class=\"_ _1\"></span>ilati: alt<span class=\"_ _1\"></span>re inform<span class=\"_ _1\"></span>azioni<span class=\"_ _3a1\"> </span> 1.4.1 Inte<span class=\"_ _1\"></span>ressi pa<span class=\"_ _1\"></span>ssivi su<span class=\"_ _1\"></span> passivit\u00e0<span class=\"_ _1\"></span> finanzia<span class=\"_ _1\"></span>rie in valut<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span> Gli interessi passivi maturati ammontano a 62.620 mila eur<span class=\"_ _1\"></span>o.<span class=\"_ _3a1\"> </span> 1.5 Differe<span class=\"_ _1\"></span>nziali relativi alle o<span class=\"_ _1\"></span>perazioni di copertura <table class=\"s wdfd h26b\" id=\"_9d6f0ebd-7478-4f31-8139-90d84f401ed1\"><tr><td class=\"t m2 x1656 h12 y608f ff4 fs7 fc4 sc3 ls0 ws0\">Voci </td><td class=\"c n x72f y5ba7 w6c6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1657 y5ba7 w6af h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">T<span class=\"_ _1\"></span>otale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x731 y553f w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x732 y553f w65e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bab wdfe h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A. Differenziali p<span class=\"_ _2\"></span>ositivi relativi a operazioni d<span class=\"_ _2\"></span>i copertura<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1658 y5bab wdff h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.212.619<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6f6 h12 y6090 ff4 fs7 fc1 sc0 ls0 ws0\">796.124<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a1e we00 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B. Differenziali negat<span class=\"_ _2\"></span>ivi relativi a ope<span class=\"_ _2\"></span>razioni di copertura<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1659 y5a1e we01 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(1.078.555)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69c h12 y6091 ff4 fs7 fc1 sc0 ls0 ws0\">(679.955)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y539f we02 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">C. Saldo (A-B)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x165a y539f we03 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">134.064<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x676 h12 y6092 ff4 fs7 fc1 sc2 ls0 ws0\">116.169<span class=\"_ _3a1\"> </span></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-787": {
   "value": "<div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gsfa3\">Sezione 2 \u2013 Le commissioni - Voci 40 e 50<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsfa4\">2.1 Commiss<span class=\"_ _1\"></span>ioni attive: composizione<span class=\"_ _3a1\"> </span></div><div class=\"gsfa5\"><table class=\"s we04 h26c\" id=\"_90d67d51-4b3c-4b94-9edb-e10da1ab7bdc\"><tr><td class=\"t m2 xd43 h12 y6093 ff4 fs7 fc4 sc3 ls0 ws0\">Tipologia servizi/Valori<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e8 h12 y6094 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdde h12 y6094 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"c x116f y6095 w17c h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c x878 y6095 w17c h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6096 we05 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">a) Strumenti finanz<span class=\"_ _2\"></span>iari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x165b y6096 we06 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">229.191<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x165c y6096 we07 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">204.167<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe08 y6097 we08 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1. Collocamento titoli<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x165d y6097 w643 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">105.338<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x165e y6097 we09 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">94.476<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y6098 we0a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Con assunzione a <span class=\"_ _2\"></span>fermo e/o sulla base di u<span class=\"_ _3b\"></span>n<span class=\"_ _1\"></span> impegno irrev<span class=\"_ _2\"></span>ocabile<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1660 y6098 w606 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1661 y6098 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y6099 we0b h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Senza impegno <span class=\"_ _2\"></span>irrevocabile<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1662 y6099 w643 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">105.338<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1663 y6099 we09 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">94.476<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x7c0 h12 y609a ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 di ricezione e t<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>asmissione<span class=\"_ _2\"></span> di ordini e esecuzione d<span class=\"_ _2\"></span>i ordini per<span class=\"_ _3a1\"> </span></td><td class=\"c n x1664 y609b we0c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">20.292<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1665 y609b we0d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">19.014<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x7c0 h12 y609c ff4 fs7 fc1 sc0 ls0 ws0\">conto dei clienti </td><td></td><td></td></tr><tr><td class=\"c n x165f y609d we0e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Ricezione e trasm<span class=\"_ _2\"></span>issione di ordini di un<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> o pi\u00f9 strumenti f<span class=\"_ _2\"></span>inanziari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1666 y609d we0f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.404<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1667 y609d we10 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.259<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y609e we11 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Esecuzione di <span class=\"_ _2\"></span>ordini per conto de<span class=\"_ _2\"></span>i clienti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1668 y609e we12 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.888<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1669 y609e we13 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.755<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe08 y609f we14 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Altre commissi<span class=\"_ _2\"></span>oni connesse con attivit\u00e0 leg<span class=\"_ _2\"></span>ate a strumenti f<span class=\"_ _2\"></span>inanziari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x166a y609f we15 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">103<span class=\"_ _1\"></span>.561<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x166b y609f we16 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">90.677<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60a0 we17 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: negoziazione pe<span class=\"_ _2\"></span>r conto proprio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x166c y60a0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x166d y60a0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60a1 we18 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: gestione di p<span class=\"_ _2\"></span>ortafogli individuali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x166e y60a1 w965 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">103.561<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x166f y60a1 we19 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">90.677<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y60a2 wd7a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Corporate Finance<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1670 y60a2 w7dd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.410<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1671 y60a2 w860 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.835<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60a3 we1a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Consulenza in mater<span class=\"_ _2\"></span>ia di fusioni e ac<span class=\"_ _2\"></span>quisizioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1672 y60a3 we1b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.410<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1673 y60a3 w860 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.835<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60a4 we1c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Servizi di tesorer<span class=\"_ _2\"></span>ia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1674 y60a4 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1675 y60a4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60a5 we1d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Altre commissi<span class=\"_ _2\"></span>oni connesse con servizi di c<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>rporate finance<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1676 y60a5 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1677 y60a5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y60a6 we1e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Attivit\u00e0 di consulenza <span class=\"_ _2\"></span>in materia di invest<span class=\"_ _2\"></span>imenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1678 y60a6 we1f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">17.<span class=\"_ _2\"></span>306<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1679 y60a6 we20 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13.585<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y60a7 we21 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Compensazione e reg<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>lamento<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x167a y60a7 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x167b y60a7 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y60a8 we22 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Gestione di portaf<span class=\"_ _2\"></span>ogli collettive<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x167c y60a8 we23 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">265.425<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x167d y60a8 w432 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">214.734<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y60a9 we24 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">f) Custodia e ammin<span class=\"_ _2\"></span>istrazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x167e y60a9 we25 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.964<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x167f y60a9 w860 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.851<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60aa we26 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Banca depositaria<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1680 y60aa w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1681 y60aa w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60ab we27 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Altre commissioni <span class=\"_ _2\"></span>legate all\u2019attivit\u00e0 di cus<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>odia e amministraz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>one<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1682 y60ab w6de h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.964<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1683 y60ab w860 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.851<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y60ac we28 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">g) Servizi amministra<span class=\"_ _2\"></span>tivi centrali per <span class=\"_ _2\"></span>gestioni di portafogl<span class=\"_ _2\"></span>i collettive<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1684 y60ac w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1685 y60ac w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5c85 we29 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">h) Attivit\u00e0 fiduciaria<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1686 y5c85 we2a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.252<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1687 y5c85 we2b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.193<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y60ad we2c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">i) Servizi di pagamen<span class=\"_ _2\"></span>to<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1688 y60ad we2d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">213.583<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1689 y60ad wae2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">213.304<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60ae wadb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Conti correnti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x168a y60ae w6a1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">120.266<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x168b y60ae we2e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">122.175<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60af we2f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Carte di credito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x168c y60af we30 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">30.076<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x168d y60af we31 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">30.306<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60b0 we32 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Carte di debito ed <span class=\"_ _2\"></span>altre carte di pa<span class=\"_ _2\"></span>gamento<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x168e y60b0 we33 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24.22<span class=\"_ _2\"></span>9<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x168f y60b0 we34 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">23.299<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y5477 we35 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Bonifici e altri ordin<span class=\"_ _2\"></span>i di pagamento<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1690 y5477 waa7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">16.966<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1691 y5477 we36 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">15.711<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60b1 we37 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Altre commission<span class=\"_ _2\"></span>i legate ai servizi di pagame<span class=\"_ _2\"></span>nto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1692 y60b1 we38 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">22.046<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1693 y60b1 we39 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">21.813<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y60b2 we3a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">j) Distribuzione di serv<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>zi di terzi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1694 y60b2 we3b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">66.943<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1695 y60b2 wa45 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">70.857<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60b3 we3c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Gestioni di portafo<span class=\"_ _2\"></span>gli collettive<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1696 y60b3 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1697 y60b3 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y5a41 we3d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Prodotti assicurat<span class=\"_ _2\"></span>ivi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1698 y5a41 we3e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">64.679<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1699 y5a41 we3f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">67.862<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y5a42 we40 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Altri prodotti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x169a y5a42 wb1f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.264<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x169b y5a42 wb1f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.995<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x169c y5a43 we41 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: gestioni di po<span class=\"_ _2\"></span>rtafogli individuali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x169d y5a43 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x169e y5a43 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a44 we42 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">k) Finanza struttura<span class=\"_ _2\"></span>ta<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x169f y5a44 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16a0 y5a44 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a63 we43 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">l) Attivit\u00e0 di servicing pe<span class=\"_ _2\"></span>r operazioni di car<span class=\"_ _2\"></span>tolarizzazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16a1 y5a63 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16a2 y5a63 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a46 we44 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">m) Impegni a erogare f<span class=\"_ _2\"></span>ondi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16a3 y5a46 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16a4 y5a46 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a47 we45 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">n) Garanzie finanziarie <span class=\"_ _2\"></span>rilasciate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16a5 y5a47 we46 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.877<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16a6 y5a47 we47 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>.046<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y60b4 we48 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: derivati su credi<span class=\"_ _2\"></span>ti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16a7 y60b4 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16a8 y60b4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y60b5 we49 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">o) Operazioni di finanz<span class=\"_ _2\"></span>iamento<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16a9 y60b5 we4a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">15.128<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16aa y60b5 we4b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">17.038<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y589c we4c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: per operazioni d<span class=\"_ _2\"></span>i factoring<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16ab y589c we4d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">15<span class=\"_ _1\"></span>.128<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16ac y589c we4e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">17.038<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y60b6 we4f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">p) Negoziazione di v<span class=\"_ _2\"></span>alute<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16ad y60b6 we50 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.939<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16ae y60b6 we51 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.606<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y59de we52 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">q) Merci<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf52 y59de w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16af y59de w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a84 we53 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">r) Altre commission<span class=\"_ _2\"></span>i attive<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16b0 y5a84 we54 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">38.303<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16b1 y5a84 we55 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">30.207<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y5a85 we56 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: per attivit\u00e0 di ge<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>tione di sistemi mul<span class=\"_ _2\"></span>tilaterali di scambi<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16b2 y5a85 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16b3 y5a85 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x165f y597f we57 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: per attivit\u00e0 di ge<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>tione di sistemi orga<span class=\"_ _2\"></span>nizzati di negoziazi<span class=\"_ _2\"></span>one<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16b4 y597f w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16b5 y597f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xdda h12 y60b7 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x886 h12 y60b7 ff4 fs7 fc1 sc2 ls0 ws0\">862.321<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xee0 h12 y60b7 ff4 fs7 fc1 sc2 ls0 ws0\">779.423<span class=\"_ _3a1\"> </span></td></tr></table></div>Si <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iporta <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>disaggregazione <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>commis<span class=\"_ _1\"></span>sioni <span class=\"_ _38\"></span>distribuite <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>forma <span class=\"_ _38\"></span>tecnica <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>linea <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>quanto<span class=\"_ _1\"></span> richie<span class=\"_ _3a1\"> </span>sto da <span class=\"_ _1\"></span>IFRS 15 <span class=\"_ _1\"></span>par. 114. Le <span class=\"_ _1\"></span>principal<span class=\"_ _2\"></span>i tipologie <span class=\"_ _1\"></span>commissionali <span class=\"_ _1\"></span>sono riconducibili a <span class=\"_ _1\"></span>(IFRS 15 <span class=\"_ _1\"></span>par. 119): -<span class=\"_ _13e\"> </span><span class=\"ff4\">Gestione dei portafogli individuali e collettivi: la performance obbligation si sostanzia in 7.367 </span>mila euro e viene tipicamente soddisfatta over time; -<span class=\"_ _13e\"> </span><span class=\"ff4\">Collocamento titoli: si tr<span class=\"_ _1\"></span>atta di commissioni in sede di collocamento fondi/sicav incassati per </span>un importo pari a 21.594 mila euro; -<span class=\"_ _13e\"> </span><span class=\"ff4\"> Distribuzione <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>servizi <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>terzi: <span class=\"_ _0\"></span>si <span class=\"_ _0\"> </span>t<span class=\"_ _1\"></span>ratta <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>commissioni <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>ac<span class=\"_ _3b\"></span>quisizione <span class=\"_ _35\"> </span>relative <span class=\"_ _0\"> </span>a <span class=\"_ _35\"> </span>polizze<span class=\"_ _3a1\"> </span></span>assicurative per un importo pari a 17<span class=\"_ _1\"></span>.168 mila euro. Il Gruppo percepisce vari tipi di commissioni variabili come: -<span class=\"_ _13e\"> </span><span class=\"ff4\">Success Fee e retainer fee; </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">Performance/Overperfor<span class=\"_ _1\"></span>mance; </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">Rappel. </span>Tali <span class=\"_ _17e\"> </span>commissioni <span class=\"_ _17e\"> </span>ve<span class=\"_ _1\"></span>ngono <span class=\"_ _48\"> </span>pe<span class=\"_ _1\"></span>rcepite <span class=\"_ _17e\"> </span>al <span class=\"_ _17e\"> </span>raggiungimento <span class=\"_ _44\"> </span>di <span class=\"_ _48\"> </span>deter<span class=\"_ _1\"></span>minati <span class=\"_ _17e\"> </span>obiettivi, <span class=\"_ _17e\"> </span>previsti contrattualmente <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>contabilizzate <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>momento <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>cui <span class=\"_ _0\"> </span>viene<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>meno<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>l'incertezza <span class=\"_ _0\"></span>relat<span class=\"_ _1\"></span>iva <span class=\"_ _0\"></span>alla<span class=\"_ _3a1\"> </span>determinazione dell'importo variabile. Nella <span class=\"_ _38\"></span>parte <span class=\"_ _38\"></span>L <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>lla <span class=\"_ _38\"></span>nota <span class=\"_ _38\"></span>integrativa <span class=\"_ _38\"></span>viene <span class=\"_ _0\"></span>presentata <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>disaggregazione <span class=\"_ _0\"></span>dei <span class=\"_ _1\"></span>Ricavi <span class=\"_ _38\"></span>per <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>egmento operativo. 2.2 Commissioni pass<span class=\"_ _1\"></span>ive: composizio<span class=\"_ _1\"></span>ne <table class=\"s we58 h26d\" id=\"_b05b60fe-631a-4531-815f-c0e5fabf8287\"><tr><td class=\"t m2 x6dd h12 y60b8 ff4 fs7 fc4 sc3 ls0 ws0\">Tipologia servizi/Valori<span class=\"_ _3a1\"> </span></td><td></td><td class=\"c n x16b6 y60b9 w696 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16b7 y60b9 w696 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c x7b5 y60ba w17c h11\"><div class=\"t m2 x0 h12 y2df ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c x16b8 y60ba w17c h11\"><div class=\"t m2 x0 h12 y2df ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5556 we05 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Strumenti finanz<span class=\"_ _2\"></span>iari<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16b9 y5556 we59 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(5.413)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y60bb ff4 fs7 fc1 sc0 ls0 ws0\">(6.229)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y551e we5a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: negoziazione di <span class=\"_ _2\"></span>strumenti finanz<span class=\"_ _2\"></span>iari<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16ba y551e we5b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(2.651)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y60bc ff4 fs7 fc1 sc0 ls0 ws0\">(2.268)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5520 we5c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: collocament<span class=\"_ _2\"></span>o di strumenti finanziar<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16bb y5520 we5d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(358)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x780 h12 y60bd ff4 fs7 fc1 sc0 ls0 ws0\">(848)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y555a we18 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: gestione di p<span class=\"_ _2\"></span>ortafogli individuali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16bc y555a we5e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(2.355)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67a h12 y60be ff4 fs7 fc1 sc0 ls0 ws0\">(2.213)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x16bd y5524 we5f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Proprie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16be y5524 w92c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(637)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x738 h12 y60bf ff4 fs7 fc1 sc0 ls0 ws0\">(945)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x16bd y5526 we60 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Delegate a terzi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16bf y5526 wa3f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(1.718)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67a h12 y60c0 ff4 fs7 fc1 sc0 ls0 ws0\">(1.268)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5528 we21 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Compensazione e reg<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>lamento<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16c0 y5528 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y60c1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y552a we61 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Gestione di portaf<span class=\"_ _2\"></span>ogli collettive<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16c1 y552a wa57 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(9.778)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y60c2 ff4 fs7 fc1 sc0 ls0 ws0\">(5.560)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y552c we62 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Proprie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16c2 y552c w74f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(65<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x788 h12 y60c3 ff4 fs7 fc1 sc0 ls0 ws0\">(78)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5561 we63 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Delegate a terzi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16c3 y5561 we64 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(9.713)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y60c4 ff4 fs7 fc1 sc0 ls0 ws0\">(5.482)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5482 we65 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Custodia e ammi<span class=\"_ _2\"></span>nistrazione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16c4 y5482 we66 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(3.656)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y60c5 ff4 fs7 fc1 sc0 ls0 ws0\">(3.028)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5531 we67 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Servizi di incasso e pag<span class=\"_ _3b\"></span>amento<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16c5 y5531 we68 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(19.679)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xda3 h12 y60c6 ff4 fs7 fc1 sc0 ls0 ws0\">(18.434)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5533 we69 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: carte di credi<span class=\"_ _2\"></span>to, carte di debito e a<span class=\"_ _2\"></span>ltre carte di pagament<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16c6 y5533 we6a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(12.745)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6f6 h12 y60c7 ff4 fs7 fc1 sc0 ls0 ws0\">(11.850)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5566 we6b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">f) Attivit\u00e0 di servicing pe<span class=\"_ _2\"></span>r operazioni di car<span class=\"_ _2\"></span>tolarizzazione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16c7 y5566 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y60c8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5486 we6c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">g) Impegni a ricevere<span class=\"_ _2\"></span> fondi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16c8 y5486 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y60c9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54a9 we6d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">h) Garanzie finanziarie <span class=\"_ _2\"></span>ricevute<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16c9 y54a9 we6e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(1.203)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67a h12 y60ca ff4 fs7 fc1 sc0 ls0 ws0\">(1.856)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y5539 we48 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: derivati su credi<span class=\"_ _2\"></span>ti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16ca y5539 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y60cb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y556b we6f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">i) Offerta fuori sede di<span class=\"_ _2\"></span> strumenti finanziar<span class=\"_ _2\"></span>i, prodotti e servizi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16cb y556b we70 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(118.379)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd81 h12 y60cc ff4 fs7 fc1 sc0 ls0 ws0\">(109.261)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5515 we71 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">l) Negoziazione di va<span class=\"_ _2\"></span>lute<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16cc y5515 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y60cd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54b0 we72 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">m) Altre commissi<span class=\"_ _2\"></span>oni passive<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x16cd y54b0 we73 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(45.558)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x666 h12 y60ce ff4 fs7 fc1 sc0 ls0 ws0\">(31.759)<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x691 h12 y60cf ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69a h12 y60cf ff4 fs7 fc1 sc2 ls0 ws0\">(203.666)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x795 h12 y60cf ff4 fs7 fc1 sc2 ls0 ws0\">(176.127)<span class=\"_ _3a1\"> </span></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-859": {
   "value": "<div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gsfbf\">Sezione 4 \u2013 Il risultato netto dell\u2019attivit\u00e0 di negoziazione \u2013 Voce 80 </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsfc0\">4.1 Risultat<span class=\"_ _1\"></span>o netto dell'attivit\u00e0 di negoz<span class=\"_ _1\"></span>iazione: composi<span class=\"_ _1\"></span>zione </div><div class=\"gsfc1\"><table class=\"s we7b h26f\" id=\"_f5e3e4aa-e85f-48eb-9f6a-38cefa9b7bc6\"><tr><td></td><td class=\"t m2 x71b h12 y60dd ff4 fs7 fc4 sc3 ls0 ws0\">Plusvalenze </td><td class=\"t m2 x6cf h12 y60de ff4 fs7 fc4 sc3 ls0 ws0\">Utili da </td><td class=\"t m2 xa03 h12 y60dd ff4 fs7 fc4 sc3 ls0 ws0\">Minusvalenze </td><td class=\"t m2 x10b9 h12 y60de ff4 fs7 fc4 sc3 ls0 ws0\">Perdite da </td><td class=\"t m2 x6a3 h12 y60de ff4 fs7 fc4 sc3 ls0 ws0\">Risultato </td></tr><tr><td class=\"t m2 x16da h12 y60df ff4 fs7 fc4 sc3 ls0 ws0\">Operazioni/Componenti reddituali<span class=\"_ _2\"></span> </td><td class=\"t m2 x90a h12 y60e0 ff4 fs7 fc4 sc3 ls0 ws0\">(A) </td><td class=\"t m2 x16db h12 y60df ff4 fs7 fc4 sc3 ls0 ws0\">negoziazione </td><td class=\"t m2 x759 h12 y60e0 ff4 fs7 fc4 sc3 ls0 ws0\">(C) </td><td class=\"t m2 x982 h12 y60df ff4 fs7 fc4 sc3 ls0 ws0\">negoziazione </td><td class=\"t m2 x670 h12 y60df ff4 fs7 fc4 sc3 ls0 ws0\">netto [(A+B) </td></tr><tr><td></td><td></td><td class=\"t m2 x6c8 h12 y60e1 ff4 fs7 fc4 sc3 ls0 ws0\">(B) </td><td></td><td class=\"t m2 x1106 h12 y60e1 ff4 fs7 fc4 sc3 ls0 ws0\">(D) </td><td class=\"t m2 x6eb h12 y60e1 ff4 fs7 fc4 sc3 ls0 ws0\">- (C+D)] </td></tr><tr><td class=\"c n x2d7 y60e2 we7c h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">1. Attivit\u00e0 finanziarie di negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16dc y60e2 we7d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">35<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e4 h12 y60e3 ff4 fs7 fc1 sc2 ls0 ws0\">8.309<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10e0 h12 y60e3 ff4 fs7 fc1 sc2 ls0 ws0\">(58)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y60e3 ff4 fs7 fc1 sc2 ls0 ws0\">(1.525)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x738 h12 y60e3 ff4 fs7 fc1 sc2 ls0 ws0\">6.761<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y60e4 we7e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16dd y60e4 we7f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">35<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x758 h12 y60e5 ff4 fs7 fc1 sc0 ls0 ws0\">7.178<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10e0 h12 y60e5 ff4 fs7 fc1 sc0 ls0 ws0\">(57)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x685 h12 y60e5 ff4 fs7 fc1 sc0 ls0 ws0\">(414)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x780 h12 y60e5 ff4 fs7 fc1 sc0 ls0 ws0\">6.742<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y60e6 we80 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Titoli di capitale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16de y60e6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x78f h12 y60e7 ff4 fs7 fc1 sc0 ls0 ws0\">659<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x675 h12 y60e7 ff4 fs7 fc1 sc0 ls0 ws0\">(1)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x755 h12 y60e7 ff4 fs7 fc1 sc0 ls0 ws0\">(826)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y60e7 ff4 fs7 fc1 sc0 ls0 ws0\">(168)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y60e8 we81 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Quote di O.I.C.<span class=\"_ _2\"></span>R.<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16df y60e8 w796 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x78f h12 y60e9 ff4 fs7 fc1 sc0 ls0 ws0\">472<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y60e9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x755 h12 y60e9 ff4 fs7 fc1 sc0 ls0 ws0\">(285)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x73d h12 y60e9 ff4 fs7 fc1 sc0 ls0 ws0\">187<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y60ea we82 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.4 Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16e0 y60ea w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x15e1 h12 y60eb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y60eb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd6 h12 y60eb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y60eb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y60ec we83 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.5 Altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16e1 y60ec w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x15e1 h12 y60ed ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y60ed ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd6 h12 y60ed ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y60ed ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y60ee we84 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2. Passivit\u00e0 finanziarie di negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16e2 y60ee w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x15e1 h12 y60ef ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y60ef ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd6 h12 y60ef ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y60ef ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y60f0 we85 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16e0 y60f0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x15e1 h12 y60f1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y60f1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd6 h12 y60f1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y60f1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y60f2 w60f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Debiti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16e3 y60f2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x15e1 h12 y60f3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y60f3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd6 h12 y60f3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y60f3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y60f4 we86 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16e4 y60f4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x15e1 h12 y60f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y60f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd6 h12 y60f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y60f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y60f6 ff4 fs7 fc1 sc2 ls0 ws0\">3. Attivit\u00e0 e passivit\u00e0 finanziarie: differenze di </td><td class=\"c n x1004 y60f7 we87 h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X <span class=\"_ _14d\"> </span>X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16e5 y60f7 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16e6 y60f7 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16e7 y60f7 we88 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">12.681<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y60f8 ff4 fs7 fc1 sc2 ls0 ws0\">cambio </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y60f9 we89 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4. Strumenti derivati<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16e8 y60f9 wb21 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">40.4<span class=\"_ _2\"></span>97<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x673 h12 y60fa ff4 fs7 fc1 sc2 ls0 ws0\">211.459<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x759 h12 y60fa ff4 fs7 fc1 sc2 ls0 ws0\">(100.318)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1106 h12 y60fa ff4 fs7 fc1 sc2 ls0 ws0\">(140.712)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e5 h12 y60fa ff4 fs7 fc1 sc2 ls0 ws0\">6.605<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y60fb we8a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.1 Derivati finanziari:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16e9 y60fb wb21 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">40.<span class=\"_ _2\"></span>497<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x673 h12 y60fc ff4 fs7 fc1 sc0 ls0 ws0\">211.459<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x759 h12 y60fc ff4 fs7 fc1 sc0 ls0 ws0\">(100.318)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1106 h12 y60fc ff4 fs7 fc1 sc0 ls0 ws0\">(140.712)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e5 h12 y60fc ff4 fs7 fc1 sc0 ls0 ws0\">6.605<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y60fd we8b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-  Su titoli di debito e t<span class=\"_ _2\"></span>assi di interesse<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16ea y60fd wd1a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">40.497<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x68c h12 y60fe ff4 fs7 fc1 sc0 ls0 ws0\">210.835<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x759 h12 y60fe ff4 fs7 fc1 sc0 ls0 ws0\">(100.318)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b9 h12 y60fe ff4 fs7 fc1 sc0 ls0 ws0\">(139.997)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x780 h12 y60fe ff4 fs7 fc1 sc0 ls0 ws0\">11.017<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y60ff we8c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-  Su titoli di capitale e <span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>ndici azionari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16eb y60ff w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x78f h12 y6100 ff4 fs7 fc1 sc0 ls0 ws0\">624<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y6100 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x685 h12 y6100 ff4 fs7 fc1 sc0 ls0 ws0\">(715)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x73d h12 y6100 ff4 fs7 fc1 sc0 ls0 ws0\">(91)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y6101 we8d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-  Su valute e oro<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16ec y6101 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16ed y6101 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16ee y6101 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16ef y6101 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16f0 y6101 w5b4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(4.321)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x73a y6102 wa42 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-  Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16f1 y6102 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x15e1 h12 y6103 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y6103 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd6 h12 y6103 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6103 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y6104 we8e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.2 Derivati su cred<span class=\"_ _2\"></span>iti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16f2 y6104 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x15e1 h12 y6105 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y6105 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd6 h12 y6105 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6105 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y6106 ff4 fs7 fc1 sc0 ls0 ws0\">di cui: coperture natur<span class=\"_ _2\"></span>ali connesse con la <span class=\"_ _2\"></span>fair value </td><td></td><td></td><td></td><td></td><td class=\"t m2 x671 h12 y6107 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6108 we8f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">option<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16f3 y6108 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16f4 y6108 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16f5 y6108 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16f6 y6108 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x75c h12 y5aee ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10ff h12 y5aee ff4 fs7 fc1 sc2 ls0 ws0\">40.532<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x682 h12 y5aee ff4 fs7 fc1 sc2 ls0 ws0\">219.768<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75e h12 y5aee ff4 fs7 fc1 sc2 ls0 ws0\">(100.376)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b9 h12 y5aee ff4 fs7 fc1 sc2 ls0 ws0\">(142.237)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y5aee ff4 fs7 fc1 sc2 ls0 ws0\">26.049<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsfc2\">Nella presente <span class=\"_ _3b\"></span>tabe<span class=\"_ _1\"></span>lla <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>risultati d<span class=\"_ _2\"></span>ella negoziazione <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lle <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>ttivit\u00e0 fi<span class=\"_ _2\"></span>nanziarie per <span class=\"_ _2\"></span>cassa <span class=\"_ _3b\"></span>in valuta son<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsfc3\">indicati separatamente da quelli relativi all\u2019attivit\u00e0 in cambi. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-872": {
   "value": "Sezione 4 \u2013 Il risultato netto dell\u2019attivit\u00e0 di negoziazione \u2013 Voce 80 4.1 Risultat<span class=\"_ _1\"></span>o netto dell'attivit\u00e0 di negoz<span class=\"_ _1\"></span>iazione: composi<span class=\"_ _1\"></span>zione <table class=\"s we7b h26f\" id=\"_f5e3e4aa-e85f-48eb-9f6a-38cefa9b7bc6\"><tr><td></td><td class=\"t m2 x71b h12 y60dd ff4 fs7 fc4 sc3 ls0 ws0\">Plusvalenze </td><td class=\"t m2 x6cf h12 y60de ff4 fs7 fc4 sc3 ls0 ws0\">Utili da </td><td class=\"t m2 xa03 h12 y60dd ff4 fs7 fc4 sc3 ls0 ws0\">Minusvalenze </td><td class=\"t m2 x10b9 h12 y60de ff4 fs7 fc4 sc3 ls0 ws0\">Perdite da </td><td class=\"t m2 x6a3 h12 y60de ff4 fs7 fc4 sc3 ls0 ws0\">Risultato </td></tr><tr><td class=\"t m2 x16da h12 y60df ff4 fs7 fc4 sc3 ls0 ws0\">Operazioni/Componenti reddituali<span class=\"_ _2\"></span> </td><td class=\"t m2 x90a h12 y60e0 ff4 fs7 fc4 sc3 ls0 ws0\">(A) </td><td class=\"t m2 x16db h12 y60df ff4 fs7 fc4 sc3 ls0 ws0\">negoziazione </td><td class=\"t m2 x759 h12 y60e0 ff4 fs7 fc4 sc3 ls0 ws0\">(C) </td><td class=\"t m2 x982 h12 y60df ff4 fs7 fc4 sc3 ls0 ws0\">negoziazione </td><td class=\"t m2 x670 h12 y60df ff4 fs7 fc4 sc3 ls0 ws0\">netto [(A+B) </td></tr><tr><td></td><td></td><td class=\"t m2 x6c8 h12 y60e1 ff4 fs7 fc4 sc3 ls0 ws0\">(B) </td><td></td><td class=\"t m2 x1106 h12 y60e1 ff4 fs7 fc4 sc3 ls0 ws0\">(D) </td><td class=\"t m2 x6eb h12 y60e1 ff4 fs7 fc4 sc3 ls0 ws0\">- (C+D)] </td></tr><tr><td class=\"c n x2d7 y60e2 we7c h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">1. Attivit\u00e0 finanziarie di negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16dc y60e2 we7d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">35<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e4 h12 y60e3 ff4 fs7 fc1 sc2 ls0 ws0\">8.309<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10e0 h12 y60e3 ff4 fs7 fc1 sc2 ls0 ws0\">(58)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h12 y60e3 ff4 fs7 fc1 sc2 ls0 ws0\">(1.525)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x738 h12 y60e3 ff4 fs7 fc1 sc2 ls0 ws0\">6.761<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y60e4 we7e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16dd y60e4 we7f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">35<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x758 h12 y60e5 ff4 fs7 fc1 sc0 ls0 ws0\">7.178<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10e0 h12 y60e5 ff4 fs7 fc1 sc0 ls0 ws0\">(57)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x685 h12 y60e5 ff4 fs7 fc1 sc0 ls0 ws0\">(414)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x780 h12 y60e5 ff4 fs7 fc1 sc0 ls0 ws0\">6.742<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y60e6 we80 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Titoli di capitale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16de y60e6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x78f h12 y60e7 ff4 fs7 fc1 sc0 ls0 ws0\">659<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x675 h12 y60e7 ff4 fs7 fc1 sc0 ls0 ws0\">(1)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x755 h12 y60e7 ff4 fs7 fc1 sc0 ls0 ws0\">(826)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h12 y60e7 ff4 fs7 fc1 sc0 ls0 ws0\">(168)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y60e8 we81 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Quote di O.I.C.<span class=\"_ _2\"></span>R.<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16df y60e8 w796 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x78f h12 y60e9 ff4 fs7 fc1 sc0 ls0 ws0\">472<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y60e9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x755 h12 y60e9 ff4 fs7 fc1 sc0 ls0 ws0\">(285)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x73d h12 y60e9 ff4 fs7 fc1 sc0 ls0 ws0\">187<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y60ea we82 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.4 Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16e0 y60ea w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x15e1 h12 y60eb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y60eb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd6 h12 y60eb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y60eb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y60ec we83 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.5 Altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16e1 y60ec w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x15e1 h12 y60ed ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y60ed ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd6 h12 y60ed ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y60ed ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y60ee we84 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2. Passivit\u00e0 finanziarie di negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16e2 y60ee w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x15e1 h12 y60ef ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y60ef ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd6 h12 y60ef ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y60ef ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y60f0 we85 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16e0 y60f0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x15e1 h12 y60f1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y60f1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd6 h12 y60f1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y60f1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y60f2 w60f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Debiti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16e3 y60f2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x15e1 h12 y60f3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y60f3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd6 h12 y60f3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y60f3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y60f4 we86 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16e4 y60f4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x15e1 h12 y60f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y60f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd6 h12 y60f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y60f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y60f6 ff4 fs7 fc1 sc2 ls0 ws0\">3. Attivit\u00e0 e passivit\u00e0 finanziarie: differenze di </td><td class=\"c n x1004 y60f7 we87 h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X <span class=\"_ _14d\"> </span>X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16e5 y60f7 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16e6 y60f7 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16e7 y60f7 we88 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">12.681<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y60f8 ff4 fs7 fc1 sc2 ls0 ws0\">cambio </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y60f9 we89 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4. Strumenti derivati<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16e8 y60f9 wb21 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">40.4<span class=\"_ _2\"></span>97<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x673 h12 y60fa ff4 fs7 fc1 sc2 ls0 ws0\">211.459<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x759 h12 y60fa ff4 fs7 fc1 sc2 ls0 ws0\">(100.318)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1106 h12 y60fa ff4 fs7 fc1 sc2 ls0 ws0\">(140.712)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e5 h12 y60fa ff4 fs7 fc1 sc2 ls0 ws0\">6.605<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y60fb we8a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.1 Derivati finanziari:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16e9 y60fb wb21 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">40.<span class=\"_ _2\"></span>497<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x673 h12 y60fc ff4 fs7 fc1 sc0 ls0 ws0\">211.459<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x759 h12 y60fc ff4 fs7 fc1 sc0 ls0 ws0\">(100.318)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1106 h12 y60fc ff4 fs7 fc1 sc0 ls0 ws0\">(140.712)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e5 h12 y60fc ff4 fs7 fc1 sc0 ls0 ws0\">6.605<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y60fd we8b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-  Su titoli di debito e t<span class=\"_ _2\"></span>assi di interesse<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16ea y60fd wd1a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">40.497<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x68c h12 y60fe ff4 fs7 fc1 sc0 ls0 ws0\">210.835<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x759 h12 y60fe ff4 fs7 fc1 sc0 ls0 ws0\">(100.318)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b9 h12 y60fe ff4 fs7 fc1 sc0 ls0 ws0\">(139.997)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x780 h12 y60fe ff4 fs7 fc1 sc0 ls0 ws0\">11.017<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y60ff we8c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-  Su titoli di capitale e <span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>ndici azionari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16eb y60ff w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x78f h12 y6100 ff4 fs7 fc1 sc0 ls0 ws0\">624<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y6100 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x685 h12 y6100 ff4 fs7 fc1 sc0 ls0 ws0\">(715)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x73d h12 y6100 ff4 fs7 fc1 sc0 ls0 ws0\">(91)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y6101 we8d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-  Su valute e oro<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16ec y6101 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16ed y6101 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16ee y6101 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16ef y6101 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16f0 y6101 w5b4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(4.321)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x73a y6102 wa42 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-  Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16f1 y6102 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x15e1 h12 y6103 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y6103 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd6 h12 y6103 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6103 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y6104 we8e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.2 Derivati su cred<span class=\"_ _2\"></span>iti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16f2 y6104 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x15e1 h12 y6105 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y6105 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd6 h12 y6105 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6105 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y6106 ff4 fs7 fc1 sc0 ls0 ws0\">di cui: coperture natur<span class=\"_ _2\"></span>ali connesse con la <span class=\"_ _2\"></span>fair value </td><td></td><td></td><td></td><td></td><td class=\"t m2 x671 h12 y6107 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6108 we8f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">option<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16f3 y6108 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16f4 y6108 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16f5 y6108 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16f6 y6108 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x75c h12 y5aee ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10ff h12 y5aee ff4 fs7 fc1 sc2 ls0 ws0\">40.532<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x682 h12 y5aee ff4 fs7 fc1 sc2 ls0 ws0\">219.768<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75e h12 y5aee ff4 fs7 fc1 sc2 ls0 ws0\">(100.376)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b9 h12 y5aee ff4 fs7 fc1 sc2 ls0 ws0\">(142.237)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y5aee ff4 fs7 fc1 sc2 ls0 ws0\">26.049<span class=\"_ _3a1\"> </span></td></tr></table>Nella presente <span class=\"_ _3b\"></span>tabe<span class=\"_ _1\"></span>lla <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>risultati d<span class=\"_ _2\"></span>ella negoziazione <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lle <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>ttivit\u00e0 fi<span class=\"_ _2\"></span>nanziarie per <span class=\"_ _2\"></span>cassa <span class=\"_ _3b\"></span>in valuta son<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> indicati separatamente da quelli relativi all\u2019attivit\u00e0 in cambi. <div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gsfc5\">Sezione 5 - Il risultato netto dell'attivit\u00e0 di copertura - Voce 90 </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsfc6\">5.1 Risultat<span class=\"_ _1\"></span>o netto dell'attivit\u00e0 di co<span class=\"_ _1\"></span>pertura: composizione </div><div class=\"gsfc7\"><table class=\"s w684 h270\" id=\"_11e59e0c-85fa-4e52-b53e-13d5fd429a41\"><tr><td class=\"t m2 x6be h12 y6109 ff4 fs7 fc4 sc3 ls0 ws0\">Componenti reddituali/Valori </td><td class=\"c n x16f7 y610a w696 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16f8 y610a w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c x664 y610b w17c h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c x6b1 y610b w17c h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y610c ff4 fs7 fc1 sc2 ls0 ws0\">A. Proventi relativi a: </td><td></td><td></td></tr><tr><td class=\"c n x997 y610d we90 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Derivati di copertu<span class=\"_ _2\"></span>ra del fair valu<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16f9 y610d we91 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">323.109<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xda3 h12 y610e ff4 fs7 fc1 sc0 ls0 ws0\">700.743<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y610f we92 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Attivit\u00e0 finanz<span class=\"_ _2\"></span>iarie coperte (fair value)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16fa y610f we93 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">213.574<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6f6 h12 y6110 ff4 fs7 fc1 sc0 ls0 ws0\">787.931<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6111 we94 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.3 Passivita' finanziar<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>e coperte (fair va<span class=\"_ _2\"></span>lue)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16fb y6111 w47a h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y6112 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6113 we95 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.4 Derivati finanziar<span class=\"_ _2\"></span>i di copertura d<span class=\"_ _2\"></span>ei flussi finanziari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16fc y6113 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y6114 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6115 we96 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.5 Attivit\u00e0 e pass<span class=\"_ _2\"></span>ivit\u00e0 in valuta<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16fd y6115 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y6116 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6117 we97 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">Totale proventi dell'attivit\u00e0 di copert<span class=\"_ _2\"></span>ura (A)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16fe y6117 w45d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">536.683<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fd h12 y6118 ff4 fs7 fc1 sc2 ls0 ws0\">1.488.674<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y6119 ff4 fs7 fc1 sc2 ls0 ws0\">B. Oneri relativi a: </td><td></td><td></td></tr><tr><td class=\"c n x997 y611a we98 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Derivati di copertur<span class=\"_ _2\"></span>a del fair value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x16ff y611a we99 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(345.011)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6eb h12 y611b ff4 fs7 fc1 sc0 ls0 ws0\">(1.215.606)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y611c we9a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Attivit\u00e0 finanziarie c<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>perte (fair v<span class=\"_ _2\"></span>alue)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1700 y611c we9b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(73<span class=\"_ _1\"></span>.955)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xda3 h12 y611d ff4 fs7 fc1 sc0 ls0 ws0\">(39.815)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y611e we9c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 Passivit\u00e0 finanzi<span class=\"_ _2\"></span>arie coperte (fair value)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1701 y611e we9d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(114.751)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69c h12 y611f ff4 fs7 fc1 sc0 ls0 ws0\">(232.574)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6120 we9e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.4 Derivati finanziari<span class=\"_ _2\"></span> di copertura dei fluss<span class=\"_ _2\"></span>i finanziari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1702 y6120 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y6121 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6122 we9f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 Attivit\u00e0 e passivit<span class=\"_ _2\"></span>\u00e0 in valuta<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1703 y6122 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y6123 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6124 wea0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">Totale oneri dell'attivit\u00e0 di copertura (B)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1704 y6124 wea1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">(533.717)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1705 h12 y6125 ff4 fs7 fc1 sc2 ls0 ws0\">(1.487.995)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6126 wea2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">C. Risultato netto dell'attivit\u00e0 di copertura (A - B)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1706 y6126 wea3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2.966<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e8 h12 y6127 ff4 fs7 fc1 sc2 ls0 ws0\">679<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y53a2 wea4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: risultato delle c<span class=\"_ _2\"></span>operture su po<span class=\"_ _2\"></span>sizioni nette<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1707 y53a2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y6128 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsfc8\">La met<span class=\"_ _1\"></span>odologia contabile <span class=\"_ _1\"></span>del m<span class=\"_ _1\"></span>acro <span class=\"_ _1\"></span>fair value <span class=\"_ _1\"></span>hedge \u00e8<span class=\"_ _1\"></span> s<span class=\"_ _1\"></span>tata applicata per <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>copertura <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>rischio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsfc9\">di t<span class=\"_ _1\"></span>asso <span class=\"_ _1\"></span>associato <span class=\"_ _1\"></span>all\u2019erogazione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>mutui <span class=\"_ _1\"></span>a t<span class=\"_ _1\"></span>asso <span class=\"_ _1\"></span>fisso e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>a t<span class=\"_ _1\"></span>asso variabile <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>pzione \u201cCap\u201d, <span class=\"_ _1\"></span>per </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsfca\">la copertura rischio di ta<span class=\"_ _1\"></span>sso della raccolta a vista di clientela, e la me<span class=\"_ _1\"></span>todologia contabile del micro </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsfcb\">fair <span class=\"_ _0\"></span>value <span class=\"_ _35\"> </span>hedge <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>copertura <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>asso <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>alcuni <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>tasso <span class=\"_ _0\"></span>fisso <span class=\"_ _35\"> </span>de<span class=\"_ _2\"></span>tenuti <span class=\"_ _35\"> </span>n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsfcc\">portafogli \u201cHTCS\u201d e<span class=\"_ _2\"></span> \u201cCrediti\u201d e <span class=\"_ _2\"></span>per l<span class=\"_ _2\"></span>a copertura del<span class=\"_ _3b\"></span> ris<span class=\"_ _1\"></span>chio d<span class=\"_ _2\"></span>i tasso p<span class=\"_ _2\"></span>er alcune <span class=\"_ _2\"></span>obbligazioni emesse </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsfcd\">a tasso fisso classificate nella voce \u201ctito<span class=\"_ _1\"></span>li in circolazione\u201d. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsfce\">L\u2019attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>coper<span class=\"_ _1\"></span>tura, <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>utazione <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>derivati <span class=\"_ _38\"></span>cor<span class=\"_ _1\"></span>relati <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>poste </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsfcf\">patrimoniali (la ci<span class=\"_ _2\"></span>rcostanza ha in<span class=\"_ _2\"></span> particolare riguardato <span class=\"_ _2\"></span>le copertu<span class=\"_ _2\"></span>re in \u201cmicro <span class=\"_ _2\"></span>fair valu<span class=\"_ _2\"></span>e hedge\u201d dei<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsfd0\">titoli di <span class=\"_ _1\"></span>debito <span class=\"_ _1\"></span>appostati <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>le attivit\u00e0 <span class=\"_ _1\"></span>finanziarie valutat<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>al fair <span class=\"_ _1\"></span>value con <span class=\"_ _1\"></span>impatto <span class=\"_ _1\"></span>sulla r<span class=\"_ _1\"></span>edditivit\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsfd1\">complessiva), <span class=\"_ _3d\"> </span>ha <span class=\"_ _37\"> </span>risent<span class=\"_ _1\"></span>ito <span class=\"_ _3d\"> </span>de<span class=\"_ _1\"></span>ll\u2019andamento <span class=\"_ _3d\"> </span>dei <span class=\"_ _37\"> </span>tassi <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>inte<span class=\"_ _1\"></span>resse <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _3d\"> </span>tensioni <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>me<span class=\"_ _1\"></span>rcato </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsfd2\">verificatesi in particolare nell\u2019anno  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsfd3\">Va oss<span class=\"_ _1\"></span>ervato che<span class=\"_ _1\"></span> tale <span class=\"_ _1\"></span>risultato <span class=\"_ _1\"></span>\u00e8 peraltro <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>mettere <span class=\"_ _1\"></span>in connes<span class=\"_ _1\"></span>sione con <span class=\"_ _1\"></span>gli appor<span class=\"_ _1\"></span>ti posit<span class=\"_ _1\"></span>ivi che l<span class=\"_ _1\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsfd4\">stesse grandezze patrimoniali suddette <span class=\"_ _1\"></span>hanno avuto sul margine finanziario. </div><div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gsfd6\">Sezione 7 \u2013 Il Risultato netto delle altre attivit\u00e0 e passivit\u00e0 </div><div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gsfd7\">finanz</div><div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gsfd8\">iarie valutate al fair value con </div><div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gsfd9\">impatto a conto economico \u2013 Voce 110 </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsfda\">7.1 Variazione <span class=\"_ _1\"></span>netta di valore de<span class=\"_ _1\"></span>lle altre attivit\u00e0 e passivit\u00e0 finan<span class=\"_ _1\"></span>ziarie valutate al <span class=\"_ _1\"></span>fair value con impatt<span class=\"_ _1\"></span>o a </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsfdb\">conto economico: com<span class=\"_ _1\"></span>posizione delle <span class=\"_ _1\"></span>attivit\u00e0 e passivit\u00e0 fina<span class=\"_ _1\"></span>nziarie designate <span class=\"_ _1\"></span>al fair value </div><div class=\"gsfdc\"><table class=\"s wead h272\" id=\"_2474358e-472f-403a-90da-37043e0707c2\"><tr><td class=\"t m2 xaca h12 y6138 ff4 fs7 fc4 sc3 ls0 ws0\">Operazioni/Componenti reddituali<span class=\"_ _2\"></span> </td><td class=\"t m2 x6ce h12 y6139 ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">Plusvalenze </td><td class=\"t m2 x10ff h12 y6138 ff4 fs7 fc4 sc3 ls0 ws0\">realizzo </td><td class=\"t m2 x7a4 h12 y6138 ff4 fs7 fc4 sc3 ls0 ws0\">Minusvalenze (C) </td><td class=\"t m2 x10e0 h12 y6139 ff4 fs7 fc4 sc3 ls0 ws0\">Perdite da </td><td></td><td class=\"t m2 x685 h12 y6139 ff4 fs7 fc4 sc3 ls0 ws0\">Risultato </td></tr><tr><td></td><td class=\"t m2 xf71 h12 y613a ff4 fs7 fc4 sc3 ls0 ws0\">(A) </td><td></td><td></td><td class=\"t m2 x70f h12 y613a ff4 fs7 fc4 sc3 ls0 ws0\">realizzo (D) </td><td></td><td class=\"t m2 x1713 h12 y613a ff4 fs7 fc4 sc3 ls0 ws0\">netto </td></tr><tr><td></td><td></td><td class=\"t m2 x7a8 h12 y613b ff4 fs7 fc4 sc3 ls0 ws0\">(B) </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y613c we7c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1. Attivit\u00e0 finanziarie di negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1714 y613c w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xda8 h12 y613d ff4 fs7 fc1 sc2 ls0 ws0\">- </td><td class=\"t m2 x6cc h12 y613d ff4 fs7 fc1 sc2 ls0 ws0\">- </td><td></td><td class=\"t m2 x987 h12 y613d ff4 fs7 fc1 sc2 ls0 ws0\">- </td><td class=\"t m2 xf9b h12 y613d ff4 fs7 fc1 sc2 ls0 ws0\">- </td></tr><tr><td class=\"c n x734 y613e weae h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1715 y613e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xda8 h12 y613f ff4 fs7 fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 x6cc h12 y613f ff4 fs7 fc1 sc0 ls0 ws0\">- </td><td></td><td class=\"t m2 x987 h12 y613f ff4 fs7 fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 xf9b h12 y613f ff4 fs7 fc1 sc0 ls0 ws0\">- </td></tr><tr><td class=\"c n x734 y6140 weaf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1716 y6140 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xda8 h12 y6141 ff4 fs7 fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 x6cc h12 y6141 ff4 fs7 fc1 sc0 ls0 ws0\">- </td><td></td><td class=\"t m2 x987 h12 y6141 ff4 fs7 fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 xf9b h12 y6141 ff4 fs7 fc1 sc0 ls0 ws0\">- </td></tr><tr><td class=\"c n x2d7 y6142 web0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2. Passivit\u00e0 finanziarie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1717 y6142 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xda8 h12 y6143 ff4 fs7 fc1 sc2 ls0 ws0\">- </td><td class=\"t m2 x1008 h12 y6143 ff4 fs7 fc1 sc2 ls0 ws0\">(296.547) </td><td></td><td class=\"t m2 x987 h12 y6143 ff4 fs7 fc1 sc2 ls0 ws0\">- </td><td class=\"t m2 x755 h12 y6143 ff4 fs7 fc1 sc2 ls0 ws0\">(296.547) </td></tr><tr><td class=\"c n x734 y6144 web1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1 Titoli in circolazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1718 y6144 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xda8 h12 y6145 ff4 fs7 fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 x6cc h12 y6145 ff4 fs7 fc1 sc0 ls0 ws0\">- </td><td></td><td class=\"t m2 x987 h12 y6145 ff4 fs7 fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 xf9b h12 y6145 ff4 fs7 fc1 sc0 ls0 ws0\">- </td></tr><tr><td class=\"c n x734 y6146 web2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2 Debiti verso banche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1719 y6146 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xda8 h12 y6147 ff4 fs7 fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 x6cc h12 y6147 ff4 fs7 fc1 sc0 ls0 ws0\">- </td><td></td><td class=\"t m2 x987 h12 y6147 ff4 fs7 fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 xf9b h12 y6147 ff4 fs7 fc1 sc0 ls0 ws0\">- </td></tr><tr><td class=\"c n x734 y6148 web3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.3 Debiti verso cliente<span class=\"_ _3b\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x171a y6148 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xda8 h12 y6149 ff4 fs7 fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 x1008 h12 y6149 ff4 fs7 fc1 sc0 ls0 ws0\">(296.547) </td><td></td><td class=\"t m2 x987 h12 y6149 ff4 fs7 fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 x755 h12 y6149 ff4 fs7 fc1 sc0 ls0 ws0\">(296.547) </td></tr><tr><td class=\"t m2 x677 h12 y614a ff4 fs7 fc1 sc2 ls0 ws0\">3. Attivit\u00e0 e passivit\u00e0 finanziarie in valuta: </td><td class=\"c n x171b y614b web4 h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X <span class=\"_ _1b9\"> </span>X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x171c y614b w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x171d y614b w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 xf9b h12 y614c ff4 fs7 fc1 sc2 ls0 ws0\">- </td></tr><tr><td class=\"t m2 x677 h12 y614d ff4 fs7 fc1 sc2 ls0 ws0\">differenze di cambio </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xf91 h12 y614e ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x999 h12 y614e ff4 fs7 fc1 sc2 ls0 ws0\">- </td><td class=\"t m2 xda8 h12 y614e ff4 fs7 fc1 sc2 ls0 ws0\">- </td><td class=\"t m2 x1008 h12 y614e ff4 fs7 fc1 sc2 ls0 ws0\">(296.547) </td><td></td><td class=\"t m2 x987 h12 y614e ff4 fs7 fc1 sc2 ls0 ws0\">- </td><td class=\"t m2 x755 h12 y614e ff4 fs7 fc1 sc2 ls0 ws0\">(296.547) </td></tr></table></div><div class=\"t m2 h12 ff4 fs7 fc4 sc3 ls0 ws0 gsfdd\">Utili da </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsfde\">La tabella s<span class=\"_ _1\"></span>opra esposta rappresent<span class=\"_ _1\"></span>a gli effetti econom<span class=\"_ _1\"></span>ici relativi ai contratti <span class=\"_ _1\"></span>di assicurazione o di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsfdf\">investimento, <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tipo <span class=\"_ _0\"></span>unit <span class=\"_ _0\"></span>linked, <span class=\"_ _0\"></span>rie<span class=\"_ _1\"></span>ntranti <span class=\"_ _0\"></span>nell\u2019ambito <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>applicazione <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>ll\u2019IFRS <span class=\"_ _0\"></span>17, <span class=\"_ _0\"></span>emessi <span class=\"_ _0\"></span>dalle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsfe0\">Imprese di assicurazione. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsfe1\">7.2 Variazione ne<span class=\"_ _1\"></span>tta di valore delle <span class=\"_ _1\"></span>altre attivit\u00e0 e pass<span class=\"_ _1\"></span>ivit\u00e0 finanziarie valutat<span class=\"_ _1\"></span>e al fair value co<span class=\"_ _1\"></span>n impatto a conto </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsfe2\">economico: com<span class=\"_ _1\"></span>posizione delle altre<span class=\"_ _1\"></span> attivit\u00e0 finanziarie <span class=\"_ _1\"></span>obbligatoriamente val<span class=\"_ _1\"></span>utate al fair value  </div><div class=\"gsfe3\"><table class=\"s wea5 h271\" id=\"_0146b9cd-0101-42df-bdff-457a7af56e91\"><tr><td class=\"t m2 x1609 h12 y6129 ff4 fs7 fc4 sc3 ls0 ws0\">Operazioni/Componenti reddituali<span class=\"_ _2\"></span> </td><td class=\"t m2 x6ce h12 y612a ff4 fs7 fc4 sc3 ls0 ws0\">Plusvalenze </td><td class=\"t m2 x162f h12 y612a ff4 fs7 fc4 sc3 ls0 ws0\">Utili da </td><td class=\"t m2 x10fe h12 y612a ff4 fs7 fc4 sc3 ls0 ws0\">Minusvalenze </td><td class=\"t m2 x6b5 h12 y612a ff4 fs7 fc4 sc3 ls0 ws0\">Perdite da </td><td class=\"t m2 x1106 h12 y612a ff4 fs7 fc4 sc3 ls0 ws0\">Risultato netto </td></tr><tr><td></td><td class=\"t m2 xf71 h12 y612b ff4 fs7 fc4 sc3 ls0 ws0\">(A) </td><td class=\"t m2 x6ae h12 y612b ff4 fs7 fc4 sc3 ls0 ws0\">realizzo (B)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x907 h12 y612b ff4 fs7 fc4 sc3 ls0 ws0\">(C) </td><td class=\"t m2 x6c9 h12 y612b ff4 fs7 fc4 sc3 ls0 ws0\">realizzo (D) </td><td class=\"t m2 x1106 h12 y612b ff4 fs7 fc4 sc3 ls0 ws0\">[(A+B) - (C+D)] </td></tr><tr><td class=\"t m2 x677 h12 y612c ff4 fs7 fc1 sc2 ls0 ws0\">1. Attivit\u00e0 finanziarie </td><td class=\"t m2 x1708 h12 y612d ff4 fs7 fc1 sc2 ls0 ws0\">357.379<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a7 h12 y612d ff4 fs7 fc1 sc2 ls0 ws0\">71.298<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x758 h12 y612d ff4 fs7 fc1 sc2 ls0 ws0\">(35.088)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x664 h12 y612d ff4 fs7 fc1 sc2 ls0 ws0\">(5.094)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x984 h12 y612d ff4 fs7 fc1 sc2 ls0 ws0\">388.495<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y612e we7e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1709 y612e wea6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.807<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x692 h12 y612f ff4 fs7 fc1 sc0 ls0 ws0\">2.836<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c3 h12 y612f ff4 fs7 fc1 sc0 ls0 ws0\">(1.635)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a9 h12 y612f ff4 fs7 fc1 sc0 ls0 ws0\">(141)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y612f ff4 fs7 fc1 sc0 ls0 ws0\">9.867<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6130 we80 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Titoli di capitale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x170a y6130 wea7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">33.758<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x906 h12 y6131 ff4 fs7 fc1 sc0 ls0 ws0\">1.756<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e7 h12 y6131 ff4 fs7 fc1 sc0 ls0 ws0\">(10.594)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y6131 ff4 fs7 fc1 sc0 ls0 ws0\">(506)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x915 h12 y6131 ff4 fs7 fc1 sc0 ls0 ws0\">24.414<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6132 wea8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.3  Quote di O.I.C.R.<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x170b y6132 wea9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">312.586<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd84 h12 y6133 ff4 fs7 fc1 sc0 ls0 ws0\">66.677<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x907 h12 y6133 ff4 fs7 fc1 sc0 ls0 ws0\">(22.292)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x664 h12 y6133 ff4 fs7 fc1 sc0 ls0 ws0\">(4.393)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90d h12 y6133 ff4 fs7 fc1 sc0 ls0 ws0\">352.578<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6134 weaa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.4  Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x170c y6134 wa4f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.228<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x15e4 h12 y6135 ff4 fs7 fc1 sc0 ls0 ws0\">29<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f1 h12 y6135 ff4 fs7 fc1 sc0 ls0 ws0\">(567)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66a h12 y6135 ff4 fs7 fc1 sc0 ls0 ws0\">(54)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b6 h12 y6135 ff4 fs7 fc1 sc0 ls0 ws0\">1.636<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6136 weab h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2. Attivit\u00e0 finanziarie: differenze di cambio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x170d y6136 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x170e y6136 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x170f y6136 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1710 y6136 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1711 y6136 weac h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">3.729<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xf86 y53a2 w695 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1712 y53a2 w52c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">357.379<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6a7 h12 y6137 ff4 fs7 fc1 sc2 ls0 ws0\">71.298<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x758 h12 y6137 ff4 fs7 fc1 sc2 ls0 ws0\">(35.088)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x664 h12 y6137 ff4 fs7 fc1 sc2 ls0 ws0\">(5.094)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90d h12 y6137 ff4 fs7 fc1 sc2 ls0 ws0\">392.224<span class=\"_ _3a1\"> </span></td></tr></table></div>Rischio d<span class=\"_ _1\"></span>i prezz<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span> Nell\u2019ambito <span class=\"_ _3a\"> </span>del <span class=\"_ _48\"> </span>portafoglio <span class=\"_ _3a\"> </span>bancario <span class=\"_ _3a\"> </span>il <span class=\"_ _3a\"> </span>G<span class=\"_ _1\"></span>ruppo <span class=\"_ _3a\"> </span>non <span class=\"_ _3a\"> </span>ha <span class=\"_ _48\"> </span>posizioni <span class=\"_ _3a\"> </span>significative <span class=\"_ _3a\"> </span>in <span class=\"_ _3a\"> </span>azion<span class=\"_ _1\"></span>i <span class=\"_ _3a\"> </span>o<span class=\"_ _3a1\"> </span> partec<span class=\"_ _3a1\"> </span>ipazioni quotate<span class=\"_ _1\"></span>. <span class=\"_ _1\"></span>Sono prese<span class=\"_ _1\"></span>nti 8,7 <span class=\"_ _1\"></span>milioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>euro <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>fondo <span class=\"_ _1\"></span>private <span class=\"_ _1\"></span>equity <span class=\"_ _1\"></span>gestito <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>una<span class=\"_ _3a1\"> </span> societ\u00e0 <span class=\"_ _1\"></span>del gr<span class=\"_ _1\"></span>uppo e <span class=\"_ _1\"></span>quote <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>rilevanti di <span class=\"_ _1\"></span>fondi <span class=\"_ _1\"></span>rivenienti <span class=\"_ _1\"></span>dalla <span class=\"_ _1\"></span>fusione con <span class=\"_ _1\"></span>Cassa <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Risparmio <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span> Cento, di cui 1,3 milioni di euro in fondi immobiliari.<span class=\"_ _3a1\"> </span> Attivit\u00e0<span class=\"_ _1\"></span> di coper<span class=\"_ _1\"></span>tura del <span class=\"_ _1\"></span>rischio<span class=\"_ _1\"></span> di prezzo<span class=\"_ _3a1\"> </span> Il Gruppo non ha posto in essere operazioni di copert<span class=\"_ _1\"></span>ura.<span class=\"_ _3a1\"> </span> 1.2.3 Rischio di cambio<span class=\"_ _3a1\"> </span> Informazi<span class=\"_ _1\"></span>oni di na<span class=\"_ _1\"></span>tura quali<span class=\"_ _1\"></span>tativa<span class=\"_ _3a1\"> </span> A.<span class=\"_ _48\"> </span>Aspe<span class=\"_ _3a1\"> </span>tti gene<span class=\"_ _1\"></span>rali, proces<span class=\"_ _1\"></span>si di g<span class=\"_ _1\"></span>estione e m<span class=\"_ _1\"></span>etodi di<span class=\"_ _1\"></span> misuraz<span class=\"_ _1\"></span>ione de<span class=\"_ _3a1\"> </span>l rischio<span class=\"_ _1\"></span> di cambio<span class=\"_ _3a1\"> </span>L\u2019<span class=\"_ _3b\"></span>atti<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>sv<span class=\"_ _3b\"></span>olta<span class=\"_ _3b\"></span> <span class=\"_ _38\"></span>sui<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>me<span class=\"_ _3b\"></span>rcat<span class=\"_ _2\"></span>i <span class=\"_ _1\"></span>dei<span class=\"_ _3b\"></span> <span class=\"_ _38\"></span>cam<span class=\"_ _2\"></span>bi<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>pr<span class=\"_ _3b\"></span>eved<span class=\"_ _3b\"></span>e <span class=\"_ _38\"></span>l\u2019<span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>sun<span class=\"_ _3b\"></span>zio<span class=\"_ _2\"></span>ne<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>i <span class=\"_ _38\"></span>po<span class=\"_ _3b\"></span>siz<span class=\"_ _2\"></span>ion<span class=\"_ _3b\"></span>i <span class=\"_ _38\"></span>ge<span class=\"_ _2\"></span>sti<span class=\"_ _3b\"></span>te e <span class=\"_ _38\"></span>con<span class=\"_ _2\"></span>tro<span class=\"_ _3b\"></span>lla<span class=\"_ _3b\"></span>te <span class=\"_ _1\"></span>tra<span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>te<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> mas<span class=\"_ _3b\"></span>sim<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>i d<span class=\"_ _3b\"></span>i p<span class=\"_ _3b\"></span>osiz<span class=\"_ _3b\"></span>ion<span class=\"_ _2\"></span>e,<span class=\"_ _3b\"></span> sia<span class=\"_ _2\"></span> l<span class=\"_ _3b\"></span>orda<span class=\"_ _3b\"></span> si<span class=\"_ _2\"></span>a n<span class=\"_ _3b\"></span>ett<span class=\"_ _3b\"></span>a, e<span class=\"_ _3b\"></span> mas<span class=\"_ _2\"></span>si<span class=\"_ _3b\"></span>mali<span class=\"_ _3b\"></span> di<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>onc<span class=\"_ _3b\"></span>ent<span class=\"_ _3b\"></span>razi<span class=\"_ _3b\"></span>one <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>vi<span class=\"_ _3b\"></span>sa.<span class=\"_ _3a1\"> </span> Il rischio di<span class=\"_ _2\"></span> mercato currency viene calcolato con la stessa frequenza <span class=\"_ _2\"></span>e metodologia indicata per il<span class=\"_ _3a1\"> </span> rischio tasso ed equity.<span class=\"_ _3a1\"> </span> B.<span class=\"_ _19c\"> </span>Atti<span class=\"_ _1\"></span>vit\u00e0 di cop<span class=\"_ _1\"></span>ertura<span class=\"_ _1\"></span> del rischio<span class=\"_ _1\"></span> di camb<span class=\"_ _1\"></span>io<span class=\"_ _3a1\"> </span>Non sono presenti operazioni di copertura.<span class=\"_ _3a1\"> </span> Informazi<span class=\"_ _1\"></span>oni di na<span class=\"_ _1\"></span>tura quan<span class=\"_ _1\"></span>titativa<span class=\"_ _3a1\"> </span>1. Distribuzione<span class=\"_ _1\"></span> per valuta di denomina<span class=\"_ _1\"></span>zione delle att<span class=\"_ _1\"></span>ivit\u00e0 e passivit\u00e0 e dei de<span class=\"_ _1\"></span>rivati<span class=\"_ _3a1\"> </span><table class=\"s w1363 h2bd\" id=\"_607a9c7d-250a-4e64-be25-2e756e75cdc8\"><tr><td class=\"t m2 x7c9 h12 y6683 ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x95f h12 y6684 ff4 fs7 fc4 sc3 ls0 ws0\">Valute<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x140b h12 y6685 ff4 fs7 fc4 sc3 ls0 ws0\">USD<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x938 h12 y6685 ff4 fs7 fc4 sc3 ls0 ws0\">GBP<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h12 y6685 ff4 fs7 fc4 sc3 ls0 ws0\">JPY<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x116f h12 y6685 ff4 fs7 fc4 sc3 ls0 ws0\">CAD<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e2 h12 y6685 ff4 fs7 fc4 sc3 ls0 ws0\">CHF<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d7 h12 y6685 ff4 fs7 fc4 sc3 ls0 ws0\">ALTRE VALUTE<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6686 ff4 fs7 fc1 sc2 ls0 ws0\">A. Attivit\u00e0 finanziarie<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc65 h12 y6686 ff4 fs7 fc1 sc2 ls0 ws0\">1.358.580<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88c h12 y6686 ff4 fs7 fc1 sc2 ls0 ws0\">14.328<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11a9 h12 y6686 ff4 fs7 fc1 sc2 ls0 ws0\">1.028<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1197 h12 y6686 ff4 fs7 fc1 sc2 ls0 ws0\">2.230<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5b h12 y6686 ff4 fs7 fc1 sc2 ls0 ws0\">11.294<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d8 h12 y6686 ff4 fs7 fc1 sc2 ls0 ws0\">1.559<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x821 y60af w1364 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21d3 y60af w1365 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.259.811<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21d4 y60af w1366 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">249<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21d5 y60af w1367 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21d6 y60af w1368 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21d7 y60af w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21d8 y60af w114d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">239<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6687 w1369 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Titoli di capitale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21d9 y6687 wafd h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.206<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21da y6687 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21db y6687 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21dc y6687 w606 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21dd y6687 w47a h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21de y6687 w47a h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6688 w136a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.3 Finanziamenti a b<span class=\"_ _2\"></span>anche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21df y6688 we13 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24.111<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21e0 y6688 w136b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.467<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21e1 y6688 w812 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">683<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21e2 y6688 w136c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.219<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21e3 y6688 w136d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.854<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21e4 y6688 w136e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">835<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6689 w136f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.4 Finanziamenti a cl<span class=\"_ _2\"></span>ientela<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21e5 y6689 w1370 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>2.452<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21e6 y6689 w1371 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.612<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21e7 y6689 w505 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">344<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21e8 y6689 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21e9 y6689 w1372 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.440<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ea y6689 wa28 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">485<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y60b2 w1373 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.5 Altre attivit\u00e0 finanz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21eb y60b2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ec y60b2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ed y60b2 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ee y60b2 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ef y60b2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2122 y60b2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y668a ff4 fs7 fc1 sc2 ls0 ws0\">B. Altre attivit\u00e0<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cc h12 y668a ff4 fs7 fc1 sc2 ls0 ws0\">7.984<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1208 h12 y668a ff4 fs7 fc1 sc2 ls0 ws0\">1.007<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c6 h12 y668a ff4 fs7 fc1 sc2 ls0 ws0\">256<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x130e h12 y668a ff4 fs7 fc1 sc2 ls0 ws0\">506<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a1 h12 y668a ff4 fs7 fc1 sc2 ls0 ws0\">2.133<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xef9 h12 y668a ff4 fs7 fc1 sc2 ls0 ws0\">485<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y668b ff4 fs7 fc1 sc2 ls0 ws0\">C. Passivit\u00e0 finanziarie<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x932 h12 y668b ff4 fs7 fc1 sc2 ls0 ws0\">1.341.440<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1442 h12 y668b ff4 fs7 fc1 sc2 ls0 ws0\">33.960<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc54 h12 y668b ff4 fs7 fc1 sc2 ls0 ws0\">4.462<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5a h12 y668b ff4 fs7 fc1 sc2 ls0 ws0\">4.700<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d6 h12 y668b ff4 fs7 fc1 sc2 ls0 ws0\">11.193<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d8 h12 y668b ff4 fs7 fc1 sc2 ls0 ws0\">1.780<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x821 y5a42 w1374 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Debiti verso banche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21f0 y5a42 w1375 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">909.188<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21f1 y5a42 w1376 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9.409<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21f2 y5a42 w1377 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">501<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21f3 y5a42 w1366 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">566<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21f4 y5a42 wb1a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.109<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21f5 y5a42 w990 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">604<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y5a43 w1378 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Debiti verso clien<span class=\"_ _2\"></span>tela<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21f6 y5a43 w1379 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">430.083<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21f7 y5a43 w137a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24.551<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21f8 y5a43 w137b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.961<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21f9 y5a43 w137c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.134<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21fa y5a43 wb7e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.084<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21fb y5a43 w137d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.176<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y5a62 w137e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21fc y5a62 w1135 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.169<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21fd y5a62 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21fe y5a62 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ff y5a62 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2200 y5a62 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2201 y5a62 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y5a63 w137f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Altre passivit\u00e0 fina<span class=\"_ _2\"></span>nziarie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2202 y5a63 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2203 y5a63 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2204 y5a63 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2205 y5a63 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2206 y5a63 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2207 y5a63 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y668c ff4 fs7 fc1 sc2 ls0 ws0\">D. Altre passivit\u00e0<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce9 h12 y668c ff4 fs7 fc1 sc2 ls0 ws0\">4.219<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1208 h12 y668c ff4 fs7 fc1 sc2 ls0 ws0\">1.465<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11e1 h12 y668c ff4 fs7 fc1 sc2 ls0 ws0\">85<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x130e h12 y668c ff4 fs7 fc1 sc2 ls0 ws0\">667<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11aa h12 y668c ff4 fs7 fc1 sc2 ls0 ws0\">301<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h12 y668c ff4 fs7 fc1 sc2 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y668d ff4 fs7 fc1 sc2 ls0 ws0\">E. Derivati finanziari<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c2 h12 y668d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd9 h12 y668d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c3 h12 y668d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad7 h12 y668d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88f h12 y668d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h12 y668d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x821 y5a65 w1380 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Opzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2208 y5a65 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ec y5a65 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ed y5a65 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ee y5a65 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ef y5a65 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2122 y5a65 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1f22 y5a49 w1381 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">+ Posizioni lunghe<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2209 y5a49 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x220a y5a49 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x220b y5a49 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x220c y5a49 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x220d y5a49 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x220e y5a49 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1f22 y5a4a w1382 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">+ Posizioni corte<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x220f y5a4a w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2210 y5a4a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2211 y5a4a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2212 y5a4a w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2213 y5a4a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2214 y5a4a w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y59dd w1383 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Altri derivati<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2215 y59dd w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2216 y59dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2217 y59dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2218 y59dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2219 y59dd w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x221a y59dd w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1f22 y59de w1381 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">+ Posizioni lunghe<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x221b y59de w1384 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">179.180<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x221c y59de w1385 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">79.580<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x221d y59de w1386 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">19.880<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x221e y59de w1387 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">15.415<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x221f y59de w1388 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24.585<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2220 y59de wb7e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.808<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1f22 y5a84 w1382 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">+ Posizioni corte<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2221 y5a84 w1389 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">301.667<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2222 y5a84 w138a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>9.169<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2223 y5a84 w6c4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">16.596<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2224 y5a84 w138b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.754<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2225 y5a84 w138c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">26.787<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2226 y5a84 w138d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.969<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y668e ff4 fs7 fc1 sc2 ls0 ws0\">Totale attivit\u00e0<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc65 h12 y668e ff4 fs7 fc1 sc2 ls0 ws0\">1.545.744<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88c h12 y668e ff4 fs7 fc1 sc2 ls0 ws0\">94.915<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc54 h12 y668e ff4 fs7 fc1 sc2 ls0 ws0\">21.164<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1197 h12 y668e ff4 fs7 fc1 sc2 ls0 ws0\">18.151<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcee h12 y668e ff4 fs7 fc1 sc2 ls0 ws0\">38.012<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5c h12 y668e ff4 fs7 fc1 sc2 ls0 ws0\">6.852<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y668f ff4 fs7 fc1 sc2 ls0 ws0\">Totale passivit\u00e0<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc65 h12 y668f ff4 fs7 fc1 sc2 ls0 ws0\">1.647.326<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x938 h12 y668f ff4 fs7 fc1 sc2 ls0 ws0\">94.594<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc54 h12 y668f ff4 fs7 fc1 sc2 ls0 ws0\">21.143<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1197 h12 y668f ff4 fs7 fc1 sc2 ls0 ws0\">18.121<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcee h12 y668f ff4 fs7 fc1 sc2 ls0 ws0\">38.281<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5c h12 y668f ff4 fs7 fc1 sc2 ls0 ws0\">6.750<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6690 ff4 fs7 fc1 sc2 ls0 ws0\">Sbilancio (+/-)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x140b h12 y6690 ff4 fs7 fc1 sc2 ls0 ws0\">(101.582)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x881 h12 y6690 ff4 fs7 fc1 sc2 ls0 ws0\">321<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xb9e h12 y6690 ff4 fs7 fc1 sc2 ls0 ws0\">21<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1364 h12 y6690 ff4 fs7 fc1 sc2 ls0 ws0\">30<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a1 h12 y6690 ff4 fs7 fc1 sc2 ls0 ws0\">(269)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf1b h12 y6690 ff4 fs7 fc1 sc2 ls0 ws0\">102<span class=\"_ _3a1\"> </span></td></tr></table>Modelli interni e<span class=\"_ _1\"></span> altre metodologie per <span class=\"_ _1\"></span>l\u2019analisi di sensitivit\u00e0 Nella <span class=\"_ _2\"></span>presente s<span class=\"_ _2\"></span>ezione v<span class=\"_ _2\"></span>engono <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>inteticamente <span class=\"_ _2\"></span>esposti i <span class=\"_ _184\"></span>ris<span class=\"_ _1\"></span>ultati <span class=\"_ _3b\"></span>delle analisi <span class=\"_ _3b\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>cambio<span class=\"_ _1\"></span>.<span class=\"_ _3a1\"> </span>In <span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>icolare <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>seguito <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>ri<span class=\"_ _2\"></span>portati <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>valori <span class=\"_ _38\"></span>medi, <span class=\"_ _38\"></span>mass<span class=\"_ _1\"></span>imi <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>minimi <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>VaR <span class=\"_ _38\"></span>(in <span class=\"_ _38\"></span>milion<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>di<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>euro)<span class=\"_ _3a1\"> </span>generato dal fattore di rischio currency relat<span class=\"_ _1\"></span>ivi agli esercizi 2022, 2023 e 2024. Nella figura sottostante \u00e8 riportato l\u2019andamento di tale dato di VaR per Credem nell\u2019arco de<span class=\"_ _1\"></span>l 2024.<table class=\"s w138e h2be\" id=\"_34ff0d17-6a61-4005-99f7-e771eeaf627d\"><tr><td class=\"t m18 x2228 h119 y6691 ff4 fs3d fc1 sc2 ls0 ws0\">T<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>b<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _1\"></span>4<span class=\"_ _38\"></span>.<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>D<span class=\"_ _38\"></span>a<span class=\"_ _0\"></span>ti<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>C<span class=\"_ _38\"></span>u<span class=\"_ _38\"></span>r<span class=\"_ _38\"></span>r<span class=\"_ _38\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>V<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>R<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x2229 y6693 w138f h21e\"><div class=\"t m18 x2b3 h119 y6692 ff4 fs3d fc1 sc2 ls0 ws0\">2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x222a y6693 w1390 h21e\"><div class=\"t m18 x2b3 h119 y6692 ff4 fs3d fc1 sc2 ls0 ws0\">2<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _38\"></span>3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x222b y6693 w1391 h21e\"><div class=\"t m18 x2b3 h119 y6692 ff4 fs3d fc1 sc2 ls0 ws0\">2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m18 x2228 h119 y6694 ff4 fs3d fc1 sc2 ls0 ws0\">C<span class=\"_ _38\"></span>r<span class=\"_ _38\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _38\"></span>e<span class=\"_ _0\"></span>m<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c x222d y6695 w1392 h2bf\"><div class=\"t m1c x2b3 h11a y58b0 ff4 fs3e fc1 sc0 ls0 ws0\">VaR -<span class=\"_ _3a1\"> </span></div><div class=\"t m18 x222c h119 y58b0 ff4 fs3d fc1 sc0 ls0 ws0\">me<span class=\"_ _1\"></span>dio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x222e y6696 w1393 h21e\"><div class=\"t m18 x2b3 h119 y6692 ff4 fs3d fc1 sc0 ls0 ws0\">0,<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x222f y6696 w1394 h21e\"><div class=\"t m18 x2b3 h119 y6692 ff4 fs3d fc1 sc0 ls0 ws0\">0,<span class=\"_ _1\"></span>2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2230 y6696 w1395 h21e\"><div class=\"t m18 x2b3 h119 y6692 ff4 fs3d fc1 sc0 ls0 ws0\">0,3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m1c x2231 h11a y6697 ff4 fs3e fc1 sc0 ls0 ws0\">min<span class=\"_ _3a1\"> </span></td><td class=\"c n x2232 y6698 w1396 h21e\"><div class=\"t m18 x2b3 h119 y6692 ff4 fs3d fc1 sc0 ls0 ws0\">0,0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2233 y6698 w1396 h21e\"><div class=\"t m18 x2b3 h119 y6692 ff4 fs3d fc1 sc0 ls0 ws0\">0,0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2234 y6698 w1397 h21e\"><div class=\"t m18 x2b3 h119 y6692 ff4 fs3d fc1 sc0 ls0 ws0\">0,0<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m1c x2231 h11a y6699 ff4 fs3e fc1 sc0 ls0 ws0\">ma<span class=\"_ _1\"></span>x<span class=\"_ _3a1\"> </span></td><td class=\"c n x2235 y669a w1398 h21e\"><div class=\"t m18 x2b3 h119 y6692 ff4 fs3d fc1 sc0 ls0 ws0\">1,0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2236 y669a w1399 h21e\"><div class=\"t m18 x2b3 h119 y6692 ff4 fs3d fc1 sc0 ls0 ws0\">1<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>5<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2237 y669a w139a h21e\"><div class=\"t m18 x2b3 h119 y6692 ff4 fs3d fc1 sc0 ls0 ws0\">1,9<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m1c x2238 h11b y669b ff4 fs3f fc1 sc0 ls0 ws0\">dati i<span class=\"_ _1\"></span>n m<span class=\"_ _1\"></span>ln <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>\u20ac,<span class=\"_ _2\"></span> VaR<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>99% <span class=\"_ _1\"></span>10gg *<span class=\"_ _1\"></span> C<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>ff mol<span class=\"_ _1\"></span>tiplicativo<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr></table>Nell\u2019ambito <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _0\"> </span>com<span class=\"_ _1\"></span>plessiva <span class=\"_ _35\"> </span>analisi <span class=\"_ _0\"></span>annuale <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>backtesting <span class=\"_ _0\"></span>dei <span class=\"_ _35\"> </span>modelli, <span class=\"_ _0\"></span>viene <span class=\"_ _35\"> </span>effettuato <span class=\"_ _35\"> </span>i<span class=\"_ _2\"></span>l<span class=\"_ _3a1\"> </span> confronto tra il dato di VaR e il P&amp;L effett<span class=\"_ _1\"></span>ivamente conseguito.  Il backtes<span class=\"_ _1\"></span>ting <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>eseguito mettendo <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>confronto <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>dati di <span class=\"_ _1\"></span>VaR <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>dati <span class=\"_ _1\"></span>di P&amp;<span class=\"_ _1\"></span>L <span class=\"_ _1\"></span>gestionali gior<span class=\"_ _1\"></span>nalieri<span class=\"_ _3a1\"> </span> (o<span class=\"_ _3f\"> </span>settimanali,  p<span class=\"_ _2\"></span>er  i <span class=\"_ _35\"> </span>portafogli  per <span class=\"_ _35\"> </span>i  q<span class=\"_ _2\"></span>uali <span class=\"_ _35\"> </span>il  calcolo <span class=\"_ _35\"> </span>di  redditivit\u00e0 <span class=\"_ _35\"> </span>\u00e8  su <span class=\"_ _35\"> </span>base  weekly), <span class=\"_ _35\"> </span>e  si <span class=\"_ _35\"> </span>basa<span class=\"_ _3a1\"> </span> sull\u2019analisi <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>\u201ceccezioni\u201d, <span class=\"_ _0\"></span>ovvero <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>casi <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>cui <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>perdita <span class=\"_ _0\"></span>re<span class=\"_ _1\"></span>gistrata <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>isulta <span class=\"_ _0\"></span>superiore <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>VaR<span class=\"_ _3a1\"> </span> stimato <span class=\"_ _36\"> </span>per <span class=\"_ _37\"> </span>lo <span class=\"_ _37\"> </span>stess<span class=\"_ _1\"></span>o <span class=\"_ _37\"> </span>periodo <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>riferimento, <span class=\"_ _36\"> </span>sia <span class=\"_ _37\"> </span>in <span class=\"_ _36\"> </span>termini <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>numeros<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _37\"> </span>sia <span class=\"_ _36\"> </span>in <span class=\"_ _37\"> </span>termini <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span> distribuzione temporale.<span class=\"_ _3a1\"> </span> Il perimetro <span class=\"_ _1\"></span>dell\u2019analisi di backtest <span class=\"_ _1\"></span>sono i <span class=\"_ _1\"></span>portafogli del Re<span class=\"_ _1\"></span>golamento Finanza (trading e<span class=\"_ _1\"></span> bancario)<span class=\"_ _3a1\"> </span> e <span class=\"_ _35\"> </span>copre <span class=\"_ _0\"> </span>i <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>riport<span class=\"_ _1\"></span>ati <span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span>lla <span class=\"_ _0\"></span>pre<span class=\"_ _1\"></span>sente <span class=\"_ _35\"> </span>sezione. <span class=\"_ _0\"></span>L\u2019orizzonte <span class=\"_ _35\"> </span>temporale <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>VaR <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>coerente <span class=\"_ _35\"> </span>con<span class=\"_ _3a1\"> </span> quello <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>calcolo <span class=\"_ _35\"> </span>del<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>P&amp;L. <span class=\"_ _0\"></span>L\u2019esercizio <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>basa <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>12 <span class=\"_ _35\"> </span>mesi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>dati. <span class=\"_ _0\"></span>Le <span class=\"_ _0\"></span>ipotesi <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>state <span class=\"_ _0\"></span>verificate<span class=\"_ _3a1\"> </span> attraverso una serie di test:<span class=\"_ _3a1\"> </span> -<span class=\"_ _13e\"> </span><span class=\"ff4\">Frequency Test<span class=\"_ _1\"></span>: Basilea e Kupiec (o POF, Proportion of Failure);<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">Indipendence Test<span class=\"_ _1\"></span>: Christoffersen e Mixed Kupiec;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">Joint Test: POF + Christofferse<span class=\"_ _1\"></span>n, POF + Mixed Kupiec.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>Nell\u2019ambito <span class=\"_ _2\"></span>dell\u2019analisi <span class=\"_ _3b\"></span>del periodo <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>backtesting i<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>test effettuati <span class=\"_ _3b\"></span>confermano <span class=\"_ _3b\"></span>la tenuta <span class=\"_ _3b\"></span>del <span class=\"_ _3b\"></span>mo<span class=\"_ _1\"></span>dello<span class=\"_ _3a1\"> </span> di VaR. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-788": {
   "value": "<div class=\"c w1bc hb7 gsfe5\"><div class=\"t m2 x0 ha y2a99 ff4 fs5 fc4 sc3 ls0 ws0\">Sezione 10 </div></div><div class=\"c w1b3 hb7 gsfe6\"><div class=\"t m2 x0 ha y2a99 ff4 fs5 fc4 sc3 ls0 ws0\">\u2013</div></div><div class=\"c w129 hb7 gsfe7\"><div class=\"t m2 x0 ha y2a99 ff4 fs5 fc4 sc3 ls0 ws0\">Risultato dei </div></div><div class=\"c w1ee hb7 gsfe8\"><div class=\"t m2 x0 ha y2a99 ff4 fs5 fc4 sc3 ls0 ws0\">servizi assicurativi </div></div><div class=\"c w1b3 hb7 gsfe9\"><div class=\"t m2 x0 ha y2a99 ff4 fs5 fc4 sc3 ls0 ws0\">\u2013</div></div><div class=\"c w1ef hb7 gsfea\"><div class=\"t m2 x0 ha y2a99 ff4 fs5 fc4 sc3 ls0 ws0\">Voce 160<span class=\"_ _3a1\"> </span></div></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsfeb\">Ricavi e <span class=\"_ _1\"></span>Costi assicurativi derivanti dai co<span class=\"_ _1\"></span>ntratti assicurat<span class=\"_ _1\"></span>ivi emessi - Composizione </div><div class=\"gsfec\"><table class=\"s web5 h273\" id=\"_b4cfd2e5-a8dd-47e0-90a9-a9a865b9464c\"><tr><td class=\"t m2 x865 h4f y614f ff4 fs12 fc4 sc3 ls0 ws0\">Voci/Basi di </td><td class=\"t m2 x97c h4f y614f ff4 fs12 fc4 sc3 ls0 ws0\">Base A1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x87d h4f y614f ff4 fs12 fc4 sc3 ls0 ws0\">Base A2..<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1446 h4f y614f ff4 fs12 fc4 sc3 ls0 ws0\">Base A3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc51 h4f y614f ff4 fs12 fc4 sc3 ls0 ws0\">Base A4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c2 h4f y614f ff4 fs12 fc4 sc3 ls0 ws0\">Base A5<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x881 h4f y614f ff4 fs12 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h4f y614f ff4 fs12 fc4 sc3 ls0 ws0\">Base A1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x941 h4f y614f ff4 fs12 fc4 sc3 ls0 ws0\">Base A2..<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1274 h4f y614f ff4 fs12 fc4 sc3 ls0 ws0\">Base A3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc5b h4f y614f ff4 fs12 fc4 sc3 ls0 ws0\">Base A4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12d5 h4f y614f ff4 fs12 fc4 sc3 ls0 ws0\">Base A5<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d8 h4f y614f ff4 fs12 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x81f h4f y6150 ff4 fs12 fc4 sc3 ls0 ws0\">aggregazione<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x879 h4f y6150 ff4 fs12 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x888 h4f y6150 ff4 fs12 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x171e h4f y6150 ff4 fs12 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc5a h4f y6150 ff4 fs12 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d2 h4f y6150 ff4 fs12 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x80f h4f y6150 ff4 fs12 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x13fe h4f y6150 ff4 fs12 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd57 h4f y6150 ff4 fs12 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d1 h4f y6150 ff4 fs12 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcee h4f y6150 ff4 fs12 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x592 h4f y6150 ff4 fs12 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x812 h4f y6150 ff4 fs12 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x58e y6151 w1f0 h55\"><div class=\"t m2 x0 h56 y2d71 ff4 fs15 fc1 sc2 ls0 ws0\">A. Ricavi assicurativi </div></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 class=\"t m2 x58e h56 y6152 ff4 fs15 fc1 sc2 ls0 ws0\">derivanti dai contratti </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 class=\"t m2 x58e h56 y6153 ff4 fs15 fc1 sc2 ls0 ws0\">di assicurazione </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 class=\"c x2d7 y6156 web6 h274\"><div class=\"t m2 x2b3 h56 y6154 ff4 fs15 fc1 sc2 ls0 ws0\">emessi valutati in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc2 ls0 ws0\">base al GMM e al VFA<span class=\"_ _3a1\"> </span></div></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 class=\"t m2 x58e h56 y6157 ff4 fs15 fc1 sc2 ls0 ws0\">A.1 Importi connessi </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 class=\"t m2 x58e h56 y6158 ff4 fs15 fc1 sc2 ls0 ws0\">con le variazioni </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 class=\"t m2 x58e h56 y6159 ff4 fs15 fc1 sc2 ls0 ws0\">dell\u2019attivit\u00e0 per </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 class=\"t m2 x58e h56 y615a ff4 fs15 fc1 sc2 ls0 ws0\">residua copertura<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c5 h56 y615b ff4 fs15 fc1 sc2 ls0 ws0\">62.485<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x129f h56 y615b ff4 fs15 fc1 sc2 ls0 ws0\">28.163<span class=\"_ _3a1\"> </span></td><td class=\"c n x171f y615c web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1720 y615c web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x1129 h56 y615b ff4 fs15 fc1 sc2 ls0 ws0\">5.945<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba3 h56 y615b ff4 fs15 fc1 sc2 ls0 ws0\">96.593<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeb7 h56 y615b ff4 fs15 fc1 sc2 ls0 ws0\">59.319<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf1a h56 y615b ff4 fs15 fc1 sc2 ls0 ws0\">31.834<span class=\"_ _3a1\"> </span></td><td class=\"c n x1721 y615c web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1722 y615c web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x7d3 h56 y615b ff4 fs15 fc1 sc2 ls0 ws0\">4.393<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc59 h56 y615b ff4 fs15 fc1 sc2 ls0 ws0\">95.546<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c xadb y615d web8 h276\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">1. Sinis</div><div class=\"t m2 x1723 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">tri accaduti<span class=\"_ _3a1\"> </span></div></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 class=\"t m2 xae4 h56 y615e ff4 fs15 fc1 sc0 ls0 ws0\">e altri costi per </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 class=\"t m2 xae4 h56 y615f ff4 fs15 fc1 sc0 ls0 ws0\">servizi assicurativi </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 class=\"c n xadb y6160 web9 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">attesi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1724 y6160 weba h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">18.169</div></td><td class=\"c n x1725 y6160 w864 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">13.818<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1726 y6160 web7 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1727 y6160 web7 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-</div></td><td class=\"c n x1728 y6160 webb h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">2.623</div></td><td class=\"c n x1729 y6160 webc h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">34.61<span class=\"_ _1\"></span>0</div></td><td class=\"c n x172a y6160 w838 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">17.503</div></td><td class=\"c n x172b y6160 webd h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">17.215<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x172c y6160 web7 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x172d y6160 web7 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-</div></td><td class=\"c n x172e y6160 webe h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">2.115</div></td><td class=\"c n x172f y6160 webf h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">36.833<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c xadb y6161 wec0 h276\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">2. Varia<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1730 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">zioni<span class=\"_ _3a1\"> </span></div></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 class=\"t m2 xae4 h56 y6162 ff4 fs15 fc1 sc0 ls0 ws0\">dell'aggiustame<span class=\"_ _2\"></span>nto </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 class=\"t m2 xae4 h56 y6163 ff4 fs15 fc1 sc0 ls0 ws0\">per i rischi non </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 class=\"c n xadb y5df2 wec1 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">finanziari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1731 y5df2 wec2 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">7.777</div></td><td class=\"c n x1732 y5df2 wec3 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">466<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1733 y5df2 web7 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1734 y5df2 web7 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1735 y5df2 wec4 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">197</div></td><td class=\"c n x1736 y5df2 wec5 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">8.440</div></td><td class=\"c n x1737 y5df2 wec6 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">2.987<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1738 y5df2 wec7 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>01<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1739 y5df2 web7 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x173a y5df2 web7 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x173b y5df2 wec8 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">83</div></td><td class=\"c n x173c y5df2 wec9 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">3.571<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c xadb y6164 weca h276\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">3. Margi</div><div class=\"t m2 x173d h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">ne sui<span class=\"_ _3a1\"> </span></div></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 class=\"t m2 xae4 h56 y6165 ff4 fs15 fc1 sc0 ls0 ws0\">servizi contrattuali </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 class=\"t m2 xae4 h56 y6166 ff4 fs15 fc1 sc0 ls0 ws0\">registrato in conto </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 class=\"c xadb y6167 wecb h278\"><div class=\"t m2 x2b3 h56 y6154 ff4 fs15 fc1 sc0 ls0 ws0\">economico per i<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">servizi forniti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x173e y6167 wecc h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">36.320</div></td><td class=\"c n x173f y6167 wecd h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">6.401<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1740 y6167 web7 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1741 y6167 wece h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-</div></td><td class=\"c n x1742 y6167 w894 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">3.117</div></td><td class=\"c n x1743 y6167 w784 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">45.838</div></td><td class=\"c n x1744 y6167 wecf h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">38.166</div></td><td class=\"c n x1745 y6167 wed0 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">6.262<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1746 y6167 web7 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1747 y6167 web7 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-</div></td><td class=\"c n x1748 y6167 wca0 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">2.173</div></td><td class=\"c n x1749 y6167 wed1 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">46<span class=\"_ _1\"></span>.601<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h56 y6168 ff4 fs15 fc1 sc0 ls0 ws0\">4. Altri importi<span class=\"_ _2\"></span> </td><td class=\"c n x174a y6169 wed2 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">219</div></td><td class=\"c n x174b y6169 wed3 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">7.478<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x174c y6169 web7 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x174d y6169 web7 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x174e y6169 wed4 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">8</div></td><td class=\"c n x174f y6169 wed5 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">7.705</div></td><td class=\"c n x1750 y6169 wed6 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">663</div></td><td class=\"c n x1751 y6169 wed7 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">7.856<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1752 y6169 web7 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1753 y6169 web7 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1754 y6169 wed8 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">22</div></td><td class=\"c n x1755 y6169 wed9 h277\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">8.541<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x2d7 y616a weda h279\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc2 ls0 ws0\">A.2 Cost</div><div class=\"t m2 x1756 h56 y6155 ff4 fs15 fc1 sc2 ls0 ws0\">i di<span class=\"_ _3a1\"> </span></div></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 class=\"t m2 x58e h56 y616b ff4 fs15 fc1 sc2 ls0 ws0\">acquisizione dei </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 class=\"t m2 x58e h56 y616c ff4 fs15 fc1 sc2 ls0 ws0\">contratti di </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 class=\"t m2 x58e h56 y616d ff4 fs15 fc1 sc2 ls0 ws0\">assicurazionei </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 class=\"t m2 x58e h56 y616e ff4 fs15 fc1 sc2 ls0 ws0\">recuperati<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1445 h56 y616e ff4 fs15 fc1 sc2 ls0 ws0\">56<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ca h56 y616e ff4 fs15 fc1 sc2 ls0 ws0\">3.683<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a4 h56 y616e ff4 fs15 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd59 h56 y616e ff4 fs15 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x138b h56 y616e ff4 fs15 fc1 sc2 ls0 ws0\">14<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1757 h56 y616e ff4 fs15 fc1 sc2 ls0 ws0\">3.753<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11e1 h56 y616e ff4 fs15 fc1 sc2 ls0 ws0\">47<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcef h56 y616e ff4 fs15 fc1 sc2 ls0 ws0\">2.553<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93a h56 y616e ff4 fs15 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba4 h56 y616e ff4 fs15 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x890 h56 y616e ff4 fs15 fc1 sc2 ls0 ws0\">14<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12ee h56 y616e ff4 fs15 fc1 sc2 ls0 ws0\">2.614<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x2d7 y616f wedb h279\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc2 ls0 ws0\">A.3 Tota</div><div class=\"t m2 x1756 h56 y6155 ff4 fs15 fc1 sc2 ls0 ws0\">le ricavi<span class=\"_ _3a1\"> </span></div></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 class=\"t m2 x58e h56 y6170 ff4 fs15 fc1 sc2 ls0 ws0\">assicurativi derivanti </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 class=\"t m2 x58e h56 y6171 ff4 fs15 fc1 sc2 ls0 ws0\">dai contratti di </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 class=\"t m2 x58e h56 y6172 ff4 fs15 fc1 sc2 ls0 ws0\">assicurazione emessi </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 class=\"t m2 x58e h56 y6173 ff4 fs15 fc1 sc2 ls0 ws0\">valutati in base al </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 class=\"t m2 x58e h56 y6174 ff4 fs15 fc1 sc2 ls0 ws0\">GMM o al VFA (A.1 + </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 class=\"t m2 x58e h56 y6175 ff4 fs15 fc1 sc2 ls0 ws0\">A.2)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d5 h56 y6175 ff4 fs15 fc1 sc2 ls0 ws0\">62.541<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x129f h56 y6175 ff4 fs15 fc1 sc2 ls0 ws0\">31.846<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a4 h56 y6175 ff4 fs15 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd59 h56 y6175 ff4 fs15 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1129 h56 y6175 ff4 fs15 fc1 sc2 ls0 ws0\">5.959<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x881 h56 y6175 ff4 fs15 fc1 sc2 ls0 ws0\">100.346<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11a9 h56 y6175 ff4 fs15 fc1 sc2 ls0 ws0\">59.366<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf1a h56 y6175 ff4 fs15 fc1 sc2 ls0 ws0\">34.387<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93a h56 y6175 ff4 fs15 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba4 h56 y6175 ff4 fs15 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h56 y6175 ff4 fs15 fc1 sc2 ls0 ws0\">4.407<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc59 h56 y6175 ff4 fs15 fc1 sc2 ls0 ws0\">98.160<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h56 y6176 ff4 fs15 fc1 sc2 ls0 ws0\">A.4 Totale ricavi </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 class=\"t m2 x58e h56 y6177 ff4 fs15 fc1 sc2 ls0 ws0\">assicurativi derivanti </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 class=\"t m2 x58e h56 y6178 ff4 fs15 fc1 sc2 ls0 ws0\">dai contratti di </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 class=\"t m2 x58e h56 y6179 ff4 fs15 fc1 sc2 ls0 ws0\">assicurazione emessi </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 class=\"t m2 x58e h56 y617a ff4 fs15 fc1 sc2 ls0 ws0\">valutati in base al PAA<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 xe5d h56 y617b ff4 fs15 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x8ea h56 y617b ff4 fs15 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xae4 h56 y617c ff4 fs15 fc1 sc0 ls0 ws0\">- Segmento Vita<span class=\"_ _2\"></span> </td><td class=\"c n xc7c y617d web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1758 y617d web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1759 y617d web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x175a y617d web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x175b y617d wece h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x175c y617d web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x175d y617d web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x175e y617d wedc h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x175f y617d web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1760 y617d web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1761 y617d web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1762 y617d web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h56 y617e ff4 fs15 fc1 sc0 ls0 ws0\">- Segmento Danni </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 class=\"t m2 xae4 h56 y617f ff4 fs15 fc1 sc0 ls0 ws0\">- auto </td><td class=\"c n x1763 y6180 wedd h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1764 y6180 wedd h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1765 y6180 wedd h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1766 y6180 wedd h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1767 y6180 wedd h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1768 y6180 web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1769 y6180 wedd h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x176a y6180 wede h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x176b y6180 wedf h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x176c y6180 wedf h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x176d y6180 wede h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x176e y6180 web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h56 y6181 ff4 fs15 fc1 sc0 ls0 ws0\">- Segmento Danni </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 class=\"t m2 xae4 h56 y6182 ff4 fs15 fc1 sc0 ls0 ws0\">- non auto </td><td class=\"c n x1763 y6183 wedd h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1764 y6183 wedd h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1765 y6183 wedd h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1766 y6183 wedd h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1767 y6183 wedd h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1768 y6183 web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1769 y6183 wedd h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x176a y6183 wede h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x176b y6183 wedf h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x176c y6183 wedf h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x176d y6183 wede h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x176e y6183 web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x2d7 y5442 wedb h27a\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc2 ls0 ws0\">A.5 Tota</div><div class=\"t m2 x1756 h56 y6155 ff4 fs15 fc1 sc2 ls0 ws0\">le ricavi<span class=\"_ _3a1\"> </span></div></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 class=\"t m2 x58e h56 y6184 ff4 fs15 fc1 sc2 ls0 ws0\">assicurativi derivanti </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 class=\"t m2 x58e h56 y6185 ff4 fs15 fc1 sc2 ls0 ws0\">dai contratti di </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 class=\"t m2 x58e h56 y6186 ff4 fs15 fc1 sc2 ls0 ws0\">assicurazione emessi </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 class=\"t m2 x58e h56 y6187 ff4 fs15 fc1 sc2 ls0 ws0\">(A.3 + A.4)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d5 h56 y6187 ff4 fs15 fc1 sc2 ls0 ws0\">62.541<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x129f h56 y6187 ff4 fs15 fc1 sc2 ls0 ws0\">31.846<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a4 h56 y6187 ff4 fs15 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd59 h56 y6187 ff4 fs15 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1129 h56 y6187 ff4 fs15 fc1 sc2 ls0 ws0\">5.959<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x881 h56 y6187 ff4 fs15 fc1 sc2 ls0 ws0\">100.346<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11a9 h56 y6187 ff4 fs15 fc1 sc2 ls0 ws0\">59.366<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf1a h56 y6187 ff4 fs15 fc1 sc2 ls0 ws0\">34.387<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93a h56 y6187 ff4 fs15 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba4 h56 y6187 ff4 fs15 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h56 y6187 ff4 fs15 fc1 sc2 ls0 ws0\">4.407<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc59 h56 y6187 ff4 fs15 fc1 sc2 ls0 ws0\">98.160<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h56 y6188 ff4 fs15 fc1 sc2 ls0 ws0\">B. Costi per servizi </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 class=\"t m2 x58e h56 y6189 ff4 fs15 fc1 sc2 ls0 ws0\">assicurativi derivanti </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 class=\"t m2 x58e h56 y618a ff4 fs15 fc1 sc2 ls0 ws0\">dai contratti di </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 class=\"t m2 x58e h56 y618b ff4 fs15 fc1 sc2 ls0 ws0\">assicurazione emessi </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 class=\"t m2 x58e h56 y618c ff4 fs15 fc1 sc2 ls0 ws0\">\u2013 GMM o VFA<span class=\"_ _3a1\"> </span></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 class=\"c xadb y618d web8 h27b\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">1. Sinis</div><div class=\"t m2 x1723 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">tri accaduti<span class=\"_ _3a1\"> </span></div></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 class=\"t m2 xae4 h56 y618e ff4 fs15 fc1 sc0 ls0 ws0\">e altri costi </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 class=\"t m2 xae4 h56 y618f ff4 fs15 fc1 sc0 ls0 ws0\">direttamente </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 class=\"c n xadb y6190 wee0 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">attribuibili<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x176f y6190 wee1 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">(<span class=\"_ _1\"></span>804.023)</div></td><td class=\"c n x1770 y6190 wee2 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">(10.306)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1771 y6190 web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1772 y6190 web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-</div></td><td class=\"c n x1773 y6190 wb1a h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">(44.335)</div></td><td class=\"c n x1774 y6190 wee3 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">(858.664)</div></td><td class=\"c n x1775 y6190 wee4 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">(735.629)</div></td><td class=\"c n x1776 y6190 wee5 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">(11.473)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1777 y6190 web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1778 y6190 web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-</div></td><td class=\"c n x1779 y6190 wee6 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">(24.814)</div></td><td class=\"c n x177a y6190 wee7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">(771.916)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c xadb y6191 wee8 h27b\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">2. Varia<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1730 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">zioni della<span class=\"_ _3a1\"> </span></div></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 class=\"t m2 xae4 h56 y6192 ff4 fs15 fc1 sc0 ls0 ws0\">passivit\u00e0 per </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 class=\"c n xadb y6193 wee9 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">sinistri accaduti</div></td><td class=\"c n x177b y6193 weea h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">784.503</div></td><td class=\"c n x177c y6193 weeb h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">(1.285)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x177d y6193 web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x177e y6193 web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-</div></td><td class=\"c n x177f y6193 weec h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">4<span class=\"_ _1\"></span>1.619</div></td><td class=\"c n x1780 y6193 weed h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">824.837</div></td><td class=\"c n x1781 y6193 w853 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">716.175</div></td><td class=\"c n x1782 y6193 weee h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">(852)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1783 y6193 web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1784 y6193 wedc h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-</div></td><td class=\"c n x1785 y6193 weef h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">22.717</div></td><td class=\"c n x1786 y6193 w4b9 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">738.040<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c xae4 y6194 w141 h55\"><div class=\"t m2 x0 h56 y2d84 ff4 fs15 fc1 sc0 ls0 ws0\">3. Perdite su </div></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 class=\"t m2 xae4 h56 y6195 ff4 fs15 fc1 sc0 ls0 ws0\">contratti onerosi <span class=\"_ _2\"></span>e </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 class=\"t m2 xae4 h56 y6196 ff4 fs15 fc1 sc0 ls0 ws0\">recupero di tali </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 class=\"c n xadb y6197 wef0 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">perdite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1787 y6197 wef1 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-</div></td><td class=\"c n x1788 y6197 wef2 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">(<span class=\"_ _1\"></span>93)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1789 y6197 web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x178a y6197 web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x178b y6197 web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-</div></td><td class=\"c n x178c y6197 w495 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">(9<span class=\"_ _1\"></span>3)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x178d y6197 wef3 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-</div></td><td class=\"c n x178e y6197 wef4 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">1.360<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x178f y6197 web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1790 y6197 web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1791 y6197 web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-</div></td><td class=\"c n x1792 y6197 wef4 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">1.360<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c xadb y6198 wef5 h27b\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1793 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">. Ammortame<span class=\"_ _2\"></span>nto<span class=\"_ _3a1\"> </span></div></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 class=\"t m2 xae4 h56 y6199 ff4 fs15 fc1 sc0 ls0 ws0\">delle spese di </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 class=\"t m2 xae4 h56 y619a ff4 fs15 fc1 sc0 ls0 ws0\">acquisizione dei </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 class=\"t m2 xae4 h56 y619b ff4 fs15 fc1 sc0 ls0 ws0\">contratti di </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 class=\"c n xadb y619c wd38 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">assicurazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1794 y619c wef6 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">(54)</div></td><td class=\"c n x1795 y619c wef7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">(3.683)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1796 y619c web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1797 y619c web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1798 y619c wef8 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">(1<span class=\"_ _1\"></span>4)</div></td><td class=\"c n x1799 y619c wef9 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">(3.751)</div></td><td class=\"c n x179a y619c wefa h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">(47)</div></td><td class=\"c n x179b y619c wefb h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">(2.553)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x179c y619c web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x179d y619c web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x179e y619c wefc h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">(14)</div></td><td class=\"c n x179f y619c wefd h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">(<span class=\"_ _1\"></span>2.614)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h56 y619d ff4 fs15 fc1 sc0 ls0 ws0\">5. Altri importi<span class=\"_ _2\"></span> </td><td class=\"c n xc7c y619e web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1758 y619e web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1759 y619e web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x175a y619e web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x175b y619e wece h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x175c y619e web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x175d y619e web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x175e y619e wedc h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x175f y619e web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1760 y619e web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1761 y619e web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1762 y619e web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h56 y619f ff4 fs15 fc1 sc2 ls0 ws0\">B.6 Totale costi per </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 class=\"t m2 x58e h56 y61a0 ff4 fs15 fc1 sc2 ls0 ws0\">servizi assicurativi </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 class=\"t m2 x58e h56 y61a1 ff4 fs15 fc1 sc2 ls0 ws0\">derivanti dai contratti </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 class=\"t m2 x58e h56 y61a2 ff4 fs15 fc1 sc2 ls0 ws0\">di assicurazione </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 class=\"t m2 x58e h56 y61a3 ff4 fs15 fc1 sc2 ls0 ws0\">emessi \u2013 GMM o VFA<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c9 h56 y61a4 ff4 fs15 fc1 sc2 ls0 ws0\">(19.574)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd43 h56 y61a4 ff4 fs15 fc1 sc2 ls0 ws0\">(15.367)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a4 h56 y61a4 ff4 fs15 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd59 h56 y61a4 ff4 fs15 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc5f h56 y61a4 ff4 fs15 fc1 sc2 ls0 ws0\">(2.730)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ce h56 y61a4 ff4 fs15 fc1 sc2 ls0 ws0\">(37.671)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e0 h56 y61a4 ff4 fs15 fc1 sc2 ls0 ws0\">(19.501)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x159b h56 y61a4 ff4 fs15 fc1 sc2 ls0 ws0\">(13.518)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93a h56 y61a4 ff4 fs15 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba4 h56 y61a4 ff4 fs15 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h56 y61a4 ff4 fs15 fc1 sc2 ls0 ws0\">(2.111)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba2 h56 y61a4 ff4 fs15 fc1 sc2 ls0 ws0\">(35.130)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x58e y61a5 w1c6 h55\"><div class=\"t m2 x0 h56 y2d8c ff4 fs15 fc1 sc2 ls0 ws0\">B.7 Totale costi per </div></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 class=\"t m2 x58e h56 y61a6 ff4 fs15 fc1 sc2 ls0 ws0\">servizi assicurativi </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 class=\"t m2 x58e h56 y61a7 ff4 fs15 fc1 sc2 ls0 ws0\">derivanti dai contratti </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 class=\"t m2 x58e h56 y61a8 ff4 fs15 fc1 sc2 ls0 ws0\">di assicurazione </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 class=\"c x2d7 y61aa wefe h27c\"><div class=\"t m2 x2b3 h56 y61a9 ff4 fs15 fc1 sc2 ls0 ws0\">emessi valutati in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc2 ls0 ws0\">base al PAA<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 xe5d h56 y61ab ff4 fs15 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x8ea h56 y61ab ff4 fs15 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xae4 h56 y61ac ff4 fs15 fc1 sc0 ls0 ws0\">- Segmento Vita<span class=\"_ _2\"></span> </td><td class=\"c n xc7c y61ad web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1758 y61ad web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1759 y61ad web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x175a y61ad web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x175b y61ad wece h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x175c y61ad web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x175d y61ad web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x175e y61ad wedc h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x175f y61ad web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1760 y61ad web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1761 y61ad web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1762 y61ad web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h56 y61ae ff4 fs15 fc1 sc0 ls0 ws0\">- Segmento Danni </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 class=\"t m2 xae4 h56 y61af ff4 fs15 fc1 sc0 ls0 ws0\">- auto </td><td class=\"c n x1763 y5a4c wedd h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1764 y5a4c wedd h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1765 y5a4c wedd h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1766 y5a4c wedd h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1767 y5a4c wedd h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1768 y5a4c web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1769 y5a4c wedd h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x176a y5a4c wede h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x176b y5a4c wedf h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x176c y5a4c wedf h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x176d y5a4c wede h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x176e y5a4c web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h56 y61b0 ff4 fs15 fc1 sc0 ls0 ws0\">- Segmento Danni </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 class=\"t m2 xae4 h56 y61b1 ff4 fs15 fc1 sc0 ls0 ws0\">- non auto </td><td class=\"c n x1763 y61b2 wedd h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1764 y61b2 wedd h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1765 y61b2 wedd h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1766 y61b2 wedd h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1767 y61b2 wedd h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1768 y61b2 web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1769 y61b2 wedd h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x176a y61b2 wede h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x176b y61b2 wedf h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x176c y61b2 wedf h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x176d y61b2 wede h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x176e y61b2 web7 h275\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h56 y61b3 ff4 fs15 fc1 sc2 ls0 ws0\">B.8 Totale costi per </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 class=\"t m2 x58e h56 y61b4 ff4 fs15 fc1 sc2 ls0 ws0\">servizi assicurativi </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 class=\"t m2 x58e h56 y61b5 ff4 fs15 fc1 sc2 ls0 ws0\">derivanti dai contratti </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 class=\"t m2 x58e h56 y61b6 ff4 fs15 fc1 sc2 ls0 ws0\">di assicurazione </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 class=\"t m2 x58e h56 y61b7 ff4 fs15 fc1 sc2 ls0 ws0\">emessi (B.6 + B.7)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c9 h56 y61b8 ff4 fs15 fc1 sc2 ls0 ws0\">(19.574)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd43 h56 y61b8 ff4 fs15 fc1 sc2 ls0 ws0\">(15.367)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a4 h56 y61b8 ff4 fs15 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd59 h56 y61b8 ff4 fs15 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc5f h56 y61b8 ff4 fs15 fc1 sc2 ls0 ws0\">(2.730)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ce h56 y61b8 ff4 fs15 fc1 sc2 ls0 ws0\">(37.671)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e0 h56 y61b8 ff4 fs15 fc1 sc2 ls0 ws0\">(19.501)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x159b h56 y61b8 ff4 fs15 fc1 sc2 ls0 ws0\">(13.518)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93a h56 y61b8 ff4 fs15 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba4 h56 y61b8 ff4 fs15 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h56 y61b8 ff4 fs15 fc1 sc2 ls0 ws0\">(2.111)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba2 h56 y61b8 ff4 fs15 fc1 sc2 ls0 ws0\">(35.130)<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"gsb8c\"><table class=\"s weff h27d\" id=\"_6508129d-c98f-4b64-9e72-63b715646528\"><tr><td class=\"t m2 x58e h56 y61b9 ff4 fs15 fc1 sc2 ls0 ws0\">C. Totale ricavi/costi </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 class=\"c x2d7 y61ba wf00 h27e\"><div class=\"t m2 x2b3 h56 y6155 ff4 fs15 fc1 sc2 ls0 ws0\">netti d<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x17a0 h56 y6155 ff4 fs15 fc1 sc2 ls0 ws0\">erivanti dai<span class=\"_ _3a1\"> </span></div></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 class=\"t m2 x58e h56 y61bb ff4 fs15 fc1 sc2 ls0 ws0\">contratti di </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 class=\"t m2 x58e h56 y61bc ff4 fs15 fc1 sc2 ls0 ws0\">assicurazione emessi </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 class=\"t m2 x58e h56 y61bd ff4 fs15 fc1 sc2 ls0 ws0\">(+/-) (A.5 + B.8)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c5 h56 y61be ff4 fs15 fc1 sc2 ls0 ws0\">42.965<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x129f h56 y61be ff4 fs15 fc1 sc2 ls0 ws0\">16.479<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a4 h56 y61be ff4 fs15 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd59 h56 y61be ff4 fs15 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc61 h56 y61be ff4 fs15 fc1 sc2 ls0 ws0\">3.229<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba3 h56 y61be ff4 fs15 fc1 sc2 ls0 ws0\">62.673<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11a9 h56 y61be ff4 fs15 fc1 sc2 ls0 ws0\">39.865<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xced h56 y61be ff4 fs15 fc1 sc2 ls0 ws0\">20.869<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93a h56 y61be ff4 fs15 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba4 h56 y61be ff4 fs15 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93e h56 y61be ff4 fs15 fc1 sc2 ls0 ws0\">2.296<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d4 h56 y61be ff4 fs15 fc1 sc2 ls0 ws0\">63.030<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsfee\">Costi e ricavi a<span class=\"_ _1\"></span>ssicurativi der<span class=\"_ _1\"></span>ivanti dalle cessioni in r<span class=\"_ _1\"></span>iassicurazione - Compos<span class=\"_ _1\"></span>izione<span class=\"_ _3a1\"> </span></div><div class=\"gsfef\"><table class=\"s wf01 h27f\" id=\"_388dd8ea-0db8-461e-99f0-2ed77d853962\"><tr><td></td><td class=\"t m2 xd58 h12 y61bf ff4 fs7 fc4 sc3 ls0 ws0\">Segmento </td><td class=\"t m2 xd56 h12 y61bf ff4 fs7 fc4 sc3 ls0 ws0\">Segmento </td><td class=\"t m2 xddb h12 y61c0 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d4 h12 y61bf ff4 fs7 fc4 sc3 ls0 ws0\">Segmento </td><td class=\"t m2 x7e2 h12 y61bf ff4 fs7 fc4 sc3 ls0 ws0\">Segmento </td><td class=\"t m2 xddf h12 y61c0 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x865 h12 y61c1 ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Basi di aggregazione<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x875 h12 y61c1 ff4 fs7 fc4 sc3 ls0 ws0\">Vita<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e6 h12 y61c1 ff4 fs7 fc4 sc3 ls0 ws0\">Danni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd9 h12 y61c2 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1197 h12 y61c1 ff4 fs7 fc4 sc3 ls0 ws0\">Vita<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcee h12 y61c1 ff4 fs7 fc4 sc3 ls0 ws0\">Danni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10bc h12 y61c2 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 xd58 h12 y61c3 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a5 h12 y61c3 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x9d4 h12 y61c3 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e2 h12 y61c3 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 x58e h12 y61c4 ff4 fs7 fc1 sc2 ls0 ws0\">A. Allocazione dei premi pagati </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y61c5 wf02 h1e7\"><div class=\"t m2 x2b3 h12 y543a ff4 fs7 fc1 sc2 ls0 ws0\">relativi alle cessioni in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">riassicurazione valutate in base<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y61c6 ff4 fs7 fc1 sc2 ls0 ws0\">al GMM<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y61c7 ff4 fs7 fc1 sc2 ls0 ws0\">A.1 Importi connessi con le </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y61c8 ff4 fs7 fc1 sc2 ls0 ws0\">variazioni dell'attivit\u00e0 per </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y61c9 ff4 fs7 fc1 sc2 ls0 ws0\">residua copertura<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h12 y61ca ff4 fs7 fc1 sc0 ls0 ws0\">1. Importo dei sinistri e<span class=\"_ _2\"></span> altri<span class=\"_ _3a1\"> </span></td><td class=\"c n x1136 y61cb wf03 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(4.350)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17a1 y61cb w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17a2 y61cb wf03 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(4.350)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17a3 y61cb wf04 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(5.677)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17a4 y61cb w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17a5 y61cb wf04 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(5.677)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h12 y61cc ff4 fs7 fc1 sc0 ls0 ws0\">costi recuperabili attes<span class=\"_ _3b\"></span>i </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h12 y61cd ff4 fs7 fc1 sc0 ls0 ws0\">2. Variazioni<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h12 y61ce ff4 fs7 fc1 sc0 ls0 ws0\">dell'aggiustamento per <span class=\"_ _2\"></span>i rischi<span class=\"_ _3a1\"> </span></td><td class=\"c n x17a6 y61cf wf05 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(138)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17a7 y61cf w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17a8 y61cf wf06 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(138)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17a9 y61cf wf07 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(162)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17aa y61cf w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17ab y61cf wf07 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(162)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h12 y61d0 ff4 fs7 fc1 sc0 ls0 ws0\">non finanziari </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h12 y61d1 ff4 fs7 fc1 sc0 ls0 ws0\">3. Margine sui servizi<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xae4 h12 y61d2 ff4 fs7 fc1 sc0 ls0 ws0\">contrattuali registrat<span class=\"_ _2\"></span>o in conto </td><td class=\"c n x17ac y61d3 w9c4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(599)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17ad y61d3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17ae y61d3 wf08 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(5<span class=\"_ _1\"></span>99)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17af y61d3 w913 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(794)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17b0 y61d3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17b1 y61d3 wf09 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(794)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h12 y61d4 ff4 fs7 fc1 sc0 ls0 ws0\">economico per i ser<span class=\"_ _2\"></span>vizi ricevuti </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xadb y61d5 wf0a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Altri importi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17b2 y61d5 wf0b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">144<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17b3 y61d5 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17b4 y61d5 wf0c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">144<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17b5 y61d5 wf0d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(1.403)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17b6 y61d5 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17b7 y61d5 wf0e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(1.403)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xae4 h12 y61d6 ff4 fs7 fc1 sc2 ls0 ws0\">5. Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x5c4 h12 y61d6 ff4 fs7 fc1 sc2 ls0 ws0\">(4.943)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88c h12 y61d6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x116d h12 y61d6 ff4 fs7 fc1 sc2 ls0 ws0\">(4.943)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e8 h12 y61d6 ff4 fs7 fc1 sc2 ls0 ws0\">(8.036)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x936 h12 y61d6 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1271 h12 y61d6 ff4 fs7 fc1 sc2 ls0 ws0\">(8.036)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x58e y61d7 w1f4 h11\"><div class=\"t m2 x0 h12 y3a8 ff4 fs7 fc1 sc2 ls0 ws0\">A.2 Altri costi direttamente </div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y61d8 wf0f h225\"><div class=\"t m2 x2b3 h12 y5929 ff4 fs7 fc1 sc2 ls0 ws0\">attribuibili alle cessioni in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">riassicurazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xcf6 y61d9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17b8 y61d9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17b9 y61d9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17ba y61d9 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17bb y61d9 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17bc y61d9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y61da ff4 fs7 fc1 sc2 ls0 ws0\">B. Allocazione dei premi relativi </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y61db ff4 fs7 fc1 sc2 ls0 ws0\">alle cessioni in riassicurazione </td><td class=\"c n xcf6 y61dc w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17b8 y61dc w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17b9 y61dc w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17ba y61dc w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17bb y61dc w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17bc y61dc w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y61dd ff4 fs7 fc1 sc2 ls0 ws0\">valutate in base al PAA<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y61de ff4 fs7 fc1 sc2 ls0 ws0\">C. Totale costi derivanti dalle </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y61df ff4 fs7 fc1 sc2 ls0 ws0\">cessioni in riassicurazione </td><td class=\"t m2 x5c4 h12 y61df ff4 fs7 fc1 sc2 ls0 ws0\">(4.943)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88c h12 y61df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x116d h12 y61df ff4 fs7 fc1 sc2 ls0 ws0\">(4.943)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e8 h12 y61df ff4 fs7 fc1 sc2 ls0 ws0\">(8.036)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x936 h12 y61df ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1271 h12 y61df ff4 fs7 fc1 sc2 ls0 ws0\">(8.036)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y61e0 ff4 fs7 fc1 sc2 ls0 ws0\">(A.1+A.2+B)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x58e y61e1 w1f5 h11\"><div class=\"t m2 x0 h12 y2e8 ff4 fs7 fc1 sc2 ls0 ws0\">D. Effetti delle variazioni del </div></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y61e2 ff4 fs7 fc1 sc2 ls0 ws0\">rischio di inadempimento da </td><td class=\"c n xcf6 y61e3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17b8 y61e3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17b9 y61e3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17ba y61e3 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17bb y61e3 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17bc y61e3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y61e4 ff4 fs7 fc1 sc2 ls0 ws0\">parte dei riassicuratori<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y61e5 ff4 fs7 fc1 sc2 ls0 ws0\">E. Importo dei sinistri e altre </td><td class=\"c n xcf0 y61e6 wf10 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.251<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17bd y61e6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17be y61e6 wf11 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.251<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17bf y61e6 wf12 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.919<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17c0 y61e6 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17c1 y61e6 wf13 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.919<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y61e7 ff4 fs7 fc1 sc2 ls0 ws0\">spese recuperato<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y61e8 ff4 fs7 fc1 sc2 ls0 ws0\">F. Variazioni dell'attivit\u00e0 per </td><td class=\"c n x17c2 y5b97 w812 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">836<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17c3 y5b97 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17c4 y5b97 wf14 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">836<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17c5 y5b97 wf15 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(149)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17c6 y5b97 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17c7 y5b97 wf15 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(149)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y61e9 ff4 fs7 fc1 sc2 ls0 ws0\">sinistri accaduti<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y61ea ff4 fs7 fc1 sc2 ls0 ws0\">G. Altri recuperi<span class=\"_ _3a1\"> </span></td><td class=\"c n x17c8 y539c wf16 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">47<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17c9 y539c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17ca y539c wf16 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">47<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17cb y539c wf17 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(680)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17cc y539c w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17cd y539c wf17 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(680)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y61eb ff4 fs7 fc1 sc2 ls0 ws0\">H. Totale costi/ricavi netti </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y539f wf18 h1e7\"><div class=\"t m2 x2b3 h12 y543a ff4 fs7 fc1 sc2 ls0 ws0\">derivanti dalle cessioni in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">riassicurazione (C+D+E+F+G)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x12f8 h12 y61ec ff4 fs7 fc1 sc2 ls0 ws0\">(809)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88c h12 y61ec ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h12 y61ec ff4 fs7 fc1 sc2 ls0 ws0\">(809)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x130e h12 y61ec ff4 fs7 fc1 sc2 ls0 ws0\">(3.946)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x936 h12 y61ec ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1271 h12 y61ec ff4 fs7 fc1 sc2 ls0 ws0\">(3.946)<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m9 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsff1\">Ripartizione dei cost<span class=\"_ _1\"></span>i per servizi assicurativi e altri servizi<span class=\"_ _3a1\"> </span></div><div class=\"gsff2\"><table class=\"s wf19 h280\" id=\"_cdaec31b-b22b-45f2-8566-55ead82e48db\"><tr><td></td><td class=\"t m9 x17ce h12 y61ed ff4 fs7 fc4 sc3 ls0 ws0\">Base A1 - </td><td class=\"t m9 x17cf h12 y61ed ff4 fs7 fc4 sc3 ls0 ws0\">Base A2 - </td><td class=\"t m9 x17d0 h12 y61ed ff4 fs7 fc4 sc3 ls0 ws0\">Base A1 + </td><td></td><td></td><td class=\"t m9 x17d1 h12 y61ed ff4 fs7 fc4 sc3 ls0 ws0\">Base A3 + </td><td></td><td class=\"t m9 x17d2 h12 y61ed ff4 fs7 fc4 sc3 ls0 ws0\">Base A1 - </td><td class=\"t m9 x17d3 h12 y61ed ff4 fs7 fc4 sc3 ls0 ws0\">Base A2 - </td><td class=\"t m9 x17d4 h12 y61ed ff4 fs7 fc4 sc3 ls0 ws0\">Base A1 + </td><td></td><td></td><td class=\"t m9 x17d5 h12 y61ed ff4 fs7 fc4 sc3 ls0 ws0\">Base A3 + </td><td></td></tr><tr><td class=\"t m9 x17d6 h12 y61ee ff4 fs7 fc4 sc3 ls0 ws0\">Costi/Basi di </td><td class=\"t m9 x17d7 h12 y61ef ff4 fs7 fc4 sc3 ls0 ws0\">con DPF<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17d8 h12 y61ef ff4 fs7 fc4 sc3 ls0 ws0\">senza DPF<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17d9 h12 y61ef ff4 fs7 fc4 sc3 ls0 ws0\">Base A2<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17da h12 y61ef ff4 fs7 fc4 sc3 ls0 ws0\">Base A3<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17db h12 y61ef ff4 fs7 fc4 sc3 ls0 ws0\">Base A4<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17dc h12 y61ef ff4 fs7 fc4 sc3 ls0 ws0\">Base A4<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17dd h12 y61ef ff4 fs7 fc4 sc3 ls0 ws0\">Altro<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17de h12 y61ef ff4 fs7 fc4 sc3 ls0 ws0\">con DPF<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x3b7 h12 y61ef ff4 fs7 fc4 sc3 ls0 ws0\">senza DPF<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17df h12 y61ef ff4 fs7 fc4 sc3 ls0 ws0\">Base A2<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17e0 h12 y61ef ff4 fs7 fc4 sc3 ls0 ws0\">Base A3<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17e1 h12 y61ef ff4 fs7 fc4 sc3 ls0 ws0\">Base A4<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17e2 h12 y61ef ff4 fs7 fc4 sc3 ls0 ws0\">Base A4<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17e3 h12 y61ef ff4 fs7 fc4 sc3 ls0 ws0\">Altro<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x17e4 h12 y61f0 ff4 fs7 fc4 sc3 ls0 ws0\">aggregazione<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17e5 h12 y61f1 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17d8 h12 y61f1 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17e6 h12 y61f1 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17e7 h12 y61f1 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17e8 h12 y61f1 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17e9 h12 y61f1 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17ea h12 y61f1 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17eb h12 y61f1 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x3b7 h12 y61f1 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17ec h12 y61f1 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17ed h12 y61f1 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17ee h12 y61f1 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17d5 h12 y61f1 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17ef h12 y61f1 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x3c4 h12 y61f2 ff4 fs7 fc1 sc2 ls0 ws0\">Costi attribuiti </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><td></td><td></td></tr><tr><td class=\"t m9 x3c4 h12 y61f3 ff4 fs7 fc1 sc2 ls0 ws0\">all'acquisizione dei </td><td class=\"c n x17f0 y61f4 wf1a h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(1.956)</div></td><td class=\"c n x17f1 y61f4 wf1b h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(4.004)</div></td><td class=\"c n x17f2 y61f4 wf1c h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(5.960)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17f3 y61f4 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17f4 y61f4 wf1d h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17f5 y61f4 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17f6 y61f4 wf1e h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X</div></td><td class=\"c n x17f7 y61f4 wf1f h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(1.872)</div></td><td class=\"c n x17f8 y61f4 wf20 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(2.906)</div></td><td class=\"c n x17f9 y61f4 wf21 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(4.778)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17fa y61f4 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17fb y61f4 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17fc y61f4 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17fd y61f4 wf22 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x3c4 h12 y61f5 ff4 fs7 fc1 sc2 ls0 ws0\">contratti </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><td></td><td></td></tr><tr><td class=\"t m9 x3c4 h12 y61f6 ff4 fs7 fc1 sc2 ls0 ws0\">assicurativi<span class=\"_ _3a1\"> </span></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><td></td><td></td></tr><tr><td class=\"t m9 x3c4 h12 y61f7 ff4 fs7 fc1 sc2 ls0 ws0\">Altri costi </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><td></td><td></td></tr><tr><td class=\"t m9 x3c4 h12 y61f8 ff4 fs7 fc1 sc2 ls0 ws0\">direttamente </td><td class=\"c n x17fe y5512 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x17ff y5512 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1800 y5512 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1801 y5512 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1802 y5512 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1803 y5512 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1804 y5512 wf1e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X</div></td><td class=\"c n x1805 y5512 wf23 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(19.282)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1806 y5512 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"c n x1807 y5512 wf23 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(19.282)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1808 y5512 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1809 y5512 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x180a y5512 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x180b y5512 wf1e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x3c4 h12 y61f9 ff4 fs7 fc1 sc2 ls0 ws0\">attribuibili<span class=\"_ _3a1\"> </span></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><td></td><td></td></tr><tr><td class=\"c x3c4 y61fa w139 h11\"><div class=\"t m9 x0 h12 y2db6 ff4 fs7 fc1 sc2 ls0 ws0\">Spese di gestione </div></td><td></td><td class=\"c n x180c y61fb wf24 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X <span class=\"_ _62\"> </span>X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x180d y61fb wf25 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(728)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x180e y61fb wf1e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x180f y61fb wf1e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1810 y61fb w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1811 y61fb wf26 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(74)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1812 y61fb wf1e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1813 y61fb wf1e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1814 y61fb wf27 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(376)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1815 y61fb wf1e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1816 y61fb wf1e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1817 y61fb w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1818 y61fb wf28 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(373)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x3c4 h12 y61fc ff4 fs7 fc1 sc2 ls0 ws0\">degli investimenti<span class=\"_ _3a1\"> </span></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><td></td><td></td></tr><tr><td class=\"t m9 x3c4 h12 y61fd ff4 fs7 fc1 sc2 ls0 ws0\">Altri costi<span class=\"_ _3a1\"> </span></td><td class=\"c n x1819 y534f wf29 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x181a y534f wf1e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X</div></td><td class=\"c n x181b y534f wf2a h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(20.117)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x181c y534f wf1e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x181d y534f wf1e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x181e y534f w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"c n x181f y534f wf2b h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(9.515)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1820 y534f wf1e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1821 y534f wf1e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X</div></td><td class=\"c n x1822 y534f wf2c h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(19.858)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1823 y534f wf1e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1824 y534f wf1e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1825 y534f w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-</div></td><td class=\"c n x1826 y534f wf2d h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(7.019)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y539f wf2e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1827 y539f wf1e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1828 y539f wf2f h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X</div></td><td class=\"c n x1829 y539f wf30 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">(26.805)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x182a y539f wf1e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x182b y539f wf1e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x182c y539f w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-</div></td><td class=\"c n x182d y539f wf31 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">(9.589)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x182e y539f wf1e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x182f y539f wf1e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X</div></td><td class=\"c n x1830 y539f wf32 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">(44.294)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1831 y539f wf1e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1832 y539f wf1e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1833 y539f w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-</div></td><td class=\"c n x1834 y539f wf33 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">(7.392)</div></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInsurancePremiumRevenueExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-844": {
   "value": "<div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gsff4\">Sezione 12 \u2013 Le spese amministrative - Voce 190 </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsff5\">12.1 Spese per<span class=\"_ _1\"></span> il personale: composizione </div><div class=\"gsff6\"><table class=\"s wf34 h281\" id=\"_923f380e-b7d3-467a-a8b7-0c218eb74500\"><tr><td class=\"t m2 x7ad h12 y61fe ff4 fs7 fc4 sc3 ls0 ws0\">Tipologia di spese/Valori </td><td class=\"c n x72f y61ff w696 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1835 y61ff w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x731 y6200 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x732 y6200 w68d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6201 wf35 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1) Personale dipenden<span class=\"_ _2\"></span>te<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1836 y6201 w475 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(599.973)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fd h12 y6202 ff4 fs7 fc1 sc0 ls0 ws0\">(566.655)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y6203 wf36 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">a) salari e stipendi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1837 y6203 wf37 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(429.356)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69c h12 y6204 ff4 fs7 fc1 sc0 ls0 ws0\">(407.728)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y6205 wf38 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">b) oneri sociali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1838 y6205 wf39 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(104.171)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7ab h12 y6206 ff4 fs7 fc1 sc0 ls0 ws0\">(100.784)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y6207 wf3a h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) indennit\u00e0 di fine rapp<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>rto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1839 y6207 wf3b h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(5.735)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y6208 ff4 fs7 fc1 sc0 ls0 ws0\">(5.932)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y6209 wf3c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) spese previdenzi<span class=\"_ _2\"></span>ali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x183a y6209 wf3d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(51)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x788 h12 y620a ff4 fs7 fc1 sc0 ls0 ws0\">(50)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y620b wf3e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) accantonamento al <span class=\"_ _2\"></span>trattamento d<span class=\"_ _2\"></span>i fine rapporto del pe<span class=\"_ _2\"></span>rsonale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x183b y620b wee7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(649)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y620c ff4 fs7 fc1 sc0 ls0 ws0\">(1.231)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y620d wf3f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">f) accantonamento <span class=\"_ _2\"></span>al fondo trattamento di quie<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>cenza e obbligh<span class=\"_ _2\"></span>i simili:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x183c y620d wf40 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(43)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x788 h12 y620e ff4 fs7 fc1 sc0 ls0 ws0\">(50)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y620f wf41 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a contribuzione def<span class=\"_ _2\"></span>inita<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x183d y620f w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y6210 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y6211 wf42 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a benefici definit<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x183e y6211 wf43 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(43)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x788 h12 y6212 ff4 fs7 fc1 sc0 ls0 ws0\">(50)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y6213 wf44 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">g) versamenti ai fond<span class=\"_ _2\"></span>i di previdenza c<span class=\"_ _2\"></span>omplementare estern<span class=\"_ _2\"></span>i:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x183f y6213 wf45 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(27.567)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x795 h12 y6214 ff4 fs7 fc1 sc0 ls0 ws0\">(24.632)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y6215 wf41 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a contribuzione def<span class=\"_ _2\"></span>inita<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1840 y6215 wf45 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(27.567)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x795 h12 y6216 ff4 fs7 fc1 sc0 ls0 ws0\">(24.632)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y6217 wf42 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a benefici definit<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1841 y6217 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y6218 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y6219 wf46 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">h) costi derivanti da acc<span class=\"_ _2\"></span>ordi di pagame<span class=\"_ _2\"></span>nto basati su propri strum<span class=\"_ _2\"></span>enti patrimonia<span class=\"_ _2\"></span>li<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1842 y6219 w700 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(4.133)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y621a ff4 fs7 fc1 sc0 ls0 ws0\">(3.653)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y621b wf47 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">i) altri benefici a fav<span class=\"_ _2\"></span>ore dei dipendenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1843 y621b wf48 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(28.268)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x795 h12 y621c ff4 fs7 fc1 sc0 ls0 ws0\">(22.595)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y621d wf49 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2) Altro personale in a<span class=\"_ _2\"></span>ttivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1844 y621d wf4a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(9.196)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x676 h12 y621e ff4 fs7 fc1 sc0 ls0 ws0\">(8.310)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y621f wf4b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3) Amministratori e si<span class=\"_ _2\"></span>ndaci<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1845 y621f wf4c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(4.584)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67a h12 y6220 ff4 fs7 fc1 sc0 ls0 ws0\">(4.122)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6221 wf4d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4) Personale collocat<span class=\"_ _2\"></span>o a riposo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1846 y6221 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x73d h12 y6222 ff4 fs7 fc1 sc0 ls0 ws0\">(17)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6e7 h12 y6223 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y6223 ff4 fs7 fc1 sc2 ls0 ws0\">(613.753)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ab h12 y6223 ff4 fs7 fc1 sc2 ls0 ws0\">(579.104)<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsff7\">Come  da  indicazioni  d<span class=\"_ _2\"></span>ella  circolare<span class=\"_ _1\"></span>  di  Banca  d<span class=\"_ _2\"></span>\u2019Italia  262  del  22  dicembre  2005  (e  suc<span class=\"_ _2\"></span>cessivi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsff8\">aggiornamenti): </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gsff9\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">nella voce \u201cSpese p<span class=\"_ _2\"></span>er il pe<span class=\"_ _2\"></span>rsonale\u201d <span class=\"_ _25a\"></span>figurano <span class=\"_ _25a\"></span>anche <span class=\"_ _3b\"></span>i compensi <span class=\"_ _25a\"></span>agli <span class=\"_ _210\"></span>amministr<span class=\"_ _1\"></span>atori <span class=\"_ _2\"></span>e ai sindaci<span class=\"_ _2\"></span> e </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsffa\">le spese r<span class=\"_ _25a\"></span>e<span class=\"_ _25a\"></span>l<span class=\"_ _25a\"></span>a<span class=\"_ _210\"></span>t<span class=\"_ _25a\"></span>i<span class=\"_ _25a\"></span>v<span class=\"_ _25a\"></span>e<span class=\"_ _25a\"></span> a<span class=\"_ _25a\"></span>i<span class=\"_ _25a\"></span> c<span class=\"_ _25a\"></span>o<span class=\"_ _25a\"></span>n<span class=\"_ _25a\"></span>t<span class=\"_ _210\"></span>r<span class=\"_ _184\"></span>a<span class=\"_ _25a\"></span>t<span class=\"_ _25a\"></span>t<span class=\"_ _25a\"></span>i<span class=\"_ _210\"></span> d<span class=\"_ _25a\"></span>i<span class=\"_ _25a\"></span> l<span class=\"_ _25a\"></span>a<span class=\"_ _25a\"></span>v<span class=\"_ _25a\"></span>o<span class=\"_ _25a\"></span>r<span class=\"_ _184\"></span>o<span class=\"_ _25a\"></span> atipici; </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gsffb\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">la <span class=\"_ _210\"></span>sotto<span class=\"_ _1\"></span>voce <span class=\"_ _3b\"></span>\u201cAltro p<span class=\"_ _2\"></span>ersonale <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>attivit\u00e0\u201d <span class=\"_ _3b\"></span>comprende <span class=\"_ _3b\"></span>compensi <span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>e<span class=\"_ _35\"> </span>r<span class=\"_ _35\"> </span> <span class=\"_ _3b\"></span>collaborazioni coordinate. </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gsffc\">12.2 Numer<span class=\"_ _1\"></span>o medio dei dipendenti per<span class=\"_ _1\"></span> categoria </div><div class=\"t m2 h12 ff4 fs7 fc4 sc3 ls0 ws0 gsffd\">Totale </div><div class=\"gsffe\"><table class=\"s wf4e h282\" id=\"_9017a333-3970-4816-bb36-4379bfcde0c6\"><tr><td></td><td></td><td></td><td class=\"t m2 x99b h12 y6224 ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td><td></td></tr><tr><td></td><td></td><td class=\"c n x731 y6225 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x732 y6225 w68d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6226 ff4 fs7 fc1 sc2 ls0 ws0\">1) Personale dipendente </td><td></td><td class=\"t m2 x982 h12 y6227 ff4 fs7 fc1 sc2 ls0 ws0\">6.544<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x780 h12 y6227 ff4 fs7 fc1 sc2 ls0 ws0\">6.522<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h12 y6228 ff4 fs7 fc1 sc0 ls0 ws0\">a) dirigenti </td><td></td><td class=\"t m2 x1002 h12 y6229 ff4 fs7 fc1 sc0 ls0 ws0\">177<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x73d h12 y6229 ff4 fs7 fc1 sc0 ls0 ws0\">175<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h12 y622a ff4 fs7 fc1 sc0 ls0 ws0\">b) quadri direttivi </td><td></td><td class=\"t m2 x1013 h12 y622b ff4 fs7 fc1 sc0 ls0 ws0\">3.112<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x738 h12 y622b ff4 fs7 fc1 sc0 ls0 ws0\">3.142<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h12 y622c ff4 fs7 fc1 sc0 ls0 ws0\">c) restante personale d<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>pendente </td><td></td><td class=\"t m2 x1847 h12 y622d ff4 fs7 fc1 sc0 ls0 ws0\">3.255<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6e5 h12 y622d ff4 fs7 fc1 sc0 ls0 ws0\">3.205<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y622e ff4 fs7 fc1 sc2 ls0 ws0\">2) Altro personale </td><td></td><td class=\"t m2 x1104 h12 y622f ff4 fs7 fc1 sc2 ls0 ws0\">54<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x66b h12 y622f ff4 fs7 fc1 sc2 ls0 ws0\">49<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x6e7 h12 y6230 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x982 h12 y6231 ff4 fs7 fc1 sc2 ls0 ws0\">6.598<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x738 h12 y6231 ff4 fs7 fc1 sc2 ls0 ws0\">6.571<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsfff\">Il <span class=\"_ _38\"></span>numero <span class=\"_ _0\"></span>medio <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>dipendenti <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>include <span class=\"_ _0\"></span>gli<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>amministr<span class=\"_ _1\"></span>atori <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>sindac<span class=\"_ _2\"></span>i. <span class=\"_ _38\"></span>Nel <span class=\"_ _0\"></span>caso <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>dipendenti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1000\">part-time \u00e8 convenzionalmente considerato il 50%. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1001\">12.4 A<span class=\"_ _1\"></span>ltri benef<span class=\"_ _1\"></span>ici a favore<span class=\"_ _1\"></span> dei d<span class=\"_ _1\"></span>ipende<span class=\"_ _1\"></span>nti  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1002\">La v<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1003\">ce comprende i<span class=\"_ _2\"></span> bu<span class=\"_ _2\"></span>oni pasto, <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>incentivi all\u2019esodo, <span class=\"_ _3b\"></span>le<span class=\"_ _1\"></span> altre li<span class=\"_ _3b\"></span>beralit\u00e0<span class=\"_ _1\"></span> di<span class=\"_ _2\"></span>verse, i <span class=\"_ _3b\"></span>cos<span class=\"_ _1\"></span>ti per <span class=\"_ _3b\"></span>polizze </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1004\">assicurative <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>tipulate <span class=\"_ _3b\"></span>a favo<span class=\"_ _2\"></span>re <span class=\"_ _2\"></span>dei <span class=\"_ _3b\"></span>dipendenti, <span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>rsi <span class=\"_ _3b\"></span>per co<span class=\"_ _2\"></span>rsi <span class=\"_ _3b\"></span>di aggiornamento <span class=\"_ _3b\"></span>professionale, <span class=\"_ _2\"></span>ecc<span class=\"_ _3a1\"> </span>.<span class=\"_ _3a1\"> </span></div>12.5 Altre <span class=\"_ _1\"></span>spese amministrative: compos<span class=\"_ _1\"></span>izione <table class=\"s wf4f h283\" id=\"_2f420639-0938-48d8-8939-9055209120c4\"><tr><td class=\"t m2 x6c4 h12 y6232 ff4 fs7 fc4 sc3 ls0 ws0\">Tipologia servizi/Valori </td><td></td><td class=\"t m2 x711 h12 y6233 ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td><td class=\"c x99b y6234 wa0 h74\"><div class=\"t m2 x0 h12 y2e02 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x1848 y6235 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1849 y6235 w68d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6236 wf50 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">Imposte e tasse<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x184a y6236 wf51 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">(15<span class=\"_ _1\"></span>1.595)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69c h12 y6237 ff4 fs7 fc1 sc2 ls0 ws0\">(135.408)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6238 wa2f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Imposta di bollo<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x184b y6238 wf52 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(135.089)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd81 h12 y6239 ff4 fs7 fc1 sc0 ls0 ws0\">(120.051)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y623a wf53 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Imposta Municipale Un<span class=\"_ _2\"></span>ica<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x184c y623a w510 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(3.085)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67a h12 y623b ff4 fs7 fc1 sc0 ls0 ws0\">(3.129)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y623c wf54 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Altro<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x184d y623c wf55 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(13.421)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x666 h12 y623d ff4 fs7 fc1 sc0 ls0 ws0\">(12.228)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y623e wf56 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">Altre spese<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x184e y623e wf57 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">(280.743)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fd h12 y623f ff4 fs7 fc1 sc2 ls0 ws0\">(243.548)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6240 w7bc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Assicurazioni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x184f y6240 wf58 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(3.465)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y6241 ff4 fs7 fc1 sc0 ls0 ws0\">(3.424)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6242 wf59 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">ATM<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1850 y6242 wf5a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(1.903)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x676 h12 y6243 ff4 fs7 fc1 sc0 ls0 ws0\">(1.648)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6244 wf5b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Economato, cancelle<span class=\"_ _2\"></span>ria, stampati<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1851 y6244 wf5c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(7.640)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y6245 ff4 fs7 fc1 sc0 ls0 ws0\">(6.622)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6246 wf5d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Formazione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1852 y6246 wf5e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(3.550)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x676 h12 y6247 ff4 fs7 fc1 sc0 ls0 ws0\">(2.925)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6248 wf5f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Energia elettrica<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1853 y6248 wf60 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(7.589)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y6249 ff4 fs7 fc1 sc0 ls0 ws0\">(8.075)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y624a wf61 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Fitti passivi su immob<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>li<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1854 y624a w74c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(1.527)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x780 h12 y624b ff4 fs7 fc1 sc0 ls0 ws0\">(1.117)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y624c wf62 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Altre spese immob<span class=\"_ _2\"></span>iliari<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1855 y624c wf63 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(12.773)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xda3 h12 y624d ff4 fs7 fc1 sc0 ls0 ws0\">(13.848)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y624e wf64 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Info provider<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1856 y624e wf65 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(16.974)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6f6 h12 y624f ff4 fs7 fc1 sc0 ls0 ws0\">(16.144)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6250 wf66 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Elaborazioni elettron<span class=\"_ _2\"></span>iche presso terz<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1857 y6250 wf67 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(108.126)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd81 h12 y6251 ff4 fs7 fc1 sc0 ls0 ws0\">(85.082)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6252 wf68 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Macchine ufficio<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1858 y6252 wf69 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(58)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1859 h12 y6253 ff4 fs7 fc1 sc0 ls0 ws0\">(121)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6254 wf6a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Lavorazione bancar<span class=\"_ _2\"></span>ie esternalizzate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x185a y6254 wf6b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(7.185)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y6255 ff4 fs7 fc1 sc0 ls0 ws0\">(5.608)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6256 wf6c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Marketing<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x185b y6256 wf6d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(2<span class=\"_ _2\"></span>4.004)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y6257 ff4 fs7 fc1 sc0 ls0 ws0\">(21.351)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6258 wcb8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Mobilit\u00e0<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x185c y6258 wf6e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(11.568)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x666 h12 y6259 ff4 fs7 fc1 sc0 ls0 ws0\">(10.652)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y625a wf6f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Postali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x185d y625a wf70 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(1.589)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x738 h12 y625b ff4 fs7 fc1 sc0 ls0 ws0\">(929)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y60ea wf71 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Consulenza<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x185e y60ea wf72 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(15.094)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6f6 h12 y625c ff4 fs7 fc1 sc0 ls0 ws0\">(13.281)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y625d wf73 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Spese legali per recupe<span class=\"_ _2\"></span>ro crediti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x185f y625d wf74 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(5.210)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y625e ff4 fs7 fc1 sc0 ls0 ws0\">(5.181)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y625f wf75 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Spese legali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1860 y625f wf76 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(4.<span class=\"_ _2\"></span>486)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y6260 ff4 fs7 fc1 sc0 ls0 ws0\">(5.329)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6261 wf77 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Altri compensi a pro<span class=\"_ _2\"></span>fessionisti esterni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1861 y6261 wf70 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(1.658)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y6262 ff4 fs7 fc1 sc0 ls0 ws0\">(1.612)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6263 wf78 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reti e servizi interbanca<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1862 y6263 w989 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(3.322)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y6264 ff4 fs7 fc1 sc0 ls0 ws0\">(2.959)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y53a7 wf79 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Telefoniche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1863 y53a7 wf7a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(7.009)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y6265 ff4 fs7 fc1 sc0 ls0 ws0\">(5.642)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y5b91 wf7b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Trasporti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1864 y5b91 wf7c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(450)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x780 h12 y6266 ff4 fs7 fc1 sc0 ls0 ws0\">(504)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6267 wf7d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Trasporto valori e c<span class=\"_ _2\"></span>ontazione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1865 y6267 waa7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(3.791)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y6268 ff4 fs7 fc1 sc0 ls0 ws0\">(3.437)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6269 wf7e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Vigilanza<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1866 y6269 wf7f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(4.236)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y626a ff4 fs7 fc1 sc0 ls0 ws0\">(4.460)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y5fed wf80 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Visure e informazion<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1867 y5fed wf81 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(9.380)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y626b ff4 fs7 fc1 sc0 ls0 ws0\">(8.509)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y60ff wf56 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Altre spese<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1868 y60ff wf6e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(18.156)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xda3 h12 y626c ff4 fs7 fc1 sc0 ls0 ws0\">(18.958)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y626d wf82 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">Contributi Fondi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1869 y626d wf83 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">(37.248)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x795 h12 y626e ff4 fs7 fc1 sc2 ls0 ws0\">(47.606)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y5bcb wf84 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Contributi Fondo di <span class=\"_ _2\"></span>Risoluzione Unico - SR<span class=\"_ _2\"></span>F<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x186a y5bcb w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xda3 h12 y626f ff4 fs7 fc1 sc0 ls0 ws0\">(19.368)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y5bab wf85 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Contributi Sistema Ga<span class=\"_ _2\"></span>ranzia Depositi - DGSD<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x186b y5bab w5ce h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(32.967)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x795 h12 y6270 ff4 fs7 fc1 sc0 ls0 ws0\">(28.238)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y5bad wf86 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Contributi Fondo Gar<span class=\"_ _2\"></span>anzia Assicurati<span class=\"_ _2\"></span>vo Rami Vita<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x186c y5bad wf70 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(4.281)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y6271 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x78f h12 y6272 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fc h12 y6272 ff4 fs7 fc1 sc2 ls0 ws0\">(469.586)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fd h12 y6272 ff4 fs7 fc1 sc2 ls0 ws0\">(430.432)<span class=\"_ _3a1\"> </span></td></tr></table>I <span class=\"_ _0\"></span>costi <span class=\"_ _35\"> </span>relativi <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>leasing <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>breve <span class=\"_ _0\"></span>termine <span class=\"_ _0\"></span>ammontano<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>56 <span class=\"_ _35\"> </span>mila <span class=\"_ _0\"></span>euro, <span class=\"_ _0\"></span>i <span class=\"_ _0\"> </span>costi <span class=\"_ _35\"> </span>relativi <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>leasing <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> modesto <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> 147 <span class=\"_ _1\"></span>mila <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>uro, me<span class=\"_ _1\"></span>ntre <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>costi <span class=\"_ _1\"></span>relativi <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>leasing <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>inclusi <span class=\"_ _1\"></span>nella <span class=\"_ _1\"></span>valutazione <span class=\"_ _1\"></span>delle<span class=\"_ _1\"></span> passivit\u00e0 ammontano a circa 3,3 milioni di euro (Iva indetra<span class=\"_ _1\"></span>ibile ed altri servizi).  A <span class=\"_ _37\"> </span>dicembre <span class=\"_ _37\"> </span>2024, <span class=\"_ _37\"> </span>nella <span class=\"_ _37\"> </span>suddetta <span class=\"_ _37\"> </span>voce, <span class=\"_ _3d\"> </span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>stato <span class=\"_ _37\"> </span>imputato <span class=\"_ _37\"> </span>il <span class=\"_ _3d\"> </span>cont<span class=\"_ _1\"></span>ributo <span class=\"_ _37\"> </span>al <span class=\"_ _37\"> </span>Fondo <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>garanzia assicurativo dei rami vita, istituito dalla Legge di B<span class=\"_ _1\"></span>ilancio 2023, ammontante a 4,3 milioni di euro. Sezione 13 \u2013 Accantonamenti netti ai fondi per rischi ed oneri - Voce 200 13.1 Accantoname<span class=\"_ _1\"></span>nti netti per il rischio <span class=\"_ _1\"></span>di credito relativi a <span class=\"_ _1\"></span>impegni a erogare <span class=\"_ _1\"></span>fondi e garanzie finanziarie<span class=\"_ _1\"></span> rilasciate: compos<span class=\"_ _3a1\"> </span>izione<span class=\"_ _3a1\"> </span><table class=\"s wf87 h284\" id=\"_e8707af5-8e6b-4cab-9cdc-64e0fdb49ea4\"><tr><td></td><td class=\"t m2 x1233 h12 y6273 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12fc h12 y6273 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x886 h12 y6274 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1140 h12 y6274 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6275 ff4 fs7 fc1 sc0 ls0 ws0\">Accantonamento ne<span class=\"_ _2\"></span>tto al fondo rischi per <span class=\"_ _2\"></span>impegni a erogare f<span class=\"_ _2\"></span>ondi e garanzie finanz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>arie </td><td class=\"c n x5c7 y565c wf88 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(336)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x186d y565c wf89 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(1.460)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6276 ff4 fs7 fc1 sc0 ls0 ws0\">rilasciate </td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6277 ff4 fs7 fc1 sc0 ls0 ws0\">Riattribuzione a conto<span class=\"_ _2\"></span> economico relative a<span class=\"_ _2\"></span>l fondo rischi per impeg<span class=\"_ _2\"></span>ni a erogare f<span class=\"_ _2\"></span>ondi e </td><td class=\"c n x5c7 y6278 wf8a h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.055<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x186e y6278 wf8b h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.288<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6279 ff4 fs7 fc1 sc0 ls0 ws0\">garanzie finanziarie r<span class=\"_ _2\"></span>ilasciate </td><td></td><td></td></tr><tr><td class=\"t m2 x93d h12 y627a ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11aa h12 y627a ff4 fs7 fc1 sc2 ls0 ws0\">719<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d8 h12 y627a ff4 fs7 fc1 sc2 ls0 ws0\">1.828<span class=\"_ _3a1\"> </span></td></tr></table>13.2 Accantoname<span class=\"_ _1\"></span>nti netti relativi ad alt<span class=\"_ _1\"></span>ri impegni e <span class=\"_ _1\"></span>altre garanzie rilasciate: <span class=\"_ _1\"></span>composizione Totale<span class=\"fc1 sc2\"> <span class=\"_ _1cc\"> </span></span>Totale<span class=\"fc1 sc2\"> </span><table class=\"s wf8c h285\" id=\"_67ca88f3-a074-4911-ae1b-ad8f49c3e091\"><tr><td></td><td></td><td class=\"c xe21 y627b w17c h11\"><div class=\"t m2 x0 h12 y807 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c x1870 y5a24 wf8d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x186f h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y627c wf8e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Accantonamento qu<span class=\"_ _2\"></span>ota IPC Contribu<span class=\"_ _2\"></span>to Fondo di Risoluzione Un<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>co Europeo - S<span class=\"_ _2\"></span>RF<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1871 y627c w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe2c y627c wf8f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(5<span class=\"_ _1\"></span>.622)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 xd57 h12 y627d ff4 fs7 fc1 sc2 ls0 ws0\">Totale </td><td class=\"t m2 xacf h12 y627e ff4 fs7 fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 xe22 h12 y627d ff4 fs7 fc1 sc2 ls0 ws0\">(5.622) </td></tr></table>Nella <span class=\"_ _1\"></span>presente <span class=\"_ _1\"></span>voce, <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>l\u2019anno 2023, <span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>presente <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>22,5% <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>contributo <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>Fo<span class=\"_ _1\"></span>ndo <span class=\"_ _1\"></span>Nazionale <span class=\"_ _1\"></span>per la <span class=\"_ _35\"> </span>Risoluzione, <span class=\"_ _35\"> </span>gi\u00e0 <span class=\"_ _35\"> </span>vers<span class=\"_ _1\"></span>ato, <span class=\"_ _35\"> </span>pari <span class=\"_ _35\"> </span>a  5,6 <span class=\"_ _35\"> </span>milioni<span class=\"_ _2\"></span>  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>euro  a <span class=\"_ _35\"> </span>titolo <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>\u201cdeposito  cau<span class=\"_ _2\"></span>zionale\u201d, <span class=\"_ _35\"> </span>mentre l\u2019ulteriore 77,5% era stato imputato nella voce \u201cAltre spese amministrat<span class=\"_ _1\"></span>ive\u201d. 13.3 Accantoname<span class=\"_ _1\"></span>nti netti agli altri fo<span class=\"_ _1\"></span>ndi per rischi e o<span class=\"_ _1\"></span>neri: composizione <table class=\"s wf90 h286\" id=\"_47f0b881-34c8-45da-a0e9-484602c60815\"><tr><td></td><td></td><td></td><td class=\"t m2 x1872 h12 y627f ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc2\"> <span class=\"_ _15e\"> </span></span>Totale<span class=\"fc1 sc2\"> </span></td></tr><tr><td></td><td></td><td class=\"c x714 y6280 w17c h11\"><div class=\"t m2 x0 h12 y4fb ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c x1874 y6281 wf91 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1873 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6282 wf92 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Accantonamento ne<span class=\"_ _2\"></span>tto al fondo rischi per cau<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>e passive e rev<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>catorie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1875 y6282 wa21 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(2.713)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67a h12 y6283 ff4 fs7 fc1 sc0 ls0 ws0\">(2.719)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6008 wf93 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Interessi passivi da attu<span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>lizzazione fond<span class=\"_ _2\"></span>o per cause passive e <span class=\"_ _2\"></span>revocatorie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1876 y6008 wf94 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(600)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x738 h12 y6284 ff4 fs7 fc1 sc0 ls0 ws0\">(462)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6285 wf95 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Riattribuzione a conto<span class=\"_ _2\"></span> economico relative a<span class=\"_ _2\"></span>l fondo rischi per cause pa<span class=\"_ _3b\"></span>ssive e revocatorie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1877 y6285 wf96 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.270<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x738 h12 y6286 ff4 fs7 fc1 sc0 ls0 ws0\">1.473<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6287 wf97 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Accantonamenti ad al<span class=\"_ _2\"></span>tri fondi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1878 y6287 wf98 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(22.409)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x795 h12 y6288 ff4 fs7 fc1 sc0 ls0 ws0\">(29.540)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6289 wf99 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Interessi passivi da attu<span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>lizzazione r<span class=\"_ _2\"></span>elativi ad altri fondi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1879 y6289 wf9a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(1.176)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x187a h12 y628a ff4 fs7 fc1 sc0 ls0 ws0\">88<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y628b wf9b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Riattribuzione a conto<span class=\"_ _2\"></span> economico relative ad <span class=\"_ _2\"></span>altri fondi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x187b y628b wb09 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.203<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7b1 h12 y628c ff4 fs7 fc1 sc0 ls0 ws0\">1.001<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x187c h12 y5aee ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xff2 h12 y5aee ff4 fs7 fc1 sc2 ls0 ws0\">(20.425)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y5aee ff4 fs7 fc1 sc2 ls0 ws0\">(30.159)<span class=\"_ _3a1\"> </span></td></tr></table>Sezione 14 \u2013 Rettifiche/riprese di valore nette su attivit\u00e0 materiali \u2013 Voce 210 14.1. Rett<span class=\"_ _1\"></span>ifiche di valore nette su at<span class=\"_ _1\"></span>tivit\u00e0 materiali: com<span class=\"_ _1\"></span>posizione<span class=\"_ _3a1\"> </span><table class=\"s wf9c h287\" id=\"_f32ec9ab-cabc-4a33-8d5d-ce003bbe2e31\"><tr><td></td><td></td><td class=\"t m2 xad1 h12 y628d ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche di valore </td><td></td><td></td></tr><tr><td class=\"t m2 x187d h12 y628e ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0/Componente reddituali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc65 h12 y628f ff4 fs7 fc4 sc3 ls0 ws0\">Ammortamento<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x885 h12 y628f ff4 fs7 fc4 sc3 ls0 ws0\">per </td><td class=\"t m2 xc64 h12 y628f ff4 fs7 fc4 sc3 ls0 ws0\">Riprese di valore<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xec3 h12 y628f ff4 fs7 fc4 sc3 ls0 ws0\">Risultato netto<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td class=\"t m2 x187e h12 y6290 ff4 fs7 fc4 sc3 ls0 ws0\">deterioramento<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"c xad0 y6291 wdc h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">(a)<span class=\"_ _3a1\"> </span></div></td><td class=\"c xc54 y6291 wcc h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">(b)<span class=\"_ _3a1\"> </span></div></td><td class=\"c x876 y6291 w81 h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">(c)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1140 h12 y6292 ff4 fs7 fc4 sc3 ls0 ws0\">(a + b - c)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6293 ff4 fs7 fc1 sc0 ls0 ws0\">A. Attivit\u00e0 materia<span class=\"_ _2\"></span>li </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x595 y6294 wea8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Ad uso funzionale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x187f y6294 wf9d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(44.399)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1880 y6294 w760 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(21)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1881 y6294 w6ba h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">199<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1882 y6294 w5b0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(44.221)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1883 y6295 wf9e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Di propriet\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1884 y6295 wf9f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(20.495)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1885 y6295 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1886 y6295 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1887 y6295 wf9f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(20.495)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1883 y6296 wfa0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Diritti d'uso acquis<span class=\"_ _2\"></span>iti con il leasing<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1888 y6296 w503 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(23.904)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1889 y6296 w760 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(21)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x188a y6296 w6ba h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">199<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x188b y6296 wfa1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(23.726)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y6297 wfa2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Detenute a scop<span class=\"_ _2\"></span>o di investimento<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x188c y6297 wfa3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(155<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x188d y6297 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x188e y6297 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x188f y6297 wfa4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(155)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1883 y5658 wf9e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Di propriet\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1890 y5658 wfa5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(1<span class=\"_ _2\"></span>55)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1891 y5658 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1892 y5658 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1893 y5658 wfa6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(155)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1883 y6298 wfa0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Diritti d'uso acquis<span class=\"_ _2\"></span>iti con il leasing<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1894 y6298 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1895 y6298 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1896 y6298 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1897 y6298 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y5f4a wfa7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Rimanenze<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1898 y5f4a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1899 y5f4a w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x189a y5f4a w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x189b y5f4a w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y627c wfa8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B. Attivit\u00e0 possedute<span class=\"_ _2\"></span> per la vendita<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x189c y627c w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x189d y627c w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x189e y627c w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x189f y627c w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xd58 h12 y6299 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x880 h12 y6299 ff4 fs7 fc1 sc2 ls0 ws0\">(44.554)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93d h12 y6299 ff4 fs7 fc1 sc2 ls0 ws0\">(21)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a1 h12 y6299 ff4 fs7 fc1 sc2 ls0 ws0\">199<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd53 h12 y6299 ff4 fs7 fc1 sc2 ls0 ws0\">(44.376)<span class=\"_ _3a1\"> </span></td></tr></table>Sezione 15 \u2013 Rettifiche/riprese di valore nette su attivit\u00e0 immateriali \u2013 Voce 220 15.1 Rettifiche <span class=\"_ _1\"></span>di valore nette di att<span class=\"_ _1\"></span>ivit\u00e0 immateriali: composiz<span class=\"_ _1\"></span>ione<span class=\"_ _3a1\"> </span><table class=\"s wfa9 h288\" id=\"_7658f59b-fc1a-4dfc-8db6-de705036bf15\"><tr><td></td><td></td><td class=\"t m2 x18a0 h12 y629a ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche di valore </td><td></td><td></td></tr><tr><td class=\"t m2 x187d h12 y629b ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0/Componente reddituale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x932 h12 y629c ff4 fs7 fc4 sc3 ls0 ws0\">Ammortamento<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc54 h12 y629c ff4 fs7 fc4 sc3 ls0 ws0\">per </td><td class=\"t m2 x1364 h12 y629c ff4 fs7 fc4 sc3 ls0 ws0\">Riprese di valore<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xec3 h12 y629c ff4 fs7 fc4 sc3 ls0 ws0\">Risultato netto<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x7dd h12 y629d ff4 fs7 fc4 sc3 ls0 ws0\">(a)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112d h12 y629d ff4 fs7 fc4 sc3 ls0 ws0\">deterioramento<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x876 h12 y629d ff4 fs7 fc4 sc3 ls0 ws0\">(c)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1140 h12 y629d ff4 fs7 fc4 sc3 ls0 ws0\">(a + b - c)<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td class=\"t m2 x7e0 h12 y629e ff4 fs7 fc4 sc3 ls0 ws0\">(b)<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y629f ff4 fs7 fc1 sc0 ls0 ws0\">A. Attivit\u00e0 immater<span class=\"_ _2\"></span>iali </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y589c w964 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: software<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18a1 y589c wfaa h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(60.<span class=\"_ _2\"></span>943)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18a2 y589c w47a h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18a3 y589c w606 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18a4 y589c wfab h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(60.943)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y60b6 wd6a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Di propriet\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18a5 y60b6 wfac h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(63.054)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18a6 y60b6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18a7 y60b6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18a8 y60b6 wfad h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(63<span class=\"_ _1\"></span>.054)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe08 y62a0 wfae h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Generate internamente d<span class=\"_ _3b\"></span>all'azienda<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18a9 y62a0 wfaf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(7.221)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18aa y62a0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18ab y62a0 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18ac y62a0 wfaf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(7.221)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe08 y5a84 wa7a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18ad y5a84 wfb0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(5<span class=\"_ _1\"></span>5.833)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18ae y5a84 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18af y5a84 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18b0 y5a84 wfb1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(55.833)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y5a85 wfb2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Diritti d'uso acqu<span class=\"_ _2\"></span>isiti con il leasing<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18b1 y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18b2 y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18b3 y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18b4 y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y597f wfa8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B. Attivit\u00e0 possedute<span class=\"_ _2\"></span> per la vendita<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18b5 y597f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18b6 y597f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18b7 y597f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18b8 y597f w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1446 h12 y5a4e ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x880 h12 y5a4e ff4 fs7 fc1 sc2 ls0 ws0\">(63.054)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf1a h12 y5a4e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc57 h12 y5a4e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd53 h12 y5a4e ff4 fs7 fc1 sc2 ls0 ws0\">(63.054)<span class=\"_ _3a1\"> </span></td></tr></table>Gli <span class=\"_ _35\"> </span>ammortamenti <span class=\"_ _35\"> </span>sono  in <span class=\"_ _35\"> </span>cresci<span class=\"_ _2\"></span>ta <span class=\"_ _35\"> </span>per  la <span class=\"_ _35\"> </span>costante <span class=\"_ _35\"> </span>attenzione <span class=\"_ _35\"> </span>agli <span class=\"_ _35\"> </span>investimenti <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>sostenere l\u2019attivit\u00e0 progettuale e l\u2019evoluzione del mo<span class=\"_ _1\"></span>dello di servizio.<span class=\"_ _3a1\"> </span>Sezione 16 \u2013 Gli altri oneri e proventi di gestione \u2013 Voce 230<span class=\"_ _2\"></span> 16.1 Altri oner<span class=\"_ _1\"></span>i di gestione: com<span class=\"_ _1\"></span>posizione<span class=\"_ _3a1\"> </span><table class=\"s wfb3 h289\" id=\"_9e0d5008-6ef8-4b41-bd57-76a1a248e3f8\"><tr><td></td><td class=\"t m2 xb9d h12 y62a1 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h12 y62a1 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x7e1 h12 y62a2 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x138d h12 y62a2 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y62a3 wfb4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Rimborsi interessi per <span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>ncassi e pagame<span class=\"_ _2\"></span>nti in stanza di compens<span class=\"_ _2\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf16 y62a3 wfb5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(3)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18b9 y62a3 wdd6 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(1)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bbb wfb6 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Ammortamento m<span class=\"_ _2\"></span>igliorie su beni di t<span class=\"_ _2\"></span>erzi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18ba y5bbb wfb7 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(4.404)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18bb y5bbb wfb8 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(4.461)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a6a wfb9 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Sopravvenienze passi<span class=\"_ _2\"></span>ve<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18bc y5a6a wfba h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(13.443)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18bd y5a6a wfbb h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(14.682)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y62a4 wfbc h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Altri oneri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18be y62a4 wfbd h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(21.971)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18bf y62a4 wfbe h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(19.905<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y548c w964 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Opzioni su titoli<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18c0 y548c wfbf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(2)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18c1 y548c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x18c2 h12 y62a5 ff4 fs7 fc1 sc2 ls0 ws0\">Totale Altri oneri<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7da h12 y62a5 ff4 fs7 fc1 sc2 ls0 ws0\">(39.823)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcec h12 y62a5 ff4 fs7 fc1 sc2 ls0 ws0\">(39.049)<span class=\"_ _3a1\"> </span></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfExpensesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-819": {
   "value": "Sezione 12 \u2013 Le spese amministrative - Voce 190 12.1 Spese per<span class=\"_ _1\"></span> il personale: composizione <table class=\"s wf34 h281\" id=\"_923f380e-b7d3-467a-a8b7-0c218eb74500\"><tr><td class=\"t m2 x7ad h12 y61fe ff4 fs7 fc4 sc3 ls0 ws0\">Tipologia di spese/Valori </td><td class=\"c n x72f y61ff w696 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1835 y61ff w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x731 y6200 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x732 y6200 w68d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6201 wf35 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1) Personale dipenden<span class=\"_ _2\"></span>te<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1836 y6201 w475 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(599.973)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fd h12 y6202 ff4 fs7 fc1 sc0 ls0 ws0\">(566.655)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y6203 wf36 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">a) salari e stipendi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1837 y6203 wf37 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(429.356)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69c h12 y6204 ff4 fs7 fc1 sc0 ls0 ws0\">(407.728)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y6205 wf38 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">b) oneri sociali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1838 y6205 wf39 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(104.171)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7ab h12 y6206 ff4 fs7 fc1 sc0 ls0 ws0\">(100.784)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y6207 wf3a h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) indennit\u00e0 di fine rapp<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>rto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1839 y6207 wf3b h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(5.735)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y6208 ff4 fs7 fc1 sc0 ls0 ws0\">(5.932)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y6209 wf3c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) spese previdenzi<span class=\"_ _2\"></span>ali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x183a y6209 wf3d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(51)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x788 h12 y620a ff4 fs7 fc1 sc0 ls0 ws0\">(50)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y620b wf3e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) accantonamento al <span class=\"_ _2\"></span>trattamento d<span class=\"_ _2\"></span>i fine rapporto del pe<span class=\"_ _2\"></span>rsonale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x183b y620b wee7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(649)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y620c ff4 fs7 fc1 sc0 ls0 ws0\">(1.231)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y620d wf3f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">f) accantonamento <span class=\"_ _2\"></span>al fondo trattamento di quie<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>cenza e obbligh<span class=\"_ _2\"></span>i simili:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x183c y620d wf40 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(43)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x788 h12 y620e ff4 fs7 fc1 sc0 ls0 ws0\">(50)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y620f wf41 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a contribuzione def<span class=\"_ _2\"></span>inita<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x183d y620f w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y6210 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y6211 wf42 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a benefici definit<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x183e y6211 wf43 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(43)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x788 h12 y6212 ff4 fs7 fc1 sc0 ls0 ws0\">(50)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y6213 wf44 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">g) versamenti ai fond<span class=\"_ _2\"></span>i di previdenza c<span class=\"_ _2\"></span>omplementare estern<span class=\"_ _2\"></span>i:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x183f y6213 wf45 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(27.567)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x795 h12 y6214 ff4 fs7 fc1 sc0 ls0 ws0\">(24.632)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y6215 wf41 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a contribuzione def<span class=\"_ _2\"></span>inita<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1840 y6215 wf45 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(27.567)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x795 h12 y6216 ff4 fs7 fc1 sc0 ls0 ws0\">(24.632)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y6217 wf42 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a benefici definit<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1841 y6217 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y6218 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y6219 wf46 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">h) costi derivanti da acc<span class=\"_ _2\"></span>ordi di pagame<span class=\"_ _2\"></span>nto basati su propri strum<span class=\"_ _2\"></span>enti patrimonia<span class=\"_ _2\"></span>li<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1842 y6219 w700 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(4.133)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y621a ff4 fs7 fc1 sc0 ls0 ws0\">(3.653)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y621b wf47 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">i) altri benefici a fav<span class=\"_ _2\"></span>ore dei dipendenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1843 y621b wf48 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(28.268)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x795 h12 y621c ff4 fs7 fc1 sc0 ls0 ws0\">(22.595)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y621d wf49 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2) Altro personale in a<span class=\"_ _2\"></span>ttivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1844 y621d wf4a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(9.196)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x676 h12 y621e ff4 fs7 fc1 sc0 ls0 ws0\">(8.310)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y621f wf4b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3) Amministratori e si<span class=\"_ _2\"></span>ndaci<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1845 y621f wf4c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(4.584)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67a h12 y6220 ff4 fs7 fc1 sc0 ls0 ws0\">(4.122)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6221 wf4d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4) Personale collocat<span class=\"_ _2\"></span>o a riposo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1846 y6221 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x73d h12 y6222 ff4 fs7 fc1 sc0 ls0 ws0\">(17)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6e7 h12 y6223 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y6223 ff4 fs7 fc1 sc2 ls0 ws0\">(613.753)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ab h12 y6223 ff4 fs7 fc1 sc2 ls0 ws0\">(579.104)<span class=\"_ _3a1\"> </span></td></tr></table>Come  da  indicazioni  d<span class=\"_ _2\"></span>ella  circolare<span class=\"_ _1\"></span>  di  Banca  d<span class=\"_ _2\"></span>\u2019Italia  262  del  22  dicembre  2005  (e  suc<span class=\"_ _2\"></span>cessivi aggiornamenti): -<span class=\"_ _13e\"> </span><span class=\"ff4\">nella voce \u201cSpese p<span class=\"_ _2\"></span>er il pe<span class=\"_ _2\"></span>rsonale\u201d <span class=\"_ _25a\"></span>figurano <span class=\"_ _25a\"></span>anche <span class=\"_ _3b\"></span>i compensi <span class=\"_ _25a\"></span>agli <span class=\"_ _210\"></span>amministr<span class=\"_ _1\"></span>atori <span class=\"_ _2\"></span>e ai sindaci<span class=\"_ _2\"></span> e </span>le spese r<span class=\"_ _25a\"></span>e<span class=\"_ _25a\"></span>l<span class=\"_ _25a\"></span>a<span class=\"_ _210\"></span>t<span class=\"_ _25a\"></span>i<span class=\"_ _25a\"></span>v<span class=\"_ _25a\"></span>e<span class=\"_ _25a\"></span> a<span class=\"_ _25a\"></span>i<span class=\"_ _25a\"></span> c<span class=\"_ _25a\"></span>o<span class=\"_ _25a\"></span>n<span class=\"_ _25a\"></span>t<span class=\"_ _210\"></span>r<span class=\"_ _184\"></span>a<span class=\"_ _25a\"></span>t<span class=\"_ _25a\"></span>t<span class=\"_ _25a\"></span>i<span class=\"_ _210\"></span> d<span class=\"_ _25a\"></span>i<span class=\"_ _25a\"></span> l<span class=\"_ _25a\"></span>a<span class=\"_ _25a\"></span>v<span class=\"_ _25a\"></span>o<span class=\"_ _25a\"></span>r<span class=\"_ _184\"></span>o<span class=\"_ _25a\"></span> atipici; -<span class=\"_ _13e\"> </span><span class=\"ff4\">la <span class=\"_ _210\"></span>sotto<span class=\"_ _1\"></span>voce <span class=\"_ _3b\"></span>\u201cAltro p<span class=\"_ _2\"></span>ersonale <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>attivit\u00e0\u201d <span class=\"_ _3b\"></span>comprende <span class=\"_ _3b\"></span>compensi <span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>e<span class=\"_ _35\"> </span>r<span class=\"_ _35\"> </span> <span class=\"_ _3b\"></span>collaborazioni coordinate. </span>12.2 Numer<span class=\"_ _1\"></span>o medio dei dipendenti per<span class=\"_ _1\"></span> categoria Totale <table class=\"s wf4e h282\" id=\"_9017a333-3970-4816-bb36-4379bfcde0c6\"><tr><td></td><td></td><td></td><td class=\"t m2 x99b h12 y6224 ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td><td></td></tr><tr><td></td><td></td><td class=\"c n x731 y6225 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x732 y6225 w68d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6226 ff4 fs7 fc1 sc2 ls0 ws0\">1) Personale dipendente </td><td></td><td class=\"t m2 x982 h12 y6227 ff4 fs7 fc1 sc2 ls0 ws0\">6.544<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x780 h12 y6227 ff4 fs7 fc1 sc2 ls0 ws0\">6.522<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h12 y6228 ff4 fs7 fc1 sc0 ls0 ws0\">a) dirigenti </td><td></td><td class=\"t m2 x1002 h12 y6229 ff4 fs7 fc1 sc0 ls0 ws0\">177<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x73d h12 y6229 ff4 fs7 fc1 sc0 ls0 ws0\">175<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h12 y622a ff4 fs7 fc1 sc0 ls0 ws0\">b) quadri direttivi </td><td></td><td class=\"t m2 x1013 h12 y622b ff4 fs7 fc1 sc0 ls0 ws0\">3.112<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x738 h12 y622b ff4 fs7 fc1 sc0 ls0 ws0\">3.142<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h12 y622c ff4 fs7 fc1 sc0 ls0 ws0\">c) restante personale d<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>pendente </td><td></td><td class=\"t m2 x1847 h12 y622d ff4 fs7 fc1 sc0 ls0 ws0\">3.255<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6e5 h12 y622d ff4 fs7 fc1 sc0 ls0 ws0\">3.205<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y622e ff4 fs7 fc1 sc2 ls0 ws0\">2) Altro personale </td><td></td><td class=\"t m2 x1104 h12 y622f ff4 fs7 fc1 sc2 ls0 ws0\">54<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x66b h12 y622f ff4 fs7 fc1 sc2 ls0 ws0\">49<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x6e7 h12 y6230 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x982 h12 y6231 ff4 fs7 fc1 sc2 ls0 ws0\">6.598<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x738 h12 y6231 ff4 fs7 fc1 sc2 ls0 ws0\">6.571<span class=\"_ _3a1\"> </span></td></tr></table>Il <span class=\"_ _38\"></span>numero <span class=\"_ _0\"></span>medio <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>dipendenti <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>include <span class=\"_ _0\"></span>gli<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>amministr<span class=\"_ _1\"></span>atori <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>sindac<span class=\"_ _2\"></span>i. <span class=\"_ _38\"></span>Nel <span class=\"_ _0\"></span>caso <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>dipendenti part-time \u00e8 convenzionalmente considerato il 50%. 12.4 A<span class=\"_ _1\"></span>ltri benef<span class=\"_ _1\"></span>ici a favore<span class=\"_ _1\"></span> dei d<span class=\"_ _1\"></span>ipende<span class=\"_ _1\"></span>nti  La v<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span>ce comprende i<span class=\"_ _2\"></span> bu<span class=\"_ _2\"></span>oni pasto, <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>incentivi all\u2019esodo, <span class=\"_ _3b\"></span>le<span class=\"_ _1\"></span> altre li<span class=\"_ _3b\"></span>beralit\u00e0<span class=\"_ _1\"></span> di<span class=\"_ _2\"></span>verse, i <span class=\"_ _3b\"></span>cos<span class=\"_ _1\"></span>ti per <span class=\"_ _3b\"></span>polizze assicurative <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>tipulate <span class=\"_ _3b\"></span>a favo<span class=\"_ _2\"></span>re <span class=\"_ _2\"></span>dei <span class=\"_ _3b\"></span>dipendenti, <span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>rsi <span class=\"_ _3b\"></span>per co<span class=\"_ _2\"></span>rsi <span class=\"_ _3b\"></span>di aggiornamento <span class=\"_ _3b\"></span>professionale, <span class=\"_ _2\"></span>ecc<span class=\"_ _3a1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-789": {
   "value": "Sezione 12 \u2013 Le spese amministrative - Voce 190 12.1 Spese per<span class=\"_ _1\"></span> il personale: composizione <table class=\"s wf34 h281\" id=\"_923f380e-b7d3-467a-a8b7-0c218eb74500\"><tr><td class=\"t m2 x7ad h12 y61fe ff4 fs7 fc4 sc3 ls0 ws0\">Tipologia di spese/Valori </td><td class=\"c n x72f y61ff w696 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1835 y61ff w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"c n x731 y6200 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x732 y6200 w68d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6201 wf35 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1) Personale dipenden<span class=\"_ _2\"></span>te<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1836 y6201 w475 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(599.973)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fd h12 y6202 ff4 fs7 fc1 sc0 ls0 ws0\">(566.655)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y6203 wf36 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">a) salari e stipendi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1837 y6203 wf37 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(429.356)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69c h12 y6204 ff4 fs7 fc1 sc0 ls0 ws0\">(407.728)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y6205 wf38 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">b) oneri sociali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1838 y6205 wf39 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(104.171)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7ab h12 y6206 ff4 fs7 fc1 sc0 ls0 ws0\">(100.784)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y6207 wf3a h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) indennit\u00e0 di fine rapp<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>rto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1839 y6207 wf3b h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(5.735)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y6208 ff4 fs7 fc1 sc0 ls0 ws0\">(5.932)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y6209 wf3c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) spese previdenzi<span class=\"_ _2\"></span>ali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x183a y6209 wf3d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(51)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x788 h12 y620a ff4 fs7 fc1 sc0 ls0 ws0\">(50)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y620b wf3e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) accantonamento al <span class=\"_ _2\"></span>trattamento d<span class=\"_ _2\"></span>i fine rapporto del pe<span class=\"_ _2\"></span>rsonale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x183b y620b wee7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(649)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y620c ff4 fs7 fc1 sc0 ls0 ws0\">(1.231)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y620d wf3f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">f) accantonamento <span class=\"_ _2\"></span>al fondo trattamento di quie<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>cenza e obbligh<span class=\"_ _2\"></span>i simili:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x183c y620d wf40 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(43)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x788 h12 y620e ff4 fs7 fc1 sc0 ls0 ws0\">(50)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y620f wf41 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a contribuzione def<span class=\"_ _2\"></span>inita<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x183d y620f w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y6210 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y6211 wf42 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a benefici definit<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x183e y6211 wf43 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(43)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x788 h12 y6212 ff4 fs7 fc1 sc0 ls0 ws0\">(50)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y6213 wf44 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">g) versamenti ai fond<span class=\"_ _2\"></span>i di previdenza c<span class=\"_ _2\"></span>omplementare estern<span class=\"_ _2\"></span>i:<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x183f y6213 wf45 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(27.567)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x795 h12 y6214 ff4 fs7 fc1 sc0 ls0 ws0\">(24.632)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y6215 wf41 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a contribuzione def<span class=\"_ _2\"></span>inita<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1840 y6215 wf45 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(27.567)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x795 h12 y6216 ff4 fs7 fc1 sc0 ls0 ws0\">(24.632)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y6217 wf42 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- a benefici definit<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1841 y6217 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y6218 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y6219 wf46 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">h) costi derivanti da acc<span class=\"_ _2\"></span>ordi di pagame<span class=\"_ _2\"></span>nto basati su propri strum<span class=\"_ _2\"></span>enti patrimonia<span class=\"_ _2\"></span>li<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1842 y6219 w700 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(4.133)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y621a ff4 fs7 fc1 sc0 ls0 ws0\">(3.653)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y621b wf47 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">i) altri benefici a fav<span class=\"_ _2\"></span>ore dei dipendenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1843 y621b wf48 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(28.268)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x795 h12 y621c ff4 fs7 fc1 sc0 ls0 ws0\">(22.595)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y621d wf49 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2) Altro personale in a<span class=\"_ _2\"></span>ttivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1844 y621d wf4a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(9.196)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x676 h12 y621e ff4 fs7 fc1 sc0 ls0 ws0\">(8.310)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y621f wf4b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3) Amministratori e si<span class=\"_ _2\"></span>ndaci<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1845 y621f wf4c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(4.584)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67a h12 y6220 ff4 fs7 fc1 sc0 ls0 ws0\">(4.122)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6221 wf4d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4) Personale collocat<span class=\"_ _2\"></span>o a riposo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1846 y6221 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x73d h12 y6222 ff4 fs7 fc1 sc0 ls0 ws0\">(17)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6e7 h12 y6223 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h12 y6223 ff4 fs7 fc1 sc2 ls0 ws0\">(613.753)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ab h12 y6223 ff4 fs7 fc1 sc2 ls0 ws0\">(579.104)<span class=\"_ _3a1\"> </span></td></tr></table>Come  da  indicazioni  d<span class=\"_ _2\"></span>ella  circolare<span class=\"_ _1\"></span>  di  Banca  d<span class=\"_ _2\"></span>\u2019Italia  262  del  22  dicembre  2005  (e  suc<span class=\"_ _2\"></span>cessivi aggiornamenti): -<span class=\"_ _13e\"> </span><span class=\"ff4\">nella voce \u201cSpese p<span class=\"_ _2\"></span>er il pe<span class=\"_ _2\"></span>rsonale\u201d <span class=\"_ _25a\"></span>figurano <span class=\"_ _25a\"></span>anche <span class=\"_ _3b\"></span>i compensi <span class=\"_ _25a\"></span>agli <span class=\"_ _210\"></span>amministr<span class=\"_ _1\"></span>atori <span class=\"_ _2\"></span>e ai sindaci<span class=\"_ _2\"></span> e </span>le spese r<span class=\"_ _25a\"></span>e<span class=\"_ _25a\"></span>l<span class=\"_ _25a\"></span>a<span class=\"_ _210\"></span>t<span class=\"_ _25a\"></span>i<span class=\"_ _25a\"></span>v<span class=\"_ _25a\"></span>e<span class=\"_ _25a\"></span> a<span class=\"_ _25a\"></span>i<span class=\"_ _25a\"></span> c<span class=\"_ _25a\"></span>o<span class=\"_ _25a\"></span>n<span class=\"_ _25a\"></span>t<span class=\"_ _210\"></span>r<span class=\"_ _184\"></span>a<span class=\"_ _25a\"></span>t<span class=\"_ _25a\"></span>t<span class=\"_ _25a\"></span>i<span class=\"_ _210\"></span> d<span class=\"_ _25a\"></span>i<span class=\"_ _25a\"></span> l<span class=\"_ _25a\"></span>a<span class=\"_ _25a\"></span>v<span class=\"_ _25a\"></span>o<span class=\"_ _25a\"></span>r<span class=\"_ _184\"></span>o<span class=\"_ _25a\"></span> atipici; -<span class=\"_ _13e\"> </span><span class=\"ff4\">la <span class=\"_ _210\"></span>sotto<span class=\"_ _1\"></span>voce <span class=\"_ _3b\"></span>\u201cAltro p<span class=\"_ _2\"></span>ersonale <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>attivit\u00e0\u201d <span class=\"_ _3b\"></span>comprende <span class=\"_ _3b\"></span>compensi <span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>e<span class=\"_ _35\"> </span>r<span class=\"_ _35\"> </span> <span class=\"_ _3b\"></span>collaborazioni coordinate. </span>12.2 Numer<span class=\"_ _1\"></span>o medio dei dipendenti per<span class=\"_ _1\"></span> categoria Totale <table class=\"s wf4e h282\" id=\"_9017a333-3970-4816-bb36-4379bfcde0c6\"><tr><td></td><td></td><td></td><td class=\"t m2 x99b h12 y6224 ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td><td></td></tr><tr><td></td><td></td><td class=\"c n x731 y6225 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x732 y6225 w68d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6226 ff4 fs7 fc1 sc2 ls0 ws0\">1) Personale dipendente </td><td></td><td class=\"t m2 x982 h12 y6227 ff4 fs7 fc1 sc2 ls0 ws0\">6.544<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x780 h12 y6227 ff4 fs7 fc1 sc2 ls0 ws0\">6.522<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h12 y6228 ff4 fs7 fc1 sc0 ls0 ws0\">a) dirigenti </td><td></td><td class=\"t m2 x1002 h12 y6229 ff4 fs7 fc1 sc0 ls0 ws0\">177<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x73d h12 y6229 ff4 fs7 fc1 sc0 ls0 ws0\">175<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h12 y622a ff4 fs7 fc1 sc0 ls0 ws0\">b) quadri direttivi </td><td></td><td class=\"t m2 x1013 h12 y622b ff4 fs7 fc1 sc0 ls0 ws0\">3.112<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x738 h12 y622b ff4 fs7 fc1 sc0 ls0 ws0\">3.142<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h12 y622c ff4 fs7 fc1 sc0 ls0 ws0\">c) restante personale d<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>pendente </td><td></td><td class=\"t m2 x1847 h12 y622d ff4 fs7 fc1 sc0 ls0 ws0\">3.255<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6e5 h12 y622d ff4 fs7 fc1 sc0 ls0 ws0\">3.205<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y622e ff4 fs7 fc1 sc2 ls0 ws0\">2) Altro personale </td><td></td><td class=\"t m2 x1104 h12 y622f ff4 fs7 fc1 sc2 ls0 ws0\">54<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x66b h12 y622f ff4 fs7 fc1 sc2 ls0 ws0\">49<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x6e7 h12 y6230 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x982 h12 y6231 ff4 fs7 fc1 sc2 ls0 ws0\">6.598<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x738 h12 y6231 ff4 fs7 fc1 sc2 ls0 ws0\">6.571<span class=\"_ _3a1\"> </span></td></tr></table>Il <span class=\"_ _38\"></span>numero <span class=\"_ _0\"></span>medio <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>dipendenti <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>include <span class=\"_ _0\"></span>gli<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>amministr<span class=\"_ _1\"></span>atori <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>sindac<span class=\"_ _2\"></span>i. <span class=\"_ _38\"></span>Nel <span class=\"_ _0\"></span>caso <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>dipendenti part-time \u00e8 convenzionalmente considerato il 50%. 12.4 A<span class=\"_ _1\"></span>ltri benef<span class=\"_ _1\"></span>ici a favore<span class=\"_ _1\"></span> dei d<span class=\"_ _1\"></span>ipende<span class=\"_ _1\"></span>nti  La v<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span>ce comprende i<span class=\"_ _2\"></span> bu<span class=\"_ _2\"></span>oni pasto, <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>incentivi all\u2019esodo, <span class=\"_ _3b\"></span>le<span class=\"_ _1\"></span> altre li<span class=\"_ _3b\"></span>beralit\u00e0<span class=\"_ _1\"></span> di<span class=\"_ _2\"></span>verse, i <span class=\"_ _3b\"></span>cos<span class=\"_ _1\"></span>ti per <span class=\"_ _3b\"></span>polizze assicurative <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>tipulate <span class=\"_ _3b\"></span>a favo<span class=\"_ _2\"></span>re <span class=\"_ _2\"></span>dei <span class=\"_ _3b\"></span>dipendenti, <span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>rsi <span class=\"_ _3b\"></span>per co<span class=\"_ _2\"></span>rsi <span class=\"_ _3b\"></span>di aggiornamento <span class=\"_ _3b\"></span>professionale, <span class=\"_ _2\"></span>ecc<span class=\"_ _3a1\"> </span>.<span class=\"_ _3a1\"> </span><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1006\">12.5 Altre <span class=\"_ _1\"></span>spese amministrative: compos<span class=\"_ _1\"></span>izione </div><div class=\"gs1007\"><table class=\"s wf4f h283\" id=\"_2f420639-0938-48d8-8939-9055209120c4\"><tr><td class=\"t m2 x6c4 h12 y6232 ff4 fs7 fc4 sc3 ls0 ws0\">Tipologia servizi/Valori </td><td></td><td class=\"t m2 x711 h12 y6233 ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td><td class=\"c x99b y6234 wa0 h74\"><div class=\"t m2 x0 h12 y2e02 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x1848 y6235 w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1849 y6235 w68d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6236 wf50 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">Imposte e tasse<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x184a y6236 wf51 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">(15<span class=\"_ _1\"></span>1.595)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x69c h12 y6237 ff4 fs7 fc1 sc2 ls0 ws0\">(135.408)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6238 wa2f h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Imposta di bollo<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x184b y6238 wf52 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(135.089)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd81 h12 y6239 ff4 fs7 fc1 sc0 ls0 ws0\">(120.051)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y623a wf53 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Imposta Municipale Un<span class=\"_ _2\"></span>ica<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x184c y623a w510 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(3.085)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67a h12 y623b ff4 fs7 fc1 sc0 ls0 ws0\">(3.129)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y623c wf54 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Altro<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x184d y623c wf55 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(13.421)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x666 h12 y623d ff4 fs7 fc1 sc0 ls0 ws0\">(12.228)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y623e wf56 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">Altre spese<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x184e y623e wf57 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">(280.743)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fd h12 y623f ff4 fs7 fc1 sc2 ls0 ws0\">(243.548)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6240 w7bc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Assicurazioni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x184f y6240 wf58 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(3.465)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y6241 ff4 fs7 fc1 sc0 ls0 ws0\">(3.424)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6242 wf59 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">ATM<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1850 y6242 wf5a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(1.903)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x676 h12 y6243 ff4 fs7 fc1 sc0 ls0 ws0\">(1.648)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6244 wf5b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Economato, cancelle<span class=\"_ _2\"></span>ria, stampati<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1851 y6244 wf5c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(7.640)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y6245 ff4 fs7 fc1 sc0 ls0 ws0\">(6.622)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6246 wf5d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Formazione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1852 y6246 wf5e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(3.550)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x676 h12 y6247 ff4 fs7 fc1 sc0 ls0 ws0\">(2.925)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6248 wf5f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Energia elettrica<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1853 y6248 wf60 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(7.589)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y6249 ff4 fs7 fc1 sc0 ls0 ws0\">(8.075)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y624a wf61 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Fitti passivi su immob<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>li<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1854 y624a w74c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(1.527)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x780 h12 y624b ff4 fs7 fc1 sc0 ls0 ws0\">(1.117)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y624c wf62 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Altre spese immob<span class=\"_ _2\"></span>iliari<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1855 y624c wf63 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(12.773)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xda3 h12 y624d ff4 fs7 fc1 sc0 ls0 ws0\">(13.848)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y624e wf64 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Info provider<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1856 y624e wf65 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(16.974)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6f6 h12 y624f ff4 fs7 fc1 sc0 ls0 ws0\">(16.144)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6250 wf66 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Elaborazioni elettron<span class=\"_ _2\"></span>iche presso terz<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1857 y6250 wf67 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(108.126)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xd81 h12 y6251 ff4 fs7 fc1 sc0 ls0 ws0\">(85.082)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6252 wf68 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Macchine ufficio<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1858 y6252 wf69 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(58)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1859 h12 y6253 ff4 fs7 fc1 sc0 ls0 ws0\">(121)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6254 wf6a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Lavorazione bancar<span class=\"_ _2\"></span>ie esternalizzate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x185a y6254 wf6b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(7.185)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y6255 ff4 fs7 fc1 sc0 ls0 ws0\">(5.608)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6256 wf6c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Marketing<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x185b y6256 wf6d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(2<span class=\"_ _2\"></span>4.004)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y6257 ff4 fs7 fc1 sc0 ls0 ws0\">(21.351)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6258 wcb8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Mobilit\u00e0<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x185c y6258 wf6e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(11.568)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x666 h12 y6259 ff4 fs7 fc1 sc0 ls0 ws0\">(10.652)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y625a wf6f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Postali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x185d y625a wf70 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(1.589)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x738 h12 y625b ff4 fs7 fc1 sc0 ls0 ws0\">(929)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y60ea wf71 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Consulenza<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x185e y60ea wf72 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(15.094)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6f6 h12 y625c ff4 fs7 fc1 sc0 ls0 ws0\">(13.281)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y625d wf73 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Spese legali per recupe<span class=\"_ _2\"></span>ro crediti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x185f y625d wf74 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(5.210)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y625e ff4 fs7 fc1 sc0 ls0 ws0\">(5.181)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y625f wf75 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Spese legali<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1860 y625f wf76 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(4.<span class=\"_ _2\"></span>486)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y6260 ff4 fs7 fc1 sc0 ls0 ws0\">(5.329)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6261 wf77 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Altri compensi a pro<span class=\"_ _2\"></span>fessionisti esterni<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1861 y6261 wf70 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(1.658)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75a h12 y6262 ff4 fs7 fc1 sc0 ls0 ws0\">(1.612)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6263 wf78 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Reti e servizi interbanca<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1862 y6263 w989 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(3.322)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y6264 ff4 fs7 fc1 sc0 ls0 ws0\">(2.959)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y53a7 wf79 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Telefoniche<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1863 y53a7 wf7a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(7.009)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y6265 ff4 fs7 fc1 sc0 ls0 ws0\">(5.642)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y5b91 wf7b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Trasporti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1864 y5b91 wf7c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(450)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x780 h12 y6266 ff4 fs7 fc1 sc0 ls0 ws0\">(504)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6267 wf7d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Trasporto valori e c<span class=\"_ _2\"></span>ontazione<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1865 y6267 waa7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(3.791)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y6268 ff4 fs7 fc1 sc0 ls0 ws0\">(3.437)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6269 wf7e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Vigilanza<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1866 y6269 wf7f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(4.236)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y626a ff4 fs7 fc1 sc0 ls0 ws0\">(4.460)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y5fed wf80 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Visure e informazion<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1867 y5fed wf81 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(9.380)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y626b ff4 fs7 fc1 sc0 ls0 ws0\">(8.509)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y60ff wf56 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Altre spese<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1868 y60ff wf6e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(18.156)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xda3 h12 y626c ff4 fs7 fc1 sc0 ls0 ws0\">(18.958)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y626d wf82 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">Contributi Fondi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1869 y626d wf83 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">(37.248)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x795 h12 y626e ff4 fs7 fc1 sc2 ls0 ws0\">(47.606)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y5bcb wf84 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Contributi Fondo di <span class=\"_ _2\"></span>Risoluzione Unico - SR<span class=\"_ _2\"></span>F<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x186a y5bcb w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xda3 h12 y626f ff4 fs7 fc1 sc0 ls0 ws0\">(19.368)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y5bab wf85 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Contributi Sistema Ga<span class=\"_ _2\"></span>ranzia Depositi - DGSD<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x186b y5bab w5ce h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(32.967)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x795 h12 y6270 ff4 fs7 fc1 sc0 ls0 ws0\">(28.238)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y5bad wf86 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Contributi Fondo Gar<span class=\"_ _2\"></span>anzia Assicurati<span class=\"_ _2\"></span>vo Rami Vita<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x186c y5bad wf70 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(4.281)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y6271 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x78f h12 y6272 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fc h12 y6272 ff4 fs7 fc1 sc2 ls0 ws0\">(469.586)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fd h12 y6272 ff4 fs7 fc1 sc2 ls0 ws0\">(430.432)<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1008\">I <span class=\"_ _0\"></span>costi <span class=\"_ _35\"> </span>relativi <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>leasing <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>breve <span class=\"_ _0\"></span>termine <span class=\"_ _0\"></span>ammontano<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>56 <span class=\"_ _35\"> </span>mila <span class=\"_ _0\"></span>euro, <span class=\"_ _0\"></span>i <span class=\"_ _0\"> </span>costi <span class=\"_ _35\"> </span>relativi <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>leasing <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1009\">modesto <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> 147 <span class=\"_ _1\"></span>mila <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>uro, me<span class=\"_ _1\"></span>ntre <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>costi <span class=\"_ _1\"></span>relativi <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>leasing <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>inclusi <span class=\"_ _1\"></span>nella <span class=\"_ _1\"></span>valutazione <span class=\"_ _1\"></span>delle<span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs100a\">passivit\u00e0 ammontano a circa 3,3 milioni di euro (Iva indetra<span class=\"_ _1\"></span>ibile ed altri servizi).  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs100b\">A <span class=\"_ _37\"> </span>dicembre <span class=\"_ _37\"> </span>2024, <span class=\"_ _37\"> </span>nella <span class=\"_ _37\"> </span>suddetta <span class=\"_ _37\"> </span>voce, <span class=\"_ _3d\"> </span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>stato <span class=\"_ _37\"> </span>imputato <span class=\"_ _37\"> </span>il <span class=\"_ _3d\"> </span>cont<span class=\"_ _1\"></span>ributo <span class=\"_ _37\"> </span>al <span class=\"_ _37\"> </span>Fondo <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>garanzia </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs100c\">assicurativo dei rami vita, istituito dalla Legge di B<span class=\"_ _1\"></span>ilancio 2023, ammontante a 4,3 milioni di euro. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-820": {
   "value": "<div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gs100e\">Sezione 13 \u2013 Accantonamenti netti ai fondi per rischi ed oneri - Voce 200 </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs100f\">13.1 Accantoname<span class=\"_ _1\"></span>nti netti per il rischio <span class=\"_ _1\"></span>di credito relativi a <span class=\"_ _1\"></span>impegni a erogare <span class=\"_ _1\"></span>fondi e garanzie finanziarie<span class=\"_ _1\"></span> rilasciate: </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1010\">compos<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1011\">izione<span class=\"_ _3a1\"> </span></div><div class=\"gs1012\"><table class=\"s wf87 h284\" id=\"_e8707af5-8e6b-4cab-9cdc-64e0fdb49ea4\"><tr><td></td><td class=\"t m2 x1233 h12 y6273 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12fc h12 y6273 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x886 h12 y6274 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1140 h12 y6274 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6275 ff4 fs7 fc1 sc0 ls0 ws0\">Accantonamento ne<span class=\"_ _2\"></span>tto al fondo rischi per <span class=\"_ _2\"></span>impegni a erogare f<span class=\"_ _2\"></span>ondi e garanzie finanz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>arie </td><td class=\"c n x5c7 y565c wf88 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(336)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x186d y565c wf89 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(1.460)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6276 ff4 fs7 fc1 sc0 ls0 ws0\">rilasciate </td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6277 ff4 fs7 fc1 sc0 ls0 ws0\">Riattribuzione a conto<span class=\"_ _2\"></span> economico relative a<span class=\"_ _2\"></span>l fondo rischi per impeg<span class=\"_ _2\"></span>ni a erogare f<span class=\"_ _2\"></span>ondi e </td><td class=\"c n x5c7 y6278 wf8a h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.055<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x186e y6278 wf8b h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.288<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6279 ff4 fs7 fc1 sc0 ls0 ws0\">garanzie finanziarie r<span class=\"_ _2\"></span>ilasciate </td><td></td><td></td></tr><tr><td class=\"t m2 x93d h12 y627a ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11aa h12 y627a ff4 fs7 fc1 sc2 ls0 ws0\">719<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d8 h12 y627a ff4 fs7 fc1 sc2 ls0 ws0\">1.828<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1013\">13.2 Accantoname<span class=\"_ _1\"></span>nti netti relativi ad alt<span class=\"_ _1\"></span>ri impegni e <span class=\"_ _1\"></span>altre garanzie rilasciate: <span class=\"_ _1\"></span>composizione </div><div class=\"t m2 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs1014\">Totale<span class=\"fc1 sc2\"> <span class=\"_ _1cc\"> </span></span>Totale<span class=\"fc1 sc2\"> </span></div><div class=\"gs1015\"><table class=\"s wf8c h285\" id=\"_67ca88f3-a074-4911-ae1b-ad8f49c3e091\"><tr><td></td><td></td><td class=\"c xe21 y627b w17c h11\"><div class=\"t m2 x0 h12 y807 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c x1870 y5a24 wf8d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x186f h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y627c wf8e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Accantonamento qu<span class=\"_ _2\"></span>ota IPC Contribu<span class=\"_ _2\"></span>to Fondo di Risoluzione Un<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>co Europeo - S<span class=\"_ _2\"></span>RF<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1871 y627c w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe2c y627c wf8f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(5<span class=\"_ _1\"></span>.622)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 xd57 h12 y627d ff4 fs7 fc1 sc2 ls0 ws0\">Totale </td><td class=\"t m2 xacf h12 y627e ff4 fs7 fc1 sc0 ls0 ws0\">- </td><td class=\"t m2 xe22 h12 y627d ff4 fs7 fc1 sc2 ls0 ws0\">(5.622) </td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1016\">Nella <span class=\"_ _1\"></span>presente <span class=\"_ _1\"></span>voce, <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>l\u2019anno 2023, <span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>presente <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>22,5% <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>contributo <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>Fo<span class=\"_ _1\"></span>ndo <span class=\"_ _1\"></span>Nazionale <span class=\"_ _1\"></span>per </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1017\">la <span class=\"_ _35\"> </span>Risoluzione, <span class=\"_ _35\"> </span>gi\u00e0 <span class=\"_ _35\"> </span>vers<span class=\"_ _1\"></span>ato, <span class=\"_ _35\"> </span>pari <span class=\"_ _35\"> </span>a  5,6 <span class=\"_ _35\"> </span>milioni<span class=\"_ _2\"></span>  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>euro  a <span class=\"_ _35\"> </span>titolo <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>\u201cdeposito  cau<span class=\"_ _2\"></span>zionale\u201d, <span class=\"_ _35\"> </span>mentre </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1018\">l\u2019ulteriore 77,5% era stato imputato nella voce \u201cAltre spese amministrat<span class=\"_ _1\"></span>ive\u201d. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1019\">13.3 Accantoname<span class=\"_ _1\"></span>nti netti agli altri fo<span class=\"_ _1\"></span>ndi per rischi e o<span class=\"_ _1\"></span>n</div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs101a\">eri: composizione </div><div class=\"gs101b\"><table class=\"s wf90 h286\" id=\"_47f0b881-34c8-45da-a0e9-484602c60815\"><tr><td></td><td></td><td></td><td class=\"t m2 x1872 h12 y627f ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"fc1 sc2\"> <span class=\"_ _15e\"> </span></span>Totale<span class=\"fc1 sc2\"> </span></td></tr><tr><td></td><td></td><td class=\"c x714 y6280 w17c h11\"><div class=\"t m2 x0 h12 y4fb ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c x1874 y6281 wf91 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/202<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1873 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6282 wf92 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Accantonamento ne<span class=\"_ _2\"></span>tto al fondo rischi per cau<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>e passive e rev<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>catorie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1875 y6282 wa21 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(2.713)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67a h12 y6283 ff4 fs7 fc1 sc0 ls0 ws0\">(2.719)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6008 wf93 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Interessi passivi da attu<span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>lizzazione fond<span class=\"_ _2\"></span>o per cause passive e <span class=\"_ _2\"></span>revocatorie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1876 y6008 wf94 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(600)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x738 h12 y6284 ff4 fs7 fc1 sc0 ls0 ws0\">(462)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6285 wf95 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Riattribuzione a conto<span class=\"_ _2\"></span> economico relative a<span class=\"_ _2\"></span>l fondo rischi per cause pa<span class=\"_ _3b\"></span>ssive e revocatorie<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1877 y6285 wf96 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.270<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x738 h12 y6286 ff4 fs7 fc1 sc0 ls0 ws0\">1.473<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6287 wf97 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Accantonamenti ad al<span class=\"_ _2\"></span>tri fondi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1878 y6287 wf98 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(22.409)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x795 h12 y6288 ff4 fs7 fc1 sc0 ls0 ws0\">(29.540)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6289 wf99 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Interessi passivi da attu<span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>lizzazione r<span class=\"_ _2\"></span>elativi ad altri fondi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1879 y6289 wf9a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(1.176)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x187a h12 y628a ff4 fs7 fc1 sc0 ls0 ws0\">88<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y628b wf9b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Riattribuzione a conto<span class=\"_ _2\"></span> economico relative ad <span class=\"_ _2\"></span>altri fondi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x187b y628b wb09 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.203<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7b1 h12 y628c ff4 fs7 fc1 sc0 ls0 ws0\">1.001<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x187c h12 y5aee ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xff2 h12 y5aee ff4 fs7 fc1 sc2 ls0 ws0\">(20.425)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y5aee ff4 fs7 fc1 sc2 ls0 ws0\">(30.159)<span class=\"_ _3a1\"> </span></td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-790": {
   "value": "<div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gs101d\">Sezione 14 \u2013 Rettifiche/riprese di valore nette su attivit\u00e0 mater</div><div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gs101e\">iali \u2013 </div><div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gs101f\">Voce 210 </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1020\">14.1. Rett<span class=\"_ _1\"></span>ifiche di valore nette su at<span class=\"_ _1\"></span>tivit\u00e0 materiali: com<span class=\"_ _1\"></span>posizione<span class=\"_ _3a1\"> </span></div><div class=\"gs1021\"><table class=\"s wf9c h287\" id=\"_f32ec9ab-cabc-4a33-8d5d-ce003bbe2e31\"><tr><td></td><td></td><td class=\"t m2 xad1 h12 y628d ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche di valore </td><td></td><td></td></tr><tr><td class=\"t m2 x187d h12 y628e ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0/Componente reddituali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc65 h12 y628f ff4 fs7 fc4 sc3 ls0 ws0\">Ammortamento<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x885 h12 y628f ff4 fs7 fc4 sc3 ls0 ws0\">per </td><td class=\"t m2 xc64 h12 y628f ff4 fs7 fc4 sc3 ls0 ws0\">Riprese di valore<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xec3 h12 y628f ff4 fs7 fc4 sc3 ls0 ws0\">Risultato netto<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td class=\"t m2 x187e h12 y6290 ff4 fs7 fc4 sc3 ls0 ws0\">deterioramento<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"c xad0 y6291 wdc h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">(a)<span class=\"_ _3a1\"> </span></div></td><td class=\"c xc54 y6291 wcc h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">(b)<span class=\"_ _3a1\"> </span></div></td><td class=\"c x876 y6291 w81 h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">(c)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1140 h12 y6292 ff4 fs7 fc4 sc3 ls0 ws0\">(a + b - c)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6293 ff4 fs7 fc1 sc0 ls0 ws0\">A. Attivit\u00e0 materia<span class=\"_ _2\"></span>li </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x595 y6294 wea8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Ad uso funzionale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x187f y6294 wf9d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(44.399)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1880 y6294 w760 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(21)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1881 y6294 w6ba h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">199<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1882 y6294 w5b0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(44.221)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1883 y6295 wf9e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Di propriet\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1884 y6295 wf9f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(20.495)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1885 y6295 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1886 y6295 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1887 y6295 wf9f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(20.495)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1883 y6296 wfa0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Diritti d'uso acquis<span class=\"_ _2\"></span>iti con il leasing<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1888 y6296 w503 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(23.904)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1889 y6296 w760 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(21)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x188a y6296 w6ba h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">199<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x188b y6296 wfa1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(23.726)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y6297 wfa2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Detenute a scop<span class=\"_ _2\"></span>o di investimento<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x188c y6297 wfa3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(155<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x188d y6297 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x188e y6297 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x188f y6297 wfa4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(155)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1883 y5658 wf9e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Di propriet\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1890 y5658 wfa5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(1<span class=\"_ _2\"></span>55)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1891 y5658 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1892 y5658 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1893 y5658 wfa6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(155)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1883 y6298 wfa0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Diritti d'uso acquis<span class=\"_ _2\"></span>iti con il leasing<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1894 y6298 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1895 y6298 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1896 y6298 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1897 y6298 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y5f4a wfa7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Rimanenze<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1898 y5f4a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1899 y5f4a w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x189a y5f4a w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x189b y5f4a w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y627c wfa8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B. Attivit\u00e0 possedute<span class=\"_ _2\"></span> per la vendita<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x189c y627c w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x189d y627c w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x189e y627c w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x189f y627c w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xd58 h12 y6299 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x880 h12 y6299 ff4 fs7 fc1 sc2 ls0 ws0\">(44.554)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93d h12 y6299 ff4 fs7 fc1 sc2 ls0 ws0\">(21)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a1 h12 y6299 ff4 fs7 fc1 sc2 ls0 ws0\">199<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd53 h12 y6299 ff4 fs7 fc1 sc2 ls0 ws0\">(44.376)<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gs1023\">Sezione 15 \u2013 Rettifiche/riprese di valore nette su attivit\u00e0 immat</div><div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gs1024\">eriali</div><div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gs1025\"> \u2013 Voce 220 </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1026\">15.1 Rettifiche <span class=\"_ _1\"></span>di valore nette di att<span class=\"_ _1\"></span>ivit\u00e0 immateriali: composiz<span class=\"_ _1\"></span>ione<span class=\"_ _3a1\"> </span></div><div class=\"gs1027\"><table class=\"s wfa9 h288\" id=\"_7658f59b-fc1a-4dfc-8db6-de705036bf15\"><tr><td></td><td></td><td class=\"t m2 x18a0 h12 y629a ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche di valore </td><td></td><td></td></tr><tr><td class=\"t m2 x187d h12 y629b ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0/Componente reddituale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x932 h12 y629c ff4 fs7 fc4 sc3 ls0 ws0\">Ammortamento<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc54 h12 y629c ff4 fs7 fc4 sc3 ls0 ws0\">per </td><td class=\"t m2 x1364 h12 y629c ff4 fs7 fc4 sc3 ls0 ws0\">Riprese di valore<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xec3 h12 y629c ff4 fs7 fc4 sc3 ls0 ws0\">Risultato netto<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x7dd h12 y629d ff4 fs7 fc4 sc3 ls0 ws0\">(a)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112d h12 y629d ff4 fs7 fc4 sc3 ls0 ws0\">deterioramento<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x876 h12 y629d ff4 fs7 fc4 sc3 ls0 ws0\">(c)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1140 h12 y629d ff4 fs7 fc4 sc3 ls0 ws0\">(a + b - c)<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td class=\"t m2 x7e0 h12 y629e ff4 fs7 fc4 sc3 ls0 ws0\">(b)<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y629f ff4 fs7 fc1 sc0 ls0 ws0\">A. Attivit\u00e0 immater<span class=\"_ _2\"></span>iali </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y589c w964 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: software<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18a1 y589c wfaa h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(60.<span class=\"_ _2\"></span>943)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18a2 y589c w47a h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18a3 y589c w606 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18a4 y589c wfab h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(60.943)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y60b6 wd6a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Di propriet\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18a5 y60b6 wfac h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(63.054)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18a6 y60b6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18a7 y60b6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18a8 y60b6 wfad h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(63<span class=\"_ _1\"></span>.054)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe08 y62a0 wfae h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Generate internamente d<span class=\"_ _3b\"></span>all'azienda<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18a9 y62a0 wfaf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(7.221)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18aa y62a0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18ab y62a0 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18ac y62a0 wfaf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(7.221)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe08 y5a84 wa7a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18ad y5a84 wfb0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(5<span class=\"_ _1\"></span>5.833)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18ae y5a84 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18af y5a84 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18b0 y5a84 wfb1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(55.833)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y5a85 wfb2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Diritti d'uso acqu<span class=\"_ _2\"></span>isiti con il leasing<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18b1 y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18b2 y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18b3 y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18b4 y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y597f wfa8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B. Attivit\u00e0 possedute<span class=\"_ _2\"></span> per la vendita<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18b5 y597f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18b6 y597f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18b7 y597f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18b8 y597f w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1446 h12 y5a4e ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x880 h12 y5a4e ff4 fs7 fc1 sc2 ls0 ws0\">(63.054)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf1a h12 y5a4e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc57 h12 y5a4e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd53 h12 y5a4e ff4 fs7 fc1 sc2 ls0 ws0\">(63.054)<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1028\">Gli <span class=\"_ _35\"> </span>ammortamenti <span class=\"_ _35\"> </span>sono  in <span class=\"_ _35\"> </span>cresci<span class=\"_ _2\"></span>ta <span class=\"_ _35\"> </span>per  la <span class=\"_ _35\"> </span>costante <span class=\"_ _35\"> </span>attenzione <span class=\"_ _35\"> </span>agli <span class=\"_ _35\"> </span>investimenti <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>sostenere </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsf98\">l\u2019attivit\u00e0 progettuale e l\u2019evoluzione del mo<span class=\"_ _1\"></span>dello di servizio.<span class=\"_ _3a1\"> </span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-821": {
   "value": "Sezione 14 \u2013 Rettifiche/riprese di valore nette su attivit\u00e0 materiali \u2013 Voce 210 14.1. Rett<span class=\"_ _1\"></span>ifiche di valore nette su at<span class=\"_ _1\"></span>tivit\u00e0 materiali: com<span class=\"_ _1\"></span>posizione<span class=\"_ _3a1\"> </span><table class=\"s wf9c h287\" id=\"_f32ec9ab-cabc-4a33-8d5d-ce003bbe2e31\"><tr><td></td><td></td><td class=\"t m2 xad1 h12 y628d ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche di valore </td><td></td><td></td></tr><tr><td class=\"t m2 x187d h12 y628e ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0/Componente reddituali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc65 h12 y628f ff4 fs7 fc4 sc3 ls0 ws0\">Ammortamento<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x885 h12 y628f ff4 fs7 fc4 sc3 ls0 ws0\">per </td><td class=\"t m2 xc64 h12 y628f ff4 fs7 fc4 sc3 ls0 ws0\">Riprese di valore<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xec3 h12 y628f ff4 fs7 fc4 sc3 ls0 ws0\">Risultato netto<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td class=\"t m2 x187e h12 y6290 ff4 fs7 fc4 sc3 ls0 ws0\">deterioramento<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"c xad0 y6291 wdc h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">(a)<span class=\"_ _3a1\"> </span></div></td><td class=\"c xc54 y6291 wcc h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">(b)<span class=\"_ _3a1\"> </span></div></td><td class=\"c x876 y6291 w81 h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">(c)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1140 h12 y6292 ff4 fs7 fc4 sc3 ls0 ws0\">(a + b - c)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6293 ff4 fs7 fc1 sc0 ls0 ws0\">A. Attivit\u00e0 materia<span class=\"_ _2\"></span>li </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x595 y6294 wea8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Ad uso funzionale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x187f y6294 wf9d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(44.399)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1880 y6294 w760 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(21)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1881 y6294 w6ba h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">199<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1882 y6294 w5b0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(44.221)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1883 y6295 wf9e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Di propriet\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1884 y6295 wf9f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(20.495)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1885 y6295 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1886 y6295 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1887 y6295 wf9f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(20.495)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1883 y6296 wfa0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Diritti d'uso acquis<span class=\"_ _2\"></span>iti con il leasing<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1888 y6296 w503 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(23.904)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1889 y6296 w760 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(21)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x188a y6296 w6ba h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">199<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x188b y6296 wfa1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(23.726)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y6297 wfa2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Detenute a scop<span class=\"_ _2\"></span>o di investimento<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x188c y6297 wfa3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(155<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x188d y6297 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x188e y6297 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x188f y6297 wfa4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(155)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1883 y5658 wf9e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Di propriet\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1890 y5658 wfa5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(1<span class=\"_ _2\"></span>55)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1891 y5658 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1892 y5658 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1893 y5658 wfa6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(155)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1883 y6298 wfa0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Diritti d'uso acquis<span class=\"_ _2\"></span>iti con il leasing<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1894 y6298 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1895 y6298 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1896 y6298 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1897 y6298 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y5f4a wfa7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Rimanenze<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1898 y5f4a w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1899 y5f4a w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x189a y5f4a w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x189b y5f4a w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y627c wfa8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B. Attivit\u00e0 possedute<span class=\"_ _2\"></span> per la vendita<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x189c y627c w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x189d y627c w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x189e y627c w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x189f y627c w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xd58 h12 y6299 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x880 h12 y6299 ff4 fs7 fc1 sc2 ls0 ws0\">(44.554)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93d h12 y6299 ff4 fs7 fc1 sc2 ls0 ws0\">(21)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a1 h12 y6299 ff4 fs7 fc1 sc2 ls0 ws0\">199<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd53 h12 y6299 ff4 fs7 fc1 sc2 ls0 ws0\">(44.376)<span class=\"_ _3a1\"> </span></td></tr></table>Sezione 15 \u2013 Rettifiche/riprese di valore nette su attivit\u00e0 immateriali \u2013 Voce 220 15.1 Rettifiche <span class=\"_ _1\"></span>di valore nette di att<span class=\"_ _1\"></span>ivit\u00e0 immateriali: composiz<span class=\"_ _1\"></span>ione<span class=\"_ _3a1\"> </span><table class=\"s wfa9 h288\" id=\"_7658f59b-fc1a-4dfc-8db6-de705036bf15\"><tr><td></td><td></td><td class=\"t m2 x18a0 h12 y629a ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche di valore </td><td></td><td></td></tr><tr><td class=\"t m2 x187d h12 y629b ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0/Componente reddituale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x932 h12 y629c ff4 fs7 fc4 sc3 ls0 ws0\">Ammortamento<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc54 h12 y629c ff4 fs7 fc4 sc3 ls0 ws0\">per </td><td class=\"t m2 x1364 h12 y629c ff4 fs7 fc4 sc3 ls0 ws0\">Riprese di valore<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xec3 h12 y629c ff4 fs7 fc4 sc3 ls0 ws0\">Risultato netto<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x7dd h12 y629d ff4 fs7 fc4 sc3 ls0 ws0\">(a)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112d h12 y629d ff4 fs7 fc4 sc3 ls0 ws0\">deterioramento<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x876 h12 y629d ff4 fs7 fc4 sc3 ls0 ws0\">(c)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1140 h12 y629d ff4 fs7 fc4 sc3 ls0 ws0\">(a + b - c)<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td class=\"t m2 x7e0 h12 y629e ff4 fs7 fc4 sc3 ls0 ws0\">(b)<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y629f ff4 fs7 fc1 sc0 ls0 ws0\">A. Attivit\u00e0 immater<span class=\"_ _2\"></span>iali </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y589c w964 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: software<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18a1 y589c wfaa h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(60.<span class=\"_ _2\"></span>943)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18a2 y589c w47a h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18a3 y589c w606 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18a4 y589c wfab h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(60.943)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y60b6 wd6a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Di propriet\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18a5 y60b6 wfac h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(63.054)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18a6 y60b6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18a7 y60b6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18a8 y60b6 wfad h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(63<span class=\"_ _1\"></span>.054)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe08 y62a0 wfae h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Generate internamente d<span class=\"_ _3b\"></span>all'azienda<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18a9 y62a0 wfaf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(7.221)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18aa y62a0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18ab y62a0 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18ac y62a0 wfaf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(7.221)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xe08 y5a84 wa7a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Altre<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18ad y5a84 wfb0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(5<span class=\"_ _1\"></span>5.833)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18ae y5a84 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18af y5a84 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18b0 y5a84 wfb1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(55.833)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y5a85 wfb2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Diritti d'uso acqu<span class=\"_ _2\"></span>isiti con il leasing<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18b1 y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18b2 y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18b3 y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18b4 y5a85 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y597f wfa8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B. Attivit\u00e0 possedute<span class=\"_ _2\"></span> per la vendita<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18b5 y597f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18b6 y597f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18b7 y597f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18b8 y597f w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1446 h12 y5a4e ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x880 h12 y5a4e ff4 fs7 fc1 sc2 ls0 ws0\">(63.054)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf1a h12 y5a4e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc57 h12 y5a4e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd53 h12 y5a4e ff4 fs7 fc1 sc2 ls0 ws0\">(63.054)<span class=\"_ _3a1\"> </span></td></tr></table>Gli <span class=\"_ _35\"> </span>ammortamenti <span class=\"_ _35\"> </span>sono  in <span class=\"_ _35\"> </span>cresci<span class=\"_ _2\"></span>ta <span class=\"_ _35\"> </span>per  la <span class=\"_ _35\"> </span>costante <span class=\"_ _35\"> </span>attenzione <span class=\"_ _35\"> </span>agli <span class=\"_ _35\"> </span>investimenti <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>sostenere l\u2019attivit\u00e0 progettuale e l\u2019evoluzione del mo<span class=\"_ _1\"></span>dello di servizio.<span class=\"_ _3a1\"> </span><div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gs1035\">Sezione 17 \u2013 Utili (Perdite) delle partecipazioni \u2013 Voce 250 </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1036\">17.1 Utile (perdite<span class=\"_ _1\"></span>) delle parte<span class=\"_ _1\"></span>cipazioni: composizione </div><div class=\"gs1037\"><table class=\"s wfd2 h28b\" id=\"_283abf47-01ba-473a-9c29-200f83f8becb\"><tr><td class=\"t m2 x18ce h12 y62a9 ff4 fs7 fc4 sc3 ls0 ws0\">Componenti reddituali/Settori </td><td></td><td class=\"c n x10f2 y62aa w695 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x10f3 y62aa w696 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td class=\"c n xac6 y62ab w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xac7 y62ab w685 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x677 h12 y62ac ff4 fs7 fc1 sc2 ls0 ws0\">1) Imprese a controllo congiunto </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xf3d y5c25 wfd3 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A. Proventi<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x18cf y5c25 wfd4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">7.510<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x738 h12 y62ad ff4 fs7 fc1 sc0 ls0 ws0\">5.138<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y62ae wde3 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1. Rivalutazioni<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x18d0 y62ae wfd5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">7.510<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x738 h12 y62af ff4 fs7 fc1 sc0 ls0 ws0\">5.138<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y62b0 wfd6 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2. Utili da cessione<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x18d1 y62b0 w606 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y62b1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y62b2 wfd7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Riprese di valore<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x18d2 y62b2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y62b3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y62b4 wfd8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Altri proventi<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x18d3 y62b4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y62b5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y62b6 wfd9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B. Oneri<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x18d4 y62b6 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y62b7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y62b8 wfda h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Svalutazioni<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x18d5 y62b8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y62b9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y62ba wfdb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Rettifiche di valore<span class=\"_ _2\"></span> da deterioramento<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x18d6 y62ba w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y62bb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y62bc wfdc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Perdite da cessi<span class=\"_ _2\"></span>one<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x18d7 y62bc w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y62bd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y62be wfdd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Altri oneri<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x18d8 y62be w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y62bf ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x90a h12 y62c0 ff4 fs7 fc1 sc2 ls0 ws0\">Risultato netto<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6a1 h12 y62c0 ff4 fs7 fc1 sc2 ls0 ws0\">7.510<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x738 h12 y62c0 ff4 fs7 fc1 sc2 ls0 ws0\">5.138<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y62c1 ff4 fs7 fc1 sc2 ls0 ws0\">2) Imprese sottoposte a influenza notevole<span class=\"_ _2\"></span> </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xf3d y62c2 wfd3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A. Proventi<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x18d9 y62c2 wfde h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">232<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x73d h12 y62c3 ff4 fs7 fc1 sc0 ls0 ws0\">166<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y62c4 wde3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Rivalutazioni<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x18da y62c4 wfde h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">232<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x73d h12 y62c5 ff4 fs7 fc1 sc0 ls0 ws0\">166<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y62c6 wfd6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Utili da cessione<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x18d1 y62c6 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y62c7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y62c8 wfd7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Riprese di valore<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x18d2 y62c8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y62c9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y62ca wfd8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Altri proventi<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x18d3 y62ca w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y62cb ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf3d y62cc wfd9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B. Oneri<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x18db y62cc wfdf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(106)<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x738 h12 y62cd ff4 fs7 fc1 sc0 ls0 ws0\">(336)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y62ce wfda h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Svalutazioni<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x18dc y62ce wfdf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(106)<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x738 h12 y62cf ff4 fs7 fc1 sc0 ls0 ws0\">(336)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y5a4c wfdb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Rettifiche di valore<span class=\"_ _2\"></span> da deterioramento<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x18d6 y5a4c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y62d0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y548a wfdc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Perdite da cessi<span class=\"_ _2\"></span>one<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x18d7 y548a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y62d1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xee8 y62d2 wfdd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Altri oneri<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x18d8 y62d2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x671 h12 y62d3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x90a h12 y62d4 ff4 fs7 fc1 sc2 ls0 ws0\">Risultato netto<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7a1 h12 y62d4 ff4 fs7 fc1 sc2 ls0 ws0\">126<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x7b1 h12 y62d4 ff4 fs7 fc1 sc2 ls0 ws0\">(170)<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x10df h12 y62d5 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x684 h12 y62d6 ff4 fs7 fc1 sc2 ls0 ws0\">7.636<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6e5 h12 y62d6 ff4 fs7 fc1 sc2 ls0 ws0\">4.968<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1038\">Per <span class=\"_ _3d\"> </span>le <span class=\"_ _37\"> </span>Imprese <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>controllo <span class=\"_ _37\"> </span>congiun<span class=\"_ _2\"></span>to <span class=\"_ _3d\"> </span>la <span class=\"_ _37\"> </span>voce <span class=\"_ _3d\"> </span>\u201cPr<span class=\"_ _1\"></span>oventi, <span class=\"_ _3d\"> </span>1. <span class=\"_ _3d\"> </span>rivalutazioni\u201d <span class=\"_ _3d\"> </span>rece<span class=\"_ _1\"></span>pisce <span class=\"_ _3d\"> </span>gli <span class=\"_ _3d\"> </span>utili <span class=\"_ _3d\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1039\">Credemassicurazioni conso<span class=\"_ _1\"></span>lidata con <span class=\"_ _1\"></span>il metodo de<span class=\"_ _1\"></span>l patrimonio <span class=\"_ _1\"></span>netto; per le <span class=\"_ _1\"></span>Imprese sottoposte a </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs103a\">influenza <span class=\"_ _1\"></span>notevole <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>voce <span class=\"_ _38\"></span>\u201cProventi, <span class=\"_ _1\"></span>1. <span class=\"_ _1\"></span>rivalutazioni\u201d <span class=\"_ _38\"></span>recepisce <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>utili <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>Andxor, <span class=\"_ _1\"></span>Flairbit, <span class=\"_ _38\"></span>Mynet <span class=\"_ _1\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs103b\">SBC Fintech Milan 2224, consolidate <span class=\"_ _1\"></span>con il metodo del patrimonio netto. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-759": {
   "value": "<div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gs102a\">Sezione 16 \u2013 Gli altri oneri e proventi di gestione \u2013 Voce 230<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs102b\">16.1 Altri oner<span class=\"_ _1\"></span>i di gestione: com<span class=\"_ _1\"></span>posizione<span class=\"_ _3a1\"> </span></div><div class=\"gs102c\"><table class=\"s wfb3 h289\" id=\"_9e0d5008-6ef8-4b41-bd57-76a1a248e3f8\"><tr><td></td><td class=\"t m2 xb9d h12 y62a1 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h12 y62a1 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x7e1 h12 y62a2 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x138d h12 y62a2 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y62a3 wfb4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Rimborsi interessi per <span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>ncassi e pagame<span class=\"_ _2\"></span>nti in stanza di compens<span class=\"_ _2\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xf16 y62a3 wfb5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(3)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18b9 y62a3 wdd6 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(1)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bbb wfb6 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Ammortamento m<span class=\"_ _2\"></span>igliorie su beni di t<span class=\"_ _2\"></span>erzi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18ba y5bbb wfb7 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(4.404)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18bb y5bbb wfb8 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(4.461)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a6a wfb9 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Sopravvenienze passi<span class=\"_ _2\"></span>ve<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18bc y5a6a wfba h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(13.443)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18bd y5a6a wfbb h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(14.682)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y62a4 wfbc h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Altri oneri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18be y62a4 wfbd h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(21.971)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18bf y62a4 wfbe h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(19.905<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y548c w964 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Opzioni su titoli<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18c0 y548c wfbf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(2)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18c1 y548c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x18c2 h12 y62a5 ff4 fs7 fc1 sc2 ls0 ws0\">Totale Altri oneri<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7da h12 y62a5 ff4 fs7 fc1 sc2 ls0 ws0\">(39.823)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcec h12 y62a5 ff4 fs7 fc1 sc2 ls0 ws0\">(39.049)<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs102d\">16.2 Altri pro<span class=\"_ _1\"></span>venti di gestione: <span class=\"_ _1\"></span>composizione<span class=\"_ _3a1\"> </span></div><div class=\"gs102e\"><table class=\"s wfc0 h28a\" id=\"_2690a8b1-1c6a-4322-a902-0f8fb2dddc74\"><tr><td></td><td class=\"t m2 xb9d h12 y62a6 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h12 y62a6 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x7e1 h12 y62a7 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x138d h12 y62a7 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fdb wfc1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Fitti attivi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18c3 y5fdb wfc2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.762<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18c4 y5fdb wfc3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.599<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y62a3 wfc4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Recupero di imposte<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18c5 y62a3 wfc5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">142.579<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18c6 y62a3 wa14 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">125.992<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bbb wfc6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Recupero interesse per <span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>ncassi e pagame<span class=\"_ _2\"></span>nti in stanza di compe<span class=\"_ _3b\"></span>ns<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9ea y5bbb wfc7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18c7 y5bbb wfc8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y62a8 wfc9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Sopravvenienze atti<span class=\"_ _2\"></span>ve<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18c8 y62a8 wfca h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.214<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18c9 y62a8 wfcb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.292<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y62a4 wfcc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Insussistenze<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18ca y62a4 wfcd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.681<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18cb y62a4 wfce h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">869<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y548c wfcf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Altri proventi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18cc y548c wfd0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">67.129<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18cd y548c wfd1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">50.391<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1442 h12 y5350 ff4 fs7 fc1 sc2 ls0 ws0\">Totale Altri proventi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1233 h12 y5350 ff4 fs7 fc1 sc2 ls0 ws0\">216.372<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1271 h12 y5350 ff4 fs7 fc1 sc2 ls0 ws0\">184.150<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs102f\">La <span class=\"_ _37\"> </span>voce <span class=\"_ _37\"> </span>\u201cRecupero <span class=\"_ _36\"> </span>di <span class=\"_ _3d\"> </span>impost<span class=\"_ _1\"></span>e\u201d <span class=\"_ _37\"> </span>recepisce <span class=\"_ _37\"> </span>il <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>cupero <span class=\"_ _37\"> </span>del <span class=\"_ _37\"> </span>maggior <span class=\"_ _37\"> </span>onere <span class=\"_ _37\"> </span>relativo <span class=\"_ _37\"> </span>al <span class=\"_ _37\"> </span>calcolo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1030\">dell\u2019imposta di bollo sui dossier titoli. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1031\">Nella <span class=\"_ _0\"></span>voce <span class=\"_ _38\"></span>\u201cAltri <span class=\"_ _0\"></span>proventi\u201d <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>compresi <span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>ricavi <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>Societ\u00e0 <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>Gruppo <span class=\"_ _0\"></span>Credemtel <span class=\"_ _38\"></span>ed <span class=\"_ _0\"></span>anche <span class=\"_ _38\"></span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1032\">recuperi <span class=\"_ _3d\"> </span>della <span class=\"_ _3d\"> </span>\u201cCommissione <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>istruttoria <span class=\"_ _3d\"> </span>veloce\u201d, <span class=\"_ _3d\"> </span>disciplinata <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>comma <span class=\"_ _3d\"> </span>2 <span class=\"_ _3d\"> </span>della <span class=\"_ _3d\"> </span>Legge <span class=\"_ _3d\"> </span>23 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1033\">dicembre 2011.</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-860": {
   "value": "16.1 Altri oner<span class=\"_ _1\"></span>i di gestione: com<span class=\"_ _1\"></span>posizione<span class=\"_ _3a1\"> </span>Totale<span class=\"_ _3a1\"> </span>Totale<span class=\"_ _3a1\"> </span>31/12/2024<span class=\"_ _3a1\"> </span>31/12/2023<span class=\"_ _3a1\"> </span>Rimborsi interessi per <span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>ncassi e pagame<span class=\"_ _2\"></span>nti in stanza di compens<span class=\"_ _2\"></span>azione<span class=\"_ _3a1\"> </span>(3)<span class=\"_ _3a1\"> </span>(1)<span class=\"_ _3a1\"> </span>Ammortamento m<span class=\"_ _2\"></span>igliorie su beni di t<span class=\"_ _2\"></span>erzi<span class=\"_ _3a1\"> </span>(4.404)<span class=\"_ _3a1\"> </span>(4.461)<span class=\"_ _3a1\"> </span>Sopravvenienze passi<span class=\"_ _2\"></span>ve<span class=\"_ _3a1\"> </span>(13.443)<span class=\"_ _3a1\"> </span>(14.682)<span class=\"_ _3a1\"> </span>Altri oneri<span class=\"_ _3a1\"> </span>(21.971)<span class=\"_ _3a1\"> </span>(19.905<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span>Opzioni su titoli<span class=\"_ _3a1\"> </span>(2)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>Totale Altri oneri<span class=\"_ _3a1\"> </span>(39.823)<span class=\"_ _3a1\"> </span>(39.049",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-791": {
   "value": "16.2 Altri pro<span class=\"_ _1\"></span>venti di gestione: <span class=\"_ _1\"></span>composizione<span class=\"_ _3a1\"> </span><table class=\"s wfc0 h28a\" id=\"_2690a8b1-1c6a-4322-a902-0f8fb2dddc74\"><tr><td></td><td class=\"t m2 xb9d h12 y62a6 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h12 y62a6 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x7e1 h12 y62a7 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x138d h12 y62a7 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5fdb wfc1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Fitti attivi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18c3 y5fdb wfc2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.762<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18c4 y5fdb wfc3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.599<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y62a3 wfc4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Recupero di imposte<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18c5 y62a3 wfc5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">142.579<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18c6 y62a3 wa14 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">125.992<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bbb wfc6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Recupero interesse per <span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>ncassi e pagame<span class=\"_ _2\"></span>nti in stanza di compe<span class=\"_ _3b\"></span>ns<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x9ea y5bbb wfc7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18c7 y5bbb wfc8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y62a8 wfc9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Sopravvenienze atti<span class=\"_ _2\"></span>ve<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18c8 y62a8 wfca h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.214<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18c9 y62a8 wfcb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.292<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y62a4 wfcc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Insussistenze<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18ca y62a4 wfcd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.681<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18cb y62a4 wfce h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">869<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y548c wfcf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Altri proventi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18cc y548c wfd0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">67.129<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18cd y548c wfd1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">50.391<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1442 h12 y5350 ff4 fs7 fc1 sc2 ls0 ws0\">Totale Altri proventi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1233 h12 y5350 ff4 fs7 fc1 sc2 ls0 ws0\">216.372<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1271 h12 y5350 ff4 fs7 fc1 sc2 ls0 ws0\">184.150<span class=\"_ _3a1\"> </span></td></tr></table>La <span class=\"_ _37\"> </span>voce <span class=\"_ _37\"> </span>\u201cRecupero <span class=\"_ _36\"> </span>di <span class=\"_ _3d\"> </span>impost<span class=\"_ _1\"></span>e\u201d <span class=\"_ _37\"> </span>recepisce <span class=\"_ _37\"> </span>il <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>cupero <span class=\"_ _37\"> </span>del <span class=\"_ _37\"> </span>maggior <span class=\"_ _37\"> </span>onere <span class=\"_ _37\"> </span>relativo <span class=\"_ _37\"> </span>al <span class=\"_ _37\"> </span>calcolo dell\u2019imposta di bollo sui dossier titoli. Nella <span class=\"_ _0\"></span>voce <span class=\"_ _38\"></span>\u201cAltri <span class=\"_ _0\"></span>proventi\u201d <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>compresi <span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>ricavi <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>Societ\u00e0 <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>Gruppo <span class=\"_ _0\"></span>Credemtel <span class=\"_ _38\"></span>ed <span class=\"_ _0\"></span>anche <span class=\"_ _38\"></span>i recuperi <span class=\"_ _3d\"> </span>della <span class=\"_ _3d\"> </span>\u201cCommissione <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>istruttoria <span class=\"_ _3d\"> </span>veloce\u201d, <span class=\"_ _3d\"> </span>disciplinata <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>comma <span class=\"_ _3d\"> </span>2 <span class=\"_ _3d\"> </span>della <span class=\"_ _3d\"> </span>Legge <span class=\"_ _3d\"> </span>23 dicembre 2011.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-793": {
   "value": "Sezione 21 \u2013 Le imposte sul reddito dell\u2019esercizio dell\u2019operativit\u00e0 corrente - Voce 300<span class=\"_ _3a1\"> </span>21.1 Imposte s<span class=\"_ _1\"></span>ul reddito dell'esercizio dell'o<span class=\"_ _1\"></span>perativit\u00e0 <span class=\"_ _1\"></span>corrente: composizione<table class=\"s wfe0 h28c\" id=\"_20e75ccf-d54e-485c-9c76-f49475946894\"><tr><td class=\"t m2 x18ce h12 y62d7 ff4 fs7 fc4 sc3 ls0 ws0\">Componenti reddituali/Settori </td><td class=\"t m2 x690 h12 y62d8 ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td><td class=\"t m2 x984 h12 y62d9 ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td></tr><tr><td></td><td class=\"c n xee1 y62da w65d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18dd y62da w68d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y62db wfe1 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1. Imposte correnti (-)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18de y62db wfe2 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">(253.142)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fd h12 y62dc ff4 fs7 fc1 sc0 ls0 ws0\">(229.260)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y62dd wfe3 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2. Variazioni delle imp<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>ste correnti  <span class=\"_ _2\"></span>dei precedenti eserciz<span class=\"_ _2\"></span>i (+/-)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18df y62dd w79b h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">948<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x187a h12 y62de ff4 fs7 fc1 sc0 ls0 ws0\">112<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y62df wfe4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">3. Riduzione delle imp<span class=\"_ _2\"></span>oste correnti de<span class=\"_ _2\"></span>ll'esercizio (+)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18e0 y62df w47a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y62e0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y62e1 ff4 fs7 fc1 sc0 ls0 ws0\">3.bis Riduzione del<span class=\"_ _2\"></span>le imposte corren<span class=\"_ _2\"></span>ti dell'esercizio per credi<span class=\"_ _2\"></span>ti d'imposta<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69a h12 y62e2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y62e2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y62e3 ff4 fs7 fc1 sc0 ls0 ws0\">di cui alla Legge n. 214/201<span class=\"_ _2\"></span>1 (+) </td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5ff3 wfe5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Variazione delle imp<span class=\"_ _2\"></span>oste anticipate<span class=\"_ _2\"></span> (+/-)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18e1 y5ff3 wfe6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(16.063)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y62e4 ff4 fs7 fc1 sc0 ls0 ws0\">(9.444)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y62e5 wfe7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Variazione delle imp<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>ste differite (<span class=\"_ _2\"></span>+/-)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18e2 y62e5 wfe8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(22.785)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x795 h12 y62e6 ff4 fs7 fc1 sc0 ls0 ws0\">(24.430)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54f9 wfe9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6. Imposte di compete<span class=\"_ _2\"></span>nza dell'esercizio (-) (-1+/-2+<span class=\"_ _3b\"></span>3+3bis+/-4+/-5)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18e3 y54f9 wfea h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(291.042)<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fd h12 y5723 ff4 fs7 fc1 sc0 ls0 ws0\">(263.022)<span class=\"_ _3a1\"> </span></td></tr></table>Le  imposte  correnti  sono  stat<span class=\"_ _2\"></span>e  rilevate  in  base  alla <span class=\"_ _35\"> </span>legislazione  fiscale  vigente,  ivi  incluse <span class=\"_ _35\"> </span>le<span class=\"_ _3a1\"> </span>disposizioni del D.Lgs.38/2005.<span class=\"_ _3a1\"> </span>21.2 Riconciliaz<span class=\"_ _1\"></span>ione tra onere fiscale te<span class=\"_ _1\"></span>orico e onere fiscale e<span class=\"_ _1\"></span>ffettivo di bilancio<span class=\"_ _3a1\"> </span>L\u2019incidenza fiscale globale sull\u2019utile ante imposte risulta pari a circa il 31,9%.<table class=\"s wfeb h28d\" id=\"_990d39ef-9158-4c00-98bd-de6a3b2744e1\"><tr><td class=\"t m2 x677 h12 y62e7 ff4 fs7 fc1 sc2 ls0 ws0\">Imponibile Consolidato </td><td class=\"t m2 x687 h12 y62e8 ff4 fs7 fc1 sc2 ls0 ws0\">911.094<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5bd5 wfec h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Aliquota ordinaria app<span class=\"_ _3b\"></span>l<span class=\"_ _1\"></span>icabile<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18e4 y5bd5 wfed h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">33<span class=\"_ _1\"></span>,07%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y62e9 ff4 fs7 fc1 sc2 ls0 ws0\">Onere fiscale teorico </td><td class=\"t m2 x70b h12 y62ea ff4 fs7 fc1 sc2 ls0 ws0\">301.299<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y62eb ff4 fs7 fc1 sc2 ls0 ws0\">Effetto delle variazioni in aumento rispe<span class=\"_ _2\"></span>tto all'aliquota ordinaria </td><td class=\"t m2 x18e5 h12 y62ec ff4 fs7 fc1 sc2 ls0 ws0\">49.450<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y62ed wfee h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Costi indeducibili ai f<span class=\"_ _2\"></span>ini IRES<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18e6 y62ed wfef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">29.226<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y62ee wff0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Costi indeducibili ai f<span class=\"_ _2\"></span>ini IRAP<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18e7 y62ee w45e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">20.224<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y62ef wff1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">Effetto delle variazioni in diminuzione rispetto all'al<span class=\"_ _2\"></span>iquota ordinaria<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18e8 y62ef wff2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">(59.707)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y61fb wff3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Altre differenze permanen<span class=\"_ _3b\"></span>ti<span class=\"_ _1\"></span> ai fini IR<span class=\"_ _2\"></span>ES<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18e9 y61fb wff4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(28.556)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5595 wff5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Altre differenze permanen<span class=\"_ _3b\"></span>ti<span class=\"_ _1\"></span> ai fini IR<span class=\"_ _2\"></span>AP<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18ea y5595 wf3b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(31.151)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y539f wff6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">Onere fiscale effettivo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18eb y539f wff7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">291.042</div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-792": {
   "value": "<div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gs103d\">Sezione 25 \u2013 Utile per azione </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs103e\">25.1 Numero <span class=\"_ _1\"></span>medio delle azioni ordinarie<span class=\"_ _1\"></span> a capitale diluito  </div><div class=\"gs103f\"><table class=\"s wff8 h28e\" id=\"_d34e838e-b423-4499-bbd0-24432e7a6468\"><tr><td></td><td class=\"c n xf2f y62f0 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18ec y62f0 w95e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">3<span class=\"_ _1\"></span>1/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a55 wf50 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Fair value azioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18ed y5a55 wff9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9,62<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x18ee h12 y62f1 ff4 fs7 fc1 sc0 ls0 ws0\">7,48<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5537 wffa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Utile netto<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18ef y5537 w492 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">620.052<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6fa h12 y62f2 ff4 fs7 fc1 sc0 ls0 ws0\">562.118<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5539 wffb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Numero azioni ponde<span class=\"_ _2\"></span>rato<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18f0 y5539 wffc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">340.491<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x795 h12 y62f3 ff4 fs7 fc1 sc0 ls0 ws0\">339.954<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y556b wffd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Numero azioni potenz<span class=\"_ _2\"></span>iale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18f1 y556b w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y62f4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y56b9 wffe h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Numero azioni diluito p<span class=\"_ _2\"></span>otenziale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18f2 y56b9 wfff h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>40.491<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x795 h12 y62f5 ff4 fs7 fc1 sc0 ls0 ws0\">339.954<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5600 w1000 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Utile per azioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18f3 y5600 w1001 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1,<span class=\"_ _2\"></span>82<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x788 h12 y62f6 ff4 fs7 fc1 sc0 ls0 ws0\">1,65<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y54f9 w1002 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Utile diluito per azi<span class=\"_ _2\"></span>one<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18f4 y54f9 w787 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1,82<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x788 h12 y62f7 ff4 fs7 fc1 sc0 ls0 ws0\">1,65<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1040\">Lo <span class=\"_ _3b\"></span>IAS 33 <span class=\"_ _3b\"></span>prevede l\u2019esposizione <span class=\"_ _3b\"></span>dell\u2019utile <span class=\"_ _2\"></span>per azi<span class=\"_ _2\"></span>one (E<span class=\"_ _2\"></span>PS) <span class=\"_ _2\"></span>base e <span class=\"_ _3b\"></span>diluito, <span class=\"_ _3b\"></span>spe<span class=\"_ _1\"></span>cificando <span class=\"_ _3b\"></span>per entrambi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1041\">la  metodologia  di  calcolo.  L\u2019u<span class=\"_ _2\"></span>tile  per<span class=\"_ _1\"></span>  azione  base  deriva  d<span class=\"_ _2\"></span>al  rapporto  tra  l\u2019utile  attribuibile  ai </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1042\">possessori <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>zioni <span class=\"_ _38\"></span>ordinarie <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>media <span class=\"_ _0\"></span>pond<span class=\"_ _2\"></span>erata <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>azioni <span class=\"_ _38\"></span>ordinarie <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>circolazione <span class=\"_ _0\"></span>durante </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1043\">l\u2019esercizio.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1044\">Il fair value delle azioni \u00e8 la media ponderat<span class=\"_ _1\"></span>a del 2024. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-760": {
   "value": "<div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gs1046\">Sezione 1 \u2013 Rischi del consolidato contabile </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1047\">In <span class=\"_ _37\"> </span>quest<span class=\"_ _1\"></span>a <span class=\"_ _36\"> </span>sezione <span class=\"_ _36\"> </span>sono <span class=\"_ _36\"> </span>fornite <span class=\"_ _36\"> </span>le <span class=\"_ _36\"> </span>informazioni <span class=\"_ _36\"> </span>riferite <span class=\"_ _36\"> </span>alle <span class=\"_ _36\"> </span>imprese <span class=\"_ _36\"> </span>incluse <span class=\"_ _36\"> </span>nel <span class=\"_ _36\"> </span>consolidato </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1048\">contabi<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1049\">le.  </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs104a\">Informazi<span class=\"_ _1\"></span>oni di na<span class=\"_ _1\"></span>tura quan<span class=\"_ _1\"></span>titativa </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs104b\">Qualit\u00e0<span class=\"_ _1\"></span> del credit<span class=\"_ _1\"></span>o </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs104c\">A.1.1 Distribuzione <span class=\"_ _1\"></span>delle attivit\u00e0 fina<span class=\"_ _1\"></span>nziarie per <span class=\"_ _1\"></span>portafogli di appartenenza e per<span class=\"_ _1\"></span> qualit\u00e0 creditizia (v<span class=\"_ _1\"></span>alori di bilancio) </div><div class=\"gs104d\"><table class=\"s w684 h290\" id=\"_8d132986-8580-43b4-88be-f34386ad46bc\"><tr><td class=\"t m2 x1902 h12 y631b ff4 fs7 fc4 sc3 ls0 ws0\">Portafogli/qualit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y631c w1008 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanziarie va<span class=\"_ _2\"></span>lutate al costo amm<span class=\"_ _2\"></span>ortizzato<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1903 y631c w1009 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">47.346</div></td><td class=\"t m2 x1605 h12 y631d ff4 fs7 fc1 sc0 ls0 ws0\">196.512<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7af h12 y631d ff4 fs7 fc1 sc0 ls0 ws0\">23.602<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y631d ff4 fs7 fc1 sc0 ls0 ws0\">333.758<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y631d ff4 fs7 fc1 sc0 ls0 ws0\">44.673.483<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6eb h12 y631d ff4 fs7 fc1 sc0 ls0 ws0\">45.274.701<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y631e ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 finanziarie va<span class=\"_ _2\"></span>lutate al fair <span class=\"_ _2\"></span>value con impatto sul<span class=\"_ _2\"></span>la<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6af h12 y631f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x691 h12 y631f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y631f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b9 h12 y631f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd7e h12 y631f ff4 fs7 fc1 sc0 ls0 ws0\">9.449.066<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f8 h12 y631f ff4 fs7 fc1 sc0 ls0 ws0\">9.449.066<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y6320 ff4 fs7 fc1 sc0 ls0 ws0\">redditivit\u00e0 compless<span class=\"_ _2\"></span>iva </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y6321 w100a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Attivit\u00e0 finanziarie de<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ignate al fair value<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1904 y6321 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x691 h12 y6322 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y6322 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b9 h12 y6322 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b6 h12 y6322 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6322 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x2d7 y5bbc w100b h1e7\"><div class=\"t m2 x2b3 h12 y543a ff4 fs7 fc1 sc0 ls0 ws0\">4. Altre attivit\u00e0 finanzia<span class=\"_ _2\"></span>rie obbligator<span class=\"_ _2\"></span>iamente valutate al fa<span class=\"_ _2\"></span>ir<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">value<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x6af h12 y6323 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x691 h12 y6323 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y6323 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b9 h12 y6323 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74f h12 y6323 ff4 fs7 fc1 sc0 ls0 ws0\">649.406<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x795 h12 y6323 ff4 fs7 fc1 sc0 ls0 ws0\">649.406<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ff3 w100c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Attivit\u00e0 finanziar<span class=\"_ _2\"></span>ie in corso di dismissi<span class=\"_ _2\"></span>one<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1905 y5ff3 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x691 h12 y6324 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y6324 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b9 h12 y6324 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b6 h12 y6324 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6324 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x1906 h12 y6325 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"c n x1907 y6326 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1908 y6326 w100d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">47.346</div></td><td class=\"t m2 x758 h12 y6325 ff4 fs7 fc1 sc2 ls0 ws0\">196.512<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7af h12 y6325 ff4 fs7 fc1 sc2 ls0 ws0\">23.602<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y6325 ff4 fs7 fc1 sc2 ls0 ws0\">333.758<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x987 h12 y6325 ff4 fs7 fc1 sc2 ls0 ws0\">54.771.955<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6eb h12 y6325 ff4 fs7 fc1 sc2 ls0 ws0\">55.373.173<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x1906 h12 y6327 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"c n x1907 y54f9 w68d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1909 y54f9 w100e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">56.854</div></td><td class=\"t m2 x6e4 h12 y6327 ff4 fs7 fc1 sc2 ls0 ws0\">192.046<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7af h12 y6327 ff4 fs7 fc1 sc2 ls0 ws0\">34.354<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y6327 ff4 fs7 fc1 sc2 ls0 ws0\">459.419<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x987 h12 y6327 ff4 fs7 fc1 sc2 ls0 ws0\">53.139.163<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1705 h12 y6327 ff4 fs7 fc1 sc2 ls0 ws0\">53.881.836<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"c wcd hc9 gs104e\"><div class=\"t mc x27a h12 y2f7d ff4 fs7 fc4 sc3 ls0 ws0\">Soffe<span class=\"_ _3b\"></span>renze</div></div><div class=\"c wcd hca gs104f\"><div class=\"t mc x27a h12 y2f7d ff4 fs7 fc4 sc3 ls0 ws0\">Inad<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>pienz<span class=\"_ _2\"></span>e </div></div><div class=\"c wcd hcb gs1050\"><div class=\"t mc x27a h12 y2f7d ff4 fs7 fc4 sc3 ls0 ws0\">prob<span class=\"_ _2\"></span>abi<span class=\"_ _2\"></span>li</div></div><div class=\"c wcd hcc gs1051\"><div class=\"t mc x27a h12 y2f7d ff4 fs7 fc4 sc3 ls0 ws0\">Esp<span class=\"_ _3b\"></span>osizion<span class=\"_ _2\"></span>i </div></div><div class=\"c wcd hcd gs1052\"><div class=\"t mc x27a h12 y2f7d ff4 fs7 fc4 sc3 ls0 ws0\">scad<span class=\"_ _3b\"></span>ute </div></div><div class=\"c wcd hce gs1053\"><div class=\"t mc x27a h12 y2f7d ff4 fs7 fc4 sc3 ls0 ws0\">dete<span class=\"_ _3b\"></span>riorate</div></div><div class=\"c wcd hcc gs1054\"><div class=\"t mc x27a h12 y2f7d ff4 fs7 fc4 sc3 ls0 ws0\">Esp<span class=\"_ _3b\"></span>osizion<span class=\"_ _2\"></span>i </div></div><div class=\"c wcd hcf gs1055\"><div class=\"t mc x27a h12 y2f7d ff4 fs7 fc4 sc3 ls0 ws0\">scad<span class=\"_ _3b\"></span>ute non<span class=\"_ _3b\"></span> </div></div><div class=\"c wcd hce gs1056\"><div class=\"t mc x27a h12 y2f7d ff4 fs7 fc4 sc3 ls0 ws0\">dete<span class=\"_ _3b\"></span>riorate</div></div><div class=\"c wcd hd0 gs1057\"><div class=\"t mc x27a h12 y2f7d ff4 fs7 fc4 sc3 ls0 ws0\">Altre<span class=\"_ _3b\"></span> espos<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>zion<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span> </div></div><div class=\"c wcd hd1 gs1058\"><div class=\"t mc x27a h12 y2f7d ff4 fs7 fc4 sc3 ls0 ws0\">non<span class=\"_ _2\"></span> de<span class=\"_ _2\"></span>teriora<span class=\"_ _3b\"></span>te</div></div><div class=\"c wcd hd2 gs1059\"><div class=\"t mc x27a h12 y2f7d ff4 fs7 fc4 sc3 ls0 ws0\">Tota<span class=\"_ _3b\"></span>l<span class=\"_ _1\"></span>e</div></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs105a\">A.1.2 Distr<span class=\"_ _1\"></span>ibuzione delle attivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie per port<span class=\"_ _1\"></span>afogli di appartenenza e per <span class=\"_ _1\"></span>qualit\u00e0 creditizia (valor<span class=\"_ _1\"></span>i lordi e netti) </div><div class=\"gs105b\"><table class=\"s w1003 h28f\" id=\"_e3e7da9e-84bb-4b0b-81a2-32b90543fb4a\"><tr><td></td><td></td><td></td><td></td><td class=\"c n x18f5 y62f8 w1004 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Deteriorate<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x18f6 y62f8 w1005 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Non deteriorate<span class=\"_ _3a1\"> </span></div></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=\"t m2 xda3 h12 y62f9 ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td></tr><tr><td class=\"t m2 x18f7 h12 y62fa ff4 fs7 fc4 sc3 ls0 ws0\">Portafogli/qualit\u00e0 </td><td></td><td class=\"t m2 x18f8 h12 y62fb ff4 fs7 fc4 sc3 ls0 ws0\">Esposizione </td><td class=\"t m2 x18f9 h12 y62fc ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche di </td><td class=\"t m2 xf71 h12 y62fb ff4 fs7 fc4 sc3 ls0 ws0\">Esposizione </td><td class=\"t m2 x6a7 h12 y62fc ff4 fs7 fc4 sc3 ls0 ws0\">Write-off* </td><td class=\"t m2 x1605 h12 y62fb ff4 fs7 fc4 sc3 ls0 ws0\">Esposizione </td><td class=\"t m2 x6b5 h12 y62fc ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche di </td><td class=\"t m2 x6b9 h12 y62fb ff4 fs7 fc4 sc3 ls0 ws0\">Esposizione </td><td class=\"t m2 x6a3 h12 y62fa ff4 fs7 fc4 sc3 ls0 ws0\">(esposizione </td></tr><tr><td></td><td></td><td class=\"t m2 x18fa h12 y62fd ff4 fs7 fc4 sc3 ls0 ws0\">lorda </td><td class=\"t m2 xfcc h12 y62fe ff4 fs7 fc4 sc3 ls0 ws0\">valore </td><td class=\"t m2 x18fb h12 y62fd ff4 fs7 fc4 sc3 ls0 ws0\">netta </td><td class=\"t m2 xd9a h12 y62fe ff4 fs7 fc4 sc3 ls0 ws0\">parziali </td><td class=\"t m2 x6f1 h12 y62fd ff4 fs7 fc4 sc3 ls0 ws0\">lorda </td><td class=\"t m2 x711 h12 y62fe ff4 fs7 fc4 sc3 ls0 ws0\">valore </td><td class=\"t m2 xd83 h12 y62fd ff4 fs7 fc4 sc3 ls0 ws0\">netta </td><td class=\"t m2 xda3 h12 y62ff ff4 fs7 fc4 sc3 ls0 ws0\">netta) </td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x18f9 h12 y6300 ff4 fs7 fc4 sc3 ls0 ws0\">complessive<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x789 h12 y6300 ff4 fs7 fc4 sc3 ls0 ws0\">complessivi<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6c9 h12 y6300 ff4 fs7 fc4 sc3 ls0 ws0\">complessive<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6301 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6302 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie valutate<span class=\"_ _2\"></span> </td><td></td><td class=\"t m2 x18fc h12 y6303 ff4 fs7 fc1 sc0 ls0 ws0\">668.642<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a8 h12 y6303 ff4 fs7 fc1 sc0 ls0 ws0\">401.187<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71b h12 y6303 ff4 fs7 fc1 sc0 ls0 ws0\">267.455<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x16db h12 y6303 ff4 fs7 fc1 sc0 ls0 ws0\">16.227<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x907 h12 y6303 ff4 fs7 fc1 sc0 ls0 ws0\">45.096.503<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y6303 ff4 fs7 fc1 sc0 ls0 ws0\">89.257<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y6303 ff4 fs7 fc1 sc0 ls0 ws0\">45.007.246<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ab h12 y6303 ff4 fs7 fc1 sc0 ls0 ws0\">45.274.701<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y6304 ff4 fs7 fc1 sc0 ls0 ws0\">al costo </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6305 ff4 fs7 fc1 sc0 ls0 ws0\">ammortizzato </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x677 y6306 w1c1 h11\"><div class=\"t m2 x0 h12 y8a ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6307 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie valutate<span class=\"_ _2\"></span> </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6308 ff4 fs7 fc1 sc0 ls0 ws0\">al fair value con </td><td></td><td class=\"t m2 x160b h12 y6309 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b3 h12 y6309 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x661 h12 y6309 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h12 y6309 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd9c h12 y6309 ff4 fs7 fc1 sc0 ls0 ws0\">9.455.103<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fc h12 y6309 ff4 fs7 fc1 sc0 ls0 ws0\">6.037<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x987 h12 y6309 ff4 fs7 fc1 sc0 ls0 ws0\">9.449.066<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf33 h12 y6309 ff4 fs7 fc1 sc0 ls0 ws0\">9.449.066<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y630a ff4 fs7 fc1 sc0 ls0 ws0\">impatto sulla </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y630b ff4 fs7 fc1 sc0 ls0 ws0\">redditivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y630c ff4 fs7 fc1 sc0 ls0 ws0\">complessiva </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y630d ff4 fs7 fc1 sc0 ls0 ws0\">3. Attivit\u00e0<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y630e ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie </td><td></td><td class=\"t m2 x160b h12 y630f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b3 h12 y630f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x661 h12 y630f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h12 y630f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n x18fd y5b55 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18fe y5b55 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18ff y5b55 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1900 h12 y630f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x2d7 y6310 w1006 h225\"><div class=\"t m2 x2b3 h12 y5929 ff4 fs7 fc1 sc0 ls0 ws0\">designate al fair<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">value<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6311 ff4 fs7 fc1 sc0 ls0 ws0\">4. Altre attivit\u00e0<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6312 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6313 ff4 fs7 fc1 sc0 ls0 ws0\">obbligatoriamente </td><td></td><td class=\"t m2 x160b h12 y6313 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b3 h12 y6314 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x661 h12 y6314 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h12 y6314 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n x18fd y62ed w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18fe y62ed w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1901 y62ed we73 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">649.406</div></td><td class=\"t m2 x676 h12 y6314 ff4 fs7 fc1 sc0 ls0 ws0\">649.406<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x2d7 y6315 w1007 h225\"><div class=\"t m2 x2b3 h12 y5929 ff4 fs7 fc1 sc0 ls0 ws0\">valutate al fair<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">value<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6316 ff4 fs7 fc1 sc0 ls0 ws0\">5. Attivit\u00e0<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6317 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie in corso<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x160b h12 y6317 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b3 h12 y6317 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x661 h12 y6317 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h12 y6317 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x187c h12 y6317 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1013 h12 y6317 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y6317 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1900 h12 y6317 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y6318 ff4 fs7 fc1 sc0 ls0 ws0\">di dismissione </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6319 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1089 h12 y6319 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x18fc h12 y6319 ff4 fs7 fc1 sc2 ls0 ws0\">668.642<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a8 h12 y6319 ff4 fs7 fc1 sc2 ls0 ws0\">401.187<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71b h12 y6319 ff4 fs7 fc1 sc2 ls0 ws0\">267.455<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf92 h12 y6319 ff4 fs7 fc1 sc2 ls0 ws0\">16.227<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y6319 ff4 fs7 fc1 sc2 ls0 ws0\">54.551.606<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y6319 ff4 fs7 fc1 sc2 ls0 ws0\">95.294<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x987 h12 y6319 ff4 fs7 fc1 sc2 ls0 ws0\">55.105.718<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ab h12 y6319 ff4 fs7 fc1 sc2 ls0 ws0\">55.373.173<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y631a ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1089 h12 y631a ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69d h12 y631a ff4 fs7 fc1 sc2 ls0 ws0\">701.673<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a8 h12 y631a ff4 fs7 fc1 sc2 ls0 ws0\">418.417<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd87 h12 y631a ff4 fs7 fc1 sc2 ls0 ws0\">283.256<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf92 h12 y631a ff4 fs7 fc1 sc2 ls0 ws0\">17.477<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y631a ff4 fs7 fc1 sc2 ls0 ws0\">53.196.993<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y631a ff4 fs7 fc1 sc2 ls0 ws0\">94.704<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b9 h12 y631a ff4 fs7 fc1 sc2 ls0 ws0\">53.598.581<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69c h12 y631a ff4 fs7 fc1 sc2 ls0 ws0\">53.881.837<span class=\"_ _3a1\"> </span></td></tr></table></div><table class=\"s w100f h291\" id=\"_c878eaa5-6ef0-4bd2-8744-b9b826aac719\"><tr><td class=\"t m2 x190a h12 y6328 ff4 fs7 fc4 sc3 ls0 ws0\">Portafogli/qualit\u00e0 </td><td></td><td></td><td class=\"c x190c y62db w1010 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Attivi<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x190b h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">t\u00e0 di evidente scarsa qualit\u00e0 cr<span class=\"_ _2\"></span>editizia<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x190d y62db w1011 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">A<span class=\"_ _2\"></span>ltre attivit\u00e0<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x703 y6329 w1012 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Minusvalenze cumulate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x190e y6329 w1013 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">E<span class=\"_ _1\"></span>sposizione netta<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x190f y6329 w1014 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Esposizione netta<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y632a ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanziarie de<span class=\"_ _2\"></span>tenute per la </td><td></td><td></td><td class=\"t m2 x6df h12 y632b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y632b ff4 fs7 fc1 sc0 ls0 ws0\">51<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y632b ff4 fs7 fc1 sc0 ls0 ws0\">34.086<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y632c ff4 fs7 fc1 sc0 ls0 ws0\">negoziazione </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5fe1 w1015 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2. Derivati di copertura<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x1910 y5fe1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66a h12 y632d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xda3 h12 y632d ff4 fs7 fc1 sc0 ls0 ws0\">427.235<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x1911 h12 y632e ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1601 h12 y632e ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6df h12 y632e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y632e ff4 fs7 fc1 sc2 ls0 ws0\">51<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f6 h12 y632e ff4 fs7 fc1 sc2 ls0 ws0\">461.321<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x1911 h12 y632f ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1601 h12 y632f ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6df h12 y632f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66a h12 y632f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f6 h12 y632f ff4 fs7 fc1 sc2 ls0 ws0\">626.141<span class=\"_ _3a1\"> </span></td></tr></table>B.<span class=\"_ _3a1\"> </span>Informativa sulle entit\u00e0 strutturate (diverse dalle societ\u00e0 per la cartolarizzazione)<span class=\"_ _3a1\"> </span>Un\u2019entit\u00e0 <span class=\"_ _38\"></span>strutturat<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>un\u2019entit<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _38\"></span>configurata <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>odo <span class=\"_ _38\"></span>tale<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>diritti <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>voto <span class=\"_ _0\"></span>o <span class=\"_ _38\"></span>diritti <span class=\"_ _38\"></span>similari <span class=\"_ _0\"></span>no<span class=\"_ _3b\"></span>n sono ritenuti rilevanti p<span class=\"_ _2\"></span>er stabilire il <span class=\"_ _2\"></span>controllo, come nel caso<span class=\"_ _2\"></span> in cui<span class=\"_ _2\"></span> i diritti di<span class=\"_ _2\"></span> voto facciano soltanto riferimento  ad  attivit\u00e0 <span class=\"_ _3d\"> </span>amministrative  e  le  attivit\u00e0  rilevanti  siano  condotte <span class=\"_ _3d\"> </span>attraverso  accordi contrattuali.  Per i v<span class=\"_ _2\"></span>eicoli a destinazione <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>pecifica e fondi <span class=\"_ _3b\"></span>di investimento, il co<span class=\"_ _2\"></span>ntrollo \u00e8 ritenuto<span class=\"_ _2\"></span> esistere laddove<span class=\"_ _2\"></span> il <span class=\"_ _1\"></span>Gruppo <span class=\"_ _1\"></span>dispone <span class=\"_ _38\"></span>dei <span class=\"_ _1\"></span>diritti <span class=\"_ _38\"></span>contrattuali pe<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>gestire <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _1\"></span>rilevanti <span class=\"_ _1\"></span>dell\u2019entit\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>risulta <span class=\"_ _1\"></span>esposto ai rendimenti variabili delle stesse. B.1 Enti<span class=\"_ _1\"></span>t\u00e0 strut<span class=\"_ _1\"></span>turate con<span class=\"_ _1\"></span>solidate<span class=\"_ _3a1\"> </span>Non sono presenti nel Gruppo entit\u00e0 strutturate <span class=\"_ _1\"></span>consolidate. B.2 Enti<span class=\"_ _1\"></span>t\u00e0 strut<span class=\"_ _1\"></span>turate non<span class=\"_ _1\"></span> consolid<span class=\"_ _1\"></span>ate con<span class=\"_ _1\"></span>tabilmente<span class=\"_ _3a1\"> </span>Non sono presenti nel Gruppo entit\u00e0 strutturate non consolidate contabilmente. B.2.1 En<span class=\"_ _1\"></span>tit\u00e0 strut<span class=\"_ _1\"></span>turate n<span class=\"_ _1\"></span>on consolid<span class=\"_ _1\"></span>ate ai fini <span class=\"_ _1\"></span>vigilanz<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span>Non sono presenti nel Gruppo entit\u00e0 strutturate <span class=\"_ _1\"></span>non consolidate ai fini vigil<span class=\"_ _2\"></span>anza. B.2.2 Al<span class=\"_ _1\"></span>tre entit\u00e0<span class=\"_ _1\"></span> struttur<span class=\"_ _1\"></span>ate<span class=\"_ _3a1\"> </span>Non sono presenti nel Gruppo altre e<span class=\"_ _1\"></span>ntit\u00e0 strutturate<span class=\"_ _3a1\"> </span>Sezione 2 \u2013 <span class=\"_ _1\"></span>Rischi del consol<span class=\"_ _1\"></span>idato prudenz<span class=\"_ _1\"></span>iale<span class=\"_ _3a1\"> </span>In <span class=\"_ _37\"> </span>qu<span class=\"_ _3a1\"> </span>esta <span class=\"_ _36\"> </span>se<span class=\"_ _1\"></span>zione <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>ono <span class=\"_ _36\"> </span>fornite <span class=\"_ _37\"> </span>le<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>informazioni <span class=\"_ _36\"> </span>riferite <span class=\"_ _36\"> </span>alle <span class=\"_ _36\"> </span>imprese <span class=\"_ _36\"> </span>incluse <span class=\"_ _37\"> </span>ne<span class=\"_ _1\"></span>l <span class=\"_ _36\"> </span>consolidato<span class=\"_ _3a1\"> </span>prudenziale (societ\u00e0 appartenenti al Gruppo bancario). 1.1 Ris<span class=\"_ _1\"></span>chio di c<span class=\"_ _1\"></span>redito<span class=\"_ _3a1\"> </span>Informazioni <span class=\"_ _1\"></span>di natura qualitativa<span class=\"_ _3a1\"> </span>Second<span class=\"_ _3a1\"> </span>o <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>disposizioni <span class=\"_ _1\"></span>del <span class=\"_ _0\"></span>princ<span class=\"_ _2\"></span>ipio <span class=\"_ _38\"></span>contabile <span class=\"_ _38\"></span>IFRS <span class=\"_ _0\"></span>9 <span class=\"_ _1\"></span>le <span class=\"_ _0\"></span>perdite <span class=\"_ _38\"></span>attese <span class=\"_ _38\"></span>sui <span class=\"_ _38\"></span>cr<span class=\"_ _1\"></span>editi <span class=\"_ _38\"></span>devono <span class=\"_ _38\"></span>essere<span class=\"_ _3a1\"> </span>determinate  valutando <span class=\"_ _35\"> </span>una  gamma <span class=\"_ _35\"> </span>di  possibil<span class=\"_ _2\"></span>i  scenari <span class=\"_ _35\"> </span>adeguatamente  ponderati  in<span class=\"_ _3b\"></span>  modo  da<span class=\"_ _3a1\"> </span>riflettere un importo obiettivo in relazione <span class=\"_ _1\"></span>alle loro differenti probabilit\u00e0 di realizzo.<span class=\"_ _3a1\"> </span>A <span class=\"_ _35\"> </span>tal  fin<span class=\"_ _2\"></span>e  il<span class=\"_ _3b\"></span>  modello <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>Impairment  considera <span class=\"_ _35\"> </span>tre <span class=\"_ _35\"> </span>scenari <span class=\"_ _35\"> </span>macroeconom<span class=\"_ _1\"></span>ici <span class=\"_ _35\"> </span>futuri:  u<span class=\"_ _2\"></span>no <span class=\"_ _35\"> </span>centrale<span class=\"_ _3a1\"> </span>coerente <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>process<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>pi<span class=\"_ _2\"></span>anificazione, <span class=\"_ _0\"></span>ICA<span class=\"_ _2\"></span>AP <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>RAF <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>due <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>lteriori <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>cenari <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>corollario, <span class=\"_ _38\"></span>volti <span class=\"_ _38\"></span>a<span class=\"_ _3a1\"> </span>rappresentare un range di variabilit\u00e0 tra gli ipotetici scenar<span class=\"_ _1\"></span>i plausibili:<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">\u201cScenario Good\u201d \u2013 scenario con bassa pro<span class=\"_ _1\"></span>babilit\u00e0 che si verifichino scenari migliori;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">\u201cScenario Baseline\u201d <span class=\"_ _2\"></span>\u2013 scenario <span class=\"_ _2\"></span>centrale coeren<span class=\"_ _2\"></span>te con i<span class=\"_ _2\"></span> processi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>pianificazione, ICAAP <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> RAF;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">\u201cScenario Bad\u201d \u2013 scenario <span class=\"_ _1\"></span>con bassa probabilit\u00e0 che si verifichino scenari peggiori.<span class=\"_ _3a1\"> </span></span>Tali  scenari  sono  selezionati  tra  quelli  forniti  periodicamente  da  u<span class=\"_ _2\"></span>n  fornitore  esterno  e  sono<span class=\"_ _3a1\"> </span>approvati  dal  Consiglio  di  Amministrazione. <span class=\"_ _3d\"> </span>Ciascuno  \u00e8  corredato  dalla  relativa  probabilit\u00e0  di<span class=\"_ _3a1\"> </span>accadimento, <span class=\"_ _37\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>fornisce <span class=\"_ _36\"> </span>le <span class=\"_ _37\"> </span>proiezioni <span class=\"_ _36\"> </span>future <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>principali <span class=\"_ _37\"> </span>indicator<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>macro<span class=\"_ _1\"></span>economici <span class=\"_ _37\"> </span>su <span class=\"_ _36\"> </span>un<span class=\"_ _3a1\"> </span>orizzonte di tre anni, con frequenza di osservazione <span class=\"_ _1\"></span>trimestrale.<span class=\"_ _3a1\"> </span>Si <span class=\"_ _3b\"></span>ripor<span class=\"_ _1\"></span>ta <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>eguito <span class=\"_ _3b\"></span>l\u2019indicazione <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>gli <span class=\"_ _3b\"></span>scenar<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>macroeconomici p<span class=\"_ _3b\"></span>revisti per<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>calcolo <span class=\"_ _2\"></span>standard <span class=\"_ _3b\"></span>delle<span class=\"_ _3a1\"> </span>perdite  attese  ponderate,  corredati  dai  pesi  definiti  in  coerenza  con  la  relativa  probabilit\u00e0  di<span class=\"_ _3a1\"> </span>accadimento:<table class=\"s w1016 h292\" id=\"_4f0d2f58-6d1f-4ddb-a7ee-286babfc38ff\"><tr><td></td><td></td><td class=\"t m2 x1913 h12 y6330 ff4 fs7 fc4 sc3 ls0 ws0\">Peso da </td></tr><tr><td class=\"c n x5e6 y6331 w1017 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Scenario IFRS 9<span class=\"_ _3a1\"> </span></div></td><td class=\"c x1915 y6331 w1018 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Descri<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1914 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">zione dello scenario<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1913 h12 y6332 ff4 fs7 fc4 sc3 ls0 ws0\">policy </td></tr><tr><td></td><td></td><td class=\"t m2 x1913 h12 y6333 ff4 fs7 fc4 sc3 ls0 ws0\">Standard </td></tr><tr><td></td><td class=\"c x1917 y6335 w1019 h293\"><div class=\"t m5 x2b3 h2a y6334 ff4 fsd fc1 sc0 ls0 ws0\">Stronger <span class=\"_ _0\"></span>Near-<span class=\"_ _2\"></span>Term <span class=\"_ _38\"></span>R<span class=\"_ _1\"></span>ecovery <span class=\"_ _38\"></span>Scenario <span class=\"_ _0\"></span>(\u201cS1\u201d)<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1916 h12 y6334 ff4 fs7 fc1 sc0 ls0 ws0\">: <span class=\"_ _38\"></span>scenario <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>probabilit\u00e0<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m5 x1918 h2a y6336 ff4 fsd fc4 sc3 ls0 ws0\">\u201cGood\u201d<span class=\"fc1 sc2\"> </span></td><td class=\"t m2 x1919 h12 y6337 ff4 fs7 fc1 sc0 ls0 ws0\">del <span class=\"_ _1\"></span>10% che <span class=\"_ _1\"></span>si realizzi <span class=\"_ _1\"></span>uno scenario migliore <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>del 90% <span class=\"_ _1\"></span>che se <span class=\"_ _1\"></span>ne <span class=\"_ _1\"></span>realizzi </td><td class=\"t m2 x191a h12 y6338 ff4 fs7 fc1 sc0 ls0 ws0\">10% </td></tr><tr><td></td><td class=\"t m2 x1919 h12 y6339 ff4 fs7 fc1 sc0 ls0 ws0\">uno peggiore  </td><td></td></tr><tr><td class=\"t m5 x1918 h2a y633a ff4 fsd fc4 sc3 ls0 ws0\">\u201cBaseline\u201d<span class=\"fc1 sc2\"> </span></td><td class=\"c x1917 y633b w101a h293\"><div class=\"t m5 x2b3 h2a y6334 ff4 fsd fc1 sc0 ls0 ws0\">Baseline <span class=\"_ _0\"></span>Scenari<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x191b h12 y6334 ff4 fs7 fc1 sc0 ls0 ws0\">: <span class=\"_ _0\"></span>scenar<span class=\"_ _2\"></span>io <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>p<span class=\"_ _3b\"></span>robabilit\u00e0 <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>5<span class=\"_ _1\"></span>0% <span class=\"_ _0\"></span>che<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>rea<span class=\"_ _2\"></span>lizzi <span class=\"_ _0\"></span>uno</div></td><td class=\"t m2 x191a h12 y633c ff4 fs7 fc1 sc0 ls0 ws0\">80% </td></tr><tr><td></td><td class=\"t m2 x1919 h12 y633d ff4 fs7 fc1 sc0 ls0 ws0\">scenario migliore e del<span class=\"_ _2\"></span> 50% che se n<span class=\"_ _2\"></span>e realizzi uno peggiore<span class=\"_ _2\"></span> </td><td></td></tr><tr><td class=\"t m5 x1918 h2a y633e ff4 fsd fc4 sc3 ls0 ws0\">\u201cBad\u201d<span class=\"fc1 sc2\"> </span></td><td class=\"c x1917 y633f w101b h293\"><div class=\"t m5 x2b3 h2a y6334 ff4 fsd fc1 sc0 ls0 ws0\">Deep Recession Scenario (\u201cS3\u201d)<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x191c h12 y6334 ff4 fs7 fc1 sc0 ls0 ws0\">: scenario con probabilit\u00e0 del 90% che si</div></td><td class=\"t m2 x191a h12 y6340 ff4 fs7 fc1 sc0 ls0 ws0\">10% </td></tr><tr><td></td><td class=\"t m2 x1919 h12 y6341 ff4 fs7 fc1 sc0 ls0 ws0\">realizzi uno scenari<span class=\"_ _2\"></span>o migliore e del 10% che se ne<span class=\"_ _2\"></span> realizzi uno pegg<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>ore </td><td></td></tr></table>Per maggiori dettagli<span class=\"_ _2\"></span> sulle pond<span class=\"_ _2\"></span>erazioni degli sc<span class=\"_ _2\"></span>enari effettivamente appl<span class=\"_ _2\"></span>icati al 31 <span class=\"_ _2\"></span>dicembre 2024<span class=\"_ _3a1\"> </span>si <span class=\"_ _0\"></span>rimanda <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>quanto <span class=\"_ _0\"></span>descritto <span class=\"_ _38\"></span>nel <span class=\"_ _0\"></span>successivo <span class=\"_ _38\"></span>paragrafo <span class=\"_ _0\"></span>2.3 <span class=\"_ _1\"></span>\u201cMetodi <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>misurazione <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>perdite<span class=\"_ _3a1\"> </span>attese\u201d.<span class=\"_ _3a1\"> </span>Ai  fini <span class=\"_ _3d\"> </span>della  definizione<span class=\"_ _1\"></span>  degli <span class=\"_ _3d\"> </span>scenari, <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>PIL  \u00e8 <span class=\"_ _3d\"> </span>la <span class=\"_ _3d\"> </span>variabile  \u201c<span class=\"_ _1\"></span>anchor  point\u201d, <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>cui  andamento  \u00e8<span class=\"_ _3a1\"> </span>considerato <span class=\"_ _3a\"> </span>come <span class=\"_ _3f\"> </span>indicatore <span class=\"_ _3f\"> </span>r<span class=\"_ _1\"></span>appresentativo <span class=\"_ _3a\"> </span>del <span class=\"_ _3f\"> </span>quadro <span class=\"_ _3a\"> </span>economico <span class=\"_ _3f\"> </span>generale. <span class=\"_ _3a\"> </span>Sulla <span class=\"_ _3f\"> </span>base<span class=\"_ _3a1\"> </span>dell\u2019andamento <span class=\"_ _0\"></span>del <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>IL <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>definito <span class=\"_ _38\"></span>l\u2019andamento <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>altre <span class=\"_ _38\"></span>variabili <span class=\"_ _38\"></span>macro<span class=\"_ _1\"></span>economiche <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _38\"></span>rilievo. <span class=\"_ _0\"></span>A<span class=\"_ _3a1\"> </span>ciascuno scenar<span class=\"_ _1\"></span>io, in condizioni standar<span class=\"_ _1\"></span>d, \u00e8 quindi asso<span class=\"_ _1\"></span>ciata una probabilit\u00e0 di <span class=\"_ _1\"></span>accadimento sulla<span class=\"_ _3a1\"> </span>base  del <span class=\"_ _35\"> </span>loro  perc<span class=\"_ _2\"></span>entile  di <span class=\"_ _35\"> </span>riferimento  nella <span class=\"_ _35\"> </span>distribuzione  d<span class=\"_ _2\"></span>elle  variazioni<span class=\"_ _2\"></span>  d<span class=\"_ _2\"></span>el  PIL <span class=\"_ _35\"> </span>sugli  scenari<span class=\"_ _3a1\"> </span>generati.<span class=\"_ _3a1\"> </span>Per <span class=\"_ _0\"></span>ma<span class=\"_ _1\"></span>ggiori <span class=\"_ _0\"></span>dettagli <span class=\"_ _0\"></span>sugli <span class=\"_ _0\"></span>scenar<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>rimanda <span class=\"_ _35\"> </span>anche <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>quanto <span class=\"_ _0\"></span>descritto <span class=\"_ _35\"> </span>pi\u00f9<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>avanti <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>paragrafo<span class=\"_ _3a1\"> </span>\u201cMisurazione delle perdite attese - De<span class=\"_ _1\"></span>finizione dello scenario\u201d.<span class=\"_ _3a1\"> </span>L\u2019effetto <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>Sc<span class=\"_ _2\"></span>enari <span class=\"_ _0\"></span>viene <span class=\"_ _0\"></span>poi <span class=\"_ _38\"></span>tr<span class=\"_ _1\"></span>adotto <span class=\"_ _0\"></span>nel <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>odello <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>Impairment <span class=\"_ _0\"></span>tramite <span class=\"_ _0\"></span>l\u2019utilizzo <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>appositi<span class=\"_ _3a1\"> </span>modelli <span class=\"_ _1\"></span>Sat<span class=\"_ _1\"></span>ellite <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>individu<span class=\"_ _2\"></span>ano <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>var<span class=\"_ _1\"></span>iabili <span class=\"_ _1\"></span>pi\u00f9 <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ignificative <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>rappresentare <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>pi\u00f9 <span class=\"_ _1\"></span>significativa<span class=\"_ _3a1\"> </span>correlazione <span class=\"_ _35\"> </span>tra  i<span class=\"_ _2\"></span>l <span class=\"_ _35\"> </span>ciclo <span class=\"_ _35\"> </span>economico <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>i  d<span class=\"_ _2\"></span>ati <span class=\"_ _35\"> </span>interni <span class=\"_ _35\"> </span>anche <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>term<span class=\"_ _1\"></span>ini <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>scostamento <span class=\"_ _35\"> </span>temporale<span class=\"_ _3a1\"> </span>(prendendo <span class=\"_ _39\"> </span>in <span class=\"_ _39\"> </span>cons<span class=\"_ _1\"></span>iderazione <span class=\"_ _39\"> </span>i <span class=\"_ _3f\"> </span>distinti <span class=\"_ _39\"> </span>driver <span class=\"_ _3f\"> </span>anche <span class=\"_ _39\"> </span>a <span class=\"_ _39\"> </span>var<span class=\"_ _1\"></span>i <span class=\"_ _39\"> </span>lag <span class=\"_ _39\"> </span>t<span class=\"_ _1\"></span>emporali <span class=\"_ _39\"> </span>r<span class=\"_ _1\"></span>ispetto <span class=\"_ _3f\"> </span>al <span class=\"_ _39\"> </span>dato<span class=\"_ _3a1\"> </span>consuntivo).<span class=\"_ _3a1\"> </span>Questi ultimi sono utilizzati per il calcolo della componente forward looking di tutti i parametri che<span class=\"_ _3a1\"> </span>intervengono nel calcolo dell\u2019ECL: PD, LGD e EAD/PrePayment<span class=\"_ _1\"></span>.<span class=\"_ _3a1\"> </span>Considerazioni <span class=\"_ _38\"></span>ulteriori <span class=\"_ _38\"></span>possono <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ssere <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ffettuate <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>esposizioni <span class=\"_ _38\"></span>classificate <span class=\"_ _38\"></span>nello <span class=\"_ _38\"></span>\u201cStage <span class=\"_ _38\"></span>3\u201d.<span class=\"_ _3a1\"> </span>Per <span class=\"_ _1\"></span>quel <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>attie<span class=\"_ _1\"></span>ne <span class=\"_ _1\"></span>pi\u00f9 <span class=\"_ _1\"></span>specificatam<span class=\"_ _1\"></span>ente <span class=\"_ _1\"></span>ai <span class=\"_ _38\"></span>crediti <span class=\"_ _1\"></span>deteriorati, <span class=\"_ _1\"></span>si <span class=\"_ _38\"></span>segnala <span class=\"_ _1\"></span>che, <span class=\"_ _38\"></span>pur <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>presenza <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span>una <span class=\"_ _0\"></span>sost<span class=\"_ _1\"></span>anziale <span class=\"_ _0\"></span>equiparazione <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>defini<span class=\"_ _2\"></span>zione <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>credito <span class=\"_ _0\"></span>deteriorato <span class=\"_ _35\"> </span>(credit-impaired <span class=\"_ _0\"></span>financial<div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs108c\">asset) <span class=\"_ _0\"></span>presente <span class=\"_ _38\"></span>nell\u2019IFRS <span class=\"_ _38\"></span>9 <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>principio <span class=\"_ _38\"></span>conta<span class=\"_ _1\"></span>bile <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>andato<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>sostituire<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>(<span class=\"_ _2\"></span>lo <span class=\"_ _0\"></span>IAS<span class=\"_ _2\"></span>39), <span class=\"_ _38\"></span>le </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs108d\">modali<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs108e\">t\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>calcolo <span class=\"_ _0\"></span>dell\u2019ECL <span class=\"_ _35\"> </span>lifetime <span class=\"_ _35\"> </span>hanno <span class=\"_ _35\"> </span>compo<span class=\"_ _2\"></span>rtato <span class=\"_ _35\"> </span>riflessi <span class=\"_ _35\"> </span>metodologici <span class=\"_ _0\"></span>anche <span class=\"_ _35\"> </span>ai <span class=\"_ _35\"> </span>fini <span class=\"_ _0\"></span>delle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs108f\">valutazioni da svolgere in tale comparto, principalmente<span class=\"_ _1\"></span> in relazione:  </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1090\"><span class=\"_ _95\"> </span><span class=\"ff4\">All\u2019i<span class=\"_ _2\"></span>nclusione <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>informazioni <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>tipo <span class=\"_ _36\"> </span>forward <span class=\"_ _36\"> </span>looking, <span class=\"_ _36\"> </span>quali <span class=\"_ _36\"> </span>quelle <span class=\"_ _39\"> </span>relative <span class=\"_ _36\"> </span>agli <span class=\"_ _36\"> </span>scenari </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1091\">macroeconomici, <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>stime <span class=\"_ _0\"></span>e <span class=\"_ _1\"></span>alle <span class=\"_ _38\"></span>tempist<span class=\"_ _1\"></span>iche <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>recupero, <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>probabilit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>migrazione <span class=\"_ _0\"></span>in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1092\">classi <span class=\"_ _38\"></span>peggiori, <span class=\"_ _38\"></span>nonch\u00e9 <span class=\"_ _38\"></span>quelle <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>possono <span class=\"_ _38\"></span>avere <span class=\"_ _38\"></span>influenza <span class=\"_ _38\"></span>sul <span class=\"_ _1\"></span>valore <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>collaterale <span class=\"_ _38\"></span>o <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ulla </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1093\">durata attesa del relativo recupero; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1094\"><span class=\"_ _95\"> </span><span class=\"ff4\">Alla  considerazione  di  scenar<span class=\"_ _1\"></span>i  alter<span class=\"_ _1\"></span>nativi  di  recupero,  quali  q<span class=\"_ _1\"></span>uelli  di  vendita <span class=\"_ _3d\"> </span>degli  ass<span class=\"_ _1\"></span>et </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1095\">creditizi, <span class=\"_ _37\"> </span>in <span class=\"_ _36\"> </span>connessione <span class=\"_ _36\"> </span>con <span class=\"_ _37\"> </span>possibili <span class=\"_ _37\"> </span>cessioni <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>quot<span class=\"_ _1\"></span>e <span class=\"_ _37\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _37\"> </span>portafoglio <span class=\"_ _37\"> </span>de<span class=\"_ _1\"></span>teriorato, <span class=\"_ _37\"> </span>in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1096\">relazione agli <span class=\"_ _1\"></span>obiettivi aziendali di r<span class=\"_ _1\"></span>iduzione degli as<span class=\"_ _1\"></span>set non <span class=\"_ _1\"></span>performing, ai quali deve e<span class=\"_ _1\"></span>ssere </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1097\">attribuita <span class=\"_ _37\"> </span>una <span class=\"_ _36\"> </span>probabilit\u00e0 <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>realizzazione, <span class=\"_ _37\"> </span>da <span class=\"_ _37\"> </span>cons<span class=\"_ _1\"></span>iderare <span class=\"_ _37\"> </span>nell\u2019ambito <span class=\"_ _37\"> </span>della <span class=\"_ _36\"> </span>valutazione<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1098\">complessiva. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1099\">Tenendo <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>considerazione <span class=\"_ _35\"> </span>quanto <span class=\"_ _0\"></span>sopra <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>coerenza <span class=\"_ _0\"></span>con <span class=\"_ _35\"> </span>gli <span class=\"_ _0\"></span>indirizzi <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>gli <span class=\"_ _0\"></span>o<span class=\"_ _1\"></span>biettivi <span class=\"_ _35\"> </span>relativi <span class=\"_ _0\"></span>al </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs109a\">portafoglio <span class=\"_ _0\"></span>N<span class=\"_ _1\"></span>PL, <span class=\"_ _0\"></span>le <span class=\"_ _35\"> </span>svalutazioni <span class=\"_ _0\"></span>sui <span class=\"_ _0\"></span>crediti <span class=\"_ _35\"> </span>deteriorati <span class=\"_ _0\"></span>vengono <span class=\"_ _0\"></span>applicate<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>attraverso<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>due <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>verse </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs109b\">metodologie: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs109c\"><span class=\"_ _95\"> </span><span class=\"ff4\">Analitiche sulle singole esposizioni, in relazione alle rettific<span class=\"_ _2\"></span>he applicate a tali esposizioni, nel </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs109d\">corso <span class=\"_ _39\"> </span>del <span class=\"_ _39\"> </span>periodo <span class=\"_ _39\"> </span>corrente <span class=\"_ _39\"> </span>le <span class=\"_ _39\"> </span>perdite <span class=\"_ _39\"> </span>attese <span class=\"_ _36\"> </span>sui <span class=\"_ _39\"> </span>cre<span class=\"_ _1\"></span>diti <span class=\"_ _39\"> </span>deteriorati <span class=\"_ _39\"> </span>sono <span class=\"_ _39\"> </span>determinate </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs109e\">analiticamente <span class=\"_ _3f\"> </span>in <span class=\"_ _3f\"> </span>base <span class=\"_ _3f\"> </span>alle <span class=\"_ _39\"> </span>previsioni <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>r<span class=\"_ _1\"></span>ecupero <span class=\"_ _3f\"> </span>formulate <span class=\"_ _3f\"> </span>dal <span class=\"_ _39\"> </span>gestore <span class=\"_ _3f\"> </span>o <span class=\"_ _3f\"> </span>risultanti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs109f\">dall\u2019applicazione del regolamento interno \u201clinee guid<span class=\"_ _2\"></span>a e criteri di svalutazione crediti grup<span class=\"_ _2\"></span>po<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10a0\">Credem\u201d,  attualizzate  i<span class=\"_ _2\"></span>n  funzi<span class=\"_ _2\"></span>one  dei  tassi <span class=\"_ _35\"> </span>di  interesse  eff<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ttivi  originari <span class=\"_ _35\"> </span>e  della  relativa </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10a1\">tempistica <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>recupero <span class=\"_ _38\"></span>prevista. <span class=\"_ _1\"></span>Co<span class=\"_ _1\"></span>nsiderato <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>previsioni <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ecupero <span class=\"_ _38\"></span>assumono <span class=\"_ _38\"></span>come </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10a2\">riferimento <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>specifica <span class=\"_ _1\"></span>situazione <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>debitore, <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>itiene <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>trovi <span class=\"_ _38\"></span>coerenza <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>applicazione<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10a3\">un\u2019analisi <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>sensitivity <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>perdite<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>attese <span class=\"_ _38\"></span>su <span class=\"_ _0\"></span>tali <span class=\"_ _38\"></span>es<span class=\"_ _1\"></span>posizioni. <span class=\"_ _38\"></span> <span class=\"_ _0\"></span>Nonostante <span class=\"_ _0\"></span>ci\u00f2, <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>si <span class=\"_ _38\"></span>pu\u00f2 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10a4\">escludere <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>un <span class=\"_ _38\"></span>peggioramento <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>situazione <span class=\"_ _38\"></span>creditizia <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>debitore, <span class=\"_ _1\"></span>anche <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>seguito <span class=\"_ _1\"></span>a </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10a5\">possibili  impat<span class=\"_ _1\"></span>ti <span class=\"_ _3d\"> </span>negativi <span class=\"_ _3d\"> </span>sull'economia <span class=\"_ _37\"> </span>derivanti <span class=\"_ _3d\"> </span>dalla <span class=\"_ _3d\"> </span>comples<span class=\"_ _1\"></span>sa <span class=\"_ _3d\"> </span>situazione <span class=\"_ _3d\"> </span>geopolitica </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10a6\">attuale, <span class=\"_ _3d\"> </span>con <span class=\"_ _3d\"> </span>particolare  rifer<span class=\"_ _1\"></span>imento  a <span class=\"_ _3d\"> </span>recenti  t<span class=\"_ _1\"></span>ensioni <span class=\"_ _3d\"> </span>internazionali,  potrebbe <span class=\"_ _3d\"> </span>gener<span class=\"_ _1\"></span>are </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10a7\">ulteriori <span class=\"_ _0\"></span>perdite <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>quelle <span class=\"_ _0\"></span>previste <span class=\"_ _38\"></span>a <span class=\"_ _0\"> </span>dicembre <span class=\"_ _0\"></span>2024. <span class=\"_ _0\"></span>A <span class=\"_ _0\"></span>partire <span class=\"_ _0\"></span>dal <span class=\"_ _0\"></span>2023 <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>as<span class=\"_ _2\"></span>sunto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10a8\">sempre <span class=\"_ _38\"></span>maggiore <span class=\"_ _38\"></span>rilevanza <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>criterio <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>svalutazioni <span class=\"_ _38\"></span>minime <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>age<span class=\"_ _1\"></span>ing <span class=\"_ _1\"></span>intr<span class=\"_ _1\"></span>odotte <span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>le </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10a9\">categorie <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>sofferenze <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>inadempienze <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>robabili. <span class=\"_ _0\"></span>Si <span class=\"_ _0\"></span>rimanda <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>paragrafo <span class=\"_ _0\"></span>2.3<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>per </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10aa\">maggiori dettagli. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10ab\">Si <span class=\"_ _38\"></span>spe<span class=\"_ _1\"></span>cifica <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>quanto <span class=\"_ _38\"></span>riguarda <span class=\"_ _0\"></span>crediti <span class=\"_ _38\"></span>bancari <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>/o <span class=\"_ _38\"></span>erogati <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>operazioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>factoring </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10ac\">classificati <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>sofferenza <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>inadempienza <span class=\"_ _0\"></span>probabile <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>sposizione <span class=\"_ _0\"></span>minore <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>ugu<span class=\"_ _2\"></span>ale <span class=\"_ _0\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10ad\">Euro <span class=\"_ _3f\"> </span>25.000 <span class=\"_ _39\"> </span>viene <span class=\"_ _3f\"> </span>applicata <span class=\"_ _39\"> </span>una <span class=\"_ _3f\"> </span>percentuale <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>svalutazione <span class=\"_ _3f\"> </span>minima <span class=\"_ _39\"> </span>forfettaria <span class=\"_ _3f\"> </span>pari </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10ae\">rispettivamente al 95% (sofferenze) e al 70% (inadempienze pr<span class=\"_ _1\"></span>obabili). </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs10af\"><span class=\"_ _95\"> </span><span class=\"ff4\">Svalu<span class=\"_ _2\"></span>tazioni <span class=\"_ _38\"></span>determ<span class=\"_ _1\"></span>inate <span class=\"_ _1\"></span>secondo <span class=\"_ _1\"></span>uno <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>pecifico <span class=\"_ _1\"></span>modello, <span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ssono <span class=\"_ _1\"></span>essere<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>applicate <span class=\"_ _38\"></span>ad </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10b0\">un  port<span class=\"_ _1\"></span>afoglio  di <span class=\"_ _3d\"> </span>posizioni  a <span class=\"_ _3d\"> </span>Sofferenza <span class=\"_ _3d\"> </span>valutate  in <span class=\"_ _3d\"> </span>un\u2019ottica <span class=\"_ _3d\"> </span>di  dismissione<span class=\"_ _1\"></span>  (di <span class=\"_ _3d\"> </span>seguito </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10b1\">definito \u201cPortafoglio sotto-modello Stage 3\u201d o \u201cP<span class=\"_ _1\"></span>ortafoglio\u201d). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10b2\">Al   31/12/2024 non vi sono posizioni classificate all\u2019inter<span class=\"_ _1\"></span>no del Portafoglio sotto-modello Stage 3. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs10b3\">1.  Aspett<span class=\"_ _1\"></span>i generali </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10b4\">Il <span class=\"_ _2\"></span>Gruppo Credem con<span class=\"_ _3b\"></span>sider<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>storicamente l\u2019elevata <span class=\"_ _3b\"></span>qu</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10b5\">alit\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10b6\">del cred<span class=\"_ _2\"></span>ito come <span class=\"_ _3b\"></span>un elemento fondan<span class=\"_ _2\"></span>te </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10b7\">della <span class=\"_ _1\"></span>propria <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>abilit\u00e0 <span class=\"_ _1\"></span>patrimoniale <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>fattore <span class=\"_ _1\"></span>stra<span class=\"_ _1\"></span>tegico <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>processo <span class=\"_ _38\"></span>di cr<span class=\"_ _1\"></span>eazione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>valore. <span class=\"_ _1\"></span>I </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10b8\">principi fondamentali su cui si basa l\u2019erogazione del <span class=\"_ _1\"></span>credito sono i seguenti: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs10b9\"><span class=\"_ _95\"> </span><span class=\"ff4\">la <span class=\"_ _3f\"> </span>coerenza <span class=\"_ _3f\"> </span>con <span class=\"_ _3f\"> </span>la <span class=\"_ _3f\"> </span>connota<span class=\"_ _1\"></span>zione <span class=\"_ _3f\"> </span>prevalente <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>banca <span class=\"_ _3f\"> </span>commerciale <span class=\"_ _3f\"> </span>domestica <span class=\"_ _3a\"> </span>nella<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10ba\">valutazione <span class=\"_ _38\"></span>dell\u2019attivit\u00e0 <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>cliente, <span class=\"_ _0\"></span>della <span class=\"_ _1\"></span>sua <span class=\"_ _0\"></span>dimensione <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>sua <span class=\"_ _38\"></span>ubicazione <span class=\"_ _0\"></span>geografica<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10bb\">rispetto alla rete Credem; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs10bc\"><span class=\"_ _95\"> </span><span class=\"ff4\">la  tecnica  nell\u2019anali<span class=\"_ _2\"></span>si  di  rischio,  che  assicura  alle  conce<span class=\"_ _2\"></span>ssioni  creditizie  un  presupp<span class=\"_ _2\"></span>osto </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10bd\">oggettivo e <span class=\"_ _3b\"></span>coerente con le<span class=\"_ _2\"></span> fin<span class=\"_ _2\"></span>alit\u00e0 e <span class=\"_ _3b\"></span>le esigenze <span class=\"_ _2\"></span>finanziarie del <span class=\"_ _3b\"></span>cliente, con <span class=\"_ _3b\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>sue dimensioni </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10be\">patrimoniali <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3b\"></span>e con <span class=\"_ _3b\"></span>le <span class=\"_ _2\"></span>relative <span class=\"_ _2\"></span>capacit\u00e0 <span class=\"_ _3b\"></span>di rimborso <span class=\"_ _3b\"></span>storiche e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>prospettiche, anc<span class=\"_ _2\"></span>he </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10bf\">al fine di ridurre fortemente eventuali necessit\u00e0 di rifinanziamento successivo; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs10c0\"><span class=\"_ _95\"> </span><span class=\"ff4\">la <span class=\"_ _0\"></span>quali<span class=\"_ _2\"></span>t\u00e0 <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>l\u2019adeguatezza <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>informazioni, <span class=\"_ _0\"></span>coerentemente <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>criteri <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>D<span class=\"_ _1\"></span>ata <span class=\"_ _0\"></span>Governance </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10c1\">definiti <span class=\"_ _0\"></span>dal <span class=\"_ _38\"></span>gruppo <span class=\"_ _0\"></span>Credem, <span class=\"_ _0\"></span>come <span class=\"_ _38\"></span>presupposto <span class=\"_ _0\"></span>essenziale <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>valu<span class=\"_ _2\"></span>tazione <span class=\"_ _0\"></span>oggettiva <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10c2\">profilo di rischio che trova nel rating inter<span class=\"_ _1\"></span>no la sua prima espressione di sintesi; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs10c3\"><span class=\"_ _95\"> </span><span class=\"ff4\">il <span class=\"_ _1\"></span>fr<span class=\"_ _1\"></span>azionamento <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>dito <span class=\"_ _38\"></span>perseguito <span class=\"_ _38\"></span>diversificando <span class=\"_ _0\"></span>il<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>port<span class=\"_ _1\"></span>afoglio <span class=\"_ _38\"></span>clienti <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>un </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10c4\">approccio selettivo e coerente con gli obiettivi di capitale e <span class=\"_ _1\"></span>di rischi<span class=\"_ _2\"></span>o/rendiment<span class=\"_ _1\"></span>o;<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs10c6\"><span class=\"_ _95\"> </span><span class=\"ff4\">la <span class=\"_ _35\"> </span>valutazione <span class=\"_ _35\"> </span>consolidata <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>controparti <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>livello <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>modo <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>delineare  u<span class=\"_ _2\"></span>na </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10c7\">prosp</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10c8\">ettiva unitaria e <span class=\"_ _1\"></span>non frammentata <span class=\"_ _1\"></span>del profilo di rischio <span class=\"_ _1\"></span>di ciascuna singola <span class=\"_ _1\"></span>controparte </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10c9\">o gruppo controparte; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs10ca\"><span class=\"_ _95\"> </span><span class=\"ff4\">la <span class=\"_ _0\"></span>cura <span class=\"_ _35\"> </span>riservata <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>regolarit<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _0\"></span>formale <span class=\"_ _35\"> </span>prima <span class=\"_ _0\"></span>dell\u2019erogazione <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>concessioni <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>credito </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10cb\">anche <span class=\"_ _35\"> </span>attraverso <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>supporto <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>strutture <span class=\"_ _0\"></span>specialistiche <span class=\"_ _35\"> </span>presso <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>grupp<span class=\"_ _2\"></span>o <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>assicurano <span class=\"_ _0\"></span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10cc\">necessari riferimenti tecnico-consulenziali; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs10cd\"><span class=\"_ _95\"> </span><span class=\"ff4\">l\u2019attenta gestione d<span class=\"_ _2\"></span>ei rapporti da p<span class=\"_ _2\"></span>arte delle unit\u00e0 di <span class=\"_ _2\"></span>linea e i <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>ntrolli effettuati <span class=\"_ _2\"></span>dalle funzioni </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10ce\">centrali <span class=\"_ _69\"> </span>dedicate, <span class=\"_ _43\"> </span>che <span class=\"_ _44\"> </span>a<span class=\"_ _1\"></span>ssicurano <span class=\"_ _69\"> </span>la <span class=\"_ _69\"> </span>corretta <span class=\"_ _43\"> </span>appl<span class=\"_ _2\"></span>icazione <span class=\"_ _69\"> </span>delle <span class=\"_ _69\"> </span>linee<span class=\"_ _1\"></span> <span class=\"_ _69\"> </span>di <span class=\"_ _69\"> </span>credito,<span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10cf\">l\u2019aggiornamento <span class=\"_ _188\"> </span>costante <span class=\"_ _29\"> </span>del <span class=\"_ _46\"> </span>quadro <span class=\"_ _29\"> </span>informativo <span class=\"_ _188\"> </span>della <span class=\"_ _29\"> </span>clientela, <span class=\"_ _188\"> </span>la <span class=\"_ _188\"> </span>t<span class=\"_ _1\"></span>empestiva<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10d0\">individuazione delle posizioni problematiche e l\u2019adozione delle <span class=\"_ _1\"></span>azioni necessarie al recupero </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10d1\">delle relative esposizioni; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs10d2\"><span class=\"_ _95\"> </span><span class=\"ff4\">l\u2019adozione <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>politiche <span class=\"_ _3a\"> </span>rigorose <span class=\"_ _3a\"> </span>di <span class=\"_ _3f\"> </span>classificazione <span class=\"_ _3f\"> </span>e <span class=\"_ _3a\"> </span>copertura <span class=\"_ _3f\"> </span>dei <span class=\"_ _3a\"> </span>crediti <span class=\"_ _3a\"> </span>d<span class=\"_ _2\"></span>eteriorati, </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10d3\">privilegiando, <span class=\"_ _43\"> </span>quando <span class=\"_ _49\"> </span>possibile, <span class=\"_ _49\"> </span>politiche <span class=\"_ _43\"> </span>transa<span class=\"_ _1\"></span>ttive <span class=\"_ _43\"> </span>volte <span class=\"_ _43\"> </span>a<span class=\"_ _1\"></span> <span class=\"_ _43\"> </span>raggiungere <span class=\"_ _49\"> </span>accordi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10d4\">stragiudiziali con le controparti contenendone di conseguenza i costi <span class=\"_ _1\"></span>di recupero; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs10d5\"><span class=\"_ _95\"> </span><span class=\"ff4\">l\u2019attenzione ai <span class=\"_ _1\"></span>fattori <span class=\"_ _1\"></span>ESG, con <span class=\"_ _1\"></span>particolare <span class=\"_ _1\"></span>focus rispett<span class=\"_ _1\"></span>o al gr<span class=\"_ _1\"></span>ado di <span class=\"_ _1\"></span>esposizione <span class=\"_ _1\"></span>agli impatti </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10d6\">generati  dai  fattori  climatici  e  ambientali  sui  portafogli  creditizi,  sull<span class=\"_ _2\"></span>a  soste<span class=\"_ _1\"></span>nibilit\u00e0  delle<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10d7\">controparti e sul valore dei collateral; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs10d8\"><span class=\"_ _95\"> </span><span class=\"ff4\">l\u2019astensione <span class=\"_ _37\"> </span>dal <span class=\"_ _36\"> </span>finanziamento <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>aziende <span class=\"_ _36\"> </span>collegate <span class=\"_ _36\"> </span>direttamente <span class=\"_ _36\"> </span>a <span class=\"_ _37\"> </span>settori <span class=\"_ _36\"> </span>controversi </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10d9\">definiti d<span class=\"_ _2\"></span>al Consigl<span class=\"_ _2\"></span>io di <span class=\"_ _3b\"></span>Amminist<span class=\"_ _1\"></span>razione della <span class=\"_ _2\"></span>Capogruppo, <span class=\"_ _3b\"></span>ne<span class=\"_ _1\"></span>llo specific<span class=\"_ _2\"></span>o quelli<span class=\"_ _2\"></span> correlati alla<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10da\">produzione <span class=\"_ _39\"> </span>e <span class=\"_ _3f\"> </span>commercializzazione <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>ar<span class=\"_ _1\"></span>mi <span class=\"_ _39\"> </span>non <span class=\"_ _3f\"> </span>convenzionali <span class=\"_ _39\"> </span>e <span class=\"_ _39\"> </span>all\u2019utilizzo <span class=\"_ _3f\"> </span>di <span class=\"_ _36\"> </span>de<span class=\"_ _1\"></span>rivati </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10db\">speculativi su materie prime alimentari. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs10dc\">1.1 Impatt<span class=\"_ _1\"></span>i derivanti dal rischio climatico <span class=\"_ _1\"></span>in relazione a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs10dd\">l rischio di credito </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10de\">Con <span class=\"_ _3f\"> </span>riguardo <span class=\"_ _3f\"> </span>ai <span class=\"_ _39\"> </span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _3f\"> </span>climatici<span class=\"_ _2\"></span>, <span class=\"_ _3f\"> </span>nell\u2019ambito <span class=\"_ _3f\"> </span>del <span class=\"_ _3f\"> </span>percorso <span class=\"_ _3f\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _3f\"> </span>progressivo <span class=\"_ _3f\"> </span>allineamento <span class=\"_ _3f\"> </span>alle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10df\">aspettative <span class=\"_ _0\"></span>della <span class=\"_ _1\"></span>Banca <span class=\"_ _0\"></span>Central<span class=\"_ _2\"></span>e <span class=\"_ _38\"></span>Euro<span class=\"_ _1\"></span>pea <span class=\"_ _38\"></span>(BCE) <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>materia <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>inclusione <span class=\"_ _0\"></span>delle <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ematiche <span class=\"_ _38\"></span>ESG <span class=\"_ _0\"></span>nel </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10e0\">Framework  di  Risk <span class=\"_ _3d\"> </span>Management,  il  Gruppo  ha <span class=\"_ _3d\"> </span>avviato  una  progettualit\u00e0 <span class=\"_ _3d\"> </span>che  ha  l\u2019obiettivo  di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10e1\">introdurre i principali fattori di r<span class=\"_ _1\"></span>ischio climatici e ambientali nei modelli contabili IFRS 9.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10e2\">In particolare saranno gestiti i seguenti fattori di r<span class=\"_ _1\"></span>ischio: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs10e3\"><span class=\"_ _3e\"> </span><span class=\"ff4\">\u00abRischio <span class=\"_ _1\"></span>Fisico\u00bb <span class=\"_ _38\"></span>sul <span class=\"_ _1\"></span>portafoglio <span class=\"_ _1\"></span>Mutui <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>Leasing <span class=\"_ _38\"></span>immobiliari: e<span class=\"_ _1\"></span>spresso <span class=\"_ _1\"></span>tramite <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iduzione <span class=\"_ _1\"></span>del </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10e4\">valore delle garanzie imm<span class=\"_ _2\"></span>obiliari, al <span class=\"_ _2\"></span>fine di rappresentare l<span class=\"_ _2\"></span>\u2019ipotetico danno app<span class=\"_ _2\"></span>ortato da eventi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10e5\">climatici (alluvioni e frane), in relazione alla rischiosit\u00e0 del territorio in cui \u00e8 ubicato l\u2019immobile. </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs10e6\"><span class=\"_ _3e\"> </span><span class=\"ff4\">\u00abRischio di Trans<span class=\"_ _1\"></span>izione\u00bb sul <span class=\"_ _1\"></span>portafoglio Impres<span class=\"_ _1\"></span>e: volto <span class=\"_ _1\"></span>a r<span class=\"_ _1\"></span>appresentare la <span class=\"_ _1\"></span>minore redditivit\u00e0 <span class=\"_ _1\"></span>in<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10e7\">cui <span class=\"_ _3a\"> </span>le <span class=\"_ _3a\"> </span>Impre<span class=\"_ _1\"></span>se <span class=\"_ _3a\"> </span>potrebbero <span class=\"_ _48\"> </span>i<span class=\"_ _2\"></span>ncorrere <span class=\"_ _3a\"> </span>nell\u2019ambito <span class=\"_ _48\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _3a\"> </span>processo <span class=\"_ _48\"> </span>di <span class=\"_ _3f\"> </span>ade<span class=\"_ _1\"></span>guamento <span class=\"_ _3a\"> </span>verso<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10e8\">un\u2019economia pi\u00f9 sostenibile. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10e9\">Le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>progettuali <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ealizzazione <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>modello <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>corso, <span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>rambe <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>volutive <span class=\"_ _1\"></span>des<span class=\"_ _1\"></span>critte </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10ea\">comporteranno <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>aumento <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>rettifiche <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valore <span class=\"_ _38\"></span>e s<span class=\"_ _1\"></span>aranno <span class=\"_ _1\"></span>quantificate <span class=\"_ _1\"></span>considerando <span class=\"_ _1\"></span>diversi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10eb\">scenari climatici ad integrazione degli scenari ma<span class=\"_ _1\"></span>cro-economici gi\u00e0 previsti dall\u2019attuale impianto. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10ec\">In parallelo sono state avviate delle analisi di materialit\u00e0 sui se<span class=\"_ _1\"></span>guenti fattori di rischio: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs10ed\"><span class=\"_ _3e\"> </span><span class=\"ff4\">\u00abRischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Transizione\u00bb <span class=\"_ _35\"> </span>sul <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>Mutui: <span class=\"_ _0\"></span>espresso <span class=\"_ _0\"></span>attraverso <span class=\"_ _35\"> </span>un<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>riduzione <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>valore </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10ee\">delle <span class=\"_ _38\"></span>garanzie <span class=\"_ _38\"></span>immobiliari <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>immobili <span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>rispettano <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>andard <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>efficientamento </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10ef\">energetico richiesti <span class=\"_ _1\"></span>dalle politiche di transizione. <span class=\"_ _1\"></span>Seppur il valore dell'immo<span class=\"_ _1\"></span>bile tiene <span class=\"_ _1\"></span>gi\u00e0 conto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10f0\">della <span class=\"_ _36\"> </span>classe <span class=\"_ _37\"> </span>e<span class=\"_ _1\"></span>nergetica <span class=\"_ _37\"> </span>corrente<span class=\"_ _1\"></span>, <span class=\"_ _36\"> </span>l\u2018impatto <span class=\"_ _37\"> </span>del <span class=\"_ _36\"> </span>rischio <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>tr<span class=\"_ _1\"></span>ansizione <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>manifest<span class=\"_ _1\"></span>a <span class=\"_ _37\"> </span>come </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10f1\">variazione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>prezzo  (p<span class=\"_ _2\"></span>ercezione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>mer<span class=\"_ _1\"></span>cato) <span class=\"_ _35\"> </span>innescata <span class=\"_ _35\"> </span>dalla <span class=\"_ _35\"> </span>transizione <span class=\"_ _35\"> </span>(aumento <span class=\"_ _35\"> </span>prezzi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10f2\">energia, norme di efficientamento ener<span class=\"_ _1\"></span>getico). </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs10f3\"><span class=\"_ _42\"> </span><span class=\"ff4\">\u00abRischio <span class=\"_ _38\"></span>Fisico\u00bb <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ul <span class=\"_ _38\"></span>portafoglio <span class=\"_ _0\"></span>Imprese: <span class=\"_ _38\"></span>volto <span class=\"_ _0\"></span>a <span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ppresentare <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>pote<span class=\"_ _1\"></span>nziali <span class=\"_ _38\"></span>danni <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>fabbricati<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10f4\">e/o alla catena di produzione-distribuzione connes<span class=\"_ _1\"></span>si ad eventi climatici (alluvioni /frane). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10f5\">I suddetti <span class=\"_ _1\"></span>aspetti <span class=\"_ _1\"></span>sono st<span class=\"_ _1\"></span>ati approcciati per <span class=\"_ _1\"></span>valutarne <span class=\"_ _1\"></span>l\u2019integrazione ne<span class=\"_ _1\"></span>l Framework <span class=\"_ _1\"></span>di Stress<span class=\"_ _1\"></span> Test </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10f6\">Gestionale <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Gruppo <span class=\"_ _1\"></span>(processi ICAAP <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>RAF), a <span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>guire saranno <span class=\"_ _1\"></span>valutati <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>termini <span class=\"_ _1\"></span>di r<span class=\"_ _1\"></span>ilevanza ai </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10f7\">fini dell\u2019inclusione nel Framework IFRS9. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10f8\">A fronte <span class=\"_ _1\"></span>della progettualit\u00e0 in corso relativa alla ge<span class=\"_ _1\"></span>stione dei rischi ESG nella modellistica IFRS<span class=\"_ _1\"></span>9, \u00e8 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10f9\">stata i<span class=\"_ _2\"></span>ntrodotta <span class=\"_ _2\"></span>una <span class=\"_ _3b\"></span>copertura<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>aggiuntiva a <span class=\"_ _3b\"></span>partire d<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>giugno <span class=\"_ _3b\"></span>2024 qual<span class=\"_ _2\"></span>e anticip<span class=\"_ _2\"></span>azione <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>ta<span class=\"_ _1\"></span>li <span class=\"_ _3b\"></span>effe<span class=\"_ _1\"></span>tti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10fa\">sul <span class=\"_ _35\"> </span>portafoglio <span class=\"_ _35\"> </span>crediti <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>ssere. <span class=\"_ _35\"> </span> <span class=\"_ _0\"> </span>P<span class=\"_ _1\"></span>er <span class=\"_ _35\"> </span>maggiori <span class=\"_ _35\"> </span>dettagli <span class=\"_ _35\"> </span>sui <span class=\"_ _35\"> </span>relativi<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>impatti <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>rimanda <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>Not<span class=\"_ _1\"></span>a </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10fb\">Integrativa \u2013 Parte A \u2013 Sezione 5. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs10fc\">2. Politiche di ges<span class=\"_ _1\"></span>tione del rischio di cre<span class=\"_ _1\"></span>dito<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs10fd\">2.1 Aspetti or<span class=\"_ _1\"></span>ganizzativi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10fe\">Il Servizio Crediti di Credito Emiliano \u00e8 organizzato seco<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs10ff\">ndo tre aree di responsabilit\u00e0: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1101\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Credit <span class=\"_ _1\"></span>Strategy e Monitoring, che <span class=\"_ _1\"></span>definisce obiettivi <span class=\"_ _1\"></span>e linee guida <span class=\"_ _1\"></span>di sviluppo del <span class=\"_ _1\"></span>credito inteso </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1102\">come <span class=\"_ _0\"></span>b<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1103\">usiness <span class=\"_ _0\"></span>line <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>coerenza <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>gli <span class=\"_ _0\"></span>obiettivi <span class=\"_ _0\"></span>ed<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>RAF <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>grupp<span class=\"_ _2\"></span>o, <span class=\"_ _0\"></span>effettua <span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>controlli <span class=\"_ _0\"></span>sulla<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1104\">filiera <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>credito, r<span class=\"_ _2\"></span>edige <span class=\"_ _2\"></span>la <span class=\"_ _3b\"></span>regolamentazione interna<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>e <span class=\"_ _3b\"></span>definisce <span class=\"_ _3b\"></span>i princip<span class=\"_ _2\"></span>ali <span class=\"_ _3b\"></span>st<span class=\"_ _1\"></span>rumenti, <span class=\"_ _3b\"></span>pr<span class=\"_ _1\"></span>ocessi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1105\">e mod<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>lli <span class=\"_ _3b\"></span>a supp<span class=\"_ _2\"></span>orto dell\u2019<span class=\"_ _2\"></span>intero p<span class=\"_ _2\"></span>rocesso <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>credito (fatte <span class=\"_ _3b\"></span>salve <span class=\"_ _3b\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>attribuzioni <span class=\"_ _3b\"></span>di responsabilit\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1106\">al servizio ERISK in relazione ai modelli rientranti ne<span class=\"_ _1\"></span>l perimetro IRB); </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1107\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Credit Management, che attraverso l\u2019attivit\u00e0 deliber<span class=\"_ _1\"></span>ativa e la consulenza tecnica alle strutture </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1108\">commerciali <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>alle <span class=\"_ _0\"></span>Socie<span class=\"_ _2\"></span>t\u00e0 <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>perimetro <span class=\"_ _0\"></span>garantisce <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>tempo <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>profilo <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>rischiosit<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _0\"></span>degli </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1109\">impieghi <span class=\"_ _2\"></span>coerente con gl<span class=\"_ _2\"></span>i obiettivi<span class=\"_ _2\"></span> di<span class=\"_ _2\"></span> strategy definiti, <span class=\"_ _3b\"></span>pres<span class=\"_ _1\"></span>idiando <span class=\"_ _3b\"></span>il corretto ripag<span class=\"_ _2\"></span>amento delle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs110a\">posizioni anomale; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs110b\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Non-Performing <span class=\"_ _35\"> </span>Credit, <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>occupa <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>attivit\u00e0  di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>gestione <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>recupero <span class=\"_ _35\"> </span>sul <span class=\"_ _35\"> </span>credito <span class=\"_ _35\"> </span>non </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs110c\">performing. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs110d\">Le <span class=\"_ _0\"></span>linee <span class=\"_ _0\"></span>guid<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Credit <span class=\"_ _0\"></span>Strategy <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>engono <span class=\"_ _0\"></span>approvate <span class=\"_ _0\"></span>dallo <span class=\"_ _0\"></span>speci<span class=\"_ _2\"></span>fico <span class=\"_ _0\"></span>Comitato <span class=\"_ _0\"></span>Credit <span class=\"_ _0\"></span>Strategy <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs110e\">Gruppo e deliberate dal <span class=\"_ _2\"></span>Consiglio di A<span class=\"_ _2\"></span>mministrazione. Relativamente al perimetro NPL, <span class=\"_ _2\"></span>il Comitato </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs110f\">Crediti Non Performing di Gruppo, si occupa di defini<span class=\"_ _2\"></span>re specifiche a<span class=\"_ _1\"></span>zioni di indirizzo strategic<span class=\"_ _2\"></span>o e di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1110\">monitoraggio, anche relativamente <span class=\"_ _1\"></span>all\u2019andamento degli indicatori SREP di competenza. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1111\">Nella  gestione <span class=\"_ _35\"> </span>del  rischio  d<span class=\"_ _2\"></span>i  credito <span class=\"_ _35\"> </span>concorrono  inoltre,  p<span class=\"_ _2\"></span>er  le <span class=\"_ _35\"> </span>rispettive  aree  di <span class=\"_ _35\"> </span>competenza, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1112\">processi di responsabilit\u00e0 del Servizio di Gruppo Erisk:  </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1113\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Il Risk <span class=\"_ _1\"></span>Appetite <span class=\"_ _1\"></span>Framework, <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>cui sono <span class=\"_ _1\"></span>definiti t<span class=\"_ _1\"></span>olerance e <span class=\"_ _1\"></span>appetite <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>gli indicatori <span class=\"_ _1\"></span>relativi <span class=\"_ _1\"></span>al<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1114\">rischio di credito sia in termini di performing loan che di non performing loan; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1115\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Gestione <span class=\"_ _35\"> </span>Sistema <span class=\"_ _35\"> </span>interno <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>rating,<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>per  l<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>responsabilit\u00e0 <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>Sistema <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>rating <span class=\"_ _35\"> </span>Corporate <span class=\"_ _35\"> </span>e<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1116\">Retail, <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>l\u2019attribuzione <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>rating <span class=\"_ _1\"></span>alle <span class=\"_ _38\"></span>singole <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>roparti, <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>calibrazione <span class=\"_ _38\"></span>dei <span class=\"_ _1\"></span>parametr<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1117\">per la relativa convalida. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1118\">Le <span class=\"_ _35\"> </span>disposizioni <span class=\"_ _35\"> </span>introdotte  dal<span class=\"_ _2\"></span>la <span class=\"_ _35\"> </span>normativa <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>riferimento <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>l\u2019adozione <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>modelli <span class=\"_ _35\"> </span>interni <span class=\"_ _35\"> </span>ed <span class=\"_ _35\"> </span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1119\">successivi <span class=\"_ _0\"></span>aggiornament<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>stati <span class=\"_ _0\"></span>siste<span class=\"_ _1\"></span>maticamente <span class=\"_ _0\"></span>accolti <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>Cre<span class=\"_ _1\"></span>dito <span class=\"_ _0\"></span>Emiliano <span class=\"_ _0\"></span>S.p.A. <span class=\"_ _0\"></span>come </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs111a\">un\u2019opportunit\u00e0 <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>migliorare <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>stione <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>incrementare <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>valore <span class=\"_ _1\"></span>generato <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>gli </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs111b\">azionisti, <span class=\"_ _1\"></span>grazie <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>storica <span class=\"_ _1\"></span>qualit\u00e0 <span class=\"_ _1\"></span>dell\u2019att<span class=\"_ _1\"></span>ivo cr<span class=\"_ _1\"></span>editizio <span class=\"_ _1\"></span>nonch\u00e9 <span class=\"_ _1\"></span>all\u2019ampia e <span class=\"_ _1\"></span>cons<span class=\"_ _1\"></span>olidata <span class=\"_ _1\"></span>diffusione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs111c\">degli <span class=\"_ _3a\"> </span>strumenti <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>rating <span class=\"_ _3a\"> </span>utilizzati <span class=\"_ _3a\"> </span>nell\u2019attivit\u00e0 <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>valutazione, <span class=\"_ _3a\"> </span>erogazione, <span class=\"_ _3a\"> </span>monitoraggio <span class=\"_ _3a\"> </span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs111d\">prezzatura del credito. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs111e\">2.2 Sistemi di ges<span class=\"_ _1\"></span>tione, misurazione <span class=\"_ _1\"></span>e controllo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs111f\">L\u2019attivit\u00e0  di <span class=\"_ _35\"> </span>valutazione  ed  e<span class=\"_ _2\"></span>rogazione  del <span class=\"_ _35\"> </span>cre<span class=\"_ _1\"></span>dito </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1120\">\u00e8<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1121\">d<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1122\">i<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1123\">f</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1124\">f<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1125\">e</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1126\">renziata  a <span class=\"_ _35\"> </span>seconda  della <span class=\"_ _35\"> </span>tipologia  di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1127\">clientela. P<span class=\"_ _1\"></span>i\u00f9 precisame<span class=\"_ _1\"></span>nte, per il s<span class=\"_ _1\"></span>egmento <span class=\"_ _1\"></span>corporate \u00e8<span class=\"_ _1\"></span> in <span class=\"_ _1\"></span>uso un sis<span class=\"_ _1\"></span>tema \u201ces<span class=\"_ _1\"></span>perto\u201d che <span class=\"_ _1\"></span>guida la </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1128\">formulazione <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>proposta <span class=\"_ _1\"></span>di affidamento e<span class=\"_ _1\"></span>d \u00e8 <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>base <span class=\"_ _1\"></span>del s<span class=\"_ _1\"></span>istema <span class=\"_ _1\"></span>di rating. <span class=\"_ _1\"></span>Tale <span class=\"_ _1\"></span>metodologia </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1129\">si <span class=\"_ _0\"></span>basa <span class=\"_ _38\"></span>su <span class=\"_ _0\"></span>logich<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>analisi <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>componenti <span class=\"_ _38\"></span>economico-patrimoniali <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>bilancio <span class=\"_ _38\"></span>integra<span class=\"_ _1\"></span>te <span class=\"_ _0\"></span>dalla </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs112a\">valutazione <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>cassa, <span class=\"_ _37\"> </span>dati <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>centrale <span class=\"_ _37\"> </span>rischi, <span class=\"_ _36\"> </span>nonch\u00e9 <span class=\"_ _37\"> </span>da <span class=\"_ _37\"> </span>valutazioni <span class=\"_ _37\"> </span>qualitative <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>ul </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs112b\">posizionamento competitivo, sui rischi di business e sull\u2019appartenenza al gruppo. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs112c\">Per i<span class=\"_ _2\"></span>l <span class=\"_ _3b\"></span>segme<span class=\"_ _1\"></span>nto <span class=\"_ _3b\"></span>small bu<span class=\"_ _2\"></span>siness, <span class=\"_ _3b\"></span>nell\u2019ambito della <span class=\"_ _3b\"></span>stessa <span class=\"_ _2\"></span>metodologia <span class=\"_ _3b\"></span>gener<span class=\"_ _1\"></span>ale <span class=\"_ _3b\"></span>di val<span class=\"_ _2\"></span>utazione, <span class=\"_ _2\"></span>sono </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs112d\">state <span class=\"_ _1\"></span>applicate delle <span class=\"_ _1\"></span>differenziazioni per <span class=\"_ _1\"></span>dare <span class=\"_ _1\"></span>maggior <span class=\"_ _1\"></span>peso alle infor<span class=\"_ _1\"></span>mazioni di t<span class=\"_ _1\"></span>ipo andamentale </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs112e\">e d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>ce<span class=\"_ _1\"></span>ntrale dei <span class=\"_ _184\"></span>r<span class=\"_ _1\"></span>ischi, <span class=\"_ _3b\"></span>che forniscono <span class=\"_ _3b\"></span>un contributo <span class=\"_ _3b\"></span>import<span class=\"_ _1\"></span>ante <span class=\"_ _2\"></span>alla <span class=\"_ _3b\"></span>capacit\u00e0 <span class=\"_ _2\"></span>predittiva d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>default.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs112f\">Per il <span class=\"_ _3b\"></span>se<span class=\"_ _1\"></span>gmento delle <span class=\"_ _3b\"></span>m<span class=\"_ _1\"></span>icroattivit\u00e0 <span class=\"_ _2\"></span>e dei <span class=\"_ _3b\"></span>privati consumatori \u00e8 <span class=\"_ _3b\"></span>stato sviluppato <span class=\"_ _2\"></span>un sistema di<span class=\"_ _2\"></span> rating </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1130\">specificamente <span class=\"_ _38\"></span>calibrato <span class=\"_ _1\"></span>su <span class=\"_ _38\"></span>questa <span class=\"_ _1\"></span>tipologia <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>clientela <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>supporto <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>processi <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>approvazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1131\">delle operazioni. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1132\">Inoltre, <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>tutta <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>clientela <span class=\"_ _0\"></span>Banca <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>attivo <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>modello <span class=\"_ _0\"></span>interno <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Loss <span class=\"_ _0\"></span>Given <span class=\"_ _0\"></span>Default <span class=\"_ _0\"></span>(LGD) <span class=\"_ _0\"></span>che </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1133\">valuta la p<span class=\"_ _2\"></span>otenziale perdita <span class=\"_ _2\"></span>dato i<span class=\"_ _2\"></span>l default della <span class=\"_ _2\"></span>controparte, <span class=\"_ _2\"></span>tenendo in considerazione la<span class=\"_ _3b\"></span> tipologia </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1134\">di cont<span class=\"_ _1\"></span>roparte, <span class=\"_ _1\"></span>l\u2019ammontare <span class=\"_ _1\"></span>dell\u2019esposizione, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>tipologia <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>forma <span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>cnica e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>le e<span class=\"_ _1\"></span>ventuali garanzie </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1135\">a sostegno della posizione. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2ba\">Tutti <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>sistemi <span class=\"_ _38\"></span>sono <span class=\"_ _1\"></span>dire<span class=\"_ _1\"></span>ttamente <span class=\"_ _1\"></span>integrati <span class=\"_ _38\"></span>nella <span class=\"_ _1\"></span>propos<span class=\"_ _1\"></span>ta <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>affidamento; <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>Pratica <span class=\"_ _38\"></span>Elettronica <span class=\"_ _1\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2bb\">Fido <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>operativa <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>tutti <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>gestori <span class=\"_ _0\"></span>privati <span class=\"_ _0\"></span>e <span class=\"_ _0\"> </span>a<span class=\"_ _1\"></span>ziende. <span class=\"_ _0\"></span>La <span class=\"_ _0\"> </span>piatt<span class=\"_ _1\"></span>aforma <span class=\"_ _0\"></span>garantisce <span class=\"_ _0\"></span>un <span class=\"_ _35\"> </span>elevato <span class=\"_ _0\"></span>data </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1136\">quality ed efficienza nei processi di istruttor<span class=\"_ _1\"></span>ia e delibera di affidamenti e rating.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1137\">Un  pi<span class=\"_ _2\"></span>lastro  fondamentale  di<span class=\"_ _2\"></span>  gov<span class=\"_ _2\"></span>ernance  del <span class=\"_ _35\"> </span>credito  \u00e8 <span class=\"_ _35\"> </span>cost<span class=\"_ _1\"></span>ituito  in<span class=\"_ _2\"></span>oltre  dall<span class=\"_ _2\"></span>\u2019assegnazione  \u201cad </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1138\">personam\u201d <span class=\"_ _37\"> </span>delle <span class=\"_ _3d\"> </span>a<span class=\"_ _1\"></span>utonomie <span class=\"_ _37\"> </span>delegate, <span class=\"_ _3d\"> </span>previa <span class=\"_ _37\"> </span>valutazione <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>ul <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>ingolo <span class=\"_ _3d\"> </span>deliberante<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>eleme<span class=\"_ _1\"></span>nti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1139\">fondamentali quali le <span class=\"_ _1\"></span>compet<span class=\"_ _1\"></span>enze, i <span class=\"_ _1\"></span>risultati <span class=\"_ _1\"></span>conseguiti nella ge<span class=\"_ _1\"></span>stione ed <span class=\"_ _1\"></span>erogazione del <span class=\"_ _1\"></span>credito e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs113a\">l\u2019attivit\u00e0 formativa fruita. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs113b\">I <span class=\"_ _35\"> </span>poteri  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>delega <span class=\"_ _35\"> </span>si  b<span class=\"_ _2\"></span>asano, <span class=\"_ _35\"> </span>attualment<span class=\"_ _1\"></span>e <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>so<span class=\"_ _1\"></span>la <span class=\"_ _35\"> </span>Credembanca, <span class=\"_ _35\"> </span>sull\u2019indicatore <span class=\"_ _35\"> </span>\u201cAccordato </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs113c\">Ponderato\u201d, che applicando dei pesi alle singole <span class=\"_ _1\"></span>componenti della posizione affidata ne sintetizza </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs113d\">la rischiosit\u00e0 in rapporto alle policy ed alle serie storiche de<span class=\"_ _1\"></span>i defau<span class=\"_ _2\"></span>lt.     </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs113e\">Negli ultimi <span class=\"_ _1\"></span>anni, l'implementazione <span class=\"_ _1\"></span>di investimenti tecnologici e l'<span class=\"_ _1\"></span>adozione di Advanced Analytics </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs113f\">hanno note<span class=\"_ _1\"></span>volmente potenziato <span class=\"_ _1\"></span>i me<span class=\"_ _1\"></span>ccanismi \"automatici\" <span class=\"_ _1\"></span>per il m<span class=\"_ _1\"></span>onitoraggio e <span class=\"_ _1\"></span>l'origination, con </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1140\">particolare <span class=\"_ _48\"> </span>atte<span class=\"_ _1\"></span>nzione <span class=\"_ _48\"> </span>all'evoluzione <span class=\"_ _48\"> </span>dell'Openbanking. <span class=\"_ _48\"> </span>In <span class=\"_ _48\"> </span>ques<span class=\"_ _1\"></span>to <span class=\"_ _48\"> </span>contesto, <span class=\"_ _48\"> </span>l'Indicatore <span class=\"_ _17e\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1142\">Monitoraggio <span class=\"_ _3d\"> </span>Andamentale <span class=\"_ _3d\"> </span>(IMA), <span class=\"_ _3d\"> </span>un <span class=\"_ _3d\"> </span>Modello <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>Early <span class=\"_ _3d\"> </span>Warning,  gioca <span class=\"_ _3d\"> </span>un <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>uolo  ce<span class=\"_ _1\"></span>ntrale <span class=\"_ _3d\"> </span>nella </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1143\">previsio</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1144\">ne <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>comportamenti <span class=\"_ _0\"></span>creditizi <span class=\"_ _0\"></span>anomali <span class=\"_ _0\"></span>prima <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>si <span class=\"_ _38\"></span>manifestino, <span class=\"_ _0\"></span>contribuendo <span class=\"_ _0\"></span>anche <span class=\"_ _0\"></span>al </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1145\">calcolo <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>Massimo <span class=\"_ _3d\"> </span>Accordato <span class=\"_ _3d\"> </span>Concedibile <span class=\"_ _3d\"> </span>(MAC),  il <span class=\"_ _3d\"> </span>quale <span class=\"_ _3d\"> </span>rapprese<span class=\"_ _1\"></span>nta <span class=\"_ _3d\"> </span>il  massimo <span class=\"_ _37\"> </span>livello  di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1146\">affidamento attribuibile automaticamente <span class=\"_ _1\"></span>a una controparte. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1147\">L'efficacia  di  qu<span class=\"_ _2\"></span>esti  strument<span class=\"_ _1\"></span>i  si  tradu<span class=\"_ _2\"></span>ce  in  una  maggiore  industrializzazione  del  processo  di<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1148\">concessione del cr<span class=\"_ _2\"></span>edito, facili<span class=\"_ _2\"></span>tando la <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ealizzazione di<span class=\"_ _2\"></span> campagne automatiche. D<span class=\"_ _2\"></span>a evidenziare <span class=\"_ _2\"></span>\u00e8 l<span class=\"_ _2\"></span>a </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1149\">capacit\u00e0 <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>q<span class=\"_ _1\"></span>uesti <span class=\"_ _36\"> </span>indicatori <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>cons<span class=\"_ _1\"></span>iderare, <span class=\"_ _37\"> </span>in <span class=\"_ _36\"> </span>diverse <span class=\"_ _37\"> </span>fasi <span class=\"_ _36\"> </span>storiche, <span class=\"_ _36\"> </span>il <span class=\"_ _37\"> </span>contesto <span class=\"_ _37\"> </span>e<span class=\"_ _1\"></span>conomico </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs114a\">circostante, <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me <span class=\"_ _1\"></span>evidenziato <span class=\"_ _38\"></span>durante <span class=\"_ _38\"></span>periodi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>crisi <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>contes<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>geopolitici <span class=\"_ _1\"></span>(ad <span class=\"_ _38\"></span>esempio, <span class=\"_ _38\"></span>conflitti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs114b\">bellici). <span class=\"_ _0\"></span>Queste <span class=\"_ _0\"></span>valutazioni <span class=\"_ _0\"></span>forward-looking <span class=\"_ _0\"></span>consentono <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>conte<span class=\"_ _1\"></span>stualizzare <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>graduare <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>azioni </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs114c\">commerciali in modo dinamico. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs114d\">Inoltre, l'adozione di m<span class=\"_ _2\"></span>etodologie di Early Wa<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ning sta p<span class=\"_ _2\"></span>rogressivamente permettendo di su<span class=\"_ _2\"></span>perare </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs114e\">il tradizionale <span class=\"_ _1\"></span>concetto di scadenze <span class=\"_ _1\"></span>di revisioni per<span class=\"_ _1\"></span>iodiche, orientandosi verso <span class=\"_ _1\"></span>logiche di revisione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs114f\">di <span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rito <span class=\"_ _38\"></span>richieste <span class=\"_ _38\"></span>ad <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>vento, <span class=\"_ _1\"></span>ovvero <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>ris<span class=\"_ _1\"></span>posta <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>motivi <span class=\"_ _38\"></span>specifici <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>credito<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>atteso <span class=\"_ _38\"></span>che </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1150\">emergono nel corso dell'attivit\u00e0. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1151\">A <span class=\"_ _0\"></span>supporto <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>elle <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span> <span class=\"_ _0\"></span>presidio <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>credito, <span class=\"_ _0\"></span>all\u2019<span class=\"_ _2\"></span>ormai <span class=\"_ _0\"></span>consolidato <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>istema <span class=\"_ _0\"></span>di </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs1152\">early </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs1153\">warning</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1154\"> <span class=\"_ _36\"> </span> <span class=\"_ _36\"> </span>(sviluppato <span class=\"_ _36\"> </span>negli <span class=\"_ _36\"> </span>anni <span class=\"_ _36\"> </span>per <span class=\"_ _36\"> </span>pre<span class=\"_ _1\"></span>venire <span class=\"_ _36\"> </span>il <span class=\"_ _36\"> </span>degrado <span class=\"_ _36\"> </span>delle <span class=\"_ _36\"> </span>posizioni <span class=\"_ _36\"> </span>operando <span class=\"_ _36\"> </span>in <span class=\"_ _36\"> </span>ottica </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1155\">predittiva),  \u00e8 <span class=\"_ _35\"> </span>affiancata  un\u2019attivit\u00e0  d<span class=\"_ _2\"></span>i  presidio <span class=\"_ _35\"> </span>rafforzato  che  h<span class=\"_ _2\"></span>a  riguardato <span class=\"_ _35\"> </span>tutt<span class=\"_ _1\"></span>o  il<span class=\"_ _2\"></span>  portafoglio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1156\">creditizio, <span class=\"_ _3b\"></span>indivi<span class=\"_ _1\"></span>duando <span class=\"_ _3b\"></span>i clienti <span class=\"_ _2\"></span>potenzialmente maggiormente <span class=\"_ _3b\"></span>impattat<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>dal costo <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>ll\u2019energia, <span class=\"_ _3b\"></span>dal </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1157\">costo <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>materie <span class=\"_ _1\"></span>prime <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>dalla <span class=\"_ _1\"></span>contrazione <span class=\"_ _1\"></span>dell\u2019offerta <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>materie <span class=\"_ _1\"></span>prime <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>sulla <span class=\"_ _1\"></span>base <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>settori </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1158\">identificati <span class=\"_ _3d\"> </span>come<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>pi\u00f9 <span class=\"_ _37\"> </span>vulnerabili <span class=\"_ _3d\"> </span>(fra <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>primi <span class=\"_ _37\"> </span>l\u2019industria <span class=\"_ _3d\"> </span>cartaria, <span class=\"_ _3d\"> </span>la <span class=\"_ _37\"> </span>produzione <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>piastrelle <span class=\"_ _37\"> </span>in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1159\">ceramica, <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>settore <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>meta<span class=\"_ _1\"></span>llurgia,<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>l\u2019</div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs115a\">automotive </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs115b\">ed <span class=\"_ _1\"></span>infine <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>settori <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>legno/agroalime<span class=\"_ _1\"></span>ntare). A </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs115c\">partire <span class=\"_ _35\"> </span>dall\u2019<span class=\"_ _2\"></span>anno <span class=\"_ _35\"> </span>2020 <span class=\"_ _0\"></span>Cre<span class=\"_ _1\"></span>dem <span class=\"_ _0\"></span>ha <span class=\"_ _35\"> </span>eseguito <span class=\"_ _35\"> </span>un <span class=\"_ _0\"></span>assessment <span class=\"_ _35\"> </span>con <span class=\"_ _0\"></span>rifer<span class=\"_ _1\"></span>imento <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>documento <span class=\"_ _35\"> </span>EBA </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs115d\">relativo <span class=\"_ _38\"></span>alle <span class=\"_ _1\"></span>guidelines <span class=\"_ _38\"></span>on <span class=\"_ _1\"></span>loan <span class=\"_ _1\"></span>origination <span class=\"_ _1\"></span>and <span class=\"_ _38\"></span>monitoring <span class=\"_ _38\"></span>con <span class=\"_ _1\"></span>l\u2019obiettivo <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>individuare <span class=\"_ _1\"></span>gli <span class=\"_ _38\"></span>impatti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs115e\">che <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>regolament<span class=\"_ _1\"></span>azione <span class=\"_ _0\"></span>avrebbe <span class=\"_ _0\"></span>determinato <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>u <span class=\"_ _0\"></span>governance, <span class=\"_ _0\"></span>strategie <span class=\"_ _0\"></span>creditizie, <span class=\"_ _0\"> </span>pr<span class=\"_ _1\"></span>ocessi <span class=\"_ _0\"></span>del </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs115f\">credito <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>sistemi <span class=\"_ _0\"></span>IT. <span class=\"_ _38\"></span>Nel <span class=\"_ _0\"></span>corso <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _0\"></span>2024 <span class=\"_ _38\"></span>sono<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>stati <span class=\"_ _0\"></span>realizzati <span class=\"_ _0\"></span>ul<span class=\"_ _2\"></span>teriori <span class=\"_ _0\"></span>interventi <span class=\"_ _38\"></span>organizzativi <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1160\">governo <span class=\"_ _1\"></span>atti ad addivenire <span class=\"_ _1\"></span>ad una <span class=\"_ _1\"></span>piena aderenza <span class=\"_ _1\"></span>alle indicazioni nor<span class=\"_ _1\"></span>mative delle linee <span class=\"_ _1\"></span>guida EBA. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1161\">La <span class=\"_ _35\"> </span>funzione <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>definizione <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>controllo <span class=\"_ _35\"> </span>dei<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>limiti <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>affidamento <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>avvale <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>upporto <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>uno </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1162\">specifico Comitato Crediti di Gruppo che fissa, tra gli altri, il Credit Limit principale su cui si basa la </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1163\">Policy  che<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>\u00e8  la <span class=\"_ _35\"> </span>Soglia <span class=\"_ _35\"> </span>di  M<span class=\"_ _2\"></span>assima <span class=\"_ _35\"> </span>Esposizione  (SME),<span class=\"_ _2\"></span>  c<span class=\"_ _2\"></span>io\u00e8  l\u2019ammontare <span class=\"_ _35\"> </span>massimo <span class=\"_ _35\"> </span>di  rischio<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1164\">credito <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _0\"></span>intende <span class=\"_ _35\"> </span>a<span class=\"_ _2\"></span>ssumere <span class=\"_ _35\"> </span>verso <span class=\"_ _0\"></span>una <span class=\"_ _35\"> </span>controparte <span class=\"_ _0\"></span>(o <span class=\"_ _35\"> </span>gruppo <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>soggetti <span class=\"_ _0\"></span>collegati) </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1165\">incluse l<span class=\"_ _2\"></span>e esposizioni d<span class=\"_ _2\"></span>erivanti dai <span class=\"_ _3b\"></span>tit<span class=\"_ _1\"></span>oli. <span class=\"_ _2\"></span>La defini<span class=\"_ _2\"></span>zione di <span class=\"_ _3b\"></span>tale<span class=\"_ _1\"></span> soglia <span class=\"_ _3b\"></span>prende a riferimento <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Capitale </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1166\">Ammissibile <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>ruppo <span class=\"_ _1\"></span>ed <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>limiti <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>Vigilanza. <span class=\"_ _1\"></span>Il <span class=\"_ _38\"></span>Comitat<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>responsabile <span class=\"_ _1\"></span>inoltre <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ndicontare <span class=\"_ _1\"></span>le </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1167\">posizioni <span class=\"_ _38\"></span>che, <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>eguito <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>specifiche <span class=\"_ _38\"></span>decisioni, <span class=\"_ _0\"></span>superano <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>sogli<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>definite. <span class=\"_ _38\"></span>Il <span class=\"_ _0\"></span>superamento <span class=\"_ _38\"></span>delle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1168\">\u201cSoglie di Massima Esposizione\u201d <span class=\"_ _2\"></span>si configura come \u201cOperazione <span class=\"_ _3b\"></span>di Maggior Rilievo\u201d ai sensi del <span class=\"_ _2\"></span>15\u00b0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1169\">aggiornamento del 2 luglio 2013 della Circolare n. 263 <span class=\"_ _1\"></span>del 27 dicembre 2006.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs116a\">Il Gruppo Cr<span class=\"_ _1\"></span>edem ha individuato come<span class=\"_ _1\"></span> presupposto <span class=\"_ _1\"></span>per la gestione <span class=\"_ _1\"></span>dei rischi in o<span class=\"_ _1\"></span>ttica consolidata </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs116b\">l\u2019individuazione di organismi di governo:  </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs116c\"><span class=\"_ _3e\"> </span><span class=\"ff4\">CA d<span class=\"_ _2\"></span>ella Capogrupp<span class=\"_ _2\"></span>o: \u00e8 r<span class=\"_ _2\"></span>esponsabile della <span class=\"_ _3b\"></span>definizione delle <span class=\"_ _2\"></span>linee generali d<span class=\"_ _2\"></span>el governo <span class=\"_ _3b\"></span>dei rischi </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs116d\">e <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>isk <span class=\"_ _3b\"></span>appetite<span class=\"_ _1\"></span>, <span class=\"_ _3b\"></span>dell\u2019approvazione <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lla <span class=\"_ _3b\"></span>normativa <span class=\"_ _2\"></span>interna <span class=\"_ _2\"></span>che <span class=\"_ _3b\"></span>regolamenta <span class=\"_ _2\"></span>anche <span class=\"_ _3b\"></span>le s<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>rutture </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs116e\">di limiti specifiche; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs116f\"><span class=\"_ _3e\"> </span><span class=\"ff4\">i <span class=\"_ _1\"></span>CA <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>singole <span class=\"_ _1\"></span>Societ\u00e0 r<span class=\"_ _1\"></span>ecepiscono <span class=\"_ _1\"></span>gli o<span class=\"_ _1\"></span>biettivi ass<span class=\"_ _1\"></span>egnati <span class=\"_ _1\"></span>dal CA <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>Capogruppo <span class=\"_ _1\"></span>rifer<span class=\"_ _1\"></span>iti <span class=\"_ _1\"></span>a </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1170\">mission e profilo di rischio; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1171\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Comitato Esecutivo (di seguito CE): organo di gest<span class=\"_ _1\"></span>ione della Capogruppo.<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1172\">Sono inoltre state costituite Funzioni specialistiche all\u2019interno della Capogruppo ed in particolare<span class=\"_ _1\"></span>: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1173\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Comitato Consiliare Rischi e Sostenibilit\u00e0 di Gruppo (di seguito anche <span class=\"_ _1\"></span>Comitato Rischi);<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1174\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Comitato Risk Management; </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1175\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Funzione di Risk Management, all\u2019interno de<span class=\"_ _1\"></span>l Servizio Enterprise Risk Management (ERISK).<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1176\">La <span class=\"_ _3b\"></span>Funzione <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>Risk Management <span class=\"_ _3b\"></span>\u00e8 <span class=\"_ _2\"></span>composta <span class=\"_ _3b\"></span>oltre <span class=\"_ _2\"></span>che <span class=\"_ _3b\"></span>dal <span class=\"_ _3b\"></span>Team<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>Leader <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>Direzione <span class=\"_ _3b\"></span>della <span class=\"_ _2\"></span>Funzione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1177\">Risk Management (c.d. Risk Officer), individuato nel responsabile del Servizio ERISK, da: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1178\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Team Rischi di Credito; </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1179\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Team Validazione;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs117a\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Team Governance, RAF, ESG e Operativi; </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs117b\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Team Rischi Finanziari e Wealth; </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs117c\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Information Security &amp; IT Risk Governance. </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs117d\">A  livello  di  p<span class=\"_ _2\"></span>ortafoglio,  le  analisi  p<span class=\"_ _2\"></span>eriodiche  e  il  monit<span class=\"_ _2\"></span>oraggio  sono  svolte <span class=\"_ _35\"> </span>dalla  funzione  Risk </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs117e\">Management. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs117f\">Il Comitato Rischi svolge un r<span class=\"_ _1\"></span>uolo di supporto \u2013 <span class=\"_ _1\"></span>che si esplica in una preventiva att<span class=\"_ _1\"></span>ivit\u00e0 consultiva, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1180\">istruttoria <span class=\"_ _36\"> </span>e <span class=\"_ _36\"> </span>nella <span class=\"_ _39\"> </span>formulazione <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>proposte <span class=\"_ _36\"> </span>e <span class=\"_ _39\"> </span>pareri <span class=\"_ _36\"> </span>\u2013 <span class=\"_ _36\"> </span>al <span class=\"_ _36\"> </span>fine <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>coadiuvare <span class=\"_ _39\"> </span>il <span class=\"_ _36\"> </span>Consiglio <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1182\">Amministrazione <span class=\"_ _1\"></span>nelle <span class=\"_ _1\"></span>sue <span class=\"_ _1\"></span>valutazioni <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>decisioni <span class=\"_ _1\"></span>relative <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>gestione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>rischi e<span class=\"_ _1\"></span>d in <span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>nerale al </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1183\">sistema</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1184\"> dei controlli <span class=\"_ _2\"></span>interni, per <span class=\"_ _2\"></span>garantirne l\u2019adeguatezza rispetto alle cara<span class=\"_ _2\"></span>tteristiche dell\u2019impresa </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1185\">in <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>elazione <span class=\"_ _38\"></span>all\u2019evoluzione <span class=\"_ _38\"></span>dell\u2019organizzazione <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>dell\u2019operativit\u00e0, <span class=\"_ _1\"></span>nonch\u00e9 <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>esto <span class=\"_ _38\"></span>normativo <span class=\"_ _38\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1186\">riferimento. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1187\">In <span class=\"_ _0\"></span>particolare, <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>funzione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Risk <span class=\"_ _0\"></span>Management <span class=\"_ _0\"></span>consente <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>Consiglio <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>Amministr<span class=\"_ _1\"></span>azione, <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1188\">supporto <span class=\"_ _1\"></span>del Comitato <span class=\"_ _1\"></span>Rischi ed al CA <span class=\"_ _1\"></span>delle Societ\u00e0 (per <span class=\"_ _1\"></span>la parte di <span class=\"_ _1\"></span>competenza) <span class=\"_ _1\"></span>di poter s<span class=\"_ _1\"></span>volgere<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1189\">un\u2019adeguata attivit\u00e0 valutativa volta a deliberare: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs118a\"><span class=\"_ _3e\"> </span><span class=\"ff4\">il <span class=\"_ _2\"></span>Risk Ap<span class=\"_ _2\"></span>petite Framework <span class=\"_ _3b\"></span>(con particolare <span class=\"_ _2\"></span>riferimento alla <span class=\"_ _3b\"></span>valutazione degli <span class=\"_ _3b\"></span>obiettivi di <span class=\"_ _3b\"></span>rischio<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs118b\">e delle soglie di tolleranza) assicurando che l'attuazione sia coerente con gli obiettivi di rischio<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs118c\">e le soglie di tolleranza approvate; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs118d\"><span class=\"_ _3e\"> </span><span class=\"ff4\">l\u2019andamento t<span class=\"_ _1\"></span>rimestrale <span class=\"_ _1\"></span>del profilo di <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>assunto <span class=\"_ _1\"></span>nel s<span class=\"_ _1\"></span>uo complesso r<span class=\"_ _1\"></span>ispetto <span class=\"_ _1\"></span>agli obiettivi </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs118e\">di Risk <span class=\"_ _1\"></span>Appetite<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>alle s<span class=\"_ _1\"></span>oglie <span class=\"_ _1\"></span>di toller<span class=\"_ _1\"></span>anza <span class=\"_ _1\"></span>relativamente <span class=\"_ _1\"></span>a tutt<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>gli indicatori <span class=\"_ _1\"></span>previsti <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>RAF <span class=\"_ _1\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs118f\">Gruppo; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1190\"><span class=\"_ _3e\"> </span><span class=\"ff4\">il Piano di Recovery; </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1191\"><span class=\"_ _3e\"> </span><span class=\"ff4\">i <span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>iteri <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>individuare <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>Operazioni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Maggior<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>Rilievo <span class=\"_ _1\"></span>(<span class=\"_ _1\"></span>OMR) <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>approvare <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>endicontazione<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1192\">annuale relativa; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1193\"><span class=\"_ _3e\"> </span><span class=\"ff4\">le  metodologie <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>misurazione  e <span class=\"_ _35\"> </span>controllo  dei <span class=\"_ _35\"> </span>rischi  u<span class=\"_ _2\"></span>tilizzate  anche <span class=\"_ _35\"> </span>ai <span class=\"_ _35\"> </span>fini  del <span class=\"_ _35\"> </span>calcolo  d<span class=\"_ _2\"></span>el<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1194\">capitale interno e il perimetro dei rischi rilevanti, ne<span class=\"_ _1\"></span>ll\u2019ambito dei processi RAF, ICAAP e ILAAP. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1195\">Il <span class=\"_ _1\"></span>2 <span class=\"_ _38\"></span>ot<span class=\"_ _1\"></span>tobre <span class=\"_ _38\"></span>2015 <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>Banca <span class=\"_ _38\"></span>d\u2019Italia <span class=\"_ _38\"></span>ha <span class=\"_ _38\"></span>autorizzato<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>ruppo <span class=\"_ _1\"></span>Cr<span class=\"_ _1\"></span>edem <span class=\"_ _38\"></span>ad <span class=\"_ _1\"></span>utilizzare <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>al <span class=\"_ _38\"></span>30 <span class=\"_ _38\"></span>settembre </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1196\">2015 <span class=\"_ _37\"> </span>il <span class=\"_ _3d\"> </span>metodo <span class=\"_ _37\"> </span>IRB <span class=\"_ _37\"> </span>Advanced <span class=\"_ _3d\"> </span>(paramet<span class=\"_ _1\"></span>ri <span class=\"_ _3d\"> </span>PD, <span class=\"_ _37\"> </span>LGD, <span class=\"_ _37\"> </span>EAD) <span class=\"_ _3d\"> </span>per <span class=\"_ _37\"> </span>la <span class=\"_ _3d\"> </span>quantificazione <span class=\"_ _37\"> </span>del <span class=\"_ _37\"> </span>requisito </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1197\">patrimoniale  a  fronte  del  rischio  di  credito  dei  clienti  rientranti  nella  fu<span class=\"_ _2\"></span>nzione  regolament<span class=\"_ _1\"></span>are </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1198\">Corporate <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>Retail <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>Credito <span class=\"_ _3d\"> </span>Emiliano <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>Crede<span class=\"_ _1\"></span>mleasing. <span class=\"_ _3d\"> </span>Relativamente <span class=\"_ _37\"> </span>ai <span class=\"_ _3d\"> </span>modelli <span class=\"_ _37\"> </span>interni, <span class=\"_ _3d\"> </span>la </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1199\">funzione <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Risk <span class=\"_ _38\"></span>managem<span class=\"_ _1\"></span>ent <span class=\"_ _38\"></span>consente <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>CA, <span class=\"_ _0\"></span>con <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>supporto <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>Comitato <span class=\"_ _38\"></span>Rischi <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _38\"></span>al CA <span class=\"_ _38\"></span>delle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs119a\">Societ\u00e0 (per  la  parte  di  competenza)  di <span class=\"_ _35\"> </span>poter  s<span class=\"_ _1\"></span>volgere  un\u2019adeguata  attivit\u00e0  val<span class=\"_ _2\"></span>utativa  volta  a </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs119b\">deliberare: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs119c\"><span class=\"_ _3e\"> </span><span class=\"ff4\">la conformit<span class=\"_ _1\"></span>\u00e0 dei <span class=\"_ _1\"></span>modelli interni ai <span class=\"_ _1\"></span>dett<span class=\"_ _1\"></span>ami previsti <span class=\"_ _1\"></span>dalla regolamentazione<span class=\"_ _1\"></span> prudenziale <span class=\"_ _1\"></span>previo<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs119d\">parere del Collegio Sindacale; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs119e\"><span class=\"_ _3e\"> </span><span class=\"ff4\">i parame<span class=\"_ _1\"></span>tri di r<span class=\"_ _1\"></span>ischio re<span class=\"_ _1\"></span>lativi ai <span class=\"_ _1\"></span>modelli inter<span class=\"_ _1\"></span>ni utilizzati pr<span class=\"_ _1\"></span>evio p<span class=\"_ _1\"></span>arere <span class=\"_ _1\"></span>preventivo della <span class=\"_ _1\"></span>funzione<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs119f\">di convalida. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11a0\">Nello <span class=\"_ _37\"> </span>specifico, <span class=\"_ _37\"> </span>con <span class=\"_ _37\"> </span>riferimento <span class=\"_ _37\"> </span>al <span class=\"_ _37\"> </span>Rischio <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>credito <span class=\"_ _37\"> </span>per <span class=\"_ _37\"> </span>le <span class=\"_ _3d\"> </span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _3d\"> </span>richieste <span class=\"_ _36\"> </span>dalla <span class=\"_ _3d\"> </span>disciplina </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11a1\">prudenziale, la Funzione Risk Management<span class=\"_ _1\"></span> per il tramite del team Rischi di Credito:  </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs11a2\"><span class=\"_ _3e\"> </span><span class=\"ff4\">svolge  tutte  le  a<span class=\"_ _2\"></span>ttivit\u00e0  previste,  in  c<span class=\"_ _2\"></span>arico  a  tale  u<span class=\"_ _2\"></span>fficio,  dal  Regolamento  di <span class=\"_ _35\"> </span>\u201cGestione  del </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11a3\">sistema interno di rating\u201d; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs11a4\"><span class=\"_ _3e\"> </span><span class=\"ff4\">svolge <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>gestionali <span class=\"_ _0\"></span>inere<span class=\"_ _1\"></span>nti <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>quantificazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>credito <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>supporto<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>altre<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11a5\">funzioni, <span class=\"_ _17e\"> </span>anche <span class=\"_ _17e\"> </span>con <span class=\"_ _44\"> </span>riferimento <span class=\"_ _44\"> </span>alle <span class=\"_ _17e\"> </span>operazioni <span class=\"_ _44\"> </span>con <span class=\"_ _17e\"> </span>soggetti <span class=\"_ _44\"> </span>collegati <span class=\"_ _17e\"> </span>e <span class=\"_ _44\"> </span>la <span class=\"_ _17e\"> </span>verifica<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11a6\">dell\u2019adeguatezza delle valutazioni effettuate sui crediti deteriorati. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11a7\">Inoltre il team Validazione: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs11a8\"><span class=\"_ _3e\"> </span><span class=\"ff4\">effettua la convalida d<span class=\"_ _2\"></span>ei modelli interni come previsto dal Regolamento \u201cGestione del S<span class=\"_ _2\"></span>istema </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11a9\">Interno di Rating\u201d e dal Regolamento <span class=\"_ _1\"></span>Risk Management di Gruppo; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs11aa\"><span class=\"_ _3e\"> </span><span class=\"ff4\">effettua verifiche sulle attivit\u00e0 di controllo andamentale del credito. </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs11ab\">2.3 Metodi di misuraz<span class=\"_ _1\"></span>ione delle perdite <span class=\"_ _1\"></span>attese </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11ac\">Come <span class=\"_ _0\"></span>gi\u00e0 <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>sposto <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>lla <span class=\"_ _38\"></span>parte <span class=\"_ _0\"></span>A, <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>princi<span class=\"_ _2\"></span>pio <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>abi<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11ad\">le <span class=\"_ _0\"></span>IFRS</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11ae\"> <span class=\"_ _0\"></span>9 <span class=\"_ _38\"></span>prevede <span class=\"_ _0\"></span>criteri<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>misurazione <span class=\"_ _38\"></span>delle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11af\">perdite <span class=\"_ _1\"></span>attese che sono <span class=\"_ _1\"></span>articolati su t<span class=\"_ _1\"></span>re livelli cre<span class=\"_ _1\"></span>scenti di <span class=\"_ _1\"></span>deterioramento <span class=\"_ _1\"></span>creditizio. Gli str<span class=\"_ _1\"></span>umenti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11b0\">finanziari <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>raggruppati <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>tre <span class=\"_ _0\"></span>Stage <span class=\"_ _0\"> </span>(categor<span class=\"_ _1\"></span>ie <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>bucket), <span class=\"_ _0\"></span>sulla <span class=\"_ _0\"></span>base <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>credito <span class=\"_ _0\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11b1\">dell'incremento del rischio di credito tr<span class=\"_ _1\"></span>a la rilevazione iniziale e la data di riferimento del bilancio. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11b2\">Nel dettaglio: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs11b3\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Stage 1: <span class=\"_ _184\"></span>strume<span class=\"_ _1\"></span>nti <span class=\"_ _3b\"></span>finanziari <span class=\"_ _2\"></span>performing <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>non <span class=\"_ _3b\"></span>hanno sub<span class=\"_ _2\"></span>ito u<span class=\"_ _2\"></span>n <span class=\"_ _3b\"></span>significativo <span class=\"_ _2\"></span>incremento della<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11b4\">loro <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischiosit\u00e0 <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>segu<span class=\"_ _2\"></span>ito <span class=\"_ _38\"></span>alla <span class=\"_ _0\"></span>rilevazione <span class=\"_ _38\"></span>iniziale, <span class=\"_ _38\"></span>o <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>risultano <span class=\"_ _38\"></span>aver<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>una <span class=\"_ _0\"></span>bassa <span class=\"_ _38\"></span>rischiosit\u00e0<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11b5\">alla dat<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>misurazione (perimetro <span class=\"_ _1\"></span>low <span class=\"_ _1\"></span>credit <span class=\"_ _1\"></span>risk). In <span class=\"_ _1\"></span>tal <span class=\"_ _1\"></span>caso <span class=\"_ _1\"></span>\u00e8 definita <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>rettifica <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valore<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11b6\">pari alla perdita attesa entro i successivi 12 m<span class=\"_ _1\"></span>esi della vita residua dello strumento. </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs11b7\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Stage <span class=\"_ _0\"></span>2: <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>performing <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>hanno <span class=\"_ _0\"></span>subi<span class=\"_ _2\"></span>to <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>significativo <span class=\"_ _0\"></span>incremento <span class=\"_ _0\"></span>della </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11b8\">loro <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischiosit\u00e0 <span class=\"_ _3b\"></span>in segu<span class=\"_ _2\"></span>ito all<span class=\"_ _2\"></span>a <span class=\"_ _3b\"></span>rilevazione in<span class=\"_ _2\"></span>iziale <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>che <span class=\"_ _3b\"></span>non <span class=\"_ _2\"></span>risultano <span class=\"_ _3b\"></span>ave<span class=\"_ _1\"></span>re <span class=\"_ _3b\"></span>una bassa <span class=\"_ _184\"></span>r<span class=\"_ _1\"></span>ischiosit\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11b9\">alla <span class=\"_ _0\"></span>data <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>misurazione. <span class=\"_ _35\"> </span>In<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>tal <span class=\"_ _0\"></span>caso <span class=\"_ _0\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>definita <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>rett<span class=\"_ _1\"></span>ifica <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>valore <span class=\"_ _35\"> </span>pari<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>perdita <span class=\"_ _0\"></span>attesa </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11ba\">nell\u2019arco <span class=\"_ _35\"> </span>dell\u2019i<span class=\"_ _2\"></span>ntera <span class=\"_ _35\"> </span>vita <span class=\"_ _0\"></span>residua <span class=\"_ _0\"></span>dello <span class=\"_ _35\"> </span>strumento <span class=\"_ _0\"></span>(perdita <span class=\"_ _35\"> </span>attesa <span class=\"_ _0\"></span>sulla <span class=\"_ _35\"> </span>vita<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>residu<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>\u2013<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>lif<span class=\"_ _2\"></span>etime </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11bb\">expected losses). </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs11bc\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Stage <span class=\"_ _0\"></span>3: <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>deteriorati, <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>mostr<span class=\"_ _1\"></span>ano <span class=\"_ _0\"></span>oggettive <span class=\"_ _0\"></span>evidenze <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>perdita <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11bd\">valore. <span class=\"_ _3d\"> </span>La <span class=\"_ _3d\"> </span>rett<span class=\"_ _1\"></span>ifica <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>valore <span class=\"_ _3d\"> </span>\u00e8 <span class=\"_ _3d\"> </span>definita <span class=\"_ _3d\"> </span>analiticamente<span class=\"_ _1\"></span>  e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>copre <span class=\"_ _3d\"> </span>la <span class=\"_ _3d\"> </span>per<span class=\"_ _1\"></span>dita <span class=\"_ _3d\"> </span>attesa <span class=\"_ _3d\"> </span>nell'arco<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11be\">dell'intera vita residua del credito (perdita attesa<span class=\"_ _1\"></span> sulla vita residua \u2013 lifetime expected losses). </div>\u2022<span class=\"_ _3e\"> </span><span class=\"ff4 ls26 ws39\">In generale le regole di alloc<span class=\"_ _2\"></span>azione nei tre Sta<span class=\"_ _2\"></span>ge definite dal Gruppo Credem, si fon<span class=\"_ _2\"></span>dano sui<span class=\"_ _3a1\"> </span></span>principali elementi forniti<span class=\"_ _1\"></span> dal sistema di rating interno nonch\u00e9 sui pri<span class=\"_ _1\"></span>ncipali indicatori di<span class=\"_ _3a1\"> </span>deterioramento creditizio monitorati dal Grup<span class=\"ls44\">p<span class=\"_ _2\"></span>o Credem per la gestione del rischio. </span>Il Gruppo identi<span class=\"_ _2\"></span>fica la presenza di un s<span class=\"_ _2\"></span>ignificativo incr<span class=\"_ _2\"></span>emento del rischio di cr<span class=\"_ _2\"></span>edito (SICR) nella rilevazione di un deterioramento di almeno 2 <span class=\"_ _2\"></span><span class=\"ls43 ws3e\">classi nel rating della <span class=\"ls45 ws3f\">controparte dal momento </span></span>della rilevazione iniziale. Nel c<span class=\"_ _2\"></span>ontempo le classi di rating assimilabili alla ca<span class=\"_ _2\"></span>tegoria \u201cinvestment-<span class=\"_ _3a1\"> </span>grade\u201d sono considerate profili di<span class=\"_ _1\"></span> bassa rischiosit<span class=\"ls26 ws39\">\u00e0; le esposizioni che, alla data di misurazi<span class=\"_ _2\"></span>one, </span>rientrano in tali categorie sono cl<span class=\"ls46 ws43\">assificate dall\u2019<span class=\"_ _2\"></span>applicativo inter<span class=\"_ _2\"></span>no di riferiment<span class=\"_ _2\"></span>o in Stage 1, senz<span class=\"_ _2\"></span>a </span>necessit\u00e0 di verificare l\u2019eventual<span class=\"ls44 ws17\">e deterioramento del merito creditizio intervenut<span class=\"_ _2\"></span>o a seguito della </span>rilevazione iniziale (c<span class=\"_ _2\"></span>.d. low credit risk exemption).<span class=\"_ _2de\"></span>. Inoltre l\u2019inserimento del rapporto nella lista dei c<span class=\"_ _2\"></span><span class=\"ls3b ws47\">lienti sotto osservazione<span class=\"_ _2\"></span> perch\u00e9 valutati come a </span>maggior rischio di deterioramento (cd. Watchlist)<span class=\"ls24 ws49\">, la presenza di misure di forbearance o <span class=\"_ _2\"></span>di </span>scaduto continuativo di<span class=\"_ _2\"></span> oltre 30 giorni s<span class=\"_ _2\"></span>ono considerati segnali og<span class=\"_ _2\"></span>gettivi di deterioramen<span class=\"_ _2\"></span>to del merito creditizio: pertanto <span class=\"_ _2\"></span>gli strumenti finan<span class=\"_ _2\"></span>ziari<span class=\"ls4b ws4c\"> che presentano tali evidenze sono cl<span class=\"_ _1\"></span>assificati </span>direttamente in Stage 2 senza valutare la cont<span class=\"ls26 ws4e\">estuale presenza o meno di un significativo </span>incremento del rischio di credi<span class=\"_ _1\"></span>to n\u00e9 tanto meno<span class=\"ls3d ws50\"> <span class=\"_ _324\"></span> l\u2019aderenza ad un profilo ritenuto a bassa </span>rischiosit\u00e0. Per l\u2019identificazion<span class=\"_ _2\"></span>e dei crediti deteriorati, e <span class=\"_ _2\"></span>la loro allocazion<span class=\"_ _2\"></span>e nel bucket di rischio Stag<span class=\"_ _2\"></span>e 3, il Gruppo Credem fa riferiment<span class=\"_ _2\"></span>o alla definizione interna di c<span class=\"_ _2\"></span>redito deteriorato discip<span class=\"_ _2\"></span>linata nel regolamento \u201cPolicy di grup<span class=\"_ _3b\"></span>po Crediti\u201d. Tale<span class=\"ls4f\"> regolamento specifica che sono c<span class=\"_ _2\"></span>onsiderate </span>\u201cdefault\u201d le categorie di credit<span class=\"_ _3b\"></span>i deteriorati in <span class=\"ls29 ws55\">conformit\u00e0 a quanto previsto in materia dalle </span>disposizioni di Vigilan<span class=\"_ _2\"></span>za della Banc<span class=\"_ _2\"></span>a d\u2019Italia (Circolare n. 27<span class=\"_ _3b\"></span>2 30 luglio 2008 \u201cMatrice dei conti\u201d,<span class=\"_ _2\"></span> Sez. B Cap. II, \u201c<span class=\"_ _3b\"></span>Qualit\u00e0 del credito\u201d, 16\u00b0 aggiorn<span class=\"_ _3b\"></span>amento del 2 novembre 2022) dove son<span class=\"_ _2\"></span>o elencati i criteri e le caratteristiche richiesti per ogni ca<span class=\"ls44 ws59\">tegoria. La <span class=\"_ _2\"></span>definizione di default comprende le </span>seguenti categorie, che rappresentano stat<span class=\"ls29 ws5b\">i di \u201cdefault\u201d di severit\u00e0 crescente: </span>\u2022<span class=\"_ _3e\"> </span><span class=\"ff4 ls26 ws45\">esposizioni scadute e/o sconfinanti deteriorate <span class=\"_ _2\"></span>(PS); </span>\u2022<span class=\"_ _3e\"> </span><span class=\"ff4 ls47 ws5c\">inadempienze probabili (IP); </span>\u2022<span class=\"_ _3e\"> </span><span class=\"ff4 ls54 wsd\">sofferenze (Z). </span>Per gli strumenti finanz<span class=\"_ _2\"></span>iari allocati in Stage 3, <span class=\"ls50 ws5e\">le rettifich<span class=\"_ _2\"></span>e di valore sono definite su base<span class=\"_ _3a1\"> </span></span>\u201cesperta\u201d in relazione alle evidenz<span class=\"_ _2\"></span>e dell\u2019attivit\u00e0 di gestione e recupero dei cr<span class=\"_ _2\"></span>editi deteriorati: per<span class=\"_ _3a1\"> </span>ciascun credito anomalo/<span class=\"_ _2\"></span>deteriorato, \u00e8 identi<span class=\"_ _2\"></span>fi<span class=\"ls53 ws61\">cata una percentuale di copertura idonea a<span class=\"_ _3a1\"> </span></span>rappresentare le perdite attese nella vita residua del credito, in relaz<span class=\"_ _2\"></span>ione all\u2019analisi di<span class=\"_ _3a1\"> </span>caratteristiche rilevanti quali:<span class=\"_ _2\"></span> tipologia di prodotto crediti<span class=\"_ _2\"></span>zio, ammontare dell\u2019esp<span class=\"_ _2\"></span>osizione<span class=\"_ _3a1\"> </span>creditizia, anzianit\u00e0 dell<span class=\"_ _2\"></span>o stato di deterioramen<span class=\"_ _2\"></span>to, presenza o meno di garan<span class=\"_ _2\"></span>zia a supporto<span class=\"_ _3a1\"> </span>(tipologia di garanzia e livel<span class=\"_ _2\"></span>lo di copertura \u201cloan to value\u201d). In particolare, il Grupp<span class=\"_ _2\"></span>o ritiene che un period<span class=\"_ _2\"></span>o prolungato in st<span class=\"_ _3b\"></span>ato di non performing loan (NPL)<span class=\"_ _3a1\"> </span>aumenta la perdita attesa e pu\u00f2 influire sul valore de<span class=\"_ _2\"></span>lle garanzie. La data di ingresso a default<span class=\"_ _3a1\"> </span>ininterrotto \u00e8 quindi identifica<span class=\"ls48\">ta come indicatore chiave del deterioramento del credito. </span>Sugli strumenti finan<span class=\"_ _2\"></span>ziari allocati in Stage 1 e 2, <span class=\"_ _3b\"></span><span class=\"ls44 ws17\">la determinazione delle perdite attese avviene per </span>categorie di cre<span class=\"_ _2\"></span>diti omogenee in<span class=\"_ _2\"></span> termini di rischio di<span class=\"_ _3b\"></span><span class=\"ls39 ws69\"> credito. In particolare,<span class=\"_ _1\"></span> a ciascuna attivit\u00e0 con </span>caratteristiche simili in termini<span class=\"_ _1\"></span> di rischio di credito, so<span class=\"_ _1\"></span>no associate: \u2022<span class=\"_ _3e\"> </span><span class=\"ff4 ls52 ws67\">una probabilit\u00e0 di inadempienza (P<span class=\"ws5c\">D, \u201cProbabilit\u00e0 di Default\u201d); </span></span>\u2022<span class=\"_ _3e\"> </span><span class=\"ff4 ls53 ws6a\">una perdita in caso di inadempienza (LGD, <span class=\"ls43 ws6b\">\u201cLo<span class=\"_ _1\"></span>ss Given Default\u201d) commisurata anche alla<span class=\"_ _3a1\"> </span></span></span>tipologia di finanziamen<span class=\"_ _2\"></span>to, ossia alla forma tecnica, alla t<span class=\"_ _2\"></span>ipologia di garanzia o ad altr<span class=\"_ _3b\"></span>i fattori<span class=\"_ _3a1\"> </span>rilevanti; \u2022<span class=\"_ _3e\"> </span><span class=\"ff4 ls47 ws5c\">una esposizione in caso di inadempienza (EAD, \u201cExposure at default\u201d) </span>\u2022<span class=\"_ _3e\"> </span><span class=\"ff4 ls45 ws6d\">una scadenza stimata nel caso di esposizi<span class=\"ls0\">one senza scade<span class=\"_ _1\"></span>nza contrattuale (Maturity). </span></span>In generale, i parametri di rischio adottati d<span class=\"_ _2\"></span>al Gr<span class=\"ls29 ws6f\">uppo per determinare le r<span class=\"_ _2\"></span>ettifiche di valore sono<span class=\"_ _3a1\"> </span></span>basati sulle medesime ipotesi <span class=\"_ _2\"></span>e tecniche <span class=\"_ _323\"></span> di stima<span class=\"_ _37\"> </span><span class=\"ls46 ws71\">dei modelli intern<span class=\"_ _2\"></span>i, nella versione pi\u00f9 rece<span class=\"_ _2\"></span>nte<span class=\"_ _3a1\"> </span></span>condivisa (o comunque in<span class=\"_ _2\"></span> corso di condivis<span class=\"_ _3b\"></span>ione) con l\u2019autorit\u00e0 di vigilanz<span class=\"_ _2\"></span>a, per la quantificazione<span class=\"_ _3a1\"> </span>del requisito patrimoniale a fronte del ris<span class=\"ls57 ws74\">chio di credito con metodologia IRB Advanced<span class=\"_ _3a1\"> </span></span>(parametri PD, LGD, EAD). A dif<span class=\"_ _2\"></span>ferenza di questi ul<span class=\"ls58 ws76\">timi che sono definiti tramite un appro<span class=\"_ _1\"></span>ccio di<span class=\"_ _3a1\"> </span></span>media lungo il ciclo<span class=\"_ _1\"></span> (\u201ctruogh-the-cycle\u201d) e di incl<span class=\"_ _1\"></span>usione di condizio<span class=\"_ _1\"></span>ni macroeconomiche<span class=\"_ _3a1\"> </span>sfavorevoli (fase recessiva di \u201cdownturn\u201d), i pa<span class=\"_ _2\"></span><span class=\"ls49 ws79\">rametri adottati per la determinazione de<span class=\"_ _2\"></span>lle<span class=\"_ _3a1\"> </span></span>rettifiche di valore ai sensi dell\u2019IF<span class=\"ls3d ws7b\">RS 9, sono fon<span class=\"_ _2\"></span>dati su una logica <span class=\"ls48 ws7c\">puntuale (c.d. \u201cpoint in time\u201d) e<span class=\"_ _3a1\"> </span></span></span>previsionale (\u201cforward-looking\u201d), in<span class=\"_ _2\"></span> modo da essere idonei a rappresentare la congiunt<span class=\"_ _3b\"></span>ura<span class=\"_ _3a1\"> </span>macroeconomica presente e prevista nel brev<span class=\"ls47 ws7f\">e-medio termine. Pertanto essi sono stimati<span class=\"_ _3a1\"> </span></span>prendendo in considerazion<span class=\"_ _2\"></span>e sia i dati storici, laddove sia<span class=\"_ _2\"></span>no state identificate tendenze e<span class=\"_ _3a1\"> </span><div class=\"t m3 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11c0\">correlazioni <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>credito, <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>indicatori <span class=\"_ _0\"></span>previsionali <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>eventi <span class=\"_ _0\"></span>attesi <span class=\"_ _0\"></span>nonch\u00e9 <span class=\"_ _0\"></span>previsioni </div><div class=\"t m3 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11c1\">sull\u2019andamento del ciclo macroeconomico.<span class=\"_ _3a1\"> </span></div><div class=\"t me h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11c2\">Le <span class=\"_ _1\"></span>rettifiche <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>valore <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>quindi <span class=\"_ _1\"></span>determinate <span class=\"_ _38\"></span>valutando <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>gamma <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>possibili <span class=\"_ _38\"></span>risultati <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>modo </div><div class=\"t me h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11c3\">da  riflettere  un  importo  obiettivo  ponderato  in  relazione  alle  probabilit\u00e0  di  realizzo  dei  diversi </div><div class=\"t me h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11c4\">scenari. <span class=\"_ _36\"> </span>Nello <span class=\"_ _36\"> </span>specifico <span class=\"_ _36\"> </span>il <span class=\"_ _39\"> </span>Gruppo <span class=\"_ _36\"> </span>considera <span class=\"_ _36\"> </span>tre <span class=\"_ _36\"> </span>scenari <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>severit\u00e0 <span class=\"_ _36\"> </span>crescente <span class=\"_ _37\"> </span>e <span class=\"_ _39\"> </span>ne <span class=\"_ _39\"> </span>proietta </div><div class=\"t me h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11c5\">l\u2019andamento <span class=\"_ _38\"></span>sui <span class=\"_ _38\"></span>parametri <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _0\"></span>adottati <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>misurazione <span class=\"_ _1\"></span>delle <span class=\"_ _0\"></span>perdite <span class=\"_ _1\"></span>attese, <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>modo <span class=\"_ _38\"></span>che </div><div class=\"t me h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11c6\">essi <span class=\"_ _43\"> </span>riflettano <span class=\"_ _43\"> </span>le <span class=\"_ _43\"> </span>condizioni <span class=\"_ _43\"> </span>macroeconomiche <span class=\"_ _43\"> </span>attese <span class=\"_ _43\"> </span>da <span class=\"_ _69\"> </span>tali <span class=\"_ _43\"> </span>scenari.<span class=\"ws81\"> <span class=\"_ _1\"></span></span>Le <span class=\"_ _49\"> </span>tecniche <span class=\"_ _43\"> </span>di </div><div class=\"t me h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11c7\">condizionamento <span class=\"_ _39\"> </span>al <span class=\"_ _39\"> </span>ciclo <span class=\"_ _39\"> </span>macroeconomico <span class=\"_ _39\"> </span>ricalcano <span class=\"_ _39\"> </span>le <span class=\"_ _39\"> </span>logiche <span class=\"_ _3f\"> </span>adottate <span class=\"_ _36\"> </span>dal <span class=\"_ _3f\"> </span>Gruppo <span class=\"_ _39\"> </span>per <span class=\"_ _36\"> </span>la </div><div class=\"t me h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11c8\">conduzione degli esercizi di stress testing indetti dagli organi europei di supervisione: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs11c9\"><span class=\"_ _3e\"> </span><span class=\"ff4\">metodi <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>condizi<span class=\"_ _2\"></span>onamento <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>ciclo <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>probabilit\u00e0 <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>inadempienza <span class=\"_ _35\"> </span>(PD), <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>combinano<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11ca\">ipotesi <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>va<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iazione <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>merito <span class=\"_ _38\"></span>cre<span class=\"_ _1\"></span>ditizio <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>controparte <span class=\"_ _38\"></span>(i.e. <span class=\"_ _38\"></span>variazioni <span class=\"_ _38\"></span>nella <span class=\"_ _0\"></span>valu<span class=\"_ _2\"></span>tazione <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11cb\">rating <span class=\"_ _3a\"> </span>futura <span class=\"_ _3a\"> </span>associata<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>alla <span class=\"_ _3a\"> </span>controparte) <span class=\"_ _3a\"> </span>con <span class=\"_ _3a\"> </span>ipotesi <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>variazioni <span class=\"_ _3a\"> </span>della <span class=\"_ _3a\"> </span>probabilit\u00e0 <span class=\"_ _3a\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11cc\">inadempienza associata <span class=\"_ _2\"></span>a ciascun <span class=\"_ _3b\"></span>profilo di rischio <span class=\"_ _3b\"></span>(adozione dei c.d. <span class=\"_ _3b\"></span>\u201c<span class=\"_ _1\"></span>modelli satellite\u201d <span class=\"_ _2\"></span>interni </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11cd\">che <span class=\"_ _0\"></span>esprimono <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>relazione <span class=\"_ _38\"></span>esiste<span class=\"_ _1\"></span>nte <span class=\"_ _38\"></span>tra<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>probabilit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>inadempienza <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>principali <span class=\"_ _38\"></span>fatt<span class=\"_ _1\"></span>ori </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11ce\">macroeconomici); </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs11cf\"><span class=\"_ _3e\"> </span><span class=\"ff4\">metodi <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>condizionamento <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>ciclo <span class=\"_ _35\"> </span>dell\u2019esposizione <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>default <span class=\"_ _35\"> </span>(EAD) <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>linee <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>credito </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11d0\">rateali, che <span class=\"_ _3b\"></span>combinano la <span class=\"_ _2\"></span>tipologia di <span class=\"_ _3b\"></span>prodot<span class=\"_ _1\"></span>to e di<span class=\"_ _2\"></span> controparte <span class=\"_ _2\"></span>ed ip<span class=\"_ _2\"></span>otesi di v<span class=\"_ _2\"></span>erificarsi di <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>venti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11d1\">di PrePayment, con conseguente influenza sull\u2019esposizione a<span class=\"_ _1\"></span>l rischio in caso di default. </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs11d2\"><span class=\"_ _3e\"> </span><span class=\"ff4\">metodi <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>condizionamento <span class=\"_ _3b\"></span>al <span class=\"_ _2\"></span>ciclo <span class=\"_ _3b\"></span>della <span class=\"_ _2\"></span>perdita <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>caso <span class=\"_ _3b\"></span>di defaul<span class=\"_ _2\"></span>t <span class=\"_ _3b\"></span>(<span class=\"_ _1\"></span>LGD), <span class=\"_ _3b\"></span>che <span class=\"_ _2\"></span>combinano <span class=\"_ _3b\"></span>ipote<span class=\"_ _1\"></span>si </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11d3\">di variazione <span class=\"_ _1\"></span>nel livello <span class=\"_ _1\"></span>di deteriorame<span class=\"_ _1\"></span>nto del cre<span class=\"_ _1\"></span>dito (i.e. migrazioni <span class=\"_ _1\"></span>tra diversi <span class=\"_ _1\"></span>stati di <span class=\"_ _1\"></span>default) </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11d4\">ed  ipotesi <span class=\"_ _3d\"> </span>di  variazioni  nel  li<span class=\"_ _1\"></span>vello  di  copert<span class=\"_ _1\"></span>ura  delle  gar<span class=\"_ _1\"></span>anzie  a  supporto <span class=\"_ _3d\"> </span>del  credito, <span class=\"_ _3d\"> </span>con </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11d5\">conseguente <span class=\"_ _1\"></span>influenza <span class=\"_ _1\"></span>sulla <span class=\"_ _1\"></span>capacit\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cupero <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>sull\u2019ammontare <span class=\"_ _38\"></span>di per<span class=\"_ _1\"></span>dita <span class=\"_ _1\"></span>rilevato <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>caso<span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11d6\">di default. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11d7\">A partire da giugno 2024 l\u2019impianto <span class=\"_ _1\"></span>complessivo dei modelli contabili \u00e8 st<span class=\"_ _1\"></span>ato affinato nell\u2019ottica di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11d8\">recepire  le  ultime <span class=\"_ _35\"> </span>modifiche  all\u2019impianto <span class=\"_ _35\"> </span>AIRB  e  le  serie  storiche <span class=\"_ _35\"> </span>pi\u00f9  recenti  sia  in<span class=\"_ _2\"></span>  termini  di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11d9\">parametri che di scenari macroeconomici. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11da\">In particolare: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs11db\"><span class=\"_ _3e\"> </span><span class=\"ff4\">sono  st<span class=\"_ _1\"></span>ate  aggiornate <span class=\"_ _3d\"> </span>le  pr<span class=\"_ _1\"></span>oiezioni  dei  modelli <span class=\"_ _3d\"> </span>satellite <span class=\"_ _3d\"> </span>che  determinano <span class=\"_ _3d\"> </span>la <span class=\"_ _3d\"> </span>componente </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11dc\">forward  lo<span class=\"_ _2\"></span>oking <span class=\"_ _35\"> </span>dei  param<span class=\"_ _2\"></span>etri <span class=\"_ _35\"> </span>PD  e <span class=\"_ _35\"> </span>LGD <span class=\"_ _35\"> </span>ed <span class=\"_ _35\"> </span>EAD,  p<span class=\"_ _2\"></span>rendendo <span class=\"_ _35\"> </span>come  rife<span class=\"_ _2\"></span>rimento  lo<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>scenario </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11dd\">macroeconomico di dicembre 2023; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs11de\"><span class=\"_ _3e\"> </span><span class=\"ff4\">sono <span class=\"_ _0\"></span>state <span class=\"_ _0\"></span>aggiornate <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>serie <span class=\"_ _38\"></span>stor<span class=\"_ _1\"></span>iche <span class=\"_ _0\"></span>sottostanti <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>modelli <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>on <span class=\"_ _0\"></span>orizzonte <span class=\"_ _0\"></span>temporale <span class=\"_ _0\"></span>2011-<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11df\">2022 per tutti i parametri; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs11e0\"><span class=\"_ _3e\"> </span><span class=\"ff4\">sono <span class=\"_ _38\"></span>state <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ecepite <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>modif<span class=\"_ _2\"></span>iche <span class=\"_ _0\"></span>metodologiche <span class=\"_ _1\"></span>apport<span class=\"_ _1\"></span>ate <span class=\"_ _38\"></span>ai <span class=\"_ _38\"></span>modelli <span class=\"_ _38\"></span>AIRB <span class=\"_ _0\"></span>nella <span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>sione <span class=\"_ _38\"></span>pi\u00f9<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11e1\">recente <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>corso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>condivisione <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>l\u2019Autorit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Vi<span class=\"_ _2\"></span>gilanza <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rif<span class=\"_ _2\"></span>erimento <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>giugno<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11e2\">2024. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11e3\">In <span class=\"_ _1\"></span>gene<span class=\"_ _1\"></span>rale, <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>criteri <span class=\"_ _38\"></span>dettagliati <span class=\"_ _1\"></span>seguiti <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>deter<span class=\"_ _1\"></span>minazione <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ettifiche <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>valore <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>u <span class=\"_ _1\"></span>ciascuno </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11e4\">Stage, s<span class=\"_ _1\"></span>ono disciplinati nelle <span class=\"_ _1\"></span>policy <span class=\"_ _1\"></span>inter<span class=\"_ _1\"></span>ne \u201cPo<span class=\"_ _1\"></span>licy Svalutazione Cr<span class=\"_ _1\"></span>editi\u201d <span class=\"_ _1\"></span>e \u201cLinee <span class=\"_ _1\"></span>Guida e<span class=\"_ _1\"></span> criter<span class=\"_ _1\"></span>i di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11e5\">svalutazione <span class=\"_ _69\"> </span>titoli\u201d <span class=\"_ _43\"> </span>nell\u2019ultimo <span class=\"_ _44\"> </span>aggiorname<span class=\"_ _1\"></span>nto <span class=\"_ _69\"> </span>rilasciato <span class=\"_ _43\"> </span>c<span class=\"_ _2\"></span>he <span class=\"_ _69\"> </span>\u00e8 <span class=\"_ _43\"> </span>stato <span class=\"_ _44\"> </span>sottoposto <span class=\"_ _43\"> </span>anche </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11e6\">all\u2019approvazione da parte del Consiglio di Amministrazione.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11e7\">Nel corso <span class=\"_ _3b\"></span>del 2024 <span class=\"_ _3b\"></span>la \u201cPolicy <span class=\"_ _3b\"></span>Svalutazione Crediti\u201d <span class=\"_ _3b\"></span>\u00e8 stata <span class=\"_ _3b\"></span>ulteriorment<span class=\"_ _1\"></span>e agg<span class=\"_ _2\"></span>iornata <span class=\"_ _2\"></span>ed affinata, <span class=\"_ _3b\"></span>per </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11e8\">recepire quanto emerso dalle analisi empiriche, frutto di osservazione dei <span class=\"_ _1\"></span>dati storici. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11e9\">In <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>inuit\u00e0 <span class=\"_ _1\"></span>con <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>iniziative <span class=\"_ _38\"></span>gi\u00e0 <span class=\"_ _0\"></span>av<span class=\"_ _2\"></span>viate <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>2023 <span class=\"_ _38\"></span>riguardo <span class=\"_ _38\"></span>all\u2019applicazione <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>minimi <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>ageing </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11ea\">da de<span class=\"_ _1\"></span>fault <span class=\"_ _1\"></span>ininterrotto, <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>2024 \u00e8 <span class=\"_ _1\"></span>stato <span class=\"_ _1\"></span>introdotto <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>ulteriore <span class=\"_ _1\"></span>scaglione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>ageing. Q<span class=\"_ _1\"></span>uesto <span class=\"_ _1\"></span>nuovo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11eb\">scaglione <span class=\"_ _3d\"> </span>si <span class=\"_ _3d\"> </span>applica <span class=\"_ _3d\"> </span>sia <span class=\"_ _3d\"> </span>alle <span class=\"_ _37\"> </span>esposizioni  classificate <span class=\"_ _37\"> </span>a <span class=\"_ _3d\"> </span>sofferenza <span class=\"_ _3d\"> </span>sia <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>quelle <span class=\"_ _37\"> </span>UTP <span class=\"_ _3d\"> </span>irregolari, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11ec\">estendendo inolt<span class=\"_ _1\"></span>re la griglia <span class=\"_ _1\"></span>di applicazione anche <span class=\"_ _1\"></span>alle pos<span class=\"_ _1\"></span>izioni classificate come N<span class=\"_ _1\"></span>PL da alme<span class=\"_ _1\"></span>no </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11ed\">tre anni. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs11ee\">Valutazione <span class=\"_ _1\"></span>dell\u2019incremento significativo de<span class=\"_ _1\"></span>l rischi<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs11ef\">o di credito (SICR<span class=\"_ _1\"></span>) </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11f0\">Come <span class=\"_ _0\"></span>anticipato, <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>framework <span class=\"_ _0\"></span>IFRS<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>9 <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>uso <span class=\"_ _0\"></span>presso <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>Gruppo <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>elativo <span class=\"_ _0\"></span>all\u2019attivit\u00e0 <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs11f1\">staging</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11f2\"> <span class=\"_ _0\"></span>degli </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11f3\">strumenti finanziari in <span class=\"_ _2\"></span>bonis \u00e8 stato mantenuto inalterato nell\u2019ambi<span class=\"_ _2\"></span>to dell\u2019emergenza da Covid-19. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11f4\">L\u2019approccio <span class=\"_ _35\"> </span>adottato  si <span class=\"_ _35\"> </span>basa <span class=\"_ _35\"> </span>su <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>principio <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>classificazione  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>tipo <span class=\"_ _35\"> </span>analitico, <span class=\"_ _35\"> </span>ovvero  basato </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11f5\">sull\u2019analisi delle singole posizioni. I driver di </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs11f6\">staging</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11f7\"> impiegati sono: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs11f8\"><span class=\"_ _42\"> </span><span class=\"ff4\">valutazione <span class=\"_ _37\"> </span>del <span class=\"_ _36\"> </span>Significant <span class=\"_ _37\"> </span>Incre<span class=\"_ _1\"></span>ase <span class=\"_ _36\"> </span>in <span class=\"_ _37\"> </span>Credit <span class=\"_ _36\"> </span>Risk <span class=\"_ _37\"> </span>(i.e. <span class=\"_ _37\"> </span>SICR) <span class=\"_ _36\"> </span>tramite <span class=\"_ _36\"> </span>misurazione <span class=\"_ _36\"> </span>della </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11f9\">variazione del rating alla data <span class=\"_ _1\"></span>di riferimento rispetto <span class=\"_ _1\"></span>alla data di origination della posizione: in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11fa\">caso di rilevamento di un delta i<span class=\"_ _2\"></span>n peggioramento pari o superiore a 2<span class=\"_ _2\"></span> notch sulla masterscale </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11fb\">dei <span class=\"_ _1\"></span>rating, la <span class=\"_ _1\"></span>posizione <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>automaticamente <span class=\"_ _1\"></span>classificata <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>stage 2 <span class=\"_ _1\"></span>(in <span class=\"_ _1\"></span>caso <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>rating alla <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11fc\">riferimento <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>ia <span class=\"_ _3d\"> </span>ricompreso <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>una <span class=\"_ _3d\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _3d\"> </span>prime<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>3 <span class=\"_ _37\"> </span>classi, <span class=\"_ _3d\"> </span>la <span class=\"_ _37\"> </span>posizioni <span class=\"_ _3d\"> </span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>aut<span class=\"_ _1\"></span>omaticamente </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11fd\">mantenuta  in  stage  1  in  virt\u00f9  della  cd. </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs11fe\">Low  Credit  Risk  Exemption)</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs11ff\">.  In  caso <span class=\"_ _3d\"> </span>contrario  la<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1201\">posizione  \u00e8 <span class=\"_ _35\"> </span>classificata  a <span class=\"_ _35\"> </span>stage  1. <span class=\"_ _35\"> </span>Tale  criterio <span class=\"_ _35\"> </span>risulta  di <span class=\"_ _35\"> </span>carattere  relativ<span class=\"_ _2\"></span>o,  prevedendo <span class=\"_ _35\"> </span>il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1202\">confro</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1203\">nto con la situazione creditizia rilevata all\u2019erogazione del credito; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1204\"><span class=\"_ _42\"> </span><span class=\"ff4\">criterio <span class=\"_ _0\"></span>backstop <span class=\"_ _0\"></span>sui <span class=\"_ _0\"></span>giorni <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>scaduto: <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>caso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rilevamento <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>30 <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _0\"></span>giorni <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>scaduto<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1205\">continuativo la posizione \u00e8 automaticamente class<span class=\"_ _1\"></span>ificata a stage 2; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1206\"><span class=\"_ _42\"> </span><span class=\"ff4\">criterio b<span class=\"_ _2\"></span>ackstop <span class=\"_ _3b\"></span>sulle misu<span class=\"_ _2\"></span>re <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>forbearance<span class=\"_ _1\"></span>: <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>caso <span class=\"_ _3b\"></span>di clas<span class=\"_ _2\"></span>sificazione <span class=\"_ _3b\"></span>a forbo<span class=\"_ _2\"></span>rne <span class=\"_ _2\"></span>performing,<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1207\">la <span class=\"_ _1\"></span>posizione <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>automat<span class=\"_ _1\"></span>icamente class<span class=\"_ _1\"></span>ificata <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>stage <span class=\"_ _38\"></span>2 <span class=\"_ _1\"></span>(per <span class=\"_ _1\"></span>maggiori infor<span class=\"_ _1\"></span>mazioni <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>rimanda<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1208\">al <span class=\"_ _3d\"> </span>paragrafo<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>\u201c4. <span class=\"_ _3d\"> </span>At<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _37\"> </span>oggetto <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>rinegoziazione <span class=\"_ _3d\"> </span>commerciali <span class=\"_ _37\"> </span>e <span class=\"_ _3d\"> </span>es<span class=\"_ _1\"></span>posizioni<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1209\">oggetto di concessione\u201d); </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs120a\"><span class=\"_ _42\"> </span><span class=\"ff4\">criterio <span class=\"_ _37\"> </span>backstop <span class=\"_ _3d\"> </span>sui <span class=\"_ _3d\"> </span>rapporti <span class=\"_ _3d\"> </span>classificati <span class=\"_ _37\"> </span>nella <span class=\"_ _37\"> </span>cd. <span class=\"_ _3d\"> </span>Watchlist: <span class=\"_ _3d\"> </span>in <span class=\"_ _37\"> </span>caso <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>inserimento <span class=\"_ _3d\"> </span>del </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs120b\">rapporto <span class=\"_ _0\"></span>nella <span class=\"_ _38\"></span>lista <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>ei <span class=\"_ _38\"></span>clienti <span class=\"_ _0\"></span>sotto <span class=\"_ _38\"></span>osservazione <span class=\"_ _0\"></span>perch\u00e9 <span class=\"_ _38\"></span>valutati <span class=\"_ _38\"></span>com<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>maggior <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs120c\">deterioramento (cd. Watchlist) il rapporto \u00e8 automaticamente <span class=\"_ _1\"></span>classificato a stage 2. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs120d\">Misurazione delle <span class=\"_ _1\"></span>perdite attese </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs120e\">Definizione dello <span class=\"_ _1\"></span>scenario </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs120f\">Gli  scenari <span class=\"_ _35\"> </span>sono  forniti  da <span class=\"_ _35\"> </span>un  p<span class=\"_ _2\"></span>rovider  esterno:  n<span class=\"_ _2\"></span>el  detta</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1210\">glio,  v<span class=\"_ _2\"></span>engono  indiv<span class=\"_ _2\"></span>iduati  tre  Scena<span class=\"_ _2\"></span>ri: </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs1211\">Baseline</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1212\"> (c<span class=\"_ _2\"></span>ome indicato <span class=\"_ _2\"></span>dal f<span class=\"_ _2\"></span>ornitore), </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs1213\">Bad</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1214\"> <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs1215\">Good</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1216\"> (rispe<span class=\"_ _2\"></span>ttivamente individ<span class=\"_ _2\"></span>uati come <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>Scenari </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs1217\">S3<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1218\">e </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs1219\">S1</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs121a\"> <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>medesimo <span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>nitore). <span class=\"_ _1\"></span>Per <span class=\"_ _38\"></span>tali <span class=\"_ _38\"></span>diversi <span class=\"_ _38\"></span>scenari, <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>fornite <span class=\"_ _38\"></span>inoltre <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>elative <span class=\"_ _38\"></span>probabilit\u00e0 <span class=\"_ _1\"></span>di<span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs121b\">accadimento, <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>vengono <span class=\"_ _38\"></span>utilizzate <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>ponderare <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>diverse <span class=\"_ _38\"></span>stime <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ECL <span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>ivanti <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>pervenire </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs121c\">alla stima complessiva. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs121d\">A  seguito  d<span class=\"_ _2\"></span>ell\u2019emergenza  sanitaria  legata  al<span class=\"_ _2\"></span>la  pandemia <span class=\"_ _35\"> </span>Covid-19  e  d<span class=\"_ _2\"></span>el  conflitto  tra <span class=\"_ _35\"> </span>Russia  e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs121e\">Ucraina <span class=\"_ _37\"> </span>gli <span class=\"_ _37\"> </span>Ist<span class=\"_ _1\"></span>ituti <span class=\"_ _37\"> </span>sono <span class=\"_ _37\"> </span>stat<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>chiamati <span class=\"_ _36\"> </span>a <span class=\"_ _37\"> </span>istituire <span class=\"_ _36\"> </span>meccanismi <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>monitoraggio <span class=\"_ _36\"> </span>degli <span class=\"_ _37\"> </span>Scenari </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs121f\">sottostanti ai modelli e della relativa sens<span class=\"_ _1\"></span>itivity in contesti di forte volatilit\u00e0. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1220\">In tale contesto, il<span class=\"_ _2\"></span> Gruppo ha confermato l\u2019u<span class=\"_ _2\"></span>tilizzo del provid<span class=\"_ _2\"></span>er gi\u00e0 in uso v<span class=\"_ _2\"></span>alutando tuttavia tempo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1221\">per <span class=\"_ _0\"></span>tempo <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>ponderazione <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>attribuire <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>tre <span class=\"_ _0\"></span>scenari <span class=\"_ _0\"></span>macroeconomici <span class=\"_ _0\"></span>disponibili. <span class=\"_ _0\"></span>A <span class=\"_ _0\"></span>partire<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>da </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1222\">settembre <span class=\"_ _3a\"> </span>2023 <span class=\"_ _3f\"> </span>\u00e8 <span class=\"_ _3f\"> </span>s<span class=\"_ _1\"></span>tato <span class=\"_ _3f\"> </span>deciso <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>ricalibrare <span class=\"_ _3f\"> </span>la <span class=\"_ _3a\"> </span>ponderazione <span class=\"_ _3f\"> </span>degli <span class=\"_ _3a\"> </span>scenari, <span class=\"_ _3f\"> </span>definendo di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1223\">mantenere una <span class=\"_ _194\"> </span>ponderazione<span class=\"_ _1\"></span> <span class=\"_ _194\"> </span>alternativa <span class=\"_ _19a\"> </span>pi<span class=\"_ _2\"></span>\u00f9 <span class=\"_ _194\"> </span>sever<span class=\"_ _1\"></span>a <span class=\"_ _194\"> </span>rispetto <span class=\"_ _19a\"> </span>a <span class=\"_ _18d\"> </span>quella </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1224\">standard, considerando comunque <span class=\"_ _44\"> </span>un <span class=\"_ _44\"> </span>contest<span class=\"_ _1\"></span>o <span class=\"_ _44\"> </span>macroeconomico <span class=\"_ _44\"> </span>progressivamente <span class=\"_ _44\"> </span>meno </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1225\">volatile <span class=\"_ _38\"></span>rispe<span class=\"_ _1\"></span>tto <span class=\"_ _38\"></span>agli <span class=\"_ _38\"></span>ultimi <span class=\"_ _0\"></span>anni<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>graduale <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>itorno <span class=\"_ _0\"></span>ai <span class=\"_ _1\"></span>pesi <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>tandard: <span class=\"_ _38\"></span>10% <span class=\"_ _38\"></span>good, <span class=\"_ _0\"></span>30% <span class=\"_ _1\"></span>bad<span class=\"_ _1\"></span>, <span class=\"_ _38\"></span>60% </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1226\">baseline <span class=\"_ _0\"></span>(la <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>onderazione <span class=\"_ _0\"></span>standard <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>policy <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>vede <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>seguenti <span class=\"_ _38\"></span>pes<span class=\"_ _1\"></span>i: <span class=\"_ _0\"></span>10% <span class=\"_ _0\"></span>good, <span class=\"_ _38\"></span>10<span class=\"_ _1\"></span>% <span class=\"_ _0\"></span>bad,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>80% </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1227\">baseline per il 2023). Tale impostazione \u00e8 stata mantenuta a<span class=\"_ _1\"></span>nche nel corso del 2024. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1228\">Si <span class=\"_ _38\"></span>riportano <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>se<span class=\"_ _1\"></span>guito <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>andamenti <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ttesi <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>variabili <span class=\"_ _38\"></span>PIL <span class=\"_ _38\"></span>ITA <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>Inflazione <span class=\"_ _0\"></span>Eu<span class=\"_ _2\"></span>ropea <span class=\"_ _38\"></span>relativi <span class=\"_ _38\"></span>alle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1229\">ultime deliverie<span class=\"_ _1\"></span>s del <span class=\"_ _1\"></span>provider, incluse quelle <span class=\"_ _1\"></span>di dicembre <span class=\"_ _1\"></span>2023, impiegate <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>l\u2019aggiornamento dei </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs122a\">modelli in uso da giugno 2024 e ancora in vigore a dicembre 2024. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs122c\">C<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs122d\">o</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs122e\">m<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs122f\">e<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1230\">\u00e8</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1231\"> <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ossibile <span class=\"_ _38\"></span>os<span class=\"_ _1\"></span>servare <span class=\"_ _0\"></span>dai <span class=\"_ _38\"></span>grafici <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iportati, <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>crisi <span class=\"_ _0\"></span>legata <span class=\"_ _0\"></span>all<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>pand<span class=\"_ _2\"></span>emia <span class=\"_ _0\"></span>COVID <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>lo <span class=\"_ _0\"></span>scoppi<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1232\">della <span class=\"_ _0\"></span>Crisi <span class=\"_ _0\"></span>RU/UA <span class=\"_ _0\"></span>hanno <span class=\"_ _0\"></span>comportato <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>periodo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>forte <span class=\"_ _0\"></span>volatili<span class=\"_ _2\"></span>t\u00e0 <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>va <span class=\"_ _0\"></span>riducendosi <span class=\"_ _0\"></span>nell\u2019ultimo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1233\">periodo <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>riflette <span class=\"_ _38\"></span>nel <span class=\"_ _1\"></span>progr<span class=\"_ _1\"></span>essivo <span class=\"_ _1\"></span>allineamento<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>previsioni <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>deliveries <span class=\"_ _38\"></span>riportate <span class=\"_ _1\"></span>nel<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1234\">grafico. <span class=\"_ _35\"> </span>Inoltre, <span class=\"_ _35\"> </span>nonostante <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>tensioni, <span class=\"_ _0\"></span>gli <span class=\"_ _35\"> </span>scenari <span class=\"_ _35\"> </span>sembrano <span class=\"_ _35\"> </span>confermare <span class=\"_ _35\"> </span>previsioni <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>cre<span class=\"_ _1\"></span>scita<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1235\">(seppur <span class=\"_ _0\"></span>modesta) <span class=\"_ _35\"> </span>e, <span class=\"_ _0\"></span>dato <span class=\"_ _0\"></span>l\u2019aggiornamento <span class=\"_ _0\"></span>avvenuto <span class=\"_ _0\"> </span>ne<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>2023 <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>mo<span class=\"_ _1\"></span>delli <span class=\"_ _0\"></span>satellite <span class=\"_ _0\"></span>ad <span class=\"_ _35\"> </span>una <span class=\"_ _0\"></span>serie<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1236\">storica <span class=\"_ _38\"></span>comprensiva <span class=\"_ _38\"></span>anche <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>2022, <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>iugno <span class=\"_ _1\"></span>2024, <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>optato <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>una <span class=\"_ _38\"></span>rimo<span class=\"_ _1\"></span>dulazione <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>pesi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1237\">pi\u00f9  vicina  a  quella <span class=\"_ _3d\"> </span>ordinaria  rispetto <span class=\"_ _3d\"> </span>a  quella  sele<span class=\"_ _1\"></span>zionata  a  Dicembre <span class=\"_ _3d\"> </span>2022,  come  di  se<span class=\"_ _1\"></span>guito<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1238\">descritto.  </div><div class=\"gs1239\"><table class=\"s w101c h294\" id=\"_437b93b4-c18a-4df2-a3fb-57419845bb3c\"><tr><td class=\"t m2 x191e h12 y6342 ff4 fs7 fc4 sc3 ls0 ws0\">Scenario  </td><td></td><td class=\"c n x191f y6343 w101d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Descrizione dello scenario<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1920 y6343 w101e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Peso<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1921 h12 y6344 ff4 fs7 fc4 sc3 ls0 ws0\">Peso </td></tr><tr><td class=\"c x5e6 y6345 w101f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">I<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1922 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">F<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1923 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">R<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1924 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">S<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1925 h12 y6346 ff4 fs7 fc4 sc3 ls0 ws0\">9<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x1926 h12 y6347 ff4 fs7 fc4 sc3 ls0 ws0\">Standard </td><td class=\"t m2 x1921 h12 y6347 ff4 fs7 fc4 sc3 ls0 ws0\">applicato al </td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x1926 h12 y6348 ff4 fs7 fc4 sc3 ls0 ws0\">previsto </td><td class=\"t m2 x1921 h12 y6349 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024 </td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x1926 h12 y634a ff4 fs7 fc4 sc3 ls0 ws0\">dalla policy </td><td></td></tr><tr><td class=\"t m5 x191e h2a y634b ff4 fsd fc4 sc3 ls0 ws0\">\u201cGood\u201d<span class=\"fc1 sc2\"> </span></td><td></td><td class=\"c x1928 y634c w1020 h293\"><div class=\"t m5 x2b3 h2a y6334 ff4 fsd fc1 sc0 ls0 ws0\">Stronger Near-Term <span class=\"_ _3b\"></span>R<span class=\"_ _1\"></span>ecovery Scenari<span class=\"_ _2\"></span>o (\u201cS1\u201d)<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1927 h12 y6334 ff4 fs7 fc1 sc0 ls0 ws0\">: scenar<span class=\"_ _2\"></span>io con<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1929 y634d w1021 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x192a y634d w1021 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m2 x192b h12 y634e ff4 fs7 fc1 sc0 ls0 ws0\">probabilit\u00e0 del 10% che <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>i realizzi uno scena<span class=\"_ _2\"></span>rio migliore e del </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x192b h12 y634f ff4 fs7 fc1 sc0 ls0 ws0\">90% che se ne rea<span class=\"_ _2\"></span>lizzi uno peggiore  </td><td></td><td></td></tr><tr><td class=\"t m5 x191e h2a y6350 ff4 fsd fc4 sc3 ls0 ws0\">\u201cBaseline\u201d<span class=\"fc1 sc2\"> </span></td><td></td><td class=\"c x1928 y6351 w1022 h293\"><div class=\"t m5 x2b3 h2a y6334 ff4 fsd fc1 sc0 ls0 ws0\">Baseline Scenario<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x192c h12 y6334 ff4 fs7 fc1 sc0 ls0 ws0\">: scenar<span class=\"_ _2\"></span>io con probabilit\u00e0 del 50<span class=\"_ _2\"></span>% che si<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1929 y6352 w1023 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">80%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x192d y6352 w1024 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">60%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m2 x192b h12 y6353 ff4 fs7 fc1 sc0 ls0 ws0\">realizzi uno scenari<span class=\"_ _2\"></span>o migliore e del 5<span class=\"_ _2\"></span>0% che se ne realizzi un<span class=\"_ _2\"></span>o </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x192b h12 y6354 ff4 fs7 fc1 sc0 ls0 ws0\">peggiore </td><td></td><td></td></tr><tr><td class=\"t m5 x191e h2a y6355 ff4 fsd fc4 sc3 ls0 ws0\">\u201cBad\u201d<span class=\"fc1 sc2\"> </span></td><td></td><td class=\"c x1928 y6356 w1025 h293\"><div class=\"t m5 x2b3 h2a y6334 ff4 fsd fc1 sc0 ls0 ws0\">Deep Recession Scena<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>io (\u201cS3\u201d)<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x192e h12 y6334 ff4 fs7 fc1 sc0 ls0 ws0\">: scenario c<span class=\"_ _2\"></span>on probabilit\u00e0 del<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1929 y6357 w1021 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x192a y6357 w1026 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">30%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m2 x192b h12 y6358 ff4 fs7 fc1 sc0 ls0 ws0\">90% che si realizzi un<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> scenario migli<span class=\"_ _2\"></span>ore e del 10% che se ne </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x192b h12 y6359 ff4 fs7 fc1 sc0 ls0 ws0\">realizzi uno peggiore<span class=\"_ _2\"></span> </td><td></td><td></td></tr></table></div>Analisi di se<span class=\"_ _1\"></span>nsitivity degli Scenari<span class=\"_ _3a1\"> </span>Si <span class=\"_ _3d\"> </span>rip<span class=\"_ _3a1\"> </span>ortano <span class=\"_ _37\"> </span>di  seguito <span class=\"_ _37\"> </span>le <span class=\"_ _3d\"> </span>informazioni <span class=\"_ _3d\"> </span>relative <span class=\"_ _37\"> </span>ai <span class=\"_ _3d\"> </span>valori <span class=\"_ _3d\"> </span>medi <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>principali <span class=\"_ _3d\"> </span>indicator<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>macro-<span class=\"_ _3a1\"> </span>economici <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>finanziari <span class=\"_ _0\"></span>utilizzati <span class=\"_ _0\"></span>negli <span class=\"_ _0\"></span>scenar<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>dicembre<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>2023, <span class=\"_ _0\"></span>re<span class=\"_ _1\"></span>lativamente <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>trie<span class=\"_ _1\"></span>nnio <span class=\"_ _0\"></span>2024-<span class=\"_ _3a1\"> </span>2026<span class=\"_ _3a1\"> </span>Per ogn<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>indicatore \u00e8 <span class=\"_ _3b\"></span>riportato il <span class=\"_ _3b\"></span>valore base <span class=\"_ _3b\"></span>consuntivo <span class=\"_ _2\"></span>(nella <span class=\"_ _3b\"></span>fatt<span class=\"_ _1\"></span>ispecie d<span class=\"_ _2\"></span>icembre 2023) <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ermini<span class=\"_ _3a1\"> </span>assoluti, il <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>assunto de<span class=\"_ _1\"></span>lle stesse<span class=\"_ _1\"></span> variabili nello <span class=\"_ _1\"></span>Scenario <span class=\"_ _1\"></span>Baseline <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>la variazione <span class=\"_ _1\"></span>percentuale<span class=\"_ _3a1\"> </span>rispetto <span class=\"_ _35\"> </span>ad <span class=\"_ _0\"></span>esso <span class=\"_ _35\"> </span>degli<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>Scena<span class=\"_ _2\"></span>ri <span class=\"_ _0\"></span>des<span class=\"_ _1\"></span>ignati <span class=\"_ _0\"> </span>com<span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>avverso <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>favorevole <span class=\"_ _35\"> </span>su <span class=\"_ _0\"></span>ognuno <span class=\"_ _35\"> </span>dei<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>3<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>fin<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>anno<span class=\"_ _3a1\"> </span>compresi nell\u2019orizzonte temporale disponibile. Trattame<span class=\"_ _1\"></span>nto garanzie pubbliche<span class=\"_ _3a1\"> </span>Nell\u2019ambito <span class=\"_ _37\"> </span>del <span class=\"_ _37\"> </span>calcolo <span class=\"_ _37\"> </span>ECL <span class=\"_ _37\"> </span>le <span class=\"_ _3d\"> </span>garanzie <span class=\"_ _37\"> </span>statali <span class=\"_ _37\"> </span>erogate <span class=\"_ _3d\"> </span>ne<span class=\"_ _3a1\"> </span>gli <span class=\"_ _3d\"> </span>anni <span class=\"_ _37\"> </span>precedent<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>come <span class=\"_ _37\"> </span>risposta<span class=\"_ _3a1\"> </span>straordinaria <span class=\"_ _1\"></span>di sostegno <span class=\"_ _1\"></span>all\u2019economia re<span class=\"_ _1\"></span>ale nel <span class=\"_ _1\"></span>contesto de<span class=\"_ _1\"></span>ll\u2019emergenza sanitaria <span class=\"_ _1\"></span>COVID 19 <span class=\"_ _1\"></span>sono<span class=\"_ _3a1\"> </span>considerate analogamente alle altre garanzie s<span class=\"_ _2\"></span>tatali presenti in p<span class=\"_ _2\"></span>ortafoglio. Le garanzie pubbl<span class=\"_ _2\"></span>iche<span class=\"_ _3a1\"> </span>contribuiscono a <span class=\"_ _1\"></span>mitigare <span class=\"_ _1\"></span>l\u2019ECL sui <span class=\"_ _1\"></span>rapporti <span class=\"_ _1\"></span>a cui <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>associate tr<span class=\"_ _1\"></span>amite principio di <span class=\"_ _1\"></span>sost<span class=\"_ _1\"></span>ituzione:<span class=\"_ _3a1\"> </span>la quota <span class=\"_ _1\"></span>coperta <span class=\"_ _1\"></span>da es<span class=\"_ _1\"></span>se viene, quindi, as<span class=\"_ _1\"></span>sociata <span class=\"_ _1\"></span>al livello <span class=\"_ _1\"></span>di risc<span class=\"_ _1\"></span>hio dell\u2019emitt<span class=\"_ _1\"></span>ente (in <span class=\"_ _1\"></span>questo <span class=\"_ _1\"></span>caso<span class=\"_ _3a1\"> </span>lo stato italiano, con rating DBRS BBBH) invece che <span class=\"_ _1\"></span>a quello della controparte.<span class=\"_ _3a1\"> </span>2.4 Tecniche di miti<span class=\"_ _1\"></span>gazione del rischio di cre<span class=\"_ _1\"></span>dito<span class=\"_ _3a1\"> </span>I <span class=\"_ _3b\"></span>collate<span class=\"_ _1\"></span>ral <span class=\"_ _3b\"></span>e le<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>garanzie <span class=\"_ _3b\"></span>rivestono particola<span class=\"_ _2\"></span>re <span class=\"_ _2\"></span>rilevanza <span class=\"_ _3b\"></span>ne<span class=\"_ _1\"></span>lle <span class=\"_ _3b\"></span>strategie cr<span class=\"_ _2\"></span>editizie <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>Gruppo Cr<span class=\"_ _2\"></span>edem<span class=\"_ _3a1\"> </span>in quanto <span class=\"_ _1\"></span>consentono <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>mitigazione nel <span class=\"_ _1\"></span>complessivo <span class=\"_ _1\"></span>ciclo di <span class=\"_ _1\"></span>vita <span class=\"_ _1\"></span>del cre<span class=\"_ _1\"></span>dito, pur <span class=\"_ _1\"></span>mantenendo <span class=\"_ _1\"></span>un<span class=\"_ _3a1\"> </span>carattere <span class=\"_ _3d\"> </span>accessorio <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>processo <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>valutazione <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>concessione <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>credito <span class=\"_ _3d\"> </span>dove <span class=\"_ _3d\"> </span>l\u2019elemento<span class=\"_ _3a1\"> </span>fondante <span class=\"_ _1\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>valutazione <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>capacit\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>rimborso <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>debitore. <span class=\"_ _1\"></span>In <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nso <span class=\"_ _1\"></span>l\u2019acquisizione <span class=\"_ _38\"></span>delle<span class=\"_ _3a1\"> </span>stesse, comporta un\u2019approfondita attivit\u00e0 valutativa sia <span class=\"_ _2\"></span>in fase di acquisizione sia di<span class=\"_ _2\"></span> monitoraggio<span class=\"_ _3a1\"> </span>e gestione.<span class=\"_ _3a1\"> </span>Per i <span class=\"_ _1\"></span>collateral <span class=\"_ _1\"></span>immobiliari sono definiti, co<span class=\"_ _1\"></span>nformemente <span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>i requisiti normat<span class=\"_ _1\"></span>ivi, i principi gener<span class=\"_ _1\"></span>ali<span class=\"_ _3a1\"> </span>che consentono un sano e prudente processo di valutazione degli immobili oggetto de<span class=\"_ _1\"></span>i collateral:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">Indipendenza <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>valutazione <span class=\"_ _1\"></span>tram<span class=\"_ _1\"></span>ite <span class=\"_ _1\"></span>l\u2019utilizzo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>iti esterni <span class=\"_ _38\"></span>indipendenti dal <span class=\"_ _38\"></span>processo <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span></span>erogazione del credito.<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">Conformit\u00e0 e <span class=\"_ _1\"></span>congruit\u00e0 della valutazione, <span class=\"_ _1\"></span>adeguata <span class=\"_ _1\"></span>alla complessit\u00e0 dell\u2019opera<span class=\"_ _1\"></span>zione, alla sua<span class=\"_ _3a1\"> </span></span>dimensione, alla tipologia <span class=\"_ _2\"></span>dell\u2019immobile per l<span class=\"_ _2\"></span>\u2019individuazione del val<span class=\"_ _2\"></span>ore di mercato su <span class=\"_ _2\"></span>cui vi<span class=\"_ _2\"></span>ene<span class=\"_ _3a1\"> </span>calcolato l\u2019indicatore di loan to value.<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">Un <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>obusto <span class=\"_ _38\"></span>sistema <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>controlli, <span class=\"_ _38\"></span>conforme <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>requisiti <span class=\"_ _38\"></span>normat<span class=\"_ _1\"></span>ivi, <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>presidio <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>processo <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span></span>valutazione.<span class=\"_ _3a1\"> </span>Vista l\u2019importanza del compa<span class=\"_ _2\"></span>rto mutui <span class=\"_ _2\"></span>nel portafoglio complessivo <span class=\"_ _2\"></span>e in ottica di<span class=\"_ _2\"></span> adeguamento all<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span>Disposizioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Vigilanza <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>stato <span class=\"_ _1\"></span>mes<span class=\"_ _1\"></span>so <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>punto <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>cesso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>monitor<span class=\"_ _1\"></span>aggio <span class=\"_ _1\"></span>periodico <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>valore<span class=\"_ _3a1\"> </span>degli <span class=\"_ _0\"></span>immobili <span class=\"_ _35\"> </span>oggetto <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>ipoteca <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>fine <span class=\"_ _0\"> </span>di <span class=\"_ _35\"> </span>una <span class=\"_ _0\"></span>corrett<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>valutazione <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>grado <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>copert<span class=\"_ _1\"></span>ura <span class=\"_ _0\"></span>dei<span class=\"_ _3a1\"> </span>collateral.<span class=\"_ _3a1\"> </span>All\u2019interno del \u201cRegolamento per <span class=\"_ _3b\"></span>l\u2019ass<span class=\"_ _1\"></span>unzione dei rischi <span class=\"_ _2\"></span>di credito <span class=\"_ _2\"></span>verso la clientela\u201d <span class=\"_ _3b\"></span>\u00e8<span class=\"_ _1\"></span> codificata la<span class=\"_ _3a1\"> </span>ponderazione <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>appl<span class=\"_ _2\"></span>icare <span class=\"_ _0\"></span>alle <span class=\"_ _38\"></span>diverse<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>operazioni <span class=\"_ _38\"></span>ipotecarie <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>bas<span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>na<span class=\"_ _2\"></span>tura <span class=\"_ _0\"></span>dell\u2019i<span class=\"_ _2\"></span>mmobile. <span class=\"_ _0\"></span>Il<span class=\"_ _3a1\"> </span>Comitato di Credit S<span class=\"_ _2\"></span>trategy, inoltre, propone pe<span class=\"_ _2\"></span>riodicamente le linee gu<span class=\"_ _2\"></span>ida di <span class=\"_ _2\"></span>indirizzo in <span class=\"_ _2\"></span>term<span class=\"_ _1\"></span>ini di<span class=\"_ _3a1\"> </span>Loan <span class=\"_ _1\"></span>To <span class=\"_ _1\"></span>Value <span class=\"_ _1\"></span>media <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>portafoglio <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>nuove <span class=\"_ _1\"></span>ero<span class=\"_ _1\"></span>gazioni. In <span class=\"_ _1\"></span>particolare<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>proprio <span class=\"_ _1\"></span>per la <span class=\"_ _38\"></span>natura<span class=\"_ _3a1\"> </span>di intervent<span class=\"_ _1\"></span>o a <span class=\"_ _1\"></span>medio t<span class=\"_ _1\"></span>ermine, i <span class=\"_ _1\"></span>mutui ipote<span class=\"_ _1\"></span>cari pre<span class=\"_ _1\"></span>vedono per<span class=\"_ _1\"></span>centuali di iscrizione <span class=\"_ _1\"></span>della gar<span class=\"_ _1\"></span>anzia<span class=\"_ _3a1\"> </span>diversificate a seconda della tipologia del finanziamento.<span class=\"_ _3a1\"> </span>Per quanto <span class=\"_ _1\"></span>riguarda le <span class=\"_ _1\"></span>garanzie reali <span class=\"_ _1\"></span>su valori <span class=\"_ _1\"></span>mobiliari sono <span class=\"_ _1\"></span>previsti scarti <span class=\"_ _1\"></span>cauzionali da applicare<span class=\"_ _3a1\"> </span>a seconda della tipologia del prodotto acquisito in garanzia e <span class=\"_ _1\"></span>dell\u2019eventuale rating dell\u2019emittente.<span class=\"_ _3a1\"> </span>E\u2019 inoltr<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>previsto il <span class=\"_ _1\"></span>monitoraggio <span class=\"_ _1\"></span>costante <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>valori <span class=\"_ _1\"></span>mobiliari a<span class=\"_ _1\"></span> garanzia <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>valorizzazione <span class=\"_ _1\"></span>ai <span class=\"_ _1\"></span>fini<span class=\"_ _3a1\"> </span>di Credit Risk Mitigation.<span class=\"_ _3a1\"> </span>In  rifer<span class=\"_ _1\"></span>imento <span class=\"_ _3d\"> </span>alle  gar<span class=\"_ _1\"></span>anzie  fidejussor<span class=\"_ _1\"></span>ie,  osser<span class=\"_ _1\"></span>viamo  che <span class=\"_ _3d\"> </span>la <span class=\"_ _3d\"> </span>loro <span class=\"_ _3d\"> </span>valorizzazione <span class=\"_ _3d\"> </span>viene  sem<span class=\"_ _1\"></span>pre<span class=\"_ _3a1\"> </span>effettuata sulla base di una valutazione prudenziale del patr<span class=\"_ _1\"></span>imonio responsabile dei garanti.<span class=\"_ _3a1\"> </span>Mac<span class=\"_ _1\"></span>rovariabil<span class=\"_ _3b\"></span>eC<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>suntivodic-<span class=\"_ _1\"></span>24dic-25d<span class=\"_ _1\"></span>ic-<span class=\"_ _1\"></span>26dic-<span class=\"_ _1\"></span>23<span class=\"_ _36\"> </span>BadBaseli<span class=\"_ _3b\"></span>n<span class=\"_ _1\"></span>eG<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>dBadBaseli<span class=\"_ _3b\"></span>n<span class=\"_ _1\"></span>eG<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>dBadBaseli<span class=\"_ _3b\"></span>n<span class=\"_ _1\"></span>eGoo<span class=\"_ _1\"></span>dIL<span class=\"_ _1\"></span> ITA1781-<span class=\"_ _1\"></span>1,47<span class=\"_ _2\"></span>%17874,0<span class=\"_ _3b\"></span>0%-<span class=\"_ _1\"></span>1,86<span class=\"_ _3b\"></span>%17986,33<span class=\"_ _2\"></span>%-<span class=\"_ _1\"></span>1,64<span class=\"_ _2\"></span>%18184,89%IL<span class=\"_ _1\"></span> EU<span class=\"_ _1\"></span>RO11127-1,65%112173,89<span class=\"_ _3b\"></span>%-<span class=\"_ _1\"></span>2,16<span class=\"_ _2\"></span>%113956,21<span class=\"_ _2\"></span>%-<span class=\"_ _1\"></span>1,94%115984,77%asso di disocc<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>azione7,<span class=\"_ _1\"></span>81%3,53%8,<span class=\"_ _1\"></span>05%-<span class=\"_ _1\"></span>31,12<span class=\"_ _3b\"></span>%4,15%8,27%-<span class=\"_ _1\"></span>33,<span class=\"_ _2\"></span>36%3,38<span class=\"_ _2\"></span>%8,37%-<span class=\"_ _38\"></span>23,<span class=\"_ _3b\"></span>28%nd<span class=\"_ _1\"></span>ice di produ<span class=\"_ _1\"></span>zione industrial<span class=\"_ _3b\"></span>e103-4,33%10313,<span class=\"_ _2\"></span>48%-<span class=\"_ _1\"></span>3,58<span class=\"_ _2\"></span>%10311,<span class=\"_ _3b\"></span>50%-<span class=\"_ _1\"></span>3,13%1068,35<span class=\"_ _2\"></span>%nd<span class=\"_ _1\"></span>ice immo<span class=\"_ _1\"></span>bil<span class=\"_ _2\"></span>i r<span class=\"_ _2\"></span>esidenzial<span class=\"_ _3b\"></span>i2140-2,39%21443,87<span class=\"_ _3b\"></span>%-<span class=\"_ _1\"></span>3,66%22249,51%-4,40%237011,<span class=\"_ _3b\"></span>73%<div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs125d\">Relativamente  alle  ga<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>anzie  pub<span class=\"_ _2\"></span>bliche,  il <span class=\"_ _35\"> </span>Gruppo  Credem  adotta <span class=\"_ _35\"> </span>specifiche  procedure  vol<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>e  a<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs125e\">rispet<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs125f\">tare <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>modalit\u00e0 <span class=\"_ _0\"></span>operative <span class=\"_ _0\"></span>richieste <span class=\"_ _0\"></span>dai <span class=\"_ _0\"></span>dettami <span class=\"_ _0\"></span>normativi <span class=\"_ _0\"></span>emanat<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>dallo <span class=\"_ _0\"></span>Stato <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>dagli <span class=\"_ _0\"></span>enti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1260\">emittenti tali garanzie. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1261\">3.  Esposizioni cre<span class=\"_ _1\"></span>ditizie deter<span class=\"_ _1\"></span>iorate </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1262\">3.1<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1263\">Strategie e <span class=\"_ _1\"></span>politiche di gestione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1264\">La <span class=\"_ _0\"></span>str<span class=\"_ _1\"></span>uttura <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>N<span class=\"_ _1\"></span>on-Performing <span class=\"_ _0\"></span>Credit <span class=\"_ _35\"> </span>supporta <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>un <span class=\"_ _35\"> </span>pu<span class=\"_ _2\"></span>nto</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1265\"> <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>vista <span class=\"_ _0\"></span>tecnico <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>rete <span class=\"_ _0\"></span>Banca <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>le<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1266\">societ\u00e0 <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>Gr<span class=\"_ _1\"></span>uppo <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>nella <span class=\"_ _38\"></span>gestione <span class=\"_ _0\"></span>dei<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>crediti <span class=\"_ _38\"></span>anomali <span class=\"_ _0\"></span>e <span class=\"_ _1\"></span>deteriorat<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>nella <span class=\"_ _38\"></span>determinazione <span class=\"_ _0\"></span>dell<span class=\"_ _3b\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1267\">svalutazioni.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1268\">All\u2019interno di <span class=\"_ _3b\"></span>questa struttura, <span class=\"_ _3b\"></span>la gestione <span class=\"_ _3b\"></span>dell\u2019attivit\u00e0 di <span class=\"_ _3b\"></span>recupero crediti <span class=\"_ _3b\"></span>avviene secondo <span class=\"_ _3b\"></span>pr<span class=\"_ _1\"></span>ocessi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1269\">definiti i<span class=\"_ _2\"></span>n base <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>l c<span class=\"_ _2\"></span>anale/segmento, alla <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ipologia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>affidamenti ed <span class=\"_ _3b\"></span>al livello <span class=\"_ _3b\"></span>di anomalia, <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>d \u00e8 <span class=\"_ _3b\"></span>svolta </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs126a\">da <span class=\"_ _35\"> </span>uffici<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>centrali <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>loro <span class=\"_ _35\"> </span>d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>centramenti <span class=\"_ _35\"> </span>sul <span class=\"_ _0\"></span>ter<span class=\"_ _1\"></span>ritorio. <span class=\"_ _35\"> </span>Il <span class=\"_ _0\"></span>mode<span class=\"_ _1\"></span>llo <span class=\"_ _0\"></span>o<span class=\"_ _1\"></span>perativo <span class=\"_ _35\"> </span>permette <span class=\"_ _35\"> </span>una <span class=\"_ _0\"></span>visione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs126b\">omnicomprensiva <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>credito <span class=\"_ _1\"></span>lungo <span class=\"_ _1\"></span>tutto <span class=\"_ _38\"></span>l\u2019arco <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>vita, <span class=\"_ _38\"></span>valorizzando <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>fluidit\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>l\u2019integrazione <span class=\"_ _1\"></span>dei </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs126c\">processi <span class=\"_ _2\"></span>e <span class=\"_ _3b\"></span>la c<span class=\"_ _2\"></span>ontinuit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>visione. <span class=\"_ _2\"></span>In <span class=\"_ _3b\"></span>part<span class=\"_ _1\"></span>icolare <span class=\"_ _3b\"></span>si <span class=\"_ _2\"></span>segnala <span class=\"_ _2\"></span>la <span class=\"_ _3b\"></span>presenza <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>strut<span class=\"_ _1\"></span>ture <span class=\"_ _3b\"></span>centrali dedi<span class=\"_ _2\"></span>cate </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs126d\">alla <span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>stione, <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>monitor<span class=\"_ _1\"></span>aggio <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>al <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>cupero <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>posizioni <span class=\"_ _38\"></span>secondo <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>organizzazione <span class=\"_ _0\"></span>orizzontale<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs126e\">che permette di avere modalit\u00e0 differenti <span class=\"_ _1\"></span>di collection in base alla tipologia di controparte e entit\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs126f\">di <span class=\"_ _1\"></span>impiego. <span class=\"_ _38\"></span>Ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>ttaglio <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>prevista <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>gestione <span class=\"_ _38\"></span>massiva <span class=\"_ _38\"></span>o <span class=\"_ _38\"></span>single <span class=\"_ _38\"></span>name <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>posizioni. <span class=\"_ _38\"></span>\u00c8 <span class=\"_ _38\"></span>inoltre </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1270\">prevista <span class=\"_ _1\"></span>un\u2019altra <span class=\"_ _1\"></span>struttura <span class=\"_ _1\"></span>dedicata <span class=\"_ _38\"></span>al <span class=\"_ _1\"></span>reporting <span class=\"_ _1\"></span>gestionale <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>registrazioni <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>abili delle <span class=\"_ _1\"></span>posizioni </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1271\">classificate <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>NPL. <span class=\"_ _3d\"> </span>Nel <span class=\"_ _3d\"> </span>corso <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>2024<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>l\u2019unit\u00e0 <span class=\"_ _3d\"> </span>organizzativa  de<span class=\"_ _1\"></span>dicata <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>coordinamento <span class=\"_ _3d\"> </span>della </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1272\">gestione d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>crediti <span class=\"_ _3b\"></span>NPL a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>livello <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>G<span class=\"_ _1\"></span>ruppo, <span class=\"_ _3b\"></span>ha ini<span class=\"_ _2\"></span>ziato a <span class=\"_ _3b\"></span>gestire <span class=\"_ _2\"></span>con <span class=\"_ _3b\"></span>modalit\u00e0 accentrata <span class=\"_ _3b\"></span>le <span class=\"_ _3b\"></span>posizioni </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1273\">a  s<span class=\"_ _1\"></span>offerenza,  co<span class=\"_ _1\"></span>n  l\u2019obiettivo <span class=\"_ _3d\"> </span>a  regime <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>gestire  anche <span class=\"_ _3d\"> </span>i <span class=\"_ _3d\"> </span>crediti  classificati  a<span class=\"_ _1\"></span>d  inadempienza </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1274\">probabile. <span class=\"_ _3d\"> </span>La <span class=\"_ _3d\"> </span>valutazione <span class=\"_ _3d\"> </span>delle<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>perdite<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>\u00e8 <span class=\"_ _3d\"> </span>improntat<span class=\"_ _1\"></span>a  s<span class=\"_ _1\"></span>eguendo <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>indicazioni <span class=\"_ _3d\"> </span>del <span class=\"_ _37\"> </span>documento </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1275\">approvato <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>Consiglio <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>Am<span class=\"_ _1\"></span>ministrazione <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>denominato <span class=\"_ _3d\"> </span>\u201cPolicy <span class=\"_ _3d\"> </span>Svalutazione <span class=\"_ _3d\"> </span>Crediti\u201d<span class=\"_ _1\"></span>; <span class=\"_ _3d\"> </span>tale </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1276\">documento <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>scopo di <span class=\"_ _1\"></span>indirizzare <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>uniformare <span class=\"_ _1\"></span>l\u2019attivit\u00e0 <span class=\"_ _1\"></span>degli uffici <span class=\"_ _1\"></span>deputati <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lla ge<span class=\"_ _1\"></span>stione dei </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1277\">crediti <span class=\"_ _35\"> </span>deteriorati <span class=\"_ _35\"> </span>nella <span class=\"_ _35\"> </span>determinazione <span class=\"_ _35\"> </span>delle  relative<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>svalutazioni <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>civilistiche <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>attinenti <span class=\"_ _35\"> </span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1278\">tempi di recupero. L<span class=\"_ _2\"></span>e Linee Guida <span class=\"_ _2\"></span>BCE raccomandano alle Banch<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>, di stabili<span class=\"_ _2\"></span>re una chiara strategia </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1279\">volta <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>ridurre <span class=\"_ _0\"></span>le <span class=\"_ _1\"></span>consistenze <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>NP<span class=\"_ _1\"></span>L <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>modo <span class=\"_ _38\"></span>credibile, <span class=\"_ _38\"></span>so<span class=\"_ _1\"></span>stenibile <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>tempestivo. <span class=\"_ _0\"></span>Le<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>stesse <span class=\"_ _38\"></span>sono </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs127a\">uno <span class=\"_ _3b\"></span>str<span class=\"_ _1\"></span>umento <span class=\"_ _3b\"></span>non <span class=\"_ _3b\"></span>vincolante, <span class=\"_ _2\"></span>tuttavia <span class=\"_ _3b\"></span>le <span class=\"_ _2\"></span>Banche <span class=\"_ _3b\"></span>sono <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>enute <span class=\"_ _3b\"></span>a <span class=\"_ _3b\"></span>pr<span class=\"_ _1\"></span>omuovere <span class=\"_ _3b\"></span>la <span class=\"_ _2\"></span>rapida <span class=\"_ _3b\"></span>convergenza </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs127b\">verso <span class=\"_ _3d\"> </span>le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>indicazioni <span class=\"_ _3d\"> </span>for<span class=\"_ _1\"></span>nite. <span class=\"_ _3d\"> </span>A <span class=\"_ _37\"> </span>dicembre <span class=\"_ _37\"> </span>2024, <span class=\"_ _3d\"> </span>in <span class=\"_ _37\"> </span>coerenza <span class=\"_ _3d\"> </span>con <span class=\"_ _37\"> </span>le <span class=\"_ _37\"> </span>linee <span class=\"_ _3d\"> </span>guida <span class=\"_ _3d\"> </span>BCE <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>con <span class=\"_ _3d\"> </span>la </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs127c\">Pianificazione <span class=\"_ _3b\"></span>st<span class=\"_ _1\"></span>rategica <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>grup<span class=\"_ _1\"></span>po, <span class=\"_ _3b\"></span>il Gruppo <span class=\"_ _3b\"></span>Credem ha <span class=\"_ _3b\"></span>svolto l<span class=\"_ _2\"></span>e <span class=\"_ _3b\"></span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _2\"></span>annuali <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>aggiornamento </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs127d\">del Piano Strategico-Operativo NPL per il per<span class=\"_ _1\"></span>iodo 2024-2028. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs127e\">3.2<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs127f\">Write-off </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1280\">Le  au<span class=\"_ _2\"></span>tonomie  relative <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>valutazione  degli <span class=\"_ _35\"> </span>stralci<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1281\">e<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1282\">d<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1283\">e</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1284\">l<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1285\">le  p<span class=\"_ _3b\"></span>erdite  sono <span class=\"_ _35\"> </span>quasi  c<span class=\"_ _2\"></span>ompletamente </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1286\">accentrate <span class=\"_ _37\"> </span>su <span class=\"_ _36\"> </span>organi <span class=\"_ _37\"> </span>monocratici, <span class=\"_ _37\"> </span>pe<span class=\"_ _1\"></span>culiarit\u00e0 <span class=\"_ _37\"> </span>che <span class=\"_ _36\"> </span>permette <span class=\"_ _37\"> </span>tempi <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>risposta <span class=\"_ _36\"> </span>alle <span class=\"_ _37\"> </span>proposte </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1287\">transattive <span class=\"_ _37\"> </span>particolarmente <span class=\"_ _37\"> </span>ridotti; <span class=\"_ _37\"> </span>il <span class=\"_ _37\"> </span>ricorso <span class=\"_ _37\"> </span>a <span class=\"_ _37\"> </span>tale <span class=\"_ _37\"> </span>misura <span class=\"_ _37\"> </span>riveste <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>ogni <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>carattere <span class=\"_ _37\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1288\">marginalit\u00e0 <span class=\"_ _3a\"> </span>e <span class=\"_ _3f\"> </span>avviene <span class=\"_ _3a\"> </span>soltanto <span class=\"_ _3f\"> </span>qualora <span class=\"_ _3a\"> </span>le <span class=\"_ _3f\"> </span>azioni <span class=\"_ _3a\"> </span>di <span class=\"_ _3f\"> </span>re<span class=\"_ _1\"></span>cupero <span class=\"_ _3f\"> </span>diretto <span class=\"_ _3a\"> </span>(o <span class=\"_ _3f\"> </span>per <span class=\"_ _3a\"> </span>il <span class=\"_ _3f\"> </span>tramite <span class=\"_ _3a\"> </span>di </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs1289\">outsourcer</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs128a\">/<span class=\"_ _3a1\"> </span></div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs128b\">legal <span class=\"_ _3b\"></span>networ<span class=\"_ _1\"></span>k<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs128c\">) <span class=\"_ _3b\"></span>o di <span class=\"_ _3b\"></span>cessione non <span class=\"_ _3b\"></span>abbiano <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ortito gl<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>effet<span class=\"_ _1\"></span>ti <span class=\"_ _2\"></span>auspicati. <span class=\"_ _3b\"></span>In v<span class=\"_ _2\"></span>irt\u00f9 d<span class=\"_ _2\"></span>ell\u2019utilizzo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs128d\">residuale/secondario <span class=\"_ _1\"></span>rispetto <span class=\"_ _1\"></span>alle <span class=\"_ _1\"></span>altre <span class=\"_ _1\"></span>azioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>collection <span class=\"_ _1\"></span>previste, no<span class=\"_ _1\"></span>nch\u00e9 in <span class=\"_ _1\"></span>ragione <span class=\"_ _1\"></span>dello <span class=\"_ _1\"></span>stock </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs128e\">ridotto di NPL, l\u2019entit\u00e0 dei write-off si mant<span class=\"_ _1\"></span>iene su livelli contenuti. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs128f\">3.3 Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie impaired acquisit<span class=\"_ _1\"></span>e o originate </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1290\">Sec<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1291\">ondo <span class=\"_ _35\"> </span>quanto <span class=\"_ _35\"> </span>previsto <span class=\"_ _35\"> </span>dal <span class=\"_ _0\"></span>principio <span class=\"_ _35\"> </span>contabile <span class=\"_ _35\"> </span>IFRS <span class=\"_ _0\"></span>9, <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>crediti <span class=\"_ _35\"> </span>considerati <span class=\"_ _35\"> </span>deteriorati <span class=\"_ _35\"> </span>gi\u00e0 <span class=\"_ _35\"> </span>dal </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs875\">momento <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>rilevazione <span class=\"_ _38\"></span>iniziale <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>bilancio, <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>ragione <span class=\"_ _38\"></span>dell\u2019elevato <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>credito <span class=\"_ _0\"></span>associato,<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs876\">vengono <span class=\"_ _37\"> </span>definiti <span class=\"_ _36\"> </span>Purchased <span class=\"_ _37\"> </span>or <span class=\"_ _37\"> </span>Originated <span class=\"_ _36\"> </span>Credit <span class=\"_ _37\"> </span>Impaired <span class=\"_ _37\"> </span>Asset <span class=\"_ _37\"> </span>(P<span class=\"_ _1\"></span>OCI). <span class=\"_ _37\"> </span>Conseguentemente, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs877\">qualora  all\u2019atto<span class=\"_ _1\"></span>  dell\u2019iscrizione <span class=\"_ _3d\"> </span>iniziale <span class=\"_ _3d\"> </span>un\u2019esposizione <span class=\"_ _3d\"> </span>creditizia  is<span class=\"_ _1\"></span>critta  ne<span class=\"_ _1\"></span>lla  voce <span class=\"_ _3d\"> </span>30 <span class=\"_ _3d\"> </span>\u201cAttivit\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1292\">finanziarie valutate al fair value c<span class=\"_ _2\"></span>on impatto sulla redditivit\u00e0 complessiva\u201d o nella <span class=\"_ _2\"></span>voce 40 \u201cAttivit\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1293\">finanziarie valutate al costo ammortizzato\u201d, risulti essere de<span class=\"_ _2\"></span>teriorata, la stessa \u00e8 qualificata quale </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs87a\">\u201cAttivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>deteriorate <span class=\"_ _38\"></span>acquisite <span class=\"_ _38\"></span>o <span class=\"_ _38\"></span>originate\u201d <span class=\"_ _38\"></span>(Purchased <span class=\"_ _38\"></span>or <span class=\"_ _38\"></span>Originated <span class=\"_ _38\"></span>Credit <span class=\"_ _38\"></span>Impaired <span class=\"_ _1\"></span>\u2013 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs87b\">POCI). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1294\">Tali crediti, <span class=\"_ _1\"></span>ai se<span class=\"_ _1\"></span>nsi dell\u2019IFRS 9<span class=\"_ _1\"></span>, v<span class=\"_ _1\"></span>engono valutati <span class=\"_ _1\"></span>appostando <span class=\"_ _1\"></span>sin dalla <span class=\"_ _1\"></span>data di <span class=\"_ _1\"></span>rilevazione <span class=\"_ _1\"></span>iniziale <span class=\"_ _1\"></span>\u2013 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs87d\">fondi <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>perdite <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>coprano <span class=\"_ _0\"></span>l\u2019in<span class=\"_ _2\"></span>tera <span class=\"_ _0\"></span>vita <span class=\"_ _38\"></span>residua <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>credito <span class=\"_ _0\"></span>(cd.<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>Expected <span class=\"_ _38\"></span>Credit </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1295\">Loss <span class=\"_ _1\"></span>lifet<span class=\"_ _1\"></span>ime). <span class=\"_ _1\"></span>Trattandosi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>crediti <span class=\"_ _38\"></span>deteriorati, <span class=\"_ _38\"></span>ne <span class=\"_ _1\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>prevista <span class=\"_ _38\"></span>l\u2019iscrizione <span class=\"_ _1\"></span>iniziale <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ll\u2019ambito <span class=\"_ _1\"></span>dello </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1296\">Stage 3<span class=\"_ _1\"></span>, ferma <span class=\"_ _1\"></span>restando la <span class=\"_ _1\"></span>possibilit\u00e0 di e<span class=\"_ _1\"></span>ssere <span class=\"_ _1\"></span>spostati, <span class=\"_ _1\"></span>nel corso <span class=\"_ _1\"></span>della vita, <span class=\"_ _1\"></span>a Stage<span class=\"_ _1\"></span> 2 <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>caso in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs880\">cui, <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ulla base <span class=\"_ _2\"></span>dell\u2019analisi <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>l rischio <span class=\"_ _3b\"></span>cre<span class=\"_ _1\"></span>ditizio, <span class=\"_ _2\"></span>non risultino <span class=\"_ _3b\"></span>pi\u00f9 impaired. Tal<span class=\"_ _2\"></span>i attivit\u00e0 <span class=\"_ _2\"></span>non sono <span class=\"_ _3b\"></span>mai </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1297\">classificate <span class=\"_ _3d\"> </span>nell\u2019ambito  de<span class=\"_ _1\"></span>llo  Stage<span class=\"_ _1\"></span>  1<span class=\"_ _1\"></span>  poich\u00e9 <span class=\"_ _3d\"> </span>la <span class=\"_ _3d\"> </span>perdita <span class=\"_ _3d\"> </span>creditizia  at<span class=\"_ _1\"></span>tesa <span class=\"_ _3d\"> </span>deve <span class=\"_ _3d\"> </span>essere  sem<span class=\"_ _1\"></span>pre </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs882\">calcolata considerando un orizzonte temporale pari alla durata residua. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1298\">I crediti <span class=\"_ _2\"></span>POCI iscritti nel <span class=\"_ _2\"></span>bilancio consolid<span class=\"_ _2\"></span>ato annuale, coerentemente alle <span class=\"_ _3b\"></span>disposizioni del Principio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1299\">IFRS9, si distinguono due fattispecie di:  </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs129b\"><span class=\"_ _42\"> </span><span class=\"ff4\">Attivit\u00e0 f<span class=\"_ _2\"></span>inanziarie <span class=\"_ _2\"></span>acquistate <span class=\"_ _3b\"></span>deteriorate <span class=\"_ _2\"></span>(di <span class=\"_ _3b\"></span>se<span class=\"_ _1\"></span>guito, <span class=\"_ _3b\"></span>anche <span class=\"_ _3b\"></span>\u201cP<span class=\"_ _1\"></span>CI\u201d), <span class=\"_ _3b\"></span>le e<span class=\"_ _2\"></span>sposizioni <span class=\"_ _2\"></span>creditizie <span class=\"_ _3b\"></span>gi\u00e0 </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs129c\">deter<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs129d\">iorate <span class=\"_ _36\"> </span>al <span class=\"_ _36\"> </span>momento <span class=\"_ _36\"> </span>dell\u2019acquisto, <span class=\"_ _36\"> </span>anche <span class=\"_ _39\"> </span>nell\u2019ambito <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>oper<span class=\"_ _1\"></span>azioni <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>aggregazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs129e\">aziendale; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs129f\"><span class=\"_ _42\"> </span><span class=\"ff4\">Attivit\u00e0 <span class=\"_ _35\"> </span>finanziarie <span class=\"_ _35\"> </span>originate<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>deteriorate <span class=\"_ _35\"> </span>(di <span class=\"_ _35\"> </span>seguito, <span class=\"_ _35\"> </span>anche <span class=\"_ _35\"> </span>\u201cOCI\u201d), <span class=\"_ _35\"> </span>le  esposizioni <span class=\"_ _35\"> </span>creditizie </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12a0\">originate <span class=\"_ _36\"> </span>in <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>operazioni <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>ristrutturazione <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>esposizioni <span class=\"_ _37\"> </span>de<span class=\"_ _1\"></span>teriorate <span class=\"_ _36\"> </span>che <span class=\"_ _37\"> </span>hanno </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12a1\">determinato <span class=\"_ _36\"> </span>l\u2019erogazione <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>nuova <span class=\"_ _36\"> </span>finanza, <span class=\"_ _37\"> </span>ovvero <span class=\"_ _36\"> </span>introdotto <span class=\"_ _36\"> </span>modifiche <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>ostanziali <span class=\"_ _37\"> </span>alle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12a2\">condizioni originarie contrattuali. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12a3\">A <span class=\"_ _39\"> </span>Dicembre <span class=\"_ _39\"> </span>2024, <span class=\"_ _39\"> </span>i <span class=\"_ _39\"> </span>crediti <span class=\"_ _39\"> </span>appartenenti <span class=\"_ _39\"> </span>a <span class=\"_ _39\"> </span>questa <span class=\"_ _39\"> </span>categoria, <span class=\"_ _36\"> </span>inclusi <span class=\"_ _39\"> </span>nell'attivo <span class=\"_ _39\"> </span>del <span class=\"_ _39\"> </span>bilancio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12a4\">consolidato <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>Gruppo <span class=\"_ _38\"></span>Credito <span class=\"_ _38\"></span>Emiliano, <span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>vengono <span class=\"_ _38\"></span>interamente<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>dall'operazione <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>fusione <span class=\"_ _38\"></span>per </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12a5\">incorporazione dell'Ex Cassa di Risparmio di Cento<span class=\"_ _1\"></span> e dall'operativit\u00e0 di Avvera Spa.  </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs12a6\">4. Attivit\u00e0 fina<span class=\"_ _1\"></span>nziarie oggetto di rinegoz<span class=\"_ _1\"></span>iazioni commercial<span class=\"_ _1\"></span>i</div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs12a7\"> e esposizioni og<span class=\"_ _1\"></span>getto di concessioni </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12a8\">A <span class=\"_ _1\"></span>marzo <span class=\"_ _1\"></span>2014, in <span class=\"_ _1\"></span>considerazione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>cambiamento regolame<span class=\"_ _1\"></span>ntare <span class=\"_ _1\"></span>che prevedeva <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>passaggio <span class=\"_ _1\"></span>dei </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12a9\">poteri di Vigilanza alla Banca Centrale Europea <span class=\"_ _2\"></span>e l\u2019applicazione della nuova normativa comunitaria </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12aa\">in  tema  di  reporting  di  vigilanz<span class=\"_ _1\"></span>a,  vennero  approvate <span class=\"_ _3d\"> </span>le  \u201cLinee  guida  per  l\u2019individuazione  e<span class=\"_ _1\"></span>  la </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12ab\">gestione delle esposizioni Forborne\u201d successivamente recepite nella Policy di Gr<span class=\"_ _1\"></span>uppo Crediti. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12ac\">In <span class=\"_ _3b\"></span>conform<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _2\"></span>agli <span class=\"_ _3b\"></span>st<span class=\"_ _1\"></span>andard <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>ll\u2019EBA, <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>definiscono <span class=\"_ _3b\"></span>F<span class=\"_ _1\"></span>orborne le <span class=\"_ _3b\"></span>esposizioni <span class=\"_ _3b\"></span>nei confronti <span class=\"_ _3b\"></span>delle quali </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12ad\">sono <span class=\"_ _1\"></span>state <span class=\"_ _1\"></span>accordate <span class=\"_ _1\"></span>mis<span class=\"_ _1\"></span>ure <span class=\"_ _1\"></span>di Fo<span class=\"_ _1\"></span>rbearance, <span class=\"_ _1\"></span>ossia <span class=\"_ _1\"></span>misure <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>soste<span class=\"_ _1\"></span>gno <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>debitori <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>affrontano, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12ae\">o<span class=\"_ _39\"> </span>sono <span class=\"_ _35\"> </span>prossimi <span class=\"_ _35\"> </span>ad <span class=\"_ _0\"></span>affrontare, <span class=\"_ _35\"> </span>dif<span class=\"_ _2\"></span>ficolt\u00e0 <span class=\"_ _35\"> </span>ad <span class=\"_ _0\"></span>adem<span class=\"_ _1\"></span>piere <span class=\"_ _35\"> </span>alle <span class=\"_ _0\"></span>proprie <span class=\"_ _35\"> </span>obbli<span class=\"_ _2\"></span>gazioni <span class=\"_ _35\"> </span>finanziare <span class=\"_ _35\"> </span>(c<span class=\"_ _2\"></span>.d. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12af\">stato di difficolt\u00e0 finanziaria). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12b0\">In <span class=\"_ _38\"></span>linea <span class=\"_ _38\"></span>generale, <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>possibil<span class=\"_ _2\"></span>i <span class=\"_ _38\"></span>misure <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Forbearance <span class=\"_ _38\"></span>accor<span class=\"_ _1\"></span>date <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>debitore <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>difficolt\u00e0 <span class=\"_ _0\"></span>fi<span class=\"_ _2\"></span>nanziaria </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12b1\">possono ricadere nelle seguenti fattispecie: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs12b2\"><span class=\"_ _42\"> </span><span class=\"ff4\">modifica dei <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ermini <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>condizi<span class=\"_ _2\"></span>oni <span class=\"_ _1\"></span>contr<span class=\"_ _1\"></span>attuali s<span class=\"_ _1\"></span>u un\u2019espos<span class=\"_ _1\"></span>izione <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>roparte <span class=\"_ _1\"></span>non </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12b3\">\u00e8 <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>grado <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ripagare, <span class=\"_ _38\"></span>con <span class=\"_ _1\"></span>nuove <span class=\"_ _38\"></span>condizioni <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>sarebbero <span class=\"_ _38\"></span>state <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>ccordate <span class=\"_ _1\"></span>se <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>cliente </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12b4\">non si fosse trovato in difficolt\u00e0 finanziaria; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs12b5\"><span class=\"_ _42\"> </span><span class=\"ff4\">rifinanziamento <span class=\"_ _0\"></span>parziale <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>totale <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>debito <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>sarebbe <span class=\"_ _38\"></span>stat<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>accordato <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>assenza <span class=\"_ _38\"></span>di </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12b6\">difficolt\u00e0 finanziaria della controparte. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12b7\">In <span class=\"_ _37\"> </span>confor<span class=\"_ _1\"></span>mit\u00e0 <span class=\"_ _36\"> </span>con <span class=\"_ _36\"> </span>gli <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>tandard <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>riferimento, <span class=\"_ _36\"> </span>la <span class=\"_ _36\"> </span>classificazione <span class=\"_ _36\"> </span>ne<span class=\"_ _1\"></span>l <span class=\"_ _36\"> </span>portafoglio <span class=\"_ _36\"> </span>Forborne <span class=\"_ _36\"> </span>\u00e8 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12b8\">indipendente dalla <span class=\"_ _3b\"></span>classificazione<span class=\"_ _1\"></span> a <span class=\"_ _3b\"></span>default o <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>presenza di <span class=\"_ _2\"></span>svalutazioni <span class=\"_ _3b\"></span>analitiche. In vi<span class=\"_ _2\"></span>rt\u00f9 della </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12b9\">peculiarit\u00e0 di t<span class=\"_ _1\"></span>ali tipologie di e<span class=\"_ _1\"></span>sposizioni, la valutazione e <span class=\"_ _1\"></span>la concessione <span class=\"_ _1\"></span>di misure di Forbearence </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12ba\">\u00e8 demandata alle <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>trutture deliberative centrali, <span class=\"_ _2\"></span>anche attraverso l\u2019<span class=\"_ _2\"></span>ausilio di <span class=\"_ _2\"></span>sistemi automatizzati </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsa7b\">di </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs12bb\">alerting</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12bc\"> sulla <span class=\"_ _1\"></span>presenza <span class=\"_ _1\"></span>di Forborne<span class=\"_ _1\"></span> \u201cpotenziali\u201d, sull\u2019indirizzame<span class=\"_ _1\"></span>nto <span class=\"_ _1\"></span>delle proposte <span class=\"_ _1\"></span>di fido ve<span class=\"_ _1\"></span>rso </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12bd\">gli organi competenti e sul decorso dei term<span class=\"_ _1\"></span>ini relativi al </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs12be\">cure period</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12bf\"> e </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs12c0\">probation period. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12c1\">Relativamente a <span class=\"_ _2\"></span>tale tipologi<span class=\"_ _2\"></span>a di <span class=\"_ _3b\"></span>es<span class=\"_ _1\"></span>posizioni <span class=\"_ _2\"></span>sono state <span class=\"_ _3b\"></span>re<span class=\"_ _1\"></span>cepite l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> ind<span class=\"_ _2\"></span>icazioni delle </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs12c2\">Guidelines</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12c3\"> BCE </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12c4\">sui <span class=\"_ _37\"> </span>NPL <span class=\"_ _37\"> </span>con <span class=\"_ _37\"> </span>impatto<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>sia <span class=\"_ _37\"> </span>sui <span class=\"_ _37\"> </span>processi <span class=\"_ _37\"> </span>sia <span class=\"_ _37\"> </span>sugli <span class=\"_ _37\"> </span>applicativi <span class=\"_ _37\"> </span>per<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>un\u2019adeguata <span class=\"_ _37\"> </span>tracciatura <span class=\"_ _37\"> </span>de<span class=\"_ _1\"></span>lle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12c5\">valutazioni <span class=\"_ _0\"></span>fatt<span class=\"_ _1\"></span>e <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>sede <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>conce<span class=\"_ _1\"></span>ssione <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>misure <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>forbear<span class=\"_ _1\"></span>ance <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>anche <span class=\"_ _0\"></span>nelle <span class=\"_ _35\"> </span>valutazioni <span class=\"_ _0\"></span>dei </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb7e\">triggers sul<span class=\"_ _2\"></span>le I<span class=\"_ _2\"></span>nadempienze <span class=\"_ _3b\"></span>Probabili <span class=\"_ _2\"></span>con <span class=\"_ _3b\"></span>il coinvolgimento <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lla <span class=\"_ _3b\"></span>Funzione <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>Risk Management <span class=\"_ _3b\"></span>per </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12c6\">la redazione di uno specifico parere vincolante <span class=\"_ _1\"></span>nei casi di misure reiterate. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12c7\">L\u2019informativa <span class=\"_ _39\"> </span>al <span class=\"_ _3f\"> </span>pubblico <span class=\"_ _39\"> </span>per<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>la <span class=\"_ _39\"> </span>pubblicazione <span class=\"_ _3f\"> </span>delle <span class=\"_ _3f\"> </span>informazioni <span class=\"_ _39\"> </span>riguardanti <span class=\"_ _3f\"> </span>l\u2019adeguatezza </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12c8\">patrimoniale, <span class=\"_ _35\"> </span>l\u2019esposizione <span class=\"_ _35\"> </span>ai <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>credito <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>caratteristiche <span class=\"_ _35\"> </span>generali <span class=\"_ _0\"></span>dei <span class=\"_ _35\"> </span>sist<span class=\"_ _1\"></span>emi <span class=\"_ _35\"> </span>preposti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsb83\">all\u2019identificazione, al<span class=\"_ _2\"></span>la misurazio<span class=\"_ _2\"></span>ne e <span class=\"_ _3b\"></span>alla gestione <span class=\"_ _3b\"></span>dei rischi, <span class=\"_ _3b\"></span>prevista dal <span class=\"_ _3b\"></span>regolamento UE <span class=\"_ _3b\"></span>575/2013 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12c9\">(CRR), <span class=\"_ _0\"></span>pubblicazione <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>disclosure <span class=\"_ _0\"></span>relativa <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>c.d. <span class=\"_ _0\"></span>\u201cPillar <span class=\"_ _0\"></span>3\u201d<span class=\"_ _1\"></span>, <span class=\"_ _0\"></span>verr\u00e0 <span class=\"_ _0\"></span>comunicata <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>mercato <span class=\"_ _35\"> </span>n<span class=\"_ _2\"></span>ei </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12ca\">termini di legge, sul sito www.credem.it. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs12cc\">Informazi<span class=\"_ _1\"></span>oni di na<span class=\"_ _1\"></span>tura quan<span class=\"_ _1\"></span>titat<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs12cd\">iva<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs12ce\">A Quali<span class=\"_ _1\"></span>t\u00e0 del c<span class=\"_ _1\"></span>redito<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs12cf\">A.1 Esp<span class=\"_ _1\"></span>osizioni <span class=\"_ _1\"></span>creditizie de<span class=\"_ _1\"></span>teri<span class=\"_ _1\"></span>orate e non<span class=\"_ _1\"></span> deterio<span class=\"_ _1\"></span>rate: <span class=\"_ _1\"></span>consisten<span class=\"_ _1\"></span>ze, rettifi<span class=\"_ _1\"></span>che di valo<span class=\"_ _1\"></span>re, din<span class=\"_ _1\"></span>amica<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs12d0\">e distribu<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span> economi<span class=\"_ _1\"></span>ca<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs12d1\">A.1.1 Consolidato <span class=\"_ _1\"></span>prudenziale \u2013 Distribuzione <span class=\"_ _1\"></span>delle attivit\u00e0 finanziar<span class=\"_ _1\"></span>ie per fasce di scad<span class=\"_ _1\"></span>uto (valori di bilancio)<span class=\"_ _3a1\"> </span></div><div class=\"gs12d2\"><table class=\"s w1051 h297\" id=\"_4961991e-1e78-4827-9574-0015e0e24f75\"><tr><td></td><td></td><td class=\"t m2 x129f h12 y636a ff4 fs7 fc4 sc3 ls0 ws0\">Primo stadio </td><td></td><td></td><td class=\"t m2 x7c2 h12 y636a ff4 fs7 fc4 sc3 ls0 ws0\">Secondo stadio<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 xd5a h12 y636a ff4 fs7 fc4 sc3 ls0 ws0\">Terzo stadio<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x1275 h12 y636b ff4 fs7 fc4 sc3 ls0 ws0\">Impaired acquisite </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></td><td></td><td></td><td></td><td class=\"t m2 x1140 h12 y636c ff4 fs7 fc4 sc3 ls0 ws0\">o originate<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x800 h12 y636d ff4 fs7 fc4 sc3 ls0 ws0\">Portafogli/stadi di </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><td></td></tr><tr><td class=\"t m2 x1970 h12 y636e ff4 fs7 fc4 sc3 ls0 ws0\">rischio<span class=\"_ _3a1\"> </span></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><td></td></tr><tr><td class=\"t m2 x7c4 h12 y636f ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 </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><td></td></tr><tr><td class=\"t m2 x58e h12 y6370 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie valutate </td><td></td><td class=\"c n xc72 y6371 we3b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">173.617<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1971 y6371 w1052 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">239<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1972 y6371 wb0c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.487<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1973 y6371 wd19 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">79.754<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1974 y6371 w1053 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">72.104<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1975 y6371 w1054 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.460<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1976 y6371 w1055 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">19<span class=\"_ _1\"></span>.113<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1977 y6371 w1056 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">16.435<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1978 y6371 w5b0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">134.986<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1979 y6371 w1057 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">169<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x197a y6371 w1058 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">44<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x197b y6371 wf94 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.757<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6372 ff4 fs7 fc1 sc0 ls0 ws0\">al costo </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><td></td></tr><tr><td class=\"t m2 x58e h12 y6373 ff4 fs7 fc1 sc0 ls0 ws0\">ammortizzato </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><td></td></tr><tr><td class=\"t m2 x58e h12 y6374 ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 finanziarie </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><td></td></tr><tr><td class=\"t m2 x58e h12 y6375 ff4 fs7 fc1 sc0 ls0 ws0\">valutate al fair value </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><td></td></tr><tr><td class=\"t m2 x58e h12 y6376 ff4 fs7 fc1 sc0 ls0 ws0\">con impatto sulla </td><td></td><td class=\"c n x9b3 y6377 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x197c y6377 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x197d y6377 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x197e y6377 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x197f y6377 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1980 y6377 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1981 y6377 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1982 y6377 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1983 y6377 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1984 y6377 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1985 y6377 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1986 y6377 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6378 ff4 fs7 fc1 sc0 ls0 ws0\">redditivit\u00e0 </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><td></td></tr><tr><td class=\"t m2 x58e h12 y6379 ff4 fs7 fc1 sc0 ls0 ws0\">complessiva </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><td></td></tr><tr><td class=\"c x58e y637a w149 h11\"><div class=\"t m2 x0 h12 y370 ff4 fs7 fc1 sc0 ls0 ws0\">3. Attivit\u00e0 </div></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><td></td></tr><tr><td class=\"t m2 x58e h12 y637b ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie in corso<span class=\"_ _3a1\"> </span></td><td></td><td class=\"c n x9b3 y637c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x197c y637c w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x197d y637c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x197e y637c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x197f y637c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1980 y637c w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1981 y637c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1982 y637c w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1983 y637c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1984 y637c w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1985 y637c w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1986 y637c w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y637d ff4 fs7 fc1 sc0 ls0 ws0\">di dismissione </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><td></td></tr><tr><td class=\"t m2 x58e h12 y637e ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd55 h12 y637e ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c1 h12 y637e ff4 fs7 fc1 sc2 ls0 ws0\">173.617<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce8 h12 y637e ff4 fs7 fc1 sc2 ls0 ws0\">239<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a4 h12 y637e ff4 fs7 fc1 sc2 ls0 ws0\">3.487<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88a h12 y637e ff4 fs7 fc1 sc2 ls0 ws0\">79.754<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1410 h12 y637e ff4 fs7 fc1 sc2 ls0 ws0\">72.104<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcea h12 y637e ff4 fs7 fc1 sc2 ls0 ws0\">4.460<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xb9c h12 y637e ff4 fs7 fc1 sc2 ls0 ws0\">19.113<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e1 h12 y637e ff4 fs7 fc1 sc2 ls0 ws0\">16.435<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93a h12 y637e ff4 fs7 fc1 sc2 ls0 ws0\">134.986<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e3 h12 y637e ff4 fs7 fc1 sc2 ls0 ws0\">169<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15ce h12 y637e ff4 fs7 fc1 sc2 ls0 ws0\">44<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc59 h12 y637e ff4 fs7 fc1 sc2 ls0 ws0\">3.757<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5f85 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd55 h12 y5f85 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1987 h12 y5f85 ff4 fs7 fc1 sc2 ls0 ws0\">290.286<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xb9b h12 y5f85 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a4 h12 y5f85 ff4 fs7 fc1 sc2 ls0 ws0\">4.475<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1196 h12 y5f85 ff4 fs7 fc1 sc2 ls0 ws0\">72.849<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x138b h12 y5f85 ff4 fs7 fc1 sc2 ls0 ws0\">64.670<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e7 h12 y5f85 ff4 fs7 fc1 sc2 ls0 ws0\">28.249<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad3 h12 y5f85 ff4 fs7 fc1 sc2 ls0 ws0\">21.852<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e1 h12 y5f85 ff4 fs7 fc1 sc2 ls0 ws0\">19.009<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93a h12 y5f85 ff4 fs7 fc1 sc2 ls0 ws0\">148.394<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1275 h12 y5f85 ff4 fs7 fc1 sc2 ls0 ws0\">84<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15ce h12 y5f85 ff4 fs7 fc1 sc2 ls0 ws0\">82<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d4 h12 y5f85 ff4 fs7 fc1 sc2 ls0 ws0\">5.082<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t mc h12 ff4 fs7 fc4 sc3 ls0 ws0 gs12d3\">Da 1 g<span class=\"_ _3b\"></span>iorno a<span class=\"_ _3b\"></span> 30 </div><div class=\"t mc h12 ff4 fs7 fc4 sc3 ls0 ws0 gs12d4\">giorn<span class=\"_ _3b\"></span>i</div><div class=\"t mc h12 ff4 fs7 fc4 sc3 ls0 ws0 gs12d5\">Da o<span class=\"_ _3b\"></span>l<span class=\"_ _1\"></span>tre 3<span class=\"_ _2\"></span>0 g<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>orn<span class=\"_ _2\"></span>i </div><div class=\"c w22 hd9 gs12d6\"><div class=\"t mc x27a h12 y30e3 ff4 fs7 fc4 sc3 ls0 ws0\">fino a<span class=\"_ _2\"></span> 90 g<span class=\"_ _3b\"></span>iorni </div></div><div class=\"t mc h12 ff4 fs7 fc4 sc3 ls0 ws0 gs12d7\">Oltre<span class=\"_ _3b\"></span> 90 giorn<span class=\"_ _3b\"></span>i</div><div class=\"t mc h12 ff4 fs7 fc4 sc3 ls0 ws0 gs12d8\">Da 1 g<span class=\"_ _3b\"></span>iorno a<span class=\"_ _3b\"></span> 30 </div><div class=\"t mc h12 ff4 fs7 fc4 sc3 ls0 ws0 gs12d9\">giorn<span class=\"_ _3b\"></span>i</div><div class=\"t mc h12 ff4 fs7 fc4 sc3 ls0 ws0 gs12da\">Da o<span class=\"_ _3b\"></span>l<span class=\"_ _1\"></span>tre 3<span class=\"_ _2\"></span>0 g<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>orn<span class=\"_ _2\"></span>i </div><div class=\"t mc h12 ff4 fs7 fc4 sc3 ls0 ws0 gs12db\">fino a<span class=\"_ _2\"></span> 90 g<span class=\"_ _3b\"></span>iorni </div><div class=\"t mc h12 ff4 fs7 fc4 sc3 ls0 ws0 gs12dc\">Oltre<span class=\"_ _3b\"></span> 90 giorn<span class=\"_ _3b\"></span>i</div><div class=\"t mc h12 ff4 fs7 fc4 sc3 ls0 ws0 gs12dd\">Da 1 g<span class=\"_ _3b\"></span>iorno a<span class=\"_ _3b\"></span> 30 </div><div class=\"t mc h12 ff4 fs7 fc4 sc3 ls0 ws0 gs12de\">giorn<span class=\"_ _3b\"></span>i</div><div class=\"t mc h12 ff4 fs7 fc4 sc3 ls0 ws0 gs12df\">Da o<span class=\"_ _3b\"></span>l<span class=\"_ _1\"></span>tre 3<span class=\"_ _2\"></span>0 g<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>orn<span class=\"_ _2\"></span>i </div><div class=\"t mc h12 ff4 fs7 fc4 sc3 ls0 ws0 gs12e0\">fino a<span class=\"_ _2\"></span> 90 g<span class=\"_ _3b\"></span>iorni </div><div class=\"t mc h12 ff4 fs7 fc4 sc3 ls0 ws0 gs12e1\">Oltre<span class=\"_ _3b\"></span> 90 giorn<span class=\"_ _3b\"></span>i</div><div class=\"t mc h12 ff4 fs7 fc4 sc3 ls0 ws0 gs12e2\">Da 1 g<span class=\"_ _3b\"></span>iorno a<span class=\"_ _3b\"></span> 30 </div><div class=\"c wba hdb gs12e3\"><div class=\"t mc x27a h12 y30e7 ff4 fs7 fc4 sc3 ls0 ws0\">giorn<span class=\"_ _3b\"></span>i</div></div><div class=\"t mc h12 ff4 fs7 fc4 sc3 ls0 ws0 gs12e4\">Da o<span class=\"_ _3b\"></span>l<span class=\"_ _1\"></span>tre 3<span class=\"_ _2\"></span>0 g<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>orn<span class=\"_ _2\"></span>i </div><div class=\"t mc h12 ff4 fs7 fc4 sc3 ls0 ws0 gs12e5\">fino a<span class=\"_ _2\"></span> 90 g<span class=\"_ _3b\"></span>iorni </div><div class=\"t mc h12 ff4 fs7 fc4 sc3 ls0 ws0 gs12e6\">Oltre<span class=\"_ _3b\"></span> 90 giorn<span class=\"_ _3b\"></span>i</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12e7\">Nella tabella <span class=\"_ _2\"></span>su esposta <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>fornito il <span class=\"_ _3b\"></span>dettaglio, per c<span class=\"_ _2\"></span>iacuno stadio <span class=\"_ _3b\"></span>di rischio, <span class=\"_ _2\"></span>del valore di <span class=\"_ _3b\"></span>bilancio<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12e8\">relativi <span class=\"_ _35\"> </span>alle <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>fin<span class=\"_ _2\"></span>anziarie <span class=\"_ _0\"></span>scadute <span class=\"_ _35\"> </span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>costo <span class=\"_ _0\"></span>ammortizzato <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>alle <span class=\"_ _0\"> </span>attivit\u00e0 <span class=\"_ _35\"> </span>finanziarie<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12e9\">scadute valutate al fair value con impatto sulla re<span class=\"_ _1\"></span>dditivit\u00e0 complessiva.  </div>A.1.2 Consolidato pr<span class=\"_ _1\"></span>udenziale \u2013 Attivit\u00e0 finanziarie, impegni a erogare<span class=\"_ _1\"></span> fondi e garanzie finanziarie <span class=\"_ _1\"></span>rilasciate: dinamica delle rett<span class=\"_ _1\"></span>ifiche di valore compless<span class=\"_ _1\"></span>ive e degli accantonamenti complessivi<span class=\"_ _3a1\"> </span>Causali/ stadi di<span class=\"_ _3a1\"> </span>Rettifiche di valore com<span class=\"_ _1\"></span>plessive<span class=\"_ _3a1\"> </span>Accantonamenti comple<span class=\"_ _1\"></span>ssivi su<span class=\"_ _3a1\"> </span>rischio<span class=\"_ _3a1\"> </span>Attivit\u00e0 rientranti nel primo stadio<span class=\"_ _3a1\"> </span>Attivit\u00e0 rientranti nel seco<span class=\"_ _1\"></span>ndo stadio<span class=\"_ _3a1\"> </span>Attivit\u00e0 rientranti nel terzo st<span class=\"_ _1\"></span>adio<span class=\"_ _3a1\"> </span>Attivit\u00e0 fin. impaired acquisite o<span class=\"_ _3a1\"> </span>impegni a erogare fondi e garanzie<span class=\"_ _3a1\"> </span>finanziarie rilasciate<span class=\"_ _3a1\"> </span>Tot.<span class=\"_ _3a1\"> </span>originate<span class=\"_ _3a1\"> </span>Totale<span class=\"_ _3a1\"> </span>Rettifiche<span class=\"_ _3a1\"> </span>complessive<span class=\"_ _3a1\"> </span>53<span class=\"_ _3a1\"> </span>46.080<span class=\"_ _3a1\"> </span>2.259<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>48.392<span class=\"_ _3a1\"> </span>24<span class=\"_ _3a1\"> </span>42.414<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>42.437<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>416.059<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>416.059<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>2.415<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>2.359<span class=\"_ _3a1\"> </span>57<span class=\"_ _3a1\"> </span>2.667<span class=\"_ _3a1\"> </span>1.352<span class=\"_ _3a1\"> </span>987<span class=\"_ _3a1\"> </span>222<span class=\"_ _3a1\"> </span>514.532<span class=\"_ _3a1\"> </span>iniziali<span class=\"_ _3a1\"> </span>Variazioni in<span class=\"_ _3a1\"> </span>aumento da<span class=\"_ _3a1\"> </span>attivit\u00e0 finanziarie<span class=\"_ _3a1\"> </span>3<span class=\"_ _3a1\"> </span>11<span class=\"_ _1\"></span>.565<span class=\"_ _3a1\"> </span>675<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>12<span class=\"_ _1\"></span>.242<span class=\"_ _3a1\"> </span>1<span class=\"_ _3a1\"> </span>2<span class=\"_ _1\"></span>.223<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>2.224<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>X<span class=\"_ _3a1\"> </span>1.406<span class=\"_ _3a1\"> </span>442<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-16.315<span class=\"_ _3a1\"> </span>acquisite o<span class=\"_ _3a1\"> </span>originate<span class=\"_ _3a1\"> </span>Cancellazioni<span class=\"_ _3a1\"> </span>diverse dai write-<span class=\"_ _3a1\"> </span>off<span class=\"_ _3a1\"> </span>Rett/riprese di<span class=\"_ _3a1\"> </span>(1)<span class=\"_ _3a1\"> </span>(6.087)<span class=\"_ _3a1\"> </span>(754)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(6.842)<span class=\"_ _3a1\"> </span>(2)<span class=\"_ _3a1\"> </span>(2<span class=\"_ _1\"></span>.858)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(2.86<span class=\"_ _1\"></span>0)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(45<span class=\"_ _1\"></span>.007)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(45.007)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(62)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(62)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(1.761)<span class=\"_ _3a1\"> </span>(631<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(57.163)<span class=\"_ _3a1\"> </span>valore nette per<span class=\"_ _3a1\"> </span>(27)<span class=\"_ _3a1\"> </span>(4.045)<span class=\"_ _3a1\"> </span>(<span class=\"_ _1\"></span>99)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(4.171)<span class=\"_ _3a1\"> </span>(8)<span class=\"_ _3a1\"> </span>(333)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(340)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>5<span class=\"_ _1\"></span>6.444<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>56.444<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(75)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(134)<span class=\"_ _3a1\"> </span>60<span class=\"_ _3a1\"> </span>(24)<span class=\"_ _3a1\"> </span>(108)<span class=\"_ _3a1\"> </span>61<span class=\"_ _3a1\"> </span>(1<span class=\"_ _1\"></span>05)51.681<span class=\"_ _3a1\"> </span>rischio di credito<span class=\"_ _3a1\"> </span>(+/-)<span class=\"_ _3a1\"> </span>Modifiche<span class=\"_ _3a1\"> </span>contrattuali<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(1<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(1<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(156)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(156)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-(157)<span class=\"_ _3a1\"> </span>senza<span class=\"_ _3a1\"> </span>cancellazioni<span class=\"_ _3a1\"> </span>Cambiamenti<span class=\"_ _3a1\"> </span>della metodologia<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>3<span class=\"_ _1\"></span>.123<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>3.123<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-3.123<span class=\"_ _3a1\"> </span>di stima<span class=\"_ _3a1\"> </span>Write<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>off non<span class=\"_ _3a1\"> </span>rilevati<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(31.447)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(3<span class=\"_ _1\"></span>1.447)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(132)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(132<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-(31.579)<span class=\"_ _3a1\"> </span>direttamente a<span class=\"_ _3a1\"> </span>conto economico<span class=\"_ _3a1\"> </span>Altre variazioni<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>142<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>142<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-142<span class=\"_ _3a1\"> </span>Rettifiche<span class=\"_ _3a1\"> </span>28<span class=\"_ _3a1\"> </span>47.512<span class=\"_ _3a1\"> </span>2.081<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>49.620<span class=\"_ _3a1\"> </span>15<span class=\"_ _3a1\"> </span>41.446<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>41.461<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>399.158<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>399.158<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>2.146<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>2.031<span class=\"_ _3a1\"> </span>117<span class=\"_ _3a1\"> </span>2.288<span class=\"_ _3a1\"> </span>1.055<span class=\"_ _3a1\"> </span>1.048<span class=\"_ _3a1\"> </span>117<span class=\"_ _3a1\"> </span>496.894<span class=\"_ _3a1\"> </span>complessive finali<span class=\"_ _3a1\"> </span>Recuperi da<span class=\"_ _3a1\"> </span>incasso su<span class=\"_ _3a1\"> </span>attivit\u00e0 finanziarie<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>836<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>836<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>121<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>12<span class=\"_ _1\"></span>1<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>957<span class=\"_ _3a1\"> </span>oggetto di write-<span class=\"_ _3a1\"> </span>off<span class=\"_ _3a1\"> </span>Write-off rilevati<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>direttamente a<span class=\"_ _3a1\"> </span>(52)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(52)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(14)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(14)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(1<span class=\"_ _1\"></span>.589)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(1.589)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(52)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>(52)<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>-(1707)<span class=\"_ _3a1\"> </span>nche li a vista<span class=\"_ _3a1\"> </span>l costo to<span class=\"_ _3a1\"> </span>l fair t\u00e0 lessiva<span class=\"_ _3a1\"> </span>s<span class=\"_ _3a1\"> </span>li<span class=\"_ _3a1\"> </span>i collettive<span class=\"_ _3a1\"> </span>nche l<span class=\"_ _3a1\"> </span>l costo to<span class=\"_ _3a1\"> </span>l fair t<span class=\"_ _3a1\"> </span>s<span class=\"_ _3a1\"> </span>li<span class=\"_ _3a1\"> </span>i collettive<span class=\"_ _3a1\"> </span>nche l<span class=\"_ _3a1\"> </span>l costo to<span class=\"_ _3a1\"> </span>l fair t<span class=\"_ _3a1\"> </span>s<span class=\"_ _3a1\"> </span>li<span class=\"_ _3a1\"> </span>i collettive<span class=\"_ _3a1\"> </span>l costo to<span class=\"_ _3a1\"> </span>l fair t<span class=\"_ _3a1\"> </span>s<span class=\"_ _3a1\"> </span>li<span class=\"_ _3a1\"> </span>i collettive<span class=\"_ _3a1\"> </span>stadio<span class=\"_ _3a1\"> </span>io  stadio zie isiti/e o ti/<span class=\"_ _3a1\"> </span>A.1.3  Conso<span class=\"_ _1\"></span>lidato prudenziale - Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie, impegni a erogar<span class=\"_ _1\"></span>e fondi e garanzie <span class=\"_ _1\"></span>finanziarie rilasciate<span class=\"_ _1\"></span>:<span class=\"_ _3a1\"> </span>trasferiment<span class=\"_ _1\"></span>i tra diversi stadi di rischio <span class=\"_ _1\"></span>di credito (valori lordi e<span class=\"_ _1\"></span> nominali)<span class=\"_ _3a1\"> </span><table class=\"s w109f h29b\" id=\"_4bed25a9-9bc5-459f-8343-e9b4b5440b68\"><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x873 h12 y63bb ff4 fs7 fc4 sc3 ls0 ws0\">Esposizione lorda/valore nominale<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"c xd54 y63bc w22e h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">Trasferimenti tra primo<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c xec2 y63bc w22f h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">Trasferimenti tra </div></td><td></td><td class=\"c xba4 y63bc w22f h11\" colspan=\"2\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">Trasferimenti tra </div></td></tr><tr><td></td><td class=\"t m2 xc5f h12 y63bd ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\"> stadio e secondo </td><td class=\"t m2 xec2 h12 y63bd ff4 fs7 fc4 sc3 ls0 ws0\">secondo stadio e </td><td></td><td class=\"t m2 x942 h12 y63bd ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">primo stadio e terzo </td></tr><tr><td></td><td></td><td class=\"t m2 x88c h12 y63be ff4 fs7 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 x130e h12 y63be ff4 fs7 fc4 sc3 ls0 ws0\">terzo<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdde h12 y63be ff4 fs7 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x1a90 h12 y63bf ff4 fs7 fc4 sc3 ls0 ws0\">Portafogli/stadi di rischio<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y63c0 w1008 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanziarie va<span class=\"_ _2\"></span>lutate al costo amm<span class=\"_ _2\"></span>ortizzato<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a91 y63c0 w10a0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.082<span class=\"_ _2\"></span>.939<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a92 y63c0 wea9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">532.198<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a93 y63c0 w10a1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">69.804<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a94 y63c0 w10a2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.265<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a95 y63c0 w10a3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7.095<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a96 y63c0 w10a4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">91.584<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y63c1 ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 finanziarie va<span class=\"_ _2\"></span>lutate al fair <span class=\"_ _2\"></span>value con<span class=\"_ _3a1\"> </span></td><td class=\"c n xe4a y63c2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a97 y63c2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a98 y63c2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a99 y63c2 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a9a y63c2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a9b y63c2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y63c3 ff4 fs7 fc1 sc0 ls0 ws0\">impatto sulla redditiv<span class=\"_ _2\"></span>it\u00e0 complessiva </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y63c4 w10a5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Attivit\u00e0 finanziarie <span class=\"_ _2\"></span>in corso di dismissi<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>ne<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a9c y63c4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a9d y63c4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a9e y63c4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a9f y63c4 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aa0 y63c4 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aa1 y63c4 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x58e y63c5 w230 h11\"><div class=\"t m2 x0 h12 y49 ff4 fs7 fc1 sc0 ls0 ws0\">4. Impegni a erogare<span class=\"_ _2\"></span> fondi e garanzie<span class=\"_ _2\"></span> finanziarie </div></td><td class=\"c n x1aa2 y569d w10a6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">457.070<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aa3 y569d w5f0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.499<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aa4 y569d w10a7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">51<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aa5 y569d w10a8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">955<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aa6 y569d w912 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.708<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aa7 y569d wfd0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">29.917<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y63c6 ff4 fs7 fc1 sc0 ls0 ws0\">rilasciate </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xce8 h12 y63c7 ff4 fs7 fc1 sc2 ls0 ws0\">Totale 31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d2 h12 y63c8 ff4 fs7 fc1 sc2 ls0 ws0\">1.540.009<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112d h12 y63c8 ff4 fs7 fc1 sc2 ls0 ws0\">537.697<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xec2 h12 y63c8 ff4 fs7 fc1 sc2 ls0 ws0\">69.855<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x876 h12 y63c8 ff4 fs7 fc1 sc2 ls0 ws0\">9.220<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x874 h12 y63c8 ff4 fs7 fc1 sc2 ls0 ws0\">10.803<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba4 h12 y63c8 ff4 fs7 fc1 sc2 ls0 ws0\">121.501<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xce8 h12 y63c9 ff4 fs7 fc1 sc2 ls0 ws0\">Totale 31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x940 h12 y63c9 ff4 fs7 fc1 sc2 ls0 ws0\">1.674.266<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e7 h12 y63c9 ff4 fs7 fc1 sc2 ls0 ws0\">553.212<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd57 h12 y63c9 ff4 fs7 fc1 sc2 ls0 ws0\">52.367<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x876 h12 y63c9 ff4 fs7 fc1 sc2 ls0 ws0\">11.797<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x874 h12 y63c9 ff4 fs7 fc1 sc2 ls0 ws0\">12.848<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x140d h12 y63c9 ff4 fs7 fc1 sc2 ls0 ws0\">111.130<span class=\"_ _3a1\"> </span></td></tr></table>rimo a iodio tadiodio ioio io<div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs12eb\">A.1.4 Conso<span class=\"_ _1\"></span>lidato prudenziale - Esposizioni cre<span class=\"_ _1\"></span>ditizie per cass<span class=\"_ _1\"></span>a e fuori bilancio ve<span class=\"_ _1\"></span>rso banche: valori lordi e ne<span class=\"_ _1\"></span>tti<span class=\"_ _3a1\"> </span></div><div class=\"gs12ec\"><table class=\"s w10a9 h29c\" id=\"_37c6e888-4546-4c2c-8c98-199ad8644054\"><tr><td class=\"c n x2d7 y63ca w10aa h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc4 sc3 ls0 ws0\">Tipologie esposizio<span class=\"_ _1\"></span>ni/valori<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x1aa8 y63ca w10ab h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc4 sc3 ls0 ws0\">Esposi<span class=\"_ _1\"></span>zione lorda<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"t m2 xddb h44 y63cb ff4 fs11 fc4 sc3 ls0 ws0\">Rettifiche di valore<span class=\"_ _1\"></span> complessive e </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 class=\"t m2 xdda h44 y63cc ff4 fs11 fc4 sc3 ls0 ws0\">accantonamenti comple<span class=\"_ _1\"></span>ssivi<span class=\"fc1 sc2\"> </span></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></td><td></td><td class=\"t m2 xcee h44 y63cd ff4 fs11 fc4 sc3 ls0 ws0\">Esposizione </td><td class=\"t m2 x11ff h44 y63cd ff4 fs11 fc4 sc3 ls0 ws0\">Write-off parziali </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 xc67 h44 y63ce ff4 fs11 fc4 sc3 ls0 ws0\">Netta<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12fc h44 y63ce ff4 fs11 fc4 sc3 ls0 ws0\">complessivi*<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y63cf ff4 fsb fc1 sc2 ls0 ws0\">A. Esposi<span class=\"_ _1\"></span>zioni </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 class=\"t m2 x58e h19 y63d0 ff4 fsb fc1 sc2 ls0 ws0\">creditizie<span class=\"_ _1\"></span> per cass<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span></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 class=\"t m2 x58e h19 y63d1 ff4 fsb fc1 sc2 ls0 ws0\">A.1 A vis<span class=\"_ _1\"></span>ta<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1987 h19 y63d1 ff4 fsb fc1 sc2 ls0 ws0\">4.016.<span class=\"_ _1\"></span>484<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x87e h19 y63d1 ff4 fsb fc1 sc2 ls0 ws0\">4.009.<span class=\"_ _1\"></span>482<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1aa9 h19 y63d1 ff4 fsb fc1 sc2 ls0 ws0\">7.002<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc5f h19 y63d1 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x938 h19 y63d1 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112d h19 y63d1 ff4 fsb fc1 sc2 ls0 ws0\">43<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xacc h19 y63d1 ff4 fsb fc1 sc2 ls0 ws0\">28<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x159b h19 y63d1 ff4 fsb fc1 sc2 ls0 ws0\">15<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1194 h19 y63d1 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7bd h19 y63d1 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a1 h19 y63d1 ff4 fsb fc1 sc2 ls0 ws0\">4.016.<span class=\"_ _1\"></span>441<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h19 y63d1 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x7e6 y5357 w10ac h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">a) Deterior<span class=\"_ _1\"></span>ate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aaa y5357 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aab y5357 wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aac y5357 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aad y5357 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aae y5357 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aaf y5357 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ab0 y5357 wacc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ab1 y5357 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ab2 y5357 w10ad h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ab3 y5357 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ab4 y5357 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ab5 y5357 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x7e6 y63d2 w10af h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">b) Non deterior<span class=\"_ _1\"></span>ate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ab6 y63d2 w10b0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">4.016.484<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ab7 y63d2 w10b1 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">4.009.482<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ab8 y63d2 w10b2 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">7.002<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ab9 y63d2 wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aba y63d2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1abb y63d2 wdd6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">43<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1abc y63d2 w10b3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">28<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1abd y63d2 w10b4 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">15<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1abe y63d2 wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1abf y63d2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ac0 y63d2 w10b5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">4.016.4<span class=\"_ _1\"></span>41<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ac1 y63d2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h19 y63d3 ff4 fsb fc1 sc2 ls0 ws0\">A.2 Alt<span class=\"_ _1\"></span>re<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1ac2 h19 y63d3 ff4 fsb fc1 sc2 ls0 ws0\">2.663.31<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x87a h19 y63d3 ff4 fsb fc1 sc2 ls0 ws0\">2.610.40<span class=\"_ _1\"></span>0<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc65 h19 y63d3 ff4 fsb fc1 sc2 ls0 ws0\">50.710<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc5f h19 y63d3 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x938 h19 y63d3 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad1 h19 y63d3 ff4 fsb fc1 sc2 ls0 ws0\">1.729<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11a9 h19 y63d3 ff4 fsb fc1 sc2 ls0 ws0\">1.633<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d9 h19 y63d3 ff4 fsb fc1 sc2 ls0 ws0\">96<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1194 h19 y63d3 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7bd h19 y63d3 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a1 h19 y63d3 ff4 fsb fc1 sc2 ls0 ws0\">2.661.5<span class=\"_ _1\"></span>85<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h19 y63d3 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x7e6 y63d4 w10b6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">a) Sofferenze<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ac3 y63d4 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ac4 y63d4 wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ac5 y63d4 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ac6 y63d4 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ac7 y63d4 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ac8 y63d4 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ac9 y63d4 wacc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aca y63d4 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1acb y63d4 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1acc y63d4 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1acd y63d4 w10ad h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ace y63d4 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1acf h19 y63d5 ff4 fsb fc1 sc0 ls0 ws0\">- di cui: espos<span class=\"_ _1\"></span>izioni </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 class=\"t m2 x1acf h19 y63d6 ff4 fsb fc1 sc0 ls0 ws0\">oggetto di </td><td class=\"c n x970 y63d7 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad0 y63d7 wacc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad1 y63d7 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad2 y63d7 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad3 y63d7 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad4 y63d7 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad5 y63d7 wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad6 y63d7 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad7 y63d7 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad8 y63d7 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad9 y63d7 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ada y63d7 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1acf h19 y63d8 ff4 fsb fc1 sc0 ls0 ws0\">concessi<span class=\"_ _1\"></span>oni </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 class=\"c n x7e6 y63d9 w10b7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">b) Inademp. prob<span class=\"_ _1\"></span>abili<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1adb y63d9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1adc y63d9 wacc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1add y63d9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ade y63d9 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1adf y63d9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ae0 y63d9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ae1 y63d9 wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ae2 y63d9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ae3 y63d9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ae4 y63d9 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ae5 y63d9 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ae6 y63d9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1acf h19 y63da ff4 fsb fc1 sc0 ls0 ws0\">- di cui: espos<span class=\"_ _1\"></span>izioni </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 class=\"t m2 x1acf h19 y63db ff4 fsb fc1 sc0 ls0 ws0\">oggetto di </td><td class=\"c n x970 y63dc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad0 y63dc wacc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad1 y63dc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad2 y63dc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad3 y63dc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad4 y63dc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad5 y63dc wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad6 y63dc w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad7 y63dc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad8 y63dc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad9 y63dc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ada y63dc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1acf h19 y63dd ff4 fsb fc1 sc0 ls0 ws0\">concessi<span class=\"_ _1\"></span>oni </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 class=\"t m2 x800 h19 y63de ff4 fsb fc1 sc0 ls0 ws0\">c) Esposizioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x970 y63df wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad0 y63df wacc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad1 y63df wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad2 y63df wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad3 y63df wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad4 y63df wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad5 y63df wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad6 y63df w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad7 y63df wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad8 y63df wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad9 y63df wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ada y63df wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h19 y63e0 ff4 fsb fc1 sc0 ls0 ws0\">scadute deteri<span class=\"_ _1\"></span>orate<span class=\"_ _3a1\"> </span></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 class=\"t m2 x1acf h19 y63e1 ff4 fsb fc1 sc0 ls0 ws0\">- di cui: espos<span class=\"_ _1\"></span>izioni </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 class=\"t m2 x1acf h19 y63e2 ff4 fsb fc1 sc0 ls0 ws0\">oggetto di </td><td class=\"c n x970 y5afc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad0 y5afc wacc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad1 y5afc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad2 y5afc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad3 y5afc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad4 y5afc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad5 y5afc wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad6 y5afc w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad7 y5afc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad8 y5afc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad9 y5afc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ada y5afc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1acf h19 y63e3 ff4 fsb fc1 sc0 ls0 ws0\">concessi<span class=\"_ _1\"></span>oni </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 class=\"t m2 x800 h19 y63e4 ff4 fsb fc1 sc0 ls0 ws0\">d) Esposizioni<span class=\"_ _3a1\"> </span></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 class=\"t m2 x800 h19 y63e5 ff4 fsb fc1 sc0 ls0 ws0\">scadute non </td><td class=\"c n x1297 y63e6 w10b8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">290<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ae7 y63e6 w10b9 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">65<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ae8 y63e6 w10ba h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">224<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ae9 y63e6 wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aea y63e6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aeb y63e6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aec y63e6 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aed y63e6 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aee y63e6 wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aef y63e6 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1af0 y63e6 w10bb h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>90<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1af1 y63e6 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h19 y63e7 ff4 fsb fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _1\"></span> </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 class=\"t m2 x1acf h19 y63e8 ff4 fsb fc1 sc0 ls0 ws0\">- di cui: espos<span class=\"_ _1\"></span>izioni </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 class=\"t m2 x1acf h19 y63e9 ff4 fsb fc1 sc0 ls0 ws0\">oggetto di </td><td class=\"c n x970 y53a8 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1af2 y53a8 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1af3 y53a8 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1af4 y53a8 wacc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1af5 y53a8 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1af6 y53a8 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1af7 y53a8 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1af8 y53a8 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1af9 y53a8 wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1afa y53a8 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1afb y53a8 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1afc y53a8 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1acf h19 y63ea ff4 fsb fc1 sc0 ls0 ws0\">concessi<span class=\"_ _1\"></span>oni </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 class=\"t m2 x800 h19 y63eb ff4 fsb fc1 sc0 ls0 ws0\">e) Altre espos<span class=\"_ _1\"></span>izioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x833 y63ec w10bc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2.663.024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1afd y63ec w10bd h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2.610.335<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1afe y63ec w10be h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">50.486<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aff y63ec wacc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b00 y63ec wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b01 y63ec w10bf h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.729<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b02 y63ec w10c0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.633<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b03 y63ec w10c1 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">96<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b04 y63ec wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b05 y63ec w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b06 y63ec w10c2 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2.661.295<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b07 y63ec wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h19 y63ed ff4 fsb fc1 sc0 ls0 ws0\">non deteriorate<span class=\"_ _1\"></span> </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 class=\"t m2 x1acf h19 y63ee ff4 fsb fc1 sc0 ls0 ws0\">- di cui: espos<span class=\"_ _1\"></span>izioni </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 class=\"t m2 x1acf h19 y63ef ff4 fsb fc1 sc0 ls0 ws0\">oggetto di </td><td class=\"c n x970 y63f0 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1af2 y63f0 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1af3 y63f0 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1af4 y63f0 wacc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1af5 y63f0 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1af6 y63f0 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1af7 y63f0 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1af8 y63f0 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1af9 y63f0 wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1afa y63f0 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1afb y63f0 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1afc y63f0 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1acf h19 y63f1 ff4 fsb fc1 sc0 ls0 ws0\">concessi<span class=\"_ _1\"></span>oni </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 class=\"t m2 x1b08 h19 y63f2 ff4 fsb fc1 sc2 ls0 ws0\">Totale (A<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1987 h19 y63f2 ff4 fsb fc1 sc2 ls0 ws0\">6.679.79<span class=\"_ _1\"></span>8<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112e h19 y63f2 ff4 fsb fc1 sc2 ls0 ws0\">6.619.8<span class=\"_ _1\"></span>82<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x932 h19 y63f2 ff4 fsb fc1 sc2 ls0 ws0\">57.712<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc5f h19 y63f2 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x938 h19 y63f2 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad1 h19 y63f2 ff4 fsb fc1 sc2 ls0 ws0\">1.772<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeb7 h19 y63f2 ff4 fsb fc1 sc2 ls0 ws0\">1.661<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d0 h19 y63f2 ff4 fsb fc1 sc2 ls0 ws0\">111<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1194 h19 y63f2 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7bd h19 y63f2 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d6 h19 y63f2 ff4 fsb fc1 sc2 ls0 ws0\">6.678.02<span class=\"_ _1\"></span>6<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h19 y63f2 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y63f3 ff4 fsb fc1 sc2 ls0 ws0\">B. Espos<span class=\"_ _1\"></span>izioni </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 class=\"t m2 x58e h19 y63f4 ff4 fsb fc1 sc2 ls0 ws0\">creditizie<span class=\"_ _1\"></span> fuori bil<span class=\"_ _1\"></span>ancio<span class=\"_ _3a1\"> </span></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 class=\"c n x7e6 y5bbc w10ac h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">a) Deterior<span class=\"_ _1\"></span>ate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aaa y5bbc wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aab y5bbc wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aac y5bbc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aad y5bbc wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aae y5bbc wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aaf y5bbc wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ab0 y5bbc wacc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ab1 y5bbc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ab2 y5bbc w10ad h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ab3 y5bbc w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ab4 y5bbc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ab5 y5bbc w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x7e6 y5bbd w10af h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">b) Non deterior<span class=\"_ _1\"></span>ate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b09 y5bbd w532 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">448.629<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b0a y5bbd w10c3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">9.784<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b0b y5bbd w10c4 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3.613<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b0c y5bbd wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b0d y5bbd wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b0e y5bbd w10c5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">5<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b0f y5bbd wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b10 y5bbd w10c6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b11 y5bbd wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b12 y5bbd wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b13 y5bbd w10c7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">448.624<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b14 y5bbd wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1b08 h19 y63f5 ff4 fsb fc1 sc2 ls0 ws0\">Totale (<span class=\"_ _1\"></span>B)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c1 h19 y63f5 ff4 fsb fc1 sc2 ls0 ws0\">448.629<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112b h19 y63f5 ff4 fsb fc1 sc2 ls0 ws0\">9.784<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x140b h19 y63f5 ff4 fsb fc1 sc2 ls0 ws0\">3.613<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc5f h19 y63f5 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x938 h19 y63f5 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddb h19 y63f5 ff4 fsb fc1 sc2 ls0 ws0\">5<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xb9e h19 y63f5 ff4 fsb fc1 sc2 ls0 ws0\">4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xace h19 y63f5 ff4 fsb fc1 sc2 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1194 h19 y63f5 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7bd h19 y63f5 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc67 h19 y63f5 ff4 fsb fc1 sc2 ls0 ws0\">448.62<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h19 y63f5 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xd55 h19 y5cf6 ff4 fsb fc1 sc2 ls0 ws0\">Totale (A+<span class=\"_ _1\"></span>B)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1b15 h19 y5cf6 ff4 fsb fc1 sc2 ls0 ws0\">7.128.<span class=\"_ _1\"></span>427<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x87a h19 y5cf6 ff4 fsb fc1 sc2 ls0 ws0\">6.629.6<span class=\"_ _1\"></span>66<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc65 h19 y5cf6 ff4 fsb fc1 sc2 ls0 ws0\">61.325<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc5f h19 y5cf6 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x938 h19 y5cf6 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad1 h19 y5cf6 ff4 fsb fc1 sc2 ls0 ws0\">1.777<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11a9 h19 y5cf6 ff4 fsb fc1 sc2 ls0 ws0\">1.665<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d9 h19 y5cf6 ff4 fsb fc1 sc2 ls0 ws0\">112<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1194 h19 y5cf6 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7bd h19 y5cf6 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a1 h19 y5cf6 ff4 fsb fc1 sc2 ls0 ws0\">7.126.650<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h19 y5cf6 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t mc h44 ff4 fs11 fc4 sc3 ls0 ws0 gs12ed\">Primo <span class=\"_ _2\"></span>stadio<span class=\"fc1 sc2\"> </span></div><div class=\"t mc h44 ff4 fs11 fc4 sc3 ls0 ws0 gs12ee\">Secon<span class=\"_ _2\"></span>do stad<span class=\"_ _2\"></span>io<span class=\"fc1 sc2\"> </span></div><div class=\"t mc h44 ff4 fs11 fc4 sc3 ls0 ws0 gs12ef\">Terzo <span class=\"_ _2\"></span>stadio<span class=\"_ _2\"></span><span class=\"fc1 sc2\"> </span></div><div class=\"t mc h44 ff4 fs11 fc4 sc3 ls0 ws0 gs12f0\">Impaire<span class=\"_ _2\"></span>d acqu<span class=\"_ _2\"></span>isite </div><div class=\"c wc he5 gs12f1\"><div class=\"t mc x280 h44 y313f ff4 fs11 fc4 sc3 ls0 ws0\">o origina<span class=\"_ _3b\"></span>te</div></div><div class=\"t mc h44 ff4 fs11 fc4 sc3 ls0 ws0 gs12f2\">Primo <span class=\"_ _2\"></span>stadio<span class=\"fc1 sc2\"> </span></div><div class=\"t mc h44 ff4 fs11 fc4 sc3 ls0 ws0 gs12f3\">Secon<span class=\"_ _2\"></span>do stad<span class=\"_ _2\"></span>io<span class=\"fc1 sc2\"> </span></div><div class=\"t mc h44 ff4 fs11 fc4 sc3 ls0 ws0 gs12f4\">Terzo <span class=\"_ _2\"></span>stadio<span class=\"_ _2\"></span><span class=\"fc1 sc2\"> </span></div><div class=\"t mc h44 ff4 fs11 fc4 sc3 ls0 ws0 gs12f5\">Impaire<span class=\"_ _2\"></span>d acqu<span class=\"_ _2\"></span>isite </div><div class=\"t mc h44 ff4 fs11 fc4 sc3 ls0 ws0 gs12f6\">o origina<span class=\"_ _3b\"></span>te<span class=\"fc1 sc2\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12f7\">Come <span class=\"_ _0\"></span> <span class=\"_ _184\"></span>da <span class=\"_ _0\"></span> <span class=\"_ _184\"></span>indicazioni <span class=\"_ _0\"></span> <span class=\"_ _184\"></span>della <span class=\"_ _0\"></span> <span class=\"_ _184\"></span>circolare <span class=\"_ _0\"></span> <span class=\"_ _184\"></span>di <span class=\"_ _0\"></span> <span class=\"_ _25a\"></span>Banca <span class=\"_ _0\"> </span> <span class=\"_ _184\"></span>d\u2019Italia <span class=\"_ _0\"></span> <span class=\"_ _3b\"></span>262 <span class=\"_ _0\"></span> <span class=\"_ _184\"></span>del <span class=\"_ _0\"></span> <span class=\"_ _184\"></span>22 <span class=\"_ _0\"></span> <span class=\"_ _184\"></span>dicembre <span class=\"_ _0\"></span> <span class=\"_ _184\"></span>2005, <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>successivi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12f8\">aggiornamenti, <span class=\"_ _0\"></span>l<span class=\"_ _210\"></span>e<span class=\"_ _210\"></span> <span class=\"_ _0\"></span>esposizioni <span class=\"_ _38\"></span> <span class=\"_ _184\"></span>c<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>z<span class=\"_ _0\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _25a\"></span>per <span class=\"_ _0\"></span> <span class=\"_ _25a\"></span>cas<span class=\"_ _2\"></span>sa <span class=\"_ _0\"></span>comp<span class=\"_ _2\"></span>rendono <span class=\"_ _35\"> </span>tutte <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _35\"> </span>finanziari<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>per<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12f9\">cassa <span class=\"_ _38\"></span>vantate <span class=\"_ _38\"></span>vers<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>b<span class=\"_ _38\"></span>a<span class=\"_ _38\"></span>n<span class=\"_ _38\"></span>c<span class=\"_ _38\"></span>h<span class=\"_ _38\"></span>e<span class=\"_ _0\"></span> <span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>cliente<span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>qualunque <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>loro <span class=\"_ _38\"></span>portafoglio di <span class=\"_ _38\"></span>allocazione <span class=\"_ _38\"></span>contabile<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12fa\">(valutate <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>val<span class=\"_ _2\"></span>ue <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>imp<span class=\"_ _2\"></span>atto <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>conto <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>conomico,  valutate <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>fair <span class=\"_ _0\"></span>value <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>impatto <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>ulla<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12fb\">redditivit\u00e0 <span class=\"_ _39\"> </span>compless<span class=\"_ _1\"></span>iva, <span class=\"_ _39\"> </span>valutate <span class=\"_ _39\"> </span>al <span class=\"_ _39\"> </span>costo <span class=\"_ _39\"> </span>am<span class=\"_ _1\"></span>mortizzato, <span class=\"_ _39\"> </span>attivit\u00e0 <span class=\"_ _39\"> </span>in <span class=\"_ _39\"> </span>via <span class=\"_ _3f\"> </span>di <span class=\"_ _36\"> </span>dismis<span class=\"_ _1\"></span>sione), <span class=\"_ _39\"> </span>ad<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12fc\">eccezione <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>titoli <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>capitale <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>ote <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>O.I.C.R.; <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>esposizioni <span class=\"_ _35\"> </span>c<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>z<span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>e<span class=\"_ _38\"></span>  \u201cfuori <span class=\"_ _38\"></span>bilancio\u201d<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12fd\">includono <span class=\"_ _3d\"> </span>tutte <span class=\"_ _3d\"> </span>le <span class=\"_ _37\"> </span>operazioni<span class=\"_ _2\"></span> <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _3d\"> </span>diverse <span class=\"_ _3d\"> </span>da <span class=\"_ _3d\"> </span>quelle <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>cassa <span class=\"_ _3d\"> </span>(garanzie <span class=\"_ _3d\"> </span>f<span class=\"_ _35\"> </span>i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>z<span class=\"_ _0\"></span>i<span class=\"_ _35\"> </span>a<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>i<span class=\"_ _35\"> </span>e<span class=\"_ _3a1\"> </span><span class=\"_ _0\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12fe\">rilasciate, <span class=\"_ _3f\"> </span>imp<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>gni <span class=\"_ _35\"> </span>revocabili <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>irre<span class=\"_ _1\"></span>vocabili, <span class=\"_ _35\"> </span>derivati, <span class=\"_ _35\"> </span>ecc.) <span class=\"_ _35\"> </span> <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>comportano  l\u2019assunzi<span class=\"_ _2\"></span>one <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>un<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12ff\">rischio creditizio, qualunque sia la finalit\u00e0 di tali oper<span class=\"_ _1\"></span>azioni (negoziazione, copertura, ecc.).  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1300\">Le esposizioni creditizie d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>teriorate (p<span class=\"_ _2\"></span>er cassa e <span class=\"_ _2\"></span>fuori bilancio) <span class=\"_ _2\"></span>non includ<span class=\"_ _2\"></span>ono le attivit\u00e0 finanz<span class=\"_ _2\"></span>iarie<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1301\">detenute <span class=\"_ _35\"> </span>per <span class=\"_ _0\"> </span>la <span class=\"_ _35\"> </span>negoziazione <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>derivati <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>copertura, <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>sono <span class=\"_ _35\"> </span>pertanto, <span class=\"_ _35\"> </span>conv<span class=\"_ _2\"></span>enzionalmente,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h23 ff4 fs2 fc1 sc0 ls0 ws0 gs1302\">rilevati tra le esposizioni creditizie non <span class=\"_ _1\"></span>deteriorate.<span class=\"_ _3a1\"> </span><span class=\"ff16\"> </span></div>A.1.5 Consolidato <span class=\"_ _1\"></span>prudenziale - Esposizioni cre<span class=\"_ _1\"></span>ditizie per cassa e <span class=\"_ _1\"></span>fuori bilancio verso<span class=\"_ _1\"></span> clientela: valori lordi e<span class=\"_ _1\"></span> netti<table class=\"s w10c8 h29d\" id=\"_c593870e-3465-43c2-8ffb-aaab181b2b2d\"><tr><td></td><td></td><td class=\"t m2 x99d h5a y63f6 ff4 fs16 fc4 sc3 ls0 ws0\">Esposizion<span class=\"_ _1\"></span>e lorda </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x682 h5a y63f7 ff4 fs16 fc4 sc3 ls0 ws0\">Rettifiche di v<span class=\"_ _1\"></span>alore compless<span class=\"_ _1\"></span>ive e </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 class=\"t m2 x6e4 h5a y63f8 ff4 fs16 fc4 sc3 ls0 ws0\" colspan=\"2\">accantonamen<span class=\"_ _1\"></span>ti compless<span class=\"_ _1\"></span>ivi </td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xfea h5a y63f9 ff4 fs16 fc4 sc3 ls0 ws0\">Tipologie<span class=\"_ _1\"></span> </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x6a2 h5a y63f9 ff4 fs16 fc4 sc3 ls0 ws0\">Esposizion<span class=\"_ _1\"></span>e </td><td class=\"t m2 xf33 h5a y63fa ff4 fs16 fc4 sc3 ls0 ws0\">Write-off </td></tr><tr><td class=\"t m2 x15f5 h5a y63fb ff4 fs16 fc4 sc3 ls0 ws0\">esposizion<span class=\"_ _1\"></span>i/valori </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x67d h5a y63fb ff4 fs16 fc4 sc3 ls0 ws0\">Netta </td><td class=\"t m2 xda3 h5a y63fc ff4 fs16 fc4 sc3 ls0 ws0\">parziali </td></tr><tr><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 class=\"t m2 x6f8 h5a y63fd ff4 fs16 fc4 sc3 ls0 ws0\">complessiv<span class=\"_ _1\"></span>i*<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h5a y63fe ff4 fs16 fc1 sc2 ls0 ws0\">A. Esposizio<span class=\"_ _1\"></span>ni creditizie </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 class=\"t m2 x677 h5a y63ff ff4 fs16 fc1 sc2 ls0 ws0\">per cassa </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 class=\"c n x997 y6400 w10c9 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">a) Sofferenze<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b16 y6400 w10ca h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">267.113<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b17 y6400 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b18 y6400 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 xf9a h5a y6401 ff4 fs16 fc1 sc0 ls0 ws0\">263.463<span class=\"_ _3a1\"> </span></td><td class=\"c n xda6 y6400 w10cb h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">3.650<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b19 y6400 w10cc h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">219.768<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b1a y6400 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b1b y6400 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x6b8 h5a y6401 ff4 fs16 fc1 sc0 ls0 ws0\">218.487<span class=\"_ _3a1\"> </span></td><td class=\"c n x1649 y6400 w10cd h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1.281<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b1c y6400 w10ce h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">47.3<span class=\"_ _1\"></span>45<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7b1 h5a y6401 ff4 fs16 fc1 sc0 ls0 ws0\">16.041<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x103a h5a y6402 ff4 fs16 fc1 sc0 ls0 ws0\">- di cui: esposizioni<span class=\"_ _3a1\"> </span></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 class=\"t m2 x103a h5a y6403 ff4 fs16 fc1 sc0 ls0 ws0\">oggetto di </td><td class=\"t m2 x1036 h5a y6403 ff4 fs16 fc1 sc0 ls0 ws0\">71.126<span class=\"_ _3a1\"> </span></td><td class=\"c n x1b17 y6404 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b18 y6404 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 xf8c h5a y6403 ff4 fs16 fc1 sc0 ls0 ws0\">69.791<span class=\"_ _3a1\"> </span></td><td class=\"c n x16d3 y6404 w10cf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1.335<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b1d y6404 w10d0 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">58.445<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b1a y6404 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b1b y6404 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x70f h5a y6403 ff4 fs16 fc1 sc0 ls0 ws0\">57.675<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b9 h5a y6403 ff4 fs16 fc1 sc0 ls0 ws0\">768<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x18e5 h5a y6403 ff4 fs16 fc1 sc0 ls0 ws0\">12.681<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x187a h5a y6403 ff4 fs16 fc1 sc0 ls0 ws0\">290<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x103a h5a y6405 ff4 fs16 fc1 sc0 ls0 ws0\">concessioni </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 class=\"t m2 x6d4 h5a y6406 ff4 fs16 fc1 sc0 ls0 ws0\">b) Inadempienze<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1911 h5a y6407 ff4 fs16 fc1 sc0 ls0 ws0\">363.239<span class=\"_ _3a1\"> </span></td><td class=\"c n x1b17 y6408 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b18 y6408 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x1012 h5a y6407 ff4 fs16 fc1 sc0 ls0 ws0\">356.118<span class=\"_ _3a1\"> </span></td><td class=\"c n x16d3 y6408 w10d1 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">7.120<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b1e y6408 w10d2 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">166.728<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b1a y6408 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b1b y6408 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b1f y6408 w10d3 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">165.979<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b20 y6408 w10d4 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">749</div></td><td class=\"t m2 x70b h5a y6407 ff4 fs16 fc1 sc0 ls0 ws0\">196.511<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x750 h5a y6407 ff4 fs16 fc1 sc0 ls0 ws0\">66<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h5a y6409 ff4 fs16 fc1 sc0 ls0 ws0\">probabili </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 class=\"t m2 x103a h5a y640a ff4 fs16 fc1 sc0 ls0 ws0\">- di cui: esposizioni<span class=\"_ _3a1\"> </span></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 class=\"t m2 x103a h5a y640b ff4 fs16 fc1 sc0 ls0 ws0\">oggetto di </td><td class=\"t m2 x18fa h5a y640b ff4 fs16 fc1 sc0 ls0 ws0\">126.875<span class=\"_ _3a1\"> </span></td><td class=\"c n x1b17 y640c w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b18 y640c w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x914 h5a y640b ff4 fs16 fc1 sc0 ls0 ws0\">120.099<span class=\"_ _3a1\"> </span></td><td class=\"c n xda6 y640c w805 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">6.776<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b21 y640c w10d5 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">47<span class=\"_ _1\"></span>.706<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b1a y640c w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b1b y640c w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b22 y640c w10d6 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">47.048<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b23 y640c w10d7 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">658</div></td><td class=\"t m2 x687 h5a y640b ff4 fs16 fc1 sc0 ls0 ws0\">79.169<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1b24 h5a y640b ff4 fs16 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x103a h5a y640d ff4 fs16 fc1 sc0 ls0 ws0\">concessioni </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 class=\"t m2 x6d4 h5a y640e ff4 fs16 fc1 sc0 ls0 ws0\">c) Esposizioni<span class=\"_ _1\"></span> </td><td class=\"t m2 x6bc h5a y640f ff4 fs16 fc1 sc0 ls0 ws0\">38.292<span class=\"_ _3a1\"> </span></td><td class=\"c n x1b17 y6410 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b18 y6410 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x1b25 h5a y640f ff4 fs16 fc1 sc0 ls0 ws0\">38.292<span class=\"_ _3a1\"> </span></td><td class=\"c n xf6c y6410 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b26 y6410 w10d8 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">14.691<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b27 y6410 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b28 y6410 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b29 y6410 w10d9 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">14.691<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b2a y6410 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b2b y6410 w10da h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">23.601<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b2c y6410 w10db h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">120<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x6d4 h5a y6411 ff4 fs16 fc1 sc0 ls0 ws0\">scadute deteriorate<span class=\"_ _3a1\"> </span></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 class=\"t m2 x103a h5a y6412 ff4 fs16 fc1 sc0 ls0 ws0\">- di cui: esposizioni<span class=\"_ _3a1\"> </span></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 class=\"t m2 x103a h5a y6413 ff4 fs16 fc1 sc0 ls0 ws0\">oggetto di </td><td class=\"t m2 x103c h5a y6413 ff4 fs16 fc1 sc0 ls0 ws0\">260<span class=\"_ _3a1\"> </span></td><td class=\"c n x1b17 y6414 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b18 y6414 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1037 y6414 w10dc h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">260<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b2d y6414 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b2e y6414 w10dd h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">63<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b2f y6414 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b30 y6414 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b31 y6414 w10de h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">63<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b32 y6414 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b33 y6414 w10df h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">197<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b34 y6414 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x103a h5a y6415 ff4 fs16 fc1 sc0 ls0 ws0\">concessioni </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 class=\"c x6d4 y6416 w231 h9e\"><div class=\"t m2 x0 h5a y255f ff4 fs16 fc1 sc0 ls0 ws0\">d) Esposizioni<span class=\"_ _3a1\"> </span></div></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 class=\"t m2 x6d4 h5a y6417 ff4 fs16 fc1 sc0 ls0 ws0\">scadute non </td><td class=\"t m2 x1911 h5a y6417 ff4 fs16 fc1 sc0 ls0 ws0\">339.020<span class=\"_ _3a1\"> </span></td><td class=\"c n x1b35 y6418 w10e0 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">177.791<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b36 y6418 w10e1 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">161.13<span class=\"_ _1\"></span>1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b37 y6418 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b38 y6418 w10e2 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">100</div></td><td class=\"t m2 x1b39 h5a y6417 ff4 fs16 fc1 sc0 ls0 ws0\">5.552<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1008 h5a y6417 ff4 fs16 fc1 sc0 ls0 ws0\">512<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1b3a h5a y6417 ff4 fs16 fc1 sc0 ls0 ws0\">5.037<span class=\"_ _3a1\"> </span></td><td class=\"c n x1b3b y6418 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b3c y6418 w10e3 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1</div></td><td class=\"t m2 x665 h5a y6417 ff4 fs16 fc1 sc0 ls0 ws0\">333.468<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h5a y6417 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h5a y6419 ff4 fs16 fc1 sc0 ls0 ws0\">deteriorate </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 class=\"t m2 x103a h5a y641a ff4 fs16 fc1 sc0 ls0 ws0\">- di cui: esposizioni </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 class=\"t m2 x103a h5a y641b ff4 fs16 fc1 sc0 ls0 ws0\">oggetto di </td><td class=\"t m2 x1043 h5a y641b ff4 fs16 fc1 sc0 ls0 ws0\">5.897<span class=\"_ _3a1\"> </span></td><td class=\"c n x1b17 y5392 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b3d y5392 w10e4 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">5.848<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b3e y5392 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b3f y5392 wc3f h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">49</div></td><td class=\"t m2 x6af h5a y641b ff4 fs16 fc1 sc0 ls0 ws0\">154<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74d h5a y641b ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n x1b40 y5392 w10e5 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">153<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b41 y5392 w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b42 y5392 w10e3 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x984 h5a y641b ff4 fs16 fc1 sc0 ls0 ws0\">5.743<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h5a y641b ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x103a h5a y641c ff4 fs16 fc1 sc0 ls0 ws0\">concessioni </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 class=\"t m2 x6d4 h5a y641d ff4 fs16 fc1 sc0 ls0 ws0\">e) Altre esposizio<span class=\"_ _1\"></span>ni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1b43 h5a y641e ff4 fs16 fc1 sc0 ls0 ws0\">47.363.003<span class=\"_ _3a1\"> </span></td><td class=\"c n x1b44 y641f w10e6 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">45.210.491<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b45 y641f w10e7 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">2.095<span class=\"_ _1\"></span>.177<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b46 y641f w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b47 y641f w10e8 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">6.729</div></td><td class=\"t m2 xfc5 h5a y641e ff4 fs16 fc1 sc0 ls0 ws0\">83.874<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h5a y641e ff4 fs16 fc1 sc0 ls0 ws0\">47.447<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc8 h5a y641e ff4 fs16 fc1 sc0 ls0 ws0\">36.309<span class=\"_ _3a1\"> </span></td><td class=\"c n x1b3b y641f w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b48 y641f w10e9 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">11<span class=\"_ _1\"></span>5</div></td><td class=\"t m2 x6e0 h5a y641e ff4 fs16 fc1 sc0 ls0 ws0\">47.279.129<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h5a y641e ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h5a y6420 ff4 fs16 fc1 sc0 ls0 ws0\">non deteriorate </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 class=\"t m2 x103a h5a y6421 ff4 fs16 fc1 sc0 ls0 ws0\">- di cui: esposizioni </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 class=\"t m2 x103a h5a y6422 ff4 fs16 fc1 sc0 ls0 ws0\">oggetto di </td><td class=\"t m2 x69d h5a y6422 ff4 fs16 fc1 sc0 ls0 ws0\">66.461<span class=\"_ _3a1\"> </span></td><td class=\"c n x1b17 y6423 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b49 y6423 w10ea h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">62<span class=\"_ _1\"></span>.259<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b4a y6423 w715 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b4b y6423 w10eb h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">4.201</div></td><td class=\"t m2 x10fe h5a y6422 ff4 fs16 fc1 sc0 ls0 ws0\">1.214<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74d h5a y6422 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n x1b4c y6423 wd2c h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1.150<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b4d y6423 w717 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b4e y6423 w10ec h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">65</div></td><td class=\"t m2 x70b h5a y6422 ff4 fs16 fc1 sc0 ls0 ws0\">65.247<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h5a y6422 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x103a h5a y6424 ff4 fs16 fc1 sc0 ls0 ws0\">concessioni </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 class=\"t m2 xa02 h5a y6425 ff4 fs16 fc1 sc2 ls0 ws0\">Totale (A)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x18ce h5a y6425 ff4 fs16 fc1 sc2 ls0 ws0\">48.370.667<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75b h5a y6425 ff4 fs16 fc1 sc2 ls0 ws0\">45.388.282<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f0 h5a y6425 ff4 fs16 fc1 sc2 ls0 ws0\">2.256.308<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x914 h5a y6425 ff4 fs16 fc1 sc2 ls0 ws0\">657.873<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x757 h5a y6425 ff4 fs16 fc1 sc2 ls0 ws0\">17.599<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15d7 h5a y6425 ff4 fs16 fc1 sc2 ls0 ws0\">490.613<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h5a y6425 ff4 fs16 fc1 sc2 ls0 ws0\">47.959<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h5a y6425 ff4 fs16 fc1 sc2 ls0 ws0\">41.346<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h5a y6425 ff4 fs16 fc1 sc2 ls0 ws0\">399.157<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebc h5a y6425 ff4 fs16 fc1 sc2 ls0 ws0\">2.146<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h5a y6425 ff4 fs16 fc1 sc2 ls0 ws0\">47.880.054<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x738 h5a y6425 ff4 fs16 fc1 sc2 ls0 ws0\">16.227<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h5a y6426 ff4 fs16 fc1 sc2 ls0 ws0\">B. Esposi<span class=\"_ _1\"></span>zioni creditizie </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 class=\"t m2 x677 h5a y6427 ff4 fs16 fc1 sc2 ls0 ws0\">fuori bilanci<span class=\"_ _1\"></span>o </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 class=\"c n x997 y54ac w10ed h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">a) Deteriorate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b4f y54ac w10ee h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">41.965<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b17 y54ac w715 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b18 y54ac w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b50 y54ac w10ef h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">41.330<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b51 y54ac w10f0 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">636<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b52 y54ac w10f1 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1.129<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b1a y54ac w715 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b1b y54ac w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b53 y54ac w10f2 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1.047<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b54 y54ac w10f3 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">82</div></td><td class=\"t m2 x70b h5a y6428 ff4 fs16 fc1 sc0 ls0 ws0\">40.836<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h5a y6428 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y54ae w10f4 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">b) Non deteriorate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b55 y54ae w10f5 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">13.545.017<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b44 y54ae w993 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">13.069.911<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b56 y54ae wd5f h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">460.092<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b57 y54ae w714 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b58 y54ae w10f6 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">368</div></td><td class=\"t m2 x1b39 h5a y6429 ff4 fs16 fc1 sc0 ls0 ws0\">3.375<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fb h5a y6429 ff4 fs16 fc1 sc0 ls0 ws0\">2.284<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x663 h5a y6429 ff4 fs16 fc1 sc0 ls0 ws0\">1.055<span class=\"_ _3a1\"> </span></td><td class=\"c n x1b3b y54ae w715 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b59 y54ae w10f7 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">36</div></td><td class=\"t m2 x6e0 h5a y6429 ff4 fs16 fc1 sc0 ls0 ws0\">13.541.642<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h5a y6429 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xa02 h5a y642a ff4 fs16 fc1 sc2 ls0 ws0\">Totale (B)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x18ce h5a y642a ff4 fs16 fc1 sc2 ls0 ws0\">13.586.982<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1b5a h5a y642a ff4 fs16 fc1 sc2 ls0 ws0\">13.069.911<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ce h5a y642a ff4 fs16 fc1 sc2 ls0 ws0\">460.092<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1b5b h5a y642a ff4 fs16 fc1 sc2 ls0 ws0\">41.330<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x789 h5a y642a ff4 fs16 fc1 sc2 ls0 ws0\">1.004<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a4 h5a y642a ff4 fs16 fc1 sc2 ls0 ws0\">4.504<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fb h5a y642a ff4 fs16 fc1 sc2 ls0 ws0\">2.284<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x663 h5a y642a ff4 fs16 fc1 sc2 ls0 ws0\">1.055<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xac8 h5a y642a ff4 fs16 fc1 sc2 ls0 ws0\">1.047<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xff2 h5a y642a ff4 fs16 fc1 sc2 ls0 ws0\">118<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74f h5a y642a ff4 fs16 fc1 sc2 ls0 ws0\">13.582.478<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1b5c h5a y642a ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x1b5d h5a y642b ff4 fs16 fc1 sc2 ls0 ws0\">Totale (A+B)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x18ce h5a y642b ff4 fs16 fc1 sc2 ls0 ws0\">61.957.649<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfda h5a y642b ff4 fs16 fc1 sc2 ls0 ws0\">58.458.193<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x790 h5a y642b ff4 fs16 fc1 sc2 ls0 ws0\">2.716.400<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf9a h5a y642b ff4 fs16 fc1 sc2 ls0 ws0\">699.203<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x980 h5a y642b ff4 fs16 fc1 sc2 ls0 ws0\">18.603<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc5 h5a y642b ff4 fs16 fc1 sc2 ls0 ws0\">495.117<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e7 h5a y642b ff4 fs16 fc1 sc2 ls0 ws0\">50.243<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h5a y642b ff4 fs16 fc1 sc2 ls0 ws0\">42.401<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h5a y642b ff4 fs16 fc1 sc2 ls0 ws0\">400.204<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1847 h5a y642b ff4 fs16 fc1 sc2 ls0 ws0\">2.264<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74f h5a y642b ff4 fs16 fc1 sc2 ls0 ws0\">61.462.532<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x738 h5a y642b ff4 fs16 fc1 sc2 ls0 ws0\">16.227<span class=\"_ _3a1\"> </span></td></tr></table>adio iotadio ired  o eadio iotadio ired  o A.1.7 Consolidato <span class=\"_ _1\"></span>prudenziale \u2013 Es<span class=\"_ _1\"></span>posizioni creditizie per cas<span class=\"_ _1\"></span>sa verso cliente<span class=\"_ _1\"></span>la: dinamica delle esposizioni<span class=\"_ _3a1\"> </span>deterior<span class=\"_ _1\"></span>ate lorde<span class=\"_ _3a1\"> </span><table class=\"s w10f8 h29e\" id=\"_655b8c7b-0fab-40dd-a9dc-1b16c1f302c9\"><tr><td class=\"t m2 x7c5 h12 y642c ff4 fs7 fc4 sc3 ls0 ws0\">Causali/Categorie<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1442 h12 y642c ff4 fs7 fc4 sc3 ls0 ws0\">Sofferenze<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd57 h12 y642d ff4 fs7 fc4 sc3 ls0 ws0\">Inadempienze </td><td class=\"t m2 xc57 h12 y642d ff4 fs7 fc4 sc3 ls0 ws0\">Esposizioni scadute </td></tr><tr><td></td><td></td><td class=\"t m2 xace h12 y642e ff4 fs7 fc4 sc3 ls0 ws0\">probabili<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1275 h12 y642e ff4 fs7 fc4 sc3 ls0 ws0\">deteriorate<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y642f ff4 fs7 fc1 sc2 ls0 ws0\">A. Esposizione lorda iniziale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x187e h12 y642f ff4 fs7 fc1 sc2 ls0 ws0\">297.544<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x87b h12 y642f ff4 fs7 fc1 sc2 ls0 ws0\">358.545<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe22 h12 y642f ff4 fs7 fc1 sc2 ls0 ws0\">45.586<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x821 y6430 w10f9 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui: esposizion<span class=\"_ _2\"></span>i cedute non cancellate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b5e y6430 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b5f y6430 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b60 y6430 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6431 ff4 fs7 fc1 sc2 ls0 ws0\">B. Variazioni in aumento<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddb h12 y6431 ff4 fs7 fc1 sc2 ls0 ws0\">91.908<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1274 h12 y6431 ff4 fs7 fc1 sc2 ls0 ws0\">201.170<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe22 h12 y6431 ff4 fs7 fc1 sc2 ls0 ws0\">52.054<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x821 y6432 w10fa h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">B.1 ingressi da espos<span class=\"_ _2\"></span>izioni non deteriora<span class=\"_ _2\"></span>te<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b61 y6432 w10fb h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">9.868<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b62 y6432 w10fc h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">128.148<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b63 y6432 w10fd h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>8.264<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y6433 ff4 fs7 fc1 sc0 ls0 ws0\">B.2 ingressi da attiv<span class=\"_ _2\"></span>it\u00e0 finanziarie impaired acqu<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>site </td><td class=\"c n x85f y6434 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b64 y6434 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b65 y6434 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y6435 ff4 fs7 fc1 sc0 ls0 ws0\">o originate </td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h12 y6436 ff4 fs7 fc1 sc0 ls0 ws0\">B.3 trasferimenti da a<span class=\"_ _2\"></span>ltre categorie di esp<span class=\"_ _2\"></span>osizioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x1b66 y6437 w10fe h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">79.144<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b67 y6437 w764 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">23.334<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b68 y6437 w798 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">125<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y6438 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate </td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y6439 w10ff h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.4 modifiche contrattu<span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>li senza can<span class=\"_ _2\"></span>cellazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b69 y6439 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b6a y6439 w1100 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">248<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b6b y6439 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y643a w1101 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 altre variazioni <span class=\"_ _2\"></span>in aumento<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b6c y643a w1102 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _2\"></span>.896<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b6d y643a w1103 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">49.440<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b6e y643a we4b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13.665<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y643b ff4 fs7 fc1 sc2 ls0 ws0\">C. Variazioni in diminuzione<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1287 h12 y643b ff4 fs7 fc1 sc2 ls0 ws0\">122.339<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c8 h12 y643b ff4 fs7 fc1 sc2 ls0 ws0\">196.476<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe22 h12 y643b ff4 fs7 fc1 sc2 ls0 ws0\">59.348<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x821 y643c w1104 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.1 uscite verso espos<span class=\"_ _2\"></span>izioni non deteri<span class=\"_ _2\"></span>orate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b6f y643c w1105 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">15<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b70 y643c w1106 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.036<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b71 y643c w1107 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7.813<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y643d w1108 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 write-off<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b72 y643d w1109 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">27.681<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b73 y643d w110a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.540<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b74 y643d w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y5366 w110b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.3 incassi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b75 y5366 w110c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">50.122<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b76 y5366 w110d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">98.598<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b77 y5366 wa03 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">25.247<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y5ba3 w110e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.4 realizzi per cession<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b78 y5ba3 w110f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.038<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b79 y5ba3 w6ad h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">65<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b7a y5ba3 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y643e w1110 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.5 perdite da cess<span class=\"_ _2\"></span>ione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b7b y643e w1111 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _2\"></span>76<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b7c y643e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b7d y643e w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y643f ff4 fs7 fc1 sc0 ls0 ws0\">C.6 trasferimenti ad a<span class=\"_ _2\"></span>ltre categorie di esp<span class=\"_ _2\"></span>osizioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x1b7e y6440 w1105 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">15<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b7f y6440 w764 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _1\"></span>6.343<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b80 y6440 w701 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">26.243<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y6441 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate </td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y59df w1112 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.7 modifiche contra<span class=\"_ _2\"></span>ttuali senza cance<span class=\"_ _2\"></span>llazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b81 y59df w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b82 y59df w1113 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">833<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b83 y59df w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6442 w1114 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.8 altre variazioni in<span class=\"_ _2\"></span> diminuzione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b84 y6442 w1115 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>8.992<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b85 y6442 wb1a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.061<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b86 y6442 w1116 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">45<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6443 ff4 fs7 fc1 sc2 ls0 ws0\">D. Esposizione lorda finale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e7 h12 y6443 ff4 fs7 fc1 sc2 ls0 ws0\">267.113<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x87b h12 y6443 ff4 fs7 fc1 sc2 ls0 ws0\">363.239<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe22 h12 y6443 ff4 fs7 fc1 sc2 ls0 ws0\">38.292<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x821 y539f w10f9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui: esposizion<span class=\"_ _2\"></span>i cedute non cancellate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b5e y539f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b5f y59e4 w1117 h20a\"><div class=\"t m2 x2b3 h12 y56d8 ff4 fs7 fc1 sc0 ls0 ws0\">- <span class=\"_ _94\"> </span>- </div></td><td></td></tr></table>A.1.7bis Consoli<span class=\"_ _1\"></span>dato prudenziale \u2013 Espos<span class=\"_ _1\"></span>izioni creditizie per cassa ver<span class=\"_ _1\"></span>so clientela: dinami<span class=\"_ _1\"></span>ca delle esposizioni lor<span class=\"_ _1\"></span>de<span class=\"_ _3a1\"> </span>oggetto di conces<span class=\"_ _1\"></span>sioni distinte per qua<span class=\"_ _1\"></span>lit\u00e0 creditizia<span class=\"_ _3a1\"> </span><table class=\"s w1118 h29f\" id=\"_ce816402-dc75-470c-838f-7d9a56dfd0b4\"><tr><td></td><td class=\"t m2 x886 h12 y6444 ff4 fs7 fc4 sc3 ls0 ws0\">Esposizioni </td><td class=\"t m2 x1140 h12 y6444 ff4 fs7 fc4 sc3 ls0 ws0\">Esposizioni </td></tr><tr><td class=\"t m2 x7cb h12 y6445 ff4 fs7 fc4 sc3 ls0 ws0\">Causali/Qualit\u00e0<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xde9 h12 y6446 ff4 fs7 fc4 sc3 ls0 ws0\">oggetto di </td><td class=\"t m2 x7d3 h12 y6446 ff4 fs7 fc4 sc3 ls0 ws0\">oggetto di </td></tr><tr><td></td><td class=\"t m2 xddd h12 y6447 ff4 fs7 fc4 sc3 ls0 ws0\">concessioni: </td><td class=\"t m2 xdde h12 y6447 ff4 fs7 fc4 sc3 ls0 ws0\">concessioni: </td></tr><tr><td></td><td class=\"t m2 x886 h12 y6448 ff4 fs7 fc4 sc3 ls0 ws0\">deteriorate<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d7 h12 y6448 ff4 fs7 fc4 sc3 ls0 ws0\">non deteriorate<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6449 ff4 fs7 fc1 sc2 ls0 ws0\">A. Esposizione lorda iniziale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12bf h12 y6449 ff4 fs7 fc1 sc2 ls0 ws0\">220.100<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1271 h12 y6449 ff4 fs7 fc1 sc2 ls0 ws0\">102.167<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x595 y644a w10f9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui: esposizion<span class=\"_ _2\"></span>i cedute non cancellate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b87 y644a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b88 y644a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y644b ff4 fs7 fc1 sc2 ls0 ws0\">B. Variazioni in aumento<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce4 h12 y644b ff4 fs7 fc1 sc2 ls0 ws0\">37.828<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe22 h12 y644b ff4 fs7 fc1 sc2 ls0 ws0\">40.092<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x595 y644c w1119 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.1 ingressi da espos<span class=\"_ _2\"></span>izioni non deteriora<span class=\"_ _2\"></span>te non oggetto di c<span class=\"_ _2\"></span>oncessioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b89 y644c w111a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.931<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b8a y644c w111b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">28.234<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y644d w111c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 ingressi da espos<span class=\"_ _2\"></span>izioni non deteriorate <span class=\"_ _2\"></span>oggetto di concessi<span class=\"_ _2\"></span>oni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b8b y644d w111d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">16.196<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b8c y644d w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y644e w111e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 ingressi da esp<span class=\"_ _2\"></span>osizioni oggetto d<span class=\"_ _2\"></span>i concessioni deteri<span class=\"_ _2\"></span>orate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b8d y644e w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b8e y644e w53e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.250<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y644f w111f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.4 ingressi da espos<span class=\"_ _2\"></span>izioni deteriorate<span class=\"_ _2\"></span> non oggetto di conce<span class=\"_ _2\"></span>ssione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b8f y644f w550 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">229<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b90 y644f w1120 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y5b22 w1101 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 altre variazioni <span class=\"_ _2\"></span>in aumento<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b91 y5b22 wc85 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.472<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b92 y5b22 w1121 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.603<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6450 ff4 fs7 fc1 sc2 ls0 ws0\">C. Variazioni in diminuzione<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce4 h12 y6450 ff4 fs7 fc1 sc2 ls0 ws0\">59.667<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x874 h12 y6450 ff4 fs7 fc1 sc2 ls0 ws0\">69.901<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x595 y6451 w1122 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.1 uscite verso espos<span class=\"_ _2\"></span>izioni non deteri<span class=\"_ _2\"></span>orate non oggetto di conc<span class=\"_ _2\"></span>essioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b93 y6451 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b94 y6451 w60a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.350<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y6452 w1123 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 uscite verso espos<span class=\"_ _2\"></span>izioni non deteriorate <span class=\"_ _2\"></span>oggetto di conces<span class=\"_ _2\"></span>sioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b95 y6452 w53e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.250<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b96 y6452 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y60b5 w1124 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.3 uscite verso esp<span class=\"_ _2\"></span>osizioni oggetto <span class=\"_ _2\"></span>di concessioni deteri<span class=\"_ _2\"></span>orate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b97 y60b5 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b98 y60b5 w111d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">16.196<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y6453 waff h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.4 write-off<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b99 y6453 w1125 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.610<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b9a y6453 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y59dd w1126 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.5 incassi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b9b y59dd w1127 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">46.489<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b9c y59dd wf3b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">46.925<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y59de w1128 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.6 realizzi per cess<span class=\"_ _2\"></span>ioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b9d y59de w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b9e y59de w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y59df w1129 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.7 perdite da cessione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b9f y59df w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ba0 y59df w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y6454 w1114 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.8 altre variazioni in<span class=\"_ _2\"></span> diminuzione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ba1 y6454 w112a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.318<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ba2 y6454 w112b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.430<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6455 ff4 fs7 fc1 sc2 ls0 ws0\">D. Esposizione lorda finale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12d4 h12 y6455 ff4 fs7 fc1 sc2 ls0 ws0\">198.261<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x874 h12 y6455 ff4 fs7 fc1 sc2 ls0 ws0\">72.358<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x595 y539f w10f9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui: esposizion<span class=\"_ _2\"></span>i cedute non cancellate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b87 y539f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b88 y539f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr></table><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs130b\">A.1.9  Consolidato <span class=\"_ _1\"></span>prudenziale \u2013 Es<span class=\"_ _1\"></span>posizioni creditizie per cas<span class=\"_ _1\"></span>sa deterior<span class=\"_ _1\"></span>ate verso clientela: dinamica <span class=\"_ _1\"></span>delle rettifiche<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs130c\">di valore com<span class=\"_ _1\"></span>plessive<span class=\"_ _3a1\"> </span></div><div class=\"gs130d\"><table class=\"s w112c h2a0\" id=\"_604ed4c8-7e08-4376-b53e-8e9b6bb26326\"><tr><td></td><td></td><td class=\"t m2 x1209 h12 y6456 ff4 fs7 fc4 sc3 ls0 ws0\">Sofferenze<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xddb h12 y6456 ff4 fs7 fc4 sc3 ls0 ws0\">Inadempienze probabili<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x9a1 h12 y6457 ff4 fs7 fc4 sc3 ls0 ws0\">Esposizioni scadute </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 xba4 h12 y6458 ff4 fs7 fc4 sc3 ls0 ws0\">deteriorate<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x1ba3 h12 y6459 ff4 fs7 fc4 sc3 ls0 ws0\">Causali/Categorie<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc51 h12 y645a ff4 fs7 fc4 sc3 ls0 ws0\">di cui: esposizioni </td><td></td><td class=\"t m2 x120a h12 y645a ff4 fs7 fc4 sc3 ls0 ws0\">di cui: esposizioni </td><td></td><td class=\"t m2 x7e3 h12 y645a ff4 fs7 fc4 sc3 ls0 ws0\">di cui: esposizioni </td></tr><tr><td></td><td class=\"t m2 x87a h12 y645b ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1ba4 h12 y645b ff4 fs7 fc4 sc3 ls0 ws0\">oggetto di </td><td class=\"t m2 x18a0 h12 y645b ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x939 h12 y645b ff4 fs7 fc4 sc3 ls0 ws0\">oggetto di </td><td class=\"t m2 x1ba5 h12 y645b ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeec h12 y645b ff4 fs7 fc4 sc3 ls0 ws0\">oggetto di </td></tr><tr><td></td><td></td><td class=\"t m2 x80e h12 y645c ff4 fs7 fc4 sc3 ls0 ws0\">concessioni<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xec4 h12 y645c ff4 fs7 fc4 sc3 ls0 ws0\">concessioni<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x138d h12 y645c ff4 fs7 fc4 sc3 ls0 ws0\">concessioni<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x58e y645d w232 h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc1 sc2 ls0 ws0\">A. Rettifiche complessive </div></td><td class=\"t m2 xce6 h12 y645e ff4 fs7 fc1 sc2 ls0 ws0\">240.689<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc5f h12 y645e ff4 fs7 fc1 sc2 ls0 ws0\">66.424<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x124d h12 y645e ff4 fs7 fc1 sc2 ls0 ws0\">166.497<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e1 h12 y645e ff4 fs7 fc1 sc2 ls0 ws0\">48.829<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x92e h12 y645e ff4 fs7 fc1 sc2 ls0 ws0\">11.231<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf1b h12 y645e ff4 fs7 fc1 sc2 ls0 ws0\">183<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y645f ff4 fs7 fc1 sc2 ls0 ws0\">iniziali<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h12 y6460 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui: esposizion<span class=\"_ _2\"></span>i cedute </td><td class=\"c n x1136 y6461 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ba6 y6461 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ba7 y6461 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ba8 y6461 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ba9 y6461 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1baa y6461 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y6462 ff4 fs7 fc1 sc0 ls0 ws0\">non cancellate </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6463 ff4 fs7 fc1 sc2 ls0 ws0\">B. Variazioni in aumento<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x171e h12 y6463 ff4 fs7 fc1 sc2 ls0 ws0\">73.196<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cd h12 y6463 ff4 fs7 fc1 sc2 ls0 ws0\">13.531<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x18a0 h12 y6463 ff4 fs7 fc1 sc2 ls0 ws0\">79.338<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc52 h12 y6463 ff4 fs7 fc1 sc2 ls0 ws0\">21.316<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xceb h12 y6463 ff4 fs7 fc1 sc2 ls0 ws0\">13.641<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf1b h12 y6463 ff4 fs7 fc1 sc2 ls0 ws0\">377<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6464 ff4 fs7 fc1 sc0 ls0 ws0\">B.1 rettifiche di valore da </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6465 ff4 fs7 fc1 sc0 ls0 ws0\">attivit\u00e0 finanziarie impa<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>red </td><td class=\"c n x1136 y6466 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bab y6466 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bac y6466 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bad y6466 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bae y6466 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1baf y6466 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6467 ff4 fs7 fc1 sc0 ls0 ws0\">acquisite o originate<span class=\"_ _3b\"></span> </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y6468 w112d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 altre rettifiche d<span class=\"_ _2\"></span>i valore<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bb0 y6468 w112e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">28.612<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bb1 y6468 wea6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.865<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bb2 y6468 w112f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">72.878<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bb3 y6468 w1130 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">20.711<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bb4 y6468 w6d6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13.619<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bb5 y6468 w812 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">368<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6469 w1131 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 perdite da cessi<span class=\"_ _2\"></span>one<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bb6 y6469 w1132 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">476<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bb7 y6469 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bb8 y6469 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bb9 y6469 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bba y6469 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bbb y6469 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y646a ff4 fs7 fc1 sc0 ls0 ws0\">B.4 trasferimenti da al<span class=\"_ _2\"></span>tre </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y646b ff4 fs7 fc1 sc0 ls0 ws0\">categorie di esposiz<span class=\"_ _2\"></span>ioni </td><td class=\"c n xb48 y646c w1133 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">43.453<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bbc y646c w1134 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.666<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bbd y646c w1135 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.192<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bbe y646c wadd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">444<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bbf y646c w1136 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">22<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bc0 y646c w1137 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y646d ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x58e y646e w131 h11\"><div class=\"t m2 x0 h12 y49 ff4 fs7 fc1 sc0 ls0 ws0\">B.5 modifiche contra<span class=\"_ _2\"></span>ttuali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1136 y646f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ba6 y646f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bc1 y646f w1138 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">107<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bc2 y646f w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bae y646f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bc3 y646f w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6470 ff4 fs7 fc1 sc0 ls0 ws0\">senza cancellazioni<span class=\"_ _3b\"></span> </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5a61 w1139 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.6 altre variazion<span class=\"_ _2\"></span>i in aumento<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bc4 y5a61 w864 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>55<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bc5 y5a61 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bc6 y5a61 w113a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">161<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bc7 y5a61 w113a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">161<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bc8 y5a61 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bc9 y5a61 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6471 ff4 fs7 fc1 sc2 ls0 ws0\">C. Variazioni in diminuzione<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd58 h12 y6471 ff4 fs7 fc1 sc2 ls0 ws0\">94.117<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cd h12 y6471 ff4 fs7 fc1 sc2 ls0 ws0\">21.510<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd9 h12 y6471 ff4 fs7 fc1 sc2 ls0 ws0\">79.109<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e1 h12 y6471 ff4 fs7 fc1 sc2 ls0 ws0\">22.439<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e2 h12 y6471 ff4 fs7 fc1 sc2 ls0 ws0\">10.179<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1288 h12 y6471 ff4 fs7 fc1 sc2 ls0 ws0\">497<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6472 ff4 fs7 fc1 sc0 ls0 ws0\">C.1 riprese di val<span class=\"_ _2\"></span>ore da<span class=\"_ _3a1\"> </span></td><td class=\"c n x132c y6473 w91c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.356<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bca y6473 w53e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.358<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bcb y6473 w113b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.630<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bcc y6473 wfc2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7.216<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bcd y6473 wfca h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.432<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bce y6473 w113c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6474 ff4 fs7 fc1 sc0 ls0 ws0\">valutazione </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y6475 w113d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 riprese di val<span class=\"_ _2\"></span>ore da incasso<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bcf y6475 w113e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18.183<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bd0 y6475 w113f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">16.110<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bd1 y6475 w1140 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18.910<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bd2 y6475 w1141 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.511<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bd3 y6475 w1142 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.444<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bd4 y6475 w1143 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">43<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6476 w1144 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.3 utili da cessione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bd5 y6476 w1145 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.527<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bd6 y6476 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bd7 y6476 w1146 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bd8 y6476 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bd9 y6476 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bda y6476 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y601f w1147 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.4 write-off<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bdb y601f w1148 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">27.680<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bdc y601f w1149 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.<span class=\"_ _2\"></span>610<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bdd y601f w114a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.540<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bde y601f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bdf y601f w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe1a y601f w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6477 ff4 fs7 fc1 sc0 ls0 ws0\">C.5 trasferimenti ad <span class=\"_ _2\"></span>altre </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6478 ff4 fs7 fc1 sc0 ls0 ws0\">categorie di esposiz<span class=\"_ _2\"></span>ioni </td><td class=\"c n x114b y6453 w1105 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">15<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1be0 y6453 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1be1 y6453 w114b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">42.349<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1be2 y6453 wd2f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.679<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1be3 y6453 w114c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7.303<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1be4 y6453 weef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">445<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6479 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y647a ff4 fs7 fc1 sc0 ls0 ws0\">C.6 modifiche contra<span class=\"_ _2\"></span>ttuali<span class=\"_ _3a1\"> </span></td><td class=\"c n x1136 y6052 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ba6 y6052 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1be5 y6052 w114d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">263<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1be6 y6052 w114e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">33<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1be7 y6052 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1be8 y6052 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y647b ff4 fs7 fc1 sc0 ls0 ws0\">senza cancellazioni<span class=\"_ _3b\"></span> </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y647c w114f h1e7\"><div class=\"t m2 x2b3 h12 y543a ff4 fs7 fc1 sc0 ls0 ws0\">C.7 altre variazioni <span class=\"_ _2\"></span>in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">diminuzione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb48 y647d we38 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">39.356<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1be9 y647d w8c0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">432<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bea y647d w8c0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">365<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1beb y647d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bec y647d w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bed y647d w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y647e ff4 fs7 fc1 sc2 ls0 ws0\">D. Rettifiche  complessive finali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x87e h12 y647e ff4 fs7 fc1 sc2 ls0 ws0\">219.768<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc5f h12 y647e ff4 fs7 fc1 sc2 ls0 ws0\">58.445<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1757 h12 y647e ff4 fs7 fc1 sc2 ls0 ws0\">166.726<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc64 h12 y647e ff4 fs7 fc1 sc2 ls0 ws0\">47.706<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x140a h12 y647e ff4 fs7 fc1 sc2 ls0 ws0\">14.693<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1195 h12 y647e ff4 fs7 fc1 sc2 ls0 ws0\">63<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x2d7 y58e9 w1150 h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1bee h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: esposizion<span class=\"_ _2\"></span>i cedute non<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1136 y5b9c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ba6 y5b9c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ba7 y5b9c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ba8 y5b9c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ba9 y5b9d w1151 h20a\"><div class=\"t m2 x2b3 h12 y56d8 ff4 fs7 fc1 sc0 ls0 ws0\">- <span class=\"_ _288\"> </span>- </div></td><td></td></tr><tr><td class=\"t m2 x58e h12 y647f ff4 fs7 fc1 sc0 ls0 ws0\">cancellate </td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs130f\">A.2 Classificazio<span class=\"_ _1\"></span>ne delle esposizion<span class=\"_ _1\"></span>i in base ai rating est<span class=\"_ _1\"></span>erni e interni<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1310\">A.2.1 Consolidato<span class=\"_ _1\"></span> prudenziale - Distr<span class=\"_ _1\"></span>ibuzione delle attivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie, degli impe<span class=\"_ _1\"></span>gni a erogare fondi e <span class=\"_ _1\"></span>delle garanzie<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1311\">finanziarie <span class=\"_ _1\"></span>rilasciate: per classi di r<span class=\"_ _1\"></span>ating esterni (valor<span class=\"_ _1\"></span>i lordi)<span class=\"_ _3a1\"> </span></div><div class=\"gs1312\"><table class=\"s w1152 h2a1\" id=\"_88171b60-28fc-4e61-b763-7203dd9fcf38\"><tr><td></td><td></td><td></td><td class=\"t m2 x940 h12 y6480 ff4 fs7 fc4 sc3 ls0 ws0\">Classi di rating esterni<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td class=\"t m2 x11aa h12 y6481 ff4 fs7 fc4 sc3 ls0 ws0\">Senza </td><td></td></tr><tr><td class=\"t m2 xd55 h12 y6482 ff4 fs7 fc4 sc3 ls0 ws0\">Esposizioni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7db h12 y6483 ff4 fs7 fc4 sc3 ls0 ws0\">Classe 1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc51 h12 y6483 ff4 fs7 fc4 sc3 ls0 ws0\">classe 2<span class=\"_ _3a1\"> </span></td><td class=\"c xdda y6484 w41 h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">classe </div></td><td class=\"t m2 x88b h12 y6483 ff4 fs7 fc4 sc3 ls0 ws0\">classe 3<span class=\"_ _3a1\"> </span></td><td></td><td class=\"c x934 y6484 w41 h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">classe </div></td><td class=\"c x87b y6484 w41 h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">classe </div></td><td class=\"t m2 x11aa h12 y6485 ff4 fs7 fc4 sc3 ls0 ws0\">rating<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1189 h12 y6482 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6486 ff4 fs7 fc1 sc2 ls0 ws0\">A. Attivit\u00e0 finanziarie vautate </td><td></td><td></td><td></td><td></td><td class=\"t m2 x7c7 h12 y6487 ff4 fs7 fc4 sc3 ls0 ws0\">4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d0 h12 y6487 ff4 fs7 fc4 sc3 ls0 ws0\">5<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x886 h12 y6487 ff4 fs7 fc4 sc3 ls0 ws0\">6<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x1187 h12 y6488 ff4 fs7 fc1 sc2 ls0 ws0\">1.152.282<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc65 h12 y6488 ff4 fs7 fc1 sc2 ls0 ws0\">1.114.016<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c6 h12 y6488 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc61 h12 y6488 ff4 fs7 fc1 sc2 ls0 ws0\">5.449.038<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc60 h12 y6488 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93a h12 y6488 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5b h12 y6488 ff4 fs7 fc1 sc2 ls0 ws0\">47.309.981<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e4 h12 y6488 ff4 fs7 fc1 sc2 ls0 ws0\">55.025.317<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6489 ff4 fs7 fc1 sc2 ls0 ws0\">al costo ammortizzato<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x595 y648a w1153 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Primo stadio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bef y648a w1154 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.152.282<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bf0 y648a w1155 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.114.016<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bf1 y648a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bf2 y648a w1156 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>.449.038<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1bf3 y648a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bf4 y648a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bf5 y648a w1157 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">44.327.488<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bf6 y648a w1158 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">52.042.824<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y648b w1159 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Secondo stadio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bf7 y648b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bf8 y648b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bf9 y648b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bfa y648b w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1bfb y648b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bfc y648b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bfd y648b w115a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.307.019<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bfe y648b w115a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.307.019<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y648c w115b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Terzo stadio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bff y648c w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c00 y648c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c01 y648c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c02 y648c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1c03 y648c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c04 y648c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c05 y648c w115c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">657.873<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c06 y648c w115d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">657.873<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y648d ff4 fs7 fc1 sc0 ls0 ws0\">- Impaired acquis<span class=\"_ _2\"></span>ite o </td><td class=\"c n x1136 y648e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c07 y648e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c08 y648e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c09 y648e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1c0a y648e w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c0b y648e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c0c y648e w115e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">17.601<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c0d y648e w115e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">17.601<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y648f ff4 fs7 fc1 sc0 ls0 ws0\">originate </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6490 ff4 fs7 fc1 sc2 ls0 ws0\">B. Attivit\u00e0 finanziarie valutate </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6491 ff4 fs7 fc1 sc2 ls0 ws0\">al fair value con impatto sulla </td><td class=\"t m2 xc5c h12 y6491 ff4 fs7 fc1 sc2 ls0 ws0\">3.649.317<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x92f h12 y6491 ff4 fs7 fc1 sc2 ls0 ws0\">1.135.574<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c6 h12 y6491 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1410 h12 y6491 ff4 fs7 fc1 sc2 ls0 ws0\">324.691<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc60 h12 y6491 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93a h12 y6491 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc57 h12 y6491 ff4 fs7 fc1 sc2 ls0 ws0\">253.257<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x13e5 h12 y6491 ff4 fs7 fc1 sc2 ls0 ws0\">5.362.839<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6492 ff4 fs7 fc1 sc2 ls0 ws0\">redditivit\u00e0 complessiva<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x595 y6493 w1153 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Primo stadio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c0e y6493 w115f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>.649.317<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c0f y6493 w1160 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.135.574<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c10 y6493 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c11 y6493 w1161 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">324.691<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1c12 y6493 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c13 y6493 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c14 y6493 w1162 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">25<span class=\"_ _1\"></span>3.257<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c15 y6493 w1163 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.362.839<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y6494 w1159 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Secondo stadio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bf7 y6494 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bf8 y6494 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bf9 y6494 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bfa y6494 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1bfb y6494 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bfc y6494 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c16 y6494 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c17 y6494 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y6495 w115b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Terzo stadio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bff y6495 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c00 y6495 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c01 y6495 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c02 y6495 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1c03 y6495 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c04 y6495 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c18 y6495 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c19 y6495 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y6496 ff4 fs7 fc1 sc0 ls0 ws0\">- Impaired acquis<span class=\"_ _2\"></span>ite o </td><td class=\"c n x1136 y6497 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c07 y6497 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c08 y6497 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c09 y6497 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1c0a y6497 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c0b y6497 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c1a y6497 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c1b y6497 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y6498 ff4 fs7 fc1 sc0 ls0 ws0\">originate </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x58e y6499 w234 h11\"><div class=\"t m2 x0 h12 y2d9 ff4 fs7 fc1 sc2 ls0 ws0\">C. Attivit\u00e0 finanziarie in corso </div></td><td class=\"t m2 x5c4 h12 y649a ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dd h12 y649a ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c6 h12 y649a ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1757 h12 y649a ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc60 h12 y649a ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93a h12 y649a ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12d5 h12 y649a ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h12 y649a ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y649b ff4 fs7 fc1 sc2 ls0 ws0\">di dismissione<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x595 y649c w1153 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Primo stadio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c1c y649c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c1d y649c w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c1e y649c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c1f y649c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1c20 y649c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c21 y649c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c22 y649c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c23 y649c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y649d w1159 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Secondo stadio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bf7 y649d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bf8 y649d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bf9 y649d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bfa y649d w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1bfb y649d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bfc y649d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c16 y649d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c17 y649d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y649e w115b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Terzo stadio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bff y649e w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c00 y649e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c01 y649e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c02 y649e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1c03 y649e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c04 y649e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c18 y649e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c19 y649e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y649f ff4 fs7 fc1 sc0 ls0 ws0\">- Impaired acquis<span class=\"_ _2\"></span>ite o </td><td class=\"c n x1136 y64a0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c07 y64a0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c08 y64a0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c09 y64a0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1c0a y64a0 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c0b y64a0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c1a y64a0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c1b y64a0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y64a1 ff4 fs7 fc1 sc0 ls0 ws0\">originate </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x1c24 h12 y64a2 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B+C)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1400 h12 y64a2 ff4 fs7 fc1 sc2 ls0 ws0\">4.801.599<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1449 h12 y64a2 ff4 fs7 fc1 sc2 ls0 ws0\">2.249.590<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c6 h12 y64a2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99f h12 y64a2 ff4 fs7 fc1 sc2 ls0 ws0\">5.773.729<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc60 h12 y64a2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93a h12 y64a2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcee h12 y64a2 ff4 fs7 fc1 sc2 ls0 ws0\">47.563.238<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x890 h12 y64a2 ff4 fs7 fc1 sc2 ls0 ws0\">60.388.156<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y64a3 ff4 fs7 fc1 sc2 ls0 ws0\">D. Impegni a erogare fondi e </td><td class=\"t m2 x5c4 h12 y64a4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dd h12 y64a4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c6 h12 y64a4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1757 h12 y64a4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc60 h12 y64a4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93a h12 y64a4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d6 h12 y64a4 ff4 fs7 fc1 sc2 ls0 ws0\">15.193.809<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15ce h12 y64a4 ff4 fs7 fc1 sc2 ls0 ws0\">15.193.809<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y64a5 ff4 fs7 fc1 sc2 ls0 ws0\">garanzie finanziarie rilasciate<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x595 y64a6 w1153 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Primo stadio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c1c y64a6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c1d y64a6 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c1e y64a6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c1f y64a6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1c20 y64a6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c21 y64a6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c25 y64a6 w7a8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.687.770<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c26 y64a6 w7a8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.687.770<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y64a7 w1159 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Secondo stadio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bf7 y64a7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bf8 y64a7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bf9 y64a7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bfa y64a7 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1bfb y64a7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bfc y64a7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c27 y64a7 w79f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">463.705<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c28 y64a7 w6fd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">463.705<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y64a8 w115b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Terzo stadio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bff y64a8 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c00 y64a8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c01 y64a8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c02 y64a8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1c03 y64a8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c04 y64a8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c29 y64a8 we5b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">41.330<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c2a y64a8 w1164 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">41.330<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y64a9 ff4 fs7 fc1 sc0 ls0 ws0\">- Impaired acquis<span class=\"_ _2\"></span>iti/e o<span class=\"_ _3a1\"> </span></td><td class=\"c n x1136 y64aa w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c07 y64aa w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c08 y64aa w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c09 y64aa w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1c0a y64aa w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c0b y64aa w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c2b y64aa w978 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.004<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c2c y64aa w978 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.004<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y64ab ff4 fs7 fc1 sc0 ls0 ws0\">originati/e </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x1c2d h12 y64ac ff4 fs7 fc1 sc2 ls0 ws0\">Totale (D)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x5c4 h12 y64ac ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dd h12 y64ac ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c6 h12 y64ac ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1757 h12 y64ac ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc60 h12 y64ac ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93a h12 y64ac ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d6 h12 y64ac ff4 fs7 fc1 sc2 ls0 ws0\">15.193.809<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15ce h12 y64ac ff4 fs7 fc1 sc2 ls0 ws0\">15.193.809<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x1628 h12 y64ad ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B+C+D)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1400 h12 y64ad ff4 fs7 fc1 sc2 ls0 ws0\">4.801.599<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1449 h12 y64ad ff4 fs7 fc1 sc2 ls0 ws0\">2.249.590<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c6 h12 y64ad ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99f h12 y64ad ff4 fs7 fc1 sc2 ls0 ws0\">5.773.729<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc60 h12 y64ad ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93a h12 y64ad ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5b h12 y64ad ff4 fs7 fc1 sc2 ls0 ws0\">62.757.047<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e4 h12 y64ad ff4 fs7 fc1 sc2 ls0 ws0\">75.581.965<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1313\">Le <span class=\"_ _1\"></span>classi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>ing <span class=\"_ _1\"></span>esterni <span class=\"_ _38\"></span>indicate <span class=\"_ _1\"></span>si <span class=\"_ _38\"></span>riferiscono <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lle <span class=\"_ _1\"></span>classi <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>merito <span class=\"_ _1\"></span>creditizio <span class=\"_ _38\"></span>dei <span class=\"_ _1\"></span>debitor<span class=\"_ _1\"></span>i/garanti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1314\">di cui alla normativa prudenziale.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1315\">L\u2019agenzia di <span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>ing utilizzate <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>sotto <span class=\"_ _1\"></span>riportate <span class=\"_ _1\"></span>e si <span class=\"_ _1\"></span>fornisce <span class=\"_ _1\"></span>la t<span class=\"_ _1\"></span>abella <span class=\"_ _1\"></span>di raccordo <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>le class<span class=\"_ _1\"></span>i di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1316\">rischio e i rating delle agenzie. </div><div class=\"gs1318\"><table class=\"s w1165 h2a2\" id=\"_ed91547a-ddb7-4cc7-9cb3-efcf42536387\"><tr><td></td><td class=\"c x1c2f y64ae w1166 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">/EC<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1c2e h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">AI<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x58e y64af w235 h11\"><div class=\"t m2 x0 h12 y3cb ff4 fs7 fc1 sc0 ls0 ws0\">Esposizione verso </div></td><td></td></tr><tr><td class=\"t m2 x58e h12 y64b0 ff4 fs7 fc1 sc0 ls0 ws0\">Amministrazioni centr<span class=\"_ _2\"></span>ali e </td><td class=\"t m2 x1193 h12 y64b0 ff4 fs7 fc1 sc0 ls0 ws0\">DBRS Rating Limited<span class=\"_ _3b\"></span> </td></tr><tr><td class=\"t m2 x58e h12 y64b1 ff4 fs7 fc1 sc0 ls0 ws0\">banche centrali<span class=\"_ _2\"></span> </td><td></td></tr><tr><td class=\"t m2 x58e h12 y64b2 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni verso orga<span class=\"_ _2\"></span>nizzazioni </td><td class=\"t m2 x1c30 h12 y64b2 ff4 fs7 fc1 sc0 ls0 ws0\">Fitch Ratings </td></tr><tr><td class=\"t m2 x58e h12 y64b3 ff4 fs7 fc1 sc0 ls0 ws0\">internazionali </td><td class=\"t m2 x7be h12 y64b3 ff4 fs7 fc1 sc0 ls0 ws0\">Standard &amp; Poor\u2019s <span class=\"_ _2\"></span>Rating </td></tr><tr><td></td><td class=\"t m2 x1aa9 h12 y64b4 ff4 fs7 fc1 sc0 ls0 ws0\">Services* </td></tr><tr><td class=\"t m2 x58e h12 y64b5 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni verso banc<span class=\"_ _2\"></span>he </td><td class=\"t m2 x1c30 h12 y64b5 ff4 fs7 fc1 sc0 ls0 ws0\">Fitch Ratings </td></tr><tr><td class=\"t m2 x58e h12 y64b6 ff4 fs7 fc1 sc0 ls0 ws0\">multilaterali di sviluppo<span class=\"_ _2\"></span> </td><td class=\"t m2 x7be h12 y64b6 ff4 fs7 fc1 sc0 ls0 ws0\">Standard &amp; Poor\u2019s <span class=\"_ _2\"></span>Rating </td></tr><tr><td></td><td class=\"t m2 x1aa9 h12 y64b7 ff4 fs7 fc1 sc0 ls0 ws0\">Services* </td></tr><tr><td class=\"c x58e y64b8 wa h11\"><div class=\"t m2 x0 h12 y3d4 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni verso imp<span class=\"_ _2\"></span>rese ed altri </div></td><td class=\"c x1c30 y64b8 w236 h11\"><div class=\"t m2 x0 h12 y3d4 ff4 fs7 fc1 sc0 ls0 ws0\">Fitch Ratings<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y64b9 ff4 fs7 fc1 sc0 ls0 ws0\">soggetti </td><td class=\"t m2 x7be h12 y64b9 ff4 fs7 fc1 sc0 ls0 ws0\">Standard &amp; Poor\u2019s <span class=\"_ _2\"></span>Rating </td></tr><tr><td></td><td class=\"t m2 x1aa9 h12 y64ba ff4 fs7 fc1 sc0 ls0 ws0\">Services* </td></tr><tr><td class=\"t m2 x58e h12 y64bb ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni verso orga<span class=\"_ _2\"></span>nismi di </td><td class=\"t m2 x1c30 h12 y64bb ff4 fs7 fc1 sc0 ls0 ws0\">Fitch Ratings </td></tr><tr><td class=\"t m2 x58e h12 y64bc ff4 fs7 fc1 sc0 ls0 ws0\">investimento colletti<span class=\"_ _2\"></span>vo del </td><td class=\"t m2 x7be h12 y64bc ff4 fs7 fc1 sc0 ls0 ws0\">Standard &amp; Poor\u2019s <span class=\"_ _2\"></span>Rating </td></tr><tr><td class=\"t m2 x58e h12 y64bd ff4 fs7 fc1 sc0 ls0 ws0\">risparmio (OICR) </td><td class=\"t m2 x1aa9 h12 y64bd ff4 fs7 fc1 sc0 ls0 ws0\">Services* </td></tr><tr><td class=\"t m2 x58e h12 y64be ff4 fs7 fc1 sc0 ls0 ws0\">Posizioni verso le </td><td class=\"t m2 x1c30 h12 y64be ff4 fs7 fc1 sc0 ls0 ws0\">Fitch Ratings </td></tr><tr><td class=\"t m2 x58e h12 y64bf ff4 fs7 fc1 sc0 ls0 ws0\">cartolarizzazioni ave<span class=\"_ _2\"></span>nti un rating </td><td class=\"t m2 x7be h12 y64bf ff4 fs7 fc1 sc0 ls0 ws0\">Standard &amp; Poor\u2019s <span class=\"_ _2\"></span>Rating </td></tr><tr><td class=\"t m2 x58e h12 y64c0 ff4 fs7 fc1 sc0 ls0 ws0\">a breve termine </td><td class=\"t m2 x140b h12 y64c0 ff4 fs7 fc1 sc0 ls0 ws0\">Services </td></tr><tr><td></td><td class=\"t m2 x140b h12 y64c1 ff4 fs7 fc1 sc0 ls0 ws0\">Moody\u2019s </td></tr><tr><td class=\"c x58e y64c2 w1bf h11\"><div class=\"t m2 x0 h12 y49 ff4 fs7 fc1 sc0 ls0 ws0\">Posizioni verso le </div></td><td class=\"c x1c30 y64c2 w236 h11\"><div class=\"t m2 x0 h12 y49 ff4 fs7 fc1 sc0 ls0 ws0\">Fitch Ratings<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y64c3 ff4 fs7 fc1 sc0 ls0 ws0\">cartolarizzazioni diverse d<span class=\"_ _3b\"></span>a </td><td class=\"t m2 x7be h12 y64c3 ff4 fs7 fc1 sc0 ls0 ws0\">Standard &amp; Poor\u2019s <span class=\"_ _2\"></span>Rating </td></tr><tr><td class=\"t m2 x58e h12 y64c4 ff4 fs7 fc1 sc0 ls0 ws0\">quelle aventi un rating a b<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>eve </td><td class=\"t m2 x140b h12 y64c4 ff4 fs7 fc1 sc0 ls0 ws0\">Services </td></tr><tr><td class=\"t m2 x58e h12 y64c5 ff4 fs7 fc1 sc0 ls0 ws0\">termine </td><td class=\"t m2 x140b h12 y64c5 ff4 fs7 fc1 sc0 ls0 ws0\">Moody\u2019s </td></tr></table></div><div class=\"t m2 h19 ff4 fsb fc1 sc0 ls0 ws0 gs1319\">*ECAI utilizzata sol<span class=\"_ _1\"></span>o nella mit<span class=\"_ _1\"></span>igazione del r<span class=\"_ _1\"></span>ischio (CRM) su s<span class=\"_ _1\"></span>trumenti<span class=\"_ _1\"></span> finanziari accettati<span class=\"_ _1\"></span> a garanzia<span class=\"_ _3a1\"> </span></div><div class=\"gs131a\"><table class=\"s w1167 h2a3\" id=\"_4b011443-29c0-4685-8504-5bb58c7d7e6b\"><tr><td></td><td class=\"t m2 x58e h12 y64c6 ff4 fs7 fc1 sc2 ls0 ws0\">Classe di merito di </td><td class=\"c x9b3 y64c7 w1168 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">DBRS Ra<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1c31 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">ting Limited<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c32 y64c7 w1169 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Fitch Ratings<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c33 y64c7 w116a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Standard &amp; Poor\u2019s<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1188 h12 y64c8 ff4 fs7 fc1 sc0 ls0 ws0\">Moody\u2019s </td></tr><tr><td class=\"t m2 x58e h12 y64c9 ff4 fs7 fc1 sc2 ls0 ws0\">credito<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x939 h12 y64ca ff4 fs7 fc1 sc0 ls0 ws0\">Rating Services </td><td></td></tr><tr><td class=\"c x58e y64cb w1a h11\"><div class=\"t m2 x0 h12 y370 ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c x95d y64cb w237 h11\"><div class=\"t m2 x0 h12 y370 ff4 fs7 fc1 sc0 ls0 ws0\">da AAA a AAL<span class=\"_ _3a1\"> </span></div></td><td class=\"c x151c y64cc w116b h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">da AAA a AA<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1c34 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x1c36 y64cc w116c h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">da AAA a AA<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1c35 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c xcee y64cb w195 h11\"><div class=\"t m2 x0 h12 y370 ff4 fs7 fc1 sc0 ls0 ws0\">da Aaa a Aa3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x58e y64cd wf8 h11\"><div class=\"t m2 x0 h12 y370 ff4 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c x95d y64cd w238 h11\"><div class=\"t m2 x0 h12 y370 ff4 fs7 fc1 sc0 ls0 ws0\">da AH a AL<span class=\"_ _3a1\"> </span></div></td><td class=\"c x151c y64ce w116d h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">da A+ a A<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1c37 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x1c36 y64ce w116e h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">da A+ a A<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1c38 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c xcee y64cd w23a h11\"><div class=\"t m2 x0 h12 y370 ff4 fs7 fc1 sc0 ls0 ws0\">da A1 a A3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x58e y64cf w5f h11\"><div class=\"t m2 x0 h12 y370 ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c x95d y64cf w18f h11\"><div class=\"t m2 x0 h12 y370 ff4 fs7 fc1 sc0 ls0 ws0\">da BBBH a BBBL<span class=\"_ _3a1\"> </span></div></td><td class=\"c x151c y64d0 w116f h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">da BBB+ a BBB<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1c39 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x1c36 y64d0 w1170 h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">da BBB+ a BBB<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1c3a h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c xcee y64cf w23b h11\"><div class=\"t m2 x0 h12 y370 ff4 fs7 fc1 sc0 ls0 ws0\">da Baa1 a Baa3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y64d1 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1c3b y64d1 w1171 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">da BBH a BBL<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c3c y64d1 w1172 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">da BB+ a BB-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c3d y64d1 w1172 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">da BB+ a BB-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c3e y64d1 w1173 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">da Ba1 a Ba3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bd2 w1120 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1c3f y5bd2 w1174 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">da BH a BL<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c40 y5bd2 w1175 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">da B+ a B-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c41 y5bd2 w1175 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">da B+ a B-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c42 y5bd2 w1176 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">da B1 a<span class=\"_ _1\"></span> B3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y539f wd32 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1c43 y539f w1177 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C<span class=\"_ _1\"></span>CC<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c44 y539f w1178 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">CCC+ e in<span class=\"_ _2\"></span>feriori<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c45 y539f w1179 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">CCC+ e inferiori<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c46 y539f w117a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Caa1 e inferiori<span class=\"_ _3a1\"> </span></div></td></tr></table></div>A.2.2 Consolidato <span class=\"_ _1\"></span>prudenziale - Dist<span class=\"_ _1\"></span>ribu<span class=\"_ _3a1\"> </span>zione delle <span class=\"_ _1\"></span>attivit\u00e0 finanziarie, <span class=\"_ _1\"></span>degli impegni a ero<span class=\"_ _1\"></span>gare fondi e delle gara<span class=\"_ _1\"></span>nzie<span class=\"_ _3a1\"> </span>finanziarie <span class=\"_ _1\"></span>rilasciate per classi <span class=\"_ _1\"></span>di rating interni (valor<span class=\"_ _1\"></span>i lordi)<span class=\"_ _3a1\"> </span><table class=\"s w117b h2a4\" id=\"_4b275b0e-5a1e-4d26-9d15-45be73a6326f\"><tr><td class=\"t m2 x58e h19 y64d2 ff4 fsb fc4 sc3 ls0 ws0\">Esposizioni<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td class=\"t m2 xc49 h19 y64d2 ff4 fsb fc4 sc3 ls0 ws0\">Classi<span class=\"_ _1\"></span> di rating int<span class=\"_ _1\"></span>erni<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 xacf h19 y64d3 ff4 fsb fc4 sc3 ls0 ws0\">Senza </td><td class=\"t m2 xd4c h19 y64d2 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x87c h19 y64d4 ff4 fsb fc4 sc3 ls0 ws0\">Classe<span class=\"_ _1\"></span> 1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad5 h19 y64d4 ff4 fsb fc4 sc3 ls0 ws0\">Classe<span class=\"_ _1\"></span> 2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e5 h19 y64d4 ff4 fsb fc4 sc3 ls0 ws0\">Classe<span class=\"_ _1\"></span> 3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x130d h19 y64d4 ff4 fsb fc4 sc3 ls0 ws0\">Classe<span class=\"_ _1\"></span> 4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1323 h19 y64d4 ff4 fsb fc4 sc3 ls0 ws0\">Classe<span class=\"_ _1\"></span> 5<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h19 y64d4 ff4 fsb fc4 sc3 ls0 ws0\">Classe<span class=\"_ _1\"></span> 6<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcef h19 y64d5 ff4 fsb fc4 sc3 ls0 ws0\">Classe<span class=\"_ _1\"></span> </td><td class=\"t m2 x7bf h19 y64d5 ff4 fsb fc4 sc3 ls0 ws0\">Classe<span class=\"_ _1\"></span> </td><td class=\"t m2 xacf h19 y64d6 ff4 fsb fc4 sc3 ls0 ws0\">rating<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x13e5 h19 y64d4 ff4 fsb fc4 sc3 ls0 ws0\">(A+B+C<span class=\"_ _1\"></span>+D)<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x8e8 h19 y64d7 ff4 fsb fc4 sc3 ls0 ws0\">7<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x591 h19 y64d7 ff4 fsb fc4 sc3 ls0 ws0\">8<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y64d8 ff4 fsb fc1 sc2 ls0 ws0\">A. Attiv<span class=\"_ _1\"></span>it\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y64d9 ff4 fsb fc1 sc2 ls0 ws0\">finanziarie<span class=\"_ _1\"></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 class=\"t m2 x58e h19 y64da ff4 fsb fc1 sc2 ls0 ws0\">valutate <span class=\"_ _1\"></span>al </td><td class=\"t m2 xc50 h19 y64da ff4 fsb fc1 sc2 ls0 ws0\">4.289.4<span class=\"_ _1\"></span>18<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1273 h19 y64da ff4 fsb fc1 sc2 ls0 ws0\">13.698.51<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7be h19 y64da ff4 fsb fc1 sc2 ls0 ws0\">6.443.921<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd59 h19 y64da ff4 fsb fc1 sc2 ls0 ws0\">5.607.3<span class=\"_ _1\"></span>46<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93c h19 y64da ff4 fsb fc1 sc2 ls0 ws0\">2.541.060<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc54 h19 y64da ff4 fsb fc1 sc2 ls0 ws0\">1.114.681<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf1a h19 y64da ff4 fsb fc1 sc2 ls0 ws0\">250.252<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7bf h19 y64da ff4 fsb fc1 sc2 ls0 ws0\">171.207<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a0 h19 y64da ff4 fsb fc1 sc2 ls0 ws0\">20.908.91<span class=\"_ _1\"></span>9<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad4 h19 y64da ff4 fsb fc1 sc2 ls0 ws0\">55.025.317<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y64db ff4 fsb fc1 sc2 ls0 ws0\">costo </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y64dc ff4 fsb fc1 sc2 ls0 ws0\">ammor<span class=\"_ _1\"></span>tizzato<span class=\"_ _3a1\"> </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 class=\"c n x2d7 y64dd w117c h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Primo st<span class=\"_ _1\"></span>adio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c47 y64dd w117d h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">4.286.674<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c48 y64dd w117e h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">13.655.433<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c49 y64dd w117f h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">6.419.670<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c4a y64dd w1180 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">4.948.97<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c4b y64dd w1181 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2.000.552<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c4c y64dd w1182 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">573.695<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c4d y64dd w1183 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">65.196<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c4e y64dd w1184 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">55.701<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c4f y64dd w1185 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">20.036.929<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c50 y64dd w1186 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">52.042.82<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h19 y64de ff4 fsb fc1 sc0 ls0 ws0\">- Secondo<span class=\"_ _3a1\"> </span></td><td class=\"c n x824 y64df w1187 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2.744<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c51 y64df w1188 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">43.080<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c52 y64df w1189 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">21.253<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c53 y64df w118a h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">656.970<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c54 y64df w118b h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">540.508<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c55 y64df w118c h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">540.914<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c56 y64df w118d h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">185.056<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c57 y64df w118e h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">115.506<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c58 y64df w118f h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">200.988<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c59 y64df w1190 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2.307<span class=\"_ _1\"></span>.019<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h19 y64e0 ff4 fsb fc1 sc0 ls0 ws0\">stadio </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5d88 w1191 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Terzo stadio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5a y5d88 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5b y5d88 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5c y5d88 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5d y5d88 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5e y5d88 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5f y5d88 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c60 y5d88 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c61 y5d88 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c62 y5d88 w1192 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">657<span class=\"_ _1\"></span>.873<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c63 y5d88 w970 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">657.873<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h19 y64e1 ff4 fsb fc1 sc0 ls0 ws0\">- Impaired </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y64e2 ff4 fsb fc1 sc0 ls0 ws0\">acquisite o<span class=\"_ _3a1\"> </span></td><td class=\"c n xc91 y64e3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c64 y64e3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c65 y64e3 w1193 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2.998<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c66 y64e3 wc44 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.402<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c67 y64e3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c68 y64e3 w1194 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">72<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c69 y64e3 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c6a y64e3 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c6b y64e3 w1195 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">13.129<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c6c y64e3 w1196 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">17.601<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h19 y64e4 ff4 fsb fc1 sc0 ls0 ws0\">originate </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y64e5 ff4 fsb fc1 sc2 ls0 ws0\">B. Attivi<span class=\"_ _1\"></span>t\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y64e6 ff4 fsb fc1 sc2 ls0 ws0\">finanziarie<span class=\"_ _1\"></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 class=\"c x2d7 y64e7 w1197 h24d\"><div class=\"t m2 x2b3 h19 y5c41 ff4 fsb fc1 sc2 ls0 ws0\">valutate <span class=\"_ _1\"></span>al fair<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc2 ls0 ws0\">value con<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1ac2 h19 y64e8 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x5d7 h19 y64e8 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc65 h19 y64e8 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99f h19 y64e8 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddb h19 y64e8 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x939 h19 y64e8 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad7 h19 y64e8 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12d4 h19 y64e8 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d2 h19 y64e8 ff4 fsb fc1 sc2 ls0 ws0\">5.362.83<span class=\"_ _1\"></span>9<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1189 h19 y64e8 ff4 fsb fc1 sc2 ls0 ws0\">5.362.83<span class=\"_ _1\"></span>9<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y64e9 ff4 fsb fc1 sc2 ls0 ws0\">impatto<span class=\"_ _1\"></span> sulla </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y64ea ff4 fsb fc1 sc2 ls0 ws0\">redditi<span class=\"_ _1\"></span>vit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y64eb ff4 fsb fc1 sc2 ls0 ws0\">compless<span class=\"_ _1\"></span>iva<span class=\"_ _3a1\"> </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 class=\"c n x2d7 y64ec w117c h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Primo st<span class=\"_ _1\"></span>adio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c6d y64ec wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c6e y64ec wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c6f y64ec wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c70 y64ec wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c71 y64ec wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c72 y64ec wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c73 y64ec wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c74 y64ec wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c75 y64ec w1198 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">5.362.839<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c76 y64ec w1199 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>.362.839<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h19 y64ed ff4 fsb fc1 sc0 ls0 ws0\">- Secondo<span class=\"_ _3a1\"> </span></td><td class=\"c n xc91 y64ee wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c64 y64ee wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c77 y64ee wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c78 y64ee wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c79 y64ee wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7a y64ee wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7b y64ee wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7c y64ee wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7d y64ee wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7e y64ee wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h19 y64ef ff4 fsb fc1 sc0 ls0 ws0\">stadio </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y64f0 w1191 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Terzo stadio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5a y64f0 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5b y64f0 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5c y64f0 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5d y64f0 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5e y64f0 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5f y64f0 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c60 y64f0 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c61 y64f0 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7f y64f0 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c80 y64f0 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h19 y64f1 ff4 fsb fc1 sc0 ls0 ws0\">- Impaired </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y64f2 ff4 fsb fc1 sc0 ls0 ws0\">acquisite o<span class=\"_ _3a1\"> </span></td><td class=\"c n xc91 y64f3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c64 y64f3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c77 y64f3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c78 y64f3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c79 y64f3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7a y64f3 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7b y64f3 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7c y64f3 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7d y64f3 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7e y64f3 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h19 y64f4 ff4 fsb fc1 sc0 ls0 ws0\">originate </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y64f5 ff4 fsb fc1 sc2 ls0 ws0\">C. Attiv<span class=\"_ _1\"></span>it\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y64f6 w119a h24d\"><div class=\"t m2 x2b3 h19 y5c41 ff4 fsb fc1 sc2 ls0 ws0\">finanziarie<span class=\"_ _1\"></span> in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc2 ls0 ws0\">corso di<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1ac2 h19 y64f7 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x5d7 h19 y64f7 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc65 h19 y64f7 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99f h19 y64f7 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddb h19 y64f7 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x939 h19 y64f7 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad7 h19 y64f7 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12d4 h19 y64f7 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1140 h19 y64f7 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h19 y64f7 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y64f8 ff4 fsb fc1 sc2 ls0 ws0\">dismiss<span class=\"_ _1\"></span>ione<span class=\"_ _3a1\"> </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 class=\"c n x2d7 y64f9 w117c h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Primo st<span class=\"_ _1\"></span>adio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c6d y64f9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c6e y64f9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c6f y64f9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c70 y64f9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c71 y64f9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c72 y64f9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c73 y64f9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c74 y64f9 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c81 y64f9 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c82 y64f9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h19 y64fa ff4 fsb fc1 sc0 ls0 ws0\">- Secondo<span class=\"_ _3a1\"> </span></td><td class=\"c n xc91 y64fb wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c64 y64fb wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c77 y64fb wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c78 y64fb wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c79 y64fb wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7a y64fb wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7b y64fb wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7c y64fb wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7d y64fb wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7e y64fb wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h19 y64fc ff4 fsb fc1 sc0 ls0 ws0\">stadio </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y544f w1191 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Terzo stadio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5a y544f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5b y544f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5c y544f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5d y544f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5e y544f wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5f y544f wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c60 y544f wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c61 y544f wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7f y544f wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c80 y544f wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h19 y64fd ff4 fsb fc1 sc0 ls0 ws0\">- Impaired </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y64fe ff4 fsb fc1 sc0 ls0 ws0\">acquisite o<span class=\"_ _3a1\"> </span></td><td class=\"c n xc91 y64ff wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c64 y64ff wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c77 y64ff wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c78 y64ff wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c79 y64ff wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7a y64ff wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7b y64ff wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7c y64ff wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7d y64ff wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7e y64ff wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h19 y6500 ff4 fsb fc1 sc0 ls0 ws0\">originate </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y6501 ff4 fsb fc1 sc2 ls0 ws0\">Totale </td><td class=\"t m2 xc50 h19 y6502 ff4 fsb fc1 sc2 ls0 ws0\">4.289.4<span class=\"_ _1\"></span>18<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1273 h19 y6502 ff4 fsb fc1 sc2 ls0 ws0\">13.698.51<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7be h19 y6502 ff4 fsb fc1 sc2 ls0 ws0\">6.443.921<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd59 h19 y6502 ff4 fsb fc1 sc2 ls0 ws0\">5.607.3<span class=\"_ _1\"></span>46<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93c h19 y6502 ff4 fsb fc1 sc2 ls0 ws0\">2.541.060<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc54 h19 y6502 ff4 fsb fc1 sc2 ls0 ws0\">1.114.681<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf1a h19 y6502 ff4 fsb fc1 sc2 ls0 ws0\">250.252<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7bf h19 y6502 ff4 fsb fc1 sc2 ls0 ws0\">171.207<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc57 h19 y6502 ff4 fsb fc1 sc2 ls0 ws0\">26.271.7<span class=\"_ _1\"></span>58<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddf h19 y6502 ff4 fsb fc1 sc2 ls0 ws0\">60.388.<span class=\"_ _1\"></span>156<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y6503 ff4 fsb fc1 sc2 ls0 ws0\">(A+B+C<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </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 class=\"c x2d7 y6504 w119b h24d\"><div class=\"t m2 x2b3 h19 y5c41 ff4 fsb fc1 sc2 ls0 ws0\">D. Impeg<span class=\"_ _1\"></span>ni a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc2 ls0 ws0\">erogare f<span class=\"_ _1\"></span>ondi<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y6505 ff4 fsb fc1 sc2 ls0 ws0\">e garanzie<span class=\"_ _1\"></span> </td><td class=\"t m2 x887 h19 y6505 ff4 fsb fc1 sc2 ls0 ws0\">5.075.5<span class=\"_ _1\"></span>89<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd43 h19 y6505 ff4 fsb fc1 sc2 ls0 ws0\">3.736.798<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x875 h19 y6505 ff4 fsb fc1 sc2 ls0 ws0\">2.299.75<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x130d h19 y6505 ff4 fsb fc1 sc2 ls0 ws0\">1.025.807<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7df h19 y6505 ff4 fsb fc1 sc2 ls0 ws0\">456.956<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e0 h19 y6505 ff4 fsb fc1 sc2 ls0 ws0\">260.287<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12f7 h19 y6505 ff4 fsb fc1 sc2 ls0 ws0\">24.774<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeb8 h19 y6505 ff4 fsb fc1 sc2 ls0 ws0\">8.197<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112a h19 y6505 ff4 fsb fc1 sc2 ls0 ws0\">2.305.6<span class=\"_ _1\"></span>47</td><td class=\"t m2 x93e h19 y6506 ff4 fsb fc1 sc0 ls0 ws0\"> <span class=\"_ _1a0\"> </span>15.193.809 </td></tr><tr><td class=\"t m2 x58e h19 y6507 ff4 fsb fc1 sc2 ls0 ws0\">finanziarie<span class=\"_ _1\"></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 class=\"t m2 x58e h19 y6508 ff4 fsb fc1 sc2 ls0 ws0\">rilasciate<span class=\"_ _1\"></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 class=\"c n x2d7 y6509 w117c h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Primo st<span class=\"_ _1\"></span>adio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c83 y6509 w119c h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">5.075.176<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c84 y6509 w119d h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3.73<span class=\"_ _1\"></span>5.137<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c85 y6509 w119e h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2.296.961<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c86 y6509 w119f h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">902<span class=\"_ _1\"></span>.430<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c87 y6509 w11a0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">333.854<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c88 y6509 w11a1 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">129.358<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c89 y6509 w11a2 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">12.996<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c8a y6509 w11a3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3.246<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c8b y6509 w11a4 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>.198.612<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c8c y6509 w11a5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">14.687.77<span class=\"_ _1\"></span>0<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h19 y650a ff4 fsb fc1 sc0 ls0 ws0\">- Secondo<span class=\"_ _3a1\"> </span></td><td class=\"c n x1c8d y64a6 w11a6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">413<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c8e y64a6 w11a7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.661<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c8f y64a6 w11a8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2.793<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c90 y64a6 w11a9 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">123.377<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c91 y64a6 w11aa h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">12<span class=\"_ _1\"></span>3.102<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c92 y64a6 w11ab h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">130.929<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c93 y64a6 w521 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">11.778<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c94 y64a6 wc47 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">4.951<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c95 y64a6 w11ac h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">64.701<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c96 y64a6 w969 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">463.705<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h19 y650b ff4 fsb fc1 sc0 ls0 ws0\">stadio </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y650c w1191 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Terzo stadio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5a y650c wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5b y650c wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5c y650c wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5d y650c wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5e y650c wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5f y650c wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c60 y650c wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c61 y650c wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c97 y650c w11ad h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">41.330<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c98 y650c w11ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">41.330<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h19 y650d ff4 fsb fc1 sc0 ls0 ws0\">- Impaired </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y650e ff4 fsb fc1 sc0 ls0 ws0\">acquisiti<span class=\"_ _1\"></span>/e o<span class=\"_ _3a1\"> </span></td><td class=\"c n xc91 y650f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c64 y650f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c77 y650f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c78 y650f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c79 y650f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7a y650f wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7b y650f wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7c y650f wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c99 y650f w99d h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.00<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c9a y650f w99d h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.00<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h19 y6510 ff4 fsb fc1 sc0 ls0 ws0\">originati/e </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x1c9b h19 y6511 ff4 fsb fc1 sc2 ls0 ws0\">Totale (D<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x887 h19 y6511 ff4 fsb fc1 sc2 ls0 ws0\">5.075.5<span class=\"_ _1\"></span>89<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd43 h19 y6511 ff4 fsb fc1 sc2 ls0 ws0\">3.736.798<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x875 h19 y6511 ff4 fsb fc1 sc2 ls0 ws0\">2.299.75<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x130d h19 y6511 ff4 fsb fc1 sc2 ls0 ws0\">1.025.807<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7df h19 y6511 ff4 fsb fc1 sc2 ls0 ws0\">456.956<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e0 h19 y6511 ff4 fsb fc1 sc2 ls0 ws0\">260.287<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12f7 h19 y6511 ff4 fsb fc1 sc2 ls0 ws0\">24.774<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeb8 h19 y6511 ff4 fsb fc1 sc2 ls0 ws0\">8.197<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112a h19 y6511 ff4 fsb fc1 sc2 ls0 ws0\">2.305.6<span class=\"_ _1\"></span>47<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a3 h19 y6511 ff4 fsb fc1 sc2 ls0 ws0\">15.193.8<span class=\"_ _1\"></span>09<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x1c9c h19 y6512 ff4 fsb fc1 sc2 ls0 ws0\">Totale </td><td class=\"t m2 x887 h19 y6513 ff4 fsb fc1 sc2 ls0 ws0\">9.365.007<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad5 h19 y6513 ff4 fsb fc1 sc2 ls0 ws0\">17.435.3<span class=\"_ _1\"></span>11<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x875 h19 y6513 ff4 fsb fc1 sc2 ls0 ws0\">8.743.67<span class=\"_ _1\"></span>5<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce9 h19 y6513 ff4 fsb fc1 sc2 ls0 ws0\">6.633.153<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93c h19 y6513 ff4 fsb fc1 sc2 ls0 ws0\">2.998.016<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x873 h19 y6513 ff4 fsb fc1 sc2 ls0 ws0\">1.374.968<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xace h19 y6513 ff4 fsb fc1 sc2 ls0 ws0\">275.026<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xde9 h19 y6513 ff4 fsb fc1 sc2 ls0 ws0\">179.404<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a0 h19 y6513 ff4 fsb fc1 sc2 ls0 ws0\">28.577<span class=\"_ _1\"></span>.405<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad4 h19 y6513 ff4 fsb fc1 sc2 ls0 ws0\">75.581.<span class=\"_ _1\"></span>965<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xce5 h19 y6514 ff4 fsb fc1 sc2 ls0 ws0\">(A+B+C<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Il <span class=\"_ _1\"></span>2 <span class=\"_ _38\"></span>ot<span class=\"_ _1\"></span>tobre <span class=\"_ _38\"></span>2015 <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>Banca <span class=\"_ _38\"></span>d\u2019Italia <span class=\"_ _38\"></span>ha <span class=\"_ _38\"></span>autorizzato<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>ruppo <span class=\"_ _1\"></span>Cr<span class=\"_ _1\"></span>edem <span class=\"_ _38\"></span>ad <span class=\"_ _1\"></span>utilizzare <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>al <span class=\"_ _38\"></span>30 <span class=\"_ _38\"></span>settembre<span class=\"_ _3a1\"> </span>2015 <span class=\"_ _37\"> </span>il <span class=\"_ _3d\"> </span>metodo <span class=\"_ _37\"> </span>IRB <span class=\"_ _37\"> </span>Advanced <span class=\"_ _3d\"> </span>(paramet<span class=\"_ _1\"></span>ri <span class=\"_ _3d\"> </span>PD, <span class=\"_ _37\"> </span>LGD, <span class=\"_ _37\"> </span>EAD) <span class=\"_ _3d\"> </span>per <span class=\"_ _37\"> </span>la <span class=\"_ _3d\"> </span>quantificazione <span class=\"_ _37\"> </span>del <span class=\"_ _37\"> </span>requisito<span class=\"_ _3a1\"> </span>patrimoniale  a  fronte  del  rischio  di  credito  dei  clienti  rientranti  nella  fu<span class=\"_ _2\"></span>nzione  regolament<span class=\"_ _1\"></span>are<span class=\"_ _3a1\"> </span>Corporate e Retail di Credito Emiliano e Credemleasing.<span class=\"_ _3a1\"> </span>Le classi <span class=\"_ _1\"></span>di r<span class=\"_ _1\"></span>ating inter<span class=\"_ _1\"></span>ni vengono <span class=\"_ _1\"></span>esposte <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>quanto utilizzati ne<span class=\"_ _1\"></span>lla gest<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l rischio di <span class=\"_ _1\"></span>credito;<span class=\"_ _3a1\"> </span>nel <span class=\"_ _0\"></span>calc<span class=\"_ _2\"></span>olo <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>requisiti <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>rudenziali <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>utilizzati <span class=\"_ _0\"></span>solo <span class=\"_ _38\"></span>quelli <span class=\"_ _0\"></span>relativi <span class=\"_ _38\"></span>alla <span class=\"_ _0\"></span>fu<span class=\"_ _2\"></span>nzione <span class=\"_ _0\"></span>regolamentare<span class=\"_ _3a1\"> </span>Corporate e Retail. Si fornisce il dettaglio delle varie classi di rat<span class=\"_ _1\"></span>ing utiliz<span class=\"_ _2\"></span>zate. C1 <span class=\"_ _18f\"> </span>as<span class=\"_ _1\"></span>senti problematiche di rischio sia al momento che, prevedibilmente, <span class=\"_ _1\"></span>nel medio/lungo periodo<span class=\"_ _3a1\"> </span>C2 <span class=\"_ _140\"> </span>assenti problematiche di rischio sia al momento che, prevedibilmente, nel medio periodo<span class=\"_ _3a1\"> </span>C3 <span class=\"_ _112\"> </span>asse<span class=\"_ _1\"></span>nti problematiche di rischio sia al momento che, prevedibilmente, nel breve periodo<span class=\"_ _3a1\"> </span>C4 <span class=\"_ _112\"> </span>rischio compatibile con possibilit\u00e0 di sua attenuazione/lieve pe<span class=\"_ _1\"></span>ggioramento nel breve<span class=\"_ _3a1\"> </span>C5 <span class=\"_ _81\"> </span>  situazione di rischio con sintomi di peggioramento gi\u00e0 evidenti<span class=\"_ _3a1\"> </span>C6<span class=\"_ _3a1\"> </span>situ<span class=\"_ _3a1\"> </span>azione che evidenzia aspetti di evidente problematicit\u00e0<span class=\"_ _3a1\"> </span>C7<span class=\"_ _3a1\"> </span>situazione di marcata problematicit\u00e0, potenziale ris<span class=\"_ _1\"></span>chio di default<span class=\"_ _3a1\"> </span>C8<span class=\"_ _3a1\"> </span>situazione di forte problematicit\u00e0 con rischio <span class=\"_ _1\"></span>di default nel breve<span class=\"_ _3a1\"> </span>A.3 Dist<span class=\"_ _1\"></span>ribuzione<span class=\"_ _1\"></span> delle esposiz<span class=\"_ _1\"></span>ioni credit<span class=\"_ _1\"></span>izie garanti<span class=\"_ _1\"></span>te per t<span class=\"_ _1\"></span>ipologia di<span class=\"_ _1\"></span> garanzia<span class=\"_ _3a1\"> </span>A.3.1 Consolidato <span class=\"_ _1\"></span>prudenziale \u2013 Esposizioni creditizie per cass<span class=\"_ _1\"></span>a e fuori bilancio verso <span class=\"_ _1\"></span>banche garantite<span class=\"_ _3a1\"> </span>Esp<span class=\"_ _3b\"></span>osizione<span class=\"_ _3b\"></span> lorda<span class=\"_ _3a1\"> </span>Esp<span class=\"_ _3b\"></span>osizione<span class=\"_ _3b\"></span> netta<span class=\"_ _3a1\"> </span><table class=\"s w11af h2a5\" id=\"_3a233b48-d6d5-4a40-97cc-47c4f60eeb6b\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1c9d h12 y6515 ff4 fs7 fc4 sc3 ls0 ws0\">Garanzie personali<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1c9e h12 y6516 ff4 fs7 fc4 sc3 ls0 ws0\">Garanzie reali<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1c9f h12 y6517 ff4 fs7 fc4 sc3 ls0 ws0\">(2)<span class=\"_ _3a1\"> </span></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=\"t m9 x1ca0 h12 y6518 ff4 fs7 fc4 sc3 ls0 ws0\">Derivati su crediti<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1ca1 h12 y6518 ff4 fs7 fc4 sc3 ls0 ws0\">Crediti di firma<span class=\"_ _3a1\"> </span></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=\"t m9 x1ca2 h12 y6519 ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">Altri derivati<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1ca3 h12 y651a ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><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></td><td></td><td></td><td></td><td class=\"t m9 x1ca3 h12 y651b ff4 fs7 fc4 sc3 ls0 ws0\">(1)+(2)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x3c4 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">1. Esposizioni creditizie per cas<span class=\"_ _2\"></span>sa garantite:<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca4 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">129<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca5 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">129<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca6 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x199d h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">129<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x3b6 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca7 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca8 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca9 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1caa h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17ed h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x19a5 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1989 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cab h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cac h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cad h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cae h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">129<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x1caf y651d w11b0 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1. totalmente g<span class=\"_ _2\"></span>arantite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb0 y651d w11b1 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">129<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb1 y651d w7f6 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">129<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb2 y651d w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb3 y651d w11b1 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">129<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb4 y651d w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb5 y651d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb6 y651d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb7 y651d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb8 y651d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb9 y651d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cba y651d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cbb y651d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cbc y651d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cbd y651d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cbe y651d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cbf y651d w11b1 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">129<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1cc0 y651e w11b4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui deteriorate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc1 y651e w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc2 y651e w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc3 y651e w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc4 y651e w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc5 y651e w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc6 y651e w11b5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc7 y651e w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc8 y651e w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc9 y651e w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cca y651e w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccb y651e w11b5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccc y651e w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccd y651e w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cce y651e w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccf y651e w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd0 y651e w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1caf y651f w11b6 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2. parzialmente ga<span class=\"_ _3b\"></span>ra<span class=\"_ _1\"></span>ntite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd1 y651f w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd2 y651f w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd3 y651f w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd4 y651f w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd5 y651f w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd6 y651f w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd7 y651f w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd8 y651f w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd9 y651f w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cda y651f w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cdb y651f w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cdc y651f w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cdd y651f w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cde y651f w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cdf y651f w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ce0 y651f w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1cc0 y6520 w11b4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui deteriorate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc1 y6520 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc2 y6520 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc3 y6520 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc4 y6520 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc5 y6520 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc6 y6520 w11b5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc7 y6520 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc8 y6520 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc9 y6520 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cca y6520 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccb y6520 w11b5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccc y6520 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccd y6520 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cce y6520 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccf y6520 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd0 y6520 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x3c4 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">2. Esposizioni creditizie fuor<span class=\"_ _2\"></span>i bilancio garantite:<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ce1 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ce2 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca6 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ce3 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x3b6 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca7 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca8 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca9 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1caa h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17ed h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x19a5 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1989 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cab h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cac h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cad h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ce4 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x1caf y6522 w11b7 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1. totalmente g<span class=\"_ _2\"></span>arantite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ce5 y6522 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ce6 y6522 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ce7 y6522 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ce8 y6522 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd5 y6522 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd6 y6522 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd7 y6522 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd8 y6522 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd9 y6522 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cda y6522 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cdb y6522 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cdc y6522 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cdd y6522 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cde y6522 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cdf y6522 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ce0 y6522 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1cc0 y5a2d w11b4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui deteriorate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc1 y5a2d w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc2 y5a2d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc3 y5a2d w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc4 y5a2d w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc5 y5a2d w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc6 y5a2d w11b5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc7 y5a2d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc8 y5a2d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc9 y5a2d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cca y5a2d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccb y5a2d w11b5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccc y5a2d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccd y5a2d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cce y5a2d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccf y5a2d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd0 y5a2d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1caf y6523 w11b8 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2. parzialmente ga<span class=\"_ _3b\"></span>ran<span class=\"_ _1\"></span>tite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ce9 y6523 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cea y6523 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ceb y6523 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cec y6523 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ced y6523 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cee y6523 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cef y6523 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cf0 y6523 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cf1 y6523 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cf2 y6523 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cf3 y6523 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cf4 y6523 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cf5 y6523 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cf6 y6523 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cf7 y6523 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cf8 y6523 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1cc0 y539f w11b4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui deteriorate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc1 y539f w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc2 y59e4 w11b9 h20a\"><div class=\"t m9 x2b3 h12 y56d8 ff4 fs7 fc1 sc0 ls0 ws0\">- <span class=\"_ _134\"> </span>- <span class=\"_ _f7\"> </span>- <span class=\"_ _134\"> </span>- <span class=\"_ _134\"> </span>- <span class=\"_ _134\"> </span>- <span class=\"_ _134\"> </span>- <span class=\"_ _1a4\"> </span>- <span class=\"_ _1b2\"> </span>- <span class=\"_ _1a4\"> </span>- <span class=\"_ _1a4\"> </span>- <span class=\"_ _1a4\"> </span>- <span class=\"_ _1b2\"> </span>- <span class=\"_ _1a4\"> </span>- <span class=\"_ _61\"> </span>-<span class=\"_ _3a1\"> </span></div></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><td></td><td></td></tr></table>Imm<span class=\"_ _3b\"></span>obili - ipo<span class=\"_ _2\"></span>tech<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span>Imm<span class=\"_ _3b\"></span>obili - Finan<span class=\"_ _3b\"></span>ziame<span class=\"_ _3b\"></span>nti per <span class=\"_ _2\"></span>leas<span class=\"_ _2\"></span>ing<span class=\"_ _3a1\"> </span>Tito<span class=\"_ _3b\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>Altre<span class=\"_ _3b\"></span> garanz<span class=\"_ _3b\"></span>ie rea<span class=\"_ _2\"></span>li<span class=\"_ _3a1\"> </span>CLN<span class=\"_ _3a1\"> </span>Am<span class=\"_ _2\"></span>minis<span class=\"_ _3b\"></span>trazion<span class=\"_ _3b\"></span>i pub<span class=\"_ _2\"></span>blich<span class=\"_ _2\"></span>e Ban<span class=\"_ _3b\"></span>che<span class=\"_ _3a1\"> </span>Altre<span class=\"_ _3b\"></span> societ\u00e0<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span>finan<span class=\"_ _3b\"></span>ziarie<span class=\"_ _3a1\"> </span>Altr<span class=\"_ _2\"></span>i sogg<span class=\"_ _3b\"></span>etti<span class=\"_ _3a1\"> </span>Cont<span class=\"_ _3b\"></span>ropar<span class=\"_ _2\"></span>ti cen<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ral<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span>Ban<span class=\"_ _3b\"></span>che<span class=\"_ _3a1\"> </span>Altre<span class=\"_ _3b\"></span> societ\u00e0<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span>finan<span class=\"_ _3b\"></span>ziarie<span class=\"_ _3a1\"> </span>Altr<span class=\"_ _2\"></span>i sogg<span class=\"_ _3b\"></span>etti<span class=\"_ _3a1\"> </span>A.3.2 Consolidato prudenz<span class=\"_ _1\"></span>iale - Esposizioni creditizie per cass<span class=\"_ _1\"></span>a e fuori bilancio verso cliente<span class=\"_ _1\"></span>la garantite<span class=\"_ _3a1\"> </span> lorda<span class=\"_ _3a1\"> </span> netta<span class=\"_ _3a1\"> </span><table class=\"s w11ba h2a6\" id=\"_fa803e6b-c25a-463a-b280-3e3197e7bcaa\"><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1cf9 h12 y6524 ff4 fs7 fc4 sc3 ls0 ws0\">Garanzie reali<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1cfa h12 y6525 ff4 fs7 fc4 sc3 ls0 ws0\">Garanzie personali<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1cfb h12 y6526 ff4 fs7 fc4 sc3 ls0 ws0\">(1)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1cfc h12 y6526 ff4 fs7 fc4 sc3 ls0 ws0\">(2)<span class=\"_ _3a1\"> </span></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 class=\"t m9 x2b2 h12 y6527 ff4 fs7 fc4 sc3 ls0 ws0\">Derivati su crediti<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1cfd h12 y6527 ff4 fs7 fc4 sc3 ls0 ws0\">Crediti di firma<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m9 x1cfe h12 y6528 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1cff h12 y6529 ff4 fs7 fc4 sc3 ls0 ws0\">Altri </td><td class=\"t m9 x1d00 h12 y652a ff4 fs7 fc4 sc3 ls0 ws0\">Altri derivati<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1cfe h12 y652b ff4 fs7 fc4 sc3 ls0 ws0\">(1)+(2)<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1d01 h12 y652c ff4 fs7 fc4 sc3 ls0 ws0\">derivati<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3c4 y652d w23d h11\"><div class=\"t m9 x0 h12 y2db6 ff4 fs7 fc1 sc2 ls0 ws0\">1. Esposizioni creditizie per cas<span class=\"_ _2\"></span>sa </div></td><td class=\"t m9 x1d02 h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">23.538.104<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d03 h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">23.277.729<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d04 h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">12.385.615<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x199b h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">1.819.309<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d05 h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">893.459<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d06 h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">3.624.047<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d07 h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d08 h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d09 h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d0a h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1990 h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1c9d h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">1.526.077<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d0b h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">91.889<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d0c h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">48.820<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d0d h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">2.113.090<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d0e h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">22.502.306<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x3c4 h12 y652f ff4 fs7 fc1 sc2 ls0 ws0\">garantite:<span class=\"_ _3a1\"> </span></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><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1caf y6530 w11b0 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1. totalmente g<span class=\"_ _2\"></span>arantite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d0f y6530 w11bb h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">21.021.916<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d10 y6530 w11bc h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">20.781.289<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d11 y6530 w11bd h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.384.592<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d12 y6530 w11be h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.819.309<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d13 y6530 w11bf h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">834.426<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d14 y6530 w11c0 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.599.204<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d15 y6530 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d16 y6530 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d17 y6530 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d18 y6530 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d19 y6530 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d1a y6530 w11c1 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">480.602<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d1b y6530 w11c2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">81.889<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d1c y6530 w11c3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">32.776<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d1d y6530 w11c4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.561.874<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d1e y6530 w11c5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">20.794.672<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1cc0 y6531 w11b4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui deteriorate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d1f y6531 w11c6 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">37<span class=\"_ _1\"></span>8.754<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d20 y6531 w11c7 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">183.683<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d21 y6531 w572 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">111.927<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d22 y6531 w11c8 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">21.088<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d23 y6531 w11c9 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.649<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d24 y6531 w11ca h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">23.626<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d25 y6531 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d26 y6531 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d27 y6531 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d28 y6531 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d29 y6531 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d2a y6531 w11cb h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18.303<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d2b y6531 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d2c y6531 w11cc h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">120<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d2d y6531 w11cd h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.507<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d2e y6531 w11ce h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">183.220<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1caf y6532 w11b6 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2. parzialmente ga<span class=\"_ _3b\"></span>ra<span class=\"_ _1\"></span>ntite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d2f y6532 w11cf h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.516.188<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d30 y6532 w11d0 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.496.440<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d31 y6532 w11d1 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.023<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d32 y6532 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d33 y6532 w11d2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">59.033<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d34 y6532 w11d3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24.843<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d35 y6532 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d36 y6532 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d37 y6532 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d38 y6532 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d39 y6532 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d3a y6532 w11d4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.045.475<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d3b y6532 w11d5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10.000<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d3c y6532 w11d6 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _2\"></span>6.044<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d3d y6532 w11d7 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">551.216<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d3e y6532 w11d8 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.707.634<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1cc0 y6533 w11b4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui deteriorate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d3f y6533 w11d9 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">54.753<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d40 y6533 w11da h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">38.902<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d41 y6533 w11db h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">32<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d42 y6533 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d43 y6533 w11dc h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">306<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d44 y6533 w11dd h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">72<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d45 y6533 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d46 y6533 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d47 y6533 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d48 y6533 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d49 y6533 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d4a y6533 w11de h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">31.233<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d4b y6533 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d4c y6533 w11df h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">20<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d4d y6533 w11e0 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.136<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d4e y6533 w11e1 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">35.799<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x3c4 y6534 w23e h11\"><div class=\"t m9 x0 h12 y3200 ff4 fs7 fc1 sc2 ls0 ws0\">2. Esposizioni creditizie \u201cfuor<span class=\"_ _2\"></span>i </div></td><td class=\"t m9 x1d4f h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">719.241<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d50 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">718.716<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d51 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">44.683<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ce2 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d52 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">194.010<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ce3 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">73.205<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d07 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d08 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d09 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d0a h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1990 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d53 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">512<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d0b h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">30.170<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d54 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">4.006<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d55 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">327.521<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca3 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">674.107<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x3c4 h12 y6536 ff4 fs7 fc1 sc2 ls0 ws0\">bilancio\u201d garantite:<span class=\"_ _3a1\"> </span></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><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1caf y6089 w11b7 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1. totalmente g<span class=\"_ _2\"></span>arantite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d56 y6089 w11e2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">644.033<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d57 y6089 w11e3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">643.572<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d58 y6089 w11e4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">44.683<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d59 y6089 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d5a y6089 w11e5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">180.405<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d5b y6089 w11e6 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">67.613<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d5c y6089 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d5d y6089 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d5e y6089 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d5f y6089 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d60 y6089 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d61 y6089 w11e7 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">292<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d62 y6089 w11e8 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">30.170<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d63 y6089 w11e9 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.006<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d64 y6089 w11ea h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">304.662<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d65 y6089 w11eb h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">631.831<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1cc0 y6537 w11b4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui deteriorate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d66 y6537 w11ec h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.703<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d67 y6537 w11ec h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.307<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d68 y6537 w11ed h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">264<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d69 y6537 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d6a y6537 w11ee h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.326<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d6b y6537 w11ef h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">312<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d6c y6537 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d6d y6537 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d6e y6537 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d6f y6537 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d70 y6537 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d71 y6537 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d72 y6537 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d73 y6537 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d74 y6537 w11f0 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">405<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d75 y6537 w11f1 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.307<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1caf y6538 w11b8 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2. parzialmente ga<span class=\"_ _3b\"></span>ran<span class=\"_ _1\"></span>tite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d76 y6538 w11f2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">75.208<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d77 y6538 w530 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">75.144<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d78 y6538 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d79 y6538 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d7a y6538 w11f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13.605<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d7b y6538 w11f4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.592<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d7c y6538 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d7d y6538 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d7e y6538 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d7f y6538 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d80 y6538 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d81 y6538 w11f5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">220<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d82 y6538 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d83 y6538 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d84 y6538 w11f6 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">22.859<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d85 y6538 w11f7 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">42.276<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1cc0 y53a2 w11b4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui deteriorate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d86 y53a2 w11f8 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">199<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d87 y53a2 w11f9 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">141<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d88 y53a2 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d89 y53a2 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d8a y53a2 w11fa h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">85<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d8b y53a2 w11fb h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d8c y53a2 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d8d y53a2 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d8e y53a2 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d8f y53a2 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d90 y53a2 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d91 y53a2 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d92 y53a2 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d93 y53a2 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d94 y53a2 w11fc h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">46<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d95 y53a2 w11fd h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">136<span class=\"_ _3a1\"> </span></div></td></tr></table>che<span class=\"_ _3a1\"> </span>asing ziario<span class=\"_ _3a1\"> </span>i<span class=\"_ _3a1\"> </span>i<span class=\"_ _3a1\"> </span>CLN<span class=\"_ _3a1\"> </span>i e<span class=\"_ _3a1\"> </span>che<span class=\"_ _3a1\"> </span>ziarie<span class=\"_ _3a1\"> </span>etti<span class=\"_ _3a1\"> </span>ti i<span class=\"_ _3a1\"> </span>che<span class=\"_ _3a1\"> </span>z<span class=\"_ _3a1\"> </span>etti<span class=\"_ _3a1\"> </span>Nel <span class=\"_ _0\"></span>corso <span class=\"_ _0\"></span>dell\u2019esercizio <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _0\"></span>state <span class=\"_ _0\"></span>escusse <span class=\"_ _0\"></span>garanzie <span class=\"_ _38\"></span>ipote<span class=\"_ _1\"></span>carie <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>16,0<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>milioni <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>euro, <span class=\"_ _0\"></span>i<span class=\"_ _3b\"></span> <span class=\"_ _0\"> </span>cui <span class=\"_ _0\"></span>incassi<span class=\"_ _3a1\"> </span>presum<span class=\"_ _3a1\"> </span>ibilmente  avverranno <span class=\"_ _35\"> </span>nei  prossimi  anni,  m<span class=\"_ _2\"></span>entre  a  fronte <span class=\"_ _35\"> </span>delle  escussioni  di<span class=\"_ _2\"></span>  pegni, <span class=\"_ _35\"> </span>polizze<span class=\"_ _3a1\"> </span>assicurative <span class=\"_ _35\"> </span>e  f<span class=\"_ _2\"></span>ideiussioni <span class=\"_ _35\"> </span>sono <span class=\"_ _35\"> </span>stati <span class=\"_ _35\"> </span>incassati <span class=\"_ _35\"> </span>76,0 <span class=\"_ _35\"> </span>milioni <span class=\"_ _35\"> </span>di  euro. <span class=\"_ _35\"> </span>Nell\u2019esercizio <span class=\"_ _35\"> </span>sono <span class=\"_ _35\"> </span>stati <span class=\"_ _35\"> </span>anch<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span>incassati 2<span class=\"_ _2\"></span>2,5 <span class=\"_ _3b\"></span>milioni di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>euro, a <span class=\"_ _3b\"></span>fronte d<span class=\"_ _3b\"></span>i escussione <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>gar<span class=\"_ _1\"></span>anzie <span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>potecarie avv<span class=\"_ _2\"></span>iate <span class=\"_ _3b\"></span>negli anni<span class=\"_ _2\"></span> p<span class=\"_ _2\"></span>recedenti.<span class=\"_ _3a1\"> </span>Nel <span class=\"_ _1\"></span>corso de<span class=\"_ _1\"></span>l 20<span class=\"_ _1\"></span>24 sono <span class=\"_ _1\"></span>state <span class=\"_ _1\"></span>poste <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>essere <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>giudiziali di <span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>cussione de<span class=\"_ _1\"></span>lle garanzie <span class=\"_ _1\"></span>mediante<span class=\"_ _3a1\"> </span>pignoramento  i<span class=\"_ _2\"></span>mmobiliare  nei<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>casi  i<span class=\"_ _3b\"></span>n  cui <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>sia  stato <span class=\"_ _35\"> </span>possib<span class=\"_ _2\"></span>ile  raggiu<span class=\"_ _3b\"></span>nge<span class=\"_ _1\"></span>re  soluz<span class=\"_ _2\"></span>ioni  transattive<span class=\"_ _3a1\"> </span>soddisfacenti. <span class=\"_ _1\"></span>Le <span class=\"_ _0\"></span>po<span class=\"_ _2\"></span>sizioni <span class=\"_ _38\"></span>affidate <span class=\"_ _1\"></span>alle <span class=\"_ _38\"></span>societ\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>utsourcing, <span class=\"_ _1\"></span>cost<span class=\"_ _1\"></span>ituite <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>esposizioni <span class=\"_ _38\"></span>minori <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>1<span class=\"_ _1\"></span>00<span class=\"_ _3a1\"> </span>mila euro<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>erivanti da <span class=\"_ _3b\"></span>mutui ipotecari <span class=\"_ _3b\"></span>sono state v<span class=\"_ _2\"></span>alutate <span class=\"_ _2\"></span>e gesti<span class=\"_ _2\"></span>te <span class=\"_ _2\"></span>stragiudizialmente. Si <span class=\"_ _2\"></span>precisa <span class=\"_ _3b\"></span>infat<span class=\"_ _1\"></span>ti<span class=\"_ _3a1\"> </span>che <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>ricontrattualizzazione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tali <span class=\"_ _0\"></span>societ\u00e0 <span class=\"_ _0\"></span>dal <span class=\"_ _0\"></span>2023 <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>previsto <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>loro <span class=\"_ _0\"></span>intervento <span class=\"_ _0\"></span>limitatamente <span class=\"_ _0\"></span>all<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span>attivit\u00e0 <span class=\"_ _1\"></span>stragiudiziale. In <span class=\"_ _1\"></span>caso <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>esito <span class=\"_ _1\"></span>negativo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>quest'ultima, <span class=\"_ _1\"></span>infatti, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>posizione <span class=\"_ _1\"></span>viene <span class=\"_ _1\"></span>restituita <span class=\"_ _1\"></span>agli<span class=\"_ _3a1\"> </span>uffici interni competenti per l'attivazione giudiziale ovvero la cessione de<span class=\"_ _1\"></span>l credito.<span class=\"_ _3a1\"> </span>B. Distribuzione e concentrazione<span class=\"_ _2\"></span> delleesposizioni<span class=\"_ _3a1\"> </span>creditizie<span class=\"_ _3a1\"> </span>B.1 Consolidato <span class=\"_ _1\"></span>prudenziale - Distribuzione settoriale delle esposiz<span class=\"_ _1\"></span>ioni creditizie per cass<span class=\"_ _1\"></span>a e \"fuori bilancio\" verso clientela<span class=\"_ _3a1\"> </span><table class=\"s w11fe h2a7\" id=\"_17edb80a-9448-4c1b-bb92-4b5e7c8c0650\"><tr><td></td><td></td><td class=\"t m9 x1d96 h12 y6539 ff4 fs7 fc4 sc3 ls0 ws0\">Amministrazioni pubbliche<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1d97 h12 y6539 ff4 fs7 fc4 sc3 ls0 ws0\">Societ\u00e0 finanziarie<span class=\"_ _3a1\"> </span></td><td></td><td class=\"c x1d98 y653a w242 h11\"><div class=\"t m9 x0 h12 y2616 ff4 fs7 fc4 sc3 ls0 ws0\">Societ\u00e0 finanziarie (di cui: </div></td><td></td><td></td><td class=\"t m9 x1d99 h12 y6539 ff4 fs7 fc4 sc3 ls0 ws0\">Societ\u00e0 non finanziarie<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1d9a h12 y6539 ff4 fs7 fc4 sc3 ls0 ws0\">Famiglie<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1d98 h12 y653b ff4 fs7 fc4 sc3 ls0 ws0\">imprese di assicurazione)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m9 x1d9b h12 y653c ff4 fs7 fc4 sc3 ls0 ws0\">Esposizioni/Controparti<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1d9c h12 y653d ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche </td><td></td><td class=\"t m9 x1d9d h12 y653d ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche </td><td></td><td class=\"t m9 x1d9e h12 y653d ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche </td><td></td><td></td><td class=\"t m9 x1d9f h12 y653d ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche </td><td></td><td class=\"t m9 x1da0 h12 y653d ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche </td></tr><tr><td></td><td></td><td class=\"t m9 x1995 h12 y653e ff4 fs7 fc4 sc3 ls0 ws0\">Esposizione </td><td></td><td class=\"t m9 x1da1 h12 y653e ff4 fs7 fc4 sc3 ls0 ws0\">Esposizione </td><td></td><td class=\"t m9 x1da2 h12 y653e ff4 fs7 fc4 sc3 ls0 ws0\">Esposizione </td><td></td><td class=\"t m9 x1d0a h12 y653e ff4 fs7 fc4 sc3 ls0 ws0\">Esposizione </td><td></td><td class=\"t m9 x1da3 h12 y653e ff4 fs7 fc4 sc3 ls0 ws0\">Esposizione </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m9 x1da4 h12 y653f ff4 fs7 fc4 sc3 ls0 ws0\">valore </td><td></td><td class=\"t m9 x1da5 h12 y653f ff4 fs7 fc4 sc3 ls0 ws0\">valore </td><td class=\"t m9 x1da6 h12 y653f ff4 fs7 fc4 sc3 ls0 ws0\">valore </td><td></td><td></td><td class=\"t m9 x1da7 h12 y653f ff4 fs7 fc4 sc3 ls0 ws0\">valore </td><td></td><td class=\"t m9 x1da8 h12 y653f ff4 fs7 fc4 sc3 ls0 ws0\">valore </td></tr><tr><td></td><td></td><td class=\"t m9 x1da9 h12 y6540 ff4 fs7 fc4 sc3 ls0 ws0\">netta<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1daa h12 y6540 ff4 fs7 fc4 sc3 ls0 ws0\">netta<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1dab h12 y6540 ff4 fs7 fc4 sc3 ls0 ws0\">netta<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1dac h12 y6540 ff4 fs7 fc4 sc3 ls0 ws0\">netta<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1dad h12 y6540 ff4 fs7 fc4 sc3 ls0 ws0\">netta<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m9 x3c4 h12 y6541 ff4 fs7 fc1 sc2 ls0 ws0\">A. Esposizioni </td><td></td><td class=\"t m9 x1dae h12 y6542 ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">complessive<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1daf h12 y6542 ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">complessive<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1db0 h12 y6542 ff4 fs7 fc4 sc3 ls0 ws0\">complessive<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m9 x1db1 h12 y6542 ff4 fs7 fc4 sc3 ls0 ws0\">complessive<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1db2 h12 y6542 ff4 fs7 fc4 sc3 ls0 ws0\">complessive<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x3c4 h12 y6543 ff4 fs7 fc1 sc2 ls0 ws0\">creditizie per cassa<span class=\"_ _3a1\"> </span></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 class=\"c n x2d7 y6544 w11ff h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Sofferenze<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1db3 y6544 w1200 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">214<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1db4 y6544 w1201 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">651<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1db5 y6544 w1202 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">62<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1db6 y6544 w1203 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">39<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1db7 y6544 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1db8 y6544 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1db9 y6544 w1204 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">30.773<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dba y6544 w1205 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">134.366<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dbb y6544 w1206 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">16.296<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dbc y6544 w1207 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">84.711<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x17e4 h12 y6545 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui </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 class=\"t m9 x17e4 h12 y6546 ff4 fs7 fc1 sc0 ls0 ws0\">esposizioni </td><td></td><td class=\"c n x1dbd y6547 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dbe y6547 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dbf y6547 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dc0 y6547 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dc1 y6547 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dc2 y6547 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dc3 y6547 w1208 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7.291<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dc4 y6547 w1209 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">35.097<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dc5 y6547 w120a h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>.390<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dc6 y6547 w120b h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">23.349<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x17e4 h12 y6548 ff4 fs7 fc1 sc0 ls0 ws0\">oggetto di </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 class=\"t m9 x17e4 h12 y6549 ff4 fs7 fc1 sc0 ls0 ws0\">concessioni </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 class=\"t m9 x3c4 h12 y654a ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Inadempienze </td><td></td><td class=\"c n x1dc7 y654b w120c h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.219<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dc8 y654b w120c h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.612<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dc9 y654b w120d h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">224<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dca y654b w120e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13<span class=\"_ _1\"></span>9<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dcb y654b w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dcc y654b w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dcd y654b w120f h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">76.632<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dce y654b w1210 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">56.006<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dcf y654b w1211 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">118.437<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dd0 y654b w1212 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">108.973<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x3c4 h12 y654c ff4 fs7 fc1 sc0 ls0 ws0\">probabili </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 class=\"c x1caf y654d w1213 h236\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m9 x1dd1 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui<span class=\"_ _3a1\"> </span></div></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 class=\"t m9 x17e4 h12 y654e ff4 fs7 fc1 sc0 ls0 ws0\">esposizioni </td><td></td><td class=\"c n x1dd2 y654f wf1e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dd3 y654f w1214 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dd4 y654f w1215 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dd5 y654f w1216 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">15<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dd6 y654f w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dd7 y654f w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dd8 y654f w1109 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">27.831<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dd9 y654f wf2b h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13.984<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dda y654f w1217 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">51.329<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ddb y654f w1218 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">33.694<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x17e4 h12 y6550 ff4 fs7 fc1 sc0 ls0 ws0\">oggetto di </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 class=\"t m9 x17e4 h12 y6551 ff4 fs7 fc1 sc0 ls0 ws0\">concessioni </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 class=\"c x3c4 y6552 w17d h11\"><div class=\"t m9 x0 h12 y3223 ff4 fs7 fc1 sc0 ls0 ws0\">A.3 Esposizioni </div></td><td></td><td class=\"c n x1ddc y5965 w1219 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">199<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ddd y5965 w1214 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">41<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dde y5965 w1215 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ddf y5965 w121a h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1de0 y5965 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1de1 y5965 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1de2 y5965 w121b h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.555<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1de3 y5965 w121c h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.515<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1de4 y5965 w121d h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">19.839<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1de5 y5965 w121e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13.127<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x3c4 h12 y6553 ff4 fs7 fc1 sc0 ls0 ws0\">scadute deterio<span class=\"_ _2\"></span>rate </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 class=\"t m9 x17e4 h12 y6554 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui </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 class=\"t m9 x17e4 h12 y6555 ff4 fs7 fc1 sc0 ls0 ws0\">esposizioni </td><td></td><td class=\"c n x1dbd y6556 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dbe y6556 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dbf y6556 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dc0 y6556 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dc1 y6556 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dc2 y6556 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1de6 y6556 w121f h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1de7 y6556 w1220 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1de8 y6556 w1221 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">193<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1de9 y6556 w1222 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">60<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x17e4 h12 y6557 ff4 fs7 fc1 sc0 ls0 ws0\">oggetto di </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 class=\"t m9 x17e4 h12 y6558 ff4 fs7 fc1 sc0 ls0 ws0\">concessioni </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 class=\"t m9 x3c4 h12 y6559 ff4 fs7 fc1 sc0 ls0 ws0\">A.4 Esposizioni n<span class=\"_ _2\"></span>on<span class=\"_ _3a1\"> </span></td><td></td><td class=\"c n x1dea y655a w1223 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10.664.168<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1deb y655a w1224 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.928<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dec y655a w1225 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.59<span class=\"_ _1\"></span>6.133<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ded y655a w1226 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.28<span class=\"_ _2\"></span>0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dee y655a w1227 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">216.225<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1def y655a wf1e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1df0 y655a w1228 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">17.832.<span class=\"_ _2\"></span>403<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1df1 y655a w1229 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">26.323<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1df2 y655a w122a h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">17.519.893<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1df3 y655a w122b h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">54.895<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x3c4 h12 y655b ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate </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 class=\"c x1caf y5ce1 w1213 h236\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m9 x1dd1 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui<span class=\"_ _3a1\"> </span></div></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 class=\"t m9 x17e4 h12 y655c ff4 fs7 fc1 sc0 ls0 ws0\">esposizioni </td><td></td><td class=\"c n x1df4 y655d w122c h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">52<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1df5 y655d w122d h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(1)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1df6 y655d w122e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.050<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1df7 y655d w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1df8 y655d w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1df9 y655d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dfa y655d w122f h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">25.67<span class=\"_ _2\"></span>5<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dfb y655d w1230 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">383<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dfc y655d w1231 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">44.212<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dfd y655d w1232 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">986<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x17e4 h12 y655e ff4 fs7 fc1 sc0 ls0 ws0\">oggetto di </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 class=\"t m9 x17e4 h12 y655f ff4 fs7 fc1 sc0 ls0 ws0\">concessioni </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 class=\"t m9 x1dfe h12 y6560 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1dff h12 y6560 ff4 fs7 fc1 sc2 ls0 ws0\">10.665.800<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1999 h12 y6560 ff4 fs7 fc1 sc2 ls0 ws0\">9.232<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e00 h12 y6560 ff4 fs7 fc1 sc2 ls0 ws0\">1.596.428<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e01 h12 y6560 ff4 fs7 fc1 sc2 ls0 ws0\">1.467<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e02 h12 y6560 ff4 fs7 fc1 sc2 ls0 ws0\">216.225<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e03 h12 y6560 ff4 fs7 fc1 sc2 ls0 ws0\">4<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e04 h12 y6560 ff4 fs7 fc1 sc2 ls0 ws0\">17.943.363<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cfd h12 y6560 ff4 fs7 fc1 sc2 ls0 ws0\">218.210<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x19a6 h12 y6560 ff4 fs7 fc1 sc2 ls0 ws0\">17.674.465<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca3 h12 y6560 ff4 fs7 fc1 sc2 ls0 ws0\">261.706<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x3c4 h12 y6561 ff4 fs7 fc1 sc2 ls0 ws0\">B. Esposizioni </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 class=\"t m9 x3c4 h12 y6562 ff4 fs7 fc1 sc2 ls0 ws0\">creditizie fuori </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 class=\"t m9 x3c4 h12 y6563 ff4 fs7 fc1 sc2 ls0 ws0\">bilancio<span class=\"_ _3a1\"> </span></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 class=\"t m9 x3c4 h12 y6564 ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Esposizioni<span class=\"_ _3a1\"> </span></td><td></td><td class=\"c n x1e05 y6565 w1233 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e06 y6565 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e07 y6565 w1234 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">119<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e08 y6565 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e09 y6565 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e0a y6565 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e0b y6565 w1235 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">28.186<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e0c y6565 w11ed h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">924<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e0d y6565 w1236 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.528<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e0e y6565 w1237 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">205<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x3c4 h12 y6566 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate </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 class=\"c x2d7 y6567 w1238 h236\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2<span class=\"_ _3a1\"> </span></div><div class=\"t m9 x1a34 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni no<span class=\"_ _2\"></span>n<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1e0f y6568 w1239 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.800<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e10 y6568 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e11 y6568 w123a h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">462.058<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e12 y6568 w123b h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">33<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e13 y6568 w123c h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">267<span class=\"_ _1\"></span>.198<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e14 y6568 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e15 y6568 w123d h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.350.213<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e16 y6568 w123e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.898<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e17 y6568 w123f h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.720.571<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e18 y6568 w1240 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.444<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x3c4 h12 y6569 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate </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 class=\"t m9 x1dfe h12 y656a ff4 fs7 fc1 sc2 ls0 ws0\">Totale (B)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1e19 h12 y656a ff4 fs7 fc1 sc2 ls0 ws0\">8.803<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d51 h12 y656a ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e1a h12 y656a ff4 fs7 fc1 sc2 ls0 ws0\">462.177<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e1b h12 y656a ff4 fs7 fc1 sc2 ls0 ws0\">33<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e02 h12 y656a ff4 fs7 fc1 sc2 ls0 ws0\">267.198<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e1c h12 y656a ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca2 h12 y656a ff4 fs7 fc1 sc2 ls0 ws0\">11.378.399<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e1d h12 y656a ff4 fs7 fc1 sc2 ls0 ws0\">2.822<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e1e h12 y656a ff4 fs7 fc1 sc2 ls0 ws0\">1.733.099<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e1f h12 y656a ff4 fs7 fc1 sc2 ls0 ws0\">1.649<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x331 h12 y656b ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B)<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e20 h12 y656b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e21 h12 y656b ff4 fs7 fc1 sc2 ls0 ws0\">10.674.603<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1999 h12 y656b ff4 fs7 fc1 sc2 ls0 ws0\">9.232<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e22 h12 y656b ff4 fs7 fc1 sc2 ls0 ws0\">2.058.605<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e01 h12 y656b ff4 fs7 fc1 sc2 ls0 ws0\">1.500<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e23 h12 y656b ff4 fs7 fc1 sc2 ls0 ws0\">483.423<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e03 h12 y656b ff4 fs7 fc1 sc2 ls0 ws0\">4<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17df h12 y656b ff4 fs7 fc1 sc2 ls0 ws0\">29.321.762<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cfd h12 y656b ff4 fs7 fc1 sc2 ls0 ws0\">221.032<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x19a6 h12 y656b ff4 fs7 fc1 sc2 ls0 ws0\">19.407.564<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e24 h12 y656b ff4 fs7 fc1 sc2 ls0 ws0\">263.355<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x331 h12 y656c ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B)<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e20 h12 y656c ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1dff h12 y656c ff4 fs7 fc1 sc2 ls0 ws0\">10.378.938<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e25 h12 y656c ff4 fs7 fc1 sc2 ls0 ws0\">9.375<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e22 h12 y656c ff4 fs7 fc1 sc2 ls0 ws0\">2.298.588<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e26 h12 y656c ff4 fs7 fc1 sc2 ls0 ws0\">1.551<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e27 h12 y656c ff4 fs7 fc1 sc2 ls0 ws0\">491.056<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e03 h12 y656c ff4 fs7 fc1 sc2 ls0 ws0\">3<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e28 h12 y656c ff4 fs7 fc1 sc2 ls0 ws0\">28.784.372<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e29 h12 y656c ff4 fs7 fc1 sc2 ls0 ws0\">241.116<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e2a h12 y656c ff4 fs7 fc1 sc2 ls0 ws0\">18.702.891<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17e3 h12 y656c ff4 fs7 fc1 sc2 ls0 ws0\">260.518<span class=\"_ _3a1\"> </span></td></tr></table>B.2 Consolidato prudenziale <span class=\"_ _1\"></span>- Distribuzione territoriale <span class=\"_ _1\"></span>delle esposizioni creditizie per cass<span class=\"_ _1\"></span>a e \"fuori bilancio\" verso clientela<span class=\"_ _3a1\"> </span><table class=\"s w1241 h2a8\" id=\"_65fad3b3-01a0-4d00-9a8e-85683511a891\"><tr><td></td><td></td><td class=\"t m9 x1ca5 h12 y656d ff4 fs7 fc4 sc3 ls0 ws0\">Italia<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1d98 h12 y656d ff4 fs7 fc4 sc3 ls0 ws0\">Altri paesi europei<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x17d4 h12 y656d ff4 fs7 fc4 sc3 ls0 ws0\">America<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1e2b h12 y656d ff4 fs7 fc4 sc3 ls0 ws0\">Asia<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1cac h12 y656d ff4 fs7 fc4 sc3 ls0 ws0\">Resto del mondo<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m9 x1e2c h12 y656e ff4 fs7 fc4 sc3 ls0 ws0\">Esposizioni/Aree geografiche<span class=\"_ _3a1\"> </span></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 class=\"t m9 x3c4 h12 y656f ff4 fs7 fc1 sc2 ls0 ws0\">A. Esposizioni creditizie per cas<span class=\"_ _2\"></span>sa<span class=\"_ _3a1\"> </span></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 class=\"c n x2d7 y6570 w1242 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Sofferenze<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1e2d y6570 w1243 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">47.346<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e2e y6570 w1244 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">219.768<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e2f y6570 w11b3 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e30 y6570 w11b3 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e31 y6570 w11b3 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e32 y6570 w11b3 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e33 y6570 w11b3 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e34 y6570 w11b3 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e35 y6570 w1245 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(1)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e36 y6570 w1246 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(1)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5f1a w1247 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Inadempienze p<span class=\"_ _3b\"></span>ro<span class=\"_ _1\"></span>babili<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1e37 y5f1a w1248 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">196.248<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e38 y5f1a w1249 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">166.525<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e39 y5f1a w1201 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">124<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e3a y5f1a w124a h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">72<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e3b y5f1a w124b h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e3c y5f1a w124c h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e3d y5f1a w124d h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e3e y5f1a w124e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e3f y5f1a w124f h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">115<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e40 y5f1a w1250 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">121<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6571 w1251 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.3 Esposizioni sc<span class=\"_ _2\"></span>adute deteri<span class=\"_ _2\"></span>orate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1e41 y6571 w1252 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">23.578<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e42 y6571 w1253 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.669<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e43 y6571 w1214 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e44 y6571 w1254 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e45 y6571 w1220 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e46 y6571 w1255 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e47 y6571 w1256 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e48 y6571 w121a h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e49 y6571 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e4a y6571 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6572 w1257 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.4 Esposizioni n<span class=\"_ _2\"></span>on deteriorate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1e4b y6572 w1258 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">41.259.187<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e4c y6572 w1259 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">86.902<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e4d y6572 w125a h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.833.522<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e4e y6572 w125b h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.821<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e4f y6572 w125c h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.547.620<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e50 y6572 w125d h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">450<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e51 y6572 w125e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13.174<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e52 y6572 w125f h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e53 y6572 w1260 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.959.094<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e54 y6572 w1261 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">242<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x1e55 h12 y6573 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1e56 h12 y6573 ff4 fs7 fc1 sc2 ls0 ws0\">41.526.359<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e57 h12 y6573 ff4 fs7 fc1 sc2 ls0 ws0\">487.864<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e58 h12 y6573 ff4 fs7 fc1 sc2 ls0 ws0\">2.833.660<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e59 h12 y6573 ff4 fs7 fc1 sc2 ls0 ws0\">1.907<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x198d h12 y6573 ff4 fs7 fc1 sc2 ls0 ws0\">1.547.624<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e5a h12 y6573 ff4 fs7 fc1 sc2 ls0 ws0\">461<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cfd h12 y6573 ff4 fs7 fc1 sc2 ls0 ws0\">13.205<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e5b h12 y6573 ff4 fs7 fc1 sc2 ls0 ws0\">21<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e5c h12 y6573 ff4 fs7 fc1 sc2 ls0 ws0\">1.959.208<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1a18 h12 y6573 ff4 fs7 fc1 sc2 ls0 ws0\">362<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x3c4 h12 y6574 ff4 fs7 fc1 sc2 ls0 ws0\">B. Esposizioni creditizie fuori b<span class=\"_ _2\"></span>ilancio<span class=\"_ _3a1\"> </span></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 class=\"c n x2d7 y539a w1262 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Esposizioni de<span class=\"_ _2\"></span>teriorate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1e5d y539a w1263 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">40.772<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e5e y539a w120c h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.129<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e5f y539a w1264 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">49<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e60 y539a w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e61 y539a w1265 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e62 y539a w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e63 y539a wf22 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e64 y539a w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e65 y539a w124b h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e66 y539a w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6054 w1266 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Esposizioni no<span class=\"_ _2\"></span>n deteriorate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1e67 y6054 w1267 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13.5<span class=\"_ _1\"></span>31.878<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e68 y6054 w1268 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.364<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e69 y6054 w1269 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.593<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e6a y6054 w126a h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e6b y6054 w126b h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.823<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e6c y6054 wf22 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e6d y6054 w126c h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">646<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e6e y6054 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e6f y6054 w126d h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.702<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e70 y6054 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x1e55 h12 y6575 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (B)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1e56 h12 y6575 ff4 fs7 fc1 sc2 ls0 ws0\">13.572.650<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e71 h12 y6575 ff4 fs7 fc1 sc2 ls0 ws0\">4.493<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e72 h12 y6575 ff4 fs7 fc1 sc2 ls0 ws0\">3.642<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e73 h12 y6575 ff4 fs7 fc1 sc2 ls0 ws0\">7<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17df h12 y6575 ff4 fs7 fc1 sc2 ls0 ws0\">1.833<span class=\"_ _3a1\"> </span></td><td class=\"c n x1e74 y59e1 w124e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e75 y59e1 w126e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">650<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e76 y59e1 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e77 y59e1 w126f h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.703<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e78 y59e1 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x1e79 h12 y6576 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B)<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e7a h12 y6576 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1daa h12 y6576 ff4 fs7 fc1 sc2 ls0 ws0\">55.099.009<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e7b h12 y6576 ff4 fs7 fc1 sc2 ls0 ws0\">492.357<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e7c h12 y6576 ff4 fs7 fc1 sc2 ls0 ws0\">2.837.302<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1da6 h12 y6576 ff4 fs7 fc1 sc2 ls0 ws0\">1.914<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x198d h12 y6576 ff4 fs7 fc1 sc2 ls0 ws0\">1.549.457<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e7d h12 y6576 ff4 fs7 fc1 sc2 ls0 ws0\">465<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cfd h12 y6576 ff4 fs7 fc1 sc2 ls0 ws0\">13.855<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e5b h12 y6576 ff4 fs7 fc1 sc2 ls0 ws0\">21<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e7e h12 y6576 ff4 fs7 fc1 sc2 ls0 ws0\">1.962.911<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1a18 h12 y6576 ff4 fs7 fc1 sc2 ls0 ws0\">362<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x1e79 h12 y6577 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B)<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e7a h12 y6577 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e56 h12 y6577 ff4 fs7 fc1 sc2 ls0 ws0\">53.145.722<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e7b h12 y6577 ff4 fs7 fc1 sc2 ls0 ws0\">509.796<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e7c h12 y6577 ff4 fs7 fc1 sc2 ls0 ws0\">3.203.527<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e7f h12 y6577 ff4 fs7 fc1 sc2 ls0 ws0\">1.875<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x198d h12 y6577 ff4 fs7 fc1 sc2 ls0 ws0\">1.875.555<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e7d h12 y6577 ff4 fs7 fc1 sc2 ls0 ws0\">500<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e80 h12 y6577 ff4 fs7 fc1 sc2 ls0 ws0\">20.113<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e81 h12 y6577 ff4 fs7 fc1 sc2 ls0 ws0\">32<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e82 h12 y6577 ff4 fs7 fc1 sc2 ls0 ws0\">1.919.872<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1a18 h12 y6577 ff4 fs7 fc1 sc2 ls0 ws0\">357 </td></tr></table>ta<span class=\"_ _3a1\"> </span>ive<span class=\"_ _3a1\"> </span>ta<span class=\"_ _3a1\"> </span>ive<span class=\"_ _3a1\"> </span>ta<span class=\"_ _3a1\"> </span>ive<span class=\"_ _3a1\"> </span>ta<span class=\"_ _3a1\"> </span>ive<span class=\"_ _3a1\"> </span>ta<span class=\"_ _3a1\"> </span>ive<span class=\"_ _3a1\"> </span>Si allega anche la ripartizione geografica NORD-OVEST,<span class=\"_ _2\"></span> NORD-EST, CENTRO, SUD e <span class=\"_ _1\"></span>ISOLE per le esposizioni ITAL<span class=\"_ _2\"></span>IA.<span class=\"_ _3a1\"> </span>B.2 Consolidato prudenziale <span class=\"_ _1\"></span>\u2013 Distribuzione territoriale de<span class=\"_ _1\"></span>lle esposizioni creditizie per cassa e \u201cfuori bilancio\u201d ver<span class=\"_ _1\"></span>so clientela<table class=\"s w1270 h2a9\" id=\"_d3205346-6b2d-4554-ae1f-2d363026d6d5\"><tr><td></td><td></td><td class=\"t m9 x1e83 h12 y6578 ff4 fs7 fc4 sc3 ls0 ws0\">Italia Nord Ovest<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1e84 h12 y6578 ff4 fs7 fc4 sc3 ls0 ws0\">Italia Nord Est<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1c9d h12 y6578 ff4 fs7 fc4 sc3 ls0 ws0\">Italia Centro<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1e85 h12 y6578 ff4 fs7 fc4 sc3 ls0 ws0\">Italia Sud e Isole<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m9 x17e5 h12 y6579 ff4 fs7 fc4 sc3 ls0 ws0\">Esposizioni / Aree geografiche<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m9 x3c4 h12 y657a ff4 fs7 fc1 sc2 ls0 ws0\">A. Esposizioni creditizie per cas<span class=\"_ _2\"></span>sa<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y657b w1242 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Sofferenze<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1e86 y657b w1271 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.032<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e87 y657b w569 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">36.156<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e88 y657b w1272 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.939<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e89 y657b w1273 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">44.933<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e8a y657b w1274 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.998<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e8b y657b w1275 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">40.058<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e8c y657b w1276 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">20.377<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e8d y657b w11f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">98.621<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a64 w1247 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Inadempienze p<span class=\"_ _3b\"></span>ro<span class=\"_ _1\"></span>babili<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1e8e y5a64 w1277 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">32.271<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e8f y5a64 w1278 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">23.828<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e90 y5a64 w1279 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">60.649<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e91 y5a64 w127a h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">44.968<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e92 y5a64 w127b h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">25.440<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e93 y5a64 w127c h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">23.742<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e94 y5a64 w127d h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">77.888<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e95 y5a64 w127e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">73<span class=\"_ _1\"></span>.987<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a65 w1251 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.3 Esposizioni sc<span class=\"_ _2\"></span>adute deteri<span class=\"_ _2\"></span>orate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1e96 y5a65 w127f h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.091<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e97 y5a65 w1280 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.313<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e98 y5a65 w1281 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.533<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e99 y5a65 w1282 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.676<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e9a y5a65 w1283 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.435<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e9b y5a65 w1284 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.820<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e9c y5a65 w1285 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10.519<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e9d y5a65 w1286 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.860<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y657c w1257 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.4 Esposizioni n<span class=\"_ _2\"></span>on deteriorate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1e9e y657c w1287 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9.966.136<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e9f y657c w1288 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18.740<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ea0 y657c w1289 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10.414.682<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ea1 y657c w1277 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">21.723<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ea2 y657c w128a h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.800.361<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ea3 y657c w128b h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">19.464<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ea4 y657c w128c h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9.078.008<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ea5 y657c w11f7 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">26.975<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x1dff h12 y657d ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A)</td><td></td><td class=\"t m9 x1ea6 h12 y657d ff4 fs7 fc1 sc2 ls0 ws0\"> <span class=\"_ _1d7\"> </span>10.<span class=\"_ _2\"></span>010.530<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ea7 h12 y657d ff4 fs7 fc1 sc2 ls0 ws0\">81.037<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ea8 h12 y657d ff4 fs7 fc1 sc2 ls0 ws0\">10.492.803<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x3c3 h12 y657d ff4 fs7 fc1 sc2 ls0 ws0\">115.300<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ea9 h12 y657d ff4 fs7 fc1 sc2 ls0 ws0\">11.836.234<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1eaa h12 y657d ff4 fs7 fc1 sc2 ls0 ws0\">85.084<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1eab h12 y657d ff4 fs7 fc1 sc2 ls0 ws0\">9.186.792<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e24 h12 y657d ff4 fs7 fc1 sc2 ls0 ws0\">206.443<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x3c4 h12 y657e ff4 fs7 fc1 sc2 ls0 ws0\">B. Esposizioni creditizie fuori b<span class=\"_ _2\"></span>ilancio<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y59de w1262 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Esposizioni de<span class=\"_ _2\"></span>teriorate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1eac y59de w128d h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">15<span class=\"_ _1\"></span>.777<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ead y59de w128e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">154<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eae y59de w128f h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.184<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eaf y59de w1290 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">45<span class=\"_ _1\"></span>5<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eb0 y59de w1291 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.336<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eb1 y59de w1292 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">124<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eb2 y59de w1293 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9.475<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eb3 y59de w1290 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">396<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6054 w1266 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Esposizioni no<span class=\"_ _2\"></span>n deteriorate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1eb4 y6054 w1294 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.914.130<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eb5 y6054 w1295 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">604<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eb6 y6054 w1296 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.142.746<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eb7 y6054 w1297 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.222<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eb8 y6054 w1298 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.639.518<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eb9 y6054 w1299 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">453<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eba y6054 w129a h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.835.484<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ebb y6054 w129b h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.085<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x1dff h12 y657f ff4 fs7 fc1 sc2 ls0 ws0\">Totale (B)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"c n x1ebc y6454 w129c h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4.929.907<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ebd y6454 w129d h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">758<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ebe y6454 w129e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">5<span class=\"_ _1\"></span>.154.930<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ebf y6454 w129f h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1.677<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ec0 y6454 w12a0 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1.642.854<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ec1 y6454 w12a1 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">577<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ec2 y6454 w12a2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1.844.959<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ec3 y6454 w12a3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1.481<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x1d02 h12 y6580 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B)<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ec4 h12 y6580 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cf9 h12 y6580 ff4 fs7 fc1 sc2 ls0 ws0\">14.940.437<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ea7 h12 y6580 ff4 fs7 fc1 sc2 ls0 ws0\">81.795<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ec5 h12 y6580 ff4 fs7 fc1 sc2 ls0 ws0\">15.647.733<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x3d3 h12 y6580 ff4 fs7 fc1 sc2 ls0 ws0\">116.977<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1caa h12 y6580 ff4 fs7 fc1 sc2 ls0 ws0\">13.479.088<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ec6 h12 y6580 ff4 fs7 fc1 sc2 ls0 ws0\">85.661<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1eab h12 y6580 ff4 fs7 fc1 sc2 ls0 ws0\">11.031.751<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e24 h12 y6580 ff4 fs7 fc1 sc2 ls0 ws0\">207.924<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x1d02 h12 y6581 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B)<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ec4 h12 y6581 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cf9 h12 y6581 ff4 fs7 fc1 sc2 ls0 ws0\">14.564.558<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e26 h12 y6581 ff4 fs7 fc1 sc2 ls0 ws0\">84.552<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ec7 h12 y6581 ff4 fs7 fc1 sc2 ls0 ws0\">15.511.361<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x3ba h12 y6581 ff4 fs7 fc1 sc2 ls0 ws0\">122.420<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1caa h12 y6581 ff4 fs7 fc1 sc2 ls0 ws0\">12.362.622<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ec6 h12 y6581 ff4 fs7 fc1 sc2 ls0 ws0\">90.576<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ec8 h12 y6581 ff4 fs7 fc1 sc2 ls0 ws0\">10.707.181<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca3 h12 y6581 ff4 fs7 fc1 sc2 ls0 ws0\">212.248<span class=\"_ _3a1\"> </span></td></tr></table>ta<span class=\"_ _3a1\"> </span>re ive<span class=\"_ _3a1\"> </span>ta<span class=\"_ _3a1\"> </span>re ive<span class=\"_ _3a1\"> </span>ta<span class=\"_ _3a1\"> </span>re ive<span class=\"_ _3a1\"> </span>ta<span class=\"_ _3a1\"> </span>re ive<span class=\"_ _3a1\"> </span>B.3 Consolidato <span class=\"_ _1\"></span>prudenziale - Distribuzione territor<span class=\"_ _1\"></span>iale delle esposizioni creditizie per cass<span class=\"_ _1\"></span>a e \"fuori bilancio\" verso banche<span class=\"_ _3a1\"> </span><table class=\"s w12a4 h2aa\" id=\"_808f1c4b-411f-40ca-9d82-ea2d67d21c63\"><tr><td></td><td></td><td class=\"t m9 x1ce2 h12 y6582 ff4 fs7 fc4 sc3 ls0 ws0\">Italia<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1d98 h12 y6582 ff4 fs7 fc4 sc3 ls0 ws0\">Altri paesi europei<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1ec9 h12 y6582 ff4 fs7 fc4 sc3 ls0 ws0\">America<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1ec6 h12 y6582 ff4 fs7 fc4 sc3 ls0 ws0\">Asia<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1d55 h12 y6582 ff4 fs7 fc4 sc3 ls0 ws0\">Resto del mondo<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m9 x1eca h12 y6583 ff4 fs7 fc4 sc3 ls0 ws0\">Esposizioni/Aree geografiche<span class=\"_ _3a1\"> </span></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 class=\"t m9 x3c4 h12 y6584 ff4 fs7 fc1 sc2 ls0 ws0\">A. Esposizioni creditizie per cas<span class=\"_ _2\"></span>sa<span class=\"_ _3a1\"> </span></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 class=\"c n x2d7 y6585 w1242 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Sofferenze<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1ecb y6585 w11b2 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ecc y6585 w11b3 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ecd y6585 w11b2 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ece y6585 w11b2 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ecf y6585 w11b2 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ed0 y6585 w11b3 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ed1 y6585 w11b3 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ed2 y6585 w11b2 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ed3 y6585 w11b2 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ed4 y6585 w11b3 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6586 w1247 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Inadempienze p<span class=\"_ _3b\"></span>ro<span class=\"_ _1\"></span>babili<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1ed5 y6586 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ed6 y6586 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ed7 y6586 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ed8 y6586 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ed9 y6586 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eda y6586 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1edb y6586 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1edc y6586 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1edd y6586 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ed4 y6586 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6587 w1251 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.3 Esposizioni sc<span class=\"_ _2\"></span>adute deteri<span class=\"_ _2\"></span>orate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1ede y6587 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1edf y6587 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ee0 y6587 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ee1 y6587 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ee2 y6587 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ee3 y6587 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ee4 y6587 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ee5 y6587 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ee6 y6587 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ee7 y6587 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6588 w1257 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.4 Esposizioni n<span class=\"_ _2\"></span>on deteriorate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1ee8 y6588 w12a5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.854.453<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ee9 y6588 w12a6 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">65<span class=\"_ _1\"></span>8<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eea y6588 w12a7 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.712.895<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eeb y6588 w12a8 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.<span class=\"_ _2\"></span>093<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eec y6588 w12a9 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">28.940<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eed y6588 w12aa h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">15<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eee y6588 w12ab h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">21<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eef y6588 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ef0 y6588 w12ac h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">81.710<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ef1 y6588 w124c h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x1ef2 h12 y6589 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1ef3 h12 y6589 ff4 fs7 fc1 sc2 ls0 ws0\">4.854.453<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x2b1 h12 y6589 ff4 fs7 fc1 sc2 ls0 ws0\">658<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e7c h12 y6589 ff4 fs7 fc1 sc2 ls0 ws0\">1.712.895<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ef4 h12 y6589 ff4 fs7 fc1 sc2 ls0 ws0\">1.093<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca9 h12 y6589 ff4 fs7 fc1 sc2 ls0 ws0\">28.940<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ef5 h12 y6589 ff4 fs7 fc1 sc2 ls0 ws0\">15<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e1d h12 y6589 ff4 fs7 fc1 sc2 ls0 ws0\">21<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ef6 h12 y6589 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ef7 h12 y6589 ff4 fs7 fc1 sc2 ls0 ws0\">81.710<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ef8 h12 y6589 ff4 fs7 fc1 sc2 ls0 ws0\">8<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x3c4 h12 y658a ff4 fs7 fc1 sc2 ls0 ws0\">B. Esposizioni creditizie fuori b<span class=\"_ _2\"></span>ilancio<span class=\"_ _3a1\"> </span></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 class=\"c n x2d7 y658b w1262 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Esposizioni de<span class=\"_ _2\"></span>teriorate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1ef9 y658b w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1efa y658b w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1efb y658b w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1efc y658b w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1efd y658b w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1efe y658b w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eff y658b w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f00 y658b w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f01 y658b w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f02 y658b w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a84 w1266 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Esposizioni no<span class=\"_ _2\"></span>n deteriorate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1f03 y5a84 w12ad h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">40.<span class=\"_ _2\"></span>933<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f04 y5a84 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f05 y5a84 w12ae h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">398.042<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f06 y5a84 w124b h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f07 y5a84 w12af h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">425<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f08 y5a84 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f09 y5a84 w12b0 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.266<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f0a y5a84 w1255 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f0b y5a84 w12b1 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">958<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f0c y5a84 w124b h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x1ef2 h12 y658c ff4 fs7 fc1 sc2 ls0 ws0\">Totale (B)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1f0d h12 y658c ff4 fs7 fc1 sc2 ls0 ws0\">40.933<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e1b h12 y658c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e27 h12 y658c ff4 fs7 fc1 sc2 ls0 ws0\">398.042<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca8 h12 y658c ff4 fs7 fc1 sc2 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17df h12 y658c ff4 fs7 fc1 sc2 ls0 ws0\">425<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1f0e h12 y658c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x19a5 h12 y658c ff4 fs7 fc1 sc2 ls0 ws0\">8.266<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1f0f h12 y658c ff4 fs7 fc1 sc2 ls0 ws0\">3<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1f10 h12 y658c ff4 fs7 fc1 sc2 ls0 ws0\">958<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ce4 h12 y658c ff4 fs7 fc1 sc2 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x1d96 h12 y658d ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B)<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1f11 h12 y658d ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ef3 h12 y658d ff4 fs7 fc1 sc2 ls0 ws0\">4.895.386<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x2b1 h12 y658d ff4 fs7 fc1 sc2 ls0 ws0\">658<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e7c h12 y658d ff4 fs7 fc1 sc2 ls0 ws0\">2.110.937<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ef4 h12 y658d ff4 fs7 fc1 sc2 ls0 ws0\">1.094<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca9 h12 y658d ff4 fs7 fc1 sc2 ls0 ws0\">29.365<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ef5 h12 y658d ff4 fs7 fc1 sc2 ls0 ws0\">15<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x19a5 h12 y658d ff4 fs7 fc1 sc2 ls0 ws0\">8.287<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1f0f h12 y658d ff4 fs7 fc1 sc2 ls0 ws0\">3<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1f12 h12 y658d ff4 fs7 fc1 sc2 ls0 ws0\">82.668<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ef8 h12 y658d ff4 fs7 fc1 sc2 ls0 ws0\">9<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x1d96 h12 y55b5 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B)<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1f11 h12 y55b5 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e83 h12 y55b5 ff4 fs7 fc1 sc2 ls0 ws0\">7.018.340<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x2b1 h12 y55b5 ff4 fs7 fc1 sc2 ls0 ws0\">659<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e27 h12 y55b5 ff4 fs7 fc1 sc2 ls0 ws0\">2.192.141<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1f13 h12 y55b5 ff4 fs7 fc1 sc2 ls0 ws0\">1.267<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca9 h12 y55b5 ff4 fs7 fc1 sc2 ls0 ws0\">72.854<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1f14 h12 y55b5 ff4 fs7 fc1 sc2 ls0 ws0\">33<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x19a5 h12 y55b5 ff4 fs7 fc1 sc2 ls0 ws0\">3.564<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ef6 h12 y55b5 ff4 fs7 fc1 sc2 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1f15 h12 y55b5 ff4 fs7 fc1 sc2 ls0 ws0\">77.732<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1f16 h12 y55b5 ff4 fs7 fc1 sc2 ls0 ws0\">10<span class=\"_ _3a1\"> </span></td></tr></table>ta<span class=\"_ _3a1\"> </span>ive<span class=\"_ _3a1\"> </span>ta<span class=\"_ _3a1\"> </span>ive<span class=\"_ _3a1\"> </span>ta<span class=\"_ _3a1\"> </span>ive<span class=\"_ _3a1\"> </span>ta<span class=\"_ _3a1\"> </span>ive<span class=\"_ _3a1\"> </span>ta<span class=\"_ _3a1\"> </span>ive<span class=\"_ _3a1\"> </span>B.4 Grandi e<span class=\"_ _1\"></span>sposizioni<span class=\"_ _3a1\"> </span><table class=\"s w12b2 h2ab\" id=\"_27124404-9073-4d30-8ebd-99e958180b58\"><tr><td></td><td class=\"t m2 x7c8 h12 y658e ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y658f w12b3 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Numero posizioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f17 y658f w405 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">17<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6590 w12b4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f18 y6590 w12b5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">26.410.068<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y539f w12b6 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Posizione di rischio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f19 y539f w12b7 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">795.663<span class=\"_ _3a1\"> </span></div></td></tr></table>Sono considerate <span class=\"_ _3b\"></span>nel calcolo d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>\u201cgrandi rischi\u201d <span class=\"_ _2\"></span>tutte l<span class=\"_ _2\"></span>e at<span class=\"_ _2\"></span>tivit\u00e0 di <span class=\"_ _3b\"></span>rischio, per ca<span class=\"_ _2\"></span>ssa e <span class=\"_ _3b\"></span>fuor<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>bilancio,<span class=\"_ _3a1\"> </span>nei <span class=\"_ _2\"></span>confronti d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>un singolo <span class=\"_ _3b\"></span>cliente <span class=\"_ _3b\"></span>(ovvero gruppo <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>clienti connessi) <span class=\"_ _3b\"></span>senza l'appl<span class=\"_ _2\"></span>icazione <span class=\"_ _2\"></span>dei <span class=\"_ _3b\"></span>fat<span class=\"_ _1\"></span>tori<span class=\"_ _3a1\"> </span>di <span class=\"_ _0\"></span>ponderazione, <span class=\"_ _35\"> </span>men<span class=\"_ _2\"></span>tre <span class=\"_ _35\"> </span>il<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>limite <span class=\"_ _35\"> </span>che<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>qualifica <span class=\"_ _0\"></span>un\u2019esposizione <span class=\"_ _35\"> </span>come <span class=\"_ _0\"></span>\"grande <span class=\"_ _0\"></span>rischio\", <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>ando<span class=\"_ _3a1\"> </span>l\u2019esposizione, come sopra determinata, \u00e8 <span class=\"_ _1\"></span>pari o superiore al 10% dei fondi propri.<span class=\"_ _3a1\"> </span>La <span class=\"_ _3b\"></span>disciplina, per <span class=\"_ _3b\"></span>appre<span class=\"_ _1\"></span>zzare <span class=\"_ _3b\"></span>in modo <span class=\"_ _3b\"></span>pi\u00f9 <span class=\"_ _3b\"></span>pr<span class=\"_ _1\"></span>eciso il<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>grado <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>conc<span class=\"_ _1\"></span>entrazione d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>crediti, rileva <span class=\"_ _3b\"></span>anche<span class=\"_ _3a1\"> </span>le <span class=\"_ _2\"></span>esposizioni aventi <span class=\"_ _3b\"></span>un fattore <span class=\"_ _3b\"></span>di ponderazione <span class=\"_ _3b\"></span>per il <span class=\"_ _3b\"></span>rischio di <span class=\"_ _3b\"></span>controparte pari <span class=\"_ _3b\"></span>allo zero <span class=\"_ _3b\"></span>per cento,<span class=\"_ _3a1\"> </span>quali ad esempio le esposizioni verso lo<span class=\"_ _1\"></span> Stato italiano, ecc.<span class=\"_ _3a1\"> </span>Si s<span class=\"_ _1\"></span>ottolinea <span class=\"_ _1\"></span>inoltre <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>perimetro <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>riferimento <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>prese anche <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>perazioni di <span class=\"_ _1\"></span>pronti<span class=\"_ _3a1\"> </span>contro  te<span class=\"_ _1\"></span>rmine  passive. <span class=\"_ _3d\"> </span>La  normat<span class=\"_ _1\"></span>iva  prevede <span class=\"_ _3d\"> </span>che  t<span class=\"_ _1\"></span>ali  operazioni  concor<span class=\"_ _1\"></span>rano  all'es<span class=\"_ _1\"></span>posizione<span class=\"_ _3a1\"> </span>nominale <span class=\"_ _3f\"> </span>verso <span class=\"_ _3f\"> </span>la <span class=\"_ _3f\"> </span>controparte <span class=\"_ _3f\"> </span>per <span class=\"_ _3f\"> </span>l'importo <span class=\"_ _3f\"> </span>dei <span class=\"_ _3f\"> </span>\u201ctitoli <span class=\"_ _3f\"> </span>da <span class=\"_ _3f\"> </span>ricevere\u201d, <span class=\"_ _3f\"> </span>mentre <span class=\"_ _3f\"> </span>l\u2019esposizione<span class=\"_ _3a1\"> </span>ponderata, in casi espressamente previsti, pu\u00f2 pre<span class=\"_ _1\"></span>vedere la ponderazione a zero. Si <span class=\"_ _37\"> </span>rilevano <span class=\"_ _37\"> </span>a <span class=\"_ _37\"> </span>fine <span class=\"_ _37\"> </span>periodo <span class=\"_ _37\"> </span>17 <span class=\"_ _37\"> </span>posizioni <span class=\"_ _37\"> </span>classificate <span class=\"_ _36\"> </span>come <span class=\"_ _37\"> </span>\u201cgrandi <span class=\"_ _3d\"> </span>rischi\u201d, <span class=\"_ _37\"> </span>per <span class=\"_ _36\"> </span>un <span class=\"_ _3d\"> </span>amm<span class=\"_ _1\"></span>ontare<span class=\"_ _3a1\"> </span>complessivo di 26.41<span class=\"_ _2\"></span>0,1 milioni di <span class=\"_ _2\"></span>euro, corrispondenti <span class=\"_ _2\"></span>a 795,7 <span class=\"_ _2\"></span>milioni di <span class=\"_ _2\"></span>euro di v<span class=\"_ _2\"></span>alore ponderato (a<span class=\"_ _3a1\"> </span>fine <span class=\"_ _38\"></span>2023 <span class=\"_ _38\"></span>erano <span class=\"_ _38\"></span>presenti <span class=\"_ _38\"></span>21 <span class=\"_ _38\"></span>posizioni <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>ammontare <span class=\"_ _38\"></span>complessivo <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>30.055<span class=\"_ _1\"></span>,3 <span class=\"_ _38\"></span>milioni <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>euro,<span class=\"_ _3a1\"> </span>corrispondenti a 1.553,4 milioni di euro di valore ponderato). Tra <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>posizioni <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>ilevate <span class=\"_ _35\"> </span>fig<span class=\"_ _2\"></span>urano <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>Ministero <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>Tesoro, <span class=\"_ _35\"> </span>alcuni <span class=\"_ _0\"></span>Stati <span class=\"_ _35\"> </span>UE <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>xtra <span class=\"_ _0\"></span>UE <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>primar<span class=\"_ _1\"></span>ie<span class=\"_ _3a1\"> </span>banche nazionali ed internazionali.<div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gs1391\">C. Operazioni di cartolarizzazione<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1392\">Informazi<span class=\"_ _1\"></span>oni di na<span class=\"_ _1\"></span>t</div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1393\">ura quali<span class=\"_ _1\"></span>tativa </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1394\">Operazi<span class=\"_ _1\"></span>one Emilia<span class=\"_ _1\"></span> SPV </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1395\">Il Gruppo d<span class=\"_ _2\"></span>etiene una p<span class=\"_ _2\"></span>artecipazione pari al<span class=\"_ _2\"></span> 10% in<span class=\"_ _3b\"></span> Emilia SPV S.r.<span class=\"_ _2\"></span>l., societ\u00e0 veicolo <span class=\"_ _3b\"></span>appositam<span class=\"_ _1\"></span>ente </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1396\">costit<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1397\">uita <span class=\"_ _3f\"> </span>ed <span class=\"_ _3f\"> </span>avente <span class=\"_ _3f\"> </span>quale <span class=\"_ _3a\"> </span>oggetto <span class=\"_ _3f\"> </span>esclusivo <span class=\"_ _3f\"> </span>la <span class=\"_ _3f\"> </span>realizzazione <span class=\"_ _3a\"> </span>di <span class=\"_ _3f\"> </span>una <span class=\"_ _3f\"> </span>o <span class=\"_ _3f\"> </span>pi\u00f9 <span class=\"_ _3f\"> </span>operazioni <span class=\"_ _3a\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1398\">cartolarizzazione ai sensi della Legge n. 1<span class=\"_ _1\"></span>30 del 30 aprile 1999.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1399\">Emilia SPV S<span class=\"_ _2\"></span>.r.l. ha in <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ssere un\u2019operazione <span class=\"_ _2\"></span>di cartolarizzazione <span class=\"_ _2\"></span>revolving, <span class=\"_ _2\"></span>perfezionata da Credem </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs139a\">nel corso d<span class=\"_ _2\"></span>el 2015, <span class=\"_ _3b\"></span>su mutui ipotecari r<span class=\"_ _2\"></span>esidenziali in b<span class=\"_ _2\"></span>onis erogati <span class=\"_ _2\"></span>dalla Banca <span class=\"_ _2\"></span>alla p<span class=\"_ _2\"></span>ropria clientela, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs139b\">non <span class=\"_ _38\"></span>eleggibili <span class=\"_ _38\"></span>ai <span class=\"_ _38\"></span>fini <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>ell\u2019utilizzo <span class=\"_ _0\"></span>nel <span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>gramma <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>emissioni <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>\u201cObbligazioni <span class=\"_ _38\"></span>B<span class=\"_ _1\"></span>ancarie <span class=\"_ _38\"></span>Garantite\u201d </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs139c\">dalla <span class=\"_ _1\"></span>societ\u00e0 <span class=\"_ _38\"></span>veicolo <span class=\"_ _38\"></span>Credem <span class=\"_ _1\"></span>CB <span class=\"_ _1\"></span>S.r.l. <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>selezionati <span class=\"_ _38\"></span>sulla <span class=\"_ _1\"></span>base <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>criteri <span class=\"_ _38\"></span>predefiniti <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>modo <span class=\"_ _1\"></span>tale <span class=\"_ _1\"></span>da </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs139d\">costituire un <span class=\"_ _2\"></span>\u201cblocco\u201d ai <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ensi e <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span> gli<span class=\"_ _2\"></span> effetti della <span class=\"_ _2\"></span>legge ap<span class=\"_ _2\"></span>plicabile in ma<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>eria di ca<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>tolarizzazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs139e\">dei crediti.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs139f\">La <span class=\"_ _38\"></span>societ<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _38\"></span>veicolo <span class=\"_ _38\"></span>ha <span class=\"_ _0\"></span>fi<span class=\"_ _2\"></span>nanziato <span class=\"_ _38\"></span>l\u2019operazione <span class=\"_ _0\"></span>attraverso <span class=\"_ _1\"></span>l\u2019emissione, <span class=\"_ _0\"></span>nel <span class=\"_ _38\"></span>corso <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>mese <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _38\"></span>aprile </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13a0\">del 2015, di titoli obbligazionari \u201cRMBS\u201d di diversa classe <span class=\"_ _1\"></span>(senior e junior).  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13a1\">Le <span class=\"_ _0\"></span>note <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>tipo <span class=\"_ _38\"></span>\u201csenior\u201d<span class=\"_ _1\"></span>, <span class=\"_ _38\"></span>quotate <span class=\"_ _0\"></span>all\u2019Irish <span class=\"_ _38\"></span>Sto<span class=\"_ _1\"></span>ck <span class=\"_ _38\"></span>Exchange <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>do<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ate <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>rating <span class=\"_ _0\"></span>uffi<span class=\"_ _2\"></span>ciale <span class=\"_ _0\"></span>assegnato </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13a2\">dalle ag<span class=\"_ _2\"></span>enzie accreditate <span class=\"_ _3b\"></span>DB<span class=\"_ _1\"></span>RS <span class=\"_ _3b\"></span>e Moody\u2019s I<span class=\"_ _2\"></span>nvestor Services <span class=\"_ _3b\"></span>(al 31 <span class=\"_ _3b\"></span>dicembre 2024, <span class=\"_ _3b\"></span>giudizio \u201cA h<span class=\"_ _2\"></span>igh\u201d </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13a3\">assegnato <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>DBRS e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>\u201cAa3\u201d <span class=\"_ _1\"></span>da Moo<span class=\"_ _1\"></span>dy\u2019s) pagano, <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rimestralmente, <span class=\"_ _1\"></span>interessi <span class=\"_ _1\"></span>variabili pari <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>asso </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13a4\">EURIBOR <span class=\"_ _0\"></span>3 <span class=\"_ _0\"></span>mesi, <span class=\"_ _0\"></span>aumentato <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>75 <span class=\"_ _0\"></span>bps, <span class=\"_ _0\"></span>mentre <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>note <span class=\"_ _0\"></span>\u201cjunior\u201d,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>sprovviste <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rating, <span class=\"_ _0\"></span>pagano <span class=\"_ _0\"></span>un </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13a5\">tasso <span class=\"_ _0\"></span>EURIBOR <span class=\"_ _0\"></span>3<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>mesi, <span class=\"_ _0\"></span>aumentato <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>200 <span class=\"_ _0\"></span>bps. <span class=\"_ _38\"></span>I <span class=\"_ _0\"></span>detentori <span class=\"_ _0\"></span>dei<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>titoli <span class=\"_ _38\"></span>junior <span class=\"_ _0\"></span>hanno <span class=\"_ _0\"></span>inoltre <span class=\"_ _38\"></span>diritto <span class=\"_ _0\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13a6\">ricevere  a <span class=\"_ _35\"> </span>ciascuna  data  di<span class=\"_ _2\"></span>  pagamento <span class=\"_ _35\"> </span>e,  in  bas<span class=\"_ _2\"></span>e  all\u2019ordine <span class=\"_ _35\"> </span>di  priorit\u00e0  dei <span class=\"_ _35\"> </span>pagamenti  e <span class=\"_ _35\"> </span>fondi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13a7\">disponibili, a<span class=\"_ _1\"></span>nche <span class=\"_ _1\"></span>un pr<span class=\"_ _1\"></span>emio <span class=\"_ _1\"></span>determinato <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>via <span class=\"_ _1\"></span>residuale, dopo <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>siano <span class=\"_ _1\"></span>stati <span class=\"_ _1\"></span>corrisposti <span class=\"_ _1\"></span>tutti gli </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13a8\">altri importi da corrispondersi in priorit\u00e0. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13a9\">I <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>strutturati <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>forma <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>partly <span class=\"_ _0\"></span>paid <span class=\"_ _0\"></span>notes <span class=\"_ _0\"></span>(\u201cPPN\u201d) <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>interamente <span class=\"_ _0\"></span>emessi <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>lor<span class=\"_ _2\"></span>o </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13aa\">valore nominal<span class=\"_ _2\"></span>e all<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>d\u2019emissione <span class=\"_ _3b\"></span>(Euro 3.0<span class=\"_ _2\"></span>00.000.000 per <span class=\"_ _3b\"></span>le <span class=\"_ _3b\"></span>note s<span class=\"_ _2\"></span>enior <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>Euro <span class=\"_ _2\"></span>900.000.000 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13ab\">per <span class=\"_ _0\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>note <span class=\"_ _0\"></span>junior). <span class=\"_ _0\"></span>Il <span class=\"_ _35\"> </span>prezzo <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>note <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>stato <span class=\"_ _0\"></span>corrisposto <span class=\"_ _35\"> </span>solo <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>parte <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>emiss<span class=\"_ _1\"></span>ione, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13ac\">mentre <span class=\"_ _2\"></span>le <span class=\"_ _3b\"></span>restanti <span class=\"_ _2\"></span>quote <span class=\"_ _3b\"></span>di prezzo <span class=\"_ _3b\"></span>possono <span class=\"_ _3b\"></span>essere pagat<span class=\"_ _2\"></span>e <span class=\"_ _3b\"></span>in pi\u00f9<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>rat<span class=\"_ _1\"></span>e <span class=\"_ _3b\"></span>successive diff<span class=\"_ _2\"></span>erite <span class=\"_ _2\"></span>nel <span class=\"_ _3b\"></span>tempo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13ad\">secondo la logica revolving dell\u2019operazione. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13ae\">Credem <span class=\"_ _35\"> </span>ha <span class=\"_ _35\"> </span>sottoscritto <span class=\"_ _35\"> </span>all\u2019atto<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>dell\u2019emissione, <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>detiene <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>portafoglio, <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>totale <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>pas<span class=\"_ _2\"></span>sivit\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13af\">emesse <span class=\"_ _3b\"></span>dal <span class=\"_ _3b\"></span>ve<span class=\"_ _1\"></span>icolo. <span class=\"_ _3b\"></span>Pertant<span class=\"_ _1\"></span>o, <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>base <span class=\"_ _2\"></span>alle <span class=\"_ _3b\"></span>norme I<span class=\"_ _2\"></span>FRS9 <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>mat<span class=\"_ _1\"></span>eria <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>\u201cderecognition\u201d (c<span class=\"_ _2\"></span>ancellazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13b0\">contabile), <span class=\"_ _37\"> </span>i <span class=\"_ _36\"> </span>cre<span class=\"_ _1\"></span>diti <span class=\"_ _36\"> </span>oggetto <span class=\"_ _37\"> </span>della <span class=\"_ _36\"> </span>cartolarizzazione <span class=\"_ _36\"> </span>rimangono <span class=\"_ _36\"> </span>iscritti <span class=\"_ _36\"> </span>nell\u2019attivo <span class=\"_ _36\"> </span>del <span class=\"_ _37\"> </span>bilancio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13b1\">Credem.  <span class=\"_ _2\"></span>La <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>truttura </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs13b2\">revolving</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13b3\"> dell\u2019operazione pe<span class=\"_ _2\"></span>rmette, inoltre, <span class=\"_ _3b\"></span>alla Banca, <span class=\"_ _3b\"></span>durante<span class=\"_ _1\"></span> un <span class=\"_ _3b\"></span>periodo di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13b4\">cosiddetto </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs13b5\">replenishment</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13b6\"> <span class=\"_ _1\"></span>che pu\u00f2 <span class=\"_ _1\"></span>durare <span class=\"_ _1\"></span>fino <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>5 <span class=\"_ _1\"></span>anni, <span class=\"_ _1\"></span>di cede<span class=\"_ _1\"></span>re <span class=\"_ _1\"></span>nuovi por<span class=\"_ _1\"></span>tafogli <span class=\"_ _1\"></span>di cr<span class=\"_ _1\"></span>editi <span class=\"_ _1\"></span>idonei </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13b7\">alla <span class=\"_ _0\"></span>societ<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _0\"></span>veicolo <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>utilizza, <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>loro <span class=\"_ _0\"></span>pagamento, <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>proventi <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>esistente <span class=\"_ _0\"></span>e/o <span class=\"_ _0\"></span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13b8\">proventi de<span class=\"_ _1\"></span>l pagamento <span class=\"_ _1\"></span>da parte de<span class=\"_ _1\"></span>i </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs13b9\">noteholder</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13ba\"> di <span class=\"_ _1\"></span>ulteriori quote <span class=\"_ _1\"></span>del prezzo <span class=\"_ _1\"></span>dei titoli <span class=\"_ _1\"></span>emessi. Una </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13bb\">volta concluso <span class=\"_ _1\"></span>il per<span class=\"_ _1\"></span>iodo di </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs13bc\">replenishment</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13bd\">, rinnovato <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>2021 con scadenza <span class=\"_ _1\"></span>maggio 20<span class=\"_ _1\"></span>26, le <span class=\"_ _1\"></span>note </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13be\">sono rimborsate durante un periodo di ammortamento definito in se<span class=\"_ _1\"></span>de di emissione.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13bf\">Al 31 dicembre 2024, a seguito del perfezionamento di du<span class=\"_ _2\"></span>e nuove cessioni di attivi relative a mutui </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13c0\">ipotecari residenziali <span class=\"_ _3b\"></span>in bonis, il<span class=\"_ _2\"></span> circolante della <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ranche senio<span class=\"_ _2\"></span>r risulta <span class=\"_ _3b\"></span>pari ad Eu<span class=\"_ _2\"></span>ro 2.132.862.077,51 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13c1\">mentre quello della tranche junior risulta par<span class=\"_ _1\"></span>i ad Euro 639.202.760,92. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13c2\">La  tranche  senior  pu\u00f2  essere  utili<span class=\"_ _2\"></span>zzata  dalla  Banca  per  operazioni  di  rifinanziamento  presso </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13c3\">l\u2019Eurosistema. <span class=\"_ _1\"></span>L\u2019operazione <span class=\"_ _1\"></span>\u00e8, <span class=\"_ _1\"></span>infatti, <span class=\"_ _1\"></span>finalizzata a <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>stituire una <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iserva <span class=\"_ _1\"></span>di liquidit\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>rientra <span class=\"_ _1\"></span>tra le </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13c4\">complessive attivit\u00e0 di gestione della liquidit\u00e0 poste in essere da Crede<span class=\"_ _1\"></span>m. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13c5\">A <span class=\"_ _38\"></span>Credem, <span class=\"_ _38\"></span>inoltre<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>tate <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iconosciute <span class=\"_ _38\"></span>dalla <span class=\"_ _38\"></span>societ\u00e0 <span class=\"_ _38\"></span>veicolo <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>eguenti <span class=\"_ _38\"></span>opzioni: <span class=\"_ _38\"></span>riacquisto <span class=\"_ _38\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13c6\">singoli <span class=\"_ _37\"> </span>crediti <span class=\"_ _36\"> </span>entro <span class=\"_ _37\"> </span>determinati <span class=\"_ _36\"> </span>parametri, <span class=\"_ _37\"> </span>riacquisto <span class=\"_ _36\"> </span>in <span class=\"_ _37\"> </span>blocco <span class=\"_ _37\"> </span>per <span class=\"_ _37\"> </span>i <span class=\"_ _36\"> </span>crediti <span class=\"_ _37\"> </span>che <span class=\"_ _37\"> </span>doves<span class=\"_ _1\"></span>sero </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13c7\">diventare <span class=\"_ _1\"></span>eleggibili <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>l\u2019utilizzo <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>progr<span class=\"_ _1\"></span>amma <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Obbligazioni <span class=\"_ _1\"></span>Bancarie <span class=\"_ _1\"></span>Garantite <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>Credem<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>CB </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13c8\">S.r.l. <span class=\"_ _3b\"></span>e <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iacquisto <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>tutto <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>portafoglio <span class=\"_ _3b\"></span>cre<span class=\"_ _1\"></span>diti <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>es<span class=\"_ _1\"></span>sere, <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>blocco <span class=\"_ _3b\"></span>e <span class=\"_ _2\"></span>pro <span class=\"_ _3b\"></span>so<span class=\"_ _1\"></span>luto <span class=\"_ _3b\"></span>(nel <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ispetto <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>vincoli </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13c9\">contrattuali previsti). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13ca\">Nel <span class=\"_ _3b\"></span>corso del <span class=\"_ _184\"></span>2024 <span class=\"_ _2\"></span>non <span class=\"_ _3b\"></span>sono <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>tate <span class=\"_ _3b\"></span>effettuate <span class=\"_ _2\"></span>operazioni <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>riacquisto<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>parziale <span class=\"_ _3b\"></span>e/<span class=\"_ _1\"></span>o <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>blocco <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>cre<span class=\"_ _1\"></span>diti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13cb\">dalla societ\u00e0 veicolo. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs13cd\">Altre<span class=\"_ _1\"></span> operazioni<span class=\"fs2\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13ce\">Sono p<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13cf\">resenti <span class=\"_ _1\"></span>nella cate<span class=\"_ _1\"></span>goria contabile \u201c<span class=\"_ _1\"></span>Attivit\u00e0 finanziarie <span class=\"_ _1\"></span>valutate <span class=\"_ _1\"></span>al co<span class=\"_ _1\"></span>sto ammortizzato\u201d, <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>31 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13d0\">dicembre <span class=\"_ _0\"></span>2024, <span class=\"_ _0\"></span>304 <span class=\"_ _0\"></span>milioni<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>E<span class=\"_ _1\"></span>uro <span class=\"_ _0\"></span>complessivi, <span class=\"_ _0\"></span>relativi <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>trumenti <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>coll<span class=\"_ _2\"></span>egati <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>crediti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13d1\">originati <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>Europa, <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>preponderanza <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>componente <span class=\"_ _38\"></span>di o<span class=\"_ _1\"></span>rigination <span class=\"_ _1\"></span>francese <span class=\"_ _1\"></span>(104,4 <span class=\"_ _38\"></span>milioni <span class=\"_ _1\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13d2\">Euro). <span class=\"_ _3f\"> </span>Il <span class=\"_ _3a\"> </span>portafoglio <span class=\"_ _3f\"> </span>\u00e8 <span class=\"_ _3a\"> </span>costituito <span class=\"_ _3a\"> </span>da <span class=\"_ _3f\"> </span>differenti <span class=\"_ _3f\"> </span>t<span class=\"_ _1\"></span>ipologie <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>ABS <span class=\"_ _3a\"> </span>con <span class=\"_ _3f\"> </span>una <span class=\"_ _3a\"> </span>prevalenza <span class=\"_ _3f\"> </span>delle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13d3\">cartolarizzazioni di mutui residenziali, che incidono per <span class=\"_ _1\"></span>il 58,7%.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13d4\">L\u2019attuale esposizione suddivisa per rischio paese \u00e8 cos<span class=\"_ _1\"></span>\u00ec composta: </div><div class=\"gs13d5\"><table class=\"s w77b h2ac\" id=\"_161938b7-8cb9-4b90-81e0-fc40e48b9e4e\"><tr><td></td><td class=\"c x918 y6591 w77c h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x917 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">rovalore (migliaia<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x919 h12 y6592 ff4 fs7 fc4 sc3 ls0 ws0\">Paese </td><td class=\"c n x91a y6593 w77d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Euro)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x91b y6593 w77e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">%<span class=\"_ _1\"></span> Esposizione<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x456 y53a9 w77f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">FRANCIA<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x91c y53a9 w780 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">104.428<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x91d y53a9 w781 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">34,4<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x91e y6594 w782 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">GERMANIA<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x91f y6594 w783 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">90.476<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x920 y6594 w784 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">29,8<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x921 y6595 w785 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">SPAGNA<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x922 y6595 w786 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">55<span class=\"_ _1\"></span>.368<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x923 y6595 w787 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18,2<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5679 w788 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">PAESI BASSI<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x924 y5679 w789 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">32.444<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x925 y5679 w78a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10,<span class=\"_ _2\"></span>7<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x926 y6596 w78b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">ITALIA<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x927 y6596 w545 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.540<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x928 y6596 w78c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4,1<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x456 y6597 w78d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">IRLANDA<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x929 y6597 w78e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.550<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x92a y6597 w78f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2,8<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x92b y539f w790 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">TOTALE<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x92c y539f w791 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">303.806<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x92d y539f w792 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">100,0<span class=\"_ _3a1\"> </span></div></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs13d7\">C.2 Consolidato<span class=\"_ _1\"></span> prudenziale \u2013 Esposiz<span class=\"_ _1\"></span>ioni derivanti dalle prin<span class=\"_ _1\"></span>cipali operazioni di carto<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs13d8\">larizzazione di \u201ct<span class=\"_ _1\"></span>erzi\u201d ripartite per<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs13d9\">tipologia delle<span class=\"_ _1\"></span> attivit\u00e0 cartolar<span class=\"_ _1\"></span>izzate e per tipo di esposizione<span class=\"_ _3a1\"> </span></div><div class=\"gs13da\"><table class=\"s w12b8 h2ad\" id=\"_f79a61d0-26e2-4619-822b-8caf778eb3ad\"><tr><td></td><td></td><td></td><td class=\"c n x115c y6598 w12b9 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc4 sc3 ls0 ws0\">Esposizioni<span class=\"_ _1\"></span> per cass<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"t m2 x138c h19 y6599 ff4 fsb fc4 sc3 ls0 ws0\">Mezzanin<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"c n x1f1a y6598 w12ba h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc4 sc3 ls0 ws0\">Garanzie ril<span class=\"_ _1\"></span>asciate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x11fd h19 y6599 ff4 fsb fc4 sc3 ls0 ws0\">Mezzanin<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td class=\"c n x1f1b y6598 w12bb h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc4 sc3 ls0 ws0\">Linee di<span class=\"_ _1\"></span> credito<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x936 h19 y6599 ff4 fsb fc4 sc3 ls0 ws0\">Mezzanin<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x93b h19 y659a ff4 fsb fc4 sc3 ls0 ws0\">Senior </td><td></td><td></td><td></td><td class=\"c n x1aa2 y659b w11ac h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc4 sc3 ls0 ws0\">Junior<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1f1c y659b w979 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc4 sc3 ls0 ws0\">Senior<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td class=\"c n x13c7 y659b w11ac h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc4 sc3 ls0 ws0\">Junior<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1f1d y659b w12bc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc4 sc3 ls0 ws0\">Seni<span class=\"_ _1\"></span>or<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td class=\"t m2 xc59 h19 y659a ff4 fsb fc4 sc3 ls0 ws0\">Junior </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x1aa9 h19 y659c ff4 fsb fc4 sc3 ls0 ws0\">e </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 xb9c h19 y659c ff4 fsb fc4 sc3 ls0 ws0\">e </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x1140 h19 y659c ff4 fsb fc4 sc3 ls0 ws0\">e </td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x1f1e h19 y659d ff4 fsb fc4 sc3 ls0 ws0\">Tipologi<span class=\"_ _1\"></span>a attivit\u00e0 </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x595 y659e w12bd h1dd\" colspan=\"2\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc4 sc3 ls0 ws0\">sottos<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1f1f h19 y5369 ff4 fsb fc4 sc3 ls0 ws0\">tanti/ Espos<span class=\"_ _1\"></span>izioni<span class=\"_ _3a1\"> </span></div></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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1f20 y659f w12be h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">A.1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f21 y659f w12bf h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">A<span class=\"_ _1\"></span>SEST 23 A SR FLT<span class=\"_ _3a1\"> </span></div></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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x1f22 y65a0 w12c0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">Prestiti<span class=\"_ _1\"></span> al consumo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f23 y65a0 wc7d h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">18<span class=\"_ _2\"></span>.013<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f24 y65a0 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f25 y65a0 w12c1 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f26 y65a0 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f27 y65a0 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f28 y65a0 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f29 y65a0 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f2a y65a0 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f2b y65a0 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f2c y65a0 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f2d y65a0 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f2e y65a0 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f2f y65a0 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f30 y65a0 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f31 y65a0 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f32 y65a0 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f33 y65a0 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f34 y65a0 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f35 y65a0 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65a1 ff4 fsb fc1 sc0 ls0 ws0\">AUTO ABS </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x7c4 h19 y65a2 ff4 fsb fc1 sc0 ls0 ws0\">A.2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65a2 ff4 fsb fc1 sc0 ls0 ws0\">FRGN33FRN </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x1f22 y65a3 w12c0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">Prestiti<span class=\"_ _1\"></span> al consumo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f36 y65a3 w12c2 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>.059<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1f37 y65a3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f38 y65a3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f39 y65a3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f3a y65a3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f3b y65a3 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f3c y65a3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f3d y65a3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f3e y65a3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f3f y65a3 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f40 y65a3 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f41 y65a3 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f42 y65a3 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f43 y65a3 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f44 y65a3 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f45 y65a3 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f46 y65a3 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f47 y65a3 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65a4 ff4 fsb fc1 sc0 ls0 ws0\">AUTOF 2 A 21-43 </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x7c4 h19 y65a5 ff4 fsb fc1 sc0 ls0 ws0\">A.3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65a5 ff4 fsb fc1 sc0 ls0 ws0\">EUR </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x1f22 y65a6 w12c0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">Prestiti<span class=\"_ _1\"></span> al consumo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f48 y65a6 w12c3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">10.567<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f49 y65a6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f4a y65a6 w12c4 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f4b y65a6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f4c y65a6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f4d y65a6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f4e y65a6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f4f y65a6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f50 y65a6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f51 y65a6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f52 y65a6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f53 y65a6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f54 y65a6 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f55 y65a6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f56 y65a6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f57 y65a6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f58 y65a6 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f59 y65a6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f5a y65a6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65a7 ff4 fsb fc1 sc0 ls0 ws0\">BPCE </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x1f5b h19 y65a8 ff4 fsb fc1 sc0 ls0 ws0\">A.4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65a8 ff4 fsb fc1 sc0 ls0 ws0\">HOME21OT55FRN<span class=\"_ _1\"></span> </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65a9 ff4 fsb fc1 sc0 ls0 ws0\">Mutui i<span class=\"_ _1\"></span>potecari </td><td class=\"t m2 xad5 h19 y65a9 ff4 fsb fc1 sc0 ls0 ws0\">24.65<span class=\"_ _3a1\"> </span></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><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65aa ff4 fsb fc1 sc0 ls0 ws0\">residenziali<span class=\"_ _1\"></span> </td><td class=\"c n xc13 y65ab w12c5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f5c y65ab wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f5d y65ab w12c6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f5e y65ab wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f5f y65ab wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f60 y65ab wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f61 y65ab wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f62 y65ab wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f63 y65ab wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f64 y65ab wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f65 y65ab wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f66 y65ab wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f67 y65ab wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f68 y65ab wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f69 y65ab wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f6a y65ab wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f6b y65ab wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f6c y65ab wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f6d y65ab wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65ac ff4 fsb fc1 sc0 ls0 ws0\">BPCEHL 2024 A SE<span class=\"_ _1\"></span>Q </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x7c4 h19 y65ad ff4 fsb fc1 sc0 ls0 ws0\">A.5<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65ad ff4 fsb fc1 sc0 ls0 ws0\">FL </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65ae ff4 fsb fc1 sc0 ls0 ws0\">Mutui i<span class=\"_ _1\"></span>potecari </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x1f22 y65af w12c7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">residenziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f6e y65af w12c8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">11.499<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f6f y65af wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f70 y65af w12c9 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f71 y65af wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f72 y65af wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f73 y65af wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f74 y65af wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f75 y65af wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f76 y65af wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f77 y65af wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f78 y65af wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f79 y65af wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f7a y65af wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f7b y65af wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f7c y65af wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f7d y65af wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f7e y65af wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f7f y65af wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f80 y65af wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65b0 ff4 fsb fc1 sc0 ls0 ws0\">BSKY GE11 FRN-30<span class=\"_ _1\"></span> </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x1f5b h19 y65b1 ff4 fsb fc1 sc0 ls0 ws0\">A.6<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65b1 ff4 fsb fc1 sc0 ls0 ws0\">EU </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x1f22 y65b2 w12c0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">Prestiti<span class=\"_ _1\"></span> al consumo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f81 y65b2 w12ca h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">10.620<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f82 y65b2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f83 y65b2 w10c6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f84 y65b2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f85 y65b2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f86 y65b2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f87 y65b2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f88 y65b2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f89 y65b2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f8a y65b2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f8b y65b2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f8c y65b2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f8d y65b2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f8e y65b2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f8f y65b2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f90 y65b2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f91 y65b2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f92 y65b2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f93 y65b2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2b7 y5c73 w12cb h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">A.7<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f94 y5c73 w12cc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">BUMPE<span class=\"_ _1\"></span>R 22SA 22<span class=\"_ _1\"></span>-32<span class=\"_ _3a1\"> </span></div></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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x1f22 y65b3 w12c0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">Prestiti<span class=\"_ _1\"></span> al consumo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f95 y65b3 w12cd h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">9.275<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f96 y65b3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f97 y65b3 w12c9 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f26 y65b3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f27 y65b3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f28 y65b3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f29 y65b3 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f2a y65b3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f2b y65b3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f2c y65b3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f2d y65b3 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f2e y65b3 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f2f y65b3 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f30 y65b3 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f31 y65b3 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f32 y65b3 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f33 y65b3 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f34 y65b3 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f35 y65b3 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65b4 ff4 fsb fc1 sc0 ls0 ws0\">BUOS 3 A SR SEQ </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x1f5b h19 y65b5 ff4 fsb fc1 sc0 ls0 ws0\">A.8<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65b5 ff4 fsb fc1 sc0 ls0 ws0\">FLT </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x1f22 y65b6 w12ce h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">Prestiti<span class=\"_ _1\"></span> a PMI<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f98 y65b6 w12cf h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.962<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f99 y65b6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f9a y65b6 w12c5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f9b y65b6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f9c y65b6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f9d y65b6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f9e y65b6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f9f y65b6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fa0 y65b6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fa1 y65b6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fa2 y65b6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fa3 y65b6 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fa4 y65b6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fa5 y65b6 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fa6 y65b6 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fa7 y65b6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fa8 y65b6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fa9 y65b6 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1faa y65b6 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65b7 ff4 fsb fc1 sc0 ls0 ws0\">BUOS 3 B MEZZ SEQ </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x1f5b h19 y65b8 ff4 fsb fc1 sc0 ls0 ws0\">A.9<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65b8 ff4 fsb fc1 sc0 ls0 ws0\">FL </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x1f22 y65b9 w12ce h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">Prestiti<span class=\"_ _1\"></span> a PMI<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fab y65b9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1fac y65b9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fad y65b9 w12d0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">10<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fae y65b9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1faf y65b9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fb0 y65b9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fb1 y65b9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fb2 y65b9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fb3 y65b9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fb4 y65b9 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fb5 y65b9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fb6 y65b9 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fb7 y65b9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fb8 y65b9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fb9 y65b9 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fba y65b9 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fbb y65b9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fbc y65b9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1fbd h19 y65ba ff4 fsb fc1 sc0 ls0 ws0\">A.1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65ba ff4 fsb fc1 sc0 ls0 ws0\">CR.AGR.HABITAT </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x598 h19 y65bb ff4 fsb fc1 sc0 ls0 ws0\">0 </td><td class=\"t m2 x950 h19 y65bb ff4 fsb fc1 sc0 ls0 ws0\">MTGE </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65bc ff4 fsb fc1 sc0 ls0 ws0\">Mutui i<span class=\"_ _1\"></span>potecari </td><td class=\"t m2 xad5 h19 y65bc ff4 fsb fc1 sc0 ls0 ws0\">22.64<span class=\"_ _3a1\"> </span></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><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65bd ff4 fsb fc1 sc0 ls0 ws0\">residenziali<span class=\"_ _1\"></span> </td><td class=\"c n xc13 y65be w12d1 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fbe y65be wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fbf y65be w12c6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fc0 y65be wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fc1 y65be wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fc2 y65be wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fc3 y65be wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fc4 y65be wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fc5 y65be wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fc6 y65be wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fc7 y65be wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fc8 y65be wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fc9 y65be wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fca y65be wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fcb y65be wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fcc y65be wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fcd y65be wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fce y65be wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fcf y65be wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65bf ff4 fsb fc1 sc0 ls0 ws0\">E-MAC NL FRN -A-<span class=\"_ _3a1\"> </span></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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y65c0 ff4 fsb fc1 sc0 ls0 ws0\">A.11<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65c0 ff4 fsb fc1 sc0 ls0 ws0\">GE37 </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65c1 ff4 fsb fc1 sc0 ls0 ws0\">Mutui i<span class=\"_ _1\"></span>potecari </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x1f22 y65c2 w12c7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">residenziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd0 y65c2 w12d2 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.031<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd1 y65c2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd2 y65c2 w10c6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd3 y65c2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd4 y65c2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd5 y65c2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd6 y65c2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd7 y65c2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd8 y65c2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd9 y65c2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fda y65c2 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fdb y65c2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fdc y65c2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fdd y65c2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fde y65c2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fdf y65c2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fe0 y65c2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fe1 y65c2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fe2 y65c2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1fbd h19 y65c3 ff4 fsb fc1 sc0 ls0 ws0\">A.1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65c3 ff4 fsb fc1 sc0 ls0 ws0\">FINANCE(IR)4AMT<span class=\"_ _1\"></span>GE<span class=\"_ _3a1\"> </span></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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x598 h19 y65c4 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65c4 ff4 fsb fc1 sc0 ls0 ws0\">61 </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65c5 ff4 fsb fc1 sc0 ls0 ws0\">Mutui i<span class=\"_ _1\"></span>potecari </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x1f22 y65c6 w12c7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">residenziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fe3 y65c6 w12d3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">8.549<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fe4 y65c6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fe5 y65c6 w10c6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fe6 y65c6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fe7 y65c6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fe8 y65c6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fe9 y65c6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fea y65c6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1feb y65c6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fec y65c6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fed y65c6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fee y65c6 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fef y65c6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ff0 y65c6 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ff1 y65c6 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fb9 y65c6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fba y65c6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fbb y65c6 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fbc y65c6 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1fbd h19 y65c7 ff4 fsb fc1 sc0 ls0 ws0\">A.1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65c7 ff4 fsb fc1 sc0 ls0 ws0\">GREEN APPLE-19-<span class=\"_ _3a1\"> </span></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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x598 h19 y65c8 ff4 fsb fc1 sc0 ls0 ws0\">3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65c8 ff4 fsb fc1 sc0 ls0 ws0\">GE58 </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65c9 ff4 fsb fc1 sc0 ls0 ws0\">Mutui i<span class=\"_ _1\"></span>potecari </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x1fbd h19 y65ca ff4 fsb fc1 sc0 ls0 ws0\">A.1<span class=\"_ _3a1\"> </span></td><td class=\"c n x1f22 y65cb w12c7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">residenziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ff2 y65cb w12d4 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">6.740<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ff3 y65cb wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ff4 y65cb w10c6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ff5 y65cb wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ff6 y65cb wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ff7 y65cb wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ff8 y65cb wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ff9 y65cb wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ffa y65cb wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ffb y65cb wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ffc y65cb wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ffd y65cb wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ffe y65cb wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fff y65cb wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2000 y65cb wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2001 y65cb wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2002 y65cb wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2003 y65cb wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2004 y65cb wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y5478 wacb h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2005 y5478 w12d5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">HFHL 2<span class=\"_ _1\"></span>020-1 FB61<span class=\"_ _3a1\"> </span></div></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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65cc ff4 fsb fc1 sc0 ls0 ws0\">Mutui i<span class=\"_ _1\"></span>potecari </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x1f22 y65cd w12c7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">residenziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fe3 y65cd wb90 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">7.880<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2006 y65cd wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2007 y65cd w10c6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2008 y65cd wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2009 y65cd wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x200a y65cd wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x200b y65cd wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x200c y65cd wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x200d y65cd wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x200e y65cd wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x200f y65cd wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2010 y65cd wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2011 y65cd wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2012 y65cd wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2013 y65cd wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2014 y65cd wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2015 y65cd wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2016 y65cd wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2017 y65cd wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1fbd h19 y65ce ff4 fsb fc1 sc0 ls0 ws0\">A.1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65ce ff4 fsb fc1 sc0 ls0 ws0\">HFHL 2021-1A </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x598 h19 y65cf ff4 fsb fc1 sc0 ls0 ws0\">5<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65cf ff4 fsb fc1 sc0 ls0 ws0\">MTGE61E </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65d0 ff4 fsb fc1 sc0 ls0 ws0\">Mutui i<span class=\"_ _1\"></span>potecari </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x1fbd h19 y65d1 ff4 fsb fc1 sc0 ls0 ws0\">A.1<span class=\"_ _3a1\"> </span></td><td class=\"c n x1f22 y65d2 w12c7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">residenziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2018 y65d2 w12d6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">19.375<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2019 y65d2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x201a y65d2 w12c6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x201b y65d2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ff6 y65d2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ff7 y65d2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ff8 y65d2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ff9 y65d2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ffa y65d2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ffb y65d2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ffc y65d2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ffd y65d2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ffe y65d2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fff y65d2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2000 y65d2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2001 y65d2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2002 y65d2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2003 y65d2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2004 y65d2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y65d3 w12d1 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x201c y65d3 w12d7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">MAGOI 19 L<span class=\"_ _1\"></span>G39 FLT<span class=\"_ _3a1\"> </span></div></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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x1fbd h19 y65d4 ff4 fsb fc1 sc0 ls0 ws0\">A.1<span class=\"_ _3a1\"> </span></td><td class=\"c n x1f22 y65d5 w12c0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">Prestiti<span class=\"_ _1\"></span> al consumo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x201d y65d5 w10c0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3.193<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x201e y65d5 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x201f y65d5 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2020 y65d5 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2021 y65d5 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2022 y65d5 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2023 y65d5 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2024 y65d5 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2025 y65d5 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2026 y65d5 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2027 y65d5 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2028 y65d5 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2029 y65d5 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x202a y65d5 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x202b y65d5 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x202c y65d5 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x202d y65d5 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x202e y65d5 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y65d6 wba0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">7<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x202f y65d6 w12d8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">NORIA 2021-<span class=\"_ _1\"></span>1EUR<span class=\"_ _3a1\"> </span></div></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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x1f22 y65d7 w12c0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">Prestiti<span class=\"_ _1\"></span> al consumo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2030 y65d7 w10b2 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">7.033<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2031 y65d7 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2032 y65d7 w12c9 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2033 y65d7 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2034 y65d7 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2035 y65d7 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2036 y65d7 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2037 y65d7 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2038 y65d7 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2039 y65d7 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x203a y65d7 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x203b y65d7 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x203c y65d7 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x203d y65d7 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x203e y65d7 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x203f y65d7 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2040 y65d7 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2041 y65d7 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2042 y65d7 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1fbd h19 y65d8 ff4 fsb fc1 sc0 ls0 ws0\">A.1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65d8 ff4 fsb fc1 sc0 ls0 ws0\">PRADO 8 A SR SEQ </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x598 h19 y65d9 ff4 fsb fc1 sc0 ls0 ws0\">8 </td><td class=\"t m2 x950 h19 y65d9 ff4 fsb fc1 sc0 ls0 ws0\">FLT </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65da ff4 fsb fc1 sc0 ls0 ws0\">Mutui i<span class=\"_ _1\"></span>potecari </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x1f22 y65db w12c7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">residenziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ff2 y65db w12d9 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">19.011<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2043 y65db wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2044 y65db w12c1 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2045 y65db wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fae y65db wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1faf y65db wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fb0 y65db wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fb1 y65db wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fb2 y65db wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fb3 y65db wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fb4 y65db wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fb5 y65db wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2046 y65db wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2047 y65db wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2048 y65db wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2049 y65db wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x204a y65db wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x204b y65db wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x204c y65db wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1fbd h19 y65dc ff4 fsb fc1 sc0 ls0 ws0\">A.1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65dc ff4 fsb fc1 sc0 ls0 ws0\">PRADO 9 A SR SEQ<span class=\"_ _1\"></span> </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x598 h19 y65dd ff4 fsb fc1 sc0 ls0 ws0\">9 </td><td class=\"t m2 x950 h19 y65dd ff4 fsb fc1 sc0 ls0 ws0\">FLT </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65de ff4 fsb fc1 sc0 ls0 ws0\">Mutui i<span class=\"_ _1\"></span>potecari </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x1f22 y65df w12c7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">residenziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x204d y65df w12da h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">21.359<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x204e y65df wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x204f y65df w12c6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2050 y65df wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2051 y65df wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2052 y65df wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2053 y65df wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2054 y65df wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2055 y65df wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2056 y65df wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2057 y65df wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2058 y65df wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2059 y65df wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x205a y65df wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x205b y65df wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x205c y65df wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x205d y65df wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x205e y65df wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x205f y65df wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x7c4 h19 y65e0 ff4 fsb fc1 sc0 ls0 ws0\">A.2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65e0 ff4 fsb fc1 sc0 ls0 ws0\">PRADO X A SR SEQ </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x598 h19 y65e1 ff4 fsb fc1 sc0 ls0 ws0\">0 </td><td class=\"t m2 x950 h19 y65e1 ff4 fsb fc1 sc0 ls0 ws0\">FLT </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65e2 ff4 fsb fc1 sc0 ls0 ws0\">Mutui i<span class=\"_ _1\"></span>potecari </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x7c4 h19 y65e3 ff4 fsb fc1 sc0 ls0 ws0\">A.2<span class=\"_ _3a1\"> </span></td><td class=\"c n x1f22 y65e4 w12c7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">residenziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2060 y65e4 wca3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">14.993<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd1 y65e4 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd2 y65e4 w10c6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd3 y65e4 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd4 y65e4 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd5 y65e4 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd6 y65e4 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd7 y65e4 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd8 y65e4 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd9 y65e4 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fda y65e4 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fdb y65e4 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fdc y65e4 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fdd y65e4 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fde y65e4 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fdf y65e4 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fe0 y65e4 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fe1 y65e4 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fe2 y65e4 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2061 y65e5 w12db h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2062 y65e5 w12dc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">PROGQ 1 A EU<span class=\"_ _1\"></span>R<span class=\"_ _3a1\"> </span></div></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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x1f22 y65e6 w12c0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">Prestiti<span class=\"_ _1\"></span> al consumo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x201d y65e6 w12dd h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.969<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2063 y65e6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2064 y65e6 w10c6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2065 y65e6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2066 y65e6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2067 y65e6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2068 y65e6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2069 y65e6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x206a y65e6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x206b y65e6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x206c y65e6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x206d y65e6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x206e y65e6 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x206f y65e6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2070 y65e6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2071 y65e6 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2072 y65e6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2073 y65e6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2074 y65e6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x7c4 h19 y65e7 ff4 fsb fc1 sc0 ls0 ws0\">A.2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65e7 ff4 fsb fc1 sc0 ls0 ws0\">R&amp;B AUTO </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x598 h19 y65e8 ff4 fsb fc1 sc0 ls0 ws0\">2 </td><td class=\"t m2 x950 h19 y65e8 ff4 fsb fc1 sc0 ls0 ws0\">L9GER22/31<span class=\"_ _1\"></span> </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"t mc h19 ff4 fsb fc4 sc3 ls0 ws0 gs13db\">Valore d<span class=\"_ _2\"></span>i bilancio</div><div class=\"t mc h19 ff4 fsb fc4 sc3 ls0 ws0 gs13dc\">Rettifiche<span class=\"_ _3b\"></span>/ri<span class=\"_ _1\"></span>prese d<span class=\"_ _3b\"></span>i </div><div class=\"t mc h19 ff4 fsb fc4 sc3 ls0 ws0 gs13dd\">valore </div><div class=\"t mc h19 ff4 fsb fc4 sc3 ls0 ws0 gs13de\">Valore d<span class=\"_ _2\"></span>i bilancio<span class=\"_ _2\"></span> </div><div class=\"t mc h19 ff4 fsb fc4 sc3 ls0 ws0 gs13df\">Rettifiche<span class=\"_ _3b\"></span>/ri<span class=\"_ _1\"></span>prese d<span class=\"_ _3b\"></span>i </div><div class=\"c w8 hf9 gs13e0\"><div class=\"t mc x27a h19 y313f ff4 fsb fc4 sc3 ls0 ws0\">valore</div></div><div class=\"t mc h19 ff4 fsb fc4 sc3 ls0 ws0 gs13e1\">Valore d<span class=\"_ _2\"></span>i bilancio<span class=\"_ _2\"></span> </div><div class=\"t mc h19 ff4 fsb fc4 sc3 ls0 ws0 gs13e2\">Rettifiche<span class=\"_ _3b\"></span>/ri<span class=\"_ _1\"></span>prese d<span class=\"_ _3b\"></span>i </div><div class=\"c w3c hf9 gs13e3\"><div class=\"t mc x27a h19 y313f ff4 fsb fc4 sc3 ls0 ws0\">valore</div></div><div class=\"t mc h19 ff4 fsb fc4 sc3 ls0 ws0 gs13e4\">Valore d<span class=\"_ _2\"></span>i bilancio<span class=\"_ _2\"></span> </div><div class=\"t mc h19 ff4 fsb fc4 sc3 ls0 ws0 gs13e5\">Rettifiche<span class=\"_ _3b\"></span>/ri<span class=\"_ _1\"></span>prese d<span class=\"_ _3b\"></span>i </div><div class=\"c w58 hf9 gs13e6\"><div class=\"t mc x27a h19 y313f ff4 fsb fc4 sc3 ls0 ws0\">valore</div></div><div class=\"t mc h19 ff4 fsb fc4 sc3 ls0 ws0 gs13e7\">Valore d<span class=\"_ _2\"></span>i bilancio<span class=\"_ _2\"></span> </div><div class=\"t mc h19 ff4 fsb fc4 sc3 ls0 ws0 gs13e8\">Rettifiche<span class=\"_ _3b\"></span>/ri<span class=\"_ _1\"></span>prese d<span class=\"_ _3b\"></span>i </div><div class=\"c w1b1 hf9 gs13e9\"><div class=\"t mc x27a h19 y313f ff4 fsb fc4 sc3 ls0 ws0\">valore</div></div><div class=\"t mc h19 ff4 fsb fc4 sc3 ls0 ws0 gs13ea\">Valore d<span class=\"_ _2\"></span>i bilancio<span class=\"_ _2\"></span> </div><div class=\"t mc h19 ff4 fsb fc4 sc3 ls0 ws0 gs13eb\">Rettifiche<span class=\"_ _3b\"></span>/ri<span class=\"_ _1\"></span>prese d<span class=\"_ _3b\"></span>i </div><div class=\"c w58 hf9 gs13ec\"><div class=\"t mc x27a h19 y313f ff4 fsb fc4 sc3 ls0 ws0\">valore</div></div><div class=\"t mc h19 ff4 fsb fc4 sc3 ls0 ws0 gs13ed\">Valore d<span class=\"_ _2\"></span>i bilancio<span class=\"_ _2\"></span> </div><div class=\"t mc h19 ff4 fsb fc4 sc3 ls0 ws0 gs13ee\">Rettifiche<span class=\"_ _3b\"></span>/ri<span class=\"_ _1\"></span>prese d<span class=\"_ _3b\"></span>i </div><div class=\"c wf9 hf9 gs13ef\"><div class=\"t mc x27a h19 y313f ff4 fsb fc4 sc3 ls0 ws0\">valore</div></div><div class=\"t mc h19 ff4 fsb fc4 sc3 ls0 ws0 gs13f0\">Valore d<span class=\"_ _2\"></span>i bilancio<span class=\"_ _2\"></span> </div><div class=\"t mc h19 ff4 fsb fc4 sc3 ls0 ws0 gs13f1\">Rettifiche<span class=\"_ _3b\"></span>/ri<span class=\"_ _1\"></span>prese d<span class=\"_ _3b\"></span>i </div><div class=\"c wd7 hf9 gs13f2\"><div class=\"t mc x27a h19 y313f ff4 fsb fc4 sc3 ls0 ws0\">valore</div></div><div class=\"t mc h19 ff4 fsb fc4 sc3 ls0 ws0 gs13f3\">Valore d<span class=\"_ _2\"></span>i bilancio<span class=\"_ _2\"></span> </div><div class=\"t mc h19 ff4 fsb fc4 sc3 ls0 ws0 gs13f4\">Rettifiche<span class=\"_ _3b\"></span>/ri<span class=\"_ _1\"></span>prese d<span class=\"_ _3b\"></span>i </div><div class=\"c wb hf9 gs13f5\"><div class=\"t mc x27a h19 y313f ff4 fsb fc4 sc3 ls0 ws0\">valore</div></div><div class=\"gsb8c\"><table class=\"s w12de h2ae\" id=\"_b0a54e44-7197-4868-88b3-f281a2031b6e\"><tr><td></td><td class=\"c n x2075 y65e9 w12c0 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">Prestiti<span class=\"_ _1\"></span> al consumo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2076 y65e9 w12c2 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">9.2<span class=\"_ _1\"></span>05<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2077 y65e9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2078 y65e9 w10c6 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2079 y65e9 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x207a y65e9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x207b y65e9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x207c y65e9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x207d y65e9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x207e y65e9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x207f y65e9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2080 y65e9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2081 y65e9 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2082 y65e9 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2083 y65e9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2084 y65e9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2085 y65e9 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2086 y65e9 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2087 y65e9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2088 y65e9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x765 h19 y65ea ff4 fsb fc1 sc0 ls0 ws0\">A.2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2089 h19 y65ea ff4 fsb fc1 sc0 ls0 ws0\">SC GERMAN CONS </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x208a h19 y65eb ff4 fsb fc1 sc0 ls0 ws0\">3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2089 h19 y65eb ff4 fsb fc1 sc0 ls0 ws0\">21-1A </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x2075 y55f5 w12c0 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">Prestiti<span class=\"_ _1\"></span> al consumo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x208b y55f5 w12df h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">16.662<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x208c y55f5 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x208d y55f5 w12c6 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x208e y55f5 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x208f y55f5 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2090 y55f5 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2091 y55f5 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2092 y55f5 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2093 y55f5 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2094 y55f5 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2095 y55f5 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2096 y55f5 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2097 y55f5 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2098 y55f5 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2099 y55f5 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x209a y55f5 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x209b y55f5 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x209c y55f5 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x209d y55f5 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x765 h19 y65ec ff4 fsb fc1 sc0 ls0 ws0\">A.2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2089 h19 y65ec ff4 fsb fc1 sc0 ls0 ws0\">SCGERC 24-2 A<span class=\"_ _1\"></span>BS </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x208a h19 y65ed ff4 fsb fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2089 h19 y65ed ff4 fsb fc1 sc0 ls0 ws0\">FLT </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x2075 y65db w12c0 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">Prestiti<span class=\"_ _1\"></span> al consumo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x209e y65db w12e0 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">14.020<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x209f y65db wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20a0 y65db w12c9 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20a1 y65db wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20a2 y65db wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20a3 y65db wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20a4 y65db wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20a5 y65db wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20a6 y65db wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20a7 y65db wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20a8 y65db wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20a9 y65db wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20aa y65db wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ab y65db wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ac y65db wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ad y65db wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ae y65db wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20af y65db wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20b0 y65db wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x765 h19 y65ee ff4 fsb fc1 sc0 ls0 ws0\">A.2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2089 h19 y65ee ff4 fsb fc1 sc0 ls0 ws0\">SILARR 18 FLT AL </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x208a h19 y65ef ff4 fsb fc1 sc0 ls0 ws0\">5<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2089 h19 y65ef ff4 fsb fc1 sc0 ls0 ws0\">ABS </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x765 h19 y65f0 ff4 fsb fc1 sc0 ls0 ws0\">A.2<span class=\"_ _3a1\"> </span></td><td class=\"c n x2075 y65f1 w12c0 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">Prestiti<span class=\"_ _1\"></span> al consumo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x209e y65f1 w12e1 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">18.354<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20b1 y65f1 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20b2 y65f1 w12c6 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20b3 y65f1 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20b4 y65f1 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20b5 y65f1 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20b6 y65f1 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20b7 y65f1 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20b8 y65f1 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20b9 y65f1 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ba y65f1 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20bb y65f1 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20bc y65f1 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20bd y65f1 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20be y65f1 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20bf y65f1 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20c0 y65f1 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20c1 y65f1 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20c2 y65f1 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x20c3 y65f2 w12d1 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20c4 y65f2 w12e2 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">SILVER A AP31 F<span class=\"_ _1\"></span>RN<span class=\"_ _3a1\"> </span></div></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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x765 h19 y65f3 ff4 fsb fc1 sc0 ls0 ws0\">A.2<span class=\"_ _3a1\"> </span></td><td class=\"c n x2075 y65f4 w12c0 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">Prestiti<span class=\"_ _1\"></span> al consumo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20c5 y65f4 w12e3 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">857<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x20c6 y65f4 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20c7 y65f4 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20c8 y65f4 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20c9 y65f4 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ca y65f4 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20cb y65f4 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20cc y65f4 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20cd y65f4 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ce y65f4 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20cf y65f4 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20d0 y65f4 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20d1 y65f4 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20d2 y65f4 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20d3 y65f4 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20d4 y65f4 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20d5 y65f4 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20d6 y65f4 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x20c3 y65f5 wba0 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">7<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20d7 y65f5 w12e4 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">SILVER A<span class=\"_ _1\"></span> GN29 FRN<span class=\"_ _3a1\"> </span></div></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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x765 h19 y65f6 ff4 fsb fc1 sc0 ls0 ws0\">A.2<span class=\"_ _3a1\"> </span></td><td class=\"c n x2075 y65f7 w12c0 h240\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">Prestiti<span class=\"_ _1\"></span> al consumo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2076 y65f7 w12e5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">3.594<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x20d8 y65f7 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></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><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x20c3 y65e6 w12e6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">8<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20d9 y65e6 w12e7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">STORM 2022-<span class=\"_ _1\"></span>A B.V.<span class=\"_ _3a1\"> </span></div></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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x2089 h19 y65f8 ff4 fsb fc1 sc0 ls0 ws0\">Mutui i<span class=\"_ _1\"></span>potecari </td><td class=\"t m2 x20da h19 y65f8 ff4 fsb fc1 sc0 ls0 ws0\">20.62<span class=\"_ _3a1\"> </span></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><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x2089 h19 y65f9 ff4 fsb fc1 sc0 ls0 ws0\">residenziali<span class=\"_ _1\"></span> </td><td class=\"c n x20db y539f w12e8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">0<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x20dc y539f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></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><td></td><td></td><td></td><td></td></tr></table></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs13f8\">C.3 Con<span class=\"_ _1\"></span>solidato p<span class=\"_ _1\"></span>ruden<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs13f9\">ziale \u2013 Inte<span class=\"_ _1\"></span>ressenze in<span class=\"_ _1\"></span> societ<span class=\"_ _1\"></span>\u00e0 veicolo<span class=\"_ _1\"></span> per la car<span class=\"_ _1\"></span>tolarizza<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13fa\">Come <span class=\"_ _1\"></span>gi\u00e0 esposto <span class=\"_ _1\"></span>nelle informazioni di <span class=\"_ _1\"></span>natura qualitativa, <span class=\"_ _1\"></span>nel Gr<span class=\"_ _1\"></span>uppo \u00e8 <span class=\"_ _1\"></span>presente <span class=\"_ _1\"></span>un\u2019unica societ\u00e0<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13fb\">veicolo <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>la cartolarizzazione, <span class=\"_ _1\"></span>Emilia <span class=\"_ _1\"></span>Spv, parte<span class=\"_ _1\"></span>cipata <span class=\"_ _1\"></span>al 10<span class=\"_ _1\"></span>% da <span class=\"_ _1\"></span>Credito Emiliano; <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>societ\u00e0 <span class=\"_ _1\"></span>non<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs13fc\">\u00e8 stata consolidata.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gs13fe\">D. Operazioni di cessione<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs13ff\">A.<span class=\"_ _19c\"> </span>Attivit\u00e0<span class=\"_ _1\"></span> finanzia<span class=\"_ _1\"></span>rie ced<span class=\"_ _1\"></span>ute e non <span class=\"_ _1\"></span>cancellate<span class=\"_ _1\"></span> integralm<span class=\"_ _1\"></span>ente<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1400\">Infor<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1401\">mazion<span class=\"_ _1\"></span>i di natura<span class=\"_ _1\"></span> qualita<span class=\"_ _1\"></span>tiva </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1402\">Operazi<span class=\"_ _1\"></span>oni di ces<span class=\"_ _1\"></span>sione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1403\">Come <span class=\"_ _38\"></span>gi\u00e0 <span class=\"_ _38\"></span>anticipato <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>riferimento <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>Cartolarizzazione <span class=\"_ _38\"></span>Emilia <span class=\"_ _1\"></span>SPV <span class=\"_ _38\"></span>S.r.l., <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>corso <span class=\"_ _38\"></span>dell\u2019esercizio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1404\">2015 <span class=\"_ _36\"> </span>C<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1405\">redem <span class=\"_ _36\"> </span>ha <span class=\"_ _36\"> </span>perfezionato <span class=\"_ _37\"> </span>un\u2019operazione <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>cartolarizzazione <span class=\"_ _36\"> </span>revolving, <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>lativa <span class=\"_ _36\"> </span>a <span class=\"_ _37\"> </span>mutui </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1406\">ipotecari  residenziali  in  bonis  non  eleggibili  ai  fini  dell\u2019utilizzo  nel  programma  di  emissioni  di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1407\">\u201cObbligazioni <span class=\"_ _3d\"> </span>Bancarie <span class=\"_ _37\"> </span>Garantite\u201d <span class=\"_ _3d\"> </span>dalla <span class=\"_ _37\"> </span>societ\u00e0 <span class=\"_ _3d\"> </span>ve<span class=\"_ _1\"></span>icolo <span class=\"_ _3d\"> </span>Credem <span class=\"_ _3d\"> </span>CB <span class=\"_ _37\"> </span>S.r.l., <span class=\"_ _3d\"> </span>erogati <span class=\"_ _37\"> </span>alla <span class=\"_ _3d\"> </span>propria </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1408\">clientela e selezionati sulla <span class=\"_ _3b\"></span>bas<span class=\"_ _1\"></span>e di <span class=\"_ _2\"></span>criteri predefiniti in modo tale <span class=\"_ _2\"></span>da costituire un <span class=\"_ _2\"></span>\u201cblocco\u201d ai sensi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1409\">e per gli effetti della legge applicabile in materia <span class=\"_ _1\"></span>di cartolarizzazione dei crediti.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs140a\">A <span class=\"_ _38\"></span>seguito <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>lla <span class=\"_ _1\"></span>prima <span class=\"_ _38\"></span>cess<span class=\"_ _1\"></span>ione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>attivi, <span class=\"_ _38\"></span>perfezionata <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>quarto <span class=\"_ _1\"></span>trimestre <span class=\"_ _38\"></span>2014 <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>prezzo <span class=\"_ _38\"></span>pari </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs140b\">ad Euro <span class=\"_ _1\"></span>1.002.811.119,07, <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>state perfezionate, <span class=\"_ _1\"></span>dal 2015<span class=\"_ _1\"></span> alla <span class=\"_ _1\"></span>fine del <span class=\"_ _1\"></span>2024, <span class=\"_ _1\"></span>nei pe<span class=\"_ _1\"></span>riodi di s<span class=\"_ _1\"></span>eguito </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs140c\">indicati, <span class=\"_ _38\"></span>dodici <span class=\"_ _38\"></span>ces<span class=\"_ _1\"></span>sioni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>alt<span class=\"_ _1\"></span>rettanti <span class=\"_ _0\"></span>portafogli <span class=\"_ _1\"></span>di <span class=\"_ _0\"></span>crediti <span class=\"_ _38\"></span>idonei <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>so<span class=\"_ _1\"></span>ciet\u00e0 <span class=\"_ _38\"></span>veicolo <span class=\"_ _0\"></span>ad <span class=\"_ _1\"></span>un <span class=\"_ _0\"></span>prezzo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs140d\">pari a: </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs140e\">-<span class=\"_ _134\"> </span>Quarto trimestre <span class=\"_ _1\"></span>2015: Euro 285.392.481,54 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs140f\">-<span class=\"_ _134\"> </span>Quarto trimestre <span class=\"_ _1\"></span>2016: Euro 293.707.640,58 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1410\">-<span class=\"_ _134\"> </span>Quarto trimestre <span class=\"_ _1\"></span>2017: Euro 245.710.926,70 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1411\">-<span class=\"_ _134\"> </span>Quarto trimestre <span class=\"_ _1\"></span>2018: Euro 52.416.789,64<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1412\">-<span class=\"_ _134\"> </span>Secondo tr<span class=\"_ _1\"></span>imestre 2021: Euro 1.304.130.865,63<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1413\">-<span class=\"_ _134\"> </span>Quarto trimestre <span class=\"_ _1\"></span>2021: Euro 353.874.864,16 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1414\">-<span class=\"_ _134\"> </span>Secondo tr<span class=\"_ _1\"></span>imestre 2022: Euro 274.726.751,12 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1415\">-<span class=\"_ _134\"> </span>Quarto trimestre <span class=\"_ _1\"></span>2022: Euro 190.056.443,89 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1416\">-<span class=\"_ _134\"> </span>Secondo tr<span class=\"_ _1\"></span>imestre 2023: Euro 163.629.812,82<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1417\">-<span class=\"_ _134\"> </span>Quarto trimestre <span class=\"_ _1\"></span>2023: Euro 271.235.442,14 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1418\">-<span class=\"_ _134\"> </span>Secondo tr<span class=\"_ _1\"></span>imestre 2024: Euro 140.344.103,48 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1419\">-<span class=\"_ _134\"> </span>Quarto trimestre <span class=\"_ _1\"></span>2024: Euro 144.587.852,93 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs141a\">I <span class=\"_ _1\"></span>crediti <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>stati <span class=\"_ _1\"></span>acquistati <span class=\"_ _1\"></span>\u201cpro <span class=\"_ _38\"></span>soluto\u201d, <span class=\"_ _1\"></span>ossia <span class=\"_ _1\"></span>senza <span class=\"_ _1\"></span>garanzia <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>olvenza <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>debitor<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>loro </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs141b\">eventuali <span class=\"_ _3d\"> </span>gar<span class=\"_ _1\"></span>anti, <span class=\"_ _3d\"> </span>dalla <span class=\"_ _37\"> </span>societ\u00e0 <span class=\"_ _3d\"> </span>EMILIA <span class=\"_ _3d\"> </span>SPV <span class=\"_ _37\"> </span>S.r.l., <span class=\"_ _3d\"> </span>so<span class=\"_ _1\"></span>ciet\u00e0 <span class=\"_ _37\"> </span>veicolo <span class=\"_ _3d\"> </span>appositamente <span class=\"_ _37\"> </span>costituita <span class=\"_ _3d\"> </span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs141c\">partecipata <span class=\"_ _1\"></span>al <span class=\"_ _38\"></span>10% <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>Credem, <span class=\"_ _1\"></span>con <span class=\"_ _38\"></span>oggetto <span class=\"_ _1\"></span>esclusivo <span class=\"_ _1\"></span>consistente <span class=\"_ _38\"></span>nella <span class=\"_ _1\"></span>realizzazione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>una <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>pi\u00f9 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs141d\">operazioni di cartolarizzazione ai sensi della Legge n. 130 del 30 aprile 1999. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs141e\">La <span class=\"_ _38\"></span>societ<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _38\"></span>veicolo <span class=\"_ _38\"></span>ha <span class=\"_ _0\"></span>fi<span class=\"_ _2\"></span>nanziato <span class=\"_ _38\"></span>l\u2019operazione <span class=\"_ _0\"></span>attraverso <span class=\"_ _1\"></span>l\u2019emissione, <span class=\"_ _0\"></span>nel <span class=\"_ _38\"></span>corso <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>mese <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _38\"></span>aprile </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs141f\">del 2015, di titoli obbligazionari \u201cRMBS\u201d di diversa classe <span class=\"_ _1\"></span>(</div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs1420\">senior e junior</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1421\">).  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1422\">La <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ancata <span class=\"_ _38\"></span>\u201cderecognition\u201d <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>operazioni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>cartolarizzazione, <span class=\"_ _38\"></span>gi\u00e0 <span class=\"_ _38\"></span>ampiamente <span class=\"_ _38\"></span>descritte <span class=\"_ _38\"></span>nel </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1423\">paragrafo <span class=\"_ _38\"></span>\u201cC.1 <span class=\"_ _38\"></span>Operazioni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>cartolar<span class=\"_ _1\"></span>izzazione\u201d, <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>diretta <span class=\"_ _38\"></span>conseguenza <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>sottoscrizione, <span class=\"_ _38\"></span>da </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1424\">parte <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>Gruppo, <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ranche de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>titoli <span class=\"_ _38\"></span>Junior <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>esposizioni <span class=\"_ _1\"></span>similari, <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>comportano, <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>capo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1425\">allo stesso, <span class=\"_ _1\"></span>il r<span class=\"_ _1\"></span>ischio delle <span class=\"_ _1\"></span>prime perdite e<span class=\"_ _1\"></span>, analogamente, <span class=\"_ _1\"></span>il beneficio <span class=\"_ _1\"></span>connesso <span class=\"_ _1\"></span>al rendimento <span class=\"_ _1\"></span>del </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1426\">portafoglio <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>asferite. <span class=\"_ _38\"></span>Tali <span class=\"_ _38\"></span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>ggetto <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>cessione <span class=\"_ _0\"></span>pro <span class=\"_ _1\"></span>soluto <span class=\"_ _0\"></span>mediante <span class=\"_ _38\"></span>un </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1427\">contratto <span class=\"_ _17e\"> </span>di <span class=\"_ _48\"> </span>servicer, <span class=\"_ _17e\"> </span>il <span class=\"_ _48\"> </span>Gruppo <span class=\"_ _48\"> </span>mantiene<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>l\u2019impegno <span class=\"_ _48\"> </span>a <span class=\"_ _17e\"> </span>svolgere <span class=\"_ _17e\"> </span>il <span class=\"_ _48\"> </span>servizio <span class=\"_ _48\"> </span>di <span class=\"_ _17e\"> </span>gestione, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1428\">amministrazione, incasso, riscossione<span class=\"_ _1\"></span> e recupero crediti per conto del veicolo. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1429\">A fronte <span class=\"_ _3b\"></span>del trasferimento, <span class=\"_ _2\"></span>il co<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>rispettivo incassato <span class=\"_ _3b\"></span>viene rilevato <span class=\"_ _3b\"></span>in contropartita della <span class=\"_ _3b\"></span>rilevazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs142a\">di <span class=\"_ _3b\"></span>un <span class=\"_ _3b\"></span>debito verso <span class=\"_ _3b\"></span>la <span class=\"_ _3b\"></span>so<span class=\"_ _1\"></span>ciet\u00e0 <span class=\"_ _3b\"></span>veicolo, <span class=\"_ _3b\"></span>al <span class=\"_ _2\"></span>netto d<span class=\"_ _2\"></span>elle <span class=\"_ _3b\"></span>tranche di<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>tito<span class=\"_ _1\"></span>li <span class=\"_ _3b\"></span>sottoscritti. <span class=\"_ _3b\"></span>Il <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>bito <span class=\"_ _3b\"></span>iscritt<span class=\"_ _1\"></span>o <span class=\"_ _3b\"></span>verso </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs142b\">la societ\u00e0 <span class=\"_ _1\"></span>veicolo \u00e8 <span class=\"_ _1\"></span>destinato a <span class=\"_ _1\"></span>ridursi per e<span class=\"_ _1\"></span>ffetto delle s<span class=\"_ _1\"></span>omme incassate <span class=\"_ _1\"></span>dall\u2019originator, in <span class=\"_ _1\"></span>qualit\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs142c\">di \u201cservicer\u201d, e riversate allo stesso <span class=\"_ _1\"></span>veicolo. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs142e\">Informazi<span class=\"_ _1\"></span>oni di na<span class=\"_ _1\"></span>tura quan<span class=\"_ _1\"></span>titat<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs142f\">iva<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1430\">D.1 Consolidat<span class=\"_ _1\"></span>o prudenziale \u2013 Attivit<span class=\"_ _1\"></span>\u00e0 finanziarie cedute<span class=\"_ _1\"></span> rilevate per intero e pass<span class=\"_ _1\"></span>ivit\u00e0 finanziarie<span class=\"_ _1\"></span> associate:  valori di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1431\">bilancio<span class=\"_ _3a1\"> </span></div><div class=\"gs1432\"><table class=\"s w12e9 h2af\" id=\"_63275cf9-f367-4a16-aa22-f748a07b054f\"><tr><td></td><td></td><td class=\"t m2 x8e4 h12 y65fa ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0 finanziarie cedute rilevate p<span class=\"_ _2\"></span>er intero<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 xb9a h12 y65fa ff4 fs7 fc4 sc3 ls0 ws0\">Passivit\u00e0 finanziarie associate<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x88b h12 y65fb ff4 fs7 fc4 sc3 ls0 ws0\">di cui: </td><td></td><td class=\"t m2 x11a8 h12 y65fc ff4 fs7 fc4 sc3 ls0 ws0\">oggetto di </td><td></td><td class=\"t m2 xd53 h12 y65fb ff4 fs7 fc4 sc3 ls0 ws0\">di cui: </td><td></td><td class=\"t m2 x15ce h12 y65fc ff4 fs7 fc4 sc3 ls0 ws0\">oggetto di </td></tr><tr><td></td><td></td><td class=\"t m2 x20dd h12 y65fd ff4 fs7 fc4 sc3 ls0 ws0\">Valore di </td><td class=\"t m2 x889 h12 y65fe ff4 fs7 fc4 sc3 ls0 ws0\">di cui: oggetto di </td><td class=\"t m2 x1129 h12 y65fe ff4 fs7 fc4 sc3 ls0 ws0\">contratti </td><td class=\"t m2 x116d h12 y65fd ff4 fs7 fc4 sc3 ls0 ws0\">di cui </td><td class=\"t m2 x159b h12 y65fd ff4 fs7 fc4 sc3 ls0 ws0\">Valore di </td><td class=\"t m2 xeb8 h12 y65fe ff4 fs7 fc4 sc3 ls0 ws0\">di cui: oggetto di </td><td class=\"t m2 xddf h12 y65fe ff4 fs7 fc4 sc3 ls0 ws0\">contratti </td></tr><tr><td></td><td></td><td class=\"t m2 xad8 h12 y65ff ff4 fs7 fc4 sc3 ls0 ws0\">bilancio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x5dd h12 y6600 ff4 fs7 fc4 sc3 ls0 ws0\">operazioni di </td><td class=\"t m2 xc5f h12 y6600 ff4 fs7 fc4 sc3 ls0 ws0\">di vendita </td><td class=\"t m2 xe5d h12 y65ff ff4 fs7 fc4 sc3 ls0 ws0\">deteriorate<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xced h12 y65ff ff4 fs7 fc4 sc3 ls0 ws0\">bilancio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x140a h12 y6600 ff4 fs7 fc4 sc3 ls0 ws0\">operazioni di </td><td class=\"t m2 x13e5 h12 y6600 ff4 fs7 fc4 sc3 ls0 ws0\">di vendita </td></tr><tr><td></td><td></td><td class=\"t m2 x1446 h12 y6601 ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">cartolarizzazione<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc5f h12 y6601 ff4 fs7 fc4 sc3 ls0 ws0\">con patto </td><td></td><td class=\"t m2 x1233 h12 y6601 ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">cartolarizzazione<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x13e5 h12 y6601 ff4 fs7 fc4 sc3 ls0 ws0\">con patto </td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x1191 h12 y6602 ff4 fs7 fc4 sc3 ls0 ws0\">di </td><td></td><td></td><td></td><td class=\"t m2 x812 h12 y6602 ff4 fs7 fc4 sc3 ls0 ws0\">di </td></tr><tr><td class=\"t m2 x58e h12 y6603 ff4 fs7 fc1 sc2 ls0 ws0\">A. Attivit\u00e0 finanziarie </td><td></td><td></td><td></td><td class=\"t m2 xc5f h12 y6604 ff4 fs7 fc4 sc3 ls0 ws0\">riacquisto<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x15ce h12 y6604 ff4 fs7 fc4 sc3 ls0 ws0\">riacquisto<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6605 ff4 fs7 fc1 sc2 ls0 ws0\">detenute per la </td><td></td><td class=\"t m2 x1400 h12 y6605 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a8 h12 y6605 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ce h12 y6605 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x885 h12 y6605 ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c8 h12 y6605 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdde h12 y6605 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h12 y6605 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6606 ff4 fs7 fc1 sc2 ls0 ws0\">negoziazione<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y6607 w6c8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x20de y6607 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20df y6607 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e0 y6607 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e1 y6607 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e2 y6607 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e3 y6607 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e4 y6607 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y6608 ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di<span class=\"_ _3a1\"> </span></td><td></td><td class=\"c n x13b7 y6609 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e5 y6609 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e6 y6609 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e7 y6609 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e8 y6609 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e9 y6609 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ea y6609 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y660a ff4 fs7 fc1 sc0 ls0 ws0\">capitale </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y660b w12ea h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x20eb y660b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ec y660b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ed y660b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ee y660b wab7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ef y660b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20f0 y660b w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20f1 y660b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y660c w12eb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Derivati<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x20f2 y660c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20f3 y660c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20f4 y660c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20f5 y660c w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20f6 y660c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20f7 y660c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20f8 y660c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y660d ff4 fs7 fc1 sc2 ls0 ws0\">B. Altre attivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y660e ff4 fs7 fc1 sc2 ls0 ws0\">finanziarie </td><td></td><td class=\"t m2 x1400 h12 y660f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a8 h12 y660f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ce h12 y660f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c3 h12 y660f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c8 h12 y660f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdde h12 y660f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h12 y660f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6610 ff4 fs7 fc1 sc2 ls0 ws0\">obbligatoriamente </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6611 ff4 fs7 fc1 sc2 ls0 ws0\">valutate al fair value<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y6612 w6c8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x20de y6612 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20df y6612 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e0 y6612 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20f9 y6612 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20fa y6612 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20fb y6612 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20fc y6612 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y6613 ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di<span class=\"_ _3a1\"> </span></td><td></td><td class=\"c n x13b7 y5962 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e5 y5962 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e6 y5962 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e7 y5962 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e8 y5962 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e9 y5962 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ea y5962 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y6614 ff4 fs7 fc1 sc0 ls0 ws0\">capitale </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y6615 w12ea h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x20eb y6615 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ec y6615 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ed y6615 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20fd y6615 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20fe y6615 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ff y6615 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2100 y6615 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6616 ff4 fs7 fc1 sc2 ls0 ws0\">C. Attivit\u00e0 finanziarie </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y6617 w12ec h1ef\"><div class=\"t m2 x2b3 h12 y54df ff4 fs7 fc1 sc2 ls0 ws0\">designate al fair<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">value<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x1400 h12 y6618 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a8 h12 y6618 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ce h12 y6618 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c3 h12 y6618 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c8 h12 y6618 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdde h12 y6618 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h12 y6618 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x821 y6619 w6c8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x20de y6619 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20df y6619 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e0 y6619 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20f9 y6619 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20fa y6619 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20fb y6619 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20fc y6619 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y661a w12ed h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2101 y661a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2102 y661a w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2103 y661a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2104 y661a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2105 y661a w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2106 y661a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2107 y661a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y661b ff4 fs7 fc1 sc2 ls0 ws0\">D. Attivit\u00e0 finanziarie </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y661c ff4 fs7 fc1 sc2 ls0 ws0\">valutate al fair value </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y661d ff4 fs7 fc1 sc2 ls0 ws0\">con impatto sulla </td><td></td><td class=\"t m2 x7c1 h12 y661d ff4 fs7 fc1 sc2 ls0 ws0\">3.308.117<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a8 h12 y661d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cd h12 y661d ff4 fs7 fc1 sc2 ls0 ws0\">3.308.117<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c3 h12 y661d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xced h12 y661d ff4 fs7 fc1 sc2 ls0 ws0\">3.312.516<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdde h12 y661d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a3 h12 y661d ff4 fs7 fc1 sc2 ls0 ws0\">3.312.516<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y661e ff4 fs7 fc1 sc2 ls0 ws0\">redditivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y661f ff4 fs7 fc1 sc2 ls0 ws0\">complessiva<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y6620 w6c8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2108 y6620 w12ee h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.308.117<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2109 y6620 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x210a y6620 w12ee h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.308.117<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x210b y6620 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x210c y6620 wd0e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.312.516<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x210d y6620 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x210e y6620 w12ef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.312.516<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y6621 ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di<span class=\"_ _3a1\"> </span></td><td></td><td class=\"c n x13b7 y6622 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e5 y6622 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e6 y6622 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e7 y6622 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e8 y6622 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e9 y6622 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ea y6622 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y6623 ff4 fs7 fc1 sc0 ls0 ws0\">capitale </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y6624 w12ea h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x20eb y6624 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ec y6624 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ed y6624 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20fd y6624 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20fe y6624 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ff y6624 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2100 y6624 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x58e y6625 w246 h11\"><div class=\"t m2 x0 h12 y2ee ff4 fs7 fc1 sc2 ls0 ws0\">E. Attivit\u00e0 finanziarie </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6626 ff4 fs7 fc1 sc2 ls0 ws0\">valutate al costo </td><td></td><td class=\"t m2 x1b15 h12 y6626 ff4 fs7 fc1 sc2 ls0 ws0\">3.534.755<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a8 h12 y6626 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1129 h12 y6626 ff4 fs7 fc1 sc2 ls0 ws0\">3.534.755<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c3 h12 y6626 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d9 h12 y6626 ff4 fs7 fc1 sc2 ls0 ws0\">3.495.685<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdde h12 y6626 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x13e5 h12 y6626 ff4 fs7 fc1 sc2 ls0 ws0\">3.495.685<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6627 ff4 fs7 fc1 sc2 ls0 ws0\">ammortizzato<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y62a8 w6c8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x210f y62a8 w12f0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>.534.755<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2110 y62a8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2111 y62a8 w12f1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.534.755<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2112 y62a8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2113 y62a8 w12f2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>.495.685<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2114 y62a8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2115 y62a8 w12f3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.495.68<span class=\"_ _2\"></span>5<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y5bbd w12ed h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2101 y5bbd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2102 y5bbd w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2103 y5bbd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2104 y5bbd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2105 y5bbd w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2106 y5bbd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2107 y5bbd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1f5b h12 y6628 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x153e h12 y6628 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1b15 h12 y6628 ff4 fs7 fc1 sc2 ls0 ws0\">6.842.872<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a8 h12 y6628 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc5f h12 y6628 ff4 fs7 fc1 sc2 ls0 ws0\">6.842.872<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c3 h12 y6628 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d0 h12 y6628 ff4 fs7 fc1 sc2 ls0 ws0\">6.808.201<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdde h12 y6628 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddf h12 y6628 ff4 fs7 fc1 sc2 ls0 ws0\">6.808.201<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x1f5b h12 y6629 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x153e h12 y6629 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1ac2 h12 y6629 ff4 fs7 fc1 sc2 ls0 ws0\">8.020.246<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a8 h12 y6629 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc5f h12 y6629 ff4 fs7 fc1 sc2 ls0 ws0\">8.020.246<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c3 h12 y6629 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d0 h12 y6629 ff4 fs7 fc1 sc2 ls0 ws0\">7.825.735<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdde h12 y6629 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddf h12 y6629 ff4 fs7 fc1 sc2 ls0 ws0\">7.825.735<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1433\">Legenda:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h19 ff4 fsb fc1 sc0 ls0 ws0 gsbea\">A= attivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie cedute ri<span class=\"_ _1\"></span>levate per i<span class=\"_ _1\"></span>ntero (valore di bi<span class=\"_ _1\"></span>lancio)<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h19 ff4 fsb fc1 sc0 ls0 ws0 gs1434\">B= attivit\u00e0 finan<span class=\"_ _1\"></span>ziarie cedute<span class=\"_ _1\"></span> rilevate parz<span class=\"_ _1\"></span>ialmente (val<span class=\"_ _1\"></span>ore di bilancio)<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m2 h19 ff4 fsb fc1 sc0 ls0 ws0 gs1435\">C= attivit\u00e0 finanzi<span class=\"_ _1\"></span>arie cedut<span class=\"_ _1\"></span>e rilevate<span class=\"_ _1\"></span> parzialmente (intero<span class=\"_ _1\"></span> valore)<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbee\">L\u2019oper<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1436\">ativit\u00e0 <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>riferibile <span class=\"_ _35\"> </span>all\u2019utilizzo <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>titoli <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>portafoglio <span class=\"_ _35\"> </span>per <span class=\"_ _0\"></span>operazioni <span class=\"_ _35\"> </span>pronti <span class=\"_ _35\"> </span>cont<span class=\"_ _2\"></span>ro <span class=\"_ _35\"> </span>termine <span class=\"_ _0\"></span>a<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1437\">breve termine.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1439\">D.3 Consolidato<span class=\"_ _1\"></span> prudenziale \u2013 Operazioni di ces<span class=\"_ _1\"></span>sione con pass<span class=\"_ _1\"></span>ivit\u00e0 aventi rivalsa es<span class=\"_ _1\"></span>clusivamente sulle <span class=\"_ _1\"></span>attivit\u00e0 cedute<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs143a\">e non cancellate <span class=\"_ _1\"></span>integralmente: fair <span class=\"_ _1\"></span>value<span class=\"_ _3a1\"> </span></div><div class=\"gs143b\"><table class=\"s w12f4 h2b0\" id=\"_4198e478-3113-4c03-b748-88614188f392\"><tr><td></td><td class=\"t m2 x7d8 h12 y662a ff4 fs7 fc4 sc3 ls0 ws0\">Rilevate </td><td class=\"t m2 xc64 h12 y662a ff4 fs7 fc4 sc3 ls0 ws0\">Rilevate </td><td></td><td class=\"t m2 x9d7 h12 y662b ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x7c7 h12 y662c ff4 fs7 fc4 sc3 ls0 ws0\">per intero<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1197 h12 y662c ff4 fs7 fc4 sc3 ls0 ws0\">parzialmente<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d6 h12 y662d ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e4 h12 y662d ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y662e w12f5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A. Attivit\u00e0 finanziarie detenute per la<span class=\"_ _2\"></span> negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2116 y662e w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x935 h12 y662f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeec h12 y662f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h12 y662f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x821 y5fc1 w6c8 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2117 y5fc1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2118 y5fc1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2119 y5fc1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211a y5fc1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6630 w69d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capitale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211b y6630 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211c y6630 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211d y6630 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211e y6630 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6631 w12ea h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211f y6631 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2120 y6631 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2121 y6631 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2122 y6631 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6632 w12eb h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Derivati<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2123 y6632 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2124 y6632 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2125 y6632 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2126 y6632 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6633 w12f6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">B. Altre attivit\u00e0 finanziarie obbligator<span class=\"_ _2\"></span>iamente valutate al fair value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2127 y6633 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x935 h12 y6634 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeec h12 y6634 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h12 y6634 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x821 y6635 w6c8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2117 y6635 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2118 y6635 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2119 y6635 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211a y6635 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6636 w69d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capitale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211b y6636 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211c y6636 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211d y6636 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211e y6636 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6637 w12ea h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211f y6637 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2120 y6637 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2121 y6637 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2122 y6637 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6638 ff4 fs7 fc1 sc2 ls0 ws0\">C. Attivit\u00e0 finanziarie designate al fair value<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xec2 h12 y6638 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x935 h12 y6638 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeec h12 y6638 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h12 y6638 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x821 y6639 w6c8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2117 y6639 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2118 y6639 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2119 y6639 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211a y6639 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y663a w12ed h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2128 y663a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2129 y663a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x212a y663a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x212b y663a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y663b ff4 fs7 fc1 sc2 ls0 ws0\">D. Attivit\u00e0 finanziarie valutate al fair value con impatto <span class=\"_ _2\"></span>sulla redditivit\u00e0 </td><td class=\"t m2 xc54 h12 y663c ff4 fs7 fc1 sc2 ls0 ws0\">3.308.117<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x935 h12 y663c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11aa h12 y663c ff4 fs7 fc1 sc2 ls0 ws0\">3.308.117<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x13e5 h12 y663c ff4 fs7 fc1 sc2 ls0 ws0\">4.040.059<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y663d ff4 fs7 fc1 sc2 ls0 ws0\">complessiva </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y663e w6c8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x212c y663e w12f7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.308.1<span class=\"_ _2\"></span>17<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x212d y663e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x212e y663e w12ee h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.308.117<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x212f y663e w12f8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.040.059<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y58c5 w69d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capitale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211b y58c5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211c y58c5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211d y58c5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211e y58c5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y663f w12ea h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211f y663f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2120 y663f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2121 y663f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2122 y663f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6640 ff4 fs7 fc1 sc2 ls0 ws0\">E. Attivit\u00e0 finanziarie valutate al cost<span class=\"_ _2\"></span>o ammortizzato (fair value)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x873 h12 y6640 ff4 fs7 fc1 sc2 ls0 ws0\">3.534.755<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x935 h12 y6640 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x810 h12 y6640 ff4 fs7 fc1 sc2 ls0 ws0\">3.534.755<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddf h12 y6640 ff4 fs7 fc1 sc2 ls0 ws0\">3.980.187<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x821 y5697 w6c8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2130 y5697 w12f9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.534.755<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2131 y5697 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2132 y5697 w12f1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.534.755<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2133 y5697 w12fa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.980.187<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y55b0 w12ed h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2128 y55b0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2129 y55b0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x212a y55b0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x212b y55b0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xc51 h12 y6641 ff4 fs7 fc1 sc2 ls0 ws0\">Totale attivit\u00e0 finanziarie<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x873 h12 y6641 ff4 fs7 fc1 sc2 ls0 ws0\">6.842.872<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x935 h12 y6641 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x810 h12 y6641 ff4 fs7 fc1 sc2 ls0 ws0\">6.842.872<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x13e5 h12 y6641 ff4 fs7 fc1 sc2 ls0 ws0\">8.020.246<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xce8 h12 y6642 ff4 fs7 fc1 sc2 ls0 ws0\">Totale passivit\u00e0 finanziarie associat<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h12 y6642 ff4 fs7 fc1 sc2 ls0 ws0\">6.808.201<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x935 h12 y6642 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88f h12 y6642 ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e5 h12 y6642 ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x1aa9 h12 y6643 ff4 fs7 fc1 sc2 ls0 ws0\">Valore netto 31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xacc h12 y6643 ff4 fs7 fc1 sc2 ls0 ws0\">34.671<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x935 h12 y6643 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n x2134 y6644 w12fb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">6.842.872<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2135 y6644 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1aa9 h12 y6645 ff4 fs7 fc1 sc2 ls0 ws0\">Valore netto 31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc56 h12 y6645 ff4 fs7 fc1 sc2 ls0 ws0\">156.642<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x935 h12 y6645 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88f h12 y6645 ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd4c h12 y6645 ff4 fs7 fc1 sc2 ls0 ws0\">156.642 </td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs143c\">Le  passivit\u00e0  f<span class=\"_ _2\"></span>inanziarie  a <span class=\"_ _35\"> </span>fronte  di <span class=\"_ _35\"> </span>attivit\u00e0  finanziarie <span class=\"_ _35\"> </span>cedute <span class=\"_ _35\"> </span>e  non  cancellate <span class=\"_ _35\"> </span>(riportate  nelle<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs143d\">colonne <span class=\"_ _1\"></span>De<span class=\"_ _1\"></span>biti <span class=\"_ _1\"></span>verso <span class=\"_ _38\"></span>Clientela <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>Debiti <span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>rso <span class=\"_ _1\"></span>Banche) <span class=\"_ _38\"></span>sono <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>elative <span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>perazioni <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>pronti <span class=\"_ _1\"></span>contr<span class=\"_ _1\"></span>o </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs143e\">termine passive a fronte di titoli iscritt<span class=\"_ _1\"></span>i nell\u2019attivo.  </div><div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gs1440\">D.4 Consolidato prudenziale - operazioni di covered bond<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1441\">Progra<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1442\">mma Credem CB </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1443\">Il <span class=\"_ _3b\"></span>Consiglio di <span class=\"_ _3b\"></span>Amminist<span class=\"_ _1\"></span>razione d<span class=\"_ _3b\"></span>i Credito <span class=\"_ _3b\"></span>Emiliano, n<span class=\"_ _2\"></span>elle sedute <span class=\"_ _3b\"></span>del 26 <span class=\"_ _3b\"></span>maggio <span class=\"_ _2\"></span>2010 e <span class=\"_ _3b\"></span>del 25 <span class=\"_ _3b\"></span>giugno </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1444\">2010,  ha <span class=\"_ _35\"> </span>deliberato  di <span class=\"_ _35\"> </span>avviare  la <span class=\"_ _35\"> </span>strutturazione  di <span class=\"_ _35\"> </span>un  program<span class=\"_ _2\"></span>ma  di <span class=\"_ _35\"> </span>emissione  di <span class=\"_ _35\"> </span>obbligazioni </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1445\">bancarie garantite per un ammontare m<span class=\"_ _1\"></span>assimo di Euro 5 miliardi. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1446\">In data 22 <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>ttobre<span class=\"_ _1\"></span> 2010, il <span class=\"_ _3b\"></span>Co<span class=\"_ _1\"></span>nsiglio di <span class=\"_ _2\"></span>Amministrazione<span class=\"_ _1\"></span> ha appro<span class=\"_ _2\"></span>vato la prima cessione da p<span class=\"_ _2\"></span>arte di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1447\">Credem <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>portafoglio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>crediti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>valore<span class=\"_ _1\"></span> mass<span class=\"_ _1\"></span>imo di <span class=\"_ _1\"></span>Euro <span class=\"_ _1\"></span>2,4 <span class=\"_ _38\"></span>miliardi in <span class=\"_ _1\"></span>favore<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Credem </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1448\">CB <span class=\"_ _3d\"> </span>S.r.l.,  Societ\u00e0 <span class=\"_ _3d\"> </span>Veicolo <span class=\"_ _3d\"> </span>(<span class=\"_ _3a1\"> </span></div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs1449\">Special  Purpose <span class=\"_ _3d\"> </span>Vehicle</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs144a\">,  SPV) <span class=\"_ _3d\"> </span>selezionata <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>la  partecipazione <span class=\"_ _3d\"> </span>al </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs144b\">Programma e partecipata al 70% da Cre<span class=\"_ _1\"></span>dem. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs144c\">Il quadro nor<span class=\"_ _1\"></span>mativo it<span class=\"_ _1\"></span>aliano in <span class=\"_ _1\"></span>materia di e<span class=\"_ _1\"></span>missione di <span class=\"_ _1\"></span>Obbligazioni Bancarie G<span class=\"_ _1\"></span>arantite (di se<span class=\"_ _1\"></span>guito, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs144d\">anche la \u201cNormativa\u201d) \u00e8 costituito, in particolar<span class=\"_ _1\"></span>e: </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs144e\">-<span class=\"_ _13e\"> </span>dalla <span class=\"_ _37\"> </span>Direttiva <span class=\"_ _37\"> </span>(UE) <span class=\"_ _37\"> </span>2019/2162 <span class=\"_ _37\"> </span>(la <span class=\"_ _37\"> </span>\u201cDirettiva <span class=\"_ _37\"> </span>OBG\u201d) <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>dal <span class=\"_ _37\"> </span>Regolamento <span class=\"_ _37\"> </span>(UE) <span class=\"_ _37\"> </span>2019/2160 <span class=\"_ _37\"> </span>(il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs144f\">\u201cRegolamento <span class=\"_ _35\"> </span>OBG\u201d) <span class=\"_ _0\"></span>che <span class=\"_ _35\"> </span>hann<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>introdotto <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>prima <span class=\"_ _0\"></span>volta <span class=\"_ _35\"> </span>una <span class=\"_ _0\"></span>disciplina <span class=\"_ _35\"> </span>europea <span class=\"_ _0\"></span>dello </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1450\">strumento delle <span class=\"_ _1\"></span>OBG emesse da banche europee, <span class=\"_ _1\"></span>avendo come finalit\u00e0 quella di uniformare <span class=\"_ _1\"></span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1451\">differenti quadri normativi sviluppatisi negli anni nei Paesi dell\u2019Unione Europea; </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1452\">-<span class=\"_ _13e\"> </span>dal T<span class=\"_ _2\"></span>itolo I-bis <span class=\"_ _3b\"></span>della legge n.<span class=\"_ _2\"></span> 130<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>l 30 <span class=\"_ _3b\"></span>aprile 1999 <span class=\"_ _3b\"></span>(il \u201cTitolo I<span class=\"_ _2\"></span>-bis\u201d <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span> la <span class=\"_ _3b\"></span>\u201cLegge 130\u201d), <span class=\"_ _3b\"></span>introdotto<span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1453\">dal <span class=\"_ _39\"> </span>decreto <span class=\"_ _39\"> </span>legislativo <span class=\"_ _39\"> </span>n. <span class=\"_ _36\"> </span>190 <span class=\"_ _39\"> </span>del <span class=\"_ _39\"> </span>5 <span class=\"_ _39\"> </span>novembre <span class=\"_ _36\"> </span>20<span class=\"_ _1\"></span>21 <span class=\"_ _36\"> </span>in <span class=\"_ _39\"> </span>attuazione <span class=\"_ _39\"> </span>de<span class=\"_ _1\"></span>lla <span class=\"_ _36\"> </span>Direttiva <span class=\"_ _39\"> </span>OBG, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1454\">interamente dedicato alle OBG, nonch\u00e9 dalle altre <span class=\"_ _1\"></span>previsioni della Legge 130 ivi richiamate; </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1455\">-<span class=\"_ _13e\"> </span>dall\u2019art. <span class=\"_ _3b\"></span>1<span class=\"_ _1\"></span>29 <span class=\"_ _3b\"></span>del Regolamento <span class=\"_ _3b\"></span>(UE) <span class=\"_ _3b\"></span>57<span class=\"_ _1\"></span>5/2013 <span class=\"_ _3b\"></span>(il <span class=\"_ _2\"></span>\u201cCRR\u201d), <span class=\"_ _3b\"></span>com<span class=\"_ _1\"></span>e <span class=\"_ _3b\"></span>modificato dal <span class=\"_ _3b\"></span>Regolamento <span class=\"_ _3b\"></span>OB<span class=\"_ _1\"></span>G; </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1456\">-<span class=\"_ _13e\"> </span>dalle <span class=\"_ _38\"></span>disposizioni <span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>anate <span class=\"_ _38\"></span>dalla <span class=\"_ _38\"></span>Banca <span class=\"_ _38\"></span>d\u2019Italia <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ema <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Obbligazioni <span class=\"_ _1\"></span>Bancar<span class=\"_ _1\"></span>ie <span class=\"_ _38\"></span>Garantite, <span class=\"_ _38\"></span>ai </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1457\">sensi <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>Parte Ter<span class=\"_ _1\"></span>za, Capitolo <span class=\"_ _1\"></span>3, <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>Circolare <span class=\"_ _1\"></span>n. <span class=\"_ _1\"></span>285 <span class=\"_ _1\"></span>del 1<span class=\"_ _1\"></span>7 dicembre <span class=\"_ _1\"></span>2013<span class=\"_ _1\"></span>, contenente <span class=\"_ _1\"></span>le </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1458\">\u201cDisposizioni <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>vigilanza <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>banche\u201d, <span class=\"_ _0\"></span>come <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>volta <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>volta <span class=\"_ _38\"></span>modificate <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>aggiornate <span class=\"_ _0\"></span>(le </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1459\">\u201cIstruzioni\u201d). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs145a\">Nel mese <span class=\"_ _3b\"></span>di Novembre 2<span class=\"_ _3b\"></span>0<span class=\"_ _1\"></span>23, nell\u2019<span class=\"_ _2\"></span>ambito dell\u2019aggi<span class=\"_ _2\"></span>ornamento<span class=\"_ _1\"></span> ann<span class=\"_ _3b\"></span>uale del programma <span class=\"_ _3b\"></span>di emissione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs145b\">Credem <span class=\"_ _38\"></span>CB, <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>state <span class=\"_ _1\"></span>implementate <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>modifiche <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>document<span class=\"_ _1\"></span>azione <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>rattuale <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>cessarie </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs145c\">per allineare il programma al n<span class=\"_ _2\"></span>uovo quadro normativo di <span class=\"_ _2\"></span>riferimento conseguente all\u2019emanazione, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs145d\">da par<span class=\"_ _1\"></span>te <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Banca <span class=\"_ _1\"></span>d\u2019Italia, ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>mese di <span class=\"_ _1\"></span>Marzo <span class=\"_ _38\"></span>2023, delle <span class=\"_ _1\"></span>nuove <span class=\"_ _1\"></span>disposizioni <span class=\"_ _1\"></span>di v<span class=\"_ _1\"></span>igilanza <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>materia </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs145e\">di <span class=\"_ _35\"> </span>\u201cobblig<span class=\"_ _2\"></span>azioni <span class=\"_ _35\"> </span>bancarie <span class=\"_ _35\"> </span>garantite\u201d <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>rece<span class=\"_ _1\"></span>piscono <span class=\"_ _35\"> </span>le<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>novit\u00e0 <span class=\"_ _0\"></span>intr<span class=\"_ _1\"></span>odotte <span class=\"_ _35\"> </span>dalla <span class=\"_ _0\"></span>D<span class=\"_ _1\"></span>irettiva <span class=\"_ _35\"> </span>(UE)<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>n. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs145f\">2019/2162 <span class=\"_ _3f\"> </span>(Covered <span class=\"_ _3f\"> </span>Bond <span class=\"_ _3f\"> </span>Directive) <span class=\"_ _3f\"> </span>e <span class=\"_ _3f\"> </span>dal <span class=\"_ _3f\"> </span>Regolamento <span class=\"_ _3f\"> </span>(UE) <span class=\"_ _3f\"> </span>n. <span class=\"_ _3f\"> </span>2019/2160 <span class=\"_ _3f\"> </span>(Covered <span class=\"_ _3f\"> </span>Bond </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1460\">Regulation).  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1461\">A <span class=\"_ _1\"></span>seguito <span class=\"_ _1\"></span>dell\u2019introduzione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>nuovo <span class=\"_ _1\"></span>Titolo <span class=\"_ _1\"></span>I-bis <span class=\"_ _1\"></span>nell\u2019ambito <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>lla le<span class=\"_ _1\"></span>gge <span class=\"_ _1\"></span>130/1999 <span class=\"_ _1\"></span>(il <span class=\"_ _1\"></span>\u201cTitolo <span class=\"_ _1\"></span>I-bis\u201d) </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1462\">e <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>42\u00b0 <span class=\"_ _0\"></span>aggiornamento<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>Circolare <span class=\"_ _0\"></span>285/2013 <span class=\"_ _0\"></span>(le <span class=\"_ _0\"></span>\u201cDisposizioni\u201d), <span class=\"_ _0\"></span>Credem <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>effe<span class=\"_ _1\"></span>ttuato <span class=\"_ _0\"></span>una </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1463\">serie <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>volte <span class=\"_ _1\"></span>ad <span class=\"_ _38\"></span>adeguare <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>programma, <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>procedure <span class=\"_ _38\"></span>operative, <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>presidi <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>controllo <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>la </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1464\">relativa <span class=\"_ _1\"></span>documentazione <span class=\"_ _1\"></span>contrattuale <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>nuovo <span class=\"_ _1\"></span>quadro <span class=\"_ _1\"></span>normativo <span class=\"_ _1\"></span>introdotto <span class=\"_ _1\"></span>dal <span class=\"_ _1\"></span>predetto <span class=\"_ _1\"></span>Titolo <span class=\"_ _1\"></span>I-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1465\">bis e dalle nuove Disposizioni. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1466\">L\u2019emissione di <span class=\"_ _3b\"></span>Obbligazioni Bancarie Garantite d<span class=\"_ _2\"></span>a parte <span class=\"_ _3b\"></span>di Credem <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>i i<span class=\"_ _2\"></span>nserisce nel p<span class=\"_ _2\"></span>iano s<span class=\"_ _2\"></span>trategico </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1467\">del <span class=\"_ _38\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1468\">uppo, <span class=\"_ _38\"></span>finalizzato, <span class=\"_ _0\"></span>tra <span class=\"_ _38\"></span>l\u2019altro, <span class=\"_ _38\"></span>all\u2019ottenime<span class=\"_ _1\"></span>nto <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>alcuni <span class=\"_ _38\"></span>benefici <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>termini <span class=\"_ _38\"></span>di </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs1469\">funding<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs146a\">, <span class=\"_ _38\"></span>q<span class=\"_ _1\"></span>uali <span class=\"_ _38\"></span>la </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs146b\">diversificazione delle <span class=\"_ _1\"></span>fonti <span class=\"_ _1\"></span>di rac<span class=\"_ _1\"></span>colta, la <span class=\"_ _1\"></span>riduzione del <span class=\"_ _1\"></span>relat<span class=\"_ _1\"></span>ivo cost<span class=\"_ _1\"></span>o, nonch\u00e9 <span class=\"_ _1\"></span>l\u2019allungamento dell<span class=\"_ _1\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs146c\">scadenze del passivo.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs146d\">In linea generale, la s<span class=\"_ _1\"></span>truttura base di un\u2019emissione <span class=\"_ _1\"></span>di obbligazioni bancarie garantit<span class=\"_ _1\"></span>e \u2013 secondo lo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs146e\">schema delineato dalla normativa \u2013 prevede che vengano realizzate <span class=\"_ _1\"></span>le seguenti attivit\u00e0: </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs146f\">-<span class=\"_ _13e\"> </span>la <span class=\"_ _37\"> </span>banca <span class=\"_ _36\"> </span>(Banca <span class=\"_ _37\"> </span>Cedente, <span class=\"_ _37\"> </span>Credem) <span class=\"_ _37\"> </span>tras<span class=\"_ _1\"></span>ferisce <span class=\"_ _37\"> </span>un <span class=\"_ _37\"> </span>insieme <span class=\"_ _36\"> </span>di </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs1470\">asset</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1471\"> <span class=\"_ _37\"> </span>aventi <span class=\"_ _36\"> </span>determinate </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1472\">caratteristiche <span class=\"_ _0\"></span>(i<span class=\"_ _2\"></span>l <span class=\"_ _38\"></span>\u201cPort<span class=\"_ _1\"></span>afoglio\u201d) <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>Societ\u00e0 <span class=\"_ _0\"></span>Veicolo <span class=\"_ _38\"></span>(Credem <span class=\"_ _38\"></span>CB <span class=\"_ _0\"></span>srl). <span class=\"_ _38\"></span>Gli <span class=\"_ _38\"></span>attivi <span class=\"_ _38\"></span>ce<span class=\"_ _1\"></span>duti <span class=\"_ _38\"></span>alla<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1473\">Societ\u00e0 Veicolo costituiscono u<span class=\"_ _2\"></span>n patrimonio <span class=\"_ _2\"></span>separato da <span class=\"_ _2\"></span>quello della S<span class=\"_ _2\"></span>ociet\u00e0 Veicolo st<span class=\"_ _2\"></span>essa a </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1474\">beneficio <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>portatori <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>obbligazioni bancarie <span class=\"_ _1\"></span>garantite <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>degli altr<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>soggetti in <span class=\"_ _1\"></span>favore <span class=\"_ _1\"></span>dei </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1475\">quali <span class=\"_ _3d\"> </span>la <span class=\"_ _37\"> </span>garanzia <span class=\"_ _37\"> </span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>rilasciata. <span class=\"_ _37\"> </span>La <span class=\"_ _37\"> </span>Banca <span class=\"_ _37\"> </span>Cedente <span class=\"_ _37\"> </span>eroga <span class=\"_ _37\"> </span>alla <span class=\"_ _37\"> </span>Societ\u00e0 <span class=\"_ _37\"> </span>Veicolo <span class=\"_ _36\"> </span>un <span class=\"_ _3d\"> </span>prestito </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1476\">subordinato <span class=\"_ _1\"></span>finalizzato <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>finanziare<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>pagamento <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>prezzo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>acquisto <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>gli </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs1477\">asset</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1478\"> <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>parte </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1479\">della Societ\u00e0 Veicolo stessa; </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs147a\">-<span class=\"_ _13e\"> </span>Credem <span class=\"_ _38\"></span>(l\u2019Emittente) <span class=\"_ _38\"></span>emette<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>titoli <span class=\"_ _38\"></span>obbligazionari. <span class=\"_ _38\"></span>La <span class=\"_ _38\"></span>Societ\u00e0<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>Veicolo <span class=\"_ _38\"></span>rilascia <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>garanzia <span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs147b\">favore dei portatori dei titoli obbligazionari emessi dall\u2019Emittente. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs147c\">Come <span class=\"_ _38\"></span>conseguenza <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>ci\u00f2, <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>rimborso <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>lle <span class=\"_ _38\"></span>obbligazioni <span class=\"_ _38\"></span>bancarie <span class=\"_ _0\"></span>garantit<span class=\"_ _2\"></span>e <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>sa<span class=\"_ _2\"></span>ranno <span class=\"_ _38\"></span>emesse </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs147d\">nell\u2019ambito <span class=\"_ _3d\"> </span>dell\u2019operazione <span class=\"_ _3d\"> </span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>garantito, <span class=\"_ _3d\"> </span>oltre <span class=\"_ _3d\"> </span>che <span class=\"_ _3d\"> </span>dall\u2019emitte<span class=\"_ _1\"></span>nte, <span class=\"_ _3d\"> </span>anche <span class=\"_ _3d\"> </span>da <span class=\"_ _3d\"> </span>una <span class=\"_ _3d\"> </span>garanzia <span class=\"_ _3d\"> </span>non </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs147e\">condizionata ed irrevocabile rilasciata dalla Societ\u00e0 Veicolo ad esclusivo beneficio degli investitori </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs147f\">che sottoscriveranno le Obbligazioni Bancarie Garantite e delle controparti terze, ivi incluse quelle<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1481\">di </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs1482\">hedging,</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1483\"> <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>involte nell\u2019operazi<span class=\"_ _2\"></span>one. T<span class=\"_ _2\"></span>ale <span class=\"_ _3b\"></span>ultima garanzia <span class=\"_ _3b\"></span>\u00e8 <span class=\"_ _3b\"></span>rilasciata dal<span class=\"_ _2\"></span>la <span class=\"_ _3b\"></span>So<span class=\"_ _1\"></span>ciet\u00e0 <span class=\"_ _3b\"></span>Veicolo a <span class=\"_ _3b\"></span>valere<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1484\">sul Portafoglio.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1485\">L\u2019operazione <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>covered <span class=\"_ _38\"></span>bond <span class=\"_ _38\"></span>illustrata <span class=\"_ _38\"></span>rie<span class=\"_ _1\"></span>ntra <span class=\"_ _38\"></span>nella <span class=\"_ _38\"></span>\u201cfattispecie <span class=\"_ _38\"></span>semplice\u201d, <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>quanto <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>figura <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1486\">banca<span class=\"_ _3a1\"> </span> </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs1487\">originator<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1488\">, <span class=\"_ _39\"> </span>banca <span class=\"_ _3f\"> </span>finanziatrice <span class=\"_ _39\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>banca <span class=\"_ _39\"> </span>emittente <span class=\"_ _39\"> </span>coincide <span class=\"_ _3f\"> </span>con <span class=\"_ _39\"> </span>un <span class=\"_ _3f\"> </span>unico <span class=\"_ _39\"> </span>soggetto,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1489\">rappresentato da Credem.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs148a\">Il Portafoglio d<span class=\"_ _1\"></span>i cessione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs148b\">Il <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>tempo <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>tempo <span class=\"_ _0\"></span>viene <span class=\"_ _0\"></span>ceduto <span class=\"_ _0\"></span>alla <span class=\"_ _38\"></span>Soc<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs148c\">iet\u00e0 <span class=\"_ _38\"></span>Ve<span class=\"_ _1\"></span>icolo <span class=\"_ _0\"></span>deve <span class=\"_ _0\"></span>ri<span class=\"_ _2\"></span>specchiare <span class=\"_ _0\"></span>alcune<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs148d\">caratteristiche comuni.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs148e\">I <span class=\"_ _35\"> </span>princip<span class=\"_ _2\"></span>ali <span class=\"_ _35\"> </span>criteri <span class=\"_ _35\"> </span>comuni <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>identificazione <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>selezione <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>mu<span class=\"_ _2\"></span>tui, <span class=\"_ _35\"> </span>da <span class=\"_ _0\"> </span>cui <span class=\"_ _35\"> </span>derivano <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>crediti <span class=\"_ _35\"> </span>ch<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs148f\">costituiscono il </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs1490\">Cover Pool</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1491\">, sono stati individuati previa condivisione <span class=\"_ _1\"></span>con le agenzie di rating, cui \u00e8<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1492\">stata rich<span class=\"_ _2\"></span>iesta l<span class=\"_ _2\"></span>\u2019assegnazione <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ating <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>Obbligazioni<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Bancarie<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>Garantite ch<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>Credem <span class=\"_ _3b\"></span>emet<span class=\"_ _1\"></span>ter\u00e0<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1493\">nel contesto del Programma.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1494\">A <span class=\"_ _38\"></span>fine <span class=\"_ _38\"></span>ottobre <span class=\"_ _38\"></span>2010, <span class=\"_ _38\"></span>settembre <span class=\"_ _38\"></span>2011, <span class=\"_ _38\"></span>febbraio <span class=\"_ _38\"></span>2012, <span class=\"_ _38\"></span>aprile <span class=\"_ _38\"></span>20<span class=\"_ _1\"></span>14, <span class=\"_ _1\"></span>otto<span class=\"_ _1\"></span>bre <span class=\"_ _1\"></span>2014, <span class=\"_ _38\"></span>ott<span class=\"_ _1\"></span>obre <span class=\"_ _38\"></span>2015, <span class=\"_ _1\"></span>aprile<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1495\">2016, <span class=\"_ _2\"></span>ottobre <span class=\"_ _3b\"></span>2016, <span class=\"_ _2\"></span>aprile <span class=\"_ _3b\"></span>2017, n<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>vembre <span class=\"_ _3b\"></span>20<span class=\"_ _1\"></span>17, <span class=\"_ _3b\"></span>maggio <span class=\"_ _2\"></span>2018, <span class=\"_ _3b\"></span>ottobre 2<span class=\"_ _3b\"></span>0<span class=\"_ _1\"></span>18, <span class=\"_ _3b\"></span>maggio 20<span class=\"_ _2\"></span>19, <span class=\"_ _2\"></span>novembre<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1496\">2020, <span class=\"_ _1\"></span>novembre <span class=\"_ _1\"></span>2021, <span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>vembre 2022, <span class=\"_ _1\"></span>novembre<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>2023, e <span class=\"_ _38\"></span>novembre <span class=\"_ _1\"></span>2024 <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>stati <span class=\"_ _1\"></span>selezionati <span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1497\">crediti ipotecari derivanti da contratti di mutuo <span class=\"_ _1\"></span>che, alle relative date di </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs1498\">cut-off,</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1499\"> soddisfacevano, a<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs149a\">titolo non esaustivo, i seguenti principali criteri cumulativi:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs149b\">-<span class=\"_ _5\"> </span>crediti <span class=\"_ _39\"> </span>non <span class=\"_ _39\"> </span>derivanti <span class=\"_ _39\"> </span>da <span class=\"_ _39\"> </span>contratti <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>mutuo <span class=\"_ _39\"> </span>che <span class=\"_ _39\"> </span>beneficiano <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>forme <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>agevolazione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs149c\">finanziaria;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs149d\">-<span class=\"_ _5\"> </span>crediti <span class=\"_ _3f\"> </span>non <span class=\"_ _39\"> </span>classificati <span class=\"_ _3f\"> </span>come <span class=\"_ _36\"> </span>\"<span class=\"_ _1\"></span>esposizioni <span class=\"_ _3f\"> </span>creditizie <span class=\"_ _39\"> </span>deteriorate\", <span class=\"_ _3f\"> </span>ai <span class=\"_ _39\"> </span>sensi <span class=\"_ _3f\"> </span>delle <span class=\"_ _39\"> </span>vigenti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs149e\">\"Istruzioni di Vigilanza per le banche\" emanate dalla Banca d\u2019Italia;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs149f\">-<span class=\"_ _5\"> </span>crediti  non <span class=\"_ _35\"> </span>erogati  (neanche<span class=\"_ _2\"></span>  in <span class=\"_ _35\"> </span>co-intestazione)  a <span class=\"_ _35\"> </span>dipendenti  o <span class=\"_ _35\"> </span>amministratori  di <span class=\"_ _35\"> </span>Credito<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14a0\">Emiliano o delle sue controllate facenti par<span class=\"_ _1\"></span>te del Gruppo Bancario Credem.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14a1\">Il <span class=\"_ _0\"></span>Cover <span class=\"_ _0\"></span>Pool, <span class=\"_ _38\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _0\"></span>contabile <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>31 <span class=\"_ _0\"></span>dicembre <span class=\"_ _0\"></span>2024, <span class=\"_ _0\"></span>consist<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>crediti <span class=\"_ _38\"></span>derivanti <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>n. <span class=\"_ _38\"></span>61.4<span class=\"_ _1\"></span>95<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14a2\">mutui <span class=\"_ _1\"></span>ipotecari, <span class=\"_ _38\"></span>con <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>debito <span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>iduo <span class=\"_ _1\"></span>complessivo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>circa <span class=\"_ _38\"></span>4.971 <span class=\"_ _1\"></span>milioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Euro<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>come <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>guito<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14a3\">meglio specificato.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs14a4\">Finanziamento <span class=\"_ _1\"></span>Subordinato </div><div class=\"gs14a5\"><table class=\"s w12fc h2b1\" id=\"_6dabdf64-2ca1-4085-a1ef-393d1864151e\"><tr><td class=\"c x2137 y6646 w247 hfd\"><div class=\"t m11 x0 hfe y7f ff4 fs28 fc4 sc3 ls0 ws0\">R<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span>g<span class=\"_ _1\"></span>i<span class=\"_ _0\"></span>on<span class=\"_ _38\"></span>e<span class=\"_ _0\"></span> </div></td><td class=\"t m11 x2138 hfe y6647 ff4 fs28 fc4 sc3 ls0 ws0\">D<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>b<span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>t<span class=\"_ _0\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _0\"></span>du<span class=\"_ _38\"></span>o<span class=\"_ _38\"></span> </td><td class=\"t m11 x2139 hfe y6647 ff4 fs28 fc4 sc3 ls0 ws0\">%<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>D<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>b<span class=\"_ _38\"></span>i<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> </td><td class=\"c n x213a y6649 w12fd h2b2\"><div class=\"t m11 x2b3 hfe y6648 ff4 fs28 fc4 sc3 ls0 ws0\">N<span class=\"_ _38\"></span>\u00b0<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>Mu<span class=\"_ _38\"></span>t<span class=\"_ _0\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x213b y6649 w12fe h2b2\"><div class=\"t m11 x2b3 hfe y6648 ff4 fs28 fc4 sc3 ls0 ws0\">%<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>N<span class=\"_ _38\"></span>\u00b0<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>M<span class=\"_ _38\"></span>u<span class=\"_ _38\"></span>t<span class=\"_ _38\"></span>u<span class=\"_ _38\"></span>i<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m11 x213c hfe y664a ff4 fs28 fc4 sc3 ls0 ws0\">M<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>t<span class=\"_ _38\"></span>u<span class=\"_ _38\"></span>a<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span></td><td class=\"t m11 x213d hfe y664a ff4 fs28 fc4 sc3 ls0 ws0\">(<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>g<span class=\"_ _38\"></span>l<span class=\"_ _0\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>i<span class=\"_ _38\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _38\"></span>E<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>r<span class=\"_ _38\"></span>o<span class=\"_ _38\"></span>)<span class=\"_ _3a1\"> </span></td><td class=\"t m11 x213e hfe y664a ff4 fs28 fc4 sc3 ls0 ws0\">R<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _0\"></span>du<span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x2075 y664c w12ff h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">Ab<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>uz<span class=\"_ _3b\"></span>zo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x213f y664c w1300 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">4<span class=\"_ _2\"></span>3.1<span class=\"_ _2\"></span>17<span class=\"_ _3b\"></span>,69<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2140 y664c w1301 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">0,87<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2141 y664c w1302 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">60<span class=\"_ _3b\"></span>7<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2142 y664c w1303 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">0<span class=\"_ _3b\"></span>,<span class=\"_ _1\"></span>99<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x2144 y664d w1304 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">Ba<span class=\"_ _3b\"></span>sil<span class=\"_ _2\"></span>ic<span class=\"_ _3a1\"> </span></div><div class=\"t m11 x2143 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">at<span class=\"_ _184\"></span>a<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2145 y664d w1305 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">10.0<span class=\"_ _3b\"></span>55,2<span class=\"_ _3b\"></span>9<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2146 y664d w1303 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">0<span class=\"_ _3b\"></span>,<span class=\"_ _1\"></span>20<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2147 y664d w1302 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">13<span class=\"_ _3b\"></span>4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2148 y664d w1306 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">0<span class=\"_ _3b\"></span>,<span class=\"_ _1\"></span>22<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2075 y664e w1307 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">Ca<span class=\"_ _3b\"></span>la<span class=\"_ _3b\"></span>bri<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2149 y664e w1308 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">1<span class=\"_ _3b\"></span>26.4<span class=\"_ _2\"></span>73<span class=\"_ _3b\"></span>,44<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x214a y664e w1301 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">2,54<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x214b y664e w1309 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">2.21<span class=\"_ _3b\"></span>6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x214c y664e w1301 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">3,60<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x214d y664f w130a h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">Ca<span class=\"_ _3b\"></span>m<span class=\"_ _3b\"></span>pa<span class=\"_ _3b\"></span>nia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x214e y664f w130b h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">53<span class=\"_ _3b\"></span>0.21<span class=\"_ _3b\"></span>9,48<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x214f y664f w130c h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">10<span class=\"_ _3b\"></span>,<span class=\"_ _1\"></span>67<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2150 y664f w1309 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">6.20<span class=\"_ _3b\"></span>4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2151 y664f w1309 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">1<span class=\"_ _3b\"></span>0,09<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y6650 w130d h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">Em<span class=\"_ _184\"></span>ilia<span class=\"_ _2\"></span> R<span class=\"_ _3b\"></span>om<span class=\"_ _184\"></span>ag<span class=\"_ _3b\"></span>na<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2152 y6650 w130b h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">73<span class=\"_ _3b\"></span>9.21<span class=\"_ _3b\"></span>8,36<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2153 y6650 w130e h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">14<span class=\"_ _3b\"></span>,<span class=\"_ _1\"></span>87<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2154 y6650 w130f h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">10<span class=\"_ _2\"></span>.03<span class=\"_ _3b\"></span>8<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2155 y6650 w1310 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>,32<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m11 x2156 hff y6651 ff16 fs28 fc15 sc0 ls0 ws0\">Friul<span class=\"_ _3b\"></span>i Ven<span class=\"_ _3b\"></span>ez<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>a </td><td class=\"c n x2157 y6652 w1311 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">46<span class=\"_ _3b\"></span>.<span class=\"_ _1\"></span>32<span class=\"_ _3b\"></span>9,07<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2158 y6652 w1312 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">0<span class=\"_ _3b\"></span>,<span class=\"_ _1\"></span>93<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2159 y6652 w1313 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">66<span class=\"_ _3b\"></span>5<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x215a y6652 w1314 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">1<span class=\"_ _2\"></span>,08<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m11 x215b hff y6653 ff16 fs28 fc15 sc0 ls0 ws0\">G<span class=\"_ _184\"></span>i<span class=\"_ _1\"></span>ul<span class=\"_ _3b\"></span>ia<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x215c y6654 w1315 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">La<span class=\"_ _3b\"></span>zio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x215d y6654 w1308 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">63<span class=\"_ _3b\"></span>3.77<span class=\"_ _2\"></span>4,8<span class=\"_ _3b\"></span>0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x215e y6654 w130e h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">12<span class=\"_ _3b\"></span>,<span class=\"_ _1\"></span>75<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x215f y6654 w1316 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">6<span class=\"_ _2\"></span>.18<span class=\"_ _3b\"></span>7<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2160 y6654 w1309 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">10<span class=\"_ _3b\"></span>,06<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x79c y6655 w1317 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">Lig<span class=\"_ _3b\"></span>uri<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2161 y6655 w1318 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">1<span class=\"_ _3b\"></span>12<span class=\"_ _3b\"></span>.<span class=\"_ _1\"></span>90<span class=\"_ _3b\"></span>9,95<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2162 y6655 w1319 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">2<span class=\"_ _2\"></span>,27<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2163 y6655 w131a h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">1.4<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2164 y6655 w1301 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">2,33<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x214d y6656 w131b h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">Lo<span class=\"_ _3b\"></span>m<span class=\"_ _3b\"></span>ba<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>dia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2165 y6656 w1318 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">8<span class=\"_ _3b\"></span>49<span class=\"_ _3b\"></span>.<span class=\"_ _1\"></span>03<span class=\"_ _3b\"></span>3,24<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2166 y6656 w130c h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">17<span class=\"_ _3b\"></span>,<span class=\"_ _1\"></span>08<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2167 y6656 w131c h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">8.86<span class=\"_ _3b\"></span>8<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2168 y6656 w1309 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">1<span class=\"_ _3b\"></span>4,42<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2169 y6657 w131d h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">M<span class=\"_ _184\"></span>arc<span class=\"_ _1\"></span>he<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x216a y6657 w131e h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">90.6<span class=\"_ _2\"></span>57<span class=\"_ _3b\"></span>,08<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x216b y6657 w1301 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">1,82<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x216c y6657 w131c h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">1.16<span class=\"_ _3b\"></span>5<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x216d y6657 w1301 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">1,89<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x216e y6658 w131f h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">M<span class=\"_ _184\"></span>ol<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x216f y6658 w1320 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">8.5<span class=\"_ _3b\"></span>18,2<span class=\"_ _2\"></span>6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2170 y6658 w1301 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">0,17<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2171 y6658 w1313 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">13<span class=\"_ _3b\"></span>5<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2172 y6658 w1301 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">0,22<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2144 y6659 w1321 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">Pie<span class=\"_ _3b\"></span>m<span class=\"_ _3b\"></span>ont<span class=\"_ _184\"></span>e<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2173 y6659 w1322 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">151<span class=\"_ _3b\"></span>.<span class=\"_ _1\"></span>2<span class=\"_ _2\"></span>47<span class=\"_ _3b\"></span>,33<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2174 y6659 w1301 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">3,04<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2175 y6659 w131c h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">1.97<span class=\"_ _3b\"></span>2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2176 y6659 w1301 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">3,21<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2177 y665a w1323 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">Pu<span class=\"_ _3b\"></span>gl<span class=\"_ _3b\"></span>ia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2178 y665a w1308 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">2<span class=\"_ _3b\"></span>76.2<span class=\"_ _2\"></span>54<span class=\"_ _3b\"></span>,27<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2179 y665a w1301 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">5,56<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x217a y665a w1309 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">4.47<span class=\"_ _3b\"></span>7<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x217b y665a w1303 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">7<span class=\"_ _3b\"></span>,<span class=\"_ _1\"></span>28<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2144 y665b w1324 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">Sa<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>de<span class=\"_ _3b\"></span>gna<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x217c y665b w1325 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">20<span class=\"_ _2\"></span>8.0<span class=\"_ _3b\"></span>13,7<span class=\"_ _2\"></span>9<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x217d y665b w1301 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">4,19<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x217e y665b w1309 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">2.34<span class=\"_ _3b\"></span>1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x217f y665b w1301 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">3,81<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2177 y665c w1326 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">Sici<span class=\"_ _1\"></span>l<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2180 y665c w1327 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">4<span class=\"_ _2\"></span>50<span class=\"_ _3b\"></span>.<span class=\"_ _1\"></span>01<span class=\"_ _3b\"></span>1,34<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2181 y665c w1303 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">9<span class=\"_ _3b\"></span>,<span class=\"_ _1\"></span>05<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2182 y665c w1316 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">6<span class=\"_ _2\"></span>.81<span class=\"_ _3b\"></span>0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2183 y665c w1310 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">1<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,07<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2075 y665d w1328 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">T<span class=\"_ _184\"></span>os<span class=\"_ _2\"></span>cana<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2184 y665d w1308 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">35<span class=\"_ _3b\"></span>1.89<span class=\"_ _2\"></span>0,8<span class=\"_ _3b\"></span>2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2185 y665d w1303 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">7<span class=\"_ _3b\"></span>,<span class=\"_ _1\"></span>08<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2186 y665d w131c h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">4.25<span class=\"_ _3b\"></span>4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2187 y665d w1306 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">6<span class=\"_ _3b\"></span>,<span class=\"_ _1\"></span>92<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y665e w1329 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">T<span class=\"_ _184\"></span>r<span class=\"_ _1\"></span>en<span class=\"_ _3b\"></span>tin<span class=\"_ _3b\"></span>o  Al<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> Adig<span class=\"_ _3b\"></span>e<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2188 y665e w132a h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">2<span class=\"_ _3b\"></span>4.70<span class=\"_ _2\"></span>7,8<span class=\"_ _3b\"></span>3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2189 y665e w1303 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">0<span class=\"_ _3b\"></span>,<span class=\"_ _1\"></span>50<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x218a y665e w1313 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">26<span class=\"_ _3b\"></span>4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x218b y665e w1303 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">0<span class=\"_ _3b\"></span>,<span class=\"_ _1\"></span>43<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x79c y665f w132b h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">U<span class=\"_ _184\"></span>m<span class=\"_ _3b\"></span>bri<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x218c y665f w1305 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">2<span class=\"_ _3b\"></span>1.24<span class=\"_ _3b\"></span>7,75<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x218d y665f w1319 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">0,4<span class=\"_ _2\"></span>3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x218e y665f w132c h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">31<span class=\"_ _2\"></span>7<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x218f y665f w1301 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">0,52<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2190 y6660 w132d h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">Va<span class=\"_ _3b\"></span>l D<span class=\"_ _2\"></span>'Ao<span class=\"_ _3b\"></span>st<span class=\"_ _3b\"></span>a<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2191 y6660 w132e h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">1<span class=\"_ _3b\"></span>.<span class=\"_ _1\"></span>59<span class=\"_ _3b\"></span>1,79<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2192 y6660 w1312 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">0<span class=\"_ _3b\"></span>,<span class=\"_ _1\"></span>03<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2193 y6660 w132f h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">1<span class=\"_ _2\"></span>3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2194 y6660 w1330 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">0,02<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x79c y6661 w1331 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">Ve<span class=\"_ _3b\"></span>ne<span class=\"_ _2\"></span>t<span class=\"_ _3b\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2195 y6661 w1308 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">29<span class=\"_ _3b\"></span>5.53<span class=\"_ _2\"></span>0,6<span class=\"_ _3b\"></span>0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2196 y6661 w1312 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">5<span class=\"_ _3b\"></span>,<span class=\"_ _1\"></span>95<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2197 y6661 w1309 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">3.39<span class=\"_ _3b\"></span>6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2198 y6661 w1303 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">5<span class=\"_ _3b\"></span>,<span class=\"_ _1\"></span>52<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m11 x2199 h101 y6662 ff4 fs29 fc4 sc3 ls0 ws0\">T<span class=\"_ _38\"></span>o<span class=\"_ _0\"></span>ta<span class=\"_ _38\"></span>l<span class=\"_ _38\"></span>e<span class=\"_ _38\"></span> </td><td class=\"c n x219a y6664 w1332 h2b4\"><div class=\"t m11 x2b3 h102 y6663 ff16 fs2a fc15 sc0 ls0 ws0\">4.970.802<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x219b y6664 w1333 h2b4\"><div class=\"t m11 x2b3 h102 y6663 ff16 fs2a fc15 sc0 ls0 ws0\">1<span class=\"_ _2\"></span>00%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x219c y6664 w1334 h2b4\"><div class=\"t m11 x2b3 h102 y6663 ff16 fs2a fc15 sc0 ls0 ws0\">61.495<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x219d y6664 w1335 h2b4\"><div class=\"t m11 x2b3 h102 y6663 ff16 fs2a fc15 sc0 ls0 ws0\">100%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x219f y539f w1336 h2b5\"><div class=\"t m11 x2b3 h101 y6665 ff4 fs29 fc4 sc3 ls0 ws0\">P<span class=\"_ _38\"></span>o<span class=\"_ _38\"></span>r<span class=\"_ _38\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>f<span class=\"_ _3a1\"> </span></div><div class=\"t m11 x219e h101 y6665 ff4 fs29 fc4 sc3 ls0 ws0\">o<span class=\"_ _38\"></span>g<span class=\"_ _0\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"c w10c h100 gs14a6\"><div class=\"t m11 x0 hff y3333 ff16 fs28 fc15 sc0 ls0 ws0\">0<span class=\"_ _2\"></span>,00<span class=\"_ _3a1\"> </span></div></div><div class=\"c w10c h100 gs14a7\"><div class=\"t m11 x0 hff y3333 ff16 fs28 fc15 sc0 ls0 ws0\">0<span class=\"_ _2\"></span>,00<span class=\"_ _3a1\"> </span></div></div><div class=\"c w10 h100 gs14a8\"><div class=\"t m11 x0 hff y3333 ff16 fs28 fc15 sc0 ls0 ws0\">0<span class=\"_ _3a1\"> </span></div></div><div class=\"c w10c h100 gs14a9\"><div class=\"t m11 x0 hff y3333 ff16 fs28 fc15 sc0 ls0 ws0\">0<span class=\"_ _2\"></span>,00<span class=\"_ _3a1\"> </span></div></div>In o<span class=\"_ _1\"></span>ccasione <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>cessione <span class=\"_ _1\"></span>del Portafoglio <span class=\"_ _1\"></span>iniziale, <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>29 o<span class=\"_ _1\"></span>ttobre <span class=\"_ _1\"></span>2010, <span class=\"_ _1\"></span>Credem e <span class=\"_ _1\"></span>Credem <span class=\"_ _1\"></span>CB<span class=\"_ _3a1\"> </span>hanno<span class=\"_ _3a1\"> </span>sottoscritto <span class=\"_ _3d\"> </span>un <span class=\"_ _3d\"> </span>contratto  di <span class=\"_ _3d\"> </span>finanziamento <span class=\"_ _3d\"> </span>subordinato, <span class=\"_ _3d\"> </span>mediante <span class=\"_ _3d\"> </span>il  quale <span class=\"_ _3d\"> </span>Cre<span class=\"_ _1\"></span>dem  ha<span class=\"_ _3a1\"> </span>concesso <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>Credem <span class=\"_ _37\"> </span>CB <span class=\"_ _3d\"> </span>un <span class=\"_ _3d\"> </span>finanziamento <span class=\"_ _3d\"> </span>subordinato <span class=\"_ _37\"> </span>per <span class=\"_ _3d\"> </span>il  pagament<span class=\"_ _1\"></span>o <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>corrispettivo <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span>acquisto <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>Portafoglio <span class=\"_ _1\"></span>iniziale <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>obbligata <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>concedere <span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>C<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>edem <span class=\"_ _38\"></span>CB <span class=\"_ _1\"></span>ulte<span class=\"_ _1\"></span>riori <span class=\"_ _1\"></span>finanziamenti<span class=\"_ _3a1\"> </span>subordinati, <span class=\"_ _38\"></span>ciascuno<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>importo <span class=\"_ _0\"></span>pari <span class=\"_ _38\"></span>all\u2019ammont<span class=\"_ _1\"></span>are <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>corrispondere<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>parte <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>Credem <span class=\"_ _0\"></span>CB <span class=\"_ _38\"></span>in<span class=\"_ _3a1\"> </span>relazione <span class=\"_ _38\"></span>all\u2019acquisto <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>successivi <span class=\"_ _38\"></span>portafogli <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>crediti, <span class=\"_ _1\"></span>ceduti <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>Cr<span class=\"_ _1\"></span>edem <span class=\"_ _1\"></span>seco<span class=\"_ _1\"></span>ndo <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>termini <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>le<span class=\"_ _3a1\"> </span>condizioni previste dal contratto quadro disciplinante la <span class=\"_ _1\"></span>cessione degli attivi. Un <span class=\"_ _3d\"> </span>ulteriore <span class=\"_ _3d\"> </span>finanziamento <span class=\"_ _3d\"> </span>subordinato <span class=\"_ _3d\"> </span>\u00e8 <span class=\"_ _3d\"> </span>pertanto <span class=\"_ _3d\"> </span>stato <span class=\"_ _3d\"> </span>concesso <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>sede <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>ogni <span class=\"_ _3d\"> </span>ce<span class=\"_ _1\"></span>ssione<span class=\"_ _3a1\"> </span>successiva, per un importo pari ai relativi prezzi di cessione. Asset Swap Tra <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>Societ\u00e0 <span class=\"_ _38\"></span>Veicolo <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>Crede<span class=\"_ _1\"></span>m <span class=\"_ _38\"></span>possono <span class=\"_ _38\"></span>es<span class=\"_ _1\"></span>sere <span class=\"_ _38\"></span>stipulati <span class=\"_ _38\"></span>d<span class=\"_ _3a1\"> </span>ei <span class=\"_ _38\"></span>contr<span class=\"_ _1\"></span>atti <span class=\"_ _38\"></span>swap, <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>am<span class=\"_ _1\"></span>montare<span class=\"_ _3a1\"> </span>fino <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>copertur<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>del<span class=\"_ _3a1\"> </span>Cover <span class=\"_ _1\"></span>Pool<span class=\"_ _3a1\"> </span>, <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fine <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>garantire <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>Societ\u00e0 <span class=\"_ _38\"></span>Veicolo <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>protezione <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>ntro <span class=\"_ _1\"></span>il<span class=\"_ _3a1\"> </span>rischio di tasso e/o di base, dovuto alla presenza di att<span class=\"_ _1\"></span>ivi con diversa indicizzazione.<span class=\"_ _3a1\"> </span>Al 31 dicembre 2024, non sono presenti co<span class=\"_ _1\"></span>ntratti Asset Swap tra la Societ\u00e0 Veicolo e Credem.<span class=\"_ _3a1\"> </span>Covered Bo<span class=\"_ _1\"></span>nd Swap (o Liability Swap)<span class=\"_ _3a1\"> </span>In <span class=\"_ _0\"></span>occasione <span class=\"_ _35\"> </span>dell\u2019emissione <span class=\"_ _0\"></span>sul <span class=\"_ _0\"></span>mercato <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Covered <span class=\"_ _0\"></span>B<span class=\"_ _1\"></span>ond, <span class=\"_ _0\"></span>t<span class=\"_ _3a1\"> </span>ra <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>Societ<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _0\"></span>Veicolo <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>C<span class=\"_ _2\"></span>redem <span class=\"_ _0\"></span>pu\u00f2<span class=\"_ _3a1\"> </span>essere <span class=\"_ _0\"></span>stipulato <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>contratto <span class=\"_ _0\"></span>swap <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>fine <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mitigare <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>ri<span class=\"_ _2\"></span>schio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>ricevuti <span class=\"_ _0\"></span>dall<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span>Societ\u00e0 Veicolo e quanto dovuto dalla stessa agli investitori in cas<span class=\"_ _1\"></span>o di default dell\u2019emittente.<span class=\"_ _3a1\"> </span>Attualmente <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>essere <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>contratto <span class=\"_ _38\"></span>swap <span class=\"_ _0\"></span>stipu<span class=\"_ _2\"></span>lato <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>fase <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>missione <span class=\"_ _0\"></span>dei<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>Covered <span class=\"_ _38\"></span>Bo<span class=\"_ _1\"></span>nd <span class=\"_ _38\"></span>con<span class=\"_ _3a1\"> </span>durata 30/08/2013-2028.<span class=\"_ _3a1\"> </span>Conti corre<span class=\"_ _1\"></span>nti<span class=\"_ _3a1\"> </span>Il <span class=\"_ _1\"></span>Programma <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>vede <span class=\"_ _1\"></span>un\u2019articolata <span class=\"_ _1\"></span>struttura <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>conti <span class=\"_ _1\"></span>corr<span class=\"_ _3a1\"> </span>enti <span class=\"_ _1\"></span>sui <span class=\"_ _1\"></span>quali <span class=\"_ _1\"></span>poggiano <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>flussi <span class=\"_ _1\"></span>finanziari<span class=\"_ _3a1\"> </span>dell\u2019operazione. <span class=\"_ _38\"></span>Alla <span class=\"_ _38\"></span>str<span class=\"_ _1\"></span>utturazione <span class=\"_ _38\"></span>dell\u2019operazione, <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>stati <span class=\"_ _38\"></span>attivati <span class=\"_ _0\"></span>una<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>serie <span class=\"_ _1\"></span>di <span class=\"_ _0\"></span>conti<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>intestati<span class=\"_ _3a1\"> </span>alla <span class=\"_ _37\"> </span>Societ\u00e0 <span class=\"_ _37\"> </span>Veicolo <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>d <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>particolare, <span class=\"_ _3d\"> </span>a <span class=\"_ _37\"> </span>scopo <span class=\"_ _37\"> </span>non <span class=\"_ _37\"> </span>esaustivo:<span class=\"_ _3a1\"> </span>Collection <span class=\"_ _37\"> </span>Accounts,<span class=\"_ _3a1\"> </span>Reserve Account,<span class=\"_ _3a1\"> </span>Payments <span class=\"_ _35\"> </span>Account,<span class=\"_ _3a1\"> </span>Eligible <span class=\"_ _35\"></span>Inv<span class=\"_ _2\"></span>estme<span class=\"_ _1\"></span>nt<span class=\"_ _3a1\"> </span>Account <span class=\"_ _0\"></span>e<span class=\"_ _3a1\"> </span>Expenses <span class=\"_ _35\"></span>Accou<span class=\"_ _2\"></span>nt<span class=\"_ _3a1\"> </span>. <span class=\"_ _0\"></span>Da <span class=\"_ _35\"> </span>Aprile <span class=\"_ _0\"></span>2022<span class=\"_ _3a1\"> </span>Credem riveste il ruolo di Account Bank della societ<span class=\"_ _1\"></span>\u00e0 veicolo.<span class=\"_ _3a1\"> </span>Soggett<span class=\"_ _1\"></span>i coinvolti nel Programma<span class=\"_ _3a1\"> </span>Con <span class=\"_ _17e\"> </span>riferimento <span class=\"_ _17e\"> </span>a <span class=\"_ _48\"> </span>ta<span class=\"_ _1\"></span>le <span class=\"_ _48\"> </span>sezione <span class=\"_ _17e\"> </span>si <span class=\"_ _17e\"> </span>riassumono <span class=\"_ _17e\"> </span>i <span class=\"_ _17e\"> </span>principali<span class=\"_ _3a1\"> </span>ruoli <span class=\"_ _48\"> </span>e <span class=\"_ _17e\"> </span>contropart<span class=\"_ _1\"></span>i <span class=\"_ _48\"> </span>coinvolte<span class=\"_ _3a1\"> </span>nell\u2019operazione:<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>Servicer<span class=\"_ _3a1\"> </span>: <span class=\"_ _38\"></span>ruolo <span class=\"_ _0\"></span>svolto <span class=\"_ _38\"></span>da <span class=\"_ _0\"></span>Credem <span class=\"_ _38\"></span>che, <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>tale<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>alit\u00e0, <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>stato <span class=\"_ _38\"></span>incaricato <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>Credem <span class=\"_ _0\"></span>CB<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>delle<span class=\"_ _3a1\"> </span>attivit\u00e0 <span class=\"_ _0\"> </span>di <span class=\"_ _35\"> </span>incasso <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>recup<span class=\"_ _2\"></span>ero <span class=\"_ _35\"> </span>d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>cre<span class=\"_ _1\"></span>diti <span class=\"_ _0\"></span>inclusi <span class=\"_ _0\"></span>nel <span class=\"_ _35\"> </span>Portafoglio <span class=\"_ _0\"></span>Iniziale <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>nei <span class=\"_ _0\"></span>portafogli <span class=\"_ _0\"></span>che<span class=\"_ _3a1\"> </span>Credem stessa cede a Credem CB ai sensi del Contratto Q<span class=\"_ _1\"></span>uadro di<span class=\"_ _2\"></span> Cessione<span class=\"_ _1\"></span>;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>Back-Up <span class=\"_ _0\"></span>Servicer<span class=\"_ _3a1\"> </span>: <span class=\"_ _0\"></span>entit\u00e0 <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>verificarsi <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>determinati <span class=\"_ _0\"></span>eventi, <span class=\"_ _0\"></span>disciplinati <span class=\"_ _0\"></span>nell\u2019ambito <span class=\"_ _35\"> </span>del<span class=\"_ _3a1\"> </span>Programma, pu\u00f2 subentrare<span class=\"_ _1\"></span> a Credem nel ruolo di Ser<span class=\"_ _1\"></span>vicer sopra descritto. Attualmente ta<span class=\"_ _1\"></span>le<span class=\"_ _3a1\"> </span>ruolo non viene agito da alcun soggetto;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>Investment Manager<span class=\"_ _3a1\"> </span>: <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>uolo <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>volto d<span class=\"_ _2\"></span>a C<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>edem che,<span class=\"_ _2\"></span> in <span class=\"_ _3b\"></span>tale q<span class=\"_ _2\"></span>ualit\u00e0, \u00e8 <span class=\"_ _3b\"></span>stato incaricato <span class=\"_ _3b\"></span>di investire<span class=\"_ _3a1\"> </span>la liqu<span class=\"_ _2\"></span>idit\u00e0 disponibile sui <span class=\"_ _2\"></span>conti correnti <span class=\"_ _2\"></span>aperti da <span class=\"_ _2\"></span>Credem CB <span class=\"_ _2\"></span>e di <span class=\"_ _3b\"></span>re<span class=\"_ _1\"></span>digere e <span class=\"_ _2\"></span>inviare alle <span class=\"_ _2\"></span>parti di<span class=\"_ _3a1\"> </span>tale <span class=\"_ _36\"> </span>contratto <span class=\"_ _36\"> </span>il <span class=\"_ _39\"> </span>c.d.<span class=\"_ _3a1\"> </span>Investment <span class=\"_ _39\"> </span>Manager <span class=\"_ _36\"> </span>Re<span class=\"_ _1\"></span>port<span class=\"_ _3a1\"> </span>, <span class=\"_ _36\"> </span>contenente <span class=\"_ _36\"> </span>l\u2019indicazione <span class=\"_ _36\"> </span>dei <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>isultati<span class=\"_ _3a1\"> </span>dell\u2019attivit\u00e0 di investimento;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>Account <span class=\"_ _38\"></span>Bank<span class=\"_ _3a1\"> </span>: <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>uolo <span class=\"_ _38\"></span>attualmente <span class=\"_ _38\"></span>svolto <span class=\"_ _38\"></span>da <span class=\"_ _38\"></span>Credem <span class=\"_ _38\"></span>che, <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>tale <span class=\"_ _38\"></span>qualit\u00e0, <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>tato <span class=\"_ _38\"></span>incaricato <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span>investire <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>liquidit\u00e0 <span class=\"_ _1\"></span>disponibile <span class=\"_ _38\"></span>sui <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>corrent<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>aperti <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>Credem <span class=\"_ _38\"></span>CB <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>redigere <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>inviare<span class=\"_ _3a1\"> </span>alle <span class=\"_ _35\"> </span>parti <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>tale <span class=\"_ _0\"> </span>co<span class=\"_ _1\"></span>ntratto <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>c.d.<span class=\"_ _3a1\"> </span>Investment <span class=\"_ _35\"> </span>Manager <span class=\"_ _35\"> </span>Report<span class=\"_ _3a1\"> </span>, <span class=\"_ _0\"></span>contene<span class=\"_ _1\"></span>nte <span class=\"_ _35\"> </span>l\u2019<span class=\"_ _2\"></span>indicazione <span class=\"_ _0\"></span>dei<span class=\"_ _3a1\"> </span>risultati dell\u2019attivit\u00e0 di investimento;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>Principal <span class=\"_ _38\"></span>P<span class=\"_ _1\"></span>aying <span class=\"_ _0\"></span>Agent<span class=\"_ _3a1\"> </span>: <span class=\"_ _38\"></span>ruolo <span class=\"_ _0\"></span>svolto <span class=\"_ _38\"></span>da <span class=\"_ _38\"></span>B<span class=\"_ _1\"></span>NP <span class=\"_ _38\"></span>Paribas <span class=\"_ _0\"></span>Securities <span class=\"_ _38\"></span>Services, <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>ha <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>principale<span class=\"_ _3a1\"> </span>compito di deter<span class=\"_ _1\"></span>minare ed effettuare (sia <span class=\"_ _1\"></span>per conto di Credem che <span class=\"_ _1\"></span>per conto di Credem<span class=\"_ _1\"></span> CB) i<span class=\"_ _3a1\"> </span>pagamenti dovu<span class=\"_ _2\"></span>ti, in <span class=\"_ _2\"></span>linea cap<span class=\"_ _2\"></span>itale e in <span class=\"_ _3b\"></span>linea interessi, in <span class=\"_ _3b\"></span>favore dei <span class=\"_ _2\"></span>portatori delle Ob<span class=\"_ _2\"></span>bligazioni<span class=\"_ _3a1\"> </span>Bancarie Garantite;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>Calculation <span class=\"_ _0\"></span>Agent<span class=\"_ _3a1\"> </span>: <span class=\"_ _0\"></span>ruolo <span class=\"_ _38\"></span>svolto <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>BNP <span class=\"_ _38\"></span>Paribas <span class=\"_ _0\"></span>Securities <span class=\"_ _0\"></span>Servi<span class=\"_ _2\"></span>ces <span class=\"_ _0\"></span>che, <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>tale <span class=\"_ _0\"></span>qual<span class=\"_ _2\"></span>it\u00e0, <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>il<span class=\"_ _3a1\"> </span>principale  co<span class=\"_ _1\"></span>mpito  di <span class=\"_ _3d\"> </span>redigere  e<span class=\"_ _1\"></span>  inviare <span class=\"_ _3d\"> </span>alle <span class=\"_ _3d\"> </span>parti  del <span class=\"_ _45\"> </span>co<span class=\"_ _1\"></span>ntratto  il <span class=\"_ _3d\"> </span>c.d.<span class=\"_ _3a1\"> </span>Payments <span class=\"_ _3d\"> </span>Report,<span class=\"_ _3a1\"> </span>contenente <span class=\"_ _0\"></span>l\u2019indicazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>fond<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>disponibili <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>titolarit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Credem <span class=\"_ _0\"></span>CB <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>pagamenti <span class=\"_ _0\"></span>da<span class=\"_ _3a1\"> </span>effettuarsi, <span class=\"_ _38\"></span>secondo <span class=\"_ _1\"></span>l\u2019ordine <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>prior<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>pagamenti <span class=\"_ _38\"></span>determinato <span class=\"_ _1\"></span>ai <span class=\"_ _38\"></span>sensi <span class=\"_ _1\"></span>dell\u2019Intercreditor<span class=\"_ _3a1\"> </span>Agreement;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>Asset  Monito<span class=\"_ _2\"></span>r<span class=\"_ _3a1\"> </span>: <span class=\"_ _35\"> </span>ruolo  svolto <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>BDO  Italia <span class=\"_ _35\"> </span>S.p.A.<span class=\"_ _2\"></span>  ch<span class=\"_ _2\"></span>e,  in <span class=\"_ _35\"> </span>tale  q<span class=\"_ _3b\"></span>ualit\u00e0,  effettua <span class=\"_ _35\"> </span>i  c<span class=\"_ _2\"></span>alcoli <span class=\"_ _35\"> </span>e  le<span class=\"_ _3a1\"> </span>verifiche <span class=\"_ _3f\"> </span>sui <span class=\"_ _3f\"> </span>Test <span class=\"_ _3a\"> </span>Obbligatori <span class=\"_ _3f\"> </span>e <span class=\"_ _3f\"> </span>sull\u2019Amortisat<span class=\"_ _1\"></span>ion <span class=\"_ _3a\"> </span>Test<span class=\"_ _3a1\"> </span>svolti <span class=\"_ _3f\"> </span>ai <span class=\"_ _3f\"> </span>sensi <span class=\"_ _3f\"> </span>del<span class=\"_ _3a1\"> </span>Cover <span class=\"_ _3f\"> </span>Po<span class=\"_ _1\"></span>ol<span class=\"_ _3a1\"> </span>Management <span class=\"_ _39\"> </span>Agreement<span class=\"_ _3a1\"> </span>, <span class=\"_ _36\"> </span>verificand<span class=\"_ _2\"></span>o <span class=\"_ _36\"> </span>l\u2019accuratezza <span class=\"_ _36\"> </span>dei <span class=\"_ _36\"> </span>calcoli <span class=\"_ _36\"> </span>effettuati <span class=\"_ _36\"> </span>dal<span class=\"_ _3a1\"> </span>Calculation<span class=\"_ _3a1\"> </span>Agent<span class=\"_ _3a1\"> </span>. <span class=\"_ _35\"> </span>Con  incarico <span class=\"_ _35\"> </span>separato,  \u00e8 <span class=\"_ _35\"> </span>attualmente  previsto <span class=\"_ _35\"> </span>che  l<span class=\"_ _2\"></span>\u2019Asset  Monitor svolga <span class=\"_ _35\"> </span>ulter<span class=\"_ _1\"></span>iori<span class=\"_ _3a1\"> </span>verifiche <span class=\"_ _37\"> </span>avent<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>ad <span class=\"_ _36\"> </span>oggetto <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>particolare <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>conformit\u00e0 <span class=\"_ _37\"> </span>degli <span class=\"_ _36\"> </span>attivi <span class=\"_ _37\"> </span>idonei <span class=\"_ _36\"> </span>costituenti <span class=\"_ _37\"> </span>il<span class=\"_ _3a1\"> </span>Portafoglio <span class=\"_ _3d\"> </span>ai  requisiti <span class=\"_ _3d\"> </span>previsti  dalla <span class=\"_ _3d\"> </span>Normativa <span class=\"_ _3d\"> </span>e <span class=\"_ _3d\"> </span>l\u2019integrit\u00e0  della <span class=\"_ _3d\"> </span>garanzia  a <span class=\"_ _3d\"> </span>favore  de<span class=\"_ _1\"></span>gli<span class=\"_ _3a1\"> </span>investitori;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>Representative <span class=\"_ _0\"></span>of <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _0\"></span>Bondhold<span class=\"_ _2\"></span>ers<span class=\"_ _3a1\"> </span>: <span class=\"_ _38\"></span>ruolo <span class=\"_ _0\"></span>svolto <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>BNP <span class=\"_ _0\"></span>Paribas <span class=\"_ _38\"></span>Securities <span class=\"_ _0\"></span>Services <span class=\"_ _0\"></span>che, <span class=\"_ _38\"></span>in<span class=\"_ _3a1\"> </span>tale qualit\u00e0, <span class=\"_ _3b\"></span>esercita nei <span class=\"_ _3b\"></span>confronti di <span class=\"_ _3b\"></span>Credem e <span class=\"_ _3b\"></span>di Credem <span class=\"_ _3b\"></span>CB i <span class=\"_ _2\"></span>diritti <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>controparti coinv<span class=\"_ _2\"></span>olte<span class=\"_ _3a1\"> </span>nell\u2019operazione;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>Listing  Agent:  ruolo <span class=\"_ _3d\"> </span>svolto <span class=\"_ _3d\"> </span>da  BNP  Paribas <span class=\"_ _3d\"> </span>Securities <span class=\"_ _3d\"> </span>Services  che,  in <span class=\"_ _3d\"> </span>tale <span class=\"_ _3d\"> </span>qualit\u00e0,  ha  il<span class=\"_ _3a1\"> </span>principale <span class=\"_ _3b\"></span>compito d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>gestir<span class=\"_ _1\"></span>e, <span class=\"_ _3b\"></span>per <span class=\"_ _3b\"></span>conto d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>Crede<span class=\"_ _1\"></span>m <span class=\"_ _3b\"></span>e d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>Credem <span class=\"_ _2\"></span>CB, <span class=\"_ _3b\"></span>i <span class=\"_ _3b\"></span>rapporti e <span class=\"_ _3b\"></span>gli <span class=\"_ _3b\"></span>adempimenti<span class=\"_ _3a1\"> </span>con la Borsa di quotazione delle Obbligazioni Bancarie <span class=\"_ _1\"></span>Garantite.<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>Arranger: <span class=\"_ _36\"> </span>istituzione <span class=\"_ _39\"> </span>finanziaria <span class=\"_ _36\"> </span>che<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>iceve <span class=\"_ _36\"> </span>mandato <span class=\"_ _39\"> </span>dall\u2019emittente <span class=\"_ _39\"> </span>per <span class=\"_ _36\"> </span>assisterlo <span class=\"_ _39\"> </span>nella<span class=\"_ _3a1\"> </span>strutturazione, <span class=\"_ _35\"> </span>nell\u2019esecuzione <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>nella<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>gestione <span class=\"_ _35\"> </span>dell\u2019<span class=\"_ _2\"></span>operazione <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>contrattualistica <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span>riferimento, <span class=\"_ _0\"></span>nonch\u00e9 <span class=\"_ _38\"></span>nei <span class=\"_ _0\"></span>rapporti <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>terze <span class=\"_ _0\"></span>parti <span class=\"_ _38\"></span>rilevanti <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>l\u2019<span class=\"_ _3b\"></span>oper<span class=\"_ _1\"></span>azione <span class=\"_ _0\"></span>(i<span class=\"_ _2\"></span>.e.: <span class=\"_ _0\"></span>Ag<span class=\"_ _2\"></span>enzie <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>Rating, mercati e autorit\u00e0 di vigilanza di riferime<span class=\"_ _1\"></span>nto).<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>Corporate Servicer: societ\u00e0 che svolge funzioni di servizio per la societ\u00e0 Veicolo.<span class=\"_ _3a1\"> </span>Si <span class=\"_ _2\"></span>specifica, i<span class=\"_ _2\"></span>nfine, ch<span class=\"_ _2\"></span>e alcuni <span class=\"_ _3b\"></span>dei contratti <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>Pro<span class=\"_ _1\"></span>gramma p<span class=\"_ _3b\"></span>re<span class=\"_ _1\"></span>vedono <span class=\"_ _2\"></span>che i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>soggetti i<span class=\"_ _2\"></span>ncaricati dello<span class=\"_ _3a1\"> </span>svolgimento <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>alcune <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>alcu<span class=\"_ _2\"></span>ni <span class=\"_ _0\"></span>ruoli <span class=\"_ _0\"></span>sopra <span class=\"_ _0\"> </span>indicat<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>siano <span class=\"_ _0\"></span>dotati, <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>fini <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tali <span class=\"_ _0\"></span>incarichi, <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span>determinati <span class=\"_ _36\"> </span>livelli <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>ating. <span class=\"_ _37\"> </span>Per<span class=\"_ _1\"></span>tanto, <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>eppure <span class=\"_ _37\"> </span>alcuni <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>uoli <span class=\"_ _37\"> </span>risultino <span class=\"_ _36\"> </span>attualmente<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>ricoperti <span class=\"_ _36\"> </span>da<span class=\"_ _3a1\"> </span>Credem, \u00e8 <span class=\"_ _1\"></span>possibile che <span class=\"_ _1\"></span>in futuro gli <span class=\"_ _1\"></span>stessi possano e<span class=\"_ _1\"></span>ssere assegnati a <span class=\"_ _1\"></span>soggetti ester<span class=\"_ _1\"></span>ni al Gruppo<span class=\"_ _3a1\"> </span>Credem.<span class=\"_ _3a1\"> </span>I rischi connes<span class=\"_ _1\"></span>si con l\u2019operazione<span class=\"_ _3a1\"> </span>Il P<span class=\"_ _1\"></span>rogramma <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>emissioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Obbligazioni <span class=\"_ _1\"></span>Bancarie <span class=\"_ _1\"></span>Gar<span class=\"_ _1\"></span>anti<span class=\"_ _3a1\"> </span>te <span class=\"_ _1\"></span>comporta <span class=\"_ _1\"></span>i s<span class=\"_ _1\"></span>eguenti <span class=\"_ _1\"></span>rischi <span class=\"_ _1\"></span>finanziari<span class=\"_ _3a1\"> </span>rispetto <span class=\"_ _38\"></span>ai <span class=\"_ _38\"></span>quali <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _38\"></span>state <span class=\"_ _38\"></span>adottate <span class=\"_ _38\"></span>varie <span class=\"_ _38\"></span>misure <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>mitigazione: <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>dell\u2019emittent<span class=\"_ _1\"></span>e, <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span>tasso, rischio di credito, rischio di liquidit\u00e0, rischio di rifinanziamento, rischio di controparte, rischi<span class=\"_ _3a1\"> </span>legali legati all\u2019operazione.<span class=\"_ _3a1\"> </span>La <span class=\"_ _1\"></span>funz<span class=\"_ _1\"></span>ione <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>evisione <span class=\"_ _38\"></span>interna <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Credem <span class=\"_ _38\"></span>(Ser<span class=\"_ _1\"></span>vizio <span class=\"_ _1\"></span>Auditing) <span class=\"_ _38\"></span>ef<span class=\"_ _1\"></span>fettua, <span class=\"_ _38\"></span>almeno <span class=\"_ _38\"></span>ogni <span class=\"_ _38\"></span>12 <span class=\"_ _38\"></span>mesi, <span class=\"_ _38\"></span>una<span class=\"_ _3a1\"> </span>completa <span class=\"_ _1\"></span>verifica dei <span class=\"_ _1\"></span>presidi posti in <span class=\"_ _1\"></span>essere, <span class=\"_ _1\"></span>anche a<span class=\"_ _1\"></span>vvalendosi delle informazioni <span class=\"_ _1\"></span>ricevute e <span class=\"_ _1\"></span>delle<span class=\"_ _3a1\"> </span>valutazioni <span class=\"_ _1\"></span>espresse <span class=\"_ _38\"></span>dall\u2019<span class=\"_ _3a1\"> </span>Asset <span class=\"_ _1\"></span>Monitor<span class=\"_ _3a1\"> </span>. <span class=\"_ _1\"></span>I <span class=\"_ _1\"></span>risultati <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>tali <span class=\"_ _1\"></span>verifiche <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>portati <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>conos<span class=\"_ _1\"></span>cenza <span class=\"_ _1\"></span>degli<span class=\"_ _3a1\"> </span>organi aziendali competenti. Caratterist<span class=\"_ _1\"></span>iche principali del Programma<span class=\"_ _3a1\"> </span>La <span class=\"_ _0\"></span>str<span class=\"_ _1\"></span>uttura <span class=\"_ _0\"></span>finanziaria <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>Programma <span class=\"_ _0\"></span>preve<span class=\"_ _1\"></span>de <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>Credem<span class=\"_ _3a1\"> </span>proceda <span class=\"_ _0\"></span>all\u2019emiss<span class=\"_ _1\"></span>ione <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>pi\u00f9<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>serie<span class=\"_ _3a1\"> </span>successive  di  Obbligazi<span class=\"_ _2\"></span>oni  Bancarie  Garantite  con  rating,  a  dicembre  2024,  pari<span class=\"_ _2\"></span>  a  Aa3  e  A<span class=\"_ _2\"></span>A,<span class=\"_ _3a1\"> </span>assegnati r<span class=\"_ _1\"></span>ispettivamente dalle seguenti societ\u00e0 <span class=\"_ _1\"></span>di rating: Moody\u2019s <span class=\"_ _1\"></span>Investors Services Inc. <span class=\"_ _1\"></span>e Fitch<span class=\"_ _3a1\"> </span>Rating Limited. Tali <span class=\"_ _3b\"></span>obbligazioni <span class=\"_ _3b\"></span>so<span class=\"_ _1\"></span>no <span class=\"_ _3b\"></span>sta<span class=\"_ _1\"></span>te <span class=\"_ _3b\"></span>collocate ad<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>investit<span class=\"_ _1\"></span>ori <span class=\"_ _3b\"></span>istituzionali <span class=\"_ _3b\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>support<span class=\"_ _1\"></span>o <span class=\"_ _3b\"></span>deiDealers di <span class=\"_ _3b\"></span>tempo<span class=\"_ _3a1\"> </span>in <span class=\"_ _1\"></span>tempo <span class=\"_ _38\"></span>selezionati. <span class=\"_ _1\"></span>In <span class=\"_ _1\"></span>fase <span class=\"_ _38\"></span>iniziale <span class=\"_ _1\"></span>gliArrangers del <span class=\"_ _1\"></span>Programma <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>stati <span class=\"_ _1\"></span>Barclays <span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>ank P<span class=\"_ _1\"></span>LC <span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span>Soci\u00e9t\u00e9 G\u00e9n\u00e9rale; attualmente tale r<span class=\"_ _1\"></span>uolo \u00e8 unico ed \u00e8 svolto da Barclays.<span class=\"_ _3a1\"> </span>Credem <span class=\"_ _0\"></span>pu\u00f2 <span class=\"_ _38\"></span>emettere, <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>valere <span class=\"_ _38\"></span>sul <span class=\"_ _0\"></span>Programma, <span class=\"_ _0\"></span>Obbli<span class=\"_ _2\"></span>gazioni <span class=\"_ _0\"></span>Bancarie <span class=\"_ _0\"></span>Garantite <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>imp<span class=\"_ _2\"></span>orto<span class=\"_ _3a1\"> </span>complessivo di <span class=\"_ _1\"></span>tempo <span class=\"_ _1\"></span>in tem<span class=\"_ _1\"></span>po in es<span class=\"_ _1\"></span>sere non <span class=\"_ _1\"></span>superiore ad <span class=\"_ _1\"></span>Euro 5 <span class=\"_ _1\"></span>miliardi. Tale <span class=\"_ _1\"></span>importo <span class=\"_ _1\"></span>massimo<span class=\"_ _3a1\"> </span>potr\u00e0 <span class=\"_ _1\"></span>essere <span class=\"_ _1\"></span>incrementato <span class=\"_ _1\"></span>in conformit\u00e0 <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>quanto previsto <span class=\"_ _1\"></span>dalla document<span class=\"_ _1\"></span>azione cont<span class=\"_ _1\"></span>rattuale<span class=\"_ _3a1\"> </span>del <span class=\"_ _1\"></span>Programma. <span class=\"_ _38\"></span>Nell\u2019ambito <span class=\"_ _1\"></span>del P<span class=\"_ _1\"></span>rogramma, <span class=\"_ _1\"></span>Credem <span class=\"_ _38\"></span>pu\u00f2 <span class=\"_ _1\"></span>emettere <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>ampio <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>pettro <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>tipologie<span class=\"_ _3a1\"> </span>di <span class=\"_ _0\"></span>tit<span class=\"_ _1\"></span>oli; <span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>uttavia <span class=\"_ _0\"></span>le <span class=\"_ _35\"> </span>tipologie <span class=\"_ _0\"></span>attualmente <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _35\"> </span>diffu<span class=\"_ _2\"></span>se <span class=\"_ _35\"> </span>sul <span class=\"_ _0\"></span>mercato <span class=\"_ _35\"> </span>sono <span class=\"_ _0\"></span>titoli <span class=\"_ _35\"> </span>c.d.<span class=\"_ _3a1\"> </span>soft <span class=\"_ _35\"> </span>bull<span class=\"_ _2\"></span>et che<span class=\"_ _3a1\"> </span>prevedono <span class=\"_ _1\"></span>il pagamento periodico <span class=\"_ _1\"></span>di interessi, <span class=\"_ _1\"></span>il rimborso <span class=\"_ _1\"></span>in un\u2019unica soluzione <span class=\"_ _1\"></span>alla scadenza e<span class=\"_ _1\"></span> la<span class=\"_ _3a1\"> </span>possibilit\u00e0 <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>Societ\u00e0 <span class=\"_ _0\"></span>Veicolo, <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>caso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>adempimento <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>Crede<span class=\"_ _1\"></span>m, <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>posticipare <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>data <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span>scadenza di un periodo aggiuntivo di te<span class=\"_ _1\"></span>mpo (di prassi, un anno). Sono <span class=\"_ _38\"></span>state <span class=\"_ _1\"></span>effett<span class=\"_ _1\"></span>uate <span class=\"_ _1\"></span>emissioni <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>2010, <span class=\"_ _38\"></span>2011, <span class=\"_ _1\"></span>2012, <span class=\"_ _38\"></span>2013, <span class=\"_ _38\"></span>2014, <span class=\"_ _1\"></span>2019, <span class=\"_ _38\"></span>2021, <span class=\"_ _38\"></span>2022 <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>2024, <span class=\"_ _1\"></span>mentre<span class=\"_ _3a1\"> </span>non <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>state e<span class=\"_ _1\"></span>ffettuate <span class=\"_ _1\"></span>nuove<span class=\"fs6\"> </span>emissioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Covered <span class=\"_ _1\"></span>Bond <span class=\"_ _1\"></span>dal <span class=\"_ _1\"></span>2015 <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>2018, <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>2020 e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>2023.<span class=\"_ _3a1\"> </span>Il <span class=\"_ _3b\"></span>val<span class=\"_ _3a1\"> </span>ore nominale <span class=\"_ _3b\"></span>complessivo dei <span class=\"_ _3b\"></span>Covere<span class=\"_ _1\"></span>d <span class=\"_ _3b\"></span>Bond in<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>circolazione <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>3<span class=\"_ _1\"></span>0 g<span class=\"_ _2\"></span>iugno <span class=\"_ _3b\"></span>2024, emessi a <span class=\"_ _3b\"></span>valere<span class=\"_ _3a1\"> </span>sul <span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>gramma <span class=\"_ _38\"></span>garantito <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>Credem <span class=\"_ _38\"></span>CB <span class=\"_ _38\"></span>S.r.l., <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>pari <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>2,85 <span class=\"_ _1\"></span>miliardi <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Euro. <span class=\"_ _38\"></span>A <span class=\"_ _1\"></span>gennaio <span class=\"_ _38\"></span>2024 <span class=\"_ _38\"></span>sono<span class=\"_ _3a1\"> </span>state <span class=\"_ _0\"></span>effettuate <span class=\"_ _38\"></span>due <span class=\"_ _0\"></span>emissioni, <span class=\"_ _38\"></span>una <span class=\"_ _0\"></span>retained <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>una <span class=\"_ _0\"></span>pubbli<span class=\"_ _2\"></span>ca, <span class=\"_ _0\"></span>rispettivamente <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>tredicesima <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span>quattordicesima, per un ammontare pari rispettivamente <span class=\"_ _1\"></span>a 1 miliardo di euro e 500 milioni di euro.<span class=\"_ _3a1\"> </span>Nello stesso mese \u00e8 scaduta un\u2019emissione per 750 milioni di euro.  E. Consolidato prudenziale - modelli per la misurazione del rischio di credito<span class=\"_ _3a1\"> </span>Il <span class=\"_ _48\"> </span>23 <span class=\"_ _48\"> </span>febbraio <span class=\"_ _17e\"> </span>2022 <span class=\"_ _48\"> </span>l\u2019A<span class=\"_ _1\"></span>utorit\u00e0 <span class=\"_ _48\"> </span>di <span class=\"_ _48\"> </span>Vigilanza <span class=\"_ _17e\"> </span>ha <span class=\"_ _48\"> </span>confer<span class=\"_ _1\"></span>mato <span class=\"_ _17e\"> </span>con <span class=\"_ _48\"> </span>apposita <span class=\"_ _17e\"> </span>comunicazione<span class=\"_ _3a1\"> </span>l\u2019auto<span class=\"_ _3a1\"> </span>rizzazione <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>Gr<span class=\"_ _1\"></span>uppo <span class=\"_ _38\"></span>all\u2019uso <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>modelli <span class=\"_ _0\"></span>AIRB <span class=\"_ _38\"></span>((parametri <span class=\"_ _0\"></span>P<span class=\"_ _2\"></span>D, <span class=\"_ _0\"></span>LGD, <span class=\"_ _38\"></span>EAD) <span class=\"_ _38\"></span>per <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>Rischio <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>Credito a s<span class=\"_ _1\"></span>eguito delle <span class=\"_ _1\"></span>domande di autorizzazione <span class=\"_ _1\"></span>delle modifiche <span class=\"_ _1\"></span>dei modelli <span class=\"_ _1\"></span>AIRB di Marzo <span class=\"_ _1\"></span>2020<span class=\"_ _3a1\"> </span>(modif<span class=\"_ _3a1\"> </span>iche  in  relazione  al<span class=\"_ _2\"></span>la  Targeted  R<span class=\"_ _2\"></span>eview  of <span class=\"_ _35\"> </span>Internal  Models)  e <span class=\"_ _35\"> </span>Marzo  2021  (ad<span class=\"_ _2\"></span>eguamento<span class=\"_ _3a1\"> </span>secondo <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>Nuova <span class=\"_ _1\"></span>Definizione <span class=\"_ _1\"></span>di D<span class=\"_ _1\"></span>efault e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Art. <span class=\"_ _1\"></span>500 CRR), <span class=\"_ _1\"></span>sottoposti <span class=\"_ _1\"></span>successivamente <span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>accesso<span class=\"_ _3a1\"> </span>ispettivo nello stesso anno.<span class=\"_ _3a1\"> </span>Periodicamente <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>effettuate <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>convali<span class=\"_ _2\"></span>da <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ui <span class=\"_ _38\"></span>diversi <span class=\"_ _0\"></span>parametri <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>termini <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span>presidio e <span class=\"_ _3b\"></span>monitoraggio al <span class=\"_ _3b\"></span>fine di <span class=\"_ _2\"></span>valutare l<span class=\"_ _2\"></span>a generale <span class=\"_ _3b\"></span>adeguatezza del <span class=\"_ _2\"></span>processo d<span class=\"_ _2\"></span>i misu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione del<span class=\"_ _3a1\"> </span>rischio di credito. Modelli e metodologie risultano adeguate e le performance del sistema di rating<span class=\"_ _3a1\"> </span>si confermano elevate indicando quindi una buona capacit\u00e0 discriminante <span class=\"_ _1\"></span>dei modelli di rating.<span class=\"_ _3a1\"> </span>1.2. Rischi di mercato<span class=\"_ _3a1\"> </span>1.2.1 Ri<span class=\"_ _1\"></span>schio di<span class=\"_ _1\"></span> tasso di in<span class=\"_ _1\"></span>teresse e<span class=\"_ _1\"></span> rischio p<span class=\"_ _1\"></span>rezzo \u2013<span class=\"_ _1\"></span> portafogli<span class=\"_ _3a1\"> </span>o di neg<span class=\"_ _1\"></span>oziazione<span class=\"_ _1\"></span> di vigilanza<span class=\"_ _3a1\"> </span>Informazi<span class=\"_ _1\"></span>oni di na<span class=\"_ _1\"></span>tura quali<span class=\"_ _1\"></span>tativa<span class=\"_ _3a1\"> </span>Il mo<span class=\"_ _1\"></span>dello <span class=\"_ _1\"></span>organizzativo di <span class=\"_ _1\"></span>presidio de<span class=\"_ _1\"></span>i rischi <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>lo s<span class=\"_ _1\"></span>copo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>favorire il <span class=\"_ _1\"></span>raggiungimento <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>una serie<span class=\"_ _3a1\"> </span>di obiettivi:<span class=\"_ _3a1\"> </span><span class=\"_ _3e\"> </span><span class=\"ff4\">ruolo <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>governo <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>ind<span class=\"_ _2\"></span>irizzo <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>Capogruppo <span class=\"_ _0\"></span>nel <span class=\"_ _1\"></span>presidio <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>ei <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>singola <span class=\"_ _0\"></span>Socie<span class=\"_ _2\"></span>t\u00e0 <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>del<span class=\"_ _3a1\"> </span></span>loro impatto sui rischi di Gruppo, in ottemperanza alle <span class=\"_ _1\"></span>vigenti disposizioni di Vigilan<span class=\"_ _2\"></span>za e al Risk<span class=\"_ _3a1\"> </span>Appetite Framework di Gruppo;<span class=\"_ _3a1\"> </span><span class=\"_ _3e\"> </span><span class=\"ff4\">controllo <span class=\"_ _35\"> </span>gestionale <span class=\"_ _35\"> </span>nel <span class=\"_ _35\"> </span>senso <span class=\"_ _35\"> </span>dell'ottimizzazione  del <span class=\"_ _35\"> </span>profilo <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>ischio-rendimento <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>livello <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span></span>Gruppo;<span class=\"_ _3a1\"> </span><span class=\"_ _3e\"> </span><span class=\"ff4\">uniformit\u00e0 <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>metodologia <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>analisi <span class=\"_ _35\"> </span>e  del <span class=\"_ _35\"> </span>\"ling<span class=\"_ _2\"></span>uaggio\" <span class=\"_ _35\"> </span>utilizzato <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>tutte <span class=\"_ _35\"> </span>le  Socie<span class=\"_ _2\"></span>t\u00e0 <span class=\"_ _35\"> </span>del<span class=\"_ _3a1\"> </span></span>gruppo.<span class=\"_ _3a1\"> </span>In  questo <span class=\"_ _3d\"> </span>ambito  il <span class=\"_ _3d\"> </span>Rischio <span class=\"_ _3d\"> </span>di  mercato, <span class=\"_ _3d\"> </span>inteso  come <span class=\"_ _3d\"> </span>rischio  di  per<span class=\"_ _1\"></span>dite  causate <span class=\"_ _3d\"> </span>da  variazioni<span class=\"_ _3a1\"> </span>sfavorevoli dei fattori di ri<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>chio (tasso, prezzo, camb<span class=\"_ _2\"></span>io ed altri fattori d<span class=\"_ _2\"></span>i mercato), viene misurato <span class=\"_ _3b\"></span>e<span class=\"_ _3a1\"> </span>monitorato <span class=\"_ _35\"> </span>sia <span class=\"_ _0\"> </span>in <span class=\"_ _35\"> </span>riferimento <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>banking <span class=\"_ _35\"> </span>book <span class=\"_ _0\"></span>(poste<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>vista <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>scadenza) <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>ia <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>trading <span class=\"_ _35\"> </span>book<span class=\"_ _3a1\"> </span>(strumenti finanziari negoziati con finalit\u00e0 di positioning, trading <span class=\"_ _1\"></span>e negoziazione).<span class=\"_ _3a1\"> </span>Strut<span class=\"_ _1\"></span>tura organiz<span class=\"_ _1\"></span>zativa<span class=\"_ _3a1\"> </span>Di<span class=\"_ _3b\"></span> <span class=\"_ _1\"></span>seg<span class=\"_ _2\"></span>ui<span class=\"_ _2\"></span>to<span class=\"_ _3b\"></span> <span class=\"_ _1\"></span>ven<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>ono<span class=\"_ _3b\"></span> <span class=\"_ _1\"></span>de<span class=\"_ _3b\"></span>scri<span class=\"_ _3b\"></span>tti<span class=\"_ _3b\"></span> <span class=\"_ _1\"></span>i pri<span class=\"_ _3b\"></span>nci<span class=\"_ _3b\"></span>pali<span class=\"_ _3b\"></span> <span class=\"_ _1\"></span>co<span class=\"_ _2\"></span>mpi<span class=\"_ _3b\"></span>ti d<span class=\"_ _2\"></span>ell<span class=\"_ _3b\"></span>e st<span class=\"_ _2\"></span>rut<span class=\"_ _3b\"></span>tur<span class=\"_ _2\"></span>e org<span class=\"_ _3b\"></span>an<span class=\"_ _3b\"></span>izza<span class=\"_ _3b\"></span>tiv<span class=\"_ _2\"></span>e coi<span class=\"_ _3b\"></span>nvo<span class=\"_ _3b\"></span>lte<span class=\"_ _2\"></span> nel<span class=\"_ _3b\"></span> <span class=\"_ _1\"></span>pr<span class=\"_ _2\"></span>oce<span class=\"_ _3b\"></span>sso<span class=\"_ _2\"></span> di<span class=\"_ _3a1\"> </span>con<span class=\"_ _3b\"></span>troll<span class=\"_ _3b\"></span>o e <span class=\"_ _2\"></span>ge<span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>io<span class=\"_ _3b\"></span>ne d<span class=\"_ _3b\"></span>ei <span class=\"_ _2\"></span>ri<span class=\"_ _3b\"></span>schi<span class=\"_ _2\"></span> di<span class=\"_ _3b\"></span> me<span class=\"_ _3b\"></span>rca<span class=\"_ _2\"></span>to.<span class=\"_ _3b\"></span> Il<span class=\"_ _3b\"></span>  Co<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>ig<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span>o <span class=\"_ _35\"> </span>di<span class=\"_ _3b\"></span>  A<span class=\"_ _3b\"></span>mmin<span class=\"_ _2\"></span>is<span class=\"_ _3b\"></span>trazi<span class=\"_ _3b\"></span>on<span class=\"_ _3b\"></span>e  d<span class=\"_ _3b\"></span>ella<span class=\"_ _2\"></span>  C<span class=\"_ _3b\"></span>apo<span class=\"_ _3b\"></span>gru<span class=\"_ _2\"></span>pp<span class=\"_ _2\"></span>o, <span class=\"_ _35\"> </span>CA<span class=\"_ _3b\"></span>, <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>re<span class=\"_ _3b\"></span>spon<span class=\"_ _3b\"></span>sabi<span class=\"_ _3b\"></span>le <span class=\"_ _35\"> </span>de<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>de<span class=\"_ _2\"></span>fi<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>zi<span class=\"_ _3b\"></span>one <span class=\"_ _35\"> </span>d<span class=\"_ _3b\"></span>elle<span class=\"_ _3b\"></span>  li<span class=\"_ _3b\"></span>nee<span class=\"_ _3a1\"> </span>gen<span class=\"_ _3b\"></span>era<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>de<span class=\"_ _2\"></span>l gov<span class=\"_ _3b\"></span>ern<span class=\"_ _3b\"></span>o <span class=\"_ _1\"></span>dei<span class=\"_ _3b\"></span> <span class=\"_ _1\"></span>risc<span class=\"_ _3b\"></span>hi pe<span class=\"_ _3b\"></span>r <span class=\"_ _1\"></span>cia<span class=\"_ _3b\"></span>scun<span class=\"_ _2\"></span>a ar<span class=\"_ _3b\"></span>ea di busi<span class=\"_ _3b\"></span>ne<span class=\"_ _2\"></span>ss;<span class=\"_ _3b\"></span> <span class=\"_ _1\"></span>deli<span class=\"_ _3b\"></span>ber<span class=\"_ _2\"></span>a i pot<span class=\"_ _3b\"></span>eri ric<span class=\"_ _3b\"></span>onos<span class=\"_ _3b\"></span>ciu<span class=\"_ _3b\"></span>ti <span class=\"_ _1\"></span>in<span class=\"_ _3b\"></span> <span class=\"_ _1\"></span>mer<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>o a<span class=\"_ _3a1\"> </span>st<span class=\"_ _2\"></span>rat<span class=\"_ _3b\"></span>egi<span class=\"_ _3b\"></span>e <span class=\"_ _1\"></span>ope<span class=\"_ _3b\"></span>rati<span class=\"_ _3b\"></span>ve,<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>ass<span class=\"_ _3b\"></span>unzi<span class=\"_ _3b\"></span>one<span class=\"_ _3b\"></span> <span class=\"_ _38\"></span>di<span class=\"_ _3b\"></span> <span class=\"_ _38\"></span>ris<span class=\"_ _2\"></span>ch<span class=\"_ _2\"></span>i e azio<span class=\"_ _3b\"></span>ni cor<span class=\"_ _2\"></span>re<span class=\"_ _3b\"></span>ttiv<span class=\"_ _3b\"></span>e; <span class=\"_ _1\"></span>in<span class=\"_ _2\"></span>di<span class=\"_ _3b\"></span>vidu<span class=\"_ _3b\"></span>a <span class=\"_ _1\"></span>l\u2019i<span class=\"_ _2\"></span>ns<span class=\"_ _3b\"></span>iem<span class=\"_ _3b\"></span>e <span class=\"_ _1\"></span>degl<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>ind<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span>at<span class=\"_ _3b\"></span>ori<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>Ris<span class=\"_ _3b\"></span>k<span class=\"_ _3a1\"> </span>Ap<span class=\"_ _2\"></span>pet<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>te<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>ell<span class=\"_ _3b\"></span>e <span class=\"_ _0\"></span>re<span class=\"_ _2\"></span>la<span class=\"_ _3b\"></span>tiv<span class=\"_ _3b\"></span>e <span class=\"_ _0\"></span>me<span class=\"_ _2\"></span>tri<span class=\"_ _3b\"></span>che<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _3b\"></span>alco<span class=\"_ _2\"></span>lo<span class=\"_ _3b\"></span>; <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>efini<span class=\"_ _3b\"></span>sc<span class=\"_ _2\"></span>e <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>ap<span class=\"_ _3b\"></span>prov<span class=\"_ _3b\"></span>a <span class=\"_ _38\"></span>gli<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>ob<span class=\"_ _3b\"></span>iet<span class=\"_ _2\"></span>tiv<span class=\"_ _3b\"></span>i <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>i <span class=\"_ _0\"></span>ri<span class=\"_ _3b\"></span>sch<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>l<span class=\"_ _3b\"></span>e <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ogl<span class=\"_ _3b\"></span>ie <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span>tol<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>era<span class=\"_ _3b\"></span>nza<span class=\"_ _2\"></span> <span class=\"_ _3a\"> </span>v<span class=\"_ _2\"></span>alu<span class=\"_ _3b\"></span>tan<span class=\"_ _2\"></span>do<span class=\"_ _3b\"></span> <span class=\"_ _3a\"> </span>peri<span class=\"_ _3b\"></span>odi<span class=\"_ _3b\"></span>came<span class=\"_ _2\"></span>nt<span class=\"_ _3b\"></span>e <span class=\"_ _3a\"> </span>l\u2019<span class=\"_ _3b\"></span>adeg<span class=\"_ _3b\"></span>uat<span class=\"_ _2\"></span>ezz<span class=\"_ _3b\"></span>a <span class=\"_ _3f\"> </span>del<span class=\"_ _2\"></span> <span class=\"_ _3a\"> </span>Ri<span class=\"_ _3b\"></span>sk <span class=\"_ _3f\"> </span>App<span class=\"_ _3b\"></span>eti<span class=\"_ _2\"></span>te<span class=\"_ _3b\"></span> <span class=\"_ _3a\"> </span>Fram<span class=\"_ _3b\"></span>ewo<span class=\"_ _2\"></span>rk<span class=\"_ _3b\"></span> <span class=\"_ _3a\"> </span>(RA<span class=\"_ _3b\"></span>F) <span class=\"_ _3f\"> </span>e <span class=\"_ _3a\"> </span>la<span class=\"_ _3a1\"> </span>com<span class=\"_ _3b\"></span>pati<span class=\"_ _3b\"></span>bil<span class=\"_ _2\"></span>it<span class=\"_ _3b\"></span>\u00e0 <span class=\"_ _38\"></span>tra <span class=\"_ _38\"></span>obi<span class=\"_ _3b\"></span>etti<span class=\"_ _3b\"></span>vi <span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>ri<span class=\"_ _3b\"></span>sch<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o <span class=\"_ _38\"></span>eff<span class=\"_ _3b\"></span>etti<span class=\"_ _2\"></span>vo;<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>pp<span class=\"_ _3b\"></span>rova<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>la<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _3b\"></span>trut<span class=\"_ _3b\"></span>tura<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>ge<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>era<span class=\"_ _3b\"></span>le <span class=\"_ _38\"></span>dei<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>li<span class=\"_ _2\"></span>mi<span class=\"_ _3b\"></span>ti <span class=\"_ _38\"></span>ope<span class=\"_ _3b\"></span>rati<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>dell<span class=\"_ _3b\"></span>e<span class=\"_ _3a1\"> </span>del<span class=\"_ _3b\"></span>egh<span class=\"_ _2\"></span>e,<span class=\"_ _3b\"></span> nonc<span class=\"_ _3b\"></span>h\u00e9 <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e l<span class=\"_ _2\"></span>in<span class=\"_ _3b\"></span>ee d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> re<span class=\"_ _3b\"></span>spo<span class=\"_ _2\"></span>nsa<span class=\"_ _3b\"></span>bili<span class=\"_ _3b\"></span>t\u00e0 <span class=\"_ _3b\"></span>ed a<span class=\"_ _2\"></span>ut<span class=\"_ _3b\"></span>orit<span class=\"_ _3b\"></span>\u00e0 in<span class=\"_ _3b\"></span> me<span class=\"_ _3b\"></span>rito<span class=\"_ _3b\"></span> al<span class=\"_ _2\"></span> p<span class=\"_ _3b\"></span>roce<span class=\"_ _3b\"></span>sso d<span class=\"_ _3b\"></span>i g<span class=\"_ _3b\"></span>esti<span class=\"_ _3b\"></span>one<span class=\"_ _3b\"></span> dei<span class=\"_ _3b\"></span> ri<span class=\"_ _3b\"></span>schi<span class=\"_ _2\"></span>. I <span class=\"_ _35\"> </span>Con<span class=\"_ _3b\"></span>sigl<span class=\"_ _3b\"></span>i  d<span class=\"_ _3b\"></span>i <span class=\"_ _35\"> </span>Ammi<span class=\"_ _3b\"></span>ni<span class=\"_ _2\"></span>str<span class=\"_ _3b\"></span>azio<span class=\"_ _3b\"></span>ne <span class=\"_ _35\"> </span>de<span class=\"_ _3b\"></span>lle <span class=\"_ _35\"> </span>si<span class=\"_ _3b\"></span>ngol<span class=\"_ _3b\"></span>e <span class=\"_ _35\"> </span>soci<span class=\"_ _3b\"></span>et\u00e0<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>rec<span class=\"_ _3b\"></span>epis<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ono<span class=\"_ _2\"></span>  l<span class=\"_ _3b\"></span>\u2019ap<span class=\"_ _3b\"></span>peti<span class=\"_ _3b\"></span>to <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>ri<span class=\"_ _3b\"></span>sch<span class=\"_ _2\"></span>io<span class=\"_ _3b\"></span>  e <span class=\"_ _35\"> </span>la<span class=\"_ _3b\"></span>  so<span class=\"_ _2\"></span>gl<span class=\"_ _3b\"></span>ia <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span>tol<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>era<span class=\"_ _3b\"></span>nza<span class=\"_ _2\"></span> def<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>iti<span class=\"_ _3b\"></span> <span class=\"_ _1\"></span>in<span class=\"_ _2\"></span> amb<span class=\"_ _3b\"></span>ito RA<span class=\"_ _3b\"></span>F dal<span class=\"_ _3b\"></span>la Cap<span class=\"_ _3b\"></span>ogru<span class=\"_ _3b\"></span>ppo;<span class=\"_ _3b\"></span> appr<span class=\"_ _3b\"></span>ovan<span class=\"_ _3b\"></span>o gli<span class=\"_ _2\"></span> ind<span class=\"_ _3b\"></span>iriz<span class=\"_ _3b\"></span>zi st<span class=\"_ _2\"></span>ra<span class=\"_ _2\"></span>teg<span class=\"_ _3b\"></span>ici<span class=\"_ _2\"></span> e le li<span class=\"_ _3b\"></span>nee<span class=\"_ _3b\"></span> <span class=\"_ _1\"></span>gui<span class=\"_ _3b\"></span>da di<span class=\"_ _3a1\"> </span>ges<span class=\"_ _3b\"></span>tio<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>de<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>ri<span class=\"_ _2\"></span>sch<span class=\"_ _3b\"></span>i form<span class=\"_ _2\"></span>ul<span class=\"_ _3b\"></span>ati<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>dal<span class=\"_ _3b\"></span>la Cap<span class=\"_ _3b\"></span>ogru<span class=\"_ _3b\"></span>ppo<span class=\"_ _3b\"></span> <span class=\"_ _1\"></span>non<span class=\"_ _2\"></span>ch<span class=\"_ _2\"></span>\u00e9 la s<span class=\"_ _2\"></span>tru<span class=\"_ _3b\"></span>ttur<span class=\"_ _2\"></span>a de<span class=\"_ _2\"></span>i li<span class=\"_ _2\"></span>mit<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> e <span class=\"_ _1\"></span>del<span class=\"_ _3b\"></span>le del<span class=\"_ _3b\"></span>egh<span class=\"_ _3b\"></span>e <span class=\"_ _1\"></span>op<span class=\"_ _2\"></span>era<span class=\"_ _3b\"></span>tiv<span class=\"_ _3b\"></span>e<span class=\"_ _3a1\"> </span>in<span class=\"_ _2\"></span>ter<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e n<span class=\"_ _3b\"></span>ell<span class=\"_ _2\"></span>\u2019am<span class=\"_ _3b\"></span>bit<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span> qu<span class=\"_ _3b\"></span>ant<span class=\"_ _3b\"></span>o fi<span class=\"_ _3b\"></span>ssat<span class=\"_ _3b\"></span>o da<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> C<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>ig<span class=\"_ _3b\"></span>lio<span class=\"_ _2\"></span> di<span class=\"_ _3b\"></span> am<span class=\"_ _3b\"></span>mini<span class=\"_ _3b\"></span>stra<span class=\"_ _2\"></span>zi<span class=\"_ _3b\"></span>one<span class=\"_ _2\"></span> d<span class=\"_ _3b\"></span>ella<span class=\"_ _3b\"></span> Cap<span class=\"_ _3b\"></span>ogru<span class=\"_ _3b\"></span>ppo. Le <span class=\"_ _38\"></span>Direzi<span class=\"_ _3b\"></span>oni<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>ell<span class=\"_ _3b\"></span>e <span class=\"_ _0\"></span>si<span class=\"_ _2\"></span>ng<span class=\"_ _2\"></span>ol<span class=\"_ _3b\"></span>e <span class=\"_ _0\"></span>soc<span class=\"_ _3b\"></span>iet<span class=\"_ _2\"></span>\u00e0<span class=\"_ _3a1\"> </span>rea<span class=\"_ _3b\"></span>liz<span class=\"_ _3b\"></span>zano<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>le<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>att<span class=\"_ _2\"></span>iv<span class=\"_ _3b\"></span>it\u00e0<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>d<span class=\"_ _3b\"></span>i <span class=\"_ _0\"></span>bu<span class=\"_ _3b\"></span>sin<span class=\"_ _3b\"></span>ess <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>i <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>mp<span class=\"_ _3b\"></span>eten<span class=\"_ _3b\"></span>za <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>el<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>risp<span class=\"_ _3b\"></span>ett<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>ell<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span>del<span class=\"_ _3b\"></span>egh<span class=\"_ _2\"></span>e <span class=\"_ _3b\"></span>e de<span class=\"_ _2\"></span>i l<span class=\"_ _3b\"></span>imi<span class=\"_ _3b\"></span>ti <span class=\"_ _2\"></span>ope<span class=\"_ _3b\"></span>rati<span class=\"_ _3b\"></span>vi d<span class=\"_ _3b\"></span>i <span class=\"_ _2\"></span>ris<span class=\"_ _3b\"></span>chi<span class=\"_ _2\"></span>o a<span class=\"_ _3b\"></span>sseg<span class=\"_ _3b\"></span>nat<span class=\"_ _2\"></span>i d<span class=\"_ _3b\"></span>ai <span class=\"_ _3b\"></span>risp<span class=\"_ _3b\"></span>etti<span class=\"_ _2\"></span>vi<span class=\"_ _3b\"></span> Con<span class=\"_ _3b\"></span>sig<span class=\"_ _3b\"></span>li d<span class=\"_ _3b\"></span>i A<span class=\"_ _2\"></span>mmi<span class=\"_ _3b\"></span>nis<span class=\"_ _2\"></span>tra<span class=\"_ _3b\"></span>zio<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>.<span class=\"_ _3a1\"> </span>Il<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>CE<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>del<span class=\"_ _3b\"></span>la<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>Cap<span class=\"_ _3b\"></span>ogru<span class=\"_ _3b\"></span>ppo<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>q<span class=\"_ _3b\"></span>ual<span class=\"_ _3b\"></span>e <span class=\"_ _35\"> </span>o<span class=\"_ _3b\"></span>rgan<span class=\"_ _3b\"></span>o <span class=\"_ _35\"> </span>d<span class=\"_ _3b\"></span>i <span class=\"_ _0\"></span>ges<span class=\"_ _3b\"></span>tion<span class=\"_ _3b\"></span>e, <span class=\"_ _0\"></span>cur<span class=\"_ _3b\"></span>a <span class=\"_ _35\"> </span>l<span class=\"_ _3b\"></span>\u2019att<span class=\"_ _3b\"></span>uaz<span class=\"_ _2\"></span>io<span class=\"_ _3b\"></span>ne <span class=\"_ _0\"></span>degl<span class=\"_ _3b\"></span>i <span class=\"_ _0\"></span>ind<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>riz<span class=\"_ _3b\"></span>zi <span class=\"_ _0\"></span>st<span class=\"_ _2\"></span>ra<span class=\"_ _2\"></span>teg<span class=\"_ _3b\"></span>ici<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>e<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>d<span class=\"_ _3b\"></span>ell<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span>po<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span>tic<span class=\"_ _3b\"></span>he <span class=\"_ _3b\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>ove<span class=\"_ _3b\"></span>rno<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ei <span class=\"_ _3b\"></span>ri<span class=\"_ _3b\"></span>schi<span class=\"_ _3b\"></span> d<span class=\"_ _3b\"></span>efi<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>ti <span class=\"_ _3b\"></span>da<span class=\"_ _3b\"></span>l <span class=\"_ _2\"></span>CA,<span class=\"_ _3b\"></span> <span class=\"_ _3b\"></span>ed <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>pa<span class=\"_ _3b\"></span>rtic<span class=\"_ _3b\"></span>ola<span class=\"_ _2\"></span>re<span class=\"_ _3b\"></span> d<span class=\"_ _2\"></span>efi<span class=\"_ _3b\"></span>nis<span class=\"_ _3b\"></span>ce <span class=\"_ _3b\"></span>e <span class=\"_ _3b\"></span>cur<span class=\"_ _2\"></span>a <span class=\"_ _3b\"></span>l\u2019<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>tua<span class=\"_ _3b\"></span>zio<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>del<span class=\"_ _3b\"></span> p<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>ce<span class=\"_ _2\"></span>ss<span class=\"_ _3b\"></span>o<span class=\"_ _3a1\"> </span>di<span class=\"_ _3b\"></span> <span class=\"_ _36\"> </span>ges<span class=\"_ _2\"></span>ti<span class=\"_ _3b\"></span>one <span class=\"_ _37\"> </span>dei<span class=\"_ _3b\"></span> <span class=\"_ _37\"> </span>risc<span class=\"_ _3b\"></span>hi. <span class=\"_ _3d\"> </span>Al <span class=\"_ _37\"> </span>CE<span class=\"_ _3b\"></span> <span class=\"_ _36\"> </span>com<span class=\"_ _3b\"></span>pet<span class=\"_ _3b\"></span>e <span class=\"_ _36\"> </span>in<span class=\"_ _3b\"></span>oltr<span class=\"_ _3b\"></span>e <span class=\"_ _36\"> </span>l<span class=\"_ _2\"></span>a <span class=\"_ _37\"> </span>def<span class=\"_ _3b\"></span>ini<span class=\"_ _3b\"></span>zion<span class=\"_ _3b\"></span>e <span class=\"_ _36\"> </span>d<span class=\"_ _3b\"></span>ei <span class=\"_ _37\"> </span>limi<span class=\"_ _3b\"></span>ti <span class=\"_ _3d\"> </span>ope<span class=\"_ _2\"></span>ra<span class=\"_ _2\"></span>tiv<span class=\"_ _3b\"></span>i <span class=\"_ _37\"> </span>coe<span class=\"_ _2\"></span>ren<span class=\"_ _3b\"></span>ti <span class=\"_ _37\"> </span>co<span class=\"_ _3b\"></span>n <span class=\"_ _37\"> </span>la<span class=\"_ _3a1\"> </span>pro<span class=\"_ _3b\"></span>pens<span class=\"_ _3b\"></span>ion<span class=\"_ _3b\"></span>e al<span class=\"_ _3b\"></span> ri<span class=\"_ _3b\"></span>schi<span class=\"_ _2\"></span>o.<span class=\"_ _3a1\"> </span>I C<span class=\"_ _3b\"></span>omi<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>ti<span class=\"_ _3b\"></span> dell<span class=\"_ _3b\"></span>a C<span class=\"_ _3b\"></span>apog<span class=\"_ _3b\"></span>rup<span class=\"_ _2\"></span>po <span class=\"_ _3b\"></span>coi<span class=\"_ _2\"></span>nv<span class=\"_ _3b\"></span>olti<span class=\"_ _3b\"></span> in<span class=\"_ _3b\"></span> ambi<span class=\"_ _3b\"></span>to <span class=\"_ _2\"></span>RA<span class=\"_ _2\"></span>F <span class=\"_ _2\"></span>ha<span class=\"_ _3b\"></span>nno<span class=\"_ _2\"></span> le<span class=\"_ _3b\"></span> se<span class=\"_ _2\"></span>gu<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>ti <span class=\"_ _3b\"></span>res<span class=\"_ _2\"></span>pon<span class=\"_ _3b\"></span>sab<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>it<span class=\"_ _3b\"></span>\u00e0.<span class=\"_ _3a1\"> </span>Il<span class=\"_ _3b\"></span> <span class=\"_ _39\"> </span>Com<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>to <span class=\"_ _37\"> </span>Con<span class=\"_ _3b\"></span>sili<span class=\"_ _2\"></span>ar<span class=\"_ _3b\"></span>e <span class=\"_ _36\"> </span>Ris<span class=\"_ _2\"></span>ch<span class=\"_ _2\"></span>i <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>So<span class=\"_ _2\"></span>st<span class=\"_ _3b\"></span>enib<span class=\"_ _2\"></span>il<span class=\"_ _3b\"></span>it\u00e0 <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>Grup<span class=\"_ _2\"></span>po<span class=\"_ _3b\"></span> <span class=\"_ _39\"> </span>sv<span class=\"_ _3b\"></span>olge<span class=\"_ _3b\"></span> <span class=\"_ _36\"> </span>l\u2019a<span class=\"_ _2\"></span>tti<span class=\"_ _3b\"></span>vit<span class=\"_ _3b\"></span>\u00e0 <span class=\"_ _36\"> </span>valu<span class=\"_ _3b\"></span>tat<span class=\"_ _2\"></span>iv<span class=\"_ _3b\"></span>a <span class=\"_ _36\"> </span>e <span class=\"_ _36\"> </span>pro<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>osi<span class=\"_ _3b\"></span>tiva<span class=\"_ _3a1\"> </span>nec<span class=\"_ _3b\"></span>essa<span class=\"_ _3b\"></span>ria<span class=\"_ _3b\"></span> <span class=\"_ _36\"> </span>aff<span class=\"_ _3b\"></span>inch<span class=\"_ _3b\"></span>\u00e9 <span class=\"_ _37\"> </span>il <span class=\"_ _3d\"> </span>CA <span class=\"_ _37\"> </span>po<span class=\"_ _2\"></span>ss<span class=\"_ _3b\"></span>a <span class=\"_ _36\"> </span>ap<span class=\"_ _3b\"></span>prov<span class=\"_ _3b\"></span>are<span class=\"_ _2\"></span> <span class=\"_ _37\"> </span>obi<span class=\"_ _3b\"></span>etti<span class=\"_ _3b\"></span>vi <span class=\"_ _37\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _37\"> </span>risc<span class=\"_ _3b\"></span>hio<span class=\"_ _3b\"></span> <span class=\"_ _36\"> </span>e <span class=\"_ _37\"> </span>so<span class=\"_ _2\"></span>gl<span class=\"_ _2\"></span>ie<span class=\"_ _3b\"></span> <span class=\"_ _36\"> </span>di <span class=\"_ _3d\"> </span>toll<span class=\"_ _3b\"></span>era<span class=\"_ _2\"></span>nz<span class=\"_ _3b\"></span>a <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>valu<span class=\"_ _3b\"></span>tar<span class=\"_ _3b\"></span>e<span class=\"_ _3a1\"> </span>per<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>odi<span class=\"_ _3b\"></span>cam<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>te <span class=\"_ _3b\"></span>l\u2019a<span class=\"_ _2\"></span>deg<span class=\"_ _3b\"></span>uat<span class=\"_ _3b\"></span>ezza<span class=\"_ _3b\"></span> de<span class=\"_ _2\"></span>l R<span class=\"_ _3b\"></span>AF <span class=\"_ _3b\"></span>e la<span class=\"_ _2\"></span> c<span class=\"_ _3b\"></span>ompa<span class=\"_ _3b\"></span>tibi<span class=\"_ _3b\"></span>lit\u00e0<span class=\"_ _3b\"></span> tra<span class=\"_ _3b\"></span> obi<span class=\"_ _3b\"></span>etti<span class=\"_ _3b\"></span>vi<span class=\"_ _2\"></span> e <span class=\"_ _3b\"></span>risc<span class=\"_ _2\"></span>hi<span class=\"_ _3b\"></span>o ef<span class=\"_ _3b\"></span>fet<span class=\"_ _3b\"></span>tivo<span class=\"_ _2\"></span>.<span class=\"_ _3a1\"> </span>Esp<span class=\"_ _3b\"></span>rim<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>ino<span class=\"_ _2\"></span>lt<span class=\"_ _3b\"></span>re <span class=\"_ _1\"></span>par<span class=\"_ _3b\"></span>ere <span class=\"_ _1\"></span>pe<span class=\"_ _3b\"></span>r <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>CA sul<span class=\"_ _3b\"></span>le <span class=\"_ _38\"></span>p<span class=\"_ _2\"></span>rop<span class=\"_ _2\"></span>os<span class=\"_ _3b\"></span>te <span class=\"_ _1\"></span>rel<span class=\"_ _3b\"></span>ativ<span class=\"_ _3b\"></span>e <span class=\"_ _38\"></span>all<span class=\"_ _3b\"></span>e <span class=\"_ _38\"></span>me<span class=\"_ _3b\"></span>tod<span class=\"_ _2\"></span>olo<span class=\"_ _2\"></span>gi<span class=\"_ _3b\"></span>e <span class=\"_ _38\"></span>di misu<span class=\"_ _3b\"></span>razi<span class=\"_ _3b\"></span>on<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>co<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>o e<span class=\"_ _3a1\"> </span>an<span class=\"_ _2\"></span>ali<span class=\"_ _3b\"></span>si <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ril<span class=\"_ _3b\"></span>evan<span class=\"_ _3b\"></span>za <span class=\"_ _38\"></span>dei<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>ri<span class=\"_ _3b\"></span>schi<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>an<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>ai<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>fi<span class=\"_ _2\"></span>ni<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>ca<span class=\"_ _3b\"></span>lco<span class=\"_ _2\"></span>lo<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>del<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>ca<span class=\"_ _2\"></span>pi<span class=\"_ _3b\"></span>tal<span class=\"_ _2\"></span>e <span class=\"_ _38\"></span>int<span class=\"_ _3b\"></span>erno<span class=\"_ _3b\"></span>; <span class=\"_ _0\"></span>su<span class=\"_ _3b\"></span>ppo<span class=\"_ _3b\"></span>rta<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>in<span class=\"_ _3b\"></span>fin<span class=\"_ _3b\"></span>e <span class=\"_ _0\"></span>il<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>CA<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>ell<span class=\"_ _3b\"></span>a<span class=\"_ _3a1\"> </span>ca<span class=\"_ _2\"></span>pog<span class=\"_ _3b\"></span>rupp<span class=\"_ _3b\"></span>o c<span class=\"_ _3b\"></span>on l<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>rop<span class=\"_ _3b\"></span>osiz<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>one<span class=\"_ _3b\"></span> del<span class=\"_ _3b\"></span>le <span class=\"_ _3b\"></span>stra<span class=\"_ _3b\"></span>tegi<span class=\"_ _3b\"></span>e g<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>era<span class=\"_ _3b\"></span>li <span class=\"_ _2\"></span>pe<span class=\"_ _3b\"></span>r il<span class=\"_ _3b\"></span> gov<span class=\"_ _3b\"></span>ern<span class=\"_ _3b\"></span>o de<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>risc<span class=\"_ _2\"></span>hi<span class=\"_ _2\"></span>.<span class=\"_ _3a1\"> </span><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbd3\">Il<span class=\"_ _3b\"></span> <span class=\"_ _17e\"> </span>Co<span class=\"_ _3b\"></span>mita<span class=\"_ _3b\"></span>to <span class=\"_ _48\"> </span>R<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>sk <span class=\"_ _48\"> </span>M<span class=\"_ _3b\"></span>ana<span class=\"_ _2\"></span>ge<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt,<span class=\"_ _3b\"></span> <span class=\"_ _48\"> </span>ist<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>tui<span class=\"_ _3b\"></span>to <span class=\"_ _48\"> </span>a<span class=\"_ _2\"></span>l <span class=\"_ _48\"> </span>f<span class=\"_ _3b\"></span>ine<span class=\"_ _3b\"></span> <span class=\"_ _48\"> </span>di <span class=\"_ _3a\"> </span>info<span class=\"_ _3b\"></span>rma<span class=\"_ _3b\"></span>re <span class=\"_ _48\"> </span>il<span class=\"_ _3b\"></span> <span class=\"_ _48\"> </span>CE<span class=\"_ _2\"></span> <span class=\"_ _48\"> </span>del<span class=\"_ _3b\"></span> <span class=\"_ _48\"> </span>pr<span class=\"_ _3b\"></span>esidi<span class=\"_ _3b\"></span>o <span class=\"_ _48\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _3b\"></span> <span class=\"_ _48\"> </span>risc<span class=\"_ _2\"></span>hi<span class=\"_ _3b\"></span>o<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gsbd4\">com<span class=\"_ _3b\"></span>ple</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1517\">ss<span class=\"_ _2\"></span>iv<span class=\"_ _2\"></span>am<span class=\"_ _3b\"></span>ent<span class=\"_ _2\"></span>e as<span class=\"_ _3b\"></span>sunt<span class=\"_ _3b\"></span>o e d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>suo<span class=\"_ _3b\"></span> moni<span class=\"_ _3b\"></span>tor<span class=\"_ _3b\"></span>aggi<span class=\"_ _3b\"></span>o nel<span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span>am<span class=\"_ _3b\"></span>bit<span class=\"_ _2\"></span>o d<span class=\"_ _2\"></span>ell<span class=\"_ _3b\"></span>e st<span class=\"_ _3b\"></span>rate<span class=\"_ _2\"></span>gi<span class=\"_ _3b\"></span>e e m<span class=\"_ _3b\"></span>etodo<span class=\"_ _3b\"></span>log<span class=\"_ _2\"></span>ie<span class=\"_ _3b\"></span> <span class=\"_ _1\"></span>def<span class=\"_ _3b\"></span>ini<span class=\"_ _3b\"></span>te<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1518\">da<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>a C<span class=\"_ _3b\"></span>apog<span class=\"_ _3b\"></span>rupp<span class=\"_ _3b\"></span>o n<span class=\"_ _3b\"></span>el R<span class=\"_ _3b\"></span>AF,<span class=\"_ _3b\"></span> eff<span class=\"_ _2\"></span>et<span class=\"_ _3b\"></span>tua<span class=\"_ _2\"></span> l<span class=\"_ _2\"></span>e s<span class=\"_ _3b\"></span>egu<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>ti<span class=\"_ _3b\"></span> ope<span class=\"_ _3b\"></span>razi<span class=\"_ _2\"></span>oni<span class=\"_ _3b\"></span>:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1519\"><span class=\"_ _42\"> </span><span class=\"ff4\">presidia <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>compless<span class=\"_ _1\"></span>ivamente <span class=\"_ _35\"> </span>assunto <span class=\"_ _35\"> </span>dalle <span class=\"_ _35\"> </span>singole  s<span class=\"_ _2\"></span>ociet\u00e0 <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>suo <span class=\"_ _35\"> </span>monitoraggio<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs151a\">nell\u2019ambito <span class=\"_ _3f\"> </span>delle <span class=\"_ _3f\"> </span>strategie <span class=\"_ _3f\"> </span>e <span class=\"_ _3f\"> </span>metodologie <span class=\"_ _3f\"> </span>definite <span class=\"_ _3f\"> </span>dalla <span class=\"_ _39\"> </span>Capogruppo <span class=\"_ _3f\"> </span>nel <span class=\"_ _3f\"> </span>Risk <span class=\"_ _3f\"> </span>Appetite<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs151b\">Framework;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs151c\"><span class=\"_ _42\"> </span><span class=\"ff4\">periodicamente <span class=\"_ _43\"> </span>valuta <span class=\"_ _69\"> </span>il <span class=\"_ _43\"> </span>livello <span class=\"_ _43\"> </span>di <span class=\"_ _69\"> </span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _43\"> </span>complessivamen<span class=\"_ _2\"></span>te <span class=\"_ _43\"> </span>assunto, <span class=\"_ _43\"> </span>attraverso <span class=\"_ _69\"> </span>il<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs151d\">monitoraggio degli indicatori RAF per t<span class=\"_ _1\"></span>ipologia di rischio;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs151e\"><span class=\"_ _42\"> </span><span class=\"ff4\">analizza inoltre eventuali <span class=\"_ _2\"></span>eventi in<span class=\"_ _2\"></span>terni o esterni c<span class=\"_ _2\"></span>he possano mo<span class=\"_ _2\"></span>dificare in maniera rilevant<span class=\"_ _2\"></span>e il<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs151f\">profilo <span class=\"_ _3b\"></span>di rischio <span class=\"_ _3b\"></span>e richiede <span class=\"_ _3b\"></span>quindi agli <span class=\"_ _3b\"></span>organi <span class=\"_ _2\"></span>competenti, per <span class=\"_ _3b\"></span>il tramite <span class=\"_ _3b\"></span>del Risk <span class=\"_ _3b\"></span>Officer, <span class=\"_ _2\"></span>revisioni<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1520\">addizionali del RAF.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1521\">La fu<span class=\"_ _2\"></span>nzione di<span class=\"_ _2\"></span> Risk <span class=\"_ _2\"></span>Management supp<span class=\"_ _2\"></span>orta il <span class=\"_ _2\"></span>Comitato Consiliare <span class=\"_ _3b\"></span>Rischi e <span class=\"_ _3b\"></span>So<span class=\"_ _1\"></span>stenibilit\u00e0 <span class=\"_ _2\"></span>di Grupp<span class=\"_ _2\"></span>o ed<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1522\">effettua le attivit\u00e0 di seguito descritte. In ambito RAF:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1523\"><span class=\"_ _42\"> </span><span class=\"ff4\">verifica <span class=\"_ _38\"></span>almeno <span class=\"_ _38\"></span>annualmente <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>bont\u00e0 <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>metriche <span class=\"_ _38\"></span>utilizzate <span class=\"_ _38\"></span>sottoponendo <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>backtesting <span class=\"_ _38\"></span>i<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1524\">modelli <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>stima <span class=\"_ _37\"> </span>del <span class=\"_ _37\"> </span>rischio, <span class=\"_ _37\"> </span>riportando <span class=\"_ _37\"> </span>nel <span class=\"_ _3d\"> </span>RAF <span class=\"_ _36\"> </span>gli <span class=\"_ _3d\"> </span>esiti, <span class=\"_ _37\"> </span>eventuali <span class=\"_ _37\"> </span>care<span class=\"_ _1\"></span>nze <span class=\"_ _3d\"> </span>ed <span class=\"_ _37\"> </span>eventuali<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1525\">necessit\u00e0 di sviluppo di nuove met<span class=\"_ _1\"></span>odologie;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1526\"><span class=\"_ _42\"> </span><span class=\"ff4\">rendiconta <span class=\"_ _0\"></span>almeno <span class=\"_ _0\"></span>trimestralmente <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>Comitato <span class=\"_ _0\"></span>Rischi <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>merito <span class=\"_ _0\"></span>all\u2019and<span class=\"_ _2\"></span>amento <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>profilo <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1527\">rischio <span class=\"_ _1\"></span>assunto <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>suo <span class=\"_ _1\"></span>complesso <span class=\"_ _1\"></span>rispetto <span class=\"_ _1\"></span>agli o<span class=\"_ _1\"></span>biettivi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Risk <span class=\"_ _1\"></span>Appetite<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>relativamente <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>utti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1528\">gli indicatori, compresi quelli ineriti il rischio di mercato.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1529\">Si<span class=\"_ _2\"></span> oc<span class=\"_ _2\"></span>cu<span class=\"_ _3b\"></span>pa i<span class=\"_ _3b\"></span>nol<span class=\"_ _3b\"></span>tre:<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs152a\"><span class=\"_ _42\"> </span><span class=\"ff4\">della <span class=\"_ _3b\"></span>misurazione <span class=\"_ _2\"></span>e <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>endicontazione <span class=\"_ _3b\"></span>dei rischi <span class=\"_ _184\"></span>finanziari <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>singo<span class=\"_ _1\"></span>la <span class=\"_ _3b\"></span>societ<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _3b\"></span>e a <span class=\"_ _184\"></span>livello <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>Gruppo,<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs152b\">utilizzando  a <span class=\"_ _35\"> </span>questo  fine  princi<span class=\"_ _2\"></span>palmente  misure  di <span class=\"_ _35\"> </span>rischio  in <span class=\"_ _35\"> </span>termini  di <span class=\"_ _35\"> </span>se<span class=\"_ _1\"></span>nsitivity,  v<span class=\"_ _2\"></span>olte  a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs152c\">verificare <span class=\"_ _35\"> </span>il<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>rispetto <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>limiti <span class=\"_ _0\"></span>assegnati <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>coerenza <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>obiettivi <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _0\"></span>rendimento<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs152d\">assegnati;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs152e\"><span class=\"_ _42\"> </span><span class=\"ff4\">dello <span class=\"_ _38\"></span>sviluppo <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>gestione <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>sistemi <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>isurazione <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ramite <span class=\"_ _38\"></span>l\u2019acquisizione <span class=\"_ _38\"></span>dei<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs152f\">dati di mercato necessari per il calcolo;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1530\"><span class=\"_ _42\"> </span><span class=\"ff4\">della definizione del profilo di rischio dei nuovi prodott<span class=\"_ _1\"></span>i.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1531\">Le <span class=\"_ _35\"> </span>risultanze  d<span class=\"_ _2\"></span>ell\u2019attivit\u00e0 <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>funzione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>Risk <span class=\"_ _35\"> </span>Management  sono <span class=\"_ _35\"> </span>riportate <span class=\"_ _35\"> </span>periodicamente <span class=\"_ _35\"> </span>al<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1532\">Comitato Consiliare Rischi e Sostenibilit\u00e0 di Gruppo.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1533\">A<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1534\">.<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1535\">A<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1536\">s</div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1537\">p<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1538\">e<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1539\">tti gene<span class=\"_ _1\"></span>rali<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs153a\">Rischio d<span class=\"_ _1\"></span>i tas<span class=\"_ _1\"></span>so di inte<span class=\"_ _1\"></span>resse<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs153b\">Credem<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs153c\">banca<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs153d\">Il <span class=\"_ _2\"></span>presidio dei <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischi fi<span class=\"_ _2\"></span>nanziari avviene tramite la <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>finizione <span class=\"_ _2\"></span>di u<span class=\"_ _2\"></span>na struttura di <span class=\"_ _3b\"></span>limiti che <span class=\"_ _2\"></span>costituisce<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs153e\">l\u2019espressione <span class=\"_ _3d\"> </span>diretta <span class=\"_ _3d\"> </span>del  livello <span class=\"_ _3d\"> </span>di  r<span class=\"_ _1\"></span>ischiosit\u00e0 <span class=\"_ _3d\"> </span>ritenuto  accettabile <span class=\"_ _3d\"> </span>con  r<span class=\"_ _1\"></span>iferimento <span class=\"_ _3d\"> </span>alle  singole<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs153f\">aree/linee <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>business<span class=\"_ _1\"></span>, <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>coerenza <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>Risk <span class=\"_ _38\"></span>Appetite <span class=\"_ _38\"></span>Fr<span class=\"_ _1\"></span>amework <span class=\"_ _38\"></span>definito <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>livello <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>gruppo. <span class=\"_ _38\"></span>In<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1540\">particolare i rischi di mercato si gener<span class=\"_ _1\"></span>ano a seguito delle seguenti operativit\u00e0:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsbdc\"><span class=\"_ _3e\"> </span><span class=\"ff4\">attivit\u00e0 tradizionale di raccolta ed impiego;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gsbdd\"><span class=\"_ _3e\"> </span><span class=\"ff4\">attivit\u00e0 sui mercati finanziari con finalit\u00e0 di trading e <span class=\"_ _1\"></span>di investimento;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1541\"><span class=\"_ _3e\"> </span><span class=\"ff4\">attivit\u00e0 di negoziazione di strumenti finanziari in contro<span class=\"_ _1\"></span>partita con la clientela.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1542\">Il<span class=\"_ _3b\"></span> ri<span class=\"_ _2\"></span>sch<span class=\"_ _3b\"></span>io <span class=\"_ _3b\"></span>tas<span class=\"_ _2\"></span>so<span class=\"_ _2\"></span> d<span class=\"_ _3b\"></span>i i<span class=\"_ _3b\"></span>nte<span class=\"_ _3b\"></span>ress<span class=\"_ _3b\"></span>e n<span class=\"_ _3b\"></span>el <span class=\"_ _2\"></span>po<span class=\"_ _3b\"></span>rtaf<span class=\"_ _3b\"></span>ogl<span class=\"_ _2\"></span>io<span class=\"_ _3b\"></span> di<span class=\"_ _2\"></span> n<span class=\"_ _3b\"></span>ego<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>azi<span class=\"_ _3b\"></span>one<span class=\"_ _3b\"></span> di<span class=\"_ _3b\"></span> vi<span class=\"_ _2\"></span>gi<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>nz<span class=\"_ _3b\"></span>a \u00e8<span class=\"_ _2\"></span> g<span class=\"_ _3b\"></span>ene<span class=\"_ _3b\"></span>rato<span class=\"_ _3b\"></span> da<span class=\"_ _2\"></span>ll<span class=\"_ _3b\"></span>\u2019at<span class=\"_ _3b\"></span>tivi<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>svo<span class=\"_ _3b\"></span>lta<span class=\"_ _3b\"></span> sui<span class=\"_ _3a1\"> </span><span class=\"_ _184\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1543\">me<span class=\"_ _2\"></span>rca<span class=\"_ _3b\"></span>ti <span class=\"_ _35\"> </span>ob<span class=\"_ _2\"></span>bl<span class=\"_ _2\"></span>ig<span class=\"_ _2\"></span>azi<span class=\"_ _3b\"></span>ona<span class=\"_ _3b\"></span>ri <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>de<span class=\"_ _3b\"></span>riva<span class=\"_ _3b\"></span>ti <span class=\"_ _35\"> </span>su<span class=\"_ _3b\"></span>  t<span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>so.<span class=\"_ _3b\"></span>  I<span class=\"_ _3b\"></span>l <span class=\"_ _35\"> </span>ris<span class=\"_ _2\"></span>chi<span class=\"_ _3b\"></span>o <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>ta<span class=\"_ _3b\"></span>sso <span class=\"_ _35\"> </span>g<span class=\"_ _3b\"></span>ene<span class=\"_ _2\"></span>ra<span class=\"_ _2\"></span>to <span class=\"_ _35\"> </span>da<span class=\"_ _3b\"></span>  ta<span class=\"_ _3b\"></span>le <span class=\"_ _35\"> </span>a<span class=\"_ _2\"></span>tti<span class=\"_ _3b\"></span>vit\u00e0<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>\u00e8  g<span class=\"_ _3b\"></span>esti<span class=\"_ _3b\"></span>to <span class=\"_ _35\"> </span>e<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1544\">con<span class=\"_ _3b\"></span>tro<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>o t<span class=\"_ _3b\"></span>ram<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>e l<span class=\"_ _2\"></span>imiti in<span class=\"_ _3b\"></span> te<span class=\"_ _3b\"></span>rmin<span class=\"_ _3b\"></span>i d<span class=\"_ _3b\"></span>i se<span class=\"_ _3b\"></span>nsi<span class=\"_ _2\"></span>tiv<span class=\"_ _3b\"></span>ity<span class=\"_ _3b\"></span> e d<span class=\"_ _2\"></span>i v<span class=\"_ _3b\"></span>ega.<span class=\"_ _3b\"></span>  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1545\">Il<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>ri<span class=\"_ _2\"></span>sch<span class=\"_ _3b\"></span>io<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>spec<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>ic<span class=\"_ _3b\"></span>o <span class=\"_ _0\"> </span>o <span class=\"_ _0\"></span>emit<span class=\"_ _3b\"></span>ten<span class=\"_ _3b\"></span>te <span class=\"_ _0\"></span>vie<span class=\"_ _2\"></span>ne<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>m<span class=\"_ _2\"></span>oni<span class=\"_ _3b\"></span>tora<span class=\"_ _3b\"></span>to <span class=\"_ _0\"></span>tr<span class=\"_ _2\"></span>ami<span class=\"_ _3b\"></span>te <span class=\"_ _0\"></span>ap<span class=\"_ _2\"></span>po<span class=\"_ _3b\"></span>siti<span class=\"_ _3b\"></span> <span class=\"_ _0\"> </span>massi<span class=\"_ _3b\"></span>mal<span class=\"_ _3b\"></span>i <span class=\"_ _0\"> </span>di <span class=\"_ _0\"></span>con<span class=\"_ _3b\"></span>cen<span class=\"_ _3b\"></span>traz<span class=\"_ _2\"></span>ion<span class=\"_ _3b\"></span>e <span class=\"_ _0\"></span>pe<span class=\"_ _2\"></span>r<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1546\">set<span class=\"_ _3b\"></span>tor<span class=\"_ _3b\"></span>e e <span class=\"_ _2\"></span>cla<span class=\"_ _3b\"></span>sse<span class=\"_ _3b\"></span> di <span class=\"_ _3b\"></span>rati<span class=\"_ _3b\"></span>ng <span class=\"_ _2\"></span>sia<span class=\"_ _3b\"></span> in <span class=\"_ _3b\"></span>ter<span class=\"_ _2\"></span>min<span class=\"_ _3b\"></span>i di<span class=\"_ _3b\"></span> con<span class=\"_ _3b\"></span>tro<span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>lo<span class=\"_ _3b\"></span>re c<span class=\"_ _3b\"></span>he d<span class=\"_ _3b\"></span>i s<span class=\"_ _3b\"></span>ensi<span class=\"_ _2\"></span>ti<span class=\"_ _3b\"></span>vity.<span class=\"_ _3b\"></span> In<span class=\"_ _3b\"></span>oltr<span class=\"_ _3b\"></span>e il<span class=\"_ _3b\"></span> mod<span class=\"_ _3b\"></span>ell<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span> Va<span class=\"_ _3b\"></span>R i<span class=\"_ _2\"></span>n u<span class=\"_ _3b\"></span>so<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1547\">esc<span class=\"_ _2\"></span>lu<span class=\"_ _3b\"></span>siv<span class=\"_ _2\"></span>am<span class=\"_ _2\"></span>en<span class=\"_ _3b\"></span>te  ai<span class=\"_ _2\"></span>  fin<span class=\"_ _3b\"></span>i  ges<span class=\"_ _3b\"></span>tion<span class=\"_ _3b\"></span>ali<span class=\"_ _3b\"></span> <span class=\"_ _3d\"> </span>inc<span class=\"_ _3b\"></span>lud<span class=\"_ _2\"></span>e  il<span class=\"_ _3b\"></span> <span class=\"_ _3d\"> </span>ri<span class=\"_ _3b\"></span>schi<span class=\"_ _2\"></span>o  e<span class=\"_ _2\"></span>mi<span class=\"_ _3b\"></span>tten<span class=\"_ _3b\"></span>te,  m<span class=\"_ _3b\"></span>edia<span class=\"_ _3b\"></span>nte<span class=\"_ _2\"></span>  l\u2019u<span class=\"_ _3b\"></span>tili<span class=\"_ _3b\"></span>zzo<span class=\"_ _2\"></span>  di  s<span class=\"_ _3b\"></span>erie<span class=\"_ _3b\"></span> <span class=\"_ _3d\"> </span>st<span class=\"_ _3b\"></span>oric<span class=\"_ _2\"></span>he<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1548\">spe<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>fi<span class=\"_ _2\"></span>ch<span class=\"_ _3b\"></span>e su<span class=\"_ _3b\"></span>gli<span class=\"_ _3b\"></span> spr<span class=\"_ _3b\"></span>ead<span class=\"_ _2\"></span> di<span class=\"_ _3b\"></span> me<span class=\"_ _3b\"></span>rcat<span class=\"_ _3b\"></span>o.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1549\">La<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>fun<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>on<span class=\"_ _3b\"></span>e <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Ri<span class=\"_ _2\"></span>sk<span class=\"_ _3b\"></span> <span class=\"_ _38\"></span>Man<span class=\"_ _2\"></span>ag<span class=\"_ _3b\"></span>emen<span class=\"_ _3b\"></span>t <span class=\"_ _1\"></span>pro<span class=\"_ _3b\"></span>duc<span class=\"_ _3b\"></span>e <span class=\"_ _1\"></span>repo<span class=\"_ _3b\"></span>rts<span class=\"_ _3b\"></span> <span class=\"_ _38\"></span>di risc<span class=\"_ _3b\"></span>hio<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>con<span class=\"_ _3b\"></span> <span class=\"_ _38\"></span>fr<span class=\"_ _3b\"></span>equ<span class=\"_ _2\"></span>enz<span class=\"_ _3b\"></span>a <span class=\"_ _38\"></span>gi<span class=\"_ _3b\"></span>orn<span class=\"_ _2\"></span>ali<span class=\"_ _3b\"></span>era<span class=\"_ _2\"></span>, set<span class=\"_ _2\"></span>tim<span class=\"_ _3b\"></span>anal<span class=\"_ _3b\"></span>e <span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs154a\">tri<span class=\"_ _3b\"></span>mes<span class=\"_ _2\"></span>tra<span class=\"_ _3b\"></span>le <span class=\"_ _3b\"></span>a <span class=\"_ _3b\"></span>sec<span class=\"_ _3b\"></span>onda<span class=\"_ _3b\"></span> d<span class=\"_ _3b\"></span>ella<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>funz<span class=\"_ _3b\"></span>io<span class=\"_ _2\"></span>ne <span class=\"_ _3b\"></span>de<span class=\"_ _2\"></span>sti<span class=\"_ _3b\"></span>nat<span class=\"_ _2\"></span>ari<span class=\"_ _3b\"></span>a, <span class=\"_ _3b\"></span>in<span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>ca<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>o <span class=\"_ _3b\"></span>gli<span class=\"_ _3b\"></span> ev<span class=\"_ _3b\"></span>en<span class=\"_ _2\"></span>tua<span class=\"_ _2\"></span>li<span class=\"_ _3b\"></span> s<span class=\"_ _2\"></span>con<span class=\"_ _3b\"></span>fini<span class=\"_ _3b\"></span> r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>sp<span class=\"_ _3b\"></span>etto<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>ai<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>mass<span class=\"_ _3b\"></span>imal<span class=\"_ _3b\"></span>i<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs154b\">as<span class=\"_ _3b\"></span>segn<span class=\"_ _2\"></span>ati<span class=\"_ _3b\"></span> <span class=\"_ _37\"> </span>dal<span class=\"_ _3b\"></span> <span class=\"_ _3d\"> </span>Reg<span class=\"_ _3b\"></span>olam<span class=\"_ _3b\"></span>ento<span class=\"_ _3b\"></span> <span class=\"_ _37\"> </span>in<span class=\"_ _3b\"></span> <span class=\"_ _37\"> </span>mat<span class=\"_ _3b\"></span>eria<span class=\"_ _3b\"></span> <span class=\"_ _37\"> </span>di<span class=\"_ _3b\"></span> <span class=\"_ _37\"> </span>ass<span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>zi<span class=\"_ _3b\"></span>one<span class=\"_ _3b\"></span> <span class=\"_ _37\"> </span>dei<span class=\"_ _3b\"></span> <span class=\"_ _37\"> </span>ri<span class=\"_ _3b\"></span>sch<span class=\"_ _2\"></span>i <span class=\"_ _3d\"> </span>fin<span class=\"_ _3b\"></span>anzi<span class=\"_ _3b\"></span>ari<span class=\"_ _3b\"></span> <span class=\"_ _37\"> </span>e <span class=\"_ _3d\"> </span>la<span class=\"_ _3b\"></span> <span class=\"_ _37\"> </span>mis<span class=\"_ _3b\"></span>ura<span class=\"_ _3b\"></span> <span class=\"_ _37\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _3d\"> </span>risc<span class=\"_ _3b\"></span>hio<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs154c\">ges<span class=\"_ _3b\"></span>tio<span class=\"_ _2\"></span>nal<span class=\"_ _3b\"></span>e in<span class=\"_ _3b\"></span> t<span class=\"_ _2\"></span>erm<span class=\"_ _3b\"></span>ini <span class=\"_ _2\"></span>di<span class=\"_ _3b\"></span> VaR<span class=\"_ _3b\"></span>.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs154d\">Eventuali mo<span class=\"_ _1\"></span>difiche <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>Regolamento <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>ai <span class=\"_ _1\"></span>massimali <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so <span class=\"_ _1\"></span>espressi <span class=\"_ _1\"></span>possono e<span class=\"_ _1\"></span>ssere s<span class=\"_ _1\"></span>ottoposte<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs154e\">a  deliber<span class=\"_ _1\"></span>a  del <span class=\"_ _3d\"> </span>Consiglio <span class=\"_ _3d\"> </span>di  Am<span class=\"_ _1\"></span>ministrazione <span class=\"_ _3d\"> </span>o <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>Comitato  Esecutivo, <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>compentenza, <span class=\"_ _3d\"> </span>su<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs154f\">proposta della Finanza, sentito preventivamente <span class=\"_ _1\"></span>il parere della funzione di Risk Management.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1551\">Credem Euromo<span class=\"_ _1\"></span>biliare Private Banking </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1552\">I <span class=\"_ _35\"> </span>risc<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1553\">hi <span class=\"_ _35\"> </span>di  mercato <span class=\"_ _35\"> </span>legati <span class=\"_ _35\"> </span>al  ris<span class=\"_ _2\"></span>chio <span class=\"_ _35\"> </span>tas<span class=\"_ _1\"></span>so <span class=\"_ _35\"> </span>sono  gestiti<span class=\"_ _2\"></span>ti  attrav<span class=\"_ _2\"></span>erso  limiti <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>ter<span class=\"_ _2\"></span>min<span class=\"_ _3b\"></span>i <span class=\"_ _35\"> </span>di<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>sen<span class=\"_ _3b\"></span>siti<span class=\"_ _3b\"></span>vit<span class=\"_ _2\"></span>y </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1554\">com<span class=\"_ _3b\"></span>ple<span class=\"_ _2\"></span>ssi<span class=\"_ _3b\"></span>va <span class=\"_ _3b\"></span>e su<span class=\"_ _3b\"></span> sin<span class=\"_ _3b\"></span>goli<span class=\"_ _3b\"></span> ti<span class=\"_ _3b\"></span>me b<span class=\"_ _2\"></span>uc<span class=\"_ _3b\"></span>ket.<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1555\">La <span class=\"_ _37\"> </span>funzione <span class=\"_ _36\"> </span>Risk <span class=\"_ _37\"> </span>Management<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>della <span class=\"_ _36\"> </span>capogruppo <span class=\"_ _37\"> </span>ver<span class=\"_ _1\"></span>ifica <span class=\"_ _37\"> </span>il <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>ispetto <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>tali <span class=\"_ _36\"> </span>limiti <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>monitora </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1556\">l\u2019andamento <span class=\"_ _3f\"> </span>del <span class=\"_ _3f\"> </span>requisito <span class=\"_ _3f\"> </span>patrimoniale <span class=\"_ _3a\"> </span>a <span class=\"_ _3f\"> </span>fronte <span class=\"_ _3f\"> </span>dei <span class=\"_ _3f\"> </span>rischi <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>mercato, <span class=\"_ _3f\"> </span>calcolato <span class=\"_ _3f\"> </span>secondo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1557\">l\u2019approccio standard. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1558\">Rischio d<span class=\"_ _1\"></span>i prezz<span class=\"_ _1\"></span>o </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1559\">Nell\u2019ambito <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>\u201cportafoglio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>negoziazione <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>vigilanza\u201d <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>principale <span class=\"_ _38\"></span>fonte<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>zzo <span class=\"_ _1\"></span>\u00e8 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs155a\">costit<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs155b\">uita dai titoli azionari, fondi e dai relativi strumenti derivati.  </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs155c\">Credembanca </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs155d\">I <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>azionari <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>assunti <span class=\"_ _0\"></span>nell\u2019<span class=\"_ _2\"></span>ambito <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>attivit\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs155e\">di <span class=\"_ _0\"></span>trading. <span class=\"_ _0\"></span>Tale <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>svolta <span class=\"_ _0\"></span>sui <span class=\"_ _0\"></span>m<span class=\"_ _2\"></span>ercati </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs155f\">azionari <span class=\"_ _35\"> </span>prevede <span class=\"_ _0\"></span>l\u2019assunzione <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>posizioni <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>rezionali <span class=\"_ _35\"> </span>gestite <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>controllate <span class=\"_ _35\"> </span>tramite <span class=\"_ _0\"></span>massimali <span class=\"_ _35\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1560\">posizione, <span class=\"_ _3d\"> </span>sia <span class=\"_ _37\"> </span>lorda <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>ia <span class=\"_ _3d\"> </span>netta, <span class=\"_ _3d\"> </span>limiti <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>t<span class=\"_ _1\"></span>ermini <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>greche <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>massimali <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>concentrazione <span class=\"_ _37\"> </span>per<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1561\">sottostante.  </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1562\">Credem Euromo<span class=\"_ _1\"></span>biliare Private Banking </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1563\">Il <span class=\"_ _0\"></span>Regolame<span class=\"_ _1\"></span>nto <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>materia <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>sunzione <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _35\"> </span>finanzi<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1564\">ari, <span class=\"_ _35\"> </span>monitorato <span class=\"_ _35\"> </span>dalla <span class=\"_ _0\"></span>funzione <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>Risk </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1565\">Management, non prevede massimali ordinari per l\u2019operat<span class=\"_ _1\"></span>ivit\u00e0 sul rischio azionario.  </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1566\">Rischi cl<span class=\"_ _1\"></span>imatici e<span class=\"_ _1\"></span> ambien<span class=\"_ _1\"></span>tali </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1567\">I rischi <span class=\"_ _1\"></span>climatici-ambientali (fisici <span class=\"_ _1\"></span>e di t<span class=\"_ _1\"></span>ransizione), sono inte<span class=\"_ _1\"></span>grati nell'analisi di rilevanza tr<span class=\"_ _1\"></span>amite la </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1568\">quale <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>Gr<span class=\"_ _1\"></span>uppo <span class=\"_ _35\"> </span>Credem <span class=\"_ _35\"> </span>valuta <span class=\"_ _0\"></span>periodicament<span class=\"_ _1\"></span>e <span class=\"_ _35\"> </span>la <span class=\"_ _0\"> </span>m<span class=\"_ _1\"></span>aterialit\u00e0 di tutti <span class=\"_ _35\"> </span>i <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>esposto. <span class=\"_ _35\"> </span>In </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1569\">particolare, <span class=\"_ _193\"> </span>il <span class=\"_ _29\"> </span>Gruppo <span class=\"_ _29\"> </span>ha <span class=\"_ _193\"> </span>svil<span class=\"_ _2\"></span>uppato <span class=\"_ _193\"> </span>una <span class=\"_ _29\"> </span>met<span class=\"_ _1\"></span>odologia <span class=\"_ _29\"> </span>quantitativa <span class=\"_ _29\"> </span>per<span class=\"_ _1\"></span> <span class=\"_ _29\"> </span>m<span class=\"_ _1\"></span>isurare <span class=\"_ _29\"> </span>il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs156a\">livello di concentrazione del <span class=\"_ _3b\"></span>portafoglio <span class=\"_ _3b\"></span>investiment<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>verso qu<span class=\"_ _2\"></span>elle <span class=\"_ _3b\"></span>impre<span class=\"_ _1\"></span>se <span class=\"_ _2\"></span>la <span class=\"_ _3b\"></span>cui attivit\u00e0 <span class=\"_ _3b\"></span>economica </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs156b\">\u00e8 <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>itenuta <span class=\"_ _38\"></span>particolarmente <span class=\"_ _1\"></span>sensibile <span class=\"_ _38\"></span>ai <span class=\"_ _38\"></span>rischi di transizione. <span class=\"_ _1\"></span>Ne<span class=\"_ _1\"></span>llo <span class=\"_ _1\"></span>specifico, <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>valutare <span class=\"_ _38\"></span>l\u2019impatto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs156c\">del  r<span class=\"_ _1\"></span>ischio  climatico-ambientale  s<span class=\"_ _1\"></span>ul  portafoglio <span class=\"_ _3d\"> </span>Investimenti  di  proprie<span class=\"_ _1\"></span>t\u00e0  del <span class=\"_ _3d\"> </span>Gruppo,  \u00e8  s<span class=\"_ _1\"></span>tata </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs156d\">adottata <span class=\"_ _0\"></span>una <span class=\"_ _35\"> </span>matrice <span class=\"_ _0\"></span>settoriale <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>restituisce <span class=\"_ _35\"> </span>una <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>sintesi <span class=\"_ _35\"> </span>d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>lla <span class=\"_ _0\"></span>rischiosit\u00e0 <span class=\"_ _0\"> </span>(alta, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs156e\">media, <span class=\"_ _0\"></span>bassa) <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>ogni <span class=\"_ _0\"></span>settore <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>distinta <span class=\"_ _0\"></span>sul <span class=\"_ _0\"></span>Pillar <span class=\"_ _0\"></span>Environmental. <span class=\"_ _0\"></span>Al <span class=\"_ _0\"></span>fine <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>monitorare<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs156f\">l\u2019esposizione <span class=\"_ _1\"></span>ai <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _1\"></span>Climate <span class=\"_ _1\"></span>\u2013 <span class=\"_ _1\"></span>Environmental, <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>presente <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>indicatore <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>dicato <span class=\"_ _1\"></span>nell\u2019ambito <span class=\"_ _1\"></span>del </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1570\">processo RAF.  </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1571\">B. Pro<span class=\"_ _1\"></span>cessi di ge<span class=\"_ _1\"></span>stione e me<span class=\"_ _1\"></span>todi<span class=\"_ _1\"></span> di misu<span class=\"_ _1\"></span>razione del<span class=\"_ _1\"></span> rischio d<span class=\"_ _1\"></span>i tasso<span class=\"_ _1\"></span> di intere<span class=\"_ _1\"></span>sse e de<span class=\"_ _1\"></span>l rischio di<span class=\"_ _1\"></span> prezzo<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1572\">Ris<span class=\"_ _2\"></span>chi<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1573\">o <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>tass<span class=\"_ _3b\"></span>o di<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>nter<span class=\"_ _3b\"></span>esse<span class=\"_ _2\"></span> -<span class=\"_ _2\"></span> me<span class=\"_ _2\"></span>tod<span class=\"_ _3b\"></span>ologi<span class=\"_ _3b\"></span>e e <span class=\"_ _2\"></span>met<span class=\"_ _3b\"></span>rich<span class=\"_ _2\"></span>e d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>mi<span class=\"_ _3b\"></span>sura<span class=\"_ _3b\"></span>zione<span class=\"_ _2\"></span>  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1574\">Il <span class=\"_ _39\"> </span>rischio <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>tasso <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>interesse <span class=\"_ _39\"> </span>viene <span class=\"_ _39\"> </span>calcolato<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>giornalmente <span class=\"_ _39\"> </span>tramite <span class=\"_ _39\"> </span>metodologia <span class=\"_ _39\"> </span>VaR <span class=\"_ _39\"> </span>per </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1575\">Credem<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1576\">banca; la <span class=\"_ _1\"></span>misurazione <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>finalit\u00e0 <span class=\"_ _1\"></span>gestionali, <span class=\"_ _1\"></span>non viene <span class=\"_ _1\"></span>utilizzata per <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>calcolo <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>requisito </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1577\">patrimoniale sui rischi di mercato per il qual<span class=\"_ _2\"></span>e il Gruppo Credem adotta l\u2019approccio standard. Il VaR </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1578\">misura la massima perdita potenziale nella quale pu\u00f2 incorrere il port<span class=\"_ _1\"></span>afoglio in base all'evoluzione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1579\">dei <span class=\"_ _0\"></span>fattori <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>mercato, <span class=\"_ _0\"></span>da<span class=\"_ _2\"></span>to <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>certo <span class=\"_ _0\"></span>livello <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>confidenza, <span class=\"_ _0\"></span>nel <span class=\"_ _0\"></span>c<span class=\"_ _3b\"></span>or<span class=\"_ _1\"></span>so <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>determinato <span class=\"_ _38\"></span>or<span class=\"_ _1\"></span>izzonte </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs157a\">temporale. L<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>metodologia <span class=\"_ _2\"></span>applicata <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>G<span class=\"_ _1\"></span>ruppo <span class=\"_ _3b\"></span>Cre<span class=\"_ _1\"></span>dem p<span class=\"_ _2\"></span>revede <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>seguenti p<span class=\"_ _2\"></span>arametri: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs157b\"><span class=\"_ _3e\"> </span><span class=\"ff4\">livello di confidenza 99%;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs157c\"><span class=\"_ _3e\"> </span><span class=\"ff4\">orizzonte temporale 1 giorno; </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs157d\"><span class=\"_ _3e\"> </span><span class=\"ff4\">volatilit\u00e0 <span class=\"_ _1\"></span>calcolata <span class=\"_ _38\"></span>sulla <span class=\"_ _1\"></span>base <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>2 <span class=\"_ _1\"></span>anni <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>osservazioni <span class=\"_ _1\"></span>gior<span class=\"_ _1\"></span>naliere, <span class=\"_ _1\"></span>dando <span class=\"_ _1\"></span>maggior <span class=\"_ _38\"></span>peso <span class=\"_ _38\"></span>ai <span class=\"_ _1\"></span>dati </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs157e\">pi\u00f9 recenti (decay factor <span class=\"ffc\"></span>=0,94). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse20\">Per <span class=\"_ _1\"></span>il calcolo <span class=\"_ _1\"></span>dell\u2019assorbiment<span class=\"_ _1\"></span>o in <span class=\"_ _1\"></span>termini <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>capitale interno <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>procede <span class=\"_ _1\"></span>inoltre <span class=\"_ _1\"></span>a convertire <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>dato </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs157f\">in un VaR a 10gg, applicando prudenzialmente <span class=\"_ _1\"></span>il coefficiente moltiplicativo 3. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse23\">Il dato di rischio \u00e8 anche sottoposto ad analisi di stress testing nell\u2019ambito del processo di verifica </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1580\">dell\u2019adeguatezza patrimoniale, c<span class=\"_ _2\"></span>he mira a <span class=\"_ _2\"></span>verificare la<span class=\"_ _3b\"></span> variazione del cap<span class=\"_ _2\"></span>itale (stimato in<span class=\"_ _3b\"></span> termini di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gse25\">VaR) <span class=\"_ _2\"></span>in c<span class=\"_ _2\"></span>aso di <span class=\"_ _3b\"></span>forti turbolenze <span class=\"_ _3b\"></span>dei mercati <span class=\"_ _3b\"></span>finanziari. L\u2019anali<span class=\"_ _2\"></span>si \u00e8 <span class=\"_ _2\"></span>basata <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ulla <span class=\"_ _2\"></span>determinazione di<span class=\"_ _2\"></span> un<span class=\"_ _3b\"></span>a </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1581\">matrice di varianza <span class=\"_ _3b\"></span>e covarianza dei <span class=\"_ _2\"></span>fattori rischio <span class=\"_ _2\"></span>in ipotesi di<span class=\"_ _2\"></span> condiz<span class=\"_ _2\"></span>ione di stress d<span class=\"_ _2\"></span>ei mercati ch<span class=\"_ _3b\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1582\">innalzi la volatilit\u00e0 delle variabili finanziarie e alteri <span class=\"_ _1\"></span>la struttura delle relazioni fra di esse. </div>La determinazione di<span class=\"_ _2\"></span> tale <span class=\"_ _2\"></span>matrice \u00e8 s<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ata effettuata c<span class=\"_ _2\"></span>on la med<span class=\"_ _3b\"></span>esima metodologia utilizzata per <span class=\"_ _2\"></span>la<span class=\"_ _3a1\"> </span>stimadel VaR. In particolare ci si \u00e8 a<span class=\"_ _1\"></span>vvalsi della possibilit\u00e0 di impostare il periodo stor<span class=\"_ _1\"></span>ico utilizzato<span class=\"_ _3a1\"> </span>come <span class=\"_ _38\"></span>campione <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>analisi <span class=\"_ _1\"></span>per <span class=\"_ _0\"></span>il<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>calcolo <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>volatilit\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>delle<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>correlazioni, <span class=\"_ _38\"></span>sele<span class=\"_ _1\"></span>zionando <span class=\"_ _38\"></span>intervalli<span class=\"_ _3a1\"> </span>temporali <span class=\"_ _2\"></span>critici <span class=\"_ _3b\"></span>(di elevata <span class=\"_ _3b\"></span>volati<span class=\"_ _1\"></span>lit\u00e0) <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ui <span class=\"_ _3b\"></span>me<span class=\"_ _1\"></span>rcati, <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>coe<span class=\"_ _1\"></span>renza con <span class=\"_ _184\"></span>lo scenario <span class=\"_ _2\"></span>complessivo <span class=\"_ _3b\"></span>di stress<span class=\"_ _3a1\"> </span>individuato.<span class=\"_ _3a1\"> </span>In <span class=\"_ _36\"> </span>re<span class=\"_ _1\"></span>lazione <span class=\"_ _36\"> </span>a <span class=\"_ _39\"> </span>Credem <span class=\"_ _36\"> </span>Euromobiliare <span class=\"_ _36\"> </span>Private <span class=\"_ _39\"> </span>Banking <span class=\"_ _36\"> </span>il <span class=\"_ _39\"> </span>rischio <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>tasso <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>interesse <span class=\"_ _36\"> </span>viene<span class=\"_ _3a1\"> </span>monitorato <span class=\"_ _36\"> </span>attraverso <span class=\"_ _37\"> </span>il <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>quisito <span class=\"_ _37\"> </span>patr<span class=\"_ _1\"></span>imoniale <span class=\"_ _37\"> </span>sui <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>me<span class=\"_ _1\"></span>rcato, <span class=\"_ _37\"> </span>che <span class=\"_ _36\"> </span>segue <span class=\"_ _37\"> </span>l\u2019approccio<span class=\"_ _3a1\"> </span>standard.<span class=\"_ _3a1\"> </span>oni di na<span class=\"_ _1\"></span>tura quan<span class=\"_ _1\"></span>titativa<span class=\"_ _3a1\"> </span>lio  di <span class=\"_ _35\"> </span>negoziazione  di <span class=\"_ _35\"> </span>vigilanza:  distribuzione  per <span class=\"_ _35\"> </span>durata  residua <span class=\"_ _35\"> </span>(data  di <span class=\"_ _35\"> </span>riprezzamen<span class=\"_ _3a1\"> </span>to)  d<span class=\"_ _2\"></span>elle<span class=\"_ _3a1\"> </span>lle passivit\u00e0 finanziarie <span class=\"_ _1\"></span>per cassa e derivati finan<span class=\"_ _1\"></span>ziari<span class=\"_ _3a1\"> </span>La <span class=\"_ _3b\"></span>prese<span class=\"_ _1\"></span>nte <span class=\"_ _3b\"></span>tavola <span class=\"_ _3b\"></span>non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3b\"></span>stata <span class=\"_ _2\"></span>redatta <span class=\"_ _3b\"></span>poich\u00e9 <span class=\"_ _3b\"></span>viene<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>se<span class=\"_ _1\"></span>guito <span class=\"_ _3b\"></span>fornita <span class=\"_ _3b\"></span>l\u2019analisi <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>se<span class=\"_ _1\"></span>nsitivit\u00e0 <span class=\"_ _3b\"></span>al <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio<span class=\"_ _3a1\"> </span>tasso di interesse basata sui modelli interni e<span class=\"_ _1\"></span>d altre metodologie.  Nella <span class=\"_ _0\"></span>presente <span class=\"_ _38\"></span>sezione <span class=\"_ _0\"></span>vengono <span class=\"_ _38\"></span>sinteticamente <span class=\"_ _0\"></span>esposti <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>risultati <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>analisi <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>tasso<span class=\"_ _3a1\"> </span>nell\u2019ambito <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>negoziazione. <span class=\"_ _0\"></span>In <span class=\"_ _0\"></span>particolare <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>segui<span class=\"_ _2\"></span>to <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>riportati <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>valori <span class=\"_ _0\"></span>medi,<span class=\"_ _3a1\"> </span>massimi <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>minimi <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>VaR <span class=\"_ _35\"> </span>generato <span class=\"_ _35\"> </span>dal <span class=\"_ _35\"> </span>fattore <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _0\"> </span>t<span class=\"_ _1\"></span>asso <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>intere<span class=\"_ _1\"></span>sse <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>C<span class=\"_ _2\"></span>redembanca<span class=\"_ _3a1\"> </span>relativi agli esercizi 2022, 2023 e 2024. Nella figura sottostante \u00e8 riportato l\u2019andamento di tale dato di VaR per Credem nell\u2019arco de<span class=\"_ _1\"></span>l 2024.<span class=\"_ _3a1\"> </span>Il dato<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>risulta <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>cres<span class=\"_ _1\"></span>cita <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>corso <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>2024, <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>poi <span class=\"_ _1\"></span>riportarsi <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>livelli m<span class=\"_ _1\"></span>olto <span class=\"_ _1\"></span>conte<span class=\"_ _1\"></span>nuti ne<span class=\"_ _1\"></span>ll\u2019ultimo<span class=\"_ _3a1\"> </span>trimestre dell\u2019anno. Figura <span class=\"_ _1\"></span>1. <span class=\"_ _1\"></span>An<span class=\"_ _1\"></span>damento <span class=\"_ _1\"></span>Interest <span class=\"_ _1\"></span>Rat<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>VaR <span class=\"_ _1\"></span>Credem <span class=\"_ _38\"></span>(99%, <span class=\"_ _1\"></span>10gg*coeff <span class=\"_ _1\"></span>molt<span class=\"_ _3a1\"> </span>iplicativo). <span class=\"_ _1\"></span>Dat<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>milioni <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span>euro<span class=\"_ _3a1\"> </span>Per <span class=\"_ _0\"></span>quan<span class=\"_ _2\"></span>to <span class=\"_ _0\"></span>riguarda <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>shift <span class=\"_ _0\"></span>sensitivity <span class=\"_ _38\"></span>analysis <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>limi<span class=\"_ _2\"></span>tatamente <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>portafoglio <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>negoziazione <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span>vigila<span class=\"_ _3a1\"> </span>nza, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>abella <span class=\"_ _1\"></span>sot<span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>riportata <span class=\"_ _38\"></span>mostra <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>dati <span class=\"_ _1\"></span>relativi <span class=\"_ _1\"></span>all\u2019impatto<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>sul <span class=\"_ _38\"></span>margine <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>intere<span class=\"_ _1\"></span>sse <span class=\"_ _1\"></span>su <span class=\"_ _38\"></span>un<span class=\"_ _3a1\"> </span>orizzonte <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>emporale <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>12 <span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>si, <span class=\"_ _1\"></span>nell\u2019ipotesi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>una <span class=\"_ _38\"></span>variazione <span class=\"_ _38\"></span>parallela <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>tassi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>inter<span class=\"_ _1\"></span>esse <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>+/-<span class=\"_ _3a1\"> </span>100 punti base (dato riferito al Gruppo).<span class=\"_ _3a1\"> </span>L\u2019analisi <span class=\"_ _35\"> </span>\u00e8  condotta <span class=\"_ _35\"> </span>coerentemente  con <span class=\"_ _35\"> </span>la  me<span class=\"_ _2\"></span>todologia  u<span class=\"_ _2\"></span>tilizzata  ai <span class=\"_ _35\"> </span>fini <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>misurazione  del<span class=\"_ _3a1\"> </span>rischio <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>ban<span class=\"_ _2\"></span>cario <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>ambito <span class=\"_ _0\"></span>Risk <span class=\"_ _0\"></span>Appetite <span class=\"_ _38\"></span>F<span class=\"_ _1\"></span>ramework <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>segnalazioni<span class=\"_ _3a1\"> </span>regolamentari sul rischio di tasso (IRRBB), in linea con le <span class=\"_ _1\"></span>linee guida europee di riferimento.<table class=\"s w1337 h2b6\" id=\"_1fce3589-4288-468f-abe2-cf0f02c23a8b\"><tr><td class=\"t m12 x21a1 h104 y6666 ff4 fs2b fc1 sc2 ls0 ws0\">T<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>b<span class=\"_ _38\"></span>e<span class=\"_ _0\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _1\"></span>1<span class=\"_ _38\"></span>.<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>D<span class=\"_ _38\"></span>a<span class=\"_ _38\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _38\"></span>i<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>s<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x21a2 y6668 w1338 h2b7\"><div class=\"t m12 x2b3 h104 y6667 ff4 fs2b fc1 sc2 ls0 ws0\">2<span class=\"_ _38\"></span>0<span class=\"_ _38\"></span>2<span class=\"_ _38\"></span>4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21a3 y6668 w1339 h2b7\"><div class=\"t m12 x2b3 h104 y6667 ff4 fs2b fc1 sc2 ls0 ws0\">2<span class=\"_ _38\"></span>0<span class=\"_ _38\"></span>2<span class=\"_ _38\"></span>3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21a4 y6668 w133a h2b7\"><div class=\"t m12 x2b3 h104 y6667 ff4 fs2b fc1 sc2 ls0 ws0\">2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m12 x21a1 h104 y6669 ff4 fs2b fc1 sc2 ls0 ws0\">C<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>m<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m13 x21a5 h105 y666a ff4 fs2c fc1 sc0 ls0 ws0\">I<span class=\"_ _3b\"></span>n<span class=\"_ _1\"></span>terest Ra<span class=\"_ _1\"></span>te VaR -<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>me<span class=\"_ _1\"></span>dio<span class=\"_ _3a1\"> </span></td><td class=\"c n x21a6 y666b w133b h2b7\"><div class=\"t m12 x2b3 h104 y6667 ff4 fs2b fc1 sc0 ls0 ws0\">11,8<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21a7 y666b w133c h2b7\"><div class=\"t m12 x2b3 h104 y6667 ff4 fs2b fc1 sc0 ls0 ws0\">2,<span class=\"_ _1\"></span>6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21a8 y666b w133d h2b7\"><div class=\"t m12 x2b3 h104 y6667 ff4 fs2b fc1 sc0 ls0 ws0\">2,<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m13 x21a9 h105 y666c ff4 fs2c fc1 sc0 ls0 ws0\">min<span class=\"_ _3a1\"> </span></td><td class=\"c n x21a6 y666d w133e h2b7\"><div class=\"t m12 x2b3 h104 y6667 ff4 fs2b fc1 sc0 ls0 ws0\">0,3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21aa y666d w133f h2b7\"><div class=\"t m12 x2b3 h104 y6667 ff4 fs2b fc1 sc0 ls0 ws0\">0,4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ab y666d w1340 h2b7\"><div class=\"t m12 x2b3 h104 y6667 ff4 fs2b fc1 sc0 ls0 ws0\">0<span class=\"_ _2\"></span>,3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x21ac y666e w1341 h2b7\"><div class=\"t m12 x2b3 h104 y6667 ff4 fs2b fc1 sc0 ls0 ws0\">ma<span class=\"_ _1\"></span>x<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ad y666e w1342 h2b7\"><div class=\"t m12 x2b3 h104 y6667 ff4 fs2b fc1 sc0 ls0 ws0\">37,<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ae y666e w1343 h2b7\"><div class=\"t m12 x2b3 h104 y6667 ff4 fs2b fc1 sc0 ls0 ws0\">18,1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21af y666e w1344 h2b7\"><div class=\"t m12 x2b3 h104 y6667 ff4 fs2b fc1 sc0 ls0 ws0\">12<span class=\"_ _1\"></span>,0<span class=\"_ _3a1\"> </span></div></td></tr></table>dati i<span class=\"_ _1\"></span>n m<span class=\"_ _1\"></span>ln d<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>\u20ac<span class=\"_ _2\"></span>, VaR<span class=\"_ _1\"></span> 9<span class=\"_ _1\"></span>9% <span class=\"_ _1\"></span>10gg * <span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>ff moltipli<span class=\"_ _1\"></span>cat<span class=\"_ _2\"></span>ivo - 5,0 10,0 15,0 <span class=\"_ _2\"></span>20,0 25,0 30,0 35,0 40,0 45,0 50<span class=\"_ _2\"></span>,0<span class=\"_ _3a1\"> </span>Int<span class=\"_ _1\"></span>erest <span class=\"_ _3b\"></span>R<span class=\"_ _1\"></span>ate VaR<span class=\"_ _3a1\"> </span>VaR<span class=\"_ _3a1\"> </span>media<span class=\"_ _3a1\"> </span>Ipotesi di<span class=\"_ _1\"></span> shift p<span class=\"_ _1\"></span>arallelo (dati<span class=\"_ _1\"></span> mln di \u20ac)<span class=\"_ _3a1\"> </span>Shock -10<span class=\"_ _1\"></span>0 b.p. <span class=\"_ _1c0\"> </span>Shock +100 <span class=\"_ _1\"></span>b.p.<span class=\"_ _3a1\"> </span>Dati 12/2024 <span class=\"_ _209\"> </span>-0,2<span class=\"_ _20d\"> </span>0,2<span class=\"_ _3a1\"> </span>Ris<span class=\"_ _2\"></span>chi<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>prez<span class=\"_ _2\"></span>zo <span class=\"_ _3b\"></span>- met<span class=\"_ _3b\"></span>odol<span class=\"_ _2\"></span>og<span class=\"_ _2\"></span>ie<span class=\"_ _2\"></span> e <span class=\"_ _3b\"></span>metri<span class=\"_ _3b\"></span>che <span class=\"_ _3b\"></span>di mi<span class=\"_ _2\"></span>sur<span class=\"_ _3b\"></span>azio<span class=\"_ _3b\"></span>ne Il <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>quity <span class=\"_ _1\"></span>viene<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>calcolato <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>le <span class=\"_ _1\"></span>stesse <span class=\"_ _0\"></span>f<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>equenze <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>metodologie <span class=\"_ _38\"></span>indicata <span class=\"_ _0\"></span>per <span class=\"_ _1\"></span>il<span class=\"_ _3a1\"> </span>rischi<span class=\"_ _3a1\"> </span>o tasso.<span class=\"_ _3a1\"> </span>Informazi<span class=\"_ _1\"></span>oni di na<span class=\"_ _1\"></span>tura quan<span class=\"_ _1\"></span>titativa<span class=\"_ _3a1\"> </span>Nella <span class=\"_ _1\"></span>prese<span class=\"_ _1\"></span>nte <span class=\"_ _1\"></span>sezione <span class=\"_ _1\"></span>vengono <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>inteticamente <span class=\"_ _1\"></span>esposti <span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>risultati <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>analisi <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>rischio <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>prezzo<span class=\"_ _3a1\"> </span>nell\u2019ambito <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>negoziazione. <span class=\"_ _0\"></span>In <span class=\"_ _0\"></span>particolare <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>segui<span class=\"_ _2\"></span>to <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>riportati <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>valori <span class=\"_ _0\"></span>medi,<span class=\"_ _3a1\"> </span>massimi <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>minimi <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>VaR <span class=\"_ _1\"></span>generat<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>fatto<span class=\"_ _1\"></span>re <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _38\"></span>prezzo <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>Credem <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>elativi <span class=\"_ _38\"></span>agli <span class=\"_ _38\"></span>eser<span class=\"_ _1\"></span>cizi<span class=\"_ _3a1\"> </span>2022, 2023 e 2024.<span class=\"_ _3a1\"> </span>Il <span class=\"_ _38\"></span>dato <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>Credem <span class=\"_ _0\"></span>risulta <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>li<span class=\"_ _2\"></span>eve <span class=\"_ _0\"></span>aumento <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>petto <span class=\"_ _38\"></span>alla <span class=\"_ _0\"></span>rilevazione <span class=\"_ _38\"></span>precedente <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>sempre <span class=\"_ _38\"></span>su <span class=\"_ _0\"></span>livelli<span class=\"_ _3a1\"> </span>molto<span class=\"_ _3a1\"> </span>contenuti. <span class=\"_ _2\"></span>Nella figura sottostante <span class=\"_ _3b\"></span>\u00e8<span class=\"_ _1\"></span> riportato l<span class=\"_ _2\"></span>\u2019andamento del VaR <span class=\"_ _2\"></span>per C<span class=\"_ _2\"></span>redem nell\u2019arco d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _3a1\"> </span>2024.<span class=\"_ _3a1\"> </span>Figura 2. Andame<span class=\"_ _1\"></span>nto Equity VaR Crede<span class=\"_ _1\"></span>m (99%, 10gg*coeff moltiplic<span class=\"_ _1\"></span>ativ<span class=\"_ _3a1\"> </span>o). Dati <span class=\"_ _1\"></span>in milioni di euro<span class=\"_ _3a1\"> </span>I risultati dell\u2019attivit\u00e0 di backtesting sono riportati in calce al paragrafo 1<span class=\"_ _1\"></span>.2.3 \u201cRischio di cambio\u201d.<span class=\"_ _3a1\"> </span>RISCH<span class=\"_ _1\"></span>IO SPECIF<span class=\"_ _1\"></span>ICO - INF<span class=\"_ _1\"></span>ORM<span class=\"_ _3a1\"> </span>AZIONI<span class=\"_ _1\"></span> DI NATURA<span class=\"_ _1\"></span> QUANT<span class=\"_ _1\"></span>ITATIVA<span class=\"_ _3a1\"> </span>Il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>specifico <span class=\"_ _35\"> </span>\u00e8<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _35\"> </span>di<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>perdite <span class=\"_ _0\"></span>causate <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>sfavorevole <span class=\"_ _0\"> </span>variazione <span class=\"_ _35\"> </span>del<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>prezzo <span class=\"_ _35\"> </span>deg<span class=\"_ _3b\"></span>li<span class=\"_ _3a1\"> </span>strume<span class=\"_ _3a1\"> </span>nti finanziari negoziati dovuta a fattori connessi con la situazione dell\u2019emitte<span class=\"_ _1\"></span>nte. Di <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>eguito <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>riportati <span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>valori <span class=\"_ _38\"></span>medi, <span class=\"_ _0\"></span>massimi <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>minimi <span class=\"_ _38\"></span>(in <span class=\"_ _0\"></span>milioni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>eur<span class=\"_ _1\"></span>o) <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>rischio <span class=\"_ _38\"></span>specifico,<span class=\"_ _3a1\"> </span>calcolati sulla base delle ponderazioni di vigilanza, re<span class=\"_ _1\"></span>lativamente agli esercizi 2022, 2023 e 2024.<table class=\"s w1345 h2b8\" id=\"_cd393a6f-8986-4242-a401-aa6acdd5d51a\"><tr><td class=\"t m16 xe96 h10a y666f ff4 fs31 fc1 sc2 ls0 ws0\">T<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>b<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>.<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>D<span class=\"_ _38\"></span>a<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>R<span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h<span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>p<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x21b0 y6671 w1346 h21e\"><div class=\"t m16 x2b3 h10a y6670 ff4 fs31 fc1 sc2 ls0 ws0\">2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21b1 y6671 w1347 h21e\"><div class=\"t m16 x2b3 h10a y6670 ff4 fs31 fc1 sc2 ls0 ws0\">2<span class=\"_ _38\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21b2 y6671 w1348 h21e\"><div class=\"t m16 x2b3 h10a y6670 ff4 fs31 fc1 sc2 ls0 ws0\">2<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _38\"></span>2<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m16 xe96 h10a y6672 ff4 fs31 fc1 sc2 ls0 ws0\">C<span class=\"_ _38\"></span>r<span class=\"_ _38\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _38\"></span>e<span class=\"_ _0\"></span>m<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m17 x21b3 h10b y6673 ff4 fs32 fc1 sc0 ls0 ws0\">Equit<span class=\"_ _2\"></span>y V<span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>R -<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>m<span class=\"_ _1\"></span>edio<span class=\"_ _3a1\"> </span></td><td class=\"c n x21b4 y6674 w1349 h21e\"><div class=\"t m16 x2b3 h10a y6670 ff4 fs31 fc1 sc0 ls0 ws0\">0,6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21b5 y6674 w134a h21e\"><div class=\"t m16 x2b3 h10a y6670 ff4 fs31 fc1 sc0 ls0 ws0\">0,4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21b6 y6674 w1349 h21e\"><div class=\"t m16 x2b3 h10a y6670 ff4 fs31 fc1 sc0 ls0 ws0\">0,9<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m17 x21b7 h10b y6675 ff4 fs32 fc1 sc0 ls0 ws0\">min<span class=\"_ _3a1\"> </span></td><td class=\"c n x21b4 y6676 w134b h21e\"><div class=\"t m16 x2b3 h10a y6670 ff4 fs31 fc1 sc0 ls0 ws0\">0,0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21b8 y6676 w134b h21e\"><div class=\"t m16 x2b3 h10a y6670 ff4 fs31 fc1 sc0 ls0 ws0\">0,0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21b9 y6676 w134c h21e\"><div class=\"t m16 x2b3 h10a y6670 ff4 fs31 fc1 sc0 ls0 ws0\">0,2<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x21ba y6677 w134d h21e\"><div class=\"t m16 x2b3 h10a y6670 ff4 fs31 fc1 sc0 ls0 ws0\">ma<span class=\"_ _1\"></span>x<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21bb y6677 w134e h21e\"><div class=\"t m16 x2b3 h10a y6670 ff4 fs31 fc1 sc0 ls0 ws0\">2,<span class=\"_ _1\"></span>7<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21bc y6677 w134f h21e\"><div class=\"t m16 x2b3 h10a y6670 ff4 fs31 fc1 sc0 ls0 ws0\">1,5<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21bd y6677 w1350 h21e\"><div class=\"t m16 x2b3 h10a y6670 ff4 fs31 fc1 sc0 ls0 ws0\">2,<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></div></td></tr></table>dati <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>mln <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>\u20ac,<span class=\"_ _3b\"></span> <span class=\"_ _1\"></span>Va<span class=\"_ _1\"></span>R <span class=\"_ _1\"></span>99%<span class=\"_ _1\"></span> 10gg *<span class=\"_ _1\"></span> C<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>ff mol<span class=\"_ _1\"></span>tiplicativo - <span class=\"_ _2\"></span>0<span class=\"_ _1\"></span>,5 <span class=\"_ _2\"></span>1,0 <span class=\"_ _2\"></span>1,5 2,0 2,5 3,0 <span class=\"_ _2\"></span>3,5 4<span class=\"_ _2\"></span>,<span class=\"_ _1\"></span>0 4<span class=\"_ _2\"></span>,<span class=\"_ _1\"></span>5 <span class=\"_ _2\"></span>5,0<span class=\"_ _3a1\"> </span>E<span class=\"_ _1\"></span>q<span class=\"_ _38\"></span>uity <span class=\"_ _3b\"></span>V<span class=\"_ _1\"></span>aR<span class=\"_ _3a1\"> </span>V<span class=\"_ _1\"></span>aR<span class=\"_ _3a1\"> </span>me<span class=\"_ _1\"></span>dia<span class=\"_ _3a1\"> </span>Relativamente <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>Credem <span class=\"_ _3d\"> </span>Euromobiliare  P<span class=\"_ _1\"></span>rivate  B<span class=\"_ _1\"></span>anking  il <span class=\"_ _37\"> </span>requisito <span class=\"_ _3d\"> </span>patrimoniale <span class=\"_ _3d\"> </span>sui <span class=\"_ _3d\"> </span>rischi  di<span class=\"_ _3a1\"> </span>mercato, generico e specifico, risulta sostanzialmente <span class=\"_ _1\"></span>non rilevante.<span class=\"_ _3a1\"> </span>1.2.2 Rischio di tasso di interesse e rischio di prezzo \u2013 port<span class=\"_ _3a1\"> </span>afoglio bancario<span class=\"_ _3a1\"> </span>Informazi<span class=\"_ _1\"></span>oni di na<span class=\"_ _1\"></span>tura quali<span class=\"_ _1\"></span>tativa<span class=\"_ _3a1\"> </span>A. A<span class=\"_ _1\"></span>spe<span class=\"_ _3a1\"> </span>tti ge<span class=\"_ _1\"></span>nerali, <span class=\"_ _1\"></span>proce<span class=\"_ _1\"></span>ssi di<span class=\"_ _1\"></span> ge<span class=\"_ _1\"></span>stione <span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>todi di<span class=\"_ _1\"></span> m<span class=\"_ _1\"></span>isurazion<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>l ris<span class=\"_ _1\"></span>chio d<span class=\"_ _1\"></span>i tas<span class=\"_ _1\"></span>so di <span class=\"_ _1\"></span>intere<span class=\"_ _1\"></span>sse e<span class=\"_ _3a1\"> </span>del ri<span class=\"_ _1\"></span>schio di p<span class=\"_ _1\"></span>rezzo<span class=\"_ _3a1\"> </span>Rischio d<span class=\"_ _1\"></span>i tas<span class=\"_ _1\"></span>so<span class=\"_ _3a1\"> </span>Credem <span class=\"_ _1\"></span>adotta la <span class=\"_ _1\"></span>definizione normat<span class=\"_ _1\"></span>iva di r<span class=\"_ _1\"></span>ischio di t<span class=\"_ _1\"></span>asso di <span class=\"_ _1\"></span>interesse s<span class=\"_ _1\"></span>ul banking book, <span class=\"_ _1\"></span>secondo<span class=\"_ _3a1\"> </span>cui  il  r<span class=\"_ _1\"></span>ischio  in <span class=\"_ _3d\"> </span>oggett<span class=\"_ _1\"></span>o  \u00e8: <span class=\"_ _3d\"> </span>\u201cil <span class=\"_ _3d\"> </span>rischio  di <span class=\"_ _3d\"> </span>tass<span class=\"_ _1\"></span>o  di <span class=\"_ _3d\"> </span>interesse <span class=\"_ _3d\"> </span>derivante <span class=\"_ _3d\"> </span>da  attivit\u00e0 <span class=\"_ _3d\"> </span>diverse <span class=\"_ _3d\"> </span>dalla<span class=\"_ _3a1\"> </span>negoziazione: rischio derivante da variazioni potenziali dei tass<span class=\"_ _1\"></span>i di interesse\u201d. L\u2019esposizione al rischio di tasso di interesse pu\u00f2 essere de<span class=\"_ _1\"></span>clinata in: -<span class=\"_ _3a1\"> </span>rischio di r<span class=\"_ _2\"></span>eddito<span class=\"_ _3a1\"> </span>, derivante dal<span class=\"_ _2\"></span>la possibilit\u00e0 che <span class=\"_ _3b\"></span>una variazione inattesa nei <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>assi di <span class=\"_ _2\"></span>interesse<span class=\"_ _3a1\"> </span>produca <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>riduzione <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>margine <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>interesse <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>dipende <span class=\"_ _38\"></span>dallo <span class=\"_ _38\"></span>sfasamento <span class=\"_ _0\"></span>n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>lla <span class=\"_ _38\"></span>struttura<span class=\"_ _3a1\"> </span>temporale delle scadenze e p<span class=\"_ _2\"></span>eriodi di <span class=\"_ _2\"></span>ridefinizione delle condizioni di <span class=\"_ _2\"></span>tasso di interesse degli<span class=\"_ _3a1\"> </span>impieghi e della raccolta;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>rischio <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>investimento,  ossia  di <span class=\"_ _3d\"> </span>subire <span class=\"_ _3d\"> </span>variazioni  negative  ne<span class=\"_ _1\"></span>i  valori <span class=\"_ _3d\"> </span>di  tutte <span class=\"_ _3d\"> </span>le  attivit\u00e0,<span class=\"_ _3a1\"> </span>passivit\u00e0 <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>strumenti <span class=\"_ _0\"></span>fuori <span class=\"_ _0\"></span>bilancio, <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>seguito <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>mutamenti <span class=\"_ _0\"></span>nei <span class=\"_ _0\"></span>tassi <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>interesse, <span class=\"_ _0\"></span>con <span class=\"_ _35\"> </span>un<span class=\"_ _3a1\"> </span>conseguente impatto destabilizzante <span class=\"_ _1\"></span>sull\u2019equilib<span class=\"_ _2\"></span>rio patrimo<span class=\"_ _1\"></span>niale.<span class=\"_ _3a1\"> </span>La <span class=\"_ _38\"></span>politica <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ge<span class=\"_ _1\"></span>stione <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>tasso <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>\u2019interesse <span class=\"_ _38\"></span>sul <span class=\"_ _38\"></span>banking <span class=\"_ _0\"></span>book <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>G<span class=\"_ _1\"></span>ruppo <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>volta<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>una<span class=\"_ _3a1\"> </span>sana <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>prudente <span class=\"_ _38\"></span>gestione <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>rischi<span class=\"_ _2\"></span>o <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>livello <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>Gruppo, <span class=\"_ _38\"></span>tale<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>da <span class=\"_ _0\"></span>assicurare <span class=\"_ _38\"></span>l\u2019ottimizzazione <span class=\"_ _0\"></span>degli<span class=\"_ _3a1\"> </span>obiettivi <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>rischio/re<span class=\"_ _1\"></span>ndimento <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>coerenza  con <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>Risk <span class=\"_ _35\"> </span>Ap<span class=\"_ _2\"></span>petite  Framework <span class=\"_ _35\"> </span>definito <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>livello <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span>Gruppo. <span class=\"_ _35\"> </span>Tali <span class=\"_ _0\"></span>obiet<span class=\"_ _1\"></span>tivi <span class=\"_ _35\"> </span>sono <span class=\"_ _0\"> </span>pe<span class=\"_ _1\"></span>rseguiti <span class=\"_ _0\"> </span>m<span class=\"_ _1\"></span>antenendo <span class=\"_ _35\"> </span>uno <span class=\"_ _35\"> </span>sbilanc<span class=\"_ _2\"></span>io <span class=\"_ _35\"> </span>tendenzialmente <span class=\"_ _35\"> </span>contenuto <span class=\"_ _0\"></span>e<span class=\"_ _3a1\"> </span>all\u2019interno <span class=\"_ _0\"></span>dei <span class=\"_ _35\"> </span>massimali <span class=\"_ _0\"></span>definiti, <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>seconda <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>rilevanza <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>rischio <span class=\"_ _35\"> </span>nelle <span class=\"_ _0\"></span>singole <span class=\"_ _0\"></span>societ\u00e0, <span class=\"_ _0\"></span>nei<span class=\"_ _3a1\"> </span>Regolamenti in materia di assunzione dei rischi finanziari.<span class=\"_ _3a1\"> </span>Con <span class=\"_ _1\"></span>riferimento <span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>ischio <span class=\"_ _1\"></span>di t<span class=\"_ _1\"></span>asso di <span class=\"_ _1\"></span>intere<span class=\"_ _1\"></span>sse del <span class=\"_ _1\"></span>banking <span class=\"_ _1\"></span>book <span class=\"_ _1\"></span>(IRRBB) <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>Gruppo <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>dotato <span class=\"_ _1\"></span>di una<span class=\"_ _3a1\"> </span>Policy <span class=\"_ _1\"></span>interna <span class=\"_ _1\"></span>dedicata <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>ha la <span class=\"_ _1\"></span>finalit\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>definire <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>linee <span class=\"_ _1\"></span>guida <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>principi di <span class=\"_ _1\"></span>gover<span class=\"_ _1\"></span>no e <span class=\"_ _38\"></span>gestione<span class=\"_ _3a1\"> </span>del <span class=\"_ _3b\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>tasso, <span class=\"_ _3b\"></span>delineando l<span class=\"_ _2\"></span>\u2019insieme d<span class=\"_ _2\"></span>elle <span class=\"_ _3b\"></span>norme <span class=\"_ _3b\"></span>e p<span class=\"_ _2\"></span>rocessi <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>contr<span class=\"_ _1\"></span>ollo <span class=\"_ _3b\"></span>finalizzati <span class=\"_ _3b\"></span>a <span class=\"_ _2\"></span>stabilizzare<span class=\"_ _3a1\"> </span>il margine di interesse sul portafoglio bancario per<span class=\"_ _1\"></span> il Gruppo e per le singole societ\u00e0. Le <span class=\"_ _0\"></span>linee <span class=\"_ _35\"> </span>guida <span class=\"_ _0\"></span>contenute <span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span>lla <span class=\"_ _0\"></span>Policy <span class=\"_ _0\"></span>fanno <span class=\"_ _35\"> </span>riferimento <span class=\"_ _0\"></span>alle <span class=\"_ _0\"></span>disposizioni <span class=\"_ _0\"></span>emanat<span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>dalle <span class=\"_ _35\"> </span>autorit\u00e0<span class=\"_ _3a1\"> </span>nazionali <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>europee <span class=\"_ _0\"></span>relativamente <span class=\"_ _0\"></span>alle <span class=\"_ _0\"></span>istruzi<span class=\"_ _2\"></span>oni <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>termini <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>g<span class=\"_ _2\"></span>overno <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>tasso di interesse e credit spread del banking book.<span class=\"_ _3a1\"> </span>La <span class=\"_ _0\"></span>Policy, <span class=\"_ _0\"></span>coerentemente <span class=\"_ _38\"></span>alla <span class=\"_ _0\"></span>normativa <span class=\"_ _0\"></span>europea, <span class=\"_ _0\"></span>prevede <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>due <span class=\"_ _0\"></span>metriche <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>riferimento <span class=\"_ _38\"></span>per <span class=\"_ _0\"></span>la<span class=\"_ _3a1\"> </span>misurazione  del  rischio  di  tasso,  Sens<span class=\"_ _1\"></span>itivity  di  Valore  Economico  e  Sensitivity  del  Margine  di<span class=\"_ _3a1\"> </span>Interesse <span class=\"_ _48\"> </span>all\u2019interno <span class=\"_ _48\"> </span>del <span class=\"_ _17e\"> </span>Risk <span class=\"_ _48\"> </span>Appetite <span class=\"_ _48\"> </span>Framework <span class=\"_ _48\"> </span>nonch\u00e9 <span class=\"_ _48\"> </span>ne<span class=\"_ _1\"></span>i <span class=\"_ _48\"> </span>processi <span class=\"_ _48\"> </span>di <span class=\"_ _48\"> </span>Adeguatezza<span class=\"_ _3a1\"> </span>Patrimoniale (ICAAP). Il <span class=\"_ _36\"> </span>Gruppo <span class=\"_ _39\"> </span>monitora <span class=\"_ _39\"> </span>inoltre <span class=\"_ _39\"> </span>il <span class=\"_ _36\"> </span>rischio <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>cre<span class=\"_ _1\"></span>dit <span class=\"_ _36\"> </span>s<span class=\"_ _1\"></span>pread <span class=\"_ _39\"> </span>(CSRBB) <span class=\"_ _36\"> </span>all\u2019interno <span class=\"_ _39\"> </span>del <span class=\"_ _39\"> </span>Risk <span class=\"_ _36\"> </span>Appetite<span class=\"_ _3a1\"> </span>Framework <span class=\"_ _1\"></span>sul port<span class=\"_ _1\"></span>afoglio titoli de<span class=\"_ _1\"></span>l banking boo<span class=\"_ _1\"></span>k, se<span class=\"_ _1\"></span>condo la <span class=\"_ _1\"></span>definizione nor<span class=\"_ _1\"></span>mativa e<span class=\"_ _1\"></span> in <span class=\"_ _1\"></span>linea con<span class=\"_ _3a1\"> </span>la <span class=\"_ _3b\"></span>P<span class=\"_ _1\"></span>olicy <span class=\"_ _2\"></span>interna <span class=\"_ _3b\"></span>che<span class=\"_ _1\"></span>, <span class=\"_ _3b\"></span>com<span class=\"_ _1\"></span>e <span class=\"_ _3b\"></span>sul rischi<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>asso di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>interesse <span class=\"_ _2\"></span>disciplina <span class=\"_ _3b\"></span>i princi<span class=\"_ _2\"></span>pi d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>gover<span class=\"_ _1\"></span>no <span class=\"_ _2\"></span>e gestione<span class=\"_ _3a1\"> </span>di <span class=\"_ _0\"></span>ta<span class=\"_ _1\"></span>le <span class=\"_ _0\"></span>ris<span class=\"_ _1\"></span>chio. <span class=\"_ _0\"></span>Esso <span class=\"_ _35\"> </span>rappresenta <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>rischio <span class=\"_ _0\"></span>determinato <span class=\"_ _35\"> </span>dalle <span class=\"_ _0\"></span>variazioni <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>pre<span class=\"_ _1\"></span>zzo <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>mercato <span class=\"_ _0\"></span>a<span class=\"_ _3a1\"> </span>fronte <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>var<span class=\"_ _1\"></span>iazioni <span class=\"_ _38\"></span>dello <span class=\"_ _38\"></span>spread <span class=\"_ _38\"></span>creditizio <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>vi<span class=\"_ _2\"></span>ene <span class=\"_ _38\"></span>monitorato <span class=\"_ _38\"></span>sia <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>mini <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>variazioni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>valore<span class=\"_ _3a1\"> </span>economico che di margine di interesse.<span class=\"_ _3a1\"> </span>Tali <span class=\"_ _36\"> </span>metriche, <span class=\"_ _36\"> </span>calcolate <span class=\"_ _36\"> </span>dalla <span class=\"_ _36\"> </span>funzione <span class=\"_ _36\"> </span>Risk <span class=\"_ _36\"> </span>Manageme<span class=\"_ _1\"></span>nt <span class=\"_ _36\"> </span>e <span class=\"_ _36\"> </span>rendicontate <span class=\"_ _36\"> </span>periodicamente <span class=\"_ _36\"> </span>ai<span class=\"_ _3a1\"> </span>comitati <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>riferimento<span class=\"_ _3a1\"> </span>31<span class=\"_ _3a1\"> </span>, <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>affiancate <span class=\"_ _38\"></span>da <span class=\"_ _38\"></span>indicatori <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>perativi <span class=\"_ _38\"></span>dis<span class=\"_ _1\"></span>ciplinati <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>golamenti <span class=\"_ _38\"></span>delle<span class=\"_ _3a1\"> </span>societ\u00e0 esistenti in materia di assunzione Rischi Finanziari.<span class=\"_ _3a1\"> </span>Le <span class=\"_ _0\"></span>princi<span class=\"_ _2\"></span>pali <span class=\"_ _0\"></span>funzioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>cui <span class=\"_ _38\"></span>si <span class=\"_ _0\"></span>avvalgono <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>CA <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _0\"></span>Capogruppo <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>virt\u00f9 <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>propria <span class=\"_ _0\"></span>funzione <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span>supervisione <span class=\"_ _38\"></span>Strategica <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>CE <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>qualit\u00e0<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>gano <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>funzione <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>gest<span class=\"_ _1\"></span>ione <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>tasso <span class=\"_ _38\"></span>del<table class=\"s w1351 h2b9\" id=\"_d94e3b45-2996-4d18-95db-70ba0d381915\"><tr><td class=\"t m18 x21bf h112 y6678 ff4 fs37 fc1 sc2 ls0 ws0\">T<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>b<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _1\"></span>3<span class=\"_ _38\"></span>.<span class=\"_ _0\"></span> <span class=\"_ _1\"></span>D<span class=\"_ _38\"></span>a<span class=\"_ _38\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _38\"></span>i<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>h<span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>p<span class=\"_ _38\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>f<span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x21c0 y667a w1352 h2ba\"><div class=\"t m18 x2b3 h112 y6679 ff4 fs37 fc1 sc2 ls0 ws0\">2<span class=\"_ _38\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21c1 y667a w1353 h2ba\"><div class=\"t m18 x2b3 h112 y6679 ff4 fs37 fc1 sc2 ls0 ws0\">2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21c2 y667a w1354 h2ba\"><div class=\"t m18 x2b3 h112 y6679 ff4 fs37 fc1 sc2 ls0 ws0\">2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x21c4 y667b w1355 h2bb\"><div class=\"t m19 x2b3 h113 y6679 ff4 fs38 fc1 sc0 ls0 ws0\">Risc<span class=\"_ _3b\"></span>hio speci<span class=\"_ _2\"></span>fico <span class=\"_ _3b\"></span>-<span class=\"_ _3a1\"> </span></div><div class=\"t m18 x21c3 h112 y6679 ff4 fs37 fc1 sc0 ls0 ws0\">m<span class=\"_ _1\"></span>edio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21c5 y667b w1356 h2ba\"><div class=\"t m18 x2b3 h112 y6679 ff4 fs37 fc1 sc0 ls0 ws0\">0,1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21c6 y667b w1357 h2ba\"><div class=\"t m18 x2b3 h112 y6679 ff4 fs37 fc1 sc0 ls0 ws0\">0,2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21c7 y667b w1358 h2ba\"><div class=\"t m18 x2b3 h112 y6679 ff4 fs37 fc1 sc0 ls0 ws0\">0<span class=\"_ _2\"></span>,6<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m19 x21c8 h113 y667c ff4 fs38 fc1 sc0 ls0 ws0\">m<span class=\"_ _1\"></span>in<span class=\"_ _3a1\"> </span></td><td class=\"c n x21c9 y667d w1356 h2ba\"><div class=\"t m18 x2b3 h112 y6679 ff4 fs37 fc1 sc0 ls0 ws0\">0,1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ca y667d w1359 h2ba\"><div class=\"t m18 x2b3 h112 y6679 ff4 fs37 fc1 sc0 ls0 ws0\">0,0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21cb y667d w135a h2ba\"><div class=\"t m18 x2b3 h112 y6679 ff4 fs37 fc1 sc0 ls0 ws0\">0,5<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m19 x21c8 h113 y667e ff4 fs38 fc1 sc0 ls0 ws0\">m<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x<span class=\"_ _3a1\"> </span></td><td class=\"c n x21c9 y667f w1356 h2b7\"><div class=\"t m18 x2b3 h112 y6679 ff4 fs37 fc1 sc0 ls0 ws0\">0,1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ca y667f w135b h2b7\"><div class=\"t m18 x2b3 h112 y6679 ff4 fs37 fc1 sc0 ls0 ws0\">0,4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21cc y667f w135c h2b7\"><div class=\"t m18 x2b3 h112 y6679 ff4 fs37 fc1 sc0 ls0 ws0\">0,8<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m19 x21bf h114 y6680 ff4 fs39 fc1 sc0 ls0 ws0\">dati i<span class=\"_ _1\"></span>n m<span class=\"_ _1\"></span>ln <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>\u20ac<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr></table>C<span class=\"_ _38\"></span>r<span class=\"_ _38\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _38\"></span>e<span class=\"_ _0\"></span>m<span class=\"_ _3a1\"> </span>banking <span class=\"_ _3d\"> </span>book, <span class=\"_ _37\"> </span>sono <span class=\"_ _37\"> </span>il <span class=\"_ _3d\"> </span>Comitato <span class=\"_ _37\"> </span>Consiliare <span class=\"_ _37\"> </span>Rischi <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>Sostenibilit\u00e0 <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>Gruppo, <span class=\"_ _3d\"> </span>il <span class=\"_ _37\"> </span>Comitato<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>Risk<span class=\"_ _3a1\"> </span>Manage<span class=\"_ _3a1\"> </span>ment <span class=\"_ _1\"></span>(con <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>responsabilit\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>cui al <span class=\"_ _1\"></span>par<span class=\"_ _1\"></span>agrafo<span class=\"_ _3a1\"> </span>2.1 <span class=\"_ _1\"></span>Rischio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>tasso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>interesse <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischio d<span class=\"_ _3a1\"> </span>prezzo \u2013 portafoglio <span class=\"_ _2\"></span>di negoziazione di <span class=\"_ _3b\"></span>vigilanza<span class=\"_ _3a1\"> </span>) e il <span class=\"_ _2\"></span>comitato Asset &amp; L<span class=\"_ _2\"></span>iability Management (A<span class=\"_ _2\"></span>LM)<span class=\"_ _3a1\"> </span>il qual<span class=\"_ _2\"></span>e, nell\u2019attivit\u00e0 propositiva al CA, <span class=\"_ _2\"></span>esamina il profilo di<span class=\"_ _2\"></span> rischio del <span class=\"_ _2\"></span>Gruppo monitorando i l<span class=\"_ _2\"></span>imiti di<span class=\"_ _3a1\"> </span>rischio <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"></span>agli <span class=\"_ _0\"></span>obiettivi <span class=\"_ _0\"></span>fissati <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>ambito <span class=\"_ _0\"></span>RAF <span class=\"_ _0\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>individua <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>linee <span class=\"_ _0\"></span>guida <span class=\"_ _0\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>strategie <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la<span class=\"_ _3a1\"> </span>gestione del rischio di tasso di intere<span class=\"_ _1\"></span>sse.<span class=\"_ _3a1\"> </span>La gestione operativa del rischio di tasso di interesse e credit spread sul banking book \u00e8 attribuita<span class=\"_ _3a1\"> </span>alla Finanza alla quale competono:<span class=\"_ _3a1\"> </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">la proposizione al Com<span class=\"_ _1\"></span>itato ALM delle linee guida di gestione <span class=\"_ _1\"></span>del rischio di tasso di interesse<span class=\"_ _3a1\"> </span></span>e <span class=\"_ _38\"></span>credit <span class=\"_ _38\"></span>spread <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>banking <span class=\"_ _1\"></span>book <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>formulazione <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>proposte <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>Risk <span class=\"_ _38\"></span>Manageme<span class=\"_ _1\"></span>nt, <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>la<span class=\"_ _3a1\"> </span>successiva approvazione del <span class=\"_ _3b\"></span>Comitat<span class=\"_ _1\"></span>o Consiliare <span class=\"_ _2\"></span>Rischi e <span class=\"_ _2\"></span>Sostenibilit\u00e0 di Grupp<span class=\"_ _2\"></span>o, di i<span class=\"_ _2\"></span>ndirizzo<span class=\"_ _3a1\"> </span>strategico del profilo di rischio di tasso <span class=\"_ _1\"></span>di interesse del banking book;<span class=\"_ _3a1\"> </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">la <span class=\"_ _1\"></span>gestione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>di t<span class=\"_ _1\"></span>asso e <span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>dit spread <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>Capogruppo <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>Societ\u00e0 <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Gruppo,<span class=\"_ _3a1\"> </span></span>in coerenza con i<span class=\"_ _2\"></span>l profilo di <span class=\"_ _2\"></span>rischio complessivo d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>finito e con l<span class=\"_ _2\"></span>e linee guid<span class=\"_ _2\"></span>a ricevute da <span class=\"_ _2\"></span>parte<span class=\"_ _3a1\"> </span>del Comitato ALM, nonch\u00e9 nell\u2019ambito dei massimali assegnati;<span class=\"_ _3a1\"> </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">la <span class=\"_ _35\"> </span>definiz<span class=\"_ _2\"></span>ione, <span class=\"_ _35\"> </span>congiuntamente <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>Risk <span class=\"_ _0\"></span>Management, <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>s<span class=\"_ _2\"></span>truttura <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>limiti <span class=\"_ _35\"> </span>operativi <span class=\"_ _0\"></span>da<span class=\"_ _3a1\"> </span></span>sottoporre <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>CE, <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>erenza <span class=\"_ _3b\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>RAF <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>la <span class=\"_ _3b\"></span>condivisione <span class=\"_ _2\"></span>dei <span class=\"_ _3b\"></span>modelli <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>misurazione <span class=\"_ _3b\"></span>del rischio<span class=\"_ _3a1\"> </span>definiti dal Risk Management.<span class=\"_ _3a1\"> </span>Nell\u2019attivit\u00e0 <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>gestione<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>operativa <span class=\"_ _39\"> </span>la <span class=\"_ _39\"> </span>Finanza <span class=\"_ _39\"> </span>si <span class=\"_ _39\"> </span>basa <span class=\"_ _39\"> </span>su <span class=\"_ _39\"> </span>an<span class=\"_ _1\"></span>alisi <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>interest<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>ate <span class=\"_ _39\"> </span>sensitivity<span class=\"_ _3a1\"> </span>complessiva e buckettizzata, al fi<span class=\"_ _2\"></span>ne di evidenziare il <span class=\"_ _2\"></span>grado di esposizione asset o l<span class=\"_ _2\"></span>iability sensitive<span class=\"_ _3a1\"> </span>sui singoli tratti di curva. La <span class=\"_ _3d\"> </span>Finanza <span class=\"_ _37\"> </span>si <span class=\"_ _37\"> </span>occupa <span class=\"_ _3d\"> </span>inoltre <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>proporre <span class=\"_ _37\"> </span>al <span class=\"_ _37\"> </span>Comitato <span class=\"_ _3d\"> </span>ALM <span class=\"_ _37\"> </span>gli <span class=\"_ _3d\"> </span>inter<span class=\"_ _1\"></span>venti <span class=\"_ _3d\"> </span>ritenuti <span class=\"_ _37\"> </span>necessari <span class=\"_ _3d\"> </span>a<span class=\"_ _3a1\"> </span>migliorare <span class=\"_ _3b\"></span>il profilo <span class=\"_ _3b\"></span>complessivo i<span class=\"_ _3b\"></span>n termini <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>rischio di <span class=\"_ _184\"></span>tasso (e <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>liquidit\u00e0 <span class=\"_ _2\"></span>strutturale) <span class=\"_ _3b\"></span>e di <span class=\"_ _3b\"></span>realizzare<span class=\"_ _3a1\"> </span>operativamente tali interventi. Nell\u2019ambito <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>processo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>gestione <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>valu<span class=\"_ _2\"></span>tazione <span class=\"_ _0\"></span>dell\u2019adeguatezza <span class=\"_ _0\"></span>patrimoniale <span class=\"_ _0\"></span>e<span class=\"_ _3a1\"> </span>prospettica, la funzione di Risk Management:<span class=\"_ _3a1\"> </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">supporta il <span class=\"_ _3b\"></span>CA nell\u2019attivit\u00e0 <span class=\"_ _2\"></span>valutativa v<span class=\"_ _2\"></span>olta a <span class=\"_ _2\"></span>deliberare ob<span class=\"_ _2\"></span>iettivi d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio e <span class=\"_ _3b\"></span>soglie di <span class=\"_ _3b\"></span>tolleranza<span class=\"_ _3a1\"> </span></span>nell\u2019ambito RAF, nonch\u00e9 nella verifica nel continuo della sua attuazione;<span class=\"_ _3a1\"> </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">propone <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>Comitato <span class=\"_ _1\"></span>Rischi, <span class=\"_ _1\"></span>di co<span class=\"_ _1\"></span>ncerto <span class=\"_ _1\"></span>con la <span class=\"_ _38\"></span>funzione F<span class=\"_ _1\"></span>inanza ne<span class=\"_ _1\"></span>ll\u2019ambito del <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ocesso <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span></span>RAF, l\u2019indirizzo <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>trategico <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>merito <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>profilo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>tasso <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>banking <span class=\"_ _1\"></span>book <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>ai <span class=\"_ _1\"></span>livelli <span class=\"_ _1\"></span>di s<span class=\"_ _1\"></span>oglia <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span>tolleranza adottabili;<span class=\"_ _3a1\"> </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">definisce i <span class=\"_ _1\"></span>modelli <span class=\"_ _1\"></span>di misurazione <span class=\"_ _1\"></span>del r<span class=\"_ _1\"></span>ischio di <span class=\"_ _1\"></span>tasso del <span class=\"_ _1\"></span>banking book, con <span class=\"_ _1\"></span>il s<span class=\"_ _1\"></span>upporto de<span class=\"_ _1\"></span>lla<span class=\"_ _3a1\"> </span></span>Finanza, da sottoporre al CE;<span class=\"_ _3a1\"> </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">valida <span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>modelli <span class=\"_ _0\"></span>utilizzati <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>quantificare <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>congruit\u00e0<span class=\"_ _3a1\"> </span></span>delle ipotesi di stress sottostanti;<span class=\"_ _3a1\"> </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">definisce, <span class=\"_ _0\"></span>congi<span class=\"_ _2\"></span>untamente <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>Finanza, <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>struttura <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>limiti, <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>deleghe <span class=\"_ _0\"></span>op<span class=\"_ _2\"></span>erative <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>elle<span class=\"_ _3a1\"> </span></span>prove di stress da sottoporre al CE, in coere<span class=\"_ _1\"></span>nza con la soglia di tolleranza stabilita da CA;<span class=\"_ _3a1\"> </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">predispone <span class=\"_ _35\"> </span>reporting <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>ges<span class=\"_ _2\"></span>tione <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>monitoraggio <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>asso <span class=\"_ _35\"> </span>pe<span class=\"_ _2\"></span>r <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>Comitati <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span></span>riferimento;<span class=\"_ _3a1\"> </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">monitora <span class=\"_ _1\"></span>giornalmente <span class=\"_ _1\"></span>il r<span class=\"_ _1\"></span>ispetto dei limiti <span class=\"_ _1\"></span>operativi <span class=\"_ _1\"></span>esplicitati ne<span class=\"_ _1\"></span>i Regolame<span class=\"_ _1\"></span>nti in <span class=\"_ _1\"></span>materia <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span></span>assunzione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>finanziari, <span class=\"_ _3b\"></span>ivi compreso <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>pre<span class=\"_ _1\"></span>sidio <span class=\"_ _3b\"></span>del rientro <span class=\"_ _3b\"></span>dagli <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>confini <span class=\"_ _2\"></span>rispetto<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>a tali<span class=\"_ _3a1\"> </span>limiti.<span class=\"_ _3a1\"> </span>Il <span class=\"_ _2\"></span>Report Giornaliero <span class=\"_ _3b\"></span>di sintesi <span class=\"_ _3b\"></span>del rispetto <span class=\"_ _3b\"></span>dei massimali <span class=\"_ _3b\"></span>operativi con <span class=\"_ _3b\"></span>riferimento al <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _3b\"></span>di tasso<span class=\"_ _3a1\"> </span>presenta, fra le altre, le seguenti informazioni:<span class=\"_ _3a1\"> </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">massimale di rischio t<span class=\"_ _1\"></span>asso in termini di Interest rate sensitivity complessiva;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">massimali in term<span class=\"_ _1\"></span>ini di Interest rate sensitivity per bucket;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">limite di Interest rate sens<span class=\"_ _1\"></span>itivity delle posizioni in div<span class=\"_ _2\"></span>isa divers<span class=\"_ _1\"></span>a dall\u2019Euro.<span class=\"_ _3a1\"> </span></span>Per <span class=\"_ _38\"></span>quanto <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iguarda <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>poste<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>vista, <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>G<span class=\"_ _1\"></span>ruppo <span class=\"_ _38\"></span>adotta <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>modell<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>valutazione <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>permette <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span>quantificarne <span class=\"_ _1\"></span>gli e<span class=\"_ _1\"></span>ffetti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>persistenza <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>tempo e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>imperfetta e<span class=\"_ _1\"></span>lasticit\u00e0 <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>variazione <span class=\"_ _1\"></span>dei tas<span class=\"_ _1\"></span>si<span class=\"_ _3a1\"> </span>di <span class=\"_ _3d\"> </span>mercato <span class=\"_ _3d\"> </span>(effetto <span class=\"_ _3d\"> </span>vischiosit\u00e0).  La <span class=\"_ _37\"> </span>modellizzazione  \u00e8 <span class=\"_ _3d\"> </span>basa<span class=\"_ _1\"></span>ta  sulle <span class=\"_ _3d\"> </span>ser<span class=\"_ _1\"></span>ie  st<span class=\"_ _1\"></span>oriche  interne <span class=\"_ _3d\"> </span>dei<span class=\"_ _3a1\"> </span>comportamenti della cli<span class=\"_ _2\"></span>entela, e <span class=\"_ _2\"></span>si costituisce di<span class=\"_ _2\"></span> due c<span class=\"_ _2\"></span>omponenti: la <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>tima della <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>elazione dei<span class=\"_ _2\"></span> tassi<span class=\"_ _3a1\"> </span>delle poste a vista con <span class=\"_ _2\"></span>i tassi d<span class=\"_ _2\"></span>i mercato e ul<span class=\"_ _2\"></span>teriori regressori che consentono di <span class=\"_ _3b\"></span>separ<span class=\"_ _1\"></span>are il risch<span class=\"_ _2\"></span>io<span class=\"_ _3a1\"> </span>di  tas<span class=\"_ _1\"></span>so  di  interesse <span class=\"_ _3d\"> </span>in  se<span class=\"_ _1\"></span>nso  proprio  da <span class=\"_ _3d\"> </span>altri  fe<span class=\"_ _1\"></span>nomeni  (es.  cre<span class=\"_ _1\"></span>dito)  in  base <span class=\"_ _3d\"> </span>ad <span class=\"_ _3d\"> </span>un  modello<span class=\"_ _3a1\"> </span>econometrico; <span class=\"_ _3d\"> </span>la <span class=\"_ _37\"> </span>stima <span class=\"_ _3d\"> </span>della <span class=\"_ _37\"> </span>persistenza <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>volumi, <span class=\"_ _3d\"> </span>co<span class=\"_ _1\"></span>llegata <span class=\"_ _3d\"> </span>al <span class=\"_ _37\"> </span>concetto <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>mean <span class=\"_ _3d\"> </span>life <span class=\"_ _3d\"> </span>che<span class=\"_ _3a1\"> </span>consente <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>legare <span class=\"_ _3b\"></span>maggiormente <span class=\"_ _3b\"></span>l\u2019holding <span class=\"_ _3b\"></span>period d<span class=\"_ _2\"></span>egli <span class=\"_ _3b\"></span>aggregati <span class=\"_ _2\"></span>alla <span class=\"_ _3b\"></span>volatilit\u00e0 <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>torica <span class=\"_ _3b\"></span>delle <span class=\"_ _2\"></span>masse,<span class=\"_ _3a1\"> </span>attraverso la <span class=\"_ _2\"></span>quale l<span class=\"_ _2\"></span>\u2019ammontare <span class=\"_ _2\"></span>delle poste <span class=\"_ _3b\"></span>a vista v<span class=\"_ _2\"></span>iene t<span class=\"_ _2\"></span>radotto in <span class=\"_ _3b\"></span>un portafoglio <span class=\"_ _2\"></span>di p<span class=\"_ _2\"></span>oste a <span class=\"_ _3b\"></span>tasso<span class=\"_ _3a1\"> </span>fisso a scadenza (replicating portfolio).<span class=\"_ _3a1\"> </span>Il <span class=\"_ _3b\"></span>Gruppo <span class=\"_ _3b\"></span>utilizza <span class=\"_ _2\"></span>inoltre <span class=\"_ _2\"></span>un <span class=\"_ _3b\"></span>modello <span class=\"_ _3b\"></span>com<span class=\"_ _1\"></span>portamentale <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>prepayment <span class=\"_ _2\"></span>sui <span class=\"_ _3b\"></span>mutui. <span class=\"_ _3b\"></span>La <span class=\"_ _2\"></span>modellizzazione<span class=\"_ _3a1\"> </span>adotta<span class=\"_ _3a1\"> </span>ta <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>tipo <span class=\"_ _0\"></span>comportamentale, <span class=\"_ _38\"></span>basata <span class=\"_ _0\"></span>sull\u2019<span class=\"_ _2\"></span>analisi <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>serie <span class=\"_ _38\"></span>stor<span class=\"_ _1\"></span>ica <span class=\"_ _38\"></span>degli <span class=\"_ _0\"></span>eventi <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>estinzione<span class=\"_ _3a1\"> </span>anticipata <span class=\"_ _48\"> </span>e <span class=\"_ _3a\"> </span>r<span class=\"_ _1\"></span>inegoziazione <span class=\"_ _48\"> </span>del <span class=\"_ _3a\"> </span>tasso. <span class=\"_ _48\"> </span>A <span class=\"_ _48\"> </span>differenza <span class=\"_ _3a\"> </span>dei <span class=\"_ _48\"> </span>modelli <span class=\"_ _3a\"> </span>di <span class=\"_ _48\"> </span>mercato, <span class=\"_ _48\"> </span>nei <span class=\"_ _48\"> </span>mod<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>lli<span class=\"_ _3a1\"> </span>comportamentali <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>fattori <span class=\"_ _35\"> </span>predominanti <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>concorrono <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>determinare <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>dell\u2019opzione <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span>rimborso anticipato non sono e<span class=\"_ _2\"></span>sclusivamente di tipo <span class=\"_ _2\"></span>finanziario, ma in<span class=\"_ _2\"></span>cludono variabili esplicative<span class=\"_ _3a1\"> </span>dipendenti dalle caratteristiche del mutuo (es. loa<span class=\"_ _1\"></span>n to value) e del mutuatario (es. et\u00e0). Prosegue <span class=\"_ _38\"></span>l\u2019attivit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>presidio <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>quadro <span class=\"_ _38\"></span>regolament<span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>euro<span class=\"_ _1\"></span>peo <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ul <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>tas<span class=\"_ _1\"></span>so <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>inte<span class=\"_ _1\"></span>resse<span class=\"_ _3a1\"> </span>nel banking book (IRRBB), tenendo conto delle indicazioni del JST in ambito <span class=\"_ _1\"></span>SREP.<span class=\"_ _3a1\"> </span>A partire <span class=\"_ _1\"></span>da settembre 2024 il Gruppo segnala la <span class=\"_ _1\"></span>propria es<span class=\"_ _1\"></span>posizione al rischio di t<span class=\"_ _1\"></span>asso attraverso<span class=\"_ _3a1\"> </span>le <span class=\"_ _35\"> </span>nuove <span class=\"_ _35\"> </span>segnalazioni <span class=\"_ _35\"> </span>di  vi<span class=\"_ _2\"></span>gilanza  I<span class=\"_ _2\"></span>RRBB <span class=\"_ _35\"> </span>tr<span class=\"_ _1\"></span>imestrali. <span class=\"_ _35\"> </span>Nel <span class=\"_ _35\"> </span>corso <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>2024  \u00e8 <span class=\"_ _35\"> </span>inoltre <span class=\"_ _35\"> </span>continuato <span class=\"_ _35\"> </span>il<span class=\"_ _3a1\"> </span>reporting STE IRRBB \u2013 CSRBB a BCE.<span class=\"_ _3a1\"> </span>Informazi<span class=\"_ _1\"></span>oni di na<span class=\"_ _1\"></span>tura quan<span class=\"_ _1\"></span>titativa<span class=\"_ _3a1\"> </span>1.<span class=\"_ _152\"> </span>Port<span class=\"_ _3a1\"> </span>afoglio <span class=\"_ _38\"></span>bancario: <span class=\"_ _0\"></span>distribuzione <span class=\"_ _38\"></span>per <span class=\"_ _0\"></span>du<span class=\"_ _2\"></span>rata <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>sidua <span class=\"_ _38\"></span>(data <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>riprezzament<span class=\"_ _1\"></span>o) <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>delle<span class=\"_ _3a1\"> </span>passivit\u00e0 finanziarie<span class=\"_ _3a1\"> </span>La <span class=\"_ _3b\"></span>prese<span class=\"_ _1\"></span>nte <span class=\"_ _3b\"></span>tavola <span class=\"_ _3b\"></span>non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3b\"></span>stata <span class=\"_ _2\"></span>redatta <span class=\"_ _3b\"></span>poich\u00e9 <span class=\"_ _3b\"></span>viene<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>se<span class=\"_ _1\"></span>g<span class=\"_ _3a1\"> </span>uito <span class=\"_ _3b\"></span>fornita <span class=\"_ _3b\"></span>l\u2019analisi <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>se<span class=\"_ _1\"></span>nsitivit\u00e0 <span class=\"_ _3b\"></span>al <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio<span class=\"_ _3a1\"> </span>tasso di interesse basata sui modelli interni e<span class=\"_ _1\"></span>d altre metodologie<span class=\"_ _3a1\"> </span>2.<span class=\"_ _dc\"> </span>P<span class=\"_ _1\"></span>ortafoglio bancario: mode<span class=\"_ _1\"></span>lli interni e<span class=\"_ _1\"></span> altre metodologie <span class=\"_ _1\"></span>per le analisi di se<span class=\"_ _1\"></span>nsitivit\u00e0<span class=\"_ _3a1\"> </span>Nella presente s<span class=\"_ _1\"></span>ezione vengono sintet<span class=\"_ _1\"></span>icamente esposti i ri<span class=\"_ _3a1\"> </span>sultati delle analisi <span class=\"_ _1\"></span>di rischio di ta<span class=\"_ _1\"></span>sso di<span class=\"_ _3a1\"> </span>interesse, <span class=\"_ _1\"></span>limitatamente<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>portafoglio bancario. <span class=\"_ _1\"></span>In <span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>icolare, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>tabella <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>tto <span class=\"_ _1\"></span>riportata, <span class=\"_ _1\"></span>mostra <span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>dati <span class=\"_ _36\"> </span>relativi <span class=\"_ _36\"> </span>all\u2019impatto <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>ul <span class=\"_ _37\"> </span>mar<span class=\"_ _1\"></span>gine <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>inte<span class=\"_ _1\"></span>resse <span class=\"_ _36\"> </span>(shift <span class=\"_ _37\"> </span>sensitivity <span class=\"_ _36\"> </span>analysis), <span class=\"_ _36\"> </span>su <span class=\"_ _36\"> </span>un <span class=\"_ _36\"> </span>orizzonte<span class=\"_ _3a1\"> </span>temporale <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>12 <span class=\"_ _1\"></span>mesi, <span class=\"_ _38\"></span>nell\u2019ipotesi <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>una <span class=\"_ _1\"></span>var<span class=\"_ _1\"></span>iazione <span class=\"_ _38\"></span>parallela <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>tassi <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>interesse <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>+/<span class=\"_ _1\"></span>- <span class=\"_ _1\"></span>100 <span class=\"_ _38\"></span>punti<span class=\"_ _3a1\"> </span>base. <span class=\"_ _35\"> </span>La <span class=\"_ _35\"> </span>misura <span class=\"_ _0\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>basata <span class=\"_ _0\"></span>sulle <span class=\"_ _35\"> </span>posizioni <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>fine <span class=\"_ _35\"> </span>anno, <span class=\"_ _0\"></span>senza <span class=\"_ _35\"> </span>includere <span class=\"_ _35\"> </span>dunque <span class=\"_ _0\"></span>ipote<span class=\"_ _1\"></span>si <span class=\"_ _35\"> </span>su <span class=\"_ _35\"> </span>futuri<span class=\"_ _3a1\"> </span>cambiamenti della composizione di attivit\u00e0 e passivit\u00e0. Ai<span class=\"_ _3b\"></span> <span class=\"_ _1\"></span>fini dell\u2019analisi \u00e8 impostato il floor a z<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ro<span class=\"_ _3a1\"> </span>sul tasso cliente delle poste con clientela.<span class=\"_ _3a1\"> </span>L\u2019analisi <span class=\"_ _35\"> </span>\u00e8  condotta <span class=\"_ _35\"> </span>coerentemente  con <span class=\"_ _35\"> </span>la  me<span class=\"_ _2\"></span>todologia  u<span class=\"_ _2\"></span>tilizzata  ai <span class=\"_ _35\"> </span>fini <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>misurazione  del<span class=\"_ _3a1\"> </span>rischio <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>ban<span class=\"_ _2\"></span>cario <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>ambito <span class=\"_ _0\"></span>Risk <span class=\"_ _0\"></span>Appetite <span class=\"_ _38\"></span>F<span class=\"_ _1\"></span>ramework <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>segnalazioni<span class=\"_ _3a1\"> </span>regolamentari sul rischio di tasso (IRRBB), in linea con le <span class=\"_ _1\"></span>linee guida europee di riferimento.<table class=\"s w135d h2bc\" id=\"_a31e4e35-8044-4ef4-ab86-b60cabc4b3e5\"><tr><td></td><td class=\"t m2 x21ce h8 y6681 ff4 fs2 fc1 sc2 ls0 ws0\">Ipotesi di s<span class=\"_ _1\"></span>hift parallelo (dati in milioni <span class=\"_ _1\"></span>di euro) </td><td></td></tr><tr><td></td><td class=\"c n x21cf y6682 w135e h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc2 ls0 ws0\">Shock -10<span class=\"_ _1\"></span>0 b.p.<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21d0 y6682 w135f h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc2 ls0 ws0\">Shock +100 <span class=\"_ _1\"></span>b.p.<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y539f w1360 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">Dati 12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21d1 y539f w1361 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-40,4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21d2 y539f w1362 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">+83,0<span class=\"_ _3a1\"> </span></div></td></tr></table>L\u2019esposizione al rischio di <span class=\"_ _2\"></span>tasso di interesse dal punto di<span class=\"_ _2\"></span> vista patrimoniale viene misurata a livello<span class=\"_ _3a1\"> </span>consolidato <span class=\"_ _0\"></span>dalla <span class=\"_ _35\"> </span>sensitivity <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>valore <span class=\"_ _0\"> </span>e<span class=\"_ _1\"></span>conomico <span class=\"_ _0\"></span>(variazione <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>poste <span class=\"_ _0\"></span>attive <span class=\"_ _0\"></span>e<span class=\"_ _3a1\"> </span>passive), <span class=\"_ _3b\"></span>se<span class=\"_ _1\"></span>condo <span class=\"_ _2\"></span>un <span class=\"_ _3b\"></span>approccio ful<span class=\"_ _2\"></span>l <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>valuation, <span class=\"_ _3b\"></span>a seguito <span class=\"_ _3b\"></span>di uno <span class=\"_ _3b\"></span>shock <span class=\"_ _2\"></span>parallelo <span class=\"_ _2\"></span>sulla <span class=\"_ _3b\"></span>curva dei <span class=\"_ _3b\"></span>tassi<span class=\"_ _3a1\"> </span>spot di <span class=\"_ _3b\"></span>+/<span class=\"_ _1\"></span>-200 <span class=\"_ _2\"></span>basis points. <span class=\"_ _3b\"></span>Nel corso <span class=\"_ _2\"></span>del 2024 <span class=\"_ _3b\"></span>la variazione m<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>dia d<span class=\"_ _2\"></span>i v<span class=\"_ _2\"></span>alore economico i<span class=\"_ _2\"></span>n rapporto<span class=\"_ _3a1\"> </span>al Tier1 Capital \u00e8 risultata pari al 4,6%. Oltre <span class=\"_ _0\"></span>all\u2019impatto <span class=\"_ _35\"> </span>d<span class=\"_ _2\"></span>egli <span class=\"_ _0\"></span>shock <span class=\"_ _35\"> </span>pa<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>alleli <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>tassi <span class=\"_ _35\"> </span>int<span class=\"_ _2\"></span>ernamente <span class=\"_ _0\"></span>vengono <span class=\"_ _0\"> </span>pe<span class=\"_ _1\"></span>riodicamente <span class=\"_ _0\"></span>condotte<span class=\"_ _3a1\"> </span>analisi di <span class=\"_ _2\"></span>stress ipotizzando sho<span class=\"_ _2\"></span>ck non p<span class=\"_ _2\"></span>aralleli basati <span class=\"_ _2\"></span>sull\u2019andamento storico della<span class=\"_ _3b\"></span> curva dei tassi.<span class=\"_ _3a1\"> </span>Le meto<span class=\"_ _1\"></span>dologie utilizzate per l\u2019analisi di s<span class=\"_ _1\"></span>ensitivity al r<span class=\"_ _1\"></span>ischio di tasso <span class=\"_ _1\"></span>di interesse includono anche<span class=\"_ _3a1\"> </span>la <span class=\"_ _48\"> </span>modellizzazione <span class=\"_ _48\"> </span>delle <span class=\"_ _48\"> </span>poste <span class=\"_ _48\"> </span>a <span class=\"_ _17e\"> </span>vista <span class=\"_ _48\"> </span>e <span class=\"_ _48\"> </span>del <span class=\"_ _48\"> </span>prepayment <span class=\"_ _48\"> </span>sui <span class=\"_ _48\"> </span>mutui <span class=\"_ _48\"> </span>secondo <span class=\"_ _48\"> </span>i <span class=\"_ _48\"> </span>modelli<span class=\"_ _3a1\"> </span>comportamentali sopra descritti.<span class=\"_ _3a1\"> </span>Per il <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>di tasso de<span class=\"_ _1\"></span>l portafoglio bancario <span class=\"_ _1\"></span>si r<span class=\"_ _1\"></span>iportano le <span class=\"_ _1\"></span>medesime analisi <span class=\"_ _1\"></span>di VaR des<span class=\"_ _1\"></span>critte nel<span class=\"_ _3a1\"> </span>paragrafo <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ul <span class=\"_ _38\"></span>portafoglio <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>Negoziazione, <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>cui <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>rimanda <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>des<span class=\"_ _1\"></span>crizione <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>metodologia.<span class=\"_ _3a1\"> </span>Nelle <span class=\"_ _0\"></span>figure <span class=\"_ _0\"></span>sottost<span class=\"_ _1\"></span>anti <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>riportato <span class=\"_ _0\"></span>l\u2019andamento <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>VaR <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>banking <span class=\"_ _0\"></span>book <span class=\"_ _0\"></span>Cre<span class=\"_ _1\"></span>dem <span class=\"_ _0\"></span>nell\u2019arco <span class=\"_ _0\"></span>del<span class=\"_ _3a1\"> </span>2024. I risultati dell\u2019attivit\u00e0 di backtesting sono riportati in calce al paragrafo 1<span class=\"_ _1\"></span>.2.3 \u201cRischio di cambio\u201d.<span class=\"_ _3a1\"> </span>Figura <span class=\"_ _38\"></span>5. <span class=\"_ _38\"></span>Andamento <span class=\"_ _38\"></span>Inte<span class=\"_ _1\"></span>rest <span class=\"_ _38\"></span>Rate <span class=\"_ _38\"></span>VaR <span class=\"_ _38\"></span>Credem<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>\u2013 <span class=\"_ _38\"></span>ban<span class=\"_ _1\"></span>kin<span class=\"_ _3a1\"> </span>g <span class=\"_ _1\"></span>boo<span class=\"_ _1\"></span>k <span class=\"_ _38\"></span>(99%, <span class=\"_ _38\"></span>10gg*coeff <span class=\"_ _38\"></span>molt<span class=\"_ _1\"></span>iplicativo)<span class=\"_ _3a1\"> </span>Dati in milioni di e<span class=\"_ _1\"></span>uro<span class=\"_ _3a1\"> </span>L\u2019anda<span class=\"_ _3a1\"> </span>mento <span class=\"_ _0\"></span>del <span class=\"_ _1\"></span>VaR <span class=\"_ _0\"></span>nel <span class=\"_ _1\"></span>corso <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _38\"></span>2024<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iferibile <span class=\"_ _38\"></span>all\u2019andamento <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>posizioni <span class=\"_ _0\"></span>del <span class=\"_ _1\"></span>port<span class=\"_ _1\"></span>afoglio<span class=\"_ _3a1\"> </span>bancario e alla volatilit\u00e0 dei tassi re<span class=\"_ _1\"></span>gistrata sui mercati.<span class=\"_ _3a1\"> </span>Rischio d<span class=\"_ _1\"></span>i prezz<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span>Nell\u2019ambito <span class=\"_ _3a\"> </span>del <span class=\"_ _48\"> </span>portafoglio <span class=\"_ _3a\"> </span>bancario <span class=\"_ _3a\"> </span>il <span class=\"_ _3a\"> </span>G<span class=\"_ _1\"></span>ruppo <span class=\"_ _3a\"> </span>non <span class=\"_ _3a\"> </span>ha <span class=\"_ _48\"> </span>posizioni <span class=\"_ _3a\"> </span>significative <span class=\"_ _3a\"> </span>in <span class=\"_ _3a\"> </span>azion<span class=\"_ _1\"></span>i <span class=\"_ _3a\"> </span>o<span class=\"_ _3a1\"> </span>partec<span class=\"_ _3a1\"> </span>ipazioni quotate<span class=\"_ _1\"></span>. <span class=\"_ _1\"></span>Sono prese<span class=\"_ _1\"></span>nti 8,7 <span class=\"_ _1\"></span>milioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>euro <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>fondo <span class=\"_ _1\"></span>private <span class=\"_ _1\"></span>equity <span class=\"_ _1\"></span>gestito <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>una<span class=\"_ _3a1\"> </span>societ\u00e0 <span class=\"_ _1\"></span>del gr<span class=\"_ _1\"></span>uppo e <span class=\"_ _1\"></span>quote <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>rilevanti di <span class=\"_ _1\"></span>fondi <span class=\"_ _1\"></span>rivenienti <span class=\"_ _1\"></span>dalla <span class=\"_ _1\"></span>fusione con <span class=\"_ _1\"></span>Cassa <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Risparmio <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span>Cento, di cui 1,3 milioni di euro in fondi immobiliari.<span class=\"_ _3a1\"> </span>Attivit\u00e0<span class=\"_ _1\"></span> di coper<span class=\"_ _1\"></span>tura del <span class=\"_ _1\"></span>rischio<span class=\"_ _1\"></span> di prezzo<span class=\"_ _3a1\"> </span>Il Gruppo non ha posto in essere operazioni di copert<span class=\"_ _1\"></span>ura.<span class=\"_ _3a1\"> </span>1.2.3 Rischio di cambio<span class=\"_ _3a1\"> </span>Informazi<span class=\"_ _1\"></span>oni di na<span class=\"_ _1\"></span>tura quali<span class=\"_ _1\"></span>tativa<span class=\"_ _3a1\"> </span>A.<span class=\"_ _48\"> </span>Aspe<span class=\"_ _3a1\"> </span>tti gene<span class=\"_ _1\"></span>rali, proces<span class=\"_ _1\"></span>si di g<span class=\"_ _1\"></span>estione e m<span class=\"_ _1\"></span>etodi di<span class=\"_ _1\"></span> misuraz<span class=\"_ _1\"></span>ione de<span class=\"_ _3a1\"> </span>l rischio<span class=\"_ _1\"></span> di cambio<span class=\"_ _3a1\"> </span>L\u2019<span class=\"_ _3b\"></span>atti<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>sv<span class=\"_ _3b\"></span>olta<span class=\"_ _3b\"></span> <span class=\"_ _38\"></span>sui<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>me<span class=\"_ _3b\"></span>rcat<span class=\"_ _2\"></span>i <span class=\"_ _1\"></span>dei<span class=\"_ _3b\"></span> <span class=\"_ _38\"></span>cam<span class=\"_ _2\"></span>bi<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>pr<span class=\"_ _3b\"></span>eved<span class=\"_ _3b\"></span>e <span class=\"_ _38\"></span>l\u2019<span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>sun<span class=\"_ _3b\"></span>zio<span class=\"_ _2\"></span>ne<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>i <span class=\"_ _38\"></span>po<span class=\"_ _3b\"></span>siz<span class=\"_ _2\"></span>ion<span class=\"_ _3b\"></span>i <span class=\"_ _38\"></span>ge<span class=\"_ _2\"></span>sti<span class=\"_ _3b\"></span>te e <span class=\"_ _38\"></span>con<span class=\"_ _2\"></span>tro<span class=\"_ _3b\"></span>lla<span class=\"_ _3b\"></span>te <span class=\"_ _1\"></span>tra<span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>te<span class=\"_ _3a1\"> </span>mas<span class=\"_ _3b\"></span>sim<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>i d<span class=\"_ _3b\"></span>i p<span class=\"_ _3b\"></span>osiz<span class=\"_ _3b\"></span>ion<span class=\"_ _2\"></span>e,<span class=\"_ _3b\"></span> sia<span class=\"_ _2\"></span> l<span class=\"_ _3b\"></span>orda<span class=\"_ _3b\"></span> si<span class=\"_ _2\"></span>a n<span class=\"_ _3b\"></span>ett<span class=\"_ _3b\"></span>a, e<span class=\"_ _3b\"></span> mas<span class=\"_ _2\"></span>si<span class=\"_ _3b\"></span>mali<span class=\"_ _3b\"></span> di<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>onc<span class=\"_ _3b\"></span>ent<span class=\"_ _3b\"></span>razi<span class=\"_ _3b\"></span>one <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>vi<span class=\"_ _3b\"></span>sa.<span class=\"_ _3a1\"> </span>Il rischio di<span class=\"_ _2\"></span> mercato currency viene calcolato con la stessa frequenza <span class=\"_ _2\"></span>e metodologia indicata per il<span class=\"_ _3a1\"> </span>rischio tasso ed equity.<span class=\"_ _3a1\"> </span>B.<span class=\"_ _19c\"> </span>Atti<span class=\"_ _1\"></span>vit\u00e0 di cop<span class=\"_ _1\"></span>ertura<span class=\"_ _1\"></span> del rischio<span class=\"_ _1\"></span> di camb<span class=\"_ _1\"></span>io<span class=\"_ _3a1\"> </span>Non sono presenti operazioni di copertura.<span class=\"_ _3a1\"> </span>0,0<span class=\"_ _3a1\"> </span>10,0<span class=\"_ _3a1\"> </span>20,0<span class=\"_ _3a1\"> </span>30,0<span class=\"_ _3a1\"> </span>40<span class=\"_ _2\"></span>,0<span class=\"_ _3a1\"> </span>50,0<span class=\"_ _3a1\"> </span>60,0<span class=\"_ _3a1\"> </span>70,0<span class=\"_ _3a1\"> </span>80,0<span class=\"_ _3a1\"> </span>90,0<span class=\"_ _3a1\"> </span>I<span class=\"_ _1\"></span>n<span class=\"_ _0\"></span>te<span class=\"_ _2\"></span>rest <span class=\"_ _3b\"></span>Rate <span class=\"_ _3b\"></span>V<span class=\"_ _1\"></span>aR<span class=\"_ _3a1\"> </span>VaR<span class=\"_ _3a1\"> </span>media<span class=\"_ _3a1\"> </span>Informazi<span class=\"_ _1\"></span>oni di na<span class=\"_ _1\"></span>tura quan<span class=\"_ _1\"></span>titativa<span class=\"_ _3a1\"> </span>1. Distribuzione<span class=\"_ _1\"></span> per valuta di denomina<span class=\"_ _1\"></span>zione delle att<span class=\"_ _1\"></span>ivit\u00e0 e passivit\u00e0 e dei de<span class=\"_ _1\"></span>rivati<span class=\"_ _3a1\"> </span><table class=\"s w1363 h2bd\" id=\"_607a9c7d-250a-4e64-be25-2e756e75cdc8\"><tr><td class=\"t m2 x7c9 h12 y6683 ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x95f h12 y6684 ff4 fs7 fc4 sc3 ls0 ws0\">Valute<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x140b h12 y6685 ff4 fs7 fc4 sc3 ls0 ws0\">USD<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x938 h12 y6685 ff4 fs7 fc4 sc3 ls0 ws0\">GBP<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h12 y6685 ff4 fs7 fc4 sc3 ls0 ws0\">JPY<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x116f h12 y6685 ff4 fs7 fc4 sc3 ls0 ws0\">CAD<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e2 h12 y6685 ff4 fs7 fc4 sc3 ls0 ws0\">CHF<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d7 h12 y6685 ff4 fs7 fc4 sc3 ls0 ws0\">ALTRE VALUTE<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6686 ff4 fs7 fc1 sc2 ls0 ws0\">A. Attivit\u00e0 finanziarie<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc65 h12 y6686 ff4 fs7 fc1 sc2 ls0 ws0\">1.358.580<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88c h12 y6686 ff4 fs7 fc1 sc2 ls0 ws0\">14.328<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11a9 h12 y6686 ff4 fs7 fc1 sc2 ls0 ws0\">1.028<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1197 h12 y6686 ff4 fs7 fc1 sc2 ls0 ws0\">2.230<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5b h12 y6686 ff4 fs7 fc1 sc2 ls0 ws0\">11.294<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d8 h12 y6686 ff4 fs7 fc1 sc2 ls0 ws0\">1.559<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x821 y60af w1364 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21d3 y60af w1365 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.259.811<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21d4 y60af w1366 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">249<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21d5 y60af w1367 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21d6 y60af w1368 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21d7 y60af w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21d8 y60af w114d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">239<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6687 w1369 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Titoli di capitale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21d9 y6687 wafd h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.206<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21da y6687 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21db y6687 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21dc y6687 w606 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21dd y6687 w47a h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21de y6687 w47a h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6688 w136a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.3 Finanziamenti a b<span class=\"_ _2\"></span>anche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21df y6688 we13 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24.111<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21e0 y6688 w136b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.467<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21e1 y6688 w812 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">683<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21e2 y6688 w136c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.219<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21e3 y6688 w136d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.854<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21e4 y6688 w136e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">835<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6689 w136f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.4 Finanziamenti a cl<span class=\"_ _2\"></span>ientela<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21e5 y6689 w1370 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>2.452<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21e6 y6689 w1371 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.612<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21e7 y6689 w505 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">344<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21e8 y6689 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21e9 y6689 w1372 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.440<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ea y6689 wa28 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">485<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y60b2 w1373 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.5 Altre attivit\u00e0 finanz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21eb y60b2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ec y60b2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ed y60b2 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ee y60b2 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ef y60b2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2122 y60b2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y668a ff4 fs7 fc1 sc2 ls0 ws0\">B. Altre attivit\u00e0<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cc h12 y668a ff4 fs7 fc1 sc2 ls0 ws0\">7.984<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1208 h12 y668a ff4 fs7 fc1 sc2 ls0 ws0\">1.007<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c6 h12 y668a ff4 fs7 fc1 sc2 ls0 ws0\">256<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x130e h12 y668a ff4 fs7 fc1 sc2 ls0 ws0\">506<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a1 h12 y668a ff4 fs7 fc1 sc2 ls0 ws0\">2.133<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xef9 h12 y668a ff4 fs7 fc1 sc2 ls0 ws0\">485<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y668b ff4 fs7 fc1 sc2 ls0 ws0\">C. Passivit\u00e0 finanziarie<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x932 h12 y668b ff4 fs7 fc1 sc2 ls0 ws0\">1.341.440<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1442 h12 y668b ff4 fs7 fc1 sc2 ls0 ws0\">33.960<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc54 h12 y668b ff4 fs7 fc1 sc2 ls0 ws0\">4.462<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5a h12 y668b ff4 fs7 fc1 sc2 ls0 ws0\">4.700<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d6 h12 y668b ff4 fs7 fc1 sc2 ls0 ws0\">11.193<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d8 h12 y668b ff4 fs7 fc1 sc2 ls0 ws0\">1.780<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x821 y5a42 w1374 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Debiti verso banche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21f0 y5a42 w1375 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">909.188<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21f1 y5a42 w1376 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9.409<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21f2 y5a42 w1377 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">501<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21f3 y5a42 w1366 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">566<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21f4 y5a42 wb1a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.109<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21f5 y5a42 w990 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">604<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y5a43 w1378 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Debiti verso clien<span class=\"_ _2\"></span>tela<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21f6 y5a43 w1379 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">430.083<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21f7 y5a43 w137a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24.551<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21f8 y5a43 w137b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.961<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21f9 y5a43 w137c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.134<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21fa y5a43 wb7e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.084<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21fb y5a43 w137d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.176<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y5a62 w137e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21fc y5a62 w1135 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.169<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21fd y5a62 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21fe y5a62 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ff y5a62 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2200 y5a62 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2201 y5a62 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y5a63 w137f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Altre passivit\u00e0 fina<span class=\"_ _2\"></span>nziarie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2202 y5a63 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2203 y5a63 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2204 y5a63 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2205 y5a63 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2206 y5a63 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2207 y5a63 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y668c ff4 fs7 fc1 sc2 ls0 ws0\">D. Altre passivit\u00e0<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce9 h12 y668c ff4 fs7 fc1 sc2 ls0 ws0\">4.219<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1208 h12 y668c ff4 fs7 fc1 sc2 ls0 ws0\">1.465<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11e1 h12 y668c ff4 fs7 fc1 sc2 ls0 ws0\">85<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x130e h12 y668c ff4 fs7 fc1 sc2 ls0 ws0\">667<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11aa h12 y668c ff4 fs7 fc1 sc2 ls0 ws0\">301<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h12 y668c ff4 fs7 fc1 sc2 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y668d ff4 fs7 fc1 sc2 ls0 ws0\">E. Derivati finanziari<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c2 h12 y668d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd9 h12 y668d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c3 h12 y668d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad7 h12 y668d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88f h12 y668d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h12 y668d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x821 y5a65 w1380 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Opzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2208 y5a65 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ec y5a65 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ed y5a65 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ee y5a65 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ef y5a65 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2122 y5a65 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1f22 y5a49 w1381 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">+ Posizioni lunghe<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2209 y5a49 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x220a y5a49 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x220b y5a49 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x220c y5a49 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x220d y5a49 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x220e y5a49 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1f22 y5a4a w1382 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">+ Posizioni corte<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x220f y5a4a w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2210 y5a4a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2211 y5a4a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2212 y5a4a w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2213 y5a4a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2214 y5a4a w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y59dd w1383 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Altri derivati<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2215 y59dd w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2216 y59dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2217 y59dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2218 y59dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2219 y59dd w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x221a y59dd w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1f22 y59de w1381 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">+ Posizioni lunghe<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x221b y59de w1384 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">179.180<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x221c y59de w1385 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">79.580<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x221d y59de w1386 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">19.880<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x221e y59de w1387 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">15.415<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x221f y59de w1388 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24.585<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2220 y59de wb7e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.808<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1f22 y5a84 w1382 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">+ Posizioni corte<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2221 y5a84 w1389 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">301.667<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2222 y5a84 w138a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>9.169<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2223 y5a84 w6c4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">16.596<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2224 y5a84 w138b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.754<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2225 y5a84 w138c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">26.787<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2226 y5a84 w138d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.969<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y668e ff4 fs7 fc1 sc2 ls0 ws0\">Totale attivit\u00e0<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc65 h12 y668e ff4 fs7 fc1 sc2 ls0 ws0\">1.545.744<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88c h12 y668e ff4 fs7 fc1 sc2 ls0 ws0\">94.915<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc54 h12 y668e ff4 fs7 fc1 sc2 ls0 ws0\">21.164<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1197 h12 y668e ff4 fs7 fc1 sc2 ls0 ws0\">18.151<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcee h12 y668e ff4 fs7 fc1 sc2 ls0 ws0\">38.012<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5c h12 y668e ff4 fs7 fc1 sc2 ls0 ws0\">6.852<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y668f ff4 fs7 fc1 sc2 ls0 ws0\">Totale passivit\u00e0<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc65 h12 y668f ff4 fs7 fc1 sc2 ls0 ws0\">1.647.326<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x938 h12 y668f ff4 fs7 fc1 sc2 ls0 ws0\">94.594<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc54 h12 y668f ff4 fs7 fc1 sc2 ls0 ws0\">21.143<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1197 h12 y668f ff4 fs7 fc1 sc2 ls0 ws0\">18.121<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcee h12 y668f ff4 fs7 fc1 sc2 ls0 ws0\">38.281<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5c h12 y668f ff4 fs7 fc1 sc2 ls0 ws0\">6.750<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6690 ff4 fs7 fc1 sc2 ls0 ws0\">Sbilancio (+/-)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x140b h12 y6690 ff4 fs7 fc1 sc2 ls0 ws0\">(101.582)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x881 h12 y6690 ff4 fs7 fc1 sc2 ls0 ws0\">321<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xb9e h12 y6690 ff4 fs7 fc1 sc2 ls0 ws0\">21<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1364 h12 y6690 ff4 fs7 fc1 sc2 ls0 ws0\">30<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a1 h12 y6690 ff4 fs7 fc1 sc2 ls0 ws0\">(269)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf1b h12 y6690 ff4 fs7 fc1 sc2 ls0 ws0\">102<span class=\"_ _3a1\"> </span></td></tr></table>Modelli interni e<span class=\"_ _1\"></span> altre metodologie per <span class=\"_ _1\"></span>l\u2019analisi di sensitivit\u00e0 Nella <span class=\"_ _2\"></span>presente s<span class=\"_ _2\"></span>ezione v<span class=\"_ _2\"></span>engono <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>inteticamente <span class=\"_ _2\"></span>esposti i <span class=\"_ _184\"></span>ris<span class=\"_ _1\"></span>ultati <span class=\"_ _3b\"></span>delle analisi <span class=\"_ _3b\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>cambio<span class=\"_ _1\"></span>.<span class=\"_ _3a1\"> </span>In <span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>icolare <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>seguito <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>ri<span class=\"_ _2\"></span>portati <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>valori <span class=\"_ _38\"></span>medi, <span class=\"_ _38\"></span>mass<span class=\"_ _1\"></span>imi <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>minimi <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>VaR <span class=\"_ _38\"></span>(in <span class=\"_ _38\"></span>milion<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>di<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>euro)<span class=\"_ _3a1\"> </span>generato dal fattore di rischio currency relat<span class=\"_ _1\"></span>ivi agli esercizi 2022, 2023 e 2024. Nella figura sottostante \u00e8 riportato l\u2019andamento di tale dato di VaR per Credem nell\u2019arco de<span class=\"_ _1\"></span>l 2024.<table class=\"s w138e h2be\" id=\"_34ff0d17-6a61-4005-99f7-e771eeaf627d\"><tr><td class=\"t m18 x2228 h119 y6691 ff4 fs3d fc1 sc2 ls0 ws0\">T<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>b<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _1\"></span>4<span class=\"_ _38\"></span>.<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>D<span class=\"_ _38\"></span>a<span class=\"_ _0\"></span>ti<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>C<span class=\"_ _38\"></span>u<span class=\"_ _38\"></span>r<span class=\"_ _38\"></span>r<span class=\"_ _38\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>V<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>R<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x2229 y6693 w138f h21e\"><div class=\"t m18 x2b3 h119 y6692 ff4 fs3d fc1 sc2 ls0 ws0\">2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x222a y6693 w1390 h21e\"><div class=\"t m18 x2b3 h119 y6692 ff4 fs3d fc1 sc2 ls0 ws0\">2<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _38\"></span>3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x222b y6693 w1391 h21e\"><div class=\"t m18 x2b3 h119 y6692 ff4 fs3d fc1 sc2 ls0 ws0\">2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m18 x2228 h119 y6694 ff4 fs3d fc1 sc2 ls0 ws0\">C<span class=\"_ _38\"></span>r<span class=\"_ _38\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _38\"></span>e<span class=\"_ _0\"></span>m<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c x222d y6695 w1392 h2bf\"><div class=\"t m1c x2b3 h11a y58b0 ff4 fs3e fc1 sc0 ls0 ws0\">VaR -<span class=\"_ _3a1\"> </span></div><div class=\"t m18 x222c h119 y58b0 ff4 fs3d fc1 sc0 ls0 ws0\">me<span class=\"_ _1\"></span>dio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x222e y6696 w1393 h21e\"><div class=\"t m18 x2b3 h119 y6692 ff4 fs3d fc1 sc0 ls0 ws0\">0,<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x222f y6696 w1394 h21e\"><div class=\"t m18 x2b3 h119 y6692 ff4 fs3d fc1 sc0 ls0 ws0\">0,<span class=\"_ _1\"></span>2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2230 y6696 w1395 h21e\"><div class=\"t m18 x2b3 h119 y6692 ff4 fs3d fc1 sc0 ls0 ws0\">0,3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m1c x2231 h11a y6697 ff4 fs3e fc1 sc0 ls0 ws0\">min<span class=\"_ _3a1\"> </span></td><td class=\"c n x2232 y6698 w1396 h21e\"><div class=\"t m18 x2b3 h119 y6692 ff4 fs3d fc1 sc0 ls0 ws0\">0,0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2233 y6698 w1396 h21e\"><div class=\"t m18 x2b3 h119 y6692 ff4 fs3d fc1 sc0 ls0 ws0\">0,0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2234 y6698 w1397 h21e\"><div class=\"t m18 x2b3 h119 y6692 ff4 fs3d fc1 sc0 ls0 ws0\">0,0<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m1c x2231 h11a y6699 ff4 fs3e fc1 sc0 ls0 ws0\">ma<span class=\"_ _1\"></span>x<span class=\"_ _3a1\"> </span></td><td class=\"c n x2235 y669a w1398 h21e\"><div class=\"t m18 x2b3 h119 y6692 ff4 fs3d fc1 sc0 ls0 ws0\">1,0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2236 y669a w1399 h21e\"><div class=\"t m18 x2b3 h119 y6692 ff4 fs3d fc1 sc0 ls0 ws0\">1<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>5<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2237 y669a w139a h21e\"><div class=\"t m18 x2b3 h119 y6692 ff4 fs3d fc1 sc0 ls0 ws0\">1,9<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m1c x2238 h11b y669b ff4 fs3f fc1 sc0 ls0 ws0\">dati i<span class=\"_ _1\"></span>n m<span class=\"_ _1\"></span>ln <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>\u20ac,<span class=\"_ _2\"></span> VaR<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>99% <span class=\"_ _1\"></span>10gg *<span class=\"_ _1\"></span> C<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>ff mol<span class=\"_ _1\"></span>tiplicativo<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr></table><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1604\">La <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>abella <span class=\"_ _1\"></span>sotto<span class=\"_ _1\"></span>stante <span class=\"_ _1\"></span>evidenzia <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>contributi <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>edi <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>rischio <span class=\"_ _38\"></span>equity, <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>cambio <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1605\">tasso<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1606\">nel corso del 2024 al VaR complessivo non diversificato.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1607\">Nell\u2019ambito <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _0\"> </span>com<span class=\"_ _1\"></span>plessiva <span class=\"_ _35\"> </span>analisi <span class=\"_ _0\"></span>annuale <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>backtesting <span class=\"_ _0\"></span>dei <span class=\"_ _35\"> </span>modelli, <span class=\"_ _0\"></span>viene <span class=\"_ _35\"> </span>effettuato <span class=\"_ _35\"> </span>i<span class=\"_ _2\"></span>l<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1608\">confronto tra il dato di VaR e il P&amp;L effett<span class=\"_ _1\"></span>ivamente conseguito.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1609\">Il backtes<span class=\"_ _1\"></span>ting <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>eseguito mettendo <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>confronto <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>dati di <span class=\"_ _1\"></span>VaR <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>dati <span class=\"_ _1\"></span>di P&amp;<span class=\"_ _1\"></span>L <span class=\"_ _1\"></span>gestionali gior<span class=\"_ _1\"></span>nalieri<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs160a\">(o<span class=\"_ _3f\"> </span>settimanali,  p<span class=\"_ _2\"></span>er  i <span class=\"_ _35\"> </span>portafogli  per <span class=\"_ _35\"> </span>i  q<span class=\"_ _2\"></span>uali <span class=\"_ _35\"> </span>il  calcolo <span class=\"_ _35\"> </span>di  redditivit\u00e0 <span class=\"_ _35\"> </span>\u00e8  su <span class=\"_ _35\"> </span>base  weekly), <span class=\"_ _35\"> </span>e  si <span class=\"_ _35\"> </span>basa<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs160b\">sull\u2019analisi <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>\u201ceccezioni\u201d, <span class=\"_ _0\"></span>ovvero <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>casi <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>cui <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>perdita <span class=\"_ _0\"></span>re<span class=\"_ _1\"></span>gistrata <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>isulta <span class=\"_ _0\"></span>superiore <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>VaR<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs160c\">stimato <span class=\"_ _36\"> </span>per <span class=\"_ _37\"> </span>lo <span class=\"_ _37\"> </span>stess<span class=\"_ _1\"></span>o <span class=\"_ _37\"> </span>periodo <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>riferimento, <span class=\"_ _36\"> </span>sia <span class=\"_ _37\"> </span>in <span class=\"_ _36\"> </span>termini <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>numeros<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _37\"> </span>sia <span class=\"_ _36\"> </span>in <span class=\"_ _37\"> </span>termini <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs160d\">distribuzione temporale.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs160e\">Il perimetro <span class=\"_ _1\"></span>dell\u2019analisi di backtest <span class=\"_ _1\"></span>sono i <span class=\"_ _1\"></span>portafogli del Re<span class=\"_ _1\"></span>golamento Finanza (trading e<span class=\"_ _1\"></span> bancario)<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs160f\">e <span class=\"_ _35\"> </span>copre <span class=\"_ _0\"> </span>i <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>riport<span class=\"_ _1\"></span>ati <span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span>lla <span class=\"_ _0\"></span>pre<span class=\"_ _1\"></span>sente <span class=\"_ _35\"> </span>sezione. <span class=\"_ _0\"></span>L\u2019orizzonte <span class=\"_ _35\"> </span>temporale <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>VaR <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>coerente <span class=\"_ _35\"> </span>con<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1610\">quello <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>calcolo <span class=\"_ _35\"> </span>del<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>P&amp;L. <span class=\"_ _0\"></span>L\u2019esercizio <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>basa <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>12 <span class=\"_ _35\"> </span>mesi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>dati. <span class=\"_ _0\"></span>Le <span class=\"_ _0\"></span>ipotesi <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>state <span class=\"_ _0\"></span>verificate<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1611\">attraverso una serie di test:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1612\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">Frequency Test<span class=\"_ _1\"></span>: Basilea e Kupiec (o POF, Proportion of Failure);<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1613\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">Indipendence Test<span class=\"_ _1\"></span>: Christoffersen e Mixed Kupiec;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1614\">-<span class=\"_ _13e\"> </span><span class=\"ff4\">Joint Test: POF + Christofferse<span class=\"_ _1\"></span>n, POF + Mixed Kupiec.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1615\">Nell\u2019ambito <span class=\"_ _2\"></span>dell\u2019analisi <span class=\"_ _3b\"></span>del periodo <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>backtesting i<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>test effettuati <span class=\"_ _3b\"></span>confermano <span class=\"_ _3b\"></span>la tenuta <span class=\"_ _3b\"></span>del <span class=\"_ _3b\"></span>mo<span class=\"_ _1\"></span>dello<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1616\">di VaR. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1617\">1.3 Gli<span class=\"_ _1\"></span> strumenti de<span class=\"_ _1\"></span>rivati e<span class=\"_ _1\"></span> le politi<span class=\"_ _1\"></span>che di <span class=\"_ _1\"></span>copertura<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1618\">L\u2019operativit\u00e0 <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>strume<span class=\"_ _1\"></span>nti <span class=\"_ _38\"></span>finanziari <span class=\"_ _0\"></span>derivati <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>gestita <span class=\"_ _0\"></span>dal <span class=\"_ _38\"></span>Gruppo <span class=\"_ _38\"></span>tram<span class=\"_ _1\"></span>ite <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>app<span class=\"_ _2\"></span>osito <span class=\"_ _0\"></span>appl<span class=\"_ _2\"></span>icativo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1619\">d</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs161a\">e<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs161b\">d</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs161c\">i<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs161d\">c</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs161e\">a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs161f\">to atto alle <span class=\"_ _1\"></span>valorizzazioni giornaliere a </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs1620\">Mark to model</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1621\">. Il documento di riferimento \u201cAllegato<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1422\">tecnico alla F<span class=\"_ _1\"></span>air value P<span class=\"_ _1\"></span>olicy di Gruppo: Manuale m<span class=\"_ _1\"></span>odelli di pricing\u201d<span class=\"_ _1\"></span> disciplina i <span class=\"_ _1\"></span>principali modelli <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1423\">pricing  comunem<span class=\"_ _1\"></span>ente <span class=\"_ _3d\"> </span>utilizzati <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>Gruppo <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>i <span class=\"_ _3d\"> </span>propri <span class=\"_ _3d\"> </span>derivati <span class=\"_ _3d\"> </span>valutati <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>Mark <span class=\"_ _3d\"> </span>to <span class=\"_ _3d\"> </span>Model. <span class=\"_ _3d\"> </span>In<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1424\">particolare una <span class=\"_ _1\"></span>sezione <span class=\"_ _1\"></span>dedicata descrive <span class=\"_ _1\"></span>nel dettaglio t<span class=\"_ _1\"></span>ali modelli. L\u2019insieme <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>modelli descritti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1622\">individua le<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>metodologie <span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>ggi utilizzate <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>validate <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>valutazioni degli <span class=\"_ _1\"></span>strumenti <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>tenuti <span class=\"_ _1\"></span>in<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1623\">propriet\u00e0.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1428\">Classificazione strumenti derivati e parametr<span class=\"_ _1\"></span>i di mercato<span class=\"_ _3a1\"> </span><span class=\"fc16\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1624\">Il <span class=\"_ _3b\"></span>Gr<span class=\"_ _1\"></span>uppo <span class=\"_ _3b\"></span>Credem <span class=\"_ _2\"></span>si <span class=\"_ _3b\"></span>\u00e8 d<span class=\"_ _2\"></span>otato di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>una <span class=\"_ _3b\"></span>Fair <span class=\"_ _2\"></span>Value <span class=\"_ _3b\"></span>Policy <span class=\"_ _2\"></span>e <span class=\"_ _3b\"></span>relativi alle<span class=\"_ _2\"></span>gati <span class=\"_ _2\"></span>tecnici <span class=\"_ _3b\"></span>che disci<span class=\"_ _2\"></span>plinano <span class=\"_ _3b\"></span>anche<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1625\">le <span class=\"_ _0\"></span>regole <span class=\"_ _35\"> </span>con<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>abili <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>val<span class=\"_ _2\"></span>orizzazione <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>m<span class=\"_ _1\"></span>ark <span class=\"_ _0\"></span>to <span class=\"_ _0\"></span>model, <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>relativi <span class=\"_ _35\"> </span>para<span class=\"_ _2\"></span>metri <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>i<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1626\">processi inerenti la valorizzazione degli strume<span class=\"_ _1\"></span>nti.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1627\">In particolare il manuale si articola nelle seguenti sezioni: </div><div class=\"t m1d h11c ff4 fs40 fc1 sc0 ls0 ws0 gs1628\"> -</div><div class=\"t m1d h11c ff4 fs40 fc1 sc0 ls0 ws0 gs1629\"> 0,5<span class=\"_ _3b\"></span>0</div><div class=\"t m1d h11c ff4 fs40 fc1 sc0 ls0 ws0 gs162a\"> 1,0<span class=\"_ _3b\"></span>0</div><div class=\"t m1d h11c ff4 fs40 fc1 sc0 ls0 ws0 gs162b\"> 1,50</div><div class=\"t m1d h11c ff4 fs40 fc1 sc0 ls0 ws0 gs162c\"> 2,00</div><div class=\"t m1d h11c ff4 fs40 fc1 sc0 ls0 ws0 gs162d\"> 2,50</div><div class=\"t m1d h11c ff4 fs40 fc1 sc0 ls0 ws0 gs162e\"> 3,<span class=\"_ _3b\"></span>0<span class=\"_ _1\"></span>0</div><div class=\"t m1d h11c ff4 fs40 fc1 sc0 ls0 ws0 gs162f\"> 3,<span class=\"_ _3b\"></span>5<span class=\"_ _1\"></span>0</div><div class=\"t m1d h11c ff4 fs40 fc1 sc0 ls0 ws0 gs1630\"> 4,00<span class=\"_ _3a1\"> </span></div><div class=\"t m1e h11d ff4 fs41 fc1 sc2 ls0 ws0 gs1631\">F<span class=\"_ _38\"></span>X<span class=\"_ _1\"></span> VaR<span class=\"_ _3a1\"> </span></div><div class=\"t m1d h11e ff4 fs42 fc1 sc0 ls0 ws0 gs1632\">V<span class=\"_ _1\"></span>aR<span class=\"_ _3a1\"> </span></div><div class=\"t m1d h11e ff4 fs42 fc1 sc0 ls0 ws0 gs1633\">me<span class=\"_ _1\"></span>dia<span class=\"_ _3a1\"> </span></div><div class=\"gs1634\"><table class=\"s w139b h2c0\" id=\"_a97439cc-5413-4f8d-9e1e-d641805f9d22\"><tr><td class=\"t m1f x223a h11f y669c ff4 fs43 fc1 sc2 ls0 ws0\">T<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>b<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _38\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>5<span class=\"_ _0\"></span>.<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>C<span class=\"_ _38\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _38\"></span>t<span class=\"_ _38\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>b<span class=\"_ _38\"></span>u<span class=\"_ _38\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>m<span class=\"_ _38\"></span>e<span class=\"_ _0\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _0\"></span> %<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>f<span class=\"_ _38\"></span>a<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _38\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>s<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>h<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>V<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>R<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>m<span class=\"_ _0\"></span>p<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span>ss<span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>v<span class=\"_ _38\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>n<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _0\"></span> d<span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>v<span class=\"_ _38\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>f<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x223b y669e w139c h21e\"><div class=\"t m1f x2b3 h11f y669d ff4 fs43 fc1 sc2 ls0 ws0\">E<span class=\"_ _1\"></span>q<span class=\"_ _38\"></span>u<span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>y<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>R<span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>s<span class=\"_ _38\"></span>k<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x223c y669e w139d h21e\"><div class=\"t m1f x2b3 h11f y669d ff4 fs43 fc1 sc2 ls0 ws0\">F<span class=\"_ _38\"></span>X<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>R<span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>s<span class=\"_ _38\"></span>k<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x223d y669e w139e h21e\"><div class=\"t m1f x2b3 h11f y669d ff4 fs43 fc1 sc2 ls0 ws0\">I<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _38\"></span>a<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span> R<span class=\"_ _0\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>k<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m1f x223a h11f y669f ff4 fs43 fc1 sc2 ls0 ws0\">C<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span>m<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"c n x223e y66a0 w139f h21e\"><div class=\"t m1f x2b3 h11f y669d ff4 fs43 fc1 sc0 ls0 ws0\">7,5%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x223f y66a0 w13a0 h21e\"><div class=\"t m1f x2b3 h11f y669d ff4 fs43 fc1 sc0 ls0 ws0\">0,8%<span class=\"_ _3a1\"> </span></div></td><td class=\"c x2241 y66a0 w13a1 h21e\"><div class=\"t m1f x2b3 h11f y669d ff4 fs43 fc1 sc0 ls0 ws0\">9<span class=\"_ _3a1\"> </span></div><div class=\"t m1f x2240 h11f y669d ff4 fs43 fc1 sc0 ls0 ws0\">1,7%<span class=\"_ _3a1\"> </span></div></td></tr></table></div>-<span class=\"_ _13e\"> </span><span class=\"ff4\">classificazione degli strume<span class=\"_ _1\"></span>nti derivati, storicizzati all\u2019interno dell\u2019applicativo;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">mappa<span class=\"_ _3a1\"> </span></span>tura <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>dettaglio <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>parametri <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>mercato <span class=\"_ _1\"></span>alimentati <span class=\"_ _38\"></span>all\u2019interno <span class=\"_ _1\"></span>dell\u2019applicativo <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fine<span class=\"_ _3a1\"> </span>di valutare tutti gli strumenti;<span class=\"_ _3a1\"> </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">descrizione pro<span class=\"_ _1\"></span>cedure automatizzate per la storicizzazione dei prezzi.<span class=\"_ _3a1\"> </span></span>Parametri di mercato<span class=\"_ _3a1\"> </span>I <span class=\"_ _35\"> </span>parametri  di <span class=\"_ _35\"> </span>mercato  u<span class=\"_ _2\"></span>tilizzati <span class=\"_ _35\"> </span>per  le <span class=\"_ _35\"> </span>valutazioni <span class=\"_ _35\"> </span>e  gestiti <span class=\"_ _35\"> </span>all\u2019interno  d<span class=\"_ _2\"></span>ell\u2019applicativo <span class=\"_ _35\"> </span>posso<span class=\"_ _1\"></span>no<span class=\"_ _3a1\"> </span>essere:<span class=\"_ _3a1\"> </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">dati <span class=\"_ _3b\"></span>acquisiti <span class=\"_ _3b\"></span>autom<span class=\"_ _1\"></span>aticamente, i<span class=\"_ _3b\"></span>nforma<span class=\"_ _1\"></span>zioni <span class=\"_ _3b\"></span>scaricate <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span>iodicamente <span class=\"_ _3b\"></span>da <span class=\"_ _3b\"></span>Info Prov<span class=\"_ _2\"></span>iders, <span class=\"_ _3b\"></span>(ad<span class=\"_ _3a1\"> </span></span>es: market parameter giornalieri);<span class=\"_ _3a1\"> </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">dati <span class=\"_ _43\"> </span>di <span class=\"_ _44\"> </span>m<span class=\"_ _1\"></span>ercato <span class=\"_ _69\"> </span>st<span class=\"_ _1\"></span>imati <span class=\"_ _69\"> </span>dall\u2019applicativo, <span class=\"_ _69\"> </span>prevalent<span class=\"_ _1\"></span>emente <span class=\"_ _69\"> </span>at<span class=\"_ _1\"></span>traverso <span class=\"_ _69\"> </span>dati <span class=\"_ _43\"> </span>acquisiti<span class=\"_ _3a1\"> </span></span>automaticamente.<span class=\"_ _3a1\"> </span>Generalmente, <span class=\"_ _36\"> </span>i <span class=\"_ _36\"> </span>parametr<span class=\"_ _1\"></span>i <span class=\"_ _36\"> </span>alimentati <span class=\"_ _36\"> </span>manualmente <span class=\"_ _36\"> </span>sono <span class=\"_ _36\"> </span>quelli <span class=\"_ _36\"> </span>che <span class=\"_ _39\"> </span>non <span class=\"_ _36\"> </span>necessitano <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>un<span class=\"_ _3a1\"> </span>aggiornamento costante e giornaliero.<span class=\"_ _3a1\"> </span>Processo di validazione modelli e parametri<span class=\"_ _3a1\"> </span>I d<span class=\"_ _2\"></span>ocumenti di <span class=\"_ _3b\"></span>rifer<span class=\"_ _1\"></span>imento riportano <span class=\"_ _2\"></span>come indicato <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>utti i<span class=\"_ _2\"></span> modelli <span class=\"_ _3b\"></span>di pricing <span class=\"_ _2\"></span>e i <span class=\"_ _3b\"></span>param<span class=\"_ _1\"></span>etri di <span class=\"_ _3b\"></span>mer<span class=\"_ _1\"></span>cato<span class=\"_ _3a1\"> </span>validati e utilizzati dal Gruppo per la valutazione degli strume<span class=\"_ _1\"></span>nti derivati.<span class=\"_ _3a1\"> </span>Qualora <span class=\"_ _44\"> </span>sia <span class=\"_ _69\"> </span>necessario <span class=\"_ _44\"> </span>introdurre <span class=\"_ _44\"> </span>nuovi <span class=\"_ _44\"> </span>par<span class=\"_ _1\"></span>ametri <span class=\"_ _44\"> </span>e/o <span class=\"_ _44\"> </span>modelli, <span class=\"_ _44\"> </span>il <span class=\"_ _44\"> </span>proce<span class=\"_ _1\"></span>sso <span class=\"_ _44\"> </span>prevede <span class=\"_ _44\"> </span>il<span class=\"_ _3a1\"> </span>coinvolgimento <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>funzione <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>validazione <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>disci<span class=\"_ _2\"></span>plina <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>apposit<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>parere<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>inerente <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>nuova<span class=\"_ _3a1\"> </span>operativit\u00e0 <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>pr<span class=\"_ _1\"></span>ovvede <span class=\"_ _0\"></span>all<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>validazione <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>modelli <span class=\"_ _0\"></span>come <span class=\"_ _0\"></span>discip<span class=\"_ _2\"></span>linato <span class=\"_ _0\"></span>nell\u2019 <span class=\"_ _0\"></span>app<span class=\"_ _2\"></span>osito <span class=\"_ _0\"></span>regolamento<span class=\"_ _3a1\"> </span>Nuovi prodotti del Gruppo.<span class=\"_ _3a1\"> </span>E\u2019 <span class=\"_ _38\"></span>cura <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>funzione <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>validazione <span class=\"_ _0\"></span>aggiornare <span class=\"_ _38\"></span>periodicamente <span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>documenti <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>riferimento <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>i<span class=\"_ _3a1\"> </span>nuovi modelli e/o parametri utilizzati ed e<span class=\"_ _1\"></span>ffettuare analisi sulla validi<span class=\"_ _2\"></span>t\u00e0 dei mode<span class=\"_ _1\"></span>lli in uso.<span class=\"_ _3a1\"> </span>Procedure <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>utomatiche <span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>apposi<span class=\"_ _2\"></span>ti <span class=\"_ _38\"></span>controlli <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>nsentono <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>presidio <span class=\"_ _38\"></span>giornaliero <span class=\"_ _0\"></span>delle<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>valorizzazioni<span class=\"_ _3a1\"> </span>dei derivati e dei parametri utilizzati.<span class=\"_ _3a1\"> </span>Si <span class=\"_ _35\"> </span>riporta  p<span class=\"_ _3b\"></span>er<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>ogni <span class=\"_ _35\"> </span>tipologia <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>strumento <span class=\"_ _35\"> </span>derivato <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>tipo <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>valutazione <span class=\"_ _35\"> </span>(tramite  qu<span class=\"_ _2\"></span>otazione <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span>mercato -Mark to market o tramite valutazione a modello-<span class=\"_ _3a1\"> </span>Mark to model<span class=\"_ _3a1\"> </span>). Nel caso lo <span class=\"_ _1\"></span>strumento<span class=\"_ _3a1\"> </span>sia valutato tramite<span class=\"_ _3a1\"> </span>Mark to Mod<span class=\"_ _2\"></span>el si indi<span class=\"_ _2\"></span>cano: il modello d<span class=\"_ _2\"></span>i pricing utiliz<span class=\"_ _2\"></span>zato per la valorizzazione <span class=\"_ _3b\"></span>e<span class=\"_ _3a1\"> </span>i parametri di mercato utilizzati per <span class=\"_ _1\"></span>la valutazione. <table class=\"s w13a2 h2c1\" id=\"_0f4d772c-2872-4412-80e2-cd8d7608cb61\"><tr><td class=\"c n x2243 y66a1 w13a3 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Family <span class=\"_ _104\"> </span>Group<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2244 y66a1 w13a4 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Transactio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2245 y66a1 w13a5 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Description<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2246 y66a1 w13a6 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Mar<span class=\"_ _1\"></span>k <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _3b\"></span>Model /<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Mark <span class=\"_ _2\"></span>to<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2247 y66a1 w13a7 h1ec\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Modello<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2248 y66a1 w13a8 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">di<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2249 y66a1 w488 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Pricing<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x224a y66a1 w13a9 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">/<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x224b y66a1 w13aa h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Parametri <span class=\"_ _39\"> </span>di<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 x224c h8 y66a2 ff4 fs2 fc1 sc2 ls0 ws0\">n Type </td><td></td><td class=\"t m2 x224d h8 y66a2 ff4 fs2 fc1 sc2 ls0 ws0\">Market </td><td class=\"t m2 x224e h8 y66a2 ff4 fs2 fc1 sc2 ls0 ws0\" colspan=\"2\">Mercato </td><td></td><td></td><td></td></tr><tr><td class=\"c n x2243 y535d w13ab h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">CURR <span class=\"_ _192\"> </span>FXD<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x224f y535d wf59 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">FXD<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2250 y535d w13ac h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Spot-Forward<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2251 y535d w13ad h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">MARK_TO_MARKET,<span class=\"_ _3a1\"> </span></div></td><td class=\"c x2247 y5fc7 w13ae h2c2\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Modelli<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2252 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">: COST_OF_CARRY<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x224d h8 y66a4 ff4 fs2 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </td><td class=\"c x2247 y66a5 w13af h2c2\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Parametri<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2253 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">: FX_SPOT_RATE,<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x224e h8 y66a6 ff4 fs2 fc1 sc0 ls0 ws0\" colspan=\"2\">FX_CURVE </td><td></td><td></td><td></td></tr><tr><td class=\"c n x2243 y66a7 w13ab h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">CURR <span class=\"_ _192\"> </span>FXD<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x224f y66a7 w13b0 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">XSW<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2254 y66a7 w13b1 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Fo<span class=\"_ _1\"></span>rex Swap<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2255 y66a7 w13b2 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">MARK_TO_<span class=\"_ _1\"></span>MODEL<span class=\"_ _3a1\"> </span></div></td><td class=\"c x2247 y66a8 w13ae h2c2\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Modelli<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2252 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">: COST_OF_CARRY<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x2247 y66a9 w13b3 h2c2\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Parametri<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2253 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">: FX_SP<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2256 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">OT_RATE,<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x224e h8 y66aa ff4 fs2 fc1 sc0 ls0 ws0\" colspan=\"2\">FX_CURVE </td><td></td><td></td><td></td></tr><tr><td class=\"c n x2243 y66ab w13b4 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">CURR <span class=\"_ _192\"> </span>OPT<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2257 y66ab w13b5 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">FX Option<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2258 y66ab w13b6 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">MARK_TO_MODEL<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x224e h8 y66ac ff4 fs2 fc1 sc0 ls0 ws0\" colspan=\"2\">to back) </td><td></td><td class=\"c x2247 y66ad w13b7 h2c2\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Modelli<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2252 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">: BLACK_EXOTIC (Solo Back<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x2247 y66ae w13af h2c2\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Parametri<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2253 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">: FX_SPOT_RATE,<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x224e h8 y66af ff4 fs2 fc1 sc0 ls0 ws0\">FX_CURVE, IR_CURVE, </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x224e h8 y66b0 ff4 fs2 fc1 sc0 ls0 ws0\" colspan=\"2\">FX_VOL_SURF </td><td></td><td></td><td></td></tr><tr><td class=\"c n x2243 y66b1 w13b8 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">EQD <span class=\"_ _14f\"> </span>BON<span class=\"_ _1\"></span>D<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2259 y66b1 w13b9 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">CNV<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x225a y66b1 w13ba h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Conver<span class=\"_ _1\"></span>tible</div></td><td class=\"t m2 x224d h8 y66b2 ff4 fs2 fc1 sc0 ls0 ws0\">MARK_TO_MARKET, </td><td class=\"c x2247 y66b3 w13bb h2c2\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Modelli<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2252 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">: CN_CREDIT_ALL (Solo<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x225b h8 y66b4 ff4 fs2 fc1 sc0 ls0 ws0\">Bond </td><td class=\"t m2 x224d h8 y66b4 ff4 fs2 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </td><td class=\"c x2247 y66b5 w13bc h2c2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Parametri<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2253 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">: BOND_PX, IR_CURVE,<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x224e h8 y66b6 ff4 fs2 fc1 sc0 ls0 ws0\">Sensitivity) </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x224e h8 y66b7 ff4 fs2 fc1 sc0 ls0 ws0\" colspan=\"2\">EQ_VOL_SURF, EQ_DIV_CURVE </td><td></td><td></td><td></td></tr><tr><td class=\"c n x2243 y66b8 w13bd h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">EQD <span class=\"_ _14f\"> </span>EQUIT<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x225c y66b8 w13be h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">E<span class=\"_ _2\"></span>quities<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x225d y66b8 w13bf h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">MARK_TO_MARKET<span class=\"_ _3a1\"> </span></div></td><td class=\"c x2247 y66b9 w13c0 h2c2\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Modelli<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2252 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">:<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"c x2247 y66ba w13c1 h2c2\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Parametri<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2253 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">:<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x225e y66bb w13c2 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">EQ_<span class=\"_ _1\"></span>STOCK_PX,<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x224e h8 y66bc ff4 fs2 fc1 sc0 ls0 ws0\">EQ_INDEX_PX </td><td></td><td></td><td></td><td></td></tr></table><div class=\"gs165b\"><table class=\"s w13c3 h2c3\" id=\"_2e945266-a6bf-4df9-91d4-2738ad116297\"><tr><td class=\"c n x2d7 y66bd w13c4 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Family<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x225f y66bd w13c5 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Group<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x931 h8 y66be ff4 fs2 fc1 sc2 ls0 ws0\">Transactio<span class=\"_ _3a1\"> </span></td><td class=\"c n x2260 y66bd w13c6 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Description<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2261 y66bd w13c7 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Mar<span class=\"_ _1\"></span>k <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _3b\"></span>Model /<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Mark <span class=\"_ _2\"></span>to<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2262 y66bd w13a7 h1ec\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Modello<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2263 y66bd wc63 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">di<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2264 y66bd w13c8 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Pricing<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2265 y66bd w13c9 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">/<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2266 y66bd w13ca h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Parametri <span class=\"_ _39\"> </span>di<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m2 x931 h8 y66bf ff4 fs2 fc1 sc2 ls0 ws0\">n Type<span class=\"_ _3a1\"> </span> </td><td></td><td></td><td class=\"t m2 x881 h8 y66bf ff4 fs2 fc1 sc2 ls0 ws0\">Market<span class=\"_ _3a1\"> </span> </td><td class=\"t m2 x7c8 h8 y66bf ff4 fs2 fc1 sc2 ls0 ws0\" colspan=\"2\">Mercato<span class=\"_ _3a1\"> </span> </td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y66c0 w51a h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">IRD<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2267 y66c0 w13cb h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">ASWP<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2268 y66c0 w13cc h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Asset Swap<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2269 y66c0 w13b6 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">MARK_TO_MODEL<span class=\"_ _3a1\"> </span></div></td><td class=\"c x2262 y66c1 w13cd h2c2\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Modelli<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2252 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">: DISC_CASH_FLOW<span class=\"_ _3a1\"> </span></div></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 x2262 y66c2 w13ce h2c2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Parametri<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2253 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">: IR_CU<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x226a h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">RVE<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x2d7 y66c3 w51a h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">IRD<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2267 y66c3 w13cf h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">B<span class=\"_ _1\"></span>OND<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x226b y66c3 w13d0 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Vanilla Bond<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x226c y66c3 w13d1 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">MARK_TO_MARKET,<span class=\"_ _3a1\"> </span></div></td><td class=\"c x2262 y66c4 w13cd h2c2\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Modelli<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2252 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">: DISC_CASH_FLOW<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x881 h8 y66c5 ff4 fs2 fc1 sc0 ls0 ws0\">MARK_TO_MODEL<span class=\"_ _3a1\"> </span> </td><td class=\"c x2262 y66c6 w13d2 h2c2\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Parametri<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2253 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">:<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c x226e y66c7 w13d3 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">BOND_<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x226d h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">PX,<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x226f y66c7 w13d4 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">IR_CURVE,<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x7c8 h8 y66c8 ff4 fs2 fc1 sc0 ls0 ws0\" colspan=\"2\">CREDIT_SPREAD_CURVE<span class=\"_ _3a1\"> </span> </td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y66c9 w51a h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">IRD<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2267 y66c9 w13d5 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">CF<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2270 y66c9 w13d6 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Cap<span class=\"_ _2\"></span>/Floor<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2271 y66c9 w13d7 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">MARK_TO_MODEL<span class=\"_ _3a1\"> </span></div></td><td class=\"c x2262 y66ca w13d8 h2c2\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Modelli<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2252 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">:<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2272 y66c9 w13d9 h1ec\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">BLACK_NORM_YLD,<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x7c8 h8 y66cb ff4 fs2 fc1 sc0 ls0 ws0\" colspan=\"2\">FISCHER_BLACK<span class=\"_ _3a1\"> </span> </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x2262 y66cc w13d2 h2c2\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Parametri<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2253 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">:<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c x2274 y66cd w13da h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">IR_CUR<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2273 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">VE,<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x7c8 h8 y66ce ff4 fs2 fc1 sc0 ls0 ws0\" colspan=\"2\">IR_CAP_FLOOR_VOL_SURF<span class=\"_ _3a1\"> </span> </td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y66cf w51a h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">IRD<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2267 y66cf w13db h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">CS<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2275 y66cf w13dc h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Currency Swap<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x881 h8 y66d0 ff4 fs2 fc1 sc0 ls0 ws0\">MARK_TO_MODEL<span class=\"_ _3a1\"> </span> </td><td class=\"c x2262 y66d1 w13cd h2c2\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Modelli<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2252 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">: DISC_CASH_FLOW<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x2262 y66d2 w13d2 h2c2\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Parametri<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2253 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">:<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x2276 y594f w13dd h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">FX_SPOT_RATE,<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x7c8 h8 y66d3 ff4 fs2 fc1 sc0 ls0 ws0\">FX_CURVE, IR_CURVE<span class=\"_ _3a1\"> </span> </td><td></td></tr><tr><td class=\"c n x2d7 y66d4 w51a h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">IRD<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2267 y66d4 w13de h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">FRA<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2277 y66d4 w13df h1ec\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Forwar<span class=\"_ _1\"></span>d<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2278 y66d4 wc00 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Rate</div></td><td class=\"t m2 x881 h8 y66d5 ff4 fs2 fc1 sc0 ls0 ws0\">MARK_TO_MODEL<span class=\"_ _3a1\"> </span> </td><td class=\"c x2262 y66d6 w13cd h2c2\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Modelli<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2252 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">: DISC_CASH_FLOW<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x92f h8 y66d7 ff4 fs2 fc1 sc0 ls0 ws0\" colspan=\"2\">Agreement<span class=\"_ _3a1\"> </span> </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 x2262 y5850 w13e0 h2c2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Parametri<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2253 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">: IR_CURVE<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x2d7 y66d8 w51a h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">IRD<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2267 y66d8 w13e1 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">IRS<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2279 y66d8 w13e2 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Interest<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x227a y66d8 wc00 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Rate</div></td><td class=\"t m2 x881 h8 y66d9 ff4 fs2 fc1 sc0 ls0 ws0\">MARK_TO_MODEL<span class=\"_ _3a1\"> </span> </td><td class=\"c x2262 y66da w13cd h2c2\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Modelli<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2252 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">: DISC_CASH_FLOW<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x92f h8 y66db ff4 fs2 fc1 sc0 ls0 ws0\" colspan=\"2\">Swap<span class=\"_ _3a1\"> </span> </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 x2262 y66dc w13e0 h2c2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Parametri<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2253 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">: IR_CURVE<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x2d7 y66dd w51a h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">IRD<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2267 y66dd w13e1 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">IRS<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2279 y66dd w13e3 h1ec\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Inflation Swap<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x227b y66dd w13d7 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">MARK_TO_MODEL<span class=\"_ _3a1\"> </span></div></td><td class=\"c x2262 y6689 w13cd h2c2\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Modelli<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2252 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">: DISC_CASH_FLOW<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x2262 y66de w13d2 h2c2\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Parametri<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2253 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">:<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c x227d y66df w13e4 h1ec\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">INFL_<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x227c h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">ZERO_CURVE,<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x7c8 h8 y66e0 ff4 fs2 fc1 sc0 ls0 ws0\" colspan=\"2\">IR_CURVE<span class=\"_ _3a1\"> </span> </td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y66e1 w51a h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">IRD<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2267 y66e1 w13e5 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">LFUT, SFUT<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x227e y66e1 w13e6 h1ec\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Long/Short<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x881 h8 y66e2 ff4 fs2 fc1 sc0 ls0 ws0\">MARK_TO_MARKET<span class=\"_ _3a1\"> </span> </td><td class=\"c x2262 y649c w13d8 h2c2\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Modelli<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2252 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">:<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x92f h8 y66e3 ff4 fs2 fc1 sc0 ls0 ws0\" colspan=\"2\">Future<span class=\"_ _3a1\"> </span> </td><td></td><td class=\"c x2262 y66e4 w13d2 h2c2\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Parametri<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2253 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">:<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c x2280 y66e5 w13e7 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">IR_FUT<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x227f h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">_PX,<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x7c8 h8 y66e6 ff4 fs2 fc1 sc0 ls0 ws0\" colspan=\"2\">BOND_FUT_PX<span class=\"_ _3a1\"> </span> </td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y66e7 w51a h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">IRD<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2267 y66e7 w13e8 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">LN_<span class=\"_ _1\"></span>BR<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x92f h8 y66e8 ff4 fs2 fc1 sc0 ls0 ws0\">s </td><td class=\"c n x2281 y66e7 w13e9 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Loans/De<span class=\"_ _1\"></span>posit</div></td><td class=\"t m2 x881 h8 y66e9 ff4 fs2 fc1 sc0 ls0 ws0\">MARK_TO_MODEL<span class=\"_ _3a1\"> </span> </td><td class=\"c x2262 y5f8f w13cd h2c2\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Modelli<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2252 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">: DISC_CASH_FLOW<span class=\"_ _3a1\"> </span></div></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 x2262 y66ea w13ce h2c2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Parametri<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2253 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">: IR_CU<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x226a h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">RVE<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"c n x2d7 y66eb w51a h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">IRD<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2267 y66eb w13ea h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">OPT<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2282 y66eb w13eb h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">OTC<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2283 y66eb w13ec h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Bond Option<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2284 y66eb w13ed h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">MARK_TO_MODEL<span class=\"_ _3a1\"> </span></div></td><td class=\"c x2262 y571e w13d8 h2c2\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Modelli<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2252 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">:<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x2272 y66eb w13d9 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">BLACK_NORM_YLD,<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x7c8 h8 y66ec ff4 fs2 fc1 sc0 ls0 ws0\" colspan=\"2\">FISCHER_BLACK </td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x2262 y66ba w13d2 h2c2\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Parametri<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2253 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">:<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c x2274 y66bb w13da h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">IR_CUR<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2273 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">VE,<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x7c8 h8 y66ed ff4 fs2 fc1 sc0 ls0 ws0\">BOND_VOL_SURF </td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"gsb8c\"><table class=\"s w13ee h2c4\" id=\"_417eb71d-d753-419a-9cb4-0fe1533cb8b0\"><tr><td class=\"c n x2d7 y66ee w13c4 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Family<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x225f y66ee w13c5 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Group<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x931 h8 y66ef ff4 fs2 fc1 sc2 ls0 ws0\">Transactio<span class=\"_ _3a1\"> </span></td><td class=\"c n x2260 y66ee w13c6 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Description<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2261 y66ee w13c7 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Mar<span class=\"_ _1\"></span>k <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>o <span class=\"_ _3b\"></span>Model /<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Mark <span class=\"_ _2\"></span>to</div></td><td class=\"c n x2262 y66ee w13a7 h1eb\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Modello</div></td><td class=\"c n x2263 y66ee wc63 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">di</div></td><td class=\"c n x2264 y66ee w13c8 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Pricing</div></td><td class=\"c n x2265 y66ee w13c9 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">/<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2266 y66ee w13ca h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Parametri <span class=\"_ _39\"> </span>di<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m2 x931 h8 y66f0 ff4 fs2 fc1 sc2 ls0 ws0\">n Type </td><td></td><td></td><td class=\"t m2 x881 h8 y66f0 ff4 fs2 fc1 sc2 ls0 ws0\">Market </td><td class=\"t m2 x7c8 h8 y66f0 ff4 fs2 fc1 sc2 ls0 ws0\" colspan=\"2\">Mercato </td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y66f1 w51a h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">IRD<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2267 y66f1 w13ef h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">OSWP<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xd82 y66f1 w13e2 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Interest</div></td><td class=\"c n x2285 y66f1 wc00 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Rate</div></td><td class=\"t m2 x881 h8 y66f2 ff4 fs2 fc1 sc0 ls0 ws0\">MARK_TO_MODEL </td><td class=\"c x2262 y5970 w13d8 h2c5\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Modelli<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2252 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">:<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x2286 y66f1 w13f0 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">BLACK_SHIFTED<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x92f h8 y66f3 ff4 fs2 fc1 sc0 ls0 ws0\">Swaption </td><td></td><td></td><td class=\"c n x2262 y66f4 w13f1 h1eb\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">(Componente<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x2287 y66f4 w13f2 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">opzionale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c n x2262 y66e7 w13f3 h1eb\" colspan=\"2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">(swaption)),<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x2288 y66e7 w13f4 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">DISC_CASH_FLOW<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x7c8 h8 y66f5 ff4 fs2 fc1 sc0 ls0 ws0\">(Componente cedolare dello swap) </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x2262 y58ca w13d2 h2c5\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Parametri<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2253 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">:<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td class=\"c x2274 y66f6 w13da h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">IR_CUR<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2273 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">VE,<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x7c8 h8 y66f7 ff4 fs2 fc1 sc0 ls0 ws0\">IR_SWAPTION_VOL_CUBE </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y66f8 w51a h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">IRD<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2267 y66f8 w13f5 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">REPO<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2289 y66f8 w13f6 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">REPO<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x228a y66f8 w13f7 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Bo<span class=\"_ _1\"></span>nd Repo<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x228b y66f8 w13b6 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">MARK_TO_MODEL<span class=\"_ _3a1\"> </span></div></td><td class=\"c x2262 y5cf2 w13cd h2c2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Modelli<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2252 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">: DISC_CASH_FLOW<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"c x2262 y539f w13f8 h2c2\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">Parametri<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2253 h8 y66a3 ff4 fs2 fc1 sc0 ls0 ws0\">: BOND_PX, IR_CURVE<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs165e\">1.3.1 Gli<span class=\"_ _1\"></span> strumen<span class=\"_ _1\"></span>ti deriva<span class=\"_ _1\"></span>ti di neg<span class=\"_ _1\"></span>oziazione </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs165f\">A. Deri<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1660\">vati finanzia<span class=\"_ _1\"></span>ri<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1661\">A.1 Derivati finan<span class=\"_ _1\"></span>ziari di negoziazione: <span class=\"_ _1\"></span>valori nozionali di fine <span class=\"_ _1\"></span>periodo<span class=\"_ _3a1\"> </span></div><div class=\"gs1662\"><table class=\"s w13f9 h2c6\" id=\"_bed1b472-fedc-4569-b09a-99e291e9b912\"><tr><td></td><td></td><td></td><td class=\"t m2 x875 h5a y66f9 ff4 fs16 fc4 sc3 ls0 ws0\">Totale 31/12<span class=\"_ _1\"></span>/2024<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 xde9 h5a y66f9 ff4 fs16 fc4 sc3 ls0 ws0\">Totale 31/12<span class=\"_ _1\"></span>/2023<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x7db h5a y66fa ff4 fs16 fc4 sc3 ls0 ws0\" colspan=\"2\">Over the co<span class=\"_ _1\"></span>unter<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 x1364 h5a y66fa ff4 fs16 fc4 sc3 ls0 ws0\" colspan=\"2\">Over the co<span class=\"_ _1\"></span>unter<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 xce5 h5a y66fb ff4 fs16 fc4 sc3 ls0 ws0\">Attivit\u00e0 </td><td></td><td class=\"t m2 xd58 h5a y66fc ff4 fs16 fc4 sc3 ls0 ws0\" colspan=\"2\">Senza cont<span class=\"_ _1\"></span>roparti centrali<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 x87b h5a y66fc ff4 fs16 fc4 sc3 ls0 ws0\" colspan=\"2\">Senza cont<span class=\"_ _1\"></span>roparti centrali<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 x58e h5a y66fd ff4 fs16 fc4 sc3 ls0 ws0\">sottostan<span class=\"_ _1\"></span>ti/Tipologie </td><td></td><td></td><td></td><td class=\"t m2 x113f h5a y66fe ff4 fs16 fc4 sc3 ls0 ws0\">Mercati </td><td></td><td></td><td></td><td class=\"t m2 x7e5 h5a y66fe ff4 fs16 fc4 sc3 ls0 ws0\">Mercati </td></tr><tr><td class=\"t m2 xce5 h5a y66ff ff4 fs16 fc4 sc3 ls0 ws0\">derivati<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x228c h5a y6700 ff4 fs16 fc4 sc3 ls0 ws0\">Controparti </td><td class=\"t m2 x95e h5a y6701 ff4 fs16 fc4 sc3 ls0 ws0\" colspan=\"2\">Senza acco<span class=\"_ _1\"></span>rdi </td><td class=\"t m2 x7df h5a y6702 ff4 fs16 fc4 sc3 ls0 ws0\">organizza<span class=\"_ _1\"></span>ti<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11a9 h5a y6700 ff4 fs16 fc4 sc3 ls0 ws0\">Controparti </td><td></td><td></td><td class=\"t m2 x1271 h5a y6702 ff4 fs16 fc4 sc3 ls0 ws0\">organizza<span class=\"_ _1\"></span>ti<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x1445 h5a y6703 ff4 fs16 fc4 sc3 ls0 ws0\">centrali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xacd h5a y6704 ff4 fs16 fc4 sc3 ls0 ws0\">Con accordi di </td><td></td><td></td><td class=\"t m2 x11c6 h5a y6703 ff4 fs16 fc4 sc3 ls0 ws0\">centrali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x130e h5a y6704 ff4 fs16 fc4 sc3 ls0 ws0\">Con accordi di </td><td class=\"t m2 x810 h5a y6704 ff4 fs16 fc4 sc3 ls0 ws0\">Senza acco<span class=\"_ _1\"></span>rdi di </td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x7dd h5a y6705 ff4 fs16 fc4 sc3 ls0 ws0\">di </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 xc63 h5a y6706 ff4 fs16 fc4 sc3 ls0 ws0\">compensazio<span class=\"_ _1\"></span>ne<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 xc58 h5a y6706 ff4 fs16 fc4 sc3 ls0 ws0\">compensazio<span class=\"_ _1\"></span>ne<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x810 h5a y6706 ff4 fs16 fc4 sc3 ls0 ws0\">compensazio<span class=\"_ _1\"></span>ne<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x228d h5a y6707 ff4 fs16 fc4 sc3 ls0 ws0\" colspan=\"2\">compensazio<span class=\"_ _1\"></span>ne<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h5a y6708 ff4 fs16 fc1 sc2 ls0 ws0\">1. Titoli di debi<span class=\"_ _1\"></span>to e<span class=\"_ _3a1\"> </span></td><td class=\"c n x1412 y5fc3 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x228e y5fc3 w13fa h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1.183.657<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x228f y5fc3 w13fb h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">637.2<span class=\"_ _1\"></span>67</div></td><td class=\"c n x2290 y5fc3 w13fc h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">16.50<span class=\"_ _1\"></span>0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2291 y5fc3 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2292 y5fc3 w13fd h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>.024.793<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2293 y5fc3 w13fe h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">528.396</div></td><td class=\"c n x2294 y5fc3 w13ff h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">67.500<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h5a y6709 ff4 fs16 fc1 sc2 ls0 ws0\">tassi d'inte<span class=\"_ _1\"></span>resse<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y670a w1400 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">a) Opzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2295 y670a w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2296 y670a w1401 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">394.155<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2297 y670a w5b4 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">543.585<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2298 y670a w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2299 y670a w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x229a y670a w1402 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">225.462<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x229b y670a w1403 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">394.367<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x229c y670a w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y670b w1404 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">b) Swap<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x229d y670b w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x229e y670b w1405 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">7<span class=\"_ _1\"></span>89.502<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x229f y670b wb0c h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">93.682<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22a0 y670b w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22a1 y670b w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22a2 y670b w1406 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1.799.331<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22a3 y670b w721 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">134.029<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22a4 y670b w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y670c w1407 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">c) Forward<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22a5 y670c w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22a6 y670c w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22a7 y670c w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22a8 y670c w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22a9 y670c w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22aa y670c w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22ab y670c w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22ac y670c w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y670d w1408 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">d) Futures<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22ad y670d w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22ae y670d w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22af y670d w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-</div></td><td class=\"c n x22b0 y670d w1409 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">16.500<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22b1 y670d w722 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22b2 y670d w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22b3 y670d w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-</div></td><td class=\"c n x22b4 y670d w13ff h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">67.500<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y670e w9e6 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">e) Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22b5 y670e w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22b6 y670e w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22b7 y670e w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22b8 y670e w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22b9 y670e w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22ba y670e w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22bb y670e w722 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22bc y670e w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x58e y670f w24c h9e\"><div class=\"t m2 x0 h5a y15ff ff4 fs16 fc1 sc2 ls0 ws0\">2. Titoli di c<span class=\"_ _1\"></span>apitale e </div></td><td class=\"c n x1412 y5528 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1413 y5528 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22bd y5528 w140a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">10<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22be y5528 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22bf y5528 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22c0 y5528 w722 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22c1 y5528 w140b h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">10<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22c2 y5528 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h5a y6710 ff4 fs16 fc1 sc2 ls0 ws0\">indici aziona<span class=\"_ _1\"></span>ri<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y6711 w1400 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">a) Opzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2295 y6711 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22c3 y6711 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22c4 y6711 w140c h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1<span class=\"_ _1\"></span>0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22c5 y6711 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22c6 y6711 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22c7 y6711 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22c8 y6711 w140a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">10<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22c9 y6711 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y5362 w1404 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">b) Swap<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x229d y5362 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22ca y5362 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22cb y5362 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22cc y5362 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22cd y5362 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22ce y5362 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22cf y5362 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22d0 y5362 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y65d6 w1407 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">c) Forward<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22a5 y65d6 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22a6 y65d6 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22a7 y65d6 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22a8 y65d6 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22a9 y65d6 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22aa y65d6 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22ab y65d6 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22ac y65d6 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6712 w1408 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">d) Futures<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22ad y6712 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22ae y6712 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22af y6712 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22d1 y6712 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22d2 y6712 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22aa y6712 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22ab y6712 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22ac y6712 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6713 w9e6 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">e) Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22b5 y6713 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22b6 y6713 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22b7 y6713 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22b8 y6713 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22b9 y6713 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22ba y6713 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22bb y6713 w722 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22bc y6713 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h5a y6714 ff4 fs16 fc1 sc2 ls0 ws0\">3. Valute e o<span class=\"_ _1\"></span>ro<span class=\"_ _3a1\"> </span></td><td class=\"c n x22d3 y6715 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22d4 y6715 w12bc h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">94.428<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22d5 y6715 w140d h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">519.006<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22d6 y6715 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22d7 y6715 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22d8 y6715 w140e h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">64.462<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22d9 y6715 w140f h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">462.856<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22da y6715 w722 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6716 w1400 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">a) Opzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2295 y6716 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22c3 y6716 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22db y6716 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22dc y6716 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22dd y6716 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22de y6716 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22df y6716 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22e0 y6716 w722 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6008 w1404 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">b) Swap<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x229d y6008 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22ca y6008 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22cb y6008 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22cc y6008 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22cd y6008 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22ce y6008 w716 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22cf y6008 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22d0 y6008 w716 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6717 w1407 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">c) Forward<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22a5 y6717 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22e1 y6717 w12bc h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">94.428<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22e2 y6717 w140d h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">519.006<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22e3 y6717 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22e4 y6717 w716 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22e5 y6717 w1410 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>4.462<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22e6 y6717 w1411 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">462.856<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22e7 y6717 w716 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6718 w1408 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">d) Futures<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22ad y6718 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22ae y6718 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22af y6718 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22d1 y6718 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22d2 y6718 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22aa y6718 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22ab y6718 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22ac y6718 w716 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y54ac w9e6 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">e) Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22b5 y54ac w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22b6 y54ac w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22b7 y54ac w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22b8 y54ac w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22b9 y54ac w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22ba y54ac w716 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22bb y54ac w722 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22bc y54ac w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h5a y6719 ff4 fs16 fc1 sc2 ls0 ws0\">4. Merci<span class=\"_ _3a1\"> </span></td><td class=\"c n x22e8 y54ae w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22e9 y54ae w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22ea y54ae w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22eb y54ae w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22ec y54ae w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22ed y54ae w716 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22ee y54ae w716 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22ef y54ae w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h5a y671a ff4 fs16 fc1 sc2 ls0 ws0\">5. Altri </td><td class=\"c n x1412 y6644 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1413 y6644 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22f0 y6644 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22f1 y6644 w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22f2 y6644 w716 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22f3 y6644 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22f4 y6644 w716 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22f5 y6644 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1b08 h5a y671b ff4 fs16 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd43 h5a y671b ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c6 h5a y671b ff4 fs16 fc1 sc2 ls0 ws0\">1.278.085<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a2 h5a y671b ff4 fs16 fc1 sc2 ls0 ws0\">1.156.283<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x18a0 h5a y671b ff4 fs16 fc1 sc2 ls0 ws0\">16.500<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d9 h5a y671b ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d1 h5a y671b ff4 fs16 fc1 sc2 ls0 ws0\">2.089.255<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x878 h5a y671b ff4 fs16 fc1 sc2 ls0 ws0\">991.262<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1288 h5a y671b ff4 fs16 fc1 sc2 ls0 ws0\">67.500<span class=\"_ _3a1\"> </span></td></tr></table></div>A.2 Derivati finanz<span class=\"_ _1\"></span>iari di negoziazione: fair<span class=\"_ _1\"></span> value lordo <span class=\"_ _1\"></span>positivo e negativo - ripart<span class=\"_ _1\"></span>izione per prodotti Tipologie <span class=\"_ _1\"></span>derivati <table class=\"s w1412 h2c7\" id=\"_77183a2c-d842-4386-9333-ea9585a9f454\"><tr><td></td><td></td><td class=\"t m2 x1600 h19 y671c ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"c n x22f6 y671d wabd h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>024<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x22f7 y671d wabc h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc4 sc3 ls0 ws0\">Totale</div></td><td class=\"t m2 xdbb h19 y671c ff4 fsb fc4 sc3 ls0 ws0\">31/12/2<span class=\"_ _1\"></span>023 </td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x22f8 h19 y671e ff4 fsb fc4 sc3 ls0 ws0\" colspan=\"2\">Over the co<span class=\"_ _1\"></span>unter </td><td></td><td></td><td class=\"t m2 x6c9 h19 y671e ff4 fsb fc4 sc3 ls0 ws0\" colspan=\"2\">Over the co<span class=\"_ _1\"></span>unter </td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x99d h19 y671f ff4 fsb fc4 sc3 ls0 ws0\" colspan=\"2\">Senza co<span class=\"_ _1\"></span>ntroparti<span class=\"_ _1\"></span> centrali </td><td class=\"t m2 x6e3 h19 y6720 ff4 fsb fc4 sc3 ls0 ws0\">Mercati<span class=\"_ _1\"></span> </td><td></td><td class=\"t m2 x905 h19 y671f ff4 fsb fc4 sc3 ls0 ws0\" colspan=\"2\">Senza co<span class=\"_ _1\"></span>ntroparti<span class=\"_ _1\"></span> centrali </td><td class=\"t m2 x795 h19 y6720 ff4 fsb fc4 sc3 ls0 ws0\">Mercati<span class=\"_ _1\"></span> </td></tr><tr><td></td><td class=\"t m2 x16d2 h19 y6721 ff4 fsb fc4 sc3 ls0 ws0\">Controp<span class=\"_ _1\"></span>arti </td><td></td><td></td><td class=\"t m2 xd9a h19 y6722 ff4 fsb fc4 sc3 ls0 ws0\">organiz<span class=\"_ _1\"></span>zati<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x758 h19 y6721 ff4 fsb fc4 sc3 ls0 ws0\">Controp<span class=\"_ _1\"></span>arti </td><td></td><td></td><td class=\"t m2 x6fd h19 y6722 ff4 fsb fc4 sc3 ls0 ws0\">organiz<span class=\"_ _1\"></span>zati<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x1902 h19 y6723 ff4 fsb fc4 sc3 ls0 ws0\">central<span class=\"_ _1\"></span>i </td><td class=\"t m2 x6a4 h19 y6724 ff4 fsb fc4 sc3 ls0 ws0\">Con accor<span class=\"_ _1\"></span>di di </td><td class=\"t m2 x990 h19 y6725 ff4 fsb fc4 sc3 ls0 ws0\">Senza acco<span class=\"_ _1\"></span>rdi </td><td></td><td class=\"t m2 x6c5 h19 y6723 ff4 fsb fc4 sc3 ls0 ws0\">central<span class=\"_ _1\"></span>i </td><td class=\"t m2 x78a h19 y6724 ff4 fsb fc4 sc3 ls0 ws0\">Con accor<span class=\"_ _1\"></span>di di </td><td class=\"t m2 x6b0 h19 y6725 ff4 fsb fc4 sc3 ls0 ws0\">Senza acco<span class=\"_ _1\"></span>rdi </td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x6dd h19 y6726 ff4 fsb fc4 sc3 ls0 ws0\">compens<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e2 h19 y6727 ff4 fsb fc4 sc3 ls0 ws0\">di </td><td></td><td></td><td class=\"t m2 x6c6 h19 y6726 ff4 fsb fc4 sc3 ls0 ws0\">compens<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h19 y6727 ff4 fsb fc4 sc3 ls0 ws0\">di </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x6a5 h19 y6728 ff4 fsb fc4 sc3 ls0 ws0\">compens<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 xdbb h19 y6728 ff4 fsb fc4 sc3 ls0 ws0\">compens<span class=\"_ _1\"></span>azione<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 x677 h19 y6729 ff4 fsb fc1 sc2 ls0 ws0\">1. Fair v<span class=\"_ _1\"></span>alue posi<span class=\"_ _1\"></span>tivo </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x997 y672a w1413 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">a) Opzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22f9 y672a wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22fa y672a w1414 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">160<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22fb y672a w11a3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3.665<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67c h19 y672b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h19 y672b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd2 h19 y672b ff4 fsb fc1 sc0 ls0 ws0\">509<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x22fc h19 y672b ff4 fsb fc1 sc0 ls0 ws0\">1.411<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y672b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y672c w1415 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">b) Interest rate<span class=\"_ _1\"></span> swap<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22fd y672c wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22fe y672c w12d4 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">7.406<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22ff y672c w1416 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">328<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67c h19 y672d ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h19 y672d ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x664 h19 y672d ff4 fsb fc1 sc0 ls0 ws0\">24.795<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x915 h19 y672d ff4 fsb fc1 sc0 ls0 ws0\">322<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y672d ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h19 y672e ff4 fsb fc1 sc0 ls0 ws0\">c) Cross cur<span class=\"_ _1\"></span>rency<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2300 h19 y672f ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b7 h19 y672f ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x757 h19 y672f ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h19 y672f ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h19 y672f ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebc h19 y672f ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc6 h19 y672f ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y672f ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h19 y6730 ff4 fsb fc1 sc0 ls0 ws0\">swap </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x997 y6731 w1417 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">d) Equity s<span class=\"_ _1\"></span>wap<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2301 y6731 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b7 h19 y6732 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x757 h19 y6732 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h19 y6732 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h19 y6732 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebc h19 y6732 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc6 h19 y6732 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y6732 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y5a44 w1418 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">e) Forward<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2302 y5a44 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2303 y5a44 w1419 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>95<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2304 y5a44 w141a h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3.138<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67c h19 y6733 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h19 y6733 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd2 h19 y6733 ff4 fsb fc1 sc0 ls0 ws0\">630<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90d h19 y6733 ff4 fsb fc1 sc0 ls0 ws0\">4.352<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y6733 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6734 w141b h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">f) Future<span class=\"_ _1\"></span>s<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2305 y6734 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b7 h19 y6735 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x757 h19 y6735 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h19 y6735 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h19 y6735 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebc h19 y6735 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc6 h19 y6735 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y6735 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6736 w138d h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">g) Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22fd y6736 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b7 h19 y6737 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x757 h19 y6737 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h19 y6737 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h19 y6737 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebc h19 y6737 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc6 h19 y6737 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y6737 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x160a h19 y6738 ff4 fsb fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c4 h19 y6738 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15ff h19 y6738 ff4 fsb fc1 sc2 ls0 ws0\">7.861<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x681 h19 y6738 ff4 fsb fc1 sc2 ls0 ws0\">7.131<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h19 y6738 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h19 y6738 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x675 h19 y6738 ff4 fsb fc1 sc2 ls0 ws0\">25.934<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x984 h19 y6738 ff4 fsb fc1 sc2 ls0 ws0\">6.085<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y6738 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h19 y6739 ff4 fsb fc1 sc2 ls0 ws0\">2. Fair v<span class=\"_ _1\"></span>alue negati<span class=\"_ _1\"></span>vo </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x997 y5566 w1413 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">a) Opzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22f9 y5566 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x2306 h19 y673a ff4 fsb fc1 sc0 ls0 ws0\">47<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ec h19 y673a ff4 fsb fc1 sc0 ls0 ws0\">3.254<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h19 y673a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h19 y673a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69a h19 y673a ff4 fsb fc1 sc0 ls0 ws0\">80<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90d h19 y673a ff4 fsb fc1 sc0 ls0 ws0\">8.425<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y673a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y673b w1415 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">b) Interest rate<span class=\"_ _1\"></span> swap<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22fd y673b wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2307 y673b w141c h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2.925<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2308 y673b wfa3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2.679<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x67c h19 y673c ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h19 y673c ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x664 h19 y673c ff4 fsb fc1 sc0 ls0 ws0\">10.499<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x712 h19 y673c ff4 fsb fc1 sc0 ls0 ws0\">5.431<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y673c ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h19 y673d ff4 fsb fc1 sc0 ls0 ws0\">c) Cross cur<span class=\"_ _1\"></span>rency<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2300 h19 y673e ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b7 h19 y673e ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x757 h19 y673e ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h19 y673e ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h19 y673e ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebc h19 y673e ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc6 h19 y673e ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y673e ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h19 y673f ff4 fsb fc1 sc0 ls0 ws0\">swap </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x997 y56f2 w1417 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">d) Equity s<span class=\"_ _1\"></span>wap<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2301 y56f2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b7 h19 y6740 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x757 h19 y6740 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h19 y6740 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h19 y6740 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebc h19 y6740 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc6 h19 y6740 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y6740 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6741 w1418 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">e) Forward<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2302 y6741 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x2306 h19 y6742 ff4 fsb fc1 sc0 ls0 ws0\">67<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ec h19 y6742 ff4 fsb fc1 sc0 ls0 ws0\">5.492<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h19 y6742 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h19 y6742 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a9 h19 y6742 ff4 fsb fc1 sc0 ls0 ws0\">247<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90d h19 y6742 ff4 fsb fc1 sc0 ls0 ws0\">2.529<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y6742 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6743 w141b h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">f) Future<span class=\"_ _1\"></span>s<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2305 y6743 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b7 h19 y6744 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x757 h19 y6744 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h19 y6744 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h19 y6744 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebc h19 y6744 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc6 h19 y6744 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y6744 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y6745 w138d h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">g) Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x22fd y6745 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b7 h19 y6746 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x757 h19 y6746 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h19 y6746 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h19 y6746 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebc h19 y6746 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc6 h19 y6746 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y6746 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x160a h19 y6747 ff4 fsb fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c4 h19 y6747 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x985 h19 y6747 ff4 fsb fc1 sc2 ls0 ws0\">3.039<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ec h19 y6747 ff4 fsb fc1 sc2 ls0 ws0\">11.425<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h19 y6747 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90c h19 y6747 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x664 h19 y6747 ff4 fsb fc1 sc2 ls0 ws0\">10.826<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x687 h19 y6747 ff4 fsb fc1 sc2 ls0 ws0\">16.385<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y6747 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table>A.3 Derivati fina<span class=\"_ _1\"></span>nziari di negoziazione<span class=\"_ _1\"></span> OTC \u2013 valori nozional<span class=\"_ _1\"></span>i, fair value lordo positivo e<span class=\"_ _1\"></span> negativo per <span class=\"_ _1\"></span>controparti<span class=\"_ _3a1\"> </span><table class=\"s w141d h2c8\" id=\"_e30c1cbc-53b6-4a09-a206-32d47831d942\"><tr><td class=\"t m2 x1987 h12 y6748 ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0 sottostanti </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6749 ff4 fs7 fc1 sc0 ls0 ws0\">Contratti non rientran<span class=\"_ _2\"></span>ti in accordi di c<span class=\"_ _2\"></span>ompensazione </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h12 y674a ff4 fs7 fc1 sc2 ls0 ws0\">1) Titoli di debito e tassi d'interesse<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1f22 y674b w141e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2309 y674b w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x230a y674b w141f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">70.000<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x230b y674b wa65 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>4.770<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x230c y674b w1420 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">532.497<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1f22 y674c w1421 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value positivo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x230d y674c w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x230e y674c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x230f y674c w1422 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">102<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2310 y674c wc0c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.88<span class=\"_ _2\"></span>9<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1f22 y674d w1423 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negativo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2311 y674d w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2312 y674d w1424 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">65<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2313 y674d w1425 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.<span class=\"_ _2\"></span>297<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2314 y674d we13 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.572<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h12 y674e ff4 fs7 fc1 sc2 ls0 ws0\">2) Titoli di capitale e indici azionari<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1f22 y674f w141e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2309 y674f w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2315 y674f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2316 y674f w1426 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2317 y674f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1f22 y6750 w1421 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value positivo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x230d y6750 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x230e y6750 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2318 y6750 w1427 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2319 y6750 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1f22 y6751 w1423 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negativo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2311 y6751 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x231a y6751 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x231b y6751 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x231c y6751 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h12 y6752 ff4 fs7 fc1 sc2 ls0 ws0\">3) Valute e oro<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1f22 y6753 w141e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2309 y6753 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2315 y6753 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x231d y6753 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x231e y6753 wfd9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">519.006<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1f22 y6754 w1421 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value positivo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x230d y6754 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x230e y6754 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x231f y6754 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2320 y6754 w112a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.138<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1f22 y6755 w1423 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negativo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2311 y6755 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x231a y6755 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x231b y6755 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2321 y6755 w1428 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>.492<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h12 y6756 ff4 fs7 fc1 sc2 ls0 ws0\">4) Merci<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1f22 y6757 w141e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2309 y6757 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2315 y6757 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x231d y6757 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2322 y6757 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1f22 y6758 w1421 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value positivo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x230d y6758 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x230e y6758 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x231f y6758 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2323 y6758 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1f22 y6759 w1423 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negativo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2311 y6759 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x231a y6759 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x231b y6759 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x231c y6759 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h12 y675a ff4 fs7 fc1 sc2 ls0 ws0\">5) Altri<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1f22 y675b w141e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2309 y675b w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2315 y675b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x231d y675b w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2322 y675b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1f22 y675c w1421 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value positivo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x230d y675c w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x230e y675c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x231f y675c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2323 y675c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1f22 y675d w1423 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negativo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2311 y675d w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x231a y675d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x231b y675d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x231c y675d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y675e ff4 fs7 fc1 sc0 ls0 ws0\">Contratti rientranti <span class=\"_ _2\"></span>in accordi di compe<span class=\"_ _2\"></span>nsazione </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x865 h12 y675f ff4 fs7 fc1 sc2 ls0 ws0\">1) Titoli di debito e tassi d'interesse<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y6760 w1429 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2324 y6760 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2325 y6760 w142a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.183.656<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2326 y6760 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2327 y6760 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6761 w142b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value positivo<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2328 y6761 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2329 y6761 wcaa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7.566<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x232a y6761 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x232b y6761 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6762 w142c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negativo<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x232c y6762 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x232d y6762 w142d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _1\"></span>.010<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x232e y6762 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2126 y6762 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h12 y6763 ff4 fs7 fc1 sc2 ls0 ws0\">2) Titoli di capitale e indici azionari<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y6764 w1429 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2324 y6764 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x232f y6764 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2330 y6764 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2331 y6764 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6765 w142b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value positivo<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2328 y6765 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2332 y6765 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2333 y6765 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2334 y6765 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6766 w142c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negativo<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x232c y6766 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2335 y6766 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2336 y6766 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211a y6766 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h12 y6767 ff4 fs7 fc1 sc2 ls0 ws0\">3) Valute e oro<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y6768 w1429 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2324 y6768 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2337 y6768 w142e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">94.428<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2338 y6768 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2339 y6768 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6769 w142b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value positivo<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2328 y6769 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x233a y6769 w142f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">295<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x233b y6769 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x233c y6769 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y676a w142c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negativo<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x232c y676a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x233d y676a w1430 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">67<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x233e y676a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x233f y676a w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h12 y676b ff4 fs7 fc1 sc2 ls0 ws0\">4) Merci<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y676c w1429 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2324 y676c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x232f y676c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2330 y676c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2331 y676c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y676d w142b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value positivo<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2328 y676d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2332 y676d w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2333 y676d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2334 y676d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y676e w142c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negativo<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x232c y676e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2335 y676e w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2336 y676e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211a y676e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x865 h12 y676f ff4 fs7 fc1 sc2 ls0 ws0\">5) Altri<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y6770 w1429 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2324 y6770 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x232f y6770 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2330 y6770 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2331 y6770 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6771 w142b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value positivo<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2328 y6771 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2332 y6771 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2333 y6771 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2334 y6771 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y53a2 w142c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negativo<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x232c y53a2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2335 y53a2 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2336 y53a2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211a y53a2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr></table>Cont<span class=\"_ _3b\"></span>roparti<span class=\"_ _2\"></span> cen<span class=\"_ _2\"></span>traliBan<span class=\"_ _2\"></span>cheAltre<span class=\"_ _3b\"></span> societ\u00e0<span class=\"_ _2\"></span> finan<span class=\"_ _3b\"></span>ziarieAltr<span class=\"_ _2\"></span>i sogg<span class=\"_ _3b\"></span>ettiA.4 Vita res<span class=\"_ _1\"></span>idua dei derivati finanziari <span class=\"_ _1\"></span>OTC: valori nozionali <table class=\"s w1431 h2c9\" id=\"_16f903f0-313d-4d5b-9ca5-487c71ab5daa\"><tr><td class=\"t m2 x887 h12 y6772 ff4 fs7 fc4 sc3 ls0 ws0\">Sottostanti/Vita residua<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x99f h12 y6772 ff4 fs7 fc4 sc3 ls0 ws0\">Fino ad 1 anno<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11fd h12 y6773 ff4 fs7 fc4 sc3 ls0 ws0\">Oltre 1 anno e </td><td class=\"t m2 x7bf h12 y6772 ff4 fs7 fc4 sc3 ls0 ws0\">Oltre 5 anni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x890 h12 y6772 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x133b h12 y6774 ff4 fs7 fc4 sc3 ls0 ws0\">fino a 5 anni<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6775 ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Derivati finanziar<span class=\"_ _2\"></span>i su titoli di debito e ta<span class=\"_ _2\"></span>ssi di<span class=\"_ _3a1\"> </span></td><td></td><td class=\"c n xe4a y6776 w1432 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.009.045<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2340 y6776 w1433 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">726.691<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2341 y6776 w6f4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">85.188<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2342 y6776 w1434 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.820.924<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6777 ff4 fs7 fc1 sc0 ls0 ws0\">interesse </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x58e y6778 w24d h11\"><div class=\"t m2 x0 h12 y3d4 ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Derivati finanziar<span class=\"_ _2\"></span>i su titoli di capitale ed <span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>ndici<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2343 y606d w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2344 y606d w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2345 y606d w1368 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2346 y606d w6f0 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6779 ff4 fs7 fc1 sc0 ls0 ws0\">azionari </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y557c w1435 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.3 Derivati finanziari<span class=\"_ _2\"></span> su valute e oro<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2347 y557c w1436 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">592.131<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2348 y557c w1437 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">21.302<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2349 y557c w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x234a y557c w1438 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">613.433<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y63b4 w1439 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.4 Derivati finanziar<span class=\"_ _2\"></span>i su merci<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1904 y63b4 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x234b y63b4 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x234c y63b4 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x234d y63b4 w47a h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y677a w143a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.5 Altri derivati finanz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>ari<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x234e y677a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x234f y677a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2350 y677a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2351 y677a w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x937 h12 y677b ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba5 h12 y677b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d3 h12 y677b ff4 fs7 fc1 sc2 ls0 ws0\">1.601.176<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd57 h12 y677b ff4 fs7 fc1 sc2 ls0 ws0\">747.993<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5b h12 y677b ff4 fs7 fc1 sc2 ls0 ws0\">85.198<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x13e5 h12 y677b ff4 fs7 fc1 sc2 ls0 ws0\">2.434.367<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x937 h12 y677c ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba5 h12 y677c ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1208 h12 y677c ff4 fs7 fc1 sc2 ls0 ws0\">2.021.383<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd57 h12 y677c ff4 fs7 fc1 sc2 ls0 ws0\">527.274<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce4 h12 y677c ff4 fs7 fc1 sc2 ls0 ws0\">531.862<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddf h12 y677c ff4 fs7 fc1 sc2 ls0 ws0\">3.080.519<span class=\"_ _3a1\"> </span></td></tr></table>1.3.2 Le coperture contabili Informazi<span class=\"_ _1\"></span>oni di na<span class=\"_ _1\"></span>tura quali<span class=\"_ _1\"></span>tativa In <span class=\"_ _38\"></span>te<span class=\"_ _1\"></span>ma <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>Hedge <span class=\"_ _38\"></span>accounting, <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>Gruppo, <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>me <span class=\"_ _0\"></span>previsto <span class=\"_ _38\"></span>dall\u2019IFRS9, <span class=\"_ _38\"></span>continua <span class=\"_ _0\"></span>ad <span class=\"_ _38\"></span>applicare <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>anto defini<span class=\"_ _3a1\"> </span>to <span class=\"_ _0\"></span>dal <span class=\"_ _0\"></span>principio <span class=\"_ _0\"></span>contabile <span class=\"_ _0\"> </span>I<span class=\"_ _1\"></span>AS <span class=\"_ _0\"></span>39 <span class=\"_ _0\"></span>(nella <span class=\"_ _0\"></span>vers<span class=\"_ _1\"></span>ione <span class=\"_ _0\"></span>carved <span class=\"_ _0\"></span>out <span class=\"_ _0\"></span>omologata <span class=\"_ _35\"> </span>dal<span class=\"_ _2\"></span>la <span class=\"_ _0\"></span>Commissione Europea) in relazione a tutte le copert<span class=\"_ _1\"></span>ure poste in essere. Attivit\u00e0 di cope<span class=\"_ _1\"></span>rtura d<span class=\"_ _1\"></span>el fair valu<span class=\"_ _1\"></span>e, <span class=\"_ _1\"></span>strumenti di<span class=\"_ _1\"></span> copertura<span class=\"_ _1\"></span> ed elem<span class=\"_ _1\"></span>enti cope<span class=\"_ _1\"></span>rti Si <span class=\"_ _1\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>adottata <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>met<span class=\"_ _1\"></span>odologia <span class=\"_ _1\"></span>contabile <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>Macro <span class=\"_ _38\"></span>Fair<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>Value <span class=\"_ _1\"></span>He<span class=\"_ _1\"></span>dge <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>copertur<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>rischio <span class=\"_ _1\"></span>di tasso associato a: -<span class=\"_ _13e\"> </span><span class=\"ff4\">Mutui/finanziamenti a tasso <span class=\"_ _2\"></span>fisso, e <span class=\"_ _2\"></span>mutui/finanziamenti a <span class=\"_ _2\"></span>tasso variabi<span class=\"_ _2\"></span>le con opzione <span class=\"_ _2\"></span>\u201cCap\u201d </span>affiancandola quindi alla metodologia del Cash F<span class=\"_ _1\"></span>low Hedge; -<span class=\"_ _13e\"> </span><span class=\"ff4\">componente core ane<span class=\"_ _1\"></span>lastica della raccolta a vista. </span>Si <span class=\"_ _0\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>ado<span class=\"_ _2\"></span>ttata, <span class=\"_ _35\"> </span>inolt<span class=\"_ _2\"></span>re, <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>metodologia <span class=\"_ _0\"></span>cont<span class=\"_ _1\"></span>abile <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>Micro <span class=\"_ _35\"> </span>Fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>He<span class=\"_ _1\"></span>dge <span class=\"_ _35\"> </span>pe<span class=\"_ _2\"></span>r <span class=\"_ _35\"> </span>la<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>copertura <span class=\"_ _0\"></span>del rischio di tasso associato a: -<span class=\"_ _13e\"> </span><span class=\"ff4\">titoli <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>debito <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>regime <span class=\"_ _38\"></span>contabile <span class=\"_ _38\"></span>HTCS <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>HTC <span class=\"_ _1\"></span>(inclusi <span class=\"_ _38\"></span>titoli <span class=\"_ _38\"></span>BTP <span class=\"_ _38\"></span>inflattivi <span class=\"_ _1\"></span>ove <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>iene <span class=\"_ _38\"></span>coperto </span>anche il rischio inflazione), -<span class=\"_ _13e\"> </span><span class=\"ff4\">prestiti obbligazionari a tasso <span class=\"_ _1\"></span>fisso emessi dal Credito Emiliano. </span>L\u2019applicazione <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>metodologia <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>he<span class=\"_ _1\"></span>dge <span class=\"_ _38\"></span>accounting <span class=\"_ _38\"></span>consente <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _38\"></span>rappresentare <span class=\"_ _38\"></span>contabilmente in  modo  simmetrico  sia  l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>  poste  coperte  che<span class=\"_ _2\"></span>  i  prodotti  deriv<span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>ti  utilizzati  per  la<span class=\"_ _3b\"></span>  cope<span class=\"_ _1\"></span>rtura.  In particolare, <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>copertura <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>tasso, <span class=\"_ _38\"></span>vengono <span class=\"_ _1\"></span>utilizzati <span class=\"_ _38\"></span>strumenti <span class=\"_ _1\"></span>derivati <span class=\"_ _38\"></span>non <span class=\"_ _1\"></span>quotati (IRS, OIS, <span class=\"_ _1\"></span>IR<span class=\"_ _1\"></span>S <span class=\"_ _1\"></span>inflation) <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>consent<span class=\"_ _1\"></span>ono <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>riallineare <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>differenze <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>caratteristiche <span class=\"_ _1\"></span>finanziarie degli impieghi e della raccolta. Il <span class=\"_ _0\"></span>Fair <span class=\"_ _0\"></span>Val<span class=\"_ _2\"></span>ue <span class=\"_ _0\"></span>Hedge <span class=\"_ _38\"></span>pr<span class=\"_ _1\"></span>evede <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>relazione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>cope<span class=\"_ _2\"></span>rtura <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>f<span class=\"_ _2\"></span>ormalmente <span class=\"_ _0\"></span>documentata <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>una hedging <span class=\"_ _35\"> </span>card  e <span class=\"_ _35\"> </span>che  la <span class=\"_ _35\"> </span>tenuta <span class=\"_ _35\"> </span>della  copertura <span class=\"_ _35\"> </span>sia  verificata <span class=\"_ _35\"> </span>attraverso  dei <span class=\"_ _35\"> </span>test  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>efficacia  sia prospettici che <span class=\"_ _1\"></span>retrospettivi. Se i <span class=\"_ _1\"></span>test di efficacia danno <span class=\"_ _1\"></span>esito positivo <span class=\"_ _1\"></span>\u00e8 passata in <span class=\"_ _1\"></span>contabilit\u00e0 una rettifica <span class=\"_ _1\"></span>relativa <span class=\"_ _1\"></span>al F<span class=\"_ _1\"></span>air Value <span class=\"_ _1\"></span>dello <span class=\"_ _1\"></span>strumento <span class=\"_ _1\"></span>coperto, <span class=\"_ _1\"></span>per allineare <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>sua <span class=\"_ _1\"></span>modalit\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valutazione a quello dello strumento di hedging. Tali test <span class=\"_ _1\"></span>di efficacia so<span class=\"_ _1\"></span>no svolti periodicament<span class=\"_ _1\"></span>e durante <span class=\"_ _1\"></span>tutta la vita <span class=\"_ _1\"></span>dell\u2019operazione. La <span class=\"_ _1\"></span>copertura \u00e8 <span class=\"_ _38\"></span>considerata <span class=\"_ _0\"></span>efficace <span class=\"_ _1\"></span>se <span class=\"_ _0\"></span>il <span class=\"_ _1\"></span>rapporto <span class=\"_ _38\"></span>tr<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>variazione <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>fair <span class=\"_ _0\"></span>valu<span class=\"_ _2\"></span>e <span class=\"_ _38\"></span>dell\u2019elemento <span class=\"_ _0\"></span>coperto <span class=\"_ _1\"></span>rispetto allo  strume<span class=\"_ _1\"></span>nto  di  copertur<span class=\"_ _1\"></span>a  \u00e8  compre<span class=\"_ _1\"></span>so  nel  range<span class=\"_ _1\"></span>  80%-125%.  Il <span class=\"_ _3d\"> </span>test <span class=\"_ _3d\"> </span>di  verifica <span class=\"_ _3d\"> </span>della  tenuta prospettica e retrospettiva delle coperture \u00e8 svolto s<span class=\"_ _1\"></span>u base trimestrale. L\u2019hedge <span class=\"_ _1\"></span>accounting <span class=\"_ _1\"></span>non <span class=\"_ _38\"></span>pu\u00f2 <span class=\"_ _1\"></span>essere <span class=\"_ _38\"></span>mantenuto <span class=\"_ _1\"></span>qualora <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>copertura <span class=\"_ _1\"></span>divenga <span class=\"_ _1\"></span>inefficace <span class=\"_ _38\"></span>(fuori <span class=\"_ _1\"></span>dal range  8<span class=\"_ _2\"></span>0%-125%). <span class=\"_ _35\"> </span>Eventuali  fonti <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>inefficacia <span class=\"_ _35\"> </span>poss<span class=\"_ _1\"></span>ono <span class=\"_ _35\"> </span>essere:  diverse <span class=\"_ _35\"> </span>date <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>pagament<span class=\"_ _1\"></span>o <span class=\"_ _35\"> </span>o convenzioni <span class=\"_ _0\"></span>fra <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>trumento <span class=\"_ _0\"></span>coperto <span class=\"_ _0\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>cope<span class=\"_ _1\"></span>rtura, <span class=\"_ _0\"></span>spread <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>credito <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>FVH <span class=\"_ _0\"></span>titolo, <span class=\"_ _0\"></span>va<span class=\"_ _2\"></span>riazione della base tra le curve di forwarding e discounting. Attivit\u00e0<span class=\"_ _1\"></span> di coper<span class=\"_ _1\"></span>tura dei flu<span class=\"_ _1\"></span>ssi f<span class=\"_ _1\"></span>inanziari, <span class=\"_ _1\"></span>strumen<span class=\"_ _1\"></span>ti di cope<span class=\"_ _1\"></span>rtura ed<span class=\"_ _1\"></span> elemen<span class=\"_ _1\"></span>ti coperti<span class=\"fc1 sc2\"> </span>Obiettivo <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>fondo <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>operazioni <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>copertura <span class=\"_ _38\"></span>effettuate <span class=\"_ _1\"></span>secondo <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>met<span class=\"_ _1\"></span>odologia <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Cash <span class=\"_ _1\"></span>Flow Hedge \u00e8 <span class=\"_ _3b\"></span>quello <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>evitare <span class=\"_ _3b\"></span>che vari<span class=\"_ _3b\"></span>azioni <span class=\"_ _2\"></span>inattese <span class=\"_ _2\"></span>dei <span class=\"_ _3b\"></span>tassi <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>mercato <span class=\"_ _2\"></span>si <span class=\"_ _3b\"></span>ripercuotano n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>gativamente sul margine di interesse.  In <span class=\"_ _2\"></span>particolare, per <span class=\"_ _3b\"></span>la copertura <span class=\"_ _3b\"></span>del rischio <span class=\"_ _3b\"></span>di tasso, <span class=\"_ _3b\"></span>vengono utilizzati <span class=\"_ _3b\"></span>str<span class=\"_ _1\"></span>umenti <span class=\"_ _2\"></span>derivati n<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>quotati (IRS) <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>conse<span class=\"_ _1\"></span>ntono <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>riallineare<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>dif<span class=\"_ _2\"></span>ferenze <span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>ra <span class=\"_ _38\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>caratteristiche <span class=\"_ _0\"></span>finan<span class=\"_ _2\"></span>ziarie <span class=\"_ _38\"></span>degli <span class=\"_ _0\"></span>impi<span class=\"_ _2\"></span>eghi <span class=\"_ _0\"></span>e della <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>accolta. <span class=\"_ _35\"> </span>L\u2019obi<span class=\"_ _2\"></span>ettivo <span class=\"_ _35\"> </span>della<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>copert<span class=\"_ _1\"></span>ura <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>l\u2019eliminazione <span class=\"_ _0\"></span>parziale <span class=\"_ _35\"> </span>del<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>fluttuazioni <span class=\"_ _35\"> </span>dei flussi <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>cassa<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>futuri <span class=\"_ _38\"></span>determinati <span class=\"_ _0\"></span>dall\u2019andamento <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>asso <span class=\"_ _0\"></span>varia<span class=\"_ _2\"></span>bile <span class=\"_ _0\"></span>lung<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>periodo <span class=\"_ _0\"></span>coperto<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>il<span class=\"_ _3b\"></span> conseguente <span class=\"_ _3f\"> </span>ra<span class=\"_ _1\"></span>ggiungimento <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>un\u2019indicizzazione <span class=\"_ _3f\"> </span>al <span class=\"_ _3a\"> </span>tasso <span class=\"_ _3f\"> </span>fisso <span class=\"_ _3a\"> </span>\u201cobiettivo\u201d, <span class=\"_ _3f\"> </span>pari <span class=\"_ _3a\"> </span>a <span class=\"_ _3f\"> </span>quello sintetizzato dai flussi della \u201cgamba\u201d a t<span class=\"_ _1\"></span>asso fisso del gruppo di strumenti di copertura. Nei  precedenti <span class=\"_ _35\"> </span>esercizi  \u00e8 <span class=\"_ _35\"> </span>stato  attivato  il<span class=\"_ _3b\"></span>  Macro  Cash <span class=\"_ _35\"> </span>Flow  Hedge <span class=\"_ _35\"> </span>anche  per <span class=\"_ _35\"> </span>i  mutui  a<span class=\"_ _3b\"></span>  tasso variabile. <span class=\"_ _0\"></span>La <span class=\"_ _35\"> </span>definiz<span class=\"_ _2\"></span>ione <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>pac<span class=\"_ _1\"></span>chetti <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>mutui <span class=\"_ _0\"></span>coperti <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>Macro <span class=\"_ _0\"></span>Cash <span class=\"_ _35\"> </span>Flow <span class=\"_ _0\"></span>Hedge <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>stata <span class=\"_ _0\"></span>fatta secondo i seguenti criteri: -<span class=\"_ _13e\"> </span><span class=\"ff4\">stessa fre<span class=\"_ _1\"></span>quenza di pagamento </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">stesso tipo di indicizzazione<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">periodicit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>evisione <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>tasso <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>liquidazione <span class=\"_ _38\"></span>degli <span class=\"_ _38\"></span>interess<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>(div<span class=\"_ _2\"></span>isi <span class=\"_ _38\"></span>nei <span class=\"_ _0\"></span>seguenti <span class=\"_ _1\"></span>3 <span class=\"_ _38\"></span>bucket: </span>dal 1\u00b0 al 10\u00b0 giorno del mese, dal 11\u00b0 al 20\u00b0 e dal 21\u00b0 a <span class=\"_ _1\"></span>fine mese). L'omogeneit\u00e0 di <span class=\"_ _2\"></span>tali caratteristiche del<span class=\"_ _3b\"></span> portafoglio mutui e<span class=\"_ _2\"></span> dei rel<span class=\"_ _2\"></span>ativi derivati ga<span class=\"_ _2\"></span>rantisce l'efficacia della c<span class=\"_ _2\"></span>opertura e qu<span class=\"_ _2\"></span>indi <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span>mette di <span class=\"_ _3b\"></span>non effettuare il <span class=\"_ _3b\"></span>test al <span class=\"_ _2\"></span>punto <span class=\"_ _2\"></span>2 d<span class=\"_ _2\"></span>efinito nel <span class=\"_ _2\"></span>secondo p<span class=\"_ _2\"></span>aragrafo sotto riportato (test invece indispensabile per il Cas<span class=\"_ _1\"></span>h Flow Hedge su diverse forme di raccolta). Metodo di valutaz<span class=\"_ _1\"></span>ione di efficacia Per la raccolta a tasso variabile coperta in Cash Flow <span class=\"_ _1\"></span>Hedge vengono effettuati i seguenti test: -<span class=\"_ _13e\"> </span><span class=\"ff4\">Verifica <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>capienza <span class=\"_ _0\"></span>minima <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>nominale <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>ogni <span class=\"_ _0\"></span>periodo <span class=\"_ _0\"></span>fu<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>uro <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>partire <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>buc<span class=\"_ _2\"></span>ket <span class=\"_ _0\"></span>in </span>corso; -<span class=\"_ _13e\"> </span><span class=\"ff4\">effettuazione <span class=\"_ _36\"> </span>del <span class=\"_ _36\"> </span>test <span class=\"_ _36\"> </span>prospettico <span class=\"_ _36\"> </span>e <span class=\"_ _36\"> </span>retro<span class=\"_ _1\"></span>spettivo <span class=\"_ _36\"> </span>tramite <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>met<span class=\"_ _1\"></span>odologia <span class=\"_ _36\"> </span>del <span class=\"_ _36\"> </span>derivato </span>ipotetico, ovvero confronto f<span class=\"_ _3b\"></span>ra il Fair Val<span class=\"_ _2\"></span>ue del d<span class=\"_ _2\"></span>erivato di cope<span class=\"_ _2\"></span>rtura rispetto al <span class=\"_ _3b\"></span>Fair  Value d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>l derivato <span class=\"_ _1\"></span>ipotetico avente <span class=\"_ _1\"></span>come gamba <span class=\"_ _1\"></span>fissa gli <span class=\"_ _1\"></span>stessi <span class=\"_ _1\"></span>flussi dei de<span class=\"_ _1\"></span>rivati di <span class=\"_ _1\"></span>copertura e<span class=\"_ _1\"></span> come gamba <span class=\"_ _37\"> </span>var<span class=\"_ _1\"></span>iabile <span class=\"_ _37\"> </span>i <span class=\"_ _36\"> </span>flussi <span class=\"_ _36\"> </span>variabili <span class=\"_ _37\"> </span>dello <span class=\"_ _36\"> </span>strumento <span class=\"_ _36\"> </span>coperto <span class=\"_ _36\"> </span>pesato <span class=\"_ _37\"> </span>per <span class=\"_ _36\"> </span>le <span class=\"_ _36\"> </span>percentuali <span class=\"_ _36\"> </span>di copertura. Per <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>mutui <span class=\"_ _38\"></span>coperti <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>Macro <span class=\"_ _38\"></span>Cash <span class=\"_ _1\"></span>Flow <span class=\"_ _0\"></span>Hedge <span class=\"_ _1\"></span>viene <span class=\"_ _38\"></span>verificato <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>lo <span class=\"_ _38\"></span>swap <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>cope<span class=\"_ _1\"></span>rtura <span class=\"_ _1\"></span>sia <span class=\"_ _38\"></span>stato concluso a condizioni di mercato, contr<span class=\"_ _1\"></span>ollando il valore di Mark To Market con <span class=\"_ _1\"></span>la curva real time al momento della chiusura dell\u2019operazione. Relativamente <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>Cash <span class=\"_ _0\"></span>Flow <span class=\"_ _0\"></span>Hedge <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>diverse<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>forme <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>raccolta <span class=\"_ _0\"></span>(analogo <span class=\"_ _0\"></span>discorso <span class=\"_ _0\"></span>vale <span class=\"_ _35\"> </span>p<span class=\"_ _2\"></span>er <span class=\"_ _0\"></span>il Macro <span class=\"_ _0\"></span>Cash <span class=\"_ _0\"></span>Flow <span class=\"_ _0\"></span>Hedge <span class=\"_ _0\"></span>m<span class=\"_ _1\"></span>utui <span class=\"_ _0\"></span>cambian<span class=\"_ _2\"></span>do <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>segni <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>passivit\u00e0 <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>attivit\u00e0) <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>strume<span class=\"_ _1\"></span>nti derivati <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>quali <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>applica <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>met<span class=\"_ _1\"></span>odologia <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>oggetto <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>considerati <span class=\"_ _1\"></span>come <span class=\"_ _38\"></span>facenti <span class=\"_ _1\"></span>parte <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>un unico <span class=\"_ _35\"> </span>grupp<span class=\"_ _2\"></span>o <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>operazioni <span class=\"_ _35\"> </span>che<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>presentano <span class=\"_ _0\"> </span>com<span class=\"_ _1\"></span>plessivamente <span class=\"_ _35\"> </span>un\u2019esposizione <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>tipo <span class=\"_ _35\"> </span>\u201cincasso tasso v<span class=\"_ _2\"></span>ariabile/pagamento <span class=\"_ _2\"></span>tasso <span class=\"_ _3b\"></span>fiss<span class=\"_ _1\"></span>o\u201d. <span class=\"_ _2\"></span>Tale <span class=\"_ _3b\"></span>gruppo d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>perazioni <span class=\"_ _2\"></span>\u00e8 consid<span class=\"_ _2\"></span>erato, lu<span class=\"_ _2\"></span>ngo <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>utta la <span class=\"_ _3b\"></span>loro vita, <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>copertura <span class=\"_ _0\"></span>parziale <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>che <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>gener<span class=\"_ _1\"></span>ano <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>un <span class=\"_ _35\"> </span>grupp<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>passivit\u00e0 <span class=\"_ _0\"></span>a <span class=\"_ _0\"> </span>t<span class=\"_ _1\"></span>asso <span class=\"_ _35\"> </span>variabile<span class=\"_ _2\"></span> (pagamento <span class=\"_ _35\"> </span>tasso <span class=\"_ _35\"> </span>variabile); <span class=\"_ _35\"> </span>tali <span class=\"_ _35\"> </span>passivit\u00e0 <span class=\"_ _35\"> </span>sono <span class=\"_ _35\"> </span>rappresentate <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>posizioni <span class=\"_ _35\"> </span>debitorie <span class=\"_ _35\"> </span>gi\u00e0 <span class=\"_ _35\"> </span>in<span class=\"_ _3b\"></span> essere, <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>operazioni <span class=\"_ _35\"> </span>future <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>medesime <span class=\"_ _35\"> </span>caratteristiche <span class=\"_ _35\"> </span>(qualora <span class=\"_ _35\"> </span>rispettino <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>requisiti richiesti <span class=\"_ _38\"></span>dal <span class=\"_ _0\"></span>princi<span class=\"_ _2\"></span>pio <span class=\"_ _38\"></span>per <span class=\"_ _0\"></span>essere <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>signate <span class=\"_ _38\"></span>come <span class=\"_ _0\"></span>po<span class=\"_ _2\"></span>ste <span class=\"_ _38\"></span>cope<span class=\"_ _1\"></span>rte<span class=\"_ _3a1\"> </span>32<span class=\"_ _3a1\"> </span>). <span class=\"_ _38\"></span>All\u2019interno <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>ciascun <span class=\"_ _38\"></span>bucket, essendo <span class=\"_ _3a\"> </span>coperto <span class=\"_ _3f\"> </span>l\u2019insieme <span class=\"_ _3a\"> </span>omogeneo <span class=\"_ _3f\"> </span>dei <span class=\"_ _3a\"> </span>flussi <span class=\"_ _3f\"> </span>generati <span class=\"_ _3f\"> </span>dalle <span class=\"_ _3a\"> </span>passivit\u00e0 <span class=\"_ _3f\"> </span>int<span class=\"_ _1\"></span>eressate <span class=\"_ _3f\"> </span>dalla copertura, <span class=\"_ _1\"></span>l\u2019identificazione dei <span class=\"_ _1\"></span>flussi coperti prescinde <span class=\"_ _1\"></span>dalla correlazione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>medesimi rispetto ai nominali <span class=\"_ _35\"> </span>che  li <span class=\"_ _35\"> </span>hanno <span class=\"_ _35\"> </span>generati <span class=\"_ _35\"> </span>(singole <span class=\"_ _35\"> </span>passivit\u00e0  a <span class=\"_ _35\"> </span>tasso <span class=\"_ _35\"> </span>variabile), <span class=\"_ _35\"> </span>tuttavia  i <span class=\"_ _35\"> </span>flussi <span class=\"_ _35\"> </span>oggetto <span class=\"_ _35\"> </span>di copertura <span class=\"_ _0\"></span>vengono <span class=\"_ _0\"></span>identificati <span class=\"_ _38\"></span>come <span class=\"_ _0\"></span>\u201ci <span class=\"_ _0\"></span>primi\u201d <span class=\"_ _38\"></span>complessivamente <span class=\"_ _0\"></span>generati <span class=\"_ _0\"></span>all\u2019interno <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>buck<span class=\"_ _2\"></span>et medesimo.<span class=\"fc8\"> </span>Al 31 dicembre 2024 la copertura di Cash Flow <span class=\"_ _1\"></span>Hedge sulla raccolta non risulta attiva. L\u2019obiettivo <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>l\u2019eliminazione <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>una <span class=\"_ _0\"></span>porzione <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"> </span>di <span class=\"_ _35\"> </span>variabilit\u00e0 <span class=\"_ _0\"></span>dei <span class=\"_ _35\"> </span>flu<span class=\"_ _2\"></span>ssi <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> cassa <span class=\"_ _37\"> </span>derivanti <span class=\"_ _37\"> </span>dalla <span class=\"_ _37\"> </span>ridefinizione <span class=\"_ _36\"> </span>delle <span class=\"_ _37\"> </span>\u201ccedole\u201d <span class=\"_ _37\"> </span>delle <span class=\"_ _37\"> </span>poste <span class=\"_ _37\"> </span>coper<span class=\"_ _1\"></span>te. <span class=\"_ _37\"> </span>La <span class=\"_ _37\"> </span>designazione <span class=\"_ _37\"> </span>della relazione di <span class=\"_ _3b\"></span>copert<span class=\"_ _1\"></span>ura <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iferita a <span class=\"_ _3b\"></span>precisi periodi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>tempo futur<span class=\"_ _2\"></span>o (bu<span class=\"_ _2\"></span>cket trimestrali p<span class=\"_ _2\"></span>er il <span class=\"_ _3b\"></span>Cash Flow<span class=\"_ _3b\"></span> Hedge <span class=\"_ _38\"></span>tit<span class=\"_ _1\"></span>oli, <span class=\"_ _38\"></span>bucket <span class=\"_ _38\"></span>mens<span class=\"_ _1\"></span>ili <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>Cash <span class=\"_ _0\"></span>Flow <span class=\"_ _38\"></span>Hedge <span class=\"_ _38\"></span>mutui) <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>, <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>termini <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>porzione <span class=\"_ _0\"></span>coperta, <span class=\"_ _38\"></span>pu\u00f2 essere di<span class=\"_ _2\"></span>fferente <span class=\"_ _2\"></span>da <span class=\"_ _3b\"></span>bucket a <span class=\"_ _3b\"></span>bucket <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>relazione <span class=\"_ _2\"></span>alla <span class=\"_ _3b\"></span>pos<span class=\"_ _1\"></span>izione <span class=\"_ _3b\"></span>complessiva del <span class=\"_ _3b\"></span>gruppo <span class=\"_ _3b\"></span>dei derivati<span class=\"_ _2\"></span> di copertura e delle operazioni coperte <span class=\"_ _1\"></span>in essere alla fine di ogni bucket definito. La ridu<span class=\"_ _2\"></span>zione del <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio d<span class=\"_ _2\"></span>i variabi<span class=\"_ _2\"></span>lit\u00e0 dei <span class=\"_ _3b\"></span>flussi di <span class=\"_ _3b\"></span>cas<span class=\"_ _1\"></span>sa <span class=\"_ _3b\"></span>\u00e8<span class=\"_ _1\"></span> o<span class=\"_ _2\"></span>ttenuta t<span class=\"_ _2\"></span>ramite la <span class=\"_ _3b\"></span>com<span class=\"_ _1\"></span>posizione <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>gruppi di <span class=\"_ _0\"></span>elementi <span class=\"_ _0\"></span>coperti <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>po<span class=\"_ _2\"></span>ste <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>presentano <span class=\"_ _0\"></span>ca<span class=\"_ _2\"></span>ratteristiche <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>indicizzazione <span class=\"_ _0\"></span>allo stesso <span class=\"_ _38\"></span>tasso <span class=\"_ _0\"></span>variabi<span class=\"_ _2\"></span>le <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>con<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>date <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>definizione <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>tassi <span class=\"_ _0\"></span>\u201c<span class=\"_ _2\"></span>ragionevolmente\u201d <span class=\"_ _38\"></span>vicine <span class=\"_ _0\"></span>(<span class=\"_ _2\"></span>trimestre <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>l caso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Cash <span class=\"_ _0\"></span>Flow <span class=\"_ _0\"></span>Hedge <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>u <span class=\"_ _0\"></span>diverse <span class=\"_ _0\"></span>forme <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>raccolta, <span class=\"_ _0\"></span>10 <span class=\"_ _0\"></span>giorni <span class=\"_ _0\"></span>nel <span class=\"_ _0\"></span>caso <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Cash <span class=\"_ _0\"></span>Flow <span class=\"_ _0\"></span>He<span class=\"_ _1\"></span>dge mutui). In <span class=\"_ _35\"> </span>sostanza, <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>flussi <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>cassa <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>verra<span class=\"_ _1\"></span>nno <span class=\"_ _35\"> </span>incassati <span class=\"_ _35\"> </span>in<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>ognuno <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>periodi <span class=\"_ _35\"> </span>definiti <span class=\"_ _35\"> </span>dalle <span class=\"_ _35\"> </span>cedo<span class=\"_ _2\"></span>le variabili del gruppo degli strumenti di copert<span class=\"_ _1\"></span>ura annulleranno una porzione (pari a quella generata sul <span class=\"_ _38\"></span>capitale <span class=\"_ _0\"></span>coperto) <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>flussi <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>i <span class=\"_ _0\"></span>cassa <span class=\"_ _0\"></span>comple<span class=\"_ _2\"></span>ssivamente <span class=\"_ _0\"></span>paga<span class=\"_ _2\"></span>ti <span class=\"_ _0\"></span>sul <span class=\"_ _38\"></span>gruppo <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>poste <span class=\"_ _38\"></span>coperte <span class=\"_ _0\"></span>(i flussi generati dai primi no<span class=\"_ _1\"></span>minali in riprezzament<span class=\"_ _1\"></span>o di ogni bucket fino a <span class=\"_ _1\"></span>concorrenza del <span class=\"_ _1\"></span>nominale delle operazioni <span class=\"_ _3b\"></span>di copertura <span class=\"_ _2\"></span>per <span class=\"_ _3b\"></span>ogni periodo) t<span class=\"_ _2\"></span>rasformando l\u2019esposizione <span class=\"_ _3b\"></span>com<span class=\"_ _1\"></span>plessiva n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>l bu<span class=\"_ _2\"></span>cket da variabile a fissa.   Affinch\u00e9 <span class=\"_ _1\"></span>tale <span class=\"_ _38\"></span>situazione <span class=\"_ _38\"></span>si <span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>ifichi <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>un <span class=\"_ _38\"></span>elevato <span class=\"_ _38\"></span>livello <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>probabilit\u00e0 <span class=\"_ _1\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>nece<span class=\"_ _1\"></span>ssario <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>flussi <span class=\"_ _38\"></span>di cassa  (v<span class=\"_ _2\"></span>ariabili) <span class=\"_ _35\"> </span>generat<span class=\"_ _1\"></span>i <span class=\"_ _35\"> </span>dai  du<span class=\"_ _2\"></span>e  grup<span class=\"_ _2\"></span>pi <span class=\"_ _35\"> </span>siano  allineati <span class=\"_ _35\"> </span>in  term<span class=\"_ _2\"></span>ini <span class=\"_ _35\"> </span>di  p<span class=\"_ _2\"></span>aramet<span class=\"_ _1\"></span>ro <span class=\"_ _35\"> </span>e  frequenza <span class=\"_ _35\"> </span>di indicizzazione <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>che <span class=\"_ _1\"></span>le <span class=\"_ _0\"></span>date <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>efinizione <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>assi <span class=\"_ _38\"></span>var<span class=\"_ _1\"></span>iabili <span class=\"_ _1\"></span>dei <span class=\"_ _0\"></span>singoli <span class=\"_ _38\"></span>element<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>presenti <span class=\"_ _0\"></span>nei <span class=\"_ _38\"></span>due gruppi siano sufficientemente ravvicinate fr<span class=\"_ _1\"></span>a di loro. Il concetto di alta <span class=\"_ _1\"></span>probabilit\u00e0 de<span class=\"_ _1\"></span>lle operazioni attese Ai fini  della  designazione  della  r<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>lazione  di  copertura  delle<span class=\"_ _2\"></span>  diverse  forme  di  raccol<span class=\"_ _2\"></span>ta  a  tasso<span class=\"_ _2\"></span> variabile, una forecast transaction deve essere<span class=\"_ _3a1\"> </span>33<span class=\"_ _3a1\"> </span>: -<span class=\"_ _1a9\"> </span><span class=\"ff4\">altamente probabile;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">capace di <span class=\"_ _1\"></span>incidere, <span class=\"_ _1\"></span>in ultima <span class=\"_ _1\"></span>istanza, s<span class=\"_ _1\"></span>ul conto <span class=\"_ _1\"></span>economico, <span class=\"_ _1\"></span>essendo variabili <span class=\"_ _1\"></span>i fl<span class=\"_ _1\"></span>ussi di <span class=\"_ _1\"></span>cassa<span class=\"_ _3a1\"> </span></span>ad essa riconducibili.<div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16da\">Per <span class=\"_ _37\"> </span>\u201c<span class=\"_ _1\"></span>altamente <span class=\"_ _37\"> </span>pro<span class=\"_ _1\"></span>babile\u201d <span class=\"_ _37\"> </span>si <span class=\"_ _36\"> </span>intende <span class=\"_ _37\"> </span>una <span class=\"_ _36\"> </span>situazione <span class=\"_ _36\"> </span>tale <span class=\"_ _36\"> </span>per <span class=\"_ _37\"> </span>cui <span class=\"_ _36\"> </span>\u00e8 <span class=\"_ _37\"> </span>molto <span class=\"_ _36\"> </span>pi\u00f9 <span class=\"_ _37\"> </span>facile <span class=\"_ _36\"> </span>che <span class=\"_ _36\"> </span>la </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16db\">transa<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16dc\">zione <span class=\"_ _1\"></span>avvenga <span class=\"_ _1\"></span>piuttosto <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>non <span class=\"_ _1\"></span>avvenga<span class=\"_ _3a1\"> </span></div><div class=\"t m15 h10d ff4 fs34 fc1 sc0 ls0 ws0 gs16dd\">34<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16de\">. <span class=\"_ _1\"></span>A <span class=\"_ _38\"></span>tal <span class=\"_ _1\"></span>fine, <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>possibile <span class=\"_ _1\"></span>dare <span class=\"_ _1\"></span>una <span class=\"_ _38\"></span>qualifica di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16df\">\u201calta <span class=\"_ _35\"> </span>probabilit\u00e0\u201d <span class=\"_ _35\"> </span>a<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>trans<span class=\"_ _1\"></span>azioni <span class=\"_ _0\"></span>future <span class=\"_ _35\"> </span>solo <span class=\"_ _35\"> </span>sulla <span class=\"_ _35\"> </span>base<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>intenzioni<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>m<span class=\"_ _1\"></span>anagement: <span class=\"_ _0\"></span>\u00e8 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16e0\">necessario supportare l\u2019analisi con fatt<span class=\"_ _1\"></span>i e circostanze verificabili in modo oggettivo. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16e1\">Il <span class=\"_ _38\"></span>principio <span class=\"_ _38\"></span>fornisce<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>lenco <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>gli <span class=\"_ _38\"></span>eleme<span class=\"_ _1\"></span>nti <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>necessar<span class=\"_ _1\"></span>io <span class=\"_ _38\"></span>prendere <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>considerazione <span class=\"_ _38\"></span>ai <span class=\"_ _38\"></span>fini </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16e2\">della definizione del requisito di alta probabilit\u00e0<span class=\"_ _3a1\"> </span></div><div class=\"t m15 h10d ff4 fs34 fc1 sc0 ls0 ws0 gs16e3\">35<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16e4\">. Questi sono: </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs16e5\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">la frequenza di tra<span class=\"_ _1\"></span>nsazioni simili nel passato; </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs16e6\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">le capacit\u00e0 finanziarie ed operat<span class=\"_ _1\"></span>ive dell\u2019entit\u00e0 nel portare a termine la transazione; </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs16e7\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">i <span class=\"_ _35\"> </span>piani <span class=\"_ _35\"> </span>strate<span class=\"_ _1\"></span>gici <span class=\"_ _35\"> </span>industriali <span class=\"_ _35\"> </span>(la <span class=\"_ _35\"> </span>transazione <span class=\"_ _35\"> </span>attesa  deve<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>essere <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>linea <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>dimensioni </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16e8\">dell\u2019entit\u00e0 e con le sue prospettive di sviluppo); </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs16e9\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">l\u2019attinenza della transazione <span class=\"_ _1\"></span>con l\u2019attivit\u00e0 tipica dell\u2019entit\u00e0; </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs16ea\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">la <span class=\"_ _0\"></span>probabilit\u00e0 <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>diverse <span class=\"_ _0\"></span>operazioni <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>caratterist<span class=\"_ _1\"></span>iche <span class=\"_ _0\"></span>differe<span class=\"_ _2\"></span>nti <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>loro <span class=\"_ _38\"></span>possano <span class=\"_ _0\"></span>essere </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16eb\">intraprese per raggiungere lo stesso o<span class=\"_ _1\"></span>biettivo; </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs16ec\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">l\u2019attuale presenza di una sosta<span class=\"_ _1\"></span>nziale destinazione di risorse allo scopo in esame. </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16ed\">Tre <span class=\"_ _38\"></span>elementi <span class=\"_ _38\"></span>condizionano <span class=\"_ _38\"></span>l\u2019ent<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>la <span class=\"_ _1\"></span>forza <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>\u201cpro<span class=\"_ _1\"></span>ve\u201d <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>cessarie <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>fine <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>dimostrazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16ee\">dell\u2019\u201calta probabilit\u00e0\u201d di una transazione futura: </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs16ef\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">l\u2019orizzonte <span class=\"_ _0\"></span>temporale <span class=\"_ _35\"> </span>della<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>transazione <span class=\"_ _0\"></span>futura. <span class=\"_ _0\"></span>A <span class=\"_ _0\"></span>parit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>altre <span class=\"_ _0\"></span>condizioni, <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _0\"></span>lontana <span class=\"_ _35\"> </span>nel </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16f0\">tempo  si <span class=\"_ _35\"> </span>pre<span class=\"_ _1\"></span>vede  essere <span class=\"_ _35\"> </span>la  transazione <span class=\"_ _35\"> </span>futura,  meno  certa <span class=\"_ _35\"> </span>\u00e8  l\u2019evenienza <span class=\"_ _35\"> </span>che  questa  si </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16f1\">verificher\u00e0 <span class=\"_ _37\"> </span>effettivame<span class=\"_ _1\"></span>nte <span class=\"_ _3d\"> </span>e <span class=\"_ _36\"> </span>quindi <span class=\"_ _3d\"> </span>pi\u00f9 <span class=\"_ _37\"> </span>d<span class=\"_ _1\"></span>ifficilmente <span class=\"_ _37\"> </span>dimostrabile <span class=\"_ _37\"> </span>\u00e8 <span class=\"_ _36\"> </span>il <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>equisito <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>\u201calta </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16f2\">probabilit\u00e0\u201d. <span class=\"_ _1\"></span>In <span class=\"_ _38\"></span>questi <span class=\"_ _38\"></span>casi <span class=\"_ _38\"></span>saranno <span class=\"_ _38\"></span>necessarie <span class=\"_ _1\"></span>prove <span class=\"_ _38\"></span>dell\u2019\u201calta <span class=\"_ _38\"></span>probabilit\u00e0\u201d <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>iano <span class=\"_ _1\"></span>molto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16f3\">pi\u00f9 consistenti (<span class=\"_ _2\"></span>saranno, quindi, <span class=\"_ _2\"></span>necessarie, ad <span class=\"_ _2\"></span>esempio, forme contrattuali a<span class=\"_ _3b\"></span> supporto della </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16f4\">transazione <span class=\"_ _1\"></span>futura; <span class=\"_ _1\"></span>il principio36 evidenzia com<span class=\"_ _1\"></span>e i <span class=\"_ _1\"></span>flussi <span class=\"_ _1\"></span>di inte<span class=\"_ _1\"></span>ressi <span class=\"_ _1\"></span>a venti <span class=\"_ _1\"></span>anni der<span class=\"_ _1\"></span>ivanti da<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16f5\">uno <span class=\"_ _36\"> </span>strume<span class=\"_ _1\"></span>nto <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>debito <span class=\"_ _36\"> </span>con <span class=\"_ _39\"> </span>questa <span class=\"_ _36\"> </span>scadenza <span class=\"_ _39\"> </span>sono <span class=\"_ _36\"> </span>\u201caltamente <span class=\"_ _39\"> </span>probabili\u201d <span class=\"_ _36\"> </span>in <span class=\"_ _39\"> </span>quanto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16f6\">supportati da un contratto che obbliga alla corresponsione<span class=\"_ _1\"></span> di detti flussi); </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs16f7\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">la <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>antit\u00e0/il <span class=\"_ _35\"> </span>valore <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _35\"> </span>transazioni <span class=\"_ _0\"></span>future <span class=\"_ _35\"> </span>rispetto <span class=\"_ _35\"> </span>alle <span class=\"_ _0\"></span>transazioni <span class=\"_ _35\"> </span>effettive <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>stessa </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16f8\">natura. <span class=\"_ _38\"></span>A <span class=\"_ _1\"></span>parit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>altre <span class=\"_ _38\"></span>condizioni, <span class=\"_ _1\"></span>maggiore <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>valore <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>transazioni <span class=\"_ _1\"></span>future <span class=\"_ _38\"></span>rispetto <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16f9\">attuali, minore <span class=\"_ _3b\"></span>\u00e8 la <span class=\"_ _3b\"></span>probabilit\u00e0 che <span class=\"_ _2\"></span>queste <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>realizzeranno. Sa<span class=\"_ _2\"></span>ranno, qu<span class=\"_ _2\"></span>indi, necessarie <span class=\"_ _3b\"></span>pro<span class=\"_ _1\"></span>ve </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16fa\">maggiormente consistenti a supporto della dimostrazione di \u201c<span class=\"_ _1\"></span>alta probabilit\u00e0\u201d; </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs16fb\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">la <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>toria delle <span class=\"_ _3b\"></span>designazioni <span class=\"_ _3b\"></span>passat<span class=\"_ _1\"></span>e. <span class=\"_ _2\"></span>Se s<span class=\"_ _2\"></span>toricamente si <span class=\"_ _3b\"></span>\u00e8 v<span class=\"_ _2\"></span>erificato <span class=\"_ _3b\"></span>il fatto <span class=\"_ _3b\"></span>che le <span class=\"_ _3b\"></span>designazioni </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16fc\">di <span class=\"_ _0\"></span>coperture<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>tr<span class=\"_ _1\"></span>ansazioni <span class=\"_ _0\"></span>future <span class=\"_ _35\"> </span>non <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>re<span class=\"_ _1\"></span>alizzate <span class=\"_ _0\"></span>col <span class=\"_ _0\"> </span>venir <span class=\"_ _35\"> </span>meno <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>transazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16fd\">stessa, <span class=\"_ _3b\"></span>questo \u00e8<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>un <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>egnale <span class=\"_ _3b\"></span>della <span class=\"_ _2\"></span>scarsa <span class=\"_ _2\"></span>capacit\u00e0 <span class=\"_ _3b\"></span>della <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ociet\u00e0 <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>valutare in<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>modo a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tendibile </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16fe\">come \u201caltamente probabile\u201d le transazioni future<span class=\"_ _1\"></span>. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs16ff\">Come evid<span class=\"_ _2\"></span>enziato nell\u2019<span class=\"_ _3a1\"> </span></div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs1700\">Implementation <span class=\"_ _3b\"></span>guidance</div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gs1701\">37<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1702\">dello <span class=\"_ _3b\"></span>IAS 39, <span class=\"_ _3b\"></span>non \u00e8 <span class=\"_ _3b\"></span>necessario che <span class=\"_ _3b\"></span>la s<span class=\"_ _2\"></span>ociet\u00e0 <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ia </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1703\">in g<span class=\"_ _2\"></span>rado di <span class=\"_ _3b\"></span>predire<span class=\"_ _1\"></span> con <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>sattezza la <span class=\"_ _3b\"></span>data in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>si verificher\u00e0 la <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ransazione futura. <span class=\"_ _3b\"></span>\u00c8, per\u00f2, richiesto<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1704\">che sia ben identificato e, quindi, anche documentat<span class=\"_ _1\"></span>o il periodo in cui la transazione \u00e8 attesa.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1705\">Nel <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ispetto d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>quanto sopra <span class=\"_ _3b\"></span>riportato, i<span class=\"_ _2\"></span>l <span class=\"_ _3b\"></span>Comitato ALM <span class=\"_ _3b\"></span>ha <span class=\"_ _3b\"></span>inolt<span class=\"_ _1\"></span>re <span class=\"_ _3b\"></span>fissato un <span class=\"_ _3b\"></span>limite <span class=\"_ _3b\"></span>al valore <span class=\"_ _3b\"></span>massimo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1706\">delle forecast transaction. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1707\">L\u2019importo  d<span class=\"_ _2\"></span>elle  forecast <span class=\"_ _35\"> </span>transaction <span class=\"_ _35\"> </span>non  potr\u00e0 <span class=\"_ _35\"> </span>superare  il <span class=\"_ _35\"> </span>valore  c<span class=\"_ _3b\"></span>om<span class=\"_ _1\"></span>plessivo  ip<span class=\"_ _2\"></span>otizzato  dell<span class=\"_ _2\"></span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1708\">future <span class=\"_ _0\"></span>emissioni <span class=\"_ _35\"> </span>obblig<span class=\"_ _2\"></span>azionarie <span class=\"_ _0\"> </span>a <span class=\"_ _35\"> </span>tasso <span class=\"_ _0\"></span>variabile <span class=\"_ _0\"></span>(definito <span class=\"_ _0\"></span>come <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>fferenza <span class=\"_ _0\"></span>fra <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>volumi <span class=\"_ _0\"></span>previsti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1709\">come giacenze per ogni anno e l\u2019ammontare <span class=\"_ _1\"></span>delle obbligazioni gi\u00e0 emesse). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs170a\">Per <span class=\"_ _3d\"> </span>una <span class=\"_ _3d\"> </span>corr<span class=\"_ _1\"></span>etta <span class=\"_ _3d\"> </span>individuazione <span class=\"_ _3d\"> </span>dei <span class=\"_ _37\"> </span>flussi <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>scadenza, <span class=\"_ _3d\"> </span>oltr<span class=\"_ _1\"></span>e <span class=\"_ _3d\"> </span>all\u2019inerziale <span class=\"_ _3d\"> </span>delle <span class=\"_ _37\"> </span>operazioni <span class=\"_ _3d\"> </span>gi\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs170b\">effettuate, <span class=\"_ _3f\"> </span>vengono <span class=\"_ _3a\"> </span>anche <span class=\"_ _3f\"> </span>valorizzati <span class=\"_ _3f\"> </span>gli <span class=\"_ _3f\"> </span>importi <span class=\"_ _3f\"> </span>delle <span class=\"_ _3f\"> </span>operazioni <span class=\"_ _3f\"> </span>effettuat<span class=\"_ _1\"></span>e <span class=\"_ _3f\"> </span>negli <span class=\"_ _3f\"> </span>anni <span class=\"_ _3f\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs170c\">previsione/proiezione; per convenzione la durata di queste emissioni viene ipotizzata <span class=\"_ _1\"></span>a 2 e 3 anni. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs170d\">\u00c8 <span class=\"_ _3b\"></span>inoltr<span class=\"_ _1\"></span>e s<span class=\"_ _2\"></span>tabilita <span class=\"_ _3b\"></span>una percentuale, <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>crescente <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>rascorrere <span class=\"_ _3b\"></span>del tempo, <span class=\"_ _3b\"></span>del rapporto <span class=\"_ _3b\"></span>fra totale </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs170e\">delle forecast t<span class=\"_ _2\"></span>ransaction ip<span class=\"_ _2\"></span>otizzate e l<span class=\"_ _2\"></span>e emissioni <span class=\"_ _3b\"></span>pre<span class=\"_ _1\"></span>viste, al <span class=\"_ _3b\"></span>fine di <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>sprimere un <span class=\"_ _2\"></span>minore liv<span class=\"_ _2\"></span>ello di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs170f\">probabilit\u00e0 delle forecast tanto pi\u00f9 sono lont<span class=\"_ _1\"></span>ane nel tempo. </div>Informazi<span class=\"_ _1\"></span>oni di na<span class=\"_ _1\"></span>tura quan<span class=\"_ _1\"></span>titativa A.<span class=\"_ _49\"> </span>Deriv<span class=\"_ _3a1\"> </span>ati finanzia<span class=\"_ _1\"></span>ri di cope<span class=\"_ _1\"></span>rtura<span class=\"_ _3a1\"> </span>A.1 Derivati finan<span class=\"_ _1\"></span>ziari di copert<span class=\"_ _1\"></span>ura: valori nozionali di f<span class=\"_ _1\"></span>ine periodo<span class=\"_ _3a1\"> </span><table class=\"s w143b h2ca\" id=\"_42ea7363-636b-4950-9b36-6f1883462268\"><tr><td></td><td></td><td></td><td class=\"t m2 x8e5 h5a y677d ff4 fs16 fc4 sc3 ls0 ws0\">Totale 31/12<span class=\"_ _1\"></span>/2024<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x7bf h5a y677d ff4 fs16 fc4 sc3 ls0 ws0\">Totale 31/12<span class=\"_ _1\"></span>/2023<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 xce8 h5a y677e ff4 fs16 fc4 sc3 ls0 ws0\" colspan=\"2\">Over the co<span class=\"_ _1\"></span>unter<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xc52 h5a y677e ff4 fs16 fc4 sc3 ls0 ws0\" colspan=\"2\">Over the co<span class=\"_ _1\"></span>unter<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 x2352 h5a y677f ff4 fs16 fc4 sc3 ls0 ws0\">Attivit\u00e0 </td><td></td><td class=\"t m2 x889 h5a y6780 ff4 fs16 fc4 sc3 ls0 ws0\" colspan=\"2\">Senza cont<span class=\"_ _1\"></span>roparti centrali<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 x7d1 h5a y6780 ff4 fs16 fc4 sc3 ls0 ws0\" colspan=\"2\">Senza cont<span class=\"_ _1\"></span>roparti centrali<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 x1f5b h5a y6781 ff4 fs16 fc4 sc3 ls0 ws0\">sottostan<span class=\"_ _1\"></span>ti/Tipologie<span class=\"_ _1\"></span> </td><td></td><td></td><td></td><td class=\"t m2 x7ce h5a y6782 ff4 fs16 fc4 sc3 ls0 ws0\">Mercati </td><td></td><td></td><td></td><td class=\"t m2 x7e5 h5a y6782 ff4 fs16 fc4 sc3 ls0 ws0\">Mercati </td></tr><tr><td class=\"t m2 x2352 h5a y6783 ff4 fs16 fc4 sc3 ls0 ws0\">derivati<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2353 h5a y6784 ff4 fs16 fc4 sc3 ls0 ws0\">Controparti </td><td class=\"t m2 x1196 h5a y6785 ff4 fs16 fc4 sc3 ls0 ws0\" colspan=\"2\">Senza acco<span class=\"_ _1\"></span>rdi </td><td class=\"t m2 x9d3 h5a y6786 ff4 fs16 fc4 sc3 ls0 ws0\">organizza<span class=\"_ _1\"></span>ti<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc66 h5a y6784 ff4 fs16 fc4 sc3 ls0 ws0\">Controparti </td><td class=\"t m2 x9a0 h5a y6785 ff4 fs16 fc4 sc3 ls0 ws0\" colspan=\"2\">Senza acco<span class=\"_ _1\"></span>rdi </td><td class=\"t m2 x1271 h5a y6786 ff4 fs16 fc4 sc3 ls0 ws0\">organizza<span class=\"_ _1\"></span>ti<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x2354 h5a y6787 ff4 fs16 fc4 sc3 ls0 ws0\">centrali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7db h5a y6788 ff4 fs16 fc4 sc3 ls0 ws0\">Con accordi di </td><td></td><td></td><td class=\"t m2 x120a h5a y6787 ff4 fs16 fc4 sc3 ls0 ws0\">centrali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc64 h5a y6788 ff4 fs16 fc4 sc3 ls0 ws0\">Con accordi di </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x8e6 h5a y6789 ff4 fs16 fc4 sc3 ls0 ws0\">di </td><td></td><td></td><td></td><td class=\"t m2 x1275 h5a y6789 ff4 fs16 fc4 sc3 ls0 ws0\">di </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 xacd h5a y678a ff4 fs16 fc4 sc3 ls0 ws0\">compensazio<span class=\"_ _1\"></span>ne<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x130e h5a y678a ff4 fs16 fc4 sc3 ls0 ws0\">compensazio<span class=\"_ _1\"></span>ne<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x95e h5a y678b ff4 fs16 fc4 sc3 ls0 ws0\" colspan=\"2\">compensazio<span class=\"_ _1\"></span>ne<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 xc67 h5a y678b ff4 fs16 fc4 sc3 ls0 ws0\" colspan=\"2\">compensazio<span class=\"_ _1\"></span>ne<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"c x58e y678c w20b h11\"><div class=\"t m2 x0 h12 y463 ff4 fs7 fc1 sc2 ls0 ws0\">1. Titoli di debito </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y678d ff4 fs7 fc1 sc2 ls0 ws0\">e tassi </td><td class=\"c n xc38 y678e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2355 y678e w143c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">37.634.256<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2356 y678e w142e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">34.39<span class=\"_ _1\"></span>2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2357 y678e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2358 y678e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2359 y678e w638 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">33.263.953<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x235a y678e w467 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">41.870<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x235b y678e w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y678f ff4 fs7 fc1 sc2 ls0 ws0\">d'interesse<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y5987 w143d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Opzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x235c y5987 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x235d y5987 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x235e y5987 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x235f y5987 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2360 y5987 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2361 y5987 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2362 y5987 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2363 y5987 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y559c w5d4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Swap<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2364 y559c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2365 y559c w143c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">37.634.256<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2366 y559c w143e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">34.392<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2367 y559c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2368 y559c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2369 y559c w638 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">33.263.953<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x236a y559c wb23 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">41.870<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x236b y559c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6790 w143f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Forward<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x236c y6790 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x236d y6790 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x236e y6790 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x236f y6790 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2370 y6790 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2371 y6790 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2372 y6790 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2373 y6790 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y5613 w1440 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Futures<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2374 y5613 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2375 y5613 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2376 y5613 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2377 y5613 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2378 y5613 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2379 y5613 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x237a y5613 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x237b y5613 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y538b waf9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x237c y538b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x237d y538b w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x237e y538b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x237f y538b w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2380 y538b w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2381 y538b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2382 y538b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2383 y538b w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x58e y6791 w149 h11\"><div class=\"t m2 x0 h12 y2d6 ff4 fs7 fc1 sc2 ls0 ws0\">2. Titoli di </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6792 ff4 fs7 fc1 sc2 ls0 ws0\">capitale e indici </td><td class=\"c n xc38 y6793 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2384 y6793 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2385 y6793 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2386 y6793 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2387 y6793 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2388 y6793 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2389 y6793 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x238a y6793 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6794 ff4 fs7 fc1 sc2 ls0 ws0\">azionari<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y6795 w143d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Opzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x235c y6795 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x235d y6795 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x235e y6795 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x235f y6795 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2360 y6795 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2361 y6795 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2362 y6795 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2363 y6795 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y5362 w5d4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Swap<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2364 y5362 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x238b y5362 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x238c y5362 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x238d y5362 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x238e y5362 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x238f y5362 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2390 y5362 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2391 y5362 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6796 w143f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Forward<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x236c y6796 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x236d y6796 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x236e y6796 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x236f y6796 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2370 y6796 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2371 y6796 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2372 y6796 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2373 y6796 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6712 w1440 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Futures<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2374 y6712 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2375 y6712 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2376 y6712 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2377 y6712 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2378 y6712 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2379 y6712 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x237a y6712 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x237b y6712 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6797 waf9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x237c y6797 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x237d y6797 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x237e y6797 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x237f y6797 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2380 y6797 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2381 y6797 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2382 y6797 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2383 y6797 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6798 ff4 fs7 fc1 sc2 ls0 ws0\">3. Valute e oro<span class=\"_ _3a1\"> </span></td><td class=\"c n x2392 y58c5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2393 y58c5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2394 y58c5 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2395 y58c5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2396 y58c5 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2397 y58c5 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2398 y58c5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2399 y58c5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6716 w143d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">a) Opzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x235c y6716 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x235d y6716 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x235e y6716 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x235f y6716 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2360 y6716 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2361 y6716 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2362 y6716 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2363 y6716 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6799 w5d4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">b) Swap<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2364 y6799 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x238b y6799 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x238c y6799 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x238d y6799 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x238e y6799 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x238f y6799 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2390 y6799 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2391 y6799 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y5697 w143f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">c) Forward<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x236c y5697 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x236d y5697 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x236e y5697 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x236f y5697 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2370 y5697 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2371 y5697 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2372 y5697 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2373 y5697 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6718 w1440 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">d) Futures<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2374 y6718 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2375 y6718 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2376 y6718 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2377 y6718 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2378 y6718 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2379 y6718 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x237a y6718 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x237b y6718 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y54ac waf9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">e) Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x237c y54ac w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x237d y54ac w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x237e y54ac w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x237f y54ac w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2380 y54ac w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2381 y54ac w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2382 y54ac w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2383 y54ac w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y679a ff4 fs7 fc1 sc2 ls0 ws0\">4. Merci<span class=\"_ _3a1\"> </span></td><td class=\"c n x239a y679b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x239b y679b w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x239c y679b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x239d y679b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x239e y679b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x239f y679b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23a0 y679b w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23a1 y679b w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y679c ff4 fs7 fc1 sc2 ls0 ws0\">5. Altri </td><td class=\"c n xc38 y6644 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2384 y6644 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2385 y6644 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2386 y6644 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2387 y6644 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2388 y6644 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2389 y6644 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x238a y6644 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x23a2 h12 y679d ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x129f h12 y679d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112e h12 y679d ff4 fs7 fc1 sc2 ls0 ws0\">37.634.256<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d2 h12 y679d ff4 fs7 fc1 sc2 ls0 ws0\">34.392<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1186 h12 y679d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x159b h12 y679d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc52 h12 y679d ff4 fs7 fc1 sc2 ls0 ws0\">33.263.953<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x878 h12 y679d ff4 fs7 fc1 sc2 ls0 ws0\">41.870<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x23a3 h12 y679d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table>A.2 Derivati finanziari <span class=\"_ _1\"></span>di copertura : fair value <span class=\"_ _1\"></span>lordo positivo e negativo - r<span class=\"_ _1\"></span>ipartizione per prodotti<span class=\"_ _3a1\"> </span><table class=\"s w1441 h2cb\" id=\"_597eeb37-6cf7-425f-8372-484c5e55605f\"><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m8 x23a4 h8e y679e ff4 fs18 fc4 sc3 ls0 ws0\">Fair value posit<span class=\"_ _2\"></span>ivo e negativo<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td class=\"t m8 x23a5 h8e y679f ff4 fs18 fc4 sc3 ls0 ws0\">Variazione del va<span class=\"_ _2\"></span>lore usato pe<span class=\"_ _2\"></span>r </td><td class=\"t m8 x1d54 h8e y679e ff4 fs18 fc4 sc3 ls0 ws0\">calcolare l'efficac<span class=\"_ _2\"></span>ia della </td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m8 x1ec8 h8e y67a0 ff4 fs18 fc4 sc3 ls0 ws0\" colspan=\"2\">copertura </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m8 x23a6 h8e y67a1 ff4 fs18 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x1dae h8e y67a1 ff4 fs18 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m8 x1ca7 h8e y67a1 ff4 fs18 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x1ca8 h8e y67a1 ff4 fs18 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m8 x3cb h8e y67a2 ff4 fs18 fc4 sc3 ls0 ws0\">Tipologie derivat<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m8 x1e55 h8e y67a3 ff4 fs18 fc4 sc3 ls0 ws0\" colspan=\"2\">Over the cou<span class=\"_ _2\"></span>nter<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m8 x1ec7 h8e y67a3 ff4 fs18 fc4 sc3 ls0 ws0\" colspan=\"2\">Over the cou<span class=\"_ _2\"></span>nter<span class=\"_ _3a1\"> </span></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></td><td class=\"t m8 x23a7 h8e y67a4 ff4 fs18 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x1ca1 h8e y67a4 ff4 fs18 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m8 x23a8 h8e y67a5 ff4 fs18 fc4 sc3 ls0 ws0\" colspan=\"2\">Senza contro<span class=\"_ _2\"></span>parti centrali<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x23a9 h8e y67a6 ff4 fs18 fc4 sc3 ls0 ws0\">Mercati </td><td></td><td class=\"t m8 x23aa h8e y67a5 ff4 fs18 fc4 sc3 ls0 ws0\" colspan=\"2\">Senza contro<span class=\"_ _2\"></span>parti centrali<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x23ab h8e y67a6 ff4 fs18 fc4 sc3 ls0 ws0\">Mercati </td><td class=\"t m8 x23a5 h8e y67a5 ff4 fs18 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x23ac h8e y67a5 ff4 fs18 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"t m8 x1e2c h8e y67a7 ff4 fs18 fc4 sc3 ls0 ws0\">Controparti </td><td></td><td></td><td></td><td class=\"t m8 x23ad h8e y67a8 ff4 fs18 fc4 sc3 ls0 ws0\">organizzati<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x1e7b h8e y67a7 ff4 fs18 fc4 sc3 ls0 ws0\">Controparti </td><td></td><td></td><td class=\"t m8 x23ae h8e y67a8 ff4 fs18 fc4 sc3 ls0 ws0\">organizzati<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m8 x23af h8e y67a9 ff4 fs18 fc4 sc3 ls0 ws0\">centrali<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x23b0 h8e y67aa ff4 fs18 fc4 sc3 ls0 ws0\">Con accordi di </td><td class=\"t m8 x23b1 h8e y67aa ff4 fs18 fc4 sc3 ls0 ws0\" colspan=\"2\">Senza accordi d<span class=\"_ _2\"></span>i </td><td></td><td class=\"t m8 x23b2 h8e y67a9 ff4 fs18 fc4 sc3 ls0 ws0\">centrali<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x23b3 h8e y67aa ff4 fs18 fc4 sc3 ls0 ws0\">Con accordi di </td><td class=\"t m8 x23b4 h8e y67aa ff4 fs18 fc4 sc3 ls0 ws0\">Senza accordi d<span class=\"_ _2\"></span>i </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m8 x23b5 h8e y67ab ff4 fs18 fc4 sc3 ls0 ws0\">compensazio<span class=\"_ _2\"></span>ne<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x1da4 h8e y67ab ff4 fs18 fc4 sc3 ls0 ws0\" colspan=\"2\">compensazio<span class=\"_ _2\"></span>ne<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m8 x1e23 h8e y67ab ff4 fs18 fc4 sc3 ls0 ws0\">compensazio<span class=\"_ _2\"></span>ne<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x23b4 h8e y67ab ff4 fs18 fc4 sc3 ls0 ws0\">compensazio<span class=\"_ _2\"></span>ne<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m8 x3c4 h8e y67ac ff4 fs18 fc1 sc2 ls0 ws0\">Fair value posit<span class=\"_ _2\"></span>ivo<span class=\"_ _3a1\"> </span></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 class=\"c n x1caf y67ad w1442 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">a) Opzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23b6 y67ad w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23b7 y67ad w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23b8 y67ad w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23b9 y67ad w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23ba y67ad w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23bb y67ad w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23bc y67ad w1444 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23bd y67ad w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23be y67ad w1445 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23bf y67ad w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m8 x17e4 h8e y67ae ff4 fs18 fc1 sc0 ls0 ws0\">b) Interest<span class=\"_ _2\"></span> </td><td class=\"c n x23c0 y5b87 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23c1 y5b87 w1446 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">425.942<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23c2 y5b87 w1447 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">1<span class=\"_ _1\"></span>.293<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23c3 y5b87 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23c4 y5b87 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23c5 y5b87 w1448 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">566.146<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23c6 y5b87 w1449 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">2.000<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23c7 y5b87 w1445 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23c8 y5b87 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23c9 y5b87 w1444 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m8 x17e4 h8e y67af ff4 fs18 fc1 sc0 ls0 ws0\">rate swap<span class=\"_ _2\"></span> </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 class=\"t m8 x17e4 h8e y67b0 ff4 fs18 fc1 sc0 ls0 ws0\">c) Cross<span class=\"_ _3a1\"> </span></td><td class=\"c n x23c0 y67b1 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23ca y67b1 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23cb y67b1 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23cc y67b1 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23cd y67b1 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23ce y67b1 w1445 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23cf y67b1 w1444 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23d0 y67b1 w1444 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23d1 y67b1 w1445 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23d2 y67b1 w1445 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m8 x17e4 h8e y67b2 ff4 fs18 fc1 sc0 ls0 ws0\">currency sw<span class=\"_ _2\"></span>ap </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 class=\"c n x1caf y67b3 w144a h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">d) Equity sw<span class=\"_ _2\"></span>ap<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23d3 y67b3 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23d4 y67b3 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23d5 y67b3 w144b h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23d6 y67b3 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23d7 y67b3 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23d8 y67b3 w1445 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23d9 y67b3 w1444 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23da y67b3 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23db y67b3 w1445 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23dc y67b3 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1caf y67b4 w144c h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">e) Forwar<span class=\"_ _2\"></span>d<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23dd y67b4 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23de y67b4 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23df y67b4 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e0 y67b4 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e1 y67b4 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e2 y67b4 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e3 y67b4 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e4 y67b4 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23e5 y67b4 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e6 y67b4 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1caf y67b5 w144d h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">f) Future<span class=\"_ _2\"></span>s<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e7 y67b5 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23e8 y67b5 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e9 y67b5 w144b h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23ea y67b5 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23eb y67b5 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23ec y67b5 w1444 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23ed y67b5 w1445 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23ee y67b5 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23ef y67b5 w1444 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23f0 y67b5 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1caf y67b6 w144e h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">g) Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23f1 y67b6 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23de y67b6 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23df y67b6 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e0 y67b6 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e1 y67b6 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e2 y67b6 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e3 y67b6 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e4 y67b6 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23e5 y67b6 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e6 y67b6 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m8 x23f2 h8e y67b7 ff4 fs18 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x23f3 h8e y67b7 ff4 fs18 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m8 x1e19 h8e y67b7 ff4 fs18 fc1 sc2 ls0 ws0\">425.942<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x23f4 h8e y67b7 ff4 fs18 fc1 sc2 ls0 ws0\">1.293<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x23f5 h8e y67b7 ff4 fs18 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x23f6 h8e y67b7 ff4 fs18 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x23f7 h8e y67b7 ff4 fs18 fc1 sc2 ls0 ws0\">566.146<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x23f8 h8e y67b7 ff4 fs18 fc1 sc2 ls0 ws0\">2.000<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x1ec6 h8e y67b7 ff4 fs18 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m8 x23f9 h8e y67b7 ff4 fs18 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x19a9 h8e y67b7 ff4 fs18 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m8 x3c4 h8e y67b8 ff4 fs18 fc1 sc2 ls0 ws0\">Fair value </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 class=\"t m8 x3c4 h8e y67b9 ff4 fs18 fc1 sc2 ls0 ws0\">negativo<span class=\"_ _3a1\"> </span></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 class=\"c n x1caf y67ba w1442 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">a) Opzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23b6 y67ba w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23b7 y67ba w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23b8 y67ba w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23b9 y67ba w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23ba y67ba w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23bb y67ba w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23bc y67ba w1444 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23bd y67ba w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23be y67ba w1445 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23bf y67ba w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m8 x17e4 h8e y67bb ff4 fs18 fc1 sc0 ls0 ws0\">b) Interest<span class=\"_ _2\"></span> </td><td class=\"c n x23c0 y67bc w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23fa y67bc w144f h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">73<span class=\"_ _1\"></span>1.676<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23fb y67bc w1450 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">102<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23fc y67bc w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23fd y67bc w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23fe y67bc w1451 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">91<span class=\"_ _1\"></span>1.154<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23ff y67bc w1452 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">52<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2400 y67bc w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2401 y67bc w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2402 y67bc w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m8 x17e4 h8e y67bd ff4 fs18 fc1 sc0 ls0 ws0\">rate swap<span class=\"_ _2\"></span> </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 class=\"t m8 x17e4 h8e y67be ff4 fs18 fc1 sc0 ls0 ws0\">c) Cross<span class=\"_ _3a1\"> </span></td><td class=\"c n x23c0 y5fdd w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23ca y5fdd w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23cb y5fdd w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23cc y5fdd w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23cd y5fdd w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23ce y5fdd w1445 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23cf y5fdd w1444 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23d0 y5fdd w1444 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23d1 y5fdd w1445 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23d2 y5fdd w1445 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m8 x17e4 h8e y67bf ff4 fs18 fc1 sc0 ls0 ws0\">currency sw<span class=\"_ _2\"></span>ap </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 class=\"c n x1caf y67c0 w144a h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">d) Equity sw<span class=\"_ _2\"></span>ap<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23d3 y67c0 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23d4 y67c0 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23d5 y67c0 w144b h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23d6 y67c0 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23d7 y67c0 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23d8 y67c0 w1445 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23d9 y67c0 w1444 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23da y67c0 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23db y67c0 w1445 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23dc y67c0 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1caf y67c1 w144c h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">e) Forwar<span class=\"_ _2\"></span>d<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23dd y67c1 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23de y67c1 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23df y67c1 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e0 y67c1 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e1 y67c1 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e2 y67c1 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e3 y67c1 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e4 y67c1 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23e5 y67c1 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e6 y67c1 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1caf y67c2 w144d h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">f) Future<span class=\"_ _2\"></span>s<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e7 y67c2 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23e8 y67c2 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e9 y67c2 w144b h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23ea y67c2 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23eb y67c2 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23ec y67c2 w1444 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23ed y67c2 w1445 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23ee y67c2 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23ef y67c2 w1444 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23f0 y67c2 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1caf y67c3 w144e h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">g) Altri<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23f1 y67c3 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23de y67c3 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23df y67c3 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e0 y67c3 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e1 y67c3 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e2 y67c3 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e3 y67c3 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e4 y67c3 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x23e5 y67c3 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x23e6 y67c3 w1443 h21e\"><div class=\"t m8 x2b3 h8e y58b0 ff4 fs18 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m8 x23f2 h8e y67c4 ff4 fs18 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x23f3 h8e y67c4 ff4 fs18 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m8 x2403 h8e y67c4 ff4 fs18 fc1 sc2 ls0 ws0\">731.676<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x199a h8e y67c4 ff4 fs18 fc1 sc2 ls0 ws0\">102<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x23f5 h8e y67c4 ff4 fs18 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x23f6 h8e y67c4 ff4 fs18 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x2404 h8e y67c4 ff4 fs18 fc1 sc2 ls0 ws0\">911.154<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x2405 h8e y67c4 ff4 fs18 fc1 sc2 ls0 ws0\">52<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x1ec6 h8e y67c4 ff4 fs18 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m8 x23f9 h8e y67c4 ff4 fs18 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m8 x19a9 h8e y67c4 ff4 fs18 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table>A.3 Derivati fina<span class=\"_ _1\"></span>nziari di copert<span class=\"_ _1\"></span>ura OTC \u2013 valori nozionali, fa<span class=\"_ _1\"></span>ir value lordo positivo e<span class=\"_ _1\"></span> negativo per contropart<span class=\"_ _1\"></span>i Attivit\u00e0 sottostanti  Cont<span class=\"_ _3b\"></span>roparti<span class=\"_ _2\"></span> cen<span class=\"_ _2\"></span>trali<span class=\"_ _2\"></span> Ban<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span> Altre<span class=\"_ _3b\"></span> societ\u00e0 finan<span class=\"_ _3b\"></span>ziarie Altr<span class=\"_ _2\"></span>i sogg<span class=\"_ _3b\"></span>etti <table class=\"s w684 h2cc\" id=\"_325a9d20-b8e2-4993-8fea-7a07e0d0fbef\"><tr><td class=\"t m2 x677 h12 y67c5 ff4 fs7 fc1 sc0 ls0 ws0\">Contratti non rientran<span class=\"_ _2\"></span>ti in accordi di c<span class=\"_ _2\"></span>ompensazione </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xac9 h12 y67c6 ff4 fs7 fc1 sc2 ls0 ws0\">1) Titoli di debito e tassi d'interesse </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x73a y67c7 w141e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2406 y67c7 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2407 y67c7 w1453 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">34.392<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x16d9 h12 y67c8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y67c8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y67c9 w1421 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value positivo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2408 y67c9 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2409 y67c9 w79d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.293<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x16d9 h12 y67ca ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y67ca ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y67cb w1423 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negativo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x240a y67cb w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x240b y67cb w1422 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">102<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x16d9 h12 y67cc ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y67cc ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y67cd ff4 fs7 fc1 sc2 ls0 ws0\">2) Titoli di capitale e indici azionari </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x73a y67ce w141e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2406 y67ce w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x240c y67ce w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x16d9 h12 y67cf ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y67cf ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y67d0 w1421 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value positivo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2408 y67d0 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x240d y67d0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x16d9 h12 y67d1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y67d1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y67d2 w1423 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negativo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x240a y67d2 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x240e y67d2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x16d9 h12 y67d3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y67d3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y67d4 ff4 fs7 fc1 sc2 ls0 ws0\">3) Valute e oro </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x73a y67d5 w141e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2406 y67d5 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x240c y67d5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x16d9 h12 y67d6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y67d6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y67d7 w1421 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value positivo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2408 y67d7 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x240d y67d7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x16d9 h12 y67d8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y67d8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y67d9 w1423 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negativo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x240a y67d9 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x240e y67d9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x16d9 h12 y67da ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y67da ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y67db ff4 fs7 fc1 sc2 ls0 ws0\">4) Merci </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x73a y67dc w141e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2406 y67dc w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x240c y67dc w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x16d9 h12 y67dd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y67dd ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y67de w1421 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value positivo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2408 y67de w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x240d y67de w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x16d9 h12 y67df ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y67df ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y67e0 w1423 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negativo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x240a y67e0 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x240e y67e0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x16d9 h12 y67e1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y67e1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y67e2 ff4 fs7 fc1 sc2 ls0 ws0\">5) Altri </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x73a y67e3 w141e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2406 y67e3 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x240c y67e3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x16d9 h12 y67e4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y67e4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y67e5 w1421 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value positivo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2408 y67e5 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x240d y67e5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x16d9 h12 y67e6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y67e6 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y67e7 w1423 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negativo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x240a y67e7 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x240e y67e7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x16d9 h12 y67e8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y67e8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y67e9 ff4 fs7 fc1 sc0 ls0 ws0\">Contratti rientranti <span class=\"_ _2\"></span>in accordi di compe<span class=\"_ _2\"></span>nsazione </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xac9 h12 y67ea ff4 fs7 fc1 sc2 ls0 ws0\">1) Titoli di debito e tassi d'interesse </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y67eb w141e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x240f y67eb w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x2410 h12 y67ec ff4 fs7 fc1 sc0 ls0 ws0\">37.301.256<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebe h12 y67ec ff4 fs7 fc1 sc0 ls0 ws0\">333.000<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y67ec ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y67ed w1421 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value positivo<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2411 y67ed w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x674 h12 y67ee ff4 fs7 fc1 sc0 ls0 ws0\">425.942<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x16d9 h12 y67ee ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y67ee ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y67ef w1423 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negativo<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2412 y67ef w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6a6 h12 y67f0 ff4 fs7 fc1 sc0 ls0 ws0\">723.079<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b9 h12 y67f0 ff4 fs7 fc1 sc0 ls0 ws0\">8.597<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y67f0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y67f1 ff4 fs7 fc1 sc2 ls0 ws0\">2) Titoli di capitale e indici azionari </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y67f2 w141e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x240f y67f2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x754 h12 y67f3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x16d9 h12 y67f3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y67f3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y67f4 w1421 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value positivo<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2411 y67f4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x754 h12 y67f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x16d9 h12 y67f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y67f5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y67f6 w1423 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negativo<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2412 y67f6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x754 h12 y67f7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x16d9 h12 y67f7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y67f7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y67f8 ff4 fs7 fc1 sc2 ls0 ws0\">3) Valute e oro </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y67f9 w141e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x240f y67f9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x754 h12 y67fa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x16d9 h12 y67fa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y67fa ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y67fb w1421 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value positivo<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2411 y67fb w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x754 h12 y67fc ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x16d9 h12 y67fc ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y67fc ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y67fd w1423 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negativo<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2412 y67fd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x754 h12 y67fe ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x16d9 h12 y67fe ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y67fe ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y67ff ff4 fs7 fc1 sc2 ls0 ws0\">4) Merci </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x734 y6800 w141e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x240f y6800 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x754 h12 y6801 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x16d9 h12 y6801 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6801 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y6802 w1421 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value positivo<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2411 y6802 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x754 h12 y6803 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x16d9 h12 y6803 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6803 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y6804 w1423 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negativo<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2412 y6804 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x754 h12 y6805 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x16d9 h12 y6805 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6805 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y6806 ff4 fs7 fc1 sc2 ls0 ws0\">5) Altri </td><td></td><td class=\"t m2 x682 h12 y6807 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x754 h12 y6807 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x16d9 h12 y6807 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6807 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y6808 w141e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x240f y6808 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x754 h12 y6809 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x16d9 h12 y6809 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6809 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y680a w1421 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value positivo<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2411 y680a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x754 h12 y680b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x16d9 h12 y680b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y680b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x734 y53a2 w1423 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value negativo<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2412 y53a2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x754 h12 y680c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x16d9 h12 y680c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y680c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table>A.4 Vita res<span class=\"_ _1\"></span>idua dei derivati finanziari <span class=\"_ _1\"></span>di copertura OTC: <span class=\"_ _1\"></span>valori nozionali<table class=\"s w1454 h2cd\" id=\"_f3dc7f74-0a36-4906-88d8-1c379ef086ce\"><tr><td class=\"t m2 x1409 h12 y680d ff4 fs7 fc4 sc3 ls0 ws0\">Sottostanti/Vita residua<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc61 h12 y680d ff4 fs7 fc4 sc3 ls0 ws0\">Fino ad 1 anno<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc56 h12 y680e ff4 fs7 fc4 sc3 ls0 ws0\">Oltre 1 anno e </td><td class=\"t m2 xde9 h12 y680d ff4 fs7 fc4 sc3 ls0 ws0\">Oltre 5 anni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x890 h12 y680d ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x11fd h12 y680f ff4 fs7 fc4 sc3 ls0 ws0\">fino a 5 anni<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"c x2d7 y6810 w1455 h2ce\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Derivati finanziar<span class=\"_ _2\"></span>i su titoli di<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2413 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">debito e ta<span class=\"_ _2\"></span>ssi di<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n xc4a y6811 w1456 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">12.110.876<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2414 y6811 w1457 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">19.166.984<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2415 y6811 w1458 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">6.390.788<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2416 y6811 w1459 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">37.668.648<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6812 ff4 fs7 fc1 sc0 ls0 ws0\">interesse </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6813 ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Derivati finanziar<span class=\"_ _2\"></span>i su titoli di capitale ed <span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>ndici<span class=\"_ _3a1\"> </span></td><td></td><td class=\"c n x2417 y5ba5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2418 y5ba5 w47a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2419 y5ba5 w47a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x241a y5ba5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6814 ff4 fs7 fc1 sc0 ls0 ws0\">azionari </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y6815 w145a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.3 Derivati finanziari<span class=\"_ _2\"></span> su valute ed oro<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x241b y6815 w796 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x241c y6815 w606 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x241d y6815 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x241e y6815 w47a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6816 w1439 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.4 Derivati finanziar<span class=\"_ _2\"></span>i su merci<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x241f y6816 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2420 y6816 w47a h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2421 y6816 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2422 y6816 w606 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6817 w143a h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.5 Altri derivati finanz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>ari<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2423 y6817 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2424 y6817 w606 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2425 y6817 w606 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2351 y6817 w47a h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x7ca h12 y6818 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112b h12 y6818 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88c h12 y6818 ff4 fs7 fc1 sc2 ls0 ws0\">12.110.876<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xb9c h12 y6818 ff4 fs7 fc1 sc2 ls0 ws0\">19.166.984<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x140a h12 y6818 ff4 fs7 fc1 sc2 ls0 ws0\">6.390.788<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12fc h12 y6818 ff4 fs7 fc1 sc2 ls0 ws0\">37.668.648<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x7ca h12 y6819 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112b h12 y6819 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1442 h12 y6819 ff4 fs7 fc1 sc2 ls0 ws0\">12.380.355<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xec4 h12 y6819 ff4 fs7 fc1 sc2 ls0 ws0\">11.331.768<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xceb h12 y6819 ff4 fs7 fc1 sc2 ls0 ws0\">9.593.701<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12fc h12 y6819 ff4 fs7 fc1 sc2 ls0 ws0\">33.305.824<span class=\"_ _3a1\"> </span></td></tr></table>D. Strumenti coperti<span class=\"_ _3a1\"> </span>In <span class=\"_ _38\"></span>te<span class=\"_ _1\"></span>ma <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>Hedge <span class=\"_ _38\"></span>accounting, <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>Gruppo, <span class=\"_ _38\"></span>co<span class=\"_ _1\"></span>me <span class=\"_ _0\"></span>previsto <span class=\"_ _38\"></span>dall\u2019IFRS9, <span class=\"_ _38\"></span>continua <span class=\"_ _0\"></span>ad <span class=\"_ _38\"></span>applicare <span class=\"_ _0\"></span>quanto<span class=\"_ _3a1\"> </span>defini<span class=\"_ _3a1\"> </span>to <span class=\"_ _0\"></span>dal <span class=\"_ _0\"></span>principio <span class=\"_ _0\"></span>contabile <span class=\"_ _0\"> </span>I<span class=\"_ _1\"></span>AS <span class=\"_ _0\"></span>39 <span class=\"_ _0\"></span>(nella <span class=\"_ _0\"></span>vers<span class=\"_ _1\"></span>ione <span class=\"_ _0\"></span>carved <span class=\"_ _0\"></span>out <span class=\"_ _0\"></span>omologata <span class=\"_ _35\"> </span>dal<span class=\"_ _2\"></span>la <span class=\"_ _0\"></span>Commissione<span class=\"_ _3a1\"> </span>Europea) in relazione a tutte le copert<span class=\"_ _1\"></span>ure poste in essere.<span class=\"_ _3a1\"> </span>D.1 Copert<span class=\"_ _1\"></span>ure del fair value<span class=\"_ _3a1\"> </span><table class=\"s w145b h2cf\" id=\"_472d269b-a386-4b6e-b0fb-b6ad4b5739ec\"><tr><td></td><td></td><td></td><td class=\"t m2 xc61 h12 y681a ff4 fs7 fc4 sc3 ls0 ws0\">Coperture </td><td></td><td></td><td class=\"t m2 x941 h12 y681b ff4 fs7 fc4 sc3 ls0 ws0\">Coperture specifiche<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 xc5f h12 y681c ff4 fs7 fc4 sc3 ls0 ws0\">specifiche - </td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x9a4 h12 y681d ff4 fs7 fc4 sc3 ls0 ws0\">Coperture </td><td class=\"t m2 x7c2 h12 y681e ff4 fs7 fc4 sc3 ls0 ws0\">posizioni nette: </td><td></td><td class=\"t m2 xc60 h12 y681f ff4 fs7 fc4 sc3 ls0 ws0\">Cessazione </td><td class=\"t m2 xc5b h12 y681f ff4 fs7 fc4 sc3 ls0 ws0\">Variazioni </td><td class=\"t m2 x7e4 h12 y681d ff4 fs7 fc4 sc3 ls0 ws0\">Coperture </td></tr><tr><td></td><td></td><td class=\"t m2 x5c4 h12 y6820 ff4 fs7 fc4 sc3 ls0 ws0\">specifiche: </td><td class=\"t m2 x99f h12 y6821 ff4 fs7 fc4 sc3 ls0 ws0\">valore di </td><td class=\"t m2 x7d8 h12 y6822 ff4 fs7 fc4 sc3 ls0 ws0\">Variazioni </td><td class=\"t m2 xb9a h12 y6823 ff4 fs7 fc4 sc3 ls0 ws0\">della </td><td class=\"t m2 x9d6 h12 y6823 ff4 fs7 fc4 sc3 ls0 ws0\">del valore </td><td class=\"t m2 x890 h12 y6820 ff4 fs7 fc4 sc3 ls0 ws0\">generiche: </td></tr><tr><td></td><td></td><td class=\"t m2 x1192 h12 y6824 ff4 fs7 fc4 sc3 ls0 ws0\">valore di </td><td class=\"t m2 x11a8 h12 y6825 ff4 fs7 fc4 sc3 ls0 ws0\">bilancio delle </td><td class=\"t m2 x885 h12 y6826 ff4 fs7 fc4 sc3 ls0 ws0\">cumulate </td><td class=\"t m2 x8e8 h12 y6827 ff4 fs7 fc4 sc3 ls0 ws0\">copertura: </td><td class=\"t m2 x9d6 h12 y6827 ff4 fs7 fc4 sc3 ls0 ws0\">usato per </td><td class=\"t m2 x13e5 h12 y6824 ff4 fs7 fc4 sc3 ls0 ws0\">Valore di </td></tr><tr><td></td><td></td><td class=\"t m2 x12f8 h12 y6828 ff4 fs7 fc4 sc3 ls0 ws0\">bilancio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99f h12 y6829 ff4 fs7 fc4 sc3 ls0 ws0\">attivit\u00e0 o </td><td class=\"t m2 xc66 h12 y682a ff4 fs7 fc4 sc3 ls0 ws0\">di fair </td><td class=\"t m2 x130e h12 y682b ff4 fs7 fc4 sc3 ls0 ws0\">variazioni </td><td class=\"t m2 x810 h12 y682b ff4 fs7 fc4 sc3 ls0 ws0\">rilevare </td><td class=\"t m2 xad4 h12 y6828 ff4 fs7 fc4 sc3 ls0 ws0\">bilancio<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x940 h12 y682c ff4 fs7 fc4 sc3 ls0 ws0\">passivit\u00e0 (prima </td><td class=\"t m2 x873 h12 y682d ff4 fs7 fc4 sc3 ls0 ws0\">value dello </td><td class=\"t m2 x130e h12 y682e ff4 fs7 fc4 sc3 ls0 ws0\">cumulate </td><td class=\"t m2 xcee h12 y682e ff4 fs7 fc4 sc3 ls0 ws0\">l'inefficacia </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x1153 h12 y682f ff4 fs7 fc4 sc3 ls0 ws0\">della </td><td class=\"t m2 x873 h12 y6830 ff4 fs7 fc4 sc3 ls0 ws0\">strumento </td><td class=\"t m2 xc58 h12 y6831 ff4 fs7 fc4 sc3 ls0 ws0\">residue del </td><td class=\"t m2 x9a0 h12 y6831 ff4 fs7 fc4 sc3 ls0 ws0\">della </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x9d2 h12 y6832 ff4 fs7 fc4 sc3 ls0 ws0\">compensazione)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e0 h12 y6833 ff4 fs7 fc4 sc3 ls0 ws0\">coperto<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x130e h12 y6834 ff4 fs7 fc4 sc3 ls0 ws0\">fair value<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc5b h12 y6834 ff4 fs7 fc4 sc3 ls0 ws0\">copertura<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6835 ff4 fs7 fc1 sc2 ls0 ws0\">A. Attivit\u00e0<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y6836 w53b h225\"><div class=\"t m2 x2b3 h12 y5929 ff4 fs7 fc1 sc2 ls0 ws0\">1. Attivit\u00e0 finanziarie valutate al fair<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">value con impatto sulla redditivt\u00e0<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x1192 h12 y6837 ff4 fs7 fc1 sc2 ls0 ws0\">4.842.130<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddb h12 y6837 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x133b h12 y6837 ff4 fs7 fc1 sc2 ls0 ws0\">115.088<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x591 h12 y6837 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12d5 h12 y6837 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h12 y6837 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6838 ff4 fs7 fc1 sc2 ls0 ws0\">complessiva - copertura di:<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y6839 w145c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli di debito e <span class=\"_ _2\"></span>tassi d'interesse<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2426 y6839 w4fe h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.842.130<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2427 y6839 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2428 y6839 w145d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">115.088<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2429 y6839 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x242a y6839 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x242b y6839 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y683a w145e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Titoli di capitale e<span class=\"_ _2\"></span> indici azionari<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x242c y683a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x242d y683a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x242e y683a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x242f y683a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2430 y683a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2431 y683a w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y683b w145f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Valute e oro<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2432 y683b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2433 y683b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2434 y683b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2435 y683b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2436 y683b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2437 y683b w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y66dd w1460 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.4 Crediti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2438 y66dd w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2439 y66dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x243a y66dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x243b y66dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x243c y66dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x243d y66dd w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y60b2 w1461 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.5 Altri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x243e y60b2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x243f y60b2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2440 y60b2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2441 y60b2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2442 y60b2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2443 y60b2 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y683c ff4 fs7 fc1 sc2 ls0 ws0\">2. Attivit\u00e0 finanziarie valutate al costo </td><td></td><td class=\"t m2 x12f9 h12 y683d ff4 fs7 fc1 sc2 ls0 ws0\">6.116.223<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddb h12 y683d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11a9 h12 y683d ff4 fs7 fc1 sc2 ls0 ws0\">(133.845)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x591 h12 y683d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12d5 h12 y683d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a3 h12 y683d ff4 fs7 fc1 sc2 ls0 ws0\">1.550.277<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y683e ff4 fs7 fc1 sc2 ls0 ws0\">ammortizzato -copertura di:<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y683f w145c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli di debito e <span class=\"_ _2\"></span>tassi d'interesse<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2444 y683f w1462 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>.116.223<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2445 y683f w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2446 y683f w1463 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(13<span class=\"_ _1\"></span>3.845)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2447 y683f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2448 y683f w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2449 y683f w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6840 w145e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Titoli di capitale e<span class=\"_ _2\"></span> indici azionari<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x242c y6840 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x242d y6840 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x242e y6840 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x242f y6840 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2430 y6840 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2431 y6840 w48e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6841 w145f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Valute e oro<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2432 y6841 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2433 y6841 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2434 y6841 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2435 y6841 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2436 y6841 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2437 y6841 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6842 w1460 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.4 Crediti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2438 y6842 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2439 y6842 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x243a y6842 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x243b y6842 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x243c y6842 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x243d y6842 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6843 w1461 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.5 Altri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x243e y6843 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x243f y6843 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2440 y6843 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2441 y6843 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2442 y6843 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2443 y6843 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x244a h12 y6844 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x244b h12 y6844 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x5c4 h12 y6844 ff4 fs7 fc1 sc2 ls0 ws0\">10.958.353<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddb h12 y6844 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c6 h12 y6844 ff4 fs7 fc1 sc2 ls0 ws0\">(18.757)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x591 h12 y6844 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12d5 h12 y6844 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a3 h12 y6844 ff4 fs7 fc1 sc2 ls0 ws0\">1.550.277<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x244a h12 y6845 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x244b h12 y6845 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7bc h12 y6845 ff4 fs7 fc1 sc2 ls0 ws0\">12.156.788<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddb h12 y6845 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11e1 h12 y6845 ff4 fs7 fc1 sc2 ls0 ws0\">39.418<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x591 h12 y6845 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12d5 h12 y6845 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x13e5 h12 y6845 ff4 fs7 fc1 sc2 ls0 ws0\">12.781.599<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5f61 ff4 fs7 fc1 sc2 ls0 ws0\">B. </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6846 ff4 fs7 fc1 sc2 ls0 ws0\">Passivit\u00e0<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6847 ff4 fs7 fc1 sc2 ls0 ws0\">1. Passivit\u00e0 finanziarie valutate al costo </td><td></td><td class=\"t m2 x12fa h12 y6848 ff4 fs7 fc1 sc2 ls0 ws0\">2.061.751<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddb h12 y6848 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11fd h12 y6848 ff4 fs7 fc1 sc2 ls0 ws0\">100.060<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x591 h12 y6848 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12d5 h12 y6848 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x890 h12 y6848 ff4 fs7 fc1 sc2 ls0 ws0\">16.786.830<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6849 ff4 fs7 fc1 sc2 ls0 ws0\" colspan=\"2\">ammortizzato - copertura di: </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y55b0 w145c h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli di debito e <span class=\"_ _2\"></span>tassi d'interesse<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x244c y55b0 w1464 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.061.751<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x244d y55b0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x244e y55b0 w1465 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">100.060<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x244f y55b0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2450 y55b0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2451 y55b0 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y54ac w1466 h1d9\" colspan=\"2\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Valute e oro<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2452 y54ac w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2453 y54ac w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2454 y54ac w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2447 y54ac w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2448 y54ac w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2449 y54ac w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y679b wab4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Altri<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2455 y679b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2456 y679b w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2457 y679b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2458 y679b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2459 y679b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x245a y679b w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x244a h12 y684a ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x244b h12 y684a ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12fa h12 y684a ff4 fs7 fc1 sc2 ls0 ws0\">2.061.751<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddb h12 y684a ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11fd h12 y684a ff4 fs7 fc1 sc2 ls0 ws0\">100.060<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x591 h12 y684a ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12d5 h12 y684a ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x890 h12 y684a ff4 fs7 fc1 sc2 ls0 ws0\">16.786.830 </td></tr><tr><td class=\"t m2 x244a h12 y684b ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x244b h12 y684b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12f9 h12 y684b ff4 fs7 fc1 sc2 ls0 ws0\">2.011.826<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddb h12 y684b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11fd h12 y684b ff4 fs7 fc1 sc2 ls0 ws0\">149.364<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x591 h12 y684b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12d5 h12 y684b ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e4 h12 y684b ff4 fs7 fc1 sc2 ls0 ws0\">12.704.563 </td></tr></table>D.2 Copertura <span class=\"_ _1\"></span>dei flussi finanziari e de<span class=\"_ _1\"></span>gli investiment<span class=\"_ _1\"></span>i esteri<table class=\"s w684 h2d1\" id=\"_242e6fb5-fbc0-44b5-a39b-6e845370db4b\"><tr><td></td><td></td><td class=\"t m2 x71b h12 y6865 ff4 fs7 fc4 sc3 ls0 ws0\">Variazione del valore </td><td></td><td></td><td class=\"t m2 x74f h12 y6866 ff4 fs7 fc4 sc3 ls0 ws0\">Cessazione della </td></tr><tr><td></td><td></td><td class=\"t m2 xf8c h12 y6867 ff4 fs7 fc4 sc3 ls0 ws0\">usato per rilevare </td><td></td><td class=\"t m2 x6f1 h12 y6868 ff4 fs7 fc4 sc3 ls0 ws0\">Riserve da copertura </td><td class=\"t m2 x6b9 h12 y6868 ff4 fs7 fc4 sc3 ls0 ws0\">copertura: valore residuo </td></tr><tr><td></td><td></td><td class=\"t m2 x6e2 h12 y6869 ff4 fs7 fc4 sc3 ls0 ws0\">l'inefficacia della </td><td></td><td></td><td class=\"t m2 x6b0 h12 y686a ff4 fs7 fc4 sc3 ls0 ws0\">delle riserve di copertura<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td class=\"t m2 x6ae h12 y686b ff4 fs7 fc4 sc3 ls0 ws0\">copertura </td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y686c ff4 fs7 fc1 sc2 ls0 ws0\">A. Copertura di flussi Finanziari </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x70c y686d w1471 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x248f y686d w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x10e0 h12 y686e ff4 fs7 fc1 sc0 ls0 ws0\">(23.466)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y686e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y686f w145c h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli di debito e <span class=\"_ _2\"></span>tassi d'interesse<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x2490 y686f w6cb h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1013 h12 y6870 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6870 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y6871 w145e h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Titoli di capitale e<span class=\"_ _2\"></span> indici azionari<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x2491 y6871 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1013 h12 y6872 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6872 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y6873 w145f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Valute e oro<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x2492 y6873 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1013 h12 y6874 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6874 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y6875 w1460 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.4 Crediti<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x2493 y6875 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x10e0 h12 y6876 ff4 fs7 fc1 sc0 ls0 ws0\">(23.466)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6876 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y6877 w1461 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.5 Altri<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x2494 y6877 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1013 h12 y6878 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6878 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x70c y6879 w1472 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Passivit\u00e0<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x2495 y6879 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1013 h12 y687a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y687a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y687b w145c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1 Titoli di debito e <span class=\"_ _2\"></span>tassi d'interesse<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x2490 y687b w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1013 h12 y687c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y687c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y687d w1466 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2 Valute e oro<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x2496 y687d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1013 h12 y687e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y687e ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xdcf y687f wab4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.3 Altri<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x2497 y687f w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1013 h12 y6880 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6880 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x2498 h12 y6881 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A)<span class=\"_ _3a1\"> </span></td><td class=\"c n x10ab y6882 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2499 y6882 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x10e0 h12 y6881 ff4 fs7 fc1 sc2 ls0 ws0\">(23.466)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6881 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x2498 h12 y6883 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A)<span class=\"_ _3a1\"> </span></td><td class=\"c n x10ab y6884 w70f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x249a y6884 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x70f h12 y6883 ff4 fs7 fc1 sc2 ls0 ws0\">(38.838)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6883 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6808 w1473 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">B. Copertura degli investimenti ester<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x249b y6808 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x249c y6808 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x671 h12 y6885 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x1b43 h12 y6886 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B)<span class=\"_ _3a1\"> </span></td><td class=\"c n x10ab y6887 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2499 y6887 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x10e0 h12 y6886 ff4 fs7 fc1 sc2 ls0 ws0\">(23.466)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6886 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x1b43 h12 y6888 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B)<span class=\"_ _3a1\"> </span></td><td class=\"c n x10ab y53a2 w70f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x249a y53a2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x70f h12 y6888 ff4 fs7 fc1 sc2 ls0 ws0\">(38.838)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6888 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table>E. Effetti delle operazioni di copertura a patrimonio netto<span class=\"_ _3a1\"> </span>E.1. Riconciliaz<span class=\"_ _1\"></span>ione delle componenti di <span class=\"_ _1\"></span>patrimonio netto<span class=\"_ _3a1\"> </span><table class=\"s w1467 h2d0\" id=\"_330451a1-0059-47ac-ac35-4c19000a11ad\"><tr><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></td><td class=\"t m15 x9d5 h10d y684c ff4 fs34 fc4 sc3 ls0 ws0\">Strumen<span class=\"_ _1\"></span>ti di cope<span class=\"_ _1\"></span>rtura (ele<span class=\"_ _1\"></span>menti non<span class=\"_ _1\"></span> design<span class=\"_ _1\"></span>ati)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m15 x1987 h10d y684d ff4 fs34 fc4 sc3 ls0 ws0\">Riser<span class=\"_ _1\"></span>va da cope<span class=\"_ _1\"></span>rtura dei flussi<span class=\"_ _1\"></span> finanziari<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m15 x933 h10d y684e ff4 fs34 fc4 sc3 ls0 ws0\">Riser<span class=\"_ _1\"></span>va da cope<span class=\"_ _1\"></span>rtura di </td><td class=\"t m15 x12fb h10d y684f ff4 fs34 fc4 sc3 ls0 ws0\">investi<span class=\"_ _1\"></span>menti e<span class=\"_ _1\"></span>steri<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m15 xace h10d y6850 ff4 fs34 fc4 sc3 ls0 ws0\">Valore<span class=\"_ _1\"></span> tempo<span class=\"_ _1\"></span>rale opzione<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m15 xec3 h10d y6851 ff4 fs34 fc4 sc3 ls0 ws0\">Valore<span class=\"_ _1\"></span> elemento<span class=\"_ _1\"></span> forward e </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></td><td></td><td></td><td></td><td class=\"t m15 x936 h10d y6852 ff4 fs34 fc4 sc3 ls0 ws0\">differen<span class=\"_ _1\"></span>ziale da val<span class=\"_ _1\"></span>uta es<span class=\"_ _1\"></span>tera<span class=\"_ _3a1\"> </span></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></td><td></td><td class=\"t m15 x159b h10d y6853 ff4 fs34 fc4 sc3 ls0 ws0\">Coperture<span class=\"_ _1\"></span> </td><td class=\"t m15 x7bd h10d y6853 ff4 fs34 fc4 sc3 ls0 ws0\">Coperture<span class=\"_ _1\"></span> </td><td class=\"t m15 x878 h10d y6853 ff4 fs34 fc4 sc3 ls0 ws0\">Coperture<span class=\"_ _1\"></span> </td><td></td><td></td><td class=\"t m15 xf1b h10d y6853 ff4 fs34 fc4 sc3 ls0 ws0\">Coperture<span class=\"_ _1\"></span> </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m15 xced h10d y6854 ff4 fs34 fc4 sc3 ls0 ws0\">relative a<span class=\"_ _1\"></span> </td><td class=\"t m15 x1233 h10d y6854 ff4 fs34 fc4 sc3 ls0 ws0\">relative a<span class=\"_ _1\"></span> un </td><td class=\"t m15 xec3 h10d y6854 ff4 fs34 fc4 sc3 ls0 ws0\">relative a<span class=\"_ _1\"></span> </td><td></td><td></td><td class=\"t m15 xc59 h10d y6854 ff4 fs34 fc4 sc3 ls0 ws0\">relative a<span class=\"_ _1\"></span> un </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m15 x7d0 h10d y6855 ff4 fs34 fc4 sc3 ls0 ws0\">operazio<span class=\"_ _1\"></span>ni<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x93a h10d y6855 ff4 fs34 fc4 sc3 ls0 ws0\">period<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x936 h10d y6855 ff4 fs34 fc4 sc3 ls0 ws0\">operazio<span class=\"_ _1\"></span>ni<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m15 x1195 h10d y6855 ff4 fs34 fc4 sc3 ls0 ws0\">period<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m15 x58e h10d y6856 ff4 fs34 fc1 sc2 ls0 ws0\">Esiste<span class=\"_ _1\"></span>nze iniziali<span class=\"_ _3a1\"> </span></td><td class=\"t m15 xd76 h10d y6856 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x93f h10d y6856 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x7cb h10d y6856 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x5c4 h10d y6856 ff4 fs34 fc1 sc2 ls0 ws0\">(38.83<span class=\"_ _1\"></span>8)<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x9a5 h10d y6856 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x1129 h10d y6856 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x93c h10d y6856 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 xb9f h10d y6856 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x7c7 h10d y6856 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 xad3 h10d y6856 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m15 xc57 h10d y6856 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x7d1 h10d y6856 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m15 xcec h10d y6856 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x121e h10d y6856 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m15 x58e h10d y6857 ff4 fs34 fc1 sc0 ls0 ws0\">Variazioni di fair v<span class=\"_ _1\"></span>alue </td><td class=\"c n x145d y6859 w1468 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x245b y6859 w1468 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x245c y6859 w1469 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x245d y6859 w146a h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">15.3<span class=\"_ _1\"></span>72<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x245e y6859 w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x245f y6859 w1468 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2460 y6859 w1469 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2461 y6859 w1468 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2462 y6859 w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2463 y6859 w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2464 y6859 w1469 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2465 y6859 w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2466 y6859 w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2467 y6859 w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m15 x58e h10d y685a ff4 fs34 fc1 sc0 ls0 ws0\">(quota efficac<span class=\"_ _1\"></span>e) </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><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y685b w146c h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">Rigiri a co<span class=\"_ _1\"></span>nto econom<span class=\"_ _1\"></span>ico<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2468 y685b w1468 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2469 y685b w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x246a y685b w1468 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x246b y685b w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x246c y685b w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x246d y685b w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x246e y685b w1469 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x246f y685b w1468 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2470 y685b w1469 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2471 y685b w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2472 y685b w146d h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2473 y685b w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2474 y685b w1469 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2475 y685b w1469 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m15 x81f h10d y685c ff4 fs34 fc1 sc0 ls0 ws0\">di cui: transazion<span class=\"_ _1\"></span>i </td><td class=\"c n x145d y5b0a w1468 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x245b y5b0a w1468 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x245c y5b0a w1469 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2476 y5b0a w1468 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2477 y5b0a w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2478 y5b0a w146e h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2479 y5b0a w146e h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x247a y5b0a w146f h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x247b y5b0a w146f h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x247c y5b0a w146e h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x247d y5b0a w146e h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x247e y5b0a w146e h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x247f y5b0a w146e h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2480 y5b0a w146e h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m15 x81f h10d y685d ff4 fs34 fc1 sc0 ls0 ws0\">future non pi\u00f9 atte<span class=\"_ _1\"></span>se </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><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y685e w1470 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">Altre variazion<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2481 y685e w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2482 y685e w1468 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2483 y685e w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2484 y685e w1468 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2485 y685e w1469 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2486 y685e w1468 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2487 y685e w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2488 y685e w1468 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2489 y685e w1468 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x248a y685e w1469 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x248b y685e w1469 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x248c y685e w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x248d y685e w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x248e y685e w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m15 x81f h10d y685f ff4 fs34 fc1 sc0 ls0 ws0\">di cui: trasferim<span class=\"_ _1\"></span>enti al </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><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m15 x81f h10d y6860 ff4 fs34 fc1 sc0 ls0 ws0\">valore co<span class=\"_ _1\"></span>ntabile </td><td class=\"c n x145d y6861 w1468 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x245b y6861 w1468 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x245c y6861 w1469 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2476 y6861 w1468 h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2477 y6861 w146b h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2478 y6861 w146e h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2479 y6861 w146e h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x247a y6861 w146f h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x247b y6861 w146f h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x247c y6861 w146e h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x247d y6861 w146e h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x247e y6861 w146e h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x247f y6861 w146e h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2480 y6861 w146e h213\"><div class=\"t m15 x2b3 h10d y6858 ff4 fs34 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m15 x81f h10d y6862 ff4 fs34 fc1 sc0 ls0 ws0\">iniziale deg<span class=\"_ _1\"></span>li strumen<span class=\"_ _1\"></span>ti </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><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m15 x81f h10d y6863 ff4 fs34 fc1 sc0 ls0 ws0\">copert<span class=\"_ _1\"></span>i </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><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m15 x58e h10d y6864 ff4 fs34 fc1 sc2 ls0 ws0\">Rimane<span class=\"_ _1\"></span>nze finali<span class=\"_ _3a1\"> </span></td><td class=\"t m15 xd76 h10d y6864 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x93f h10d y6864 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x7cb h10d y6864 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x9a4 h10d y6864 ff4 fs34 fc1 sc2 ls0 ws0\">(23.466<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x9a5 h10d y6864 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x1129 h10d y6864 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x93c h10d y6864 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 xb9f h10d y6864 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x7c7 h10d y6864 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 xad3 h10d y6864 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m15 xc57 h10d y6864 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x7d1 h10d y6864 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m15 xcec h10d y6864 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m15 x121e h10d y6864 ff4 fs34 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table>ebito e sepitale e zionari e oroCreditiAltriebito e spitale e z e oroCreditiAltriA.1 Derivati finan<span class=\"_ _1\"></span>ziari e creditizi OTC: fa<span class=\"_ _1\"></span>ir value netti per <span class=\"_ _1\"></span>controparti Cont<span class=\"_ _3b\"></span>roparti<span class=\"_ _2\"></span> cen<span class=\"_ _2\"></span>trali<span class=\"_ _2\"></span> Ban<span class=\"_ _2\"></span>che<span class=\"_ _2\"></span> Altre<span class=\"_ _3b\"></span> societ\u00e0 finan<span class=\"_ _3b\"></span>ziarie Altr<span class=\"_ _2\"></span>i sogg<span class=\"_ _3b\"></span>etti<table class=\"s w1474 h2d2\" id=\"_dedf6919-5e48-47e9-aeb7-0d2435b06363\"><tr><td class=\"t m2 x677 h12 y6889 ff4 fs7 fc1 sc2 ls0 ws0\">A. Derivati finanziari </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xac9 h12 y688a ff4 fs7 fc1 sc2 ls0 ws0\">1) Titoli di debito e tassi d'interesse </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x73a y688b w141e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x249d y688b w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6a0 h12 y688c ff4 fs7 fc1 sc0 ls0 ws0\">38.589.304<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1002 h12 y688c ff4 fs7 fc1 sc0 ls0 ws0\">367.770<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xda3 h12 y688c ff4 fs7 fc1 sc0 ls0 ws0\">532.497<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y688d w1475 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto po<span class=\"_ _2\"></span>sitivo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x249e y688d w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x674 h12 y688e ff4 fs7 fc1 sc0 ls0 ws0\">434.801<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd83 h12 y688e ff4 fs7 fc1 sc0 ls0 ws0\">102<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e5 h12 y688e ff4 fs7 fc1 sc0 ls0 ws0\">3.889<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y688f w1476 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto negat<span class=\"_ _2\"></span>ivo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x249f y688f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x674 h12 y6890 ff4 fs7 fc1 sc0 ls0 ws0\">730.255<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y6890 ff4 fs7 fc1 sc0 ls0 ws0\">9.893<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x780 h12 y6890 ff4 fs7 fc1 sc0 ls0 ws0\">4.572<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y6891 ff4 fs7 fc1 sc2 ls0 ws0\">2) Titoli di capitale e indici azionari </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x73a y6892 w141e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x249d y6892 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x905 h12 y6893 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y6893 ff4 fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6893 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y6894 w1475 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto po<span class=\"_ _2\"></span>sitivo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x249e y6894 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x905 h12 y6895 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x685 h12 y6895 ff4 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6895 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y6896 w1476 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto negat<span class=\"_ _2\"></span>ivo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x249f y6896 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x905 h12 y6897 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y6897 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6897 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y6898 ff4 fs7 fc1 sc2 ls0 ws0\">3) Valute e oro </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x73a y6899 w141e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x249d y6899 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1b3a h12 y689a ff4 fs7 fc1 sc0 ls0 ws0\">94.428<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y689a ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y689a ff4 fs7 fc1 sc0 ls0 ws0\">519.006<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y689b w1475 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto po<span class=\"_ _2\"></span>sitivo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x249e y689b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x78a h12 y689c ff4 fs7 fc1 sc0 ls0 ws0\">295<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y689c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x738 h12 y689c ff4 fs7 fc1 sc0 ls0 ws0\">3.138<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y638f w1476 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto negat<span class=\"_ _2\"></span>ivo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x249f y638f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6b5 h12 y689d ff4 fs7 fc1 sc0 ls0 ws0\">67<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y689d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e5 h12 y689d ff4 fs7 fc1 sc0 ls0 ws0\">5.492<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y689e ff4 fs7 fc1 sc2 ls0 ws0\">4) Merci </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x73a y689f w141e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x249d y689f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x905 h12 y68a0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y68a0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y68a0 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y68a1 w1475 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto po<span class=\"_ _2\"></span>sitivo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x249e y68a1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x905 h12 y68a2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y68a2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y68a2 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y68a3 w1476 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto negat<span class=\"_ _2\"></span>ivo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x249f y68a3 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x905 h12 y68a4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y68a4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y68a4 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y68a5 ff4 fs7 fc1 sc2 ls0 ws0\">5) Altri </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x73a y68a6 w141e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x249d y68a6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x905 h12 y68a7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y68a7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y68a7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y68a8 w1475 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto po<span class=\"_ _2\"></span>sitivo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x249e y68a8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x905 h12 y68a9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y68a9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y68a9 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y68aa w1476 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto negat<span class=\"_ _2\"></span>ivo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x249f y68aa w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x905 h12 y68ab ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y68ab ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y68ab ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y68ac ff4 fs7 fc1 sc2 ls0 ws0\">B. Derivati creditizi </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xac9 h12 y68ad ff4 fs7 fc1 sc2 ls0 ws0\">1) Acquisto protezione </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x73a y68ae w141e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x249d y68ae w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x905 h12 y68af ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y68af ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y68af ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y68b0 w1475 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto po<span class=\"_ _2\"></span>sitivo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x249e y68b0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x905 h12 y68b1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y68b1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y68b1 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y68b2 w1476 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto negat<span class=\"_ _2\"></span>ivo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x249f y68b2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x905 h12 y68b3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y68b3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y68b3 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xac9 h12 y68b4 ff4 fs7 fc1 sc2 ls0 ws0\">2) Vendita protezione </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x73a y5593 w141e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- valore nozionale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x249d y5593 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x905 h12 y68b5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y68b5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y68b5 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y68b6 w1475 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto po<span class=\"_ _2\"></span>sitivo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x249e y68b6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x905 h12 y68b7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y68b7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y68b7 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x73a y54f9 w1476 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- fair value netto negat<span class=\"_ _2\"></span>ivo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x249f y54f9 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x905 h12 y68b8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67d h12 y68b8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y68b8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table>1.4 Gruppo bancario - rischio di liquidit\u00e0<span class=\"_ _3a1\"> </span>Informazi<span class=\"_ _1\"></span>oni di na<span class=\"_ _1\"></span>tura quali<span class=\"_ _1\"></span>tativa<span class=\"_ _3a1\"> </span>A. Aspe<span class=\"_ _3a1\"> </span>tti gene<span class=\"_ _1\"></span>rali, proce<span class=\"_ _1\"></span>ssi di ge<span class=\"_ _1\"></span>stione e m<span class=\"_ _1\"></span>etodi di<span class=\"_ _1\"></span> misuraz<span class=\"_ _1\"></span>ione del <span class=\"_ _1\"></span>rischio<span class=\"_ _1\"></span> di<span class=\"_ _3a1\"> </span>liquidit\u00e0<span class=\"_ _3a1\"> </span>Si <span class=\"_ _0\"></span>definisce <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>liqu<span class=\"_ _2\"></span>idit\u00e0 <span class=\"_ _0\"></span>l\u2019eventualit\u00e0 <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>Gruppo <span class=\"_ _0\"></span>possa <span class=\"_ _0\"></span>trovarsi <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>condizione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>non<span class=\"_ _3a1\"> </span>riusci<span class=\"_ _3a1\"> </span>re <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>far <span class=\"_ _1\"></span>fronte <span class=\"_ _1\"></span>ai <span class=\"_ _1\"></span>propri <span class=\"_ _1\"></span>impegni <span class=\"_ _1\"></span>di pagame<span class=\"_ _1\"></span>nto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>natura <span class=\"_ _1\"></span>ordinaria <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>straordinaria, <span class=\"_ _1\"></span>quando <span class=\"_ _1\"></span>gli<span class=\"_ _3a1\"> </span>stessi  diventino  esigibili,  senza  incorrere  in  perdite  t<span class=\"_ _1\"></span>ali  da  pregiudi<span class=\"_ _2\"></span>care <span class=\"_ _3d\"> </span>la  propria  operativit\u00e0<span class=\"_ _3a1\"> </span>quotidiana <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>condizioni <span class=\"_ _0\"></span>finanziarie <span class=\"_ _0\"></span>complessive <span class=\"_ _35\"> </span>del <span class=\"_ _38\"></span>Gr<span class=\"_ _1\"></span>uppo <span class=\"_ _0\"></span>stesso. <span class=\"_ _0\"></span>La <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>liquidit\u00e0 pu\u00f2 essere suddivisa fra: -<span class=\"_ _3c\"> </span>gestione <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>liquidit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>breve <span class=\"_ _0\"></span>termine, <span class=\"_ _0\"></span>ivi <span class=\"_ _0\"></span>compresa <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>liquid<span class=\"_ _2\"></span>it\u00e0 <span class=\"_ _0\"></span>intra-day, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>cui <span class=\"_ _0\"></span>obiettivo <span class=\"_ _0\"></span>\u00e8<span class=\"_ _3a1\"> </span>quello <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>garantire <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>capaci<span class=\"_ _2\"></span>t\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>far <span class=\"_ _35\"> </span>fronte <span class=\"_ _35\"> </span>agli <span class=\"_ _0\"></span>impegni <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>gamento <span class=\"_ _35\"> </span>per <span class=\"_ _0\"></span>cass<span class=\"_ _1\"></span>a <span class=\"_ _35\"> </span>pr<span class=\"_ _2\"></span>evisti <span class=\"_ _35\"> </span>e<span class=\"_ _3a1\"> </span>imprevisti tramite il mantenimento di un rapporto sostenibile tra i flussi di liquidit\u00e0 in entrata e<span class=\"_ _3a1\"> </span>quelli <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>uscita; <span class=\"_ _0\"> </span>t<span class=\"_ _1\"></span>ale <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>cos<span class=\"_ _1\"></span>tituisce <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>cond<span class=\"_ _2\"></span>izione <span class=\"_ _0\"></span>essenziale <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>la<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>normale <span class=\"_ _0\"></span>continuit\u00e0<span class=\"_ _3a1\"> </span>operativa dell\u2019attivit\u00e0 bancaria;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>gestione de<span class=\"_ _1\"></span>lla liquidit\u00e0 st<span class=\"_ _1\"></span>rutturale, il <span class=\"_ _1\"></span>cui obiett<span class=\"_ _1\"></span>ivo \u00e8 <span class=\"_ _1\"></span>quello di <span class=\"_ _1\"></span>mantenere <span class=\"_ _1\"></span>un adeguato <span class=\"_ _1\"></span>rapporto<span class=\"_ _3a1\"> </span>tra passivit\u00e0 <span class=\"_ _3b\"></span>ed attivit\u00e0 <span class=\"_ _3b\"></span>complessive, finali<span class=\"_ _2\"></span>zzato ad <span class=\"_ _3b\"></span>evitare pressioni <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ulle fon<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>i a<span class=\"_ _3b\"></span> breve <span class=\"_ _2\"></span>termine,<span class=\"_ _3a1\"> </span>attuali e prospettiche.<span class=\"_ _3a1\"> </span>Il Gruppo C<span class=\"_ _2\"></span>redito Emiliano <span class=\"_ _2\"></span>si \u00e8 <span class=\"_ _2\"></span>da t<span class=\"_ _2\"></span>empo dotato <span class=\"_ _2\"></span>di una <span class=\"_ _3b\"></span>P<span class=\"_ _1\"></span>olicy p<span class=\"_ _2\"></span>er la G<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>stione del <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio liqui<span class=\"_ _2\"></span>dit\u00e0. La<span class=\"_ _3a1\"> </span>Policy approvata disciplina:<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>i principi di governo e di gestione del rischio di liquidit\u00e0 adott<span class=\"_ _1\"></span>ati dal Gruppo, e<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>l\u2019insieme <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>norme e <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>processi <span class=\"_ _1\"></span>di co<span class=\"_ _1\"></span>ntrollo <span class=\"_ _1\"></span>finalizzati a <span class=\"_ _1\"></span>prevenire <span class=\"_ _1\"></span>l\u2019insorgere <span class=\"_ _1\"></span>di s<span class=\"_ _1\"></span>ituazioni<span class=\"_ _3a1\"> </span>di <span class=\"_ _38\"></span>crisi <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>li<span class=\"_ _2\"></span>quidit\u00e0 <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _0\"></span>il <span class=\"_ _1\"></span>Gruppo <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>per <span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>singole <span class=\"_ _38\"></span>so<span class=\"_ _1\"></span>ciet\u00e0 <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>Gruppo, <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>l\u2019obiettivo <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>ispirare<span class=\"_ _3a1\"> </span>una s<span class=\"_ _1\"></span>ana <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>prudente <span class=\"_ _38\"></span>gestione del <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>liquidit\u00e0 a <span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>vello <span class=\"_ _1\"></span>consolidato, <span class=\"_ _1\"></span>tale <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>assicurare<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>la<span class=\"_ _3a1\"> </span>stabilit\u00e0, la sicurezza delle o<span class=\"_ _1\"></span>perazioni aziendali, la solidit\u00e0 finanziaria e, conseguentemente, la<span class=\"_ _3a1\"> </span>solvibilit\u00e0 del Gruppo.<span class=\"_ _3a1\"> </span>I principi essenziali a cui si ispira la politica di gest<span class=\"_ _1\"></span>ione della liquidit\u00e0 sono:<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>definizione <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>Risk <span class=\"_ _0\"></span>Appetite <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>na <span class=\"_ _0\"></span>Risk <span class=\"_ _38\"></span>Tolerance <span class=\"_ _0\"></span>(o <span class=\"_ _38\"></span>soglia <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>toller<span class=\"_ _1\"></span>anza) <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>contesto <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>normale  corso  degli  affari  e  di<span class=\"_ _2\"></span>  scenari  di  stress  che  abb<span class=\"_ _2\"></span>iano  opportuni  buffer  rispetto  ai<span class=\"_ _3a1\"> </span>requisiti normativi;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>definizione e formalizzazione di ruoli e<span class=\"_ _1\"></span> funzioni, coerentemente con il principio di separ<span class=\"_ _1\"></span>atezza<span class=\"_ _3a1\"> </span>delle funzioni operative da quelle di controllo (c.d. segre<span class=\"_ _1\"></span>gation of duties);<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>accentramento della funzione di governo del rischio di liquidit\u00e0 sulla Capogruppo;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>attuazione <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>una <span class=\"_ _38\"></span>politica <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>trasformazione <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>scadenze <span class=\"_ _38\"></span>gestita <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ll\u2019ambito <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>assimali<span class=\"_ _3a1\"> </span>assegnati;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>adozione <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>una <span class=\"_ _3d\"> </span>politica <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>funding <span class=\"_ _3d\"> </span>diver<span class=\"_ _1\"></span>sificata <span class=\"_ _3d\"> </span>in <span class=\"_ _37\"> </span>termini <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>fonti, <span class=\"_ _3d\"> </span>durata <span class=\"_ _37\"> </span>e <span class=\"_ _3d\"> </span>t<span class=\"_ _1\"></span>ipologia <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span>strumenti di raccolta;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>definizione <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>formalizzazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>principi <span class=\"_ _0\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _0\"></span>alla <span class=\"_ _35\"> </span>definiz<span class=\"_ _2\"></span>ione <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>sistema <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>pre<span class=\"_ _1\"></span>zzi <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>il<span class=\"_ _3a1\"> </span>trasferimento interno dei fondi;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>definizione <span class=\"_ _2\"></span>e formalizzazione <span class=\"_ _3b\"></span>di un <span class=\"_ _3b\"></span>piano di <span class=\"_ _2\"></span>emergenza da <span class=\"_ _3b\"></span>attivare in <span class=\"_ _2\"></span>caso di<span class=\"_ _2\"></span> stres<span class=\"_ _2\"></span>s e/o <span class=\"_ _3b\"></span>crisi dei<span class=\"_ _3a1\"> </span>mercati o in caso di situazioni specifiche del Gruppo (Contingency Funding Plan);<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>adozione di un sistema di controlli interni.<span class=\"_ _3a1\"> </span>Su <span class=\"_ _2\"></span>base giornaliera, m<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>diante un <span class=\"_ _3b\"></span>modello di l<span class=\"_ _2\"></span>iquidity gap<span class=\"_ _2\"></span>, vi<span class=\"_ _2\"></span>ene esposta l\u2019evoluz<span class=\"_ _2\"></span>ione temporale d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>flussi <span class=\"_ _1\"></span>di cass<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>per conse<span class=\"_ _1\"></span>ntire l\u2019attivazione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>operazioni <span class=\"_ _1\"></span>finalizzate <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>determinare <span class=\"_ _1\"></span>un equilibrio <span class=\"_ _1\"></span>fra<span class=\"_ _3a1\"> </span>entrate e<span class=\"_ _1\"></span>d uscite <span class=\"_ _1\"></span>di cassa. <span class=\"_ _1\"></span>Inoltre, a <span class=\"_ _1\"></span>partire <span class=\"_ _1\"></span>dal 2023 <span class=\"_ _1\"></span>\u00e8 in <span class=\"_ _1\"></span>corso <span class=\"_ _1\"></span>l\u2019utilizzo della p<span class=\"_ _1\"></span>iattaforma <span class=\"_ _1\"></span>Ilias per<span class=\"_ _3a1\"> </span>il monitoraggio gestionale giornaliero <span class=\"_ _1\"></span>degli indicatori regolamentari e gestionali interni.<span class=\"_ _3a1\"> </span>Al  Comitato <span class=\"_ _35\"> </span>Asset  Liability <span class=\"_ _35\"> </span>&amp;  Manag<span class=\"_ _2\"></span>ement  di  Grupp<span class=\"_ _2\"></span>o  sono <span class=\"_ _35\"> </span>assegnati  poteri  decisionali<span class=\"_ _2\"></span>  per<span class=\"_ _2\"></span>  l<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span>declinazione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>strategie <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>merito <span class=\"_ _0\"></span>alle <span class=\"_ _0\"></span>politiche <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>fun<span class=\"_ _2\"></span>ding <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Gruppo. <span class=\"_ _0\"></span>Periodicamente <span class=\"_ _0\"></span>sono<span class=\"_ _3a1\"> </span>analizzate, in sede <span class=\"_ _2\"></span>di Comitato, l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> condizioni <span class=\"_ _2\"></span>di equilibrio fin<span class=\"_ _2\"></span>anziario per orientare le <span class=\"_ _2\"></span>decisioni circa<span class=\"_ _3a1\"> </span>le <span class=\"_ _36\"> </span>strategie <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>funding. <span class=\"_ _37\"> </span>Sempre<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>in <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>ede <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>Comit<span class=\"_ _1\"></span>ato, <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>ono <span class=\"_ _37\"> </span>analizzati <span class=\"_ _36\"> </span>inter<span class=\"_ _1\"></span>venti <span class=\"_ _36\"> </span>straordinari<span class=\"_ _3a1\"> </span>eventualmente richiesti per le contingenti situazioni di mercato.<span class=\"_ _3a1\"> </span>Nell\u2019ambito del processo RAF vengono, inoltre, <span class=\"_ _1\"></span>definite le soglie di Risk Appetite e Risk Tolerance,<span class=\"_ _3a1\"> </span>le metriche e le modalit\u00e0 di controllo dei seguenti indicatori di liquidit\u00e0:<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>Liquidity Coverage Ratio (LCR);<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>Asset Encumbrance;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>Net Stable Funding Ratio (NSFR);<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>Gap Cumulato a 1 mese su Totale Attivo (decorrenza dal 2025<span class=\"_ _1\"></span>).<span class=\"_ _3a1\"> </span>Le  regole  di <span class=\"_ _35\"> </span>\u201cLiquidity  Management\u201d  adottate  prevedono <span class=\"_ _35\"> </span>limiti  di <span class=\"_ _35\"> </span>liquidit\u00e0  da  rispettarsi  sull<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span>scaden<span class=\"_ _3a1\"> </span>ze <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>breve <span class=\"_ _36\"> </span>termine <span class=\"_ _36\"> </span>ed <span class=\"_ _36\"> </span>altri <span class=\"_ _36\"> </span>indicatori <span class=\"_ _36\"> </span>per <span class=\"_ _36\"> </span>monitorare <span class=\"_ _36\"> </span>quotidianamente <span class=\"_ _36\"> </span>la <span class=\"_ _39\"> </span>posizione<span class=\"_ _3a1\"> </span>complessiva. Relativamente <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>liquidit\u00e0 <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>rutturale <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>previsti <span class=\"_ _1\"></span>limiti <span class=\"_ _1\"></span>finalizzati <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>controllare <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>gest<span class=\"_ _1\"></span>ire <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>risch<span class=\"_ _3a1\"> </span>derivanti dal <span class=\"_ _1\"></span>mismatch <span class=\"_ _1\"></span>di scade<span class=\"_ _1\"></span>nze a <span class=\"_ _1\"></span>medio-lungo t<span class=\"_ _1\"></span>ermine <span class=\"_ _1\"></span>dell\u2019attivo <span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>l passivo. <span class=\"_ _1\"></span>Sono pre<span class=\"_ _1\"></span>vist<span class=\"_ _3a1\"> </span>dei gap ratio a 1, 2 e 5 anni. Questi <span class=\"_ _0\"></span>limiti <span class=\"_ _38\"></span>consentono <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>evitare <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>l\u2019<span class=\"_ _2\"></span>operativit\u00e0 <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>medio-lungo <span class=\"_ _0\"></span>termine <span class=\"_ _38\"></span>possa <span class=\"_ _0\"></span>dare <span class=\"_ _0\"></span>lu<span class=\"_ _2\"></span>ogo <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>d<span class=\"_ _3a1\"> </span>eccessivi squilibri da finanziare a breve termine<span class=\"_ _1\"></span>.<span class=\"_ _3a1\"> </span>Gli scenari di stress test previsti dal Regolamento<span class=\"_ _1\"></span> si distinguono in:<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>stress <span class=\"_ _39\"> </span>sistemico <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>severity <span class=\"_ _39\"> </span>lieve: <span class=\"_ _39\"> </span>crisi <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>liquidit\u00e0 <span class=\"_ _39\"> </span>sistem<span class=\"_ _1\"></span>ica <span class=\"_ _36\"> </span>causata<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>da <span class=\"_ _39\"> </span>un\u2019improvvisa<span class=\"_ _3a1\"> </span>instabilit\u00e0 <span class=\"_ _1\"></span>sui <span class=\"_ _1\"></span>mercati <span class=\"_ _1\"></span>monetari <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>capitali, <span class=\"_ _1\"></span>tens<span class=\"_ _1\"></span>ioni di <span class=\"_ _1\"></span>caratter<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>politico e<span class=\"_ _1\"></span>/o <span class=\"_ _1\"></span>eventi <span class=\"_ _1\"></span>climatic<span class=\"_ _3a1\"> </span>e ambientali, accompagnati da alti livelli di intensit\u00e0 ed impatti globali;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>stress  idiosincratico  di<span class=\"_ _2\"></span>  severity <span class=\"_ _35\"> </span>media:  crisi  di<span class=\"_ _2\"></span>  liqu<span class=\"_ _2\"></span>idit\u00e0  causata  da <span class=\"_ _35\"> </span>eventi  particolarmente<span class=\"_ _3a1\"> </span>negativi per il Gruppo;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>stress combinato di severity grave: \u00e8 la co<span class=\"_ _1\"></span>mbinazione dei due precedenti scenari.<span class=\"_ _3a1\"> </span>Le <span class=\"_ _0\"></span>procedure <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>Contingency <span class=\"_ _38\"></span>Funding <span class=\"_ _38\"></span>Plan, <span class=\"_ _0\"></span>costantemente <span class=\"_ _0\"></span>aggiornate, <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>pongono <span class=\"_ _0\"></span>l\u2019obiettivo <span class=\"_ _0\"></span>d<span class=\"_ _3a1\"> </span>salvaguardare <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>stabilit\u00e0 <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>gruppo <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>urante <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>fasi <span class=\"_ _0\"></span>iniziali <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>uno <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>tato <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>tensione <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>liquidit\u00e0 <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span>garantire la continuit\u00e0 del gruppo stesso <span class=\"_ _1\"></span>nel caso di gravi crisi di liquid<span class=\"_ _2\"></span>it\u00e0. L\u2019attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>liquidit\u00e0 <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>breve <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>funding <span class=\"_ _0\"></span>strutturale <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>svolta <span class=\"_ _0\"></span>dalla <span class=\"_ _0\"></span>Finanz<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>della<span class=\"_ _3a1\"> </span>Capogruppo che complessivamente:<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>gestisce <span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>flussi <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>liquidit\u00e0 <span class=\"_ _38\"></span>infragruppo <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ivenienti <span class=\"_ _38\"></span>dai <span class=\"_ _1\"></span>fabbisogni/<span class=\"_ _1\"></span>surplus <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>liquidit\u00e0 <span class=\"_ _38\"></span>netti <span class=\"_ _38\"></span>delle<span class=\"_ _3a1\"> </span>Societ\u00e0 del Gruppo;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>misura e monitora la posizione di liquidit\u00e0 del Gruppo e <span class=\"_ _1\"></span>delle singole Societ\u00e0 del Gruppo;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>coordina <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>effettua <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>raccolta <span class=\"_ _0\"></span>accedendo <span class=\"_ _0\"></span>direttamente <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>me<span class=\"_ _2\"></span>rcato <span class=\"_ _0\"></span>interbancario <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>fine <span class=\"_ _38\"></span>d<span class=\"_ _3a1\"> </span>mantenere condizioni adeguate di liquidit\u00e0 per<span class=\"_ _1\"></span> il Gruppo;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>determina <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>iodicamente <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>interve<span class=\"_ _1\"></span>nti <span class=\"_ _1\"></span>finanziari <span class=\"_ _1\"></span>utili <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>nsegui<span class=\"_ _2\"></span>re <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>equilibri <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>medio <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span>lungo termine, la sostenibilit\u00e0 della crescita e <span class=\"_ _1\"></span>la maggior efficienza della provvista;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>gestisce <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>rapporti <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>BCE <span class=\"_ _0\"></span>(gestione <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>ge<span class=\"_ _1\"></span>stione <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>ogni <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>ttivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>imp<span class=\"_ _2\"></span>iego <span class=\"_ _0\"></span>o<span class=\"_ _3a1\"> </span>provvista di fondi) ed accede alle operazioni di rifinanziamento della BCE.<span class=\"_ _3a1\"> </span>Questa <span class=\"_ _3f\"> </span>impostazione <span class=\"_ _3f\"> </span>consente <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>supportare <span class=\"_ _3f\"> </span>adeguatamente <span class=\"_ _3f\"> </span>i <span class=\"_ _3f\"> </span>fabbisogni <span class=\"_ _3f\"> </span>finanziari <span class=\"_ _3f\"> </span>ed <span class=\"_ _3f\"> </span>\u00e8<span class=\"_ _3a1\"> </span>finalizzata a:<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>ridurre i fabbisogni complessivi di finanziamento da parte di contr<span class=\"_ _1\"></span>oparti esterne al Gruppo;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>ottimizzare <span class=\"_ _3d\"> </span>l\u2019accesso <span class=\"_ _3d\"> </span>ai <span class=\"_ _37\"> </span>mercati <span class=\"_ _3d\"> </span>e <span class=\"_ _3d\"> </span>conseguentemente <span class=\"_ _3d\"> </span>minimizzare <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>costi <span class=\"_ _3d\"> </span>complessivi <span class=\"_ _3d\"> </span>d<span class=\"_ _3a1\"> </span>raccolta esterna.<span class=\"_ _3a1\"> </span>Nel <span class=\"_ _43\"> </span>corso <span class=\"_ _69\"> </span>dell\u2019esercizio <span class=\"_ _69\"> </span>2024, <span class=\"_ _43\"> </span>Il <span class=\"_ _69\"> </span>Gruppo <span class=\"_ _69\"> </span>ha <span class=\"_ _43\"> </span>proseguito, <span class=\"_ _69\"> </span>nell\u2019ambito <span class=\"_ _69\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _69\"> </span>segnalazion<span class=\"_ _3a1\"> </span>regolamentari, a trasmettere alle autorit\u00e0 <span class=\"_ _1\"></span>di vigilanza:<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>con cadenza mensile le segnalazioni relative al Liq<span class=\"_ _2\"></span>uidity Coverage Ratio (LCR), sulla base degl<span class=\"_ _3a1\"> </span>schemi <span class=\"_ _37\"> </span>confor<span class=\"_ _1\"></span>mi <span class=\"_ _37\"> </span>ai <span class=\"_ _36\"> </span>Reg. <span class=\"_ _37\"> </span>d\u2019esecuzione <span class=\"_ _36\"> </span>UE <span class=\"_ _37\"> </span>rispet<span class=\"_ _1\"></span>tivamente <span class=\"_ _37\"> </span>n. <span class=\"_ _37\"> </span>322/201<span class=\"_ _1\"></span>6, <span class=\"_ _37\"> </span>n.2114/20<span class=\"_ _1\"></span>17 <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>n<span class=\"_ _3a1\"> </span>2018/1620;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>con <span class=\"_ _37\"> </span>cadenza <span class=\"_ _37\"> </span>mensile <span class=\"_ _3d\"> </span>le <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>egnalazioni <span class=\"_ _3d\"> </span>relat<span class=\"_ _1\"></span>ive <span class=\"_ _3d\"> </span>agli <span class=\"_ _37\"> </span>Additional <span class=\"_ _37\"> </span>Liquidity <span class=\"_ _37\"> </span>Monitoring <span class=\"_ _37\"> </span>Metrics<span class=\"_ _3a1\"> </span>(ALMM) <span class=\"_ _38\"></span>sulla <span class=\"_ _38\"></span>base <span class=\"_ _0\"></span>degli <span class=\"_ _1\"></span>schemi <span class=\"_ _38\"></span>conformi <span class=\"_ _0\"></span>al <span class=\"_ _1\"></span>Reg. <span class=\"_ _38\"></span>d\u2019ese<span class=\"_ _1\"></span>cuzione <span class=\"_ _1\"></span>UE <span class=\"_ _0\"></span>n. <span class=\"_ _1\"></span>2114<span class=\"_ _1\"></span>/2017 <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>norme<span class=\"_ _3a1\"> </span>tecniche <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span>tenute <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>el <span class=\"_ _0\"></span>docume<span class=\"_ _2\"></span>nto <span class=\"_ _0\"></span>E<span class=\"_ _2\"></span>BA <span class=\"_ _38\"></span>\u201d<span class=\"_ _1\"></span>Final <span class=\"_ _38\"></span>Re<span class=\"_ _1\"></span>port <span class=\"_ _38\"></span>on <span class=\"_ _0\"></span>draft<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>ITS<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>on <span class=\"_ _38\"></span>Supervisory <span class=\"_ _0\"></span>R<span class=\"_ _2\"></span>eporting<span class=\"_ _3a1\"> </span>regarding COREP, AE, ALMM and GSIIs\u201d;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>con <span class=\"_ _35\"> </span>cadenza <span class=\"_ _35\"> </span>trimestrale,  la<span class=\"_ _3b\"></span>  segnal<span class=\"_ _2\"></span>azione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>liquidit\u00e0  Net <span class=\"_ _35\"> </span>Stab<span class=\"_ _2\"></span>le <span class=\"_ _35\"> </span>Funding <span class=\"_ _35\"> </span>Ratio <span class=\"_ _35\"> </span>(c.d. <span class=\"_ _35\"> </span>\u00abNSFR<span class=\"_ _3a1\"> </span>CRR2\u00bb) come previsto dal Reg. UE 2019/87<span class=\"_ _1\"></span>6 (c.d. \u00abCRR2\u00bb).<span class=\"_ _3a1\"> </span>A <span class=\"_ _1\"></span>novembre <span class=\"_ _1\"></span>2024 <span class=\"_ _1\"></span>il Gruppo <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>partecipato <span class=\"_ _1\"></span>al Single <span class=\"_ _1\"></span>Supervisor<span class=\"_ _1\"></span>y Mechanism <span class=\"_ _1\"></span>SSM <span class=\"_ _1\"></span>annual Liquidity<span class=\"_ _3a1\"> </span>Exercise <span class=\"_ _0\"></span>(SSM<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>Li<span class=\"_ _2\"></span>quidity <span class=\"_ _0\"></span>Excercise) <span class=\"_ _38\"></span>at<span class=\"_ _1\"></span>traverso <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>compilazione <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>Joint <span class=\"_ _0\"></span>Liquid<span class=\"_ _2\"></span>ity <span class=\"_ _0\"></span>Template, <span class=\"_ _38\"></span>sia <span class=\"_ _0\"></span>a<span class=\"_ _3a1\"> </span>livello <span class=\"_ _35\"> </span>consolidato  sia <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>livello  i<span class=\"_ _3b\"></span>ndividuale  Credem, <span class=\"_ _35\"> </span>richiesto  cong<span class=\"_ _2\"></span>iuntamente  da <span class=\"_ _35\"> </span>BCE <span class=\"_ _35\"> </span>e  SRB.<span class=\"_ _3b\"></span>  I<span class=\"_ _3a1\"> </span>Gruppo <span class=\"_ _1\"></span>inolt<span class=\"_ _1\"></span>re, <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>corso <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>tutto <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>2024, <span class=\"_ _38\"></span>ha <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>inuato <span class=\"_ _1\"></span>l\u2019invio <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ettimanale <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>Single <span class=\"_ _1\"></span>Supervisory<span class=\"_ _3a1\"> </span>Mechanism <span class=\"_ _1\"></span>Liquidity <span class=\"_ _38\"></span>Exercise <span class=\"_ _38\"></span>(SLT) a <span class=\"_ _38\"></span>livello <span class=\"_ _38\"></span>consolidato <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ichiesto <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>BCE <span class=\"_ _1\"></span>(a <span class=\"_ _38\"></span>partire <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>settembre<span class=\"_ _3a1\"> </span>2023).<span class=\"_ _3a1\"> </span>Riserve di liquid<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _3a1\"> </span>Al <span class=\"_ _1\"></span>31 <span class=\"_ _38\"></span>d<span class=\"_ _3a1\"> </span>icembre <span class=\"_ _38\"></span>2024 <span class=\"_ _1\"></span>l\u2019importo <span class=\"_ _1\"></span>totale<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iserve <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>liquidit\u00e0 <span class=\"_ _1\"></span>libe<span class=\"_ _1\"></span>re, <span class=\"_ _1\"></span>intese <span class=\"_ _38\"></span>come <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>liquide <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span>elevata <span class=\"_ _1\"></span>qualit\u00e0 calcolate <span class=\"_ _1\"></span>ai fini del <span class=\"_ _1\"></span>calcolo dell\u2019indicator<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>LCR, si \u00e8 <span class=\"_ _1\"></span>attestato <span class=\"_ _1\"></span>a 8,30 m<span class=\"_ _1\"></span>iliardi di euro<span class=\"_ _3a1\"> </span>a <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>mercato<span class=\"_ _1\"></span>. <span class=\"_ _0\"> </span>Il <span class=\"_ _35\"> </span>97% <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>tali <span class=\"_ _35\"> </span>riserve <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>detenuto <span class=\"_ _35\"> </span>dal<span class=\"_ _2\"></span>la <span class=\"_ _35\"> </span>Capogruppo <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>restant<span class=\"_ _1\"></span>e <span class=\"_ _35\"> </span>3% <span class=\"_ _35\"> </span>dal<span class=\"_ _2\"></span>le<span class=\"_ _3a1\"> </span>controllate domestiche.<span class=\"_ _3a1\"> </span>Funding con BCE<span class=\"_ _3a1\"> </span>L\u2019impor<span class=\"_ _3a1\"> </span>to complessivo <span class=\"_ _3b\"></span>del finanziamento <span class=\"_ _3b\"></span>con BCE <span class=\"_ _3b\"></span>a fine <span class=\"_ _3b\"></span>dicembre 2024 <span class=\"_ _3b\"></span>\u00e8 pari <span class=\"_ _3b\"></span>a 500 <span class=\"_ _3b\"></span>milioni di <span class=\"_ _3b\"></span>euro<span class=\"_ _3a1\"> </span>e <span class=\"_ _0\"></span>deriva <span class=\"_ _0\"> </span>da <span class=\"_ _35\"> </span>un\u2019operazione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rifinanziamento <span class=\"_ _0\"> </span>pr<span class=\"_ _1\"></span>incipale <span class=\"_ _0\"></span>\u201cMRO\u201d <span class=\"_ _0\"></span>settimanale. <span class=\"_ _0\"></span>N<span class=\"_ _1\"></span>el <span class=\"_ _0\"></span>mese <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>marzo<span class=\"_ _3a1\"> </span>2024 \u00e8 stata rimborsata alla naturale scadenza l\u2019ul<span class=\"_ _2\"></span>tima tranche TLTRO III.7 per l\u2019importo nominale<span class=\"_ _3a1\"> </span>di 740 milioni di euro. Altre attivit\u00e0 di f<span class=\"_ _1\"></span>unding<span class=\"_ _3a1\"> </span>Nel <span class=\"_ _3a\"> </span>corso <span class=\"_ _3a\"> </span>dell\u2019esercizio <span class=\"_ _3a\"> </span>2024, <span class=\"_ _3a\"> </span>nell\u2019ambito <span class=\"_ _3a\"> </span>dell\u2019operativit<span class=\"_ _3a1\"> </span>\u00e0 <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>money <span class=\"_ _3a\"> </span>market, <span class=\"_ _3f\"> </span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>continuata<span class=\"_ _3a1\"> </span>l\u2019operativit\u00e0 di <span class=\"_ _3b\"></span>raccolt<span class=\"_ _1\"></span>a <span class=\"_ _3b\"></span>in depositi <span class=\"_ _2\"></span>unsecured a <span class=\"_ _3b\"></span>breve termine <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Ministero dell'Economia <span class=\"_ _3b\"></span>e delle<span class=\"_ _3a1\"> </span>Finanze <span class=\"_ _0\"></span>(MEF), <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>importo<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>medio <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>150 <span class=\"_ _0\"></span>milioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>euro. <span class=\"_ _0\"></span>L\u2019i<span class=\"_ _2\"></span>mporto <span class=\"_ _0\"></span>puntuale <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>fine <span class=\"_ _38\"></span>dicembre<span class=\"_ _3a1\"> </span>2024 \u00e8 risultato pari a 500 milioni di euro.<span class=\"_ _3a1\"> </span>Inoltre, <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>corso <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>primo <span class=\"_ _38\"></span>semestre, <span class=\"_ _1\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>stata <span class=\"_ _38\"></span>negoziata <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>prima <span class=\"_ _38\"></span>operazione <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>Repo <span class=\"_ _38\"></span>sul <span class=\"_ _1\"></span>Covered<span class=\"_ _3a1\"> </span>Bond <span class=\"_ _0\"></span>re<span class=\"_ _2\"></span>tained <span class=\"_ _38\"></span>em<span class=\"_ _1\"></span>esso <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>gennai<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>202<span class=\"_ _2\"></span>4 <span class=\"_ _0\"></span>per<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>il<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>ore <span class=\"_ _38\"></span>nominale <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>200 <span class=\"_ _0\"></span>mili<span class=\"_ _2\"></span>oni <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>euro <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>state<span class=\"_ _3a1\"> </span>effettuate <span class=\"_ _3d\"> </span>nuove  operazioni  in  re<span class=\"_ _1\"></span>po  a  breve  ter<span class=\"_ _1\"></span>mine  con  sottostanti <span class=\"_ _3d\"> </span>titoli  obbligazionari  non<span class=\"_ _3a1\"> </span>governativi, per <span class=\"_ _1\"></span>un valor<span class=\"_ _1\"></span>e nom<span class=\"_ _1\"></span>inale complessivo <span class=\"_ _1\"></span>in essere <span class=\"_ _1\"></span>a fine <span class=\"_ _1\"></span>dicembre par<span class=\"_ _1\"></span>i a <span class=\"_ _1\"></span>circa 500<span class=\"_ _1\"></span> milioni<span class=\"_ _3a1\"> </span>di euro.<span class=\"_ _3a1\"> </span>Con riferimento al<span class=\"_ _2\"></span>l\u2019operativit\u00e0 di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ifinanziamento in <span class=\"_ _3b\"></span>pr<span class=\"_ _1\"></span>onti contro <span class=\"_ _3b\"></span>termine di Titoli d<span class=\"_ _2\"></span>i Stato <span class=\"_ _3b\"></span>e Supras<span class=\"_ _3a1\"> </span>Europei,  il <span class=\"_ _35\"> </span>Gruppo  \u00e8 <span class=\"_ _35\"> </span>rimasto  m<span class=\"_ _2\"></span>olto  attivo <span class=\"_ _35\"> </span>nel  corso  d<span class=\"_ _3b\"></span>el  2024 <span class=\"_ _35\"> </span>e  la  raccolta <span class=\"_ _35\"> </span>outstanding  a <span class=\"_ _35\"> </span>fine<span class=\"_ _3a1\"> </span>dicembre \u00e8 <span class=\"_ _3b\"></span>risultata pari <span class=\"_ _3b\"></span>a circa <span class=\"_ _3b\"></span>4,93 miliardi <span class=\"_ _3b\"></span>di euro <span class=\"_ _2\"></span>a <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>ntrovalore <span class=\"_ _3b\"></span>di mercato. <span class=\"_ _2\"></span>La q<span class=\"_ _2\"></span>uota d<span class=\"_ _2\"></span>i li<span class=\"_ _2\"></span>quidit\u00e0<span class=\"_ _3a1\"> </span>in eccesso rispetto ai fabbisogni \u00e8 stata de<span class=\"_ _1\"></span>positata presso la Banca Centrale Europea.<span class=\"_ _3a1\"> </span>In <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lazione <span class=\"_ _38\"></span>all\u2019operat<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>div<span class=\"_ _2\"></span>isa <span class=\"_ _0\"></span>diversa <span class=\"_ _38\"></span>dall\u2019Euro <span class=\"_ _0\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>particolare <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>USD, <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>po<span class=\"_ _2\"></span>rtafoglio <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>itoli<span class=\"_ _3a1\"> </span>governativi <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>USD \u00e8 <span class=\"_ _3b\"></span>stato <span class=\"_ _3b\"></span>rifinanziato <span class=\"_ _3b\"></span>pre<span class=\"_ _1\"></span>valentemente <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>pronti <span class=\"_ _3b\"></span>cont<span class=\"_ _1\"></span>ro <span class=\"_ _3b\"></span>termine i<span class=\"_ _2\"></span>n <span class=\"_ _3b\"></span>divisa. <span class=\"_ _3b\"></span>L\u2019importo<span class=\"_ _3a1\"> </span>complessivo di <span class=\"_ _1\"></span>tali o<span class=\"_ _1\"></span>perazioni a <span class=\"_ _1\"></span>fine <span class=\"_ _1\"></span>dicembre <span class=\"_ _1\"></span>2024 am<span class=\"_ _1\"></span>monta a 8<span class=\"_ _1\"></span>30 m<span class=\"_ _1\"></span>ilioni di USD <span class=\"_ _1\"></span>a co<span class=\"_ _1\"></span>ntrovalore<span class=\"_ _3a1\"> </span>di mercato.<span class=\"_ _3a1\"> </span>Programma di emis<span class=\"_ _1\"></span>sioni Obbligazioni Ba<span class=\"_ _1\"></span>ncarie Garantite<span class=\"_ _3a1\"> </span>Nell\u2019<span class=\"_ _3a1\"> </span>ambito <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>programma <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>Obbligazioni <span class=\"_ _38\"></span>Bancarie <span class=\"_ _0\"></span>Garantite <span class=\"_ _38\"></span>da <span class=\"_ _0\"></span>Credem <span class=\"_ _38\"></span>CB<span class=\"_ _1\"></span>, <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>valore <span class=\"_ _38\"></span>nominale<span class=\"_ _3a1\"> </span>delle <span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>issioni <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>circolazione <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>fine <span class=\"_ _38\"></span>dicembre <span class=\"_ _1\"></span>2024 <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>risultat<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>pari <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>2,85 <span class=\"_ _1\"></span>miliardi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>euro, <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>cui 1<span class=\"_ _3a1\"> </span>miliardo di euro rappresentato da <span class=\"_ _2\"></span>un\u2019emissione retained. Nel mese di <span class=\"_ _2\"></span>gennaio 2024, in conformit\u00e0<span class=\"_ _3a1\"> </span>alla  nuova  di<span class=\"_ _2\"></span>rett<span class=\"_ _1\"></span>iva  europea  recepita  in  I<span class=\"_ _2\"></span>talia  il  30  marzo  2023,  sono  sta<span class=\"_ _2\"></span>ti  emessi  due  nuovi<span class=\"_ _3a1\"> </span>European Covered <span class=\"_ _3b\"></span>Bond (Premiu<span class=\"_ _2\"></span>m). L<span class=\"_ _2\"></span>a prima <span class=\"_ _3b\"></span>emissione, destinata <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>l c<span class=\"_ _2\"></span>ollocamento p<span class=\"_ _2\"></span>ubblico <span class=\"_ _3b\"></span>ver<span class=\"_ _1\"></span>so<span class=\"_ _3a1\"> </span>investitori <span class=\"_ _38\"></span>istituzionali, <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>tata <span class=\"_ _1\"></span>emes<span class=\"_ _1\"></span>sa <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>valore <span class=\"_ _38\"></span>nominale <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>500 <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>ilioni <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>euro. <span class=\"_ _38\"></span>La <span class=\"_ _38\"></span>seconda<span class=\"_ _3a1\"> </span>emissione, <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>tipo <span class=\"_ _1\"></span>retained, <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>raggiunto <span class=\"_ _1\"></span>un va<span class=\"_ _1\"></span>lore <span class=\"_ _1\"></span>nom<span class=\"_ _1\"></span>inale <span class=\"_ _1\"></span>di 1.000<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>milioni di <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>uro. <span class=\"_ _1\"></span>Quest\u2019ultima<span class=\"_ _3a1\"> </span>risulta idonea <span class=\"_ _3b\"></span>per operazioni <span class=\"_ _3b\"></span>di rifinan<span class=\"_ _2\"></span>ziamento presso <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>Centrale Europea <span class=\"_ _3b\"></span>e si <span class=\"_ _3b\"></span>presta com<span class=\"_ _3b\"></span>e<span class=\"_ _3a1\"> </span>attivit\u00e0 <span class=\"_ _3d\"> </span>di  livello <span class=\"_ _3d\"> </span>1  ai <span class=\"_ _3d\"> </span>fini  de<span class=\"_ _1\"></span>l  Liquidity <span class=\"_ _3d\"> </span>Coverage <span class=\"_ _3d\"> </span>Ratio  per <span class=\"_ _3d\"> </span>potenziali  contr<span class=\"_ _1\"></span>oparti  pre<span class=\"_ _1\"></span>nditrici  in<span class=\"_ _3a1\"> </span>operazioni di Repo.<span class=\"_ _3a1\"> </span>Programma di emis<span class=\"_ _1\"></span>sioni \u201cEuro Medium Term <span class=\"_ _1\"></span>Note\u201d (EMTN)<span class=\"_ _3a1\"> </span>Nel <span class=\"_ _1\"></span>mes<span class=\"_ _3a1\"> </span>e di <span class=\"_ _1\"></span>luglio \u00e8 <span class=\"_ _1\"></span>stato <span class=\"_ _1\"></span>perfezionato <span class=\"_ _1\"></span>il rinnovo <span class=\"_ _1\"></span>annuale del <span class=\"_ _1\"></span>Programma <span class=\"_ _1\"></span>EMTN. L'aggiorname<span class=\"_ _1\"></span>nto<span class=\"_ _3a1\"> </span>del Bas<span class=\"_ _1\"></span>e Prospect<span class=\"_ _1\"></span>us ha <span class=\"_ _1\"></span>permesso l'intr<span class=\"_ _1\"></span>oduzione della <span class=\"_ _1\"></span>possibilit\u00e0 di e<span class=\"_ _1\"></span>mettere <span class=\"_ _1\"></span>anche tit<span class=\"_ _1\"></span>oli di diritt<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span>italiano <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>lla <span class=\"_ _38\"></span>for<span class=\"_ _1\"></span>ma <span class=\"_ _0\"></span>dematerializz<span class=\"_ _2\"></span>ata <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>accentrata <span class=\"_ _0\"></span>su <span class=\"_ _38\"></span>Monte <span class=\"_ _0\"></span>Titoli, <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>li<span class=\"_ _2\"></span>nea <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>l'attuale <span class=\"_ _0\"></span>prassi <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span>mercato. Nel <span class=\"_ _0\"></span>mese <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>ottobre<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>2024 <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>stato <span class=\"_ _0\"></span>effettuato <span class=\"_ _0\"></span>l\u2019eser<span class=\"_ _1\"></span>cizio <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>rimborso <span class=\"_ _0\"></span>anticipato <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Senior <span class=\"_ _0\"></span>Non-<span class=\"_ _3a1\"> </span>Preferred (ISIN <span class=\"_ _3b\"></span>X<span class=\"_ _1\"></span>S2068978050), <span class=\"_ _2\"></span>gi\u00e0 oggetto di<span class=\"_ _2\"></span> un\u2019<span class=\"_ _2\"></span>operazione di <span class=\"_ _2\"></span>liability <span class=\"_ _2\"></span>management nel <span class=\"_ _2\"></span>corso de<span class=\"_ _2\"></span>l<span class=\"_ _3a1\"> </span>2023, per un valore nominale residuo dii circa 338 milioni di euro con s<span class=\"_ _1\"></span>cadenza ottobre 2025.  Nel 2024 il G<span class=\"_ _1\"></span>ruppo non ha collocato<span class=\"_ _1\"></span> emissioni unsecured, in linea <span class=\"_ _1\"></span>con quanto previsto <span class=\"_ _1\"></span>nel piano di<span class=\"_ _3a1\"> </span>funding 2024.<span class=\"_ _3a1\"> </span>Operazioni di <span class=\"_ _1\"></span>cartolarizzazione<span class=\"_ _3a1\"> </span>Con riferimento all\u2019operazione di <span class=\"_ _2\"></span>cartolarizzazione avente come <span class=\"_ _2\"></span>veicolo Emilia SPV <span class=\"_ _2\"></span>S.r.l., nel corso<span class=\"_ _3a1\"> </span>del 2024 sono state effettuate due nuove cessioni di att<span class=\"_ _1\"></span>ivi relative a mutui ipotecari residenziali in<div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17ae\">bonis. <span class=\"_ _0\"></span>Al <span class=\"_ _0\"></span>31 <span class=\"_ _0\"></span>dicembre <span class=\"_ _0\"></span>2024, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>ci<span class=\"_ _2\"></span>rcolante <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>tranche <span class=\"_ _0\"></span>senior <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ari <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>circa <span class=\"_ _0\"></span>2,13 <span class=\"_ _0\"></span>miliardi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Euro,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17af\">mentre</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17b0\"> quello della tranche junior \u00e8 pari a circa 0,64 miliardi di euro.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs17b1\">Programma di emis<span class=\"_ _1\"></span>sione di Cambial<span class=\"_ _1\"></span>i Finanziarie (Commercial P<span class=\"_ _1\"></span>aper Programm<span class=\"_ _1\"></span>e)<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17b2\">Nel <span class=\"_ _3d\"> </span>corso <span class=\"_ _3d\"> </span>del  20<span class=\"_ _1\"></span>24,  a <span class=\"_ _3d\"> </span>valere<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>sul  Progr<span class=\"_ _1\"></span>amma <span class=\"_ _3d\"> </span>di  Emissione<span class=\"_ _1\"></span>  di <span class=\"_ _3d\"> </span>Cambiali  Fi<span class=\"_ _1\"></span>nanziarie <span class=\"_ _3d\"> </span>di  Cre<span class=\"_ _1\"></span>dito<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17b3\">Emiliano, <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>d\u00e0 <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>possibilit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>emettere <span class=\"_ _0\"></span>C<span class=\"_ _2\"></span>ommercial <span class=\"_ _0\"></span>Paper <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>diritto<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>I<span class=\"_ _2\"></span>taliano <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>destinarsi <span class=\"_ _38\"></span>alla<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17b4\">clientela <span class=\"_ _38\"></span>istituzionale <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>professionale, <span class=\"_ _38\"></span>so<span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>state <span class=\"_ _38\"></span>effettuate <span class=\"_ _38\"></span>22 <span class=\"_ _1\"></span>emiss<span class=\"_ _1\"></span>ioni <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>Cambiali <span class=\"_ _38\"></span>Finanziarie,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17b5\">nella <span class=\"_ _38\"></span>forma <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>Zero <span class=\"_ _1\"></span>Co<span class=\"_ _1\"></span>upon <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>durata <span class=\"_ _38\"></span>media <span class=\"_ _38\"></span>par<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>6 <span class=\"_ _38\"></span>mes<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>amm<span class=\"_ _1\"></span>ontare <span class=\"_ _38\"></span>complessivo <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17b6\">708 milioni di euro e per un valore outstanding a fine dicembre 2024<span class=\"_ _1\"></span> di 213 milioni di euro.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs17b8\">1. Distribuzione<span class=\"_ _1\"></span> temporale per durata r<span class=\"_ _1\"></span>esidua contrattuale delle att<span class=\"_ _1\"></span>ivit\u00e0 e passivit\u00e0 finanziar<span class=\"_ _1\"></span>ie</div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs17b9\"> EURO </div><div class=\"gs17ba\"><table class=\"s w1477 h2d3\" id=\"_25e98a66-8189-4afc-8207-50550a6907b1\"><tr><td></td><td></td><td class=\"t m2 x6dd h19 y68b9 ff4 fsb fc4 sc3 ls0 ws0\">Da oltre 1 </td><td class=\"t m2 x1906 h19 y68b9 ff4 fsb fc4 sc3 ls0 ws0\">Da oltre </td><td class=\"t m2 x1012 h19 y68ba ff4 fsb fc4 sc3 ls0 ws0\">Da oltre </td><td class=\"t m2 xd84 h19 y68ba ff4 fsb fc4 sc3 ls0 ws0\">Da oltre 1 </td><td class=\"t m2 x67c h19 y68b9 ff4 fsb fc4 sc3 ls0 ws0\">Da oltre 3<span class=\"_ _1\"></span> </td><td class=\"t m2 x690 h19 y68b9 ff4 fsb fc4 sc3 ls0 ws0\">Da oltre 6 </td><td class=\"t m2 x684 h19 y68b9 ff4 fsb fc4 sc3 ls0 ws0\">Da oltre 1 </td><td></td><td></td></tr><tr><td class=\"t m2 x24a0 h19 y68bb ff4 fsb fc4 sc3 ls0 ws0\">Voci/ Sc<span class=\"_ _1\"></span>aglioni </td><td class=\"t m2 x1911 h19 y68bc ff4 fsb fc4 sc3 ls0 ws0\">A vista </td><td class=\"t m2 x1b5a h19 y68bc ff4 fsb fc4 sc3 ls0 ws0\">giorno a 7<span class=\"_ _1\"></span> </td><td class=\"t m2 x75c h19 y68bc ff4 fsb fc4 sc3 ls0 ws0\">7 giorni <span class=\"_ _1\"></span>a </td><td class=\"t m2 x1012 h19 y68bb ff4 fsb fc4 sc3 ls0 ws0\">15 giorni<span class=\"_ _1\"></span> </td><td class=\"t m2 x906 h19 y68bb ff4 fsb fc4 sc3 ls0 ws0\">mese </td><td class=\"t m2 x67c h19 y68bc ff4 fsb fc4 sc3 ls0 ws0\">mesi fi<span class=\"_ _1\"></span>no </td><td class=\"t m2 x690 h19 y68bc ff4 fsb fc4 sc3 ls0 ws0\">mesi fi<span class=\"_ _1\"></span>no </td><td class=\"t m2 xac8 h19 y68bc ff4 fsb fc4 sc3 ls0 ws0\">anno fino </td><td class=\"t m2 x6a2 h19 y68bb ff4 fsb fc4 sc3 ls0 ws0\">Oltre 5 </td><td class=\"t m2 x7ab h19 y68bb ff4 fsb fc4 sc3 ls0 ws0\">Durata </td></tr><tr><td class=\"t m2 x24a1 h19 y68bd ff4 fsb fc4 sc3 ls0 ws0\">tempor<span class=\"_ _1\"></span>ali </td><td></td><td class=\"t m2 x22f8 h19 y68be ff4 fsb fc4 sc3 ls0 ws0\">giorni </td><td class=\"t m2 x1906 h19 y68be ff4 fsb fc4 sc3 ls0 ws0\">15 giorni<span class=\"_ _1\"></span> </td><td class=\"t m2 x24a2 h19 y68bd ff4 fsb fc4 sc3 ls0 ws0\">a 1 </td><td class=\"t m2 xfb6 h19 y68bd ff4 fsb fc4 sc3 ls0 ws0\">fino  3 </td><td class=\"t m2 x68c h19 y68be ff4 fsb fc4 sc3 ls0 ws0\">a 6 mesi<span class=\"_ _1\"></span> </td><td class=\"t m2 xfc8 h19 y68be ff4 fsb fc4 sc3 ls0 ws0\">a 1 anno </td><td class=\"t m2 x6a1 h19 y68be ff4 fsb fc4 sc3 ls0 ws0\">a 5 anni </td><td class=\"t m2 x74f h19 y68bd ff4 fsb fc4 sc3 ls0 ws0\">anni </td><td class=\"t m2 xfc6 h19 y68bd ff4 fsb fc4 sc3 ls0 ws0\">Indetermi<span class=\"_ _1\"></span>nata<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 xf8c h19 y68bf ff4 fsb fc4 sc3 ls0 ws0\">mese </td><td class=\"t m2 xd9a h19 y68bf ff4 fsb fc4 sc3 ls0 ws0\">mesi </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y68c0 w1478 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc2 ls0 ws0\">Attivit<span class=\"_ _1\"></span>\u00e0 per cassa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24a3 y68c0 w1479 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc2 ls0 ws0\">8<span class=\"_ _1\"></span>.247.022</div></td><td class=\"t m2 x18f9 h19 y68c1 ff4 fsb fc1 sc2 ls0 ws0\">400.208<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ce h19 y68c1 ff4 fsb fc1 sc2 ls0 ws0\">258.636<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1b25 h19 y68c1 ff4 fsb fc1 sc2 ls0 ws0\">851.2<span class=\"_ _1\"></span>45<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd84 h19 y68c1 ff4 fsb fc1 sc2 ls0 ws0\">2.801.057<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h19 y68c1 ff4 fsb fc1 sc2 ls0 ws0\">2.737.65<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa03 h19 y68c1 ff4 fsb fc1 sc2 ls0 ws0\">3.857.1<span class=\"_ _1\"></span>66<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10e0 h19 y68c1 ff4 fsb fc1 sc2 ls0 ws0\">18.462.3<span class=\"_ _1\"></span>85<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1106 h19 y68c1 ff4 fsb fc1 sc2 ls0 ws0\">14.550.9<span class=\"_ _1\"></span>05<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h19 y68c1 ff4 fsb fc1 sc2 ls0 ws0\">387.38<span class=\"_ _1\"></span>1<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y68c2 w147a h240\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">A.1 Titoli di St<span class=\"_ _1\"></span>ato<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24a4 y68c2 w147b h240\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24a5 y68c2 wad5 h240\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24a6 y68c2 w147c h240\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">5.055<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24a7 y68c2 wf15 h240\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">5.229</div></td><td class=\"t m2 x6e3 h19 y68c3 ff4 fsb fc1 sc0 ls0 ws0\">9.910<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e4 h19 y68c3 ff4 fsb fc1 sc0 ls0 ws0\">78.604<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1b3a h19 y68c3 ff4 fsb fc1 sc0 ls0 ws0\">135.750<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h19 y68c3 ff4 fsb fc1 sc0 ls0 ws0\">4.557.719<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd80 h19 y68c3 ff4 fsb fc1 sc0 ls0 ws0\">2.189.248<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y68c3 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h19 y68c4 ff4 fsb fc1 sc0 ls0 ws0\">A.2 Altri t<span class=\"_ _1\"></span>itoli di<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x24a8 h19 y68c5 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90f h19 y68c5 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1039 h19 y68c5 ff4 fsb fc1 sc0 ls0 ws0\">3.640<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x24a9 h19 y68c5 ff4 fsb fc1 sc0 ls0 ws0\">17.628<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd9a h19 y68c5 ff4 fsb fc1 sc0 ls0 ws0\">69.088<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e4 h19 y68c5 ff4 fsb fc1 sc0 ls0 ws0\">79.953<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x683 h19 y68c5 ff4 fsb fc1 sc0 ls0 ws0\">67.026<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x684 h19 y68c5 ff4 fsb fc1 sc0 ls0 ws0\">2.865.275<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd7e h19 y68c5 ff4 fsb fc1 sc0 ls0 ws0\">1.889.496<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y68c5 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h19 y68c6 ff4 fsb fc1 sc0 ls0 ws0\">debito </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x997 y68c7 w147d h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">A.3 Quote OICR<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24aa y68c7 wb0e h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">13.290<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90f h19 y68c8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x697 h19 y68c8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6de h19 y68c8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6df h19 y68c8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15e1 h19 y68c8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74e h19 y68c8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69a h19 y68c8 ff4 fsb fc1 sc0 ls0 ws0\">1.917<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x22fc h19 y68c8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y68c8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y68c9 w147e h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">A.4 Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ab y68c9 w147f h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">8.233.731</div></td><td class=\"t m2 x18f9 h19 y68ca ff4 fsb fc1 sc0 ls0 ws0\">400.208<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ad h19 y68ca ff4 fsb fc1 sc0 ls0 ws0\">249.941<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1012 h19 y68ca ff4 fsb fc1 sc0 ls0 ws0\">828.388<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x789 h19 y68ca ff4 fsb fc1 sc0 ls0 ws0\">2.722.059<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h19 y68ca ff4 fsb fc1 sc0 ls0 ws0\">2.579.097<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ee h19 y68ca ff4 fsb fc1 sc0 ls0 ws0\">3.654.390<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xac8 h19 y68ca ff4 fsb fc1 sc0 ls0 ws0\">11.037.474<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd7e h19 y68ca ff4 fsb fc1 sc0 ls0 ws0\">10.472.161<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h19 y68ca ff4 fsb fc1 sc0 ls0 ws0\">387.381<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf86 y68cb w1480 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Banche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ac y68cb w1481 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">4.360.888</div></td><td class=\"t m2 x22f8 h19 y68cc ff4 fsb fc1 sc0 ls0 ws0\">169.039<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc3 h19 y68cc ff4 fsb fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10ff h19 y68cc ff4 fsb fc1 sc0 ls0 ws0\">62<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15e4 h19 y68cc ff4 fsb fc1 sc0 ls0 ws0\">2.142<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd9c h19 y68cc ff4 fsb fc1 sc0 ls0 ws0\">401<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x669 h19 y68cc ff4 fsb fc1 sc0 ls0 ws0\">21<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1013 h19 y68cc ff4 fsb fc1 sc0 ls0 ws0\">87<span class=\"_ _3a1\"> </span></td><td class=\"c n x24ad y68cb w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ae y68cb w1482 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">387.381<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xf86 y68cd wb8c h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Clientela<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24af y68cd wa81 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3.872.843</div></td><td class=\"t m2 xf91 h19 y68ce ff4 fsb fc1 sc0 ls0 ws0\">231.169<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2306 h19 y68ce ff4 fsb fc1 sc0 ls0 ws0\">249.917<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1012 h19 y68ce ff4 fsb fc1 sc0 ls0 ws0\">828.326<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a7 h19 y68ce ff4 fsb fc1 sc0 ls0 ws0\">2.719.917<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c8 h19 y68ce ff4 fsb fc1 sc0 ls0 ws0\">2.578.696<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ee h19 y68ce ff4 fsb fc1 sc0 ls0 ws0\">3.654.369<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xac8 h19 y68ce ff4 fsb fc1 sc0 ls0 ws0\">11.037.387<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd7e h19 y68ce ff4 fsb fc1 sc0 ls0 ws0\">10.472.161<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y68ce ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y68cf w1483 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc2 ls0 ws0\">Passiv<span class=\"_ _1\"></span>it\u00e0 per cass<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24b0 y68cf w1484 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc2 ls0 ws0\">33.252.<span class=\"_ _1\"></span>566</div></td><td class=\"t m2 x1b5a h19 y68d0 ff4 fsb fc1 sc2 ls0 ws0\">5.482.985<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75c h19 y68d0 ff4 fsb fc1 sc2 ls0 ws0\">1.613.950<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1012 h19 y68d0 ff4 fsb fc1 sc2 ls0 ws0\">462.20<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x789 h19 y68d0 ff4 fsb fc1 sc2 ls0 ws0\">1.864.3<span class=\"_ _1\"></span>48<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h19 y68d0 ff4 fsb fc1 sc2 ls0 ws0\">2.422.907<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h19 y68d0 ff4 fsb fc1 sc2 ls0 ws0\">604.462<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xac8 h19 y68d0 ff4 fsb fc1 sc2 ls0 ws0\">3.482.2<span class=\"_ _1\"></span>88<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h19 y68d0 ff4 fsb fc1 sc2 ls0 ws0\">1.341.9<span class=\"_ _1\"></span>43<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y68d0 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h19 y68d1 ff4 fsb fc1 sc0 ls0 ws0\">B.1 Depositi e<span class=\"_ _1\"></span> conti<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x18ce h19 y68d2 ff4 fsb fc1 sc0 ls0 ws0\">32.962.498<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf91 h19 y68d2 ff4 fsb fc1 sc0 ls0 ws0\">491.192<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ad h19 y68d2 ff4 fsb fc1 sc0 ls0 ws0\">598.881<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1b25 h19 y68d2 ff4 fsb fc1 sc0 ls0 ws0\">437.747<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd84 h19 y68d2 ff4 fsb fc1 sc0 ls0 ws0\">1.203.769<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c8 h19 y68d2 ff4 fsb fc1 sc0 ls0 ws0\">2.234.536<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h19 y68d2 ff4 fsb fc1 sc0 ls0 ws0\">579.036<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fc h19 y68d2 ff4 fsb fc1 sc0 ls0 ws0\">120.365<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x22fc h19 y68d2 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y68d2 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h19 y68d3 ff4 fsb fc1 sc0 ls0 ws0\">correnti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xf86 y68d4 w1480 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Banche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24b1 y68d4 w1485 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">18.177<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90f h19 y68d5 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x697 h19 y68d5 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6de h19 y68d5 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15e4 h19 y68d5 ff4 fsb fc1 sc0 ls0 ws0\">2.261<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15e1 h19 y68d5 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74e h19 y68d5 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebe h19 y68d5 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x22fc h19 y68d5 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y68d5 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf86 y68d6 wb8c h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Clientela<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24b2 y68d6 w1486 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">32.944.321</div></td><td class=\"t m2 xf91 h19 y68d7 ff4 fsb fc1 sc0 ls0 ws0\">491.192<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ad h19 y68d7 ff4 fsb fc1 sc0 ls0 ws0\">598.881<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1b25 h19 y68d7 ff4 fsb fc1 sc0 ls0 ws0\">437.747<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd84 h19 y68d7 ff4 fsb fc1 sc0 ls0 ws0\">1.201.508<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c8 h19 y68d7 ff4 fsb fc1 sc0 ls0 ws0\">2.234.536<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h19 y68d7 ff4 fsb fc1 sc0 ls0 ws0\">579.036<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fc h19 y68d7 ff4 fsb fc1 sc0 ls0 ws0\">120.365<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x22fc h19 y68d7 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y68d7 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y5b34 w1487 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">B.2 Titoli di debi<span class=\"_ _1\"></span>to<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24b3 y5b34 w1488 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.719<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90f h19 y68d8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x697 h19 y68d8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x999 h19 y68d8 ff4 fsb fc1 sc0 ls0 ws0\">11.677<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd9a h19 y68d8 ff4 fsb fc1 sc0 ls0 ws0\">114.522<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75d h19 y68d8 ff4 fsb fc1 sc0 ls0 ws0\">167.417<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6d0 h19 y68d8 ff4 fsb fc1 sc0 ls0 ws0\">9.152<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x684 h19 y68d8 ff4 fsb fc1 sc0 ls0 ws0\">3.287.467<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd7e h19 y68d8 ff4 fsb fc1 sc0 ls0 ws0\">1.300.000<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y68d8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y68d9 w1489 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">B.3 Altre passiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24b4 y68d9 w148a h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">288.349</div></td><td class=\"t m2 x24b5 h19 y68da ff4 fsb fc1 sc0 ls0 ws0\">4.991.793<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x790 h19 y68da ff4 fsb fc1 sc0 ls0 ws0\">1.015.069<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x24a9 h19 y68da ff4 fsb fc1 sc0 ls0 ws0\">12.780<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfb6 h19 y68da ff4 fsb fc1 sc0 ls0 ws0\">546.057<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e4 h19 y68da ff4 fsb fc1 sc0 ls0 ws0\">20.954<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x187c h19 y68da ff4 fsb fc1 sc0 ls0 ws0\">16.274<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h19 y68da ff4 fsb fc1 sc0 ls0 ws0\">74.456<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x755 h19 y68da ff4 fsb fc1 sc0 ls0 ws0\">41.943<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y68da ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h19 y68db ff4 fsb fc1 sc2 ls0 ws0\">Operazioni<span class=\"_ _1\"></span> \"fuor<span class=\"_ _1\"></span>i </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h19 y68dc ff4 fsb fc1 sc2 ls0 ws0\">bilancio<span class=\"_ _1\"></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 class=\"t m2 x6d4 h19 y68dd ff4 fsb fc1 sc0 ls0 ws0\">C.1 Derivati finan<span class=\"_ _1\"></span>ziari<span class=\"_ _3a1\"> </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 class=\"t m2 x6d4 h19 y68de ff4 fsb fc1 sc0 ls0 ws0\">con scambio di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x6d4 h19 y68df ff4 fsb fc1 sc0 ls0 ws0\">capitale </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xf86 y68e0 w148b h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _1\"></span> lunghe<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24b6 y68e0 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24b7 y68e0 w148c h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">83.185<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24b8 y68e0 w148d h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">48.722</div></td><td class=\"t m2 xf8c h19 y68e1 ff4 fsb fc1 sc0 ls0 ws0\">22.035<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x906 h19 y68e1 ff4 fsb fc1 sc0 ls0 ws0\">126.524<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x907 h19 y68e1 ff4 fsb fc1 sc0 ls0 ws0\">31.179<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x679 h19 y68e1 ff4 fsb fc1 sc0 ls0 ws0\">51.518<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x992 h19 y68e1 ff4 fsb fc1 sc0 ls0 ws0\">12.256<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x22fc h19 y68e1 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y68e1 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf86 y68e2 w148e h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _1\"></span> corte<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24b9 y68e2 w1361 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">7.252</div></td><td class=\"t m2 xf37 h19 y68e3 ff4 fsb fc1 sc0 ls0 ws0\">111.439<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71a h19 y68e3 ff4 fsb fc1 sc0 ls0 ws0\">1.455<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x24a2 h19 y68e3 ff4 fsb fc1 sc0 ls0 ws0\">5.342<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x906 h19 y68e3 ff4 fsb fc1 sc0 ls0 ws0\">100.459<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x758 h19 y68e3 ff4 fsb fc1 sc0 ls0 ws0\">19.120<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1b3a h19 y68e3 ff4 fsb fc1 sc0 ls0 ws0\">105.933<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a9 h19 y68e3 ff4 fsb fc1 sc0 ls0 ws0\">7.949<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x22fc h19 y68e3 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y68e3 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h19 y68e4 ff4 fsb fc1 sc0 ls0 ws0\">C.2 Derivati </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x6d4 h19 y68e5 ff4 fsb fc1 sc0 ls0 ws0\">finanziari senza </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x6d4 h19 y68e6 ff4 fsb fc1 sc0 ls0 ws0\">scambio di capitale<span class=\"_ _3a1\"> </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 class=\"c n xf86 y68e7 w148b h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _1\"></span> lunghe<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ba y68e7 w148f h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">15.456<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1656 h19 y68e8 ff4 fsb fc1 sc0 ls0 ws0\">88<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x990 h19 y68e8 ff4 fsb fc1 sc0 ls0 ws0\">17<span class=\"_ _3a1\"> </span></td><td class=\"c n xf79 y68e7 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24bb y68e7 w1490 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">263<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24bc y68e7 w1491 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">310<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x759 h19 y68e8 ff4 fsb fc1 sc0 ls0 ws0\">613<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebe h19 y68e8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x22fc h19 y68e8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y68e8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf86 y68e9 w148e h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _1\"></span> corte<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24bd y68e9 w1492 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">12.433<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1656 h19 y68ea ff4 fsb fc1 sc0 ls0 ws0\">23<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x97f h19 y68ea ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _3a1\"> </span></td><td class=\"c n xf79 y68e9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24be y68e9 w10b9 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">56<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x991 h19 y68ea ff4 fsb fc1 sc0 ls0 ws0\">70<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x759 h19 y68ea ff4 fsb fc1 sc0 ls0 ws0\">134<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebe h19 y68ea ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x22fc h19 y68ea ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y68ea ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h19 y68eb ff4 fsb fc1 sc0 ls0 ws0\">C.3 Deposit<span class=\"_ _1\"></span>i e </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x6d4 h19 y68ec ff4 fsb fc1 sc0 ls0 ws0\">finanziamenti d<span class=\"_ _1\"></span>a </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x6d4 h19 y68ed ff4 fsb fc1 sc0 ls0 ws0\">ricever<span class=\"_ _1\"></span>e </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xf86 y68ee w148b h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _1\"></span> lunghe<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24b6 y68ee wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24bf y68ee w1493 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">200.000<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24c0 y68ee wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6de h19 y68ef ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6df h19 y68ef ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15e1 h19 y68ef ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74e h19 y68ef ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebe h19 y68ef ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x22fc h19 y68ef ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y68ef ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf86 y68f0 w148e h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _1\"></span> corte<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24c1 y68f0 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90f h19 y68f1 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x697 h19 y68f1 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6de h19 y68f1 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6df h19 y68f1 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15e1 h19 y68f1 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74e h19 y68f1 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x695 h19 y68f1 ff4 fsb fc1 sc0 ls0 ws0\">200.000<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x22fc h19 y68f1 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y68f1 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h19 y68f2 ff4 fsb fc1 sc0 ls0 ws0\">C.4 Impegni </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x997 y68f4 w1494 h2d4\"><div class=\"t m2 x2b3 h19 y68f3 ff4 fsb fc1 sc0 ls0 ws0\">irrevoc<span class=\"_ _1\"></span>abili a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">erogare fondi<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xf86 y68f5 w148b h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _1\"></span> lunghe<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24c2 y68f5 w84f h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">6.670<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x24c3 h19 y68f6 ff4 fsb fc1 sc0 ls0 ws0\">175<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ce h19 y68f6 ff4 fsb fc1 sc0 ls0 ws0\">200.289<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b4 h19 y68f6 ff4 fsb fc1 sc0 ls0 ws0\">1.157<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e3 h19 y68f6 ff4 fsb fc1 sc0 ls0 ws0\">2.790<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1605 h19 y68f6 ff4 fsb fc1 sc0 ls0 ws0\">17.843<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7af h19 y68f6 ff4 fsb fc1 sc0 ls0 ws0\">24.376<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h19 y68f6 ff4 fsb fc1 sc0 ls0 ws0\">110.250<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h19 y68f6 ff4 fsb fc1 sc0 ls0 ws0\">458.207<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y68f6 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf86 y68f7 w148e h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _1\"></span> corte<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24c4 y68f7 w1495 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">621.757</div></td><td class=\"t m2 x18f9 h19 y68f8 ff4 fsb fc1 sc0 ls0 ws0\">200.000<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x697 h19 y68f8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6de h19 y68f8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6df h19 y68f8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15e1 h19 y68f8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74e h19 y68f8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebe h19 y68f8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x22fc h19 y68f8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y68f8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h19 y68f9 ff4 fsb fc1 sc0 ls0 ws0\">C.5 Garanzie </td><td class=\"t m2 x1043 h19 y68fa ff4 fsb fc1 sc0 ls0 ws0\">56.412<span class=\"_ _3a1\"> </span></td><td class=\"c n x24a5 y68fb wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24c5 y68fb wca5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.968<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24c6 y68fb wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24c7 y68fb w1496 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">116<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24c8 y68fb w1497 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">8<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75e h19 y68fa ff4 fsb fc1 sc0 ls0 ws0\">235<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1872 h19 y68fa ff4 fsb fc1 sc0 ls0 ws0\">694<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70b h19 y68fa ff4 fsb fc1 sc0 ls0 ws0\">636<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h19 y68fa ff4 fsb fc1 sc0 ls0 ws0\">1.506<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h19 y68fc ff4 fsb fc1 sc0 ls0 ws0\">finanziarie ril<span class=\"_ _1\"></span>asciate<span class=\"_ _3a1\"> </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 class=\"t m2 x6d4 h19 y68fd ff4 fsb fc1 sc0 ls0 ws0\">C.6 Garanzie </td><td class=\"t m2 x24a8 h19 y68fe ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90f h19 y68fe ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x97f h19 y68fe ff4 fsb fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></td><td class=\"c n xf79 y56b1 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24c9 y56b1 w1498 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">48<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ca y56b1 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24cb y56b1 w1499 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">235<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24cc y56b1 w149a h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">955<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x687 h19 y68fe ff4 fsb fc1 sc0 ls0 ws0\">310<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1859 h19 y68fe ff4 fsb fc1 sc0 ls0 ws0\">1.180<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h19 y68ff ff4 fsb fc1 sc0 ls0 ws0\">finanziarie rice<span class=\"_ _1\"></span>vute </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x6d4 h19 y6900 ff4 fsb fc1 sc0 ls0 ws0\">C.7 Derivati cr<span class=\"_ _1\"></span>editizi<span class=\"_ _3a1\"> </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 class=\"t m2 x6d4 h19 y6901 ff4 fsb fc1 sc0 ls0 ws0\">con scambio di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x6d4 h19 y6902 ff4 fsb fc1 sc0 ls0 ws0\">capitale </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xf86 y6903 w148b h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _1\"></span> lunghe<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24b6 y6903 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90f h19 y6904 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x697 h19 y6904 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6de h19 y6904 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6df h19 y6904 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15e1 h19 y6904 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74e h19 y6904 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebe h19 y6904 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x22fc h19 y6904 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y6904 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf86 y6905 w148e h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _1\"></span> corte<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24c1 y6905 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90f h19 y6906 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x697 h19 y6906 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6de h19 y6906 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6df h19 y6906 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15e1 h19 y6906 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74e h19 y6906 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebe h19 y6906 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x22fc h19 y6906 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y6906 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h19 y6907 ff4 fsb fc1 sc0 ls0 ws0\">C.8 Derivati c<span class=\"_ _1\"></span>reditizi<span class=\"_ _3a1\"> </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 class=\"t m2 x6d4 h19 y6908 ff4 fsb fc1 sc0 ls0 ws0\">senza scambio <span class=\"_ _1\"></span>di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x6d4 h19 y6909 ff4 fsb fc1 sc0 ls0 ws0\">capitale </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xf86 y68b6 w148b h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _1\"></span> lunghe<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24b6 y68b6 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90f h19 y690a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x697 h19 y690a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6de h19 y690a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6df h19 y690a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15e1 h19 y690a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74e h19 y690a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebe h19 y690a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x22fc h19 y690a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y690a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf86 y54f9 w148e h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _1\"></span> corte<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24c1 y54f9 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90f h19 y690b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x697 h19 y690b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6de h19 y690b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6df h19 y690b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15e1 h19 y690b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74e h19 y690b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebe h19 y690b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n x24ad y54f9 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24cd y54f9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs17bc\">1. Distribuzione<span class=\"_ _1\"></span> temporale per durata r<span class=\"_ _1\"></span>esidua contrattuale delle att<span class=\"_ _1\"></span>ivit\u00e0 e passivit\u00e0 finanziar<span class=\"_ _1\"></span>ie<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs17bd\">ALTRE VALUTE<span class=\"_ _3a1\"> </span></div><div class=\"gs17be\"><table class=\"s w149b h2d5\" id=\"_4cefb087-4665-4629-8154-70119891f75f\"><tr><td class=\"t m2 x800 h19 y690c ff4 fsb fc4 sc3 ls0 ws0\">Voci/ Sc<span class=\"_ _1\"></span>aglioni </td><td></td><td class=\"t m2 x129f h19 y690d ff4 fsb fc4 sc3 ls0 ws0\">Da oltre 1 </td><td class=\"t m2 x8e5 h19 y690d ff4 fsb fc4 sc3 ls0 ws0\">Da oltre 7<span class=\"_ _1\"></span> </td><td class=\"t m2 x9a8 h19 y690d ff4 fsb fc4 sc3 ls0 ws0\">Da oltre </td><td class=\"t m2 x80f h19 y690d ff4 fsb fc4 sc3 ls0 ws0\">Da oltre 1 </td><td class=\"t m2 xc66 h19 y690d ff4 fsb fc4 sc3 ls0 ws0\">Da oltre 3<span class=\"_ _1\"></span> </td><td class=\"t m2 xc64 h19 y690d ff4 fsb fc4 sc3 ls0 ws0\">Da oltre 6 </td><td class=\"t m2 xd5b h19 y690d ff4 fsb fc4 sc3 ls0 ws0\">Da oltre 1 </td><td class=\"t m2 x11ff h19 y690c ff4 fsb fc4 sc3 ls0 ws0\">Oltre 5 </td><td class=\"t m2 x11c7 h19 y690c ff4 fsb fc4 sc3 ls0 ws0\">Durata </td></tr><tr><td class=\"t m2 x865 h19 y690e ff4 fsb fc4 sc3 ls0 ws0\">tempor<span class=\"_ _1\"></span>ali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d5 h19 y690f ff4 fsb fc4 sc3 ls0 ws0\">A vista<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ca h19 y690f ff4 fsb fc4 sc3 ls0 ws0\">giorno a </td><td class=\"t m2 x7be h19 y690f ff4 fsb fc4 sc3 ls0 ws0\">giorni <span class=\"_ _1\"></span>a 15 </td><td class=\"t m2 x1366 h19 y690f ff4 fsb fc4 sc3 ls0 ws0\">15 giorni<span class=\"_ _1\"></span> a </td><td class=\"t m2 x7df h19 y690f ff4 fsb fc4 sc3 ls0 ws0\">mese fi<span class=\"_ _1\"></span>no  </td><td class=\"t m2 xeb7 h19 y690f ff4 fsb fc4 sc3 ls0 ws0\">mesi fi<span class=\"_ _1\"></span>no a </td><td class=\"t m2 x7e1 h19 y690f ff4 fsb fc4 sc3 ls0 ws0\">mesi fi<span class=\"_ _1\"></span>no a </td><td class=\"t m2 xce4 h19 y690f ff4 fsb fc4 sc3 ls0 ws0\">anno fino <span class=\"_ _1\"></span>a </td><td class=\"t m2 x10bc h19 y690e ff4 fsb fc4 sc3 ls0 ws0\">anni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12ee h19 y690e ff4 fsb fc4 sc3 ls0 ws0\">Indetermi<span class=\"_ _1\"></span>nata<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td class=\"t m2 x12be h19 y6910 ff4 fsb fc4 sc3 ls0 ws0\">7 giorni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7bc h19 y6910 ff4 fsb fc4 sc3 ls0 ws0\">giorni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113e h19 y6910 ff4 fsb fc4 sc3 ls0 ws0\">1 mese<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113f h19 y6910 ff4 fsb fc4 sc3 ls0 ws0\">3 mesi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x120a h19 y6910 ff4 fsb fc4 sc3 ls0 ws0\">6 mesi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xb9a h19 y6910 ff4 fsb fc4 sc3 ls0 ws0\">1 anno<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x810 h19 y6910 ff4 fsb fc4 sc3 ls0 ws0\">5 anni<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y6911 ff4 fsb fc1 sc2 ls0 ws0\">Attivit<span class=\"_ _1\"></span>\u00e0 per cassa<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x228c h19 y6911 ff4 fsb fc1 sc2 ls0 ws0\">38.015<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1400 h19 y6911 ff4 fsb fc1 sc2 ls0 ws0\">1.134<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dc h19 y6911 ff4 fsb fc1 sc2 ls0 ws0\">1.341<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d2 h19 y6911 ff4 fsb fc1 sc2 ls0 ws0\">21.200<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad1 h19 y6911 ff4 fsb fc1 sc2 ls0 ws0\">18.546<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad3 h19 y6911 ff4 fsb fc1 sc2 ls0 ws0\">36.664<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c8 h19 y6911 ff4 fsb fc1 sc2 ls0 ws0\">10.805<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x810 h19 y6911 ff4 fsb fc1 sc2 ls0 ws0\">930.947<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h19 y6911 ff4 fsb fc1 sc2 ls0 ws0\">490.747<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x140c h19 y6911 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x81f h19 y6912 ff4 fsb fc1 sc0 ls0 ws0\">A.1 Titoli di<span class=\"_ _3a1\"> </span></td><td class=\"c n x7e7 y6913 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ce y6913 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24cf y6913 wacb h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24d0 y6913 w149c h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">352<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24d1 y6913 w149d h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.808<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24d2 y6913 w149e h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">5.557<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24d3 y6913 w149f h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">7.429<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24d4 y6913 w14a0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">756.586<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24d5 y6913 w14a1 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">394.311<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24d6 y6913 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h19 y6914 ff4 fsb fc1 sc0 ls0 ws0\">Stato </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y6915 ff4 fsb fc1 sc0 ls0 ws0\">A.2 Altri t<span class=\"_ _1\"></span>itoli<span class=\"_ _3a1\"> </span></td><td class=\"c n x7e7 y6916 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ce y6916 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24d7 y6916 w14a2 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">143<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24d8 y6916 w14a3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">11<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24d9 y6916 w838 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.714<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24da y6916 w14a4 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">611<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24db y6916 w14a5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2.751<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24dc y6916 w14a6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">17<span class=\"_ _1\"></span>4.339<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24dd y6916 w14a7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">96.436<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24de y6916 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h19 y6917 ff4 fsb fc1 sc0 ls0 ws0\">di debito </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y6918 ff4 fsb fc1 sc0 ls0 ws0\">A.3 Quote<span class=\"_ _3a1\"> </span></td><td class=\"c n x833 y6919 w14a8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">23<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24df y6919 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24e0 y6919 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24e1 y6919 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24e2 y6919 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24e3 y6919 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24e4 y6919 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24e5 y6919 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24e6 y6919 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24e7 y6919 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h19 y691a ff4 fsb fc1 sc0 ls0 ws0\">OICR </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y691b ff4 fsb fc1 sc0 ls0 ws0\">A.4 </td><td class=\"c n x824 y691c w14a9 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">37.992<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24e8 y691c w14aa h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.134<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24e9 y691c w14ab h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.194<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ea y691c w14ac h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>0.837<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24eb y691c w14ad h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">15.024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ec y691c w14ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">30.496<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ed y691c w14af h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">625<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ee y691c w14b0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">22<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ef y691c wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24f0 y691c wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h19 y691d ff4 fsb fc1 sc0 ls0 ws0\">Finanziamenti<span class=\"_ _3a1\"> </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 class=\"c n x1f22 y691e w14b1 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Banche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24f1 y691e w14b2 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">37.740<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24f2 y691e wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24f3 y691e wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24f4 y691e wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24f5 y691e wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24f6 y691e wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24f7 y691e wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24f8 y691e wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24f9 y691e wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24fa y691e wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1f22 y691f w14b3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Clientela<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24fb y691f w14b4 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>52<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24fc y691f w14aa h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.134<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24fd y691f w14ab h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.194<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24fe y691f w14b5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">20.837<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ff y691f w14ad h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">15.024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2500 y691f w14ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">30.496<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2501 y691f w14af h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">625<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2502 y691f w14b0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">22<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2503 y691f wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2504 y691f wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h19 y6920 ff4 fsb fc1 sc2 ls0 ws0\">Passiv<span class=\"_ _1\"></span>it\u00e0 per </td><td class=\"t m2 x872 h19 y6921 ff4 fsb fc1 sc2 ls0 ws0\">407.634<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93b h19 y6921 ff4 fsb fc1 sc2 ls0 ws0\">42.183<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1193 h19 y6921 ff4 fsb fc1 sc2 ls0 ws0\">136.33<span class=\"_ _1\"></span>0<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dd h19 y6921 ff4 fsb fc1 sc2 ls0 ws0\">650.951<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1757 h19 y6921 ff4 fsb fc1 sc2 ls0 ws0\">37.309<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xb9c h19 y6921 ff4 fsb fc1 sc2 ls0 ws0\">16.807<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d1 h19 y6921 ff4 fsb fc1 sc2 ls0 ws0\">49.846<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2505 h19 y6921 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1271 h19 y6921 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x140c h19 y6921 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y6922 ff4 fsb fc1 sc2 ls0 ws0\">cassa<span class=\"_ _3a1\"> </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 class=\"t m2 x81f h19 y6923 ff4 fsb fc1 sc0 ls0 ws0\">B.1 Depositi e<span class=\"_ _1\"></span> </td><td class=\"c n x2506 y6924 w14b6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">407.297<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2507 y6924 w14b7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">863<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2508 y6924 w14b8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3.876<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2509 y6924 w14b9 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">26.330<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x250a y6924 wb0c h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">36.961<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x250b y6924 w14ba h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">16.797<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x250c y6924 w10d3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">49.846<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x250d y6924 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x250e y6924 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x250f y6924 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h19 y6925 ff4 fsb fc1 sc0 ls0 ws0\">conti corr<span class=\"_ _1\"></span>enti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1f22 y6926 w14b1 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Banche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2510 y6926 w14bb h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">61.8<span class=\"_ _1\"></span>45<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2511 y6926 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2512 y6926 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2513 y6926 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2514 y6926 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2515 y6926 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2516 y6926 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2517 y6926 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2518 y6926 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2519 y6926 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1f22 y6927 w14b3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Clientela<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x251a y6927 w14bc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">345.452<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x251b y6927 w14bd h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">863<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x251c y6927 w14b8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3.876<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x251d y6927 w14b9 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">26.330<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x251e y6927 wb0c h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">36.961<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x251f y6927 w14ba h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">16.797<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2520 y6927 w10d3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">49.846<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2521 y6927 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2522 y6927 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2523 y6927 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h19 y6928 ff4 fsb fc1 sc0 ls0 ws0\">B.2 Titoli di<span class=\"_ _3a1\"> </span></td><td class=\"c n x7e7 y6929 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ce y6929 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2524 y6929 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2525 y6929 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2526 y6929 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2527 y6929 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2528 y6929 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2529 y6929 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252a y6929 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252b y6929 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h19 y692a ff4 fsb fc1 sc0 ls0 ws0\">debito </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y692b ff4 fsb fc1 sc0 ls0 ws0\">B.3 Altre </td><td class=\"c n x1763 y692c w14be h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">337<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252c y692c w14bf h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">41.320<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252d y692c w14c0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">132.454<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252e y692c w14c1 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">624.621<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252f y692c w14c2 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">348<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2530 y692c w14c3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">10<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2531 y692c wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2532 y692c wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2533 y692c wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2534 y692c wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h19 y692d ff4 fsb fc1 sc0 ls0 ws0\">passivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y692e ff4 fsb fc1 sc2 ls0 ws0\">Operazioni<span class=\"_ _1\"></span> \"fuor<span class=\"_ _1\"></span>i </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y692f ff4 fsb fc1 sc2 ls0 ws0\">bilancio<span class=\"_ _1\"></span>\"<span class=\"_ _3a1\"> </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 class=\"t m2 x81f h19 y6930 ff4 fsb fc1 sc0 ls0 ws0\">C.1 Derivati </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y6931 ff4 fsb fc1 sc0 ls0 ws0\">finanziari con </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y6932 ff4 fsb fc1 sc0 ls0 ws0\">scambio di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y6933 ff4 fsb fc1 sc0 ls0 ws0\">capitale </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x950 h19 y6934 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x7e7 y6935 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2535 y6935 w14c4 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">87.604<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2536 y6935 w14c5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.503<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2537 y6935 w14c6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">5.537<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2538 y6935 w14c7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">101.391<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2539 y6935 wf17 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">19.737<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x253a y6935 w75f h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">107.706<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x253b y6935 w14c8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">8.352<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x253c y6935 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x253d y6935 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x950 h19 y6936 ff4 fsb fc1 sc0 ls0 ws0\">lunghe </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x950 h19 y6937 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x7e7 y6938 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x253e y6938 w14c9 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">136.607<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x253f y6938 wbaa h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">48.945<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2540 y6938 w14ca h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">21.937<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2541 y6938 wa7a h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">126.214<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2542 y6938 w14cb h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">30.224<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2543 y6938 w519 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">50.475<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2544 y6938 w14cc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">12<span class=\"_ _1\"></span>.950<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2545 y6938 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2546 y6938 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x950 h19 y6939 ff4 fsb fc1 sc0 ls0 ws0\">corte </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y693a ff4 fsb fc1 sc0 ls0 ws0\">C.2 Derivati<span class=\"_ _3a1\"> </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 class=\"t m2 x81f h19 y693b ff4 fsb fc1 sc0 ls0 ws0\">finanziari </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y693c ff4 fsb fc1 sc0 ls0 ws0\">senza </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y693d ff4 fsb fc1 sc0 ls0 ws0\">scambio di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y693e ff4 fsb fc1 sc0 ls0 ws0\">capitale </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x950 h19 y693f ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x1763 y6940 w14cd h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">226<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2547 y6940 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2548 y6940 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2549 y6940 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x254a y6940 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x254b y6940 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x254c y6940 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x254d y6940 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x254e y6940 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x254f y6940 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x950 h19 y6941 ff4 fsb fc1 sc0 ls0 ws0\">lunghe </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x950 h19 y6942 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _1\"></span> </td><td class=\"c n x1763 y5983 w14ce h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">439<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2550 y5983 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2551 y5983 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2552 y5983 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2553 y5983 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2554 y5983 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2555 y5983 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2556 y5983 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2557 y5983 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2558 y5983 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x950 h19 y6943 ff4 fsb fc1 sc0 ls0 ws0\">corte </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y6944 ff4 fsb fc1 sc0 ls0 ws0\">C.3 Deposit<span class=\"_ _1\"></span>i e<span class=\"_ _3a1\"> </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 class=\"t m2 x81f h19 y6945 ff4 fsb fc1 sc0 ls0 ws0\">finanziamenti<span class=\"_ _3a1\"> </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 class=\"t m2 x81f h19 y6946 ff4 fsb fc1 sc0 ls0 ws0\">da ricevere </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x950 h19 y6947 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x7e7 y6948 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ce y6948 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2524 y6948 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2525 y6948 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2526 y6948 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2527 y6948 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2528 y6948 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2529 y6948 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252a y6948 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252b y6948 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x950 h19 y6949 ff4 fsb fc1 sc0 ls0 ws0\">lunghe </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x950 h19 y694a ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x7e7 y694b wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ce y694b wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2524 y694b wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2525 y694b wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2526 y694b wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2527 y694b wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2528 y694b wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2529 y694b wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252a y694b wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252b y694b wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x950 h19 y694c ff4 fsb fc1 sc0 ls0 ws0\">corte </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y694d ff4 fsb fc1 sc0 ls0 ws0\">C.4 Impegni </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x821 y5af9 w1494 h2d4\"><div class=\"t m2 x2b3 h19 y68f3 ff4 fsb fc1 sc0 ls0 ws0\">irrevoc<span class=\"_ _1\"></span>abili a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">erogare fondi<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x950 h19 y694e ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x7e7 y694f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ce y694f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2524 y694f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2525 y694f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2526 y694f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2527 y694f wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2528 y694f wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2529 y694f wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252a y694f wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252b y694f wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x950 h19 y6950 ff4 fsb fc1 sc0 ls0 ws0\">lunghe </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x950 h19 y6951 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x7e7 y6952 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ce y6952 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2524 y6952 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2525 y6952 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2526 y6952 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2527 y6952 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2528 y6952 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2529 y6952 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252a y6952 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252b y6952 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x950 h19 y6953 ff4 fsb fc1 sc0 ls0 ws0\">corte </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y6954 ff4 fsb fc1 sc0 ls0 ws0\">C.5 Garanzie<span class=\"_ _3a1\"> </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 class=\"t m2 x81f h19 y6955 ff4 fsb fc1 sc0 ls0 ws0\">finanziarie </td><td class=\"c n x7e7 y6956 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ce y6956 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2524 y6956 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2525 y6956 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2526 y6956 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2527 y6956 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2528 y6956 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2529 y6956 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252a y6956 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252b y6956 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h19 y6957 ff4 fsb fc1 sc0 ls0 ws0\">rilasciate </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y6958 ff4 fsb fc1 sc0 ls0 ws0\">C.6 Garanzie<span class=\"_ _3a1\"> </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 class=\"t m2 x81f h19 y6959 ff4 fsb fc1 sc0 ls0 ws0\">finanziarie </td><td class=\"c n x7e7 y5675 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ce y5675 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2524 y5675 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2525 y5675 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2526 y5675 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2527 y5675 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2528 y5675 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2529 y5675 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252a y5675 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252b y5675 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h19 y695a ff4 fsb fc1 sc0 ls0 ws0\">ricevu<span class=\"_ _1\"></span>te </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y695b ff4 fsb fc1 sc0 ls0 ws0\">C.7 Derivati </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y695c ff4 fsb fc1 sc0 ls0 ws0\">creditizi c<span class=\"_ _1\"></span>on </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y695d ff4 fsb fc1 sc0 ls0 ws0\">scambio di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y695e ff4 fsb fc1 sc0 ls0 ws0\">capitale </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x950 h19 y695f ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x7e7 y6960 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ce y6960 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2524 y6960 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2525 y6960 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2526 y6960 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2527 y6960 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2528 y6960 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2529 y6960 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252a y6960 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252b y6960 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x950 h19 y6961 ff4 fsb fc1 sc0 ls0 ws0\">lunghe </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x950 h19 y6962 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x7e7 y6963 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ce y6963 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2524 y6963 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2525 y6963 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2526 y6963 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2527 y6963 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2528 y6963 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2529 y6963 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252a y6963 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252b y6963 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x950 h19 y6964 ff4 fsb fc1 sc0 ls0 ws0\">corte </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y6965 ff4 fsb fc1 sc0 ls0 ws0\">C.8 Derivati<span class=\"_ _3a1\"> </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 class=\"t m2 x81f h19 y6966 ff4 fsb fc1 sc0 ls0 ws0\">creditizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y6967 ff4 fsb fc1 sc0 ls0 ws0\">senza </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y6968 ff4 fsb fc1 sc0 ls0 ws0\">scambio di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y6969 ff4 fsb fc1 sc0 ls0 ws0\">capitale </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x950 h19 y696a ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x7e7 y696b wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ce y696b wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2524 y696b wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2525 y696b wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2526 y696b wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2527 y696b wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2528 y696b wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2529 y696b wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252a y696b wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252b y696b wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x950 h19 y696c ff4 fsb fc1 sc0 ls0 ws0\">lunghe </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x950 h19 y696d ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x7e7 y696e wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ce y696e wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2524 y696e wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2525 y696e wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2526 y696e wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2527 y696e wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2528 y696e wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2529 y696e wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252a y696e wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2559 y696e wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x950 h19 y696f ff4 fsb fc1 sc0 ls0 ws0\">corte </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs17c0\">Rischio di li<span class=\"_ _1\"></span>quidit\u00e0 contratti ass<span class=\"_ _1\"></span>icurativi - Flussi finanziari <span class=\"_ _1\"></span>di adempimento <span class=\"_ _1\"></span>dei contratti assicurativi <span class=\"_ _1\"></span>emessi e delle </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs17c1\">cessioni in riass<span class=\"_ _1\"></span>icurazione che costit<span class=\"_ _1\"></span>uiscono passivit\u00e0: distr<span class=\"_ _1\"></span>ibuzione temporale<span class=\"_ _3a1\"> </span></div><div class=\"gs17c2\"><table class=\"s w14cf h2d6\" id=\"_2a0173f6-e5fd-4170-94bb-014d6c81c46d\"><tr><td></td><td class=\"t m2 x931 h12 y6970 ff4 fs7 fc4 sc3 ls0 ws0\">Fino a 1 </td><td class=\"t m2 x138c h12 y6971 ff4 fs7 fc4 sc3 ls0 ws0\">Da oltre 1 </td><td class=\"t m2 x7cd h12 y6971 ff4 fs7 fc4 sc3 ls0 ws0\">Da oltre 2 </td><td class=\"t m2 x1186 h12 y6971 ff4 fs7 fc4 sc3 ls0 ws0\">Da oltre 3 </td><td class=\"t m2 xd5a h12 y6971 ff4 fs7 fc4 sc3 ls0 ws0\">Da oltre 4 </td><td></td><td></td></tr><tr><td class=\"t m2 x255a h12 y6972 ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Scaglioni temporali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93f h12 y6973 ff4 fs7 fc4 sc3 ls0 ws0\">anno<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12fa h12 y6972 ff4 fs7 fc4 sc3 ls0 ws0\">anno fino a </td><td class=\"t m2 xc61 h12 y6972 ff4 fs7 fc4 sc3 ls0 ws0\">anni fino a </td><td class=\"t m2 x9a7 h12 y6972 ff4 fs7 fc4 sc3 ls0 ws0\">anni fino a </td><td class=\"t m2 x116f h12 y6972 ff4 fs7 fc4 sc3 ls0 ws0\">anni fino a </td><td class=\"t m2 xce7 h12 y6972 ff4 fs7 fc4 sc3 ls0 ws0\">Oltre 5 anni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad4 h12 y6972 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td class=\"t m2 xc51 h12 y6974 ff4 fs7 fc4 sc3 ls0 ws0\">2 anni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x138b h12 y6974 ff4 fs7 fc4 sc3 ls0 ws0\">3 anni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x873 h12 y6974 ff4 fs7 fc4 sc3 ls0 ws0\">4 anni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e8 h12 y6974 ff4 fs7 fc4 sc3 ls0 ws0\">5 anni<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"t m2 xce5 h12 y6975 ff4 fs7 fc4 sc3 ls0 ws0\">Segmento Vita<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x58e y6976 w253 h11\"><div class=\"t m2 x0 h12 y3d4 ff4 fs7 fc1 sc0 ls0 ws0\">1. Contratti assicurat<span class=\"_ _2\"></span>ivi<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6977 ff4 fs7 fc1 sc0 ls0 ws0\">emessi con elementi d<span class=\"_ _2\"></span>i </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y6978 w14d0 h2d7\"><div class=\"t m2 x2b3 h12 y54df ff4 fs7 fc1 sc0 ls0 ws0\">partecipazione diretta: -<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Flussi finanziari net<span class=\"_ _2\"></span>ti non<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc13 y6979 w4a2 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">347.002<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x255b y6979 w14d1 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">360.281<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x255c y6979 w14d2 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>22.519<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x255d y6979 w14d3 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">355.463<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x255e y6979 w14d4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">319.387<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x255f y6979 w14d5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">3.412.662</div></td><td class=\"t m2 x1189 h12 y697a ff4 fs7 fc1 sc2 ls0 ws0\">5.317.314<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y697b ff4 fs7 fc1 sc0 ls0 ws0\">attualizzati </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y697c ff4 fs7 fc1 sc0 ls0 ws0\">2. Contratti di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y697d ff4 fs7 fc1 sc0 ls0 ws0\">investimento emessi<span class=\"_ _2\"></span> con </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y697e ff4 fs7 fc1 sc0 ls0 ws0\">elementi di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y697f ff4 fs7 fc1 sc0 ls0 ws0\">partecipazione </td><td class=\"c n x960 y62b8 w1182 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">42.943<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2560 y62b8 w14d6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>0.330<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2561 y62b8 w14d7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">50.492<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2562 y62b8 wb2f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">47.142<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2563 y62b8 w14d8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">43.865<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2564 y62b8 w14d9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">432.110</div></td><td class=\"t m2 xd53 h12 y6980 ff4 fs7 fc1 sc2 ls0 ws0\">666.882<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6981 ff4 fs7 fc1 sc0 ls0 ws0\">discrezionale - Flussi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6982 ff4 fs7 fc1 sc0 ls0 ws0\">finanziari netti non </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6983 ff4 fs7 fc1 sc0 ls0 ws0\">attualizzati </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x58e y6984 w254 h11\"><div class=\"t m2 x0 h12 y49 ff4 fs7 fc1 sc0 ls0 ws0\">3. Contratti assicura<span class=\"_ _2\"></span>tivi<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6985 ff4 fs7 fc1 sc0 ls0 ws0\">emessi senza element<span class=\"_ _2\"></span>i di<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y6986 w14d0 h225\"><div class=\"t m2 x2b3 h12 y5929 ff4 fs7 fc1 sc0 ls0 ws0\">partecipazione diretta<span class=\"_ _2\"></span> -<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Flussi finanziari net<span class=\"_ _2\"></span>ti non<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2565 y6987 wa15 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.256<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2566 y6987 w14cc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.299<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2567 y6987 wf12 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.661<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2568 y6987 w14da h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.467<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2569 y6987 w14db h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.55<span class=\"_ _1\"></span>9<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x256a y6987 wd17 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.632<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe22 h12 y6988 ff4 fs7 fc1 sc2 ls0 ws0\">33.874<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6989 ff4 fs7 fc1 sc0 ls0 ws0\">attualizzati </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y698a w14dc h225\"><div class=\"t m2 x2b3 h12 y5929 ff4 fs7 fc1 sc0 ls0 ws0\">4. Cessioni in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">riassicurazione - <span class=\"_ _2\"></span>Flussi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x132c y698b wfde h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">322<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x256b y698b w14dd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">211<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x256c y698b wba5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">131<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x256d y698b w14de h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">77<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x256e y698b w14df h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">40<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x256f y698b w14e0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">75<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xef9 h12 y698c ff4 fs7 fc1 sc2 ls0 ws0\">856<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y698d ff4 fs7 fc1 sc0 ls0 ws0\">finanziari netti non </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y698e ff4 fs7 fc1 sc0 ls0 ws0\">attualizzati </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x2570 h12 y698f ff4 fs7 fc4 sc3 ls0 ws0\">Segmento Danni<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6990 ff4 fs7 fc1 sc0 ls0 ws0\">1. Contratti assicurat<span class=\"_ _2\"></span>ivi<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6991 ff4 fs7 fc1 sc0 ls0 ws0\">emessi con elementi d<span class=\"_ _2\"></span>i </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y6992 w14d0 h1e7\"><div class=\"t m2 x2b3 h12 y543a ff4 fs7 fc1 sc0 ls0 ws0\">partecipazione diretta<span class=\"_ _2\"></span> -<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Flussi finanziari net<span class=\"_ _2\"></span>ti non<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2571 y5876 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2572 y5876 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2573 y5876 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2574 y5876 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2575 y5876 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2576 y5876 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x943 h12 y6993 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6994 ff4 fs7 fc1 sc0 ls0 ws0\">attualizzati </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y6995 w14dc h225\"><div class=\"t m2 x2b3 h12 y5929 ff4 fs7 fc1 sc0 ls0 ws0\">2. Cessioni in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">riassicurazione - <span class=\"_ _2\"></span>Flussi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2571 y6996 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2572 y6996 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2573 y6996 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2574 y6996 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2575 y6996 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2576 y6996 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x943 h12 y6997 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6998 ff4 fs7 fc1 sc0 ls0 ws0\">finanziari netti non </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6999 ff4 fs7 fc1 sc0 ls0 ws0\">attualizzati </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs17c3\">Rischio di li<span class=\"_ _1\"></span>quidit\u00e0 contratti ass<span class=\"_ _1\"></span>icurativi - Contratti ass<span class=\"_ _1\"></span>icurativi emessi e ce<span class=\"_ _1\"></span>ssioni in riassicurazione <span class=\"_ _1\"></span>che costituiscono </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs17c4\">passivit\u00e0 con cla<span class=\"_ _1\"></span>usole di riscatto: impor<span class=\"_ _1\"></span>ti pagabili a richie<span class=\"_ _1\"></span>sta e valore di bilancio<span class=\"_ _3a1\"> </span></div><div class=\"gs17c5\"><table class=\"s w14e1 h2d8\" id=\"_0fc04abb-25b8-4c66-9113-31adeb0320ba\"><tr><td class=\"t m2 x87d h12 y699a ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Valori<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c7 h12 y699a ff4 fs7 fc4 sc3 ls0 ws0\">Importi pagabili<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11aa h12 y699a ff4 fs7 fc4 sc3 ls0 ws0\">Valori di bilancio<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y699b ff4 fs7 fc1 sc0 ls0 ws0\">1. Contratti assicurat<span class=\"_ _2\"></span>ivi emessi con elementi di p<span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>rtecipazione </td><td class=\"c n x2577 y699c w14e2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.561.495<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2578 y699c w14e3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.352.559<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y699d ff4 fs7 fc1 sc0 ls0 ws0\">diretta </td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y699e ff4 fs7 fc1 sc0 ls0 ws0\">2. Contratti d'invest<span class=\"_ _2\"></span>imento emessi con elemen<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>i di partecipazi<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>ne </td><td class=\"c n x2579 y699f w10f5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">358.963<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x257a y699f w14e4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>46.489<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y69a0 ff4 fs7 fc1 sc0 ls0 ws0\">diretta </td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y69a1 ff4 fs7 fc1 sc0 ls0 ws0\">3. Contratti assicura<span class=\"_ _2\"></span>tivi emessi senza eleme<span class=\"_ _2\"></span>nti di partecipazione </td><td class=\"c n x257b y69a2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x257c y69a2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y69a3 ff4 fs7 fc1 sc0 ls0 ws0\">diretta </td><td></td><td></td></tr><tr><td class=\"c n x2d7 y53a2 w14e5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Cessioni in riassicu<span class=\"_ _2\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x257d y53a2 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x257e y53a2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr></table></div>1.5 Rischi operativi Informazi<span class=\"_ _1\"></span>oni di na<span class=\"_ _1\"></span>tura quali<span class=\"_ _1\"></span>tativa A. Aspet<span class=\"_ _1\"></span>ti general<span class=\"_ _1\"></span>i, proce<span class=\"_ _1\"></span>ssi di ge<span class=\"_ _1\"></span>stione e me<span class=\"_ _1\"></span>todi di<span class=\"_ _1\"></span> misuraz<span class=\"_ _1\"></span>ione del <span class=\"_ _1\"></span>rischio ope<span class=\"_ _1\"></span>rativo<span class=\"_ _3a1\"> </span>Il <span class=\"_ _3d\"> </span>Gruppo <span class=\"_ _3d\"> </span>ha <span class=\"_ _3d\"> </span>sviluppato <span class=\"_ _3d\"> </span>un <span class=\"_ _3d\"> </span>siste<span class=\"_ _1\"></span>ma <span class=\"_ _3d\"> </span>integrato <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>gestione <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>rischi <span class=\"_ _3d\"> </span>operativi <span class=\"_ _3d\"> </span>assunti <span class=\"_ _3d\"> </span>che, <span class=\"_ _3d\"> </span>in attuaz<span class=\"_ _3a1\"> </span>ione <span class=\"_ _1\"></span>degli <span class=\"_ _1\"></span>indirizzi st<span class=\"_ _1\"></span>rategici, consente<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rafforzare <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>capacit\u00e0 <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>Unit\u00e0 <span class=\"_ _1\"></span>Organizzative <span class=\"_ _1\"></span>di gestirli <span class=\"_ _0\"></span>consapevolmente, <span class=\"_ _0\"></span>introdu<span class=\"_ _2\"></span>cendo <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rilevazione, <span class=\"_ _38\"></span>misurazione<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>controllo <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>ali <span class=\"_ _0\"></span>da<span class=\"_ _2\"></span> garantire un\u2019assunzione dei <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischi consapevole <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> compatibil<span class=\"_ _2\"></span>e con le <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>trategie di G<span class=\"_ _2\"></span>overnance e co<span class=\"_ _2\"></span>n le <span class=\"_ _1\"></span>condizioni e<span class=\"_ _1\"></span>conomiche e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>patrimoniali, nel <span class=\"_ _1\"></span>rispetto <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>indicazioni <span class=\"_ _1\"></span>provenienti <span class=\"_ _1\"></span>dalle <span class=\"_ _1\"></span>Autorit\u00e0 <span class=\"_ _1\"></span>di Vigilanza. Il Consiglio di Amministrazione della Capogruppo ha approvato il<span class=\"_ _3b\"></span> re<span class=\"_ _1\"></span>golamento \u201cGestione dei rischi operativi\u201d <span class=\"_ _35\"> </span>(Regolamento <span class=\"_ _0\"></span>ORM) <span class=\"_ _35\"> </span>con <span class=\"_ _0\"></span>cui <span class=\"_ _35\"> </span>definisce <span class=\"_ _0\"> </span>le<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>politich<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>ge<span class=\"_ _1\"></span>stione <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>rischio <span class=\"_ _35\"> </span>operativo <span class=\"_ _0\"></span>a livello <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>G<span class=\"_ _1\"></span>ruppo <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>Banca <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>det<span class=\"_ _1\"></span>ermina <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>sist<span class=\"_ _1\"></span>ema <span class=\"_ _0\"></span>comune <span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>ordinato <span class=\"_ _38\"></span>car<span class=\"_ _1\"></span>atterizzato <span class=\"_ _38\"></span>da <span class=\"_ _0\"></span>regol<span class=\"_ _2\"></span>e condivise per l\u2019allocazione di compiti e res<span class=\"_ _1\"></span>ponsabilit\u00e0. Il regolamento definisce c<span class=\"_ _2\"></span>ome rischio operativo <span class=\"_ _2\"></span>\u201cil rischio d<span class=\"_ _2\"></span>i perdite derivan<span class=\"_ _2\"></span>ti dall\u2019inadeguatezza o dalla  disfu<span class=\"_ _1\"></span>nzione <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>process<span class=\"_ _1\"></span>i, <span class=\"_ _3d\"> </span>risorse <span class=\"_ _3d\"> </span>umane <span class=\"_ _3d\"> </span>e <span class=\"_ _3d\"> </span>sistemi <span class=\"_ _37\"> </span>interni,  oppure <span class=\"_ _3d\"> </span>da <span class=\"_ _37\"> </span>eventi <span class=\"_ _3d\"> </span>esogeni, <span class=\"_ _3d\"> </span>ivi compreso il rischio giuridico; non sono inclusi quelli strategici e di re<span class=\"_ _1\"></span>putazione\u201d. Inoltre, il <span class=\"_ _3b\"></span>Consiglio di <span class=\"_ _3b\"></span>Amm<span class=\"_ _1\"></span>inistrazione della <span class=\"_ _3b\"></span>Capogruppo ha <span class=\"_ _3b\"></span>approvato<span class=\"_ _1\"></span>, ai<span class=\"_ _2\"></span> fini<span class=\"_ _2\"></span> della <span class=\"_ _3b\"></span>deter<span class=\"_ _1\"></span>minazione del <span class=\"_ _0\"></span>requisito <span class=\"_ _0\"></span>patrimoniale, <span class=\"_ _0\"></span>l\u2019utilizzo <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>met<span class=\"_ _1\"></span>odo <span class=\"_ _0\"></span>TSA <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>tutte <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ociet\u00e0 <span class=\"_ _0\"></span>appartenenti <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>Gr<span class=\"_ _1\"></span>uppo<span class=\"_ _3b\"></span> Bancario.  Non <span class=\"_ _37\"> </span>sono <span class=\"_ _37\"> </span>intervenute <span class=\"_ _3d\"> </span>variazioni <span class=\"_ _3d\"> </span>significative <span class=\"_ _37\"> </span>rispetto<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>all\u2019esercizio <span class=\"_ _3d\"> </span>pre<span class=\"_ _1\"></span>cedente <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>re<span class=\"_ _1\"></span>lazione <span class=\"_ _3d\"> </span>al modello <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>gestione <span class=\"_ _37\"> </span>de<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>rischi <span class=\"_ _37\"> </span>oper<span class=\"_ _1\"></span>ativi <span class=\"_ _37\"> </span>che <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>seguito <span class=\"_ _37\"> </span>viene <span class=\"_ _36\"> </span>rappresentato <span class=\"_ _37\"> </span>sinteticamente: l\u2019Organo <span class=\"_ _39\"> </span>con <span class=\"_ _3f\"> </span>funzioni <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>s<span class=\"_ _1\"></span>upervisione <span class=\"_ _3f\"> </span>strategica <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>Gruppo <span class=\"_ _3f\"> </span>\u00e8 <span class=\"_ _3f\"> </span>identificato <span class=\"_ _3f\"> </span>nel <span class=\"_ _39\"> </span>Consiglio <span class=\"_ _3f\"> </span>di Amministrazione <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>Credito <span class=\"_ _35\"> </span>Emi<span class=\"_ _3b\"></span>liano <span class=\"_ _35\"> </span>SpA, <span class=\"_ _0\"></span>Capogruppo <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>Gruppo <span class=\"_ _35\"> </span>Bancario <span class=\"_ _35\"> </span>C<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>edito <span class=\"_ _35\"> </span>Emil<span class=\"_ _2\"></span>iano <span class=\"_ _0\"></span>\u2013 CREDEM. L\u2019azione viene eser<span class=\"_ _1\"></span>citata con il supporto del Comitato Consiliare Rischi e <span class=\"_ _1\"></span>Sostenibilit\u00e0 di Gruppo <span class=\"_ _35\"> </span>(Comitato <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>Governance, <span class=\"_ _35\"> </span>privo <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>deleghe, <span class=\"_ _35\"> </span>istituito <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>finalit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>volgere <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>ruolo<span class=\"_ _2\"></span> istruttorio). A <span class=\"_ _35\"> </span>livello  di<span class=\"_ _2\"></span>  Grupp<span class=\"_ _2\"></span>o  sono <span class=\"_ _35\"> </span>stati <span class=\"_ _35\"> </span>individuati <span class=\"_ _35\"> </span>pi\u00f9  organi <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>funzioni <span class=\"_ _35\"> </span>di  gestione, <span class=\"_ _35\"> </span>coincidenti <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>i Consigli <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>Amministrazione <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>singole <span class=\"_ _35\"> </span>controllate, <span class=\"_ _0\"></span>che <span class=\"_ _35\"> </span>hanno <span class=\"_ _35\"> </span>adottato <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>Regolamento <span class=\"_ _0\"></span>ORM traducendo il relativo \u201cschema\u201d nella specifica <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ealt\u00e0 aziendale ed individuando concretamente le funzioni \u201clocali\u201d richieste per il buon esito del processo. Dal punto <span class=\"_ _1\"></span>di vista <span class=\"_ _1\"></span>operativo gli <span class=\"_ _1\"></span>organi con funzione <span class=\"_ _1\"></span>di supervisione <span class=\"_ _1\"></span>strategica e <span class=\"_ _1\"></span>quelli con <span class=\"_ _1\"></span>funzioni di <span class=\"_ _36\"> </span>gestione <span class=\"_ _39\"> </span>sono <span class=\"_ _36\"> </span>supportati <span class=\"_ _36\"> </span>dall\u2019attivit\u00e0 <span class=\"_ _36\"> </span>dell\u2019ufficio <span class=\"_ _36\"> </span>G<span class=\"_ _1\"></span>overnance, <span class=\"_ _36\"> </span>Raf <span class=\"_ _39\"> </span>Esg <span class=\"_ _36\"> </span>e <span class=\"_ _36\"> </span>Oper<span class=\"_ _1\"></span>ativi <span class=\"_ _36\"> </span>(GEO). Nell\u2019ambito <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>processo <span class=\"_ _0\"></span>coordin<span class=\"_ _2\"></span>ato <span class=\"_ _0\"></span>centralmente <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>GEO <span class=\"_ _0\"></span>(<span class=\"_ _2\"></span>c.d. <span class=\"_ _0\"></span>\u201cORM <span class=\"_ _0\"></span>Centrale\u201d), <span class=\"_ _38\"></span>l\u2019att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _0\"></span>vien<span class=\"_ _2\"></span>e svolta c<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>upporto <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>alcune<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>funzioni \u201cORM <span class=\"_ _3b\"></span>Per<span class=\"_ _1\"></span>iferico\u201d <span class=\"_ _2\"></span>appartenenti <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>diversi <span class=\"_ _2\"></span>servizi <span class=\"_ _3b\"></span>della banca. L\u2019Organo <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>funzioni <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>controllo  \u00e8 <span class=\"_ _35\"> </span>identificato <span class=\"_ _35\"> </span>nel <span class=\"_ _35\"> </span>Collegio <span class=\"_ _35\"> </span>Sindacale, <span class=\"_ _35\"> </span>coerentemente  c<span class=\"_ _2\"></span>on <span class=\"_ _35\"> </span>la disciplina <span class=\"_ _39\"> </span>vigente <span class=\"_ _3f\"> </span>relativa <span class=\"_ _39\"> </span>agli <span class=\"_ _39\"> </span>ent<span class=\"_ _1\"></span>i <span class=\"_ _39\"> </span>che <span class=\"_ _3f\"> </span>adottano <span class=\"_ _39\"> </span>un <span class=\"_ _39\"> </span>modello <span class=\"_ _39\"> </span>\u201c<span class=\"_ _1\"></span>tradizionale\u201d <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>gover<span class=\"_ _1\"></span>nance societaria. Pi\u00f9 in p<span class=\"_ _2\"></span>articolare, il Collegio d<span class=\"_ _2\"></span>ella Capogruppo \u00e8 responsabil<span class=\"_ _2\"></span>e di vigilare sull\u2019osservanza<span class=\"_ _2\"></span> delle norme di legge, regolamentari e statutarie, sulla corretta amministrazione, sull\u2019adeguatezza degli asse<span class=\"_ _1\"></span>tti organizzativi <span class=\"_ _1\"></span>e cont<span class=\"_ _1\"></span>abili del <span class=\"_ _1\"></span>Gruppo anche <span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>amite <span class=\"_ _1\"></span>il coor<span class=\"_ _1\"></span>dinamento con <span class=\"_ _1\"></span>gli om<span class=\"_ _1\"></span>ologhi organi collegiali presenti nelle contro<span class=\"_ _1\"></span>llate. Nell\u2019espletamento delle proprie att<span class=\"_ _1\"></span>ivit\u00e0 tale organo viene supportato dal Servizio Audit di Gruppo. Il <span class=\"_ _1\"></span>Regolame<span class=\"_ _1\"></span>nto <span class=\"_ _38\"></span>ORM <span class=\"_ _38\"></span>istituisce, <span class=\"_ _38\"></span>inoltre, <span class=\"_ _38\"></span>specifici <span class=\"_ _1\"></span>flussi <span class=\"_ _38\"></span>informat<span class=\"_ _1\"></span>ivi <span class=\"_ _38\"></span>verso <span class=\"_ _38\"></span>l\u2019organo <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>controllo <span class=\"_ _38\"></span>delle societ\u00e0  interessate  dal  modell<span class=\"_ _2\"></span>o  TSA  (a  livello  in<span class=\"_ _2\"></span>dividuale  e  consolidato,  secondo  le<span class=\"_ _2\"></span>  rispettive competenze). Il <span class=\"_ _1\"></span>Siste<span class=\"_ _1\"></span>ma <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Gestione <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>Rischi <span class=\"_ _1\"></span>Oper<span class=\"_ _1\"></span>ativi <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>iodicamente <span class=\"_ _1\"></span>sottopost<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>revisione <span class=\"_ _38\"></span>indipendente da parte del Servizio Audit della Capogruppo. Il <span class=\"_ _2\"></span>sistema di <span class=\"_ _3b\"></span>ge<span class=\"_ _1\"></span>stione dei <span class=\"_ _3b\"></span>ris<span class=\"_ _1\"></span>chi <span class=\"_ _2\"></span>operativi \u00e8 <span class=\"_ _3b\"></span>definito come l\u2019i<span class=\"_ _2\"></span>nsieme strutturato <span class=\"_ _3b\"></span>dei processi funzi<span class=\"_ _2\"></span>oni e <span class=\"_ _0\"></span>risorse <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>l\u2019identificazione, <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>controllo <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>operativi <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>articolato <span class=\"_ _0\"></span>nei seguenti sottoprocessi: -<span class=\"_ _1a9\"> </span><span class=\"ff4\">Identificazione;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Misurazione; </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Monitoraggio e Controllo; </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Mitigazione.<span class=\"_ _3a1\"> </span></span>Le  societ<span class=\"_ _1\"></span>\u00e0  incluse  nei <span class=\"_ _3d\"> </span>processi  di  misurazione,  mo<span class=\"_ _1\"></span>nitoraggio  e <span class=\"_ _3d\"> </span>mitigazione,  sono <span class=\"_ _3d\"> </span>quelle  che risultano <span class=\"_ _38\"></span>annualmente <span class=\"_ _38\"></span>rilevanti <span class=\"_ _38\"></span>ai <span class=\"_ _38\"></span>fini <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>operativo <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _1\"></span>inform<span class=\"_ _1\"></span>atico <span class=\"_ _38\"></span>dall\u2019analisi <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>rilevanza<span class=\"_ _3a1\"> </span>effettuata <span class=\"_ _35\"> </span>nell\u2019ambito  dell\u2019app<span class=\"_ _2\"></span>rovazione  del <span class=\"_ _35\"> </span>Risk <span class=\"_ _35\"> </span>Appetite <span class=\"_ _35\"> </span>Framework  (<span class=\"_ _2\"></span>RAF) <span class=\"_ _35\"> </span>e  del<span class=\"_ _3b\"></span>  processo <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span>determinazione dell\u2019adeguatezza patrimoniale (ICAAP) svolto dalla Capogruppo.<span class=\"_ _3a1\"> </span>Il processo di \u201cIdentificazione\u201d \u00e8 composto <span class=\"_ _1\"></span>dalle seguenti procedure:<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Loss  Data  Collection:  consiste  nella  r<span class=\"_ _1\"></span>accolta  dei  dati  di  perdita  operativa  interna  con  il<span class=\"_ _3a1\"> </span></span>coinvolgimento  diretto  di  tutte  le  unit\u00e0  di <span class=\"_ _35\"> </span>business.  In  tale  ambito,  gli  eventi  di  perdita<span class=\"_ _3a1\"> </span>operativa <span class=\"_ _1\"></span>(inclusi quelli <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>natura <span class=\"_ _1\"></span>informat<span class=\"_ _1\"></span>ica) sono <span class=\"_ _1\"></span>classificati <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>Business <span class=\"_ _1\"></span>Line <span class=\"_ _1\"></span>(corporate<span class=\"_ _3a1\"> </span>finance, <span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>rading <span class=\"_ _0\"></span>and <span class=\"_ _35\"> </span>sales, <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>etail <span class=\"_ _0\"></span>banking, <span class=\"_ _35\"> </span>commercial <span class=\"_ _0\"></span>banking, <span class=\"_ _35\"> </span>payment <span class=\"_ _0\"></span>and <span class=\"_ _35\"> </span>settlement,<span class=\"_ _3a1\"> </span>agency <span class=\"_ _0\"></span>services<span class=\"_ _1\"></span>, <span class=\"_ _0\"></span>asset <span class=\"_ _0\"></span>management, <span class=\"_ _0\"></span>ret<span class=\"_ _1\"></span>ail <span class=\"_ _0\"></span>Brokerage) <span class=\"_ _0\"></span>ed <span class=\"_ _35\"> </span>Ev<span class=\"_ _2\"></span>ent <span class=\"_ _0\"></span>Type <span class=\"_ _0\"></span>(fro<span class=\"_ _1\"></span>di <span class=\"_ _0\"></span>interne, <span class=\"_ _0\"> </span>frodi<span class=\"_ _3a1\"> </span>esterne, rapporto di<span class=\"_ _3b\"></span> impiego e si<span class=\"_ _3b\"></span>cure<span class=\"_ _1\"></span>zza sul <span class=\"_ _2\"></span>lavoro, clientela <span class=\"_ _2\"></span>- pro<span class=\"_ _2\"></span>dotti e p<span class=\"_ _2\"></span>rassi professionali,<span class=\"_ _3a1\"> </span>danni <span class=\"_ _0\"></span>da <span class=\"_ _35\"> </span>eventi <span class=\"_ _35\"> </span>esterni, <span class=\"_ _0\"></span>inte<span class=\"_ _1\"></span>rruzioni <span class=\"_ _0\"></span>dell\u2019oper<span class=\"_ _1\"></span>ativit\u00e0 <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>disfunzioni <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>siste<span class=\"_ _1\"></span>mi, <span class=\"_ _0\"> </span>e<span class=\"_ _1\"></span>secuzione,<span class=\"_ _3a1\"> </span>consegna e gestione dei processi);<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Risk <span class=\"_ _38\"></span>Self <span class=\"_ _38\"></span>As<span class=\"_ _1\"></span>sessment: <span class=\"_ _38\"></span>consiste <span class=\"_ _38\"></span>nella <span class=\"_ _0\"></span>raccolta, <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ttraverso <span class=\"_ _38\"></span>questionario, <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>stime <span class=\"_ _1\"></span>sogget<span class=\"_ _1\"></span>tive<span class=\"_ _3a1\"> </span></span>espresse dai <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>isk <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>wner con <span class=\"_ _3b\"></span>riferimento agli <span class=\"_ _2\"></span>eventi d<span class=\"_ _2\"></span>i natura <span class=\"_ _3b\"></span>operativa (inclusi <span class=\"_ _3b\"></span>quelli di <span class=\"_ _2\"></span>natura<span class=\"_ _3a1\"> </span>informatica) <span class=\"_ _0\"></span>potenzialmente <span class=\"_ _0\"></span>rilevanti <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>proprie <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>nit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>business <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>tenuto <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>delle<span class=\"_ _3a1\"> </span>linee guida di sviluppo emerse dal processo di pianificazione preliminare di gruppo;<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Data <span class=\"_ _0\"></span>Pooling/Comunicazione <span class=\"_ _0\"></span>verso <span class=\"_ _0\"></span>enti <span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>sterni: <span class=\"_ _0\"></span>consiste <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>partecipazione <span class=\"_ _0\"></span>ad <span class=\"_ _38\"></span>iniziative<span class=\"_ _3a1\"> </span></span>consortili <span class=\"_ _1\"></span>esterne e <span class=\"_ _1\"></span>nella <span class=\"_ _1\"></span>gestione delle <span class=\"_ _1\"></span>relative <span class=\"_ _1\"></span>interrelazioni (ad <span class=\"_ _1\"></span>es. <span class=\"_ _1\"></span>consorzio D<span class=\"_ _1\"></span>IPO) ed <span class=\"_ _1\"></span>alla<span class=\"_ _3a1\"> </span>comunicazione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>dat<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>dita <span class=\"_ _1\"></span>operativa <span class=\"_ _1\"></span>raccolti <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>Organi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Vigilanza <span class=\"_ _38\"></span>(Banca <span class=\"_ _1\"></span>d\u2019Italia <span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span>Banca Centrale Europea).<span class=\"_ _3a1\"> </span>Il <span class=\"_ _0\"></span>proce<span class=\"_ _1\"></span>sso <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>\u201cMisurazione\u201d<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>rappresentato <span class=\"_ _35\"> </span>dalla <span class=\"_ _0\"></span>quantificazione<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>Capitale <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>Rischio <span class=\"_ _35\"> </span>(CaR)<span class=\"_ _3a1\"> </span>mediante <span class=\"_ _0\"></span>stime <span class=\"_ _0\"></span>soggettive. <span class=\"_ _0\"></span>Le <span class=\"_ _38\"></span>meto<span class=\"_ _1\"></span>dologie <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>misura<span class=\"_ _1\"></span>zione <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span>dite <span class=\"_ _0\"></span>attese <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>inattese <span class=\"_ _0\"></span>sono<span class=\"_ _3a1\"> </span>finalizzate <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>un\u2019attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>controllo <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>individuazione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>situazioni <span class=\"_ _0\"></span>potenzialmente <span class=\"_ _0\"></span>critiche <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>si<span class=\"_ _3a1\"> </span>basano <span class=\"_ _37\"> </span>sulla <span class=\"_ _37\"> </span>esecuzione <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>questionari <span class=\"_ _37\"> </span>Risk <span class=\"_ _37\"> </span>Self <span class=\"_ _37\"> </span>Assessment <span class=\"_ _37\"> </span>(RSA), <span class=\"_ _3d\"> </span>con <span class=\"_ _37\"> </span>fr<span class=\"_ _1\"></span>equenza <span class=\"_ _37\"> </span>almeno<span class=\"_ _3a1\"> </span>annuale, <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>ogni <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ipologia di <span class=\"_ _38\"></span>evento <span class=\"_ _1\"></span>richiedono <span class=\"_ _38\"></span>ai <span class=\"_ _1\"></span>responsabili <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>unit\u00e0 <span class=\"_ _38\"></span>organizzative <span class=\"_ _38\"></span>(UO)<span class=\"_ _3a1\"> </span>che possono generare/gestire i rischi operat<span class=\"_ _1\"></span>ivi, una stima soggettiva di alcuni fattori di rischio:<span class=\"_ _3a1\"> </span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">\u201cfrequenza tipica\u201d, il numero medio atteso di eventi <span class=\"_ _1\"></span>nell\u2019arco temporale di riferimento;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">\u201cimpatto tipico\u201d, la per<span class=\"_ _1\"></span>dita media attesa per tipologia di evento;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _1a9\"> </span><span class=\"ff4\">\u201cimpatto peggiore\u201d<span class=\"_ _1\"></span>, l\u2019impatto del singolo evento qualora esso si manifesti nel peggior modo<span class=\"_ _3a1\"> </span></span>(ragionevolmente) concepibile.<span class=\"_ _3a1\"> </span>L\u2019analisi <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>volta <span class=\"_ _1\"></span>su <span class=\"_ _38\"></span>pi\u00f9 <span class=\"_ _1\"></span>livelli: <span class=\"_ _38\"></span>unit\u00e0 <span class=\"_ _38\"></span>organizzativa, <span class=\"_ _1\"></span>business <span class=\"_ _38\"></span>units, <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ciet\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>gruppo <span class=\"_ _1\"></span>consolidato <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span>per o<span class=\"_ _1\"></span>gni livello so<span class=\"_ _1\"></span>no prodot<span class=\"_ _1\"></span>ti: un <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>di perdita <span class=\"_ _1\"></span>attesa <span class=\"_ _1\"></span>ed un <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>di perdita <span class=\"_ _1\"></span>inattesa. <span class=\"_ _1\"></span>I r<span class=\"_ _1\"></span>isultati<span class=\"_ _3a1\"> </span>della <span class=\"_ _35\"> </span>valutazione  sono  u<span class=\"_ _2\"></span>tilizzati <span class=\"_ _35\"> </span>a  fini <span class=\"_ _35\"> </span>gestionali  per <span class=\"_ _35\"> </span>la  p<span class=\"_ _2\"></span>revenzione  e <span class=\"_ _35\"> </span>la  mitigazione <span class=\"_ _35\"> </span>dei  rischi<span class=\"_ _3a1\"> </span>operativi <span class=\"_ _39\"> </span>e <span class=\"_ _3f\"> </span>nel <span class=\"_ _39\"> </span>processo <span class=\"_ _39\"> </span>di <span class=\"_ _3f\"> </span>piani<span class=\"_ _2\"></span>ficazione <span class=\"_ _39\"> </span>oper<span class=\"_ _1\"></span>ativa, <span class=\"_ _39\"> </span>coerenteme<span class=\"_ _1\"></span>nte <span class=\"_ _39\"> </span>a <span class=\"_ _39\"> </span>quanto <span class=\"_ _3f\"> </span>definito <span class=\"_ _39\"> </span>dal<span class=\"_ _3a1\"> </span>\u201cRegolamento pianificazione, programmazione e contro<span class=\"_ _1\"></span>llo di Grup<span class=\"_ _2\"></span>po\u201d.<span class=\"_ _3a1\"> </span>Il <span class=\"_ _3b\"></span>proce<span class=\"_ _1\"></span>sso di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>\u201cMonitoraggio e <span class=\"_ _3b\"></span>controllo\u201d mi<span class=\"_ _2\"></span>ra a <span class=\"_ _3b\"></span>identificare t<span class=\"_ _2\"></span>empestivamente <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ventuali <span class=\"_ _3b\"></span>disfunzioni<span class=\"_ _3a1\"> </span>nei <span class=\"_ _38\"></span>processi <span class=\"_ _38\"></span>aziendali <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>nelle <span class=\"_ _38\"></span>procedure <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>gestione <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>fine <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>cons<span class=\"_ _2\"></span>entire <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>valutare <span class=\"_ _0\"></span>l<span class=\"_ _3b\"></span>e<span class=\"_ _3a1\"> </span>necessarie azioni di mitigazione.<span class=\"_ _3a1\"> </span>I  Rischi <span class=\"_ _3d\"> </span>Operativi <span class=\"_ _3d\"> </span>sono  inoltre <span class=\"_ _3d\"> </span>monitorati <span class=\"_ _3d\"> </span>all\u2019interno  de<span class=\"_ _1\"></span>l  pi\u00f9 <span class=\"_ _3d\"> </span>ampio  processo <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>Risk  Appetite<span class=\"_ _3a1\"> </span>Framew<span class=\"_ _3a1\"> </span>ork (RAF) di Gruppo (monitoraggio trimestr<span class=\"_ _1\"></span>ale).<span class=\"_ _3a1\"> </span>Al fine di assicurare un presidio nel continuo, \u00e8 <span class=\"_ _1\"></span>prevista una rendicontazione per singolo evento di<span class=\"_ _3a1\"> </span>perdita <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>perativa <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>cui <span class=\"_ _38\"></span>autonomia <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>delibera <span class=\"_ _38\"></span>(definita <span class=\"_ _1\"></span>all\u2019interno<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>regolamenti <span class=\"_ _38\"></span>gi\u00e0 <span class=\"_ _1\"></span>vigenti <span class=\"_ _1\"></span>o, <span class=\"_ _1\"></span>in<span class=\"_ _3a1\"> </span>mancanza, oltre la soglia di<span class=\"_ _2\"></span> 100.000\u20ac) spetta al Comitato Es<span class=\"_ _2\"></span>ecutivo/Consiglio di<span class=\"_ _2\"></span> Amministrazione,<span class=\"_ _3a1\"> </span>dei <span class=\"_ _3d\"> </span>contr<span class=\"_ _1\"></span>olli <span class=\"_ _3d\"> </span>che <span class=\"_ _37\"> </span>non <span class=\"_ _3d\"> </span>sono <span class=\"_ _37\"> </span>andati <span class=\"_ _3d\"> </span>a <span class=\"_ _37\"> </span>buon <span class=\"_ _3d\"> </span>fine <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _3d\"> </span>azioni <span class=\"_ _3d\"> </span>corrett<span class=\"_ _1\"></span>ive <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>ventuali <span class=\"_ _3d\"> </span>carenze<span class=\"_ _3a1\"> </span>organizzative <span class=\"_ _3d\"> </span>e/o <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>processo/prodotto<span class=\"_ _1\"></span>. <span class=\"_ _3d\"> </span>Qualora <span class=\"_ _3d\"> </span>disponibili, <span class=\"_ _3d\"> </span>l\u2019ORM <span class=\"_ _37\"> </span>periferico <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>volta <span class=\"_ _3d\"> </span>in <span class=\"_ _37\"> </span>volta<span class=\"_ _3a1\"> </span>competente, <span class=\"_ _38\"></span>inserisce <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>informazioni <span class=\"_ _1\"></span>ogget<span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>rendicontazione <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>seno <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>proposte <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>invia<span class=\"_ _3a1\"> </span>alle <span class=\"_ _37\"> </span>Funzioni <span class=\"_ _37\"> </span>pre<span class=\"_ _1\"></span>poste <span class=\"_ _36\"> </span>a <span class=\"_ _37\"> </span>seconda <span class=\"_ _37\"> </span>delle <span class=\"_ _36\"> </span>casistiche <span class=\"_ _36\"> </span>(a <span class=\"_ _37\"> </span>titolo <span class=\"_ _37\"> </span>es<span class=\"_ _1\"></span>emplificativo, <span class=\"_ _3d\"> </span>Se<span class=\"_ _1\"></span>rvizio <span class=\"_ _37\"> </span>Audit <span class=\"_ _36\"> </span>e<span class=\"_ _3a1\"> </span>Compliance). In ogni caso, le delibere<span class=\"_ _1\"></span> assunte dal CE/CA sono inviate, per opport<span class=\"_ _1\"></span>una conoscenza,<span class=\"_ _3a1\"> </span>al <span class=\"_ _1\"></span>Risk <span class=\"_ _38\"></span>Off<span class=\"_ _1\"></span>icer <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>Capogruppo <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>GEO. <span class=\"_ _38\"></span>GEO <span class=\"_ _38\"></span>verifica <span class=\"_ _38\"></span>sem<span class=\"_ _1\"></span>estralmente <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>Funzioni <span class=\"_ _38\"></span>preposte<span class=\"_ _3a1\"> </span>siano state <span class=\"_ _1\"></span>attivate dagli ORM Per<span class=\"_ _1\"></span>iferici e laddove <span class=\"_ _1\"></span>questo non sia accaduto, <span class=\"_ _1\"></span>attiva direttamente le<span class=\"_ _3a1\"> </span>Funzioni preposte eventualmente coordinandosi con gli ORM Periferici.<span class=\"_ _3a1\"> </span>Inoltre, <span class=\"_ _1\"></span>GEO <span class=\"_ _1\"></span>controlla <span class=\"_ _1\"></span>semes<span class=\"_ _1\"></span>tralmente, <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>BU/Servizio <span class=\"_ _1\"></span>di Cr<span class=\"_ _1\"></span>edembanca e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ociet\u00e0 r<span class=\"_ _1\"></span>ilevanti,<span class=\"_ _3a1\"> </span>che <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ispettive <span class=\"_ _0\"></span>perdite <span class=\"_ _38\"></span>contabilizzate <span class=\"_ _0\"></span>nel <span class=\"_ _0\"></span>semestre/anno <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>riferimento <span class=\"_ _0\"></span>non <span class=\"_ _38\"></span>superino <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>relativ<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span>valore <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>Perdita <span class=\"_ _35\"> </span>Attesa <span class=\"_ _0\"></span>stimato <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>ambito <span class=\"_ _35\"> </span>Risk <span class=\"_ _0\"></span>Self <span class=\"_ _35\"> </span>Assessm<span class=\"_ _2\"></span>ent <span class=\"_ _35\"> </span>e, <span class=\"_ _0\"></span>nel <span class=\"_ _35\"> </span>caso <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>ci\u00f2 <span class=\"_ _35\"> </span>accad<span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>,<span class=\"_ _3a1\"> </span>rendiconta nel CE di Credembanca<span class=\"_ _3a1\"> </span>le moti<span class=\"_ _3a1\"> </span>vazioni dello scostamento fornite dai Responsabili delle<span class=\"_ _3a1\"> </span>BU/Capi Servizio di <span class=\"_ _2\"></span>Credembanca. Per l<span class=\"_ _2\"></span>e singole societ\u00e0 <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ilevanti, nel caso <span class=\"_ _2\"></span>in cui <span class=\"_ _2\"></span>le perdite ri<span class=\"_ _2\"></span>sultino<span class=\"_ _3a1\"> </span>superiori alla <span class=\"_ _3b\"></span>Per<span class=\"_ _1\"></span>dita Attesa, <span class=\"_ _3b\"></span>l\u2019ORM periferico d<span class=\"_ _2\"></span>ella societ\u00e0 <span class=\"_ _3b\"></span>rendiconta nel proprio <span class=\"_ _2\"></span>CA l<span class=\"_ _2\"></span>e motivazioni<span class=\"_ _3a1\"> </span>dello scostamento e ne d\u00e0 comunicazione al Risk Officer della Capogruppo.<span class=\"_ _3a1\"> </span><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs183e\">Il <span class=\"_ _0\"></span>sistema <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>porting <span class=\"_ _0\"></span>fornisce <span class=\"_ _38\"></span>agli <span class=\"_ _0\"></span>organi <span class=\"_ _0\"></span>aziendali <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _0\"></span>ai <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>esponsabili <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>funzioni <span class=\"_ _38\"></span>inter<span class=\"_ _1\"></span>essate </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs183f\">inform<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1840\">azioni <span class=\"_ _1\"></span>sul <span class=\"_ _1\"></span>livello <span class=\"_ _38\"></span>di e<span class=\"_ _1\"></span>sposizione <span class=\"_ _1\"></span>ai <span class=\"_ _1\"></span>rischi <span class=\"_ _38\"></span>operativi <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>rappresenta <span class=\"_ _38\"></span>uno <span class=\"_ _1\"></span>strumento <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>supporto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1841\">per la loro gestione attiva ed \u00e8 la sintesi dei pro<span class=\"_ _1\"></span>cessi di misurazione, monitoraggio e controllo.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1842\">Il <span class=\"_ _2\"></span>processo di <span class=\"_ _3b\"></span>\u201cMitigazione\u201d definisce <span class=\"_ _3b\"></span>le azioni <span class=\"_ _3b\"></span>da intraprendere <span class=\"_ _2\"></span>per <span class=\"_ _3b\"></span>la prevenzione <span class=\"_ _2\"></span>e l<span class=\"_ _2\"></span>\u2019attenuazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1843\">dei rischi operativi ed \u00e8 composto dalle seguenti proce<span class=\"_ _1\"></span>dure: </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1844\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Analisi <span class=\"_ _3b\"></span>ges<span class=\"_ _1\"></span>tionale: c<span class=\"_ _2\"></span>onsiste nell\u2019<span class=\"_ _3b\"></span>analisi delle <span class=\"_ _3b\"></span>criticit\u00e0 emerse <span class=\"_ _3b\"></span>e d<span class=\"_ _2\"></span>elle <span class=\"_ _3b\"></span>divers<span class=\"_ _1\"></span>e p<span class=\"_ _2\"></span>ossibili <span class=\"_ _3b\"></span>soluzioni </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1845\">a <span class=\"_ _3d\"> </span>disposizione <span class=\"_ _37\"> </span>nell\u2019ambito <span class=\"_ _3d\"> </span>delle <span class=\"_ _37\"> </span>tradizionali <span class=\"_ _3d\"> </span>modalit\u00e0 <span class=\"_ _37\"> </span>alternative <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>gestione <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>ischio<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1846\">(ritenzione, trasferimento, mitigazione), in ottica costi-benefici; </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1847\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Gestione <span class=\"_ _1\"></span>dell\u2019attivit\u00e0 <span class=\"_ _1\"></span>di mitigazione: co<span class=\"_ _1\"></span>nsiste ne<span class=\"_ _1\"></span>lla scelta, <span class=\"_ _1\"></span>pianificazione, avvio delle <span class=\"_ _1\"></span>attivit\u00e0, </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1848\">implementazione e <span class=\"_ _3b\"></span>completamento <span class=\"_ _2\"></span>degli <span class=\"_ _3b\"></span>inte<span class=\"_ _1\"></span>rventi <span class=\"_ _3b\"></span>di mitigazione <span class=\"_ _3b\"></span>mess<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>in atto <span class=\"_ _3b\"></span>e suc<span class=\"_ _2\"></span>cessivo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1849\">controllo dell\u2019avanzamento e dell\u2019efficacia degli interve<span class=\"_ _1\"></span>nti di mitigazione del rischio attuati; </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs184a\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">Gestione <span class=\"_ _35\"> </span>delle <span class=\"_ _0\"></span>forme <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>trasferimento: <span class=\"_ _35\"> </span>consiste <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>individuazione, <span class=\"_ _0\"></span>valutazione, <span class=\"_ _35\"> </span>scelta <span class=\"_ _0\"></span>e </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs184b\">gestione delle diverse forme di trasferime<span class=\"_ _1\"></span>nto del rischio. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs184c\">Le <span class=\"_ _2\"></span>azioni <span class=\"_ _3b\"></span>di mi<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>igazione <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>finite <span class=\"_ _3b\"></span>nel <span class=\"_ _2\"></span>reporting <span class=\"_ _3b\"></span>vengono inoltre <span class=\"_ _3b\"></span>incluse <span class=\"_ _3b\"></span>nel proc<span class=\"_ _2\"></span>esso d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>pianificazione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs184d\">operativa. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs184e\">La classificazione delle attivit\u00e0 nelle linee di </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs184f\">business </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1850\">regolamentari<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1851\">\u00e8 declinata nelle fasi di: </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1852\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">mappatura dati; </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1853\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">determinazione requisito patrimoniale individuale. </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1854\">La <span class=\"_ _0\"> </span>m<span class=\"_ _1\"></span>appatura <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>dati <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>delinea <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>livello <span class=\"_ _35\"> </span>indivi<span class=\"_ _2\"></span>duale <span class=\"_ _35\"> </span>attraverso <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>collocamento <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>ciascuno <span class=\"_ _0\"></span>dei </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1855\">centri <span class=\"_ _35\"> </span>g<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>stionali <span class=\"_ _0\"></span>nella </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs1856\">business <span class=\"_ _0\"></span>line </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1857\">regolamentare <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>pertine<span class=\"_ _1\"></span>nza <span class=\"_ _0\"></span>seguendo <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>princip<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>sanciti <span class=\"_ _35\"> </span>dal<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1858\">Regolamento <span class=\"_ _35\"> </span>UE <span class=\"_ _35\"> </span>n. <span class=\"_ _35\"> </span>575/2013; <span class=\"_ _35\"> </span>segue <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>indi <span class=\"_ _35\"> </span>l\u2019individuazione <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>fonti <span class=\"_ _35\"> </span>dati <span class=\"_ _35\"> </span>che <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>iportano <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>dati </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1859\">reddituali di tali centri e gli eventuali criteri di ripartizione. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs185a\">In <span class=\"_ _1\"></span>applicazione <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>mappatura <span class=\"_ _1\"></span>definita, <span class=\"_ _1\"></span>ciascuna <span class=\"_ _38\"></span>societ\u00e0 <span class=\"_ _1\"></span>procede <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>deter<span class=\"_ _1\"></span>minazione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>valori </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs185b\">per <span class=\"_ _37\"> </span>centro, <span class=\"_ _3d\"> </span>alla <span class=\"_ _37\"> </span>collocazione <span class=\"_ _3d\"> </span>sulle <span class=\"_ _3d\"> </span>business <span class=\"_ _37\"> </span>line <span class=\"_ _3d\"> </span>previste <span class=\"_ _37\"> </span>e <span class=\"_ _3d\"> </span>alla <span class=\"_ _3d\"> </span>deter<span class=\"_ _1\"></span>minazione <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>re<span class=\"_ _1\"></span>quisito </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs185c\">individuale. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs185d\">Le <span class=\"_ _36\"> </span>attivit\u00e0 <span class=\"_ _36\"> </span>definite<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>per <span class=\"_ _36\"> </span>la <span class=\"_ _36\"> </span>determinazione <span class=\"_ _39\"> </span>del <span class=\"_ _36\"> </span>requisito <span class=\"_ _36\"> </span>patrimoniale <span class=\"_ _36\"> </span>consolidato <span class=\"_ _39\"> </span>prevedono </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs185e\">l\u2019identificazione <span class=\"_ _0\"></span>dell\u2019<span class=\"_ _2\"></span>\u201dIndicatore<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>Rilevante\u201d <span class=\"_ _0\"></span>individuale <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>component<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iconducibile <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>ciascuna<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs185f\">societ\u00e0 <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _35\"> </span>per </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs1860\">business <span class=\"_ _35\"> </span>line </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1861\">regolamentare <span class=\"_ _35\"> </span>(da <span class=\"_ _35\"> </span>determinarsi <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>coerenza  con<span class=\"_ _3b\"></span>  i <span class=\"_ _35\"> </span>crite<span class=\"_ _2\"></span>ri </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1862\">sanciti nella mappatura utilizzata a fini individuali). </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1863\">Il requisito patrimoniale a <span class=\"_ _2\"></span>fronte d<span class=\"_ _2\"></span>ei rischi operativi, c<span class=\"_ _2\"></span>alcolato sull\u2019 Ind<span class=\"_ _2\"></span>icator<span class=\"_ _1\"></span>e Rilevante del <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>riennio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1864\">2022 - 2024, \u00e8 pari a 212,1 milioni di euro. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1865\">RISCHI LEGALI </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1866\">Il Gruppo, nel normale svolgimento de<span class=\"_ _1\"></span>lla propria attivit\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1867\">d\u2019impresa, \u00e8 parte di diversi procedimenti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1868\">giudiziari <span class=\"_ _0\"></span>dai <span class=\"_ _38\"></span>qua<span class=\"_ _1\"></span>li <span class=\"_ _0\"></span>potrebbero <span class=\"_ _0\"></span>anche <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>erivare <span class=\"_ _0\"></span>obblighi <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>nat<span class=\"_ _1\"></span>ura <span class=\"_ _0\"></span>risarcitoria <span class=\"_ _0\"></span>e/o <span class=\"_ _0\"></span>restitutoria, <span class=\"_ _38\"></span>con </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1869\">conseguente possibile esborso di risorse economiche (c.d. rischio legale). Tutte le controversie in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs186a\">essere <span class=\"_ _35\"> </span>sono <span class=\"_ _35\"> </span>state <span class=\"_ _0\"></span>debitam<span class=\"_ _1\"></span>ente <span class=\"_ _35\"> </span>analizzate <span class=\"_ _35\"> </span>dal<span class=\"_ _2\"></span>la <span class=\"_ _35\"> </span>Banca <span class=\"_ _35\"> </span>e, <span class=\"_ _0\"></span>alla <span class=\"_ _35\"> </span>luce <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>tale <span class=\"_ _35\"> </span>analisi, <span class=\"_ _0\"></span>nonch\u00e9 <span class=\"_ _35\"> </span>delle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs186b\">indicazioni <span class=\"_ _37\"> </span>anche <span class=\"_ _37\"> </span>pr<span class=\"_ _1\"></span>ovenienti <span class=\"_ _37\"> </span>dai <span class=\"_ _36\"> </span>Legali <span class=\"_ _37\"> </span>Fiduciari <span class=\"_ _36\"> </span>esterni, <span class=\"_ _36\"> </span>sono <span class=\"_ _37\"> </span>stati <span class=\"_ _36\"> </span>effettuati, <span class=\"_ _37\"> </span>ove <span class=\"_ _36\"> </span>ritenuto </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs186c\">necessario, accan<span class=\"_ _2\"></span>tonamenti a <span class=\"_ _3b\"></span>bilanci<span class=\"_ _2\"></span>o n<span class=\"_ _2\"></span>ella <span class=\"_ _2\"></span>misura i<span class=\"_ _2\"></span>donea ed <span class=\"_ _3b\"></span>appropriata <span class=\"_ _3b\"></span>alle singole <span class=\"_ _3b\"></span>circostanze. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs186d\">Pi\u00f9 <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>icolare <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>stituito <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>fond<span class=\"_ _2\"></span>o <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>ed <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>neri <span class=\"_ _38\"></span>diversi <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>presidio <span class=\"_ _0\"></span>delle <span class=\"_ _1\"></span>potenziali <span class=\"_ _38\"></span>pass<span class=\"_ _1\"></span>ivit\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs186e\">che potrebbero scaturire dalle cause pe<span class=\"_ _1\"></span>ndenti. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs186f\">La <span class=\"_ _37\"> </span>maggior <span class=\"_ _36\"> </span>parte <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>tali <span class=\"_ _36\"> </span>controversie <span class=\"_ _37\"> </span>sono <span class=\"_ _36\"> </span>riconducibili <span class=\"_ _3d\"> </span>a<span class=\"_ _1\"></span>lle <span class=\"_ _36\"> </span>principali <span class=\"_ _37\"> </span>attivit\u00e0 <span class=\"_ _36\"> </span>del <span class=\"_ _37\"> </span>Gr<span class=\"_ _1\"></span>uppo <span class=\"_ _37\"> </span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1870\">riguardano, in particolare, le aree dei servizi di investimento, dell\u2019anatocismo e fiscali. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1871\">Di <span class=\"_ _3f\"> </span>rilevanza <span class=\"_ _39\"> </span>minore <span class=\"_ _3f\"> </span>sono <span class=\"_ _3f\"> </span>le <span class=\"_ _39\"> </span>controversie <span class=\"_ _3f\"> </span>relative <span class=\"_ _3f\"> </span>all\u2019ambi<span class=\"_ _2\"></span>to <span class=\"_ _3f\"> </span>immobiliare, <span class=\"_ _3f\"> </span>amministrativo <span class=\"_ _39\"> </span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1872\">all\u2019operativit\u00e0 di sportello. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1873\">Si for<span class=\"_ _1\"></span>nisce <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>seguito <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>descr<span class=\"_ _1\"></span>izione <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>principali <span class=\"_ _1\"></span>classi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>passivit\u00e0 <span class=\"_ _1\"></span>pote<span class=\"_ _1\"></span>nziali che, <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>caso <span class=\"_ _1\"></span>in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1874\">cui <span class=\"_ _2\"></span>la relativa <span class=\"_ _3b\"></span>pas<span class=\"_ _1\"></span>sivit\u00e0 <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ia s<span class=\"_ _2\"></span>tata <span class=\"_ _2\"></span>giudicata probabil<span class=\"_ _2\"></span>e, hanno <span class=\"_ _3b\"></span>dato<span class=\"_ _1\"></span> l<span class=\"_ _3b\"></span>uogo ad acc<span class=\"_ _2\"></span>antonamenti agli <span class=\"_ _3b\"></span>altri </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1875\">fondi per rischi ed oneri. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1876\">Per <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>dettaglio s<span class=\"_ _1\"></span>ulle fattispe<span class=\"_ _1\"></span>cie correlate <span class=\"_ _1\"></span>ai <span class=\"_ _1\"></span>rischi s<span class=\"_ _1\"></span>opra illustr<span class=\"_ _1\"></span>ati s<span class=\"_ _1\"></span>i rimanda <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>Nota <span class=\"_ _1\"></span>Integrativa \u2013 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1877\">Parte B \u2013 Sezione 10. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1878\">Linee evolutive <span class=\"_ _1\"></span>nella gestione della component<span class=\"_ _1\"></span>e di rischio oper<span class=\"_ _1\"></span>ativo  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1879\">Nel <span class=\"_ _35\"> </span>corso  d<span class=\"_ _2\"></span>ella <span class=\"_ _35\"> </span>campagna <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>R<span class=\"_ _1\"></span>SA <span class=\"_ _35\"> </span>svolta <span class=\"_ _35\"> </span>nel  2<span class=\"_ _2\"></span>024 <span class=\"_ _35\"> </span>\u00e8  stata <span class=\"_ _35\"> </span>me<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs187a\">glio <span class=\"_ _35\"> </span>implementata  u<span class=\"_ _2\"></span>n\u2019evoluzione </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs187b\">metodologica <span class=\"_ _1\"></span>che ha permesso di evidenziare<span class=\"_ _1\"></span>, in modo e<span class=\"_ _1\"></span>splicito, le <span class=\"_ _1\"></span>categorie di rischio <span class=\"_ _1\"></span>all\u2019interno </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs187c\">delle  quali <span class=\"_ _3d\"> </span>sono <span class=\"_ _3d\"> </span>riflessi <span class=\"_ _3d\"> </span>i  rischi <span class=\"_ _3d\"> </span>operativi  Environme<span class=\"_ _1\"></span>ntal  (distinti <span class=\"_ _3d\"> </span>tra  rischio <span class=\"_ _3d\"> </span>fisico  e<span class=\"_ _1\"></span>  rischio  di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs187d\">transizione), <span class=\"_ _37\"> </span>Social <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>Governane <span class=\"_ _37\"> </span>(ESG). <span class=\"_ _37\"> </span>Con <span class=\"_ _37\"> </span>particolare <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>iferimento <span class=\"_ _3d\"> </span>al <span class=\"_ _37\"> </span>pro<span class=\"_ _1\"></span>cesso <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>Risk <span class=\"_ _37\"> </span>Self </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs187e\">Assessment, \u00e8 stato <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>seguito un<span class=\"_ _2\"></span> aggiornamento del <span class=\"_ _2\"></span>repository, sono stati i<span class=\"_ _2\"></span>ntrodotti nuovi <span class=\"_ _2\"></span>scenari </div>e <span class=\"_ _0\"></span>ne <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>stati <span class=\"_ _0\"></span>modificati <span class=\"_ _0\"></span>altri <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>fin<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>meglio <span class=\"_ _0\"></span>esplicitare <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>potenziale <span class=\"_ _0\"></span>legame <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>fattori <span class=\"_ _0\"></span>ESG. Inoltr<span class=\"_ _3a1\"> </span>e, <span class=\"_ _1\"></span>nel 20<span class=\"_ _1\"></span>24 sono <span class=\"_ _1\"></span>stati <span class=\"_ _1\"></span>introdotti <span class=\"_ _1\"></span>specifici s<span class=\"_ _1\"></span>cenari <span class=\"_ _1\"></span>per il <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>chio di <span class=\"_ _1\"></span>Outsourcing, <span class=\"_ _1\"></span>volti <span class=\"_ _1\"></span>a valutare il <span class=\"_ _1\"></span>poss<span class=\"_ _1\"></span>ibile <span class=\"_ _1\"></span>impatt<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>dell\u2019interruzione, <span class=\"_ _38\"></span>ritar<span class=\"_ _1\"></span>di, <span class=\"_ _1\"></span>inadempienze <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ervizi <span class=\"_ _38\"></span>esternalizzati <span class=\"_ _38\"></span>(legati <span class=\"_ _38\"></span>anche ad eventi climatici). A partir<span class=\"_ _1\"></span>e da <span class=\"_ _1\"></span>gennaio <span class=\"_ _1\"></span>2025, la <span class=\"_ _1\"></span>metodologia <span class=\"_ _1\"></span>di calcolo del <span class=\"_ _1\"></span>requisito<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>per il <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>operativo nonch\u00e9 <span class=\"_ _1\"></span>il processo di <span class=\"_ _3b\"></span>Loss Data<span class=\"_ _2\"></span> Collection <span class=\"_ _3b\"></span>verranno aggiornati <span class=\"_ _3b\"></span>coerentemente alle <span class=\"_ _3b\"></span>indicazioni in<span class=\"_ _2\"></span>ternazionali recepite <span class=\"_ _39\"> </span>primariamente <span class=\"_ _39\"> </span>con <span class=\"_ _39\"> </span>la <span class=\"_ _36\"> </span>CRR3 <span class=\"_ _36\"> </span>(i.e<span class=\"_ _1\"></span>. <span class=\"_ _36\"> </span>Capital <span class=\"_ _39\"> </span>Requirements<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>Re<span class=\"_ _1\"></span>gulation <span class=\"_ _36\"> </span>che <span class=\"_ _39\"> </span>modifica <span class=\"_ _36\"> </span>il<span class=\"_ _1\"></span> regolamento <span class=\"_ _0\"></span>(U<span class=\"_ _2\"></span>E) <span class=\"_ _38\"></span>n. <span class=\"_ _38\"></span>57<span class=\"_ _1\"></span>5/2013 <span class=\"_ _0\"></span>p<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>r <span class=\"_ _38\"></span>quanto <span class=\"_ _0\"></span>concerne <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>requisiti <span class=\"_ _38\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>credito, <span class=\"_ _0\"></span>il <span class=\"_ _1\"></span>rischio <span class=\"_ _38\"></span>di aggiustamento <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>valu<span class=\"_ _2\"></span>tazione <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>credito, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>operativo, <span class=\"_ _35\"> </span>il<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"> </span>di <span class=\"_ _35\"> </span>mercato <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>l\u2019output floor) <span class=\"_ _0\"></span>\u201c <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>modifica <span class=\"_ _0\"></span>le <span class=\"_ _35\"> </span>regole <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>calcolo <span class=\"_ _0\"></span>dei <span class=\"_ _35\"> </span>requisiti <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>rischio <span class=\"_ _0\"></span>operativo, <span class=\"_ _35\"> </span>introducendo <span class=\"_ _0\"></span>una nuova metodologia di tipo standardizzato, che s<span class=\"_ _1\"></span>ostituisce tutte le metodologie precedentemente esistenti. Informazi<span class=\"_ _1\"></span>oni di na<span class=\"_ _1\"></span>tura quan<span class=\"_ _1\"></span>titativa Si <span class=\"_ _38\"></span>riporta <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>seguito <span class=\"_ _1\"></span>la <span class=\"_ _0\"></span>composi<span class=\"_ _2\"></span>zione <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span>centuale <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>perdite <span class=\"_ _38\"></span>oper<span class=\"_ _1\"></span>ative <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>Gruppo <span class=\"_ _38\"></span>Cre<span class=\"_ _1\"></span>dem <span class=\"_ _38\"></span>per tipologie di evento: <span class=\"_ _42\"> </span><span class=\"ff4\">ET 01 - Frodi Interne </span><span class=\"_ _42\"> </span><span class=\"ff4\">ET 02 - Frodi esterne </span><span class=\"_ _42\"> </span><span class=\"ff4\">ET 03 - Relazioni con il personale e sicurezza de<span class=\"_ _1\"></span>ll'ambiente di lavoro </span><span class=\"_ _42\"> </span><span class=\"ff4\">ET 04 - Rapporti con clienti, prestazioni di ser<span class=\"_ _1\"></span>vizi o prodotti </span><span class=\"_ _42\"> </span><span class=\"ff4\">ET 05 - Disastri ed altri eventi </span><span class=\"_ _42\"> </span><span class=\"ff4\">ET 06 - Sistemi </span><span class=\"_ _42\"> </span><span class=\"ff4\">ET 07 - Esecuzione, gestione, consegna di prodotti o servizi </span>Nel corso <span class=\"_ _2\"></span>del 202<span class=\"_ _2\"></span>4, la <span class=\"_ _3b\"></span>principale fonte di<span class=\"_ _2\"></span> rischio <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>perativo, <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span> importo <span class=\"_ _3b\"></span>di perdita, \u00e8 <span class=\"_ _3b\"></span>risultata essere la <span class=\"_ _1\"></span>tip<span class=\"_ _3a1\"> </span>ologia <span class=\"_ _1\"></span>di e<span class=\"_ _1\"></span>vento <span class=\"_ _1\"></span>\u201cEsecuzione, <span class=\"_ _1\"></span>gest<span class=\"_ _1\"></span>ione e <span class=\"_ _1\"></span>conse<span class=\"_ _1\"></span>gna <span class=\"_ _1\"></span>di pro<span class=\"_ _1\"></span>dotti <span class=\"_ _1\"></span>o ser<span class=\"_ _1\"></span>vizi\u201d (ET <span class=\"_ _1\"></span>07). <span class=\"_ _1\"></span>La <span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>conda fonte <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>rischio <span class=\"_ _0\"></span>operativo <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>riferisce <span class=\"_ _0\"></span>alle <span class=\"_ _35\"> </span>perdite <span class=\"_ _0\"></span>dovute <span class=\"_ _35\"> </span>a<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>\u201cFrod<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>esterne\u201d <span class=\"_ _0\"></span>(ET <span class=\"_ _35\"> </span>02)\u201d,<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>seguita <span class=\"_ _35\"> </span>d<span class=\"_ _3b\"></span>a \u201cRapporti <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>Clienti, <span class=\"_ _38\"></span>prestazioni <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>ser<span class=\"_ _1\"></span>vizi <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>pro<span class=\"_ _1\"></span>dotti\u201d <span class=\"_ _38\"></span>(ET <span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>4), <span class=\"_ _1\"></span>\u201c<span class=\"_ _1\"></span>Frodi <span class=\"_ _38\"></span>Interne\u201d <span class=\"_ _38\"></span>(ET <span class=\"_ _38\"></span>01), <span class=\"_ _38\"></span>\u201cRelazioni con il personale e sicurezza dell'ambiente <span class=\"_ _1\"></span>di lavoro\u201d (ET 03)\u201d, e \u201cDisastri ed altri eventi\u201d (ET 05). L\u2019incidenza <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>perdite <span class=\"_ _35\"> </span>legate<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>malfunzionamento <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>sistemi <span class=\"_ _35\"> </span>tecnologici <span class=\"_ _0\"></span>(ET <span class=\"_ _35\"> </span>06) <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>risultata marginale.  Infine, la <span class=\"_ _1\"></span>quasi <span class=\"_ _1\"></span>totalit\u00e0 <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>perdite r<span class=\"_ _1\"></span>iconducibili al <span class=\"_ _1\"></span>\u201cConduct <span class=\"_ _1\"></span>Risk\u201d <span class=\"_ _1\"></span>si r<span class=\"_ _1\"></span>iferisce agli <span class=\"_ _1\"></span>Event <span class=\"_ _1\"></span>Type 01 <span class=\"_ _1\"></span>e 04. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-794": {
   "value": "Qualit\u00e0<span class=\"_ _1\"></span> del credit<span class=\"_ _1\"></span>o A.1.1 Distribuzione <span class=\"_ _1\"></span>delle attivit\u00e0 fina<span class=\"_ _1\"></span>nziarie per <span class=\"_ _1\"></span>portafogli di appartenenza e per<span class=\"_ _1\"></span> qualit\u00e0 creditizia (v<span class=\"_ _1\"></span>alori di bilancio) <table class=\"s w684 h290\" id=\"_8d132986-8580-43b4-88be-f34386ad46bc\"><tr><td class=\"t m2 x1902 h12 y631b ff4 fs7 fc4 sc3 ls0 ws0\">Portafogli/qualit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y631c w1008 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanziarie va<span class=\"_ _2\"></span>lutate al costo amm<span class=\"_ _2\"></span>ortizzato<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1903 y631c w1009 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">47.346</div></td><td class=\"t m2 x1605 h12 y631d ff4 fs7 fc1 sc0 ls0 ws0\">196.512<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7af h12 y631d ff4 fs7 fc1 sc0 ls0 ws0\">23.602<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y631d ff4 fs7 fc1 sc0 ls0 ws0\">333.758<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y631d ff4 fs7 fc1 sc0 ls0 ws0\">44.673.483<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6eb h12 y631d ff4 fs7 fc1 sc0 ls0 ws0\">45.274.701<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y631e ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 finanziarie va<span class=\"_ _2\"></span>lutate al fair <span class=\"_ _2\"></span>value con impatto sul<span class=\"_ _2\"></span>la<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6af h12 y631f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x691 h12 y631f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y631f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b9 h12 y631f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd7e h12 y631f ff4 fs7 fc1 sc0 ls0 ws0\">9.449.066<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f8 h12 y631f ff4 fs7 fc1 sc0 ls0 ws0\">9.449.066<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y6320 ff4 fs7 fc1 sc0 ls0 ws0\">redditivit\u00e0 compless<span class=\"_ _2\"></span>iva </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y6321 w100a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Attivit\u00e0 finanziarie de<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ignate al fair value<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1904 y6321 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x691 h12 y6322 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y6322 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b9 h12 y6322 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b6 h12 y6322 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6322 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x2d7 y5bbc w100b h1e7\"><div class=\"t m2 x2b3 h12 y543a ff4 fs7 fc1 sc0 ls0 ws0\">4. Altre attivit\u00e0 finanzia<span class=\"_ _2\"></span>rie obbligator<span class=\"_ _2\"></span>iamente valutate al fa<span class=\"_ _2\"></span>ir<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">value<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x6af h12 y6323 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x691 h12 y6323 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y6323 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b9 h12 y6323 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74f h12 y6323 ff4 fs7 fc1 sc0 ls0 ws0\">649.406<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x795 h12 y6323 ff4 fs7 fc1 sc0 ls0 ws0\">649.406<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5ff3 w100c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5. Attivit\u00e0 finanziar<span class=\"_ _2\"></span>ie in corso di dismissi<span class=\"_ _2\"></span>one<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1905 y5ff3 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x691 h12 y6324 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h12 y6324 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b9 h12 y6324 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b6 h12 y6324 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6324 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x1906 h12 y6325 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"c n x1907 y6326 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1908 y6326 w100d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">47.346</div></td><td class=\"t m2 x758 h12 y6325 ff4 fs7 fc1 sc2 ls0 ws0\">196.512<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7af h12 y6325 ff4 fs7 fc1 sc2 ls0 ws0\">23.602<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99a h12 y6325 ff4 fs7 fc1 sc2 ls0 ws0\">333.758<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x987 h12 y6325 ff4 fs7 fc1 sc2 ls0 ws0\">54.771.955<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6eb h12 y6325 ff4 fs7 fc1 sc2 ls0 ws0\">55.373.173<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x1906 h12 y6327 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"c n x1907 y54f9 w68d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1909 y54f9 w100e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">56.854</div></td><td class=\"t m2 x6e4 h12 y6327 ff4 fs7 fc1 sc2 ls0 ws0\">192.046<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7af h12 y6327 ff4 fs7 fc1 sc2 ls0 ws0\">34.354<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y6327 ff4 fs7 fc1 sc2 ls0 ws0\">459.419<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x987 h12 y6327 ff4 fs7 fc1 sc2 ls0 ws0\">53.139.163<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1705 h12 y6327 ff4 fs7 fc1 sc2 ls0 ws0\">53.881.836<span class=\"_ _3a1\"> </span></td></tr></table>Soffe<span class=\"_ _3b\"></span>renzeInad<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>pienz<span class=\"_ _2\"></span>e prob<span class=\"_ _2\"></span>abi<span class=\"_ _2\"></span>liEsp<span class=\"_ _3b\"></span>osizion<span class=\"_ _2\"></span>i scad<span class=\"_ _3b\"></span>ute dete<span class=\"_ _3b\"></span>riorateEsp<span class=\"_ _3b\"></span>osizion<span class=\"_ _2\"></span>i scad<span class=\"_ _3b\"></span>ute non<span class=\"_ _3b\"></span> dete<span class=\"_ _3b\"></span>riorateAltre<span class=\"_ _3b\"></span> espos<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>zion<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span> non<span class=\"_ _2\"></span> de<span class=\"_ _2\"></span>teriora<span class=\"_ _3b\"></span>teTota<span class=\"_ _3b\"></span>l<span class=\"_ _1\"></span>eA.1.2 Distr<span class=\"_ _1\"></span>ibuzione delle attivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie per port<span class=\"_ _1\"></span>afogli di appartenenza e per <span class=\"_ _1\"></span>qualit\u00e0 creditizia (valor<span class=\"_ _1\"></span>i lordi e netti) <table class=\"s w1003 h28f\" id=\"_e3e7da9e-84bb-4b0b-81a2-32b90543fb4a\"><tr><td></td><td></td><td></td><td></td><td class=\"c n x18f5 y62f8 w1004 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Deteriorate<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x18f6 y62f8 w1005 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Non deteriorate<span class=\"_ _3a1\"> </span></div></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=\"t m2 xda3 h12 y62f9 ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td></tr><tr><td class=\"t m2 x18f7 h12 y62fa ff4 fs7 fc4 sc3 ls0 ws0\">Portafogli/qualit\u00e0 </td><td></td><td class=\"t m2 x18f8 h12 y62fb ff4 fs7 fc4 sc3 ls0 ws0\">Esposizione </td><td class=\"t m2 x18f9 h12 y62fc ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche di </td><td class=\"t m2 xf71 h12 y62fb ff4 fs7 fc4 sc3 ls0 ws0\">Esposizione </td><td class=\"t m2 x6a7 h12 y62fc ff4 fs7 fc4 sc3 ls0 ws0\">Write-off* </td><td class=\"t m2 x1605 h12 y62fb ff4 fs7 fc4 sc3 ls0 ws0\">Esposizione </td><td class=\"t m2 x6b5 h12 y62fc ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche di </td><td class=\"t m2 x6b9 h12 y62fb ff4 fs7 fc4 sc3 ls0 ws0\">Esposizione </td><td class=\"t m2 x6a3 h12 y62fa ff4 fs7 fc4 sc3 ls0 ws0\">(esposizione </td></tr><tr><td></td><td></td><td class=\"t m2 x18fa h12 y62fd ff4 fs7 fc4 sc3 ls0 ws0\">lorda </td><td class=\"t m2 xfcc h12 y62fe ff4 fs7 fc4 sc3 ls0 ws0\">valore </td><td class=\"t m2 x18fb h12 y62fd ff4 fs7 fc4 sc3 ls0 ws0\">netta </td><td class=\"t m2 xd9a h12 y62fe ff4 fs7 fc4 sc3 ls0 ws0\">parziali </td><td class=\"t m2 x6f1 h12 y62fd ff4 fs7 fc4 sc3 ls0 ws0\">lorda </td><td class=\"t m2 x711 h12 y62fe ff4 fs7 fc4 sc3 ls0 ws0\">valore </td><td class=\"t m2 xd83 h12 y62fd ff4 fs7 fc4 sc3 ls0 ws0\">netta </td><td class=\"t m2 xda3 h12 y62ff ff4 fs7 fc4 sc3 ls0 ws0\">netta) </td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x18f9 h12 y6300 ff4 fs7 fc4 sc3 ls0 ws0\">complessive<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x789 h12 y6300 ff4 fs7 fc4 sc3 ls0 ws0\">complessivi<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6c9 h12 y6300 ff4 fs7 fc4 sc3 ls0 ws0\">complessive<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6301 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6302 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie valutate<span class=\"_ _2\"></span> </td><td></td><td class=\"t m2 x18fc h12 y6303 ff4 fs7 fc1 sc0 ls0 ws0\">668.642<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a8 h12 y6303 ff4 fs7 fc1 sc0 ls0 ws0\">401.187<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71b h12 y6303 ff4 fs7 fc1 sc0 ls0 ws0\">267.455<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x16db h12 y6303 ff4 fs7 fc1 sc0 ls0 ws0\">16.227<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x907 h12 y6303 ff4 fs7 fc1 sc0 ls0 ws0\">45.096.503<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y6303 ff4 fs7 fc1 sc0 ls0 ws0\">89.257<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y6303 ff4 fs7 fc1 sc0 ls0 ws0\">45.007.246<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ab h12 y6303 ff4 fs7 fc1 sc0 ls0 ws0\">45.274.701<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y6304 ff4 fs7 fc1 sc0 ls0 ws0\">al costo </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6305 ff4 fs7 fc1 sc0 ls0 ws0\">ammortizzato </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x677 y6306 w1c1 h11\"><div class=\"t m2 x0 h12 y8a ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6307 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie valutate<span class=\"_ _2\"></span> </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6308 ff4 fs7 fc1 sc0 ls0 ws0\">al fair value con </td><td></td><td class=\"t m2 x160b h12 y6309 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b3 h12 y6309 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x661 h12 y6309 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h12 y6309 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd9c h12 y6309 ff4 fs7 fc1 sc0 ls0 ws0\">9.455.103<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fc h12 y6309 ff4 fs7 fc1 sc0 ls0 ws0\">6.037<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x987 h12 y6309 ff4 fs7 fc1 sc0 ls0 ws0\">9.449.066<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf33 h12 y6309 ff4 fs7 fc1 sc0 ls0 ws0\">9.449.066<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y630a ff4 fs7 fc1 sc0 ls0 ws0\">impatto sulla </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y630b ff4 fs7 fc1 sc0 ls0 ws0\">redditivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y630c ff4 fs7 fc1 sc0 ls0 ws0\">complessiva </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y630d ff4 fs7 fc1 sc0 ls0 ws0\">3. Attivit\u00e0<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y630e ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie </td><td></td><td class=\"t m2 x160b h12 y630f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b3 h12 y630f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x661 h12 y630f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h12 y630f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n x18fd y5b55 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18fe y5b55 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18ff y5b55 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1900 h12 y630f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x2d7 y6310 w1006 h225\"><div class=\"t m2 x2b3 h12 y5929 ff4 fs7 fc1 sc0 ls0 ws0\">designate al fair<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">value<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6311 ff4 fs7 fc1 sc0 ls0 ws0\">4. Altre attivit\u00e0<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6312 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6313 ff4 fs7 fc1 sc0 ls0 ws0\">obbligatoriamente </td><td></td><td class=\"t m2 x160b h12 y6313 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b3 h12 y6314 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x661 h12 y6314 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h12 y6314 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n x18fd y62ed w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18fe y62ed w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1901 y62ed we73 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">649.406</div></td><td class=\"t m2 x676 h12 y6314 ff4 fs7 fc1 sc0 ls0 ws0\">649.406<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x2d7 y6315 w1007 h225\"><div class=\"t m2 x2b3 h12 y5929 ff4 fs7 fc1 sc0 ls0 ws0\">valutate al fair<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">value<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6316 ff4 fs7 fc1 sc0 ls0 ws0\">5. Attivit\u00e0<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6317 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie in corso<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x160b h12 y6317 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b3 h12 y6317 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x661 h12 y6317 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h12 y6317 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x187c h12 y6317 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1013 h12 y6317 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y6317 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1900 h12 y6317 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y6318 ff4 fs7 fc1 sc0 ls0 ws0\">di dismissione </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6319 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1089 h12 y6319 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x18fc h12 y6319 ff4 fs7 fc1 sc2 ls0 ws0\">668.642<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a8 h12 y6319 ff4 fs7 fc1 sc2 ls0 ws0\">401.187<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71b h12 y6319 ff4 fs7 fc1 sc2 ls0 ws0\">267.455<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf92 h12 y6319 ff4 fs7 fc1 sc2 ls0 ws0\">16.227<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y6319 ff4 fs7 fc1 sc2 ls0 ws0\">54.551.606<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y6319 ff4 fs7 fc1 sc2 ls0 ws0\">95.294<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x987 h12 y6319 ff4 fs7 fc1 sc2 ls0 ws0\">55.105.718<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ab h12 y6319 ff4 fs7 fc1 sc2 ls0 ws0\">55.373.173<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y631a ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1089 h12 y631a ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69d h12 y631a ff4 fs7 fc1 sc2 ls0 ws0\">701.673<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a8 h12 y631a ff4 fs7 fc1 sc2 ls0 ws0\">418.417<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd87 h12 y631a ff4 fs7 fc1 sc2 ls0 ws0\">283.256<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf92 h12 y631a ff4 fs7 fc1 sc2 ls0 ws0\">17.477<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y631a ff4 fs7 fc1 sc2 ls0 ws0\">53.196.993<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y631a ff4 fs7 fc1 sc2 ls0 ws0\">94.704<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b9 h12 y631a ff4 fs7 fc1 sc2 ls0 ws0\">53.598.581<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69c h12 y631a ff4 fs7 fc1 sc2 ls0 ws0\">53.881.837<span class=\"_ _3a1\"> </span></td></tr></table><table class=\"s w100f h291\" id=\"_c878eaa5-6ef0-4bd2-8744-b9b826aac719\"><tr><td class=\"t m2 x190a h12 y6328 ff4 fs7 fc4 sc3 ls0 ws0\">Portafogli/qualit\u00e0 </td><td></td><td></td><td class=\"c x190c y62db w1010 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Attivi<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x190b h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">t\u00e0 di evidente scarsa qualit\u00e0 cr<span class=\"_ _2\"></span>editizia<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x190d y62db w1011 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">A<span class=\"_ _2\"></span>ltre attivit\u00e0<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x703 y6329 w1012 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Minusvalenze cumulate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x190e y6329 w1013 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">E<span class=\"_ _1\"></span>sposizione netta<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x190f y6329 w1014 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Esposizione netta<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y632a ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanziarie de<span class=\"_ _2\"></span>tenute per la </td><td></td><td></td><td class=\"t m2 x6df h12 y632b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y632b ff4 fs7 fc1 sc0 ls0 ws0\">51<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y632b ff4 fs7 fc1 sc0 ls0 ws0\">34.086<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y632c ff4 fs7 fc1 sc0 ls0 ws0\">negoziazione </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5fe1 w1015 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2. Derivati di copertura<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x1910 y5fe1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66a h12 y632d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xda3 h12 y632d ff4 fs7 fc1 sc0 ls0 ws0\">427.235<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x1911 h12 y632e ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1601 h12 y632e ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6df h12 y632e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y632e ff4 fs7 fc1 sc2 ls0 ws0\">51<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f6 h12 y632e ff4 fs7 fc1 sc2 ls0 ws0\">461.321<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x1911 h12 y632f ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1601 h12 y632f ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6df h12 y632f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66a h12 y632f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f6 h12 y632f ff4 fs7 fc1 sc2 ls0 ws0\">626.141<span class=\"_ _3a1\"> </span></td></tr></table>B.<span class=\"_ _3a1\"> </span>Informativa sulle entit\u00e0 strutturate (diverse dalle societ\u00e0 per la cartolarizzazione)<span class=\"_ _3a1\"> </span>Un\u2019entit\u00e0 <span class=\"_ _38\"></span>strutturat<span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>un\u2019entit<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _38\"></span>configurata <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>odo <span class=\"_ _38\"></span>tale<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>diritti <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>voto <span class=\"_ _0\"></span>o <span class=\"_ _38\"></span>diritti <span class=\"_ _38\"></span>similari <span class=\"_ _0\"></span>no<span class=\"_ _3b\"></span>n sono ritenuti rilevanti p<span class=\"_ _2\"></span>er stabilire il <span class=\"_ _2\"></span>controllo, come nel caso<span class=\"_ _2\"></span> in cui<span class=\"_ _2\"></span> i diritti di<span class=\"_ _2\"></span> voto facciano soltanto riferimento  ad  attivit\u00e0 <span class=\"_ _3d\"> </span>amministrative  e  le  attivit\u00e0  rilevanti  siano  condotte <span class=\"_ _3d\"> </span>attraverso  accordi contrattuali.  Per i v<span class=\"_ _2\"></span>eicoli a destinazione <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>pecifica e fondi <span class=\"_ _3b\"></span>di investimento, il co<span class=\"_ _2\"></span>ntrollo \u00e8 ritenuto<span class=\"_ _2\"></span> esistere laddove<span class=\"_ _2\"></span> il <span class=\"_ _1\"></span>Gruppo <span class=\"_ _1\"></span>dispone <span class=\"_ _38\"></span>dei <span class=\"_ _1\"></span>diritti <span class=\"_ _38\"></span>contrattuali pe<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>gestire <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _1\"></span>rilevanti <span class=\"_ _1\"></span>dell\u2019entit\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>risulta <span class=\"_ _1\"></span>esposto ai rendimenti variabili delle stesse. B.1 Enti<span class=\"_ _1\"></span>t\u00e0 strut<span class=\"_ _1\"></span>turate con<span class=\"_ _1\"></span>solidate<span class=\"_ _3a1\"> </span>Non sono presenti nel Gruppo entit\u00e0 strutturate <span class=\"_ _1\"></span>consolidate. B.2 Enti<span class=\"_ _1\"></span>t\u00e0 strut<span class=\"_ _1\"></span>turate non<span class=\"_ _1\"></span> consolid<span class=\"_ _1\"></span>ate con<span class=\"_ _1\"></span>tabilmente<span class=\"_ _3a1\"> </span>Non sono presenti nel Gruppo entit\u00e0 strutturate non consolidate contabilmente. B.2.1 En<span class=\"_ _1\"></span>tit\u00e0 strut<span class=\"_ _1\"></span>turate n<span class=\"_ _1\"></span>on consolid<span class=\"_ _1\"></span>ate ai fini <span class=\"_ _1\"></span>vigilanz<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span>Non sono presenti nel Gruppo entit\u00e0 strutturate <span class=\"_ _1\"></span>non consolidate ai fini vigil<span class=\"_ _2\"></span>anza. B.2.2 Al<span class=\"_ _1\"></span>tre entit\u00e0<span class=\"_ _1\"></span> struttur<span class=\"_ _1\"></span>ate<span class=\"_ _3a1\"> </span>Non sono presenti nel Gruppo altre e<span class=\"_ _1\"></span>ntit\u00e0 strutturate<span class=\"_ _3a1\"> </span>. <div class=\"t m2 h10 ff4 fs3 fc4 sc3 ls0 ws0 gs105e\">Sezione 2 \u2013 <span class=\"_ _1\"></span>Rischi del consol<span class=\"_ _1\"></span>idato prudenz<span class=\"_ _1\"></span>iale<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs105f\">In <span class=\"_ _37\"> </span>qu<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1060\">esta <span class=\"_ _36\"> </span>se<span class=\"_ _1\"></span>zione <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>ono <span class=\"_ _36\"> </span>fornite <span class=\"_ _37\"> </span>le<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>informazioni <span class=\"_ _36\"> </span>riferite <span class=\"_ _36\"> </span>alle <span class=\"_ _36\"> </span>imprese <span class=\"_ _36\"> </span>incluse <span class=\"_ _37\"> </span>ne<span class=\"_ _1\"></span>l <span class=\"_ _36\"> </span>consolidato<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1061\">prudenziale (societ\u00e0 appartenenti al Gruppo bancario).  </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1062\">1.1 Ris<span class=\"_ _1\"></span>chio di c<span class=\"_ _1\"></span>redito<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1063\">Informazioni <span class=\"_ _1\"></span>di natura qualitativa<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1064\">Second<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1065\">o <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>disposizioni <span class=\"_ _1\"></span>del <span class=\"_ _0\"></span>princ<span class=\"_ _2\"></span>ipio <span class=\"_ _38\"></span>contabile <span class=\"_ _38\"></span>IFRS <span class=\"_ _0\"></span>9 <span class=\"_ _1\"></span>le <span class=\"_ _0\"></span>perdite <span class=\"_ _38\"></span>attese <span class=\"_ _38\"></span>sui <span class=\"_ _38\"></span>cr<span class=\"_ _1\"></span>editi <span class=\"_ _38\"></span>devono <span class=\"_ _38\"></span>essere<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1066\">determinate  valutando <span class=\"_ _35\"> </span>una  gamma <span class=\"_ _35\"> </span>di  possibil<span class=\"_ _2\"></span>i  scenari <span class=\"_ _35\"> </span>adeguatamente  ponderati  in<span class=\"_ _3b\"></span>  modo  da<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1067\">riflettere un importo obiettivo in relazione <span class=\"_ _1\"></span>alle loro differenti probabilit\u00e0 di realizzo.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1068\">A <span class=\"_ _35\"> </span>tal  fin<span class=\"_ _2\"></span>e  il<span class=\"_ _3b\"></span>  modello <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>Impairment  considera <span class=\"_ _35\"> </span>tre <span class=\"_ _35\"> </span>scenari <span class=\"_ _35\"> </span>macroeconom<span class=\"_ _1\"></span>ici <span class=\"_ _35\"> </span>futuri:  u<span class=\"_ _2\"></span>no <span class=\"_ _35\"> </span>centrale<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1069\">coerente <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>process<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>pi<span class=\"_ _2\"></span>anificazione, <span class=\"_ _0\"></span>ICA<span class=\"_ _2\"></span>AP <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>RAF <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>due <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>lteriori <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>cenari <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>corollario, <span class=\"_ _38\"></span>volti <span class=\"_ _38\"></span>a<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs106a\">rappresentare un range di variabilit\u00e0 tra gli ipotetici scenar<span class=\"_ _1\"></span>i plausibili:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs106b\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">\u201cScenario Good\u201d \u2013 scenario con bassa pro<span class=\"_ _1\"></span>babilit\u00e0 che si verifichino scenari migliori;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs106c\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">\u201cScenario Baseline\u201d <span class=\"_ _2\"></span>\u2013 scenario <span class=\"_ _2\"></span>centrale coeren<span class=\"_ _2\"></span>te con i<span class=\"_ _2\"></span> processi <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>pianificazione, ICAAP <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> RAF;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs106d\">-<span class=\"_ _1a9\"> </span><span class=\"ff4\">\u201cScenario Bad\u201d \u2013 scenario <span class=\"_ _1\"></span>con bassa probabilit\u00e0 che si verifichino scenari peggiori.<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs106e\">Tali  scenari  sono  selezionati  tra  quelli  forniti  periodicamente  da  u<span class=\"_ _2\"></span>n  fornitore  esterno  e  sono<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs106f\">approvati  dal  Consiglio  di  Amministrazione. <span class=\"_ _3d\"> </span>Ciascuno  \u00e8  corredato  dalla  relativa  probabilit\u00e0  di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1070\">accadimento, <span class=\"_ _37\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>fornisce <span class=\"_ _36\"> </span>le <span class=\"_ _37\"> </span>proiezioni <span class=\"_ _36\"> </span>future <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>principali <span class=\"_ _37\"> </span>indicator<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>macro<span class=\"_ _1\"></span>economici <span class=\"_ _37\"> </span>su <span class=\"_ _36\"> </span>un<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1071\">orizzonte di tre anni, con frequenza di osservazione <span class=\"_ _1\"></span>trimestrale.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1072\">Si <span class=\"_ _3b\"></span>ripor<span class=\"_ _1\"></span>ta <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>eguito <span class=\"_ _3b\"></span>l\u2019indicazione <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>gli <span class=\"_ _3b\"></span>scenar<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>macroeconomici p<span class=\"_ _3b\"></span>revisti per<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>calcolo <span class=\"_ _2\"></span>standard <span class=\"_ _3b\"></span>delle<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1073\">perdite  attese  ponderate,  corredati  dai  pesi  definiti  in  coerenza  con  la  relativa  probabilit\u00e0  di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1074\">accadimento: </div><div class=\"gs1075\"><table class=\"s w1016 h292\" id=\"_4f0d2f58-6d1f-4ddb-a7ee-286babfc38ff\"><tr><td></td><td></td><td class=\"t m2 x1913 h12 y6330 ff4 fs7 fc4 sc3 ls0 ws0\">Peso da </td></tr><tr><td class=\"c n x5e6 y6331 w1017 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Scenario IFRS 9<span class=\"_ _3a1\"> </span></div></td><td class=\"c x1915 y6331 w1018 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Descri<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1914 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">zione dello scenario<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1913 h12 y6332 ff4 fs7 fc4 sc3 ls0 ws0\">policy </td></tr><tr><td></td><td></td><td class=\"t m2 x1913 h12 y6333 ff4 fs7 fc4 sc3 ls0 ws0\">Standard </td></tr><tr><td></td><td class=\"c x1917 y6335 w1019 h293\"><div class=\"t m5 x2b3 h2a y6334 ff4 fsd fc1 sc0 ls0 ws0\">Stronger <span class=\"_ _0\"></span>Near-<span class=\"_ _2\"></span>Term <span class=\"_ _38\"></span>R<span class=\"_ _1\"></span>ecovery <span class=\"_ _38\"></span>Scenario <span class=\"_ _0\"></span>(\u201cS1\u201d)<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1916 h12 y6334 ff4 fs7 fc1 sc0 ls0 ws0\">: <span class=\"_ _38\"></span>scenario <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>probabilit\u00e0<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m5 x1918 h2a y6336 ff4 fsd fc4 sc3 ls0 ws0\">\u201cGood\u201d<span class=\"fc1 sc2\"> </span></td><td class=\"t m2 x1919 h12 y6337 ff4 fs7 fc1 sc0 ls0 ws0\">del <span class=\"_ _1\"></span>10% che <span class=\"_ _1\"></span>si realizzi <span class=\"_ _1\"></span>uno scenario migliore <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>del 90% <span class=\"_ _1\"></span>che se <span class=\"_ _1\"></span>ne <span class=\"_ _1\"></span>realizzi </td><td class=\"t m2 x191a h12 y6338 ff4 fs7 fc1 sc0 ls0 ws0\">10% </td></tr><tr><td></td><td class=\"t m2 x1919 h12 y6339 ff4 fs7 fc1 sc0 ls0 ws0\">uno peggiore  </td><td></td></tr><tr><td class=\"t m5 x1918 h2a y633a ff4 fsd fc4 sc3 ls0 ws0\">\u201cBaseline\u201d<span class=\"fc1 sc2\"> </span></td><td class=\"c x1917 y633b w101a h293\"><div class=\"t m5 x2b3 h2a y6334 ff4 fsd fc1 sc0 ls0 ws0\">Baseline <span class=\"_ _0\"></span>Scenari<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x191b h12 y6334 ff4 fs7 fc1 sc0 ls0 ws0\">: <span class=\"_ _0\"></span>scenar<span class=\"_ _2\"></span>io <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>p<span class=\"_ _3b\"></span>robabilit\u00e0 <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>5<span class=\"_ _1\"></span>0% <span class=\"_ _0\"></span>che<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>rea<span class=\"_ _2\"></span>lizzi <span class=\"_ _0\"></span>uno</div></td><td class=\"t m2 x191a h12 y633c ff4 fs7 fc1 sc0 ls0 ws0\">80% </td></tr><tr><td></td><td class=\"t m2 x1919 h12 y633d ff4 fs7 fc1 sc0 ls0 ws0\">scenario migliore e del<span class=\"_ _2\"></span> 50% che se n<span class=\"_ _2\"></span>e realizzi uno peggiore<span class=\"_ _2\"></span> </td><td></td></tr><tr><td class=\"t m5 x1918 h2a y633e ff4 fsd fc4 sc3 ls0 ws0\">\u201cBad\u201d<span class=\"fc1 sc2\"> </span></td><td class=\"c x1917 y633f w101b h293\"><div class=\"t m5 x2b3 h2a y6334 ff4 fsd fc1 sc0 ls0 ws0\">Deep Recession Scenario (\u201cS3\u201d)<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x191c h12 y6334 ff4 fs7 fc1 sc0 ls0 ws0\">: scenario con probabilit\u00e0 del 90% che si</div></td><td class=\"t m2 x191a h12 y6340 ff4 fs7 fc1 sc0 ls0 ws0\">10% </td></tr><tr><td></td><td class=\"t m2 x1919 h12 y6341 ff4 fs7 fc1 sc0 ls0 ws0\">realizzi uno scenari<span class=\"_ _2\"></span>o migliore e del 10% che se ne<span class=\"_ _2\"></span> realizzi uno pegg<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>ore </td><td></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1076\">Per maggiori dettagli<span class=\"_ _2\"></span> sulle pond<span class=\"_ _2\"></span>erazioni degli sc<span class=\"_ _2\"></span>enari effettivamente appl<span class=\"_ _2\"></span>icati al 31 <span class=\"_ _2\"></span>dicembre 2024<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1077\">si <span class=\"_ _0\"></span>rimanda <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>quanto <span class=\"_ _0\"></span>descritto <span class=\"_ _38\"></span>nel <span class=\"_ _0\"></span>successivo <span class=\"_ _38\"></span>paragrafo <span class=\"_ _0\"></span>2.3 <span class=\"_ _1\"></span>\u201cMetodi <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>misurazione <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>perdite<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1078\">attese\u201d.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1079\">Ai  fini <span class=\"_ _3d\"> </span>della  definizione<span class=\"_ _1\"></span>  degli <span class=\"_ _3d\"> </span>scenari, <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>PIL  \u00e8 <span class=\"_ _3d\"> </span>la <span class=\"_ _3d\"> </span>variabile  \u201c<span class=\"_ _1\"></span>anchor  point\u201d, <span class=\"_ _3d\"> </span>il <span class=\"_ _3d\"> </span>cui  andamento  \u00e8<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs107a\">considerato <span class=\"_ _3a\"> </span>come <span class=\"_ _3f\"> </span>indicatore <span class=\"_ _3f\"> </span>r<span class=\"_ _1\"></span>appresentativo <span class=\"_ _3a\"> </span>del <span class=\"_ _3f\"> </span>quadro <span class=\"_ _3a\"> </span>economico <span class=\"_ _3f\"> </span>generale. <span class=\"_ _3a\"> </span>Sulla <span class=\"_ _3f\"> </span>base<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs107b\">dell\u2019andamento <span class=\"_ _0\"></span>del <span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>IL <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>definito <span class=\"_ _38\"></span>l\u2019andamento <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>altre <span class=\"_ _38\"></span>variabili <span class=\"_ _38\"></span>macro<span class=\"_ _1\"></span>economiche <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _38\"></span>rilievo. <span class=\"_ _0\"></span>A<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs107c\">ciascuno scenar<span class=\"_ _1\"></span>io, in condizioni standar<span class=\"_ _1\"></span>d, \u00e8 quindi asso<span class=\"_ _1\"></span>ciata una probabilit\u00e0 di <span class=\"_ _1\"></span>accadimento sulla<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs107d\">base  del <span class=\"_ _35\"> </span>loro  perc<span class=\"_ _2\"></span>entile  di <span class=\"_ _35\"> </span>riferimento  nella <span class=\"_ _35\"> </span>distribuzione  d<span class=\"_ _2\"></span>elle  variazioni<span class=\"_ _2\"></span>  d<span class=\"_ _2\"></span>el  PIL <span class=\"_ _35\"> </span>sugli  scenari<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs107e\">generati.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs107f\">Per <span class=\"_ _0\"></span>ma<span class=\"_ _1\"></span>ggiori <span class=\"_ _0\"></span>dettagli <span class=\"_ _0\"></span>sugli <span class=\"_ _0\"></span>scenar<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>rimanda <span class=\"_ _35\"> </span>anche <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>quanto <span class=\"_ _0\"></span>descritto <span class=\"_ _35\"> </span>pi\u00f9<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>avanti <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>paragrafo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1080\">\u201cMisurazione delle perdite attese - De<span class=\"_ _1\"></span>finizione dello scenario\u201d.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1081\">L\u2019effetto <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>Sc<span class=\"_ _2\"></span>enari <span class=\"_ _0\"></span>viene <span class=\"_ _0\"></span>poi <span class=\"_ _38\"></span>tr<span class=\"_ _1\"></span>adotto <span class=\"_ _0\"></span>nel <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>odello <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>Impairment <span class=\"_ _0\"></span>tramite <span class=\"_ _0\"></span>l\u2019utilizzo <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>appositi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1082\">modelli <span class=\"_ _1\"></span>Sat<span class=\"_ _1\"></span>ellite <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>individu<span class=\"_ _2\"></span>ano <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>var<span class=\"_ _1\"></span>iabili <span class=\"_ _1\"></span>pi\u00f9 <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ignificative <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>rappresentare <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>pi\u00f9 <span class=\"_ _1\"></span>significativa<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1083\">correlazione <span class=\"_ _35\"> </span>tra  i<span class=\"_ _2\"></span>l <span class=\"_ _35\"> </span>ciclo <span class=\"_ _35\"> </span>economico <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>i  d<span class=\"_ _2\"></span>ati <span class=\"_ _35\"> </span>interni <span class=\"_ _35\"> </span>anche <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>term<span class=\"_ _1\"></span>ini <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>scostamento <span class=\"_ _35\"> </span>temporale<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1084\">(prendendo <span class=\"_ _39\"> </span>in <span class=\"_ _39\"> </span>cons<span class=\"_ _1\"></span>iderazione <span class=\"_ _39\"> </span>i <span class=\"_ _3f\"> </span>distinti <span class=\"_ _39\"> </span>driver <span class=\"_ _3f\"> </span>anche <span class=\"_ _39\"> </span>a <span class=\"_ _39\"> </span>var<span class=\"_ _1\"></span>i <span class=\"_ _39\"> </span>lag <span class=\"_ _39\"> </span>t<span class=\"_ _1\"></span>emporali <span class=\"_ _39\"> </span>r<span class=\"_ _1\"></span>ispetto <span class=\"_ _3f\"> </span>al <span class=\"_ _39\"> </span>dato<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1085\">consuntivo).<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1086\">Questi ultimi sono utilizzati per il calcolo della componente forward looking di tutti i parametri che<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1087\">intervengono nel calcolo dell\u2019ECL: PD, LGD e EAD/PrePayment<span class=\"_ _1\"></span>.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1088\">Considerazioni <span class=\"_ _38\"></span>ulteriori <span class=\"_ _38\"></span>possono <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ssere <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ffettuate <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>esposizioni <span class=\"_ _38\"></span>classificate <span class=\"_ _38\"></span>nello <span class=\"_ _38\"></span>\u201cStage <span class=\"_ _38\"></span>3\u201d.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1089\">Per <span class=\"_ _1\"></span>quel <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>attie<span class=\"_ _1\"></span>ne <span class=\"_ _1\"></span>pi\u00f9 <span class=\"_ _1\"></span>specificatam<span class=\"_ _1\"></span>ente <span class=\"_ _1\"></span>ai <span class=\"_ _38\"></span>crediti <span class=\"_ _1\"></span>deteriorati, <span class=\"_ _1\"></span>si <span class=\"_ _38\"></span>segnala <span class=\"_ _1\"></span>che, <span class=\"_ _38\"></span>pur <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>presenza <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs108a\">una <span class=\"_ _0\"></span>sost<span class=\"_ _1\"></span>anziale <span class=\"_ _0\"></span>equiparazione <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>defini<span class=\"_ _2\"></span>zione <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>credito <span class=\"_ _0\"></span>deteriorato <span class=\"_ _35\"> </span>(credit-impaired <span class=\"_ _0\"></span>financial </div>asset) <span class=\"_ _0\"></span>presente <span class=\"_ _38\"></span>nell\u2019IFRS <span class=\"_ _38\"></span>9 <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>principio <span class=\"_ _38\"></span>conta<span class=\"_ _1\"></span>bile <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _38\"></span>andato<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>sostituire<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>(<span class=\"_ _2\"></span>lo <span class=\"_ _0\"></span>IAS<span class=\"_ _2\"></span>39), <span class=\"_ _38\"></span>le modali<span class=\"_ _3a1\"> </span>t\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>calcolo <span class=\"_ _0\"></span>dell\u2019ECL <span class=\"_ _35\"> </span>lifetime <span class=\"_ _35\"> </span>hanno <span class=\"_ _35\"> </span>compo<span class=\"_ _2\"></span>rtato <span class=\"_ _35\"> </span>riflessi <span class=\"_ _35\"> </span>metodologici <span class=\"_ _0\"></span>anche <span class=\"_ _35\"> </span>ai <span class=\"_ _35\"> </span>fini <span class=\"_ _0\"></span>delle valutazioni da svolgere in tale comparto, principalmente<span class=\"_ _1\"></span> in relazione:  <span class=\"_ _95\"> </span><span class=\"ff4\">All\u2019i<span class=\"_ _2\"></span>nclusione <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>informazioni <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>tipo <span class=\"_ _36\"> </span>forward <span class=\"_ _36\"> </span>looking, <span class=\"_ _36\"> </span>quali <span class=\"_ _36\"> </span>quelle <span class=\"_ _39\"> </span>relative <span class=\"_ _36\"> </span>agli <span class=\"_ _36\"> </span>scenari </span>macroeconomici, <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>stime <span class=\"_ _0\"></span>e <span class=\"_ _1\"></span>alle <span class=\"_ _38\"></span>tempist<span class=\"_ _1\"></span>iche <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>recupero, <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>probabilit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>migrazione <span class=\"_ _0\"></span>in classi <span class=\"_ _38\"></span>peggiori, <span class=\"_ _38\"></span>nonch\u00e9 <span class=\"_ _38\"></span>quelle <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>possono <span class=\"_ _38\"></span>avere <span class=\"_ _38\"></span>influenza <span class=\"_ _38\"></span>sul <span class=\"_ _1\"></span>valore <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>collaterale <span class=\"_ _38\"></span>o <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ulla durata attesa del relativo recupero; <span class=\"_ _95\"> </span><span class=\"ff4\">Alla  considerazione  di  scenar<span class=\"_ _1\"></span>i  alter<span class=\"_ _1\"></span>nativi  di  recupero,  quali  q<span class=\"_ _1\"></span>uelli  di  vendita <span class=\"_ _3d\"> </span>degli  ass<span class=\"_ _1\"></span>et </span>creditizi, <span class=\"_ _37\"> </span>in <span class=\"_ _36\"> </span>connessione <span class=\"_ _36\"> </span>con <span class=\"_ _37\"> </span>possibili <span class=\"_ _37\"> </span>cessioni <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>quot<span class=\"_ _1\"></span>e <span class=\"_ _37\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _37\"> </span>portafoglio <span class=\"_ _37\"> </span>de<span class=\"_ _1\"></span>teriorato, <span class=\"_ _37\"> </span>in relazione agli <span class=\"_ _1\"></span>obiettivi aziendali di r<span class=\"_ _1\"></span>iduzione degli as<span class=\"_ _1\"></span>set non <span class=\"_ _1\"></span>performing, ai quali deve e<span class=\"_ _1\"></span>ssere attribuita <span class=\"_ _37\"> </span>una <span class=\"_ _36\"> </span>probabilit\u00e0 <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>realizzazione, <span class=\"_ _37\"> </span>da <span class=\"_ _37\"> </span>cons<span class=\"_ _1\"></span>iderare <span class=\"_ _37\"> </span>nell\u2019ambito <span class=\"_ _37\"> </span>della <span class=\"_ _36\"> </span>valutazione<span class=\"_ _3a1\"> </span>complessiva. Tenendo <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>considerazione <span class=\"_ _35\"> </span>quanto <span class=\"_ _0\"></span>sopra <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>coerenza <span class=\"_ _0\"></span>con <span class=\"_ _35\"> </span>gli <span class=\"_ _0\"></span>indirizzi <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>gli <span class=\"_ _0\"></span>o<span class=\"_ _1\"></span>biettivi <span class=\"_ _35\"> </span>relativi <span class=\"_ _0\"></span>al portafoglio <span class=\"_ _0\"></span>N<span class=\"_ _1\"></span>PL, <span class=\"_ _0\"></span>le <span class=\"_ _35\"> </span>svalutazioni <span class=\"_ _0\"></span>sui <span class=\"_ _0\"></span>crediti <span class=\"_ _35\"> </span>deteriorati <span class=\"_ _0\"></span>vengono <span class=\"_ _0\"></span>applicate<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>attraverso<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>due <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>verse metodologie: <span class=\"_ _95\"> </span><span class=\"ff4\">Analitiche sulle singole esposizioni, in relazione alle rettific<span class=\"_ _2\"></span>he applicate a tali esposizioni, nel </span>corso <span class=\"_ _39\"> </span>del <span class=\"_ _39\"> </span>periodo <span class=\"_ _39\"> </span>corrente <span class=\"_ _39\"> </span>le <span class=\"_ _39\"> </span>perdite <span class=\"_ _39\"> </span>attese <span class=\"_ _36\"> </span>sui <span class=\"_ _39\"> </span>cre<span class=\"_ _1\"></span>diti <span class=\"_ _39\"> </span>deteriorati <span class=\"_ _39\"> </span>sono <span class=\"_ _39\"> </span>determinate analiticamente <span class=\"_ _3f\"> </span>in <span class=\"_ _3f\"> </span>base <span class=\"_ _3f\"> </span>alle <span class=\"_ _39\"> </span>previsioni <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>r<span class=\"_ _1\"></span>ecupero <span class=\"_ _3f\"> </span>formulate <span class=\"_ _3f\"> </span>dal <span class=\"_ _39\"> </span>gestore <span class=\"_ _3f\"> </span>o <span class=\"_ _3f\"> </span>risultanti dall\u2019applicazione del regolamento interno \u201clinee guid<span class=\"_ _2\"></span>a e criteri di svalutazione crediti grup<span class=\"_ _2\"></span>po<span class=\"_ _3a1\"> </span>Credem\u201d,  attualizzate  i<span class=\"_ _2\"></span>n  funzi<span class=\"_ _2\"></span>one  dei  tassi <span class=\"_ _35\"> </span>di  interesse  eff<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ttivi  originari <span class=\"_ _35\"> </span>e  della  relativa tempistica <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>recupero <span class=\"_ _38\"></span>prevista. <span class=\"_ _1\"></span>Co<span class=\"_ _1\"></span>nsiderato <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>previsioni <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ecupero <span class=\"_ _38\"></span>assumono <span class=\"_ _38\"></span>come riferimento <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>specifica <span class=\"_ _1\"></span>situazione <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>debitore, <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>itiene <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>trovi <span class=\"_ _38\"></span>coerenza <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>applicazione<span class=\"_ _3a1\"> </span>un\u2019analisi <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>sensitivity <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>perdite<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>attese <span class=\"_ _38\"></span>su <span class=\"_ _0\"></span>tali <span class=\"_ _38\"></span>es<span class=\"_ _1\"></span>posizioni. <span class=\"_ _38\"></span> <span class=\"_ _0\"></span>Nonostante <span class=\"_ _0\"></span>ci\u00f2, <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>si <span class=\"_ _38\"></span>pu\u00f2 escludere <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>un <span class=\"_ _38\"></span>peggioramento <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>situazione <span class=\"_ _38\"></span>creditizia <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>debitore, <span class=\"_ _1\"></span>anche <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>seguito <span class=\"_ _1\"></span>a possibili  impat<span class=\"_ _1\"></span>ti <span class=\"_ _3d\"> </span>negativi <span class=\"_ _3d\"> </span>sull'economia <span class=\"_ _37\"> </span>derivanti <span class=\"_ _3d\"> </span>dalla <span class=\"_ _3d\"> </span>comples<span class=\"_ _1\"></span>sa <span class=\"_ _3d\"> </span>situazione <span class=\"_ _3d\"> </span>geopolitica attuale, <span class=\"_ _3d\"> </span>con <span class=\"_ _3d\"> </span>particolare  rifer<span class=\"_ _1\"></span>imento  a <span class=\"_ _3d\"> </span>recenti  t<span class=\"_ _1\"></span>ensioni <span class=\"_ _3d\"> </span>internazionali,  potrebbe <span class=\"_ _3d\"> </span>gener<span class=\"_ _1\"></span>are ulteriori <span class=\"_ _0\"></span>perdite <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>quelle <span class=\"_ _0\"></span>previste <span class=\"_ _38\"></span>a <span class=\"_ _0\"> </span>dicembre <span class=\"_ _0\"></span>2024. <span class=\"_ _0\"></span>A <span class=\"_ _0\"></span>partire <span class=\"_ _0\"></span>dal <span class=\"_ _0\"></span>2023 <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>as<span class=\"_ _2\"></span>sunto sempre <span class=\"_ _38\"></span>maggiore <span class=\"_ _38\"></span>rilevanza <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>criterio <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>svalutazioni <span class=\"_ _38\"></span>minime <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>age<span class=\"_ _1\"></span>ing <span class=\"_ _1\"></span>intr<span class=\"_ _1\"></span>odotte <span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>le categorie <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>sofferenze <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>inadempienze <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>robabili. <span class=\"_ _0\"></span>Si <span class=\"_ _0\"></span>rimanda <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>paragrafo <span class=\"_ _0\"></span>2.3<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>per maggiori dettagli. Si <span class=\"_ _38\"></span>spe<span class=\"_ _1\"></span>cifica <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>quanto <span class=\"_ _38\"></span>riguarda <span class=\"_ _0\"></span>crediti <span class=\"_ _38\"></span>bancari <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>/o <span class=\"_ _38\"></span>erogati <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>operazioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>factoring classificati <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>sofferenza <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>ad <span class=\"_ _0\"></span>inadempienza <span class=\"_ _0\"></span>probabile <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>sposizione <span class=\"_ _0\"></span>minore <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>ugu<span class=\"_ _2\"></span>ale <span class=\"_ _0\"></span>di Euro <span class=\"_ _3f\"> </span>25.000 <span class=\"_ _39\"> </span>viene <span class=\"_ _3f\"> </span>applicata <span class=\"_ _39\"> </span>una <span class=\"_ _3f\"> </span>percentuale <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>svalutazione <span class=\"_ _3f\"> </span>minima <span class=\"_ _39\"> </span>forfettaria <span class=\"_ _3f\"> </span>pari rispettivamente al 95% (sofferenze) e al 70% (inadempienze pr<span class=\"_ _1\"></span>obabili). <span class=\"_ _95\"> </span><span class=\"ff4\">Svalu<span class=\"_ _2\"></span>tazioni <span class=\"_ _38\"></span>determ<span class=\"_ _1\"></span>inate <span class=\"_ _1\"></span>secondo <span class=\"_ _1\"></span>uno <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>pecifico <span class=\"_ _1\"></span>modello, <span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>po<span class=\"_ _1\"></span>ssono <span class=\"_ _1\"></span>essere<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>applicate <span class=\"_ _38\"></span>ad </span>un  port<span class=\"_ _1\"></span>afoglio  di <span class=\"_ _3d\"> </span>posizioni  a <span class=\"_ _3d\"> </span>Sofferenza <span class=\"_ _3d\"> </span>valutate  in <span class=\"_ _3d\"> </span>un\u2019ottica <span class=\"_ _3d\"> </span>di  dismissione<span class=\"_ _1\"></span>  (di <span class=\"_ _3d\"> </span>seguito definito \u201cPortafoglio sotto-modello Stage 3\u201d o \u201cP<span class=\"_ _1\"></span>ortafoglio\u201d). Al   31/12/2024 non vi sono posizioni classificate all\u2019inter<span class=\"_ _1\"></span>no del Portafoglio sotto-modello Stage 3. 1.  Aspett<span class=\"_ _1\"></span>i generali Il <span class=\"_ _2\"></span>Gruppo Credem con<span class=\"_ _3b\"></span>sider<span class=\"_ _1\"></span>a <span class=\"_ _2\"></span>storicamente l\u2019elevata <span class=\"_ _3b\"></span>qualit\u00e0 del cred<span class=\"_ _2\"></span>ito come <span class=\"_ _3b\"></span>un elemento fondan<span class=\"_ _2\"></span>te della <span class=\"_ _1\"></span>propria <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>abilit\u00e0 <span class=\"_ _1\"></span>patrimoniale <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>fattore <span class=\"_ _1\"></span>stra<span class=\"_ _1\"></span>tegico <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>processo <span class=\"_ _38\"></span>di cr<span class=\"_ _1\"></span>eazione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>valore. <span class=\"_ _1\"></span>I principi fondamentali su cui si basa l\u2019erogazione del <span class=\"_ _1\"></span>credito sono i seguenti: <span class=\"_ _95\"> </span><span class=\"ff4\">la <span class=\"_ _3f\"> </span>coerenza <span class=\"_ _3f\"> </span>con <span class=\"_ _3f\"> </span>la <span class=\"_ _3f\"> </span>connota<span class=\"_ _1\"></span>zione <span class=\"_ _3f\"> </span>prevalente <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>banca <span class=\"_ _3f\"> </span>commerciale <span class=\"_ _3f\"> </span>domestica <span class=\"_ _3a\"> </span>nella<span class=\"_ _3a1\"> </span></span>valutazione <span class=\"_ _38\"></span>dell\u2019attivit\u00e0 <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>cliente, <span class=\"_ _0\"></span>della <span class=\"_ _1\"></span>sua <span class=\"_ _0\"></span>dimensione <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>sua <span class=\"_ _38\"></span>ubicazione <span class=\"_ _0\"></span>geografica<span class=\"_ _3a1\"> </span>rispetto alla rete Credem; <span class=\"_ _95\"> </span><span class=\"ff4\">la  tecnica  nell\u2019anali<span class=\"_ _2\"></span>si  di  rischio,  che  assicura  alle  conce<span class=\"_ _2\"></span>ssioni  creditizie  un  presupp<span class=\"_ _2\"></span>osto </span>oggettivo e <span class=\"_ _3b\"></span>coerente con le<span class=\"_ _2\"></span> fin<span class=\"_ _2\"></span>alit\u00e0 e <span class=\"_ _3b\"></span>le esigenze <span class=\"_ _2\"></span>finanziarie del <span class=\"_ _3b\"></span>cliente, con <span class=\"_ _3b\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>sue dimensioni patrimoniali <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>finanziarie <span class=\"_ _3b\"></span>e con <span class=\"_ _3b\"></span>le <span class=\"_ _2\"></span>relative <span class=\"_ _2\"></span>capacit\u00e0 <span class=\"_ _3b\"></span>di rimborso <span class=\"_ _3b\"></span>storiche e<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>prospettiche, anc<span class=\"_ _2\"></span>he al fine di ridurre fortemente eventuali necessit\u00e0 di rifinanziamento successivo; <span class=\"_ _95\"> </span><span class=\"ff4\">la <span class=\"_ _0\"></span>quali<span class=\"_ _2\"></span>t\u00e0 <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>l\u2019adeguatezza <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>informazioni, <span class=\"_ _0\"></span>coerentemente <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>criteri <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>D<span class=\"_ _1\"></span>ata <span class=\"_ _0\"></span>Governance </span>definiti <span class=\"_ _0\"></span>dal <span class=\"_ _38\"></span>gruppo <span class=\"_ _0\"></span>Credem, <span class=\"_ _0\"></span>come <span class=\"_ _38\"></span>presupposto <span class=\"_ _0\"></span>essenziale <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>valu<span class=\"_ _2\"></span>tazione <span class=\"_ _0\"></span>oggettiva <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l profilo di rischio che trova nel rating inter<span class=\"_ _1\"></span>no la sua prima espressione di sintesi; <span class=\"_ _95\"> </span><span class=\"ff4\">il <span class=\"_ _1\"></span>fr<span class=\"_ _1\"></span>azionamento <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>dito <span class=\"_ _38\"></span>perseguito <span class=\"_ _38\"></span>diversificando <span class=\"_ _0\"></span>il<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>port<span class=\"_ _1\"></span>afoglio <span class=\"_ _38\"></span>clienti <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>un </span>approccio selettivo e coerente con gli obiettivi di capitale e <span class=\"_ _1\"></span>di rischi<span class=\"_ _2\"></span>o/rendiment<span class=\"_ _1\"></span>o;<span class=\"_ _3a1\"> </span><span class=\"_ _95\"> </span><span class=\"ff4\">la <span class=\"_ _35\"> </span>valutazione <span class=\"_ _35\"> </span>consolidata <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>controparti <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>livello <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>modo <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>delineare  u<span class=\"_ _2\"></span>na </span>prospettiva unitaria e <span class=\"_ _1\"></span>non frammentata <span class=\"_ _1\"></span>del profilo di rischio <span class=\"_ _1\"></span>di ciascuna singola <span class=\"_ _1\"></span>controparte o gruppo controparte; <span class=\"_ _95\"> </span><span class=\"ff4\">la <span class=\"_ _0\"></span>cura <span class=\"_ _35\"> </span>riservata <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>regolarit<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _0\"></span>formale <span class=\"_ _35\"> </span>prima <span class=\"_ _0\"></span>dell\u2019erogazione <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>concessioni <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>credito </span>anche <span class=\"_ _35\"> </span>attraverso <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>supporto <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>strutture <span class=\"_ _0\"></span>specialistiche <span class=\"_ _35\"> </span>presso <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>grupp<span class=\"_ _2\"></span>o <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>assicurano <span class=\"_ _0\"></span>i necessari riferimenti tecnico-consulenziali; <span class=\"_ _95\"> </span><span class=\"ff4\">l\u2019attenta gestione d<span class=\"_ _2\"></span>ei rapporti da p<span class=\"_ _2\"></span>arte delle unit\u00e0 di <span class=\"_ _2\"></span>linea e i <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>ntrolli effettuati <span class=\"_ _2\"></span>dalle funzioni </span>centrali <span class=\"_ _69\"> </span>dedicate, <span class=\"_ _43\"> </span>che <span class=\"_ _44\"> </span>a<span class=\"_ _1\"></span>ssicurano <span class=\"_ _69\"> </span>la <span class=\"_ _69\"> </span>corretta <span class=\"_ _43\"> </span>appl<span class=\"_ _2\"></span>icazione <span class=\"_ _69\"> </span>delle <span class=\"_ _69\"> </span>linee<span class=\"_ _1\"></span> <span class=\"_ _69\"> </span>di <span class=\"_ _69\"> </span>credito,<span class=\"_ _1\"></span> l\u2019aggiornamento <span class=\"_ _188\"> </span>costante <span class=\"_ _29\"> </span>del <span class=\"_ _46\"> </span>quadro <span class=\"_ _29\"> </span>informativo <span class=\"_ _188\"> </span>della <span class=\"_ _29\"> </span>clientela, <span class=\"_ _188\"> </span>la <span class=\"_ _188\"> </span>t<span class=\"_ _1\"></span>empestiva<span class=\"_ _3a1\"> </span>individuazione delle posizioni problematiche e l\u2019adozione delle <span class=\"_ _1\"></span>azioni necessarie al recupero delle relative esposizioni; <span class=\"_ _95\"> </span><span class=\"ff4\">l\u2019adozione <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>politiche <span class=\"_ _3a\"> </span>rigorose <span class=\"_ _3a\"> </span>di <span class=\"_ _3f\"> </span>classificazione <span class=\"_ _3f\"> </span>e <span class=\"_ _3a\"> </span>copertura <span class=\"_ _3f\"> </span>dei <span class=\"_ _3a\"> </span>crediti <span class=\"_ _3a\"> </span>d<span class=\"_ _2\"></span>eteriorati, </span>privilegiando, <span class=\"_ _43\"> </span>quando <span class=\"_ _49\"> </span>possibile, <span class=\"_ _49\"> </span>politiche <span class=\"_ _43\"> </span>transa<span class=\"_ _1\"></span>ttive <span class=\"_ _43\"> </span>volte <span class=\"_ _43\"> </span>a<span class=\"_ _1\"></span> <span class=\"_ _43\"> </span>raggiungere <span class=\"_ _49\"> </span>accordi stragiudiziali con le controparti contenendone di conseguenza i costi <span class=\"_ _1\"></span>di recupero; <span class=\"_ _95\"> </span><span class=\"ff4\">l\u2019attenzione ai <span class=\"_ _1\"></span>fattori <span class=\"_ _1\"></span>ESG, con <span class=\"_ _1\"></span>particolare <span class=\"_ _1\"></span>focus rispett<span class=\"_ _1\"></span>o al gr<span class=\"_ _1\"></span>ado di <span class=\"_ _1\"></span>esposizione <span class=\"_ _1\"></span>agli impatti </span>generati  dai  fattori  climatici  e  ambientali  sui  portafogli  creditizi,  sull<span class=\"_ _2\"></span>a  soste<span class=\"_ _1\"></span>nibilit\u00e0  delle<span class=\"_ _3a1\"> </span>controparti e sul valore dei collateral; <span class=\"_ _95\"> </span><span class=\"ff4\">l\u2019astensione <span class=\"_ _37\"> </span>dal <span class=\"_ _36\"> </span>finanziamento <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>aziende <span class=\"_ _36\"> </span>collegate <span class=\"_ _36\"> </span>direttamente <span class=\"_ _36\"> </span>a <span class=\"_ _37\"> </span>settori <span class=\"_ _36\"> </span>controversi </span>definiti d<span class=\"_ _2\"></span>al Consigl<span class=\"_ _2\"></span>io di <span class=\"_ _3b\"></span>Amminist<span class=\"_ _1\"></span>razione della <span class=\"_ _2\"></span>Capogruppo, <span class=\"_ _3b\"></span>ne<span class=\"_ _1\"></span>llo specific<span class=\"_ _2\"></span>o quelli<span class=\"_ _2\"></span> correlati alla<span class=\"_ _2\"></span> produzione <span class=\"_ _39\"> </span>e <span class=\"_ _3f\"> </span>commercializzazione <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>ar<span class=\"_ _1\"></span>mi <span class=\"_ _39\"> </span>non <span class=\"_ _3f\"> </span>convenzionali <span class=\"_ _39\"> </span>e <span class=\"_ _39\"> </span>all\u2019utilizzo <span class=\"_ _3f\"> </span>di <span class=\"_ _36\"> </span>de<span class=\"_ _1\"></span>rivati speculativi su materie prime alimentari. 1.1 Impatt<span class=\"_ _1\"></span>i derivanti dal rischio climatico <span class=\"_ _1\"></span>in relazione a<span class=\"_ _3a1\"> </span>l rischio di credito Con <span class=\"_ _3f\"> </span>riguardo <span class=\"_ _3f\"> </span>ai <span class=\"_ _39\"> </span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _3f\"> </span>climatici<span class=\"_ _2\"></span>, <span class=\"_ _3f\"> </span>nell\u2019ambito <span class=\"_ _3f\"> </span>del <span class=\"_ _3f\"> </span>percorso <span class=\"_ _3f\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _3f\"> </span>progressivo <span class=\"_ _3f\"> </span>allineamento <span class=\"_ _3f\"> </span>alle aspettative <span class=\"_ _0\"></span>della <span class=\"_ _1\"></span>Banca <span class=\"_ _0\"></span>Central<span class=\"_ _2\"></span>e <span class=\"_ _38\"></span>Euro<span class=\"_ _1\"></span>pea <span class=\"_ _38\"></span>(BCE) <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>materia <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>inclusione <span class=\"_ _0\"></span>delle <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ematiche <span class=\"_ _38\"></span>ESG <span class=\"_ _0\"></span>nel Framework  di  Risk <span class=\"_ _3d\"> </span>Management,  il  Gruppo  ha <span class=\"_ _3d\"> </span>avviato  una  progettualit\u00e0 <span class=\"_ _3d\"> </span>che  ha  l\u2019obiettivo  di introdurre i principali fattori di r<span class=\"_ _1\"></span>ischio climatici e ambientali nei modelli contabili IFRS 9.  In particolare saranno gestiti i seguenti fattori di r<span class=\"_ _1\"></span>ischio: <span class=\"_ _3e\"> </span><span class=\"ff4\">\u00abRischio <span class=\"_ _1\"></span>Fisico\u00bb <span class=\"_ _38\"></span>sul <span class=\"_ _1\"></span>portafoglio <span class=\"_ _1\"></span>Mutui <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>Leasing <span class=\"_ _38\"></span>immobiliari: e<span class=\"_ _1\"></span>spresso <span class=\"_ _1\"></span>tramite <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iduzione <span class=\"_ _1\"></span>del </span>valore delle garanzie imm<span class=\"_ _2\"></span>obiliari, al <span class=\"_ _2\"></span>fine di rappresentare l<span class=\"_ _2\"></span>\u2019ipotetico danno app<span class=\"_ _2\"></span>ortato da eventi climatici (alluvioni e frane), in relazione alla rischiosit\u00e0 del territorio in cui \u00e8 ubicato l\u2019immobile. <span class=\"_ _3e\"> </span><span class=\"ff4\">\u00abRischio di Trans<span class=\"_ _1\"></span>izione\u00bb sul <span class=\"_ _1\"></span>portafoglio Impres<span class=\"_ _1\"></span>e: volto <span class=\"_ _1\"></span>a r<span class=\"_ _1\"></span>appresentare la <span class=\"_ _1\"></span>minore redditivit\u00e0 <span class=\"_ _1\"></span>in<span class=\"_ _3a1\"> </span></span>cui <span class=\"_ _3a\"> </span>le <span class=\"_ _3a\"> </span>Impre<span class=\"_ _1\"></span>se <span class=\"_ _3a\"> </span>potrebbero <span class=\"_ _48\"> </span>i<span class=\"_ _2\"></span>ncorrere <span class=\"_ _3a\"> </span>nell\u2019ambito <span class=\"_ _48\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _3a\"> </span>processo <span class=\"_ _48\"> </span>di <span class=\"_ _3f\"> </span>ade<span class=\"_ _1\"></span>guamento <span class=\"_ _3a\"> </span>verso<span class=\"_ _3a1\"> </span>un\u2019economia pi\u00f9 sostenibile. Le <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>progettuali <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ealizzazione <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>modello <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>corso, <span class=\"_ _1\"></span>ent<span class=\"_ _1\"></span>rambe <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>volutive <span class=\"_ _1\"></span>des<span class=\"_ _1\"></span>critte comporteranno <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>aumento <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>rettifiche <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valore <span class=\"_ _38\"></span>e s<span class=\"_ _1\"></span>aranno <span class=\"_ _1\"></span>quantificate <span class=\"_ _1\"></span>considerando <span class=\"_ _1\"></span>diversi scenari climatici ad integrazione degli scenari ma<span class=\"_ _1\"></span>cro-economici gi\u00e0 previsti dall\u2019attuale impianto. In parallelo sono state avviate delle analisi di materialit\u00e0 sui se<span class=\"_ _1\"></span>guenti fattori di rischio: <span class=\"_ _3e\"> </span><span class=\"ff4\">\u00abRischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Transizione\u00bb <span class=\"_ _35\"> </span>sul <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>Mutui: <span class=\"_ _0\"></span>espresso <span class=\"_ _0\"></span>attraverso <span class=\"_ _35\"> </span>un<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>riduzione <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>valore </span>delle <span class=\"_ _38\"></span>garanzie <span class=\"_ _38\"></span>immobiliari <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>immobili <span class=\"_ _1\"></span>che<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>rispettano <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>andard <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>efficientamento energetico richiesti <span class=\"_ _1\"></span>dalle politiche di transizione. <span class=\"_ _1\"></span>Seppur il valore dell'immo<span class=\"_ _1\"></span>bile tiene <span class=\"_ _1\"></span>gi\u00e0 conto della <span class=\"_ _36\"> </span>classe <span class=\"_ _37\"> </span>e<span class=\"_ _1\"></span>nergetica <span class=\"_ _37\"> </span>corrente<span class=\"_ _1\"></span>, <span class=\"_ _36\"> </span>l\u2018impatto <span class=\"_ _37\"> </span>del <span class=\"_ _36\"> </span>rischio <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>tr<span class=\"_ _1\"></span>ansizione <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>manifest<span class=\"_ _1\"></span>a <span class=\"_ _37\"> </span>come variazione <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>prezzo  (p<span class=\"_ _2\"></span>ercezione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>mer<span class=\"_ _1\"></span>cato) <span class=\"_ _35\"> </span>innescata <span class=\"_ _35\"> </span>dalla <span class=\"_ _35\"> </span>transizione <span class=\"_ _35\"> </span>(aumento <span class=\"_ _35\"> </span>prezzi energia, norme di efficientamento ener<span class=\"_ _1\"></span>getico). <span class=\"_ _42\"> </span><span class=\"ff4\">\u00abRischio <span class=\"_ _38\"></span>Fisico\u00bb <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ul <span class=\"_ _38\"></span>portafoglio <span class=\"_ _0\"></span>Imprese: <span class=\"_ _38\"></span>volto <span class=\"_ _0\"></span>a <span class=\"_ _1\"></span>ra<span class=\"_ _1\"></span>ppresentare <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>pote<span class=\"_ _1\"></span>nziali <span class=\"_ _38\"></span>danni <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>fabbricati<span class=\"_ _3a1\"> </span></span>e/o alla catena di produzione-distribuzione connes<span class=\"_ _1\"></span>si ad eventi climatici (alluvioni /frane). I suddetti <span class=\"_ _1\"></span>aspetti <span class=\"_ _1\"></span>sono st<span class=\"_ _1\"></span>ati approcciati per <span class=\"_ _1\"></span>valutarne <span class=\"_ _1\"></span>l\u2019integrazione ne<span class=\"_ _1\"></span>l Framework <span class=\"_ _1\"></span>di Stress<span class=\"_ _1\"></span> Test Gestionale <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Gruppo <span class=\"_ _1\"></span>(processi ICAAP <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>RAF), a <span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>guire saranno <span class=\"_ _1\"></span>valutati <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>termini <span class=\"_ _1\"></span>di r<span class=\"_ _1\"></span>ilevanza ai fini dell\u2019inclusione nel Framework IFRS9. A fronte <span class=\"_ _1\"></span>della progettualit\u00e0 in corso relativa alla ge<span class=\"_ _1\"></span>stione dei rischi ESG nella modellistica IFRS<span class=\"_ _1\"></span>9, \u00e8 stata i<span class=\"_ _2\"></span>ntrodotta <span class=\"_ _2\"></span>una <span class=\"_ _3b\"></span>copertura<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>aggiuntiva a <span class=\"_ _3b\"></span>partire d<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>giugno <span class=\"_ _3b\"></span>2024 qual<span class=\"_ _2\"></span>e anticip<span class=\"_ _2\"></span>azione <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>ta<span class=\"_ _1\"></span>li <span class=\"_ _3b\"></span>effe<span class=\"_ _1\"></span>tti sul <span class=\"_ _35\"> </span>portafoglio <span class=\"_ _35\"> </span>crediti <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>ssere. <span class=\"_ _35\"> </span> <span class=\"_ _0\"> </span>P<span class=\"_ _1\"></span>er <span class=\"_ _35\"> </span>maggiori <span class=\"_ _35\"> </span>dettagli <span class=\"_ _35\"> </span>sui <span class=\"_ _35\"> </span>relativi<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>impatti <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>rimanda <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>Not<span class=\"_ _1\"></span>a Integrativa \u2013 Parte A \u2013 Sezione 5. 2. Politiche di ges<span class=\"_ _1\"></span>tione del rischio di cre<span class=\"_ _1\"></span>dito<span class=\"_ _3a1\"> </span>2.1 Aspetti or<span class=\"_ _1\"></span>ganizzativi Il Servizio Crediti di Credito Emiliano \u00e8 organizzato seco<span class=\"_ _3a1\"> </span>ndo tre aree di responsabilit\u00e0: <span class=\"_ _3e\"> </span><span class=\"ff4\">Credit <span class=\"_ _1\"></span>Strategy e Monitoring, che <span class=\"_ _1\"></span>definisce obiettivi <span class=\"_ _1\"></span>e linee guida <span class=\"_ _1\"></span>di sviluppo del <span class=\"_ _1\"></span>credito inteso </span>come <span class=\"_ _0\"></span>b<span class=\"_ _3a1\"> </span>usiness <span class=\"_ _0\"></span>line <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>coerenza <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>gli <span class=\"_ _0\"></span>obiettivi <span class=\"_ _0\"></span>ed<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>RAF <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>grupp<span class=\"_ _2\"></span>o, <span class=\"_ _0\"></span>effettua <span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>controlli <span class=\"_ _0\"></span>sulla<span class=\"_ _3a1\"> </span>filiera <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>credito, r<span class=\"_ _2\"></span>edige <span class=\"_ _2\"></span>la <span class=\"_ _3b\"></span>regolamentazione interna<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>e <span class=\"_ _3b\"></span>definisce <span class=\"_ _3b\"></span>i princip<span class=\"_ _2\"></span>ali <span class=\"_ _3b\"></span>st<span class=\"_ _1\"></span>rumenti, <span class=\"_ _3b\"></span>pr<span class=\"_ _1\"></span>ocessi e mod<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>lli <span class=\"_ _3b\"></span>a supp<span class=\"_ _2\"></span>orto dell\u2019<span class=\"_ _2\"></span>intero p<span class=\"_ _2\"></span>rocesso <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>credito (fatte <span class=\"_ _3b\"></span>salve <span class=\"_ _3b\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>attribuzioni <span class=\"_ _3b\"></span>di responsabilit\u00e0 al servizio ERISK in relazione ai modelli rientranti ne<span class=\"_ _1\"></span>l perimetro IRB); <span class=\"_ _3e\"> </span><span class=\"ff4\">Credit Management, che attraverso l\u2019attivit\u00e0 deliber<span class=\"_ _1\"></span>ativa e la consulenza tecnica alle strutture </span>commerciali <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>alle <span class=\"_ _0\"></span>Socie<span class=\"_ _2\"></span>t\u00e0 <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>perimetro <span class=\"_ _0\"></span>garantisce <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>tempo <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>profilo <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>rischiosit<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _0\"></span>degli impieghi <span class=\"_ _2\"></span>coerente con gl<span class=\"_ _2\"></span>i obiettivi<span class=\"_ _2\"></span> di<span class=\"_ _2\"></span> strategy definiti, <span class=\"_ _3b\"></span>pres<span class=\"_ _1\"></span>idiando <span class=\"_ _3b\"></span>il corretto ripag<span class=\"_ _2\"></span>amento delle posizioni anomale; <span class=\"_ _3e\"> </span><span class=\"ff4\">Non-Performing <span class=\"_ _35\"> </span>Credit, <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>occupa <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>attivit\u00e0  di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>gestione <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>recupero <span class=\"_ _35\"> </span>sul <span class=\"_ _35\"> </span>credito <span class=\"_ _35\"> </span>non </span>performing. Le <span class=\"_ _0\"></span>linee <span class=\"_ _0\"></span>guid<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Credit <span class=\"_ _0\"></span>Strategy <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>engono <span class=\"_ _0\"></span>approvate <span class=\"_ _0\"></span>dallo <span class=\"_ _0\"></span>speci<span class=\"_ _2\"></span>fico <span class=\"_ _0\"></span>Comitato <span class=\"_ _0\"></span>Credit <span class=\"_ _0\"></span>Strategy <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i Gruppo e deliberate dal <span class=\"_ _2\"></span>Consiglio di A<span class=\"_ _2\"></span>mministrazione. Relativamente al perimetro NPL, <span class=\"_ _2\"></span>il Comitato Crediti Non Performing di Gruppo, si occupa di defini<span class=\"_ _2\"></span>re specifiche a<span class=\"_ _1\"></span>zioni di indirizzo strategic<span class=\"_ _2\"></span>o e di monitoraggio, anche relativamente <span class=\"_ _1\"></span>all\u2019andamento degli indicatori SREP di competenza. Nella  gestione <span class=\"_ _35\"> </span>del  rischio  d<span class=\"_ _2\"></span>i  credito <span class=\"_ _35\"> </span>concorrono  inoltre,  p<span class=\"_ _2\"></span>er  le <span class=\"_ _35\"> </span>rispettive  aree  di <span class=\"_ _35\"> </span>competenza, processi di responsabilit\u00e0 del Servizio di Gruppo Erisk:  <span class=\"_ _3e\"> </span><span class=\"ff4\">Il Risk <span class=\"_ _1\"></span>Appetite <span class=\"_ _1\"></span>Framework, <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>cui sono <span class=\"_ _1\"></span>definiti t<span class=\"_ _1\"></span>olerance e <span class=\"_ _1\"></span>appetite <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>gli indicatori <span class=\"_ _1\"></span>relativi <span class=\"_ _1\"></span>al<span class=\"_ _3a1\"> </span></span>rischio di credito sia in termini di performing loan che di non performing loan; <span class=\"_ _3e\"> </span><span class=\"ff4\">Gestione <span class=\"_ _35\"> </span>Sistema <span class=\"_ _35\"> </span>interno <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>rating,<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>per  l<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>responsabilit\u00e0 <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>Sistema <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>rating <span class=\"_ _35\"> </span>Corporate <span class=\"_ _35\"> </span>e<span class=\"_ _3a1\"> </span></span>Retail, <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>l\u2019attribuzione <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>rating <span class=\"_ _1\"></span>alle <span class=\"_ _38\"></span>singole <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>roparti, <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>calibrazione <span class=\"_ _38\"></span>dei <span class=\"_ _1\"></span>parametr<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span>per la relativa convalida. Le <span class=\"_ _35\"> </span>disposizioni <span class=\"_ _35\"> </span>introdotte  dal<span class=\"_ _2\"></span>la <span class=\"_ _35\"> </span>normativa <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>riferimento <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>l\u2019adozione <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>modelli <span class=\"_ _35\"> </span>interni <span class=\"_ _35\"> </span>ed <span class=\"_ _35\"> </span>i successivi <span class=\"_ _0\"></span>aggiornament<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>stati <span class=\"_ _0\"></span>siste<span class=\"_ _1\"></span>maticamente <span class=\"_ _0\"></span>accolti <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>Cre<span class=\"_ _1\"></span>dito <span class=\"_ _0\"></span>Emiliano <span class=\"_ _0\"></span>S.p.A. <span class=\"_ _0\"></span>come un\u2019opportunit\u00e0 <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>migliorare <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>stione <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>incrementare <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>valore <span class=\"_ _1\"></span>generato <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>gli azionisti, <span class=\"_ _1\"></span>grazie <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>storica <span class=\"_ _1\"></span>qualit\u00e0 <span class=\"_ _1\"></span>dell\u2019att<span class=\"_ _1\"></span>ivo cr<span class=\"_ _1\"></span>editizio <span class=\"_ _1\"></span>nonch\u00e9 <span class=\"_ _1\"></span>all\u2019ampia e <span class=\"_ _1\"></span>cons<span class=\"_ _1\"></span>olidata <span class=\"_ _1\"></span>diffusione degli <span class=\"_ _3a\"> </span>strumenti <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>rating <span class=\"_ _3a\"> </span>utilizzati <span class=\"_ _3a\"> </span>nell\u2019attivit\u00e0 <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>valutazione, <span class=\"_ _3a\"> </span>erogazione, <span class=\"_ _3a\"> </span>monitoraggio <span class=\"_ _3a\"> </span>e prezzatura del credito. 2.2 Sistemi di ges<span class=\"_ _1\"></span>tione, misurazione <span class=\"_ _1\"></span>e controllo L\u2019attivit\u00e0  di <span class=\"_ _35\"> </span>valutazione  ed  e<span class=\"_ _2\"></span>rogazione  del <span class=\"_ _35\"> </span>cre<span class=\"_ _1\"></span>dito \u00e8<span class=\"_ _3a1\"> </span>d<span class=\"_ _3a1\"> </span>i<span class=\"_ _3a1\"> </span>ff<span class=\"_ _3a1\"> </span>erenziata  a <span class=\"_ _35\"> </span>seconda  della <span class=\"_ _35\"> </span>tipologia  di clientela. P<span class=\"_ _1\"></span>i\u00f9 precisame<span class=\"_ _1\"></span>nte, per il s<span class=\"_ _1\"></span>egmento <span class=\"_ _1\"></span>corporate \u00e8<span class=\"_ _1\"></span> in <span class=\"_ _1\"></span>uso un sis<span class=\"_ _1\"></span>tema \u201ces<span class=\"_ _1\"></span>perto\u201d che <span class=\"_ _1\"></span>guida la formulazione <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>proposta <span class=\"_ _1\"></span>di affidamento e<span class=\"_ _1\"></span>d \u00e8 <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>base <span class=\"_ _1\"></span>del s<span class=\"_ _1\"></span>istema <span class=\"_ _1\"></span>di rating. <span class=\"_ _1\"></span>Tale <span class=\"_ _1\"></span>metodologia si <span class=\"_ _0\"></span>basa <span class=\"_ _38\"></span>su <span class=\"_ _0\"></span>logich<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>analisi <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>componenti <span class=\"_ _38\"></span>economico-patrimoniali <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>bilancio <span class=\"_ _38\"></span>integra<span class=\"_ _1\"></span>te <span class=\"_ _0\"></span>dalla valutazione <span class=\"_ _37\"> </span>dei <span class=\"_ _36\"> </span>flussi <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>cassa, <span class=\"_ _37\"> </span>dati <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>centrale <span class=\"_ _37\"> </span>rischi, <span class=\"_ _36\"> </span>nonch\u00e9 <span class=\"_ _37\"> </span>da <span class=\"_ _37\"> </span>valutazioni <span class=\"_ _37\"> </span>qualitative <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>ul posizionamento competitivo, sui rischi di business e sull\u2019appartenenza al gruppo. Per i<span class=\"_ _2\"></span>l <span class=\"_ _3b\"></span>segme<span class=\"_ _1\"></span>nto <span class=\"_ _3b\"></span>small bu<span class=\"_ _2\"></span>siness, <span class=\"_ _3b\"></span>nell\u2019ambito della <span class=\"_ _3b\"></span>stessa <span class=\"_ _2\"></span>metodologia <span class=\"_ _3b\"></span>gener<span class=\"_ _1\"></span>ale <span class=\"_ _3b\"></span>di val<span class=\"_ _2\"></span>utazione, <span class=\"_ _2\"></span>sono state <span class=\"_ _1\"></span>applicate delle <span class=\"_ _1\"></span>differenziazioni per <span class=\"_ _1\"></span>dare <span class=\"_ _1\"></span>maggior <span class=\"_ _1\"></span>peso alle infor<span class=\"_ _1\"></span>mazioni di t<span class=\"_ _1\"></span>ipo andamentale e d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>ce<span class=\"_ _1\"></span>ntrale dei <span class=\"_ _184\"></span>r<span class=\"_ _1\"></span>ischi, <span class=\"_ _3b\"></span>che forniscono <span class=\"_ _3b\"></span>un contributo <span class=\"_ _3b\"></span>import<span class=\"_ _1\"></span>ante <span class=\"_ _2\"></span>alla <span class=\"_ _3b\"></span>capacit\u00e0 <span class=\"_ _2\"></span>predittiva d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>default.  Per il <span class=\"_ _3b\"></span>se<span class=\"_ _1\"></span>gmento delle <span class=\"_ _3b\"></span>m<span class=\"_ _1\"></span>icroattivit\u00e0 <span class=\"_ _2\"></span>e dei <span class=\"_ _3b\"></span>privati consumatori \u00e8 <span class=\"_ _3b\"></span>stato sviluppato <span class=\"_ _2\"></span>un sistema di<span class=\"_ _2\"></span> rating specificamente <span class=\"_ _38\"></span>calibrato <span class=\"_ _1\"></span>su <span class=\"_ _38\"></span>questa <span class=\"_ _1\"></span>tipologia <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>clientela <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>supporto <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>processi <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>approvazione delle operazioni. Inoltre, <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>tutta <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>clientela <span class=\"_ _0\"></span>Banca <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>attivo <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>modello <span class=\"_ _0\"></span>interno <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Loss <span class=\"_ _0\"></span>Given <span class=\"_ _0\"></span>Default <span class=\"_ _0\"></span>(LGD) <span class=\"_ _0\"></span>che valuta la p<span class=\"_ _2\"></span>otenziale perdita <span class=\"_ _2\"></span>dato i<span class=\"_ _2\"></span>l default della <span class=\"_ _2\"></span>controparte, <span class=\"_ _2\"></span>tenendo in considerazione la<span class=\"_ _3b\"></span> tipologia di cont<span class=\"_ _1\"></span>roparte, <span class=\"_ _1\"></span>l\u2019ammontare <span class=\"_ _1\"></span>dell\u2019esposizione, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>tipologia <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>forma <span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>cnica e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>le e<span class=\"_ _1\"></span>ventuali garanzie a sostegno della posizione. Tutti <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>sistemi <span class=\"_ _38\"></span>sono <span class=\"_ _1\"></span>dire<span class=\"_ _1\"></span>ttamente <span class=\"_ _1\"></span>integrati <span class=\"_ _38\"></span>nella <span class=\"_ _1\"></span>propos<span class=\"_ _1\"></span>ta <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>affidamento; <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>Pratica <span class=\"_ _38\"></span>Elettronica <span class=\"_ _1\"></span>di Fido <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>operativa <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>tutti <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>gestori <span class=\"_ _0\"></span>privati <span class=\"_ _0\"></span>e <span class=\"_ _0\"> </span>a<span class=\"_ _1\"></span>ziende. <span class=\"_ _0\"></span>La <span class=\"_ _0\"> </span>piatt<span class=\"_ _1\"></span>aforma <span class=\"_ _0\"></span>garantisce <span class=\"_ _0\"></span>un <span class=\"_ _35\"> </span>elevato <span class=\"_ _0\"></span>data quality ed efficienza nei processi di istruttor<span class=\"_ _1\"></span>ia e delibera di affidamenti e rating.  Un  pi<span class=\"_ _2\"></span>lastro  fondamentale  di<span class=\"_ _2\"></span>  gov<span class=\"_ _2\"></span>ernance  del <span class=\"_ _35\"> </span>credito  \u00e8 <span class=\"_ _35\"> </span>cost<span class=\"_ _1\"></span>ituito  in<span class=\"_ _2\"></span>oltre  dall<span class=\"_ _2\"></span>\u2019assegnazione  \u201cad personam\u201d <span class=\"_ _37\"> </span>delle <span class=\"_ _3d\"> </span>a<span class=\"_ _1\"></span>utonomie <span class=\"_ _37\"> </span>delegate, <span class=\"_ _3d\"> </span>previa <span class=\"_ _37\"> </span>valutazione <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>ul <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>ingolo <span class=\"_ _3d\"> </span>deliberante<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>eleme<span class=\"_ _1\"></span>nti fondamentali quali le <span class=\"_ _1\"></span>compet<span class=\"_ _1\"></span>enze, i <span class=\"_ _1\"></span>risultati <span class=\"_ _1\"></span>conseguiti nella ge<span class=\"_ _1\"></span>stione ed <span class=\"_ _1\"></span>erogazione del <span class=\"_ _1\"></span>credito e l\u2019attivit\u00e0 formativa fruita. I <span class=\"_ _35\"> </span>poteri  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>delega <span class=\"_ _35\"> </span>si  b<span class=\"_ _2\"></span>asano, <span class=\"_ _35\"> </span>attualment<span class=\"_ _1\"></span>e <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>so<span class=\"_ _1\"></span>la <span class=\"_ _35\"> </span>Credembanca, <span class=\"_ _35\"> </span>sull\u2019indicatore <span class=\"_ _35\"> </span>\u201cAccordato Ponderato\u201d, che applicando dei pesi alle singole <span class=\"_ _1\"></span>componenti della posizione affidata ne sintetizza la rischiosit\u00e0 in rapporto alle policy ed alle serie storiche de<span class=\"_ _1\"></span>i defau<span class=\"_ _2\"></span>lt.     Negli ultimi <span class=\"_ _1\"></span>anni, l'implementazione <span class=\"_ _1\"></span>di investimenti tecnologici e l'<span class=\"_ _1\"></span>adozione di Advanced Analytics hanno note<span class=\"_ _1\"></span>volmente potenziato <span class=\"_ _1\"></span>i me<span class=\"_ _1\"></span>ccanismi \"automatici\" <span class=\"_ _1\"></span>per il m<span class=\"_ _1\"></span>onitoraggio e <span class=\"_ _1\"></span>l'origination, con particolare <span class=\"_ _48\"> </span>atte<span class=\"_ _1\"></span>nzione <span class=\"_ _48\"> </span>all'evoluzione <span class=\"_ _48\"> </span>dell'Openbanking. <span class=\"_ _48\"> </span>In <span class=\"_ _48\"> </span>ques<span class=\"_ _1\"></span>to <span class=\"_ _48\"> </span>contesto, <span class=\"_ _48\"> </span>l'Indicatore <span class=\"_ _17e\"> </span>di Monitoraggio <span class=\"_ _3d\"> </span>Andamentale <span class=\"_ _3d\"> </span>(IMA), <span class=\"_ _3d\"> </span>un <span class=\"_ _3d\"> </span>Modello <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>Early <span class=\"_ _3d\"> </span>Warning,  gioca <span class=\"_ _3d\"> </span>un <span class=\"_ _3d\"> </span>r<span class=\"_ _1\"></span>uolo  ce<span class=\"_ _1\"></span>ntrale <span class=\"_ _3d\"> </span>nella previsione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>comportamenti <span class=\"_ _0\"></span>creditizi <span class=\"_ _0\"></span>anomali <span class=\"_ _0\"></span>prima <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>si <span class=\"_ _38\"></span>manifestino, <span class=\"_ _0\"></span>contribuendo <span class=\"_ _0\"></span>anche <span class=\"_ _0\"></span>al calcolo <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>Massimo <span class=\"_ _3d\"> </span>Accordato <span class=\"_ _3d\"> </span>Concedibile <span class=\"_ _3d\"> </span>(MAC),  il <span class=\"_ _3d\"> </span>quale <span class=\"_ _3d\"> </span>rapprese<span class=\"_ _1\"></span>nta <span class=\"_ _3d\"> </span>il  massimo <span class=\"_ _37\"> </span>livello  di affidamento attribuibile automaticamente <span class=\"_ _1\"></span>a una controparte. L'efficacia  di  qu<span class=\"_ _2\"></span>esti  strument<span class=\"_ _1\"></span>i  si  tradu<span class=\"_ _2\"></span>ce  in  una  maggiore  industrializzazione  del  processo  di<span class=\"_ _3b\"></span> concessione del cr<span class=\"_ _2\"></span>edito, facili<span class=\"_ _2\"></span>tando la <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ealizzazione di<span class=\"_ _2\"></span> campagne automatiche. D<span class=\"_ _2\"></span>a evidenziare <span class=\"_ _2\"></span>\u00e8 l<span class=\"_ _2\"></span>a capacit\u00e0 <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>q<span class=\"_ _1\"></span>uesti <span class=\"_ _36\"> </span>indicatori <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>cons<span class=\"_ _1\"></span>iderare, <span class=\"_ _37\"> </span>in <span class=\"_ _36\"> </span>diverse <span class=\"_ _37\"> </span>fasi <span class=\"_ _36\"> </span>storiche, <span class=\"_ _36\"> </span>il <span class=\"_ _37\"> </span>contesto <span class=\"_ _37\"> </span>e<span class=\"_ _1\"></span>conomico circostante, <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>me <span class=\"_ _1\"></span>evidenziato <span class=\"_ _38\"></span>durante <span class=\"_ _38\"></span>periodi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>crisi <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>contes<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>geopolitici <span class=\"_ _1\"></span>(ad <span class=\"_ _38\"></span>esempio, <span class=\"_ _38\"></span>conflitti bellici). <span class=\"_ _0\"></span>Queste <span class=\"_ _0\"></span>valutazioni <span class=\"_ _0\"></span>forward-looking <span class=\"_ _0\"></span>consentono <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>conte<span class=\"_ _1\"></span>stualizzare <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>graduare <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>azioni commerciali in modo dinamico. Inoltre, l'adozione di m<span class=\"_ _2\"></span>etodologie di Early Wa<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ning sta p<span class=\"_ _2\"></span>rogressivamente permettendo di su<span class=\"_ _2\"></span>perare il tradizionale <span class=\"_ _1\"></span>concetto di scadenze <span class=\"_ _1\"></span>di revisioni per<span class=\"_ _1\"></span>iodiche, orientandosi verso <span class=\"_ _1\"></span>logiche di revisione di <span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rito <span class=\"_ _38\"></span>richieste <span class=\"_ _38\"></span>ad <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>vento, <span class=\"_ _1\"></span>ovvero <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>ris<span class=\"_ _1\"></span>posta <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>motivi <span class=\"_ _38\"></span>specifici <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>credito<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>atteso <span class=\"_ _38\"></span>che emergono nel corso dell'attivit\u00e0. A <span class=\"_ _0\"></span>supporto <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>elle <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span> <span class=\"_ _0\"></span>presidio <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>credito, <span class=\"_ _0\"></span>all\u2019<span class=\"_ _2\"></span>ormai <span class=\"_ _0\"></span>consolidato <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>istema <span class=\"_ _0\"></span>di early warning <span class=\"_ _36\"> </span> <span class=\"_ _36\"> </span>(sviluppato <span class=\"_ _36\"> </span>negli <span class=\"_ _36\"> </span>anni <span class=\"_ _36\"> </span>per <span class=\"_ _36\"> </span>pre<span class=\"_ _1\"></span>venire <span class=\"_ _36\"> </span>il <span class=\"_ _36\"> </span>degrado <span class=\"_ _36\"> </span>delle <span class=\"_ _36\"> </span>posizioni <span class=\"_ _36\"> </span>operando <span class=\"_ _36\"> </span>in <span class=\"_ _36\"> </span>ottica predittiva),  \u00e8 <span class=\"_ _35\"> </span>affiancata  un\u2019attivit\u00e0  d<span class=\"_ _2\"></span>i  presidio <span class=\"_ _35\"> </span>rafforzato  che  h<span class=\"_ _2\"></span>a  riguardato <span class=\"_ _35\"> </span>tutt<span class=\"_ _1\"></span>o  il<span class=\"_ _2\"></span>  portafoglio creditizio, <span class=\"_ _3b\"></span>indivi<span class=\"_ _1\"></span>duando <span class=\"_ _3b\"></span>i clienti <span class=\"_ _2\"></span>potenzialmente maggiormente <span class=\"_ _3b\"></span>impattat<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>dal costo <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>ll\u2019energia, <span class=\"_ _3b\"></span>dal costo <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>materie <span class=\"_ _1\"></span>prime <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>dalla <span class=\"_ _1\"></span>contrazione <span class=\"_ _1\"></span>dell\u2019offerta <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>materie <span class=\"_ _1\"></span>prime <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>sulla <span class=\"_ _1\"></span>base <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>settori identificati <span class=\"_ _3d\"> </span>come<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>pi\u00f9 <span class=\"_ _37\"> </span>vulnerabili <span class=\"_ _3d\"> </span>(fra <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>primi <span class=\"_ _37\"> </span>l\u2019industria <span class=\"_ _3d\"> </span>cartaria, <span class=\"_ _3d\"> </span>la <span class=\"_ _37\"> </span>produzione <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>piastrelle <span class=\"_ _37\"> </span>in ceramica, <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>settore <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>meta<span class=\"_ _1\"></span>llurgia,<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>l\u2019automotive ed <span class=\"_ _1\"></span>infine <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>settori <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>legno/agroalime<span class=\"_ _1\"></span>ntare). A partire <span class=\"_ _35\"> </span>dall\u2019<span class=\"_ _2\"></span>anno <span class=\"_ _35\"> </span>2020 <span class=\"_ _0\"></span>Cre<span class=\"_ _1\"></span>dem <span class=\"_ _0\"></span>ha <span class=\"_ _35\"> </span>eseguito <span class=\"_ _35\"> </span>un <span class=\"_ _0\"></span>assessment <span class=\"_ _35\"> </span>con <span class=\"_ _0\"></span>rifer<span class=\"_ _1\"></span>imento <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>documento <span class=\"_ _35\"> </span>EBA relativo <span class=\"_ _38\"></span>alle <span class=\"_ _1\"></span>guidelines <span class=\"_ _38\"></span>on <span class=\"_ _1\"></span>loan <span class=\"_ _1\"></span>origination <span class=\"_ _1\"></span>and <span class=\"_ _38\"></span>monitoring <span class=\"_ _38\"></span>con <span class=\"_ _1\"></span>l\u2019obiettivo <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>individuare <span class=\"_ _1\"></span>gli <span class=\"_ _38\"></span>impatti che <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>regolament<span class=\"_ _1\"></span>azione <span class=\"_ _0\"></span>avrebbe <span class=\"_ _0\"></span>determinato <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>u <span class=\"_ _0\"></span>governance, <span class=\"_ _0\"></span>strategie <span class=\"_ _0\"></span>creditizie, <span class=\"_ _0\"> </span>pr<span class=\"_ _1\"></span>ocessi <span class=\"_ _0\"></span>del credito <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>sistemi <span class=\"_ _0\"></span>IT. <span class=\"_ _38\"></span>Nel <span class=\"_ _0\"></span>corso <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _0\"></span>2024 <span class=\"_ _38\"></span>sono<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>stati <span class=\"_ _0\"></span>realizzati <span class=\"_ _0\"></span>ul<span class=\"_ _2\"></span>teriori <span class=\"_ _0\"></span>interventi <span class=\"_ _38\"></span>organizzativi <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>di governo <span class=\"_ _1\"></span>atti ad addivenire <span class=\"_ _1\"></span>ad una <span class=\"_ _1\"></span>piena aderenza <span class=\"_ _1\"></span>alle indicazioni nor<span class=\"_ _1\"></span>mative delle linee <span class=\"_ _1\"></span>guida EBA. La <span class=\"_ _35\"> </span>funzione <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>definizione <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>controllo <span class=\"_ _35\"> </span>dei<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>limiti <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>affidamento <span class=\"_ _35\"> </span>si <span class=\"_ _35\"> </span>avvale <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>upporto <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>uno specifico Comitato Crediti di Gruppo che fissa, tra gli altri, il Credit Limit principale su cui si basa la Policy  che<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>\u00e8  la <span class=\"_ _35\"> </span>Soglia <span class=\"_ _35\"> </span>di  M<span class=\"_ _2\"></span>assima <span class=\"_ _35\"> </span>Esposizione  (SME),<span class=\"_ _2\"></span>  c<span class=\"_ _2\"></span>io\u00e8  l\u2019ammontare <span class=\"_ _35\"> </span>massimo <span class=\"_ _35\"> </span>di  rischio<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>di credito <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _0\"></span>intende <span class=\"_ _35\"> </span>a<span class=\"_ _2\"></span>ssumere <span class=\"_ _35\"> </span>verso <span class=\"_ _0\"></span>una <span class=\"_ _35\"> </span>controparte <span class=\"_ _0\"></span>(o <span class=\"_ _35\"> </span>gruppo <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>soggetti <span class=\"_ _0\"></span>collegati) incluse l<span class=\"_ _2\"></span>e esposizioni d<span class=\"_ _2\"></span>erivanti dai <span class=\"_ _3b\"></span>tit<span class=\"_ _1\"></span>oli. <span class=\"_ _2\"></span>La defini<span class=\"_ _2\"></span>zione di <span class=\"_ _3b\"></span>tale<span class=\"_ _1\"></span> soglia <span class=\"_ _3b\"></span>prende a riferimento <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Capitale Ammissibile <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>ruppo <span class=\"_ _1\"></span>ed <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>limiti <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>Vigilanza. <span class=\"_ _1\"></span>Il <span class=\"_ _38\"></span>Comitat<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>responsabile <span class=\"_ _1\"></span>inoltre <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ndicontare <span class=\"_ _1\"></span>le posizioni <span class=\"_ _38\"></span>che, <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>eguito <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>specifiche <span class=\"_ _38\"></span>decisioni, <span class=\"_ _0\"></span>superano <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>sogli<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>definite. <span class=\"_ _38\"></span>Il <span class=\"_ _0\"></span>superamento <span class=\"_ _38\"></span>delle \u201cSoglie di Massima Esposizione\u201d <span class=\"_ _2\"></span>si configura come \u201cOperazione <span class=\"_ _3b\"></span>di Maggior Rilievo\u201d ai sensi del <span class=\"_ _2\"></span>15\u00b0 aggiornamento del 2 luglio 2013 della Circolare n. 263 <span class=\"_ _1\"></span>del 27 dicembre 2006.  Il Gruppo Cr<span class=\"_ _1\"></span>edem ha individuato come<span class=\"_ _1\"></span> presupposto <span class=\"_ _1\"></span>per la gestione <span class=\"_ _1\"></span>dei rischi in o<span class=\"_ _1\"></span>ttica consolidata l\u2019individuazione di organismi di governo:  <span class=\"_ _3e\"> </span><span class=\"ff4\">CA d<span class=\"_ _2\"></span>ella Capogrupp<span class=\"_ _2\"></span>o: \u00e8 r<span class=\"_ _2\"></span>esponsabile della <span class=\"_ _3b\"></span>definizione delle <span class=\"_ _2\"></span>linee generali d<span class=\"_ _2\"></span>el governo <span class=\"_ _3b\"></span>dei rischi </span>e <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>isk <span class=\"_ _3b\"></span>appetite<span class=\"_ _1\"></span>, <span class=\"_ _3b\"></span>dell\u2019approvazione <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lla <span class=\"_ _3b\"></span>normativa <span class=\"_ _2\"></span>interna <span class=\"_ _2\"></span>che <span class=\"_ _3b\"></span>regolamenta <span class=\"_ _2\"></span>anche <span class=\"_ _3b\"></span>le s<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>rutture di limiti specifiche; <span class=\"_ _3e\"> </span><span class=\"ff4\">i <span class=\"_ _1\"></span>CA <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>singole <span class=\"_ _1\"></span>Societ\u00e0 r<span class=\"_ _1\"></span>ecepiscono <span class=\"_ _1\"></span>gli o<span class=\"_ _1\"></span>biettivi ass<span class=\"_ _1\"></span>egnati <span class=\"_ _1\"></span>dal CA <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>Capogruppo <span class=\"_ _1\"></span>rifer<span class=\"_ _1\"></span>iti <span class=\"_ _1\"></span>a </span>mission e profilo di rischio; <span class=\"_ _3e\"> </span><span class=\"ff4\">Comitato Esecutivo (di seguito CE): organo di gest<span class=\"_ _1\"></span>ione della Capogruppo.<span class=\"_ _3a1\"> </span></span>Sono inoltre state costituite Funzioni specialistiche all\u2019interno della Capogruppo ed in particolare<span class=\"_ _1\"></span>: <span class=\"_ _3e\"> </span><span class=\"ff4\">Comitato Consiliare Rischi e Sostenibilit\u00e0 di Gruppo (di seguito anche <span class=\"_ _1\"></span>Comitato Rischi);<span class=\"_ _3a1\"> </span></span><span class=\"_ _3e\"> </span><span class=\"ff4\">Comitato Risk Management; </span><span class=\"_ _3e\"> </span><span class=\"ff4\">Funzione di Risk Management, all\u2019interno de<span class=\"_ _1\"></span>l Servizio Enterprise Risk Management (ERISK).<span class=\"_ _3a1\"> </span></span>La <span class=\"_ _3b\"></span>Funzione <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>Risk Management <span class=\"_ _3b\"></span>\u00e8 <span class=\"_ _2\"></span>composta <span class=\"_ _3b\"></span>oltre <span class=\"_ _2\"></span>che <span class=\"_ _3b\"></span>dal <span class=\"_ _3b\"></span>Team<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>Leader <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>Direzione <span class=\"_ _3b\"></span>della <span class=\"_ _2\"></span>Funzione Risk Management (c.d. Risk Officer), individuato nel responsabile del Servizio ERISK, da: <span class=\"_ _3e\"> </span><span class=\"ff4\">Team Rischi di Credito; </span><span class=\"_ _3e\"> </span><span class=\"ff4\">Team Validazione;<span class=\"_ _3a1\"> </span></span><span class=\"_ _3e\"> </span><span class=\"ff4\">Team Governance, RAF, ESG e Operativi; </span><span class=\"_ _3e\"> </span><span class=\"ff4\">Team Rischi Finanziari e Wealth; </span><span class=\"_ _3e\"> </span><span class=\"ff4\">Information Security &amp; IT Risk Governance. </span>A  livello  di  p<span class=\"_ _2\"></span>ortafoglio,  le  analisi  p<span class=\"_ _2\"></span>eriodiche  e  il  monit<span class=\"_ _2\"></span>oraggio  sono  svolte <span class=\"_ _35\"> </span>dalla  funzione  Risk Management. Il Comitato Rischi svolge un r<span class=\"_ _1\"></span>uolo di supporto \u2013 <span class=\"_ _1\"></span>che si esplica in una preventiva att<span class=\"_ _1\"></span>ivit\u00e0 consultiva, istruttoria <span class=\"_ _36\"> </span>e <span class=\"_ _36\"> </span>nella <span class=\"_ _39\"> </span>formulazione <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>proposte <span class=\"_ _36\"> </span>e <span class=\"_ _39\"> </span>pareri <span class=\"_ _36\"> </span>\u2013 <span class=\"_ _36\"> </span>al <span class=\"_ _36\"> </span>fine <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>coadiuvare <span class=\"_ _39\"> </span>il <span class=\"_ _36\"> </span>Consiglio <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span>Amministrazione <span class=\"_ _1\"></span>nelle <span class=\"_ _1\"></span>sue <span class=\"_ _1\"></span>valutazioni <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>decisioni <span class=\"_ _1\"></span>relative <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>gestione <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>rischi e<span class=\"_ _1\"></span>d in <span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>nerale al sistema dei controlli <span class=\"_ _2\"></span>interni, per <span class=\"_ _2\"></span>garantirne l\u2019adeguatezza rispetto alle cara<span class=\"_ _2\"></span>tteristiche dell\u2019impresa in <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>elazione <span class=\"_ _38\"></span>all\u2019evoluzione <span class=\"_ _38\"></span>dell\u2019organizzazione <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>dell\u2019operativit\u00e0, <span class=\"_ _1\"></span>nonch\u00e9 <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>esto <span class=\"_ _38\"></span>normativo <span class=\"_ _38\"></span>di riferimento. In <span class=\"_ _0\"></span>particolare, <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>funzione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Risk <span class=\"_ _0\"></span>Management <span class=\"_ _0\"></span>consente <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>Consiglio <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>Amministr<span class=\"_ _1\"></span>azione, <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>il supporto <span class=\"_ _1\"></span>del Comitato <span class=\"_ _1\"></span>Rischi ed al CA <span class=\"_ _1\"></span>delle Societ\u00e0 (per <span class=\"_ _1\"></span>la parte di <span class=\"_ _1\"></span>competenza) <span class=\"_ _1\"></span>di poter s<span class=\"_ _1\"></span>volgere<span class=\"_ _2\"></span> un\u2019adeguata attivit\u00e0 valutativa volta a deliberare: <span class=\"_ _3e\"> </span><span class=\"ff4\">il <span class=\"_ _2\"></span>Risk Ap<span class=\"_ _2\"></span>petite Framework <span class=\"_ _3b\"></span>(con particolare <span class=\"_ _2\"></span>riferimento alla <span class=\"_ _3b\"></span>valutazione degli <span class=\"_ _3b\"></span>obiettivi di <span class=\"_ _3b\"></span>rischio<span class=\"_ _3a1\"> </span></span>e delle soglie di tolleranza) assicurando che l'attuazione sia coerente con gli obiettivi di rischio<span class=\"_ _3a1\"> </span>e le soglie di tolleranza approvate; <span class=\"_ _3e\"> </span><span class=\"ff4\">l\u2019andamento t<span class=\"_ _1\"></span>rimestrale <span class=\"_ _1\"></span>del profilo di <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>assunto <span class=\"_ _1\"></span>nel s<span class=\"_ _1\"></span>uo complesso r<span class=\"_ _1\"></span>ispetto <span class=\"_ _1\"></span>agli obiettivi </span>di Risk <span class=\"_ _1\"></span>Appetite<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>alle s<span class=\"_ _1\"></span>oglie <span class=\"_ _1\"></span>di toller<span class=\"_ _1\"></span>anza <span class=\"_ _1\"></span>relativamente <span class=\"_ _1\"></span>a tutt<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>gli indicatori <span class=\"_ _1\"></span>previsti <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>RAF <span class=\"_ _1\"></span>di Gruppo; <span class=\"_ _3e\"> </span><span class=\"ff4\">il Piano di Recovery; </span><span class=\"_ _3e\"> </span><span class=\"ff4\">i <span class=\"_ _1\"></span>cr<span class=\"_ _1\"></span>iteri <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>individuare <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>Operazioni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Maggior<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>Rilievo <span class=\"_ _1\"></span>(<span class=\"_ _1\"></span>OMR) <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>approvare <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>endicontazione<span class=\"_ _3a1\"> </span></span>annuale relativa; <span class=\"_ _3e\"> </span><span class=\"ff4\">le  metodologie <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>misurazione  e <span class=\"_ _35\"> </span>controllo  dei <span class=\"_ _35\"> </span>rischi  u<span class=\"_ _2\"></span>tilizzate  anche <span class=\"_ _35\"> </span>ai <span class=\"_ _35\"> </span>fini  del <span class=\"_ _35\"> </span>calcolo  d<span class=\"_ _2\"></span>el<span class=\"_ _3a1\"> </span></span>capitale interno e il perimetro dei rischi rilevanti, ne<span class=\"_ _1\"></span>ll\u2019ambito dei processi RAF, ICAAP e ILAAP. Il <span class=\"_ _1\"></span>2 <span class=\"_ _38\"></span>ot<span class=\"_ _1\"></span>tobre <span class=\"_ _38\"></span>2015 <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>Banca <span class=\"_ _38\"></span>d\u2019Italia <span class=\"_ _38\"></span>ha <span class=\"_ _38\"></span>autorizzato<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>ruppo <span class=\"_ _1\"></span>Cr<span class=\"_ _1\"></span>edem <span class=\"_ _38\"></span>ad <span class=\"_ _1\"></span>utilizzare <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>al <span class=\"_ _38\"></span>30 <span class=\"_ _38\"></span>settembre 2015 <span class=\"_ _37\"> </span>il <span class=\"_ _3d\"> </span>metodo <span class=\"_ _37\"> </span>IRB <span class=\"_ _37\"> </span>Advanced <span class=\"_ _3d\"> </span>(paramet<span class=\"_ _1\"></span>ri <span class=\"_ _3d\"> </span>PD, <span class=\"_ _37\"> </span>LGD, <span class=\"_ _37\"> </span>EAD) <span class=\"_ _3d\"> </span>per <span class=\"_ _37\"> </span>la <span class=\"_ _3d\"> </span>quantificazione <span class=\"_ _37\"> </span>del <span class=\"_ _37\"> </span>requisito patrimoniale  a  fronte  del  rischio  di  credito  dei  clienti  rientranti  nella  fu<span class=\"_ _2\"></span>nzione  regolament<span class=\"_ _1\"></span>are Corporate <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>Retail <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>Credito <span class=\"_ _3d\"> </span>Emiliano <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>Crede<span class=\"_ _1\"></span>mleasing. <span class=\"_ _3d\"> </span>Relativamente <span class=\"_ _37\"> </span>ai <span class=\"_ _3d\"> </span>modelli <span class=\"_ _37\"> </span>interni, <span class=\"_ _3d\"> </span>la funzione <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Risk <span class=\"_ _38\"></span>managem<span class=\"_ _1\"></span>ent <span class=\"_ _38\"></span>consente <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>CA, <span class=\"_ _0\"></span>con <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>supporto <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>Comitato <span class=\"_ _38\"></span>Rischi <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _38\"></span>al CA <span class=\"_ _38\"></span>delle Societ\u00e0 (per  la  parte  di  competenza)  di <span class=\"_ _35\"> </span>poter  s<span class=\"_ _1\"></span>volgere  un\u2019adeguata  attivit\u00e0  val<span class=\"_ _2\"></span>utativa  volta  a deliberare: <span class=\"_ _3e\"> </span><span class=\"ff4\">la conformit<span class=\"_ _1\"></span>\u00e0 dei <span class=\"_ _1\"></span>modelli interni ai <span class=\"_ _1\"></span>dett<span class=\"_ _1\"></span>ami previsti <span class=\"_ _1\"></span>dalla regolamentazione<span class=\"_ _1\"></span> prudenziale <span class=\"_ _1\"></span>previo<span class=\"_ _3a1\"> </span></span>parere del Collegio Sindacale; <span class=\"_ _3e\"> </span><span class=\"ff4\">i parame<span class=\"_ _1\"></span>tri di r<span class=\"_ _1\"></span>ischio re<span class=\"_ _1\"></span>lativi ai <span class=\"_ _1\"></span>modelli inter<span class=\"_ _1\"></span>ni utilizzati pr<span class=\"_ _1\"></span>evio p<span class=\"_ _1\"></span>arere <span class=\"_ _1\"></span>preventivo della <span class=\"_ _1\"></span>funzione<span class=\"_ _3a1\"> </span></span>di convalida. Nello <span class=\"_ _37\"> </span>specifico, <span class=\"_ _37\"> </span>con <span class=\"_ _37\"> </span>riferimento <span class=\"_ _37\"> </span>al <span class=\"_ _37\"> </span>Rischio <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>credito <span class=\"_ _37\"> </span>per <span class=\"_ _37\"> </span>le <span class=\"_ _3d\"> </span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _3d\"> </span>richieste <span class=\"_ _36\"> </span>dalla <span class=\"_ _3d\"> </span>disciplina prudenziale, la Funzione Risk Management<span class=\"_ _1\"></span> per il tramite del team Rischi di Credito:  <span class=\"_ _3e\"> </span><span class=\"ff4\">svolge  tutte  le  a<span class=\"_ _2\"></span>ttivit\u00e0  previste,  in  c<span class=\"_ _2\"></span>arico  a  tale  u<span class=\"_ _2\"></span>fficio,  dal  Regolamento  di <span class=\"_ _35\"> </span>\u201cGestione  del </span>sistema interno di rating\u201d; <span class=\"_ _3e\"> </span><span class=\"ff4\">svolge <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>gestionali <span class=\"_ _0\"></span>inere<span class=\"_ _1\"></span>nti <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>quantificazione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>credito <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>supporto<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>altre<span class=\"_ _3a1\"> </span></span>funzioni, <span class=\"_ _17e\"> </span>anche <span class=\"_ _17e\"> </span>con <span class=\"_ _44\"> </span>riferimento <span class=\"_ _44\"> </span>alle <span class=\"_ _17e\"> </span>operazioni <span class=\"_ _44\"> </span>con <span class=\"_ _17e\"> </span>soggetti <span class=\"_ _44\"> </span>collegati <span class=\"_ _17e\"> </span>e <span class=\"_ _44\"> </span>la <span class=\"_ _17e\"> </span>verifica<span class=\"_ _3a1\"> </span>dell\u2019adeguatezza delle valutazioni effettuate sui crediti deteriorati. Inoltre il team Validazione: <span class=\"_ _3e\"> </span><span class=\"ff4\">effettua la convalida d<span class=\"_ _2\"></span>ei modelli interni come previsto dal Regolamento \u201cGestione del S<span class=\"_ _2\"></span>istema </span>Interno di Rating\u201d e dal Regolamento <span class=\"_ _1\"></span>Risk Management di Gruppo; <span class=\"_ _3e\"> </span><span class=\"ff4\">effettua verifiche sulle attivit\u00e0 di controllo andamentale del credito. </span>2.3 Metodi di misuraz<span class=\"_ _1\"></span>ione delle perdite <span class=\"_ _1\"></span>attese Come <span class=\"_ _0\"></span>gi\u00e0 <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>sposto <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>lla <span class=\"_ _38\"></span>parte <span class=\"_ _0\"></span>A, <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>princi<span class=\"_ _2\"></span>pio <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>abi<span class=\"_ _3a1\"> </span>le <span class=\"_ _0\"></span>IFRS <span class=\"_ _0\"></span>9 <span class=\"_ _38\"></span>prevede <span class=\"_ _0\"></span>criteri<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>misurazione <span class=\"_ _38\"></span>delle perdite <span class=\"_ _1\"></span>attese che sono <span class=\"_ _1\"></span>articolati su t<span class=\"_ _1\"></span>re livelli cre<span class=\"_ _1\"></span>scenti di <span class=\"_ _1\"></span>deterioramento <span class=\"_ _1\"></span>creditizio. Gli str<span class=\"_ _1\"></span>umenti finanziari <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>raggruppati <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>tre <span class=\"_ _0\"></span>Stage <span class=\"_ _0\"> </span>(categor<span class=\"_ _1\"></span>ie <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>bucket), <span class=\"_ _0\"></span>sulla <span class=\"_ _0\"></span>base <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>credito <span class=\"_ _0\"></span>e dell'incremento del rischio di credito tr<span class=\"_ _1\"></span>a la rilevazione iniziale e la data di riferimento del bilancio. Nel dettaglio: <span class=\"_ _3e\"> </span><span class=\"ff4\">Stage 1: <span class=\"_ _184\"></span>strume<span class=\"_ _1\"></span>nti <span class=\"_ _3b\"></span>finanziari <span class=\"_ _2\"></span>performing <span class=\"_ _2\"></span>che <span class=\"_ _2\"></span>non <span class=\"_ _3b\"></span>hanno sub<span class=\"_ _2\"></span>ito u<span class=\"_ _2\"></span>n <span class=\"_ _3b\"></span>significativo <span class=\"_ _2\"></span>incremento della<span class=\"_ _3a1\"> </span></span>loro <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischiosit\u00e0 <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>segu<span class=\"_ _2\"></span>ito <span class=\"_ _38\"></span>alla <span class=\"_ _0\"></span>rilevazione <span class=\"_ _38\"></span>iniziale, <span class=\"_ _38\"></span>o <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>risultano <span class=\"_ _38\"></span>aver<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>una <span class=\"_ _0\"></span>bassa <span class=\"_ _38\"></span>rischiosit\u00e0<span class=\"_ _3a1\"> </span>alla dat<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>misurazione (perimetro <span class=\"_ _1\"></span>low <span class=\"_ _1\"></span>credit <span class=\"_ _1\"></span>risk). In <span class=\"_ _1\"></span>tal <span class=\"_ _1\"></span>caso <span class=\"_ _1\"></span>\u00e8 definita <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>rettifica <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>valore<span class=\"_ _3a1\"> </span>pari alla perdita attesa entro i successivi 12 m<span class=\"_ _1\"></span>esi della vita residua dello strumento. <span class=\"_ _3e\"> </span><span class=\"ff4\">Stage <span class=\"_ _0\"></span>2: <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>performing <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>hanno <span class=\"_ _0\"></span>subi<span class=\"_ _2\"></span>to <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>significativo <span class=\"_ _0\"></span>incremento <span class=\"_ _0\"></span>della </span>loro <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischiosit\u00e0 <span class=\"_ _3b\"></span>in segu<span class=\"_ _2\"></span>ito all<span class=\"_ _2\"></span>a <span class=\"_ _3b\"></span>rilevazione in<span class=\"_ _2\"></span>iziale <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>che <span class=\"_ _3b\"></span>non <span class=\"_ _2\"></span>risultano <span class=\"_ _3b\"></span>ave<span class=\"_ _1\"></span>re <span class=\"_ _3b\"></span>una bassa <span class=\"_ _184\"></span>r<span class=\"_ _1\"></span>ischiosit\u00e0 alla <span class=\"_ _0\"></span>data <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>misurazione. <span class=\"_ _35\"> </span>In<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>tal <span class=\"_ _0\"></span>caso <span class=\"_ _0\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>definita <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>rett<span class=\"_ _1\"></span>ifica <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>valore <span class=\"_ _35\"> </span>pari<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>perdita <span class=\"_ _0\"></span>attesa nell\u2019arco <span class=\"_ _35\"> </span>dell\u2019i<span class=\"_ _2\"></span>ntera <span class=\"_ _35\"> </span>vita <span class=\"_ _0\"></span>residua <span class=\"_ _0\"></span>dello <span class=\"_ _35\"> </span>strumento <span class=\"_ _0\"></span>(perdita <span class=\"_ _35\"> </span>attesa <span class=\"_ _0\"></span>sulla <span class=\"_ _35\"> </span>vita<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>residu<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>\u2013<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>lif<span class=\"_ _2\"></span>etime expected losses). <span class=\"_ _3e\"> </span><span class=\"ff4\">Stage <span class=\"_ _0\"></span>3: <span class=\"_ _0\"></span>strumenti <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>deteriorati, <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>mostr<span class=\"_ _1\"></span>ano <span class=\"_ _0\"></span>oggettive <span class=\"_ _0\"></span>evidenze <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>perdita <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span></span>valore. <span class=\"_ _3d\"> </span>La <span class=\"_ _3d\"> </span>rett<span class=\"_ _1\"></span>ifica <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>valore <span class=\"_ _3d\"> </span>\u00e8 <span class=\"_ _3d\"> </span>definita <span class=\"_ _3d\"> </span>analiticamente<span class=\"_ _1\"></span>  e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>copre <span class=\"_ _3d\"> </span>la <span class=\"_ _3d\"> </span>per<span class=\"_ _1\"></span>dita <span class=\"_ _3d\"> </span>attesa <span class=\"_ _3d\"> </span>nell'arco<span class=\"_ _3a1\"> </span>dell'intera vita residua del credito (perdita attesa<span class=\"_ _1\"></span> sulla vita residua \u2013 lifetime expected losses). \u2022<span class=\"_ _3e\"> </span><span class=\"ff4 ls26 ws39\">In generale le regole di alloc<span class=\"_ _2\"></span>azione nei tre Sta<span class=\"_ _2\"></span>ge definite dal Gruppo Credem, si fon<span class=\"_ _2\"></span>dano sui<span class=\"_ _3a1\"> </span></span>principali elementi forniti<span class=\"_ _1\"></span> dal sistema di rating interno nonch\u00e9 sui pri<span class=\"_ _1\"></span>ncipali indicatori di<span class=\"_ _3a1\"> </span>deterioramento creditizio monitorati dal Grup<span class=\"ls44\">p<span class=\"_ _2\"></span>o Credem per la gestione del rischio. </span>Il Gruppo identi<span class=\"_ _2\"></span>fica la presenza di un s<span class=\"_ _2\"></span>ignificativo incr<span class=\"_ _2\"></span>emento del rischio di cr<span class=\"_ _2\"></span>edito (SICR) nella rilevazione di un deterioramento di almeno 2 <span class=\"_ _2\"></span><span class=\"ls43 ws3e\">classi nel rating della <span class=\"ls45 ws3f\">controparte dal momento </span></span><span class=\"ls43 ws3e\"><span class=\"ls45 ws3f\"></span></span>della rilevazione iniziale. Nel c<span class=\"_ _2\"></span>ontempo le classi di rating assimilabili alla ca<span class=\"_ _2\"></span>tegoria \u201cinvestment-<span class=\"_ _3a1\"> </span>grade\u201d sono considerate profili di<span class=\"_ _1\"></span> bassa rischiosit<span class=\"ls26 ws39\">\u00e0; le esposizioni che, alla data di misurazi<span class=\"_ _2\"></span>one, </span><span class=\"ls26 ws39\"></span>rientrano in tali categorie sono cl<span class=\"ls46 ws43\">assificate dall\u2019<span class=\"_ _2\"></span>applicativo inter<span class=\"_ _2\"></span>no di riferiment<span class=\"_ _2\"></span>o in Stage 1, senz<span class=\"_ _2\"></span>a </span>necessit\u00e0 di verificare l\u2019eventual<span class=\"ls44 ws17\">e deterioramento del merito creditizio intervenut<span class=\"_ _2\"></span>o a seguito della </span>rilevazione iniziale (c<span class=\"_ _2\"></span>.d. low credit risk exemption).<span class=\"_ _2de\"></span>. Inoltre l\u2019inserimento del rapporto nella lista dei c<span class=\"_ _2\"></span><span class=\"ls3b ws47\">lienti sotto osservazione<span class=\"_ _2\"></span> perch\u00e9 valutati come a </span><span class=\"ls3b ws47\"></span>maggior rischio di deterioramento (cd. Watchlist)<span class=\"ls24 ws49\">, la presenza di misure di forbearance o <span class=\"_ _2\"></span>di </span><span class=\"ls24 ws49\"></span>scaduto continuativo di<span class=\"_ _2\"></span> oltre 30 giorni s<span class=\"_ _2\"></span>ono considerati segnali og<span class=\"_ _2\"></span>gettivi di deterioramen<span class=\"_ _2\"></span>to del merito creditizio: pertanto <span class=\"_ _2\"></span>gli strumenti finan<span class=\"_ _2\"></span>ziari<span class=\"ls4b ws4c\"> che presentano tali evidenze sono cl<span class=\"_ _1\"></span>assificati </span><span class=\"ls4b ws4c\"></span>direttamente in Stage 2 senza valutare la cont<span class=\"ls26 ws4e\">estuale presenza o meno di un significativo </span><span class=\"ls26 ws4e\"></span>incremento del rischio di credi<span class=\"_ _1\"></span>to n\u00e9 tanto meno<span class=\"ls3d ws50\"> <span class=\"_ _324\"></span> l\u2019aderenza ad un profilo ritenuto a bassa </span><span class=\"ls3d ws50\"></span>rischiosit\u00e0. Per l\u2019identificazion<span class=\"_ _2\"></span>e dei crediti deteriorati, e <span class=\"_ _2\"></span>la loro allocazion<span class=\"_ _2\"></span>e nel bucket di rischio Stag<span class=\"_ _2\"></span>e 3, il Gruppo Credem fa riferiment<span class=\"_ _2\"></span>o alla definizione interna di c<span class=\"_ _2\"></span>redito deteriorato discip<span class=\"_ _2\"></span>linata nel regolamento \u201cPolicy di grup<span class=\"_ _3b\"></span>po Crediti\u201d. Tale<span class=\"ls4f\"> regolamento specifica che sono c<span class=\"_ _2\"></span>onsiderate </span><span class=\"ls4f\"></span>\u201cdefault\u201d le categorie di credit<span class=\"_ _3b\"></span>i deteriorati in <span class=\"ls29 ws55\">conformit\u00e0 a quanto previsto in materia dalle </span><span class=\"ls29 ws55\"></span>disposizioni di Vigilan<span class=\"_ _2\"></span>za della Banc<span class=\"_ _2\"></span>a d\u2019Italia (Circolare n. 27<span class=\"_ _3b\"></span>2 30 luglio 2008 \u201cMatrice dei conti\u201d,<span class=\"_ _2\"></span> Sez. B Cap. II, \u201c<span class=\"_ _3b\"></span>Qualit\u00e0 del credito\u201d, 16\u00b0 aggiorn<span class=\"_ _3b\"></span>amento del 2 novembre 2022) dove son<span class=\"_ _2\"></span>o elencati i criteri e le caratteristiche richiesti per ogni ca<span class=\"ls44 ws59\">tegoria. La <span class=\"_ _2\"></span>definizione di default comprende le </span><span class=\"ls44 ws59\"></span>seguenti categorie, che rappresentano stat<span class=\"ls29 ws5b\">i di \u201cdefault\u201d di severit\u00e0 crescente: </span>\u2022<span class=\"_ _3e\"> </span><span class=\"ff4 ls26 ws45\">esposizioni scadute e/o sconfinanti deteriorate <span class=\"_ _2\"></span>(PS); </span>\u2022<span class=\"_ _3e\"> </span><span class=\"ff4 ls47 ws5c\">inadempienze probabili (IP); </span>\u2022<span class=\"_ _3e\"> </span><span class=\"ff4 ls54 wsd\">sofferenze (Z). </span>Per gli strumenti finanz<span class=\"_ _2\"></span>iari allocati in Stage 3, <span class=\"ls50 ws5e\">le rettifich<span class=\"_ _2\"></span>e di valore sono definite su base<span class=\"_ _3a1\"> </span></span>\u201cesperta\u201d in relazione alle evidenz<span class=\"_ _2\"></span>e dell\u2019attivit\u00e0 di gestione e recupero dei cr<span class=\"_ _2\"></span>editi deteriorati: per<span class=\"_ _3a1\"> </span>ciascun credito anomalo/<span class=\"_ _2\"></span>deteriorato, \u00e8 identi<span class=\"_ _2\"></span>fi<span class=\"ls53 ws61\">cata una percentuale di copertura idonea a<span class=\"_ _3a1\"> </span></span>rappresentare le perdite attese nella vita residua del credito, in relaz<span class=\"_ _2\"></span>ione all\u2019analisi di<span class=\"_ _3a1\"> </span>caratteristiche rilevanti quali:<span class=\"_ _2\"></span> tipologia di prodotto crediti<span class=\"_ _2\"></span>zio, ammontare dell\u2019esp<span class=\"_ _2\"></span>osizione<span class=\"_ _3a1\"> </span>creditizia, anzianit\u00e0 dell<span class=\"_ _2\"></span>o stato di deterioramen<span class=\"_ _2\"></span>to, presenza o meno di garan<span class=\"_ _2\"></span>zia a supporto<span class=\"_ _3a1\"> </span>(tipologia di garanzia e livel<span class=\"_ _2\"></span>lo di copertura \u201cloan to value\u201d). In particolare, il Grupp<span class=\"_ _2\"></span>o ritiene che un period<span class=\"_ _2\"></span>o prolungato in st<span class=\"_ _3b\"></span>ato di non performing loan (NPL)<span class=\"_ _3a1\"> </span>aumenta la perdita attesa e pu\u00f2 influire sul valore de<span class=\"_ _2\"></span>lle garanzie. La data di ingresso a default<span class=\"_ _3a1\"> </span>ininterrotto \u00e8 quindi identifica<span class=\"ls48\">ta come indicatore chiave del deterioramento del credito. </span>Sugli strumenti finan<span class=\"_ _2\"></span>ziari allocati in Stage 1 e 2, <span class=\"_ _3b\"></span><span class=\"ls44 ws17\">la determinazione delle perdite attese avviene per </span>categorie di cre<span class=\"_ _2\"></span>diti omogenee in<span class=\"_ _2\"></span> termini di rischio di<span class=\"_ _3b\"></span><span class=\"ls39 ws69\"> credito. In particolare,<span class=\"_ _1\"></span> a ciascuna attivit\u00e0 con </span>caratteristiche simili in termini<span class=\"_ _1\"></span> di rischio di credito, so<span class=\"_ _1\"></span>no associate: \u2022<span class=\"_ _3e\"> </span><span class=\"ff4 ls52 ws67\">una probabilit\u00e0 di inadempienza (P<span class=\"ws5c\">D, \u201cProbabilit\u00e0 di Default\u201d); </span></span>\u2022<span class=\"_ _3e\"> </span><span class=\"ff4 ls53 ws6a\">una perdita in caso di inadempienza (LGD, <span class=\"ls43 ws6b\">\u201cLo<span class=\"_ _1\"></span>ss Given Default\u201d) commisurata anche alla<span class=\"_ _3a1\"> </span></span></span>tipologia di finanziamen<span class=\"_ _2\"></span>to, ossia alla forma tecnica, alla t<span class=\"_ _2\"></span>ipologia di garanzia o ad altr<span class=\"_ _3b\"></span>i fattori<span class=\"_ _3a1\"> </span>rilevanti; \u2022<span class=\"_ _3e\"> </span><span class=\"ff4 ls47 ws5c\">una esposizione in caso di inadempienza (EAD, \u201cExposure at default\u201d) </span>\u2022<span class=\"_ _3e\"> </span><span class=\"ff4 ls45 ws6d\">una scadenza stimata nel caso di esposizi<span class=\"ls0\">one senza scade<span class=\"_ _1\"></span>nza contrattuale (Maturity). </span></span>In generale, i parametri di rischio adottati d<span class=\"_ _2\"></span>al Gr<span class=\"ls29 ws6f\">uppo per determinare le r<span class=\"_ _2\"></span>ettifiche di valore sono<span class=\"_ _3a1\"> </span></span>basati sulle medesime ipotesi <span class=\"_ _2\"></span>e tecniche <span class=\"_ _323\"></span> di stima<span class=\"_ _37\"> </span><span class=\"ls46 ws71\">dei modelli intern<span class=\"_ _2\"></span>i, nella versione pi\u00f9 rece<span class=\"_ _2\"></span>nte<span class=\"_ _3a1\"> </span></span>condivisa (o comunque in<span class=\"_ _2\"></span> corso di condivis<span class=\"_ _3b\"></span>ione) con l\u2019autorit\u00e0 di vigilanz<span class=\"_ _2\"></span>a, per la quantificazione<span class=\"_ _3a1\"> </span>del requisito patrimoniale a fronte del ris<span class=\"ls57 ws74\">chio di credito con metodologia IRB Advanced<span class=\"_ _3a1\"> </span></span>(parametri PD, LGD, EAD). A dif<span class=\"_ _2\"></span>ferenza di questi ul<span class=\"ls58 ws76\">timi che sono definiti tramite un appro<span class=\"_ _1\"></span>ccio di<span class=\"_ _3a1\"> </span></span>media lungo il ciclo<span class=\"_ _1\"></span> (\u201ctruogh-the-cycle\u201d) e di incl<span class=\"_ _1\"></span>usione di condizio<span class=\"_ _1\"></span>ni macroeconomiche<span class=\"_ _3a1\"> </span>sfavorevoli (fase recessiva di \u201cdownturn\u201d), i pa<span class=\"_ _2\"></span><span class=\"ls49 ws79\">rametri adottati per la determinazione de<span class=\"_ _2\"></span>lle<span class=\"_ _3a1\"> </span></span>rettifiche di valore ai sensi dell\u2019IF<span class=\"ls3d ws7b\">RS 9, sono fon<span class=\"_ _2\"></span>dati su una logica <span class=\"ls48 ws7c\">puntuale (c.d. \u201cpoint in time\u201d) e<span class=\"_ _3a1\"> </span></span></span>previsionale (\u201cforward-looking\u201d), in<span class=\"_ _2\"></span> modo da essere idonei a rappresentare la congiunt<span class=\"_ _3b\"></span>ura<span class=\"_ _3a1\"> </span>macroeconomica presente e prevista nel brev<span class=\"ls47 ws7f\">e-medio termine. Pertanto essi sono stimati<span class=\"_ _3a1\"> </span></span>prendendo in considerazion<span class=\"_ _2\"></span>e sia i dati storici, laddove sia<span class=\"_ _2\"></span>no state identificate tendenze e<span class=\"_ _3a1\"> </span>correlazioni <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>credito, <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>indicatori <span class=\"_ _0\"></span>previsionali <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>eventi <span class=\"_ _0\"></span>attesi <span class=\"_ _0\"></span>nonch\u00e9 <span class=\"_ _0\"></span>previsioni sull\u2019andamento del ciclo macroeconomico.<span class=\"_ _3a1\"> </span>Le <span class=\"_ _1\"></span>rettifiche <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>valore <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>quindi <span class=\"_ _1\"></span>determinate <span class=\"_ _38\"></span>valutando <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>gamma <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>possibili <span class=\"_ _38\"></span>risultati <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>modo da  riflettere  un  importo  obiettivo  ponderato  in  relazione  alle  probabilit\u00e0  di  realizzo  dei  diversi scenari. <span class=\"_ _36\"> </span>Nello <span class=\"_ _36\"> </span>specifico <span class=\"_ _36\"> </span>il <span class=\"_ _39\"> </span>Gruppo <span class=\"_ _36\"> </span>considera <span class=\"_ _36\"> </span>tre <span class=\"_ _36\"> </span>scenari <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>severit\u00e0 <span class=\"_ _36\"> </span>crescente <span class=\"_ _37\"> </span>e <span class=\"_ _39\"> </span>ne <span class=\"_ _39\"> </span>proietta l\u2019andamento <span class=\"_ _38\"></span>sui <span class=\"_ _38\"></span>parametri <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>rischio <span class=\"_ _0\"></span>adottati <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>misurazione <span class=\"_ _1\"></span>delle <span class=\"_ _0\"></span>perdite <span class=\"_ _1\"></span>attese, <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>modo <span class=\"_ _38\"></span>che essi <span class=\"_ _43\"> </span>riflettano <span class=\"_ _43\"> </span>le <span class=\"_ _43\"> </span>condizioni <span class=\"_ _43\"> </span>macroeconomiche <span class=\"_ _43\"> </span>attese <span class=\"_ _43\"> </span>da <span class=\"_ _69\"> </span>tali <span class=\"_ _43\"> </span>scenari.<span class=\"ws81\"> <span class=\"_ _1\"></span></span>Le <span class=\"_ _49\"> </span>tecniche <span class=\"_ _43\"> </span>di condizionamento <span class=\"_ _39\"> </span>al <span class=\"_ _39\"> </span>ciclo <span class=\"_ _39\"> </span>macroeconomico <span class=\"_ _39\"> </span>ricalcano <span class=\"_ _39\"> </span>le <span class=\"_ _39\"> </span>logiche <span class=\"_ _3f\"> </span>adottate <span class=\"_ _36\"> </span>dal <span class=\"_ _3f\"> </span>Gruppo <span class=\"_ _39\"> </span>per <span class=\"_ _36\"> </span>la conduzione degli esercizi di stress testing indetti dagli organi europei di supervisione: <span class=\"_ _3e\"> </span><span class=\"ff4\">metodi <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>condizi<span class=\"_ _2\"></span>onamento <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>ciclo <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>probabilit\u00e0 <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>inadempienza <span class=\"_ _35\"> </span>(PD), <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>combinano<span class=\"_ _3a1\"> </span></span>ipotesi <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>va<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iazione <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>merito <span class=\"_ _38\"></span>cre<span class=\"_ _1\"></span>ditizio <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>controparte <span class=\"_ _38\"></span>(i.e. <span class=\"_ _38\"></span>variazioni <span class=\"_ _38\"></span>nella <span class=\"_ _0\"></span>valu<span class=\"_ _2\"></span>tazione <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i rating <span class=\"_ _3a\"> </span>futura <span class=\"_ _3a\"> </span>associata<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>alla <span class=\"_ _3a\"> </span>controparte) <span class=\"_ _3a\"> </span>con <span class=\"_ _3a\"> </span>ipotesi <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>variazioni <span class=\"_ _3a\"> </span>della <span class=\"_ _3a\"> </span>probabilit\u00e0 <span class=\"_ _3a\"> </span>di inadempienza associata <span class=\"_ _2\"></span>a ciascun <span class=\"_ _3b\"></span>profilo di rischio <span class=\"_ _3b\"></span>(adozione dei c.d. <span class=\"_ _3b\"></span>\u201c<span class=\"_ _1\"></span>modelli satellite\u201d <span class=\"_ _2\"></span>interni che <span class=\"_ _0\"></span>esprimono <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>relazione <span class=\"_ _38\"></span>esiste<span class=\"_ _1\"></span>nte <span class=\"_ _38\"></span>tra<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>probabilit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>inadempienza <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>principali <span class=\"_ _38\"></span>fatt<span class=\"_ _1\"></span>ori macroeconomici); <span class=\"_ _3e\"> </span><span class=\"ff4\">metodi <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>condizionamento <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>ciclo <span class=\"_ _35\"> </span>dell\u2019esposizione <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>default <span class=\"_ _35\"> </span>(EAD) <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>linee <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>credito </span>rateali, che <span class=\"_ _3b\"></span>combinano la <span class=\"_ _2\"></span>tipologia di <span class=\"_ _3b\"></span>prodot<span class=\"_ _1\"></span>to e di<span class=\"_ _2\"></span> controparte <span class=\"_ _2\"></span>ed ip<span class=\"_ _2\"></span>otesi di v<span class=\"_ _2\"></span>erificarsi di <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>venti di PrePayment, con conseguente influenza sull\u2019esposizione a<span class=\"_ _1\"></span>l rischio in caso di default. <span class=\"_ _3e\"> </span><span class=\"ff4\">metodi <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>condizionamento <span class=\"_ _3b\"></span>al <span class=\"_ _2\"></span>ciclo <span class=\"_ _3b\"></span>della <span class=\"_ _2\"></span>perdita <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>caso <span class=\"_ _3b\"></span>di defaul<span class=\"_ _2\"></span>t <span class=\"_ _3b\"></span>(<span class=\"_ _1\"></span>LGD), <span class=\"_ _3b\"></span>che <span class=\"_ _2\"></span>combinano <span class=\"_ _3b\"></span>ipote<span class=\"_ _1\"></span>si </span>di variazione <span class=\"_ _1\"></span>nel livello <span class=\"_ _1\"></span>di deteriorame<span class=\"_ _1\"></span>nto del cre<span class=\"_ _1\"></span>dito (i.e. migrazioni <span class=\"_ _1\"></span>tra diversi <span class=\"_ _1\"></span>stati di <span class=\"_ _1\"></span>default) ed  ipotesi <span class=\"_ _3d\"> </span>di  variazioni  nel  li<span class=\"_ _1\"></span>vello  di  copert<span class=\"_ _1\"></span>ura  delle  gar<span class=\"_ _1\"></span>anzie  a  supporto <span class=\"_ _3d\"> </span>del  credito, <span class=\"_ _3d\"> </span>con conseguente <span class=\"_ _1\"></span>influenza <span class=\"_ _1\"></span>sulla <span class=\"_ _1\"></span>capacit\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>cupero <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>sull\u2019ammontare <span class=\"_ _38\"></span>di per<span class=\"_ _1\"></span>dita <span class=\"_ _1\"></span>rilevato <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>caso<span class=\"_ _1\"></span> di default. A partire da giugno 2024 l\u2019impianto <span class=\"_ _1\"></span>complessivo dei modelli contabili \u00e8 st<span class=\"_ _1\"></span>ato affinato nell\u2019ottica di recepire  le  ultime <span class=\"_ _35\"> </span>modifiche  all\u2019impianto <span class=\"_ _35\"> </span>AIRB  e  le  serie  storiche <span class=\"_ _35\"> </span>pi\u00f9  recenti  sia  in<span class=\"_ _2\"></span>  termini  di parametri che di scenari macroeconomici. In particolare: <span class=\"_ _3e\"> </span><span class=\"ff4\">sono  st<span class=\"_ _1\"></span>ate  aggiornate <span class=\"_ _3d\"> </span>le  pr<span class=\"_ _1\"></span>oiezioni  dei  modelli <span class=\"_ _3d\"> </span>satellite <span class=\"_ _3d\"> </span>che  determinano <span class=\"_ _3d\"> </span>la <span class=\"_ _3d\"> </span>componente </span>forward  lo<span class=\"_ _2\"></span>oking <span class=\"_ _35\"> </span>dei  param<span class=\"_ _2\"></span>etri <span class=\"_ _35\"> </span>PD  e <span class=\"_ _35\"> </span>LGD <span class=\"_ _35\"> </span>ed <span class=\"_ _35\"> </span>EAD,  p<span class=\"_ _2\"></span>rendendo <span class=\"_ _35\"> </span>come  rife<span class=\"_ _2\"></span>rimento  lo<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>scenario macroeconomico di dicembre 2023; <span class=\"_ _3e\"> </span><span class=\"ff4\">sono <span class=\"_ _0\"></span>state <span class=\"_ _0\"></span>aggiornate <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>serie <span class=\"_ _38\"></span>stor<span class=\"_ _1\"></span>iche <span class=\"_ _0\"></span>sottostanti <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>modelli <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>on <span class=\"_ _0\"></span>orizzonte <span class=\"_ _0\"></span>temporale <span class=\"_ _0\"></span>2011-<span class=\"_ _3a1\"> </span></span>2022 per tutti i parametri; <span class=\"_ _3e\"> </span><span class=\"ff4\">sono <span class=\"_ _38\"></span>state <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ecepite <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>modif<span class=\"_ _2\"></span>iche <span class=\"_ _0\"></span>metodologiche <span class=\"_ _1\"></span>apport<span class=\"_ _1\"></span>ate <span class=\"_ _38\"></span>ai <span class=\"_ _38\"></span>modelli <span class=\"_ _38\"></span>AIRB <span class=\"_ _0\"></span>nella <span class=\"_ _1\"></span>ver<span class=\"_ _1\"></span>sione <span class=\"_ _38\"></span>pi\u00f9<span class=\"_ _3a1\"> </span></span>recente <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>corso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>condivisione <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>l\u2019Autorit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Vi<span class=\"_ _2\"></span>gilanza <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rif<span class=\"_ _2\"></span>erimento <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>giugno<span class=\"_ _3a1\"> </span>2024. In <span class=\"_ _1\"></span>gene<span class=\"_ _1\"></span>rale, <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>criteri <span class=\"_ _38\"></span>dettagliati <span class=\"_ _1\"></span>seguiti <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>deter<span class=\"_ _1\"></span>minazione <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ettifiche <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>valore <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>u <span class=\"_ _1\"></span>ciascuno Stage, s<span class=\"_ _1\"></span>ono disciplinati nelle <span class=\"_ _1\"></span>policy <span class=\"_ _1\"></span>inter<span class=\"_ _1\"></span>ne \u201cPo<span class=\"_ _1\"></span>licy Svalutazione Cr<span class=\"_ _1\"></span>editi\u201d <span class=\"_ _1\"></span>e \u201cLinee <span class=\"_ _1\"></span>Guida e<span class=\"_ _1\"></span> criter<span class=\"_ _1\"></span>i di svalutazione <span class=\"_ _69\"> </span>titoli\u201d <span class=\"_ _43\"> </span>nell\u2019ultimo <span class=\"_ _44\"> </span>aggiorname<span class=\"_ _1\"></span>nto <span class=\"_ _69\"> </span>rilasciato <span class=\"_ _43\"> </span>c<span class=\"_ _2\"></span>he <span class=\"_ _69\"> </span>\u00e8 <span class=\"_ _43\"> </span>stato <span class=\"_ _44\"> </span>sottoposto <span class=\"_ _43\"> </span>anche all\u2019approvazione da parte del Consiglio di Amministrazione.  Nel corso <span class=\"_ _3b\"></span>del 2024 <span class=\"_ _3b\"></span>la \u201cPolicy <span class=\"_ _3b\"></span>Svalutazione Crediti\u201d <span class=\"_ _3b\"></span>\u00e8 stata <span class=\"_ _3b\"></span>ulteriorment<span class=\"_ _1\"></span>e agg<span class=\"_ _2\"></span>iornata <span class=\"_ _2\"></span>ed affinata, <span class=\"_ _3b\"></span>per recepire quanto emerso dalle analisi empiriche, frutto di osservazione dei <span class=\"_ _1\"></span>dati storici. In <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>inuit\u00e0 <span class=\"_ _1\"></span>con <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>iniziative <span class=\"_ _38\"></span>gi\u00e0 <span class=\"_ _0\"></span>av<span class=\"_ _2\"></span>viate <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>2023 <span class=\"_ _38\"></span>riguardo <span class=\"_ _38\"></span>all\u2019applicazione <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>minimi <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>ageing da de<span class=\"_ _1\"></span>fault <span class=\"_ _1\"></span>ininterrotto, <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>2024 \u00e8 <span class=\"_ _1\"></span>stato <span class=\"_ _1\"></span>introdotto <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>ulteriore <span class=\"_ _1\"></span>scaglione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>ageing. Q<span class=\"_ _1\"></span>uesto <span class=\"_ _1\"></span>nuovo scaglione <span class=\"_ _3d\"> </span>si <span class=\"_ _3d\"> </span>applica <span class=\"_ _3d\"> </span>sia <span class=\"_ _3d\"> </span>alle <span class=\"_ _37\"> </span>esposizioni  classificate <span class=\"_ _37\"> </span>a <span class=\"_ _3d\"> </span>sofferenza <span class=\"_ _3d\"> </span>sia <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>quelle <span class=\"_ _37\"> </span>UTP <span class=\"_ _3d\"> </span>irregolari, estendendo inolt<span class=\"_ _1\"></span>re la griglia <span class=\"_ _1\"></span>di applicazione anche <span class=\"_ _1\"></span>alle pos<span class=\"_ _1\"></span>izioni classificate come N<span class=\"_ _1\"></span>PL da alme<span class=\"_ _1\"></span>no tre anni. Valutazione <span class=\"_ _1\"></span>dell\u2019incremento significativo de<span class=\"_ _1\"></span>l rischi<span class=\"_ _3a1\"> </span>o di credito (SICR<span class=\"_ _1\"></span>) Come <span class=\"_ _0\"></span>anticipato, <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>framework <span class=\"_ _0\"></span>IFRS<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>9 <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>uso <span class=\"_ _0\"></span>presso <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>Gruppo <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>elativo <span class=\"_ _0\"></span>all\u2019attivit\u00e0 <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i staging <span class=\"_ _0\"></span>degli strumenti finanziari in <span class=\"_ _2\"></span>bonis \u00e8 stato mantenuto inalterato nell\u2019ambi<span class=\"_ _2\"></span>to dell\u2019emergenza da Covid-19. L\u2019approccio <span class=\"_ _35\"> </span>adottato  si <span class=\"_ _35\"> </span>basa <span class=\"_ _35\"> </span>su <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>principio <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>classificazione  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>tipo <span class=\"_ _35\"> </span>analitico, <span class=\"_ _35\"> </span>ovvero  basato sull\u2019analisi delle singole posizioni. I driver di staging impiegati sono: <span class=\"_ _42\"> </span><span class=\"ff4\">valutazione <span class=\"_ _37\"> </span>del <span class=\"_ _36\"> </span>Significant <span class=\"_ _37\"> </span>Incre<span class=\"_ _1\"></span>ase <span class=\"_ _36\"> </span>in <span class=\"_ _37\"> </span>Credit <span class=\"_ _36\"> </span>Risk <span class=\"_ _37\"> </span>(i.e. <span class=\"_ _37\"> </span>SICR) <span class=\"_ _36\"> </span>tramite <span class=\"_ _36\"> </span>misurazione <span class=\"_ _36\"> </span>della </span>variazione del rating alla data <span class=\"_ _1\"></span>di riferimento rispetto <span class=\"_ _1\"></span>alla data di origination della posizione: in caso di rilevamento di un delta i<span class=\"_ _2\"></span>n peggioramento pari o superiore a 2<span class=\"_ _2\"></span> notch sulla masterscale dei <span class=\"_ _1\"></span>rating, la <span class=\"_ _1\"></span>posizione <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>automaticamente <span class=\"_ _1\"></span>classificata <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>stage 2 <span class=\"_ _1\"></span>(in <span class=\"_ _1\"></span>caso <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>rating alla <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>di riferimento <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>ia <span class=\"_ _3d\"> </span>ricompreso <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>una <span class=\"_ _3d\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _3d\"> </span>prime<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>3 <span class=\"_ _37\"> </span>classi, <span class=\"_ _3d\"> </span>la <span class=\"_ _37\"> </span>posizioni <span class=\"_ _3d\"> </span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>aut<span class=\"_ _1\"></span>omaticamente mantenuta  in  stage  1  in  virt\u00f9  della  cd. Low  Credit  Risk  Exemption).  In  caso <span class=\"_ _3d\"> </span>contrario  la<span class=\"_ _3a1\"> </span>posizione  \u00e8 <span class=\"_ _35\"> </span>classificata  a <span class=\"_ _35\"> </span>stage  1. <span class=\"_ _35\"> </span>Tale  criterio <span class=\"_ _35\"> </span>risulta  di <span class=\"_ _35\"> </span>carattere  relativ<span class=\"_ _2\"></span>o,  prevedendo <span class=\"_ _35\"> </span>il confronto con la situazione creditizia rilevata all\u2019erogazione del credito; <span class=\"_ _42\"> </span><span class=\"ff4\">criterio <span class=\"_ _0\"></span>backstop <span class=\"_ _0\"></span>sui <span class=\"_ _0\"></span>giorni <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>scaduto: <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>caso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rilevamento <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>30 <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _0\"></span>giorni <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>scaduto<span class=\"_ _3a1\"> </span></span>continuativo la posizione \u00e8 automaticamente class<span class=\"_ _1\"></span>ificata a stage 2; <span class=\"_ _42\"> </span><span class=\"ff4\">criterio b<span class=\"_ _2\"></span>ackstop <span class=\"_ _3b\"></span>sulle misu<span class=\"_ _2\"></span>re <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>forbearance<span class=\"_ _1\"></span>: <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>caso <span class=\"_ _3b\"></span>di clas<span class=\"_ _2\"></span>sificazione <span class=\"_ _3b\"></span>a forbo<span class=\"_ _2\"></span>rne <span class=\"_ _2\"></span>performing,<span class=\"_ _3a1\"> </span></span>la <span class=\"_ _1\"></span>posizione <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>automat<span class=\"_ _1\"></span>icamente class<span class=\"_ _1\"></span>ificata <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>stage <span class=\"_ _38\"></span>2 <span class=\"_ _1\"></span>(per <span class=\"_ _1\"></span>maggiori infor<span class=\"_ _1\"></span>mazioni <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>rimanda<span class=\"_ _3a1\"> </span>al <span class=\"_ _3d\"> </span>paragrafo<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>\u201c4. <span class=\"_ _3d\"> </span>At<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _37\"> </span>oggetto <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>rinegoziazione <span class=\"_ _3d\"> </span>commerciali <span class=\"_ _37\"> </span>e <span class=\"_ _3d\"> </span>es<span class=\"_ _1\"></span>posizioni<span class=\"_ _3a1\"> </span>oggetto di concessione\u201d); <span class=\"_ _42\"> </span><span class=\"ff4\">criterio <span class=\"_ _37\"> </span>backstop <span class=\"_ _3d\"> </span>sui <span class=\"_ _3d\"> </span>rapporti <span class=\"_ _3d\"> </span>classificati <span class=\"_ _37\"> </span>nella <span class=\"_ _37\"> </span>cd. <span class=\"_ _3d\"> </span>Watchlist: <span class=\"_ _3d\"> </span>in <span class=\"_ _37\"> </span>caso <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>inserimento <span class=\"_ _3d\"> </span>del </span>rapporto <span class=\"_ _0\"></span>nella <span class=\"_ _38\"></span>lista <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>ei <span class=\"_ _38\"></span>clienti <span class=\"_ _0\"></span>sotto <span class=\"_ _38\"></span>osservazione <span class=\"_ _0\"></span>perch\u00e9 <span class=\"_ _38\"></span>valutati <span class=\"_ _38\"></span>com<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>maggior <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>di deterioramento (cd. Watchlist) il rapporto \u00e8 automaticamente <span class=\"_ _1\"></span>classificato a stage 2. Misurazione delle <span class=\"_ _1\"></span>perdite attese Definizione dello <span class=\"_ _1\"></span>scenario Gli  scenari <span class=\"_ _35\"> </span>sono  forniti  da <span class=\"_ _35\"> </span>un  p<span class=\"_ _2\"></span>rovider  esterno:  n<span class=\"_ _2\"></span>el  dettaglio,  v<span class=\"_ _2\"></span>engono  indiv<span class=\"_ _2\"></span>iduati  tre  Scena<span class=\"_ _2\"></span>ri: Baseline (c<span class=\"_ _2\"></span>ome indicato <span class=\"_ _2\"></span>dal f<span class=\"_ _2\"></span>ornitore), Bad <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> Good (rispe<span class=\"_ _2\"></span>ttivamente individ<span class=\"_ _2\"></span>uati come <span class=\"_ _2\"></span>gli <span class=\"_ _2\"></span>Scenari S3<span class=\"_ _3a1\"> </span>e S1 <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>medesimo <span class=\"_ _1\"></span>for<span class=\"_ _1\"></span>nitore). <span class=\"_ _1\"></span>Per <span class=\"_ _38\"></span>tali <span class=\"_ _38\"></span>diversi <span class=\"_ _38\"></span>scenari, <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>fornite <span class=\"_ _38\"></span>inoltre <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>elative <span class=\"_ _38\"></span>probabilit\u00e0 <span class=\"_ _1\"></span>di<span class=\"_ _1\"></span> accadimento, <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>vengono <span class=\"_ _38\"></span>utilizzate <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>ponderare <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>diverse <span class=\"_ _38\"></span>stime <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ECL <span class=\"_ _1\"></span>der<span class=\"_ _1\"></span>ivanti <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>pervenire alla stima complessiva. A  seguito  d<span class=\"_ _2\"></span>ell\u2019emergenza  sanitaria  legata  al<span class=\"_ _2\"></span>la  pandemia <span class=\"_ _35\"> </span>Covid-19  e  d<span class=\"_ _2\"></span>el  conflitto  tra <span class=\"_ _35\"> </span>Russia  e Ucraina <span class=\"_ _37\"> </span>gli <span class=\"_ _37\"> </span>Ist<span class=\"_ _1\"></span>ituti <span class=\"_ _37\"> </span>sono <span class=\"_ _37\"> </span>stat<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>chiamati <span class=\"_ _36\"> </span>a <span class=\"_ _37\"> </span>istituire <span class=\"_ _36\"> </span>meccanismi <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>monitoraggio <span class=\"_ _36\"> </span>degli <span class=\"_ _37\"> </span>Scenari sottostanti ai modelli e della relativa sens<span class=\"_ _1\"></span>itivity in contesti di forte volatilit\u00e0. In tale contesto, il<span class=\"_ _2\"></span> Gruppo ha confermato l\u2019u<span class=\"_ _2\"></span>tilizzo del provid<span class=\"_ _2\"></span>er gi\u00e0 in uso v<span class=\"_ _2\"></span>alutando tuttavia tempo per <span class=\"_ _0\"></span>tempo <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>ponderazione <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>attribuire <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>tre <span class=\"_ _0\"></span>scenari <span class=\"_ _0\"></span>macroeconomici <span class=\"_ _0\"></span>disponibili. <span class=\"_ _0\"></span>A <span class=\"_ _0\"></span>partire<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>da settembre <span class=\"_ _3a\"> </span>2023 <span class=\"_ _3f\"> </span>\u00e8 <span class=\"_ _3f\"> </span>s<span class=\"_ _1\"></span>tato <span class=\"_ _3f\"> </span>deciso <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>ricalibrare <span class=\"_ _3f\"> </span>la <span class=\"_ _3a\"> </span>ponderazione <span class=\"_ _3f\"> </span>degli <span class=\"_ _3a\"> </span>scenari, <span class=\"_ _3f\"> </span>definendo di mantenere una <span class=\"_ _194\"> </span>ponderazione<span class=\"_ _1\"></span> <span class=\"_ _194\"> </span>alternativa <span class=\"_ _19a\"> </span>pi<span class=\"_ _2\"></span>\u00f9 <span class=\"_ _194\"> </span>sever<span class=\"_ _1\"></span>a <span class=\"_ _194\"> </span>rispetto <span class=\"_ _19a\"> </span>a <span class=\"_ _18d\"> </span>quella standard, considerando comunque <span class=\"_ _44\"> </span>un <span class=\"_ _44\"> </span>contest<span class=\"_ _1\"></span>o <span class=\"_ _44\"> </span>macroeconomico <span class=\"_ _44\"> </span>progressivamente <span class=\"_ _44\"> </span>meno volatile <span class=\"_ _38\"></span>rispe<span class=\"_ _1\"></span>tto <span class=\"_ _38\"></span>agli <span class=\"_ _38\"></span>ultimi <span class=\"_ _0\"></span>anni<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>graduale <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>itorno <span class=\"_ _0\"></span>ai <span class=\"_ _1\"></span>pesi <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>tandard: <span class=\"_ _38\"></span>10% <span class=\"_ _38\"></span>good, <span class=\"_ _0\"></span>30% <span class=\"_ _1\"></span>bad<span class=\"_ _1\"></span>, <span class=\"_ _38\"></span>60% baseline <span class=\"_ _0\"></span>(la <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>onderazione <span class=\"_ _0\"></span>standard <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>policy <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>vede <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>seguenti <span class=\"_ _38\"></span>pes<span class=\"_ _1\"></span>i: <span class=\"_ _0\"></span>10% <span class=\"_ _0\"></span>good, <span class=\"_ _38\"></span>10<span class=\"_ _1\"></span>% <span class=\"_ _0\"></span>bad,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>80% baseline per il 2023). Tale impostazione \u00e8 stata mantenuta a<span class=\"_ _1\"></span>nche nel corso del 2024. Si <span class=\"_ _38\"></span>riportano <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>se<span class=\"_ _1\"></span>guito <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>andamenti <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ttesi <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>variabili <span class=\"_ _38\"></span>PIL <span class=\"_ _38\"></span>ITA <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>Inflazione <span class=\"_ _0\"></span>Eu<span class=\"_ _2\"></span>ropea <span class=\"_ _38\"></span>relativi <span class=\"_ _38\"></span>alle ultime deliverie<span class=\"_ _1\"></span>s del <span class=\"_ _1\"></span>provider, incluse quelle <span class=\"_ _1\"></span>di dicembre <span class=\"_ _1\"></span>2023, impiegate <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>l\u2019aggiornamento dei modelli in uso da giugno 2024 e ancora in vigore a dicembre 2024. C<span class=\"_ _3a1\"> </span>om<span class=\"_ _3a1\"> </span>e<span class=\"_ _3a1\"> </span>\u00e8 <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ossibile <span class=\"_ _38\"></span>os<span class=\"_ _1\"></span>servare <span class=\"_ _0\"></span>dai <span class=\"_ _38\"></span>grafici <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iportati, <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>crisi <span class=\"_ _0\"></span>legata <span class=\"_ _0\"></span>all<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>pand<span class=\"_ _2\"></span>emia <span class=\"_ _0\"></span>COVID <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>lo <span class=\"_ _0\"></span>scoppi<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span>della <span class=\"_ _0\"></span>Crisi <span class=\"_ _0\"></span>RU/UA <span class=\"_ _0\"></span>hanno <span class=\"_ _0\"></span>comportato <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>periodo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>forte <span class=\"_ _0\"></span>volatili<span class=\"_ _2\"></span>t\u00e0 <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>va <span class=\"_ _0\"></span>riducendosi <span class=\"_ _0\"></span>nell\u2019ultimo<span class=\"_ _3a1\"> </span>periodo <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>riflette <span class=\"_ _38\"></span>nel <span class=\"_ _1\"></span>progr<span class=\"_ _1\"></span>essivo <span class=\"_ _1\"></span>allineamento<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>previsioni <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>deliveries <span class=\"_ _38\"></span>riportate <span class=\"_ _1\"></span>nel<span class=\"_ _3a1\"> </span>grafico. <span class=\"_ _35\"> </span>Inoltre, <span class=\"_ _35\"> </span>nonostante <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>tensioni, <span class=\"_ _0\"></span>gli <span class=\"_ _35\"> </span>scenari <span class=\"_ _35\"> </span>sembrano <span class=\"_ _35\"> </span>confermare <span class=\"_ _35\"> </span>previsioni <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>cre<span class=\"_ _1\"></span>scita<span class=\"_ _3a1\"> </span>(seppur <span class=\"_ _0\"></span>modesta) <span class=\"_ _35\"> </span>e, <span class=\"_ _0\"></span>dato <span class=\"_ _0\"></span>l\u2019aggiornamento <span class=\"_ _0\"></span>avvenuto <span class=\"_ _0\"> </span>ne<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>2023 <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>mo<span class=\"_ _1\"></span>delli <span class=\"_ _0\"></span>satellite <span class=\"_ _0\"></span>ad <span class=\"_ _35\"> </span>una <span class=\"_ _0\"></span>serie<span class=\"_ _3a1\"> </span>storica <span class=\"_ _38\"></span>comprensiva <span class=\"_ _38\"></span>anche <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>2022, <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>iugno <span class=\"_ _1\"></span>2024, <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>optato <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>una <span class=\"_ _38\"></span>rimo<span class=\"_ _1\"></span>dulazione <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>pesi<span class=\"_ _3a1\"> </span>pi\u00f9  vicina  a  quella <span class=\"_ _3d\"> </span>ordinaria  rispetto <span class=\"_ _3d\"> </span>a  quella  sele<span class=\"_ _1\"></span>zionata  a  Dicembre <span class=\"_ _3d\"> </span>2022,  come  di  se<span class=\"_ _1\"></span>guito<span class=\"_ _3a1\"> </span>descritto. <table class=\"s w101c h294\" id=\"_437b93b4-c18a-4df2-a3fb-57419845bb3c\"><tr><td class=\"t m2 x191e h12 y6342 ff4 fs7 fc4 sc3 ls0 ws0\">Scenario  </td><td></td><td class=\"c n x191f y6343 w101d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Descrizione dello scenario<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1920 y6343 w101e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Peso<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1921 h12 y6344 ff4 fs7 fc4 sc3 ls0 ws0\">Peso </td></tr><tr><td class=\"c x5e6 y6345 w101f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">I<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1922 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">F<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1923 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">R<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1924 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">S<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1925 h12 y6346 ff4 fs7 fc4 sc3 ls0 ws0\">9<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x1926 h12 y6347 ff4 fs7 fc4 sc3 ls0 ws0\">Standard </td><td class=\"t m2 x1921 h12 y6347 ff4 fs7 fc4 sc3 ls0 ws0\">applicato al </td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x1926 h12 y6348 ff4 fs7 fc4 sc3 ls0 ws0\">previsto </td><td class=\"t m2 x1921 h12 y6349 ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024 </td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x1926 h12 y634a ff4 fs7 fc4 sc3 ls0 ws0\">dalla policy </td><td></td></tr><tr><td class=\"t m5 x191e h2a y634b ff4 fsd fc4 sc3 ls0 ws0\">\u201cGood\u201d<span class=\"fc1 sc2\"> </span></td><td></td><td class=\"c x1928 y634c w1020 h293\"><div class=\"t m5 x2b3 h2a y6334 ff4 fsd fc1 sc0 ls0 ws0\">Stronger Near-Term <span class=\"_ _3b\"></span>R<span class=\"_ _1\"></span>ecovery Scenari<span class=\"_ _2\"></span>o (\u201cS1\u201d)<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1927 h12 y6334 ff4 fs7 fc1 sc0 ls0 ws0\">: scenar<span class=\"_ _2\"></span>io con<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1929 y634d w1021 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x192a y634d w1021 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m2 x192b h12 y634e ff4 fs7 fc1 sc0 ls0 ws0\">probabilit\u00e0 del 10% che <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>i realizzi uno scena<span class=\"_ _2\"></span>rio migliore e del </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x192b h12 y634f ff4 fs7 fc1 sc0 ls0 ws0\">90% che se ne rea<span class=\"_ _2\"></span>lizzi uno peggiore  </td><td></td><td></td></tr><tr><td class=\"t m5 x191e h2a y6350 ff4 fsd fc4 sc3 ls0 ws0\">\u201cBaseline\u201d<span class=\"fc1 sc2\"> </span></td><td></td><td class=\"c x1928 y6351 w1022 h293\"><div class=\"t m5 x2b3 h2a y6334 ff4 fsd fc1 sc0 ls0 ws0\">Baseline Scenario<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x192c h12 y6334 ff4 fs7 fc1 sc0 ls0 ws0\">: scenar<span class=\"_ _2\"></span>io con probabilit\u00e0 del 50<span class=\"_ _2\"></span>% che si<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1929 y6352 w1023 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">80%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x192d y6352 w1024 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">60%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m2 x192b h12 y6353 ff4 fs7 fc1 sc0 ls0 ws0\">realizzi uno scenari<span class=\"_ _2\"></span>o migliore e del 5<span class=\"_ _2\"></span>0% che se ne realizzi un<span class=\"_ _2\"></span>o </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x192b h12 y6354 ff4 fs7 fc1 sc0 ls0 ws0\">peggiore </td><td></td><td></td></tr><tr><td class=\"t m5 x191e h2a y6355 ff4 fsd fc4 sc3 ls0 ws0\">\u201cBad\u201d<span class=\"fc1 sc2\"> </span></td><td></td><td class=\"c x1928 y6356 w1025 h293\"><div class=\"t m5 x2b3 h2a y6334 ff4 fsd fc1 sc0 ls0 ws0\">Deep Recession Scena<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>io (\u201cS3\u201d)<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x192e h12 y6334 ff4 fs7 fc1 sc0 ls0 ws0\">: scenario c<span class=\"_ _2\"></span>on probabilit\u00e0 del<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1929 y6357 w1021 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x192a y6357 w1026 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">30%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"t m2 x192b h12 y6358 ff4 fs7 fc1 sc0 ls0 ws0\">90% che si realizzi un<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> scenario migli<span class=\"_ _2\"></span>ore e del 10% che se ne </td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x192b h12 y6359 ff4 fs7 fc1 sc0 ls0 ws0\">realizzi uno peggiore<span class=\"_ _2\"></span> </td><td></td><td></td></tr></table>Analisi di se<span class=\"_ _1\"></span>nsitivity degli Scenari<span class=\"_ _3a1\"> </span>Si <span class=\"_ _3d\"> </span>rip<span class=\"_ _3a1\"> </span>ortano <span class=\"_ _37\"> </span>di  seguito <span class=\"_ _37\"> </span>le <span class=\"_ _3d\"> </span>informazioni <span class=\"_ _3d\"> </span>relative <span class=\"_ _37\"> </span>ai <span class=\"_ _3d\"> </span>valori <span class=\"_ _3d\"> </span>medi <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>principali <span class=\"_ _3d\"> </span>indicator<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>macro-<span class=\"_ _3a1\"> </span>economici <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>finanziari <span class=\"_ _0\"></span>utilizzati <span class=\"_ _0\"></span>negli <span class=\"_ _0\"></span>scenar<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>dicembre<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>2023, <span class=\"_ _0\"></span>re<span class=\"_ _1\"></span>lativamente <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>trie<span class=\"_ _1\"></span>nnio <span class=\"_ _0\"></span>2024-<span class=\"_ _3a1\"> </span>2026<span class=\"_ _3a1\"> </span>Per ogn<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>indicatore \u00e8 <span class=\"_ _3b\"></span>riportato il <span class=\"_ _3b\"></span>valore base <span class=\"_ _3b\"></span>consuntivo <span class=\"_ _2\"></span>(nella <span class=\"_ _3b\"></span>fatt<span class=\"_ _1\"></span>ispecie d<span class=\"_ _2\"></span>icembre 2023) <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ermini<span class=\"_ _3a1\"> </span>assoluti, il <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>assunto de<span class=\"_ _1\"></span>lle stesse<span class=\"_ _1\"></span> variabili nello <span class=\"_ _1\"></span>Scenario <span class=\"_ _1\"></span>Baseline <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>la variazione <span class=\"_ _1\"></span>percentuale<span class=\"_ _3a1\"> </span>rispetto <span class=\"_ _35\"> </span>ad <span class=\"_ _0\"></span>esso <span class=\"_ _35\"> </span>degli<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>Scena<span class=\"_ _2\"></span>ri <span class=\"_ _0\"></span>des<span class=\"_ _1\"></span>ignati <span class=\"_ _0\"> </span>com<span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>avverso <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>favorevole <span class=\"_ _35\"> </span>su <span class=\"_ _0\"></span>ognuno <span class=\"_ _35\"> </span>dei<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>3<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>fin<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>anno<span class=\"_ _3a1\"> </span>compresi nell\u2019orizzonte temporale disponibile. Trattame<span class=\"_ _1\"></span>nto garanzie pubbliche<span class=\"_ _3a1\"> </span>Nell\u2019ambito <span class=\"_ _37\"> </span>del <span class=\"_ _37\"> </span>calcolo <span class=\"_ _37\"> </span>ECL <span class=\"_ _37\"> </span>le <span class=\"_ _3d\"> </span>garanzie <span class=\"_ _37\"> </span>statali <span class=\"_ _37\"> </span>erogate <span class=\"_ _3d\"> </span>ne<span class=\"_ _3a1\"> </span>gli <span class=\"_ _3d\"> </span>anni <span class=\"_ _37\"> </span>precedent<span class=\"_ _1\"></span>i <span class=\"_ _3d\"> </span>come <span class=\"_ _37\"> </span>risposta<span class=\"_ _3a1\"> </span>straordinaria <span class=\"_ _1\"></span>di sostegno <span class=\"_ _1\"></span>all\u2019economia re<span class=\"_ _1\"></span>ale nel <span class=\"_ _1\"></span>contesto de<span class=\"_ _1\"></span>ll\u2019emergenza sanitaria <span class=\"_ _1\"></span>COVID 19 <span class=\"_ _1\"></span>sono<span class=\"_ _3a1\"> </span>considerate analogamente alle altre garanzie s<span class=\"_ _2\"></span>tatali presenti in p<span class=\"_ _2\"></span>ortafoglio. Le garanzie pubbl<span class=\"_ _2\"></span>iche<span class=\"_ _3a1\"> </span>contribuiscono a <span class=\"_ _1\"></span>mitigare <span class=\"_ _1\"></span>l\u2019ECL sui <span class=\"_ _1\"></span>rapporti <span class=\"_ _1\"></span>a cui <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>associate tr<span class=\"_ _1\"></span>amite principio di <span class=\"_ _1\"></span>sost<span class=\"_ _1\"></span>ituzione:<span class=\"_ _3a1\"> </span>la quota <span class=\"_ _1\"></span>coperta <span class=\"_ _1\"></span>da es<span class=\"_ _1\"></span>se viene, quindi, as<span class=\"_ _1\"></span>sociata <span class=\"_ _1\"></span>al livello <span class=\"_ _1\"></span>di risc<span class=\"_ _1\"></span>hio dell\u2019emitt<span class=\"_ _1\"></span>ente (in <span class=\"_ _1\"></span>questo <span class=\"_ _1\"></span>caso<span class=\"_ _3a1\"> </span>lo stato italiano, con rating DBRS BBBH) invece che <span class=\"_ _1\"></span>a quello della controparte.<span class=\"_ _3a1\"> </span>2.4 Tecniche di miti<span class=\"_ _1\"></span>gazione del rischio di cre<span class=\"_ _1\"></span>dito<span class=\"_ _3a1\"> </span>I <span class=\"_ _3b\"></span>collate<span class=\"_ _1\"></span>ral <span class=\"_ _3b\"></span>e le<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>garanzie <span class=\"_ _3b\"></span>rivestono particola<span class=\"_ _2\"></span>re <span class=\"_ _2\"></span>rilevanza <span class=\"_ _3b\"></span>ne<span class=\"_ _1\"></span>lle <span class=\"_ _3b\"></span>strategie cr<span class=\"_ _2\"></span>editizie <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>Gruppo Cr<span class=\"_ _2\"></span>edem<span class=\"_ _3a1\"> </span>in quanto <span class=\"_ _1\"></span>consentono <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>mitigazione nel <span class=\"_ _1\"></span>complessivo <span class=\"_ _1\"></span>ciclo di <span class=\"_ _1\"></span>vita <span class=\"_ _1\"></span>del cre<span class=\"_ _1\"></span>dito, pur <span class=\"_ _1\"></span>mantenendo <span class=\"_ _1\"></span>un<span class=\"_ _3a1\"> </span>carattere <span class=\"_ _3d\"> </span>accessorio <span class=\"_ _3d\"> </span>nel <span class=\"_ _3d\"> </span>processo <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>valutazione <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>concessione <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>credito <span class=\"_ _3d\"> </span>dove <span class=\"_ _3d\"> </span>l\u2019elemento<span class=\"_ _3a1\"> </span>fondante <span class=\"_ _1\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>valutazione <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>capacit\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>rimborso <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>debitore. <span class=\"_ _1\"></span>In <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>nso <span class=\"_ _1\"></span>l\u2019acquisizione <span class=\"_ _38\"></span>delle<span class=\"_ _3a1\"> </span>stesse, comporta un\u2019approfondita attivit\u00e0 valutativa sia <span class=\"_ _2\"></span>in fase di acquisizione sia di<span class=\"_ _2\"></span> monitoraggio<span class=\"_ _3a1\"> </span>e gestione.<span class=\"_ _3a1\"> </span>Per i <span class=\"_ _1\"></span>collateral <span class=\"_ _1\"></span>immobiliari sono definiti, co<span class=\"_ _1\"></span>nformemente <span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>i requisiti normat<span class=\"_ _1\"></span>ivi, i principi gener<span class=\"_ _1\"></span>ali<span class=\"_ _3a1\"> </span>che consentono un sano e prudente processo di valutazione degli immobili oggetto de<span class=\"_ _1\"></span>i collateral:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">Indipendenza <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>valutazione <span class=\"_ _1\"></span>tram<span class=\"_ _1\"></span>ite <span class=\"_ _1\"></span>l\u2019utilizzo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>iti esterni <span class=\"_ _38\"></span>indipendenti dal <span class=\"_ _38\"></span>processo <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span></span>erogazione del credito.<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">Conformit\u00e0 e <span class=\"_ _1\"></span>congruit\u00e0 della valutazione, <span class=\"_ _1\"></span>adeguata <span class=\"_ _1\"></span>alla complessit\u00e0 dell\u2019opera<span class=\"_ _1\"></span>zione, alla sua<span class=\"_ _3a1\"> </span></span>dimensione, alla tipologia <span class=\"_ _2\"></span>dell\u2019immobile per l<span class=\"_ _2\"></span>\u2019individuazione del val<span class=\"_ _2\"></span>ore di mercato su <span class=\"_ _2\"></span>cui vi<span class=\"_ _2\"></span>ene<span class=\"_ _3a1\"> </span>calcolato l\u2019indicatore di loan to value.<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">Un <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>obusto <span class=\"_ _38\"></span>sistema <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>controlli, <span class=\"_ _38\"></span>conforme <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>requisiti <span class=\"_ _38\"></span>normat<span class=\"_ _1\"></span>ivi, <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>presidio <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>processo <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span></span>valutazione.<span class=\"_ _3a1\"> </span>Vista l\u2019importanza del compa<span class=\"_ _2\"></span>rto mutui <span class=\"_ _2\"></span>nel portafoglio complessivo <span class=\"_ _2\"></span>e in ottica di<span class=\"_ _2\"></span> adeguamento all<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span>Disposizioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Vigilanza <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>stato <span class=\"_ _1\"></span>mes<span class=\"_ _1\"></span>so <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>punto <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>cesso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>monitor<span class=\"_ _1\"></span>aggio <span class=\"_ _1\"></span>periodico <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>valore<span class=\"_ _3a1\"> </span>degli <span class=\"_ _0\"></span>immobili <span class=\"_ _35\"> </span>oggetto <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>ipoteca <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>fine <span class=\"_ _0\"> </span>di <span class=\"_ _35\"> </span>una <span class=\"_ _0\"></span>corrett<span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>valutazione <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>grado <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>copert<span class=\"_ _1\"></span>ura <span class=\"_ _0\"></span>dei<span class=\"_ _3a1\"> </span>collateral.<span class=\"_ _3a1\"> </span>All\u2019interno del \u201cRegolamento per <span class=\"_ _3b\"></span>l\u2019ass<span class=\"_ _1\"></span>unzione dei rischi <span class=\"_ _2\"></span>di credito <span class=\"_ _2\"></span>verso la clientela\u201d <span class=\"_ _3b\"></span>\u00e8<span class=\"_ _1\"></span> codificata la<span class=\"_ _3a1\"> </span>ponderazione <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>appl<span class=\"_ _2\"></span>icare <span class=\"_ _0\"></span>alle <span class=\"_ _38\"></span>diverse<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>operazioni <span class=\"_ _38\"></span>ipotecarie <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>bas<span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>na<span class=\"_ _2\"></span>tura <span class=\"_ _0\"></span>dell\u2019i<span class=\"_ _2\"></span>mmobile. <span class=\"_ _0\"></span>Il<span class=\"_ _3a1\"> </span>Comitato di Credit S<span class=\"_ _2\"></span>trategy, inoltre, propone pe<span class=\"_ _2\"></span>riodicamente le linee gu<span class=\"_ _2\"></span>ida di <span class=\"_ _2\"></span>indirizzo in <span class=\"_ _2\"></span>term<span class=\"_ _1\"></span>ini di<span class=\"_ _3a1\"> </span>Loan <span class=\"_ _1\"></span>To <span class=\"_ _1\"></span>Value <span class=\"_ _1\"></span>media <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>portafoglio <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>nuove <span class=\"_ _1\"></span>ero<span class=\"_ _1\"></span>gazioni. In <span class=\"_ _1\"></span>particolare<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>proprio <span class=\"_ _1\"></span>per la <span class=\"_ _38\"></span>natura<span class=\"_ _3a1\"> </span>di intervent<span class=\"_ _1\"></span>o a <span class=\"_ _1\"></span>medio t<span class=\"_ _1\"></span>ermine, i <span class=\"_ _1\"></span>mutui ipote<span class=\"_ _1\"></span>cari pre<span class=\"_ _1\"></span>vedono per<span class=\"_ _1\"></span>centuali di iscrizione <span class=\"_ _1\"></span>della gar<span class=\"_ _1\"></span>anzia<span class=\"_ _3a1\"> </span>diversificate a seconda della tipologia del finanziamento.<span class=\"_ _3a1\"> </span>Per quanto <span class=\"_ _1\"></span>riguarda le <span class=\"_ _1\"></span>garanzie reali <span class=\"_ _1\"></span>su valori <span class=\"_ _1\"></span>mobiliari sono <span class=\"_ _1\"></span>previsti scarti <span class=\"_ _1\"></span>cauzionali da applicare<span class=\"_ _3a1\"> </span>a seconda della tipologia del prodotto acquisito in garanzia e <span class=\"_ _1\"></span>dell\u2019eventuale rating dell\u2019emittente.<span class=\"_ _3a1\"> </span>E\u2019 inoltr<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>previsto il <span class=\"_ _1\"></span>monitoraggio <span class=\"_ _1\"></span>costante <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>valori <span class=\"_ _1\"></span>mobiliari a<span class=\"_ _1\"></span> garanzia <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>valorizzazione <span class=\"_ _1\"></span>ai <span class=\"_ _1\"></span>fini<span class=\"_ _3a1\"> </span>di Credit Risk Mitigation.<span class=\"_ _3a1\"> </span>In  rifer<span class=\"_ _1\"></span>imento <span class=\"_ _3d\"> </span>alle  gar<span class=\"_ _1\"></span>anzie  fidejussor<span class=\"_ _1\"></span>ie,  osser<span class=\"_ _1\"></span>viamo  che <span class=\"_ _3d\"> </span>la <span class=\"_ _3d\"> </span>loro <span class=\"_ _3d\"> </span>valorizzazione <span class=\"_ _3d\"> </span>viene  sem<span class=\"_ _1\"></span>pre<span class=\"_ _3a1\"> </span>effettuata sulla base di una valutazione prudenziale del patr<span class=\"_ _1\"></span>imonio responsabile dei garanti.<span class=\"_ _3a1\"> </span>Mac<span class=\"_ _1\"></span>rovariabil<span class=\"_ _3b\"></span>eC<span class=\"_ _1\"></span>on<span class=\"_ _1\"></span>suntivodic-<span class=\"_ _1\"></span>24dic-25d<span class=\"_ _1\"></span>ic-<span class=\"_ _1\"></span>26dic-<span class=\"_ _1\"></span>23<span class=\"_ _36\"> </span>BadBaseli<span class=\"_ _3b\"></span>n<span class=\"_ _1\"></span>eG<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>dBadBaseli<span class=\"_ _3b\"></span>n<span class=\"_ _1\"></span>eG<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>dBadBaseli<span class=\"_ _3b\"></span>n<span class=\"_ _1\"></span>eGoo<span class=\"_ _1\"></span>dIL<span class=\"_ _1\"></span> ITA1781-<span class=\"_ _1\"></span>1,47<span class=\"_ _2\"></span>%17874,0<span class=\"_ _3b\"></span>0%-<span class=\"_ _1\"></span>1,86<span class=\"_ _3b\"></span>%17986,33<span class=\"_ _2\"></span>%-<span class=\"_ _1\"></span>1,64<span class=\"_ _2\"></span>%18184,89%IL<span class=\"_ _1\"></span> EU<span class=\"_ _1\"></span>RO11127-1,65%112173,89<span class=\"_ _3b\"></span>%-<span class=\"_ _1\"></span>2,16<span class=\"_ _2\"></span>%113956,21<span class=\"_ _2\"></span>%-<span class=\"_ _1\"></span>1,94%115984,77%asso di disocc<span class=\"_ _1\"></span>up<span class=\"_ _1\"></span>azione7,<span class=\"_ _1\"></span>81%3,53%8,<span class=\"_ _1\"></span>05%-<span class=\"_ _1\"></span>31,12<span class=\"_ _3b\"></span>%4,15%8,27%-<span class=\"_ _1\"></span>33,<span class=\"_ _2\"></span>36%3,38<span class=\"_ _2\"></span>%8,37%-<span class=\"_ _38\"></span>23,<span class=\"_ _3b\"></span>28%nd<span class=\"_ _1\"></span>ice di produ<span class=\"_ _1\"></span>zione industrial<span class=\"_ _3b\"></span>e103-4,33%10313,<span class=\"_ _2\"></span>48%-<span class=\"_ _1\"></span>3,58<span class=\"_ _2\"></span>%10311,<span class=\"_ _3b\"></span>50%-<span class=\"_ _1\"></span>3,13%1068,35<span class=\"_ _2\"></span>%nd<span class=\"_ _1\"></span>ice immo<span class=\"_ _1\"></span>bil<span class=\"_ _2\"></span>i r<span class=\"_ _2\"></span>esidenzial<span class=\"_ _3b\"></span>i2140-2,39%21443,87<span class=\"_ _3b\"></span>%-<span class=\"_ _1\"></span>3,66%22249,51%-4,40%237011,<span class=\"_ _3b\"></span>73%Relativamente  alle  ga<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>anzie  pub<span class=\"_ _2\"></span>bliche,  il <span class=\"_ _35\"> </span>Gruppo  Credem  adotta <span class=\"_ _35\"> </span>specifiche  procedure  vol<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>e  a<span class=\"_ _2\"></span> rispet<span class=\"_ _3a1\"> </span>tare <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>modalit\u00e0 <span class=\"_ _0\"></span>operative <span class=\"_ _0\"></span>richieste <span class=\"_ _0\"></span>dai <span class=\"_ _0\"></span>dettami <span class=\"_ _0\"></span>normativi <span class=\"_ _0\"></span>emanat<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>dallo <span class=\"_ _0\"></span>Stato <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>dagli <span class=\"_ _0\"></span>enti emittenti tali garanzie. 3.  Esposizioni cre<span class=\"_ _1\"></span>ditizie deter<span class=\"_ _1\"></span>iorate 3.1<span class=\"_ _3a1\"> </span>Strategie e <span class=\"_ _1\"></span>politiche di gestione La <span class=\"_ _0\"></span>str<span class=\"_ _1\"></span>uttura <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>N<span class=\"_ _1\"></span>on-Performing <span class=\"_ _0\"></span>Credit <span class=\"_ _35\"> </span>supporta <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>un <span class=\"_ _35\"> </span>pu<span class=\"_ _2\"></span>nto <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>vista <span class=\"_ _0\"></span>tecnico <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>rete <span class=\"_ _0\"></span>Banca <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>le<span class=\"_ _2\"></span> societ\u00e0 <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>Gr<span class=\"_ _1\"></span>uppo <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>nella <span class=\"_ _38\"></span>gestione <span class=\"_ _0\"></span>dei<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>crediti <span class=\"_ _38\"></span>anomali <span class=\"_ _0\"></span>e <span class=\"_ _1\"></span>deteriorat<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>nella <span class=\"_ _38\"></span>determinazione <span class=\"_ _0\"></span>dell<span class=\"_ _3b\"></span>e svalutazioni.  All\u2019interno di <span class=\"_ _3b\"></span>questa struttura, <span class=\"_ _3b\"></span>la gestione <span class=\"_ _3b\"></span>dell\u2019attivit\u00e0 di <span class=\"_ _3b\"></span>recupero crediti <span class=\"_ _3b\"></span>avviene secondo <span class=\"_ _3b\"></span>pr<span class=\"_ _1\"></span>ocessi definiti i<span class=\"_ _2\"></span>n base <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>l c<span class=\"_ _2\"></span>anale/segmento, alla <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ipologia <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>affidamenti ed <span class=\"_ _3b\"></span>al livello <span class=\"_ _3b\"></span>di anomalia, <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>d \u00e8 <span class=\"_ _3b\"></span>svolta da <span class=\"_ _35\"> </span>uffici<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>centrali <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>loro <span class=\"_ _35\"> </span>d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>centramenti <span class=\"_ _35\"> </span>sul <span class=\"_ _0\"></span>ter<span class=\"_ _1\"></span>ritorio. <span class=\"_ _35\"> </span>Il <span class=\"_ _0\"></span>mode<span class=\"_ _1\"></span>llo <span class=\"_ _0\"></span>o<span class=\"_ _1\"></span>perativo <span class=\"_ _35\"> </span>permette <span class=\"_ _35\"> </span>una <span class=\"_ _0\"></span>visione omnicomprensiva <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>credito <span class=\"_ _1\"></span>lungo <span class=\"_ _1\"></span>tutto <span class=\"_ _38\"></span>l\u2019arco <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>vita, <span class=\"_ _38\"></span>valorizzando <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>fluidit\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>l\u2019integrazione <span class=\"_ _1\"></span>dei processi <span class=\"_ _2\"></span>e <span class=\"_ _3b\"></span>la c<span class=\"_ _2\"></span>ontinuit\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>visione. <span class=\"_ _2\"></span>In <span class=\"_ _3b\"></span>part<span class=\"_ _1\"></span>icolare <span class=\"_ _3b\"></span>si <span class=\"_ _2\"></span>segnala <span class=\"_ _2\"></span>la <span class=\"_ _3b\"></span>presenza <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>strut<span class=\"_ _1\"></span>ture <span class=\"_ _3b\"></span>centrali dedi<span class=\"_ _2\"></span>cate alla <span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>stione, <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>monitor<span class=\"_ _1\"></span>aggio <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>al <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>cupero <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>posizioni <span class=\"_ _38\"></span>secondo <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>organizzazione <span class=\"_ _0\"></span>orizzontale<span class=\"_ _2\"></span> che permette di avere modalit\u00e0 differenti <span class=\"_ _1\"></span>di collection in base alla tipologia di controparte e entit\u00e0 di <span class=\"_ _1\"></span>impiego. <span class=\"_ _38\"></span>Ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>ttaglio <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>prevista <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>gestione <span class=\"_ _38\"></span>massiva <span class=\"_ _38\"></span>o <span class=\"_ _38\"></span>single <span class=\"_ _38\"></span>name <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>posizioni. <span class=\"_ _38\"></span>\u00c8 <span class=\"_ _38\"></span>inoltre prevista <span class=\"_ _1\"></span>un\u2019altra <span class=\"_ _1\"></span>struttura <span class=\"_ _1\"></span>dedicata <span class=\"_ _38\"></span>al <span class=\"_ _1\"></span>reporting <span class=\"_ _1\"></span>gestionale <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>registrazioni <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>abili delle <span class=\"_ _1\"></span>posizioni classificate <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>NPL. <span class=\"_ _3d\"> </span>Nel <span class=\"_ _3d\"> </span>corso <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>2024<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>l\u2019unit\u00e0 <span class=\"_ _3d\"> </span>organizzativa  de<span class=\"_ _1\"></span>dicata <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>coordinamento <span class=\"_ _3d\"> </span>della gestione d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>crediti <span class=\"_ _3b\"></span>NPL a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>livello <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>G<span class=\"_ _1\"></span>ruppo, <span class=\"_ _3b\"></span>ha ini<span class=\"_ _2\"></span>ziato a <span class=\"_ _3b\"></span>gestire <span class=\"_ _2\"></span>con <span class=\"_ _3b\"></span>modalit\u00e0 accentrata <span class=\"_ _3b\"></span>le <span class=\"_ _3b\"></span>posizioni a  s<span class=\"_ _1\"></span>offerenza,  co<span class=\"_ _1\"></span>n  l\u2019obiettivo <span class=\"_ _3d\"> </span>a  regime <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>gestire  anche <span class=\"_ _3d\"> </span>i <span class=\"_ _3d\"> </span>crediti  classificati  a<span class=\"_ _1\"></span>d  inadempienza probabile. <span class=\"_ _3d\"> </span>La <span class=\"_ _3d\"> </span>valutazione <span class=\"_ _3d\"> </span>delle<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>perdite<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>\u00e8 <span class=\"_ _3d\"> </span>improntat<span class=\"_ _1\"></span>a  s<span class=\"_ _1\"></span>eguendo <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>indicazioni <span class=\"_ _3d\"> </span>del <span class=\"_ _37\"> </span>documento approvato <span class=\"_ _3d\"> </span>dal <span class=\"_ _3d\"> </span>Consiglio <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>Am<span class=\"_ _1\"></span>ministrazione <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>denominato <span class=\"_ _3d\"> </span>\u201cPolicy <span class=\"_ _3d\"> </span>Svalutazione <span class=\"_ _3d\"> </span>Crediti\u201d<span class=\"_ _1\"></span>; <span class=\"_ _3d\"> </span>tale documento <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>scopo di <span class=\"_ _1\"></span>indirizzare <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>uniformare <span class=\"_ _1\"></span>l\u2019attivit\u00e0 <span class=\"_ _1\"></span>degli uffici <span class=\"_ _1\"></span>deputati <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lla ge<span class=\"_ _1\"></span>stione dei crediti <span class=\"_ _35\"> </span>deteriorati <span class=\"_ _35\"> </span>nella <span class=\"_ _35\"> </span>determinazione <span class=\"_ _35\"> </span>delle  relative<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>svalutazioni <span class=\"_ _35\"> </span>sia <span class=\"_ _35\"> </span>civilistiche <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>attinenti <span class=\"_ _35\"> </span>i tempi di recupero. L<span class=\"_ _2\"></span>e Linee Guida <span class=\"_ _2\"></span>BCE raccomandano alle Banch<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>, di stabili<span class=\"_ _2\"></span>re una chiara strategia volta <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>ridurre <span class=\"_ _0\"></span>le <span class=\"_ _1\"></span>consistenze <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>NP<span class=\"_ _1\"></span>L <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>modo <span class=\"_ _38\"></span>credibile, <span class=\"_ _38\"></span>so<span class=\"_ _1\"></span>stenibile <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>tempestivo. <span class=\"_ _0\"></span>Le<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>stesse <span class=\"_ _38\"></span>sono uno <span class=\"_ _3b\"></span>str<span class=\"_ _1\"></span>umento <span class=\"_ _3b\"></span>non <span class=\"_ _3b\"></span>vincolante, <span class=\"_ _2\"></span>tuttavia <span class=\"_ _3b\"></span>le <span class=\"_ _2\"></span>Banche <span class=\"_ _3b\"></span>sono <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>enute <span class=\"_ _3b\"></span>a <span class=\"_ _3b\"></span>pr<span class=\"_ _1\"></span>omuovere <span class=\"_ _3b\"></span>la <span class=\"_ _2\"></span>rapida <span class=\"_ _3b\"></span>convergenza verso <span class=\"_ _3d\"> </span>le<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>indicazioni <span class=\"_ _3d\"> </span>for<span class=\"_ _1\"></span>nite. <span class=\"_ _3d\"> </span>A <span class=\"_ _37\"> </span>dicembre <span class=\"_ _37\"> </span>2024, <span class=\"_ _3d\"> </span>in <span class=\"_ _37\"> </span>coerenza <span class=\"_ _3d\"> </span>con <span class=\"_ _37\"> </span>le <span class=\"_ _37\"> </span>linee <span class=\"_ _3d\"> </span>guida <span class=\"_ _3d\"> </span>BCE <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>con <span class=\"_ _3d\"> </span>la Pianificazione <span class=\"_ _3b\"></span>st<span class=\"_ _1\"></span>rategica <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>grup<span class=\"_ _1\"></span>po, <span class=\"_ _3b\"></span>il Gruppo <span class=\"_ _3b\"></span>Credem ha <span class=\"_ _3b\"></span>svolto l<span class=\"_ _2\"></span>e <span class=\"_ _3b\"></span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _2\"></span>annuali <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>aggiornamento del Piano Strategico-Operativo NPL per il per<span class=\"_ _1\"></span>iodo 2024-2028. 3.2<span class=\"_ _3a1\"> </span>Write-off Le  au<span class=\"_ _2\"></span>tonomie  relative <span class=\"_ _35\"> </span>alla <span class=\"_ _35\"> </span>valutazione  degli <span class=\"_ _35\"> </span>stralci<span class=\"_ _3a1\"> </span>e<span class=\"_ _3a1\"> </span>d<span class=\"_ _3a1\"> </span>el<span class=\"_ _3a1\"> </span>le  p<span class=\"_ _3b\"></span>erdite  sono <span class=\"_ _35\"> </span>quasi  c<span class=\"_ _2\"></span>ompletamente accentrate <span class=\"_ _37\"> </span>su <span class=\"_ _36\"> </span>organi <span class=\"_ _37\"> </span>monocratici, <span class=\"_ _37\"> </span>pe<span class=\"_ _1\"></span>culiarit\u00e0 <span class=\"_ _37\"> </span>che <span class=\"_ _36\"> </span>permette <span class=\"_ _37\"> </span>tempi <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>risposta <span class=\"_ _36\"> </span>alle <span class=\"_ _37\"> </span>proposte transattive <span class=\"_ _37\"> </span>particolarmente <span class=\"_ _37\"> </span>ridotti; <span class=\"_ _37\"> </span>il <span class=\"_ _37\"> </span>ricorso <span class=\"_ _37\"> </span>a <span class=\"_ _37\"> </span>tale <span class=\"_ _37\"> </span>misura <span class=\"_ _37\"> </span>riveste <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>ogni <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>carattere <span class=\"_ _37\"> </span>di marginalit\u00e0 <span class=\"_ _3a\"> </span>e <span class=\"_ _3f\"> </span>avviene <span class=\"_ _3a\"> </span>soltanto <span class=\"_ _3f\"> </span>qualora <span class=\"_ _3a\"> </span>le <span class=\"_ _3f\"> </span>azioni <span class=\"_ _3a\"> </span>di <span class=\"_ _3f\"> </span>re<span class=\"_ _1\"></span>cupero <span class=\"_ _3f\"> </span>diretto <span class=\"_ _3a\"> </span>(o <span class=\"_ _3f\"> </span>per <span class=\"_ _3a\"> </span>il <span class=\"_ _3f\"> </span>tramite <span class=\"_ _3a\"> </span>di outsourcer/<span class=\"_ _3a1\"> </span>legal <span class=\"_ _3b\"></span>networ<span class=\"_ _1\"></span>k<span class=\"_ _3a1\"> </span>) <span class=\"_ _3b\"></span>o di <span class=\"_ _3b\"></span>cessione non <span class=\"_ _3b\"></span>abbiano <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ortito gl<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>effet<span class=\"_ _1\"></span>ti <span class=\"_ _2\"></span>auspicati. <span class=\"_ _3b\"></span>In v<span class=\"_ _2\"></span>irt\u00f9 d<span class=\"_ _2\"></span>ell\u2019utilizzo residuale/secondario <span class=\"_ _1\"></span>rispetto <span class=\"_ _1\"></span>alle <span class=\"_ _1\"></span>altre <span class=\"_ _1\"></span>azioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>collection <span class=\"_ _1\"></span>previste, no<span class=\"_ _1\"></span>nch\u00e9 in <span class=\"_ _1\"></span>ragione <span class=\"_ _1\"></span>dello <span class=\"_ _1\"></span>stock ridotto di NPL, l\u2019entit\u00e0 dei write-off si mant<span class=\"_ _1\"></span>iene su livelli contenuti. 3.3 Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie impaired acquisit<span class=\"_ _1\"></span>e o originate Sec<span class=\"_ _3a1\"> </span>ondo <span class=\"_ _35\"> </span>quanto <span class=\"_ _35\"> </span>previsto <span class=\"_ _35\"> </span>dal <span class=\"_ _0\"></span>principio <span class=\"_ _35\"> </span>contabile <span class=\"_ _35\"> </span>IFRS <span class=\"_ _0\"></span>9, <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>crediti <span class=\"_ _35\"> </span>considerati <span class=\"_ _35\"> </span>deteriorati <span class=\"_ _35\"> </span>gi\u00e0 <span class=\"_ _35\"> </span>dal momento <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>rilevazione <span class=\"_ _38\"></span>iniziale <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>bilancio, <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>ragione <span class=\"_ _38\"></span>dell\u2019elevato <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>credito <span class=\"_ _0\"></span>associato,<span class=\"_ _2\"></span> vengono <span class=\"_ _37\"> </span>definiti <span class=\"_ _36\"> </span>Purchased <span class=\"_ _37\"> </span>or <span class=\"_ _37\"> </span>Originated <span class=\"_ _36\"> </span>Credit <span class=\"_ _37\"> </span>Impaired <span class=\"_ _37\"> </span>Asset <span class=\"_ _37\"> </span>(P<span class=\"_ _1\"></span>OCI). <span class=\"_ _37\"> </span>Conseguentemente, qualora  all\u2019atto<span class=\"_ _1\"></span>  dell\u2019iscrizione <span class=\"_ _3d\"> </span>iniziale <span class=\"_ _3d\"> </span>un\u2019esposizione <span class=\"_ _3d\"> </span>creditizia  is<span class=\"_ _1\"></span>critta  ne<span class=\"_ _1\"></span>lla  voce <span class=\"_ _3d\"> </span>30 <span class=\"_ _3d\"> </span>\u201cAttivit\u00e0 finanziarie valutate al fair value c<span class=\"_ _2\"></span>on impatto sulla redditivit\u00e0 complessiva\u201d o nella <span class=\"_ _2\"></span>voce 40 \u201cAttivit\u00e0 finanziarie valutate al costo ammortizzato\u201d, risulti essere de<span class=\"_ _2\"></span>teriorata, la stessa \u00e8 qualificata quale \u201cAttivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _38\"></span>deteriorate <span class=\"_ _38\"></span>acquisite <span class=\"_ _38\"></span>o <span class=\"_ _38\"></span>originate\u201d <span class=\"_ _38\"></span>(Purchased <span class=\"_ _38\"></span>or <span class=\"_ _38\"></span>Originated <span class=\"_ _38\"></span>Credit <span class=\"_ _38\"></span>Impaired <span class=\"_ _1\"></span>\u2013 POCI). Tali crediti, <span class=\"_ _1\"></span>ai se<span class=\"_ _1\"></span>nsi dell\u2019IFRS 9<span class=\"_ _1\"></span>, v<span class=\"_ _1\"></span>engono valutati <span class=\"_ _1\"></span>appostando <span class=\"_ _1\"></span>sin dalla <span class=\"_ _1\"></span>data di <span class=\"_ _1\"></span>rilevazione <span class=\"_ _1\"></span>iniziale <span class=\"_ _1\"></span>\u2013 fondi <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>perdite <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>coprano <span class=\"_ _0\"></span>l\u2019in<span class=\"_ _2\"></span>tera <span class=\"_ _0\"></span>vita <span class=\"_ _38\"></span>residua <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>credito <span class=\"_ _0\"></span>(cd.<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>Expected <span class=\"_ _38\"></span>Credit Loss <span class=\"_ _1\"></span>lifet<span class=\"_ _1\"></span>ime). <span class=\"_ _1\"></span>Trattandosi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>crediti <span class=\"_ _38\"></span>deteriorati, <span class=\"_ _38\"></span>ne <span class=\"_ _1\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>prevista <span class=\"_ _38\"></span>l\u2019iscrizione <span class=\"_ _1\"></span>iniziale <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ll\u2019ambito <span class=\"_ _1\"></span>dello Stage 3<span class=\"_ _1\"></span>, ferma <span class=\"_ _1\"></span>restando la <span class=\"_ _1\"></span>possibilit\u00e0 di e<span class=\"_ _1\"></span>ssere <span class=\"_ _1\"></span>spostati, <span class=\"_ _1\"></span>nel corso <span class=\"_ _1\"></span>della vita, <span class=\"_ _1\"></span>a Stage<span class=\"_ _1\"></span> 2 <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>caso in cui, <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ulla base <span class=\"_ _2\"></span>dell\u2019analisi <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>l rischio <span class=\"_ _3b\"></span>cre<span class=\"_ _1\"></span>ditizio, <span class=\"_ _2\"></span>non risultino <span class=\"_ _3b\"></span>pi\u00f9 impaired. Tal<span class=\"_ _2\"></span>i attivit\u00e0 <span class=\"_ _2\"></span>non sono <span class=\"_ _3b\"></span>mai classificate <span class=\"_ _3d\"> </span>nell\u2019ambito  de<span class=\"_ _1\"></span>llo  Stage<span class=\"_ _1\"></span>  1<span class=\"_ _1\"></span>  poich\u00e9 <span class=\"_ _3d\"> </span>la <span class=\"_ _3d\"> </span>perdita <span class=\"_ _3d\"> </span>creditizia  at<span class=\"_ _1\"></span>tesa <span class=\"_ _3d\"> </span>deve <span class=\"_ _3d\"> </span>essere  sem<span class=\"_ _1\"></span>pre calcolata considerando un orizzonte temporale pari alla durata residua. I crediti <span class=\"_ _2\"></span>POCI iscritti nel <span class=\"_ _2\"></span>bilancio consolid<span class=\"_ _2\"></span>ato annuale, coerentemente alle <span class=\"_ _3b\"></span>disposizioni del Principio IFRS9, si distinguono due fattispecie di: <span class=\"_ _42\"> </span><span class=\"ff4\">Attivit\u00e0 f<span class=\"_ _2\"></span>inanziarie <span class=\"_ _2\"></span>acquistate <span class=\"_ _3b\"></span>deteriorate <span class=\"_ _2\"></span>(di <span class=\"_ _3b\"></span>se<span class=\"_ _1\"></span>guito, <span class=\"_ _3b\"></span>anche <span class=\"_ _3b\"></span>\u201cP<span class=\"_ _1\"></span>CI\u201d), <span class=\"_ _3b\"></span>le e<span class=\"_ _2\"></span>sposizioni <span class=\"_ _2\"></span>creditizie <span class=\"_ _3b\"></span>gi\u00e0 </span>deter<span class=\"_ _3a1\"> </span>iorate <span class=\"_ _36\"> </span>al <span class=\"_ _36\"> </span>momento <span class=\"_ _36\"> </span>dell\u2019acquisto, <span class=\"_ _36\"> </span>anche <span class=\"_ _39\"> </span>nell\u2019ambito <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>oper<span class=\"_ _1\"></span>azioni <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>aggregazione aziendale; <span class=\"_ _42\"> </span><span class=\"ff4\">Attivit\u00e0 <span class=\"_ _35\"> </span>finanziarie <span class=\"_ _35\"> </span>originate<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>deteriorate <span class=\"_ _35\"> </span>(di <span class=\"_ _35\"> </span>seguito, <span class=\"_ _35\"> </span>anche <span class=\"_ _35\"> </span>\u201cOCI\u201d), <span class=\"_ _35\"> </span>le  esposizioni <span class=\"_ _35\"> </span>creditizie </span>originate <span class=\"_ _36\"> </span>in <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>operazioni <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>ristrutturazione <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>esposizioni <span class=\"_ _37\"> </span>de<span class=\"_ _1\"></span>teriorate <span class=\"_ _36\"> </span>che <span class=\"_ _37\"> </span>hanno determinato <span class=\"_ _36\"> </span>l\u2019erogazione <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>nuova <span class=\"_ _36\"> </span>finanza, <span class=\"_ _37\"> </span>ovvero <span class=\"_ _36\"> </span>introdotto <span class=\"_ _36\"> </span>modifiche <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>ostanziali <span class=\"_ _37\"> </span>alle condizioni originarie contrattuali. A <span class=\"_ _39\"> </span>Dicembre <span class=\"_ _39\"> </span>2024, <span class=\"_ _39\"> </span>i <span class=\"_ _39\"> </span>crediti <span class=\"_ _39\"> </span>appartenenti <span class=\"_ _39\"> </span>a <span class=\"_ _39\"> </span>questa <span class=\"_ _39\"> </span>categoria, <span class=\"_ _36\"> </span>inclusi <span class=\"_ _39\"> </span>nell'attivo <span class=\"_ _39\"> </span>del <span class=\"_ _39\"> </span>bilancio consolidato <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>Gruppo <span class=\"_ _38\"></span>Credito <span class=\"_ _38\"></span>Emiliano, <span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>vengono <span class=\"_ _38\"></span>interamente<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>dall'operazione <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>fusione <span class=\"_ _38\"></span>per incorporazione dell'Ex Cassa di Risparmio di Cento<span class=\"_ _1\"></span> e dall'operativit\u00e0 di Avvera Spa.  4. Attivit\u00e0 fina<span class=\"_ _1\"></span>nziarie oggetto di rinegoz<span class=\"_ _1\"></span>iazioni commercial<span class=\"_ _1\"></span>i e esposizioni og<span class=\"_ _1\"></span>getto di concessioni A <span class=\"_ _1\"></span>marzo <span class=\"_ _1\"></span>2014, in <span class=\"_ _1\"></span>considerazione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>cambiamento regolame<span class=\"_ _1\"></span>ntare <span class=\"_ _1\"></span>che prevedeva <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>passaggio <span class=\"_ _1\"></span>dei poteri di Vigilanza alla Banca Centrale Europea <span class=\"_ _2\"></span>e l\u2019applicazione della nuova normativa comunitaria in  tema  di  reporting  di  vigilanz<span class=\"_ _1\"></span>a,  vennero  approvate <span class=\"_ _3d\"> </span>le  \u201cLinee  guida  per  l\u2019individuazione  e<span class=\"_ _1\"></span>  la gestione delle esposizioni Forborne\u201d successivamente recepite nella Policy di Gr<span class=\"_ _1\"></span>uppo Crediti. In <span class=\"_ _3b\"></span>conform<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _2\"></span>agli <span class=\"_ _3b\"></span>st<span class=\"_ _1\"></span>andard <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>ll\u2019EBA, <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>definiscono <span class=\"_ _3b\"></span>F<span class=\"_ _1\"></span>orborne le <span class=\"_ _3b\"></span>esposizioni <span class=\"_ _3b\"></span>nei confronti <span class=\"_ _3b\"></span>delle quali sono <span class=\"_ _1\"></span>state <span class=\"_ _1\"></span>accordate <span class=\"_ _1\"></span>mis<span class=\"_ _1\"></span>ure <span class=\"_ _1\"></span>di Fo<span class=\"_ _1\"></span>rbearance, <span class=\"_ _1\"></span>ossia <span class=\"_ _1\"></span>misure <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>soste<span class=\"_ _1\"></span>gno <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>debitori <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>affrontano, o<span class=\"_ _39\"> </span>sono <span class=\"_ _35\"> </span>prossimi <span class=\"_ _35\"> </span>ad <span class=\"_ _0\"></span>affrontare, <span class=\"_ _35\"> </span>dif<span class=\"_ _2\"></span>ficolt\u00e0 <span class=\"_ _35\"> </span>ad <span class=\"_ _0\"></span>adem<span class=\"_ _1\"></span>piere <span class=\"_ _35\"> </span>alle <span class=\"_ _0\"></span>proprie <span class=\"_ _35\"> </span>obbli<span class=\"_ _2\"></span>gazioni <span class=\"_ _35\"> </span>finanziare <span class=\"_ _35\"> </span>(c<span class=\"_ _2\"></span>.d. stato di difficolt\u00e0 finanziaria). In <span class=\"_ _38\"></span>linea <span class=\"_ _38\"></span>generale, <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>possibil<span class=\"_ _2\"></span>i <span class=\"_ _38\"></span>misure <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Forbearance <span class=\"_ _38\"></span>accor<span class=\"_ _1\"></span>date <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>debitore <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>difficolt\u00e0 <span class=\"_ _0\"></span>fi<span class=\"_ _2\"></span>nanziaria possono ricadere nelle seguenti fattispecie: <span class=\"_ _42\"> </span><span class=\"ff4\">modifica dei <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ermini <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>condizi<span class=\"_ _2\"></span>oni <span class=\"_ _1\"></span>contr<span class=\"_ _1\"></span>attuali s<span class=\"_ _1\"></span>u un\u2019espos<span class=\"_ _1\"></span>izione <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>roparte <span class=\"_ _1\"></span>non </span>\u00e8 <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>grado <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ripagare, <span class=\"_ _38\"></span>con <span class=\"_ _1\"></span>nuove <span class=\"_ _38\"></span>condizioni <span class=\"_ _38\"></span>che <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>sarebbero <span class=\"_ _38\"></span>state <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>ccordate <span class=\"_ _1\"></span>se <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>cliente non si fosse trovato in difficolt\u00e0 finanziaria; <span class=\"_ _42\"> </span><span class=\"ff4\">rifinanziamento <span class=\"_ _0\"></span>parziale <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>totale <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>debito <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>sarebbe <span class=\"_ _38\"></span>stat<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>accordato <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>assenza <span class=\"_ _38\"></span>di </span>difficolt\u00e0 finanziaria della controparte. In <span class=\"_ _37\"> </span>confor<span class=\"_ _1\"></span>mit\u00e0 <span class=\"_ _36\"> </span>con <span class=\"_ _36\"> </span>gli <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>tandard <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>riferimento, <span class=\"_ _36\"> </span>la <span class=\"_ _36\"> </span>classificazione <span class=\"_ _36\"> </span>ne<span class=\"_ _1\"></span>l <span class=\"_ _36\"> </span>portafoglio <span class=\"_ _36\"> </span>Forborne <span class=\"_ _36\"> </span>\u00e8 indipendente dalla <span class=\"_ _3b\"></span>classificazione<span class=\"_ _1\"></span> a <span class=\"_ _3b\"></span>default o <span class=\"_ _2\"></span>dalla <span class=\"_ _2\"></span>presenza di <span class=\"_ _2\"></span>svalutazioni <span class=\"_ _3b\"></span>analitiche. In vi<span class=\"_ _2\"></span>rt\u00f9 della peculiarit\u00e0 di t<span class=\"_ _1\"></span>ali tipologie di e<span class=\"_ _1\"></span>sposizioni, la valutazione e <span class=\"_ _1\"></span>la concessione <span class=\"_ _1\"></span>di misure di Forbearence \u00e8 demandata alle <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>trutture deliberative centrali, <span class=\"_ _2\"></span>anche attraverso l\u2019<span class=\"_ _2\"></span>ausilio di <span class=\"_ _2\"></span>sistemi automatizzati di alerting sulla <span class=\"_ _1\"></span>presenza <span class=\"_ _1\"></span>di Forborne<span class=\"_ _1\"></span> \u201cpotenziali\u201d, sull\u2019indirizzame<span class=\"_ _1\"></span>nto <span class=\"_ _1\"></span>delle proposte <span class=\"_ _1\"></span>di fido ve<span class=\"_ _1\"></span>rso gli organi competenti e sul decorso dei term<span class=\"_ _1\"></span>ini relativi al cure period e probation period. Relativamente a <span class=\"_ _2\"></span>tale tipologi<span class=\"_ _2\"></span>a di <span class=\"_ _3b\"></span>es<span class=\"_ _1\"></span>posizioni <span class=\"_ _2\"></span>sono state <span class=\"_ _3b\"></span>re<span class=\"_ _1\"></span>cepite l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> ind<span class=\"_ _2\"></span>icazioni delle Guidelines BCE sui <span class=\"_ _37\"> </span>NPL <span class=\"_ _37\"> </span>con <span class=\"_ _37\"> </span>impatto<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>sia <span class=\"_ _37\"> </span>sui <span class=\"_ _37\"> </span>processi <span class=\"_ _37\"> </span>sia <span class=\"_ _37\"> </span>sugli <span class=\"_ _37\"> </span>applicativi <span class=\"_ _37\"> </span>per<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>un\u2019adeguata <span class=\"_ _37\"> </span>tracciatura <span class=\"_ _37\"> </span>de<span class=\"_ _1\"></span>lle valutazioni <span class=\"_ _0\"></span>fatt<span class=\"_ _1\"></span>e <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>sede <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>conce<span class=\"_ _1\"></span>ssione <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>misure <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>forbear<span class=\"_ _1\"></span>ance <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>anche <span class=\"_ _0\"></span>nelle <span class=\"_ _35\"> </span>valutazioni <span class=\"_ _0\"></span>dei triggers sul<span class=\"_ _2\"></span>le I<span class=\"_ _2\"></span>nadempienze <span class=\"_ _3b\"></span>Probabili <span class=\"_ _2\"></span>con <span class=\"_ _3b\"></span>il coinvolgimento <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>lla <span class=\"_ _3b\"></span>Funzione <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>Risk Management <span class=\"_ _3b\"></span>per la redazione di uno specifico parere vincolante <span class=\"_ _1\"></span>nei casi di misure reiterate. L\u2019informativa <span class=\"_ _39\"> </span>al <span class=\"_ _3f\"> </span>pubblico <span class=\"_ _39\"> </span>per<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>la <span class=\"_ _39\"> </span>pubblicazione <span class=\"_ _3f\"> </span>delle <span class=\"_ _3f\"> </span>informazioni <span class=\"_ _39\"> </span>riguardanti <span class=\"_ _3f\"> </span>l\u2019adeguatezza patrimoniale, <span class=\"_ _35\"> </span>l\u2019esposizione <span class=\"_ _35\"> </span>ai <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>credito <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>caratteristiche <span class=\"_ _35\"> </span>generali <span class=\"_ _0\"></span>dei <span class=\"_ _35\"> </span>sist<span class=\"_ _1\"></span>emi <span class=\"_ _35\"> </span>preposti all\u2019identificazione, al<span class=\"_ _2\"></span>la misurazio<span class=\"_ _2\"></span>ne e <span class=\"_ _3b\"></span>alla gestione <span class=\"_ _3b\"></span>dei rischi, <span class=\"_ _3b\"></span>prevista dal <span class=\"_ _3b\"></span>regolamento UE <span class=\"_ _3b\"></span>575/2013 (CRR), <span class=\"_ _0\"></span>pubblicazione <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>disclosure <span class=\"_ _0\"></span>relativa <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>c.d. <span class=\"_ _0\"></span>\u201cPillar <span class=\"_ _0\"></span>3\u201d<span class=\"_ _1\"></span>, <span class=\"_ _0\"></span>verr\u00e0 <span class=\"_ _0\"></span>comunicata <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>mercato <span class=\"_ _35\"> </span>n<span class=\"_ _2\"></span>ei termini di legge, sul sito www.credem.it. Informazi<span class=\"_ _1\"></span>oni di na<span class=\"_ _1\"></span>tura quan<span class=\"_ _1\"></span>titat<span class=\"_ _3a1\"> </span>iva<span class=\"_ _3a1\"> </span>A Quali<span class=\"_ _1\"></span>t\u00e0 del c<span class=\"_ _1\"></span>redito<span class=\"_ _3a1\"> </span>A.1 Esp<span class=\"_ _1\"></span>osizioni <span class=\"_ _1\"></span>creditizie de<span class=\"_ _1\"></span>teri<span class=\"_ _1\"></span>orate e non<span class=\"_ _1\"></span> deterio<span class=\"_ _1\"></span>rate: <span class=\"_ _1\"></span>consisten<span class=\"_ _1\"></span>ze, rettifi<span class=\"_ _1\"></span>che di valo<span class=\"_ _1\"></span>re, din<span class=\"_ _1\"></span>amica<span class=\"_ _3a1\"> </span>e distribu<span class=\"_ _1\"></span>zione<span class=\"_ _1\"></span> economi<span class=\"_ _1\"></span>ca<span class=\"_ _3a1\"> </span>A.1.1 Consolidato <span class=\"_ _1\"></span>prudenziale \u2013 Distribuzione <span class=\"_ _1\"></span>delle attivit\u00e0 finanziar<span class=\"_ _1\"></span>ie per fasce di scad<span class=\"_ _1\"></span>uto (valori di bilancio)<span class=\"_ _3a1\"> </span><table class=\"s w1051 h297\" id=\"_4961991e-1e78-4827-9574-0015e0e24f75\"><tr><td></td><td></td><td class=\"t m2 x129f h12 y636a ff4 fs7 fc4 sc3 ls0 ws0\">Primo stadio </td><td></td><td></td><td class=\"t m2 x7c2 h12 y636a ff4 fs7 fc4 sc3 ls0 ws0\">Secondo stadio<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 xd5a h12 y636a ff4 fs7 fc4 sc3 ls0 ws0\">Terzo stadio<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x1275 h12 y636b ff4 fs7 fc4 sc3 ls0 ws0\">Impaired acquisite </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></td><td></td><td></td><td></td><td class=\"t m2 x1140 h12 y636c ff4 fs7 fc4 sc3 ls0 ws0\">o originate<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x800 h12 y636d ff4 fs7 fc4 sc3 ls0 ws0\">Portafogli/stadi di </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><td></td></tr><tr><td class=\"t m2 x1970 h12 y636e ff4 fs7 fc4 sc3 ls0 ws0\">rischio<span class=\"_ _3a1\"> </span></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><td></td></tr><tr><td class=\"t m2 x7c4 h12 y636f ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 </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><td></td></tr><tr><td class=\"t m2 x58e h12 y6370 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie valutate </td><td></td><td class=\"c n xc72 y6371 we3b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">173.617<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1971 y6371 w1052 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">239<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1972 y6371 wb0c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.487<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1973 y6371 wd19 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">79.754<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1974 y6371 w1053 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">72.104<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1975 y6371 w1054 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.460<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1976 y6371 w1055 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">19<span class=\"_ _1\"></span>.113<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1977 y6371 w1056 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">16.435<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1978 y6371 w5b0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">134.986<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1979 y6371 w1057 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">169<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x197a y6371 w1058 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">44<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x197b y6371 wf94 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.757<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6372 ff4 fs7 fc1 sc0 ls0 ws0\">al costo </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><td></td></tr><tr><td class=\"t m2 x58e h12 y6373 ff4 fs7 fc1 sc0 ls0 ws0\">ammortizzato </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><td></td></tr><tr><td class=\"t m2 x58e h12 y6374 ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 finanziarie </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><td></td></tr><tr><td class=\"t m2 x58e h12 y6375 ff4 fs7 fc1 sc0 ls0 ws0\">valutate al fair value </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><td></td></tr><tr><td class=\"t m2 x58e h12 y6376 ff4 fs7 fc1 sc0 ls0 ws0\">con impatto sulla </td><td></td><td class=\"c n x9b3 y6377 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x197c y6377 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x197d y6377 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x197e y6377 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x197f y6377 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1980 y6377 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1981 y6377 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1982 y6377 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1983 y6377 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1984 y6377 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1985 y6377 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1986 y6377 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6378 ff4 fs7 fc1 sc0 ls0 ws0\">redditivit\u00e0 </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><td></td></tr><tr><td class=\"t m2 x58e h12 y6379 ff4 fs7 fc1 sc0 ls0 ws0\">complessiva </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><td></td></tr><tr><td class=\"c x58e y637a w149 h11\"><div class=\"t m2 x0 h12 y370 ff4 fs7 fc1 sc0 ls0 ws0\">3. Attivit\u00e0 </div></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><td></td></tr><tr><td class=\"t m2 x58e h12 y637b ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie in corso<span class=\"_ _3a1\"> </span></td><td></td><td class=\"c n x9b3 y637c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x197c y637c w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x197d y637c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x197e y637c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x197f y637c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1980 y637c w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1981 y637c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1982 y637c w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1983 y637c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1984 y637c w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1985 y637c w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1986 y637c w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y637d ff4 fs7 fc1 sc0 ls0 ws0\">di dismissione </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><td></td></tr><tr><td class=\"t m2 x58e h12 y637e ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd55 h12 y637e ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c1 h12 y637e ff4 fs7 fc1 sc2 ls0 ws0\">173.617<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce8 h12 y637e ff4 fs7 fc1 sc2 ls0 ws0\">239<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a4 h12 y637e ff4 fs7 fc1 sc2 ls0 ws0\">3.487<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88a h12 y637e ff4 fs7 fc1 sc2 ls0 ws0\">79.754<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1410 h12 y637e ff4 fs7 fc1 sc2 ls0 ws0\">72.104<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcea h12 y637e ff4 fs7 fc1 sc2 ls0 ws0\">4.460<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xb9c h12 y637e ff4 fs7 fc1 sc2 ls0 ws0\">19.113<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e1 h12 y637e ff4 fs7 fc1 sc2 ls0 ws0\">16.435<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93a h12 y637e ff4 fs7 fc1 sc2 ls0 ws0\">134.986<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e3 h12 y637e ff4 fs7 fc1 sc2 ls0 ws0\">169<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15ce h12 y637e ff4 fs7 fc1 sc2 ls0 ws0\">44<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc59 h12 y637e ff4 fs7 fc1 sc2 ls0 ws0\">3.757<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y5f85 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd55 h12 y5f85 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1987 h12 y5f85 ff4 fs7 fc1 sc2 ls0 ws0\">290.286<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xb9b h12 y5f85 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a4 h12 y5f85 ff4 fs7 fc1 sc2 ls0 ws0\">4.475<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1196 h12 y5f85 ff4 fs7 fc1 sc2 ls0 ws0\">72.849<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x138b h12 y5f85 ff4 fs7 fc1 sc2 ls0 ws0\">64.670<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e7 h12 y5f85 ff4 fs7 fc1 sc2 ls0 ws0\">28.249<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad3 h12 y5f85 ff4 fs7 fc1 sc2 ls0 ws0\">21.852<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e1 h12 y5f85 ff4 fs7 fc1 sc2 ls0 ws0\">19.009<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93a h12 y5f85 ff4 fs7 fc1 sc2 ls0 ws0\">148.394<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1275 h12 y5f85 ff4 fs7 fc1 sc2 ls0 ws0\">84<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15ce h12 y5f85 ff4 fs7 fc1 sc2 ls0 ws0\">82<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d4 h12 y5f85 ff4 fs7 fc1 sc2 ls0 ws0\">5.082<span class=\"_ _3a1\"> </span></td></tr></table> 30 ii iorni i 30 ii iorni i 30 ii iorni i 30 ii iorni iNella tabella <span class=\"_ _2\"></span>su esposta <span class=\"_ _2\"></span>viene <span class=\"_ _2\"></span>fornito il <span class=\"_ _3b\"></span>dettaglio, per c<span class=\"_ _2\"></span>iacuno stadio <span class=\"_ _3b\"></span>di rischio, <span class=\"_ _2\"></span>del valore di <span class=\"_ _3b\"></span>bilancio<span class=\"_ _3a1\"> </span>relativi <span class=\"_ _35\"> </span>alle <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>fin<span class=\"_ _2\"></span>anziarie <span class=\"_ _0\"></span>scadute <span class=\"_ _35\"> </span>valutate <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>costo <span class=\"_ _0\"></span>ammortizzato <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>alle <span class=\"_ _0\"> </span>attivit\u00e0 <span class=\"_ _35\"> </span>finanziarie<span class=\"_ _3a1\"> </span>scadute valutate al fair value con impatto sulla re<span class=\"_ _1\"></span>dditivit\u00e0 complessiva. A.1.2 Consolidato pr<span class=\"_ _1\"></span>udenziale \u2013 Attivit\u00e0 finanziarie, impegni a erogare<span class=\"_ _1\"></span> fondi e garanzie finanziarie <span class=\"_ _1\"></span>rilasciate: dinamica delle rett<span class=\"_ _1\"></span>ifiche di valore compless<span class=\"_ _1\"></span>ive e degli accantonamenti complessivi<span class=\"_ _3a1\"> </span><table class=\"s w1059 h298\" id=\"_2e4712df-29fe-4c2b-90bc-b216a0796b5d\"><tr><td class=\"t m9 x3b8 h44 y637f ff4 fs11 fc4 sc3 ls0 ws0\">Causali/ stadi di<span class=\"_ _3a1\"> </span> </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><td class=\"t m9 x1988 h44 y6380 ff4 fs11 fc4 sc3 ls0 ws0\">Rettifiche di valore com<span class=\"_ _1\"></span>plessive<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1989 h44 y6381 ff4 fs11 fc4 sc3 ls0 ws0\">Accantonamenti comple<span class=\"_ _1\"></span>ssivi su<span class=\"_ _3a1\"> </span> </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m9 x198a h44 y6382 ff4 fs11 fc4 sc3 ls0 ws0\">rischio<span class=\"_ _3a1\"> </span> </td><td></td><td class=\"t m9 x17ce h44 y6383 ff4 fs11 fc4 sc3 ls0 ws0\">Attivit\u00e0 rientranti nel primo stadio<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x198b h44 y6383 ff4 fs11 fc4 sc3 ls0 ws0\">Attivit\u00e0 rientranti nel seco<span class=\"_ _1\"></span>ndo stadio<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m9 x198c h44 y6383 ff4 fs11 fc4 sc3 ls0 ws0\">Attivit\u00e0 rientranti nel terzo st<span class=\"_ _1\"></span>adio<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x198d h44 y6384 ff4 fs11 fc4 sc3 ls0 ws0\">Attivit\u00e0 fin. impaired acquisite o<span class=\"_ _3a1\"> </span> </td><td></td><td></td><td class=\"t m9 x17e1 h44 y6385 ff4 fs11 fc4 sc3 ls0 ws0\">impegni a erogare fondi e garanzie<span class=\"_ _3a1\"> </span> </td><td></td><td class=\"t m9 x198e h44 y6386 ff4 fs11 fc4 sc3 ls0 ws0\">finanziarie rilasciate<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x198f h44 y6387 ff4 fs11 fc1 sc0 ls0 ws0\">Tot.<span class=\"_ _3a1\"> </span> </td></tr><tr><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></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1990 h44 y6388 ff4 fs11 fc4 sc3 ls0 ws0\">originate<span class=\"_ _3a1\"> </span></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></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><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1991 h44 y6389 ff4 fs11 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span> </td></tr><tr><td class=\"t m9 x3c4 h44 y638a ff4 fs11 fc1 sc2 ls0 ws0\">Rettifiche<span class=\"_ _3a1\"> </span> </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><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></td><td></td><td></td><td></td></tr><tr><td class=\"t m9 x3c4 h44 y638b ff4 fs11 fc1 sc2 ls0 ws0\">complessive<span class=\"_ _3a1\"> </span> </td><td class=\"t m9 x1992 h44 y638b ff4 fs11 fc1 sc2 ls0 ws0\">53<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1993 h44 y638b ff4 fs11 fc1 sc2 ls0 ws0\">46.080<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1994 h44 y638b ff4 fs11 fc1 sc2 ls0 ws0\">2.259<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1995 h44 y638b ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1996 h44 y638b ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1997 h44 y638b ff4 fs11 fc1 sc2 ls0 ws0\">48.392<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1998 h44 y638b ff4 fs11 fc1 sc2 ls0 ws0\">24<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1999 h44 y638b ff4 fs11 fc1 sc2 ls0 ws0\">42.414<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x199a h44 y638b ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x199b h44 y638b ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x199c h44 y638b ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17d1 h44 y638b ff4 fs11 fc1 sc2 ls0 ws0\">42.437<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x2b1 h44 y638b ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x199d h44 y638b ff4 fs11 fc1 sc2 ls0 ws0\">416.059<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x199e h44 y638b ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x199f h44 y638b ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x2b2 h44 y638b ff4 fs11 fc1 sc2 ls0 ws0\">416.059<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x19a0 h44 y638b ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x19a1 h44 y638b ff4 fs11 fc1 sc2 ls0 ws0\">2.415<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x19a2 h44 y638b ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x19a3 h44 y638b ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x19a4 h44 y638b ff4 fs11 fc1 sc2 ls0 ws0\">2.359<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x19a5 h44 y638b ff4 fs11 fc1 sc2 ls0 ws0\">57<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17ee h44 y638b ff4 fs11 fc1 sc2 ls0 ws0\">2.667<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x19a6 h44 y638b ff4 fs11 fc1 sc2 ls0 ws0\">1.352<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x19a7 h44 y638b ff4 fs11 fc1 sc2 ls0 ws0\">987<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x19a8 h44 y638b ff4 fs11 fc1 sc2 ls0 ws0\">222<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x19a9 h44 y638b ff4 fs11 fc1 sc2 ls0 ws0\">514.532<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x3c4 h44 y638c ff4 fs11 fc1 sc2 ls0 ws0\">iniziali<span class=\"_ _3a1\"> </span></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><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></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y638d w105a h214\"><div class=\"t m9 x2b3 h44 y5764 ff4 fs11 fc1 sc0 ls0 ws0\">Variazioni in<span class=\"_ _3a1\"> </span></div><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">aumento da<span class=\"_ _3a1\"> </span></div></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><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></td><td></td><td></td><td></td></tr><tr><td class=\"t m9 x3c4 h44 y638e ff4 fs11 fc1 sc0 ls0 ws0\">attivit\u00e0 finanziarie<span class=\"_ _3a1\"> </span> </td><td class=\"c n x19aa y638f w105b h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19ab y638f w105c h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">11<span class=\"_ _1\"></span>.565<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19ac y638f w105d h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">675<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19ad y638f w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19ae y638f w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19af y638f w105f h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">12<span class=\"_ _1\"></span>.242<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19b0 y638f w1060 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19b1 y638f w1061 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>.223<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19b2 y638f w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19b3 y638f w1062 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19b4 y638f w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19b5 y638f w1063 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">2.224<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19b6 y638f w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19b7 y638f w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19b8 y638f w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19b9 y638f w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19ba y638f w1064 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19bb y638f w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19bc y638f w1065 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19bd y638f w1066 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19be y638f w1065 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19bf y638f w1066 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19c0 y638f w1066 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19c1 y638f w1067 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">1.406<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19c2 y638f w1068 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">442<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19c3 y638f w1064 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19c4 y638f w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m9 x19c5 h44 y6390 ff4 fs11 fc1 sc2 ls0 ws0\">16.315<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x3c4 h44 y6391 ff4 fs11 fc1 sc0 ls0 ws0\">acquisite o<span class=\"_ _3a1\"> </span> </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><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></td><td></td><td></td><td></td></tr><tr><td class=\"t m9 x3c4 h44 y6392 ff4 fs11 fc1 sc0 ls0 ws0\">originate<span class=\"_ _3a1\"> </span> </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><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></td><td></td><td></td><td></td></tr><tr><td class=\"t m9 x3c4 h44 y6393 ff4 fs11 fc1 sc0 ls0 ws0\">Cancellazioni<span class=\"_ _3a1\"> </span> </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><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></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y6396 w1069 h299\"><div class=\"t m9 x2b3 h44 y6394 ff4 fs11 fc1 sc0 ls0 ws0\">diverse dai write-<span class=\"_ _3a1\"> </span></div><div class=\"t m9 x2b3 h44 y6395 ff4 fs11 fc1 sc0 ls0 ws0\">off<span class=\"_ _3a1\"> </span></div><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">Rett/riprese di<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19c6 y6397 w106a h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(1)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19c7 y6397 w106b h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(6.087)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19c8 y6397 w106c h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(754)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19c9 y6397 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19ca y6397 w1062 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19cb y6397 w106d h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(6.842)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19cc y6397 w106e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(2)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19cd y6397 w106f h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(2<span class=\"_ _1\"></span>.858)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19ce y6397 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19cf y6397 w1062 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19d0 y6397 w1062 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19d1 y6397 w1070 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(2.86<span class=\"_ _1\"></span>0)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19d2 y6397 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19d3 y6397 w1071 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(45<span class=\"_ _1\"></span>.007)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19d4 y6397 w1062 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19d5 y6397 w1064 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19d6 y6397 w1072 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(45.007)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19d7 y6397 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19d8 y6397 w1073 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(62)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19d9 y6397 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19da y6397 w1064 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19db y6397 w1073 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(62)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19dc y6397 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19dd y6397 w1074 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(1.761)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19de y6397 w1075 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(631<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19df y6397 w1076 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19e0 y6397 w1076 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19e1 y6398 w1077 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">(57.163)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x3c4 h44 y6399 ff4 fs11 fc1 sc0 ls0 ws0\">valore nette per<span class=\"_ _3a1\"> </span> </td><td class=\"c n x19e2 y547e w1078 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(27)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19e3 y547e w1079 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(4.045)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19e4 y547e w107a h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(<span class=\"_ _1\"></span>99)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19e5 y547e w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19e6 y547e w1062 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19e7 y547e w107b h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(4.171)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19e8 y547e w107c h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(8)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19e9 y547e w107d h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(333)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19ea y547e w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19eb y547e w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19ec y547e w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19ed y547e w107e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(340)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19ee y547e w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19ef y547e w107f h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>6.444<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19f0 y547e w1062 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19f1 y547e w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19f2 y547e w1080 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">56.444<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19f3 y547e w1076 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19f4 y547e w1081 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(75)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19f5 y547e w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19f6 y547e w1064 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19f7 y547e w1082 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(134)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19f8 y547e w1083 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">60<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19f9 y547e w1084 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(24)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19fa y547e w1085 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(108)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19fb y547e w1086 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">61<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19fc y547e w1087 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(1<span class=\"_ _1\"></span>05)</div></td><td class=\"t m9 x19c5 h44 y639a ff4 fs11 fc1 sc2 ls0 ws0\">51.681<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x3c4 h44 y639b ff4 fs11 fc1 sc0 ls0 ws0\">rischio di credito<span class=\"_ _3a1\"> </span> </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><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></td><td></td><td></td><td></td></tr><tr><td class=\"t m9 x3c4 h44 y639c ff4 fs11 fc1 sc0 ls0 ws0\">(+/-)<span class=\"_ _3a1\"> </span> </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><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></td><td></td><td></td><td></td></tr><tr><td class=\"t m9 x3c4 h44 y639d ff4 fs11 fc1 sc0 ls0 ws0\">Modifiche<span class=\"_ _3a1\"> </span> </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><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></td><td></td><td></td><td></td></tr><tr><td class=\"t m9 x3c4 h44 y639e ff4 fs11 fc1 sc0 ls0 ws0\">contrattuali<span class=\"_ _3a1\"> </span> </td><td class=\"c n x19fd y60f2 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19fe y60f2 w1088 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(1<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x19ff y60f2 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a00 y60f2 w1062 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a01 y60f2 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a02 y60f2 w1088 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(1<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a03 y60f2 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a04 y60f2 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a05 y60f2 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a06 y60f2 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a07 y60f2 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a08 y60f2 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a09 y60f2 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a0a y60f2 w1089 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(156)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a0b y60f2 w1062 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a0c y60f2 w1064 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a0d y60f2 w1089 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(156)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a0e y60f2 w1064 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a0f y60f2 w1064 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a10 y60f2 w1064 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a11 y60f2 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a12 y60f2 w1064 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a13 y60f2 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a14 y60f2 w1064 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a15 y60f2 w1076 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a16 y60f2 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a17 y60f2 w1064 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m9 x1a18 h44 y639f ff4 fs11 fc1 sc2 ls0 ws0\">(157)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x3c4 h44 y63a0 ff4 fs11 fc1 sc0 ls0 ws0\">senza<span class=\"_ _3a1\"> </span> </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><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></td><td></td><td></td><td></td></tr><tr><td class=\"t m9 x3c4 h44 y63a1 ff4 fs11 fc1 sc0 ls0 ws0\">cancellazioni<span class=\"_ _3a1\"> </span> </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><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></td><td></td><td></td><td></td></tr><tr><td class=\"t m9 x3c4 h44 y63a2 ff4 fs11 fc1 sc0 ls0 ws0\">Cambiamenti<span class=\"_ _3a1\"> </span> </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><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></td><td></td><td></td><td></td></tr><tr><td class=\"t m9 x3c4 h44 y63a3 ff4 fs11 fc1 sc0 ls0 ws0\">della metodologia<span class=\"_ _3a1\"> </span> </td><td class=\"c n x19fd y63a4 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a19 y63a4 w1062 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a1a y63a4 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a1b y63a4 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a1c y63a4 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a1d y63a4 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a1e y63a4 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a1f y63a4 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a20 y63a4 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a21 y63a4 w1062 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a22 y63a4 w1062 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a23 y63a4 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a24 y63a4 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a25 y63a4 w108a h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>.123<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a26 y63a4 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a27 y63a4 w1064 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a28 y63a4 w108b h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">3.123<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a29 y63a4 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a2a y63a4 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a2b y63a4 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a2c y63a4 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a2d y63a4 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a2e y63a4 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a2f y63a4 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a30 y63a4 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a31 y63a4 w1064 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a32 y63a4 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m9 x1a33 h44 y63a5 ff4 fs11 fc1 sc2 ls0 ws0\">3.123<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x3c4 h44 y63a6 ff4 fs11 fc1 sc0 ls0 ws0\">di stima<span class=\"_ _3a1\"> </span> </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><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></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y63a7 w108c h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">Write<span class=\"_ _3a1\"> </span></div><div class=\"t m9 x1a34 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m9 x1a35 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">off non<span class=\"_ _3a1\"> </span></div></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><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></td><td></td><td></td><td></td></tr><tr><td class=\"t m9 x3c4 h44 y63a8 ff4 fs11 fc1 sc0 ls0 ws0\">rilevati<span class=\"_ _3a1\"> </span> </td><td class=\"c n x19fd y63a9 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a19 y63a9 w1062 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a1a y63a9 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a1b y63a9 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a1c y63a9 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a1d y63a9 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a1e y63a9 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a1f y63a9 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a20 y63a9 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a21 y63a9 w1062 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a22 y63a9 w1062 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a23 y63a9 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a24 y63a9 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a36 y63a9 w108d h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(31.447)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a37 y63a9 w1062 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a38 y63a9 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a39 y63a9 w108e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(3<span class=\"_ _1\"></span>1.447)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a3a y63a9 w1064 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a3b y63a9 w108f h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(132)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a3c y63a9 w1064 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a3d y63a9 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a3e y63a9 w1090 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(132<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a3f y63a9 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a40 y63a9 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a41 y63a9 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a42 y63a9 w1064 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a43 y63a9 w1064 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m9 x19a9 h44 y63aa ff4 fs11 fc1 sc2 ls0 ws0\">(31.579)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x2d7 y63ab w1091 h214\"><div class=\"t m9 x2b3 h44 y5764 ff4 fs11 fc1 sc0 ls0 ws0\">direttamente a<span class=\"_ _3a1\"> </span></div><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">conto economico<span class=\"_ _3a1\"> </span></div></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><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></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y61f4 w1092 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">Altre variazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a44 y61f4 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a45 y61f4 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a46 y61f4 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a47 y61f4 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a48 y61f4 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a49 y61f4 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a4a y61f4 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a4b y61f4 w1062 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a4c y61f4 w1062 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a4d y61f4 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a4e y61f4 w1062 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a4f y61f4 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a50 y61f4 w1062 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a51 y61f4 w1093 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">142<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a52 y61f4 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a53 y61f4 w1064 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a54 y61f4 w1094 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">142<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a55 y61f4 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a56 y61f4 w1064 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a57 y61f4 w1064 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a58 y61f4 w1064 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a59 y61f4 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a5a y61f4 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a5b y61f4 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a5c y61f4 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a5d y61f4 w1064 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a5e y61f4 w1064 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m9 x1a5f h44 y63ac ff4 fs11 fc1 sc2 ls0 ws0\">142<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x3c4 h44 y63ad ff4 fs11 fc1 sc2 ls0 ws0\">Rettifiche<span class=\"_ _3a1\"> </span> </td><td class=\"t m9 x1992 h44 y63ae ff4 fs11 fc1 sc2 ls0 ws0\">28<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17ce h44 y63ae ff4 fs11 fc1 sc2 ls0 ws0\">47.512<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1994 h44 y63ae ff4 fs11 fc1 sc2 ls0 ws0\">2.081<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1995 h44 y63ae ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1996 h44 y63ae ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1997 h44 y63ae ff4 fs11 fc1 sc2 ls0 ws0\">49.620<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1a60 h44 y63ae ff4 fs11 fc1 sc2 ls0 ws0\">15<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1999 h44 y63ae ff4 fs11 fc1 sc2 ls0 ws0\">41.446<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x199a h44 y63ae ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x199b h44 y63ae ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x199c h44 y63ae ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1a61 h44 y63ae ff4 fs11 fc1 sc2 ls0 ws0\">41.461<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x2b1 h44 y63ae ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x199d h44 y63ae ff4 fs11 fc1 sc2 ls0 ws0\">399.158<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x199e h44 y63ae ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x199f h44 y63ae ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x2b2 h44 y63ae ff4 fs11 fc1 sc2 ls0 ws0\">399.158<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x19a0 h44 y63ae ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x19a1 h44 y63ae ff4 fs11 fc1 sc2 ls0 ws0\">2.146<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x19a2 h44 y63ae ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x19a3 h44 y63ae ff4 fs11 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17ed h44 y63ae ff4 fs11 fc1 sc2 ls0 ws0\">2.031<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x19a5 h44 y63ae ff4 fs11 fc1 sc2 ls0 ws0\">117<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17ee h44 y63ae ff4 fs11 fc1 sc2 ls0 ws0\">2.288<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x19a6 h44 y63ae ff4 fs11 fc1 sc2 ls0 ws0\">1.055<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1a62 h44 y63ae ff4 fs11 fc1 sc2 ls0 ws0\">1.048<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1a63 h44 y63ae ff4 fs11 fc1 sc2 ls0 ws0\">117<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1a64 h44 y63ae ff4 fs11 fc1 sc2 ls0 ws0\">496.894<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x3c4 h44 y63af ff4 fs11 fc1 sc2 ls0 ws0\">complessive finali<span class=\"_ _3a1\"> </span></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><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></td><td></td><td></td><td></td></tr><tr><td class=\"t m9 x3c4 h44 y63b0 ff4 fs11 fc1 sc0 ls0 ws0\">Recuperi da<span class=\"_ _3a1\"> </span> </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><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></td><td></td><td></td><td></td></tr><tr><td class=\"t m9 x3c4 h44 y63b1 ff4 fs11 fc1 sc0 ls0 ws0\">incasso su<span class=\"_ _3a1\"> </span> </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><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></td><td></td><td></td><td></td></tr><tr><td class=\"t m9 x3c4 h44 y63b2 ff4 fs11 fc1 sc0 ls0 ws0\">attivit\u00e0 finanziarie<span class=\"_ _3a1\"> </span> </td><td class=\"c n x19fd y63b3 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a19 y63b3 w1062 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a1a y63b3 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a1b y63b3 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a1c y63b3 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a1d y63b3 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a1e y63b3 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a1f y63b3 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a20 y63b3 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a21 y63b3 w1062 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a22 y63b3 w1062 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a23 y63b3 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a24 y63b3 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a65 y63b3 w1095 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">836<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a66 y63b3 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a67 y63b3 w1064 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a68 y63b3 w1096 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">836<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a69 y63b3 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a6a y63b3 w1097 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">121<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a6b y63b3 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a6c y63b3 w1076 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a6d y63b3 w1098 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">12<span class=\"_ _1\"></span>1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a6e y63b3 w1064 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a6f y63b3 w1076 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a70 y63b3 w1064 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a71 y63b3 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a72 y63b3 w1064 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a73 y63b4 w1099 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc2 ls0 ws0\">957<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x2d7 y63b7 w109a h29a\"><div class=\"t m9 x2b3 h44 y63b5 ff4 fs11 fc1 sc0 ls0 ws0\">oggetto di write-<span class=\"_ _3a1\"> </span></div><div class=\"t m9 x2b3 h44 y63b6 ff4 fs11 fc1 sc0 ls0 ws0\">off<span class=\"_ _3a1\"> </span></div><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">Write-off rilevati<span class=\"_ _3a1\"> </span></div></td><td class=\"t m9 x1a74 h44 y63b8 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></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><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></td><td></td><td></td></tr><tr><td class=\"c x2d7 y539f w1091 h215\"><div class=\"t m9 x2b3 h44 y5775 ff4 fs11 fc1 sc0 ls0 ws0\">direttamente a<span class=\"_ _3a1\"> </span></div><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">conto economico<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1a75 y63b9 w1095 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(52)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a76 y63b9 w1062 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a77 y63b9 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a78 y63b9 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a79 y63b9 w1095 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(52)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a7a y63b9 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a7b y63b9 w109b h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(14)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a7c y63b9 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a7d y63b9 w1062 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a7e y63b9 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a7f y63b9 w109b h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(14)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a80 y63b9 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a81 y63b9 w109c h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(1<span class=\"_ _1\"></span>.589)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a82 y63b9 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a83 y63b9 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a84 y63b9 w109d h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(1.589)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a85 y63b9 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a86 y63b9 w109e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(52)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a87 y63b9 w1064 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a88 y63b9 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a89 y63b9 w1095 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">(52)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a8a y63b9 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a8b y63b9 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a8c y63b9 w105e h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a8d y63b9 w1064 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a8e y63b9 w1076 h213\"><div class=\"t m9 x2b3 h44 y5761 ff4 fs11 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m9 x1a8f h44 y63ba ff4 fs11 fc1 sc2 ls0 ws0\">(1707)<span class=\"_ _3a1\"> </span></td></tr></table>nche li a vista<span class=\"_ _3a1\"> </span>l costo to<span class=\"_ _3a1\"> </span>l fair t\u00e0 lessiva<span class=\"_ _3a1\"> </span>s<span class=\"_ _3a1\"> </span>li<span class=\"_ _3a1\"> </span>i collettive<span class=\"_ _3a1\"> </span>nche l<span class=\"_ _3a1\"> </span>l costo to<span class=\"_ _3a1\"> </span>l fair t<span class=\"_ _3a1\"> </span>s<span class=\"_ _3a1\"> </span>li<span class=\"_ _3a1\"> </span>i collettive<span class=\"_ _3a1\"> </span>nche l<span class=\"_ _3a1\"> </span>l costo to<span class=\"_ _3a1\"> </span>l fair t<span class=\"_ _3a1\"> </span>s<span class=\"_ _3a1\"> </span>li<span class=\"_ _3a1\"> </span>i collettive<span class=\"_ _3a1\"> </span>l costo to<span class=\"_ _3a1\"> </span>l fair t<span class=\"_ _3a1\"> </span>s<span class=\"_ _3a1\"> </span>li<span class=\"_ _3a1\"> </span>i collettive<span class=\"_ _3a1\"> </span>stadio<span class=\"_ _3a1\"> </span>io  stadio zie isiti/e o ti/<span class=\"_ _3a1\"> </span>A.1.3  Conso<span class=\"_ _1\"></span>lidato prudenziale - Attivit\u00e0 <span class=\"_ _1\"></span>finanziarie, impegni a erogar<span class=\"_ _1\"></span>e fondi e garanzie <span class=\"_ _1\"></span>finanziarie rilasciate<span class=\"_ _1\"></span>:<span class=\"_ _3a1\"> </span>trasferiment<span class=\"_ _1\"></span>i tra diversi stadi di rischio <span class=\"_ _1\"></span>di credito (valori lordi e<span class=\"_ _1\"></span> nominali)<span class=\"_ _3a1\"> </span><table class=\"s w109f h29b\" id=\"_4bed25a9-9bc5-459f-8343-e9b4b5440b68\"><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x873 h12 y63bb ff4 fs7 fc4 sc3 ls0 ws0\">Esposizione lorda/valore nominale<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td></td><td class=\"c xd54 y63bc w22e h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">Trasferimenti tra primo<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c xec2 y63bc w22f h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">Trasferimenti tra </div></td><td></td><td class=\"c xba4 y63bc w22f h11\" colspan=\"2\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">Trasferimenti tra </div></td></tr><tr><td></td><td class=\"t m2 xc5f h12 y63bd ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\"> stadio e secondo </td><td class=\"t m2 xec2 h12 y63bd ff4 fs7 fc4 sc3 ls0 ws0\">secondo stadio e </td><td></td><td class=\"t m2 x942 h12 y63bd ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">primo stadio e terzo </td></tr><tr><td></td><td></td><td class=\"t m2 x88c h12 y63be ff4 fs7 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m2 x130e h12 y63be ff4 fs7 fc4 sc3 ls0 ws0\">terzo<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdde h12 y63be ff4 fs7 fc4 sc3 ls0 ws0\">stadio<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x1a90 h12 y63bf ff4 fs7 fc4 sc3 ls0 ws0\">Portafogli/stadi di rischio<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y63c0 w1008 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanziarie va<span class=\"_ _2\"></span>lutate al costo amm<span class=\"_ _2\"></span>ortizzato<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a91 y63c0 w10a0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.082<span class=\"_ _2\"></span>.939<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a92 y63c0 wea9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">532.198<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a93 y63c0 w10a1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">69.804<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a94 y63c0 w10a2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.265<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a95 y63c0 w10a3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7.095<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a96 y63c0 w10a4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">91.584<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y63c1 ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 finanziarie va<span class=\"_ _2\"></span>lutate al fair <span class=\"_ _2\"></span>value con<span class=\"_ _3a1\"> </span></td><td class=\"c n xe4a y63c2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a97 y63c2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a98 y63c2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a99 y63c2 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a9a y63c2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a9b y63c2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y63c3 ff4 fs7 fc1 sc0 ls0 ws0\">impatto sulla redditiv<span class=\"_ _2\"></span>it\u00e0 complessiva </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y63c4 w10a5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Attivit\u00e0 finanziarie <span class=\"_ _2\"></span>in corso di dismissi<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>ne<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a9c y63c4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a9d y63c4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a9e y63c4 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1a9f y63c4 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aa0 y63c4 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aa1 y63c4 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x58e y63c5 w230 h11\"><div class=\"t m2 x0 h12 y49 ff4 fs7 fc1 sc0 ls0 ws0\">4. Impegni a erogare<span class=\"_ _2\"></span> fondi e garanzie<span class=\"_ _2\"></span> finanziarie </div></td><td class=\"c n x1aa2 y569d w10a6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">457.070<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aa3 y569d w5f0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.499<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aa4 y569d w10a7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">51<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aa5 y569d w10a8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">955<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aa6 y569d w912 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.708<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aa7 y569d wfd0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">29.917<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y63c6 ff4 fs7 fc1 sc0 ls0 ws0\">rilasciate </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xce8 h12 y63c7 ff4 fs7 fc1 sc2 ls0 ws0\">Totale 31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d2 h12 y63c8 ff4 fs7 fc1 sc2 ls0 ws0\">1.540.009<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112d h12 y63c8 ff4 fs7 fc1 sc2 ls0 ws0\">537.697<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xec2 h12 y63c8 ff4 fs7 fc1 sc2 ls0 ws0\">69.855<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x876 h12 y63c8 ff4 fs7 fc1 sc2 ls0 ws0\">9.220<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x874 h12 y63c8 ff4 fs7 fc1 sc2 ls0 ws0\">10.803<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xba4 h12 y63c8 ff4 fs7 fc1 sc2 ls0 ws0\">121.501<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xce8 h12 y63c9 ff4 fs7 fc1 sc2 ls0 ws0\">Totale 31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x940 h12 y63c9 ff4 fs7 fc1 sc2 ls0 ws0\">1.674.266<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e7 h12 y63c9 ff4 fs7 fc1 sc2 ls0 ws0\">553.212<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd57 h12 y63c9 ff4 fs7 fc1 sc2 ls0 ws0\">52.367<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x876 h12 y63c9 ff4 fs7 fc1 sc2 ls0 ws0\">11.797<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x874 h12 y63c9 ff4 fs7 fc1 sc2 ls0 ws0\">12.848<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x140d h12 y63c9 ff4 fs7 fc1 sc2 ls0 ws0\">111.130<span class=\"_ _3a1\"> </span></td></tr></table>rimo a iodio tadiodio ioio ioA.1.4 Conso<span class=\"_ _1\"></span>lidato prudenziale - Esposizioni cre<span class=\"_ _1\"></span>ditizie per cass<span class=\"_ _1\"></span>a e fuori bilancio ve<span class=\"_ _1\"></span>rso banche: valori lordi e ne<span class=\"_ _1\"></span>tti<span class=\"_ _3a1\"> </span><table class=\"s w10a9 h29c\" id=\"_37c6e888-4546-4c2c-8c98-199ad8644054\"><tr><td class=\"c n x2d7 y63ca w10aa h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc4 sc3 ls0 ws0\">Tipologie esposizio<span class=\"_ _1\"></span>ni/valori<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x1aa8 y63ca w10ab h213\"><div class=\"t m2 x2b3 h44 y57b8 ff4 fs11 fc4 sc3 ls0 ws0\">Esposi<span class=\"_ _1\"></span>zione lorda<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"t m2 xddb h44 y63cb ff4 fs11 fc4 sc3 ls0 ws0\">Rettifiche di valore<span class=\"_ _1\"></span> complessive e </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 class=\"t m2 xdda h44 y63cc ff4 fs11 fc4 sc3 ls0 ws0\">accantonamenti comple<span class=\"_ _1\"></span>ssivi<span class=\"fc1 sc2\"> </span></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></td><td></td><td class=\"t m2 xcee h44 y63cd ff4 fs11 fc4 sc3 ls0 ws0\">Esposizione </td><td class=\"t m2 x11ff h44 y63cd ff4 fs11 fc4 sc3 ls0 ws0\">Write-off parziali </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 xc67 h44 y63ce ff4 fs11 fc4 sc3 ls0 ws0\">Netta<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12fc h44 y63ce ff4 fs11 fc4 sc3 ls0 ws0\">complessivi*<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y63cf ff4 fsb fc1 sc2 ls0 ws0\">A. Esposi<span class=\"_ _1\"></span>zioni </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 class=\"t m2 x58e h19 y63d0 ff4 fsb fc1 sc2 ls0 ws0\">creditizie<span class=\"_ _1\"></span> per cass<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span></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 class=\"t m2 x58e h19 y63d1 ff4 fsb fc1 sc2 ls0 ws0\">A.1 A vis<span class=\"_ _1\"></span>ta<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1987 h19 y63d1 ff4 fsb fc1 sc2 ls0 ws0\">4.016.<span class=\"_ _1\"></span>484<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x87e h19 y63d1 ff4 fsb fc1 sc2 ls0 ws0\">4.009.<span class=\"_ _1\"></span>482<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1aa9 h19 y63d1 ff4 fsb fc1 sc2 ls0 ws0\">7.002<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc5f h19 y63d1 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x938 h19 y63d1 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112d h19 y63d1 ff4 fsb fc1 sc2 ls0 ws0\">43<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xacc h19 y63d1 ff4 fsb fc1 sc2 ls0 ws0\">28<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x159b h19 y63d1 ff4 fsb fc1 sc2 ls0 ws0\">15<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1194 h19 y63d1 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7bd h19 y63d1 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a1 h19 y63d1 ff4 fsb fc1 sc2 ls0 ws0\">4.016.<span class=\"_ _1\"></span>441<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h19 y63d1 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x7e6 y5357 w10ac h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">a) Deterior<span class=\"_ _1\"></span>ate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aaa y5357 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aab y5357 wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aac y5357 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aad y5357 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aae y5357 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aaf y5357 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ab0 y5357 wacc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ab1 y5357 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ab2 y5357 w10ad h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ab3 y5357 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ab4 y5357 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ab5 y5357 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x7e6 y63d2 w10af h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">b) Non deterior<span class=\"_ _1\"></span>ate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ab6 y63d2 w10b0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">4.016.484<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ab7 y63d2 w10b1 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">4.009.482<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ab8 y63d2 w10b2 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">7.002<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ab9 y63d2 wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aba y63d2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1abb y63d2 wdd6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">43<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1abc y63d2 w10b3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">28<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1abd y63d2 w10b4 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">15<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1abe y63d2 wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1abf y63d2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ac0 y63d2 w10b5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">4.016.4<span class=\"_ _1\"></span>41<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ac1 y63d2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h19 y63d3 ff4 fsb fc1 sc2 ls0 ws0\">A.2 Alt<span class=\"_ _1\"></span>re<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1ac2 h19 y63d3 ff4 fsb fc1 sc2 ls0 ws0\">2.663.31<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x87a h19 y63d3 ff4 fsb fc1 sc2 ls0 ws0\">2.610.40<span class=\"_ _1\"></span>0<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc65 h19 y63d3 ff4 fsb fc1 sc2 ls0 ws0\">50.710<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc5f h19 y63d3 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x938 h19 y63d3 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad1 h19 y63d3 ff4 fsb fc1 sc2 ls0 ws0\">1.729<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11a9 h19 y63d3 ff4 fsb fc1 sc2 ls0 ws0\">1.633<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d9 h19 y63d3 ff4 fsb fc1 sc2 ls0 ws0\">96<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1194 h19 y63d3 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7bd h19 y63d3 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a1 h19 y63d3 ff4 fsb fc1 sc2 ls0 ws0\">2.661.5<span class=\"_ _1\"></span>85<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h19 y63d3 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x7e6 y63d4 w10b6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">a) Sofferenze<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ac3 y63d4 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ac4 y63d4 wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ac5 y63d4 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ac6 y63d4 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ac7 y63d4 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ac8 y63d4 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ac9 y63d4 wacc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aca y63d4 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1acb y63d4 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1acc y63d4 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1acd y63d4 w10ad h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ace y63d4 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1acf h19 y63d5 ff4 fsb fc1 sc0 ls0 ws0\">- di cui: espos<span class=\"_ _1\"></span>izioni </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 class=\"t m2 x1acf h19 y63d6 ff4 fsb fc1 sc0 ls0 ws0\">oggetto di </td><td class=\"c n x970 y63d7 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad0 y63d7 wacc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad1 y63d7 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad2 y63d7 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad3 y63d7 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad4 y63d7 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad5 y63d7 wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad6 y63d7 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad7 y63d7 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad8 y63d7 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad9 y63d7 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ada y63d7 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1acf h19 y63d8 ff4 fsb fc1 sc0 ls0 ws0\">concessi<span class=\"_ _1\"></span>oni </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 class=\"c n x7e6 y63d9 w10b7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">b) Inademp. prob<span class=\"_ _1\"></span>abili<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1adb y63d9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1adc y63d9 wacc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1add y63d9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ade y63d9 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1adf y63d9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ae0 y63d9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ae1 y63d9 wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ae2 y63d9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ae3 y63d9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ae4 y63d9 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ae5 y63d9 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ae6 y63d9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1acf h19 y63da ff4 fsb fc1 sc0 ls0 ws0\">- di cui: espos<span class=\"_ _1\"></span>izioni </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 class=\"t m2 x1acf h19 y63db ff4 fsb fc1 sc0 ls0 ws0\">oggetto di </td><td class=\"c n x970 y63dc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad0 y63dc wacc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad1 y63dc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad2 y63dc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad3 y63dc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad4 y63dc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad5 y63dc wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad6 y63dc w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad7 y63dc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad8 y63dc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad9 y63dc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ada y63dc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1acf h19 y63dd ff4 fsb fc1 sc0 ls0 ws0\">concessi<span class=\"_ _1\"></span>oni </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 class=\"t m2 x800 h19 y63de ff4 fsb fc1 sc0 ls0 ws0\">c) Esposizioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x970 y63df wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad0 y63df wacc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad1 y63df wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad2 y63df wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad3 y63df wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad4 y63df wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad5 y63df wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad6 y63df w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad7 y63df wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad8 y63df wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad9 y63df wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ada y63df wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h19 y63e0 ff4 fsb fc1 sc0 ls0 ws0\">scadute deteri<span class=\"_ _1\"></span>orate<span class=\"_ _3a1\"> </span></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 class=\"t m2 x1acf h19 y63e1 ff4 fsb fc1 sc0 ls0 ws0\">- di cui: espos<span class=\"_ _1\"></span>izioni </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 class=\"t m2 x1acf h19 y63e2 ff4 fsb fc1 sc0 ls0 ws0\">oggetto di </td><td class=\"c n x970 y5afc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad0 y5afc wacc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad1 y5afc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad2 y5afc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad3 y5afc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad4 y5afc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad5 y5afc wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad6 y5afc w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad7 y5afc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad8 y5afc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ad9 y5afc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ada y5afc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1acf h19 y63e3 ff4 fsb fc1 sc0 ls0 ws0\">concessi<span class=\"_ _1\"></span>oni </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 class=\"t m2 x800 h19 y63e4 ff4 fsb fc1 sc0 ls0 ws0\">d) Esposizioni<span class=\"_ _3a1\"> </span></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 class=\"t m2 x800 h19 y63e5 ff4 fsb fc1 sc0 ls0 ws0\">scadute non </td><td class=\"c n x1297 y63e6 w10b8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">290<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ae7 y63e6 w10b9 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">65<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ae8 y63e6 w10ba h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">224<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ae9 y63e6 wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aea y63e6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aeb y63e6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aec y63e6 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aed y63e6 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aee y63e6 wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aef y63e6 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1af0 y63e6 w10bb h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>90<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1af1 y63e6 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h19 y63e7 ff4 fsb fc1 sc0 ls0 ws0\">deteriorate<span class=\"_ _1\"></span> </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 class=\"t m2 x1acf h19 y63e8 ff4 fsb fc1 sc0 ls0 ws0\">- di cui: espos<span class=\"_ _1\"></span>izioni </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 class=\"t m2 x1acf h19 y63e9 ff4 fsb fc1 sc0 ls0 ws0\">oggetto di </td><td class=\"c n x970 y53a8 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1af2 y53a8 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1af3 y53a8 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1af4 y53a8 wacc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1af5 y53a8 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1af6 y53a8 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1af7 y53a8 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1af8 y53a8 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1af9 y53a8 wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1afa y53a8 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1afb y53a8 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1afc y53a8 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1acf h19 y63ea ff4 fsb fc1 sc0 ls0 ws0\">concessi<span class=\"_ _1\"></span>oni </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 class=\"t m2 x800 h19 y63eb ff4 fsb fc1 sc0 ls0 ws0\">e) Altre espos<span class=\"_ _1\"></span>izioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x833 y63ec w10bc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2.663.024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1afd y63ec w10bd h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2.610.335<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1afe y63ec w10be h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">50.486<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aff y63ec wacc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b00 y63ec wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b01 y63ec w10bf h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.729<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b02 y63ec w10c0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.633<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b03 y63ec w10c1 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">96<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b04 y63ec wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b05 y63ec w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b06 y63ec w10c2 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2.661.295<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b07 y63ec wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x800 h19 y63ed ff4 fsb fc1 sc0 ls0 ws0\">non deteriorate<span class=\"_ _1\"></span> </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 class=\"t m2 x1acf h19 y63ee ff4 fsb fc1 sc0 ls0 ws0\">- di cui: espos<span class=\"_ _1\"></span>izioni </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 class=\"t m2 x1acf h19 y63ef ff4 fsb fc1 sc0 ls0 ws0\">oggetto di </td><td class=\"c n x970 y63f0 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1af2 y63f0 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1af3 y63f0 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1af4 y63f0 wacc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1af5 y63f0 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1af6 y63f0 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1af7 y63f0 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1af8 y63f0 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1af9 y63f0 wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1afa y63f0 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1afb y63f0 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1afc y63f0 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1acf h19 y63f1 ff4 fsb fc1 sc0 ls0 ws0\">concessi<span class=\"_ _1\"></span>oni </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 class=\"t m2 x1b08 h19 y63f2 ff4 fsb fc1 sc2 ls0 ws0\">Totale (A<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1987 h19 y63f2 ff4 fsb fc1 sc2 ls0 ws0\">6.679.79<span class=\"_ _1\"></span>8<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112e h19 y63f2 ff4 fsb fc1 sc2 ls0 ws0\">6.619.8<span class=\"_ _1\"></span>82<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x932 h19 y63f2 ff4 fsb fc1 sc2 ls0 ws0\">57.712<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc5f h19 y63f2 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x938 h19 y63f2 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad1 h19 y63f2 ff4 fsb fc1 sc2 ls0 ws0\">1.772<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeb7 h19 y63f2 ff4 fsb fc1 sc2 ls0 ws0\">1.661<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d0 h19 y63f2 ff4 fsb fc1 sc2 ls0 ws0\">111<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1194 h19 y63f2 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7bd h19 y63f2 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d6 h19 y63f2 ff4 fsb fc1 sc2 ls0 ws0\">6.678.02<span class=\"_ _1\"></span>6<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h19 y63f2 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y63f3 ff4 fsb fc1 sc2 ls0 ws0\">B. Espos<span class=\"_ _1\"></span>izioni </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 class=\"t m2 x58e h19 y63f4 ff4 fsb fc1 sc2 ls0 ws0\">creditizie<span class=\"_ _1\"></span> fuori bil<span class=\"_ _1\"></span>ancio<span class=\"_ _3a1\"> </span></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 class=\"c n x7e6 y5bbc w10ac h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">a) Deterior<span class=\"_ _1\"></span>ate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aaa y5bbc wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aab y5bbc wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aac y5bbc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aad y5bbc wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aae y5bbc wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1aaf y5bbc wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ab0 y5bbc wacc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ab1 y5bbc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ab2 y5bbc w10ad h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ab3 y5bbc w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ab4 y5bbc wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ab5 y5bbc w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x7e6 y5bbd w10af h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">b) Non deterior<span class=\"_ _1\"></span>ate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b09 y5bbd w532 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">448.629<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b0a y5bbd w10c3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">9.784<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b0b y5bbd w10c4 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3.613<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b0c y5bbd wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b0d y5bbd wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b0e y5bbd w10c5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">5<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b0f y5bbd wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b10 y5bbd w10c6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b11 y5bbd wac7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b12 y5bbd wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b13 y5bbd w10c7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">448.624<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b14 y5bbd wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1b08 h19 y63f5 ff4 fsb fc1 sc2 ls0 ws0\">Totale (<span class=\"_ _1\"></span>B)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c1 h19 y63f5 ff4 fsb fc1 sc2 ls0 ws0\">448.629<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112b h19 y63f5 ff4 fsb fc1 sc2 ls0 ws0\">9.784<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x140b h19 y63f5 ff4 fsb fc1 sc2 ls0 ws0\">3.613<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc5f h19 y63f5 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x938 h19 y63f5 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddb h19 y63f5 ff4 fsb fc1 sc2 ls0 ws0\">5<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xb9e h19 y63f5 ff4 fsb fc1 sc2 ls0 ws0\">4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xace h19 y63f5 ff4 fsb fc1 sc2 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1194 h19 y63f5 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7bd h19 y63f5 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc67 h19 y63f5 ff4 fsb fc1 sc2 ls0 ws0\">448.62<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h19 y63f5 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xd55 h19 y5cf6 ff4 fsb fc1 sc2 ls0 ws0\">Totale (A+<span class=\"_ _1\"></span>B)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1b15 h19 y5cf6 ff4 fsb fc1 sc2 ls0 ws0\">7.128.<span class=\"_ _1\"></span>427<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x87a h19 y5cf6 ff4 fsb fc1 sc2 ls0 ws0\">6.629.6<span class=\"_ _1\"></span>66<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc65 h19 y5cf6 ff4 fsb fc1 sc2 ls0 ws0\">61.325<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc5f h19 y5cf6 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x938 h19 y5cf6 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad1 h19 y5cf6 ff4 fsb fc1 sc2 ls0 ws0\">1.777<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11a9 h19 y5cf6 ff4 fsb fc1 sc2 ls0 ws0\">1.665<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d9 h19 y5cf6 ff4 fsb fc1 sc2 ls0 ws0\">112<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1194 h19 y5cf6 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7bd h19 y5cf6 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a1 h19 y5cf6 ff4 fsb fc1 sc2 ls0 ws0\">7.126.650<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h19 y5cf6 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table>isite tisite Come <span class=\"_ _0\"></span> <span class=\"_ _184\"></span>da <span class=\"_ _0\"></span> <span class=\"_ _184\"></span>indicazioni <span class=\"_ _0\"></span> <span class=\"_ _184\"></span>della <span class=\"_ _0\"></span> <span class=\"_ _184\"></span>circolare <span class=\"_ _0\"></span> <span class=\"_ _184\"></span>di <span class=\"_ _0\"></span> <span class=\"_ _25a\"></span>Banca <span class=\"_ _0\"> </span> <span class=\"_ _184\"></span>d\u2019Italia <span class=\"_ _0\"></span> <span class=\"_ _3b\"></span>262 <span class=\"_ _0\"></span> <span class=\"_ _184\"></span>del <span class=\"_ _0\"></span> <span class=\"_ _184\"></span>22 <span class=\"_ _0\"></span> <span class=\"_ _184\"></span>dicembre <span class=\"_ _0\"></span> <span class=\"_ _184\"></span>2005, <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>successivi<span class=\"_ _3a1\"> </span>aggiornamenti, <span class=\"_ _0\"></span>l<span class=\"_ _210\"></span>e<span class=\"_ _210\"></span> <span class=\"_ _0\"></span>esposizioni <span class=\"_ _38\"></span> <span class=\"_ _184\"></span>c<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>z<span class=\"_ _0\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span> <span class=\"_ _25a\"></span>per <span class=\"_ _0\"></span> <span class=\"_ _25a\"></span>cas<span class=\"_ _2\"></span>sa <span class=\"_ _0\"></span>comp<span class=\"_ _2\"></span>rendono <span class=\"_ _35\"> </span>tutte <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _35\"> </span>finanziari<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>per<span class=\"_ _3a1\"> </span>cassa <span class=\"_ _38\"></span>vantate <span class=\"_ _38\"></span>vers<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>b<span class=\"_ _38\"></span>a<span class=\"_ _38\"></span>n<span class=\"_ _38\"></span>c<span class=\"_ _38\"></span>h<span class=\"_ _38\"></span>e<span class=\"_ _0\"></span> <span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>cliente<span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>qualunque <span class=\"_ _38\"></span>sia <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>loro <span class=\"_ _38\"></span>portafoglio di <span class=\"_ _38\"></span>allocazione <span class=\"_ _38\"></span>contabile<span class=\"_ _3a1\"> </span>(valutate <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>fair <span class=\"_ _35\"> </span>val<span class=\"_ _2\"></span>ue <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>imp<span class=\"_ _2\"></span>atto <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>conto <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>conomico,  valutate <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>fair <span class=\"_ _0\"></span>value <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>impatto <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>ulla<span class=\"_ _3a1\"> </span>redditivit\u00e0 <span class=\"_ _39\"> </span>compless<span class=\"_ _1\"></span>iva, <span class=\"_ _39\"> </span>valutate <span class=\"_ _39\"> </span>al <span class=\"_ _39\"> </span>costo <span class=\"_ _39\"> </span>am<span class=\"_ _1\"></span>mortizzato, <span class=\"_ _39\"> </span>attivit\u00e0 <span class=\"_ _39\"> </span>in <span class=\"_ _39\"> </span>via <span class=\"_ _3f\"> </span>di <span class=\"_ _36\"> </span>dismis<span class=\"_ _1\"></span>sione), <span class=\"_ _39\"> </span>ad<span class=\"_ _3a1\"> </span>eccezione <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>titoli <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>capitale <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>ote <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>O.I.C.R.; <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>esposizioni <span class=\"_ _35\"> </span>c<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>z<span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>e<span class=\"_ _38\"></span>  \u201cfuori <span class=\"_ _38\"></span>bilancio\u201d<span class=\"_ _3a1\"> </span>includono <span class=\"_ _3d\"> </span>tutte <span class=\"_ _3d\"> </span>le <span class=\"_ _37\"> </span>operazioni<span class=\"_ _2\"></span> <span class=\"_ _3d\"> </span>finanziarie <span class=\"_ _3d\"> </span>diverse <span class=\"_ _3d\"> </span>da <span class=\"_ _3d\"> </span>quelle <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>cassa <span class=\"_ _3d\"> </span>(garanzie <span class=\"_ _3d\"> </span>f<span class=\"_ _35\"> </span>i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>z<span class=\"_ _0\"></span>i<span class=\"_ _35\"> </span>a<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>i<span class=\"_ _35\"> </span>e<span class=\"_ _3a1\"> </span>rilasciate, <span class=\"_ _3f\"> </span>imp<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>gni <span class=\"_ _35\"> </span>revocabili <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>irre<span class=\"_ _1\"></span>vocabili, <span class=\"_ _35\"> </span>derivati, <span class=\"_ _35\"> </span>ecc.) <span class=\"_ _35\"> </span> <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>comportano  l\u2019assunzi<span class=\"_ _2\"></span>one <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>un<span class=\"_ _3a1\"> </span>rischio creditizio, qualunque sia la finalit\u00e0 di tali oper<span class=\"_ _1\"></span>azioni (negoziazione, copertura, ecc.). Le esposizioni creditizie d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>teriorate (p<span class=\"_ _2\"></span>er cassa e <span class=\"_ _2\"></span>fuori bilancio) <span class=\"_ _2\"></span>non includ<span class=\"_ _2\"></span>ono le attivit\u00e0 finanz<span class=\"_ _2\"></span>iarie<span class=\"_ _3a1\"> </span>detenute <span class=\"_ _35\"> </span>per <span class=\"_ _0\"> </span>la <span class=\"_ _35\"> </span>negoziazione <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>derivati <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>copertura, <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>sono <span class=\"_ _35\"> </span>pertanto, <span class=\"_ _35\"> </span>conv<span class=\"_ _2\"></span>enzionalmente,<span class=\"_ _3a1\"> </span>rilevati tra le esposizioni creditizie non <span class=\"_ _1\"></span>deteriorate.<span class=\"_ _3a1\"> </span>A.1.5 Consolidato <span class=\"_ _1\"></span>prudenziale - Esposizioni cre<span class=\"_ _1\"></span>ditizie per cassa e <span class=\"_ _1\"></span>fuori bilancio verso<span class=\"_ _1\"></span> clientela: valori lordi e<span class=\"_ _1\"></span> netti<table class=\"s w10c8 h29d\" id=\"_c593870e-3465-43c2-8ffb-aaab181b2b2d\"><tr><td></td><td></td><td class=\"t m2 x99d h5a y63f6 ff4 fs16 fc4 sc3 ls0 ws0\">Esposizion<span class=\"_ _1\"></span>e lorda </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x682 h5a y63f7 ff4 fs16 fc4 sc3 ls0 ws0\">Rettifiche di v<span class=\"_ _1\"></span>alore compless<span class=\"_ _1\"></span>ive e </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 class=\"t m2 x6e4 h5a y63f8 ff4 fs16 fc4 sc3 ls0 ws0\" colspan=\"2\">accantonamen<span class=\"_ _1\"></span>ti compless<span class=\"_ _1\"></span>ivi </td><td></td><td></td><td></td></tr><tr><td class=\"t m2 xfea h5a y63f9 ff4 fs16 fc4 sc3 ls0 ws0\">Tipologie<span class=\"_ _1\"></span> </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x6a2 h5a y63f9 ff4 fs16 fc4 sc3 ls0 ws0\">Esposizion<span class=\"_ _1\"></span>e </td><td class=\"t m2 xf33 h5a y63fa ff4 fs16 fc4 sc3 ls0 ws0\">Write-off </td></tr><tr><td class=\"t m2 x15f5 h5a y63fb ff4 fs16 fc4 sc3 ls0 ws0\">esposizion<span class=\"_ _1\"></span>i/valori </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x67d h5a y63fb ff4 fs16 fc4 sc3 ls0 ws0\">Netta </td><td class=\"t m2 xda3 h5a y63fc ff4 fs16 fc4 sc3 ls0 ws0\">parziali </td></tr><tr><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 class=\"t m2 x6f8 h5a y63fd ff4 fs16 fc4 sc3 ls0 ws0\">complessiv<span class=\"_ _1\"></span>i*<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h5a y63fe ff4 fs16 fc1 sc2 ls0 ws0\">A. Esposizio<span class=\"_ _1\"></span>ni creditizie </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 class=\"t m2 x677 h5a y63ff ff4 fs16 fc1 sc2 ls0 ws0\">per cassa </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 class=\"c n x997 y6400 w10c9 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">a) Sofferenze<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b16 y6400 w10ca h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">267.113<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b17 y6400 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b18 y6400 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 xf9a h5a y6401 ff4 fs16 fc1 sc0 ls0 ws0\">263.463<span class=\"_ _3a1\"> </span></td><td class=\"c n xda6 y6400 w10cb h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">3.650<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b19 y6400 w10cc h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">219.768<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b1a y6400 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b1b y6400 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x6b8 h5a y6401 ff4 fs16 fc1 sc0 ls0 ws0\">218.487<span class=\"_ _3a1\"> </span></td><td class=\"c n x1649 y6400 w10cd h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1.281<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b1c y6400 w10ce h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">47.3<span class=\"_ _1\"></span>45<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x7b1 h5a y6401 ff4 fs16 fc1 sc0 ls0 ws0\">16.041<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x103a h5a y6402 ff4 fs16 fc1 sc0 ls0 ws0\">- di cui: esposizioni<span class=\"_ _3a1\"> </span></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 class=\"t m2 x103a h5a y6403 ff4 fs16 fc1 sc0 ls0 ws0\">oggetto di </td><td class=\"t m2 x1036 h5a y6403 ff4 fs16 fc1 sc0 ls0 ws0\">71.126<span class=\"_ _3a1\"> </span></td><td class=\"c n x1b17 y6404 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b18 y6404 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 xf8c h5a y6403 ff4 fs16 fc1 sc0 ls0 ws0\">69.791<span class=\"_ _3a1\"> </span></td><td class=\"c n x16d3 y6404 w10cf h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1.335<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b1d y6404 w10d0 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">58.445<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b1a y6404 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b1b y6404 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x70f h5a y6403 ff4 fs16 fc1 sc0 ls0 ws0\">57.675<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10b9 h5a y6403 ff4 fs16 fc1 sc0 ls0 ws0\">768<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x18e5 h5a y6403 ff4 fs16 fc1 sc0 ls0 ws0\">12.681<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x187a h5a y6403 ff4 fs16 fc1 sc0 ls0 ws0\">290<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x103a h5a y6405 ff4 fs16 fc1 sc0 ls0 ws0\">concessioni </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 class=\"t m2 x6d4 h5a y6406 ff4 fs16 fc1 sc0 ls0 ws0\">b) Inadempienze<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1911 h5a y6407 ff4 fs16 fc1 sc0 ls0 ws0\">363.239<span class=\"_ _3a1\"> </span></td><td class=\"c n x1b17 y6408 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b18 y6408 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x1012 h5a y6407 ff4 fs16 fc1 sc0 ls0 ws0\">356.118<span class=\"_ _3a1\"> </span></td><td class=\"c n x16d3 y6408 w10d1 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">7.120<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b1e y6408 w10d2 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">166.728<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b1a y6408 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b1b y6408 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b1f y6408 w10d3 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">165.979<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b20 y6408 w10d4 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">749</div></td><td class=\"t m2 x70b h5a y6407 ff4 fs16 fc1 sc0 ls0 ws0\">196.511<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x750 h5a y6407 ff4 fs16 fc1 sc0 ls0 ws0\">66<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h5a y6409 ff4 fs16 fc1 sc0 ls0 ws0\">probabili </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 class=\"t m2 x103a h5a y640a ff4 fs16 fc1 sc0 ls0 ws0\">- di cui: esposizioni<span class=\"_ _3a1\"> </span></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 class=\"t m2 x103a h5a y640b ff4 fs16 fc1 sc0 ls0 ws0\">oggetto di </td><td class=\"t m2 x18fa h5a y640b ff4 fs16 fc1 sc0 ls0 ws0\">126.875<span class=\"_ _3a1\"> </span></td><td class=\"c n x1b17 y640c w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b18 y640c w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x914 h5a y640b ff4 fs16 fc1 sc0 ls0 ws0\">120.099<span class=\"_ _3a1\"> </span></td><td class=\"c n xda6 y640c w805 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">6.776<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b21 y640c w10d5 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">47<span class=\"_ _1\"></span>.706<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b1a y640c w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b1b y640c w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b22 y640c w10d6 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">47.048<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b23 y640c w10d7 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">658</div></td><td class=\"t m2 x687 h5a y640b ff4 fs16 fc1 sc0 ls0 ws0\">79.169<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1b24 h5a y640b ff4 fs16 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x103a h5a y640d ff4 fs16 fc1 sc0 ls0 ws0\">concessioni </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 class=\"t m2 x6d4 h5a y640e ff4 fs16 fc1 sc0 ls0 ws0\">c) Esposizioni<span class=\"_ _1\"></span> </td><td class=\"t m2 x6bc h5a y640f ff4 fs16 fc1 sc0 ls0 ws0\">38.292<span class=\"_ _3a1\"> </span></td><td class=\"c n x1b17 y6410 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b18 y6410 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-</div></td><td class=\"t m2 x1b25 h5a y640f ff4 fs16 fc1 sc0 ls0 ws0\">38.292<span class=\"_ _3a1\"> </span></td><td class=\"c n xf6c y6410 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b26 y6410 w10d8 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">14.691<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b27 y6410 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b28 y6410 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b29 y6410 w10d9 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">14.691<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b2a y6410 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b2b y6410 w10da h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">23.601<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b2c y6410 w10db h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">120<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x6d4 h5a y6411 ff4 fs16 fc1 sc0 ls0 ws0\">scadute deteriorate<span class=\"_ _3a1\"> </span></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 class=\"t m2 x103a h5a y6412 ff4 fs16 fc1 sc0 ls0 ws0\">- di cui: esposizioni<span class=\"_ _3a1\"> </span></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 class=\"t m2 x103a h5a y6413 ff4 fs16 fc1 sc0 ls0 ws0\">oggetto di </td><td class=\"t m2 x103c h5a y6413 ff4 fs16 fc1 sc0 ls0 ws0\">260<span class=\"_ _3a1\"> </span></td><td class=\"c n x1b17 y6414 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b18 y6414 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1037 y6414 w10dc h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">260<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b2d y6414 w71a h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b2e y6414 w10dd h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">63<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b2f y6414 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b30 y6414 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b31 y6414 w10de h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">63<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b32 y6414 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b33 y6414 w10df h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">197<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b34 y6414 w716 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x103a h5a y6415 ff4 fs16 fc1 sc0 ls0 ws0\">concessioni </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 class=\"c x6d4 y6416 w231 h9e\"><div class=\"t m2 x0 h5a y255f ff4 fs16 fc1 sc0 ls0 ws0\">d) Esposizioni<span class=\"_ _3a1\"> </span></div></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 class=\"t m2 x6d4 h5a y6417 ff4 fs16 fc1 sc0 ls0 ws0\">scadute non </td><td class=\"t m2 x1911 h5a y6417 ff4 fs16 fc1 sc0 ls0 ws0\">339.020<span class=\"_ _3a1\"> </span></td><td class=\"c n x1b35 y6418 w10e0 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">177.791<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b36 y6418 w10e1 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">161.13<span class=\"_ _1\"></span>1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b37 y6418 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b38 y6418 w10e2 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">100</div></td><td class=\"t m2 x1b39 h5a y6417 ff4 fs16 fc1 sc0 ls0 ws0\">5.552<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1008 h5a y6417 ff4 fs16 fc1 sc0 ls0 ws0\">512<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1b3a h5a y6417 ff4 fs16 fc1 sc0 ls0 ws0\">5.037<span class=\"_ _3a1\"> </span></td><td class=\"c n x1b3b y6418 w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b3c y6418 w10e3 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1</div></td><td class=\"t m2 x665 h5a y6417 ff4 fs16 fc1 sc0 ls0 ws0\">333.468<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h5a y6417 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h5a y6419 ff4 fs16 fc1 sc0 ls0 ws0\">deteriorate </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 class=\"t m2 x103a h5a y641a ff4 fs16 fc1 sc0 ls0 ws0\">- di cui: esposizioni </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 class=\"t m2 x103a h5a y641b ff4 fs16 fc1 sc0 ls0 ws0\">oggetto di </td><td class=\"t m2 x1043 h5a y641b ff4 fs16 fc1 sc0 ls0 ws0\">5.897<span class=\"_ _3a1\"> </span></td><td class=\"c n x1b17 y5392 w713 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b3d y5392 w10e4 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">5.848<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b3e y5392 w714 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b3f y5392 wc3f h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">49</div></td><td class=\"t m2 x6af h5a y641b ff4 fs16 fc1 sc0 ls0 ws0\">154<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74d h5a y641b ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n x1b40 y5392 w10e5 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">153<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b41 y5392 w717 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b42 y5392 w10e3 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x984 h5a y641b ff4 fs16 fc1 sc0 ls0 ws0\">5.743<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h5a y641b ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x103a h5a y641c ff4 fs16 fc1 sc0 ls0 ws0\">concessioni </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 class=\"t m2 x6d4 h5a y641d ff4 fs16 fc1 sc0 ls0 ws0\">e) Altre esposizio<span class=\"_ _1\"></span>ni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1b43 h5a y641e ff4 fs16 fc1 sc0 ls0 ws0\">47.363.003<span class=\"_ _3a1\"> </span></td><td class=\"c n x1b44 y641f w10e6 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">45.210.491<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b45 y641f w10e7 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">2.095<span class=\"_ _1\"></span>.177<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b46 y641f w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b47 y641f w10e8 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">6.729</div></td><td class=\"t m2 xfc5 h5a y641e ff4 fs16 fc1 sc0 ls0 ws0\">83.874<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h5a y641e ff4 fs16 fc1 sc0 ls0 ws0\">47.447<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc8 h5a y641e ff4 fs16 fc1 sc0 ls0 ws0\">36.309<span class=\"_ _3a1\"> </span></td><td class=\"c n x1b3b y641f w715 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b48 y641f w10e9 h1e4\"><div class=\"t m2 x2b3 h5a y5611 ff4 fs16 fc1 sc0 ls0 ws0\">11<span class=\"_ _1\"></span>5</div></td><td class=\"t m2 x6e0 h5a y641e ff4 fs16 fc1 sc0 ls0 ws0\">47.279.129<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h5a y641e ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h5a y6420 ff4 fs16 fc1 sc0 ls0 ws0\">non deteriorate </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 class=\"t m2 x103a h5a y6421 ff4 fs16 fc1 sc0 ls0 ws0\">- di cui: esposizioni </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 class=\"t m2 x103a h5a y6422 ff4 fs16 fc1 sc0 ls0 ws0\">oggetto di </td><td class=\"t m2 x69d h5a y6422 ff4 fs16 fc1 sc0 ls0 ws0\">66.461<span class=\"_ _3a1\"> </span></td><td class=\"c n x1b17 y6423 w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b49 y6423 w10ea h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">62<span class=\"_ _1\"></span>.259<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b4a y6423 w715 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b4b y6423 w10eb h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">4.201</div></td><td class=\"t m2 x10fe h5a y6422 ff4 fs16 fc1 sc0 ls0 ws0\">1.214<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74d h5a y6422 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n x1b4c y6423 wd2c h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1.150<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b4d y6423 w717 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b4e y6423 w10ec h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">65</div></td><td class=\"t m2 x70b h5a y6422 ff4 fs16 fc1 sc0 ls0 ws0\">65.247<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h5a y6422 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x103a h5a y6424 ff4 fs16 fc1 sc0 ls0 ws0\">concessioni </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 class=\"t m2 xa02 h5a y6425 ff4 fs16 fc1 sc2 ls0 ws0\">Totale (A)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x18ce h5a y6425 ff4 fs16 fc1 sc2 ls0 ws0\">48.370.667<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75b h5a y6425 ff4 fs16 fc1 sc2 ls0 ws0\">45.388.282<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f0 h5a y6425 ff4 fs16 fc1 sc2 ls0 ws0\">2.256.308<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x914 h5a y6425 ff4 fs16 fc1 sc2 ls0 ws0\">657.873<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x757 h5a y6425 ff4 fs16 fc1 sc2 ls0 ws0\">17.599<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15d7 h5a y6425 ff4 fs16 fc1 sc2 ls0 ws0\">490.613<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h5a y6425 ff4 fs16 fc1 sc2 ls0 ws0\">47.959<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h5a y6425 ff4 fs16 fc1 sc2 ls0 ws0\">41.346<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b8 h5a y6425 ff4 fs16 fc1 sc2 ls0 ws0\">399.157<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebc h5a y6425 ff4 fs16 fc1 sc2 ls0 ws0\">2.146<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h5a y6425 ff4 fs16 fc1 sc2 ls0 ws0\">47.880.054<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x738 h5a y6425 ff4 fs16 fc1 sc2 ls0 ws0\">16.227<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h5a y6426 ff4 fs16 fc1 sc2 ls0 ws0\">B. Esposi<span class=\"_ _1\"></span>zioni creditizie </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 class=\"t m2 x677 h5a y6427 ff4 fs16 fc1 sc2 ls0 ws0\">fuori bilanci<span class=\"_ _1\"></span>o </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 class=\"c n x997 y54ac w10ed h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">a) Deteriorate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b4f y54ac w10ee h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">41.965<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b17 y54ac w715 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b18 y54ac w71a h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b50 y54ac w10ef h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">41.330<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b51 y54ac w10f0 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">636<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b52 y54ac w10f1 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1.129<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b1a y54ac w715 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b1b y54ac w713 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b53 y54ac w10f2 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">1.047<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b54 y54ac w10f3 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">82</div></td><td class=\"t m2 x70b h5a y6428 ff4 fs16 fc1 sc0 ls0 ws0\">40.836<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h5a y6428 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y54ae w10f4 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">b) Non deteriorate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b55 y54ae w10f5 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">13.545.017<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b44 y54ae w993 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">13.069.911<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b56 y54ae wd5f h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">460.092<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b57 y54ae w714 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b58 y54ae w10f6 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">368</div></td><td class=\"t m2 x1b39 h5a y6429 ff4 fs16 fc1 sc0 ls0 ws0\">3.375<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fb h5a y6429 ff4 fs16 fc1 sc0 ls0 ws0\">2.284<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x663 h5a y6429 ff4 fs16 fc1 sc0 ls0 ws0\">1.055<span class=\"_ _3a1\"> </span></td><td class=\"c n x1b3b y54ae w715 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b59 y54ae w10f7 h201\"><div class=\"t m2 x2b3 h5a y562a ff4 fs16 fc1 sc0 ls0 ws0\">36</div></td><td class=\"t m2 x6e0 h5a y6429 ff4 fs16 fc1 sc0 ls0 ws0\">13.541.642<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h5a y6429 ff4 fs16 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xa02 h5a y642a ff4 fs16 fc1 sc2 ls0 ws0\">Totale (B)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x18ce h5a y642a ff4 fs16 fc1 sc2 ls0 ws0\">13.586.982<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1b5a h5a y642a ff4 fs16 fc1 sc2 ls0 ws0\">13.069.911<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ce h5a y642a ff4 fs16 fc1 sc2 ls0 ws0\">460.092<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1b5b h5a y642a ff4 fs16 fc1 sc2 ls0 ws0\">41.330<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x789 h5a y642a ff4 fs16 fc1 sc2 ls0 ws0\">1.004<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a4 h5a y642a ff4 fs16 fc1 sc2 ls0 ws0\">4.504<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fb h5a y642a ff4 fs16 fc1 sc2 ls0 ws0\">2.284<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x663 h5a y642a ff4 fs16 fc1 sc2 ls0 ws0\">1.055<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xac8 h5a y642a ff4 fs16 fc1 sc2 ls0 ws0\">1.047<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xff2 h5a y642a ff4 fs16 fc1 sc2 ls0 ws0\">118<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74f h5a y642a ff4 fs16 fc1 sc2 ls0 ws0\">13.582.478<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1b5c h5a y642a ff4 fs16 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x1b5d h5a y642b ff4 fs16 fc1 sc2 ls0 ws0\">Totale (A+B)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x18ce h5a y642b ff4 fs16 fc1 sc2 ls0 ws0\">61.957.649<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfda h5a y642b ff4 fs16 fc1 sc2 ls0 ws0\">58.458.193<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x790 h5a y642b ff4 fs16 fc1 sc2 ls0 ws0\">2.716.400<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf9a h5a y642b ff4 fs16 fc1 sc2 ls0 ws0\">699.203<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x980 h5a y642b ff4 fs16 fc1 sc2 ls0 ws0\">18.603<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc5 h5a y642b ff4 fs16 fc1 sc2 ls0 ws0\">495.117<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e7 h5a y642b ff4 fs16 fc1 sc2 ls0 ws0\">50.243<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h5a y642b ff4 fs16 fc1 sc2 ls0 ws0\">42.401<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66e h5a y642b ff4 fs16 fc1 sc2 ls0 ws0\">400.204<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1847 h5a y642b ff4 fs16 fc1 sc2 ls0 ws0\">2.264<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74f h5a y642b ff4 fs16 fc1 sc2 ls0 ws0\">61.462.532<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x738 h5a y642b ff4 fs16 fc1 sc2 ls0 ws0\">16.227<span class=\"_ _3a1\"> </span></td></tr></table>adio iotadio ired  o eadio iotadio ired  o <div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1304\">A.1.7 Consolidato <span class=\"_ _1\"></span>prudenziale \u2013 Es<span class=\"_ _1\"></span>posizioni creditizie per cas<span class=\"_ _1\"></span>sa verso cliente<span class=\"_ _1\"></span>la: dinamica delle esposizioni<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1305\">deterior<span class=\"_ _1\"></span>ate lorde<span class=\"_ _3a1\"> </span></div><div class=\"gs1306\"><table class=\"s w10f8 h29e\" id=\"_655b8c7b-0fab-40dd-a9dc-1b16c1f302c9\"><tr><td class=\"t m2 x7c5 h12 y642c ff4 fs7 fc4 sc3 ls0 ws0\">Causali/Categorie<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1442 h12 y642c ff4 fs7 fc4 sc3 ls0 ws0\">Sofferenze<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd57 h12 y642d ff4 fs7 fc4 sc3 ls0 ws0\">Inadempienze </td><td class=\"t m2 xc57 h12 y642d ff4 fs7 fc4 sc3 ls0 ws0\">Esposizioni scadute </td></tr><tr><td></td><td></td><td class=\"t m2 xace h12 y642e ff4 fs7 fc4 sc3 ls0 ws0\">probabili<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1275 h12 y642e ff4 fs7 fc4 sc3 ls0 ws0\">deteriorate<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y642f ff4 fs7 fc1 sc2 ls0 ws0\">A. Esposizione lorda iniziale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x187e h12 y642f ff4 fs7 fc1 sc2 ls0 ws0\">297.544<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x87b h12 y642f ff4 fs7 fc1 sc2 ls0 ws0\">358.545<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe22 h12 y642f ff4 fs7 fc1 sc2 ls0 ws0\">45.586<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x821 y6430 w10f9 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui: esposizion<span class=\"_ _2\"></span>i cedute non cancellate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b5e y6430 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b5f y6430 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b60 y6430 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6431 ff4 fs7 fc1 sc2 ls0 ws0\">B. Variazioni in aumento<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddb h12 y6431 ff4 fs7 fc1 sc2 ls0 ws0\">91.908<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1274 h12 y6431 ff4 fs7 fc1 sc2 ls0 ws0\">201.170<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe22 h12 y6431 ff4 fs7 fc1 sc2 ls0 ws0\">52.054<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x821 y6432 w10fa h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">B.1 ingressi da espos<span class=\"_ _2\"></span>izioni non deteriora<span class=\"_ _2\"></span>te<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b61 y6432 w10fb h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">9.868<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b62 y6432 w10fc h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">128.148<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b63 y6432 w10fd h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>8.264<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y6433 ff4 fs7 fc1 sc0 ls0 ws0\">B.2 ingressi da attiv<span class=\"_ _2\"></span>it\u00e0 finanziarie impaired acqu<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>site </td><td class=\"c n x85f y6434 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b64 y6434 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b65 y6434 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y6435 ff4 fs7 fc1 sc0 ls0 ws0\">o originate </td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h12 y6436 ff4 fs7 fc1 sc0 ls0 ws0\">B.3 trasferimenti da a<span class=\"_ _2\"></span>ltre categorie di esp<span class=\"_ _2\"></span>osizioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x1b66 y6437 w10fe h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">79.144<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b67 y6437 w764 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">23.334<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b68 y6437 w798 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">125<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y6438 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate </td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y6439 w10ff h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.4 modifiche contrattu<span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>li senza can<span class=\"_ _2\"></span>cellazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b69 y6439 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b6a y6439 w1100 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">248<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b6b y6439 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y643a w1101 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 altre variazioni <span class=\"_ _2\"></span>in aumento<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b6c y643a w1102 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _2\"></span>.896<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b6d y643a w1103 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">49.440<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b6e y643a we4b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13.665<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y643b ff4 fs7 fc1 sc2 ls0 ws0\">C. Variazioni in diminuzione<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1287 h12 y643b ff4 fs7 fc1 sc2 ls0 ws0\">122.339<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c8 h12 y643b ff4 fs7 fc1 sc2 ls0 ws0\">196.476<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe22 h12 y643b ff4 fs7 fc1 sc2 ls0 ws0\">59.348<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x821 y643c w1104 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.1 uscite verso espos<span class=\"_ _2\"></span>izioni non deteri<span class=\"_ _2\"></span>orate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b6f y643c w1105 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">15<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b70 y643c w1106 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.036<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b71 y643c w1107 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7.813<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y643d w1108 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 write-off<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b72 y643d w1109 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">27.681<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b73 y643d w110a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.540<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b74 y643d w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y5366 w110b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.3 incassi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b75 y5366 w110c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">50.122<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b76 y5366 w110d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">98.598<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b77 y5366 wa03 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">25.247<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y5ba3 w110e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.4 realizzi per cession<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b78 y5ba3 w110f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.038<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b79 y5ba3 w6ad h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">65<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b7a y5ba3 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y643e w1110 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.5 perdite da cess<span class=\"_ _2\"></span>ione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b7b y643e w1111 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _2\"></span>76<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b7c y643e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b7d y643e w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y643f ff4 fs7 fc1 sc0 ls0 ws0\">C.6 trasferimenti ad a<span class=\"_ _2\"></span>ltre categorie di esp<span class=\"_ _2\"></span>osizioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x1b7e y6440 w1105 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">15<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b7f y6440 w764 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _1\"></span>6.343<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b80 y6440 w701 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">26.243<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y6441 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate </td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y59df w1112 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.7 modifiche contra<span class=\"_ _2\"></span>ttuali senza cance<span class=\"_ _2\"></span>llazioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b81 y59df w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b82 y59df w1113 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">833<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b83 y59df w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6442 w1114 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.8 altre variazioni in<span class=\"_ _2\"></span> diminuzione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b84 y6442 w1115 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>8.992<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b85 y6442 wb1a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.061<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b86 y6442 w1116 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">45<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6443 ff4 fs7 fc1 sc2 ls0 ws0\">D. Esposizione lorda finale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e7 h12 y6443 ff4 fs7 fc1 sc2 ls0 ws0\">267.113<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x87b h12 y6443 ff4 fs7 fc1 sc2 ls0 ws0\">363.239<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe22 h12 y6443 ff4 fs7 fc1 sc2 ls0 ws0\">38.292<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x821 y539f w10f9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui: esposizion<span class=\"_ _2\"></span>i cedute non cancellate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b5e y539f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b5f y59e4 w1117 h20a\"><div class=\"t m2 x2b3 h12 y56d8 ff4 fs7 fc1 sc0 ls0 ws0\">- <span class=\"_ _94\"> </span>- </div></td><td></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1307\">A.1.7bis Consoli<span class=\"_ _1\"></span>dato prudenziale \u2013 Espos<span class=\"_ _1\"></span>izioni creditizie per cassa ver<span class=\"_ _1\"></span>so clientela: dinami<span class=\"_ _1\"></span>ca delle esposizioni lor<span class=\"_ _1\"></span>de<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1308\">oggetto di conces<span class=\"_ _1\"></span>sioni distinte per qua<span class=\"_ _1\"></span>lit\u00e0 creditizia<span class=\"_ _3a1\"> </span></div><div class=\"gs1309\"><table class=\"s w1118 h29f\" id=\"_ce816402-dc75-470c-838f-7d9a56dfd0b4\"><tr><td></td><td class=\"t m2 x886 h12 y6444 ff4 fs7 fc4 sc3 ls0 ws0\">Esposizioni </td><td class=\"t m2 x1140 h12 y6444 ff4 fs7 fc4 sc3 ls0 ws0\">Esposizioni </td></tr><tr><td class=\"t m2 x7cb h12 y6445 ff4 fs7 fc4 sc3 ls0 ws0\">Causali/Qualit\u00e0<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xde9 h12 y6446 ff4 fs7 fc4 sc3 ls0 ws0\">oggetto di </td><td class=\"t m2 x7d3 h12 y6446 ff4 fs7 fc4 sc3 ls0 ws0\">oggetto di </td></tr><tr><td></td><td class=\"t m2 xddd h12 y6447 ff4 fs7 fc4 sc3 ls0 ws0\">concessioni: </td><td class=\"t m2 xdde h12 y6447 ff4 fs7 fc4 sc3 ls0 ws0\">concessioni: </td></tr><tr><td></td><td class=\"t m2 x886 h12 y6448 ff4 fs7 fc4 sc3 ls0 ws0\">deteriorate<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d7 h12 y6448 ff4 fs7 fc4 sc3 ls0 ws0\">non deteriorate<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6449 ff4 fs7 fc1 sc2 ls0 ws0\">A. Esposizione lorda iniziale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12bf h12 y6449 ff4 fs7 fc1 sc2 ls0 ws0\">220.100<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1271 h12 y6449 ff4 fs7 fc1 sc2 ls0 ws0\">102.167<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x595 y644a w10f9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui: esposizion<span class=\"_ _2\"></span>i cedute non cancellate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b87 y644a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b88 y644a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y644b ff4 fs7 fc1 sc2 ls0 ws0\">B. Variazioni in aumento<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce4 h12 y644b ff4 fs7 fc1 sc2 ls0 ws0\">37.828<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xe22 h12 y644b ff4 fs7 fc1 sc2 ls0 ws0\">40.092<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x595 y644c w1119 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.1 ingressi da espos<span class=\"_ _2\"></span>izioni non deteriora<span class=\"_ _2\"></span>te non oggetto di c<span class=\"_ _2\"></span>oncessioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b89 y644c w111a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.931<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b8a y644c w111b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">28.234<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y644d w111c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 ingressi da espos<span class=\"_ _2\"></span>izioni non deteriorate <span class=\"_ _2\"></span>oggetto di concessi<span class=\"_ _2\"></span>oni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b8b y644d w111d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">16.196<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b8c y644d w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y644e w111e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 ingressi da esp<span class=\"_ _2\"></span>osizioni oggetto d<span class=\"_ _2\"></span>i concessioni deteri<span class=\"_ _2\"></span>orate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b8d y644e w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b8e y644e w53e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.250<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y644f w111f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.4 ingressi da espos<span class=\"_ _2\"></span>izioni deteriorate<span class=\"_ _2\"></span> non oggetto di conce<span class=\"_ _2\"></span>ssione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b8f y644f w550 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">229<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b90 y644f w1120 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y5b22 w1101 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.5 altre variazioni <span class=\"_ _2\"></span>in aumento<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b91 y5b22 wc85 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.472<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b92 y5b22 w1121 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.603<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6450 ff4 fs7 fc1 sc2 ls0 ws0\">C. Variazioni in diminuzione<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce4 h12 y6450 ff4 fs7 fc1 sc2 ls0 ws0\">59.667<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x874 h12 y6450 ff4 fs7 fc1 sc2 ls0 ws0\">69.901<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x595 y6451 w1122 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.1 uscite verso espos<span class=\"_ _2\"></span>izioni non deteri<span class=\"_ _2\"></span>orate non oggetto di conc<span class=\"_ _2\"></span>essioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b93 y6451 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b94 y6451 w60a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.350<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y6452 w1123 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 uscite verso espos<span class=\"_ _2\"></span>izioni non deteriorate <span class=\"_ _2\"></span>oggetto di conces<span class=\"_ _2\"></span>sioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b95 y6452 w53e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.250<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b96 y6452 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y60b5 w1124 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.3 uscite verso esp<span class=\"_ _2\"></span>osizioni oggetto <span class=\"_ _2\"></span>di concessioni deteri<span class=\"_ _2\"></span>orate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b97 y60b5 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b98 y60b5 w111d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">16.196<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y6453 waff h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.4 write-off<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b99 y6453 w1125 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.610<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b9a y6453 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y59dd w1126 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.5 incassi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b9b y59dd w1127 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">46.489<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b9c y59dd wf3b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">46.925<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y59de w1128 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.6 realizzi per cess<span class=\"_ _2\"></span>ioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b9d y59de w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b9e y59de w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y59df w1129 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.7 perdite da cessione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b9f y59df w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ba0 y59df w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y6454 w1114 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.8 altre variazioni in<span class=\"_ _2\"></span> diminuzione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ba1 y6454 w112a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.318<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ba2 y6454 w112b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.430<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6455 ff4 fs7 fc1 sc2 ls0 ws0\">D. Esposizione lorda finale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12d4 h12 y6455 ff4 fs7 fc1 sc2 ls0 ws0\">198.261<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x874 h12 y6455 ff4 fs7 fc1 sc2 ls0 ws0\">72.358<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x595 y539f w10f9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui: esposizion<span class=\"_ _2\"></span>i cedute non cancellate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b87 y539f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1b88 y539f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr></table></div>A.1.9  Consolidato <span class=\"_ _1\"></span>prudenziale \u2013 Es<span class=\"_ _1\"></span>posizioni creditizie per cas<span class=\"_ _1\"></span>sa deterior<span class=\"_ _1\"></span>ate verso clientela: dinamica <span class=\"_ _1\"></span>delle rettifiche<span class=\"_ _3a1\"> </span>di valore com<span class=\"_ _1\"></span>plessive<span class=\"_ _3a1\"> </span><table class=\"s w112c h2a0\" id=\"_604ed4c8-7e08-4376-b53e-8e9b6bb26326\"><tr><td></td><td></td><td class=\"t m2 x1209 h12 y6456 ff4 fs7 fc4 sc3 ls0 ws0\">Sofferenze<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xddb h12 y6456 ff4 fs7 fc4 sc3 ls0 ws0\">Inadempienze probabili<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x9a1 h12 y6457 ff4 fs7 fc4 sc3 ls0 ws0\">Esposizioni scadute </td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 xba4 h12 y6458 ff4 fs7 fc4 sc3 ls0 ws0\">deteriorate<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x1ba3 h12 y6459 ff4 fs7 fc4 sc3 ls0 ws0\">Causali/Categorie<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc51 h12 y645a ff4 fs7 fc4 sc3 ls0 ws0\">di cui: esposizioni </td><td></td><td class=\"t m2 x120a h12 y645a ff4 fs7 fc4 sc3 ls0 ws0\">di cui: esposizioni </td><td></td><td class=\"t m2 x7e3 h12 y645a ff4 fs7 fc4 sc3 ls0 ws0\">di cui: esposizioni </td></tr><tr><td></td><td class=\"t m2 x87a h12 y645b ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1ba4 h12 y645b ff4 fs7 fc4 sc3 ls0 ws0\">oggetto di </td><td class=\"t m2 x18a0 h12 y645b ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x939 h12 y645b ff4 fs7 fc4 sc3 ls0 ws0\">oggetto di </td><td class=\"t m2 x1ba5 h12 y645b ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeec h12 y645b ff4 fs7 fc4 sc3 ls0 ws0\">oggetto di </td></tr><tr><td></td><td></td><td class=\"t m2 x80e h12 y645c ff4 fs7 fc4 sc3 ls0 ws0\">concessioni<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xec4 h12 y645c ff4 fs7 fc4 sc3 ls0 ws0\">concessioni<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x138d h12 y645c ff4 fs7 fc4 sc3 ls0 ws0\">concessioni<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x58e y645d w232 h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc1 sc2 ls0 ws0\">A. Rettifiche complessive </div></td><td class=\"t m2 xce6 h12 y645e ff4 fs7 fc1 sc2 ls0 ws0\">240.689<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc5f h12 y645e ff4 fs7 fc1 sc2 ls0 ws0\">66.424<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x124d h12 y645e ff4 fs7 fc1 sc2 ls0 ws0\">166.497<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e1 h12 y645e ff4 fs7 fc1 sc2 ls0 ws0\">48.829<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x92e h12 y645e ff4 fs7 fc1 sc2 ls0 ws0\">11.231<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf1b h12 y645e ff4 fs7 fc1 sc2 ls0 ws0\">183<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y645f ff4 fs7 fc1 sc2 ls0 ws0\">iniziali<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h12 y6460 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui: esposizion<span class=\"_ _2\"></span>i cedute </td><td class=\"c n x1136 y6461 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ba6 y6461 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ba7 y6461 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ba8 y6461 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ba9 y6461 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1baa y6461 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y6462 ff4 fs7 fc1 sc0 ls0 ws0\">non cancellate </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6463 ff4 fs7 fc1 sc2 ls0 ws0\">B. Variazioni in aumento<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x171e h12 y6463 ff4 fs7 fc1 sc2 ls0 ws0\">73.196<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cd h12 y6463 ff4 fs7 fc1 sc2 ls0 ws0\">13.531<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x18a0 h12 y6463 ff4 fs7 fc1 sc2 ls0 ws0\">79.338<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc52 h12 y6463 ff4 fs7 fc1 sc2 ls0 ws0\">21.316<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xceb h12 y6463 ff4 fs7 fc1 sc2 ls0 ws0\">13.641<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf1b h12 y6463 ff4 fs7 fc1 sc2 ls0 ws0\">377<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6464 ff4 fs7 fc1 sc0 ls0 ws0\">B.1 rettifiche di valore da </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6465 ff4 fs7 fc1 sc0 ls0 ws0\">attivit\u00e0 finanziarie impa<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>red </td><td class=\"c n x1136 y6466 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bab y6466 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bac y6466 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bad y6466 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bae y6466 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1baf y6466 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6467 ff4 fs7 fc1 sc0 ls0 ws0\">acquisite o originate<span class=\"_ _3b\"></span> </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y6468 w112d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 altre rettifiche d<span class=\"_ _2\"></span>i valore<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bb0 y6468 w112e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">28.612<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bb1 y6468 wea6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.865<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bb2 y6468 w112f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">72.878<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bb3 y6468 w1130 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">20.711<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bb4 y6468 w6d6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13.619<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bb5 y6468 w812 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">368<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6469 w1131 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.3 perdite da cessi<span class=\"_ _2\"></span>one<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bb6 y6469 w1132 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">476<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bb7 y6469 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bb8 y6469 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bb9 y6469 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bba y6469 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bbb y6469 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y646a ff4 fs7 fc1 sc0 ls0 ws0\">B.4 trasferimenti da al<span class=\"_ _2\"></span>tre </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y646b ff4 fs7 fc1 sc0 ls0 ws0\">categorie di esposiz<span class=\"_ _2\"></span>ioni </td><td class=\"c n xb48 y646c w1133 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">43.453<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bbc y646c w1134 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.666<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bbd y646c w1135 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.192<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bbe y646c wadd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">444<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bbf y646c w1136 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">22<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bc0 y646c w1137 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y646d ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x58e y646e w131 h11\"><div class=\"t m2 x0 h12 y49 ff4 fs7 fc1 sc0 ls0 ws0\">B.5 modifiche contra<span class=\"_ _2\"></span>ttuali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1136 y646f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ba6 y646f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bc1 y646f w1138 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">107<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bc2 y646f w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bae y646f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bc3 y646f w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6470 ff4 fs7 fc1 sc0 ls0 ws0\">senza cancellazioni<span class=\"_ _3b\"></span> </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5a61 w1139 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.6 altre variazion<span class=\"_ _2\"></span>i in aumento<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bc4 y5a61 w864 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>55<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bc5 y5a61 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bc6 y5a61 w113a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">161<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bc7 y5a61 w113a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">161<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bc8 y5a61 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bc9 y5a61 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6471 ff4 fs7 fc1 sc2 ls0 ws0\">C. Variazioni in diminuzione<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd58 h12 y6471 ff4 fs7 fc1 sc2 ls0 ws0\">94.117<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cd h12 y6471 ff4 fs7 fc1 sc2 ls0 ws0\">21.510<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd9 h12 y6471 ff4 fs7 fc1 sc2 ls0 ws0\">79.109<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e1 h12 y6471 ff4 fs7 fc1 sc2 ls0 ws0\">22.439<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e2 h12 y6471 ff4 fs7 fc1 sc2 ls0 ws0\">10.179<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1288 h12 y6471 ff4 fs7 fc1 sc2 ls0 ws0\">497<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6472 ff4 fs7 fc1 sc0 ls0 ws0\">C.1 riprese di val<span class=\"_ _2\"></span>ore da<span class=\"_ _3a1\"> </span></td><td class=\"c n x132c y6473 w91c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.356<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bca y6473 w53e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.358<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bcb y6473 w113b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.630<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bcc y6473 wfc2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7.216<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bcd y6473 wfca h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.432<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bce y6473 w113c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6474 ff4 fs7 fc1 sc0 ls0 ws0\">valutazione </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y6475 w113d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 riprese di val<span class=\"_ _2\"></span>ore da incasso<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bcf y6475 w113e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18.183<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bd0 y6475 w113f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">16.110<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bd1 y6475 w1140 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18.910<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bd2 y6475 w1141 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.511<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bd3 y6475 w1142 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.444<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bd4 y6475 w1143 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">43<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6476 w1144 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.3 utili da cessione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bd5 y6476 w1145 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.527<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bd6 y6476 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bd7 y6476 w1146 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bd8 y6476 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bd9 y6476 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bda y6476 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y601f w1147 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.4 write-off<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bdb y601f w1148 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">27.680<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bdc y601f w1149 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.<span class=\"_ _2\"></span>610<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bdd y601f w114a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.540<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bde y601f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bdf y601f w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xe1a y601f w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6477 ff4 fs7 fc1 sc0 ls0 ws0\">C.5 trasferimenti ad <span class=\"_ _2\"></span>altre </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6478 ff4 fs7 fc1 sc0 ls0 ws0\">categorie di esposiz<span class=\"_ _2\"></span>ioni </td><td class=\"c n x114b y6453 w1105 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">15<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1be0 y6453 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1be1 y6453 w114b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">42.349<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1be2 y6453 wd2f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.679<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1be3 y6453 w114c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7.303<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1be4 y6453 weef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">445<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6479 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y647a ff4 fs7 fc1 sc0 ls0 ws0\">C.6 modifiche contra<span class=\"_ _2\"></span>ttuali<span class=\"_ _3a1\"> </span></td><td class=\"c n x1136 y6052 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ba6 y6052 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1be5 y6052 w114d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">263<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1be6 y6052 w114e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">33<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1be7 y6052 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1be8 y6052 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y647b ff4 fs7 fc1 sc0 ls0 ws0\">senza cancellazioni<span class=\"_ _3b\"></span> </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y647c w114f h1e7\"><div class=\"t m2 x2b3 h12 y543a ff4 fs7 fc1 sc0 ls0 ws0\">C.7 altre variazioni <span class=\"_ _2\"></span>in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">diminuzione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xb48 y647d we38 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">39.356<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1be9 y647d w8c0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">432<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bea y647d w8c0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">365<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1beb y647d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bec y647d w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bed y647d w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y647e ff4 fs7 fc1 sc2 ls0 ws0\">D. Rettifiche  complessive finali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x87e h12 y647e ff4 fs7 fc1 sc2 ls0 ws0\">219.768<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc5f h12 y647e ff4 fs7 fc1 sc2 ls0 ws0\">58.445<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1757 h12 y647e ff4 fs7 fc1 sc2 ls0 ws0\">166.726<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc64 h12 y647e ff4 fs7 fc1 sc2 ls0 ws0\">47.706<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x140a h12 y647e ff4 fs7 fc1 sc2 ls0 ws0\">14.693<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1195 h12 y647e ff4 fs7 fc1 sc2 ls0 ws0\">63<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x2d7 y58e9 w1150 h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1bee h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui: esposizion<span class=\"_ _2\"></span>i cedute non<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1136 y5b9c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ba6 y5b9c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ba7 y5b9c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ba8 y5b9c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ba9 y5b9d w1151 h20a\"><div class=\"t m2 x2b3 h12 y56d8 ff4 fs7 fc1 sc0 ls0 ws0\">- <span class=\"_ _288\"> </span>- </div></td><td></td></tr><tr><td class=\"t m2 x58e h12 y647f ff4 fs7 fc1 sc0 ls0 ws0\">cancellate </td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>A.2 Classificazio<span class=\"_ _1\"></span>ne delle esposizion<span class=\"_ _1\"></span>i in base ai rating est<span class=\"_ _1\"></span>erni e interni<span class=\"_ _3a1\"> </span>A.2.1 Consolidato<span class=\"_ _1\"></span> prudenziale - Distr<span class=\"_ _1\"></span>ibuzione delle attivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie, degli impe<span class=\"_ _1\"></span>gni a erogare fondi e <span class=\"_ _1\"></span>delle garanzie<span class=\"_ _3a1\"> </span>finanziarie <span class=\"_ _1\"></span>rilasciate: per classi di r<span class=\"_ _1\"></span>ating esterni (valor<span class=\"_ _1\"></span>i lordi)<span class=\"_ _3a1\"> </span><table class=\"s w1152 h2a1\" id=\"_88171b60-28fc-4e61-b763-7203dd9fcf38\"><tr><td></td><td></td><td></td><td class=\"t m2 x940 h12 y6480 ff4 fs7 fc4 sc3 ls0 ws0\">Classi di rating esterni<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td class=\"t m2 x11aa h12 y6481 ff4 fs7 fc4 sc3 ls0 ws0\">Senza </td><td></td></tr><tr><td class=\"t m2 xd55 h12 y6482 ff4 fs7 fc4 sc3 ls0 ws0\">Esposizioni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7db h12 y6483 ff4 fs7 fc4 sc3 ls0 ws0\">Classe 1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc51 h12 y6483 ff4 fs7 fc4 sc3 ls0 ws0\">classe 2<span class=\"_ _3a1\"> </span></td><td class=\"c xdda y6484 w41 h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">classe </div></td><td class=\"t m2 x88b h12 y6483 ff4 fs7 fc4 sc3 ls0 ws0\">classe 3<span class=\"_ _3a1\"> </span></td><td></td><td class=\"c x934 y6484 w41 h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">classe </div></td><td class=\"c x87b y6484 w41 h11\"><div class=\"t m2 x0 h12 y41a ff4 fs7 fc4 sc3 ls0 ws0\">classe </div></td><td class=\"t m2 x11aa h12 y6485 ff4 fs7 fc4 sc3 ls0 ws0\">rating<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1189 h12 y6482 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6486 ff4 fs7 fc1 sc2 ls0 ws0\">A. Attivit\u00e0 finanziarie vautate </td><td></td><td></td><td></td><td></td><td class=\"t m2 x7c7 h12 y6487 ff4 fs7 fc4 sc3 ls0 ws0\">4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d0 h12 y6487 ff4 fs7 fc4 sc3 ls0 ws0\">5<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x886 h12 y6487 ff4 fs7 fc4 sc3 ls0 ws0\">6<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x1187 h12 y6488 ff4 fs7 fc1 sc2 ls0 ws0\">1.152.282<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc65 h12 y6488 ff4 fs7 fc1 sc2 ls0 ws0\">1.114.016<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c6 h12 y6488 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc61 h12 y6488 ff4 fs7 fc1 sc2 ls0 ws0\">5.449.038<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc60 h12 y6488 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93a h12 y6488 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5b h12 y6488 ff4 fs7 fc1 sc2 ls0 ws0\">47.309.981<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e4 h12 y6488 ff4 fs7 fc1 sc2 ls0 ws0\">55.025.317<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6489 ff4 fs7 fc1 sc2 ls0 ws0\">al costo ammortizzato<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x595 y648a w1153 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Primo stadio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bef y648a w1154 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.152.282<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bf0 y648a w1155 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.114.016<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bf1 y648a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bf2 y648a w1156 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>.449.038<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1bf3 y648a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bf4 y648a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bf5 y648a w1157 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">44.327.488<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bf6 y648a w1158 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">52.042.824<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y648b w1159 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Secondo stadio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bf7 y648b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bf8 y648b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bf9 y648b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bfa y648b w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1bfb y648b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bfc y648b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bfd y648b w115a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.307.019<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bfe y648b w115a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.307.019<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y648c w115b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Terzo stadio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bff y648c w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c00 y648c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c01 y648c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c02 y648c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1c03 y648c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c04 y648c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c05 y648c w115c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">657.873<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c06 y648c w115d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">657.873<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y648d ff4 fs7 fc1 sc0 ls0 ws0\">- Impaired acquis<span class=\"_ _2\"></span>ite o </td><td class=\"c n x1136 y648e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c07 y648e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c08 y648e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c09 y648e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1c0a y648e w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c0b y648e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c0c y648e w115e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">17.601<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c0d y648e w115e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">17.601<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y648f ff4 fs7 fc1 sc0 ls0 ws0\">originate </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6490 ff4 fs7 fc1 sc2 ls0 ws0\">B. Attivit\u00e0 finanziarie valutate </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6491 ff4 fs7 fc1 sc2 ls0 ws0\">al fair value con impatto sulla </td><td class=\"t m2 xc5c h12 y6491 ff4 fs7 fc1 sc2 ls0 ws0\">3.649.317<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x92f h12 y6491 ff4 fs7 fc1 sc2 ls0 ws0\">1.135.574<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c6 h12 y6491 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1410 h12 y6491 ff4 fs7 fc1 sc2 ls0 ws0\">324.691<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc60 h12 y6491 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93a h12 y6491 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc57 h12 y6491 ff4 fs7 fc1 sc2 ls0 ws0\">253.257<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x13e5 h12 y6491 ff4 fs7 fc1 sc2 ls0 ws0\">5.362.839<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6492 ff4 fs7 fc1 sc2 ls0 ws0\">redditivit\u00e0 complessiva<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x595 y6493 w1153 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Primo stadio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c0e y6493 w115f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>.649.317<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c0f y6493 w1160 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.135.574<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c10 y6493 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c11 y6493 w1161 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">324.691<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1c12 y6493 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c13 y6493 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c14 y6493 w1162 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">25<span class=\"_ _1\"></span>3.257<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c15 y6493 w1163 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.362.839<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y6494 w1159 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Secondo stadio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bf7 y6494 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bf8 y6494 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bf9 y6494 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bfa y6494 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1bfb y6494 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bfc y6494 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c16 y6494 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c17 y6494 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y6495 w115b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Terzo stadio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bff y6495 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c00 y6495 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c01 y6495 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c02 y6495 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1c03 y6495 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c04 y6495 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c18 y6495 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c19 y6495 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y6496 ff4 fs7 fc1 sc0 ls0 ws0\">- Impaired acquis<span class=\"_ _2\"></span>ite o </td><td class=\"c n x1136 y6497 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c07 y6497 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c08 y6497 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c09 y6497 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1c0a y6497 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c0b y6497 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c1a y6497 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c1b y6497 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y6498 ff4 fs7 fc1 sc0 ls0 ws0\">originate </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x58e y6499 w234 h11\"><div class=\"t m2 x0 h12 y2d9 ff4 fs7 fc1 sc2 ls0 ws0\">C. Attivit\u00e0 finanziarie in corso </div></td><td class=\"t m2 x5c4 h12 y649a ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dd h12 y649a ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c6 h12 y649a ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1757 h12 y649a ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc60 h12 y649a ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93a h12 y649a ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12d5 h12 y649a ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h12 y649a ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y649b ff4 fs7 fc1 sc2 ls0 ws0\">di dismissione<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x595 y649c w1153 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Primo stadio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c1c y649c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c1d y649c w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c1e y649c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c1f y649c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1c20 y649c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c21 y649c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c22 y649c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c23 y649c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y649d w1159 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Secondo stadio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bf7 y649d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bf8 y649d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bf9 y649d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bfa y649d w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1bfb y649d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bfc y649d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c16 y649d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c17 y649d w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y649e w115b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Terzo stadio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bff y649e w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c00 y649e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c01 y649e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c02 y649e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1c03 y649e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c04 y649e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c18 y649e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c19 y649e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y649f ff4 fs7 fc1 sc0 ls0 ws0\">- Impaired acquis<span class=\"_ _2\"></span>ite o </td><td class=\"c n x1136 y64a0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c07 y64a0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c08 y64a0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c09 y64a0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1c0a y64a0 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c0b y64a0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c1a y64a0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c1b y64a0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y64a1 ff4 fs7 fc1 sc0 ls0 ws0\">originate </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x1c24 h12 y64a2 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B+C)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1400 h12 y64a2 ff4 fs7 fc1 sc2 ls0 ws0\">4.801.599<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1449 h12 y64a2 ff4 fs7 fc1 sc2 ls0 ws0\">2.249.590<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c6 h12 y64a2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99f h12 y64a2 ff4 fs7 fc1 sc2 ls0 ws0\">5.773.729<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc60 h12 y64a2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93a h12 y64a2 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcee h12 y64a2 ff4 fs7 fc1 sc2 ls0 ws0\">47.563.238<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x890 h12 y64a2 ff4 fs7 fc1 sc2 ls0 ws0\">60.388.156<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y64a3 ff4 fs7 fc1 sc2 ls0 ws0\">D. Impegni a erogare fondi e </td><td class=\"t m2 x5c4 h12 y64a4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dd h12 y64a4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c6 h12 y64a4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1757 h12 y64a4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc60 h12 y64a4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93a h12 y64a4 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d6 h12 y64a4 ff4 fs7 fc1 sc2 ls0 ws0\">15.193.809<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15ce h12 y64a4 ff4 fs7 fc1 sc2 ls0 ws0\">15.193.809<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y64a5 ff4 fs7 fc1 sc2 ls0 ws0\">garanzie finanziarie rilasciate<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x595 y64a6 w1153 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Primo stadio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c1c y64a6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c1d y64a6 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c1e y64a6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c1f y64a6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1c20 y64a6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c21 y64a6 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c25 y64a6 w7a8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.687.770<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c26 y64a6 w7a8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.687.770<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y64a7 w1159 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Secondo stadio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bf7 y64a7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bf8 y64a7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bf9 y64a7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bfa y64a7 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1bfb y64a7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bfc y64a7 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c27 y64a7 w79f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">463.705<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c28 y64a7 w6fd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">463.705<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y64a8 w115b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Terzo stadio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1bff y64a8 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c00 y64a8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c01 y64a8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c02 y64a8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1c03 y64a8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c04 y64a8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c29 y64a8 we5b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">41.330<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c2a y64a8 w1164 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">41.330<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y64a9 ff4 fs7 fc1 sc0 ls0 ws0\">- Impaired acquis<span class=\"_ _2\"></span>iti/e o<span class=\"_ _3a1\"> </span></td><td class=\"c n x1136 y64aa w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c07 y64aa w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c08 y64aa w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c09 y64aa w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1c0a y64aa w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c0b y64aa w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c2b y64aa w978 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.004<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c2c y64aa w978 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.004<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x598 h12 y64ab ff4 fs7 fc1 sc0 ls0 ws0\">originati/e </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x1c2d h12 y64ac ff4 fs7 fc1 sc2 ls0 ws0\">Totale (D)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x5c4 h12 y64ac ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dd h12 y64ac ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c6 h12 y64ac ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1757 h12 y64ac ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc60 h12 y64ac ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93a h12 y64ac ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d6 h12 y64ac ff4 fs7 fc1 sc2 ls0 ws0\">15.193.809<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15ce h12 y64ac ff4 fs7 fc1 sc2 ls0 ws0\">15.193.809<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x1628 h12 y64ad ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B+C+D)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1400 h12 y64ad ff4 fs7 fc1 sc2 ls0 ws0\">4.801.599<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1449 h12 y64ad ff4 fs7 fc1 sc2 ls0 ws0\">2.249.590<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c6 h12 y64ad ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99f h12 y64ad ff4 fs7 fc1 sc2 ls0 ws0\">5.773.729<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 xc60 h12 y64ad ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93a h12 y64ad ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5b h12 y64ad ff4 fs7 fc1 sc2 ls0 ws0\">62.757.047<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e4 h12 y64ad ff4 fs7 fc1 sc2 ls0 ws0\">75.581.965<span class=\"_ _3a1\"> </span></td></tr></table>Le <span class=\"_ _1\"></span>classi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>ing <span class=\"_ _1\"></span>esterni <span class=\"_ _38\"></span>indicate <span class=\"_ _1\"></span>si <span class=\"_ _38\"></span>riferiscono <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>lle <span class=\"_ _1\"></span>classi <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>merito <span class=\"_ _1\"></span>creditizio <span class=\"_ _38\"></span>dei <span class=\"_ _1\"></span>debitor<span class=\"_ _1\"></span>i/garanti<span class=\"_ _3a1\"> </span>di cui alla normativa prudenziale. L\u2019agenzia di <span class=\"_ _1\"></span>rat<span class=\"_ _1\"></span>ing utilizzate <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>sotto <span class=\"_ _1\"></span>riportate <span class=\"_ _1\"></span>e si <span class=\"_ _1\"></span>fornisce <span class=\"_ _1\"></span>la t<span class=\"_ _1\"></span>abella <span class=\"_ _1\"></span>di raccordo <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>le class<span class=\"_ _1\"></span>i di<span class=\"_ _3a1\"> </span>rischio e i rating delle agenzie.<table class=\"s w1165 h2a2\" id=\"_ed91547a-ddb7-4cc7-9cb3-efcf42536387\"><tr><td></td><td class=\"c x1c2f y64ae w1166 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">/EC<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1c2e h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">AI<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x58e y64af w235 h11\"><div class=\"t m2 x0 h12 y3cb ff4 fs7 fc1 sc0 ls0 ws0\">Esposizione verso </div></td><td></td></tr><tr><td class=\"t m2 x58e h12 y64b0 ff4 fs7 fc1 sc0 ls0 ws0\">Amministrazioni centr<span class=\"_ _2\"></span>ali e </td><td class=\"t m2 x1193 h12 y64b0 ff4 fs7 fc1 sc0 ls0 ws0\">DBRS Rating Limited<span class=\"_ _3b\"></span> </td></tr><tr><td class=\"t m2 x58e h12 y64b1 ff4 fs7 fc1 sc0 ls0 ws0\">banche centrali<span class=\"_ _2\"></span> </td><td></td></tr><tr><td class=\"t m2 x58e h12 y64b2 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni verso orga<span class=\"_ _2\"></span>nizzazioni </td><td class=\"t m2 x1c30 h12 y64b2 ff4 fs7 fc1 sc0 ls0 ws0\">Fitch Ratings </td></tr><tr><td class=\"t m2 x58e h12 y64b3 ff4 fs7 fc1 sc0 ls0 ws0\">internazionali </td><td class=\"t m2 x7be h12 y64b3 ff4 fs7 fc1 sc0 ls0 ws0\">Standard &amp; Poor\u2019s <span class=\"_ _2\"></span>Rating </td></tr><tr><td></td><td class=\"t m2 x1aa9 h12 y64b4 ff4 fs7 fc1 sc0 ls0 ws0\">Services* </td></tr><tr><td class=\"t m2 x58e h12 y64b5 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni verso banc<span class=\"_ _2\"></span>he </td><td class=\"t m2 x1c30 h12 y64b5 ff4 fs7 fc1 sc0 ls0 ws0\">Fitch Ratings </td></tr><tr><td class=\"t m2 x58e h12 y64b6 ff4 fs7 fc1 sc0 ls0 ws0\">multilaterali di sviluppo<span class=\"_ _2\"></span> </td><td class=\"t m2 x7be h12 y64b6 ff4 fs7 fc1 sc0 ls0 ws0\">Standard &amp; Poor\u2019s <span class=\"_ _2\"></span>Rating </td></tr><tr><td></td><td class=\"t m2 x1aa9 h12 y64b7 ff4 fs7 fc1 sc0 ls0 ws0\">Services* </td></tr><tr><td class=\"c x58e y64b8 wa h11\"><div class=\"t m2 x0 h12 y3d4 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni verso imp<span class=\"_ _2\"></span>rese ed altri </div></td><td class=\"c x1c30 y64b8 w236 h11\"><div class=\"t m2 x0 h12 y3d4 ff4 fs7 fc1 sc0 ls0 ws0\">Fitch Ratings<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y64b9 ff4 fs7 fc1 sc0 ls0 ws0\">soggetti </td><td class=\"t m2 x7be h12 y64b9 ff4 fs7 fc1 sc0 ls0 ws0\">Standard &amp; Poor\u2019s <span class=\"_ _2\"></span>Rating </td></tr><tr><td></td><td class=\"t m2 x1aa9 h12 y64ba ff4 fs7 fc1 sc0 ls0 ws0\">Services* </td></tr><tr><td class=\"t m2 x58e h12 y64bb ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni verso orga<span class=\"_ _2\"></span>nismi di </td><td class=\"t m2 x1c30 h12 y64bb ff4 fs7 fc1 sc0 ls0 ws0\">Fitch Ratings </td></tr><tr><td class=\"t m2 x58e h12 y64bc ff4 fs7 fc1 sc0 ls0 ws0\">investimento colletti<span class=\"_ _2\"></span>vo del </td><td class=\"t m2 x7be h12 y64bc ff4 fs7 fc1 sc0 ls0 ws0\">Standard &amp; Poor\u2019s <span class=\"_ _2\"></span>Rating </td></tr><tr><td class=\"t m2 x58e h12 y64bd ff4 fs7 fc1 sc0 ls0 ws0\">risparmio (OICR) </td><td class=\"t m2 x1aa9 h12 y64bd ff4 fs7 fc1 sc0 ls0 ws0\">Services* </td></tr><tr><td class=\"t m2 x58e h12 y64be ff4 fs7 fc1 sc0 ls0 ws0\">Posizioni verso le </td><td class=\"t m2 x1c30 h12 y64be ff4 fs7 fc1 sc0 ls0 ws0\">Fitch Ratings </td></tr><tr><td class=\"t m2 x58e h12 y64bf ff4 fs7 fc1 sc0 ls0 ws0\">cartolarizzazioni ave<span class=\"_ _2\"></span>nti un rating </td><td class=\"t m2 x7be h12 y64bf ff4 fs7 fc1 sc0 ls0 ws0\">Standard &amp; Poor\u2019s <span class=\"_ _2\"></span>Rating </td></tr><tr><td class=\"t m2 x58e h12 y64c0 ff4 fs7 fc1 sc0 ls0 ws0\">a breve termine </td><td class=\"t m2 x140b h12 y64c0 ff4 fs7 fc1 sc0 ls0 ws0\">Services </td></tr><tr><td></td><td class=\"t m2 x140b h12 y64c1 ff4 fs7 fc1 sc0 ls0 ws0\">Moody\u2019s </td></tr><tr><td class=\"c x58e y64c2 w1bf h11\"><div class=\"t m2 x0 h12 y49 ff4 fs7 fc1 sc0 ls0 ws0\">Posizioni verso le </div></td><td class=\"c x1c30 y64c2 w236 h11\"><div class=\"t m2 x0 h12 y49 ff4 fs7 fc1 sc0 ls0 ws0\">Fitch Ratings<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y64c3 ff4 fs7 fc1 sc0 ls0 ws0\">cartolarizzazioni diverse d<span class=\"_ _3b\"></span>a </td><td class=\"t m2 x7be h12 y64c3 ff4 fs7 fc1 sc0 ls0 ws0\">Standard &amp; Poor\u2019s <span class=\"_ _2\"></span>Rating </td></tr><tr><td class=\"t m2 x58e h12 y64c4 ff4 fs7 fc1 sc0 ls0 ws0\">quelle aventi un rating a b<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>eve </td><td class=\"t m2 x140b h12 y64c4 ff4 fs7 fc1 sc0 ls0 ws0\">Services </td></tr><tr><td class=\"t m2 x58e h12 y64c5 ff4 fs7 fc1 sc0 ls0 ws0\">termine </td><td class=\"t m2 x140b h12 y64c5 ff4 fs7 fc1 sc0 ls0 ws0\">Moody\u2019s </td></tr></table>*ECAI utilizzata sol<span class=\"_ _1\"></span>o nella mit<span class=\"_ _1\"></span>igazione del r<span class=\"_ _1\"></span>ischio (CRM) su s<span class=\"_ _1\"></span>trumenti<span class=\"_ _1\"></span> finanziari accettati<span class=\"_ _1\"></span> a garanzia<span class=\"_ _3a1\"> </span><table class=\"s w1167 h2a3\" id=\"_4b011443-29c0-4685-8504-5bb58c7d7e6b\"><tr><td></td><td class=\"t m2 x58e h12 y64c6 ff4 fs7 fc1 sc2 ls0 ws0\">Classe di merito di </td><td class=\"c x9b3 y64c7 w1168 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">DBRS Ra<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1c31 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">ting Limited<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c32 y64c7 w1169 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Fitch Ratings<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c33 y64c7 w116a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Standard &amp; Poor\u2019s<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1188 h12 y64c8 ff4 fs7 fc1 sc0 ls0 ws0\">Moody\u2019s </td></tr><tr><td class=\"t m2 x58e h12 y64c9 ff4 fs7 fc1 sc2 ls0 ws0\">credito<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x939 h12 y64ca ff4 fs7 fc1 sc0 ls0 ws0\">Rating Services </td><td></td></tr><tr><td class=\"c x58e y64cb w1a h11\"><div class=\"t m2 x0 h12 y370 ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c x95d y64cb w237 h11\"><div class=\"t m2 x0 h12 y370 ff4 fs7 fc1 sc0 ls0 ws0\">da AAA a AAL<span class=\"_ _3a1\"> </span></div></td><td class=\"c x151c y64cc w116b h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">da AAA a AA<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1c34 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x1c36 y64cc w116c h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">da AAA a AA<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1c35 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c xcee y64cb w195 h11\"><div class=\"t m2 x0 h12 y370 ff4 fs7 fc1 sc0 ls0 ws0\">da Aaa a Aa3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x58e y64cd wf8 h11\"><div class=\"t m2 x0 h12 y370 ff4 fs7 fc1 sc0 ls0 ws0\">2<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c x95d y64cd w238 h11\"><div class=\"t m2 x0 h12 y370 ff4 fs7 fc1 sc0 ls0 ws0\">da AH a AL<span class=\"_ _3a1\"> </span></div></td><td class=\"c x151c y64ce w116d h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">da A+ a A<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1c37 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x1c36 y64ce w116e h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">da A+ a A<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1c38 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c xcee y64cd w23a h11\"><div class=\"t m2 x0 h12 y370 ff4 fs7 fc1 sc0 ls0 ws0\">da A1 a A3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x58e y64cf w5f h11\"><div class=\"t m2 x0 h12 y370 ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c x95d y64cf w18f h11\"><div class=\"t m2 x0 h12 y370 ff4 fs7 fc1 sc0 ls0 ws0\">da BBBH a BBBL<span class=\"_ _3a1\"> </span></div></td><td class=\"c x151c y64d0 w116f h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">da BBB+ a BBB<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1c39 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x1c36 y64d0 w1170 h236\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">da BBB+ a BBB<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1c3a h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c xcee y64cf w23b h11\"><div class=\"t m2 x0 h12 y370 ff4 fs7 fc1 sc0 ls0 ws0\">da Baa1 a Baa3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y64d1 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1c3b y64d1 w1171 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">da BBH a BBL<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c3c y64d1 w1172 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">da BB+ a BB-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c3d y64d1 w1172 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">da BB+ a BB-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c3e y64d1 w1173 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">da Ba1 a Ba3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5bd2 w1120 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1c3f y5bd2 w1174 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">da BH a BL<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c40 y5bd2 w1175 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">da B+ a B-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c41 y5bd2 w1175 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">da B+ a B-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c42 y5bd2 w1176 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">da B1 a<span class=\"_ _1\"></span> B3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y539f wd32 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1c43 y539f w1177 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C<span class=\"_ _1\"></span>CC<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c44 y539f w1178 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">CCC+ e in<span class=\"_ _2\"></span>feriori<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c45 y539f w1179 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">CCC+ e inferiori<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c46 y539f w117a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Caa1 e inferiori<span class=\"_ _3a1\"> </span></div></td></tr></table><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs131c\">A.2.2 Consolidato <span class=\"_ _1\"></span>prudenziale - Dist<span class=\"_ _1\"></span>ribu<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs131d\">zione delle <span class=\"_ _1\"></span>attivit\u00e0 finanziarie, <span class=\"_ _1\"></span>degli impegni a ero<span class=\"_ _1\"></span>gare fondi e delle gara<span class=\"_ _1\"></span>nzie<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs131e\">finanziarie <span class=\"_ _1\"></span>rilasciate per classi <span class=\"_ _1\"></span>di rating interni (valor<span class=\"_ _1\"></span>i lordi)<span class=\"_ _3a1\"> </span></div><div class=\"gs131f\"><table class=\"s w117b h2a4\" id=\"_4b275b0e-5a1e-4d26-9d15-45be73a6326f\"><tr><td class=\"t m2 x58e h19 y64d2 ff4 fsb fc4 sc3 ls0 ws0\">Esposizioni<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td class=\"t m2 xc49 h19 y64d2 ff4 fsb fc4 sc3 ls0 ws0\">Classi<span class=\"_ _1\"></span> di rating int<span class=\"_ _1\"></span>erni<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 xacf h19 y64d3 ff4 fsb fc4 sc3 ls0 ws0\">Senza </td><td class=\"t m2 xd4c h19 y64d2 ff4 fsb fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x87c h19 y64d4 ff4 fsb fc4 sc3 ls0 ws0\">Classe<span class=\"_ _1\"></span> 1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad5 h19 y64d4 ff4 fsb fc4 sc3 ls0 ws0\">Classe<span class=\"_ _1\"></span> 2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e5 h19 y64d4 ff4 fsb fc4 sc3 ls0 ws0\">Classe<span class=\"_ _1\"></span> 3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x130d h19 y64d4 ff4 fsb fc4 sc3 ls0 ws0\">Classe<span class=\"_ _1\"></span> 4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1323 h19 y64d4 ff4 fsb fc4 sc3 ls0 ws0\">Classe<span class=\"_ _1\"></span> 5<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h19 y64d4 ff4 fsb fc4 sc3 ls0 ws0\">Classe<span class=\"_ _1\"></span> 6<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcef h19 y64d5 ff4 fsb fc4 sc3 ls0 ws0\">Classe<span class=\"_ _1\"></span> </td><td class=\"t m2 x7bf h19 y64d5 ff4 fsb fc4 sc3 ls0 ws0\">Classe<span class=\"_ _1\"></span> </td><td class=\"t m2 xacf h19 y64d6 ff4 fsb fc4 sc3 ls0 ws0\">rating<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x13e5 h19 y64d4 ff4 fsb fc4 sc3 ls0 ws0\">(A+B+C<span class=\"_ _1\"></span>+D)<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x8e8 h19 y64d7 ff4 fsb fc4 sc3 ls0 ws0\">7<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x591 h19 y64d7 ff4 fsb fc4 sc3 ls0 ws0\">8<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y64d8 ff4 fsb fc1 sc2 ls0 ws0\">A. Attiv<span class=\"_ _1\"></span>it\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y64d9 ff4 fsb fc1 sc2 ls0 ws0\">finanziarie<span class=\"_ _1\"></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 class=\"t m2 x58e h19 y64da ff4 fsb fc1 sc2 ls0 ws0\">valutate <span class=\"_ _1\"></span>al </td><td class=\"t m2 xc50 h19 y64da ff4 fsb fc1 sc2 ls0 ws0\">4.289.4<span class=\"_ _1\"></span>18<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1273 h19 y64da ff4 fsb fc1 sc2 ls0 ws0\">13.698.51<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7be h19 y64da ff4 fsb fc1 sc2 ls0 ws0\">6.443.921<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd59 h19 y64da ff4 fsb fc1 sc2 ls0 ws0\">5.607.3<span class=\"_ _1\"></span>46<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93c h19 y64da ff4 fsb fc1 sc2 ls0 ws0\">2.541.060<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc54 h19 y64da ff4 fsb fc1 sc2 ls0 ws0\">1.114.681<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf1a h19 y64da ff4 fsb fc1 sc2 ls0 ws0\">250.252<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7bf h19 y64da ff4 fsb fc1 sc2 ls0 ws0\">171.207<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a0 h19 y64da ff4 fsb fc1 sc2 ls0 ws0\">20.908.91<span class=\"_ _1\"></span>9<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad4 h19 y64da ff4 fsb fc1 sc2 ls0 ws0\">55.025.317<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y64db ff4 fsb fc1 sc2 ls0 ws0\">costo </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y64dc ff4 fsb fc1 sc2 ls0 ws0\">ammor<span class=\"_ _1\"></span>tizzato<span class=\"_ _3a1\"> </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 class=\"c n x2d7 y64dd w117c h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Primo st<span class=\"_ _1\"></span>adio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c47 y64dd w117d h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">4.286.674<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c48 y64dd w117e h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">13.655.433<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c49 y64dd w117f h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">6.419.670<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c4a y64dd w1180 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">4.948.97<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c4b y64dd w1181 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2.000.552<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c4c y64dd w1182 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">573.695<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c4d y64dd w1183 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">65.196<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c4e y64dd w1184 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">55.701<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c4f y64dd w1185 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">20.036.929<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c50 y64dd w1186 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">52.042.82<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h19 y64de ff4 fsb fc1 sc0 ls0 ws0\">- Secondo<span class=\"_ _3a1\"> </span></td><td class=\"c n x824 y64df w1187 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2.744<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c51 y64df w1188 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">43.080<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c52 y64df w1189 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">21.253<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c53 y64df w118a h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">656.970<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c54 y64df w118b h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">540.508<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c55 y64df w118c h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">540.914<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c56 y64df w118d h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">185.056<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c57 y64df w118e h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">115.506<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c58 y64df w118f h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">200.988<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c59 y64df w1190 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2.307<span class=\"_ _1\"></span>.019<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h19 y64e0 ff4 fsb fc1 sc0 ls0 ws0\">stadio </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5d88 w1191 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Terzo stadio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5a y5d88 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5b y5d88 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5c y5d88 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5d y5d88 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5e y5d88 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5f y5d88 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c60 y5d88 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c61 y5d88 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c62 y5d88 w1192 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">657<span class=\"_ _1\"></span>.873<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c63 y5d88 w970 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">657.873<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h19 y64e1 ff4 fsb fc1 sc0 ls0 ws0\">- Impaired </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y64e2 ff4 fsb fc1 sc0 ls0 ws0\">acquisite o<span class=\"_ _3a1\"> </span></td><td class=\"c n xc91 y64e3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c64 y64e3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c65 y64e3 w1193 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2.998<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c66 y64e3 wc44 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.402<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c67 y64e3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c68 y64e3 w1194 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">72<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c69 y64e3 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c6a y64e3 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c6b y64e3 w1195 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">13.129<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c6c y64e3 w1196 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">17.601<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h19 y64e4 ff4 fsb fc1 sc0 ls0 ws0\">originate </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y64e5 ff4 fsb fc1 sc2 ls0 ws0\">B. Attivi<span class=\"_ _1\"></span>t\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y64e6 ff4 fsb fc1 sc2 ls0 ws0\">finanziarie<span class=\"_ _1\"></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 class=\"c x2d7 y64e7 w1197 h24d\"><div class=\"t m2 x2b3 h19 y5c41 ff4 fsb fc1 sc2 ls0 ws0\">valutate <span class=\"_ _1\"></span>al fair<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc2 ls0 ws0\">value con<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1ac2 h19 y64e8 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x5d7 h19 y64e8 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc65 h19 y64e8 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99f h19 y64e8 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddb h19 y64e8 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x939 h19 y64e8 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad7 h19 y64e8 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12d4 h19 y64e8 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d2 h19 y64e8 ff4 fsb fc1 sc2 ls0 ws0\">5.362.83<span class=\"_ _1\"></span>9<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1189 h19 y64e8 ff4 fsb fc1 sc2 ls0 ws0\">5.362.83<span class=\"_ _1\"></span>9<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y64e9 ff4 fsb fc1 sc2 ls0 ws0\">impatto<span class=\"_ _1\"></span> sulla </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y64ea ff4 fsb fc1 sc2 ls0 ws0\">redditi<span class=\"_ _1\"></span>vit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y64eb ff4 fsb fc1 sc2 ls0 ws0\">compless<span class=\"_ _1\"></span>iva<span class=\"_ _3a1\"> </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 class=\"c n x2d7 y64ec w117c h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Primo st<span class=\"_ _1\"></span>adio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c6d y64ec wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c6e y64ec wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c6f y64ec wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c70 y64ec wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c71 y64ec wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c72 y64ec wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c73 y64ec wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c74 y64ec wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c75 y64ec w1198 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">5.362.839<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c76 y64ec w1199 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>.362.839<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h19 y64ed ff4 fsb fc1 sc0 ls0 ws0\">- Secondo<span class=\"_ _3a1\"> </span></td><td class=\"c n xc91 y64ee wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c64 y64ee wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c77 y64ee wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c78 y64ee wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c79 y64ee wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7a y64ee wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7b y64ee wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7c y64ee wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7d y64ee wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7e y64ee wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h19 y64ef ff4 fsb fc1 sc0 ls0 ws0\">stadio </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y64f0 w1191 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Terzo stadio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5a y64f0 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5b y64f0 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5c y64f0 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5d y64f0 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5e y64f0 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5f y64f0 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c60 y64f0 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c61 y64f0 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7f y64f0 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c80 y64f0 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h19 y64f1 ff4 fsb fc1 sc0 ls0 ws0\">- Impaired </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y64f2 ff4 fsb fc1 sc0 ls0 ws0\">acquisite o<span class=\"_ _3a1\"> </span></td><td class=\"c n xc91 y64f3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c64 y64f3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c77 y64f3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c78 y64f3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c79 y64f3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7a y64f3 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7b y64f3 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7c y64f3 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7d y64f3 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7e y64f3 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h19 y64f4 ff4 fsb fc1 sc0 ls0 ws0\">originate </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y64f5 ff4 fsb fc1 sc2 ls0 ws0\">C. Attiv<span class=\"_ _1\"></span>it\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y64f6 w119a h24d\"><div class=\"t m2 x2b3 h19 y5c41 ff4 fsb fc1 sc2 ls0 ws0\">finanziarie<span class=\"_ _1\"></span> in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc2 ls0 ws0\">corso di<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1ac2 h19 y64f7 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x5d7 h19 y64f7 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc65 h19 y64f7 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x99f h19 y64f7 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddb h19 y64f7 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x939 h19 y64f7 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad7 h19 y64f7 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12d4 h19 y64f7 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1140 h19 y64f7 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h19 y64f7 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y64f8 ff4 fsb fc1 sc2 ls0 ws0\">dismiss<span class=\"_ _1\"></span>ione<span class=\"_ _3a1\"> </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 class=\"c n x2d7 y64f9 w117c h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Primo st<span class=\"_ _1\"></span>adio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c6d y64f9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c6e y64f9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c6f y64f9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c70 y64f9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c71 y64f9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c72 y64f9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c73 y64f9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c74 y64f9 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c81 y64f9 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c82 y64f9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h19 y64fa ff4 fsb fc1 sc0 ls0 ws0\">- Secondo<span class=\"_ _3a1\"> </span></td><td class=\"c n xc91 y64fb wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c64 y64fb wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c77 y64fb wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c78 y64fb wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c79 y64fb wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7a y64fb wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7b y64fb wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7c y64fb wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7d y64fb wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7e y64fb wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h19 y64fc ff4 fsb fc1 sc0 ls0 ws0\">stadio </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y544f w1191 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Terzo stadio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5a y544f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5b y544f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5c y544f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5d y544f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5e y544f wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5f y544f wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c60 y544f wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c61 y544f wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7f y544f wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c80 y544f wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h19 y64fd ff4 fsb fc1 sc0 ls0 ws0\">- Impaired </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y64fe ff4 fsb fc1 sc0 ls0 ws0\">acquisite o<span class=\"_ _3a1\"> </span></td><td class=\"c n xc91 y64ff wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c64 y64ff wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c77 y64ff wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c78 y64ff wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c79 y64ff wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7a y64ff wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7b y64ff wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7c y64ff wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7d y64ff wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7e y64ff wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h19 y6500 ff4 fsb fc1 sc0 ls0 ws0\">originate </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y6501 ff4 fsb fc1 sc2 ls0 ws0\">Totale </td><td class=\"t m2 xc50 h19 y6502 ff4 fsb fc1 sc2 ls0 ws0\">4.289.4<span class=\"_ _1\"></span>18<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1273 h19 y6502 ff4 fsb fc1 sc2 ls0 ws0\">13.698.51<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7be h19 y6502 ff4 fsb fc1 sc2 ls0 ws0\">6.443.921<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd59 h19 y6502 ff4 fsb fc1 sc2 ls0 ws0\">5.607.3<span class=\"_ _1\"></span>46<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93c h19 y6502 ff4 fsb fc1 sc2 ls0 ws0\">2.541.060<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc54 h19 y6502 ff4 fsb fc1 sc2 ls0 ws0\">1.114.681<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf1a h19 y6502 ff4 fsb fc1 sc2 ls0 ws0\">250.252<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7bf h19 y6502 ff4 fsb fc1 sc2 ls0 ws0\">171.207<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc57 h19 y6502 ff4 fsb fc1 sc2 ls0 ws0\">26.271.7<span class=\"_ _1\"></span>58<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddf h19 y6502 ff4 fsb fc1 sc2 ls0 ws0\">60.388.<span class=\"_ _1\"></span>156<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y6503 ff4 fsb fc1 sc2 ls0 ws0\">(A+B+C<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </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 class=\"c x2d7 y6504 w119b h24d\"><div class=\"t m2 x2b3 h19 y5c41 ff4 fsb fc1 sc2 ls0 ws0\">D. Impeg<span class=\"_ _1\"></span>ni a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc2 ls0 ws0\">erogare f<span class=\"_ _1\"></span>ondi<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y6505 ff4 fsb fc1 sc2 ls0 ws0\">e garanzie<span class=\"_ _1\"></span> </td><td class=\"t m2 x887 h19 y6505 ff4 fsb fc1 sc2 ls0 ws0\">5.075.5<span class=\"_ _1\"></span>89<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd43 h19 y6505 ff4 fsb fc1 sc2 ls0 ws0\">3.736.798<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x875 h19 y6505 ff4 fsb fc1 sc2 ls0 ws0\">2.299.75<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x130d h19 y6505 ff4 fsb fc1 sc2 ls0 ws0\">1.025.807<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7df h19 y6505 ff4 fsb fc1 sc2 ls0 ws0\">456.956<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e0 h19 y6505 ff4 fsb fc1 sc2 ls0 ws0\">260.287<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12f7 h19 y6505 ff4 fsb fc1 sc2 ls0 ws0\">24.774<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeb8 h19 y6505 ff4 fsb fc1 sc2 ls0 ws0\">8.197<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112a h19 y6505 ff4 fsb fc1 sc2 ls0 ws0\">2.305.6<span class=\"_ _1\"></span>47</td><td class=\"t m2 x93e h19 y6506 ff4 fsb fc1 sc0 ls0 ws0\"> <span class=\"_ _1a0\"> </span>15.193.809 </td></tr><tr><td class=\"t m2 x58e h19 y6507 ff4 fsb fc1 sc2 ls0 ws0\">finanziarie<span class=\"_ _1\"></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 class=\"t m2 x58e h19 y6508 ff4 fsb fc1 sc2 ls0 ws0\">rilasciate<span class=\"_ _1\"></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 class=\"c n x2d7 y6509 w117c h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Primo st<span class=\"_ _1\"></span>adio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c83 y6509 w119c h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">5.075.176<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c84 y6509 w119d h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3.73<span class=\"_ _1\"></span>5.137<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c85 y6509 w119e h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2.296.961<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c86 y6509 w119f h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">902<span class=\"_ _1\"></span>.430<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c87 y6509 w11a0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">333.854<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c88 y6509 w11a1 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">129.358<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c89 y6509 w11a2 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">12.996<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c8a y6509 w11a3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3.246<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c8b y6509 w11a4 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>.198.612<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c8c y6509 w11a5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">14.687.77<span class=\"_ _1\"></span>0<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h19 y650a ff4 fsb fc1 sc0 ls0 ws0\">- Secondo<span class=\"_ _3a1\"> </span></td><td class=\"c n x1c8d y64a6 w11a6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">413<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c8e y64a6 w11a7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.661<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c8f y64a6 w11a8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2.793<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c90 y64a6 w11a9 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">123.377<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c91 y64a6 w11aa h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">12<span class=\"_ _1\"></span>3.102<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c92 y64a6 w11ab h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">130.929<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c93 y64a6 w521 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">11.778<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c94 y64a6 wc47 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">4.951<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c95 y64a6 w11ac h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">64.701<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c96 y64a6 w969 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">463.705<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h19 y650b ff4 fsb fc1 sc0 ls0 ws0\">stadio </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y650c w1191 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Terzo stadio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5a y650c wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5b y650c wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5c y650c wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5d y650c wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5e y650c wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c5f y650c wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c60 y650c wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c61 y650c wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c97 y650c w11ad h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">41.330<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c98 y650c w11ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">41.330<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h19 y650d ff4 fsb fc1 sc0 ls0 ws0\">- Impaired </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y650e ff4 fsb fc1 sc0 ls0 ws0\">acquisiti<span class=\"_ _1\"></span>/e o<span class=\"_ _3a1\"> </span></td><td class=\"c n xc91 y650f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c64 y650f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c77 y650f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c78 y650f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c79 y650f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7a y650f wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7b y650f wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c7c y650f wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c99 y650f w99d h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.00<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1c9a y650f w99d h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.00<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h19 y6510 ff4 fsb fc1 sc0 ls0 ws0\">originati/e </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x1c9b h19 y6511 ff4 fsb fc1 sc2 ls0 ws0\">Totale (D<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x887 h19 y6511 ff4 fsb fc1 sc2 ls0 ws0\">5.075.5<span class=\"_ _1\"></span>89<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd43 h19 y6511 ff4 fsb fc1 sc2 ls0 ws0\">3.736.798<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x875 h19 y6511 ff4 fsb fc1 sc2 ls0 ws0\">2.299.75<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x130d h19 y6511 ff4 fsb fc1 sc2 ls0 ws0\">1.025.807<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7df h19 y6511 ff4 fsb fc1 sc2 ls0 ws0\">456.956<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e0 h19 y6511 ff4 fsb fc1 sc2 ls0 ws0\">260.287<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12f7 h19 y6511 ff4 fsb fc1 sc2 ls0 ws0\">24.774<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeb8 h19 y6511 ff4 fsb fc1 sc2 ls0 ws0\">8.197<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x112a h19 y6511 ff4 fsb fc1 sc2 ls0 ws0\">2.305.6<span class=\"_ _1\"></span>47<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a3 h19 y6511 ff4 fsb fc1 sc2 ls0 ws0\">15.193.8<span class=\"_ _1\"></span>09<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x1c9c h19 y6512 ff4 fsb fc1 sc2 ls0 ws0\">Totale </td><td class=\"t m2 x887 h19 y6513 ff4 fsb fc1 sc2 ls0 ws0\">9.365.007<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad5 h19 y6513 ff4 fsb fc1 sc2 ls0 ws0\">17.435.3<span class=\"_ _1\"></span>11<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x875 h19 y6513 ff4 fsb fc1 sc2 ls0 ws0\">8.743.67<span class=\"_ _1\"></span>5<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce9 h19 y6513 ff4 fsb fc1 sc2 ls0 ws0\">6.633.153<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93c h19 y6513 ff4 fsb fc1 sc2 ls0 ws0\">2.998.016<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x873 h19 y6513 ff4 fsb fc1 sc2 ls0 ws0\">1.374.968<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xace h19 y6513 ff4 fsb fc1 sc2 ls0 ws0\">275.026<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xde9 h19 y6513 ff4 fsb fc1 sc2 ls0 ws0\">179.404<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a0 h19 y6513 ff4 fsb fc1 sc2 ls0 ws0\">28.577<span class=\"_ _1\"></span>.405<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad4 h19 y6513 ff4 fsb fc1 sc2 ls0 ws0\">75.581.<span class=\"_ _1\"></span>965<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xce5 h19 y6514 ff4 fsb fc1 sc2 ls0 ws0\">(A+B+C<span class=\"_ _1\"></span>)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1320\">Il <span class=\"_ _1\"></span>2 <span class=\"_ _38\"></span>ot<span class=\"_ _1\"></span>tobre <span class=\"_ _38\"></span>2015 <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>Banca <span class=\"_ _38\"></span>d\u2019Italia <span class=\"_ _38\"></span>ha <span class=\"_ _38\"></span>autorizzato<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>ruppo <span class=\"_ _1\"></span>Cr<span class=\"_ _1\"></span>edem <span class=\"_ _38\"></span>ad <span class=\"_ _1\"></span>utilizzare <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>al <span class=\"_ _38\"></span>30 <span class=\"_ _38\"></span>settembre<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1321\">2015 <span class=\"_ _37\"> </span>il <span class=\"_ _3d\"> </span>metodo <span class=\"_ _37\"> </span>IRB <span class=\"_ _37\"> </span>Advanced <span class=\"_ _3d\"> </span>(paramet<span class=\"_ _1\"></span>ri <span class=\"_ _3d\"> </span>PD, <span class=\"_ _37\"> </span>LGD, <span class=\"_ _37\"> </span>EAD) <span class=\"_ _3d\"> </span>per <span class=\"_ _37\"> </span>la <span class=\"_ _3d\"> </span>quantificazione <span class=\"_ _37\"> </span>del <span class=\"_ _37\"> </span>requisito<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1322\">patrimoniale  a  fronte  del  rischio  di  credito  dei  clienti  rientranti  nella  fu<span class=\"_ _2\"></span>nzione  regolament<span class=\"_ _1\"></span>are<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1323\">Corporate e Retail di Credito Emiliano e Credemleasing.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1324\">Le classi <span class=\"_ _1\"></span>di r<span class=\"_ _1\"></span>ating inter<span class=\"_ _1\"></span>ni vengono <span class=\"_ _1\"></span>esposte <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>quanto utilizzati ne<span class=\"_ _1\"></span>lla gest<span class=\"_ _1\"></span>ione de<span class=\"_ _1\"></span>l rischio di <span class=\"_ _1\"></span>credito;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1325\">nel <span class=\"_ _0\"></span>calc<span class=\"_ _2\"></span>olo <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>requisiti <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>rudenziali <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>utilizzati <span class=\"_ _0\"></span>solo <span class=\"_ _38\"></span>quelli <span class=\"_ _0\"></span>relativi <span class=\"_ _38\"></span>alla <span class=\"_ _0\"></span>fu<span class=\"_ _2\"></span>nzione <span class=\"_ _0\"></span>regolamentare<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1326\">Corporate e Retail. Si fornisce il dettaglio delle varie classi di rat<span class=\"_ _1\"></span>ing utiliz<span class=\"_ _2\"></span>zate.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1328\">C1 <span class=\"_ _18f\"> </span>as<span class=\"_ _1\"></span>s</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1329\">enti problematiche di rischio sia al momento che, prevedibilmente, <span class=\"_ _1\"></span>nel medio/lungo periodo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs132a\">C2 <span class=\"_ _140\"> </span>assenti problematiche di rischio sia al momento che, prevedibilmente, nel medio periodo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs132b\">C3 <span class=\"_ _112\"> </span>asse<span class=\"_ _1\"></span>nti problematiche di rischio sia al momento che, prevedibilmente, nel breve periodo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs132c\">C4 <span class=\"_ _112\"> </span>rischio compatibile con possibilit\u00e0 di sua attenuazione/lieve pe<span class=\"_ _1\"></span>ggioramento nel breve<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs132d\">C5 <span class=\"_ _81\"> </span>  situazione di rischio con sintomi di peggioramento gi\u00e0 evidenti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs132e\">C6<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs132f\">situ<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1330\">azione che evidenzia aspetti di evidente problematicit\u00e0<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1331\">C7<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1332\">situazione di marcata problematicit\u00e0, potenziale ris<span class=\"_ _1\"></span>chio di default<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1333\">C8<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1334\">situazione di forte problematicit\u00e0 con rischio <span class=\"_ _1\"></span>di default nel breve<span class=\"_ _3a1\"> </span> </div>A.3 Dist<span class=\"_ _1\"></span>ribuzione<span class=\"_ _1\"></span> delle esposiz<span class=\"_ _1\"></span>ioni credit<span class=\"_ _1\"></span>izie garanti<span class=\"_ _1\"></span>te per t<span class=\"_ _1\"></span>ipologia di<span class=\"_ _1\"></span> garanzia<span class=\"_ _3a1\"> </span>A.3.1 Consolidato <span class=\"_ _1\"></span>prudenziale \u2013 Esposizioni creditizie per cass<span class=\"_ _1\"></span>a e fuori bilancio verso <span class=\"_ _1\"></span>banche garantite<span class=\"_ _3a1\"> </span> lorda<span class=\"_ _3a1\"> </span> netta<span class=\"_ _3a1\"> </span><table class=\"s w11af h2a5\" id=\"_3a233b48-d6d5-4a40-97cc-47c4f60eeb6b\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1c9d h12 y6515 ff4 fs7 fc4 sc3 ls0 ws0\">Garanzie personali<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1c9e h12 y6516 ff4 fs7 fc4 sc3 ls0 ws0\">Garanzie reali<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1c9f h12 y6517 ff4 fs7 fc4 sc3 ls0 ws0\">(2)<span class=\"_ _3a1\"> </span></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=\"t m9 x1ca0 h12 y6518 ff4 fs7 fc4 sc3 ls0 ws0\">Derivati su crediti<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1ca1 h12 y6518 ff4 fs7 fc4 sc3 ls0 ws0\">Crediti di firma<span class=\"_ _3a1\"> </span></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=\"t m9 x1ca2 h12 y6519 ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">Altri derivati<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1ca3 h12 y651a ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><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></td><td></td><td></td><td></td><td class=\"t m9 x1ca3 h12 y651b ff4 fs7 fc4 sc3 ls0 ws0\">(1)+(2)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x3c4 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">1. Esposizioni creditizie per cas<span class=\"_ _2\"></span>sa garantite:<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca4 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">129<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca5 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">129<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca6 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x199d h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">129<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x3b6 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca7 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca8 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca9 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1caa h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17ed h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x19a5 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1989 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cab h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cac h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cad h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cae h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">129<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x1caf y651d w11b0 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1. totalmente g<span class=\"_ _2\"></span>arantite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb0 y651d w11b1 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">129<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb1 y651d w7f6 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">129<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb2 y651d w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb3 y651d w11b1 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">129<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb4 y651d w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb5 y651d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb6 y651d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb7 y651d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb8 y651d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb9 y651d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cba y651d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cbb y651d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cbc y651d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cbd y651d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cbe y651d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cbf y651d w11b1 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">129<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1cc0 y651e w11b4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui deteriorate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc1 y651e w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc2 y651e w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc3 y651e w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc4 y651e w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc5 y651e w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc6 y651e w11b5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc7 y651e w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc8 y651e w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc9 y651e w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cca y651e w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccb y651e w11b5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccc y651e w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccd y651e w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cce y651e w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccf y651e w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd0 y651e w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1caf y651f w11b6 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2. parzialmente ga<span class=\"_ _3b\"></span>ra<span class=\"_ _1\"></span>ntite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd1 y651f w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd2 y651f w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd3 y651f w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd4 y651f w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd5 y651f w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd6 y651f w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd7 y651f w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd8 y651f w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd9 y651f w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cda y651f w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cdb y651f w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cdc y651f w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cdd y651f w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cde y651f w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cdf y651f w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ce0 y651f w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1cc0 y6520 w11b4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui deteriorate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc1 y6520 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc2 y6520 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc3 y6520 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc4 y6520 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc5 y6520 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc6 y6520 w11b5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc7 y6520 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc8 y6520 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc9 y6520 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cca y6520 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccb y6520 w11b5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccc y6520 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccd y6520 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cce y6520 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccf y6520 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd0 y6520 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x3c4 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">2. Esposizioni creditizie fuor<span class=\"_ _2\"></span>i bilancio garantite:<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ce1 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ce2 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca6 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ce3 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x3b6 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca7 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca8 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca9 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1caa h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17ed h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x19a5 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1989 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cab h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cac h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cad h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ce4 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x1caf y6522 w11b7 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1. totalmente g<span class=\"_ _2\"></span>arantite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ce5 y6522 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ce6 y6522 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ce7 y6522 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ce8 y6522 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd5 y6522 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd6 y6522 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd7 y6522 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd8 y6522 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd9 y6522 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cda y6522 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cdb y6522 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cdc y6522 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cdd y6522 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cde y6522 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cdf y6522 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ce0 y6522 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1cc0 y5a2d w11b4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui deteriorate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc1 y5a2d w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc2 y5a2d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc3 y5a2d w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc4 y5a2d w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc5 y5a2d w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc6 y5a2d w11b5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc7 y5a2d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc8 y5a2d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc9 y5a2d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cca y5a2d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccb y5a2d w11b5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccc y5a2d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccd y5a2d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cce y5a2d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccf y5a2d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd0 y5a2d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1caf y6523 w11b8 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2. parzialmente ga<span class=\"_ _3b\"></span>ran<span class=\"_ _1\"></span>tite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ce9 y6523 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cea y6523 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ceb y6523 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cec y6523 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ced y6523 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cee y6523 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cef y6523 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cf0 y6523 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cf1 y6523 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cf2 y6523 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cf3 y6523 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cf4 y6523 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cf5 y6523 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cf6 y6523 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cf7 y6523 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cf8 y6523 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1cc0 y539f w11b4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui deteriorate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc1 y539f w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc2 y59e4 w11b9 h20a\"><div class=\"t m9 x2b3 h12 y56d8 ff4 fs7 fc1 sc0 ls0 ws0\">- <span class=\"_ _134\"> </span>- <span class=\"_ _f7\"> </span>- <span class=\"_ _134\"> </span>- <span class=\"_ _134\"> </span>- <span class=\"_ _134\"> </span>- <span class=\"_ _134\"> </span>- <span class=\"_ _1a4\"> </span>- <span class=\"_ _1b2\"> </span>- <span class=\"_ _1a4\"> </span>- <span class=\"_ _1a4\"> </span>- <span class=\"_ _1a4\"> </span>- <span class=\"_ _1b2\"> </span>- <span class=\"_ _1a4\"> </span>- <span class=\"_ _61\"> </span>-<span class=\"_ _3a1\"> </span></div></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><td></td><td></td></tr></table>obili - e<span class=\"_ _3a1\"> </span>obili - nti ing<span class=\"_ _3a1\"> </span>i<span class=\"_ _3a1\"> </span>ie li<span class=\"_ _3a1\"> </span>CLN<span class=\"_ _3a1\"> </span>i e che<span class=\"_ _3a1\"> </span>ziarie<span class=\"_ _3a1\"> </span>etti<span class=\"_ _3a1\"> </span>ti i<span class=\"_ _3a1\"> </span>che<span class=\"_ _3a1\"> </span>ziarie<span class=\"_ _3a1\"> </span>etti<span class=\"_ _3a1\"> </span>A.3.2 Consolidato prudenz<span class=\"_ _1\"></span>iale - Esposizioni creditizie per cass<span class=\"_ _1\"></span>a e fuori bilancio verso cliente<span class=\"_ _1\"></span>la garantite<span class=\"_ _3a1\"> </span> lorda<span class=\"_ _3a1\"> </span> netta<span class=\"_ _3a1\"> </span><table class=\"s w11ba h2a6\" id=\"_fa803e6b-c25a-463a-b280-3e3197e7bcaa\"><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1cf9 h12 y6524 ff4 fs7 fc4 sc3 ls0 ws0\">Garanzie reali<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1cfa h12 y6525 ff4 fs7 fc4 sc3 ls0 ws0\">Garanzie personali<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1cfb h12 y6526 ff4 fs7 fc4 sc3 ls0 ws0\">(1)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1cfc h12 y6526 ff4 fs7 fc4 sc3 ls0 ws0\">(2)<span class=\"_ _3a1\"> </span></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 class=\"t m9 x2b2 h12 y6527 ff4 fs7 fc4 sc3 ls0 ws0\">Derivati su crediti<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1cfd h12 y6527 ff4 fs7 fc4 sc3 ls0 ws0\">Crediti di firma<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m9 x1cfe h12 y6528 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1cff h12 y6529 ff4 fs7 fc4 sc3 ls0 ws0\">Altri </td><td class=\"t m9 x1d00 h12 y652a ff4 fs7 fc4 sc3 ls0 ws0\">Altri derivati<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1cfe h12 y652b ff4 fs7 fc4 sc3 ls0 ws0\">(1)+(2)<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1d01 h12 y652c ff4 fs7 fc4 sc3 ls0 ws0\">derivati<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3c4 y652d w23d h11\"><div class=\"t m9 x0 h12 y2db6 ff4 fs7 fc1 sc2 ls0 ws0\">1. Esposizioni creditizie per cas<span class=\"_ _2\"></span>sa </div></td><td class=\"t m9 x1d02 h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">23.538.104<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d03 h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">23.277.729<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d04 h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">12.385.615<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x199b h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">1.819.309<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d05 h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">893.459<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d06 h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">3.624.047<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d07 h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d08 h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d09 h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d0a h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1990 h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1c9d h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">1.526.077<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d0b h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">91.889<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d0c h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">48.820<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d0d h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">2.113.090<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d0e h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">22.502.306<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x3c4 h12 y652f ff4 fs7 fc1 sc2 ls0 ws0\">garantite:<span class=\"_ _3a1\"> </span></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><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1caf y6530 w11b0 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1. totalmente g<span class=\"_ _2\"></span>arantite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d0f y6530 w11bb h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">21.021.916<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d10 y6530 w11bc h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">20.781.289<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d11 y6530 w11bd h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.384.592<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d12 y6530 w11be h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.819.309<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d13 y6530 w11bf h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">834.426<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d14 y6530 w11c0 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.599.204<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d15 y6530 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d16 y6530 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d17 y6530 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d18 y6530 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d19 y6530 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d1a y6530 w11c1 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">480.602<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d1b y6530 w11c2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">81.889<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d1c y6530 w11c3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">32.776<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d1d y6530 w11c4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.561.874<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d1e y6530 w11c5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">20.794.672<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1cc0 y6531 w11b4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui deteriorate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d1f y6531 w11c6 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">37<span class=\"_ _1\"></span>8.754<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d20 y6531 w11c7 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">183.683<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d21 y6531 w572 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">111.927<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d22 y6531 w11c8 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">21.088<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d23 y6531 w11c9 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.649<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d24 y6531 w11ca h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">23.626<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d25 y6531 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d26 y6531 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d27 y6531 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d28 y6531 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d29 y6531 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d2a y6531 w11cb h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18.303<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d2b y6531 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d2c y6531 w11cc h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">120<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d2d y6531 w11cd h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.507<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d2e y6531 w11ce h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">183.220<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1caf y6532 w11b6 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2. parzialmente ga<span class=\"_ _3b\"></span>ra<span class=\"_ _1\"></span>ntite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d2f y6532 w11cf h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.516.188<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d30 y6532 w11d0 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.496.440<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d31 y6532 w11d1 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.023<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d32 y6532 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d33 y6532 w11d2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">59.033<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d34 y6532 w11d3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24.843<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d35 y6532 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d36 y6532 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d37 y6532 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d38 y6532 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d39 y6532 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d3a y6532 w11d4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.045.475<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d3b y6532 w11d5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10.000<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d3c y6532 w11d6 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _2\"></span>6.044<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d3d y6532 w11d7 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">551.216<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d3e y6532 w11d8 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.707.634<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1cc0 y6533 w11b4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui deteriorate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d3f y6533 w11d9 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">54.753<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d40 y6533 w11da h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">38.902<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d41 y6533 w11db h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">32<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d42 y6533 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d43 y6533 w11dc h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">306<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d44 y6533 w11dd h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">72<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d45 y6533 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d46 y6533 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d47 y6533 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d48 y6533 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d49 y6533 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d4a y6533 w11de h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">31.233<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d4b y6533 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d4c y6533 w11df h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">20<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d4d y6533 w11e0 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.136<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d4e y6533 w11e1 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">35.799<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x3c4 y6534 w23e h11\"><div class=\"t m9 x0 h12 y3200 ff4 fs7 fc1 sc2 ls0 ws0\">2. Esposizioni creditizie \u201cfuor<span class=\"_ _2\"></span>i </div></td><td class=\"t m9 x1d4f h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">719.241<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d50 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">718.716<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d51 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">44.683<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ce2 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d52 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">194.010<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ce3 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">73.205<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d07 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d08 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d09 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d0a h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1990 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d53 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">512<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d0b h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">30.170<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d54 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">4.006<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d55 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">327.521<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca3 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">674.107<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x3c4 h12 y6536 ff4 fs7 fc1 sc2 ls0 ws0\">bilancio\u201d garantite:<span class=\"_ _3a1\"> </span></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><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1caf y6089 w11b7 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1. totalmente g<span class=\"_ _2\"></span>arantite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d56 y6089 w11e2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">644.033<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d57 y6089 w11e3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">643.572<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d58 y6089 w11e4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">44.683<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d59 y6089 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d5a y6089 w11e5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">180.405<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d5b y6089 w11e6 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">67.613<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d5c y6089 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d5d y6089 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d5e y6089 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d5f y6089 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d60 y6089 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d61 y6089 w11e7 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">292<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d62 y6089 w11e8 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">30.170<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d63 y6089 w11e9 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.006<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d64 y6089 w11ea h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">304.662<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d65 y6089 w11eb h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">631.831<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1cc0 y6537 w11b4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui deteriorate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d66 y6537 w11ec h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.703<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d67 y6537 w11ec h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.307<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d68 y6537 w11ed h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">264<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d69 y6537 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d6a y6537 w11ee h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.326<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d6b y6537 w11ef h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">312<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d6c y6537 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d6d y6537 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d6e y6537 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d6f y6537 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d70 y6537 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d71 y6537 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d72 y6537 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d73 y6537 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d74 y6537 w11f0 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">405<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d75 y6537 w11f1 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.307<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1caf y6538 w11b8 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2. parzialmente ga<span class=\"_ _3b\"></span>ran<span class=\"_ _1\"></span>tite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d76 y6538 w11f2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">75.208<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d77 y6538 w530 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">75.144<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d78 y6538 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d79 y6538 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d7a y6538 w11f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13.605<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d7b y6538 w11f4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.592<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d7c y6538 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d7d y6538 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d7e y6538 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d7f y6538 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d80 y6538 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d81 y6538 w11f5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">220<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d82 y6538 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d83 y6538 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d84 y6538 w11f6 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">22.859<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d85 y6538 w11f7 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">42.276<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1cc0 y53a2 w11b4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui deteriorate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d86 y53a2 w11f8 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">199<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d87 y53a2 w11f9 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">141<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d88 y53a2 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d89 y53a2 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d8a y53a2 w11fa h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">85<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d8b y53a2 w11fb h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d8c y53a2 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d8d y53a2 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d8e y53a2 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d8f y53a2 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d90 y53a2 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d91 y53a2 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d92 y53a2 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d93 y53a2 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d94 y53a2 w11fc h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">46<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d95 y53a2 w11fd h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">136<span class=\"_ _3a1\"> </span></div></td></tr></table>che<span class=\"_ _3a1\"> </span>asing ziario<span class=\"_ _3a1\"> </span>i<span class=\"_ _3a1\"> </span>i<span class=\"_ _3a1\"> </span>CLN<span class=\"_ _3a1\"> </span>i e<span class=\"_ _3a1\"> </span>che<span class=\"_ _3a1\"> </span>ziarie<span class=\"_ _3a1\"> </span>etti<span class=\"_ _3a1\"> </span>ti i<span class=\"_ _3a1\"> </span>che<span class=\"_ _3a1\"> </span>z<span class=\"_ _3a1\"> </span>etti<span class=\"_ _3a1\"> </span><div class=\"t m2 h86 ff4 fs1e fc1 sc0 ls0 ws0 gs1368\">Nel <span class=\"_ _0\"></span>corso <span class=\"_ _0\"></span>dell\u2019esercizio <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _0\"></span>state <span class=\"_ _0\"></span>escusse <span class=\"_ _0\"></span>garanzie <span class=\"_ _38\"></span>ipote<span class=\"_ _1\"></span>carie <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>16,0<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>milioni <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>euro, <span class=\"_ _0\"></span>i<span class=\"_ _3b\"></span> <span class=\"_ _0\"> </span>cui <span class=\"_ _0\"></span>incassi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h86 ff4 fs1e fc1 sc0 ls0 ws0 gs1369\">presum<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h86 ff4 fs1e fc1 sc0 ls0 ws0 gs136a\">ibilmente  avverranno <span class=\"_ _35\"> </span>nei  prossimi  anni,  m<span class=\"_ _2\"></span>entre  a  fronte <span class=\"_ _35\"> </span>delle  escussioni  di<span class=\"_ _2\"></span>  pegni, <span class=\"_ _35\"> </span>polizze<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h86 ff4 fs1e fc1 sc0 ls0 ws0 gs136b\">assicurative <span class=\"_ _35\"> </span>e  f<span class=\"_ _2\"></span>ideiussioni <span class=\"_ _35\"> </span>sono <span class=\"_ _35\"> </span>stati <span class=\"_ _35\"> </span>incassati <span class=\"_ _35\"> </span>76,0 <span class=\"_ _35\"> </span>milioni <span class=\"_ _35\"> </span>di  euro. <span class=\"_ _35\"> </span>Nell\u2019esercizio <span class=\"_ _35\"> </span>sono <span class=\"_ _35\"> </span>stati <span class=\"_ _35\"> </span>anch<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h86 ff4 fs1e fc1 sc0 ls0 ws0 gs136c\">incassati 2<span class=\"_ _2\"></span>2,5 <span class=\"_ _3b\"></span>milioni di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>euro, a <span class=\"_ _3b\"></span>fronte d<span class=\"_ _3b\"></span>i escussione <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>gar<span class=\"_ _1\"></span>anzie <span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>potecarie avv<span class=\"_ _2\"></span>iate <span class=\"_ _3b\"></span>negli anni<span class=\"_ _2\"></span> p<span class=\"_ _2\"></span>recedenti.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h86 ff4 fs1e fc1 sc0 ls0 ws0 gs136d\">Nel <span class=\"_ _1\"></span>corso de<span class=\"_ _1\"></span>l 20<span class=\"_ _1\"></span>24 sono <span class=\"_ _1\"></span>state <span class=\"_ _1\"></span>poste <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>essere <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>giudiziali di <span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>cussione de<span class=\"_ _1\"></span>lle garanzie <span class=\"_ _1\"></span>mediante<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h86 ff4 fs1e fc1 sc0 ls0 ws0 gs136e\">pignoramento  i<span class=\"_ _2\"></span>mmobiliare  nei<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>casi  i<span class=\"_ _3b\"></span>n  cui <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>sia  stato <span class=\"_ _35\"> </span>possib<span class=\"_ _2\"></span>ile  raggiu<span class=\"_ _3b\"></span>nge<span class=\"_ _1\"></span>re  soluz<span class=\"_ _2\"></span>ioni  transattive<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h86 ff4 fs1e fc1 sc0 ls0 ws0 gs136f\">soddisfacenti. <span class=\"_ _1\"></span>Le <span class=\"_ _0\"></span>po<span class=\"_ _2\"></span>sizioni <span class=\"_ _38\"></span>affidate <span class=\"_ _1\"></span>alle <span class=\"_ _38\"></span>societ\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>utsourcing, <span class=\"_ _1\"></span>cost<span class=\"_ _1\"></span>ituite <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>esposizioni <span class=\"_ _38\"></span>minori <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>1<span class=\"_ _1\"></span>00<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h86 ff4 fs1e fc1 sc0 ls0 ws0 gs1370\">mila euro<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>erivanti da <span class=\"_ _3b\"></span>mutui ipotecari <span class=\"_ _3b\"></span>sono state v<span class=\"_ _2\"></span>alutate <span class=\"_ _2\"></span>e gesti<span class=\"_ _2\"></span>te <span class=\"_ _2\"></span>stragiudizialmente. Si <span class=\"_ _2\"></span>precisa <span class=\"_ _3b\"></span>infat<span class=\"_ _1\"></span>ti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h86 ff4 fs1e fc1 sc0 ls0 ws0 gs1371\">che <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>ricontrattualizzazione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tali <span class=\"_ _0\"></span>societ\u00e0 <span class=\"_ _0\"></span>dal <span class=\"_ _0\"></span>2023 <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>previsto <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>loro <span class=\"_ _0\"></span>intervento <span class=\"_ _0\"></span>limitatamente <span class=\"_ _0\"></span>all<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h86 ff4 fs1e fc1 sc0 ls0 ws0 gs1372\">attivit\u00e0 <span class=\"_ _1\"></span>stragiudiziale. In <span class=\"_ _1\"></span>caso <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>esito <span class=\"_ _1\"></span>negativo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>quest'ultima, <span class=\"_ _1\"></span>infatti, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>posizione <span class=\"_ _1\"></span>viene <span class=\"_ _1\"></span>restituita <span class=\"_ _1\"></span>agli<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h86 ff4 fs1e fc1 sc0 ls0 ws0 gs1373\">uffici interni competenti per l'attivazione giudiziale ovvero la cessione de<span class=\"_ _1\"></span>l credito.<span class=\"_ _3a1\"> </span> </div><div class=\"c w240 hb7 gs1375\"><div class=\"t m9 x0 ha y3211 ff4 fs5 fc4 sc3 ls0 ws0\">B. Distribuzione e concentrazione<span class=\"_ _2\"></span> delle </div></div><div class=\"c w241 hb7 gs1376\"><div class=\"t m9 x0 ha y3211 ff4 fs5 fc4 sc3 ls0 ws0\">esposizion</div></div><div class=\"c w178 hb7 gs1377\"><div class=\"t m9 x0 ha y3211 ff4 fs5 fc4 sc3 ls0 ws0\">i<span class=\"_ _3a1\"> </span></div></div><div class=\"c w183 hb7 gs1378\"><div class=\"t m9 x0 ha y3211 ff4 fs5 fc4 sc3 ls0 ws0\">creditizi</div></div><div class=\"c wc hb7 gs1379\"><div class=\"t m9 x0 ha y3211 ff4 fs5 fc4 sc3 ls0 ws0\">e<span class=\"_ _3a1\"> </span></div></div><div class=\"t m9 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs137a\">B.1 Consolidato <span class=\"_ _1\"></span>prudenziale - Distribuzione settoriale delle esposiz<span class=\"_ _1\"></span>ioni creditizie per cass<span class=\"_ _1\"></span>a e \"fuori bilancio\" verso clientela<span class=\"_ _3a1\"> </span></div><div class=\"gs137b\"><table class=\"s w11fe h2a7\" id=\"_17edb80a-9448-4c1b-bb92-4b5e7c8c0650\"><tr><td></td><td></td><td class=\"t m9 x1d96 h12 y6539 ff4 fs7 fc4 sc3 ls0 ws0\">Amministrazioni pubbliche<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1d97 h12 y6539 ff4 fs7 fc4 sc3 ls0 ws0\">Societ\u00e0 finanziarie<span class=\"_ _3a1\"> </span></td><td></td><td class=\"c x1d98 y653a w242 h11\"><div class=\"t m9 x0 h12 y2616 ff4 fs7 fc4 sc3 ls0 ws0\">Societ\u00e0 finanziarie (di cui: </div></td><td></td><td></td><td class=\"t m9 x1d99 h12 y6539 ff4 fs7 fc4 sc3 ls0 ws0\">Societ\u00e0 non finanziarie<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1d9a h12 y6539 ff4 fs7 fc4 sc3 ls0 ws0\">Famiglie<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1d98 h12 y653b ff4 fs7 fc4 sc3 ls0 ws0\">imprese di assicurazione)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m9 x1d9b h12 y653c ff4 fs7 fc4 sc3 ls0 ws0\">Esposizioni/Controparti<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1d9c h12 y653d ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche </td><td></td><td class=\"t m9 x1d9d h12 y653d ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche </td><td></td><td class=\"t m9 x1d9e h12 y653d ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche </td><td></td><td></td><td class=\"t m9 x1d9f h12 y653d ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche </td><td></td><td class=\"t m9 x1da0 h12 y653d ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche </td></tr><tr><td></td><td></td><td class=\"t m9 x1995 h12 y653e ff4 fs7 fc4 sc3 ls0 ws0\">Esposizione </td><td></td><td class=\"t m9 x1da1 h12 y653e ff4 fs7 fc4 sc3 ls0 ws0\">Esposizione </td><td></td><td class=\"t m9 x1da2 h12 y653e ff4 fs7 fc4 sc3 ls0 ws0\">Esposizione </td><td></td><td class=\"t m9 x1d0a h12 y653e ff4 fs7 fc4 sc3 ls0 ws0\">Esposizione </td><td></td><td class=\"t m9 x1da3 h12 y653e ff4 fs7 fc4 sc3 ls0 ws0\">Esposizione </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m9 x1da4 h12 y653f ff4 fs7 fc4 sc3 ls0 ws0\">valore </td><td></td><td class=\"t m9 x1da5 h12 y653f ff4 fs7 fc4 sc3 ls0 ws0\">valore </td><td class=\"t m9 x1da6 h12 y653f ff4 fs7 fc4 sc3 ls0 ws0\">valore </td><td></td><td></td><td class=\"t m9 x1da7 h12 y653f ff4 fs7 fc4 sc3 ls0 ws0\">valore </td><td></td><td class=\"t m9 x1da8 h12 y653f ff4 fs7 fc4 sc3 ls0 ws0\">valore </td></tr><tr><td></td><td></td><td class=\"t m9 x1da9 h12 y6540 ff4 fs7 fc4 sc3 ls0 ws0\">netta<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1daa h12 y6540 ff4 fs7 fc4 sc3 ls0 ws0\">netta<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1dab h12 y6540 ff4 fs7 fc4 sc3 ls0 ws0\">netta<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1dac h12 y6540 ff4 fs7 fc4 sc3 ls0 ws0\">netta<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1dad h12 y6540 ff4 fs7 fc4 sc3 ls0 ws0\">netta<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m9 x3c4 h12 y6541 ff4 fs7 fc1 sc2 ls0 ws0\">A. Esposizioni </td><td></td><td class=\"t m9 x1dae h12 y6542 ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">complessive<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1daf h12 y6542 ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">complessive<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1db0 h12 y6542 ff4 fs7 fc4 sc3 ls0 ws0\">complessive<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m9 x1db1 h12 y6542 ff4 fs7 fc4 sc3 ls0 ws0\">complessive<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1db2 h12 y6542 ff4 fs7 fc4 sc3 ls0 ws0\">complessive<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x3c4 h12 y6543 ff4 fs7 fc1 sc2 ls0 ws0\">creditizie per cassa<span class=\"_ _3a1\"> </span></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 class=\"c n x2d7 y6544 w11ff h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Sofferenze<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1db3 y6544 w1200 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">214<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1db4 y6544 w1201 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">651<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1db5 y6544 w1202 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">62<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1db6 y6544 w1203 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">39<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1db7 y6544 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1db8 y6544 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1db9 y6544 w1204 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">30.773<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dba y6544 w1205 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">134.366<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dbb y6544 w1206 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">16.296<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dbc y6544 w1207 h1d9\"><div class=\"t m9 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">84.711<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x17e4 h12 y6545 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui </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 class=\"t m9 x17e4 h12 y6546 ff4 fs7 fc1 sc0 ls0 ws0\">esposizioni </td><td></td><td class=\"c n x1dbd y6547 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dbe y6547 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dbf y6547 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dc0 y6547 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dc1 y6547 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dc2 y6547 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dc3 y6547 w1208 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7.291<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dc4 y6547 w1209 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">35.097<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dc5 y6547 w120a h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>.390<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dc6 y6547 w120b h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">23.349<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x17e4 h12 y6548 ff4 fs7 fc1 sc0 ls0 ws0\">oggetto di </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 class=\"t m9 x17e4 h12 y6549 ff4 fs7 fc1 sc0 ls0 ws0\">concessioni </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 class=\"t m9 x3c4 h12 y654a ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Inadempienze </td><td></td><td class=\"c n x1dc7 y654b w120c h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.219<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dc8 y654b w120c h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.612<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dc9 y654b w120d h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">224<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dca y654b w120e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13<span class=\"_ _1\"></span>9<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dcb y654b w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dcc y654b w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dcd y654b w120f h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">76.632<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dce y654b w1210 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">56.006<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dcf y654b w1211 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">118.437<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dd0 y654b w1212 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">108.973<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x3c4 h12 y654c ff4 fs7 fc1 sc0 ls0 ws0\">probabili </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 class=\"c x1caf y654d w1213 h236\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m9 x1dd1 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui<span class=\"_ _3a1\"> </span></div></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 class=\"t m9 x17e4 h12 y654e ff4 fs7 fc1 sc0 ls0 ws0\">esposizioni </td><td></td><td class=\"c n x1dd2 y654f wf1e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dd3 y654f w1214 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dd4 y654f w1215 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dd5 y654f w1216 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">15<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dd6 y654f w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dd7 y654f w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dd8 y654f w1109 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">27.831<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dd9 y654f wf2b h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13.984<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dda y654f w1217 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">51.329<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ddb y654f w1218 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">33.694<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x17e4 h12 y6550 ff4 fs7 fc1 sc0 ls0 ws0\">oggetto di </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 class=\"t m9 x17e4 h12 y6551 ff4 fs7 fc1 sc0 ls0 ws0\">concessioni </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 class=\"c x3c4 y6552 w17d h11\"><div class=\"t m9 x0 h12 y3223 ff4 fs7 fc1 sc0 ls0 ws0\">A.3 Esposizioni </div></td><td></td><td class=\"c n x1ddc y5965 w1219 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">199<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ddd y5965 w1214 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">41<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dde y5965 w1215 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ddf y5965 w121a h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1de0 y5965 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1de1 y5965 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1de2 y5965 w121b h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.555<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1de3 y5965 w121c h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.515<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1de4 y5965 w121d h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">19.839<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1de5 y5965 w121e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13.127<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x3c4 h12 y6553 ff4 fs7 fc1 sc0 ls0 ws0\">scadute deterio<span class=\"_ _2\"></span>rate </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 class=\"t m9 x17e4 h12 y6554 ff4 fs7 fc1 sc0 ls0 ws0\">- di cui </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 class=\"t m9 x17e4 h12 y6555 ff4 fs7 fc1 sc0 ls0 ws0\">esposizioni </td><td></td><td class=\"c n x1dbd y6556 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dbe y6556 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dbf y6556 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dc0 y6556 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dc1 y6556 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dc2 y6556 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1de6 y6556 w121f h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1de7 y6556 w1220 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1de8 y6556 w1221 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">193<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1de9 y6556 w1222 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">60<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x17e4 h12 y6557 ff4 fs7 fc1 sc0 ls0 ws0\">oggetto di </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 class=\"t m9 x17e4 h12 y6558 ff4 fs7 fc1 sc0 ls0 ws0\">concessioni </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 class=\"t m9 x3c4 h12 y6559 ff4 fs7 fc1 sc0 ls0 ws0\">A.4 Esposizioni n<span class=\"_ _2\"></span>on<span class=\"_ _3a1\"> </span></td><td></td><td class=\"c n x1dea y655a w1223 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10.664.168<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1deb y655a w1224 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.928<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dec y655a w1225 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.59<span class=\"_ _1\"></span>6.133<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ded y655a w1226 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.28<span class=\"_ _2\"></span>0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dee y655a w1227 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">216.225<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1def y655a wf1e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1df0 y655a w1228 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">17.832.<span class=\"_ _2\"></span>403<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1df1 y655a w1229 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">26.323<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1df2 y655a w122a h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">17.519.893<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1df3 y655a w122b h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">54.895<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x3c4 h12 y655b ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate </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 class=\"c x1caf y5ce1 w1213 h236\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m9 x1dd1 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">di cui<span class=\"_ _3a1\"> </span></div></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 class=\"t m9 x17e4 h12 y655c ff4 fs7 fc1 sc0 ls0 ws0\">esposizioni </td><td></td><td class=\"c n x1df4 y655d w122c h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">52<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1df5 y655d w122d h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(1)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1df6 y655d w122e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.050<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1df7 y655d w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1df8 y655d w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1df9 y655d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dfa y655d w122f h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">25.67<span class=\"_ _2\"></span>5<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dfb y655d w1230 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">383<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dfc y655d w1231 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">44.212<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1dfd y655d w1232 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">986<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x17e4 h12 y655e ff4 fs7 fc1 sc0 ls0 ws0\">oggetto di </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 class=\"t m9 x17e4 h12 y655f ff4 fs7 fc1 sc0 ls0 ws0\">concessioni </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 class=\"t m9 x1dfe h12 y6560 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1dff h12 y6560 ff4 fs7 fc1 sc2 ls0 ws0\">10.665.800<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1999 h12 y6560 ff4 fs7 fc1 sc2 ls0 ws0\">9.232<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e00 h12 y6560 ff4 fs7 fc1 sc2 ls0 ws0\">1.596.428<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e01 h12 y6560 ff4 fs7 fc1 sc2 ls0 ws0\">1.467<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e02 h12 y6560 ff4 fs7 fc1 sc2 ls0 ws0\">216.225<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e03 h12 y6560 ff4 fs7 fc1 sc2 ls0 ws0\">4<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e04 h12 y6560 ff4 fs7 fc1 sc2 ls0 ws0\">17.943.363<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cfd h12 y6560 ff4 fs7 fc1 sc2 ls0 ws0\">218.210<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x19a6 h12 y6560 ff4 fs7 fc1 sc2 ls0 ws0\">17.674.465<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca3 h12 y6560 ff4 fs7 fc1 sc2 ls0 ws0\">261.706<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x3c4 h12 y6561 ff4 fs7 fc1 sc2 ls0 ws0\">B. Esposizioni </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 class=\"t m9 x3c4 h12 y6562 ff4 fs7 fc1 sc2 ls0 ws0\">creditizie fuori </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 class=\"t m9 x3c4 h12 y6563 ff4 fs7 fc1 sc2 ls0 ws0\">bilancio<span class=\"_ _3a1\"> </span></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 class=\"t m9 x3c4 h12 y6564 ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Esposizioni<span class=\"_ _3a1\"> </span></td><td></td><td class=\"c n x1e05 y6565 w1233 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e06 y6565 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e07 y6565 w1234 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">119<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e08 y6565 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e09 y6565 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e0a y6565 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e0b y6565 w1235 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">28.186<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e0c y6565 w11ed h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">924<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e0d y6565 w1236 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.528<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e0e y6565 w1237 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">205<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x3c4 h12 y6566 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate </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 class=\"c x2d7 y6567 w1238 h236\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2<span class=\"_ _3a1\"> </span></div><div class=\"t m9 x1a34 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Esposizioni no<span class=\"_ _2\"></span>n<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1e0f y6568 w1239 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.800<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e10 y6568 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e11 y6568 w123a h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">462.058<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e12 y6568 w123b h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">33<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e13 y6568 w123c h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">267<span class=\"_ _1\"></span>.198<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e14 y6568 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e15 y6568 w123d h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.350.213<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e16 y6568 w123e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.898<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e17 y6568 w123f h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.720.571<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e18 y6568 w1240 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.444<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x3c4 h12 y6569 ff4 fs7 fc1 sc0 ls0 ws0\">deteriorate </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 class=\"t m9 x1dfe h12 y656a ff4 fs7 fc1 sc2 ls0 ws0\">Totale (B)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1e19 h12 y656a ff4 fs7 fc1 sc2 ls0 ws0\">8.803<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d51 h12 y656a ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e1a h12 y656a ff4 fs7 fc1 sc2 ls0 ws0\">462.177<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e1b h12 y656a ff4 fs7 fc1 sc2 ls0 ws0\">33<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e02 h12 y656a ff4 fs7 fc1 sc2 ls0 ws0\">267.198<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e1c h12 y656a ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca2 h12 y656a ff4 fs7 fc1 sc2 ls0 ws0\">11.378.399<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e1d h12 y656a ff4 fs7 fc1 sc2 ls0 ws0\">2.822<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e1e h12 y656a ff4 fs7 fc1 sc2 ls0 ws0\">1.733.099<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e1f h12 y656a ff4 fs7 fc1 sc2 ls0 ws0\">1.649<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x331 h12 y656b ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B)<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e20 h12 y656b ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e21 h12 y656b ff4 fs7 fc1 sc2 ls0 ws0\">10.674.603<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1999 h12 y656b ff4 fs7 fc1 sc2 ls0 ws0\">9.232<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e22 h12 y656b ff4 fs7 fc1 sc2 ls0 ws0\">2.058.605<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e01 h12 y656b ff4 fs7 fc1 sc2 ls0 ws0\">1.500<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e23 h12 y656b ff4 fs7 fc1 sc2 ls0 ws0\">483.423<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e03 h12 y656b ff4 fs7 fc1 sc2 ls0 ws0\">4<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17df h12 y656b ff4 fs7 fc1 sc2 ls0 ws0\">29.321.762<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cfd h12 y656b ff4 fs7 fc1 sc2 ls0 ws0\">221.032<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x19a6 h12 y656b ff4 fs7 fc1 sc2 ls0 ws0\">19.407.564<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e24 h12 y656b ff4 fs7 fc1 sc2 ls0 ws0\">263.355<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x331 h12 y656c ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B)<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e20 h12 y656c ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1dff h12 y656c ff4 fs7 fc1 sc2 ls0 ws0\">10.378.938<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e25 h12 y656c ff4 fs7 fc1 sc2 ls0 ws0\">9.375<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e22 h12 y656c ff4 fs7 fc1 sc2 ls0 ws0\">2.298.588<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e26 h12 y656c ff4 fs7 fc1 sc2 ls0 ws0\">1.551<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e27 h12 y656c ff4 fs7 fc1 sc2 ls0 ws0\">491.056<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e03 h12 y656c ff4 fs7 fc1 sc2 ls0 ws0\">3<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e28 h12 y656c ff4 fs7 fc1 sc2 ls0 ws0\">28.784.372<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e29 h12 y656c ff4 fs7 fc1 sc2 ls0 ws0\">241.116<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e2a h12 y656c ff4 fs7 fc1 sc2 ls0 ws0\">18.702.891<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17e3 h12 y656c ff4 fs7 fc1 sc2 ls0 ws0\">260.518<span class=\"_ _3a1\"> </span></td></tr></table></div>B.2 Consolidato prudenziale <span class=\"_ _1\"></span>- Distribuzione territoriale <span class=\"_ _1\"></span>delle esposizioni creditizie per cass<span class=\"_ _1\"></span>a e \"fuori bilancio\" verso clientela<span class=\"_ _3a1\"> </span><table class=\"s w1241 h2a8\" id=\"_65fad3b3-01a0-4d00-9a8e-85683511a891\"><tr><td></td><td></td><td class=\"t m9 x1ca5 h12 y656d ff4 fs7 fc4 sc3 ls0 ws0\">Italia<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1d98 h12 y656d ff4 fs7 fc4 sc3 ls0 ws0\">Altri paesi europei<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x17d4 h12 y656d ff4 fs7 fc4 sc3 ls0 ws0\">America<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1e2b h12 y656d ff4 fs7 fc4 sc3 ls0 ws0\">Asia<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1cac h12 y656d ff4 fs7 fc4 sc3 ls0 ws0\">Resto del mondo<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m9 x1e2c h12 y656e ff4 fs7 fc4 sc3 ls0 ws0\">Esposizioni/Aree geografiche<span class=\"_ _3a1\"> </span></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 class=\"t m9 x3c4 h12 y656f ff4 fs7 fc1 sc2 ls0 ws0\">A. Esposizioni creditizie per cas<span class=\"_ _2\"></span>sa<span class=\"_ _3a1\"> </span></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 class=\"c n x2d7 y6570 w1242 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Sofferenze<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1e2d y6570 w1243 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">47.346<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e2e y6570 w1244 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">219.768<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e2f y6570 w11b3 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e30 y6570 w11b3 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e31 y6570 w11b3 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e32 y6570 w11b3 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e33 y6570 w11b3 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e34 y6570 w11b3 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e35 y6570 w1245 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(1)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e36 y6570 w1246 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">(1)<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5f1a w1247 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Inadempienze p<span class=\"_ _3b\"></span>ro<span class=\"_ _1\"></span>babili<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1e37 y5f1a w1248 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">196.248<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e38 y5f1a w1249 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">166.525<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e39 y5f1a w1201 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">124<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e3a y5f1a w124a h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">72<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e3b y5f1a w124b h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e3c y5f1a w124c h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e3d y5f1a w124d h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e3e y5f1a w124e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e3f y5f1a w124f h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">115<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e40 y5f1a w1250 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">121<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6571 w1251 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.3 Esposizioni sc<span class=\"_ _2\"></span>adute deteri<span class=\"_ _2\"></span>orate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1e41 y6571 w1252 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">23.578<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e42 y6571 w1253 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14.669<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e43 y6571 w1214 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e44 y6571 w1254 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">14<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e45 y6571 w1220 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e46 y6571 w1255 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e47 y6571 w1256 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e48 y6571 w121a h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e49 y6571 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e4a y6571 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6572 w1257 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.4 Esposizioni n<span class=\"_ _2\"></span>on deteriorate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1e4b y6572 w1258 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">41.259.187<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e4c y6572 w1259 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">86.902<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e4d y6572 w125a h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.833.522<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e4e y6572 w125b h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.821<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e4f y6572 w125c h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.547.620<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e50 y6572 w125d h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">450<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e51 y6572 w125e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13.174<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e52 y6572 w125f h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e53 y6572 w1260 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.959.094<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e54 y6572 w1261 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">242<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x1e55 h12 y6573 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1e56 h12 y6573 ff4 fs7 fc1 sc2 ls0 ws0\">41.526.359<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e57 h12 y6573 ff4 fs7 fc1 sc2 ls0 ws0\">487.864<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e58 h12 y6573 ff4 fs7 fc1 sc2 ls0 ws0\">2.833.660<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e59 h12 y6573 ff4 fs7 fc1 sc2 ls0 ws0\">1.907<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x198d h12 y6573 ff4 fs7 fc1 sc2 ls0 ws0\">1.547.624<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e5a h12 y6573 ff4 fs7 fc1 sc2 ls0 ws0\">461<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cfd h12 y6573 ff4 fs7 fc1 sc2 ls0 ws0\">13.205<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e5b h12 y6573 ff4 fs7 fc1 sc2 ls0 ws0\">21<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e5c h12 y6573 ff4 fs7 fc1 sc2 ls0 ws0\">1.959.208<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1a18 h12 y6573 ff4 fs7 fc1 sc2 ls0 ws0\">362<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x3c4 h12 y6574 ff4 fs7 fc1 sc2 ls0 ws0\">B. Esposizioni creditizie fuori b<span class=\"_ _2\"></span>ilancio<span class=\"_ _3a1\"> </span></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 class=\"c n x2d7 y539a w1262 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Esposizioni de<span class=\"_ _2\"></span>teriorate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1e5d y539a w1263 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">40.772<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e5e y539a w120c h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.129<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e5f y539a w1264 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">49<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e60 y539a w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e61 y539a w1265 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e62 y539a w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e63 y539a wf22 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e64 y539a w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e65 y539a w124b h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e66 y539a w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6054 w1266 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Esposizioni no<span class=\"_ _2\"></span>n deteriorate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1e67 y6054 w1267 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13.5<span class=\"_ _1\"></span>31.878<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e68 y6054 w1268 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.364<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e69 y6054 w1269 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.593<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e6a y6054 w126a h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e6b y6054 w126b h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.823<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e6c y6054 wf22 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e6d y6054 w126c h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">646<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e6e y6054 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e6f y6054 w126d h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.702<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e70 y6054 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x1e55 h12 y6575 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (B)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1e56 h12 y6575 ff4 fs7 fc1 sc2 ls0 ws0\">13.572.650<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e71 h12 y6575 ff4 fs7 fc1 sc2 ls0 ws0\">4.493<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e72 h12 y6575 ff4 fs7 fc1 sc2 ls0 ws0\">3.642<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e73 h12 y6575 ff4 fs7 fc1 sc2 ls0 ws0\">7<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17df h12 y6575 ff4 fs7 fc1 sc2 ls0 ws0\">1.833<span class=\"_ _3a1\"> </span></td><td class=\"c n x1e74 y59e1 w124e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e75 y59e1 w126e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">650<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e76 y59e1 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e77 y59e1 w126f h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.703<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e78 y59e1 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x1e79 h12 y6576 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B)<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e7a h12 y6576 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1daa h12 y6576 ff4 fs7 fc1 sc2 ls0 ws0\">55.099.009<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e7b h12 y6576 ff4 fs7 fc1 sc2 ls0 ws0\">492.357<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e7c h12 y6576 ff4 fs7 fc1 sc2 ls0 ws0\">2.837.302<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1da6 h12 y6576 ff4 fs7 fc1 sc2 ls0 ws0\">1.914<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x198d h12 y6576 ff4 fs7 fc1 sc2 ls0 ws0\">1.549.457<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e7d h12 y6576 ff4 fs7 fc1 sc2 ls0 ws0\">465<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cfd h12 y6576 ff4 fs7 fc1 sc2 ls0 ws0\">13.855<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e5b h12 y6576 ff4 fs7 fc1 sc2 ls0 ws0\">21<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e7e h12 y6576 ff4 fs7 fc1 sc2 ls0 ws0\">1.962.911<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1a18 h12 y6576 ff4 fs7 fc1 sc2 ls0 ws0\">362<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x1e79 h12 y6577 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B)<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e7a h12 y6577 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e56 h12 y6577 ff4 fs7 fc1 sc2 ls0 ws0\">53.145.722<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e7b h12 y6577 ff4 fs7 fc1 sc2 ls0 ws0\">509.796<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e7c h12 y6577 ff4 fs7 fc1 sc2 ls0 ws0\">3.203.527<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e7f h12 y6577 ff4 fs7 fc1 sc2 ls0 ws0\">1.875<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x198d h12 y6577 ff4 fs7 fc1 sc2 ls0 ws0\">1.875.555<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e7d h12 y6577 ff4 fs7 fc1 sc2 ls0 ws0\">500<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e80 h12 y6577 ff4 fs7 fc1 sc2 ls0 ws0\">20.113<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e81 h12 y6577 ff4 fs7 fc1 sc2 ls0 ws0\">32<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e82 h12 y6577 ff4 fs7 fc1 sc2 ls0 ws0\">1.919.872<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1a18 h12 y6577 ff4 fs7 fc1 sc2 ls0 ws0\">357 </td></tr></table>ta<span class=\"_ _3a1\"> </span>ive<span class=\"_ _3a1\"> </span>ta<span class=\"_ _3a1\"> </span>ive<span class=\"_ _3a1\"> </span>ta<span class=\"_ _3a1\"> </span>ive<span class=\"_ _3a1\"> </span>ta<span class=\"_ _3a1\"> </span>ive<span class=\"_ _3a1\"> </span>ta<span class=\"_ _3a1\"> </span>ive<span class=\"_ _3a1\"> </span>Si allega anche la ripartizione geografica NORD-OVEST,<span class=\"_ _2\"></span> NORD-EST, CENTRO, SUD e <span class=\"_ _1\"></span>ISOLE per le esposizioni ITAL<span class=\"_ _2\"></span>IA.<span class=\"_ _3a1\"> </span>B.2 Consolidato prudenziale <span class=\"_ _1\"></span>\u2013 Distribuzione territoriale de<span class=\"_ _1\"></span>lle esposizioni creditizie per cassa e \u201cfuori bilancio\u201d ver<span class=\"_ _1\"></span>so clientela<table class=\"s w1270 h2a9\" id=\"_d3205346-6b2d-4554-ae1f-2d363026d6d5\"><tr><td></td><td></td><td class=\"t m9 x1e83 h12 y6578 ff4 fs7 fc4 sc3 ls0 ws0\">Italia Nord Ovest<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1e84 h12 y6578 ff4 fs7 fc4 sc3 ls0 ws0\">Italia Nord Est<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1c9d h12 y6578 ff4 fs7 fc4 sc3 ls0 ws0\">Italia Centro<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1e85 h12 y6578 ff4 fs7 fc4 sc3 ls0 ws0\">Italia Sud e Isole<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m9 x17e5 h12 y6579 ff4 fs7 fc4 sc3 ls0 ws0\">Esposizioni / Aree geografiche<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m9 x3c4 h12 y657a ff4 fs7 fc1 sc2 ls0 ws0\">A. Esposizioni creditizie per cas<span class=\"_ _2\"></span>sa<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y657b w1242 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Sofferenze<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1e86 y657b w1271 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.032<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e87 y657b w569 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">36.156<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e88 y657b w1272 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.939<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e89 y657b w1273 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">44.933<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e8a y657b w1274 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.998<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e8b y657b w1275 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">40.058<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e8c y657b w1276 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">20.377<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e8d y657b w11f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">98.621<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a64 w1247 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Inadempienze p<span class=\"_ _3b\"></span>ro<span class=\"_ _1\"></span>babili<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1e8e y5a64 w1277 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">32.271<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e8f y5a64 w1278 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">23.828<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e90 y5a64 w1279 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">60.649<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e91 y5a64 w127a h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">44.968<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e92 y5a64 w127b h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">25.440<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e93 y5a64 w127c h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">23.742<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e94 y5a64 w127d h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">77.888<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e95 y5a64 w127e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">73<span class=\"_ _1\"></span>.987<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a65 w1251 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.3 Esposizioni sc<span class=\"_ _2\"></span>adute deteri<span class=\"_ _2\"></span>orate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1e96 y5a65 w127f h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.091<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e97 y5a65 w1280 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.313<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e98 y5a65 w1281 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.533<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e99 y5a65 w1282 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.676<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e9a y5a65 w1283 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.435<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e9b y5a65 w1284 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.820<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e9c y5a65 w1285 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10.519<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e9d y5a65 w1286 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.860<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y657c w1257 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.4 Esposizioni n<span class=\"_ _2\"></span>on deteriorate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1e9e y657c w1287 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9.966.136<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1e9f y657c w1288 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18.740<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ea0 y657c w1289 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10.414.682<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ea1 y657c w1277 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">21.723<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ea2 y657c w128a h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.800.361<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ea3 y657c w128b h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">19.464<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ea4 y657c w128c h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9.078.008<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ea5 y657c w11f7 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">26.975<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x1dff h12 y657d ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A)</td><td></td><td class=\"t m9 x1ea6 h12 y657d ff4 fs7 fc1 sc2 ls0 ws0\"> <span class=\"_ _1d7\"> </span>10.<span class=\"_ _2\"></span>010.530<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ea7 h12 y657d ff4 fs7 fc1 sc2 ls0 ws0\">81.037<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ea8 h12 y657d ff4 fs7 fc1 sc2 ls0 ws0\">10.492.803<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x3c3 h12 y657d ff4 fs7 fc1 sc2 ls0 ws0\">115.300<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ea9 h12 y657d ff4 fs7 fc1 sc2 ls0 ws0\">11.836.234<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1eaa h12 y657d ff4 fs7 fc1 sc2 ls0 ws0\">85.084<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1eab h12 y657d ff4 fs7 fc1 sc2 ls0 ws0\">9.186.792<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e24 h12 y657d ff4 fs7 fc1 sc2 ls0 ws0\">206.443<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x3c4 h12 y657e ff4 fs7 fc1 sc2 ls0 ws0\">B. Esposizioni creditizie fuori b<span class=\"_ _2\"></span>ilancio<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y59de w1262 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Esposizioni de<span class=\"_ _2\"></span>teriorate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1eac y59de w128d h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">15<span class=\"_ _1\"></span>.777<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ead y59de w128e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">154<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eae y59de w128f h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.184<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eaf y59de w1290 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">45<span class=\"_ _1\"></span>5<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eb0 y59de w1291 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.336<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eb1 y59de w1292 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">124<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eb2 y59de w1293 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9.475<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eb3 y59de w1290 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">396<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6054 w1266 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Esposizioni no<span class=\"_ _2\"></span>n deteriorate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1eb4 y6054 w1294 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.914.130<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eb5 y6054 w1295 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">604<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eb6 y6054 w1296 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.142.746<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eb7 y6054 w1297 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.222<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eb8 y6054 w1298 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.639.518<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eb9 y6054 w1299 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">453<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eba y6054 w129a h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.835.484<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ebb y6054 w129b h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.085<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x1dff h12 y657f ff4 fs7 fc1 sc2 ls0 ws0\">Totale (B)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"c n x1ebc y6454 w129c h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4.929.907<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ebd y6454 w129d h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">758<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ebe y6454 w129e h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">5<span class=\"_ _1\"></span>.154.930<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ebf y6454 w129f h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1.677<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ec0 y6454 w12a0 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1.642.854<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ec1 y6454 w12a1 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">577<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ec2 y6454 w12a2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1.844.959<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ec3 y6454 w12a3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1.481<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x1d02 h12 y6580 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B)<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ec4 h12 y6580 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cf9 h12 y6580 ff4 fs7 fc1 sc2 ls0 ws0\">14.940.437<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ea7 h12 y6580 ff4 fs7 fc1 sc2 ls0 ws0\">81.795<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ec5 h12 y6580 ff4 fs7 fc1 sc2 ls0 ws0\">15.647.733<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x3d3 h12 y6580 ff4 fs7 fc1 sc2 ls0 ws0\">116.977<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1caa h12 y6580 ff4 fs7 fc1 sc2 ls0 ws0\">13.479.088<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ec6 h12 y6580 ff4 fs7 fc1 sc2 ls0 ws0\">85.661<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1eab h12 y6580 ff4 fs7 fc1 sc2 ls0 ws0\">11.031.751<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e24 h12 y6580 ff4 fs7 fc1 sc2 ls0 ws0\">207.924<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x1d02 h12 y6581 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B)<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ec4 h12 y6581 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cf9 h12 y6581 ff4 fs7 fc1 sc2 ls0 ws0\">14.564.558<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e26 h12 y6581 ff4 fs7 fc1 sc2 ls0 ws0\">84.552<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ec7 h12 y6581 ff4 fs7 fc1 sc2 ls0 ws0\">15.511.361<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x3ba h12 y6581 ff4 fs7 fc1 sc2 ls0 ws0\">122.420<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1caa h12 y6581 ff4 fs7 fc1 sc2 ls0 ws0\">12.362.622<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ec6 h12 y6581 ff4 fs7 fc1 sc2 ls0 ws0\">90.576<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ec8 h12 y6581 ff4 fs7 fc1 sc2 ls0 ws0\">10.707.181<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca3 h12 y6581 ff4 fs7 fc1 sc2 ls0 ws0\">212.248<span class=\"_ _3a1\"> </span></td></tr></table>ta<span class=\"_ _3a1\"> </span>re ive<span class=\"_ _3a1\"> </span>ta<span class=\"_ _3a1\"> </span>re ive<span class=\"_ _3a1\"> </span>ta<span class=\"_ _3a1\"> </span>re ive<span class=\"_ _3a1\"> </span>ta<span class=\"_ _3a1\"> </span>re ive<span class=\"_ _3a1\"> </span>B.3 Consolidato <span class=\"_ _1\"></span>prudenziale - Distribuzione territor<span class=\"_ _1\"></span>iale delle esposizioni creditizie per cass<span class=\"_ _1\"></span>a e \"fuori bilancio\" verso banche<span class=\"_ _3a1\"> </span><table class=\"s w12a4 h2aa\" id=\"_808f1c4b-411f-40ca-9d82-ea2d67d21c63\"><tr><td></td><td></td><td class=\"t m9 x1ce2 h12 y6582 ff4 fs7 fc4 sc3 ls0 ws0\">Italia<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1d98 h12 y6582 ff4 fs7 fc4 sc3 ls0 ws0\">Altri paesi europei<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1ec9 h12 y6582 ff4 fs7 fc4 sc3 ls0 ws0\">America<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1ec6 h12 y6582 ff4 fs7 fc4 sc3 ls0 ws0\">Asia<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1d55 h12 y6582 ff4 fs7 fc4 sc3 ls0 ws0\">Resto del mondo<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"t m9 x1eca h12 y6583 ff4 fs7 fc4 sc3 ls0 ws0\">Esposizioni/Aree geografiche<span class=\"_ _3a1\"> </span></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 class=\"t m9 x3c4 h12 y6584 ff4 fs7 fc1 sc2 ls0 ws0\">A. Esposizioni creditizie per cas<span class=\"_ _2\"></span>sa<span class=\"_ _3a1\"> </span></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 class=\"c n x2d7 y6585 w1242 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Sofferenze<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1ecb y6585 w11b2 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ecc y6585 w11b3 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ecd y6585 w11b2 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ece y6585 w11b2 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ecf y6585 w11b2 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ed0 y6585 w11b3 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ed1 y6585 w11b3 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ed2 y6585 w11b2 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ed3 y6585 w11b2 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ed4 y6585 w11b3 h1db\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6586 w1247 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Inadempienze p<span class=\"_ _3b\"></span>ro<span class=\"_ _1\"></span>babili<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1ed5 y6586 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ed6 y6586 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ed7 y6586 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ed8 y6586 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ed9 y6586 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eda y6586 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1edb y6586 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1edc y6586 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1edd y6586 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ed4 y6586 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6587 w1251 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.3 Esposizioni sc<span class=\"_ _2\"></span>adute deteri<span class=\"_ _2\"></span>orate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1ede y6587 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1edf y6587 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ee0 y6587 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ee1 y6587 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ee2 y6587 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ee3 y6587 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ee4 y6587 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ee5 y6587 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ee6 y6587 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ee7 y6587 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6588 w1257 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.4 Esposizioni n<span class=\"_ _2\"></span>on deteriorate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1ee8 y6588 w12a5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.854.453<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ee9 y6588 w12a6 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">65<span class=\"_ _1\"></span>8<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eea y6588 w12a7 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.712.895<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eeb y6588 w12a8 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.<span class=\"_ _2\"></span>093<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eec y6588 w12a9 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">28.940<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eed y6588 w12aa h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">15<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eee y6588 w12ab h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">21<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eef y6588 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ef0 y6588 w12ac h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">81.710<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ef1 y6588 w124c h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x1ef2 h12 y6589 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1ef3 h12 y6589 ff4 fs7 fc1 sc2 ls0 ws0\">4.854.453<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x2b1 h12 y6589 ff4 fs7 fc1 sc2 ls0 ws0\">658<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e7c h12 y6589 ff4 fs7 fc1 sc2 ls0 ws0\">1.712.895<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ef4 h12 y6589 ff4 fs7 fc1 sc2 ls0 ws0\">1.093<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca9 h12 y6589 ff4 fs7 fc1 sc2 ls0 ws0\">28.940<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ef5 h12 y6589 ff4 fs7 fc1 sc2 ls0 ws0\">15<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e1d h12 y6589 ff4 fs7 fc1 sc2 ls0 ws0\">21<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ef6 h12 y6589 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ef7 h12 y6589 ff4 fs7 fc1 sc2 ls0 ws0\">81.710<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ef8 h12 y6589 ff4 fs7 fc1 sc2 ls0 ws0\">8<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x3c4 h12 y658a ff4 fs7 fc1 sc2 ls0 ws0\">B. Esposizioni creditizie fuori b<span class=\"_ _2\"></span>ilancio<span class=\"_ _3a1\"> </span></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 class=\"c n x2d7 y658b w1262 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.1 Esposizioni de<span class=\"_ _2\"></span>teriorate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1ef9 y658b w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1efa y658b w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1efb y658b w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1efc y658b w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1efd y658b w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1efe y658b w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1eff y658b w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f00 y658b w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f01 y658b w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f02 y658b w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5a84 w1266 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">B.2 Esposizioni no<span class=\"_ _2\"></span>n deteriorate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1f03 y5a84 w12ad h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">40.<span class=\"_ _2\"></span>933<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f04 y5a84 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f05 y5a84 w12ae h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">398.042<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f06 y5a84 w124b h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f07 y5a84 w12af h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">425<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f08 y5a84 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f09 y5a84 w12b0 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.266<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f0a y5a84 w1255 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f0b y5a84 w12b1 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">958<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f0c y5a84 w124b h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x1ef2 h12 y658c ff4 fs7 fc1 sc2 ls0 ws0\">Totale (B)<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x1f0d h12 y658c ff4 fs7 fc1 sc2 ls0 ws0\">40.933<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e1b h12 y658c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e27 h12 y658c ff4 fs7 fc1 sc2 ls0 ws0\">398.042<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca8 h12 y658c ff4 fs7 fc1 sc2 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17df h12 y658c ff4 fs7 fc1 sc2 ls0 ws0\">425<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1f0e h12 y658c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x19a5 h12 y658c ff4 fs7 fc1 sc2 ls0 ws0\">8.266<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1f0f h12 y658c ff4 fs7 fc1 sc2 ls0 ws0\">3<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1f10 h12 y658c ff4 fs7 fc1 sc2 ls0 ws0\">958<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ce4 h12 y658c ff4 fs7 fc1 sc2 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x1d96 h12 y658d ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B)<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1f11 h12 y658d ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ef3 h12 y658d ff4 fs7 fc1 sc2 ls0 ws0\">4.895.386<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x2b1 h12 y658d ff4 fs7 fc1 sc2 ls0 ws0\">658<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e7c h12 y658d ff4 fs7 fc1 sc2 ls0 ws0\">2.110.937<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ef4 h12 y658d ff4 fs7 fc1 sc2 ls0 ws0\">1.094<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca9 h12 y658d ff4 fs7 fc1 sc2 ls0 ws0\">29.365<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ef5 h12 y658d ff4 fs7 fc1 sc2 ls0 ws0\">15<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x19a5 h12 y658d ff4 fs7 fc1 sc2 ls0 ws0\">8.287<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1f0f h12 y658d ff4 fs7 fc1 sc2 ls0 ws0\">3<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1f12 h12 y658d ff4 fs7 fc1 sc2 ls0 ws0\">82.668<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ef8 h12 y658d ff4 fs7 fc1 sc2 ls0 ws0\">9<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x1d96 h12 y55b5 ff4 fs7 fc1 sc2 ls0 ws0\">Totale (A+B)<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1f11 h12 y55b5 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e83 h12 y55b5 ff4 fs7 fc1 sc2 ls0 ws0\">7.018.340<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x2b1 h12 y55b5 ff4 fs7 fc1 sc2 ls0 ws0\">659<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1e27 h12 y55b5 ff4 fs7 fc1 sc2 ls0 ws0\">2.192.141<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1f13 h12 y55b5 ff4 fs7 fc1 sc2 ls0 ws0\">1.267<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca9 h12 y55b5 ff4 fs7 fc1 sc2 ls0 ws0\">72.854<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1f14 h12 y55b5 ff4 fs7 fc1 sc2 ls0 ws0\">33<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x19a5 h12 y55b5 ff4 fs7 fc1 sc2 ls0 ws0\">3.564<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ef6 h12 y55b5 ff4 fs7 fc1 sc2 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1f15 h12 y55b5 ff4 fs7 fc1 sc2 ls0 ws0\">77.732<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1f16 h12 y55b5 ff4 fs7 fc1 sc2 ls0 ws0\">10<span class=\"_ _3a1\"> </span></td></tr></table>ta<span class=\"_ _3a1\"> </span>ive<span class=\"_ _3a1\"> </span>ta<span class=\"_ _3a1\"> </span>ive<span class=\"_ _3a1\"> </span>ta<span class=\"_ _3a1\"> </span>ive<span class=\"_ _3a1\"> </span>ta<span class=\"_ _3a1\"> </span>ive<span class=\"_ _3a1\"> </span>ta<span class=\"_ _3a1\"> </span>ive<span class=\"_ _3a1\"> </span><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs137d\">B.4 Grandi e<span class=\"_ _1\"></span>sposizioni<span class=\"_ _3a1\"> </span></div><div class=\"gs137e\"><table class=\"s w12b2 h2ab\" id=\"_27124404-9073-4d30-8ebd-99e958180b58\"><tr><td></td><td class=\"t m2 x7c8 h12 y658e ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y658f w12b3 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Numero posizioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f17 y658f w405 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">17<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6590 w12b4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Esposizione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f18 y6590 w12b5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">26.410.068<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y539f w12b6 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Posizione di rischio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f19 y539f w12b7 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">795.663<span class=\"_ _3a1\"> </span></div></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs137f\">Sono considerate <span class=\"_ _3b\"></span>nel calcolo d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>\u201cgrandi rischi\u201d <span class=\"_ _2\"></span>tutte l<span class=\"_ _2\"></span>e at<span class=\"_ _2\"></span>tivit\u00e0 di <span class=\"_ _3b\"></span>rischio, per ca<span class=\"_ _2\"></span>ssa e <span class=\"_ _3b\"></span>fuor<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>bilancio,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1380\">nei <span class=\"_ _2\"></span>confronti d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>un singolo <span class=\"_ _3b\"></span>cliente <span class=\"_ _3b\"></span>(ovvero gruppo <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>clienti connessi) <span class=\"_ _3b\"></span>senza l'appl<span class=\"_ _2\"></span>icazione <span class=\"_ _2\"></span>dei <span class=\"_ _3b\"></span>fat<span class=\"_ _1\"></span>tori<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1381\">di <span class=\"_ _0\"></span>ponderazione, <span class=\"_ _35\"> </span>men<span class=\"_ _2\"></span>tre <span class=\"_ _35\"> </span>il<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>limite <span class=\"_ _35\"> </span>che<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>qualifica <span class=\"_ _0\"></span>un\u2019esposizione <span class=\"_ _35\"> </span>come <span class=\"_ _0\"></span>\"grande <span class=\"_ _0\"></span>rischio\", <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>qu<span class=\"_ _2\"></span>ando<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1382\">l\u2019esposizione, come sopra determinata, \u00e8 <span class=\"_ _1\"></span>pari o superiore al 10% dei fondi propri.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1383\">La <span class=\"_ _3b\"></span>disciplina, per <span class=\"_ _3b\"></span>appre<span class=\"_ _1\"></span>zzare <span class=\"_ _3b\"></span>in modo <span class=\"_ _3b\"></span>pi\u00f9 <span class=\"_ _3b\"></span>pr<span class=\"_ _1\"></span>eciso il<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>grado <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>conc<span class=\"_ _1\"></span>entrazione d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>crediti, rileva <span class=\"_ _3b\"></span>anche<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1384\">le <span class=\"_ _2\"></span>esposizioni aventi <span class=\"_ _3b\"></span>un fattore <span class=\"_ _3b\"></span>di ponderazione <span class=\"_ _3b\"></span>per il <span class=\"_ _3b\"></span>rischio di <span class=\"_ _3b\"></span>controparte pari <span class=\"_ _3b\"></span>allo zero <span class=\"_ _3b\"></span>per cento,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1385\">quali ad esempio le esposizioni verso lo<span class=\"_ _1\"></span> Stato italiano, ecc.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1386\">Si s<span class=\"_ _1\"></span>ottolinea <span class=\"_ _1\"></span>inoltre <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>perimetro <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>riferimento <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>com<span class=\"_ _1\"></span>prese anche <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>perazioni di <span class=\"_ _1\"></span>pronti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1387\">contro  te<span class=\"_ _1\"></span>rmine  passive. <span class=\"_ _3d\"> </span>La  normat<span class=\"_ _1\"></span>iva  prevede <span class=\"_ _3d\"> </span>che  t<span class=\"_ _1\"></span>ali  operazioni  concor<span class=\"_ _1\"></span>rano  all'es<span class=\"_ _1\"></span>posizione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1388\">nominale <span class=\"_ _3f\"> </span>verso <span class=\"_ _3f\"> </span>la <span class=\"_ _3f\"> </span>controparte <span class=\"_ _3f\"> </span>per <span class=\"_ _3f\"> </span>l'importo <span class=\"_ _3f\"> </span>dei <span class=\"_ _3f\"> </span>\u201ctitoli <span class=\"_ _3f\"> </span>da <span class=\"_ _3f\"> </span>ricevere\u201d, <span class=\"_ _3f\"> </span>mentre <span class=\"_ _3f\"> </span>l\u2019esposizione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1389\">ponderata, in casi espressamente previsti, pu\u00f2 pre<span class=\"_ _1\"></span>vedere la ponderazione a zero.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs138a\">Si <span class=\"_ _37\"> </span>rilevano <span class=\"_ _37\"> </span>a <span class=\"_ _37\"> </span>fine <span class=\"_ _37\"> </span>periodo <span class=\"_ _37\"> </span>17 <span class=\"_ _37\"> </span>posizioni <span class=\"_ _37\"> </span>classificate <span class=\"_ _36\"> </span>come <span class=\"_ _37\"> </span>\u201cgrandi <span class=\"_ _3d\"> </span>rischi\u201d, <span class=\"_ _37\"> </span>per <span class=\"_ _36\"> </span>un <span class=\"_ _3d\"> </span>amm<span class=\"_ _1\"></span>ontare<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs138b\">complessivo di 26.41<span class=\"_ _2\"></span>0,1 milioni di <span class=\"_ _2\"></span>euro, corrispondenti <span class=\"_ _2\"></span>a 795,7 <span class=\"_ _2\"></span>milioni di <span class=\"_ _2\"></span>euro di v<span class=\"_ _2\"></span>alore ponderato (a<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs138c\">fine <span class=\"_ _38\"></span>2023 <span class=\"_ _38\"></span>erano <span class=\"_ _38\"></span>presenti <span class=\"_ _38\"></span>21 <span class=\"_ _38\"></span>posizioni <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>ammontare <span class=\"_ _38\"></span>complessivo <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>30.055<span class=\"_ _1\"></span>,3 <span class=\"_ _38\"></span>milioni <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>euro,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs138d\">corrispondenti a 1.553,4 milioni di euro di valore ponderato).  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs138e\">Tra <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>posizioni <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>ilevate <span class=\"_ _35\"> </span>fig<span class=\"_ _2\"></span>urano <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>Ministero <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>Tesoro, <span class=\"_ _35\"> </span>alcuni <span class=\"_ _0\"></span>Stati <span class=\"_ _35\"> </span>UE <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>xtra <span class=\"_ _0\"></span>UE <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>primar<span class=\"_ _1\"></span>ie<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs138f\">banche nazionali ed internazionali. </div>C. Operazioni di cartolarizzazione<span class=\"_ _3a1\"> </span>Informazi<span class=\"_ _1\"></span>oni di na<span class=\"_ _1\"></span>tura quali<span class=\"_ _1\"></span>tativa Operazi<span class=\"_ _1\"></span>one Emilia<span class=\"_ _1\"></span> SPV Il Gruppo d<span class=\"_ _2\"></span>etiene una p<span class=\"_ _2\"></span>artecipazione pari al<span class=\"_ _2\"></span> 10% in<span class=\"_ _3b\"></span> Emilia SPV S.r.<span class=\"_ _2\"></span>l., societ\u00e0 veicolo <span class=\"_ _3b\"></span>appositam<span class=\"_ _1\"></span>ente costit<span class=\"_ _3a1\"> </span>uita <span class=\"_ _3f\"> </span>ed <span class=\"_ _3f\"> </span>avente <span class=\"_ _3f\"> </span>quale <span class=\"_ _3a\"> </span>oggetto <span class=\"_ _3f\"> </span>esclusivo <span class=\"_ _3f\"> </span>la <span class=\"_ _3f\"> </span>realizzazione <span class=\"_ _3a\"> </span>di <span class=\"_ _3f\"> </span>una <span class=\"_ _3f\"> </span>o <span class=\"_ _3f\"> </span>pi\u00f9 <span class=\"_ _3f\"> </span>operazioni <span class=\"_ _3a\"> </span>di cartolarizzazione ai sensi della Legge n. 1<span class=\"_ _1\"></span>30 del 30 aprile 1999.  Emilia SPV S<span class=\"_ _2\"></span>.r.l. ha in <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ssere un\u2019operazione <span class=\"_ _2\"></span>di cartolarizzazione <span class=\"_ _2\"></span>revolving, <span class=\"_ _2\"></span>perfezionata da Credem nel corso d<span class=\"_ _2\"></span>el 2015, <span class=\"_ _3b\"></span>su mutui ipotecari r<span class=\"_ _2\"></span>esidenziali in b<span class=\"_ _2\"></span>onis erogati <span class=\"_ _2\"></span>dalla Banca <span class=\"_ _2\"></span>alla p<span class=\"_ _2\"></span>ropria clientela, non <span class=\"_ _38\"></span>eleggibili <span class=\"_ _38\"></span>ai <span class=\"_ _38\"></span>fini <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>ell\u2019utilizzo <span class=\"_ _0\"></span>nel <span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>gramma <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>emissioni <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>\u201cObbligazioni <span class=\"_ _38\"></span>B<span class=\"_ _1\"></span>ancarie <span class=\"_ _38\"></span>Garantite\u201d dalla <span class=\"_ _1\"></span>societ\u00e0 <span class=\"_ _38\"></span>veicolo <span class=\"_ _38\"></span>Credem <span class=\"_ _1\"></span>CB <span class=\"_ _1\"></span>S.r.l. <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>selezionati <span class=\"_ _38\"></span>sulla <span class=\"_ _1\"></span>base <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>criteri <span class=\"_ _38\"></span>predefiniti <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>modo <span class=\"_ _1\"></span>tale <span class=\"_ _1\"></span>da costituire un <span class=\"_ _2\"></span>\u201cblocco\u201d ai <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ensi e <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span> gli<span class=\"_ _2\"></span> effetti della <span class=\"_ _2\"></span>legge ap<span class=\"_ _2\"></span>plicabile in ma<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>eria di ca<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>tolarizzazione dei crediti.  La <span class=\"_ _38\"></span>societ<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _38\"></span>veicolo <span class=\"_ _38\"></span>ha <span class=\"_ _0\"></span>fi<span class=\"_ _2\"></span>nanziato <span class=\"_ _38\"></span>l\u2019operazione <span class=\"_ _0\"></span>attraverso <span class=\"_ _1\"></span>l\u2019emissione, <span class=\"_ _0\"></span>nel <span class=\"_ _38\"></span>corso <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>mese <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _38\"></span>aprile del 2015, di titoli obbligazionari \u201cRMBS\u201d di diversa classe <span class=\"_ _1\"></span>(senior e junior).  Le <span class=\"_ _0\"></span>note <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>tipo <span class=\"_ _38\"></span>\u201csenior\u201d<span class=\"_ _1\"></span>, <span class=\"_ _38\"></span>quotate <span class=\"_ _0\"></span>all\u2019Irish <span class=\"_ _38\"></span>Sto<span class=\"_ _1\"></span>ck <span class=\"_ _38\"></span>Exchange <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>do<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ate <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>rating <span class=\"_ _0\"></span>uffi<span class=\"_ _2\"></span>ciale <span class=\"_ _0\"></span>assegnato dalle ag<span class=\"_ _2\"></span>enzie accreditate <span class=\"_ _3b\"></span>DB<span class=\"_ _1\"></span>RS <span class=\"_ _3b\"></span>e Moody\u2019s I<span class=\"_ _2\"></span>nvestor Services <span class=\"_ _3b\"></span>(al 31 <span class=\"_ _3b\"></span>dicembre 2024, <span class=\"_ _3b\"></span>giudizio \u201cA h<span class=\"_ _2\"></span>igh\u201d assegnato <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>DBRS e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>\u201cAa3\u201d <span class=\"_ _1\"></span>da Moo<span class=\"_ _1\"></span>dy\u2019s) pagano, <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>rimestralmente, <span class=\"_ _1\"></span>interessi <span class=\"_ _1\"></span>variabili pari <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>asso EURIBOR <span class=\"_ _0\"></span>3 <span class=\"_ _0\"></span>mesi, <span class=\"_ _0\"></span>aumentato <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>75 <span class=\"_ _0\"></span>bps, <span class=\"_ _0\"></span>mentre <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>note <span class=\"_ _0\"></span>\u201cjunior\u201d,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>sprovviste <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rating, <span class=\"_ _0\"></span>pagano <span class=\"_ _0\"></span>un tasso <span class=\"_ _0\"></span>EURIBOR <span class=\"_ _0\"></span>3<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>mesi, <span class=\"_ _0\"></span>aumentato <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>200 <span class=\"_ _0\"></span>bps. <span class=\"_ _38\"></span>I <span class=\"_ _0\"></span>detentori <span class=\"_ _0\"></span>dei<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>titoli <span class=\"_ _38\"></span>junior <span class=\"_ _0\"></span>hanno <span class=\"_ _0\"></span>inoltre <span class=\"_ _38\"></span>diritto <span class=\"_ _0\"></span>di ricevere  a <span class=\"_ _35\"> </span>ciascuna  data  di<span class=\"_ _2\"></span>  pagamento <span class=\"_ _35\"> </span>e,  in  bas<span class=\"_ _2\"></span>e  all\u2019ordine <span class=\"_ _35\"> </span>di  priorit\u00e0  dei <span class=\"_ _35\"> </span>pagamenti  e <span class=\"_ _35\"> </span>fondi disponibili, a<span class=\"_ _1\"></span>nche <span class=\"_ _1\"></span>un pr<span class=\"_ _1\"></span>emio <span class=\"_ _1\"></span>determinato <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>via <span class=\"_ _1\"></span>residuale, dopo <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>siano <span class=\"_ _1\"></span>stati <span class=\"_ _1\"></span>corrisposti <span class=\"_ _1\"></span>tutti gli altri importi da corrispondersi in priorit\u00e0. I <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>strutturati <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>forma <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>partly <span class=\"_ _0\"></span>paid <span class=\"_ _0\"></span>notes <span class=\"_ _0\"></span>(\u201cPPN\u201d) <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>interamente <span class=\"_ _0\"></span>emessi <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>lor<span class=\"_ _2\"></span>o valore nominal<span class=\"_ _2\"></span>e all<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>data <span class=\"_ _2\"></span>d\u2019emissione <span class=\"_ _3b\"></span>(Euro 3.0<span class=\"_ _2\"></span>00.000.000 per <span class=\"_ _3b\"></span>le <span class=\"_ _3b\"></span>note s<span class=\"_ _2\"></span>enior <span class=\"_ _2\"></span>ed <span class=\"_ _2\"></span>Euro <span class=\"_ _2\"></span>900.000.000 per <span class=\"_ _0\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>note <span class=\"_ _0\"></span>junior). <span class=\"_ _0\"></span>Il <span class=\"_ _35\"> </span>prezzo <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>note <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>stato <span class=\"_ _0\"></span>corrisposto <span class=\"_ _35\"> </span>solo <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>parte <span class=\"_ _35\"> </span>alla <span class=\"_ _0\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>emiss<span class=\"_ _1\"></span>ione, mentre <span class=\"_ _2\"></span>le <span class=\"_ _3b\"></span>restanti <span class=\"_ _2\"></span>quote <span class=\"_ _3b\"></span>di prezzo <span class=\"_ _3b\"></span>possono <span class=\"_ _3b\"></span>essere pagat<span class=\"_ _2\"></span>e <span class=\"_ _3b\"></span>in pi\u00f9<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>rat<span class=\"_ _1\"></span>e <span class=\"_ _3b\"></span>successive diff<span class=\"_ _2\"></span>erite <span class=\"_ _2\"></span>nel <span class=\"_ _3b\"></span>tempo secondo la logica revolving dell\u2019operazione. Credem <span class=\"_ _35\"> </span>ha <span class=\"_ _35\"> </span>sottoscritto <span class=\"_ _35\"> </span>all\u2019atto<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>dell\u2019emissione, <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>detiene <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>portafoglio, <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>totale <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>pas<span class=\"_ _2\"></span>sivit\u00e0 emesse <span class=\"_ _3b\"></span>dal <span class=\"_ _3b\"></span>ve<span class=\"_ _1\"></span>icolo. <span class=\"_ _3b\"></span>Pertant<span class=\"_ _1\"></span>o, <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>base <span class=\"_ _2\"></span>alle <span class=\"_ _3b\"></span>norme I<span class=\"_ _2\"></span>FRS9 <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>mat<span class=\"_ _1\"></span>eria <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>\u201cderecognition\u201d (c<span class=\"_ _2\"></span>ancellazione contabile), <span class=\"_ _37\"> </span>i <span class=\"_ _36\"> </span>cre<span class=\"_ _1\"></span>diti <span class=\"_ _36\"> </span>oggetto <span class=\"_ _37\"> </span>della <span class=\"_ _36\"> </span>cartolarizzazione <span class=\"_ _36\"> </span>rimangono <span class=\"_ _36\"> </span>iscritti <span class=\"_ _36\"> </span>nell\u2019attivo <span class=\"_ _36\"> </span>del <span class=\"_ _37\"> </span>bilancio Credem.  <span class=\"_ _2\"></span>La <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>truttura revolving dell\u2019operazione pe<span class=\"_ _2\"></span>rmette, inoltre, <span class=\"_ _3b\"></span>alla Banca, <span class=\"_ _3b\"></span>durante<span class=\"_ _1\"></span> un <span class=\"_ _3b\"></span>periodo di cosiddetto replenishment <span class=\"_ _1\"></span>che pu\u00f2 <span class=\"_ _1\"></span>durare <span class=\"_ _1\"></span>fino <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>5 <span class=\"_ _1\"></span>anni, <span class=\"_ _1\"></span>di cede<span class=\"_ _1\"></span>re <span class=\"_ _1\"></span>nuovi por<span class=\"_ _1\"></span>tafogli <span class=\"_ _1\"></span>di cr<span class=\"_ _1\"></span>editi <span class=\"_ _1\"></span>idonei alla <span class=\"_ _0\"></span>societ<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _0\"></span>veicolo <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>utilizza, <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>loro <span class=\"_ _0\"></span>pagamento, <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>proventi <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>esistente <span class=\"_ _0\"></span>e/o <span class=\"_ _0\"></span>i proventi de<span class=\"_ _1\"></span>l pagamento <span class=\"_ _1\"></span>da parte de<span class=\"_ _1\"></span>i noteholder di <span class=\"_ _1\"></span>ulteriori quote <span class=\"_ _1\"></span>del prezzo <span class=\"_ _1\"></span>dei titoli <span class=\"_ _1\"></span>emessi. Una volta concluso <span class=\"_ _1\"></span>il per<span class=\"_ _1\"></span>iodo di replenishment, rinnovato <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>2021 con scadenza <span class=\"_ _1\"></span>maggio 20<span class=\"_ _1\"></span>26, le <span class=\"_ _1\"></span>note sono rimborsate durante un periodo di ammortamento definito in se<span class=\"_ _1\"></span>de di emissione.  Al 31 dicembre 2024, a seguito del perfezionamento di du<span class=\"_ _2\"></span>e nuove cessioni di attivi relative a mutui ipotecari residenziali <span class=\"_ _3b\"></span>in bonis, il<span class=\"_ _2\"></span> circolante della <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ranche senio<span class=\"_ _2\"></span>r risulta <span class=\"_ _3b\"></span>pari ad Eu<span class=\"_ _2\"></span>ro 2.132.862.077,51 mentre quello della tranche junior risulta par<span class=\"_ _1\"></span>i ad Euro 639.202.760,92. La  tranche  senior  pu\u00f2  essere  utili<span class=\"_ _2\"></span>zzata  dalla  Banca  per  operazioni  di  rifinanziamento  presso l\u2019Eurosistema. <span class=\"_ _1\"></span>L\u2019operazione <span class=\"_ _1\"></span>\u00e8, <span class=\"_ _1\"></span>infatti, <span class=\"_ _1\"></span>finalizzata a <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>stituire una <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iserva <span class=\"_ _1\"></span>di liquidit\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>rientra <span class=\"_ _1\"></span>tra le complessive attivit\u00e0 di gestione della liquidit\u00e0 poste in essere da Crede<span class=\"_ _1\"></span>m. A <span class=\"_ _38\"></span>Credem, <span class=\"_ _38\"></span>inoltre<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>tate <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iconosciute <span class=\"_ _38\"></span>dalla <span class=\"_ _38\"></span>societ\u00e0 <span class=\"_ _38\"></span>veicolo <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>eguenti <span class=\"_ _38\"></span>opzioni: <span class=\"_ _38\"></span>riacquisto <span class=\"_ _38\"></span>di singoli <span class=\"_ _37\"> </span>crediti <span class=\"_ _36\"> </span>entro <span class=\"_ _37\"> </span>determinati <span class=\"_ _36\"> </span>parametri, <span class=\"_ _37\"> </span>riacquisto <span class=\"_ _36\"> </span>in <span class=\"_ _37\"> </span>blocco <span class=\"_ _37\"> </span>per <span class=\"_ _37\"> </span>i <span class=\"_ _36\"> </span>crediti <span class=\"_ _37\"> </span>che <span class=\"_ _37\"> </span>doves<span class=\"_ _1\"></span>sero diventare <span class=\"_ _1\"></span>eleggibili <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>l\u2019utilizzo <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>progr<span class=\"_ _1\"></span>amma <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Obbligazioni <span class=\"_ _1\"></span>Bancarie <span class=\"_ _1\"></span>Garantite <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>Credem<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>CB S.r.l. <span class=\"_ _3b\"></span>e <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iacquisto <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>tutto <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>portafoglio <span class=\"_ _3b\"></span>cre<span class=\"_ _1\"></span>diti <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>es<span class=\"_ _1\"></span>sere, <span class=\"_ _3b\"></span>in <span class=\"_ _2\"></span>blocco <span class=\"_ _3b\"></span>e <span class=\"_ _2\"></span>pro <span class=\"_ _3b\"></span>so<span class=\"_ _1\"></span>luto <span class=\"_ _3b\"></span>(nel <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ispetto <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>vincoli contrattuali previsti). Nel <span class=\"_ _3b\"></span>corso del <span class=\"_ _184\"></span>2024 <span class=\"_ _2\"></span>non <span class=\"_ _3b\"></span>sono <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>tate <span class=\"_ _3b\"></span>effettuate <span class=\"_ _2\"></span>operazioni <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>riacquisto<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>parziale <span class=\"_ _3b\"></span>e/<span class=\"_ _1\"></span>o <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>blocco <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>cre<span class=\"_ _1\"></span>diti dalla societ\u00e0 veicolo. Altre<span class=\"_ _1\"></span> operazioni<span class=\"fs2\"> </span>Sono p<span class=\"_ _3a1\"> </span>resenti <span class=\"_ _1\"></span>nella cate<span class=\"_ _1\"></span>goria contabile \u201c<span class=\"_ _1\"></span>Attivit\u00e0 finanziarie <span class=\"_ _1\"></span>valutate <span class=\"_ _1\"></span>al co<span class=\"_ _1\"></span>sto ammortizzato\u201d, <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>31 dicembre <span class=\"_ _0\"></span>2024, <span class=\"_ _0\"></span>304 <span class=\"_ _0\"></span>milioni<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>E<span class=\"_ _1\"></span>uro <span class=\"_ _0\"></span>complessivi, <span class=\"_ _0\"></span>relativi <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>trumenti <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>coll<span class=\"_ _2\"></span>egati <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>crediti originati <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>Europa, <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>preponderanza <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>componente <span class=\"_ _38\"></span>di o<span class=\"_ _1\"></span>rigination <span class=\"_ _1\"></span>francese <span class=\"_ _1\"></span>(104,4 <span class=\"_ _38\"></span>milioni <span class=\"_ _1\"></span>di Euro). <span class=\"_ _3f\"> </span>Il <span class=\"_ _3a\"> </span>portafoglio <span class=\"_ _3f\"> </span>\u00e8 <span class=\"_ _3a\"> </span>costituito <span class=\"_ _3a\"> </span>da <span class=\"_ _3f\"> </span>differenti <span class=\"_ _3f\"> </span>t<span class=\"_ _1\"></span>ipologie <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>ABS <span class=\"_ _3a\"> </span>con <span class=\"_ _3f\"> </span>una <span class=\"_ _3a\"> </span>prevalenza <span class=\"_ _3f\"> </span>delle cartolarizzazioni di mutui residenziali, che incidono per <span class=\"_ _1\"></span>il 58,7%.  L\u2019attuale esposizione suddivisa per rischio paese \u00e8 cos<span class=\"_ _1\"></span>\u00ec composta: <table class=\"s w77b h2ac\" id=\"_161938b7-8cb9-4b90-81e0-fc40e48b9e4e\"><tr><td></td><td class=\"c x918 y6591 w77c h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Cont<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x917 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">rovalore (migliaia<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td class=\"t m2 x919 h12 y6592 ff4 fs7 fc4 sc3 ls0 ws0\">Paese </td><td class=\"c n x91a y6593 w77d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Euro)<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x91b y6593 w77e h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">%<span class=\"_ _1\"></span> Esposizione<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x456 y53a9 w77f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">FRANCIA<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x91c y53a9 w780 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">104.428<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x91d y53a9 w781 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">34,4<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x91e y6594 w782 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">GERMANIA<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x91f y6594 w783 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">90.476<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x920 y6594 w784 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">29,8<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x921 y6595 w785 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">SPAGNA<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x922 y6595 w786 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">55<span class=\"_ _1\"></span>.368<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x923 y6595 w787 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18,2<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5679 w788 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">PAESI BASSI<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x924 y5679 w789 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">32.444<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x925 y5679 w78a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10,<span class=\"_ _2\"></span>7<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x926 y6596 w78b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">ITALIA<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x927 y6596 w545 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.540<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x928 y6596 w78c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4,1<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x456 y6597 w78d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">IRLANDA<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x929 y6597 w78e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.550<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x92a y6597 w78f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2,8<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x92b y539f w790 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">TOTALE<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x92c y539f w791 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">303.806<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x92d y539f w792 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">100,0<span class=\"_ _3a1\"> </span></div></td></tr></table>C.2 Consolidato<span class=\"_ _1\"></span> prudenziale \u2013 Esposiz<span class=\"_ _1\"></span>ioni derivanti dalle prin<span class=\"_ _1\"></span>cipali operazioni di carto<span class=\"_ _3a1\"> </span>larizzazione di \u201ct<span class=\"_ _1\"></span>erzi\u201d ripartite per<span class=\"_ _3a1\"> </span>tipologia delle<span class=\"_ _1\"></span> attivit\u00e0 cartolar<span class=\"_ _1\"></span>izzate e per tipo di esposizione<span class=\"_ _3a1\"> </span><table class=\"s w12b8 h2ad\" id=\"_f79a61d0-26e2-4619-822b-8caf778eb3ad\"><tr><td></td><td></td><td></td><td class=\"c n x115c y6598 w12b9 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc4 sc3 ls0 ws0\">Esposizioni<span class=\"_ _1\"></span> per cass<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"t m2 x138c h19 y6599 ff4 fsb fc4 sc3 ls0 ws0\">Mezzanin<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"c n x1f1a y6598 w12ba h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc4 sc3 ls0 ws0\">Garanzie ril<span class=\"_ _1\"></span>asciate<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x11fd h19 y6599 ff4 fsb fc4 sc3 ls0 ws0\">Mezzanin<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td class=\"c n x1f1b y6598 w12bb h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc4 sc3 ls0 ws0\">Linee di<span class=\"_ _1\"></span> credito<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x936 h19 y6599 ff4 fsb fc4 sc3 ls0 ws0\">Mezzanin<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x93b h19 y659a ff4 fsb fc4 sc3 ls0 ws0\">Senior </td><td></td><td></td><td></td><td class=\"c n x1aa2 y659b w11ac h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc4 sc3 ls0 ws0\">Junior<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1f1c y659b w979 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc4 sc3 ls0 ws0\">Senior<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td class=\"c n x13c7 y659b w11ac h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc4 sc3 ls0 ws0\">Junior<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1f1d y659b w12bc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc4 sc3 ls0 ws0\">Seni<span class=\"_ _1\"></span>or<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td class=\"t m2 xc59 h19 y659a ff4 fsb fc4 sc3 ls0 ws0\">Junior </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x1aa9 h19 y659c ff4 fsb fc4 sc3 ls0 ws0\">e </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 xb9c h19 y659c ff4 fsb fc4 sc3 ls0 ws0\">e </td><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x1140 h19 y659c ff4 fsb fc4 sc3 ls0 ws0\">e </td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x1f1e h19 y659d ff4 fsb fc4 sc3 ls0 ws0\">Tipologi<span class=\"_ _1\"></span>a attivit\u00e0 </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x595 y659e w12bd h1dd\" colspan=\"2\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc4 sc3 ls0 ws0\">sottos<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x1f1f h19 y5369 ff4 fsb fc4 sc3 ls0 ws0\">tanti/ Espos<span class=\"_ _1\"></span>izioni<span class=\"_ _3a1\"> </span></div></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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1f20 y659f w12be h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">A.1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f21 y659f w12bf h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">A<span class=\"_ _1\"></span>SEST 23 A SR FLT<span class=\"_ _3a1\"> </span></div></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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x1f22 y65a0 w12c0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">Prestiti<span class=\"_ _1\"></span> al consumo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f23 y65a0 wc7d h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">18<span class=\"_ _2\"></span>.013<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f24 y65a0 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f25 y65a0 w12c1 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f26 y65a0 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f27 y65a0 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f28 y65a0 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f29 y65a0 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f2a y65a0 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f2b y65a0 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f2c y65a0 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f2d y65a0 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f2e y65a0 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f2f y65a0 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f30 y65a0 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f31 y65a0 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f32 y65a0 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f33 y65a0 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f34 y65a0 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f35 y65a0 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65a1 ff4 fsb fc1 sc0 ls0 ws0\">AUTO ABS </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x7c4 h19 y65a2 ff4 fsb fc1 sc0 ls0 ws0\">A.2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65a2 ff4 fsb fc1 sc0 ls0 ws0\">FRGN33FRN </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x1f22 y65a3 w12c0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">Prestiti<span class=\"_ _1\"></span> al consumo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f36 y65a3 w12c2 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>.059<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1f37 y65a3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f38 y65a3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f39 y65a3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f3a y65a3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f3b y65a3 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f3c y65a3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f3d y65a3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f3e y65a3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f3f y65a3 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f40 y65a3 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f41 y65a3 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f42 y65a3 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f43 y65a3 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f44 y65a3 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f45 y65a3 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f46 y65a3 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f47 y65a3 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65a4 ff4 fsb fc1 sc0 ls0 ws0\">AUTOF 2 A 21-43 </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x7c4 h19 y65a5 ff4 fsb fc1 sc0 ls0 ws0\">A.3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65a5 ff4 fsb fc1 sc0 ls0 ws0\">EUR </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x1f22 y65a6 w12c0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">Prestiti<span class=\"_ _1\"></span> al consumo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f48 y65a6 w12c3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">10.567<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f49 y65a6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f4a y65a6 w12c4 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f4b y65a6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f4c y65a6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f4d y65a6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f4e y65a6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f4f y65a6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f50 y65a6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f51 y65a6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f52 y65a6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f53 y65a6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f54 y65a6 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f55 y65a6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f56 y65a6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f57 y65a6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f58 y65a6 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f59 y65a6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f5a y65a6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65a7 ff4 fsb fc1 sc0 ls0 ws0\">BPCE </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x1f5b h19 y65a8 ff4 fsb fc1 sc0 ls0 ws0\">A.4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65a8 ff4 fsb fc1 sc0 ls0 ws0\">HOME21OT55FRN<span class=\"_ _1\"></span> </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65a9 ff4 fsb fc1 sc0 ls0 ws0\">Mutui i<span class=\"_ _1\"></span>potecari </td><td class=\"t m2 xad5 h19 y65a9 ff4 fsb fc1 sc0 ls0 ws0\">24.65<span class=\"_ _3a1\"> </span></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><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65aa ff4 fsb fc1 sc0 ls0 ws0\">residenziali<span class=\"_ _1\"></span> </td><td class=\"c n xc13 y65ab w12c5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f5c y65ab wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f5d y65ab w12c6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f5e y65ab wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f5f y65ab wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f60 y65ab wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f61 y65ab wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f62 y65ab wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f63 y65ab wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f64 y65ab wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f65 y65ab wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f66 y65ab wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f67 y65ab wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f68 y65ab wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f69 y65ab wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f6a y65ab wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f6b y65ab wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f6c y65ab wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f6d y65ab wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65ac ff4 fsb fc1 sc0 ls0 ws0\">BPCEHL 2024 A SE<span class=\"_ _1\"></span>Q </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x7c4 h19 y65ad ff4 fsb fc1 sc0 ls0 ws0\">A.5<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65ad ff4 fsb fc1 sc0 ls0 ws0\">FL </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65ae ff4 fsb fc1 sc0 ls0 ws0\">Mutui i<span class=\"_ _1\"></span>potecari </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x1f22 y65af w12c7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">residenziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f6e y65af w12c8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">11.499<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f6f y65af wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f70 y65af w12c9 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f71 y65af wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f72 y65af wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f73 y65af wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f74 y65af wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f75 y65af wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f76 y65af wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f77 y65af wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f78 y65af wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f79 y65af wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f7a y65af wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f7b y65af wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f7c y65af wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f7d y65af wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f7e y65af wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f7f y65af wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f80 y65af wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65b0 ff4 fsb fc1 sc0 ls0 ws0\">BSKY GE11 FRN-30<span class=\"_ _1\"></span> </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x1f5b h19 y65b1 ff4 fsb fc1 sc0 ls0 ws0\">A.6<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65b1 ff4 fsb fc1 sc0 ls0 ws0\">EU </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x1f22 y65b2 w12c0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">Prestiti<span class=\"_ _1\"></span> al consumo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f81 y65b2 w12ca h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">10.620<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f82 y65b2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f83 y65b2 w10c6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f84 y65b2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f85 y65b2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f86 y65b2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f87 y65b2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f88 y65b2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f89 y65b2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f8a y65b2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f8b y65b2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f8c y65b2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f8d y65b2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f8e y65b2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f8f y65b2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f90 y65b2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f91 y65b2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f92 y65b2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f93 y65b2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2b7 y5c73 w12cb h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">A.7<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f94 y5c73 w12cc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">BUMPE<span class=\"_ _1\"></span>R 22SA 22<span class=\"_ _1\"></span>-32<span class=\"_ _3a1\"> </span></div></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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x1f22 y65b3 w12c0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">Prestiti<span class=\"_ _1\"></span> al consumo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f95 y65b3 w12cd h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">9.275<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f96 y65b3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f97 y65b3 w12c9 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f26 y65b3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f27 y65b3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f28 y65b3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f29 y65b3 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f2a y65b3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f2b y65b3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f2c y65b3 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f2d y65b3 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f2e y65b3 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f2f y65b3 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f30 y65b3 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f31 y65b3 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f32 y65b3 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f33 y65b3 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f34 y65b3 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f35 y65b3 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65b4 ff4 fsb fc1 sc0 ls0 ws0\">BUOS 3 A SR SEQ </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x1f5b h19 y65b5 ff4 fsb fc1 sc0 ls0 ws0\">A.8<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65b5 ff4 fsb fc1 sc0 ls0 ws0\">FLT </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x1f22 y65b6 w12ce h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">Prestiti<span class=\"_ _1\"></span> a PMI<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f98 y65b6 w12cf h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.962<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f99 y65b6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f9a y65b6 w12c5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f9b y65b6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f9c y65b6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f9d y65b6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f9e y65b6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1f9f y65b6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fa0 y65b6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fa1 y65b6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fa2 y65b6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fa3 y65b6 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fa4 y65b6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fa5 y65b6 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fa6 y65b6 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fa7 y65b6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fa8 y65b6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fa9 y65b6 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1faa y65b6 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65b7 ff4 fsb fc1 sc0 ls0 ws0\">BUOS 3 B MEZZ SEQ </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x1f5b h19 y65b8 ff4 fsb fc1 sc0 ls0 ws0\">A.9<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65b8 ff4 fsb fc1 sc0 ls0 ws0\">FL </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x1f22 y65b9 w12ce h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">Prestiti<span class=\"_ _1\"></span> a PMI<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fab y65b9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x1fac y65b9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fad y65b9 w12d0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">10<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fae y65b9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1faf y65b9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fb0 y65b9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fb1 y65b9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fb2 y65b9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fb3 y65b9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fb4 y65b9 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fb5 y65b9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fb6 y65b9 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fb7 y65b9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fb8 y65b9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fb9 y65b9 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fba y65b9 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fbb y65b9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fbc y65b9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1fbd h19 y65ba ff4 fsb fc1 sc0 ls0 ws0\">A.1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65ba ff4 fsb fc1 sc0 ls0 ws0\">CR.AGR.HABITAT </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x598 h19 y65bb ff4 fsb fc1 sc0 ls0 ws0\">0 </td><td class=\"t m2 x950 h19 y65bb ff4 fsb fc1 sc0 ls0 ws0\">MTGE </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65bc ff4 fsb fc1 sc0 ls0 ws0\">Mutui i<span class=\"_ _1\"></span>potecari </td><td class=\"t m2 xad5 h19 y65bc ff4 fsb fc1 sc0 ls0 ws0\">22.64<span class=\"_ _3a1\"> </span></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><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65bd ff4 fsb fc1 sc0 ls0 ws0\">residenziali<span class=\"_ _1\"></span> </td><td class=\"c n xc13 y65be w12d1 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fbe y65be wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fbf y65be w12c6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fc0 y65be wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fc1 y65be wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fc2 y65be wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fc3 y65be wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fc4 y65be wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fc5 y65be wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fc6 y65be wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fc7 y65be wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fc8 y65be wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fc9 y65be wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fca y65be wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fcb y65be wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fcc y65be wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fcd y65be wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fce y65be wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fcf y65be wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65bf ff4 fsb fc1 sc0 ls0 ws0\">E-MAC NL FRN -A-<span class=\"_ _3a1\"> </span></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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y65c0 ff4 fsb fc1 sc0 ls0 ws0\">A.11<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65c0 ff4 fsb fc1 sc0 ls0 ws0\">GE37 </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65c1 ff4 fsb fc1 sc0 ls0 ws0\">Mutui i<span class=\"_ _1\"></span>potecari </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x1f22 y65c2 w12c7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">residenziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd0 y65c2 w12d2 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.031<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd1 y65c2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd2 y65c2 w10c6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd3 y65c2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd4 y65c2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd5 y65c2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd6 y65c2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd7 y65c2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd8 y65c2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd9 y65c2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fda y65c2 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fdb y65c2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fdc y65c2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fdd y65c2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fde y65c2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fdf y65c2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fe0 y65c2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fe1 y65c2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fe2 y65c2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1fbd h19 y65c3 ff4 fsb fc1 sc0 ls0 ws0\">A.1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65c3 ff4 fsb fc1 sc0 ls0 ws0\">FINANCE(IR)4AMT<span class=\"_ _1\"></span>GE<span class=\"_ _3a1\"> </span></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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x598 h19 y65c4 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65c4 ff4 fsb fc1 sc0 ls0 ws0\">61 </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65c5 ff4 fsb fc1 sc0 ls0 ws0\">Mutui i<span class=\"_ _1\"></span>potecari </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x1f22 y65c6 w12c7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">residenziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fe3 y65c6 w12d3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">8.549<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fe4 y65c6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fe5 y65c6 w10c6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fe6 y65c6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fe7 y65c6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fe8 y65c6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fe9 y65c6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fea y65c6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1feb y65c6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fec y65c6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fed y65c6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fee y65c6 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fef y65c6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ff0 y65c6 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ff1 y65c6 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fb9 y65c6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fba y65c6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fbb y65c6 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fbc y65c6 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1fbd h19 y65c7 ff4 fsb fc1 sc0 ls0 ws0\">A.1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65c7 ff4 fsb fc1 sc0 ls0 ws0\">GREEN APPLE-19-<span class=\"_ _3a1\"> </span></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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x598 h19 y65c8 ff4 fsb fc1 sc0 ls0 ws0\">3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65c8 ff4 fsb fc1 sc0 ls0 ws0\">GE58 </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65c9 ff4 fsb fc1 sc0 ls0 ws0\">Mutui i<span class=\"_ _1\"></span>potecari </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x1fbd h19 y65ca ff4 fsb fc1 sc0 ls0 ws0\">A.1<span class=\"_ _3a1\"> </span></td><td class=\"c n x1f22 y65cb w12c7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">residenziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ff2 y65cb w12d4 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">6.740<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ff3 y65cb wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ff4 y65cb w10c6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ff5 y65cb wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ff6 y65cb wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ff7 y65cb wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ff8 y65cb wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ff9 y65cb wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ffa y65cb wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ffb y65cb wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ffc y65cb wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ffd y65cb wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ffe y65cb wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fff y65cb wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2000 y65cb wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2001 y65cb wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2002 y65cb wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2003 y65cb wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2004 y65cb wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y5478 wacb h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2005 y5478 w12d5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">HFHL 2<span class=\"_ _1\"></span>020-1 FB61<span class=\"_ _3a1\"> </span></div></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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65cc ff4 fsb fc1 sc0 ls0 ws0\">Mutui i<span class=\"_ _1\"></span>potecari </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x1f22 y65cd w12c7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">residenziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fe3 y65cd wb90 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">7.880<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2006 y65cd wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2007 y65cd w10c6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2008 y65cd wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2009 y65cd wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x200a y65cd wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x200b y65cd wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x200c y65cd wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x200d y65cd wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x200e y65cd wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x200f y65cd wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2010 y65cd wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2011 y65cd wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2012 y65cd wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2013 y65cd wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2014 y65cd wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2015 y65cd wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2016 y65cd wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2017 y65cd wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1fbd h19 y65ce ff4 fsb fc1 sc0 ls0 ws0\">A.1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65ce ff4 fsb fc1 sc0 ls0 ws0\">HFHL 2021-1A </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x598 h19 y65cf ff4 fsb fc1 sc0 ls0 ws0\">5<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65cf ff4 fsb fc1 sc0 ls0 ws0\">MTGE61E </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65d0 ff4 fsb fc1 sc0 ls0 ws0\">Mutui i<span class=\"_ _1\"></span>potecari </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x1fbd h19 y65d1 ff4 fsb fc1 sc0 ls0 ws0\">A.1<span class=\"_ _3a1\"> </span></td><td class=\"c n x1f22 y65d2 w12c7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">residenziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2018 y65d2 w12d6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">19.375<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2019 y65d2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x201a y65d2 w12c6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x201b y65d2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ff6 y65d2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ff7 y65d2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ff8 y65d2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ff9 y65d2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ffa y65d2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ffb y65d2 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ffc y65d2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ffd y65d2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ffe y65d2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fff y65d2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2000 y65d2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2001 y65d2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2002 y65d2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2003 y65d2 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2004 y65d2 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y65d3 w12d1 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x201c y65d3 w12d7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">MAGOI 19 L<span class=\"_ _1\"></span>G39 FLT<span class=\"_ _3a1\"> </span></div></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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x1fbd h19 y65d4 ff4 fsb fc1 sc0 ls0 ws0\">A.1<span class=\"_ _3a1\"> </span></td><td class=\"c n x1f22 y65d5 w12c0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">Prestiti<span class=\"_ _1\"></span> al consumo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x201d y65d5 w10c0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3.193<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x201e y65d5 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x201f y65d5 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2020 y65d5 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2021 y65d5 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2022 y65d5 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2023 y65d5 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2024 y65d5 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2025 y65d5 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2026 y65d5 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2027 y65d5 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2028 y65d5 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2029 y65d5 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x202a y65d5 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x202b y65d5 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x202c y65d5 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x202d y65d5 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x202e y65d5 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x595 y65d6 wba0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">7<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x202f y65d6 w12d8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">NORIA 2021-<span class=\"_ _1\"></span>1EUR<span class=\"_ _3a1\"> </span></div></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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x1f22 y65d7 w12c0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">Prestiti<span class=\"_ _1\"></span> al consumo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2030 y65d7 w10b2 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">7.033<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2031 y65d7 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2032 y65d7 w12c9 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2033 y65d7 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2034 y65d7 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2035 y65d7 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2036 y65d7 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2037 y65d7 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2038 y65d7 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2039 y65d7 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x203a y65d7 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x203b y65d7 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x203c y65d7 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x203d y65d7 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x203e y65d7 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x203f y65d7 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2040 y65d7 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2041 y65d7 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2042 y65d7 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1fbd h19 y65d8 ff4 fsb fc1 sc0 ls0 ws0\">A.1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65d8 ff4 fsb fc1 sc0 ls0 ws0\">PRADO 8 A SR SEQ </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x598 h19 y65d9 ff4 fsb fc1 sc0 ls0 ws0\">8 </td><td class=\"t m2 x950 h19 y65d9 ff4 fsb fc1 sc0 ls0 ws0\">FLT </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65da ff4 fsb fc1 sc0 ls0 ws0\">Mutui i<span class=\"_ _1\"></span>potecari </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x1f22 y65db w12c7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">residenziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ff2 y65db w12d9 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">19.011<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2043 y65db wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2044 y65db w12c1 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2045 y65db wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fae y65db wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1faf y65db wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fb0 y65db wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fb1 y65db wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fb2 y65db wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fb3 y65db wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fb4 y65db wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fb5 y65db wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2046 y65db wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2047 y65db wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2048 y65db wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2049 y65db wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x204a y65db wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x204b y65db wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x204c y65db wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1fbd h19 y65dc ff4 fsb fc1 sc0 ls0 ws0\">A.1<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65dc ff4 fsb fc1 sc0 ls0 ws0\">PRADO 9 A SR SEQ<span class=\"_ _1\"></span> </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x598 h19 y65dd ff4 fsb fc1 sc0 ls0 ws0\">9 </td><td class=\"t m2 x950 h19 y65dd ff4 fsb fc1 sc0 ls0 ws0\">FLT </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65de ff4 fsb fc1 sc0 ls0 ws0\">Mutui i<span class=\"_ _1\"></span>potecari </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x1f22 y65df w12c7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">residenziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x204d y65df w12da h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">21.359<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x204e y65df wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x204f y65df w12c6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2050 y65df wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2051 y65df wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2052 y65df wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2053 y65df wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2054 y65df wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2055 y65df wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2056 y65df wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2057 y65df wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2058 y65df wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2059 y65df wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x205a y65df wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x205b y65df wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x205c y65df wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x205d y65df wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x205e y65df wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x205f y65df wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x7c4 h19 y65e0 ff4 fsb fc1 sc0 ls0 ws0\">A.2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65e0 ff4 fsb fc1 sc0 ls0 ws0\">PRADO X A SR SEQ </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x598 h19 y65e1 ff4 fsb fc1 sc0 ls0 ws0\">0 </td><td class=\"t m2 x950 h19 y65e1 ff4 fsb fc1 sc0 ls0 ws0\">FLT </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x950 h19 y65e2 ff4 fsb fc1 sc0 ls0 ws0\">Mutui i<span class=\"_ _1\"></span>potecari </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x7c4 h19 y65e3 ff4 fsb fc1 sc0 ls0 ws0\">A.2<span class=\"_ _3a1\"> </span></td><td class=\"c n x1f22 y65e4 w12c7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">residenziali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2060 y65e4 wca3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">14.993<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd1 y65e4 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd2 y65e4 w10c6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd3 y65e4 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd4 y65e4 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd5 y65e4 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd6 y65e4 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd7 y65e4 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd8 y65e4 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fd9 y65e4 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fda y65e4 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fdb y65e4 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fdc y65e4 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fdd y65e4 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fde y65e4 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fdf y65e4 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fe0 y65e4 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fe1 y65e4 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1fe2 y65e4 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2061 y65e5 w12db h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2062 y65e5 w12dc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">PROGQ 1 A EU<span class=\"_ _1\"></span>R<span class=\"_ _3a1\"> </span></div></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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x1f22 y65e6 w12c0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">Prestiti<span class=\"_ _1\"></span> al consumo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x201d y65e6 w12dd h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.969<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2063 y65e6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2064 y65e6 w10c6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2065 y65e6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2066 y65e6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2067 y65e6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2068 y65e6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2069 y65e6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x206a y65e6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x206b y65e6 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x206c y65e6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x206d y65e6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x206e y65e6 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x206f y65e6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2070 y65e6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2071 y65e6 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2072 y65e6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2073 y65e6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2074 y65e6 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x7c4 h19 y65e7 ff4 fsb fc1 sc0 ls0 ws0\">A.2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x950 h19 y65e7 ff4 fsb fc1 sc0 ls0 ws0\">R&amp;B AUTO </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x598 h19 y65e8 ff4 fsb fc1 sc0 ls0 ws0\">2 </td><td class=\"t m2 x950 h19 y65e8 ff4 fsb fc1 sc0 ls0 ws0\">L9GER22/31<span class=\"_ _1\"></span> </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Valore d<span class=\"_ _2\"></span>i bilancioRettifiche<span class=\"_ _3b\"></span>/ri<span class=\"_ _1\"></span>prese d<span class=\"_ _3b\"></span>i valore Valore d<span class=\"_ _2\"></span>i bilancio<span class=\"_ _2\"></span> Rettifiche<span class=\"_ _3b\"></span>/ri<span class=\"_ _1\"></span>prese d<span class=\"_ _3b\"></span>i valoreValore d<span class=\"_ _2\"></span>i bilancio<span class=\"_ _2\"></span> Rettifiche<span class=\"_ _3b\"></span>/ri<span class=\"_ _1\"></span>prese d<span class=\"_ _3b\"></span>i valoreValore d<span class=\"_ _2\"></span>i bilancio<span class=\"_ _2\"></span> Rettifiche<span class=\"_ _3b\"></span>/ri<span class=\"_ _1\"></span>prese d<span class=\"_ _3b\"></span>i valoreValore d<span class=\"_ _2\"></span>i bilancio<span class=\"_ _2\"></span> Rettifiche<span class=\"_ _3b\"></span>/ri<span class=\"_ _1\"></span>prese d<span class=\"_ _3b\"></span>i valoreValore d<span class=\"_ _2\"></span>i bilancio<span class=\"_ _2\"></span> Rettifiche<span class=\"_ _3b\"></span>/ri<span class=\"_ _1\"></span>prese d<span class=\"_ _3b\"></span>i valoreValore d<span class=\"_ _2\"></span>i bilancio<span class=\"_ _2\"></span> Rettifiche<span class=\"_ _3b\"></span>/ri<span class=\"_ _1\"></span>prese d<span class=\"_ _3b\"></span>i valoreValore d<span class=\"_ _2\"></span>i bilancio<span class=\"_ _2\"></span> Rettifiche<span class=\"_ _3b\"></span>/ri<span class=\"_ _1\"></span>prese d<span class=\"_ _3b\"></span>i valoreValore d<span class=\"_ _2\"></span>i bilancio<span class=\"_ _2\"></span> Rettifiche<span class=\"_ _3b\"></span>/ri<span class=\"_ _1\"></span>prese d<span class=\"_ _3b\"></span>i valore<table class=\"s w12de h2ae\" id=\"_b0a54e44-7197-4868-88b3-f281a2031b6e\"><tr><td></td><td class=\"c n x2075 y65e9 w12c0 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">Prestiti<span class=\"_ _1\"></span> al consumo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2076 y65e9 w12c2 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">9.2<span class=\"_ _1\"></span>05<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2077 y65e9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2078 y65e9 w10c6 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2079 y65e9 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x207a y65e9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x207b y65e9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x207c y65e9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x207d y65e9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x207e y65e9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x207f y65e9 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2080 y65e9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2081 y65e9 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2082 y65e9 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2083 y65e9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2084 y65e9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2085 y65e9 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2086 y65e9 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2087 y65e9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2088 y65e9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x765 h19 y65ea ff4 fsb fc1 sc0 ls0 ws0\">A.2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2089 h19 y65ea ff4 fsb fc1 sc0 ls0 ws0\">SC GERMAN CONS </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x208a h19 y65eb ff4 fsb fc1 sc0 ls0 ws0\">3<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2089 h19 y65eb ff4 fsb fc1 sc0 ls0 ws0\">21-1A </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x2075 y55f5 w12c0 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">Prestiti<span class=\"_ _1\"></span> al consumo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x208b y55f5 w12df h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">16.662<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x208c y55f5 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x208d y55f5 w12c6 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x208e y55f5 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x208f y55f5 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2090 y55f5 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2091 y55f5 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2092 y55f5 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2093 y55f5 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2094 y55f5 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2095 y55f5 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2096 y55f5 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2097 y55f5 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2098 y55f5 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2099 y55f5 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x209a y55f5 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x209b y55f5 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x209c y55f5 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x209d y55f5 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x765 h19 y65ec ff4 fsb fc1 sc0 ls0 ws0\">A.2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2089 h19 y65ec ff4 fsb fc1 sc0 ls0 ws0\">SCGERC 24-2 A<span class=\"_ _1\"></span>BS </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x208a h19 y65ed ff4 fsb fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2089 h19 y65ed ff4 fsb fc1 sc0 ls0 ws0\">FLT </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x2075 y65db w12c0 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">Prestiti<span class=\"_ _1\"></span> al consumo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x209e y65db w12e0 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">14.020<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x209f y65db wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20a0 y65db w12c9 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20a1 y65db wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20a2 y65db wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20a3 y65db wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20a4 y65db wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20a5 y65db wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20a6 y65db wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20a7 y65db wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20a8 y65db wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20a9 y65db wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20aa y65db wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ab y65db wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ac y65db wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ad y65db wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ae y65db wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20af y65db wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20b0 y65db wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x765 h19 y65ee ff4 fsb fc1 sc0 ls0 ws0\">A.2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2089 h19 y65ee ff4 fsb fc1 sc0 ls0 ws0\">SILARR 18 FLT AL </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x208a h19 y65ef ff4 fsb fc1 sc0 ls0 ws0\">5<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2089 h19 y65ef ff4 fsb fc1 sc0 ls0 ws0\">ABS </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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x765 h19 y65f0 ff4 fsb fc1 sc0 ls0 ws0\">A.2<span class=\"_ _3a1\"> </span></td><td class=\"c n x2075 y65f1 w12c0 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">Prestiti<span class=\"_ _1\"></span> al consumo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x209e y65f1 w12e1 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">18.354<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20b1 y65f1 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20b2 y65f1 w12c6 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20b3 y65f1 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20b4 y65f1 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20b5 y65f1 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20b6 y65f1 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20b7 y65f1 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20b8 y65f1 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20b9 y65f1 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ba y65f1 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20bb y65f1 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20bc y65f1 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20bd y65f1 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20be y65f1 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20bf y65f1 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20c0 y65f1 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20c1 y65f1 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20c2 y65f1 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x20c3 y65f2 w12d1 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20c4 y65f2 w12e2 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">SILVER A AP31 F<span class=\"_ _1\"></span>RN<span class=\"_ _3a1\"> </span></div></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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x765 h19 y65f3 ff4 fsb fc1 sc0 ls0 ws0\">A.2<span class=\"_ _3a1\"> </span></td><td class=\"c n x2075 y65f4 w12c0 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">Prestiti<span class=\"_ _1\"></span> al consumo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20c5 y65f4 w12e3 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">857<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x20c6 y65f4 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20c7 y65f4 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20c8 y65f4 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20c9 y65f4 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ca y65f4 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20cb y65f4 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20cc y65f4 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20cd y65f4 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ce y65f4 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20cf y65f4 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20d0 y65f4 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20d1 y65f4 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20d2 y65f4 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20d3 y65f4 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20d4 y65f4 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20d5 y65f4 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20d6 y65f4 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x20c3 y65f5 wba0 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">7<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20d7 y65f5 w12e4 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">SILVER A<span class=\"_ _1\"></span> GN29 FRN<span class=\"_ _3a1\"> </span></div></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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x765 h19 y65f6 ff4 fsb fc1 sc0 ls0 ws0\">A.2<span class=\"_ _3a1\"> </span></td><td class=\"c n x2075 y65f7 w12c0 h240\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">Prestiti<span class=\"_ _1\"></span> al consumo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2076 y65f7 w12e5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">3.594<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x20d8 y65f7 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></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><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x20c3 y65e6 w12e6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">8<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20d9 y65e6 w12e7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">STORM 2022-<span class=\"_ _1\"></span>A B.V.<span class=\"_ _3a1\"> </span></div></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><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x2089 h19 y65f8 ff4 fsb fc1 sc0 ls0 ws0\">Mutui i<span class=\"_ _1\"></span>potecari </td><td class=\"t m2 x20da h19 y65f8 ff4 fsb fc1 sc0 ls0 ws0\">20.62<span class=\"_ _3a1\"> </span></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><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x2089 h19 y65f9 ff4 fsb fc1 sc0 ls0 ws0\">residenziali<span class=\"_ _1\"></span> </td><td class=\"c n x20db y539f w12e8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">0<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x20dc y539f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></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><td></td><td></td><td></td><td></td></tr></table>C.3 Con<span class=\"_ _1\"></span>solidato p<span class=\"_ _1\"></span>ruden<span class=\"_ _3a1\"> </span>ziale \u2013 Inte<span class=\"_ _1\"></span>ressenze in<span class=\"_ _1\"></span> societ<span class=\"_ _1\"></span>\u00e0 veicolo<span class=\"_ _1\"></span> per la car<span class=\"_ _1\"></span>tolarizza<span class=\"_ _1\"></span>zione<span class=\"_ _3a1\"> </span>Come <span class=\"_ _1\"></span>gi\u00e0 esposto <span class=\"_ _1\"></span>nelle informazioni di <span class=\"_ _1\"></span>natura qualitativa, <span class=\"_ _1\"></span>nel Gr<span class=\"_ _1\"></span>uppo \u00e8 <span class=\"_ _1\"></span>presente <span class=\"_ _1\"></span>un\u2019unica societ\u00e0<span class=\"_ _3a1\"> </span>veicolo <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>la cartolarizzazione, <span class=\"_ _1\"></span>Emilia <span class=\"_ _1\"></span>Spv, parte<span class=\"_ _1\"></span>cipata <span class=\"_ _1\"></span>al 10<span class=\"_ _1\"></span>% da <span class=\"_ _1\"></span>Credito Emiliano; <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>societ\u00e0 <span class=\"_ _1\"></span>non<span class=\"_ _3a1\"> </span>\u00e8 stata consolidata.<span class=\"_ _3a1\"> </span>D. Operazioni di cessione<span class=\"_ _3a1\"> </span>A.<span class=\"_ _19c\"> </span>Attivit\u00e0<span class=\"_ _1\"></span> finanzia<span class=\"_ _1\"></span>rie ced<span class=\"_ _1\"></span>ute e non <span class=\"_ _1\"></span>cancellate<span class=\"_ _1\"></span> integralm<span class=\"_ _1\"></span>ente<span class=\"_ _3a1\"> </span>Infor<span class=\"_ _3a1\"> </span>mazion<span class=\"_ _1\"></span>i di natura<span class=\"_ _1\"></span> qualita<span class=\"_ _1\"></span>tiva Operazi<span class=\"_ _1\"></span>oni di ces<span class=\"_ _1\"></span>sione Come <span class=\"_ _38\"></span>gi\u00e0 <span class=\"_ _38\"></span>anticipato <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>riferimento <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>Cartolarizzazione <span class=\"_ _38\"></span>Emilia <span class=\"_ _1\"></span>SPV <span class=\"_ _38\"></span>S.r.l., <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>corso <span class=\"_ _38\"></span>dell\u2019esercizio 2015 <span class=\"_ _36\"> </span>C<span class=\"_ _3a1\"> </span>redem <span class=\"_ _36\"> </span>ha <span class=\"_ _36\"> </span>perfezionato <span class=\"_ _37\"> </span>un\u2019operazione <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>cartolarizzazione <span class=\"_ _36\"> </span>revolving, <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>lativa <span class=\"_ _36\"> </span>a <span class=\"_ _37\"> </span>mutui ipotecari  residenziali  in  bonis  non  eleggibili  ai  fini  dell\u2019utilizzo  nel  programma  di  emissioni  di \u201cObbligazioni <span class=\"_ _3d\"> </span>Bancarie <span class=\"_ _37\"> </span>Garantite\u201d <span class=\"_ _3d\"> </span>dalla <span class=\"_ _37\"> </span>societ\u00e0 <span class=\"_ _3d\"> </span>ve<span class=\"_ _1\"></span>icolo <span class=\"_ _3d\"> </span>Credem <span class=\"_ _3d\"> </span>CB <span class=\"_ _37\"> </span>S.r.l., <span class=\"_ _3d\"> </span>erogati <span class=\"_ _37\"> </span>alla <span class=\"_ _3d\"> </span>propria clientela e selezionati sulla <span class=\"_ _3b\"></span>bas<span class=\"_ _1\"></span>e di <span class=\"_ _2\"></span>criteri predefiniti in modo tale <span class=\"_ _2\"></span>da costituire un <span class=\"_ _2\"></span>\u201cblocco\u201d ai sensi e per gli effetti della legge applicabile in materia <span class=\"_ _1\"></span>di cartolarizzazione dei crediti.  A <span class=\"_ _38\"></span>seguito <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>lla <span class=\"_ _1\"></span>prima <span class=\"_ _38\"></span>cess<span class=\"_ _1\"></span>ione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>attivi, <span class=\"_ _38\"></span>perfezionata <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>quarto <span class=\"_ _1\"></span>trimestre <span class=\"_ _38\"></span>2014 <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>prezzo <span class=\"_ _38\"></span>pari ad Euro <span class=\"_ _1\"></span>1.002.811.119,07, <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>state perfezionate, <span class=\"_ _1\"></span>dal 2015<span class=\"_ _1\"></span> alla <span class=\"_ _1\"></span>fine del <span class=\"_ _1\"></span>2024, <span class=\"_ _1\"></span>nei pe<span class=\"_ _1\"></span>riodi di s<span class=\"_ _1\"></span>eguito indicati, <span class=\"_ _38\"></span>dodici <span class=\"_ _38\"></span>ces<span class=\"_ _1\"></span>sioni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>alt<span class=\"_ _1\"></span>rettanti <span class=\"_ _0\"></span>portafogli <span class=\"_ _1\"></span>di <span class=\"_ _0\"></span>crediti <span class=\"_ _38\"></span>idonei <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>so<span class=\"_ _1\"></span>ciet\u00e0 <span class=\"_ _38\"></span>veicolo <span class=\"_ _0\"></span>ad <span class=\"_ _1\"></span>un <span class=\"_ _0\"></span>prezzo pari a: -<span class=\"_ _134\"> </span>Quarto trimestre <span class=\"_ _1\"></span>2015: Euro 285.392.481,54 -<span class=\"_ _134\"> </span>Quarto trimestre <span class=\"_ _1\"></span>2016: Euro 293.707.640,58 -<span class=\"_ _134\"> </span>Quarto trimestre <span class=\"_ _1\"></span>2017: Euro 245.710.926,70 -<span class=\"_ _134\"> </span>Quarto trimestre <span class=\"_ _1\"></span>2018: Euro 52.416.789,64<span class=\"_ _3a1\"> </span>-<span class=\"_ _134\"> </span>Secondo tr<span class=\"_ _1\"></span>imestre 2021: Euro 1.304.130.865,63<span class=\"_ _3a1\"> </span>-<span class=\"_ _134\"> </span>Quarto trimestre <span class=\"_ _1\"></span>2021: Euro 353.874.864,16 -<span class=\"_ _134\"> </span>Secondo tr<span class=\"_ _1\"></span>imestre 2022: Euro 274.726.751,12 -<span class=\"_ _134\"> </span>Quarto trimestre <span class=\"_ _1\"></span>2022: Euro 190.056.443,89 -<span class=\"_ _134\"> </span>Secondo tr<span class=\"_ _1\"></span>imestre 2023: Euro 163.629.812,82<span class=\"_ _3a1\"> </span>-<span class=\"_ _134\"> </span>Quarto trimestre <span class=\"_ _1\"></span>2023: Euro 271.235.442,14 -<span class=\"_ _134\"> </span>Secondo tr<span class=\"_ _1\"></span>imestre 2024: Euro 140.344.103,48 -<span class=\"_ _134\"> </span>Quarto trimestre <span class=\"_ _1\"></span>2024: Euro 144.587.852,93 I <span class=\"_ _1\"></span>crediti <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>stati <span class=\"_ _1\"></span>acquistati <span class=\"_ _1\"></span>\u201cpro <span class=\"_ _38\"></span>soluto\u201d, <span class=\"_ _1\"></span>ossia <span class=\"_ _1\"></span>senza <span class=\"_ _1\"></span>garanzia <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>olvenza <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>debitor<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>loro eventuali <span class=\"_ _3d\"> </span>gar<span class=\"_ _1\"></span>anti, <span class=\"_ _3d\"> </span>dalla <span class=\"_ _37\"> </span>societ\u00e0 <span class=\"_ _3d\"> </span>EMILIA <span class=\"_ _3d\"> </span>SPV <span class=\"_ _37\"> </span>S.r.l., <span class=\"_ _3d\"> </span>so<span class=\"_ _1\"></span>ciet\u00e0 <span class=\"_ _37\"> </span>veicolo <span class=\"_ _3d\"> </span>appositamente <span class=\"_ _37\"> </span>costituita <span class=\"_ _3d\"> </span>e partecipata <span class=\"_ _1\"></span>al <span class=\"_ _38\"></span>10% <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>Credem, <span class=\"_ _1\"></span>con <span class=\"_ _38\"></span>oggetto <span class=\"_ _1\"></span>esclusivo <span class=\"_ _1\"></span>consistente <span class=\"_ _38\"></span>nella <span class=\"_ _1\"></span>realizzazione <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>una <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>pi\u00f9 operazioni di cartolarizzazione ai sensi della Legge n. 130 del 30 aprile 1999. La <span class=\"_ _38\"></span>societ<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _38\"></span>veicolo <span class=\"_ _38\"></span>ha <span class=\"_ _0\"></span>fi<span class=\"_ _2\"></span>nanziato <span class=\"_ _38\"></span>l\u2019operazione <span class=\"_ _0\"></span>attraverso <span class=\"_ _1\"></span>l\u2019emissione, <span class=\"_ _0\"></span>nel <span class=\"_ _38\"></span>corso <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>mese <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _38\"></span>aprile del 2015, di titoli obbligazionari \u201cRMBS\u201d di diversa classe <span class=\"_ _1\"></span>(senior e junior).  La <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ancata <span class=\"_ _38\"></span>\u201cderecognition\u201d <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>operazioni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>cartolarizzazione, <span class=\"_ _38\"></span>gi\u00e0 <span class=\"_ _38\"></span>ampiamente <span class=\"_ _38\"></span>descritte <span class=\"_ _38\"></span>nel paragrafo <span class=\"_ _38\"></span>\u201cC.1 <span class=\"_ _38\"></span>Operazioni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>cartolar<span class=\"_ _1\"></span>izzazione\u201d, <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>diretta <span class=\"_ _38\"></span>conseguenza <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>sottoscrizione, <span class=\"_ _38\"></span>da parte <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>Gruppo, <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ranche de<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>titoli <span class=\"_ _38\"></span>Junior <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>esposizioni <span class=\"_ _1\"></span>similari, <span class=\"_ _1\"></span>che <span class=\"_ _38\"></span>comportano, <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>capo allo stesso, <span class=\"_ _1\"></span>il r<span class=\"_ _1\"></span>ischio delle <span class=\"_ _1\"></span>prime perdite e<span class=\"_ _1\"></span>, analogamente, <span class=\"_ _1\"></span>il beneficio <span class=\"_ _1\"></span>connesso <span class=\"_ _1\"></span>al rendimento <span class=\"_ _1\"></span>del portafoglio <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>asferite. <span class=\"_ _38\"></span>Tali <span class=\"_ _38\"></span>att<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>ggetto <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>cessione <span class=\"_ _0\"></span>pro <span class=\"_ _1\"></span>soluto <span class=\"_ _0\"></span>mediante <span class=\"_ _38\"></span>un contratto <span class=\"_ _17e\"> </span>di <span class=\"_ _48\"> </span>servicer, <span class=\"_ _17e\"> </span>il <span class=\"_ _48\"> </span>Gruppo <span class=\"_ _48\"> </span>mantiene<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>l\u2019impegno <span class=\"_ _48\"> </span>a <span class=\"_ _17e\"> </span>svolgere <span class=\"_ _17e\"> </span>il <span class=\"_ _48\"> </span>servizio <span class=\"_ _48\"> </span>di <span class=\"_ _17e\"> </span>gestione, amministrazione, incasso, riscossione<span class=\"_ _1\"></span> e recupero crediti per conto del veicolo. A fronte <span class=\"_ _3b\"></span>del trasferimento, <span class=\"_ _2\"></span>il co<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>rispettivo incassato <span class=\"_ _3b\"></span>viene rilevato <span class=\"_ _3b\"></span>in contropartita della <span class=\"_ _3b\"></span>rilevazione di <span class=\"_ _3b\"></span>un <span class=\"_ _3b\"></span>debito verso <span class=\"_ _3b\"></span>la <span class=\"_ _3b\"></span>so<span class=\"_ _1\"></span>ciet\u00e0 <span class=\"_ _3b\"></span>veicolo, <span class=\"_ _3b\"></span>al <span class=\"_ _2\"></span>netto d<span class=\"_ _2\"></span>elle <span class=\"_ _3b\"></span>tranche di<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>tito<span class=\"_ _1\"></span>li <span class=\"_ _3b\"></span>sottoscritti. <span class=\"_ _3b\"></span>Il <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>bito <span class=\"_ _3b\"></span>iscritt<span class=\"_ _1\"></span>o <span class=\"_ _3b\"></span>verso la societ\u00e0 <span class=\"_ _1\"></span>veicolo \u00e8 <span class=\"_ _1\"></span>destinato a <span class=\"_ _1\"></span>ridursi per e<span class=\"_ _1\"></span>ffetto delle s<span class=\"_ _1\"></span>omme incassate <span class=\"_ _1\"></span>dall\u2019originator, in <span class=\"_ _1\"></span>qualit\u00e0 di \u201cservicer\u201d, e riversate allo stesso <span class=\"_ _1\"></span>veicolo. Informazi<span class=\"_ _1\"></span>oni di na<span class=\"_ _1\"></span>tura quan<span class=\"_ _1\"></span>titat<span class=\"_ _3a1\"> </span>iva<span class=\"_ _3a1\"> </span>D.1 Consolidat<span class=\"_ _1\"></span>o prudenziale \u2013 Attivit<span class=\"_ _1\"></span>\u00e0 finanziarie cedute<span class=\"_ _1\"></span> rilevate per intero e pass<span class=\"_ _1\"></span>ivit\u00e0 finanziarie<span class=\"_ _1\"></span> associate:  valori di<span class=\"_ _3a1\"> </span>bilancio<span class=\"_ _3a1\"> </span><table class=\"s w12e9 h2af\" id=\"_63275cf9-f367-4a16-aa22-f748a07b054f\"><tr><td></td><td></td><td class=\"t m2 x8e4 h12 y65fa ff4 fs7 fc4 sc3 ls0 ws0\">Attivit\u00e0 finanziarie cedute rilevate p<span class=\"_ _2\"></span>er intero<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 xb9a h12 y65fa ff4 fs7 fc4 sc3 ls0 ws0\">Passivit\u00e0 finanziarie associate<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td></td><td class=\"t m2 x88b h12 y65fb ff4 fs7 fc4 sc3 ls0 ws0\">di cui: </td><td></td><td class=\"t m2 x11a8 h12 y65fc ff4 fs7 fc4 sc3 ls0 ws0\">oggetto di </td><td></td><td class=\"t m2 xd53 h12 y65fb ff4 fs7 fc4 sc3 ls0 ws0\">di cui: </td><td></td><td class=\"t m2 x15ce h12 y65fc ff4 fs7 fc4 sc3 ls0 ws0\">oggetto di </td></tr><tr><td></td><td></td><td class=\"t m2 x20dd h12 y65fd ff4 fs7 fc4 sc3 ls0 ws0\">Valore di </td><td class=\"t m2 x889 h12 y65fe ff4 fs7 fc4 sc3 ls0 ws0\">di cui: oggetto di </td><td class=\"t m2 x1129 h12 y65fe ff4 fs7 fc4 sc3 ls0 ws0\">contratti </td><td class=\"t m2 x116d h12 y65fd ff4 fs7 fc4 sc3 ls0 ws0\">di cui </td><td class=\"t m2 x159b h12 y65fd ff4 fs7 fc4 sc3 ls0 ws0\">Valore di </td><td class=\"t m2 xeb8 h12 y65fe ff4 fs7 fc4 sc3 ls0 ws0\">di cui: oggetto di </td><td class=\"t m2 xddf h12 y65fe ff4 fs7 fc4 sc3 ls0 ws0\">contratti </td></tr><tr><td></td><td></td><td class=\"t m2 xad8 h12 y65ff ff4 fs7 fc4 sc3 ls0 ws0\">bilancio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x5dd h12 y6600 ff4 fs7 fc4 sc3 ls0 ws0\">operazioni di </td><td class=\"t m2 xc5f h12 y6600 ff4 fs7 fc4 sc3 ls0 ws0\">di vendita </td><td class=\"t m2 xe5d h12 y65ff ff4 fs7 fc4 sc3 ls0 ws0\">deteriorate<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xced h12 y65ff ff4 fs7 fc4 sc3 ls0 ws0\">bilancio<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x140a h12 y6600 ff4 fs7 fc4 sc3 ls0 ws0\">operazioni di </td><td class=\"t m2 x13e5 h12 y6600 ff4 fs7 fc4 sc3 ls0 ws0\">di vendita </td></tr><tr><td></td><td></td><td class=\"t m2 x1446 h12 y6601 ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">cartolarizzazione<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc5f h12 y6601 ff4 fs7 fc4 sc3 ls0 ws0\">con patto </td><td></td><td class=\"t m2 x1233 h12 y6601 ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">cartolarizzazione<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x13e5 h12 y6601 ff4 fs7 fc4 sc3 ls0 ws0\">con patto </td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x1191 h12 y6602 ff4 fs7 fc4 sc3 ls0 ws0\">di </td><td></td><td></td><td></td><td class=\"t m2 x812 h12 y6602 ff4 fs7 fc4 sc3 ls0 ws0\">di </td></tr><tr><td class=\"t m2 x58e h12 y6603 ff4 fs7 fc1 sc2 ls0 ws0\">A. Attivit\u00e0 finanziarie </td><td></td><td></td><td></td><td class=\"t m2 xc5f h12 y6604 ff4 fs7 fc4 sc3 ls0 ws0\">riacquisto<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x15ce h12 y6604 ff4 fs7 fc4 sc3 ls0 ws0\">riacquisto<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6605 ff4 fs7 fc1 sc2 ls0 ws0\">detenute per la </td><td></td><td class=\"t m2 x1400 h12 y6605 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a8 h12 y6605 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ce h12 y6605 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x885 h12 y6605 ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c8 h12 y6605 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdde h12 y6605 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h12 y6605 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6606 ff4 fs7 fc1 sc2 ls0 ws0\">negoziazione<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y6607 w6c8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x20de y6607 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20df y6607 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e0 y6607 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e1 y6607 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e2 y6607 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e3 y6607 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e4 y6607 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y6608 ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di<span class=\"_ _3a1\"> </span></td><td></td><td class=\"c n x13b7 y6609 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e5 y6609 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e6 y6609 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e7 y6609 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e8 y6609 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e9 y6609 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ea y6609 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y660a ff4 fs7 fc1 sc0 ls0 ws0\">capitale </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y660b w12ea h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x20eb y660b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ec y660b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ed y660b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ee y660b wab7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ef y660b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20f0 y660b w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20f1 y660b w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y660c w12eb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Derivati<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x20f2 y660c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20f3 y660c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20f4 y660c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20f5 y660c w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20f6 y660c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20f7 y660c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20f8 y660c w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y660d ff4 fs7 fc1 sc2 ls0 ws0\">B. Altre attivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y660e ff4 fs7 fc1 sc2 ls0 ws0\">finanziarie </td><td></td><td class=\"t m2 x1400 h12 y660f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a8 h12 y660f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ce h12 y660f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c3 h12 y660f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c8 h12 y660f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdde h12 y660f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h12 y660f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6610 ff4 fs7 fc1 sc2 ls0 ws0\">obbligatoriamente </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6611 ff4 fs7 fc1 sc2 ls0 ws0\">valutate al fair value<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y6612 w6c8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x20de y6612 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20df y6612 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e0 y6612 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20f9 y6612 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20fa y6612 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20fb y6612 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20fc y6612 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y6613 ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di<span class=\"_ _3a1\"> </span></td><td></td><td class=\"c n x13b7 y5962 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e5 y5962 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e6 y5962 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e7 y5962 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e8 y5962 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e9 y5962 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ea y5962 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y6614 ff4 fs7 fc1 sc0 ls0 ws0\">capitale </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y6615 w12ea h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x20eb y6615 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ec y6615 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ed y6615 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20fd y6615 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20fe y6615 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ff y6615 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2100 y6615 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6616 ff4 fs7 fc1 sc2 ls0 ws0\">C. Attivit\u00e0 finanziarie </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y6617 w12ec h1ef\"><div class=\"t m2 x2b3 h12 y54df ff4 fs7 fc1 sc2 ls0 ws0\">designate al fair<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">value<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x1400 h12 y6618 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a8 h12 y6618 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ce h12 y6618 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c3 h12 y6618 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c8 h12 y6618 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdde h12 y6618 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h12 y6618 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x821 y6619 w6c8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x20de y6619 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20df y6619 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e0 y6619 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20f9 y6619 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20fa y6619 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20fb y6619 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20fc y6619 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y661a w12ed h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2101 y661a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2102 y661a w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2103 y661a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2104 y661a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2105 y661a w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2106 y661a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2107 y661a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y661b ff4 fs7 fc1 sc2 ls0 ws0\">D. Attivit\u00e0 finanziarie </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y661c ff4 fs7 fc1 sc2 ls0 ws0\">valutate al fair value </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y661d ff4 fs7 fc1 sc2 ls0 ws0\">con impatto sulla </td><td></td><td class=\"t m2 x7c1 h12 y661d ff4 fs7 fc1 sc2 ls0 ws0\">3.308.117<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a8 h12 y661d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cd h12 y661d ff4 fs7 fc1 sc2 ls0 ws0\">3.308.117<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c3 h12 y661d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xced h12 y661d ff4 fs7 fc1 sc2 ls0 ws0\">3.312.516<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdde h12 y661d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a3 h12 y661d ff4 fs7 fc1 sc2 ls0 ws0\">3.312.516<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y661e ff4 fs7 fc1 sc2 ls0 ws0\">redditivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y661f ff4 fs7 fc1 sc2 ls0 ws0\">complessiva<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y6620 w6c8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2108 y6620 w12ee h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.308.117<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2109 y6620 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x210a y6620 w12ee h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.308.117<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x210b y6620 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x210c y6620 wd0e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.312.516<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x210d y6620 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x210e y6620 w12ef h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.312.516<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y6621 ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di<span class=\"_ _3a1\"> </span></td><td></td><td class=\"c n x13b7 y6622 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e5 y6622 w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e6 y6622 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e7 y6622 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e8 y6622 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20e9 y6622 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ea y6622 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h12 y6623 ff4 fs7 fc1 sc0 ls0 ws0\">capitale </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y6624 w12ea h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x20eb y6624 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ec y6624 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ed y6624 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20fd y6624 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20fe y6624 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x20ff y6624 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2100 y6624 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x58e y6625 w246 h11\"><div class=\"t m2 x0 h12 y2ee ff4 fs7 fc1 sc2 ls0 ws0\">E. Attivit\u00e0 finanziarie </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6626 ff4 fs7 fc1 sc2 ls0 ws0\">valutate al costo </td><td></td><td class=\"t m2 x1b15 h12 y6626 ff4 fs7 fc1 sc2 ls0 ws0\">3.534.755<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a8 h12 y6626 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1129 h12 y6626 ff4 fs7 fc1 sc2 ls0 ws0\">3.534.755<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c3 h12 y6626 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d9 h12 y6626 ff4 fs7 fc1 sc2 ls0 ws0\">3.495.685<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdde h12 y6626 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x13e5 h12 y6626 ff4 fs7 fc1 sc2 ls0 ws0\">3.495.685<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6627 ff4 fs7 fc1 sc2 ls0 ws0\">ammortizzato<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y62a8 w6c8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x210f y62a8 w12f0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>.534.755<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2110 y62a8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2111 y62a8 w12f1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.534.755<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2112 y62a8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2113 y62a8 w12f2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3<span class=\"_ _1\"></span>.495.685<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2114 y62a8 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2115 y62a8 w12f3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.495.68<span class=\"_ _2\"></span>5<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y5bbd w12ed h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2101 y5bbd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2102 y5bbd w6cb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2103 y5bbd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2104 y5bbd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2105 y5bbd w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2106 y5bbd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2107 y5bbd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1f5b h12 y6628 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x153e h12 y6628 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1b15 h12 y6628 ff4 fs7 fc1 sc2 ls0 ws0\">6.842.872<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a8 h12 y6628 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc5f h12 y6628 ff4 fs7 fc1 sc2 ls0 ws0\">6.842.872<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c3 h12 y6628 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d0 h12 y6628 ff4 fs7 fc1 sc2 ls0 ws0\">6.808.201<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdde h12 y6628 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddf h12 y6628 ff4 fs7 fc1 sc2 ls0 ws0\">6.808.201<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x1f5b h12 y6629 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x153e h12 y6629 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1ac2 h12 y6629 ff4 fs7 fc1 sc2 ls0 ws0\">8.020.246<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a8 h12 y6629 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc5f h12 y6629 ff4 fs7 fc1 sc2 ls0 ws0\">8.020.246<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c3 h12 y6629 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d0 h12 y6629 ff4 fs7 fc1 sc2 ls0 ws0\">7.825.735<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdde h12 y6629 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddf h12 y6629 ff4 fs7 fc1 sc2 ls0 ws0\">7.825.735<span class=\"_ _3a1\"> </span></td></tr></table>Legenda:<span class=\"_ _3a1\"> </span>A= attivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie cedute ri<span class=\"_ _1\"></span>levate per i<span class=\"_ _1\"></span>ntero (valore di bi<span class=\"_ _1\"></span>lancio)<span class=\"_ _3a1\"> </span>B= attivit\u00e0 finan<span class=\"_ _1\"></span>ziarie cedute<span class=\"_ _1\"></span> rilevate parz<span class=\"_ _1\"></span>ialmente (val<span class=\"_ _1\"></span>ore di bilancio)<span class=\"_ _3a1\"> </span>C= attivit\u00e0 finanzi<span class=\"_ _1\"></span>arie cedut<span class=\"_ _1\"></span>e rilevate<span class=\"_ _1\"></span> parzialmente (intero<span class=\"_ _1\"></span> valore)<span class=\"_ _3a1\"> </span>L\u2019oper<span class=\"_ _3a1\"> </span>ativit\u00e0 <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>riferibile <span class=\"_ _35\"> </span>all\u2019utilizzo <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>titoli <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>portafoglio <span class=\"_ _35\"> </span>per <span class=\"_ _0\"></span>operazioni <span class=\"_ _35\"> </span>pronti <span class=\"_ _35\"> </span>cont<span class=\"_ _2\"></span>ro <span class=\"_ _35\"> </span>termine <span class=\"_ _0\"></span>a<span class=\"_ _3a1\"> </span>breve termine.<span class=\"_ _3a1\"> </span>D.3 Consolidato<span class=\"_ _1\"></span> prudenziale \u2013 Operazioni di ces<span class=\"_ _1\"></span>sione con pass<span class=\"_ _1\"></span>ivit\u00e0 aventi rivalsa es<span class=\"_ _1\"></span>clusivamente sulle <span class=\"_ _1\"></span>attivit\u00e0 cedute<span class=\"_ _3a1\"> </span>e non cancellate <span class=\"_ _1\"></span>integralmente: fair <span class=\"_ _1\"></span>value<span class=\"_ _3a1\"> </span><table class=\"s w12f4 h2b0\" id=\"_4198e478-3113-4c03-b748-88614188f392\"><tr><td></td><td class=\"t m2 x7d8 h12 y662a ff4 fs7 fc4 sc3 ls0 ws0\">Rilevate </td><td class=\"t m2 xc64 h12 y662a ff4 fs7 fc4 sc3 ls0 ws0\">Rilevate </td><td></td><td class=\"t m2 x9d7 h12 y662b ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x7c7 h12 y662c ff4 fs7 fc4 sc3 ls0 ws0\">per intero<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1197 h12 y662c ff4 fs7 fc4 sc3 ls0 ws0\">parzialmente<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d6 h12 y662d ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e4 h12 y662d ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y662e w12f5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">A. Attivit\u00e0 finanziarie detenute per la<span class=\"_ _2\"></span> negoziazione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2116 y662e w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x935 h12 y662f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeec h12 y662f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h12 y662f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x821 y5fc1 w6c8 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2117 y5fc1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2118 y5fc1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2119 y5fc1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211a y5fc1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6630 w69d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capitale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211b y6630 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211c y6630 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211d y6630 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211e y6630 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6631 w12ea h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211f y6631 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2120 y6631 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2121 y6631 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2122 y6631 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6632 w12eb h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Derivati<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2123 y6632 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2124 y6632 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2125 y6632 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2126 y6632 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6633 w12f6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">B. Altre attivit\u00e0 finanziarie obbligator<span class=\"_ _2\"></span>iamente valutate al fair value<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2127 y6633 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x935 h12 y6634 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeec h12 y6634 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h12 y6634 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x821 y6635 w6c8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2117 y6635 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2118 y6635 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2119 y6635 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211a y6635 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6636 w69d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capitale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211b y6636 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211c y6636 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211d y6636 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211e y6636 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6637 w12ea h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211f y6637 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2120 y6637 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2121 y6637 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2122 y6637 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6638 ff4 fs7 fc1 sc2 ls0 ws0\">C. Attivit\u00e0 finanziarie designate al fair value<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xec2 h12 y6638 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x935 h12 y6638 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xeec h12 y6638 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h12 y6638 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x821 y6639 w6c8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2117 y6639 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2118 y6639 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2119 y6639 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211a y6639 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y663a w12ed h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2128 y663a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2129 y663a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x212a y663a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x212b y663a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y663b ff4 fs7 fc1 sc2 ls0 ws0\">D. Attivit\u00e0 finanziarie valutate al fair value con impatto <span class=\"_ _2\"></span>sulla redditivit\u00e0 </td><td class=\"t m2 xc54 h12 y663c ff4 fs7 fc1 sc2 ls0 ws0\">3.308.117<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x935 h12 y663c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11aa h12 y663c ff4 fs7 fc1 sc2 ls0 ws0\">3.308.117<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x13e5 h12 y663c ff4 fs7 fc1 sc2 ls0 ws0\">4.040.059<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y663d ff4 fs7 fc1 sc2 ls0 ws0\">complessiva </td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x821 y663e w6c8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x212c y663e w12f7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.308.1<span class=\"_ _2\"></span>17<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x212d y663e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x212e y663e w12ee h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.308.117<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x212f y663e w12f8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.040.059<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y58c5 w69d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Titoli di capitale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211b y58c5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211c y58c5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211d y58c5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211e y58c5 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y663f w12ea h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x211f y663f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2120 y663f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2121 y663f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2122 y663f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y6640 ff4 fs7 fc1 sc2 ls0 ws0\">E. Attivit\u00e0 finanziarie valutate al cost<span class=\"_ _2\"></span>o ammortizzato (fair value)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x873 h12 y6640 ff4 fs7 fc1 sc2 ls0 ws0\">3.534.755<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x935 h12 y6640 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x810 h12 y6640 ff4 fs7 fc1 sc2 ls0 ws0\">3.534.755<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xddf h12 y6640 ff4 fs7 fc1 sc2 ls0 ws0\">3.980.187<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x821 y5697 w6c8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1. Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2130 y5697 w12f9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.534.755<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2131 y5697 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2132 y5697 w12f1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.534.755<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2133 y5697 w12fa h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.980.187<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y55b0 w12ed h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2. Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2128 y55b0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2129 y55b0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x212a y55b0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x212b y55b0 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 xc51 h12 y6641 ff4 fs7 fc1 sc2 ls0 ws0\">Totale attivit\u00e0 finanziarie<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x873 h12 y6641 ff4 fs7 fc1 sc2 ls0 ws0\">6.842.872<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x935 h12 y6641 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x810 h12 y6641 ff4 fs7 fc1 sc2 ls0 ws0\">6.842.872<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x13e5 h12 y6641 ff4 fs7 fc1 sc2 ls0 ws0\">8.020.246<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 xce8 h12 y6642 ff4 fs7 fc1 sc2 ls0 ws0\">Totale passivit\u00e0 finanziarie associat<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h12 y6642 ff4 fs7 fc1 sc2 ls0 ws0\">6.808.201<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x935 h12 y6642 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88f h12 y6642 ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e5 h12 y6642 ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x1aa9 h12 y6643 ff4 fs7 fc1 sc2 ls0 ws0\">Valore netto 31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xacc h12 y6643 ff4 fs7 fc1 sc2 ls0 ws0\">34.671<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x935 h12 y6643 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n x2134 y6644 w12fb h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">6.842.872<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2135 y6644 w63d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x1aa9 h12 y6645 ff4 fs7 fc1 sc2 ls0 ws0\">Valore netto 31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc56 h12 y6645 ff4 fs7 fc1 sc2 ls0 ws0\">156.642<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x935 h12 y6645 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88f h12 y6645 ff4 fs7 fc1 sc2 ls0 ws0\">X<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd4c h12 y6645 ff4 fs7 fc1 sc2 ls0 ws0\">156.642 </td></tr></table>Le  passivit\u00e0  f<span class=\"_ _2\"></span>inanziarie  a <span class=\"_ _35\"> </span>fronte  di <span class=\"_ _35\"> </span>attivit\u00e0  finanziarie <span class=\"_ _35\"> </span>cedute <span class=\"_ _35\"> </span>e  non  cancellate <span class=\"_ _35\"> </span>(riportate  nelle<span class=\"_ _2\"></span> colonne <span class=\"_ _1\"></span>De<span class=\"_ _1\"></span>biti <span class=\"_ _1\"></span>verso <span class=\"_ _38\"></span>Clientela <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>Debiti <span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>rso <span class=\"_ _1\"></span>Banche) <span class=\"_ _38\"></span>sono <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>elative <span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>perazioni <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>pronti <span class=\"_ _1\"></span>contr<span class=\"_ _1\"></span>o termine passive a fronte di titoli iscritt<span class=\"_ _1\"></span>i nell\u2019attivo. D.4 Consolidato prudenziale - operazioni di covered bond<span class=\"_ _3a1\"> </span>Progra<span class=\"_ _3a1\"> </span>mma Credem CB Il <span class=\"_ _3b\"></span>Consiglio di <span class=\"_ _3b\"></span>Amminist<span class=\"_ _1\"></span>razione d<span class=\"_ _3b\"></span>i Credito <span class=\"_ _3b\"></span>Emiliano, n<span class=\"_ _2\"></span>elle sedute <span class=\"_ _3b\"></span>del 26 <span class=\"_ _3b\"></span>maggio <span class=\"_ _2\"></span>2010 e <span class=\"_ _3b\"></span>del 25 <span class=\"_ _3b\"></span>giugno 2010,  ha <span class=\"_ _35\"> </span>deliberato  di <span class=\"_ _35\"> </span>avviare  la <span class=\"_ _35\"> </span>strutturazione  di <span class=\"_ _35\"> </span>un  program<span class=\"_ _2\"></span>ma  di <span class=\"_ _35\"> </span>emissione  di <span class=\"_ _35\"> </span>obbligazioni bancarie garantite per un ammontare m<span class=\"_ _1\"></span>assimo di Euro 5 miliardi. In data 22 <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>ttobre<span class=\"_ _1\"></span> 2010, il <span class=\"_ _3b\"></span>Co<span class=\"_ _1\"></span>nsiglio di <span class=\"_ _2\"></span>Amministrazione<span class=\"_ _1\"></span> ha appro<span class=\"_ _2\"></span>vato la prima cessione da p<span class=\"_ _2\"></span>arte di Credem <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>portafoglio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>crediti <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>valore<span class=\"_ _1\"></span> mass<span class=\"_ _1\"></span>imo di <span class=\"_ _1\"></span>Euro <span class=\"_ _1\"></span>2,4 <span class=\"_ _38\"></span>miliardi in <span class=\"_ _1\"></span>favore<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Credem CB <span class=\"_ _3d\"> </span>S.r.l.,  Societ\u00e0 <span class=\"_ _3d\"> </span>Veicolo <span class=\"_ _3d\"> </span>(<span class=\"_ _3a1\"> </span>Special  Purpose <span class=\"_ _3d\"> </span>Vehicle,  SPV) <span class=\"_ _3d\"> </span>selezionata <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>la  partecipazione <span class=\"_ _3d\"> </span>al Programma e partecipata al 70% da Cre<span class=\"_ _1\"></span>dem. Il quadro nor<span class=\"_ _1\"></span>mativo it<span class=\"_ _1\"></span>aliano in <span class=\"_ _1\"></span>materia di e<span class=\"_ _1\"></span>missione di <span class=\"_ _1\"></span>Obbligazioni Bancarie G<span class=\"_ _1\"></span>arantite (di se<span class=\"_ _1\"></span>guito, anche la \u201cNormativa\u201d) \u00e8 costituito, in particolar<span class=\"_ _1\"></span>e: -<span class=\"_ _13e\"> </span>dalla <span class=\"_ _37\"> </span>Direttiva <span class=\"_ _37\"> </span>(UE) <span class=\"_ _37\"> </span>2019/2162 <span class=\"_ _37\"> </span>(la <span class=\"_ _37\"> </span>\u201cDirettiva <span class=\"_ _37\"> </span>OBG\u201d) <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>dal <span class=\"_ _37\"> </span>Regolamento <span class=\"_ _37\"> </span>(UE) <span class=\"_ _37\"> </span>2019/2160 <span class=\"_ _37\"> </span>(il \u201cRegolamento <span class=\"_ _35\"> </span>OBG\u201d) <span class=\"_ _0\"></span>che <span class=\"_ _35\"> </span>hann<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>introdotto <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>prima <span class=\"_ _0\"></span>volta <span class=\"_ _35\"> </span>una <span class=\"_ _0\"></span>disciplina <span class=\"_ _35\"> </span>europea <span class=\"_ _0\"></span>dello strumento delle <span class=\"_ _1\"></span>OBG emesse da banche europee, <span class=\"_ _1\"></span>avendo come finalit\u00e0 quella di uniformare <span class=\"_ _1\"></span>i differenti quadri normativi sviluppatisi negli anni nei Paesi dell\u2019Unione Europea; -<span class=\"_ _13e\"> </span>dal T<span class=\"_ _2\"></span>itolo I-bis <span class=\"_ _3b\"></span>della legge n.<span class=\"_ _2\"></span> 130<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>l 30 <span class=\"_ _3b\"></span>aprile 1999 <span class=\"_ _3b\"></span>(il \u201cTitolo I<span class=\"_ _2\"></span>-bis\u201d <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span> la <span class=\"_ _3b\"></span>\u201cLegge 130\u201d), <span class=\"_ _3b\"></span>introdotto<span class=\"_ _1\"></span> dal <span class=\"_ _39\"> </span>decreto <span class=\"_ _39\"> </span>legislativo <span class=\"_ _39\"> </span>n. <span class=\"_ _36\"> </span>190 <span class=\"_ _39\"> </span>del <span class=\"_ _39\"> </span>5 <span class=\"_ _39\"> </span>novembre <span class=\"_ _36\"> </span>20<span class=\"_ _1\"></span>21 <span class=\"_ _36\"> </span>in <span class=\"_ _39\"> </span>attuazione <span class=\"_ _39\"> </span>de<span class=\"_ _1\"></span>lla <span class=\"_ _36\"> </span>Direttiva <span class=\"_ _39\"> </span>OBG, interamente dedicato alle OBG, nonch\u00e9 dalle altre <span class=\"_ _1\"></span>previsioni della Legge 130 ivi richiamate; -<span class=\"_ _13e\"> </span>dall\u2019art. <span class=\"_ _3b\"></span>1<span class=\"_ _1\"></span>29 <span class=\"_ _3b\"></span>del Regolamento <span class=\"_ _3b\"></span>(UE) <span class=\"_ _3b\"></span>57<span class=\"_ _1\"></span>5/2013 <span class=\"_ _3b\"></span>(il <span class=\"_ _2\"></span>\u201cCRR\u201d), <span class=\"_ _3b\"></span>com<span class=\"_ _1\"></span>e <span class=\"_ _3b\"></span>modificato dal <span class=\"_ _3b\"></span>Regolamento <span class=\"_ _3b\"></span>OB<span class=\"_ _1\"></span>G; -<span class=\"_ _13e\"> </span>dalle <span class=\"_ _38\"></span>disposizioni <span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>anate <span class=\"_ _38\"></span>dalla <span class=\"_ _38\"></span>Banca <span class=\"_ _38\"></span>d\u2019Italia <span class=\"_ _38\"></span>in <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ema <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Obbligazioni <span class=\"_ _1\"></span>Bancar<span class=\"_ _1\"></span>ie <span class=\"_ _38\"></span>Garantite, <span class=\"_ _38\"></span>ai sensi <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>Parte Ter<span class=\"_ _1\"></span>za, Capitolo <span class=\"_ _1\"></span>3, <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>Circolare <span class=\"_ _1\"></span>n. <span class=\"_ _1\"></span>285 <span class=\"_ _1\"></span>del 1<span class=\"_ _1\"></span>7 dicembre <span class=\"_ _1\"></span>2013<span class=\"_ _1\"></span>, contenente <span class=\"_ _1\"></span>le \u201cDisposizioni <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>vigilanza <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>banche\u201d, <span class=\"_ _0\"></span>come <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>volta <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>volta <span class=\"_ _38\"></span>modificate <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>aggiornate <span class=\"_ _0\"></span>(le \u201cIstruzioni\u201d). Nel mese <span class=\"_ _3b\"></span>di Novembre 2<span class=\"_ _3b\"></span>0<span class=\"_ _1\"></span>23, nell\u2019<span class=\"_ _2\"></span>ambito dell\u2019aggi<span class=\"_ _2\"></span>ornamento<span class=\"_ _1\"></span> ann<span class=\"_ _3b\"></span>uale del programma <span class=\"_ _3b\"></span>di emissione Credem <span class=\"_ _38\"></span>CB, <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>state <span class=\"_ _1\"></span>implementate <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>modifiche <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>document<span class=\"_ _1\"></span>azione <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>rattuale <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>cessarie per allineare il programma al n<span class=\"_ _2\"></span>uovo quadro normativo di <span class=\"_ _2\"></span>riferimento conseguente all\u2019emanazione, da par<span class=\"_ _1\"></span>te <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Banca <span class=\"_ _1\"></span>d\u2019Italia, ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>mese di <span class=\"_ _1\"></span>Marzo <span class=\"_ _38\"></span>2023, delle <span class=\"_ _1\"></span>nuove <span class=\"_ _1\"></span>disposizioni <span class=\"_ _1\"></span>di v<span class=\"_ _1\"></span>igilanza <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>materia di <span class=\"_ _35\"> </span>\u201cobblig<span class=\"_ _2\"></span>azioni <span class=\"_ _35\"> </span>bancarie <span class=\"_ _35\"> </span>garantite\u201d <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>rece<span class=\"_ _1\"></span>piscono <span class=\"_ _35\"> </span>le<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>novit\u00e0 <span class=\"_ _0\"></span>intr<span class=\"_ _1\"></span>odotte <span class=\"_ _35\"> </span>dalla <span class=\"_ _0\"></span>D<span class=\"_ _1\"></span>irettiva <span class=\"_ _35\"> </span>(UE)<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>n. 2019/2162 <span class=\"_ _3f\"> </span>(Covered <span class=\"_ _3f\"> </span>Bond <span class=\"_ _3f\"> </span>Directive) <span class=\"_ _3f\"> </span>e <span class=\"_ _3f\"> </span>dal <span class=\"_ _3f\"> </span>Regolamento <span class=\"_ _3f\"> </span>(UE) <span class=\"_ _3f\"> </span>n. <span class=\"_ _3f\"> </span>2019/2160 <span class=\"_ _3f\"> </span>(Covered <span class=\"_ _3f\"> </span>Bond Regulation).  A <span class=\"_ _1\"></span>seguito <span class=\"_ _1\"></span>dell\u2019introduzione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>nuovo <span class=\"_ _1\"></span>Titolo <span class=\"_ _1\"></span>I-bis <span class=\"_ _1\"></span>nell\u2019ambito <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>lla le<span class=\"_ _1\"></span>gge <span class=\"_ _1\"></span>130/1999 <span class=\"_ _1\"></span>(il <span class=\"_ _1\"></span>\u201cTitolo <span class=\"_ _1\"></span>I-bis\u201d) e <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>42\u00b0 <span class=\"_ _0\"></span>aggiornamento<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>Circolare <span class=\"_ _0\"></span>285/2013 <span class=\"_ _0\"></span>(le <span class=\"_ _0\"></span>\u201cDisposizioni\u201d), <span class=\"_ _0\"></span>Credem <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>effe<span class=\"_ _1\"></span>ttuato <span class=\"_ _0\"></span>una serie <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>volte <span class=\"_ _1\"></span>ad <span class=\"_ _38\"></span>adeguare <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>programma, <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>procedure <span class=\"_ _38\"></span>operative, <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>presidi <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>controllo <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>la relativa <span class=\"_ _1\"></span>documentazione <span class=\"_ _1\"></span>contrattuale <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>nuovo <span class=\"_ _1\"></span>quadro <span class=\"_ _1\"></span>normativo <span class=\"_ _1\"></span>introdotto <span class=\"_ _1\"></span>dal <span class=\"_ _1\"></span>predetto <span class=\"_ _1\"></span>Titolo <span class=\"_ _1\"></span>I-<span class=\"_ _3a1\"> </span>bis e dalle nuove Disposizioni. L\u2019emissione di <span class=\"_ _3b\"></span>Obbligazioni Bancarie Garantite d<span class=\"_ _2\"></span>a parte <span class=\"_ _3b\"></span>di Credem <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>i i<span class=\"_ _2\"></span>nserisce nel p<span class=\"_ _2\"></span>iano s<span class=\"_ _2\"></span>trategico del <span class=\"_ _38\"></span>G<span class=\"_ _1\"></span>r<span class=\"_ _3a1\"> </span>uppo, <span class=\"_ _38\"></span>finalizzato, <span class=\"_ _0\"></span>tra <span class=\"_ _38\"></span>l\u2019altro, <span class=\"_ _38\"></span>all\u2019ottenime<span class=\"_ _1\"></span>nto <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>alcuni <span class=\"_ _38\"></span>benefici <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>termini <span class=\"_ _38\"></span>di funding<span class=\"_ _3a1\"> </span>, <span class=\"_ _38\"></span>q<span class=\"_ _1\"></span>uali <span class=\"_ _38\"></span>la diversificazione delle <span class=\"_ _1\"></span>fonti <span class=\"_ _1\"></span>di rac<span class=\"_ _1\"></span>colta, la <span class=\"_ _1\"></span>riduzione del <span class=\"_ _1\"></span>relat<span class=\"_ _1\"></span>ivo cost<span class=\"_ _1\"></span>o, nonch\u00e9 <span class=\"_ _1\"></span>l\u2019allungamento dell<span class=\"_ _1\"></span>e scadenze del passivo.  In linea generale, la s<span class=\"_ _1\"></span>truttura base di un\u2019emissione <span class=\"_ _1\"></span>di obbligazioni bancarie garantit<span class=\"_ _1\"></span>e \u2013 secondo lo schema delineato dalla normativa \u2013 prevede che vengano realizzate <span class=\"_ _1\"></span>le seguenti attivit\u00e0: -<span class=\"_ _13e\"> </span>la <span class=\"_ _37\"> </span>banca <span class=\"_ _36\"> </span>(Banca <span class=\"_ _37\"> </span>Cedente, <span class=\"_ _37\"> </span>Credem) <span class=\"_ _37\"> </span>tras<span class=\"_ _1\"></span>ferisce <span class=\"_ _37\"> </span>un <span class=\"_ _37\"> </span>insieme <span class=\"_ _36\"> </span>di asset <span class=\"_ _37\"> </span>aventi <span class=\"_ _36\"> </span>determinate caratteristiche <span class=\"_ _0\"></span>(i<span class=\"_ _2\"></span>l <span class=\"_ _38\"></span>\u201cPort<span class=\"_ _1\"></span>afoglio\u201d) <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>Societ\u00e0 <span class=\"_ _0\"></span>Veicolo <span class=\"_ _38\"></span>(Credem <span class=\"_ _38\"></span>CB <span class=\"_ _0\"></span>srl). <span class=\"_ _38\"></span>Gli <span class=\"_ _38\"></span>attivi <span class=\"_ _38\"></span>ce<span class=\"_ _1\"></span>duti <span class=\"_ _38\"></span>alla<span class=\"_ _3a1\"> </span>Societ\u00e0 Veicolo costituiscono u<span class=\"_ _2\"></span>n patrimonio <span class=\"_ _2\"></span>separato da <span class=\"_ _2\"></span>quello della S<span class=\"_ _2\"></span>ociet\u00e0 Veicolo st<span class=\"_ _2\"></span>essa a beneficio <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>portatori <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>obbligazioni bancarie <span class=\"_ _1\"></span>garantite <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>degli altr<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>soggetti in <span class=\"_ _1\"></span>favore <span class=\"_ _1\"></span>dei quali <span class=\"_ _3d\"> </span>la <span class=\"_ _37\"> </span>garanzia <span class=\"_ _37\"> </span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>rilasciata. <span class=\"_ _37\"> </span>La <span class=\"_ _37\"> </span>Banca <span class=\"_ _37\"> </span>Cedente <span class=\"_ _37\"> </span>eroga <span class=\"_ _37\"> </span>alla <span class=\"_ _37\"> </span>Societ\u00e0 <span class=\"_ _37\"> </span>Veicolo <span class=\"_ _36\"> </span>un <span class=\"_ _3d\"> </span>prestito subordinato <span class=\"_ _1\"></span>finalizzato <span class=\"_ _38\"></span>a <span class=\"_ _1\"></span>finanziare<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>pagamento <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>prezzo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>acquisto <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>gli asset <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>parte della Societ\u00e0 Veicolo stessa; -<span class=\"_ _13e\"> </span>Credem <span class=\"_ _38\"></span>(l\u2019Emittente) <span class=\"_ _38\"></span>emette<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>titoli <span class=\"_ _38\"></span>obbligazionari. <span class=\"_ _38\"></span>La <span class=\"_ _38\"></span>Societ\u00e0<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>Veicolo <span class=\"_ _38\"></span>rilascia <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>garanzia <span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>n<span class=\"_ _3a1\"> </span>favore dei portatori dei titoli obbligazionari emessi dall\u2019Emittente. Come <span class=\"_ _38\"></span>conseguenza <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>ci\u00f2, <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>rimborso <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>lle <span class=\"_ _38\"></span>obbligazioni <span class=\"_ _38\"></span>bancarie <span class=\"_ _0\"></span>garantit<span class=\"_ _2\"></span>e <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>sa<span class=\"_ _2\"></span>ranno <span class=\"_ _38\"></span>emesse nell\u2019ambito <span class=\"_ _3d\"> </span>dell\u2019operazione <span class=\"_ _3d\"> </span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>garantito, <span class=\"_ _3d\"> </span>oltre <span class=\"_ _3d\"> </span>che <span class=\"_ _3d\"> </span>dall\u2019emitte<span class=\"_ _1\"></span>nte, <span class=\"_ _3d\"> </span>anche <span class=\"_ _3d\"> </span>da <span class=\"_ _3d\"> </span>una <span class=\"_ _3d\"> </span>garanzia <span class=\"_ _3d\"> </span>non condizionata ed irrevocabile rilasciata dalla Societ\u00e0 Veicolo ad esclusivo beneficio degli investitori che sottoscriveranno le Obbligazioni Bancarie Garantite e delle controparti terze, ivi incluse quelle<span class=\"_ _3a1\"> </span>dihedging, <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>involte nell\u2019operazi<span class=\"_ _2\"></span>one. T<span class=\"_ _2\"></span>ale <span class=\"_ _3b\"></span>ultima garanzia <span class=\"_ _3b\"></span>\u00e8 <span class=\"_ _3b\"></span>rilasciata dal<span class=\"_ _2\"></span>la <span class=\"_ _3b\"></span>So<span class=\"_ _1\"></span>ciet\u00e0 <span class=\"_ _3b\"></span>Veicolo a <span class=\"_ _3b\"></span>valere<span class=\"_ _3a1\"> </span>sul Portafoglio. L\u2019operazione <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>covered <span class=\"_ _38\"></span>bond <span class=\"_ _38\"></span>illustrata <span class=\"_ _38\"></span>rie<span class=\"_ _1\"></span>ntra <span class=\"_ _38\"></span>nella <span class=\"_ _38\"></span>\u201cfattispecie <span class=\"_ _38\"></span>semplice\u201d, <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>quanto <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>figura <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span>banca<span class=\"_ _3a1\"> </span>originator<span class=\"_ _3a1\"> </span>, <span class=\"_ _39\"> </span>banca <span class=\"_ _3f\"> </span>finanziatrice <span class=\"_ _39\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>banca <span class=\"_ _39\"> </span>emittente <span class=\"_ _39\"> </span>coincide <span class=\"_ _3f\"> </span>con <span class=\"_ _39\"> </span>un <span class=\"_ _3f\"> </span>unico <span class=\"_ _39\"> </span>soggetto,<span class=\"_ _3a1\"> </span>rappresentato da Credem.<span class=\"_ _3a1\"> </span>Il Portafoglio d<span class=\"_ _1\"></span>i cessione<span class=\"_ _3a1\"> </span>Il <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>tempo <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>tempo <span class=\"_ _0\"></span>viene <span class=\"_ _0\"></span>ceduto <span class=\"_ _0\"></span>alla <span class=\"_ _38\"></span>Soc<span class=\"_ _3a1\"> </span>iet\u00e0 <span class=\"_ _38\"></span>Ve<span class=\"_ _1\"></span>icolo <span class=\"_ _0\"></span>deve <span class=\"_ _0\"></span>ri<span class=\"_ _2\"></span>specchiare <span class=\"_ _0\"></span>alcune<span class=\"_ _3a1\"> </span>caratteristiche comuni. I <span class=\"_ _35\"> </span>princip<span class=\"_ _2\"></span>ali <span class=\"_ _35\"> </span>criteri <span class=\"_ _35\"> </span>comuni <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>identificazione <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>selezione <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>mu<span class=\"_ _2\"></span>tui, <span class=\"_ _35\"> </span>da <span class=\"_ _0\"> </span>cui <span class=\"_ _35\"> </span>derivano <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>crediti <span class=\"_ _35\"> </span>ch<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span>costituiscono ilCover Pool, sono stati individuati previa condivisione <span class=\"_ _1\"></span>con le agenzie di rating, cui \u00e8<span class=\"_ _3a1\"> </span>stata rich<span class=\"_ _2\"></span>iesta l<span class=\"_ _2\"></span>\u2019assegnazione <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ating <span class=\"_ _2\"></span>alle <span class=\"_ _2\"></span>Obbligazioni<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Bancarie<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>Garantite ch<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>Credem <span class=\"_ _3b\"></span>emet<span class=\"_ _1\"></span>ter\u00e0<span class=\"_ _3a1\"> </span>nel contesto del Programma.<span class=\"_ _3a1\"> </span>A <span class=\"_ _38\"></span>fine <span class=\"_ _38\"></span>ottobre <span class=\"_ _38\"></span>2010, <span class=\"_ _38\"></span>settembre <span class=\"_ _38\"></span>2011, <span class=\"_ _38\"></span>febbraio <span class=\"_ _38\"></span>2012, <span class=\"_ _38\"></span>aprile <span class=\"_ _38\"></span>20<span class=\"_ _1\"></span>14, <span class=\"_ _1\"></span>otto<span class=\"_ _1\"></span>bre <span class=\"_ _1\"></span>2014, <span class=\"_ _38\"></span>ott<span class=\"_ _1\"></span>obre <span class=\"_ _38\"></span>2015, <span class=\"_ _1\"></span>aprile<span class=\"_ _3a1\"> </span>2016, <span class=\"_ _2\"></span>ottobre <span class=\"_ _3b\"></span>2016, <span class=\"_ _2\"></span>aprile <span class=\"_ _3b\"></span>2017, n<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>vembre <span class=\"_ _3b\"></span>20<span class=\"_ _1\"></span>17, <span class=\"_ _3b\"></span>maggio <span class=\"_ _2\"></span>2018, <span class=\"_ _3b\"></span>ottobre 2<span class=\"_ _3b\"></span>0<span class=\"_ _1\"></span>18, <span class=\"_ _3b\"></span>maggio 20<span class=\"_ _2\"></span>19, <span class=\"_ _2\"></span>novembre<span class=\"_ _3a1\"> </span>2020, <span class=\"_ _1\"></span>novembre <span class=\"_ _1\"></span>2021, <span class=\"_ _1\"></span>no<span class=\"_ _1\"></span>vembre 2022, <span class=\"_ _1\"></span>novembre<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>2023, e <span class=\"_ _38\"></span>novembre <span class=\"_ _1\"></span>2024 <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>stati <span class=\"_ _1\"></span>selezionati <span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>crediti ipotecari derivanti da contratti di mutuo <span class=\"_ _1\"></span>che, alle relative date dicut-off, soddisfacevano, a<span class=\"_ _3a1\"> </span>titolo non esaustivo, i seguenti principali criteri cumulativi:<span class=\"_ _3a1\"> </span>-<span class=\"_ _5\"> </span>crediti <span class=\"_ _39\"> </span>non <span class=\"_ _39\"> </span>derivanti <span class=\"_ _39\"> </span>da <span class=\"_ _39\"> </span>contratti <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>mutuo <span class=\"_ _39\"> </span>che <span class=\"_ _39\"> </span>beneficiano <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>forme <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>agevolazione<span class=\"_ _3a1\"> </span>finanziaria;<span class=\"_ _3a1\"> </span>-<span class=\"_ _5\"> </span>crediti <span class=\"_ _3f\"> </span>non <span class=\"_ _39\"> </span>classificati <span class=\"_ _3f\"> </span>come <span class=\"_ _36\"> </span>\"<span class=\"_ _1\"></span>esposizioni <span class=\"_ _3f\"> </span>creditizie <span class=\"_ _39\"> </span>deteriorate\", <span class=\"_ _3f\"> </span>ai <span class=\"_ _39\"> </span>sensi <span class=\"_ _3f\"> </span>delle <span class=\"_ _39\"> </span>vigenti<span class=\"_ _3a1\"> </span>\"Istruzioni di Vigilanza per le banche\" emanate dalla Banca d\u2019Italia;<span class=\"_ _3a1\"> </span>-<span class=\"_ _5\"> </span>crediti  non <span class=\"_ _35\"> </span>erogati  (neanche<span class=\"_ _2\"></span>  in <span class=\"_ _35\"> </span>co-intestazione)  a <span class=\"_ _35\"> </span>dipendenti  o <span class=\"_ _35\"> </span>amministratori  di <span class=\"_ _35\"> </span>Credito<span class=\"_ _3a1\"> </span>Emiliano o delle sue controllate facenti par<span class=\"_ _1\"></span>te del Gruppo Bancario Credem.<span class=\"_ _3a1\"> </span>Il <span class=\"_ _0\"></span>Cover <span class=\"_ _0\"></span>Pool, <span class=\"_ _38\"></span>alla <span class=\"_ _0\"></span>data <span class=\"_ _0\"></span>contabile <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>31 <span class=\"_ _0\"></span>dicembre <span class=\"_ _0\"></span>2024, <span class=\"_ _0\"></span>consist<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>crediti <span class=\"_ _38\"></span>derivanti <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>n. <span class=\"_ _38\"></span>61.4<span class=\"_ _1\"></span>95<span class=\"_ _3a1\"> </span>mutui <span class=\"_ _1\"></span>ipotecari, <span class=\"_ _38\"></span>con <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>debito <span class=\"_ _1\"></span>res<span class=\"_ _1\"></span>iduo <span class=\"_ _1\"></span>complessivo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>circa <span class=\"_ _38\"></span>4.971 <span class=\"_ _1\"></span>milioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Euro<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>come <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>guito<span class=\"_ _3a1\"> </span>meglio specificato.<span class=\"_ _3a1\"> </span>Finanziamento <span class=\"_ _1\"></span>Subordinato<table class=\"s w12fc h2b1\" id=\"_6dabdf64-2ca1-4085-a1ef-393d1864151e\"><tr><td class=\"c x2137 y6646 w247 hfd\"><div class=\"t m11 x0 hfe y7f ff4 fs28 fc4 sc3 ls0 ws0\">R<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span>g<span class=\"_ _1\"></span>i<span class=\"_ _0\"></span>on<span class=\"_ _38\"></span>e<span class=\"_ _0\"></span> </div></td><td class=\"t m11 x2138 hfe y6647 ff4 fs28 fc4 sc3 ls0 ws0\">D<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>b<span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>t<span class=\"_ _0\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>R<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _0\"></span>du<span class=\"_ _38\"></span>o<span class=\"_ _38\"></span> </td><td class=\"t m11 x2139 hfe y6647 ff4 fs28 fc4 sc3 ls0 ws0\">%<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>D<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>b<span class=\"_ _38\"></span>i<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> </td><td class=\"c n x213a y6649 w12fd h2b2\"><div class=\"t m11 x2b3 hfe y6648 ff4 fs28 fc4 sc3 ls0 ws0\">N<span class=\"_ _38\"></span>\u00b0<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>Mu<span class=\"_ _38\"></span>t<span class=\"_ _0\"></span>u<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x213b y6649 w12fe h2b2\"><div class=\"t m11 x2b3 hfe y6648 ff4 fs28 fc4 sc3 ls0 ws0\">%<span class=\"_ _38\"></span> <span class=\"_ _0\"></span>N<span class=\"_ _38\"></span>\u00b0<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>M<span class=\"_ _38\"></span>u<span class=\"_ _38\"></span>t<span class=\"_ _38\"></span>u<span class=\"_ _38\"></span>i<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m11 x213c hfe y664a ff4 fs28 fc4 sc3 ls0 ws0\">M<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>t<span class=\"_ _38\"></span>u<span class=\"_ _38\"></span>a<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span></td><td class=\"t m11 x213d hfe y664a ff4 fs28 fc4 sc3 ls0 ws0\">(<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>g<span class=\"_ _38\"></span>l<span class=\"_ _0\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>i<span class=\"_ _38\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _38\"></span>E<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>r<span class=\"_ _38\"></span>o<span class=\"_ _38\"></span>)<span class=\"_ _3a1\"> </span></td><td class=\"t m11 x213e hfe y664a ff4 fs28 fc4 sc3 ls0 ws0\">R<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _0\"></span>du<span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"c n x2075 y664c w12ff h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">Ab<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>uz<span class=\"_ _3b\"></span>zo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x213f y664c w1300 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">4<span class=\"_ _2\"></span>3.1<span class=\"_ _2\"></span>17<span class=\"_ _3b\"></span>,69<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2140 y664c w1301 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">0,87<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2141 y664c w1302 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">60<span class=\"_ _3b\"></span>7<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2142 y664c w1303 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">0<span class=\"_ _3b\"></span>,<span class=\"_ _1\"></span>99<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x2144 y664d w1304 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">Ba<span class=\"_ _3b\"></span>sil<span class=\"_ _2\"></span>ic<span class=\"_ _3a1\"> </span></div><div class=\"t m11 x2143 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">at<span class=\"_ _184\"></span>a<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2145 y664d w1305 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">10.0<span class=\"_ _3b\"></span>55,2<span class=\"_ _3b\"></span>9<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2146 y664d w1303 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">0<span class=\"_ _3b\"></span>,<span class=\"_ _1\"></span>20<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2147 y664d w1302 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">13<span class=\"_ _3b\"></span>4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2148 y664d w1306 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">0<span class=\"_ _3b\"></span>,<span class=\"_ _1\"></span>22<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2075 y664e w1307 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">Ca<span class=\"_ _3b\"></span>la<span class=\"_ _3b\"></span>bri<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2149 y664e w1308 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">1<span class=\"_ _3b\"></span>26.4<span class=\"_ _2\"></span>73<span class=\"_ _3b\"></span>,44<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x214a y664e w1301 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">2,54<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x214b y664e w1309 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">2.21<span class=\"_ _3b\"></span>6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x214c y664e w1301 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">3,60<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x214d y664f w130a h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">Ca<span class=\"_ _3b\"></span>m<span class=\"_ _3b\"></span>pa<span class=\"_ _3b\"></span>nia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x214e y664f w130b h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">53<span class=\"_ _3b\"></span>0.21<span class=\"_ _3b\"></span>9,48<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x214f y664f w130c h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">10<span class=\"_ _3b\"></span>,<span class=\"_ _1\"></span>67<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2150 y664f w1309 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">6.20<span class=\"_ _3b\"></span>4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2151 y664f w1309 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">1<span class=\"_ _3b\"></span>0,09<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x997 y6650 w130d h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">Em<span class=\"_ _184\"></span>ilia<span class=\"_ _2\"></span> R<span class=\"_ _3b\"></span>om<span class=\"_ _184\"></span>ag<span class=\"_ _3b\"></span>na<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2152 y6650 w130b h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">73<span class=\"_ _3b\"></span>9.21<span class=\"_ _3b\"></span>8,36<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2153 y6650 w130e h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">14<span class=\"_ _3b\"></span>,<span class=\"_ _1\"></span>87<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2154 y6650 w130f h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">10<span class=\"_ _2\"></span>.03<span class=\"_ _3b\"></span>8<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2155 y6650 w1310 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>,32<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m11 x2156 hff y6651 ff16 fs28 fc15 sc0 ls0 ws0\">Friul<span class=\"_ _3b\"></span>i Ven<span class=\"_ _3b\"></span>ez<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>a </td><td class=\"c n x2157 y6652 w1311 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">46<span class=\"_ _3b\"></span>.<span class=\"_ _1\"></span>32<span class=\"_ _3b\"></span>9,07<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2158 y6652 w1312 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">0<span class=\"_ _3b\"></span>,<span class=\"_ _1\"></span>93<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2159 y6652 w1313 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">66<span class=\"_ _3b\"></span>5<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x215a y6652 w1314 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">1<span class=\"_ _2\"></span>,08<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m11 x215b hff y6653 ff16 fs28 fc15 sc0 ls0 ws0\">G<span class=\"_ _184\"></span>i<span class=\"_ _1\"></span>ul<span class=\"_ _3b\"></span>ia<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x215c y6654 w1315 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">La<span class=\"_ _3b\"></span>zio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x215d y6654 w1308 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">63<span class=\"_ _3b\"></span>3.77<span class=\"_ _2\"></span>4,8<span class=\"_ _3b\"></span>0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x215e y6654 w130e h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">12<span class=\"_ _3b\"></span>,<span class=\"_ _1\"></span>75<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x215f y6654 w1316 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">6<span class=\"_ _2\"></span>.18<span class=\"_ _3b\"></span>7<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2160 y6654 w1309 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">10<span class=\"_ _3b\"></span>,06<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x79c y6655 w1317 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">Lig<span class=\"_ _3b\"></span>uri<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2161 y6655 w1318 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">1<span class=\"_ _3b\"></span>12<span class=\"_ _3b\"></span>.<span class=\"_ _1\"></span>90<span class=\"_ _3b\"></span>9,95<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2162 y6655 w1319 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">2<span class=\"_ _2\"></span>,27<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2163 y6655 w131a h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">1.4<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2164 y6655 w1301 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">2,33<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x214d y6656 w131b h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">Lo<span class=\"_ _3b\"></span>m<span class=\"_ _3b\"></span>ba<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>dia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2165 y6656 w1318 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">8<span class=\"_ _3b\"></span>49<span class=\"_ _3b\"></span>.<span class=\"_ _1\"></span>03<span class=\"_ _3b\"></span>3,24<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2166 y6656 w130c h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">17<span class=\"_ _3b\"></span>,<span class=\"_ _1\"></span>08<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2167 y6656 w131c h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">8.86<span class=\"_ _3b\"></span>8<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2168 y6656 w1309 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">1<span class=\"_ _3b\"></span>4,42<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2169 y6657 w131d h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">M<span class=\"_ _184\"></span>arc<span class=\"_ _1\"></span>he<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x216a y6657 w131e h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">90.6<span class=\"_ _2\"></span>57<span class=\"_ _3b\"></span>,08<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x216b y6657 w1301 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">1,82<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x216c y6657 w131c h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">1.16<span class=\"_ _3b\"></span>5<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x216d y6657 w1301 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">1,89<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x216e y6658 w131f h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">M<span class=\"_ _184\"></span>ol<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x216f y6658 w1320 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">8.5<span class=\"_ _3b\"></span>18,2<span class=\"_ _2\"></span>6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2170 y6658 w1301 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">0,17<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2171 y6658 w1313 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">13<span class=\"_ _3b\"></span>5<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2172 y6658 w1301 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">0,22<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2144 y6659 w1321 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">Pie<span class=\"_ _3b\"></span>m<span class=\"_ _3b\"></span>ont<span class=\"_ _184\"></span>e<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2173 y6659 w1322 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">151<span class=\"_ _3b\"></span>.<span class=\"_ _1\"></span>2<span class=\"_ _2\"></span>47<span class=\"_ _3b\"></span>,33<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2174 y6659 w1301 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">3,04<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2175 y6659 w131c h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">1.97<span class=\"_ _3b\"></span>2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2176 y6659 w1301 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">3,21<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2177 y665a w1323 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">Pu<span class=\"_ _3b\"></span>gl<span class=\"_ _3b\"></span>ia<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2178 y665a w1308 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">2<span class=\"_ _3b\"></span>76.2<span class=\"_ _2\"></span>54<span class=\"_ _3b\"></span>,27<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2179 y665a w1301 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">5,56<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x217a y665a w1309 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">4.47<span class=\"_ _3b\"></span>7<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x217b y665a w1303 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">7<span class=\"_ _3b\"></span>,<span class=\"_ _1\"></span>28<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2144 y665b w1324 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">Sa<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>de<span class=\"_ _3b\"></span>gna<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x217c y665b w1325 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">20<span class=\"_ _2\"></span>8.0<span class=\"_ _3b\"></span>13,7<span class=\"_ _2\"></span>9<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x217d y665b w1301 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">4,19<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x217e y665b w1309 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">2.34<span class=\"_ _3b\"></span>1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x217f y665b w1301 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">3,81<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2177 y665c w1326 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">Sici<span class=\"_ _1\"></span>l<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2180 y665c w1327 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">4<span class=\"_ _2\"></span>50<span class=\"_ _3b\"></span>.<span class=\"_ _1\"></span>01<span class=\"_ _3b\"></span>1,34<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2181 y665c w1303 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">9<span class=\"_ _3b\"></span>,<span class=\"_ _1\"></span>05<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2182 y665c w1316 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">6<span class=\"_ _2\"></span>.81<span class=\"_ _3b\"></span>0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2183 y665c w1310 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">1<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,07<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2075 y665d w1328 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">T<span class=\"_ _184\"></span>os<span class=\"_ _2\"></span>cana<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2184 y665d w1308 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">35<span class=\"_ _3b\"></span>1.89<span class=\"_ _2\"></span>0,8<span class=\"_ _3b\"></span>2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2185 y665d w1303 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">7<span class=\"_ _3b\"></span>,<span class=\"_ _1\"></span>08<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2186 y665d w131c h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">4.25<span class=\"_ _3b\"></span>4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2187 y665d w1306 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">6<span class=\"_ _3b\"></span>,<span class=\"_ _1\"></span>92<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y665e w1329 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">T<span class=\"_ _184\"></span>r<span class=\"_ _1\"></span>en<span class=\"_ _3b\"></span>tin<span class=\"_ _3b\"></span>o  Al<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> Adig<span class=\"_ _3b\"></span>e<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2188 y665e w132a h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">2<span class=\"_ _3b\"></span>4.70<span class=\"_ _2\"></span>7,8<span class=\"_ _3b\"></span>3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2189 y665e w1303 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">0<span class=\"_ _3b\"></span>,<span class=\"_ _1\"></span>50<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x218a y665e w1313 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">26<span class=\"_ _3b\"></span>4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x218b y665e w1303 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">0<span class=\"_ _3b\"></span>,<span class=\"_ _1\"></span>43<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x79c y665f w132b h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">U<span class=\"_ _184\"></span>m<span class=\"_ _3b\"></span>bri<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x218c y665f w1305 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">2<span class=\"_ _3b\"></span>1.24<span class=\"_ _3b\"></span>7,75<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x218d y665f w1319 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">0,4<span class=\"_ _2\"></span>3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x218e y665f w132c h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">31<span class=\"_ _2\"></span>7<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x218f y665f w1301 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">0,52<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2190 y6660 w132d h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">Va<span class=\"_ _3b\"></span>l D<span class=\"_ _2\"></span>'Ao<span class=\"_ _3b\"></span>st<span class=\"_ _3b\"></span>a<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2191 y6660 w132e h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">1<span class=\"_ _3b\"></span>.<span class=\"_ _1\"></span>59<span class=\"_ _3b\"></span>1,79<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2192 y6660 w1312 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">0<span class=\"_ _3b\"></span>,<span class=\"_ _1\"></span>03<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2193 y6660 w132f h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">1<span class=\"_ _2\"></span>3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2194 y6660 w1330 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">0,02<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x79c y6661 w1331 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">Ve<span class=\"_ _3b\"></span>ne<span class=\"_ _2\"></span>t<span class=\"_ _3b\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2195 y6661 w1308 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">29<span class=\"_ _3b\"></span>5.53<span class=\"_ _2\"></span>0,6<span class=\"_ _3b\"></span>0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2196 y6661 w1312 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">5<span class=\"_ _3b\"></span>,<span class=\"_ _1\"></span>95<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2197 y6661 w1309 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">3.39<span class=\"_ _3b\"></span>6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2198 y6661 w1303 h2b3\"><div class=\"t m11 x2b3 hff y664b ff16 fs28 fc15 sc0 ls0 ws0\">5<span class=\"_ _3b\"></span>,<span class=\"_ _1\"></span>52<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m11 x2199 h101 y6662 ff4 fs29 fc4 sc3 ls0 ws0\">T<span class=\"_ _38\"></span>o<span class=\"_ _0\"></span>ta<span class=\"_ _38\"></span>l<span class=\"_ _38\"></span>e<span class=\"_ _38\"></span> </td><td class=\"c n x219a y6664 w1332 h2b4\"><div class=\"t m11 x2b3 h102 y6663 ff16 fs2a fc15 sc0 ls0 ws0\">4.970.802<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x219b y6664 w1333 h2b4\"><div class=\"t m11 x2b3 h102 y6663 ff16 fs2a fc15 sc0 ls0 ws0\">1<span class=\"_ _2\"></span>00%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x219c y6664 w1334 h2b4\"><div class=\"t m11 x2b3 h102 y6663 ff16 fs2a fc15 sc0 ls0 ws0\">61.495<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x219d y6664 w1335 h2b4\"><div class=\"t m11 x2b3 h102 y6663 ff16 fs2a fc15 sc0 ls0 ws0\">100%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x219f y539f w1336 h2b5\"><div class=\"t m11 x2b3 h101 y6665 ff4 fs29 fc4 sc3 ls0 ws0\">P<span class=\"_ _38\"></span>o<span class=\"_ _38\"></span>r<span class=\"_ _38\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>f<span class=\"_ _3a1\"> </span></div><div class=\"t m11 x219e h101 y6665 ff4 fs29 fc4 sc3 ls0 ws0\">o<span class=\"_ _38\"></span>g<span class=\"_ _0\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td></tr></table>0<span class=\"_ _2\"></span>,00<span class=\"_ _3a1\"> </span>0<span class=\"_ _2\"></span>,00<span class=\"_ _3a1\"> </span>0<span class=\"_ _3a1\"> </span>0<span class=\"_ _2\"></span>,00<span class=\"_ _3a1\"> </span><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14ab\">In o<span class=\"_ _1\"></span>ccasione <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>cessione <span class=\"_ _1\"></span>del Portafoglio <span class=\"_ _1\"></span>iniziale, <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>data <span class=\"_ _1\"></span>29 o<span class=\"_ _1\"></span>ttobre <span class=\"_ _1\"></span>2010, <span class=\"_ _1\"></span>Credem e <span class=\"_ _1\"></span>Credem <span class=\"_ _1\"></span>CB<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14ac\">hanno<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14ad\">sottoscritto <span class=\"_ _3d\"> </span>un <span class=\"_ _3d\"> </span>contratto  di <span class=\"_ _3d\"> </span>finanziamento <span class=\"_ _3d\"> </span>subordinato, <span class=\"_ _3d\"> </span>mediante <span class=\"_ _3d\"> </span>il  quale <span class=\"_ _3d\"> </span>Cre<span class=\"_ _1\"></span>dem  ha<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14ae\">concesso <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>Credem <span class=\"_ _37\"> </span>CB <span class=\"_ _3d\"> </span>un <span class=\"_ _3d\"> </span>finanziamento <span class=\"_ _3d\"> </span>subordinato <span class=\"_ _37\"> </span>per <span class=\"_ _3d\"> </span>il  pagament<span class=\"_ _1\"></span>o <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>corrispettivo <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14af\">acquisto <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>Portafoglio <span class=\"_ _1\"></span>iniziale <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>obbligata <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>concedere <span class=\"_ _1\"></span>a <span class=\"_ _0\"></span>C<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>edem <span class=\"_ _38\"></span>CB <span class=\"_ _1\"></span>ulte<span class=\"_ _1\"></span>riori <span class=\"_ _1\"></span>finanziamenti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14b0\">subordinati, <span class=\"_ _38\"></span>ciascuno<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>importo <span class=\"_ _0\"></span>pari <span class=\"_ _38\"></span>all\u2019ammont<span class=\"_ _1\"></span>are <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>corrispondere<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>parte <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>Credem <span class=\"_ _0\"></span>CB <span class=\"_ _38\"></span>in<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14b1\">relazione <span class=\"_ _38\"></span>all\u2019acquisto <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>successivi <span class=\"_ _38\"></span>portafogli <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>crediti, <span class=\"_ _1\"></span>ceduti <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>Cr<span class=\"_ _1\"></span>edem <span class=\"_ _1\"></span>seco<span class=\"_ _1\"></span>ndo <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>termini <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>le<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14b2\">condizioni previste dal contratto quadro disciplinante la <span class=\"_ _1\"></span>cessione degli attivi.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14b3\">Un <span class=\"_ _3d\"> </span>ulteriore <span class=\"_ _3d\"> </span>finanziamento <span class=\"_ _3d\"> </span>subordinato <span class=\"_ _3d\"> </span>\u00e8 <span class=\"_ _3d\"> </span>pertanto <span class=\"_ _3d\"> </span>stato <span class=\"_ _3d\"> </span>concesso <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>sede <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>ogni <span class=\"_ _3d\"> </span>ce<span class=\"_ _1\"></span>ssione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14b4\">successiva, per un importo pari ai relativi prezzi di cessione.  </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs14b5\">Asset Swap  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14b6\">Tra <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>Societ\u00e0 <span class=\"_ _38\"></span>Veicolo <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>Crede<span class=\"_ _1\"></span>m <span class=\"_ _38\"></span>possono <span class=\"_ _38\"></span>es<span class=\"_ _1\"></span>sere <span class=\"_ _38\"></span>stipulati <span class=\"_ _38\"></span>d<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14b7\">ei <span class=\"_ _38\"></span>contr<span class=\"_ _1\"></span>atti <span class=\"_ _38\"></span>swap, <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>am<span class=\"_ _1\"></span>montare<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14b8\">fino <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>copertur<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>del<span class=\"_ _3a1\"> </span> </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs14b9\">Cover <span class=\"_ _1\"></span>Pool<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14ba\">, <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>fine <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>garantire <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>Societ\u00e0 <span class=\"_ _38\"></span>Veicolo <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>protezione <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>ntro <span class=\"_ _1\"></span>il<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14bb\">rischio di tasso e/o di base, dovuto alla presenza di att<span class=\"_ _1\"></span>ivi con diversa indicizzazione.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14bc\">Al 31 dicembre 2024, non sono presenti co<span class=\"_ _1\"></span>ntratti Asset Swap tra la Societ\u00e0 Veicolo e Credem.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs14bd\">Covered Bo<span class=\"_ _1\"></span>nd Swap (o Liability Swap)<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14be\">In <span class=\"_ _0\"></span>occasione <span class=\"_ _35\"> </span>dell\u2019emissione <span class=\"_ _0\"></span>sul <span class=\"_ _0\"></span>mercato <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Covered <span class=\"_ _0\"></span>B<span class=\"_ _1\"></span>ond, <span class=\"_ _0\"></span>t<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14bf\">ra <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>Societ<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _0\"></span>Veicolo <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>C<span class=\"_ _2\"></span>redem <span class=\"_ _0\"></span>pu\u00f2<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14c0\">essere <span class=\"_ _0\"></span>stipulato <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>contratto <span class=\"_ _0\"></span>swap <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>fine <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mitigare <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>ri<span class=\"_ _2\"></span>schio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>tra <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>flussi <span class=\"_ _0\"></span>ricevuti <span class=\"_ _0\"></span>dall<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14c1\">Societ\u00e0 Veicolo e quanto dovuto dalla stessa agli investitori in cas<span class=\"_ _1\"></span>o di default dell\u2019emittente.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14c2\">Attualmente <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>essere <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>contratto <span class=\"_ _38\"></span>swap <span class=\"_ _0\"></span>stipu<span class=\"_ _2\"></span>lato <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>fase <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>missione <span class=\"_ _0\"></span>dei<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>Covered <span class=\"_ _38\"></span>Bo<span class=\"_ _1\"></span>nd <span class=\"_ _38\"></span>con<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14c3\">durata 30/08/2013-2028.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs14c4\">Conti corre<span class=\"_ _1\"></span>nti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14c5\">Il <span class=\"_ _1\"></span>Programma <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>vede <span class=\"_ _1\"></span>un\u2019articolata <span class=\"_ _1\"></span>struttura <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>conti <span class=\"_ _1\"></span>corr<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14c6\">enti <span class=\"_ _1\"></span>sui <span class=\"_ _1\"></span>quali <span class=\"_ _1\"></span>poggiano <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>flussi <span class=\"_ _1\"></span>finanziari<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14c7\">dell\u2019operazione. <span class=\"_ _38\"></span>Alla <span class=\"_ _38\"></span>str<span class=\"_ _1\"></span>utturazione <span class=\"_ _38\"></span>dell\u2019operazione, <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>stati <span class=\"_ _38\"></span>attivati <span class=\"_ _0\"></span>una<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>serie <span class=\"_ _1\"></span>di <span class=\"_ _0\"></span>conti<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>intestati<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14c8\">alla <span class=\"_ _37\"> </span>Societ\u00e0 <span class=\"_ _37\"> </span>Veicolo <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>d <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>particolare, <span class=\"_ _3d\"> </span>a <span class=\"_ _37\"> </span>scopo <span class=\"_ _37\"> </span>non <span class=\"_ _37\"> </span>esaustivo:<span class=\"_ _3a1\"> </span> </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs14c9\">Collection <span class=\"_ _37\"> </span>Accounts</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14ca\">,<span class=\"_ _3a1\"> </span> </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs14cb\">Reserve </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs14cc\">Account</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14cd\">,<span class=\"_ _3a1\"> </span> </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs14ce\">Payments <span class=\"_ _35\"> </span>Account</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14cf\">,<span class=\"_ _3a1\"> </span> </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs14d0\">Eligible <span class=\"_ _35\"></span>Inv<span class=\"_ _2\"></span>estme<span class=\"_ _1\"></span>nt<span class=\"_ _3a1\"> </span></div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs14d1\">Account</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14d2\"> <span class=\"_ _0\"></span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs14d3\">Expenses <span class=\"_ _35\"></span>Accou<span class=\"_ _2\"></span>nt<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14d4\">. <span class=\"_ _0\"></span>Da <span class=\"_ _35\"> </span>Aprile <span class=\"_ _0\"></span>2022<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14d5\">Credem riveste il ruolo di Account Bank della societ<span class=\"_ _1\"></span>\u00e0 veicolo.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs14d6\">Soggett<span class=\"_ _1\"></span>i coinvolti nel Programma<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14d7\">Con <span class=\"_ _17e\"> </span>riferimento <span class=\"_ _17e\"> </span>a <span class=\"_ _48\"> </span>ta<span class=\"_ _1\"></span>le <span class=\"_ _48\"> </span>sezione <span class=\"_ _17e\"> </span>si <span class=\"_ _17e\"> </span>riassumono <span class=\"_ _17e\"> </span>i <span class=\"_ _17e\"> </span>principali<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14d8\">ruoli <span class=\"_ _48\"> </span>e <span class=\"_ _17e\"> </span>contropart<span class=\"_ _1\"></span>i <span class=\"_ _48\"> </span>coinvolte<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14d9\">nell\u2019operazione:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14da\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs14db\">Servicer<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14dc\">: <span class=\"_ _38\"></span>ruolo <span class=\"_ _0\"></span>svolto <span class=\"_ _38\"></span>da <span class=\"_ _0\"></span>Credem <span class=\"_ _38\"></span>che, <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>tale<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>alit\u00e0, <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>stato <span class=\"_ _38\"></span>incaricato <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>Credem <span class=\"_ _0\"></span>CB<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>delle<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14dd\">attivit\u00e0 <span class=\"_ _0\"> </span>di <span class=\"_ _35\"> </span>incasso <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>recup<span class=\"_ _2\"></span>ero <span class=\"_ _35\"> </span>d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>cre<span class=\"_ _1\"></span>diti <span class=\"_ _0\"></span>inclusi <span class=\"_ _0\"></span>nel <span class=\"_ _35\"> </span>Portafoglio <span class=\"_ _0\"></span>Iniziale <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>nei <span class=\"_ _0\"></span>portafogli <span class=\"_ _0\"></span>che<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14de\">Credem stessa cede a Credem CB ai sensi del Contratto Q<span class=\"_ _1\"></span>uadro di<span class=\"_ _2\"></span> Cessione<span class=\"_ _1\"></span>;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14df\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs14e0\">Back-Up <span class=\"_ _0\"></span>Servicer<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14e1\">: <span class=\"_ _0\"></span>entit\u00e0 <span class=\"_ _35\"> </span>che <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>verificarsi <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>determinati <span class=\"_ _0\"></span>eventi, <span class=\"_ _0\"></span>disciplinati <span class=\"_ _0\"></span>nell\u2019ambito <span class=\"_ _35\"> </span>del<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14e2\">Programma, pu\u00f2 subentrare<span class=\"_ _1\"></span> a Credem nel ruolo di Ser<span class=\"_ _1\"></span>vicer sopra descritto. Attualmente ta<span class=\"_ _1\"></span>le<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14e3\">ruolo non viene agito da alcun soggetto;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14e4\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs14e5\">Investment Manager<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14e6\">: <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>uolo <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>volto d<span class=\"_ _2\"></span>a C<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>edem che,<span class=\"_ _2\"></span> in <span class=\"_ _3b\"></span>tale q<span class=\"_ _2\"></span>ualit\u00e0, \u00e8 <span class=\"_ _3b\"></span>stato incaricato <span class=\"_ _3b\"></span>di investire<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14e7\">la liqu<span class=\"_ _2\"></span>idit\u00e0 disponibile sui <span class=\"_ _2\"></span>conti correnti <span class=\"_ _2\"></span>aperti da <span class=\"_ _2\"></span>Credem CB <span class=\"_ _2\"></span>e di <span class=\"_ _3b\"></span>re<span class=\"_ _1\"></span>digere e <span class=\"_ _2\"></span>inviare alle <span class=\"_ _2\"></span>parti di<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14e8\">tale <span class=\"_ _36\"> </span>contratto <span class=\"_ _36\"> </span>il <span class=\"_ _39\"> </span>c.d.<span class=\"_ _3a1\"> </span> </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs14e9\">Investment <span class=\"_ _39\"> </span>Manager <span class=\"_ _36\"> </span>Re<span class=\"_ _1\"></span>port<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14ea\">, <span class=\"_ _36\"> </span>contenente <span class=\"_ _36\"> </span>l\u2019indicazione <span class=\"_ _36\"> </span>dei <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>isultati<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14eb\">dell\u2019attivit\u00e0 di investimento;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14ec\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs14ed\">Account <span class=\"_ _38\"></span>Bank<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14ee\">: <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>uolo <span class=\"_ _38\"></span>attualmente <span class=\"_ _38\"></span>svolto <span class=\"_ _38\"></span>da <span class=\"_ _38\"></span>Credem <span class=\"_ _38\"></span>che, <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>tale <span class=\"_ _38\"></span>qualit\u00e0, <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>tato <span class=\"_ _38\"></span>incaricato <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14ef\">investire <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>liquidit\u00e0 <span class=\"_ _1\"></span>disponibile <span class=\"_ _38\"></span>sui <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>corrent<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>aperti <span class=\"_ _38\"></span>da <span class=\"_ _1\"></span>Credem <span class=\"_ _38\"></span>CB <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>redigere <span class=\"_ _38\"></span>e <span class=\"_ _1\"></span>inviare<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14f0\">alle <span class=\"_ _35\"> </span>parti <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>tale <span class=\"_ _0\"> </span>co<span class=\"_ _1\"></span>ntratto <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>c.d.<span class=\"_ _3a1\"> </span> </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs14f1\">Investment <span class=\"_ _35\"> </span>Manager <span class=\"_ _35\"> </span>Report<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14f2\">, <span class=\"_ _0\"></span>contene<span class=\"_ _1\"></span>nte <span class=\"_ _35\"> </span>l\u2019<span class=\"_ _2\"></span>indicazione <span class=\"_ _0\"></span>dei<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14f3\">risultati dell\u2019attivit\u00e0 di investimento;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14f4\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs14f5\">Principal <span class=\"_ _38\"></span>P<span class=\"_ _1\"></span>aying <span class=\"_ _0\"></span>Agent<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14f6\">: <span class=\"_ _38\"></span>ruolo <span class=\"_ _0\"></span>svolto <span class=\"_ _38\"></span>da <span class=\"_ _38\"></span>B<span class=\"_ _1\"></span>NP <span class=\"_ _38\"></span>Paribas <span class=\"_ _0\"></span>Securities <span class=\"_ _38\"></span>Services, <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>ha <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>principale<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14f7\">compito di deter<span class=\"_ _1\"></span>minare ed effettuare (sia <span class=\"_ _1\"></span>per conto di Credem che <span class=\"_ _1\"></span>per conto di Credem<span class=\"_ _1\"></span> CB) i<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14f8\">pagamenti dovu<span class=\"_ _2\"></span>ti, in <span class=\"_ _2\"></span>linea cap<span class=\"_ _2\"></span>itale e in <span class=\"_ _3b\"></span>linea interessi, in <span class=\"_ _3b\"></span>favore dei <span class=\"_ _2\"></span>portatori delle Ob<span class=\"_ _2\"></span>bligazioni<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14f9\">Bancarie Garantite;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14fa\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs14fb\">Calculation <span class=\"_ _0\"></span>Agent<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14fc\">: <span class=\"_ _0\"></span>ruolo <span class=\"_ _38\"></span>svolto <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>BNP <span class=\"_ _38\"></span>Paribas <span class=\"_ _0\"></span>Securities <span class=\"_ _0\"></span>Servi<span class=\"_ _2\"></span>ces <span class=\"_ _0\"></span>che, <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>tale <span class=\"_ _0\"></span>qual<span class=\"_ _2\"></span>it\u00e0, <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>il<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14fd\">principale  co<span class=\"_ _1\"></span>mpito  di <span class=\"_ _3d\"> </span>redigere  e<span class=\"_ _1\"></span>  inviare <span class=\"_ _3d\"> </span>alle <span class=\"_ _3d\"> </span>parti  del <span class=\"_ _45\"> </span>co<span class=\"_ _1\"></span>ntratto  il <span class=\"_ _3d\"> </span>c.d.<span class=\"_ _3a1\"> </span> </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs14fe\">Payments <span class=\"_ _3d\"> </span>Report</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs14ff\">,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1500\">contenente <span class=\"_ _0\"></span>l\u2019indicazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>fond<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>disponibili <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>titolarit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Credem <span class=\"_ _0\"></span>CB <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>pagamenti <span class=\"_ _0\"></span>da<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1501\">effettuarsi, <span class=\"_ _38\"></span>secondo <span class=\"_ _1\"></span>l\u2019ordine <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>prior<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>pagamenti <span class=\"_ _38\"></span>determinato <span class=\"_ _1\"></span>ai <span class=\"_ _38\"></span>sensi <span class=\"_ _1\"></span>dell\u2019</div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs1502\">Intercreditor<span class=\"_ _3a1\"> </span> </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs1503\">Agreement</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1504\">;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1505\">-<span class=\"_ _3a1\"> </span></div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs1506\">Asset  Monito<span class=\"_ _2\"></span>r<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1507\">: <span class=\"_ _35\"> </span>ruolo  svolto <span class=\"_ _35\"> </span>da <span class=\"_ _35\"> </span>BDO  Italia <span class=\"_ _35\"> </span>S.p.A.<span class=\"_ _2\"></span>  ch<span class=\"_ _2\"></span>e,  in <span class=\"_ _35\"> </span>tale  q<span class=\"_ _3b\"></span>ualit\u00e0,  effettua <span class=\"_ _35\"> </span>i  c<span class=\"_ _2\"></span>alcoli <span class=\"_ _35\"> </span>e  le<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1508\">verifiche <span class=\"_ _3f\"> </span>sui <span class=\"_ _3f\"> </span>Test <span class=\"_ _3a\"> </span>Obbligatori <span class=\"_ _3f\"> </span>e <span class=\"_ _3f\"> </span>sull\u2019</div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs1509\">Amortisat<span class=\"_ _1\"></span>ion <span class=\"_ _3a\"> </span>Test<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs150a\">svolti <span class=\"_ _3f\"> </span>ai <span class=\"_ _3f\"> </span>sensi <span class=\"_ _3f\"> </span>del<span class=\"_ _3a1\"> </span> </div><div class=\"t m1 h4 ff4 fs1 fc1 sc0 ls0 ws0 gs150b\">Cover <span class=\"_ _3f\"> </span>Po<span class=\"_ _1\"></span>ol<span class=\"_ _3a1\"> </span></div>Management <span class=\"_ _39\"> </span>Agreement<span class=\"_ _3a1\"> </span>, <span class=\"_ _36\"> </span>verificand<span class=\"_ _2\"></span>o <span class=\"_ _36\"> </span>l\u2019accuratezza <span class=\"_ _36\"> </span>dei <span class=\"_ _36\"> </span>calcoli <span class=\"_ _36\"> </span>effettuati <span class=\"_ _36\"> </span>dal<span class=\"_ _3a1\"> </span>Calculation<span class=\"_ _3a1\"> </span> Agent<span class=\"_ _3a1\"> </span>. <span class=\"_ _35\"> </span>Con  incarico <span class=\"_ _35\"> </span>separato,  \u00e8 <span class=\"_ _35\"> </span>attualmente  previsto <span class=\"_ _35\"> </span>che  l<span class=\"_ _2\"></span>\u2019Asset  Monitor svolga <span class=\"_ _35\"> </span>ulter<span class=\"_ _1\"></span>iori<span class=\"_ _3a1\"> </span>verifiche <span class=\"_ _37\"> </span>avent<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>ad <span class=\"_ _36\"> </span>oggetto <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>particolare <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>conformit\u00e0 <span class=\"_ _37\"> </span>degli <span class=\"_ _36\"> </span>attivi <span class=\"_ _37\"> </span>idonei <span class=\"_ _36\"> </span>costituenti <span class=\"_ _37\"> </span>il<span class=\"_ _3a1\"> </span>Portafoglio <span class=\"_ _3d\"> </span>ai  requisiti <span class=\"_ _3d\"> </span>previsti  dalla <span class=\"_ _3d\"> </span>Normativa <span class=\"_ _3d\"> </span>e <span class=\"_ _3d\"> </span>l\u2019integrit\u00e0  della <span class=\"_ _3d\"> </span>garanzia  a <span class=\"_ _3d\"> </span>favore  de<span class=\"_ _1\"></span>gli<span class=\"_ _3a1\"> </span>investitori;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>Representative <span class=\"_ _0\"></span>of <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>he <span class=\"_ _0\"></span>Bondhold<span class=\"_ _2\"></span>ers<span class=\"_ _3a1\"> </span>: <span class=\"_ _38\"></span>ruolo <span class=\"_ _0\"></span>svolto <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>BNP <span class=\"_ _0\"></span>Paribas <span class=\"_ _38\"></span>Securities <span class=\"_ _0\"></span>Services <span class=\"_ _0\"></span>che, <span class=\"_ _38\"></span>in<span class=\"_ _3a1\"> </span>tale qualit\u00e0, <span class=\"_ _3b\"></span>esercita nei <span class=\"_ _3b\"></span>confronti di <span class=\"_ _3b\"></span>Credem e <span class=\"_ _3b\"></span>di Credem <span class=\"_ _3b\"></span>CB i <span class=\"_ _2\"></span>diritti <span class=\"_ _2\"></span>delle <span class=\"_ _2\"></span>controparti coinv<span class=\"_ _2\"></span>olte<span class=\"_ _3a1\"> </span>nell\u2019operazione;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>Listing  Agent:  ruolo <span class=\"_ _3d\"> </span>svolto <span class=\"_ _3d\"> </span>da  BNP  Paribas <span class=\"_ _3d\"> </span>Securities <span class=\"_ _3d\"> </span>Services  che,  in <span class=\"_ _3d\"> </span>tale <span class=\"_ _3d\"> </span>qualit\u00e0,  ha  il<span class=\"_ _3a1\"> </span>principale <span class=\"_ _3b\"></span>compito d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>gestir<span class=\"_ _1\"></span>e, <span class=\"_ _3b\"></span>per <span class=\"_ _3b\"></span>conto d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>Crede<span class=\"_ _1\"></span>m <span class=\"_ _3b\"></span>e d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>Credem <span class=\"_ _2\"></span>CB, <span class=\"_ _3b\"></span>i <span class=\"_ _3b\"></span>rapporti e <span class=\"_ _3b\"></span>gli <span class=\"_ _3b\"></span>adempimenti<span class=\"_ _3a1\"> </span>con la Borsa di quotazione delle Obbligazioni Bancarie <span class=\"_ _1\"></span>Garantite.<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>Arranger: <span class=\"_ _36\"> </span>istituzione <span class=\"_ _39\"> </span>finanziaria <span class=\"_ _36\"> </span>che<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>iceve <span class=\"_ _36\"> </span>mandato <span class=\"_ _39\"> </span>dall\u2019emittente <span class=\"_ _39\"> </span>per <span class=\"_ _36\"> </span>assisterlo <span class=\"_ _39\"> </span>nella<span class=\"_ _3a1\"> </span>strutturazione, <span class=\"_ _35\"> </span>nell\u2019esecuzione <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>nella<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>gestione <span class=\"_ _35\"> </span>dell\u2019<span class=\"_ _2\"></span>operazione <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>contrattualistica <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span>riferimento, <span class=\"_ _0\"></span>nonch\u00e9 <span class=\"_ _38\"></span>nei <span class=\"_ _0\"></span>rapporti <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>terze <span class=\"_ _0\"></span>parti <span class=\"_ _38\"></span>rilevanti <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>l\u2019<span class=\"_ _3b\"></span>oper<span class=\"_ _1\"></span>azione <span class=\"_ _0\"></span>(i<span class=\"_ _2\"></span>.e.: <span class=\"_ _0\"></span>Ag<span class=\"_ _2\"></span>enzie <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>Rating, mercati e autorit\u00e0 di vigilanza di riferime<span class=\"_ _1\"></span>nto).<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>Corporate Servicer: societ\u00e0 che svolge funzioni di servizio per la societ\u00e0 Veicolo.<span class=\"_ _3a1\"> </span>Si <span class=\"_ _2\"></span>specifica, i<span class=\"_ _2\"></span>nfine, ch<span class=\"_ _2\"></span>e alcuni <span class=\"_ _3b\"></span>dei contratti <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>Pro<span class=\"_ _1\"></span>gramma p<span class=\"_ _3b\"></span>re<span class=\"_ _1\"></span>vedono <span class=\"_ _2\"></span>che i<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>soggetti i<span class=\"_ _2\"></span>ncaricati dello<span class=\"_ _3a1\"> </span>svolgimento <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>alcune <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>alcu<span class=\"_ _2\"></span>ni <span class=\"_ _0\"></span>ruoli <span class=\"_ _0\"></span>sopra <span class=\"_ _0\"> </span>indicat<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>siano <span class=\"_ _0\"></span>dotati, <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>fini <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tali <span class=\"_ _0\"></span>incarichi, <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span>determinati <span class=\"_ _36\"> </span>livelli <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>ating. <span class=\"_ _37\"> </span>Per<span class=\"_ _1\"></span>tanto, <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>eppure <span class=\"_ _37\"> </span>alcuni <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>uoli <span class=\"_ _37\"> </span>risultino <span class=\"_ _36\"> </span>attualmente<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>ricoperti <span class=\"_ _36\"> </span>da<span class=\"_ _3a1\"> </span>Credem, \u00e8 <span class=\"_ _1\"></span>possibile che <span class=\"_ _1\"></span>in futuro gli <span class=\"_ _1\"></span>stessi possano e<span class=\"_ _1\"></span>ssere assegnati a <span class=\"_ _1\"></span>soggetti ester<span class=\"_ _1\"></span>ni al Gruppo<span class=\"_ _3a1\"> </span>Credem.<span class=\"_ _3a1\"> </span>I rischi connes<span class=\"_ _1\"></span>si con l\u2019operazione<span class=\"_ _3a1\"> </span>Il P<span class=\"_ _1\"></span>rogramma <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>emissioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Obbligazioni <span class=\"_ _1\"></span>Bancarie <span class=\"_ _1\"></span>Gar<span class=\"_ _1\"></span>anti<span class=\"_ _3a1\"> </span>te <span class=\"_ _1\"></span>comporta <span class=\"_ _1\"></span>i s<span class=\"_ _1\"></span>eguenti <span class=\"_ _1\"></span>rischi <span class=\"_ _1\"></span>finanziari<span class=\"_ _3a1\"> </span>rispetto <span class=\"_ _38\"></span>ai <span class=\"_ _38\"></span>quali <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _38\"></span>state <span class=\"_ _38\"></span>adottate <span class=\"_ _38\"></span>varie <span class=\"_ _38\"></span>misure <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>mitigazione: <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>dell\u2019emittent<span class=\"_ _1\"></span>e, <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span>tasso, rischio di credito, rischio di liquidit\u00e0, rischio di rifinanziamento, rischio di controparte, rischi<span class=\"_ _3a1\"> </span>legali legati all\u2019operazione.<span class=\"_ _3a1\"> </span>La <span class=\"_ _1\"></span>funz<span class=\"_ _1\"></span>ione <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>evisione <span class=\"_ _38\"></span>interna <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Credem <span class=\"_ _38\"></span>(Ser<span class=\"_ _1\"></span>vizio <span class=\"_ _1\"></span>Auditing) <span class=\"_ _38\"></span>ef<span class=\"_ _1\"></span>fettua, <span class=\"_ _38\"></span>almeno <span class=\"_ _38\"></span>ogni <span class=\"_ _38\"></span>12 <span class=\"_ _38\"></span>mesi, <span class=\"_ _38\"></span>una<span class=\"_ _3a1\"> </span>completa <span class=\"_ _1\"></span>verifica dei <span class=\"_ _1\"></span>presidi posti in <span class=\"_ _1\"></span>essere, <span class=\"_ _1\"></span>anche a<span class=\"_ _1\"></span>vvalendosi delle informazioni <span class=\"_ _1\"></span>ricevute e <span class=\"_ _1\"></span>delle<span class=\"_ _3a1\"> </span>valutazioni <span class=\"_ _1\"></span>espresse <span class=\"_ _38\"></span>dall\u2019<span class=\"_ _3a1\"> </span>Asset <span class=\"_ _1\"></span>Monitor<span class=\"_ _3a1\"> </span>. <span class=\"_ _1\"></span>I <span class=\"_ _1\"></span>risultati <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>tali <span class=\"_ _1\"></span>verifiche <span class=\"_ _1\"></span>sono <span class=\"_ _38\"></span>portati <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>conos<span class=\"_ _1\"></span>cenza <span class=\"_ _1\"></span>degli<span class=\"_ _3a1\"> </span>organi aziendali competenti. Caratterist<span class=\"_ _1\"></span>iche principali del Programma<span class=\"_ _3a1\"> </span>La <span class=\"_ _0\"></span>str<span class=\"_ _1\"></span>uttura <span class=\"_ _0\"></span>finanziaria <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>Programma <span class=\"_ _0\"></span>preve<span class=\"_ _1\"></span>de <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>Credem<span class=\"_ _3a1\"> </span>proceda <span class=\"_ _0\"></span>all\u2019emiss<span class=\"_ _1\"></span>ione <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>pi\u00f9<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>serie<span class=\"_ _3a1\"> </span>successive  di  Obbligazi<span class=\"_ _2\"></span>oni  Bancarie  Garantite  con  rating,  a  dicembre  2024,  pari<span class=\"_ _2\"></span>  a  Aa3  e  A<span class=\"_ _2\"></span>A,<span class=\"_ _3a1\"> </span>assegnati r<span class=\"_ _1\"></span>ispettivamente dalle seguenti societ\u00e0 <span class=\"_ _1\"></span>di rating: Moody\u2019s <span class=\"_ _1\"></span>Investors Services Inc. <span class=\"_ _1\"></span>e Fitch<span class=\"_ _3a1\"> </span>Rating Limited. Tali <span class=\"_ _3b\"></span>obbligazioni <span class=\"_ _3b\"></span>so<span class=\"_ _1\"></span>no <span class=\"_ _3b\"></span>sta<span class=\"_ _1\"></span>te <span class=\"_ _3b\"></span>collocate ad<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>investit<span class=\"_ _1\"></span>ori <span class=\"_ _3b\"></span>istituzionali <span class=\"_ _3b\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>support<span class=\"_ _1\"></span>o <span class=\"_ _3b\"></span>deiDealers di <span class=\"_ _3b\"></span>tempo<span class=\"_ _3a1\"> </span>in <span class=\"_ _1\"></span>tempo <span class=\"_ _38\"></span>selezionati. <span class=\"_ _1\"></span>In <span class=\"_ _1\"></span>fase <span class=\"_ _38\"></span>iniziale <span class=\"_ _1\"></span>gliArrangers del <span class=\"_ _1\"></span>Programma <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>stati <span class=\"_ _1\"></span>Barclays <span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>ank P<span class=\"_ _1\"></span>LC <span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span>Soci\u00e9t\u00e9 G\u00e9n\u00e9rale; attualmente tale r<span class=\"_ _1\"></span>uolo \u00e8 unico ed \u00e8 svolto da Barclays.<span class=\"_ _3a1\"> </span>Credem <span class=\"_ _0\"></span>pu\u00f2 <span class=\"_ _38\"></span>emettere, <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>valere <span class=\"_ _38\"></span>sul <span class=\"_ _0\"></span>Programma, <span class=\"_ _0\"></span>Obbli<span class=\"_ _2\"></span>gazioni <span class=\"_ _0\"></span>Bancarie <span class=\"_ _0\"></span>Garantite <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>imp<span class=\"_ _2\"></span>orto<span class=\"_ _3a1\"> </span>complessivo di <span class=\"_ _1\"></span>tempo <span class=\"_ _1\"></span>in tem<span class=\"_ _1\"></span>po in es<span class=\"_ _1\"></span>sere non <span class=\"_ _1\"></span>superiore ad <span class=\"_ _1\"></span>Euro 5 <span class=\"_ _1\"></span>miliardi. Tale <span class=\"_ _1\"></span>importo <span class=\"_ _1\"></span>massimo<span class=\"_ _3a1\"> </span>potr\u00e0 <span class=\"_ _1\"></span>essere <span class=\"_ _1\"></span>incrementato <span class=\"_ _1\"></span>in conformit\u00e0 <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>quanto previsto <span class=\"_ _1\"></span>dalla document<span class=\"_ _1\"></span>azione cont<span class=\"_ _1\"></span>rattuale<span class=\"_ _3a1\"> </span>del <span class=\"_ _1\"></span>Programma. <span class=\"_ _38\"></span>Nell\u2019ambito <span class=\"_ _1\"></span>del P<span class=\"_ _1\"></span>rogramma, <span class=\"_ _1\"></span>Credem <span class=\"_ _38\"></span>pu\u00f2 <span class=\"_ _1\"></span>emettere <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>ampio <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>pettro <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>tipologie<span class=\"_ _3a1\"> </span>di <span class=\"_ _0\"></span>tit<span class=\"_ _1\"></span>oli; <span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>uttavia <span class=\"_ _0\"></span>le <span class=\"_ _35\"> </span>tipologie <span class=\"_ _0\"></span>attualmente <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _35\"> </span>diffu<span class=\"_ _2\"></span>se <span class=\"_ _35\"> </span>sul <span class=\"_ _0\"></span>mercato <span class=\"_ _35\"> </span>sono <span class=\"_ _0\"></span>titoli <span class=\"_ _35\"> </span>c.d.<span class=\"_ _3a1\"> </span>soft <span class=\"_ _35\"> </span>bull<span class=\"_ _2\"></span>et che<span class=\"_ _3a1\"> </span>prevedono <span class=\"_ _1\"></span>il pagamento periodico <span class=\"_ _1\"></span>di interessi, <span class=\"_ _1\"></span>il rimborso <span class=\"_ _1\"></span>in un\u2019unica soluzione <span class=\"_ _1\"></span>alla scadenza e<span class=\"_ _1\"></span> la<span class=\"_ _3a1\"> </span>possibilit\u00e0 <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>Societ\u00e0 <span class=\"_ _0\"></span>Veicolo, <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>caso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>adempimento <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>Crede<span class=\"_ _1\"></span>m, <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>posticipare <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>data <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span>scadenza di un periodo aggiuntivo di te<span class=\"_ _1\"></span>mpo (di prassi, un anno). Sono <span class=\"_ _38\"></span>state <span class=\"_ _1\"></span>effett<span class=\"_ _1\"></span>uate <span class=\"_ _1\"></span>emissioni <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>2010, <span class=\"_ _38\"></span>2011, <span class=\"_ _1\"></span>2012, <span class=\"_ _38\"></span>2013, <span class=\"_ _38\"></span>2014, <span class=\"_ _1\"></span>2019, <span class=\"_ _38\"></span>2021, <span class=\"_ _38\"></span>2022 <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>2024, <span class=\"_ _1\"></span>mentre<span class=\"_ _3a1\"> </span>non <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>state e<span class=\"_ _1\"></span>ffettuate <span class=\"_ _1\"></span>nuove<span class=\"fs6\"> </span>emissioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Covered <span class=\"_ _1\"></span>Bond <span class=\"_ _1\"></span>dal <span class=\"_ _1\"></span>2015 <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>2018, <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>2020 e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>2023.<span class=\"_ _3a1\"> </span>Il <span class=\"_ _3b\"></span>val<span class=\"_ _3a1\"> </span>ore nominale <span class=\"_ _3b\"></span>complessivo dei <span class=\"_ _3b\"></span>Covere<span class=\"_ _1\"></span>d <span class=\"_ _3b\"></span>Bond in<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>circolazione <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>3<span class=\"_ _1\"></span>0 g<span class=\"_ _2\"></span>iugno <span class=\"_ _3b\"></span>2024, emessi a <span class=\"_ _3b\"></span>valere<span class=\"_ _3a1\"> </span>sul <span class=\"_ _1\"></span>pro<span class=\"_ _1\"></span>gramma <span class=\"_ _38\"></span>garantito <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>Credem <span class=\"_ _38\"></span>CB <span class=\"_ _38\"></span>S.r.l., <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>pari <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>2,85 <span class=\"_ _1\"></span>miliardi <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Euro. <span class=\"_ _38\"></span>A <span class=\"_ _1\"></span>gennaio <span class=\"_ _38\"></span>2024 <span class=\"_ _38\"></span>sono<span class=\"_ _3a1\"> </span>state <span class=\"_ _0\"></span>effettuate <span class=\"_ _38\"></span>due <span class=\"_ _0\"></span>emissioni, <span class=\"_ _38\"></span>una <span class=\"_ _0\"></span>retained <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>una <span class=\"_ _0\"></span>pubbli<span class=\"_ _2\"></span>ca, <span class=\"_ _0\"></span>rispettivamente <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>tredicesima <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span>quattordicesima, per un ammontare pari rispettivamente <span class=\"_ _1\"></span>a 1 miliardo di euro e 500 milioni di euro.<span class=\"_ _3a1\"> </span>Nello stesso mese \u00e8 scaduta un\u2019emissione per 750 milioni di euro.  E. Consolidato prudenziale - modelli per la misurazione del rischio di credito<span class=\"_ _3a1\"> </span>Il <span class=\"_ _48\"> </span>23 <span class=\"_ _48\"> </span>febbraio <span class=\"_ _17e\"> </span>2022 <span class=\"_ _48\"> </span>l\u2019A<span class=\"_ _1\"></span>utorit\u00e0 <span class=\"_ _48\"> </span>di <span class=\"_ _48\"> </span>Vigilanza <span class=\"_ _17e\"> </span>ha <span class=\"_ _48\"> </span>confer<span class=\"_ _1\"></span>mato <span class=\"_ _17e\"> </span>con <span class=\"_ _48\"> </span>apposita <span class=\"_ _17e\"> </span>comunicazione<span class=\"_ _3a1\"> </span>l\u2019auto<span class=\"_ _3a1\"> </span>rizzazione <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>Gr<span class=\"_ _1\"></span>uppo <span class=\"_ _38\"></span>all\u2019uso <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>modelli <span class=\"_ _0\"></span>AIRB <span class=\"_ _38\"></span>((parametri <span class=\"_ _0\"></span>P<span class=\"_ _2\"></span>D, <span class=\"_ _0\"></span>LGD, <span class=\"_ _38\"></span>EAD) <span class=\"_ _38\"></span>per <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>Rischio <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs150d\">Credito a s<span class=\"_ _1\"></span>eguito delle <span class=\"_ _1\"></span>domande di autorizzazione <span class=\"_ _1\"></span>delle modifiche <span class=\"_ _1\"></span>dei modelli <span class=\"_ _1\"></span>AIRB di Marzo <span class=\"_ _1\"></span>2020<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs150e\">(modif<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs150f\">iche  in  relazione  al<span class=\"_ _2\"></span>la  Targeted  R<span class=\"_ _2\"></span>eview  of <span class=\"_ _35\"> </span>Internal  Models)  e <span class=\"_ _35\"> </span>Marzo  2021  (ad<span class=\"_ _2\"></span>eguamento<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1510\">secondo <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>Nuova <span class=\"_ _1\"></span>Definizione <span class=\"_ _1\"></span>di D<span class=\"_ _1\"></span>efault e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Art. <span class=\"_ _1\"></span>500 CRR), <span class=\"_ _1\"></span>sottoposti <span class=\"_ _1\"></span>successivamente <span class=\"_ _1\"></span>ad <span class=\"_ _1\"></span>accesso<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1511\">ispettivo nello stesso anno.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1512\">Periodicamente <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>effettuate <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>convali<span class=\"_ _2\"></span>da <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ui <span class=\"_ _38\"></span>diversi <span class=\"_ _0\"></span>parametri <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>termini <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1513\">presidio e <span class=\"_ _3b\"></span>monitoraggio al <span class=\"_ _3b\"></span>fine di <span class=\"_ _2\"></span>valutare l<span class=\"_ _2\"></span>a generale <span class=\"_ _3b\"></span>adeguatezza del <span class=\"_ _2\"></span>processo d<span class=\"_ _2\"></span>i misu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>azione del<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1514\">rischio di credito. Modelli e metodologie risultano adeguate e le performance del sistema di rating<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1515\">si confermano elevate indicando quindi una buona capacit\u00e0 discriminante <span class=\"_ _1\"></span>dei modelli di rating.<span class=\"_ _3a1\"> </span></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-822": {
   "value": "A.1.2 Distr<span class=\"_ _1\"></span>ibuzione delle attivit\u00e0 fi<span class=\"_ _1\"></span>nanziarie per port<span class=\"_ _1\"></span>afogli di appartenenza e per <span class=\"_ _1\"></span>qualit\u00e0 creditizia (valor<span class=\"_ _1\"></span>i lordi e netti)<table class=\"s w1003 h28f\" id=\"_e3e7da9e-84bb-4b0b-81a2-32b90543fb4a\"><tr><td></td><td></td><td></td><td></td><td class=\"c n x18f5 y62f8 w1004 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Deteriorate<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x18f6 y62f8 w1005 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Non deteriorate<span class=\"_ _3a1\"> </span></div></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=\"t m2 xda3 h12 y62f9 ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td></tr><tr><td class=\"t m2 x18f7 h12 y62fa ff4 fs7 fc4 sc3 ls0 ws0\">Portafogli/qualit\u00e0 </td><td></td><td class=\"t m2 x18f8 h12 y62fb ff4 fs7 fc4 sc3 ls0 ws0\">Esposizione </td><td class=\"t m2 x18f9 h12 y62fc ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche di </td><td class=\"t m2 xf71 h12 y62fb ff4 fs7 fc4 sc3 ls0 ws0\">Esposizione </td><td class=\"t m2 x6a7 h12 y62fc ff4 fs7 fc4 sc3 ls0 ws0\">Write-off* </td><td class=\"t m2 x1605 h12 y62fb ff4 fs7 fc4 sc3 ls0 ws0\">Esposizione </td><td class=\"t m2 x6b5 h12 y62fc ff4 fs7 fc4 sc3 ls0 ws0\">Rettifiche di </td><td class=\"t m2 x6b9 h12 y62fb ff4 fs7 fc4 sc3 ls0 ws0\">Esposizione </td><td class=\"t m2 x6a3 h12 y62fa ff4 fs7 fc4 sc3 ls0 ws0\">(esposizione </td></tr><tr><td></td><td></td><td class=\"t m2 x18fa h12 y62fd ff4 fs7 fc4 sc3 ls0 ws0\">lorda </td><td class=\"t m2 xfcc h12 y62fe ff4 fs7 fc4 sc3 ls0 ws0\">valore </td><td class=\"t m2 x18fb h12 y62fd ff4 fs7 fc4 sc3 ls0 ws0\">netta </td><td class=\"t m2 xd9a h12 y62fe ff4 fs7 fc4 sc3 ls0 ws0\">parziali </td><td class=\"t m2 x6f1 h12 y62fd ff4 fs7 fc4 sc3 ls0 ws0\">lorda </td><td class=\"t m2 x711 h12 y62fe ff4 fs7 fc4 sc3 ls0 ws0\">valore </td><td class=\"t m2 xd83 h12 y62fd ff4 fs7 fc4 sc3 ls0 ws0\">netta </td><td class=\"t m2 xda3 h12 y62ff ff4 fs7 fc4 sc3 ls0 ws0\">netta) </td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x18f9 h12 y6300 ff4 fs7 fc4 sc3 ls0 ws0\">complessive<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x789 h12 y6300 ff4 fs7 fc4 sc3 ls0 ws0\">complessivi<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6c9 h12 y6300 ff4 fs7 fc4 sc3 ls0 ws0\">complessive<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6301 ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6302 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie valutate<span class=\"_ _2\"></span> </td><td></td><td class=\"t m2 x18fc h12 y6303 ff4 fs7 fc1 sc0 ls0 ws0\">668.642<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a8 h12 y6303 ff4 fs7 fc1 sc0 ls0 ws0\">401.187<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71b h12 y6303 ff4 fs7 fc1 sc0 ls0 ws0\">267.455<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x16db h12 y6303 ff4 fs7 fc1 sc0 ls0 ws0\">16.227<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x907 h12 y6303 ff4 fs7 fc1 sc0 ls0 ws0\">45.096.503<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y6303 ff4 fs7 fc1 sc0 ls0 ws0\">89.257<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66f h12 y6303 ff4 fs7 fc1 sc0 ls0 ws0\">45.007.246<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ab h12 y6303 ff4 fs7 fc1 sc0 ls0 ws0\">45.274.701<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y6304 ff4 fs7 fc1 sc0 ls0 ws0\">al costo </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6305 ff4 fs7 fc1 sc0 ls0 ws0\">ammortizzato </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x677 y6306 w1c1 h11\"><div class=\"t m2 x0 h12 y8a ff4 fs7 fc1 sc0 ls0 ws0\">2. Attivit\u00e0 </div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6307 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie valutate<span class=\"_ _2\"></span> </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6308 ff4 fs7 fc1 sc0 ls0 ws0\">al fair value con </td><td></td><td class=\"t m2 x160b h12 y6309 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b3 h12 y6309 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x661 h12 y6309 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h12 y6309 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd9c h12 y6309 ff4 fs7 fc1 sc0 ls0 ws0\">9.455.103<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fc h12 y6309 ff4 fs7 fc1 sc0 ls0 ws0\">6.037<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x987 h12 y6309 ff4 fs7 fc1 sc0 ls0 ws0\">9.449.066<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf33 h12 y6309 ff4 fs7 fc1 sc0 ls0 ws0\">9.449.066<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y630a ff4 fs7 fc1 sc0 ls0 ws0\">impatto sulla </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y630b ff4 fs7 fc1 sc0 ls0 ws0\">redditivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y630c ff4 fs7 fc1 sc0 ls0 ws0\">complessiva </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y630d ff4 fs7 fc1 sc0 ls0 ws0\">3. Attivit\u00e0<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y630e ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie </td><td></td><td class=\"t m2 x160b h12 y630f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b3 h12 y630f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x661 h12 y630f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h12 y630f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n x18fd y5b55 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18fe y5b55 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18ff y5b55 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1900 h12 y630f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x2d7 y6310 w1006 h225\"><div class=\"t m2 x2b3 h12 y5929 ff4 fs7 fc1 sc0 ls0 ws0\">designate al fair<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">value<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6311 ff4 fs7 fc1 sc0 ls0 ws0\">4. Altre attivit\u00e0<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6312 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6313 ff4 fs7 fc1 sc0 ls0 ws0\">obbligatoriamente </td><td></td><td class=\"t m2 x160b h12 y6313 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b3 h12 y6314 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x661 h12 y6314 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h12 y6314 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n x18fd y62ed w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x18fe y62ed w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">X<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1901 y62ed we73 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">649.406</div></td><td class=\"t m2 x676 h12 y6314 ff4 fs7 fc1 sc0 ls0 ws0\">649.406<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c x2d7 y6315 w1007 h225\"><div class=\"t m2 x2b3 h12 y5929 ff4 fs7 fc1 sc0 ls0 ws0\">valutate al fair<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">value<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6316 ff4 fs7 fc1 sc0 ls0 ws0\">5. Attivit\u00e0<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6317 ff4 fs7 fc1 sc0 ls0 ws0\">finanziarie in corso<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x160b h12 y6317 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b3 h12 y6317 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x661 h12 y6317 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h12 y6317 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x187c h12 y6317 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1013 h12 y6317 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6b1 h12 y6317 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1900 h12 y6317 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y6318 ff4 fs7 fc1 sc0 ls0 ws0\">di dismissione </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h12 y6319 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1089 h12 y6319 ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x18fc h12 y6319 ff4 fs7 fc1 sc2 ls0 ws0\">668.642<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a8 h12 y6319 ff4 fs7 fc1 sc2 ls0 ws0\">401.187<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71b h12 y6319 ff4 fs7 fc1 sc2 ls0 ws0\">267.455<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf92 h12 y6319 ff4 fs7 fc1 sc2 ls0 ws0\">16.227<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y6319 ff4 fs7 fc1 sc2 ls0 ws0\">54.551.606<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y6319 ff4 fs7 fc1 sc2 ls0 ws0\">95.294<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x987 h12 y6319 ff4 fs7 fc1 sc2 ls0 ws0\">55.105.718<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ab h12 y6319 ff4 fs7 fc1 sc2 ls0 ws0\">55.373.173<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y631a ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1089 h12 y631a ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69d h12 y631a ff4 fs7 fc1 sc2 ls0 ws0\">701.673<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a8 h12 y631a ff4 fs7 fc1 sc2 ls0 ws0\">418.417<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd87 h12 y631a ff4 fs7 fc1 sc2 ls0 ws0\">283.256<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf92 h12 y631a ff4 fs7 fc1 sc2 ls0 ws0\">17.477<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x904 h12 y631a ff4 fs7 fc1 sc2 ls0 ws0\">53.196.993<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h12 y631a ff4 fs7 fc1 sc2 ls0 ws0\">94.704<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b9 h12 y631a ff4 fs7 fc1 sc2 ls0 ws0\">53.598.581<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69c h12 y631a ff4 fs7 fc1 sc2 ls0 ws0\">53.881.837<span class=\"_ _3a1\"> </span></td></tr></table><div class=\"gsb8c\"><table class=\"s w100f h291\" id=\"_c878eaa5-6ef0-4bd2-8744-b9b826aac719\"><tr><td class=\"t m2 x190a h12 y6328 ff4 fs7 fc4 sc3 ls0 ws0\">Portafogli/qualit\u00e0 </td><td></td><td></td><td class=\"c x190c y62db w1010 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Attivi<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x190b h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">t\u00e0 di evidente scarsa qualit\u00e0 cr<span class=\"_ _2\"></span>editizia<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x190d y62db w1011 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">A<span class=\"_ _2\"></span>ltre attivit\u00e0<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x703 y6329 w1012 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Minusvalenze cumulate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x190e y6329 w1013 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">E<span class=\"_ _1\"></span>sposizione netta<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x190f y6329 w1014 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc4 sc3 ls0 ws0\">Esposizione netta<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x677 h12 y632a ff4 fs7 fc1 sc0 ls0 ws0\">1. Attivit\u00e0 finanziarie de<span class=\"_ _2\"></span>tenute per la </td><td></td><td></td><td class=\"t m2 x6df h12 y632b ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y632b ff4 fs7 fc1 sc0 ls0 ws0\">51<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fa h12 y632b ff4 fs7 fc1 sc0 ls0 ws0\">34.086<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y632c ff4 fs7 fc1 sc0 ls0 ws0\">negoziazione </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y5fe1 w1015 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">2. Derivati di copertura<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td class=\"c n x1910 y5fe1 w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x66a h12 y632d ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xda3 h12 y632d ff4 fs7 fc1 sc0 ls0 ws0\">427.235<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x1911 h12 y632e ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1601 h12 y632e ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6df h12 y632e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x714 h12 y632e ff4 fs7 fc1 sc2 ls0 ws0\">51<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f6 h12 y632e ff4 fs7 fc1 sc2 ls0 ws0\">461.321<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x1911 h12 y632f ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1601 h12 y632f ff4 fs7 fc1 sc2 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m2 x6df h12 y632f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x66a h12 y632f ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f6 h12 y632f ff4 fs7 fc1 sc2 ls0 ws0\">626.141<span class=\"_ _3a1\"> </span></td></tr></table></div>A.3 Dist<span class=\"_ _1\"></span>ribuzione<span class=\"_ _1\"></span> delle esposiz<span class=\"_ _1\"></span>ioni credit<span class=\"_ _1\"></span>izie garanti<span class=\"_ _1\"></span>te per t<span class=\"_ _1\"></span>ipologia di<span class=\"_ _1\"></span> garanzia<span class=\"_ _3a1\"> </span>A.3.1 Consolidato <span class=\"_ _1\"></span>prudenziale \u2013 Esposizioni creditizie per cass<span class=\"_ _1\"></span>a e fuori bilancio verso <span class=\"_ _1\"></span>banche garantite<span class=\"_ _3a1\"> </span>Esp<span class=\"_ _3b\"></span>osizione<span class=\"_ _3b\"></span> lorda<span class=\"_ _3a1\"> </span>Esp<span class=\"_ _3b\"></span>osizione<span class=\"_ _3b\"></span> netta<span class=\"_ _3a1\"> </span><table class=\"s w11af h2a5\" id=\"_3a233b48-d6d5-4a40-97cc-47c4f60eeb6b\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1c9d h12 y6515 ff4 fs7 fc4 sc3 ls0 ws0\">Garanzie personali<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1c9e h12 y6516 ff4 fs7 fc4 sc3 ls0 ws0\">Garanzie reali<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1c9f h12 y6517 ff4 fs7 fc4 sc3 ls0 ws0\">(2)<span class=\"_ _3a1\"> </span></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=\"t m9 x1ca0 h12 y6518 ff4 fs7 fc4 sc3 ls0 ws0\">Derivati su crediti<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1ca1 h12 y6518 ff4 fs7 fc4 sc3 ls0 ws0\">Crediti di firma<span class=\"_ _3a1\"> </span></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=\"t m9 x1ca2 h12 y6519 ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">Altri derivati<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1ca3 h12 y651a ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><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></td><td></td><td></td><td></td><td class=\"t m9 x1ca3 h12 y651b ff4 fs7 fc4 sc3 ls0 ws0\">(1)+(2)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x3c4 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">1. Esposizioni creditizie per cas<span class=\"_ _2\"></span>sa garantite:<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca4 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">129<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca5 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">129<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca6 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x199d h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">129<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x3b6 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca7 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca8 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca9 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1caa h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17ed h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x19a5 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1989 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cab h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cac h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cad h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cae h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">129<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x1caf y651d w11b0 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1. totalmente g<span class=\"_ _2\"></span>arantite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb0 y651d w11b1 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">129<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb1 y651d w7f6 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">129<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb2 y651d w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb3 y651d w11b1 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">129<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb4 y651d w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb5 y651d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb6 y651d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb7 y651d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb8 y651d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb9 y651d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cba y651d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cbb y651d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cbc y651d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cbd y651d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cbe y651d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cbf y651d w11b1 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">129<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1cc0 y651e w11b4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui deteriorate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc1 y651e w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc2 y651e w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc3 y651e w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc4 y651e w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc5 y651e w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc6 y651e w11b5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc7 y651e w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc8 y651e w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc9 y651e w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cca y651e w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccb y651e w11b5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccc y651e w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccd y651e w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cce y651e w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccf y651e w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd0 y651e w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1caf y651f w11b6 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2. parzialmente ga<span class=\"_ _3b\"></span>ra<span class=\"_ _1\"></span>ntite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd1 y651f w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd2 y651f w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd3 y651f w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd4 y651f w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd5 y651f w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd6 y651f w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd7 y651f w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd8 y651f w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd9 y651f w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cda y651f w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cdb y651f w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cdc y651f w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cdd y651f w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cde y651f w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cdf y651f w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ce0 y651f w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1cc0 y6520 w11b4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui deteriorate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc1 y6520 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc2 y6520 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc3 y6520 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc4 y6520 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc5 y6520 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc6 y6520 w11b5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc7 y6520 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc8 y6520 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc9 y6520 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cca y6520 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccb y6520 w11b5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccc y6520 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccd y6520 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cce y6520 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccf y6520 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd0 y6520 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x3c4 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">2. Esposizioni creditizie fuor<span class=\"_ _2\"></span>i bilancio garantite:<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ce1 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ce2 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca6 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ce3 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x3b6 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca7 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca8 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca9 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1caa h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17ed h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x19a5 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1989 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cab h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cac h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cad h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ce4 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x1caf y6522 w11b7 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1. totalmente g<span class=\"_ _2\"></span>arantite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ce5 y6522 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ce6 y6522 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ce7 y6522 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ce8 y6522 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd5 y6522 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd6 y6522 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd7 y6522 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd8 y6522 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd9 y6522 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cda y6522 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cdb y6522 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cdc y6522 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cdd y6522 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cde y6522 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cdf y6522 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ce0 y6522 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1cc0 y5a2d w11b4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui deteriorate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc1 y5a2d w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc2 y5a2d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc3 y5a2d w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc4 y5a2d w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc5 y5a2d w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc6 y5a2d w11b5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc7 y5a2d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc8 y5a2d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc9 y5a2d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cca y5a2d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccb y5a2d w11b5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccc y5a2d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccd y5a2d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cce y5a2d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccf y5a2d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd0 y5a2d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1caf y6523 w11b8 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2. parzialmente ga<span class=\"_ _3b\"></span>ran<span class=\"_ _1\"></span>tite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ce9 y6523 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cea y6523 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ceb y6523 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cec y6523 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ced y6523 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cee y6523 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cef y6523 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cf0 y6523 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cf1 y6523 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cf2 y6523 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cf3 y6523 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cf4 y6523 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cf5 y6523 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cf6 y6523 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cf7 y6523 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cf8 y6523 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1cc0 y539f w11b4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui deteriorate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc1 y539f w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc2 y59e4 w11b9 h20a\"><div class=\"t m9 x2b3 h12 y56d8 ff4 fs7 fc1 sc0 ls0 ws0\">- <span class=\"_ _134\"> </span>- <span class=\"_ _f7\"> </span>- <span class=\"_ _134\"> </span>- <span class=\"_ _134\"> </span>- <span class=\"_ _134\"> </span>- <span class=\"_ _134\"> </span>- <span class=\"_ _1a4\"> </span>- <span class=\"_ _1b2\"> </span>- <span class=\"_ _1a4\"> </span>- <span class=\"_ _1a4\"> </span>- <span class=\"_ _1a4\"> </span>- <span class=\"_ _1b2\"> </span>- <span class=\"_ _1a4\"> </span>- <span class=\"_ _61\"> </span>-<span class=\"_ _3a1\"> </span></div></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><td></td><td></td></tr></table>Imm<span class=\"_ _3b\"></span>obili - ipo<span class=\"_ _2\"></span>tech<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span>Imm<span class=\"_ _3b\"></span>obili - Finan<span class=\"_ _3b\"></span>ziame<span class=\"_ _3b\"></span>nti per <span class=\"_ _2\"></span>leas<span class=\"_ _2\"></span>ing<span class=\"_ _3a1\"> </span>Tito<span class=\"_ _3b\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span>Altre<span class=\"_ _3b\"></span> garanz<span class=\"_ _3b\"></span>ie rea<span class=\"_ _2\"></span>li<span class=\"_ _3a1\"> </span>CLN<span class=\"_ _3a1\"> </span>Am<span class=\"_ _2\"></span>minis<span class=\"_ _3b\"></span>trazion<span class=\"_ _3b\"></span>i pub<span class=\"_ _2\"></span>blich<span class=\"_ _2\"></span>e Ban<span class=\"_ _3b\"></span>che<span class=\"_ _3a1\"> </span>Altre<span class=\"_ _3b\"></span> societ\u00e0<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span>finan<span class=\"_ _3b\"></span>ziarie<span class=\"_ _3a1\"> </span>Altr<span class=\"_ _2\"></span>i sogg<span class=\"_ _3b\"></span>etti<span class=\"_ _3a1\"> </span>Cont<span class=\"_ _3b\"></span>ropar<span class=\"_ _2\"></span>ti cen<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ral<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span>Ban<span class=\"_ _3b\"></span>che<span class=\"_ _3a1\"> </span>Altre<span class=\"_ _3b\"></span> societ\u00e0<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span>finan<span class=\"_ _3b\"></span>ziarie<span class=\"_ _3a1\"> </span>Altr<span class=\"_ _2\"></span>i sogg<span class=\"_ _3b\"></span>etti<span class=\"_ _3a1\"> </span>A.3.2 Consolidato prudenz<span class=\"_ _1\"></span>iale - Esposizioni creditizie per cass<span class=\"_ _1\"></span>a e fuori bilancio verso cliente<span class=\"_ _1\"></span>la garantite<span class=\"_ _3a1\"> </span> lorda<span class=\"_ _3a1\"> </span> netta<span class=\"_ _3a1\"> </span><table class=\"s w11ba h2a6\" id=\"_fa803e6b-c25a-463a-b280-3e3197e7bcaa\"><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1cf9 h12 y6524 ff4 fs7 fc4 sc3 ls0 ws0\">Garanzie reali<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1cfa h12 y6525 ff4 fs7 fc4 sc3 ls0 ws0\">Garanzie personali<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1cfb h12 y6526 ff4 fs7 fc4 sc3 ls0 ws0\">(1)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1cfc h12 y6526 ff4 fs7 fc4 sc3 ls0 ws0\">(2)<span class=\"_ _3a1\"> </span></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 class=\"t m9 x2b2 h12 y6527 ff4 fs7 fc4 sc3 ls0 ws0\">Derivati su crediti<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1cfd h12 y6527 ff4 fs7 fc4 sc3 ls0 ws0\">Crediti di firma<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m9 x1cfe h12 y6528 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1cff h12 y6529 ff4 fs7 fc4 sc3 ls0 ws0\">Altri </td><td class=\"t m9 x1d00 h12 y652a ff4 fs7 fc4 sc3 ls0 ws0\">Altri derivati<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1cfe h12 y652b ff4 fs7 fc4 sc3 ls0 ws0\">(1)+(2)<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1d01 h12 y652c ff4 fs7 fc4 sc3 ls0 ws0\">derivati<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3c4 y652d w23d h11\"><div class=\"t m9 x0 h12 y2db6 ff4 fs7 fc1 sc2 ls0 ws0\">1. Esposizioni creditizie per cas<span class=\"_ _2\"></span>sa </div></td><td class=\"t m9 x1d02 h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">23.538.104<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d03 h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">23.277.729<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d04 h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">12.385.615<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x199b h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">1.819.309<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d05 h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">893.459<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d06 h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">3.624.047<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d07 h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d08 h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d09 h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d0a h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1990 h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1c9d h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">1.526.077<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d0b h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">91.889<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d0c h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">48.820<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d0d h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">2.113.090<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d0e h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">22.502.306<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x3c4 h12 y652f ff4 fs7 fc1 sc2 ls0 ws0\">garantite:<span class=\"_ _3a1\"> </span></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><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1caf y6530 w11b0 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1. totalmente g<span class=\"_ _2\"></span>arantite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d0f y6530 w11bb h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">21.021.916<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d10 y6530 w11bc h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">20.781.289<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d11 y6530 w11bd h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.384.592<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d12 y6530 w11be h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.819.309<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d13 y6530 w11bf h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">834.426<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d14 y6530 w11c0 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.599.204<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d15 y6530 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d16 y6530 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d17 y6530 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d18 y6530 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d19 y6530 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d1a y6530 w11c1 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">480.602<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d1b y6530 w11c2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">81.889<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d1c y6530 w11c3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">32.776<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d1d y6530 w11c4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.561.874<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d1e y6530 w11c5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">20.794.672<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1cc0 y6531 w11b4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui deteriorate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d1f y6531 w11c6 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">37<span class=\"_ _1\"></span>8.754<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d20 y6531 w11c7 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">183.683<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d21 y6531 w572 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">111.927<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d22 y6531 w11c8 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">21.088<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d23 y6531 w11c9 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.649<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d24 y6531 w11ca h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">23.626<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d25 y6531 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d26 y6531 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d27 y6531 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d28 y6531 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d29 y6531 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d2a y6531 w11cb h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18.303<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d2b y6531 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d2c y6531 w11cc h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">120<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d2d y6531 w11cd h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.507<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d2e y6531 w11ce h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">183.220<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1caf y6532 w11b6 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2. parzialmente ga<span class=\"_ _3b\"></span>ra<span class=\"_ _1\"></span>ntite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d2f y6532 w11cf h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.516.188<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d30 y6532 w11d0 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.496.440<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d31 y6532 w11d1 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.023<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d32 y6532 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d33 y6532 w11d2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">59.033<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d34 y6532 w11d3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24.843<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d35 y6532 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d36 y6532 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d37 y6532 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d38 y6532 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d39 y6532 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d3a y6532 w11d4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.045.475<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d3b y6532 w11d5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10.000<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d3c y6532 w11d6 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _2\"></span>6.044<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d3d y6532 w11d7 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">551.216<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d3e y6532 w11d8 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.707.634<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1cc0 y6533 w11b4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui deteriorate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d3f y6533 w11d9 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">54.753<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d40 y6533 w11da h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">38.902<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d41 y6533 w11db h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">32<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d42 y6533 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d43 y6533 w11dc h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">306<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d44 y6533 w11dd h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">72<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d45 y6533 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d46 y6533 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d47 y6533 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d48 y6533 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d49 y6533 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d4a y6533 w11de h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">31.233<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d4b y6533 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d4c y6533 w11df h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">20<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d4d y6533 w11e0 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.136<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d4e y6533 w11e1 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">35.799<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x3c4 y6534 w23e h11\"><div class=\"t m9 x0 h12 y3200 ff4 fs7 fc1 sc2 ls0 ws0\">2. Esposizioni creditizie \u201cfuor<span class=\"_ _2\"></span>i </div></td><td class=\"t m9 x1d4f h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">719.241<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d50 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">718.716<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d51 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">44.683<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ce2 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d52 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">194.010<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ce3 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">73.205<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d07 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d08 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d09 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d0a h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1990 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d53 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">512<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d0b h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">30.170<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d54 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">4.006<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d55 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">327.521<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca3 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">674.107<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x3c4 h12 y6536 ff4 fs7 fc1 sc2 ls0 ws0\">bilancio\u201d garantite:<span class=\"_ _3a1\"> </span></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><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1caf y6089 w11b7 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1. totalmente g<span class=\"_ _2\"></span>arantite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d56 y6089 w11e2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">644.033<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d57 y6089 w11e3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">643.572<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d58 y6089 w11e4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">44.683<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d59 y6089 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d5a y6089 w11e5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">180.405<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d5b y6089 w11e6 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">67.613<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d5c y6089 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d5d y6089 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d5e y6089 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d5f y6089 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d60 y6089 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d61 y6089 w11e7 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">292<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d62 y6089 w11e8 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">30.170<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d63 y6089 w11e9 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.006<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d64 y6089 w11ea h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">304.662<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d65 y6089 w11eb h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">631.831<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1cc0 y6537 w11b4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui deteriorate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d66 y6537 w11ec h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.703<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d67 y6537 w11ec h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.307<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d68 y6537 w11ed h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">264<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d69 y6537 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d6a y6537 w11ee h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.326<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d6b y6537 w11ef h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">312<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d6c y6537 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d6d y6537 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d6e y6537 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d6f y6537 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d70 y6537 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d71 y6537 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d72 y6537 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d73 y6537 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d74 y6537 w11f0 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">405<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d75 y6537 w11f1 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.307<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1caf y6538 w11b8 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2. parzialmente ga<span class=\"_ _3b\"></span>ran<span class=\"_ _1\"></span>tite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d76 y6538 w11f2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">75.208<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d77 y6538 w530 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">75.144<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d78 y6538 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d79 y6538 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d7a y6538 w11f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13.605<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d7b y6538 w11f4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.592<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d7c y6538 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d7d y6538 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d7e y6538 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d7f y6538 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d80 y6538 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d81 y6538 w11f5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">220<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d82 y6538 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d83 y6538 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d84 y6538 w11f6 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">22.859<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d85 y6538 w11f7 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">42.276<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1cc0 y53a2 w11b4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui deteriorate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d86 y53a2 w11f8 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">199<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d87 y53a2 w11f9 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">141<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d88 y53a2 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d89 y53a2 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d8a y53a2 w11fa h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">85<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d8b y53a2 w11fb h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d8c y53a2 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d8d y53a2 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d8e y53a2 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d8f y53a2 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d90 y53a2 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d91 y53a2 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d92 y53a2 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d93 y53a2 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d94 y53a2 w11fc h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">46<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d95 y53a2 w11fd h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">136<span class=\"_ _3a1\"> </span></div></td></tr></table>che<span class=\"_ _3a1\"> </span>asing ziario<span class=\"_ _3a1\"> </span>i<span class=\"_ _3a1\"> </span>i<span class=\"_ _3a1\"> </span>CLN<span class=\"_ _3a1\"> </span>i e<span class=\"_ _3a1\"> </span>che<span class=\"_ _3a1\"> </span>ziarie<span class=\"_ _3a1\"> </span>etti<span class=\"_ _3a1\"> </span>ti i<span class=\"_ _3a1\"> </span>che<span class=\"_ _3a1\"> </span>z<span class=\"_ _3a1\"> </span>etti<span class=\"_ _3a1\"> </span>Nel <span class=\"_ _0\"></span>corso <span class=\"_ _0\"></span>dell\u2019esercizio <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _0\"></span>state <span class=\"_ _0\"></span>escusse <span class=\"_ _0\"></span>garanzie <span class=\"_ _38\"></span>ipote<span class=\"_ _1\"></span>carie <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>16,0<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>milioni <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>euro, <span class=\"_ _0\"></span>i<span class=\"_ _3b\"></span> <span class=\"_ _0\"> </span>cui <span class=\"_ _0\"></span>incassi<span class=\"_ _3a1\"> </span>presum<span class=\"_ _3a1\"> </span>ibilmente  avverranno <span class=\"_ _35\"> </span>nei  prossimi  anni,  m<span class=\"_ _2\"></span>entre  a  fronte <span class=\"_ _35\"> </span>delle  escussioni  di<span class=\"_ _2\"></span>  pegni, <span class=\"_ _35\"> </span>polizze<span class=\"_ _3a1\"> </span>assicurative <span class=\"_ _35\"> </span>e  f<span class=\"_ _2\"></span>ideiussioni <span class=\"_ _35\"> </span>sono <span class=\"_ _35\"> </span>stati <span class=\"_ _35\"> </span>incassati <span class=\"_ _35\"> </span>76,0 <span class=\"_ _35\"> </span>milioni <span class=\"_ _35\"> </span>di  euro. <span class=\"_ _35\"> </span>Nell\u2019esercizio <span class=\"_ _35\"> </span>sono <span class=\"_ _35\"> </span>stati <span class=\"_ _35\"> </span>anch<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span>incassati 2<span class=\"_ _2\"></span>2,5 <span class=\"_ _3b\"></span>milioni di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>euro, a <span class=\"_ _3b\"></span>fronte d<span class=\"_ _3b\"></span>i escussione <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>gar<span class=\"_ _1\"></span>anzie <span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>potecarie avv<span class=\"_ _2\"></span>iate <span class=\"_ _3b\"></span>negli anni<span class=\"_ _2\"></span> p<span class=\"_ _2\"></span>recedenti.<span class=\"_ _3a1\"> </span>Nel <span class=\"_ _1\"></span>corso de<span class=\"_ _1\"></span>l 20<span class=\"_ _1\"></span>24 sono <span class=\"_ _1\"></span>state <span class=\"_ _1\"></span>poste <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>essere <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>giudiziali di <span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>cussione de<span class=\"_ _1\"></span>lle garanzie <span class=\"_ _1\"></span>mediante<span class=\"_ _3a1\"> </span>pignoramento  i<span class=\"_ _2\"></span>mmobiliare  nei<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>casi  i<span class=\"_ _3b\"></span>n  cui <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>sia  stato <span class=\"_ _35\"> </span>possib<span class=\"_ _2\"></span>ile  raggiu<span class=\"_ _3b\"></span>nge<span class=\"_ _1\"></span>re  soluz<span class=\"_ _2\"></span>ioni  transattive<span class=\"_ _3a1\"> </span>soddisfacenti. <span class=\"_ _1\"></span>Le <span class=\"_ _0\"></span>po<span class=\"_ _2\"></span>sizioni <span class=\"_ _38\"></span>affidate <span class=\"_ _1\"></span>alle <span class=\"_ _38\"></span>societ\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>utsourcing, <span class=\"_ _1\"></span>cost<span class=\"_ _1\"></span>ituite <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>esposizioni <span class=\"_ _38\"></span>minori <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>1<span class=\"_ _1\"></span>00<span class=\"_ _3a1\"> </span>mila euro<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>erivanti da <span class=\"_ _3b\"></span>mutui ipotecari <span class=\"_ _3b\"></span>sono state v<span class=\"_ _2\"></span>alutate <span class=\"_ _2\"></span>e gesti<span class=\"_ _2\"></span>te <span class=\"_ _2\"></span>stragiudizialmente. Si <span class=\"_ _2\"></span>precisa <span class=\"_ _3b\"></span>infat<span class=\"_ _1\"></span>ti<span class=\"_ _3a1\"> </span>che <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>ricontrattualizzazione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tali <span class=\"_ _0\"></span>societ\u00e0 <span class=\"_ _0\"></span>dal <span class=\"_ _0\"></span>2023 <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>previsto <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>loro <span class=\"_ _0\"></span>intervento <span class=\"_ _0\"></span>limitatamente <span class=\"_ _0\"></span>all<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span>attivit\u00e0 <span class=\"_ _1\"></span>stragiudiziale. In <span class=\"_ _1\"></span>caso <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>esito <span class=\"_ _1\"></span>negativo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>quest'ultima, <span class=\"_ _1\"></span>infatti, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>posizione <span class=\"_ _1\"></span>viene <span class=\"_ _1\"></span>restituita <span class=\"_ _1\"></span>agli<span class=\"_ _3a1\"> </span>uffici interni competenti per l'attivazione giudiziale ovvero la cessione de<span class=\"_ _1\"></span>l credito.<span class=\"_ _3a1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-845": {
   "value": "<div class=\"t m8 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1336\">A.3 Dist<span class=\"_ _1\"></span>ribuzione<span class=\"_ _1\"></span> delle esposiz<span class=\"_ _1\"></span>ioni credit<span class=\"_ _1\"></span>izie garanti<span class=\"_ _1\"></span>te per t<span class=\"_ _1\"></span>ipologia di<span class=\"_ _1\"></span> garanzia<span class=\"_ _3a1\"> </span></div><div class=\"t m9 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1337\">A.3.1 Consolidato <span class=\"_ _1\"></span>prudenziale \u2013 Esposizioni creditizie per cass<span class=\"_ _1\"></span>a e fuori bilancio verso <span class=\"_ _1\"></span>banche garantite<span class=\"_ _3a1\"> </span></div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs1338\">Esp<span class=\"_ _3b\"></span>osizione<span class=\"_ _3b\"></span> lorda<span class=\"_ _3a1\"> </span></div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs1339\">Esp<span class=\"_ _3b\"></span>osizione<span class=\"_ _3b\"></span> netta<span class=\"_ _3a1\"> </span></div><div class=\"gs133a\"><table class=\"s w11af h2a5\" id=\"_3a233b48-d6d5-4a40-97cc-47c4f60eeb6b\"><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1c9d h12 y6515 ff4 fs7 fc4 sc3 ls0 ws0\">Garanzie personali<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1c9e h12 y6516 ff4 fs7 fc4 sc3 ls0 ws0\">Garanzie reali<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1c9f h12 y6517 ff4 fs7 fc4 sc3 ls0 ws0\">(2)<span class=\"_ _3a1\"> </span></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=\"t m9 x1ca0 h12 y6518 ff4 fs7 fc4 sc3 ls0 ws0\">Derivati su crediti<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1ca1 h12 y6518 ff4 fs7 fc4 sc3 ls0 ws0\">Crediti di firma<span class=\"_ _3a1\"> </span></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=\"t m9 x1ca2 h12 y6519 ff4 fs7 fc4 sc3 ls0 ws0\" colspan=\"2\">Altri derivati<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1ca3 h12 y651a ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><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></td><td></td><td></td><td></td><td class=\"t m9 x1ca3 h12 y651b ff4 fs7 fc4 sc3 ls0 ws0\">(1)+(2)<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x3c4 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">1. Esposizioni creditizie per cas<span class=\"_ _2\"></span>sa garantite:<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca4 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">129<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca5 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">129<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca6 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x199d h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">129<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x3b6 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca7 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca8 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca9 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1caa h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17ed h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x19a5 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1989 h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cab h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cac h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cad h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cae h12 y651c ff4 fs7 fc1 sc2 ls0 ws0\">129<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x1caf y651d w11b0 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1. totalmente g<span class=\"_ _2\"></span>arantite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb0 y651d w11b1 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">129<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb1 y651d w7f6 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">129<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb2 y651d w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb3 y651d w11b1 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">129<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb4 y651d w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb5 y651d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb6 y651d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb7 y651d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb8 y651d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cb9 y651d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cba y651d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cbb y651d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cbc y651d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cbd y651d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cbe y651d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cbf y651d w11b1 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">129<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1cc0 y651e w11b4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui deteriorate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc1 y651e w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc2 y651e w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc3 y651e w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc4 y651e w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc5 y651e w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc6 y651e w11b5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc7 y651e w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc8 y651e w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc9 y651e w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cca y651e w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccb y651e w11b5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccc y651e w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccd y651e w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cce y651e w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccf y651e w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd0 y651e w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1caf y651f w11b6 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2. parzialmente ga<span class=\"_ _3b\"></span>ra<span class=\"_ _1\"></span>ntite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd1 y651f w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd2 y651f w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd3 y651f w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd4 y651f w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd5 y651f w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd6 y651f w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd7 y651f w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd8 y651f w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd9 y651f w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cda y651f w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cdb y651f w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cdc y651f w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cdd y651f w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cde y651f w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cdf y651f w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ce0 y651f w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1cc0 y6520 w11b4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui deteriorate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc1 y6520 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc2 y6520 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc3 y6520 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc4 y6520 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc5 y6520 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc6 y6520 w11b5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc7 y6520 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc8 y6520 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc9 y6520 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cca y6520 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccb y6520 w11b5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccc y6520 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccd y6520 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cce y6520 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccf y6520 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd0 y6520 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m9 x3c4 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">2. Esposizioni creditizie fuor<span class=\"_ _2\"></span>i bilancio garantite:<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ce1 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ce2 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca6 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ce3 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x3b6 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca7 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca8 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca9 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1caa h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x17ed h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x19a5 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1989 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cab h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cac h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1cad h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ce4 h12 y6521 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x1caf y6522 w11b7 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1. totalmente g<span class=\"_ _2\"></span>arantite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ce5 y6522 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ce6 y6522 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ce7 y6522 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ce8 y6522 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd5 y6522 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd6 y6522 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd7 y6522 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd8 y6522 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd9 y6522 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cda y6522 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cdb y6522 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cdc y6522 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cdd y6522 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cde y6522 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cdf y6522 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ce0 y6522 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1cc0 y5a2d w11b4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui deteriorate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc1 y5a2d w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc2 y5a2d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc3 y5a2d w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc4 y5a2d w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc5 y5a2d w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc6 y5a2d w11b5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc7 y5a2d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc8 y5a2d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc9 y5a2d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cca y5a2d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccb y5a2d w11b5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccc y5a2d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccd y5a2d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cce y5a2d w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ccf y5a2d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cd0 y5a2d w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1caf y6523 w11b8 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2. parzialmente ga<span class=\"_ _3b\"></span>ran<span class=\"_ _1\"></span>tite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ce9 y6523 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cea y6523 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ceb y6523 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cec y6523 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1ced y6523 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cee y6523 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cef y6523 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cf0 y6523 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cf1 y6523 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cf2 y6523 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cf3 y6523 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cf4 y6523 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cf5 y6523 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cf6 y6523 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cf7 y6523 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cf8 y6523 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1cc0 y539f w11b4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui deteriorate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc1 y539f w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1cc2 y59e4 w11b9 h20a\"><div class=\"t m9 x2b3 h12 y56d8 ff4 fs7 fc1 sc0 ls0 ws0\">- <span class=\"_ _134\"> </span>- <span class=\"_ _f7\"> </span>- <span class=\"_ _134\"> </span>- <span class=\"_ _134\"> </span>- <span class=\"_ _134\"> </span>- <span class=\"_ _134\"> </span>- <span class=\"_ _1a4\"> </span>- <span class=\"_ _1b2\"> </span>- <span class=\"_ _1a4\"> </span>- <span class=\"_ _1a4\"> </span>- <span class=\"_ _1a4\"> </span>- <span class=\"_ _1b2\"> </span>- <span class=\"_ _1a4\"> </span>- <span class=\"_ _61\"> </span>-<span class=\"_ _3a1\"> </span></div></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><td></td><td></td></tr></table></div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs133b\">Imm<span class=\"_ _3b\"></span>obili - </div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs133c\">ipo<span class=\"_ _2\"></span>tech<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span></div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs133d\">Imm<span class=\"_ _3b\"></span>obili - </div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs133e\">Finan<span class=\"_ _3b\"></span>ziame<span class=\"_ _3b\"></span>nti </div><div class=\"c w23c hc9 gs133f\"><div class=\"t m10 x27a h12 y30fd ff4 fs7 fc4 sc3 ls0 ws0\">per <span class=\"_ _2\"></span>leas<span class=\"_ _2\"></span>ing<span class=\"_ _3a1\"> </span></div></div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs1340\">Tito<span class=\"_ _3b\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs1341\">Altre<span class=\"_ _3b\"></span> garanz<span class=\"_ _3b\"></span>ie </div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs1342\">rea<span class=\"_ _2\"></span>li<span class=\"_ _3a1\"> </span></div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs1343\">CLN<span class=\"_ _3a1\"> </span></div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs1344\">Am<span class=\"_ _2\"></span>minis<span class=\"_ _3b\"></span>trazion<span class=\"_ _3b\"></span>i </div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs1345\">pub<span class=\"_ _2\"></span>blich<span class=\"_ _2\"></span>e </div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs1346\">Ban<span class=\"_ _3b\"></span>che<span class=\"_ _3a1\"> </span></div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs1347\">Altre<span class=\"_ _3b\"></span> societ\u00e0<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span></div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs1348\">finan<span class=\"_ _3b\"></span>ziarie<span class=\"_ _3a1\"> </span></div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs1349\">Altr<span class=\"_ _2\"></span>i sogg<span class=\"_ _3b\"></span>etti<span class=\"_ _3a1\"> </span></div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs134a\">Cont<span class=\"_ _3b\"></span>ropar<span class=\"_ _2\"></span>ti </div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs134b\">cen<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ral<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs134c\">Ban<span class=\"_ _3b\"></span>che<span class=\"_ _3a1\"> </span></div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs134d\">Altre<span class=\"_ _3b\"></span> societ\u00e0<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span></div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs134e\">finan<span class=\"_ _3b\"></span>ziarie<span class=\"_ _3a1\"> </span></div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs134f\">Altr<span class=\"_ _2\"></span>i sogg<span class=\"_ _3b\"></span>etti<span class=\"_ _3a1\"> </span></div><div class=\"t m9 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1351\">A.3.2 Consolidato prudenz<span class=\"_ _1\"></span>iale - Esposizioni creditizie per cass<span class=\"_ _1\"></span>a e fuori bilancio verso cliente<span class=\"_ _1\"></span>la garantite<span class=\"_ _3a1\"> </span></div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs1352\">Esp<span class=\"_ _3b\"></span>osizione<span class=\"_ _3b\"></span> lorda<span class=\"_ _3a1\"> </span></div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs1353\">Esp<span class=\"_ _3b\"></span>osizione<span class=\"_ _3b\"></span> netta<span class=\"_ _3a1\"> </span></div><div class=\"gs1354\"><table class=\"s w11ba h2a6\" id=\"_fa803e6b-c25a-463a-b280-3e3197e7bcaa\"><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1cf9 h12 y6524 ff4 fs7 fc4 sc3 ls0 ws0\">Garanzie reali<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1cfa h12 y6525 ff4 fs7 fc4 sc3 ls0 ws0\">Garanzie personali<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1cfb h12 y6526 ff4 fs7 fc4 sc3 ls0 ws0\">(1)<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1cfc h12 y6526 ff4 fs7 fc4 sc3 ls0 ws0\">(2)<span class=\"_ _3a1\"> </span></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 class=\"t m9 x2b2 h12 y6527 ff4 fs7 fc4 sc3 ls0 ws0\">Derivati su crediti<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1cfd h12 y6527 ff4 fs7 fc4 sc3 ls0 ws0\">Crediti di firma<span class=\"_ _3a1\"> </span></td><td></td><td></td><td class=\"t m9 x1cfe h12 y6528 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1cff h12 y6529 ff4 fs7 fc4 sc3 ls0 ws0\">Altri </td><td class=\"t m9 x1d00 h12 y652a ff4 fs7 fc4 sc3 ls0 ws0\">Altri derivati<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1cfe h12 y652b ff4 fs7 fc4 sc3 ls0 ws0\">(1)+(2)<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td class=\"t m9 x1d01 h12 y652c ff4 fs7 fc4 sc3 ls0 ws0\">derivati<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x3c4 y652d w23d h11\"><div class=\"t m9 x0 h12 y2db6 ff4 fs7 fc1 sc2 ls0 ws0\">1. Esposizioni creditizie per cas<span class=\"_ _2\"></span>sa </div></td><td class=\"t m9 x1d02 h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">23.538.104<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d03 h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">23.277.729<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d04 h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">12.385.615<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x199b h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">1.819.309<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d05 h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">893.459<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d06 h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">3.624.047<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d07 h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d08 h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d09 h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d0a h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1990 h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1c9d h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">1.526.077<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d0b h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">91.889<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d0c h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">48.820<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d0d h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">2.113.090<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d0e h12 y652e ff4 fs7 fc1 sc2 ls0 ws0\">22.502.306<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x3c4 h12 y652f ff4 fs7 fc1 sc2 ls0 ws0\">garantite:<span class=\"_ _3a1\"> </span></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><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1caf y6530 w11b0 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.1. totalmente g<span class=\"_ _2\"></span>arantite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d0f y6530 w11bb h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">21.021.916<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d10 y6530 w11bc h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">20.781.289<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d11 y6530 w11bd h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.384.592<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d12 y6530 w11be h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.819.309<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d13 y6530 w11bf h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">834.426<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d14 y6530 w11c0 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.599.204<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d15 y6530 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d16 y6530 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d17 y6530 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d18 y6530 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d19 y6530 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d1a y6530 w11c1 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">480.602<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d1b y6530 w11c2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">81.889<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d1c y6530 w11c3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">32.776<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d1d y6530 w11c4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.561.874<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d1e y6530 w11c5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">20.794.672<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1cc0 y6531 w11b4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui deteriorate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d1f y6531 w11c6 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">37<span class=\"_ _1\"></span>8.754<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d20 y6531 w11c7 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">183.683<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d21 y6531 w572 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">111.927<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d22 y6531 w11c8 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">21.088<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d23 y6531 w11c9 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.649<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d24 y6531 w11ca h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">23.626<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d25 y6531 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d26 y6531 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d27 y6531 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d28 y6531 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d29 y6531 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d2a y6531 w11cb h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">18.303<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d2b y6531 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d2c y6531 w11cc h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">120<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d2d y6531 w11cd h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.507<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d2e y6531 w11ce h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">183.220<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1caf y6532 w11b6 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.2. parzialmente ga<span class=\"_ _3b\"></span>ra<span class=\"_ _1\"></span>ntite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d2f y6532 w11cf h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.516.188<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d30 y6532 w11d0 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.496.440<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d31 y6532 w11d1 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.023<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d32 y6532 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d33 y6532 w11d2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">59.033<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d34 y6532 w11d3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24.843<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d35 y6532 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d36 y6532 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d37 y6532 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d38 y6532 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d39 y6532 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d3a y6532 w11d4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.045.475<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d3b y6532 w11d5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10.000<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d3c y6532 w11d6 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _2\"></span>6.044<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d3d y6532 w11d7 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">551.216<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d3e y6532 w11d8 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.707.634<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1cc0 y6533 w11b4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui deteriorate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d3f y6533 w11d9 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">54.753<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d40 y6533 w11da h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">38.902<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d41 y6533 w11db h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">32<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d42 y6533 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d43 y6533 w11dc h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">306<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d44 y6533 w11dd h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">72<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d45 y6533 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d46 y6533 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d47 y6533 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d48 y6533 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d49 y6533 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d4a y6533 w11de h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">31.233<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d4b y6533 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d4c y6533 w11df h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">20<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d4d y6533 w11e0 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.136<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d4e y6533 w11e1 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">35.799<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x3c4 y6534 w23e h11\"><div class=\"t m9 x0 h12 y3200 ff4 fs7 fc1 sc2 ls0 ws0\">2. Esposizioni creditizie \u201cfuor<span class=\"_ _2\"></span>i </div></td><td class=\"t m9 x1d4f h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">719.241<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d50 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">718.716<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d51 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">44.683<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ce2 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d52 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">194.010<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ce3 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">73.205<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d07 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d08 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d09 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d0a h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1990 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d53 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">512<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d0b h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">30.170<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d54 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">4.006<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1d55 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">327.521<span class=\"_ _3a1\"> </span></td><td class=\"t m9 x1ca3 h12 y6535 ff4 fs7 fc1 sc2 ls0 ws0\">674.107<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x3c4 h12 y6536 ff4 fs7 fc1 sc2 ls0 ws0\">bilancio\u201d garantite:<span class=\"_ _3a1\"> </span></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><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1caf y6089 w11b7 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.1. totalmente g<span class=\"_ _2\"></span>arantite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d56 y6089 w11e2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">644.033<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d57 y6089 w11e3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">643.572<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d58 y6089 w11e4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">44.683<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d59 y6089 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d5a y6089 w11e5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">180.405<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d5b y6089 w11e6 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">67.613<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d5c y6089 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d5d y6089 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d5e y6089 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d5f y6089 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d60 y6089 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d61 y6089 w11e7 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">292<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d62 y6089 w11e8 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">30.170<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d63 y6089 w11e9 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.006<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d64 y6089 w11ea h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">304.662<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d65 y6089 w11eb h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">631.831<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1cc0 y6537 w11b4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui deteriorate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d66 y6537 w11ec h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.703<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d67 y6537 w11ec h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.307<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d68 y6537 w11ed h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">264<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d69 y6537 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d6a y6537 w11ee h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.326<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d6b y6537 w11ef h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">312<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d6c y6537 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d6d y6537 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d6e y6537 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d6f y6537 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d70 y6537 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d71 y6537 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d72 y6537 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d73 y6537 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d74 y6537 w11f0 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">405<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d75 y6537 w11f1 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.307<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1caf y6538 w11b8 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.2. parzialmente ga<span class=\"_ _3b\"></span>ran<span class=\"_ _1\"></span>tite<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d76 y6538 w11f2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">75.208<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d77 y6538 w530 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">75.144<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d78 y6538 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d79 y6538 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d7a y6538 w11f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">13.605<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d7b y6538 w11f4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5.592<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d7c y6538 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d7d y6538 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d7e y6538 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d7f y6538 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d80 y6538 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d81 y6538 w11f5 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">220<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d82 y6538 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d83 y6538 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d84 y6538 w11f6 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">22.859<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d85 y6538 w11f7 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">42.276<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1cc0 y53a2 w11b4 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- di cui deteriorate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d86 y53a2 w11f8 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">199<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d87 y53a2 w11f9 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">141<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d88 y53a2 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d89 y53a2 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d8a y53a2 w11fa h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">85<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d8b y53a2 w11fb h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d8c y53a2 w7f3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d8d y53a2 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d8e y53a2 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d8f y53a2 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d90 y53a2 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d91 y53a2 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d92 y53a2 w11b3 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d93 y53a2 w11b2 h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d94 y53a2 w11fc h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">46<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x1d95 y53a2 w11fd h1d9\"><div class=\"t m9 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">136<span class=\"_ _3a1\"> </span></div></td></tr></table></div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs1355\">Imm<span class=\"_ _3b\"></span>obili - Ip<span class=\"_ _2\"></span>ote<span class=\"_ _3b\"></span>che<span class=\"_ _3a1\"> </span></div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs1356\">Imm<span class=\"_ _3b\"></span>obili - le<span class=\"_ _3b\"></span>asing </div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs1357\">finan<span class=\"_ _3b\"></span>ziario<span class=\"_ _3a1\"> </span></div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs1358\">Tito<span class=\"_ _3b\"></span>l<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs1359\">Altre<span class=\"_ _3b\"></span> garanz<span class=\"_ _3b\"></span>ie real<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs135a\">CLN<span class=\"_ _3a1\"> </span></div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs135b\">Am<span class=\"_ _2\"></span>minis<span class=\"_ _3b\"></span>trazion<span class=\"_ _3b\"></span>i </div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs135c\">pub<span class=\"_ _2\"></span>blich<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span></div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs135d\">Ban<span class=\"_ _3b\"></span>che<span class=\"_ _3a1\"> </span></div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs135e\">Altre<span class=\"_ _3b\"></span> societ\u00e0<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span></div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs135f\">finan<span class=\"_ _3b\"></span>ziarie<span class=\"_ _3a1\"> </span></div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs1360\">Altr<span class=\"_ _2\"></span>i sogg<span class=\"_ _3b\"></span>etti<span class=\"_ _3a1\"> </span></div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs1361\">Cont<span class=\"_ _3b\"></span>ropar<span class=\"_ _2\"></span>ti </div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs1362\">cen<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ral<span class=\"_ _2\"></span>i<span class=\"_ _3a1\"> </span></div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs1363\">Ban<span class=\"_ _3b\"></span>che<span class=\"_ _3a1\"> </span></div><div class=\"c wcd hef gs1364\"><div class=\"t m10 x27a h12 y30fd ff4 fs7 fc4 sc3 ls0 ws0\">Altre<span class=\"_ _3b\"></span> societ\u00e0<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span></div></div><div class=\"c wc hf0 gs1365\"><div class=\"t m10 x27a h12 y30fd ff4 fs7 fc4 sc3 ls0 ws0\">finan<span class=\"_ _3b\"></span>z<span class=\"_ _3a1\"> </span>iarie<span class=\"_ _3a1\"> </span></div></div><div class=\"t m10 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs1366\">Altr<span class=\"_ _2\"></span>i sogg<span class=\"_ _3b\"></span>etti<span class=\"_ _3a1\"> </span></div>Nel <span class=\"_ _0\"></span>corso <span class=\"_ _0\"></span>dell\u2019esercizio <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ono <span class=\"_ _0\"></span>state <span class=\"_ _0\"></span>escusse <span class=\"_ _0\"></span>garanzie <span class=\"_ _38\"></span>ipote<span class=\"_ _1\"></span>carie <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>16,0<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>milioni <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>euro, <span class=\"_ _0\"></span>i<span class=\"_ _3b\"></span> <span class=\"_ _0\"> </span>cui <span class=\"_ _0\"></span>incassi<span class=\"_ _3a1\"> </span> presum<span class=\"_ _3a1\"> </span>ibilmente  avverranno <span class=\"_ _35\"> </span>nei  prossimi  anni,  m<span class=\"_ _2\"></span>entre  a  fronte <span class=\"_ _35\"> </span>delle  escussioni  di<span class=\"_ _2\"></span>  pegni, <span class=\"_ _35\"> </span>polizze<span class=\"_ _3a1\"> </span> assicurative <span class=\"_ _35\"> </span>e  f<span class=\"_ _2\"></span>ideiussioni <span class=\"_ _35\"> </span>sono <span class=\"_ _35\"> </span>stati <span class=\"_ _35\"> </span>incassati <span class=\"_ _35\"> </span>76,0 <span class=\"_ _35\"> </span>milioni <span class=\"_ _35\"> </span>di  euro. <span class=\"_ _35\"> </span>Nell\u2019esercizio <span class=\"_ _35\"> </span>sono <span class=\"_ _35\"> </span>stati <span class=\"_ _35\"> </span>anch<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span> incassati 2<span class=\"_ _2\"></span>2,5 <span class=\"_ _3b\"></span>milioni di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>euro, a <span class=\"_ _3b\"></span>fronte d<span class=\"_ _3b\"></span>i escussione <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>gar<span class=\"_ _1\"></span>anzie <span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>potecarie avv<span class=\"_ _2\"></span>iate <span class=\"_ _3b\"></span>negli anni<span class=\"_ _2\"></span> p<span class=\"_ _2\"></span>recedenti.<span class=\"_ _3a1\"> </span> Nel <span class=\"_ _1\"></span>corso de<span class=\"_ _1\"></span>l 20<span class=\"_ _1\"></span>24 sono <span class=\"_ _1\"></span>state <span class=\"_ _1\"></span>poste <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>essere <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>giudiziali di <span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>cussione de<span class=\"_ _1\"></span>lle garanzie <span class=\"_ _1\"></span>mediante<span class=\"_ _3a1\"> </span> pignoramento  i<span class=\"_ _2\"></span>mmobiliare  nei<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>casi  i<span class=\"_ _3b\"></span>n  cui <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>sia  stato <span class=\"_ _35\"> </span>possib<span class=\"_ _2\"></span>ile  raggiu<span class=\"_ _3b\"></span>nge<span class=\"_ _1\"></span>re  soluz<span class=\"_ _2\"></span>ioni  transattive<span class=\"_ _3a1\"> </span> soddisfacenti. <span class=\"_ _1\"></span>Le <span class=\"_ _0\"></span>po<span class=\"_ _2\"></span>sizioni <span class=\"_ _38\"></span>affidate <span class=\"_ _1\"></span>alle <span class=\"_ _38\"></span>societ\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>utsourcing, <span class=\"_ _1\"></span>cost<span class=\"_ _1\"></span>ituite <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>esposizioni <span class=\"_ _38\"></span>minori <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>1<span class=\"_ _1\"></span>00<span class=\"_ _3a1\"> </span> mila euro<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>erivanti da <span class=\"_ _3b\"></span>mutui ipotecari <span class=\"_ _3b\"></span>sono state v<span class=\"_ _2\"></span>alutate <span class=\"_ _2\"></span>e gesti<span class=\"_ _2\"></span>te <span class=\"_ _2\"></span>stragiudizialmente. Si <span class=\"_ _2\"></span>precisa <span class=\"_ _3b\"></span>infat<span class=\"_ _1\"></span>ti<span class=\"_ _3a1\"> </span> che <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>ricontrattualizzazione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tali <span class=\"_ _0\"></span>societ\u00e0 <span class=\"_ _0\"></span>dal <span class=\"_ _0\"></span>2023 <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>previsto <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>loro <span class=\"_ _0\"></span>intervento <span class=\"_ _0\"></span>limitatamente <span class=\"_ _0\"></span>all<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span> attivit\u00e0 <span class=\"_ _1\"></span>stragiudiziale. In <span class=\"_ _1\"></span>caso <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>esito <span class=\"_ _1\"></span>negativo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>quest'ultima, <span class=\"_ _1\"></span>infatti, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>posizione <span class=\"_ _1\"></span>viene <span class=\"_ _1\"></span>restituita <span class=\"_ _1\"></span>agli<span class=\"_ _3a1\"> </span> uffici interni competenti per l'attivazione giudiziale ovvero la cessione de<span class=\"_ _1\"></span>l credito.<span class=\"_ _3a1\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCollateralExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-795": {
   "value": "1.2. Rischi di mercato<span class=\"_ _3a1\"> </span> 1.2.1 Ri<span class=\"_ _1\"></span>schio di<span class=\"_ _1\"></span> tasso di in<span class=\"_ _1\"></span>teresse e<span class=\"_ _1\"></span> rischio p<span class=\"_ _1\"></span>rezzo \u2013<span class=\"_ _1\"></span> portafogli<span class=\"_ _3a1\"> </span>o di neg<span class=\"_ _1\"></span>oziazione<span class=\"_ _1\"></span> di vigilanza<span class=\"_ _3a1\"> </span> Informazi<span class=\"_ _1\"></span>oni di na<span class=\"_ _1\"></span>tura quali<span class=\"_ _1\"></span>tativa<span class=\"_ _3a1\"> </span> Il mo<span class=\"_ _1\"></span>dello <span class=\"_ _1\"></span>organizzativo di <span class=\"_ _1\"></span>presidio de<span class=\"_ _1\"></span>i rischi <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>lo s<span class=\"_ _1\"></span>copo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>favorire il <span class=\"_ _1\"></span>raggiungimento <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>una serie<span class=\"_ _3a1\"> </span> di obiettivi:<span class=\"_ _3a1\"> </span> <span class=\"_ _3e\"> </span><span class=\"ff4\">ruolo <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>governo <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>ind<span class=\"_ _2\"></span>irizzo <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>Capogruppo <span class=\"_ _0\"></span>nel <span class=\"_ _1\"></span>presidio <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>ei <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>singola <span class=\"_ _0\"></span>Socie<span class=\"_ _2\"></span>t\u00e0 <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>del<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>loro impatto sui rischi di Gruppo, in ottemperanza alle <span class=\"_ _1\"></span>vigenti disposizioni di Vigilan<span class=\"_ _2\"></span>za e al Risk<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> Appetite Framework di Gruppo;<span class=\"_ _3a1\"> </span> <span class=\"_ _3e\"> </span><span class=\"ff4\">controllo <span class=\"_ _35\"> </span>gestionale <span class=\"_ _35\"> </span>nel <span class=\"_ _35\"> </span>senso <span class=\"_ _35\"> </span>dell'ottimizzazione  del <span class=\"_ _35\"> </span>profilo <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>ischio-rendimento <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>livello <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span></span>Gruppo;<span class=\"_ _3a1\"> </span> <span class=\"_ _3e\"> </span><span class=\"ff4\">uniformit\u00e0 <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>metodologia <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>analisi <span class=\"_ _35\"> </span>e  del <span class=\"_ _35\"> </span>\"ling<span class=\"_ _2\"></span>uaggio\" <span class=\"_ _35\"> </span>utilizzato <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>tutte <span class=\"_ _35\"> </span>le  Socie<span class=\"_ _2\"></span>t\u00e0 <span class=\"_ _35\"> </span>del<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>gruppo.<span class=\"_ _3a1\"> </span> In  questo <span class=\"_ _3d\"> </span>ambito  il <span class=\"_ _3d\"> </span>Rischio <span class=\"_ _3d\"> </span>di  mercato, <span class=\"_ _3d\"> </span>inteso  come <span class=\"_ _3d\"> </span>rischio  di  per<span class=\"_ _1\"></span>dite  causate <span class=\"_ _3d\"> </span>da  variazioni<span class=\"_ _3a1\"> </span> sfavorevoli dei fattori di ri<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>chio (tasso, prezzo, camb<span class=\"_ _2\"></span>io ed altri fattori d<span class=\"_ _2\"></span>i mercato), viene misurato <span class=\"_ _3b\"></span>e<span class=\"_ _3a1\"> </span> monitorato <span class=\"_ _35\"> </span>sia <span class=\"_ _0\"> </span>in <span class=\"_ _35\"> </span>riferimento <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>banking <span class=\"_ _35\"> </span>book <span class=\"_ _0\"></span>(poste<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>a <span class=\"_ _0\"></span>vista <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>scadenza) <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>ia <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>trading <span class=\"_ _35\"> </span>book<span class=\"_ _3a1\"> </span> (strumenti finanziari negoziati con finalit\u00e0 di positioning, trading <span class=\"_ _1\"></span>e negoziazione).<span class=\"_ _3a1\"> </span> Strut<span class=\"_ _1\"></span>tura organiz<span class=\"_ _1\"></span>zativa<span class=\"_ _3a1\"> </span> Di<span class=\"_ _3b\"></span> <span class=\"_ _1\"></span>seg<span class=\"_ _2\"></span>ui<span class=\"_ _2\"></span>to<span class=\"_ _3b\"></span> <span class=\"_ _1\"></span>ven<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>ono<span class=\"_ _3b\"></span> <span class=\"_ _1\"></span>de<span class=\"_ _3b\"></span>scri<span class=\"_ _3b\"></span>tti<span class=\"_ _3b\"></span> <span class=\"_ _1\"></span>i pri<span class=\"_ _3b\"></span>nci<span class=\"_ _3b\"></span>pali<span class=\"_ _3b\"></span> <span class=\"_ _1\"></span>co<span class=\"_ _2\"></span>mpi<span class=\"_ _3b\"></span>ti d<span class=\"_ _2\"></span>ell<span class=\"_ _3b\"></span>e st<span class=\"_ _2\"></span>rut<span class=\"_ _3b\"></span>tur<span class=\"_ _2\"></span>e org<span class=\"_ _3b\"></span>an<span class=\"_ _3b\"></span>izza<span class=\"_ _3b\"></span>tiv<span class=\"_ _2\"></span>e coi<span class=\"_ _3b\"></span>nvo<span class=\"_ _3b\"></span>lte<span class=\"_ _2\"></span> nel<span class=\"_ _3b\"></span> <span class=\"_ _1\"></span>pr<span class=\"_ _2\"></span>oce<span class=\"_ _3b\"></span>sso<span class=\"_ _2\"></span> di<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> con<span class=\"_ _3b\"></span>troll<span class=\"_ _3b\"></span>o e <span class=\"_ _2\"></span>ge<span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>io<span class=\"_ _3b\"></span>ne d<span class=\"_ _3b\"></span>ei <span class=\"_ _2\"></span>ri<span class=\"_ _3b\"></span>schi<span class=\"_ _2\"></span> di<span class=\"_ _3b\"></span> me<span class=\"_ _3b\"></span>rca<span class=\"_ _2\"></span>to.<span class=\"_ _3b\"></span>  Il<span class=\"_ _3b\"></span>  Co<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>ig<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span>o <span class=\"_ _35\"> </span>di<span class=\"_ _3b\"></span>  A<span class=\"_ _3b\"></span>mmin<span class=\"_ _2\"></span>is<span class=\"_ _3b\"></span>trazi<span class=\"_ _3b\"></span>on<span class=\"_ _3b\"></span>e  d<span class=\"_ _3b\"></span>ella<span class=\"_ _2\"></span>  C<span class=\"_ _3b\"></span>apo<span class=\"_ _3b\"></span>gru<span class=\"_ _2\"></span>pp<span class=\"_ _2\"></span>o, <span class=\"_ _35\"> </span>CA<span class=\"_ _3b\"></span>, <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>re<span class=\"_ _3b\"></span>spon<span class=\"_ _3b\"></span>sabi<span class=\"_ _3b\"></span>le <span class=\"_ _35\"> </span>de<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>a <span class=\"_ _35\"> </span>de<span class=\"_ _2\"></span>fi<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>zi<span class=\"_ _3b\"></span>one <span class=\"_ _35\"> </span>d<span class=\"_ _3b\"></span>elle<span class=\"_ _3b\"></span>  li<span class=\"_ _3b\"></span>nee<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> gen<span class=\"_ _3b\"></span>era<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>de<span class=\"_ _2\"></span>l gov<span class=\"_ _3b\"></span>ern<span class=\"_ _3b\"></span>o <span class=\"_ _1\"></span>dei<span class=\"_ _3b\"></span> <span class=\"_ _1\"></span>risc<span class=\"_ _3b\"></span>hi pe<span class=\"_ _3b\"></span>r <span class=\"_ _1\"></span>cia<span class=\"_ _3b\"></span>scun<span class=\"_ _2\"></span>a ar<span class=\"_ _3b\"></span>ea di busi<span class=\"_ _3b\"></span>ne<span class=\"_ _2\"></span>ss;<span class=\"_ _3b\"></span> <span class=\"_ _1\"></span>deli<span class=\"_ _3b\"></span>ber<span class=\"_ _2\"></span>a i pot<span class=\"_ _3b\"></span>eri ric<span class=\"_ _3b\"></span>onos<span class=\"_ _3b\"></span>ciu<span class=\"_ _3b\"></span>ti <span class=\"_ _1\"></span>in<span class=\"_ _3b\"></span> <span class=\"_ _1\"></span>mer<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>o a<span class=\"_ _3a1\"> </span> st<span class=\"_ _2\"></span>rat<span class=\"_ _3b\"></span>egi<span class=\"_ _3b\"></span>e <span class=\"_ _1\"></span>ope<span class=\"_ _3b\"></span>rati<span class=\"_ _3b\"></span>ve,<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>ass<span class=\"_ _3b\"></span>unzi<span class=\"_ _3b\"></span>one<span class=\"_ _3b\"></span> <span class=\"_ _38\"></span>di<span class=\"_ _3b\"></span> <span class=\"_ _38\"></span>ris<span class=\"_ _2\"></span>ch<span class=\"_ _2\"></span>i e azio<span class=\"_ _3b\"></span>ni cor<span class=\"_ _2\"></span>re<span class=\"_ _3b\"></span>ttiv<span class=\"_ _3b\"></span>e; <span class=\"_ _1\"></span>in<span class=\"_ _2\"></span>di<span class=\"_ _3b\"></span>vidu<span class=\"_ _3b\"></span>a <span class=\"_ _1\"></span>l\u2019i<span class=\"_ _2\"></span>ns<span class=\"_ _3b\"></span>iem<span class=\"_ _3b\"></span>e <span class=\"_ _1\"></span>degl<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>ind<span class=\"_ _2\"></span>ic<span class=\"_ _2\"></span>at<span class=\"_ _3b\"></span>ori<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>Ris<span class=\"_ _3b\"></span>k<span class=\"_ _3a1\"> </span> Ap<span class=\"_ _2\"></span>pet<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>te<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>ell<span class=\"_ _3b\"></span>e <span class=\"_ _0\"></span>re<span class=\"_ _2\"></span>la<span class=\"_ _3b\"></span>tiv<span class=\"_ _3b\"></span>e <span class=\"_ _0\"></span>me<span class=\"_ _2\"></span>tri<span class=\"_ _3b\"></span>che<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _3b\"></span>alco<span class=\"_ _2\"></span>lo<span class=\"_ _3b\"></span>; <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>efini<span class=\"_ _3b\"></span>sc<span class=\"_ _2\"></span>e <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>ap<span class=\"_ _3b\"></span>prov<span class=\"_ _3b\"></span>a <span class=\"_ _38\"></span>gli<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>ob<span class=\"_ _3b\"></span>iet<span class=\"_ _2\"></span>tiv<span class=\"_ _3b\"></span>i <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>i <span class=\"_ _0\"></span>ri<span class=\"_ _3b\"></span>sch<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>l<span class=\"_ _3b\"></span>e <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ogl<span class=\"_ _3b\"></span>ie <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> tol<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>era<span class=\"_ _3b\"></span>nza<span class=\"_ _2\"></span> <span class=\"_ _3a\"> </span>v<span class=\"_ _2\"></span>alu<span class=\"_ _3b\"></span>tan<span class=\"_ _2\"></span>do<span class=\"_ _3b\"></span> <span class=\"_ _3a\"> </span>peri<span class=\"_ _3b\"></span>odi<span class=\"_ _3b\"></span>came<span class=\"_ _2\"></span>nt<span class=\"_ _3b\"></span>e <span class=\"_ _3a\"> </span>l\u2019<span class=\"_ _3b\"></span>adeg<span class=\"_ _3b\"></span>uat<span class=\"_ _2\"></span>ezz<span class=\"_ _3b\"></span>a <span class=\"_ _3f\"> </span>del<span class=\"_ _2\"></span> <span class=\"_ _3a\"> </span>Ri<span class=\"_ _3b\"></span>sk <span class=\"_ _3f\"> </span>App<span class=\"_ _3b\"></span>eti<span class=\"_ _2\"></span>te<span class=\"_ _3b\"></span> <span class=\"_ _3a\"> </span>Fram<span class=\"_ _3b\"></span>ewo<span class=\"_ _2\"></span>rk<span class=\"_ _3b\"></span> <span class=\"_ _3a\"> </span>(RA<span class=\"_ _3b\"></span>F) <span class=\"_ _3f\"> </span>e <span class=\"_ _3a\"> </span>la<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> com<span class=\"_ _3b\"></span>pati<span class=\"_ _3b\"></span>bil<span class=\"_ _2\"></span>it<span class=\"_ _3b\"></span>\u00e0 <span class=\"_ _38\"></span>tra <span class=\"_ _38\"></span>obi<span class=\"_ _3b\"></span>etti<span class=\"_ _3b\"></span>vi <span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>ri<span class=\"_ _3b\"></span>sch<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o <span class=\"_ _38\"></span>eff<span class=\"_ _3b\"></span>etti<span class=\"_ _2\"></span>vo;<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>pp<span class=\"_ _3b\"></span>rova<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>la<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _3b\"></span>trut<span class=\"_ _3b\"></span>tura<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>ge<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>era<span class=\"_ _3b\"></span>le <span class=\"_ _38\"></span>dei<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>li<span class=\"_ _2\"></span>mi<span class=\"_ _3b\"></span>ti <span class=\"_ _38\"></span>ope<span class=\"_ _3b\"></span>rati<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>dell<span class=\"_ _3b\"></span>e<span class=\"_ _3a1\"> </span> del<span class=\"_ _3b\"></span>egh<span class=\"_ _2\"></span>e,<span class=\"_ _3b\"></span> nonc<span class=\"_ _3b\"></span>h\u00e9 <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>e l<span class=\"_ _2\"></span>in<span class=\"_ _3b\"></span>ee d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> re<span class=\"_ _3b\"></span>spo<span class=\"_ _2\"></span>nsa<span class=\"_ _3b\"></span>bili<span class=\"_ _3b\"></span>t\u00e0 <span class=\"_ _3b\"></span>ed a<span class=\"_ _2\"></span>ut<span class=\"_ _3b\"></span>orit<span class=\"_ _3b\"></span>\u00e0 in<span class=\"_ _3b\"></span> me<span class=\"_ _3b\"></span>rito<span class=\"_ _3b\"></span> al<span class=\"_ _2\"></span> p<span class=\"_ _3b\"></span>roce<span class=\"_ _3b\"></span>sso d<span class=\"_ _3b\"></span>i g<span class=\"_ _3b\"></span>esti<span class=\"_ _3b\"></span>one<span class=\"_ _3b\"></span> dei<span class=\"_ _3b\"></span> ri<span class=\"_ _3b\"></span>schi<span class=\"_ _2\"></span>. <span class=\"_ _3b\"></span> I <span class=\"_ _35\"> </span>Con<span class=\"_ _3b\"></span>sigl<span class=\"_ _3b\"></span>i  d<span class=\"_ _3b\"></span>i <span class=\"_ _35\"> </span>Ammi<span class=\"_ _3b\"></span>ni<span class=\"_ _2\"></span>str<span class=\"_ _3b\"></span>azio<span class=\"_ _3b\"></span>ne <span class=\"_ _35\"> </span>de<span class=\"_ _3b\"></span>lle <span class=\"_ _35\"> </span>si<span class=\"_ _3b\"></span>ngol<span class=\"_ _3b\"></span>e <span class=\"_ _35\"> </span>soci<span class=\"_ _3b\"></span>et\u00e0<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>rec<span class=\"_ _3b\"></span>epis<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ono<span class=\"_ _2\"></span>  l<span class=\"_ _3b\"></span>\u2019ap<span class=\"_ _3b\"></span>peti<span class=\"_ _3b\"></span>to <span class=\"_ _35\"> </span>al <span class=\"_ _35\"> </span>ri<span class=\"_ _3b\"></span>sch<span class=\"_ _2\"></span>io<span class=\"_ _3b\"></span>  e <span class=\"_ _35\"> </span>la<span class=\"_ _3b\"></span>  so<span class=\"_ _2\"></span>gl<span class=\"_ _3b\"></span>ia <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> tol<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>era<span class=\"_ _3b\"></span>nza<span class=\"_ _2\"></span> def<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>iti<span class=\"_ _3b\"></span> <span class=\"_ _1\"></span>in<span class=\"_ _2\"></span> amb<span class=\"_ _3b\"></span>ito RA<span class=\"_ _3b\"></span>F dal<span class=\"_ _3b\"></span>la Cap<span class=\"_ _3b\"></span>ogru<span class=\"_ _3b\"></span>ppo;<span class=\"_ _3b\"></span> appr<span class=\"_ _3b\"></span>ovan<span class=\"_ _3b\"></span>o gli<span class=\"_ _2\"></span> ind<span class=\"_ _3b\"></span>iriz<span class=\"_ _3b\"></span>zi st<span class=\"_ _2\"></span>ra<span class=\"_ _2\"></span>teg<span class=\"_ _3b\"></span>ici<span class=\"_ _2\"></span> e le li<span class=\"_ _3b\"></span>nee<span class=\"_ _3b\"></span> <span class=\"_ _1\"></span>gui<span class=\"_ _3b\"></span>da di<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> ges<span class=\"_ _3b\"></span>tio<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>de<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>ri<span class=\"_ _2\"></span>sch<span class=\"_ _3b\"></span>i form<span class=\"_ _2\"></span>ul<span class=\"_ _3b\"></span>ati<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>dal<span class=\"_ _3b\"></span>la Cap<span class=\"_ _3b\"></span>ogru<span class=\"_ _3b\"></span>ppo<span class=\"_ _3b\"></span> <span class=\"_ _1\"></span>non<span class=\"_ _2\"></span>ch<span class=\"_ _2\"></span>\u00e9 la s<span class=\"_ _2\"></span>tru<span class=\"_ _3b\"></span>ttur<span class=\"_ _2\"></span>a de<span class=\"_ _2\"></span>i li<span class=\"_ _2\"></span>mit<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span> e <span class=\"_ _1\"></span>del<span class=\"_ _3b\"></span>le del<span class=\"_ _3b\"></span>egh<span class=\"_ _3b\"></span>e <span class=\"_ _1\"></span>op<span class=\"_ _2\"></span>era<span class=\"_ _3b\"></span>tiv<span class=\"_ _3b\"></span>e<span class=\"_ _3a1\"> </span> in<span class=\"_ _2\"></span>ter<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e n<span class=\"_ _3b\"></span>ell<span class=\"_ _2\"></span>\u2019am<span class=\"_ _3b\"></span>bit<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span> qu<span class=\"_ _3b\"></span>ant<span class=\"_ _3b\"></span>o fi<span class=\"_ _3b\"></span>ssat<span class=\"_ _3b\"></span>o da<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> C<span class=\"_ _2\"></span>ons<span class=\"_ _2\"></span>ig<span class=\"_ _3b\"></span>lio<span class=\"_ _2\"></span> di<span class=\"_ _3b\"></span> am<span class=\"_ _3b\"></span>mini<span class=\"_ _3b\"></span>stra<span class=\"_ _2\"></span>zi<span class=\"_ _3b\"></span>one<span class=\"_ _2\"></span> d<span class=\"_ _3b\"></span>ella<span class=\"_ _3b\"></span> Cap<span class=\"_ _3b\"></span>ogru<span class=\"_ _3b\"></span>ppo.  Le <span class=\"_ _38\"></span>Direzi<span class=\"_ _3b\"></span>oni<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>ell<span class=\"_ _3b\"></span>e <span class=\"_ _0\"></span>si<span class=\"_ _2\"></span>ng<span class=\"_ _2\"></span>ol<span class=\"_ _3b\"></span>e <span class=\"_ _0\"></span>soc<span class=\"_ _3b\"></span>iet<span class=\"_ _2\"></span>\u00e0<span class=\"_ _3a1\"> </span>rea<span class=\"_ _3b\"></span>liz<span class=\"_ _3b\"></span>zano<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>le<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>att<span class=\"_ _2\"></span>iv<span class=\"_ _3b\"></span>it\u00e0<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>d<span class=\"_ _3b\"></span>i <span class=\"_ _0\"></span>bu<span class=\"_ _3b\"></span>sin<span class=\"_ _3b\"></span>ess <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>i <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>mp<span class=\"_ _3b\"></span>eten<span class=\"_ _3b\"></span>za <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>el<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>risp<span class=\"_ _3b\"></span>ett<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>ell<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span> del<span class=\"_ _3b\"></span>egh<span class=\"_ _2\"></span>e <span class=\"_ _3b\"></span>e de<span class=\"_ _2\"></span>i l<span class=\"_ _3b\"></span>imi<span class=\"_ _3b\"></span>ti <span class=\"_ _2\"></span>ope<span class=\"_ _3b\"></span>rati<span class=\"_ _3b\"></span>vi d<span class=\"_ _3b\"></span>i <span class=\"_ _2\"></span>ris<span class=\"_ _3b\"></span>chi<span class=\"_ _2\"></span>o a<span class=\"_ _3b\"></span>sseg<span class=\"_ _3b\"></span>nat<span class=\"_ _2\"></span>i d<span class=\"_ _3b\"></span>ai <span class=\"_ _3b\"></span>risp<span class=\"_ _3b\"></span>etti<span class=\"_ _2\"></span>vi<span class=\"_ _3b\"></span> Con<span class=\"_ _3b\"></span>sig<span class=\"_ _3b\"></span>li d<span class=\"_ _3b\"></span>i A<span class=\"_ _2\"></span>mmi<span class=\"_ _3b\"></span>nis<span class=\"_ _2\"></span>tra<span class=\"_ _3b\"></span>zio<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>.<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> Il<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>CE<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>del<span class=\"_ _3b\"></span>la<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>Cap<span class=\"_ _3b\"></span>ogru<span class=\"_ _3b\"></span>ppo<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>q<span class=\"_ _3b\"></span>ual<span class=\"_ _3b\"></span>e <span class=\"_ _35\"> </span>o<span class=\"_ _3b\"></span>rgan<span class=\"_ _3b\"></span>o <span class=\"_ _35\"> </span>d<span class=\"_ _3b\"></span>i <span class=\"_ _0\"></span>ges<span class=\"_ _3b\"></span>tion<span class=\"_ _3b\"></span>e, <span class=\"_ _0\"></span>cur<span class=\"_ _3b\"></span>a <span class=\"_ _35\"> </span>l<span class=\"_ _3b\"></span>\u2019att<span class=\"_ _3b\"></span>uaz<span class=\"_ _2\"></span>io<span class=\"_ _3b\"></span>ne <span class=\"_ _0\"></span>degl<span class=\"_ _3b\"></span>i <span class=\"_ _0\"></span>ind<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>riz<span class=\"_ _3b\"></span>zi <span class=\"_ _0\"></span>st<span class=\"_ _2\"></span>ra<span class=\"_ _2\"></span>teg<span class=\"_ _3b\"></span>ici<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>e<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>d<span class=\"_ _3b\"></span>ell<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span> po<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span>tic<span class=\"_ _3b\"></span>he <span class=\"_ _3b\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>ove<span class=\"_ _3b\"></span>rno<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ei <span class=\"_ _3b\"></span>ri<span class=\"_ _3b\"></span>schi<span class=\"_ _3b\"></span> d<span class=\"_ _3b\"></span>efi<span class=\"_ _2\"></span>ni<span class=\"_ _2\"></span>ti <span class=\"_ _3b\"></span>da<span class=\"_ _3b\"></span>l <span class=\"_ _2\"></span>CA,<span class=\"_ _3b\"></span> <span class=\"_ _3b\"></span>ed <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>pa<span class=\"_ _3b\"></span>rtic<span class=\"_ _3b\"></span>ola<span class=\"_ _2\"></span>re<span class=\"_ _3b\"></span> d<span class=\"_ _2\"></span>efi<span class=\"_ _3b\"></span>nis<span class=\"_ _3b\"></span>ce <span class=\"_ _3b\"></span>e <span class=\"_ _3b\"></span>cur<span class=\"_ _2\"></span>a <span class=\"_ _3b\"></span>l\u2019<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>tua<span class=\"_ _3b\"></span>zio<span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>del<span class=\"_ _3b\"></span> p<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>ce<span class=\"_ _2\"></span>ss<span class=\"_ _3b\"></span>o<span class=\"_ _3a1\"> </span> di<span class=\"_ _3b\"></span> <span class=\"_ _36\"> </span>ges<span class=\"_ _2\"></span>ti<span class=\"_ _3b\"></span>one <span class=\"_ _37\"> </span>dei<span class=\"_ _3b\"></span> <span class=\"_ _37\"> </span>risc<span class=\"_ _3b\"></span>hi. <span class=\"_ _3d\"> </span>Al <span class=\"_ _37\"> </span>CE<span class=\"_ _3b\"></span> <span class=\"_ _36\"> </span>com<span class=\"_ _3b\"></span>pet<span class=\"_ _3b\"></span>e <span class=\"_ _36\"> </span>in<span class=\"_ _3b\"></span>oltr<span class=\"_ _3b\"></span>e <span class=\"_ _36\"> </span>l<span class=\"_ _2\"></span>a <span class=\"_ _37\"> </span>def<span class=\"_ _3b\"></span>ini<span class=\"_ _3b\"></span>zion<span class=\"_ _3b\"></span>e <span class=\"_ _36\"> </span>d<span class=\"_ _3b\"></span>ei <span class=\"_ _37\"> </span>limi<span class=\"_ _3b\"></span>ti <span class=\"_ _3d\"> </span>ope<span class=\"_ _2\"></span>ra<span class=\"_ _2\"></span>tiv<span class=\"_ _3b\"></span>i <span class=\"_ _37\"> </span>coe<span class=\"_ _2\"></span>ren<span class=\"_ _3b\"></span>ti <span class=\"_ _37\"> </span>co<span class=\"_ _3b\"></span>n <span class=\"_ _37\"> </span>la<span class=\"_ _3a1\"> </span> pro<span class=\"_ _3b\"></span>pens<span class=\"_ _3b\"></span>ion<span class=\"_ _3b\"></span>e al<span class=\"_ _3b\"></span> ri<span class=\"_ _3b\"></span>schi<span class=\"_ _2\"></span>o.<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> I C<span class=\"_ _3b\"></span>omi<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>ti<span class=\"_ _3b\"></span> dell<span class=\"_ _3b\"></span>a C<span class=\"_ _3b\"></span>apog<span class=\"_ _3b\"></span>rup<span class=\"_ _2\"></span>po <span class=\"_ _3b\"></span>coi<span class=\"_ _2\"></span>nv<span class=\"_ _3b\"></span>olti<span class=\"_ _3b\"></span> in<span class=\"_ _3b\"></span> ambi<span class=\"_ _3b\"></span>to <span class=\"_ _2\"></span>RA<span class=\"_ _2\"></span>F <span class=\"_ _2\"></span>ha<span class=\"_ _3b\"></span>nno<span class=\"_ _2\"></span> le<span class=\"_ _3b\"></span> se<span class=\"_ _2\"></span>gu<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>ti <span class=\"_ _3b\"></span>res<span class=\"_ _2\"></span>pon<span class=\"_ _3b\"></span>sab<span class=\"_ _2\"></span>il<span class=\"_ _2\"></span>it<span class=\"_ _3b\"></span>\u00e0.<span class=\"_ _3a1\"> </span> Il<span class=\"_ _3b\"></span> <span class=\"_ _39\"> </span>Com<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>to <span class=\"_ _37\"> </span>Con<span class=\"_ _3b\"></span>sili<span class=\"_ _2\"></span>ar<span class=\"_ _3b\"></span>e <span class=\"_ _36\"> </span>Ris<span class=\"_ _2\"></span>ch<span class=\"_ _2\"></span>i <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>So<span class=\"_ _2\"></span>st<span class=\"_ _3b\"></span>enib<span class=\"_ _2\"></span>il<span class=\"_ _3b\"></span>it\u00e0 <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>Grup<span class=\"_ _2\"></span>po<span class=\"_ _3b\"></span> <span class=\"_ _39\"> </span>sv<span class=\"_ _3b\"></span>olge<span class=\"_ _3b\"></span> <span class=\"_ _36\"> </span>l\u2019a<span class=\"_ _2\"></span>tti<span class=\"_ _3b\"></span>vit<span class=\"_ _3b\"></span>\u00e0 <span class=\"_ _36\"> </span>valu<span class=\"_ _3b\"></span>tat<span class=\"_ _2\"></span>iv<span class=\"_ _3b\"></span>a <span class=\"_ _36\"> </span>e <span class=\"_ _36\"> </span>pro<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>osi<span class=\"_ _3b\"></span>tiva<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> nec<span class=\"_ _3b\"></span>essa<span class=\"_ _3b\"></span>ria<span class=\"_ _3b\"></span> <span class=\"_ _36\"> </span>aff<span class=\"_ _3b\"></span>inch<span class=\"_ _3b\"></span>\u00e9 <span class=\"_ _37\"> </span>il <span class=\"_ _3d\"> </span>CA <span class=\"_ _37\"> </span>po<span class=\"_ _2\"></span>ss<span class=\"_ _3b\"></span>a <span class=\"_ _36\"> </span>ap<span class=\"_ _3b\"></span>prov<span class=\"_ _3b\"></span>are<span class=\"_ _2\"></span> <span class=\"_ _37\"> </span>obi<span class=\"_ _3b\"></span>etti<span class=\"_ _3b\"></span>vi <span class=\"_ _37\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _37\"> </span>risc<span class=\"_ _3b\"></span>hio<span class=\"_ _3b\"></span> <span class=\"_ _36\"> </span>e <span class=\"_ _37\"> </span>so<span class=\"_ _2\"></span>gl<span class=\"_ _2\"></span>ie<span class=\"_ _3b\"></span> <span class=\"_ _36\"> </span>di <span class=\"_ _3d\"> </span>toll<span class=\"_ _3b\"></span>era<span class=\"_ _2\"></span>nz<span class=\"_ _3b\"></span>a <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>valu<span class=\"_ _3b\"></span>tar<span class=\"_ _3b\"></span>e<span class=\"_ _3a1\"> </span> per<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>odi<span class=\"_ _3b\"></span>cam<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>te <span class=\"_ _3b\"></span>l\u2019a<span class=\"_ _2\"></span>deg<span class=\"_ _3b\"></span>uat<span class=\"_ _3b\"></span>ezza<span class=\"_ _3b\"></span> de<span class=\"_ _2\"></span>l R<span class=\"_ _3b\"></span>AF <span class=\"_ _3b\"></span>e la<span class=\"_ _2\"></span> c<span class=\"_ _3b\"></span>ompa<span class=\"_ _3b\"></span>tibi<span class=\"_ _3b\"></span>lit\u00e0<span class=\"_ _3b\"></span> tra<span class=\"_ _3b\"></span> obi<span class=\"_ _3b\"></span>etti<span class=\"_ _3b\"></span>vi<span class=\"_ _2\"></span> e <span class=\"_ _3b\"></span>risc<span class=\"_ _2\"></span>hi<span class=\"_ _3b\"></span>o ef<span class=\"_ _3b\"></span>fet<span class=\"_ _3b\"></span>tivo<span class=\"_ _2\"></span>.<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> Esp<span class=\"_ _3b\"></span>rim<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>ino<span class=\"_ _2\"></span>lt<span class=\"_ _3b\"></span>re <span class=\"_ _1\"></span>par<span class=\"_ _3b\"></span>ere <span class=\"_ _1\"></span>pe<span class=\"_ _3b\"></span>r <span class=\"_ _38\"></span>il <span class=\"_ _1\"></span>CA sul<span class=\"_ _3b\"></span>le <span class=\"_ _38\"></span>p<span class=\"_ _2\"></span>rop<span class=\"_ _2\"></span>os<span class=\"_ _3b\"></span>te <span class=\"_ _1\"></span>rel<span class=\"_ _3b\"></span>ativ<span class=\"_ _3b\"></span>e <span class=\"_ _38\"></span>all<span class=\"_ _3b\"></span>e <span class=\"_ _38\"></span>me<span class=\"_ _3b\"></span>tod<span class=\"_ _2\"></span>olo<span class=\"_ _2\"></span>gi<span class=\"_ _3b\"></span>e <span class=\"_ _38\"></span>di misu<span class=\"_ _3b\"></span>razi<span class=\"_ _3b\"></span>on<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>co<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>o e<span class=\"_ _3a1\"> </span> an<span class=\"_ _2\"></span>ali<span class=\"_ _3b\"></span>si <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ril<span class=\"_ _3b\"></span>evan<span class=\"_ _3b\"></span>za <span class=\"_ _38\"></span>dei<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>ri<span class=\"_ _3b\"></span>schi<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>an<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>he<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>ai<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>fi<span class=\"_ _2\"></span>ni<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>de<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>ca<span class=\"_ _3b\"></span>lco<span class=\"_ _2\"></span>lo<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>del<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>ca<span class=\"_ _2\"></span>pi<span class=\"_ _3b\"></span>tal<span class=\"_ _2\"></span>e <span class=\"_ _38\"></span>int<span class=\"_ _3b\"></span>erno<span class=\"_ _3b\"></span>; <span class=\"_ _0\"></span>su<span class=\"_ _3b\"></span>ppo<span class=\"_ _3b\"></span>rta<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>in<span class=\"_ _3b\"></span>fin<span class=\"_ _3b\"></span>e <span class=\"_ _0\"></span>il<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>CA<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>ell<span class=\"_ _3b\"></span>a<span class=\"_ _3a1\"> </span> ca<span class=\"_ _2\"></span>pog<span class=\"_ _3b\"></span>rupp<span class=\"_ _3b\"></span>o c<span class=\"_ _3b\"></span>on l<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>rop<span class=\"_ _3b\"></span>osiz<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>one<span class=\"_ _3b\"></span> del<span class=\"_ _3b\"></span>le <span class=\"_ _3b\"></span>stra<span class=\"_ _3b\"></span>tegi<span class=\"_ _3b\"></span>e g<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>era<span class=\"_ _3b\"></span>li <span class=\"_ _2\"></span>pe<span class=\"_ _3b\"></span>r il<span class=\"_ _3b\"></span> gov<span class=\"_ _3b\"></span>ern<span class=\"_ _3b\"></span>o de<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>risc<span class=\"_ _2\"></span>hi<span class=\"_ _2\"></span>.<span class=\"_ _3a1\"> </span>Il<span class=\"_ _3b\"></span> <span class=\"_ _17e\"> </span>Co<span class=\"_ _3b\"></span>mita<span class=\"_ _3b\"></span>to <span class=\"_ _48\"> </span>R<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>sk <span class=\"_ _48\"> </span>M<span class=\"_ _3b\"></span>ana<span class=\"_ _2\"></span>ge<span class=\"_ _2\"></span>me<span class=\"_ _2\"></span>nt,<span class=\"_ _3b\"></span> <span class=\"_ _48\"> </span>ist<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>tui<span class=\"_ _3b\"></span>to <span class=\"_ _48\"> </span>a<span class=\"_ _2\"></span>l <span class=\"_ _48\"> </span>f<span class=\"_ _3b\"></span>ine<span class=\"_ _3b\"></span> <span class=\"_ _48\"> </span>di <span class=\"_ _3a\"> </span>info<span class=\"_ _3b\"></span>rma<span class=\"_ _3b\"></span>re <span class=\"_ _48\"> </span>il<span class=\"_ _3b\"></span> <span class=\"_ _48\"> </span>CE<span class=\"_ _2\"></span> <span class=\"_ _48\"> </span>del<span class=\"_ _3b\"></span> <span class=\"_ _48\"> </span>pr<span class=\"_ _3b\"></span>esidi<span class=\"_ _3b\"></span>o <span class=\"_ _48\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _3b\"></span> <span class=\"_ _48\"> </span>risc<span class=\"_ _2\"></span>hi<span class=\"_ _3b\"></span>o<span class=\"_ _3a1\"> </span>com<span class=\"_ _3b\"></span>pless<span class=\"_ _2\"></span>iv<span class=\"_ _2\"></span>am<span class=\"_ _3b\"></span>ent<span class=\"_ _2\"></span>e as<span class=\"_ _3b\"></span>sunt<span class=\"_ _3b\"></span>o e d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>suo<span class=\"_ _3b\"></span> moni<span class=\"_ _3b\"></span>tor<span class=\"_ _3b\"></span>aggi<span class=\"_ _3b\"></span>o nel<span class=\"_ _2\"></span>l\u2019<span class=\"_ _2\"></span>am<span class=\"_ _3b\"></span>bit<span class=\"_ _2\"></span>o d<span class=\"_ _2\"></span>ell<span class=\"_ _3b\"></span>e st<span class=\"_ _3b\"></span>rate<span class=\"_ _2\"></span>gi<span class=\"_ _3b\"></span>e e m<span class=\"_ _3b\"></span>etodo<span class=\"_ _3b\"></span>log<span class=\"_ _2\"></span>ie<span class=\"_ _3b\"></span> <span class=\"_ _1\"></span>def<span class=\"_ _3b\"></span>ini<span class=\"_ _3b\"></span>te<span class=\"_ _3a1\"> </span>da<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>a C<span class=\"_ _3b\"></span>apog<span class=\"_ _3b\"></span>rupp<span class=\"_ _3b\"></span>o n<span class=\"_ _3b\"></span>el R<span class=\"_ _3b\"></span>AF,<span class=\"_ _3b\"></span> eff<span class=\"_ _2\"></span>et<span class=\"_ _3b\"></span>tua<span class=\"_ _2\"></span> l<span class=\"_ _2\"></span>e s<span class=\"_ _3b\"></span>egu<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>ti<span class=\"_ _3b\"></span> ope<span class=\"_ _3b\"></span>razi<span class=\"_ _2\"></span>oni<span class=\"_ _3b\"></span>:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">presidia <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>compless<span class=\"_ _1\"></span>ivamente <span class=\"_ _35\"> </span>assunto <span class=\"_ _35\"> </span>dalle <span class=\"_ _35\"> </span>singole  s<span class=\"_ _2\"></span>ociet\u00e0 <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>suo <span class=\"_ _35\"> </span>monitoraggio<span class=\"_ _3a1\"> </span></span>nell\u2019ambito <span class=\"_ _3f\"> </span>delle <span class=\"_ _3f\"> </span>strategie <span class=\"_ _3f\"> </span>e <span class=\"_ _3f\"> </span>metodologie <span class=\"_ _3f\"> </span>definite <span class=\"_ _3f\"> </span>dalla <span class=\"_ _39\"> </span>Capogruppo <span class=\"_ _3f\"> </span>nel <span class=\"_ _3f\"> </span>Risk <span class=\"_ _3f\"> </span>Appetite<span class=\"_ _3a1\"> </span>Framework;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">periodicamente <span class=\"_ _43\"> </span>valuta <span class=\"_ _69\"> </span>il <span class=\"_ _43\"> </span>livello <span class=\"_ _43\"> </span>di <span class=\"_ _69\"> </span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _43\"> </span>complessivamen<span class=\"_ _2\"></span>te <span class=\"_ _43\"> </span>assunto, <span class=\"_ _43\"> </span>attraverso <span class=\"_ _69\"> </span>il<span class=\"_ _3a1\"> </span></span>monitoraggio degli indicatori RAF per t<span class=\"_ _1\"></span>ipologia di rischio;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">analizza inoltre eventuali <span class=\"_ _2\"></span>eventi in<span class=\"_ _2\"></span>terni o esterni c<span class=\"_ _2\"></span>he possano mo<span class=\"_ _2\"></span>dificare in maniera rilevant<span class=\"_ _2\"></span>e il<span class=\"_ _3a1\"> </span></span>profilo <span class=\"_ _3b\"></span>di rischio <span class=\"_ _3b\"></span>e richiede <span class=\"_ _3b\"></span>quindi agli <span class=\"_ _3b\"></span>organi <span class=\"_ _2\"></span>competenti, per <span class=\"_ _3b\"></span>il tramite <span class=\"_ _3b\"></span>del Risk <span class=\"_ _3b\"></span>Officer, <span class=\"_ _2\"></span>revisioni<span class=\"_ _3a1\"> </span>addizionali del RAF.<span class=\"_ _3a1\"> </span>La fu<span class=\"_ _2\"></span>nzione di<span class=\"_ _2\"></span> Risk <span class=\"_ _2\"></span>Management supp<span class=\"_ _2\"></span>orta il <span class=\"_ _2\"></span>Comitato Consiliare <span class=\"_ _3b\"></span>Rischi e <span class=\"_ _3b\"></span>So<span class=\"_ _1\"></span>stenibilit\u00e0 <span class=\"_ _2\"></span>di Grupp<span class=\"_ _2\"></span>o ed<span class=\"_ _3a1\"> </span>effettua le attivit\u00e0 di seguito descritte. In ambito RAF:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">verifica <span class=\"_ _38\"></span>almeno <span class=\"_ _38\"></span>annualmente <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>bont\u00e0 <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>metriche <span class=\"_ _38\"></span>utilizzate <span class=\"_ _38\"></span>sottoponendo <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>backtesting <span class=\"_ _38\"></span>i<span class=\"_ _3a1\"> </span></span>modelli <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>stima <span class=\"_ _37\"> </span>del <span class=\"_ _37\"> </span>rischio, <span class=\"_ _37\"> </span>riportando <span class=\"_ _37\"> </span>nel <span class=\"_ _3d\"> </span>RAF <span class=\"_ _36\"> </span>gli <span class=\"_ _3d\"> </span>esiti, <span class=\"_ _37\"> </span>eventuali <span class=\"_ _37\"> </span>care<span class=\"_ _1\"></span>nze <span class=\"_ _3d\"> </span>ed <span class=\"_ _37\"> </span>eventuali<span class=\"_ _3a1\"> </span>necessit\u00e0 di sviluppo di nuove met<span class=\"_ _1\"></span>odologie;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">rendiconta <span class=\"_ _0\"></span>almeno <span class=\"_ _0\"></span>trimestralmente <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>Comitato <span class=\"_ _0\"></span>Rischi <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>merito <span class=\"_ _0\"></span>all\u2019and<span class=\"_ _2\"></span>amento <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>profilo <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span></span>rischio <span class=\"_ _1\"></span>assunto <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>suo <span class=\"_ _1\"></span>complesso <span class=\"_ _1\"></span>rispetto <span class=\"_ _1\"></span>agli o<span class=\"_ _1\"></span>biettivi <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Risk <span class=\"_ _1\"></span>Appetite<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>relativamente <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>utti<span class=\"_ _3a1\"> </span>gli indicatori, compresi quelli ineriti il rischio di mercato.<span class=\"_ _3a1\"> </span>Si<span class=\"_ _2\"></span> oc<span class=\"_ _2\"></span>cu<span class=\"_ _3b\"></span>pa i<span class=\"_ _3b\"></span>nol<span class=\"_ _3b\"></span>tre:<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">della <span class=\"_ _3b\"></span>misurazione <span class=\"_ _2\"></span>e <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>endicontazione <span class=\"_ _3b\"></span>dei rischi <span class=\"_ _184\"></span>finanziari <span class=\"_ _3b\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>singo<span class=\"_ _1\"></span>la <span class=\"_ _3b\"></span>societ<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _3b\"></span>e a <span class=\"_ _184\"></span>livello <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>Gruppo,<span class=\"_ _3a1\"> </span></span>utilizzando  a <span class=\"_ _35\"> </span>questo  fine  princi<span class=\"_ _2\"></span>palmente  misure  di <span class=\"_ _35\"> </span>rischio  in <span class=\"_ _35\"> </span>termini  di <span class=\"_ _35\"> </span>se<span class=\"_ _1\"></span>nsitivity,  v<span class=\"_ _2\"></span>olte  a<span class=\"_ _3a1\"> </span>verificare <span class=\"_ _35\"> </span>il<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>rispetto <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>limiti <span class=\"_ _0\"></span>assegnati <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>coerenza <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>obiettivi <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _0\"></span>rendimento<span class=\"_ _3a1\"> </span>assegnati;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">dello <span class=\"_ _38\"></span>sviluppo <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>gestione <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>sistemi <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>isurazione <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>ramite <span class=\"_ _38\"></span>l\u2019acquisizione <span class=\"_ _38\"></span>dei<span class=\"_ _3a1\"> </span></span>dati di mercato necessari per il calcolo;<span class=\"_ _3a1\"> </span><span class=\"_ _42\"> </span><span class=\"ff4\">della definizione del profilo di rischio dei nuovi prodott<span class=\"_ _1\"></span>i.<span class=\"_ _3a1\"> </span></span>Le <span class=\"_ _35\"> </span>risultanze  d<span class=\"_ _2\"></span>ell\u2019attivit\u00e0 <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>funzione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>Risk <span class=\"_ _35\"> </span>Management  sono <span class=\"_ _35\"> </span>riportate <span class=\"_ _35\"> </span>periodicamente <span class=\"_ _35\"> </span>al<span class=\"_ _3a1\"> </span>Comitato Consiliare Rischi e Sostenibilit\u00e0 di Gruppo.<span class=\"_ _3a1\"> </span>A<span class=\"_ _3a1\"> </span>.<span class=\"_ _3a1\"> </span>A<span class=\"_ _3a1\"> </span>sp<span class=\"_ _3a1\"> </span>e<span class=\"_ _3a1\"> </span>tti gene<span class=\"_ _1\"></span>rali<span class=\"_ _3a1\"> </span>Rischio d<span class=\"_ _1\"></span>i tas<span class=\"_ _1\"></span>so di inte<span class=\"_ _1\"></span>resse<span class=\"_ _3a1\"> </span>Credem<span class=\"_ _3a1\"> </span>banca<span class=\"_ _3a1\"> </span>Il <span class=\"_ _2\"></span>presidio dei <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischi fi<span class=\"_ _2\"></span>nanziari avviene tramite la <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>finizione <span class=\"_ _2\"></span>di u<span class=\"_ _2\"></span>na struttura di <span class=\"_ _3b\"></span>limiti che <span class=\"_ _2\"></span>costituisce<span class=\"_ _3a1\"> </span>l\u2019espressione <span class=\"_ _3d\"> </span>diretta <span class=\"_ _3d\"> </span>del  livello <span class=\"_ _3d\"> </span>di  r<span class=\"_ _1\"></span>ischiosit\u00e0 <span class=\"_ _3d\"> </span>ritenuto  accettabile <span class=\"_ _3d\"> </span>con  r<span class=\"_ _1\"></span>iferimento <span class=\"_ _3d\"> </span>alle  singole<span class=\"_ _3a1\"> </span>aree/linee <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>business<span class=\"_ _1\"></span>, <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>coerenza <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>Risk <span class=\"_ _38\"></span>Appetite <span class=\"_ _38\"></span>Fr<span class=\"_ _1\"></span>amework <span class=\"_ _38\"></span>definito <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>livello <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>gruppo. <span class=\"_ _38\"></span>In<span class=\"_ _3a1\"> </span>particolare i rischi di mercato si gener<span class=\"_ _1\"></span>ano a seguito delle seguenti operativit\u00e0:<span class=\"_ _3a1\"> </span><span class=\"_ _3e\"> </span><span class=\"ff4\">attivit\u00e0 tradizionale di raccolta ed impiego;<span class=\"_ _3a1\"> </span></span><span class=\"_ _3e\"> </span><span class=\"ff4\">attivit\u00e0 sui mercati finanziari con finalit\u00e0 di trading e <span class=\"_ _1\"></span>di investimento;<span class=\"_ _3a1\"> </span></span><span class=\"_ _3e\"> </span><span class=\"ff4\">attivit\u00e0 di negoziazione di strumenti finanziari in contro<span class=\"_ _1\"></span>partita con la clientela.<span class=\"_ _3a1\"> </span></span>Il<span class=\"_ _3b\"></span> ri<span class=\"_ _2\"></span>sch<span class=\"_ _3b\"></span>io <span class=\"_ _3b\"></span>tas<span class=\"_ _2\"></span>so<span class=\"_ _2\"></span> d<span class=\"_ _3b\"></span>i i<span class=\"_ _3b\"></span>nte<span class=\"_ _3b\"></span>ress<span class=\"_ _3b\"></span>e n<span class=\"_ _3b\"></span>el <span class=\"_ _2\"></span>po<span class=\"_ _3b\"></span>rtaf<span class=\"_ _3b\"></span>ogl<span class=\"_ _2\"></span>io<span class=\"_ _3b\"></span> di<span class=\"_ _2\"></span> n<span class=\"_ _3b\"></span>ego<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>azi<span class=\"_ _3b\"></span>one<span class=\"_ _3b\"></span> di<span class=\"_ _3b\"></span> vi<span class=\"_ _2\"></span>gi<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>nz<span class=\"_ _3b\"></span>a \u00e8<span class=\"_ _2\"></span> g<span class=\"_ _3b\"></span>ene<span class=\"_ _3b\"></span>rato<span class=\"_ _3b\"></span> da<span class=\"_ _2\"></span>ll<span class=\"_ _3b\"></span>\u2019at<span class=\"_ _3b\"></span>tivi<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>svo<span class=\"_ _3b\"></span>lta<span class=\"_ _3b\"></span> sui<span class=\"_ _3a1\"> </span>me<span class=\"_ _2\"></span>rca<span class=\"_ _3b\"></span>ti <span class=\"_ _35\"> </span>ob<span class=\"_ _2\"></span>bl<span class=\"_ _2\"></span>ig<span class=\"_ _2\"></span>azi<span class=\"_ _3b\"></span>ona<span class=\"_ _3b\"></span>ri <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>de<span class=\"_ _3b\"></span>riva<span class=\"_ _3b\"></span>ti <span class=\"_ _35\"> </span>su<span class=\"_ _3b\"></span>  t<span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>so.<span class=\"_ _3b\"></span>  I<span class=\"_ _3b\"></span>l <span class=\"_ _35\"> </span>ris<span class=\"_ _2\"></span>chi<span class=\"_ _3b\"></span>o <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>ta<span class=\"_ _3b\"></span>sso <span class=\"_ _35\"> </span>g<span class=\"_ _3b\"></span>ene<span class=\"_ _2\"></span>ra<span class=\"_ _2\"></span>to <span class=\"_ _35\"> </span>da<span class=\"_ _3b\"></span>  ta<span class=\"_ _3b\"></span>le <span class=\"_ _35\"> </span>a<span class=\"_ _2\"></span>tti<span class=\"_ _3b\"></span>vit\u00e0<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>\u00e8  g<span class=\"_ _3b\"></span>esti<span class=\"_ _3b\"></span>to <span class=\"_ _35\"> </span>e<span class=\"_ _3a1\"> </span>con<span class=\"_ _3b\"></span>tro<span class=\"_ _2\"></span>ll<span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>o t<span class=\"_ _3b\"></span>ram<span class=\"_ _2\"></span>it<span class=\"_ _2\"></span>e l<span class=\"_ _2\"></span>imiti in<span class=\"_ _3b\"></span> te<span class=\"_ _3b\"></span>rmin<span class=\"_ _3b\"></span>i d<span class=\"_ _3b\"></span>i se<span class=\"_ _3b\"></span>nsi<span class=\"_ _2\"></span>tiv<span class=\"_ _3b\"></span>ity<span class=\"_ _3b\"></span> e d<span class=\"_ _2\"></span>i v<span class=\"_ _3b\"></span>ega.<span class=\"_ _3b\"></span> Il<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>ri<span class=\"_ _2\"></span>sch<span class=\"_ _3b\"></span>io<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>spec<span class=\"_ _2\"></span>if<span class=\"_ _2\"></span>ic<span class=\"_ _3b\"></span>o <span class=\"_ _0\"> </span>o <span class=\"_ _0\"></span>emit<span class=\"_ _3b\"></span>ten<span class=\"_ _3b\"></span>te <span class=\"_ _0\"></span>vie<span class=\"_ _2\"></span>ne<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>m<span class=\"_ _2\"></span>oni<span class=\"_ _3b\"></span>tora<span class=\"_ _3b\"></span>to <span class=\"_ _0\"></span>tr<span class=\"_ _2\"></span>ami<span class=\"_ _3b\"></span>te <span class=\"_ _0\"></span>ap<span class=\"_ _2\"></span>po<span class=\"_ _3b\"></span>siti<span class=\"_ _3b\"></span> <span class=\"_ _0\"> </span>massi<span class=\"_ _3b\"></span>mal<span class=\"_ _3b\"></span>i <span class=\"_ _0\"> </span>di <span class=\"_ _0\"></span>con<span class=\"_ _3b\"></span>cen<span class=\"_ _3b\"></span>traz<span class=\"_ _2\"></span>ion<span class=\"_ _3b\"></span>e <span class=\"_ _0\"></span>pe<span class=\"_ _2\"></span>r<span class=\"_ _3a1\"> </span>set<span class=\"_ _3b\"></span>tor<span class=\"_ _3b\"></span>e e <span class=\"_ _2\"></span>cla<span class=\"_ _3b\"></span>sse<span class=\"_ _3b\"></span> di <span class=\"_ _3b\"></span>rati<span class=\"_ _3b\"></span>ng <span class=\"_ _2\"></span>sia<span class=\"_ _3b\"></span> in <span class=\"_ _3b\"></span>ter<span class=\"_ _2\"></span>min<span class=\"_ _3b\"></span>i di<span class=\"_ _3b\"></span> con<span class=\"_ _3b\"></span>tro<span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>lo<span class=\"_ _3b\"></span>re c<span class=\"_ _3b\"></span>he d<span class=\"_ _3b\"></span>i s<span class=\"_ _3b\"></span>ensi<span class=\"_ _2\"></span>ti<span class=\"_ _3b\"></span>vity.<span class=\"_ _3b\"></span> In<span class=\"_ _3b\"></span>oltr<span class=\"_ _3b\"></span>e il<span class=\"_ _3b\"></span> mod<span class=\"_ _3b\"></span>ell<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span> Va<span class=\"_ _3b\"></span>R i<span class=\"_ _2\"></span>n u<span class=\"_ _3b\"></span>so<span class=\"_ _3a1\"> </span>esc<span class=\"_ _2\"></span>lu<span class=\"_ _3b\"></span>siv<span class=\"_ _2\"></span>am<span class=\"_ _2\"></span>en<span class=\"_ _3b\"></span>te  ai<span class=\"_ _2\"></span>  fin<span class=\"_ _3b\"></span>i  ges<span class=\"_ _3b\"></span>tion<span class=\"_ _3b\"></span>ali<span class=\"_ _3b\"></span> <span class=\"_ _3d\"> </span>inc<span class=\"_ _3b\"></span>lud<span class=\"_ _2\"></span>e  il<span class=\"_ _3b\"></span> <span class=\"_ _3d\"> </span>ri<span class=\"_ _3b\"></span>schi<span class=\"_ _2\"></span>o  e<span class=\"_ _2\"></span>mi<span class=\"_ _3b\"></span>tten<span class=\"_ _3b\"></span>te,  m<span class=\"_ _3b\"></span>edia<span class=\"_ _3b\"></span>nte<span class=\"_ _2\"></span>  l\u2019u<span class=\"_ _3b\"></span>tili<span class=\"_ _3b\"></span>zzo<span class=\"_ _2\"></span>  di  s<span class=\"_ _3b\"></span>erie<span class=\"_ _3b\"></span> <span class=\"_ _3d\"> </span>st<span class=\"_ _3b\"></span>oric<span class=\"_ _2\"></span>he<span class=\"_ _3a1\"> </span>spe<span class=\"_ _2\"></span>ci<span class=\"_ _2\"></span>fi<span class=\"_ _2\"></span>ch<span class=\"_ _3b\"></span>e su<span class=\"_ _3b\"></span>gli<span class=\"_ _3b\"></span> spr<span class=\"_ _3b\"></span>ead<span class=\"_ _2\"></span> di<span class=\"_ _3b\"></span> me<span class=\"_ _3b\"></span>rcat<span class=\"_ _3b\"></span>o.<span class=\"_ _3a1\"> </span>La<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>fun<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>on<span class=\"_ _3b\"></span>e <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Ri<span class=\"_ _2\"></span>sk<span class=\"_ _3b\"></span> <span class=\"_ _38\"></span>Man<span class=\"_ _2\"></span>ag<span class=\"_ _3b\"></span>emen<span class=\"_ _3b\"></span>t <span class=\"_ _1\"></span>pro<span class=\"_ _3b\"></span>duc<span class=\"_ _3b\"></span>e <span class=\"_ _1\"></span>repo<span class=\"_ _3b\"></span>rts<span class=\"_ _3b\"></span> <span class=\"_ _38\"></span>di risc<span class=\"_ _3b\"></span>hio<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>con<span class=\"_ _3b\"></span> <span class=\"_ _38\"></span>fr<span class=\"_ _3b\"></span>equ<span class=\"_ _2\"></span>enz<span class=\"_ _3b\"></span>a <span class=\"_ _38\"></span>gi<span class=\"_ _3b\"></span>orn<span class=\"_ _2\"></span>ali<span class=\"_ _3b\"></span>era<span class=\"_ _2\"></span>, set<span class=\"_ _2\"></span>tim<span class=\"_ _3b\"></span>anal<span class=\"_ _3b\"></span>e <span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span>tri<span class=\"_ _3b\"></span>mes<span class=\"_ _2\"></span>tra<span class=\"_ _3b\"></span>le <span class=\"_ _3b\"></span>a <span class=\"_ _3b\"></span>sec<span class=\"_ _3b\"></span>onda<span class=\"_ _3b\"></span> d<span class=\"_ _3b\"></span>ella<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>funz<span class=\"_ _3b\"></span>io<span class=\"_ _2\"></span>ne <span class=\"_ _3b\"></span>de<span class=\"_ _2\"></span>sti<span class=\"_ _3b\"></span>nat<span class=\"_ _2\"></span>ari<span class=\"_ _3b\"></span>a, <span class=\"_ _3b\"></span>in<span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>ca<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>o <span class=\"_ _3b\"></span>gli<span class=\"_ _3b\"></span> ev<span class=\"_ _3b\"></span>en<span class=\"_ _2\"></span>tua<span class=\"_ _2\"></span>li<span class=\"_ _3b\"></span> s<span class=\"_ _2\"></span>con<span class=\"_ _3b\"></span>fini<span class=\"_ _3b\"></span> r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>sp<span class=\"_ _3b\"></span>etto<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>ai<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>mass<span class=\"_ _3b\"></span>imal<span class=\"_ _3b\"></span>i<span class=\"_ _3a1\"> </span>as<span class=\"_ _3b\"></span>segn<span class=\"_ _2\"></span>ati<span class=\"_ _3b\"></span> <span class=\"_ _37\"> </span>dal<span class=\"_ _3b\"></span> <span class=\"_ _3d\"> </span>Reg<span class=\"_ _3b\"></span>olam<span class=\"_ _3b\"></span>ento<span class=\"_ _3b\"></span> <span class=\"_ _37\"> </span>in<span class=\"_ _3b\"></span> <span class=\"_ _37\"> </span>mat<span class=\"_ _3b\"></span>eria<span class=\"_ _3b\"></span> <span class=\"_ _37\"> </span>di<span class=\"_ _3b\"></span> <span class=\"_ _37\"> </span>ass<span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>zi<span class=\"_ _3b\"></span>one<span class=\"_ _3b\"></span> <span class=\"_ _37\"> </span>dei<span class=\"_ _3b\"></span> <span class=\"_ _37\"> </span>ri<span class=\"_ _3b\"></span>sch<span class=\"_ _2\"></span>i <span class=\"_ _3d\"> </span>fin<span class=\"_ _3b\"></span>anzi<span class=\"_ _3b\"></span>ari<span class=\"_ _3b\"></span> <span class=\"_ _37\"> </span>e <span class=\"_ _3d\"> </span>la<span class=\"_ _3b\"></span> <span class=\"_ _37\"> </span>mis<span class=\"_ _3b\"></span>ura<span class=\"_ _3b\"></span> <span class=\"_ _37\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _3d\"> </span>risc<span class=\"_ _3b\"></span>hio<span class=\"_ _3a1\"> </span>ges<span class=\"_ _3b\"></span>tio<span class=\"_ _2\"></span>nal<span class=\"_ _3b\"></span>e in<span class=\"_ _3b\"></span> t<span class=\"_ _2\"></span>erm<span class=\"_ _3b\"></span>ini <span class=\"_ _2\"></span>di<span class=\"_ _3b\"></span> VaR<span class=\"_ _3b\"></span>.<span class=\"_ _3a1\"> </span>Eventuali mo<span class=\"_ _1\"></span>difiche <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>Regolamento <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>ai <span class=\"_ _1\"></span>massimali <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>es<span class=\"_ _1\"></span>so <span class=\"_ _1\"></span>espressi <span class=\"_ _1\"></span>possono e<span class=\"_ _1\"></span>ssere s<span class=\"_ _1\"></span>ottoposte<span class=\"_ _3a1\"> </span>a  deliber<span class=\"_ _1\"></span>a  del <span class=\"_ _3d\"> </span>Consiglio <span class=\"_ _3d\"> </span>di  Am<span class=\"_ _1\"></span>ministrazione <span class=\"_ _3d\"> </span>o <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>Comitato  Esecutivo, <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>compentenza, <span class=\"_ _3d\"> </span>su<span class=\"_ _3a1\"> </span>proposta della Finanza, sentito preventivamente <span class=\"_ _1\"></span>il parere della funzione di Risk Management.<span class=\"_ _3a1\"> </span>Credem Euromo<span class=\"_ _1\"></span>biliare Private Banking I <span class=\"_ _35\"> </span>risc<span class=\"_ _3a1\"> </span>hi <span class=\"_ _35\"> </span>di  mercato <span class=\"_ _35\"> </span>legati <span class=\"_ _35\"> </span>al  ris<span class=\"_ _2\"></span>chio <span class=\"_ _35\"> </span>tas<span class=\"_ _1\"></span>so <span class=\"_ _35\"> </span>sono  gestiti<span class=\"_ _2\"></span>ti  attrav<span class=\"_ _2\"></span>erso  limiti <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>ter<span class=\"_ _2\"></span>min<span class=\"_ _3b\"></span>i <span class=\"_ _35\"> </span>di<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>sen<span class=\"_ _3b\"></span>siti<span class=\"_ _3b\"></span>vit<span class=\"_ _2\"></span>y com<span class=\"_ _3b\"></span>ple<span class=\"_ _2\"></span>ssi<span class=\"_ _3b\"></span>va <span class=\"_ _3b\"></span>e su<span class=\"_ _3b\"></span> sin<span class=\"_ _3b\"></span>goli<span class=\"_ _3b\"></span> ti<span class=\"_ _3b\"></span>me b<span class=\"_ _2\"></span>uc<span class=\"_ _3b\"></span>ket.<span class=\"_ _3b\"></span> La <span class=\"_ _37\"> </span>funzione <span class=\"_ _36\"> </span>Risk <span class=\"_ _37\"> </span>Management<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>della <span class=\"_ _36\"> </span>capogruppo <span class=\"_ _37\"> </span>ver<span class=\"_ _1\"></span>ifica <span class=\"_ _37\"> </span>il <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>ispetto <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>tali <span class=\"_ _36\"> </span>limiti <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>monitora l\u2019andamento <span class=\"_ _3f\"> </span>del <span class=\"_ _3f\"> </span>requisito <span class=\"_ _3f\"> </span>patrimoniale <span class=\"_ _3a\"> </span>a <span class=\"_ _3f\"> </span>fronte <span class=\"_ _3f\"> </span>dei <span class=\"_ _3f\"> </span>rischi <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>mercato, <span class=\"_ _3f\"> </span>calcolato <span class=\"_ _3f\"> </span>secondo l\u2019approccio standard. Rischio d<span class=\"_ _1\"></span>i prezz<span class=\"_ _1\"></span>o Nell\u2019ambito <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>\u201cportafoglio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>negoziazione <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>vigilanza\u201d <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>principale <span class=\"_ _38\"></span>fonte<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>zzo <span class=\"_ _1\"></span>\u00e8 costit<span class=\"_ _3a1\"> </span>uita dai titoli azionari, fondi e dai relativi strumenti derivati.  Credembanca I <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>azionari <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>assunti <span class=\"_ _0\"></span>nell\u2019<span class=\"_ _2\"></span>ambito <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>attivit\u00e0 di <span class=\"_ _0\"></span>trading. <span class=\"_ _0\"></span>Tale <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _0\"></span>svolta <span class=\"_ _0\"></span>sui <span class=\"_ _0\"></span>m<span class=\"_ _2\"></span>ercati azionari <span class=\"_ _35\"> </span>prevede <span class=\"_ _0\"></span>l\u2019assunzione <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>posizioni <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span>rezionali <span class=\"_ _35\"> </span>gestite <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>controllate <span class=\"_ _35\"> </span>tramite <span class=\"_ _0\"></span>massimali <span class=\"_ _35\"> </span>di posizione, <span class=\"_ _3d\"> </span>sia <span class=\"_ _37\"> </span>lorda <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>ia <span class=\"_ _3d\"> </span>netta, <span class=\"_ _3d\"> </span>limiti <span class=\"_ _37\"> </span>in <span class=\"_ _3d\"> </span>t<span class=\"_ _1\"></span>ermini <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>greche <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>massimali <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>concentrazione <span class=\"_ _37\"> </span>per<span class=\"_ _2\"></span> sottostante.  Credem Euromo<span class=\"_ _1\"></span>biliare Private Banking Il <span class=\"_ _0\"></span>Regolame<span class=\"_ _1\"></span>nto <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>materia <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>as<span class=\"_ _1\"></span>sunzione <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _35\"> </span>finanzi<span class=\"_ _3a1\"> </span>ari, <span class=\"_ _35\"> </span>monitorato <span class=\"_ _35\"> </span>dalla <span class=\"_ _0\"></span>funzione <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>Risk Management, non prevede massimali ordinari per l\u2019operat<span class=\"_ _1\"></span>ivit\u00e0 sul rischio azionario.  Rischi cl<span class=\"_ _1\"></span>imatici e<span class=\"_ _1\"></span> ambien<span class=\"_ _1\"></span>tali I rischi <span class=\"_ _1\"></span>climatici-ambientali (fisici <span class=\"_ _1\"></span>e di t<span class=\"_ _1\"></span>ransizione), sono inte<span class=\"_ _1\"></span>grati nell'analisi di rilevanza tr<span class=\"_ _1\"></span>amite la quale <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>Gr<span class=\"_ _1\"></span>uppo <span class=\"_ _35\"> </span>Credem <span class=\"_ _35\"> </span>valuta <span class=\"_ _0\"></span>periodicament<span class=\"_ _1\"></span>e <span class=\"_ _35\"> </span>la <span class=\"_ _0\"> </span>m<span class=\"_ _1\"></span>aterialit\u00e0 di tutti <span class=\"_ _35\"> </span>i <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>cui <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _35\"> </span>esposto. <span class=\"_ _35\"> </span>In particolare, <span class=\"_ _193\"> </span>il <span class=\"_ _29\"> </span>Gruppo <span class=\"_ _29\"> </span>ha <span class=\"_ _193\"> </span>svil<span class=\"_ _2\"></span>uppato <span class=\"_ _193\"> </span>una <span class=\"_ _29\"> </span>met<span class=\"_ _1\"></span>odologia <span class=\"_ _29\"> </span>quantitativa <span class=\"_ _29\"> </span>per<span class=\"_ _1\"></span> <span class=\"_ _29\"> </span>m<span class=\"_ _1\"></span>isurare <span class=\"_ _29\"> </span>il livello di concentrazione del <span class=\"_ _3b\"></span>portafoglio <span class=\"_ _3b\"></span>investiment<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>verso qu<span class=\"_ _2\"></span>elle <span class=\"_ _3b\"></span>impre<span class=\"_ _1\"></span>se <span class=\"_ _2\"></span>la <span class=\"_ _3b\"></span>cui attivit\u00e0 <span class=\"_ _3b\"></span>economica \u00e8 <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>itenuta <span class=\"_ _38\"></span>particolarmente <span class=\"_ _1\"></span>sensibile <span class=\"_ _38\"></span>ai <span class=\"_ _38\"></span>rischi di transizione. <span class=\"_ _1\"></span>Ne<span class=\"_ _1\"></span>llo <span class=\"_ _1\"></span>specifico, <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>valutare <span class=\"_ _38\"></span>l\u2019impatto del  r<span class=\"_ _1\"></span>ischio  climatico-ambientale  s<span class=\"_ _1\"></span>ul  portafoglio <span class=\"_ _3d\"> </span>Investimenti  di  proprie<span class=\"_ _1\"></span>t\u00e0  del <span class=\"_ _3d\"> </span>Gruppo,  \u00e8  s<span class=\"_ _1\"></span>tata adottata <span class=\"_ _0\"></span>una <span class=\"_ _35\"> </span>matrice <span class=\"_ _0\"></span>settoriale <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>restituisce <span class=\"_ _35\"> </span>una <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>sintesi <span class=\"_ _35\"> </span>d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>lla <span class=\"_ _0\"></span>rischiosit\u00e0 <span class=\"_ _0\"> </span>(alta, media, <span class=\"_ _0\"></span>bassa) <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>ogni <span class=\"_ _0\"></span>settore <span class=\"_ _0\"></span>economico <span class=\"_ _0\"></span>distinta <span class=\"_ _0\"></span>sul <span class=\"_ _0\"></span>Pillar <span class=\"_ _0\"></span>Environmental. <span class=\"_ _0\"></span>Al <span class=\"_ _0\"></span>fine <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>monitorare<span class=\"_ _2\"></span> l\u2019esposizione <span class=\"_ _1\"></span>ai <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _1\"></span>Climate <span class=\"_ _1\"></span>\u2013 <span class=\"_ _1\"></span>Environmental, <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>presente <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>indicatore <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>dicato <span class=\"_ _1\"></span>nell\u2019ambito <span class=\"_ _1\"></span>del processo RAF.  B. Pro<span class=\"_ _1\"></span>cessi di ge<span class=\"_ _1\"></span>stione e me<span class=\"_ _1\"></span>todi<span class=\"_ _1\"></span> di misu<span class=\"_ _1\"></span>razione del<span class=\"_ _1\"></span> rischio d<span class=\"_ _1\"></span>i tasso<span class=\"_ _1\"></span> di intere<span class=\"_ _1\"></span>sse e de<span class=\"_ _1\"></span>l rischio di<span class=\"_ _1\"></span> prezzo<span class=\"_ _3a1\"> </span>Ris<span class=\"_ _2\"></span>chi<span class=\"_ _3a1\"> </span>o <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>tass<span class=\"_ _3b\"></span>o di<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>nter<span class=\"_ _3b\"></span>esse<span class=\"_ _2\"></span> -<span class=\"_ _2\"></span> me<span class=\"_ _2\"></span>tod<span class=\"_ _3b\"></span>ologi<span class=\"_ _3b\"></span>e e <span class=\"_ _2\"></span>met<span class=\"_ _3b\"></span>rich<span class=\"_ _2\"></span>e d<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>mi<span class=\"_ _3b\"></span>sura<span class=\"_ _3b\"></span>zione<span class=\"_ _2\"></span>  Il <span class=\"_ _39\"> </span>rischio <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>tasso <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>interesse <span class=\"_ _39\"> </span>viene <span class=\"_ _39\"> </span>calcolato<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>giornalmente <span class=\"_ _39\"> </span>tramite <span class=\"_ _39\"> </span>metodologia <span class=\"_ _39\"> </span>VaR <span class=\"_ _39\"> </span>per Credem<span class=\"_ _3a1\"> </span>banca; la <span class=\"_ _1\"></span>misurazione <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>finalit\u00e0 <span class=\"_ _1\"></span>gestionali, <span class=\"_ _1\"></span>non viene <span class=\"_ _1\"></span>utilizzata per <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>calcolo <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>requisito patrimoniale sui rischi di mercato per il qual<span class=\"_ _2\"></span>e il Gruppo Credem adotta l\u2019approccio standard. Il VaR misura la massima perdita potenziale nella quale pu\u00f2 incorrere il port<span class=\"_ _1\"></span>afoglio in base all'evoluzione dei <span class=\"_ _0\"></span>fattori <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>mercato, <span class=\"_ _0\"></span>da<span class=\"_ _2\"></span>to <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>certo <span class=\"_ _0\"></span>livello <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>confidenza, <span class=\"_ _0\"></span>nel <span class=\"_ _0\"></span>c<span class=\"_ _3b\"></span>or<span class=\"_ _1\"></span>so <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>determinato <span class=\"_ _38\"></span>or<span class=\"_ _1\"></span>izzonte temporale. L<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>metodologia <span class=\"_ _2\"></span>applicata <span class=\"_ _2\"></span>nell\u2019ambito <span class=\"_ _2\"></span>del <span class=\"_ _3b\"></span>G<span class=\"_ _1\"></span>ruppo <span class=\"_ _3b\"></span>Cre<span class=\"_ _1\"></span>dem p<span class=\"_ _2\"></span>revede <span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>seguenti p<span class=\"_ _2\"></span>arametri: <span class=\"_ _3e\"> </span><span class=\"ff4\">livello di confidenza 99%;<span class=\"_ _3a1\"> </span></span><span class=\"_ _3e\"> </span><span class=\"ff4\">orizzonte temporale 1 giorno; </span><span class=\"_ _3e\"> </span><span class=\"ff4\">volatilit\u00e0 <span class=\"_ _1\"></span>calcolata <span class=\"_ _38\"></span>sulla <span class=\"_ _1\"></span>base <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>2 <span class=\"_ _1\"></span>anni <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>osservazioni <span class=\"_ _1\"></span>gior<span class=\"_ _1\"></span>naliere, <span class=\"_ _1\"></span>dando <span class=\"_ _1\"></span>maggior <span class=\"_ _38\"></span>peso <span class=\"_ _38\"></span>ai <span class=\"_ _1\"></span>dati </span>pi\u00f9 recenti (decay factor <span class=\"ffc\"></span>=0,94). Per <span class=\"_ _1\"></span>il calcolo <span class=\"_ _1\"></span>dell\u2019assorbiment<span class=\"_ _1\"></span>o in <span class=\"_ _1\"></span>termini <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>capitale interno <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>procede <span class=\"_ _1\"></span>inoltre <span class=\"_ _1\"></span>a convertire <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>dato in un VaR a 10gg, applicando prudenzialmente <span class=\"_ _1\"></span>il coefficiente moltiplicativo 3. Il dato di rischio \u00e8 anche sottoposto ad analisi di stress testing nell\u2019ambito del processo di verifica dell\u2019adeguatezza patrimoniale, c<span class=\"_ _2\"></span>he mira a <span class=\"_ _2\"></span>verificare la<span class=\"_ _3b\"></span> variazione del cap<span class=\"_ _2\"></span>itale (stimato in<span class=\"_ _3b\"></span> termini di VaR) <span class=\"_ _2\"></span>in c<span class=\"_ _2\"></span>aso di <span class=\"_ _3b\"></span>forti turbolenze <span class=\"_ _3b\"></span>dei mercati <span class=\"_ _3b\"></span>finanziari. L\u2019anali<span class=\"_ _2\"></span>si \u00e8 <span class=\"_ _2\"></span>basata <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ulla <span class=\"_ _2\"></span>determinazione di<span class=\"_ _2\"></span> un<span class=\"_ _3b\"></span>a matrice di varianza <span class=\"_ _3b\"></span>e covarianza dei <span class=\"_ _2\"></span>fattori rischio <span class=\"_ _2\"></span>in ipotesi di<span class=\"_ _2\"></span> condiz<span class=\"_ _2\"></span>ione di stress d<span class=\"_ _2\"></span>ei mercati ch<span class=\"_ _3b\"></span>e innalzi la volatilit\u00e0 delle variabili finanziarie e alteri <span class=\"_ _1\"></span>la struttura delle relazioni fra di esse. La determinazione di<span class=\"_ _2\"></span> tale <span class=\"_ _2\"></span>matrice \u00e8 s<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>ata effettuata c<span class=\"_ _2\"></span>on la med<span class=\"_ _3b\"></span>esima metodologia utilizzata per <span class=\"_ _2\"></span>la<span class=\"_ _3a1\"> </span>stimadel VaR. In particolare ci si \u00e8 a<span class=\"_ _1\"></span>vvalsi della possibilit\u00e0 di impostare il periodo stor<span class=\"_ _1\"></span>ico utilizzato<span class=\"_ _3a1\"> </span>come <span class=\"_ _38\"></span>campione <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>analisi <span class=\"_ _1\"></span>per <span class=\"_ _0\"></span>il<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>calcolo <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>volatilit\u00e0 <span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>delle<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>correlazioni, <span class=\"_ _38\"></span>sele<span class=\"_ _1\"></span>zionando <span class=\"_ _38\"></span>intervalli<span class=\"_ _3a1\"> </span>temporali <span class=\"_ _2\"></span>critici <span class=\"_ _3b\"></span>(di elevata <span class=\"_ _3b\"></span>volati<span class=\"_ _1\"></span>lit\u00e0) <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ui <span class=\"_ _3b\"></span>me<span class=\"_ _1\"></span>rcati, <span class=\"_ _2\"></span>in <span class=\"_ _3b\"></span>coe<span class=\"_ _1\"></span>renza con <span class=\"_ _184\"></span>lo scenario <span class=\"_ _2\"></span>complessivo <span class=\"_ _3b\"></span>di stress<span class=\"_ _3a1\"> </span>individuato.<span class=\"_ _3a1\"> </span>In <span class=\"_ _36\"> </span>re<span class=\"_ _1\"></span>lazione <span class=\"_ _36\"> </span>a <span class=\"_ _39\"> </span>Credem <span class=\"_ _36\"> </span>Euromobiliare <span class=\"_ _36\"> </span>Private <span class=\"_ _39\"> </span>Banking <span class=\"_ _36\"> </span>il <span class=\"_ _39\"> </span>rischio <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>tasso <span class=\"_ _36\"> </span>di <span class=\"_ _39\"> </span>interesse <span class=\"_ _36\"> </span>viene<span class=\"_ _3a1\"> </span>monitorato <span class=\"_ _36\"> </span>attraverso <span class=\"_ _37\"> </span>il <span class=\"_ _37\"> </span>re<span class=\"_ _1\"></span>quisito <span class=\"_ _37\"> </span>patr<span class=\"_ _1\"></span>imoniale <span class=\"_ _37\"> </span>sui <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>me<span class=\"_ _1\"></span>rcato, <span class=\"_ _37\"> </span>che <span class=\"_ _36\"> </span>segue <span class=\"_ _37\"> </span>l\u2019approccio<span class=\"_ _3a1\"> </span>standard.<span class=\"_ _3a1\"> </span>Informazi<span class=\"_ _1\"></span>oni di na<span class=\"_ _1\"></span>tura quan<span class=\"_ _1\"></span>titativa<span class=\"_ _3a1\"> </span>1. <span class=\"_ _35\"> </span>Po<span class=\"_ _1\"></span>rtafoglio  di <span class=\"_ _35\"> </span>negoziazione  di <span class=\"_ _35\"> </span>vigilanza:  distribuzione  per <span class=\"_ _35\"> </span>durata  residua <span class=\"_ _35\"> </span>(data  di <span class=\"_ _35\"> </span>riprezzamen<span class=\"_ _3a1\"> </span>to)  d<span class=\"_ _2\"></span>elle<span class=\"_ _3a1\"> </span>attivit\u00e0 e <span class=\"_ _1\"></span>delle passivit\u00e0 finanziarie <span class=\"_ _1\"></span>per cassa e derivati finan<span class=\"_ _1\"></span>ziari<span class=\"_ _3a1\"> </span>La <span class=\"_ _3b\"></span>prese<span class=\"_ _1\"></span>nte <span class=\"_ _3b\"></span>tavola <span class=\"_ _3b\"></span>non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3b\"></span>stata <span class=\"_ _2\"></span>redatta <span class=\"_ _3b\"></span>poich\u00e9 <span class=\"_ _3b\"></span>viene<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>se<span class=\"_ _1\"></span>guito <span class=\"_ _3b\"></span>fornita <span class=\"_ _3b\"></span>l\u2019analisi <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>se<span class=\"_ _1\"></span>nsitivit\u00e0 <span class=\"_ _3b\"></span>al <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio<span class=\"_ _3a1\"> </span>tasso di interesse basata sui modelli interni e<span class=\"_ _1\"></span>d altre metodologie.  Nella <span class=\"_ _0\"></span>presente <span class=\"_ _38\"></span>sezione <span class=\"_ _0\"></span>vengono <span class=\"_ _38\"></span>sinteticamente <span class=\"_ _0\"></span>esposti <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>risultati <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>analisi <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>tasso<span class=\"_ _3a1\"> </span>nell\u2019ambito <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>negoziazione. <span class=\"_ _0\"></span>In <span class=\"_ _0\"></span>particolare <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>segui<span class=\"_ _2\"></span>to <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>riportati <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>valori <span class=\"_ _0\"></span>medi,<span class=\"_ _3a1\"> </span>massimi <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>minimi <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>VaR <span class=\"_ _35\"> </span>generato <span class=\"_ _35\"> </span>dal <span class=\"_ _35\"> </span>fattore <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _0\"> </span>t<span class=\"_ _1\"></span>asso <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>intere<span class=\"_ _1\"></span>sse <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>C<span class=\"_ _2\"></span>redembanca<span class=\"_ _3a1\"> </span>relativi agli esercizi 2022, 2023 e 2024. Nella figura sottostante \u00e8 riportato l\u2019andamento di tale dato di VaR per Credem nell\u2019arco de<span class=\"_ _1\"></span>l 2024.<span class=\"_ _3a1\"> </span>Il dato<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>risulta <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>cres<span class=\"_ _1\"></span>cita <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>corso <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>2024, <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>poi <span class=\"_ _1\"></span>riportarsi <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>livelli m<span class=\"_ _1\"></span>olto <span class=\"_ _1\"></span>conte<span class=\"_ _1\"></span>nuti ne<span class=\"_ _1\"></span>ll\u2019ultimo<span class=\"_ _3a1\"> </span>trimestre dell\u2019anno. Figura <span class=\"_ _1\"></span>1. <span class=\"_ _1\"></span>An<span class=\"_ _1\"></span>damento <span class=\"_ _1\"></span>Interest <span class=\"_ _1\"></span>Rat<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>VaR <span class=\"_ _1\"></span>Credem <span class=\"_ _38\"></span>(99%, <span class=\"_ _1\"></span>10gg*coeff <span class=\"_ _1\"></span>molt<span class=\"_ _3a1\"> </span>iplicativo). <span class=\"_ _1\"></span>Dat<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>milioni <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span>euro<span class=\"_ _3a1\"> </span>Per <span class=\"_ _0\"></span>quan<span class=\"_ _2\"></span>to <span class=\"_ _0\"></span>riguarda <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>shift <span class=\"_ _0\"></span>sensitivity <span class=\"_ _38\"></span>analysis <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>limi<span class=\"_ _2\"></span>tatamente <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>portafoglio <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>negoziazione <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span>vigila<span class=\"_ _3a1\"> </span>nza, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>abella <span class=\"_ _1\"></span>sot<span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>riportata <span class=\"_ _38\"></span>mostra <span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>dati <span class=\"_ _1\"></span>relativi <span class=\"_ _1\"></span>all\u2019impatto<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>sul <span class=\"_ _38\"></span>margine <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>intere<span class=\"_ _1\"></span>sse <span class=\"_ _1\"></span>su <span class=\"_ _38\"></span>un<span class=\"_ _3a1\"> </span>orizzonte <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>emporale <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>12 <span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>si, <span class=\"_ _1\"></span>nell\u2019ipotesi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>una <span class=\"_ _38\"></span>variazione <span class=\"_ _38\"></span>parallela <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>tassi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>inter<span class=\"_ _1\"></span>esse <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>+/-<span class=\"_ _3a1\"> </span>100 punti base (dato riferito al Gruppo).<span class=\"_ _3a1\"> </span>L\u2019analisi <span class=\"_ _35\"> </span>\u00e8  condotta <span class=\"_ _35\"> </span>coerentemente  con <span class=\"_ _35\"> </span>la  me<span class=\"_ _2\"></span>todologia  u<span class=\"_ _2\"></span>tilizzata  ai <span class=\"_ _35\"> </span>fini <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>misurazione  del<span class=\"_ _3a1\"> </span>rischio <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>ban<span class=\"_ _2\"></span>cario <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>ambito <span class=\"_ _0\"></span>Risk <span class=\"_ _0\"></span>Appetite <span class=\"_ _38\"></span>F<span class=\"_ _1\"></span>ramework <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>segnalazioni<span class=\"_ _3a1\"> </span>regolamentari sul rischio di tasso (IRRBB), in linea con le <span class=\"_ _1\"></span>linee guida europee di riferimento.<table class=\"s w1337 h2b6\" id=\"_1fce3589-4288-468f-abe2-cf0f02c23a8b\"><tr><td class=\"t m12 x21a1 h104 y6666 ff4 fs2b fc1 sc2 ls0 ws0\">T<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>b<span class=\"_ _38\"></span>e<span class=\"_ _0\"></span>l<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _1\"></span>1<span class=\"_ _38\"></span>.<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>D<span class=\"_ _38\"></span>a<span class=\"_ _38\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _38\"></span>i<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>s<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x21a2 y6668 w1338 h2b7\"><div class=\"t m12 x2b3 h104 y6667 ff4 fs2b fc1 sc2 ls0 ws0\">2<span class=\"_ _38\"></span>0<span class=\"_ _38\"></span>2<span class=\"_ _38\"></span>4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21a3 y6668 w1339 h2b7\"><div class=\"t m12 x2b3 h104 y6667 ff4 fs2b fc1 sc2 ls0 ws0\">2<span class=\"_ _38\"></span>0<span class=\"_ _38\"></span>2<span class=\"_ _38\"></span>3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21a4 y6668 w133a h2b7\"><div class=\"t m12 x2b3 h104 y6667 ff4 fs2b fc1 sc2 ls0 ws0\">2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m12 x21a1 h104 y6669 ff4 fs2b fc1 sc2 ls0 ws0\">C<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>m<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m13 x21a5 h105 y666a ff4 fs2c fc1 sc0 ls0 ws0\">I<span class=\"_ _3b\"></span>n<span class=\"_ _1\"></span>terest Ra<span class=\"_ _1\"></span>te VaR -<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>me<span class=\"_ _1\"></span>dio<span class=\"_ _3a1\"> </span></td><td class=\"c n x21a6 y666b w133b h2b7\"><div class=\"t m12 x2b3 h104 y6667 ff4 fs2b fc1 sc0 ls0 ws0\">11,8<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21a7 y666b w133c h2b7\"><div class=\"t m12 x2b3 h104 y6667 ff4 fs2b fc1 sc0 ls0 ws0\">2,<span class=\"_ _1\"></span>6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21a8 y666b w133d h2b7\"><div class=\"t m12 x2b3 h104 y6667 ff4 fs2b fc1 sc0 ls0 ws0\">2,<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m13 x21a9 h105 y666c ff4 fs2c fc1 sc0 ls0 ws0\">min<span class=\"_ _3a1\"> </span></td><td class=\"c n x21a6 y666d w133e h2b7\"><div class=\"t m12 x2b3 h104 y6667 ff4 fs2b fc1 sc0 ls0 ws0\">0,3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21aa y666d w133f h2b7\"><div class=\"t m12 x2b3 h104 y6667 ff4 fs2b fc1 sc0 ls0 ws0\">0,4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ab y666d w1340 h2b7\"><div class=\"t m12 x2b3 h104 y6667 ff4 fs2b fc1 sc0 ls0 ws0\">0<span class=\"_ _2\"></span>,3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x21ac y666e w1341 h2b7\"><div class=\"t m12 x2b3 h104 y6667 ff4 fs2b fc1 sc0 ls0 ws0\">ma<span class=\"_ _1\"></span>x<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ad y666e w1342 h2b7\"><div class=\"t m12 x2b3 h104 y6667 ff4 fs2b fc1 sc0 ls0 ws0\">37,<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ae y666e w1343 h2b7\"><div class=\"t m12 x2b3 h104 y6667 ff4 fs2b fc1 sc0 ls0 ws0\">18,1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21af y666e w1344 h2b7\"><div class=\"t m12 x2b3 h104 y6667 ff4 fs2b fc1 sc0 ls0 ws0\">12<span class=\"_ _1\"></span>,0<span class=\"_ _3a1\"> </span></div></td></tr></table>dati i<span class=\"_ _1\"></span>n m<span class=\"_ _1\"></span>ln d<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>\u20ac<span class=\"_ _2\"></span>, VaR<span class=\"_ _1\"></span> 9<span class=\"_ _1\"></span>9% <span class=\"_ _1\"></span>10gg * <span class=\"_ _1\"></span>C<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>ff moltipli<span class=\"_ _1\"></span>cat<span class=\"_ _2\"></span>ivo - 5,0 10,0 15,0 <span class=\"_ _2\"></span>20,0 25,0 30,0 35,0 40,0 45,0 50<span class=\"_ _2\"></span>,0<span class=\"_ _3a1\"> </span>Int<span class=\"_ _1\"></span>erest <span class=\"_ _3b\"></span>R<span class=\"_ _1\"></span>ate VaR<span class=\"_ _3a1\"> </span>VaR<span class=\"_ _3a1\"> </span>media<span class=\"_ _3a1\"> </span><div class=\"t m2 h19 ff4 fsb fc1 sc2 ls0 ws0 gs1584\">Ipotesi di<span class=\"_ _1\"></span> shift p<span class=\"_ _1\"></span>arallelo (dati<span class=\"_ _1\"></span> mln di \u20ac)<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h19 ff4 fsb fc1 sc2 ls0 ws0 gs1585\">Shock -10<span class=\"_ _1\"></span>0 b.p. <span class=\"_ _1c0\"> </span>Shock +100 <span class=\"_ _1\"></span>b.p.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h19 ff4 fsb fc1 sc0 ls0 ws0 gs1586\">Dati 12/2024 <span class=\"_ _209\"> </span>-0,2<span class=\"_ _20d\"> </span>0,2<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1587\">Ris<span class=\"_ _2\"></span>chi<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>prez<span class=\"_ _2\"></span>zo <span class=\"_ _3b\"></span>- met<span class=\"_ _3b\"></span>odol<span class=\"_ _2\"></span>og<span class=\"_ _2\"></span>ie<span class=\"_ _2\"></span> e <span class=\"_ _3b\"></span>metri<span class=\"_ _3b\"></span>che <span class=\"_ _3b\"></span>di mi<span class=\"_ _2\"></span>sur<span class=\"_ _3b\"></span>azio<span class=\"_ _3b\"></span>ne <span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1588\">Il <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>quity <span class=\"_ _1\"></span>viene<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>calcolato <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>le <span class=\"_ _1\"></span>stesse <span class=\"_ _0\"></span>f<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>equenze <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>metodologie <span class=\"_ _38\"></span>indicata <span class=\"_ _0\"></span>per <span class=\"_ _1\"></span>il<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1589\">rischi<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs158a\">o tasso.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs158b\">Informazi<span class=\"_ _1\"></span>oni di na<span class=\"_ _1\"></span>tura quan<span class=\"_ _1\"></span>titativa<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs158c\">Nella <span class=\"_ _1\"></span>prese<span class=\"_ _1\"></span>nte <span class=\"_ _1\"></span>sezione <span class=\"_ _1\"></span>vengono <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>inteticamente <span class=\"_ _1\"></span>esposti <span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>risultati <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>analisi <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>rischio <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>prezzo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs158d\">nell\u2019ambito <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>negoziazione. <span class=\"_ _0\"></span>In <span class=\"_ _0\"></span>particolare <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>segui<span class=\"_ _2\"></span>to <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>riportati <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>valori <span class=\"_ _0\"></span>medi,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs158e\">massimi <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>minimi <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>VaR <span class=\"_ _1\"></span>generat<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>fatto<span class=\"_ _1\"></span>re <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _38\"></span>prezzo <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>Credem <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>elativi <span class=\"_ _38\"></span>agli <span class=\"_ _38\"></span>eser<span class=\"_ _1\"></span>cizi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs158f\">2022, 2023 e 2024.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1590\">Il <span class=\"_ _38\"></span>dato <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>Credem <span class=\"_ _0\"></span>risulta <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>li<span class=\"_ _2\"></span>eve <span class=\"_ _0\"></span>aumento <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>petto <span class=\"_ _38\"></span>alla <span class=\"_ _0\"></span>rilevazione <span class=\"_ _38\"></span>precedente <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>sempre <span class=\"_ _38\"></span>su <span class=\"_ _0\"></span>livelli<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1591\">molto<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1592\">contenuti. <span class=\"_ _2\"></span>Nella figura sottostante <span class=\"_ _3b\"></span>\u00e8<span class=\"_ _1\"></span> riportato l<span class=\"_ _2\"></span>\u2019andamento del VaR <span class=\"_ _2\"></span>per C<span class=\"_ _2\"></span>redem nell\u2019arco d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1593\">2024.<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1594\">Figura 2. Andame<span class=\"_ _1\"></span>nto Equity VaR Crede<span class=\"_ _1\"></span>m (99%, 10gg*coeff moltiplic<span class=\"_ _1\"></span>ativ<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1595\">o). Dati <span class=\"_ _1\"></span>in milioni di euro<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1596\">I risultati dell\u2019attivit\u00e0 di backtesting sono riportati in calce al paragrafo 1<span class=\"_ _1\"></span>.2.3 \u201cRischio di cambio\u201d.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1597\">RISCH<span class=\"_ _1\"></span>IO SPECIF<span class=\"_ _1\"></span>ICO - INF<span class=\"_ _1\"></span>ORM<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1598\">AZIONI<span class=\"_ _1\"></span> DI NATURA<span class=\"_ _1\"></span> QUANT<span class=\"_ _1\"></span>ITATIVA<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1599\">Il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>specifico <span class=\"_ _35\"> </span>\u00e8<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _35\"> </span>di<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>perdite <span class=\"_ _0\"></span>causate <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>sfavorevole <span class=\"_ _0\"> </span>variazione <span class=\"_ _35\"> </span>del<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>prezzo <span class=\"_ _35\"> </span>deg<span class=\"_ _3b\"></span>li<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs159a\">strume<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs159b\">nti finanziari negoziati dovuta a fattori connessi con la situazione dell\u2019emitte<span class=\"_ _1\"></span>nte.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs159c\">Di <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>eguito <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>riportati <span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>valori <span class=\"_ _38\"></span>medi, <span class=\"_ _0\"></span>massimi <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>minimi <span class=\"_ _38\"></span>(in <span class=\"_ _0\"></span>milioni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>eur<span class=\"_ _1\"></span>o) <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>rischio <span class=\"_ _38\"></span>specifico,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs159d\">calcolati sulla base delle ponderazioni di vigilanza, re<span class=\"_ _1\"></span>lativamente agli esercizi 2022, 2023 e 2024. </div><div class=\"gs159e\"><table class=\"s w1345 h2b8\" id=\"_cd393a6f-8986-4242-a401-aa6acdd5d51a\"><tr><td class=\"t m16 xe96 h10a y666f ff4 fs31 fc1 sc2 ls0 ws0\">T<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>b<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>.<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>D<span class=\"_ _38\"></span>a<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>R<span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>h<span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>p<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span>z<span class=\"_ _1\"></span>z<span class=\"_ _38\"></span>o<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x21b0 y6671 w1346 h21e\"><div class=\"t m16 x2b3 h10a y6670 ff4 fs31 fc1 sc2 ls0 ws0\">2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21b1 y6671 w1347 h21e\"><div class=\"t m16 x2b3 h10a y6670 ff4 fs31 fc1 sc2 ls0 ws0\">2<span class=\"_ _38\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21b2 y6671 w1348 h21e\"><div class=\"t m16 x2b3 h10a y6670 ff4 fs31 fc1 sc2 ls0 ws0\">2<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _38\"></span>2<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m16 xe96 h10a y6672 ff4 fs31 fc1 sc2 ls0 ws0\">C<span class=\"_ _38\"></span>r<span class=\"_ _38\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _38\"></span>e<span class=\"_ _0\"></span>m<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"t m17 x21b3 h10b y6673 ff4 fs32 fc1 sc0 ls0 ws0\">Equit<span class=\"_ _2\"></span>y V<span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>R -<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>m<span class=\"_ _1\"></span>edio<span class=\"_ _3a1\"> </span></td><td class=\"c n x21b4 y6674 w1349 h21e\"><div class=\"t m16 x2b3 h10a y6670 ff4 fs31 fc1 sc0 ls0 ws0\">0,6<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21b5 y6674 w134a h21e\"><div class=\"t m16 x2b3 h10a y6670 ff4 fs31 fc1 sc0 ls0 ws0\">0,4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21b6 y6674 w1349 h21e\"><div class=\"t m16 x2b3 h10a y6670 ff4 fs31 fc1 sc0 ls0 ws0\">0,9<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m17 x21b7 h10b y6675 ff4 fs32 fc1 sc0 ls0 ws0\">min<span class=\"_ _3a1\"> </span></td><td class=\"c n x21b4 y6676 w134b h21e\"><div class=\"t m16 x2b3 h10a y6670 ff4 fs31 fc1 sc0 ls0 ws0\">0,0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21b8 y6676 w134b h21e\"><div class=\"t m16 x2b3 h10a y6670 ff4 fs31 fc1 sc0 ls0 ws0\">0,0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21b9 y6676 w134c h21e\"><div class=\"t m16 x2b3 h10a y6670 ff4 fs31 fc1 sc0 ls0 ws0\">0,2<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x21ba y6677 w134d h21e\"><div class=\"t m16 x2b3 h10a y6670 ff4 fs31 fc1 sc0 ls0 ws0\">ma<span class=\"_ _1\"></span>x<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21bb y6677 w134e h21e\"><div class=\"t m16 x2b3 h10a y6670 ff4 fs31 fc1 sc0 ls0 ws0\">2,<span class=\"_ _1\"></span>7<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21bc y6677 w134f h21e\"><div class=\"t m16 x2b3 h10a y6670 ff4 fs31 fc1 sc0 ls0 ws0\">1,5<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21bd y6677 w1350 h21e\"><div class=\"t m16 x2b3 h10a y6670 ff4 fs31 fc1 sc0 ls0 ws0\">2,<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></div></td></tr></table></div><div class=\"t m4 h10c ff4 fs33 fc1 sc0 ls0 ws0 gs159f\">dati <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>mln <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>\u20ac,<span class=\"_ _3b\"></span> <span class=\"_ _1\"></span>Va<span class=\"_ _1\"></span>R <span class=\"_ _1\"></span>99%<span class=\"_ _1\"></span> 10gg *<span class=\"_ _1\"></span> C<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>ff mol<span class=\"_ _1\"></span>tiplicativo</div><div class=\"t m15 h10d ff4 fs34 fc1 sc0 ls0 ws0 gs15a0\"> -</div><div class=\"t m15 h10d ff4 fs34 fc1 sc0 ls0 ws0 gs15a1\"> <span class=\"_ _2\"></span>0<span class=\"_ _1\"></span>,5</div><div class=\"t m15 h10d ff4 fs34 fc1 sc0 ls0 ws0 gs15a2\"> <span class=\"_ _2\"></span>1,0</div><div class=\"t m15 h10d ff4 fs34 fc1 sc0 ls0 ws0 gs15a3\"> <span class=\"_ _2\"></span>1,5</div><div class=\"t m15 h10d ff4 fs34 fc1 sc0 ls0 ws0 gs15a4\"> 2,0</div><div class=\"t m15 h10d ff4 fs34 fc1 sc0 ls0 ws0 gs15a5\"> 2,5</div><div class=\"t m15 h10d ff4 fs34 fc1 sc0 ls0 ws0 gs15a6\"> 3,0</div><div class=\"t m15 h10d ff4 fs34 fc1 sc0 ls0 ws0 gs15a7\"> <span class=\"_ _2\"></span>3,5</div><div class=\"t m15 h10d ff4 fs34 fc1 sc0 ls0 ws0 gs15a8\"> 4<span class=\"_ _2\"></span>,<span class=\"_ _1\"></span>0</div><div class=\"t m15 h10d ff4 fs34 fc1 sc0 ls0 ws0 gs15a9\"> 4<span class=\"_ _2\"></span>,<span class=\"_ _1\"></span>5</div><div class=\"t m15 h10d ff4 fs34 fc1 sc0 ls0 ws0 gs15aa\"> <span class=\"_ _2\"></span>5,0<span class=\"_ _3a1\"> </span></div><div class=\"t m15 h10e ff4 fs35 fc1 sc2 ls0 ws0 gs15ab\">E<span class=\"_ _1\"></span>q<span class=\"_ _38\"></span>uity <span class=\"_ _3b\"></span>V<span class=\"_ _1\"></span>aR<span class=\"_ _3a1\"> </span></div><div class=\"t m15 h10f ff4 fs36 fc1 sc0 ls0 ws0 gs15ac\">V<span class=\"_ _1\"></span>aR<span class=\"_ _3a1\"> </span></div><div class=\"t m15 h10f ff4 fs36 fc1 sc0 ls0 ws0 gs15ad\">me<span class=\"_ _1\"></span>dia<span class=\"_ _3a1\"> </span></div>Relativamente <span class=\"_ _3d\"> </span>a <span class=\"_ _3d\"> </span>Credem <span class=\"_ _3d\"> </span>Euromobiliare  P<span class=\"_ _1\"></span>rivate  B<span class=\"_ _1\"></span>anking  il <span class=\"_ _37\"> </span>requisito <span class=\"_ _3d\"> </span>patrimoniale <span class=\"_ _3d\"> </span>sui <span class=\"_ _3d\"> </span>rischi  di<span class=\"_ _3a1\"> </span>mercato, generico e specifico, risulta sostanzialmente <span class=\"_ _1\"></span>non rilevante.<span class=\"_ _3a1\"> </span>1.2.2 Rischio di tasso di interesse e rischio di prezzo \u2013 port<span class=\"_ _3a1\"> </span>afoglio bancario<span class=\"_ _3a1\"> </span>Informazi<span class=\"_ _1\"></span>oni di na<span class=\"_ _1\"></span>tura quali<span class=\"_ _1\"></span>tativa<span class=\"_ _3a1\"> </span>A. A<span class=\"_ _1\"></span>spe<span class=\"_ _3a1\"> </span>tti ge<span class=\"_ _1\"></span>nerali, <span class=\"_ _1\"></span>proce<span class=\"_ _1\"></span>ssi di<span class=\"_ _1\"></span> ge<span class=\"_ _1\"></span>stione <span class=\"_ _1\"></span>e me<span class=\"_ _1\"></span>todi di<span class=\"_ _1\"></span> m<span class=\"_ _1\"></span>isurazion<span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>l ris<span class=\"_ _1\"></span>chio d<span class=\"_ _1\"></span>i tas<span class=\"_ _1\"></span>so di <span class=\"_ _1\"></span>intere<span class=\"_ _1\"></span>sse e<span class=\"_ _3a1\"> </span>del ri<span class=\"_ _1\"></span>schio di p<span class=\"_ _1\"></span>rezzo<span class=\"_ _3a1\"> </span>Rischio d<span class=\"_ _1\"></span>i tas<span class=\"_ _1\"></span>so<span class=\"_ _3a1\"> </span>Credem <span class=\"_ _1\"></span>adotta la <span class=\"_ _1\"></span>definizione normat<span class=\"_ _1\"></span>iva di r<span class=\"_ _1\"></span>ischio di t<span class=\"_ _1\"></span>asso di <span class=\"_ _1\"></span>interesse s<span class=\"_ _1\"></span>ul banking book, <span class=\"_ _1\"></span>secondo<span class=\"_ _3a1\"> </span>cui  il  r<span class=\"_ _1\"></span>ischio  in <span class=\"_ _3d\"> </span>oggett<span class=\"_ _1\"></span>o  \u00e8: <span class=\"_ _3d\"> </span>\u201cil <span class=\"_ _3d\"> </span>rischio  di <span class=\"_ _3d\"> </span>tass<span class=\"_ _1\"></span>o  di <span class=\"_ _3d\"> </span>interesse <span class=\"_ _3d\"> </span>derivante <span class=\"_ _3d\"> </span>da  attivit\u00e0 <span class=\"_ _3d\"> </span>diverse <span class=\"_ _3d\"> </span>dalla<span class=\"_ _3a1\"> </span>negoziazione: rischio derivante da variazioni potenziali dei tass<span class=\"_ _1\"></span>i di interesse\u201d. L\u2019esposizione al rischio di tasso di interesse pu\u00f2 essere de<span class=\"_ _1\"></span>clinata in: -<span class=\"_ _3a1\"> </span>rischio di r<span class=\"_ _2\"></span>eddito<span class=\"_ _3a1\"> </span>, derivante dal<span class=\"_ _2\"></span>la possibilit\u00e0 che <span class=\"_ _3b\"></span>una variazione inattesa nei <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>assi di <span class=\"_ _2\"></span>interesse<span class=\"_ _3a1\"> </span>produca <span class=\"_ _38\"></span>una <span class=\"_ _38\"></span>riduzione <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>margine <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>interesse <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>dipende <span class=\"_ _38\"></span>dallo <span class=\"_ _38\"></span>sfasamento <span class=\"_ _0\"></span>n<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>lla <span class=\"_ _38\"></span>struttura<span class=\"_ _3a1\"> </span>temporale delle scadenze e p<span class=\"_ _2\"></span>eriodi di <span class=\"_ _2\"></span>ridefinizione delle condizioni di <span class=\"_ _2\"></span>tasso di interesse degli<span class=\"_ _3a1\"> </span>impieghi e della raccolta;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3a1\"> </span>rischio <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>investimento,  ossia  di <span class=\"_ _3d\"> </span>subire <span class=\"_ _3d\"> </span>variazioni  negative  ne<span class=\"_ _1\"></span>i  valori <span class=\"_ _3d\"> </span>di  tutte <span class=\"_ _3d\"> </span>le  attivit\u00e0,<span class=\"_ _3a1\"> </span>passivit\u00e0 <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>strumenti <span class=\"_ _0\"></span>fuori <span class=\"_ _0\"></span>bilancio, <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>seguito <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>mutamenti <span class=\"_ _0\"></span>nei <span class=\"_ _0\"></span>tassi <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>interesse, <span class=\"_ _0\"></span>con <span class=\"_ _35\"> </span>un<span class=\"_ _3a1\"> </span>conseguente impatto destabilizzante <span class=\"_ _1\"></span>sull\u2019equilib<span class=\"_ _2\"></span>rio patrimo<span class=\"_ _1\"></span>niale.<span class=\"_ _3a1\"> </span>La <span class=\"_ _38\"></span>politica <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ge<span class=\"_ _1\"></span>stione <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>tasso <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>\u2019interesse <span class=\"_ _38\"></span>sul <span class=\"_ _38\"></span>banking <span class=\"_ _0\"></span>book <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>G<span class=\"_ _1\"></span>ruppo <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>volta<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>ad <span class=\"_ _38\"></span>una<span class=\"_ _3a1\"> </span>sana <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>prudente <span class=\"_ _38\"></span>gestione <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>rischi<span class=\"_ _2\"></span>o <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>livello <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>Gruppo, <span class=\"_ _38\"></span>tale<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>da <span class=\"_ _0\"></span>assicurare <span class=\"_ _38\"></span>l\u2019ottimizzazione <span class=\"_ _0\"></span>degli<span class=\"_ _3a1\"> </span>obiettivi <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>rischio/re<span class=\"_ _1\"></span>ndimento <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>coerenza  con <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>Risk <span class=\"_ _35\"> </span>Ap<span class=\"_ _2\"></span>petite  Framework <span class=\"_ _35\"> </span>definito <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>livello <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span>Gruppo. <span class=\"_ _35\"> </span>Tali <span class=\"_ _0\"></span>obiet<span class=\"_ _1\"></span>tivi <span class=\"_ _35\"> </span>sono <span class=\"_ _0\"> </span>pe<span class=\"_ _1\"></span>rseguiti <span class=\"_ _0\"> </span>m<span class=\"_ _1\"></span>antenendo <span class=\"_ _35\"> </span>uno <span class=\"_ _35\"> </span>sbilanc<span class=\"_ _2\"></span>io <span class=\"_ _35\"> </span>tendenzialmente <span class=\"_ _35\"> </span>contenuto <span class=\"_ _0\"></span>e<span class=\"_ _3a1\"> </span>all\u2019interno <span class=\"_ _0\"></span>dei <span class=\"_ _35\"> </span>massimali <span class=\"_ _0\"></span>definiti, <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>seconda <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>rilevanza <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>rischio <span class=\"_ _35\"> </span>nelle <span class=\"_ _0\"></span>singole <span class=\"_ _0\"></span>societ\u00e0, <span class=\"_ _0\"></span>nei<span class=\"_ _3a1\"> </span>Regolamenti in materia di assunzione dei rischi finanziari.<span class=\"_ _3a1\"> </span>Con <span class=\"_ _1\"></span>riferimento <span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>ischio <span class=\"_ _1\"></span>di t<span class=\"_ _1\"></span>asso di <span class=\"_ _1\"></span>intere<span class=\"_ _1\"></span>sse del <span class=\"_ _1\"></span>banking <span class=\"_ _1\"></span>book <span class=\"_ _1\"></span>(IRRBB) <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>Gruppo <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>dotato <span class=\"_ _1\"></span>di una<span class=\"_ _3a1\"> </span>Policy <span class=\"_ _1\"></span>interna <span class=\"_ _1\"></span>dedicata <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>ha la <span class=\"_ _1\"></span>finalit\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>definire <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>linee <span class=\"_ _1\"></span>guida <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>principi di <span class=\"_ _1\"></span>gover<span class=\"_ _1\"></span>no e <span class=\"_ _38\"></span>gestione<span class=\"_ _3a1\"> </span>del <span class=\"_ _3b\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>tasso, <span class=\"_ _3b\"></span>delineando l<span class=\"_ _2\"></span>\u2019insieme d<span class=\"_ _2\"></span>elle <span class=\"_ _3b\"></span>norme <span class=\"_ _3b\"></span>e p<span class=\"_ _2\"></span>rocessi <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>contr<span class=\"_ _1\"></span>ollo <span class=\"_ _3b\"></span>finalizzati <span class=\"_ _3b\"></span>a <span class=\"_ _2\"></span>stabilizzare<span class=\"_ _3a1\"> </span>il margine di interesse sul portafoglio bancario per<span class=\"_ _1\"></span> il Gruppo e per le singole societ\u00e0. Le <span class=\"_ _0\"></span>linee <span class=\"_ _35\"> </span>guida <span class=\"_ _0\"></span>contenute <span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span>lla <span class=\"_ _0\"></span>Policy <span class=\"_ _0\"></span>fanno <span class=\"_ _35\"> </span>riferimento <span class=\"_ _0\"></span>alle <span class=\"_ _0\"></span>disposizioni <span class=\"_ _0\"></span>emanat<span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>dalle <span class=\"_ _35\"> </span>autorit\u00e0<span class=\"_ _3a1\"> </span>nazionali <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>europee <span class=\"_ _0\"></span>relativamente <span class=\"_ _0\"></span>alle <span class=\"_ _0\"></span>istruzi<span class=\"_ _2\"></span>oni <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>termini <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>g<span class=\"_ _2\"></span>overno <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span>tasso di interesse e credit spread del banking book.<span class=\"_ _3a1\"> </span>La <span class=\"_ _0\"></span>Policy, <span class=\"_ _0\"></span>coerentemente <span class=\"_ _38\"></span>alla <span class=\"_ _0\"></span>normativa <span class=\"_ _0\"></span>europea, <span class=\"_ _0\"></span>prevede <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>due <span class=\"_ _0\"></span>metriche <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>riferimento <span class=\"_ _38\"></span>per <span class=\"_ _0\"></span>la<span class=\"_ _3a1\"> </span>misurazione  del  rischio  di  tasso,  Sens<span class=\"_ _1\"></span>itivity  di  Valore  Economico  e  Sensitivity  del  Margine  di<span class=\"_ _3a1\"> </span>Interesse <span class=\"_ _48\"> </span>all\u2019interno <span class=\"_ _48\"> </span>del <span class=\"_ _17e\"> </span>Risk <span class=\"_ _48\"> </span>Appetite <span class=\"_ _48\"> </span>Framework <span class=\"_ _48\"> </span>nonch\u00e9 <span class=\"_ _48\"> </span>ne<span class=\"_ _1\"></span>i <span class=\"_ _48\"> </span>processi <span class=\"_ _48\"> </span>di <span class=\"_ _48\"> </span>Adeguatezza<span class=\"_ _3a1\"> </span>Patrimoniale (ICAAP). Il <span class=\"_ _36\"> </span>Gruppo <span class=\"_ _39\"> </span>monitora <span class=\"_ _39\"> </span>inoltre <span class=\"_ _39\"> </span>il <span class=\"_ _36\"> </span>rischio <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>cre<span class=\"_ _1\"></span>dit <span class=\"_ _36\"> </span>s<span class=\"_ _1\"></span>pread <span class=\"_ _39\"> </span>(CSRBB) <span class=\"_ _36\"> </span>all\u2019interno <span class=\"_ _39\"> </span>del <span class=\"_ _39\"> </span>Risk <span class=\"_ _36\"> </span>Appetite<span class=\"_ _3a1\"> </span>Framework <span class=\"_ _1\"></span>sul port<span class=\"_ _1\"></span>afoglio titoli de<span class=\"_ _1\"></span>l banking boo<span class=\"_ _1\"></span>k, se<span class=\"_ _1\"></span>condo la <span class=\"_ _1\"></span>definizione nor<span class=\"_ _1\"></span>mativa e<span class=\"_ _1\"></span> in <span class=\"_ _1\"></span>linea con<span class=\"_ _3a1\"> </span>la <span class=\"_ _3b\"></span>P<span class=\"_ _1\"></span>olicy <span class=\"_ _2\"></span>interna <span class=\"_ _3b\"></span>che<span class=\"_ _1\"></span>, <span class=\"_ _3b\"></span>com<span class=\"_ _1\"></span>e <span class=\"_ _3b\"></span>sul rischi<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>asso di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>interesse <span class=\"_ _2\"></span>disciplina <span class=\"_ _3b\"></span>i princi<span class=\"_ _2\"></span>pi d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>gover<span class=\"_ _1\"></span>no <span class=\"_ _2\"></span>e gestione<span class=\"_ _3a1\"> </span>di <span class=\"_ _0\"></span>ta<span class=\"_ _1\"></span>le <span class=\"_ _0\"></span>ris<span class=\"_ _1\"></span>chio. <span class=\"_ _0\"></span>Esso <span class=\"_ _35\"> </span>rappresenta <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>rischio <span class=\"_ _0\"></span>determinato <span class=\"_ _35\"> </span>dalle <span class=\"_ _0\"></span>variazioni <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>pre<span class=\"_ _1\"></span>zzo <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>mercato <span class=\"_ _0\"></span>a<span class=\"_ _3a1\"> </span>fronte <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>var<span class=\"_ _1\"></span>iazioni <span class=\"_ _38\"></span>dello <span class=\"_ _38\"></span>spread <span class=\"_ _38\"></span>creditizio <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>vi<span class=\"_ _2\"></span>ene <span class=\"_ _38\"></span>monitorato <span class=\"_ _38\"></span>sia <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>ter<span class=\"_ _1\"></span>mini <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>variazioni <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>valore<span class=\"_ _3a1\"> </span>economico che di margine di interesse.<span class=\"_ _3a1\"> </span>Tali <span class=\"_ _36\"> </span>metriche, <span class=\"_ _36\"> </span>calcolate <span class=\"_ _36\"> </span>dalla <span class=\"_ _36\"> </span>funzione <span class=\"_ _36\"> </span>Risk <span class=\"_ _36\"> </span>Manageme<span class=\"_ _1\"></span>nt <span class=\"_ _36\"> </span>e <span class=\"_ _36\"> </span>rendicontate <span class=\"_ _36\"> </span>periodicamente <span class=\"_ _36\"> </span>ai<span class=\"_ _3a1\"> </span>comitati <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>riferimento<span class=\"_ _3a1\"> </span>31<span class=\"_ _3a1\"> </span>, <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>affiancate <span class=\"_ _38\"></span>da <span class=\"_ _38\"></span>indicatori <span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>perativi <span class=\"_ _38\"></span>dis<span class=\"_ _1\"></span>ciplinati <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>golamenti <span class=\"_ _38\"></span>delle<span class=\"_ _3a1\"> </span>societ\u00e0 esistenti in materia di assunzione Rischi Finanziari.<span class=\"_ _3a1\"> </span>Le <span class=\"_ _0\"></span>princi<span class=\"_ _2\"></span>pali <span class=\"_ _0\"></span>funzioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>cui <span class=\"_ _38\"></span>si <span class=\"_ _0\"></span>avvalgono <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>CA <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>ella <span class=\"_ _0\"></span>Capogruppo <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>virt\u00f9 <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>propria <span class=\"_ _0\"></span>funzione <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span>supervisione <span class=\"_ _38\"></span>Strategica <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>CE <span class=\"_ _38\"></span>in <span class=\"_ _38\"></span>qualit\u00e0<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>or<span class=\"_ _1\"></span>gano <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>funzione <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>gest<span class=\"_ _1\"></span>ione <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>tasso <span class=\"_ _38\"></span>del<table class=\"s w1351 h2b9\" id=\"_d94e3b45-2996-4d18-95db-70ba0d381915\"><tr><td class=\"t m18 x21bf h112 y6678 ff4 fs37 fc1 sc2 ls0 ws0\">T<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>b<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _1\"></span>3<span class=\"_ _38\"></span>.<span class=\"_ _0\"></span> <span class=\"_ _1\"></span>D<span class=\"_ _38\"></span>a<span class=\"_ _38\"></span>t<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _38\"></span>i<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>h<span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>p<span class=\"_ _38\"></span>e<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>f<span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x21c0 y667a w1352 h2ba\"><div class=\"t m18 x2b3 h112 y6679 ff4 fs37 fc1 sc2 ls0 ws0\">2<span class=\"_ _38\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21c1 y667a w1353 h2ba\"><div class=\"t m18 x2b3 h112 y6679 ff4 fs37 fc1 sc2 ls0 ws0\">2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21c2 y667a w1354 h2ba\"><div class=\"t m18 x2b3 h112 y6679 ff4 fs37 fc1 sc2 ls0 ws0\">2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c x21c4 y667b w1355 h2bb\"><div class=\"t m19 x2b3 h113 y6679 ff4 fs38 fc1 sc0 ls0 ws0\">Risc<span class=\"_ _3b\"></span>hio speci<span class=\"_ _2\"></span>fico <span class=\"_ _3b\"></span>-<span class=\"_ _3a1\"> </span></div><div class=\"t m18 x21c3 h112 y6679 ff4 fs37 fc1 sc0 ls0 ws0\">m<span class=\"_ _1\"></span>edio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21c5 y667b w1356 h2ba\"><div class=\"t m18 x2b3 h112 y6679 ff4 fs37 fc1 sc0 ls0 ws0\">0,1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21c6 y667b w1357 h2ba\"><div class=\"t m18 x2b3 h112 y6679 ff4 fs37 fc1 sc0 ls0 ws0\">0,2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21c7 y667b w1358 h2ba\"><div class=\"t m18 x2b3 h112 y6679 ff4 fs37 fc1 sc0 ls0 ws0\">0<span class=\"_ _2\"></span>,6<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m19 x21c8 h113 y667c ff4 fs38 fc1 sc0 ls0 ws0\">m<span class=\"_ _1\"></span>in<span class=\"_ _3a1\"> </span></td><td class=\"c n x21c9 y667d w1356 h2ba\"><div class=\"t m18 x2b3 h112 y6679 ff4 fs37 fc1 sc0 ls0 ws0\">0,1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ca y667d w1359 h2ba\"><div class=\"t m18 x2b3 h112 y6679 ff4 fs37 fc1 sc0 ls0 ws0\">0,0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21cb y667d w135a h2ba\"><div class=\"t m18 x2b3 h112 y6679 ff4 fs37 fc1 sc0 ls0 ws0\">0,5<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m19 x21c8 h113 y667e ff4 fs38 fc1 sc0 ls0 ws0\">m<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>x<span class=\"_ _3a1\"> </span></td><td class=\"c n x21c9 y667f w1356 h2b7\"><div class=\"t m18 x2b3 h112 y6679 ff4 fs37 fc1 sc0 ls0 ws0\">0,1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ca y667f w135b h2b7\"><div class=\"t m18 x2b3 h112 y6679 ff4 fs37 fc1 sc0 ls0 ws0\">0,4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21cc y667f w135c h2b7\"><div class=\"t m18 x2b3 h112 y6679 ff4 fs37 fc1 sc0 ls0 ws0\">0,8<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m19 x21bf h114 y6680 ff4 fs39 fc1 sc0 ls0 ws0\">dati i<span class=\"_ _1\"></span>n m<span class=\"_ _1\"></span>ln <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>\u20ac<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr></table>C<span class=\"_ _38\"></span>r<span class=\"_ _38\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _38\"></span>e<span class=\"_ _0\"></span>m<span class=\"_ _3a1\"> </span>banking <span class=\"_ _3d\"> </span>book, <span class=\"_ _37\"> </span>sono <span class=\"_ _37\"> </span>il <span class=\"_ _3d\"> </span>Comitato <span class=\"_ _37\"> </span>Consiliare <span class=\"_ _37\"> </span>Rischi <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>Sostenibilit\u00e0 <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>Gruppo, <span class=\"_ _3d\"> </span>il <span class=\"_ _37\"> </span>Comitato<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>Risk<span class=\"_ _3a1\"> </span>Manage<span class=\"_ _3a1\"> </span>ment <span class=\"_ _1\"></span>(con <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>responsabilit\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>cui al <span class=\"_ _1\"></span>par<span class=\"_ _1\"></span>agrafo<span class=\"_ _3a1\"> </span>2.1 <span class=\"_ _1\"></span>Rischio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>tasso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>interesse <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischio d<span class=\"_ _3a1\"> </span>prezzo \u2013 portafoglio <span class=\"_ _2\"></span>di negoziazione di <span class=\"_ _3b\"></span>vigilanza<span class=\"_ _3a1\"> </span>) e il <span class=\"_ _2\"></span>comitato Asset &amp; L<span class=\"_ _2\"></span>iability Management (A<span class=\"_ _2\"></span>LM)<span class=\"_ _3a1\"> </span>il qual<span class=\"_ _2\"></span>e, nell\u2019attivit\u00e0 propositiva al CA, <span class=\"_ _2\"></span>esamina il profilo di<span class=\"_ _2\"></span> rischio del <span class=\"_ _2\"></span>Gruppo monitorando i l<span class=\"_ _2\"></span>imiti di<span class=\"_ _3a1\"> </span>rischio <span class=\"_ _0\"></span>rispetto <span class=\"_ _0\"></span>agli <span class=\"_ _0\"></span>obiettivi <span class=\"_ _0\"></span>fissati <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>ambito <span class=\"_ _0\"></span>RAF <span class=\"_ _0\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>individua <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>linee <span class=\"_ _0\"></span>guida <span class=\"_ _0\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>strategie <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la<span class=\"_ _3a1\"> </span>gestione del rischio di tasso di intere<span class=\"_ _1\"></span>sse.<span class=\"_ _3a1\"> </span>La gestione operativa del rischio di tasso di interesse e credit spread sul banking book \u00e8 attribuita<span class=\"_ _3a1\"> </span>alla Finanza alla quale competono:<span class=\"_ _3a1\"> </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">la proposizione al Com<span class=\"_ _1\"></span>itato ALM delle linee guida di gestione <span class=\"_ _1\"></span>del rischio di tasso di interesse<span class=\"_ _3a1\"> </span></span>e <span class=\"_ _38\"></span>credit <span class=\"_ _38\"></span>spread <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>banking <span class=\"_ _1\"></span>book <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>formulazione <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>proposte <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>Risk <span class=\"_ _38\"></span>Manageme<span class=\"_ _1\"></span>nt, <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>la<span class=\"_ _3a1\"> </span>successiva approvazione del <span class=\"_ _3b\"></span>Comitat<span class=\"_ _1\"></span>o Consiliare <span class=\"_ _2\"></span>Rischi e <span class=\"_ _2\"></span>Sostenibilit\u00e0 di Grupp<span class=\"_ _2\"></span>o, di i<span class=\"_ _2\"></span>ndirizzo<span class=\"_ _3a1\"> </span>strategico del profilo di rischio di tasso <span class=\"_ _1\"></span>di interesse del banking book;<span class=\"_ _3a1\"> </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">la <span class=\"_ _1\"></span>gestione <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>di t<span class=\"_ _1\"></span>asso e <span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>dit spread <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>Capogruppo <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>Societ\u00e0 <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Gruppo,<span class=\"_ _3a1\"> </span></span>in coerenza con i<span class=\"_ _2\"></span>l profilo di <span class=\"_ _2\"></span>rischio complessivo d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>finito e con l<span class=\"_ _2\"></span>e linee guid<span class=\"_ _2\"></span>a ricevute da <span class=\"_ _2\"></span>parte<span class=\"_ _3a1\"> </span>del Comitato ALM, nonch\u00e9 nell\u2019ambito dei massimali assegnati;<span class=\"_ _3a1\"> </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">la <span class=\"_ _35\"> </span>definiz<span class=\"_ _2\"></span>ione, <span class=\"_ _35\"> </span>congiuntamente <span class=\"_ _0\"></span>al <span class=\"_ _35\"> </span>Risk <span class=\"_ _0\"></span>Management, <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>s<span class=\"_ _2\"></span>truttura <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>limiti <span class=\"_ _35\"> </span>operativi <span class=\"_ _0\"></span>da<span class=\"_ _3a1\"> </span></span>sottoporre <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>CE, <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>erenza <span class=\"_ _3b\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>RAF <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>la <span class=\"_ _3b\"></span>condivisione <span class=\"_ _2\"></span>dei <span class=\"_ _3b\"></span>modelli <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>misurazione <span class=\"_ _3b\"></span>del rischio<span class=\"_ _3a1\"> </span>definiti dal Risk Management.<span class=\"_ _3a1\"> </span>Nell\u2019attivit\u00e0 <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>gestione<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>operativa <span class=\"_ _39\"> </span>la <span class=\"_ _39\"> </span>Finanza <span class=\"_ _39\"> </span>si <span class=\"_ _39\"> </span>basa <span class=\"_ _39\"> </span>su <span class=\"_ _39\"> </span>an<span class=\"_ _1\"></span>alisi <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>interest<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>r<span class=\"_ _1\"></span>ate <span class=\"_ _39\"> </span>sensitivity<span class=\"_ _3a1\"> </span>complessiva e buckettizzata, al fi<span class=\"_ _2\"></span>ne di evidenziare il <span class=\"_ _2\"></span>grado di esposizione asset o l<span class=\"_ _2\"></span>iability sensitive<span class=\"_ _3a1\"> </span>sui singoli tratti di curva. La <span class=\"_ _3d\"> </span>Finanza <span class=\"_ _37\"> </span>si <span class=\"_ _37\"> </span>occupa <span class=\"_ _3d\"> </span>inoltre <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>proporre <span class=\"_ _37\"> </span>al <span class=\"_ _37\"> </span>Comitato <span class=\"_ _3d\"> </span>ALM <span class=\"_ _37\"> </span>gli <span class=\"_ _3d\"> </span>inter<span class=\"_ _1\"></span>venti <span class=\"_ _3d\"> </span>ritenuti <span class=\"_ _37\"> </span>necessari <span class=\"_ _3d\"> </span>a<span class=\"_ _3a1\"> </span>migliorare <span class=\"_ _3b\"></span>il profilo <span class=\"_ _3b\"></span>complessivo i<span class=\"_ _3b\"></span>n termini <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>rischio di <span class=\"_ _184\"></span>tasso (e <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>liquidit\u00e0 <span class=\"_ _2\"></span>strutturale) <span class=\"_ _3b\"></span>e di <span class=\"_ _3b\"></span>realizzare<span class=\"_ _3a1\"> </span>operativamente tali interventi. Nell\u2019ambito <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>processo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>gestione <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>valu<span class=\"_ _2\"></span>tazione <span class=\"_ _0\"></span>dell\u2019adeguatezza <span class=\"_ _0\"></span>patrimoniale <span class=\"_ _0\"></span>e<span class=\"_ _3a1\"> </span>prospettica, la funzione di Risk Management:<span class=\"_ _3a1\"> </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">supporta il <span class=\"_ _3b\"></span>CA nell\u2019attivit\u00e0 <span class=\"_ _2\"></span>valutativa v<span class=\"_ _2\"></span>olta a <span class=\"_ _2\"></span>deliberare ob<span class=\"_ _2\"></span>iettivi d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio e <span class=\"_ _3b\"></span>soglie di <span class=\"_ _3b\"></span>tolleranza<span class=\"_ _3a1\"> </span></span>nell\u2019ambito RAF, nonch\u00e9 nella verifica nel continuo della sua attuazione;<span class=\"_ _3a1\"> </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">propone <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>Comitato <span class=\"_ _1\"></span>Rischi, <span class=\"_ _1\"></span>di co<span class=\"_ _1\"></span>ncerto <span class=\"_ _1\"></span>con la <span class=\"_ _38\"></span>funzione F<span class=\"_ _1\"></span>inanza ne<span class=\"_ _1\"></span>ll\u2019ambito del <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>ocesso <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span></span>RAF, l\u2019indirizzo <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>trategico <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>merito <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>profilo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>tasso <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>banking <span class=\"_ _1\"></span>book <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>ai <span class=\"_ _1\"></span>livelli <span class=\"_ _1\"></span>di s<span class=\"_ _1\"></span>oglia <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span>tolleranza adottabili;<span class=\"_ _3a1\"> </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">definisce i <span class=\"_ _1\"></span>modelli <span class=\"_ _1\"></span>di misurazione <span class=\"_ _1\"></span>del r<span class=\"_ _1\"></span>ischio di <span class=\"_ _1\"></span>tasso del <span class=\"_ _1\"></span>banking book, con <span class=\"_ _1\"></span>il s<span class=\"_ _1\"></span>upporto de<span class=\"_ _1\"></span>lla<span class=\"_ _3a1\"> </span></span>Finanza, da sottoporre al CE;<span class=\"_ _3a1\"> </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">valida <span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>modelli <span class=\"_ _0\"></span>utilizzati <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>quantificare <span class=\"_ _0\"></span>il <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>della <span class=\"_ _38\"></span>congruit\u00e0<span class=\"_ _3a1\"> </span></span>delle ipotesi di stress sottostanti;<span class=\"_ _3a1\"> </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">definisce, <span class=\"_ _0\"></span>congi<span class=\"_ _2\"></span>untamente <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>Finanza, <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>struttura <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>limiti, <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>deleghe <span class=\"_ _0\"></span>op<span class=\"_ _2\"></span>erative <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>elle<span class=\"_ _3a1\"> </span></span>prove di stress da sottoporre al CE, in coere<span class=\"_ _1\"></span>nza con la soglia di tolleranza stabilita da CA;<span class=\"_ _3a1\"> </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">predispone <span class=\"_ _35\"> </span>reporting <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>ges<span class=\"_ _2\"></span>tione <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>monitoraggio <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>asso <span class=\"_ _35\"> </span>pe<span class=\"_ _2\"></span>r <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>Comitati <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span></span>riferimento;<span class=\"_ _3a1\"> </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">monitora <span class=\"_ _1\"></span>giornalmente <span class=\"_ _1\"></span>il r<span class=\"_ _1\"></span>ispetto dei limiti <span class=\"_ _1\"></span>operativi <span class=\"_ _1\"></span>esplicitati ne<span class=\"_ _1\"></span>i Regolame<span class=\"_ _1\"></span>nti in <span class=\"_ _1\"></span>materia <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span></span>assunzione <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>finanziari, <span class=\"_ _3b\"></span>ivi compreso <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>pre<span class=\"_ _1\"></span>sidio <span class=\"_ _3b\"></span>del rientro <span class=\"_ _3b\"></span>dagli <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>confini <span class=\"_ _2\"></span>rispetto<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>a tali<span class=\"_ _3a1\"> </span>limiti.<span class=\"_ _3a1\"> </span>Il <span class=\"_ _2\"></span>Report Giornaliero <span class=\"_ _3b\"></span>di sintesi <span class=\"_ _3b\"></span>del rispetto <span class=\"_ _3b\"></span>dei massimali <span class=\"_ _3b\"></span>operativi con <span class=\"_ _3b\"></span>riferimento al <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _3b\"></span>di tasso<span class=\"_ _3a1\"> </span>presenta, fra le altre, le seguenti informazioni:<span class=\"_ _3a1\"> </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">massimale di rischio t<span class=\"_ _1\"></span>asso in termini di Interest rate sensitivity complessiva;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">massimali in term<span class=\"_ _1\"></span>ini di Interest rate sensitivity per bucket;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">limite di Interest rate sens<span class=\"_ _1\"></span>itivity delle posizioni in div<span class=\"_ _2\"></span>isa divers<span class=\"_ _1\"></span>a dall\u2019Euro.<span class=\"_ _3a1\"> </span></span>Per <span class=\"_ _38\"></span>quanto <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iguarda <span class=\"_ _38\"></span>le <span class=\"_ _38\"></span>poste<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>vista, <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>G<span class=\"_ _1\"></span>ruppo <span class=\"_ _38\"></span>adotta <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>modell<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>valutazione <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>permette <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span>quantificarne <span class=\"_ _1\"></span>gli e<span class=\"_ _1\"></span>ffetti <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>persistenza <span class=\"_ _1\"></span>nel <span class=\"_ _1\"></span>tempo e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>imperfetta e<span class=\"_ _1\"></span>lasticit\u00e0 <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>variazione <span class=\"_ _1\"></span>dei tas<span class=\"_ _1\"></span>si<span class=\"_ _3a1\"> </span>di <span class=\"_ _3d\"> </span>mercato <span class=\"_ _3d\"> </span>(effetto <span class=\"_ _3d\"> </span>vischiosit\u00e0).  La <span class=\"_ _37\"> </span>modellizzazione  \u00e8 <span class=\"_ _3d\"> </span>basa<span class=\"_ _1\"></span>ta  sulle <span class=\"_ _3d\"> </span>ser<span class=\"_ _1\"></span>ie  st<span class=\"_ _1\"></span>oriche  interne <span class=\"_ _3d\"> </span>dei<span class=\"_ _3a1\"> </span>comportamenti della cli<span class=\"_ _2\"></span>entela, e <span class=\"_ _2\"></span>si costituisce di<span class=\"_ _2\"></span> due c<span class=\"_ _2\"></span>omponenti: la <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>tima della <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>elazione dei<span class=\"_ _2\"></span> tassi<span class=\"_ _3a1\"> </span>delle poste a vista con <span class=\"_ _2\"></span>i tassi d<span class=\"_ _2\"></span>i mercato e ul<span class=\"_ _2\"></span>teriori regressori che consentono di <span class=\"_ _3b\"></span>separ<span class=\"_ _1\"></span>are il risch<span class=\"_ _2\"></span>io<span class=\"_ _3a1\"> </span>di  tas<span class=\"_ _1\"></span>so  di  interesse <span class=\"_ _3d\"> </span>in  se<span class=\"_ _1\"></span>nso  proprio  da <span class=\"_ _3d\"> </span>altri  fe<span class=\"_ _1\"></span>nomeni  (es.  cre<span class=\"_ _1\"></span>dito)  in  base <span class=\"_ _3d\"> </span>ad <span class=\"_ _3d\"> </span>un  modello<span class=\"_ _3a1\"> </span>econometrico; <span class=\"_ _3d\"> </span>la <span class=\"_ _37\"> </span>stima <span class=\"_ _3d\"> </span>della <span class=\"_ _37\"> </span>persistenza <span class=\"_ _3d\"> </span>dei <span class=\"_ _3d\"> </span>volumi, <span class=\"_ _3d\"> </span>co<span class=\"_ _1\"></span>llegata <span class=\"_ _3d\"> </span>al <span class=\"_ _37\"> </span>concetto <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>mean <span class=\"_ _3d\"> </span>life <span class=\"_ _3d\"> </span>che<span class=\"_ _3a1\"> </span>consente <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>legare <span class=\"_ _3b\"></span>maggiormente <span class=\"_ _3b\"></span>l\u2019holding <span class=\"_ _3b\"></span>period d<span class=\"_ _2\"></span>egli <span class=\"_ _3b\"></span>aggregati <span class=\"_ _2\"></span>alla <span class=\"_ _3b\"></span>volatilit\u00e0 <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>torica <span class=\"_ _3b\"></span>delle <span class=\"_ _2\"></span>masse,<span class=\"_ _3a1\"> </span>attraverso la <span class=\"_ _2\"></span>quale l<span class=\"_ _2\"></span>\u2019ammontare <span class=\"_ _2\"></span>delle poste <span class=\"_ _3b\"></span>a vista v<span class=\"_ _2\"></span>iene t<span class=\"_ _2\"></span>radotto in <span class=\"_ _3b\"></span>un portafoglio <span class=\"_ _2\"></span>di p<span class=\"_ _2\"></span>oste a <span class=\"_ _3b\"></span>tasso<span class=\"_ _3a1\"> </span>fisso a scadenza (replicating portfolio).<span class=\"_ _3a1\"> </span><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15af\">Il <span class=\"_ _3b\"></span>Gruppo <span class=\"_ _3b\"></span>utilizza <span class=\"_ _2\"></span>inoltre <span class=\"_ _2\"></span>un <span class=\"_ _3b\"></span>modello <span class=\"_ _3b\"></span>com<span class=\"_ _1\"></span>portamentale <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>prepayment <span class=\"_ _2\"></span>sui <span class=\"_ _3b\"></span>mutui. <span class=\"_ _3b\"></span>La <span class=\"_ _2\"></span>modellizzazione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15b0\">adotta<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15b1\">ta <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>tipo <span class=\"_ _0\"></span>comportamentale, <span class=\"_ _38\"></span>basata <span class=\"_ _0\"></span>sull\u2019<span class=\"_ _2\"></span>analisi <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>serie <span class=\"_ _38\"></span>stor<span class=\"_ _1\"></span>ica <span class=\"_ _38\"></span>degli <span class=\"_ _0\"></span>eventi <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>estinzione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15b2\">anticipata <span class=\"_ _48\"> </span>e <span class=\"_ _3a\"> </span>r<span class=\"_ _1\"></span>inegoziazione <span class=\"_ _48\"> </span>del <span class=\"_ _3a\"> </span>tasso. <span class=\"_ _48\"> </span>A <span class=\"_ _48\"> </span>differenza <span class=\"_ _3a\"> </span>dei <span class=\"_ _48\"> </span>modelli <span class=\"_ _3a\"> </span>di <span class=\"_ _48\"> </span>mercato, <span class=\"_ _48\"> </span>nei <span class=\"_ _48\"> </span>mod<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>lli<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15b3\">comportamentali <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>fattori <span class=\"_ _35\"> </span>predominanti <span class=\"_ _35\"> </span>che <span class=\"_ _35\"> </span>concorrono <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>determinare <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>dell\u2019opzione <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15b4\">rimborso anticipato non sono e<span class=\"_ _2\"></span>sclusivamente di tipo <span class=\"_ _2\"></span>finanziario, ma in<span class=\"_ _2\"></span>cludono variabili esplicative<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15b5\">dipendenti dalle caratteristiche del mutuo (es. loa<span class=\"_ _1\"></span>n to value) e del mutuatario (es. et\u00e0).  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15b6\">Prosegue <span class=\"_ _38\"></span>l\u2019attivit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>presidio <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>quadro <span class=\"_ _38\"></span>regolament<span class=\"_ _1\"></span>are <span class=\"_ _1\"></span>euro<span class=\"_ _1\"></span>peo <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ul <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>tas<span class=\"_ _1\"></span>so <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>inte<span class=\"_ _1\"></span>resse<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15b7\">nel banking book (IRRBB), tenendo conto delle indicazioni del JST in ambito <span class=\"_ _1\"></span>SREP.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15b8\">A partire <span class=\"_ _1\"></span>da settembre 2024 il Gruppo segnala la <span class=\"_ _1\"></span>propria es<span class=\"_ _1\"></span>posizione al rischio di t<span class=\"_ _1\"></span>asso attraverso<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15b9\">le <span class=\"_ _35\"> </span>nuove <span class=\"_ _35\"> </span>segnalazioni <span class=\"_ _35\"> </span>di  vi<span class=\"_ _2\"></span>gilanza  I<span class=\"_ _2\"></span>RRBB <span class=\"_ _35\"> </span>tr<span class=\"_ _1\"></span>imestrali. <span class=\"_ _35\"> </span>Nel <span class=\"_ _35\"> </span>corso <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>2024  \u00e8 <span class=\"_ _35\"> </span>inoltre <span class=\"_ _35\"> </span>continuato <span class=\"_ _35\"> </span>il<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15ba\">reporting STE IRRBB \u2013 CSRBB a BCE.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs15bb\">Informazi<span class=\"_ _1\"></span>oni di na<span class=\"_ _1\"></span>tura quan<span class=\"_ _1\"></span>titativa<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs15bc\">1.<span class=\"_ _152\"> </span>Port<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs15bd\">afoglio <span class=\"_ _38\"></span>bancario: <span class=\"_ _0\"></span>distribuzione <span class=\"_ _38\"></span>per <span class=\"_ _0\"></span>du<span class=\"_ _2\"></span>rata <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>sidua <span class=\"_ _38\"></span>(data <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>riprezzament<span class=\"_ _1\"></span>o) <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>delle<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs15be\">passivit\u00e0 finanziarie<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15bf\">La <span class=\"_ _3b\"></span>prese<span class=\"_ _1\"></span>nte <span class=\"_ _3b\"></span>tavola <span class=\"_ _3b\"></span>non <span class=\"_ _2\"></span>\u00e8 <span class=\"_ _3b\"></span>stata <span class=\"_ _2\"></span>redatta <span class=\"_ _3b\"></span>poich\u00e9 <span class=\"_ _3b\"></span>viene<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>se<span class=\"_ _1\"></span>g<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15c0\">uito <span class=\"_ _3b\"></span>fornita <span class=\"_ _3b\"></span>l\u2019analisi <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>se<span class=\"_ _1\"></span>nsitivit\u00e0 <span class=\"_ _3b\"></span>al <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15c1\">tasso di interesse basata sui modelli interni e<span class=\"_ _1\"></span>d altre metodologie<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs15c2\">2.<span class=\"_ _dc\"> </span>P<span class=\"_ _1\"></span>ortafoglio bancario: mode<span class=\"_ _1\"></span>lli interni e<span class=\"_ _1\"></span> altre metodologie <span class=\"_ _1\"></span>per le analisi di se<span class=\"_ _1\"></span>nsitivit\u00e0<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15c3\">Nella presente s<span class=\"_ _1\"></span>ezione vengono sintet<span class=\"_ _1\"></span>icamente esposti i ri<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15c4\">sultati delle analisi <span class=\"_ _1\"></span>di rischio di ta<span class=\"_ _1\"></span>sso di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15c5\">interesse, <span class=\"_ _1\"></span>limitatamente<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>portafoglio bancario. <span class=\"_ _1\"></span>In <span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>icolare, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>tabella <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>tto <span class=\"_ _1\"></span>riportata, <span class=\"_ _1\"></span>mostra <span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15c6\">dati <span class=\"_ _36\"> </span>relativi <span class=\"_ _36\"> </span>all\u2019impatto <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>ul <span class=\"_ _37\"> </span>mar<span class=\"_ _1\"></span>gine <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>inte<span class=\"_ _1\"></span>resse <span class=\"_ _36\"> </span>(shift <span class=\"_ _37\"> </span>sensitivity <span class=\"_ _36\"> </span>analysis), <span class=\"_ _36\"> </span>su <span class=\"_ _36\"> </span>un <span class=\"_ _36\"> </span>orizzonte<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15c7\">temporale <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>12 <span class=\"_ _1\"></span>mesi, <span class=\"_ _38\"></span>nell\u2019ipotesi <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>una <span class=\"_ _1\"></span>var<span class=\"_ _1\"></span>iazione <span class=\"_ _38\"></span>parallela <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>tassi <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>interesse <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>+/<span class=\"_ _1\"></span>- <span class=\"_ _1\"></span>100 <span class=\"_ _38\"></span>punti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15c8\">base. <span class=\"_ _35\"> </span>La <span class=\"_ _35\"> </span>misura <span class=\"_ _0\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>basata <span class=\"_ _0\"></span>sulle <span class=\"_ _35\"> </span>posizioni <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>fine <span class=\"_ _35\"> </span>anno, <span class=\"_ _0\"></span>senza <span class=\"_ _35\"> </span>includere <span class=\"_ _35\"> </span>dunque <span class=\"_ _0\"></span>ipote<span class=\"_ _1\"></span>si <span class=\"_ _35\"> </span>su <span class=\"_ _35\"> </span>futuri<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15c9\">cambiamenti della composizione di attivit\u00e0 e passivit\u00e0. Ai<span class=\"_ _3b\"></span> <span class=\"_ _1\"></span>fini dell\u2019analisi \u00e8 impostato il floor a z<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ro<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15ca\">sul tasso cliente delle poste con clientela.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15cb\">L\u2019analisi <span class=\"_ _35\"> </span>\u00e8  condotta <span class=\"_ _35\"> </span>coerentemente  con <span class=\"_ _35\"> </span>la  me<span class=\"_ _2\"></span>todologia  u<span class=\"_ _2\"></span>tilizzata  ai <span class=\"_ _35\"> </span>fini <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>misurazione  del<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15cc\">rischio <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>ban<span class=\"_ _2\"></span>cario <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>ambito <span class=\"_ _0\"></span>Risk <span class=\"_ _0\"></span>Appetite <span class=\"_ _38\"></span>F<span class=\"_ _1\"></span>ramework <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>segnalazioni<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15cd\">regolamentari sul rischio di tasso (IRRBB), in linea con le <span class=\"_ _1\"></span>linee guida europee di riferimento. </div><div class=\"gs15ce\"><table class=\"s w135d h2bc\" id=\"_a31e4e35-8044-4ef4-ab86-b60cabc4b3e5\"><tr><td></td><td class=\"t m2 x21ce h8 y6681 ff4 fs2 fc1 sc2 ls0 ws0\">Ipotesi di s<span class=\"_ _1\"></span>hift parallelo (dati in milioni <span class=\"_ _1\"></span>di euro) </td><td></td></tr><tr><td></td><td class=\"c n x21cf y6682 w135e h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc2 ls0 ws0\">Shock -10<span class=\"_ _1\"></span>0 b.p.<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21d0 y6682 w135f h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc2 ls0 ws0\">Shock +100 <span class=\"_ _1\"></span>b.p.<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y539f w1360 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">Dati 12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21d1 y539f w1361 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-40,4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21d2 y539f w1362 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">+83,0<span class=\"_ _3a1\"> </span></div></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15cf\">L\u2019esposizione al rischio di <span class=\"_ _2\"></span>tasso di interesse dal punto di<span class=\"_ _2\"></span> vista patrimoniale viene misurata a livello<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15d0\">consolidato <span class=\"_ _0\"></span>dalla <span class=\"_ _35\"> </span>sensitivity <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>valore <span class=\"_ _0\"> </span>e<span class=\"_ _1\"></span>conomico <span class=\"_ _0\"></span>(variazione <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>fair <span class=\"_ _0\"></span>value <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>poste <span class=\"_ _0\"></span>attive <span class=\"_ _0\"></span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15d1\">passive), <span class=\"_ _3b\"></span>se<span class=\"_ _1\"></span>condo <span class=\"_ _2\"></span>un <span class=\"_ _3b\"></span>approccio ful<span class=\"_ _2\"></span>l <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>valuation, <span class=\"_ _3b\"></span>a seguito <span class=\"_ _3b\"></span>di uno <span class=\"_ _3b\"></span>shock <span class=\"_ _2\"></span>parallelo <span class=\"_ _2\"></span>sulla <span class=\"_ _3b\"></span>curva dei <span class=\"_ _3b\"></span>tassi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15d2\">spot di <span class=\"_ _3b\"></span>+/<span class=\"_ _1\"></span>-200 <span class=\"_ _2\"></span>basis points. <span class=\"_ _3b\"></span>Nel corso <span class=\"_ _2\"></span>del 2024 <span class=\"_ _3b\"></span>la variazione m<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>dia d<span class=\"_ _2\"></span>i v<span class=\"_ _2\"></span>alore economico i<span class=\"_ _2\"></span>n rapporto<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15d3\">al Tier1 Capital \u00e8 risultata pari al 4,6%.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15d4\">Oltre <span class=\"_ _0\"></span>all\u2019impatto <span class=\"_ _35\"> </span>d<span class=\"_ _2\"></span>egli <span class=\"_ _0\"></span>shock <span class=\"_ _35\"> </span>pa<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>alleli <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>tassi <span class=\"_ _35\"> </span>int<span class=\"_ _2\"></span>ernamente <span class=\"_ _0\"></span>vengono <span class=\"_ _0\"> </span>pe<span class=\"_ _1\"></span>riodicamente <span class=\"_ _0\"></span>condotte<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15d5\">analisi di <span class=\"_ _2\"></span>stress ipotizzando sho<span class=\"_ _2\"></span>ck non p<span class=\"_ _2\"></span>aralleli basati <span class=\"_ _2\"></span>sull\u2019andamento storico della<span class=\"_ _3b\"></span> curva dei tassi.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15d6\">Le meto<span class=\"_ _1\"></span>dologie utilizzate per l\u2019analisi di s<span class=\"_ _1\"></span>ensitivity al r<span class=\"_ _1\"></span>ischio di tasso <span class=\"_ _1\"></span>di interesse includono anche<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15d7\">la <span class=\"_ _48\"> </span>modellizzazione <span class=\"_ _48\"> </span>delle <span class=\"_ _48\"> </span>poste <span class=\"_ _48\"> </span>a <span class=\"_ _17e\"> </span>vista <span class=\"_ _48\"> </span>e <span class=\"_ _48\"> </span>del <span class=\"_ _48\"> </span>prepayment <span class=\"_ _48\"> </span>sui <span class=\"_ _48\"> </span>mutui <span class=\"_ _48\"> </span>secondo <span class=\"_ _48\"> </span>i <span class=\"_ _48\"> </span>modelli<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15d8\">comportamentali sopra descritti.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15d9\">Per il <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>di tasso de<span class=\"_ _1\"></span>l portafoglio bancario <span class=\"_ _1\"></span>si r<span class=\"_ _1\"></span>iportano le <span class=\"_ _1\"></span>medesime analisi <span class=\"_ _1\"></span>di VaR des<span class=\"_ _1\"></span>critte nel<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15da\">paragrafo <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ul <span class=\"_ _38\"></span>portafoglio <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>Negoziazione, <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>cui <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>rimanda <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>des<span class=\"_ _1\"></span>crizione <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>metodologia.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15db\">Nelle <span class=\"_ _0\"></span>figure <span class=\"_ _0\"></span>sottost<span class=\"_ _1\"></span>anti <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>riportato <span class=\"_ _0\"></span>l\u2019andamento <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>VaR <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>banking <span class=\"_ _0\"></span>book <span class=\"_ _0\"></span>Cre<span class=\"_ _1\"></span>dem <span class=\"_ _0\"></span>nell\u2019arco <span class=\"_ _0\"></span>del<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15dc\">2024.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15dd\">I risultati dell\u2019attivit\u00e0 di backtesting sono riportati in calce al paragrafo 1<span class=\"_ _1\"></span>.2.3 \u201cRischio di cambio\u201d.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs15df\">Figura <span class=\"_ _38\"></span>5. <span class=\"_ _38\"></span>Andamento <span class=\"_ _38\"></span>Inte<span class=\"_ _1\"></span>rest <span class=\"_ _38\"></span>Rate <span class=\"_ _38\"></span>VaR <span class=\"_ _38\"></span>Credem<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>\u2013 <span class=\"_ _38\"></span>ban<span class=\"_ _1\"></span>kin<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs15e0\">g <span class=\"_ _1\"></span>boo<span class=\"_ _1\"></span>k <span class=\"_ _38\"></span>(99%, <span class=\"_ _38\"></span>10gg*coeff <span class=\"_ _38\"></span>molt<span class=\"_ _1\"></span>iplicativo)<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs15e1\">Dati in milioni di e<span class=\"_ _1\"></span>uro<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15e2\">L\u2019anda<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15e3\">mento <span class=\"_ _0\"></span>del <span class=\"_ _1\"></span>VaR <span class=\"_ _0\"></span>nel <span class=\"_ _1\"></span>corso <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _38\"></span>2024<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>\u00e8 <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iferibile <span class=\"_ _38\"></span>all\u2019andamento <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>posizioni <span class=\"_ _0\"></span>del <span class=\"_ _1\"></span>port<span class=\"_ _1\"></span>afoglio<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15e4\">bancario e alla volatilit\u00e0 dei tassi re<span class=\"_ _1\"></span>gistrata sui mercati.<span class=\"_ _3a1\"> </span><span class=\"ff18 fs3\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs15e5\">Rischio d<span class=\"_ _1\"></span>i prezz<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15e6\">Nell\u2019ambito <span class=\"_ _3a\"> </span>del <span class=\"_ _48\"> </span>portafoglio <span class=\"_ _3a\"> </span>bancario <span class=\"_ _3a\"> </span>il <span class=\"_ _3a\"> </span>G<span class=\"_ _1\"></span>ruppo <span class=\"_ _3a\"> </span>non <span class=\"_ _3a\"> </span>ha <span class=\"_ _48\"> </span>posizioni <span class=\"_ _3a\"> </span>significative <span class=\"_ _3a\"> </span>in <span class=\"_ _3a\"> </span>azion<span class=\"_ _1\"></span>i <span class=\"_ _3a\"> </span>o<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15e7\">partec<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15e8\">ipazioni quotate<span class=\"_ _1\"></span>. <span class=\"_ _1\"></span>Sono prese<span class=\"_ _1\"></span>nti 8,7 <span class=\"_ _1\"></span>milioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>euro <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>fondo <span class=\"_ _1\"></span>private <span class=\"_ _1\"></span>equity <span class=\"_ _1\"></span>gestito <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>una<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15e9\">societ\u00e0 <span class=\"_ _1\"></span>del gr<span class=\"_ _1\"></span>uppo e <span class=\"_ _1\"></span>quote <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>rilevanti di <span class=\"_ _1\"></span>fondi <span class=\"_ _1\"></span>rivenienti <span class=\"_ _1\"></span>dalla <span class=\"_ _1\"></span>fusione con <span class=\"_ _1\"></span>Cassa <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Risparmio <span class=\"_ _1\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15ea\">Cento, di cui 1,3 milioni di euro in fondi immobiliari.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs15eb\">Attivit\u00e0<span class=\"_ _1\"></span> di coper<span class=\"_ _1\"></span>tura del <span class=\"_ _1\"></span>rischio<span class=\"_ _1\"></span> di prezzo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15ec\">Il Gruppo non ha posto in essere operazioni di copert<span class=\"_ _1\"></span>ura.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gs15ed\">1.2.3 Rischio di cambio<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs15ee\">Informazi<span class=\"_ _1\"></span>oni di na<span class=\"_ _1\"></span>tura quali<span class=\"_ _1\"></span>tativa<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs15ef\">A.<span class=\"_ _48\"> </span>Aspe<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs15f0\">tti gene<span class=\"_ _1\"></span>rali, proces<span class=\"_ _1\"></span>si di g<span class=\"_ _1\"></span>estione e m<span class=\"_ _1\"></span>etodi di<span class=\"_ _1\"></span> misuraz<span class=\"_ _1\"></span>ione de<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs15f1\">l rischio<span class=\"_ _1\"></span> di cambio<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15f2\">L\u2019<span class=\"_ _3b\"></span>atti<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>t\u00e0<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>sv<span class=\"_ _3b\"></span>olta<span class=\"_ _3b\"></span> <span class=\"_ _38\"></span>sui<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>me<span class=\"_ _3b\"></span>rcat<span class=\"_ _2\"></span>i <span class=\"_ _1\"></span>dei<span class=\"_ _3b\"></span> <span class=\"_ _38\"></span>cam<span class=\"_ _2\"></span>bi<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>pr<span class=\"_ _3b\"></span>eved<span class=\"_ _3b\"></span>e <span class=\"_ _38\"></span>l\u2019<span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>sun<span class=\"_ _3b\"></span>zio<span class=\"_ _2\"></span>ne<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>i <span class=\"_ _38\"></span>po<span class=\"_ _3b\"></span>siz<span class=\"_ _2\"></span>ion<span class=\"_ _3b\"></span>i <span class=\"_ _38\"></span>ge<span class=\"_ _2\"></span>sti<span class=\"_ _3b\"></span>te e <span class=\"_ _38\"></span>con<span class=\"_ _2\"></span>tro<span class=\"_ _3b\"></span>lla<span class=\"_ _3b\"></span>te <span class=\"_ _1\"></span>tra<span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>te<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15f3\">mas<span class=\"_ _3b\"></span>sim<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>i d<span class=\"_ _3b\"></span>i p<span class=\"_ _3b\"></span>osiz<span class=\"_ _3b\"></span>ion<span class=\"_ _2\"></span>e,<span class=\"_ _3b\"></span> sia<span class=\"_ _2\"></span> l<span class=\"_ _3b\"></span>orda<span class=\"_ _3b\"></span> si<span class=\"_ _2\"></span>a n<span class=\"_ _3b\"></span>ett<span class=\"_ _3b\"></span>a, e<span class=\"_ _3b\"></span> mas<span class=\"_ _2\"></span>si<span class=\"_ _3b\"></span>mali<span class=\"_ _3b\"></span> di<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>onc<span class=\"_ _3b\"></span>ent<span class=\"_ _3b\"></span>razi<span class=\"_ _3b\"></span>one <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>vi<span class=\"_ _3b\"></span>sa.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15f4\">Il rischio di<span class=\"_ _2\"></span> mercato currency viene calcolato con la stessa frequenza <span class=\"_ _2\"></span>e metodologia indicata per il<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15f5\">rischio tasso ed equity.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs15f6\">B.<span class=\"_ _19c\"> </span>Atti<span class=\"_ _1\"></span>vit\u00e0 di cop<span class=\"_ _1\"></span>ertura<span class=\"_ _1\"></span> del rischio<span class=\"_ _1\"></span> di camb<span class=\"_ _1\"></span>io<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15f7\">Non s</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15f8\">ono presenti operazioni di copertura.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs15fa\">Informazi<span class=\"_ _1\"></span>oni di na<span class=\"_ _1\"></span>tura quan<span class=\"_ _1\"></span>titativa<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs15fb\">1. Distribuzione<span class=\"_ _1\"></span> per valuta di denomina<span class=\"_ _1\"></span>zione delle att<span class=\"_ _1\"></span>ivit\u00e0 e passivit\u00e0 e dei de<span class=\"_ _1\"></span>rivati<span class=\"_ _3a1\"> </span></div><div class=\"gs15fc\"><table class=\"s w1363 h2bd\" id=\"_607a9c7d-250a-4e64-be25-2e756e75cdc8\"><tr><td class=\"t m2 x7c9 h12 y6683 ff4 fs7 fc4 sc3 ls0 ws0\">Voci<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t m2 x95f h12 y6684 ff4 fs7 fc4 sc3 ls0 ws0\">Valute<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td></td><td class=\"t m2 x140b h12 y6685 ff4 fs7 fc4 sc3 ls0 ws0\">USD<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x938 h12 y6685 ff4 fs7 fc4 sc3 ls0 ws0\">GBP<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d8 h12 y6685 ff4 fs7 fc4 sc3 ls0 ws0\">JPY<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x116f h12 y6685 ff4 fs7 fc4 sc3 ls0 ws0\">CAD<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7e2 h12 y6685 ff4 fs7 fc4 sc3 ls0 ws0\">CHF<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d7 h12 y6685 ff4 fs7 fc4 sc3 ls0 ws0\">ALTRE VALUTE<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6686 ff4 fs7 fc1 sc2 ls0 ws0\">A. Attivit\u00e0 finanziarie<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc65 h12 y6686 ff4 fs7 fc1 sc2 ls0 ws0\">1.358.580<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88c h12 y6686 ff4 fs7 fc1 sc2 ls0 ws0\">14.328<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11a9 h12 y6686 ff4 fs7 fc1 sc2 ls0 ws0\">1.028<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1197 h12 y6686 ff4 fs7 fc1 sc2 ls0 ws0\">2.230<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5b h12 y6686 ff4 fs7 fc1 sc2 ls0 ws0\">11.294<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d8 h12 y6686 ff4 fs7 fc1 sc2 ls0 ws0\">1.559<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x821 y60af w1364 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">A.1 Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21d3 y60af w1365 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.259.811<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21d4 y60af w1366 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">249<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21d5 y60af w1367 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21d6 y60af w1368 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">10<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21d7 y60af w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21d8 y60af w114d h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">239<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6687 w1369 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.2 Titoli di capitale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21d9 y6687 wafd h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.206<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21da y6687 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21db y6687 w668 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21dc y6687 w606 h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21dd y6687 w47a h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21de y6687 w47a h1db\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6688 w136a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.3 Finanziamenti a b<span class=\"_ _2\"></span>anche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21df y6688 we13 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24.111<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21e0 y6688 w136b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">11.467<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21e1 y6688 w812 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">683<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21e2 y6688 w136c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.219<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21e3 y6688 w136d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.854<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21e4 y6688 w136e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">835<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y6689 w136f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.4 Finanziamenti a cl<span class=\"_ _2\"></span>ientela<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21e5 y6689 w1370 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6<span class=\"_ _1\"></span>2.452<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21e6 y6689 w1371 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.612<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21e7 y6689 w505 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">344<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21e8 y6689 w61f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21e9 y6689 w1372 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.440<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ea y6689 wa28 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">485<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y60b2 w1373 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">A.5 Altre attivit\u00e0 finanz<span class=\"_ _3b\"></span>i<span class=\"_ _1\"></span>arie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21eb y60b2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ec y60b2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ed y60b2 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ee y60b2 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ef y60b2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2122 y60b2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y668a ff4 fs7 fc1 sc2 ls0 ws0\">B. Altre attivit\u00e0<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7cc h12 y668a ff4 fs7 fc1 sc2 ls0 ws0\">7.984<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1208 h12 y668a ff4 fs7 fc1 sc2 ls0 ws0\">1.007<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11c6 h12 y668a ff4 fs7 fc1 sc2 ls0 ws0\">256<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x130e h12 y668a ff4 fs7 fc1 sc2 ls0 ws0\">506<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a1 h12 y668a ff4 fs7 fc1 sc2 ls0 ws0\">2.133<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xef9 h12 y668a ff4 fs7 fc1 sc2 ls0 ws0\">485<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y668b ff4 fs7 fc1 sc2 ls0 ws0\">C. Passivit\u00e0 finanziarie<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x932 h12 y668b ff4 fs7 fc1 sc2 ls0 ws0\">1.341.440<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1442 h12 y668b ff4 fs7 fc1 sc2 ls0 ws0\">33.960<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc54 h12 y668b ff4 fs7 fc1 sc2 ls0 ws0\">4.462<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5a h12 y668b ff4 fs7 fc1 sc2 ls0 ws0\">4.700<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d6 h12 y668b ff4 fs7 fc1 sc2 ls0 ws0\">11.193<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d8 h12 y668b ff4 fs7 fc1 sc2 ls0 ws0\">1.780<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x821 y5a42 w1374 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.1 Debiti verso banche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21f0 y5a42 w1375 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">909.188<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21f1 y5a42 w1376 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9.409<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21f2 y5a42 w1377 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">501<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21f3 y5a42 w1366 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">566<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21f4 y5a42 wb1a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.109<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21f5 y5a42 w990 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">604<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y5a43 w1378 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.2 Debiti verso clien<span class=\"_ _2\"></span>tela<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21f6 y5a43 w1379 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">430.083<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21f7 y5a43 w137a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24.551<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21f8 y5a43 w137b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.961<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21f9 y5a43 w137c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.134<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21fa y5a43 wb7e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.084<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21fb y5a43 w137d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1.176<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y5a62 w137e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.3 Titoli di debito<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21fc y5a62 w1135 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.169<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21fd y5a62 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21fe y5a62 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ff y5a62 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2200 y5a62 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2201 y5a62 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y5a63 w137f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">C.4 Altre passivit\u00e0 fina<span class=\"_ _2\"></span>nziarie<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2202 y5a63 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2203 y5a63 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2204 y5a63 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2205 y5a63 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2206 y5a63 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2207 y5a63 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y668c ff4 fs7 fc1 sc2 ls0 ws0\">D. Altre passivit\u00e0<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xce9 h12 y668c ff4 fs7 fc1 sc2 ls0 ws0\">4.219<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1208 h12 y668c ff4 fs7 fc1 sc2 ls0 ws0\">1.465<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11e1 h12 y668c ff4 fs7 fc1 sc2 ls0 ws0\">85<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x130e h12 y668c ff4 fs7 fc1 sc2 ls0 ws0\">667<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11aa h12 y668c ff4 fs7 fc1 sc2 ls0 ws0\">301<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h12 y668c ff4 fs7 fc1 sc2 ls0 ws0\">1<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y668d ff4 fs7 fc1 sc2 ls0 ws0\">E. Derivati finanziari<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c2 h12 y668d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xdd9 h12 y668d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c3 h12 y668d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad7 h12 y668d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88f h12 y668d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x943 h12 y668d ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x821 y5a65 w1380 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Opzioni<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2208 y5a65 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ec y5a65 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ed y5a65 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ee y5a65 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x21ef y5a65 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2122 y5a65 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1f22 y5a49 w1381 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">+ Posizioni lunghe<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2209 y5a49 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x220a y5a49 w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x220b y5a49 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x220c y5a49 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x220d y5a49 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x220e y5a49 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1f22 y5a4a w1382 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">+ Posizioni corte<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x220f y5a4a w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2210 y5a4a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2211 y5a4a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2212 y5a4a w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2213 y5a4a w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2214 y5a4a w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x821 y59dd w1383 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">- Altri derivati<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2215 y59dd w796 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2216 y59dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2217 y59dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2218 y59dd w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2219 y59dd w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x221a y59dd w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1f22 y59de w1381 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">+ Posizioni lunghe<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x221b y59de w1384 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">179.180<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x221c y59de w1385 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">79.580<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x221d y59de w1386 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">19.880<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x221e y59de w1387 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">15.415<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x221f y59de w1388 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24.585<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2220 y59de wb7e h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.808<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1f22 y5a84 w1382 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">+ Posizioni corte<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2221 y5a84 w1389 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">301.667<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2222 y5a84 w138a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>9.169<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2223 y5a84 w6c4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">16.596<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2224 y5a84 w138b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">12.754<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2225 y5a84 w138c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">26.787<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2226 y5a84 w138d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.969<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y668e ff4 fs7 fc1 sc2 ls0 ws0\">Totale attivit\u00e0<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc65 h12 y668e ff4 fs7 fc1 sc2 ls0 ws0\">1.545.744<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x88c h12 y668e ff4 fs7 fc1 sc2 ls0 ws0\">94.915<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc54 h12 y668e ff4 fs7 fc1 sc2 ls0 ws0\">21.164<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1197 h12 y668e ff4 fs7 fc1 sc2 ls0 ws0\">18.151<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcee h12 y668e ff4 fs7 fc1 sc2 ls0 ws0\">38.012<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5c h12 y668e ff4 fs7 fc1 sc2 ls0 ws0\">6.852<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y668f ff4 fs7 fc1 sc2 ls0 ws0\">Totale passivit\u00e0<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc65 h12 y668f ff4 fs7 fc1 sc2 ls0 ws0\">1.647.326<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x938 h12 y668f ff4 fs7 fc1 sc2 ls0 ws0\">94.594<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xc54 h12 y668f ff4 fs7 fc1 sc2 ls0 ws0\">21.143<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1197 h12 y668f ff4 fs7 fc1 sc2 ls0 ws0\">18.121<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xcee h12 y668f ff4 fs7 fc1 sc2 ls0 ws0\">38.281<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd5c h12 y668f ff4 fs7 fc1 sc2 ls0 ws0\">6.750<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6690 ff4 fs7 fc1 sc2 ls0 ws0\">Sbilancio (+/-)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x140b h12 y6690 ff4 fs7 fc1 sc2 ls0 ws0\">(101.582)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x881 h12 y6690 ff4 fs7 fc1 sc2 ls0 ws0\">321<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xb9e h12 y6690 ff4 fs7 fc1 sc2 ls0 ws0\">21<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1364 h12 y6690 ff4 fs7 fc1 sc2 ls0 ws0\">30<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9a1 h12 y6690 ff4 fs7 fc1 sc2 ls0 ws0\">(269)<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf1b h12 y6690 ff4 fs7 fc1 sc2 ls0 ws0\">102<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs15fd\">Modelli interni e<span class=\"_ _1\"></span> altre metodologie per <span class=\"_ _1\"></span>l\u2019analisi di sensitivit\u00e0  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15fe\">Nella <span class=\"_ _2\"></span>presente s<span class=\"_ _2\"></span>ezione v<span class=\"_ _2\"></span>engono <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>inteticamente <span class=\"_ _2\"></span>esposti i <span class=\"_ _184\"></span>ris<span class=\"_ _1\"></span>ultati <span class=\"_ _3b\"></span>delle analisi <span class=\"_ _3b\"></span>del <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>cambio<span class=\"_ _1\"></span>.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs15ff\">In <span class=\"_ _1\"></span>part<span class=\"_ _1\"></span>icolare <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>seguito <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>ri<span class=\"_ _2\"></span>portati <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>valori <span class=\"_ _38\"></span>medi, <span class=\"_ _38\"></span>mass<span class=\"_ _1\"></span>imi <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>minimi <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>VaR <span class=\"_ _38\"></span>(in <span class=\"_ _38\"></span>milion<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>di<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>euro)<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1600\">generato dal fattore di rischio currency relat<span class=\"_ _1\"></span>ivi agli esercizi 2022, 2023 e 2024.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1601\">Nella figura sottostante \u00e8 riportato l\u2019andamento di tale dato di VaR per Credem nell\u2019arco de<span class=\"_ _1\"></span>l 2024. </div><div class=\"gs1602\"><table class=\"s w138e h2be\" id=\"_34ff0d17-6a61-4005-99f7-e771eeaf627d\"><tr><td class=\"t m18 x2228 h119 y6691 ff4 fs3d fc1 sc2 ls0 ws0\">T<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>b<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span> <span class=\"_ _1\"></span>4<span class=\"_ _38\"></span>.<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>D<span class=\"_ _38\"></span>a<span class=\"_ _0\"></span>ti<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>C<span class=\"_ _38\"></span>u<span class=\"_ _38\"></span>r<span class=\"_ _38\"></span>r<span class=\"_ _38\"></span>e<span class=\"_ _38\"></span>n<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>y<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>V<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>R<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td></td><td class=\"c n x2229 y6693 w138f h21e\"><div class=\"t m18 x2b3 h119 y6692 ff4 fs3d fc1 sc2 ls0 ws0\">2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x222a y6693 w1390 h21e\"><div class=\"t m18 x2b3 h119 y6692 ff4 fs3d fc1 sc2 ls0 ws0\">2<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _38\"></span>3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x222b y6693 w1391 h21e\"><div class=\"t m18 x2b3 h119 y6692 ff4 fs3d fc1 sc2 ls0 ws0\">2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m18 x2228 h119 y6694 ff4 fs3d fc1 sc2 ls0 ws0\">C<span class=\"_ _38\"></span>r<span class=\"_ _38\"></span>e<span class=\"_ _38\"></span>d<span class=\"_ _38\"></span>e<span class=\"_ _0\"></span>m<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c x222d y6695 w1392 h2bf\"><div class=\"t m1c x2b3 h11a y58b0 ff4 fs3e fc1 sc0 ls0 ws0\">VaR -<span class=\"_ _3a1\"> </span></div><div class=\"t m18 x222c h119 y58b0 ff4 fs3d fc1 sc0 ls0 ws0\">me<span class=\"_ _1\"></span>dio<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x222e y6696 w1393 h21e\"><div class=\"t m18 x2b3 h119 y6692 ff4 fs3d fc1 sc0 ls0 ws0\">0,<span class=\"_ _1\"></span>3<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x222f y6696 w1394 h21e\"><div class=\"t m18 x2b3 h119 y6692 ff4 fs3d fc1 sc0 ls0 ws0\">0,<span class=\"_ _1\"></span>2<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2230 y6696 w1395 h21e\"><div class=\"t m18 x2b3 h119 y6692 ff4 fs3d fc1 sc0 ls0 ws0\">0,3<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m1c x2231 h11a y6697 ff4 fs3e fc1 sc0 ls0 ws0\">min<span class=\"_ _3a1\"> </span></td><td class=\"c n x2232 y6698 w1396 h21e\"><div class=\"t m18 x2b3 h119 y6692 ff4 fs3d fc1 sc0 ls0 ws0\">0,0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2233 y6698 w1396 h21e\"><div class=\"t m18 x2b3 h119 y6692 ff4 fs3d fc1 sc0 ls0 ws0\">0,0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2234 y6698 w1397 h21e\"><div class=\"t m18 x2b3 h119 y6692 ff4 fs3d fc1 sc0 ls0 ws0\">0,0<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m1c x2231 h11a y6699 ff4 fs3e fc1 sc0 ls0 ws0\">ma<span class=\"_ _1\"></span>x<span class=\"_ _3a1\"> </span></td><td class=\"c n x2235 y669a w1398 h21e\"><div class=\"t m18 x2b3 h119 y6692 ff4 fs3d fc1 sc0 ls0 ws0\">1,0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2236 y669a w1399 h21e\"><div class=\"t m18 x2b3 h119 y6692 ff4 fs3d fc1 sc0 ls0 ws0\">1<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>5<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2237 y669a w139a h21e\"><div class=\"t m18 x2b3 h119 y6692 ff4 fs3d fc1 sc0 ls0 ws0\">1,9<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m1c x2238 h11b y669b ff4 fs3f fc1 sc0 ls0 ws0\">dati i<span class=\"_ _1\"></span>n m<span class=\"_ _1\"></span>ln <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>\u20ac,<span class=\"_ _2\"></span> VaR<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>99% <span class=\"_ _1\"></span>10gg *<span class=\"_ _1\"></span> C<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>ff mol<span class=\"_ _1\"></span>tiplicativo<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr></table></div>La <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>abella <span class=\"_ _1\"></span>sotto<span class=\"_ _1\"></span>stante <span class=\"_ _1\"></span>evidenzia <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>contributi <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>edi <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>rischio <span class=\"_ _38\"></span>equity, <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>cambio <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span>tasso<span class=\"_ _3a1\"> </span>nel corso del 2024 al VaR complessivo non diversificato. Nell\u2019ambito <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _0\"> </span>com<span class=\"_ _1\"></span>plessiva <span class=\"_ _35\"> </span>analisi <span class=\"_ _0\"></span>annuale <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>backtesting <span class=\"_ _0\"></span>dei <span class=\"_ _35\"> </span>modelli, <span class=\"_ _0\"></span>viene <span class=\"_ _35\"> </span>effettuato <span class=\"_ _35\"> </span>i<span class=\"_ _2\"></span>l<span class=\"_ _3a1\"> </span>confronto tra il dato di VaR e il P&amp;L effett<span class=\"_ _1\"></span>ivamente conseguito. Il backtes<span class=\"_ _1\"></span>ting <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>eseguito mettendo <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>confronto <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>dati di <span class=\"_ _1\"></span>VaR <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>dati <span class=\"_ _1\"></span>di P&amp;<span class=\"_ _1\"></span>L <span class=\"_ _1\"></span>gestionali gior<span class=\"_ _1\"></span>nalieri<span class=\"_ _3a1\"> </span>(o<span class=\"_ _3f\"> </span>settimanali,  p<span class=\"_ _2\"></span>er  i <span class=\"_ _35\"> </span>portafogli  per <span class=\"_ _35\"> </span>i  q<span class=\"_ _2\"></span>uali <span class=\"_ _35\"> </span>il  calcolo <span class=\"_ _35\"> </span>di  redditivit\u00e0 <span class=\"_ _35\"> </span>\u00e8  su <span class=\"_ _35\"> </span>base  weekly), <span class=\"_ _35\"> </span>e  si <span class=\"_ _35\"> </span>basa<span class=\"_ _3a1\"> </span>sull\u2019analisi <span class=\"_ _0\"></span>delle <span class=\"_ _35\"> </span>\u201ceccezioni\u201d, <span class=\"_ _0\"></span>ovvero <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>casi <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>cui <span class=\"_ _35\"> </span>la <span class=\"_ _0\"></span>perdita <span class=\"_ _0\"></span>re<span class=\"_ _1\"></span>gistrata <span class=\"_ _0\"> </span>r<span class=\"_ _1\"></span>isulta <span class=\"_ _0\"></span>superiore <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>VaR<span class=\"_ _3a1\"> </span>stimato <span class=\"_ _36\"> </span>per <span class=\"_ _37\"> </span>lo <span class=\"_ _37\"> </span>stess<span class=\"_ _1\"></span>o <span class=\"_ _37\"> </span>periodo <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>riferimento, <span class=\"_ _36\"> </span>sia <span class=\"_ _37\"> </span>in <span class=\"_ _36\"> </span>termini <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>numeros<span class=\"_ _1\"></span>it\u00e0 <span class=\"_ _37\"> </span>sia <span class=\"_ _36\"> </span>in <span class=\"_ _37\"> </span>termini <span class=\"_ _36\"> </span>di<span class=\"_ _3a1\"> </span>distribuzione temporale.<span class=\"_ _3a1\"> </span>Il perimetro <span class=\"_ _1\"></span>dell\u2019analisi di backtest <span class=\"_ _1\"></span>sono i <span class=\"_ _1\"></span>portafogli del Re<span class=\"_ _1\"></span>golamento Finanza (trading e<span class=\"_ _1\"></span> bancario)<span class=\"_ _3a1\"> </span>e <span class=\"_ _35\"> </span>copre <span class=\"_ _0\"> </span>i <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>riport<span class=\"_ _1\"></span>ati <span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span>lla <span class=\"_ _0\"></span>pre<span class=\"_ _1\"></span>sente <span class=\"_ _35\"> </span>sezione. <span class=\"_ _0\"></span>L\u2019orizzonte <span class=\"_ _35\"> </span>temporale <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>VaR <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _0\"></span>coerente <span class=\"_ _35\"> </span>con<span class=\"_ _3a1\"> </span>quello <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>calcolo <span class=\"_ _35\"> </span>del<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>P&amp;L. <span class=\"_ _0\"></span>L\u2019esercizio <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>basa <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>12 <span class=\"_ _35\"> </span>mesi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>dati. <span class=\"_ _0\"></span>Le <span class=\"_ _0\"></span>ipotesi <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>state <span class=\"_ _0\"></span>verificate<span class=\"_ _3a1\"> </span>attraverso una serie di test:<span class=\"_ _3a1\"> </span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">Frequency Test<span class=\"_ _1\"></span>: Basilea e Kupiec (o POF, Proportion of Failure);<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">Indipendence Test<span class=\"_ _1\"></span>: Christoffersen e Mixed Kupiec;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _13e\"> </span><span class=\"ff4\">Joint Test: POF + Christofferse<span class=\"_ _1\"></span>n, POF + Mixed Kupiec.<span class=\"_ _3a1\"> </span></span>Nell\u2019ambito <span class=\"_ _2\"></span>dell\u2019analisi <span class=\"_ _3b\"></span>del periodo <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>backtesting i<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>test effettuati <span class=\"_ _3b\"></span>confermano <span class=\"_ _3b\"></span>la tenuta <span class=\"_ _3b\"></span>del <span class=\"_ _3b\"></span>mo<span class=\"_ _1\"></span>dello<span class=\"_ _3a1\"> </span>di VaR.<table class=\"s w139b h2c0\" id=\"_a97439cc-5413-4f8d-9e1e-d641805f9d22\"><tr><td class=\"t m1f x223a h11f y669c ff4 fs43 fc1 sc2 ls0 ws0\">T<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>b<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _38\"></span>l<span class=\"_ _38\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>5<span class=\"_ _0\"></span>.<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>C<span class=\"_ _38\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _38\"></span>t<span class=\"_ _38\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>b<span class=\"_ _38\"></span>u<span class=\"_ _38\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>m<span class=\"_ _38\"></span>e<span class=\"_ _0\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _0\"></span> %<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>f<span class=\"_ _38\"></span>a<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _38\"></span>r<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>d<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>s<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>h<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>V<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>R<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>m<span class=\"_ _0\"></span>p<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span>ss<span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>v<span class=\"_ _38\"></span>o<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>n<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _0\"></span> d<span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>v<span class=\"_ _38\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>f<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td></tr><tr><td class=\"c n x223b y669e w139c h21e\"><div class=\"t m1f x2b3 h11f y669d ff4 fs43 fc1 sc2 ls0 ws0\">E<span class=\"_ _1\"></span>q<span class=\"_ _38\"></span>u<span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>y<span class=\"_ _38\"></span> <span class=\"_ _38\"></span>R<span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>s<span class=\"_ _38\"></span>k<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x223c y669e w139d h21e\"><div class=\"t m1f x2b3 h11f y669d ff4 fs43 fc1 sc2 ls0 ws0\">F<span class=\"_ _38\"></span>X<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>R<span class=\"_ _38\"></span>i<span class=\"_ _38\"></span>s<span class=\"_ _38\"></span>k<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x223d y669e w139e h21e\"><div class=\"t m1f x2b3 h11f y669d ff4 fs43 fc1 sc2 ls0 ws0\">I<span class=\"_ _1\"></span>n<span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _38\"></span>a<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span> R<span class=\"_ _0\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>k<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m1f x223a h11f y669f ff4 fs43 fc1 sc2 ls0 ws0\">C<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span>m<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"c n x223e y66a0 w139f h21e\"><div class=\"t m1f x2b3 h11f y669d ff4 fs43 fc1 sc0 ls0 ws0\">7,5%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x223f y66a0 w13a0 h21e\"><div class=\"t m1f x2b3 h11f y669d ff4 fs43 fc1 sc0 ls0 ws0\">0,8%<span class=\"_ _3a1\"> </span></div></td><td class=\"c x2241 y66a0 w13a1 h21e\"><div class=\"t m1f x2b3 h11f y669d ff4 fs43 fc1 sc0 ls0 ws0\">9<span class=\"_ _3a1\"> </span></div><div class=\"t m1f x2240 h11f y669d ff4 fs43 fc1 sc0 ls0 ws0\">1,7%<span class=\"_ _3a1\"> </span></div></td></tr></table>Alla pi\u00f9 generale categoria del Rischio Mercato appartengo<span class=\"_ _3a1\"> </span>no le seguenti sotto-categorie:<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio Mercato<span class=\"_ _1\"></span>;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio Asset &amp;<span class=\"_ _1\"></span> Liability Management;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4 fc1\">Rischio di Liquidit\u00e0,<span class=\"_ _3a1\"> </span></span>di seguito meglio esplicitate.<span class=\"_ _3a1\"> </span>Si <span class=\"_ _35\"> </span>definisce <span class=\"_ _35\"> </span>rischio <span class=\"_ _0\"> </span>di <span class=\"_ _35\"> </span>mercato, <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>perdita <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>d<span class=\"_ _3a1\"> </span>i <span class=\"_ _35\"> </span>variazione <span class=\"_ _35\"> </span>sfavorevole <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>situazione<span class=\"_ _3a1\"> </span>finanziaria der<span class=\"_ _1\"></span>ivante, <span class=\"_ _1\"></span>direttamente <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>indirettamente, <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>oscillazioni <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>livello <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>volatilit\u00e0 <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ei<span class=\"_ _3a1\"> </span>prezzi di mercato delle <span class=\"_ _1\"></span>attivit\u00e0, delle passivit\u00e0 e degli str<span class=\"_ _1\"></span>umenti finanziari (cfr. articolo 1, comma 1<span class=\"_ _1\"></span>,<span class=\"_ _3a1\"> </span>lettera vv-bis 3 del CAP). I <span class=\"_ _39\"> </span>rischi <span class=\"_ _3f\"> </span>di <span class=\"_ _36\"> </span>m<span class=\"_ _1\"></span>ercato <span class=\"_ _3f\"> </span>risentono <span class=\"_ _39\"> </span>dell\u2019andamento <span class=\"_ _39\"> </span>congiunturale <span class=\"_ _3f\"> </span>del <span class=\"_ _39\"> </span>ciclo <span class=\"_ _39\"> </span>economico, <span class=\"_ _3f\"> </span>che <span class=\"_ _39\"> </span>pu\u00f2<span class=\"_ _3a1\"> </span>amplificarne <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>event<span class=\"_ _1\"></span>ualmente <span class=\"_ _1\"></span>diminuirne <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>significativit\u00e0, <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oprattutto <span class=\"_ _1\"></span>se <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>portafoglio <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>itoli <span class=\"_ _1\"></span>della<span class=\"_ _3a1\"> </span>Compagnia <span class=\"_ _3d\"> </span>\u00e8 <span class=\"_ _3d\"> </span>particolarm<span class=\"_ _1\"></span>ente <span class=\"_ _3d\"> </span>concentrato <span class=\"_ _3d\"> </span>in <span class=\"_ _3d\"> </span>det<span class=\"_ _1\"></span>erminati <span class=\"_ _3d\"> </span>settori, <span class=\"_ _3d\"> </span>valute <span class=\"_ _37\"> </span>o <span class=\"_ _3d\"> </span>aree <span class=\"_ _37\"> </span>geografiche.<span class=\"_ _3a1\"> </span>Conseguentemente, <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>imprese <span class=\"_ _3d\"> </span>sono <span class=\"_ _3d\"> </span>esposte <span class=\"_ _3d\"> </span>al  ris<span class=\"_ _1\"></span>chio <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>conseguire  re<span class=\"_ _1\"></span>ndimenti <span class=\"_ _3d\"> </span>diversi, <span class=\"_ _3d\"> </span>ed<span class=\"_ _3a1\"> </span>eventualmente <span class=\"_ _3f\"> </span>anche <span class=\"_ _3f\"> </span>inferiori, <span class=\"_ _3f\"> </span>rispetto <span class=\"_ _3f\"> </span>al <span class=\"_ _3f\"> </span>rendimento <span class=\"_ _3f\"> </span>atteso <span class=\"_ _3f\"> </span>al <span class=\"_ _3f\"> </span>momento <span class=\"_ _3f\"> </span>de<span class=\"_ _1\"></span>ll\u2019assunzione<span class=\"_ _3a1\"> </span>dell\u2019impegno, oppure rispetto ad un re<span class=\"_ _1\"></span>ndimento minimo definito contrattualmente. Tale rischio pu\u00f2 essere distinto nei seguent<span class=\"_ _1\"></span>i fattori di rischio:<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>interesse: <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>valore <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>attivi <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>impresa <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>assicurazione <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>sensibil<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>a<span class=\"_ _3a1\"> </span></span>variazioni  d<span class=\"_ _2\"></span>ei  tassi  d<span class=\"_ _2\"></span>i  interesse. <span class=\"_ _35\"> </span>Inoltre<span class=\"_ _1\"></span>, <span class=\"_ _35\"> </span>se  i  flu<span class=\"_ _2\"></span>ssi  finanziari <span class=\"_ _35\"> </span>gener<span class=\"_ _1\"></span>ati  d<span class=\"_ _2\"></span>alle  attivit\u00e0 <span class=\"_ _35\"> </span>e  quelli<span class=\"_ _3a1\"> </span>generati <span class=\"_ _3f\"> </span>dalle <span class=\"_ _39\"> </span>passivit\u00e0 <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>un\u2019impresa <span class=\"_ _3f\"> </span>non <span class=\"_ _39\"> </span>sono <span class=\"_ _3f\"> </span>perfettamente <span class=\"_ _39\"> </span>allineati <span class=\"_ _3f\"> </span>per <span class=\"_ _39\"> </span>scadenza,<span class=\"_ _3a1\"> </span>periodicit\u00e0 <span class=\"_ _37\"> </span>degli <span class=\"_ _37\"> </span>eventuali <span class=\"_ _37\"> </span>pagament<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>per <span class=\"_ _37\"> </span>natura <span class=\"_ _37\"> </span>dei <span class=\"_ _37\"> </span>tassi <span class=\"_ _37\"> </span>degli <span class=\"_ _37\"> </span>investiment<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>(maturity<span class=\"_ _3a1\"> </span>mismatching, <span class=\"_ _0\"></span>interest <span class=\"_ _0\"></span>rate <span class=\"_ _0\"></span>mismatching, <span class=\"_ _0\"></span>reset <span class=\"_ _0\"></span>date <span class=\"_ _0\"></span>mismatching, <span class=\"_ _0\"></span>basic <span class=\"_ _0\"></span>mismatching), <span class=\"_ _0\"></span>uno<span class=\"_ _3a1\"> </span>shock (positivo o negativo) dei t<span class=\"_ _1\"></span>assi di inte<span class=\"_ _1\"></span>resse pu\u00f2 produrre <span class=\"_ _1\"></span>variazioni non sincronizzate ne<span class=\"_ _1\"></span>l<span class=\"_ _3a1\"> </span>valore delle <span class=\"_ _3b\"></span>attivit\u00e0 e <span class=\"_ _3b\"></span>delle passivit\u00e0. <span class=\"_ _3b\"></span>Sostanzialmente l'esposizione <span class=\"_ _3b\"></span>al rischio <span class=\"_ _3b\"></span>tasso di <span class=\"_ _3b\"></span>interesse<span class=\"_ _3a1\"> </span>si  riferisce <span class=\"_ _35\"> </span>a  tutte <span class=\"_ _35\"> </span>le  attivit\u00e0<span class=\"_ _2\"></span>  e <span class=\"_ _35\"> </span>le  passivit\u00e0 <span class=\"_ _35\"> </span>il  cui <span class=\"_ _35\"> </span>valore  \u00e8 <span class=\"_ _35\"> </span>\u201csensibile\u201d  ai  c<span class=\"_ _2\"></span>ambiamenti  nella<span class=\"_ _3a1\"> </span>struttura a termine dei tassi di interesse o a<span class=\"_ _1\"></span>lla volatilit\u00e0 dei tassi di interesse;<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio  azionario:  i  valori  di  m<span class=\"_ _2\"></span>ercato  delle  posizioni  assunte  d<span class=\"_ _2\"></span>all\u2019impresa  possono  essere<span class=\"_ _3a1\"> </span></span>sensibili <span class=\"_ _3b\"></span>all\u2019andame<span class=\"_ _1\"></span>nto d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>mercati <span class=\"_ _3b\"></span>azionar<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>(per esempio <span class=\"_ _3b\"></span>nel cas<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>contr<span class=\"_ _1\"></span>atti <span class=\"_ _3b\"></span>le cui<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>prestazioni<span class=\"_ _3a1\"> </span>sono collegate al valore di un titolo azionario);<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio <span class=\"_ _38\"></span>tas<span class=\"_ _1\"></span>so <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>cambio: <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>valore<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>me<span class=\"_ _1\"></span>rcato <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>posizioni <span class=\"_ _1\"></span>as<span class=\"_ _1\"></span>sunte <span class=\"_ _38\"></span>dall\u2019impresa <span class=\"_ _38\"></span>pu\u00f2 <span class=\"_ _0\"></span>essere<span class=\"_ _3a1\"> </span></span>sensibile a <span class=\"_ _3b\"></span>var<span class=\"_ _1\"></span>iazioni <span class=\"_ _2\"></span>dei tassi d<span class=\"_ _2\"></span>i camb<span class=\"_ _2\"></span>io (p<span class=\"_ _2\"></span>er esempio nel c<span class=\"_ _2\"></span>aso di<span class=\"_ _2\"></span> titoli <span class=\"_ _2\"></span>azionari o <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>bbligazionari<span class=\"_ _3a1\"> </span>denominati in <span class=\"_ _3b\"></span>valuta estera). Questo <span class=\"_ _2\"></span>fattore di <span class=\"_ _3b\"></span>rischio, quindi, <span class=\"_ _3b\"></span>as<span class=\"_ _1\"></span>sume particolare rilevanza <span class=\"_ _3b\"></span>per<span class=\"_ _3a1\"> </span>le <span class=\"_ _3f\"> </span>imprese <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>assicu<span class=\"_ _2\"></span>razione <span class=\"_ _3f\"> </span>in <span class=\"_ _3f\"> </span>presenza <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>attivit\u00e0<span class=\"_ _2\"></span> <span class=\"_ _3f\"> </span>a <span class=\"_ _3f\"> </span>copertura <span class=\"_ _39\"> </span>delle <span class=\"_ _3f\"> </span>riserve <span class=\"_ _3f\"> </span>tecniche<span class=\"_ _3a1\"> </span>denominate <span class=\"_ _39\"> </span>in <span class=\"_ _36\"> </span>una <span class=\"_ _39\"> </span>valuta <span class=\"_ _36\"> </span>di<span class=\"_ _1\"></span>vers<span class=\"_ _1\"></span>a <span class=\"_ _36\"> </span>da <span class=\"_ _39\"> </span>quella <span class=\"_ _36\"> </span>de<span class=\"_ _1\"></span>i <span class=\"_ _36\"> </span>cor<span class=\"_ _1\"></span>rispondenti <span class=\"_ _36\"> </span>impegni <span class=\"_ _39\"> </span>tecnici <span class=\"_ _36\"> </span>as<span class=\"_ _1\"></span>sunti<span class=\"_ _3a1\"> </span>contrattualmente. <span class=\"_ _0\"></span>Infatti, <span class=\"_ _38\"></span>poich\u00e9 <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>conversione <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>ute <span class=\"_ _0\"></span>avviene <span class=\"_ _38\"></span>alla <span class=\"_ _0\"></span>chiusura <span class=\"_ _38\"></span>d\u2019esercizio <span class=\"_ _0\"></span>al<span class=\"_ _3a1\"> </span>cambio corrente, <span class=\"_ _1\"></span>in corrispondenza di <span class=\"_ _1\"></span>detta dat<span class=\"_ _1\"></span>a possono realizzarsi <span class=\"_ _1\"></span>delle plus/minusvalenze<span class=\"_ _3a1\"> </span>a causa della variazione dei tassi di cambio;<span class=\"_ _3a1\"> </span><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1ae1\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio immobiliare: qualora gli attivi di <span class=\"_ _3b\"></span>un\u2019impr<span class=\"_ _1\"></span>esa di assicurazione siano investiti i<span class=\"_ _2\"></span>n im<span class=\"_ _3a1\"> </span></span><span class=\"ff4\">mobili,<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ae2\">i val<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ae3\">ori di tali att<span class=\"_ _1\"></span>ivit\u00e0 sono sensibili all\u2019<span class=\"_ _2\"></span>andamento <span class=\"_ _1\"></span>dei prezzi di mercato degli stessi;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1ae4\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Credit Spread: ogni v<span class=\"_ _2\"></span>olta che <span class=\"_ _2\"></span>un\u2019impresa di <span class=\"_ _2\"></span>assicurazione sottoscrive s<span class=\"_ _2\"></span>trumenti finanzia<span class=\"_ _3a1\"> </span></span><span class=\"ff4\">ri, p<span class=\"_ _2\"></span>u\u00f2 </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ae5\">incorrere nel <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio di<span class=\"_ _2\"></span> insolvenza <span class=\"_ _3b\"></span>del proprio debito<span class=\"_ _2\"></span>re il <span class=\"_ _2\"></span>quale p<span class=\"_ _2\"></span>otrebbe non <span class=\"_ _3b\"></span>es<span class=\"_ _1\"></span>sere in<span class=\"_ _2\"></span> gr<span class=\"_ _3a1\"> </span>ado <span class=\"_ _3b\"></span>sia </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ae6\">di <span class=\"_ _1\"></span>adempier<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>proprie <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>bbligazioni <span class=\"_ _1\"></span>sia <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>incorrere <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ggioramento <span class=\"_ _38\"></span>merito </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ae7\">creditizio, <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>cons<span class=\"_ _2\"></span>eguente <span class=\"_ _0\"></span>riduzi<span class=\"_ _2\"></span>one <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>valore <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>titolo. <span class=\"_ _0\"></span>L\u2019es<span class=\"_ _3b\"></span>pos<span class=\"_ _1\"></span>izione <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>cre<span class=\"_ _3a1\"> </span>dito <span class=\"_ _0\"></span>si </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ae8\">riferisce <span class=\"_ _37\"> </span>ad <span class=\"_ _37\"> </span>attivit\u00e0, <span class=\"_ _37\"> </span>passivit\u00e0 <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>strumenti <span class=\"_ _37\"> </span>finanziari <span class=\"_ _37\"> </span>sensibili <span class=\"_ _37\"> </span>alla <span class=\"_ _37\"> </span>variazione <span class=\"_ _37\"> </span>degli <span class=\"_ _3d\"> </span>s<span class=\"_ _3a1\"> </span>pre<span class=\"_ _1\"></span>ad </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ae9\">creditizi;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1aea\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio <span class=\"_ _3f\"> </span>concentr<span class=\"_ _1\"></span>azione: <span class=\"_ _3f\"> </span>l\u2019esposizione <span class=\"_ _3f\"> </span>al <span class=\"_ _3a\"> </span>rischio <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>concentrazione, <span class=\"_ _3f\"> </span>che <span class=\"_ _3f\"> </span>de<span class=\"_ _1\"></span>riva <span class=\"_ _3f\"> </span>d<span class=\"_ _3a1\"> </span></span><span class=\"ff4\">a <span class=\"_ _3f\"> </span>una </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1aeb\">variazione  inattesa  dei <span class=\"_ _35\"> </span>prezzi,  del <span class=\"_ _35\"> </span>valore  delle  esposizioni <span class=\"_ _35\"> </span>verso  emittenti  su  c<span class=\"_ _2\"></span>ui  si <span class=\"_ _35\"> </span>ha  un </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1aec\">accumulo di <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>sposizione <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>stessa <span class=\"_ _38\"></span>controparte, si <span class=\"_ _1\"></span>riferis<span class=\"_ _1\"></span>ce alle <span class=\"_ _1\"></span>att<span class=\"_ _1\"></span>ivit\u00e0 soggette <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1aed\">azionario, <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>tasso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>interesse <span class=\"_ _1\"></span>e s<span class=\"_ _1\"></span>pread e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>ischio <span class=\"_ _1\"></span>immobiliare <span class=\"_ _1\"></span>inclusi nel <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>me<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span>rcato, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1aee\">ed esclude <span class=\"_ _3b\"></span>le attivit\u00e0 sogg<span class=\"_ _2\"></span>ette al <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio d<span class=\"_ _2\"></span>i inad<span class=\"_ _2\"></span>empimento di <span class=\"_ _2\"></span>controparte. Al <span class=\"_ _2\"></span>momento a<span class=\"_ _3a1\"> </span> <span class=\"_ _3b\"></span>livello </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1aef\">regolamentare sono esclusi anche i t<span class=\"_ _1\"></span>itoli di stato;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1af0\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Rischio <span class=\"_ _0\"></span>Sovrano: <span class=\"_ _0\"></span>E\u2019 <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>associato <span class=\"_ _0\"></span>all\u2019eventualit\u00e0 <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>Governo <span class=\"_ _0\"></span>non <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ispetti <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>p<span class=\"_ _3a1\"> </span></span><span class=\"ff4\">r<span class=\"_ _1\"></span>oprie </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1af1\">obbligazioni <span class=\"_ _0\"></span>finanziarie. <span class=\"_ _0\"></span>Pu\u00f2 <span class=\"_ _0\"></span>dipendere <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>fattor<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>economici, <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>politici. <span class=\"_ _0\"></span>Pu\u00f2 <span class=\"_ _0\"></span>essere </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1af2\">legato <span class=\"_ _3b\"></span>alla c<span class=\"_ _2\"></span>ongiuntura <span class=\"_ _3b\"></span>o <span class=\"_ _2\"></span>svilupparsi <span class=\"_ _3b\"></span>nel <span class=\"_ _2\"></span>medio-lungo <span class=\"_ _184\"></span>per<span class=\"_ _1\"></span>iodo. <span class=\"_ _3b\"></span>Il <span class=\"_ _3b\"></span>rischio sovrano <span class=\"_ _3b\"></span>viene <span class=\"_ _3b\"></span>ass<span class=\"_ _3a1\"> </span>ociato </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1af3\">ai <span class=\"_ _0\"></span>rendimenti <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>pubblici <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>quind<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>agli <span class=\"_ _0\"></span>interessi <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>uno <span class=\"_ _0\"></span>Stato <span class=\"_ _0\"></span>deve <span class=\"_ _0\"></span>corrisponde<span class=\"_ _3a1\"> </span>re <span class=\"_ _0\"></span>agli </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1af4\">investitori per potersi finanziare;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1af5\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Liquidit\u00e0 <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>titolo: <span class=\"_ _35\"> </span>La <span class=\"_ _35\"> </span>possibilit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>procedere <span class=\"_ _35\"> </span>allo <span class=\"_ _35\"> </span>smobilizzo <span class=\"_ _35\"> </span>tempestivo <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>portaf<span class=\"_ _3a1\"> </span></span><span class=\"ff4\">oglio <span class=\"_ _35\"> </span>\u00e8 </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1af6\">fortemente  condizionata  dalla  liq<span class=\"_ _2\"></span>uidabilit\u00e0  dei  titoli  in  cui<span class=\"_ _2\"></span>  lo  stesso  \u00e8  inv<span class=\"_ _2\"></span>estito.  La  scarsa </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1af7\">liquidabilit\u00e0 <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>itoli, <span class=\"_ _0\"></span>infatti, <span class=\"_ _38\"></span>pu\u00f2 <span class=\"_ _0\"></span>esporre <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>Compagn<span class=\"_ _2\"></span>ia <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>conseguire <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>p<span class=\"_ _3a1\"> </span>erdite </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1af8\">connesse <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>difficolt\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>trovar<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>sul <span class=\"_ _1\"></span>mer<span class=\"_ _1\"></span>cato la <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>ntroparte <span class=\"_ _1\"></span>interessata <span class=\"_ _1\"></span>all\u2019acquisto <span class=\"_ _1\"></span>d<span class=\"_ _3a1\"> </span>ei <span class=\"_ _1\"></span>titoli </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1af9\">che si intende smobilizzare. A livello regolamentare non \u00e8 attualmente previsto un requ<span class=\"_ _3a1\"> </span>isito di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1afa\">capitale specifico;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1afb\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Altre <span class=\"_ _0\"></span>esposizioni <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>as<span class=\"_ _2\"></span>sets: <span class=\"_ _38\"></span>Tale <span class=\"_ _0\"></span>fattore <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>rischio<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>si <span class=\"_ _38\"></span>concretizza <span class=\"_ _38\"></span>nel <span class=\"_ _0\"></span>rischio <span class=\"_ _38\"></span>mercato <span class=\"_ _0\"></span>le<span class=\"_ _3a1\"> </span></span><span class=\"ff4\">gat<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>a </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1afc\">private equity, strumenti alternativi, infrastrut<span class=\"_ _1\"></span>ture, prodotti legati all\u2019inflazione e ibridi.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1afd\">I fat<span class=\"_ _1\"></span>tori di <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>mercato vengono <span class=\"_ _1\"></span>principalmente <span class=\"_ _1\"></span>individuati ne<span class=\"_ _1\"></span>lle <span class=\"_ _1\"></span>classi di <span class=\"_ _1\"></span>bilancio <span class=\"_ _1\"></span>spe<span class=\"_ _3a1\"> </span>cifiche </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1afe\">delle Gestioni Separate, Specifiche Provviste e del Portafo<span class=\"_ _1\"></span>glio di Propriet\u00e0.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1aff\">La <span class=\"_ _1\"></span>tabella r<span class=\"_ _1\"></span>iportata di <span class=\"_ _1\"></span>seguito <span class=\"_ _1\"></span>rappresenta <span class=\"_ _1\"></span>la dist<span class=\"_ _1\"></span>ribuzione <span class=\"_ _1\"></span>degli str<span class=\"_ _1\"></span>umenti nei <span class=\"_ _1\"></span>suddetti <span class=\"_ _1\"></span>port<span class=\"_ _3a1\"> </span>afogli, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b00\">alla <span class=\"_ _35\"> </span>data <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>valutazione <span class=\"_ _35\"> </span>per <span class=\"_ _35\"> </span>tipologia, <span class=\"_ _35\"> </span>espressi <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>per<span class=\"_ _1\"></span>centuale <span class=\"_ _35\"> </span>rispetto <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>contro<span class=\"_ _1\"></span>valore <span class=\"_ _0\"> </span>t<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span>tale <span class=\"_ _35\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b01\">mercato. </div><div class=\"gs1b02\"><table class=\"s w1500 h2dc\" id=\"_52fc8577-62ed-4cde-938f-8fb96dd7dde4\"><tr><td class=\"c n x25a0 y69c1 w1501 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc4 sc3 ls0 ws0\">Tipo Titolo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25a1 y69c1 w1502 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc4 sc3 ls0 ws0\">T<span class=\"_ _1\"></span>ipo Cedola<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x25a2 y69c1 w1503 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc4 sc3 ls0 ws0\">Totali<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69c2 w1504 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Emittenti Governativi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25a3 y69c2 w1505 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Fixed<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25a4 y69c2 w1506 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">69,87%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n x25a5 y69c3 w1507 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Floating<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25a6 y69c3 w1508 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">0,08%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n x25a5 y69c4 w1509 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x25a7 y69c4 w150a h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">69,95%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69c5 w150b h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Emittenti Obbligazionari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25a8 y69c5 w150c h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">F<span class=\"_ _1\"></span>ixed<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25a9 y69c5 w150d h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">12,38%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n x25a5 y69c6 w1507 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Floating<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25aa y69c6 w150e h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">4,58%<span class=\"_ _3a1\"> </span></div></td><td></td></tr><tr><td></td><td class=\"c n x25a5 y69c7 w1509 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x25ab y69c7 w150f h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">16,96%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69c8 w1510 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">OICR<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25ac y69c8 w1509 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x25ad h8 y69c9 ff4 fs2 fc1 sc0 ls0 ws0\">12,69%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y69b9 w1511 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">C/C<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25ae y69b9 w1512 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Tot<span class=\"_ _1\"></span>ale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"t m2 x25af h8 y69ca ff4 fs2 fc1 sc0 ls0 ws0\">0,40%<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b03\">Di cui la ripartizione in OICR risulta <span class=\"_ _1\"></span>cos\u00ec composta: </div><div class=\"gs1b04\"><table class=\"s w14f1 h2db\" id=\"_3f1836a5-4ded-4a58-9ce1-92d7c2a98b7f\"><tr><td class=\"c n x2597 y69ba w14f2 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc4 sc3 ls0 ws0\">Tipo OICR<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2598 y69ba w14f3 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc4 sc3 ls0 ws0\">%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69bb w14f4 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">OICR Azionario<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2599 y69bb w14f5 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">1<span class=\"_ _1\"></span>5,83%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69bc w14f6 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">OICR Governativo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x259a y69bc w14f7 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">22,54%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69bd w14f8 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">OICR Immobiliare<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x259b y69bd w14f9 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">9,27%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69be w14fa h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">OICR Loans<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x259c y69be w14fb h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">26,38%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69bf w14fc h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">OICR Corporate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x259d y69bf w4f3 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">15,32%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69c0 w14fd h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">OICR Infrastrutturali<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x259e y69c0 wae4 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">6,07%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69b9 w14fe h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">OICR Private Equity<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x259f y69b9 w14ff h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">4,59%<span class=\"_ _3a1\"> </span></div></td></tr></table></div>La percentuale esposta in valuta sul totale <span class=\"_ _1\"></span>di portafoglio assets \u00e8 del 2,96%.<span class=\"_ _3a1\"> </span> Da <span class=\"_ _35\"> </span>un<span class=\"_ _3a1\"> </span> punto <span class=\"_ _0\"> </span>di <span class=\"_ _35\"> </span>vista <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>dist<span class=\"_ _2\"></span>ribuzione <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>ris<span class=\"_ _1\"></span>chi <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>Credemvita <span class=\"_ _0\"></span>secondo <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>dettami<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> normativi <span class=\"_ _38\"></span>Solvency <span class=\"_ _38\"></span>II <span class=\"_ _1\"></span>si <span class=\"_ _38\"></span>riporta <span class=\"_ _38\"></span>nella <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>abella <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>seguito <span class=\"_ _38\"></span>la <span class=\"_ _1\"></span>miglior <span class=\"_ _38\"></span>stima <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>rappresentazione <span class=\"_ _1\"></span>del<span class=\"_ _3a1\"> </span> rischio <span class=\"_ _38\"></span>disponibile <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>valutazione <span class=\"_ _38\"></span>(si <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>cisa <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>peso <span class=\"_ _38\"></span>complessivo <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>rischi <span class=\"_ _38\"></span>market <span class=\"_ _38\"></span>\u00e8<span class=\"_ _3a1\"> </span> pari al 37,9).<span class=\"_ _3a1\"> </span> Market risk - risk/sum of risk components <span class=\"_ _1\"></span>- relativo e complessivo <table class=\"s w1513 h2dd\" id=\"_1f37c303-7f86-4d55-bc69-b02f27e9976e\"><tr><td></td><td class=\"t m2 x25b0 h8 y69cb ff4 fs2 fc4 sc3 ls0 ws0\">Relativo<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x25b1 h8 y69cb ff4 fs2 fc4 sc3 ls0 ws0\">Complessivo<span class=\"fc1 sc2\"> </span></td></tr><tr><td class=\"t m2 x25b2 h8 y69cc ff4 fs2 fc1 sc0 ls0 ws0\">Interest rate risk </td><td class=\"t m2 x25b3 h8 y69cd ff4 fs2 fc1 sc0 ls0 ws0\">4,4%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x25b4 h8 y69cd ff4 fs2 fc1 sc0 ls0 ws0\">1,7%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x25b2 h8 y69ce ff4 fs2 fc1 sc0 ls0 ws0\">Equity risk </td><td class=\"t m2 x25b5 h8 y69cf ff4 fs2 fc1 sc0 ls0 ws0\">41,5%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x25b6 h8 y69cf ff4 fs2 fc1 sc0 ls0 ws0\">15,7%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x25b2 h8 y69d0 ff4 fs2 fc1 sc0 ls0 ws0\">Property risk </td><td class=\"t m2 x25b7 h8 y69d1 ff4 fs2 fc1 sc0 ls0 ws0\">5,1%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x25b4 h8 y69d1 ff4 fs2 fc1 sc0 ls0 ws0\">1,9%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x25b2 h8 y69d2 ff4 fs2 fc1 sc0 ls0 ws0\">Spread risk </td><td class=\"t m2 x25b5 h8 y69d3 ff4 fs2 fc1 sc0 ls0 ws0\">31,0%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x25b8 h8 y69d3 ff4 fs2 fc1 sc0 ls0 ws0\">11,8%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x25b2 h8 y69d4 ff4 fs2 fc1 sc0 ls0 ws0\">Currency risk </td><td class=\"t m2 x25b5 h8 y69d5 ff4 fs2 fc1 sc0 ls0 ws0\">18,0%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x25b9 h8 y69d5 ff4 fs2 fc1 sc0 ls0 ws0\">6,8%<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x25b2 h8 y69d6 ff4 fs2 fc1 sc0 ls0 ws0\">Concentration risk </td><td class=\"t m2 x25b3 h8 y69d7 ff4 fs2 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x25b8 h8 y69d7 ff4 fs2 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></td></tr></table>La <span class=\"_ _39\"> </span>Compagnia <span class=\"_ _39\"> </span>adotta, <span class=\"_ _39\"> </span>nei <span class=\"_ _36\"> </span>confronti <span class=\"_ _39\"> </span>dei <span class=\"_ _39\"> </span>fattori <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _36\"> </span>sopra <span class=\"_ _39\"> </span>enunciati, <span class=\"_ _39\"> </span>linee <span class=\"_ _39\"> </span>guida <span class=\"_ _39\"> </span>che<span class=\"_ _3a1\"> </span> definiscono <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>principi gener<span class=\"_ _1\"></span>ali pe<span class=\"_ _1\"></span>r <span class=\"_ _1\"></span>l\u2019attivit\u00e0 <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Team <span class=\"_ _1\"></span>Finanza, la <span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>riodicit\u00e0 <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>controlli <span class=\"_ _1\"></span>e le <span class=\"_ _1\"></span>azioni<span class=\"_ _3a1\"> </span> di <span class=\"_ _39\"> </span>ripristino <span class=\"_ _39\"> </span>in <span class=\"_ _39\"> </span>caso <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>super<span class=\"_ _1\"></span>amento <span class=\"_ _39\"> </span>dei <span class=\"_ _39\"> </span>limiti <span class=\"_ _39\"> </span>(sia <span class=\"_ _39\"> </span>RAF <span class=\"_ _3f\"> </span>sia <span class=\"_ _36\"> </span>o<span class=\"_ _1\"></span>perativi). <span class=\"_ _39\"> </span>Nella <span class=\"_ _39\"> </span>composizione<span class=\"_ _3a1\"> </span> complessiva <span class=\"_ _0\"></span>del <span class=\"_ _35\"> </span>po<span class=\"_ _2\"></span>rtafoglio <span class=\"_ _0\"></span>d\u2019investimento <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>iene <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>dell\u2019esposizione <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>ischio, <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>vincoli<span class=\"_ _3a1\"> </span> legati <span class=\"_ _38\"></span>alla <span class=\"_ _1\"></span>copertura <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>riserve <span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>cniche <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>degli <span class=\"_ _1\"></span>effetti <span class=\"_ _38\"></span>sul <span class=\"_ _38\"></span>Solvency <span class=\"_ _1\"></span>Rat<span class=\"_ _1\"></span>io. <span class=\"_ _1\"></span>I <span class=\"_ _38\"></span>limiti <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>gli <span class=\"_ _38\"></span>indicatori<span class=\"_ _3a1\"> </span> relativi <span class=\"_ _0\"></span>agli <span class=\"_ _38\"></span>inves<span class=\"_ _1\"></span>timenti <span class=\"_ _0\"></span>sono <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span>ggetto <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>ve<span class=\"_ _1\"></span>rifica <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span>trollo <span class=\"_ _0\"></span>su <span class=\"_ _38\"></span>base <span class=\"_ _0\"></span>continuativa <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>part<span class=\"_ _1\"></span>e <span class=\"_ _0\"></span>delle<span class=\"_ _3a1\"> </span> funzioni  aziendali  preposte  e,  con  frequenza  periodica,  i  risultati  di  tali  controlli  sono  portati<span class=\"_ _3a1\"> </span> all\u2019attenzione <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>Consiglio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Amm<span class=\"_ _1\"></span>inistrazione. <span class=\"_ _38\"></span>Il <span class=\"_ _0\"></span>processo <span class=\"_ _38\"></span>prevede <span class=\"_ _38\"></span>inoltre <span class=\"_ _38\"></span>una <span class=\"_ _0\"></span>fase <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>revisione<span class=\"_ _3a1\"> </span> dei suddetti limiti realizzata mediante a<span class=\"_ _1\"></span>nalisi di sensitivit\u00e0 condotte sui portafogli attivi e passivi.<span class=\"_ _3a1\"> </span> La <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _0\"></span>viene <span class=\"_ _0\"></span>effettuata <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>riferi<span class=\"_ _2\"></span>mento <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>investimenti<span class=\"_ _3a1\"> </span> mobiliare <span class=\"_ _38\"></span>gi\u00e0 <span class=\"_ _38\"></span>acquisito <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>agli <span class=\"_ _38\"></span>scenari <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>investimento <span class=\"_ _38\"></span>futuro. <span class=\"_ _38\"></span>Tale <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>viene <span class=\"_ _38\"></span>realizzata <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ia <span class=\"_ _1\"></span>con<span class=\"_ _3a1\"> </span> logiche di <span class=\"_ _2\"></span>Asset-Liability Management, al fine d<span class=\"_ _2\"></span>i cogliere le in<span class=\"_ _2\"></span>terrelazioni esistenti fra l<span class=\"_ _2\"></span>e dinamiche<span class=\"_ _3a1\"> </span> dei <span class=\"_ _0\"></span>passivi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>dinamiche <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>attivi <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>riserve <span class=\"_ _0\"></span>tecniche, <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>seguendo <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>principi<span class=\"_ _3a1\"> </span> Solvency <span class=\"_ _38\"></span>II <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>fin<span class=\"_ _2\"></span>e <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>cogli<span class=\"_ _2\"></span>ere <span class=\"_ _0\"></span>l\u2019ev<span class=\"_ _2\"></span>entuale <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>quisito <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>capitale <span class=\"_ _0\"></span>assorbito <span class=\"_ _1\"></span>da <span class=\"_ _0\"></span>ogni <span class=\"_ _1\"></span>singolo <span class=\"_ _0\"></span>modul<span class=\"_ _2\"></span>o <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span> sottomodulo di rischio.  L\u2019identificazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>mercato <span class=\"_ _0\"></span>vita <span class=\"_ _0\"></span>viene <span class=\"_ _38\"></span>effett<span class=\"_ _1\"></span>uata <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>nuovi <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>vestimenti <span class=\"_ _0\"></span>e<span class=\"_ _3a1\"> </span> asset allocation target, e al portafoglio in essere:<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">Nuovi <span class=\"_ _3d\"> </span>investimenti: <span class=\"_ _3d\"> </span>con <span class=\"_ _3d\"> </span>riferimento <span class=\"_ _3d\"> </span>ai <span class=\"_ _3d\"> </span>nuovi  investime<span class=\"_ _1\"></span>nti,  nell\u2019ambito <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>processo <span class=\"_ _3d\"> </span>ORSA<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>vengono <span class=\"_ _3f\"> </span>effettuate <span class=\"_ _3a\"> </span>analisi <span class=\"_ _3f\"> </span>relative <span class=\"_ _3f\"> </span>a <span class=\"_ _3a\"> </span>scenari <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>investimento <span class=\"_ _3f\"> </span>futur<span class=\"_ _1\"></span>o <span class=\"_ _3f\"> </span>con <span class=\"_ _3f\"> </span>l\u2019obiettivo <span class=\"_ _3f\"> </span>di<span class=\"_ _3a1\"> </span> identificare <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>rischi <span class=\"_ _0\"></span>connessi <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>tali <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>celte <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>investimento <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>valutarne <span class=\"_ _38\"></span>l\u2019impatto<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>sul <span class=\"_ _38\"></span>profilo <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> rischio <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>termini <span class=\"_ _38\"></span>quantitativi. <span class=\"_ _1\"></span>Inoltr<span class=\"_ _1\"></span>e, <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>investiment<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>\u201cnatura <span class=\"_ _38\"></span>occasionale\u201d <span class=\"_ _38\"></span>(secondo <span class=\"_ _38\"></span>la<span class=\"_ _3a1\"> </span> definizione data <span class=\"_ _1\"></span>nella P<span class=\"_ _1\"></span>olicy e <span class=\"_ _1\"></span>Regolamento Investimenti) <span class=\"_ _1\"></span>sulla base <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>informazioni fornite<span class=\"_ _3a1\"> </span> dal <span class=\"_ _37\"> </span>Team <span class=\"_ _36\"> </span>Finanza <span class=\"_ _37\"> </span>viene <span class=\"_ _37\"> </span>e<span class=\"_ _1\"></span>ffettuata <span class=\"_ _37\"> </span>dalla <span class=\"_ _37\"> </span>F<span class=\"_ _1\"></span>unzione <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>Risk <span class=\"_ _36\"> </span>Management <span class=\"_ _36\"> </span>una <span class=\"_ _37\"> </span>valutazione<span class=\"_ _3a1\"> </span> quali/quantitativa <span class=\"_ _37\"> </span>ex-ante <span class=\"_ _36\"> </span>basata <span class=\"_ _37\"> </span>sia <span class=\"_ _37\"> </span>su <span class=\"_ _37\"> </span>logiche <span class=\"_ _37\"> </span>gest<span class=\"_ _1\"></span>ionali <span class=\"_ _37\"> </span>che <span class=\"_ _37\"> </span>regolamentari. <span class=\"_ _37\"> </span>Un <span class=\"_ _37\"> </span>iter<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>di<span class=\"_ _3a1\"> </span> valutazione del <span class=\"_ _1\"></span>rischio ex-ante <span class=\"_ _1\"></span>viene effettuata <span class=\"_ _1\"></span>dalla Funzione di <span class=\"_ _1\"></span>Risk Management <span class=\"_ _1\"></span>anche per<span class=\"_ _3a1\"> </span> tutti <span class=\"_ _35\"> </span>gli <span class=\"_ _35\"> </span>attivi  c<span class=\"_ _2\"></span>lassificati <span class=\"_ _35\"> </span>come  complessi, <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>un <span class=\"_ _35\"> </span>focus <span class=\"_ _35\"> </span>particolare<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>su <span class=\"_ _35\"> </span>OICR <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>UCITs  (<span class=\"_ _2\"></span>in<span class=\"_ _3a1\"> </span> particolare i FIA).<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">Portafoglio <span class=\"_ _1\"></span>in es<span class=\"_ _1\"></span>sere: <span class=\"_ _1\"></span>Con r<span class=\"_ _1\"></span>iferimento al <span class=\"_ _1\"></span>portafoglio in <span class=\"_ _1\"></span>essere, <span class=\"_ _1\"></span>l\u2019identificazione dei <span class=\"_ _1\"></span>rischi <span class=\"_ _1\"></span>viene<span class=\"_ _3a1\"> </span></span>effettuata sulla <span class=\"_ _3b\"></span>base dei dati <span class=\"_ _3b\"></span>tecnici <span class=\"_ _2\"></span>del portafoglio, <span class=\"_ _3b\"></span>dei dati di<span class=\"_ _2\"></span> mercato e<span class=\"_ _2\"></span> delle <span class=\"_ _3b\"></span>misure di <span class=\"_ _2\"></span>rischio<span class=\"_ _3a1\"> </span>determinate attraverso lo strumento<span class=\"_ _1\"></span> di calcolo del SCR adottato.<span class=\"_ _3a1\"> </span> Si riportano di seguito i macro-indicatori analizzati per la valutazione e il monitoraggio dei rischi di<span class=\"_ _3a1\"> </span> mercato:<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">SCR Maket <span class=\"_ _1\"></span>Risk- B<span class=\"_ _1\"></span>ased: indicator<span class=\"_ _1\"></span>i basati <span class=\"_ _1\"></span>sulle <span class=\"_ _1\"></span>grandezze regolamentari relative <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>requisito di<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>capitale afferenti alla classe di rischio mercato<span class=\"_ _1\"></span>;<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">Percentuale  di  Esposizione  i<span class=\"_ _2\"></span>n  Asset  Class: <span class=\"_ _35\"> </span>indicatore  volto  a<span class=\"_ _2\"></span>  quantificare <span class=\"_ _35\"> </span>e  monitorare  le<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>esposizioni nelle principali asset class declinate all\u2019interno <span class=\"_ _1\"></span>della Policy degli Investimenti;<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">Percentuale <span class=\"_ _1\"></span>di Concentrazione Emitte<span class=\"_ _1\"></span>nti Financial e Corporate: indicatore <span class=\"_ _1\"></span>volto a <span class=\"_ _1\"></span>quantificare<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span>e <span class=\"_ _1\"></span>monitorare <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>concentrazione <span class=\"_ _1\"></span>degli e<span class=\"_ _1\"></span>mittenti <span class=\"_ _1\"></span>Corporate <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>base <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>specifiche <span class=\"_ _1\"></span>fasce <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>merito<span class=\"_ _3a1\"> </span> creditizio;<span class=\"_ _3a1\"> </span> -<span class=\"_ _41\"> </span><span class=\"ff4\">Limite esposizione <span class=\"_ _1\"></span>in OICR e limite esposizione per strategia in OICR;<span class=\"_ _3a1\"> </span></span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Sensitivities <span class=\"_ _0\"></span>Spr<span class=\"_ _2\"></span>ead <span class=\"_ _38\"></span>Go<span class=\"_ _1\"></span>verantivo <span class=\"_ _1\"></span>It<span class=\"_ _1\"></span>alia <span class=\"_ _38\"></span>(al <span class=\"_ _38\"></span>fine <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>catt<span class=\"_ _1\"></span>urare <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>fattore <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>spread <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ui <span class=\"_ _38\"></span>titoli<span class=\"_ _3a1\"> </span></span>governativi non incluso nella formula standard);<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Sensitivity s<span class=\"_ _1\"></span>ui fattori di rischio mercato (es. tasso).<span class=\"_ _3a1\"> </span></span>Di se<span class=\"_ _1\"></span>guito si <span class=\"_ _1\"></span>riportano le <span class=\"_ _1\"></span>informazioni sulla se<span class=\"_ _1\"></span>nsitivit\u00e0 alle <span class=\"_ _1\"></span>variazioni delle <span class=\"_ _1\"></span>variabili legate <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>rischio<span class=\"_ _3a1\"> </span>di mercat<span class=\"_ _1\"></span>o derivanti <span class=\"_ _1\"></span>dai contra<span class=\"_ _1\"></span>tti rientranti <span class=\"_ _1\"></span>nell\u2019ambito di <span class=\"_ _1\"></span>applicazione dell\u2019IFRS 17<span class=\"_ _1\"></span>. Con <span class=\"_ _1\"></span>l\u2019obiettivo<span class=\"_ _3a1\"> </span>di <span class=\"_ _3b\"></span>valutare la <span class=\"_ _184\"></span>r<span class=\"_ _1\"></span>eattivit\u00e0 <span class=\"_ _3b\"></span>del pat<span class=\"_ _2\"></span>rimonio <span class=\"_ _3b\"></span>nett<span class=\"_ _1\"></span>o <span class=\"_ _3b\"></span>e <span class=\"_ _3b\"></span>de<span class=\"_ _1\"></span>l <span class=\"_ _3b\"></span>risultato d\u2019<span class=\"_ _2\"></span>esercizio <span class=\"_ _3b\"></span>al verifi<span class=\"_ _2\"></span>carsi d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>specifici <span class=\"_ _2\"></span>eventi<span class=\"_ _3a1\"> </span>di <span class=\"_ _38\"></span>st<span class=\"_ _1\"></span>ress, <span class=\"_ _38\"></span>partendo <span class=\"_ _0\"></span>dalla <span class=\"_ _38\"></span>composizione <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>portafoglio <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ssere <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>31 <span class=\"_ _38\"></span>dicembre <span class=\"_ _0\"></span>2024, <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>tati<span class=\"_ _3a1\"> </span>definiti diversi livelli di sensitivities rispetto ai seguenti fattori di rischio:<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Increment<span class=\"_ _1\"></span>o <span class=\"_ _2\"></span>dei c<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>edit spread <span class=\"_ _3b\"></span>di +100 <span class=\"_ _3b\"></span>bps, +200 b<span class=\"_ _2\"></span>ps e <span class=\"_ _3b\"></span>+300 bps <span class=\"_ _3b\"></span>da applicare <span class=\"_ _2\"></span>ai titoli<span class=\"_ _2\"></span> governativi<span class=\"_ _3a1\"> </span></span>italiani e <span class=\"_ _1\"></span>del Sud <span class=\"_ _1\"></span>Europa; vengono <span class=\"_ _1\"></span>esclusi dall\u2019analisi i <span class=\"_ _1\"></span>titoli <span class=\"_ _1\"></span>di emittenti <span class=\"_ _1\"></span>Core <span class=\"_ _1\"></span>Europe ed <span class=\"_ _1\"></span>USA in<span class=\"_ _3a1\"> </span>ragione dell\u2019elevato rating e dell\u2019assenza di volatilit\u00e0 storiche cos\u00ec accentuate.<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Increment<span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>curve <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>assi <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>isk <span class=\"_ _38\"></span>free <span class=\"_ _0\"></span>EUR <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>+100 <span class=\"_ _38\"></span>bps <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>+200 <span class=\"_ _38\"></span>bps <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>applicare <span class=\"_ _0\"></span>a <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>utto <span class=\"_ _38\"></span>il<span class=\"_ _3a1\"> </span></span>portafoglio titoli<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Increment<span class=\"_ _1\"></span>o/diminuzi<span class=\"_ _2\"></span>one del r<span class=\"_ _1\"></span>apporto di cambio EUR/USD del +/- 10%<span class=\"_ _3a1\"> </span></span>Tali <span class=\"_ _3b\"></span>se<span class=\"_ _1\"></span>nsitivites app<span class=\"_ _2\"></span>artengono al <span class=\"_ _3b\"></span>pi\u00f9 <span class=\"_ _3b\"></span>ampio sistema di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>monitoraggio <span class=\"_ _2\"></span>e c<span class=\"_ _2\"></span>ontrollo <span class=\"_ _2\"></span>dei <span class=\"_ _2\"></span>rischi <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>Gr<span class=\"_ _1\"></span>uppo<span class=\"_ _3a1\"> </span>oggetto di reporting trimestrale al Consiglio di Amministrazione della controllante<span class=\"_ _1\"></span>.<span class=\"_ _3a1\"> </span>Di seguito vengono riepilogate le variazioni perce<span class=\"_ _1\"></span>ntuali conseguenti agli eventi sopra dettagliati.<span class=\"_ _3a1\"> </span>Analisi di se<span class=\"_ _1\"></span>nsitivit\u00e0 \u2013 Variazioni d<span class=\"_ _1\"></span>i CSM, Contributo al Cons<span class=\"_ _1\"></span>olidato di Gruppo e<span class=\"_ _1\"></span> Patrimonio Netto<table class=\"s w1514 h2de\" id=\"_7325847e-fff6-4223-8a21-2c99911e2822\"><tr><td class=\"t m2 x677 h8 y69d8 ff4 fs7 fc1 sc0 ls0 ws0\">(in migliaia di eur<span class=\"_ _2\"></span>o)<span class=\"fs2\"> </span></td><td class=\"c x25bb y69d9 w1515 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Variaz<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x25ba h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">ione<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x698 h8 y69da ff4 fs2 fc1 sc0 ls0 ws0\">Variazione di Contributo </td><td class=\"t m2 x7a1 h8 y69db ff4 fs2 fc1 sc0 ls0 ws0\">Variazione di </td></tr><tr><td class=\"t m2 x25bc h8 y69dc ff4 fs2 fc1 sc0 ls0 ws0\">Analisi di Sensitivit\u00e0 </td><td class=\"t m2 x7ae h8 y69dd ff4 fs2 fc1 sc0 ls0 ws0\">di </td><td class=\"t m2 x71d h8 y69dd ff4 fs2 fc1 sc0 ls0 ws0\">all\u2019Utile Consolidato di </td><td class=\"t m2 xac8 h8 y69de ff4 fs2 fc1 sc0 ls0 ws0\">Patrimonio Netto </td></tr><tr><td></td><td class=\"t m2 x97f h8 y69df ff4 fs2 fc1 sc0 ls0 ws0\">CSM </td><td class=\"t m2 x7a4 h8 y69df ff4 fs2 fc1 sc0 ls0 ws0\">Gruppo </td><td></td></tr><tr><td class=\"c n x2d7 y69e0 w1516 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Credit Spread + 100bps<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25bd y69e0 w1517 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-11.15<span class=\"_ _1\"></span>0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25be y69e0 w14ef h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-795<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25bf y69e0 w1518 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-13.863<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69e1 w1519 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Credit Spread + 200bps<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25c0 y69e1 w4c5 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-22.301<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25c1 y69e1 w151a h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-1.591<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25c2 y69e1 w151b h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-27.727<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69e2 w151c h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Credit Spread + 300bps<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25c3 y69e2 w151d h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-33.451<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25c4 y69e2 w151e h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-2.386<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25c5 y69e2 w151f h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-41.590<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69e3 w1520 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Rischio Tasso EUR +100bps<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25c6 y69e3 w1521 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-14.567<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25c7 y69e3 wf8b h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-1.131<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25c8 y69e3 w1522 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-17.046<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69e4 w1523 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Rischio Tasso EUR +200bps<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25c9 y69e4 w650 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-29.134<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25ca y69e4 w1524 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-2.262<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25cb y69e4 w45a h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-34.091<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69e5 w1525 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Rischio Cambio EUR/USD -10%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25cc y69e5 w1526 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-4.164<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25cd y69e5 wc07 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-289<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25ce y69e5 w1527 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">-854<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69b9 w1528 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">Rischio Cambio EUR/USD +10%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25cf y69b9 w1529 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">4.164<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25d0 y69b9 w152a h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">289<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x25d1 y69b9 w152b h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">854<span class=\"_ _3a1\"> </span></div></td></tr></table>Le <span class=\"_ _0\"></span>analisi <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>se<span class=\"_ _1\"></span>nsitivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>cu<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>sopra <span class=\"_ _35\"> </span>sono <span class=\"_ _0\"></span>state <span class=\"_ _0\"></span>effettuate <span class=\"_ _0\"></span>tramite <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>laborazioni <span class=\"_ _0\"></span>integrate <span class=\"_ _35\"> </span>atti<span class=\"_ _3b\"></span>vo-<span class=\"_ _3a1\"> </span>passivo <span class=\"_ _38\"></span>che <span class=\"_ _1\"></span>tenessero <span class=\"_ _38\"></span>pertanto <span class=\"_ _38\"></span>conto <span class=\"_ _38\"></span>congiuntamente <span class=\"_ _1\"></span>degli <span class=\"_ _38\"></span>effetti <span class=\"_ _38\"></span>dei <span class=\"_ _1\"></span>relativi <span class=\"_ _38\"></span>stress <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>mercato<span class=\"_ _3a1\"> </span>sia <span class=\"_ _1\"></span>sul <span class=\"_ _38\"></span>portafoglio <span class=\"_ _1\"></span>polizze <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>sul <span class=\"_ _1\"></span>port<span class=\"_ _1\"></span>afoglio <span class=\"_ _1\"></span>titoli. <span class=\"_ _1\"></span>La <span class=\"_ _1\"></span>valutazione <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>stata <span class=\"_ _1\"></span>effettuata <span class=\"_ _1\"></span>al <span class=\"_ _38\"></span>lordo <span class=\"_ _1\"></span>della<span class=\"_ _3a1\"> </span>riassicurazione <span class=\"_ _38\"></span>passiva <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>quanto <span class=\"_ _1\"></span>poco <span class=\"_ _1\"></span>significativa <span class=\"_ _1\"></span>ris<span class=\"_ _1\"></span>petto <span class=\"_ _1\"></span>agli <span class=\"_ _1\"></span>scenari <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>stress <span class=\"_ _1\"></span>individuati <span class=\"_ _1\"></span>ed <span class=\"_ _38\"></span>\u00e8<span class=\"_ _3a1\"> </span>da int<span class=\"_ _1\"></span>endersi <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>lordo <span class=\"_ _1\"></span>dell\u2019impatto fiscale <span class=\"_ _38\"></span>con riferimento <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>CSM e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>netto dell\u2019effetto <span class=\"_ _1\"></span>fiscale <span class=\"_ _1\"></span>con<span class=\"_ _3a1\"> </span>riferimento a Patrimonio Netto e Contributo all\u2019Utile Consolidato.<span class=\"_ _3a1\"> </span>Rischio Asse<span class=\"_ _1\"></span>t Liability Management (ALM)<span class=\"_ _3a1\"> </span>Il  rischio  ALM  \u00e8<span class=\"_ _2\"></span>  un  rischio  strettamente  correlato  ai<span class=\"_ _2\"></span>  disa<span class=\"_ _3a1\"> </span>llineamenti  tra  a<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tivit\u00e0  e  passivit\u00e0.  I<span class=\"_ _2\"></span>l<span class=\"_ _3a1\"> </span>processo <span class=\"_ _3f\"> </span>ALM <span class=\"_ _3f\"> </span>include <span class=\"_ _3f\"> </span>al <span class=\"_ _3f\"> </span>suo <span class=\"_ _3f\"> </span>interno <span class=\"_ _3f\"> </span>dinamiche <span class=\"_ _39\"> </span>co<span class=\"_ _1\"></span>nnesse <span class=\"_ _3f\"> </span>alla <span class=\"_ _3f\"> </span>gestione <span class=\"_ _3f\"> </span>dei <span class=\"_ _3f\"> </span>rischi <span class=\"_ _3f\"> </span>e <span class=\"_ _3f\"> </span>alla<span class=\"_ _3a1\"> </span>pianificazione <span class=\"_ _37\"> </span>strategica. <span class=\"_ _37\"> </span>Si <span class=\"_ _37\"> </span>focalizza <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>ul <span class=\"_ _3d\"> </span>m<span class=\"_ _1\"></span>edio <span class=\"_ _37\"> </span>- <span class=\"_ _37\"> </span>lungo <span class=\"_ _37\"> </span>termine <span class=\"_ _37\"> </span>anzich\u00e9 <span class=\"_ _37\"> </span>offrire <span class=\"_ _37\"> </span>soluzioni <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span>mitigazione o <span class=\"_ _3b\"></span>cope<span class=\"_ _1\"></span>rtura del <span class=\"_ _3b\"></span>ris<span class=\"_ _1\"></span>chio. <span class=\"_ _2\"></span>L\u2019obiettivo di <span class=\"_ _2\"></span>tale gestione d<span class=\"_ _2\"></span>el rischio <span class=\"_ _2\"></span>\u00e8 quello <span class=\"_ _3b\"></span>di massimizzare<span class=\"_ _3a1\"> </span>le attivit\u00e0 per soddisfare le passivit\u00e0 complesse che possono aument<span class=\"_ _1\"></span>are la redditivit\u00e0.<span class=\"_ _3a1\"> </span>Alla sottocategoria dei Rischi ALM appartengono <span class=\"_ _1\"></span>i seguenti fattori di rischio: -<span class=\"ff16\"> <span class=\"_ _47\"> </span><span class=\"ff4\">Ass<span class=\"_ _1\"></span>et <span class=\"_ _19a\"> </span>Allocation <span class=\"_ _19a\"> </span>Strategica <span class=\"_ _19a\"> </span>(AAT): <span class=\"_ _19a\"> </span>consiste <span class=\"_ _19a\"> </span>nel <span class=\"_ _19a\"> </span>rischio <span class=\"_ _19a\"> </span>risultante<span class=\"_ _3a1\"> </span></span></span>dall\u2019inadeguatezza/incoerenza dell\u2019asset allocation per fare <span class=\"_ _1\"></span>fronte alle passivit\u00e0.<span class=\"_ _3a1\"> </span>-<span class=\"_ _41\"> </span><span class=\"ff4\">Asset &amp; <span class=\"_ _2\"></span>Liability <span class=\"_ _2\"></span>mismatch: corri<span class=\"_ _2\"></span>sponde al <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _3b\"></span>di disallineamento <span class=\"_ _2\"></span>tra attivi <span class=\"_ _3b\"></span>e passivi <span class=\"_ _3b\"></span>che pu\u00f2<span class=\"_ _3a1\"> </span></span>comportare <span class=\"_ _46\"> </span>un\u2019esposizione <span class=\"_ _46\"> </span>dell\u2019<span class=\"_ _2\"></span>impresa <span class=\"_ _46\"> </span>o <span class=\"_ _49\"> </span>a<span class=\"_ _1\"></span>l <span class=\"_ _49\"> </span>rischio <span class=\"_ _46\"> </span>disinvestimento <span class=\"_ _46\"> </span>o <span class=\"_ _49\"> </span>al <span class=\"_ _46\"> </span>rischio<span class=\"_ _3a1\"> </span>reinvestimento.<span class=\"_ _3a1\"> </span>La <span class=\"_ _39\"> </span>Compagnia <span class=\"_ _39\"> </span>adotta, <span class=\"_ _39\"> </span>nei <span class=\"_ _36\"> </span>confronti <span class=\"_ _39\"> </span>dei <span class=\"_ _39\"> </span>fattori <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _36\"> </span>sopra <span class=\"_ _39\"> </span>enunciati, <span class=\"_ _39\"> </span>linee <span class=\"_ _39\"> </span>guida <span class=\"_ _39\"> </span>che<span class=\"_ _3a1\"> </span>definiscono <span class=\"_ _37\"> </span>i <span class=\"_ _36\"> </span>principi <span class=\"_ _37\"> </span>generali, <span class=\"_ _37\"> </span>la <span class=\"_ _36\"> </span>periodicit\u00e0 <span class=\"_ _37\"> </span>dei <span class=\"_ _37\"> </span>controlli <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>le <span class=\"_ _37\"> </span>azioni <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>r<span class=\"_ _1\"></span>ipristino <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>caso <span class=\"_ _37\"> </span>di<span class=\"_ _3a1\"> </span>superamento dei limiti. Valutazione <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>AL<span class=\"_ _2\"></span>M <span class=\"_ _0\"></span>viene <span class=\"_ _0\"></span>effettuata <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>portafoglio <span class=\"_ _38\"></span>inves<span class=\"_ _1\"></span>timenti <span class=\"_ _0\"></span>mobil<span class=\"_ _2\"></span>iare<span class=\"_ _3a1\"> </span>gi\u00e0 <span class=\"_ _35\"> </span>acquisito <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>agli <span class=\"_ _0\"></span>sce<span class=\"_ _1\"></span>nari <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>inv<span class=\"_ _2\"></span>estime<span class=\"_ _1\"></span>nto <span class=\"_ _35\"> </span>futuro. <span class=\"_ _35\"> </span>Tale <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>viene <span class=\"_ _35\"> </span>realizzata <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>logiche <span class=\"_ _35\"> </span>d<span class=\"_ _3a1\"> </span>i<span class=\"_ _3a1\"> </span><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b06\">Asset-Liability <span class=\"_ _3b\"></span>Manageme<span class=\"_ _1\"></span>nt, <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>fine di <span class=\"_ _3b\"></span>cogliere l<span class=\"_ _2\"></span>e in<span class=\"_ _2\"></span>terrelazioni <span class=\"_ _2\"></span>esistenti <span class=\"_ _2\"></span>fra <span class=\"_ _3b\"></span>le dinamiche <span class=\"_ _3b\"></span>dei <span class=\"_ _2\"></span>passivi<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b07\">e le d<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b08\">inamiche degli attivi a copertura delle riserve tecniche.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b09\">Per quanto riguarda i macro-indicatori analizzati per la valutazione e mo<span class=\"_ _1\"></span>nitoraggio dei rischi ALM:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1b0a\">-<span class=\"_ _41\"> </span><span class=\"ff4\">SCR  I<span class=\"_ _2\"></span>nterest  Rate <span class=\"_ _35\"> </span>\u2013 <span class=\"_ _35\"> </span>Based: <span class=\"_ _35\"> </span>indicatori  che <span class=\"_ _35\"> </span>hanno <span class=\"_ _35\"> </span>lo <span class=\"_ _35\"> </span>scopo  di<span class=\"_ _2\"></span>  i<span class=\"_ _2\"></span>ndividuare  l<span class=\"_ _2\"></span>\u2019assorbimento  di<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"><span class=\"_ _3b\"></span> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b0b\">capitale, <span class=\"_ _1\"></span>secondo <span class=\"_ _1\"></span>le metriche <span class=\"_ _1\"></span>Solvency <span class=\"_ _1\"></span>II, <span class=\"_ _1\"></span>del rischio <span class=\"_ _1\"></span>tasso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>interesse secondo <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>approccio<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b0c\">sia regolamentare che gestionale;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1b0d\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Disallineament<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>rendimenti <span class=\"_ _35\"> </span>dell<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>ge<span class=\"_ _1\"></span>stioni <span class=\"_ _0\"></span>separate: <span class=\"_ _35\"> </span>l\u2019ind<span class=\"_ _2\"></span>icatore <span class=\"_ _0\"></span>mis<span class=\"_ _1\"></span>ura <span class=\"_ _0\"></span>il <span class=\"_ _35\"> </span>d<span class=\"_ _2\"></span>isallinement<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>tra<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b0e\">rendimenti dalle gestioni separate e re<span class=\"_ _1\"></span>ndimenti minimi garantiti agli assicurati;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1b0f\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Cash <span class=\"_ _1\"></span>Flow <span class=\"_ _1\"></span>Matching: <span class=\"_ _1\"></span>l\u2019indicatore <span class=\"_ _1\"></span>descrive <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>disallineamento, <span class=\"_ _1\"></span>tempo <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>tempo, <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>Cashflow<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b10\">degli attivi e i Cashflow del passivo;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1b11\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Duration <span class=\"_ _36\"> </span>Matching: <span class=\"_ _37\"> </span>disallineamento <span class=\"_ _36\"> </span>tra <span class=\"_ _37\"> </span>la <span class=\"_ _36\"> </span>duration <span class=\"_ _37\"> </span>dei <span class=\"_ _37\"> </span>Cashflow <span class=\"_ _37\"> </span>At<span class=\"_ _1\"></span>tivi <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>duration <span class=\"_ _36\"> </span>dei<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b12\">Cashflow Passivi;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1b13\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Future <span class=\"_ _0\"></span>Discretionary <span class=\"_ _0\"></span>Be<span class=\"_ _1\"></span>nefit <span class=\"_ _0\"></span>(cd<span class=\"_ _2\"></span>. <span class=\"_ _0\"></span>FDB): <span class=\"_ _0\"></span>indicatore <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>lo <span class=\"_ _0\"></span>scopo <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>monitorare <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>maniera<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b14\">indiretta <span class=\"_ _36\"> </span>la <span class=\"_ _36\"> </span>capacit\u00e0 <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>as<span class=\"_ _1\"></span>sorbimento <span class=\"_ _36\"> </span>delle <span class=\"_ _36\"> </span>perdite <span class=\"_ _36\"> </span>Solvency <span class=\"_ _36\"> </span>II <span class=\"_ _37\"> </span>da <span class=\"_ _36\"> </span>parte<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>delle <span class=\"_ _36\"> </span>Technical<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1b15\">Provisions;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1b16\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Sensitivities <span class=\"_ _1\"></span>Spread Goverantivo Italia;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff1a fs2 fc1 sc0 ls0 ws0 gs1b17\">-<span class=\"_ _41\"> </span><span class=\"ff4\">Sensitivity s<span class=\"_ _1\"></span>ui fattori di rischio mercato e tecnici (es. tasso e riscatti).<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div>Rischi di me<span class=\"_ _1\"></span>rcato<span class=\"_ _3a1\"> </span>Si <span class=\"_ _35\"> </span>definisce <span class=\"_ _35\"> </span>rischio <span class=\"_ _0\"> </span>di <span class=\"_ _35\"> </span>mercato, <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>rischio <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>perdita <span class=\"_ _35\"> </span>o <span class=\"_ _35\"> </span>d<span class=\"_ _3a1\"> </span>i <span class=\"_ _35\"> </span>variazione <span class=\"_ _35\"> </span>sfavorevole <span class=\"_ _0\"></span>della <span class=\"_ _35\"> </span>situazione<span class=\"_ _3a1\"> </span>finanziaria der<span class=\"_ _1\"></span>ivante, <span class=\"_ _1\"></span>direttamente <span class=\"_ _1\"></span>o <span class=\"_ _38\"></span>indirettamente, <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>oscillazioni <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>livello <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>della <span class=\"_ _1\"></span>volatilit\u00e0 <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>ei<span class=\"_ _3a1\"> </span>prezzi di mercato delle <span class=\"_ _1\"></span>attivit\u00e0, delle passivit\u00e0 e degli str<span class=\"_ _1\"></span>umenti finanziari (cfr. articolo 1, comma 1<span class=\"_ _1\"></span>,<span class=\"_ _3a1\"> </span>lettera vv-bis 3 del CAP).<span class=\"_ _3a1\"> </span>I <span class=\"_ _39\"> </span>rischi <span class=\"_ _3f\"> </span>di <span class=\"_ _36\"> </span>m<span class=\"_ _1\"></span>ercato <span class=\"_ _3f\"> </span>risentono <span class=\"_ _39\"> </span>dell\u2019andamento <span class=\"_ _39\"> </span>congiunturale <span class=\"_ _3f\"> </span>del <span class=\"_ _39\"> </span>ciclo <span class=\"_ _39\"> </span>economico, <span class=\"_ _3f\"> </span>che <span class=\"_ _39\"> </span>pu\u00f2<span class=\"_ _3a1\"> </span>amplificarne <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>event<span class=\"_ _1\"></span>ualmente <span class=\"_ _1\"></span>diminuirne <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>significativit\u00e0, <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>oprattutto <span class=\"_ _1\"></span>se <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>portafoglio <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>itoli <span class=\"_ _1\"></span>della<span class=\"_ _3a1\"> </span>Compagnia \u00e8 particolarmente concentrato in determinati sett<span class=\"_ _1\"></span>ori, valu<span class=\"_ _2\"></span>te o <span class=\"_ _1\"></span>aree geografiche. Tale rischio pu\u00f2 essere distinto nei seguent<span class=\"_ _1\"></span>i fattori di rischio:<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio <span class=\"_ _0\"></span>tasso <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>interesse: <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>val<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>re <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>attivi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>impresa <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>assicurazione <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>sensibile <span class=\"_ _0\"></span>a<span class=\"_ _3a1\"> </span></span>variazioni  d<span class=\"_ _2\"></span>ei  tassi  d<span class=\"_ _2\"></span>i  interesse. <span class=\"_ _35\"> </span>Inoltre<span class=\"_ _1\"></span>, <span class=\"_ _35\"> </span>se  i  flu<span class=\"_ _2\"></span>ssi  finanziari <span class=\"_ _35\"> </span>gener<span class=\"_ _1\"></span>ati  d<span class=\"_ _2\"></span>alle  attivit\u00e0 <span class=\"_ _35\"> </span>e  quelli<span class=\"_ _3a1\"> </span>generati <span class=\"_ _3f\"> </span>dalle <span class=\"_ _39\"> </span>passivit\u00e0 <span class=\"_ _3f\"> </span>di <span class=\"_ _39\"> </span>un\u2019impresa <span class=\"_ _3f\"> </span>non <span class=\"_ _39\"> </span>sono <span class=\"_ _3f\"> </span>perfettamente <span class=\"_ _39\"> </span>allineati <span class=\"_ _3f\"> </span>per <span class=\"_ _39\"> </span>scadenza,<span class=\"_ _3a1\"> </span>periodicit\u00e0 <span class=\"_ _37\"> </span>degli <span class=\"_ _37\"> </span>eventuali <span class=\"_ _37\"> </span>pagament<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>per <span class=\"_ _37\"> </span>natura <span class=\"_ _37\"> </span>dei <span class=\"_ _37\"> </span>tassi <span class=\"_ _37\"> </span>degli <span class=\"_ _37\"> </span>investiment<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>(maturity<span class=\"_ _3a1\"> </span>mismatching, <span class=\"_ _0\"></span>interest <span class=\"_ _0\"></span>rate <span class=\"_ _0\"></span>mismatching, <span class=\"_ _0\"></span>reset <span class=\"_ _0\"></span>date <span class=\"_ _0\"></span>mismatching, <span class=\"_ _0\"></span>basic <span class=\"_ _0\"></span>mismatching), <span class=\"_ _0\"></span>uno<span class=\"_ _3a1\"> </span>shock (positivo o negativo) dei t<span class=\"_ _1\"></span>assi di inte<span class=\"_ _1\"></span>resse pu\u00f2 produrre <span class=\"_ _1\"></span>variazioni non sincronizzate ne<span class=\"_ _1\"></span>l<span class=\"_ _3a1\"> </span>valore delle <span class=\"_ _3b\"></span>attivit\u00e0 e <span class=\"_ _3b\"></span>delle passivit\u00e0. <span class=\"_ _3b\"></span>Sostanzialmente l'esposizione <span class=\"_ _3b\"></span>al rischio <span class=\"_ _3b\"></span>tasso di <span class=\"_ _3b\"></span>interesse<span class=\"_ _3a1\"> </span>si  riferisce <span class=\"_ _35\"> </span>a  tutte <span class=\"_ _35\"> </span>le  attivit\u00e0<span class=\"_ _2\"></span>  e <span class=\"_ _35\"> </span>le  passivit\u00e0 <span class=\"_ _35\"> </span>il  cui <span class=\"_ _35\"> </span>valore  \u00e8 <span class=\"_ _35\"> </span>\u201csensibile\u201d  ai  c<span class=\"_ _2\"></span>ambiamenti  nella<span class=\"_ _3a1\"> </span>struttura a termine dei tassi di interesse o a<span class=\"_ _1\"></span>lla volatilit\u00e0 dei tassi di interesse;<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio  azionario:  i <span class=\"_ _35\"> </span>valori  di  mercato  delle  posizioni  assunte <span class=\"_ _35\"> </span>dall\u2019impresa  possono  essere<span class=\"_ _3a1\"> </span></span>sensibili <span class=\"_ _3b\"></span>all\u2019andame<span class=\"_ _1\"></span>nto d<span class=\"_ _2\"></span>ei <span class=\"_ _2\"></span>mercati <span class=\"_ _3b\"></span>azionar<span class=\"_ _1\"></span>i <span class=\"_ _3b\"></span>(per esempio <span class=\"_ _3b\"></span>nel cas<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>contr<span class=\"_ _1\"></span>atti <span class=\"_ _3b\"></span>le cui<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>prestazioni<span class=\"_ _3a1\"> </span>sono collegate al valore di un titolo azionario);<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>asso <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>cambio: <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>ore <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rcato <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>posizioni <span class=\"_ _1\"></span>assunte <span class=\"_ _0\"></span>dall\u2019<span class=\"_ _2\"></span>impresa <span class=\"_ _0\"></span>pu<span class=\"_ _2\"></span>\u00f2 <span class=\"_ _38\"></span>es<span class=\"_ _1\"></span>sere<span class=\"_ _3a1\"> </span></span>sensibile a <span class=\"_ _3b\"></span>var<span class=\"_ _1\"></span>iazioni <span class=\"_ _2\"></span>dei tassi d<span class=\"_ _2\"></span>i camb<span class=\"_ _2\"></span>io (p<span class=\"_ _2\"></span>er esempio nel c<span class=\"_ _2\"></span>aso di<span class=\"_ _2\"></span> titoli <span class=\"_ _2\"></span>azionari o <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>bbligazionari<span class=\"_ _3a1\"> </span>denominati in <span class=\"_ _3b\"></span>valuta estera). Questo <span class=\"_ _2\"></span>fattore di <span class=\"_ _3b\"></span>rischio, quindi, <span class=\"_ _3b\"></span>as<span class=\"_ _1\"></span>sume particolare rilevanza <span class=\"_ _3b\"></span>per<span class=\"_ _3a1\"> </span>le <span class=\"_ _3f\"> </span>imprese <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>assicu<span class=\"_ _2\"></span>razione <span class=\"_ _3f\"> </span>in <span class=\"_ _3f\"> </span>presenza <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>attivit\u00e0<span class=\"_ _2\"></span> <span class=\"_ _3f\"> </span>a <span class=\"_ _3f\"> </span>copertura <span class=\"_ _39\"> </span>delle <span class=\"_ _3f\"> </span>riserve <span class=\"_ _3f\"> </span>tecniche<span class=\"_ _3a1\"> </span>denominate <span class=\"_ _39\"> </span>in <span class=\"_ _36\"> </span>una <span class=\"_ _39\"> </span>valuta <span class=\"_ _36\"> </span>di<span class=\"_ _1\"></span>vers<span class=\"_ _1\"></span>a <span class=\"_ _36\"> </span>da <span class=\"_ _39\"> </span>quella <span class=\"_ _36\"> </span>de<span class=\"_ _1\"></span>i <span class=\"_ _36\"> </span>cor<span class=\"_ _1\"></span>rispondenti <span class=\"_ _36\"> </span>impegni <span class=\"_ _39\"> </span>tecnici <span class=\"_ _36\"> </span>as<span class=\"_ _1\"></span>sunti<span class=\"_ _3a1\"> </span>contrattualmente. <span class=\"_ _0\"></span>Infatti, <span class=\"_ _38\"></span>poich\u00e9 <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>conversione <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>ute <span class=\"_ _0\"></span>avviene <span class=\"_ _38\"></span>alla <span class=\"_ _0\"></span>chiusura <span class=\"_ _38\"></span>d\u2019esercizio <span class=\"_ _0\"></span>al<span class=\"_ _3a1\"> </span>cambio corrente, <span class=\"_ _1\"></span>in corrispondenza di <span class=\"_ _1\"></span>detta dat<span class=\"_ _1\"></span>a possono realizzarsi <span class=\"_ _1\"></span>delle plus/minusvalenze<span class=\"_ _3a1\"> </span>a causa della variazione dei tassi di cambio;<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio i<span class=\"_ _2\"></span>mmobiliare: qualora gli attivi di u<span class=\"_ _2\"></span>n\u2019impresa di assicurazione siano investiti in <span class=\"_ _2\"></span>immobili,<span class=\"_ _3a1\"> </span></span>i valori di tali attivit\u00e0 sono sensibili all\u2019andamento dei prezzi di mercato<span class=\"_ _1\"></span> degli stessi;<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Credit Spread: <span class=\"_ _2\"></span>ogni volta <span class=\"_ _2\"></span>che un\u2019<span class=\"_ _2\"></span>impresa di assicurazione <span class=\"_ _2\"></span>sottoscrive strumenti fi<span class=\"_ _2\"></span>nanziari, pu\u00f2<span class=\"_ _3a1\"> </span></span>incorrere nel <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio di<span class=\"_ _2\"></span> insolvenza <span class=\"_ _3b\"></span>del proprio debito<span class=\"_ _2\"></span>re il <span class=\"_ _2\"></span>quale p<span class=\"_ _2\"></span>otrebbe non <span class=\"_ _3b\"></span>es<span class=\"_ _1\"></span>sere in<span class=\"_ _2\"></span> grado <span class=\"_ _3b\"></span>sia<span class=\"_ _3a1\"> </span>di <span class=\"_ _1\"></span>adempier<span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>alle <span class=\"_ _38\"></span>proprie <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>bbligazioni <span class=\"_ _1\"></span>sia <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>incorrere <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>un <span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ggioramento <span class=\"_ _38\"></span>merito<span class=\"_ _3a1\"> </span>creditizio, <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>cons<span class=\"_ _2\"></span>eguente <span class=\"_ _0\"></span>riduzi<span class=\"_ _2\"></span>one <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>valore <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>titolo. <span class=\"_ _0\"></span>L\u2019es<span class=\"_ _3b\"></span>pos<span class=\"_ _1\"></span>izione <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>credito <span class=\"_ _0\"></span>si<span class=\"_ _3a1\"> </span>riferisce <span class=\"_ _37\"> </span>ad <span class=\"_ _37\"> </span>attivit\u00e0, <span class=\"_ _37\"> </span>passivit\u00e0 <span class=\"_ _3d\"> </span>e <span class=\"_ _37\"> </span>strumenti <span class=\"_ _37\"> </span>finanziari <span class=\"_ _37\"> </span>sensibili <span class=\"_ _37\"> </span>alla <span class=\"_ _37\"> </span>variazione <span class=\"_ _37\"> </span>degli <span class=\"_ _3d\"> </span>spre<span class=\"_ _1\"></span>ad<span class=\"_ _3a1\"> </span>creditizi;<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio <span class=\"_ _3f\"> </span>concentrazione: <span class=\"_ _3f\"> </span>l\u2019esposizione <span class=\"_ _3a\"> </span>al <span class=\"_ _3f\"> </span>rischio <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>concentrazione, <span class=\"_ _3f\"> </span>che <span class=\"_ _3a\"> </span>deriva <span class=\"_ _3f\"> </span>da <span class=\"_ _3f\"> </span>una<span class=\"_ _3a1\"> </span></span>variazione  inattesa  dei <span class=\"_ _35\"> </span>prezzi,  del <span class=\"_ _35\"> </span>valore  delle  esposizioni <span class=\"_ _35\"> </span>verso  emittenti  su  c<span class=\"_ _2\"></span>ui  si <span class=\"_ _35\"> </span>ha  un<span class=\"_ _3a1\"> </span>accumulo di <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>sposizione <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>stessa <span class=\"_ _38\"></span>controparte, si <span class=\"_ _1\"></span>riferis<span class=\"_ _1\"></span>ce alle <span class=\"_ _1\"></span>att<span class=\"_ _1\"></span>ivit\u00e0 soggette <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischio<span class=\"_ _3a1\"> </span>azionario, <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>tasso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>interesse <span class=\"_ _1\"></span>e s<span class=\"_ _1\"></span>pread e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>al r<span class=\"_ _1\"></span>ischio <span class=\"_ _1\"></span>immobiliare <span class=\"_ _1\"></span>inclusi nel <span class=\"_ _1\"></span>rischio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>rcato,<span class=\"_ _3a1\"> </span>ed esclude <span class=\"_ _3b\"></span>le attivit\u00e0 sogg<span class=\"_ _2\"></span>ette al <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio d<span class=\"_ _2\"></span>i inad<span class=\"_ _2\"></span>empimento di <span class=\"_ _2\"></span>controparte. Al <span class=\"_ _2\"></span>momento a <span class=\"_ _3b\"></span>livello<span class=\"_ _3a1\"> </span>regolamentare sono esclusi anche i t<span class=\"_ _1\"></span>itoli di stato;<span class=\"_ _3a1\"> </span>-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rischio <span class=\"_ _38\"></span>Sovrano<span class=\"_ _1\"></span>: <span class=\"_ _0\"></span>E\u2019 <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>associato <span class=\"_ _0\"></span>all\u2019eventualit\u00e0 <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>Governo <span class=\"_ _0\"></span>non <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ispetti <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>pr<span class=\"_ _1\"></span>oprie<span class=\"_ _3a1\"> </span></span>obbligazioni <span class=\"_ _0\"></span>finanziarie. <span class=\"_ _0\"></span>Pu\u00f2 <span class=\"_ _0\"></span>dipendere <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>fattor<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>economici, <span class=\"_ _0\"></span>finanziari <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>politici. <span class=\"_ _0\"></span>Pu\u00f2 <span class=\"_ _0\"></span>essere<span class=\"_ _3a1\"> </span><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1da4\">legato <span class=\"_ _3b\"></span>alla c<span class=\"_ _2\"></span>ongiuntura <span class=\"_ _3b\"></span>o <span class=\"_ _2\"></span>svilupparsi <span class=\"_ _3b\"></span>nel <span class=\"_ _2\"></span>medio-lungo <span class=\"_ _184\"></span>per<span class=\"_ _1\"></span>iodo. <span class=\"_ _3b\"></span>Il <span class=\"_ _3b\"></span>rischio sovrano <span class=\"_ _3b\"></span>viene <span class=\"_ _3b\"></span>associato<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1da5\">ai <span class=\"_ _0\"></span>ren<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1da6\">dimenti <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>titoli <span class=\"_ _0\"></span>pubb<span class=\"_ _2\"></span>lici <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>quindi <span class=\"_ _0\"></span>agli <span class=\"_ _0\"></span>interessi <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>uno <span class=\"_ _0\"></span>Stato <span class=\"_ _0\"></span>deve <span class=\"_ _0\"></span>corrispondere <span class=\"_ _0\"></span>agli<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1da7\">investitori per potersi finanziare;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1da8\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Liquidi<span class=\"_ _2\"></span>t\u00e0 <span class=\"_ _35\"> </span>del  titolo:<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>La <span class=\"_ _35\"> </span>possibilit\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>procedere <span class=\"_ _35\"> </span>allo <span class=\"_ _35\"> </span>smobilizz<span class=\"_ _2\"></span>o <span class=\"_ _35\"> </span>tem<span class=\"_ _1\"></span>pestivo <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>portafoglio <span class=\"_ _35\"> </span>\u00e8<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1da9\">fortemente  condizionata  dalla  liq<span class=\"_ _2\"></span>uidabilit\u00e0  dei  titoli  in  cui<span class=\"_ _2\"></span>  lo  stesso  \u00e8  inv<span class=\"_ _2\"></span>estito.  La  scarsa<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1daa\">liquidabilit\u00e0 <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>itoli, <span class=\"_ _0\"></span>infatti, <span class=\"_ _38\"></span>pu\u00f2 <span class=\"_ _0\"></span>esporre <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>Compagn<span class=\"_ _2\"></span>ia <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>conseguire <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>perdite<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dab\">connesse <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>difficolt\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>trovar<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>sul <span class=\"_ _1\"></span>mer<span class=\"_ _1\"></span>cato la <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>ntroparte <span class=\"_ _1\"></span>interessata <span class=\"_ _1\"></span>all\u2019acquisto <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>titoli<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dac\">che si intende smobilizzare. A livello regolamentare non \u00e8 attualmente previsto un requisito di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dad\">capitale specifico;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1dae\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Altre <span class=\"_ _38\"></span>esposizioni <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>assets: <span class=\"_ _38\"></span>Tale <span class=\"_ _0\"></span>fattore <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _38\"></span>si <span class=\"_ _0\"></span>concretizza <span class=\"_ _38\"></span>nel <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _38\"></span>mercato <span class=\"_ _0\"></span>legato <span class=\"_ _38\"></span>a<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1daf\">private equity, strumenti alternativi, infrastrut<span class=\"_ _1\"></span>ture, prodotti legati all\u2019inflazione e ibridi.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1db0\">I fatto<span class=\"_ _1\"></span>ri di <span class=\"_ _1\"></span>rischio di <span class=\"_ _1\"></span>mercat<span class=\"_ _1\"></span>o vengono <span class=\"_ _1\"></span>principalmente <span class=\"_ _1\"></span>individuati ne<span class=\"_ _1\"></span>lle classi <span class=\"_ _1\"></span>di bilancio <span class=\"_ _1\"></span>specifiche<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1db1\">del Portafoglio di Propriet\u00e0.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1db2\">Da <span class=\"_ _0\"></span>un <span class=\"_ _35\"> </span>pu<span class=\"_ _2\"></span>nto <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>vista <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>distribuz<span class=\"_ _2\"></span>ione <span class=\"_ _0\"></span>dei <span class=\"_ _35\"> </span>rischi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _35\"> </span>di<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>Credemassicurazioni <span class=\"_ _0\"></span>secondo <span class=\"_ _0\"></span>i<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1db3\">dettami <span class=\"_ _17e\"> </span>normativi <span class=\"_ _48\"> </span>Solvency <span class=\"_ _48\"> </span>II <span class=\"_ _17e\"> </span>si <span class=\"_ _48\"> </span>r<span class=\"_ _1\"></span>iporta <span class=\"_ _48\"> </span>nella <span class=\"_ _48\"> </span>t<span class=\"_ _1\"></span>abella <span class=\"_ _48\"> </span>di <span class=\"_ _48\"> </span>seguito <span class=\"_ _17e\"> </span>la <span class=\"_ _48\"> </span>miglior <span class=\"_ _17e\"> </span>stima <span class=\"_ _48\"> </span>della<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1db4\">rappresentazione <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>data <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>redazione <span class=\"_ _38\"></span>della <span class=\"_ _0\"></span>presen<span class=\"_ _2\"></span>te <span class=\"_ _38\"></span>se<span class=\"_ _1\"></span>zione <span class=\"_ _38\"></span>(si <span class=\"_ _38\"></span>precisa <span class=\"_ _0\"></span>ch<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>peso<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1db5\">complessivo dei rischi market \u00e8 pari al 11,4%). </div><div class=\"gs1db6\"><table class=\"s w1557 h2e6\" id=\"_5b8d27ee-9dd9-4f13-9220-edb2a8ec615e\"><tr><td class=\"t m2 x2605 h12 y6a19 ff4 fs7 fc1 sc0 ls0 ws0\">Market risk - risk/sum o<span class=\"_ _2\"></span>f risk compo<span class=\"_ _2\"></span>nents - relativo e </td><td></td><td class=\"t m2 x2606 h12 y6a1a ff4 fs7 fc1 sc0 ls0 ws0\">IVQ 2024 </td></tr><tr><td class=\"t m2 x2607 h12 y6a1b ff4 fs7 fc1 sc0 ls0 ws0\">complessivo </td><td></td><td></td></tr><tr><td></td><td class=\"c n x2608 y6a1c w154c h2e5\"><div class=\"t m5 x2b3 h2a y6334 ff4 fsd fc1 sc0 ls0 ws0\">% Relativo<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2609 y6a1c w1558 h2e5\"><div class=\"t m5 x2b3 h2a y6334 ff4 fsd fc1 sc0 ls0 ws0\">% Complessivo<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x260a h12 y6a1d ff4 fs7 fc1 sc0 ls0 ws0\">Interest rate risk<span class=\"_ _2\"></span> </td><td class=\"c n x260b y6963 w1559 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">64,5%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x260c y6963 w155a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">7,3<span class=\"_ _1\"></span>%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x260a h12 y6a1e ff4 fs7 fc1 sc0 ls0 ws0\">Equity risk </td><td class=\"c n x260d y5399 w155b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x260e y5399 w155b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x260a h12 y6a1f ff4 fs7 fc1 sc0 ls0 ws0\">Property risk </td><td class=\"c n x260d y685e w155b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x260e y685e w155b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x260a h12 y6a20 ff4 fs7 fc1 sc0 ls0 ws0\">Spread risk </td><td class=\"c n x260b y6a21 w1503 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">25,8%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x260f y6a21 w8a7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2,9%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x260a h12 y6a22 ff4 fs7 fc1 sc0 ls0 ws0\">Currency risk </td><td class=\"c n x260d y6a23 w155c h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">9,7%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2610 y6a23 w155d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">1,1%<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x260a h12 y6341 ff4 fs7 fc1 sc0 ls0 ws0\">Concentration risk </td><td class=\"c n x260d y6a24 w155b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x260e y6a24 w155b h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">0,0%<span class=\"_ _3a1\"> </span></div></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1db7\">La <span class=\"_ _39\"> </span>Compagnia <span class=\"_ _39\"> </span>adotta, <span class=\"_ _39\"> </span>nei <span class=\"_ _36\"> </span>confronti <span class=\"_ _39\"> </span>dei <span class=\"_ _39\"> </span>fattori <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _36\"> </span>sopra <span class=\"_ _39\"> </span>enunciati, <span class=\"_ _39\"> </span>linee <span class=\"_ _39\"> </span>guida <span class=\"_ _39\"> </span>che<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1db8\">definiscono <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>principi gener<span class=\"_ _1\"></span>ali per <span class=\"_ _1\"></span>l\u2019att<span class=\"_ _1\"></span>ivit\u00e0 del <span class=\"_ _1\"></span>Team <span class=\"_ _1\"></span>Finanza, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>periodicit\u00e0 <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>controlli <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>azioni<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1db9\">di <span class=\"_ _35\"> </span>ripristino <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>caso <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>superamento <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>limiti. <span class=\"_ _35\"> </span>N<span class=\"_ _2\"></span>ella <span class=\"_ _35\"> </span>composizione <span class=\"_ _35\"> </span>complessiva <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>portafoglio<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dba\">d\u2019investimento  si <span class=\"_ _35\"> </span>tie<span class=\"_ _1\"></span>ne  conto <span class=\"_ _35\"> </span>dell\u2019esposizione  al  rischio, <span class=\"_ _35\"> </span>dei  vincoli  l<span class=\"_ _2\"></span>egati  alla  c<span class=\"_ _2\"></span>opertura  delle<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dbb\">riserve <span class=\"_ _0\"></span>tecniche <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>degli <span class=\"_ _38\"></span>effetti <span class=\"_ _0\"></span>sul <span class=\"_ _38\"></span>Solvency <span class=\"_ _0\"></span>Ratio. <span class=\"_ _0\"></span>I <span class=\"_ _0\"></span>limiti <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>ind<span class=\"_ _2\"></span>icatori <span class=\"_ _0\"></span>relativi <span class=\"_ _0\"></span>agli <span class=\"_ _38\"></span>investime<span class=\"_ _1\"></span>nti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dbc\">sono oggetto di verifica e controll<span class=\"_ _2\"></span>o su base continuativa da parte delle funzioni aziendali prepost<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dbd\">e, <span class=\"_ _0\"></span>con <span class=\"_ _35\"> </span>frequenza <span class=\"_ _0\"></span>periodica, <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>risultati <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>tali <span class=\"_ _35\"> </span>controlli <span class=\"_ _0\"></span>sono <span class=\"_ _35\"> </span>portati <span class=\"_ _0\"></span>all\u2019attenzione <span class=\"_ _0\"> </span>de<span class=\"_ _1\"></span>l <span class=\"_ _0\"></span>Consiglio <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dbe\">Amministrazione. <span class=\"_ _35\"> </span>Il<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>proce<span class=\"_ _1\"></span>sso <span class=\"_ _0\"></span>prevede <span class=\"_ _35\"> </span>inoltre <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>fase <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>revisione <span class=\"_ _0\"></span>dei <span class=\"_ _35\"> </span>sud<span class=\"_ _2\"></span>detti <span class=\"_ _35\"> </span>limiti <span class=\"_ _0\"></span>realizzata<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dbf\">mediante analisi di sensitivit\u00e0 condotte sui port<span class=\"_ _1\"></span>afogli attivi e passivi.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dc0\">La <span class=\"_ _0\"></span>valutazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>mercato <span class=\"_ _0\"></span>viene <span class=\"_ _38\"></span>effe<span class=\"_ _1\"></span>ttuata <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>portafoglio <span class=\"_ _0\"></span>investimen<span class=\"_ _2\"></span>ti<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dc1\">mobiliare <span class=\"_ _38\"></span>gi\u00e0 <span class=\"_ _38\"></span>acquisito <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>agli <span class=\"_ _38\"></span>scenari <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>investimento <span class=\"_ _38\"></span>futuro. <span class=\"_ _38\"></span>Tale <span class=\"_ _38\"></span>attivit\u00e0 <span class=\"_ _38\"></span>viene <span class=\"_ _38\"></span>realizzata <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>ia <span class=\"_ _1\"></span>con<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dc2\">logiche di <span class=\"_ _2\"></span>Asset-Liability Management, al fine d<span class=\"_ _2\"></span>i cogliere le <span class=\"_ _3b\"></span>inter<span class=\"_ _1\"></span>relazioni esistenti fra l<span class=\"_ _3b\"></span>e dinamiche<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dc3\">dei <span class=\"_ _0\"></span>passivi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>dinamiche <span class=\"_ _0\"></span>degli <span class=\"_ _0\"></span>attivi <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>copertura <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>riserve <span class=\"_ _0\"></span>tecniche, <span class=\"_ _0\"></span>sia <span class=\"_ _0\"></span>seguendo <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>principi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dc4\">Solvency <span class=\"_ _38\"></span>II <span class=\"_ _38\"></span>al <span class=\"_ _0\"></span>fin<span class=\"_ _2\"></span>e <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>cogli<span class=\"_ _2\"></span>ere <span class=\"_ _0\"></span>l\u2019ev<span class=\"_ _2\"></span>entuale <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>quisito <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>capitale <span class=\"_ _0\"></span>assorbito <span class=\"_ _1\"></span>da <span class=\"_ _0\"></span>ogni <span class=\"_ _1\"></span>singolo <span class=\"_ _0\"></span>modul<span class=\"_ _2\"></span>o <span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dc5\">sottomodulo di rischio.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dc6\">L\u2019identificazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>mercato <span class=\"_ _0\"></span>vita <span class=\"_ _0\"></span>viene <span class=\"_ _38\"></span>effett<span class=\"_ _1\"></span>uata <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>rif<span class=\"_ _2\"></span>erimento <span class=\"_ _0\"></span>ai <span class=\"_ _0\"></span>nuovi <span class=\"_ _0\"></span>investimenti <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dc7\">asset allocation target, e al portafoglio in essere:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1dc8\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Nuovi  investimenti: <span class=\"_ _3d\"> </span>con <span class=\"_ _3d\"> </span>riferimento <span class=\"_ _3d\"> </span>ai <span class=\"_ _3d\"> </span>nuovi  invest<span class=\"_ _1\"></span>imenti, <span class=\"_ _3d\"> </span>nell\u2019ambito  del <span class=\"_ _3d\"> </span>proces<span class=\"_ _1\"></span>so  ORSA<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dc9\">vengono <span class=\"_ _3f\"> </span>effettuate <span class=\"_ _3a\"> </span>analisi <span class=\"_ _3f\"> </span>relative <span class=\"_ _3f\"> </span>a <span class=\"_ _3a\"> </span>scenari <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>investimento <span class=\"_ _3f\"> </span>futur<span class=\"_ _1\"></span>o <span class=\"_ _3f\"> </span>con <span class=\"_ _3f\"> </span>l\u2019obiettivo <span class=\"_ _3f\"> </span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dca\">identificare <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>rischi <span class=\"_ _0\"></span>connessi <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>tali <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>celte <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>investimento <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>valutarne <span class=\"_ _38\"></span>l\u2019impatto<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>sul <span class=\"_ _38\"></span>profilo <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dcb\">rischio <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>termini <span class=\"_ _0\"></span>quantitativi. <span class=\"_ _0\"></span>Inoltre, <span class=\"_ _0\"></span>per<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>gli <span class=\"_ _0\"></span>investimenti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>\u201cnatura <span class=\"_ _38\"></span>occas<span class=\"_ _1\"></span>ionale\u201d <span class=\"_ _0\"></span>sulla <span class=\"_ _0\"></span>base<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dcc\">delle <span class=\"_ _193\"> </span>informazioni <span class=\"_ _193\"> </span>fornite <span class=\"_ _193\"> </span>dal <span class=\"_ _193\"> </span>Team <span class=\"_ _193\"> </span>Finanza <span class=\"_ _193\"> </span>(a <span class=\"_ _193\"> </span>tit<span class=\"_ _1\"></span>olo <span class=\"_ _193\"> </span>esemplificativo: <span class=\"_ _193\"> </span>obiettivo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dcd\">dell\u2019investimento, <span class=\"_ _39\"> </span>por<span class=\"_ _1\"></span>tafoglio <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>rifer<span class=\"_ _1\"></span>imento, <span class=\"_ _39\"> </span>size <span class=\"_ _3f\"> </span>dell\u2019operazione) <span class=\"_ _39\"> </span>viene <span class=\"_ _39\"> </span>effe<span class=\"_ _1\"></span>ttuata <span class=\"_ _39\"> </span>dalla<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dce\">funzione di Risk Management una valutazione quali/quantitativa ex<span class=\"_ _1\"></span>-ante basata sia su logiche<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dcf\">gestionali <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>regolamentari. <span class=\"_ _0\"></span>U<span class=\"_ _3b\"></span>n <span class=\"_ _0\"></span>iter <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>utazione <span class=\"_ _38\"></span>del <span class=\"_ _0\"></span>rischio <span class=\"_ _38\"></span>ex-ante <span class=\"_ _0\"></span>viene <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ffettuata <span class=\"_ _38\"></span>dalla<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dd0\">Funzione di R<span class=\"_ _2\"></span>isk Management anche p<span class=\"_ _2\"></span>er tutti gli <span class=\"_ _2\"></span>OICR non U<span class=\"_ _2\"></span>CITs sulla base della <span class=\"_ _3b\"></span>D<span class=\"_ _1\"></span>ue Diligence<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dd1\">predisposta dal Team Finanza.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1dd2\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Portafoglio in e<span class=\"_ _1\"></span>ssere: <span class=\"_ _1\"></span>Con <span class=\"_ _1\"></span>riferimento al <span class=\"_ _1\"></span>portafoglio in <span class=\"_ _1\"></span>essere<span class=\"_ _1\"></span>, l\u2019identificazione dei <span class=\"_ _1\"></span>rischi <span class=\"_ _1\"></span>viene<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dd3\">effettuata sulla <span class=\"_ _3b\"></span>base dei dati <span class=\"_ _3b\"></span>tecnici <span class=\"_ _2\"></span>del portafoglio, <span class=\"_ _3b\"></span>dei dati di<span class=\"_ _2\"></span> mercato e<span class=\"_ _2\"></span> delle <span class=\"_ _3b\"></span>misure di <span class=\"_ _2\"></span>rischio<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dd4\">determinate attraverso lo strumento<span class=\"_ _1\"></span> di calcolo del SCR adottato.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dd6\">Si rip</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dd7\">ortano di seguito i macro-indicatori analizzati per la valutazione e il monitoraggio dei rischi di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dd8\">mercato:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1dd9\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">SCR <span class=\"_ _35\"> </span>Interest  Rat<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>\u2013  Based: <span class=\"_ _35\"> </span>indicatori <span class=\"_ _35\"> </span>che  h<span class=\"_ _2\"></span>anno  l<span class=\"_ _2\"></span>o <span class=\"_ _35\"> </span>scopo  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>individuare  l\u2019assorbimento <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dda\">capitale, <span class=\"_ _1\"></span>secondo <span class=\"_ _1\"></span>le metriche <span class=\"_ _1\"></span>Solvency <span class=\"_ _1\"></span>II, <span class=\"_ _1\"></span>del rischio <span class=\"_ _1\"></span>tasso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>interesse secondo <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>approccio<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ddb\">sia regolamentare che gestionale;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1ddc\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Concentrazione relativa su singola controparte;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1ddd\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Rating su singola controparte;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1dde\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Esposizione assoluta in Equity;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1ddf\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Esposizione relativa in Obbligazioni Corporate;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1de0\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Esposizione assoluta in valuta estera;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1de1\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Duration;<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1de2\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Sensitivities <span class=\"_ _38\"></span>Spread <span class=\"_ _38\"></span>Goverantivo <span class=\"_ _38\"></span>Italia <span class=\"_ _0\"></span>(al <span class=\"_ _1\"></span>fine <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>catt<span class=\"_ _1\"></span>urare <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>fa<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>tore <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _38\"></span>spread <span class=\"_ _38\"></span>sui <span class=\"_ _0\"></span>ti<span class=\"_ _2\"></span>toli<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1de3\">governativi non incluso nella formula standard);<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1de4\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Sensitivity sui fattori di rischio mercato (es. tasso).<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1de5\">Rischio Asse<span class=\"_ _1\"></span>t Liability Management (ALM)<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1de6\">Il  rischio  ALM  \u00e8<span class=\"_ _2\"></span>  un  rischio  s<span class=\"_ _2\"></span>trettamente  correlato  ai  d<span class=\"_ _2\"></span>isa<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1de7\">llineamenti  tra  attivit\u00e0 <span class=\"_ _35\"> </span>e  passivit\u00e0.  Il<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1de8\">processo <span class=\"_ _3f\"> </span>ALM <span class=\"_ _3f\"> </span>include <span class=\"_ _39\"> </span>al <span class=\"_ _3f\"> </span>suo <span class=\"_ _3f\"> </span>inte<span class=\"_ _1\"></span>rno <span class=\"_ _3f\"> </span>dinamiche <span class=\"_ _3f\"> </span>connesse <span class=\"_ _39\"> </span>alla <span class=\"_ _3f\"> </span>gest<span class=\"_ _1\"></span>ione <span class=\"_ _3f\"> </span>dei <span class=\"_ _39\"> </span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _3f\"> </span>e <span class=\"_ _3f\"> </span>alla<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1de9\">pianificazione <span class=\"_ _37\"> </span>strategica. <span class=\"_ _37\"> </span>Si <span class=\"_ _37\"> </span>focalizza <span class=\"_ _3d\"> </span>s<span class=\"_ _1\"></span>ul <span class=\"_ _3d\"> </span>m<span class=\"_ _1\"></span>edio <span class=\"_ _37\"> </span>- <span class=\"_ _37\"> </span>lungo <span class=\"_ _3d\"> </span>t<span class=\"_ _1\"></span>ermine <span class=\"_ _3d\"> </span>anzich\u00e9 <span class=\"_ _37\"> </span>o<span class=\"_ _1\"></span>ffrire <span class=\"_ _3d\"> </span>soluzioni <span class=\"_ _37\"> </span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dea\">mitigazione o <span class=\"_ _3b\"></span>cope<span class=\"_ _1\"></span>rtura del <span class=\"_ _3b\"></span>ris<span class=\"_ _1\"></span>chio. <span class=\"_ _3b\"></span>L\u2019obiet<span class=\"_ _1\"></span>tivo di <span class=\"_ _3b\"></span>tale gestione del <span class=\"_ _3b\"></span>rischio \u00e8 quello <span class=\"_ _3b\"></span>di massimizzare<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1deb\">le attivit\u00e0 per soddisfare le passivit\u00e0 complesse che possono aument<span class=\"_ _1\"></span>are la redditivit\u00e0.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dec\">Alla sottocategoria dei Rischi ALM appartengono <span class=\"_ _1\"></span>i seguenti fattori di rischio:  </div><div class=\"t m2 h23 ff5 fs2 fc1 sc0 ls0 ws0 gs1ded\">-<span class=\"ff16\"> <span class=\"_ _13c\"> </span><span class=\"ff4\">As<span class=\"_ _1\"></span>set <span class=\"_ _19a\"> </span>Allocation <span class=\"_ _19a\"> </span>Strategica <span class=\"_ _19a\"> </span>(AAT): <span class=\"_ _19a\"> </span>consiste <span class=\"_ _19a\"> </span>nel <span class=\"_ _19a\"> </span>rischio <span class=\"_ _19a\"> </span>r<span class=\"_ _1\"></span>isultante<span class=\"_ _3a1\"> </span></span></span><span class=\"ff16\"><span class=\"ff4\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dee\">dall\u2019inadeguatezza/incoerenza dell\u2019asset allocation per fare <span class=\"_ _1\"></span>fronte alle passivit\u00e0.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1def\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Asset &amp;<span class=\"_ _2\"></span> Li<span class=\"_ _2\"></span>ability mismatch: <span class=\"_ _3b\"></span>corrisponde al <span class=\"_ _2\"></span>rischio <span class=\"_ _2\"></span>di d<span class=\"_ _2\"></span>isallineamento tra <span class=\"_ _3b\"></span>attivi e pas<span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ivi <span class=\"_ _2\"></span>che pu\u00f2<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"><span class=\"_ _3b\"></span> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1df0\">comportare <span class=\"_ _46\"> </span>un\u2019esposizione <span class=\"_ _46\"> </span>dell\u2019<span class=\"_ _2\"></span>impresa <span class=\"_ _46\"> </span>o <span class=\"_ _49\"> </span>a<span class=\"_ _1\"></span>l <span class=\"_ _49\"> </span>rischio <span class=\"_ _46\"> </span>disinvestimento <span class=\"_ _46\"> </span>o <span class=\"_ _49\"> </span>al <span class=\"_ _46\"> </span>rischio<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1df1\">reinvestimento.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1df2\">La <span class=\"_ _39\"> </span>Compagnia <span class=\"_ _39\"> </span>adotta, <span class=\"_ _39\"> </span>nei <span class=\"_ _36\"> </span>confronti <span class=\"_ _39\"> </span>dei <span class=\"_ _39\"> </span>fattori <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>ris<span class=\"_ _1\"></span>chio <span class=\"_ _36\"> </span>sopra <span class=\"_ _39\"> </span>enunciati, <span class=\"_ _39\"> </span>linee <span class=\"_ _39\"> </span>guida <span class=\"_ _39\"> </span>che<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1df3\">definiscono <span class=\"_ _37\"> </span>i <span class=\"_ _36\"> </span>principi <span class=\"_ _37\"> </span>generali, <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>periodicit\u00e0 <span class=\"_ _36\"> </span>dei <span class=\"_ _37\"> </span>controlli <span class=\"_ _37\"> </span>e <span class=\"_ _37\"> </span>le <span class=\"_ _36\"> </span>azioni <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>ripristino <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>cas<span class=\"_ _1\"></span>o <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1df4\">superamento dei limiti.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1df5\">Valutazione <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>rischi <span class=\"_ _0\"></span>AL<span class=\"_ _2\"></span>M <span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>iene <span class=\"_ _0\"></span>effettuata <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>riferimento <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>l <span class=\"_ _38\"></span>portafoglio <span class=\"_ _0\"></span>investimenti <span class=\"_ _38\"></span>mo<span class=\"_ _1\"></span>biliare<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1df6\">gi\u00e0 <span class=\"_ _35\"> </span>acquisito <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>agli <span class=\"_ _0\"></span>sce<span class=\"_ _1\"></span>nari <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>inv<span class=\"_ _2\"></span>estime<span class=\"_ _1\"></span>nto <span class=\"_ _35\"> </span>futuro. <span class=\"_ _35\"> </span>Tale <span class=\"_ _0\"></span>attivit\u00e0 <span class=\"_ _35\"> </span>viene <span class=\"_ _35\"> </span>realizzata <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>logic<span class=\"_ _2\"></span>he <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1df7\">Asset-Liability <span class=\"_ _3b\"></span>Manageme<span class=\"_ _1\"></span>nt, <span class=\"_ _2\"></span>al <span class=\"_ _3b\"></span>fine di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>cogliere <span class=\"_ _3b\"></span>le interrelazioni <span class=\"_ _3b\"></span>esistenti <span class=\"_ _2\"></span>fra <span class=\"_ _3b\"></span>le dinamiche <span class=\"_ _3b\"></span>dei p<span class=\"_ _2\"></span>assivi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1df8\">e le dinamiche degli attivi a copertura delle r<span class=\"_ _1\"></span>iserve tecniche.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1df9\">Per quanto riguarda i macro-indicatori analizzati per la valutazione e mo<span class=\"_ _1\"></span>nitoraggio dei rischi ALM:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1dfa\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">SCR <span class=\"_ _35\"> </span>Interest  Rat<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>\u2013  Based: <span class=\"_ _35\"> </span>indicatori <span class=\"_ _35\"> </span>che  h<span class=\"_ _2\"></span>anno  l<span class=\"_ _2\"></span>o <span class=\"_ _35\"> </span>scopo  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>individuare  l\u2019assorbimento <span class=\"_ _35\"> </span>di<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dfb\">capitale, <span class=\"_ _1\"></span>secondo <span class=\"_ _1\"></span>le metriche <span class=\"_ _1\"></span>Solvency <span class=\"_ _1\"></span>II, <span class=\"_ _1\"></span>del rischio <span class=\"_ _1\"></span>tasso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>interesse secondo <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>approccio<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dfc\">sia regolamentare che gestionale;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1dfd\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Cash Flow <span class=\"_ _38\"></span>Matching: l\u2019indicatore <span class=\"_ _1\"></span>des<span class=\"_ _1\"></span>crive il <span class=\"_ _1\"></span>disallineamento<span class=\"_ _1\"></span>, te<span class=\"_ _1\"></span>mpo per<span class=\"_ _1\"></span> tempo, <span class=\"_ _1\"></span>tra <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>Cashflow<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1dfe\">degli attivi e i Cashflow del passivo;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff5 fs2 fc1 sc0 ls0 ws0 gs1dff\">-<span class=\"_ _4b\"> </span><span class=\"ff4\">Duration <span class=\"_ _37\"> </span>Matching: <span class=\"_ _37\"> </span>disallineament<span class=\"_ _1\"></span>o <span class=\"_ _37\"> </span>tra <span class=\"_ _36\"> </span>la <span class=\"_ _37\"> </span>duration <span class=\"_ _36\"> </span>dei <span class=\"_ _37\"> </span>Cashflow <span class=\"_ _37\"> </span>Attivi <span class=\"_ _37\"> </span>e<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>la <span class=\"_ _37\"> </span>durat<span class=\"_ _1\"></span>ion <span class=\"_ _37\"> </span>dei<span class=\"_ _3a1\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1e00\">Cashflow Passivi.<span class=\"_ _3a1\"> </span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-796": {
   "value": "<div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gs1738\">1.4 Gruppo bancario - rischio di liquidit\u00e0<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1739\">Informazi<span class=\"_ _1\"></span>oni di na<span class=\"_ _1\"></span>tura quali<span class=\"_ _1\"></span>tativa<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs173a\">A. Aspe<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs173b\">tti gene<span class=\"_ _1\"></span>rali, proce<span class=\"_ _1\"></span>ssi di ge<span class=\"_ _1\"></span>stione e m<span class=\"_ _1\"></span>etodi di<span class=\"_ _1\"></span> misuraz<span class=\"_ _1\"></span>ione del <span class=\"_ _1\"></span>rischio<span class=\"_ _1\"></span> di<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs173c\">liquidit\u00e0<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs173d\">Si <span class=\"_ _0\"></span>definisce <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>liqu<span class=\"_ _2\"></span>idit\u00e0 <span class=\"_ _0\"></span>l\u2019eventualit\u00e0 <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>Gruppo <span class=\"_ _0\"></span>possa <span class=\"_ _0\"></span>trovarsi <span class=\"_ _0\"></span>nella <span class=\"_ _0\"></span>condizione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>non<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs173e\">riusci<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs173f\">re <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>far <span class=\"_ _1\"></span>fronte <span class=\"_ _1\"></span>ai <span class=\"_ _1\"></span>propri <span class=\"_ _1\"></span>impegni <span class=\"_ _1\"></span>di pagame<span class=\"_ _1\"></span>nto <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>natura <span class=\"_ _1\"></span>ordinaria <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>straordinaria, <span class=\"_ _1\"></span>quando <span class=\"_ _1\"></span>gli<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1740\">stessi  diventino  esigibili,  senza  incorrere  in  perdite  t<span class=\"_ _1\"></span>ali  da  pregiudi<span class=\"_ _2\"></span>care <span class=\"_ _3d\"> </span>la  propria  operativit\u00e0<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1741\">quotidiana <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>condizioni <span class=\"_ _0\"></span>finanziarie <span class=\"_ _0\"></span>complessive <span class=\"_ _35\"> </span>del <span class=\"_ _38\"></span>Gr<span class=\"_ _1\"></span>uppo <span class=\"_ _0\"></span>stesso. <span class=\"_ _0\"></span>La <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>rischio <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1742\">liquidit\u00e0 pu\u00f2 essere suddivisa fra:  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1743\">-<span class=\"_ _3c\"> </span>gestione <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>liquidit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>breve <span class=\"_ _0\"></span>termine, <span class=\"_ _0\"></span>ivi <span class=\"_ _0\"></span>compresa <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>liquid<span class=\"_ _2\"></span>it\u00e0 <span class=\"_ _0\"></span>intra-day, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>cui <span class=\"_ _0\"></span>obiettivo <span class=\"_ _0\"></span>\u00e8<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1744\">quello <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>garantire <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>capaci<span class=\"_ _2\"></span>t\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>far <span class=\"_ _35\"> </span>fronte <span class=\"_ _35\"> </span>agli <span class=\"_ _0\"></span>impegni <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>pa<span class=\"_ _1\"></span>gamento <span class=\"_ _35\"> </span>per <span class=\"_ _0\"></span>cass<span class=\"_ _1\"></span>a <span class=\"_ _35\"> </span>pr<span class=\"_ _2\"></span>evisti <span class=\"_ _35\"> </span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1745\">imprevisti tramite il mantenimento di un rapporto sostenibile tra i flussi di liquidit\u00e0 in entrata e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1746\">quelli <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>uscita; <span class=\"_ _0\"> </span>t<span class=\"_ _1\"></span>ale <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>cos<span class=\"_ _1\"></span>tituisce <span class=\"_ _0\"></span>la <span class=\"_ _35\"> </span>cond<span class=\"_ _2\"></span>izione <span class=\"_ _0\"></span>essenziale <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>la<span class=\"_ _3b\"></span> <span class=\"_ _35\"> </span>normale <span class=\"_ _0\"></span>continuit\u00e0<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1747\">operativa dell\u2019attivit\u00e0 bancaria;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1748\">-<span class=\"_ _3c\"> </span>gestione de<span class=\"_ _1\"></span>lla liquidit\u00e0 st<span class=\"_ _1\"></span>rutturale, il <span class=\"_ _1\"></span>cui obiett<span class=\"_ _1\"></span>ivo \u00e8 <span class=\"_ _1\"></span>quello di <span class=\"_ _1\"></span>mantenere <span class=\"_ _1\"></span>un adeguato <span class=\"_ _1\"></span>rapporto<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1749\">tra passivit\u00e0 <span class=\"_ _3b\"></span>ed attivit\u00e0 <span class=\"_ _3b\"></span>complessive, finali<span class=\"_ _2\"></span>zzato ad <span class=\"_ _3b\"></span>evitare pressioni <span class=\"_ _3b\"></span>s<span class=\"_ _1\"></span>ulle fon<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>i a<span class=\"_ _3b\"></span> breve <span class=\"_ _2\"></span>termine,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs174a\">attuali e prospettiche.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs174b\">Il Gruppo C<span class=\"_ _2\"></span>redito Emiliano <span class=\"_ _2\"></span>si \u00e8 <span class=\"_ _2\"></span>da t<span class=\"_ _2\"></span>empo dotato <span class=\"_ _2\"></span>di una <span class=\"_ _3b\"></span>P<span class=\"_ _1\"></span>olicy p<span class=\"_ _2\"></span>er la G<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>stione del <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio liqui<span class=\"_ _2\"></span>dit\u00e0. La<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs174c\">Policy approvata disciplina:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs174d\">-<span class=\"_ _3c\"> </span>i principi di governo e di gestione del rischio di liquidit\u00e0 adott<span class=\"_ _1\"></span>ati dal Gruppo, e<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs174e\">-<span class=\"_ _3c\"> </span>l\u2019insieme <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>norme e <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>processi <span class=\"_ _1\"></span>di co<span class=\"_ _1\"></span>ntrollo <span class=\"_ _1\"></span>finalizzati a <span class=\"_ _1\"></span>prevenire <span class=\"_ _1\"></span>l\u2019insorgere <span class=\"_ _1\"></span>di s<span class=\"_ _1\"></span>ituazioni<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs174f\">di <span class=\"_ _38\"></span>crisi <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>li<span class=\"_ _2\"></span>quidit\u00e0 <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>er <span class=\"_ _0\"></span>il <span class=\"_ _1\"></span>Gruppo <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>per <span class=\"_ _1\"></span>le<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>singole <span class=\"_ _38\"></span>so<span class=\"_ _1\"></span>ciet\u00e0 <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>Gruppo, <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>l\u2019obiettivo <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>ispirare<span class=\"_ _3a1\"> </span><span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1750\">una s<span class=\"_ _1\"></span>ana <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>prudente <span class=\"_ _38\"></span>gestione del <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>liquidit\u00e0 a <span class=\"_ _1\"></span>li<span class=\"_ _1\"></span>vello <span class=\"_ _1\"></span>consolidato, <span class=\"_ _1\"></span>tale <span class=\"_ _1\"></span>da <span class=\"_ _1\"></span>assicurare<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>la<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1751\">stabilit\u00e0, la sicurezza delle o<span class=\"_ _1\"></span>perazioni aziendali, la solidit\u00e0 finanziaria e, conseguentemente, la<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1752\">solvibilit\u00e0 del Gruppo.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1753\">I principi essenziali a cui si ispira la politica di gest<span class=\"_ _1\"></span>ione della liquidit\u00e0 sono:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1754\">-<span class=\"_ _3c\"> </span>definizione <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>un <span class=\"_ _38\"></span>Risk <span class=\"_ _0\"></span>Appetite <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>na <span class=\"_ _0\"></span>Risk <span class=\"_ _38\"></span>Tolerance <span class=\"_ _0\"></span>(o <span class=\"_ _38\"></span>soglia <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>toller<span class=\"_ _1\"></span>anza) <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>contesto <span class=\"_ _0\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1755\">normale  corso  degli  affari  e  di<span class=\"_ _2\"></span>  scenari  di  stress  che  abb<span class=\"_ _2\"></span>iano  opportuni  buffer  rispetto  ai<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1756\">requisiti normativi;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1757\">-<span class=\"_ _3c\"> </span>definizione e formalizzazione di ruoli e<span class=\"_ _1\"></span> funzioni, coerentemente con il principio di separ<span class=\"_ _1\"></span>atezza<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1758\">delle funzioni operative da quelle di controllo (c.d. segre<span class=\"_ _1\"></span>gation of duties);<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1759\">-<span class=\"_ _3c\"> </span>accentramento della funzione di governo del rischio di liquidit\u00e0 sulla Capogruppo;<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs175a\">-<span class=\"_ _3c\"> </span>attuazione <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>una <span class=\"_ _38\"></span>politica <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>trasformazione <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>scadenze <span class=\"_ _38\"></span>gestita <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ll\u2019ambito <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>assimali<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs175b\">assegnati;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs175c\">-<span class=\"_ _3c\"> </span>adozione <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>una <span class=\"_ _3d\"> </span>politica <span class=\"_ _37\"> </span>di <span class=\"_ _3d\"> </span>funding <span class=\"_ _3d\"> </span>diver<span class=\"_ _1\"></span>sificata <span class=\"_ _3d\"> </span>in <span class=\"_ _37\"> </span>termini <span class=\"_ _3d\"> </span>di <span class=\"_ _37\"> </span>fonti, <span class=\"_ _3d\"> </span>durata <span class=\"_ _37\"> </span>e <span class=\"_ _3d\"> </span>t<span class=\"_ _1\"></span>ipologia <span class=\"_ _3d\"> </span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs175d\">strumenti di raccolta;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs175e\">-<span class=\"_ _3c\"> </span>definizione <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>formalizzazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>principi <span class=\"_ _0\"></span>re<span class=\"_ _1\"></span>lativi <span class=\"_ _0\"></span>alla <span class=\"_ _35\"> </span>definiz<span class=\"_ _2\"></span>ione <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>sistema <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>pre<span class=\"_ _1\"></span>zzi <span class=\"_ _0\"></span>per <span class=\"_ _35\"> </span>il<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs175f\">trasferimento interno dei fondi;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1760\">-<span class=\"_ _3c\"> </span>definizione <span class=\"_ _2\"></span>e formalizzazione <span class=\"_ _3b\"></span>di un <span class=\"_ _3b\"></span>piano di <span class=\"_ _2\"></span>emergenza da <span class=\"_ _3b\"></span>attivare in <span class=\"_ _2\"></span>caso di<span class=\"_ _2\"></span> stres<span class=\"_ _2\"></span>s e/o <span class=\"_ _3b\"></span>crisi dei<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1761\">mercati o in caso di situazioni specifiche del Gruppo (Contingency Funding Plan);<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1762\">-<span class=\"_ _3c\"> </span>adozione di un sistema di controlli interni.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1763\">Su <span class=\"_ _2\"></span>base giornaliera, m<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>diante un <span class=\"_ _3b\"></span>modello di l<span class=\"_ _2\"></span>iquidity gap<span class=\"_ _2\"></span>, vi<span class=\"_ _2\"></span>ene esposta l\u2019evoluz<span class=\"_ _2\"></span>ione temporale d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1764\">flussi <span class=\"_ _1\"></span>di cass<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>per conse<span class=\"_ _1\"></span>ntire l\u2019attivazione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>operazioni <span class=\"_ _1\"></span>finalizzate <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>determinare <span class=\"_ _1\"></span>un equilibrio <span class=\"_ _1\"></span>fra<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1765\">entrate e<span class=\"_ _1\"></span>d uscite <span class=\"_ _1\"></span>di cassa. <span class=\"_ _1\"></span>Inoltre, a <span class=\"_ _1\"></span>partire <span class=\"_ _1\"></span>dal 2023 <span class=\"_ _1\"></span>\u00e8 in <span class=\"_ _1\"></span>corso <span class=\"_ _1\"></span>l\u2019utilizzo della p<span class=\"_ _1\"></span>iattaforma <span class=\"_ _1\"></span>Ilias per<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1766\">il monitoraggio gestionale giornaliero <span class=\"_ _1\"></span>degli indicatori regolamentari e gestionali interni.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1767\">Al  Comitato <span class=\"_ _35\"> </span>Asset  Liability <span class=\"_ _35\"> </span>&amp;  Manag<span class=\"_ _2\"></span>ement  di  Grupp<span class=\"_ _2\"></span>o  sono <span class=\"_ _35\"> </span>assegnati  poteri  decisionali<span class=\"_ _2\"></span>  per<span class=\"_ _2\"></span>  l<span class=\"_ _2\"></span>a<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1768\">declinazione <span class=\"_ _0\"></span>delle <span class=\"_ _0\"></span>strategie <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>merito <span class=\"_ _0\"></span>alle <span class=\"_ _0\"></span>politiche <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>fun<span class=\"_ _2\"></span>ding <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Gruppo. <span class=\"_ _0\"></span>Periodicamente <span class=\"_ _0\"></span>sono<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1769\">analizzate, in sede <span class=\"_ _2\"></span>di Comitato, l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> condizioni <span class=\"_ _2\"></span>di equilibrio fin<span class=\"_ _2\"></span>anziario per orientare le <span class=\"_ _2\"></span>decisioni circa<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs176a\">le <span class=\"_ _36\"> </span>strategie <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>funding. <span class=\"_ _37\"> </span>Sempre<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>in <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>ede <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>Comit<span class=\"_ _1\"></span>ato, <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>ono <span class=\"_ _37\"> </span>analizzati <span class=\"_ _36\"> </span>inter<span class=\"_ _1\"></span>venti <span class=\"_ _36\"> </span>straordinari<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs176b\">eventualmente richiesti per le contingenti situazioni di mercato.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs176c\">Nell\u2019ambito del processo RAF vengono, inoltre, <span class=\"_ _1\"></span>definite le soglie di Risk Appetite e Risk Tolerance,<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs176d\">le metriche e le modalit\u00e0 di controllo dei seguenti indicatori di liquidit\u00e0:<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs176e\">-<span class=\"_ _3c\"> </span>Liquidity Coverage Ratio (LCR);<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs176f\">-<span class=\"_ _3c\"> </span>Asset Encumbrance;<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1770\">-<span class=\"_ _3c\"> </span>Net Stable Funding Ratio (NSFR);<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1771\">-<span class=\"_ _3c\"> </span>Gap Cumulato a 1 mese su Totale Attivo (decorrenza dal 2025<span class=\"_ _1\"></span>).<span class=\"_ _3a1\"> </span> </div>Le  regole  di <span class=\"_ _35\"> </span>\u201cLiquidity  Management\u201d  adottate  prevedono <span class=\"_ _35\"> </span>limiti  di <span class=\"_ _35\"> </span>liquidit\u00e0  da  rispettarsi  sull<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span>scaden<span class=\"_ _3a1\"> </span>ze <span class=\"_ _36\"> </span>di <span class=\"_ _36\"> </span>breve <span class=\"_ _36\"> </span>termine <span class=\"_ _36\"> </span>ed <span class=\"_ _36\"> </span>altri <span class=\"_ _36\"> </span>indicatori <span class=\"_ _36\"> </span>per <span class=\"_ _36\"> </span>monitorare <span class=\"_ _36\"> </span>quotidianamente <span class=\"_ _36\"> </span>la <span class=\"_ _39\"> </span>posizione<span class=\"_ _3a1\"> </span>complessiva. Relativamente <span class=\"_ _1\"></span>alla <span class=\"_ _1\"></span>liquidit\u00e0 <span class=\"_ _1\"></span>st<span class=\"_ _1\"></span>rutturale <span class=\"_ _1\"></span>sono <span class=\"_ _1\"></span>previsti <span class=\"_ _1\"></span>limiti <span class=\"_ _1\"></span>finalizzati <span class=\"_ _1\"></span>a <span class=\"_ _38\"></span>controllare <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>gest<span class=\"_ _1\"></span>ire <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>risch<span class=\"_ _3a1\"> </span>i<span class=\"_ _3a1\"> </span>derivanti dal <span class=\"_ _1\"></span>mismatch <span class=\"_ _1\"></span>di scade<span class=\"_ _1\"></span>nze a <span class=\"_ _1\"></span>medio-lungo t<span class=\"_ _1\"></span>ermine <span class=\"_ _1\"></span>dell\u2019attivo <span class=\"_ _1\"></span>e de<span class=\"_ _1\"></span>l passivo. <span class=\"_ _1\"></span>Sono pre<span class=\"_ _1\"></span>vist<span class=\"_ _3a1\"> </span>i<span class=\"_ _3a1\"> </span>dei gap ratio a 1, 2 e 5 anni. Questi <span class=\"_ _0\"></span>limiti <span class=\"_ _38\"></span>consentono <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>evitare <span class=\"_ _0\"></span>che <span class=\"_ _0\"></span>l\u2019<span class=\"_ _2\"></span>operativit\u00e0 <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>medio-lungo <span class=\"_ _0\"></span>termine <span class=\"_ _38\"></span>possa <span class=\"_ _0\"></span>dare <span class=\"_ _0\"></span>lu<span class=\"_ _2\"></span>ogo <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span>d<span class=\"_ _3a1\"> </span>eccessivi squilibri da finanziare a breve termine<span class=\"_ _1\"></span>.<span class=\"_ _3a1\"> </span>Gli scenari di stress test previsti dal Regolamento<span class=\"_ _1\"></span> si distinguono in:<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>stress <span class=\"_ _39\"> </span>sistemico <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>severity <span class=\"_ _39\"> </span>lieve: <span class=\"_ _39\"> </span>crisi <span class=\"_ _39\"> </span>di <span class=\"_ _39\"> </span>liquidit\u00e0 <span class=\"_ _39\"> </span>sistem<span class=\"_ _1\"></span>ica <span class=\"_ _36\"> </span>causata<span class=\"_ _1\"></span> <span class=\"_ _39\"> </span>da <span class=\"_ _39\"> </span>un\u2019improvvisa<span class=\"_ _3a1\"> </span>instabilit\u00e0 <span class=\"_ _1\"></span>sui <span class=\"_ _1\"></span>mercati <span class=\"_ _1\"></span>monetari <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>dei <span class=\"_ _1\"></span>capitali, <span class=\"_ _1\"></span>tens<span class=\"_ _1\"></span>ioni di <span class=\"_ _1\"></span>caratter<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>politico e<span class=\"_ _1\"></span>/o <span class=\"_ _1\"></span>eventi <span class=\"_ _1\"></span>climatic<span class=\"_ _3a1\"> </span>i<span class=\"_ _3a1\"> </span>e ambientali, accompagnati da alti livelli di intensit\u00e0 ed impatti globali;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>stress  idiosincratico  di<span class=\"_ _2\"></span>  severity <span class=\"_ _35\"> </span>media:  crisi  di<span class=\"_ _2\"></span>  liqu<span class=\"_ _2\"></span>idit\u00e0  causata  da <span class=\"_ _35\"> </span>eventi  particolarmente<span class=\"_ _3a1\"> </span>negativi per il Gruppo;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>stress combinato di severity grave: \u00e8 la co<span class=\"_ _1\"></span>mbinazione dei due precedenti scenari.<span class=\"_ _3a1\"> </span>Le <span class=\"_ _0\"></span>procedure <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>Contingency <span class=\"_ _38\"></span>Funding <span class=\"_ _38\"></span>Plan, <span class=\"_ _0\"></span>costantemente <span class=\"_ _0\"></span>aggiornate, <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>pongono <span class=\"_ _0\"></span>l\u2019obiettivo <span class=\"_ _0\"></span>d<span class=\"_ _3a1\"> </span>i<span class=\"_ _3a1\"> </span>salvaguardare <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>stabilit\u00e0 <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>gruppo <span class=\"_ _38\"></span>d<span class=\"_ _1\"></span>urante <span class=\"_ _0\"></span>le <span class=\"_ _38\"></span>fasi <span class=\"_ _0\"></span>iniziali <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>uno <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>tato <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>tensione <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>liquidit\u00e0 <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span>garantire la continuit\u00e0 del gruppo stesso <span class=\"_ _1\"></span>nel caso di gravi crisi di liquid<span class=\"_ _2\"></span>it\u00e0. L\u2019attivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>liquidit\u00e0 <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>breve <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>funding <span class=\"_ _0\"></span>strutturale <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>svolta <span class=\"_ _0\"></span>dalla <span class=\"_ _0\"></span>Finanz<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>della<span class=\"_ _3a1\"> </span>Capogruppo che complessivamente:<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>gestisce <span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>flussi <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>liquidit\u00e0 <span class=\"_ _38\"></span>infragruppo <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ivenienti <span class=\"_ _38\"></span>dai <span class=\"_ _1\"></span>fabbisogni/<span class=\"_ _1\"></span>surplus <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>liquidit\u00e0 <span class=\"_ _38\"></span>netti <span class=\"_ _38\"></span>delle<span class=\"_ _3a1\"> </span>Societ\u00e0 del Gruppo;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>misura e monitora la posizione di liquidit\u00e0 del Gruppo e <span class=\"_ _1\"></span>delle singole Societ\u00e0 del Gruppo;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>coordina <span class=\"_ _0\"></span>ed <span class=\"_ _0\"></span>effettua <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>raccolta <span class=\"_ _0\"></span>accedendo <span class=\"_ _0\"></span>direttamente <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>me<span class=\"_ _2\"></span>rcato <span class=\"_ _0\"></span>interbancario <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>fine <span class=\"_ _38\"></span>d<span class=\"_ _3a1\"> </span>i<span class=\"_ _3a1\"> </span>mantenere condizioni adeguate di liquidit\u00e0 per<span class=\"_ _1\"></span> il Gruppo;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>determina <span class=\"_ _1\"></span>per<span class=\"_ _1\"></span>iodicamente <span class=\"_ _1\"></span>gli <span class=\"_ _1\"></span>interve<span class=\"_ _1\"></span>nti <span class=\"_ _1\"></span>finanziari <span class=\"_ _1\"></span>utili <span class=\"_ _38\"></span>per <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>nsegui<span class=\"_ _2\"></span>re <span class=\"_ _38\"></span>gli <span class=\"_ _1\"></span>equilibri <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>medio <span class=\"_ _38\"></span>e<span class=\"_ _3a1\"> </span>lungo termine, la sostenibilit\u00e0 della crescita e <span class=\"_ _1\"></span>la maggior efficienza della provvista;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>gestisce <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>rapporti <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>BCE <span class=\"_ _0\"></span>(gestione <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>cont<span class=\"_ _1\"></span>o <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>ge<span class=\"_ _1\"></span>stione <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>ogni <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>ttivit\u00e0 <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>imp<span class=\"_ _2\"></span>iego <span class=\"_ _0\"></span>o<span class=\"_ _3a1\"> </span>provvista di fondi) ed accede alle operazioni di rifinanziamento della BCE.<span class=\"_ _3a1\"> </span>Questa <span class=\"_ _3f\"> </span>impostazione <span class=\"_ _3f\"> </span>consente <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>supportare <span class=\"_ _3f\"> </span>adeguatamente <span class=\"_ _3f\"> </span>i <span class=\"_ _3f\"> </span>fabbisogni <span class=\"_ _3f\"> </span>finanziari <span class=\"_ _3f\"> </span>ed <span class=\"_ _3f\"> </span>\u00e8<span class=\"_ _3a1\"> </span>finalizzata a:<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>ridurre i fabbisogni complessivi di finanziamento da parte di contr<span class=\"_ _1\"></span>oparti esterne al Gruppo;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>ottimizzare <span class=\"_ _3d\"> </span>l\u2019accesso <span class=\"_ _3d\"> </span>ai <span class=\"_ _37\"> </span>mercati <span class=\"_ _3d\"> </span>e <span class=\"_ _3d\"> </span>conseguentemente <span class=\"_ _3d\"> </span>minimizzare <span class=\"_ _3d\"> </span>i <span class=\"_ _37\"> </span>costi <span class=\"_ _3d\"> </span>complessivi <span class=\"_ _3d\"> </span>d<span class=\"_ _3a1\"> </span>i<span class=\"_ _3a1\"> </span>raccolta esterna.<span class=\"_ _3a1\"> </span>Nel <span class=\"_ _43\"> </span>corso <span class=\"_ _69\"> </span>dell\u2019esercizio <span class=\"_ _69\"> </span>2024, <span class=\"_ _43\"> </span>Il <span class=\"_ _69\"> </span>Gruppo <span class=\"_ _69\"> </span>ha <span class=\"_ _43\"> </span>proseguito, <span class=\"_ _69\"> </span>nell\u2019ambito <span class=\"_ _69\"> </span>de<span class=\"_ _1\"></span>lle <span class=\"_ _69\"> </span>segnalazion<span class=\"_ _3a1\"> </span>i<span class=\"_ _3a1\"> </span>regolamentari, a trasmettere alle autorit\u00e0 <span class=\"_ _1\"></span>di vigilanza:<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>con cadenza mensile le segnalazioni relative al Liq<span class=\"_ _2\"></span>uidity Coverage Ratio (LCR), sulla base degl<span class=\"_ _3a1\"> </span>i<span class=\"_ _3a1\"> </span>schemi <span class=\"_ _37\"> </span>confor<span class=\"_ _1\"></span>mi <span class=\"_ _37\"> </span>ai <span class=\"_ _36\"> </span>Reg. <span class=\"_ _37\"> </span>d\u2019esecuzione <span class=\"_ _36\"> </span>UE <span class=\"_ _37\"> </span>rispet<span class=\"_ _1\"></span>tivamente <span class=\"_ _37\"> </span>n. <span class=\"_ _37\"> </span>322/201<span class=\"_ _1\"></span>6, <span class=\"_ _37\"> </span>n.2114/20<span class=\"_ _1\"></span>17 <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>n<span class=\"_ _3a1\"> </span>.<span class=\"_ _3a1\"> </span>2018/1620;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>con <span class=\"_ _37\"> </span>cadenza <span class=\"_ _37\"> </span>mensile <span class=\"_ _3d\"> </span>le <span class=\"_ _37\"> </span>s<span class=\"_ _1\"></span>egnalazioni <span class=\"_ _3d\"> </span>relat<span class=\"_ _1\"></span>ive <span class=\"_ _3d\"> </span>agli <span class=\"_ _37\"> </span>Additional <span class=\"_ _37\"> </span>Liquidity <span class=\"_ _37\"> </span>Monitoring <span class=\"_ _37\"> </span>Metrics<span class=\"_ _3a1\"> </span>(ALMM) <span class=\"_ _38\"></span>sulla <span class=\"_ _38\"></span>base <span class=\"_ _0\"></span>degli <span class=\"_ _1\"></span>schemi <span class=\"_ _38\"></span>conformi <span class=\"_ _0\"></span>al <span class=\"_ _1\"></span>Reg. <span class=\"_ _38\"></span>d\u2019ese<span class=\"_ _1\"></span>cuzione <span class=\"_ _1\"></span>UE <span class=\"_ _0\"></span>n. <span class=\"_ _1\"></span>2114<span class=\"_ _1\"></span>/2017 <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>delle <span class=\"_ _38\"></span>norme<span class=\"_ _3a1\"> </span>tecniche <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span>tenute <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>el <span class=\"_ _0\"></span>docume<span class=\"_ _2\"></span>nto <span class=\"_ _0\"></span>E<span class=\"_ _2\"></span>BA <span class=\"_ _38\"></span>\u201d<span class=\"_ _1\"></span>Final <span class=\"_ _38\"></span>Re<span class=\"_ _1\"></span>port <span class=\"_ _38\"></span>on <span class=\"_ _0\"></span>draft<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>ITS<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>on <span class=\"_ _38\"></span>Supervisory <span class=\"_ _0\"></span>R<span class=\"_ _2\"></span>eporting<span class=\"_ _3a1\"> </span>regarding COREP, AE, ALMM and GSIIs\u201d;<span class=\"_ _3a1\"> </span>-<span class=\"_ _3c\"> </span>con <span class=\"_ _35\"> </span>cadenza <span class=\"_ _35\"> </span>trimestrale,  la<span class=\"_ _3b\"></span>  segnal<span class=\"_ _2\"></span>azione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>liquidit\u00e0  Net <span class=\"_ _35\"> </span>Stab<span class=\"_ _2\"></span>le <span class=\"_ _35\"> </span>Funding <span class=\"_ _35\"> </span>Ratio <span class=\"_ _35\"> </span>(c.d. <span class=\"_ _35\"> </span>\u00abNSFR<span class=\"_ _3a1\"> </span>CRR2\u00bb) come previsto dal Reg. UE 2019/87<span class=\"_ _1\"></span>6 (c.d. \u00abCRR2\u00bb).<span class=\"_ _3a1\"> </span>A <span class=\"_ _1\"></span>novembre <span class=\"_ _1\"></span>2024 <span class=\"_ _1\"></span>il Gruppo <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>partecipato <span class=\"_ _1\"></span>al Single <span class=\"_ _1\"></span>Supervisor<span class=\"_ _1\"></span>y Mechanism <span class=\"_ _1\"></span>SSM <span class=\"_ _1\"></span>annual Liquidity<span class=\"_ _3a1\"> </span>Exercise <span class=\"_ _0\"></span>(SSM<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>Li<span class=\"_ _2\"></span>quidity <span class=\"_ _0\"></span>Excercise) <span class=\"_ _38\"></span>at<span class=\"_ _1\"></span>traverso <span class=\"_ _0\"></span>la <span class=\"_ _38\"></span>compilazione <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>Joint <span class=\"_ _0\"></span>Liquid<span class=\"_ _2\"></span>ity <span class=\"_ _0\"></span>Template, <span class=\"_ _38\"></span>sia <span class=\"_ _0\"></span>a<span class=\"_ _3a1\"> </span>livello <span class=\"_ _35\"> </span>consolidato  sia <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>livello  i<span class=\"_ _3b\"></span>ndividuale  Credem, <span class=\"_ _35\"> </span>richiesto  cong<span class=\"_ _2\"></span>iuntamente  da <span class=\"_ _35\"> </span>BCE <span class=\"_ _35\"> </span>e  SRB.<span class=\"_ _3b\"></span>  I<span class=\"_ _3a1\"> </span>l<span class=\"_ _3a1\"> </span>Gruppo <span class=\"_ _1\"></span>inolt<span class=\"_ _1\"></span>re, <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>corso <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>tutto <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>2024, <span class=\"_ _38\"></span>ha <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>inuato <span class=\"_ _1\"></span>l\u2019invio <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>ettimanale <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>Single <span class=\"_ _1\"></span>Supervisory<span class=\"_ _3a1\"> </span>Mechanism <span class=\"_ _1\"></span>Liquidity <span class=\"_ _38\"></span>Exercise <span class=\"_ _38\"></span>(SLT) a <span class=\"_ _38\"></span>livello <span class=\"_ _38\"></span>consolidato <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>ichiesto <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>BCE <span class=\"_ _1\"></span>(a <span class=\"_ _38\"></span>partire <span class=\"_ _1\"></span>da <span class=\"_ _38\"></span>settembre<span class=\"_ _3a1\"> </span>2023).<span class=\"_ _3a1\"> </span><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1773\">Riserve di liquid<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _3a1\"> </span><span class=\"fc1 sc2\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1774\">Al <span class=\"_ _1\"></span>31 <span class=\"_ _38\"></span>d<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1775\">icembre <span class=\"_ _38\"></span>2024 <span class=\"_ _1\"></span>l\u2019importo <span class=\"_ _1\"></span>totale<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>delle <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>iserve <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>liquidit\u00e0 <span class=\"_ _1\"></span>libe<span class=\"_ _1\"></span>re, <span class=\"_ _1\"></span>intese <span class=\"_ _38\"></span>come <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>liquide <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1776\">elevata <span class=\"_ _1\"></span>qualit\u00e0 calcolate <span class=\"_ _1\"></span>ai fini del <span class=\"_ _1\"></span>calcolo dell\u2019indicator<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>LCR, si \u00e8 <span class=\"_ _1\"></span>attestato <span class=\"_ _1\"></span>a 8,30 m<span class=\"_ _1\"></span>iliardi di euro<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1777\">a <span class=\"_ _35\"> </span>valore <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>mercato<span class=\"_ _1\"></span>. <span class=\"_ _0\"> </span>Il <span class=\"_ _35\"> </span>97% <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>tali <span class=\"_ _35\"> </span>riserve <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>detenuto <span class=\"_ _35\"> </span>dal<span class=\"_ _2\"></span>la <span class=\"_ _35\"> </span>Capogruppo <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>d <span class=\"_ _35\"> </span>il <span class=\"_ _0\"></span>restant<span class=\"_ _1\"></span>e <span class=\"_ _35\"> </span>3% <span class=\"_ _35\"> </span>dal<span class=\"_ _2\"></span>le<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1778\">controllate domestiche.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1779\">Funding con BCE<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs177a\">L\u2019impor<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs177b\">to complessivo <span class=\"_ _3b\"></span>del finanziamento <span class=\"_ _3b\"></span>con BCE <span class=\"_ _3b\"></span>a fine <span class=\"_ _3b\"></span>dicembre 2024 <span class=\"_ _3b\"></span>\u00e8 pari <span class=\"_ _3b\"></span>a 500 <span class=\"_ _3b\"></span>milioni di <span class=\"_ _3b\"></span>euro<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs177c\">e <span class=\"_ _0\"></span>deriva <span class=\"_ _0\"> </span>da <span class=\"_ _35\"> </span>un\u2019operazione <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>rifinanziamento <span class=\"_ _0\"> </span>pr<span class=\"_ _1\"></span>incipale <span class=\"_ _0\"></span>\u201cMRO\u201d <span class=\"_ _0\"></span>settimanale. <span class=\"_ _0\"></span>N<span class=\"_ _1\"></span>el <span class=\"_ _0\"></span>mese <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>marzo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs177d\">2024 \u00e8 stata rimborsata alla naturale scadenza l\u2019ul<span class=\"_ _2\"></span>tima tranche TLTRO III.7 per l\u2019importo nominale<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs177e\">di 740 milioni di euro.  </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs177f\">Altre attivit\u00e0 di f<span class=\"_ _1\"></span>unding<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1780\">Nel <span class=\"_ _3a\"> </span>corso <span class=\"_ _3a\"> </span>dell\u2019esercizio <span class=\"_ _3a\"> </span>2024, <span class=\"_ _3a\"> </span>nell\u2019ambito <span class=\"_ _3a\"> </span>dell\u2019operativit<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1781\">\u00e0 <span class=\"_ _3a\"> </span>di <span class=\"_ _3a\"> </span>money <span class=\"_ _3a\"> </span>market, <span class=\"_ _3f\"> </span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _3a\"> </span>continuata<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1782\">l\u2019operativit\u00e0 di <span class=\"_ _3b\"></span>raccolt<span class=\"_ _1\"></span>a <span class=\"_ _3b\"></span>in depositi <span class=\"_ _2\"></span>unsecured a <span class=\"_ _3b\"></span>breve termine <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>il <span class=\"_ _2\"></span>Ministero dell'Economia <span class=\"_ _3b\"></span>e delle<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1783\">Finanze <span class=\"_ _0\"></span>(MEF), <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>importo<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>medio <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>150 <span class=\"_ _0\"></span>milioni <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>euro. <span class=\"_ _0\"></span>L\u2019i<span class=\"_ _2\"></span>mporto <span class=\"_ _0\"></span>puntuale <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>fine <span class=\"_ _38\"></span>dicembre<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1784\">2024 \u00e8 risultato pari a 500 milioni di euro.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1785\">Inoltre, <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>corso <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>primo <span class=\"_ _38\"></span>semestre, <span class=\"_ _1\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>stata <span class=\"_ _38\"></span>negoziata <span class=\"_ _1\"></span>la <span class=\"_ _38\"></span>prima <span class=\"_ _38\"></span>operazione <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>Repo <span class=\"_ _38\"></span>sul <span class=\"_ _1\"></span>Covered<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1786\">Bond <span class=\"_ _0\"></span>re<span class=\"_ _2\"></span>tained <span class=\"_ _38\"></span>em<span class=\"_ _1\"></span>esso <span class=\"_ _38\"></span>a <span class=\"_ _0\"></span>gennai<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>202<span class=\"_ _2\"></span>4 <span class=\"_ _0\"></span>per<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>il<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>val<span class=\"_ _2\"></span>ore <span class=\"_ _38\"></span>nominale <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>200 <span class=\"_ _0\"></span>mili<span class=\"_ _2\"></span>oni <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>euro <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>state<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1787\">effettuate <span class=\"_ _3d\"> </span>nuove  operazioni  in  re<span class=\"_ _1\"></span>po  a  breve  ter<span class=\"_ _1\"></span>mine  con  sottostanti <span class=\"_ _3d\"> </span>titoli  obbligazionari  non<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1788\">governativi, per <span class=\"_ _1\"></span>un valor<span class=\"_ _1\"></span>e nom<span class=\"_ _1\"></span>inale complessivo <span class=\"_ _1\"></span>in essere <span class=\"_ _1\"></span>a fine <span class=\"_ _1\"></span>dicembre par<span class=\"_ _1\"></span>i a <span class=\"_ _1\"></span>circa 500<span class=\"_ _1\"></span> milioni<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1789\">di euro.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs178a\">Con riferimento al<span class=\"_ _2\"></span>l\u2019operativit\u00e0 di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ifinanziamento in <span class=\"_ _3b\"></span>pr<span class=\"_ _1\"></span>onti contro <span class=\"_ _3b\"></span>termine di Titoli d<span class=\"_ _2\"></span>i Stato <span class=\"_ _3b\"></span>e Supras<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs178b\">Europei,  il <span class=\"_ _35\"> </span>Gruppo  \u00e8 <span class=\"_ _35\"> </span>rimasto  m<span class=\"_ _2\"></span>olto  attivo <span class=\"_ _35\"> </span>nel  corso  d<span class=\"_ _3b\"></span>el  2024 <span class=\"_ _35\"> </span>e  la  raccolta <span class=\"_ _35\"> </span>outstanding  a <span class=\"_ _35\"> </span>fine<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs178c\">dicembre \u00e8 <span class=\"_ _3b\"></span>risultata pari <span class=\"_ _3b\"></span>a circa <span class=\"_ _3b\"></span>4,93 miliardi <span class=\"_ _3b\"></span>di euro <span class=\"_ _2\"></span>a <span class=\"_ _3b\"></span>co<span class=\"_ _1\"></span>ntrovalore <span class=\"_ _3b\"></span>di mercato. <span class=\"_ _2\"></span>La q<span class=\"_ _2\"></span>uota d<span class=\"_ _2\"></span>i li<span class=\"_ _2\"></span>quidit\u00e0<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs178d\">in eccesso rispetto ai fabbisogni \u00e8 stata de<span class=\"_ _1\"></span>positata presso la Banca Centrale Europea.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs178e\">In <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>lazione <span class=\"_ _38\"></span>all\u2019operat<span class=\"_ _1\"></span>ivit\u00e0 <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>div<span class=\"_ _2\"></span>isa <span class=\"_ _0\"></span>diversa <span class=\"_ _38\"></span>dall\u2019Euro <span class=\"_ _0\"></span>e<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>particolare <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>USD, <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>po<span class=\"_ _2\"></span>rtafoglio <span class=\"_ _0\"></span>di <span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>itoli<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs178f\">governativi <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>USD \u00e8 <span class=\"_ _3b\"></span>stato <span class=\"_ _3b\"></span>rifinanziato <span class=\"_ _3b\"></span>pre<span class=\"_ _1\"></span>valentemente <span class=\"_ _3b\"></span>in <span class=\"_ _3b\"></span>pronti <span class=\"_ _3b\"></span>cont<span class=\"_ _1\"></span>ro <span class=\"_ _3b\"></span>termine i<span class=\"_ _2\"></span>n <span class=\"_ _3b\"></span>divisa. <span class=\"_ _3b\"></span>L\u2019importo<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1790\">complessivo di <span class=\"_ _1\"></span>tali o<span class=\"_ _1\"></span>perazioni a <span class=\"_ _1\"></span>fine <span class=\"_ _1\"></span>dicembre <span class=\"_ _1\"></span>2024 am<span class=\"_ _1\"></span>monta a 8<span class=\"_ _1\"></span>30 m<span class=\"_ _1\"></span>ilioni di USD <span class=\"_ _1\"></span>a co<span class=\"_ _1\"></span>ntrovalore<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1791\">di mercato.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1792\">Programma di emis<span class=\"_ _1\"></span>sioni Obbligazioni Ba<span class=\"_ _1\"></span>ncarie Garantite<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1793\">Nell\u2019<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1794\">ambito <span class=\"_ _0\"></span>del <span class=\"_ _38\"></span>programma <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>Obbligazioni <span class=\"_ _38\"></span>Bancarie <span class=\"_ _0\"></span>Garantite <span class=\"_ _38\"></span>da <span class=\"_ _0\"></span>Credem <span class=\"_ _38\"></span>CB<span class=\"_ _1\"></span>, <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>valore <span class=\"_ _38\"></span>nominale<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1795\">delle <span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>issioni <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>circolazione <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>fine <span class=\"_ _38\"></span>dicembre <span class=\"_ _1\"></span>2024 <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>risultat<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>pari <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>2,85 <span class=\"_ _1\"></span>miliardi <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>euro, <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>cui 1<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1796\">miliardo di euro rappresentato da <span class=\"_ _2\"></span>un\u2019emissione retained. Nel mese di <span class=\"_ _2\"></span>gennaio 2024, in conformit\u00e0<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1797\">alla  nuova  di<span class=\"_ _2\"></span>rett<span class=\"_ _1\"></span>iva  europea  recepita  in  I<span class=\"_ _2\"></span>talia  il  30  marzo  2023,  sono  sta<span class=\"_ _2\"></span>ti  emessi  due  nuovi<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1798\">European Covered <span class=\"_ _3b\"></span>Bond (Premiu<span class=\"_ _2\"></span>m). L<span class=\"_ _2\"></span>a prima <span class=\"_ _3b\"></span>emissione, destinata <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>l c<span class=\"_ _2\"></span>ollocamento p<span class=\"_ _2\"></span>ubblico <span class=\"_ _3b\"></span>ver<span class=\"_ _1\"></span>so<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1799\">investitori <span class=\"_ _38\"></span>istituzionali, <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>tata <span class=\"_ _1\"></span>emes<span class=\"_ _1\"></span>sa <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>valore <span class=\"_ _38\"></span>nominale <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>500 <span class=\"_ _38\"></span>m<span class=\"_ _1\"></span>ilioni <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>euro. <span class=\"_ _38\"></span>La <span class=\"_ _38\"></span>seconda<span class=\"_ _3a1\"> </span><span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs179a\">emissione, <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>tipo <span class=\"_ _1\"></span>retained, <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>raggiunto <span class=\"_ _1\"></span>un va<span class=\"_ _1\"></span>lore <span class=\"_ _1\"></span>nom<span class=\"_ _1\"></span>inale <span class=\"_ _1\"></span>di 1.000<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>milioni di <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>uro. <span class=\"_ _1\"></span>Quest\u2019ultima<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs179b\">risulta idonea <span class=\"_ _3b\"></span>per operazioni <span class=\"_ _3b\"></span>di rifinan<span class=\"_ _2\"></span>ziamento presso <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Banca <span class=\"_ _2\"></span>Centrale Europea <span class=\"_ _3b\"></span>e si <span class=\"_ _3b\"></span>presta com<span class=\"_ _3b\"></span>e<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs179c\">attivit\u00e0 <span class=\"_ _3d\"> </span>di  livello <span class=\"_ _3d\"> </span>1  ai <span class=\"_ _3d\"> </span>fini  de<span class=\"_ _1\"></span>l  Liquidity <span class=\"_ _3d\"> </span>Coverage <span class=\"_ _3d\"> </span>Ratio  per <span class=\"_ _3d\"> </span>potenziali  contr<span class=\"_ _1\"></span>oparti  pre<span class=\"_ _1\"></span>nditrici  in<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs179d\">operazioni di Repo.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs179e\">Programma di emis<span class=\"_ _1\"></span>sioni \u201cEuro Medium Term <span class=\"_ _1\"></span>Note\u201d (EMTN)<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs179f\">Nel <span class=\"_ _1\"></span>mes<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17a0\">e di <span class=\"_ _1\"></span>luglio \u00e8 <span class=\"_ _1\"></span>stato <span class=\"_ _1\"></span>perfezionato <span class=\"_ _1\"></span>il rinnovo <span class=\"_ _1\"></span>annuale del <span class=\"_ _1\"></span>Programma <span class=\"_ _1\"></span>EMTN. L'aggiorname<span class=\"_ _1\"></span>nto<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17a1\">del Bas<span class=\"_ _1\"></span>e Prospect<span class=\"_ _1\"></span>us ha <span class=\"_ _1\"></span>permesso l'intr<span class=\"_ _1\"></span>oduzione della <span class=\"_ _1\"></span>possibilit\u00e0 di e<span class=\"_ _1\"></span>mettere <span class=\"_ _1\"></span>anche tit<span class=\"_ _1\"></span>oli di diritt<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17a2\">italiano <span class=\"_ _38\"></span>ne<span class=\"_ _1\"></span>lla <span class=\"_ _38\"></span>for<span class=\"_ _1\"></span>ma <span class=\"_ _0\"></span>dematerializz<span class=\"_ _2\"></span>ata <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>accentrata <span class=\"_ _0\"></span>su <span class=\"_ _38\"></span>Monte <span class=\"_ _0\"></span>Titoli, <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>li<span class=\"_ _2\"></span>nea <span class=\"_ _0\"></span>con <span class=\"_ _38\"></span>l'attuale <span class=\"_ _0\"></span>prassi <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17a3\">mercato.  </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17a4\">Nel <span class=\"_ _0\"></span>mese <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>ottobre<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>2024 <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>stato <span class=\"_ _0\"></span>effettuato <span class=\"_ _0\"></span>l\u2019eser<span class=\"_ _1\"></span>cizio <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>rimborso <span class=\"_ _0\"></span>anticipato <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Senior <span class=\"_ _0\"></span>Non-<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17a5\">Preferred (ISIN <span class=\"_ _3b\"></span>X<span class=\"_ _1\"></span>S2068978050), <span class=\"_ _2\"></span>gi\u00e0 oggetto di<span class=\"_ _2\"></span> un\u2019<span class=\"_ _2\"></span>operazione di <span class=\"_ _2\"></span>liability <span class=\"_ _2\"></span>management nel <span class=\"_ _2\"></span>corso de<span class=\"_ _2\"></span>l<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17a6\">2023, per un valore nominale residuo dii circa 338 milioni di euro con s<span class=\"_ _1\"></span>cadenza ottobre 2025.   </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17a7\">Nel 2024 il G<span class=\"_ _1\"></span>ruppo non ha collocato<span class=\"_ _1\"></span> emissioni unsecured, in linea <span class=\"_ _1\"></span>con quanto previsto <span class=\"_ _1\"></span>nel piano di<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17a8\">funding 2024.<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs17a9\">Operazioni di <span class=\"_ _1\"></span>cartolarizzazione<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17aa\">Con riferimento all\u2019operazione di <span class=\"_ _2\"></span>cartolarizzazione avente</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17ab\"> come <span class=\"_ _2\"></span>veicolo Emilia SPV <span class=\"_ _2\"></span>S.r.l., nel corso<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs17ac\">del 2024 sono state effettuate due nuove cessioni di att<span class=\"_ _1\"></span>ivi relative a mutui ipotecari residenziali in </div>bonis. <span class=\"_ _0\"></span>Al <span class=\"_ _0\"></span>31 <span class=\"_ _0\"></span>dicembre <span class=\"_ _0\"></span>2024, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>ci<span class=\"_ _2\"></span>rcolante <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>tranche <span class=\"_ _0\"></span>senior <span class=\"_ _0\"></span>\u00e8 <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ari <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>circa <span class=\"_ _0\"></span>2,13 <span class=\"_ _0\"></span>miliardi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>Euro,<span class=\"_ _3a1\"> </span>mentre quello della tranche junior \u00e8 pari a circa 0,64 miliardi di euro.<span class=\"_ _3a1\"> </span>Programma di emis<span class=\"_ _1\"></span>sione di Cambial<span class=\"_ _1\"></span>i Finanziarie (Commercial P<span class=\"_ _1\"></span>aper Programm<span class=\"_ _1\"></span>e)<span class=\"_ _3a1\"> </span>Nel <span class=\"_ _3d\"> </span>corso <span class=\"_ _3d\"> </span>del  20<span class=\"_ _1\"></span>24,  a <span class=\"_ _3d\"> </span>valere<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>sul  Progr<span class=\"_ _1\"></span>amma <span class=\"_ _3d\"> </span>di  Emissione<span class=\"_ _1\"></span>  di <span class=\"_ _3d\"> </span>Cambiali  Fi<span class=\"_ _1\"></span>nanziarie <span class=\"_ _3d\"> </span>di  Cre<span class=\"_ _1\"></span>dito<span class=\"_ _3a1\"> </span>Emiliano, <span class=\"_ _38\"></span>che <span class=\"_ _0\"></span>d\u00e0 <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>possibilit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>emettere <span class=\"_ _0\"></span>C<span class=\"_ _2\"></span>ommercial <span class=\"_ _0\"></span>Paper <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>diritto<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>I<span class=\"_ _2\"></span>taliano <span class=\"_ _0\"></span>da <span class=\"_ _38\"></span>destinarsi <span class=\"_ _38\"></span>alla<span class=\"_ _3a1\"> </span>clientela <span class=\"_ _38\"></span>istituzionale <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>professionale, <span class=\"_ _38\"></span>so<span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>state <span class=\"_ _38\"></span>effettuate <span class=\"_ _38\"></span>22 <span class=\"_ _1\"></span>emiss<span class=\"_ _1\"></span>ioni <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>Cambiali <span class=\"_ _38\"></span>Finanziarie,<span class=\"_ _3a1\"> </span>nella <span class=\"_ _38\"></span>forma <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>Zero <span class=\"_ _1\"></span>Co<span class=\"_ _1\"></span>upon <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>durata <span class=\"_ _38\"></span>media <span class=\"_ _38\"></span>par<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>a <span class=\"_ _38\"></span>6 <span class=\"_ _38\"></span>mes<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>per <span class=\"_ _38\"></span>un <span class=\"_ _38\"></span>amm<span class=\"_ _1\"></span>ontare <span class=\"_ _38\"></span>complessivo <span class=\"_ _38\"></span>di<span class=\"_ _3a1\"> </span>708 milioni di euro e per un valore outstanding a fine dicembre 2024<span class=\"_ _1\"></span> di 213 milioni di euro.<span class=\"_ _3a1\"> </span>1. Distribuzione<span class=\"_ _1\"></span> temporale per durata r<span class=\"_ _1\"></span>esidua contrattuale delle att<span class=\"_ _1\"></span>ivit\u00e0 e passivit\u00e0 finanziar<span class=\"_ _1\"></span>ie EURO <table class=\"s w1477 h2d3\" id=\"_25e98a66-8189-4afc-8207-50550a6907b1\"><tr><td></td><td></td><td class=\"t m2 x6dd h19 y68b9 ff4 fsb fc4 sc3 ls0 ws0\">Da oltre 1 </td><td class=\"t m2 x1906 h19 y68b9 ff4 fsb fc4 sc3 ls0 ws0\">Da oltre </td><td class=\"t m2 x1012 h19 y68ba ff4 fsb fc4 sc3 ls0 ws0\">Da oltre </td><td class=\"t m2 xd84 h19 y68ba ff4 fsb fc4 sc3 ls0 ws0\">Da oltre 1 </td><td class=\"t m2 x67c h19 y68b9 ff4 fsb fc4 sc3 ls0 ws0\">Da oltre 3<span class=\"_ _1\"></span> </td><td class=\"t m2 x690 h19 y68b9 ff4 fsb fc4 sc3 ls0 ws0\">Da oltre 6 </td><td class=\"t m2 x684 h19 y68b9 ff4 fsb fc4 sc3 ls0 ws0\">Da oltre 1 </td><td></td><td></td></tr><tr><td class=\"t m2 x24a0 h19 y68bb ff4 fsb fc4 sc3 ls0 ws0\">Voci/ Sc<span class=\"_ _1\"></span>aglioni </td><td class=\"t m2 x1911 h19 y68bc ff4 fsb fc4 sc3 ls0 ws0\">A vista </td><td class=\"t m2 x1b5a h19 y68bc ff4 fsb fc4 sc3 ls0 ws0\">giorno a 7<span class=\"_ _1\"></span> </td><td class=\"t m2 x75c h19 y68bc ff4 fsb fc4 sc3 ls0 ws0\">7 giorni <span class=\"_ _1\"></span>a </td><td class=\"t m2 x1012 h19 y68bb ff4 fsb fc4 sc3 ls0 ws0\">15 giorni<span class=\"_ _1\"></span> </td><td class=\"t m2 x906 h19 y68bb ff4 fsb fc4 sc3 ls0 ws0\">mese </td><td class=\"t m2 x67c h19 y68bc ff4 fsb fc4 sc3 ls0 ws0\">mesi fi<span class=\"_ _1\"></span>no </td><td class=\"t m2 x690 h19 y68bc ff4 fsb fc4 sc3 ls0 ws0\">mesi fi<span class=\"_ _1\"></span>no </td><td class=\"t m2 xac8 h19 y68bc ff4 fsb fc4 sc3 ls0 ws0\">anno fino </td><td class=\"t m2 x6a2 h19 y68bb ff4 fsb fc4 sc3 ls0 ws0\">Oltre 5 </td><td class=\"t m2 x7ab h19 y68bb ff4 fsb fc4 sc3 ls0 ws0\">Durata </td></tr><tr><td class=\"t m2 x24a1 h19 y68bd ff4 fsb fc4 sc3 ls0 ws0\">tempor<span class=\"_ _1\"></span>ali </td><td></td><td class=\"t m2 x22f8 h19 y68be ff4 fsb fc4 sc3 ls0 ws0\">giorni </td><td class=\"t m2 x1906 h19 y68be ff4 fsb fc4 sc3 ls0 ws0\">15 giorni<span class=\"_ _1\"></span> </td><td class=\"t m2 x24a2 h19 y68bd ff4 fsb fc4 sc3 ls0 ws0\">a 1 </td><td class=\"t m2 xfb6 h19 y68bd ff4 fsb fc4 sc3 ls0 ws0\">fino  3 </td><td class=\"t m2 x68c h19 y68be ff4 fsb fc4 sc3 ls0 ws0\">a 6 mesi<span class=\"_ _1\"></span> </td><td class=\"t m2 xfc8 h19 y68be ff4 fsb fc4 sc3 ls0 ws0\">a 1 anno </td><td class=\"t m2 x6a1 h19 y68be ff4 fsb fc4 sc3 ls0 ws0\">a 5 anni </td><td class=\"t m2 x74f h19 y68bd ff4 fsb fc4 sc3 ls0 ws0\">anni </td><td class=\"t m2 xfc6 h19 y68bd ff4 fsb fc4 sc3 ls0 ws0\">Indetermi<span class=\"_ _1\"></span>nata<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 xf8c h19 y68bf ff4 fsb fc4 sc3 ls0 ws0\">mese </td><td class=\"t m2 xd9a h19 y68bf ff4 fsb fc4 sc3 ls0 ws0\">mesi </td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x2d7 y68c0 w1478 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc2 ls0 ws0\">Attivit<span class=\"_ _1\"></span>\u00e0 per cassa<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24a3 y68c0 w1479 h1dd\"><div class=\"t m2 x2b3 h19 y536b ff4 fsb fc1 sc2 ls0 ws0\">8<span class=\"_ _1\"></span>.247.022</div></td><td class=\"t m2 x18f9 h19 y68c1 ff4 fsb fc1 sc2 ls0 ws0\">400.208<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ce h19 y68c1 ff4 fsb fc1 sc2 ls0 ws0\">258.636<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1b25 h19 y68c1 ff4 fsb fc1 sc2 ls0 ws0\">851.2<span class=\"_ _1\"></span>45<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd84 h19 y68c1 ff4 fsb fc1 sc2 ls0 ws0\">2.801.057<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h19 y68c1 ff4 fsb fc1 sc2 ls0 ws0\">2.737.65<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xa03 h19 y68c1 ff4 fsb fc1 sc2 ls0 ws0\">3.857.1<span class=\"_ _1\"></span>66<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10e0 h19 y68c1 ff4 fsb fc1 sc2 ls0 ws0\">18.462.3<span class=\"_ _1\"></span>85<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1106 h19 y68c1 ff4 fsb fc1 sc2 ls0 ws0\">14.550.9<span class=\"_ _1\"></span>05<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h19 y68c1 ff4 fsb fc1 sc2 ls0 ws0\">387.38<span class=\"_ _1\"></span>1<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y68c2 w147a h240\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">A.1 Titoli di St<span class=\"_ _1\"></span>ato<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24a4 y68c2 w147b h240\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24a5 y68c2 wad5 h240\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24a6 y68c2 w147c h240\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">5.055<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24a7 y68c2 wf15 h240\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">5.229</div></td><td class=\"t m2 x6e3 h19 y68c3 ff4 fsb fc1 sc0 ls0 ws0\">9.910<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e4 h19 y68c3 ff4 fsb fc1 sc0 ls0 ws0\">78.604<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1b3a h19 y68c3 ff4 fsb fc1 sc0 ls0 ws0\">135.750<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a1 h19 y68c3 ff4 fsb fc1 sc0 ls0 ws0\">4.557.719<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd80 h19 y68c3 ff4 fsb fc1 sc0 ls0 ws0\">2.189.248<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y68c3 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h19 y68c4 ff4 fsb fc1 sc0 ls0 ws0\">A.2 Altri t<span class=\"_ _1\"></span>itoli di<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x24a8 h19 y68c5 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90f h19 y68c5 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1039 h19 y68c5 ff4 fsb fc1 sc0 ls0 ws0\">3.640<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x24a9 h19 y68c5 ff4 fsb fc1 sc0 ls0 ws0\">17.628<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd9a h19 y68c5 ff4 fsb fc1 sc0 ls0 ws0\">69.088<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e4 h19 y68c5 ff4 fsb fc1 sc0 ls0 ws0\">79.953<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x683 h19 y68c5 ff4 fsb fc1 sc0 ls0 ws0\">67.026<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x684 h19 y68c5 ff4 fsb fc1 sc0 ls0 ws0\">2.865.275<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd7e h19 y68c5 ff4 fsb fc1 sc0 ls0 ws0\">1.889.496<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y68c5 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h19 y68c6 ff4 fsb fc1 sc0 ls0 ws0\">debito </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x997 y68c7 w147d h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">A.3 Quote OICR<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24aa y68c7 wb0e h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">13.290<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90f h19 y68c8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x697 h19 y68c8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6de h19 y68c8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6df h19 y68c8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15e1 h19 y68c8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74e h19 y68c8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69a h19 y68c8 ff4 fsb fc1 sc0 ls0 ws0\">1.917<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x22fc h19 y68c8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y68c8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y68c9 w147e h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">A.4 Finanziamenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ab y68c9 w147f h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">8.233.731</div></td><td class=\"t m2 x18f9 h19 y68ca ff4 fsb fc1 sc0 ls0 ws0\">400.208<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ad h19 y68ca ff4 fsb fc1 sc0 ls0 ws0\">249.941<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1012 h19 y68ca ff4 fsb fc1 sc0 ls0 ws0\">828.388<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x789 h19 y68ca ff4 fsb fc1 sc0 ls0 ws0\">2.722.059<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h19 y68ca ff4 fsb fc1 sc0 ls0 ws0\">2.579.097<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ee h19 y68ca ff4 fsb fc1 sc0 ls0 ws0\">3.654.390<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xac8 h19 y68ca ff4 fsb fc1 sc0 ls0 ws0\">11.037.474<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd7e h19 y68ca ff4 fsb fc1 sc0 ls0 ws0\">10.472.161<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h19 y68ca ff4 fsb fc1 sc0 ls0 ws0\">387.381<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf86 y68cb w1480 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Banche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ac y68cb w1481 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">4.360.888</div></td><td class=\"t m2 x22f8 h19 y68cc ff4 fsb fc1 sc0 ls0 ws0\">169.039<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfc3 h19 y68cc ff4 fsb fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x10ff h19 y68cc ff4 fsb fc1 sc0 ls0 ws0\">62<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15e4 h19 y68cc ff4 fsb fc1 sc0 ls0 ws0\">2.142<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd9c h19 y68cc ff4 fsb fc1 sc0 ls0 ws0\">401<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x669 h19 y68cc ff4 fsb fc1 sc0 ls0 ws0\">21<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1013 h19 y68cc ff4 fsb fc1 sc0 ls0 ws0\">87<span class=\"_ _3a1\"> </span></td><td class=\"c n x24ad y68cb w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ae y68cb w1482 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">387.381<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n xf86 y68cd wb8c h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Clientela<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24af y68cd wa81 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3.872.843</div></td><td class=\"t m2 xf91 h19 y68ce ff4 fsb fc1 sc0 ls0 ws0\">231.169<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2306 h19 y68ce ff4 fsb fc1 sc0 ls0 ws0\">249.917<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1012 h19 y68ce ff4 fsb fc1 sc0 ls0 ws0\">828.326<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a7 h19 y68ce ff4 fsb fc1 sc0 ls0 ws0\">2.719.917<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c8 h19 y68ce ff4 fsb fc1 sc0 ls0 ws0\">2.578.696<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ee h19 y68ce ff4 fsb fc1 sc0 ls0 ws0\">3.654.369<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xac8 h19 y68ce ff4 fsb fc1 sc0 ls0 ws0\">11.037.387<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd7e h19 y68ce ff4 fsb fc1 sc0 ls0 ws0\">10.472.161<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y68ce ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y68cf w1483 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc2 ls0 ws0\">Passiv<span class=\"_ _1\"></span>it\u00e0 per cass<span class=\"_ _1\"></span>a<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24b0 y68cf w1484 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc2 ls0 ws0\">33.252.<span class=\"_ _1\"></span>566</div></td><td class=\"t m2 x1b5a h19 y68d0 ff4 fsb fc1 sc2 ls0 ws0\">5.482.985<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75c h19 y68d0 ff4 fsb fc1 sc2 ls0 ws0\">1.613.950<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1012 h19 y68d0 ff4 fsb fc1 sc2 ls0 ws0\">462.20<span class=\"_ _1\"></span>4<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x789 h19 y68d0 ff4 fsb fc1 sc2 ls0 ws0\">1.864.3<span class=\"_ _1\"></span>48<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67c h19 y68d0 ff4 fsb fc1 sc2 ls0 ws0\">2.422.907<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h19 y68d0 ff4 fsb fc1 sc2 ls0 ws0\">604.462<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xac8 h19 y68d0 ff4 fsb fc1 sc2 ls0 ws0\">3.482.2<span class=\"_ _1\"></span>88<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ef h19 y68d0 ff4 fsb fc1 sc2 ls0 ws0\">1.341.9<span class=\"_ _1\"></span>43<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y68d0 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h19 y68d1 ff4 fsb fc1 sc0 ls0 ws0\">B.1 Depositi e<span class=\"_ _1\"></span> conti<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x18ce h19 y68d2 ff4 fsb fc1 sc0 ls0 ws0\">32.962.498<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf91 h19 y68d2 ff4 fsb fc1 sc0 ls0 ws0\">491.192<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ad h19 y68d2 ff4 fsb fc1 sc0 ls0 ws0\">598.881<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1b25 h19 y68d2 ff4 fsb fc1 sc0 ls0 ws0\">437.747<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd84 h19 y68d2 ff4 fsb fc1 sc0 ls0 ws0\">1.203.769<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c8 h19 y68d2 ff4 fsb fc1 sc0 ls0 ws0\">2.234.536<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h19 y68d2 ff4 fsb fc1 sc0 ls0 ws0\">579.036<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fc h19 y68d2 ff4 fsb fc1 sc0 ls0 ws0\">120.365<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x22fc h19 y68d2 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y68d2 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h19 y68d3 ff4 fsb fc1 sc0 ls0 ws0\">correnti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xf86 y68d4 w1480 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Banche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24b1 y68d4 w1485 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">18.177<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90f h19 y68d5 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x697 h19 y68d5 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6de h19 y68d5 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15e4 h19 y68d5 ff4 fsb fc1 sc0 ls0 ws0\">2.261<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15e1 h19 y68d5 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74e h19 y68d5 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebe h19 y68d5 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x22fc h19 y68d5 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y68d5 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf86 y68d6 wb8c h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Clientela<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24b2 y68d6 w1486 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">32.944.321</div></td><td class=\"t m2 xf91 h19 y68d7 ff4 fsb fc1 sc0 ls0 ws0\">491.192<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ad h19 y68d7 ff4 fsb fc1 sc0 ls0 ws0\">598.881<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1b25 h19 y68d7 ff4 fsb fc1 sc0 ls0 ws0\">437.747<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd84 h19 y68d7 ff4 fsb fc1 sc0 ls0 ws0\">1.201.508<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6c8 h19 y68d7 ff4 fsb fc1 sc0 ls0 ws0\">2.234.536<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6a6 h19 y68d7 ff4 fsb fc1 sc0 ls0 ws0\">579.036<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6fc h19 y68d7 ff4 fsb fc1 sc0 ls0 ws0\">120.365<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x22fc h19 y68d7 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y68d7 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y5b34 w1487 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">B.2 Titoli di debi<span class=\"_ _1\"></span>to<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24b3 y5b34 w1488 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.719<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90f h19 y68d8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x697 h19 y68d8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x999 h19 y68d8 ff4 fsb fc1 sc0 ls0 ws0\">11.677<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd9a h19 y68d8 ff4 fsb fc1 sc0 ls0 ws0\">114.522<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x75d h19 y68d8 ff4 fsb fc1 sc0 ls0 ws0\">167.417<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6d0 h19 y68d8 ff4 fsb fc1 sc0 ls0 ws0\">9.152<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x684 h19 y68d8 ff4 fsb fc1 sc0 ls0 ws0\">3.287.467<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xd7e h19 y68d8 ff4 fsb fc1 sc0 ls0 ws0\">1.300.000<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y68d8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x997 y68d9 w1489 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">B.3 Altre passiv<span class=\"_ _1\"></span>it\u00e0<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24b4 y68d9 w148a h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">288.349</div></td><td class=\"t m2 x24b5 h19 y68da ff4 fsb fc1 sc0 ls0 ws0\">4.991.793<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x790 h19 y68da ff4 fsb fc1 sc0 ls0 ws0\">1.015.069<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x24a9 h19 y68da ff4 fsb fc1 sc0 ls0 ws0\">12.780<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xfb6 h19 y68da ff4 fsb fc1 sc0 ls0 ws0\">546.057<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e4 h19 y68da ff4 fsb fc1 sc0 ls0 ws0\">20.954<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x187c h19 y68da ff4 fsb fc1 sc0 ls0 ws0\">16.274<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a5 h19 y68da ff4 fsb fc1 sc0 ls0 ws0\">74.456<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x755 h19 y68da ff4 fsb fc1 sc0 ls0 ws0\">41.943<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y68da ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h19 y68db ff4 fsb fc1 sc2 ls0 ws0\">Operazioni<span class=\"_ _1\"></span> \"fuor<span class=\"_ _1\"></span>i </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x677 h19 y68dc ff4 fsb fc1 sc2 ls0 ws0\">bilancio<span class=\"_ _1\"></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 class=\"t m2 x6d4 h19 y68dd ff4 fsb fc1 sc0 ls0 ws0\">C.1 Derivati finan<span class=\"_ _1\"></span>ziari<span class=\"_ _3a1\"> </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 class=\"t m2 x6d4 h19 y68de ff4 fsb fc1 sc0 ls0 ws0\">con scambio di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x6d4 h19 y68df ff4 fsb fc1 sc0 ls0 ws0\">capitale </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xf86 y68e0 w148b h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _1\"></span> lunghe<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24b6 y68e0 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24b7 y68e0 w148c h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">83.185<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24b8 y68e0 w148d h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">48.722</div></td><td class=\"t m2 xf8c h19 y68e1 ff4 fsb fc1 sc0 ls0 ws0\">22.035<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x906 h19 y68e1 ff4 fsb fc1 sc0 ls0 ws0\">126.524<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x907 h19 y68e1 ff4 fsb fc1 sc0 ls0 ws0\">31.179<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x679 h19 y68e1 ff4 fsb fc1 sc0 ls0 ws0\">51.518<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x992 h19 y68e1 ff4 fsb fc1 sc0 ls0 ws0\">12.256<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x22fc h19 y68e1 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y68e1 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf86 y68e2 w148e h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _1\"></span> corte<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24b9 y68e2 w1361 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">7.252</div></td><td class=\"t m2 xf37 h19 y68e3 ff4 fsb fc1 sc0 ls0 ws0\">111.439<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71a h19 y68e3 ff4 fsb fc1 sc0 ls0 ws0\">1.455<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x24a2 h19 y68e3 ff4 fsb fc1 sc0 ls0 ws0\">5.342<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x906 h19 y68e3 ff4 fsb fc1 sc0 ls0 ws0\">100.459<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x758 h19 y68e3 ff4 fsb fc1 sc0 ls0 ws0\">19.120<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1b3a h19 y68e3 ff4 fsb fc1 sc0 ls0 ws0\">105.933<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a9 h19 y68e3 ff4 fsb fc1 sc0 ls0 ws0\">7.949<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x22fc h19 y68e3 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y68e3 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h19 y68e4 ff4 fsb fc1 sc0 ls0 ws0\">C.2 Derivati </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x6d4 h19 y68e5 ff4 fsb fc1 sc0 ls0 ws0\">finanziari senza </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x6d4 h19 y68e6 ff4 fsb fc1 sc0 ls0 ws0\">scambio di capitale<span class=\"_ _3a1\"> </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 class=\"c n xf86 y68e7 w148b h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _1\"></span> lunghe<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ba y68e7 w148f h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">15.456<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1656 h19 y68e8 ff4 fsb fc1 sc0 ls0 ws0\">88<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x990 h19 y68e8 ff4 fsb fc1 sc0 ls0 ws0\">17<span class=\"_ _3a1\"> </span></td><td class=\"c n xf79 y68e7 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24bb y68e7 w1490 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">263<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24bc y68e7 w1491 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">310<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x759 h19 y68e8 ff4 fsb fc1 sc0 ls0 ws0\">613<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebe h19 y68e8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x22fc h19 y68e8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y68e8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf86 y68e9 w148e h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _1\"></span> corte<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24bd y68e9 w1492 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">12.433<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x1656 h19 y68ea ff4 fsb fc1 sc0 ls0 ws0\">23<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x97f h19 y68ea ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _3a1\"> </span></td><td class=\"c n xf79 y68e9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24be y68e9 w10b9 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">56<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x991 h19 y68ea ff4 fsb fc1 sc0 ls0 ws0\">70<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x759 h19 y68ea ff4 fsb fc1 sc0 ls0 ws0\">134<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebe h19 y68ea ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x22fc h19 y68ea ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y68ea ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h19 y68eb ff4 fsb fc1 sc0 ls0 ws0\">C.3 Deposit<span class=\"_ _1\"></span>i e </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x6d4 h19 y68ec ff4 fsb fc1 sc0 ls0 ws0\">finanziamenti d<span class=\"_ _1\"></span>a </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x6d4 h19 y68ed ff4 fsb fc1 sc0 ls0 ws0\">ricever<span class=\"_ _1\"></span>e </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xf86 y68ee w148b h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _1\"></span> lunghe<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24b6 y68ee wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24bf y68ee w1493 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">200.000<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24c0 y68ee wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6de h19 y68ef ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6df h19 y68ef ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15e1 h19 y68ef ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74e h19 y68ef ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebe h19 y68ef ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x22fc h19 y68ef ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y68ef ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf86 y68f0 w148e h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _1\"></span> corte<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24c1 y68f0 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90f h19 y68f1 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x697 h19 y68f1 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6de h19 y68f1 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6df h19 y68f1 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15e1 h19 y68f1 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74e h19 y68f1 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x695 h19 y68f1 ff4 fsb fc1 sc0 ls0 ws0\">200.000<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x22fc h19 y68f1 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y68f1 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h19 y68f2 ff4 fsb fc1 sc0 ls0 ws0\">C.4 Impegni </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x997 y68f4 w1494 h2d4\"><div class=\"t m2 x2b3 h19 y68f3 ff4 fsb fc1 sc0 ls0 ws0\">irrevoc<span class=\"_ _1\"></span>abili a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">erogare fondi<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xf86 y68f5 w148b h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _1\"></span> lunghe<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24c2 y68f5 w84f h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">6.670<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x24c3 h19 y68f6 ff4 fsb fc1 sc0 ls0 ws0\">175<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ce h19 y68f6 ff4 fsb fc1 sc0 ls0 ws0\">200.289<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b4 h19 y68f6 ff4 fsb fc1 sc0 ls0 ws0\">1.157<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e3 h19 y68f6 ff4 fsb fc1 sc0 ls0 ws0\">2.790<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1605 h19 y68f6 ff4 fsb fc1 sc0 ls0 ws0\">17.843<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7af h19 y68f6 ff4 fsb fc1 sc0 ls0 ws0\">24.376<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7a1 h19 y68f6 ff4 fsb fc1 sc0 ls0 ws0\">110.250<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69b h19 y68f6 ff4 fsb fc1 sc0 ls0 ws0\">458.207<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y68f6 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf86 y68f7 w148e h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _1\"></span> corte<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24c4 y68f7 w1495 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">621.757</div></td><td class=\"t m2 x18f9 h19 y68f8 ff4 fsb fc1 sc0 ls0 ws0\">200.000<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x697 h19 y68f8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6de h19 y68f8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6df h19 y68f8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15e1 h19 y68f8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74e h19 y68f8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebe h19 y68f8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x22fc h19 y68f8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y68f8 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h19 y68f9 ff4 fsb fc1 sc0 ls0 ws0\">C.5 Garanzie </td><td class=\"t m2 x1043 h19 y68fa ff4 fsb fc1 sc0 ls0 ws0\">56.412<span class=\"_ _3a1\"> </span></td><td class=\"c n x24a5 y68fb wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24c5 y68fb wca5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.968<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24c6 y68fb wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24c7 y68fb w1496 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">116<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24c8 y68fb w1497 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">8<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x75e h19 y68fa ff4 fsb fc1 sc0 ls0 ws0\">235<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1872 h19 y68fa ff4 fsb fc1 sc0 ls0 ws0\">694<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x70b h19 y68fa ff4 fsb fc1 sc0 ls0 ws0\">636<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7b1 h19 y68fa ff4 fsb fc1 sc0 ls0 ws0\">1.506<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h19 y68fc ff4 fsb fc1 sc0 ls0 ws0\">finanziarie ril<span class=\"_ _1\"></span>asciate<span class=\"_ _3a1\"> </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 class=\"t m2 x6d4 h19 y68fd ff4 fsb fc1 sc0 ls0 ws0\">C.6 Garanzie </td><td class=\"t m2 x24a8 h19 y68fe ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x90f h19 y68fe ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x97f h19 y68fe ff4 fsb fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></td><td class=\"c n xf79 y56b1 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24c9 y56b1 w1498 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">48<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ca y56b1 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24cb y56b1 w1499 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">235<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24cc y56b1 w149a h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">955<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x687 h19 y68fe ff4 fsb fc1 sc0 ls0 ws0\">310<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1859 h19 y68fe ff4 fsb fc1 sc0 ls0 ws0\">1.180<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h19 y68ff ff4 fsb fc1 sc0 ls0 ws0\">finanziarie rice<span class=\"_ _1\"></span>vute </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x6d4 h19 y6900 ff4 fsb fc1 sc0 ls0 ws0\">C.7 Derivati cr<span class=\"_ _1\"></span>editizi<span class=\"_ _3a1\"> </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 class=\"t m2 x6d4 h19 y6901 ff4 fsb fc1 sc0 ls0 ws0\">con scambio di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x6d4 h19 y6902 ff4 fsb fc1 sc0 ls0 ws0\">capitale </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xf86 y6903 w148b h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _1\"></span> lunghe<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24b6 y6903 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90f h19 y6904 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x697 h19 y6904 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6de h19 y6904 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6df h19 y6904 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15e1 h19 y6904 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74e h19 y6904 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebe h19 y6904 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x22fc h19 y6904 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y6904 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf86 y6905 w148e h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _1\"></span> corte<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24c1 y6905 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90f h19 y6906 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x697 h19 y6906 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6de h19 y6906 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6df h19 y6906 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15e1 h19 y6906 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74e h19 y6906 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebe h19 y6906 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x22fc h19 y6906 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y6906 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x6d4 h19 y6907 ff4 fsb fc1 sc0 ls0 ws0\">C.8 Derivati c<span class=\"_ _1\"></span>reditizi<span class=\"_ _3a1\"> </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 class=\"t m2 x6d4 h19 y6908 ff4 fsb fc1 sc0 ls0 ws0\">senza scambio <span class=\"_ _1\"></span>di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x6d4 h19 y6909 ff4 fsb fc1 sc0 ls0 ws0\">capitale </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n xf86 y68b6 w148b h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _1\"></span> lunghe<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24b6 y68b6 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90f h19 y690a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x697 h19 y690a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6de h19 y690a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6df h19 y690a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15e1 h19 y690a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74e h19 y690a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebe h19 y690a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x22fc h19 y690a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h19 y690a ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n xf86 y54f9 w148e h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _1\"></span> corte<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24c1 y54f9 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x90f h19 y690b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x697 h19 y690b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6de h19 y690b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6df h19 y690b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x15e1 h19 y690b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x74e h19 y690b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebe h19 y690b ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"c n x24ad y54f9 w10ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24cd y54f9 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr></table>1. Distribuzione<span class=\"_ _1\"></span> temporale per durata r<span class=\"_ _1\"></span>esidua contrattuale delle att<span class=\"_ _1\"></span>ivit\u00e0 e passivit\u00e0 finanziar<span class=\"_ _1\"></span>ie<span class=\"_ _3a1\"> </span>ALTRE VALUTE<span class=\"_ _3a1\"> </span><table class=\"s w149b h2d5\" id=\"_4cefb087-4665-4629-8154-70119891f75f\"><tr><td class=\"t m2 x800 h19 y690c ff4 fsb fc4 sc3 ls0 ws0\">Voci/ Sc<span class=\"_ _1\"></span>aglioni </td><td></td><td class=\"t m2 x129f h19 y690d ff4 fsb fc4 sc3 ls0 ws0\">Da oltre 1 </td><td class=\"t m2 x8e5 h19 y690d ff4 fsb fc4 sc3 ls0 ws0\">Da oltre 7<span class=\"_ _1\"></span> </td><td class=\"t m2 x9a8 h19 y690d ff4 fsb fc4 sc3 ls0 ws0\">Da oltre </td><td class=\"t m2 x80f h19 y690d ff4 fsb fc4 sc3 ls0 ws0\">Da oltre 1 </td><td class=\"t m2 xc66 h19 y690d ff4 fsb fc4 sc3 ls0 ws0\">Da oltre 3<span class=\"_ _1\"></span> </td><td class=\"t m2 xc64 h19 y690d ff4 fsb fc4 sc3 ls0 ws0\">Da oltre 6 </td><td class=\"t m2 xd5b h19 y690d ff4 fsb fc4 sc3 ls0 ws0\">Da oltre 1 </td><td class=\"t m2 x11ff h19 y690c ff4 fsb fc4 sc3 ls0 ws0\">Oltre 5 </td><td class=\"t m2 x11c7 h19 y690c ff4 fsb fc4 sc3 ls0 ws0\">Durata </td></tr><tr><td class=\"t m2 x865 h19 y690e ff4 fsb fc4 sc3 ls0 ws0\">tempor<span class=\"_ _1\"></span>ali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d5 h19 y690f ff4 fsb fc4 sc3 ls0 ws0\">A vista<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7ca h19 y690f ff4 fsb fc4 sc3 ls0 ws0\">giorno a </td><td class=\"t m2 x7be h19 y690f ff4 fsb fc4 sc3 ls0 ws0\">giorni <span class=\"_ _1\"></span>a 15 </td><td class=\"t m2 x1366 h19 y690f ff4 fsb fc4 sc3 ls0 ws0\">15 giorni<span class=\"_ _1\"></span> a </td><td class=\"t m2 x7df h19 y690f ff4 fsb fc4 sc3 ls0 ws0\">mese fi<span class=\"_ _1\"></span>no  </td><td class=\"t m2 xeb7 h19 y690f ff4 fsb fc4 sc3 ls0 ws0\">mesi fi<span class=\"_ _1\"></span>no a </td><td class=\"t m2 x7e1 h19 y690f ff4 fsb fc4 sc3 ls0 ws0\">mesi fi<span class=\"_ _1\"></span>no a </td><td class=\"t m2 xce4 h19 y690f ff4 fsb fc4 sc3 ls0 ws0\">anno fino <span class=\"_ _1\"></span>a </td><td class=\"t m2 x10bc h19 y690e ff4 fsb fc4 sc3 ls0 ws0\">anni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12ee h19 y690e ff4 fsb fc4 sc3 ls0 ws0\">Indetermi<span class=\"_ _1\"></span>nata<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td class=\"t m2 x12be h19 y6910 ff4 fsb fc4 sc3 ls0 ws0\">7 giorni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7bc h19 y6910 ff4 fsb fc4 sc3 ls0 ws0\">giorni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113e h19 y6910 ff4 fsb fc4 sc3 ls0 ws0\">1 mese<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x113f h19 y6910 ff4 fsb fc4 sc3 ls0 ws0\">3 mesi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x120a h19 y6910 ff4 fsb fc4 sc3 ls0 ws0\">6 mesi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xb9a h19 y6910 ff4 fsb fc4 sc3 ls0 ws0\">1 anno<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x810 h19 y6910 ff4 fsb fc4 sc3 ls0 ws0\">5 anni<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y6911 ff4 fsb fc1 sc2 ls0 ws0\">Attivit<span class=\"_ _1\"></span>\u00e0 per cassa<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x228c h19 y6911 ff4 fsb fc1 sc2 ls0 ws0\">38.015<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1400 h19 y6911 ff4 fsb fc1 sc2 ls0 ws0\">1.134<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dc h19 y6911 ff4 fsb fc1 sc2 ls0 ws0\">1.341<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x9d2 h19 y6911 ff4 fsb fc1 sc2 ls0 ws0\">21.200<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad1 h19 y6911 ff4 fsb fc1 sc2 ls0 ws0\">18.546<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad3 h19 y6911 ff4 fsb fc1 sc2 ls0 ws0\">36.664<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c8 h19 y6911 ff4 fsb fc1 sc2 ls0 ws0\">10.805<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x810 h19 y6911 ff4 fsb fc1 sc2 ls0 ws0\">930.947<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d3 h19 y6911 ff4 fsb fc1 sc2 ls0 ws0\">490.747<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x140c h19 y6911 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x81f h19 y6912 ff4 fsb fc1 sc0 ls0 ws0\">A.1 Titoli di<span class=\"_ _3a1\"> </span></td><td class=\"c n x7e7 y6913 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ce y6913 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24cf y6913 wacb h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24d0 y6913 w149c h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">352<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24d1 y6913 w149d h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.808<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24d2 y6913 w149e h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">5.557<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24d3 y6913 w149f h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">7.429<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24d4 y6913 w14a0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">756.586<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24d5 y6913 w14a1 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">394.311<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24d6 y6913 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h19 y6914 ff4 fsb fc1 sc0 ls0 ws0\">Stato </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y6915 ff4 fsb fc1 sc0 ls0 ws0\">A.2 Altri t<span class=\"_ _1\"></span>itoli<span class=\"_ _3a1\"> </span></td><td class=\"c n x7e7 y6916 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ce y6916 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24d7 y6916 w14a2 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">143<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24d8 y6916 w14a3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">11<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24d9 y6916 w838 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.714<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24da y6916 w14a4 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">611<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24db y6916 w14a5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2.751<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24dc y6916 w14a6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">17<span class=\"_ _1\"></span>4.339<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24dd y6916 w14a7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">96.436<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24de y6916 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h19 y6917 ff4 fsb fc1 sc0 ls0 ws0\">di debito </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y6918 ff4 fsb fc1 sc0 ls0 ws0\">A.3 Quote<span class=\"_ _3a1\"> </span></td><td class=\"c n x833 y6919 w14a8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">23<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24df y6919 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24e0 y6919 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24e1 y6919 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24e2 y6919 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24e3 y6919 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24e4 y6919 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24e5 y6919 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24e6 y6919 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24e7 y6919 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h19 y691a ff4 fsb fc1 sc0 ls0 ws0\">OICR </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y691b ff4 fsb fc1 sc0 ls0 ws0\">A.4 </td><td class=\"c n x824 y691c w14a9 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">37.992<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24e8 y691c w14aa h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.134<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24e9 y691c w14ab h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.194<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ea y691c w14ac h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>0.837<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24eb y691c w14ad h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">15.024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ec y691c w14ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">30.496<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ed y691c w14af h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">625<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ee y691c w14b0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">22<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ef y691c wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24f0 y691c wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h19 y691d ff4 fsb fc1 sc0 ls0 ws0\">Finanziamenti<span class=\"_ _3a1\"> </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 class=\"c n x1f22 y691e w14b1 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Banche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24f1 y691e w14b2 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">37.740<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24f2 y691e wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24f3 y691e wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24f4 y691e wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24f5 y691e wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24f6 y691e wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24f7 y691e wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24f8 y691e wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24f9 y691e wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24fa y691e wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1f22 y691f w14b3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Clientela<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24fb y691f w14b4 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>52<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24fc y691f w14aa h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.134<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24fd y691f w14ab h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.194<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24fe y691f w14b5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">20.837<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ff y691f w14ad h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">15.024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2500 y691f w14ae h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">30.496<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2501 y691f w14af h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">625<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2502 y691f w14b0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">22<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2503 y691f wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2504 y691f wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h19 y6920 ff4 fsb fc1 sc2 ls0 ws0\">Passiv<span class=\"_ _1\"></span>it\u00e0 per </td><td class=\"t m2 x872 h19 y6921 ff4 fsb fc1 sc2 ls0 ws0\">407.634<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93b h19 y6921 ff4 fsb fc1 sc2 ls0 ws0\">42.183<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1193 h19 y6921 ff4 fsb fc1 sc2 ls0 ws0\">136.33<span class=\"_ _1\"></span>0<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7dd h19 y6921 ff4 fsb fc1 sc2 ls0 ws0\">650.951<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1757 h19 y6921 ff4 fsb fc1 sc2 ls0 ws0\">37.309<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xb9c h19 y6921 ff4 fsb fc1 sc2 ls0 ws0\">16.807<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7d1 h19 y6921 ff4 fsb fc1 sc2 ls0 ws0\">49.846<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2505 h19 y6921 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1271 h19 y6921 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x140c h19 y6921 ff4 fsb fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h19 y6922 ff4 fsb fc1 sc2 ls0 ws0\">cassa<span class=\"_ _3a1\"> </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 class=\"t m2 x81f h19 y6923 ff4 fsb fc1 sc0 ls0 ws0\">B.1 Depositi e<span class=\"_ _1\"></span> </td><td class=\"c n x2506 y6924 w14b6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">407.297<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2507 y6924 w14b7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">863<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2508 y6924 w14b8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3.876<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2509 y6924 w14b9 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">26.330<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x250a y6924 wb0c h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">36.961<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x250b y6924 w14ba h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">16.797<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x250c y6924 w10d3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">49.846<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x250d y6924 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x250e y6924 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x250f y6924 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h19 y6925 ff4 fsb fc1 sc0 ls0 ws0\">conti corr<span class=\"_ _1\"></span>enti </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c n x1f22 y6926 w14b1 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Banche<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2510 y6926 w14bb h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">61.8<span class=\"_ _1\"></span>45<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2511 y6926 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2512 y6926 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2513 y6926 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2514 y6926 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2515 y6926 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2516 y6926 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2517 y6926 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2518 y6926 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2519 y6926 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x1f22 y6927 w14b3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">- Clientela<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x251a y6927 w14bc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">345.452<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x251b y6927 w14bd h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">863<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x251c y6927 w14b8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">3.876<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x251d y6927 w14b9 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">26.330<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x251e y6927 wb0c h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">36.961<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x251f y6927 w14ba h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">16.797<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2520 y6927 w10d3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">49.846<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2521 y6927 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2522 y6927 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2523 y6927 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h19 y6928 ff4 fsb fc1 sc0 ls0 ws0\">B.2 Titoli di<span class=\"_ _3a1\"> </span></td><td class=\"c n x7e7 y6929 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ce y6929 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2524 y6929 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2525 y6929 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2526 y6929 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2527 y6929 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2528 y6929 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2529 y6929 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252a y6929 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252b y6929 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h19 y692a ff4 fsb fc1 sc0 ls0 ws0\">debito </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y692b ff4 fsb fc1 sc0 ls0 ws0\">B.3 Altre </td><td class=\"c n x1763 y692c w14be h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">337<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252c y692c w14bf h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">41.320<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252d y692c w14c0 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">132.454<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252e y692c w14c1 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">624.621<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252f y692c w14c2 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">348<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2530 y692c w14c3 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">10<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2531 y692c wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2532 y692c wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2533 y692c wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2534 y692c wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h19 y692d ff4 fsb fc1 sc0 ls0 ws0\">passivit\u00e0 </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y692e ff4 fsb fc1 sc2 ls0 ws0\">Operazioni<span class=\"_ _1\"></span> \"fuor<span class=\"_ _1\"></span>i </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h19 y692f ff4 fsb fc1 sc2 ls0 ws0\">bilancio<span class=\"_ _1\"></span>\"<span class=\"_ _3a1\"> </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 class=\"t m2 x81f h19 y6930 ff4 fsb fc1 sc0 ls0 ws0\">C.1 Derivati </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y6931 ff4 fsb fc1 sc0 ls0 ws0\">finanziari con </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y6932 ff4 fsb fc1 sc0 ls0 ws0\">scambio di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y6933 ff4 fsb fc1 sc0 ls0 ws0\">capitale </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x950 h19 y6934 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x7e7 y6935 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2535 y6935 w14c4 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">87.604<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2536 y6935 w14c5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">1.503<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2537 y6935 w14c6 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">5.537<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2538 y6935 w14c7 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">101.391<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2539 y6935 wf17 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">19.737<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x253a y6935 w75f h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">107.706<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x253b y6935 w14c8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">8.352<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x253c y6935 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x253d y6935 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x950 h19 y6936 ff4 fsb fc1 sc0 ls0 ws0\">lunghe </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x950 h19 y6937 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x7e7 y6938 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x253e y6938 w14c9 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">136.607<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x253f y6938 wbaa h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">48.945<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2540 y6938 w14ca h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">21.937<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2541 y6938 wa7a h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">126.214<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2542 y6938 w14cb h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">30.224<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2543 y6938 w519 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">50.475<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2544 y6938 w14cc h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">12<span class=\"_ _1\"></span>.950<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2545 y6938 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2546 y6938 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x950 h19 y6939 ff4 fsb fc1 sc0 ls0 ws0\">corte </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y693a ff4 fsb fc1 sc0 ls0 ws0\">C.2 Derivati<span class=\"_ _3a1\"> </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 class=\"t m2 x81f h19 y693b ff4 fsb fc1 sc0 ls0 ws0\">finanziari </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y693c ff4 fsb fc1 sc0 ls0 ws0\">senza </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y693d ff4 fsb fc1 sc0 ls0 ws0\">scambio di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y693e ff4 fsb fc1 sc0 ls0 ws0\">capitale </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x950 h19 y693f ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x1763 y6940 w14cd h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">226<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2547 y6940 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2548 y6940 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2549 y6940 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x254a y6940 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x254b y6940 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x254c y6940 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x254d y6940 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x254e y6940 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x254f y6940 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x950 h19 y6941 ff4 fsb fc1 sc0 ls0 ws0\">lunghe </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x950 h19 y6942 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _1\"></span> </td><td class=\"c n x1763 y5983 w14ce h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">439<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2550 y5983 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2551 y5983 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2552 y5983 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2553 y5983 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2554 y5983 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2555 y5983 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2556 y5983 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2557 y5983 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2558 y5983 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x950 h19 y6943 ff4 fsb fc1 sc0 ls0 ws0\">corte </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y6944 ff4 fsb fc1 sc0 ls0 ws0\">C.3 Deposit<span class=\"_ _1\"></span>i e<span class=\"_ _3a1\"> </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 class=\"t m2 x81f h19 y6945 ff4 fsb fc1 sc0 ls0 ws0\">finanziamenti<span class=\"_ _3a1\"> </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 class=\"t m2 x81f h19 y6946 ff4 fsb fc1 sc0 ls0 ws0\">da ricevere </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x950 h19 y6947 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x7e7 y6948 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ce y6948 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2524 y6948 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2525 y6948 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2526 y6948 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2527 y6948 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2528 y6948 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2529 y6948 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252a y6948 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252b y6948 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x950 h19 y6949 ff4 fsb fc1 sc0 ls0 ws0\">lunghe </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x950 h19 y694a ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x7e7 y694b wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ce y694b wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2524 y694b wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2525 y694b wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2526 y694b wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2527 y694b wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2528 y694b wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2529 y694b wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252a y694b wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252b y694b wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x950 h19 y694c ff4 fsb fc1 sc0 ls0 ws0\">corte </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y694d ff4 fsb fc1 sc0 ls0 ws0\">C.4 Impegni </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x821 y5af9 w1494 h2d4\"><div class=\"t m2 x2b3 h19 y68f3 ff4 fsb fc1 sc0 ls0 ws0\">irrevoc<span class=\"_ _1\"></span>abili a<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">erogare fondi<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x950 h19 y694e ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x7e7 y694f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ce y694f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2524 y694f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2525 y694f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2526 y694f wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2527 y694f wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2528 y694f wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2529 y694f wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252a y694f wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252b y694f wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x950 h19 y6950 ff4 fsb fc1 sc0 ls0 ws0\">lunghe </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x950 h19 y6951 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x7e7 y6952 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ce y6952 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2524 y6952 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2525 y6952 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2526 y6952 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2527 y6952 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2528 y6952 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2529 y6952 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252a y6952 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252b y6952 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x950 h19 y6953 ff4 fsb fc1 sc0 ls0 ws0\">corte </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y6954 ff4 fsb fc1 sc0 ls0 ws0\">C.5 Garanzie<span class=\"_ _3a1\"> </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 class=\"t m2 x81f h19 y6955 ff4 fsb fc1 sc0 ls0 ws0\">finanziarie </td><td class=\"c n x7e7 y6956 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ce y6956 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2524 y6956 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2525 y6956 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2526 y6956 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2527 y6956 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2528 y6956 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2529 y6956 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252a y6956 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252b y6956 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h19 y6957 ff4 fsb fc1 sc0 ls0 ws0\">rilasciate </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y6958 ff4 fsb fc1 sc0 ls0 ws0\">C.6 Garanzie<span class=\"_ _3a1\"> </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 class=\"t m2 x81f h19 y6959 ff4 fsb fc1 sc0 ls0 ws0\">finanziarie </td><td class=\"c n x7e7 y5675 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ce y5675 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2524 y5675 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2525 y5675 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2526 y5675 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2527 y5675 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2528 y5675 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2529 y5675 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252a y5675 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252b y5675 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x81f h19 y695a ff4 fsb fc1 sc0 ls0 ws0\">ricevu<span class=\"_ _1\"></span>te </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y695b ff4 fsb fc1 sc0 ls0 ws0\">C.7 Derivati </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y695c ff4 fsb fc1 sc0 ls0 ws0\">creditizi c<span class=\"_ _1\"></span>on </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y695d ff4 fsb fc1 sc0 ls0 ws0\">scambio di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y695e ff4 fsb fc1 sc0 ls0 ws0\">capitale </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x950 h19 y695f ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x7e7 y6960 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ce y6960 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2524 y6960 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2525 y6960 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2526 y6960 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2527 y6960 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2528 y6960 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2529 y6960 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252a y6960 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252b y6960 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x950 h19 y6961 ff4 fsb fc1 sc0 ls0 ws0\">lunghe </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x950 h19 y6962 ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x7e7 y6963 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ce y6963 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2524 y6963 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2525 y6963 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2526 y6963 wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2527 y6963 wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2528 y6963 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2529 y6963 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252a y6963 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252b y6963 wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x950 h19 y6964 ff4 fsb fc1 sc0 ls0 ws0\">corte </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y6965 ff4 fsb fc1 sc0 ls0 ws0\">C.8 Derivati<span class=\"_ _3a1\"> </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 class=\"t m2 x81f h19 y6966 ff4 fsb fc1 sc0 ls0 ws0\">creditizi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y6967 ff4 fsb fc1 sc0 ls0 ws0\">senza </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y6968 ff4 fsb fc1 sc0 ls0 ws0\">scambio di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x81f h19 y6969 ff4 fsb fc1 sc0 ls0 ws0\">capitale </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x950 h19 y696a ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x7e7 y696b wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ce y696b wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2524 y696b wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2525 y696b wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2526 y696b wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2527 y696b wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2528 y696b wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2529 y696b wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252a y696b wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252b y696b wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x950 h19 y696c ff4 fsb fc1 sc0 ls0 ws0\">lunghe </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x950 h19 y696d ff4 fsb fc1 sc0 ls0 ws0\">- Posizioni<span class=\"_ _3a1\"> </span></td><td class=\"c n x7e7 y696e wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x24ce y696e wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2524 y696e wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2525 y696e wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2526 y696e wac5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2527 y696e wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2528 y696e wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2529 y696e wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x252a y696e wad5 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2559 y696e wac8 h1dd\"><div class=\"t m2 x2b3 h19 y5369 ff4 fsb fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x950 h19 y696f ff4 fsb fc1 sc0 ls0 ws0\">corte </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Rischio di li<span class=\"_ _1\"></span>quidit\u00e0 contratti ass<span class=\"_ _1\"></span>icurativi - Flussi finanziari <span class=\"_ _1\"></span>di adempimento <span class=\"_ _1\"></span>dei contratti assicurativi <span class=\"_ _1\"></span>emessi e delle cessioni in riass<span class=\"_ _1\"></span>icurazione che costit<span class=\"_ _1\"></span>uiscono passivit\u00e0: distr<span class=\"_ _1\"></span>ibuzione temporale<span class=\"_ _3a1\"> </span><table class=\"s w14cf h2d6\" id=\"_2a0173f6-e5fd-4170-94bb-014d6c81c46d\"><tr><td></td><td class=\"t m2 x931 h12 y6970 ff4 fs7 fc4 sc3 ls0 ws0\">Fino a 1 </td><td class=\"t m2 x138c h12 y6971 ff4 fs7 fc4 sc3 ls0 ws0\">Da oltre 1 </td><td class=\"t m2 x7cd h12 y6971 ff4 fs7 fc4 sc3 ls0 ws0\">Da oltre 2 </td><td class=\"t m2 x1186 h12 y6971 ff4 fs7 fc4 sc3 ls0 ws0\">Da oltre 3 </td><td class=\"t m2 xd5a h12 y6971 ff4 fs7 fc4 sc3 ls0 ws0\">Da oltre 4 </td><td></td><td></td></tr><tr><td class=\"t m2 x255a h12 y6972 ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Scaglioni temporali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x93f h12 y6973 ff4 fs7 fc4 sc3 ls0 ws0\">anno<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x12fa h12 y6972 ff4 fs7 fc4 sc3 ls0 ws0\">anno fino a </td><td class=\"t m2 xc61 h12 y6972 ff4 fs7 fc4 sc3 ls0 ws0\">anni fino a </td><td class=\"t m2 x9a7 h12 y6972 ff4 fs7 fc4 sc3 ls0 ws0\">anni fino a </td><td class=\"t m2 x116f h12 y6972 ff4 fs7 fc4 sc3 ls0 ws0\">anni fino a </td><td class=\"t m2 xce7 h12 y6972 ff4 fs7 fc4 sc3 ls0 ws0\">Oltre 5 anni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xad4 h12 y6972 ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td class=\"t m2 xc51 h12 y6974 ff4 fs7 fc4 sc3 ls0 ws0\">2 anni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x138b h12 y6974 ff4 fs7 fc4 sc3 ls0 ws0\">3 anni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x873 h12 y6974 ff4 fs7 fc4 sc3 ls0 ws0\">4 anni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x8e8 h12 y6974 ff4 fs7 fc4 sc3 ls0 ws0\">5 anni<span class=\"_ _3a1\"> </span></td><td></td><td></td></tr><tr><td class=\"t m2 xce5 h12 y6975 ff4 fs7 fc4 sc3 ls0 ws0\">Segmento Vita<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x58e y6976 w253 h11\"><div class=\"t m2 x0 h12 y3d4 ff4 fs7 fc1 sc0 ls0 ws0\">1. Contratti assicurat<span class=\"_ _2\"></span>ivi<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6977 ff4 fs7 fc1 sc0 ls0 ws0\">emessi con elementi d<span class=\"_ _2\"></span>i </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y6978 w14d0 h2d7\"><div class=\"t m2 x2b3 h12 y54df ff4 fs7 fc1 sc0 ls0 ws0\">partecipazione diretta: -<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Flussi finanziari net<span class=\"_ _2\"></span>ti non<span class=\"_ _3a1\"> </span></div></td><td class=\"c n xc13 y6979 w4a2 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">347.002<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x255b y6979 w14d1 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">360.281<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x255c y6979 w14d2 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>22.519<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x255d y6979 w14d3 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">355.463<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x255e y6979 w14d4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">319.387<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x255f y6979 w14d5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">3.412.662</div></td><td class=\"t m2 x1189 h12 y697a ff4 fs7 fc1 sc2 ls0 ws0\">5.317.314<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y697b ff4 fs7 fc1 sc0 ls0 ws0\">attualizzati </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y697c ff4 fs7 fc1 sc0 ls0 ws0\">2. Contratti di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y697d ff4 fs7 fc1 sc0 ls0 ws0\">investimento emessi<span class=\"_ _2\"></span> con </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y697e ff4 fs7 fc1 sc0 ls0 ws0\">elementi di </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y697f ff4 fs7 fc1 sc0 ls0 ws0\">partecipazione </td><td class=\"c n x960 y62b8 w1182 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">42.943<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2560 y62b8 w14d6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>0.330<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2561 y62b8 w14d7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">50.492<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2562 y62b8 wb2f h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">47.142<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2563 y62b8 w14d8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">43.865<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2564 y62b8 w14d9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">432.110</div></td><td class=\"t m2 xd53 h12 y6980 ff4 fs7 fc1 sc2 ls0 ws0\">666.882<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6981 ff4 fs7 fc1 sc0 ls0 ws0\">discrezionale - Flussi </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6982 ff4 fs7 fc1 sc0 ls0 ws0\">finanziari netti non </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6983 ff4 fs7 fc1 sc0 ls0 ws0\">attualizzati </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x58e y6984 w254 h11\"><div class=\"t m2 x0 h12 y49 ff4 fs7 fc1 sc0 ls0 ws0\">3. Contratti assicura<span class=\"_ _2\"></span>tivi<span class=\"_ _3a1\"> </span></div></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6985 ff4 fs7 fc1 sc0 ls0 ws0\">emessi senza element<span class=\"_ _2\"></span>i di<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y6986 w14d0 h225\"><div class=\"t m2 x2b3 h12 y5929 ff4 fs7 fc1 sc0 ls0 ws0\">partecipazione diretta<span class=\"_ _2\"></span> -<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Flussi finanziari net<span class=\"_ _2\"></span>ti non<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2565 y6987 wa15 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.256<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2566 y6987 w14cc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">6.299<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2567 y6987 wf12 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.661<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2568 y6987 w14da h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.467<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2569 y6987 w14db h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.55<span class=\"_ _1\"></span>9<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x256a y6987 wd17 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">8.632<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xe22 h12 y6988 ff4 fs7 fc1 sc2 ls0 ws0\">33.874<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6989 ff4 fs7 fc1 sc0 ls0 ws0\">attualizzati </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y698a w14dc h225\"><div class=\"t m2 x2b3 h12 y5929 ff4 fs7 fc1 sc0 ls0 ws0\">4. Cessioni in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">riassicurazione - <span class=\"_ _2\"></span>Flussi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x132c y698b wfde h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">322<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x256b y698b w14dd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">211<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x256c y698b wba5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">131<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x256d y698b w14de h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">77<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x256e y698b w14df h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">40<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x256f y698b w14e0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">75<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 xef9 h12 y698c ff4 fs7 fc1 sc2 ls0 ws0\">856<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y698d ff4 fs7 fc1 sc0 ls0 ws0\">finanziari netti non </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y698e ff4 fs7 fc1 sc0 ls0 ws0\">attualizzati </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x2570 h12 y698f ff4 fs7 fc4 sc3 ls0 ws0\">Segmento Danni<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6990 ff4 fs7 fc1 sc0 ls0 ws0\">1. Contratti assicurat<span class=\"_ _2\"></span>ivi<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6991 ff4 fs7 fc1 sc0 ls0 ws0\">emessi con elementi d<span class=\"_ _2\"></span>i </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y6992 w14d0 h1e7\"><div class=\"t m2 x2b3 h12 y543a ff4 fs7 fc1 sc0 ls0 ws0\">partecipazione diretta<span class=\"_ _2\"></span> -<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Flussi finanziari net<span class=\"_ _2\"></span>ti non<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2571 y5876 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2572 y5876 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2573 y5876 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2574 y5876 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2575 y5876 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2576 y5876 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x943 h12 y6993 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6994 ff4 fs7 fc1 sc0 ls0 ws0\">attualizzati </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"c x2d7 y6995 w14dc h225\"><div class=\"t m2 x2b3 h12 y5929 ff4 fs7 fc1 sc0 ls0 ws0\">2. Cessioni in<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">riassicurazione - <span class=\"_ _2\"></span>Flussi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2571 y6996 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2572 y6996 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2573 y6996 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2574 y6996 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2575 y6996 w47a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2576 y6996 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x943 h12 y6997 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y6998 ff4 fs7 fc1 sc0 ls0 ws0\">finanziari netti non </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y6999 ff4 fs7 fc1 sc0 ls0 ws0\">attualizzati </td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>Rischio di li<span class=\"_ _1\"></span>quidit\u00e0 contratti ass<span class=\"_ _1\"></span>icurativi - Contratti ass<span class=\"_ _1\"></span>icurativi emessi e ce<span class=\"_ _1\"></span>ssioni in riassicurazione <span class=\"_ _1\"></span>che costituiscono passivit\u00e0 con cla<span class=\"_ _1\"></span>usole di riscatto: impor<span class=\"_ _1\"></span>ti pagabili a richie<span class=\"_ _1\"></span>sta e valore di bilancio<span class=\"_ _3a1\"> </span><table class=\"s w14e1 h2d8\" id=\"_0fc04abb-25b8-4c66-9113-31adeb0320ba\"><tr><td class=\"t m2 x87d h12 y699a ff4 fs7 fc4 sc3 ls0 ws0\">Voci/Valori<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7c7 h12 y699a ff4 fs7 fc4 sc3 ls0 ws0\">Importi pagabili<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x11aa h12 y699a ff4 fs7 fc4 sc3 ls0 ws0\">Valori di bilancio<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x58e h12 y699b ff4 fs7 fc1 sc0 ls0 ws0\">1. Contratti assicurat<span class=\"_ _2\"></span>ivi emessi con elementi di p<span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>rtecipazione </td><td class=\"c n x2577 y699c w14e2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">3.561.495<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2578 y699c w14e3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4.352.559<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y699d ff4 fs7 fc1 sc0 ls0 ws0\">diretta </td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y699e ff4 fs7 fc1 sc0 ls0 ws0\">2. Contratti d'invest<span class=\"_ _2\"></span>imento emessi con elemen<span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>i di partecipazi<span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>ne </td><td class=\"c n x2579 y699f w10f5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">358.963<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x257a y699f w14e4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>46.489<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y69a0 ff4 fs7 fc1 sc0 ls0 ws0\">diretta </td><td></td><td></td></tr><tr><td class=\"t m2 x58e h12 y69a1 ff4 fs7 fc1 sc0 ls0 ws0\">3. Contratti assicura<span class=\"_ _2\"></span>tivi emessi senza eleme<span class=\"_ _2\"></span>nti di partecipazione </td><td class=\"c n x257b y69a2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x257c y69a2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"t m2 x58e h12 y69a3 ff4 fs7 fc1 sc0 ls0 ws0\">diretta </td><td></td><td></td></tr><tr><td class=\"c n x2d7 y53a2 w14e5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">4. Cessioni in riassicu<span class=\"_ _2\"></span>azione<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x257d y53a2 w606 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x257e y53a2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-761": {
   "value": "Sezione 1 \u2013 Il patrimonio consolidato A.<span class=\"_ _19c\"> </span>Informaz<span class=\"_ _1\"></span>ioni di na<span class=\"_ _1\"></span>tura qu<span class=\"_ _1\"></span>alitativa<span class=\"_ _3a1\"> </span>Dal 1<span class=\"_ _3a1\"> </span>\u00b0 g<span class=\"_ _2\"></span>ennaio 2014 <span class=\"_ _3b\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>entrato in <span class=\"_ _2\"></span>vigore i<span class=\"_ _2\"></span>l regolamento <span class=\"_ _3b\"></span>(UE) n. <span class=\"_ _3b\"></span>57<span class=\"_ _1\"></span>5/2013 (\u201cCRR\u201d) <span class=\"_ _2\"></span>con il <span class=\"_ _3b\"></span>quale vengono<span class=\"_ _3a1\"> </span>introdotte <span class=\"_ _38\"></span>nell\u2019Unione <span class=\"_ _38\"></span>Europea <span class=\"_ _38\"></span>le <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>gole <span class=\"_ _1\"></span>definite <span class=\"_ _38\"></span>dal <span class=\"_ _38\"></span>Comitato <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>asilea <span class=\"_ _1\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _38\"></span>vigilanza <span class=\"_ _1\"></span>bancaria con <span class=\"_ _36\"> </span>l\u2019art<span class=\"_ _1\"></span>icolato <span class=\"_ _39\"> </span>insieme <span class=\"_ _39\"> </span>di <span class=\"_ _36\"> </span>documenti <span class=\"_ _39\"> </span>unitariamente<span class=\"_ _1\"></span> <span class=\"_ _36\"> </span>de<span class=\"_ _1\"></span>nominato <span class=\"_ _36\"> </span>\u201cBasilea <span class=\"_ _39\"> </span>3\u201d <span class=\"_ _39\"> </span>in <span class=\"_ _39\"> </span>materia <span class=\"_ _36\"> </span>di adeguatezza patrimoniale (Primo pilastro<span class=\"_ _1\"></span>) e informativa al pubblico (Terzo pilastro). Il <span class=\"_ _0\"></span>regolamento <span class=\"_ _38\"></span>(UE) <span class=\"_ _0\"></span>n. <span class=\"_ _0\"></span>575/2013<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>la<span class=\"_ _3b\"></span> <span class=\"_ _0\"></span>direttiva <span class=\"_ _0\"></span>2013/36/UE <span class=\"_ _38\"></span>(\u201cCRD <span class=\"_ _0\"></span>IV\u201d) <span class=\"_ _38\"></span>definiscono <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>nuovo <span class=\"_ _0\"></span>q<span class=\"_ _2\"></span>uadro normativo di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>iferimento nell\u2019<span class=\"_ _2\"></span>Unione Europea pe<span class=\"_ _2\"></span>r banche <span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> impr<span class=\"_ _2\"></span>ese di <span class=\"_ _3b\"></span>investime<span class=\"_ _1\"></span>nto. Dal <span class=\"_ _3b\"></span>1\u00b0 gennaio 2014. <span class=\"_ _36\"> </span>CRR <span class=\"_ _37\"> </span>e <span class=\"_ _36\"> </span>CRDIV <span class=\"_ _37\"> </span>sono <span class=\"_ _36\"> </span>integrati <span class=\"_ _37\"> </span>da <span class=\"_ _36\"> </span>norme <span class=\"_ _36\"> </span>tecniche <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>regolamentazione <span class=\"_ _36\"> </span>o <span class=\"_ _37\"> </span>di <span class=\"_ _36\"> </span>attuazione approvate dalla <span class=\"_ _3b\"></span>Commiss<span class=\"_ _1\"></span>ione Eu<span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>opea su <span class=\"_ _2\"></span>proposta d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>lle Autorit\u00e0 <span class=\"_ _3b\"></span>europee di <span class=\"_ _2\"></span>supervisione (\u201cESA\u201d), che danno attuazione alla normativa primaria. Con <span class=\"_ _35\"> </span>l\u2019adozione  del <span class=\"_ _35\"> </span>regolamento  di <span class=\"_ _35\"> </span>esecuzione  (UE)<span class=\"_ _2\"></span>  n<span class=\"_ _2\"></span>. <span class=\"_ _35\"> </span>680<span class=\"_ _1\"></span>/2014  s<span class=\"_ _2\"></span>ono  s<span class=\"_ _2\"></span>tate  s<span class=\"_ _2\"></span>tabilite  le <span class=\"_ _35\"> </span>norme tecniche <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>attuazione <span class=\"_ _0\"></span>(I<span class=\"_ _2\"></span>mplementing <span class=\"_ _0\"></span>Technical <span class=\"_ _38\"></span>Standards) <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>incolanti <span class=\"_ _0\"></span>in <span class=\"_ _38\"></span>materia <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>segnalazioni prudenziali <span class=\"_ _35\"> </span>armo<span class=\"_ _1\"></span>nizzate  delle  b<span class=\"_ _3b\"></span>anche  e  delle <span class=\"_ _35\"> </span>imprese  di <span class=\"_ _35\"> </span>investime<span class=\"_ _1\"></span>nto  relative <span class=\"_ _35\"> </span>a:  fondi <span class=\"_ _35\"> </span>propri, rischio <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>credito <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>roparte, <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>mercato, <span class=\"_ _0\"></span>rischio <span class=\"_ _38\"></span>operativo, <span class=\"_ _0\"></span>grandi <span class=\"_ _38\"></span>rischi, <span class=\"_ _0\"></span>rilevazione <span class=\"_ _38\"></span>su perdite ipotecarie, posizione patrimoniale complessiva, monitoraggio liquidit\u00e0 <span class=\"_ _1\"></span>e leva finanziaria. Inoltre, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>Banca d\u2019Italia <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>emanato <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>Circolari <span class=\"_ _1\"></span>n. 286 <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>n. 1<span class=\"_ _1\"></span>54 <span class=\"_ _1\"></span>che traducono <span class=\"_ _1\"></span>secondo <span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>schema matriciale, attualmente adottato nelle segnalazioni di vigilanza, i citati ITS. Il  Grupp<span class=\"_ _2\"></span>o  ritiene  prioritario <span class=\"_ _35\"> </span>valutare  la  prop<span class=\"_ _2\"></span>ria  struttura  p<span class=\"_ _2\"></span>atrimoniale  e <span class=\"_ _35\"> </span>tali  analisi <span class=\"_ _35\"> </span>sono  svolte all\u2019interno degli <span class=\"_ _3b\"></span>specifici Comitati d<span class=\"_ _2\"></span>i Governance d<span class=\"_ _2\"></span>i Grupp<span class=\"_ _2\"></span>o. In <span class=\"_ _3b\"></span>tale<span class=\"_ _1\"></span> sede <span class=\"_ _2\"></span>vengono anche<span class=\"_ _2\"></span> evidenziati i  principali  impatti  le<span class=\"_ _1\"></span>gati  alle  normat<span class=\"_ _1\"></span>ive  in  via  di  definizione  (es<span class=\"_ _1\"></span>.  potenziali  impatti  legat<span class=\"_ _1\"></span>i  alla finalizzazione <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>iforma <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>Basilea <span class=\"_ _0\"></span>II<span class=\"_ _2\"></span>I <span class=\"_ _38\"></span>come <span class=\"_ _38\"></span>da <span class=\"_ _0\"></span>recente <span class=\"_ _1\"></span>accordo <span class=\"_ _38\"></span>in <span class=\"_ _0\"></span>sede <span class=\"_ _1\"></span>di <span class=\"_ _0\"></span>Comitato <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>B<span class=\"_ _1\"></span>asilea del <span class=\"_ _38\"></span>14 <span class=\"_ _0\"></span>gennaio <span class=\"_ _38\"></span>2019) <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>a <span class=\"_ _38\"></span>quelle <span class=\"_ _38\"></span>gi\u00e0 <span class=\"_ _38\"></span>approvate <span class=\"_ _0\"></span>ma <span class=\"_ _38\"></span>non <span class=\"_ _38\"></span>attualmente <span class=\"_ _0\"></span>applic<span class=\"_ _2\"></span>abili <span class=\"_ _38\"></span>(es. <span class=\"_ _0\"></span>il <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>golamento (UE) n. 876/2019 e la d<span class=\"_ _2\"></span>irettiva (UE) n<span class=\"_ _2\"></span>. 787/2019 che modificano rispettivamente il regolamento (UE)<span class=\"_ _2\"></span> n. 575<span class=\"_ _1\"></span>/2013 e <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>direttiva 2013/36/UE /8<span class=\"_ _1\"></span>76, cos\u00ec <span class=\"_ _1\"></span>come <span class=\"_ _1\"></span>il rego<span class=\"_ _1\"></span>lamento (UE) n. <span class=\"_ _1\"></span>877/20<span class=\"_ _1\"></span>19 e <span class=\"_ _1\"></span>la direttiva<span class=\"_ _3a1\"> </span>(UE) n. 879/2019). I <span class=\"_ _37\"> </span>Comitat<span class=\"_ _1\"></span>i <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>Governance <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>Gruppo <span class=\"_ _37\"> </span>presentano<span class=\"_ _1\"></span> <span class=\"_ _37\"> </span>sempre <span class=\"_ _37\"> </span>dei <span class=\"_ _37\"> </span>me<span class=\"_ _1\"></span>mbri <span class=\"_ _37\"> </span>nominati <span class=\"_ _36\"> </span>dal <span class=\"_ _37\"> </span>Consiglio d\u2019Amministrazione <span class=\"_ _35\"> </span>della <span class=\"_ _0\"></span>Capogruppo, <span class=\"_ _0\"> </span>s<span class=\"_ _1\"></span>celti <span class=\"_ _35\"> </span>tra <span class=\"_ _0\"></span>i <span class=\"_ _35\"> </span>componenti <span class=\"_ _0\"></span>il <span class=\"_ _0\"> </span>Co<span class=\"_ _1\"></span>nsiglio <span class=\"_ _0\"></span>stesso<span class=\"_ _1\"></span>, <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>rispettive analisi vengono successivamente pro<span class=\"_ _1\"></span>dotte al Consiglio d\u2019Amministrazione della Capogruppo. Sotto <span class=\"_ _1\"></span>il <span class=\"_ _38\"></span>profilo <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Vigilanza <span class=\"_ _1\"></span>l\u2019asso<span class=\"_ _1\"></span>rbimento <span class=\"_ _1\"></span>viene <span class=\"_ _38\"></span>determinato <span class=\"_ _1\"></span>tenendo <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>considerazione <span class=\"_ _1\"></span>le <span class=\"_ _38\"></span>attuali \u201cregole\u201d di segnalazione.  Sotto <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>pro<span class=\"_ _1\"></span>filo <span class=\"_ _3b\"></span>gestionale l\u2019assorbi<span class=\"_ _2\"></span>mento viene <span class=\"_ _3b\"></span>calcolato c<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>l\u2019utilizzo <span class=\"_ _3b\"></span>di <span class=\"_ _2\"></span>modelli <span class=\"_ _3b\"></span>int<span class=\"_ _1\"></span>erni p<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>ris<span class=\"_ _1\"></span>chio di credito e di mercato e l\u2019utilizzo di un metodo standard \u201cgest<span class=\"_ _1\"></span>ionale\u201d. I <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischi <span class=\"_ _3b\"></span>vengono esamin<span class=\"_ _2\"></span>ati sia<span class=\"_ _3b\"></span> compl<span class=\"_ _2\"></span>essivamente che <span class=\"_ _3b\"></span>dettagliatamente <span class=\"_ _3b\"></span>a<span class=\"_ _1\"></span>ll\u2019interno <span class=\"_ _3b\"></span>delle soci<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>t\u00e0 <span class=\"_ _3b\"></span>del Gruppo (analisi dei portafogli specifici). Al <span class=\"_ _38\"></span>31 <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>icembre <span class=\"_ _0\"></span>2024 <span class=\"_ _38\"></span>i <span class=\"_ _38\"></span>Fondi <span class=\"_ _38\"></span>Propri <span class=\"_ _0\"></span>sono <span class=\"_ _38\"></span>stati <span class=\"_ _38\"></span>determinati <span class=\"_ _0\"></span>in <span class=\"_ _1\"></span>base <span class=\"_ _0\"></span>alle <span class=\"_ _38\"></span>disposizioni <span class=\"_ _38\"></span>contenute <span class=\"_ _0\"></span>nel Regolamento (UE) n.575/2013 (CRR)",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-823": {
   "value": "<div class=\"t m2 ha ff4 fs5 fc4 sc3 ls0 ws0 gs1f21\">Sezione 1 \u2013 Operazioni realizzate durante l\u2019esercizio </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1f22\">1.1 Op</div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1f23\">erazi<span class=\"_ _1\"></span>oni di agg<span class=\"_ _1\"></span>regazione<span class=\"_ _1\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f24\">Non esistono operazioni. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1f25\">Operazi<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1f26\">oni tra sogg<span class=\"_ _1\"></span>etti a c<span class=\"_ _1\"></span>ontrollo <span class=\"_ _1\"></span>comune (\u201cun<span class=\"_ _1\"></span>der comm<span class=\"_ _1\"></span>on con<span class=\"_ _1\"></span>trol\u201d) </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f27\">In data 9 gennaio 2024, l\u2019assemblea degli azionisti di Credemtel <span class=\"_ _2\"></span>S.p.A. ha approvato la fusione per<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f28\">contestuale <span class=\"_ _3a\"> </span>incorporazione <span class=\"_ _3f\"> </span>di S.A.T.A. <span class=\"_ _3f\"> </span>Applicazione<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>Te<span class=\"_ _1\"></span>cnologie <span class=\"_ _3f\"> </span>Avanzate<span class=\"_ _1\"></span> <span class=\"_ _3f\"> </span>S.r.l. <span class=\"_ _3a\"> </span>e <span class=\"_ _3f\"> </span>B<span class=\"_ _1\"></span>lue <span class=\"_ _3f\"> </span>Eye </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f29\">Solutions <span class=\"_ _2\"></span>S.r.l. <span class=\"_ _3b\"></span>ex<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>art. 2505 <span class=\"_ _3b\"></span>c.c. <span class=\"_ _2\"></span>nella <span class=\"_ _2\"></span>incorporante C<span class=\"_ _2\"></span>redemtel <span class=\"_ _2\"></span>S.p.A. <span class=\"_ _3b\"></span>L\u2019assemblea dei <span class=\"_ _3b\"></span>soci di <span class=\"_ _3b\"></span>S.A.T.A. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f2a\">Applicazione <span class=\"_ _38\"></span>Tecnologie <span class=\"_ _0\"></span>Avanzate<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>S.r.l.<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>e <span class=\"_ _38\"></span>l\u2019assem<span class=\"_ _1\"></span>blea <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>soci <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>Blue <span class=\"_ _0\"></span>Eye <span class=\"_ _0\"></span>Solu<span class=\"_ _2\"></span>tions <span class=\"_ _0\"></span>S.r.l. <span class=\"_ _38\"></span>hanno </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f2b\">entrambe approvato l\u2019operazione in data 10 gennaio 2024.<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f2c\">L\u2019incorporazione ha <span class=\"_ _0\"></span>avuto <span class=\"_ _1\"></span>decorrenza <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>data <span class=\"_ _0\"> </span>1<span class=\"_ _1\"></span>\u00b0 <span class=\"_ _0\"></span>aprile <span class=\"_ _0\"></span>2024 <span class=\"_ _0\"></span>ed \u00e8 <span class=\"_ _35\"> </span>avvenuta senza <span class=\"_ _0\"></span>attuare, <span class=\"_ _0\"></span>come </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f2d\">previsto <span class=\"_ _1\"></span>dall\u2019art. <span class=\"_ _1\"></span>2505 <span class=\"_ _1\"></span>c.c., le<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>prescrizioni <span class=\"_ _1\"></span>di cui <span class=\"_ _1\"></span>all\u2019art. <span class=\"_ _1\"></span>2501 <span class=\"_ _1\"></span>ter <span class=\"_ _1\"></span>c.c. co. <span class=\"_ _1\"></span>1<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>n. <span class=\"_ _1\"></span>3, 4 <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>5. <span class=\"_ _1\"></span>Credemtel <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>le </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f2e\">controllate <span class=\"_ _29\"> </span>collaborano <span class=\"_ _29\"> </span>da <span class=\"_ _29\"> </span>tempo, <span class=\"_ _29\"> </span>opera<span class=\"_ _1\"></span>ndo <span class=\"_ _188\"> </span>sul <span class=\"_ _29\"> </span>mercato <span class=\"_ _29\"> </span>comune <span class=\"_ _29\"> </span>tr<span class=\"_ _1\"></span>amite <span class=\"_ _188\"> </span>s<span class=\"_ _1\"></span>inergie<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f2f\">tecnologiche/operative  e <span class=\"_ _35\"> </span>condivisione <span class=\"_ _35\"> </span>di  k<span class=\"_ _2\"></span>now  h<span class=\"_ _2\"></span>ow  al <span class=\"_ _35\"> </span>fine  di<span class=\"_ _2\"></span>  soddisfare <span class=\"_ _35\"> </span>le  esigenze <span class=\"_ _35\"> </span>di  cl<span class=\"_ _2\"></span>ienti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f30\">comuni che, <span class=\"_ _1\"></span>cos\u00ec, beneficiano <span class=\"_ _1\"></span>di una fo<span class=\"_ _1\"></span>rnitura di pro<span class=\"_ _1\"></span>dotti/servizi sostanzialmente <span class=\"_ _1\"></span>unica, anche <span class=\"_ _1\"></span>se </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f31\">frutto dell\u2019operato <span class=\"_ _1\"></span>di 3 entit\u00e0 distinte; la <span class=\"_ _1\"></span>fusione, in ragione di quanto <span class=\"_ _1\"></span>esposto, si pone nell\u2019ambito </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f32\">di <span class=\"_ _38\"></span>un <span class=\"_ _0\"></span>pi\u00f9 <span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>mpio <span class=\"_ _38\"></span>pro<span class=\"_ _1\"></span>getto <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>ot<span class=\"_ _1\"></span>timizzazione <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>tecnologie <span class=\"_ _0\"></span>alla <span class=\"_ _38\"></span>base <span class=\"_ _0\"></span>dei <span class=\"_ _38\"></span>servizi <span class=\"_ _0\"></span>erogati <span class=\"_ _0\"></span>e, <span class=\"_ _38\"></span>pi\u00f9 <span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>n </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f33\">generale, di riassetto organizzativo di Credemtel S.p.A. e delle controllate. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f34\">L\u2019operazione <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>configura <span class=\"_ _0\"></span>come <span class=\"_ _1\"></span>Business <span class=\"_ _0\"></span>Combin<span class=\"_ _2\"></span>ation <span class=\"_ _38\"></span>between <span class=\"_ _38\"></span>entities <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span>der <span class=\"_ _38\"></span>common <span class=\"_ _38\"></span>control, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f35\">esclusa <span class=\"_ _35\"> </span>dall\u2019ambito <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>applicazione <span class=\"_ _35\"> </span>IFRS3 <span class=\"_ _35\"> </span>e <span class=\"_ _0\"></span>rilevata <span class=\"_ _35\"> </span>contabilmente <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>continu<span class=\"_ _2\"></span>it\u00e0 <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>valori <span class=\"_ _0\"></span>con <span class=\"_ _35\"> </span>il </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f36\">bilancio consolidato della Capogruppo. </div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1f37\">1.2.1 Va<span class=\"_ _1\"></span>riazioni ann<span class=\"_ _1\"></span>ue dell<span class=\"_ _1\"></span>\u2019avviamen<span class=\"_ _1\"></span>to </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f38\">Non esistono operazioni. </div><div class=\"t m2 h10 ff4 fs3 fc4 sc3 ls0 ws0 gs1f39\">Sezione 2 \u2013 <span class=\"_ _1\"></span>Operazioni realizz<span class=\"_ _1\"></span>ate dopo la c<span class=\"_ _1\"></span>hiusura dell\u2019es<span class=\"_ _1\"></span>ercizio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f3a\">Non esistono operazioni. </div><div class=\"t m2 h10 ff4 fs3 fc4 sc3 ls0 ws0 gs1f3b\">Sezione 3 \u2013 Rettific<span class=\"_ _1\"></span>he retrospetti<span class=\"_ _1\"></span>ve </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs12ca\">Non e<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f3c\">sistono operazioni. </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-797": {
   "value": "Informazi<span class=\"_ _1\"></span>oni sui compensi<span class=\"_ _1\"></span> dei dirigenti<span class=\"_ _1\"></span> con responsabili<span class=\"_ _1\"></span>t\u00e0 strategica<span class=\"_ _3a1\"> </span> Di <span class=\"_ _1\"></span>seguito <span class=\"_ _1\"></span>vengono fornite <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>informazioni <span class=\"_ _1\"></span>sui compensi <span class=\"_ _1\"></span>corrisposti <span class=\"_ _1\"></span>ai <span class=\"_ _1\"></span>dirigenti <span class=\"_ _1\"></span>con responsa<span class=\"_ _1\"></span>bilit\u00e0<span class=\"_ _3a1\"> </span> strate<span class=\"_ _3a1\"> </span>giche, in coerenza con quanto previsto dallo IAS 24.<span class=\"_ _3a1\"> </span> I <span class=\"_ _0\"></span>dirigenti <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>responsabilit\u00e0 <span class=\"_ _0\"></span>strategiche <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>Credito <span class=\"_ _0\"></span>Emiliano <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>so<span class=\"_ _1\"></span>ggetti <span class=\"_ _0\"></span>aventi <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>potere <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>la<span class=\"_ _3a1\"> </span> responsabilit\u00e0, <span class=\"_ _1\"></span>dirett<span class=\"_ _1\"></span>amente <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>indirettamente, <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>pianificazione, <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>direzione <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>controllo<span class=\"_ _3a1\"> </span> delle attivit\u00e0 di Credito Emiliano.<span class=\"_ _3a1\"> </span> In tale contesto rientrano nel perimetro dei dirigenti con respons<span class=\"_ _2\"></span>abilit\u00e0 strategiche: i Consiglieri di<span class=\"_ _3a1\"> </span> Amministrazione, <span class=\"_ _1\"></span>i Sindaci, il D<span class=\"_ _1\"></span>irettore <span class=\"_ _1\"></span>Generale, i <span class=\"_ _1\"></span>Condirettori <span class=\"_ _1\"></span>Generali, il <span class=\"_ _1\"></span>Vice Direttore <span class=\"_ _1\"></span>Generale,<span class=\"_ _3a1\"> </span> gli <span class=\"_ _0\"></span>altri <span class=\"_ _0\"></span>componenti <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>Direzione <span class=\"_ _0\"></span>Ce<span class=\"_ _1\"></span>ntrale, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>Dirigente <span class=\"_ _0\"></span>Preposto <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>redazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>documenti<span class=\"_ _3a1\"> </span> contabili <span class=\"_ _1\"></span>societar<span class=\"_ _1\"></span>i, <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>Re<span class=\"_ _1\"></span>sponsabili <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>Funzioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Contro<span class=\"_ _1\"></span>llo <span class=\"_ _1\"></span>Interno <span class=\"_ _38\"></span>(Responsabile <span class=\"_ _1\"></span>Ser<span class=\"_ _1\"></span>vizio <span class=\"_ _1\"></span>Audit,<span class=\"_ _3a1\"> </span> Responsabile <span class=\"_ _3b\"></span>Funzione <span class=\"_ _2\"></span>Antiriciclaggio, <span class=\"_ _3b\"></span>Compliance <span class=\"_ _3b\"></span>Officer e <span class=\"_ _3b\"></span>Risk <span class=\"_ _184\"></span>Officer), <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>Responsabile <span class=\"_ _2\"></span>Business<span class=\"_ _3a1\"> </span> Unit  Commerciale,  il <span class=\"_ _35\"> </span>Responsabile  Business  Un<span class=\"_ _2\"></span>it  Finanza,<span class=\"_ _2\"></span>  il <span class=\"_ _35\"> </span>Dirigente<span class=\"_ _1\"></span>  Coordinatore  d<span class=\"_ _2\"></span>elle  are<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span> Amministrazione, Corporate Governance <span class=\"_ _2\"></span>e Relazioni E<span class=\"_ _2\"></span>sterne e Governo del V<span class=\"_ _2\"></span>alore, il Cap<span class=\"_ _2\"></span>o Servizio<span class=\"_ _3a1\"> </span> preposto all\u2019area Crediti e il Capo Servizio preposto all\u2019area Organizzazione. <table class=\"s w15af h2ed\" id=\"_717cbff9-4173-43f2-a4d3-ca0d98d8d744\"><tr><td class=\"c n x2675 y558d wea8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Riepilogo compensi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2676 y558d w695 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2677 y558d w696 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x2678 y6a91 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2679 y6a91 w68d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5591 w15b0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Amministratori<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x267a y5591 w988 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.172<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x267b h12 y6a92 ff4 fs7 fc1 sc0 ls0 ws0\">1.772<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5593 w15b1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Sindaci<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x267c y5593 w149a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">512<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x267d h12 y6a93 ff4 fs7 fc1 sc0 ls0 ws0\">472<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5595 wf9d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Dirigenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x267e y5595 w703 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10.362<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x267f h12 y6a94 ff4 fs7 fc1 sc0 ls0 ws0\">8.807<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x2680 h12 y5bbe ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2681 h12 y5bbe ff4 fs7 fc1 sc2 ls0 ws0\">13.046<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x267f h12 y5bbe ff4 fs7 fc1 sc2 ls0 ws0\">11.051<span class=\"_ _3a1\"> </span></td></tr></table>I  compensi <span class=\"_ _35\"> </span>dei  dirigenti  comprendono <span class=\"_ _35\"> </span>benefici  a  b<span class=\"_ _2\"></span>reve  termine  p<span class=\"_ _2\"></span>er  6.754 <span class=\"_ _35\"> </span>mila  euro,  benefici<span class=\"_ _3a1\"> </span> successivi alla <span class=\"_ _1\"></span>fine del rapporto di lavoro <span class=\"_ _1\"></span>e benefici <span class=\"_ _1\"></span>dovuti per la cess<span class=\"_ _1\"></span>azione del rapporto di <span class=\"_ _1\"></span>lavoro<span class=\"_ _3a1\"> </span> per 660 mila euro, altri benefici a lungo termine per 197 mila euro e pagamenti basati su azioni per<span class=\"_ _3a1\"> </span> 2.751 mila euro. 2. Informa<span class=\"_ _1\"></span>zioni <span class=\"_ _1\"></span>sulle tran<span class=\"_ _1\"></span>sazioni<span class=\"_ _1\"></span> con par<span class=\"_ _1\"></span>ti correlate<span class=\"_ _3a1\"> </span>In ottemperanza alle disposizioni normative riguardanti le operazioni con parti correlate, il Gruppo<span class=\"_ _3a1\"> </span> Credit<span class=\"_ _3a1\"> </span>o <span class=\"_ _3f\"> </span>Emiliano <span class=\"_ _3f\"> </span>ha <span class=\"_ _3f\"> </span>adottato <span class=\"_ _3f\"> </span>specifiche <span class=\"_ _3f\"> </span>procedure <span class=\"_ _3f\"> </span>per <span class=\"_ _3a\"> </span>disc<span class=\"_ _2\"></span>iplinare <span class=\"_ _3f\"> </span>siffatta <span class=\"_ _3f\"> </span>o<span class=\"_ _1\"></span>perativit\u00e0 <span class=\"_ _3f\"> </span>ed<span class=\"_ _3a1\"> </span> assicurare idonei flussi informativi.<span class=\"_ _3a1\"> </span> In  attuazione  alla  delib<span class=\"_ _2\"></span>era  Consob  n.  1<span class=\"_ _2\"></span>7221  del  12 <span class=\"_ _35\"> </span>mar<span class=\"_ _1\"></span>zo  2<span class=\"_ _2\"></span>010  e  della  Circolare <span class=\"_ _35\"> </span>Banca  d\u2019Italia<span class=\"_ _3a1\"> </span> 285/2013, <span class=\"_ _0\"></span>Credito <span class=\"_ _38\"></span>Emiliano <span class=\"_ _0\"></span>ha <span class=\"_ _38\"></span>adottato <span class=\"_ _0\"></span>apposite <span class=\"_ _38\"></span>P<span class=\"_ _1\"></span>rocedure <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>operazioni <span class=\"_ _0\"></span>con<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> parti correlate e per le operazioni con soggetti collegati.<span class=\"_ _3a1\"> </span> Il <span class=\"_ _48\"> </span>regolame<span class=\"_ _1\"></span>nto <span class=\"_ _48\"> </span>\u00e8 <span class=\"_ _48\"> </span>disponibile <span class=\"_ _48\"> </span>per <span class=\"_ _17e\"> </span>la <span class=\"_ _48\"> </span>consultazione <span class=\"_ _48\"> </span>sul <span class=\"_ _48\"> </span>s<span class=\"_ _1\"></span>ito <span class=\"_ _48\"> </span>internet <span class=\"_ _48\"> </span>di <span class=\"_ _17e\"> </span>Credito <span class=\"_ _48\"> </span>Emiliano<span class=\"_ _3a1\"> </span> www.credem.it.<span class=\"_ _3a1\"> </span> I <span class=\"_ _35\"> </span>rapporti <span class=\"_ _35\"> </span>e  l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>operazioni <span class=\"_ _35\"> </span>perfezionate  con <span class=\"_ _35\"> </span>parti <span class=\"_ _35\"> </span>correlate <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>soggetti <span class=\"_ _35\"> </span>collegati <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>presentano<span class=\"_ _3a1\"> </span> criticit\u00e0 <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>riconducibili <span class=\"_ _1\"></span>all\u2019ordinaria <span class=\"_ _38\"></span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>servizio <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>credito. <span class=\"_ _38\"></span>Le <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>ndizioni <span class=\"_ _1\"></span>applicate <span class=\"_ _38\"></span>ai<span class=\"_ _3a1\"> </span> singoli <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>apporti <span class=\"_ _35\"> </span>ed <span class=\"_ _0\"></span>alle <span class=\"_ _35\"> </span>operazioni <span class=\"_ _0\"></span>con <span class=\"_ _35\"> </span>parti <span class=\"_ _35\"> </span>correlate <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>soggetti <span class=\"_ _0\"> </span>collegat<span class=\"_ _1\"></span>i <span class=\"_ _35\"> </span>non <span class=\"_ _0\"></span>si <span class=\"_ _35\"> </span>discostano <span class=\"_ _35\"> </span>da<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> quelle correnti di mercato.<span class=\"_ _3a1\"> </span> Ai sensi dell\u2019art.5 <span class=\"_ _1\"></span>comma 8 del Regolament<span class=\"_ _1\"></span>o CONSOB Operazioni con parti Co<span class=\"_ _1\"></span>rrelate (nr. 17221 del<span class=\"_ _3a1\"> </span> 12.03.2010  e  ss.mm.ii)  si  segnala  che  nel  corso  del  2024  sono  state  effettuate  operazioni  di<span class=\"_ _3a1\"> </span> maggiore <span class=\"_ _1\"></span>rilevanza <span class=\"_ _38\"></span>unicamente <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>Societ\u00e0 <span class=\"_ _38\"></span>appartenenti <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>Gruppo <span class=\"_ _1\"></span>Credito <span class=\"_ _1\"></span>Emiliano <span class=\"_ _38\"></span>ed <span class=\"_ _1\"></span>attinenti<span class=\"_ _3a1\"> </span> a normali ed ordinarie dinamiche di funding.  Nello <span class=\"_ _37\"> </span>ste<span class=\"_ _1\"></span>sso <span class=\"_ _37\"> </span>periodo <span class=\"_ _36\"> </span>il <span class=\"_ _37\"> </span>Consiglio <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>Amministrazione <span class=\"_ _36\"> </span>ha <span class=\"_ _37\"> </span>adottat<span class=\"_ _1\"></span>o <span class=\"_ _37\"> </span>una <span class=\"_ _36\"> </span>\u201cdelibera <span class=\"_ _37\"> </span>quadro\u201d. <span class=\"_ _36\"> </span>In<span class=\"_ _3a1\"> </span> particolare <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>delibera <span class=\"_ _35\"> </span>ha <span class=\"_ _35\"> </span>riguardato <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>concessione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>affidamenti <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>parti <span class=\"_ _35\"> </span>correlate <span class=\"_ _0\"></span>e  sogge<span class=\"_ _2\"></span>tti<span class=\"_ _3a1\"> </span> collegati <span class=\"_ _1\"></span>riconducibili a<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>Vice <span class=\"_ _1\"></span>Presidente<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Luigi Maramot<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>Consigliere <span class=\"_ _1\"></span>Edoardo <span class=\"_ _38\"></span>Prezioso <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>un<span class=\"_ _3a1\"> </span> importo <span class=\"_ _35\"> </span>massimo <span class=\"_ _35\"> </span>compless<span class=\"_ _1\"></span>ivo <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>superiore <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>100 <span class=\"_ _35\"> </span>milioni <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>euro <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>comunque <span class=\"_ _35\"> </span>entro <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>limite<span class=\"_ _3a1\"> </span> normativo del 5% del patrimonio di vigilan<span class=\"_ _2\"></span>za consolidato, er<span class=\"_ _1\"></span>ogabile dal Gruppo Credito Emiliano in<span class=\"_ _3a1\"> </span> pi\u00f9 operazioni, anche rotative<span class=\"_ _3a1\"> </span><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1f3e\">2. Informazioni s<span class=\"_ _1\"></span>ulle transazioni con <span class=\"_ _1\"></span>parti corre<span class=\"_ _1\"></span>late<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs1f3f\">p.1<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs1f40\">Cr<span class=\"_ _3a1\"> </span></div><div class=\"gs1f41\"><table class=\"s w15b2 h2ee\" id=\"_890e5fe3-0d48-4db7-b95a-d12f7ebff97d\"><tr><td></td><td></td><td></td><td class=\"t m2 x985 h12 y6a95 ff4 fs7 fc4 sc3 ls0 ws0\">editi <span class=\"_ _62\"> </span>Debiti <span class=\"_ _10f\"> </span>Garanzie </td><td class=\"t m2 x695 h12 y6a96 ff4 fs7 fc4 sc3 ls0 ws0\">Raccolta </td><td class=\"t m2 x18e5 h12 y6a95 ff4 fs7 fc4 sc3 ls0 ws0\">Raccolta gestita </td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x10e0 h12 y6a97 ff4 fs7 fc4 sc3 ls0 ws0\">amministrata </td><td></td></tr><tr><td class=\"c n x2d7 y6a98 w15b3 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Amministratori, sindaci<span class=\"_ _2\"></span> e dirigenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2682 y6a98 w15b4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.008<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x906 h12 y6a99 ff4 fs7 fc1 sc0 ls0 ws0\">14.154<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7af h12 y6a99 ff4 fs7 fc1 sc0 ls0 ws0\">185<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebe h12 y6a99 ff4 fs7 fc1 sc0 ls0 ws0\">152.415<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y6a99 ff4 fs7 fc1 sc0 ls0 ws0\">26.853<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6a9a w15b5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Stretti familiari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2683 y6a9a w136c h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.744<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x906 h12 y6a9b ff4 fs7 fc1 sc0 ls0 ws0\">12.291<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x683 h12 y6a9b ff4 fs7 fc1 sc0 ls0 ws0\">374<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebe h12 y6a9b ff4 fs7 fc1 sc0 ls0 ws0\">111.834<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y6a9b ff4 fs7 fc1 sc0 ls0 ws0\">16.854<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6a9c w15b6 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Societ\u00e0 controllate e c<span class=\"_ _2\"></span>ollegate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2684 y6a9c w4a6 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">24.696<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x789 h12 y6a9d ff4 fs7 fc1 sc0 ls0 ws0\">270.102<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ee h12 y6a9d ff4 fs7 fc1 sc0 ls0 ws0\">95.813<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1002 h12 y6a9d ff4 fs7 fc1 sc0 ls0 ws0\">25.124<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f6 h12 y6a9d ff4 fs7 fc1 sc0 ls0 ws0\">161.606<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6a9e w15b7 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Altre parti correlate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2685 y6a9e w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6ed h12 y6a9f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x78a h12 y6a9f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y6a9f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a9f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y6aa0 ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td><td class=\"t m2 x75c h12 y6aa1 ff4 fs7 fc4 sc3 ls0 ws0\">27.448<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71d h12 y6aa1 ff4 fs7 fc4 sc3 ls0 ws0\">296.547<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x689 h12 y6aa1 ff4 fs7 fc4 sc3 ls0 ws0\">96.372<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1013 h12 y6aa1 ff4 fs7 fc4 sc3 ls0 ws0\">289.373<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y6aa1 ff4 fs7 fc4 sc3 ls0 ws0\">205.313<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1f42\">2. Informazioni s<span class=\"_ _1\"></span>ulle transazioni con <span class=\"_ _1\"></span>parti corre<span class=\"_ _1\"></span>late<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h12 ff4 fs7 fc4 sc3 ls0 ws0 gs1f43\">p.2 </div><div class=\"gs1f44\"><table class=\"s w15b8 h2ef\" id=\"_4ea4557c-12be-43dc-b40f-c4a26ee4b6a4\"><tr><td></td><td class=\"c n x2686 y6aa2 w15b9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Interessi attivi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2687 y6aa2 w15ba h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">In<span class=\"_ _1\"></span>teressi passivi</div></td><td class=\"t m2 x689 h12 y6aa3 ff4 fs7 fc4 sc3 ls0 ws0\">Commissioni attive e </td><td class=\"t m2 xd80 h12 y6aa3 ff4 fs7 fc4 sc3 ls0 ws0\">Commissioni passive e </td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x78a h12 y6aa4 ff4 fs7 fc4 sc3 ls0 ws0\">altri ricavi </td><td class=\"t m2 xdd6 h12 y6aa4 ff4 fs7 fc4 sc3 ls0 ws0\">altri oneri </td></tr><tr><td class=\"c n x2d7 y558f w15b3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Amministratori, sindaci<span class=\"_ _2\"></span> e dirigenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2688 y558f w15a3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">29<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e7 h12 y6aa5 ff4 fs7 fc1 sc0 ls0 ws0\">316<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1847 h12 y6aa5 ff4 fs7 fc1 sc0 ls0 ws0\">229<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x750 h12 y6aa5 ff4 fs7 fc1 sc0 ls0 ws0\">31<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5513 w15b5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Stretti familiari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2689 y5513 w1424 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x758 h12 y5514 ff4 fs7 fc1 sc0 ls0 ws0\">256<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1013 h12 y5514 ff4 fs7 fc1 sc0 ls0 ws0\">153<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf18 h12 y5514 ff4 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6aa6 w15b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Societ\u00e0 controllate e c<span class=\"_ _2\"></span>ollegate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x268a y6aa6 w8d4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">883<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x678 h12 y6aa7 ff4 fs7 fc1 sc0 ls0 ws0\">6.657<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69a h12 y6aa7 ff4 fs7 fc1 sc0 ls0 ws0\">1.378<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x73d h12 y6aa7 ff4 fs7 fc1 sc0 ls0 ws0\">156<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a1e w15b7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Altre parti correlate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x268b y5a1e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x991 h12 y6aa8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1104 h12 y6aa8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6aa8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5518 ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td><td class=\"t m2 x18fb h12 y6aa9 ff4 fs7 fc4 sc3 ls0 ws0\">936<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x662 h12 y6aa9 ff4 fs7 fc4 sc3 ls0 ws0\">7.229<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69a h12 y6aa9 ff4 fs7 fc4 sc3 ls0 ws0\">1.760<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x73d h12 y6aa9 ff4 fs7 fc4 sc3 ls0 ws0\">196<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f45\">L\u2019incidenza <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>volumi, <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>op<span class=\"_ _2\"></span>erazioni <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>roparti <span class=\"_ _38\"></span>correlate <span class=\"_ _38\"></span>sopra <span class=\"_ _38\"></span>indicate, <span class=\"_ _38\"></span>sul <span class=\"_ _0\"></span>total<span class=\"_ _2\"></span>e <span class=\"_ _38\"></span>del<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f46\">Gruppo risulta essere pari (%): </div><div class=\"gs1f47\"><table class=\"s w15bb h2f0\" id=\"_b6c5a851-33a1-4311-becb-38d325ad7b38\"><tr><td></td><td class=\"t m2 x268d h12 y6aaa ff4 fs7 fc4 sc3 ls0 ws0\">Dati patrimoniali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x268e h12 y6aab ff4 fs7 fc4 sc3 ls0 ws0\">Crediti<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x268f h12 y6aab ff4 fs7 fc4 sc3 ls0 ws0\">Debiti<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2690 h12 y6aab ff4 fs7 fc4 sc3 ls0 ws0\">Garanzie e impegni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2691 h12 y6aab ff4 fs7 fc4 sc3 ls0 ws0\">Raccolta </td><td class=\"t m2 x2692 h12 y6aab ff4 fs7 fc4 sc3 ls0 ws0\">Raccolta gestita<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x2693 h12 y6aac ff4 fs7 fc4 sc3 ls0 ws0\">amministrata<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"c x2694 y6aad w26f h11\"><div class=\"t m2 x0 h12 y3a8 ff4 fs7 fc1 sc2 ls0 ws0\">Totale </div></td><td></td><td class=\"c x2695 y6aad w72 h11\"><div class=\"t m2 x0 h12 y3a8 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x2697 y539f w15bc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">0,<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2696 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">5<span class=\"_ _3a1\"> </span></div></td><td class=\"c x2699 y539f w15bd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">0,<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2698 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">7<span class=\"_ _3a1\"> </span></div></td><td class=\"c x1060 y539f w15be h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x269a h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">,<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x269b h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">3<span class=\"_ _3a1\"> </span></div></td><td class=\"c x269d y539f w15bf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">0,<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x269c h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">6<span class=\"_ _3a1\"> </span></div></td></tr></table></div><div class=\"gs1f48\"><table class=\"s w15c0 h2f1\" id=\"_133813e6-21ed-4122-b059-3795f7d251b3\"><tr><td></td><td class=\"c x269f y6aae w270 h11\"><div class=\"t m2 x0 h12 y2df ff4 fs7 fc4 sc3 ls0 ws0\">Dati economici<span class=\"_ _3a1\"> </span></div></td><td class=\"c x26a0 y6aae w271 h11\"><div class=\"t m2 x0 h12 y2df ff4 fs7 fc4 sc3 ls0 ws0\">Interessi attivi<span class=\"_ _3a1\"> </span></div></td><td class=\"c x26a1 y6aae w191 h11\"><div class=\"t m2 x0 h12 y2df ff4 fs7 fc4 sc3 ls0 ws0\">Interessi passivi</div></td><td class=\"c x26a2 y6aae w80 h11\"><div class=\"t m2 x0 h12 y2df ff4 fs7 fc4 sc3 ls0 ws0\">Commissioni attive ed altri </div></td><td class=\"c x26a3 y6aae w272 h11\"><div class=\"t m2 x0 h12 y2df ff4 fs7 fc4 sc3 ls0 ws0\">Commissioni passive ed </div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x26a4 h12 y6aaf ff4 fs7 fc4 sc3 ls0 ws0\">ricavi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26a5 h12 y6aaf ff4 fs7 fc4 sc3 ls0 ws0\">altre spese<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x26a6 y53a2 w695 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x26a7 y53a2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x26a8 h12 y6ab0 ff4 fs7 fc1 sc2 ls0 ws0\">0,9<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26a9 h12 y6ab0 ff4 fs7 fc1 sc2 ls0 ws0\">0,2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26aa h12 y6ab0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f49\">Si <span class=\"_ _3b\"></span>provvede di <span class=\"_ _3b\"></span>seguito a <span class=\"_ _3b\"></span>fornire<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>i d<span class=\"_ _2\"></span>ettagli (i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>migliaia <span class=\"_ _3b\"></span>di euro) <span class=\"_ _3b\"></span>dei rapporti <span class=\"_ _3b\"></span>vers<span class=\"_ _1\"></span>o <span class=\"_ _3b\"></span>le imprese <span class=\"_ _3b\"></span>collegate:<span class=\"_ _3a1\"> </span></div><div class=\"gs1f4a\"><table class=\"s w15c1 h2f2\" id=\"_b5b4b1f4-788f-4015-91f4-cb26a96ef558\"><tr><td></td><td class=\"c x26ac y6ab1 w24c h11\"><div class=\"t m2 x0 h12 y2e8 ff4 fs7 fc4 sc3 ls0 ws0\">Dati patrimoniali<span class=\"_ _3a1\"> </span></div></td><td class=\"c x26ad y6ab1 w273 h11\"><div class=\"t m2 x0 h12 y2e8 ff4 fs7 fc4 sc3 ls0 ws0\">Crediti<span class=\"_ _3a1\"> </span></div></td><td class=\"c x26ae y6ab1 w9f h11\"><div class=\"t m2 x0 h12 y2e8 ff4 fs7 fc4 sc3 ls0 ws0\">Debiti</div></td><td class=\"c x26af y6ab1 w274 h11\"><div class=\"t m2 x0 h12 y2e8 ff4 fs7 fc4 sc3 ls0 ws0\">Garanzie e impegni<span class=\"_ _3a1\"> </span></div></td><td class=\"c x26b0 y6ab1 w145 h11\"><div class=\"t m2 x0 h12 y2e8 ff4 fs7 fc4 sc3 ls0 ws0\">Raccolta </div></td><td class=\"c x26b1 y6ab1 w136 h11\"><div class=\"t m2 x0 h12 y2e8 ff4 fs7 fc4 sc3 ls0 ws0\">Raccolta gestita<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x26b2 h12 y6ab2 ff4 fs7 fc4 sc3 ls0 ws0\">amministrata<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"c x26b3 y6ab3 w26f h11\"><div class=\"t m2 x0 h12 y2ee ff4 fs7 fc1 sc2 ls0 ws0\">Totale </div></td><td></td><td class=\"c x26b4 y6ab3 w78 h11\"><div class=\"t m2 x0 h12 y2ee ff4 fs7 fc1 sc2 ls0 ws0\">6.182<span class=\"_ _3a1\"> </span></div></td><td class=\"c x26b5 y6ab3 w78 h11\"><div class=\"t m2 x0 h12 y2ee ff4 fs7 fc1 sc2 ls0 ws0\">4.154<span class=\"_ _3a1\"> </span></div></td><td class=\"c x26b8 y539f w15c2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1.0<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x26b6 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x26b7 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c x26b9 y6ab3 w275 h11\"><div class=\"t m2 x0 h12 y2ee ff4 fs7 fc1 sc2 ls0 ws0\">179.183<span class=\"_ _3a1\"> </span></div></td><td class=\"c x26ba y6ab3 w72 h11\"><div class=\"t m2 x0 h12 y2ee ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr></table></div><div class=\"gs1f4b\"><table class=\"s w15c0 h2f3\" id=\"_9cddafee-ed83-4c7b-b270-c2da23bbfabe\"><tr><td></td><td class=\"t m2 x269f h12 y6ab4 ff4 fs7 fc4 sc3 ls0 ws0\">Dati economici<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26bb h12 y6ab4 ff4 fs7 fc4 sc3 ls0 ws0\">Interessi attivi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26a1 h12 y6ab4 ff4 fs7 fc4 sc3 ls0 ws0\">Interessi passivi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26a2 h12 y6ab4 ff4 fs7 fc4 sc3 ls0 ws0\">Commissioni attive ed altri </td><td class=\"t m2 x26a3 h12 y6ab4 ff4 fs7 fc4 sc3 ls0 ws0\">Commissioni passive ed </td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x26a4 h12 y6ab5 ff4 fs7 fc4 sc3 ls0 ws0\">ricavi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26a5 h12 y6ab5 ff4 fs7 fc4 sc3 ls0 ws0\">altre spese<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x26a6 y53a2 w695 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x26bc y53a2 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x26bd h12 y6ab6 ff4 fs7 fc1 sc2 ls0 ws0\">40<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26be h12 y6ab6 ff4 fs7 fc1 sc2 ls0 ws0\">21.379<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26bf h12 y6ab6 ff4 fs7 fc1 sc2 ls0 ws0\">284<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f4c\">L\u2019incidenza <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>volumi, <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>operazioni <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>imprese <span class=\"_ _35\"> </span>collegate, <span class=\"_ _35\"> </span>sul <span class=\"_ _35\"> </span>totale <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _35\"> </span>risulta<span class=\"_ _3a1\"> </span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f4d\">essere pari (%): </div><div class=\"gs1f4e\"><table class=\"s w15c3 h2f2\" id=\"_75dea237-f53c-4a1b-99ce-85ba05011ae1\"><tr><td></td><td class=\"t m2 x26c1 h12 y6ab7 ff4 fs7 fc4 sc3 ls0 ws0\">Dati patrimoniali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26c2 h12 y6ab8 ff4 fs7 fc4 sc3 ls0 ws0\">Crediti<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26c3 h12 y6ab8 ff4 fs7 fc4 sc3 ls0 ws0\">Debiti<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26c4 h12 y6ab8 ff4 fs7 fc4 sc3 ls0 ws0\">Garanzie e impegni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26c5 h12 y6ab8 ff4 fs7 fc4 sc3 ls0 ws0\">Raccolta </td><td class=\"t m2 x26c6 h12 y6ab8 ff4 fs7 fc4 sc3 ls0 ws0\">Raccolta gestita<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x26c7 h12 y6ab9 ff4 fs7 fc4 sc3 ls0 ws0\">amministrata<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"c n x2d7 y539f w6c5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x26c8 y539f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x26c9 h12 y6aba ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26ca h12 y6aba ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26cb h12 y6aba ff4 fs7 fc1 sc2 ls0 ws0\">0,8<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26cc h12 y6aba ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table></div><table class=\"s w15c4 h2f4\" id=\"_05bd5b75-a38e-4006-bc33-55c61073abc7\"><tr><td></td><td class=\"t m2 x26cd h12 y6abb ff4 fs7 fc4 sc3 ls0 ws0\">Dati economici<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26ce h12 y6abc ff4 fs7 fc4 sc3 ls0 ws0\">Interessi attivi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26cf h12 y6abc ff4 fs7 fc4 sc3 ls0 ws0\">Interessi passivi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26d0 h12 y6abc ff4 fs7 fc4 sc3 ls0 ws0\">Commissioni attive ed altri </td><td class=\"t m2 x26d1 h12 y6abc ff4 fs7 fc4 sc3 ls0 ws0\">Commissioni passive ed </td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x26d2 h12 y6abd ff4 fs7 fc4 sc3 ls0 ws0\">ricavi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26d3 h12 y6abd ff4 fs7 fc4 sc3 ls0 ws0\">altre spese<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y539f w6c5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x26d4 y539f w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x26d5 h12 y6abe ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26d6 h12 y6abe ff4 fs7 fc1 sc2 ls0 ws0\">2,0<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26cc h12 y6abe ff4 fs7 fc1 sc2 ls0 ws0\">-</td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-762": {
   "value": "Informazi<span class=\"_ _1\"></span>oni sui compensi<span class=\"_ _1\"></span> dei dirigenti<span class=\"_ _1\"></span> con responsabili<span class=\"_ _1\"></span>t\u00e0 strategica<span class=\"_ _3a1\"> </span> Di <span class=\"_ _1\"></span>seguito <span class=\"_ _1\"></span>vengono fornite <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>informazioni <span class=\"_ _1\"></span>sui compensi <span class=\"_ _1\"></span>corrisposti <span class=\"_ _1\"></span>ai <span class=\"_ _1\"></span>dirigenti <span class=\"_ _1\"></span>con responsa<span class=\"_ _1\"></span>bilit\u00e0<span class=\"_ _3a1\"> </span> strate<span class=\"_ _3a1\"> </span>giche, in coerenza con quanto previsto dallo IAS 24.<span class=\"_ _3a1\"> </span> I <span class=\"_ _0\"></span>dirigenti <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>responsabilit\u00e0 <span class=\"_ _0\"></span>strategiche <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>Credito <span class=\"_ _0\"></span>Emiliano <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>so<span class=\"_ _1\"></span>ggetti <span class=\"_ _0\"></span>aventi <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>potere <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>la<span class=\"_ _3a1\"> </span> responsabilit\u00e0, <span class=\"_ _1\"></span>dirett<span class=\"_ _1\"></span>amente <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>indirettamente, <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>pianificazione, <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>direzione <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>controllo<span class=\"_ _3a1\"> </span> delle attivit\u00e0 di Credito Emiliano.<span class=\"_ _3a1\"> </span> In tale contesto rientrano nel perimetro dei dirigenti con respons<span class=\"_ _2\"></span>abilit\u00e0 strategiche: i Consiglieri di<span class=\"_ _3a1\"> </span> Amministrazione, <span class=\"_ _1\"></span>i Sindaci, il D<span class=\"_ _1\"></span>irettore <span class=\"_ _1\"></span>Generale, i <span class=\"_ _1\"></span>Condirettori <span class=\"_ _1\"></span>Generali, il <span class=\"_ _1\"></span>Vice Direttore <span class=\"_ _1\"></span>Generale,<span class=\"_ _3a1\"> </span> gli <span class=\"_ _0\"></span>altri <span class=\"_ _0\"></span>componenti <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>Direzione <span class=\"_ _0\"></span>Ce<span class=\"_ _1\"></span>ntrale, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>Dirigente <span class=\"_ _0\"></span>Preposto <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>redazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>documenti<span class=\"_ _3a1\"> </span> contabili <span class=\"_ _1\"></span>societar<span class=\"_ _1\"></span>i, <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>Re<span class=\"_ _1\"></span>sponsabili <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>Funzioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Contro<span class=\"_ _1\"></span>llo <span class=\"_ _1\"></span>Interno <span class=\"_ _38\"></span>(Responsabile <span class=\"_ _1\"></span>Ser<span class=\"_ _1\"></span>vizio <span class=\"_ _1\"></span>Audit,<span class=\"_ _3a1\"> </span> Responsabile <span class=\"_ _3b\"></span>Funzione <span class=\"_ _2\"></span>Antiriciclaggio, <span class=\"_ _3b\"></span>Compliance <span class=\"_ _3b\"></span>Officer e <span class=\"_ _3b\"></span>Risk <span class=\"_ _184\"></span>Officer), <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>Responsabile <span class=\"_ _2\"></span>Business<span class=\"_ _3a1\"> </span> Unit  Commerciale,  il <span class=\"_ _35\"> </span>Responsabile  Business  Un<span class=\"_ _2\"></span>it  Finanza,<span class=\"_ _2\"></span>  il <span class=\"_ _35\"> </span>Dirigente<span class=\"_ _1\"></span>  Coordinatore  d<span class=\"_ _2\"></span>elle  are<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span> Amministrazione, Corporate Governance <span class=\"_ _2\"></span>e Relazioni E<span class=\"_ _2\"></span>sterne e Governo del V<span class=\"_ _2\"></span>alore, il Cap<span class=\"_ _2\"></span>o Servizio<span class=\"_ _3a1\"> </span> preposto all\u2019area Crediti e il Capo Servizio preposto all\u2019area Organizzazione. <table class=\"s w15af h2ed\" id=\"_717cbff9-4173-43f2-a4d3-ca0d98d8d744\"><tr><td class=\"c n x2675 y558d wea8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Riepilogo compensi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2676 y558d w695 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2677 y558d w696 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x2678 y6a91 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2679 y6a91 w68d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5591 w15b0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Amministratori<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x267a y5591 w988 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.172<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x267b h12 y6a92 ff4 fs7 fc1 sc0 ls0 ws0\">1.772<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5593 w15b1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Sindaci<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x267c y5593 w149a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">512<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x267d h12 y6a93 ff4 fs7 fc1 sc0 ls0 ws0\">472<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5595 wf9d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Dirigenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x267e y5595 w703 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10.362<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x267f h12 y6a94 ff4 fs7 fc1 sc0 ls0 ws0\">8.807<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x2680 h12 y5bbe ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2681 h12 y5bbe ff4 fs7 fc1 sc2 ls0 ws0\">13.046<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x267f h12 y5bbe ff4 fs7 fc1 sc2 ls0 ws0\">11.051<span class=\"_ _3a1\"> </span></td></tr></table>I  compensi <span class=\"_ _35\"> </span>dei  dirigenti  comprendono <span class=\"_ _35\"> </span>benefici  a  b<span class=\"_ _2\"></span>reve  termine  p<span class=\"_ _2\"></span>er  6.754 <span class=\"_ _35\"> </span>mila  euro,  benefici<span class=\"_ _3a1\"> </span> successivi alla <span class=\"_ _1\"></span>fine del rapporto di lavoro <span class=\"_ _1\"></span>e benefici <span class=\"_ _1\"></span>dovuti per la cess<span class=\"_ _1\"></span>azione del rapporto di <span class=\"_ _1\"></span>lavoro<span class=\"_ _3a1\"> </span> per 660 mila euro, altri benefici a lungo termine per 197 mila euro e pagamenti basati su azioni per<span class=\"_ _3a1\"> </span> 2.751 mila euro. 2. Informa<span class=\"_ _1\"></span>zioni <span class=\"_ _1\"></span>sulle tran<span class=\"_ _1\"></span>sazioni<span class=\"_ _1\"></span> con par<span class=\"_ _1\"></span>ti correlate<span class=\"_ _3a1\"> </span>In ottemperanza alle disposizioni normative riguardanti le operazioni con parti correlate, il Gruppo<span class=\"_ _3a1\"> </span> Credit<span class=\"_ _3a1\"> </span>o <span class=\"_ _3f\"> </span>Emiliano <span class=\"_ _3f\"> </span>ha <span class=\"_ _3f\"> </span>adottato <span class=\"_ _3f\"> </span>specifiche <span class=\"_ _3f\"> </span>procedure <span class=\"_ _3f\"> </span>per <span class=\"_ _3a\"> </span>disc<span class=\"_ _2\"></span>iplinare <span class=\"_ _3f\"> </span>siffatta <span class=\"_ _3f\"> </span>o<span class=\"_ _1\"></span>perativit\u00e0 <span class=\"_ _3f\"> </span>ed<span class=\"_ _3a1\"> </span> assicurare idonei flussi informativi.<span class=\"_ _3a1\"> </span> In  attuazione  alla  delib<span class=\"_ _2\"></span>era  Consob  n.  1<span class=\"_ _2\"></span>7221  del  12 <span class=\"_ _35\"> </span>mar<span class=\"_ _1\"></span>zo  2<span class=\"_ _2\"></span>010  e  della  Circolare <span class=\"_ _35\"> </span>Banca  d\u2019Italia<span class=\"_ _3a1\"> </span> 285/2013, <span class=\"_ _0\"></span>Credito <span class=\"_ _38\"></span>Emiliano <span class=\"_ _0\"></span>ha <span class=\"_ _38\"></span>adottato <span class=\"_ _0\"></span>apposite <span class=\"_ _38\"></span>P<span class=\"_ _1\"></span>rocedure <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>operazioni <span class=\"_ _0\"></span>con<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> parti correlate e per le operazioni con soggetti collegati.<span class=\"_ _3a1\"> </span> Il <span class=\"_ _48\"> </span>regolame<span class=\"_ _1\"></span>nto <span class=\"_ _48\"> </span>\u00e8 <span class=\"_ _48\"> </span>disponibile <span class=\"_ _48\"> </span>per <span class=\"_ _17e\"> </span>la <span class=\"_ _48\"> </span>consultazione <span class=\"_ _48\"> </span>sul <span class=\"_ _48\"> </span>s<span class=\"_ _1\"></span>ito <span class=\"_ _48\"> </span>internet <span class=\"_ _48\"> </span>di <span class=\"_ _17e\"> </span>Credito <span class=\"_ _48\"> </span>Emiliano<span class=\"_ _3a1\"> </span> www.credem.it.<span class=\"_ _3a1\"> </span> I <span class=\"_ _35\"> </span>rapporti <span class=\"_ _35\"> </span>e  l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>operazioni <span class=\"_ _35\"> </span>perfezionate  con <span class=\"_ _35\"> </span>parti <span class=\"_ _35\"> </span>correlate <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>soggetti <span class=\"_ _35\"> </span>collegati <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>presentano<span class=\"_ _3a1\"> </span> criticit\u00e0 <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>riconducibili <span class=\"_ _1\"></span>all\u2019ordinaria <span class=\"_ _38\"></span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>servizio <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>credito. <span class=\"_ _38\"></span>Le <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>ndizioni <span class=\"_ _1\"></span>applicate <span class=\"_ _38\"></span>ai<span class=\"_ _3a1\"> </span> singoli <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>apporti <span class=\"_ _35\"> </span>ed <span class=\"_ _0\"></span>alle <span class=\"_ _35\"> </span>operazioni <span class=\"_ _0\"></span>con <span class=\"_ _35\"> </span>parti <span class=\"_ _35\"> </span>correlate <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>soggetti <span class=\"_ _0\"> </span>collegat<span class=\"_ _1\"></span>i <span class=\"_ _35\"> </span>non <span class=\"_ _0\"></span>si <span class=\"_ _35\"> </span>discostano <span class=\"_ _35\"> </span>da<span class=\"_ _3a1\"> </span><span class=\"_ _3b\"></span> quelle correnti di mercato.<span class=\"_ _3a1\"> </span> Ai sensi dell\u2019art.5 <span class=\"_ _1\"></span>comma 8 del Regolament<span class=\"_ _1\"></span>o CONSOB Operazioni con parti Co<span class=\"_ _1\"></span>rrelate (nr. 17221 del<span class=\"_ _3a1\"> </span> 12.03.2010  e  ss.mm.ii)  si  segnala  che  nel  corso  del  2024  sono  state  effettuate  operazioni  di<span class=\"_ _3a1\"> </span> maggiore <span class=\"_ _1\"></span>rilevanza <span class=\"_ _38\"></span>unicamente <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>Societ\u00e0 <span class=\"_ _38\"></span>appartenenti <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>Gruppo <span class=\"_ _1\"></span>Credito <span class=\"_ _1\"></span>Emiliano <span class=\"_ _38\"></span>ed <span class=\"_ _1\"></span>attinenti<span class=\"_ _3a1\"> </span> a normali ed ordinarie dinamiche di funding.  Nello <span class=\"_ _37\"> </span>ste<span class=\"_ _1\"></span>sso <span class=\"_ _37\"> </span>periodo <span class=\"_ _36\"> </span>il <span class=\"_ _37\"> </span>Consiglio <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>Amministrazione <span class=\"_ _36\"> </span>ha <span class=\"_ _37\"> </span>adottat<span class=\"_ _1\"></span>o <span class=\"_ _37\"> </span>una <span class=\"_ _36\"> </span>\u201cdelibera <span class=\"_ _37\"> </span>quadro\u201d. <span class=\"_ _36\"> </span>In<span class=\"_ _3a1\"> </span> particolare <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>delibera <span class=\"_ _35\"> </span>ha <span class=\"_ _35\"> </span>riguardato <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>concessione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>affidamenti <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>parti <span class=\"_ _35\"> </span>correlate <span class=\"_ _0\"></span>e  sogge<span class=\"_ _2\"></span>tti<span class=\"_ _3a1\"> </span> collegati <span class=\"_ _1\"></span>riconducibili a<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>Vice <span class=\"_ _1\"></span>Presidente<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Luigi Maramot<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>Consigliere <span class=\"_ _1\"></span>Edoardo <span class=\"_ _38\"></span>Prezioso <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>un<span class=\"_ _3a1\"> </span> importo <span class=\"_ _35\"> </span>massimo <span class=\"_ _35\"> </span>compless<span class=\"_ _1\"></span>ivo <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>superiore <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>100 <span class=\"_ _35\"> </span>milioni <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>euro <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>comunque <span class=\"_ _35\"> </span>entro <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>limite<span class=\"_ _3a1\"> </span> normativo del 5% del patrimonio di vigilan<span class=\"_ _2\"></span>za consolidato, er<span class=\"_ _1\"></span>ogabile dal Gruppo Credito Emiliano in<span class=\"_ _3a1\"> </span> pi\u00f9 operazioni, anche rotative<span class=\"_ _3a1\"> </span>.<span class=\"_ _3a1\"> </span> 2. Informazioni s<span class=\"_ _1\"></span>ulle transazioni con <span class=\"_ _1\"></span>parti corre<span class=\"_ _1\"></span>late<span class=\"_ _3a1\"> </span>p.1<span class=\"_ _3a1\"> </span>Cr<span class=\"_ _3a1\"> </span><table class=\"s w15b2 h2ee\" id=\"_890e5fe3-0d48-4db7-b95a-d12f7ebff97d\"><tr><td></td><td></td><td></td><td class=\"t m2 x985 h12 y6a95 ff4 fs7 fc4 sc3 ls0 ws0\">editi <span class=\"_ _62\"> </span>Debiti <span class=\"_ _10f\"> </span>Garanzie </td><td class=\"t m2 x695 h12 y6a96 ff4 fs7 fc4 sc3 ls0 ws0\">Raccolta </td><td class=\"t m2 x18e5 h12 y6a95 ff4 fs7 fc4 sc3 ls0 ws0\">Raccolta gestita </td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x10e0 h12 y6a97 ff4 fs7 fc4 sc3 ls0 ws0\">amministrata </td><td></td></tr><tr><td class=\"c n x2d7 y6a98 w15b3 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Amministratori, sindaci<span class=\"_ _2\"></span> e dirigenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2682 y6a98 w15b4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.008<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x906 h12 y6a99 ff4 fs7 fc1 sc0 ls0 ws0\">14.154<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7af h12 y6a99 ff4 fs7 fc1 sc0 ls0 ws0\">185<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebe h12 y6a99 ff4 fs7 fc1 sc0 ls0 ws0\">152.415<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y6a99 ff4 fs7 fc1 sc0 ls0 ws0\">26.853<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6a9a w15b5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Stretti familiari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2683 y6a9a w136c h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.744<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x906 h12 y6a9b ff4 fs7 fc1 sc0 ls0 ws0\">12.291<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x683 h12 y6a9b ff4 fs7 fc1 sc0 ls0 ws0\">374<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebe h12 y6a9b ff4 fs7 fc1 sc0 ls0 ws0\">111.834<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y6a9b ff4 fs7 fc1 sc0 ls0 ws0\">16.854<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6a9c w15b6 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Societ\u00e0 controllate e c<span class=\"_ _2\"></span>ollegate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2684 y6a9c w4a6 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">24.696<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x789 h12 y6a9d ff4 fs7 fc1 sc0 ls0 ws0\">270.102<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ee h12 y6a9d ff4 fs7 fc1 sc0 ls0 ws0\">95.813<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1002 h12 y6a9d ff4 fs7 fc1 sc0 ls0 ws0\">25.124<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f6 h12 y6a9d ff4 fs7 fc1 sc0 ls0 ws0\">161.606<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6a9e w15b7 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Altre parti correlate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2685 y6a9e w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6ed h12 y6a9f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x78a h12 y6a9f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y6a9f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a9f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y6aa0 ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td><td class=\"t m2 x75c h12 y6aa1 ff4 fs7 fc4 sc3 ls0 ws0\">27.448<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71d h12 y6aa1 ff4 fs7 fc4 sc3 ls0 ws0\">296.547<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x689 h12 y6aa1 ff4 fs7 fc4 sc3 ls0 ws0\">96.372<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1013 h12 y6aa1 ff4 fs7 fc4 sc3 ls0 ws0\">289.373<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y6aa1 ff4 fs7 fc4 sc3 ls0 ws0\">205.313<span class=\"_ _3a1\"> </span></td></tr></table>2. Informazioni s<span class=\"_ _1\"></span>ulle transazioni con <span class=\"_ _1\"></span>parti corre<span class=\"_ _1\"></span>late<span class=\"_ _3a1\"> </span>p.2<table class=\"s w15b8 h2ef\" id=\"_4ea4557c-12be-43dc-b40f-c4a26ee4b6a4\"><tr><td></td><td class=\"c n x2686 y6aa2 w15b9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Interessi attivi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2687 y6aa2 w15ba h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">In<span class=\"_ _1\"></span>teressi passivi</div></td><td class=\"t m2 x689 h12 y6aa3 ff4 fs7 fc4 sc3 ls0 ws0\">Commissioni attive e </td><td class=\"t m2 xd80 h12 y6aa3 ff4 fs7 fc4 sc3 ls0 ws0\">Commissioni passive e </td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x78a h12 y6aa4 ff4 fs7 fc4 sc3 ls0 ws0\">altri ricavi </td><td class=\"t m2 xdd6 h12 y6aa4 ff4 fs7 fc4 sc3 ls0 ws0\">altri oneri </td></tr><tr><td class=\"c n x2d7 y558f w15b3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Amministratori, sindaci<span class=\"_ _2\"></span> e dirigenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2688 y558f w15a3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">29<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e7 h12 y6aa5 ff4 fs7 fc1 sc0 ls0 ws0\">316<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1847 h12 y6aa5 ff4 fs7 fc1 sc0 ls0 ws0\">229<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x750 h12 y6aa5 ff4 fs7 fc1 sc0 ls0 ws0\">31<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5513 w15b5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Stretti familiari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2689 y5513 w1424 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x758 h12 y5514 ff4 fs7 fc1 sc0 ls0 ws0\">256<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1013 h12 y5514 ff4 fs7 fc1 sc0 ls0 ws0\">153<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf18 h12 y5514 ff4 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6aa6 w15b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Societ\u00e0 controllate e c<span class=\"_ _2\"></span>ollegate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x268a y6aa6 w8d4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">883<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x678 h12 y6aa7 ff4 fs7 fc1 sc0 ls0 ws0\">6.657<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69a h12 y6aa7 ff4 fs7 fc1 sc0 ls0 ws0\">1.378<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x73d h12 y6aa7 ff4 fs7 fc1 sc0 ls0 ws0\">156<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a1e w15b7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Altre parti correlate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x268b y5a1e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x991 h12 y6aa8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1104 h12 y6aa8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6aa8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5518 ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td><td class=\"t m2 x18fb h12 y6aa9 ff4 fs7 fc4 sc3 ls0 ws0\">936<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x662 h12 y6aa9 ff4 fs7 fc4 sc3 ls0 ws0\">7.229<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69a h12 y6aa9 ff4 fs7 fc4 sc3 ls0 ws0\">1.760<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x73d h12 y6aa9 ff4 fs7 fc4 sc3 ls0 ws0\">196<span class=\"_ _3a1\"> </span></td></tr></table>L\u2019incidenza <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>volumi, <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>op<span class=\"_ _2\"></span>erazioni <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>roparti <span class=\"_ _38\"></span>correlate <span class=\"_ _38\"></span>sopra <span class=\"_ _38\"></span>indicate, <span class=\"_ _38\"></span>sul <span class=\"_ _0\"></span>total<span class=\"_ _2\"></span>e <span class=\"_ _38\"></span>del<span class=\"_ _3a1\"> </span>Gruppo risulta essere pari (%):<table class=\"s w15bb h2f0\" id=\"_b6c5a851-33a1-4311-becb-38d325ad7b38\"><tr><td></td><td class=\"t m2 x268d h12 y6aaa ff4 fs7 fc4 sc3 ls0 ws0\">Dati patrimoniali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x268e h12 y6aab ff4 fs7 fc4 sc3 ls0 ws0\">Crediti<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x268f h12 y6aab ff4 fs7 fc4 sc3 ls0 ws0\">Debiti<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2690 h12 y6aab ff4 fs7 fc4 sc3 ls0 ws0\">Garanzie e impegni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2691 h12 y6aab ff4 fs7 fc4 sc3 ls0 ws0\">Raccolta </td><td class=\"t m2 x2692 h12 y6aab ff4 fs7 fc4 sc3 ls0 ws0\">Raccolta gestita<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x2693 h12 y6aac ff4 fs7 fc4 sc3 ls0 ws0\">amministrata<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"c x2694 y6aad w26f h11\"><div class=\"t m2 x0 h12 y3a8 ff4 fs7 fc1 sc2 ls0 ws0\">Totale </div></td><td></td><td class=\"c x2695 y6aad w72 h11\"><div class=\"t m2 x0 h12 y3a8 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x2697 y539f w15bc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">0,<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2696 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">5<span class=\"_ _3a1\"> </span></div></td><td class=\"c x2699 y539f w15bd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">0,<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2698 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">7<span class=\"_ _3a1\"> </span></div></td><td class=\"c x1060 y539f w15be h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x269a h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">,<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x269b h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">3<span class=\"_ _3a1\"> </span></div></td><td class=\"c x269d y539f w15bf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">0,<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x269c h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">6<span class=\"_ _3a1\"> </span></div></td></tr></table><table class=\"s w15c0 h2f1\" id=\"_133813e6-21ed-4122-b059-3795f7d251b3\"><tr><td></td><td class=\"c x269f y6aae w270 h11\"><div class=\"t m2 x0 h12 y2df ff4 fs7 fc4 sc3 ls0 ws0\">Dati economici<span class=\"_ _3a1\"> </span></div></td><td class=\"c x26a0 y6aae w271 h11\"><div class=\"t m2 x0 h12 y2df ff4 fs7 fc4 sc3 ls0 ws0\">Interessi attivi<span class=\"_ _3a1\"> </span></div></td><td class=\"c x26a1 y6aae w191 h11\"><div class=\"t m2 x0 h12 y2df ff4 fs7 fc4 sc3 ls0 ws0\">Interessi passivi</div></td><td class=\"c x26a2 y6aae w80 h11\"><div class=\"t m2 x0 h12 y2df ff4 fs7 fc4 sc3 ls0 ws0\">Commissioni attive ed altri </div></td><td class=\"c x26a3 y6aae w272 h11\"><div class=\"t m2 x0 h12 y2df ff4 fs7 fc4 sc3 ls0 ws0\">Commissioni passive ed </div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x26a4 h12 y6aaf ff4 fs7 fc4 sc3 ls0 ws0\">ricavi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26a5 h12 y6aaf ff4 fs7 fc4 sc3 ls0 ws0\">altre spese<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x26a6 y53a2 w695 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x26a7 y53a2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x26a8 h12 y6ab0 ff4 fs7 fc1 sc2 ls0 ws0\">0,9<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26a9 h12 y6ab0 ff4 fs7 fc1 sc2 ls0 ws0\">0,2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26aa h12 y6ab0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table>Si <span class=\"_ _3b\"></span>provvede di <span class=\"_ _3b\"></span>seguito a <span class=\"_ _3b\"></span>fornire<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>i d<span class=\"_ _2\"></span>ettagli (i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>migliaia <span class=\"_ _3b\"></span>di euro) <span class=\"_ _3b\"></span>dei rapporti <span class=\"_ _3b\"></span>vers<span class=\"_ _1\"></span>o <span class=\"_ _3b\"></span>le imprese <span class=\"_ _3b\"></span>collegate:<span class=\"_ _3a1\"> </span><table class=\"s w15c1 h2f2\" id=\"_b5b4b1f4-788f-4015-91f4-cb26a96ef558\"><tr><td></td><td class=\"c x26ac y6ab1 w24c h11\"><div class=\"t m2 x0 h12 y2e8 ff4 fs7 fc4 sc3 ls0 ws0\">Dati patrimoniali<span class=\"_ _3a1\"> </span></div></td><td class=\"c x26ad y6ab1 w273 h11\"><div class=\"t m2 x0 h12 y2e8 ff4 fs7 fc4 sc3 ls0 ws0\">Crediti<span class=\"_ _3a1\"> </span></div></td><td class=\"c x26ae y6ab1 w9f h11\"><div class=\"t m2 x0 h12 y2e8 ff4 fs7 fc4 sc3 ls0 ws0\">Debiti</div></td><td class=\"c x26af y6ab1 w274 h11\"><div class=\"t m2 x0 h12 y2e8 ff4 fs7 fc4 sc3 ls0 ws0\">Garanzie e impegni<span class=\"_ _3a1\"> </span></div></td><td class=\"c x26b0 y6ab1 w145 h11\"><div class=\"t m2 x0 h12 y2e8 ff4 fs7 fc4 sc3 ls0 ws0\">Raccolta </div></td><td class=\"c x26b1 y6ab1 w136 h11\"><div class=\"t m2 x0 h12 y2e8 ff4 fs7 fc4 sc3 ls0 ws0\">Raccolta gestita<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x26b2 h12 y6ab2 ff4 fs7 fc4 sc3 ls0 ws0\">amministrata<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"c x26b3 y6ab3 w26f h11\"><div class=\"t m2 x0 h12 y2ee ff4 fs7 fc1 sc2 ls0 ws0\">Totale </div></td><td></td><td class=\"c x26b4 y6ab3 w78 h11\"><div class=\"t m2 x0 h12 y2ee ff4 fs7 fc1 sc2 ls0 ws0\">6.182<span class=\"_ _3a1\"> </span></div></td><td class=\"c x26b5 y6ab3 w78 h11\"><div class=\"t m2 x0 h12 y2ee ff4 fs7 fc1 sc2 ls0 ws0\">4.154<span class=\"_ _3a1\"> </span></div></td><td class=\"c x26b8 y539f w15c2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1.0<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x26b6 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x26b7 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c x26b9 y6ab3 w275 h11\"><div class=\"t m2 x0 h12 y2ee ff4 fs7 fc1 sc2 ls0 ws0\">179.183<span class=\"_ _3a1\"> </span></div></td><td class=\"c x26ba y6ab3 w72 h11\"><div class=\"t m2 x0 h12 y2ee ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr></table><table class=\"s w15c0 h2f3\" id=\"_9cddafee-ed83-4c7b-b270-c2da23bbfabe\"><tr><td></td><td class=\"t m2 x269f h12 y6ab4 ff4 fs7 fc4 sc3 ls0 ws0\">Dati economici<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26bb h12 y6ab4 ff4 fs7 fc4 sc3 ls0 ws0\">Interessi attivi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26a1 h12 y6ab4 ff4 fs7 fc4 sc3 ls0 ws0\">Interessi passivi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26a2 h12 y6ab4 ff4 fs7 fc4 sc3 ls0 ws0\">Commissioni attive ed altri </td><td class=\"t m2 x26a3 h12 y6ab4 ff4 fs7 fc4 sc3 ls0 ws0\">Commissioni passive ed </td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x26a4 h12 y6ab5 ff4 fs7 fc4 sc3 ls0 ws0\">ricavi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26a5 h12 y6ab5 ff4 fs7 fc4 sc3 ls0 ws0\">altre spese<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x26a6 y53a2 w695 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x26bc y53a2 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x26bd h12 y6ab6 ff4 fs7 fc1 sc2 ls0 ws0\">40<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26be h12 y6ab6 ff4 fs7 fc1 sc2 ls0 ws0\">21.379<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26bf h12 y6ab6 ff4 fs7 fc1 sc2 ls0 ws0\">284<span class=\"_ _3a1\"> </span></td></tr></table>L\u2019incidenza <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>volumi, <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>operazioni <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>imprese <span class=\"_ _35\"> </span>collegate, <span class=\"_ _35\"> </span>sul <span class=\"_ _35\"> </span>totale <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _35\"> </span>risulta<span class=\"_ _3a1\"> </span>essere pari (%):<table class=\"s w15c3 h2f2\" id=\"_75dea237-f53c-4a1b-99ce-85ba05011ae1\"><tr><td></td><td class=\"t m2 x26c1 h12 y6ab7 ff4 fs7 fc4 sc3 ls0 ws0\">Dati patrimoniali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26c2 h12 y6ab8 ff4 fs7 fc4 sc3 ls0 ws0\">Crediti<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26c3 h12 y6ab8 ff4 fs7 fc4 sc3 ls0 ws0\">Debiti<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26c4 h12 y6ab8 ff4 fs7 fc4 sc3 ls0 ws0\">Garanzie e impegni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26c5 h12 y6ab8 ff4 fs7 fc4 sc3 ls0 ws0\">Raccolta </td><td class=\"t m2 x26c6 h12 y6ab8 ff4 fs7 fc4 sc3 ls0 ws0\">Raccolta gestita<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x26c7 h12 y6ab9 ff4 fs7 fc4 sc3 ls0 ws0\">amministrata<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"c n x2d7 y539f w6c5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x26c8 y539f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x26c9 h12 y6aba ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26ca h12 y6aba ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26cb h12 y6aba ff4 fs7 fc1 sc2 ls0 ws0\">0,8<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26cc h12 y6aba ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table><div class=\"gsb8c\"><table class=\"s w15c4 h2f4\" id=\"_05bd5b75-a38e-4006-bc33-55c61073abc7\"><tr><td></td><td class=\"t m2 x26cd h12 y6abb ff4 fs7 fc4 sc3 ls0 ws0\">Dati economici<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26ce h12 y6abc ff4 fs7 fc4 sc3 ls0 ws0\">Interessi attivi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26cf h12 y6abc ff4 fs7 fc4 sc3 ls0 ws0\">Interessi passivi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26d0 h12 y6abc ff4 fs7 fc4 sc3 ls0 ws0\">Commissioni attive ed altri </td><td class=\"t m2 x26d1 h12 y6abc ff4 fs7 fc4 sc3 ls0 ws0\">Commissioni passive ed </td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x26d2 h12 y6abd ff4 fs7 fc4 sc3 ls0 ws0\">ricavi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26d3 h12 y6abd ff4 fs7 fc4 sc3 ls0 ws0\">altre spese<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y539f w6c5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x26d4 y539f w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x26d5 h12 y6abe ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26d6 h12 y6abe ff4 fs7 fc1 sc2 ls0 ws0\">2,0<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26cc h12 y6abe ff4 fs7 fc1 sc2 ls0 ws0\">-</td></tr></table></div>",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-824": {
   "value": "Informazi<span class=\"_ _1\"></span>oni sui compensi<span class=\"_ _1\"></span> dei dirigenti<span class=\"_ _1\"></span> con responsabili<span class=\"_ _1\"></span>t\u00e0 strategica<span class=\"_ _3a1\"> </span>Di <span class=\"_ _1\"></span>seguito <span class=\"_ _1\"></span>vengono fornite <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>informazioni <span class=\"_ _1\"></span>sui compensi <span class=\"_ _1\"></span>corrisposti <span class=\"_ _1\"></span>ai <span class=\"_ _1\"></span>dirigenti <span class=\"_ _1\"></span>con responsa<span class=\"_ _1\"></span>bilit\u00e0<span class=\"_ _3a1\"> </span>strate<span class=\"_ _3a1\"> </span>giche, in coerenza con quanto previsto dallo IAS 24.<span class=\"_ _3a1\"> </span>I <span class=\"_ _0\"></span>dirigenti <span class=\"_ _38\"></span>con <span class=\"_ _0\"></span>responsabilit\u00e0 <span class=\"_ _0\"></span>strategiche <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>Credito <span class=\"_ _0\"></span>Emiliano <span class=\"_ _38\"></span>sono <span class=\"_ _0\"></span>i <span class=\"_ _38\"></span>so<span class=\"_ _1\"></span>ggetti <span class=\"_ _0\"></span>aventi <span class=\"_ _38\"></span>il <span class=\"_ _0\"></span>potere <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>la<span class=\"_ _3a1\"> </span>responsabilit\u00e0, <span class=\"_ _1\"></span>dirett<span class=\"_ _1\"></span>amente <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>indirettamente, <span class=\"_ _38\"></span>della <span class=\"_ _1\"></span>pianificazione, <span class=\"_ _1\"></span>della <span class=\"_ _38\"></span>direzione <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>del <span class=\"_ _1\"></span>controllo<span class=\"_ _3a1\"> </span>delle attivit\u00e0 di Credito Emiliano.<span class=\"_ _3a1\"> </span>In tale contesto rientrano nel perimetro dei dirigenti con respons<span class=\"_ _2\"></span>abilit\u00e0 strategiche: i Consiglieri di<span class=\"_ _3a1\"> </span>Amministrazione, <span class=\"_ _1\"></span>i Sindaci, il D<span class=\"_ _1\"></span>irettore <span class=\"_ _1\"></span>Generale, i <span class=\"_ _1\"></span>Condirettori <span class=\"_ _1\"></span>Generali, il <span class=\"_ _1\"></span>Vice Direttore <span class=\"_ _1\"></span>Generale,<span class=\"_ _3a1\"> </span>gli <span class=\"_ _0\"></span>altri <span class=\"_ _0\"></span>componenti <span class=\"_ _0\"></span>della <span class=\"_ _0\"></span>Direzione <span class=\"_ _0\"></span>Ce<span class=\"_ _1\"></span>ntrale, <span class=\"_ _0\"></span>il <span class=\"_ _0\"></span>Dirigente <span class=\"_ _0\"></span>Preposto <span class=\"_ _0\"></span>alla <span class=\"_ _0\"></span>redazione <span class=\"_ _0\"></span>dei <span class=\"_ _0\"></span>documenti<span class=\"_ _3a1\"> </span>contabili <span class=\"_ _1\"></span>societar<span class=\"_ _1\"></span>i, <span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>Re<span class=\"_ _1\"></span>sponsabili <span class=\"_ _1\"></span>delle <span class=\"_ _38\"></span>Funzioni <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>Contro<span class=\"_ _1\"></span>llo <span class=\"_ _1\"></span>Interno <span class=\"_ _38\"></span>(Responsabile <span class=\"_ _1\"></span>Ser<span class=\"_ _1\"></span>vizio <span class=\"_ _1\"></span>Audit,<span class=\"_ _3a1\"> </span>Responsabile <span class=\"_ _3b\"></span>Funzione <span class=\"_ _2\"></span>Antiriciclaggio, <span class=\"_ _3b\"></span>Compliance <span class=\"_ _3b\"></span>Officer e <span class=\"_ _3b\"></span>Risk <span class=\"_ _184\"></span>Officer), <span class=\"_ _2\"></span>il <span class=\"_ _3b\"></span>Responsabile <span class=\"_ _2\"></span>Business<span class=\"_ _3a1\"> </span>Unit  Commerciale,  il <span class=\"_ _35\"> </span>Responsabile  Business  Un<span class=\"_ _2\"></span>it  Finanza,<span class=\"_ _2\"></span>  il <span class=\"_ _35\"> </span>Dirigente<span class=\"_ _1\"></span>  Coordinatore  d<span class=\"_ _2\"></span>elle  are<span class=\"_ _2\"></span>e<span class=\"_ _3a1\"> </span>Amministrazione, Corporate Governance <span class=\"_ _2\"></span>e Relazioni E<span class=\"_ _2\"></span>sterne e Governo del V<span class=\"_ _2\"></span>alore, il Cap<span class=\"_ _2\"></span>o Servizio<span class=\"_ _3a1\"> </span>preposto all\u2019area Crediti e il Capo Servizio preposto all\u2019area Organizzazione.<table class=\"s w15af h2ed\" id=\"_717cbff9-4173-43f2-a4d3-ca0d98d8d744\"><tr><td class=\"c n x2675 y558d wea8 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Riepilogo compensi<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x2676 y558d w695 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2677 y558d w696 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td class=\"c n x2678 y6a91 w65d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2024<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2679 y6a91 w68d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">31/12/2023<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y5591 w15b0 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Amministratori<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x267a y5591 w988 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">2.172<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x267b h12 y6a92 ff4 fs7 fc1 sc0 ls0 ws0\">1.772<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5593 w15b1 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Sindaci<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x267c y5593 w149a h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">512<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x267d h12 y6a93 ff4 fs7 fc1 sc0 ls0 ws0\">472<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5595 wf9d h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Dirigenti<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x267e y5595 w703 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">10.362<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x267f h12 y6a94 ff4 fs7 fc1 sc0 ls0 ws0\">8.807<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m2 x2680 h12 y5bbe ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2681 h12 y5bbe ff4 fs7 fc1 sc2 ls0 ws0\">13.046<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x267f h12 y5bbe ff4 fs7 fc1 sc2 ls0 ws0\">11.051<span class=\"_ _3a1\"> </span></td></tr></table>I  compensi <span class=\"_ _35\"> </span>dei  dirigenti  comprendono <span class=\"_ _35\"> </span>benefici  a  b<span class=\"_ _2\"></span>reve  termine  p<span class=\"_ _2\"></span>er  6.754 <span class=\"_ _35\"> </span>mila  euro,  benefici<span class=\"_ _3a1\"> </span>successivi alla <span class=\"_ _1\"></span>fine del rapporto di lavoro <span class=\"_ _1\"></span>e benefici <span class=\"_ _1\"></span>dovuti per la cess<span class=\"_ _1\"></span>azione del rapporto di <span class=\"_ _1\"></span>lavoro<span class=\"_ _3a1\"> </span>per 660 mila euro, altri benefici a lungo termine per 197 mila euro e pagamenti basati su azioni per<span class=\"_ _3a1\"> </span>2.751 mila euro. Informa<span class=\"_ _1\"></span>zioni <span class=\"_ _1\"></span>sulle tran<span class=\"_ _1\"></span>sazioni<span class=\"_ _1\"></span> con par<span class=\"_ _1\"></span>ti correlate<span class=\"_ _3a1\"> </span>In ottemperanza alle disposizioni normative riguardanti le operazioni con parti correlate, il Gruppo<span class=\"_ _3a1\"> </span>Credit<span class=\"_ _3a1\"> </span>o <span class=\"_ _3f\"> </span>Emiliano <span class=\"_ _3f\"> </span>ha <span class=\"_ _3f\"> </span>adottato <span class=\"_ _3f\"> </span>specifiche <span class=\"_ _3f\"> </span>procedure <span class=\"_ _3f\"> </span>per <span class=\"_ _3a\"> </span>disc<span class=\"_ _2\"></span>iplinare <span class=\"_ _3f\"> </span>siffatta <span class=\"_ _3f\"> </span>o<span class=\"_ _1\"></span>perativit\u00e0 <span class=\"_ _3f\"> </span>ed<span class=\"_ _3a1\"> </span>assicurare idonei flussi informativi.<span class=\"_ _3a1\"> </span>In  attuazione  alla  delib<span class=\"_ _2\"></span>era  Consob  n.  1<span class=\"_ _2\"></span>7221  del  12 <span class=\"_ _35\"> </span>mar<span class=\"_ _1\"></span>zo  2<span class=\"_ _2\"></span>010  e  della  Circolare <span class=\"_ _35\"> </span>Banca  d\u2019Italia<span class=\"_ _3a1\"> </span>285/2013, <span class=\"_ _0\"></span>Credito <span class=\"_ _38\"></span>Emiliano <span class=\"_ _0\"></span>ha <span class=\"_ _38\"></span>adottato <span class=\"_ _0\"></span>apposite <span class=\"_ _38\"></span>P<span class=\"_ _1\"></span>rocedure <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>la <span class=\"_ _0\"></span>gestione <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>operazioni <span class=\"_ _0\"></span>con<span class=\"_ _3a1\"> </span>parti correlate e per le operazioni con soggetti collegati.<span class=\"_ _3a1\"> </span>Il <span class=\"_ _48\"> </span>regolame<span class=\"_ _1\"></span>nto <span class=\"_ _48\"> </span>\u00e8 <span class=\"_ _48\"> </span>disponibile <span class=\"_ _48\"> </span>per <span class=\"_ _17e\"> </span>la <span class=\"_ _48\"> </span>consultazione <span class=\"_ _48\"> </span>sul <span class=\"_ _48\"> </span>s<span class=\"_ _1\"></span>ito <span class=\"_ _48\"> </span>internet <span class=\"_ _48\"> </span>di <span class=\"_ _17e\"> </span>Credito <span class=\"_ _48\"> </span>Emiliano<span class=\"_ _3a1\"> </span>www.credem.it.<span class=\"_ _3a1\"> </span>I <span class=\"_ _35\"> </span>rapporti <span class=\"_ _35\"> </span>e  l<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _35\"> </span>operazioni <span class=\"_ _35\"> </span>perfezionate  con <span class=\"_ _35\"> </span>parti <span class=\"_ _35\"> </span>correlate <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>soggetti <span class=\"_ _35\"> </span>collegati <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>presentano<span class=\"_ _3a1\"> </span>criticit\u00e0 <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>sono <span class=\"_ _38\"></span>riconducibili <span class=\"_ _1\"></span>all\u2019ordinaria <span class=\"_ _38\"></span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>servizio <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>credito. <span class=\"_ _38\"></span>Le <span class=\"_ _1\"></span>co<span class=\"_ _1\"></span>ndizioni <span class=\"_ _1\"></span>applicate <span class=\"_ _38\"></span>ai<span class=\"_ _3a1\"> </span>singoli <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>apporti <span class=\"_ _35\"> </span>ed <span class=\"_ _0\"></span>alle <span class=\"_ _35\"> </span>operazioni <span class=\"_ _0\"></span>con <span class=\"_ _35\"> </span>parti <span class=\"_ _35\"> </span>correlate <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>soggetti <span class=\"_ _0\"> </span>collegat<span class=\"_ _1\"></span>i <span class=\"_ _35\"> </span>non <span class=\"_ _0\"></span>si <span class=\"_ _35\"> </span>discostano <span class=\"_ _35\"> </span>da<span class=\"_ _3a1\"> </span>quelle correnti di mercato.<span class=\"_ _3a1\"> </span>Ai sensi dell\u2019art.5 <span class=\"_ _1\"></span>comma 8 del Regolament<span class=\"_ _1\"></span>o CONSOB Operazioni con parti Co<span class=\"_ _1\"></span>rrelate (nr. 17221 del<span class=\"_ _3a1\"> </span>12.03.2010  e  ss.mm.ii)  si  segnala  che  nel  corso  del  2024  sono  state  effettuate  operazioni  di<span class=\"_ _3a1\"> </span>maggiore <span class=\"_ _1\"></span>rilevanza <span class=\"_ _38\"></span>unicamente <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>Societ\u00e0 <span class=\"_ _38\"></span>appartenenti <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>Gruppo <span class=\"_ _1\"></span>Credito <span class=\"_ _1\"></span>Emiliano <span class=\"_ _38\"></span>ed <span class=\"_ _1\"></span>attinenti<span class=\"_ _3a1\"> </span>a normali ed ordinarie dinamiche di funding. Nello <span class=\"_ _37\"> </span>ste<span class=\"_ _1\"></span>sso <span class=\"_ _37\"> </span>periodo <span class=\"_ _36\"> </span>il <span class=\"_ _37\"> </span>Consiglio <span class=\"_ _36\"> </span>di <span class=\"_ _37\"> </span>Amministrazione <span class=\"_ _36\"> </span>ha <span class=\"_ _37\"> </span>adottat<span class=\"_ _1\"></span>o <span class=\"_ _37\"> </span>una <span class=\"_ _36\"> </span>\u201cdelibera <span class=\"_ _37\"> </span>quadro\u201d. <span class=\"_ _36\"> </span>In<span class=\"_ _3a1\"> </span>particolare <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>delibera <span class=\"_ _35\"> </span>ha <span class=\"_ _35\"> </span>riguardato <span class=\"_ _35\"> </span>la <span class=\"_ _35\"> </span>concessione <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>affidamenti <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>parti <span class=\"_ _35\"> </span>correlate <span class=\"_ _0\"></span>e  sogge<span class=\"_ _2\"></span>tti<span class=\"_ _3a1\"> </span>collegati <span class=\"_ _1\"></span>riconducibili a<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>Vice <span class=\"_ _1\"></span>Presidente<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Luigi Maramot<span class=\"_ _1\"></span>ti <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>Consigliere <span class=\"_ _1\"></span>Edoardo <span class=\"_ _38\"></span>Prezioso <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>un<span class=\"_ _3a1\"> </span>importo <span class=\"_ _35\"> </span>massimo <span class=\"_ _35\"> </span>compless<span class=\"_ _1\"></span>ivo <span class=\"_ _35\"> </span>non <span class=\"_ _35\"> </span>superiore <span class=\"_ _35\"> </span>a <span class=\"_ _35\"> </span>100 <span class=\"_ _35\"> </span>milioni <span class=\"_ _35\"> </span>di <span class=\"_ _35\"> </span>euro <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>comunque <span class=\"_ _35\"> </span>entro <span class=\"_ _35\"> </span>il <span class=\"_ _35\"> </span>limite<span class=\"_ _3a1\"> </span>normativo del 5% del patrimonio di vigilan<span class=\"_ _2\"></span>za consolidato, er<span class=\"_ _1\"></span>ogabile dal Gruppo Credito Emiliano in<span class=\"_ _3a1\"> </span>pi\u00f9 operazioni, anche rotative<span class=\"_ _3a1\"> </span>.<span class=\"_ _3a1\"> </span>2. Informazioni s<span class=\"_ _1\"></span>ulle transazioni con <span class=\"_ _1\"></span>parti corre<span class=\"_ _1\"></span>late<span class=\"_ _3a1\"> </span>p.1<span class=\"_ _3a1\"> </span>Cr<span class=\"_ _3a1\"> </span><table class=\"s w15b2 h2ee\" id=\"_890e5fe3-0d48-4db7-b95a-d12f7ebff97d\"><tr><td></td><td></td><td></td><td class=\"t m2 x985 h12 y6a95 ff4 fs7 fc4 sc3 ls0 ws0\">editi <span class=\"_ _62\"> </span>Debiti <span class=\"_ _10f\"> </span>Garanzie </td><td class=\"t m2 x695 h12 y6a96 ff4 fs7 fc4 sc3 ls0 ws0\">Raccolta </td><td class=\"t m2 x18e5 h12 y6a95 ff4 fs7 fc4 sc3 ls0 ws0\">Raccolta gestita </td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x10e0 h12 y6a97 ff4 fs7 fc4 sc3 ls0 ws0\">amministrata </td><td></td></tr><tr><td class=\"c n x2d7 y6a98 w15b3 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Amministratori, sindaci<span class=\"_ _2\"></span> e dirigenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2682 y6a98 w15b4 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.008<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x906 h12 y6a99 ff4 fs7 fc1 sc0 ls0 ws0\">14.154<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x7af h12 y6a99 ff4 fs7 fc1 sc0 ls0 ws0\">185<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebe h12 y6a99 ff4 fs7 fc1 sc0 ls0 ws0\">152.415<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x676 h12 y6a99 ff4 fs7 fc1 sc0 ls0 ws0\">26.853<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6a9a w15b5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Stretti familiari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2683 y6a9a w136c h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">1.744<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x906 h12 y6a9b ff4 fs7 fc1 sc0 ls0 ws0\">12.291<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x683 h12 y6a9b ff4 fs7 fc1 sc0 ls0 ws0\">374<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xebe h12 y6a9b ff4 fs7 fc1 sc0 ls0 ws0\">111.834<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x67a h12 y6a9b ff4 fs7 fc1 sc0 ls0 ws0\">16.854<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6a9c w15b6 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Societ\u00e0 controllate e c<span class=\"_ _2\"></span>ollegate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2684 y6a9c w4a6 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">24.696<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x789 h12 y6a9d ff4 fs7 fc1 sc0 ls0 ws0\">270.102<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6ee h12 y6a9d ff4 fs7 fc1 sc0 ls0 ws0\">95.813<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1002 h12 y6a9d ff4 fs7 fc1 sc0 ls0 ws0\">25.124<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6f6 h12 y6a9d ff4 fs7 fc1 sc0 ls0 ws0\">161.606<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6a9e w15b7 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">Altre parti correlate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2685 y6a9e w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6ed h12 y6a9f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x78a h12 y6a9f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x6e0 h12 y6a9f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6a9f ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y6aa0 ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td><td class=\"t m2 x75c h12 y6aa1 ff4 fs7 fc4 sc3 ls0 ws0\">27.448<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x71d h12 y6aa1 ff4 fs7 fc4 sc3 ls0 ws0\">296.547<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x689 h12 y6aa1 ff4 fs7 fc4 sc3 ls0 ws0\">96.372<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1013 h12 y6aa1 ff4 fs7 fc4 sc3 ls0 ws0\">289.373<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x666 h12 y6aa1 ff4 fs7 fc4 sc3 ls0 ws0\">205.313<span class=\"_ _3a1\"> </span></td></tr></table>2. Informazioni s<span class=\"_ _1\"></span>ulle transazioni con <span class=\"_ _1\"></span>parti corre<span class=\"_ _1\"></span>late<span class=\"_ _3a1\"> </span>p.2<table class=\"s w15b8 h2ef\" id=\"_4ea4557c-12be-43dc-b40f-c4a26ee4b6a4\"><tr><td></td><td class=\"c n x2686 y6aa2 w15b9 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">Interessi attivi<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2687 y6aa2 w15ba h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc4 sc3 ls0 ws0\">In<span class=\"_ _1\"></span>teressi passivi</div></td><td class=\"t m2 x689 h12 y6aa3 ff4 fs7 fc4 sc3 ls0 ws0\">Commissioni attive e </td><td class=\"t m2 xd80 h12 y6aa3 ff4 fs7 fc4 sc3 ls0 ws0\">Commissioni passive e </td></tr><tr><td></td><td></td><td></td><td class=\"t m2 x78a h12 y6aa4 ff4 fs7 fc4 sc3 ls0 ws0\">altri ricavi </td><td class=\"t m2 xdd6 h12 y6aa4 ff4 fs7 fc4 sc3 ls0 ws0\">altri oneri </td></tr><tr><td class=\"c n x2d7 y558f w15b3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Amministratori, sindaci<span class=\"_ _2\"></span> e dirigenti<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2688 y558f w15a3 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">29<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x6e7 h12 y6aa5 ff4 fs7 fc1 sc0 ls0 ws0\">316<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1847 h12 y6aa5 ff4 fs7 fc1 sc0 ls0 ws0\">229<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x750 h12 y6aa5 ff4 fs7 fc1 sc0 ls0 ws0\">31<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5513 w15b5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Stretti familiari<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2689 y5513 w1424 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">24<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x758 h12 y5514 ff4 fs7 fc1 sc0 ls0 ws0\">256<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1013 h12 y5514 ff4 fs7 fc1 sc0 ls0 ws0\">153<span class=\"_ _3a1\"> </span></td><td class=\"t m2 xf18 h12 y5514 ff4 fs7 fc1 sc0 ls0 ws0\">9<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y6aa6 w15b6 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Societ\u00e0 controllate e c<span class=\"_ _2\"></span>ollegate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x268a y6aa6 w8d4 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">883<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x678 h12 y6aa7 ff4 fs7 fc1 sc0 ls0 ws0\">6.657<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69a h12 y6aa7 ff4 fs7 fc1 sc0 ls0 ws0\">1.378<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x73d h12 y6aa7 ff4 fs7 fc1 sc0 ls0 ws0\">156<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y5a1e w15b7 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">Altre parti correlate<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x268b y5a1e w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x991 h12 y6aa8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x1104 h12 y6aa8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x671 h12 y6aa8 ff4 fs7 fc1 sc0 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m2 x677 h12 y5518 ff4 fs7 fc4 sc3 ls0 ws0\">Totale </td><td class=\"t m2 x18fb h12 y6aa9 ff4 fs7 fc4 sc3 ls0 ws0\">936<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x662 h12 y6aa9 ff4 fs7 fc4 sc3 ls0 ws0\">7.229<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x69a h12 y6aa9 ff4 fs7 fc4 sc3 ls0 ws0\">1.760<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x73d h12 y6aa9 ff4 fs7 fc4 sc3 ls0 ws0\">196<span class=\"_ _3a1\"> </span></td></tr></table>L\u2019incidenza <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>volumi, <span class=\"_ _38\"></span>delle <span class=\"_ _0\"></span>op<span class=\"_ _2\"></span>erazioni <span class=\"_ _38\"></span>con <span class=\"_ _38\"></span>le <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>roparti <span class=\"_ _38\"></span>correlate <span class=\"_ _38\"></span>sopra <span class=\"_ _38\"></span>indicate, <span class=\"_ _38\"></span>sul <span class=\"_ _0\"></span>total<span class=\"_ _2\"></span>e <span class=\"_ _38\"></span>del<span class=\"_ _3a1\"> </span>Gruppo risulta essere pari (%):<table class=\"s w15bb h2f0\" id=\"_b6c5a851-33a1-4311-becb-38d325ad7b38\"><tr><td></td><td class=\"t m2 x268d h12 y6aaa ff4 fs7 fc4 sc3 ls0 ws0\">Dati patrimoniali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x268e h12 y6aab ff4 fs7 fc4 sc3 ls0 ws0\">Crediti<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x268f h12 y6aab ff4 fs7 fc4 sc3 ls0 ws0\">Debiti<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2690 h12 y6aab ff4 fs7 fc4 sc3 ls0 ws0\">Garanzie e impegni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x2691 h12 y6aab ff4 fs7 fc4 sc3 ls0 ws0\">Raccolta </td><td class=\"t m2 x2692 h12 y6aab ff4 fs7 fc4 sc3 ls0 ws0\">Raccolta gestita<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x2693 h12 y6aac ff4 fs7 fc4 sc3 ls0 ws0\">amministrata<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"c x2694 y6aad w26f h11\"><div class=\"t m2 x0 h12 y3a8 ff4 fs7 fc1 sc2 ls0 ws0\">Totale </div></td><td></td><td class=\"c x2695 y6aad w72 h11\"><div class=\"t m2 x0 h12 y3a8 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"c x2697 y539f w15bc h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">0,<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2696 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">5<span class=\"_ _3a1\"> </span></div></td><td class=\"c x2699 y539f w15bd h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">0,<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x2698 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">7<span class=\"_ _3a1\"> </span></div></td><td class=\"c x1060 y539f w15be h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x269a h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">,<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x269b h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">3<span class=\"_ _3a1\"> </span></div></td><td class=\"c x269d y539f w15bf h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">0,<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x269c h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">6<span class=\"_ _3a1\"> </span></div></td></tr></table><table class=\"s w15c0 h2f1\" id=\"_133813e6-21ed-4122-b059-3795f7d251b3\"><tr><td></td><td class=\"c x269f y6aae w270 h11\"><div class=\"t m2 x0 h12 y2df ff4 fs7 fc4 sc3 ls0 ws0\">Dati economici<span class=\"_ _3a1\"> </span></div></td><td class=\"c x26a0 y6aae w271 h11\"><div class=\"t m2 x0 h12 y2df ff4 fs7 fc4 sc3 ls0 ws0\">Interessi attivi<span class=\"_ _3a1\"> </span></div></td><td class=\"c x26a1 y6aae w191 h11\"><div class=\"t m2 x0 h12 y2df ff4 fs7 fc4 sc3 ls0 ws0\">Interessi passivi</div></td><td class=\"c x26a2 y6aae w80 h11\"><div class=\"t m2 x0 h12 y2df ff4 fs7 fc4 sc3 ls0 ws0\">Commissioni attive ed altri </div></td><td class=\"c x26a3 y6aae w272 h11\"><div class=\"t m2 x0 h12 y2df ff4 fs7 fc4 sc3 ls0 ws0\">Commissioni passive ed </div></td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x26a4 h12 y6aaf ff4 fs7 fc4 sc3 ls0 ws0\">ricavi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26a5 h12 y6aaf ff4 fs7 fc4 sc3 ls0 ws0\">altre spese<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x26a6 y53a2 w695 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x26a7 y53a2 w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x26a8 h12 y6ab0 ff4 fs7 fc1 sc2 ls0 ws0\">0,9<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26a9 h12 y6ab0 ff4 fs7 fc1 sc2 ls0 ws0\">0,2<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26aa h12 y6ab0 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table>Si <span class=\"_ _3b\"></span>provvede di <span class=\"_ _3b\"></span>seguito a <span class=\"_ _3b\"></span>fornire<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>i d<span class=\"_ _2\"></span>ettagli (i<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>migliaia <span class=\"_ _3b\"></span>di euro) <span class=\"_ _3b\"></span>dei rapporti <span class=\"_ _3b\"></span>vers<span class=\"_ _1\"></span>o <span class=\"_ _3b\"></span>le imprese <span class=\"_ _3b\"></span>collegate:<span class=\"_ _3a1\"> </span><table class=\"s w15c1 h2f2\" id=\"_b5b4b1f4-788f-4015-91f4-cb26a96ef558\"><tr><td></td><td class=\"c x26ac y6ab1 w24c h11\"><div class=\"t m2 x0 h12 y2e8 ff4 fs7 fc4 sc3 ls0 ws0\">Dati patrimoniali<span class=\"_ _3a1\"> </span></div></td><td class=\"c x26ad y6ab1 w273 h11\"><div class=\"t m2 x0 h12 y2e8 ff4 fs7 fc4 sc3 ls0 ws0\">Crediti<span class=\"_ _3a1\"> </span></div></td><td class=\"c x26ae y6ab1 w9f h11\"><div class=\"t m2 x0 h12 y2e8 ff4 fs7 fc4 sc3 ls0 ws0\">Debiti</div></td><td class=\"c x26af y6ab1 w274 h11\"><div class=\"t m2 x0 h12 y2e8 ff4 fs7 fc4 sc3 ls0 ws0\">Garanzie e impegni<span class=\"_ _3a1\"> </span></div></td><td class=\"c x26b0 y6ab1 w145 h11\"><div class=\"t m2 x0 h12 y2e8 ff4 fs7 fc4 sc3 ls0 ws0\">Raccolta </div></td><td class=\"c x26b1 y6ab1 w136 h11\"><div class=\"t m2 x0 h12 y2e8 ff4 fs7 fc4 sc3 ls0 ws0\">Raccolta gestita<span class=\"_ _3a1\"> </span></div></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x26b2 h12 y6ab2 ff4 fs7 fc4 sc3 ls0 ws0\">amministrata<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"c x26b3 y6ab3 w26f h11\"><div class=\"t m2 x0 h12 y2ee ff4 fs7 fc1 sc2 ls0 ws0\">Totale </div></td><td></td><td class=\"c x26b4 y6ab3 w78 h11\"><div class=\"t m2 x0 h12 y2ee ff4 fs7 fc1 sc2 ls0 ws0\">6.182<span class=\"_ _3a1\"> </span></div></td><td class=\"c x26b5 y6ab3 w78 h11\"><div class=\"t m2 x0 h12 y2ee ff4 fs7 fc1 sc2 ls0 ws0\">4.154<span class=\"_ _3a1\"> </span></div></td><td class=\"c x26b8 y539f w15c2 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1.0<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x26b6 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">2<span class=\"_ _3a1\"> </span></div><div class=\"t m2 x26b7 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">1<span class=\"_ _3a1\"> </span></div></td><td class=\"c x26b9 y6ab3 w275 h11\"><div class=\"t m2 x0 h12 y2ee ff4 fs7 fc1 sc2 ls0 ws0\">179.183<span class=\"_ _3a1\"> </span></div></td><td class=\"c x26ba y6ab3 w72 h11\"><div class=\"t m2 x0 h12 y2ee ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td></tr></table><table class=\"s w15c0 h2f3\" id=\"_9cddafee-ed83-4c7b-b270-c2da23bbfabe\"><tr><td></td><td class=\"t m2 x269f h12 y6ab4 ff4 fs7 fc4 sc3 ls0 ws0\">Dati economici<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26bb h12 y6ab4 ff4 fs7 fc4 sc3 ls0 ws0\">Interessi attivi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26a1 h12 y6ab4 ff4 fs7 fc4 sc3 ls0 ws0\">Interessi passivi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26a2 h12 y6ab4 ff4 fs7 fc4 sc3 ls0 ws0\">Commissioni attive ed altri </td><td class=\"t m2 x26a3 h12 y6ab4 ff4 fs7 fc4 sc3 ls0 ws0\">Commissioni passive ed </td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x26a4 h12 y6ab5 ff4 fs7 fc4 sc3 ls0 ws0\">ricavi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26a5 h12 y6ab5 ff4 fs7 fc4 sc3 ls0 ws0\">altre spese<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x26a6 y53a2 w695 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x26bc y53a2 w649 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">4<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x26bd h12 y6ab6 ff4 fs7 fc1 sc2 ls0 ws0\">40<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26be h12 y6ab6 ff4 fs7 fc1 sc2 ls0 ws0\">21.379<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26bf h12 y6ab6 ff4 fs7 fc1 sc2 ls0 ws0\">284<span class=\"_ _3a1\"> </span></td></tr></table>L\u2019incidenza <span class=\"_ _35\"> </span>dei <span class=\"_ _35\"> </span>volumi, <span class=\"_ _35\"> </span>delle <span class=\"_ _35\"> </span>operazioni <span class=\"_ _35\"> </span>con <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>imprese <span class=\"_ _35\"> </span>collegate, <span class=\"_ _35\"> </span>sul <span class=\"_ _35\"> </span>totale <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>Gruppo <span class=\"_ _35\"> </span>risulta<span class=\"_ _3a1\"> </span>essere pari (%):<table class=\"s w15c3 h2f2\" id=\"_75dea237-f53c-4a1b-99ce-85ba05011ae1\"><tr><td></td><td class=\"t m2 x26c1 h12 y6ab7 ff4 fs7 fc4 sc3 ls0 ws0\">Dati patrimoniali<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26c2 h12 y6ab8 ff4 fs7 fc4 sc3 ls0 ws0\">Crediti<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26c3 h12 y6ab8 ff4 fs7 fc4 sc3 ls0 ws0\">Debiti<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26c4 h12 y6ab8 ff4 fs7 fc4 sc3 ls0 ws0\">Garanzie e impegni<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26c5 h12 y6ab8 ff4 fs7 fc4 sc3 ls0 ws0\">Raccolta </td><td class=\"t m2 x26c6 h12 y6ab8 ff4 fs7 fc4 sc3 ls0 ws0\">Raccolta gestita<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td class=\"t m2 x26c7 h12 y6ab9 ff4 fs7 fc4 sc3 ls0 ws0\">amministrata<span class=\"_ _3a1\"> </span></td><td></td></tr><tr><td class=\"c n x2d7 y539f w6c5 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x26c8 y539f w668 h1d9\"><div class=\"t m2 x2b3 h12 y533c ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x26c9 h12 y6aba ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26ca h12 y6aba ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26cb h12 y6aba ff4 fs7 fc1 sc2 ls0 ws0\">0,8<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26cc h12 y6aba ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td></tr></table><table class=\"s w15c4 h2f4\" id=\"_05bd5b75-a38e-4006-bc33-55c61073abc7\"><tr><td></td><td class=\"t m2 x26cd h12 y6abb ff4 fs7 fc4 sc3 ls0 ws0\">Dati economici<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26ce h12 y6abc ff4 fs7 fc4 sc3 ls0 ws0\">Interessi attivi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26cf h12 y6abc ff4 fs7 fc4 sc3 ls0 ws0\">Interessi passivi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26d0 h12 y6abc ff4 fs7 fc4 sc3 ls0 ws0\">Commissioni attive ed altri </td><td class=\"t m2 x26d1 h12 y6abc ff4 fs7 fc4 sc3 ls0 ws0\">Commissioni passive ed </td></tr><tr><td></td><td></td><td></td><td></td><td class=\"t m2 x26d2 h12 y6abd ff4 fs7 fc4 sc3 ls0 ws0\">ricavi<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26d3 h12 y6abd ff4 fs7 fc4 sc3 ls0 ws0\">altre spese<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"c n x2d7 y539f w6c5 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">Totale<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x26d4 y539f w668 h1d9\"><div class=\"t m2 x2b3 h12 y5338 ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></div></td><td class=\"t m2 x26d5 h12 y6abe ff4 fs7 fc1 sc2 ls0 ws0\">-<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26d6 h12 y6abe ff4 fs7 fc1 sc2 ls0 ws0\">2,0<span class=\"_ _3a1\"> </span></td><td class=\"t m2 x26cc h12 y6abe ff4 fs7 fc1 sc2 ls0 ws0\">-</td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-763": {
   "value": "<div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1f51\">1.<span class=\"_ _198\"> </span>Descriz<span class=\"_ _1\"></span>ione deg<span class=\"_ _1\"></span>li accordi<span class=\"_ _1\"></span> di pagame<span class=\"_ _1\"></span>nto ba<span class=\"_ _1\"></span>sati su p<span class=\"_ _1\"></span>ropri strum<span class=\"_ _1\"></span>ent<span class=\"_ _3a1\"> </span></div><div class=\"t m2 hb ff4 fs6 fc4 sc3 ls0 ws0 gs1f52\">i patrim<span class=\"_ _1\"></span>oniali<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f53\">Coerentemente<span class=\"ff5\"> <span class=\"_ _3f\"> </span></span>con<span class=\"ff5\"> <span class=\"_ _39\"> </span></span>le<span class=\"ff5\"> <span class=\"_ _3f\"> </span></span>politiche<span class=\"ff5\"> <span class=\"_ _39\"> </span></span>retributive<span class=\"ff5\"> <span class=\"_ _3f\"> </span></span>approvate<span class=\"ff5\"> <span class=\"_ _3f\"> </span></span>dall\u2019Assemblea<span class=\"ff5\"> <span class=\"_ _39\"> </span></span>e<span class=\"ff5\"> <span class=\"_ _3f\"> </span></span>nel<span class=\"ff5\"> <span class=\"_ _39\"> </span></span>rispetto<span class=\"ff5\"> <span class=\"_ _3f\"> </span></span>delle<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f54\">disposizioni<span class=\"ff5\"> <span class=\"_ _3b\"></span><span class=\"ff4\">in<span class=\"ff5\"> <span class=\"_ _3b\"></span><span class=\"ff4\">mater<span class=\"_ _1\"></span>ia<span class=\"ff5\"> <span class=\"_ _3b\"></span><span class=\"ff4\">di<span class=\"ff5\"> <span class=\"_ _3b\"></span><span class=\"ff4\">rem<span class=\"_ _1\"></span>unerazione<span class=\"ff5\"> <span class=\"_ _3b\"></span><span class=\"ff4\">e<span class=\"ff5\"> <span class=\"_ _2\"></span><span class=\"ff4\">di<span class=\"ff5\"> <span class=\"_ _3b\"></span><span class=\"ff4\">incentivazione<span class=\"ff5\"> <span class=\"_ _3b\"></span><span class=\"ff4\">della<span class=\"ff5\"> <span class=\"_ _2\"></span><span class=\"ff4\">Banca<span class=\"ff5\"> <span class=\"_ _3b\"></span><span class=\"ff4\">d\u2019Italia<span class=\"ff5\"> <span class=\"_ _3b\"></span><span class=\"ff4\">si<span class=\"ff5\"> <span class=\"_ _2\"></span><span class=\"ff4\">\u00e8<span class=\"ff5\"> <span class=\"_ _3b\"></span><span class=\"ff4\">pro<span class=\"_ _1\"></span>ceduto<span class=\"ff5\"> <span class=\"_ _3b\"></span><span class=\"ff4\">alla<span class=\"ff5\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f55\">definizione<span class=\"ff5\"> </span>di<span class=\"ff5\"> </span>un<span class=\"ff5\"> </span>s<span class=\"_ _1\"></span>istema<span class=\"ff5\"> </span>retributivo<span class=\"ff5\"> <span class=\"_ _1\"></span></span>variabile<span class=\"ff5\"> </span>basato<span class=\"ff5\"> <span class=\"_ _1\"></span></span>in<span class=\"ff5\"> </span>parte<span class=\"ff5\"> </span>su<span class=\"ff5\"> </span>pagamenti<span class=\"ff5\"> </span>in<span class=\"ff5\"> </span>cont<span class=\"_ _1\"></span>anti<span class=\"ff5\"> </span>e<span class=\"ff5\"> </span>in<span class=\"ff5\"> </span>parte<span class=\"ff5\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f56\">attraverso<span class=\"ff5\"> </span>l\u2019assegnazione<span class=\"ff5\"> </span>gra<span class=\"_ _2\"></span>tuita<span class=\"ff5\"> </span>di<span class=\"ff5\"> <span class=\"_ _3b\"></span><span class=\"ff4\">azioni.<span class=\"ff5\"> </span>Il<span class=\"ff5\"> <span class=\"_ _3b\"></span><span class=\"ff4\">sis<span class=\"_ _1\"></span>tema<span class=\"ff5\"> </span>incentivante<span class=\"ff5\"> <span class=\"_ _3b\"></span><span class=\"ff4\">\u00e8<span class=\"_ _1\"></span><span class=\"ff5\"> </span>co<span class=\"_ _2\"></span>rrelato<span class=\"ff5\"> </span>al<span class=\"ff5\"> <span class=\"_ _2\"></span><span class=\"ff4\">raggiungimento<span class=\"ff5\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f57\">di<span class=\"ff5\"> </span>obiettivi<span class=\"ff5\"> </span>di<span class=\"ff5\"> <span class=\"_ _2\"></span><span class=\"ff4\">performance<span class=\"ff5\"> </span>misurat<span class=\"_ _1\"></span>i<span class=\"ff5\"> </span>al<span class=\"_ _2\"></span><span class=\"ff5\"> <span class=\"ff4\">netto</span> <span class=\"ff4\">dei</span> <span class=\"ff4\">rischi</span> <span class=\"ff4\">ed</span> <span class=\"ff4\">all<span class=\"_ _2\"></span>a<span class=\"ff5\"> </span>sussistenza<span class=\"ff5\"> </span>di<span class=\"ff5\"> </span>un<span class=\"ff5\"> </span>adeguato<span class=\"ff5\"> </span>livello<span class=\"ff5\"> </span>di<span class=\"ff5\"> </span></span></span></span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f58\">patrimonializzazione<span class=\"ff5\"> </span>e<span class=\"ff5\"> </span>liquidit\u00e0<span class=\"ff5\"> </span>dell\u2019Azienda. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f59\">Il s<span class=\"_ _1\"></span>istema <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>volto <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>motivare <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>fidelizzare <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>persone <span class=\"_ _1\"></span>che <span class=\"_ _1\"></span>occupano <span class=\"_ _1\"></span>posizioni <span class=\"_ _1\"></span>chiave <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>azienda <span class=\"_ _1\"></span>ed </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f5a\">\u00e8 <span class=\"_ _35\"> </span>destinato <span class=\"_ _35\"> </span>ai <span class=\"_ _35\"> </span>top <span class=\"_ _35\"> </span>manager <span class=\"_ _35\"> </span>rientranti <span class=\"_ _35\"> </span>nella <span class=\"_ _35\"> </span>categoria <span class=\"_ _35\"> </span>del <span class=\"_ _35\"> </span>Personal<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>pi\u00f9 <span class=\"_ _35\"> </span>rilevante. <span class=\"_ _35\"> </span>La <span class=\"_ _35\"> </span>quota <span class=\"_ _35\"> </span>del </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f5b\">premio <span class=\"_ _1\"></span>complessivo <span class=\"_ _1\"></span>assegnata ai <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>stinatari <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>azioni \u00e8, <span class=\"_ _1\"></span>per <span class=\"_ _1\"></span>l\u2019anno <span class=\"_ _1\"></span>2024, <span class=\"_ _1\"></span>par<span class=\"_ _1\"></span>i o <span class=\"_ _1\"></span>superiore <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>50%, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f5c\">subordinatamente <span class=\"_ _48\"> </span>alla <span class=\"_ _48\"> </span>verifi<span class=\"_ _2\"></span>ca <span class=\"_ _48\"> </span>del <span class=\"_ _48\"> </span>rag<span class=\"_ _2\"></span>giungimento <span class=\"_ _48\"> </span>degli <span class=\"_ _3a\"> </span>obiet<span class=\"_ _1\"></span>tivi <span class=\"_ _48\"> </span>fissati <span class=\"_ _3a\"> </span>dal <span class=\"_ _48\"> </span>Consiglio <span class=\"_ _3a\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f5d\">Amministrazione <span class=\"_ _37\"> </span>se<span class=\"_ _1\"></span>ntito <span class=\"_ _37\"> </span>il <span class=\"_ _37\"> </span>parere <span class=\"_ _36\"> </span>del <span class=\"_ _37\"> </span>Comitato <span class=\"_ _36\"> </span>Remunerazioni. <span class=\"_ _3d\"> </span>P<span class=\"_ _1\"></span>i\u00f9 <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>part<span class=\"_ _1\"></span>icolare, <span class=\"_ _37\"> </span>i <span class=\"_ _36\"> </span>piani <span class=\"_ _37\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f5e\">remunerazione <span class=\"_ _1\"></span>riservati <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>Personale <span class=\"_ _1\"></span>pi\u00f9 <span class=\"_ _1\"></span>rilevante <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Gr<span class=\"_ _1\"></span>uppo che <span class=\"_ _1\"></span>pr<span class=\"_ _1\"></span>evedono il <span class=\"_ _1\"></span>pagament<span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>una </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f5f\">parte del premio mediante l\u2019assegnazione gra<span class=\"_ _1\"></span>tuita di azioni sono i seguenti: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1f60\"><span class=\"_ _19e\"> </span><span class=\"ff4\">Siste<span class=\"_ _2\"></span>ma<span class=\"ff5\"> <span class=\"_ _2\"></span><span class=\"ff4\">prem<span class=\"_ _3b\"></span>iant<span class=\"_ _2\"></span>e<span class=\"ff5\"> </span>20<span class=\"_ _3b\"></span>24; </span></span></span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1f61\"><span class=\"_ _3e\"> </span><span class=\"ff4\">Sistemi<span class=\"ff5\"> <span class=\"_ _38\"></span></span>premianti<span class=\"ff5\"> <span class=\"_ _38\"></span></span>e<span class=\"ff5\"> <span class=\"_ _38\"></span></span>altre<span class=\"ff5\"> <span class=\"_ _38\"></span></span>forme<span class=\"ff5\"> <span class=\"_ _1\"></span></span>di<span class=\"ff5\"> <span class=\"_ _38\"></span></span>re<span class=\"_ _1\"></span>munerazione<span class=\"ff5\"> <span class=\"_ _38\"></span></span>variabile<span class=\"ff5\"> <span class=\"_ _38\"></span></span>di<span class=\"ff5\"> <span class=\"_ _1\"></span></span>b<span class=\"_ _1\"></span>reve<span class=\"ff5\"> <span class=\"_ _38\"></span></span>e<span class=\"ff5\"> <span class=\"_ _38\"></span></span>m<span class=\"_ _1\"></span>edio<span class=\"ff5\"> <span class=\"_ _38\"></span></span>periodo<span class=\"ff5\"> <span class=\"_ _0\"></span></span>relativi<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f62\">agli<span class=\"ff5\"> </span>anni<span class=\"ff5\"> </span>precedenti. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f63\">Il <span class=\"_ _2\"></span>numero di <span class=\"_ _3b\"></span>azioni \u00e8 de<span class=\"_ _2\"></span>terminato sulla <span class=\"_ _3b\"></span>base<span class=\"_ _1\"></span> della <span class=\"_ _3b\"></span>quotazione del <span class=\"_ _3b\"></span>t<span class=\"_ _1\"></span>itolo <span class=\"_ _2\"></span>nel <span class=\"_ _2\"></span>momento in <span class=\"_ _2\"></span>cui <span class=\"_ _2\"></span>il p<span class=\"_ _2\"></span>remio </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f64\">\u00e8 assegnato. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f65\">Sono <span class=\"_ _38\"></span>previst<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>meccanismi <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span> <span class=\"_ _38\"></span>correzione<span class=\"_ _1\"></span>, <span class=\"_ _38\"></span>durante <span class=\"_ _38\"></span>il <span class=\"_ _38\"></span>pe<span class=\"_ _1\"></span>riodo <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>dif<span class=\"_ _1\"></span>ferimento, <span class=\"_ _38\"></span>per<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>effetto <span class=\"_ _0\"></span>d<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>i <span class=\"_ _38\"></span>quali <span class=\"_ _38\"></span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f66\">premi maturati potranno ridursi ovvero azzerarsi. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f67\">In <span class=\"_ _0\"></span>particolare, <span class=\"_ _0\"></span>le <span class=\"_ _0\"></span>singole <span class=\"_ _38\"></span>quote<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>di<span class=\"_ _2\"></span>fferite <span class=\"_ _0\"></span>gi\u00e0 <span class=\"_ _0\"></span>assegnate <span class=\"_ _0\"></span>potranno <span class=\"_ _0\"></span>non <span class=\"_ _38\"></span>essere<span class=\"_ _1\"></span> <span class=\"_ _0\"></span>erogate <span class=\"_ _38\"></span>o <span class=\"_ _0\"></span>ridotte <span class=\"_ _0\"></span>in </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f68\">presenza di determinate condizioni di utile, redditivit\u00e0 corretta per <span class=\"_ _1\"></span>il rischio, livelli patrimoniali e di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f69\">liquidit\u00e0 <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>linea. <span class=\"_ _1\"></span>Il <span class=\"_ _1\"></span>pre<span class=\"_ _1\"></span>mio <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>altr<span class=\"_ _1\"></span>es\u00ec <span class=\"_ _1\"></span>non <span class=\"_ _1\"></span>er<span class=\"_ _1\"></span>ogato <span class=\"_ _1\"></span>in <span class=\"_ _38\"></span>caso <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>risoluzione <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>rapporto <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>lavoro <span class=\"_ _1\"></span>o </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f6a\">prestazioni professionali contrarie agli obblighi di buona fede e correttezza. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f6b\">Ai <span class=\"_ _0\"></span>fini <span class=\"_ _38\"></span>de<span class=\"_ _1\"></span>lla <span class=\"_ _0\"></span>rappresentazione <span class=\"_ _0\"></span>in <span class=\"_ _0\"></span>b<span class=\"_ _2\"></span>ilancio, <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>tener <span class=\"_ _0\"></span>conto <span class=\"_ _0\"></span>delle <span class=\"_ _38\"></span>condizioni <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>assegnazione <span class=\"_ _0\"></span>delle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f6c\">varie <span class=\"_ _1\"></span>quote <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>bonus <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>tata <span class=\"_ _1\"></span>utilizzata <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>simulazione <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>Metodo <span class=\"_ _1\"></span>Monte<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Carlo <span class=\"_ _1\"></span>che, <span class=\"_ _1\"></span>sulla <span class=\"_ _1\"></span>base <span class=\"_ _1\"></span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f6d\">opportune <span class=\"_ _1\"></span>ipotesi, <span class=\"_ _1\"></span>ha co<span class=\"_ _1\"></span>nsentito di <span class=\"_ _1\"></span>definire <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>consistente <span class=\"_ _1\"></span>numero <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>scenari <span class=\"_ _1\"></span>alternativi nell\u2019arco </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f6e\">temporale considerato. In particolare, in <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>gni scenario la <span class=\"_ _2\"></span>proiezione dei parametri <span class=\"_ _2\"></span>che definiscono<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f6f\">gli <span class=\"_ _3d\"> </span>o<span class=\"_ _1\"></span>biettivi <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>performance <span class=\"_ _36\"> </span>viene <span class=\"_ _3d\"> </span>e<span class=\"_ _1\"></span>ffettuata <span class=\"_ _37\"> </span>di <span class=\"_ _37\"> </span>anno <span class=\"_ _37\"> </span>in <span class=\"_ _37\"> </span>anno, <span class=\"_ _37\"> </span>a <span class=\"_ _37\"> </span>part<span class=\"_ _1\"></span>ire <span class=\"_ _37\"> </span>dall\u2019ultimo <span class=\"_ _3d\"> </span>valore<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f70\">rendiconto, secondo un moto geometrico Br<span class=\"_ _1\"></span>owniano. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f71\">La metodologia di calcolo pu\u00f2 essere sche<span class=\"_ _1\"></span>matizzata nelle seguenti fasi: </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1f72\"><span class=\"_ _3e\"> </span><span class=\"ff4\">proiezione d<span class=\"_ _2\"></span>ei parametri <span class=\"_ _3b\"></span>di bi<span class=\"_ _2\"></span>lancio e <span class=\"_ _3b\"></span>del prezzo <span class=\"_ _3b\"></span>dell\u2019azione nell\u2019orizzonte <span class=\"_ _3b\"></span>tempor<span class=\"_ _1\"></span>ale p<span class=\"_ _2\"></span>rescelto; </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1f73\"><span class=\"_ _3e\"> </span><span class=\"ff4\">verifica dei parametri di performance; </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1f74\"><span class=\"_ _3e\"> </span><span class=\"ff4\">calcolo <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>bonus <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>ogni <span class=\"_ _3d\"> </span>partecipante <span class=\"_ _3d\"> </span>al <span class=\"_ _3d\"> </span>piano  e <span class=\"_ _3d\"> </span>proie<span class=\"_ _1\"></span>zione  de<span class=\"_ _1\"></span>lle  traiettorie <span class=\"_ _3d\"> </span>individuali<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f75\">verificando  il <span class=\"_ _3d\"> </span>raggiungiment<span class=\"_ _1\"></span>o  delle <span class=\"_ _3d\"> </span>perfor<span class=\"_ _1\"></span>mance  individuali <span class=\"_ _3d\"> </span>e <span class=\"_ _3d\"> </span>per <span class=\"_ _3d\"> </span>ogni  anno <span class=\"_ _3d\"> </span>la <span class=\"_ _3d\"> </span>continuit\u00e0<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f76\">dell\u2019attivit\u00e0 lavorativa e la sopravvivenza; </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1f77\"><span class=\"_ _3e\"> </span><span class=\"ff4\">calcolo delle quote individuali secondo le mo<span class=\"_ _1\"></span>dalit\u00e0 di pagamento individuali del bonus;<span class=\"_ _3a1\"> </span></span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1f78\"><span class=\"_ _3e\"> </span><span class=\"ff4\">determinazione <span class=\"_ _35\"> </span>in <span class=\"_ _0\"></span>funzione <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>prezzo <span class=\"_ _35\"> </span>stimato <span class=\"_ _0\"></span>del <span class=\"_ _0\"> </span>t<span class=\"_ _1\"></span>itolo <span class=\"_ _35\"> </span>del <span class=\"_ _0\"></span>numero <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>azioni <span class=\"_ _0\"></span>necessarie <span class=\"_ _35\"> </span>a </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f79\">corrispondere la parte di bonus in azioni (laddove non gi\u00e0 det<span class=\"_ _1\"></span>erminato); </div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1f7a\"><span class=\"_ _3e\"> </span><span class=\"ff4\">imputazione proporzionale in base al vesting period delle azioni assegnate; </span></div><div class=\"t m2 h8 ffc fs2 fc1 sc0 ls0 ws0 gs1f7b\"><span class=\"_ _3e\"> </span><span class=\"ff4\">reiterazione del procedimento per <span class=\"_ _1\"></span>il numero di repliche stabilite.</span><span class=\"ff4\"> </span></div>Inf<span class=\"_ _3b\"></span>ormazi<span class=\"_ _2\"></span>oni<span class=\"_ _3a1\"> </span>di<span class=\"_ _3a1\"> </span>na<span class=\"_ _2\"></span>tura<span class=\"_ _3a1\"> </span>quan<span class=\"_ _3b\"></span>titati<span class=\"_ _3b\"></span>ve<table class=\"s w15c5 h2f5\" id=\"_6baa6186-dbd7-4e9b-9973-f60051cadc51\"><tr><td></td><td></td><td class=\"t m0 x26d8 h76 y6abf ff22 fs7 fc18 sc0 ls0 ws0\">quota<span class=\"ff5\"> <span class=\"_ _3b\"></span><span class=\"ff22\">di<span class=\"ff5\"> <span class=\"_ _184\"></span><span class=\"ff22\">competenza<span class=\"_ _3a1\"> </span></span></span></span></span></td><td></td></tr><tr><td></td><td class=\"t m0 x26d9 h13f y6ac0 ff22 fs7 fc18 sc0 ls0 ws0\">Pi<span class=\"_ _3b\"></span>an<span class=\"_ _3b\"></span>o<span class=\"_ _3a1\"> </span></td><td class=\"t m0 x26da h13f y6ac1 ff22 fs7 fc18 sc0 ls0 ws0\">del<span class=\"_ _3b\"></span>l'ese<span class=\"_ _3b\"></span>rcizi<span class=\"_ _3b\"></span>o<span class=\"fc1\"> </span></td><td class=\"t m0 x26db h76 y6ac0 ff22 fs7 fc18 sc0 ls0 ws0\">impatto<span class=\"ff5\"> <span class=\"_ _184\"></span><span class=\"ff22\">a<span class=\"_ _1\"></span><span class=\"ff5\"> <span class=\"_ _3b\"></span><span class=\"ff22\">pat<span class=\"_ _3b\"></span>rimon<span class=\"_ _3b\"></span>io<span class=\"_ _3a1\"> </span></span></span></span></span></td></tr><tr><td></td><td class=\"t m0 x26dc h12 y6ac2 ff4 fs7 fc1 sc0 ls0 ws0\">- Sis<span class=\"_ _2\"></span>tem<span class=\"_ _3b\"></span>a <span class=\"_ _1\"></span>pre<span class=\"_ _3b\"></span>miant<span class=\"_ _2\"></span>e 2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>24<span class=\"_ _3b\"></span> </td><td></td><td></td></tr><tr><td></td><td class=\"t m0 x26dc h12 y6ac3 ff4 fs7 fc1 sc0 ls0 ws0\">- Sistemi <span class=\"_ _3b\"></span>premianti <span class=\"_ _184\"></span>e <span class=\"_ _3b\"></span>altre <span class=\"_ _3b\"></span>forme <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>remunerazione </td><td class=\"t m0 x26dd h12 y6ac4 ff4 fs7 fc1 sc0 ls0 ws0\">4.<span class=\"_ _2\"></span>433<span class=\"_ _2\"></span>,6<span class=\"_ _3a1\"> </span></td><td class=\"t m0 x26de h12 y6ac4 ff4 fs7 fc1 sc0 ls0 ws0\">32.<span class=\"_ _3b\"></span>108,<span class=\"_ _3b\"></span>5<span class=\"_ _3a1\"> </span></td></tr><tr><td></td><td class=\"t m0 x26dc h12 y6ac5 ff4 fs7 fc1 sc0 ls0 ws0\">variabile <span class=\"_ _2\"></span>di <span class=\"_ _2\"></span>breve <span class=\"_ _2\"></span>e <span class=\"_ _3b\"></span>medio periodo <span class=\"_ _3b\"></span>relativi agli <span class=\"_ _2\"></span>anni </td><td></td><td></td></tr><tr><td class=\"t m0 x26df h12 y6ac6 ff4 fs7 fc1 sc0 ls0 ws0\">Gru<span class=\"_ _3b\"></span>pp<span class=\"ff5\">o<span class=\"_ _3a1\"> </span></span></td><td class=\"t m0 x26dc h12 y6ac7 ff4 fs7 fc1 sc0 ls0 ws0\">pre<span class=\"_ _3b\"></span>ced<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>ti </td><td></td><td></td></tr></table>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-764": {
   "value": "<div class=\"t m2 h80 ff4 fs1b fc18 sce ls0 ws0 gs1f7d\">PA<span class=\"_ _3b\"></span>RTE<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h80 ff4 fs1b fc18 sce ls0 ws0 gs1f7e\">L<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h80 ff4 fs1b fc18 sce ls0 ws0 gs1f7f\">\u2013<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h80 ff4 fs1b fc18 sce ls0 ws0 gs1f80\">IN<span class=\"_ _3b\"></span>FO<span class=\"_ _2\"></span>RM<span class=\"_ _3b\"></span>ATI<span class=\"_ _3b\"></span>VA<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h80 ff4 fs1b fc18 sce ls0 ws0 gs1f81\">DI<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h80 ff4 fs1b fc18 sce ls0 ws0 gs1f82\">SE<span class=\"_ _3b\"></span>TT</div><div class=\"t m2 h80 ff4 fs1b fc18 sce ls0 ws0 gs1f83\">OR<span class=\"_ _3b\"></span>E<span class=\"fc1 sc2\"> </span></div><div class=\"t m2 h10 ff4 fs3 fc18 sce ls0 ws0 gs1f84\">IN<span class=\"_ _2\"></span>FO<span class=\"_ _3b\"></span>RMA<span class=\"_ _3b\"></span>TIV<span class=\"_ _3b\"></span>A<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h10 ff4 fs3 fc18 sce ls0 ws0 gs1f85\">DI<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h10 ff4 fs3 fc18 sce ls0 ws0 gs1f86\">SE<span class=\"_ _3b\"></span>TT<span class=\"_ _2\"></span>OR<span class=\"_ _2\"></span>E<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h10 ff4 fs3 fc18 sce ls0 ws0 gs1f87\">\u2013<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h10 ff4 fs3 fc18 sce ls0 ws0 gs1f88\">di<span class=\"_ _3b\"></span>str<span class=\"_ _3b\"></span>ibu<span class=\"_ _3b\"></span>zio<span class=\"_ _3b\"></span>ne<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h10 ff4 fs3 fc18 sce ls0 ws0 gs1f89\">pe<span class=\"_ _3b\"></span>r<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h10 ff4 fs3 fc18 sce ls0 ws0 gs1f8a\">se<span class=\"_ _3b\"></span>ttor<span class=\"_ _3b\"></span>i<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h10 ff4 fs3 fc18 sce ls0 ws0 gs1f8b\">op<span class=\"_ _3b\"></span>er<span class=\"_ _2\"></span>at<span class=\"_ _3b\"></span>ivi<span class=\"_ _3b\"></span><span class=\"fc1 sc2\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f8c\">Nel Gr<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f8d\">uppo Credem operano due settori operativi, Banking e Wealth Management: </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f8e\">\u2022<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc2 ls0 ws0 gs1f8f\">Banking:</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f90\"> <span class=\"_ _49\"> </span>Commer<span class=\"_ _1\"></span>cial <span class=\"_ _49\"> </span>Banking, <span class=\"_ _49\"> </span>P<span class=\"_ _1\"></span>rivate <span class=\"_ _49\"> </span>B<span class=\"_ _1\"></span>anking, <span class=\"_ _49\"> </span>Parabancario, <span class=\"_ _49\"> </span>Cons<span class=\"_ _1\"></span>umer <span class=\"_ _49\"> </span>Credit <span class=\"_ _46\"> </span>e </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f91\">Altro/Technology </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f92\">\u2022<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc2 ls0 ws0 gs1f93\">Wealth Manageme<span class=\"_ _1\"></span>nt:</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f94\"> Asset Management e Insurance. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f95\">Questi <span class=\"_ _35\"> </span>due <span class=\"_ _35\"> </span>settori <span class=\"_ _35\"> </span>operativi <span class=\"_ _0\"></span>aggregano <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>principali <span class=\"_ _35\"> </span>ambiti <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>business <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _35\"> </span>operano <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>diverse </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f96\">societ\u00e0 del Gruppo. In particolare:  </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1f97\">Commercial Banki<span class=\"_ _1\"></span>ng<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc4 sc0 ls0 ws0 gs1f98\">: </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f99\">- <span class=\"_ _115\"> </span>Cre<span class=\"_ _1\"></span>dito <span class=\"_ _3d\"> </span>Emiliano  S.p.A.:  \u00e8<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>la  Capogruppo <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>Gruppo  Cre<span class=\"_ _1\"></span>dem <span class=\"_ _3d\"> </span>specializzata  ne<span class=\"_ _1\"></span>ll\u2019attivit\u00e0  di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f9a\">commercial <span class=\"_ _38\"></span>banking attr<span class=\"_ _1\"></span>averso l\u2019er<span class=\"_ _1\"></span>ogazione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>servizi <span class=\"_ _38\"></span>indirizzati <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>cliente<span class=\"_ _1\"></span>la reta<span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>corporate. </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f9b\">Tali <span class=\"_ _0\"></span>servizi <span class=\"_ _35\"> </span>sono <span class=\"_ _0\"></span>forniti <span class=\"_ _0\"></span>anche <span class=\"_ _0\"></span>attraverso <span class=\"_ _0\"></span>ret<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>consulenti <span class=\"_ _35\"> </span>finanziari <span class=\"_ _0\"></span>abilitati <span class=\"_ _0\"></span>all\u2019offerta <span class=\"_ _35\"> </span>fuori<span class=\"_ _2\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f9c\">sede <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>rapporto <span class=\"_ _1\"></span>agenziale. <span class=\"_ _1\"></span>La <span class=\"_ _1\"></span>Capogruppo ges<span class=\"_ _1\"></span>tisce, <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>modalit\u00e0 <span class=\"_ _1\"></span>accentrata, <span class=\"_ _1\"></span>la teso<span class=\"_ _1\"></span>reria e<span class=\"_ _1\"></span>d </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f9d\">il rischio di tasso del Gruppo, interfacciandosi con i mer<span class=\"_ _1\"></span>cati finanziari istituzionali; </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f9e\">- <span class=\"_ _115\"> </span>Cre<span class=\"_ _1\"></span>dem CB S.r.l.: societ\u00e0 veicolo<span class=\"_ _2\"></span> ex L. 130 del 30 aprile 1999 pe<span class=\"_ _2\"></span>r supportare la strutturazione di </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1f9f\">specifici programmi di emissione di Obbligazioni Bancarie <span class=\"_ _1\"></span>Garantite (Covered Bonds). </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1fa0\">Private Banking<span class=\"_ _1\"></span>: </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fa1\">- <span class=\"_ _115\"> </span>Cre<span class=\"_ _1\"></span>dem - Euromobiliare Private <span class=\"_ _3b\"></span>B<span class=\"_ _1\"></span>anking S.p.A.: <span class=\"_ _2\"></span>\u00e8 la Private Bank del Grupp<span class=\"_ _2\"></span>o Bancario Credem, </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fa2\">attiva sia nel private banking che nella promozione <span class=\"_ _1\"></span>finanziaria. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1fa3\">Parabancario, Cons<span class=\"_ _1\"></span>umer Credit e Altr<span class=\"_ _1\"></span>o/Technology </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fa4\">- <span class=\"_ _115\"> </span>Credemleasing <span class=\"_ _38\"></span>S.p.A.: <span class=\"_ _38\"></span>societ\u00e0 <span class=\"_ _38\"></span>specializzata <span class=\"_ _38\"></span>nello <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>viluppo <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>nell\u2019offerta <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _38\"></span>pacchetti <span class=\"_ _38\"></span>integrati </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fa5\">di <span class=\"_ _35\"> </span>leasing. <span class=\"_ _0\"></span>La <span class=\"_ _35\"> </span>ste<span class=\"_ _1\"></span>ssa <span class=\"_ _35\"> </span>opera <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>tutti <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>comparti <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>l<span class=\"_ _2\"></span>ocazione <span class=\"_ _35\"> </span>finanziaria: <span class=\"_ _35\"> </span>targato </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fa6\">(leasing, long renting, leasing a privati), strumenta<span class=\"_ _1\"></span>le, immobiliare e navale; </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fa7\">- <span class=\"_ _115\"> </span>Credemfactor <span class=\"_ _1\"></span>S.p.A.: societ\u00e0 specializzata nell\u2019attivit\u00e0 di factoring, offre una gamma di servizi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fa8\">che <span class=\"_ _2\"></span>va <span class=\"_ _3b\"></span>dalla g<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>stione <span class=\"_ _3b\"></span>dei crediti <span class=\"_ _3b\"></span>commerciali, <span class=\"_ _3b\"></span>al <span class=\"_ _2\"></span>monitoraggio <span class=\"_ _2\"></span>continuo <span class=\"_ _3b\"></span>del <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio, <span class=\"_ _3b\"></span>alla ga<span class=\"_ _2\"></span>ranzia </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fa9\">e <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>anticipazione <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>credito. <span class=\"_ _1\"></span>Cr<span class=\"_ _1\"></span>edemfactor <span class=\"_ _38\"></span>S.p.A. <span class=\"_ _1\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>inoltre <span class=\"_ _38\"></span>specializzata <span class=\"_ _38\"></span>nella <span class=\"_ _38\"></span>gestione<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>dei </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1faa\">crediti verso gli Enti Pubblici e nello s<span class=\"_ _1\"></span>vilupp<span class=\"_ _2\"></span>o di convenzioni con i<span class=\"_ _1\"></span> fornitori; </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fab\">- <span class=\"_ _115\"> </span>Avvera <span class=\"_ _1\"></span>S.p.A.: <span class=\"_ _1\"></span>societ<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>credito <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>consumo, <span class=\"_ _1\"></span>specializzata <span class=\"_ _1\"></span>nell\u2019in<span class=\"_ _1\"></span>termediazione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>mutui <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>nel </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fac\">collocamento di prodotti di cessione del quinto e erogazione <span class=\"_ _1\"></span>di prestiti personali e finalizzati; </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fad\">- <span class=\"_ _115\"> </span>Magazzini Generali <span class=\"_ _3b\"></span>delle Tagliate <span class=\"_ _2\"></span>S.p.A.: <span class=\"_ _3b\"></span>azienda operante nel <span class=\"_ _3b\"></span>settore della <span class=\"_ _2\"></span>stagionatura e<span class=\"_ _2\"></span> dello<span class=\"_ _3b\"></span> </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fae\">stoccaggio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>formaggio <span class=\"_ _1\"></span>Parmigiano-Reggiano <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>Grana <span class=\"_ _1\"></span>Padano. <span class=\"_ _1\"></span>La <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ciet\u00e0 <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>parte <span class=\"_ _1\"></span>integrante </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1faf\">del Gruppo <span class=\"_ _1\"></span>in quanto <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>\u201cforme\u201d di <span class=\"_ _1\"></span>formaggio r<span class=\"_ _1\"></span>appresentano <span class=\"_ _1\"></span>il collaterale <span class=\"_ _1\"></span>per finanziamenti <span class=\"_ _1\"></span>ai </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fb0\">produttori; </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fb1\">- <span class=\"_ _115\"> </span>Cre<span class=\"_ _1\"></span>demtel <span class=\"_ _35\"> </span>S.p<span class=\"_ _2\"></span>.A.: <span class=\"_ _0\"></span>az<span class=\"_ _1\"></span>ienda <span class=\"_ _35\"> </span>attiva <span class=\"_ _0\"></span>nell\u2019offert<span class=\"_ _1\"></span>a <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>servizi <span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>elematici <span class=\"_ _35\"> </span>rivolti <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>banche, <span class=\"_ _0\"></span>azie<span class=\"_ _1\"></span>nde <span class=\"_ _35\"> </span>e<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fb2\">Pubblica Amministrazione e sue eventuali Societ\u00e0 <span class=\"_ _1\"></span>controllate. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1fb3\">Asset Managem<span class=\"_ _1\"></span>ent </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fb4\">- <span class=\"_ _115\"> </span>Euromo<span class=\"_ _1\"></span>biliare <span class=\"_ _3b\"></span>Asset M<span class=\"_ _2\"></span>anagement <span class=\"_ _2\"></span>SGR <span class=\"_ _3b\"></span>S.p.A.: <span class=\"_ _3b\"></span>socie<span class=\"_ _1\"></span>t\u00e0 <span class=\"_ _3b\"></span>attiva nel<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>cam<span class=\"_ _1\"></span>po <span class=\"_ _3b\"></span>della gestione <span class=\"_ _3b\"></span>collettiva </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fb5\">(fondi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>com<span class=\"_ _1\"></span>parti <span class=\"_ _0\"></span>SICAV). <span class=\"_ _0\"></span>Svol<span class=\"_ _1\"></span>ge <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>ruoli <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>\u201cManageme<span class=\"_ _1\"></span>nt <span class=\"_ _0\"> </span>Com<span class=\"_ _1\"></span>pany\u201d <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>\u201cF<span class=\"_ _1\"></span>und <span class=\"_ _0\"></span>Administrator\u201d </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fb6\">della  SICAV  Lussemburghese  Euromobiliare  International  Fund  Sicav,  i  cui  comparti  sono </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fb7\">distribuiti <span class=\"_ _3d\"> </span>attraverso <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>filiali <span class=\"_ _3d\"> </span>ed <span class=\"_ _3d\"> </span>i <span class=\"_ _3d\"> </span>consulenti <span class=\"_ _3d\"> </span>finanziari <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>Cr<span class=\"_ _1\"></span>edito <span class=\"_ _3d\"> </span>Emiliano <span class=\"_ _3d\"> </span>e <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>Credem <span class=\"_ _3d\"> </span>- </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fb8\">Euromobiliare Private Banking; </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fb9\">- <span class=\"_ _115\"> </span>Euromo<span class=\"_ _1\"></span>biliare <span class=\"_ _48\"> </span>Advisory <span class=\"_ _48\"> </span>SIM <span class=\"_ _48\"> </span>S.p.A.: <span class=\"_ _48\"> </span>societ\u00e0 <span class=\"_ _48\"> </span>il <span class=\"_ _48\"> </span>cui <span class=\"_ _48\"> </span>oggetto<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>sociale <span class=\"_ _48\"> </span>prevede <span class=\"_ _48\"> </span>l\u2019esercizio<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fba\">professionale d<span class=\"_ _2\"></span>ei <span class=\"_ _3b\"></span>servizi di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>gestione d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>portafogli, ricezione <span class=\"_ _184\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>tr<span class=\"_ _1\"></span>asmissione <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>rdini, <span class=\"_ _3b\"></span>consulenza<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fbb\">in <span class=\"_ _35\"> </span>materia  di <span class=\"_ _35\"> </span>investimenti <span class=\"_ _35\"> </span>e  pa<span class=\"_ _2\"></span>trimoniale,  anche <span class=\"_ _35\"> </span>mediante <span class=\"_ _35\"> </span>lo <span class=\"_ _35\"> </span>sviluppo <span class=\"_ _35\"> </span>di  prodotti <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>servizi<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fbc\">innovativi ad alto valore tecnologico nei confronti de<span class=\"_ _1\"></span>l pubblic<span class=\"_ _2\"></span>o ed alle r<span class=\"_ _1\"></span>eti Credem; </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fbd\">- <span class=\"_ _115\"> </span>Euromo<span class=\"_ _1\"></span>biliare <span class=\"_ _3b\"></span>F<span class=\"_ _1\"></span>iduciaria <span class=\"_ _3b\"></span>S.p.A.: <span class=\"_ _3b\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>un <span class=\"_ _3b\"></span>ope<span class=\"_ _1\"></span>ratore <span class=\"_ _2\"></span>che <span class=\"_ _3b\"></span>rientra tra <span class=\"_ _3b\"></span>le <span class=\"_ _3b\"></span>societ\u00e0 fidu<span class=\"_ _2\"></span>ciarie <span class=\"_ _2\"></span>previste d<span class=\"_ _2\"></span>alla </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fbe\">Legge <span class=\"_ _1\"></span>n. <span class=\"_ _1\"></span>1966 <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>23 <span class=\"_ _1\"></span>novembre <span class=\"_ _1\"></span>1939 <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>svolge <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>custodia <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>amministr<span class=\"_ _1\"></span>azione dei <span class=\"_ _1\"></span>beni </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fbf\">affidati dai fiducianti sulla base di un mandato fiduciario; </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fc1\">- <span class=\"_ _115\"> </span>Cre<span class=\"_ _1\"></span>dem Private <span class=\"_ _1\"></span>Equity SGR <span class=\"_ _1\"></span>S.p.A.: societ\u00e0 <span class=\"_ _1\"></span>autorizzata <span class=\"_ _1\"></span>alla prestazione del <span class=\"_ _1\"></span>servizio di <span class=\"_ _1\"></span>gestione<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fc2\">collet<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fc3\">tiva <span class=\"_ _35\"> </span>del  risparmio, <span class=\"_ _35\"> </span>che  svolge <span class=\"_ _35\"> </span>attivit\u00e0  di <span class=\"_ _35\"> </span>investimento  in <span class=\"_ _35\"> </span>capitale <span class=\"_ _35\"> </span>di  rischio <span class=\"_ _35\"> </span>mediante<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fc4\">l\u2019istituzione e l\u2019organizzazione di fondi comuni di invest<span class=\"_ _1\"></span>imento mobiliare chiusi. </div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1fc5\">Insurance: </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fc6\">- <span class=\"_ _115\"> </span>Cre<span class=\"_ _1\"></span>demvita <span class=\"_ _35\"> </span>S.p.A.: <span class=\"_ _35\"> </span>impres<span class=\"_ _1\"></span>a  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>assicurazioni  attiva <span class=\"_ _35\"> </span>nei <span class=\"_ _35\"> </span>rami  v<span class=\"_ _2\"></span>ita <span class=\"_ _35\"> </span>e  p<span class=\"_ _2\"></span>revidenziale,  ch<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>oper<span class=\"_ _1\"></span>a </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fc7\">esclusivamente attraverso le reti distributive del Gr<span class=\"_ _1\"></span>uppo Credem; </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fc8\">- <span class=\"_ _115\"> </span>Cre<span class=\"_ _1\"></span>demassicurazioni <span class=\"_ _3f\"> </span>S.p.A.: <span class=\"_ _39\"> </span>i<span class=\"_ _1\"></span>mpresa <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>assicurazioni <span class=\"_ _3f\"> </span>attiva <span class=\"_ _3f\"> </span>nei <span class=\"_ _3f\"> </span>rami <span class=\"_ _3f\"> </span>danni, <span class=\"_ _3f\"> </span>che <span class=\"_ _3f\"> </span>opera </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fc9\">esclusivamente <span class=\"_ _35\"> </span>attraverso <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>reti <span class=\"_ _0\"></span>distr<span class=\"_ _1\"></span>ibutive <span class=\"_ _35\"> </span>del <span class=\"_ _0\"> </span>G<span class=\"_ _1\"></span>ruppo <span class=\"_ _35\"> </span>Credem. <span class=\"_ _35\"> </span>La <span class=\"_ _0\"></span>so<span class=\"_ _1\"></span>ciet\u00e0 <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>partecipata </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fca\">pariteticamente da Credito Emiliano S.p.A. e da Reale <span class=\"_ _1\"></span>Mutua Assicurazioni S.p.A. </div><div class=\"t m2 h10 ff4 fs3 fc4 sc3 ls0 ws0 gs1fcb\">INF<span class=\"_ _2\"></span>ORMAT<span class=\"_ _3b\"></span>IVA DI<span class=\"_ _3b\"></span> SETTO<span class=\"_ _2\"></span>RE -<span class=\"_ _2\"></span> co<span class=\"_ _2\"></span>mme<span class=\"_ _2\"></span>n</div><div class=\"t m2 h10 ff4 fs3 fc4 sc3 ls0 ws0 gs1fcc\">to </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fcd\">Si<span class=\"_ _2\"></span><span class=\"ff5\"> <span class=\"ff4\">fa</span> <span class=\"ff4\">ri<span class=\"_ _2\"></span>feri<span class=\"_ _3b\"></span>mento<span class=\"_ _2\"></span><span class=\"ff5\"> <span class=\"ff4\">a</span> <span class=\"ff4\">qua<span class=\"_ _3b\"></span>nto<span class=\"ff5\"> </span>amp<span class=\"_ _3b\"></span>iament<span class=\"_ _2\"></span>e<span class=\"ff5\"> </span>rip<span class=\"_ _3b\"></span>ortato<span class=\"_ _2\"></span><span class=\"ff5\"> <span class=\"ff4\">nel<span class=\"_ _2\"></span>la<span class=\"ff5\"> </span>r<span class=\"_ _2\"></span>ela<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>one<span class=\"_ _2\"></span><span class=\"ff5\"> <span class=\"ff4\">sull<span class=\"_ _2\"></span>a<span class=\"ff5\"> </span>ges<span class=\"_ _3b\"></span>tione<span class=\"_ _2\"></span><span class=\"ff5\"> <span class=\"ff4\">sui</span> <span class=\"ff4\">v<span class=\"_ _3b\"></span>ari<span class=\"ff5\"> </span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fce\">setto<span class=\"_ _3b\"></span>ri<span class=\"ff5\"> <span class=\"_ _3b\"></span><span class=\"ff4\">di<span class=\"_ _3b\"></span><span class=\"ff5\"> <span class=\"ff4\">at<span class=\"_ _2\"></span>tivi<span class=\"_ _3b\"></span>t\u00e0<span class=\"ff5\"> <span class=\"_ _3b\"></span><span class=\"ff4\">e<span class=\"ff5\"> <span class=\"_ _2\"></span><span class=\"ff4\">all<span class=\"_ _3b\"></span>e<span class=\"ff5\"> </span>s<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>gol<span class=\"_ _2\"></span>e<span class=\"ff5\"> <span class=\"_ _3b\"></span><span class=\"ff4\">soci<span class=\"_ _2\"></span>et\u00e0<span class=\"ff5\"> <span class=\"_ _3b\"></span><span class=\"ff4\">del<span class=\"_ _3b\"></span><span class=\"ff5\"> G<span class=\"_ _3b\"></span><span class=\"ff4\">rupp<span class=\"_ _2\"></span>o.</span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ff5\"><span class=\"ff4\"><span class=\"ff5\"><span class=\"ff4\"><span class=\"ff5\"><span class=\"ff4\"><span class=\"ff5\"><span class=\"ff4\"><span class=\"ff5\"><span class=\"ff4\"><span class=\"ff5\"><span class=\"ff4\"><span class=\"ff5\"><span class=\"ff4\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></div>SEGMENT REPORTING<table class=\"s w15c6 h2f6\" id=\"_fc713ae9-9e14-4d1e-adfe-257261a96d78\"><tr><td></td><td></td><td></td><td class=\"t ma x26e1 h144 y6ac8 ff4 fs45 fc1 sc0 ls0 ws0\">Parabancario, </td><td></td><td></td><td></td><td></td><td class=\"t ma x26e2 h144 y6ac9 ff4 fs45 fc1 sc0 ls0 ws0\">Elisioni, </td><td></td></tr><tr><td class=\"c x26e4 y6aca w15c7 h1eb\"><div class=\"t m9 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">DICEMB<span class=\"_ _3a1\"> </span></div><div class=\"t m9 x26e3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">RE 2024<span class=\"_ _3a1\"> </span></div></td><td class=\"t ma x26e5 h144 y6acb ff4 fs45 fc1 sc0 ls0 ws0\">Commercial </td><td class=\"t ma x26e6 h144 y6acb ff4 fs45 fc1 sc0 ls0 ws0\">Private </td><td class=\"t ma x26e7 h144 y6acc ff4 fs45 fc1 sc0 ls0 ws0\">Consumer </td><td class=\"t m9 x26e8 h8 y6acd ff4 fs2 fc1 sc2 ls0 ws0\">BANKING </td><td class=\"t ma x26e9 h144 y6acb ff4 fs45 fc1 sc0 ls0 ws0\">Asset </td><td class=\"t ma x26ea h144 y6ace ff4 fs45 fc1 sc0 ls0 ws0\">Insurance </td><td class=\"t m9 x26eb h8 y6acf ff4 fs2 fc1 sc2 ls0 ws0\">Wealth </td><td class=\"t ma x26ec h144 y6ad0 ff4 fs45 fc1 sc0 ls0 ws0\">rettifiche e </td><td class=\"t m9 x26ed h8 y6acd ff4 fs2 fc1 sc2 ls0 ws0\">Consolidato </td></tr><tr><td></td><td class=\"t ma x26ee h144 y6ad1 ff4 fs45 fc1 sc0 ls0 ws0\">Banking </td><td class=\"t ma x26ef h144 y6ad1 ff4 fs45 fc1 sc0 ls0 ws0\">Banking </td><td class=\"t ma x26f0 h144 y6ad2 ff4 fs45 fc1 sc0 ls0 ws0\">Credit, IT </td><td></td><td class=\"t ma x26f1 h144 y6ad1 ff4 fs45 fc1 sc0 ls0 ws0\">Management</td><td></td><td class=\"t m9 x26f2 h8 y6ad3 ff4 fs2 fc1 sc2 ls0 ws0\">Management </td><td class=\"t ma x26f3 h144 y6ad4 ff4 fs45 fc1 sc0 ls0 ws0\">riclassifiche </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t ma x26f4 h144 y6ad5 ff4 fs45 fc1 sc0 ls0 ws0\">Technology </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m9 x26f5 h8 y6ad6 ff4 fs2 fc1 sc2 ls0 ws0\">IMPIEGHI A CLIENTELA </td><td class=\"t ma x26f6 h144 y6ad6 ff4 fs45 fc1 sc2 ls0 ws0\">34.998</td><td class=\"t ma x26f7 h144 y6ad6 ff4 fs45 fc1 sc2 ls0 ws0\">706</td><td class=\"t ma x26f8 h144 y6ad6 ff4 fs45 fc1 sc2 ls0 ws0\">8.007</td><td class=\"t m9 x26f9 h8 y6ad6 ff4 fs2 fc1 sc2 ls0 ws0\">43.711<span class=\"_ _3a1\"> </span></td><td class=\"t ma x26fa h144 y6ad6 ff4 fs45 fc1 sc2 ls0 ws0\">40</td><td></td><td class=\"t m9 x26fb h8 y6ad6 ff4 fs2 fc1 sc2 ls0 ws0\">40<span class=\"_ _3a1\"> </span></td><td class=\"t ma x26fc h144 y6ad6 ff4 fs45 fc1 sc2 ls0 ws0\">-7.388</td><td class=\"t m9 x26fd h8 y6ad6 ff4 fs2 fc1 sc2 ls0 ws0\">36.363<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6ad7 ff4 fs2 fc1 sc0 ls0 ws0\">Raccolta ASSICURATIVA </td><td></td><td></td><td></td><td></td><td></td><td class=\"t ma x26fe h144 y6ad7 ff4 fs45 fc1 sc0 ls0 ws0\">9.396</td><td class=\"t m9 x26ff h8 y6ad8 ff4 fs2 fc1 sc2 ls0 ws0\">9.396<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x2700 h8 y6ad7 ff4 fs2 fc1 sc0 ls0 ws0\">9.396<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6ad9 ff4 fs2 fc1 sc0 ls0 ws0\">Raccolta DIRETTA BANCARIA </td><td class=\"t ma x2701 h144 y6ad9 ff4 fs45 fc1 sc0 ls0 ws0\">31.611</td><td class=\"t ma x2702 h144 y6ad9 ff4 fs45 fc1 sc0 ls0 ws0\">7.888</td><td class=\"t ma x2703 h144 y6ad9 ff4 fs45 fc1 sc0 ls0 ws0\">123</td><td class=\"t m9 x2704 h8 y6ad9 ff4 fs2 fc1 sc0 ls0 ws0\">39.623<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t ma x2705 h144 y6ad9 ff4 fs45 fc1 sc0 ls0 ws0\">-374</td><td class=\"t m9 x26fd h8 y6ad9 ff4 fs2 fc1 sc0 ls0 ws0\">39.249<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6ada ff4 fs2 fc1 sc2 ls0 ws0\">TOTALE RACCOLTA DIRETTA C<span class=\"_ _1\"></span>LIENTELA </td><td class=\"t ma x2701 h144 y6ada ff4 fs45 fc1 sc2 ls0 ws0\">31.611</td><td class=\"t ma x2702 h144 y6ada ff4 fs45 fc1 sc2 ls0 ws0\">7.888</td><td class=\"t ma x2703 h144 y6ada ff4 fs45 fc1 sc2 ls0 ws0\">123</td><td class=\"t m9 x2704 h8 y6ada ff4 fs2 fc1 sc2 ls0 ws0\">39.623<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2706 h144 y6ada ff4 fs45 fc1 sc2 ls0 ws0\">0</td><td class=\"t ma x26fe h144 y6ada ff4 fs45 fc1 sc2 ls0 ws0\">9.396</td><td class=\"t m9 x26ff h8 y6ada ff4 fs2 fc1 sc2 ls0 ws0\">9.396<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2705 h144 y6ada ff4 fs45 fc1 sc2 ls0 ws0\">-374</td><td class=\"t m9 x26fd h8 y6ada ff4 fs2 fc1 sc2 ls0 ws0\">48.645<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6adb ff4 fs2 fc1 sc0 ls0 ws0\">Raccolta GESTITA </td><td class=\"t ma x2707 h144 y6adb ff4 fs45 fc1 sc0 ls0 ws0\">20.744</td><td class=\"t ma x2708 h144 y6adb ff4 fs45 fc1 sc0 ls0 ws0\">23.186</td><td></td><td class=\"t m9 x2704 h8 y6adb ff4 fs2 fc1 sc0 ls0 ws0\">43.929<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2709 h144 y6adb ff4 fs45 fc1 sc0 ls0 ws0\">15.111</td><td></td><td class=\"t m9 x270a h8 y6adc ff4 fs2 fc1 sc2 ls0 ws0\">15.111<span class=\"_ _3a1\"> </span></td><td class=\"t ma x270b h144 y6adb ff4 fs45 fc1 sc0 ls0 ws0\">-24.393</td><td class=\"t m9 x26fd h8 y6adb ff4 fs2 fc1 sc0 ls0 ws0\">34.647<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6add ff4 fs2 fc1 sc0 ls0 ws0\">Raccolta AMMINISTRATA </td><td class=\"t ma x270c h144 y6add ff4 fs45 fc1 sc0 ls0 ws0\">8.109</td><td class=\"t ma x2708 h144 y6add ff4 fs45 fc1 sc0 ls0 ws0\">13.824</td><td></td><td class=\"t m9 x270d h8 y6add ff4 fs2 fc1 sc0 ls0 ws0\">21.933<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t ma x270e h144 y6add ff4 fs45 fc1 sc0 ls0 ws0\">-10</td><td class=\"t m9 x270f h8 y6add ff4 fs2 fc1 sc0 ls0 ws0\">21.923<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6ade ff4 fs2 fc1 sc2 ls0 ws0\">TOTALE RACCOLTA INDIRETTA C<span class=\"_ _1\"></span>LIENTELA </td><td class=\"t ma x2707 h144 y6ade ff4 fs45 fc1 sc2 ls0 ws0\">28.853</td><td class=\"t ma x2708 h144 y6ade ff4 fs45 fc1 sc2 ls0 ws0\">37.010</td><td></td><td class=\"t m9 x2704 h8 y6ade ff4 fs2 fc1 sc2 ls0 ws0\">65.862<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2709 h144 y6ade ff4 fs45 fc1 sc2 ls0 ws0\">15.111</td><td class=\"t ma x2710 h144 y6ade ff4 fs45 fc1 sc2 ls0 ws0\">0</td><td class=\"t m9 x270a h8 y6ade ff4 fs2 fc1 sc2 ls0 ws0\">15.111<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2711 h144 y6ade ff4 fs45 fc1 sc2 ls0 ws0\">-24.403</td><td class=\"t m9 x2712 h8 y6ade ff4 fs2 fc1 sc2 ls0 ws0\">56.570<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6adf ff4 fs2 fc1 sc2 ls0 ws0\">TOTALE RACCOLTA CLIENTELA </td><td class=\"t ma x26f6 h144 y6adf ff4 fs45 fc1 sc2 ls0 ws0\">60.464</td><td class=\"t ma x2713 h144 y6adf ff4 fs45 fc1 sc2 ls0 ws0\">44.898</td><td class=\"t ma x2703 h144 y6adf ff4 fs45 fc1 sc2 ls0 ws0\">123</td><td class=\"t m9 x2714 h8 y6adf ff4 fs2 fc1 sc2 ls0 ws0\">105.485<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2709 h144 y6adf ff4 fs45 fc1 sc2 ls0 ws0\">15.111</td><td class=\"t ma x26fe h144 y6adf ff4 fs45 fc1 sc2 ls0 ws0\">9.396</td><td class=\"t m9 x2715 h8 y6adf ff4 fs2 fc1 sc2 ls0 ws0\">24.506<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2716 h144 y6adf ff4 fs45 fc1 sc2 ls0 ws0\">-24.777</td><td class=\"t m9 x2717 h8 y6adf ff4 fs2 fc1 sc2 ls0 ws0\">105.214<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6ae0 ff4 fs2 fc1 sc2 ls0 ws0\">TOTAL BUSINESS CLIENTE<span class=\"_ _1\"></span>LA </td><td class=\"t ma x2718 h144 y6ae0 ff4 fs45 fc1 sc2 ls0 ws0\">95.461</td><td class=\"t ma x2713 h144 y6ae0 ff4 fs45 fc1 sc2 ls0 ws0\">45.604</td><td class=\"t ma x2719 h144 y6ae0 ff4 fs45 fc1 sc2 ls0 ws0\">8.131</td><td class=\"t m9 x271a h8 y6ae0 ff4 fs2 fc1 sc2 ls0 ws0\">149.196<span class=\"_ _3a1\"> </span></td><td class=\"t ma x271b h144 y6ae0 ff4 fs45 fc1 sc2 ls0 ws0\">15.151</td><td class=\"t ma x26fe h144 y6ae0 ff4 fs45 fc1 sc2 ls0 ws0\">9.396</td><td class=\"t m9 x2715 h8 y6ae0 ff4 fs2 fc1 sc2 ls0 ws0\">24.547<span class=\"_ _3a1\"> </span></td><td class=\"t ma x271c h144 y6ae0 ff4 fs45 fc1 sc2 ls0 ws0\">-32.166</td><td class=\"t m9 x26fd h8 y6ae0 ff4 fs2 fc1 sc2 ls0 ws0\">141.577<span class=\"_ _3a1\"> </span></td></tr></table><div class=\"gsb8c\"><table class=\"s w15c8 h2f6\" id=\"_f15ba931-3aa7-4b48-94e5-26b53a4c6290\"><tr><td></td><td></td><td></td><td class=\"t ma x26e1 h144 y6ae1 ff4 fs45 fc1 sc0 ls0 ws0\">Parabancario, </td><td></td><td></td><td></td><td></td><td class=\"t ma x26e2 h144 y6ae2 ff4 fs45 fc1 sc0 ls0 ws0\">Elisioni, </td><td></td></tr><tr><td class=\"t m9 x271d h8 y6ae3 ff4 fs2 fc1 sc2 ls0 ws0\">DICEMBRE 2023 </td><td class=\"t ma x26e5 h144 y6ae4 ff4 fs45 fc1 sc0 ls0 ws0\">Commercial </td><td class=\"t ma x26e6 h144 y6ae4 ff4 fs45 fc1 sc0 ls0 ws0\">Private </td><td class=\"t ma x26e7 h144 y6ae5 ff4 fs45 fc1 sc0 ls0 ws0\">Consumer </td><td class=\"t m9 x271e h8 y6ae6 ff4 fs2 fc1 sc2 ls0 ws0\">Banking </td><td class=\"t ma x26e9 h144 y6ae4 ff4 fs45 fc1 sc0 ls0 ws0\">Asset </td><td class=\"t ma x26ea h144 y6ae7 ff4 fs45 fc1 sc0 ls0 ws0\">Insurance </td><td class=\"t m9 x26eb h8 y6ae8 ff4 fs2 fc1 sc2 ls0 ws0\">Wealth </td><td class=\"t ma x26ec h144 y6ae7 ff4 fs45 fc1 sc0 ls0 ws0\">rettifiche e </td><td class=\"t m9 x26ed h8 y6ae6 ff4 fs2 fc1 sc2 ls0 ws0\">Consolidato </td></tr><tr><td></td><td class=\"t ma x26ee h144 y6ae9 ff4 fs45 fc1 sc0 ls0 ws0\">Banking </td><td class=\"t ma x26ef h144 y6ae9 ff4 fs45 fc1 sc0 ls0 ws0\">Banking </td><td class=\"t ma x26f0 h144 y6aea ff4 fs45 fc1 sc0 ls0 ws0\">Credit, IT </td><td></td><td class=\"t ma x26f1 h144 y6ae9 ff4 fs45 fc1 sc0 ls0 ws0\">Management</td><td></td><td class=\"t m9 x26f2 h8 y6aeb ff4 fs2 fc1 sc2 ls0 ws0\">Management </td><td class=\"t ma x26f3 h144 y6aec ff4 fs45 fc1 sc0 ls0 ws0\">riclassifiche </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t ma x26f4 h144 y6aed ff4 fs45 fc1 sc0 ls0 ws0\">Technology </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m9 x26f5 h8 y6aee ff4 fs2 fc1 sc2 ls0 ws0\">IMPIEGHI A CLIENTELA </td><td class=\"t ma x26f6 h144 y6aee ff4 fs45 fc1 sc2 ls0 ws0\">34.364</td><td class=\"t ma x271f h144 y6aee ff4 fs45 fc1 sc2 ls0 ws0\">737</td><td class=\"t ma x2720 h144 y6aee ff4 fs45 fc1 sc2 ls0 ws0\">7.275</td><td class=\"t ma x2704 h144 y6aee ff4 fs45 fc1 sc2 ls0 ws0\">42.376</td><td></td><td></td><td></td><td class=\"t ma x2721 h144 y6aee ff4 fs45 fc1 sc2 ls0 ws0\">-6.661</td><td class=\"t m9 x270f h8 y6aee ff4 fs2 fc1 sc2 ls0 ws0\">35.715<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6aef ff4 fs2 fc1 sc0 ls0 ws0\">Raccolta ASSICURATIVA </td><td></td><td></td><td></td><td></td><td></td><td class=\"t ma x2722 h144 y6aef ff4 fs45 fc1 sc0 ls0 ws0\">8.173</td><td class=\"t ma x270a h144 y6aef ff4 fs45 fc1 sc0 ls0 ws0\">8.173</td><td></td><td class=\"t m9 x2723 h8 y6aef ff4 fs2 fc1 sc0 ls0 ws0\">8.173<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6af0 ff4 fs2 fc1 sc0 ls0 ws0\">Raccolta DIRETTA BANCARIA </td><td class=\"t ma x26f6 h144 y6af0 ff4 fs45 fc1 sc0 ls0 ws0\">30.443</td><td class=\"t ma x2702 h144 y6af0 ff4 fs45 fc1 sc0 ls0 ws0\">6.907</td><td class=\"t ma x2724 h144 y6af0 ff4 fs45 fc1 sc0 ls0 ws0\">140</td><td class=\"t ma x2704 h144 y6af0 ff4 fs45 fc1 sc0 ls0 ws0\">37.489</td><td></td><td></td><td></td><td class=\"t ma x2705 h144 y6af0 ff4 fs45 fc1 sc0 ls0 ws0\">-327</td><td class=\"t m9 x270f h8 y6af0 ff4 fs2 fc1 sc0 ls0 ws0\">37.163<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6af1 ff4 fs2 fc1 sc2 ls0 ws0\">TOTALE RACCOLTA DIRETTA C<span class=\"_ _1\"></span>LIENTELA </td><td class=\"t ma x26f6 h144 y6af1 ff4 fs45 fc1 sc2 ls0 ws0\">30.443</td><td class=\"t ma x2725 h144 y6af1 ff4 fs45 fc1 sc2 ls0 ws0\">6.907</td><td class=\"t ma x2724 h144 y6af1 ff4 fs45 fc1 sc2 ls0 ws0\">140</td><td class=\"t ma x2704 h144 y6af1 ff4 fs45 fc1 sc2 ls0 ws0\">37.489</td><td></td><td class=\"t ma x2722 h144 y6af1 ff4 fs45 fc1 sc2 ls0 ws0\">8.173</td><td class=\"t ma x270a h144 y6af1 ff4 fs45 fc1 sc2 ls0 ws0\">8.173</td><td class=\"t ma x2705 h144 y6af1 ff4 fs45 fc1 sc2 ls0 ws0\">-327</td><td class=\"t m9 x26fd h8 y6af1 ff4 fs2 fc1 sc2 ls0 ws0\">45.336<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6af2 ff4 fs2 fc1 sc0 ls0 ws0\">Raccolta GESTITA </td><td class=\"t ma x2718 h144 y6af2 ff4 fs45 fc1 sc0 ls0 ws0\">18.980</td><td class=\"t ma x2713 h144 y6af2 ff4 fs45 fc1 sc0 ls0 ws0\">20.908</td><td></td><td class=\"t ma x2704 h144 y6af2 ff4 fs45 fc1 sc0 ls0 ws0\">39.888</td><td class=\"t ma x2726 h144 y6af2 ff4 fs45 fc1 sc0 ls0 ws0\">13.929</td><td></td><td class=\"t ma x2727 h144 y6af2 ff4 fs45 fc1 sc0 ls0 ws0\">13.929</td><td class=\"t ma x271c h144 y6af2 ff4 fs45 fc1 sc0 ls0 ws0\">-22.103</td><td class=\"t m9 x2728 h8 y6af2 ff4 fs2 fc1 sc0 ls0 ws0\">31.714<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6af3 ff4 fs2 fc1 sc0 ls0 ws0\">Raccolta AMMINISTRATA </td><td class=\"t ma x2729 h144 y6af3 ff4 fs45 fc1 sc0 ls0 ws0\">7.197</td><td class=\"t ma x2708 h144 y6af3 ff4 fs45 fc1 sc0 ls0 ws0\">12.288</td><td></td><td class=\"t ma x270d h144 y6af3 ff4 fs45 fc1 sc0 ls0 ws0\">19.485</td><td></td><td></td><td></td><td class=\"t ma x270e h144 y6af3 ff4 fs45 fc1 sc0 ls0 ws0\">-10</td><td class=\"t m9 x270f h8 y6af3 ff4 fs2 fc1 sc0 ls0 ws0\">19.475<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6af4 ff4 fs2 fc1 sc2 ls0 ws0\">TOTALE RACCOLTA INDIRETTA C<span class=\"_ _1\"></span>LIENTELA </td><td class=\"t ma x272a h144 y6af4 ff4 fs45 fc1 sc2 ls0 ws0\">26.177</td><td class=\"t ma x2708 h144 y6af4 ff4 fs45 fc1 sc2 ls0 ws0\">33.196</td><td></td><td class=\"t ma x2704 h144 y6af4 ff4 fs45 fc1 sc2 ls0 ws0\">59.373</td><td class=\"t ma x2726 h144 y6af4 ff4 fs45 fc1 sc2 ls0 ws0\">13.929</td><td></td><td class=\"t ma x2727 h144 y6af4 ff4 fs45 fc1 sc2 ls0 ws0\">13.929</td><td class=\"t ma x272b h144 y6af4 ff4 fs45 fc1 sc2 ls0 ws0\">-22.113</td><td class=\"t m9 x270f h8 y6af4 ff4 fs2 fc1 sc2 ls0 ws0\">51.189<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6af5 ff4 fs2 fc1 sc2 ls0 ws0\">TOTALE RACCOLTA CLIENTELA </td><td class=\"t ma x2707 h144 y6af5 ff4 fs45 fc1 sc2 ls0 ws0\">56.620</td><td class=\"t ma x2708 h144 y6af5 ff4 fs45 fc1 sc2 ls0 ws0\">40.103</td><td class=\"t ma x2724 h144 y6af5 ff4 fs45 fc1 sc2 ls0 ws0\">140</td><td class=\"t ma x2704 h144 y6af5 ff4 fs45 fc1 sc2 ls0 ws0\">96.862</td><td class=\"t ma x2726 h144 y6af5 ff4 fs45 fc1 sc2 ls0 ws0\">13.929</td><td class=\"t ma x2722 h144 y6af5 ff4 fs45 fc1 sc2 ls0 ws0\">8.173</td><td class=\"t ma x2727 h144 y6af5 ff4 fs45 fc1 sc2 ls0 ws0\">22.102</td><td class=\"t ma x270b h144 y6af5 ff4 fs45 fc1 sc2 ls0 ws0\">-22.440</td><td class=\"t m9 x26fd h8 y6af5 ff4 fs2 fc1 sc2 ls0 ws0\">96.525<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6af6 ff4 fs2 fc1 sc2 ls0 ws0\">TOTAL BUSINESS CLIENTE<span class=\"_ _1\"></span>LA </td><td class=\"t ma x26f6 h144 y6af6 ff4 fs45 fc1 sc2 ls0 ws0\">90.984</td><td class=\"t ma x2713 h144 y6af6 ff4 fs45 fc1 sc2 ls0 ws0\">40.840</td><td class=\"t ma x272c h144 y6af6 ff4 fs45 fc1 sc2 ls0 ws0\">7.415</td><td class=\"t ma x2714 h144 y6af6 ff4 fs45 fc1 sc2 ls0 ws0\">139.238</td><td class=\"t ma x2726 h144 y6af6 ff4 fs45 fc1 sc2 ls0 ws0\">13.929</td><td class=\"t ma x2722 h144 y6af6 ff4 fs45 fc1 sc2 ls0 ws0\">8.173</td><td class=\"t ma x2727 h144 y6af6 ff4 fs45 fc1 sc2 ls0 ws0\">22.102</td><td class=\"t ma x272b h144 y6af6 ff4 fs45 fc1 sc2 ls0 ws0\">-29.101</td><td class=\"t m9 x272d h8 y6af6 ff4 fs2 fc1 sc2 ls0 ws0\">132.240<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m7 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fd3\">I numeri relativi al 2023 sono stati oggetto di riclassifica interna per un importo non significativo con la <span class=\"_ _2\"></span>finalit\u00e0 di una migliore rappresentazione.<span class=\"_ _3a1\"> </span> </div><div class=\"t m9 h8 ff4 fs2 fc1 sc2 ls0 ws0 gs1fd5\">SEGMENT REPORTING </div><div class=\"gs1fd1\"><table class=\"s w15c9 h2f7\" id=\"_a31ba6ba-4e66-416c-b3f8-9d24490718dc\"><tr><td></td><td></td><td></td><td class=\"t ma x272e h144 y6af7 ff4 fs45 fc1 sc0 ls0 ws0\">Parabancario, </td><td></td><td></td><td></td><td></td><td class=\"t ma x272f h144 y6af8 ff4 fs45 fc1 sc0 ls0 ws0\">Elisioni, </td><td></td></tr><tr><td class=\"c x2731 y6af9 w15ca h1eb\"><div class=\"t m9 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">DICEMB<span class=\"_ _3a1\"> </span></div><div class=\"t m9 x2730 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">RE 2024<span class=\"_ _3a1\"> </span></div></td><td class=\"t ma x2732 h144 y6afa ff4 fs45 fc1 sc0 ls0 ws0\">Commercial </td><td class=\"t ma x2733 h144 y6afb ff4 fs45 fc1 sc0 ls0 ws0\">Private Banking</td><td class=\"t ma x2734 h144 y6afc ff4 fs45 fc1 sc0 ls0 ws0\">Consumer </td><td class=\"t m9 x2735 h8 y6afd ff4 fs2 fc1 sc2 ls0 ws0\">BANKING </td><td class=\"t ma x2736 h144 y6afa ff4 fs45 fc1 sc0 ls0 ws0\">Asset </td><td class=\"t ma x2737 h144 y6afb ff4 fs45 fc1 sc0 ls0 ws0\">Insurance </td><td class=\"t m9 x26f2 h8 y6afe ff4 fs2 fc1 sc2 ls0 ws0\">Wealth </td><td class=\"t ma x2738 h144 y6aff ff4 fs45 fc1 sc0 ls0 ws0\">rettifiche e </td><td class=\"t m9 x2739 h8 y6afe ff4 fs2 fc1 sc2 ls0 ws0\">Consolidato </td></tr><tr><td></td><td class=\"t ma x273a h144 y6b00 ff4 fs45 fc1 sc0 ls0 ws0\">Banking </td><td></td><td class=\"t ma x273b h144 y6b01 ff4 fs45 fc1 sc0 ls0 ws0\">Credit, IT </td><td></td><td class=\"t ma x273c h144 y6b00 ff4 fs45 fc1 sc0 ls0 ws0\">Management </td><td></td><td class=\"t m9 x273d h8 y6b02 ff4 fs2 fc1 sc2 ls0 ws0\">Management </td><td class=\"t ma x273e h144 y6b03 ff4 fs45 fc1 sc0 ls0 ws0\">riclassifiche </td><td class=\"t m9 x273f h8 y6b02 ff4 fs2 fc1 sc2 ls0 ws0\">riclassificato </td></tr><tr><td></td><td></td><td></td><td class=\"t ma x2740 h144 y6b04 ff4 fs45 fc1 sc0 ls0 ws0\">Technology </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m9 x26f5 h8 y6b05 ff4 fs2 fc1 sc0 ls0 ws0\">Margine finanziario </td><td class=\"t ma x2741 h144 y6b05 ff4 fs45 fc1 sc0 ls0 ws0\">855,0</td><td class=\"t ma x2742 h144 y6b05 ff4 fs45 fc1 sc0 ls0 ws0\">96,7</td><td class=\"t ma x2743 h144 y6b05 ff4 fs45 fc1 sc0 ls0 ws0\">138,2</td><td class=\"t m9 x2744 h8 y6b05 ff4 fs2 fc1 sc0 ls0 ws0\">1.089,9<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2745 h144 y6b05 ff4 fs45 fc1 sc0 ls0 ws0\">16,7</td><td class=\"t ma x2746 h144 y6b05 ff4 fs45 fc1 sc0 ls0 ws0\">7,5</td><td class=\"t m9 x2747 h8 y6b05 ff4 fs2 fc1 sc0 ls0 ws0\">24,2<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2748 h144 y6b05 ff4 fs45 fc1 sc0 ls0 ws0\">5,4</td><td class=\"t m9 x272d h8 y6b05 ff4 fs2 fc1 sc0 ls0 ws0\">1.119,5<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b06 ff4 fs2 fc1 sc0 ls0 ws0\">Margine servizi </td><td class=\"t ma x2741 h144 y6b06 ff4 fs45 fc1 sc0 ls0 ws0\">487,3</td><td class=\"t ma x2749 h144 y6b06 ff4 fs45 fc1 sc0 ls0 ws0\">207,0</td><td class=\"t ma x274a h144 y6b06 ff4 fs45 fc1 sc0 ls0 ws0\">115,3</td><td class=\"t m9 x274b h8 y6b06 ff4 fs2 fc1 sc0 ls0 ws0\">809,6<span class=\"_ _3a1\"> </span></td><td class=\"t ma x274c h144 y6b06 ff4 fs45 fc1 sc0 ls0 ws0\">144,3</td><td class=\"t ma x274d h144 y6b06 ff4 fs45 fc1 sc0 ls0 ws0\">87,8</td><td class=\"t m9 x274e h8 y6b06 ff4 fs2 fc1 sc0 ls0 ws0\">232,2<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2711 h144 y6b06 ff4 fs45 fc1 sc0 ls0 ws0\">-128,9</td><td class=\"t m9 x2717 h8 y6b06 ff4 fs2 fc1 sc0 ls0 ws0\">912,8<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b07 ff4 fs2 fc1 sc2 ls0 ws0\">Margine d'intermediazione </td><td class=\"t ma x274f h144 y6b07 ff4 fs45 fc1 sc2 ls0 ws0\">1.342,2</td><td class=\"t ma x2749 h144 y6b07 ff4 fs45 fc1 sc2 ls0 ws0\">303,7</td><td class=\"t ma x2750 h144 y6b07 ff4 fs45 fc1 sc2 ls0 ws0\">253,5</td><td class=\"t m9 x2744 h8 y6b07 ff4 fs2 fc1 sc2 ls0 ws0\">1.899,5<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2751 h144 y6b07 ff4 fs45 fc1 sc2 ls0 ws0\">161,1</td><td class=\"t ma x274d h144 y6b07 ff4 fs45 fc1 sc2 ls0 ws0\">95,3</td><td class=\"t m9 x274e h8 y6b07 ff4 fs2 fc1 sc2 ls0 ws0\">256,4<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2711 h144 y6b07 ff4 fs45 fc1 sc2 ls0 ws0\">-123,6</td><td class=\"t m9 x2752 h8 y6b07 ff4 fs2 fc1 sc2 ls0 ws0\">2.032,3<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b08 ff4 fs2 fc1 sc0 ls0 ws0\">Spese personale </td><td class=\"t ma x2753 h144 y6b08 ff4 fs45 fc1 sc0 ls0 ws0\">-452,9</td><td class=\"t ma x2754 h144 y6b08 ff4 fs45 fc1 sc0 ls0 ws0\">-99,4</td><td class=\"t ma x2743 h144 y6b08 ff4 fs45 fc1 sc0 ls0 ws0\">-53,3</td><td class=\"t m9 x2755 h8 y6b08 ff4 fs2 fc1 sc0 ls0 ws0\">-605,6<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2756 h144 y6b08 ff4 fs45 fc1 sc0 ls0 ws0\">-19,2</td><td class=\"t ma x2757 h144 y6b08 ff4 fs45 fc1 sc0 ls0 ws0\">-3,3</td><td class=\"t m9 x2758 h8 y6b08 ff4 fs2 fc1 sc0 ls0 ws0\">-22,4<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2759 h144 y6b08 ff4 fs45 fc1 sc0 ls0 ws0\">14,3</td><td class=\"t m9 x275a h8 y6b08 ff4 fs2 fc1 sc0 ls0 ws0\">-613,8<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b09 ff4 fs2 fc1 sc0 ls0 ws0\">Spese amministrative </td><td class=\"t ma x2753 h144 y6b09 ff4 fs45 fc1 sc0 ls0 ws0\">-234,6</td><td class=\"t ma x275b h144 y6b09 ff4 fs45 fc1 sc0 ls0 ws0\">-67,7</td><td class=\"t ma x2743 h144 y6b09 ff4 fs45 fc1 sc0 ls0 ws0\">-45,6</td><td class=\"t m9 x275c h8 y6b09 ff4 fs2 fc1 sc0 ls0 ws0\">-347,9<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2756 h144 y6b09 ff4 fs45 fc1 sc0 ls0 ws0\">-20,1</td><td class=\"t ma x2757 h144 y6b09 ff4 fs45 fc1 sc0 ls0 ws0\">-6,6</td><td class=\"t m9 x2758 h8 y6b09 ff4 fs2 fc1 sc0 ls0 ws0\">-26,7<span class=\"_ _3a1\"> </span></td><td class=\"t ma x26fc h144 y6b09 ff4 fs45 fc1 sc0 ls0 ws0\">84,8</td><td class=\"t m9 x275d h8 y6b09 ff4 fs2 fc1 sc0 ls0 ws0\">-289,8<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b0a ff4 fs2 fc1 sc2 ls0 ws0\">Costi operativi </td><td class=\"t ma x275e h144 y6b0a ff4 fs45 fc1 sc2 ls0 ws0\">-687,5</td><td class=\"t ma x275f h144 y6b0a ff4 fs45 fc1 sc2 ls0 ws0\">-167,0</td><td class=\"t ma x2750 h144 y6b0a ff4 fs45 fc1 sc2 ls0 ws0\">-99,0</td><td class=\"t m9 x275c h8 y6b0a ff4 fs2 fc1 sc2 ls0 ws0\">-953,5<span class=\"_ _3a1\"> </span></td><td class=\"t ma x274c h144 y6b0a ff4 fs45 fc1 sc2 ls0 ws0\">-39,3</td><td class=\"t ma x2757 h144 y6b0a ff4 fs45 fc1 sc2 ls0 ws0\">-9,8</td><td class=\"t m9 x2760 h8 y6b0a ff4 fs2 fc1 sc2 ls0 ws0\">-49,1<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2759 h144 y6b0a ff4 fs45 fc1 sc2 ls0 ws0\">99,1</td><td class=\"t m9 x275d h8 y6b0a ff4 fs2 fc1 sc2 ls0 ws0\">-903,5<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b0b ff4 fs2 fc1 sc2 ls0 ws0\">Risultato lordo <span class=\"_ _1\"></span>di gestione </td><td class=\"t ma x2761 h144 y6b0b ff4 fs45 fc1 sc2 ls0 ws0\">654,7</td><td class=\"t ma x275b h144 y6b0b ff4 fs45 fc1 sc2 ls0 ws0\">136,7</td><td class=\"t ma x2743 h144 y6b0b ff4 fs45 fc1 sc2 ls0 ws0\">154,6</td><td class=\"t m9 x274b h8 y6b0b ff4 fs2 fc1 sc2 ls0 ws0\">946,0<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2756 h144 y6b0b ff4 fs45 fc1 sc2 ls0 ws0\">121,8</td><td class=\"t ma x274d h144 y6b0b ff4 fs45 fc1 sc2 ls0 ws0\">85,5</td><td class=\"t m9 x274e h8 y6b0b ff4 fs2 fc1 sc2 ls0 ws0\">207,3<span class=\"_ _3a1\"> </span></td><td class=\"t ma x271c h144 y6b0b ff4 fs45 fc1 sc2 ls0 ws0\">-24,4</td><td class=\"t m9 x275d h8 y6b0b ff4 fs2 fc1 sc2 ls0 ws0\">1.128,8<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b0c ff4 fs2 fc1 sc0 ls0 ws0\">Ammortamenti </td><td class=\"t ma x2762 h144 y6b0c ff4 fs45 fc1 sc0 ls0 ws0\">-87,5</td><td class=\"t ma x2763 h144 y6b0c ff4 fs45 fc1 sc0 ls0 ws0\">-8,2</td><td class=\"t ma x2764 h144 y6b0c ff4 fs45 fc1 sc0 ls0 ws0\">-13,4</td><td class=\"t m9 x274b h8 y6b0c ff4 fs2 fc1 sc0 ls0 ws0\">-109,1<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2751 h144 y6b0c ff4 fs45 fc1 sc0 ls0 ws0\">-0,8</td><td class=\"t ma x2757 h144 y6b0c ff4 fs45 fc1 sc0 ls0 ws0\">-2,0</td><td class=\"t m9 x2765 h8 y6b0c ff4 fs2 fc1 sc0 ls0 ws0\">-2,8<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2766 h144 y6b0c ff4 fs45 fc1 sc0 ls0 ws0\">4,6</td><td class=\"t m9 x275a h8 y6b0c ff4 fs2 fc1 sc0 ls0 ws0\">-107,4<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b0d ff4 fs2 fc1 sc2 ls0 ws0\">Risultato operativo </td><td class=\"t ma x2761 h144 y6b0d ff4 fs45 fc1 sc2 ls0 ws0\">567,2</td><td class=\"t ma x275b h144 y6b0d ff4 fs45 fc1 sc2 ls0 ws0\">128,5</td><td class=\"t ma x274a h144 y6b0d ff4 fs45 fc1 sc2 ls0 ws0\">141,2</td><td class=\"t m9 x274b h8 y6b0d ff4 fs2 fc1 sc2 ls0 ws0\">836,8<span class=\"_ _3a1\"> </span></td><td class=\"t ma x274c h144 y6b0d ff4 fs45 fc1 sc2 ls0 ws0\">120,9</td><td class=\"t ma x274d h144 y6b0d ff4 fs45 fc1 sc2 ls0 ws0\">83,5</td><td class=\"t m9 x274e h8 y6b0d ff4 fs2 fc1 sc2 ls0 ws0\">204,4<span class=\"_ _3a1\"> </span></td><td class=\"t ma x272b h144 y6b0d ff4 fs45 fc1 sc2 ls0 ws0\">-19,9</td><td class=\"t m9 x275d h8 y6b0d ff4 fs2 fc1 sc2 ls0 ws0\">1.021,4<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b0e ff4 fs2 fc1 sc0 ls0 ws0\">Rettifiche nette su crediti </td><td class=\"t ma x2762 h144 y6b0e ff4 fs45 fc1 sc0 ls0 ws0\">-24,8</td><td class=\"t ma x2767 h144 y6b0e ff4 fs45 fc1 sc0 ls0 ws0\">0,1</td><td class=\"t ma x2768 h144 y6b0e ff4 fs45 fc1 sc0 ls0 ws0\">-18,1</td><td class=\"t m9 x2769 h8 y6b0e ff4 fs2 fc1 sc0 ls0 ws0\">-42,8<span class=\"_ _3a1\"> </span></td><td class=\"t ma x276a h144 y6b0e ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x276b h144 y6b0e ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t m9 x276c h8 y6b0e ff4 fs2 fc1 sc0 ls0 ws0\">0,0<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2766 h144 y6b0e ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t m9 x2717 h8 y6b0e ff4 fs2 fc1 sc0 ls0 ws0\">-42,8<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b0f ff4 fs2 fc1 sc0 ls0 ws0\">Accantonamenti per rischi ed oneri </td><td class=\"t ma x276d h144 y6b0f ff4 fs45 fc1 sc0 ls0 ws0\">-12,1</td><td class=\"t ma x2763 h144 y6b0f ff4 fs45 fc1 sc0 ls0 ws0\">-4,0</td><td class=\"t ma x276e h144 y6b0f ff4 fs45 fc1 sc0 ls0 ws0\">-2,8</td><td class=\"t m9 x276f h8 y6b0f ff4 fs2 fc1 sc0 ls0 ws0\">-18,9<span class=\"_ _3a1\"> </span></td><td class=\"t ma x26e9 h144 y6b0f ff4 fs45 fc1 sc0 ls0 ws0\">-1,6</td><td class=\"t ma x2770 h144 y6b0f ff4 fs45 fc1 sc0 ls0 ws0\">0,1</td><td class=\"t m9 x2715 h8 y6b0f ff4 fs2 fc1 sc0 ls0 ws0\">-1,6<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2766 h144 y6b0f ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t m9 x2717 h8 y6b0f ff4 fs2 fc1 sc0 ls0 ws0\">-20,4<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b10 ff4 fs2 fc1 sc0 ls0 ws0\">Proventi / oneri straordinari </td><td class=\"t ma x2762 h144 y6b10 ff4 fs45 fc1 sc0 ls0 ws0\">-38,5</td><td class=\"t ma x2763 h144 y6b10 ff4 fs45 fc1 sc0 ls0 ws0\">-5,0</td><td class=\"t ma x26e1 h144 y6b10 ff4 fs45 fc1 sc0 ls0 ws0\">0,1</td><td class=\"t m9 x2769 h8 y6b10 ff4 fs2 fc1 sc0 ls0 ws0\">-43,4<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2751 h144 y6b10 ff4 fs45 fc1 sc0 ls0 ws0\">-0,5</td><td class=\"t ma x2771 h144 y6b10 ff4 fs45 fc1 sc0 ls0 ws0\">-3,1</td><td class=\"t m9 x2765 h8 y6b10 ff4 fs2 fc1 sc0 ls0 ws0\">-3,6<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2766 h144 y6b10 ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t m9 x2717 h8 y6b10 ff4 fs2 fc1 sc0 ls0 ws0\">-47,0<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b11 ff4 fs2 fc1 sc2 ls0 ws0\">Utile prima delle <span class=\"_ _1\"></span>imposte </td><td class=\"t ma x2762 h144 y6b11 ff4 fs45 fc1 sc2 ls0 ws0\">491,9</td><td class=\"t ma x2772 h144 y6b11 ff4 fs45 fc1 sc2 ls0 ws0\">119,5</td><td class=\"t ma x2743 h144 y6b11 ff4 fs45 fc1 sc2 ls0 ws0\">120,3</td><td class=\"t m9 x276f h8 y6b11 ff4 fs2 fc1 sc2 ls0 ws0\">731,7<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2756 h144 y6b11 ff4 fs45 fc1 sc2 ls0 ws0\">118,8</td><td class=\"t ma x2773 h144 y6b11 ff4 fs45 fc1 sc2 ls0 ws0\">80,4</td><td class=\"t m9 x2758 h8 y6b11 ff4 fs2 fc1 sc2 ls0 ws0\">199,3<span class=\"_ _3a1\"> </span></td><td class=\"t ma x272b h144 y6b11 ff4 fs45 fc1 sc2 ls0 ws0\">-19,9</td><td class=\"t m9 x270f h8 y6b11 ff4 fs2 fc1 sc2 ls0 ws0\">911,1<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b12 ff4 fs2 fc1 sc0 ls0 ws0\">Utile di terzi </td><td class=\"t ma x2774 h144 y6b12 ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x2775 h144 y6b12 ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x2776 h144 y6b12 ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t m9 x2777 h8 y6b12 ff4 fs2 fc1 sc0 ls0 ws0\">0,0<span class=\"_ _3a1\"> </span></td><td class=\"t ma x276a h144 y6b12 ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x276b h144 y6b12 ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t m9 x276c h8 y6b12 ff4 fs2 fc1 sc0 ls0 ws0\">0,0<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2766 h144 y6b12 ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t m9 x2723 h8 y6b12 ff4 fs2 fc1 sc0 ls0 ws0\">0,0<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b13 ff4 fs2 fc1 sc0 ls0 ws0\">Imposte sul reddito </td><td class=\"t ma x2761 h144 y6b13 ff4 fs45 fc1 sc0 ls0 ws0\">-157,1</td><td class=\"t ma x2754 h144 y6b13 ff4 fs45 fc1 sc0 ls0 ws0\">-40,8</td><td class=\"t ma x2750 h144 y6b13 ff4 fs45 fc1 sc0 ls0 ws0\">-39,6</td><td class=\"t m9 x275c h8 y6b13 ff4 fs2 fc1 sc0 ls0 ws0\">-237,5<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2778 h144 y6b13 ff4 fs45 fc1 sc0 ls0 ws0\">-34,8</td><td class=\"t ma x2779 h144 y6b13 ff4 fs45 fc1 sc0 ls0 ws0\">-24,2</td><td class=\"t m9 x2758 h8 y6b13 ff4 fs2 fc1 sc0 ls0 ws0\">-59,0<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2748 h144 y6b13 ff4 fs45 fc1 sc0 ls0 ws0\">5,4</td><td class=\"t m9 x275a h8 y6b13 ff4 fs2 fc1 sc0 ls0 ws0\">-291,0<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b14 ff4 fs2 fc1 sc2 ls0 ws0\">Utile netto </td><td class=\"t ma x2741 h144 y6b14 ff4 fs45 fc1 sc2 ls0 ws0\">334,8</td><td class=\"t ma x2763 h144 y6b14 ff4 fs45 fc1 sc2 ls0 ws0\">78,7</td><td class=\"t ma x2768 h144 y6b14 ff4 fs45 fc1 sc2 ls0 ws0\">80,7</td><td class=\"t m9 x274b h8 y6b14 ff4 fs2 fc1 sc2 ls0 ws0\">494,2<span class=\"_ _3a1\"> </span></td><td class=\"t ma x277a h144 y6b14 ff4 fs45 fc1 sc2 ls0 ws0\">84,0</td><td class=\"t ma x274d h144 y6b14 ff4 fs45 fc1 sc2 ls0 ws0\">56,3</td><td class=\"t m9 x2758 h8 y6b14 ff4 fs2 fc1 sc2 ls0 ws0\">140,3<span class=\"_ _3a1\"> </span></td><td class=\"t ma x272b h144 y6b14 ff4 fs45 fc1 sc2 ls0 ws0\">-14,4</td><td class=\"t m9 x2717 h8 y6b14 ff4 fs2 fc1 sc2 ls0 ws0\">620,1<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"gsb8c\"><table class=\"s w15cb h2f8\" id=\"_7338c5c1-4929-4e56-8cd0-9817b9e6fd34\"><tr><td></td><td></td><td></td><td class=\"t ma x272e h144 y6b15 ff4 fs45 fc1 sc0 ls0 ws0\">Parabancario, </td><td></td><td></td><td></td><td></td><td class=\"t ma x272f h144 y6b16 ff4 fs45 fc1 sc0 ls0 ws0\">Elisioni, </td><td></td></tr><tr><td class=\"t m9 x277b h8 y6b17 ff4 fs2 fc1 sc2 ls0 ws0\">DICEMBRE 2023 </td><td class=\"t ma x2732 h144 y6b18 ff4 fs45 fc1 sc0 ls0 ws0\">Commercial </td><td class=\"t ma x2733 h144 y6b19 ff4 fs45 fc1 sc0 ls0 ws0\">Private Banking</td><td class=\"t ma x2734 h144 y6b18 ff4 fs45 fc1 sc0 ls0 ws0\">Consumer </td><td class=\"t m9 x2720 h8 y6b1a ff4 fs2 fc1 sc2 ls0 ws0\">Banking </td><td class=\"t ma x2736 h144 y6b18 ff4 fs45 fc1 sc0 ls0 ws0\">Asset </td><td class=\"t ma x2737 h144 y6b19 ff4 fs45 fc1 sc0 ls0 ws0\">Insurance </td><td class=\"t m9 x26f2 h8 y6b1b ff4 fs2 fc1 sc2 ls0 ws0\">Wealth </td><td class=\"t ma x2738 h144 y6b19 ff4 fs45 fc1 sc0 ls0 ws0\">rettifiche e </td><td class=\"t m9 x2739 h8 y6b1b ff4 fs2 fc1 sc2 ls0 ws0\">Consolidato </td></tr><tr><td></td><td class=\"t ma x273a h144 y6b1c ff4 fs45 fc1 sc0 ls0 ws0\">Banking </td><td></td><td class=\"t ma x273b h144 y6b1c ff4 fs45 fc1 sc0 ls0 ws0\">Credit, IT </td><td></td><td class=\"t ma x273c h144 y6b1c ff4 fs45 fc1 sc0 ls0 ws0\">Management </td><td></td><td class=\"t m9 x273d h8 y6b1d ff4 fs2 fc1 sc2 ls0 ws0\">Management </td><td class=\"t ma x273e h144 y6b1e ff4 fs45 fc1 sc0 ls0 ws0\">riclassifiche </td><td class=\"t m9 x273f h8 y6b1d ff4 fs2 fc1 sc2 ls0 ws0\">riclassificato </td></tr><tr><td></td><td></td><td></td><td class=\"t ma x2740 h144 y6b1f ff4 fs45 fc1 sc0 ls0 ws0\">Technology </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m9 x26f5 h8 y6b20 ff4 fs2 fc1 sc0 ls0 ws0\">Margine finanziario </td><td class=\"t ma x2741 h144 y6b20 ff4 fs45 fc1 sc0 ls0 ws0\">866,2</td><td class=\"t ma x2742 h144 y6b20 ff4 fs45 fc1 sc0 ls0 ws0\">90,6</td><td class=\"t ma x2768 h144 y6b20 ff4 fs45 fc1 sc0 ls0 ws0\">111,4</td><td class=\"t ma x2744 h144 y6b20 ff4 fs45 fc1 sc0 ls0 ws0\">1.068,2</td><td class=\"t ma x26e9 h144 y6b20 ff4 fs45 fc1 sc0 ls0 ws0\">11,3</td><td class=\"t ma x2770 h144 y6b20 ff4 fs45 fc1 sc0 ls0 ws0\">5,1</td><td class=\"t ma x2765 h144 y6b20 ff4 fs45 fc1 sc0 ls0 ws0\">16,4</td><td class=\"t ma x2748 h144 y6b20 ff4 fs45 fc1 sc0 ls0 ws0\">6,7</td><td class=\"t m9 x275d h8 y6b20 ff4 fs2 fc1 sc0 ls0 ws0\">1.091,3<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b21 ff4 fs2 fc1 sc0 ls0 ws0\">Margine servizi </td><td class=\"t ma x2761 h144 y6b21 ff4 fs45 fc1 sc0 ls0 ws0\">495,7</td><td class=\"t ma x2754 h144 y6b21 ff4 fs45 fc1 sc0 ls0 ws0\">168,9</td><td class=\"t ma x274a h144 y6b21 ff4 fs45 fc1 sc0 ls0 ws0\">112,8</td><td class=\"t ma x2769 h144 y6b21 ff4 fs45 fc1 sc0 ls0 ws0\">777,4</td><td class=\"t ma x277a h144 y6b21 ff4 fs45 fc1 sc0 ls0 ws0\">98,3</td><td class=\"t ma x274d h144 y6b21 ff4 fs45 fc1 sc0 ls0 ws0\">93,6</td><td class=\"t ma x2760 h144 y6b21 ff4 fs45 fc1 sc0 ls0 ws0\">191,9</td><td class=\"t ma x2711 h144 y6b21 ff4 fs45 fc1 sc0 ls0 ws0\">-137,5</td><td class=\"t m9 x2717 h8 y6b21 ff4 fs2 fc1 sc0 ls0 ws0\">831,7<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b22 ff4 fs2 fc1 sc2 ls0 ws0\">Margine d'intermediazione </td><td class=\"t ma x2753 h144 y6b22 ff4 fs45 fc1 sc2 ls0 ws0\">1.361,9</td><td class=\"t ma x2754 h144 y6b22 ff4 fs45 fc1 sc2 ls0 ws0\">259,5</td><td class=\"t ma x2750 h144 y6b22 ff4 fs45 fc1 sc2 ls0 ws0\">224,2</td><td class=\"t ma x2744 h144 y6b22 ff4 fs45 fc1 sc2 ls0 ws0\">1.845,6</td><td class=\"t ma x274c h144 y6b22 ff4 fs45 fc1 sc2 ls0 ws0\">109,6</td><td class=\"t ma x274d h144 y6b22 ff4 fs45 fc1 sc2 ls0 ws0\">98,7</td><td class=\"t ma x277c h144 y6b22 ff4 fs45 fc1 sc2 ls0 ws0\">208,3</td><td class=\"t ma x2711 h144 y6b22 ff4 fs45 fc1 sc2 ls0 ws0\">-130,8</td><td class=\"t m9 x277d h8 y6b22 ff4 fs2 fc1 sc2 ls0 ws0\">1.923,0<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b23 ff4 fs2 fc1 sc0 ls0 ws0\">Spese personale </td><td class=\"t ma x2753 h144 y6b23 ff4 fs45 fc1 sc0 ls0 ws0\">-435,6</td><td class=\"t ma x2754 h144 y6b23 ff4 fs45 fc1 sc0 ls0 ws0\">-89,3</td><td class=\"t ma x2750 h144 y6b23 ff4 fs45 fc1 sc0 ls0 ws0\">-48,3</td><td class=\"t ma x275c h144 y6b23 ff4 fs45 fc1 sc0 ls0 ws0\">-573,2</td><td class=\"t ma x277e h144 y6b23 ff4 fs45 fc1 sc0 ls0 ws0\">-16,8</td><td class=\"t ma x274d h144 y6b23 ff4 fs45 fc1 sc0 ls0 ws0\">-17,1</td><td class=\"t ma x2758 h144 y6b23 ff4 fs45 fc1 sc0 ls0 ws0\">-33,9</td><td class=\"t ma x2721 h144 y6b23 ff4 fs45 fc1 sc0 ls0 ws0\">14,0</td><td class=\"t m9 x275a h8 y6b23 ff4 fs2 fc1 sc0 ls0 ws0\">-593,1<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b24 ff4 fs2 fc1 sc0 ls0 ws0\">Spese amministrative </td><td class=\"t ma x2753 h144 y6b24 ff4 fs45 fc1 sc0 ls0 ws0\">-206,0</td><td class=\"t ma x2754 h144 y6b24 ff4 fs45 fc1 sc0 ls0 ws0\">-63,9</td><td class=\"t ma x2764 h144 y6b24 ff4 fs45 fc1 sc0 ls0 ws0\">-41,8</td><td class=\"t ma x274b h144 y6b24 ff4 fs45 fc1 sc0 ls0 ws0\">-311,7</td><td class=\"t ma x277e h144 y6b24 ff4 fs45 fc1 sc0 ls0 ws0\">-18,6</td><td class=\"t ma x2757 h144 y6b24 ff4 fs45 fc1 sc0 ls0 ws0\">-5,9</td><td class=\"t ma x2758 h144 y6b24 ff4 fs45 fc1 sc0 ls0 ws0\">-24,5</td><td class=\"t ma x26fc h144 y6b24 ff4 fs45 fc1 sc0 ls0 ws0\">83,3</td><td class=\"t m9 x275d h8 y6b24 ff4 fs2 fc1 sc0 ls0 ws0\">-252,9<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b25 ff4 fs2 fc1 sc2 ls0 ws0\">Costi operativi </td><td class=\"t ma x277f h144 y6b25 ff4 fs45 fc1 sc2 ls0 ws0\">-641,6</td><td class=\"t ma x275f h144 y6b25 ff4 fs45 fc1 sc2 ls0 ws0\">-153,2</td><td class=\"t ma x2764 h144 y6b25 ff4 fs45 fc1 sc2 ls0 ws0\">-90,1</td><td class=\"t ma x2755 h144 y6b25 ff4 fs45 fc1 sc2 ls0 ws0\">-884,9</td><td class=\"t ma x274c h144 y6b25 ff4 fs45 fc1 sc2 ls0 ws0\">-35,4</td><td class=\"t ma x2779 h144 y6b25 ff4 fs45 fc1 sc2 ls0 ws0\">-23,0</td><td class=\"t ma x2758 h144 y6b25 ff4 fs45 fc1 sc2 ls0 ws0\">-58,4</td><td class=\"t ma x2721 h144 y6b25 ff4 fs45 fc1 sc2 ls0 ws0\">97,3</td><td class=\"t m9 x275d h8 y6b25 ff4 fs2 fc1 sc2 ls0 ws0\">-846,0<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b26 ff4 fs2 fc1 sc2 ls0 ws0\">Risultato lordo <span class=\"_ _1\"></span>di gestione </td><td class=\"t ma x2761 h144 y6b26 ff4 fs45 fc1 sc2 ls0 ws0\">720,3</td><td class=\"t ma x2754 h144 y6b26 ff4 fs45 fc1 sc2 ls0 ws0\">106,3</td><td class=\"t ma x274a h144 y6b26 ff4 fs45 fc1 sc2 ls0 ws0\">134,1</td><td class=\"t ma x274b h144 y6b26 ff4 fs45 fc1 sc2 ls0 ws0\">960,7</td><td class=\"t ma x2751 h144 y6b26 ff4 fs45 fc1 sc2 ls0 ws0\">74,2</td><td class=\"t ma x2757 h144 y6b26 ff4 fs45 fc1 sc2 ls0 ws0\">75,7</td><td class=\"t ma x2758 h144 y6b26 ff4 fs45 fc1 sc2 ls0 ws0\">149,9</td><td class=\"t ma x271c h144 y6b26 ff4 fs45 fc1 sc2 ls0 ws0\">-33,6</td><td class=\"t m9 x277d h8 y6b26 ff4 fs2 fc1 sc2 ls0 ws0\">1.077,0<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b27 ff4 fs2 fc1 sc0 ls0 ws0\">Ammortamenti </td><td class=\"t ma x2762 h144 y6b27 ff4 fs45 fc1 sc0 ls0 ws0\">-87,4</td><td class=\"t ma x2780 h144 y6b27 ff4 fs45 fc1 sc0 ls0 ws0\">-7,7</td><td class=\"t ma x2768 h144 y6b27 ff4 fs45 fc1 sc0 ls0 ws0\">-11,4</td><td class=\"t ma x2781 h144 y6b27 ff4 fs45 fc1 sc0 ls0 ws0\">-106,5</td><td class=\"t ma x2751 h144 y6b27 ff4 fs45 fc1 sc0 ls0 ws0\">-0,9</td><td class=\"t ma x2771 h144 y6b27 ff4 fs45 fc1 sc0 ls0 ws0\">-1,8</td><td class=\"t ma x2782 h144 y6b27 ff4 fs45 fc1 sc0 ls0 ws0\">-2,7</td><td class=\"t ma x2748 h144 y6b27 ff4 fs45 fc1 sc0 ls0 ws0\">4,2</td><td class=\"t m9 x275a h8 y6b27 ff4 fs2 fc1 sc0 ls0 ws0\">-105,0<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b28 ff4 fs2 fc1 sc2 ls0 ws0\">Risultato operativo </td><td class=\"t ma x2741 h144 y6b28 ff4 fs45 fc1 sc2 ls0 ws0\">632,9</td><td class=\"t ma x2742 h144 y6b28 ff4 fs45 fc1 sc2 ls0 ws0\">98,6</td><td class=\"t ma x2764 h144 y6b28 ff4 fs45 fc1 sc2 ls0 ws0\">122,7</td><td class=\"t ma x274b h144 y6b28 ff4 fs45 fc1 sc2 ls0 ws0\">854,2</td><td class=\"t ma x2751 h144 y6b28 ff4 fs45 fc1 sc2 ls0 ws0\">73,3</td><td class=\"t ma x274d h144 y6b28 ff4 fs45 fc1 sc2 ls0 ws0\">73,9</td><td class=\"t ma x2783 h144 y6b28 ff4 fs45 fc1 sc2 ls0 ws0\">147,2</td><td class=\"t ma x271c h144 y6b28 ff4 fs45 fc1 sc2 ls0 ws0\">-29,4</td><td class=\"t m9 x2784 h8 y6b28 ff4 fs2 fc1 sc2 ls0 ws0\">972,0<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b29 ff4 fs2 fc1 sc0 ls0 ws0\">Rettifiche nette su crediti </td><td class=\"t ma x2762 h144 y6b29 ff4 fs45 fc1 sc0 ls0 ws0\">-33,9</td><td class=\"t ma x2785 h144 y6b29 ff4 fs45 fc1 sc0 ls0 ws0\">-0,1</td><td class=\"t ma x274a h144 y6b29 ff4 fs45 fc1 sc0 ls0 ws0\">-17,6</td><td class=\"t ma x2786 h144 y6b29 ff4 fs45 fc1 sc0 ls0 ws0\">-51,6</td><td class=\"t ma x276a h144 y6b29 ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x276b h144 y6b29 ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x276c h144 y6b29 ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x2766 h144 y6b29 ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t m9 x2712 h8 y6b29 ff4 fs2 fc1 sc0 ls0 ws0\">-51,6<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b2a ff4 fs2 fc1 sc0 ls0 ws0\">Accantonamenti per rischi ed oneri </td><td class=\"t ma x2762 h144 y6b2a ff4 fs45 fc1 sc0 ls0 ws0\">-26,4</td><td class=\"t ma x2785 h144 y6b2a ff4 fs45 fc1 sc0 ls0 ws0\">-1,0</td><td class=\"t ma x276e h144 y6b2a ff4 fs45 fc1 sc0 ls0 ws0\">-2,4</td><td class=\"t ma x2769 h144 y6b2a ff4 fs45 fc1 sc0 ls0 ws0\">-29,8</td><td class=\"t ma x2751 h144 y6b2a ff4 fs45 fc1 sc0 ls0 ws0\">-0,2</td><td class=\"t ma x276b h144 y6b2a ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x2765 h144 y6b2a ff4 fs45 fc1 sc0 ls0 ws0\">-0,2</td><td class=\"t ma x2766 h144 y6b2a ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t m9 x2784 h8 y6b2a ff4 fs2 fc1 sc0 ls0 ws0\">-30,0<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b2b ff4 fs2 fc1 sc0 ls0 ws0\">Proventi / oneri straordinari </td><td class=\"t ma x2761 h144 y6b2b ff4 fs45 fc1 sc0 ls0 ws0\">-60,0</td><td class=\"t ma x2780 h144 y6b2b ff4 fs45 fc1 sc0 ls0 ws0\">-5,2</td><td class=\"t ma x26e1 h144 y6b2b ff4 fs45 fc1 sc0 ls0 ws0\">0,1</td><td class=\"t ma x2786 h144 y6b2b ff4 fs45 fc1 sc0 ls0 ws0\">-65,1</td><td class=\"t ma x276a h144 y6b2b ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x2770 h144 y6b2b ff4 fs45 fc1 sc0 ls0 ws0\">0,1</td><td class=\"t ma x2787 h144 y6b2b ff4 fs45 fc1 sc0 ls0 ws0\">0,1</td><td class=\"t ma x2721 h144 y6b2b ff4 fs45 fc1 sc0 ls0 ws0\">-0,3</td><td class=\"t m9 x2717 h8 y6b2b ff4 fs2 fc1 sc0 ls0 ws0\">-65,3<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b2c ff4 fs2 fc1 sc2 ls0 ws0\">Utile prima delle <span class=\"_ _1\"></span>imposte </td><td class=\"t ma x2788 h144 y6b2c ff4 fs45 fc1 sc2 ls0 ws0\">512,6</td><td class=\"t ma x2742 h144 y6b2c ff4 fs45 fc1 sc2 ls0 ws0\">92,3</td><td class=\"t ma x2743 h144 y6b2c ff4 fs45 fc1 sc2 ls0 ws0\">102,8</td><td class=\"t ma x2769 h144 y6b2c ff4 fs45 fc1 sc2 ls0 ws0\">707,7</td><td class=\"t ma x2745 h144 y6b2c ff4 fs45 fc1 sc2 ls0 ws0\">73,1</td><td class=\"t ma x274d h144 y6b2c ff4 fs45 fc1 sc2 ls0 ws0\">74,0</td><td class=\"t ma x2760 h144 y6b2c ff4 fs45 fc1 sc2 ls0 ws0\">147,1</td><td class=\"t ma x2789 h144 y6b2c ff4 fs45 fc1 sc2 ls0 ws0\">-29,7</td><td class=\"t m9 x2717 h8 y6b2c ff4 fs2 fc1 sc2 ls0 ws0\">825,1<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b2d ff4 fs2 fc1 sc0 ls0 ws0\">Utile di terzi </td><td class=\"t ma x2774 h144 y6b2d ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x2775 h144 y6b2d ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x2776 h144 y6b2d ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x2777 h144 y6b2d ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x276a h144 y6b2d ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x276b h144 y6b2d ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x276c h144 y6b2d ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x2766 h144 y6b2d ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t m9 x2723 h8 y6b2d ff4 fs2 fc1 sc0 ls0 ws0\">0,0<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b2e ff4 fs2 fc1 sc0 ls0 ws0\">Imposte sul reddito </td><td class=\"t ma x277f h144 y6b2e ff4 fs45 fc1 sc0 ls0 ws0\">-166,3</td><td class=\"t ma x2772 h144 y6b2e ff4 fs45 fc1 sc0 ls0 ws0\">-31,5</td><td class=\"t ma x2764 h144 y6b2e ff4 fs45 fc1 sc0 ls0 ws0\">-33,1</td><td class=\"t ma x2755 h144 y6b2e ff4 fs45 fc1 sc0 ls0 ws0\">-230,9</td><td class=\"t ma x274c h144 y6b2e ff4 fs45 fc1 sc0 ls0 ws0\">-20,2</td><td class=\"t ma x2779 h144 y6b2e ff4 fs45 fc1 sc0 ls0 ws0\">-20,8</td><td class=\"t ma x2783 h144 y6b2e ff4 fs45 fc1 sc0 ls0 ws0\">-41,0</td><td class=\"t ma x2766 h144 y6b2e ff4 fs45 fc1 sc0 ls0 ws0\">8,9</td><td class=\"t m9 x275d h8 y6b2e ff4 fs2 fc1 sc0 ls0 ws0\">-263,0<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b2f ff4 fs2 fc1 sc2 ls0 ws0\">Utile netto </td><td class=\"t ma x2741 h144 y6b2f ff4 fs45 fc1 sc2 ls0 ws0\">346,3</td><td class=\"t ma x2772 h144 y6b2f ff4 fs45 fc1 sc2 ls0 ws0\">60,8</td><td class=\"t ma x2768 h144 y6b2f ff4 fs45 fc1 sc2 ls0 ws0\">69,7</td><td class=\"t ma x274b h144 y6b2f ff4 fs45 fc1 sc2 ls0 ws0\">476,8</td><td class=\"t ma x2751 h144 y6b2f ff4 fs45 fc1 sc2 ls0 ws0\">52,9</td><td class=\"t ma x274d h144 y6b2f ff4 fs45 fc1 sc2 ls0 ws0\">53,2</td><td class=\"t ma x2760 h144 y6b2f ff4 fs45 fc1 sc2 ls0 ws0\">106,1</td><td class=\"t ma x271c h144 y6b2f ff4 fs45 fc1 sc2 ls0 ws0\">-20,8</td><td class=\"t m9 x2717 h8 y6b2f ff4 fs2 fc1 sc2 ls0 ws0\">562,1<span class=\"_ _3a1\"> </span></td></tr></table></div><div class=\"t m2 h8 ff4 fs2 fc4 sc3 ls0 ws0 gs1fd8\">LEGENDA: </div><div class=\"t m2 h8 ff4 fs2 fc1 sc2 ls0 ws0 gs1fd9\">Margin</div><div class=\"t m2 h8 ff4 fs2 fc1 sc2 ls0 ws0 gs1fda\">e finanziario </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fdb\">+ Voce 30 Margine d\u2019interesse </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fdc\">+ Voce 70 Divid<span class=\"_ _2\"></span>endi e proventi simili (<span class=\"_ _2\"></span>per la sola quota relativa ai di<span class=\"_ _2\"></span>videndi dei titoli di cap<span class=\"_ _2\"></span>itale nelle </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fdd\">attivit\u00e0 finanziarie classificate in HTCs e HTC)) </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fde\">+<span class=\"_ _13c\"> </span>Voce <span class=\"_ _188\"> </span>250 <span class=\"_ _29\"> </span>Utile/perdita <span class=\"_ _188\"> </span>delle <span class=\"_ _29\"> </span>partecipazioni <span class=\"_ _188\"> </span>e<span class=\"_ _1\"></span>scluso <span class=\"_ _188\"> </span>gli <span class=\"_ _29\"> </span>utile/perdite <span class=\"_ _188\"> </span>derivanti <span class=\"_ _188\"> </span>da<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fdf\">cessioni/valutazioni </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fe0\">-  Margine d\u2019interesse Credemvita<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc2 ls0 ws0 gs1fe1\">Margine serviz<span class=\"_ _1\"></span>i </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fe2\">+ Voce </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fe3\">60 Commissioni nette </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fe4\">+ Voce 80 Risultato netto dell'attivit\u00e0 di negoziazione<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fe5\">+ Voce 90 Risultato netto dell\u2019attivit\u00e0 di copertura </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fe6\">+ Voce 100 Utili (perdite) da cessione o riacquisto<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fe7\">+ Voce 110 Risultato netto delle attivit\u00e0 e passivit\u00e0 <span class=\"_ _1\"></span>finanziarie valutate al fair value<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fe8\">+ Voce <span class=\"_ _1\"></span>130 a) Rettifiche di <span class=\"_ _1\"></span>valore nette per <span class=\"_ _1\"></span>rischio di <span class=\"_ _1\"></span>credito di attivit\u00e0 finanziarie <span class=\"_ _1\"></span>valutate al costo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fe9\">ammortizzato (per la parte relativa a t<span class=\"_ _1\"></span>itoli iscritti in tale categoria di attivit\u00e0 finanziarie) </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fea\">+<span class=\"_ _37\"> </span>Voce <span class=\"_ _38\"></span>130 <span class=\"_ _0\"></span>b) <span class=\"_ _1\"></span>Rettifiche <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _38\"></span>valore <span class=\"_ _38\"></span>nette <span class=\"_ _38\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>cre<span class=\"_ _1\"></span>dito <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _0\"></span>valu<span class=\"_ _2\"></span>tate <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>fair<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1feb\">value con impatto sulla redditivit\u00e0 </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fec\">+ Voce 160 Risultato dei servizi assicurativi </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fed\">+ Voce 170 Saldo dei ricavi e costi di natura finanziaria relativi alla gestione <span class=\"_ _1\"></span>assicurativa </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fee\">+ Voce 230 Altri oneri/proventi di gest<span class=\"_ _1\"></span>ione (al netto delle componenti di natura straordinaria) </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fef\">+<span class=\"_ _37\"> </span>Voce <span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>0 <span class=\"_ _1\"></span>D<span class=\"_ _1\"></span>ividendi <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>provent<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>simili <span class=\"_ _38\"></span>(al <span class=\"_ _38\"></span>netto <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>quota <span class=\"_ _38\"></span>relat<span class=\"_ _1\"></span>iva <span class=\"_ _1\"></span>ai <span class=\"_ _38\"></span>dividendi <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>itoli <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>capitale<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ff0\">classificate in HTCs e HTC)) </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ff1\">+ Margine d\u2019interesse Credemvita<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc2 ls0 ws0 gs1ff2\">Risultato o<span class=\"_ _1\"></span>perativo </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ff3\">+ Margi</div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ff4\">ne d\u2019intermediazione<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ff5\">+ Voce 190 Spese amministrative (spese <span class=\"_ _1\"></span>per il personale e altre spese amministrative) </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ff6\">+ Voce 210 Rettifiche /riprese di valore nette su attivit\u00e0 m<span class=\"_ _1\"></span>ateriali </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ff7\">+ Voce 220 Rettifiche /riprese di valore nette su attivit\u00e0 immater<span class=\"_ _1\"></span>iali<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc2 ls0 ws0 gs1ff8\">Utile prima <span class=\"_ _1\"></span>delle imposte </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ff9\">+ Risul<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ffa\">tato operativo<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ffb\">+<span class=\"_ _36\"> </span>Voce <span class=\"_ _0\"></span>130 <span class=\"_ _0\"></span>R<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ttifiche/Riprese <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>nette <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>credito <span class=\"_ _0\"></span>(al <span class=\"_ _0\"></span>ne<span class=\"_ _2\"></span>tto <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>quelle <span class=\"_ _0\"></span>iscritte <span class=\"_ _0\"></span>nel </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ffc\">margine servizi) </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ffd\">+ Voce 140 Utili/perdite da modifiche contr<span class=\"_ _1\"></span>attuali senza cancellazioni<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1ffe\">+ Voce 200 Accantonamenti netti a fondi per r<span class=\"_ _1\"></span>ischi ed oneri </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs1fff\">+ Oneri/proventi straordinari: </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2000\">+<span class=\"_ _39\"> </span>Voce <span class=\"_ _0\"></span>230 <span class=\"_ _35\"> </span>Alt<span class=\"_ _2\"></span>ri <span class=\"_ _0\"></span>oneri/proventi <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>ge<span class=\"_ _1\"></span>stione <span class=\"_ _0\"></span>(solo <span class=\"_ _35\"> </span>componenti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>natura <span class=\"_ _0\"></span>straordinaria <span class=\"_ _0\"></span>- <span class=\"_ _35\"> </span>sbilanci<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2001\">sopravvenienze) </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2002\">+ Voce 270 Rettifiche di valore dell\u2019avviamento<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2003\">+ Voce 280 Utili/perdite da cessione di investimenti </div><div class=\"t m2 h8 ff4 fs2 fc1 sc0 ls0 ws0 gs2004\">+ Voce 320 Utili/perdite delle attivit\u00e0 oper<span class=\"_ _1\"></span>ative cessate al netto delle imposte </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gs2005\">La riclassifica \u00e8 stata effettuata considerando<span class=\"_ _2\"></span> anche dati gestionali non desumibili direttamente<span class=\"_ _2\"></span> dagli schemi </div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gs2006\">di bil<span class=\"_ _3a1\"> </span></div><div class=\"t m2 h12 ff4 fs7 fc1 sc0 ls0 ws0 gs2007\">ancio e dalla no<span class=\"_ _2\"></span>ta integrativa</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-825": {
   "value": "PA<span class=\"_ _3b\"></span>RTE<span class=\"_ _3a1\"> </span>L<span class=\"_ _3a1\"> </span>\u2013<span class=\"_ _3a1\"> </span>IN<span class=\"_ _3b\"></span>FO<span class=\"_ _2\"></span>RM<span class=\"_ _3b\"></span>ATI<span class=\"_ _3b\"></span>VA<span class=\"_ _3a1\"> </span>DI<span class=\"_ _3a1\"> </span>SE<span class=\"_ _3b\"></span>TTOR<span class=\"_ _3b\"></span>E<span class=\"fc1 sc2\"> </span>IN<span class=\"_ _2\"></span>FO<span class=\"_ _3b\"></span>RMA<span class=\"_ _3b\"></span>TIV<span class=\"_ _3b\"></span>A<span class=\"_ _3a1\"> </span>DI<span class=\"_ _3a1\"> </span>SE<span class=\"_ _3b\"></span>TT<span class=\"_ _2\"></span>OR<span class=\"_ _2\"></span>E<span class=\"_ _3a1\"> </span>\u2013<span class=\"_ _3a1\"> </span>di<span class=\"_ _3b\"></span>str<span class=\"_ _3b\"></span>ibu<span class=\"_ _3b\"></span>zio<span class=\"_ _3b\"></span>ne<span class=\"_ _3a1\"> </span>pe<span class=\"_ _3b\"></span>r<span class=\"_ _3a1\"> </span>se<span class=\"_ _3b\"></span>ttor<span class=\"_ _3b\"></span>i<span class=\"_ _3a1\"> </span>op<span class=\"_ _3b\"></span>er<span class=\"_ _2\"></span>at<span class=\"_ _3b\"></span>ivi<span class=\"_ _3b\"></span><span class=\"fc1 sc2\"> </span>Nel Gr<span class=\"_ _3a1\"> </span>uppo Credem operano due settori operativi, Banking e Wealth Management: \u2022<span class=\"_ _3a1\"> </span>Banking: <span class=\"_ _49\"> </span>Commer<span class=\"_ _1\"></span>cial <span class=\"_ _49\"> </span>Banking, <span class=\"_ _49\"> </span>P<span class=\"_ _1\"></span>rivate <span class=\"_ _49\"> </span>B<span class=\"_ _1\"></span>anking, <span class=\"_ _49\"> </span>Parabancario, <span class=\"_ _49\"> </span>Cons<span class=\"_ _1\"></span>umer <span class=\"_ _49\"> </span>Credit <span class=\"_ _46\"> </span>e Altro/Technology \u2022<span class=\"_ _3a1\"> </span>Wealth Manageme<span class=\"_ _1\"></span>nt: Asset Management e Insurance. Questi <span class=\"_ _35\"> </span>due <span class=\"_ _35\"> </span>settori <span class=\"_ _35\"> </span>operativi <span class=\"_ _0\"></span>aggregano <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>principali <span class=\"_ _35\"> </span>ambiti <span class=\"_ _0\"></span>di <span class=\"_ _35\"> </span>business <span class=\"_ _35\"> </span>in <span class=\"_ _35\"> </span>cui <span class=\"_ _35\"> </span>operano <span class=\"_ _35\"> </span>le <span class=\"_ _0\"></span>diverse societ\u00e0 del Gruppo. In particolare:  Commercial Banki<span class=\"_ _1\"></span>ng<span class=\"_ _3a1\"> </span>: - <span class=\"_ _115\"> </span>Cre<span class=\"_ _1\"></span>dito <span class=\"_ _3d\"> </span>Emiliano  S.p.A.:  \u00e8<span class=\"_ _1\"></span> <span class=\"_ _3d\"> </span>la  Capogruppo <span class=\"_ _3d\"> </span>del <span class=\"_ _3d\"> </span>Gruppo  Cre<span class=\"_ _1\"></span>dem <span class=\"_ _3d\"> </span>specializzata  ne<span class=\"_ _1\"></span>ll\u2019attivit\u00e0  di commercial <span class=\"_ _38\"></span>banking attr<span class=\"_ _1\"></span>averso l\u2019er<span class=\"_ _1\"></span>ogazione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>servizi <span class=\"_ _38\"></span>indirizzati <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>cliente<span class=\"_ _1\"></span>la reta<span class=\"_ _1\"></span>il <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>corporate. Tali <span class=\"_ _0\"></span>servizi <span class=\"_ _35\"> </span>sono <span class=\"_ _0\"></span>forniti <span class=\"_ _0\"></span>anche <span class=\"_ _0\"></span>attraverso <span class=\"_ _0\"></span>ret<span class=\"_ _1\"></span>i <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>consulenti <span class=\"_ _35\"> </span>finanziari <span class=\"_ _0\"></span>abilitati <span class=\"_ _0\"></span>all\u2019offerta <span class=\"_ _35\"> </span>fuori<span class=\"_ _2\"></span> sede <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>rapporto <span class=\"_ _1\"></span>agenziale. <span class=\"_ _1\"></span>La <span class=\"_ _1\"></span>Capogruppo ges<span class=\"_ _1\"></span>tisce, <span class=\"_ _1\"></span>in <span class=\"_ _1\"></span>modalit\u00e0 <span class=\"_ _1\"></span>accentrata, <span class=\"_ _1\"></span>la teso<span class=\"_ _1\"></span>reria e<span class=\"_ _1\"></span>d il rischio di tasso del Gruppo, interfacciandosi con i mer<span class=\"_ _1\"></span>cati finanziari istituzionali; - <span class=\"_ _115\"> </span>Cre<span class=\"_ _1\"></span>dem CB S.r.l.: societ\u00e0 veicolo<span class=\"_ _2\"></span> ex L. 130 del 30 aprile 1999 pe<span class=\"_ _2\"></span>r supportare la strutturazione di specifici programmi di emissione di Obbligazioni Bancarie <span class=\"_ _1\"></span>Garantite (Covered Bonds). Private Banking<span class=\"_ _1\"></span>: - <span class=\"_ _115\"> </span>Cre<span class=\"_ _1\"></span>dem - Euromobiliare Private <span class=\"_ _3b\"></span>B<span class=\"_ _1\"></span>anking S.p.A.: <span class=\"_ _2\"></span>\u00e8 la Private Bank del Grupp<span class=\"_ _2\"></span>o Bancario Credem, attiva sia nel private banking che nella promozione <span class=\"_ _1\"></span>finanziaria. Parabancario, Cons<span class=\"_ _1\"></span>umer Credit e Altr<span class=\"_ _1\"></span>o/Technology - <span class=\"_ _115\"> </span>Credemleasing <span class=\"_ _38\"></span>S.p.A.: <span class=\"_ _38\"></span>societ\u00e0 <span class=\"_ _38\"></span>specializzata <span class=\"_ _38\"></span>nello <span class=\"_ _38\"></span>s<span class=\"_ _1\"></span>viluppo <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>nell\u2019offerta <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _38\"></span>pacchetti <span class=\"_ _38\"></span>integrati di <span class=\"_ _35\"> </span>leasing. <span class=\"_ _0\"></span>La <span class=\"_ _35\"> </span>ste<span class=\"_ _1\"></span>ssa <span class=\"_ _35\"> </span>opera <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>tutti <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>comparti <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _35\"> </span>attivit\u00e0 <span class=\"_ _35\"> </span>della <span class=\"_ _35\"> </span>l<span class=\"_ _2\"></span>ocazione <span class=\"_ _35\"> </span>finanziaria: <span class=\"_ _35\"> </span>targato (leasing, long renting, leasing a privati), strumenta<span class=\"_ _1\"></span>le, immobiliare e navale; - <span class=\"_ _115\"> </span>Credemfactor <span class=\"_ _1\"></span>S.p.A.: societ\u00e0 specializzata nell\u2019attivit\u00e0 di factoring, offre una gamma di servizi che <span class=\"_ _2\"></span>va <span class=\"_ _3b\"></span>dalla g<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>stione <span class=\"_ _3b\"></span>dei crediti <span class=\"_ _3b\"></span>commerciali, <span class=\"_ _3b\"></span>al <span class=\"_ _2\"></span>monitoraggio <span class=\"_ _2\"></span>continuo <span class=\"_ _3b\"></span>del <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>ischio, <span class=\"_ _3b\"></span>alla ga<span class=\"_ _2\"></span>ranzia e <span class=\"_ _38\"></span>alla <span class=\"_ _38\"></span>anticipazione <span class=\"_ _38\"></span>del <span class=\"_ _38\"></span>credito. <span class=\"_ _1\"></span>Cr<span class=\"_ _1\"></span>edemfactor <span class=\"_ _38\"></span>S.p.A. <span class=\"_ _1\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>inoltre <span class=\"_ _38\"></span>specializzata <span class=\"_ _38\"></span>nella <span class=\"_ _38\"></span>gestione<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>dei crediti verso gli Enti Pubblici e nello s<span class=\"_ _1\"></span>vilupp<span class=\"_ _2\"></span>o di convenzioni con i<span class=\"_ _1\"></span> fornitori; - <span class=\"_ _115\"> </span>Avvera <span class=\"_ _1\"></span>S.p.A.: <span class=\"_ _1\"></span>societ<span class=\"_ _1\"></span>\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>credito <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>consumo, <span class=\"_ _1\"></span>specializzata <span class=\"_ _1\"></span>nell\u2019in<span class=\"_ _1\"></span>termediazione <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>mutui <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>nel collocamento di prodotti di cessione del quinto e erogazione <span class=\"_ _1\"></span>di prestiti personali e finalizzati; - <span class=\"_ _115\"> </span>Magazzini Generali <span class=\"_ _3b\"></span>delle Tagliate <span class=\"_ _2\"></span>S.p.A.: <span class=\"_ _3b\"></span>azienda operante nel <span class=\"_ _3b\"></span>settore della <span class=\"_ _2\"></span>stagionatura e<span class=\"_ _2\"></span> dello<span class=\"_ _3b\"></span> stoccaggio <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>formaggio <span class=\"_ _1\"></span>Parmigiano-Reggiano <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>Grana <span class=\"_ _1\"></span>Padano. <span class=\"_ _1\"></span>La <span class=\"_ _1\"></span>so<span class=\"_ _1\"></span>ciet\u00e0 <span class=\"_ _1\"></span>\u00e8 <span class=\"_ _1\"></span>parte <span class=\"_ _1\"></span>integrante del Gruppo <span class=\"_ _1\"></span>in quanto <span class=\"_ _1\"></span>le <span class=\"_ _1\"></span>\u201cforme\u201d di <span class=\"_ _1\"></span>formaggio r<span class=\"_ _1\"></span>appresentano <span class=\"_ _1\"></span>il collaterale <span class=\"_ _1\"></span>per finanziamenti <span class=\"_ _1\"></span>ai produttori; - <span class=\"_ _115\"> </span>Cre<span class=\"_ _1\"></span>demtel <span class=\"_ _35\"> </span>S.p<span class=\"_ _2\"></span>.A.: <span class=\"_ _0\"></span>az<span class=\"_ _1\"></span>ienda <span class=\"_ _35\"> </span>attiva <span class=\"_ _0\"></span>nell\u2019offert<span class=\"_ _1\"></span>a <span class=\"_ _35\"> </span>di <span class=\"_ _0\"></span>servizi <span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>elematici <span class=\"_ _35\"> </span>rivolti <span class=\"_ _0\"></span>a <span class=\"_ _35\"> </span>banche, <span class=\"_ _0\"></span>azie<span class=\"_ _1\"></span>nde <span class=\"_ _35\"> </span>e<span class=\"_ _3a1\"> </span>Pubblica Amministrazione e sue eventuali Societ\u00e0 <span class=\"_ _1\"></span>controllate. Asset Managem<span class=\"_ _1\"></span>ent - <span class=\"_ _115\"> </span>Euromo<span class=\"_ _1\"></span>biliare <span class=\"_ _3b\"></span>Asset M<span class=\"_ _2\"></span>anagement <span class=\"_ _2\"></span>SGR <span class=\"_ _3b\"></span>S.p.A.: <span class=\"_ _3b\"></span>socie<span class=\"_ _1\"></span>t\u00e0 <span class=\"_ _3b\"></span>attiva nel<span class=\"_ _2\"></span> <span class=\"_ _3b\"></span>cam<span class=\"_ _1\"></span>po <span class=\"_ _3b\"></span>della gestione <span class=\"_ _3b\"></span>collettiva (fondi <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>com<span class=\"_ _1\"></span>parti <span class=\"_ _0\"></span>SICAV). <span class=\"_ _0\"></span>Svol<span class=\"_ _1\"></span>ge <span class=\"_ _35\"> </span>i <span class=\"_ _0\"></span>ruoli <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>\u201cManageme<span class=\"_ _1\"></span>nt <span class=\"_ _0\"> </span>Com<span class=\"_ _1\"></span>pany\u201d <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>\u201cF<span class=\"_ _1\"></span>und <span class=\"_ _0\"></span>Administrator\u201d della  SICAV  Lussemburghese  Euromobiliare  International  Fund  Sicav,  i  cui  comparti  sono distribuiti <span class=\"_ _3d\"> </span>attraverso <span class=\"_ _3d\"> </span>le <span class=\"_ _3d\"> </span>filiali <span class=\"_ _3d\"> </span>ed <span class=\"_ _3d\"> </span>i <span class=\"_ _3d\"> </span>consulenti <span class=\"_ _3d\"> </span>finanziari <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>Cr<span class=\"_ _1\"></span>edito <span class=\"_ _3d\"> </span>Emiliano <span class=\"_ _3d\"> </span>e <span class=\"_ _3d\"> </span>di <span class=\"_ _3d\"> </span>Credem <span class=\"_ _3d\"> </span>- Euromobiliare Private Banking; - <span class=\"_ _115\"> </span>Euromo<span class=\"_ _1\"></span>biliare <span class=\"_ _48\"> </span>Advisory <span class=\"_ _48\"> </span>SIM <span class=\"_ _48\"> </span>S.p.A.: <span class=\"_ _48\"> </span>societ\u00e0 <span class=\"_ _48\"> </span>il <span class=\"_ _48\"> </span>cui <span class=\"_ _48\"> </span>oggetto<span class=\"_ _1\"></span> <span class=\"_ _48\"> </span>sociale <span class=\"_ _48\"> </span>prevede <span class=\"_ _48\"> </span>l\u2019esercizio<span class=\"_ _3a1\"> </span>professionale d<span class=\"_ _2\"></span>ei <span class=\"_ _3b\"></span>servizi di<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>gestione d<span class=\"_ _2\"></span>i <span class=\"_ _3b\"></span>portafogli, ricezione <span class=\"_ _184\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _3b\"></span>tr<span class=\"_ _1\"></span>asmissione <span class=\"_ _3b\"></span>di <span class=\"_ _3b\"></span>o<span class=\"_ _1\"></span>rdini, <span class=\"_ _3b\"></span>consulenza<span class=\"_ _3a1\"> </span>in <span class=\"_ _35\"> </span>materia  di <span class=\"_ _35\"> </span>investimenti <span class=\"_ _35\"> </span>e  pa<span class=\"_ _2\"></span>trimoniale,  anche <span class=\"_ _35\"> </span>mediante <span class=\"_ _35\"> </span>lo <span class=\"_ _35\"> </span>sviluppo <span class=\"_ _35\"> </span>di  prodotti <span class=\"_ _35\"> </span>e <span class=\"_ _35\"> </span>servizi<span class=\"_ _3a1\"> </span>innovativi ad alto valore tecnologico nei confronti de<span class=\"_ _1\"></span>l pubblic<span class=\"_ _2\"></span>o ed alle r<span class=\"_ _1\"></span>eti Credem; - <span class=\"_ _115\"> </span>Euromo<span class=\"_ _1\"></span>biliare <span class=\"_ _3b\"></span>F<span class=\"_ _1\"></span>iduciaria <span class=\"_ _3b\"></span>S.p.A.: <span class=\"_ _3b\"></span>\u00e8<span class=\"_ _1\"></span> <span class=\"_ _2\"></span>un <span class=\"_ _3b\"></span>ope<span class=\"_ _1\"></span>ratore <span class=\"_ _2\"></span>che <span class=\"_ _3b\"></span>rientra tra <span class=\"_ _3b\"></span>le <span class=\"_ _3b\"></span>societ\u00e0 fidu<span class=\"_ _2\"></span>ciarie <span class=\"_ _2\"></span>previste d<span class=\"_ _2\"></span>alla Legge <span class=\"_ _1\"></span>n. <span class=\"_ _1\"></span>1966 <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>23 <span class=\"_ _1\"></span>novembre <span class=\"_ _1\"></span>1939 <span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>svolge <span class=\"_ _1\"></span>attivit\u00e0 <span class=\"_ _1\"></span>di <span class=\"_ _1\"></span>custodia <span class=\"_ _1\"></span>ed <span class=\"_ _1\"></span>amministr<span class=\"_ _1\"></span>azione dei <span class=\"_ _1\"></span>beni affidati dai fiducianti sulla base di un mandato fiduciario; - <span class=\"_ _115\"> </span>Cre<span class=\"_ _1\"></span>dem Private <span class=\"_ _1\"></span>Equity SGR <span class=\"_ _1\"></span>S.p.A.: societ\u00e0 <span class=\"_ _1\"></span>autorizzata <span class=\"_ _1\"></span>alla prestazione del <span class=\"_ _1\"></span>servizio di <span class=\"_ _1\"></span>gestione<span class=\"_ _3a1\"> </span>collet<span class=\"_ _3a1\"> </span>tiva <span class=\"_ _35\"> </span>del  risparmio, <span class=\"_ _35\"> </span>che  svolge <span class=\"_ _35\"> </span>attivit\u00e0  di <span class=\"_ _35\"> </span>investimento  in <span class=\"_ _35\"> </span>capitale <span class=\"_ _35\"> </span>di  rischio <span class=\"_ _35\"> </span>mediante<span class=\"_ _3a1\"> </span>l\u2019istituzione e l\u2019organizzazione di fondi comuni di invest<span class=\"_ _1\"></span>imento mobiliare chiusi. Insurance: - <span class=\"_ _115\"> </span>Cre<span class=\"_ _1\"></span>demvita <span class=\"_ _35\"> </span>S.p.A.: <span class=\"_ _35\"> </span>impres<span class=\"_ _1\"></span>a  d<span class=\"_ _2\"></span>i <span class=\"_ _35\"> </span>assicurazioni  attiva <span class=\"_ _35\"> </span>nei <span class=\"_ _35\"> </span>rami  v<span class=\"_ _2\"></span>ita <span class=\"_ _35\"> </span>e  p<span class=\"_ _2\"></span>revidenziale,  ch<span class=\"_ _2\"></span>e <span class=\"_ _35\"> </span>oper<span class=\"_ _1\"></span>a esclusivamente attraverso le reti distributive del Gr<span class=\"_ _1\"></span>uppo Credem; - <span class=\"_ _115\"> </span>Cre<span class=\"_ _1\"></span>demassicurazioni <span class=\"_ _3f\"> </span>S.p.A.: <span class=\"_ _39\"> </span>i<span class=\"_ _1\"></span>mpresa <span class=\"_ _3f\"> </span>di <span class=\"_ _3f\"> </span>assicurazioni <span class=\"_ _3f\"> </span>attiva <span class=\"_ _3f\"> </span>nei <span class=\"_ _3f\"> </span>rami <span class=\"_ _3f\"> </span>danni, <span class=\"_ _3f\"> </span>che <span class=\"_ _3f\"> </span>opera esclusivamente <span class=\"_ _35\"> </span>attraverso <span class=\"_ _35\"> </span>le <span class=\"_ _35\"> </span>reti <span class=\"_ _0\"></span>distr<span class=\"_ _1\"></span>ibutive <span class=\"_ _35\"> </span>del <span class=\"_ _0\"> </span>G<span class=\"_ _1\"></span>ruppo <span class=\"_ _35\"> </span>Credem. <span class=\"_ _35\"> </span>La <span class=\"_ _0\"></span>so<span class=\"_ _1\"></span>ciet\u00e0 <span class=\"_ _35\"> </span>\u00e8 <span class=\"_ _35\"> </span>partecipata pariteticamente da Credito Emiliano S.p.A. e da Reale <span class=\"_ _1\"></span>Mutua Assicurazioni S.p.A. INF<span class=\"_ _2\"></span>ORMAT<span class=\"_ _3b\"></span>IVA DI<span class=\"_ _3b\"></span> SETTO<span class=\"_ _2\"></span>RE -<span class=\"_ _2\"></span> co<span class=\"_ _2\"></span>mme<span class=\"_ _2\"></span>nto Si<span class=\"_ _2\"></span><span class=\"ff5\"> <span class=\"ff4\">fa</span> <span class=\"ff4\">ri<span class=\"_ _2\"></span>feri<span class=\"_ _3b\"></span>mento<span class=\"_ _2\"></span><span class=\"ff5\"> <span class=\"ff4\">a</span> <span class=\"ff4\">qua<span class=\"_ _3b\"></span>nto<span class=\"ff5\"> </span>amp<span class=\"_ _3b\"></span>iament<span class=\"_ _2\"></span>e<span class=\"ff5\"> </span>rip<span class=\"_ _3b\"></span>ortato<span class=\"_ _2\"></span><span class=\"ff5\"> <span class=\"ff4\">nel<span class=\"_ _2\"></span>la<span class=\"ff5\"> </span>r<span class=\"_ _2\"></span>ela<span class=\"_ _2\"></span>zi<span class=\"_ _2\"></span>one<span class=\"_ _2\"></span><span class=\"ff5\"> <span class=\"ff4\">sull<span class=\"_ _2\"></span>a<span class=\"ff5\"> </span>ges<span class=\"_ _3b\"></span>tione<span class=\"_ _2\"></span><span class=\"ff5\"> <span class=\"ff4\">sui</span> <span class=\"ff4\">v<span class=\"_ _3b\"></span>ari<span class=\"ff5\"> </span></span></span></span></span></span></span></span></span></span></span>setto<span class=\"_ _3b\"></span>ri<span class=\"ff5\"> <span class=\"_ _3b\"></span><span class=\"ff4\">di<span class=\"_ _3b\"></span><span class=\"ff5\"> <span class=\"ff4\">at<span class=\"_ _2\"></span>tivi<span class=\"_ _3b\"></span>t\u00e0<span class=\"ff5\"> <span class=\"_ _3b\"></span><span class=\"ff4\">e<span class=\"ff5\"> <span class=\"_ _2\"></span><span class=\"ff4\">all<span class=\"_ _3b\"></span>e<span class=\"ff5\"> </span>s<span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>gol<span class=\"_ _2\"></span>e<span class=\"ff5\"> <span class=\"_ _3b\"></span><span class=\"ff4\">soci<span class=\"_ _2\"></span>et\u00e0<span class=\"ff5\"> <span class=\"_ _3b\"></span><span class=\"ff4\">del<span class=\"_ _3b\"></span><span class=\"ff5\"> G<span class=\"_ _3b\"></span><span class=\"ff4\">rupp<span class=\"_ _2\"></span>o.</span></span></span></span></span></span></span></span></span></span></span></span></span></span><div class=\"t m9 h8 ff4 fs2 fc1 sc2 ls0 ws0 gs1fd0\">SEGMENT REPORTING </div><div class=\"gs1fd1\"><table class=\"s w15c6 h2f6\" id=\"_fc713ae9-9e14-4d1e-adfe-257261a96d78\"><tr><td></td><td></td><td></td><td class=\"t ma x26e1 h144 y6ac8 ff4 fs45 fc1 sc0 ls0 ws0\">Parabancario, </td><td></td><td></td><td></td><td></td><td class=\"t ma x26e2 h144 y6ac9 ff4 fs45 fc1 sc0 ls0 ws0\">Elisioni, </td><td></td></tr><tr><td class=\"c x26e4 y6aca w15c7 h1eb\"><div class=\"t m9 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">DICEMB<span class=\"_ _3a1\"> </span></div><div class=\"t m9 x26e3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">RE 2024<span class=\"_ _3a1\"> </span></div></td><td class=\"t ma x26e5 h144 y6acb ff4 fs45 fc1 sc0 ls0 ws0\">Commercial </td><td class=\"t ma x26e6 h144 y6acb ff4 fs45 fc1 sc0 ls0 ws0\">Private </td><td class=\"t ma x26e7 h144 y6acc ff4 fs45 fc1 sc0 ls0 ws0\">Consumer </td><td class=\"t m9 x26e8 h8 y6acd ff4 fs2 fc1 sc2 ls0 ws0\">BANKING </td><td class=\"t ma x26e9 h144 y6acb ff4 fs45 fc1 sc0 ls0 ws0\">Asset </td><td class=\"t ma x26ea h144 y6ace ff4 fs45 fc1 sc0 ls0 ws0\">Insurance </td><td class=\"t m9 x26eb h8 y6acf ff4 fs2 fc1 sc2 ls0 ws0\">Wealth </td><td class=\"t ma x26ec h144 y6ad0 ff4 fs45 fc1 sc0 ls0 ws0\">rettifiche e </td><td class=\"t m9 x26ed h8 y6acd ff4 fs2 fc1 sc2 ls0 ws0\">Consolidato </td></tr><tr><td></td><td class=\"t ma x26ee h144 y6ad1 ff4 fs45 fc1 sc0 ls0 ws0\">Banking </td><td class=\"t ma x26ef h144 y6ad1 ff4 fs45 fc1 sc0 ls0 ws0\">Banking </td><td class=\"t ma x26f0 h144 y6ad2 ff4 fs45 fc1 sc0 ls0 ws0\">Credit, IT </td><td></td><td class=\"t ma x26f1 h144 y6ad1 ff4 fs45 fc1 sc0 ls0 ws0\">Management</td><td></td><td class=\"t m9 x26f2 h8 y6ad3 ff4 fs2 fc1 sc2 ls0 ws0\">Management </td><td class=\"t ma x26f3 h144 y6ad4 ff4 fs45 fc1 sc0 ls0 ws0\">riclassifiche </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t ma x26f4 h144 y6ad5 ff4 fs45 fc1 sc0 ls0 ws0\">Technology </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m9 x26f5 h8 y6ad6 ff4 fs2 fc1 sc2 ls0 ws0\">IMPIEGHI A CLIENTELA </td><td class=\"t ma x26f6 h144 y6ad6 ff4 fs45 fc1 sc2 ls0 ws0\">34.998</td><td class=\"t ma x26f7 h144 y6ad6 ff4 fs45 fc1 sc2 ls0 ws0\">706</td><td class=\"t ma x26f8 h144 y6ad6 ff4 fs45 fc1 sc2 ls0 ws0\">8.007</td><td class=\"t m9 x26f9 h8 y6ad6 ff4 fs2 fc1 sc2 ls0 ws0\">43.711<span class=\"_ _3a1\"> </span></td><td class=\"t ma x26fa h144 y6ad6 ff4 fs45 fc1 sc2 ls0 ws0\">40</td><td></td><td class=\"t m9 x26fb h8 y6ad6 ff4 fs2 fc1 sc2 ls0 ws0\">40<span class=\"_ _3a1\"> </span></td><td class=\"t ma x26fc h144 y6ad6 ff4 fs45 fc1 sc2 ls0 ws0\">-7.388</td><td class=\"t m9 x26fd h8 y6ad6 ff4 fs2 fc1 sc2 ls0 ws0\">36.363<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6ad7 ff4 fs2 fc1 sc0 ls0 ws0\">Raccolta ASSICURATIVA </td><td></td><td></td><td></td><td></td><td></td><td class=\"t ma x26fe h144 y6ad7 ff4 fs45 fc1 sc0 ls0 ws0\">9.396</td><td class=\"t m9 x26ff h8 y6ad8 ff4 fs2 fc1 sc2 ls0 ws0\">9.396<span class=\"_ _3a1\"> </span></td><td></td><td class=\"t m9 x2700 h8 y6ad7 ff4 fs2 fc1 sc0 ls0 ws0\">9.396<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6ad9 ff4 fs2 fc1 sc0 ls0 ws0\">Raccolta DIRETTA BANCARIA </td><td class=\"t ma x2701 h144 y6ad9 ff4 fs45 fc1 sc0 ls0 ws0\">31.611</td><td class=\"t ma x2702 h144 y6ad9 ff4 fs45 fc1 sc0 ls0 ws0\">7.888</td><td class=\"t ma x2703 h144 y6ad9 ff4 fs45 fc1 sc0 ls0 ws0\">123</td><td class=\"t m9 x2704 h8 y6ad9 ff4 fs2 fc1 sc0 ls0 ws0\">39.623<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t ma x2705 h144 y6ad9 ff4 fs45 fc1 sc0 ls0 ws0\">-374</td><td class=\"t m9 x26fd h8 y6ad9 ff4 fs2 fc1 sc0 ls0 ws0\">39.249<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6ada ff4 fs2 fc1 sc2 ls0 ws0\">TOTALE RACCOLTA DIRETTA C<span class=\"_ _1\"></span>LIENTELA </td><td class=\"t ma x2701 h144 y6ada ff4 fs45 fc1 sc2 ls0 ws0\">31.611</td><td class=\"t ma x2702 h144 y6ada ff4 fs45 fc1 sc2 ls0 ws0\">7.888</td><td class=\"t ma x2703 h144 y6ada ff4 fs45 fc1 sc2 ls0 ws0\">123</td><td class=\"t m9 x2704 h8 y6ada ff4 fs2 fc1 sc2 ls0 ws0\">39.623<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2706 h144 y6ada ff4 fs45 fc1 sc2 ls0 ws0\">0</td><td class=\"t ma x26fe h144 y6ada ff4 fs45 fc1 sc2 ls0 ws0\">9.396</td><td class=\"t m9 x26ff h8 y6ada ff4 fs2 fc1 sc2 ls0 ws0\">9.396<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2705 h144 y6ada ff4 fs45 fc1 sc2 ls0 ws0\">-374</td><td class=\"t m9 x26fd h8 y6ada ff4 fs2 fc1 sc2 ls0 ws0\">48.645<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6adb ff4 fs2 fc1 sc0 ls0 ws0\">Raccolta GESTITA </td><td class=\"t ma x2707 h144 y6adb ff4 fs45 fc1 sc0 ls0 ws0\">20.744</td><td class=\"t ma x2708 h144 y6adb ff4 fs45 fc1 sc0 ls0 ws0\">23.186</td><td></td><td class=\"t m9 x2704 h8 y6adb ff4 fs2 fc1 sc0 ls0 ws0\">43.929<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2709 h144 y6adb ff4 fs45 fc1 sc0 ls0 ws0\">15.111</td><td></td><td class=\"t m9 x270a h8 y6adc ff4 fs2 fc1 sc2 ls0 ws0\">15.111<span class=\"_ _3a1\"> </span></td><td class=\"t ma x270b h144 y6adb ff4 fs45 fc1 sc0 ls0 ws0\">-24.393</td><td class=\"t m9 x26fd h8 y6adb ff4 fs2 fc1 sc0 ls0 ws0\">34.647<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6add ff4 fs2 fc1 sc0 ls0 ws0\">Raccolta AMMINISTRATA </td><td class=\"t ma x270c h144 y6add ff4 fs45 fc1 sc0 ls0 ws0\">8.109</td><td class=\"t ma x2708 h144 y6add ff4 fs45 fc1 sc0 ls0 ws0\">13.824</td><td></td><td class=\"t m9 x270d h8 y6add ff4 fs2 fc1 sc0 ls0 ws0\">21.933<span class=\"_ _3a1\"> </span></td><td></td><td></td><td></td><td class=\"t ma x270e h144 y6add ff4 fs45 fc1 sc0 ls0 ws0\">-10</td><td class=\"t m9 x270f h8 y6add ff4 fs2 fc1 sc0 ls0 ws0\">21.923<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6ade ff4 fs2 fc1 sc2 ls0 ws0\">TOTALE RACCOLTA INDIRETTA C<span class=\"_ _1\"></span>LIENTELA </td><td class=\"t ma x2707 h144 y6ade ff4 fs45 fc1 sc2 ls0 ws0\">28.853</td><td class=\"t ma x2708 h144 y6ade ff4 fs45 fc1 sc2 ls0 ws0\">37.010</td><td></td><td class=\"t m9 x2704 h8 y6ade ff4 fs2 fc1 sc2 ls0 ws0\">65.862<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2709 h144 y6ade ff4 fs45 fc1 sc2 ls0 ws0\">15.111</td><td class=\"t ma x2710 h144 y6ade ff4 fs45 fc1 sc2 ls0 ws0\">0</td><td class=\"t m9 x270a h8 y6ade ff4 fs2 fc1 sc2 ls0 ws0\">15.111<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2711 h144 y6ade ff4 fs45 fc1 sc2 ls0 ws0\">-24.403</td><td class=\"t m9 x2712 h8 y6ade ff4 fs2 fc1 sc2 ls0 ws0\">56.570<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6adf ff4 fs2 fc1 sc2 ls0 ws0\">TOTALE RACCOLTA CLIENTELA </td><td class=\"t ma x26f6 h144 y6adf ff4 fs45 fc1 sc2 ls0 ws0\">60.464</td><td class=\"t ma x2713 h144 y6adf ff4 fs45 fc1 sc2 ls0 ws0\">44.898</td><td class=\"t ma x2703 h144 y6adf ff4 fs45 fc1 sc2 ls0 ws0\">123</td><td class=\"t m9 x2714 h8 y6adf ff4 fs2 fc1 sc2 ls0 ws0\">105.485<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2709 h144 y6adf ff4 fs45 fc1 sc2 ls0 ws0\">15.111</td><td class=\"t ma x26fe h144 y6adf ff4 fs45 fc1 sc2 ls0 ws0\">9.396</td><td class=\"t m9 x2715 h8 y6adf ff4 fs2 fc1 sc2 ls0 ws0\">24.506<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2716 h144 y6adf ff4 fs45 fc1 sc2 ls0 ws0\">-24.777</td><td class=\"t m9 x2717 h8 y6adf ff4 fs2 fc1 sc2 ls0 ws0\">105.214<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6ae0 ff4 fs2 fc1 sc2 ls0 ws0\">TOTAL BUSINESS CLIENTE<span class=\"_ _1\"></span>LA </td><td class=\"t ma x2718 h144 y6ae0 ff4 fs45 fc1 sc2 ls0 ws0\">95.461</td><td class=\"t ma x2713 h144 y6ae0 ff4 fs45 fc1 sc2 ls0 ws0\">45.604</td><td class=\"t ma x2719 h144 y6ae0 ff4 fs45 fc1 sc2 ls0 ws0\">8.131</td><td class=\"t m9 x271a h8 y6ae0 ff4 fs2 fc1 sc2 ls0 ws0\">149.196<span class=\"_ _3a1\"> </span></td><td class=\"t ma x271b h144 y6ae0 ff4 fs45 fc1 sc2 ls0 ws0\">15.151</td><td class=\"t ma x26fe h144 y6ae0 ff4 fs45 fc1 sc2 ls0 ws0\">9.396</td><td class=\"t m9 x2715 h8 y6ae0 ff4 fs2 fc1 sc2 ls0 ws0\">24.547<span class=\"_ _3a1\"> </span></td><td class=\"t ma x271c h144 y6ae0 ff4 fs45 fc1 sc2 ls0 ws0\">-32.166</td><td class=\"t m9 x26fd h8 y6ae0 ff4 fs2 fc1 sc2 ls0 ws0\">141.577<span class=\"_ _3a1\"> </span></td></tr></table></div><table class=\"s w15c8 h2f6\" id=\"_f15ba931-3aa7-4b48-94e5-26b53a4c6290\"><tr><td></td><td></td><td></td><td class=\"t ma x26e1 h144 y6ae1 ff4 fs45 fc1 sc0 ls0 ws0\">Parabancario, </td><td></td><td></td><td></td><td></td><td class=\"t ma x26e2 h144 y6ae2 ff4 fs45 fc1 sc0 ls0 ws0\">Elisioni, </td><td></td></tr><tr><td class=\"t m9 x271d h8 y6ae3 ff4 fs2 fc1 sc2 ls0 ws0\">DICEMBRE 2023 </td><td class=\"t ma x26e5 h144 y6ae4 ff4 fs45 fc1 sc0 ls0 ws0\">Commercial </td><td class=\"t ma x26e6 h144 y6ae4 ff4 fs45 fc1 sc0 ls0 ws0\">Private </td><td class=\"t ma x26e7 h144 y6ae5 ff4 fs45 fc1 sc0 ls0 ws0\">Consumer </td><td class=\"t m9 x271e h8 y6ae6 ff4 fs2 fc1 sc2 ls0 ws0\">Banking </td><td class=\"t ma x26e9 h144 y6ae4 ff4 fs45 fc1 sc0 ls0 ws0\">Asset </td><td class=\"t ma x26ea h144 y6ae7 ff4 fs45 fc1 sc0 ls0 ws0\">Insurance </td><td class=\"t m9 x26eb h8 y6ae8 ff4 fs2 fc1 sc2 ls0 ws0\">Wealth </td><td class=\"t ma x26ec h144 y6ae7 ff4 fs45 fc1 sc0 ls0 ws0\">rettifiche e </td><td class=\"t m9 x26ed h8 y6ae6 ff4 fs2 fc1 sc2 ls0 ws0\">Consolidato </td></tr><tr><td></td><td class=\"t ma x26ee h144 y6ae9 ff4 fs45 fc1 sc0 ls0 ws0\">Banking </td><td class=\"t ma x26ef h144 y6ae9 ff4 fs45 fc1 sc0 ls0 ws0\">Banking </td><td class=\"t ma x26f0 h144 y6aea ff4 fs45 fc1 sc0 ls0 ws0\">Credit, IT </td><td></td><td class=\"t ma x26f1 h144 y6ae9 ff4 fs45 fc1 sc0 ls0 ws0\">Management</td><td></td><td class=\"t m9 x26f2 h8 y6aeb ff4 fs2 fc1 sc2 ls0 ws0\">Management </td><td class=\"t ma x26f3 h144 y6aec ff4 fs45 fc1 sc0 ls0 ws0\">riclassifiche </td><td></td></tr><tr><td></td><td></td><td></td><td class=\"t ma x26f4 h144 y6aed ff4 fs45 fc1 sc0 ls0 ws0\">Technology </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m9 x26f5 h8 y6aee ff4 fs2 fc1 sc2 ls0 ws0\">IMPIEGHI A CLIENTELA </td><td class=\"t ma x26f6 h144 y6aee ff4 fs45 fc1 sc2 ls0 ws0\">34.364</td><td class=\"t ma x271f h144 y6aee ff4 fs45 fc1 sc2 ls0 ws0\">737</td><td class=\"t ma x2720 h144 y6aee ff4 fs45 fc1 sc2 ls0 ws0\">7.275</td><td class=\"t ma x2704 h144 y6aee ff4 fs45 fc1 sc2 ls0 ws0\">42.376</td><td></td><td></td><td></td><td class=\"t ma x2721 h144 y6aee ff4 fs45 fc1 sc2 ls0 ws0\">-6.661</td><td class=\"t m9 x270f h8 y6aee ff4 fs2 fc1 sc2 ls0 ws0\">35.715<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6aef ff4 fs2 fc1 sc0 ls0 ws0\">Raccolta ASSICURATIVA </td><td></td><td></td><td></td><td></td><td></td><td class=\"t ma x2722 h144 y6aef ff4 fs45 fc1 sc0 ls0 ws0\">8.173</td><td class=\"t ma x270a h144 y6aef ff4 fs45 fc1 sc0 ls0 ws0\">8.173</td><td></td><td class=\"t m9 x2723 h8 y6aef ff4 fs2 fc1 sc0 ls0 ws0\">8.173<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6af0 ff4 fs2 fc1 sc0 ls0 ws0\">Raccolta DIRETTA BANCARIA </td><td class=\"t ma x26f6 h144 y6af0 ff4 fs45 fc1 sc0 ls0 ws0\">30.443</td><td class=\"t ma x2702 h144 y6af0 ff4 fs45 fc1 sc0 ls0 ws0\">6.907</td><td class=\"t ma x2724 h144 y6af0 ff4 fs45 fc1 sc0 ls0 ws0\">140</td><td class=\"t ma x2704 h144 y6af0 ff4 fs45 fc1 sc0 ls0 ws0\">37.489</td><td></td><td></td><td></td><td class=\"t ma x2705 h144 y6af0 ff4 fs45 fc1 sc0 ls0 ws0\">-327</td><td class=\"t m9 x270f h8 y6af0 ff4 fs2 fc1 sc0 ls0 ws0\">37.163<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6af1 ff4 fs2 fc1 sc2 ls0 ws0\">TOTALE RACCOLTA DIRETTA C<span class=\"_ _1\"></span>LIENTELA </td><td class=\"t ma x26f6 h144 y6af1 ff4 fs45 fc1 sc2 ls0 ws0\">30.443</td><td class=\"t ma x2725 h144 y6af1 ff4 fs45 fc1 sc2 ls0 ws0\">6.907</td><td class=\"t ma x2724 h144 y6af1 ff4 fs45 fc1 sc2 ls0 ws0\">140</td><td class=\"t ma x2704 h144 y6af1 ff4 fs45 fc1 sc2 ls0 ws0\">37.489</td><td></td><td class=\"t ma x2722 h144 y6af1 ff4 fs45 fc1 sc2 ls0 ws0\">8.173</td><td class=\"t ma x270a h144 y6af1 ff4 fs45 fc1 sc2 ls0 ws0\">8.173</td><td class=\"t ma x2705 h144 y6af1 ff4 fs45 fc1 sc2 ls0 ws0\">-327</td><td class=\"t m9 x26fd h8 y6af1 ff4 fs2 fc1 sc2 ls0 ws0\">45.336<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6af2 ff4 fs2 fc1 sc0 ls0 ws0\">Raccolta GESTITA </td><td class=\"t ma x2718 h144 y6af2 ff4 fs45 fc1 sc0 ls0 ws0\">18.980</td><td class=\"t ma x2713 h144 y6af2 ff4 fs45 fc1 sc0 ls0 ws0\">20.908</td><td></td><td class=\"t ma x2704 h144 y6af2 ff4 fs45 fc1 sc0 ls0 ws0\">39.888</td><td class=\"t ma x2726 h144 y6af2 ff4 fs45 fc1 sc0 ls0 ws0\">13.929</td><td></td><td class=\"t ma x2727 h144 y6af2 ff4 fs45 fc1 sc0 ls0 ws0\">13.929</td><td class=\"t ma x271c h144 y6af2 ff4 fs45 fc1 sc0 ls0 ws0\">-22.103</td><td class=\"t m9 x2728 h8 y6af2 ff4 fs2 fc1 sc0 ls0 ws0\">31.714<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6af3 ff4 fs2 fc1 sc0 ls0 ws0\">Raccolta AMMINISTRATA </td><td class=\"t ma x2729 h144 y6af3 ff4 fs45 fc1 sc0 ls0 ws0\">7.197</td><td class=\"t ma x2708 h144 y6af3 ff4 fs45 fc1 sc0 ls0 ws0\">12.288</td><td></td><td class=\"t ma x270d h144 y6af3 ff4 fs45 fc1 sc0 ls0 ws0\">19.485</td><td></td><td></td><td></td><td class=\"t ma x270e h144 y6af3 ff4 fs45 fc1 sc0 ls0 ws0\">-10</td><td class=\"t m9 x270f h8 y6af3 ff4 fs2 fc1 sc0 ls0 ws0\">19.475<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6af4 ff4 fs2 fc1 sc2 ls0 ws0\">TOTALE RACCOLTA INDIRETTA C<span class=\"_ _1\"></span>LIENTELA </td><td class=\"t ma x272a h144 y6af4 ff4 fs45 fc1 sc2 ls0 ws0\">26.177</td><td class=\"t ma x2708 h144 y6af4 ff4 fs45 fc1 sc2 ls0 ws0\">33.196</td><td></td><td class=\"t ma x2704 h144 y6af4 ff4 fs45 fc1 sc2 ls0 ws0\">59.373</td><td class=\"t ma x2726 h144 y6af4 ff4 fs45 fc1 sc2 ls0 ws0\">13.929</td><td></td><td class=\"t ma x2727 h144 y6af4 ff4 fs45 fc1 sc2 ls0 ws0\">13.929</td><td class=\"t ma x272b h144 y6af4 ff4 fs45 fc1 sc2 ls0 ws0\">-22.113</td><td class=\"t m9 x270f h8 y6af4 ff4 fs2 fc1 sc2 ls0 ws0\">51.189<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6af5 ff4 fs2 fc1 sc2 ls0 ws0\">TOTALE RACCOLTA CLIENTELA </td><td class=\"t ma x2707 h144 y6af5 ff4 fs45 fc1 sc2 ls0 ws0\">56.620</td><td class=\"t ma x2708 h144 y6af5 ff4 fs45 fc1 sc2 ls0 ws0\">40.103</td><td class=\"t ma x2724 h144 y6af5 ff4 fs45 fc1 sc2 ls0 ws0\">140</td><td class=\"t ma x2704 h144 y6af5 ff4 fs45 fc1 sc2 ls0 ws0\">96.862</td><td class=\"t ma x2726 h144 y6af5 ff4 fs45 fc1 sc2 ls0 ws0\">13.929</td><td class=\"t ma x2722 h144 y6af5 ff4 fs45 fc1 sc2 ls0 ws0\">8.173</td><td class=\"t ma x2727 h144 y6af5 ff4 fs45 fc1 sc2 ls0 ws0\">22.102</td><td class=\"t ma x270b h144 y6af5 ff4 fs45 fc1 sc2 ls0 ws0\">-22.440</td><td class=\"t m9 x26fd h8 y6af5 ff4 fs2 fc1 sc2 ls0 ws0\">96.525<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6af6 ff4 fs2 fc1 sc2 ls0 ws0\">TOTAL BUSINESS CLIENTE<span class=\"_ _1\"></span>LA </td><td class=\"t ma x26f6 h144 y6af6 ff4 fs45 fc1 sc2 ls0 ws0\">90.984</td><td class=\"t ma x2713 h144 y6af6 ff4 fs45 fc1 sc2 ls0 ws0\">40.840</td><td class=\"t ma x272c h144 y6af6 ff4 fs45 fc1 sc2 ls0 ws0\">7.415</td><td class=\"t ma x2714 h144 y6af6 ff4 fs45 fc1 sc2 ls0 ws0\">139.238</td><td class=\"t ma x2726 h144 y6af6 ff4 fs45 fc1 sc2 ls0 ws0\">13.929</td><td class=\"t ma x2722 h144 y6af6 ff4 fs45 fc1 sc2 ls0 ws0\">8.173</td><td class=\"t ma x2727 h144 y6af6 ff4 fs45 fc1 sc2 ls0 ws0\">22.102</td><td class=\"t ma x272b h144 y6af6 ff4 fs45 fc1 sc2 ls0 ws0\">-29.101</td><td class=\"t m9 x272d h8 y6af6 ff4 fs2 fc1 sc2 ls0 ws0\">132.240<span class=\"_ _3a1\"> </span></td></tr></table>I numeri relativi al 2023 sono stati oggetto di riclassifica interna per un importo non significativo con la <span class=\"_ _2\"></span>finalit\u00e0 di una migliore rappresentazione.<span class=\"_ _3a1\"> </span>SEGMENT REPORTING <table class=\"s w15c9 h2f7\" id=\"_a31ba6ba-4e66-416c-b3f8-9d24490718dc\"><tr><td></td><td></td><td></td><td class=\"t ma x272e h144 y6af7 ff4 fs45 fc1 sc0 ls0 ws0\">Parabancario, </td><td></td><td></td><td></td><td></td><td class=\"t ma x272f h144 y6af8 ff4 fs45 fc1 sc0 ls0 ws0\">Elisioni, </td><td></td></tr><tr><td class=\"c x2731 y6af9 w15ca h1eb\"><div class=\"t m9 x2b3 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">DICEMB<span class=\"_ _3a1\"> </span></div><div class=\"t m9 x2730 h8 y5490 ff4 fs2 fc1 sc2 ls0 ws0\">RE 2024<span class=\"_ _3a1\"> </span></div></td><td class=\"t ma x2732 h144 y6afa ff4 fs45 fc1 sc0 ls0 ws0\">Commercial </td><td class=\"t ma x2733 h144 y6afb ff4 fs45 fc1 sc0 ls0 ws0\">Private Banking</td><td class=\"t ma x2734 h144 y6afc ff4 fs45 fc1 sc0 ls0 ws0\">Consumer </td><td class=\"t m9 x2735 h8 y6afd ff4 fs2 fc1 sc2 ls0 ws0\">BANKING </td><td class=\"t ma x2736 h144 y6afa ff4 fs45 fc1 sc0 ls0 ws0\">Asset </td><td class=\"t ma x2737 h144 y6afb ff4 fs45 fc1 sc0 ls0 ws0\">Insurance </td><td class=\"t m9 x26f2 h8 y6afe ff4 fs2 fc1 sc2 ls0 ws0\">Wealth </td><td class=\"t ma x2738 h144 y6aff ff4 fs45 fc1 sc0 ls0 ws0\">rettifiche e </td><td class=\"t m9 x2739 h8 y6afe ff4 fs2 fc1 sc2 ls0 ws0\">Consolidato </td></tr><tr><td></td><td class=\"t ma x273a h144 y6b00 ff4 fs45 fc1 sc0 ls0 ws0\">Banking </td><td></td><td class=\"t ma x273b h144 y6b01 ff4 fs45 fc1 sc0 ls0 ws0\">Credit, IT </td><td></td><td class=\"t ma x273c h144 y6b00 ff4 fs45 fc1 sc0 ls0 ws0\">Management </td><td></td><td class=\"t m9 x273d h8 y6b02 ff4 fs2 fc1 sc2 ls0 ws0\">Management </td><td class=\"t ma x273e h144 y6b03 ff4 fs45 fc1 sc0 ls0 ws0\">riclassifiche </td><td class=\"t m9 x273f h8 y6b02 ff4 fs2 fc1 sc2 ls0 ws0\">riclassificato </td></tr><tr><td></td><td></td><td></td><td class=\"t ma x2740 h144 y6b04 ff4 fs45 fc1 sc0 ls0 ws0\">Technology </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m9 x26f5 h8 y6b05 ff4 fs2 fc1 sc0 ls0 ws0\">Margine finanziario </td><td class=\"t ma x2741 h144 y6b05 ff4 fs45 fc1 sc0 ls0 ws0\">855,0</td><td class=\"t ma x2742 h144 y6b05 ff4 fs45 fc1 sc0 ls0 ws0\">96,7</td><td class=\"t ma x2743 h144 y6b05 ff4 fs45 fc1 sc0 ls0 ws0\">138,2</td><td class=\"t m9 x2744 h8 y6b05 ff4 fs2 fc1 sc0 ls0 ws0\">1.089,9<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2745 h144 y6b05 ff4 fs45 fc1 sc0 ls0 ws0\">16,7</td><td class=\"t ma x2746 h144 y6b05 ff4 fs45 fc1 sc0 ls0 ws0\">7,5</td><td class=\"t m9 x2747 h8 y6b05 ff4 fs2 fc1 sc0 ls0 ws0\">24,2<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2748 h144 y6b05 ff4 fs45 fc1 sc0 ls0 ws0\">5,4</td><td class=\"t m9 x272d h8 y6b05 ff4 fs2 fc1 sc0 ls0 ws0\">1.119,5<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b06 ff4 fs2 fc1 sc0 ls0 ws0\">Margine servizi </td><td class=\"t ma x2741 h144 y6b06 ff4 fs45 fc1 sc0 ls0 ws0\">487,3</td><td class=\"t ma x2749 h144 y6b06 ff4 fs45 fc1 sc0 ls0 ws0\">207,0</td><td class=\"t ma x274a h144 y6b06 ff4 fs45 fc1 sc0 ls0 ws0\">115,3</td><td class=\"t m9 x274b h8 y6b06 ff4 fs2 fc1 sc0 ls0 ws0\">809,6<span class=\"_ _3a1\"> </span></td><td class=\"t ma x274c h144 y6b06 ff4 fs45 fc1 sc0 ls0 ws0\">144,3</td><td class=\"t ma x274d h144 y6b06 ff4 fs45 fc1 sc0 ls0 ws0\">87,8</td><td class=\"t m9 x274e h8 y6b06 ff4 fs2 fc1 sc0 ls0 ws0\">232,2<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2711 h144 y6b06 ff4 fs45 fc1 sc0 ls0 ws0\">-128,9</td><td class=\"t m9 x2717 h8 y6b06 ff4 fs2 fc1 sc0 ls0 ws0\">912,8<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b07 ff4 fs2 fc1 sc2 ls0 ws0\">Margine d'intermediazione </td><td class=\"t ma x274f h144 y6b07 ff4 fs45 fc1 sc2 ls0 ws0\">1.342,2</td><td class=\"t ma x2749 h144 y6b07 ff4 fs45 fc1 sc2 ls0 ws0\">303,7</td><td class=\"t ma x2750 h144 y6b07 ff4 fs45 fc1 sc2 ls0 ws0\">253,5</td><td class=\"t m9 x2744 h8 y6b07 ff4 fs2 fc1 sc2 ls0 ws0\">1.899,5<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2751 h144 y6b07 ff4 fs45 fc1 sc2 ls0 ws0\">161,1</td><td class=\"t ma x274d h144 y6b07 ff4 fs45 fc1 sc2 ls0 ws0\">95,3</td><td class=\"t m9 x274e h8 y6b07 ff4 fs2 fc1 sc2 ls0 ws0\">256,4<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2711 h144 y6b07 ff4 fs45 fc1 sc2 ls0 ws0\">-123,6</td><td class=\"t m9 x2752 h8 y6b07 ff4 fs2 fc1 sc2 ls0 ws0\">2.032,3<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b08 ff4 fs2 fc1 sc0 ls0 ws0\">Spese personale </td><td class=\"t ma x2753 h144 y6b08 ff4 fs45 fc1 sc0 ls0 ws0\">-452,9</td><td class=\"t ma x2754 h144 y6b08 ff4 fs45 fc1 sc0 ls0 ws0\">-99,4</td><td class=\"t ma x2743 h144 y6b08 ff4 fs45 fc1 sc0 ls0 ws0\">-53,3</td><td class=\"t m9 x2755 h8 y6b08 ff4 fs2 fc1 sc0 ls0 ws0\">-605,6<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2756 h144 y6b08 ff4 fs45 fc1 sc0 ls0 ws0\">-19,2</td><td class=\"t ma x2757 h144 y6b08 ff4 fs45 fc1 sc0 ls0 ws0\">-3,3</td><td class=\"t m9 x2758 h8 y6b08 ff4 fs2 fc1 sc0 ls0 ws0\">-22,4<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2759 h144 y6b08 ff4 fs45 fc1 sc0 ls0 ws0\">14,3</td><td class=\"t m9 x275a h8 y6b08 ff4 fs2 fc1 sc0 ls0 ws0\">-613,8<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b09 ff4 fs2 fc1 sc0 ls0 ws0\">Spese amministrative </td><td class=\"t ma x2753 h144 y6b09 ff4 fs45 fc1 sc0 ls0 ws0\">-234,6</td><td class=\"t ma x275b h144 y6b09 ff4 fs45 fc1 sc0 ls0 ws0\">-67,7</td><td class=\"t ma x2743 h144 y6b09 ff4 fs45 fc1 sc0 ls0 ws0\">-45,6</td><td class=\"t m9 x275c h8 y6b09 ff4 fs2 fc1 sc0 ls0 ws0\">-347,9<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2756 h144 y6b09 ff4 fs45 fc1 sc0 ls0 ws0\">-20,1</td><td class=\"t ma x2757 h144 y6b09 ff4 fs45 fc1 sc0 ls0 ws0\">-6,6</td><td class=\"t m9 x2758 h8 y6b09 ff4 fs2 fc1 sc0 ls0 ws0\">-26,7<span class=\"_ _3a1\"> </span></td><td class=\"t ma x26fc h144 y6b09 ff4 fs45 fc1 sc0 ls0 ws0\">84,8</td><td class=\"t m9 x275d h8 y6b09 ff4 fs2 fc1 sc0 ls0 ws0\">-289,8<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b0a ff4 fs2 fc1 sc2 ls0 ws0\">Costi operativi </td><td class=\"t ma x275e h144 y6b0a ff4 fs45 fc1 sc2 ls0 ws0\">-687,5</td><td class=\"t ma x275f h144 y6b0a ff4 fs45 fc1 sc2 ls0 ws0\">-167,0</td><td class=\"t ma x2750 h144 y6b0a ff4 fs45 fc1 sc2 ls0 ws0\">-99,0</td><td class=\"t m9 x275c h8 y6b0a ff4 fs2 fc1 sc2 ls0 ws0\">-953,5<span class=\"_ _3a1\"> </span></td><td class=\"t ma x274c h144 y6b0a ff4 fs45 fc1 sc2 ls0 ws0\">-39,3</td><td class=\"t ma x2757 h144 y6b0a ff4 fs45 fc1 sc2 ls0 ws0\">-9,8</td><td class=\"t m9 x2760 h8 y6b0a ff4 fs2 fc1 sc2 ls0 ws0\">-49,1<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2759 h144 y6b0a ff4 fs45 fc1 sc2 ls0 ws0\">99,1</td><td class=\"t m9 x275d h8 y6b0a ff4 fs2 fc1 sc2 ls0 ws0\">-903,5<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b0b ff4 fs2 fc1 sc2 ls0 ws0\">Risultato lordo <span class=\"_ _1\"></span>di gestione </td><td class=\"t ma x2761 h144 y6b0b ff4 fs45 fc1 sc2 ls0 ws0\">654,7</td><td class=\"t ma x275b h144 y6b0b ff4 fs45 fc1 sc2 ls0 ws0\">136,7</td><td class=\"t ma x2743 h144 y6b0b ff4 fs45 fc1 sc2 ls0 ws0\">154,6</td><td class=\"t m9 x274b h8 y6b0b ff4 fs2 fc1 sc2 ls0 ws0\">946,0<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2756 h144 y6b0b ff4 fs45 fc1 sc2 ls0 ws0\">121,8</td><td class=\"t ma x274d h144 y6b0b ff4 fs45 fc1 sc2 ls0 ws0\">85,5</td><td class=\"t m9 x274e h8 y6b0b ff4 fs2 fc1 sc2 ls0 ws0\">207,3<span class=\"_ _3a1\"> </span></td><td class=\"t ma x271c h144 y6b0b ff4 fs45 fc1 sc2 ls0 ws0\">-24,4</td><td class=\"t m9 x275d h8 y6b0b ff4 fs2 fc1 sc2 ls0 ws0\">1.128,8<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b0c ff4 fs2 fc1 sc0 ls0 ws0\">Ammortamenti </td><td class=\"t ma x2762 h144 y6b0c ff4 fs45 fc1 sc0 ls0 ws0\">-87,5</td><td class=\"t ma x2763 h144 y6b0c ff4 fs45 fc1 sc0 ls0 ws0\">-8,2</td><td class=\"t ma x2764 h144 y6b0c ff4 fs45 fc1 sc0 ls0 ws0\">-13,4</td><td class=\"t m9 x274b h8 y6b0c ff4 fs2 fc1 sc0 ls0 ws0\">-109,1<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2751 h144 y6b0c ff4 fs45 fc1 sc0 ls0 ws0\">-0,8</td><td class=\"t ma x2757 h144 y6b0c ff4 fs45 fc1 sc0 ls0 ws0\">-2,0</td><td class=\"t m9 x2765 h8 y6b0c ff4 fs2 fc1 sc0 ls0 ws0\">-2,8<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2766 h144 y6b0c ff4 fs45 fc1 sc0 ls0 ws0\">4,6</td><td class=\"t m9 x275a h8 y6b0c ff4 fs2 fc1 sc0 ls0 ws0\">-107,4<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b0d ff4 fs2 fc1 sc2 ls0 ws0\">Risultato operativo </td><td class=\"t ma x2761 h144 y6b0d ff4 fs45 fc1 sc2 ls0 ws0\">567,2</td><td class=\"t ma x275b h144 y6b0d ff4 fs45 fc1 sc2 ls0 ws0\">128,5</td><td class=\"t ma x274a h144 y6b0d ff4 fs45 fc1 sc2 ls0 ws0\">141,2</td><td class=\"t m9 x274b h8 y6b0d ff4 fs2 fc1 sc2 ls0 ws0\">836,8<span class=\"_ _3a1\"> </span></td><td class=\"t ma x274c h144 y6b0d ff4 fs45 fc1 sc2 ls0 ws0\">120,9</td><td class=\"t ma x274d h144 y6b0d ff4 fs45 fc1 sc2 ls0 ws0\">83,5</td><td class=\"t m9 x274e h8 y6b0d ff4 fs2 fc1 sc2 ls0 ws0\">204,4<span class=\"_ _3a1\"> </span></td><td class=\"t ma x272b h144 y6b0d ff4 fs45 fc1 sc2 ls0 ws0\">-19,9</td><td class=\"t m9 x275d h8 y6b0d ff4 fs2 fc1 sc2 ls0 ws0\">1.021,4<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b0e ff4 fs2 fc1 sc0 ls0 ws0\">Rettifiche nette su crediti </td><td class=\"t ma x2762 h144 y6b0e ff4 fs45 fc1 sc0 ls0 ws0\">-24,8</td><td class=\"t ma x2767 h144 y6b0e ff4 fs45 fc1 sc0 ls0 ws0\">0,1</td><td class=\"t ma x2768 h144 y6b0e ff4 fs45 fc1 sc0 ls0 ws0\">-18,1</td><td class=\"t m9 x2769 h8 y6b0e ff4 fs2 fc1 sc0 ls0 ws0\">-42,8<span class=\"_ _3a1\"> </span></td><td class=\"t ma x276a h144 y6b0e ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x276b h144 y6b0e ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t m9 x276c h8 y6b0e ff4 fs2 fc1 sc0 ls0 ws0\">0,0<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2766 h144 y6b0e ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t m9 x2717 h8 y6b0e ff4 fs2 fc1 sc0 ls0 ws0\">-42,8<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b0f ff4 fs2 fc1 sc0 ls0 ws0\">Accantonamenti per rischi ed oneri </td><td class=\"t ma x276d h144 y6b0f ff4 fs45 fc1 sc0 ls0 ws0\">-12,1</td><td class=\"t ma x2763 h144 y6b0f ff4 fs45 fc1 sc0 ls0 ws0\">-4,0</td><td class=\"t ma x276e h144 y6b0f ff4 fs45 fc1 sc0 ls0 ws0\">-2,8</td><td class=\"t m9 x276f h8 y6b0f ff4 fs2 fc1 sc0 ls0 ws0\">-18,9<span class=\"_ _3a1\"> </span></td><td class=\"t ma x26e9 h144 y6b0f ff4 fs45 fc1 sc0 ls0 ws0\">-1,6</td><td class=\"t ma x2770 h144 y6b0f ff4 fs45 fc1 sc0 ls0 ws0\">0,1</td><td class=\"t m9 x2715 h8 y6b0f ff4 fs2 fc1 sc0 ls0 ws0\">-1,6<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2766 h144 y6b0f ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t m9 x2717 h8 y6b0f ff4 fs2 fc1 sc0 ls0 ws0\">-20,4<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b10 ff4 fs2 fc1 sc0 ls0 ws0\">Proventi / oneri straordinari </td><td class=\"t ma x2762 h144 y6b10 ff4 fs45 fc1 sc0 ls0 ws0\">-38,5</td><td class=\"t ma x2763 h144 y6b10 ff4 fs45 fc1 sc0 ls0 ws0\">-5,0</td><td class=\"t ma x26e1 h144 y6b10 ff4 fs45 fc1 sc0 ls0 ws0\">0,1</td><td class=\"t m9 x2769 h8 y6b10 ff4 fs2 fc1 sc0 ls0 ws0\">-43,4<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2751 h144 y6b10 ff4 fs45 fc1 sc0 ls0 ws0\">-0,5</td><td class=\"t ma x2771 h144 y6b10 ff4 fs45 fc1 sc0 ls0 ws0\">-3,1</td><td class=\"t m9 x2765 h8 y6b10 ff4 fs2 fc1 sc0 ls0 ws0\">-3,6<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2766 h144 y6b10 ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t m9 x2717 h8 y6b10 ff4 fs2 fc1 sc0 ls0 ws0\">-47,0<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b11 ff4 fs2 fc1 sc2 ls0 ws0\">Utile prima delle <span class=\"_ _1\"></span>imposte </td><td class=\"t ma x2762 h144 y6b11 ff4 fs45 fc1 sc2 ls0 ws0\">491,9</td><td class=\"t ma x2772 h144 y6b11 ff4 fs45 fc1 sc2 ls0 ws0\">119,5</td><td class=\"t ma x2743 h144 y6b11 ff4 fs45 fc1 sc2 ls0 ws0\">120,3</td><td class=\"t m9 x276f h8 y6b11 ff4 fs2 fc1 sc2 ls0 ws0\">731,7<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2756 h144 y6b11 ff4 fs45 fc1 sc2 ls0 ws0\">118,8</td><td class=\"t ma x2773 h144 y6b11 ff4 fs45 fc1 sc2 ls0 ws0\">80,4</td><td class=\"t m9 x2758 h8 y6b11 ff4 fs2 fc1 sc2 ls0 ws0\">199,3<span class=\"_ _3a1\"> </span></td><td class=\"t ma x272b h144 y6b11 ff4 fs45 fc1 sc2 ls0 ws0\">-19,9</td><td class=\"t m9 x270f h8 y6b11 ff4 fs2 fc1 sc2 ls0 ws0\">911,1<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b12 ff4 fs2 fc1 sc0 ls0 ws0\">Utile di terzi </td><td class=\"t ma x2774 h144 y6b12 ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x2775 h144 y6b12 ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x2776 h144 y6b12 ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t m9 x2777 h8 y6b12 ff4 fs2 fc1 sc0 ls0 ws0\">0,0<span class=\"_ _3a1\"> </span></td><td class=\"t ma x276a h144 y6b12 ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x276b h144 y6b12 ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t m9 x276c h8 y6b12 ff4 fs2 fc1 sc0 ls0 ws0\">0,0<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2766 h144 y6b12 ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t m9 x2723 h8 y6b12 ff4 fs2 fc1 sc0 ls0 ws0\">0,0<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b13 ff4 fs2 fc1 sc0 ls0 ws0\">Imposte sul reddito </td><td class=\"t ma x2761 h144 y6b13 ff4 fs45 fc1 sc0 ls0 ws0\">-157,1</td><td class=\"t ma x2754 h144 y6b13 ff4 fs45 fc1 sc0 ls0 ws0\">-40,8</td><td class=\"t ma x2750 h144 y6b13 ff4 fs45 fc1 sc0 ls0 ws0\">-39,6</td><td class=\"t m9 x275c h8 y6b13 ff4 fs2 fc1 sc0 ls0 ws0\">-237,5<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2778 h144 y6b13 ff4 fs45 fc1 sc0 ls0 ws0\">-34,8</td><td class=\"t ma x2779 h144 y6b13 ff4 fs45 fc1 sc0 ls0 ws0\">-24,2</td><td class=\"t m9 x2758 h8 y6b13 ff4 fs2 fc1 sc0 ls0 ws0\">-59,0<span class=\"_ _3a1\"> </span></td><td class=\"t ma x2748 h144 y6b13 ff4 fs45 fc1 sc0 ls0 ws0\">5,4</td><td class=\"t m9 x275a h8 y6b13 ff4 fs2 fc1 sc0 ls0 ws0\">-291,0<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b14 ff4 fs2 fc1 sc2 ls0 ws0\">Utile netto </td><td class=\"t ma x2741 h144 y6b14 ff4 fs45 fc1 sc2 ls0 ws0\">334,8</td><td class=\"t ma x2763 h144 y6b14 ff4 fs45 fc1 sc2 ls0 ws0\">78,7</td><td class=\"t ma x2768 h144 y6b14 ff4 fs45 fc1 sc2 ls0 ws0\">80,7</td><td class=\"t m9 x274b h8 y6b14 ff4 fs2 fc1 sc2 ls0 ws0\">494,2<span class=\"_ _3a1\"> </span></td><td class=\"t ma x277a h144 y6b14 ff4 fs45 fc1 sc2 ls0 ws0\">84,0</td><td class=\"t ma x274d h144 y6b14 ff4 fs45 fc1 sc2 ls0 ws0\">56,3</td><td class=\"t m9 x2758 h8 y6b14 ff4 fs2 fc1 sc2 ls0 ws0\">140,3<span class=\"_ _3a1\"> </span></td><td class=\"t ma x272b h144 y6b14 ff4 fs45 fc1 sc2 ls0 ws0\">-14,4</td><td class=\"t m9 x2717 h8 y6b14 ff4 fs2 fc1 sc2 ls0 ws0\">620,1<span class=\"_ _3a1\"> </span></td></tr></table><table class=\"s w15cb h2f8\" id=\"_7338c5c1-4929-4e56-8cd0-9817b9e6fd34\"><tr><td></td><td></td><td></td><td class=\"t ma x272e h144 y6b15 ff4 fs45 fc1 sc0 ls0 ws0\">Parabancario, </td><td></td><td></td><td></td><td></td><td class=\"t ma x272f h144 y6b16 ff4 fs45 fc1 sc0 ls0 ws0\">Elisioni, </td><td></td></tr><tr><td class=\"t m9 x277b h8 y6b17 ff4 fs2 fc1 sc2 ls0 ws0\">DICEMBRE 2023 </td><td class=\"t ma x2732 h144 y6b18 ff4 fs45 fc1 sc0 ls0 ws0\">Commercial </td><td class=\"t ma x2733 h144 y6b19 ff4 fs45 fc1 sc0 ls0 ws0\">Private Banking</td><td class=\"t ma x2734 h144 y6b18 ff4 fs45 fc1 sc0 ls0 ws0\">Consumer </td><td class=\"t m9 x2720 h8 y6b1a ff4 fs2 fc1 sc2 ls0 ws0\">Banking </td><td class=\"t ma x2736 h144 y6b18 ff4 fs45 fc1 sc0 ls0 ws0\">Asset </td><td class=\"t ma x2737 h144 y6b19 ff4 fs45 fc1 sc0 ls0 ws0\">Insurance </td><td class=\"t m9 x26f2 h8 y6b1b ff4 fs2 fc1 sc2 ls0 ws0\">Wealth </td><td class=\"t ma x2738 h144 y6b19 ff4 fs45 fc1 sc0 ls0 ws0\">rettifiche e </td><td class=\"t m9 x2739 h8 y6b1b ff4 fs2 fc1 sc2 ls0 ws0\">Consolidato </td></tr><tr><td></td><td class=\"t ma x273a h144 y6b1c ff4 fs45 fc1 sc0 ls0 ws0\">Banking </td><td></td><td class=\"t ma x273b h144 y6b1c ff4 fs45 fc1 sc0 ls0 ws0\">Credit, IT </td><td></td><td class=\"t ma x273c h144 y6b1c ff4 fs45 fc1 sc0 ls0 ws0\">Management </td><td></td><td class=\"t m9 x273d h8 y6b1d ff4 fs2 fc1 sc2 ls0 ws0\">Management </td><td class=\"t ma x273e h144 y6b1e ff4 fs45 fc1 sc0 ls0 ws0\">riclassifiche </td><td class=\"t m9 x273f h8 y6b1d ff4 fs2 fc1 sc2 ls0 ws0\">riclassificato </td></tr><tr><td></td><td></td><td></td><td class=\"t ma x2740 h144 y6b1f ff4 fs45 fc1 sc0 ls0 ws0\">Technology </td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td class=\"t m9 x26f5 h8 y6b20 ff4 fs2 fc1 sc0 ls0 ws0\">Margine finanziario </td><td class=\"t ma x2741 h144 y6b20 ff4 fs45 fc1 sc0 ls0 ws0\">866,2</td><td class=\"t ma x2742 h144 y6b20 ff4 fs45 fc1 sc0 ls0 ws0\">90,6</td><td class=\"t ma x2768 h144 y6b20 ff4 fs45 fc1 sc0 ls0 ws0\">111,4</td><td class=\"t ma x2744 h144 y6b20 ff4 fs45 fc1 sc0 ls0 ws0\">1.068,2</td><td class=\"t ma x26e9 h144 y6b20 ff4 fs45 fc1 sc0 ls0 ws0\">11,3</td><td class=\"t ma x2770 h144 y6b20 ff4 fs45 fc1 sc0 ls0 ws0\">5,1</td><td class=\"t ma x2765 h144 y6b20 ff4 fs45 fc1 sc0 ls0 ws0\">16,4</td><td class=\"t ma x2748 h144 y6b20 ff4 fs45 fc1 sc0 ls0 ws0\">6,7</td><td class=\"t m9 x275d h8 y6b20 ff4 fs2 fc1 sc0 ls0 ws0\">1.091,3<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b21 ff4 fs2 fc1 sc0 ls0 ws0\">Margine servizi </td><td class=\"t ma x2761 h144 y6b21 ff4 fs45 fc1 sc0 ls0 ws0\">495,7</td><td class=\"t ma x2754 h144 y6b21 ff4 fs45 fc1 sc0 ls0 ws0\">168,9</td><td class=\"t ma x274a h144 y6b21 ff4 fs45 fc1 sc0 ls0 ws0\">112,8</td><td class=\"t ma x2769 h144 y6b21 ff4 fs45 fc1 sc0 ls0 ws0\">777,4</td><td class=\"t ma x277a h144 y6b21 ff4 fs45 fc1 sc0 ls0 ws0\">98,3</td><td class=\"t ma x274d h144 y6b21 ff4 fs45 fc1 sc0 ls0 ws0\">93,6</td><td class=\"t ma x2760 h144 y6b21 ff4 fs45 fc1 sc0 ls0 ws0\">191,9</td><td class=\"t ma x2711 h144 y6b21 ff4 fs45 fc1 sc0 ls0 ws0\">-137,5</td><td class=\"t m9 x2717 h8 y6b21 ff4 fs2 fc1 sc0 ls0 ws0\">831,7<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b22 ff4 fs2 fc1 sc2 ls0 ws0\">Margine d'intermediazione </td><td class=\"t ma x2753 h144 y6b22 ff4 fs45 fc1 sc2 ls0 ws0\">1.361,9</td><td class=\"t ma x2754 h144 y6b22 ff4 fs45 fc1 sc2 ls0 ws0\">259,5</td><td class=\"t ma x2750 h144 y6b22 ff4 fs45 fc1 sc2 ls0 ws0\">224,2</td><td class=\"t ma x2744 h144 y6b22 ff4 fs45 fc1 sc2 ls0 ws0\">1.845,6</td><td class=\"t ma x274c h144 y6b22 ff4 fs45 fc1 sc2 ls0 ws0\">109,6</td><td class=\"t ma x274d h144 y6b22 ff4 fs45 fc1 sc2 ls0 ws0\">98,7</td><td class=\"t ma x277c h144 y6b22 ff4 fs45 fc1 sc2 ls0 ws0\">208,3</td><td class=\"t ma x2711 h144 y6b22 ff4 fs45 fc1 sc2 ls0 ws0\">-130,8</td><td class=\"t m9 x277d h8 y6b22 ff4 fs2 fc1 sc2 ls0 ws0\">1.923,0<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b23 ff4 fs2 fc1 sc0 ls0 ws0\">Spese personale </td><td class=\"t ma x2753 h144 y6b23 ff4 fs45 fc1 sc0 ls0 ws0\">-435,6</td><td class=\"t ma x2754 h144 y6b23 ff4 fs45 fc1 sc0 ls0 ws0\">-89,3</td><td class=\"t ma x2750 h144 y6b23 ff4 fs45 fc1 sc0 ls0 ws0\">-48,3</td><td class=\"t ma x275c h144 y6b23 ff4 fs45 fc1 sc0 ls0 ws0\">-573,2</td><td class=\"t ma x277e h144 y6b23 ff4 fs45 fc1 sc0 ls0 ws0\">-16,8</td><td class=\"t ma x274d h144 y6b23 ff4 fs45 fc1 sc0 ls0 ws0\">-17,1</td><td class=\"t ma x2758 h144 y6b23 ff4 fs45 fc1 sc0 ls0 ws0\">-33,9</td><td class=\"t ma x2721 h144 y6b23 ff4 fs45 fc1 sc0 ls0 ws0\">14,0</td><td class=\"t m9 x275a h8 y6b23 ff4 fs2 fc1 sc0 ls0 ws0\">-593,1<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b24 ff4 fs2 fc1 sc0 ls0 ws0\">Spese amministrative </td><td class=\"t ma x2753 h144 y6b24 ff4 fs45 fc1 sc0 ls0 ws0\">-206,0</td><td class=\"t ma x2754 h144 y6b24 ff4 fs45 fc1 sc0 ls0 ws0\">-63,9</td><td class=\"t ma x2764 h144 y6b24 ff4 fs45 fc1 sc0 ls0 ws0\">-41,8</td><td class=\"t ma x274b h144 y6b24 ff4 fs45 fc1 sc0 ls0 ws0\">-311,7</td><td class=\"t ma x277e h144 y6b24 ff4 fs45 fc1 sc0 ls0 ws0\">-18,6</td><td class=\"t ma x2757 h144 y6b24 ff4 fs45 fc1 sc0 ls0 ws0\">-5,9</td><td class=\"t ma x2758 h144 y6b24 ff4 fs45 fc1 sc0 ls0 ws0\">-24,5</td><td class=\"t ma x26fc h144 y6b24 ff4 fs45 fc1 sc0 ls0 ws0\">83,3</td><td class=\"t m9 x275d h8 y6b24 ff4 fs2 fc1 sc0 ls0 ws0\">-252,9<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b25 ff4 fs2 fc1 sc2 ls0 ws0\">Costi operativi </td><td class=\"t ma x277f h144 y6b25 ff4 fs45 fc1 sc2 ls0 ws0\">-641,6</td><td class=\"t ma x275f h144 y6b25 ff4 fs45 fc1 sc2 ls0 ws0\">-153,2</td><td class=\"t ma x2764 h144 y6b25 ff4 fs45 fc1 sc2 ls0 ws0\">-90,1</td><td class=\"t ma x2755 h144 y6b25 ff4 fs45 fc1 sc2 ls0 ws0\">-884,9</td><td class=\"t ma x274c h144 y6b25 ff4 fs45 fc1 sc2 ls0 ws0\">-35,4</td><td class=\"t ma x2779 h144 y6b25 ff4 fs45 fc1 sc2 ls0 ws0\">-23,0</td><td class=\"t ma x2758 h144 y6b25 ff4 fs45 fc1 sc2 ls0 ws0\">-58,4</td><td class=\"t ma x2721 h144 y6b25 ff4 fs45 fc1 sc2 ls0 ws0\">97,3</td><td class=\"t m9 x275d h8 y6b25 ff4 fs2 fc1 sc2 ls0 ws0\">-846,0<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b26 ff4 fs2 fc1 sc2 ls0 ws0\">Risultato lordo <span class=\"_ _1\"></span>di gestione </td><td class=\"t ma x2761 h144 y6b26 ff4 fs45 fc1 sc2 ls0 ws0\">720,3</td><td class=\"t ma x2754 h144 y6b26 ff4 fs45 fc1 sc2 ls0 ws0\">106,3</td><td class=\"t ma x274a h144 y6b26 ff4 fs45 fc1 sc2 ls0 ws0\">134,1</td><td class=\"t ma x274b h144 y6b26 ff4 fs45 fc1 sc2 ls0 ws0\">960,7</td><td class=\"t ma x2751 h144 y6b26 ff4 fs45 fc1 sc2 ls0 ws0\">74,2</td><td class=\"t ma x2757 h144 y6b26 ff4 fs45 fc1 sc2 ls0 ws0\">75,7</td><td class=\"t ma x2758 h144 y6b26 ff4 fs45 fc1 sc2 ls0 ws0\">149,9</td><td class=\"t ma x271c h144 y6b26 ff4 fs45 fc1 sc2 ls0 ws0\">-33,6</td><td class=\"t m9 x277d h8 y6b26 ff4 fs2 fc1 sc2 ls0 ws0\">1.077,0<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b27 ff4 fs2 fc1 sc0 ls0 ws0\">Ammortamenti </td><td class=\"t ma x2762 h144 y6b27 ff4 fs45 fc1 sc0 ls0 ws0\">-87,4</td><td class=\"t ma x2780 h144 y6b27 ff4 fs45 fc1 sc0 ls0 ws0\">-7,7</td><td class=\"t ma x2768 h144 y6b27 ff4 fs45 fc1 sc0 ls0 ws0\">-11,4</td><td class=\"t ma x2781 h144 y6b27 ff4 fs45 fc1 sc0 ls0 ws0\">-106,5</td><td class=\"t ma x2751 h144 y6b27 ff4 fs45 fc1 sc0 ls0 ws0\">-0,9</td><td class=\"t ma x2771 h144 y6b27 ff4 fs45 fc1 sc0 ls0 ws0\">-1,8</td><td class=\"t ma x2782 h144 y6b27 ff4 fs45 fc1 sc0 ls0 ws0\">-2,7</td><td class=\"t ma x2748 h144 y6b27 ff4 fs45 fc1 sc0 ls0 ws0\">4,2</td><td class=\"t m9 x275a h8 y6b27 ff4 fs2 fc1 sc0 ls0 ws0\">-105,0<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b28 ff4 fs2 fc1 sc2 ls0 ws0\">Risultato operativo </td><td class=\"t ma x2741 h144 y6b28 ff4 fs45 fc1 sc2 ls0 ws0\">632,9</td><td class=\"t ma x2742 h144 y6b28 ff4 fs45 fc1 sc2 ls0 ws0\">98,6</td><td class=\"t ma x2764 h144 y6b28 ff4 fs45 fc1 sc2 ls0 ws0\">122,7</td><td class=\"t ma x274b h144 y6b28 ff4 fs45 fc1 sc2 ls0 ws0\">854,2</td><td class=\"t ma x2751 h144 y6b28 ff4 fs45 fc1 sc2 ls0 ws0\">73,3</td><td class=\"t ma x274d h144 y6b28 ff4 fs45 fc1 sc2 ls0 ws0\">73,9</td><td class=\"t ma x2783 h144 y6b28 ff4 fs45 fc1 sc2 ls0 ws0\">147,2</td><td class=\"t ma x271c h144 y6b28 ff4 fs45 fc1 sc2 ls0 ws0\">-29,4</td><td class=\"t m9 x2784 h8 y6b28 ff4 fs2 fc1 sc2 ls0 ws0\">972,0<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b29 ff4 fs2 fc1 sc0 ls0 ws0\">Rettifiche nette su crediti </td><td class=\"t ma x2762 h144 y6b29 ff4 fs45 fc1 sc0 ls0 ws0\">-33,9</td><td class=\"t ma x2785 h144 y6b29 ff4 fs45 fc1 sc0 ls0 ws0\">-0,1</td><td class=\"t ma x274a h144 y6b29 ff4 fs45 fc1 sc0 ls0 ws0\">-17,6</td><td class=\"t ma x2786 h144 y6b29 ff4 fs45 fc1 sc0 ls0 ws0\">-51,6</td><td class=\"t ma x276a h144 y6b29 ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x276b h144 y6b29 ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x276c h144 y6b29 ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x2766 h144 y6b29 ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t m9 x2712 h8 y6b29 ff4 fs2 fc1 sc0 ls0 ws0\">-51,6<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b2a ff4 fs2 fc1 sc0 ls0 ws0\">Accantonamenti per rischi ed oneri </td><td class=\"t ma x2762 h144 y6b2a ff4 fs45 fc1 sc0 ls0 ws0\">-26,4</td><td class=\"t ma x2785 h144 y6b2a ff4 fs45 fc1 sc0 ls0 ws0\">-1,0</td><td class=\"t ma x276e h144 y6b2a ff4 fs45 fc1 sc0 ls0 ws0\">-2,4</td><td class=\"t ma x2769 h144 y6b2a ff4 fs45 fc1 sc0 ls0 ws0\">-29,8</td><td class=\"t ma x2751 h144 y6b2a ff4 fs45 fc1 sc0 ls0 ws0\">-0,2</td><td class=\"t ma x276b h144 y6b2a ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x2765 h144 y6b2a ff4 fs45 fc1 sc0 ls0 ws0\">-0,2</td><td class=\"t ma x2766 h144 y6b2a ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t m9 x2784 h8 y6b2a ff4 fs2 fc1 sc0 ls0 ws0\">-30,0<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b2b ff4 fs2 fc1 sc0 ls0 ws0\">Proventi / oneri straordinari </td><td class=\"t ma x2761 h144 y6b2b ff4 fs45 fc1 sc0 ls0 ws0\">-60,0</td><td class=\"t ma x2780 h144 y6b2b ff4 fs45 fc1 sc0 ls0 ws0\">-5,2</td><td class=\"t ma x26e1 h144 y6b2b ff4 fs45 fc1 sc0 ls0 ws0\">0,1</td><td class=\"t ma x2786 h144 y6b2b ff4 fs45 fc1 sc0 ls0 ws0\">-65,1</td><td class=\"t ma x276a h144 y6b2b ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x2770 h144 y6b2b ff4 fs45 fc1 sc0 ls0 ws0\">0,1</td><td class=\"t ma x2787 h144 y6b2b ff4 fs45 fc1 sc0 ls0 ws0\">0,1</td><td class=\"t ma x2721 h144 y6b2b ff4 fs45 fc1 sc0 ls0 ws0\">-0,3</td><td class=\"t m9 x2717 h8 y6b2b ff4 fs2 fc1 sc0 ls0 ws0\">-65,3<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b2c ff4 fs2 fc1 sc2 ls0 ws0\">Utile prima delle <span class=\"_ _1\"></span>imposte </td><td class=\"t ma x2788 h144 y6b2c ff4 fs45 fc1 sc2 ls0 ws0\">512,6</td><td class=\"t ma x2742 h144 y6b2c ff4 fs45 fc1 sc2 ls0 ws0\">92,3</td><td class=\"t ma x2743 h144 y6b2c ff4 fs45 fc1 sc2 ls0 ws0\">102,8</td><td class=\"t ma x2769 h144 y6b2c ff4 fs45 fc1 sc2 ls0 ws0\">707,7</td><td class=\"t ma x2745 h144 y6b2c ff4 fs45 fc1 sc2 ls0 ws0\">73,1</td><td class=\"t ma x274d h144 y6b2c ff4 fs45 fc1 sc2 ls0 ws0\">74,0</td><td class=\"t ma x2760 h144 y6b2c ff4 fs45 fc1 sc2 ls0 ws0\">147,1</td><td class=\"t ma x2789 h144 y6b2c ff4 fs45 fc1 sc2 ls0 ws0\">-29,7</td><td class=\"t m9 x2717 h8 y6b2c ff4 fs2 fc1 sc2 ls0 ws0\">825,1<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b2d ff4 fs2 fc1 sc0 ls0 ws0\">Utile di terzi </td><td class=\"t ma x2774 h144 y6b2d ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x2775 h144 y6b2d ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x2776 h144 y6b2d ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x2777 h144 y6b2d ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x276a h144 y6b2d ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x276b h144 y6b2d ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x276c h144 y6b2d ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t ma x2766 h144 y6b2d ff4 fs45 fc1 sc0 ls0 ws0\">0,0</td><td class=\"t m9 x2723 h8 y6b2d ff4 fs2 fc1 sc0 ls0 ws0\">0,0<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b2e ff4 fs2 fc1 sc0 ls0 ws0\">Imposte sul reddito </td><td class=\"t ma x277f h144 y6b2e ff4 fs45 fc1 sc0 ls0 ws0\">-166,3</td><td class=\"t ma x2772 h144 y6b2e ff4 fs45 fc1 sc0 ls0 ws0\">-31,5</td><td class=\"t ma x2764 h144 y6b2e ff4 fs45 fc1 sc0 ls0 ws0\">-33,1</td><td class=\"t ma x2755 h144 y6b2e ff4 fs45 fc1 sc0 ls0 ws0\">-230,9</td><td class=\"t ma x274c h144 y6b2e ff4 fs45 fc1 sc0 ls0 ws0\">-20,2</td><td class=\"t ma x2779 h144 y6b2e ff4 fs45 fc1 sc0 ls0 ws0\">-20,8</td><td class=\"t ma x2783 h144 y6b2e ff4 fs45 fc1 sc0 ls0 ws0\">-41,0</td><td class=\"t ma x2766 h144 y6b2e ff4 fs45 fc1 sc0 ls0 ws0\">8,9</td><td class=\"t m9 x275d h8 y6b2e ff4 fs2 fc1 sc0 ls0 ws0\">-263,0<span class=\"_ _3a1\"> </span></td></tr><tr><td class=\"t m9 x26f5 h8 y6b2f ff4 fs2 fc1 sc2 ls0 ws0\">Utile netto </td><td class=\"t ma x2741 h144 y6b2f ff4 fs45 fc1 sc2 ls0 ws0\">346,3</td><td class=\"t ma x2772 h144 y6b2f ff4 fs45 fc1 sc2 ls0 ws0\">60,8</td><td class=\"t ma x2768 h144 y6b2f ff4 fs45 fc1 sc2 ls0 ws0\">69,7</td><td class=\"t ma x274b h144 y6b2f ff4 fs45 fc1 sc2 ls0 ws0\">476,8</td><td class=\"t ma x2751 h144 y6b2f ff4 fs45 fc1 sc2 ls0 ws0\">52,9</td><td class=\"t ma x274d h144 y6b2f ff4 fs45 fc1 sc2 ls0 ws0\">53,2</td><td class=\"t ma x2760 h144 y6b2f ff4 fs45 fc1 sc2 ls0 ws0\">106,1</td><td class=\"t ma x271c h144 y6b2f ff4 fs45 fc1 sc2 ls0 ws0\">-20,8</td><td class=\"t m9 x2717 h8 y6b2f ff4 fs2 fc1 sc2 ls0 ws0\">562,1<span class=\"_ _3a1\"> </span></td></tr></table>LEGENDA: Margine finanziario + Voce 30 Margine d\u2019interesse + Voce 70 Divid<span class=\"_ _2\"></span>endi e proventi simili (<span class=\"_ _2\"></span>per la sola quota relativa ai di<span class=\"_ _2\"></span>videndi dei titoli di cap<span class=\"_ _2\"></span>itale nelle attivit\u00e0 finanziarie classificate in HTCs e HTC)) +<span class=\"_ _13c\"> </span>Voce <span class=\"_ _188\"> </span>250 <span class=\"_ _29\"> </span>Utile/perdita <span class=\"_ _188\"> </span>delle <span class=\"_ _29\"> </span>partecipazioni <span class=\"_ _188\"> </span>e<span class=\"_ _1\"></span>scluso <span class=\"_ _188\"> </span>gli <span class=\"_ _29\"> </span>utile/perdite <span class=\"_ _188\"> </span>derivanti <span class=\"_ _188\"> </span>da<span class=\"_ _3a1\"> </span>cessioni/valutazioni -  Margine d\u2019interesse Credemvita<span class=\"_ _3a1\"> </span>Margine serviz<span class=\"_ _1\"></span>i + Voce 60 Commissioni nette + Voce 80 Risultato netto dell'attivit\u00e0 di negoziazione<span class=\"_ _3a1\"> </span>+ Voce 90 Risultato netto dell\u2019attivit\u00e0 di copertura + Voce 100 Utili (perdite) da cessione o riacquisto<span class=\"_ _3a1\"> </span>+ Voce 110 Risultato netto delle attivit\u00e0 e passivit\u00e0 <span class=\"_ _1\"></span>finanziarie valutate al fair value<span class=\"_ _3a1\"> </span>+ Voce <span class=\"_ _1\"></span>130 a) Rettifiche di <span class=\"_ _1\"></span>valore nette per <span class=\"_ _1\"></span>rischio di <span class=\"_ _1\"></span>credito di attivit\u00e0 finanziarie <span class=\"_ _1\"></span>valutate al costo ammortizzato (per la parte relativa a t<span class=\"_ _1\"></span>itoli iscritti in tale categoria di attivit\u00e0 finanziarie) +<span class=\"_ _37\"> </span>Voce <span class=\"_ _38\"></span>130 <span class=\"_ _0\"></span>b) <span class=\"_ _1\"></span>Rettifiche <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>i <span class=\"_ _38\"></span>valore <span class=\"_ _38\"></span>nette <span class=\"_ _38\"></span>pe<span class=\"_ _1\"></span>r <span class=\"_ _38\"></span>rischio <span class=\"_ _38\"></span>di <span class=\"_ _38\"></span>cre<span class=\"_ _1\"></span>dito <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>at<span class=\"_ _1\"></span>tivit\u00e0 <span class=\"_ _38\"></span>finanziarie <span class=\"_ _0\"></span>valu<span class=\"_ _2\"></span>tate <span class=\"_ _38\"></span>al <span class=\"_ _38\"></span>fair<span class=\"_ _3a1\"> </span>value con impatto sulla redditivit\u00e0 + Voce 160 Risultato dei servizi assicurativi + Voce 170 Saldo dei ricavi e costi di natura finanziaria relativi alla gestione <span class=\"_ _1\"></span>assicurativa + Voce 230 Altri oneri/proventi di gest<span class=\"_ _1\"></span>ione (al netto delle componenti di natura straordinaria) +<span class=\"_ _37\"> </span>Voce <span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>0 <span class=\"_ _1\"></span>D<span class=\"_ _1\"></span>ividendi <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>provent<span class=\"_ _1\"></span>i <span class=\"_ _1\"></span>simili <span class=\"_ _38\"></span>(al <span class=\"_ _38\"></span>netto <span class=\"_ _38\"></span>della <span class=\"_ _38\"></span>quota <span class=\"_ _38\"></span>relat<span class=\"_ _1\"></span>iva <span class=\"_ _1\"></span>ai <span class=\"_ _38\"></span>dividendi <span class=\"_ _1\"></span>dei <span class=\"_ _38\"></span>t<span class=\"_ _1\"></span>itoli <span class=\"_ _38\"></span>di <span class=\"_ _1\"></span>capitale<span class=\"_ _3a1\"> </span>classificate in HTCs e HTC)) + Margine d\u2019interesse Credemvita<span class=\"_ _3a1\"> </span>Risultato o<span class=\"_ _1\"></span>perativo + Margine d\u2019intermediazione<span class=\"_ _3a1\"> </span>+ Voce 190 Spese amministrative (spese <span class=\"_ _1\"></span>per il personale e altre spese amministrative) + Voce 210 Rettifiche /riprese di valore nette su attivit\u00e0 m<span class=\"_ _1\"></span>ateriali + Voce 220 Rettifiche /riprese di valore nette su attivit\u00e0 immater<span class=\"_ _1\"></span>iali<span class=\"_ _3a1\"> </span>Utile prima <span class=\"_ _1\"></span>delle imposte + Risul<span class=\"_ _3a1\"> </span>tato operativo<span class=\"_ _3a1\"> </span>+<span class=\"_ _36\"> </span>Voce <span class=\"_ _0\"></span>130 <span class=\"_ _0\"></span>R<span class=\"_ _3b\"></span>e<span class=\"_ _1\"></span>ttifiche/Riprese <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>valore <span class=\"_ _0\"></span>nette <span class=\"_ _0\"></span>per <span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>ischio <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>credito <span class=\"_ _0\"></span>(al <span class=\"_ _0\"></span>ne<span class=\"_ _2\"></span>tto <span class=\"_ _0\"></span>di <span class=\"_ _38\"></span>quelle <span class=\"_ _0\"></span>iscritte <span class=\"_ _0\"></span>nel margine servizi) + Voce 140 Utili/perdite da modifiche contr<span class=\"_ _1\"></span>attuali senza cancellazioni<span class=\"_ _3a1\"> </span>+ Voce 200 Accantonamenti netti a fondi per r<span class=\"_ _1\"></span>ischi ed oneri + Oneri/proventi straordinari: +<span class=\"_ _39\"> </span>Voce <span class=\"_ _0\"></span>230 <span class=\"_ _35\"> </span>Alt<span class=\"_ _2\"></span>ri <span class=\"_ _0\"></span>oneri/proventi <span class=\"_ _0\"></span>di <span class=\"_ _0\"> </span>ge<span class=\"_ _1\"></span>stione <span class=\"_ _0\"></span>(solo <span class=\"_ _35\"> </span>componenti <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>natura <span class=\"_ _0\"></span>straordinaria <span class=\"_ _0\"></span>- <span class=\"_ _35\"> </span>sbilanci<span class=\"_ _2\"></span>o<span class=\"_ _3a1\"> </span>sopravvenienze) + Voce 270 Rettifiche di valore dell\u2019avviamento<span class=\"_ _3a1\"> </span>+ Voce 280 Utili/perdite da cessione di investimenti + Voce 320 Utili/perdite delle attivit\u00e0 oper<span class=\"_ _1\"></span>ative cessate al netto delle imposte La riclassifica \u00e8 stata effettuata considerando<span class=\"_ _2\"></span> anche dati gestionali non desumibili direttamente<span class=\"_ _2\"></span> dagli schemi di bil<span class=\"_ _3a1\"> </span>ancio e dalla no<span class=\"_ _2\"></span>ta integrativa",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-4": {
   "value": "Credito Emiliano S.p.A.",
   "dimensions": {
    "concept": "ifrs-full:NameOfUltimateParentOfGroup",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-5": {
   "value": "Credito Emiliano - CREDEM",
   "dimensions": {
    "concept": "ifrs-full:NameOfParentEntity",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-6": {
   "value": "Italia",
   "dimensions": {
    "concept": "ifrs-full:DomicileOfEntity",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-735": {
   "value": "Italia",
   "dimensions": {
    "concept": "ifrs-full:CountryOfIncorporation",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-7": {
   "value": "L\u2019attivit\u00e0 di Credem consiste nella raccolta di depositi, nella erogazione di prestiti sotto varie forme e nella offerta di servizi finanziari tipici dell\u2019attivit\u00e0 bancaria.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  },
  "fact-8": {
   "value": "Corrispe<span class=\"_ _1\"></span>ttivi di <span class=\"_ _1\"></span>revisione contabi<span class=\"_ _1\"></span>le e dei<span class=\"_ _1\"></span> servizi<span class=\"_ _1\"></span> diversi dalla<span class=\"_ _1\"></span> revisi<span class=\"_ _1\"></span>one Informazioni ai sensi dell\u2019art.149-duodecies del Regolamento Emitte<span class=\"_ _1\"></span>nti Consob Il <span class=\"_ _38\"></span>pros<span class=\"_ _1\"></span>petto, <span class=\"_ _38\"></span>redatto <span class=\"_ _0\"></span>ai <span class=\"_ _38\"></span>sensi <span class=\"_ _0\"></span>del<span class=\"_ _3b\"></span>l\u2019ar<span class=\"_ _1\"></span>t.149-duodecies <span class=\"_ _0\"></span>del<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>Regolam<span class=\"_ _2\"></span>ento <span class=\"_ _0\"></span>Emittenti <span class=\"_ _38\"></span>Consob <span class=\"_ _38\"></span>(delibera 11971), <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>videnzia <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>corrispettivi <span class=\"_ _0\"></span>di <span class=\"_ _0\"></span>competenza <span class=\"_ _35\"> </span>dell\u2019esercizio <span class=\"_ _0\"></span>2024 <span class=\"_ _0\"></span>per <span class=\"_ _0\"></span>i <span class=\"_ _0\"></span>servizi <span class=\"_ _35\"> </span>di<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>revisione <span class=\"_ _0\"></span>e <span class=\"_ _35\"> </span>per quelli <span class=\"_ _3b\"></span>d<span class=\"_ _1\"></span>iversi, resi dall<span class=\"_ _2\"></span>a Societ\u00e0 <span class=\"_ _2\"></span>di <span class=\"_ _3b\"></span>r<span class=\"_ _1\"></span>evisione e <span class=\"_ _3b\"></span>da societ\u00e0 <span class=\"_ _2\"></span>appartenenti alla <span class=\"_ _3b\"></span>sua rete. T<span class=\"_ _2\"></span>ali corrispettivi rappresentano <span class=\"_ _35\"> </span>i <span class=\"_ _35\"> </span>costi <span class=\"_ _0\"></span>s<span class=\"_ _1\"></span>ostenuti <span class=\"_ _35\"> </span>ed <span class=\"_ _35\"> </span>iscritti <span class=\"_ _0\"></span>in <span class=\"_ _35\"> </span>bilancio <span class=\"_ _35\"> </span>d\u2019esercizio, <span class=\"_ _35\"> </span>al <span class=\"_ _0\"></span>ne<span class=\"_ _1\"></span>tto <span class=\"_ _35\"> </span>dei <span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>imborsi <span class=\"_ _35\"> </span>spese <span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> dell\u2019IVA indetraibile (dati in migliaia di euro). <table class=\"s w1620 h301\" id=\"_cde1b198-6973-476c-8a42-34ac333dad49\"><tr><td class=\"c n x2d7 y6b8f w1621 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc4 sc3 ls0 ws0\">T<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2805 y6b8f w1622 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc4 sc3 ls0 ws0\">S<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>\u00e0<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>r<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>l <span class=\"_ _38\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2806 y6b8f w1623 h1eb\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc4 sc3 ls0 ws0\">C<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _38\"></span>p<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6b90 w1624 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">R<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>v<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>o<span class=\"_ _38\"></span>n<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>b<span class=\"_ _1\"></span>i<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2807 y6b90 w1625 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">De<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>&amp;<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>p<span class=\"_ _38\"></span>a<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2808 y6b90 w10bf h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">5<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>5<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6b91 w1626 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>vi<span class=\"_ _38\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>d<span class=\"_ _38\"></span>i <span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>a<span class=\"_ _1\"></span>z<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x2809 y6b91 w1627 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">D<span class=\"_ _1\"></span>e<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>&amp;<span class=\"_ _38\"></span> <span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>u<span class=\"_ _38\"></span>c<span class=\"_ _1\"></span>h<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>p<span class=\"_ _38\"></span>a<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x280a y6b91 w1628 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">4<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>1<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y6b92 w1629 h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">A<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span> <span class=\"_ _38\"></span>S<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>v<span class=\"_ _38\"></span>iz<span class=\"_ _38\"></span>i<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x280b y6b92 w162a h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">D<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _38\"></span>e<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>R<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>s<span class=\"_ _38\"></span>k<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>v<span class=\"_ _38\"></span>is<span class=\"_ _38\"></span>o<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>S<span class=\"_ _1\"></span>r<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>S<span class=\"_ _38\"></span>b<span class=\"_ _3a1\"> </span></div></td><td class=\"c n x280c y6b92 w162b h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc1 sc0 ls0 ws0\">2<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>5<span class=\"_ _3a1\"> </span></div></td></tr><tr><td class=\"c n x2d7 y69b9 w162c h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc4 sc3 ls0 ws0\">T<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _38\"></span>l<span class=\"_ _1\"></span>e<span class=\"_ _3a1\"> </span></div></td><td></td><td class=\"c n x280d y69b9 w162d h1ec\"><div class=\"t m2 x2b3 h8 y5490 ff4 fs2 fc4 sc3 ls0 ws0\">1<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>1<span class=\"_ _3a1\"> </span></div></td></tr></table>Si <span class=\"_ _38\"></span>pre<span class=\"_ _1\"></span>cisa <span class=\"_ _0\"></span>che <span class=\"_ _38\"></span>i <span class=\"_ _0\"></span>corrispettivi <span class=\"_ _38\"></span>relativi <span class=\"_ _0\"></span>al <span class=\"_ _38\"></span>ser<span class=\"_ _1\"></span>vizio <span class=\"_ _38\"></span>di <span class=\"_ _0\"></span>revisione <span class=\"_ _0\"></span>cont<span class=\"_ _2\"></span>abile <span class=\"_ _38\"></span>non <span class=\"_ _0\"></span>includono <span class=\"_ _38\"></span>36 <span class=\"_ _0\"></span>mila <span class=\"_ _38\"></span>e<span class=\"_ _1\"></span>uro relativi <span class=\"_ _0\"></span>alla <span class=\"_ _1\"></span>revisione <span class=\"_ _0\"></span>contabile <span class=\"_ _38\"></span>dei <span class=\"_ _0\"></span>fond<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>Cr<span class=\"_ _2\"></span>edem <span class=\"_ _38\"></span>Ve<span class=\"_ _1\"></span>nture <span class=\"_ _38\"></span>Capital <span class=\"_ _0\"></span>II,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>Fondo <span class=\"_ _38\"></span>Elite <span class=\"_ _38\"></span>e <span class=\"_ _0\"></span>Fondo <span class=\"_ _38\"></span>EltifPlus gestiti da Credem <span class=\"_ _3b\"></span>Private Equity SGR, <span class=\"_ _2\"></span>326 mila euro <span class=\"_ _3b\"></span>re<span class=\"_ _1\"></span>lativi all<span class=\"_ _2\"></span>a revisione contabil<span class=\"_ _2\"></span>e dei fondi<span class=\"_ _2\"></span> gestiti da <span class=\"_ _1\"></span>Eurom<span class=\"_ _1\"></span>obiliare <span class=\"_ _38\"></span>Asset <span class=\"_ _38\"></span>Management <span class=\"_ _38\"></span>SGR, <span class=\"_ _38\"></span>39 <span class=\"_ _38\"></span>mila <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>uro <span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>elativi <span class=\"_ _1\"></span>alla <span class=\"_ _38\"></span>re<span class=\"_ _1\"></span>visione <span class=\"_ _38\"></span>contabile <span class=\"_ _1\"></span>del <span class=\"_ _38\"></span>fondo Pensione <span class=\"_ _38\"></span>Aperto, <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span>lle <span class=\"_ _38\"></span>gestioni <span class=\"_ _1\"></span>se<span class=\"_ _1\"></span>parate, <span class=\"_ _1\"></span>e <span class=\"_ _38\"></span>dei <span class=\"_ _38\"></span>fondi <span class=\"_ _38\"></span>Interni <span class=\"_ _1\"></span>As<span class=\"_ _1\"></span>sicurativi <span class=\"_ _1\"></span>di <span class=\"_ _38\"></span>Credemvita <span class=\"_ _38\"></span>e <span class=\"_ _38\"></span>147 <span class=\"_ _38\"></span>mila euro  relativi <span class=\"_ _35\"> </span>alla  revisione  d<span class=\"_ _2\"></span>elle  Sic<span class=\"_ _2\"></span>av  gestite <span class=\"_ _35\"> </span>da  Euromobiliare  A<span class=\"_ _2\"></span>sset  Management <span class=\"_ _35\"> </span>SGR.  Detti compensi non <span class=\"_ _1\"></span>tro<span class=\"_ _1\"></span>vano riscontro <span class=\"_ _1\"></span>nel cont<span class=\"_ _1\"></span>o e<span class=\"_ _1\"></span>conomico cons<span class=\"_ _1\"></span>olidato, esse<span class=\"_ _1\"></span>ndo gli s<span class=\"_ _1\"></span>tessi a <span class=\"_ _1\"></span>carico <span class=\"_ _1\"></span>del singolo fondo.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
    "language": "it",
    "entity": "scheme:8156004B244AA70DE787",
    "period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
   }
  }
 }
}